• Nenhum resultado encontrado

Identificaçao do local de impacto em placas instrumentadas com sensores piezelétricos

N/A
N/A
Protected

Academic year: 2021

Share "Identificaçao do local de impacto em placas instrumentadas com sensores piezelétricos"

Copied!
83
0
0

Texto

(1)



5REHUWR6LOYDGH$OPHLGD    

,GHQWLILFDomRGR/RFDOGH,PSDFWRHP3ODFDV

,QVWUXPHQWDGDVFRP6HQVRUHV3LH]HOpWULFRV

                      &$03,1$6  L 

(2)





























































        LL

(3)





81,9(56,'$'((67$'8$/'(&$03,1$6

)$&8/'$'('((1*(1+$5,$0(&Æ1,&$

  5REHUWR6LOYDGH$OPHLGD 

,GHQWLILFDomRGR/RFDOGH,PSDFWRHP3ODFDV

,QVWUXPHQWDGDVFRP6HQVRUHV3LH]HOpWULFRV

   



      2ULHQWDGRU3URI'U&DUORV$OEHUWR&LPLQL-XQLRU    (67((;(03/$5&255(6321'(¬9(56­2      ),1$/'$',66(57$d­2'()(1','$3(/2 $  $/81252%(5726,/9$'($/0(,'$(25,(17$'$3(/2 352)'5&$5/26$/%(572&,0,1,-81,25    $66,1$785$'2 $ 25,(17$'25 $     &$03,1$6  LLL

'LVVHUWDomR GH 0HVWUDGR DSUHVHQWDGD j )DFXOGDGH GH(QJHQKDULD0HFkQLFDGD8QLYHUVLGDGH(VWDGXDO GH &DPSLQDV FRPR SDUWH GRV UHTXLVLWRV H[LJLGRV SDUD REWHQomR GR WtWXOR GH 0HVWUH HP (QJHQKDULD 0HFkQLFDQDÈUHDGH6LVWHPDV,QWHJUDGRV

(4)

      )LFKDFDWDORJUiILFD 8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV %LEOLRWHFDGDÈUHDGH(QJHQKDULDH$UTXLWHWXUD 5RVH0HLUHGD6LOYD&5%    $OL  $OPHLGD5REHUWR6LOYDGH ,GHQWLILFDoDRGRORFDOGHLPSDFWRHPSODFDV LQVWUXPHQWDGDVFRPVHQVRUHVSLH]HOpWULFRV5REHUWR 6LOYDGH$OPHLGD±&DPSLQDV63>VQ@  2ULHQWDGRU&DUORV$OEHUWR&LPLQL-XQLRU 'LVVHUWDomR PHVWUDGR ±8QLYHUVLGDGH(VWDGXDOGH &DPSLQDV)DFXOGDGHGH(QJHQKDULD0HFkQLFD  0DWHULDLVFRPSyVLWRV/RFDOL]DomRGHIDOKDV (QJHQKDULD 'LVSRVLWLYRVSLH]RHOpWULFRV0DWHULDLV SLH]RHOpWULFRV,&LPLQL-XQLRU&DUORV$OEHUWR,, 8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV)DFXOGDGHGH (QJHQKDULD0HFkQLFD,,,7tWXOR   ,QIRUPDo}HVSDUD%LEOLRWHFD'LJLWDO  7tWXORHPRXWURLGLRPD,GHQWLILFDWLRQRILPSDFWRQORFDOERDUGVLQVWUXPHQWHG ZLWKSLH]RHOHFWULFVHQVRUV 3DODYUDVFKDYHHPLQJOrV &RPSRVLWHPDWHULDOV )DXOWORFDWLRQ (QJLQHHULQJ  3LH]RHOHFWULFGHYLFHV3LH]RHOHFWULFPDWHULDOV ÈUHDGHFRQFHQWUDomR0HFkQLFDGRV6yOLGRVH3URMHWR0HFkQLFR 7LWXODomR0HVWUHHP(QJHQKDULD0HFkQLFD %DQFDH[DPLQDGRUD &DUORV$OEHUWR&LPLQL-XQLRU>2ULHQWDGRU@ 1LHGHUDXHU0DVWHODUL/D]DUR 9DOHQWLP'RQDGRQ 'DWDGHGHIHVD 3URJUDPDGH3yV*UDGXDomR(QJHQKDULD0HFkQLFD  LY $JrQFLDGHIRPHQWR1mRVHDSOLFD 1žSURFHVVR1mRVHDSOLFD

(5)

 



81,9(56,'$'((67$'8$/'(&$03,1$6

)$&8/'$'('((1*(1+$5,$0(&Æ1,&$

&20,66­2'(3Ï6*5$'8$d­2(0(1*(1+$5,$0(&Æ1,&$

'(3$57$0(172'(6,67(0$6,17(*5$'26

  ',66(57$d­2'(0(675$'2$&$'Ç0,&2  

,GHQWLILFDomRGR/RFDOGH,PSDFWRHP3ODFDV

,QVWUXPHQWDGDVFRP6HQVRUHV3LH]HOpWULFRV



 $XWRU5REHUWR6LOYDGH$OPHLGD 2ULHQWDGRU&DUORV$OEHUWR&LPLQL-XQLRU  $%DQFD([DPLQDGRUDFRPSRVWDSHORVPHPEURVDEDL[RDSURYRXHVWD'LVVHUWDomR  BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 3URI'U&DUORV$OEHUWR&LPLQL  BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 0DVWHODUL  BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 3URI'U/D]DUR9DOHQWLP'RQDGRQ           &DPSLQDVGHDJRVWRGH      Y

(6)



















































YL

(7)



'HGLFDWyULD



 3ULPHLUDPHQWH DJUDGHoR D 'HXV SRU VHPSUH WHU PH GDGR Ip H IRUoD GHVGHR PRPHQWRTXH GHFLGLID]HUHVVHWUDEDOKR

$R PHX RULHQWDGRU H SURIHVVRU 'U &DUORV $OEHUWR &LPLQL -XQLRU SHOD FRPSHWrQFLD GHGLFDomRSDFLrQFLDHDPL]DGH6HPHVTXHFHUDVORQJDVFRQYHUVDVSRUVHPSUHWHUDFUHGLWDGRHP PHXWUDEDOKRHFDSDFLGDGHDOHPGHWHUPHDX[LOLDGRQRPHXFUHVFLPHQWRSHVVRDOHSURILVVLRQDO

$RV PHXV IDPLOLDUHV (OLVHWH 0mH  H 2WDYLR 7LR  SRU WHUHP IRUQHFLGR WRGR R VXSRUWH WDQWRILQDQFHLURFRPRQRVSULQFtSLRVSDUDFRQWLQXDUOXWDQGRSHORVPHXVREMHWLYRV

$ PLQKD HVSRVD &LFHUD $ 0HQGHV H ILOKR 7KpR SHOR DPRU H SDFLrQFLD SRU WHU FRPSUHHQGLGR D PLQKD DXVrQFLD SRU WHU DFUHGLWDGR HP PHX SRWHQFLDO DOpP GH PH DSRLDU HP WRGDVDVKRUDVGLItFHLV

$RV DPLJRV )UDQNOLQ +DLUWRQ /XLV 'DOPR -DLPH -DFNHUVRQ /DEDNL )HUQDQGR )DELR H 0DUFXVTXHPHDSRLDUDPHLQFHQWLYDUDP2EULJDGRSHODDPL]DGH $RVSURIHVVRUHVHIXQFLRQiULRVGD81,&$03                 YLL



(8)















































   YLLL

(9)



$JUDGHFLPHQWRV





(VWH WUDEDOKR QmR SRGHULD VHU WHUPLQDGR VHP D DMXGD GH GLYHUVDV SHVVRDV jV TXDLV SUHVWRPLQKDKRPHQDJHP    $RVPHXVSDLVSHORLQFHQWLYRHPWRGRVRVPRPHQWRVGDPLQKDYLGD    $RPHXRULHQWDGRUTXHPHPRVWURXRVFDPLQKRVDVHUHPVHJXLGRV 

  $ WRGRV RV SURIHVVRUHV H FROHJDV GR GHSDUWDPHQWR TXH DMXGDUDP GH IRUPD GLUHWD H LQGLUHWDQDFRQFOXVmRGHVWHWUDEDOKR                               L[

(10)

                                             [

(11)









































 



%HOLHYHLQ<RX



[L

(12)



















































[LL

(13)



5HVXPR



 2 SULQFLSDO REMHWLYR GHVWH WUDEDOKR IRL GHVHQYROYHU XPD PHWRGRORJLD SDUD LGHQWLILFDU LPSDFWR HP SODFDV ODPLQDGDV GH PDWHULDLV FRPSyVLWRV D ILP GH UHGX]LU R WHPSR GH LQVSHomR H DVVLP RWLPL]DU R LQWHUYDOR GH LQVSHomR SDUD XPD GHWHUPLQDGD HVWUXWXUD Mi TXH PXLWDV YH]HV p QHFHVViULR LQWHUURPSHU D VXD RSHUDomR 8PD FRPSUHHQVmR DEUDQJHQWH GRV HIHLWRV GH LQWHUDomR HVWUXWXUDVHQVRUHVSLH]HOpWULFRVHREMHWRVXWLOL]DGRVSDUDDSOLFDUFDUJDVGHLPSDFWRIRLHVVHQFLDO (VWH WUDEDOKR HIHWXD XPD DQiOLVH QXPpULFD D SDUWLU GRV WHPSRV TXH FRQGX]LUDP RQGDV GH GHIRUPDomR SDUD DOFDQoDU RV VHQVRUHV H RV VHXV HIHLWRV VREUH D H[DWLGmRGRVUHVXOWDGRVREWLGRV SHOR DOJRULWPR GHVHQYROYLGR EHP FRPR D H[DWLGmR GD PHWRGRORJLD DSOLFDGD 6HQVRUHV SLH]HOpWULFRVIDEULFDGRVSHOD,QWHUQDWLRQDO$3&HXPVLVWHPDGHDTXLVLomRGHGDGRVGD1DWLRQDO ,QVWUXPHQWV IRUDP XWLOL]DGRV SDUD REWHU UHVSRVWDV GH RQGDV GH WHQVmR JHUDGDV SRU FDUJDV GH LPSDFWR 8PD LGHQWLILFDomR VLPSOHV H UREXVWD GR LPSDFWR HP WHPSR UHDO FRP EDVH QD WULDQJXODomRIRLLPSOHPHQWDGD2XVRGHUHFXUVRVFRPSXWDFLRQDLVDWUDYpVGDSODWDIRUPD/DEYLHZ MXQWDPHQWH FRP XP DOJRULWPR LPSOHPHQWDGR QR FyGLJR FRPSXWDFLRQDO IRUQHFHX UHVXOWDGRV SURPLVVRUHV DSyV WHVWHV UHDOL]DGRV HP FRQILJXUDo}HV GH SODFDV H[SHULPHQWDLV PRQLWRUDGDV FRP UHGHV GH VHQVRUHV SLH]HOpWULFRV $ PHWRGRORJLD SURSRVWD IRL YDOLGDGD SDUD SODFDV GH PDWHULDO LVRWUySLFR DoR  H DQLVRWUySLFR FDUERQRHSy[L  DSUHVHQWDQGR ERQV UHVXOWDGRV $ LQWHUIDFH IRL GHVHQYROYLGD SDUD VHU DSOLFDGD D PDWHULDLV FRP GLIHUHQWHV tQGLFHV GH DQLVRWURSLD RQGH VH SRGH DMXVWDU RV YDORUHV GH YHORFLGDGH GDV RQGDV HP GLIHUHQWHV GLUHo}HV 2EVHUYRXVH TXH R HUUR Pi[LPRPHGLGRIRLGHP2FyGLJRFRPSXWDFLRQDODSUHVHQWRXVHUREXVWRSDUDLGHQWLILFDUR ORFDO GR LPSDFWR HP TXDOTXHU SRQWR GD SODFD HP WHPSR UHDO )RL SRVVtYHO WDPEpP FRPSURYDU SDUD DV GLIHUHQWHV PDVVDV GH LPSDFWR TXH XP SURFHGLPHQWRVLPSOHVGHWULDQJXODomRFRPELQDGR FRPDVFDUDFWHUtVWLFDVGHYHORFLGDGHGHSURSDJDomRGDVRQGDVSURSRUFLRQDXPPHLRGHORFDOL]DU LPSDFWRV



3DODYUDV &KDYH LGHQWLILFDomR GH LPSDFWR PRQLWRUDPHQWR GH LQWHJULGDGH HVWUXWXUDO HVWUXWXUDV DHURQiXWLFDVSODFDVFRPSyVLWDV



[LLL 

(14)















































  [LY



(15)



$EVWUDFW





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



.H\ZRUGV LPSDFW LGHQWLILFDWLRQ VWUXFWXUDO LQWHJULW\ PRQLWRULQJ DHURQDXWLFDO VWUXFWXUHV DQG FRPSRVLWHSODWHV    [Y 

(16)

 













































 [YL



(17)



