&DUDFWHUtVWLFDVHPUHJLPH

$TXHFLPHQWRGRHQURODPHQWR
3HUGDV
$SRWrQFLD~WLOIRUQHFLGDSHORPRWRUQDSRQWDGRHL[RpPHQRUT
XHDSRWrQFLD
TXHRPRWRUDEVRUYHGDOLQKDGHDOLPHQWDomRLVWRpRUHQGLPHQ
WRGRPRWRU
pVHPSUHLQIHULRUD$GLIHUHQoDHQWUHDVGXDVSRWrQFLDVU
HSUHVHQWDDV
SHUGDVTXHVmRWUDQVIRUPDGDVHPFDORURTXDODTXHFHRHQURODP
HQWRHGHYH
VHUGLVVLSDGRSDUDIRUDGRPRWRUSDUDHYLWDUTXHDHOHYDomRGHWHPSHUDWXUD
VHMDH[FHVVLYD2PHVPRDFRQWHFHHPWRGRVRVWLSRVGHPRWRUHV
1RPRWRU
GHDXWRPyYHOSRUH[HPSORRFDORUJHUDGRSHODVSHUGDVLQWHUQDVWHPTXH
VHUUHWLUDGRGREORFRSHORVLVWHPDGHFLUFXODomRGHiJXDFRPUDGLDGRURX
SHODYHQWRLQKDHPPRWRUHVUHVIULDGRVDDU
'LVVLSDomRGRFDORU
2FDORUJHUDGRSHODVSHUGDVQRLQWHULRUGRPRWRUpGLVVLSDGRSD UDRDU
DPELHQWHDWUDYpVGDVXSHUItFLHH[WHUQDGDFDUFDoD(PPRWRUHVI HFKDGRV
HVVDGLVVLSDomRpQRUPDOPHQWHDX[LOLDGDSHORYHQWLODGRUPRQWDGR
QRSUySULR
HL[RGRPRWRU8PDERDGLVVLSDomRGHSHQGH
GDHILFLrQFLDGRVLVWHPDGHYHQWLODomR
GDiUHDWRWDOGHGLVVLSDomRGDFDUFDoD
GDGLIHUHQoDGHWHPSHUDWXUDHQWUHDVXSHUItFLHH[WHUQDGDFDUFDoDHGR
DUDPELHQWHWH[WWD
D2VLVWHPDGHYHQWLODomREHPSURMHWDGRDOpPGHWHUXPYHQWL
ODGRU
HILFLHQWHFDSD]GHPRYLPHQWDUJUDQGHYROXPHGHDUGHYHGLULJLUHVVH
DUGHPRGRDYDUUHUWRGDDVXSHUItFLHGDFDUFDoDRQGHVHGiDWURFD
GHFDORU'HQDGDDGLDQWDXPJUDQGHYROXPHGHDUVHHOHVHHVSD OKD
VHPUHWLUDURFDORUGRPRWRU
E$iUHDWRWDOGHGLVVLSDomRGHYHVHUDPDLRUSRVVtYHO(QWUH WDQWRXP
PRWRUFRPXPDFDUFDoDPXLWRJUDQGHSDUDREWHUPDLRUiUHDVHUL D
PXLWRFDURHSHVDGRDOpPGHRFXSDUPXLWRHVSDoR3RULVVRDi
UHDGH
GLVVLSDomRGLVSRQtYHOpOLPLWDGDSHODQHFHVVLGDGHGHIDEULFDUPRWRUHV
SHTXHQRVHOHYHV,VVRpFRPSHQVDGRHPSDUWHDXPHQWDQGRVHD
iUHDGLVSRQtYHOSRUPHLRGHDOHWDVGHUHVIULDPHQWRIXQGLGDVFR PD
FDUFDoD
F8PVLVWHPDGHUHVIULDPHQWRHILFLHQWHpDTXHOHTXHFRQVHJXH GLVVLSDU
DPDLRUTXDQWLGDGHGHFDORUGLVSRQtYHODWUDYpVGDPHQRUiUHDG
H
GLVVLSDomR3DUDLVVRpQHFHVViULRTXHDTXHGDLQWHUQDGHWHPS
HUDWXUD
PRVWUDGDQDILJXUDVHMDPLQLPL]DGD,VWRTXHUGL]HUTXHGH
YHKDYHU
XPDERDWUDQVIHUrQFLDGHFDORUGRLQWHULRUGRPRWRUDWpDVXSHU ItFLH
H[WHUQD
2TXHUHDOPHQWHTXHUHPRVOLPLWDUpDHOHYDomRGDWHPSHUDWXUDQR
HQURODPHQWR
VREUHDWHPSHUDWXUDGRDUDPELHQWH(VWDGLIHUHQoDWRWDO
'WpFRPXPHQWH
FKDPDGDHOHYDomRGHWHPSHUDWXUDGRPRWRUHFRPRpLQGLFDGRQDILJXUD
YDOHDVRPDGDTXHGDLQWHUQDFRPDTXHGDH[WHUQD

