&$378/2

0$186(,2'(*526
-XDUH]GH6RXVDH6LOYD
$GtOLR)ODX]LQRGH/DFHUGD)LOKR
*LOPDU9LHLUD

,1752'8d2
2VLVWHPDGHPRYLPHQWDomRRXPDQXVHLRGHJUmRVWHPJUDQGHLPSRUWkQFLD
HP XPD XQLGDGH DUPD]HQDGRUD 3HVTXLVDV PRVWUDP TXH RV GDQRV PHFkQLFRV
FDXVDGRVDRVSURGXWRVWDQWRHPLQWHQVLGDGHTXDQWRQRSRQWRRQGHRJUmRUHFHEHR
LPSDFWR RFRUUHP GHYLGR DR XVR LQDGHTXDGR GRV HTXLSDPHQWRV RX GH
HTXLSDPHQWRVLQDSURSULDGRVSDUDDPRYLPHQWDomRGRSURGXWR9HULILFRXVHTXHD
DOWDYHORFLGDGHGHPRYLPHQWDomRDVVRFLDGDDREDL[RWHRUGHXPLGDGHGRSURGXWR
FRQVWLWXL D SULQFLSDO FDXVD GH GDQRV PHFkQLFRV HP VHPHQWHV $VVLP WRUQDVH
LPSRUWDQWH FRQKHFHUR SULQFtSLR GR IXQFLRQDPHQWR GH FDGD HTXLSDPHQWR SDUDVH
REWHU PHOKRU TXDOLGDGH GLPLQXLU R FRQVXPR GH HQHUJLD HYLWDU R GHVJDVWH QRV
FRPSRQHQWHVGDVPiTXLQDVGLPLQXLURWHPSRGHRSHUDomRHRJDVWRFRPDPmR
GHREUDHDLQGDJDUDQWLUPHQRUSRVVLELOLGDGHGHPLVWXUDURSURGXWRPDQXVHDGR
(VWH~OWLPRIDWRUpGHIXQGDPHQWDOLPSRUWkQFLDSDUDTXHPWUDEDOKDFRPSURGXomR
GHVHPHQWHV

7,326'(75$163257$'25(6
$UDFLRQDOL]DomRGRWUDQVSRUWHGHJUmRVHVHPHQWHVSDUDDPRYLPHQWDomR
LQWHUQD HP XPD XQLGDGH DUPD]HQDGRUD p XP GRV IDWRUHV TXH FRQWULEXHP SDUD D
UHGXomRGRVFXVWRVRSHUDFLRQDLVHSDUDDPDQXWHQomRGDTXDOLGDGHGRSURGXWR2
PRYLPHQWR GH SURGXWR GXUDQWH R SURFHVVDPHQWR H DUPD]HQDJHP SRGH VHU
FODVVLILFDGR HP WUrV JUXSRV WUDQVSRUWH YHUWLFDO KRUL]RQWDO H GHVOL]DPHQWR QHVWH
FDStWXOR VHUmR PHQFLRQDGRV VRPHQWH RV WUDQVSRUWDGRUHV PDLV XWLOL]DGRV HP
XQLGDGHVDUPD]HQDGRUDVHHPIiEULFDVGHUDomR
6HUmRGHVWDFDGRVRVVHJXLQWHVHTXLSDPHQWRV
D7UDQVSRUWDGRUKHOLFRLGDOURVFDVHPILP
E(OHYDGRUGHFDoDPEDV
F)LWDWUDQVSRUWDGRUD
G7UDQVSRUWDGRUSQHXPiWLFR
7UDQVSRUWDGRU+HOLFRLGDORX5RVFD6HP)LP
eXPHTXLSDPHQWRVLPSOHVHPXLWRXWLOL]DGRSDUDID]HU DPRYLPHQWDomR
GH PDWHULDLV JUDQXODUHV H IDUHORV %DVLFDPHQWH FRQVLVWH GH XP KHOLFyLGH FRP
PRYLPHQWRURWDWLYRHGHXPFRQGXWRUHVWDFLRQiULRWXERRXFDOKD2WUDQVSRUWHp
UHDOL]DGR TXDQGR R PDWHULDO FRORFDGR HP XPD DEHUWXUD GH UHFHELPHQWR GR
FRQGXWRUIL[RpGHVORFDGRDRORQJRGRKHOLFyLGHSRUVHXPRYLPHQWRGHURWDomR


&DStWXOR0DQXVHLRGH*UmRV

5HJLVWURV GH GHVFDUJD SRGHP VHU FRORFDGRV HP GLIHUHQWHV SRVLo}HV DR

ORQJR GR WUDQVSRUWDGRU 2V WUDQVSRUWDGRUHV KHOLFRLGDLV SRGHP VHU WDPEpP
XWLOL]DGRV SDUD PLVWXUDU GLIHUHQWHV PDWHULDLV GXUDQWH R WUDQVSRUWH 6mR
HTXLSDPHQWRV FRPSDFWRV H GH IiFLO LQVWDODomR HP ORFDLV FRQJHVWLRQDGRV e
QRUPDOPHQWH PRQWDGR QD SRVLomR KRUL]RQWDO SRGHQGR HQWUHWDQWR RSHUDU FRP
TXDOTXHULQFOLQDomR
%DVLFDPHQWH XP WUDQVSRUWDGRU KHOLFRLGDO p FRPSRVWR SHORV VHJXLQWHV
HOHPHQWRV
 KHOLFyLGH
 FRQGXWRU
 SROLDPRWRUD
 VXSRUWHH
 H[WUHPLGDGHV

$)LJXUDPRVWUDDFRQILJXUDomRJHUDOGHXPWUDQVSRUWDGRUKHOLFRLGDOHDV
GLPHQV}HVLPSRUWDQWHVSDUDRFiOFXORGDFDSDFLGDGHHGDSRWrQFLDQHFHVViULDSDUD
UHDOL]DURWUDQVSRUWHGRSURGXWR
1RV HTXLSDPHQWRV SHTXHQRV SRUWiWHLV RX PRQWDGRV VREUH URGDV H TXH
DSUHVHQWDP P~OWLSODV IXQo}HV GH WUDQVSRUWH HP XPD XQLGDGH DUPD]HQDGRUD D
SDUWHH[SRVWDRXH[WUHPLGDGHGHFDUJDGRWUDQVSRUWDGRUKHOLFRLGDOSRGHQmRVHU
DSRLDGD HP PDQFDLV 3DUD RV WUDQVSRUWDGRUHV GH JUDQGHV GLPHQV}HV RX TXH
WUDEDOKDPHPXPDSRVLomRIL[DDVH[WUHPLGDGHVWDQWRGHFDUJDFRPRGHGHVFDUJD
GHYHP VHU DSRLDGDV HP PDQFDLV FRP URODPHQWRV EOLQGDGRV 1R FDVR HP TXH R
WUDQVSRUWDGRU DSUHVHQWDU JUDQGH FRPSULPHQWR R KHOLFyLGH GHYH VHU DSRLDGR HP
XPRXPDLVPDQFDLVLQWHUPHGLiULRVTXHJHUDOPHQWHHVWmRGLVWDQFLDGRVHPP

)LJXUD(VTXHPDEiVLFRGHXPWUDQVSRUWDGRUKHOLFRLGDO

$VGLPHQV}HVFDUDFWHUtVWLFDVGHXPKHOLFyLGHYLVWDVQD)LJXUDVmR
D 3DVVR 3pDGLVWkQFLDFRPSUHHQGLGDHQWUHGXDV FULVWDVFRQVHFXWLYDV
PHGLGDV SDUDOHODPHQWH DR HL[R GR SDUDIXVR 1R KHOLFyLGHSDGUmR R
SDVVR WHP D PHVPD GLPHQVmR GR GLkPHWUR GR KHOLFyLGH 1R FDVR GH
SDUDIXVRVGRVDGRUHVHPTXHKiQHFHVVLGDGHGHXQLIRUPLGDGHQRIOX[R



6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV

&DStWXOR0DQXVHLRGHJUmRV

GR SURGXWR D GLPHQVmR GR SDVVR SRGH VHU GH  D  PHQRU TXH R
GLkPHWURGRKHOLFyLGH
E 'LkPHWURV HP XP WUDQVSRUWDGRU KHOLFRLGDO VmR FRQVLGHUDGRV RV
GLkPHWURVGRKHOLFyLGH' HGR HL[RGRKHOLFyLGHG 2 GLkPHWUR GR
KHOLFyLGH FRUUHVSRQGH j GLVWkQFLD YHUWLFDO HQWUH GXDV FULVWDV
FRQVHFXWLYDV

7LSRVGH+HOLFyLGHV
'HSHQGHQGRGRPDWHULDODVHUWUDQVSRUWDGRHGRWUDEDOKRDVHUH[HFXWDGR
KDYHUiXPDFDUDFWHUtVWLFDHVSHFtILFDSDUDRKHOLFyLGHHSDUDRFRQGXWRU$)LJXUD
 PRVWUD RV WLSRV GH KHOLFyLGHV PDLV FRPXQV XWLOL]DGRV SDUD R WUDQVSRUWH GH
SURGXWRVDJUtFRODV

