81,9(56,'$'('2(;75(0268/&$7$5,1(16(81(6&
&8562'(),6,27(5$3,$
+e5,&$6$/9$52)(51$1'(6
$9$/,$d2272/Ë7,&$(326785$/(03$&,(17(6&20 +,32)81d29(67,%8/$5$17(6($3Ï6$,17(59(1d2
),6,27(5$3Ç87,&$
&5,&,Ò0$129(0%52'(
+e5,&$6$/9$52)(51$1'(6
$9$/,$d2272/Ë7,&$(326785$/(03$&,(17(6&20 +,32)81d29(67,%8/$5$17(6($3Ï6$,17(59(1d2
),6,27(5$3Ç87,&$
7UDEDOKRGH&RQFOXVmRGH&XUVRDSUHVHQWDGR SDUDDREWHQomRGRJUDXGH%DFKDUHOQRFXUVR GH)LVLRWHUDSLDGD8QLYHUVLGDGHGR([WUHPR6XO
&DWDULQHQVH81(6&
2ULHQWDGRU7pFQLFR3URI'UDeYHOLQ9LFHQWH 2ULHQWDGRUHV0HWRGROyJLFRV3URI06F/LVLDQH )DEULV&KLXPHQWR
3URI 0VF %iUEDUD &RHOKR 3URI &ULVWLDQ 0DGHLUD
&5,&,Ò0$129(0%52'(
$*5$'(&,0(1726
7RGRWUDEDOKREHPVXFHGLGRpIUXWRGHPXLWDIpIRUoDGHYRQWDGHHSHUVLVWrQFLD
$JUDGHoR D 'HXV H D 1RVVD 6HQKRUD $SDUHFLGD SHOD )25d$ 6$%('25,$ ( 2325781,'$'(TXHVHPSUHSHGLHPPLQKDVRUDo}HVHUHVSRQGHQGROKHVTXHHX WHULD&25$*(03(56,67Ç1&,$(9217$'(SDUDWXGRQDPLQKDYLGD
$JUDGHoRDPLQKDIDPtOLDVHPSUHSUHVHQWHQDPLQKDYLGDTXHGXUDQWHWRGRVHVVHV DQRV IRUDP SUD PLP XP JUDQGH H[HPSOR GH IRUoD H GH HQHUJLD LQILQLWD PH PRVWUDQGRFRPRVHIRUPDXPDIDPtOLDXQLGD
¬ PLQKD PmH 5RVD 6XVDQD 6DOYDUR )HUQDQGHV TXH PH FULRX FRP WRGR DPRU H FDULQKRTXHVHPSUHPHDSRLRXVHPSUHPHFRUULJLXHPHGHXWRGDDHGXFDomRTXH WHQKRKRMH
$ PHX SDL 0iULR &pVDU )HUQDQGHV TXH FRP WRGR VXRU H JDUUD GH XP SDL SDJRX PHXVHVWXGRVHVHUYLDFRPRFREDLDSDUDPLQKDDSUHQGL]DJHP
$RVPHXVLUPmRV+HURQH/HWtFLDSHODVYH]HVTXHPHGHL[DUDPXVDURFRPSXWDGRU HSHODGLYHUVmRHDOHJULDTXHPHSURSRUFLRQDUDP
$RPHXQDPRUDGR8LOOLDQSRUWHUPHPRVWUDGRUHDOPHQWHRTXHpDPRUYHUGDGHLUR FDULQKRXQLmRVDXGDGHSRUWHUPHGDGRIRUoDVGXUDQWHDH[HFXomRGR7&&SRUWHU PH SURSRUFLRQDGR WDQWRV PRPHQWRV LQHVTXHFtYHLV H SRU VHU HVWH +RPHP PDUDYLOKRVRFRPLJRHFRPWRGRVPHXVIDPLOLDUHV(XWHDPRPHXFRPSDQKHLURGH SURILVVmR
$RVPHXVDYyV=XOPLUDH/tEHURSRUWHUPHFULDGRQXPDPELHQWHVLPSOHVHFKHLR GH DOHJULD H GLYHUVmR 3HODV YH]HV TXH LD GRUPLU HP VXD FDVD SHORV FKRFRODWHV H FKLSVHVFRQGLGRV$JUDGHoRSHODSDUFHULDGHMRJDUFDQDVWUDFRPPLQKD9yRXSHODV LGDV j )D]HQGD FRP PHX 9{ RQGH PH GLYHUWLD WLUDQGR OHLWH H EULQFDQGR QR Sy GH VHUUD
¬ PLQKD Yy +RURQGLQD SHOD JHQHURVLGDGH HP WRGRV HVVHV DQRV H SRU DFUHGLWDU VHPSUHQRPHXSRWHQFLDO
$RV PHXV WLRV HP HVSHFLDO -DQDLQD H )iELR SHORV HQVLQDPHQWRV GHVGH SHTXHQD SRUPHID]HUJRVWDUGDGDQoDSRUDFUHGLWDUHPPLPVHPSUH)UDQTXLH&ULVSRUPH ID]HUJRVWDUGHIXWHEROHSRUWUD]HUGLYHUVmRSDUDWRGDPLQKDIDPtOLD
3ULPRVHSULPDVSHORDSRLRHDWHQomRGXUDQWHPLQKDMRUQDGD
$PLQKDRULHQWDGRUDeYHOLQ9LFHQWHTXHPHDSRLRXPHHQVLQRXHDFUHGLWRXQRPHX SRWHQFLDO$JUDGHoRDVFREUDQoDVDVH[LJrQFLDVDSDFLrQFLDHDWRGDGHGLFDomRHP
WRGRVHVVHVPHVHV
$R &RRUGHQDGRU GR &XUVR :LOOLDQV &DVVLDQR /RQJHQ SHODV RSRUWXQLGDGHV GH SDUWLFLSDU GH YiULRV HYHQWRV SHOR VHX SURILVVLRQDOLVPR HQVLQDPHQWR LQWHOLJrQFLD H GHGLFDomRDWRGRVRVDOXQRVGRFXUVR
$RV PHXV FROHJDV H YHUGDGHLURV DPLJRV GD YLGD HVSHFLDOPHQWH 3DPHOD SHOD FRPSDQKLDHFDULQKRQDIDFXOGDGH$PDQGDSHODIRUoDHDPL]DGHTXHFRQVWUXtPRV QRSULPiULRTXHFRQWLQXDDWpKRMH&DUROLQLSHODSDUFHULDGHVGHSHTXHQDQRWHFODGR QDDXODGHLQJOrVQDVYLDJHQVHHPVKRZV$GRURYRFrVDPLJDV
$RV PHXV SDFLHQWHV TXH DWHQGL GHVGH LQtFLR GD IDFXOGDGH SHOR FRQKHFLPHQWR TXH PHSURSRUFLRQDUDPSHODSDFLrQFLDFRODERUDomRHSRUFRQILDUHPHPPLPHQRPHX WUDEDOKR
8P JUDQGH DEUDoR SDUD WRGRV RV SURIHVVRUHV H IXQFLRQiULRV GR FXUVR GH )LVLRWHUDSLD2EULJDGDSRUWRGRRDSUHQGL]DGRHGLYHUVmR/HYDUHLRVHQVLQDPHQWRV FRPLJRSDUDWRGDDYLGD
8P08,722%5,*$'$DWRGRV
³6HHQ[HUJXHLORQJHIRLSRUTXHPHDSRLHLHP RPEURVGHJLJDQWHV´
,VVDF1HZWRQ
680È5,2
&DStWXOR,3URMHWRGH3HVTXLVD
&DStWXOR,,$UWLJR&LHQWtILFR
&DStWXOR,,,±1RUPDVGD5HYLVWD
&$3Ë78/2,±352-(72'(3(648,6$
81,9(56,'$'('2(;75(0268/&$7$5,1(16(81(6&
&8562'(),6,27(5$3,$
+e5,&$6$/9$52)(51$1'(6
$9$/,$d2272/Ë7,&$(326785$/(03$&,(17(6&20 +,32)81d29(67,%8/$5$17(6($3Ï6$,17(59(1d2
),6,27(5$3Ç87,&$
&5,&,Ò0$129(0%52'(
+e5,&$6$/9$52)(51$1'(6
$9$/,$d2272/Ë7,&$(326785$/(03$&,(17(6&20 +,32)81d29(67,%8/$5$17(6($3Ï6$,17(59(1d2
),6,27(5$3Ç87,&$
3URMHWR GH SHVTXLVD GR 3URJUDPD GH
*UDGXDomRHP&LrQFLDVGD6D~GHGHVWLQDGRj DSURYDomRGR&RPLWrGHeWLFD
2ULHQWDGRU7pFQLFR3URI'UDeYHOLQ9LFHQWH 2ULHQWDGRUD 0HWRGROyJLFD 3URI 06F /LVLDQH )DEULV&KLXPHQWR
&5,&,Ò0$129(0%52'(
680È5,2
,1752'8d2 3UREOHPDWL]DomR +LSyWHVHV 2EMHWLYRV -XVWLILFDWLYD 5()(5(1&,$/7(Ï5,&2 )LVLRWHUDSLD
$YDOLDomRRWROtWLFD 'LVIXQomRSRVWXUDO +LSRIXQomRYHVWLEXODU )81'$0(17$d20(72'2/Ï*,&$