/LVWDGH,OXVWUDo}HV

  )LJXUD6LVWHPDGHLGHQWLILFDomR           )LJXUD6HQVRUSLH]HOpWULFR            )LJXUD3ODWDIRUPDGHDTXLVLomRGHGDGRV          )LJXUD3ODFDGHDoR             )LJXUD6LVWHPDGHDTXLVLomRGHGDGRV          )LJXUD%DQFDGDSDUDDTXLVLomRGHVLQDLV          )LJXUD)OX[RJUDPDGDVHWDSDVGRDOJRULWPR         )LJXUD7HPSRLQLFLDOGRVHQVRU           )LJXUD&XUYDVGHUHVSRVWDVGRVVHQVRUHV          )LJXUD'HWHUPLQDomRGDYHORFLGDGH           )LJXUD,QWHUVHFomRGRV5DLRVGHFDGDVHQVRU         )LJXUD,GHQWLILFDomRGDSRVLomR           )LJXUD3RQWRVGHLQWHUVHFomRSDUD5DLR$UELWUDGR 5DLR0tQLPR     )LJXUD3RQWRVGHLQWHUVHFomRSDUD5DLR$UELWUDGR!5DLR0tQLPR     )LJXUD3RQWRVGHLQWHUVHFomRSDUD5DLR$UELWUDGR!!5DLR0tQLPR     )LJXUD3RQWRVGHLQWHUVHFomRSDUD5DLR$UELWUDGR 5DLR0tQLPR     )LJXUD3RQWRVGHLQWHUVHFomRSDUD5DLR$UELWUDGR!5DLR0tQLPR     )LJXUD3RQWRVGHLQWHUVHFomRSDUD5DLR$UELWUDGR!!5DLR0tQLPR     )LJXUD3RQWRVGHLQWHUVHFomRSDUD5DLR$UELWUDGR 5DLR0tQLPR     )LJXUD3RQWRVGHLQWHUVHFomRSDUD5DLR$UELWUDGR!5DLR0tQLPR     )LJXUD3RQWRVGHLQWHUVHFomRSDUD5DLR$UELWUDGR!!5DLR0tQLPR     )LJXUD3ODFDGHPDWHULDOFRPSyVLWR           )LJXUD(VIHUDGHDoRHWXER            )LJXUD$SOLFDomRGDFDUJDGHLPSDFWR          )LJXUD'LVSHUVmRPi[LPD            )LJXUD'LVSHUVmRPi[LPDSDUDWD[DGHDTXLVLomRGHN+]HPSODFDGHDoR    )LJXUD'LVSHUVmRPi[LPDSDUDWD[DGHDTXLVLomRGHN+]HPSODFDGHDoR    )LJXUD'LVSHUVmRPi[LPDSDUDWD[DGHDTXLVLomRGHN+]HPSODFDGHDoR    )LJXUD(VTXHPDUHSUHVHQWDQGRDSODFDGHDoR FPP[FP      )LJXUD'LVSHUVmRPi[LPDSDUDWD[DGHDTXLVLomRGHN+]HPSODFDGHPDWHULDO FRPSyVLWR              )LJXUD'LVSHUVmRPi[LPDSDUDWD[DGHDTXLVLomRGHN+]HPSODFDGH PDWHULDOFRPSyVLWR            )LJXUD'LVSHUVmRPi[LPDSDUDWD[DGHDTXLVLomRGHN+]HPSODFDGH PDWHULDOFRPSyVLWR            )LJXUD,QFHUWH]D PP [7D[DGH$TXLVLomR .+]         )LJXUD(UUR PP [7D[DGH$TXLVLomR .+]          )LJXUD(VTXHPDUHSUHVHQWDQGRDSODFDHPPDWHULDOFRPSyVLWR FP[FP        [YLL 

(18)

  

/LVWDGH,OXVWUDo}HV

 )LJXUD$&RQILJXUDomR'LIIHUHQWLDO           )LJXUD$&RQILJXUDomR6LQJOH(QGHG           )LJXUD%,QWHUIDFHSDUDSULPHLURLPSDFWR          )LJXUD%,QWHUIDFHSDUDVHJXQGRLPSDFWR          )LJXUD%,QWHUIDFHSDUDRWHUFHLURLPSDFWR          )LJXUD%,QWHUIDFHSDUDRTXDUWRLPSDFWR          )LJXUD%,QWHUIDFHSDUDRTXLQWRLPSDFWR          )LJXUD%,QWHUIDFHSDUDRVH[WRLPSDFWR          )LJXUD%,QWHUIDFHSDUDRVpWLPRLPSDFWR          )LJXUD%,QWHUIDFHSDUDRRLWDYRLPSDFWR          )LJXUD%,QWHUIDFHSDUDRQRQRLPSDFWR          )LJXUD%,QWHUIDFHSDUDRGpFLPRLPSDFWR          )LJXUD%,QWHUIDFHSDUDRGpFLPRSULPHLURLPSDFWR        )LJXUD%,QWHUIDFHSDUDRGpFLPRVHJXQGRLPSDFWR        )LJXUD%,QWHUIDFHSDUDRGpFLPRWHUFHLURLPSDFWR        )LJXUD%,QWHUIDFHSDUDRGpFLPRTXDUWRLPSDFWR        )LJXUD%,QWHUIDFHSDUDRGpFLPRTXLQWRLPSDFWR        )LJXUD%,QWHUIDFHSDUDRGpFLPRVH[WRLPSDFWR         )LJXUD%,QWHUIDFHSDUDRGpFLPRVpWLPRLPSDFWR        )LJXUD%,QWHUIDFHSDUDRGpFLPRRLWDYRLPSDFWR                              [YLLL 

(19)

 

/LVWDGH7DEHODV

  7DEHOD9DORUHVGHPHGLGDVYHORFLGDGHGHSURSDJDomRDPpGLDHRGHVYLRSDGUmR    7DEHOD5HVXOWDGRVGHGLVSHUVDRREWLGRVSDUDSODFDGHDoRFDUERQRSDUDWD[DGH DTXLVLFDRGHN+]               7DEHOD5HVXOWDGRVGHGLVSHUVDRREWLGRVSDUDSODFDGHDoRFDUERQRSDUDWD[DGH DTXLVLFDRGHN+]               7DEHOD5HVXOWDGRVGHGLVSHUVDRREWLGRVSDUDSODFDGHDoRFDUERQRSDUDWD[DGH DTXLVLFDRGHN+]               7DEHOD5HVXOWDGRVGH(UURV2EWLGRVSDUD0DWHULDO,VRWUySLFR       7DEHOD5HVXOWDGRVGH'LVSHUVmR2EWLGRVSDUD0DWHULDO&RPSyVLWRSDUD7D[DGH $TXLVLomRGHN+]               7DEHOD5HVXOWDGRVGH'LVSHUVmR2EWLGRVSDUD0DWHULDO&RPSyVLWRSDUD7D[DGH $TXLVLomRGHN+]               7DEHOD5HVXOWDGRVGH'LVSHUVmR2EWLGRVSDUD0DWHULDO&RPSyVLWRSDUD7D[DGH $TXLVLomRGHN+]               7DEHOD±9DORUHVGH,QFHUWH]DVH(UURV0i[LPRVHP)XQomRGD7D[DGH$TXLVLomR    7DEHOD5HVXOWDGRVGH(UUR2EWLGRVSDUD0DWHULDO$QLVRWUySLFR      





          [L[

(20)

 

















































[[ 

(21)



/LVWDGH$EUHYLDWXUDVH6LJODV

  /HWUDV/DWLQDV  F 9HORFLGDGHGHSURSDJDomR          >PV@ ( 0yGXORGHHODVWLFLGDGHGRPDWHULDO         >*3D@ U0DVVDHVSHFtILFD            >NJP@  5 5DLRGR6HQVRU           >P@  5 5DLRGR6HQVRU           >P@  5 5DLRGR6HQVRU           >P@  5 5DLRGR6HQVRU           >P@ M L 5 'LIHUHQoDHQWUHUDLRV           >P@ K E 'LVWkQFLDVHQWUHVHQVRUHV          >P@ Y 9HORFLGDGHGHSURSDJDomRGDRQGD         >PV@ M L W ' 'LIHUHQoDGHWHPSRHQWUHVHQVRUHV        >V@ G'LVWkQFLDJHQpULFDHQWUHRVVHQVRUHV         >P@ [PD[&RRUGHQDGDPi[LPDHP[          >P@ \PD[&RRUGHQDGDPi[LPDHP\          >P@ [PLQ&RRUGHQDGDPtQLPDHP[          >P@ \PLQ&RRUGHQDGDPtQLPDHP\          >P@       



[[L 

(22)





















































[[LL 

(23)



680È5,2

  ,1752'8d­2              2EMHWLYR               5(9,6­2'$/,7(5$785$            6LVWHPDVH[LVWHQWHV             6HQVRUHVHVLVWHPDVGHDTXLVLomR           0$7(5,$,6(0e72'26            'HVFULWLYR               (QVDLRVHYDOLGDomR             /yJLFDSDUDORFDOL]DomRGRLPSDFWR           5(68/7$'26(',6&8d®(6           $OJRULWPRXQLGLPHQVLRQDO±3ODFDGHDoR          7D[DGHDTXLVLomRGHN+]           7D[DGHDTXLVLomRGHN+]           7D[DGHDTXLVLomRGHN+]           $OJRULWPRXQLGLPHQVLRQDO±3ODFDGHPDWHULDOFRPSyVLWR       9HORFLGDGHGHDTXLVLomRGHN+]          9HORFLGDGHGHDTXLVLomRGHN+]          9HORFLGDGHGHDTXLVLomRGHN+]          [[LLL 

(24)

 &21&/86®(6              68*(67®(63$5$75$%$/+26)878526         5()(5Ç1&,$6%,%/,2*5È),&$6           $1(;2±&Ï',*2(0/$%9,(:Š          $3Ç1',&($              $3Ç1',&(%                                 [[LY 

(25)

 

,1752'8d­2



(VWUXWXUDVSRGHPVHUVXEPHWLGDVDYiULDVFDUJDVGHLPSDFWRGXUDQWHDVXDYLGDGHFRUUHQWHV GHHYHQWRVHLVVRpXPDSUHRFXSDomRVpULDSDUDDVXDLQWHJULGDGH(VSHFLDOPHQWHSDUDHVWUXWXUDV HPPDWHULDLVFRPSyVLWRVHYHQWRVGHLPSDFWRVVmRDPDLRUFDXVDGHGDQRVHPVHUYLoRV 'DQRVGHYLGRDFDUJDVSRULPSDFWRSRGHPQmRVHUYLVtYHLVGXUDQWHXPDVLPSOHVLQVSHomR GHVXSHUItFLHPHUDPHQWHYLVXDOPDVSRGHPFDXVDUSHUGDVVLJQLILFDWLYDVQDLQWHJULGDGHHVWUXWXUDO 'HVVD IRUPD WpFQLFDV H HTXLSDPHQWRV HVSHFLDLV VmR QHFHVViULRV SDUD LQVSHFLRQDU HVVHV WLSRV GH GDQRVFRPRUDLRV;UDGLRJUDILDRXYDUUHGXUDXOWUDV{QLFDWRGRVGLVSHQGLRVRVFRQVXPLQGRXP WUDEDOKRLQWHQVLYRHPWHUPRVGHWHPSRSDUDHVWUXWXUDVGHJUDQGHVGLPHQV}HV$XWLOL]DomRGHXP VLVWHPD TXH GHWHFWD H UHJLVWUD DXWRPDWLFDPHQWH DFRQWHFLPHQWRV GH LPSDFWR WRUQD DV LQVSHo}HV PDLVHILFLHQWHVORFDOL]DQGRDiUHDGHLQVSHomR(PJHUDODIRUoDPHFkQLFDDJLQGRVREUHXPFRUSR QmR SRGH VHU PHGLGD GLUHWDPHQWH &RP R GHVHQYROYLPHQWR QRWiYHO GH VHQVRUHV H HTXLSDPHQWRV GLJLWDLVSDUDJUDYDomRHSURFHVVDPHQWRGHGDGRVQRV~OWLPRVDQRVPHGLo}HVLQGLUHWDVSDUDIRUoD GHLPSDFWRHVWmRVHQGRDPSODPHQWHHVWXGDGDV$LGHLDpLGHQWLILFDUHYHQWRVGHLPSDFWRDWUDYpV GDPHGLomRGHUHVSRVWDVHPFHUWRVSRQWRVGDHVWUXWXUDHHVVDDERUGDJHPSRGHUiWRUQDUVHXPGRV PpWRGRVPDLVDEUDQJHQWHVSDUDLGHQWLILFDomRGHLPSDFWR1DPDLRULDGRVFDVRVDVHVWUXWXUDVQmR VmR VLPSOHV FRPR YLJDV RX SODFDV SODQDV VmR FRQMXQWRV FRPSOLFDGRV TXH SRVVXHP ULJLGH] P~OWLSODV IRUPDV RX FXUYDWXUD ' 7DPEpP DV FRQGLo}HV GH FRQWRUQR QmR SRGHP VHU VLPSOLILFDGDV FRPR ERUGRV OLYUHV VLPSOHVPHQWH DSRLDGR RX IL[RV $ PDLRULD GDV WpFQLFDV GH LGHQWLILFDomR GH LPSDFWR IRUDP DSOLFDGDV SDUD HOHPHQWRV GH SODFDV FRP SURSULHGDGHV SODQDV H HVSHVVXUDFRQVWDQWH$SHQDVDOJXQVHVWXGRVIRUDPUHODWDGRVSDUDHVWUXWXUDVFRPSOH[DV

