ϭ
)RUDPXWLOL]DGDVWUDQVSDUrQFLDV
GH0LOHQH6LOYHLUD 38&56
$YDOLDomRGH,QWHUIDFHV
,+& )DELDQD&RVWD*XHGHV ϮϮϲ
$YDOLDomRHP,+&
,+& )DELDQD&RVWD*XHGHV ϮϮϳ
$YDOLDomRHP,+&
eXPDHWDSDHVVHQFLDOGRSURFHVVRGHGHVLJQSRU PHLRGDTXDOREWHPRVLQGLFDo}HVGRJUDXGHVXFHVVR
GRSURGXWR 3DUDTXHDYDOLDU"
{FRPSUHHQGHURPXQGRUHDO {FRPSDUDUDOWHUQDWLYDVGHGHVLJQ {DOFDQoDUREMHWLYRV
{YHULILFDUFRQIRUPLGDGHFRPXPSDGUmR
,+& )DELDQD&RVWD*XHGHV ϮϮϴ ,+& )DELDQD&RVWD*XHGHV ϮϮϵ
$YDOLDomRGH,QWHUIDFHV
$DYDOLDomRGHYHVHUIHLWDGXUDQWHWRGRR
FLFORGHYLGDGRSURMHWR
6HXUHVXOWDGRpDPHOKRULDFRQWtQXDGD
LQWHUIDFH
'LIHUHQWHVWLSRVGHDYDOLDomRVmR
QHFHVViULRVHPGLIHUHQWHVHVWiJLRVGRGHVLJQ
,+& )DELDQD&RVWD*XHGHV ϮϯϬ
$YDOLDomRGH,QWHUIDFHV
1RVHVWiJLRVLQLFLDLV
{$VLGpLDVHVWmRVHQGRH[SORUDGDVHWHQWDGDV {0XLWDVYH]HVWHVWHVEDVWDQWHLQIRUPDLVVmR
VXILFLHQWHV
1RVHVWiJLRVPDLVDYDQoDGRV
{$YDOLDo}HVPDLVIRUPDLVGHYHPVHU
SODQHMDGDV
,+& )DELDQD&RVWD*XHGHV Ϯϯϭ
$YDOLDomRGH,QWHUIDFHV
$DYDOLDomRGHLQWHUIDFHpXPDGDVHWDSDV
PDLVUHOHYDQWHVGXUDQWHRSURFHVVRGHGHVLJQ
eSRUPHLRGHODTXHpSRVVtYHOHVWLPDUDV
FKDQFHVGHVXFHVVRRXLQVXFHVVR
Ϯ
,+& )DELDQD&RVWD*XHGHV ϮϯϮ
$YDOLDomRGH,QWHUIDFHV
([LVWHPGRLVWLSRVGHDYDOLDomR
{)RUPDWLYDV
{6RPDWLYDV
7LSRVGH$YDOLDomR± )RUPDWLYD
RX&RQVWUXWLYD
4XDQGR"
{5HDOL]DGDDRORQJRGRSURFHVVRGHGHVLJQ
3DUDTXH"
{SUHYHUDXVDELOLGDGHGHDOJXQVDVSHFWRVGRSURGXWR
{YHULILFDUDFRPSUHHQVmRGDHTXLSHGHSURMHWRVREUHRVUHTXLVLWRVGRV
XVXiULRVH[DPLQDQGRFRPRXPVLVWHPDH[LVWHQWHHVWiVHQGRXWLOL]DGR
{WHVWDULGpLDVGHIRUPDUiSLGDHLQIRUPDO
2TXHXVD"
{FHQiULRV {VWRU\ERDUGV
{PRGHODJHPFRQFHLWXDOGDLQWHUDomR {SURWyWLSRV
,+& )DELDQD&RVWD*XHGHV Ϯϯϯ
7LSRVGH$YDOLDomR± 6RPDWLYD
RX&RQFOXVLYD
4XDQGR"
{5HDOL]DGDQDVHWDSDVILQDLVGRGHVHQYROYLPHQWRTXDQGRR SURGXWRHVWiTXDVHSURQWR
3DUDTXH"
{LGHQWLILFDUSUREOHPDVGHLQWHUDomRHGHLQWHUIDFH
{SURSRUDOWHUDo}HVSDUDDXPHQWDUDTXDOLGDGHGHXVRGH XPVLVWHPDLQWHUDWLYR
{FRQIRUPLGDGHFRPSDGU}HV
2TXHXVD" {SURGXWR
,+& )DELDQD&RVWD*XHGHV Ϯϯϰ
7pFQLFDVGH&ROHWDGH'DGRV
FROHWDGDRSLQLmRGHXVXiULRV
REVHUYDomRGHXVXiULRV
UHJLVWURGHXVR
FROHWDGDRSLQLmRGHHVSHFLDOLVWDV
&RPRHVFROKHUXPD"
{GLVSRQLELOLGDGHGHUHFXUVRV
{REMHWLYRVGDDYDOLDomR
,+& )DELDQD&RVWD*XHGHV Ϯϯϱ
7LSRVGH'DGRV&ROHWDGRV
GXUDQWHD$YDOLDomR
'DGRV2EMHWLYRVRXVXEMHWLYRV
{'DGRV2EMHWLYRV0HGLGDVREVHUYDGDV
GLUHWDPHQWHWLSLFDPHQWHFRPUHODomRDR GHVHPSHQKRGRXVXiULRDRXWLOL]DUDDSOLFDomR
{'DGRV6XEMHWLYRV5HSUHVHQWDPDRSLQLmR
JHUDOPHQWHGRVXVXiULRVFRPUHODomRj TXDOLGDGHGHXVRGDLQWHUIDFH
,+& )DELDQD&RVWD*XHGHV Ϯϯϲ
7LSRVGH'DGRV&ROHWDGRV
GXUDQWHD$YDOLDomR
'DGRV4XDQWLWDWLYRVRX4XDOLWDWLYRV
{'DGRV4XDQWLWDWLYRV6mRDTXHOHVTXH
SRGHPVHUUHSUHVHQWDGRVQXPHULFDPHQWH TXDQWLGDGHGHHUURVJUDXGHVDWLVIDomRGR XVXiULRHWF
{'DGRV4XDOLWDWLYRV6mRUHVXOWDGRVQmR
QXPpULFRVWDLVFRPROLVWDVGHSUREOHPDV HQFRQWUDGRVHVXJHVW}HVSDUDPHOKRUDUR SURMHWRGHLQWHUDomR
ϯ
0pWRGRVGH$YDOLDomR
&ODVVLILFDomR
{DXWRPiWLFRDVPHGLGDVVmRFRPSXWDGDV DXWRPDWLFDPHQWH
{IRUPDOXVRGHPRGHORVHIyUPXODV
{LQIRUPDOEDVHHPUHJUDVHQREDFNJURXQG GRVDYDOLDGRUHV
{HPStULFRWHVWHVFRPXVXiULRVUHDLV
,+& )DELDQD&RVWD*XHGHV Ϯϯϴ
0pWRGRVGH$YDOLDomR± &RPR
HVFROKHURTXHFRQVLGHUDU"
SUD]R
FXVWR
Q~PHURQHFHVViULRGHHVSHFLDOLVWDV
Q~PHURQHFHVViULRGHXVXiULRV
FRQILJXUDomRGRDPELHQWHItVLFR