&DUDFWHUtVWLFDGDSHVTXLVD /RFDOGH5HDOL]DomRGD3HVTXLVD
&DUDFWHUtVWLFDGDDPRVWUD ,QVWUXPHQWRVGH3HVTXLVD 3URFHGLPHQWRVSDUD&ROHWD
$QiOLVHGHGDGRV
&5212*5$0$
25d$0(172 5()(5Ç1&,$6
$3Ç1',&(6
$1(;2
,1752'8d2
2VLVWHPDYHVWLEXODUWHPDIXQomRSULPRUGLDOGHPDQXWHQomRGDSRVWXUDHGR HTXLOtEULR DOpP GD HVWDELOL]DomR GD LPDJHP QD UHWLQD RULHQWDomR HVSDFLDO H SHUFHSomR GR PRYLPHQWR UHTXHUHQGR D LQWHJUDomR FRP RV VLVWHPDV PRWRU RFXODU YLVXDOHSURSULRFHSWLYR.$1$6+,52HWDO
$VGLVIXQo}HVQRVLVWHPDYHVWLEXODUWUD]HPSDUDDSHVVRDDFRPHWLGDGLYHUVDV DOWHUDo}HV HP VXD YLGD (ODV VmR UHVSRQViYHLV SRU GLYHUVRV VLQWRPDV FRPR D WRQWXUDYHUWLJHPHGHVHTXLOtEULRSRGHQGRHVWDUDVVRFLDGRRXQmRDRXWURVVLQDLVH VLQWRPDV7DLVVHQVDo}HVH[SHULPHQWDGDVSHORVLQGLYtGXRVDFRPHWLGRVFDXVDPXP JUDQGH GHVFRQIRUWR OHYDQGRRV j UHVWULomR GH PRYLPHQWRV UHGX]LQGR VXD SDUWLFLSDomRHPDWLYLGDGHVGRPpVWLFDVHVRFLDLV)81$%$6+,HWDO
3UREOHPDWL]DomR
$ SUHYDOrQFLD GDV PDQLIHVWDo}HV FOtQLFDV MXQWDPHQWH FRP D LQWHQVLGDGH H GXUDomR TXH DFRPSDQKDP DV DOWHUDo}HV YHVWLEXODUHV IUHTXHQWHPHQWH FRPSURPHWHP DV DWLYLGDGHV VRFLDLV IDPLOLDUHV H SURILVVLRQDLV H WUD]HP SUHMXt]RV ItVLFRV ILQDQFHLURV H SVLFROyJLFRV FRPR D SHUGD GD DXWRFRQILDQoD GHSUHVVmR H IUXVWUDomRDOpPGHWDPEpPSURYRFDUDGLPLQXLomRGRUHQGLPHQWR3$7$7$6HWDO
$V GLVIXQo}HVGR VLVWHPD YHVWLEXODU WUD]HP XPD YDULHGDGH GH VLQWRPDV TXH JHUDPGHVFRQIRUWRHPXLWDVYH]HVPHGRSDUDRVSDFLHQWHV$VDWLYLGDGHVGHYLGD GLiULD VmR FRPSOHWDPHQWH DIHWDGDV 3RU LQVHJXUDQoD GH VRIUHU DOJXPD TXHGD DFLGHQWH DXWRPRELOtVWLFR R LQGLYtGXR ID] GH WXGR SDUD QmR PRYLPHQWDU R SHVFRoR DVVLPFRPRTXDOTXHURXWUDDWLYLGDGHItVLFDFRPSURPHWHQGRDTXDOLGDGHGHYLGD
2 HTXLOtEULR FRUSRUDO GHSHQGH GD LQWHJULGDGH GR VLVWHPD YHVWLEXODU TXH p IRUPDGR SHOR ODELULQWR QHUYR YHVWLEXORFRFOHDU Q~FOHRV YLDV H LQWHUUHODo}HV QR VLVWHPD QHUYRVR FHQWUDO DOpP GR VLVWHPD VRPDWRVVHQVRULDO TXH VmR UHFHSWRUHV VHQVRULDLV ORFDOL]DGRV HP WHQG}HV P~VFXORV H DUWLFXODo}HV H SULQFLSDOPHQWH GHSHQGHGDYLVmR2ODELULQWRpUHVSRQViYHOSHODSRVLomRGRFRUSRQRHVSDoRHSHOR HTXLOtEULR 7RQWXUDV HRX GHVHTXLOtEULR VXUJHP TXDQGR DOJR LQWHUIHUH QR IXQFLRQDPHQWR QRUPDO GR VLVWHPD GH HTXLOtEULR FRUSRUDO SRGHQGR VHU GH RULJHP
SHULIpULFD HRX FHQWUDO $ WRQWXUD p XP GRV VLQWRPDV PDLV FRPXQV TXH R SDFLHQWH FRPDOWHUDomRYHVWLEXODUSRGHDSUHVHQWDU'HYLGRjDOWDVHQVLELOLGDGHTXHRVLVWHPD YHVWLEXODU SRVVXL p IUHTXHQWH D UHODomR GH VLQWRPDV YHVWLEXODUHV FRP DOWHUDo}HV HVSHFtILFDV HP RXWURV yUJmRV RX VLVWHPDV SULQFLSDOPHQWH FRP R VLVWHPD PHWDEyOLFR Mi TXH D RUHOKD LQWHUQD GHVSHQGH PXLWD HQHUJLD SDUD VHX DGHTXDGR IXQFLRQDPHQWR$JUDQGHLQFLGrQFLDGRHTXLOtEULRFRUSRUDOSRVVLYHOPHQWHGHFRUUHGD DOWDVXVFHSWLELOLGDGHODELUtQWLFDDDOWHUDo}HVIXQFLRQDLVVLWXDGDVHPRXWUDVSDUWHVGR FRUSRKXPDQR)(51$1'(6H*$1$1d$
2 HQYHOKHFLPHQWR p XP IDWRU TXH FRPSURPHWH D IXQFLRQDOLGDGH GR VLVWHPD QHUYRVR FHQWUDO HP UHDOL]DU R SURFHVVDPHQWR GRV VLQDLV YHVWLEXODUHV YLVXDLV H SURSULRFHSWLYRV UHVSRQViYHLV SHOD PDQXWHQomR GR HTXLOtEULR FRUSRUDO EHP FRPR GLPLQXL D FDSDFLGDGH GH PRGLILFDomR GRV UHIOH[RV DGDSWDWLYRV FRPSURPHWHQGR DVVLPDUHDOL]DomRGHYiULDVDWLYLGDGHVGHYLGDGLiULD=(,*(/%2,0HWDO
4XHVWmRSUREOHPD
$LQWHUYHQomRILVLRWHUDSrXWLFDSRGHPHOKRUDUDIXQomRRWROtWLFDHDSRVWXUDHP SDFLHQWHVFRPKLSRIXQomRYHVWLEXODU"
4XHVW}HVQRUWHDGRUDV
4XDO R FRPSRUWDPHQWR GD IXQomR RWROtWLFD DQWHV H DSyV D LQWHUYHQomR WHUDSrXWLFDSURSRVWD"
4XDLVRVHIHLWRVGHXPSURWRFRORGHLQWHUYHQomRYHVWLEXODUVREUHRHTXLOtEULR GHSRUWDGRUHVGHKLSRIXQomRYHVWLEXODU"
4XDLV RV HIHLWRV GR SURWRFROR SURSRVWR VREUH D PDUFKD GR SDFLHQWHV LQYHVWLJDGRV"
4XDO R FRPSRUWDPHQWR GD SRVWXUD GRV PHPEURV GD DPRVWUD IUHQWH DR SURJUDPDWHUDSrXWLFRSUHFRQL]DGR"
+LSyWHVHV
$IXQomRRWROtWLFDVRIUHDOWHUDo}HVDQWHVHGHSRLVGDUHDELOLWDomRYHVWLEXODU SRLVDPHVPDSURPRYHDHVWDELOL]DomRYLVXDOHDXPHQWDDLQWHUDomRYHVWtEXORYLVXDO
GXUDQWH D PRYLPHQWDomR GD FDEHoD SURSRUFLRQDQGR XPD PHOKRU HVWDELOLGDGH HVWiWLFDHGLQkPLFDQDVVLWXDo}HVGHFRQIOLWRVHQVRULDOHGLPLQXLomRGDVHQVLELOLGDGH LQGLYLGXDOGXUDQWHDPRYLPHQWDomRFHIiOLFD/,16H$1'5e
$V SHUWXUEDo}HV GR HTXLOtEULR DVVXPHP SDUWLFXODU UHOHYkQFLD SHOD UHSHUFXVVmR QD TXDOLGDGH GH YLGD $ PDLRULD GDV DOWHUDo}HV GR HTXLOtEULR p GH RULJHPYHVWLEXODU$UHHGXFDomRYHVWLEXODUpXPWLSRGHWUHLQRTXHYLVDUHFDOLEUDUR RXYLGR QD IRUPD FRPR UHFHEH H LQWHUSUHWD DV LQIRUPDo}HV SHUPLWLQGR PDQWHU R HTXLOtEULR$5$8-2