$OJXQV SHVTXLVDGRUHV FRPR 6(<'(/ H &+$1*   LGHQWLILFDUDP D ORFDOL]DomR H R KLVWyULFR GD IRUoD GH LPSDFWR DSOLFDGR HP SDLQpLV FRPSyVLWRV HQULMHFLGRV )RL UHSUHVHQWDGR XP SDLQHOFRPRXPDSODFDSODQDHTXLYDOHQWHFRPSURSULHGDGHVYDULiYHLV$HTXDomRLPSOHPHQWDGD SRGHVHUGHULYDGDGDHTXDomRGHHTXLOtEULRQRSODQR&RQWXGRSDUDHVWUXWXUDVFRPSOH[DVQmRp VLPSOHV REWHU XPD HTXDomR PDWHPiWLFD WDO FRPR PRGHORV DQDOtWLFRV EDVHDGRV HP DERUGDJHQV WHyULFDV RX QXPpULFRV EDVHDGRV QR 0pWRGR GRV (OHPHQWRV )LQLWRV )LQLWH (OHPHQW 0HWKRG ± )(0  $LQGD TXH R PRGHOR SRVVD VHU VLPXODGR H D HVWUXWXUD WHQKD XPD ERD UHVSRVWD p GLItFLO DSOLFDU XPD VLPSOHV IRUPXODomR LQYHUVD SDUD UHFRQVWUXLU D IRUoD HQWUDGD  DWUDYpV GH GDGRV

(26)

 

REWLGRV SHORV VHQVRUHV VDtGD  $R REWHU XPD IRUPXODomR LQYHUVD IRUoDV GH H[FLWDomR VmR FRQVWUXtGDV SRU PLQLPL]DomR GD GLIHUHQoD HQWUH D UHVSRVWD PHGLGD H D UHVSRVWD FDOFXODGD TXH HUDP UHDOL]DGRV SRU SURFHVVRV LQWHUDWLYRV 1D PDLRULD GRV FDVRV HVVDV DERUGDJHQV QmR VmR WUDWiYHLVSRUPRGHORVWUDGLFLRQDLVRTXHVHULDDWpPHVPRLPSRVVtYHOSDUDHVWUXWXUDVFRPSOH[DV

(VWUXWXUDVFRPRIRUPDWRGHSODFDVHFDVFDVHPFRPSyVLWRVVmRXWLOL]DGDVH[WHQVLYDPHQWH QDV LQG~VWULDV DHURQiXWLFD DHURHVSDFLDO H DXWRPRWLYD 8PD GDV SULQFLSDLV SUHRFXSDo}HV SDUD HVVDVDSOLFDo}HVHPHVWUXWXUDVpRGDQRGHYLGRDRLPSDFWRHFDUJDVGHIDGLJD

'DQRV GHYLGR DR LPSDFWR TXH SRGHP VHU DSDUHQWHPHQWH VXSHUILFLDLV IUHTXHQWHPHQWH DSUHVHQWDPIRUWHVHIHLWRVSUHMXGLFLDLVVREUHRGHVHPSHQKRGDHVWUXWXUD3RUH[HPSORRLPSDFWR GHEDL[DYHORFLGDGHSRGHFDXVDUGHODPLQDo}HVLQWHUQDVQDHVWUXWXUDGRPDWHULDOFRPSyVLWRRTXH JHUDOPHQWH QmR p SRVVtYHO YLVXDOL]DU FRP LQVSHo}HV YLVXDLV 6H QmR IRU GHWHFWDGR R GDQR SRGH FUHVFHUOHYDQGRjIDOKDFDWDVWUyILFDGDHVWUXWXUD 3DUDDXWLOL]DomRGHVVHWLSRGHPDWHULDOH[LVWHXPDVpULHGHLPSOLFDo}HVFRPRSRUH[HPSOR DGLILFXOGDGHGHVHHIHWXDUFiOFXORVDQDOtWLFRVGHYLGRjDQLVRWURSLDGRPDWHULDOHDQHFHVVLGDGHGH XPSURFHVVRGHIDEULFDomREHPFRQWURODGRSDUDJDUDQWLUDVSURSULHGDGHVPHFkQLFDVGRPDWHULDO 6HKRXYHUDOJXPDGHODPLQDomRQDVFDPDGDVGHILEUDRXURPSLPHQWRGDVILEUDVRPDWHULDOSHUGH FRQVLGHUDYHOPHQWHVXDUHVLVWrQFLDHULJLGH]PHFkQLFDVSRGHQGRIDOKDUVHPQHQKXPDYLVR(VVHp XP FRPSRUWDPHQWR GLIHUHQWH GRV PHWDLV TXH JHUDOPHQWH VH GHIRUPDP SODVWLFDPHQWH DQWHV GH URPSHU

2V HQVDLRV QmR GHVWUXWLYRV (1'  FRPR XOWUDVVRP H UDLRV; VmR DOJXQV H[HPSORV GRV HQVDLRV UHDOL]DGRV SDUD YHULILFDomR GD LQWHJULGDGH HVWUXWXUDO GH PDWHULDLV FRPSRVWRV (VVHV HQVDLRV VmR FDURV H GH EDL[D SURGXWLYLGDGH SRLV DOpP GR HTXLSDPHQWR HVWUXWXUD  ILFDU IRUD GH RSHUDomR GXUDQWH RV HQVDLRV Ki D QHFHVVLGDGH GH PmR GH REUD HVSHFLDOL]DGD DXPHQWDQGR FRQVLGHUDYHOPHQWHRFXVWRGDXWLOL]DomRGHPDWHULDLVFRPSRVWRV

8P GRV PXLWRV SUREOHPDV UHODFLRQDGRV D 6+0 6WUXFWXUDO +HDOWK 0RQLWRULQJ  p TXH D ORFDOL]DomR GD FDUJD GH LPSDFWR HP JHUDO QmR p FRQKHFLGD 8PD GDV WpFQLFDV SDUD LGHQWLILFDU D ORFDOL]DomRGRLPSDFWRpFRORFDUWUrVRXPDLVVHQVRUHVVREUHDVXSHUItFLHGDSODFDHWULDQJXODUR ORFDO GH RULJHP GR LPSDFWR XWLOL]DQGR DV GLIHUHQoDV GRV WHPSRV GH FKHJDGD GD RQGD GH GHIRUPDomRQRVVHQVRUHV )$55$5HWDO 

(27)

 

$VVLP R WHPSR GH FKHJDGD H D YHORFLGDGH GH SURSDJDomR GDV RQGDV VmR QHFHVViULRV QD HVWLPDWLYD GD ORFDOL]DomR GD IRQWH 1R HQWDQWR DV RQGDV GH IOH[mR JHUDGDV SRU XPD FDUJD GH LPSDFWR VmR DOWDPHQWH GLVSHUVLYDV H VH LVVR QmR IRU OHYDGR HP FRQWD QD PHGLomR GR WHPSR GH SURSDJDomR JUDQGHV HUURV SRGHP VXUJLU QD GHWHUPLQDomR GR ORFDO GH RULJHP GR LPSDFWR .(66/(5 

1RSUREOHPDGHLGHQWLILFDomRGRORFDOGHLPSDFWRXPDHVWLPDWLYDSUHFLVDGDYHORFLGDGHGH SURSDJDomRHGDHQHUJLDWUDQVSRUWDGDSHORSULPHLURPRGRGHYLEUDUpUHODWLYDPHQWHFRPSOLFDGR 7pFQLFDV SDUD PHGLomR GD IDVH H GD YHORFLGDGH GDV RQGDV GH IOH[mR WrP VLGR GHVHQYROYLGDV &29(5/$<H67$6=(:6., 

2VSULQFLSDLVLQFRQYHQLHQWHVGHDOJXPDVGHVWDVWpFQLFDVIRUDPUHYLVDGRVSRU)$55$5HW DO  0XLWDV GHVVDV GHVYDQWDJHQV HVWmR DXVHQWHV HP PpWRGRV UHFHQWHPHQWH GHVHQYROYLGRV FRPEDVHQRGRPtQLRGRWHPSRHGDIUHTXrQFLD(VVDRSomRpPDLVHILFD]QDGHWHFomRGHVLQDLV FRPQtYHLVPDLVEDL[RVHPUHODomRDRUXtGR

6XUJHHQWmRDPRWLYDomRGRGHVHQYROYLPHQWRGHXPVLVWHPDSDUDPRQLWRUDPHQWRGDVD~GH HVWUXWXUDO GH FRPSRQHQWHV GH FRQILDQoD HP WHPSR UHDO 8WLOL]DQGR VHQVRUHV SLH]HOpWULFRV GLVWULEXtGRV VRE XPD iUHD GH LQWHUHVVH R VLVWHPD LGHQWLILFDULD R ORFDO SDUD TXDOTXHU IRUoD GH LPSDFWRTXHDHVWUXWXUDSRVVDVRIUHU'HVVDIRUPDFDVRRFRUUDDOJXPLPSDFWRTXHRIHUHoDULVFRj HVWUXWXUDHQVDLRVQmRGHVWUXWLYRVVHULDPUHDOL]DGRVQRORFDOGHLQWHUHVVHGHWHFWDQGRDVVLPDOJXP SRVVtYHOGDQRRFRUULGRFRPRURPSLPHQWRGHILEUDVRXGHODPLQDomRGDVFDPDGDVHJDUDQWLQGRD LQWHJULGDGHHVWUXWXUDOGDHVWUXWXUDFRPXPDPHQRUXWLOL]DomRGRVHQVDLRVQmRGHVWUXWLYRV  2EMHWLYR   1HVVHWUDEDOKRIRLGHVHQYROYLGRXPDOJRULWPREDVHDGRHPWpFQLFDVGHWULDQJXODomRSDUDXP PRGHOR ItVLFR FRP D SURSRVWD GH PRQLWRUDU HYHQWRV GH LPSDFWR FDSD] GH IRUQHFHU FRPR UHVXOWDGRDORFDOL]DomRGRSRQWRGHLPSDFWRHPSODFDV)RUDPDSUHVHQWDGRVDWHRULDDSOLFDGDSDUD VROXomRGRSUREOHPDHUHVXOWDGRVH[SHULPHQWDLVSDUDSODFDVLVRWUySLFDVHDQLVRWUySLFDVSRUPHLR GDWpFQLFDGHWULDQJXODomR8WLOL]DQGRDSODWDIRUPDGHDTXLVLomRGD1DWLRQDO,QVWUXPHQWV 1, HP FRQMXQWRFRPRVRIWZDUH/DEYLHZŠIRLSRVVtYHOHVWDEHOHFHURVLVWHPDGHLGHQWLILFDomR$WpFQLFD IRLYHULILFDGDHYDOLGDGDDWUDYpVGHYiULRVH[SHULPHQWRV

(28)

 

&RP R REMHWLYR GH GHWHUPLQDU R ORFDO GR LPSDFWR HP SODFDV IRL XWLOL]DGD XPD UHGH GH VHQVRUHV GLVWULEXtGRV HP SRQWRV GH LQWHUHVVH $ LGHQWLILFDomR LQFOXL D GHWHUPLQDomR GR ORFDO GH LPSDFWRDILPGHGHWHUPLQDUDQHFHVVLGDGHGHLQVSHFLRQDURXQmRDUHJLmR$WpFQLFDH[LJHOLGDU FRP GLYHUVRV FDUUHJDPHQWRV GH LPSDFWR H D VXD H[HFXomR HP WHPSR UHDO 1HVVH WUDEDOKR RV VHQVRUHVSLH]HOpWULFRVIRUDPXWLOL]DGRVSDUDUHJLVWUDUUHVSRVWDV PHGLDQWHDFDUJDVGHLPSDFWRQD HVWUXWXUD 3UHWHQGHVHHVWXGDUHLPSOHPHQWDUDWpFQLFDGHWULDQJXODomRGHVLQDLVSDUDLGHQWLILFDomRGR ORFDOGHLPSDFWRHPWHPSRUHDO               )LJXUD±6LVWHPDGHLGHQWLILFDomR

(29)

 

5(9,6­2'$/,7(5$785$



6LVWHPDVH[LVWHQWHV





*HUDOPHQWH R ORFDO GH LPSDFWR p HVWLPDGR DQWHV GH UHFRQVWUXLU R KLVWyULFR GH IRUoD QR WHPSR 2 PpWRGR PDLV SRSXODU SDUD D GHWHFomR GR ORFDO GH LPSDFWR EDVHLDVH QD GLIHUHQoD GR WHPSRGHFKHJDGDGRVVLQDLVUHFHELGRVSRUXPFRQMXQWRGHVHQVRUHVGLVWULEXtGRVHVSDFLDOPHQWH

75$&<H&+$1*  DSUHVHQWDUDPXPPpWRGRSDUDLGHQWLILFDomRGHLPSDFWRHPXP ORFDOGHVFRQKHFLGRQXPDSODFDGHPDWHULDOFRPSyVLWR$LGHQWLILFDomRLQFOXLXRORFDOGHLPSDFWR H R KLVWyULFR IRUoD 8P DUUDQMR GH VHQVRUHV SLH]HOpWULFRV GLVWULEXtGRV IRL XWLOL]DGR SDUD PHGLU D UHVSRVWD GD SODFD DSyV D DSOLFDomR GD FDUJD GH LPSDFWR 8PD WpFQLFD GH RWLPL]DomR UHVROYH R SUREOHPDGHLGHQWLILFDomRTXHWHPRSDSHOGHLGHQWLILFDURLPSDFWRSRUFRPSDUDomRGDUHVSRVWD FDOFXODGDHPUHODomRDRPRGHORGHUHVSRVWDPHGLGR2PpWRGRGHLGHQWLILFDomRIRLLPSOHPHQWDGR DWUDYpV GH XP FyGLJR FRPSXWDFLRQDO FKDPDGR GH ,',03$&7 3DUD YDOLGDU R VLVWHPD GH LGHQWLILFDomRYiULRVLPSDFWRVIRUDPGLVWULEXtGRVHPXPDSODFDFRPDVGLPHQV}HVGH[[ SROHJDGDVLQVWUXPHQWDGDFRPVHQVRUHVSLH]HOpWULFRVGHVXSHUItFLHGLVWULEXtGRV2FyGLJRSURYRX VHU FRQILiYHO H SUHFLVR DSUHVHQWDQGR XP HUUR PpGLR GH  SROHJDGDV SDUD ORFDOL]DomR GR LPSDFWR2HUURPpGLREDVHDGRHPHQHUJLDQDUHFRQVWUXomRGDDIRUoDGHLPSDFWRDSOLFDGDIRLGH 

