81,9(56,'$'((67$'8$/3$8/,67$
)$&8/'$'('(&,Ç1&,$6$*5È5,$6(9(7(5,1È5,$6
&$0386-$%27,&$%$/
'(6(03(1+2&$5$&7(5,67,&$6'(&$5&$d$('$
48$/,'$'('$&$51('(%29,126'(&257(
7(50,1$'26(0&21),1$0(172
0$5,$/Ë*,$3$&+(&2'$6,/9$
=RRWHFQLVWD
81,9(56,'$'((67$'8$/3$8/,67$
)$&8/'$'('(&,Ç1&,$6$*5È5,$6(9(7(5,1È5,$6
&$0386-$%27,&$%$/
'(6(03(1+2&$5$&7(5,67,&$6'(&$5&$d$('$
48$/,'$'('$&$51('(%29,126'(&257(
7(50,1$'26(0&21),1$0(172
0$5,$/Ë*,$3$&+(&2'$6,/9$
2ULHQWDGRU3URI'U0DXUtFLR0HOORGH$OHQFDU
&RRULHQWDGRU'U5\PHU5DPL]7XOOLR
'LVVHUWDomR DSUHVHQWDGD j )DFXOGDGHGH &LrQFLDV $JUiULDV H 9HWHULQiULDV ± 8QHVS &DPSXV -DERWLFDEDO FRPR SDUWH GDV H[LJrQFLDV SDUD D REWHQomR GR WtWXORGH0HVWUHHP=RRWHFQLD
6LOYD0DULD/tJLD3DFKHFRGD
6G 'HVHPSHQKRFDUDFWHUtVWLFDVGHFDUFDoDHGDTXDOLGDGHGDFDUQH GHERYLQRVGHFRUWHWHUPLQDGRVHPFRQILQDPHQWR0DULD/tJLD 3DFKHFRGD6LOYD±±-DERWLFDEDO
[ILOFP
'LVVHUWDomRPHVWUDGR8QLYHUVLGDGH(VWDGXDO3DXOLVWD )DFXOGDGHGH&LrQFLDV$JUiULDVH9HWHULQiULDV
2ULHQWDGRUD0DXUtFLR0HOORGH$OHQFDU
%DQFDH[DPLQDGRUD+LUDVLOYD%RUED$OH[DQGUH%HUQGW %LEOLRJUDILD
%RYLQRVFUX]DGRV(ILFLrQFLDDOLPHQWDU*DQKRGHSHVR ,7tWXOR,,-DERWLFDEDO)DFXOGDGHGH&LrQFLDV$JUiULDVH 9HWHULQiULDV
&'8
)LFKDFDWDORJUiILFDHODERUDGDSHOD6HomR7pFQLFDGH$TXLVLomRH7UDWDPHQWRGD,QIRUPDomR± 6HUYLoR7pFQLFRGH%LEOLRWHFDH'RFXPHQWDomR81(63&kPSXVGH-DERWLFDEDO
'$'26&855,&8/$5(6'2$8725
0$5,$/Ë*,$3$&+(&2'$6,/9$±)LOKDGH0iUFLR-RVp3DFKHFRGD6LOYDH $SDUHFLGD/L]HWH%HUWR3DFKHFRGD6LOYDQDVFLGDHPGHDEULOGHQDWXUDOGH $UDUDTXDUD6mR3DXOR(P-DQHLURGHJUDGXRXVHHP=RRWHFQLDSHOD)DFXOGDGH GH &LrQFLDV $JUiULDV H 9HWHULQiULDV GD 8QLYHUVLGDGH (VWDGXDO 3DXOLVWD ± 8QHVS ± &DPSXVGH-DERWLFDEDO(PGH]HPEURGHIRLDSURYDGRSDUDRLQJUHVVRQRFXUVR GH0HVWUDGRGR3URJUDPDGH3yV*UDGXDomRHP=RRWHFQLDGHVWDPHVPDLQVWLWXLomR (P QRYHPEUR GH IRL VHOHFLRQDGR SDUD R LQJUHVVR QR 'RXWRUDGR HP PDUoR GH
$RVPHXVSDLV0iUFLRH/L]HWHHDPLQKDLUPm0DULD/HWtFLD (DRVPHXVDYyV-RmR%HUWRLQPHPRULDP0DULD0DXUtOLRH*HQL
$R'U0DXUtFLR0HOORGH$OHQFDU 'U5\PHU5DPL]7XOOLR 3URI'U$OH[DQGUH$PVWDOGHQ0RUDHV6DPSDLR
'U$OH[DQGUH%HUQGW 'U5HQDWD7LHNR1DVVXHD 3URID'U+LUDVLOYLD%ROED
$*5$'(&,0(1726
$JUDGHoRD'HXVSULPHLUDPHQWHSHODYLGDHVD~GHGHRQGHWLUDUHLIRUoDVSDUD VHJXLUPHXFDPLQKR
¬)DFXOGDGHGH&LrQFLDV$JUiULDVH9HWHULQiULDV±81(63GH-DERWLFDEDOSHOD IRUPDomRHSHORVFRQKHFLPHQWRVDGTXLULGRV
¬(PEUDSD3HFXiULD6XGHVWH±)D]HQGD&DQFKLPSHODRSRUWXQLGDGHRIHUHFLGD GHHVWDJLDUDSUHQGHUPHGHVHQYROYHUHFUHVFHU
$R'U 0DXULFLR 0HOOR GH $OHQFDU TXH QHVVHV DQRV PH DSRLRX H RULHQWRX QD
UHDOL]DomR GHVWH WUDEDOKR FRQWULEXLomR HVVHQFLDO SDUD PLQKD IRUPDomR SURILVVLRQDO H SHVVRDO
$R'U5\PHU5DPL]7XOOLRSHODJUDQGHFRODERUDomRDMXGDHSDFLrQFLDGXUDQWH WRGRRWHPSRGHQWURGD(PEUDSD2EULJDGRSHODFRQWULEXLomRSURILVVLRQDOHSRUVHUPDLV GR TXH XP VXSHUYLVRU H &RRULHQWDGRU XP FRQVHOKHLUR PH DMXGDQGR QRV PRPHQWRV PDLVGLItFHLV
$R3URI'U$OH[DQGUH$PVWDOGHQ0RUDHV6DPSDLRD3URID+LUDVLOYD%RUEDHD 'UD 5HQDWD 7LHNR 1DVVX SHOD FRQVWDQWH DMXGD GXUDQWH PHX GHVHQYROYLPHQWR DFDGrPLFRHSHODFRODERUDomRQRSURMHWRHSDFLrQFLD
$R'U$OH[DQGUH%HUQGWTXHPHDMXGRXPXLWRQRVPRPHQWRVGHGLILFXOGDGH $RVJUDQGHVDPLJRVGHIDFXOGDGH9LFWRU&HUYR/DULVVD*R]DGLQKD*UHJyULR SHODFRPSDQKLDHPWRGRVRVPRPHQWRVTXHSDVVDPRVMXQWRV6DXGDGHV
$RVPHXVDPLJRVGD3yVJUDGXDomRHFRPSDQKHLURVGHWUDEDOKR7DFLDQH$QD /XLVD$GULDQD$PiOLDSHORFRPSDQKHLULVPRHPWRGRVRVPRPHQWRV
$ 0LFKHOH SRU WHU VLGR PDLV TXH XPD DPLJD H VLP XPD LUPm PH DMXGDQGR SURILVVLRQDOPHQWHHQVLQDQGRVHGHGLFDQGRSHODSDFLrQFLDHPWRGRVRVPRPHQWRVH SRUYLYHUPRVHFUHVFHUPRVMXQWRVGXUDQWHTXDVHWUrVDQRV
$'U'DUFLOHQH0DULD)LJXHLUHGRSRUWHUPHHQVLQDGRJUDQGHVSDVVRVQDYLGD DFDGrPLFD2EULJDGD
ŝ
680È5,2
3iJLQDV
/,67$'($%5(9,$785$6 LL
/,67$'(7$%(/$6 LLL
5(6802 YL
6800$5< YLLL
&$3Ë78/2±&216,'(5$d®(6*(5$,6
,QWURGXomR
5HYLVmRGHOLWHUDWXUD
2EMHWLYRV
*HUDLV
(VSHFtILFRV
5HIHUrQFLDV
&$3Ë78/2±'(6(03(1+2'(%29,126'(&257(7(50,1$'26
(0&21),1$0(172($'$37$d2
5HVXPR
,QWURGXomR
0DWHULDOHPpWRGRV
5HVXOWDGRVHGLVFXVVmR
&RQFOXVmR
5HIHUrQFLDV
&$3Ë78/2±&$5$&7(5,67,&$'(&$5&$d$(48$/,'$'('(
&$51('(%29,126'(&257(&58=$'26
5HVXPR
,QWURGXomR
0DWHULDOHPpWRGRV
5HVXOWDGRVHGLVFXVVmR
&RQFOXVmR
5HIHUrQFLDV
ŝŝ
/,67$'($%5(9,$785$6
D,QWHQVLGDGHGDFRUYHUPHOKD
E,QWHQVLGDGHGDFRUDPDUHOD
$2/ÈUHDGHROKRGHORPER
&06&RQVXPRGH0DWpULD6HFD
&203&RPSULPHQWRGHFDUFDoD
&25$3HVRGRFRUDomR
&5$&DSDFLGDGHGHUHWHQomRGHiJXD
''3HVRGRGLDQWHLURGLUHLWR
'(3HVRGRGLDQWHLURHVTXHUGR
($(ILFLrQFLDDOLPHQWDU
(*(VSHVVXUDGHJRUGXUDGHFREHUWXUD
)&)RUoDGHFLVDOKDPHQWR
),*3HVRGRItJDGR
**9*UXSRJHQpWLFRGDYDFD
*3&*DQKRGHSHVRGXUDQWHDIDVHGHFULD
*3'F*DQKRGHSHVRGLiULRHPFRQILQDPHQWR
*353HVRGDJRUGXUDSHULUUHQDO
*35H*DQKRGHSHVRGXUDQWHDIDVHGHUHFULD
*37*DQKRGHSHVRGXUDQWHDIDVHGHWHUPLQDomR
//XPLQRVLGDGH
0$50DUPRUHLR
1'71XWULHQWHVGLJHVWtYHLVWRWDLV
3DE3HVR)LQDODRDEDWH
3$'3HVRGDSRQWDGHDJXOKDGLUHLWD
3$(3HVRGDSRQWDGHDJXOKDHVTXHUGD
3&3HVRQRLQLFLRGRFRQILQDPHQWR
S+3RWHQFLDOKLGURJHQL{QLFR
313HVRDRQDVFLPHQWR
333HVRQRLQtFLRGRSHUtRGRGHSDVWDJHP 33&3HUGDSRUFRFomR
352)3URIXQGLGDGHGDFDUFDoD 5&45HQGLPHQWRGHFDUFDoDTXHQWH
5,03HVRGRVULQV
7'3HVRGRWUDVHLURHVSHFLDOGLUHLWR
7(3HVRGRWUDVHLURHVSHFLDOHVTXHUGR
ŝŝŝ /,67$'(7$%(/$6 3iJLQD &$3Ë78/2 7DEHOD 7DEHOD 1~PHURGHEH]HUURVFRQIRUPHRFUX]DPHQWRHVH[R 3URSRUomRGH%RVWDXUXV%WHGH]HEX=HHGH%RVWDXUXV %WHGHDGDSWDGR$GHPFDGDJUXSRJHQpWLFRGHEH]HUUR SURGX]LGRGHDFRUGRFRPRJUXSRJHQpWLFR**GDYDFDHD UDoDGRWRXUR
7DEHOD 5HVXPR GDV DQiOLVHV GH YDULkQFLD GR SHVR DR QDVFLPHQWR 31 SHVR QR LQtFLR GD SDVWDJHP 33 SHVR QR LQtFLR GR FRQILQDPHQWR3&JDQKRGHSHVRQDFUL*3&HJDQKRGH SHVRQDUHFULD*35H 7DEHOD 7DEHOD 7DEHOD 7DEHOD 7DEHOD
0pGLDV r HUUR SDGUmR GR SHVR DR QDVFLPHQWR 31 GRV DQLPDLV FUX]DGRV GH DFRUGRD LQWHUDomR GD UDoD GR WRXURH JUXSRJHQpWLFRGDYDFD
0pGLDV HVWLPDGDV r HUUR SDGUmR GR SHVR DR QDVFLPHQWR 31SHVRQRLQtFLRGRSHUtRGRGHSDVWDJHP33SHVRLQtFLR GRFRQILQDPHQWR3&JDQKRGHSHVRQDIDVHGHFULD*3&H JDQKR GH SHVR QD IDVH GH UHFULD *35H GH DFRUGR FRP D UDoD GR WRXUR R JUXSR JHQpWLFR GD YDFD **9 H R VH[R
5HVXPR GDV DQiOLVHV GH YDULkQFLD GR SHVR DEDWH 3DE JDQKR GH SHVR GD WHUPLQDomR *37 JDQKR GH SHVR GLiULR *3'F GXUDQWH R FRQILQDPHQWR FRQVXPR GH PDWpULD VHFD &06HHILFLrQFLDDOLPHQWDU($
0pGLDVrHSHVWLPDGDVGRSHVRDEDWH3DEJDQKRGHSHVR GDWHUPLQDomR*37JDQKRGHSHVRGLiULR*3'FGXUDQWHR FRQILQDPHQWR FRQVXPR GH PDWpULD VHFD &06 H HILFLrQFLD DOLPHQWDU($GHDFRUGRFRPUDoDGRWRXURJUXSRJHQpWLFR GDYDFD**9HVH[R
0pGLDV r HS HVWLPDGDV GR JDQKR GH SHVR GLiULR *3'F GXUDQWH R FRQILQDPHQWR GH DFRUGR D LQWHUDomR GD UDoD GR
ŝǀ WRXURHVH[R &$3Ë78/2
7DEHOD 1~PHURGHEH]HUURVFRQIRUPHRFUX]DPHQWRHVH[R
7DEHOD 3URSRUomRGH%RVWDXUXV%WHGH]HEX=HHGH%RVWDXUXV %WHGHDGDSWDGR$GHPFDGDJUXSRJHQpWLFRGHEH]HUUR SURGX]LGRGHDFRUGRFRPRJUXSRJHQpWLFR**GDYDFDHD UDoDGRWRXUR 7DEHOD 5HVXPRGDVDQiOLVHVGHYDULkQFLDGRUHQGLPHQWRGHFDUFDoD TXHQWH 5&4 FRPSULPHQWR GD FDUFDoD &203 SURIXQGLGDGH GD FDUFDoD 3) HVSHVVXUD GH *RUGXUD (* iUHDGHROKRGHORPER$2/
7DEHOD 0pGLDVrHUURSDGUmRHVWLPDGDVGRUHQGLPHQWRGHFDUFDoD TXHQWH 5&4 FRPSULPHQWR GD FDUFDoD &203 SURIXQGLGDGHGDFDUFDoD352)HVSHVVXUDGHJRUGXUD(* iUHDGHROKRGHORPER$2/GHDFRUGRFRPUDoDGRWRXUR
JUXSR JHQpWLFR GD YDFD **9 H
VH[R
7DEHOD 5HVXPR GDV DQiOLVHV GH YDULkQFLD GR SHVR GR FRUDomR &25$ ItJDGR ),* ULP 5,0 H JRUGXUD SHULUUHQDO *35
7DEHOD 0pGLDV HVWLPDGDV r HUUUR SDGUmR GR SHVR GR FRUDomR &25ItJDGR),*ULP5,0HJRUGXUDSHULUUHQDO*35GH DFRUGR FRP UDoD GR WRXUR JUXSR JHQpWLFR GD YDFD **9 H VH[R
7DEHOD 5HVXPR GDV DQiOLVHV GH YDULkQFLD GR SHVR GD SRQWD GH DJXOKD GLUHLWD 3$' SRQWD GH DJXOKD HVTXHUGD 3$( WUDVHLURHVSHFLDOGLUHLWR7'WUDVHLURHVSHFLDOHVTXHUGR7( GLDQWHLUR GLUHLWR '' H GLDQWHLUR HVTXHUGR '( WRGRV QD FDUFDoDIULD
ǀ
YDFD**9HVH[R
7DEHOD 5HVXPRGDVDQiOLVHVGHYDULkQFLDGDOXPLQRVLGDGH/&$5 ,QWHQVLGDGH GD FRU YHUPHOKD D&$5 ,QWHQVLGDGH GD FRU DPDUHOD E&$5 GD FDUQH H OXPLQRVLGDGH /*25 ,QWHQVLGDGH GD FRU YHUPHOKD D*25 H ,QWHQVLGDGH GD FRU DPDUHODE*25GDJRUGXUD