$ PDUFKD SRGH HVWDU FRPSURPHWLGD HP PXLWRV FDVRV GH SDFLHQWHV FRP KLSRIXQomRYHVWLEXODUOHYDQGRDXPGHVFRQGLFLRQDPHQWRItVLFRDXPHQWDQGRRULVFR GH TXHGDV H SRVVtYHO LVRODPHQWR VRFLDO 4XDQGR VXEPHWLGRV DRV H[HUFtFLRV GH LQWHUYHQomRYHVWLEXODUHVWHVSDFLHQWHVDSUHVHQWDPPHOKRUDQHVVDYDULiYHO0$726 HWDO
1DVGLVIXQo}HVYHVWLEXODUHVH[LVWHXPGpILFLWVLJQLILFDWLYRQDPDQXWHQomR GR FRQWUROH SRVWXUD 2V GLVW~UELRV SRVWXUDLV SRGHP VHU GHVHQFDGHDGRV SRU SDWRORJLDVTXHDIHWDPRODELULQWRGHIRUPDFHQWUDORXSHULIpULFDMiTXHDPERVDIHWDP R VLVWHPD YHVWLEXODU $WUDYpV GH HVWXGRV UHDOL]DGRV SRU %RUHO H FRODERUDGRUHV H SRU 9HUHFN H FRODERUDGRUHV DILUPDP TXH FRP D PHOKRUD GR FRQWUROH SRVWXUDO REWLGR QDV VHVV}HV GH 5HDELOLWDomR 9HVWLEXODU RFRUUH j FRPSHQVDomR YHVWLEXODU H Ki XPD VXEVWLWXLomR JUDGXDO GLPLQXLQGR D QHFHVVLGDGH GDV VXJHVW}HV YLVXDLV WHQGR PHOKRUD VLJQLILFDWLYD QR FRQWUROH SRVWXUDO 62$5(6 0$726HWDO
2EMHWLYRV
*HUDO
9HULILFDURVHIHLWRVGDLQWHUYHQomRILVLRWHUDSrXWLFDVREUHRVSULQFLSDLVVLQDLVH VLQWRPDVGRSRUWDGRUGHKLSRIXQomRYHVWLEXODU
(VSHFtILFRV
• $QDOLVDURFRPSRUWDPHQWRGDIXQomRRWROtWLFDDQWHVHDSyVDLQWHUYHQomR WHUDSrXWLFDSURSRVWD
• 9HULILFDU RV HIHLWRV GH XP SURWRFROR GH UHDELOLWDomR YHVWLEXODU VREUH R HTXLOtEULRGHSRUWDGRUHVGHGLVIXQomRYHVWLEXODU
• 'LVFRUUHU VREUH RV HIHLWRV GR SURWRFROR SURSRVWR VREUH D PDUFKD GRV SDFLHQWHVLQYHVWLJDGRV
• 'HWHUPLQDURFRPSRUWDPHQWRGDSRVWXUDGRVPHPEURVGDDPRVWUDIUHQWH DRSURJUDPDWHUDSrXWLFRSUHFRQL]DGR
-XVWLILFDWLYD
$ )LVLRWHUDSLD YHP VH GHVWDFDQGR QD DWXDOLGDGH H FRQTXLVWDQGR HVSDoR HP WRGR R PXQGR &RP R SDVVDU GR WHPSR D SURILVVmR FUHVFHX FRPR iUHD GH FRQKHFLPHQWR DPSOLDQGR VXD iUHD GH DWXDomR H FRQVHTXHQWHPHQWH LQGLVSHQViYHO QR PHUFDGR GH WUDEDOKR $ ILVLRWHUDSLD QHXUROyJLFD p XPD GDV JUDQGHV iUHDV GH DWXDomR GR ILVLRWHUDSHXWD RQGH R PHVPR DWXD WDQWR QD SURPRomR FRPR QD SUHYHQomR H WUDWDPHQWR GD VD~GH GH DFRUGR FRP DV QHFHVVLGDGHV GH FDGD SDFLHQWH $ LQWHUYHQomR ILVLRWHUDSrXWLFD QD KLSRIXQomR YHVWLEXODU SRGH PHOKRUDU FRQVLGHUDYHOPHQWH D TXDOLGDGH GH YLGD QD PDLRULD GRV SDFLHQWHV TXH VmR VXEPHWLGRV DR WUDWDPHQWR TXDQGR RV PHVPRV VH FRPSURPHWHP GXUDQWH R WHPSR GHLQWHUYHQomR
$ UHDELOLWDomR YHVWLEXODU p XP WUDWDPHQWR WHUDSrXWLFR FXMR REMHWLYR p D SURPRomRGDPHOKRUDGRHTXLOtEULRJOREDOGDTXDOLGDGHGHYLGDHDUHVWDXUDomRGD RULHQWDomRHVSDFLDOSDUDRPDLVSUy[LPRGRILVLROyJLFRSRUPHLRVGHH[HUFtFLRVTXH HVWLPXODPRVIHQ{PHQRVGHDGDSWDomRHQYROYHQGRDKDELWXDomRHDFRPSHQVDomR
$ PHOKRUD GR SDFLHQWH p REWLGD HP IXQomR GDV DGDSWDo}HV QHXUDLV PXOWLIDWRULDLV VXEVWLWXLo}HV VHQVRULDLV UHFXSHUDomR IXQFLRQDO GRV UHIOH[RV YHVWtEXORRFXODU H YHVWtEXORHVSLQDO SHOR FRQGLFLRQDPHQWR JOREDO SHOD DOWHUDomR GR HVWLOR GH YLGD H SHOR HIHLWR SVLFROyJLFR SRVLWLYR FRP D UHFXSHUDomR GD VHJXUDQoD ItVLFD H SVtTXLFD PHOKRUDQGRDVVLPDTXDOLGDGHGHYLGDGRSDFLHQWH5(6(1'(HWDO
$OJXQV DXWRUHV UHODWDP TXH R VXFHVVR GD 5HDELOLWDomR 9HVWLEXODU SRGH VHU LQIOXHQFLDGR SRU DOJXQV IDWRUHV FRPR LGDGH GR SDFLHQWH YROXQWDULHGDGH TXDQWR j SUiWLFDGRVH[HUFtFLRVPHGLFDPHQWRVHVWDGRHPRFLRQDOHSUHVHQoDGHGRHQoDVGR VLVWHPD QHUYRVR FHQWUDO TXH SRVVDP FRPSURPHWHU DV HVWUXWXUDV UHODFLRQDGDV j QHXURSODVWLFLGDGHGRVLVWHPDYHVWLEXODU3$7$7$6HWDO
e DWUDYpV GH XPD LQWHUYHQomR ILVLRWHUDSrXWLFD TXH RV SDFLHQWHV FRP KLSRIXQomR YHVWLEXODU YmR REWHU XPD PHOKRUD QD HVWDELOLGDGH GD PDUFKD PHOKRUD GRV VLQWRPDV GHVHQFDGHDQWHV SHOR PRYLPHQWR FRUUHomR GDV GHSHQGrQFLDV H[DJHUDGDVGRVLVWHPDYLVXDOHVRPDWRVVHQVRULDOIDFLOLWDomRGRUHWRUQRQRUPDOGDV DWLYLGDGHV GH YLGD GLiULD H PHOKRUD RX UHVWDXUDomR GD FRQGLomR QHXURPXVFXODU eXPDWHUDSLDILVLROyJLFDVHPUHDo}HVFRODWHUDLVHH[WUHPDPHQWHHILFLHQWHV0XLWRV SDFLHQWHV TXH DSUHVHQWDP OLPLWDo}HV VHYHUDV HP VXDV DWLYLGDGHV GHYLGR j VLQWRPDWRORJLD LQWHQVD UHVSRQGHP PXLWR EHP j WHUDSLD FRP H[HUFtFLRV 0$==8&$72H%25*(6
e HYLGHQWH D LPSRUWkQFLD GD LQWHUYHQomR ILVLRWHUDSrXWLFD QR WUDWDPHQWR GD +LSRIXQomR 9HVWLEXODU 6mR LQ~PHURV RV EHQHItFLRV RULXQGRV GH XP SURWRFROR GH H[HUFtFLRVSDUDDTXDOLGDGHGHYLGDGRSDFLHQWH
5()(5(1&,$/7(Ï5,&2
)LVLRWHUDSLD
6HJXQGR R &RQVHOKR )HGHUDO GH )LVLRWHUDSLD H 7HUDSLD 2FXSDFLRQDO ±
&2)),72D)LVLRWHUDSLDp