)LJXUD   7LSRV GH KHOLFyLGHV D SDGUmR  SDUD WUDQVSRUWH KRUL]RQWDO E

SDUDWUDQVSRUWHLQFOLQDGRRXYHUWLFDODOLPHQWDomR FRQWtQXDF
UHFRUWDGR  WUDQVSRUWDGRU PLVWXUDGRU H G ILWD  SDUD SURGXWRV
YLVFRVRVRXSLFDGRV

&RQGXWRUHV
&RQGXWRU p R FRPSRQHQWH GR WUDQVSRUWDGRU TXH VXSRUWD R KHOLFyLGH H
FRQWpPRSURGXWRDVHUWUDQVSRUWDGR2VFRQGXWRUHVSRGHPVHUWXEXODUHVRXFDOKDV
HPIRUPDGH8FRPRXVHPWDPSDSURWHWRUD)LJXUDVH
$V FDOKDV VmR XWLOL]DGDV SDUD R WUDQVSRUWH KRUL]RQWDO H SRGHP WROHUDU
LQFOLQDo}HVGHDWpRVHQGRPXLWRXWLOL]DGDVSDUDRWUDQVSRUWHGHSURGXWRVFRPR
UDo}HVHIDULQKDV
2V FRQGXWRUHV FLOtQGULFRV JHUDOPHQWH FRQVWUXtGRV HP FKDSDV PHWiOLFDV
WrPXWLOL]DomREDVWDQWHDPSODSRLVSRGHPWUDEDOKDUHPTXDOTXHULQFOLQDomRHQWUH
RKHOLFyLGHHRFRQGXWRUGHYHH[LVWLUXPHVSDoRYDULiYHOGHDPP
$ FDUJD H D GHVFDUJD SRGHP VHU IHLWDV HP TXDOTXHU SRQWR DR ORQJR GR
WUDQVSRUWDGRULQGLIHUHQWHPHQWHGRWLSRGHFRQGXWRU1RUPDOPHQWHDWUDQVPLVVmR
pIHLWDSRUFRUUHLDHSROLDVQRFDVRGHHTXLSDPHQWRVGHPHQRUFDSDFLGDGHHFRP
FDL[DGHUHGXomRQRFDVRGHWUDQVSRUWDGRUHVGHPDLRUFDSDFLGDGH
6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV



&DStWXOR0DQXVHLRGH*UmRV

)LJXUD+HOLFyLGHPRQWDGRVREUHFDOKDDEHUWD

'LPHQVLRQDPHQWRGR7UDQVSRUWDGRU
&RQVLVWHHPHVWLPDUDFDSDFLGDGHGRWUDQVSRUWDGRUHDSRWrQFLDQHFHVViULD
SDUD D H[HFXomR GH GHWHUPLQDGRV WUDEDOKRV $ FDSDFLGDGH p IXQomR GR WLSR GH
SURGXWRHGDWD[DGHFDUJD$)LJXUDPRVWUDRVIDWRUHVGHFDUJDSDUDGLIHUHQWHV
FDUDFWHUtVWLFDVGRVSURGXWRV

)LJXUD)DWRUHVGHFDUJDSDUDRVWUDQVSRUWDGRUHVKHOLFRLGDLV

$FDUJDPtQLPDGHGHVWLQDVHDJUmRVRXPDWHULDOILQRTXHQmRSRVVXL
FDUDFWHUtVWLFDV DEUDVLYDV $ FDUJD GH  p DGHTXDGD DR WUDEDOKR FRP PDWHULDLV
DEUDVLYRVWRUU}HVHPLVWXUDVGHWRUU}HVFRPPDWHULDLVILQRVeWDPEpPDGHTXDGD
SDUD PDWHULDLV ILEURVRV H SROSDV 4XDQGR VH WUDEDOKD FRP PDWHULDLV SHVDGRV
DEUDVLYRV RX ILEURVRV FRPR R IHQR FRUWDGR H D DUHLD HOD QmR GHYH XOWUDSDVVDU
 3DUD FRQGXWRUHV WXEXODUHV FRPR p R FDVR GH JUmRV DJUtFRODV SRGHVH
WUDEDOKDUDWpFRPGHFDUJD
$ FDSDFLGDGH QRPLQDO GH XP WUDQVSRUWDGRU KHOLFRLGDO WUDEDOKDQGR QD
SRVLomRKRUL]RQWDOSRGHVHUHVWLPDGDSHODHTXDomR
HPTXH



4 [ 'GS1HT

4
'
G
S
1

FDSDFLGDGHGHWUDQVSRUWHPK
GLkPHWURGRKHOLFyLGHFP
GLkPHWURGRHL[RGRKHOLFyLGHFP
SDVVRGRKHOLFyLGHFPH
Q~PHURGHURWDo}HVGRHL[RGRKHOLFyLGHUSP

6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV

&DStWXOR0DQXVHLRGHJUmRV

&RPR D FDSDFLGDGH GR WUDQVSRUWDGRU p IXQomR GR GLkPHWUR ' H GD

YHORFLGDGH SHULIpULFD GR KHOLFyLGH 1 R GLkPHWUR Pi[LPR GD SDUWtFXOD GR
PDWHULDO D VHU WUDQVSRUWDGR GHWHUPLQDUi R GLkPHWUR PtQLPR GR WUDQVSRUWDGRU
$VVLPRWDPDQKRDFRQVLVWrQFLDDIOXLGH]HDDEUDVLYLGDGHGRPDWHULDOOLPLWDPD
YHORFLGDGHPi[LPD$7DEHODIRUQHFHRVYDORUHVGHPDVVDHVSHFtILFDHIDWRUGH
SRWrQFLD SDUD R GLPHQVLRQDPHQWR GR WUDQVSRUWDGRU KHOLFRLGDO H D 7DEHOD 
UHODFLRQD DV YDULiYHLV TXH LQIOXHQFLDP D FDSDFLGDGH GR WUDQVSRUWDGRU SDUD XPD
WD[DGHFDUJDGH
5HODFLRQDQGRDVYDULiYHLVFRQWLGDVQDV7DEHODVHREWpPVHDPi[LPD
URWDomR DGPLWLGD SDUD XP GHWHUPLQDGR SURGXWR H GLkPHWUR GR WUDQVSRUWDGRU
HTXDomR
PK UHT WRQKWRQP

USPUHT PKPKUSPHT

$ SRWrQFLD UHTXHULGD HTXDomR  p IXQomR GD FDSDFLGDGH GR

FRPSULPHQWRGRWLSRGHDSRLRGRKHOLFyLGHHGRPDWHULDOWUDQVSRUWDGR
HPTXH

3 [ 40H/)PHT

3 SRWrQFLDUHTXHULGDGRWUDQVSRUWDGRUFY
4 FDSDFLGDGHGRWUDQVSRUWDGRUPPLQ
0H PDVVDHVSHFtILFDGRPDWHULDONJP
/ FRPSULPHQWRWRWDOGRWUDQVSRUWDGRUPH
)P IDWRUGHSRWrQFLDGHSHQGHGRPDWHULDODGLPHQVLRQDO

3DUDDVVHJXUDURPRYLPHQWRFRPHYHQWXDLVVREUHFDUJDVTXDQGRDSRWrQFLD
DWLQJH YDORUHV LQIHULRUHV D FY GHYHVH ID]HU XP LQFUHPHQWR QD SRWrQFLD
FDOFXODGDGHDFRUGRFRPD7DEHOD
7DEHOD 9DORUHV DSUR[LPDGRV GH PDVVD HVSHFtILFD H IDWRU GH SRWrQFLD SDUD R
GLPHQVLRQDPHQWRGHXPWUDQVSRUWDGRUKHOLFRLGDO
&HYDGD
6RMD
0LOKR
$YHLD
$UUR]
7ULJR
)DUHOR

3URGXWR

0DVVDHVSHFtILFDNJP








6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV

)DWRUGHSRWrQFLD)P










&DStWXOR0DQXVHLRGH*UmRV

7DEHOD5HODomRHQWUHDVYDULiYHLVTXHLQIOXHQFLDPDFDSDFLGDGHGRKHOLFyLGH
SDUDXPDWD[DGHFDUJDGH
7DPDQKR
GDSDUWtFXOD
PP

+HOLFyLGH

&DSDFLGDGHPK

'LkPHWUR
USP
USP
USP
PP
Pi[LPD
XP Pi[LPD








































1RWD D FDSDFLGDGH GHFUHVFH FRP R DXPHQWR GR kQJXOR GH LQFOLQDomR HP
DSUR[LPDGDPHQWHSDUDR HSDUDR
7DEHOD )DWRUHVGHFRUUHomRSDUDSRWrQFLDGRWUDQVSRUWDGRUKHOLFRLGDO
3RWrQFLDFY
PHQRUTXH
GHD
GHD
PDLRUTXH