7DEHOD 0pGLDV HVWLPDGDV rHUUR SDGUmR GD OXPLQRVLGDGH /&$5 LQWHQVLGDGH GD FRU YHUPHOKD D&$5 LQWHQVLGDGH GD FRU DPDUHOD E&$5 GD FDUQH H OXPLQRVLGDGH /*25 LQWHQVLGDGH GD FRU YHUPHOKD D*25 LQWHQVLGDGH GD FRU DPDUHOD E*25 GD JRUGXUD GH DFRUGR FRP UDoD GR WRXUR JUXSRJHQpWLFRGDYDFD**9HVH[R
7DEHOD 0pGLDV HVWLPDGDV r HUUR SDGUmR GD LQWHQVLGDGH GD FRU YHUPHOKDGDFDUQHD&$5HLQWHQVLGDGHGDFRUDPDUHODGD FDUQH E&$5 GH DFRUGR D LQWHUDomR GD UDoD GR WRXUR H VH[R 7DEHOD 5HVXPRGDVDQiOLVHVGHYDULkQFLDGDFDSDFLGDGHGHUHWHQomR GHiJXD&5$SRWHQFLDOKLGURJrQFLFRS+SHUFDSRUFRFomR 33& IRUoD GH FLVDOKDPHQWR )& H PDUPRUL]DomR 0$5
7DEHOD 0pGLDVrHSHVWLPDGDVGDFDSDFLGDGHGHUHWHQomRGHiJXD &5$SRWHQFLDOKLGURJrQFLFRS+SHUFDSRUFRFomR33& IRUoDGHFLVDOKDPHQWR)&HPDUPRUL]DomR0$5GHDFRUGR FRP UDoD GR WRXUR JUXSR JHQpWLFR GD YDFD **9 H VH[R
ǀŝ
'(6(03(1+2&$5$&7(5Ë67,&$6'(&$5&$d$('$48$/,'$'('$&$51( '(%29,126'(&257(7(50,1$'26(0&21),1$0(172
ǀŝŝ
WUDVHLUR NJ YV NJ GLDQWHLUR NJ YV NJ SHVR GRV yUJmRVSHVRILQDODRDEDWHNJYVNJJDQKRGHSHVRWRWDOQRFRQILQDPHQWR NJYVNJJDQKRPpGLRGLiULRHPFRQILQDPHQWRNJGLDYVNJGLDH HILFLrQFLDDOLPHQWDUNJNJYVNJNJ0HOKRUHVYDORUHVGDLQWHQVLGDGHGDFRU YHUPHOKDQDFDUQHGDOXPLQRVLGDGHGDFDUQHHGDJRUGXUDGDFDSDFLGDGHGHUHWHQomR GHiJXDHGDPDUPRUL]DomRIRUDPHQFRQWUDGRVQRVILOKRVGRVWRXURV+HUHIRUGH3DUGR 6XLoR HQTXDQWR D LQWHQVLGDGH GD FRU DPDUHOD QD JRUGXUD IRL PHOKRU QRV ILOKRV GRV WRXURV &DQFKLP H 3DUGR 6XLoR $ PDFLH] GD FDUQH QmR IRL LQIOXHQFLDGD SHOR JUXSR JHQpWLFR GRV EH]HUURV VHQGR TXH D IRUoD GH FLVDOKDPHQWR YDULRX GH NJIFPDNJIFPGHSHQGHQGRGRJUXSRJHQpWLFRGREH]HUUR
3DODYUD FKDYH ERYLQRV FUX]DGRV HILFLrQFLD DOLPHQWDU JDQKR HP SHVR PDFLH] GD FDUQHUHQGLPHQWRGHFDUFDoD
ǀŝŝŝ
*52:7+&$5&$6675$,76$1'0($748$/,7<2)%(()&$77/(),1,6+(' ,1)(('/27
ŝdž
%URXQYLHKEXOOVZKLOHIDW\HOORZFRORULQWHQVLW\ZHUHIRXQGIRURIIVSULQJRI&DQFKLPDQG %URXQYLHKEXOOV7KHRIIVSULQJRI1HOORUHFRZVVKRZIDWZLWKKLJKHU\HOORZFRORULQWHQVLW\ WKDQWKHRIIVSULQJRIWKHFURVVEUHGFRZV0HDWWHQGHUQHVVZDVQRWDIIHFWHGE\JHQHWLF JURXSRIDQLPDOVDQGWKHVKHDUIRUFHYDULHGIURPGHNJIFPWR NJIFPGHSHQGLQJRQWKHJHQHWLFJURXS
.H\ZRUGV FURVVEUHG FDWWOH IHHG HIILFLHQF\ ZHLJKW JDLQ PHDW WHQGHUQHVV FDUFDVV FXWDELOLW\
ϭ
&$3Ë78/2±&216,'(5$d®(6*(5$,6
,1752'8d2
2 %UDVLO HQFRQWUDVH HP SRVLomR GH GHVWDTXH TXDQWR j SURGXomR GH FDUQH ERYLQD 3RVVXL R PDLRU UHEDQKR FRPHUFLDO GR PXQGR H UHFHQWHPHQWH FRQVROLGRXVH FRPRRPDLRUH[SRUWDGRUGHFDUQHHPTXDQWLGDGHHTXLYDOHQWHFDUFDoD(PDQR HPTXHVHFRQVROLGRXFRPRRPDLRUH[SRUWDGRUGHFDUQHERYLQDRSDtVSRVVXtD PLOK}HVGHERYLQRVDEDWHXPLOK}HVGHDQLPDLVSURGX]LXPLOK}HVGHWRQHODGDV GH HTXLYDOHQWHFDUFDoD H H[SRUWRX PLOK}HV GH WRQHODGDV GH HTXLYDOHQWHFDUFDoD WRWDOL]DQGRELOK}HVGHGyODUHV(PRUHEDQKRQDFLRQDOSRVVXtDPLOK}HV GH DQLPDLV GRV TXDLV IRUDP DEDWLGRV WRWDOL]DQGR FHUFD GH PLOK}HV GH DQLPDLVSURGX]LQGRPLOK}HVGHWRQHODGDVGHHTXLYDOHQWHFDUFDoDHH[SRUWDQGR PLOK}HVGHWRQHODGDVGHHTXLYDOHQWHFDUFDoDILQDOL]DQGRRDQRFRPXPVDOGRGH86 PLOK}HV&216(/+21$&,21$/'$3(&8È5,$'(&257(
(VVDV FRQTXLVWDV REWLGDV SHOD SHFXiULD GHYHPVH j PRGHUQL]DomR H jV PRGLILFDo}HVGRVHWRUQDV~OWLPDVGpFDGDVUHVXOWDQGRHPDXPHQWRVQDSURGXWLYLGDGH GRV VLVWHPDV GH SURGXomR H QD TXDOLGDGH GRV SURGXWRV $VVLP RV SHFXDULVWDV SURFXUDP PHOKRUDU RV tQGLFHV GH SURGXomR LGDGH DR DEDWH HWFDGDSWDQGRVH jV QRYDV WHFQRORJLDV GD JHQpWLFD QXWULomR H PDQHMR VDQLWiULR GRV DQLPDLV SDUD DWLQJLU PDLRU HILFLrQFLD SURGXWLYD H DOFDQoDU OXFURV WRUQDQGR D SHFXiULD PDLV SURGXWLYD H FRPSHWLWLYD
Ϯ
TXDQWRDRVDVSHFWRVVDQLWiULRVHjTXDOLGDGHGRSURGXWRILQDOFRPRLQWXLWRGHPDQWHUR PHUFDGR DWXDO H FRQTXLVWDU QRYRV PHUFDGRV FRP PHOKRU UHPXQHUDomR 3DUD LVVR p QHFHVViULRWHUPDLVFRPSHWLWLYLGDGHRXVHMDpSUHFLVRTXHRVHWRUVHMDPDLVHILFLHQWH GLVSRQLELOL]DQGR SURGXWRV GH TXDOLGDGH D SUHoRV DFHVVtYHLV SDUD VXSULU D FUHVFHQWH GHPDQGDLQWHUQDHJHUDUH[FHGHQWHVSDUDH[SRUWDomR
8PGRVIDWRUHVUHVSRQViYHLVSHORVEDL[RVtQGLFHVSURGXWLYRVGDERYLQRFXOWXUDGH FRUWHQR%UDVLOpREDL[RSRWHQFLDOJHQpWLFRGRVUHEDQKRV75(0$725(HWDO 8PD GDV PDQHLUDV GH FRQWRUQDU HVWH SUREOHPD p XWLOL]DU DV GLIHUHQoDV JHQpWLFDV H[LVWHQWHVHQWUHDVUDoDVSRUPHLRGRXVRGHFUX]DPHQWRVRUJDQL]DQGRDFDVDODPHQWRV YLVDQGRjREWHQomRGHPHOKRUFRPSRVLomRDGLWLYDHQmRDGLWLYDQRVDQLPDLV$/(1&$5 HWDO6HJXQGR6LOYHLUDDUHGXomRQDLGDGHGRDEDWHDOLDGDDRSRWHQFLDO JHQpWLFRGHDQLPDLVFUX]DGRVIRLXPDLPSRUWDQWHDOWHUQDWLYDSDUDSURGX]LUFDUQHFRP HILFLrQFLD H TXDOLGDGH $VVLP R XVR GH FUX]DPHQWR HQWUH DQLPDLV%RV WDXUXVH%RV LQGLFXV SDVVRX D VHU XPD DOWHUQDWLYD SDUD D SURGXomR GH DQLPDLV DGDSWDGRV jV FRQGLo}HV EUDVLOHLUDV PHOKRUDQGR R UHQGLPHQWR D TXDOLGDGH H R SHVR GD FDUFDoD H FRQVHTHQWHPHQWHGRVFRUWHVFiUQHRVSURGX]LGRVQRSDtV52'5,*8(6HWDO
6HJXQGR $OHQFDU RV EHQHItFLRV GR FUX]DPHQWR HQWUH UDoDV SRGHP VHU LQFUHPHQWDGRVVHDVIrPHDVFUX]DGDVIRUHPLQFRUSRUDGDVDRVVLVWHPDVGHSURGXomR $OpP GRV EHQHItFLRV QDV FDUDFWHUtVWLFDV UHSURGXWLYDV HVVDV IrPHDV FUX]DGDV SRGHP VHUXVDGDVSDUDDXPHQWDUDSURSRUomRGHWDXULQRQRVDQLPDLVGHDEDWHPHOKRUDQGRD TXDOLGDGHGDFDUQH(QWUHWDQWRRDXPHQWRGDSURSRUomRGHWDXULQRSRGHHVEDUUDUHP SUREOHPDV GH DGDSWDomR VHQGR QHFHVViULR TXH GLIHUHQWHV VLVWHPDV GH FUX]DPHQWR VHMDPDYDOLDGRVHPGLIHUHQWHVVLVWHPDVGHSURGXomRIRUQHFHQGRVXEVtGLRVSDUDTXHRV SURGXWRUHVSRVVDPHIHWLYDPHQWHXVXIUXLUGRVEHQHItFLRVGRFUX]DPHQWRHQWUHUDoDV
5(9,62'(/,7(5$785$
ϯ
GR SURGXWR ILQDO 1HVVH FRQWH[WR PHOKRULDV GR SRWHQFLDO JHQpWLFR GRV DQLPDLV H VXD DGHTXDomR DR DPELHQWH H DR PDQHMR FRQWLQXDP VHQGR SRQWRV LPSRUWDQWHV SDUD VH DOFDQoDUPDLRUHILFLrQFLDGRVVLVWHPDVGHSURGXomR
1R TXH VH UHIHUH DR GHVHPSHQKR H j HILFLrQFLD GH SURGXomR D HILFLrQFLD DOLPHQWDUpDVSHFWRLPSRUWDQWHSRLVIRUQHFHUDOLPHQWRVDRVDQLPDLVUHSUHVHQWDRLQSXW GH PDLRU FXVWR HP WRGR VLVWHPD GH SURGXomR DQLPDO LQFOXVLYH HP ERYLQRV GH FRUWH $5&+(5HWDO6HJXQGR&UX]HWDODDVHVWUDWpJLDVGHDOLPHQWDomRH GHPDQHMRHDJHQpWLFDVmRRVSULQFLSDLVIDWRUHVGHWHUPLQDQWHVGDTXDOLGDGHGDFDUQH ERYLQD H GD HILFLrQFLD GH FRQYHUVmR DOLPHQWDU 1R %UDVLO D WHUPLQDomR GH DQLPDLV p IHLWD HP JUDQGH SDUWH HP UHJLPH GH SDVWDJHQV H DV IRUUDJHLUDV WURSLFDLV SRVVXHP OLPLWDomRGHYDORUQXWULWLYRHTXDQGRXVDGDVH[FOXVLYDPHQWHQDSURGXomRGHERYLQRVR DEDWHRFRUUHSRUYROWDGHPHVHVGHLGDGHGRDQLPDO78//,2HWDO
ϰ
$18$/3(& SURSRUFLRQDQGR D OLEHUDomR GH iUHDV SDUD RXWUDV FDWHJRULDV DQLPDLV RX SDUD SUHVHUYDomR DPELHQWDO 3RUWDQWR HVWUDWpJLDV GH DOLPHQWDomR H GH PDQHMR GXUDQWH DV YiULDV IDVHV FULD UHFULD H WHUPLQDomR GD SURGXomR GH ERYLQRV DGHTXDGDV DRV UHFXUVRV JHQpWLFRV DQLPDLV GLVSRQtYHLV VmR IXQGDPHQWDLV QD RWLPL]DomRGRVVLVWHPDVGHSURGXomR
$VFRQGLo}HVFOLPiWLFDVUHLQDQWHVHPiUHDVWURSLFDLVHVXEWURSLFDLVUHTXHUHPR XVR GH ERYLQRV GH FRUWH TXH VHMDP DGDSWDGRV jV FRQGLo}HV PDLV DGYHUVDV GR DPELHQWH FRPR WHPSHUDWXUDV PDLV DOWDV IRUUDJHQV FRP PHQRU YDORU QXWULWLYR H LQIHVWDomRGHHFWRSDUDVLWDV5,%(,52HWDO$VVLPDSUR[LPDGDPHQWHGR UHEDQKRERYLQREUDVLOHLURWrPJHQHVGHRULJHP]HEXtQD%RVWDXUXVLQGLFXVVHMDQD IRUPDGHDQLPDLVSXURVRXUHVXOWDQWHVGHFUX]DPHQWRV-26$+.,$1WHQGRHP YLVWDDVFDUDFWHUtVWLFDVGRFOLPDWURSLFDOSUHGRPLQDQWH$SHVDUGHVHUHPDGDSWDGRVRV ]HEXtQRVSURGX]HPPHQRVTXDQGRFRPSDUDGRVFRPRVSURGXWRVGHRULJHPGHUDoDV WDXULQDVTXDQGRHVVDV~OWLPDVVmRFULDGDVHPDPELHQWHDGHTXDGRRXIDYRUiYHODHODV $VVLPDVUDoDV]HEXtQDVVmRUHFRQKHFLGDVSRUSURGX]LUHPFDUQHPHQRVPDFLDGRTXH DV UDoDV WDXULQDV 02/(77$ 5(67/( 9$= HW DO ([FHWXDQGRVH DOJXPDVUHJL}HVGR%UDVLORQGHpSRVVtYHODFULDomRGHUDoDVGDHVSpFLH%RVWDXUXVD FULDomRGHWDXULQRVQDPDLRUSDUWHGRSDtVH[LJLULDLQYHVWLPHQWRVPXLWRDOWRVSRGHQGR DXPHQWDU R FXVWR GH SURGXomR H WRUQDU R VLVWHPD GH SURGXomR LQHILFLHQWH H QmR FRPSHWLWLYR $ EXVFD SRU JHQyWLSRV DGDSWDGRV jV QRVVDV FRQGLo}HV GH FOLPD H FRP FDUDFWHUtVWLFDV SURGXWLYDV VHPHOKDQWHV j GRV DQLPDLV HXURSHXV SURYHQLHQWHV GH SURFHVVRVGHVHOHomRVHFXODUHVpXPREMHWLYRGDSHFXiULDGHFRUWH(8&/,'(6),/+2 ),*8(,5('2$LQGDVHJXQGRHVVHVDXWRUHVDXWLOL]DomRGRFUX]DPHQWRHQWUH UDoDV ]HEXtQDV H UDoDV WDXULQDV DXPHQWDD SURGXWLYLGDGH SRUPHLR GDKHWHURVH HGD FRPELQDomRDGLWLYDTXHSRGHHVWDUSUHVHQWHWDQWRSDUDFDUDFWHUtVWLFDVDGDSWDWLYDV%RV LQGLFXV H %RV WDXUXV DGDSWDGR TXDQWR SDUD DOJXPDV SURGXWLYDV %RV WDXUXV &/,0$&2HWDO