³e XPD FLrQFLD GD 6D~GH TXH HVWXGD SUHYLQH H WUDWD RV GLVW~UELRV FLQpWLFRV IXQFLRQDLV LQWHUFRUUHQWHV HP yUJmRV H VLVWHPDVGRFRUSRKXPDQRJHUDGRVSRUDOWHUDo}HVJHQpWLFDV SRU WUDXPDV H SRU GRHQoDV DGTXLULGDV )XQGDPHQWD VXDV Do}HV HP PHFDQLVPRV WHUDSrXWLFRV SUySULRV VLVWHPDWL]DGRV SHORV HVWXGRV GD %LRORJLD GDV FLrQFLDV PRUIROyJLFDV GDV FLrQFLDV ILVLROyJLFDV GDV SDWRORJLDV GD ELRTXtPLFD GD ELRItVLFD GD ELRPHFkQLFD GD FLQHVLD GD VLQHUJLD IXQFLRQDO H GDFLQHVLDSDWRORJLDGHyUJmRVHVLVWHPDVGRFRUSRKXPDQRH DVGLVFLSOLQDVFRPSRUWDPHQWDLVHVRFLDLV´&2)),72
6HJXQGR *LXVWLQD GHVGH DQWLJXLGDGH KDYLD XPD IRUWH SUHRFXSDomR SDUD HOLPLQDU DV FKDPDGDV ³GLIHUHQoDV LQF{PRGDV´ TXH DFRPHWLDP D SRSXODomR DWUDYpVGHUHFXUVRVWpFQLFDVLQVWUXPHQWRVHSURFHGLPHQWRV0DVIRLVyGXUDQWHD
*XHUUD0XQGLDOTXHVXUJLUDPDVHVFRODVGH&LQHVLRWHUDSLDSDUDWUDWDURXUHDELOLWDU RVOHVDGRVRXPXWLODGRVTXHQHFHVVLWDYDPUHDGTXLULUXPPtQLPRGHFRQGLo}HVSDUD UHWRUQDUDXPDDWLYLGDGHVRFLDOLQWHJUDGDHSURGXWLYD-iQR%UDVLOD)LVLRWHUDSLDIRL LQIOXHQFLDGDSHODYLQGDGDIDPtOLD5HDODRQRVVR3DtV1DSROHmR%RQDSDUWHDFDERX SRU FRQWULEXLU LQGLUHWDPHQWH FRP R GHVHQYROYLPHQWR GRV SULPHLURV VHUYLoRV RUJDQL]DGRVGH)LVLRWHUDSLDQR%UDVLO
1R DQR GH FULRXVH R SULPHLUR FXUVR WpFQLFR QD 6DQWD &DVD GH 0LVHULFyUGLD GH 6mR 3DXOR $ PRWLYDomR SULQFLSDO SDUD VXD FULDomR IRL R JUDQGH Q~PHUR GH SRUWDGRUHV GH VHTXHODV GD SROLRPLHOLWH FRP GLVW~UELRV GR DSDUHOKR ORFRPRWRU EHP FRPR R FUHVFHQWH DXPHQWR GH DFLGHQWHV GH WUDEDOKR (VVDV GRHQoDVHVXDVVHTXHODVRFDVLRQDUDPDGLPLQXLomRGDPmRGHREUDGLVSRQtYHOHD ILVLRWHUDSLD VXUJLX FRPR LQVWUXPHQWR GH UHDELOLWDomR GD PmR GH REUD UHLQVHULQGR HVVHV WUDEDOKDGRUHV QR PHUFDGR GH WUDEDOKR )RL HP TXH RFRUUHX D UHJXODPHQWDomRGD)LVLRWHUDSLDFRPRSURILVVmRGHQtYHOVXSHULRUFRPRGHFUHWROHL QR DXJH GD GLWDGXUD PLOLWDU QR SDtV H TXDQGR VH DJUDYDUDP DV FRQGLo}HV GH VD~GHGDSRSXODomRGHYLGRjVREUHFDUJDHSLGHPLROyJLFDHjGHILFLrQFLDGRVLVWHPD DVVLVWHQFLDOEUDVLOHLUR&RQVLGHUDGDSURILVVmRUHFHQWHFRPPHQRVGHTXDUHQWDDQRV GH UHJXODPHQWDomR D IRUPDomR HP )LVLRWHUDSLD QR %UDVLO HYROXLX GH IRUPD OHQWD H DWLQJLXDFHOHUDGDH[SDQVmRDSDUWLUGH-Ò1,25HWDO
$DWXDomRGRILVLRWHUDSHXWDpHQWHQGLGDFRPRDVVLVWrQFLDQRQtYHOGHDWHQomR WHUFLiULD SRUpP VDEH±VH TXH TXDQGR LQVHULGR QD DWHQomR SULPiULD SRGH VHU GH JUDQGHYDOLDSDUDDo}HVGHSURPRomRGDVD~GHSUHYHQomRGHGRHQoDVHHGXFDomR HPVD~GH6,/9$H5Ï6
$YDOLDomR2WROtWLFD
$ LQWHUDomR HQWUH RV VLVWHPDV YLVXDO H YHVWLEXODU GR SDFLHQWH p WHVWDGD FOLQLFDPHQWH SRU PHLR GD H[HFXomR GH FRPELQDo}HV GH PRYLPHQWRV FHIiOLFRV H RFXODUHV $ DYDOLDomR RWROtWLFD p XPD SDUWH GD DYDOLDomR JHUDO GR SDFLHQWH FRP KLSRIXQomRYHVWLEXODUeGHH[WUHPDLPSRUWkQFLDSRLVpRQGHDYDOLDPRVFOLQLFDPHQWH DV SRVLo}HV H PRYLPHQWRV TXH SURYRFDP RV VLQWRPDV GR SDFLHQWH $ DYDOLDomR RWROtWLFD LQFOXL D DYDOLDomR GRV PRYLPHQWRV RFXODUHV KRUL]RQWDO YHUWLFDO H WRUVLRQDO 3DUD TXH XP WHVWH GD IXQomR RWROtWLFD VHMD FOLQLFDPHQWH SURYHLWRVR HOH GHYH VHU SUiWLFRVHJXURUREXVWRHUHSURGX]tYHO+(5'0$1
2V yUJmRV RWROtWLFRV GD TXDO ID]HP SDUWH R ViFXOR H XWUtFXOR SUHVLGHP DR HTXLOtEULRHVWiWLFRTXHIRUQHFHDQRomRH[DWDGDSRVLomRGRFRUSRHGDFDEHoDQR HVSDoR 3HOD WHRULD GD SUHVVmR GRV RWROtWLFRV XP PRYLPHQWR UHWLOtQHRV SDUD FLPD SURYRFDDXPHQWRGDSUHVVmRGRVRWROtWLFRVVREUHRVODSLOOLHGHVHQFDGHLDFRQWUDomR GRVP~VFXORVIOH[RUHVGRVPHPEURVGHWURQFRHGDFDEHoD8PPRYLPHQWRUHWLOtQHR DFHOHUDGR SDUD EDL[R RULJLQD DR FRQWUiULR GLPLQXLomR GD SUHVVmR GRV RWROtWLFRV VREUH RV ODSLOOL H VXEVHTXHQWHPHQWH KLSHUWRQLD GRV P~VFXORV H[WHQVRUHV +81*5,$
'LVIXQomR3RVWXUDO
$V SDWRORJLDV TXH DIHWDP R ODELULQWR GH IRUPD SHULIpULFD RX FHQWUDO SRGHP GHVHQFDGHDURVGLVW~UELRVSRVWXUDLV$GLVWRUomRpXPIHQ{PHQRTXHSRGHRFRUUHU QRVSDFLHQWHVHpGHILQLGDFRPRUHVSRVWDVPRWRUDVLQDGHTXDGDVjVLWXDomRDTXDOR LQGLYtGXR HVWi VHQGR VXEPHWLGR FDXVDGD SHOD SHUWXUEDomR GRV VLQDLV SHUFHELGRV SHORV VLVWHPDV UHVSRQViYHLV SRU VXD SHUFHSomR -i D GHILFLrQFLD TXH WDPEpP SRGHPDIHWDURSDFLHQWHSRGHVHUGHILQLGDFRPRLQIRUPDo}HVTXHVmRUHFHELGDVGH IRUPD UHGX]LGD RX TXH QmR VmR OHYDGDV DWp R VLVWHPD YHVWLEXODU OHYDQGR RV LQGLYtGXRV D DSUHVHQWDUHP TXHL[DV GH GHVHTXLOtEULR H LQVWDELOLGDGH SRVWXUDO 62$5(6