*$8/ H +85/(%$86   DSUHVHQWDUDP XP PpWRGR H[SHULPHQWDO TXH IRL GHVHQYROYLGRSDUDDGHWHFomRGDVRQGDVGHIOH[mRHPSODFDVFRPRXVRGHODPLQDVSLH]HOpWULFDV 2V VLQDLV JUDYDGRV HUDP DQDOLVDGRV DSyV DSOLFDU XPD WUDQVIRUPDGD ZDYHOHW SDUD GHWHUPLQDU RV WHPSRVGHFKHJDGDGHRQGDVHPGLIHUHQWHVIUHTXrQFLDV(VWHVWHPSRVGHFKHJDGDIRUDPXWLOL]DGRV HPFRQMXQWRFRPXPPpWRGRGHRWLPL]DomRSDUDLGHQWLILFDURORFDOGHLPSDFWR FRRUGHQDGDV[H\ GRORFDOGHRULJHP $OpPGLVVRRLQWHUYDORGHWHPSRHQWUHRLQVWDQWHGRLPSDFWRHRUHJLVWURGRV VLQDLVHPFRQMXQWRFRPDYHORFLGDGHGDVRQGDVGLVSHUVLYDVHUDPHVSHFLILFDGRV2EVHUYRXVHERQV UHVXOWDGRVREWLGRVH[SHULPHQWDOPHQWHDOLDGRVFRPVROXo}HVH[DWDV(VWHpXPPpWRGRLPSRUWDQWH SDUD D LGHQWLILFDomR GD RULJHP GR LPSDFWR TXH SRGH VHU DSOLFDGR WDPEpP HP SUREOHPDV UHODFLRQDGRV j FDUJD SRU LPSDFWR HP HVWUXWXUDV UHODFLRQDGRV D IHQ{PHQRV VtVPLFRVGHWUHPRUHV HPWHUUDHjHPLVVmRGHVLQDLVDF~VWLFRVTXHVHSURSDJDPDSDUWLUGHILVVXUDV

(30)

 

&+$1*   GHVHQYROYHX XPD WpFQLFD GH GLDJQyVWLFR XWLOL]DQGR UHGH GH VHQVRUHV GLVWULEXtGRVHPHVWUXWXUDVFRPSyVLWDV$WpFQLFDXWLOL]DRVVHQVRUHVLQWHUQRVSDUDPHGLUDUHVSRVWD GDVHVWUXWXUDVHSURFHVVDURVVLQDLVPHGLGRVDILPGHLQWHUSUHWDUDVDOWHUDo}HVGHVLQDLVGRSRQWR GH YLVWD ItVLFR QD HVWUXWXUD 2 GHVHQYROYLPHQWR GHVVD WpFQLFD LQFOXLX WUrV LWHQV D VHOHomR GR VHQVRU LQWHJUDomR VHQVRUHVWUXWXUD H SURFHVVDPHQWR GH VLQDLVLQWHUSUHWDomR 5HVXOWDGRV IRUDP HQFRUDMDGRUHV

67$6=(:6., HW DO   HVWXGDUDP R SUREOHPD GD DSOLFDomR GH VHQVRUHV LGHDLV SDUD GHWHFomR H ORFDOL]DomR GH LPSDFWR HP PDWHULDLV FRPSyVLWRV 2HVWXGRHQYROYHXPH[SHULPHQWR GH LPSDFWR VLPSOHV HP XP SDLQHO GH PDWHULDO FRPSRVWR 2V GDGRV GH GHIRUPDomR YDULiYHO QR WHPSRVmRPHGLGRVDWUDYpVGHVHQVRUHVSLH]RFHUkPLFRV8PSURFHGLPHQWRHILFD]GHGHWHFomRGH LPSDFWRIRLHVWDEHOHFLGRDWUDYpVGHXPDDERUGDJHPFRPUHGHQHXUDO2SURFHGLPHQWRGHWHUPLQD DORFDOL]DomRHDDPSOLWXGHGRVLPSDFWRV8PDOJRULWPRJHQpWLFRIRLXWLOL]DGRSDUDGHWHUPLQDUDV SRVLo}HVyWLPDVGRVVHQVRUHVSDUDXPVLVWHPDGHGLDJQyVWLFR2REMHWRSULQFLSDOGRWUDEDOKRHUD HVWXGDU DV GLVWULEXLo}HV j SURYD GH IDOKDV RX VHMD DTXHOHV FXMD VXEGLVWULEXLo}HV WDPEpP SRVVXHPEDL[DSUREDELOLGDGHGHGHWHFomRGHHUURV2VUHVXOWDGRVIRUDPYDOLGDGRVDWUDYpVGHXPD EXVFD H[DXVWLYD GHPRQVWUDQGR TXH DOJRULWPRV JHQpWLFRV FRPELQDGRV FRP UHGHV QHXUDLV SRGHP VHUXWLOL]DGRVGHIRUPDHILFD]SDUDHQFRQWUDUDVGLVWULEXLo}HVLGHDLVGHVHQVRUHVSDUDDGHWHFomRGH GDQRV

6(<'(/ H &+$1*   DSUHVHQWDUDP XP HVWXGR UHDOL]DGR SDUD GHVHQYROYHU D LGHQWLILFDomR HP WHPSR UHDO WpFQLFD SDUD D SUHYLVmR GD ORFDOL]DomR H KLVWyULFR GH IRUoD SDUD EDL[DV YHORFLGDGHV GH LPSDFWRV VREUH SDLQpLV FRPSyVLWRV FRP UHIRUoDGRUHV $ LQYHVWLJDomR LQFOXLX WDQWR DQiOLVH FRPR H[SHULPHQWRV $VPHGLGDVGH VHQVRUHV SLH]RFHUkPLFRVIRUDPXVDGDV SDUDUHFRQVWUXLURKLVWyULFRGHIRUoDXWLOL]DQGRRDOJRULWPRHXPILOWURSDUDVLQDLV$ORFDOL]DomR GH LPSDFWR IRL GHWHUPLQDGD DWUDYpV GH PLQLPL]DomR GD GLIHUHQoD HQWUH D UHVSRVWD PRGHODGD H D UHVSRVWD UHDO 2 FyGLJR FRPSXWDFLRQDO FKDPDGR GH :)02'(/ IRL GHVHQYROYLGR SDUD D FRQVWUXomR GH XP PRGHOR SDUD LGHQWLILFDomR GH LPSDFWR 2 PRGHOR SHUPLWLX D YDULDomR GH SURSULHGDGHV HVWUXWXUDLV QR PDWHULDO FRPR GHQVLGDGH H ULJLGH] GHYLGR j SUHVHQoD GRV UHIRUoDGRUHV2VUHVXOWDGRVDSyVH[WHQVLYRVH[SHULPHQWRVPRVWUDUDPTXHQRPRGHORFRGLILFDGR XWLOL]DQGR R FyGLJR :)02'(/ RV LPSDFWRV DSOLFDGRV QD EDtD H VREUH R UHIRUoR IRUDP LGHQWLILFDGRV SRU RXWUR FyGLJR GHVHQYROYLGR GHQRPLQDGR :,',03$&7 FRP FDSDFLGDGH SDUD

(31)

 

DSOLFDomRHPWHPSRUHDO)RLHQFRQWUDGDERDFRQFRUGkQFLDHQWUHUHVXOWDGRVHVWLPDGRVUHDLVFRP VXFHVVRQDORFDOL]DomRSDUDGLIHUHQWHVPDVVDVGHLPSDFWR

'2.26HWDO  UHDOL]DUDPXPHVWXGRGHLPSDFWRSDUDEDL[DVYHORFLGDGHV /9,±/RZ 9HORFLW\ ,PSDFW  FRQVLGHUDGR SRWHQFLDOPHQWH SHULJRVR SDUD HVWUXWXUDV HP FRPSyVLWRV SULQFLSDOPHQWHSRUTXHRGDQRRFRUUHVREDIRUPDGHVHSDUDo}HVHWULQFDVGDPDWUL]RULJLQDQGRVH QR LQWHULRU GR ODPLQDGR RX SHUWR GD IDFH SRVWHULRU H SRGHQGR SHUPDQHFHU VHP VHU GHWHFWDGR $ PDLRU SDUWH GDV WpFQLFDV GH DYDOLDomR GH GDQRV FRQYHQFLRQDLV UHTXHUHP TXH D HVWUXWXUD HRX FRPSRQHQWH FRPSyVLWRV WHQKDP TXH VHU UHWLUDGRV GH VHUYLoR 8P QRYR VLVWHPD GH FRQWUROH GH GDQRVXWLOL]DQGRILEUDySWLFDLQFRUSRUDGRDVHQVRUHVIRLXWLOL]DGRSDUDHVWXGDUR/9,HUHDOL]DUD DYDOLDomRGHGDQRVGHYLGRDLPSDFWRV(VVHVLVWHPDIRLH[SHULPHQWDOPHQWHYHULILFDGRVLPXODQGR LPSDFWRV DWUDYpV GH XP FDEHoRWH LQVWUXPHQWDGR HP TXHGD OLYUH 1HVWH HVWXGR D HQHUJLD GH LPSDFWRYDULDYDFRQIRUPHRVDMXVWHVGHDOWXUDGHTXHGDGRFDEHoRWH

&29(5/$< H 67$6=(:6.,   HP XP WUDEDOKR VREUH FDUJDV GH LPSDFWR TXH RFRUUHPGXUDQWHDIDEULFDomRPDQXVHLRHPDQXWHQomRDERUGDUDPFRPRHVVDVRFRUUrQFLDVVmRDV SULQFLSDLVFDXVDVGHGDQRVHPVHUYLoRSDUDDVHVWUXWXUDVFRPSyVLWDV0XLWDVLQYHVWLJDo}HVIRUDP UHDOL]DGDVDILPGHDYDOLDUHORFDOL]DURLPSDFWR8PQRYRPpWRGRGHORFDOL]DomRGHLPSDFWRHP PDWHULDLVFRPSyVLWRVIRLSURSRVWRQHVWHWUDEDOKREDVHDGRHPWULDQJXODomRFOiVVLFDGHVHQVRUHV$ PHWRGRORJLDHFRPELQRXDYHORFLGDGHGDRQGDGHGHIRUPDomRHXPDDQiOLVHFRPSURFHGLPHQWR GH RWLPL]DomR GH DOJRULWPR JHQpWLFR 2 PpWRGR IRL YDOLGDGR SDUD XP SDLQHO HP PDWHULDLV FRPSRVWRV LQVWUXPHQWDGR FRP VHQVRUHV SLH]RFHUkPLFRV HPEXWLGRV 2 WUDEDOKR PRVWURX TXH R QRYRPpWRGRWHPSRWHQFLDOSDUDORFDOL]DomRHIHWLYDGHGDQRVSRULPSDFWR'DGRVGHGHIRUPDomR GH DSHQDV WUrV VHQVRUHV SLH]RFHUkPLFRV DSUHVHQWDP ERQV UHVXOWDGRV GH ORFDOL]DomR GR LPSDFWR HYLWDQGRGLILFXOGDGHVGHDSUHQGL]DJHPHPRGHODJHPDVVRFLDGRVDRXWUDVWpFQLFDV

7$-,0$ +8 H )8.81$*$   DSUHVHQWDUDP XP PpWRGR GH LGHQWLILFDomR H[SHULPHQWDO SDUD ORFDOL]DomR GD IRUoD GH LPSDFWR H R VHX KLVWyULFR HP SODFDV ODPLQDGDV )RL DSUHVHQWDGDDUHODomRHQWUHKLVWyULFRVGHIRUoDHDVUHVSRVWDVVHQGRRSULPHLURPpWRGRXWLOL]DQGR IRUoD H[SHULPHQWDOPHQWH PHGLGD H RV KLVWyULFRV GH UHVSRVWDV GH GHIRUPDomR FRUUHVSRQGHQWHV D SRQWRV GLVFUHWRV $R HPSUHJDU HVVD UHODomR D ORFDOL]DomR H KLVWyULFR GH IRUoD GR LPSDFWR VmR LGHQWLILFDGRV HP IXQomR GDV UHVSRVWDV GH GHIRUPDomR REWLGDV H[SHULPHQWDOPHQWH FRP EDVH HP PpWRGRV FRPSXWDFLRQDLV H RSHUDo}HV PDWHPiWLFDV $ YDOLGDGH GR PpWRGR GH LGHQWLILFDomR

(32)

 

SUHVHQWHIRLYHULILFDGDDWUDYpVGRWHVWHGHLPSDFWRHPSODFDVODPLQDGDVHSDLQpLVHPHQULMHFLGRV FRP ILEUDV XWLOL]DQGR VHQVRUHV SLH]HOpWULFRV HPEXWLGRV 2 PpWRGR IRL WDPEpP DSOLFDGR j LGHQWLILFDomR GD IRUoD GH LPSDFWR HP SODFDV GH &)53 &DUERQ )LEHU 5HLQIRUFHG 3ODVWLF  HQYROYHQGRGDQRVGHLPSDFWRFRPRGHODPLQDomR