HTXLSDPHQWRV
,+& )DELDQD&RVWD*XHGHV Ϯϯϵ
0pWRGRV,QIRUPDLVH(PStULFRV±
$YDOLDomR)RUPDWLYD
HQWUHYLVWDVHTXHVWLRQiULRVSDUDFDSWXUD
GDRSLQLmRGRVXVXiULRV
{DYDOLDomRGDDWLWXGHGRVXVXiULRVFRP UHODomRDFHUWDVSUiWLFDVGHWUDEDOKR
{DFHLWDomRSHORXVXiULRGHXPVLVWHPD
{DSUHFLDomRGDHILFLrQFLDGHXPVLVWHPDQR DPELHQWHGHWUDEDOKR
,+& )DELDQD&RVWD*XHGHV ϮϰϬ
0pWRGRV,QIRUPDLVH(PStULFRV±
$YDOLDomR)RUPDWLYD
DYDOLDomRLQWHUSUHWDWLYD
{FRPSUHHQGHUPHOKRUFRPRRVXVXiULRVXWLOL]DP VLVWHPDVHPVHXDPELHQWHQDWXUDO
{FRPRRXVRGHVWHVVLVWHPDVVHLQWHJUDFRPVXDV RXWUDVDWLYLGDGHV
DYDOLDomRSUHGLWLYDRXSRULQVSHomR
{SUHYHUSUREOHPDVTXHRVXVXiULRVWtSLFRVGR
VLVWHPDSURYDYHOPHQWHWHUmRXVRGHHVSHFLILFDo}HV PDTXHWHVRXSURWyWLSRV
,+& )DELDQD&RVWD*XHGHV Ϯϰϭ
0pWRGRV,QIRUPDLVH(PStULFRV±
$YDOLDomR6RPDWLYD
REVHUYDomRHPRQLWRUDPHQWRGHXVR
{FRPSUHHQGHUFRPRRVXVXiULRVLQWHUDJHP FRPWHFQRORJLDVHPXPDPELHQWHQDWXUDORX HPXPODERUDWyULRGHDYDOLDomR
H[SHULPHQWRVHWHVWHGHGHVHPSHQKR
{WHVWHGHKLSyWHVHVHPODERUDWyULR H[SHULPHQWRFRQWURODGR
,+& )DELDQD&RVWD*XHGHV ϮϰϮ
&XVWRVGH(WDSDVGH$YDOLDomR
SDUDR3URMHWR
(VWXGRVGHPRQVWUDPTXHRUHWRUQRGHLQYHVWLPHQWRGHVWHWLSRGH
DYDOLDomRpDOWR0DXUR1HZ0HGLDHQWUHRXWURVIDWRUHV
{0XLWRPDLVFDURGRTXHRGLQKHLURJDVWRSDUDDWUDLUXPFOLHQWHp RFXVWRGHFRQYHQFrORDYROWDUSRUFDXVDGHEDL[DXVDELOLGDGHRX VHUYLoRUXLPDRFOLHQWHHPXPDUD]mRGH
{*DVWRVFRPDPHOKRULDGRGHVLJQJUiILFRGHXPVLVWHPDWUD]HP EDL[tVVLPRUHWRUQRGHLQYHVWLPHQWR(QWUHWDQWRDPHOKRULDGR FRPSRUWDPHQWRLQWHUDWLYRSULQFLSDOPHQWHQRTXHGL]UHVSHLWRj EXVFDHDRIRUQHFLPHQWRGHLQIRUPDomRWUD]XPUHWRUQRGH LQYHVWLPHQWRGDRUGHPGHRXDWpPHVPR
ϰ
&XVWRVGH(WDSDVGH$YDOLDomR
SDUDR3URMHWR
(VWXGRVGHPRQVWUDPTXHRUHWRUQRGHLQYHVWLPHQWRGHVWH WLSRGHDYDOLDomRpDOWR0DXUR1HZ0HGLDHQWUH RXWURVIDWRUHV
{$FRPSOH[LGDGHHFRQVHTHQWHPHQWHRFXVWRGR
GHVHQYROYLPHQWRGHXPVLVWHPDpUHGX]LGRTXDQGRSUREOHPDV FUtWLFRVGHTXDOLGDGHGHXVRVmRGHVFREHUWRVHVROXFLRQDGRVQR LQtFLRGRSURFHVVRGHGHVHQYROYLPHQWRHPXPDUD]mRGH {$TXDOLGDGHGHXVRGHXPVLVWHPDGHWHUPLQDRYROXPHGH FKDPDGDVjFHQWUDOGHVXSRUWHFXMRFXVWRRSHUDFLRQDOpPXLWR DOWR
,+& )DELDQD&RVWD*XHGHV Ϯϰϰ
)RUDPXWLOL]DGDVWUDQVSDUrQFLDV
GH0LOHQH6LOYHLUD 38&56
$YDOLDomRSRU,QVSHomR
,+& )DELDQD&RVWD*XHGHV Ϯϰϱ
$YDOLDomRSRU,QVSHomRRX
3UHGLWLYD
$YDOLDUSRULQVSHomRVLJQLILFDXWLOL]DUXPDVpULHGHPpWRGRVGH DYDOLDomRSRUPHLRGRVTXDLVRVDYDOLDGRUHVLQVSHFLRQDPRX H[DPLQDPDVSHFWRVGHXPDLQWHUIDFHGHXVXiULRUHODFLRQDGRVD XVDELOLGDGH
3DUDTXHVHUYH"
{3DUDEXVFDUSUREOHPDVGHXVDELOLGDGHHPXPSURMHWR GHLQWHUIDFHH[LVWHQWHHDQDOLVDUHVWHVSUREOHPDVFRP YLVWDVDID]HUUHFRPHQGDo}HVSDUDFRQVHUWiORVHPHOKRUDU DXVDELOLGDGHGRSURMHWR
{LGHQWLILFDURVSUREOHPDV
{VHOHFLRQDURVSUREOHPDVDFRUULJLU
,+& )DELDQD&RVWD*XHGHV Ϯϰϲ
([HPSORVGH0pWRGRVGH
$YDOLDomR
DYDOLDomRKHXUtVWLFD
LQVSHomRVHPLyWLFD
SHUFXUVR
ZDONWKURXJKFRJQLWLYR
SHUFXUVR
ZDONWKURXJKSOXUDOLVWD
YHULILFDomRGHGLUHWUL]HV
LQVSHo}HVGHFRQVLVWrQFLDGHFDUDFWHUtVWLFDV
RXIRUPDLV
,+& )DELDQD&RVWD*XHGHV Ϯϰϳ
4XHP$YDOLD"
HVSHFLDOLVWDVHPXVDELOLGDGH
FRQVXOWRUHVGHGHVHQYROYLPHQWRGH
VRIWZDUHHVSHFLDOL]DGRVHPXPGHWHUPLQDGR
HVWLORGHLQWHUIDFH
XVXiULRVILQDLVFRQKHFHGRUHVGRGRPtQLRH
GDWDUHID
,+& )DELDQD&RVWD*XHGHV Ϯϰϴ
)RUDPXWLOL]DGDVWUDQVSDUrQFLDV
GH0LOHQH6LOYHLUD 38&56