2VSDFLHQWHVFRPKLSRIXQomRYHVWLEXODUXQLODWHUDOQmRFRPSHQVDGDHIRUDGD FULVH YHUWLJLQRVD SRGHP DGRWDU SRVWXUD UtJLGD GD FDEHoD LQFOLQDQGRD H URGDQGRD HP GLUHomR DR ODELULQWR OHVDGR FRPR WHQWDWLYD GH HYLWDU RV VLQWRPDV GD GRHQoD (VVDVDOWHUDo}HVSRGHPDIHWDUQHJDWLYDPHQWHRDOLQKDPHQWRFRUSRUDOHDSURMHomR GR FHQWUR GH JUDYLGDGH GHQWUR GD EDVH GH VXSRUWH UHVXOWDQGR HP TXHL[DV GH GHVHTXLOtEULR 2 DOLQKDPHQWR H[SUHVVR SHOD SRVWXUD FRUSRUDO H R VHQVR GH SRVLomR GD FDEHoD p LQIOXHQFLDGR SHOD LQIRUPDomR VHQVRULDO SURSULRFHSWLYD GRV UHFHSWRUHV ORFDOL]DGRVQRSHVFRoRHSHODLQIRUPDomRDGYLQGDGRVLVWHPDYHVWLEXODU4XDQGRD LQIRUPDomRYHVWLEXODUVREUHDSRVLomRHRDOLQKDPHQWRGDFDEHoDpLPSUHFLVDRXKi XPDIDOKDQDLQWHJUDomRGHODFRPRVLVWHPDQHUYRVRFHQWUDOSRGHRFRUUHUXPHUUR QDSRVLomRGDFDEHoDUHVXOWDQGRHPXPDUHIHUrQFLDGLVWRUFLGDGRVHQVRGDSRVLomR GDFDEHoDHGRSHVFRoR-81,25HWDO
2VLVWHPDYHVWLEXODUFRPRXPVHQVRUGDJUDYLGDGHpXPDGDVIHUUDPHQWDV PDLV LPSRUWDQWHV GR VLVWHPD QHUYRVR QR FRQWUROH GD SRVWXUD (OH SRVVXL IXQo}HV
VHQVRULDLV H PRWRUDV 1D VXD IXQomR PRWRUD R 6LVWHPD 1HUYRVR &HQWUDO XWLOL]D DV YLDV PRWRUDV GHVFHQGHQWHV TXH UHFHEHP LQIRUPDo}HV YHVWLEXODUHV H GH RXWURV WLSRV SDUD FRQWURODU DV SRVLo}HV HVWiWLFDV GD FDEHoD H GR FRUSR H WDPEpP SDUD FRRUGHQDU RV PRYLPHQWRV SRVWXUDLV (P UHODomR j IXQomR VHQVRULDO R VLVWHPD YHVWLEXODU IRUQHFH DR 6LVWHPD 1HUYRVR &HQWUDO LQIRUPDo}HV VREUH D SRVLomR H R PRYLPHQWR GD FDEHoD H D GLUHomR GD JUDYLGDGH e DWUDYpV GHVVDV LQIRUPDo}HV FRPELQDGDV FRP LQIRUPDo}HV RULXQGDV GH RXWURV VLVWHPDV FRPR R YLVXDO H VRPDWRVVHQVRULDOTXHFRQVHJXLPRVFRQVWUXLUXPDLPDJHPGDSRVLomRHPRYLPHQWR GRFRUSRWRGRQRDPELHQWHTXHQRVFHUFD0$==8&$72H%25*(6
+LSRIXQomR9HVWLEXODU
2 VLVWHPD YHVWLEXODU p UHVSRQViYHO SHOD VHQVDomR H SHOR FRQWUROH GR PRYLPHQWR 2V VLQDLV YHVWLEXODUHV FRPELQDPVH FRP D LQIRUPDomR SURYHQLHQWH GR VLVWHPDYLVXDOHGRVUHFHSWRUHVSURSULRFHSWLYRVSDUDFRQWURODURSURFHVVRPRWRUTXH PDQWpP RHTXLOtEULR H FRPSHQVD RVHIHLWRVGRVPRYLHPQWRV GD FDEHoD 4XDQGR R SDFLHQWH SRVVXL D KLSRIXQomR YHVWLEXODU p R HVWDGR GH DOWHUDomR GR HTXLOLEULR FRUSRUDOSRUXPDOHVmRQRVLVWHPD&$032HWDO
1D KLSRIXQomR YHVWLEXODU R HTXLOtEULR VRIUH DOWHUDo}HV $ PDQXWHQomR GR HTXLOtEULRFRUSRUDOGXUDQWHDPRYLPHQWDomRGRFRUSRHGDFDEHoDGHSHQGHGHXPD KDUPRQLRVD LQWHUDomR HQWUH RV VLVWHPDV VHQVRULDLV PRWRUHV H XP SURFHVVDPHQWR SUHFLVR GHVVDV LQIRUPDo}HV $V LQIRUPDo}HV D UHVSHLWR GR TXH RFRUUH QR PHLR DPELHQWH RULXQGDVGRV VLVWHPDV YHVWLEXODUYLVXDO H SURSULRFHSWLYR PDQWpPQRVVR FRUSR HUHWR H HP HTXLOtEULR 6H KRXYHU XPD OHVmR HP DOJXP GHVWHV VLVWHPDV RFRUUHUiXPDGLVFUHSkQFLDQDVLQIRUPDo}HVRFDVLRQDQGRXPFRQIOLWRSRGHQGRVXUJLU VLQWRPDV GH GHVHTXLOtEULR FRUSRUDO FRPR D WRQWXUD YHUWLJHP QiXVHDV $OpP GH LQVWDELOLGDGH GHVYLR GH PDUFKD TXHGDV DOWHUDo}HV SRVWXUDLV HQWUH RXWURV 1,6+,12HWDO
$V GLVIXQo}HV YHVWLEXODUHV SRGHP VHU FODVVLILFDGDV HP FRPR FHQWUDLV TXDQGR DWLQJHP Q~FOHRV YLDV H LQWHUUHODo}HV GR 6LVWHPD 1HUYRVR &HQWUDO RX SHULIpULFDV TXDQGR DWLQJHP R ODELULQWR RX QHUYR FRFOHRYHVWLEXODU 7DQWR DV GLVIXQo}HVYHVWLEXODUHVSHULIpULFDVFRPRDVFHQWUDLVSURYRFDPVLQDLVHVLQWRPDVGH DOWHUDomR GR HTXLOtEULR FRUSRUDO R TXH VXJHUH XP FRQIOLWR QD LQWHJUDomR GDV
LQIRUPDo}HV YHVWLEXODUHV FRP DV LQIRUPDo}HV YLVXDLV H SURSULRFHSWLYDV 0$726 HW DO
$ LQWHQVLGDGH D GXUDomR H D SUHYDOrQFLD GDV PDQLIHVWDo}HV FOtQLFDV TXH DFRPSDQKDP D KLSRIXQomR YHVWLEXODU IUHTXHQWHPHQWH FRPSURPHWHP DV DWLYLGDGHV IDPLOLDUHV VRFLDLV H SURILVVLRQDLV H WUD]HP SUHMXt]RV ItVLFRV ILQDQFHLURV H SVLFROyJLFRV FRPR D SHUGD GD DXWRFRQILDQoD GHSUHVVmR H IUXVWUDomR DOpP GH WDPEpP SURYRFDU D GLPLQXLomR GD FRQFHQWUDomR H GR UHQGLPHQWR RFDVLRQDQGR D SLRUDGDTXDOLGDGHGHYLGD3$7$7$6HWDO
)81'$0(17$d20(72'2/Ï*,&$
&DUDFWHUtVWLFDGD3HVTXLVD
(VWDSHVTXLVDGRSRQWRGHYLVWDGDQDWXUH]DFDUDFWHUL]DVHFRPRXPHVWXGR DSOLFDGRHREVHUYDFLRQDOGHDPRVWUDSHTXHQDFRPUHODomRjIRUPDGHDERUGDJHP GR SUREOHPD p TXDOLTXDQWLWDWLYD GH DFRUGR FRP RV REMHWLYRV pSURVSHFWLYD H H[SOLFDWLYDFRP UHIHUrQFLD DRV SURFHGLPHQWRV WpFQLFRV GH FROHWD p XPD SHVTXLVD ELEOLRJUiILFDH[SHULPHQWDOHGHHVWXGRGHFDVR
/RFDOGH5HDOL]DomRGD3HVTXLVD
2 SUHVHQWH WUDEDOKR VHUi UHDOL]DGR QR /DERUDWyULR GH &LQHVLRWHUDSLD GD
&OtQLFD GH )LVLRWHUDSLD GD 8QLYHUVLGDGH GR ([WUHPR 6XO &DWDULQHQVH ± 81(6&
ORFDOL]DGD QD $YHQLGD 8QLYHUVLWiULD %DLUUR 3LQKHLULQKR Q &(3 WHOHIRQH )D[ QD FLGDGH GH &ULFL~PD ± 6DQWD
&DWDULQD
&DUDFWHUtVWLFDGD$PRVWUD
3DUWLFLSDUmR GR HVWXGR GH] SDFLHQWHV FRP GLDJQyVWLFR GH KLSRIXQomR YHVWLEXODU RULXQGRV GH GRLV FRQVXOWyULRV GH RWRUULQRODULQJRORJLD GD FLGDGH GH
&ULFtXPD
(VVHV SDFLHQWHV VHUmR VXEPHWLGRV D XP SURWRFROR GH H[HUFtFLRV FRQIRUPH
&DZWKRUQHH&RRNVH\5,%(,52H3(5(,5$
2V FULWpULRV GH LQFOXVmR VHUmR SDFLHQWHV FRP GLDJQyVWLFR FOtQLFR GH KLSRIXQomRYHVWLEXODUGHDPERVRVVH[RVFRPLGDGHHQWUHYLQWHHFLQFRH
VHVVHQWDDQRVTXHQmRHVWHMDPID]HQGRWUDWDPHQWRILVLRWHUDSrXWLFRTXHDFHLWHP SDUWLFLSDU GD SHVTXLVD DVVLQDQGR R 7HUPR GH &RQVHQWLPHQWR /LYUH H (VFODUHFLGR 7&/($3Ç1',&(,&RPRFULWpULRVGHH[FOXVmRRVSDFLHQWHVFRPLGDGHLQIHULRUD DQRV HRX VXSHULRU j DQRV FRP RXWUDV SDWRORJLDV DOpP GD KLSRIXQomR YHVWLEXODU TXH HVWHMDP ID]HQGR WUDWDPHQWR ILVLRWHUDSrXWLFR RX DTXHOHV TXH QmR DFHLWDUHPSDUWLFLSDUGDSHVTXLVD
,QVWUXPHQWRVGH3HVTXLVD
6HUi XWLOL]DGD XPD ILFKD GH DYDOLDomR $3Ç1',&( ,, FRQWHQGR GDGRV GH LGHQWLILFDomR H H[DPH ItVLFR GD KLSRIXQomR YHVWLEXODU 7DPEpP VHUi XWLOL]DGR XPD ILFKDGHDWHQGLPHQWRFRQWHQGRGDGRVGHLGHQWLILFDomRHVLQDLVYLWDLV$3Ç1',&(,,,
$SyV D DYDOLDomR RV SDFLHQWHV VHUmR VXEPHWLGRV D XP SURWRFROR GH H[HUFtFLRV GH
&DZWKRUQH H &RRNVH\ $1(;2 , SDUD UHDELOLWDomR GD KLSRIXQomR YHVWLEXODU (VWH SURWRFROR WHP FRPR REMHWLYR GLPLQXLU D YHUWLJHP H R GHVHTXLOtEULR GR SDFLHQWH
&RQVWD GH H[HUFtFLRV FRPR PRYLPHQWRV GRV ROKRV FRP R SDFLHQWH GHLWDGR PRYLPHQWRVGDFDEHoDH[HUFtFLRVQDSRVLomRVHQWDGDH[HUFtFLRVHPSpH[HUFtFLRV GHPRYLPHQWDomRH[HUFtFLRVQDSRVLomRVHQWDGDH[HUFtFLRVHPSpHH[HUFtFLRVGH PRYLPHQWDomR
3DUD D DYDOLDomR SRVWXUDO VHUi XWLOL]DGR XP 6RIWZDUH )LVL0HWUL[ 2V SDFLHQWHVVHUmRIRWRJUDIDGRVHDVIRWRVVHUmRDQDOLVDGDVSHOR6RIWZDUH
3URFHGLPHQWRVSDUD&ROHWD
3DUD R GHVHQYROYLPHQWR GR HVWXGR D SHVTXLVDGRUD VXEPHWHUi R SURMHWR DR
&RPLWrGHeWLFDGD8QHVFREWLGDDDSURYDomRHQWUDUiHPFRQWDWRSRUWHOHIRQHFRP RV SDFLHQWHV HQFDPLQKDGRV SHORV PpGLFRV $TXHOHV TXH DFHLWDUHP SDUWLFLSDU GR HVWXGRVHUiDJHQGDGDXPDUHXQLmRSDUDHVFODUHFLPHQWRGHWDOKDGRGRVREMHWLYRVH EHQHItFLRVGDSDUWLFLSDomREHPFRPRYLVDQGRDDVVLQDWXUDGR7&/(
$SyVDDYDOLDomRVHUiDSOLFDGRVHVV}HVGXDVYH]HVSRUVHPDQDGXUDQWH GRLVPHVHVFRPGXUDomRGHPLQXWRVFDGDVHVVmR$RWpUPLQRGDVVHVV}HV RVSDFLHQWHVVHUmRUHDYDOLDGRV
$QiOLVHGHGDGRV
2VGDGRVVHUmRDQDOLVDGRVQRSURJUDPD([FHOID]HQGRFRPSDUDomRGRDQWHV H GHSRLV DWUDYpV GR 7HVWHW GH 6WXGHQ¶W WHQGR R S FRPR HVWDWLVWLFDPHQWH VLJQLILFDWLYR
&5212*5$0$
0rV$QR $JR
6HW
2XW
1RY
'H]
-DQ
)HY
0DU
$EU
0DL
-XQ
-XO
$JR
6HW
2XW
1RY
'H]
(ODERUDomR
GRSURMHWR ; ; ; ; ;
5HYLVmR GH /LWHUDWXUD
; ; ; ; ; ; ; ; ; ; ; ;
6XEPLVVmR DRFRPLWrGH pWLFDH SHVTXLVD
; ;
(ODERUDomR GRV LQVWUXPHQWRV GH3HVTXLVD
; ;
&ROHWDGH GDGRVH DSOLFDomRGD LQWHUYHQomR
; ; ;
7DEXODomR GRVGDGRV FROHWDGRV
; ;
$QiOLVHH
LQWHUSUHWDomR ;
5HGDomR
ILQDO ; ;
(QWUHJD H
GHIHVD ;
25d$0(172
(63(&,),&$d2 48$17,'$'( 9$/25 81,7È5,2 (0 5($,6
3DSHO;HUR[ IROKDV
&DQHWD XQLGDGHV
&ROFKRQHWH XQLGDGHV -iH[LVWHQWH
&XUVR GH 5HDELOLWDomR 9HVWLEXODU
FXUVR
&RQWDWHOHI{QLFD OLJDo}HV
*DVROLQD WDQTXHV
727$/*(5$/ 5
2 SURMHWR WHUi XP RUoDPHQWR DSUR[LPDGR GH UHDLV KXP PLO H WUH]HQWRVHQRYHQWDUHDLVTXHVHUiGHUHVSRQVDELOLGDGHGDSHVTXLVDGRUD
5()(5Ç1&,$6
.$1$6+,52$OLQH0.R]RURVNLHWDO$YDOLDomRGDYHUWLFDOYLVXDOVXEMHWLYDHP LQGLYtGXRVEUDVLOHLURVQRUPDLV$UT1HXUR3VLTXLDWUYROQESS 'LVSRQtYHOHPKWWSZZZVFLHOREUSGIDQSYQESGI!$FHVVRHP DXJXVW
)8%$%$6+,0HWDO3URSRVWDGH$YDOLDomR)LVLRWHUDSrXWLFDSDUD3DFLHQWHVFRP 'LVW~UELRGR(TXLOtEULRSRVWXUDO5HYLVWD)LVLRWHUDSLDHP0RYLPHQWR&XULWLEDY QSRXWGH]
3$7$7$62OtYLD+HOHQD*RPHV*$1$1&$&ULVWLQD)UHLWDVDQG*$1$1&$
)HUQDQGR)UHLWDV4XDOLGDGHGHYLGDGHLQGLYtGXRVVXEPHWLGRVjUHDELOLWDomR
YHVWLEXODU%UD]MRWRUKLQRODU\QJROYROQSS'LVSRQtYHOHP KWWSZZZVFLHOREUSGIEMRUOYQSWBYQDSGI!$FHVVRHPVHSWHPEHU
0$==8&$72$GULDQD%25*(6$QD3DXOD2,QIOXrQFLDGDUHDELOLWDomR
YHVWLEXODUHPLQGLYtGXRVFRPGHVHTXLOtEULRSRVWXUDO5HY1HXURFLHQF6mR3DXORY QS'LVSRQtYHOHP
KWWSZZZUHYLVWDQHXURFLHQFLDVFRPEUHGLFRHV51SGI!
$FHVVRHPVHSWHPEHU
=(,*(/%2,0%LDQFD6LPRQH526$0DULQH5DTXHO'LQL]GD./$*(1%(5*
.DUOLQ)DELDQQHDQG-85.,(:,&=$UL/HRQ5HDELOLWDomRYHVWLEXODUQRWUDWDPHQWR GDWRQWXUDHGR]XPELGR5HYVRFEUDVIRQRDXGLROYQSS 'LVSRQtYHOHPKWWSZZZVFLHOREUSGIUVEIYQDYQSGI!$FHVVRHP VHSWHPEHU
)(51$1'(6-XOLDQD5ROOR*$1$1d$&ULVWLQD)UHLWDV$YDOLDomR9HVWLEXODU
$QDOyJLFDH&RPSXWDGRUL]DGDHP3DFLHQWHVFRP'LVW~UELRVGH2ULJHP0HWDEyOLFD 5HY,QWHUQDWLRQDO$UFKLYHVRI2WRUKLQRODODU\QJRORJ\YQMXOVHW 'LVSRQtYHOHPKWWSZZZDUTXLYRVGHRUORUJEUFRQWHXGRDFHUYRBSRUWDVS"LG !
$FHVVRHPVHSWHPEHU
*$5&,$$GULDQD3RQWLQ%$&+$$PLUD+$&+8/0RQLFD+$66$16RUDLD 5HDELOLWDomR9HVWLEXODU3HUVRQDOL]DGDHPLGRVRVFRPYHVWLEXORSDWLDV5HY$&7$
25/7pFQLFDVGH2WRUULQRODULQJRORJLDYQ3'LVSRQtYHOHP KWWSZZZDFWDRUOFRPEU3')SGI!$FHVVRHPRFWREHU
/,160DULDQDGH7ROHGR$1'5e$QD3DXORGR5HJR(QFDPLQKDPHQWRSDUD 5HDELOLWDomR9HVWLEXODU8PD,QYHVWLJDomRFRP'LIHUHQWHV(VSHFLDOLVWDV0pGLFRV 5HY$UT,QW2WRUULQRODULQJROYQS'LVSRQtYHOHP KWWSZZZDUTXLYRVGHRUORUJEUFRQWHXGRSGI)RUOSGI$FHVVRHPRFWREHU
62$5(6(OL]DEHWK9LDQD5HDELOLWDomRYHVWLEXODUHPLGRVRVFRPGHVHTXLOtEULRV SDUDPDUFKD5HY3HUVSHFWLYDV2QOLQH&DPSRVGRV*R\WDFD]HVYQS 'LVSRQtYHOHP
KWWSZZZSHUVSHFWLYDVRQOLQHFRPEUUHYLVWDYROQYROXPHDUWLJR SGI!$FHVVRHPRFWREHU
0$7269HUHQD6DPSDLR%*20(6)HOLSHGD6LOYD6$6$.,$GULDQD
&DPSRV$SOLFDELOLGDGHGD5HDELOLWDomR9HVWLEXODUQDV'LVIXQo}HV9HVWLEXODUHV
$JXGDV5HYLVWD(TXLOtEULR&RUSRUDOH6D~GHYS'LVSRQtYHOHP KWWSSHULRGLFRVXQLEDQEULQGH[SKS5(&(6DUWLFOHYLHZ)LOH!$FHVVRHP RFWREHU
5(6(1'(&DUROLQD57$*8&+,&DUORV.$/0(,'$-XOLDQH*GHDQG )8-,7$5HJLQDOGR55HDELOLWDomRYHVWLEXODUHPSDFLHQWHVLGRVRVSRUWDGRUHVGH YHUWLJHPSRVLFLRQDOSDUR[tVWLFDEHQLJQD5HY%UDV2WRUULQRODULQJROYROQS 'LVSRQtYHOHP
KWWSZZZVFLHOREUSGIUERWRYQDYQSGI!$FHVVRHPRFWREHU
&216(/+2)('(5$/'(),6,27(5$3,$(7(5$3,$2&83$&,21$/
'HILQLomRGH)LVLRWHUDSLD'LVSRQtYHOHP
KWWSZZZFRIILWRRUJEUFRQWHXGRFRQBYLHZDVS"VHFDR !$FHVVRHP RFWREHU
-Ò1,25$GDPDU1&RHOKR*$==2/$-XOLDQD0*$%,/$1<HGD3/
0$==(77,.DUHQ5$OLQKDPHQWRGHFDEHoDHRPEURVHPSDFLHQWHVFRP
KLSRIXQomRYHVWLEXODUXQLODWHUDO5HYLVWD%UDVLOHLUDGH)LVLRWHUDSLDYQS MXODJR'LVSRQtYHOHP
KWWSZZZVFLHOREUSGIUEILVYQDRSBSGI!$FHVVRHPRFWREHU
+(5'0$16XVDQ-5HDELOLWDomR9HVWLEXODUHG5LRGH -DQHLUR0DQROH
+81*5,$+HOLR27255,12/$5,1*2/2*,$HG5LRGH-DQHLUR
*XDQDEDUD.RRJDQ
1,6+,12/XFLD.D]XNRHWDO5HDELOLWDomRYHVWLEXODUSHUVRQDOL]DGD OHYDQWDPHQWRGHSURQWXiULRVGRVSDFLHQWHVDWHQGLGRVQRDPEXODWyULRGH
RWRQHXURORJLDGD,6&0635HY%UDV2WRUULQRODULQJROYROQS 'LVSRQtYHOHPKWWSZZZVFLHOREUSGIUERWRYQDYQSGI!$FHVVR HPRFWREHU
5LEHLUR$6%3HUHLUD-6±0HOKRUDGRHTXLOtEULRHUHGXomRGDSRVVLELOLGDGHGH TXHGDHPLGRVDVDSyVRVH[HUFtFLRVGH&DZWKRUQHH&RRNVH\5HY%UDV
2WRUULQRODULQJROYQSMDQIHE'LVSRQtYHOHP
KWWSZZZVFLHOREUSGIUERWRYQDYQSGI!$FHVVRHPQRYHPEHU
$3Ç1',&(6
$3Ç1',&(,
7(502'(&216(17,0(172
7(502'(&216(17,0(172/,95(((6&/$5(&,'2'2 3$57,&,3$17(
(VWDPRVUHDOL]DQGRXPSURMHWRSDUDR7UDEDOKRGH&RQFOXVmRGH&XUVR 7&& LQWLWXODGR ³$9$/,$d2 272/Ë7,&$ ( 326785$/ (0 3$&,(17(6 &20 +,32)81d2 9(67,%8/$5 $17(6 ( $3Ï6 $ ,17(59(1d2 ),6,27(5$3Ç87,&$´ 2 D 6U D IRL SOHQDPHQWH HVFODUHFLGR D GH TXH SDUWLFLSDQGRGHVWH SURMHWRHVWDUiSDUWLFLSDQGR GH XP HVWXGR GH FXQKR DFDGrPLFR TXH WHP FRPR XP GRV REMHWLYRV YHULILFDU RV HIHLWRV GD LQWHUYHQomR ILVLRWHUDSrXWLFD VREUHRVSULQFLSDLVVLQDLVHVLQWRPDVGRSRUWDGRUGHGLVIXQomRYHVWLEXODU
(PERUD R D VU D YHQKD D DFHLWDU D SDUWLFLSDU QHVWH SURMHWR HVWDUi JDUDQWLGR TXH R D VU D SRGHUi GHVLVWLU D TXDOTXHU PRPHQWR EDVWDQGR SDUD LVVR LQIRUPDUVXDGHFLVmR)RLHVFODUHFLGRDLQGDTXHSRUVHUXPDSDUWLFLSDomRYROXQWiULD H VHP LQWHUHVVH ILQDQFHLUR R D VU D QmR WHUi GLUHLWR D QHQKXPD UHPXQHUDomR 'HVFRQKHFHPRVTXDOTXHUULVFRRXSUHMXt]RVSRUSDUWLFLSDUGHOD2VGDGRVUHIHUHQWHV DRVUDVHUmRVLJLORVRVHSULYDGRVSUHFHLWRVHVWHVDVVHJXUDGRVSHOD5HVROXomRQ
GR &RQVHOKR 1DFLRQDO GH 6D~GH VHQGR TXH R D VU D SRGHUi VROLFLWDU LQIRUPDo}HV GXUDQWH WRGDV DV IDVHV GR SURMHWR LQFOXVLYH DSyV D SXEOLFDomR GRV GDGRV REWLGRV D SDUWLU GHVWD $XWRUL]D DLQGD D R UHJLVWUR GH LPDJHQV GXUDQWH D UHDOL]DomRGDSHVTXLVD
$ FROHWD GH GDGRV H R UHJLVWUR GH LPDJHP VHUmR UHDOL]DGRV SHOD DFDGrPLFD +e5,&$ 6$/9$52 )(51$1'(6 IRQH GD IDVH GD *UDGXDomR GH ),6,27(5$3,$ GD 81(6& H RULHQWDGR SHOD SURIHVVRUD e9(/,1 9,&(17(
2WHOHIRQHGR&RPLWrGHeWLFDp
&ULFL~PD6&BBBBGHBBBBBBBBBBBBBBGH
$VVLQDWXUDGR3DUWLFLSDQWH
5*
$3Ç1',&(,,
$9$/,$d2),6,27(5$3Ç87,&$'$+,32)81d29(67,%8/$5
81,9(56,'$'('2(;75(0268/&$7$5,1(16(±81(6&
&8562'(),6,27(5$3,$
$9$/,$d2),6,27(5$3Ç87,&$'$+,32)81d29(67,%8/$5
$1$01(6(
'DWDGDDYDOLDomR
'DGRVGH,GHQWLILFDomR 1RPH
'DWDGH1DVFLPHQWR
,GDGH6H[R&RU (QGHUHoR
1DWXUDOLGDGH
3URILVVmR+iTXDQWRWHPSR (VWDGRFLYLO
(VFRODULGDGH 7HOHIRQH
7HPSRGRGLDJQyVWLFRGD+LSRIXQomR9HVWLEXODU
$FDGrPLFDUHVSRQViYHO
+,67Ï5,$&/Ë1,&$
'RHQoDVDVVRFLDGDV
+LVWyULD)LVLROyJLFD
+LVWyULD)DPLOLDU
0HGLFDPHQWRV
([DPHVFRPSOHPHQWDUHV
$SUHVHQWDDOJXPGRVVLQWRPDVDEDL[R
(QM{R
1LVWDJPRPRYLPHQWRVGRVROKRV 9HUWLJHP
'RUGHRXYLGR
&HIDOpLD
=XPELGR
7RQWXUDTXDQGRPRYLPHQWDDFDEHoD
(;$0()Ë6,&2
6LQDLVYLWDLV)&BBBBESP)5BBBBBLUSP3$BBBBBPP+J
3RVWXUD2SDFLHQWHVHUiIRWRJUDIDGRHPYLVWDDQWHULRUSRVWHULRUODWHUDO(H'$V IRWRVVHUmRDQDOLVDGDVQRSURJUDPD)LVLRPHWUL[
0DUFKD7HVWH*HWXSDQG*RBBBBBBBBVHJXQGRV
(TXLOtEULR
7HVWHGH5RPEHUJ6LPSOHV