ϱ
PHOKRUDU D TXDOLGDGH GD FDUQH SULQFLSDOPHQWH D PDFLH] $OHQFDU IH] UHYLVmR DPSOD GRV WUDEDOKRV VREUH FUX]DPHQWRV HQWUH UDoDV ERYLQDV UHDOL]DGRV QR %UDVLO LOXVWUDQGR DOJXQV GDTXHOHV IDWRUHV TXH LQIOXHQFLDP R GHVHPSHQKR GRV DQLPDLV FUX]DGRVHPUHODomRDRVSXURV(PUHODomRjVUDoDV]HEXtQDVRVWUDEDOKRVHPJHUDO PRVWUDPTXHRVDQLPDLVFUX]DGRVVmRVXSHULRUHVDRVSXURVSDUDYiULDVFDUDFWHUtVWLFDV GHGHVHPSHQKRHQWUHHODVFUHVFLPHQWRSHVRHJDQKRHPSHVRHPSDVWDJHPHHP FRQILQDPHQWRHILFLrQFLDUHSURGXWLYDGDVIrPHDVHDOJXPDVFDUDFWHUtVWLFDVGHFDUFDoD SHVRGDFDUFDoDHiUHDGHROKRGHORPERPDVQmRSDUDRXWUDVFRPRUHQGLPHQWRGH FDUFDoD HP TXH QRUPDOPHQWH QmR Ki GLIHUHQoD HQWUH FUX]DGRV H SXURV HQTXDQWR D HVSHVVXUD GH JRUGXUD HP JHUDO p PDLRU QRV DQLPDLV ]HEXtQRV SULQFLSDOPHQWH QR 1HORUH GR TXH QRV FUX]DGRV SRLV RV DQLPDLV ]HEXtQRV DOFDQoDP D PDWXULGDGH ILVLROyJLFDSULPHLURTXHRVDQLPDLVFUX]DGRVDVVLPRV=HEXVQRUPDOPHQWHGHSRVLWDP SULPHLUR D JRUGXUD TXDQGR FRPSDUDGRV DRV WDXULQRV RX FUX]DGRV $OHP GHVWH DXWRU RXWURVWDPEpPYHULILFDUDPTXHDQLPDLVFUX]DGRVDSUHVHQWDUDPPDLRUSHVRYLYRHGH FDUFDoDGRTXHDQLPDLV1HORUH&58=HWDOD$/(1&$5HWDO&58=HW DO E $ VXSHULRULGDGH GDV IrPHDV FUX]DGDV SDUD FDUDFWHUtVWLFDV UHSURGXWLYDV VXJHUHDPDQXWHQomRGHVVDVIrPHDVQRVLVWHPDGHSURGXomRYLVDQGRHOHYDUDWD[DGH GHVPDPD $V YDFDV FUX]DGDV HQWUHWDQWR VmR PDLV SHVDGDV VXJHULQGR PDLRU H[LJrQFLD DOLPHQWDU SDUD PDQXWHQomR R TXH SRGH VH WRUQDU XP IDWRU DOWDPHQWH GHVIDYRUiYHOGHSHQGHQGRGDVFRQGLo}HVGHFULDomR&DOHJDUHHWDODE WUDEDOKDQGRFRPHILFLrQFLDGHFRQYHUVmRGHYDFDVGHFRUWHGRLQtFLRGRSyVSDUWRDRV GLDV GH ODFWDomR PRVWUDUDP TXH Ki JUDQGH YDULDomR IHQRWtSLFD QD HILFLrQFLD GH FRQYHUVmRGHYDFDVGHFRUWHGHGLIHUHQWHVJUXSRVJHQpWLFRVWDQWRHQWUHFRPRGHQWUR GHJUXSRVJHQpWLFRVHTXHDHILFLrQFLDGHSHQGLDGRJUXSRJHQpWLFRGREH]HUUR
ϲ
$QJXV[1HORUHH6LPHQWDO[1HORUHTXDQWRDRJDQKR GHSHVRFRQVXPRGHPDWpULD VHFDHHILFLrQFLDGHFRQYHUVmRDOLPHQWDUGHPDFKRV
&RP UHODomR j FDUFDoD H j TXDOLGDGH GD FDUQH H[LVWHP YiULRV WUDEDOKRV UHDOL]DGRVQR%UDVLOFRPSDUDQGRGLIHUHQWHVJUXSRVJHQpWLFRV1RUPDQYHULILFRX TXH R &DQFKLP DSUHVHQWRX YDORUHV GH PDFLH] LQWHUPHGLiULRV PDV PDLV SUy[LPRV GR &KDUROrVGRTXHGRV]HEXtQRV1HORUHH*X]HUi5XEHQVDQHWDOYHULILFDUDP PDLRUHV DWLYLGDGHV GD FDOSDVWDWLQD H IRUoD GH FLVDOKDPHQWR QD FDUQH GH QRYLOKRV +HUHIRUG 1HORUH GR TXH QD FDUQH GH QRYLOKRV +HUHIRUG 1HORUH H +HUHIRUG6LOYHLUDHWDODSUHVHQWDPDOJXQVUHVXOWDGRVHPTXHGLIHUHQWHVJUXSRV JHQpWLFRV DSUHVHQWDUDP GLIHUHQoDV QD JRUGXUD VXEFXWkQHD QR PiUPRUH QD JRUGXUD WRWDOQRS+GDFDUQHHQDIRUoDGHFLVDOKDPHQWR5HYLVDQGRYiULRVWUDEDOKRV5(67/( HWDO02/(77$ 5(67/(9$=HWDOUHDOL]DGRVQR 5LR*UDQGHGR6XOPRVWUDUDPTXHH[LVWHPGLIHUHQoDVHQWUHJUXSRVJHQpWLFRVTXDQWRD FDUDFWHUtVWLFDVGDFDUQHHWHQGrQFLDVGHUHGXomRQDPDFLH]GDFDUQHFRPRDXPHQWR GR³JUDXGHVDQJXH´1HORUHHPFUX]DPHQWRVGH+HUHIRUGHGH&KDUROrVFRP1HORUH
&UX] HW DO D H 7XOOLR HW DO DE QmR REVHUYDUDP GLIHUHQoDV HP FDUDFWHUtVWLFDV GD FDUQH HQWUH HODV D PDFLH] PHGLGD SHOD IRUoD GH FLVDOKDPHQWR GH DQLPDLV 1HORUH H FUX]DGRV &DQFKLP [ 1HORUH 6LPHQWDO [ 1HORUH H $QJXV [ 1HORUH WHUPLQDGRVHPFRQILQDPHQWRHRXHPSDVWDJHPVXJHULQGRTXHRVDQLPDLV)SRVVXHP
FDUQHGHWH[WXUDVHPHOKDQWHjGR1HORUH&UX]HWDOEREVHUYDUDPGLIHUHQoDV HQWUHHVVHVJUXSRVJHQpWLFRVTXDQWRDRSHUILOGHiFLGRVJUD[RVVHQGRTXHDFDUQHGRV DQLPDLV1HORUHDSUHVHQWRXPDLRUFRQFHQWUDomRGHiFLGRVJUD[RVSROLLQVDWXUDGRVWRWDLV HPUHODomRDRVFUX]DGRV78//,2
ϳ
FRPSHWLWLYLGDGH GD SHFXiULD GH FRUWH GR SDtV LQFOXVLYH SDUD D FRQTXLVWD GH QRYRV PHUFDGRVPDLVH[LJHQWHV
2%-(7,926
*(5$,6
2 REMHWLYR JHUDO GHVWH WUDEDOKR IRL DYDOLDU HVWUDWpJLDV GH XVR GH UHFXUVRV JHQpWLFRVERYLQRVYLVDQGRjSURGXomRHILFLHQWHGHFDUQHGHTXDOLGDGH
(63(&Ë),&26
$YDOLDU R GHVHPSHQKR GH ERYLQRV GH GLIHUHQWHV JUXSRV JHQpWLFRV HP FRQILQDPHQWR
$YDOLDU D TXDOLGDGH GD FDUQH GH ERYLQRV GH GLIHUHQWHV JUXSRV JHQpWLFRV WHUPLQDGRVHPFRQILQDPHQWR
5()(5Ç1&,$6
$/(1&$500/RVFUX]DPLHQWRVSDUDODSURGXFFLyQGHFDUQHERYLQD,Q&RQJUHVR ,QWHUQDFLRQDO GH 7UDQVIHUHQFLD7HFQROyJLFD $JURSHFXDULD $VXQFLyQ$QDLV $VXQFLyQ&($S
$/(1&$500&UX]DPHQWRHPJDGRGHFRUWH,Q=227(&/RQGULQD$QDLV /RQGULQD8(0$%=S
ϴ
%5$6,/(,5$ '( =227(&1,$ &DPSR *UDQGH$QDLV&DPSR *UDQGH 6%=&'520
$/(1&$5 00 &58= *0 78//,2 55 &255Ç$ /$ 6$03$,2 $$0 %$5%26$3)3HVRYLYRLGDGHGHDEDWHGXUDomRGRFRQILQDPHQWRHFDUDFWHUtVWLFDV GHFDUFDoDGHERYLQRVMRYHQVSURYHQLHQWHVGHFUX]DPHQWRVGHUDoDVDGDSWDGDVHQmR DGDSWDGDV,Q5(81,2$18$/'$62&,('$'(%5$6,/(,5$'(=227(&1,$ -DERWLFDEDO$QDLV-DERWLFDEDO6%=&'520S
$18$/3(& $QXiULR GD 3HFXiULD %UDVLOHLUD 6mR 3DXOR )13 &RQVXOWRULD &RPpUFLRS
$5&+(5-$5(9(57(5$+(5'50-2+16721'-$57+853)*HQHWLF YDULDWLRQ LQ IHHG LQWDNH DQG HIILFLHQF\ RI PDWXUH EHHI FRZV DQG UHODWLRQVKLSV ZLWK SRVWZHDQLQJ PHDVXUHPHQWV ,Q :25/' &21*5(66 21 *(1(7,&6 $33/,(' 72 /,9(672&.352'8&7,213URFHHGLQJV0RQWSHOOLHU)UDQFH,51$
%85*8, 5 &RQILQDPHQWR HVWUDWpJLFR ,Q 0$7726:56 $ SURGXomR DQLPDO QD YLVmRGRVEUDVLOHLURV3LUDFLFDED)HDOTS
&/Ë0$&2 60 5,%(,52 (/$ 0,=8%87, ,< 6,/9$ /') %$5%26$ 0$$)%5,',$0'HVHPSHQKRHFDUDFWHUtVWLFDVGHFDUFDoDGHERYLQRVGHFRUWHGH TXDWUR JUXSRV JHQpWLFRV WHUPLQDGRV HP FRQILQDPHQWR 5HYLVWD %UDVLOHLUD GH =RRWHFQLDYQS
&$/(*$5(/$/(1&$5003$&.(5,8/$11$'3'(QHUJ\UHTXLUHPHQWV DQG FRZFDOI HIILFLHQF\ RI 1HOORUH DQG &RQWLQHQWDO DQG %ULWLVK%RV WDXUXV[ 1HOORUH FURVVHV-RXUQDORI$QLPDO6FLHQFHYQS
ϵ
&$/(*$5( / $/(1&$5 00 3$&.(5 ,8 )(55(/ &/ /$11$ '3' &RZFDOI SUHZHDQLQJ HIILFLHQF\ RI 1HOORUH DQG %RV WDXUXV [ %RV LQGLFXV FURVVHV
-RXUQDORI$QLPDO6FLHQFHYSD
&$/(*$5(/$/(1&$5003$&.(5,8/(0(35)(55(/&//$11$ '3' 3UHZHDQLQJ SHUIRUPDQFH DQG ERG\ FRPSRVLWLRQ RI FDOYHV IURP VWUDLJKWEUHG 1HOORUHDQG%RV WDXUXV[1HOORUHFURVVHV-RXUQDORI $QLPDO6FLHQFHYS E
&216(/+21$&,21$/'$3(&8È5,$'(&257(%DODQoRGD3HFXiULDGH&RUWH 'LVSRQtYHO HP KWWSZZZFQSFRUJEUVLWH%DODQFR[OV! $FHVVR HP GH GH]HPEURGH
&255($ / $ 5$66,1, -% 78//,2 55 &58= *0 6$1726 30 $/(1&$5 00 52'5,*8(6 $ $ )5(,7$6 $5 3URGXomR GH IRUUDJHP H GHVHPSHQKRGHERYLQRVFDVWUDGRVHPSDVWDJHQVQmRLUULJDGDVFRPVXSOHPHQWDomRQD VHFDRXLUULJDGDVRDQRWRGR,Q5(81,2$18$/'$62&,('$'(%5$6,/(,5$'( =227(&1,$ -RmR 3HVVRD$QDLV-RmR 3HVVRD 6%= I &' 520
&58= *0 78//,2 55 $//(21, *) %(51'7$$/(1&$5 00 /$11$ '3'*DQKRGHSHVRHFRQYHUVmRDOLPHQWDUGHERYLQRMRYHPQmRFDVWUDGRGHTXDWUR JUXSRVJHQpWLFRVHPFRQILQDPHQWRHPUHODomRDRVWDWXVQXWULFLRQDOQDIDVHGHSDVWHMR ,Q 5(81,$2 $18$/ '$ 62&,('$'( %5$6,/(,5$ '( =227(&1,$ 6DQWD0DULD56$QDLV6DQWD0DULD6%=E
ϭϬ
IDVHGHSDVWHMR,Q5(81,$2$18$/'$62&,('$'(%5$6,/(,5$'(=227(&1,$ 6DQWD0DULD56$QDLV6DQWD0DULD6%=F
&58= *0 78//,2 55 52'5,*8(6 $ $ $/(1&$5 00 2/,9(,5$ *3 'HVHPSHQKR GH EH]HUURV 1HORUH H FUX]DGRV GHVPDPDGRV UHFHEHQGR GRLV QtYHLV GH VXSOHPHQWDomR FRQFHQWUDGD HP SDVWDJHP DGXEDGD GH &\QRGRQ GDFW\ORQ FY &RDVWFURVV,Q5(81,$2$18$/'$62&,('$'(%5$6,/(,5$'(=227(&1,$ 6DQWD0DULD56$QDLV6DQWD0DULD6%=D
&58=*062%5$/3-$$//(21,*)+$%,7$17($0%478//,25 5%(51'7$$/(1&$500GH4XDOLGDGHGDFDUQHGHPDFKRVQmRFDVWUDGRV GH TXDWUR JUXSRV JHQpWLFRV WHUPLQDGRV HP FRQILQDPHQWR ,Q 5(81,2 $18$/ '$ 62&,('$'( %5$6,/(,5$ '( =227(&1,$ &DPSR *UDQGH $QDLV &DPSR*UDQGH6%=D&'520S
&58= * 0 78//,2 5 5 6$03$,2 $ $ 0 628=$ 3 $ $/(1&$5 0 0 3HUILOGHiFLGRVJUD[RVGHDPRVWUDVGHFDUQHGHERYLQRVFDVWUDGRVRXQmRFDVWUDGRV GHGLIHUHQWHVJUXSRVJHQpWLFRVWHUPLQDGRVDSDVWRRXHPFRQILQDPHQWR,Q5(81,2 $18$/ '$ 62&,('$'( %5$6,/(,5$ '( =227(&1,$ &DPSR *UDQGH $QDLV&DPSR*UDQGH6%=E&'520S
&58= *0 78//,2 55 $/(1&$5 00 &255($ / $ 3HVR YLYR H LGDGH GH DEDWH H FDUDWHUtVWLFDV GH FDUFDoD GH DQLPDLV FUX]DGRV $QJXV ; 1HORUH H 6HQHSRO ; 1HORUHGHDFRUGRFRPRVQtYHLVGHVXSOHPHQWDomRFRPFRQFHQWUDGRHPSDVWDJHQV,Q &21*5(662 %5$6,/(,52 '( &,Ç1&,$ ( 7(&12/2*,$ '( &$51(6 &DPSLQDV$QDLV&DPSLQDV&7&,7$/ES
ϭϭ