)DWRUGHFRUUHomR)F



VHPFRUUHomR

3DUDXWLOL]DomRGHXPDURVFDWUDQVSRUWDGRUDRXVXiULRGHYHFRQKHFHUSHOR
PHQRVRVVHJXLQWHVIDWRUHV
 RIOX[RGHJUmRVRXDFDSDFLGDGHQHFHVViULDH
 DVGLVWkQFLDVKRUL]RQWDLVHYHUWLFDLV
1HFHVVLWDVHGHWHUPLQDU
RkQJXORGHLQFOLQDomRDSUR[LPDGR
RFRPSULPHQWRGRWUDQVSRUWDGRUUHTXHULGR
RQ~PHURGHURWDo}HVUSPGDURVFD
DVGLPHQV}HVGRKHOLFyLGH
RGLkPHWURGDSROLDPRWRUD
RFRPSULPHQWRGDSDUWHH[SRVWDGDURVFDH
DSRWrQFLDQHFHVViULDDRERPIXQFLRQDPHQWRGRHTXLSDPHQWR

2VLWHQVHSRGHPVHUREWLGRVVHJXQGRH[HPSORQD)LJXUDRLWHP
FRPRQD)LJXUDHRVLWHQVDSRGHPVHUGHWHUPLQDGRVSRUWDEHODVIyUPXODVH
GLDJUDPDV


6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV

&DStWXOR0DQXVHLRGHJUmRV

)LJXUD   &RQYHUVmR GH GLVWkQFLDV KRUL]RQWDLV H YHUWLFDLV HP kQJXOR GH

LQFOLQDomRHGLVWkQFLDLQFOLQDGD

)LJXUD'LDJUDPDSDUDFiOFXORGDURWDomRGRKHOLFyLGH

1D7DEHODVmRDSUHVHQWDGDVDFDSDFLGDGHDSRWrQFLDUHTXHULGDHTXDomR
HDSRWrQFLDQRPLQDOSDUDGLIHUHQWHVWDPDQKRVGHKHOLFyLGHVSDGUmRGLkPHWUR
SDVVRSDUDWUDQVSRUWHKRUL]RQWDOGHPLOKR
6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV



&DStWXOR0DQXVHLRGH*UmRV

7DEHOD   &DSDFLGDGH PK SRWrQFLDV UHTXHULGD FY H QRPLQDO FY SDUD

WUDQVSRUWH KRUL]RQWDO GH PLOKR FRP GLIHUHQWHV WDPDQKRV GH
KHOLFyLGHVGLkPHWUR SDVVR
'LkPHWUR &DUDFWHUtVWLFD




3RW
UHTXHULGD
3RW
1RPLQDO
&DSDF
3RW
5HTXHULGD
3RW1RPLQDO

USP



 

USP
USP
&RPSULPHQWRP







      

 
 


 

   






























&DSDFLGDGH  



3RWUHTXHULGD   

3RW1RPLQDO 


&DSDFLGDGH  

1RWD SDUD LQFOLQDo}HV GH R H R D FDSDFLGDGH UHGX] HQWUH  H 
UHVSHFWLYDPHQWHSRWrQFLDUHTXHULGDSRWrQFLDQRPLQDO&DSDFLGDGH

([HPSOR
(VWLPDU D FDSDFLGDGH H D SRWrQFLD UHTXHULGD SRU XP WUDQVSRUWDGRU
KHOLFRLGDOTXHRSHUDQDSRVLomRKRUL]RQWDOFRPGHFDUJDDRGHVFDUUHJDUXP
VHFDGRU2WUDQVSRUWDGRUDSUHVHQWDDVVHJXLQWHVFDUDFWHUtVWLFDV
SDVVR P
GLkPHWURGRKHOLFyLGH P
GLkPHWURGRHL[R P
URWDomR USP
FRPSULPHQWRGRKHOLFyLGH PH
PDVVDHVSHFtILFDGRSURGXWR NJP
6ROXomRDSDUWLUGDHTXDomRSRGHVHHVWLPDUDFDSDFLGDGHGRWUDQVSRUWDGRUSDUD
RSHUDUFRPFDUJDSOHQDQDKRUL]RQWDO
4 [  [ 
4 PK
&RPRRUHJLPHGHRSHUDomRpFRPGDFDUJDWHUVHi
4 PK [ PK



6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV

&DStWXOR0DQXVHLRGHJUmRV

$ SRWrQFLD QHFHVViULD SDUD R DFLRQDPHQWR GR WUDQVSRUWDGRU p GDGD SHOD

HTXDomR
3 [ [[[[
3 FY

&RPRDSRWrQFLDHVWLPDGDpPHQRUTXHFYGHYHVHDSOLFDUR IDWRUGH
FRUUHomRGHDFRUGRFRPD7DEHOD
3 [ FY
(OHYDGRUGH&DoDPEDV
eRWUDQVSRUWDGRULGHDOSDUDPDWHULDOJUDQXODU'HPDQHLUDJHUDOWUDEDOKD
QD SRVLomR YHUWLFDO RX FRP SHTXHQD LQFOLQDomR HP UHODomR j YHUWLFDO $OpP GH
SRVVLELOLWDU R GHVDOLQKDPHQWR D LQFOLQDomR SRGH FDXVDU JUDQGHV GLILFXOGDGHV
GXUDQWHDRSHUDomRGRHOHYDGRU$)LJXUDPRVWUDRVFRPSRQHQWHVEiVLFRVGHXP
HOHYDGRUGHFDoDPEDVTXHpFRPSRVWRGH
 FDEHoD
 PyGXORVRXFRUSR
 SpRXEDVH
 FRUUHLDRXFRUUHQWHH
 FDoDPEDV

2SURGXWRGHYH DSUHVHQWDUJUDX GH IOXLGH]TXH JDUDQWD D FRQWLQXLGDGH GR

IOX[RDFDGDSDVVDJHPGDVFDoDPEDVFDUJDHTXHHODVSHUPDQHoDPOLPSDVDSyV
GHVFDUJD $V FDoDPEDV RX FDQHFDV )LJXUDV  H  SRGHP VHU IDEULFDGDV HP
PHWDO SOiVWLFR RX ILEUD GH YLGUR $ FDUDFWHUtVWLFD GR PDWHULDO D VHU WUDQVSRUWDGR
H[LJH IRUPDV GLVWLQWDV GH FDoDPEDV SDUD HYLWDU GDQRV DR SURGXWR H DXPHQWDU R
UHQGLPHQWR GR WUDQVSRUWH 1HVWH VLVWHPD R SURGXWR p HOHYDGR D XPD DOWXUD TXH
SRVVLELOLWD VXD GLVWULEXLomR SRU JUDYLGDGH SRU PHLR GH GXWRV HVSHFLDLV $ FDUJD
GDVFDoDPEDVpIHLWDQDEDVHRXSpHSRGHRFRUUHUHP
 SRVLomRSRVWHULRUGRODGRHPTXHDVFDoDPEDVGHVFHPH
 SRVLomRDQWHULRUGRODGRTXHDVFDoDPEDVHVWmRVXELQGR
$FDUJDSHODSRVLomRDQWHULRUpSUHIHUtYHOSRUTXHQHODSURGXWRVFRPSRXFD
IOXLGH] FRPR R FDIp ~PLGR H R DUUR] HP FDVFD GDQLILFD PHQRV R VLVWHPD GH
IL[DomRGDVFDoDPEDVjFRUUHLDHDSUySULDFDoDPED

&DEHoDGR(OHYDGRU
e R FRPSRQHQWH QR TXDO VH ID] D GHVFDUJD GR SURGXWR TXH SRGH VHU
UHDOL]DGDSHODDomRGDIRUoDFHQWUtIXJDRXSHODJUDYLGDGH
2 GLVSRVLWLYR GH GHVFDUJD FRQVWD GH XP SURORQJDPHQWR GD FDEHoD GR
HOHYDGRUFXMDSULQFLSDOFDUDFWHUtVWLFDFRQVLVWHHPPLQLPL]DURVGDQRVDRSURGXWR
GHYLGRDRLPSDFWRGXUDQWHDGHVFDUJD
1RFDVRGHWUDQVSRUWDGRUHVGH JUDQGH FDSDFLGDGHD SROLD VXSHULRUTXH p
UHVSRQViYHO SHOD PRYLPHQWDomR GR VLVWHPD FRUUHLDFDoDPEDV WHP D VXSHUItFLH
YXOFDQL]DGDDILPGHPLQLPL]DURtQGLFHGHSDWLQDomRTXHRFRUUHSULQFLSDOPHQWH
6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV



&DStWXOR0DQXVHLRGH*UmRV

QRLQtFLRGRDFLRQDPHQWR(PJHUDORDFLRQDPHQWRpIHLWRSRUXPPRWRUHOpWULFR
DFRSODGR D XPD FDL[D GH UHGXomR 1RV HOHYDGRUHV GH SHTXHQD FDSDFLGDGH DV
SROLDV VmR VLPSOHV H R VLVWHPD UHGXWRU GH YHORFLGDGH p IHLWR SHOR FRQMXJDGR
SROLDFRUUHLD
2IUHLRGHUHWURFHVVRpXPFRPSRQHQWHGDFDEHoDGRHOHYDGRUTXHLPSHGH
RUHWRUQRGDVFDoDPEDVFDVRKDMDLQWHUUXSomRQRIRUQHFLPHQWRGHHQHUJLDHOpWULFD
&RP LVVR HYLWDPVH HQWXSLPHQWRV H RXWURV WLSRV GH SUREOHPDV 1RV
WUDQVSRUWDGRUHV GH SHTXHQD FDSDFLGDGH R IUHLR PDLV XWLOL]DGR p GR WLSR FDWUDFD
3DUD RV HOHYDGRUHV GH JUDQGH FDSDFLGDGH SRGHP VHU XWLOL]DGRV RV IUHLRV GH ILWD
PHWiOLFD RX DLQGD RV IUHLRV HOHWURPDJQpWLFRV $ )LJXUD  PRVWUD D FDEHoD GR
HOHYDGRUGHFDoDPEDVFRPGHWDOKHVGHVHXVFRPSRQHQWHV