)LJXUD
02725(6(/e75,&26'(&255(17($/7(51$'$

&RPRYLPRVLQWHUHVVDUHGX]LUDTXHGDLQWHUQDPHOKRUDUDWUDQV IHUrQFLD

GHFDORUSDUDSRGHUWHUXPDTXHGDH[WHUQDPDLRUSRVVtYHOSRLVHVWDpTXH
UHDOPHQWHDMXGDDGLVVLSDURFDORU$TXHGDLQWHUQDGHWHPSHUDW
XUDGHSHQGH
GHGLYHUVRVIDWRUHVFRPRLQGLFDDILJXUDRQGHDVWHPSHUDWX
UDVGHFHUWRV
SRQWRVLPSRUWDQWHVGRPRWRUHVWmRUHSUHVHQWDGDVHH[SOLFDGDVDVHJXLU
$3RQWRPDLVTXHQWHGRHQURODPHQWRQRLQWHULRUGDUDQK XUDRQGHp
JHUDGRRFDORUSURYHQLHQWHGDVSHUGDVQRVFRQGXWRUHV
$%4XHGDGHWHPSHUDWXUDQDWUDQVIHUrQFLDGHFDORUGRSRQW RPDLV
TXHQWHDWpRVILRVH[WHUQRV&RPRRDUpXPSpVVLPRFRQGXWRUGH
FDORUpLPSRUWDQWHTXHQmRKDMDYD]LRVQRLQWHULRUGDUDQKXU D
LVWRpDVERELQDVGHYHPVHUFRPSDFWDVHDLPSUHJQDomRFRP
YHUQL]GHYHVHUSHUIHLWD
%4XHGDDWUDYpVGRLVRODPHQWRGDUDQKXUDHQRFRQWDWRG HVWHFRP
RVFRQGXWRUHVGHXPODGRHFRPDVFKDSDVGRQ~FOHRGRRXWUR
2HPSUHJRGHPDWHULDLVPRGHUQRVPHOKRUDDWUDQVPLVVmRGHFDORU
DWUDYpVGRLVRODQWHDLPSUHJQDomRSHUIHLWDPHOKRUDRFRQWDWRGR
ODGRLQWHUQRHOLPLQDQGRHVSDoRVYD]LRVRERPDOLQKDPHQWRGDV
FKDSDVHVWDPSDGDVPHOKRUDRFRQWDWRGRODGRH[WHUQRHOLPLQDQG
R
FDPDGDVGHDUTXHSUHMXGLFDPDWUDQVIHUrQFLDGHFDORU
%&4XHGDGHWHPSHUDWXUDSRUWUDQVPLVVmRDWUDYpVGRPDWHUL DOGDV
FKDSDVGRQ~FOHR
&4XHGDQRFRQWDWRHQWUHRQ~FOHRHDFDUFDoD$FRQGX
omRGH
FDORUVHUiWDQWRPHOKRUTXDQWRPDLVSHUIHLWRIRURFRQWDWRHQWUHDV
SDUWHVGHSHQGHQGRGRERPDOLQKDPHQWRGDVFKDSDVHSUHFLVmR
GDXVLQDJHPGDFDUFDoD6XSHUItFLHVLUUHJXODUHVGHL[DPHVSDoRV
YD]LRVHQWUHHODVUHVXOWDQGRPDXFRQWDWRHSRUWDQWRPiFRQGX
omR
GRFDORU
&'4XHGDGHWHPSHUDWXUDSRUWUDQVPLVVmRDWUDYpVGDHVSHVV XUDGD
FDUFDoD
*UDoDVDXPSURMHWRPRGHUQRXVRGHPDWHULDLVDYDQoDGRVSURFHV VRVGH
IDEULFDomRDSULPRUDGRVVREXPSHUPDQHQWH&RQWUROHGH4XDOLGDGH RV
PRWRUHV:(*DSUHVHQWDPXPDH[FHOHQWHWUDQVIHUrQFLDGHFDORUGRLQWHULRU
SDUDDVXSHUItFLHHOLPLQDQGRSRQWRVTXHQWHVQRHQURODPHQWR
7HPSHUDWXUDH[WHUQDGRPRWRU
(UDFRPXPDQWLJDPHQWHYHULILFDURDTXHFLPHQWRGRPRWRUPHGLQ GR
FRPDPmRDWHPSHUDWXUDH[WHUQDGDFDUFDoD(PPRWRUHVPRGHUQRVHVWH
PpWRGRSULPLWLYRpFRPSOHWDPHQWHHUUDGR&RPRYLPRVDQWHULRUPHQWHRV
FULWpULRVPRGHUQRVGHSURMHWRSURFXUDPDSULPRUDUDWUDQVPLVVmRGHFDORU
LQWHUQDPHQWHGHPRGRTXHDWHPSHUDWXUDGRHQURODPHQWRILTXHSR XFR
DFLPDGDWHPSHUDWXUDH[WHUQDGDFDUFDoDRQGHHODUHDOPHQWHFRQ
WULEXLSDUD
GLVVLSDUDVSHUGDV(PUHVXPRDWHPSHUDWXUDGDFDUFDoDQmRGiLQGLFDomR
GRDTXHFLPHQWRLQWHUQRGRPRWRUQHPGHVXDTXDOLGDGH8PPRWRU IULR
SRUIRUDSRGHWHUSHUGDVPDLRUHVHWHPSHUDWXUDPDLVDOWDQRHQU RODPHQWR
GRTXHXPPRWRUH[WHULRUPHQWHTXHQWH
9LGD~WLOGRPRWRU
6HQGRRPRWRUGHLQGXomRXPDPiTXLQDUREXVWDHGHFRQVWUXomRVLPSOHV
DVXDYLGD~WLOGHSHQGHTXDVHH[FOXVLYDPHQWHGDYLGD~WLOGDLV RODomRGRV
HQURODPHQWRV(VWDpDIHWDGDSRUPXLWRVIDWRUHVFRPRXPLGDGHYLEUDo}HV
DPELHQWHVFRUURVLYRVHRXWURV'HQWUHWRGRVRVIDWRUHVRPDLV
LPSRUWDQWHp
VHPG~YLGDDWHPSHUDWXUDGHWUDEDOKRGRVPDWHULDLVLVRODQWHVHPSUHJDGRV
8PDXPHQWRGHDJUDXVQDWHPSHUDWXUDGDLVRODomRUHGX]VXD YLGD
~WLOSHODPHWDGH
4XDQGRIDODPRVHPGLPLQXLomRGDYLGD~WLOGRPRWRUQmRQRVUHI HULPRV
jVWHPSHUDWXUDVHOHYDGDVTXDQGRRLVRODQWHVHTXHLPDHRHQURO DPHQWR
pGHVWUXtGRGHUHSHQWH9LGD~WLOGDLVRODomRHPWHUPRVGHWHP SHUDWXUD
GHWUDEDOKREHPDEDL[RGDTXHODHPTXHRPDWHULDOVHTXHLPDU HIHUHVH
DRHQYHOKHFLPHQWRJUDGXDOGRLVRODQWHTXHYDLVHWRUQDQGRUHVV HFDGR
SHUGHQGRRSRGHULVRODQWHDWpTXHQmRVXSRUWHPDLVDWHQVmRDS OLFDGDH
SURGX]DRFXUWRFLUFXLWR
$H[SHULrQFLDPRVWUDTXHDLVRODomRWHPXPDGXUDomRSUDWLFDPHQW
HLOLPLWDGD
VHDVXDWHPSHUDWXUDIRUPDQWLGDDEDL[RGHXPFHUWROLPLWH$F LPDGHVWH
YDORUDYLGD~WLOGDLVRODomRYDLVHWRUQDQGRFDGDYH]PDLVFXUWDjPHGLGD
TXHDWHPSHUDWXUDGHWUDEDOKRpPDLVDOWD(VWHOLPLWHGHWHPSH UDWXUDp
PXLWRPDLVEDL[RTXHDWHPSHUDWXUDGHTXHLPDGRLVRODQWHHGHSHQGHGR
WLSRGHPDWHULDOHPSUHJDGR
(VWDOLPLWDomRGHWHPSHUDWXUDVHUHIHUHDRSRQWRPDLVTXHQWHGDLVRODomRH
QmRQHFHVVDULDPHQWHDRHQURODPHQWRWRGR(YLGHQWHPHQWHEDVWDX
PSRQWR
IUDFRQRLQWHULRUGDERELQDSDUDTXHRHQURODPHQWRILTXHLQXWLOL]DGR

'

(63(&,),&$d2

(OHYDomRGHWHPSHUDWXUDFODVVHGH
LVRODPHQWR

&ODVVHVGHLVRODPHQWR
'HILQLomRGDVFODVVHV
&RPRIRLYLVWRDQWHULRUPHQWHROLPLWHGHWHPSHUDWXUDGHSHQGHG RWLSRGH
PDWHULDOHPSUHJDGR3DUDILQVGHQRUPDOL]DomRRVPDWHULDLVLVR ODQWHVH
RVVLVWHPDVGHLVRODPHQWRFDGDXPIRUPDGRSHODFRPELQDomRGHY iULRV
PDWHULDLVVmRDJUXSDGRVHP&/$66(6'(,62/$0(172FDGDTXDOGH
ILQLGD
SHORUHVSHFWLYROLPLWHGHWHPSHUDWXUDRXVHMDSHODPDLRUWHPS
HUDWXUDTXHR
PDWHULDOSRGHVXSRUWDUFRQWLQXDPHQWHVHPTXHVHMDDIHWDGDVXDYLGD~WLO
$VFODVVHVGHLVRODPHQWRXWLOL]DGDVHPPiTXLQDVHOpWULFDVHRV
UHVSHFWLYRV
OLPLWHVGHWHPSHUDWXUDFRQIRUPH1%5VmRDVVHJXLQWHV
&ODVVH$&
&ODVVH(&
&ODVVH%&
&ODVVH)&
&ODVVH+&
$VFODVVHV%H)VmRDVFRPXPHQWHXWLOL]DGDVHPPRWRUHVQRUPDLV

3DUDPRWRUHVGHFRQVWUXomRQDYDOGHYHUmRVHUREHGHFLGRVWRGRV
RVGHWDOKHV
SDUWLFXODUHVGHFDGDHQWLGDGHFODVVLILFDGRUDFRQIRUPHWDEHOD
7DEHOD&RUUHomRGDVWHPSHUDWXUDVSDUDURWRUHVQDYDLV
0i[LPDVREUHHOHYDomRGH
(QWLGDGHV0i[LPDW HPSHUDWXUDSHUPLWLGDSRUFODVVH
FODVVLILFDGRUDVWHPSHUDWXUD GHLVRODPHQWR
SDUDXVRQDYDODPELHQWH 'WHQR&
WD& PpWRGRGHYDULDomR
GHUHVLVWrQFLD
$(%)
*HUPDQLVFKHU/OR\G 
$PHULFDQ%XUHDXRI6KLSSLQJ 
%XUHDX9pULWDV 
1RUVNH9pULWDV 