FRQILQDPHQWR,Q5(81,2$18$/'$62&,('$'(%5$6,/(,5$'(=227(&1,$ -DERWLFDEDO$QDLV-DERWLFDEDO6%=D&'520
(8&/,'(6 ),/+2 . ),*8(,5('2 *5 (8&/,'(6 93% 6,/9$ /2& GD &86,1$7294(ILFLrQFLDELRQXWULFLRQDOGHDQLPDLVGDUDoD1HORUHHVHXVPHVWLoRV FRP &DUDFX $QJXV H 6LPHQWDO5HYLVWD %UDVLOHLUD GH =RRWHFQLD Y S
(8&/,'(6 ),/+2 . ),*8(,5('2 *5 5HWURVSHFWLYD H SHUVSHFWLYDV GH FUX]DPHQWRV QR %UDVLO ,Q 6,0326,2 %5$6,/(,52 62%5( &58=$0(172 ,1'8675,$//RQGULQD$QDLV/RQGULQD,$3$5S
)(55(,5$,&6,/9$0$5(,653(8&/,'(6),/+2.),*8(,5('2*5 $QiOLVHGHFXVWRVGHGLIHUHQWHVJUXSRVJHQpWLFRVGHERYLQRVGHFRUWHWHUPLQDGRVHP FRQILQDPHQWR$UTXLYR%UDVLOHLURGH0HGLFLQD9HWHULQiULDH=RRWHFQLDYS
-26$+.,$1 /$ $VVRFLDomR %UDVLOHLUD GRV &ULDGRUHV GH =HEX 8PD HPSUHVD GH JHQpWLFD WURSLFDO 6,03Ï6,2 '( 352'8d2 '( *$'2 '( &257( 9LoRVD 0*$QDLV9LoRVD0*8QLYHUVLGDGH)HGHUDOGH9LoRVDS
0(1(=(6 /)* 5(67/( - 'HVHPSHQKR GH QRYLOKRV GH JHUDo}HVDYDQoDGDV GR FUX]DPHQWRDOWHUQDGRHQWUHDVUDoDV&KDUROrVH1HORUHWHUPLQDGRVHPFRQILQDPHQWR 5HYLVWD%UDVLOHLUDGH=RRWHFQLDYS
02/(77$ -/ 5(67/( - &DUDFWHUtVWLFDV GH FDUFDoDV GH QRYLOKRV GH GLIHUHQWHV JUXSRVJHQpWLFRVWHUPLQDGRVHPFRQILQDPHQWR5HYLVWD%UDVLOHLUDGH=RRWHFQLDY QS
ϭϮ
1250$1*$(IIHFWRIEUHHGDQGQXWULWLRQRQWKHSURGXFWLYHWUDLWVRIEHHIFDWWOHLQ 6RXWKHDVW%UD]LO3DUW0HDWTXDOLW\0HDW6FLHQFHYQS
2/,9(,5$ ($'HVHPSHQKR FRPSRVLomR ItVLFD GDV FDUFDoDV H TXDOLGDGH GD FDUQH GH WRXULQKRV 1HORUH H &DQFKLP WHUPLQDGRV HP FRQILQDPHQWR S 'LVVHUWDomR0HVWUDGRHP=RRWHFQLD)DFXOGDGHGH&LrQFLDV$JUiULDVH9HWHULQiULDV± 8QLYHUVLGDGH(VWDGXDO3DXOLVWD-DERWLFDEDO
3$&+(&2365(67/(-6,/9$-+6&RPSRVLomRItVLFDGDFDUFDoDHTXDOLGDGH GD FDUQH GH QRYLOKRV MRYHQV H VXSHUMRYHQV GH GLIHUHQWHV JUXSRV JHQpWLFRV 5HYLVWD %UDVLOHLUDGH=RRWHFQLDYQS
5(67/(-)(/7(1+*9$=)10h//(5/(IHLWRGHUDoDHKHWHURVHSDUD TXDOLGDGH GD FDUFDoD H GD FDUQH GH QRYLOKRV WHUPLQDGRV HP FRQILQDPHQWR ,Q 5(81,Ï1/$7,12$0(5,&$1$'(352'8&&,Ï1$1,0$/0DUGHO3ODWD 0HPRULDV%DOFDUFH$/3$YS
5(67/(-9$=)148$'526$5%0h//(5/&DUDFWHUtVWLFDVGHFDUFDoDH GDFDUQHGHQRYLOKRVGHGLIHUHQWHVJHQyWLSRVGH+HUHIRUG[1HORUH5HYLVWD%UDVLOHLUD GH=RRWHFQLDYQS
5,%(,52(/$+(51$1'(=-$=$1(//$(/0,=8%87,,<6,/9$/') 5((9(6 -- 'HVHPSHQKR H FDUDFWHUtVWLFDV GH FDUFDoD GH ERYLQRV GH GLIHUHQWHV JUXSRVJHQpWLFRV5HYLVWD%UDVLOHLUDGH=RRWHFQLDYQS
ϭϯ
58%(16$0-0)(/Ë&,23(7(50,*121,&,QIOXrQFLDGRJHQyWLSR%RVLQGLFXV QDDWLYLGDGHGHFDOSDVWDWLQDHQDWH[WXUDGDFDUQHGHQRYLOKRVDEDWLGRVQR6XOGR%UDVLO &LrQFLDH7HFQRORJLDGH$OLPHQWRVYQS
6,/9(,5$ $& 6LVWHPD GH SURGXomR GH QRYLOKRV SUHFRFHV ,Q (1&21752 1$&,21$/ 62%5( 352'8d2 '( 129,/+26 35(&2&(6 &DPSLQDV $QDLV&DPSLQDV&$7,S
6,/9(,5$$&%$5&(//265$55,*21,0%&+$5'8/2/$/6,/9(,5$ / * * &267$ & 2/,9(,5$ + 1 3URGXomR GH QRYLOKR VXSHUSUHFRFH FXVWRV H EHQHItFLRV,Q6,03Ï6,262%5(0$1(-2(1875,d2'(*$'2'(&257( *RLkQLD$QDLV*RLkQLD&%1$S
75(0$725( 5/ $/(1&$5 00 %$5%26$ 3) 2/,9(,5$ -$/ $/0(,'$ 0$ (VWLPDWLYDV GHHIHLWRVDGLWLYRV H KHWHUyWLFRV SDUD FDUDFWHUtVWLFDV GH FUHVFLPHQWR SUpGHVPDPD HP ERYLQRV &KDUROrV1HORUH 5HYLVWD GD 6RFLHGDGH %UDVLOHLUD GH =RRWHFQLD
78//,255(VWUDWpJLDVGHPDQHMRSDUDSURGXomRLQWHQVLYDGHERYLQRVYLVDQGR j TXDOLGDGH GH FDUQH S 7HVH 'RXWRUDGR HP =RRWHFQLD )DFXOGDGH GH &LrQFLDV$JUiULDVH9HWHULQiULDV±8QLYHUVLGDGH(VWDGXDO3DXOLVWD-DERWLFDEDO
78//,255&58=*06$03$,2$$0$/(1&$500)HHGORWSHUIRUPDQFH RI\RXQJEXOOVDQGVWHHUVRIIRXUGLIIHUHQWJHQHWLFJURXSV,Q:25/'&21*5(662) $1,0$/ 352'8&7,21 3RUWR $OHJUH3URFHHGLQJV3RUWR $OHJUH :$$3 D&'520S
ϭϰ
IHHGORW ,Q :25/' &21*5(66 2) $1,0$/ 352'8&7,21 3RUWR $OHJUH 3URFHHGLQJV3RUWR$OHJUH:$$3E&'520S
78//,255/(21(/)52%$$&58=*0&255Ç$/$628=$+%$ $/(1&$5 00 GH 4XDOLGDGH GD FDUQH GH PDFKRV GH TXDWUR JUXSRV JHQpWLFRV WHUPLQDGRV HP FRQILQDPHQWR UHFHEHQGR GLHWDV FRP VLODJHP GH FDSLP RX VLODJHP GH PLOKR ,Q 5(81,2 $18$/ '$ 62&,('$'( %5$6,/(,5$ '( =227(&1,$ &DPSR*UDQGH$QDLV&DPSR*UDQGH6%=DI&'520
78//,2552%$$/(21(/)5&58=*06$03$,2$$0628=$3$ $/(1&$5 00 GH 4XDOLGDGH GD FDUQH GH ERYLQRV FDVWUDGRV H QmR FDVWUDGRV GH GLIHUHQWHV JUXSRV JHQpWLFRV WHUPLQDGRV D SDVWR RX HP FRQILQDPHQWR ,Q 5(81,2 $18$/ '$ 62&,('$'( %5$6,/(,5$ '( =227(&1,$ &DPSR *UDQGH $QDLV&DPSR*UDQGH6%=EI&'520
78//,2 55 &255($ / $ &58= *0 $/(1&$5 00 6$1726 30 52'5,*8(6$$5$66,1,-%&DUDFWHUtVWLFDVGDVFDUFDoDVGHERYLQRVFDVWUDGRV GHTXDWURJUXSRVJHQpWLFRVWHUPLQDGRVHPSDVWDJHQVQmRLUULJDGDVFRPVXSOHPHQWDomR QDVHFDRXLUULJDGDVRDQRWRGR,Q5(81,2$18$/'$62&,('$'(%5$6,/(,5$ '(=227(&1,$-RmR3HVVRD$QDLV-RmR3HVVRD6%=I&' 520
9$=)15(67/(-9$=5=)(,-Ï*/'%521'$1,,/526$-53 6$1726$34XDOLGDGHHFRPSRVLomRTXtPLFDGDFDUQHGHERYLQRVGHFRUWHLQWHLURV RXFDVWUDGRVGHGLIHUHQWHVJUXSRVJHQpWLFRV&KDUROrV[1HORUH5HYLVWD%UDVLOHLUDGH =RRWHFQLDYQS
ϭϱ
GH QRYLOKRV GD SULPHLUD JHUDomR GH FUX]DPHQWR HQWUH &KDUROrV H 1HORUH5HYLVWD %UDVLOHLUDGH=RRWHFQLDYQ6XSOS
ϭϲ
&$3Ë78/2 '(6(03(1+2 '( %29,126 '( &257( 7(50,1$'26 (0 &21),1$0(172
5(6802 ± &RP D FUHVFHQWH GHPDQGD SRU FDUQH GH TXDOLGDGH D XWLOL]DomR GH FUX]DPHQWRVHQWUHUDoDVWRUQDVHXPDIHUUDPHQWDLPSRUWDQWHQDSHFXiULDEUDVLOHLUD2 REMHWLYRQHVWHWUDEDOKRIRLDYDOLDURGHVHPSHQKRGHERYLQRVFUX]DGRVWHUPLQDGRVHP FRQILQDPHQWR )RUDP XWLOL]DGRV DQLPDLV PDFKRV FDVWUDGRV H IrPHDV ILOKRV GH YDFDV1HORUH$QJXV1HORUHH6HQHSRO1HORUHHGHWRXURVGDVUDoDV &DQFKLP +HUHIRUG H 3DUGR 6XtoR WLSR FDUQH 2V DQLPDLV IRUDP FRQILQDGRV DRV PHVHVGHLGDGHDSUR[LPDGDPHQWHHDEDWLGRVTXDQGRDWLQJLUDPPPGHHVSHVVXUDGH JRUGXUD H[WHUQD PHGLGDV SRU XOWUDVRQRJUDILD 2V GDGRV GH GHVHPSHQKR QR FRQILQDPHQWR IRUDP VXEPHWLGRV D DQiOLVHV GH YDULkQFLD SHOR PpWRGR GRV TXDGUDGRV PtQLPRVFRQVLGHUDQGRVHQRPRGHORHVWDWtVWLFRRVHIHLWRVGDUDoDGRWRXURGRJUXSR JHQpWLFRGDYDFDGRVH[RGRVDQLPDLVHVXDVLQWHUDo}HV2VILOKRVGHWRXURV+HUHIRUG IRUDPVXSHULRUHVTXDQWRDRSHVRILQDODRDEDWHNJDRJDQKRPpGLRGLiULR NJGLDHjHILFLrQFLDDOLPHQWDUNJNJHPUHODomRDRVILOKRVGRVWRXURV&DQFKLP NJ NJGLD H NJNJ UHVSHFWLYDPHQWH HQWUHWDQWR HOHV QmR GLIHULUDP GRV ILOKRV GRV WRXURV 3DUGR 6XLoR NJ NJGLD H NJNJ UHVSHFWLYDPHQWH 4XDQWR DR JUXSR JHQpWLFR GD YDFD RV ILOKRV GH YDFDV ò $QJXV ò 1HORUH DSUHVHQWDUDPPDLRUSHVRILQDODRDEDWHNJPDLRUJDQKRGHSHVRWRWDOGXUDQWHR FRQILQDPHQWR NJ PDLRU JDQKR PpGLR GLiULR NJGLD H PDLRU HILFLrQFLD DOLPHQWDU NJNJ 2V PDFKRV FDVWUDGRV IRUDP VXSHULRUHV jV IrPHDV TXDQWR DR SHVRILQDODRDEDWHNJYVNJJDQKRGHSHVRWRWDOQRFRQILQDPHQWRNJ YVNJJDQKRPpGLRGLiULRHPFRQILQDPHQWRNJGLDYVNJGLDHHILFLrQFLD DOLPHQWDUNJNJYVNJNJ
3DODYUDVFKDYH EH]HUURV FUX]DGRV HILFLrQFLD DOLPHQWDU JDQKR HP SHVR SHVR GH DEDWHYDFDVFUX]DGDV
ϭϳ
,1752'8d2
&RPDFUHVFHQWHSURGXomRHGHPDQGDSRUFDUQHRVSHFXDULVWDVEUDVLOHLURVYrP VH DGDSWDQGR jV DWXDOLGDGHV H VH PRGHUQL]DQGR SDUD REWHUHP PDLV HVSDoR QR PHUFDGRHFRQVHTHQWHPHQWHPDLVOXFUR$QHFHVVLGDGHGHDXPHQWRGDSURGXWLYLGDGH GDERYLQRFXOWXUDEUDVLOHLUDHDEXVFDFRQVWDQWHSHODTXDOLGDGHGRSURGXWRILQDOID]HP FRPTXHRVSHFXDULVWDVEXVTXHPJHQyWLSRVDGDSWDGRVDRFOLPDWURSLFDOHTXHVHMDP SURGXWLYRV
'H DFRUGR FRP /HPH HW DO R UHEDQKR ERYLQR EUDVLOHLUR p FRQVWLWXtGR SULQFLSDOPHQWH GD UDoD 1HORUH %RV LQGLFXV TXH SRVVXL ERD DGDSWDomR DR DPELHQWH WURSLFDO SRUpP EDL[RV tQGLFHV GH SURGXWLYLGDGH H TXDOLGDGH GD FDUQH 2 FUX]DPHQWR HQWUHUDoDVpXPDHVWUDWpJLDTXHSRGHVHULPSRUWDQWHSDUDDSHFXiULDQDFLRQDOSRLV SHUPLWH TXH DV GLIHUHQoDV HQWUH DV UDoDV VHMDP XWLOL]DGDV FRP D RUJDQL]DomR GH DFDVDODPHQWRV TXH DSURYHLWHP DV YDQWDJHQV GD FRPSOHPHQWDULGDGH H GD KHWHURVH $VVLP YiULRV VLVWHPDV GH FUX]DPHQWR SRGHP VHU XWLOL]DGRV YLVDQGR DR DXPHQWR GD SURGXWLYLGDGH H GD TXDOLGDGH GR SURGXWR H D LQWURGXomR GH UDoDV HXURSpLDV %RV WDXUXV QRV FUX]DPHQWRV WHP VLGR XWLOL]DGD +(,1(10$11 HW DO (QWUHWDQWR SDUD TXH R SURGXWRU SRVVD XVXIUXLU HIHWLYDPHQWH GRV EHQHItFLRV GR FUX]DPHQWR HQWUH UDoDVpQHFHVViULDDDYDOLDomRFULWHULRVDGHVLVWHPDVHQYROYHQGRGLIHUHQWHVUDoDVQRV YiULRVVLVWHPDVGHSURGXomR
2 REMHWLYR GHVWH HVWXGR IRL DYDOLDU R GHVHPSHQKR GH DQLPDLV GH GLIHUHQWHV JUXSRV JHQpWLFRV FRP GLIHUHQWHV SURSRUo}HV GH %RV WDXUXV HP VLVWHPD GH FRQILQDPHQWR