6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV

&DStWXOR0DQXVHLRGHJUmRV

)LJXUD&RPSRQHQWHVGHHOHYDGRUGHFDoDPEDV

6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV



&DStWXOR0DQXVHLRGH*UmRV

)LJXUD'HWDOKHVGDFDEHoDGHXPWUDQVSRUWDGRUGHFDoDPEDV

&RUSR
*HUDOPHQWH p FRQVWLWXtGR GH FKDSDV PHWiOLFDV FRP SHUILO UHWDQJXODU RX
FLUFXODUeDHVWUXWXUDTXHVXVWHQWDDFDEHoDGRHOHYDGRUHVHUYHFRPRFRQGXWRUGR
VLVWHPD FRUUHLDFDoDPEDV 2 FRUSR p FRPSRVWR GH PyGXORV FRP H[WUHPLGDGHV
IODQJHDGDV SDUD SHUPLWLU D XQLmR HQWUH HOHV SRU PHLR GH SDUDIXVRV (P XP GRV
PyGXORVH[LVWHXPDDEHUWXUDFRPWDPSDGHVWLQDGDDRVVHUYLoRVGHPDQXWHQomRH
UHSDURV
3pRX%DVH
e FRQVWUXtGR HP FKDSDV PHWiOLFDV H SRVVXL RV VHJXLQWHV FRPSRQHQWHV
)LJXUD
 SROLDLQIHULRU
 HVWLFDGRUGHFRUUHLD
 GLVSRVLWLYRGHFDUJDH
 MDQHODVGHLQVSHomRHOLPSH]D

$ SROLD LQIHULRU WHPD VXSHUItFLH GH FRQWDWR YD]DGD )LJXUDD ILP GH
HYLWDURHVPDJDPHQWRHDF~PXORGHJUmRVHQWUHDSROLDHDFRUUHLDRTXHSRGHULD
FDXVDURGHVDOLQKDPHQWRGRVLVWHPDHGDQRVDRSURGXWR
2HVWLFDGRUGHFRUUHLDpFRQVWLWXtGRSRUXPVLVWHPDFXMRVPDQFDLVGRHL[R
LQIHULRU VmR PRQWDGRV HP XP FRPSRQHQWH PyYHO 2 GHVORFDPHQWR p IHLWR SHOD


6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV

&DStWXOR0DQXVHLRGHJUmRV

DomR VREUH SDUDIXVRV GH FKDPDGD R TXH DOpP GH HVWLFDU SHUPLWH WDPEpP R
DOLQKDPHQWRGDFRUUHLD
2GLVSRVLWLYRGHFDUJDpUHVSRQViYHOSHORGLUHFLRQDPHQWRGRSURGXWRQDV
FDoDPEDV &RPR VXD SRVLomR LQWHUIHUH QD LQWHQVLGDGH GH LPSDFWR GR SURGXWR
GXUDQWHDFDUJDLQIOXHQFLDUiGLUHWDPHQWHRGHVHPSHQKRGRWUDQVSRUWDGRU
$V MDQHODV GH YLVLWD VmR DEHUWXUDV HP IRUPD GH UHJLVWUR GH JDYHWD TXH
SHUPLWHP D OLPSH]D GRV UHVWRV GH SURGXWRV RX LPSXUH]DV UHPDQHVFHQWHV GD
RSHUDomRDQWHULRU

)LJXUD%DVHRXSpGRHOHYDGRU

)LJXUD9LVWDGDSROLDLQIHULRU

&RUUHLD&RUUHQWH
4XDOTXHU XP GHVWHV HOHPHQWRV p VDWLVIDWyULR SDUD FRPSRU D PDLRULD GRV
HOHYDGRUHV TXH VH GHVWLQDP DR WUDQVSRUWH GH SURGXWRV DJUtFRODV $ FRUUHLD
HQWUHWDQWR SHUPLWH PDLRU YHORFLGDGH GH RSHUDomR R TXH UHVXOWDUi HP PDLRU
FDSDFLGDGH GH WUDQVSRUWH PDQWHQGRVH DV RXWUDV GLPHQV}HV FRQVWDQWHV $
6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV



&DStWXOR0DQXVHLRGH*UmRV

FDUDFWHUtVWLFD GR PDWHULDO GH FRQVWUXomRp XP IDWRU LPSRUWDQWH D VHUFRQVLGHUDGR

DR VH RSWDU SHOR XVR GD FRUUHLD D TXDO GHYH UHVLVWLU j WUDomR WHU IOH[LELOLGDGH
UHVLVWLU D WULQFDV DEVRUYHU R PtQLPR GH XPLGDGH H SHUPLWLU SHUIHLWD IL[DomR GDV
FDoDPEDV
2V HOHYDGRUHV HTXLSDGRV FRP FRUUHLD SHUPLWHP D GHVFDUJD FHQWUtIXJD RX
SRUJUDYLGDGH$ILPGHHYLWDUGDQRVpLQGLFDGDDGHVFDUJDSRUJUDYLGDGHSDUDR
WUDQVSRUWHGHVHPHQWHV
$ FRUUHQWH DSUHVHQWD XVR VLPSOHV p GXUiYHO UHVLVWHQWH H GH EDL[R FXVWR
TXDQGR FRPSDUDGD j FRUUHLD 1R HQWDQWR H[LJH EDL[D YHORFLGDGH GXUDQWH D
RSHUDomR GH WUDQVSRUWH H QmR GHYH VHU XWLOL]DGD HP HOHYDGRUHV PXLWR DOWRV 3RU
WUDEDOKDU HP EDL[D YHORFLGDGH QRUPDOPHQWH RV HTXLSDPHQWRV FRP FRUUHQWH
SRVVXHPPHQRUFDSDFLGDGH

&DoDPEDV
6mRUHFLSLHQWHVIL[DGRVQDFRUUHLDRXFRUUHQWHHTXHUHFHEHPRSURGXWRQR
SRQWRGHFDUJD'HSHQGHQGRGDVFDUDFWHUtVWLFDVGRSURGXWRDVHUWUDQVSRUWDGRHGD
FDSDFLGDGH GR WUDQVSRUWDGRU DV FDoDPEDV WHUmR GHVHQKRV WDPDQKRV H PRGR
IL[DomRGLIHUHQWHV
2HVSDoDPHQWRHQWUHDVFDoDPEDVLQIOXHQFLDDFDSDFLGDGHGRHOHYDGRUHD
GLVWkQFLD HQWUH HODV p GH DSUR[LPDGDPHQWH GXDV YH]HV D VXD ODUJXUD 1RV
HOHYDGRUHV FRP FDoDPEDV FRQWtQXDV IRUPDVH XPD VHTrQFLD GH TXLQ]H D YLQWH
FDoDPEDV H VRPHQWH D LQIHULRU SRVVXL IXQGR (VWD GLVSRVLomR UHIHUHVH D
HOHYDGRUHVGHDOWDFDSDFLGDGH)LJXUD

)LJXUD0RGRVGHGLVWULEXLomRGHFDoDPEDVQDFRUUHLDGRHOHYDGRU

(VWLPDWLYDGD&DSDFLGDGHHGD3RWrQFLD
$FDSDFLGDGHHDSRWrQFLDSDUDDFLRQDUHOHYDGRUHVGHFDoDPEDVGHSHQGHP
GR WLSR GH GHVFDUJD 3URGXWRV VXMHLWRV D GDQRV SRU LPSDFWR TXH UHGX]HP VHX
tQGLFHGHJHUPLQDomRHVHXYLJRUSRGHPVHUGHVFDUUHJDGRVSRUJUDYLGDGH1HVWH
FDVRDYHORFLGDGHGDFRUUHLDQmRGHYHXOWUDSDVVDURVPPLQ


6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV

&DStWXOR0DQXVHLRGHJUmRV

2HTXLSDPHQWRFRPGHVFDUJDFHQWUtIXJD XWLOL]DGR QRWUDQVSRUWH GH JUmRV

FRPHUFLDLV DSUHVHQWD PDLRU YHORFLGDGH QD FRUUHLD H FRQVHTHQWHPHQWH PDLRU
FDSDFLGDGH GH WUDQVSRUWH $ URWDomR QHFHVViULD SDUD TXH RFRUUD D GHVFDUJD SRU
FHQWULIXJDomRSRGHVHUREWLGDDSDUWLUGDHTXDomR
HPTXH