.80$5 HW DO   UHDOL]DUDP XP HVWXGR HP HVWUXWXUDV GH FRPSyVLWRV DSOLFDGDV D KHOLFySWHURV GR H[pUFLWR H SODWDIRUPDV GH YHtFXORV DpUHRV QmR WULSXODGRV TXH SRGHPDSUHVHQWDU HP VXD HVWUXWXUD GDQRV LQYLVtYHLV 2 VLVWHPD SRGH PRQLWRUDU HVWUXWXUDV HP WHPSR UHDO SURSRUFLRQDQGRDVVLPHQYROYLPHQWRGHWUDEDOKRPtQLPRSDUDLQVSHomRHGHWHFomRGHGDQRV(VWH WUDEDOKRIRUQHFHXXPDYLVmRVREUHR GHVHQYROYLPHQWRGHXPVLVWHPDXWLOL]DQGRXPDWHFQRORJLD GH 60$57 /$<(5Š &$0$'$ ,17(/,*(17(  TXH XWLOL]D XPD UHGH GH WUDQVGXWRUHV SLH]HOpWULFRVLQFRUSRUDGRVHPXPILOPHGLHOpWULFRILQRTXHFRQVXOWDPRQLWRUDHDYDOLDDFRQGLomR GH XPD HVWUXWXUD 2 GHVHQYROYLPHQWR VH FRQFHQWUD HP XP VLVWHPD VHQVRULDO TXH FRQWpP RV UHFXUVRV SDUD D iUHD GH GHWHFomR GR GDQR HVWUXWXUDO ORFDO H JOREDO EHP FRPR D DYDOLDomR WUDQVPLVVmRGHGDGRVHSURFHVVDPHQWR

3$5.   SHVTXLVRX XP QRYR PpWRGR H XP SURFHGLPHQWR GH DSOLFDomR SDUD D LGHQWLILFDomRGHHYHQWRVGHLPSDFWRHPHVWUXWXUDVGLYHUVDVDSUHVHQWDGRFRPEDVHHPXPDWpFQLFD GH LGHQWLILFDomR GR VLVWHPD FRQVWUXtGR DWUDYpV GH VHQVRUHV 2 PpWRGR LGHQWLILFD R ORFDO GH LPSDFWR H D HYROXomR WHPSRUDO GD IRUoD SDUD XP HYHQWR GH LPSDFWR HP HVWUXWXUDV VHP D QHFHVVLGDGH GH LQIRUPDo}HV FRPR SURSULHGDGHV PHFkQLFDV UHDLV JHRPHWULDV H FRQGLo}HV GH FRQWRUQR GDV HVWUXWXUDV $ WpFQLFD SURSRVWD SRU 3$5.   QmR H[LJH D FRQVWUXomR GH XP PRGHORPDWHPiWLFRSDUDVLPXODURFRPSRUWDPHQWRGHXPDHVWUXWXUDRXFRQVWUXLUXPDUHGHQHXUDO HVSHFtILFD FRP IRUPDomR H[DXVWLYD (P YH] GLVVR D WpFQLFD XWLOL]D R LQYHUVR GD IXQomR GH WUDQVIHUrQFLDGRVLVWHPDSDUDUHFRQVWUXLUDKLVWyULDGHFDUUHJDPHQWRGHPHGLo}HVGRVHQVRU1HVWD DERUGDJHPSURSRVWDDVIXQo}HVGHWUDQVIHUrQFLDGRVLVWHPDSDUDWRGDDHVWUXWXUDVmRFRQVWUXtGRV SRU GXDV DERUGDJHQV VHTXHQFLDLV   WHVWHV GH LPSDFWR HP SRQWRV VHOHFLRQDGRV SDUD JHUDU RV GDGRVGRVVHQVRUHVGHIRUPDDHVWDEHOHFHUDIXQomRGHWUDQVIHUrQFLDGRVLVWHPDHQWUHRVSRQWRVH RLPSDFWRSRQWXDOQDHVWUXWXUD VLVWHPDVHQVRU H  IXQo}HVGHLQWHUSUHWDomRFRPEDVHHPXPD DERUGDJHPWUDGLFLRQDOGHHOHPHQWRVILQLWRVSDUDDSUR[LPDUDVIXQo}HVGHWUDQVIHUrQFLDGRVLVWHPD HP WRGRV RV OXJDUHV VREUH DV HVWUXWXUDV 3URS{VVH XP SURFHGLPHQWR GH DSOLFDomR HVSHFtILFD EDVHDGRQDWpFQLFDGHVHQYROYLGDSDUDDDSOLFDomRSUiWLFDHPHVWUXWXUDVFRQVWUXtGDVFRPVLVWHPD

(33)

 

VHQVRULDO7HVWHVH[WHQVLYRVHPGLYHUVDVHVWUXWXUDVIRUDPUHDOL]DGRVSDUDYHULILFDUDSUHFLVmRGR PpWRGRHGDSRVLomRGHFDUJDHGHSUHYLV}HVSURSRVWRGHPRQVWUDUDPERDDFXLGDGH

 /((%$1(5-((H0$/  DSUHVHQWDUDPXPDQRYDDERUGDJHPSDUDORFDOL]DUFRP SUHFLVmRHFDUDFWHUL]DUXPDFDUJDGHLPSDFWRHPSODFD(OHVVHEDVHDUDPQDDQiOLVHGDVIRUPDVGH RQGD DF~VWLFDV PHGLGDV SRU XP FRQMXQWR GH VHQVRUHV ORFDOL]DGRV QD VXSHUItFLH GD SODFD HP DVVRFLDomRFRPRPRGHORWHyULFRGDVIXQo}HVGH*UHHQSDUDDSODFD3DUDDHVWLPDWLYDSUHFLVDGD ORFDOL]DomR GD IRQWH GH LPSDFWR DV GLIHUHQoDV GH WHPSRV GH FKHJDGD GDV RQGDV QRV VHQVRUHV H VXDVYHORFLGDGHVGHSURSDJDomRIRUDPGHWHUPLQDGRVHPSULPHLUROXJDU,VWRIRLSRVVtYHODWUDYpV GD XWLOL]DomR GH XP PpWRGR FRPELQDGR GH RUGHP VXSHULRU WHPSRIUHTXrQFLD &+27) ± &RPELQHG +LJK2UGHU 7LPH)UHTXHQF\  TXH p FDSD] GH GHWHFWDU VLQDLV FRP D PHQRU UHODomR VLQDOUXtGRFRPSDUDGRFRPRXWURVPpWRGRVGLVSRQtYHLV8PDYH]TXHDPDLRUSDUWHGDHQHUJLDGH RQGDpWUDQVSRUWDGDSRURQGDVGHIOH[mR PRGR$ DYHORFLGDGHGHJUXSRGRPRGRpH[WUDtGD XVDQGRDWpFQLFD&+27)SDUDHVWLPDURORFDOGHRULJHPGHLPSDFWR$VHVWLPDWLYDVPRVWUDPVH HP H[FHOHQWH FRQFRUGkQFLD FRP RV ORFDLV UHDLV H KLVWyULFRV GH WHPSR GDV FDUJDV GH LPSDFWR DSOLFDGDV

08-,&$ HW DO   GHVHQYROYHUDP XPD PHWRGRORJLD GH UDFLRFtQLR KtEULGR TXH IRL DSOLFDGD D XPD HVWUXWXUD DHURHVSDFLDO FRPSOH[D H VXD HILFiFLD IRL DYDOLDGD SDUD LGHQWLILFDU H ORFDOL]DU D SRVLomR GRV LPSDFWRV 'DGRV GH UHVSRVWD GD GHIRUPDomR IRUDP DQDOLVDGRV HP XPD VHomR QD DVD GH XPD DHURQDYH FRPHUFLDO H YDULiYHLV QR WHPSR GD HVWUXWXUD IRUDP GHWHFWDGDV XWLOL]DQGRVHQVRUHVSLH]RFHUkPLFRVSDVVLYRV(VWDHVWUXWXUDSRGHVHUYLVWDFRPRXPDYHUVmRHP SHTXHQD HVFDOD GD SDUWH GH XPD HQYHUJDGXUD GD DVD FRP RV UHFXUVRV FRUUHVSRQGHQWHV 1RYH VHQVRUHVSDUDGHWHFWDUDYDULDomRGDVUHVSRVWDVGHGHIRUPDomRQRWHPSRIRUDPGLVWULEXtGRVVREUH D VXSHUItFLH GD VHomR GRLV QD SRQWD GRLV QR ERUGR GH IXJD H FLQFR QD UHJLmR FHQWUDO $ PHWRGRORJLD FRPELQRX R XVR GH   5DFLRFtQLR %DVHDGR HP &DVRV HP XP PRGR GH DSUHQGL]DJHPXPDEDVHGHGDGRVLQLFLDOpFULDGDFRPDVSULQFLSDLVFDUDFWHUtVWLFDVGHUHVSRVWDV DRLPSDFWRHTXDQGRRVLVWHPDHVWiWUDEDOKDQGRHPXPPRGRGHRSHUDomRRVGDGRVDGTXLULGRV SHORV VHQVRUHV VmR XVDGRV SDUD UHDOL]DU XP GLDJQyVWLFR SRU DQDORJLD FRP RV SURFHVVRV DUPD]HQDGRVQDEDVHGHGDGRV UHXWLOL]DomRHDGDSWDomRGHVLWXDo}HVDQWLJDV   D7UDQVIRUPDGD GH :DYHOHW XWLOL]DGD SDUD H[WUDLU DV SULQFLSDLV FDUDFWHUtVWLFDV GRV VLQDLV H IRUQHFHU LQIRUPDo}HV VREUHRVORFDLVGHLPSDFWRH  DXWRRUJDQL]DomRFRPRXPDIHUUDPHQWDGHFODVVLILFDomRDILPGH

(34)

 

RUJDQL]DU RV FDVRV DQWLJRV QD PHPyULD FRP R REMHWLYR GH DFHOHUDU R SURFHVVR GH UDFLRFtQLR )LQDOPHQWH TXDQGR DQWLJRV FDVRV VHPHOKDQWHV VmR UHFXSHUDGRV R ORFDO GH LPSDFWR p REWLGR GLUHWDPHQWHDSDUWLUGHFRQVLGHUDo}HVKHXUtVWLFDV

:$1*   DSUHVHQWRX XP QRYR PpWRGR FRP DERUGDJHP WHyULFD SDUD DYDOLDU H[SHULPHQWDOPHQWH HVWUXWXUDV VLPSOHV H[SORUDQGR D UHVSRVWD GH XPD UHGH GH VHQVRUHV SLH]HOpWULFRV2IOX[RGHHQHUJLDIRLHVWLPDGRDSDUWLUGRGLIHUHQFLDOGHHQHUJLDGHGRLVVHQVRUHV (VWD GLIHUHQoD p ]HUR VH R LPSDFWR HVWLYHU GHQWUR GD iUHD GHOLPLWDGD SHORV GRLV VHQVRUHV FDVR FRQWUiULR R VHX VLQDO LQGLFD R ORFDO GH LPSDFWR SDUD D HVTXHUGD RX SDUD D GLUHLWD GD iUHD (VWD WpFQLFDVLPSOHVIiFLOGHLPSOHPHQWDUHWRWDOPHQWHSDVVLYDWHPEDL[DUHVROXomRHVSDFLDOOLPLWDGD SHOD GLVWkQFLD HQWUH RV VHQVRUHV $ GHWHUPLQDomR GD UHVSRVWD DR LPSXOVR GH XPD SODFD p QHFHVViULDDILPGHREWHUDVIHUUDPHQWDVWHyULFDV~WHLVSDUDHVWLPDUDIRUoDGHLPSDFWRDSDUWLUGD GHIRUPDomRQRVHQVRU SLH]HOpWULFR $UHVSRVWDGHXPLPSDFWRpDGHULYDGDGDFRQYROXomRGHVWD UHVSRVWDDRLPSXOVRSHODIRUoDGRLPSDFWRUHSUHVHQWDWLYR8PHVWLPDGRUGDGLUHomRGRYHWRUGH SRLQWLQJpHVWDEHOHFLGRDSDUWLUGDGHIRUPDomRHPHOHPHQWRVSLH]HOpWULFRVSDUDXPDHVWUXWXUDHP ' (VWHV HOHPHQWRV SRVVXHP XP DUUDQMR JHRPpWULFR DFRSODGR H HVSHFtILFR GHOLPLWDQGR DVVLP XPDVXSHUItFLHIHFKDGDGHLQWHJUDomRGRIOX[RGHHQHUJLD6HRLPSDFWRHVWiIRUDGDiUHDIHFKDGD R HVWLPDGRU p QXOR SRUTXH D LQWHJUDomR GR IOX[RQRWHPSRpQXOD(VWDDERUGDJHPIRLYDOLGDGD SHORVUHVXOWDGRVH[SHULPHQWDLVREWLGRVFRPXPDSODFDPHWiOLFD