ϭϴ
0$7(5,$/(0e72'26
2 H[SHULPHQWR IRL FRQGX]LGR QD (PEUDSD 3HFXiULD 6XGHVWH ORFDOL]DGD QR PXQLFtSLRGH6mR&DUORVUHJLmR&HQWUDOGR(VWDGRGH6mR3DXOR
9DFDV 1HORUH $QJXV 1HORUH H 6HQHSRO 1HORUH IRUDP LQVHPLQDGDV FRP VrPHQ GH WRXURV GDV UDoDV &DQFKLP +HUHIRUG H 3DUGR 6XtoR WLSR FDUQHGHGH]HPEURGHDIHYHUHLURGHFRPRREMHWLYRGHSURGX]LUEH]HUURV GH GLIHUHQWHV SURSRUo}HV GH DGDSWDomR H GH%RV WDXUXV D VHUHP XWLOL]DGRV QHVWH WUDEDOKR7DEHOD$VIrPHDV1HORUHò$QJXVò1HORUHHò6HQHSROò1HORUH SRVVXHP D PHVPD EDVH JHQpWLFD GH 1HORUH H QDVFHUDP HP GXDV VDIUDV RXWXEUR D MDQHLURGHH2VEH]HUURVXWLOL]DGRVQHVWHWUDEDOKRQRWRWDOGH H PDFKRV FDVWUDGRV H IrPHDV UHVSHFWLYDPHQWH QDVFHUDP GH RXWXEUR GH D MDQHLUR GH $V YDFDV SHUPDQHFHUDP HP SDVWDJHQV GH%UDFKLDULD EUL]DQWKD FY 0DUDQGX DGXEDGDV HP SDVWHMR URWDFLRQDGR QR SHUtRGR GDV iJXDV H VXSOHPHQWDomR FRP FDQDGHDo~FDU DGLFLRQDGD GH GD PLVWXUD GH GH XUpLD FRP VXOIDWR GH DP{QLRQRSHUtRGRVHFR
7DEHOD 1~PHURGHEH]HUURVFRQIRUPHRFUX]DPHQWRHVH[R
5DoDGRWRXUR
*UXSRJHQpWLFR &DQFKLP +HUHIRUG 3DUGR6XLoR 7RWDO GDYDFD 0DFKR )rPHD 0DFKR )rPHD 0DFKR )rPHD
1HORUH
ò$QJXVò1HORUH
ò6HQHSROò1HORUH
7RWDO
&RQVLGHUDQGRVHR1HORUHFRPRVHQGRDGDSWDGRHR6HQHSROFRPRVHQGR DGDSWDGR RV EH]HUURV SURGX]LGRV DSUHVHQWDP SURSRUo}HV GH DGDSWDomR TXH YDULDPGHDHSURSRUo}HVGHWDXULQRTXHYDULDPGHD 7DEHOD
ϭϵ
7DEHOD 3HUFHQWDJHP GH%RV WDXUXV %W =HEX =H H GH%RV WDXUXV %W H GH DGDSWDGR$GHPFDGDJUXSRJHQpWLFRGHEH]HUURSURGX]LGRGHDFRUGR FRPRJUXSRJHQpWLFR**GDYDFDHDUDoDGRWRXUR
5DoDGRWRXUR
*UXSRJHQpWLFR &DQFKLP +HUHIRUG 3DUGR6XtoR
GDYDFD
1HORUH %W=H
$G %W=H$G %W=H$G
$QJXV1HORUH %W=H
$G %W=H$G %W=H$G
6HQHSRO1HORUH %W=H
$G %W=H$G %W=H$G
$SyVRGHVPDPHHQWUHDPHVHVWRGRVRVEH]HUURVPDFKRVHIrPHDVIRUDP PDQWLGRVHPSLTXHWHVGHFDSLP0RPEDoDVXSOHPHQWDGRFRPVLODJHPGHPLOKRD NJDQLPDOGLDHNJGHFRQFHQWUDGRVXILFLHQWHSDUDJDQKRGLiULRGHSHVRYLYRGH NJHQWUHRGHVPDPHDWpRILQDOGRSHUtRGRVHFRSRUYROWDGRVPHVHVGHLGDGH2 VXSOHPHQWRIRUQHFLGRMXQWRFRPDVLODJHPGHPLOKRQRSHUtRGRVHFRDSUHVHQWDYD GHSURWHtQDEUXWDHGHQXWULHQWHVGLJHVWtYHLVWRWDLVHIRLFRQVWLWXtGRGHGH PLOKRHPJUmRPRtGRGHIDUHORGHVRMDGHIDUHORGHWULJRGHXUpLD GH FDOFiULR FDOFtWLFR H GH PLVWXUD PLQHUDO QD EDVH VHFD $SyV HVVH SHUtRGR GH VXSOHPHQWDomR GXUDQWH D VHFD RV EH]HUURV PDFKRV IRUDP FDVWUDGRV H PDQWLGRV SRU WRGR SHUtRGR GDV iJXDV HP SDVWDJHP DGXEDGD GH FDSLP 7DQ]kQLD FRP VXSOHPHQWDomR GH PLVWXUD PLQHUDO $V IrPHDV IRUDP PDQWLGDV HP SDVWDJHQV VHPHOKDQWHVjVGRVPDFKRV
$SyVRSHUtRGRGHSDVWHMRFRPVXSOHPHQWDomRGHDSHQDVPLVWXUDPLQHUDOSRU YROWDGRVPHVHVWRGRVRVDQLPDLVIRUDPFRQILQDGRVHPEDLDVLQGLYLGXDLVQRWRWDOGH HHPEDLDVFROHWLYDVFRPFDQFHODVHOHWU{QLFDVLQGLYLGXDLVQRWRWDOGHRTXH SRVVLELOLWDYDUHDOL]DUDPHGLGDGRFRQVXPRGLiULRLQGLYLGXDOGRVDQLPDLV$GXUDomRGR SHUtRGRGHFRQILQDPHQWRHRDEDWHGHFDGDDQLPDOYDULDUDPSDUDSHUPLWLUDFDEDPHQWR GHFDUFDoDVHPHOKDQWHHQWUHWRGRVRVDQLPDLV
ϮϬ
FRQVXPR3DUDDGHWHUPLQDomRGRFRQVXPRDVVREUDVGRVFRFKRVIRUDPUHWLUDGDVH SHVDGDV GLDULDPHQWH H D DPRVWUDJHP RFRUUHX XPD YH] SRU VHPDQD DQWHV GR IRUQHFLPHQWR GD GLHWD $V VXEDPRVWUDV IRUDP SUpVHFDV D & SRU KRUDV VHJXQGR6LOYD 4XHLUR]$GLHWDSRVVXtDGHSURWHtQDEUXWDHGH QXWULHQWHVGLJHVWtYHLVWRWDLVHIRLFRQVWLWXtGDGHGHVLODJHPGHPLOKRGH PLOKRHPJUmRPRtGRGHIDUHORGHVRMDGHIDUHORGHWULJRGHXUpLD GH FDOFiULR FDOFtWLFR GH PLVWXUD PLQHUDO H GH PRQHQVLQD VyGLFD QD EDVHVHFD
3DUD GHWHUPLQDomR GR JDQKR GH SHVR HP FRQILQDPHQWR IRUDP UHDOL]DGDV SHVDJHQVQRWHPSR]HURLQtFLRGRH[SHULPHQWRVHPHFRPMHMXPHSRVWHULRUPHQWHD FDGDSHUtRGRGHGLDVVHPMHMXPHDQWHVGRDEDWHVHPHFRPMHMXPSUpYLRGHK GH iJXD H GH DOLPHQWRV )RUDP FDOFXODGRV RV JDQKRV GH SHVR YLYR FRQVXPR GH PDWpULDVHFDGDGLHWDHHILFLrQFLDDOLPHQWDU
2V DQLPDLV IRUDP HVFROKLGRV SDUD DEDWH FRP EDVH HP DYDOLDo}HV YLVXDLV GR DFDEDPHQWR GH FDUFDoD FRQIURQWDGDV FRP DV LPDJHQV GH XOWUDVRQRJUDILD FRP YDORU DFLPD GH PP GH HVSHVVXUD GH JRUGXUD H[WHUQD XWLOL]DQGRVH SDUD LVVR DSDUHOKR $TXLODPDUFD3LH0HGLFDOGHXOWUDVRQRJUDILDVHJXQGRPHWRGRORJLDGH+HUULQJHWDO FRP VRQGD HVSHFtILFD SDUD D REWHQomR GH LPDJHQV QD UHJLmR GR FRQWUDILOp HQWUHDHDFRVWHODVTXHSHUPLWLUDPDVWRPDGDVGDVPHGLGDVGDHVSHVVXUDGH JRUGXUDH[WHUQDHGDiUHDGRROKRGHORPER
$ GXUDomR GR FRQILQDPHQWR IRL GH D GLDV VHQGR TXH RV DQLPDLV IRUDP DEDWLGRV FRP PpGLD GH LGDGH PHVHV HP XP IULJRUtILFR ORFDOL]DGR D NP GH GLVWDQFLDGRORFDOGRFRQILQDPHQWR$QWHVGRDEDWHRMHMXPSUpYLRIRLGHKRUDV
Ϯϭ
GHYDULkQFLDSHORPpWRGRGRVTXDGUDGRVPtQLPRVXWLOL]DQGRVHRSURFHGLPHQWR*/0 GR6$6FXMRVPRGHORVHVWDWtVWLFRVLQFOXtUDPRVHIHLWRVGDUDoDGRWRXUR57 JUXSRJHQpWLFRGDPmH**9VH[RGRDQLPDOHDVLQWHUDo}HV57[**957[6H[R **9[6H[RH57[**9[6H[RDOpPGRUHVtGXR$VPpGLDVIRUDPFRPSDUDGDVSHOR WHVWH GH 6WXGHQW1HZPDQ.HXOV 61. FRQVLGHUDQGR R QtYHO GH VLJQLILFkQFLD GH TXDQGRRWHVWH)IRLVLJQLILFDWLYRSDUDDYDULiYHOHVWXGDGD
5(68/7$'26(',6&8662
2V UHVXOWDGRV GDV DQiOLVHV GH YDULkQFLD GR SHVR DR QDVFLPHQWR 31 SHVR QR LQtFLR GR SHUtRGR GH SDVWDJHP 33 SHVR QR LQtFLR GR FRQILQDPHQWR 3& JDQKR GH SHVR QD IDVH GH FULD *3& H JDQKR GH SHVR QD UHFULD *35H VmR PRVWUDGRV QD 7DEHOD $ ~QLFD LQWHUDomR VLJQLILFDWLYD 3 IRL HQWUH UDoD GR WRXUR H R JUXSR JHQpWLFRGDYDFDSDUDRSHVRDRQDVFLPHQWR,VWRRFRUUHXSRUTXHKRXYHGLIHUHQoDHQWUH RVJUXSRVJHQpWLFRVGHYDFDDSHQDVTXDQGRHODVIRUDPFUX]DGDVFRPWRXURVGDUDoD &DQFKLP H QHVWH FDVR RV EH]HUURV ILOKRV GDV YDFDV 1HORUH IRUDP RV PDLV OHYHV 7DEHOD
7DEHOD 5HVXPRGDVDQiOLVHVGHYDULkQFLDGRSHVRDRQDVFLPHQWR31SHVRQR LQtFLRGDSDVWDJHP33SHVRQRLQtFLRFRQILQDPHQWR3&JDQKRGHSHVR QDFULD*3&HJDQKRGHSHVRQDUHFULD*35H
)RQWHGH9DULDomR *UDXVGH
/LEHUGDGH 31 33 4XDGUDGR0pGLR3& *3& *35H
5DoDGR7RXUR57
*UXSRJHQpWLFRGD
YDFD**9
6H[R
57[**9
57[6
**9[6
57[**9[6
5HVtGXR
5ð
ϮϮ
$ UDoD GR WRXUR H R JUXSR JHQpWLFR GD YDFD QmR LQIOXHQFLDUDP QHQKXPD GDV FDUDFWHUtVWLFDVGHGHVHPSHQKRPHGLGDVDWpRILQDOGRSHUtRGRGHSDVWR7DEHODVH (VWHV UHVXOWDGRV GLVFRUGDP GRV REWLGRV GH 0XQL] 4XHLUR] $OHQFDU HW DO H %RUED HW DO TXH YHULILFDUDP GLIHUHQoDV HQWUH JUXSRV JHQpWLFRV SDUD FDUDFWHUtVWLFDVGHFUHVFLPHQWR
2 VH[R GR DQLPDO DSUHVHQWRX HIHLWR VLJQLILFDWLYR 3 VREUH 33 3& H *3& 7DEHODVHQGRTXHRVPDFKRVDSUHVHQWDUDPPpGLDVPDLVDOWDVGRTXHDVIrPHDV 7DEHOD2PHQRUSHVRGDVQRYLOKDVHVWiUHODFLRQDGRDSUHFRFLGDGHQDGHSRVLomRGH JRUGXUD TXH ID] FRP TXH HVWDV DSUHVHQWHP PHQRUHV WD[DV GH FUHVFLPHQWR TXDQGR FRPSDUDGDV DRV PDFKRV %(5* %877(5),(/' 6HJXQGR 0LOOHU RV PDFKRV FUHVFHP PDLV UDSLGDPHQWH HQTXDQWR DV IrPHDV DWLQJHP D PDWXULGDGH ILVLROyJLFDPDLVUDSLGDPHQWH/8&+,$5,),/+22XWURVDXWRUHV-8148(,5$HW DO &58= HW DO 52'5,*8(6 HW DO WDPEpPYHULILFDUDP PDLRUHV PpGLDVGHFDUDFWHUtVWLFDVGHFUHVFLPHQWRSDUDRVPDFKRV
7DEHOD 0pGLDV HVWLPDGDVr HUUR SDGUmR GR SHVR DR QDVFLPHQWR GRV DQLPDLV FUX]DGRV GH DFRUGR D LQWHUDomR GD UDoD GR WRXUR H JUXSR JHQpWLFR GD YDFD
5DoDGR7RXUR 1HORUH *UXSRJHQpWLFRGDYDFD
6HQHSRO[1HORUH $QJXV[1HORUH
&DQFKLP rE rD rD
+HUHIRUG rD rDE rDE
3DUGR6XtoR rDE rD rD
DE0pGLDVHJXLGDVGHOHWUDVPLQ~VFXODVGLIHUHQWHVWDQWRQDVOLQKDFRPRQDVFROXQDVGLIHUHPSSHORWHVWHGH
61.
2VUHVXOWDGRVGDVDQiOLVHVGHYDULkQFLDGRSHVRGHDEDWH3DEJDQKRGHSHVR GDWHUPLQDomR*37JDQKRGHSHVRGLiULRGXUDQWHRFRQILQDPHQWR*3'FFRQVXPR WRWDOGHPDWpULDVHFD&06HHILFLrQFLDDOLPHQWDU($VmRDSUHVHQWDGRVQD7DEHOD 2EVHUYDVH TXH D ~QLFD LQWHUDomR TXH DSUHVHQWRX HIHLWR VLJQLILFDWLYR IRL DTXHOD HQWUH UDoDGRWRXURHVH[RSDUD*3'F
Ϯϯ
7DEHOD 0pGLDV HVWLPDGDVr HUUR SDGUmR GR SHVR DR QDVFLPHQWR 31 SHVR QR LQtFLR GR SHUtRGR GH SDVWDJHP 33 SHVR LQtFLR GR FRQILQDPHQWR 3& JDQKRGHSHVRQDIDVHGHFULD*3&HJDQKRGHSHVRQDIDVHGHUHFULD *35HGHDFRUGRFRPDUDoDGRWRXURRJUXSRJHQpWLFRGDYDFD**9H RVH[R
31NJ 33NJ 3&NJ *3&NJ *35HNJ
5DoDGR7RXUR
&DQFKLP r r r r r
+HUHIRUG r r r r r
3DUGR6XLoR r r r r r
**9
1HORUH r r r r r
6HQHSRO[1HORUH r r r r r
$QJXV[1HORUH r r r r r
6H[R
)rPHD r rE rE rE r
0DFKR r rD rD rD r
DE0pGLDVHJXLGDVGHOHWUDVGLIHUHQWHVQDPHVPDFROXQDGHQWURGHUDoDGHWRXURJUXSRJHQpWLFRGDYDFDRXVH[R
GLIHUHPSSHORWHVWHGH61.