$YDOLDomRSRU,QVSHomR
$YDOLDomR+HXUtVWLFD
ϱ
$YDOLDomR+HXUtVWLFD
(VWHPpWRGRIRLFULDGRFRPRXPD
DOWHUQDWLYDUiSLGDHGHEDL[RFXVWRSDUD
HQFRQWUDU
SUREOHPDVGHXVDELOLGDGHHPXP
SURMHWRGHLQWHUIDFH
,+& )DELDQD&RVWD*XHGHV ϮϱϬ
$YDOLDomR+HXUtVWLFD
4XHP$YDOLD"
{DDYDOLDGRUHV
{SRGHVHUQHFHVViULRXPHVSHFLDOLVWDQR GRPtQLRSDUDHVFODUHFHUHYHQWXDLVG~YLGDVGRV DYDOLDGRUHVFHQiULRVGHXVRWtSLFRVOLVWDQGR SDVVRVTXHXPXVXiULRGHYHVHJXLUSDUD UHDOL]DUXPDDPRVWUDUHDOLVWDGHWDUHIDV WDPEpPSRGHPDMXGDU
,+& )DELDQD&RVWD*XHGHV Ϯϱϭ
$YDOLDomR+HXUtVWLFD
4XDQGR"'XUDQWHTXDQWRWHPSR"
{QDVHWDSDVLQLFLDLVGRFLFORGHSURMHWRH GHVHQYROYLPHQWRXVRGHPDTXHWHV
{XPDVHVVmRGHYHGXUDUGHXPDDGXDVKRUDV
&DVRDLQWHUIDFHVHMDPXLWRFRPSOH[DSRGHVH UHDOL]DUPDLVGHXPDVHVVmR
,+& )DELDQD&RVWD*XHGHV ϮϱϮ
$YDOLDomR+HXUtVWLFD
&RPR"
{FDGDDYDOLDGRUGHYHH[DPLQDUDLQWHUIDFHLQGLYLGXDOPHQWHDYDOLDo}HV LQGHSHQGHQWHVHOLYUHVGHWHQGrQFLDVHJHUDUXPUHODWyULRSRUHVFULWRGHVXDV GHVFREHUWDVHFRPHQWiULRV
{RDYDOLDGRUSHUFRUUHDLQWHUIDFHGLYHUVDVYH]HVSHORPHQRVGXDVXPD SDUDJDQKDUXPDYLVmRGHFRQMXQWRHRXWUDSDUDH[DPLQDUFXLGDGRVDPHQWH FDGDHOHPHQWRLQVSHFLRQDGRRVGLYHUVRVHOHPHQWRVGHLQWHUIDFHH
FRPSDUDQGRRVFRPDOLVWDGHSULQFtSLRV³KHXUtVWLFDV´GHXVDELOLGDGH
{GHSRLVGDVDYDOLDo}HVWHUHPVLGRIHLWDVRVDYDOLDGRUHVGHYHPVHUHXQLUH JHUDUXPUHODWyULRGHVXDVGHVFREHUWDVFRPELQDGDV(VWHUHODWyULRLUiFRQWHU
XPDOLVWDGRVSUREOHPDVHQFRQWUDGRVSDUDFDGDHOHPHQWRGHLQWHUIDFH
FDGDSUREOHPDHQFRQWUDGRGHYHVHUGHWDOKDGRHMXVWLILFDGRID]HQGRDOXVmR jVKHXUtVWLFDVTXHIRUDPYLRODGDVHWHUVXDVHYHULGDGHDYDOLDGD
,+& )DELDQD&RVWD*XHGHV Ϯϱϯ
+HXUtVWLFDV%iVLFDV
YLVLELOLGDGHGRHVWDGRGRVLVWHPD
FRUUHVSRQGrQFLDHQWUHRVLVWHPDHRPXQGRUHDO FRQWUROHHOLEHUGDGHGRXVXiULR
FRQVLVWrQFLDHSDGURQL]DomR SUHYHQomRGHHUURV
UHFRQKHFLPHQWRHPYH]GHOHPEUDQoD
IOH[LELOLGDGHHHILFLrQFLDGHXVR SURMHWRHVWpWLFRHPLQLPDOLVWD
DX[LOLDRVXVXiULRVDUHFRQKHFHUHPGLDJQRVWLFDUHPHVH UHFXSHUDUHPGHHUURV
DMXGDHGRFXPHQWDomR
,+& )DELDQD&RVWD*XHGHV Ϯϱϰ
+HXUtVWLFDV%iVLFDVLWHPDLWHP
YLVLELOLGDGHGRHVWDGRGRVLVWHPD
{2VLVWHPDGHYHVHPSUHPDQWHURVXVXiULRV LQIRUPDGRVVREUHRTXHHVWiDFRQWHFHQGRSRU PHLRGHIHHGEDFNDGHTXDGRHQRWHPSRFHUWR
ϲ
+HXUtVWLFDV%iVLFDVLWHPDLWHP
FRUUHVSRQGrQFLDHQWUHRVLVWHPDHR
PXQGRUHDO
{2VLVWHPDGHYHIDODUDOtQJXDGRXVXiULRFRP SDODYUDVH[SUHVV}HVHFRQFHLWRVTXHOKHVmR IDPLOLDUHVHPYH]GHXWLOL]DUWHUPRVRULHQWDGRV DRVLVWHPD2SURMHWLVWDGHYHVHJXLUDV FRQYHQo}HVGRPXQGRUHDOID]HQGRFRPTXH DLQIRUPDomRDSDUHoDHPXPDRUGHPQDWXUDOH OyJLFD
,+& )DELDQD&RVWD*XHGHV Ϯϱϲ
+HXUtVWLFDV%iVLFDVLWHPDLWHP
FRQWUROHHOLEHUGDGHGRXVXiULR
{2VXVXiULRVIUHTHQWHPHQWHHVFROKHP IXQo}HVGRVLVWHPDSRUHQJDQRHSUHFLVDPGH XPD³VDtGDGHHPHUJrQFLD´FODUDPHQWH PDUFDGDSDUDVDLUGRHVWDGRLQGHVHMDGRVHP WHUTXHSHUFRUUHUXPGLiORJRH[WHQVR$ LQWHUIDFHGHYHSHUPLWLUTXHRXVXiULRGHVIDoD RXUHIDoDVXDVDo}HV
,+& )DELDQD&RVWD*XHGHV Ϯϱϳ
+HXUtVWLFDV%iVLFDVLWHPDLWHP
FRQVLVWrQFLDHSDGURQL]DomR
2VXVXiULRVQmRGHYHPWHUTXHVHSHUJXQWDU
VHSDODYUDVVLWXDo}HVRXDo}HVGLIHUHQWHV
VLJQLILFDPDPHVPDFRLVD2SURMHWLVWDGHYH
VHJXLUDVFRQYHQo}HVGDSODWDIRUPDRX
DPELHQWH
,+& )DELDQD&RVWD*XHGHV Ϯϱϴ
+HXUtVWLFDV%iVLFDVLWHPDLWHP
SUHYHQomRGHHUURV
{0HOKRUGRTXHXPDERDPHQVDJHPGHHUURpXP
SURMHWRFXLGDGRVRTXHHYLWHTXHXPSUREOHPDRFRUUD
UHFRQKHFLPHQWRHPYH]GHOHPEUDQoD