6&+5$'(5 $%(', H &$&&(6(   GHVHQYROYHUDP XP WUDEDOKR IRFDQGR R PRQLWRUDPHQWR HVWUXWXUDO GH XP KDELWDW OXQDU LQIOiYHO PDLV HVSHFLILFDPHQWH FDUDFWHUL]DQGR LPSDFWRVVREUHDVXSHUItFLHGHXPDHVWUXWXUDGHVVHWLSR'DGDDDXVrQFLDGHDWPRVIHUDDOXDQmR HVWiSURWHJLGDFRQWUDSHTXHQRVGHWULWRVSURYHQLHQWHVGRHVSDoRTXHQRUPDOPHQWHLQFLGHPHPVXD VXSHUItFLH FULDQGR D QHFHVVLGDGH GH VDOYDJXDUGDV DGLFLRQDLV (VWH SURMHWR IRL EDVHDGR QD XWLOL]DomRGHDFHOHU{PHWURVSDUDORFDOL]DUHTXDQWLILFDURLPSDFWRVREUHDVXSHUItFLHGDHVWUXWXUD 8PD HVWUXWXUD LQIOiYHO IRL GHVHQYROYLGD EHP FRPR VHQVRUHV H KDUGZDUH GH FROHWD GH GDGRV VHOHFLRQDGRV DSURSULDGDPHQWH $GDSWDGDV SDUD LPSOHPHQWDomR QXP VLVWHPD VHP ILR PHWRGRORJLDV IRUDP GHVHQYROYLGDV XWLOL]DQGR XPD UHGH GH DFHOHU{PHWURV SDUD GHWHUPLQDU FRP SUHFLVmR D ORFDOL]DomR H FDOFXODU D LQWHQVLGDGH GH LPSDFWR GR REMHWR 9iULDV DERUGDJHQV IRUDP H[SORUDGDVHILQDOPHQWHRVDOJRULWPRVUHVXOWDQWHVIRUDPWHVWDGRVHDYDOLDGRVQXPDHVWUXWXUDSDUD

(35)

 

KDELWDW OXQDU SURSRUFLRQDQGR D FRPSURYDomR GR WUDEDOKR GH ORFDOL]DomR H TXDQWLILFDomR GH LPSDFWRSDUDXPVLVWHPDVHPILR

$72%( )8.81$*$ H +8   DSUHVHQWDUDP XP PpWRGR SDUD LGHQWLILFDU D ORFDOL]DomRHRKLVWyULFRGDIRUoDGHLPSDFWRDJLQGRHPHVWUXWXUDV&)53FRPRSODFDVODPLQDGDV HSDLQpLVHQULMHFLGRV2PpWRGRHPTXHVWmRXWLOL]DPDWUL]HVGHWUDQVIHUrQFLDH[SHULPHQWDLVTXH UHODFLRQDP D IRUoD GH LPSDFWR FRP DV UHVSRVWDV FRUUHVSRQGHQWHV GH VHQVRUHV GH 7LWDQDWR =LUFRQDWR GH &KXPER 3=7  XWLOL]DGDV SDUD LGHQWLILFDU D IRUoD GH LPSDFWR $V PDWUL]HV GH WUDQVIHUrQFLDVmRFRQVWUXtGDVDWUDYpVGHGDGRVPHGLGRVSRUWHVWHVGHLPSDFWRFRPXPPDUWHORGH LPSXOVR3DUDLGHQWLILFDURORFDOGHLPSDFWRRVWHPSRVGHFKHJDGDGDVRQGDVGHIOH[mRDVRQGDV FRP XPD IUHTXrQFLD HVSHFLILFDGD VmR XWLOL]DGRV VHQVRUHV H XP ILOWUR SDVVDEDQGD DQDOyJLFR $ YHORFLGDGH GD RQGD p GHWHUPLQDGD H[SHULPHQWDOPHQWH D SDUWLU GRV UHVXOWDGRV GRV WHVWHV GH LPSDFWR (VVH PpWRGR IRL YHULILFDGR H[SHULPHQWDOPHQWH DWUDYpV GD DSOLFDomR GH FDUJDV GH LPSDFWRHPSODFDVGH&)53HQULMHFLGDVDSUHVHQWDQGRERQVUHVXOWDGRV

-$1$3$7,/21.$5H&+$1*  UHDOL]DUDPXPDLQYHVWLJDomRFRPRREMHWLYRGH RWLPL]DU R OD\RXW SLH]HOpWULFR EDVHDGR HP XPD UHGH GH VHQVRUHV DWXDGRUHV H WUDQVGXWRUHV TXH PD[LPL]DPDFDSDFLGDGHGHGHWHFomRSDUDXPGHWHUPLQDGRVLVWHPDGHPRQLWRUDPHQWRGDVD~GH HVWUXWXUDO 6+0 ± 6WUXFWXUDO +HDOWK 0RQLWRULQJ  FRP DSOLFDomR HP FRPSRQHQWHV GH HVWUXWXUDV DHURHVSDFLDLV2PpWRGRXWLOL]DXPDIHUUDPHQWDGHVLPXODomRGHSURSDJDomRGHRQGDVFRPREDVH SDUDLQWHJUDUXPSUpDOJRULWPRGHGLDJQyVWLFRVHOHFLRQDGRFRPXPDIHUUDPHQWDGHRWLPL]DomRGH IRUPDDPD[LPL]DUDSUREDELOLGDGHGHGHWHFomRGDRQGD 32'±3UREDELOLW\2I'HWHFWLRQ SDUD XP GHWHUPLQDGR WDPDQKR GH GDQR QD HVWUXWXUD 2 PpWRGR SURSRVWR PLQLPL]D R Q~PHUR GH VHQVRUHV H DWXDGRUHV PD[LPL]DQGR D 32' DWUDYpV GD HVFROKD GR ORFDO LGHDO SDUD FDGD VHQVRU H DWXDGRU7ULQFDVGHIDGLJDHPHVWUXWXUDVPHWiOLFDVIRUDPHVWXGDGDVQHVWDLQYHVWLJDomR



6HQVRUHVHVLVWHPDVGHDTXLVLomR





'HQWUHRVGLYHUVRVWLSRVGHDSOLFDo}HVHP6+0GLIHUHQWHVVHQVRUHVVmRXWLOL]DGRV2VPDLV FRPXQV VmR RV VHQVRUHV SLH]HOpWULFRV TXH SRGHP RSHUDU FRPR DWXDGRUHV RX VHQVRUHV (VVHV GLVSRVLWLYRV VmR FRQVWLWXtGRV SRU FHUkPLFDV GH 7LWDQDWR =LUFRQDWR GH &KXPER H SRGHP VHU PRQWDGRVVREUHDVXSHUItFLHGRFRPSRQHQWHHVWUXWXUDORXHPEXWLGRVQRPHVPR6HQVRUHVyWLFRVH

(36)

 

DSOLFDo}HV XWLOL]DQGR ODVHU XOWUDVRP LPSHGkQFLD H FkPHUDV ySWLFDV WDPEpP SRGHP VHU XWLOL]DGRVSDUDPRQLWRUDPHQWRGDVD~GHHVWUXWXUDOGHFRPSRQHQWHVHPPDWHULDLVFRPSyVLWRV

0DWHULDLVSLH]HOpWULFRVVmRDPSODPHQWHXWLOL]DGRVSDUDPHGLURQGDVGHH[FLWDomRHP6+0 HVWH PDWHULDO WHP FDUDFWHUtVWLFDV HOHWURPHFkQLFDV SURGX] FDUJD HOpWULFD TXDQGR VXEPHWLGR D WHQV}HVHLQYHUVDPHQWHXPHVIRUoRPHFkQLFRpSURGX]LGRTXDQGRXPFDPSRHOpWULFRpDSOLFDGR QRHOHPHQWRSLH]HOpWULFR

'HYLGR D HVWDV FDUDFWHUtVWLFDV KRXYH XP FUHVFHQWH LQWHUHVVH WDQWR DFDGrPLFR FRPR HP FRPXQLGDGHV LQGXVWULDLV SDUD GHVHQYROYHU WpFQLFDV GH PRQLWRUDPHQWR EDVHDGR HP FHUkPLFDV SLH]HOpWULFDV

2SURFHVVRGHDTXLVLomRGHGDGRVpFRPSRVWRSRUWUrVSDUWHV$SULPHLUDGHODVpDPHGLomR GR IHQ{PHQR ItVLFR GHVHMDGR (VVD PHGLomR p IHLWD DWUDYpV GH VHQVRUHV TXH WUDQVIRUPDP D YDULiYHOItVLFDGHLQWHUHVVHHPXPVLQDODQDOyJLFRGHWHQVmR(VVDYDULiYHOGHLQWHUHVVHSRGHVHU SRUH[HPSORWHPSHUDWXUDSUHVVmRWHQVmRRXOXPLQRVLGDGHGHQWUHRXWUDV $)LJXUDDSUHVHQWDXPVHQVRUSLH]HOpWULFRFDSD]GHWUDQVIRUPDUGHIRUPDomRPHFkQLFD HPXPDGLIHUHQoDGHSRWHQFLDOPHQVXUiYHO   

1R VLVWHPD GH DTXLVLomR GH GDGRV p QHFHVViULD D FRQYHUVmR GR VLQDO DQDOyJLFR HP VLQDO GLJLWDO SDUD TXH RV GDGRV SRVVDP VHU JUDYDGRV H DQDOLVDGRV SRU XP FRPSXWDGRU SHVVRDO VHQGR HVVDDVHJXQGDHWDSD$WHUFHLUDH~OWLPDHWDSDGRSURFHVVRGHDTXLVLomRpRWUDWDPHQWRGRVGDGRV FROHWDGRV (VWD HWDSD HQYROYH D XWLOL]DomR GH XP FLUFXLWR SDUDOHOR TXH WHP D IXQomR GHILOWUDUR VLQDOGHHQWUDGD

2V VHQVRUHV SRGHP VHU FRQHFWDGRV DR VLVWHPD GH DTXLVLomR XWLOL]DQGR D FRQILJXUDomR 'LIIHUHQWLDO RX 6LQJOH(QGHG 1D SULPHLUD FRQILJXUDomR RV GRLV ILRV GR VHQVRU VmR FROHWDGRV

(37)

 

FRPR GXDV HQWUDGDV DQDOyJLFDV GLVWLQWDV 6HQGR DVVLP D UHVSRVWD GR VHQVRU p REWLGD DWUDYpV GD GLIHUHQoDHQWUHHVVDVGXDVOHLWXUDV

$LQGD QHVVD FRQILJXUDomR p QHFHVViULR DWHUUDU XP GRV ILRV GR VHQVRU $ FRQILJXUDomR 'LIIHUHQWLDOHVWiPRVWUDGDQD)LJXUD$GR$SrQGLFH$

-i QD FRQILJXUDomR 6LQJOH(QGHG XP GRV ILRV GR VHQVRU p FROHWDGR FRP XPD HQWUDGD DQDOyJLFDRRXWURILRpVLPSOHVPHQWHDWHUUDGRFRPRPRVWUDGRQD)LJXUD$GR$SrQGLFH$    



                            

(38)

 

0$7(5,$,6(0e72'26



'HVFULWLYR



3DUD HVVH WUDEDOKR IRL HVFROKLGD D PHWRGRORJLD GH LGHQWLILFDomR GR ORFDO GH LPSDFWR SRU WULDQJXODomRFRPDVMXVWLILFDWLYDVDSUHVHQWDGDVDVHJXLU

2 VLVWHPD GH DTXLVLomR GH GDGRV XWLOL]DGR SDUD FROHWD GRV VLQDLV IRL R 1,86% IDEULFDGRSHODHPSUHVD1DWLRQDO,QVWUXPHQWVDSUHVHQWDGRQD)LJXUD

 

1RH[SHULPHQWRRHTXLSDPHQWRFROHWDGDGRVDQDOyJLFRVGHTXDWURVHQVRUHV )LJXUD H FRQYHUWHRV HP VLQDLV GLJLWDLV TXH VmR HQYLDGRV SDUD XP FRPSXWDGRU DWUDYpV GH XP FDER 86% SDUDSRVWHULRUUHDOL]DomRGDVHWDSDVGHWUDWDPHQWRGRVGDGRV    )LJXUD±3ODWDIRUPDGHDTXLVLomRGHGDGRV )LJXUD±3ODFDGHDoR

(39)

 

3DUD D DTXLVLomR RV VLQDLV HPLWLGRV SRU FDGD VHQVRU VmR FROHWDGRV SRU XP SHUtRGR GH WHPSRGHVHJXQGRVDXPDWD[DGHDTXLVLomRGH.+]UHVXOWDQGRHPSRQWRVGHGDGRV RXVHMDpFROHWDGRXPGDGRDFDGDPLOLVVHJXQGRV

(VVHV SDUkPHWURV GH DTXLVLomR IRUDP GHILQLGRV FRQVLGHUDQGR TXH R LPSDFWR D VHU LGHQWLILFDGR JHUDOPHQWH RFRUUH HP XP SHUtRGR GH DSHQDV  PLOLVVHJXQGRV FRP EDVH HP .80$5HWDO  

2VVHQVRUHVSLH]HOpWULFRVWHUmRRSDSHOGHFRQYHUWHUXPDJUDQGH]DGHGHIRUPDomRJHUDGD QD SODFD DWUDYpV GD SURSDJDomR GH RQGDV PHFkQLFDV GHYLGR DR LPSDFWR HP YDORUHV GH WHQVmR HOpWULFD 2DOJRULWPRGHVHQYROYLGRHPDPELHQWH/DEYLHZŠXWLOL]DRVLQDOJUDYDGRSHORVVHQVRUHV SDUDGHWHUPLQDUDORFDOL]DomRGRLPSDFWR2VUHVXOWDGRVREWLGRVVmRFRPSDUDGRVFRPYDORUHVGH ORFDOL]DomRFRQKHFLGDGRLPSDFWRDILPGHVHYHULILFDUDHILFLrQFLDGRVLVWHPD $)LJXUDDSUHVHQWDHVTXHPDWLFDPHQWHRVLVWHPDSDUDRGHVHQYROYLPHQWRGRWUDEDOKR       'LPHQV}HV>PP@      )LJXUD±6LVWHPDGHDTXLVLomRGHGDGRV

(40)

 