7DEHOD 5HVXPRGDVDQiOLVHVGHYDULkQFLDGRSHVRGHDEDWH3DEJDQKRGHSHVR QDWHUPLQDomR*37JDQKRGHSHVRGLiULRGXUDQWHRFRQILQDPHQWR*3'F FRQVXPRGHPDWpULDVHFD&06HHILFLrQFLDDOLPHQWDU($
)RQWHGH9DULDomR *UDXVGH
/LEHUGDGH 3DE *374XDGUDGR0pGLR*3'F &06 ($
5DoDGR7RXUR57
*UXSRJHQpWLFRGD
YDFD**9
6H[R6
57[**9
57[6
**9[6
57[**9[6
5HVtGXR
5ð
3
Ϯϰ
PpGLDGH3DEPDLRUGRTXHRVILOKRVGHWRXURV&DQFKLPHQTXDQWRRVILOKRVGHWRXURV 3DUGR 6XLoR DSUHVHQWDUDP PpGLD LQWHUPHGLiULD 7DEHOD $ UDoD &DQFKLP HPERUD VHMD GHULYDGD GH XPD UDoD FRQWLQHQWDO GH JUDQGH SRUWH &KDUROrV WHP QD VXD FRQVWLWXLomR GH =HEX H SRUWDQWR GHYH SURGX]LU PHQRV KHWHUR]LJRVH H FRQVHTXHQWHPHQWH PHQRV KHWHURVH GR TXH RV WRXURV +HUHIRUG H 3DUGR 6XLoR TXH DOpPGLVVRVmRWDPEpPUDoDVGHSRUWHPpGLRDJUDQGH$PHVPDWHQGrQFLDGR3DEIRL REVHUYDGD SDUD DV FDUDFWHUtVWLFDV *3'F H ($ TXDQWR jV GLIHUHQoDV HQWUH UDoDV GRV WRXURV 7DEHOD RX VHMDRV WRXURV &DQFKLP SURGX]LUDP ILOKRV TXH DSUHVHQWDUDP PpGLDVPDLVEDL[DVGRTXHDVGRVILOKRVGRVRXWURVWRXURV(QWUHWDQWRSDUD*3'FD GLIHUHQoDHQWUHDVUDoDVGHWRXURGHSHQGHXGRVH[RGDFULDRXVHMDDLQIHULRULGDGHGRV WRXURV&DQFKLPRFRUUHXDSHQDVSDUDDVIrPHDV7DEHOD
7DEHOD 0pGLDVrHUURSDGUmRHVWLPDGDVGRSHVRGHDEDWH3DEJDQKRGHSHVRGD WHUPLQDomR *37 JDQKR GH SHVR GLiULR GXUDQWH R FRQILQDPHQWR *3'F FRQVXPRGHPDWpULDVHFD&06HHILFLrQFLDDOLPHQWDU($GHDFRUGRFRP UDoDGRWRXURJUXSRJHQpWLFRGDYDFD**9HVH[R
3DENJ *37NJ *3'FNJGLD &06NJ ($NJNJ
5DoDGRWRXUR
&DQFKLP rE r rE r rE
+HUHIRUG rD r rD r rD
3DUGR6XLoR rDE r rD r rDE
**9
1HORUH rE rE rE r rD
6HQHSRO[1HORUH rE rE rE r rE
$QJXV[1HORUH rD rD rD r rD
6H[R
)rPHD rE rE rE r rE
0DFKR rD rD rD r rD
DE0pGLDVHJXLGDVGHOHWUDVGLIHUHQWHVQDPHVPDFROXQDGHQWURGHUDoDGHWRXURJUXSRJHQpWLFRGDYDFDRXVH[R
GLIHUHPSSHORWHVWHGH61.
Ϯϱ
[1HORUHH6LPHQWDO[1HORUHDEDWLGRVDRVPHVHVHQFRQWUDPYDORUHVGHJDQKRGH SHVR GLiULR GH H J UHVSHFWLYDPHQWH &UX] HW DO HQFRQWUDUDP LQIOXrQFLDGDUDoDGRWRXURSDUDDVFDUDFWHUtVWLFDVGHJDQKRGHSHVRGLiULRFRQVXPRGH PDWpULD VHFD H HILFLrQFLD GH FRQYHUVmR DOLPHQWDU 1HVWH WUDEDOKR QmR IRL HQFRQWUDGD LQIOXrQFLD GD UDoD GR WRXUR H GR JUXSR JHQpWLFR GD YDFD DSHQDV R VH[R GR DQLPDO LQIOXHQFLRX R SHVR H JDQKR GH SHVR GXUDQWH D IDVH GH FUHVFLPHQWRV GRV DQLPDLV FUX]DGRVGHVWHH[SHULPHQWR
7DEHOD 0pGLDVr HUUR SDGUmR HVWLPDGDV GR JDQKR GH SHVR GLiULR GXUDQWH R FRQILQDPHQWR*3'FGHDFRUGRDLQWHUDomRGDUDoDGRWRXURHVH[R
5DoDGR7RXUR 6H[R *3'F
&DQFKLP )rPHD0DFKR rrFE
+HUHIRUG )rPHD0DFKR rrDEDE
3DUGR6XtoR )rPHD0DFKR rrEFD
DE0pGLDVHJXLGDVGHOHWUDVPLQ~VFXODVGLIHUHQWHVQDPHVPDFROXQDGLIHUHPSSHORWHVWHGH61.
Ϯϲ
FUX]DPHQWRHQWUHWRXURV$QJXV%RQVPDUDH&DQFKLPFRPYDFDVò$QJXVò1HORUH Hò6LPHQWDOò1HORUHHHQFRQWUDUDPLQIOXrQFLDGRJUXSRJHQpWLFRGDYDFDSDUDDV FDUDFWHUtVWLFDVGHSHVRDRDEDWH$/(1&$5HWDOFRQVXPRGLiULRGHPDWpULD VHFDHHILFLrQFLDGHFRQYHUVmRDOLPHQWDU&58=HWDO
'HDFRUGRFRP0HQH]HV 5HVWOHRPHQRUJDQKRGHSHVRDSUHVHQWDGR SRUDQLPDLV]HEXtQRVVHGHYHHPSDUWHjPHQRUFDSDFLGDGHGHLQJHVWmRGHDOLPHQWRV IDWR QmR REVHUYDGR QR SUHVHQWH WUDEDOKR 0HQH]HV HW DO REVHUYDUDP TXH QRYLOKRV FRP PDLRU SURSRUomR GH ]HEXtQR DSUHVHQWDUDP PHQRU FDSDFLGDGH GR WUDWR GLJHVWyULR3RURXWURODGR$OYHVHWDODYDOLDQGRFUX]DVGHDQLPDLVWDXULQRVH ]HEXtQRVQmRREVHUYDUDPGLIHUHQoDVVLJQLILFDWLYDVVREUHRJDQKRPpGLRGLiULRRTXH QmRIRLREVHUYDGRQHVWHWUDEDOKR
*DQKRV GH SHVR VXSHULRUHV SDUD DQLPDLV WDXULQRV RX PHVWLoRV GH WDXULQRV FRPSDUDGRVFRP]HEXtQRVIRUDPHQFRQWUDGRVSRUDOJXQVSHVTXLVDGRUHV0(1(=(6 5(67/( &58= HW DO 3RU RXWUR ODGR *RXODUW HW DO QmR REVHUYDUDPGLIHUHQoDVHQWUHQRYLOKRV1HORUHH)1HORUH6LPHQWDORX&DQFKLP
%XOOH HW DO WUDEDOKDUDP FRP WRXULQKRV ô (XURSHX ó =HEX GH UDoD SDWHUQD EULWkQLFD RX FRQWLQHQWDO H QmR HQFRQWUDUDP GLIHUHQoD QR SHVR LQLFLDO ILQDO JDQKRGHSHVRHFRQVXPRGHPDWpULDVHFDTXDQWRDRVJUXSRVJHQpWLFRV
4XDQWRDRVH[RRVPDFKRVDSUHVHQWDUDPPDLRUHVPpGLDVGH3DE*37*3'F H($GRTXHDVIrPHDVDSHVDUGHQmRVHUHPGLIHUHQWHVTXDQWRDRFRQVXPRGHPDWpULD VHFD7DEHOD1RFDVRGH*3'FHQWUHWDQWRDGLIHUHQoDHQWUHVH[RVGHSHQGHXGD UDoDGRWRXURRXVHMDRVPDFKRVDSUHVHQWDUDPPDLRUPpGLDGRTXHDVIrPHDVDSHQDV SDUDILOKRVGHWRXURV&DQFKLPH3DUGR6XLoR5RGULJXHVHWDOWUDEDOKDUDPFRP DQLPDLVFUX]DGRVILOKRVGHWRXURV$QJXVH:DJ\XHYDFDVò$QJXVò1HORUHHò 6LPHQWDO ò 1HORUH H RV DQLPDLV PDFKRV REWLGRV SHORV FUX]DPHQWRV WDPEpP DSUHVHQWDUDP SHVR ILQDO GH DEDWH PDLRU TXH RV GDV IrPHDV &UX] HW DO DYDOLDUDPRFUX]DPHQWRHQWUHWRXURV$QJXV%RQVPDUDH&DQFKLPFRPYDFDVò$QJXV ò1HORUHHò6LPHQWDOò1HORUHHHQFRQWUDUDPLQIOXrQFLDGRVH[RVHQGRTXHRV PDFKRVDSUHVHQWDUDPPDLRUJDQKRGHSHVRGLiULRHHILFLrQFLDGHFRQYHUVmR
Ϯϳ
&21&/86®(6
(OHYDGRVSHVRGHDEDWHHJDQKRGHSHVRHPFRQILQDPHQWRSRGHPVHUREWLGRV SHOR FUX]DPHQWR GH WRXURV +HUHIRUG RX 3DUGR 6XLoR WLSR FDUQH FRP IrPHDV 1HORUH 6HQHSRO[1HORUHRX$QJXV[1HORUH
(OHYDGRVSHVRGHDEDWHHJDQKRGHSHVRHPFRQILQDPHQWRSRGHPVHUREWLGRV SHOR FUX]DPHQWR GH YDFDV ò $QJXV ò 1HORUH FRP WRXURV &DQFKLP +HUHIRUG RX 3DUGR6XLoR
5()(5Ç1&,$6
$/(1&$5 00 2/,9(,5$ 0&6 %$5%26$ 3) &DXVDV GH 9DULDomR GH &DUDFWHUtVWLFDV GH &UHVFLPHQWR GH %RYLQRV &UX]DGRV &DQFKLP [ 1HORUH 5HYLVWD %UDVLOHLUDGH=RRWHFQLDYQS
$/(1&$5 00 &58= *0 78//,2 55 &255Ç$ /$ 6$03$,2 $$0 %$5%26$3)3HVRYLYRLGDGHGHDEDWHGXUDomRGRFRQILQDPHQWRHFDUDFWHUtVWLFDV GHFDUFDoDGHERYLQRVMRYHQVSURYHQLHQWHVGHFUX]DPHQWRVGHUDoDVDGDSWDGDVHQmR DGDSWDGDV,Q5(81,2$18$/'$62&,('$'(%5$6,/(,5$'(=227(&1,$ -DERWLFDEDO$QDLV-DERWLFDEDO6%=&'520S
$/9(6''3$8/,120)%$&.(6$$'HVHPSHQKRSURGXWLYRGHERYLQRV=HEX HFUX]DGRV+RODQGrV=HEXQDVIDVHVGHUHFULDHWHUPLQDomR$FWD6FLHQWLDUXPY QS
%(5*57%877(5),(/'501HZFRQFHSWVRIFDWWOHJURZWK6\GQH\6\GQH\ 8QLYHUVLW\3UHVVS
Ϯϴ
%25%$/+) $/(1&$5 00 &58= *0 %$5%26$ 3) &DUDFWHUtVWLFDV GH FUHVFLPHQWR GH ERYLQRV FUX]DGRV %ORQGH G¶DTXLWDLQH ; =HEX 'LVSRQtYHO HP ILOH'7H[WRV3KWP!$FHVVRHPGHMXQKRGH
%8//( 0/0 5,%(,52 )* /(0( 35 7,772 ($/ /$11$ '3' 'HVHPSHQKRGHWRXULQKRVFUX]DGRVHPGLHWDVGHDOWRWHRUGHFRQFHQWUDGRFRPEDJDoR GHFDQDGHDo~FDUFRPR~QLFRYROXPRVR5HYLVWD%UDVLOHLUDGH=RRWHFQLDYQ S
&/Ë0$&2 60 5,%(,52 (/$ 0,=8%87, ,< 6,/9$ /') %$5%26$ 0$$)%5,',$0'HVHPSHQKRHFDUDFWHUtVWLFDVGHFDUFDoDGHERYLQRVGHFRUWHGH TXDWUR JUXSRV JHQpWLFRV WHUPLQDGRV HP FRQILQDPHQWR 5HYLVWD %UDVLOHLUD GH =RRWHFQLDYQS
&58= *0 GD 78//,2 55 $//(21, *) %(51'7 $ $/(1&$5 00 GH /$11$'3'1$5'215)3HVRYLYRLGDGHGHDEDWHHFDUDFWHUtVWLFDVGHFDUFDoDV GHPDFKRVQmRFDVWUDGRVGHTXDWURJUXSRVJHQpWLFRVHPUHODomRDRVWDWXVQXWULFLRQDO QD IDVH GH SDVWHMR ,Q 5(81,2 $18$/ '$ 62&,('$'( %5$6,/(,5$ '( =227(&1,$6DQWD0DULD$QDLV6DQWD0DULD6%=
&58=*0(67(9(66178//,255$/(1&$5002/,9(,5$0&63HVR GH DEDWH GHPDFKRV QmRFDVWUDGRV SDUD SURGXomR GH ERYLQR MRYHP 'HVHPSHQKR HPFRQILQDPHQWRHFXVWRGHSURGXomR5HYLVWD%UDVLOHLUDGH=RRWHFQLDYQS
Ϯϵ
&58= *0 52'5,*8(6 $$ 78//,2 55 'HVHPSHQKR GH EH]HUURV GD UDoD 1HORUH H FUX]DGRV GHVPDPDGRV UHFHEHQGR FRQFHQWUDGR HP SDVWDJHP DGXEDGD GH &\QRGRQGDFW\ORQFY&RDVWFURVV5HYLVWD%UDVLOHLUDGH=RRWHFQLDYQS
+(,1(10$11 5-% 3,172 0) 520$1(//, 3))DWRUHV TXH LQIOXHQFLDP D WH[WXUD GD FDUQH GH QRYLOKRV QHORUH H FUX]DGRV OLPRXVLQQHORUH 3HVTXLVD DJURSHFXiULDEUDVLOHLUD%UDVtOLDYQSDJR
+(55,1* :2 0,//(5 '& %(575$1' -. %(1<6+(. / / (YDOXDWLRQ WR PDFKLQH WHFKQLFLDQ DQG LQWHUSUHWHU HIIHFWV RQ XOWUDVRQLF PHDVXUHV RI EDFNIDW DQG ORQJLVVLPXVPXVFOHDUHDLQEHHIFDWWOH-RXUQDORI$QLPDO6FLHQFHYQS
*28/$5756$/(1&$5003277(%&58=*078//,255$//(21, *)/$11$'3'&RPSRVLomRFRUSRUDOHH[LJrQFLDVOtTXLGDVGHSURWHtQDHHQHUJLD GH ERYLQRV GH TXDWUR JUXSRV JHQpWLFRV WHUPLQDGRV HP FRQILQDPHQWR 5HYLVWD %UDVLOHLUDGH=RRWHFQLDYQS
-8148(,5$ -2% 9(//262 / )(/,&,2 3( 'HVHPSHQKR 5HQGLPHQWRV GH FDUFDoD H FRUWHV GH DQLPDLV PDFKRV H IrPHDV PHVWLoRV GH 0DUFKLJLDQD [ 1HORUH WHUPLQDGRVHPFRQILQDPHQWR5HYLVWD%UDVLOHLUDGH=RRWHFQLDYQS
/(0( 35 6,/9$ 6/ 3(5(,5$ $6& 8WLOL]DomR GH FDQDGHDo~FDU HP GLHWDV FRP HOHYDGD SURSRUomR GH FRQFHQWUDGRV SDUD QRYLOKRV 1HORUH HP FRQILQDPHQWR 5HYLVWD%UDVLOHLUDGH=RRWHFQLDYQS
ϯϬ
/8&+,$5,),/+2$3HFXiULDGDFDUQHERYLQDDHG6mR3DXORRSUySULRDXWRU YS
0(1(=(6 /)* 5(67/( - 'HVHPSHQKR GH QRYLOKRV GH JHUDo}HVDYDQoDGDV GR FUX]DPHQWRDOWHUQDGRHQWUHDVUDoDV&KDUROrVH1HORUHWHUPLQDGRVHPFRQILQDPHQWR 5HYLVWD%UDVLOHLUDGH=RRWHFQLDYQS
0(1(=(6/)*5(67/(-%521'$1,,/ÏUJmRVLQWHUQRVHWUDWRJDVWULQWHVWLQDO GHQRYLOKRVGHJHUDo}HVDYDQoDGDVGHFUX]DPHQWRURWDWLYRHQWUHDVUDoDV&KDUROrVH 1HORUH WHUPLQDGRV HP FRQILQDPHQWR5HYLVWD %UDVLOHLUD GH =RRWHFQLD Y Q S