{2SURMHWLVWDGHYHWRUQDURVREMHWRVDo}HVHRSo}HV
YLVtYHLV2XVXiULRQmRGHYHWHUTXHVHOHPEUDUGH LQIRUPDomRGHXPDSDUWHGRGLiORJRSDUDXPDRXWUD $VLQVWUXo}HVGHXVRGRVLVWHPDGHYHPHVWDUYLVtYHLV RXIDFLOPHQWHDFHVVtYHLVVHPSUHTXHQHFHVViULR
,+& )DELDQD&RVWD*XHGHV Ϯϱϵ
+HXUtVWLFDV%iVLFDVLWHPDLWHP
IOH[LELOLGDGHHHILFLrQFLDGHXVR
{$FHOHUDGRUHV² LPSHUFHSWtYHLVDRVXVXiULRV QRYDWRV² SRGHPWRUQDUDLQWHUDomRGR XVXiULRPDLVUiSLGDHHILFLHQWHSHUPLWLQGRTXH RVLVWHPDFRQVLJDVHUYLULJXDOPHQWHEHPRV XVXiULRVH[SHULHQWHVHLQH[SHULHQWHV2 SURMHWLVWDSRGHSURYHUPHFDQLVPRVDVHUHP XWLOL]DGRVSHORVXVXiULRVSDUDFXVWRPL]DU Do}HVIUHTHQWHV
,+& )DELDQD&RVWD*XHGHV ϮϲϬ
+HXUtVWLFDV%iVLFDVLWHPDLWHP
SURMHWRHVWpWLFRHPLQLPDOLVWD
{2VGLiORJRVQmRGHYHPFRQWHULQIRUPDomR TXHVHMDLUUHOHYDQWHRXUDUDPHQWHQHFHVViULD &DGDXQLGDGHH[WUDGHLQIRUPDomRHPXP GLiORJRFRPSHWHFRPDVXQLGDGHVUHOHYDQWHV GHLQIRUPDomRHUHGX]VXDYLVLELOLGDGHUHODWLYD
ϳ
+HXUtVWLFDV%iVLFDVLWHPDLWHP
DX[LOLDRVXVXiULRVDUHFRQKHFHUHP
GLDJQRVWLFDUHPHVHUHFXSHUDUHPGHHUURV
{$VPHQVDJHQVGHHUURGHYHPVHUH[SUHVVDV HPOLQJXDJHPVLPSOHVVHPFyGLJRVLQGLFDU SUHFLVDPHQWHRSUREOHPDHVXJHULUXPD VROXomRGHIRUPDFRQVWUXWLYD,+& )DELDQD&RVWD*XHGHV ϮϲϮ
+HXUtVWLFDV%iVLFDVLWHPDLWHP
DMXGDHGRFXPHQWDomR
{2VLVWHPDGHYHSURYHUDMXGDH
GRFXPHQWDomR(VWHWLSRGHLQIRUPDomRGHYH VHUIiFLOGHVHUHQFRQWUDGDIRFDGRQDWDUHIDGR XVXiULRHQXPHUDUSDVVRVFRQFUHWRVDVHUHP UHDOL]DGRVHQmRVHUPXLWRJUDQGH
,+& )DELDQD&RVWD*XHGHV Ϯϲϯ
6HYHULGDGHGHXP3UREOHPDGH
8VDELOLGDGH
&RPELQDomRGHWUrVIDWRUHV
{DIUHTrQFLDFRPTXHRSUREOHPDRFRUUHeXP SUREOHPDFRPXPRXUDUR"
{RLPSDFWRGRSUREOHPDVHRFRUUHU6HUiIiFLORX GLItFLOSDUDRVXVXiULRVVXSHUDUHPRSUREOHPD"
{DSHUVLVWrQFLDGRSUREOHPDeXPSUREOHPDTXH RFRUUHDSHQDVXPDYH]HTXHRVXVXiULRV FRQVHJXHPVXSHUDUIDFLOPHQWHRXRVXVXiULRVVHUmR LQFRPRGDGRVSHORSUREOHPDUHSHWLGDVYH]HV"
,+& )DELDQD&RVWD*XHGHV Ϯϲϰ
6HYHULGDGHGHXP3UREOHPDGH
8VDELOLGDGH
4XDQGRDYDOLDUDVHYHULGDGH"
{$SyVDVVHVV}HVFDGDDYDOLDGRUUHVSRQGHD XPTXHVWLRQiULRFRQWHQGRDOLVWDFRPSOHWDGRV SUREOHPDVHQFRQWUDGRVSRUWRGRVRV
DYDOLDGRUHVRVSUREOHPDVGHYHPHVWDU GHWDOKDGRVVHSRVVtYHOFRPXVRGHLOXVWUDo}HV HFDSWXUDVGHWHODV
,+& )DELDQD&RVWD*XHGHV Ϯϲϱ
6HYHULGDGHGHXP3UREOHPDGH
8VDELOLGDGH
(VFDODVGH6HYHULGDGH
{1mRFRQFRUGRTXHLVWRVHMDXPSUREOHPD
{&RVPpWLFR QmRSUHFLVDVHUFRQVHUWDGRD PHQRVTXHKDMDWHPSRH[WUD
{3HTXHQR RFRQVHUWRGHYHUHFHEHUEDL[D SULRULGDGH
{*UDQGH± LPSRUWDQWHGHVHUFRQVHUWDGRGHYH UHFHEHUDOWDSULRULGDGH
{&DWDVWUyILFR± pLPSHUDWLYRFRQVHUWDUDQWHVGH VHODQoDURSURGXWR
,+& )DELDQD&RVWD*XHGHV Ϯϲϲ
([HPSORGH)RUPXOiULRSDUD
,QVSHomRGH8VDELOLGDGH
ϴ
)RUDPXWLOL]DGDVWUDQVSDUrQFLDV
GH0LOHQH6LOYHLUD 38&56
$YDOLDomRSRU,QVSHomR
:DONWKRXJK&RJQLWLYR
,+& )DELDQD&RVWD*XHGHV Ϯϲϴ
:DONWKRXJK&RJQLWLYR
3DUDTXH"
{GHWHFWDUSUREOHPDVEDVWDQWHFHGRQR SURFHVVRGHGHVLJQDWHPSRTXHHOHVSRVVDP VHUUHPRYLGRV
4XHPDYDOLD"
{8PRXPDLVDYDOLDGRUHV
,+& )DELDQD&RVWD*XHGHV Ϯϲϵ
:DONWKRXJK&RJQLWLYR
&RPR"
{HVSHFLDOLVWDVGHWHUPLQDPDWDUHIDH[DWDTXHVHUi
H[HFXWDGDRFRQWH[WRQRTXDOHODVHUiUHDOL]DGDHVXDV VXSRVLo}HVVREUHDSRSXODomRGHXVXiULRV
{IHLWRLVWRHOHV³SDVVHLDP´SHODWDUHIDUHYHQGRDVDo}HV
TXHVmRQHFHVViULDVSDUDDWLYiODHWHQWDQGRSUHYHUFRPR DSRSXODomRGHXVXiULRVVHFRPSRUWDULDHRVSUREOHPDV TXHHQFRQWUDULDPMXVWLILFDURVSDVVRVGDLQVSHomR