1 5

HT

1  YHORFLGDGH WDQJHQFLDO RX SHULIpULFD GD SROLD

PRWRUDUSPH
5 UDLRHIHWLYRGDSROLDPRWRUDP

5DLRHIHWLYRpDGLVWkQFLDHQWUHRFHQWURGDSROLDHRFHQWURJHRPpWULFRGD
FDoDPED)LJXUD
$ YHORFLGDGH OLQHDU GDV FDoDPEDV Y PPLQ SRGH VHU FDOFXODGD SHOD
HTXDomR

Y S
S 51HT

$ FDSDFLGDGH GR WUDQVSRUWDGRU 4 NJPLQ p IXQomR GD FDSDFLGDGH GH

FDGD FDoDPEDGD YHORFLGDGH H GR Q~PHURGH FDoDPEDV SRU PHWUR GH FRUUHLD $
HTXDomRSHUPLWHHVWLPDUDFDSDFLGDGHGRWUDQVSRUWDGRU
HPTXH

4 YQTHT

T FDSDFLGDGHGHFDGDFDoDPEDNJGHSURGXWRFDoH
Q Q~PHURGHFDoDPEDVSRUPHWURGHFRUUHLDFDoP

)LJXUD   &DUDFWHUL]DomR GR UDLR HIHWLYR H VLVWHPD GH IRUoDV QD SROLD
PRWRUD
6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV



&DStWXOR0DQXVHLRGH*UmRV

3DUD FDOFXODU D SRWrQFLD H[LJLGD SDUD R DFLRQDPHQWR GR HOHYDGRU

FDUUHJDGRDOpPGDFDSDFLGDGHGHWUDQVSRUWHGHYHVHFRQVLGHUDUDDOWXUD DTXHR
SURGXWRGHYHVHUHOHYDGRHTXDomR
HPTXH

3 [ 4[+)DHT

3 SRWrQFLDUHTXHULGDFY
+ DOWXUDGHHOHYDomRGRSURGXWRPH
)D IDWRUGHVHJXUDQoDD

$ 7DEHOD  DSUHVHQWD DV FDUDFWHUtVWLFDV PtQLPDV GH XP HOHYDGRU GH

FDoDPEDVSDUDGLIHUHQWHVFDSDFLGDGHVGHWUDQVSRUWHGHPLOKR
7DEHOD   $OJXPDV FDUDFWHUtVWLFDV GH HOHYDGRUHV GH FDoDPED SDUD GLIHUHQWHV
FDSDFLGDGHVHDOWXUDVGHHOHYDomR
&DSDFLGDGH &DoDPEDVSRU
&DS
WK
PHWUR
&DoDPED
J















$OWXUD 'LkPHWUR /DUJXUD 3RWrQFLD

P
SROLD
&RUUHLD
FP
FP
FY

























([HPSOR
'HVHMDVH HOHYDU JUmRV GH PLOKR D XPD DOWXUD GH  P XWLOL]DQGR XP
WUDQVSRUWDGRUGHFDoDPEDVFXMDSROLDWHPUDLRHIHWLYRGHPUDLRGDSROLDGH
P([LVWHPFDoDPEDVFRPFDSDFLGDGHLQGLYLGXDOGHNJIL[DGDVQD
FRUUHLD&RQVLGHUDQGRTXH D GHVFDUJD VHUi IHLWD SRU FHQWULIXJDomR H TXH D PDVVD
HVSHFtILFDGRPLOKRpLJXDODNJPSHGHVH
D HVWLPDWLYDGDFDSDFLGDGHHPNJPLQ HHPPPLQH
E HVWLPDWLYDGDSRWrQFLDHPFY
6ROXomR
D3HODHTXDomRREWpPVHDURWDomRQDSROLDGRWUDQVSRUWDGRU
1  USP

$HTXDomRIRUQHFHDPHQRUYHORFLGDGHGDSROLDPRWRUDTXHSHUPLWLUiD
UHDOL]DomRGDGHVFDUJDSRUFHQWULIXJDomR


6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV

&DStWXOR0DQXVHLRGHJUmRV
Y  PPLQ

2 Q~PHUR GH FDoDPEDV SRU PHWUR SRGH VHU REWLGR UHODFLRQDQGRVH R

FRPSULPHQWRGDFRUUHLDDRQ~PHURWRWDOGHFDoDPEDV
2 FRPSULPHQWR GD FRUUHLD p REWLGR D SDUWLU GD VRPD GRV GRLV UDPRV GD
FRUUHLD FRUUHVSRQGHQWHV j GLVWkQFLD HQWUH RV HL[RV GR WUDQVSRUWDGRU PDLV R
SHUtPHWURGHXPDGDVSROLDVFRQIRUPHDHTXDomR
HPTXH

/ 5D5GS
S UHT

/ FRPSULPHQWRWRWDOGDFRUUHLDP
5D FRPSULPHQWRGRUDPRDVFHQGHQWHGDFRUUHLDP
5G FRPSULPHQWRGRUDPRGHVFHQGHQWHGDFRUUHLDPH
U UDLRGDSROLDP

4XDQGR RV YDORUHV GH 5D H 5G VmR LJXDLV FRUUHVSRQGHP j DOWXUD GH
HOHYDomRGRSURGXWR$VVLP
/  P
6HQGRRQ~PHURWRWDOGHFDoDPEDVLJXDOD7HUVHi
Q  FDoDPEDVSRUPHWURGHFRUUHLD
$FDSDFLGDGHGRWUDQVSRUWDGRUVHUiHTXDomR

4  NJPLQ PPLQ

E$SRWrQFLDREWLGDDSDUWLUGDHTXDomRIRUQHFH
3   FY

)LWD7UDQVSRUWDGRUD
(TXLSDPHQWR GH DOWD HILFLrQFLD PHFkQLFD HP TXH RV GDQRV SRU DWULWR RX
LPSDFWRVyRFRUUHP HYHQWXDOPHQWHGXUDQWH DFDUJDRXQDGHVFDUJD$FRUUHLDp
FRPSRVWD GH XPD SROLD PRWRUD XPD SROLDJXLD FRP HVWLFDGRU UROHWHV RX
SODWDIRUPDGHGHVOL]DPHQWRFKDVVLVRXHVWUXWXUDGHVXSRUWHHVLVWHPDVSDUDFDUJD
H GHVFDUJD 'H LQVWDODomR H RSHUDomR VLPSOHV p XVDGD SDUD WUDQVSRUWHV OHYHV
IUXWDVRXPDLVSHVDGRVJUmRVEULWDPLQHUDLVHWF8PWUDQVSRUWDGRUGHFRUUHLD
SRGHRSHUDUHPDOWDVYHORFLGDGHVHWUDQVSRUWDUSURGXWRVDORQJDVGLVWkQFLDVPDVR
OLPLWHGHVXDLQFOLQDomR SDUDRWUDQVSRUWHGHSURGXWRVDJUtFRODV pGH R$FRUUHLD
WHP FXVWR LQLFLDO H YLGD ~WLO PDLRUHV TXH GH RXWURV WLSRV GH WUDQVSRUWDGRUHV $V
)LJXUDVHPRVWUDPGHWDOKHVGHXPWUDQVSRUWDGRUGHFRUUHLD

6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV



&DStWXOR0DQXVHLRGH*UmRV

)LJXUD)LWDWUDQVSRUWDGRUDGHPDWHULDLVJUDQXODGRV

)LJXUD   &RUWH WUDQVYHUVDO GH XPD FRUUHLD WUDQVSRUWDGRUD GR WLSR
UHYHUVtYHORXGXSOD
$V SULQFLSDLV FDUDFWHUtVWLFDV PHFkQLFDV TXH D FRUUHLD WUDQVSRUWDGRUD GHYH
SRVVXLUVmR
D )OH[LELOLGDGH GHYHVH DGDSWDU D TXDOTXHU GLkPHWUR GH SROLD VHP VH
WRUQDUTXHEUDGLoDRTXHSRGHULDUHGX]LUVXDYLGD~WLO
E 5HVLVWrQFLDjWHQVmRGHYHVHUUHVLVWHQWHDHVWHHVIRUoRYLVWRTXHHVWi
VHPSUHVXMHLWDDHVWHWLSRGHGHIRUPDomR
F 5HVLVWrQFLDjFRUURVmRRUHYHVWLPHQWRGDFRUUHLDGHYHVHUUHVLVWHQWHj
FRUURVmR SRLV HP PXLWRV FDVRV R SURGXWR SRGH UHFHEHU WUDWDPHQWRV
TXtPLFRV SRU PHLR GH HTXLSDPHQWRV LQVWDODGRV VREUH D FRUUHLD SDUDR


6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV

&DStWXOR0DQXVHLRGHJUmRV

FRQWUROH GH LQVHWRV $ UHVLVWrQFLD j DEUDVmR p XPD FDUDFWHUtVWLFD

LPSRUWDQWHSULQFLSDOPHQWHSDUDRWUDQVSRUWHGHDUUR]