0HGLGDGHHOHYDomRGHWHPSHUDWXUDGR
HQURODPHQWR
ePXLWRGLItFLOPHGLUDWHPSHUDWXUDGRHQURODPHQWRFRPWHUP{PHW URVRX
WHUPRSDUHVSRLVDWHPSHUDWXUDYDULDGHXPSRQWRDRXWURHQXQFDVHVDEH
VHRSRQWRGDPHGLomRHVWiSUy[LPRGRSRQWRPDLVTXHQWH2PpWRGRPDLV
SUHFLVRHPDLVFRQILiYHOGHVHPHGLUDWHPSHUDWXUDGHXPHQUROD PHQWR
pDWUDYpVGDYDULDomRGHVXDUHVLVWrQFLD{KPLFDFRPDWHPSHUDWX UDTXH
DSURYHLWDDSURSULHGDGHGRVFRQGXWRUHVGHYDULDUVXDUHVLVWrQFLDVHJXQGR
XPDOHLFRQKHFLGD$HOHYDomRGDWHPSHUDWXUDSHORPpWRGRGDUHVLVWrQFLD
pFDOFXODGDSRUPHLRGDVHJXLQWHIyUPXODSDUDFRQGXWRUHVGHFREUH
5 5
'W WWD WWWD
5 

(63(&,),&$d2

RQGH 'W pDHOHYDomRGHWHPSHUDWXUD

W  DWHPSHUDWXUDGRHQURODPHQWRDQWHVGRHQVDLRSUDWLFDPHQ
WH
LJXDODGRPHLRUHIULJHUDQWHPHGLGDSRUWHUP{PHWUR
W  DWHPSHUDWXUDGRVHQURODPHQWRVQRILPGRHQVDLR
WD  DWHPSHUDWXUDGRPHLRUHIULJHUDQWHQRILPGRHQVDLR
5  5HVLVWrQFLDGRHQURODPHQWRDQWHVGRHQVDLR
5  5HVLVWrQFLDGRHQURODPHQWRQRILPGRHQVDLR
$SOLFDomRDPRWRUHVHOpWULFRV
$WHPSHUDWXUDGRSRQWRPDLVTXHQWHGRHQURODPHQWRGHYHVHUPDQW LGD
DEDL[RGROLPLWHGDFODVVH$WHPSHUDWXUDWRWDOYDOHDVRPDGDWHPSHUDWXUD
DPELHQWHFRPDHOHYDomRGHWHPSHUDWXUD 'WPDLVDGLIHUHQoDTXHH[LVWH
HQWUHDWHPSHUDWXUDPpGLDGRHQURODPHQWRHDGRSRQWRPDLVTXHQ WH$V
QRUPDVGHPRWRUHVIL[DPDPi[LPDHOHYDomRGHWHPSHUDWXUD'WGHPRGR
TXHDWHPSHUDWXUDGRSRQWRPDLVTXHQWHILFDOLPLWDGDEDVHDGDQ
DVVHJXLQWHV
FRQVLGHUDo}HV
D$WHPSHUDWXUDDPELHQWHpQRPi[LPR R&SRUQRUPDHDFLPDGLVVR
DVFRQGLo}HVGHWUDEDOKRVmRFRQVLGHUDGDVHVSHFLDLV
E$GLIHUHQoDHQWUHDWHPSHUDWXUDPpGLDHDGRSRQWRPDLVTXH QWHQmR
YDULDPXLWRGHPRWRUSDUDPRWRUHVHXYDORUHVWDEHOHFLGRHPQRU PD
EDVHDGRQDSUiWLFDpR&SDUDDVFODVVHV$H(R&SDUDDVFODVVHV
%)H+
$VQRUPDVGHPRWRUHVSRUWDQWRHVWDEHOHFHPXPPi[LPRSDUDDWH
PSHUDWXUD
DPELHQWHHHVSHFLILFDPXPDHOHYDomRGHWHPSHUDWXUDPi[LPDSDUD FDGD
FODVVHGHLVRODPHQWR'HVWHPRGRILFDLQGLUHWDPHQWHOLPLWDGDD
WHPSHUDWXUD
GRSRQWRPDLVTXHQWHGRPRWRU2VYDORUHVQXPpULFRVHDFRPSRVLomRGD
WHPSHUDWXUDDGPLVVtYHOGRSRQWRPDLVTXHQWHVmRLQGLFDGRVQDW DEHOD
DEDL[R
7DEHOD&RPSRVLomRGDWHPSHUDWXUDHPIXQomRGDFODVVHGH
LVRODPHQWR

/OR\GV5HJLVWHURI6KLSSLQJ 
5,1D 

3URWHomRWpUPLFDGHPRWRUHVHOpWULFRV
2VPRWRUHVXWLOL]DGRVHPUHJLPHFRQWtQXRGHYHPVHUSURWHJLGRVF RQWUD
VREUHFDUJDVSRUXPGLVSRVLWLYRLQWHJUDQWHGRPRWRURXXPGLVSRVLWLYRGH
SURWHomRLQGHSHQGHQWHJHUDOPHQWHFRPUHOpWpUPLFRFRPFRUUHQWH
QRPLQDO
RXGHDMXVWHLJXDORXLQIHULRUDRYDORUREWLGRPXOWLSOLFDQGRV HDFRUUHQWH
QRPLQDOGHDOLPHQWDomRDSOHQDFDUJDSRU
SDUDPRWRUHVFRPIDWRUGHVHUYLoRLJXDORXVXSHULRUD
SDUDPRWRUHVFRPIDWRUGHVHUYLoRLJXDOD1%5
$SURWHomRWpUPLFDpHIHWXDGDSRUPHLRGHWHUPRUHVLVWrQFLDVUH VLVWrQFLD
FDOLEUDGDWHUPLVWRUHVWHUPRVWDWRVRXSURWHWRUHVWpUPLFRV2V WLSRVGH
GHWHWRUHVDVHUHPXWLOL]DGRVVmRGHWHUPLQDGRVHPIXQomRGDFODV VHGH
WHPSHUDWXUDGRLVRODPHQWRHPSUHJDGRGHFDGDWLSRGHPiTXLQDH
GD
H[LJrQFLDGRFOLHQWH
7,32'(3527(725(687,/,=$'263(/$:(*
7HUPRUUHVLVWRUHV37
6mRHOHPHQWRVRQGHVXDRSHUDomRpEDVHDGDQDFDUDFWHUtVWLFDGH
YDULDomRGDUHVLVWrQFLDFRPDWHPSHUDWXUDLQWUtQVHFDDDOJXQV PDWHULDLV
JHUDOPHQWHSODWLQDQtTXHORXFREUH3RVVXHPUHVLVWrQFLDFDOLEUDGDTXH
YDULDOLQHDUPHQWHFRPDWHPSHUDWXUDSRVVLELOLWDQGRXPDFRPSDQKDPHQWR
FRQWtQXRGRSURFHVVRGHDTXHFLPHQWRGRPRWRUSHORGLVSOD\GRFR
QWURODGRU
FRPDOWRJUDXGHSUHFLVmRHVHQVLELOLGDGHGHUHVSRVWD6XDDSOL
FDomRpDPSOD
QRVGLYHUVRVVHWRUHVGHWpFQLFDVGHPHGLomRHDXWRPDWL]DomRGH
WHPSHUDWXUD
QDVLQG~VWULDVHPJHUDO*HUDOPHQWHDSOLFDVHHPLQVWDODo}HVG HJUDQGH
UHVSRQVDELOLGDGHFRPRSRUH[HPSORHPUHJLPHLQWHUPLWHQWHPXLW
RLUUHJXODU
8PPHVPRGHWHFWRUSRGHVHUYLUSDUDDODUPHHSDUDGHVOLJDPHQWR
'HVYDQWDJHP
2VHOHPHQWRVVHQVRUHVHRVFLUFXLWRVGHFRQWUROHSRVVXHPXPDO
FXVWR