{UHTXHUXPDSUHGLomREDVWDQWHGHWDOKDGDGR
FRPSRUWDPHQWRGRXVXiULR
,+& )DELDQD&RVWD*XHGHV ϮϳϬ
&KHFNOLVWSDUDID]HUXP:&
)RUPXOiULR
,+& )DELDQD&RVWD*XHGHV Ϯϳϭ
&KHFNOLVWSDUDID]HUXP:&
([SOLFDomR)RUPXOiULR
,+& )DELDQD&RVWD*XHGHV ϮϳϮ
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([HPSORXPXVXiULRFXLGDGRVRWHPRVREMHWLYRVGH
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([HPSORRREMHWLYR GRXVXiULRpHQYLDUXPGRFXPHQWRSDUDXPDLPSUHVVRUDHPRXWUDVDOD (OHDEUHRGRFXPHQWRDEUHRPHQXµ)LOH¶ HVHOHFLRQDDRSomRµ3ULQW¶2PHQXGHVDSDUHFHHR XVXiULRYDLSDUDDRXWUDVDODEXVFDURGRFXPHQWR'HSRLVGHXPWHPSRXPGLiORJRDSDUHFH SHUJXQWDQGRVHRGRFXPHQWRGHYHVHULPSUHVVRHPTXDOLGDGHFDUWDRXUDVFXQKR2WHPSRDWp PRVWUDURGLiORJRID]RXVXiULRSHQVDUTXHMiWLQKDDWLQJLGRVHXREMHWLYR
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7HPSRGRVXVXiULRV
&RPSXWDGRUHVXVDGRVGXUDQWHRWHVWHHGXUDQWHDDQiOLVH
9LGHRWDSHVHRXWURVUHFXUVRV
,+& )DELDQD&RVWD*XHGHV ϯϬϴ
'HVHQYROYHQGRR([SHULPHQWR±
(VFROKHQGRRV8VXiULRV
GHYHPVHUUHSUHVHQWDWLYRV
XVXiULRVQRYDWRV;XVXiULRVH[SHUWV
FRQVLGHUDUDQHFHVVLGDGHGHXPWUHLQDPHQWRLQLFLDOGRV
XVXiULRVSH[QRXVRGRPRXVHQRXVRGHMDQHODV P~OWLSODVHWF
SDUDFRPSDUDUDXVDELOLGDGHGHGRLVRXPDLVVLVWHPDV
{FDGDXVXiULRWHVWDXP~QLFRVLVWHPD;FDGD
XVXiULRWHVWDWRGRVRVVLVWHPDV
ϭϱ
'HVHQYROYHQGRR([SHULPHQWR±
(VFROKHQGRRV$YDOLDGRUHV
GHYHPWHUFRQKHFLPHQWRH[WHQVRVREUHDDSOLFDomRHD
UHVSHFWLYDLQWHUIDFHGHXVXiULR
{QmRSUHFLVDVDEHUFRPRRVLVWHPDIRL
LPSOHPHQWDGRPDVGHYHVDEHUFRPROLGDUFRP SUREOHPDVTXHOHYHPRVLVWHPDDFDLU
{SRGHPVHURVGHVLJQHUV
SUREOHPDV
{DMXGDUPXLWRRVXVXiULRV
{DQWHFLSDUH[SOLFDo}HVVREUHRVHUURV
,+& )DELDQD&RVWD*XHGHV ϯϭϬ
'HVHQYROYHQGRR([SHULPHQWR±
$VSHFWRVeWLFRV
XVXiULRVVmRKXPDQRV
{SURIXQGRUHVSHLWRDVVXDVHPRo}HVHEHPHVWDU
JHUDOPHQWHVHVHQWHPVREPXLWDSUHVVmRQDVLWXDomRGH
WHVWH
{DSUHQGHPPDLVOHQWDPHQWH {ID]HPPDLVHUURV
VHVHQWHPHVW~SLGRVTXDQGRH[SHULPHQWDPHVVDV
GLILFXOGDGHV
OHPEUDUVHPSUHRVLVWHPDpTXHHVWiVHQGRWHVWDGRHQmRR
XVXiULR
,+& )DELDQD&RVWD*XHGHV ϯϭϭ
'HVHQYROYHQGRR([SHULPHQWR±
(VFROKDGDV7DUHIDV
UHSUHVHQWDWLYDV
{FREHUWXUDUD]RiYHOGDVSDUWHVPDLVVLJQLILFDWLYDVGDLQWHUIDFH
GHYHPSRGHUVHUFRPSOHWDGDVQRWHPSRGHILQLGRSDUDXPDVHVVmRGHWHVWH
GHYHPVHUGHVFULWDVSRUHVFULWR
WDUHIDVQmRGHYHPVHURIHQVLYDVRXMRFRVDV
{GHYHPVHUWmRUHDOLVWDVTXDQWRSRVVtYHOHLQVHULGDVHPXPFHQiULR
GHYHPWHUJUDXGHGLILFXOGDGHJUDGDWLYDSDUDGDUPDLVFRQILDQoDDRXVXiULR
{SODQHMDGDVSDUDTXHSRVVDPVHULQWHUURPSLGDVDTXDOTXHUWHPSR
IRUQHFHUXPDWDUHIDGHFDGDYH]
,+& )DELDQD&RVWD*XHGHV ϯϭϮ
2ULHQWDUDV6HVV}HVGH$YDOLDomR
3UHSDUDomR
WXGRGHYHHVWDUSURQWRDQWHVGRXVXiULR
FKHJDU
FXLGDGRHP³OLPSDU´RFRPSXWDGRUGH
UHVXOWDGRVGHRXWURVWHVWHVDODUPHVHWF
,+& )DELDQD&RVWD*XHGHV ϯϭϯ
2ULHQWDUDVVHVV}HVGHDYDOLDomR
,QWURGXomR
2SURSyVLWRGRWHVWHpDYDOLDURVLVWHPDH
QmRRXVXiULR
2VXVXiULRVQmRGHYHPVHSUHRFXSDUHP
IHULUVHQWLPHQWRVGRVH[SHULPHQWDGRUHV
GHVLJQHUVFRPVXDVREVHUYDo}HV
2VUHVXOWDGRVGRWHVWHVHUYLUmRSDUD
PHOKRUDUDLQWHUIDFHGRXVXiULR
,+& )DELDQD&RVWD*XHGHV ϯϭϰ
2ULHQWDUDVVHVV}HVGHDYDOLDomR
,QWURGXomR
5HOHPEUDUTXHRVLVWHPDpFRQILGHQFLDOH
QmRGHYHVHUFRPHQWDGRFRPRXWURVTXH
LQFOXVLYHSRGHPYLUDVHUIXWXURXVXiULRVGH
WHVWH
$SDUWLFLSDomRQRWHVWHpYROXQWiULDHRV