0,//(55.2EWHQGRFDUQHGHTXDOLGDGHFRQVLVWHQWH,Q&21*5(662%5$6,/(,52 '( &,Ç1&,$ ( 7(&12/2*,$ '( &$51(6 &DPSLQDV&DUQHV 4XDOLGDGH H VHJXUDQoDSDUDRVFRQVXPLGRUHVGRQRYRPLOrQLR±DQDLV&DPSLQDV,QVWLWXWRGH 7HFQRORJLDGH$OLPHQWRV&HQWURGH7HFQRORJLDGH&DUQHVS
081,=&$6'48(,52=6$$YDOLDomRGRSHVRjGHVPDPDHGRJDQKRPpGLRGH SHVRGHEH]HUURVFUX]DGRVQR(VWDGRGR0DWR*URVVRGR6XO5HYLVWD%UDVLOHLUDGH =RRWHFQLDYQS
3$'8$ -7 0$*1$%26&2 &8 6$,1= 5' *HQyWLSR H FRQGLomR VH[XDO QR GHVHPSHQKR H QDV FDUDFWHUtVWLFDV GH FDUFDoD GH ERYLQRV GH FRUWH VXSHU MRYHQV5HYLVWD%UDVLOHLUDGH=RRWHFQLDYQS
ϯϭ
6$66WDWLVWLFDO $QDO\VHV 6\VWHP ,QVWLWXWH ³6$6 8VHU¶V *XLGH 6WDWLVWLF´ 6$6 ,QVWLWXWH,1&&DU\1&
6,/9$'-48(,52=$&$QiOLVHGHDOLPHQWRVPpWRGRVTXtPLFRVHELROyJLFRV HG9LoRVD8)9S
ϯϮ
&$3Ë78/2±&$5$&7(5,67,&$6'(&$5&$d$(48$/,'$'('$&$51('( %29,126'(&257(&58=$'26
5(6802 ±&RP R DXPHQWRGD FRPSHWLWLYLGDGH GD FDUQH ERYLQD SURGX]LGD QR %UDVLO FRPDGHRXWURVSDtVHVRLQYHVWLPHQWRQDTXDOLGDGHWHPVLGRLPSRUWDQWHFRPLVVRR XVRGHFUX]DPHQWRVYHPVHWRUQDQGRXPDIHUUDPHQWDLPSRUWDQWHYLVDQGRDRDXPHQWR GHTXDOLGDGHGDFDUQH2REMHWLYRGHVWHWUDEDOKRIRLDYDOLDUFDUDFWHUtVWLFDVGHFDUFDoD GHERYLQRVFUX]DGRVPDFKRVFDVWUDGRVHIrPHDVWHUPLQDGRVHPFRQILQDPHQWR)RUDP XWLOL]DGRVDQLPDLVILOKRVGHYDFDV1HORUH$QJXV1HORUHH6HQHSRO 1HORUH H GH WRXURV GDV UDoDV &DQFKLP +HUHIRUG H 3DUGR 6XtoR WLSR FDUQH 2V DQLPDLV SHUPDQHFHUDP DORMDGRV HP EDLDV LQGLYLGXDLV H IRUDP DEDWLGRV TXDQGR DWLQJLUDP PP GH HVSHVVXUD GH JRUGXUD H[WHUQD PHGLGDV SRU XOWUDVRQRJUDILD 2V GDGRVIRUDPVXEPHWLGRVDDQiOLVHVGHYDULkQFLDSHORPpWRGRGRVTXDGUDGRVPtQLPRV FXMRPRGHORHVWDWtVWLFRLQFOXLXRVHIHLWRVGDUDoDGRWRXURGRJUXSRJHQpWLFRGDYDFD GRVH[RGRVDQLPDLVHVXDVLQWHUDo}HV$XWLOL]DomRGHYDFDVò$QJXVò1HORUHHP FUX]DPHQWR PHOKRUD R UHQGLPHQWR GD FDUFDoD R FRPSULPHQWR H RV FRUWHV SULPiULRV GD FDUFDoD HP FRPSDUDomR jV YDFDV 1HORUH H ò 6HQHSRO ò 1HORUH $QLPDLV ILOKRV GH WRXURV &DQFKLP DSUHVHQWDP PDLRU UHQGLPHQWR GH FDUFDoD TXHQWH HSHVRGHJRUGXUDSHULUUHQDONJHQTXDQWRRVILOKRVGHWRXURV+HUHIRUG DSUHVHQWDPPDLRUHVSHVVXUDGHJRUGXUDPPHRVILOKRVGHWRXURV3DUGR6XtoR PDLRUiUHDGHROKRGHORPERFPHSHVRGRFRUDomRNJTXDQGRDVPmHV
ϯϯ
PDFLH]GDFDUQHQmRIRLLQIOXHQFLDGDSHORJUXSRJHQpWLFRGRVEH]HUURVVHQGRTXHD IRUoDGHFLVDOKDPHQWRYDULRXGHNJIFPDNJIFPGHSHQGHQGR GRJUXSRJHQpWLFRGREH]HUUR
3DODYUDVFKDYHiUHDGHROKRGHORPERFRUGDFDUQHHVSHVVXUDGHJRUGXUDPDFLH] UHQGLPHQWRWUDVHLUR
ϯϰ
,1752'8d2
2 DXPHQWR GD FRPSHWLWLYLGDGH FRP RXWUDV FDUQHV H FRP RXWURV SDtVHV IRUQHFHGRUHVEHPFRPRDSRVVLELOLGDGHGHR%UDVLOFRQVROLGDUVHQRPHUFDGRPXQGLDO GDFDUQHERYLQDWrPUHTXHULGRGDDWLYLGDGHGHSHFXiULDGHFRUWHDRIHUWDGHSURGXWRV GHTXDOLGDGHGHPDQHLUDFRQWtQXDGXUDQWHRDQR(8&/,'(6),/+2HWDO
1RV DQRV PDLV UHFHQWHV D SHVTXLVD YHP HYROXLQGR QR VHQWLGR GH LQYHVWLJDU H PHOKRUDU RV DVSHFWRV TXDOLWDWLYRV GRV SURGXWRV FiUQHRV FRP R REMHWLYR GH FDWLYDU R FRQVXPLGRU EUDVLOHLUR H DPSOLDU D FRPSHWLomR QR PHUFDGR H[WHUQR TXH WHP VLGR D JUDQGHDODYDQFDLQFHQWLYDGRUDGHVVDDWLYLGDGH)(51$1'(62SURGXWRUWHP EXVFDGR JHQyWLSRV PDLV DGHTXDGRV DR VHX VLVWHPD GH SURGXomR H TXH WDPEpP DWHQGDP jV GHPDQGDV GH PHUFDGR SULQFLSDOPHQWH QRV TXHVLWRV GH TXDOLGDGH GD FDUFDoDHGDFDUQH)$785,HWDO
6HJXQGR 3ULROR HW DO D TXDOLGDGH GD FDUQH GRV UXPLQDQWHV SRGH VHU LQIOXHQFLDGDSRUGLYHUVRVDVSHFWRVTXHSRGHPVHUGLYLGLGRVHPGRLVJUXSRV2SULPHLUR UHODFLRQDGRjVFDUDFWHUtVWLFDVGRDQLPDOLGDGHVH[RHRRXWURJUXSRTXHFRPSUHHQGH RVIDWRUHVH[WHUQRVGLHWDWHPSRHSURFHGLPHQWRVGHDEDWH1HVWHVHQWLGRPXLWRVVmR RVHVWXGRVIHLWRVDILPGHPHOKRUDUDVFDUDFWHUtVWLFDVTXDOLWDWLYDVHVHQVRULDLVGDFDUQH
'HQWUH RV IDWRUHV GD TXDOLGDGH GD FDUQH D PDFLH] p UHFRQKHFLGD FRPR R FRPSRQHQWHPDLVLPSRUWDQWHSDUDRFRQVXPLGRUVHJXQGR6WU\GRQHWDO$FRU GDFDUQHpDSULPHLUDFDUDFWHUtVWLFDDYDOLDGDSHORFRQVXPLGRUQRPRPHQWRGDFRPSUD &DUQH YHUPHOKD HVFXUD HP JHUDO p UHMHLWDGD SHOR FRQVXPLGRU TXH DVVRFLD SRU LQWXLomRDSRVVtYHOGHWHULRUDomR5(67/(HWDO$OpPGLVWRDDWXDOGHPDQGDGH PHUFDGRSRUSURGXWRPDLVPDJURHPDLVVDXGiYHOID]FRPTXHDXWLOL]DomRGHERYLQRV MRYHQV H LQWHLURV VHMD XPD DOWHUQDWLYD SDUD D SURGXomR GH FDUQH H SDUD LVVR p QHFHVViULRRXVRGHUDoDVRXFUX]DPHQWRVTXHSRVVLELOLWHPQtYHOPtQLPRGHJRUGXUDGH FREHUWXUD DGHTXDGR DR UHVIULDPHQWR H DR SURFHVVDPHQWR GD FDUQH /8&&+,$5, ),/+2
ϯϱ
GHVWHFRPELQDUHFRPSOHPHQWDUDVFDUDFWHUtVWLFDVGHLPSRUWkQFLDHFRQ{PLFDTXHVmR H[SUHVVDV FRP GLIHUHQWHV LQWHQVLGDGHV SHORV DQLPDLV GDV UDoDV SXUDV EHP FRPR DSURYHLWDU D KHWHURVH UHVXOWDQWH 6HJXQGR 'HOJDGR RV GDGRV GD OLWHUDWXUD PRVWUDPTXHFRPRDXPHQWRGDFRQWULEXLomRGR1HORUHQRFUX]DPHQWRFRP%RVWDXUXV RFRUUH FRQFRPLWDQWH DXPHQWR QD IRUoD GH FLVDOKDPHQWR HQGXUHFLPHQWR DSRQWDQGR SDUD R HIHLWRQHJDWLYR GR ]HEX QDPDFLH]'HVVDIRUPD DEDVHJHQpWLFD GR SURGXWR ILQDO p GD PDLRU LPSRUWkQFLD SHOR PHQRV QR P~VFXORORQJLVVLPXV 35,1*/( HW DO $VVLP VmR QHFHVViULRV HVWXGRV VREUH RV IDWRUHV GH SURGXomR TXH LQWHUIHUHP QDVFDUDFWHUtVWLFDVGDFDUFDoDHQDVXDTXDOLGDGH6$03$,2HWDO
2REMHWLYRGHVWHWUDEDOKRIRLDYDOLDUFDUDFWHUtVWLFDVGDFDUFDoDHGDTXDOLGDGHGD FDUQH GH ERYLQRV FUX]DGRV GH GLIHUHQWHV UDoDV FRP GLIHUHQWHV SURSRUo}HV GH%RV WDXUXVWHUPLQDGRVHPFRQILQDPHQWR
0$7(5,$/(0e72'26
2 H[SHULPHQWR IRL FRQGX]LGR QD (PEUDSD 3HFXiULD 6XGHVWH ORFDOL]DGD QR PXQLFtSLRGH6mR&DUORVUHJLmR&HQWUDOGR(VWDGRGH6mR3DXOR
9DFDV 1HORUH $QJXV 1HORUH H 6HQHSRO 1HORUH IRUDP LQVHPLQDGDV FRP VrPHQ GH WRXURV GDV UDoDV &DQFKLP +HUHIRUG H 3DUGR 6XtoR WLSR FDUQHGHGH]HPEURGHDIHYHUHLURGHFRPRREMHWLYRGHSURGX]LUEH]HUURV GH GLIHUHQWHV SURSRUo}HV GH DGDSWDomR H GH%RV WDXUXV D VHUHP XWLOL]DGRV QHVWH WUDEDOKR7DEHOD$VIrPHDV1HORUHò$QJXVò1HORUHHò6HQHSROò1HORUH SRVVXHP D PHVPD EDVH JHQpWLFD GH 1HORUH H QDVFHUDP HP GXDV VDIUDV RXWXEUR D MDQHLURGHH2VEH]HUURVPDFKRVFDVWUDGRVHIrPHDVQRWRWDO GHHUHVSHFWLYDPHQWHXWLOL]DGRVQHVWHWUDEDOKRQDVFHUDPGHRXWXEURGHD MDQHLURGH
ϯϲ
7DEHOD 1~PHURGHEH]HUURVFRQIRUPHRFUX]DPHQWRHVH[R
5DoDGRWRXUR
*UXSRJHQpWLFR &DQFKLP +HUHIRUG 3DUGR6XLoR 7RWDO GDYDFD 0DFKR )rPHD 0DFKR )rPHD 0DFKR )rPHD
1HORUH
ò$QJXVò1HORUH
ò6HQHSROò1HORUH
7RWDO
&RQVLGHUDQGRVHR1HORUHFRPRVHQGRDGDSWDGRHR6HQHSROFRPRVHQGR DGDSWDGR RV EH]HUURV SURGX]LGRV DSUHVHQWDP SURSRUo}HV GH DGDSWDomR TXH YDULDPGHDHSURSRUo}HVGHWDXULQRTXHYDULDPGHD 7DEHOD
7DEHOD 3HUFHQWDJHP GH%RV WDXUXV %W =HEX =H H GH%RV WDXUXV %W H GH DGDSWDGR$GHPFDGDJUXSRJHQpWLFRGHEH]HUURSURGX]LGRGHDFRUGR FRPRJUXSRJHQpWLFR**GDYDFDHDUDoDGRWRXUR
5DoDGRWRXUR
*UXSRJHQpWLFR &DQFKLP +HUHIRUG 3DUGR6XtoR
GDYDFD
1HORUH %W=H
$G %W=H$G %W=H$G
$QJXV1HORUH %W=H
$G %W=H$G %W=H$G
6HQHSRO1HORUH %W=H
$G %W=H$G %W=H$G
ϯϳ
PDQWLGRVSRUWRGRSHUtRGRGDViJXDVHPSDVWDJHPDGXEDGDGHFDSLP7DQ]kQLDFRP VXSOHPHQWDomR GH PLVWXUD PLQHUDO $V IrPHDV IRUDP PDQWLGDV HP SDVWDJHQV VHPHOKDQWHVjVGRVPDFKRV
$SyVRSHUtRGRGHSDVWHMRFRPVXSOHPHQWDomRGHDSHQDVPLVWXUDPLQHUDOSRU YROWDGRVPHVHVGHLGDGHWRGRVRVDQLPDLVIRUDPFRQILQDGRVHPEDLDVLQGLYLGXDLV QRWRWDOGHHHPEDLDVFROHWLYDVFRPFDQFHODVHOHWU{QLFDVLQGLYLGXDLVQRWRWDOGH TXHSRVVLELOLWDYDUHDOL]DUDPHGLGDGRFRQVXPRGLiULRLQGLYLGXDOGRVDQLPDLV
'XUDQWH D IDVH GH FRQILQDPHQWR D GLHWD IRL IRUQHFLGD GXDV YH]HV DR GLD H DV VREUDVUHWLUDGDVXPDYH]DRGLDVHPSUHSHODPDQKm2FRQVXPRDGOLELWXPGDGLHWDIRL PRQLWRUDGRGLDULDPHQWHPDQWHQGRDRIHUWDGHDOLPHQWRVVHPSUHHQWUHDFLPDGR FRQVXPR $GLHWD SRVVXtD GH SURWHtQD EUXWD H GHQXWULHQWHV GLJHVWtYHLV WRWDLVHIRLFRQVWLWXtGDGHGHVLODJHPGHPLOKRGHPLOKRHPJUmRPRtGR GH IDUHOR GH VRMD GH IDUHOR GH WULJR GH XUpLD GH FDOFiULR FDOFtWLFRGHPLVWXUDPLQHUDOHGHPRQHQVLQDVyGLFDQDEDVHVHFD
3DUD GHWHUPLQDomR GR SHVR HP FRQILQDPHQWR IRUDP UHDOL]DGDV SHVDJHQV QR WHPSR]HURLQtFLRGRH[SHULPHQWRVHPHFRPMHMXPHSRVWHULRUPHQWHDFDGDSHUtRGR GHGLDVVHPMHMXPHDQWHVGRDEDWHVHPHFRPMHMXPSUpYLRGHKRUDVGHiJXDH GHDOLPHQWRV
$GXUDomRGRSHUtRGRGHFRQILQDPHQWRHRDEDWHGHFDGDDQLPDOYDULDUDPSDUD SHUPLWLUDFDEDPHQWRGHFDUFDoDVHPHOKDQWHHQWUHWRGRVRVDQLPDLV2VDQLPDLVIRUDP HVFROKLGRV SDUD DEDWH FRP EDVH HP DYDOLDo}HV YLVXDLV GR DFDEDPHQWR GH FDUFDoD FRQIURQWDGDV FRP DV LPDJHQV GH XOWUDVRQRJUDILD FRP YDORU DFLPD GH PP GH HVSHVVXUD GH JRUGXUD H[WHUQD XWLOL]DQGRVH SDUD LVVR DSDUHOKR $TXLOD PDUFD 3LH 0HGLFDOGHXOWUDVRQRJUDILDVHJXQGRPHWRGRORJLDGH+HUULQJHWDOFRPVRQGD HVSHFtILFD SDUD D REWHQomR GH LPDJHQV QD UHJLmR GR FRQWUDILOp HQWUH D H D FRVWHODVTXHSHUPLWLUDPDVWRPDGDVGDVPHGLGDVGDHVSHVVXUDGHJRUGXUDH[WHUQDH GDiUHDGRROKRGHORPER