(QVDLRVHYDOLGDomR



$ ILP GH YDOLGDU R DOJRULWPR XWLOL]DQGR R PpWRGR GD WULDQJXODomR DWUDYpV GH H[SHULPHQWRVVHID]QHFHVViULRRSURIXQGRFRQKHFLPHQWRGRVLVWHPDGHDTXLVLomREHPFRPRGRV VHQVRUHV D ILP GH DGHTXDU RV SDUkPHWURV QD XWLOL]DomR GR VRIWZDUH (VVHV GHVDILRV IRUDP DSDUHFHQGR GXUDQWH D UHDOL]DomR GR H[SHULPHQWR QD EDQFDGD FRQIRUPH )LJXUD  2 FRQKHFLPHQWRGRIHQ{PHQRItVLFRDVFRQGLo}HVGHFRQWRUQRLQIOXHQFLDPVLJQLILFDWLYDPHQWHQD REWHQomRGRVUHVXOWDGRV

$SULQFtSLRGHYLGRjDQLVRWURSLDGRVPDWHULDLVFRPSyVLWRVDVYHORFLGDGHVGHSURSDJDomR SRVVXHP GLIHUHQWHV YDORUHV GHSHQGHQGR GD GLUHomR GH SURSDJDomR $VVLP LQLFLDOPHQWH IRUDP UHDOL]DGRV DOJXQV WHVWHV HP SODFDV LVRWUySLFDV FRPR DoR SRVWHULRUPHQWH HVVD DERUGDJHP IRL HVWHQGLGD D PDWHULDLV FRPSyVLWRV $WUDYpV GHVVH SURFHGLPHQWR WDPEpP IRL SRVVtYHO RWLPL]DU R WHPSRQDHWDSDGHGHVHQYROYLPHQWRGRSURJUDPDTXHIRUQHFHDORFDOL]DomRGRLPSDFWRXPDYH] TXHHPPDWHULDLVLVRWUySLFRVDYHORFLGDGHGHSURSDJDomRpDPHVPDHPWRGDVDVGLUHo}HV $FDSDFLGDGHGRVLVWHPDGHPHGLomREHPFRPRDPHWRGRORJLDSURSRVWDIRUDPDYDOLDGDV HQWmRHPXPDSULPHLUDHWDSDDSOLFDGDDSHQDVjSODFDGHDoR PDWHULDOLVRWUySLFR (PXPDHWDSD VHJXLQWHDPHWRGRORJLD GHVHQYROYLGDSDUDPDWHULDLVLVRWUySLFRVIRLWHVWDGDQDSODFDGHPDWHULDO FRPSRVWR PDWHULDODQLVRWUySLFR FRQVWLWXtGRGHSODFDTXDVHLVRWUySLFDGHFDUERQRHSy[L   )LJXUD±%DQFDGDSDUDDTXLVLomRGHVLQDLV

(41)

 

0pWRGRSDUD/RFDOL]DomRGR,PSDFWR

3DUD TXH R DOJRULWPR IRUQHoD FRPR UHVXOWDGR D ORFDOL]DomR GR LPSDFWR DWUDYpV GDV FRRUGHQDGDV ;< VmRUHDOL]DGDVDVRSHUDo}HVVHJXLQGRDVHWDSDVGHDFRQIRUPHPRVWUDGR QRIOX[RJUDPDGD)LJXUD(VVHIOX[RJUDPDHVWDEHOHFHDOyJLFDSDUDORFDOL]DomRGRLPSDFWRGH IRUPDTXHRDOJRULWPRIRUQHoDFRPRUHVXOWDGRVXDORFDOL]DomRFRRUGHQDGDV ;H< $VHWDSDV QXPHUDGDVQRIOX[RJUDPDGD)LJXUDVmRGHVFULWDVDVHJXLU                         )LJXUD±)OX[RJUDPDGDVHWDSDVGRDOJRULWPR 9HORFLGDGH> 93URSDJDomR @ ¶5DLR$UELWUiULR5 >@ ¶,QFUHPHQWR HP5 1 ,QtFLR 2EWHQomRGH WWWHW  &iOFXORGDVGLIHUHQoDVHQWUHWHPSRV> WW  WW H WW @ &iOFXORGRV5DLRV> 5  5 H 5 @ /RFDOL]DomRGRLPSDFWR&RRUGHQDGDV ;<  ,QWHUVHFomRF'HVYLR 0tQLPR”FP 6 &iOFXORGRV5DLRV5HODWLYRV> 5  5 H 5 @

(42)

 

(WDSD  ± &RQVLVWH QD GHWHUPLQDomR GR LQVWDQWH GH WHPSR HP TXH R VLQDO GR VHQVRU

XOWUDSDVVDRUXtGRGHIXQGRHVWDEHOHFLGR9 9RXVHMDRPRPHQWRHPTXHRVHQVRUFRPHoDD VHU H[FLWDGR 2 UXtGR GH IXQGR p GHWHUPLQDGR DWUDYpV GRV SULPHLURV GDGRV GD PHGLomR HVWDEHOHFHQGRXPOLPLWHXPSRXFRDFLPDGRUXtGRPi[LPRGHWRGRVRVVHQVRUHVTXHVHUYLUiGH JDWLOKR 2 SULPHLUR SRQWR TXH XOWUDSDVVDU HVVH OLPLWH p GHWHUPLQDGR FRPR R WHPSR LQLFLDO GR VHQVRUFRQIRUPHDSUHVHQWDGRQD)LJXUD             

1D )LJXUD  SRGHVH QRWDU TXH SDUD FDGD VHQVRU H[LVWH XPD FXUYD UHSUHVHQWDQGR R PRPHQWRHPTXHRVLVWHPDVDLXGDFRQGLomRGHHTXLOtEULR

)LJXUD±7HPSRLQLFLDOGRVHQVRU

(43)

 

 



(WDSD  ± 3DUD GHWHUPLQDU DV GLIHUHQoDV HQWUH WHPSRV WW  WW H WW  p QHFHVViULR

VDEHU R WHPSR GH FKHJDGD GD RQGD HP FDGD VHQVRU FRQIRUPH GHVFULWR QD (WDSD  (VVDV GLIHUHQoDVVmRGHWHUPLQDGDVQHVVDHWDSD

(WDSD  ± 3DUD GHWHUPLQDU D YHORFLGDGH GH SURSDJDomR GH IRUPD H[SHULPHQWDO IRUDP

XWLOL]DGRV GRLV VHQVRUHV GLVSRVWRV FRQIRUPH D )LJXUD  &RQKHFHQGRVH D GLVWkQFLD HQWUH RV VHQVRUHV H RV WHPSRV GH FKHJDGD GD RQGD HP FDGD VHQVRU FRUUHVSRQGHQWH DR WHPSR QHFHVViULR SDUDDRQGDGHLPSDFWRSHUFRUUHUDGLVWkQFLDGSRGHVHGHWHUPLQDUDYHORFLGDGH )LJXUD        )LJXUD±'HWHUPLQDomRGDYHORFLGDGH )LJXUD±&XUYDVGHUHVSRVWDVGRVVHQVRUHV 6HQVRU 6HQVRU 6HQVRU 6HQVRU 7HPSR PLOLVVHJXQGRV  $ P S OL WX G H  9 

(44)

  

&RQIRUPH GHVFULWR QR PpWRGR H[SHULPHQWDO IRL SRVVtYHO REWHU D 7DEHOD  FRP RV YDORUHVGHYHORFLGDGHSURSDJDomRGDRQGDDSyVDSOLFDUPRVDFDUJDGHLPSDFWR   9HORFLGDGHGHSURSDJDomRH[SHULPHQWDO PV  0HGLGD $oR&DUERQR 0DWHULDO&RPSyVLWR                   0pGLD   'HVYLR3DGUmR    $YHORFLGDGHGHSURSDJDomRREWLGDFRPRPpGLDDULWPpWLFDGDVVHLVPHGLo}HVIRLGH PV SDUD R DoR FDUERQR H GH  PV SDUD R PDWHULDO FRPSyVLWR 3DUD DPERV RV YDORUHV GH YHORFLGDGH DoR H FRPSyVLWRV  R GHVYLR SDGUmR GDV VHLV PHGLo}HV IRL HOHYDGR 2 GHVYLR SDGUmR SDUDDVPHGLo}HVGHYHORFLGDGHGDSODFDGHDoRFDUERQRIRLGHPVMiSDUDSODFDGHPDWHULDO FRPSyVLWRRGHVYLRSDGUmRIRLGHPV(VVHVGHVYLRVSDGU}HVHOHYDGRV LQGLFDPTXHRVHUURV HQYROYLGRV QD PHGLomR GH YHORFLGDGH XWLOL]DQGR D PHWRGRORJLD SURSRVWD VmR WDPEpP HOHYDGRV SRGHQGRFRPSURPHWHUDSUHFLVmRGRVLVWHPD

7DPEpP IRL SRVVtYHO HVWLPDU D YHORFLGDGH DWUDYpV GDV (TXDo}HV   H   UHVSHFWLYDPHQWHSDUDSODFDGHDoRHSDUD SODFDGHPDWHULDOFRPSyVLWRHID]HUXPDFRPSDUDomR DWUDYpVGRPpWRGRDQDOtWLFR



(45)

  V P F F ( F FDUERQR DoR FDUERQR DoR FDUERQR DoR     u  U         V P F F ( F FRPSRVLWR PDWHULDO FRPSRVLWR PDWHULDO FRPSRVLWR PDWHULDO     u  U     RQGH FDUERQR DoR F  9HORFLGDGHGHSURSDJDomRGHRQGDQDSODFDGHPDWHULDODoRFDUERQR FRPSRVLWR PDWHULDO F 9HORFLGDGHGHSURSDJDomRGHRQGDQDSODFDGHPDWHULDOFRPSyVLWR FDUERQRHSy[L  ( 0yGXORGHHODVWLFLGDGHGRPDWHULDO U 0DVVDHVSHFtILFDPDWHULDO

$V YHORFLGDGHV REWLGDV DQDOLWLFDPHQWH IRUDP LQIHULRUHV jTXHODV PHGLGDV H[SHULPHQWDOPHQWHSURYDYHOPHQWHSHODVLQFHUWH]DVQRVGDGRVXWLOL]DGRV

(WDSD  ± 3DUD DUELWUDU XP YDORU GH UDLR 5FRUUHVSRQGHQWH DR VHQVRU 6 p QHFHVViULR

GHWHUPLQDUXPDIDL[DGHUDLRVRQGH RVYDORUHVILTXHPHQWUHUDLRPtQLPRHRUDLRPi[LPRDVHU DUELWUDGR (VVH UDLR HVWDEHOHFH R ORFDO JHRPpWULFR GRV SRQWRV GH RQGH SODFD SRVVD WHU VRIULGR LPSDFWR ,QLFLDOPHQWH SDUD UHDOL]DU R SURFHGLPHQWR GH LQWHUVHomR GDV FLUFXQIHUrQFLDV GRV VHQVRUHVpQHFHVViULRTXHHVVDVFLUFXQIHUrQFLDVVHWRTXHPHPDOJXPSRQWRRXVHMDTXHDVRPD GRVUDLRVGDVFLUFXQIHUrQFLDVVHMDSHORPHQRVLJXDOjGLVWkQFLDHQWUHRVVHQVRUHVGHILQLQGRDVVLP R UDLR PtQLPR D VHU DUELWUDGR 2 UDLR PtQLPR SDUD FDGD LQWHUVHomR GH FLUFXQIHUrQFLDV SRGH VHU FDOFXODGRDWUDYpVGDV(TXDo}HV      H  

(VVDV HTXDo}HV IRUDP GHGX]LGDV FRQVLGHUDQGR R VHQVRU 6 FRPR VHQVRU GH UHIHUrQFLD SDUDRTXDORUDLRVHUiDUELWUDGRHGHSRLVDXPHQWDGRYDULDQGRGHDFPFRPLQFUHPHQWRVGH FP

(46)

              2UDLRPtQLPRXWLOL]DGRpRPDLRUGRVTXDWURUDLRVREWLGRVXPSDUDFDGDLQWHUVHomR6mR XWLOL]DGRV QRV FiOFXORV DSHQDV RV TXDWUR SRQWRV GH LQWHUHVVH GH LQWHUVHomR HQWUH FLUFXQIHUrQFLDV PDUFDGRVHPYHUPHOKRQD)LJXUD SRLVDVLQWHUVHo}HVGDVFLUFXQIHUrQFLDVGRVVHQVRUHVHP GLDJRQDOQmRIRLXWLOL]DGD

3DUDRUDLRPi[LPRDUELWUDGRIRLXWLOL]DGDDGLDJRQDOGRTXDGUDGRIRUPDGRSHORVVHQVRUHV TXH UHSUHVHQWD R PDLRU UDLR SRVVtYHO SDUD XP LPSDFWR VLWXDGR HQWUH RV TXDWUR VHQVRUHV 3DUD DYDOLDUDFRQYHUJrQFLDGRVTXDWURUDLRVREWLGRVDWUDYpVGHXPUDLRDUELWUDGRIRUDPXWLOL]DGDVDV FRRUGHQDGDVGRVTXDWURSRQWRVREWLGRVFRPDVLQWHUVHo}HVGDVFLUFXQIHUrQFLDVFRPRPRVWUDGRQD )LJXUD