XVXiULRVSRGHPSDUDUDTXDOTXHUWHPSR
ϭϲ
2ULHQWDUDVVHVV}HVGHDYDOLDomR
,QWURGXomR
2VUHVXOWDGRVGRWHVWHQmRVHUmRFRORFDGRV
SXEOLFDPHQWHHRDQRQLPDWRGRXVXiULRHVWDUi
JDUDQWLGR
([SOLFDUVREUHRXVRGHJUDYDo}HVGHYtGHR
RXiXGLRTXHHVWHMDPVHQGRIHLWDVRLGHDOp
QmRJUDYDUDIDFHGRXVXiULR
,+& )DELDQD&RVWD*XHGHV ϯϭϲ
2ULHQWDUDVVHVV}HVGHDYDOLDomR
,QWURGXomR
([SOLFDUTXHRXVXiULRSRGHID]HUTXDOTXHU
SHUJXQWDGXUDQWHRWHVWHPDVTXHQHPVHPSUHR H[SHULPHQWDGRULUiDMXGiORVRXUHVSRQGHUVXDV TXHVW}HV
,QVWUXo}HVHVSHFtILFDVVREUHDIRUPDGRWHVWH
SH[IDODUHPYR]DOWDRXID]HUDVDWLYLGDGHV RPDLVUiSLGRTXHSXGHUHWF
,+& )DELDQD&RVWD*XHGHV ϯϭϳ
2ULHQWDUDVVHVV}HVGHDYDOLDomR±
R7HVWH
HYLWDUTXDOTXHUWLSRGHFRPHQWiULRRX
H[SUHVV}HVVREUHDSHUIRUPDQFHRXREVHUYDo}HV GRXVXiULR
HYLWDUDMXGDURXVXiULRDQmRVHUTXHHOHHVWHMD
UHDOPHQWHHPGLILFXOGDGHVPXLWRVHYHUDV
VHH[LVWLUPDLVGHXPH[SHULPHQWDGRUVRPHQWH
XPIDODSDUDQmRJHUDUFRQIXVmR
,+& )DELDQD&RVWD*XHGHV ϯϭϴ
2ULHQWDUDVVHVV}HVGHDYDOLDomR±
SyVWHVWH
SUHHQFKHUTXHVWLRQiULRVGHVDWLVIDomR
VXEMHWLYD
GHL[DURVXVXiULRVOLYUHVSDUDID]HUHP
TXDLVTXHUVXJHVW}HVREVHUYDo}HVFUtWLFDV
,+& )DELDQD&RVWD*XHGHV ϯϭϵ
&ROHWDURVGDGRV
2EVHUYDomR'LUHWD
{DVVLVWLUDRXVXiULRHPVHXWUDEDOKR«
REVHUYDomRLQGLUHWD
{JUDYDo}HVHPYtGHRRXSRUVRIWZDUH
iXGLR WKLQNLQJDORXG
{XVXiULRYHUEDOL]DVHXVSHQVDPHQWRV
{PRVWUDVXDLQWHUSUHWDomRMiGL]SRUTXHHVWiID]HQGRDOJR« {QmRpDGHTXDGRTXDQGRVHTXHUPHGLUSHUIRUPDQFH {SUREOHPDXVXiULRVWrPVXDVWHRULDVSUySULDV
{WHVWHPDLVGLItFLOGHUHDOL]DUXVXiULRWHPTXHID]HUGXDVFRLVDVDR PHVPRWHPSR
{REVHUYDGRUWHPTXHOHYDURXVXiULRDIDODUVHPLQWHUIHULUQRXVRGR VLVWHPDSHORXVXiULR
,+& )DELDQD&RVWD*XHGHV ϯϮϬ
$QDOLVDURVGDGRV
DQ
i
OLVHEDVHDGDHPWDUHIDV
DQ
i
OLVHEDVHDGDHPGHVHPSHQKR
ϭϳ
/DERUDWyULRVGH8VDELOLGDGH
,+& )DELDQD&RVWD*XHGHV ϯϮϮ
/DERUDWyULRVGH8VDELOLGDGH
,+& )DELDQD&RVWD*XHGHV ϯϮϯ
/DERUDWyULRVGH8VDELOLGDGH
,+& )DELDQD&RVWD*XHGHV ϯϮϰ
/DERUDWyULRVGHXVDELOLGDGH
,+& )DELDQD&RVWD*XHGHV ϯϮϱ
/DERUDWyULRGH8VDELOLGDGH
,+& )DELDQD&RVWD*XHGHV ϯϮϲ
)RUDPXWLOL]DGDVWUDQVSDUrQFLDV
GH0LOHQH6LOYHLUD 38&56
7HVWHGH8VDELOLGDGH
ϭϴ
7HVWHVGH8VDELOLGDGH
HVWHFRQFHLWRSHUPLWHDYDOLDUDTXDOLGDGHGHXPVLVWHPDFRPUHODomRD
IDWRUHVTXHRVSURMHWLVWDVGHILQHPFRPRVHQGRSULRULWiULRVDRVLVWHPD $OJXQVIDWRUHVWtSLFRV
{)DFLOLGDGHGHDSUHQGL]DGR
{)DFLOLGDGHGHXVR {(ILFLrQFLDGHXVR
{3URGXWLYLGDGH
{6DWLVIDomRGRXVXiULR
{)OH[LELOLGDGH
{8WLOLGDGH
{6HJXUDQoDQRXVR
,+& )DELDQD&RVWD*XHGHV ϯϮϴ ,+& )DELDQD&RVWD*XHGHV ϯϮϵ
7HVWHVGH8VDELOLGDGH
9LVDPPHGLUHPWHUPRVTXDQWLWDWLYRVRYDORUTXHR
VLVWHPDDWLQJHSDUDIDWRUHVGHXVDELOLGDGHGH LQWHUHVVH
8VXiULRVVmRDYDOLDGRVQDSUiWLFDHVmRPHGLGRVRV YDORUHVGHFDGDXPGRVIDWRUHVGHXVDELOLGDGH 2GHVLJQHUSRGHDYDOLDUVHRVYDORUHVREWLGRV VDWLVID]HPRXQmRVXDVH[SHFWDWLYDV
,+& )DELDQD&RVWD*XHGHV ϯϯϬ
7HVWHVGH8VDELOLGDGH
3HUPLWHDDSOLFDomRGHWHVWHVVLVWHPiWLFRVGH
XVDELOLGDGHGHXPSURGXWRDRORQJRGHVHX
SURMHWRHGHILQHRVYDORUHVGHVHMDGRVSDUDFDGD
XPGHOHV
2GHVLJQHUGHYHVDEHUSUHYLDPHQWHRXPHGLU
RVYDORUHVGRVIDWRUHVGHXVDELOLGDGHTXDQGR
QRLQtFLRGRSURMHWR
,+& )DELDQD&RVWD*XHGHV ϯϯϭ
7HVWHVGH8VDELOLGDGH
$RORQJRGRGHVLJQHUGRSURMHWRPHGHPVHH
XVDPVHWDLVYDORUHVSDUDDYDOLDUR
FXPSULPHQWRRXQmRFXPSULPHQWRGDVPHWDV
HVWDEHOHFLGDV
2VYDORUHVIULVDGRVGHYHPVHUUHDOLVWDVSRLV