ϯϴ
2DEDWHIRLUHDOL]DGRHPWUrVGDWDVGLIHUHQWHVGLDVWUrVHGH]GHDJRVWRHQRGLD RQ]H GH VHWHPEUR GR DQR GH )RL UHDOL]DGR SHOR VLVWHPD FRQYHQFLRQDO GH PDWDQoD GXUDQWH R TXDO QD OLQKD GH HYLVFHUDomR IRUDP UHDOL]DGDV DV FROHWDV H SHVDJHQV GRV yUJmRV FRUDomR ItJDGR ULQV H GD JRUGXUD SHULUUHQDO GH FDGD DQLPDO &DGDXPDGHODVHUDFROHWDGDHPEDOGHVVHSDUDGDVHSHVDGDVLQGLYLGXDOPHQWHHPXPD EDODQoDGLJLWDOGHSUHFLVmR
/RJR DSyV R DEDWH DV FDUFDoDV TXHQWHV IRUDP SHVDGDV H UHIULJHUDGDV SRU KRUDVHPFkPDUDIULD&2UHQGLPHQWRGHFDUFDoDIRLGHILQLGRFRPRDUHODomRHQWUH RSHVRGHFDUFDoDTXHQWHHRSHVRYLYRDQWHVGRDEDWHPXOWLSOLFDGRSRU$SyVD UHIULJHUDomRDOJXPDVPHGLGDVIRUDPWRPDGDVQDVFDUFDoDVRFRPSULPHQWRGLVWkQFLD HQWUH D SRUomR DQWHULRU PHGLDO GD SULPHLUD FRVWHOD H D ERUGD DQWHULRU GR S~ELV H SURIXQGLGDGH$SyVDVFDUFDoDVIRUDPVHSDUDGDVHPWUDVHLURHVSHFLDOGLDQWHLURFRP FRVWHODVHSRQWDGHDJXOKDHVHXVSHVRVDQRWDGRV)RUDPWDPEpPUHWLUDGDVDPRVWUDV GDFDUFDoDHVTXHUGDHQWUHDDHDDFRVWHODVRQGHIRUDPWRPDGDVDVPHGLGDVGH
iUHDGHROKRGHORPERHHVSHVVXUDGHJRUGXUD$VDPRVWUDVIRUDPWUDQVSRUWDGDVGR IULJRUtILFR DWp R ODERUDWyULR GH DQiOLVHV GH FDUQH GD (PEUDSD 3HFXiULD 6XGHVWH HP FDL[DVWpUPLFDV
1R/DERUDWyULRDQWHVGDGHVRVVDGDVDPRVWUDIRLIHLWDDPHGLGDGHHVSHVVXUD GH JRUGXUD HD iUHDGH ROKRGH ORPERH ORJR DSyVIRL UHDOL]DGD DPHGLGDGD FRU GD JRUGXUD VXEFXWkQHD HP XP ~QLFR SRQWR XPD PHGLGD 'HSRLV GH GHVRVVDGDV DV DPRVWUDVIRLUHWLUDGRXPELIHGHFPGHHVSHVVXUDSDUDDUHDOL]DomRGDVDQDOLVHV ItVLFDV GD FDUQH &RU 0$5 S+ &5$ 33& H IRUoD GH FLVDOKDPHQWR WRGDV HVWDV DQiOLVHV IRUDP UHDOL]DGDV QR PHVPR ELIH VHQGR TXH SDUD D &5$ IRL UHWLUDGD XPD SHTXHQDSRUomRGHVWHELIH
3DUDUHDOL]DUDVPHGLGDVGHFRUGDFDUQHXPFRUWHWUDQVYHUVDOQDFDUQHIRLIHLWR SDUDH[SRVLomRDRR[LJrQLRSRUXPSHUtRGRGHWULQWDPLQXWRVSDUDTXHDPLRJORELQD UHGX]LGD HP FRQWDGR FRP R 2 VH R[LGDVVH IRUPDQGR D R[LPLRJORELQD )RUDP
UHDOL]DGDVWUrVPHGLGDVHPORFDLVGLVWLQWRVGDFDUQHQDDPRVWUDGRFRQWUDILOp
ϯϵ
RQGHR/LQGLFDOXPLQRVLGDGHHDHEVmRHL[RVGHFURPDWLFLGDGH2HL[R±DDYDLGH YHUGHDYHUPHOKRH±EEYDLGHD]XODDPDUHOR
'HSRLVGHFROHWDGRVRVGDGRVGDFRUIRLUHDOL]DGDQDPHVPDDPRVWUDDPHGLGD GRQtYHOGHPDUPRUHLRGHFDGDDPRVWUDVHJXQGR0XOOHU
$SyV IRL UHDOL]DGD D DQiOLVH LQVWUXPHQWDO GH S+ REWLGD QD PHVPD DPRVWUD H FRPRDX[tOLRGRDSDUHOKRGLJLWDOGDPDUFD7HVWR$VPHGLGDVIRUDPIHLWDVQDSRUomR PXVFXODUGRELIH3DUDUHVXOWDGRVPDLVSUHFLVRVIRUDPUHDOL]DGDVYiULDVPHGLGDVHP WRUQR GH PHGLGDV DWp VH REWHUHP WUrV PHGLGDV SUy[LPDV RX VHMD FRP XPD GLIHUHQoD LQIHULRU D $ PHGLGD ILQDO GR S+ IRL D PpGLD GH WRGRV RV YDORUHV HQFRQWUDGRVSDUDDTXHODDPRVWUD
3DUD GHWHUPLQDU D FDSDFLGDGH GH UHWHQomR GH iJXD &5$ IRUDP UHWLUDGDV GD DPRVWUDSULQFLSDOWUrVVXEDPRVWUDVGHDSUR[LPDGDPHQWHGRLVJUDPDVGHFDUQHFDGD (VVDV VXEDPRVWUDV IRUDP SHVDGDV HP EDODQoD DQDOtWLFD FRORFDGDV HQWUH SDSHO GH ILOWURHHVWHHQWUHGXDVSODFDVGHDFUtOLFR8PSHVRGH GH]TXLORJUDPDVIRLFRORFDGR VREUHDSODFDGHDFUtOLFRSRUFLQFRPLQXWRVHDSyVHVWHSHUtRGRDVVXEDPRVWUDVHUDP UHWLUDGDVGRSDSHOGHILOWURHSHVDGDVQRYDPHQWHVHQGR&5$ 3)[3,RQGH 3)HUDRSHVRDSyVDSUHQVDJHPH3,RSHVRDQWHVGDSUHQVDJHP+$00
3DUD GHWHUPLQDU D SHUGD SRU FRFomR 33& IRUDP UHDOL]DGDV DV SHVDJHQV GDV DPRVWUDVHPEDODQoDGLJLWDOGHSUHFLVmRDQWHVGHVHUHPDVVDGDV$VDPRVWUDVIRUDP FRORFDGDVHPXPIRUQRFRPELQDGRFRPUHJXODJHPGHWHPSHUDWXUDLQWHUQDGRIRUQRHP & DWp TXH D WHPSHUDWXUD LQWHUQD GDV DPRVWUDV DWLQJLVVH & (P FDGD ELIH IRL LQWURGX]LGRXPWHUPRSDUFRQHFWDGRDXPFRPSXWDGRUPXQLGRGHVRIWZDUHHVSHFtILFR TXHPRVWUDHUHJLVWUDDYDULDomRGDWHPSHUDWXUDLGHQWLILFDQGRRPRPHQWRGDUHWLUDGD GDVDPRVWUDVGRIRUQR$SyVRVELIHVHVIULDUHPHPWHPSHUDWXUDDPELHQWHIRLUHDOL]DGD XPD QRYD SHVDJHPH FRP D GLIHUHQoDGH SHVR GDV DPRVWUDV FUXDV HDVVDGDV VH FDOFXORXRYDORUGDSHUGDSRUFRFomR
ϰϬ
HOpWULFD 2VFRUHV FRPR VmR FKDPDGDV DV VXEDPRVWUDV IRUDP UHWLUDGRV GH IRUPD SDUDOHODjVILEUDVHGHFDGDELIHIRLUHWLUDGRQRPtQLPRGR]HFRUHV(VWHVFRUHVIRUDP XWLOL]DGRVSDUDDVDQiOLVHVGHPDFLH]HPWH[WXU{PHWURGDPDUFD7$;7SOXV±7H[WXUH $QDO\VHU 1R WH[WXU{PHWUR RV FRUHV IRUDP FRORFDGRV FRP DV ILEUDV GR P~VFXOR SHUSHQGLFXODUHVjOkPLQD:DUQHU%UDW]OHUGHPPGHHVSHVVXUDHRHTXLSDPHQWR FRQHFWDGR D XP FRPSXWDGRU PXQLGR GH VRIWZDUH HVSHFtILFR PRVWUDQGR R JUiILFR H R YDORUPi[LPRGDIRUoDXWLOL]DGDSDUDFLVDOKDUFDGDDPRVWUD
3DUD D REWHQomR GRV UHVXOWDGRV GD IRUoD GH FLVDOKDPHQWR RV YDORUHV REWLGRV IRUDPGLYLGLGRVSHODiUHDGRFLOLQGURiUHD ʌUVHQGRU REWHQGRVHDVVLPRV
YDORUHVUHDLVGDIRUoDGHFLVDOKDPHQWRGHFDGDFRUH$IRUoDGHFLVDOKDPHQWRGHFDGD ELIHIRLHQWmRFDOFXODGDSHODPpGLDGHWRGRVRVYDORUHVGDGRVSHORWH[WXU{PHWURDSyVD GLYLVmRSHODiUHDGRFRUHGHFDGDDPRVWUD
$VVHJXLQWHVYDULiYHLVIRUDPHVWXGDGDVUHQGLPHQWRGHFDUFDoDTXHQWH5&4 FRPSULPHQWR &203 H SURIXQGLGDGH 352) GD FDUFDoD HVSHVVXUD GH JRUGXUD VXEFXWkQHD(*iUHDGHROKRGRORPER$2/SHVRGRFRUDomR&25$ItJDGR),* ULP5,0HJRUGXUDSHULUUHQDO*35SRQWDGHDJXOKDGLUHLWD3$'HHVTXHUGD3$( WUDVHLURHVSHFLDOGLUHLWR7'HHVTXHUGR7(GLDQWHLURGLUHLWR''HHVTXHUGR'( OXPLQRVLGDGHGDFDUQH/&$5HGDJRUGXUD/*25LQWHQVLGDGHGDFRUYHUPHOKDGD FDUQHD&$5HGDJRUGXUDD*25LQWHQVLGDGHGDFRUDPDUHODGDFDUQHE&$5H GD JRUGXUD E*25 SRWHQFLDO KLGURJHQL{QLFR S+ FDSDFLGDGH GH UHWHQomR GH iJXD &5$ SHUFD SRU FRFomR 33&PDUPRUHLR 0$5 H IRUoD GH FLVDOKDPHQWR )& 2V GDGRVIRUDPVXEPHWLGRVDDQiOLVHVGHYDULkQFLDSHORPpWRGRGRVTXDGUDGRVPtQLPRV XWLOL]DQGRVHRSURFHGLPHQWR*/06$6FXMRVPRGHORVHVWDWtVWLFRVLQFOXtUDPRV HIHLWRVGDUDoDGRWRXUR57GRJUXSRJHQpWLFRGDPmH**9GRVH[RGRDQLPDOHDV LQWHUDo}HV57[**957[6H[R**9[6H[RH57[**9[6H[RDOpPGRUHVtGXR $V PpGLDV IRUDP FRPSDUDGDV SHOR WHVWH GH 6WXGHQW1HZPDQ.HXOV 61. FRQVLGHUDQGRRQtYHOGHVLJQLILFkQFLDGHTXDQGRRWHVWH)IRLVLJQLILFDWLYRSDUDD YDULiYHO
ϰϭ
5(68/7$'26(',6&8662
2V UHVXOWDGRV GDV DQiOLVHV GH YDULkQFLD GDV FDUDFWHUtVWLFDV GH FDUFDoD VmR DSUHVHQWDGRV QD 7DEHOD 2EVHUYDVH TXH DV LQWHUDo}HV QmR LQIOXHQFLDUDP VLJQLILFDWLYDPHQWHQHQKXPDGDVFDUDFWHUtVWLFDVHVWXGDGDV
$VPpGLDVGRVSHVRVGHDEDWHGRVILOKRVGRVWRXURV+HUHIRUG&DQFKLPH3DUGR 6XLoRIRUDPLJXDLVDNJNJHNJUHVSHFWLYDPHQWH$V PpGLDV GRV SHVRV GH DEDWH GRV ILOKRV GDV YDFDV 1HORUH ò $QJXV ò 1HORUH H ò 6HQHSROò1HORUHIRUDPUHVSHFWLYDPHQWHLJXDLVDNJNJH NJ
$ UDoD GR WRXUR DSUHVHQWRX HIHLWR VLJQLILFDWLYR 3 VREUH R UHQGLPHQWR GH FDUFDoDTXHQWH5&4DHVSHVVXUDGHJRUGXUD(*HDiUHDGHROKRGHORPER$2/ 7DEHOD 2 JUXSR JHQpWLFR GD YDFD LQIOXHQFLRX 3 DSHQDV 5&4 H R FRPSULPHQWRGHFDUFDoD&203HQTXDQWRTXHRVH[RDSUHVHQWRXHIHLWRVLJQLILFDWLYR 3VREUH5&4&203$2/H(*7DEHOD
7DEHOD 5HVXPRGDVDQiOLVHVGHYDULkQFLDGRUHQGLPHQWRGHFDUFDoDTXHQWH5&4 FRPSULPHQWRGDFDUFDoD&203SURIXQGLGDGHGDFDUFDoD3)HVSHVVXUD GH*RUGXUD(*iUHDGHROKRGHORPER$2/
)RQWHGH9DULDomR *UDXVGH
/LEHUGDGH 5&4 &2034XDGUDGR0pGLR352) (* $2/
5DoDGR7RXUR57
*UXSRJHQpWLFRGD
YDFD**9
6H[R6
57[**9
57[6
**9[6
57[**9[6
5HVtGXR
5ð
3
ϰϮ
$VPpGLDVHVWLPDGDVGDVFDUDFWHUtVWLFDVGHFDUFDoDVmRDSUHVHQWDGDVQD7DEHOD GH DFRUGR FRP D UDoD GR WRXUR R JUXSR JHQpWLFR GD YDFD H R VH[R GR DQLPDO ,QGHSHQGHQWHPHQWHGRVRXWURVIDWRUHVRVILOKRVGRVWRXURV&DQFKLPIRUDPVXSHULRUHV DRV GHPDLV SDUD D FDUDFWHUtVWLFD 5&4 7DEHOD (VWH UHVXOWDGR HUD HVSHUDGR XPD YH]TXHR&DQFKLP&KDUROrV=HEXpRULJLQiULRGHXPDUDoDFRQWLQHQWDOGH JUDQGH SRUWH FRP EDL[D GHSRVLomR GH JRUGXUD R TXH GHYH FRQIHULU DRV DQLPDLV FUX]DGRV GHVWD UDoD HOHYDGR UHQGLPHQWR GH FDUFDoD 9D] 5HVWOH DYDOLDUDP PDFKRVFDVWUDGRVGDUDoD+HUHIRUGHREVHUYDUDPUHQGLPHQWRVGHFDUFDoDHPWRUQRGH D 5HVWOH HW DO DYDOLDUDP DV FDUFDoDV GH QRYLOKDV ô &KDUROrV [ ó 1HORUHWHUPLQDGDVHPFRQILQDPHQWRHREVHUYDUDPUHQGLPHQWRVGHFDUFDoDGH
$OHQFDU HW DO DYDOLDQGR ILOKRV GH WRXURV $QJXV %RQVPDUD H &DQFKLP FUX]DGRVFRPYDFDVò$QJXVò1HORUHRXò6LPHQWDOò1HORUHREVHUYDUDPTXH KRXYH LQIOXrQFLD DSHQDV GD UDoD GR WRXUR SDUD D YDULiYHO UHQGLPHQWR GH FDUFDoD TXHQWH
7DEHOD 0pGLDV r HUUR SDGUmR HVWLPDGDV GR UHQGLPHQWR GH FDUFDoD TXHQWH 5&4 FRPSULPHQWR GD FDUFDoD &203 SURIXQGLGDGH GD FDUFDoD 352) HVSHVVXUD GH JRUGXUD (* iUHD GH ROKR GH ORPER $2/ GH DFRUGRFRPUDoDGRWRXURJUXSRJHQpWLFRGDYDFD**9HVH[R
5&4 &203FP 352)FP (*PP $2/FPð
5DoDGR7RXUR
&DQFKLP rD r r rE rE
+HUHIRUG rE r r rD rE
3DUGR6XtoR rE r r rE rD
**9
1HORUH rE rE r r r
6HQHSRO[1HORUH rE rE r r r
$QJXV[1HORUH rD rD r r r
6H[R
)rPHD rE rE r rD rE
0DFKR rD rD r rE rD
DE0pGLDVHJXLGDVGHOHWUDVGLIHUHQWHVQDPHVPDFROXQDGHQWURGHUDoDGHWRXURJUXSRJHQpWLFRGDYDFD RXVH[RGLIHUHP3SHORWHVWHGH61.