(WDSD  ± &RP D OHLWXUD GRV VLQDLV GRV VHQVRUHV SRGHVH FDOFXODU DSHQDV R UDLR UHODWLYR

GRVVHQVRUHVHPUHODomRDXPVHQVRUGHUHIHUrQFLD$GHILQLomRSDUDUDLRUHODWLYRpRYDORUGHUDLR REWLGRFRPUHODomRDRVHQVRUGHUHIHUrQFLDQRVLVWHPDTXHHPQRVVRFDVRpRVHQVRU6$VVLP SRGHVHFDOFXODURVUDLRVUHODWLYRV55H5 UHVSHFWLYDPHQWHSDUDRVVHQVRUHV66H6 FRP UHVSHLWR DR VHQVRU 6 (VVH SURFHVVR FRQVLGHUDQGR RV VHQVRUHV GRLVDGRLV UHVXOWD HP VLVWHPDGHHTXDo}HVOLQHDUHVHPTXHDVRPDGDVGLVWkQFLDV5 H 5 FRUUHVSRQGHjGLVWkQFLDHQWUH RV VHQVRUHV G  H D GLIHUHQoD GDV GLVWkQFLDV 5  ± 5  FRUUHVSRQGH j GLVWkQFLD UHODWLYD HQWUH RV VHQVRUHVH5  )LJXUD   E 5 5 t  !    5 E 5 t       K 5 5 t  !    5 K 5 t       K 5 5 t  !     5 5 K 5 t        E 5 5 t  !     5 5 E 5 t      )LJXUD±,QWHUVHFomRGRVUDLRVGHFDGDVHQVRU 

(47)

   W G Y '                             $VROXomRGRVLVWHPDOLQHDUSHUPLWHREWHUDORFDOL]DomRGRLPSDFWRHPUHODomRjSRVLomR GRVHQVRUFRQIRUPHD(TXDomR       5 5 G 5     (WDSD±2VUDLRV55H5UHIHUHPVHUHVSHFWLYDPHQWHDRVVHQVRUHV66H66HR

UDLR GH XP GRV VHQVRUHV IRU FRQKHFLGR p SRVVtYHO GHWHUPLQDU R UDLRGRVRXWURVVHQVRUHVDWUDYpV GRVUDLRVUHODWLYRVFRQKHFLGRVHLGHQWLILFDUDORFDOL]DomRGRLPSDFWR6HRUDLRDUELWUDGR5 TXHp RUDLRGRVHQVRUpFRQKHFLGRWHPVHTXH           5 5 5 5 5 5 5 5 5      RQGH5 pRUDLRUHODWLYRGRVHQVRUHPUHODomRDRVHQVRU

(WDSD  ± 1HVVD HWDSD YHULILFDVH VH R GHVYLR p PtQLPR SDUD DV LQWHUVHFo}HV REWLGDV

DWUDYpVGDVFLUFXQIHUrQFLDVFRQIRUPHPRVWUDGRQD)LJXUD2HUURGDLQWHUVHomRpFDOFXODGR  55 G        5 5 5            )LJXUD±,GHQWLILFDomRGDSRVLomR      

(48)

 

DWUDYpV GD GLIHUHQoD HQWUH D FRRUGHQDGD [ Pi[LPD H PtQLPD H GD FRRUGHQDGD \ Pi[LPD H PtQLPDFRPRPRVWUDGRQDV(TXDo}HV    H    [ PD[ PLQ HUUR [ [   \ PD[ PLQ HUUR \ \   [ \

HUUR HUUR HUUR  

(WDSD  ± 8WLOL]DQGR R UDLR DUELWUDGR TXH UHVXOWH HP PHQRU HUUR GH LQWHUVHomR GDV

FLUFXQIHUrQFLDVDSRVLomRILQDOGRLPSDFWRpREWLGDDWUDYpVGDPpGLDDULWPpWLFDGDVFRRUGHQDGDV GRVTXDWURSRQWRVGHLQWHUVHomRVHJXQGRDV(TXDo}HV  H         

$ VHJXLU VHUmR DSUHVHQWDGDV DV RSHUDo}HV TXH R DOJRULWPR H[HFXWD QD REWHQomR GDV LQWHUVHFo}HV )LJXUDVD 'HVVDIRUPDSRGHVHYLVXDOL]DUDLQIOXrQFLDGRUDLRDUELWUDGR QRYDORUGHHUURREWLGRSHORDOJRULWPR)RUDPVHOHFLRQDGRVDOJXQVSRQWRVGHDSOLFDomRGDFDUJD GH LPSDFWR SDUD DQiOLVH GRV HUURV REWLGRV QDV UHVSHFWLYDV SRVLo}HV DSyV RV LQFUHPHQWRV GRV YDORUHVGHUDLRDUELWUDGR2EVHUYDVHTXHRVYDORUHVGHLQFUHPHQWRVmRGHHSRGHPYDULDUGH FPDWpFP       L L  LPSDFWR [ [ 

¦

  L L  LPSDFWR \ \ 

¦

               

(49)

  D 3DUDDSRVLomRGRLPSDFWR; FPH< FP VREUHRVHQVRU6     )LJXUD±3RQWRVGH,QWHUVHFomRSDUD5DLR$UELWUDGR 5DLR0tQLPR )LJXUD±3RQWRVGH,QWHUVHFomRSDUD5DLR$UELWUDGR!5DLR0tQLPR GP GP GP GP 3ODFD 3ODFD /RFDOGRLPSDFWR /RFDOGRLPSDFWR 6 6 6 6 6 6 6 6

(50)

 

 



E  3DUDDSRVLomRGRLPSDFWRGRLPSDFWR; FPH< FP FHQWURGDSODFD 

 )LJXUD±3RQWRVGH,QWHUVHFomRSDUD5DLR$UELWUDGR!!5DLR0tQLPR )LJXUD±3RQWRVGH,QWHUVHFomRSDUD5DLR$UELWUDGR 5DLR0tQLPR GP GP GP GP 3ODFD 3ODFD /RFDOGRLPSDFWR /RFDOGRLPSDFWR 6 6 6 6

(51)

       )LJXUD±3RQWRVGH,QWHUVHFomRSDUD5DLR$UELWUDGR!5DLR0tQLPR  )LJXUD±3RQWRVGH,QWHUVHFomRSDUD5DLR$UELWUDGR!!5DLR0tQLPR  GP GP GP GP 3ODFD 3ODFD 6 6 6 6 /RFDOGRLPSDFWR 6 6 6 6 /RFDOGRLPSDFWR

(52)

  F  3DUDDSRVLomRGRLPSDFWR; FPH< FP VREUHRVHQVRU6      )LJXUD±3RQWRVGH,QWHUVHFomRSDUD5DLR$UELWUDGR 5DLR0tQLPR      )LJXUD±3RQWRVGH,QWHUVHFomRSDUD5DLR$UELWUDGR!5DLR0tQLPR  GP GP GP GP 3ODFD 3ODFD 6 6 6 6 6 6 6 6 /RFDOGRLPSDFWR /RFDOGRLPSDFWR

(53)

     2DOJRULWPRWDPEpPIRLYDOLGDGRSDUDPDWHULDOFRPSyVLWR FDUERQRHSy[L FRQIRUPHLOXVWUDGRQD )LJXUD



  )LJXUD±3ODFDGH0DWHULDO&RPSyVLWR FDUERQRHSR[L  )LJXUD±3RQWRVGH,QWHUVHFomRSDUD5DLR$UELWUDGR!!5DLR0tQLPR GP GP 3ODFD 6 6 6 6 /RFDOGRLPSDFWR

(54)

 

$ HQHUJLD GH LPSDFWR SDUD DV DSOLFDo}HV GDV FDUJDV GH LPSDFWR IRL FRQVWDQWH D ILP GH VH HYLWDUYDULDo}HVHOHYDGDVQRVYDORUHVGHGHIRUPDo}HVQRVVHQVRUHV$VVLPLQGHSHQGHQWHGHTXDO IRU R VHQVRU PDLV SUy[LPR DR SRQWR GH LPSDFWR p SRVVtYHO PDQWHU YDORUHV Pi[LPRV GH GHIRUPDomRHDWHQVmRGHVDtGDFRPXPYDORUPi[LPRGDRUGHPGH9$HQHUJLDGHLPSDFWR IRLFRQWURODGDDWUDYpVGHXPDPDVVDGHJUDPDVXWLOL]DQGRXPDHVIHUDGHDoRHXPWXERFRP DOWXUDGHFPSDUDHIHWXDURLPSDFWRFRQIRUPHPRVWUDGRQDV)LJXUDVH$HVIHUDp SRVLFLRQDGDHOLEHUDGDSHUFRUUHQGRXPDWUDMHWyULDHPTXHGDOLYUHVHQGRJXLDGDSHORWXER 









   





3RUWDQWR D HQHUJLD GH LPSDFWR DSOLFDGD VHU REWLGD DWUDYpV GDV (TXDo}HV     H    -( ( K J P ( LPSDFWR LPSDFWR LPSDFWR               # u u   RQGH  LPSDFWR ( (QHUJLDGH,PSDFWR  P  0DVVDGD(VIHUD    )LJXUD±(VIHUDGHDoRHWXER )LJXUD±$SOLFDomRGDFDUJDGHLPSDFWR          J  DFHOHUDomRGDJUDYLGDGH  K  $OWXUDGD(VIHUD 

(55)

 



5(68/7$'26(',6&866®(6



3DUDYDOLGDUDPHWRGRORJLDSURSRVWDIRUDPFROHWDGRVLPSDFWRVXWLOL]DQGRRVGRLVPDWHULDLV GH SODFDV GLVSRQtYHLV SODFD GH DoR FDUERQR H D SODFD GH PDWHULDO FRPSyVLWR 2V HQVDLRV IRUDP UHDOL]DGRVSDUDDPHWRGRORJLDGHLPSDFWRHPXPDOLQKD XQLGLUHFLRQDO 5HVXPLQGRRVUHVXOWDGRV IRUDPFROHWDGRVSDUDDVVHJXLQWHVFRPELQDo}HVGRVFRPSRQHQWHVGLVSRQtYHLV



x 3ODFDGHDoR±N+].+]HN+]±8QLGLUHFLRQDO

x 3ODFDGHPDWHULDOFRPSyVLWR±N+].+]HN+]±8QLGLUHFLRQDO

3DUD FDGD FRPELQDomR GHVFULWD DQWHULRUPHQWH IRUDP UHDOL]DGRV LPSDFWRV HP VHWH SRQWRV GLVWLQWRV GD SODFD H HP FDGD LPSDFWR IRUDP FROHWDGRV RV VLQDLV GRV VHQVRUHV SDUD DOLPHQWDU R DOJRULWPR H HVWLPDU D LGHQWLILFDomR GR ORFDO GH LPSDFWR 3DUD FDGD SRVLomR GH LPSDFWR IRL FDOFXODGDDGLVSHUVmRGRVUHVXOWDGRVHPUHODomRDSRVLomRUHDOGRLPSDFWRUHDOL]DGR

1D)LJXUDTXHH[HPSOLILFDRSURFHGLPHQWRGHVFULWRIRUDPHIHWXDGRVTXDWURLPSDFWRV H[DWDPHQWH VREUH R SRQWR GHWHUPLQDGR SHOD HVWUHOD FLQ]D 2V SRQWRV HVWLPDGRV SHOR VLVWHPD GH LGHQWLILFDomR GR ORFDO GH LPSDFWR HVWmR PDUFDGRV HP FtUFXORV QXPHUDGRV LOXVWUDGRV FRP D FRU YHUGH2VFtUFXORVFRORULGRVHPWRUQRGHFDGDSRQWRGHLGHQWLILFDomRUHSUHVHQWDPDLQFHUWH]DGH FDGD UHVSRVWD FRQIRUPH R DOJRULWPR 7DEHOD   2 FtUFXOR HP SUHWR GH UDLR U FHQWUDGR QD SRVLomRGRLPSDFWRUHSUHVHQWDDUHJLmRTXHFRQWpPDUHVSRVWDFRQVLGHUDQGRVXDLQFHUWH]DSDUD WRGRV RV LPSDFWRV UHDOL]DGRV (VVH FtUFXOR UHSUHVHQWD D UHJLmR QD TXDO TXDOTXHU UHVSRVWD GR DOJRULWPRSRVVLYHOPHQWHHVWDUiLQVHULGDRXVHMDUHSUHVHQWDDGLVSHUVmRPi[LPDGDPHGLomR







Referências

Documentos relacionados

A partir de 2014, las plazas pasaron a ser ofrecidas en el Sistema de Selección Unificada (Sisu), administrado por el Ministerio de Educación (MEC), a través del cual las

Three years after the experiment was set up, in the soil tillage treatment weed composition was dominated by annual broad-leaved species, namely five Geraniaceae species,

2 SULQFLSDO REMHWLYR GHVWH WUDEDOKR IRL SURYHU VXEVtGLRV SDUD DX[LOLDU R SODQHMDPHQWR

D phwrgrorjld sursrvwd sru Iulhgpdq h Nroohu +5336, sdud hvwlpdêær gd hvwuxwxud gh xpd uhgh suredeloðvwlfd ghvfulwd qd Vhêær 2 = 2 ì xpd dowhuqdwlyd sdud lghqwlfdêær gd

2VFORQHVSODQWDGRVQDUHJLmROLWRUkQHDGH6mR3DXOR WDPEpPGHYHPSRVVXLUUHVLVWrQFLDDRPDOGDVIROKDVDJLQGR FRPR XP VHJXQGR IDWRU SDUD UHGX]LU R QtYHO GH LQIHFomR FRPR IRL R FORQH ); QR

Igreja Matriz do Divino Espírito Santo ― Piau Igreja de São Sebastião de Barreira ― Juiz de Fora Igreja de Nosso Senhor dos Passos ― Juiz de Fora Igreja de Sant’Anna ―

Farmyard manure soil contains higher aromatic and carboxyl units, indicating that this type of manure can be effectively used to minimize the residual toxicity of EE2 and

Com a crescente globalização e o consequente aumento da importância das empresas multinacionais, as políticas de marketing tornam-se mais agressivas de modo a mudar as atitudes