FDVRFRQWUiULRDWDUHIDGHDWLQJLORVSRGHVH
WRUQDULPSRVVtYHORXSRGHWRUQDURVEHQHItFLRV
FRQVHJXLGRVPXLWRPHQRUHVGRTXHRVFXVWRV
HQYROYLGRVQRSURFHVVRHPTXHVWmR
7HVWHGH8VDELOLGDGH± &RPRH
4XDQGRUHDOL]DU"
QRLQtFLRGRGHVHQYROYLPHQWRGHXPSURMHWR
FHQWUDGRQRXVXiULRHVWDEHOHFHPVHTXDLVVmRRV IDWRUHVGHXVDELOLGDGHSULRULWiULRVDRGHVLJQGHTXH IRUPDHOHVSRGHPVHUPHGLGRVHTXDLVRVYDORUHV GHVHMiYHLVSDUDFDGDFULWpULR
GLYHUVRVWHVWHVSRGHPVHUUHDOL]DGRVDRORQJRGR GHVHQYROYLPHQWRIRUPDQGRXPFLFORGHVLJQ DYDOLDomRUHGHVLJQDYDOLDomR
,+& )DELDQD&RVWD*XHGHV ϯϯϮ
7HVWHGH8VDELOLGDGH± (GHSRLV"
GHDFRUGRFRPRVUHVXOWDGRVGHFDGDWHVWHRV
SURMHWLVWDVGHYHPGHFLGLUTXDLVDVPHOKRULDVTXH SRGHPRXGHYHPVHUIHLWDVSDUDREWHURVPHOKRUHV UHVXOWDGRVQRSUy[LPRWHVWH
RVWHVWHVGHXVDELOLGDGHQmRQHFHVVDULDPHQWH IRUQHFHPLQGLFDo}HVVREUHRQGHRFRUUHUDPRV SUREOHPDVRXRTXHID]HUSDUDUHPHGLiORV
ϭϵ
)RUDPXWLOL]DGDVWUDQVSDUrQFLDV
GH0LOHQH6LOYHLUD 38&56
7HVWHGH&RPXQLFDELOLGDGH
,+& )DELDQD&RVWD*XHGHV ϯϯϰ ,+& )DELDQD&RVWD*XHGHV ϯϯϱ
7HVWHVGH&RPXQLFDELOLGDGH
%DVHDGRQD(QJHQKDULD6HPLyWLFD
'HYHYLVDUDDYDOLDomRGDVXDLQWHUIDFH
TXDQWRjSRVVLELOLGDGHTXHHODWHPGH
³FRQYHUVDU´FRPRXVXiULR
3URS}HPXPFRQMXQWRGHLQWHUMHLo}HVD
VHUHPXWLOL]DGDVSHORXVXiULRHPXPD
VLWXDomRGHUXSWXUDGHVXDFRPXQLFDomRFRP
RVLVWHPD
7HVWHGH&RPXQLFDELOLGDGH±
2EMHWLYRVGR7HVWH
DYDOLDUDTXDOLGDGHGDFRPXQLFDomRGR
GHVLJQHUSDUDRVXVXiULRV
XPDUXSWXUDGHFRPXQLFDomRRFRUUHTXDQGR
RXVXiULRSUHFLVDVHGHVYLDUGDLQWHUDomR
UXPRDRREMHWLYRDVHUDOFDQoDGRSDUDEXVFDU
RHQWHQGLPHQWRGDSUySULDLQWHUDomR
,+& )DELDQD&RVWD*XHGHV ϯϯϲ
3DVVRVGR7HVWHGH
&RPXQLFDELOLGDGH
SODQHMDPHQWRGRWHVWH
{SODQHMDPHQWRGRVTXHVWLRQiULRVSUp HSyVWHVWH
{FHQiULRVFRPDVWDUHIDV
UHDOL]DomRGRWHVWH
{REVHUYDomR
{ILOPDJHPGDLQWHUDomR
{TXHVWLRQiULRV
HWLTXHWDJHPGDVUXSWXUDVGHFRPXQLFDomR
{XVRGDVH[SUHVV}HVGHFRPXQLFDELOLGDGH
LQWHUSUHWDomRGRVUHVXOWDGRV
,+& )DELDQD&RVWD*XHGHV ϯϯϳ
,+& )DELDQD&RVWD*XHGHV ϯϯϴ
7HVWHVGH&RPXQLFDELOLGDGH
'HYHVHUDSOLFDGRUHVSHLWDQGRGXDVDo}HV
HOHPHQWDUHV
{&ROHWD{$QiOLVHGHGDGRV
,+& )DELDQD&RVWD*XHGHV ϯϯϵ
7HVWHVGH&RPXQLFDELOLGDGH
3DVVRVSDUDFROHWDGHGDGRV
{6ROLFLWDUDRXVXiULRDH[HFXomRGHXPDWDUHID
SUHGHWHUPLQDGDQDDSOLFDomR
{*UDYDUDLQWHUDomRGRXVXiULRFRPD
ϮϬ
,+& )DELDQD&RVWD*XHGHV ϯϰϬ
7HVWHVGH&RPXQLFDELOLGDGH
3DVVRVSDUDFROHWDGHGDGRV
{(QWUHYLVWDURXVXiULRRSFLRQDOHSHVTXLVDU
VREUHDVXDLQWHUDomRFRPDDSOLFDomR
{8PDYH]FROHWDGRVRVGDGRVSDVVDVHSDUD
VXDDQiOLVH
{9HUJUDYDo}HVGDLQWHUDomRDDWULEXLUD
LQWHUMHLomRDSURSULDGDQRVPRPHQWRVGHVXD UXSWXUD
,+& )DELDQD&RVWD*XHGHV ϯϰϭ
7HVWHVGH&RPXQLFDELOLGDGH
3DVVRVSDUDFROHWDGHGDGRV
{7DEXODUDLQIRUPDomRREWLGDRXVHMDDV
LQWHUMHLo}HVREWLGDV
{,QWHUSUHWDUDWDEHODGHDFRUGRFRPDV
LQWHUMHLo}HVHRVSUREOHPDVGHXVDELOLGDGH DVVRFLDGRVDHODVREWHQGRHQWmRXPPDSD GRVSRQWRVFUtWLFRVGDLQWHUDomRHXPSHUILOGH VXDDSOLFDomR
,+& )DELDQD&RVWD*XHGHV ϯϰϮ
7HVWHVGH&RPXQLFDELOLGDGH
$VLQWHUMHLo}HVIRUDPHVFROKLGDVDILPGHUHXQLU XPFRQMXQWRGHODVFDSD]GHDSRQWDUUXSWXUDVGH LQWHUDomRRFRUULGDVDRORQJRGRXVRGHXPD DSOLFDomR
$VLQWHUMHLo}HVGHYHPID]HUSDUWHGRGLDDGLDGR
XVXiULR
6mRXVDGDVHPVLWXDo}HVFUtWLFDVFRPRHP
UXSWXUDVGHFRPXQLFDomR
,+& )DELDQD&RVWD*XHGHV ϯϰϯ
7HVWHVGH&RPXQLFDELOLGDGH
,QWHUMHLo}HV
&DGr"(DJRUD"
{2XVXiULRSURFXUDHPPHQXVHWRROEDUVSRU