)LJXUD9LVXDOL]DomRGRDVSHFWRLQWHUQRHH[WHUQRGRVWHUPRUHVLVWRUHV
$WHPSHUDWXUDSRGHUiVHUREWLGDFRPDIyUPXODDVHJXLURXDWUD
WDEHODVIRUQHFLGDVSHORVIDEULFDQWHV

&ODVVHGHLVRODPHQWR$ (%)+
7HPSHUDWXUDDPELHQWH R&
 'W HOHYDomRGHWHPSHUDWXUD
PpWRGRGDUHVLVWrQFLD R&
'LIHUHQoDHQWUHRSRQWRPDLVTXHQWH
HDWHPSHUDWXUDPpGLD R&

U 
W& 

UUHVLVWrQFLDPHGLGDHPRKPV

7RWDOWHPSHUDWXUDGRSRQWR
PDLVTXHQWH R&

'

WR

02725(6(/e75,&26'(&255(17($/7(51$'$

YpVGH

)LJXUD9LVXDOL]DomRGRDVSHFWRH[WHUQRGRVWHUPLVWRUHV
7HUPRVWDWRV
6mRGHWHWRUHVWpUPLFRVGRWLSRELPHWiOLFRFRPFRQWDWRVGHSUDWD

QRUPDOPHQWHIHFKDGRVTXHVHDEUHPTXDQGRRFRUUHGHWHUPLQDGDHOHYDomR
GHWHPSHUDWXUD4XDQGRDWHPSHUDWXUDGHDWXDomRGRELPHWiOLFRE
DL[DUHVWH
YROWDDVXDIRUPDRULJLQDOLQVWDQWDQHDPHQWHSHUPLWLQGRRIHFKDPHQWRGRV
FRQWDWRVQRYDPHQWH2VWHUPRVWDWRVSRGHPVHUGHVWLQDGRVSDUDVL VWHPDV
GHDODUPHGHVOLJDPHQWRRXDPERVDODUPHHGHVOLJDPHQWRGHPRW RUHV
HOpWULFRVWULIiVLFRVTXDQGRVROLFLWDGRSHORFOLHQWH6mROLJDG
RVHPVpULHFRP
DERELQDGRFRQWDWRU'HSHQGHQGRGRJUDXGHVHJXUDQoDHGDHVSH
FLILFDomR
GRFOLHQWHSRGHPVHUXWLOL]DGRVWUrVWHUPRVWDWRVXPSRUIDVH RXVHLV
WHUPRVWDWRVJUXSRVGHGRLVSRUIDVH
3DUDRSHUDUHPDODUPHHGHVOLJDPHQWRGRLVWHUPRVWDWRVSRUIDVH RV
WHUPRVWDWRVGHDODUPHGHYHPVHUDSURSULDGRVSDUDDWXDomRQDHOHYDomRGH
WHPSHUDWXUDSUHYLVWDGRPRWRUHQTXDQWRTXHRVWHUPRVWDWRVGHG
HVOLJDPHQWR
GHYHUmRDWXDUQDWHPSHUDWXUDPi[LPDGRPDWHULDOLVRODQWH

)LJXUD,QVWDODomRGRWHUPRVWDWRQDFDEHoDGDERELQD
3URWHWRUHVWpUPLFRV
6mRGRWLSRELPHWiOLFRFRPFRQWDWRVQRUPDOPHQWHIHFKDGRV8WLOL ]DGRV
SULQFLSDOPHQWHSDUDSURWHomRFRQWUDVREUHDTXHFLPHQWRHPPRWRUH VGH
LQGXomRPRQRIiVLFRVSURYRFDGRSRUVREUHFDUJDVWUDYDPHQWRGRU RWRU
TXHGDVGHWHQVmRHWF6mRDSOLFDGRVTXDQGRHVSHFLILFDGRVSHORFOLHQWH2
SURWHWRUWpUPLFRFRQVLVWHEDVLFDPHQWHHPXPGLVFRELPHWiOLFRTXHSRVVXL
GRLVFRQWDWRVPyYHLVXPDUHVLVWrQFLDHXPSDUGHFRQWDWRVIL[RV
2SURWHWRUpOLJDGRHPVpULHFRPDDOLPHQWDomRHGHYLGRjGLVV LSDomR
WpUPLFDFDXVDGDSHODSDVVDJHPGDFRUUHQWHDWUDYpVGDUHVLVWrQFLDLQWHUQD
GHVWHRFRUUHXPDGHIRUPDomRGRGLVFRWDOTXHRVFRQWDWRVVHDEUHPHD
DOLPHQWDomRGRPRWRUpLQWHUURPSLGD$SyVVHUDWLQJLGDXPDWHPS HUDWXUD
LQIHULRUjHVSHFLILFDGDRSURWHWRUGHYHUHOLJDU(PIXQomRGHUHOLJDPHQWR
SRGHKDYHUGRLVWLSRVGHSURWHWRUHV
D3URWHWRUFRPUHOLJDPHQWRDXWRPiWLFRRQGHRUHDUPHpUHDOL]
DGR
DXWRPDWLFDPHQWH
E3URWHWRUFRPUHOLJDPHQWRPDQXDORQGHRUHDUPHpUHDOL]DGR DWUDYpV
GHXPGLVSRVLWLYRPDQXDO

)LJXUD9LVXDOL]DomRGRDVSHFWRLQWHUQRGRSURWHWRUWpUPLFR
2SURWHWRUWpUPLFRWDPEpPWHPDSOLFDomRHPPRWRUHVWULIiVLFRV SRUpP
DSHQDVHPPRWRUHVFRPOLJDomR<2VHJXLQWHHVTXHPDGHOLJDomRSRGHUi
VHUXWLOL]DGR

)LJXUD9LVXDOL]DomRGRDVSHFWRLQWHUQRHH[WHUQRGRWHUPRVWDWR
2VWHUPRVWDWRVWDPEpPVmRXWLOL]DGRVHPDSOLFDo}HVHVSHFLDLVGHPRWRUHV
PRQRIiVLFRV1HVWDVDSOLFDo}HVRWHUPRVWDWRSRGHVHUOLJDGRHP VpULH
FRPDDOLPHQWDomRGRPRWRUGHVGHTXHDFRUUHQWHGRPRWRUQmRX
OWUDSDVVH
DPi[LPDFRUUHQWHDGPLVVtYHOGRWHUPRVWDWR&DVRLVWRRFRUUDO LJDVHR
WHUPRVWDWRHPVpULHFRPDERELQDGRFRQWDWRU2VWHUPRVWDWRVVm
RLQVWDODGRV
QDVFDEHoDVGHERELQDVGHIDVHVGLIHUHQWHV

)LJXUD(VTXHPDGHOLJDomRGRSURWHWRUWpUPLFRSDUDPRWRUH
WULIiVLFRV

V

9DQWDJHQV
&RPELQDomRGHSURWHWRUVHQVtYHOjFRUUHQWHHjWHPSHUDWXUD
3RVVLELOLGDGHGHUHOLJDPHQWRDXWRPiWLFR
'HVYDQWDJHQV
/LPLWDomRGDFRUUHQWHSRUHVWDURSURWHWRUOLJDGRGLUHWDPHQWHjERELQD
GRPRWRUPRQRIiVLFR
$SOLFDomRYROWDGDSDUDPRWRUHVWULIiVLFRVVRPHQWHQRFHQWURGDOLJDomR
<

02725(6(/e75,&26'(&255(17($/7(51$'$

'

(63(&,),&$d2

7HUPLVWRUHV37&H17&
6mRGHWHFWRUHVWpUPLFRVFRPSRVWRVGHVHQVRUHVVHPLFRQGXWRUHVTX
HYDULDP
VXDUHVLVWrQFLDEUXVFDPHQWHDRDWLQJLUHPXPDGHWHUPLQDGDWHPSHUDWXUD
37&FRHILFLHQWHGHWHPSHUDWXUDSRVLWLYR
17&FRHILFLHQWHGHWHPSHUDWXUDQHJDWLYR
2WLSR37&pXPWHUPLVWRUFXMDUHVLVWrQFLDDXPHQWDEUXVFDPHQW HSDUD
XPYDORUEHPGHILQLGRGHWHPSHUDWXUDHVSHFLILFDGRSDUDFDGDWL SR(VVD
YDULDomREUXVFDQDUHVLVWrQFLDLQWHUURPSHDFRUUHQWHQR37&D FLRQDQGR
XPUHOpGHVDtGDRTXDOGHVOLJDRFLUFXLWRSULQFLSDO7DPEpPS RGHVHU
XWLOL]DGRSDUDVLVWHPDVGHDODUPHRXDODUPHHGHVOLJDPHQWRS RUIDVH
3DUDRWHUPLVWRU17&DFRQWHFHRFRQWUiULRGR37&SRUpPVXDDSOLFDomR
QmRpQRUPDOHPPRWRUHVHOpWULFRVSRLVRVFLUFXLWRVHOHWU{QLF
RVGHFRQWUROH
GLVSRQtYHLVJHUDOPHQWHVmRSDUDR37&
2VWHUPLVWRUHVSRVVXHPWDPDQKRUHGX]LGRQmRVRIUHPGHVJDVWHVP
HFkQLFRV
HWrPXPDUHVSRVWDPDLVUiSLGDHPUHODomRDRVRXWURVGHWHFWRUHVHPERUD
QmRSHUPLWDPXPDFRPSDQKDPHQWRFRQWtQXRGRSURFHVVRGHDTXHFLPHQWR
GRPRWRU2VWHUPLVWRUHVFRPVHXVUHVSHFWLYRVFLUFXLWRVHOHWU{Q LFRVGH
FRQWUROHRIHUHFHPSURWHomRFRPSOHWDFRQWUDVREUHDTXHFLPHQWRSURGX]LGR
SRUIDOWDGHIDVHVREUHFDUJDVXERXVREUHWHQV}HVRXIUHTHQWH
VRSHUDo}HV
GHUHYHUVmRRXOLJDGHVOLJD3RVVXHPXPEDL[RFXVWRUHODWLYDPH QWHDR
GRWLSR3WSRUpPQHFHVVLWDPGHUHOpSDUDFRPDQGRGDDWXDo mRGR
DODUPHRXRSHUDomR

7DEHOD&RPSDUDWLYDHQWUHRVVLVWHPDVGHOLJDomRPDLVFRPXQV
7(5025(6,67257(50,67257(5026 7$723527(725
3W37&H17 &7e50,&2
0HFDQLVPRGH5HVLVWrQFLD5HVLVWRUGH &RQWDWRV&RQWDWRV
SURWHomRFDOLEUDGDDYDODQF KHPyYHLVPyYHLV
%LPHWiOLFRV
'LVSRVLomR&DEHoDGH&DEHoDGH ,QVHULGRQR,QVHULGR
ERELQD ERELQDFLUFXLWRQRFLUFXLWR
&DEHoDGH
ERELQD
)RUPDGH&RPDQGRH[WHUQR&RPDQGRH[WHUQR$WXD omRGLUHWD$WXDomR
DWXDomRGHDWXDomRQDGHDWXDomRQD &RPDQGRH[GLUHWD
SURWHomRS URWHomRWHUQRGHDWXDomR
GDSURWHomR
/LPLWDomR&RUUHQWHGH&RUUHQWHGH &RUUHQWHGR&RUUHQWHGR
GHFRUUHQWHFRPDQGRFRPDQGR PRWRUPRWRU
&RUUHQWHGR
FRPDQGR
7LSRGH7HPSHUDWXUD7HPSHUDWXUD &RUUHQWHH&RUUHQWHH
VHQVLELOLGDGH WHPSHUDWXUDWHPSHUDWXUD
1~PHURGHRXRX RX
XQLGDGHVSRU RX
PRWRU
7LSRVGH$ODUPHHRX$ODUPHHRX 'HVOLJDPHQWR'HVOLJDPHQWR
FRPDQGRGHVOLJDPHQWRGHVOLJDPHQWR $ODUPHHRX
GHVOLJDPHQWR



7DEHOD&RPSDUDWLYDHQWUHVLVWHPDVGHSURWHomRGHPRWRUHV

(63(&,),&$d2

3URWHomRHPIXQomR3URWHomR
GDFRUUHQWHFRP
VRQGDV
6yIXVtYHO )XVtYHOHWpUPLFDV
&DXVDVRX SURWHWRUQRPRWRU
GHGLVMXQWRU WpUPLFR
VREUHDTXHFLPHQWR

2EV2ULHQWDPRVDQmRXWLOD]DomRGHGLVMXQWRUHVHPFDL[DPROG DGDSDUD
GLVWULEXLomRHPLQLGLVMXQWRUHVSDUDSURWHomRGHSDUWLGDVGHPRWRUHVHOpWUL
FRVQmRDWHQGHPDQRUPDGHSURWHomRGHPRWRUHVHOpWULFRVSRUTXH
*HUDOPHQWHHVWHVGLVMXQWRUHVQmRSRVVXHPUHJXODJHPDMXVWHGDVXDFRU
UHQWHWpUPLFDVREUHFDUJDQRPLQDOWHQGRVHYDORUHVIL[RVGHVWD FRUUHQWH
QRPLQDOHQDPDLRULDGRVFDVRVQmRVHLJXDODQGRDFRUUHQWHQR PLQDOGR
PRWRUHOpWULFR
1RVGLVMXQWRUHVVHXGLVSRVLWLYRWpUPLFRQmRWHPFODVVHGLVSDURWpUPLFD
WLSRVHJXQGR,(&QDTXDOWHPFRPRFXUYDFD UDFWHU
tVWLFDWD WHPSRGHGHVDUPH[OH PXOWLSORGHFRUUHQWHDMXVWDGDQRUHOp
HTXHUHOpVGHVREUHFDUJDQRUPDLVHHOHWU{QLFRVSRVVXHP
(PFDVRVGHVLVWHPDVWULIiVLFRVRGLVSRVLWLYRWpUPLFRGRVGL VMXQWRUHV
QmRSRVVXHPDSURWHomRSRUIDOWDGHIDVHSRLVVHXGLVSRVLWLY RWpUPLFR
QmRWHPDFXUYDFDUDFWHUtVWLFDVREUHFDUJDELSRODUIDVHV QDTXDORV
UHOpVGHVREUHFDUJDQRUPDLVHHOHWU{QLFRVSRVVXHP
5HJLPHGHVHUYLoR
eRJUDXGHUHJXODULGDGHGDFDUJDDTXHRPRWRUpVXEPHWLGR2VPRWRUHV
QRUPDLVVmRSURMHWDGRVSDUDUHJLPHFRQWtQXRDFDUJDpFRQVWDQ WHSRU
WHPSRLQGHILQLGRHLJXDODSRWrQFLDQRPLQDOGRPRWRU$LQGLFD
omRGRUHJLPH
GRPRWRUGHYHVHUIHLWDSHORFRPSUDGRUGDIRUPDPDLVH[DWDSRVVtYHO1RV
FDVRVHPTXHDFDUJDQmRYDULDRXQRVTXDLVYDULDGHIRUPDSUHY LVtYHOR
UHJLPHSRGHUiVHULQGLFDGRQXPHULFDPHQWHRXSRUPHLRGHJUiILFR VTXH
UHSUHVHQWDPDYDULDomRHPIXQomRGRWHPSRGDVJUDQGH]DVYDULiYH
LV4XDQGR
DVHTrQFLDUHDOGRVYDORUHVQRWHPSRIRULQGHWHUPLQDGDGHYHUi
VHULQGLFDGD
XPDVHTrQFLDILFWtFLDQmRPHQRVVHYHUDTXHDUHDO
5HJLPHVSDGURQL]DGRV
2VUHJLPHVGHWLSRHRVVtPERORVDOIDQXPpULFRVDHOHVDWULEXtG RVVmR
LQGLFDGRVDVHJXLU
D5HJLPHFRQWtQXR6
)XQFLRQDPHQWRDFDUJDFRQVWDQWHGHGXUDomRVXILFLHQWHSDUDTXH
VHDOFDQFH
RHTXLOtEULRWpUPLFRILJXUD
W 1  IXQFLRQDPHQWRHPFDUJDFRQVWDQWH
 TPi[  WHPSHUDWXUDPi[LPDDWLQJLGD

6REUHFDUJDFRPFRUUHQWH
YH]HVDFRUUHQWH
QRPLQDO
5HJLPHVGHFDUJD
6D6
)UHQDJHQVUHYHUV}HVH
IXQFLRQDPHQWRFRP
SDUWLGDIUHTHQWHV
)XQFLRQDPHQWRFRPPDLV
GHSDUWLGDVSRUKRUD
5RWRUEORTXHDGR
)DOWDGHIDVH
9DULDomRGH
WHQVmRH[FHVVLYD

)LJXUD
E5HJLPHGHWHPSROLPLWDGR6
)XQFLRQDPHQWRDFDUJDFRQVWDQWHGXUDQWHXPFHUWRWHPSRLQIHUL RUDR
QHFHVViULRSDUDDWLQJLURHTXLOtEULRWpUPLFRVHJXLGRGHXPSHU tRGRGH
UHSRXVRGHGXUDomRVXILFLHQWHSDUDUHVWDEHOHFHUDLJXDOGDGHGH
WHPSHUDWXUD
FRPRPHLRUHIULJHUDQWHILJXUD
W 1  IXQFLRQDPHQWRHPFDUJDFRQVWDQWH
 TPi[  WHPSHUDWXUDPi[LPDDWLQJLGDGXUDQWHRFLFOR

9DULDomRGHIUHTrQFLD
QDUHGH
7HPSHUDWXUDDPELHQWH
H[FHVVLYD
$TXHFLPHQWRH[WHUQR
SURYRFDGRSRUURODPHQWRV
FRUUHLDVSROLDVHWF
2EVWUXomRGD
YHQWLODomR

/HJHQGDQmRSURWHJLGR
VHPLSURWHJLGR
WRWDOPHQWHSURWHJLGR

'

)LJXUD
02725(6(/e75,&26'(&255(17($/7(51$'$

F5HJLPHLQWHUPLWHQWHSHULyGLFR6
6HTrQFLDGHFLFORVLGrQWLFRVFDGDTXDOLQFOXLQGRXPSHUtRGRG
H
IXQFLRQDPHQWRDFDUJDFRQVWDQWHHXPSHUtRGRGHUHSRXVRVHQGR WDLV
SHUtRGRVPXLWRFXUWRVSDUDTXHVHDWLQMDRHTXLOtEULRWpUPLFRG
XUDQWHXPFLFOR
GHUHJLPHHQRTXDODFRUUHQWHGHSDUWLGDQmRDIHWHGHPRGRVLJQLILFDWLYRD
HOHYDomRGHWHPSHUDWXUDILJXUD
W 1  IXQFLRQDPHQWRHPFDUJDFRQVWDQWH
W 5  UHSRXVR
 TPD[  WHPSHUDWXUDPi[LPDDWLQJLGDGXUDQWHRFLFOR
W 1
)DWRUGHGXUDomRGRFLFOR 
W 1W5

H5HJLPHLQWHUPLWHQWHSHULyGLFRFRPIUHQDJHPHOpWULFD6
6HTrQFLDGHFLFORVGHUHJLPHLGrQWLFRVFDGDTXDOFRQVLVWLQGR GHXP
SHUtRGRGHSDUWLGDXPSHUtRGRGHIXQFLRQDPHQWRDFDUJDFRQVWDQ WHXP
SHUtRGRGHIUHQDJHPHOpWULFDHXPSHUtRGRGHUHSRXVRVHQGRWDLVSHUtRGRV
PXLWRFXUWRVSDUDTXHVHDWLQMDRHTXLOtEULRWpUPLFRILJXUD
W '  SDUWLGD
W 1  IXQFLRQDPHQWRHPFDUJDFRQVWDQWH
W )  IUHQDJHPHOpWULFD
W 5  UHSRXVR
 TPi[  WHPSHUDWXUDPi[LPDDWLQJLGDGXUDQWHRFLFOR
W 'W1W)
)DWRUGHGXUDomRGRFLFOR 
W'W1W)W5

)LJXUD

W'  SDUWLGD

W1  IXQFLRQDPHQWRHPFDUJDFRQVWDQWH
W5  UHSRXVR
TPi[  WHPSHUDWXUDPi[LPDDWLQJLGDGXUDQWHRFLFOR
W 'W1
)DWRUGHGXUDomRGRFLFOR 
W 'W1W5

)LJXUD

02725(6(/e75,&26'(&255(17($/7(51$'$

)LJXUD
I5HJLPHGHIXQFLRQDPHQWRFRQWtQXRSHULyGLFRFRPFDUJD
LQWHUPLWHQWH6
6HTrQFLDGHFLFORVGHUHJLPHLGrQWLFRVFDGDTXDOFRQVLVWLQGR
GH
XPSHUtRGRGHIXQFLRQDPHQWRDFDUJDFRQVWDQWHHGHXPSHUtRGRG
H
IXQFLRQDPHQWRHPYD]LRQmRH[LVWLQGRSHUtRGRGHUHSRXVRILJXUD
W1  IXQFLRQDPHQWRHPFDUJDFRQVWDQWH
W9  IXQFLRQDPHQWRHPYD]LR
TPi[  WHPSHUDWXUDPi[LPDDWLQJLGDGXUDQWHRFLFOR
W1
)DWRUGHGXUDomRGRFLFOR 
W 1W9

)LJXUD

'

(63(&,),&$d2

G5HJLPHLQWHUPLWHQWHSHULyGLFRFRPSDUWLGDV6
6HTrQFLDGHFLFORVGHUHJLPHLGrQWLFRVFDGDTXDOFRQVLVWLQGR GHXP
SHUtRGRGHSDUWLGDXPSHUtRGRGHIXQFLRQDPHQWRDFDUJDFRQVWDQ WHHXP
SHUtRGRGHUHSRXVRVHQGRWDLVSHUtRGRVPXLWRFXUWRVSDUDTXHVHDWLQMDR
HTXLOtEULRWpUPLFRILJXUD

J5HJLPHGHIXQFLRQDPHQWRFRQWtQXRSHULyGLFRFRPIUHQDJHP
HOpWULFD6
6HTrQFLDGHFLFORVGHUHJLPHVLGrQWLFRVFDGDTXDOFRQVLVWLQGR GHXP
SHUtRGRGHSDUWLGDGHXPSHUtRGRGHIXQFLRQDPHQWRDFDUJDFRQV WDQWH
HXPSHUtRGRGHIUHQDJHPHOpWULFDQmRH[LVWLQGRRSHUtRGRGHU HSRXVR
ILJXUD
W '  SDUWLGD
W 1  IXQFLRQDPHQWRHPFDUJDFRQVWDQWH
W )  IUHQDJHPHOpWULFD
 TPi[  WHPSHUDWXUDPi[LPDDWLQJLGDGXUDQWHRFLFOR

)DWRUGHGXUDomRGRFLFOR 

(63(&,),&$d2

)LJXUD
K5HJLPHGHIXQFLRQDPHQWRFRQWtQXRFRPPXGDQoDSHULyGLFDQD
UHODomRFDUJDYHORFLGDGHGHURWDomR6
6HTrQFLDGHFLFORVGHUHJLPHVLGrQWLFRVFDGDFLFORFRQVLVWLQG RGHXP
SHUtRGRGHSDUWLGDHXPSHUtRGRGHIXQFLRQDPHQWRDFDUJDFRQVWD
QWH
FRUUHVSRQGHQGRDXPDYHORFLGDGHGHURWDomRSUpGHWHUPLQDGDVHJ XLGRV
GHXPRXPDLVSHUtRGRVGHIXQFLRQDPHQWRDRXWUDVFDUJDVFRQVWDQ WHV
FRUUHVSRQGHQWHVDGLIHUHQWHVYHORFLGDGHVGHURWDomR1mRH[LVWH SHUtRGR
GHUHSRXVRILJXUD
W)W) IUHQDJHPHOpWULFD
W' SDUWLGD
W1W1W1 IXQFLRQDPHQWRHPFDUJDFRQVWDQWH
TPi[ WHPSHUDWXUDPi[LPDDWLQJLGDGXUDQWHRFLFOR

L5HJLPHFRPYDULDo}HVQmRSHULyGLFDVGHFDUJDHGHYHORFLGDGH 
6
5HJLPHQRTXDOJHUDOPHQWHDFDUJDHDYHORFLGDGHYDULDPQmR
SHULRGLFDPHQWHGHQWURGDIDL[DGHIXQFLRQDPHQWRDGPLVVtYHOLQ FOXLQGR
IUHTHQWHPHQWHVREUHFDUJDVDSOLFDGDVTXHSRGHPVHUPXLWRVXSHULRUHVjV
SOHQDVFDUJDVILJXUD
)LJXUD

M5HJLPHFRPFDUJDVFRQVWDQWHVGLVWLQWDV6
5HJLPHFRPFDUJDVFRQVWDQWHVGLVWLQWDVLQFOXLQGRQRPi[LPRTX DWUR
YDORUHVGLVWLQWRVGHFDUJDRXFDUJDVHTXLYDOHQWHVFDGDYDORU
VHQGRPDQWLGR
SRUWHPSRVXILFLHQWHSDUDTXHRHTXLOtEULRWpUPLFRVHMDDWLQJLG R$FDUJD
PtQLPDGXUDQWHXPFLFORGHUHJLPHSRGHWHURYDORU]HURIXQFLRQDQGRHP
YD]LRRXUHSRXVR)LJXUDVDEHF

)DWRUGHGXUDomRGHFLFOR
W 'W1
 
W 'W1W)W1W)W1
W )W1
 
W 'W1W)W1W)W1

)LJXUDD

W )W1
 
W 'W1W)W1W)W1

)LJXUDE

)LJXUD

'

02725(6(/e75,&26'(&255(17($/7(51$'$

6SDUD 'W U7/ RQGH

'WHVWiHPSXSRUXQLGDGHSDUDDVGLIHUHQWHVFDUJDVHVXDVG
XUDo}HV
UHVSHFWLYDVHGRYDORUGH7/HPSXSDUDDH[SHFWDWLYDGHYLGDWpUPLFDGR
VLVWHPDGHLVRODomR'XUDQWHRVSHUtRGRVGHUHSRXVRDFDUJDGH YHVHU
LQGLFDGDSHODOHWUDU

127$QRVUHJLPHV6H6RSHUtRGRpJHUDOPHQWHFXUWRGHPDLVSDUDTXH
VHMDDWLQJLGRRHTXLOtEULRWpUPLFRGHPRGRTXHRPRWRUYDLVH
DTXHFHQGRH
UHVIULDQGRSDUFLDOPHQWHDFDGDFLFOR'HSRLVGHXPJUDQGHQ~PHU
RGHFLFORV
RPRWRUDWLQJHXPDIDL[DGHHOHYDomRGHWHPSHUDWXUDHHTXLOtEULR
N5HJLPHVHVSHFLDLV
2QGHDFDUJDSRGHYDULDUGXUDQWHRVSHUtRGRVGHIXQFLRQDPHQWR H[LVWH
UHYHUVmRRXIUHQDJHPSRUFRQWUDFRUUHQWHHWFDHVFROKDGRPR
WRU
DGHTXDGRGHYHVHUIHLWDPHGLDQWHFRQVXOWDjIiEULFDHGHSHQGH GHXPD
GHVFULomRFRPSOHWDGRFLFOR
3RWrQFLDQHFHVViULDSDUDDFLRQDUDFDUJDRXVHHODYDULDFRQIRUPHXP
JUiILFRGHSRWrQFLDUHTXHULGDGXUDQWHXPFLFORDILJXUDP RVWUD
XPJUiILFRVLPSOHVRQGHDSRWrQFLDYDULDQRSHUtRGRGHFDUJD
&RQMXJDGRUHVLVWHQWHGDFDUJD
0RPHQWRGHLQpUFLDWRWDO*' RX-GDPiTXLQDDFLRQDGDUHIHULGDj
VXDURWDomRQRPLQDO
1~PHURGHSDUWLGDVUHYHUV}HVIUHQDJHQVSRUFRQWUDFRUUHQWHHWF
'XUDomRGRVSHUtRGRVHPFDUJDHHPUHSRXVRRXYD]LR
'HVLJQDomRGRUHJLPHWLSR
2UHJLPHWLSRpGHVLJQDGRSHORVtPERORGHVFULWRQRLWHP1R FDVR
GHUHJLPHFRQWtQXRHVWHSRGHVHULQGLFDGRHPDOWHUQDWLYDSHO DSDODYUD
FRQWtQXR([HPSORVGDVGHVLJQDo}HVGRVUHJLPHV
6VHJXQGRV
$ GHVLJQDomRGRVUHJLPHV6D6pVHJXLGDGDVVHJXLQWHV
LQGLFDo}HV
D6GRWHPSRGHIXQFLRQDPHQWRHPFDUJDFRQVWDQWH
E6D6GRIDWRUGHGXUDomRGRFLFOR
F6GHFDGDXPDGDVYHORFLGDGHVQRPLQDLVTXHFRQVWLWXHPRFLFOR
VHJXLGDGDUHVSHFWLYDSRWrQFLDQRPLQDOHGRVHXUHVSHFWLYRWHPSR
GHGXUDomR
1RFDVRGRVUHJLPHV666H6RXWUDVLQGLFDo}HVD
VHUHP
DFUHVFLGDVjGHVLJQDomRGHYHUmRVHUHVWLSXODGDVPHGLDQWHDFRUG R
HQWUHIDEULFDQWHHFRPSUDGRU
127$FRPRH[HPSORGDVLQGLFDo}HVDVHUHPDFUHVFLGDVPH GLDQWH
RUHIHULGRDFRUGRjVGHVLJQDo}HVGHUHJLPHVWLSRGLIHUHQWHVGR
FRQWtQXRFLWDPVHDVVHJXLQWHVDSOLFiYHLVVHJXQGRRUHJLPHWL SR
FRQVLGHUDGR
D1~PHURGHSDUWLGDVSRUKRUD
E1~PHURGHIUHQDJHQVSRUKRUD
F7LSRGHIUHQDJHQV
G&RQVWDQWHGHHQHUJLDFLQpWLFD+QDYHORFLGDGHQRPLQDOGRPRWRU
HGDFDUJDHVWD~OWLPDSRGHQGRVHUVXEVWLWXtGDSHORIDWRUGHL
QpUFLD
),

3RWrQFLDVHTXLYDOHQWHVSDUDFDUJDVGH
SHTXHQDLQpUFLD
(YLGHQWHPHQWHXPPRWRUHOpWULFRGHYHUiVXSULUjPiTXLQDDFLRQDG
DD
SRWrQFLDQHFHVViULDVHQGRUHFRPHQGiYHOTXHKDMDXPDPDUJHPGHIROJD
SRLVSHTXHQDVVREUHFDUJDVSRGHUmRRFRUUHURXDLQGDGHSHQGHQGR GR
UHJLPHGHVHUYLoRRPRWRUSRGHHYHQWXDOPHQWHVXSULUPDLVRXPH QRV
SRWrQFLD$SHVDUGDVLQ~PHUDVIRUPDVQRUPDOL]DGDVGHGHVFULomR
GDV
FRQGLo}HVGHIXQFLRQDPHQWRGHXPPRWRUpIUHTHQWHPHQWHQHFHVV iULR
QDSUiWLFDDYDOLDUDVROLFLWDomRLPSRVWDDRPRWRUSRUXPUHJLP HPDLV
FRPSOH[RTXHDTXHOHVGHVFULWRVQDVQRUPDV8PDIRUPDXVXDOpFD OFXODU
DSRWrQFLDHTXLYDOHQWHSHODIyUPXOD
 7
3P 3W'W
7 R
2QGH3 P  SRWrQFLDHTXLYDOHQWHVROLFLWDGDDRPRWRU
3W SRWrQFLDYDULiYHOFRPRWHPSRVROLFLWDGDDR PRWRU
7 GXUDomRWRWDOGRFLFORSHUtRGR
2PpWRGRpEDVHDGRQDKLSyWHVHGHTXHDFDUJDHIHWLYDPHQWHDSOL FDGD
DRPRWRUDFDUUHWDUiDPHVPDVROLFLWDomRWpUPLFDTXHXPDFDUJDI LFWtFLD
HTXLYDOHQWHTXHVROLFLWDFRQWLQXDPHQWHDSRWrQFLD3P%DVHLDVHWDPEpP
QRIDWRGHVHUDVVXPLGDXPDYDULDomRGDVSHUGDVFRPRTXDGUDGR
GDFDUJD
HTXHDHOHYDomRGHWHPSHUDWXUDpGLUHWDPHQWHSURSRUFLRQDOjVSHUGDV,VWR
pYHUGDGHLURSDUDPRWRUHVTXHJLUDPFRQWLQXDPHQWHPDVVmRVROL FLWDGRV
LQWHUPLWHQWHPHQWH
$VVLP

3
W3W3W3W3W3W

3P 
W
WWWWW


RQGH
 &RQVWDQWHGHHQHUJLDFLQpWLFDpDUHODomRHQWUHDHQHUJLD FLQpWLFD
DUPD]HQGDQRURWRUjYHORFLGDGHGHURWDomRQRPLQDOHDSRWrQF LD
DSDUHQWHQRPLQDO)DWRUGHLQpUFLDpDUHODomRHQWUHDVRPDGR
PRPHQWR
GHLQpUFLDWRWDOGDFDUJDUHIHULGRDRHL[RGRPRWRUHGRPRPHQWRGH
LQpUFLDGRURWRU
66
6PRWRU+)OFYUSPPLQ
RQGH+VLJQLILFDXPDFRQVWDQWHGHHQHUJLDFLQpWLFDL JXDODV
)OVLJQLILFDXPIDWRUGHLQpUFLDLJXDOD
02725(6(/e75,&26'(&255(17($/7(51$'$

)LJXUD)XQFLRQDPHQWRFRQWtQXRFRPVROLFLWDo}HVLQWHUPLWHQWHV

'

(63(&,),&$d2

)LJXUDF

3RWrQFLDQRPLQDO
eDSRWrQFLDTXHRPRWRUSRGHIRUQHFHUGHQWURGHVXDVFDUDFWHU tVWLFDV
QRPLQDLVHPUHJLPHFRQWtQXR2FRQFHLWRGHSRWrQFLDQRPLQDORXVHMDD
SRWrQFLDTXHRPRWRUSRGHIRUQHFHUHVWiLQWLPDPHQWHOLJDGRjHOHYDomRGH
WHPSHUDWXUDGRHQURODPHQWR6DEHPRVTXHRPRWRUSRGHDFLRQDUFDUJDVGH
SRWrQFLDVEHPDFLPDGHVXDSRWrQFLDQRPLQDODWpTXDVHDWLQJLU
RFRQMXJDGR
Pi[LPR2TXHDFRQWHFHSRUpPpTXHVHHVWDVREUHFDUJDIRUH[ FHVVLYD
LVWRpIRUH[LJLGDGRPRWRUXPDSRWrQFLDPXLWRDFLPDGDTXHODSDUDDTXDO
IRLSURMHWDGRRDTXHFLPHQWRQRUPDOVHUiXOWUDSDVVDGRHDYLGD GRPRWRU
VHUiGLPLQXtGDSRGHQGRHOHDWpPHVPRTXHLPDUVHUDSLGDPHQWH
'HYHVHVHPSUHWHUHPPHQWHTXHDSRWrQFLDVROLFLWDGDDRPRWRU
pGHILQLGD
SHODVFDUDFWHUtVWLFDVGDFDUJDLVWRpLQGHSHQGHQWHGDSRWrQFLDGRPRWRU
RXVHMDSDUDXPDFDUJDGHFYVROLFLWDGDGHXPPRWRUSRUH[H PSOR
LQGHSHQGHQWHPHQWHGHVWHVHUGHFYRXFYDSRWrQFLDVROLFL WDGDDR
PRWRUVHUiGHFY

1RFDVRGRPRWRUILFDUHPUHSRXVRHQWUHRVWHPSRVGHFDUJDDU
HIULJHUDomR
GHVWHVHUiSUHMXGLFDGD$VVLPSDUDRVPRWRUHVRQGHDYHQWLODom RHVWi
YLQFXODGDDRIXQFLRQDPHQWRGRPRWRUSRUH[HPSORPRWRUHVWRWDO PHQWH
IHFKDGRVFRPYHQWLODGRUH[WHUQRPRQWDGRVQRSUySULRHL[RGRPRW RUD
SRWrQFLDHTXLYDOHQWHpFDOFXODGDSHODIyUPXOD
63LWL
3P 
 6WLWU


RQGHW L  WHPSRVHPFDUJD
W U  WHPSRVHPUHSRXVR
3 L  FDUJDVFRUUHVSRQGHQWHV
3W3W3W3W
3P 

W WWWWWW


(63(&,),&$d2

)LJXUD)XQFLRQDPHQWRFRPFDUJDYDULiYHOHFRPUHSRXVRHQWUHRV
WHPSRVGHFDUJD
)DWRUGHVHUYLoR)6
&KDPDVHIDWRUGHVHUYLoR)6RIDWRUTXHDSOLFDGRjSRWrQFLD QRPLQDO
LQGLFDDFDUJDSHUPLVVtYHOTXHSRGHVHUDSOLFDGDFRQWLQXDPHQWHDRPRWRU
VREFRQGLo}HVHVSHFLILFDGDV1RWHTXHVHWUDWDGHXPDFDSDFLGDG HGH
VREUHFDUJDFRQWtQXDRXVHMDXPDUHVHUYDGHSRWrQFLDTXHGiDR PRWRU
XPDFDSDFLGDGHGHVXSRUWDUPHOKRURIXQFLRQDPHQWRHPFRQGLo}HV
GHVIDYRUiYHLV2IDWRUGHVHUYLoRQmRGHYHVHUFRQIXQGLGRFRPD
FDSDFLGDGH
GHVREUHFDUJDPRPHQWkQHDGXUDQWHDOJXQVPLQXWRV2IDWRUGHVHUYLoR)6
VLJQLILFDTXHRPRWRUQmRIRLSURMHWDGRSDUDIXQFLRQDUF
RQWLQXDPHQWH
DFLPDGHVXDSRWrQFLDQRPLQDO,VWRHQWUHWDQWRQmRPXGDDVX
DFDSDFLGDGH
SDUDVREUHFDUJDVPRPHQWkQHDV$1%5HVSHFLILFDRVIDWRUHV
GHVHUYLoR
XVXDLVSRUSRWrQFLD

'

02725(6(/e75,&26'(&255(17($/7(51$'$