2VLVWHPDGHDFLRQDPHQWRGDFRUUHLDpLQVWDODGRQRSRQWRGHGHVFDUJDHD
SROLD PRWRUD GHYH WHU XP GLkPHWUR TXH SHUPLWD R Pi[LPR GH FRQWDWR FRP D
FRUUHLD (P PXLWRV FDVRV p QHFHVViULR XP Q~PHUR PDLRU GH SROLDV QmR DSHQDV
SDUDDMXGDUQRHVWLFDPHQWRPDVWDPEpPSDUDVROXFLRQDURVSUREOHPDVGHYLGRVj
FRQWUDomR H H[SDQVmR GD FRUUHLD SURYHQLHQWHV GH YDULDo}HV FOLPiWLFDV GR
DPELHQWH2DMXVWDPHQWRRXHVWLFDPHQWRGHXPD FRUUHLDSRGHVHU IHLWR SRU PHLR
GHSDUDIXVRVGHFKDPDGDLQVWDODGRVQRVXSRUWHGDILWDSRUPHLRGHSROLDVOLYUHV
QR UDPR GH UHWRUQR RX SRU FRQWUDSHVR QR HL[R GD SROLD VHFXQGiULD PDLV XVDGRV
HPFRUUHLDVGHJUDQGHFDSDFLGDGH
1RV WUDQVSRUWDGRUHV GH FRUUHLD D FDUJD SRGH VHU IHLWD HP XP SRQWR IL[R
SRUPHLRGHXPDSHoDPHWiOLFDGHFRQILJXUDomRJHRPpWULFDDIXQLODGDRXSRUPHLR
GHXPFRPSRQHQWHPyYHOTXHSHUPLWDRGHVORFDPHQWR SDUD D FDUJD DR ORQJR GH
WRGDDFRUUHLD$GHVFDUJDSRGHVHUIHLWDQDWXUDOPHQWHQRH[WUHPRRSRVWRjFDUJD
RX HP TXDOTXHU SRQWR SRU PHLR GR WULSSHU TXH FRQVLVWH QR DUUDQMR GH GXDV
SROLDVOLYUHVTXHGmRjFRUUHLDDFRQILJXUDomRGHXP6LQYHUWLGR)LJXUD

)LJXUD'HVFDUUHJDGRUPyYHORXWULSSHU

'LPHQVLRQDPHQWRGD)LWD7UDQVSRUWDGRUD
$ FDSDFLGDGH GD ILWD WUDQVSRUWDGRUD p IXQomR GD VXD FRQFDYLGDGH
WUDQVYHUVDO )LJXUD TXH SRU VXD YH]p IXQomR GD LQFOLQDomR GDV SROLDV OLYUHV
UROHWHV $ UHODomR H LQFOLQDomR GDV SROLDV OLYUHV GHSHQGHP GR PDWHULDO
WUDQVSRUWDGRWDPDQKRIRUPDHIOXLGH]GDVSDUWtFXODVGHDFRUGRFRPRVYDORUHV
DSUHVHQWDGRV QD 7DEHOD  1R FDVR GH JUmRV H SDUWtFXODV VHPHOKDQWHV VHFDV H
OLPSDVHVVHkQJXORYDLGHDR2HTXLSDPHQWRVDLGHIiEULFDFRPkQJXORGH
LQFOLQDomRGRVUROHWHVGHDR PHQRUTXHRkQJXORGHUHSRXVRGRSURGXWR1R
FDVR GH WUDQVSRUWH GH JUmRV HP JHUDO p PXLWR XVDGD D LQFOLQDomR GH R SDUD
UROHWHVFRPHVSDoDPHQWRVLJXDLV
$HTXDomRpXVDGDSDUDGHWHUPLQDUDSRWrQFLDQHFHVViULDGHXPDFRUUHLD
WUDQVSRUWDGRUD
6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV



&DStWXOR0DQXVHLRGH*UmRV
3 >9/&0&
K0@HT
HPTXH
3 SRWrQFLDHVWLPDGDFY
9 YHORFLGDGHGDFRUUHLDPPLQ
/ ODUJXUDGDFRUUHLDFP
& FRPSULPHQWRGRWUDQVSRUWDGRUP
0 YD]mRPiVVLFDGRSURGXWRWKH
K DOWXUDGHHOHYDomRP

7DEHOD   UHD GD VHomR WUDQVYHUVDO P GH XPD ILWD WUDQVSRUWDGRUD FRP
GLIHUHQWHVODUJXUDVHkQJXORVGHVREUHFDUJD
/DUJXUD
GDILWDP

0DUJHP
/LYUHP



















QJXORGHVREUHFDUJD
R









R









R









9HORFLGDGHPi[LPD
PPLQ

0DWILQR









*UmRV









([HPSORV
D'LPHQVLRQDURVLVWHPDGHWUDQVSRUWHGHDFRUGRFRPDVHVSHFLILFDo}HV
DSUHVHQWDGDVQD)LJXUD

)LJXUD6LVWHPDKLSRWpWLFRGHVHFDJHPHDUPD]HQDJHP


6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV

&DStWXOR0DQXVHLRGHJUmRV

&iOFXORGRHOHYDGRUGRVHFDGRURHOHYDGRUGHYHDWHQGHUjFDSDFLGDGH
GRVHFDGRUTXHpGHWRQHODGDVSRUKRUD3DUDJDUDQWLDGHIOX[RUHFRPHQGDVH
TXHR VHFDGRU VHMD FDOFXODGR FRP FDUJD DGLFLRQDOGH  3RUWDQWR R HOHYDGRU
GHYHUiVHUGLPHQVLRQDGRSDUDXPDFDSDFLGDGHGHWRQHODGDVSRUKRUD
6XSRQGRTXHDSROLDPRWRUDSRVVXDUDLRGHFPHUDLRHIHWLYRGHFP
SRGHVHFDOFXODUVXDURWDomRXWLOL]DQGRVHDHTXDomR
1  # USP

8WLOL]DQGRVH D HTXDomR  FDOFXODVH D YHORFLGDGH OLQHDU PtQLPD GDV

FDoDPEDVTXHSHUPLWLUiGHVFDUJDFHQWUtIXJD
9 S51 # PPLQ

$GPLWLQGRVH D FDSDFLGDGH GR HOHYDGRU FRPR WK H D FDSDFLGDGH

XQLWiULD GD FDoDPED GH  J R Q~PHUR GH FDoDPEDV SRU PHWUR GH FRUUHLD
VHJXQGRDHTXDomRVHUi
WK #NJPLQ 9QT Q
Q FDoDPEDVSRUPHWURGHFRUUHLD

$ SRWrQFLD QHFHVViULD SDUD DFLRQDU R HOHYDGRU FDUUHJDGR p FDOFXODGD

VHJXQGRDHTXDomR
3 [ 4+)D  FY# FY

&iOFXORGDURVFDVHPILP DURVFDVHPILPGHYHDWHQGHUjFDSDFLGDGH
GRVHFDGRU FRPFDSDFLGDGHDGLFLRQDOGH3RUWDQWRD URVFDWDPEpPGHYHUi
VHU GLPHQVLRQDGD SDUD D FDSDFLGDGH GH  WRQHODGDV SRU KRUD RX  PPLQ
SDUD R SURGXWR FRP PDVVD HVSHFtILFD GH  NJP 8WLOL]DQGR XP KHOLFyLGH
SDGUmR FRP GLkPHWUR H SDVVR LJXDLV D  FP GLkPHWUR GR HL[R LJXDO D  FP H
URWDomRGHUSPSRGHVHFDOFXODUDSRWrQFLDQHFHVViULDSDUDRDFLRQDPHQWRGD
URVFDGHDFRUGRFRPDHTXDomR
3 [ 40H/)P [ FY
3HOD7DEHODGHYHVHPXOWLSOLFDURUHVXOWDGRSRU$VVLP
3 [# FY
&RPHUFLDOPHQWHDGRWDVHXPPRWRUGHFY

 &iOFXOR GR HOHYDGRU SDUD R VLOR XWLOL]DQGRVH SURFHGLPHQWRV

VHPHOKDQWHVDR HPSUHJDGR QR FiOFXOR GR HOHYDGRU GR VHFDGRU FRQVLGHUDQGR XP
HOHYDGRUFRPFLQFRFDoDPEDVSRUPHWURHFDSDFLGDGHGHWKHQFRQWUDPVHRV
VHJXLQWHVYDORUHV

6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV



&DStWXOR0DQXVHLRGH*UmRV
1  # USP
9 S51 # PPLQ
4 9QT # NJPLQ # WK
3 [ 4+)D [  FY# FY

 &iOFXOR GD ILWD WUDQVSRUWDGRUD D ILWD GHYH DWHQGHU j FDSDFLGDGH GR

HOHYDGRU GR VLOR TXH p GH  WRQHODGDV SRU KRUD FRP FDSDFLGDGH DGLFLRQDO GH
 3RUWDQWR D ILWD GHYHUi VHU GLPHQVLRQDGD SDUD XPD FDSDFLGDGH GH 
WRQHODGDV SRU KRUD RX  PPLQ SDUD XP SURGXWR FRP PDVVD HVSHFtILFD GH
NJP8WLOL]DQGRXPDILWDFRPXPkQJXORGHVREUHFDUJDGHRSRGHVHSRU
PHLR GH WHQWDWLYDV H FRP RV YDORUHV GD 7DEHOD  HVWLPDU D ODUJXUD GD ILWD 2
YROXPH WUDQVSRUWDGR 9RO p IXQomR GD YHORFLGDGH 9HO H GD iUHD GD VHomR
WUDQVYHUVDO GD ILWD FDUUHJDGD $ $GPLWLQGR FRPR SULPHLUD WHQWDWLYD XPD ILWD
FRP  FP GH ODUJXUD H YHORFLGDGH Pi[LPD GH  PPLQ R YROXPH
WUDQVSRUWDGRVHUi
9RO $9HO  PPLQ PK WK