XPDIXQomRHVSHFtILFDTXHHOHGHVHMD
H[HFXWDU1RFDVRGR³(DJRUD"´RXVXiULRQmR VDEHRTXHID]HUHWHQWDGHVFREULUTXDORVHX SUy[LPRSDVVR
{6LQWRPDVRXVXiULRLQVSHFLRQDPHQXV
VXEPHQXVHWRROWLSVGLFDVVHPH[HFXWDU QHQKXPDDomR
,+& )DELDQD&RVWD*XHGHV ϯϰϰ
7HVWHVGH&RPXQLFDELOLGDGH
,QWHUMHLo}HV
4XHpLVVR"
{2XVXiULRWHQWDGHVFREULURTXHVLJQLILFDXP
REMHWRRXDomRGDLQWHUIDFH
{6LQWRPDV2XVXiULRFRORFDRFXUVRUVREUH
DOJXPVtPERORGDLQWHUIDFHHVSHUDQGRXP WRROWLSRXSURFXUDRKHOSGDTXHOHVtPERORRX DLQGDKHVLWDHQWUHGXDVRSo}HVTXHOKH SDUHoDPHTXLYDOHQWHV
,+& )DELDQD&RVWD*XHGHV ϯϰϱ
7HVWHVGH&RPXQLFDELOLGDGH
,QWHUMHLo}HV
(SD2QGHHVWRX"
Ϯϭ
7HVWHVGH&RPXQLFDELOLGDGH
,QWHUMHLo}HV
$VVLPQmRGi
{2XVXiULRHIHWXRXXPDVHTrQFLDORQJDGH
RSHUDo}HVDQWHVGHSHUFHEHUTXHHVWDYD VHJXLQGRXPFDPLQKRLPSURGXWLYR
{2VVLQWRPDVLQFOXHPRDFLRQDPHQWRGH8QGR
UHSHWLGDVYH]HVRXRFDQFHODPHQWRGHXPRX PDLVTXDGURVGHGLiORJRVDEHUWRV
LQGHYLGDPHQWH
,+& )DELDQD&RVWD*XHGHV ϯϰϲ ,+& )DELDQD&RVWD*XHGHV ϯϰϳ
7HVWHVGH&RPXQLFDELOLGDGH
,QWHUMHLo}HV
3RUTXHQmRIXQFLRQD"8pRTXHKRXYH" {$DomRH[HFXWDGDQmRREWpPRUHVXOWDGRHVSHUDGR QRHQWHQWRRXVXiULRQmRHQWHQGHSRUTXHHVVH UHVXOWDGRQmRIRLDOFDQoDGR$VVLPHOHLQVLVWH DFUHGLWDQGRTXHWHQKDFRPHWLGRDOJXPHUURQD H[HFXomRGDDomR1RFDVRGH³8pRTXHKRXYH"´R XVXiULRQmRWHPIHHGEDFNGRVLVWHPDHQmRFRQVHJXH HQWHQGHURUHVXOWDGRGDDomR
{6LQWRPDV2XVXiULRH[HFXWDXPDDomRHQmR SHUFHEHHQWHQGHRXDFHLWDRUHVXOWDGR(OH HQWmRUHSHWHRVPHVPRVSDVVRVSDUDFRQIHULUR UHVXOWDGR
,+& )DELDQD&RVWD*XHGHV ϯϰϴ
7HVWHVGH&RPXQLFDELOLGDGH
,QWHUMHLo}HV
3DUDPLPHVWiERP«
{2XVXiULRREWpPXPUHVXOWDGRTXHHOH
DFUHGLWDVHURGHVHMDGRPDVTXHQmRRp
{6LQWRPDV2XVXiULRGiDWDUHIDSRU
WHUPLQDGDVHPQRHQWDQWRSHUFHEHUTXHQmR DOFDQoRXRUHVXOWDGRGHVHMDGR
,+& )DELDQD&RVWD*XHGHV ϯϰϵ
7HVWHVGH&RPXQLFDELOLGDGH
,QWHUMHLo}HV
1mRGi
{2XVXiULRQmRpFDSD]GHDOFDQoDURREMHWLYR
SURSRVWRRXSRUTXHRVUHFXUVRVWHPSR SDFLrQFLDLQIRUPDomRGHVHMDGDHWFQmR HVWDYDPGLVSRQtYHLVRXSRUTXHHOHQmRVDELD FRPR
{6LQWRPDV2XVXiULRDEDQGRQDDWDUHIDVHP
WHUFRQVHJXLGRDWLQJLUVHXREMHWLYR
,+& )DELDQD&RVWD*XHGHV ϯϱϬ
7HVWHVGH&RPXQLFDELOLGDGH
,QWHUMHLo}HV
'HL[DSUDOi«1mRREULJDGR
{2XVXiULRQmRHQWHQGHDVVROXo}HVGHLQWHUDomR SULPiULDVRIHUHFLGDVSHORGHVLJQHUHUHVROYHVHX SUREOHPDGHDOJXPDRXWUDIRUPD1RFDVRGR³1mR REULJDGR´HOHHQWHQGHDVROXomRPDVSUHIHUHRXWUDV IRUPDVGHLQWHUDomR
{6LQWRPDV2XVXiULRQmRHQFRQWUDDIRUPDGH LQWHUDomRSULQFLSDORIHUHFLGDSDUDVHH[HFXWDUXPD DomRRXHQWmRGHFLGHQmRXViOD1RWHVHTXHHVVH FDVRWLSLFDPHQWHVHJXHXPDLQWHUMHLomRGH³2QGH HVWi"´
,+& )DELDQD&RVWD*XHGHV ϯϱϭ
7HVWHVGH&RPXQLFDELOLGDGH
,QWHUMHLo}HV
6RFRUUR
{
2XVXiULRQmRFRQVHJXHUHDOL]DUVXD
WDUHIDDWUDYpVGDH[SORUDomRGD
LQWHUIDFH
{
2VLQWRPDpUHFRUUHUjGRFXPHQWDomR
ϮϮ
,+& )DELDQD&RVWD*XHGHV ϯϱϮ
7HVWHVGH&RPXQLFDELOLGDGH
1DVHOHomRGHXPDWDUHIDSDUDXPWHVWHGH
FRPXQLFDELOLGDGHRVVHJXLQWHVFULWpULRVGHYHPVHU OHYDGRVHPFRQWD
{2VSRQWRVRQGHRGHVLJQHUHVWiFLHQWHRXDFUHGLWD TXHSRVVDKDYHUUXSWXUDGHFRPXQLFDomR$OJXQV GHVVHVSRQWRVSRGHPVXUJLUGHYLGRDRGLOHPDGH FRPXQLFDELOLGDGH
{3RQWRVFUtWLFRVGDDSOLFDomRRXVHMDRQGHRXVXiULR QmRSRGHHUUDU
,+& )DELDQD&RVWD*XHGHV ϯϱϯ
7HVWHVGH8VDELOLGDGH;7HVWHVGH
&RPXQLFDELOLGDGH
7HVWHVGH8VDELOLGDGH± DYDOLDRSURGXWRHP
WHUPRVTXDQWLWDWLYRVRTXHQmRUHVXOWDHP
PHGLGDVSUiWLFDVGHDOWHUDomR