7HVWHGH5RPEHUJ,QWHQVLILFDGR
7HVWHGH)XNXGD
$PSOLWXGHGH0RYLPHQWR&HUYLYDO
)OH[mRBBBBB
([WHQVmRBBBBB
5RWDomR'BBBBB
5RWDomR(BBBBB
)OH[mR/DWHUDO'BBBBB
)OH[mR/DWHUDO(BBBBB
(VFDOD,'9PRGLILFDGDGH-DFREVRQ 9RFrGHYHUHVSRQGHU³VLP´RX³QmR´
6LP ÈVYH]HV 1mR
4XDQGRYRFrROKDSDUDFLPDRVHXSUREOHPDSLRUD"
9RFHVHVHQWHIUXVWUDGRSRUFDXVDGRVHXSUREOHPD"
3RUFDXVDGRVHXSUREOHPDYRFrUHVWULQJXHDVVXDVYLDJHQVGH QHJyFLRVRXOD]HU"
4XDQGRYRFrFDPLQKDSHORFRUUHGRUGRVXSHUPHUFDGRRVHX SUREOHPDSLRUD"
9RFrWHPGLILFXOGDGHSDUDGRUPLURXVDLUGDFDPDSRUFDXVDGRVHX SUREOHPD"
6HXSUREOHPDUHVWULQJHVLJQLILFDQWHDVXDSDUWLFLSDomRHPDWLYLGDGHV VRFLDLV"
9RFrVHQWHGLILFXOGDGHSDUDOHUSRUFDXVDGRVHXSUREOHPD"
9RFrWHPPHGRGHVDLUGHFDVDVR]LQKRSRUFDXVDGRVHXSUREOHPD"
3RUFDXVDGRVHXSUREOHPDYRFrVHVHQWHHQYHUJRQKDGRQDIUHQWHGH RXWUDVSHVVRDV"
2VPRYLPHQWRVUiSLGRVGDFDEHoDDXPHQWDPVHXSUREOHPD"
9RFrHYLWDOXJDUHVDOWRVSRUFDXVDGRVHXSUREOHPD"
6HXSUREOHPDSLRUDTXDQGRYRFrPXGDGHSRVLomRQDFDPD"
3RUFDXVDGRVHXSUREOHPDpGLItFLOH[HFXWDUWDUHIDVSHVDGDV"
9RFrHYLWDGLULJLURVHXFDUURGXUDQWHRGLDSRUFDXVDGRVHX SUREOHPD"
9RFrWHPPHGRGHTXHDVSHVVRDVSHQVHPTXHYRFrHVWiLQWR[LFDGR SRUFDXVDGRVHXSUREOHPD"
eGLItFLOVDLUSDUDXPFDPLQKDGRVR]LQKRSRUFDXVDGRVHXSUREOHPD"
&DPLQKDUSRUXPDFDOoDGDDXPHQWDVHXSUREOHPD"
9RFrWHPGLILFXOGDGHSDUDVHFRQFHQWUDUSRUFDXVDGRVHXSUREOHPD"
eGLItFLODQGDUIRUDGHFDVDQRHVFXURSRUFDXVDGRVHXSUREOHPD"
9RFrWHPPHGRGHILFDUHPFDVDVR]LQKRSRUFDXVDGRVHXSUREOHPD"
9RFrVHVHQWHXPGHILFLHQWHSRUFDXVDGRVHXSUREOHPD"
9RFrHYLWDGLULJLUVHXFDUURDQRLWHSRUFDXVDGRVHXSUREOHPD"
2VHXSUREOHPDMiOKHFDXVRXWHQVmRFRPIDPLOLDUHVRXDPLJRV"
9RFrVHVHQWHGHSULPLGRSRUFDXVDGRVHXSUREOHPD"
7HVWH3RVLFLRQDOHGR0RYLPHQWR
6LQWRPD%iVLFR ,QWHQVLGDGH 'XUDomR 3RQWRV
3RVLomRVHQWDGRSDUDDGHGHF~ELWRGRUVDO
'HF~ELWRGRUVDOSDUDRODGRHVTXHUGR
'HF~ELWRGRUVDOSDUDRODGRGLUHLWR
'HF~ELWRGRUVDOSDUDDSRVLomRVHQWDGR
+DOOSLNH±'L[HVTXHUGR
9ROWDDVHQWDUDSDUWLUGR+DOOSLNH±'L[
HVTXHUGR
+DOOSLNH±'L[GLUHLWR
9ROWDDVHQWDUDSDUWLUGR+DOOSLNH±'L[GLUHLWR
6HQWDGRFDEHoDLQFOLQDGDSDUDRMRHOKR HVTXHUGR
(OHYDUDFDEHoDDSDUWLUGRMRHOKRHVTXHUGR
6HQWDGRFDEHoDLQFOLQDGDSDUDRMRHOKRGLUHLWR
(OHYDUDFDEHoDDSDUWLUGRMRHOKRGLUHLWR
6HQWDUVHJLUDUDFDEHoDKRUL]RQWDOPHQWH FLQFRYH]HV
6HQWDUVHJLUDUDFDEHoDYHUWLFDOPHQWHFLQFR YH]HVIOH[R±H[WHQVmR
(PSpJLUDUSDUDDGLUHLWD
(PSpJLUDUSDUDDHVTXHUGD
$3Ç1',&(,,,
),&+$'($7(1',0(172),6,27(5$3Ç87,&2
),&+$'($7(1',0(172),6,27(5$3Ç87,&2$17(6('(32,6'2
$7(1',0(172
1RPH,GDGH
'DWD 3$ )& )5
3$ )& )5
'DWD 3$ )& )5
3$ )& )5
'DWD 3$ )& )5
3$ )& )5
'DWD 3$ )& )5
3$ )& )5
'DWD 3$ )& )5
3$ )& )5
'DWD 3$ )& )5
3$ )& )5
'DWD 3$ )& )5
3$ )& )5
'DWD 3$ )& )5
3$ )& )5
'DWD 3$ )& )5
3$ )& )5
'DWD 3$ )& )5
3$ )& )5
'DWD 3$ )& )5
3$ )& )5
'DWD 3$ )& )5
3$ )& )5
'DWD 3$ )& )5
3$ )& )5
'DWD 3$ )& )5
3$ )& )5
'DWD 3$ )& )5
3$ )& )5
'DWD 3$ )& )5
3$ )& )5
'DWD 3$ )& )5
3$ )& )5
'DWD 3$ )& )5
3$ )& )5
'DWD 3$ )& )5
3$ )& )5
'DWD 3$ )& )5
3$ )& )5
$1(;2,
35272&2/2'((;(5&Ë&,26'(&$:7+251((&22.6(<
35272&2/2'((;(5&Ë&,26'(&$:7+251((&22.6(<
$ 0RYLPHQWRGHROKRVHFDEHoDVHQWDGR±SULPHLUROHQWRVGHSRLVUiSLGRV 2OKDUSDUDFLPDHSDUDEDL[R
2OKDUSDUDDGLUHLWDHSDUDDHVTXHUGD
$SUR[LPDUHDIDVWDURGHGRROKDQGRSDUDHOH
0RYHUDFDEHoDOHQWDPHQWHHGHSRLVUDSLGDPHQWHSDUDDGLUHLWDHSDUDD HVTXHUGDFRPRVROKRVDEHUWRV
0RYHUDFDEHoDOHQWDPHQWHHGHSRLVUDSLGDPHQWHSDUDFLPDHSDUDEDL[R FRPRVROKRVDEHUWRV
5HSHWLUHFRPRVROKRVIHFKDGRV
% 0RYLPHQWRVGHFDEHoDHFRUSRVHQWDGR
&RORFDUXPREMHWRQRFKmR$SDQKiORHHOHYiORDFLPDGDFDEHoDH FRORFiORQRFKmRQRYDPHQWHROKDQGRSDUDRREMHWRRWHPSRWRGR (QFROKHURVRPEURVHID]HUPRYLPHQWRVFLUFXODUHVFRPHOHV
,QFOLQDUSDUDIUHQWHHSDVVDUXPREMHWRSDUDWUiVHSDUDIUHQWHGRVMRHOKRV
& ([HUFtFLRVHP3p 5HSHWLU$H%
6HQWDUHILFDUHPSpVHQWDUHILFDUHPSpQRYDPHQWH
6HQWDUHILFDUHPSpVHQWDUHILFDUHPSpQRYDPHQWHFRPRVROKRV IHFKDGRV
)LFDUHPSpPDVJLUDUGDUXPDYROWDSDUDDGLUHLWDHQTXDQWRGHSp )LFDUHPSpPDVJLUDUGDUXPDYROWDSDUDDHVTXHUGDHQTXDQWRGHSp -RJDUXPDERODSHTXHQDGHXPDPmRSDUDRXWUDDFLPDGRQtYHOGR KRUL]RQWH
-RJDUDERODGHXPDPmRSDUDRXWUDHPEDL[RGRVMRHOKRVDOWHUQDGDPHQWH
' 2XWUDVDWLYLGDGHVSDUDPHOKRUDURHTXLOtEULR
6XELUHGHVFHUHVFDGDVFRUULPmRVHQHFHVViULR
(QTXDQWRGHSpYROWDVUHSHQWLQDVGHJUDXVFRPROKRVDEHUWRVH GHSRLVFRPRVROKRVIHFKDGRV
(QTXDQWRFDPLQKDQGRROKHSDUDDGLUHLWDHSDUDDHVTXHUGDFRPRHPXP PHUFDGROHQGRUyWXORV
3UDWLTXHILFDUHPXPSpVyFRPRSpGLUHLWRHGHSRLVFRPRSpHVTXHUGR FRPRVROKRVDEHUWRVHGHSRLVFRPRVROKRVIHFKDGRV
(PSpHPVXSHUItFLHPDFLD
$$QGHVREUHDVXSHUItFLHSDUDVHDFRVWXPDU
%$QGDUSpDQWHSpFRPRVROKRVDEHUWRVHGHSRLVFRPRVROKRVIHFKDGRV
&3UDWLTXHRH[HUFtFLRHPVXSHUItFLHPDFLD
&LUFXODUDRUHGRUGHXPDSHVVRDTXHHVWiQRFHQWURTXHMRJDXPDEROD JUDQGHTXHOKHGHYHVHUGHYROYLGD
$QGDUSHODVDODFRPRVROKRVIHFKDGRV
$1(;2,,
$1(;2,,,
$XWRUL]DomR&RPLWrGHeWLFD
&$3Ë78/2,,±$57,*2&,(17Ë),&2