3RGHVH FDOFXODU D SRWrQFLD QHFHVViULD SDUD R DFLRQDPHQWR GD ILWD GH

DFRUGRFRPDHTXDomR
3 >[[ [[
[[@ FY# FY

$ PHQRU ILWD WUDQVSRUWDGRUD SHOD WDEHOD WHP FDSDFLGDGH VXSHULRU j

FDSDFLGDGHQHFHVViULD&RPRDILWD p XP GRV HTXLSDPHQWRV PDLVFDURV HQWUH RV
WUDQVSRUWDGRUHVGHPDWHULDLVJUDQXODUHVVXJHUHVHDRSURMHWLVWDID]HUXPDDQiOLVH
WpFQLFRHFRQ{PLFDSDUDHVFROKDGHRXWURWUDQVSRUWDGRUFRPRSRUH[HPSORXPD
URVFD VHP ILP  2XWUD DOWHUQDWLYD VHULD D XWLOL]DomR GH XP HOHYDGRU FRP VDtGDV
SDUDRVGLIHUHQWHVVLORV
E 8PD ILWD FRP kQJXOR GH R QD VREUHFDUJD WUDQVSRUWD  WRQHODGDV GH
WULJR3+   SRU KRUD4XH ODUJXUDGHYH WHUD ILWD SDUD RSHUDU HP YHORFLGDGH
Pi[LPD"
$ HVWLPDWLYD GD ODUJXUD GD ILWD SRGH VHU IHLWD SRU WHQWDWLYD D SDUWLU GD
7DEHOD  6DEHVH TXH R YROXPH WUDQVSRUWDGR SHOD ILWD QD XQLGDGH GH WHPSR p
IXQomRGDiUHDGDVHomRWUDQVYHUVDOHGDYHORFLGDGHPi[LPD
9ROPK $VHomRWUDQVYHUVDOP9HORFLGDGHPK



6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV

&DStWXOR0DQXVHLRGHJUmRV

3HOD7DEHODFRPR QRkQJXORGHVREUHFDUJDHYHORFLGDGHPi[LPDSDUD
JUmRVWHUVHi
9RO P [PPLQ [PLQK
9RO PK

1RWDVH TXH HVWH YROXPH SRGH VHU WUDQVSRUWDGR HP XPD ILWD FXMD ODUJXUD
VHMDLJXDODPDWHQGHQGRjVHVSHFLILFDo}HVGRSUREOHPD
$SRWrQFLDH[LJLGDSDUDTXHDILWDWUDQVSRUWHRSURGXWRSRGHVHUFDOFXODGD
OHYDQGRVH HP FRQVLGHUDomR XPD SRVVtYHO HOHYDomR GR SURGXWR D UHVLVWrQFLD
RIHUHFLGDSHODILWDGXUDQWHRGHVORFDPHQWRHD UHVLVWrQFLDFRQWUiULDDRPRYLPHQWR
SURYHQLHQWH GDV SROLDV OLYUHV H GRV DFHVVyULRV $V FRQVWDQWHV XWLOL]DGDV HP WDLV
SURFHGLPHQWRVYDULDPFRQIRUPHDVFRQGLo}HVGHRSHUDomRHD IOH[LELOLGDGHGDILWD
HQWUHDVSROLDVOLYUHVFDXVDGDVSHODFDUJDHDEVRUYHQGRSDUWHGDSRWrQFLD
$ HVWLPDWLYD GD SRWrQFLD GHYH VHU H[HFXWDGD HP XPD HWDSD SHOR XVR GD
HTXDomRRXHPWUrVHWDSDV
FDUJD

D (VWLPDWLYD GD SRWrQFLD QHFHVViULD SDUD D PRYLPHQWDomR GD ILWD VHP

3D >9/&@HT

E(VWLPDWLYDGDSRWrQFLDQHFHVViULDSDUDWUDQVSRUWDURPDWHULDOQDSRVLomR
KRUL]RQWDO

3E >0&@HT

F (VWLPDWLYD GD SRWrQFLD QHFHVViULD SDUD D ILWD WUDQVSRUWDU R SURGXWR HP

SRVLomRLQFOLQDGD
3F K[[0HT
HPTXH
3 SRWrQFLDHVWLPDGDFY
9 YHORFLGDGHGDFRUUHLDPPLQ
/ ODUJXUDGDFRUUHLDFP
& FRPSULPHQWRGRWUDQVSRUWDGRUP
0 PDVVDGHSURGXWRDVHUWUDQVSRUWDGRWKH
K DOWXUDGHHOHYDomRP
$SRWrQFLDWRWDOHVWLPDGDpGDGDSRU
3W 3D3E3FHT

([HPSOR
(VWLPDUDSRWrQFLDQHFHVViULDSDUDWUDQVSRUWDUWK GHWULJRFXMDPDVVD
HVSHFtILFDpNJPDXPDGLVWkQFLDKRUL]RQWDOGHPFRPXPDHOHYDomRGH
PXWLOL]DQGRXPWUDQVSRUWDGRUGHFRUUHLDVREUHUROHWHVHPIRUPDGHFDOKD
6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV



&DStWXOR0DQXVHLRGH*UmRV

2FRPSULPHQWRGRWUDQVSRUWDGRUpGHWHUPLQDGRSHODKLSRWHQXVDIRUPDGDD
SDUWLUGDVGLVWkQFLDVKRUL]RQWDOHYHUWLFDOHVWDEHOHFLGDVQRSUREOHPD
WJD  
D R LQFOLQDomRGDILWD

2FRPSULPHQWR&VHUiFDOFXODGRSRU
& VHQR  P

2YROXPHGHSURGXWRWUDQVSRUWDGRQDXQLGDGHGHWHPSRHD iUHDGDVHomR
WUDQVYHUVDORFXSDGDFRPRSURGXWRVHUmRUHVSHFWLYDPHQWH
9RO WKWRQP PK
9RO UHDVHoWUDQVY[9HOGDFRUUHLD

3RU WHQWDWLYD VHOHFLRQDVH XPD ODUJXUD GD ILWD VHJXQGR D 7DEHOD  SDUD
REWHUDYHORFLGDGHPi[LPDFRUUHVSRQGHQWH
3DUD/ PHR GHLQFOLQDomR
9RO P [PPLQ [PLQK PK

9HULILFDVHTXHDILWDFRPPGHODUJXUDQmRDWHQGHjVQHFHVVLGDGHVGH
WUDQVSRUWHID]VHHQWmRQRYRFiOFXORSDUDXPDILWDGHPDLRUODUJXUD
3DUD/ PHR GHLQFOLQDomR
9RO P [PPLQ [PLQK PK

(VWH YDORU DWHQGH jV QHFHVVLGDGHV GR SUREOHPD LVWR p  PK GH
SURGXWRWUDQVSRUWDGR
$ HVWLPDWLYD GD SRWrQFLD QHFHVViULD SDUD PRYLPHQWDU D ILWD VHP FDUJD
HTXDomRVHUi
3D >[[[@
3D FY
$ HVWLPDWLYD GD SRWrQFLD H[LJLGD SDUD R WUDQVSRUWH QD KRUL]RQWDO p GDGD
SHODHTXDomR
3E >[[@ FY
3HOD HTXDomR  HVWLPDVH D SRWrQFLD QHFHVViULD SDUD R WUDQVSRUWDGRU
WUDEDOKDUHPSRVLomRLQFOLQDGD
3F [[ FY
$HVWLPDWLYDGDSRWrQFLDWRWDOVHUi
3W  FY

(VFROKHVHRPRWRUFRPDSRWrQFLDFRPHUFLDOPDLVDGHTXDGDTXHpFY


6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV

&DStWXOR0DQXVHLRGHJUmRV
1RWDQRVFiOFXORVQmRIRLFRQVLGHUDGDDHILFLrQFLDGRHTXLSDPHQWR

7UDQVSRUWDGRUHV3QHXPiWLFRV
6mRHTXLSDPHQWRVXWLOL]DGRVSDUDWUDQVSRUWDUGLIHUHQWHVWLSRVGHPDWHULDLV
HPGXWRVIHFKDGRVSRUPHLRGHIOX[RVGHDUHPDOWDYHORFLGDGHHSUHVVmR
7UDEDOKRV FRP R SURMHWR RX FRP R XVR GH WUDQVSRUWDGRUHV SQHXPiWLFRV
H[LJHPGHWHUPLQDGRVFRQKHFLPHQWRVFRPRSUHVVmRYHORFLGDGHHTXDQWLGDGHGH
DUQHFHVViULRVSDUDR DUUDVWHGRV JUmRV SRWrQFLDH[LJLGDH FDUDFWHUtVWLFDV ItVLFDV
GR PDWHULDO WUDQVSRUWDGR FRQVLGHUDQGRVH TXH HVWDV YDULiYHLV LUmR LQIOXHQFLDU R
GHVHPSHQKRGRHTXLSDPHQWR
&RPRYDQWDJHQVRV WUDQVSRUWDGRUHVSQHXPiWLFRV DSUHVHQWDPEDL[R FXVWR
LQLFLDO VLPSOLFLGDGH PHFkQLFD SHUFXUVR GH WUDQVSRUWH ~QLFR RX UDPLILFDGR
IDFLOLGDGHQDYDULDomRGDWUDMHWyULDHVLVWHPDDXWROLPSDQWH
(OHYDGDSRWrQFLDHGDQRVDRPDWHULDOWUDQVSRUWDGRSULQFLSDOPHQWH JUmRV
VmR DV SULQFLSDLV GHVYDQWDJHQV D VHUHP FRQVLGHUDGDV QD DGRomR GH VLVWHPDV
SQHXPiWLFRV
'H DFRUGR FRP DV FDUDFWHUtVWLFDV GH IXQFLRQDPHQWR RV WUDQVSRUWDGRUHV
SQHXPiWLFRVSRGHPVHUFODVVLILFDGRVHPWUrVVLVWHPDV
D 6LVWHPDGH VXFomR p XP VLVWHPD TXH RSHUD FRP SUHVVmR DEDL[R GD SUHVVmR
DWPRVIpULFDVHQGRPXLWRXWLOL]DGRQDGHVFDUJDGHFDPLQK}HVYDJ}HVHEDUFRV
HQRWUDQVSRUWHGHPDWHULDLVFXMDWH[WXUDGLILFXOWDDIOXLGH]DWUDYpVGHYiOYXODV
URVFDV DOLPHQWDGRUDV H YHQWLODGRUHV )LJXUD  1HVWH VLVWHPD RV
DOLPHQWDGRUHV VmR FRQVWUXtGRV GH WXERV PHWiOLFRV FLQWDGRV H IOH[tYHLV $
H[WUHPLGDGHpUtJLGDHQYROWDSRU XPDFDSDPHWiOLFDFRPHVSDoR HQWUH HVWHV
WXERV H p DMXVWiYHO SDUD SHUPLWLU PDLRU RX PHQRU PLVWXUD GR PDWHULDO
WUDQVSRUWDGRFRPRDU

)LJXUD7UDQVSRUWHSQHXPiWLFRSRUVXFomR

E 6LVWHPD SRU SUHVVmR HVWH VLVWHPD WUDEDOKD FRP SUHVVmR DFLPD GD SUHVVmR
DWPRVIpULFD$)LJXUDPRVWUDRHVTXHPDGHVWHWUDQVSRUWDGRU

6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV



&DStWXOR0DQXVHLRGH*UmRV

)LJXUD7UDQVSRUWHSQHXPiWLFRSRUSUHVVmR

F 6LVWHPDFRPELQDGRGHVXFomRHSUHVVmRpRVLVWHPDPDLVFRPXPQRTXDO
SDUWHGRWUDQVSRUWHpIHLWDSRUVXFomRHSDUWHSRUSUHVVmReWDPEpPPRQWDGR
VREUH URGDV SDUD SHUPLWLU R GHVORFDPHQWR GR WUDQVSRUWDGRU $ )LJXUD 
PRVWUDXPHVTXHPDGHVWHVLVWHPD

)LJXUD7UDQVSRUWHSQHXPiWLFRSRUVXFomRHSUHVVmR

0RYLPHQWRGDV0DVVDV
D 9HUWLFDO GHSHQGHQGR GR WLSR GH JUmRV D TXDQWLGDGH PtQLPD GH DU
QHFHVViULD SDUD D PRYLPHQWDomR GR SURGXWR YDULD GH  D  PNJ GH
SURGXWR7DEHOD4XDQGRDYHORFLGDGHGRDUpUHGX]LGDHRXDDOLPHQWDomRGR
HTXLSDPHQWRFRQWHQGRRSURGXWRQmRpXQLIRUPHDQHFHVVLGDGHGHDUSRUXQLGDGH
GHPDVVDGRSURGXWRWUDQVSRUWDGRSRGHVHUDXPHQWDGDEDVWDQWH
$SUHVVmRHVWiWLFDH[LJLGDSDUDDVXFomRYHUWLFDOGRWUDQVSRUWDGRUpIXQomR
GDSHUGDGHSUHVVmRGHYLGRDR DWULWRGRDU FRQWUDDVSDUHGHVGRWXERGDSUHVVmR
UHVXOWDQWHGRSHVRGRPDWHULDOJUDQXODUQRWXERHGDSHUGDGHHQHUJLDGRPDWHULDO
GHYLGRDRDWULWRFRQWUDDVSDUHGHVGRWXERFRQGXWRU


6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV

&DStWXOR0DQXVHLRGHJUmRV
7DEHOD9HORFLGDGHUHFRPHQGDGDSDUDWUDQVSRUWHGHSURGXWRVDJUtFRODV
3URGXWR

&HYDGD
&DIpFRFR
0LOKR

9HORFLGDGH
PPLQ




3URGXWR

$OJRGmRFDURoR
$YHLD
7ULJR

9HORFLGDGH
PPLQ




E +RUL]RQWDOHPERUDRWUDQVSRUWHGRSURGXWRHPFRQGXWRUHVKRUL]RQWDLV
WHQKD VLGR HVWXGDGR SRU YiULRV SHVTXLVDGRUHV Ki PXLWDV G~YLGDV TXDQWR j
LPSRUWkQFLD GRV PHFDQLVPRV TXH HQYROYHP RV SURFHGLPHQWRV GRV SURMHWRV GR
VLVWHPD 6DEHVH HQWUHWDQWR TXH H[LVWHP SHUGDV GH HQHUJLD UHVXOWDQWHV GR DWULWR
HQWUHRDUHDVSDUHGHVGRFRQGXWRHQWUHRVJUmRVHRDUHQWUHRJUmRHD SDUHGHGR
FRQGXWRHHQWUHRVSUySULRV JUmRV 'HYLGR j IDOWDGH LQIRUPDomR Ki QHFHVVLGDGH
GHFRQKHFHUFHUWRVIXQGDPHQWRVPHFkQLFRVSDUDRWUDQVSRUWHKRUL]RQWDO
$RHVFRDUOLYUHPHQWHDSDUWtFXODHVWDUiVXMHLWDjDomRGHIRUoDKRUL]RQWDO
GHYLGRDRPRYLPHQWRGRDUHGHIRUoDYHUWLFDOGHYLGRjJUDYLGDGH
3RWrQFLD5HTXHULGD
$ SRWrQFLD UHTXHULGD SDUD DFLRQDU R YHQWLODGRU SRGH VHU HVWLPDGD HP
IXQomRGRIOX[RGHDUHGDSUHVVmRHVWiWLFDFRQIRUPHDHTXDomR
HPTXH

3 43HWQHT

3 SRWrQFLDHPFY
4 IOX[RGHDUHPPPLQ
3HW SUHVVmRHVWiWLFDHPFPGHFROXQDGHiJXDH
Q HILFLrQFLDD

/,7(5$785$&2168/7$'$

 '2%,( -%  &85/(< 5* 0DWHULDOV KDQGOLQJ IRU OLYHVWRFN IHHGLQJ

FLUFXODUQR8QLYHUVLW\RI&DOLIRUQLDS
 *,8',&(30GHO+$5$ 7 3,1+(,52 ),/+2-%&2(/+2'7
$=(9('2 -03 0DQXVHLR VHFDJHP H DUPD]HQDPHQWR GH FDIp
9LoRVD0*8)9S

 +(1'(562160 3(55<5/$JULFXOWXUDOSURFHVVHQJLQHHULQJ7KH
$9,3XEOLVKLQJ&RPSDQ\,QF:HVWSRUWS
 /$&(5'$ ),/+2 $ ) 6,/9$ - 6  $)2162 $  '/
7UDQVSRUWDGRUHV GH JUmRV ,Q 3UpSURFHVVDPHQWR GH SURGXWRV DJUtFRODV
-XL]GH)RUD,QVWLWXWR0DULDS
 5(03(-% &223(5&22$%XONPDWHULDOVKDQGOLQJDQGVWRUDJH,Q
6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV



&DStWXOR0DQXVHLRGH*UmRV

$PHULFDQ)HHG0DQXIDFWXUHV$VVRFLDWLRQ,QF&KLFDJRS

 63,9$.296.< $2  '<$&+.29 9. &RQYH\LQJ PDFKLQHV 0LU

3XEOLVKHUV0RVFRX9RO,S
 63,9$.296.< $2  '<$&+.29 9. &RQYH\LQJ PDFKLQHV 0LU
3XEOLVKHUV0RVFRX9RO,,S



6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV