Eficência Energética Na Arquitetura

ELETROBRAS
Av. Presidente Vargas, 409 / 13 andar Centro

20071-003 Rio de Janeiro RJ
Caixa Postal: 1639
Tel: (21) 25145151
www.eletrobras.com.br
eletrobr@eletrobras.com
PROCEL Programa Nacional de Conservao de Energia Eltrica
Av. Rio Branco, 53 / 13 andar Centro
www.eletrobras.com/procel
procel@eletrobras.com
PROCEL EDIFICA Eficincia Energtica em Edificaes
Av. Rio Branco, 53 / 15 andar Centro
Fax: (21) 2514-5767
www.eletrobras.com/procel
pfpr@eletrobras.com
E L E T R O B R A S
P R O C E L
Presidente da ELETROBRAS
Jos da Costa Carvalho Neto
Superintendente de Eficincia Energtica da ELETROBRAS
Renata Leite Falco
Chefe do Departamento de Projetos de Eficincia Energtica
Fernando Pinto Dias Perrone
Chefe da Diviso de Eficincia Energtica no Setor Privado
Marco Aurlio Ribeiro Gonalves Moreira
E Q U I P E
T C N I C A
E LE T R O B R AS
P R OC E L
Equipe do PROCEL Edifica

Edison Alves Portela Jnior
Elisete Alvarenga da Cunha
Estefnia Neiva de Mello
Joo Queiroz Krause
Lucas Mortimer Macedo
Luciana Dias Lago Machado
Maria Teresa Marques da Silveira
Colaboradores
Clvis Jos da Silva
Frederico Guilherme Cardoso Souto Maior de Castro
Solange Nogueira Puente Santos
Vanda Alves dos Santos
Reviso Grfica
Kelli Cristine Vidal Mondaini
Autores
Roberto Lamberts
Luciano Dutra
Fernando O. R. Pereira
Ilustrao
Luciano Dutra
curriculum resumido dos autores

Roberto Lamberts: Professor Titular do Departamento de Engenharia Civil da Universidade
Federal de Santa Catarina. Engenheiro Civil (1980), Mestre em Engenharia Civil (1983) pela
Universidade Federal do Rio Grande do Sul e PhD pelo Department of Civil Engineering da
University of Leeds (Inglaterra) em 1988. Supervisor do Laboratrio de Eficincia Energtica
em Edificaes (LabEEE). Atua nos cursos de ps-graduao Engenharia Civil (Mestrado e
Doutorado) e Arquitetura e Urbanismo (Mestrado e Doutorado) e da UFSC. Coeditor do
peridico Ambiente Construdo, membro do comit editorial dos peridicos Advances in
Building Energy Research e do Journal of Building Performance Simulation. Membro das
associaes cientficas ANTAC, Associao de Tecnologia do Ambiente Construdo (onde foi da
diretoria por vrios mandatos) e IBPSA, associao internacional para a simulao do
desempenho de edificaes e membro do GT e ST de edificaes do MME apoiando o
desenvolvimento da etiquetagem de eficincia energtica em edificaes. Desenvolve
pesquisas na rea de Engenharia Civil, com nfase em Eficincia Energtica, desempenho
trmico
de
edificaes,
bioclimatologia
e
conforto
trmico.
(http://lattes.cnpq.br/0755959610406012)
Luciano Dutra: Arquiteto e Urbanista pela Universidade Federal de Santa Catarina em 1991,
mestre em Conforto Ambiental pela mesma instituio em 1994 e PhD pela Architectural
Association School AA School (Londres - Inglaterra) em 2010. Atualmente professor do curso
de Arquitetura e Urbanismo da Universidade do Sul de Santa Catarina (UNISUL). coordenador
do curso de Especializao em Arquitetura Sustentvel e Bioclimtica, ministrando disciplinas
neste curso e tambm no curso de Especializao em Engenharia e Segurana do Trabalho,
ambos da UNISUL. integrante da equipe do Projeto REGSA (Promoting Renewable Electricity
Generation in South America), um convnio internacional entre a UNISUL e trs outras
universidades. Tem experincia na rea de Arquitetura e Urbanismo, com nfase em
Arquitetura Bioclimtica e Sustentvel, atuando principalmente nos seguintes temas: projeto
de arquitetura, ensino de arquitetura, arquitetura bioclimtica, eficincia energtica e
conforto ambiental. (http://lattes.cnpq.br/4612184525520681)
Fernando Oscar Ruttkay Pereira: Professor Titular do Departamento de Arquitetura e
Urbanismo da Universidade Federal de Santa Catarina. Eng. Civil (1979), Mestre em Eng. Civil
(1984) pela Universidade Federal do Rio Grande do Sul e PhD pela School of Architectural
Studies, University of Sheffield (Inglaterra) em 1992. Supervisor do Laboratrio de Conforto
Ambiental desde a sua criao em 1987. Atua nos cursos de ps-graduao em Arquitetura e
Urbanismo (Mestrado e Doutorado) e Engenharia Civil (Mestrado e Doutorado) da UFSC. Diretor
(gesto 2002 2008) do PLEA Passive and Low Energy Architecture International Association,
Membro da IESNA - Illuminating Engineering Society of North America, membro do Comit de
Iluminao Natural da IESNA e do CIE Commission Internacionale de Lclairage seo
Brasil, Diviso 3 e Editor Regional - Amrica do Sul, do International Journal Management of
Environmental Quality. Desenvolve pesquisas nas reas Insolao e Iluminao no Ambiente
Urbano, Sistemas Inovativos de Iluminao Natural, Simulao da Iluminao e Eficincia
Energtica no Ambiente Construdo e Ensino de Conforto Ambiental e Eficincia Energtica.
(http://lattes.cnpq.br/2498471958439979)
iv
eficincia
energtica
na
arquitetura
prefcio
A primeira edio do livro Eficincia Energtica na Arquitetura foi elaborada pelos
professores Roberto Lamberts, Luciano Dutra e Fernando O. R. Pereira, em Convnio
com o Procel Programa Nacional de Conservao de Energia Eltrica no ano de 1997,
sendo desde ento referncia sobre Arquitetura Bioclimtica, em todo o Pas. Em
2004, uma segunda edio foi lanada e, passados mais de 15 anos, a Eletrobras,
empresa do setor eltrico brasileiro que administra h quase trs dcadas o Procel,
orgulha-se em apresentar sociedade esta nova verso.
A 3 edio, alm de uma extensa reviso e atualizao de contedo, conta com uma
considervel ampliao, tratando de maneira mais especfica conceitos e
questionamentos relacionados Eficincia Energtica e Sustentabilidade, como
iluminao e ventilao naturais. Concomitantemente, prope uma abordagem
sistmica listando estratgias e descrevendo os processos para a elaborao de
Projetos de Arquitetura Bioclimtica. Permanece, porm, a essncia de levar
comunidade acadmica, de um modo bastante didtico, uma publicao de qualidade
e com conceitos atuais de arquitetura energeticamente eficiente, sustentabilidade e
conforto ambiental.
A importncia deste livro torna-se ainda mais evidente no presente cenrio em que a
Eletrobras Procel, em parceria com o Instituto Nacional de Metrologia, Qualidade e
Tecnologia Inmetro, implementaram o Programa Brasileiro de Etiquetagem em
Edificaes (PBE Edifica). Desde 2009, existem critrios tcnicos nacionais para a
avaliao de edifcios residenciais, comerciais, pblicos e de servios quanto ao nvel
de Eficincia Energtica, e para a emisso da Etiqueta Nacional de Conservao de
Energia. O objetivo , mediante uma ferramenta orientativa, criar um mercado mais
exigente e consciente quanto ao uso da energia eltrica nas edificaes, sem,
contudo, privar seus usurios de suas funcionalidades e conforto. Nesse contexto, esta
publicao de suma importncia por contribuir para a formao acadmica de
futuros profissionais cada vez mais engajados com as novas solues para os setores de
Arquitetura e Construo Civil no Brasil.
A Eletrobras, como empresa consciente da importncia das energias limpas para o
Brasil, rejubila-se em presentear a sociedade brasileira com esta publicao que visa a
um modo de pensar e de construir edificaes confortveis, energeticamente
eficientes e com respeito ao meio ambiente.
JOS DA COSTA CARVALHO NETO
Presidente da Eletrobras
eficincia
energtica
na
arquitetura
lamberts,
vi
dutra
pereira
eficincia
energtica
na
arquitetura
apresentao
Nos ltimos nove anos, desde a publicao da segunda edio do livro Eficincia
Energtica na Arquitetura em 2004, muita coisa surgiu em termos de eficincia
energtica, incluindo algumas publicaes brasileiras. Estas iniciativas vm suprir,
numa primeira instncia, as antigas carncias em publicaes nesta rea no pas. Alm
disso, refletem sobre nossa arquitetura e sobre os problemas e dificuldades
enfrentadas pelos profissionais da rea.
Na sua terceira edio e com contedo completamente revisado e atualizado, o livro
Eficincia Energtica na Arquitetura retorna com novos conceitos. Busca agora
trazer, no somente uma atualizao, mas tambm novos questionamentos referentes
arquitetura sustentvel e sua relao com a eficincia energtica e a arquitetura
bioclimtica.
O objetivo principal do livro continua o mesmo, introduzir os principais conceitos
relativos ao manejo e controle do consumo de energia em edificaes, tendo como
critrio central de projeto o conforto de seus usurios.
Um dos pressupostos de que os conceitos fsicos bsicos precisam ser bem
entendidos e assimilados quando se busca aplicar e implementar o controle ambiental
de modo inteligente. Para isso, o livro baseia-se intensamente em esquemas,
diagramas conceituais e analogias para guiar o leitor ao entendimento intuitivo sobre
como o aquecimento, resfriamento e iluminao afetam as pessoas, o projeto das
edificaes e a energia utilizada pelos principais sistemas mec6anicos e eltricos.
O livro traz captulos novos como geometria solar, iluminao natural e
ventilao natural, todos essencialmente prticos, mas cujos contedos so mais
aprofundados que na edio anterior. Nestes captulos, o leitor acessar
conhecimentos essenciais ao bom projeto bioclimtico e eficincia energtica.
O ltimo captulo do livro presta ateno ao aspecto mais importante no tema, o
projeto de arquitetura bioclimtica, onde o leitor ir trilhar pelos principais
conceitos de projeto arquitetnico e ver como as variveis discutidas no livro
interagem ao longo do processo de projeto.
Esta terceira edio completamente revisada e ampliada em relao edio
anterior, publicada em 2004. Traz 366 pginas e tem, ao todo, 334 ilustraes, das
quais 137 so novas. Estas ilustraes seguem o mesmo padro das edies anteriores
(so coloridas e, na sua maioria, feitas completamente mo) e buscam tornar claro e
atraente um tema que, apesar de importante, nem sempre facilmente digerido pelos
estudantes das engenharias e da arquitetura e pelos prprios profissionais destas
reas. Espera-se, com isso, que o livro possa informar, conscientizar e preparar o
arquiteto e demais profissionais da construo civil para enfrentar um novo desafio,
projetar e construir edificaes no somente adequadas s condicionantes ambientais
do local e s necessidades de conforto do usurio, mas tambm com eficincia
energtica e a consequente sustentabilidade.
ROBERTO LAMBERTS, LUCIANO DUTRA e FERNANDO O. R. PEREIRA
eficincia
energtica
na
arquitetura
vii
lamberts,
viii
dutra
pereira
eficincia
energtica
na
arquitetura
sumrio
Captulo 1: Um Segundo Breve Histrico
O Conceito de Eficincia Energtica .................................................. 5
Da Arquitetura Vernacular aos Nossos Dias .......................................... 8
A Crise de Petrleo ...................................................................... 15
A Situao Atual.......................................................................... 16
Consumo nos Setores Residencial, Comercial e Pblico............................ 16
Normalizao ............................................................................. 20
O Conceito de Sustentabilidade ....................................................... 22
Bons Exemplos de Arquitetura Contempornea ..................................... 23
A Atuao de Cada Profissional ........................................................ 31
Estrutura do Livro ........................................................................ 33
REFERNCIAS ............................................................................. 34
Bibliografia tambm consultada ....................................................... 37
Captulo 2: Conforto Ambiental

Conforto Trmico ........................................................................ 43
Mecanismos Termorreguladores ..................................................... 44
Conceito de Conforto ................................................................. 46
Variveis de Conforto Trmico ...................................................... 46
ndices de Conforto Trmico ......................................................... 49
Programas de Anlise e Simulao de Conforto Trmico ........................ 51
Instrumentos de medio ............................................................ 53
Conforto Visual ........................................................................... 57
Nvel de Iluminao ................................................................... 57
Contraste ............................................................................... 58
Ofuscamento ........................................................................... 59
Escalar e Vetor Iluminao ........................................................... 62
REFERNCIAS ............................................................................. 64
eficincia
energtica
na
arquitetura
ix
lamberts,
dutra
pereira
Captulo 3: Arquitetura e Clima

Variveis Climticas .................................................................... 71
Radiao Solar......................................................................... 72
Luz Natural ............................................................................ 76
Temperatura........................................................................... 77
Vento ................................................................................... 79
Umidade ................................................................................ 80
Climas do Mundo ........................................................................
Os Climas do Brasil ......................................................................
Microclima ................................................................................
A Bioclimatologia Aplicada Arquitetura............................................
Zona de Conforto .....................................................................
Zona de Ventilao Natural .........................................................
Zona de Inrcia Trmica Para Resfriamento ......................................
Zona de Resfriamento Evaporativo e Umidificao ..............................
Zona de Aquecimento Solar .........................................................
Zonas de Condicionamento Artificial com Isolamento Trmico .................
Zona de Sombreamento...............................................................
Intersees entre Estratgias .......................................................
Mtodos de Avaliao Bioclimtica ...................................................
Avaliao Bioclimtica com Dados Climticos Horrios ..........................
Avaliao Bioclimtica pelas Normais Climatolgicas ............................
Zoneamento Bioclimtico Brasileiro ..................................................
81
81
83
83
86
87
88
88
89
90
91
91
92
92
93
97
ZONA 1 .................................................................................
ZONA 2 .................................................................................
ZONA 3 .................................................................................
ZONA 4 .................................................................................
ZONA 5 .................................................................................
ZONA 6 .................................................................................
ZONA 7 .................................................................................
ZONA 8 .................................................................................
Programas de Anlises Bioclimticas .................................................
O Programa Analysis-Bio .............................................................
Painel Bioclimtico ...................................................................
REFERNCIAS .............................................................................
98
98
98
98
98
98
98
99
100
100
101
103
eficincia
energtica
na
arquitetura
Captulo 4: Geometria Solar

A Radiao Solar como Fonte de Calor ............................................... 112
Trajetria da Terra em Torno do Sol ................................................. 114
Posio do Sol no Cu ................................................................... 116
Norte Geogrfico versus Norte Magntico ............................................ 116
Horrio Local versus Horrio Solar .................................................... 117
A Carta Solar.............................................................................. 119
Aplicaes prticas da carta solar .................................................. 124
O Transferidor de ngulos .............................................................. 127
O ngulo A .............................................................................. 127
O ngulo B .............................................................................. 128
O ngulo G .............................................................................. 129
Anlise de insolao e sombreamento de obstrues e aberturas................ 130
Anlise de protees solares ........................................................... 131
Proteo Solar horizontal ............................................................ 131
Proteo solar vertical ............................................................... 133
Projeto de protees solares ........................................................... 135
Anlise de sombreamento e projeto de protees solares com aparatos de simulao
em maquetes ............................................................................. 140
Relgio Solar ........................................................................... 140
Heliodons e Solarscpio .............................................................. 141
Anlise de maquetes com heliodons e solarscpios .............................. 142
Simulao de sombreamento e acesso solar com auxlio de programas computacionais
............................................................................................. 143
Analysis-SOL-AR ........................................................................ 143
Outros Aplicativos ..................................................................... 144
Tabela de Brises.......................................................................... 145
REFERNCIAS ............................................................................. 145
Captulo 5: Iluminao Natural

Fontes de Luz Natural ................................................................... 151
Avaliao da Iluminao Natural ...................................................... 152
Cu Artificial ............................................................................. 154
Cu artificial do tipo Caixa de Espelhos ........................................... 154
Cu artificial do tipo Hemisfrico .................................................. 154
Cu artificial do tipo Hemisfrico com/sem domo translcido ................. 154
Cu artificial do tipo Hemisfrico com domo opaco reflexivo .................. 154
eficincia
energtica
na
arquitetura
xi
lamberts,
dutra
pereira
Medindo a Contribuio de Iluminao Natural com o cu artificial .......... 154

Estratgias de Iluminao Natural .................................................... 155
Ptios e trios ......................................................................... 155
Prateleiras de Luz .................................................................... 156
Cores ....................................................................................
Distribuio e posicionamento de Janelas ........................................
Orientao .............................................................................
Iluminao Zenital ....................................................................
157
157
158
158
Iluminao Artificial como Suplemento da Iluminao Natural ..................

Sensor Fotoeltrico ...................................................................
Distribuio das Luminrias .........................................................
Dimmer .................................................................................
Sensor de Presena ...................................................................
Programador de Tempo ou Minuteria ..............................................
Iluminao de Tarefa .................................................................
Programas de Anlise de Iluminao .................................................
Radiance e Desktop Radiance .......................................................
Ecotect Analysis 2011 ................................................................
Apolux ..................................................................................
TropLux.................................................................................
Lux ......................................................................................
Relux ....................................................................................
DIALux ..................................................................................
REFERNCIAS .............................................................................
160
160
160
161
161
161
162
163
163
164
166
166
167
167
167
168
Captulo 6: Ventilao Natural

A rosa-dos-ventos ....................................................................... 174
Correo da velocidade do vento ..................................................... 175
Coeficiente de presso do vento ($CPL) .............................................
rea til de ventilao .................................................................
Fluxo de ar ...............................................................................
Reduo do fluxo de ar .................................................................
Nmero de Trocas de Ar (N) ...........................................................
Influncia da implantao e da orientao na ventilao natural ...............
Barreiras de Vento ......................................................................
Ventilao Cruzada .....................................................................
xii
eficincia
energtica
na
176
176
177
178
179
181
183
185
arquitetura
Captadores de vento, peitoris ventilados, mansardas, lanternins e torres de ventilao

............................................................................................. 186
Elementos direcionadores e filtrantes da ventilao natural ..................... 187
Ventilao noturna ...................................................................... 190
Ventilao em fachada dupla e perifrica ........................................... 190
Tneis de Vento e Mesa dgua ........................................................ 191
Tnel de Vento com Serragem ......................................................... 191
Tnel de Vento com Fumaa ........................................................... 191
Mesa dgua .............................................................................. 191
REFERNCIAS ............................................................................. 191
Captulo 7: Propriedades Trmicas dos Elementos Construtivos

Fechamentos Opacos e Transparentes ................................................ 197
Fechamentos Opacos.................................................................. 197
Fechamentos Transparentes ......................................................... 198
Absortividade, refletividade, transmissividade e emissividade ................... 208
Condutividade trmica .................................................................. 210
Resistncia trmica ...................................................................... 210
Resistncia Trmica Superficial ..................................................... 212
Resistncia trmica de cmaras de ar ............................................. 213
Transmitncia trmica .................................................................. 215
Densidade de Fluxo de Calor ........................................................... 216
Temperatura SOL-AR .................................................................... 217
Fluxo de Calor ............................................................................ 218
Capacidade trmica ..................................................................... 220
Fator Solar ................................................................................ 221
REFERNCIAS ............................................................................. 225
Captulo 8: Equipamentos e Sistemas Eficientes

Sistemas de Aquecimento de gua ..................................................
Eltrico ...............................................................................
A Gs .................................................................................
Solar ..................................................................................
A Biomassa (lenha) ..................................................................
Sistemas de Iluminao Artificial ....................................................
Lmpadas ...............................................................................
Incandescentes ......................................................................
eficincia
energtica
na
arquitetura
231
231
232
232
232
232
233
234
xiii
lamberts,
dutra
pereira
Descarga Gasosa ....................................................................

Novos Tipos de Lmpadas ..........................................................
Luminrias ..............................................................................
Reatores ................................................................................
235
238
241
242
Controle da Iluminao ...............................................................

Climatizao Artificial .................................................................
Ventilao Mecnica ................................................................
243
243
243
Aquecimento .........................................................................
Aquecimento a Biomassa ...........................................................
Aquecimento a Gs ..................................................................
Resfriamento ...........................................................................
Ar Condicionado de Janela ...........................................................
Mini Centrais de Pequeno Porte ou Split ..........................................
Multisplit .............................................................................
Self Contained .......................................................................
Chiller & Fan-Coil ...................................................................
REFERNCIAS ...........................................................................
245
248
249
249
249
250
251
252
253
253
Captulo 9: Projeto de Arquitetura Bioclimtica

O Partido Bioclimtico ................................................................
Anlise do Terreno .....................................................................
Anlise do Clima Local .................................................................
Anlise dos Usurios e dos Horrios de Uso .........................................
Programa de Necessidades ...........................................................
261
261
262
262
262
A Funo ................................................................................
A Forma .................................................................................
Os Materiais Construtivos .............................................................
O uso das Estratgias Bioclimticas de Forma Integrada .........................
A Expressividade Arquitetnica .......................................................
Definio dos Elementos Bioclimticos a serem Empregados .....................
Ventilao ............................................................................
Resfriamento Evaporativo e Umidificao ........................................
Usar Inrcia Trmica .................................................................
Aquecimento Solar Passivo .........................................................
Ar Condicionado .....................................................................
Aquecimento Artificial ..............................................................
Outras Tcnicas para Diminuir o Consumo de Energia ..........................
262
263
267
268
268
269
269
271
274
275
277
278
279
xiv
eficincia
energtica
na
arquitetura
Iluminao Natural e Artificial .....................................................

Anlise e Sntese da Primeira Alternativa de projeto ..............................
Simulao e Propostas Alternativas .................................................
Uso de Energia Alternativa ............................................................
284
288
289
290
Captao da gua da Chuva ..........................................................

Reutilizao de gua ...................................................................
Projeto de Arquitetura Bioclimtica .................................................
290
291
291
REFERNCIAS ...........................................................................
296
Referncias Bibliogrficas
Referncias Bibliogrficas .............................................................
299
Apndices
APNDICE 1: Paineis Bioclimticos ...................................................
APNDICE 2: Confeco de um Relgio Solar para uma Latitude Especfica ....
APNDICE 3: Tabela de Brises .........................................................
APNDICE 4: Tabelas de Propriedades Trmicas ...................................
APNDICE 5: Unidades e Conceitos Fsicos .........................................
Quantidades Trmicas ..............................................................
Princpios Termodinmicos .........................................................
Psicrometria .........................................................................
Processos Psicromtricos ...........................................................
APNDICE 6: Carga Trmica ..........................................................
Conceitos .............................................................................
Exemplo Numrico ..................................................................
REFERNCIAS ...........................................................................
313
328
331
342
349
349
350
353
355
357
357
359
365
eficincia
xv
energtica
na
arquitetura
lamberts,
xvi
dutra
pereira
eficincia
energtica
na
arquitetura

VXPiULR

806(*81'2%5(9(+,675,&2

2&RQFHLWRGH(ILFLrQFLD(QHUJpWLFD

'D$UTXLWHWXUD9HUQDFXODUDRV1RVVRV'LDV

$&ULVHGH3HWUyOHR

$6LWXDomR$WXDO

&RQVXPRQRV6HWRUHV5HVLGHQFLDO&RPHUFLDOH3~EOLFR

1RUPDOL]DomR

2&RQFHLWRGH6XVWHQWDELOLGDGH

%RQV([HPSORVGH$UTXLWHWXUD&RQWHPSRUkQHD

$$WXDomRGH&DGD3URILVVLRQDO

(VWUXWXUDGR/LYUR
5()(51&,$6
%LEOLRJUDILDWDPEpPFRQVXOWDGD

FDStWXOR806(*81'2%5(9(+,675,&2
&$378/2
806(*81'2%5(9(+,675,&2
1R SHUtRGR FOiVVLFR 9LWU~YLR

DXWRUGRSULPHLUROLYURGHDUTXLWHWXUD
GR TXDO WHPRV FRQKHFLPHQWR
HQWHQGLD D DUTXLWHWXUD FRPR XP
HVSDoR KDELWiYHO TXH GHYHULD
HTXLOLEUDU RV DVSHFWRV HVWUXWXUDLV
IXQFLRQDLVHIRUPDLV)LJXUD

)LJXUDFRQFHLWRYLWUXYLDQRGHDUTXLWHWXUD

2&RQFHLWRGH(ILFLrQFLD(QHUJpWLFD
+RMH HP GLD D DUTXLWHWXUD

WDPEpPGHYHVHUYLVWDFRPRXP
HOHPHQWR TXH SUHFLVD WHU
HILFLrQFLD
HQHUJpWLFD
$
(),&,1&,$ (1(5*e7,&$ QD
DUTXLWHWXUD SRGH VHU HQWHQGLGD
FRPR XP DWULEXWR LQHUHQWH j
HGLILFDomR UHSUHVHQWDQWH GH VHX
SRWHQFLDO
HP
SRVVLELOLWDU
FRQIRUWR WpUPLFR YLVXDO H
DF~VWLFR DRV XVXiULRV FRP EDL[R
FRQVXPR GH HQHUJLD 3RUWDQWR
XP HGLItFLR p PDLV HILFLHQWH
HQHUJHWLFDPHQWH TXH RXWUR
TXDQGR SURSRUFLRQD DV PHVPDV
FRQGLo}HV
DPELHQWDLV
FRP
PHQRU FRQVXPR GH HQHUJLD
'HVWD IRUPD R WULkQJXOR
FRQFHLWXDO FOiVVLFRGH 9LWU~YLRp
GHILQLGR SHORV WHUPRV ILUPLWDV
XWLOLWDV \ YHQXVWDV LQFOXL D
HILFLrQFLD HQHUJpWLFD QRV VHXV
WUrVYpUWLFHV)LJXUD

)LJXUDUHWRPDGDGRFRQFHLWRYLWUXYLDQRGH
DUTXLWHWXUD
HILFLrQFLDHQHUJpWLFDQDDUTXLWHWXUD

ODPEHUWVGXWUDHSHUHLUD
)LUPLWDVUHODFLRQDVHjHVWUXWXUDDRTXHPDQWpPDDUTXLWHWXUDtQWHJUDGHSp$
HFRQRPLD H UDFLRQDOL]DomR GDV VROXo}HV HVWUXWXUDLV GH XP HGLItFLR SRGHP DX[LOLDU
QDUHGXomRGRFRQVXPRGHHQHUJLDFRQVHTXHQWHPHQWHDXPHQWDQGRVXDHILFLrQFLD
HQHUJpWLFD Mi QHVVD HWDSD FRQVWUXWLYD $ HVSHFLILFDomR GRV PDWHULDLV FRQVWUXWLYRV
SDUWLFLSDGHVWHFHQiULRDWUDYpVGRHVWXGRGDHQHUJLDHPEXWLGDQRVVHXVSURFHVVRV
GH IDEULFDomR H WUDQVSRUWH 8WLOLWDV UHODFLRQDVH j IXQFLRQDOLGDGH DUTXLWHW{QLFD
TXHLQFOXLRVFRQFHLWRVGHFRQIRUWRWpUPLFRYLVXDOHDF~VWLFRGRVXVXiULRVSRQWRV
GHSDUWLGDSDUDDHILFLrQFLDHQHUJpWLFDGRDPELHQWH9HQXVWDVVLQ{QLPRGHEHOH]D
FRQWHPSOD XPD DUTXLWHWXUD TXH WHQKD VHXV HOHPHQWRV HTXLSDPHQWRV H IXQo}HV
UHODFLRQDGRV j HILFLrQFLD HQHUJpWLFD LQWUtQVHFRV QD VXD IRUPD H DPELrQFLD 8PD
DUTXLWHWXUDTXHH[WHULRUL]DDHILFLrQFLDHQHUJpWLFDQRVHXHQYHORSHWRUQDVHEHODH
pSRUWDQWRtQWHJUDHH[SUHVVLYDHPUHODomRDHVWHVFRQFHLWRV
0XLWR VH WHP RXYLGR IDODU HP HFRQRPLD GH
HQHUJLD HOpWULFD HP HGLItFLRV $OpP GDV
FDPSDQKDV FRQWUD R GHVSHUGtFLR TXH YrP
VHQGR IHLWDV VXUJHP FDGD YH] PDLV
HTXLSDPHQWRV GH EDL[R FRQVXPR H PDLRU
HILFLrQFLD
HQHUJpWLFD
FRPR
DOJXQV
HOHWURGRPpVWLFRV)LJXUD
)LJXUDOkPSDGDIOXRUHVFHQWHFRPSDFWD
2352&(/3URJUDPD1DFLRQDOGH&RQVHUYDomR
GH (QHUJLD (OpWULFD WHP LQYHVWLGR QD
FRQVFLHQWL]DomR GDV SHVVRDV HP UHODomR DR
GHVSHUGtFLRGHHQHUJLD8PGRVSURJUDPDVGR
352&(/ ODQoRX R 6HOR GH (ILFLrQFLD
(QHUJpWLFD TXH SRGH VHU XVDGR FRPR
FRPSDUDWLYR HQWUH GLYHUVRV HTXLSDPHQWRV
HOHWURGRPpVWLFRV)LJXUD
)LJXUD6HOR352&(/,10(752
FDStWXOR806(*81'2%5(9(+,675,&2
2 6HOR JDUDQWH TXH R SURGXWR TXH R FRQVXPLGRU HVWi DGTXLULQGR FRQVRPH PHQRV
HQHUJLD TXH VHXV VLPLODUHV ([LVWH WDPEpP D (WLTXHWD GH FRUHV GR 3URJUDPD
%UDVLOHLUR GH (WLTXHWDJHP GR ,10(752 HP SDUFHULD FRP R 352&(/ TXH
FODVVLILFDHTXLSDPHQWRVQXPDHVFDODGH$DWp(VHQGR$RVPDLVHILFLHQWHV
H(RVTXHFRQVRPHPPDLVHQHUJLD)LJXUD

)LJXUD(WLTXHWDGR,10(752352&(/
2 FRQVXPLGRU SRGH VDEHU D HFRQRPLD TXH IDUi DR DGTXLULU XP HTXLSDPHQWR PDLV
HILFLHQWH FRPSDUDQGR RV FRQVXPRV GH HQHUJLD GHVWH FRP RXWUDV DOWHUQDWLYDV 3RU
H[HPSOR VH XP UHIULJHUDGRU FRP D FODVVLILFDomR $ PXLWR HILFLHQWH FRQVRPH
N:KPrV GH HQHUJLD H RXWUR UHIULJHUDGRU FRP D FODVVLILFDomR & PHQRV
HILFLHQWHFRQVRPHN:KPrVGHHQHUJLDDUHGXomRGHFRQVXPRGDRSomR$p
GH N:KPrV GH HQHUJLD HOpWULFD ,VVR HTXLYDOH D XPD HFRQRPLD DQXDO GH
N:K2UHIULJHUDGRUFODVVLILFDGRFRPR$OHYDGR]HPHVHVSDUDJDVWDUHPHQHUJLD
HOpWULFD R TXH R RXWUR UHIULJHUDGRU JDVWD HP RLWR PHVHV VHQGR PDLV
HFRQ{PLFR
-i HVWi VHQGR LPSODQWDGD SRU HQTXDQWR GH IRUPD YROXQWiULD D HWLTXHWD GH
FRQVXPRSDUDHGLItFLRVQRVPROGHVGRTXHYHPVHQGRIHLWRQD(XURSD&%(
%DVHDQGRVH HP FiOFXORV GH DVSHFWRV GD HQYROWyULD GR HGLItFLR GR VLVWHPD GH
LOXPLQDomRHGRVLVWHPDGHDUFRQGLFLRQDGRHVWDUHJXODPHQWDomRSUHWHQGHREWHUD
FODVVLILFDomR JHUDO GR HGLItFLR DQDOLVDGR HP WHUPRV GH HILFLrQFLD HQHUJpWLFD TXH
YDULDGRQtYHO$PDLVHILFLHQWHDRQtYHO(PHQRVHILFLHQWH)LJXUD
$OpPGHVWHVUHFXUVRVXPERPSURMHWRDUTXLWHW{QLFRGHYHULDLQFOXLUDQiOLVHVVREUH
VHX GHVHPSHQKR HQHUJpWLFR SRLV FDGD GHFLVmR WRPDGD GXUDQWH R SURFHVVR GH
SURMHWR LQIOXHQFLD QR GHVHPSHQKR WpUPLFR H OXPLQRVR GR HGLItFLR 3DUD TXH R
SURMHWR WHQKD XP ERP GHVHPSHQKR p LPSRUWDQWH TXH HVWDV GHFLV}HV VHMDP

EDVHDGDV QR FRQKHFLPHQWR GDV YDULiYHLV H FRQFHLWRV TXH HQYROYHP D HILFLrQFLD

HQHUJpWLFD H R FRQIRUWR DPELHQWDO H QDV DQiOLVHV TXH R DUTXLWHWR SRGH ID]HU GDV
GLYHUVDVDOWHUQDWLYDVGHSURMHWRHPWRGDVDVHWDSDVGRSURFHVVR(VWHVFRQFHLWRVH
DQiOLVHV GHYHP LQFRUSRUDUVH QDWXUDOPHQWH DR SURFHVVR GH SURMHWR GR DUTXLWHWR
GHVGH R SURJUDPD GH QHFHVVLGDGHV $ SUiWLFD GD DUTXLWHWXUD H[LJH DVVLP D
FRQVFLHQWL]DomR GR SURILVVLRQDO HP UHODomR D XPD VpULH GH DVSHFWRV TXH VmR
XVXDOPHQWH QHJOLJHQFLDGRV (VVH WHPD YROWDUi D VHU GLVFXWLGR PDLV j IUHQWH QR
~OWLPRFDStWXORGHVWHOLYUR

)LJXUD(WLTXHWDJHPGHHILFLrQFLDHQHUJpWLFDHPHGLILFDo}HVIRQWH&%(
3RU HQTXDQWR YDPRV OHPEUDU DOJXQV SULQFtSLRV XVDGRV QD DUTXLWHWXUD YHUQDFXODU
SULQFtSLRV HVWHV TXH HUDP DSUHHQGLGRV HPSLULFDPHQWH H WUDQVIHULGRV GLUHWDPHQWH
GHSDLSDUDILOKRHGHPHVWUHSDUDDSUHQGL]

'D$UTXLWHWXUD9HUQDFXODUDRV1RVVRV'LDV
$ $548,7(785$ 9(51$&8/$5 TXH p JHQXtQD FRUUHWD SXUD H LVHQWD GH

HVWUDQJHLULVPRV )HUUHLUD HQVLQD PXLWDV WpFQLFDV FRQFHLWRV H SULQFtSLRV
ELRFOLPiWLFRV H VXVWHQWiYHLV TXH SRGHP VHU HPSUHJDGRV HP HGLILFDo}HV TXH
SHUVLJDPDDOWDHILFLrQFLDHQHUJpWLFD
2SULPHLURGHVWHVSULQFtSLRVHUDJHUDOPHQWHDSURYHLWDUDVFDUDFWHUtVWLFDVGHVHMiYHLV
GRFOLPDHQTXDQWRVHHYLWDYDPDVLQGHVHMiYHLV
FDStWXOR806(*81'2%5(9(+,675,&2
)RLQDDQWLJD5RPDTXHVXUJLXRSULPHLURVLVWHPDGHDTXHFLPHQWRDUWLILFLDOGHTXH
VH WHP QRWtFLD ([LVWLDP VLVWHPDV SDUD DTXHFLPHQWR GH iJXD FRQKHFLGRV FRPR
&DOLGDULXP H SDUD DTXHFLPHQWR GH DPELHQWHV FRPR R ,SRFDXVWR W~QHLV
VXEWHUUkQHRV RQGH XPD IRUQDOKD DTXHFLD R DU TXH SRU VXD YH] DTXHFLD RV
DPELHQWHV )LJXUD 2V LSRFDXVWRV TXHLPDYDP PDGHLUD H FDUYmR HP IRUQRV H
LPSXOVLRQDYDP R DU TXHQWH DWUDYpV GH ODGULOKRV YD]DGRV VLWXDGRV QRV SLVRV H
SDUHGHV

)LJXUDIULJLGDULXPFDOLGDULXPHLSRFDXVWRURPDQRV
8PLSRFDXVWRSRGLDGHYRUDUTXLORVGHPDGHLUDSRUKRUDRXPDLVGHPHWURV
F~ELFRV GH OHQKD GLiULRV (VSt 0DV DV UHVHUYDV GH PDGHLUD HVWDYDP VH
HVJRWDQGRMiQR VpFXOR G&H[LJLQGRGRVURPDQRV D EXVFD GHQRYDV WHFQRORJLDV
PDLV VXVWHQWiYHLV GH FRQVWUXomR FRQVLGHUDQGR DVVLP R 6RO FRPR SULQFLSDO IRQWH
GHFDORU3OtQLRHVFULWRUGDpSRFDSDUWLFLSRXGRLQtFLRGHVWHSURFHVVRFRQVWUXLQGR
VXDV GXDV FDVDV VHJXQGR D WpFQLFD VRODU GRV JUHJRV DQWLJRV 2 HVFULWyULR GH XPD
GHVWDV FDVDV WLQKD D IRUPD VHPLFLUFXODU FRP JUDQGHV MDQHODV SRU RQGH R 6RO
SHQHWUDYD GHVGH D PDQKm DWp R HQWDUGHFHU 3OtQLR EDWL]RX HVWD WpFQLFD GH
KHOLRFDPLQXV (VWH DPELHQWH XVDYD D WpFQLFD FRQKHFLGD DWXDOPHQWH FRPR LQpUFLD
WpUPLFD TXH GLVSXQKD PDWHULDLV FRP PDLRU FDSDFLGDGH WpUPLFD SDUD DV SDUHGHV
TXHUHFHELDPRVROGLUHWR
0DV 5RPD HUD XPD FLGDGH LQVXVWHQWiYHO H WHYH VXD HFRQRPLD GLPLQXtGD FRP D
HVFDVVH]GDPDGHLUD2VURPDQRVVHYLUDPREULJDGRVDDGRWDUXPHVWLORGHYLGDH
GH DUTXLWHWXUD DXWRVXILFLHQWH 2V DUTXLWHWRV )DYHQWLQR H 3DODGLR HVFUHYHUDP
PDQXDLV GH WpFQLFDV TXH KRMH GHQRPLQDPRV GH DXWRFRQVWUXomR FRP HQIRTXH
VXVWHQWiYHO (VWDV LQFOXLDP D UHXWLOL]DomR GD iJXD D GLVWULEXLomR GRV DPELHQWHV
DFLPD GRV EDQKRV TXHQWHV SDUD DSURYHLWDU R FDORU VRODU H R FDORU TXH YLQKD GRV
SUySULRV EDQKRV 7DPEpP R XVR GHFRUHV FODUDV SDUD UHIOHWLU FDORU HHVFXUDV SDUD
DEVRUYrORLQLFLRXQHVVDpSRFD
1RVpFXOR9,DLPSRUWkQFLDGRDFHVVRVRODUIRLILQDOPHQWHUHJLVWUDGDSHORLPSHUDGRU
-XVWLQLDQR QR TXHKRMH SRGHPRV GHILQLUFRPR D SULPHLUD OHJLVODomR DPELHQWDO GH
TXHVHWHPQRWtFLD)LJXUD$OHLGL]LDRVHJXLQWH

6H XP REMHWR HVWi FRORFDGR GH PDQHLUD D REVWUXLU R 6RO HP XP
KHOLRFDPLQXV GHYH DILUPDUVH TXH WDO REMHWR FULD VRPEUD HP XP
ORFDO RQGH D OX]GR 6RO FRQVWLWXL XPD DEVROXWD QHFHVVLGDGH ,VWR p
DVVLPXPDYLRODomRGRGLUHLWRDRVROGRKHOLRFDPLQXV7UDGX]LGRH
DGDSWDGRGH(VSt
)LJXUDKHOLRFDPLQXVURPDQR
(P FOLPDV PXLWR VHYHURV FRPR QR QRUWH GD &KLQD QD FLGDGH GH +RQDQ SRU
H[HPSOR DV HGLILFDo}HV IRUDP FRQVWUXtGDV VXEWHUUkQHDV 5XGRIVN\ 5RPHUR
6mR HVFRODV PHUFDGRV UHVLGrQFLDV WXGR VRE D VXSHUItFLH GD WHUUD )LJXUD
9LVWD GH FLPD D FLGDGH PRVWUD DSHQDV RV SiWLRV GDV FDVDV $ WHPSHUDWXUD
DEDL[R GD VXSHUItFLH GR VROR p PDLV DPHQD FRPSHQVDQGR RV H[WUHPRV GD
WHPSHUDWXUDGRDUDOWDGXUDQWHRGLDHEDL[DjQRLWH
)LJXUDFDVDVVXEWHUUkQHDVQRQRUWHGD&KLQDDGDSWDGRGH5RPHUR

FDStWXOR806(*81'2%5(9(+,675,&2
1RGHVHUWRGR&RORUDGRQRV(VWDGRV8QLGRVRSRYRGH0HVD9HUGHFRQVWUXLXVXDV
KDELWDo}HV SURWHJLGDV GR VRO SHODV HQFRVWDV GH SHGUD GH IRUPD D VRPEUHDU D
LQFLGrQFLDGRVUDLRVVRODUHVQRYHUmRTXHQWHHVHFR5XGRIVN\5RPHUR
1R LQYHUQR D LQFOLQDomR PDLV EDL[D GR VRO SHUPLWH VXD HQWUDGD QDV KDELWDo}HV
DTXHFHQGRDVGXUDQWHRGLD2FDORUDUPD]HQDGRQDURFKDGDVHQFRVWDVGXUDQWHR
GLD pGHYROYLGR DR LQWHULRU GDV KDELWDo}HV j QRLWH JDUDQWLQGR R FRQIRUWR WpUPLFR
)LJXUD
)LJXUD0HVD9HUGHKDELWDo}HVHNLZDDGDSWDGRGH5RPHUR
1D 7XQtVLD DV KDELWDo}HV

WDPEpP HUDP HQWHUUDGDV
SDUD HYLWDU RV H[WUHPRV
GH WHPSHUDWXUD GR FOLPD
TXHQWH H VHFR DOpP GH
SURWHJHUHP DV SHVVRDV
GDVWHPSHVWDGHVGHYHQWR
6KHOWHU )LJXUD

)LJXUDKDELWDomRWURJORGLWDDWXDOPHQWH
XVDGDFRPRKRWHOQD7XQtVLD


(VVH IHQ{PHQR DFRQWHFH GHYLGR DR
SULQFtSLR FRQKHFLGR FRPR LQpUFLD WpUPLFD
FRQIRUPHYHUHPRVPDLVGHWDOKDGDPHQWHQR
LWHP $ %LRFOLPDWRORJLD $SOLFDGD j
$UTXLWHWXUD

(P 6HYLOKD QD (VSDQKD YiULDV UXDV HUDP
VRPEUHDGDV SRU WROGRV UHGX]LQGR D
LQFLGrQFLD VRODU GXUDQWH R GLD )LJXUD
(VVHV WROGRV DLQGD KRMH SRGHP VHU
YLVWRVHPDOJXPDVUXDVGDFLGDGHGXUDQWHR
SHUtRGRGHYHUmR

)LJXUDUXDVRPEUHDGDHP6HYLOKD

$WpR3(52'2*7,&2FRQKHFLGRFRPRD
,GDGHGDV7UHYDVRDUTXLWHWRHRDUWHVmR
WUDEDOKDYDP MXQWRV 2 FRQFHEHU H R
FRQVWUXLU DFRQWHFLDP VLPXOWDQHDPHQWH
1DV FDWHGUDLV JyWLFDV D PDLRU SDUWH GRV
SUREOHPDV FRQVWUXWLYRV HUD UHVROYLGD LQ
ORFR)LJXUD

)LJXUDDUTXLWHWXUDJyWLFD
$V QRYDV WpFQLFDV HVWUXWXUDLV VXUJLGDV QD pSRFD SRVVLELOLWDUDP PDLV DEHUWXUDV QDV
SDUHGHVLQFOXVLYHFRPYLWUDLVTXHSDUDGR[DOPHQWHWURX[HUDPQRYDOX]j,GDGH
GDV7UHYDV
3RUpPHVVHTXDGURPXGRXQR5(1$6&,0(172FRPDLQYHQomRGDSHUVSHFWLYDSRU
%UXQHOHVFKL %LFFD $ GLJQLGDGH GR DUTXLWHWR VHULD FRQVLGHUDGD D SDUWLU GH
DJRUDWDQWRPDLRUTXDQWRPDLRUIRVVHVXDGHVYLQFXODomRFRPRDUWHVmR,VWRDIDVWRX

FDStWXOR806(*81'2%5(9(+,675,&2
GRSURMHWLVWDXPULFRYRFDEXOiULRGHVROXo}HVDUTXLWHW{QLFDVGDpSRFDHOLPLWRXR
FRQKHFLPHQWRTXHDQWHVHUDSDVVDGRGHSDLSDUDILOKR
)LJXUD5HYROXomRLQGXVWULDO
$ 5(92/8d2 ,1'8675,$/ WURX[H XP

QRYR HOHQFR GH PDWHULDLVFRPR R DoR
HRFRQFUHWRDUPDGRTXHGHVDILDUDPD
WUDGLomR GH FRQVWUXLU HP DOYHQDULD GH
SHGUDGRPLQDQWHGHVGHR(JLWRDQWLJR
DWp R VpFXOR ;,; QR PXQGR RFLGHQWDO
)LJXUD 1R HQWDQWR HVWD
WUDGLomR FRQVWUXWLYD SHUVLVWLX DWp D
6HJXQGD *XHUUD 0XQGLDO $ SDUWLU GDt
DV JUDQGHV WUDQVIRUPDo}HV VRFLDLV
HFRQ{PLFDV H WpFQLFDV PXGDUDP R
TXDGURGDDUTXLWHWXUDYLROHQWDPHQWH
1R SHUtRGR HQWUH JXHUUDV VXUJLX R (67,/2 ,17(51$&,21$/ UHYROXFLRQDQGR SRU

FRPSOHWRRVFRQFHLWRVGDDUTXLWHWXUD/H&RUEXVLHUODQoRXLGHLDVFRPRRHVTXHOHWR
HVWUXWXUDORWHUUDoRMDUGLPDSODQWDOLYUHRVSLORWLVHR02'8/25TXHUHODFLRQD
DV SURSRUo}HV HQWUH R KRPHP H R HVSDoR DUTXLWHW{QLFR SURMHWDGR %RHVLJHU H
*LUVEHUJHU)LJXUD

)LJXUDPRGXORUGH/H&RUEXVLHU
,QIHOL]PHQWH SRXFRV SURILVVLRQDLV SRVVXtDP DV KDELOLGDGHV GH /H &RUEXVLHU H VH
WUDtUDP TXDQGR OLPLWDUDP D DUTXLWHWXUD IXQFLRQDOLVWD D XP PHUR MRJR GH PRWLYRV
HPIDFKDGDVRXDXPDOXWDSHODFRQTXLVWDGHYmRVFDGDYH]PDLRUHVHPFRQFUHWR
DUPDGR 3DUDOHODPHQWH RV DYDQoRV GH iUHDV SDUWLFXODUHV GR SURFHVVR GH
FRQVWUXomR GD DUTXLWHWXUD HQWUH HODV R FRQIRUWR DPELHQWDO QmR HUDP PDLV
DVVLPLODGRVSHORVDUTXLWHWRV0LHVYDQGHU5RKHFRPVXDVFRUWLQDVGHYLGURFULRX
XP YHUGDGHLUR tFRQH GH HGLItFLRV GH HVFULWyULRV 6HX IRUPDOLVPR FOHDQ IRL VHJXLGR
SRUYiULDVJHUDo}HVGHSURILVVLRQDLVTXHLQWHUQDFLRQDOL]DUDPRTXHHUDGLVWLQWRSDUD
DOJXPDVFXOWXUDV)LJXUD

)LJXUDPHWiIRUDGR(VWLOR,QWHUQDFLRQDO
2FRQVHTXHQWHHGLItFLRHVWXIDIRLHQWmRH[SRUWDGRFRPRVtPERORGHSRGHUDVVLP
FRPRVLVWHPDVVRILVWLFDGRVGHDUFRQGLFLRQDGRHPHJDHVWUXWXUDVGHDoRHFRQFUHWR
VHPVRIUHUUHDGDSWDo}HVjVFDUDFWHUtVWLFDVFXOWXUDLVHFOLPiWLFDVGRORFDOGHGHVWLQR
)LJXUD$DUTXLWHWXUDHVWDYDVHSURVWLWXLQGR
)LJXUDHGLItFLRHVWXID

FDStWXOR806(*81'2%5(9(+,675,&2

$&ULVHGH3HWUyOHR
6LVWHPDV GH LOXPLQDomR H GH FOLPDWL]DomR DUWLILFLDO SDVVDUDP D VHU ODUJDPHQWH

XWLOL]DGRVGDQGRDRSURMHWLVWDXPDSRVLomREDVWDQWHF{PRGDSHUDQWHRVSUREOHPDV
GH DGHTXDomR GR HGLItFLR DR FOLPD )RUDP VXUJLQGR YHUGDGHLURV FRORVVRV
DUTXLWHW{QLFRV VXEPHWLGRV D XPD KHPRUUDJLD HQHUJpWLFD H HFRQ{PLFD (VWD
VLWXDomR DJUDYRXVH FRP D FULVH GH SHWUyOHR GH H FRP R DXPHQWR GD
SRSXODomRQRVFHQWURVXUEDQRVQDGpFDGDGH
3DUD VXSHUDU D FULVH D SURGXomR GH HOHWULFLGDGH WHYH TXH FUHVFHU PXLWR GHVGH
HQWmR (QWUHWDQWR HVWD DOWHUQDWLYD WUD] RV LQFRQYHQLHQWHV GR LPSDFWR DPELHQWDO
FDXVDGR SRU QRYDV XVLQDV FRPR DV SRVVtYHLV LQXQGDo}HV H GHVORFDPHQWRV GH
SRSXODo}HV KLGUHOpWULFDV D SROXLomR H RV ULVFRV FRP D VHJXUDQoD S~EOLFD
WHUPRHOpWULFDVHQXFOHDUHV$OpPGLVVRDH[LJrQFLDGHJUDQGHVLQYHVWLPHQWRVGR
JRYHUQR QHVWHV SURMHWRV LPSOLFD D UHGXomR GRV LQYHVWLPHQWRV HP RXWUDV iUHDV
VD~GHHGXFDomRHKDELWDomRDQWDJRQL]DQGRDLGHLDGHSURJUHVVRHPEXWLGDQHVVD
SROtWLFD
$DOWHUQDWLYDTXHVHPRVWUDPDLVDGHTXDGDDHVVHTXDGURpDXPHQWDUDHILFLrQFLD
QR XVR GH HQHUJLD 6HJXQGR *HOOHU D HFRQRPLD GH HQHUJLD UHGX] D
QHFHVVLGDGH GH JDVWRV FRP R VHWRU S~EOLFR SDVVDQGR DRV IDEULFDQWHV GH
HTXLSDPHQWRV H DRV FRQVXPLGRUHV RV LQYHVWLPHQWRV QHFHVViULRV 7DPEpP VH
UHGX]HPFRPHVVDVROXomRRVFXVWRVGHSURGXomRGHPDWHULDLVFRQVWUXWLYRVFRPR
R DoR H R DOXPtQLR WRUQDQGR VHXV SUHoRV PDLV EDL[RV QR PHUFDGR LQWHUQR H
FRPSHWLWLYRV QR H[WHUQR 9DOH D SHQD UHVVDOWDU TXH D HQHUJLD HOpWULFD SDVVD SRU
TXDWURIDVHVGLVWLQWDVJHUDomRWUDQVPLVVmRGLVWULEXLomRHFRQVXPR4XDQWRPDLRU
IRU R GHVHPSHQKR GRV FRPSRQHQWHV GH FDGD XPD GHVWDV IDVHV PHQRUHV VHUmR DV
SHUGDV GH HQHUJLD GR SURFHVVR FRPR XP WRGR $R DUTXLWHWR FDEH D FRQFHSomR GH
SURMHWRV TXH SRVVLELOLWHP D H[HFXomR GH HGLItFLRV PDLV HILFLHQWHV ORJUDQGR FRP
HVVDSRVWXUDRFRQIRUWRGRVXVXiULRVHRXVRUDFLRQDOGDHQHUJLD)LJXUD
pPDLVEDUDWR(&2120,=$5HQHUJLDGRTXH)251(&/$

)LJXUDpPDLVEDUDWRHFRQRPL]DUHQHUJLDTXHIRUQHFrOD


$6LWXDomR$WXDO
$ RIHUWD GH HQHUJLD QR %UDVLO SURYpP GDV VHJXLQWHV IRQWHV KLGUiXOLFD JiV
SHWUyOHR OHQKD yOHR GLHVHO H yOHR FRPEXVWtYHO $ HOHWULFLGDGH WRWDO RIHUWDGD HP
IRL GH 7:K VHQGR TXH 7:K YLHUDP GH JHUDomR KLGUHOpWULFD
HTXLYDOHQWHDGRWRWDO(3(
e LPSRUWDQWH OHPEUDU TXH DV XQLGDGHV GH PHGLGD GH HQHUJLD SRGHP GLIHUHQFLDU
FRQIRUPH D IRQWH 1HVWH OLYUR DV XQLGDGHV PDLV XWLOL]DGDV VHUmR RV P~OWLSORV GR
TXLORZDWWKRUDN:KHDWRQHODGDHTXLYDOHQWHGHSHWUyOHRWHS2VP~OWLSORVPDLV
XVDGRV GR TXLORZDWWKRUD N:K VmR R PHJDZDWWKRUD 0:K R JLJDZDWWKRUD
*:KHRWHUDZDWWKRUD7:K
0:K N:K
*:K N:K
7:K N:K

'R WRWDO GR FRQVXPR GH HQHUJLD HOpWULFD QR %UDVLO HP 7:K DV
HGLILFDo}HVUHSUHVHQWDUDP7:KFRQIRUPHLOXVWUDGRQD)LJXUD
VHQGR TXH R VHWRU UHVLGHQFLDO FKHJRX D GR WRWDO QDFLRQDO 7:K R
VHWRUFRPHUFLDOUHSUHVHQWRXGRWRWDO7:KHRVHWRUS~EOLFRGR
WRWDO7:K(3(

)LJXUD&RQVXPRGHHQHUJLDHOpWULFDHPHGLILFDo}HVQR%UDVLOHP)RQWH(3(

&RQVXPRQRV6HWRUHV5HVLGHQFLDO&RPHUFLDOH3~EOLFR
e LPSRUWDQWH HQIDWL]DU TXH HP XPD LQG~VWULD D PDLRU SDUWH GD HQHUJLD HOpWULFD
FRQVXPLGD SURYpP GDV PiTXLQDV H PRWRUHV FRQVXPR TXH LQGHSHQGH GR SURMHWR
DUTXLWHW{QLFROLPLWDQGRDDWXDomRGRDUTXLWHWRQRVHQWLGRGHHFRQRPL]DUHQHUJLD
&RPR R KRUiULR GH IXQFLRQDPHQWR GD PDLRULD GDV LQG~VWULDV p GLXUQR R
DSURYHLWDPHQWR GD OX] QDWXUDO GHYH VHU FRQVLGHUDGR FRPR XPD GDV SULQFLSDLV
HVWUDWpJLDVGHHFRQRPLDQRSURMHWRDUTXLWHW{QLFRQHVWHVHWRU$YHQWLODomRQDWXUDO
HPLQG~VWULDVHPERUDVHMDHVVHQFLDOSDUDSURPRYHUFRQIRUWRWpUPLFRSRGHQmRVHU

FDStWXOR806(*81'2%5(9(+,675,&2
VXILFLHQWH SRLV GHSHQGH GDV FRQGLo}HV FOLPiWLFDV QHP VHPSUH IDYRUiYHLV
GLILFXOWDQGRRFRQGLFLRQDPHQWRQDWXUDOGHVWHWLSRGHHGLILFDomR
2V VHWRUHV UHVLGHQFLDO FRPHUFLDO H S~EOLFR FRQFHQWUDP SRUWDQWR D SDUWH PDLV
VLJQLILFDWLYD GD DWXDomR GR DUTXLWHWR HP DXPHQWDU D HILFLrQFLD HQHUJpWLFD QDV
HGLILFDo}HVVHQGRPDLVGHWDOKDGRVDVHJXLU
&RPR YLVWR DQWHULRUPHQWH GR WRWDO GD SURGXomR QDFLRQDO GH HQHUJLD HOpWULFD
VHGHVWLQDPDRXVRHP5(6,'1&,$6$GLVWULEXLomRGHVWHFRQVXPRSRGHVHU
YLVWDQD)LJXUDDGDSWDGDGH(OHWUREUDVD

)LJXUDFRQVXPRSRUXVRILQDOHPUHVLGrQFLDVEDVHDGDHP(OHWUREUDVD
$ PDLRU SDUWH GR FRQVXPR GH HQHUJLD HOpWULFD HP UHVLGrQFLDV GHVWLQDVH D
JHODGHLUDV FKXYHLURV H OkPSDGDV SRUpP PDLV UHFHQWHPHQWH R DU FRQGLFLRQDGR
FRPHoDDSDUWLFLSDUGHVWHFHQiULRFRPPDLRUFRQVXPRFKHJDQGRDQDPpGLD
QDFLRQDO (VVH YDORU WHQGH D FUHVFHU PDLV DLQGD QXP IXWXUR SUy[LPR FRQIRUPH
DXPHQWHRSRGHUDTXLVLWLYRGDSRSXODomRHGHYLGRDQmRDGHTXDomRGDVHGLILFDo}HV
DRFOLPDORFDO
$V GHFLV}HV GH SURMHWR LQIOXHQFLDP IRUWHPHQWH R GHVHPSHQKR WpUPLFR YLVXDO H
HQHUJpWLFRGDHGLILFDomR2DUTXLWHWRGHYHFRQVLGHUDUDDGHTXDomRGRVHXSURMHWR
DRFOLPDORFDOXWLOL]DQGRGLYHUVDVHVWUDWpJLDVGHXVRGDOX]QDWXUDOUHVIULDPHQWRH
DTXHFLPHQWRSDVVLYRGRVDPELHQWHV2SURMHWRWDPEpPSRGHLQFOXLURXVRGHIRQWHV
DOWHUQDWLYDV GH HQHUJLD FRPR D HyOLFD D ELRPDVVD H D VRODU VHQGR HVWD ~OWLPD
WDQWRDWUDYpVGDJHUDomRHDUPD]HQDPHQWRGHHQHUJLDHOpWULFDIRWRYROWDLFDFRPR
GRDTXHFLPHQWRVRODUGHiJXD
$ )LJXUD PRVWUD TXH R XVR GH HQHUJLD HOpWULFD SDUD UHIULJHUDomR TXH LQFOXL
JHODGHLUDVHIUHH]HUVHPERUDYDULHGHUHJLmRSDUDUHJLmRGR%UDVLOpGDRUGHPGH

1DUHJLmR6XODUHIULJHUDomRUHSUHVHQWDGRFRQVXPRGHHQHUJLDHOpWULFD
HP UHVLGrQFLDV PHQRU SHUFHQWXDO QDFLRQDO HQTXDQWR TXH QDV UHJL}HV 1RUWH H
1RUGHVWH HVWH SHUFHQWXDO FUHVFH UHVSHFWLYDPHQWH SDUD H PDLRUHV
YDORUHV,VVRFODUDPHQWHUHIOHWHDVGLIHUHQoDVFOLPiWLFDVHQWUHHVWDVUHJL}HV2VXO
GR %UDVLO FRP WHPSHUDWXUDV PDLV DPHQDV H[LJH PHQRU SRWHQFLDO GH UHIULJHUDomR
TXHRQRUWHHRQRUGHVWHRQGHRFDORULPSHUDDRORQJRGHWRGRRDQR
(VVH TXDGUR GH FRQVXPR PXGD TXDQGR VH WUDWD GD HQHUJLD HOpWULFD JDVWD QR
DTXHFLPHQWRGHiJXDSULQFLSDOPHQWHFKXYHLURVGRPpVWLFRVVHQGRTXHRV(VWDGRV
GR1RUWHHGR1RUGHVWHEUDVLOHLURRQGHRDTXHFLPHQWRHOpWULFRGHiJXDUHSUHVHQWD
DSHQDV H UHVSHFWLYDPHQWH GLVWDQFLDPVH GD PpGLD QDFLRQDO GH 1HVWH
WLSR GH XVR ILQDO DV UHJL}HV 6XGHVWH &HQWURRHVWH H 6XO VmR DV JUDQGHV YLOmV GH
FRQVXPR VRPDQGR UHVSHFWLYDPHQWH H GR WRWDO GH FRQVXPR
HQHUJpWLFRHPUHVLGrQFLDV
$LOXPLQDomRDUWLILFLDODEUDoDXPDIDWLDGHGRFRQVXPRHQHUJpWLFRQDFLRQDOHP
UHVLGrQFLDVVHQGRDUHJLmR6XODTXHPHQRVFRQVRPHHQHUJLDGHVWDIRUPDDSHQDV
GRFRQVXPRHQHUJpWLFRQXPDUHVLGrQFLDVmRGHVWLQDGRVjLOXPLQDomRDUWLILFLDO
$UHJLmR6XGHVWHpDTXHPDLVFRQVRPHHQHUJLDHOpWULFDSDUDLOXPLQDomR
2XVRGRDUFRQGLFLRQDGRMiUHSUHVHQWDGRWRWDOQDPpGLDQDFLRQDOGHFRQVXPR
HQHUJpWLFR HP UHVLGrQFLDV )DODQGRVH GH IRUPD UHJLRQDO D UHJLmR 1RUWH p D TXH
PDLVJDVWDHQHUJLDFRPDUFRQGLFLRQDGRHPUHVLGrQFLDVDWLQJLQGRGRWRWDOGR
FRQVXPR UHVLGHQFLDO GH HQHUJLD HOpWULFD HQTXDQWR TXH D UHJLmR 6XGHVWH p D TXH
PHQRV FRQVRPH QHVWD FDWHJRULD GH XVR ILQDO VRPDQGR DSHQDV GR WRWDO GH
FRQVXPR HQHUJpWLFR SRU XVR ILQDO 1RYDPHQWH LVVR VH H[SOLFD SHODV JUDQGHV
GLIHUHQoDV FOLPiWLFDV HQWUH HVWDV UHJL}HV 1R 1RUWH WHPSHUDWXUDV DOWDV VmR
SUHVHQWHV GXUDQWH WRGR R DQR HQTXDQWR TXH QR 6XGHVWH WHPSHUDWXUDV EDL[DV VH
ID]HPSUHVHQWHVHPSHORPHQRVWUrVPHVHVGRDQReLPSRUWDQWHUHVVDOWDUTXHQD
UHJLmR6XORFRQVXPRHPDUFRQGLFLRQDGRVDOWDSDUDGRWRWDOGHHQHUJLDJDVWD
HPXPDUHVLGrQFLDYDORUDOWRVHIRUOHYDGRHPFRQVLGHUDomRRIDWRGHRFOLPDGR
6XOWHUYHUmRLJXDOSRUpPLQYHUQRIULR
6DOLHQWDVHTXHFRPRGHVHQYROYLPHQWRVRFLDOFUHVFHQWHDGLPLQXLomRGRVSUHoRV
GRV DSDUHOKRV H FRP D FRQVWUXomR GH HGLILFDo}HV QmR DGHTXDGDV DR FOLPD D
DTXLVLomR GH DSDUHOKRV GH DU FRQGLFLRQDGR VHUi FDGD YH] PDLRU SUREOHPD TXH
WHQGHDVHUDJUDYDGRFRPRWHPSR
6HJXQGRD)LJXUDRVRXWURVXVRVILQDLVGHHQHUJLDUHSUHVHQWDGRQDLOXVWUDomR
SRU XP DSDUHOKR GH 79 VRPDP DSUR[LPDGDPHQWH GR WRWDO GH HQHUJLD
HOpWULFD FRQVXPLGD HP UHVLGrQFLDV QD PpGLD QDFLRQDO 1mR Ki JUDQGHV YDULDo}HV
UHJLRQDLVQHVWHWLSRGHXVRILQDO'HYHVHUGHVWDFDGRTXHRFRQVXPRGHHQHUJLDGRV
DSDUHOKRV HP PRGR GH HVSHUD VWDQG E\ GHYH VHU FRQVLGHUDGR YLVWR TXH HVWHV
DSDUHOKRVIXQFLRQDPKRUDV(QTXDQWRHVWHVDSDUHOKRVQmRWLYHUHPVXDHILFLrQFLD
DXPHQWDGD UHFRPHQGDVH R GHVOLJDPHQWR WRWDO GR VLVWHPD TXDQGR R XVXiULR QmR
IRUXWLOL]iORSRUSHUtRGRVPXLWRJUDQGHV
'RWRWDOGDSURGXomRQDFLRQDOGHHQHUJLDHOpWULFDVmRXVDGRVHP(',)&,26
&20(5&,$,6HHP(',)&,263%/,&26(3($)LJXUDPRVWUDTXHD
LOXPLQDomR H RDU FRQGLFLRQDGR VmRRV JUDQGHV XVRV ILQDLV GD HQHUJLD QHVWH VHWRU
1R VHWRU FRPHUFLDO DOLPHQWDGR SRU DOWD WHQVmR SRU H[HPSOR R DU FRQGLFLRQDGR
FKHJD D UHSUHVHQWDU GR WRWDO GR FRQVXPR GH HQHUJLD QD PpGLD QDFLRQDO

FDStWXOR806(*81'2%5(9(+,675,&2
HQTXDQWRTXHDLOXPLQDomRUHSUHVHQWD2VGHPDLVXVRVILQDLVUHSUHVHQWDP
GR WRWDO GH FRQVXPR 1RV HGLItFLRV S~EOLFRV )LJXUD R DU FRQGLFLRQDGR
UHSUHVHQWDGRWRWDOGRFRQVXPRGHHQHUJLDHQTXDQWRDLOXPLQDomRUHSUHVHQWD
RV HTXLSDPHQWRV GH HVFULWyULR H RV GHPDLV XVRV ILQDLV GR WRWDO
(OHWUREUDVE

)LJXUD&RQVXPRSRUXVRILQDOHPHGLItFLRVFRPHUFLDLVEDVHDGDHP(OHWUREUDVE

)LJXUD&RQVXPRSRUXVRILQDOHPHGLItFLRVS~EOLFRVEDVHDGDHP(OHWUREUDVE

$SDUWLUGHVWHVGDGRVGHFRQVXPRGHHQHUJLDQR%UDVLOSHUFHEHVHTXHXPSURMHWR
DUTXLWHW{QLFR DGHTXDGR DR FOLPD H FRQVFLHQWH GDV YDQWDJHQV GD XWLOL]DomR GH
HVWUDWpJLDVQDWXUDLVGHLOXPLQDomRDTXHFLPHQWRHUHVIULDPHQWRGRVDPELHQWHVWHP
XPJUDQGHSRWHQFLDOHPUHGX]LUDGHPDQGDGHHQHUJLDHVSHUDGDSDUDRVSUy[LPRV
DQRV


1RUPDOL]DomR
1RV ~OWLPRV DQRV D SUHRFXSDomR FRP RV LPSDFWRV DPELHQWDLV SURYRFDGRV SHOR
FRQWtQXR FUHVFLPHQWR SRSXODFLRQDO WHP VH WRUQDGR WHPD GH H[WUHPD LPSRUWkQFLD
QRV PHLRV FLHQWtILFRV H DFDGrPLFRV (P WHUPRV GH DUTXLWHWXUD R DXPHQWR GD
SRSXODomR PXQGLDO UHSUHVHQWD PDLRU GHPDQGD GH HGLILFDo}HV H GH FRQVXPR GH
HQHUJLD &RPR UHVXOWDGR YiULDV PHGLGDV SUHYHQWLYDV HVWmR HP YRJD HP GLYHUVDV
SDUWHVGRSODQHWDLQFOXLQGRQR%UDVLO
1RV SDtVHV GHVHQYROYLGRV D FULVH GH HQHUJLD H R DOWR FRQVXPR QR VHWRU GH
HGLILFDo}HV OHYDUDP j HODERUDomR GH QRUPDV GH HILFLrQFLD HQHUJpWLFD HP
HGLILFDo}HV1D(XURSDGLUHWUL]HVUHODWLYDVDRGHVHPSHQKRHQHUJpWLFRGRVHGLItFLRV
IRUDP DSURYDGDV SDUD LPSOHPHQWDomR HP 3UHWHQGHVH FRP LVVR DWLQJLU D
PHWD GH UHGXomR GH GDV HPLVV}HV GRV JDVHV FDXVDGRUHV GR HIHLWR HVWXID QR
SHUtRGR HQWUH H FRQIRUPH WUDWDGR QR 3URWRFROR GH .\RWR *RXODUW H
/DPEHUWVD
$ SUHRFXSDomR FRP R HIHLWR HVWXID H FRP D GHJUDGDomR GRV UHFXUVRV DPELHQWDLV
WDPEpPDOFDQoRXRV(VWDGRV8QLGRVUHIOHWLQGRHPQRYDVOHLVTXHEXVFDPPHOKRUDU
D HILFLrQFLD HQHUJpWLFD GDV HGLILFDo}HV &RPR H[HPSOR R (3$FW GH (QHUJ\
3ROLF\ $FW RI +RXVH RI 5HSUHVHQWDWLYHV 6HQDWH H *RXODUW H /DPEHUWV
E XPD OHL GH SiJLQDV UHSUHVHQWD XP HVIRUoR GR JRYHUQR 1RUWH
$PHULFDQRHPGLUHomRDXPDSROtWLFDHQHUJpWLFDIRUQHFHQGRLQFHQWLYRVILVFDLVSDUD
D LPSOHPHQWDomR GH HILFLrQFLD HQHUJpWLFD HP HGLILFDo}HV H[LVWHQWHV H PHVPR
QRYDV H REULJDQGR RV (VWDGRV 1RUWH$PHULFDQRV D WHUHP QRUPDV GH HILFLrQFLD
HQHUJpWLFDLJXDLVRXPHOKRUHVj$6+5$(6WDQGDUW6WDQGDUG
1R %UDVLO D /HL Q GH GH 2XWXEUR GH GLVS}H VREUH D 3ROtWLFD
1DFLRQDO GH &RQVHUYDomR H 8VR 5DFLRQDO GH (QHUJLD (OpWULFD D TXDO VH YLVD j
DORFDomRHILFLHQWHGHUHFXUVRVHQHUJpWLFRVHDSUHVHUYDomRGRPHLRDPELHQWH$OHL
WHPFRPRSRQWRIXQGDPHQWDORHVWDEHOHFLPHQWRSHOR3RGHU ([HFXWLYRGRV
QtYHLV Pi[LPRV GH FRQVXPR HVSHFtILFR GH HQHUJLD RX PtQLPRV GH HILFLrQFLD
HQHUJpWLFD GH PiTXLQDV H DSDUHOKRV FRQVXPLGRUHV GH HQHUJLD IDEULFDGRV RX
FRPHUFLDOL]DGRV QR SDtV WHQGR FRPR EDVH LQGLFDGRUHV HVSHFtILFRV $ OHL GLVFXWH
WDPEpPDUHVSRQVDELOLGDGHHPVHHODERUDUPHFDQLVPRVTXHSURPRYDPDHILFLrQFLD
HQHUJpWLFDQDVHGLILFDo}HV
(PGH'H]HPEURGHDOHLIRLUHJXODPHQWDGDSHOR'HFUHWRQ
TXH HQWUH RXWUDV DWXDo}HV Gi RULJHP DR *UXSR 7pFQLFR SDUD (ILFLHQWL]DomR GH
(QHUJLD QDV (GLILFDo}HV %UDVtOLD 'LVWULWR )HGHUDO D H E (VWH JUXSR WHP
FRPR SULQFLSDLV REMHWLYRV D DYDOLDomR GD HILFLrQFLD HQHUJpWLFD GDV HGLILFDo}HV D
FULDomR GH LQGLFDGRUHV UHIHUHQFLDLV GH FRQVXPR GH HQHUJLD QDV HGLILFDo}HV SDUD
FHUWLILFDomR GH VXD FRQIRUPLGDGH FRP UHODomR j HILFLrQFLD HQHUJpWLFD H D
GHWHUPLQDomR GH UHTXLVLWRV WpFQLFRV SDUD TXH RV SURMHWRV D VHUHP FRQVWUXtGRV
DWHQGDPHVWHVLQGLFDGRUHV
0DV DOpP GHVWD OHL H GHFUHWR R %UDVLO WDPEpP Mi SRVVXL QRUPDV UHIHUHQWHV DR
GHVHPSHQKR WpUPLFR H GH LOXPLQDomR QDWXUDO $V QRUPDV GH LOXPLQDomR QDWXUDO
$%17DEFHGVmRDVVHJXLQWHV
1%5 ,OXPLQDomR 1DWXUDO 3DUWH &RQFHLWRV EiVLFRV H GHILQLo}HV

GHVFUHYHDVYDULiYHLVHFRQFHLWRVHQYROYLGRVQRHVWXGRHDQiOLVHGDLOXPLQDomR

FDStWXOR806(*81'2%5(9(+,675,&2
QDWXUDO HP HGLILFDo}HV QXPD HVSpFLH GH JUDQGH JORVViULR TXH LQWURGX] R
DUTXLWHWRDRVWHUPRVPDLVLPSRUWDQWHV
1%5 ,OXPLQDomR 1DWXUDO 3DUWH 3URFHGLPHQWRV GH FiOFXOR SDUD D

HVWLPDWLYD GD GLVSRQLELOLGDGH GH OX] QDWXUDO 'HVFUHYH RV SURFHGLPHQWRV GH
FiOFXOR SDUD HVWLPDWLYD GD GLVSRQLELOLGDGH GH OX] QDWXUDO HP XP GHWHUPLQDGR
OXJDUGHSHQGHQGRGDSRVLomRHPHVPRGDSUHVHQoDGRVROQRFpXRPRPHQWR
HPTXHVWmRKRUiULRGRGLDHGLDGRDQRDSRVLomRJHRJUiILFDGRORFDOODWLWXGH
HORQJLWXGHHRWLSRGHFpXVREDQiOLVHFpXFODURFpXSDUFLDOPHQWHHQFREHUWR
H FpX HQFREHUWR 2 YDORU REWLGR GH LOXPLQkQFLD GR FpX SRGH VHU XWLOL]DGR QRV
FiOFXORVGHLOXPLQDomRQDWXUDOHPDPELHQWHVLQWHUQRVWUDWDGRVQD1%5

1%5 ,OXPLQDomR 1DWXUDO 3DUWH 3URFHGLPHQWR GH FiOFXOR SDUD D

GHWHUPLQDomR GD LOXPLQDomR QDWXUDO HP DPELHQWHV LQWHUQRV (VWD QRUPD
GHVFUHYHRDOJRULWPRXWLOL]DGRQRFiOFXORGD&RQWULEXLomRGD,OXPLQDomR1DWXUDO
&,1 FRP VLJQLILFDGR VHPHOKDQWH DR GR )DWRU GH /X] 'LXUQD )/' TXH
GHWHUPLQD D TXDQWLGDGH GHOX] QDWXUDO HP DPELHQWHV LQWHUQRV $ 1%5
WDPEpPDSUHVHQWDFDUWDVVRODUHVDFDGDGHODWLWXGHSDUDODWLWXGHVGHDWp

1%5 ,OXPLQDomR 1DWXUDO 3DUWH 9HULILFDomR H[SHULPHQWDO GDV

FRQGLo}HVGHLOXPLQDomRLQWHUQDGHHGLILFDo}HV0pWRGRGHPHGLomR'HVFUHYH
PpWRGRVSDUDDGHWHUPLQDomRH[SHULPHQWDOGDLOXPLQDomRLQWHULRU(VWDQRUPD
IDOD VREUH RV LQVWUXPHQWRV GH PHGLomR H SUHVFUHYH FRPR RV PHVPRV GHYHP
XWLOL]DGRV
7DPEpPIRUDPDSURYDGDVQR%UDVLOHPFLQFRQRUPDVGHGHVHPSHQKRWpUPLFR
HPHGLILFDo}HV$%17HIJKHL6mRHODV
1%5 'HVHPSHQKR WpUPLFR GH HGLILFDo}HV 3DUWH 'HILQLo}HV

VtPERORVHXQLGDGHVDSUHVHQWDDVYDULiYHLVUHIHUHQWHVDRGHVHPSHQKRWpUPLFR
HPHGLILFDo}HVVXDVGHILQLo}HVVtPERORVHXQLGDGHV
1%5'HVHPSHQKRWpUPLFRGHHGLILFDo}HV3DUWH0pWRGRVGHFiOFXOR
GDWUDQVPLWkQFLDWpUPLFDGDFDSDFLGDGHWpUPLFDGRDWUDVRWpUPLFRHGRIDWRU
VRODUGHHOHPHQWRVHFRPSRQHQWHVGHHGLILFDo}HVGHVFUHYHFRPH[HPSORVRV
PpWRGRVGHFiOFXORGDVUHIHULGDVYDULiYHLV
1%5 'HVHPSHQKR WpUPLFR GH HGLILFDo}HV 3DUWH =RQHDPHQWR

ELRFOLPiWLFREUDVLOHLURHGLUHWUL]HVFRQVWUXWLYDVSDUDKDELWDo}HVXQLIDPLOLDUHVGH
LQWHUHVVH VRFLDO DSUHVHQWD R ]RQHDPHQWR ELRFOLPiWLFR H DV GLUHWUL]HV
FRQVWUXWLYDVLQGLFDGDVSDUDFDGDUHJLmRGR%UDVLO$VGLUHWUL]HVFRQVWUXWLYDVQmR
HVWDEHOHFH OLPLWHV REULJDWyULRV PDV ID] UHFRPHQGDo}HV GH DGHTXDomR GD
HGLILFDomRjVGLIHUHQWHV]RQDVELRFOLPiWLFDV
1%5 'HVHPSHQKR WpUPLFR GH HGLILFDo}HV 3DUWH 0HGLomR GD
UHVLVWrQFLD WpUPLFD HGD FRQGXWLYLGDGHWpUPLFDSHOR SULQFtSLR GD SODFD TXHQWH
SURWHJLGD PpWRGR GH PHGLomR SDUD ODERUDWyULRV GDV UHIHULGDV SURSULHGDGHV
WpUPLFDVGRVPDWHULDLVFRQVWUXWLYRV
1%5 'HVHPSHQKR WpUPLFR GH HGLILFDo}HV 3DUWH 0HGLomR GD
UHVLVWrQFLD WpUPLFD H GD FRQGXWLYLGDGH WpUPLFD SHOR PpWRGR IOX[LPpWULFR

RXWURPpWRGRGHPHGLomRSDUDODERUDWyULRVGDVUHIHULGDVSURSULHGDGHVWpUPLFDV
GRVPDWHULDLVFRQVWUXWLYRV
([LVWHPDLQGDQRUPDVUHIHUHQWHVDRGHVHPSHQKRPtQLPRGHHGLILFDo}HVHPHVWiJLR
GHDSURYDomRQR%UDVLO$1RUPD$%17HPSURFHVVRGHDSURYDomRpGLYLGLGD
HP VHLV SDUWHV TXH GLVS}HP VREUH 5HTXLVLWRV *HUDLV FRPR VHJXUDQoD FRQWUD
LQFrQGLRHVWDQTXHLGDGHFRQIRUWRWpUPLFROXPtQLFRHDF~VWLFRTXDOLGDGHGRDUH
DFHVVLELOLGDGH HQWUH RXWURV (VWUXWXUD 3LVRV ,QWHUQRV )DFKDGDV H 3DUHGHV
,QWHUQDV&REHUWXUDVH6LVWHPDV+LGURVVDQLWiULRVHPHGLILFDo}HV
$OpP GLVVR R QRYR 5HJXODPHQWR 7pFQLFR GD 4XDOLGDGH SDUD R 1tYHO GH (ILFLrQFLD
(QHUJpWLFDGH(GLILFDo}HV5HVLGHQFLDLV/DE(((DHRV5HTXLVLWRV7pFQLFRVGD
4XDOLGDGHSDUDR1tYHOGH(ILFLrQFLD(QHUJpWLFDGH(GLItFLRV&RPHUFLDLVGH6HUYLoRV
H 3~EOLFRV /DE((( E DPERV DSURYDGRV HP HP EUHYH VH WRUQDUmR
REULJDWyULRV R TXH LQGX]LUi j HODERUDomR GH SURMHWRV HQHUJHWLFDPHQWH PDLV
HILFLHQWHV
(PERUD HVWDV QRUPDV SRU VL Vy QmR JDUDQWDP HGLILFDo}HV PDLV HILFLHQWHV H
FRQIRUWiYHLV VmR SDVVRV LPSRUWDQWHV HP GLUHomR D XP FHQiULR PtQLPR GH
H[LJrQFLDVTXHLUiFHUWDPHQWHSURYRFDUDOWHUDo}HVQDPDQHLUDFRPRRVSURMHWRV
GH DUTXLWHWXUD YrP VHQGR IHLWRV H QD FRQVFLrQFLD DPELHQWDO GRV DUTXLWHWRV H GD
SUySULD VRFLHGDGH (VWDV QRUPDV DOLDGDV DR SURJUDPD GH HWLTXHWDJHP GH
HGLILFDo}HV HP WHVWHV QR PRPHQWR FHUWDPHQWH LQIOXLUmR QRV PRGRV GH SHQVDU H
GHSURMHWDUDDUTXLWHWXUDEUDVLOHLUDQRVSUy[LPRVDQRV

2&RQFHLWRGH6XVWHQWDELOLGDGH
$SyV WDQWRV PRPHQWRV KLVWyULFRV RQGH D DUTXLWHWXUD WHYH VHXV FRQFHLWRV FULDGRV
DOWHUDGRV H DWp H[FOXtGRV IRL ILQDOPHQWH HP TXH D 2UJDQL]DomR GDV 1Do}HV
8QLGDV 218 UHDOL]RX XPD FRQIHUrQFLD FXMR WHPD IRL R GHVHQYROYLPHQWR
VXVWHQWiYHO$HQWmRFKDPDGD(FRGLVFXWLXRSDSHOGDKXPDQLGDGHHPVHUFDSD]
GH VH GHVHQYROYHU GH IRUPD VXVWHQWiYHO RX VHMD GH JDUDQWLU TXH VHX
GHVHQYROYLPHQWRHPERUDDWHQGDDVQHFHVVLGDGHVGRSUHVHQWHJDUDQWDjVJHUDo}HV
IXWXUDVDWHQGHUHPWDPEpPjVVXDVQHFHVVLGDGHV
$OpP GHVVH PDUFR KLVWyULFR RXWURV PRPHQWRV SRGHP VHU GHVWDFDGRV FRPR R
3URWRFROR GH 0RQWUHDO GH TXH GLVFXWLX R HPSREUHFLPHQWR GD FDPDGD GH
R]{QLR GD DWPRVIHUD SRU VXEVWkQFLDV FRPR RV JDVHV GR WLSR &)& H R 3URWRFROR GH
.\RWR GH TXH HVWDEHOHFHX PHWDV GH UHGXomR GDV HPLVV}HV GH &2 SDUD D
DWPRVIHUDHPQRYRVHGLItFLRVUHGXomRGHHHPHGLItFLRVH[LVWHQWHVUHGXomR
GH
$ $JHQGD HQJORERX GLYHUVRV SODQRV GH DomR LQFOXLQGR D $JHQGD +DELWDW ,,
DVVLQDGDQD&RQIHUrQFLDGDV1Do}HV8QLGDVUHDOL]DGDHP,VWDPEXOHPR&,%
HP $JHQGD RQ 6XVWDLQDEOH &RQVWUXFWLRQ TXH FRQWHPSOD PHGLGDV SDUD
UHGXomR GH LPSDFWRV DWUDYpV GH DOWHUDo}HV QD IRUPD FRPR RV HGLItFLRV VmR
SURMHWDGRV FRQVWUXtGRV H JHUHQFLDGRV DR ORQJR GR WHPSR H R &,%81(3 GH
$JHQGDIRUVXVWDQLQDEOHFRQVWUXFWLRQLQGHYHORSLQJFRXQWULHV
&RP LVVR R WHUPR DUTXLWHWXUD VXVWHQWiYHO VXUJLX D SDUWLU GRV DQRV FRPR XP
PHLR GH UHFRQKHFHU QD FRQVWUXomR XPD GDV SULQFLSDLV IRQWHV GH GHJUDGDomR GRV

FDStWXOR806(*81'2%5(9(+,675,&2
UHFXUVRV DPELHQWDLV H SRWHQFLDOPHQWH D SULQFLSDO IRQWH GH UHQRYDomR GRV
PHVPRV

%RQV([HPSORVGH$UTXLWHWXUD&RQWHPSRUkQHD
2VpFXOR;;IRLSDUWLFXODUPHQWHIpUWLOSDUDDDUTXLWHWXUDHKRMHTXDQGRHVWDPRVQR
LQtFLRGRVpFXOR;;,RSDQRUDPDDUTXLWHW{QLFRpMRYHPHSOXUDOLVWD(VWLORVFRPRR
SyVPRGHUQLVPR R KLJKWHFK R FRQVWUXWLYLVPR H R GHVFRQVWUXWLYLVPR PRVWUDP
H[SHULrQFLDVVLJQLILFDWLYDVGDSUHRFXSDomRFUHVFHQWHGRVDUTXLWHWRVFRPDPHOKRULD
GD TXDOLGDGH GDV HGLILFDo}HV LQFOXVLYH FRQVLGHUDQGR DVSHFWRV GH HILFLrQFLD
HQHUJpWLFDHGHFRQIRUWRDPELHQWDO
$ SRGHURVD FDVFDWD QR 3DYLOKmR %ULWkQLFR GD (;32 HP 6HYLOKD GR DUTXLWHWR
1LFKRODV*ULPVKDZ)LJXUDSRUH[HPSORIH]FRPTXHRHGLItFLRFRQVXPLVVH
DSHQDV XP TXDUWR GD HQHUJLD TXH VHULD QHFHVViULD VH IRVVH FOLPDWL]DGR FRP DU
FRQGLFLRQDGR0(<+g)(5

)LJXUDSDYLOKmREULWkQLFRHP6HYLOKDGRDUT1LFKRODV*ULPVKDZ
2,QVWLWXWRGR0XQGRUDEHGH-HDQ1RXYHOWHYHXPDGHVXDVIDFKDGDVUHYHVWLGD
FRP GLVSRVLWLYRV HP IRUPD GH GLDIUDJPD TXH OHPEUDP D WDSHoDULD iUDEH
0(<+g)(5 (VWHV HOHPHQWRV WrP VXD IRUPD FRQWURODGD HOHWURQLFDPHQWH
FULDQGR GLIHUHQWHV FRQGLo}HV GH LOXPLQDomR H RIHUHFHQGR SURWHomR FRQWUD R VRO
)LJXUD
)LJXUD,QVWLWXWRGR0XQGRUDEHFRPEULVHHPGHVWDTXH

2 XVR GD LOXPLQDomR QDWXUDO p WDPEpP EDVWDQWH H[SORUDGR QR +RQJ.RQJ DQG
6KDQJKDL %DQN GH 1RUPDQ )RVWHU 2 HGLItFLR WHP XP iWULR FHQWUDO TXH FDSWD H
GLVWULEXL D OX] GR FpX SDUD RV DQGDUHV VXSHULRUHV 1RV DQGDUHV LQIHULRUHV )RVWHU
SURMHWRX XP VLVWHPD FRP OLQJXDJHP KLJKWHFK GH HOHPHQWRV UHIOHWRUHV GHQWUR H
IRUD GR HGLItFLR $0621(,7 H 7$6&+(1 $ OX] p GLVWULEXtGD SHORV GLYHUVRV
DQGDUHV DXPHQWDQGR D TXDOLGDGH GR DPELHQWH YLVXDO QR LQWHULRU GR HGLItFLR H
UHGX]LQGRRFRQVXPRGHHQHUJLDSDUDLOXPLQDomRDUWLILFLDO)LJXUD

)LJXUD6KDQJKDL%DQN

2%HG=('GRDUTXLWHWR%LOO'XQVWHUpXPFRQMXQWRGHKDELWDo}HVPLVWDVTXHLQFOXL
HVFULWyULRV H UHVLGrQFLDV QD UHJLmR VXO GH /RQGUHV )LJXUD 2 SURMHWR XWLOL]D
WpFQLFDV FRPR SDLQpLV IRWRYROWDLFRV SDUD JHUDomR GH HQHUJLD HOpWULFD PDWHULDLV
UHFLFODGRV QD FRQVWUXomR GHVHQKR VRODU SDVVLYR RULHQWDomR LQpUFLD WpUPLFD
LVRODPHQWRWpUPLFRXVRUDFLRQDOGHiJXDFDSWDomRGDiJXDGDFKXYDYHQWLODomR
YHUWLFDOQDWXUDOSRUPHLRGHWRUUHVGHYHQWRURWDWLYDV$OpPGLVVRRWUDWDPHQWRGH
HVJRWR p IHLWR DWUDYpV GH ]RQDV GH UDt]HV H Ki JHUDomR GH FDORU FRP TXHLPD GH
ODVFDVGHPDGHLUDHPIRUQDOKD$USOXV$QWXQHV
(VVD FRPXQLGDGH YDL DOpP GHVWHV FRQFHLWRV TXDQGR WDPEpP HQVLQD FXOWXUDV
UHODWLYDV j VXVWHQWDELOLGDGHFRPRD SURLELomR GH SRVVH GHYHtFXORV FRQYHQFLRQDLV
QR FRQGRPtQLR R LQFHQWLYR DR DOXJXHO GH FDUURV QXPD ORFDGRUD ORFDO SDUD RV
FRQG{PLQRV H R XVR GH FDUURV HOpWULFRV FXMDV EDWHULDV VmR DOLPHQWDGDV SHORV
SDLQpLVIRWRYROWDLFRVGDVUHVLGrQFLDV

FDStWXOR806(*81'2%5(9(+,675,&2
)LJXUD%HG=('
2 +RFNHUWRQ +RXVLQJ GD ++3 $UFKLWHFWV ++3 p XP SURMHWR SLRQHLUR GH
FRPXQLGDGHHP+RFNHUWRQLQWHULRUGD,QJODWHUUDTXHH[SORUDYiULRVFRQFHLWRVGH
VXVWHQWDELOLGDGH )LJXUD 2 SURMHWR FRQVLVWH HP PRUDGLDV FRP WLSRORJLD HP
ILWD VHPLHQWHUUDGDV SDUD DSURYHLWDPHQWR GD LQpUFLD WpUPLFD GD WHUUD 7RGDV DV
DEHUWXUDV WrP YLGURV GXSORV TXH FXPSUHP D IXQomR GH LVRODPHQWR WpUPLFR $
FREHUWXUDSRVVXLLOXPLQDomR]HQLWDOSDUDRVDPELHQWHVPDLVQRIXQGRGDKDELWDomR
HWDPEpPSDLQpLVIRWRYROWDLFRV
&DGD IDPtOLD p LQFHQWLYDGD D SRVVXLU DSHQDV XP DXWRPyYHO FRQYHQFLRQDO H SDUD
IDFLOLWDU GHVORFDPHQWRV SDUD ORFDLV SUy[LPRV RV SURMHWLVWDV GHVHQYROYHUDP XP
YHtFXORDSHGDOSDUDDWpSHVVRDV$FRPXQLGDGHID]RDSURYHLWDPHQWRGDiJXDGD
FKXYD H UHXWLOL]D HVVD iJXD DSyV ILOWUiOD H WUDWiOD ELRORJLFDPHQWH HP ]RQDV GH
UDt]HV $ SODQWD GDV KDELWDo}HV p EDVWDQWH VLPSOHV WRGRV RV DPELHQWHV VH DEUHP
SDUDXPVROiULRDPELHQWHGHFRQYtYLRTXHUHFHEHRFDORUVRODUGDRULHQWDomRVXOD
PHOKRU SDUD R KHPLVIpULR QRUWH QHVVH VHQWLGR H R GLVWULEXL SDUD RV DPELHQWHV
UHVWDQWHV 2V PRUDGRUHV FRQVRPHP DOLPHQWRV SURGX]LGRV SRU HOHV PHVPRV HP
HVWXIDV H DWUDYpV GD FULDomR GH DOJXQV DQLPDLV SHL[HV H RYHOKDV $ FRPXQLGDGH
FRQWD WDPEpP FRP YHtFXORV HOpWULFRV H FRP JHUDGRUHV HyOLFRV GH HQHUJLD
WRUQDQGRVHTXDVHWRWDOPHQWHLQGHSHQGHQWHGDUHGHHOpWULFDORFDO

)LJXUD+RFNHUWRQ+RXVLQJ
2 3URWyWLSR SDUD (GLItFLRV GH (VFULWyULRV GHVHQYROYLGR SHOR DUTXLWHWR 0DULR

&XFLQHOODHP&DWDQLDQD,WiOLD)LJXUDXWLOL]DXPDHVWUDWpJLDFRQKHFLGDFRPR
3'(& GR LQJOrV SDVVLYH GRZQGUDXJKW HYDSRUDWLYH FRROLQJ TXH VLJQLILFD
UHVIULDPHQWRHYDSRUDWLYRSRUFRUUHQWHGHDUGHVFHQGHQWH
)LJXUD3URMHWRSDUD(VFULWyULRVFRP3'(&

FDStWXOR806(*81'2%5(9(+,675,&2
(VWDWpFQLFDMiIRLWUDGLFLRQDOPHQWHXWLOL]DGDDRORQJRGRVVpFXORVSHODDUTXLWHWXUD
GROHVWH(XURSHXFRPRQR,UmHQD7XUTXLD%DVHLDVHQDLQVWDODomRGHFDSWDGRUHV
GHYHQWRTXHFRQGX]HPRDUH[WHUQRSDUDRLQWHULRU DWUDYpVGHPDWHULDLVSRURVRV
FKHLRVGHiJXDLQGX]LQGRDHYDSRUDomRGDPHVPDQRDUPDLVVHFRDGLPLQXLomRGH
VXD WHPSHUDWXUD H SRUWDQWR XPD FRUUHQWH GH DU GHVFHQGHQWH SRU WRUUHV $USOXV

23'(&pXPDHVWUDWpJLDDOWHUQDWLYDHPUHODomRDRDUFRQGLFLRQDGRFRQYHQFLRQDO
&XFLQHOOD IRL DOpP GHVWD IXQomR XWLOL]DQGR RV PHVPRV HOHPHQWRV DUTXLWHW{QLFRV
JUDQGHV WXERV YHUWLFDLV YD]DGRV SDUD R 3'(& H SDUD D LOXPLQDomR QDWXUDO GRV
HVFULWyULRV TXH DFRQWHFH DWUDYpV GH YD]LRV QDV ODMHV GRV SLVRV $OpP GLVVR HVWDV
ODMHVWrPJUDQGHLQpUFLDWpUPLFDRXWUDHVWUDWpJLDSDUDFRQIRUWRWpUPLFRXWLOL]DGD
2 4XHHQV %XLOGLQJ GD 6KRUW DQG $VVRFLDWHV HP /HLFHVWHU QD ,QJODWHUUD DEULJD
XPDHVFRODGHHQJHQKDULDHLQFRUSRUDYiULRVFRQFHLWRVELRFOLPiWLFRV)LJXUD
D0RQWIRUW8QLYHUVLW\<DQQDV
)LJXUD4XHHQV%XLOGLQJ

2 HOHPHQWR GH PDLRU H[SUHVVLYLGDGH DUTXLWHW{QLFD GR SURMHWR p FHUWDPHQWH R

FRQMXQWRGHWRUUHVGHYHQWLODomRGLVSRVWRVQDYROXPHWULDGRHGLItFLR$LOXPLQDomR
QDWXUDOWDPEpPpEDVWDQWHH[SORUDGDDWUDYpVGHDEHUWXUDV]HQLWDLVHODWHUDLVTXH
SHUPLWHP D HQWUDGD GD OX] TXH p FRQGX]LGD SDUD RV DPELHQWHV PDLV LQWHUQRV
DWUDYpV GH SiWLRV DWULXPV SDUHGHV WUDQVO~FLGDV H PHVPR GH FLUFXODo}HV FRP
HOHPHQWRV WUDQVO~FLGRV QR SLVR TXH WUDQVPLWHP D OX] SDUD RV DPELHQWHV DEDL[R
(VSHFLDO DWHQomR GHYH VH WRPDU DR DXGLWyULR TXH LQFOXL XP VLVWHPD EDVWDQWH
LQRYDGRU GH YHQWLODomR QDWXUDO VRE D SODWpLD YLQGD GH DEHUWXUDV KRUL]RQWDLV QD
IDFKDGD DWUDYHVVDQGR WHODV VRE RV DVVHQWRV FLUFXODQGR SHOR DPELHQWH H VXELQGR
SRUXPDGDVWRUUHVGHYHQWLODomR
1R &HQWUR GH 3URWHomR $PELHQWDO GH %DOELQD GRV DUTXLWHWRV 6HYHULDQR 3RUWR H
0iULR(PtOLR5LEHLUR3RUWRH5LEHLURFRQVWUXtGRHP3UHVLGHQWH)LJXHLUHGRQR
$PD]RQDV RV DUTXLWHWRV XWLOL]DUDP PDWHULDLV ORFDLV FRPR D PDGHLUD TXH IRL
HPSUHJDGDQDFREHUWXUDSULQFLSDOHOHPHQWRIRUPDOGRFRQMXQWR)LJXUD$V
WHOKDV VmR GH FDYDFRV GH PDGHLUD ORFDO H VXD HVWUXWXUD GH WURQFRV UROLoRV $V
SDUHGHV VmR GH DOYHQDULD H LQGHSHQGHQWHV GD FREHUWXUD R TXH SHUPLWH OLYUH
YHQWLODomR QDWXUDO QR YmR DFLPD GRV DPELHQWHV &RPR VH WUDWD GH XP FHQWUR GH
SHVTXLVD DOJXQV ODERUDWyULRV GHYLGR j QDWXUH]D GH VXD XWLOL]DomR GHPDQGDP DU
FRQGLFLRQDGR $OJXPDV FODUDEyLDV VREUH RV DPELHQWHV FRQGLFLRQDGRV SHUPLWHP D
YLVXDOL]DomR GD FREHUWXUD 2 SURMHWR PRVWUD FODUDPHQWH FRPR XP DUTXLWHWR
JHQXLQDPHQWHEUDVLOHLURXWLOL]DLQWHJUDHDGDSWDPDWHULDLVWpFQLFDVFRQVWUXWLYDVH
IRUPD HP XP FRQMXQWR TXH SRGHULD GH RXWUR MHLWR VLPSOHVPHQWH SDUHFHU FRPR
WDQWRVRXWURVHVSDOKDGRVSHORPXQGR6XDDUTXLWHWXUDpXPEULOKDQWHH[HPSORGH
LQWHJUDomR IRUPDO DR HQWRUQR GH H[SUHVVLYLGDGH ELRFOLPiWLFD GH XWLOL]DomR
VXVWHQWiYHOGRVPDWHULDLVHWpFQLFDVFRQVWUXWLYDV

)LJXUD&HQWURGH3URWHomR$PELHQWDOGH%DOELQD
2V KRVSLWDLV GD UHGH 6DUDK .XELWVFKHN IRUDP SURMHWDGRV SHOR DUTXLWHWR -RmR
)LOJXHLUDV/LPDPDLVFRQKHFLGRFRPR/HOp,QVWLWXWR/LQD%RH30%DUGL
/HOp XWLOL]RX VKHGV QD FREHUWXUD TXH SHUPLWHP D HQWUDGD GH OX] QDWXUDO SRUpP
EDUUDQGRDSHQHWUDomRGLUHWDGRVRO(VVHVHOHPHQWRVWDPEpPSHUPLWHPDVDtGDGH
DUSRVVLELOLWDQGRDYHQWLODomRQDWXUDOGRVDPELHQWHVLQWHUQRV)LJXUD

FDStWXOR806(*81'2%5(9(+,675,&2
)LJXUD+RVSLWDO6DUDK.XELWVFKHNHP6DOYDGRU
2 5HWLUR 7DJDVWH &DVWUR )LOKR FRQMXQWR GHVWLQDGR D KDELWDomR GRV SDGUHV
DJRVWLQLDQRV IRL FRQFHELGR SHOR DUTXLWHWR -RmR &DVWUR )LOKR H FRQVWUXtGR HP
$QDQLQGHXDQR3DUiFRPRDQDORJLDDXPDiUYRUHJUDQGHHIURQGRVDTXHSURWHJH
GR VRO H DR PHVPR WHPSR SHUPLWH D YHQWLODomR QDWXUDO )LJXUD 2V JUDQGHV
EHLUDLVSURWHJHPGRVROQRVKRUiULRVRQGHHVWHpPDLVLQGHVHMDGRHQWUHDVH
DV 1D ERUGD GR WHOKDGR H[LVWHP TXHEUDFKXYDV H QD SDUWH PDLV DOWD
ODQWHUQLQV SHUPLWHP D HQWUDGD GH OX] H D YHQWLODomR FUX]DGD GD FREHUWXUD 2V
PDWHULDLVVmRORFDLVGDQGRH[SUHVVLYLGDGHDRFRQMXQWRHKDUPRQLDFRPRHQWRUQR
eXPDDXWrQWLFDDUTXLWHWXUDGRVWUySLFRVEUDVLOHLUDELRFOLPiWLFD

)LJXUD5HWLUR7DJDVWH

1RHGLItFLR0HQDUD0HVLQLDJDQD
0DOiVLD FRPSOHWDGR HP R
DUTXLWHWR .HQ <HDQJ XVD XPD
FRPELQDomR
GH
LQRYDo}HV
WpFQLFDV FRP YHJHWDomR -RQHV
<HDQJPRVWUDTXHFRQKHFH
D WUDMHWyULD VRODU ID]HQGR
IORUHLUDV VXVSHQVDV TXH VH
SRVLFLRQDP DR UHGRU GR HGLItFLR
QRV GLYHUVRV DQGDUHV GH DFRUGR
FRP DOWXUDV H D]LPXWHV VRODUHV
HVSHFtILFRV PD[LPL]DQGR D
H[SRVLomR GDV PHVPDV DR VRO
6HJXQGRRDUTXLWHWRRHGLItFLRp
EDVHDGR QD HFRORJLD H QRV
FRQFHLWRV
ELRFOLPiWLFRV
HQWUHWDQWRXVDWRGRVRVPDWHULDLV
LQGXVWULDOL]DGRV FRPR DoR
DOXPtQLRHYLGURWHQGRXPYLVXDO
KLJKWHFK)LJXUD

)LJXUD0HQDUD0HVLQLDJD
$&DVD(ILFLHQWHIRLXPSURMHWRTXHHQYROYHXD(OHWURVXOD(OHWUREUiVHR/DE(((
GD8)6&)LJXUD

)LJXUD&DVD(ILFLHQWH
$ FDVD p XPD YLWULQH GH WHFQRORJLDV ELRFOLPiWLFDV H VXVWHQWiYHLV ,QFOXLQGR D

FDSWDomR GD iJXD GD FKXYD R WUDWDPHQWR GRV HIOXHQWHV SRU ]RQDV GH UDt]HV R
DTXHFLPHQWR VRODU GH iJXD R XVR GH SDLQpLV IRWRYROWDLFRV FRPR IRQWH GHHQHUJLD
DOWHUQDWLYD R HPSUHJR GH PDWHULDLV FRQVWUXWLYRV ORFDLV H GH LVRODPHQWR WpUPLFR
QDV SDUHGHV GXSODV H QD FREHUWXUD (OHWURVXO &HQWUDLV (OpWULFDV 6$ $OpP
GLVVR R SURMHWR FRQWHPSOD D FRUUHWD RULHQWDomR VRODU H D SURWHomR GRV YHQWRV
LQGHVHMiYHLV GR LQYHUQR EHP FRPR DWHQGH DRV UHTXLVLWRV GH DFHVVLELOLGDGH
UHFRPHQGDGRV SHOD QRUPD 1%5 $%17 $ FDVD p QmR VRPHQWH XP

FDStWXOR806(*81'2%5(9(+,675,&2
H[HPSOR GH FRPR LQWHJUDU GLYHUVDV WpFQLFDV SDUD REWHU XP PHOKRU GHVHPSHQKR
PDVWDPEpP XPH[FHOHQWH H[HPSOR GH XPD DUTXLWHWXUD H[SUHVVLYD TXH FKDPDD
DWHQomRSHODTXDOLGDGHSOiVWLFDHYROXPHWULDGLIHUHQFLDGD2REMHWLYRpPRQLWRUDU
R FRQVXPR GH HQHUJLD H DV YDULiYHLV DPELHQWDLV QR LQWHULRU GD FDVD DSyV D
FRQVWUXomR H VHUYLU j FRPXQLGDGH FRPR FHQWUR GH YLVLWDomR SDUD HVWXGDQWHV
SHVTXLVDGRUHV H SURILVVLRQDLV GD iUHD 3RGHVH ID]HU XPD YLVLWD YLUWXDO SHOD FDVD
DWUDYpVGRHQGHUHoRKWWSZZZHOHWURVXOJRYEUFDVDHILFLHQWH
0DV QHP WXGR p DVVLP (PERUD H[LVWDP YiULRV HGLItFLRV TXH UHVSRQGHP jV
QHFHVVLGDGHV GH GHVHPSHQKR WpUPLFR H YLVXDO WDPEpP H[LVWHP PXLWRV H[HPSORV
UXLQV 3RU LVVR p PXLWR LPSRUWDQWH TXH R DUTXLWHWR FRPSUHHQGD DV YDULiYHLV
HQYROYLGDV QR SURMHWR ELRFOLPiWLFR H GH HILFLrQFLD HQHUJpWLFD SRGHQGR ID]HU D
DUTXLWHWXUDEUDVLOHLUDFRPRXPDUHVSRVWDPXLWRPDLVDGHTXDGDDRVQRVVRVFOLPDVH
jVQHFHVVLGDGHVGHFRQIRUWRGRVXVXiULRV

$$WXDomRGH&DGD3URILVVLRQDO
e HUU{QHD D LGHLD GH DVVRFLDU R WUDEDOKR GR DUTXLWHWR DSHQDV j HODERUDomR GR
SURMHWR DUTXLWHW{QLFR SDVVDQGR DRV RXWURV SURILVVLRQDLV D UHVSRQVDELOLGDGH GD
H[HFXomR GRV SURMHWRV FRPSOHPHQWDUHV H SRVWHULRUPHQWH GR HGLItFLR $V
LQWHQo}HVGHSURMHWRHDVWRPDGDVGHGHFLV}HVGHYHPVHUGHILQLGDVFRUUHWDPHQWH
SRVVLELOLWDQGR TXH D PDWUL] GH UHVSRVWDV DUTXLWHW{QLFDV GRV GLYHUVRV H LQWHU
UHODFLRQDGRVSUREOHPDVSURGX]DDRLQYpVGHUHVXOWDGRVVXSHUSRVWRVXPUHVXOWDGR
LQWHJUDGR
2 LGHDO p TXH R DUTXLWHWR WHQKD R FRQKHFLPHQWR EiVLFR GH WRGRV RV FRQFHLWRV
UHODWLYRVDRGHVHPSHQKRHQHUJpWLFRGHHGLILFDo}HVSDUDWRUQDUSRVVtYHOHHILFLHQWH
DPXOWLGLVFLSOLQDULGDGHGHVHXSURMHWR)LJXUD

)LJXUD$UTXLWHWRFRPRFRRUGHQDGRUGRSURFHVVR

2V PDWHULDLV GH FRQVWUXomR WrP XPD IRUWH LQIOXrQFLD VREUH DV FRQGLo}HV GH
FRQIRUWRGRDPELHQWHLQWHULRU$HVSHFLILFDomRGRVPDWHULDLVH[LJHRHQWHQGLPHQWR
GHVXDVSURSULHGDGHVHGHVXDDGHTXDomRjVFDUDFWHUtVWLFDVSOiVWLFDVGRSURMHWR2
XVRGHLVRODPHQWRWpUPLFRRXSURWHomRVRODUHPSDUHGHVMDQHODVHWHOKDGRVRWLSR
GHWHOKDHRWLSRGHYLGURHPSUHJDGRQDVMDQHODVGHYHPVHUHVWXGDGRVDILPGHVH
HYLWDUJDQKRVWpUPLFRVH[FHVVLYRVHREWHUPHOKRULDVQDVFRQGLo}HVGHFRQIRUWRQR
LQWHULRU (VWD WDUHID GHYH VHU EDODQFHDGD HQWUH RV DUTXLWHWRV H RV RXWURV
SURILVVLRQDLV GHYHQGR HVWHV FRQFHLWRV HVWDU SUHVHQWHV GHVGH DV HWDSDV LQLFLDLV GR
SURMHWRDUTXLWHW{QLFR
8PPHOKRUDSURYHLWDPHQWRGRFOLPDSRGHVHUREWLGRSHORSODQHMDPHQWRDSURSULDGR
GH GHWDOKHV GD HGLILFDomR 2 SDLVDJLVPR D RULHQWDomR H D HVFROKD GD WLSRORJLD
DUTXLWHW{QLFD VmR IXQGDPHQWDLV QD DGHTXDomR GR HGLItFLR DR FOLPD $OJXPDV
GHFLV}HV GR DUTXLWHWR TXDQWR j ORFDOL]DomR GH DEHUWXUDV SRU H[HPSOR SRGHP
PHOKRUDUDYHQWLODomRFUX]DGDGHXPDPELHQWHRJDQKRGHFDORUVRODUQRLQYHUQRH
D LOXPLQDomR QDWXUDO HP XP DPELHQWH (QWUHWDQWR VH LVVR IRU IHLWR GH IRUPD
DOHDWyULDJDQKRVLQGHVHMiYHLVGHFDORUQRYHUmRHSHUGDVQRLQYHUQRSRGHPRFRUUHU
FRPR FRQVHTXrQFLDV 2V GLVSRVLWLYRV GH VRPEUHDPHQWR GHYHP VHU XVDGRV GH
PDQHLUD D HYLWDU D SHQHWUDomR GH UDGLDomR VRODU GXUDQWH R YHUmR H SHUPLWLU D
HQWUDGDGDUDGLDomRDTXHFHQGRSDVVLYDPHQWHDVVDODVQRVSHUtRGRVIULRV0DVLVVR
QmR GHYH VHU JHQHUDOL]DGR SRLV GLIHUHQWHV IXQo}HV DUTXLWHW{QLFDV FRPR SRU
H[HPSORXPDVDODGHOHLWXUDHPXPDELEOLRWHFDSRGHPH[LJLUDWRWDODXVrQFLDGR
VROGLUHWRQRLQWHULRUPHVPRQRLQYHUQR$OpPGLVVRDH[HFXomRGDREUDGHYHVHU
GH DFRUGR FRP R SURMHWR JDUDQWLQGR R ERP GHVHPSHQKR GD HGLILFDomR 2
HQJHQKHLUR PHFkQLFR GHYH VDEHU GLPHQVLRQDU FRUUHWDPHQWH R VLVWHPD GH DU
FRQGLFLRQDGR GH XP HGLItFLR FRQVLGHUDQGR R SURMHWR DUTXLWHW{QLFR H RV FXLGDGRV
TXH R DUTXLWHWR WHYH SDUD UHGXomR GDV FDUJDV WpUPLFDV GH IRUPD D HYLWDU
GHVSHUGtFLRGHHQHUJLD
2 HQJHQKHLUR HOHWULFLVWD DR HODERUDU R SURMHWR GH LOXPLQDomR DUWLILFLDO SUHFLVD
FRQVLGHUDUDVXDLQWHJUDomRFRPDOX]QDWXUDODTXDOpSURMHWDGDSHORDUTXLWHWR
EHP FRPR HVSHFLILFDU OXPLQiULDV OkPSDGDV H UHDWRUHV PDLV HILFLHQWHV H VLVWHPDV
GH FRQWUROH GD LOXPLQDomR 7DPEpP p IXQGDPHQWDO D GLVWULEXLomR FRUUHWD GRV
SRQWRV GH OX] TXH SRGHP VHU GLUHFLRQDGRV SDUD LOXPLQDomR GH WDUHIDV
SRVVLELOLWDQGRPDLRUHILFLrQFLDYLVXDOQRVDPELHQWHVGHWUDEDOKRHPHQRUFRQVXPR
GHHQHUJLD
$ HQHUJLD TXH D HGLILFDomR FRQVXPLUi WHP VH WRUQDGR XP IRUWH GHWHUPLQDQWH QD
GHFLVmR GRV VLVWHPDV GH FRQWUROH DPELHQWDO XWLOL]DGRV $ DQiOLVH GR FRQVXPR GH
HQHUJLD GH XPD HGLILFDomR p WmR LPSRUWDQWH SDUD R SURFHVVR GH SURMHWR TXDQWR
TXDOTXHU GDV RXWUDV IHUUDPHQWDV XVDGDV FRPXPHQWH SHORV SURMHWLVWDV &DEH DR
DUTXLWHWR FRRUGHQDU D LQWHUORFXomR GRV YiULRV SURILVVLRQDLV FRP R REMHWLYR GH
PHOKRUDU D HILFLrQFLD HQHUJpWLFD GH VXD FRQFHSomR DUTXLWHW{QLFD 0DV SDUD LVVR
GHYHWHUDOJXPFRQKHFLPHQWRSHORPHQRVEiVLFRVREUHDVGLYHUVDVYDULiYHLVTXH
LQIOXHQFLDP HVVH SURFHVVR (VWH OLYUR WHP FRPR SULQFLSDO REMHWLYR GLVFXWLU HVVHV
FRQKHFLPHQWRV

FDStWXOR806(*81'2%5(9(+,675,&2

(VWUXWXUDGR/LYUR
$SyV HVWD EUHYH LQWURGXomR RQGH IRUDP UHYLVDGRV GLYHUVRV PRPHQWRV KLVWyULFRV
FDGDTXDOFRPVXDVHVSHFLILFLGDGHVFXOWXUDLVVRFLDLVHWHFQROyJLFDV

)LJXUDSHUVRQDJHQV
GHYHVHOHPEUDUTXHDDUTXLWHWXUDVHHQFRQWUDKRMHHPXPSDQRUDPDTXHWRUQD
FDGDYH]PDLVQHFHVViULRRFRQWUROHGRFRQVXPRGHHQHUJLD,VWRFRPRMiIRLGLWR
LQGX]jQHFHVVLGDGHGHFRQFHEHUHGLILFDo}HVFRPPHOKRUHILFLrQFLDHQHUJpWLFD
3DUDTXHHVWDUHDOLGDGHVHWRUQHSRVVtYHOpXUJHQWHDRVDUTXLWHWRVDFRPSUHHQVmR
GR &RQIRUWR $PELHQWDO H FRQVHTXHQWHPHQWH R FRQKHFLPHQWR GDV LQWHUUHODo}HV
HQWUHDVYDULiYHLVTXHHQYROYHPHVWHFRQFHLWR26(*81'2&$378/2GHVWHOLYUR
LQWLWXODGR&21)2572$0%,(17$/HVWXGDRVFRQFHLWRVGHFRQIRUWRWpUPLFRHYLVXDO
GR KRPHP YDULiYHLV KXPDQDV SUHPLVVDV SDUD D HILFLrQFLD HQHUJpWLFD QD
DUTXLWHWXUD
(P VHJXLGD R 7(5&(,52 &$378/2 LQWLWXODGR $548,7(785$ ( &/,0$ DSUHVHQWD
DVSULQFLSDLVYDULiYHLVFOLPiWLFDVGHLQWHUHVVHSDUDDDUTXLWHWXUD$WHPSHUDWXUDR
PRYLPHQWRGRDUDXPLGDGHUHODWLYDHDUDGLDomRVRODUVmRIDWRUHVFOLPiWLFRVTXH
SRGHP VHU VDELDPHQWH H[SORUDGRV QD DUTXLWHWXUD FRP R LQWXLWR GH JDUDQWLU R
FRQIRUWR GRV XVXiULRV H D FRQVHTXHQWH UDFLRQDOL]DomR GR XVR GD HQHUJLD (VWH
FDStWXOR WDPEpP HVFODUHFH D LQWHUUHODomR GHVWHV IDWRUHV FRP DV QHFHVVLGDGHV GH
FRQIRUWR GR VHU KXPDQR DWUDYpV GD ELRFOLPDWRORJLD e Dt TXH DIORUDP DV TXHVW}HV
TXHWRUQDPSRVVtYHORFRQWUROHGRFRQVXPRGHHQHUJLDGHXPDHGLILFDomR$SDUWLU
GRV GDGRV FOLPiWLFRV GH GLYHUVDV FLGDGHV EUDVLOHLUDV H GD FDUWD ELRFOLPiWLFD SDUD
HGLILFDo}HV VHUmR DERUGDGDV DV HVWUDWpJLDV QDWXUDLV SDUD DXPHQWDU D HILFLrQFLD
HQHUJpWLFDGDDUTXLWHWXUDVRERSRQWRGHYLVWDGRIULRHGRFDORU3DLQpLVFRPXP
UHVXPR GDV FDUDFWHUtVWLFDV ELRFOLPiWLFDV GH FDWRU]H FDSLWDLV EUDVLOHLUDV %HOpP
%UDVtOLD&XULWLED)ORULDQySROLV)RUWDOH]D0DFHLy1DWDO3RUWR$OHJUH5HFLIH5LR
GH-DQHLUR6DOYDGRU6mR/XLV6mR3DXORH9LWyULDILQDOL]DPRFDStWXOR
2V WUrV FDStWXORV VHJXLQWHV WUDWDP GH WUrV GRV PDLV LPSRUWDQWHV DVSHFWRV
UHODFLRQDGRV j DUTXLWHWXUD ELRFOLPiWLFD D *(20(75,$ 62/$5 D ,/80,1$d2
1$785$/ H D 9(17,/$d2 1$785$/ $ JHRPHWULD VRODU H RV SURFHGLPHQWRV SDUD
DQiOLVH H SURMHWR GH SURWHo}HV VRODUHV VmR RV WHPDV GR 48$572 &$378/2 (VWH
LQGLVSHQViYHO FRQKHFLPHQWR p DSUHVHQWDGR GH IRUPD VLPSOHV H REMHWLYD DR
DUTXLWHWRQDWHQWDWLYDGHGHVPLVWLILFDUDDSDUHQWHFRPSOH[LGDGHGRDVVXQWR

2XWURFRQKHFLPHQWRLQGLVSHQViYHODXPERPSURMHWRGHDUTXLWHWXUDDLOXPLQDomR
QDWXUDOpWHPDGR48,172&$378/2$WUDYpVGHYiULRVH[HPSORVSUiWLFRVROHLWRU
SRGH FRPSUHHQGHU FRPR D OX] QDWXUDO SRGH VHU FRQVLGHUDGD GHVGH R LQtFLR GR
SURFHVVRGHSURMHWRWUD]HQGRPDLVFRQIRUWRYLVXDODRVXVXiULRVHJDUDQWLQGRPDLRU
TXDOLGDGHHHILFLrQFLDHQHUJpWLFDjDUTXLWHWXUD
$ YHQWLODomR QDWXUDO p DSUHVHQWDGD QR 6(;72 &$378/2 RQGH YiULRV HVTXHPDV
PRVWUDP FRPR D YHJHWDomR H HOHPHQWRV GD SUySULD DUTXLWHWXUD SRGHP GLUHFLRQDU
RVIOX[RVGHDUSDUDRHGLItFLRIDYRUHFHQGRDVSHUGDVGHFDORUTXDQGRQHFHVViULR
PDVWDPEpPSRGHPEORTXHDURYHQWRLQGHVHMiYHOQRVSHUtRGRVPDLVIULRVGRDQR
$OJXQVFiOFXORVEDVWDQWHVLPSOHVFRPRRGRFRHILFLHQWHGHSUHVVmRGRYHQWRRGR
IOX[R GH DU TXH DWUDYHVVD XP DPELHQWH H R GR Q~PHUR GH WURFDV GH DU VmR
PRVWUDGRV
26e7,02&$378/2GROLYURLQWLWXODGR35235,('$'(67e50,&$6'26(/(0(1726
&2167587,926 IDOD VREUH FRQFHLWRV FRPR WUDQVPLWkQFLD WpUPLFD IDWRU VRODU H
FDSDFLGDGH WpUPLFD HQWUH RXWURV TXH VmR GHVFULWRV FRP H[HPSORV TXH YLVDP
WRUQDUVHXVFiOFXORVWDUHIDTXDVHEDQDODRDUTXLWHWR2WLSRGHYLGURHVSHFLILFDGR
QD HGLILFDomR EHP FRPR FDGD GHFLVmR VREUH PDWHULDLV FRQVWUXWLYRV RX HOHPHQWRV
DUTXLWHW{QLFRV D VHUHP HPSUHJDGRV LQIOXHQFLD GLUHWDPHQWH QD VXD HILFLrQFLD
HQHUJpWLFDHQRFRQIRUWRDPELHQWDOGRVXVXiULRV
8PD DUTXLWHWXUD ELRFOLPiWLFD TXH SUHWHQGD WHU HILFLrQFLD HQHUJpWLFD GHSHQGH
WDPEpP GR XVR GH HTXLSDPHQWRV H VLVWHPDV PDLV HILFLHQWHV WHPD GR 2,7$92
&$378/2 GHVWH OLYUR (48,3$0(1726 (),&,(17(6 2 DUTXLWHWR QmR GHYH
VLPSOHVPHQWHHVFROKHUXPGHWHUPLQDGRVLVWHPDGHDTXHFLPHQWRGH iJXDVLVWHPD
GH LOXPLQDomR DUWLILFLDO DU FRQGLFLRQDGR YHQWLODomR PHFkQLFD RX DTXHFLPHQWR
DUWLILFLDO VHP DQWHV OHU QHVWH FDStWXOR VREUH RV DVSHFWRV TXH HQYROYHP RV YiULRV
HTXLSDPHQWRVHVLVWHPDVGLVSRQtYHLVQRPHUFDGR
21212(/7,02&$378/2LQWLWXODVH352-(72'($548,7(785$%,2&/,07,&$
HPRVWUDDVHVWUDWpJLDVGHSURMHWRPDLVLQGLFDGDVSDUDDDUTXLWHWXUDTXHSUHWHQGD
VHU ELRFOLPiWLFD (PERUD VHP TXHUHU WUDoDU XPD VHTXrQFLD GH SURMHWR LGHDO R
FDStWXOR PRVWUD FRPR FDGD HWDSD GR SURFHVVR GH SURMHWR GHYH FRQVLGHUDU
GLIHUHQWHVDVSHFWRVGHIRUPDLQWHJUDGDYLVDQGRXPDDUTXLWHWXUDIRUPDOPHQWHPDLV
H[SUHVVLYD DGHTXDGD j UHDOLGDGH EUDVLOHLUD H TXH LQFOXD FRQFHLWRV GH
VXVWHQWDELOLGDGH 2 REMHWLYR GHVWH FDStWXOR p LQFHQWLYDU R DUTXLWHWR D XWLOL]DU RV
FRQFHLWRVGLVFXWLGRVQROLYURQRVHXSUySULRSURFHVVRSURMHWXDO&RPLVVRSUHWHQGH
VH TXH D DUTXLWHWXUD ELRFOLPiWLFD GHL[H GH VHU FRQVLGHUDGD XP FRQFHLWR
DSDUHQWHPHQWH GLItFLO H GH WUDEDOKRVD HODERUDomR 4XH QmR VHMD DSHQDV PDLV XP
HStWHWR TXH SRVVD SURPRYHU HVWH RX DTXHOH DUTXLWHWR PDV FRQILJXUHVH QD
YHUGDGHFRPRXPGHYHUGHWRGRDUTXLWHWRHXPGLUHLWRGHWRGRXVXiULR

5()(51&,$6
$%171%5$FHVVLELOLGDGHDHGLILFDo}HVPRELOLiULRHVSDoRVHHTXLSDPHQWRV
XUEDQRV6HJXQGDHGLomR5LRGH-DQHLUR
$%17D1%5,OXPLQDomR1DWXUDO3DUWH&RQFHLWRVEiVLFRVHGHILQLo}HV

FDStWXOR806(*81'2%5(9(+,675,&2
$%17E1%5,OXPLQDomR1DWXUDO3DUWH3URFHGLPHQWRVGHFiOFXORSDUDD
HVWLPDWLYDGDGLVSRQLELOLGDGHGHOX]QDWXUDO
$%17F1%5,OXPLQDomR1DWXUDO3DUWH3URFHGLPHQWRGHFiOFXORSDUDD
GHWHUPLQDomRGDLOXPLQDomRQDWXUDOHPDPELHQWHVLQWHUQRV
$%17 G 1%5 ,OXPLQDomR 1DWXUDO 3DUWH 9HULILFDomR H[SHULPHQWDO GDV
FRQGLo}HVGHLOXPLQDomRLQWHUQDGHHGLILFDo}HV0pWRGRGHPHGLomR
$%17 H 1%5 'HVHPSHQKR WpUPLFR GH HGLILFDo}HV 3DUWH 'HILQLo}HV
VtPERORVHXQLGDGHV
$%17 I 1%5 'HVHPSHQKR WpUPLFR GH HGLILFDo}HV 3DUWH 0pWRGRV GH
FiOFXORGDWUDQVPLWkQFLDWpUPLFDGDFDSDFLGDGHWpUPLFDGRDWUDVRWpUPLFRHGRIDWRU
VRODUGHHOHPHQWRVHFRPSRQHQWHVGHHGLILFDo}HV
$%17 J 1%5 'HVHPSHQKR WpUPLFR GH HGLILFDo}HV 3DUWH =RQHDPHQWR
ELRFOLPiWLFR EUDVLOHLUR H GLUHWUL]HV FRQVWUXWLYDV SDUD KDELWDo}HV XQLIDPLOLDUHV GH
LQWHUHVVHVRFLDO
$%17 K 1%5 'HVHPSHQKR WpUPLFR GH HGLILFDo}HV 3DUWH 0HGLomR GD
UHVLVWrQFLD WpUPLFD H GD FRQGXWLYLGDGH WpUPLFD SHOR SULQFtSLR GD SODFD TXHQWH
SURWHJLGD
$%17 L 1%5 'HVHPSHQKR WpUPLFR GH HGLILFDo}HV 3DUWH 0HGLomR GD
UHVLVWrQFLDWpUPLFDHGDFRQGXWLYLGDGHWpUPLFDSHORPpWRGRIOX[LPpWULFR
$/0(,'$ 0 $ 6FKDHIIHU 5 /D 5RYHUH ( / 7KH SRWHQWLDO IRU HOHFWULFLW\
FRQVHUYDWLRQDQGSHDNORDGUHGXFWLRQLQWKHUHVLGHQWLDOVHFWRURI%UD]LOLQ(QHUJ\
(OVHYLHU6FLHQFH/WG
$0621(,7 : 7$6&+(1 % &RQWHPSRUDU\ HXURSHDQ DUFKLWHFWV 9RO %HQHGLNW
7DVFKHQ*HUPDQ\
$1781(6 % 3RU XPD QRYD DWLWXGH LQ $UTXLWHWXUD 8UEDQLVPR (GLomR
MXQKRGH3,1,6mR3DXORSSH
$53/86 &RROLQJ WRZHUV LQ 7KH $UFKLWHFWXUDO 5HYLHZ QR -DQXDU\
(PDS&RQVWUXFW/RQGRQSS
$53/86 5HYROWLQJ 6XEXUEV LQ 7KH $UFKLWHFWXUDO 5HYLHZ QR -XQH
$6+5$( 67$1'$5' (QHUJ\ VWDQGDUG IRU EXLOGLQJV H[FHSW ORZULVH
UHVLGHQWLDOEXLOGLQJV6,(GLWLRQ$16,$SSURYHG,(61$&RVSRQVRUHG'LVSRQtYHOHP
KWWSZZZDVKUDHRUJ
%,&&$ 3 $UTXLWHWR D PiVFDUD H D IDFH 3URMHWR (GLWRUHV $VVRFLDGRV 6mR 3DXOR
63
%2(6,*(5:*,56%(5*(5+/HFRUEXVLHU(GLWRULDO*XVWDYR*LOL6$
%DUFHORQD
%5$6,/ %DODQoR HQHUJpWLFR QDFLRQDO DQR EDVH 0LQLVWpULR GH 0LQDV H
(QHUJLD(PSUHVDGH3HVTXLVD(QHUJpWLFD5LRGH-DQHLURS
%5$6/,$'LVWULWR)HGHUDOD'HFUHWR/HL'LVS}HVREUHD3ROtWLFD1DFLRQDO
GH &RQVHUYDomR H 8VR 5DFLRQDO GH (QHUJLD H Gi RXWUDV SURYLGrQFLDV 'LVSRQtYHO HP
KWWSZZZSODQDOWRJRYEU
%5$6/,$'LVWULWR)HGHUDOE'HFUHWR/HL5HJXODPHQWDD/HLQGH
GH 2XWXEUR GH TXH GLVS}H VREUH D 3ROtWLFD 1DFLRQDO GH &RQVHUYDomR H 8VR
5DFLRQDOGH(QHUJLDHGiRXWUDVSURYLGrQFLDV
&$6752),/+2-5HWLURWDJDVWHXPDDUTXLWHWXUDSDUDDDPD]{QLDLQ3URMHWR
(GLomRDEULOGH3URMHWR(GLWRUHV$VVRFLDGRV/WGD6mR3DXORSS

&(1752 %5$6,/(,52 '( (),&,1&,$ (1(5*e7,&$ (0 (',),&$d(6 &%( 8QLYHUVLGDGH

)HGHUDO
GH
6DQWD
&DWDULQD
)ORULDQySROLV
'LVSRQtYHO
HP
KWWSFEHXIVFEUHWLTXHWDJHP$FHVVRHPRXWXEUR
(/(752%56 D $YDOLDomR GR PHUFDGR GH HILFLrQFLD HQHUJpWLFD QR %UDVLO SHVTXLVD
GH SRVVH GH HTXLSDPHQWRV H KiELWRV GH XVR DQR EDVH FODVVH UHVLGHQFLDO
(OHWUREUDV

'LVSRQtYHO
HP
KWWSZZZSURFHOLQIRFRPEUPDLQDVS"9LHZ %$)''
')'$FHVVRHPRXWXEUR
(/(752%56 E $YDOLDomR GR PHUFDGR GH HILFLrQFLD HQHUJpWLFD QR %UDVLO VXPiULR
H[HFXWLYR

DQR
EDVH

(OHWUREUDV

'LVSRQtYHO
HP
')'$FHVVRHPRXWXEUR
(/(75268/ &HQWUDLV (OpWULFDV 6$ 3URMHWR FDVD HILFLHQWH 'LVSRQtYHO HP
KWWSZZZHOHWURVXOJRYEUFDVDHILFLHQWHEUKRPHLQGH[SKS DFHVVR HP GH
RXWXEURGH
(035(6$ '( 3(648,6$ (1(5*e7,&$ (3( %DODQoR HQHUJpWLFR QDFLRQDO DQR EDVH

5LR
GH
-DQHLUR
(3(

'LVSRQtYHO
HP
KWWSVEHQHSHJRYEUGRZQORDGV5HODWRULRB)LQDOB%(1BSGI
$FHVVR
HP
RXWXEUR
(63 0DULDQR 9iVTXH] 8QD EUHYtVVLPD KLVWRULD GH OD DUTXLWHFWXUD VRODU LQ
&LXGDGHVSDUDXP)XWXUR0iV6RVWHQLEOH%ROHWLP&)61~PHUR,QVWLWXWR-XDQGH
+HUUHUD
0DGULG
(VSDxD
'LVSRQtYHO
HP
KWWSKDELWDWDTXSPHVEROHWLQQDPYD]KWPO$FHVVRHPIHY
)(55(,5$$XUpOLR%XDUTXHGH+RODQGD'LFLRQiULRDXUpOLRHOHWU{QLFRVpFXOR;;,
1RYD)URQWHLUD
*(//(5+2XVRHILFLHQWHGDHOHWULFLGDGHXPDHVWUDWpJLDGHGHVHQYROYLPHQWR
SDUDR%UDVLO,1(($&(((5LRGH-DQHLUR5-
*28/$57 6 9 * /DPEHUWV 5 D $(7 Q /HYDQWDPHQWR GD H[SHULrQFLD
LQWHUQDFLRQDO H[SHULrQFLD HXURSpLD 5HODWyULR ,QWHUQR GR /DERUDWyULR GH (ILFLrQFLD
(QHUJpWLFDHP(GLILFDo}HV/DE(((8QLYHUVLGDGH)HGHUDOGH6DQWD&DWDULQD
)ORULDQySROLV
*28/$57 6 9 * /DPEHUWV 5 E $(7 Q /HYDQWDPHQWR GD H[SHULrQFLD
LQWHUQDFLRQDO H[SHULrQFLD QRV HVWDGRV XQLGRV 5HODWyULR ,QWHUQR GR /DERUDWyULR GH
(ILFLrQFLD(QHUJpWLFDHP(GLILFDo}HV/DE(((8QLYHUVLGDGH)HGHUDOGH6DQWD
&DWDULQD)ORULDQySROLV
++3 +RFNHUWRQ KRXVLQJ SURMHFW +RFNHUWRQ (QJODQG 'LVSRQtYHO HP
KWWSZZZKRFNHUWRQKRXVLQJSURMHFWRUJXNDFHVVRHPGHRXWXEURGH
+286( RI 5HSUHVHQWDWLYHV 6HQDWH (QHUJ\ SROLF\ DFW RI IHGHUDO SURJUDPV
S'LVSRQtYHOHPKWWSZZZIVHFXFIHGXHSDFWKWP
,10(752 3URJUDPD EUDVLOHLUR GH HWLTXHWDJHP 'LVSRQtYHO HP
KWWSZZZLQPHWURJRYEUFRQVXPLGRUSEHDVS$FHVVRHPIHY
,167,7872/LQD %R H 30 %DUGL -RmRILOJXHLUDV OLPD OHOp (GLWRULDO %ODX /GD
/LVERDSS
-21(6'/$UFKLWHFWXUHDQGWKHHQYLURQPHQWELRFOLPDWLFEXLOGLQJGHVLJQ7KH
2YHUORRN3UHVV1HZ<RUN86$
/$%(((D5HJXODPHQWR7pFQLFRGD4XDOLGDGHSDUDR1tYHOGH(ILFLrQFLD(QHUJpWLFD
GH (GLILFDo}HV 5HVLGHQFLDLV (ODERUDGR SHOR /DERUDWyULR GH (ILFLrQFLD (QHUJpWLFD HP
(GLILFDo}HV 8QLYHUVLGDGH )HGHUDO GH 6DQWD &DWDULQD )ORULDQySROLV 'LVSRQtYHO HP
KWWSZZZODEHHHXIVFEUSURMHWRVHWLTXHWDJHPUHVLGHQFLDOGRZQORDGV

FDStWXOR806(*81'2%5(9(+,675,&2
/$%(((E5HTXLVLWRV7pFQLFRVGD4XDOLGDGHSDUDR1tYHOGH(ILFLrQFLD(QHUJpWLFDGH
(GLItFLRV&RPHUFLDLVGH6HUYLoRVH3~EOLFRV(ODERUDGRSHOR/DERUDWyULRGH(ILFLrQFLD
(QHUJpWLFD HP (GLILFDo}HV 8QLYHUVLGDGH )HGHUDO GH 6DQWD &DWDULQD )ORULDQySROLV
'LVSRQtYHO
HP
KWWSZZZODEHHHXIVFEUSURMHWRVHWLTXHWDJHPFRPHUFLDOGRZQORDGV
0(<+g)(5 ' &RQWHPSRUDU\ HXURSHDQ DUFKLWHFWV 9RO %HQHGLNW 7DVFKHQ
*HUPDQ\
32572605LEHLUR0(8PFHQWURTXHDSURYHLWDRSRWHQFLDOGDPDGHLUDLQ
3URMHWR(GLomRVHWHPEURGH3URMHWR(GLWRUHV$VVRFLDGRV/WGD6mRSDXOR
SS
520(520$%3ULQFtSLRVELRFOLPiWLFRVSDUDRGHVHQKRXUEDQRHG6mR3DXOR
3UR(GLWRUHV
58'2)6.< % $UFKLWHFWXUH ZLWKRXW DUFKLWHFWV D VKRUW LQWURGXFWLRQ WR QRQ
SHGLJUHHGDUFKLWHFWXUH/RQGRQ$FDGHP\
6+(/7(53XEOLFDWLRQV6KHOWHU&DOLIRUQLD(8$
6,13+$ 6LVWHPD GH LQIRUPDo}HV GH SRVVHV GH HOHWURGRPpVWLFRV H KiELWRV GH
FRQVXPR9HUVmR1~FOHRGH(VWDWtVWLFD3URILVVLRQDO38&5LRGH-DQHLUR
9,7589,20//RVGLH]OLEURVGHDUTXLWHFWXUD(GLWRUD,EHULD6$%DUFHORQD
<$11$6 6 'HVLJQ RI HGXFDWLRQDO EXLOGLQJV (QYLURQPHQW DQG (QHUJ\ 6WXGLHV
3URJUDPPH$UFKLWHFWXUDO$VVRFLDWLRQ*UDGXDWH6FKRRO/RQGRQ
%LEOLRJUDILDWDPEpPFRQVXOWDGD
$1((/ $WODV GH (QHUJLD (OpWULFD GR %UDVLO $JrQFLD 1DFLRQDO GH (QHUJLD (OpWULFD
%UDVtOLDS
%$1&2 &(175$/ '2 %5$6,/ )2&86 3URJUDPD GH 5DFLRQDPHQWR GH (QHUJLD
(OpWULFDQR%UDVLO3DSHUS
%$5'(/,1 & ( $ 2V (IHLWRV GR 5DFLRQDPHQWR GH (QHUJLD (OpWULFD RFRUULGR QR
%UDVLO HP H FRP rQIDVH QR &RQVXPR GH (QHUJLD (OpWULFD 'LVVHUWDomR 6mR
3DXORS
&25%(//$ & <$11$6 6 (P %XVFD GH XPD $UTXLWHWXUD 6XVWHQWiYHO SDUD RV
7UySLFRV&RQIRUWR$PELHQWDO5HYDQ5LRGH-DQHLURS
(1$5&+$UFKLWHWWXUDELRFOLPDWLFDELRFOLPDWLFDUFKLWHFWXUH'H/XFD(GLWRUH
5RPD,WDO\
,10(752 5HJXODPHQWR (VSHFtILFR SDUD 8VR GD (WLTXHWD 1DFLRQDO GH &RQVHUYDomR GH
(QHUJLD(1&(&RQGLFLRQDGRUHVGH$U'RPpVWLFRVHGLomR
-$118==,*06&+,33(5/6WUXFWXUHRIHOHWULFLW\LQWKHEUDVLOLDQKRXVHKROG
VHFWRULQ(QHUJ\3ROLF\%XWWHUZRUWK+HLQHPDQQQRYHPEHU
/20$5'2//%&RQVXPRGH(QHUJLDQRV*UDQGHV3UpGLRV&RPHUFLDLV(VWXGRV
GH &DVR 'LVVHUWDomR GH 0HVWUDGR 'HSDUWDPHQWR GH (QJHQKDULD 1XFOHDU H
3ODQHMDPHQWR(QHUJpWLFR8)5-5LRGH-DQHLUR5-
0$6&$5(1+$6$&5(7$/&RQVHUYDomRGH(QHUJLDHP(GLILFDo}HV&RPHUFLDLV
GD &LGDGH GH 6DOYDGRU LQ $QDLV GR ,,, (QFRQWUR 1DFLRQDO H , (QFRQWUR /DWLQR
$PHULFDQRGH&RQIRUWRQR$PELHQWH&RQVWUXtGR*UDPDGR56SS
0,1,67e5,2GH0LQDVH(QHUJLD%DODQoR(QHUJpWLFR1DFLRQDO$QREDVH
%(1(PSUHVDGH3HVTXLVD(QHUJpWLFD5LRGH-DQHLUR
352&(/ 3RWrQFLD H &RQVXPR GH (TXLSDPHQWRV (OpWULFRV 'LVSRQtYHO HP
ZZZHOHWUREUDVJRYEUSURFHO

72/('2 / 0 $ 8VR GH (QHUJLD (OpWULFD HP (GLItFLRV 3~EOLFRV H &RPHUFLDLV GH
)ORULDQySROLV 'LVVHUWDomR GH 0HVWUDGR &XUVR GH 3yVJUDGXDomR HP (QJHQKDULD &LYLO
8)6&)ORULDQySROLV6&


VXPiULR

&21)2572$0%,(17$/

&RQIRUWR7pUPLFR

0HFDQLVPRV7HUPRUUHJXODGRUHV

&RQFHLWRGH&RQIRUWR

9DULiYHLVGH&RQIRUWR7pUPLFR

QGLFHVGH&RQIRUWR7pUPLFR

3URJUDPDVGH$QiOLVHH6LPXODomRGH&RQIRUWR7pUPLFR

,QVWUXPHQWRVGHPHGLomR

&RQIRUWR9LVXDO

1tYHOGH,OXPLQDomR

&RQWUDVWH

2IXVFDPHQWR

(VFDODUH9HWRU,OXPLQDoR
5()(51&,$6

FDStWXOR&21)2572$0%,(17$/
&$378/2
&21)2572$0%,(17$/
2&RQIRUWR$PELHQWDOSRGHVHUHQWHQGLGRFRPRXPFRQMXQWRGHFRQGLo}HVDPELHQWDLVTXH
SHUPLWHPDRVHUKXPDQRVHQWLUEHPHVWDUWpUPLFRYLVXDODF~VWLFRHDQWURSRPpWULFRDOpP
GHJDUDQWLUDTXDOLGDGH GRDUHRFRQIRUWRROIDWLYR(PERUDRWHPDVHMDEDVWDQWHDPSOR
QHVWHOLYURVHUiFRQFHQWUDGRHPGRLVDVSHFWRVRFRQIRUWRWpUPLFRHRFRQIRUWRYLVXDO
(PERUD R FOLPD VHMD EHP GLVWLQWR HP TXDOTXHU UHJLmR GD 7HUUD R VHU KXPDQR p
ELRORJLFDPHQWH SDUHFLGR HP WRGR R PXQGR VHQGR DGDSWiYHO D GLIHUHQWHV FRQGLo}HV
FOLPiWLFDV DR VH XWLOL]DU GH PHFDQLVPRV FXOWXUDLV FRPR D YHVWLPHQWD D DUTXLWHWXUD H D
WHFQRORJLD $QWHV GH HQWHQGHU R IXQFLRQDPHQWR GHVWHV PHFDQLVPRV p IXQGDPHQWDO R
HVWXGR GDV YDULiYHLV GH &RQIRUWR 7pUPLFR H 9LVXDO UHOHYDQWHV DR WHPD GHVWH OLYUR $
LPSRUWkQFLD GHVWDV YDULiYHLV VH EDVHLD QD SUHPLVVD GH TXH H[LVWH XPD IRUWH FRUUHODomR
HQWUHFRQIRUWRHFRQVXPRGHHQHUJLD

&RQIRUWR7pUPLFR
2 KRPHP p XP VHU KRPHRWpUPLFR RX VHMD D WHPSHUDWXUD LQWHUQD GR RUJDQLVPR WHQGH D
SHUPDQHFHU FRQVWDQWH LQGHSHQGHQWH GDV FRQGLo}HV GR FOLPD &RP R XVR GR R[LJrQLR R
RUJDQLVPR SURPRYH D TXHLPD GDV FDORULDV H[LVWHQWHV QRV DOLPHQWRV SURFHVVR FRQKHFLGR
FRPR PHWDEROLVPR WUDQVIRUPDQGRDV HP HQHUJLD $VVLP p JHUDGR R FDORU LQWHUQR GR
FRUSR (QWUHWDQWR VHPSUH H[LVWHP WURFDV WpUPLFDV HQWUH R FRUSR KXPDQR H R PHLR $
)LJXUD PRVWUD TXH HVWDV WURFDV SRGHP RFRUUHU SRU FRQGXomR FRQYHFomR UDGLDomR
HYDSRUDomRHUHVSLUDomRSURFHVVRVTXHGHSHQGHPGHFHUWDVYDULiYHLVGHFRQIRUWRWpUPLFR

)LJXUD7URFDVWpUPLFDVQRVHUKXPDQR


0HFDQLVPRV7HUPRUUHJXODGRUHV
+DYHQGRJDQKRRXSHUGDGHFDORUSRGHKDYHUXPDWHQGrQFLDDRDXPHQWRRXjGLPLQXLomR
GDWHPSHUDWXUDLQWHUQDGRRUJDQLVPRVLWXDGDSRUYROWDGH&SRGHQGRFDXVDUGDQRVj
VD~GH H DWp PHVPR D PRUWH 3RU HVWH PRWLYR H[LVWHP PHFDQLVPRV FRP D ILQDOLGDGH GH
PDQWHU D WHPSHUDWXUD LQWHUQD FRQVWDQWH FKDPDGRV 7HUPRUUHJXODGRUHV DWLYDGRV TXDQGR
DVFRQGLo}HVWpUPLFDVGRPHLRXOWUDSDVVDPFHUWDVIDL[DV
1D SUHVHQoD GH IULR RV PHFDQLVPRV WHUPRUUHJXODGRUHV VmR DWLYDGRV FRP R REMHWLYR GH
HYLWDU SHUGDV WpUPLFDV GR FRUSR RX DXPHQWDU D SURGXomR LQWHUQD GH FDORU 2 SULPHLUR
PHFDQLVPRWHUPRUUHJXODGRUDVHUGLVSDUDGRpDYDVRFRQVWULomRSHULIpULFDRXVHMDRVYDVRV
FDSLODUHV PDLV SUy[LPRV j SHOH VH FRQWUDHP HQTXDQWR RV PDLV SUy[LPRV DRV yUJmRV
LQWHUQRVVHGLODWDP)LJXUD'HVWDIRUPDDSHOHVHUHVIULDDWLQJLQGRXPDWHPSHUDWXUD
RPDLVSUy[LPDSRVVtYHOjGRPHLRHYLWDQGRSHUGDVGHFDORUSRUUDGLDomRHSRUFRQYHFomR
5DPRQ

)LJXUD9DVRFRQVWULomRSHULIpULFD
2 VHJXQGR PHFDQLVPR WHUPRUUHJXODGRU DWLYDGR QD SUHVHQoD GH IULR p R DUUHSLR )LJXUD
2 PRYLPHQWR PXVFXODU TXH SURYRFD R DUUHSLR DTXHFH D SHOH SRU DWULWR DOpP GH
DXPHQWDUVXDUXJRVLGDGHHYLWDQGRSHUGDVGHFDORUSRUFRQYHFomR

)LJXUD$UUHSLR
$SyV R DUUHSLR VH R IULR DLQGD IRU DJUHVVLYR KDYHUi R DXPHQWR GR PHWDEROLVPR HQWUH
WULQWD H FHP SRUFHQWR TXH SRGH VH PDQLIHVWDU SHOR WUHPRU GRV P~VFXORV $VVLP R FDORU
SURGX]LGRLQWHUQDPHQWHVHUiPDLRUFRPSHQVDQGRDVSHUGDVGRRUJDQLVPRSDUDRPHLR

FDStWXOR&21)2572$0%,(17$/
$ SDUWLU GDt R KRPHP ODQoD PmR GH
PHFDQLVPRV LQVWLQWLYRV FRPR FXUYDU R
FRUSR GLPLQXLQGR D iUHD GH H[SRVLomR GD
SHOH H FXOWXUDLV FRPR HVIUHJDU DV PmRV
ID]HU DOJXPD DWLYLGDGH ItVLFD RX LQJHULU
DOJXPD EHELGD TXHQWH H ID] XVR GH VXDV
KDELOLGDGHV WHFHU URXSDV H FRQVWUXLU
DEULJRV SDUD PHOKRU VH DGDSWDU DR PHLR
)LJXUD
)LJXUD0HFDQLVPRVLQVWLQWLYRVHFXOWXUDLV

1RFDVRGHFDORURSULPHLURPHFDQLVPRWHUPRUUHJXODGRUDVHUGLVSDUDGRpDYDVRGLODWDomR
SHULIpULFDTXHDRFRQWUiULRGDYDVRFRQVWULomRSHULIpULFDDXPHQWDDWHPSHUDWXUDGDSHOH
LQFUHPHQWDQGRSHUGDVGHFDORUSRUFRQYHFomRHSRUUDGLDomR)LJXUD

)LJXUD9DVRGLODWDomRSHULIpULFD
2VHJXQGRPHFDQLVPRGLVSDUDGRpWDPEpPRPDLVLPSRUWDQWHSDUDDVHQVDomRGHFRQIRUWR
WpUPLFR R VXRU )LJXUD 2V SRURV VHPSUH HVWmR SURGX]LQGR R VXRU TXH YDL VHQGR
HYDSRUDGR QR VHX LQWHULRU (VWD HYDSRUDomR LQFUHPHQWD DV SHUGDV GH FDORU GR FRUSR
4XDQGR D WHPSHUDWXUD GD SHOH DXPHQWD PXLWR RX TXDQGR R DU HVWi PXLWR ~PLGR R VXRU
QmRSRGHVHUWRWDOPHQWHHYDSRUDGRILFDQGRQDVXSHUItFLH
)LJXUD6XRU


7DPEpP SRGH KDYHU D UHGXomR
DXWRPiWLFD GR PHWDEROLVPR D ILP GH
GLPLQXLU D SURGXomR LQWHUQD GH FDORU QR
RUJDQLVPR([LVWHPWDPEpPPHFDQLVPRV
LQVWLQWLYRV H FXOWXUDLV TXH SRGHP VHU
DSOLFDGRV HP VLWXDo}HV GH GHVFRQIRUWR
SRUFDORU)LJXUD

)LJXUD0HFDQLVPRVLQVWLQWLYRVHFXOWXUDLV

&RQFHLWRGH&RQIRUWR
6HJXQGR D $6+5$( &RQIRUWR 7pUPLFR p XP HVWDGR GH HVStULWR TXH UHIOHWH D
VDWLVIDomRFRPRDPELHQWHWpUPLFRTXHHQYROYHDSHVVRD6HREDODQoRGHWRGDVDVWURFDV
GHFDORUDTXHHVWiVXEPHWLGRRFRUSRIRUQXORHDWHPSHUDWXUDGDSHOHHVXRUHVWLYHUHP
GHQWURGHFHUWRVOLPLWHVSRGHVHGL]HUTXHRKRPHPVHQWH&RQIRUWR7pUPLFR

9DULiYHLVGH&RQIRUWR7pUPLFR
9DULiYHLV$PELHQWDLV
$V YDULiYHLV DPELHQWDLV TXH LQIOXHQFLDP QR FRQIRUWR WpUPLFR H SRGHP VHU PHGLGDV
GLUHWDPHQWH VmR D WHPSHUDWXUD GR DU 7$5 & D WHPSHUDWXUD UDGLDQWH 750 & D
XPLGDGHUHODWLYD85HDYHORFLGDGHGRDU9PVFRQIRUPHD)LJXUD

)LJXUD9DULiYHLVDPELHQWDLV
$OpPGHVWDVYDULiYHLVDDWLYLGDGHItVLFD0(7PHWRX:PHDYHVWLPHQWD,&/2FORRX

P&:WDPEpPLQWHUDJHPQDVHQVDomRGHFRQIRUWRWpUPLFRGRKRPHP

FDStWXOR&21)2572$0%,(17$/
$WLYLGDGH)tVLFD
4XDQWR PDLRU D DWLYLGDGH ItVLFD WDQWR PDLRU VHUi R FDORU JHUDGR SRU PHWDEROLVPR e
LPSRUWDQWH DR DUTXLWHWR VDEHU D IXQomR GH VXD DUTXLWHWXUD GH IRUPD D SUHYHU R QtYHO GH
DWLYLGDGH UHDOL]DGR QR VHX LQWHULRU WLUDQGR GDt DOJXPDV SUHPLVVDV VREUH D VHQVDomR GH
FRQIRUWRWpUPLFRGDVSHVVRDV(PDFDGHPLDVGHJLQiVWLFDVSRUH[HPSORRQGHDDWLYLGDGH
ItVLFD p PXLWR LQWHQVD p UHFRPHQGiYHO R XVR DEXQGDQWH GH YHQWLODomR WDQWR SDUD
UHVIULDPHQWRTXDQWRSDUDKLJLHQHGRDU-iHPXPDVDODGHDXODHPERUDVHGHYDWHUERD
YHQWLODomRpQHFHVViULRGRVDURVIOX[RVGHDUGHIRUPDDHYLWDUTXHDWUDSDOKHPDDWHQomR
RXTXHIDoDPYRDUSDSpLV
1D )LJXUD VmR DSUHVHQWDGRV RV YDORUHV
GH PHWDEROLVPR SDUD DOJXPDV DWLYLGDGHV
ItVLFDVVHJXQGRD1RUPD,62
e LPSRUWDQWH FRQVLGHUDU TXH XP KRPHP
DGXOWR H XPD PXOKHU DGXOWD WrP
UHVSHFWLYDPHQWH P H P GH
VXSHUItFLH FRUSRUDO 1HVVH FDVR RV YDORUHV
GD ILJXUD SRGHUmR VHU FRQYHUWLGRV SDUD
:P8PKRPHPDGXOWRFDPLQKDQGR0(7
: VHJXQGR )LJXUD SRU H[HPSOR
WHPXPPHWDEROLVPRGH:P:
P
3DUD REWHU PDLV GHWDOKHV VREUH DWLYLGDGHV
ItVLFDV H VHX UHVSHFWLYR PHWDEROLVPR p
LQWHUHVVDQWHUHFRUUHUjSUySULD,62RX
j$6+5$(

)LJXUD$WLYLGDGHVItVLFDVHUHVSHFWLYR
PHWDEROLVPRVHJXQGRD,62

$iUHDGHVXSHUItFLHGRFRUSRQXSRGHVHUIDFLOPHQWHFDOFXODGDSHOD([SUHVVmRGH'X%RLV
GDGDSRU
$ '8 = P O

(TXDomRFiOFXORGDiUHDGH'X%RLV
RQGH
$'8 iUHDVXSHUILFLDOGRFRUSRRXiUHDGH'X%RLVP
P PDVVDGRFRUSRNJ
O DOWXUDGRFRUSRP

$ 7DEHOD FRPSLODGD D SDUWLU GD ,62 DSUHVHQWD RV YDORUHV GH PHWDEROLVPR SDUD
DOJXPDV DWLYLGDGHV HP :P H HP PHW 2 PHW p RXWUD XQLGDGH GH PHWDEROLVPR H
UHSUHVHQWDRYDORUGHPHWDEROLVPRGHXPDSHVVRDUHOD[DGD$VVLPPHWHTXLYDOHD
:PGHiUHDGHVXSHUItFLHFRUSRUDO2PHWDEROLVPRPDLVEDL[RpDOFDQoDGRFRPDSHVVRD
GRUPLQGRHHTXLYDOHDDSUR[LPDGDPHQWHPHW2YDORUPDLVDOWRpDWLQJLGRGXUDQWHD
SUiWLFD GH HVIRUoRV H[WUHPRV FRPR HP HVSRUWHV TXH JHUDOPHQWH DWLQJHP D WD[D GH
PHW

7DEHOD9DORUHVGHPHWDEROLVPRSDUDDOJXPDVDWLYLGDGHV
0HWDEROLVPR
$WLYLGDGH
:P
PHW
'RUPLU

5HFOLQDGR

6HQWDGRUHOD[DGR

(PSpUHOD[DGRRXDWLYLGDGHVHGHQWiULDHVFULWyULRHVFRODHWF

)D]HUFRPSUDVDWLYLGDGHVODERUDWRULDLVODYDUSUDWRVHPSp

&R]LQKDU
D
D
/LPSDU
D
D
/DYDUHSDVVDUURXSDV
D
D
&DPLQKDQGRHPORFDOSODQRDNPK

DNPK

DNPK

DNPK

D

D

D
D

6XELQGRUDPSDVLQFOLQDGDVYHORFLGDGHGHNPKD
'DWLORJUDIDU
%DUEHDUVHEDQKDUVHHYHVWLUVH

9HVWLPHQWD
$UHVLVWrQFLDWpUPLFDGDURXSDWDPEpPpGHJUDQGHLPSRUWkQFLDQDVHQVDomRGHFRQIRUWR
WpUPLFRGRKRPHP(VWDYDULiYHOpPHGLGDHPFORGRLQJOrVFORWKLQJVHQGRTXHFOR
UHSUHVHQWDXPDUHVLVWrQFLDWpUPLFDGHP&:HHTXLYDOHQWHjUHVLVWrQFLDWpUPLFD
GH XP WHUQR FRPSOHWR $ SHOH WURFD FDORU SRU FRQGXomR FRQYHFomR H UDGLDomR FRP D
URXSD TXH SRU VXD YH] WURFD FDORU FRP R DU SRU FRQYHFomR H FRP RXWUDV VXSHUItFLHV SRU
UDGLDomR
4XDQWR PDLRU D UHVLVWrQFLD WpUPLFD GD URXSD PHQRU VHUmR VXDV WURFDV GH FDORU FRP R
PHLR 3RGHULD SDUHFHU HVWUDQKR R IDWR GH HP FOLPDV PXLWR TXHQWHV H VHFRV VH XWLOL]DU
URXSDVORQJDV1HVWHFDVRRVXRUHYDSRUDGRSHUPDQHFHHQWUHDSHOHHDURXSDFULDQGRXP
PLFURFOLPDPDLVDPHQRDOpPGHVHGLPLQXLUDVSHUGDVGHOtTXLGRGRFRUSRSRUHYDSRUDomR
1D )LJXUD VH WHP RV YDORUHV GRV tQGLFHV GH UHVLVWrQFLD WpUPLFD GH DOJXQV WLSRV GH
YHVWLPHQWD 0DLRUHV GHWDOKHV SRGHUmR WDPEpP VHU REWLGRV QD $6+5$( RX QD ,62

FDStWXOR&21)2572$0%,(17$/

)LJXUD5HVLVWrQFLDWpUPLFDGHDOJXPDVYHVWLPHQWDV
$ 7DEHOD DSUHVHQWD R tQGLFH GH UHVLVWrQFLD WpUPLFD ,FOR SDUD DV SULQFLSDLV SHoDV GH
URXSDV
7DEHOD9DORUHVGH,FORSDUDDOJXPDVYHVWLPHQWDV
9HVWLPHQWD
,FOR
0HLDFDOoD

&ROHWHHPWHFLGROHYH

0HLDILQD

&ROHWHHPWHFLGRSHVDGR

0HLDJURVVD

6XHWHUHPWHFLGRSHVDGR

&DOFLQKDHVXWLm

6DLDJURVVD

&XHFD

9HVWLGROHYH

&XHFmRORQJR

9HVWLGRJURVVRPDQJDFRPSULGD

6KRUW

-DTXHWDWHFLGROHYH

%HUPXGD

-DTXHWDWHFLGRSHVDGR

&DPLVHWDGHEDL[R

&DOoDILQD

&DPLVDGHEDL[RPDQJDVFRPSULGDV

&DOoDPpGLD

&DPLVDPDQJDFXUWD

&DOoDIODQHOD

&DPLVDILQDPDQJDFRPSULGD

6DQGiOLDV

&DPLVDPDQJDFRPSULGD

6DSDWRV

&DPLVDIODQHODPDQJDFRPSULGD

%RWDV

%OXVDFRPPDQJDVFRPSULGDV

9HVWLPHQWD
,FOR
QGLFHVGH&RQIRUWR7pUPLFR
2 FRQIRUWR WpUPLFR VHPSUH IRL XP FRQFHLWR VXEMHWLYR SRLV GLYHUVRV VmR RV IDWRUHV H
YDULiYHLV TXH LQIOXHQFLDP QR EHP HVWDU WpUPLFR GR KRPHP QR PHLR HP TXH VH HQFRQWUD
0XLWRV SHVTXLVDGRUHV EXVFDUDP HQTXDGUDU GH IRUPD VLPSOLILFDGD HVWH FRQFHLWR SDUD
IDFLOLWDU VXD FRPSUHHQVmR H PHVPR SUHGL]HU TXDQGR R FRQIRUWR RX GHVFRQIRUWR RFRUUHULD
HP GHWHUPLQDGD VLWXDomR (QWUH DV SULQFLSDLV H PDLV DWXDLV WHQWDWLYDV GHVWDFDPVH RV
tQGLFHVGHFRQIRUWRWpUPLFRDVHJXLU
29RWR0pGLR3UHGLWR309
)DQJHU GHULYRX XPD HTXDomR JHUDO GH FRQIRUWR SDUD FDOFXODU D FRPELQDomR GDV
YDULiYHLV DPELHQWDLV LQFOXLQGR WHPSHUDWXUD UDGLDQWH PpGLD YHORFLGDGH GR DU XPLGDGH
UHODWLYD WHPSHUDWXUD GR DU DWLYLGDGH ItVLFD H YHVWLPHQWD $WUDYpV GH WUDEDOKR

H[SHULPHQWDO)DQJHUDYDOLRXSHVVRDVGHGLIHUHQWHVQDFLRQDOLGDGHVLGDGHVHVH[RVREWHQGR
R 9RWR 0pGLR 3UHGLWR 309 GR LQJOrV SUHGLFWHG PHDQ YRWH SDUD GHWHUPLQDGDV FRQGLo}HV
DPELHQWDLV 2 309 FRQVLVWH HP XP YDORU QXPpULFR TXH WUDGX] D VHQVLELOLGDGH KXPDQD DR
IULRHDRFDORU2309SDUDFRQIRUWRWpUPLFRp]HURSDUDRIULRpQHJDWLYRHSDUDRFDORUp
SRVLWLYR)LJXUD
$SDUWLUGDtIRLLPSOHPHQWDGRRFRQFHLWRGH3RUFHQWDJHPGH3HVVRDV,QVDWLVIHLWDV33'GR
LQJOrVSUHGLFWHGSHUFHQWDJHRIGLVVDWLVILHG$1RUPD,62GHDGRWDDVSHVTXLVDV
GH)DQJHUUHFRPHQGDQGRTXHHPHVSDoRVGHRFXSDomRKXPDQDWHUPLFDPHQWHPRGHUDGRV
R33'GHYHVHUPHQRUTXHRTXHFRUUHVSRQGHDXPDIDL[DGR309GHD
$V HTXDo}HV SDUD FiOFXOR GR 309 H GR 33' SRGHP VHU YLVWDP HP $XOLFLHPV H 6]RNROD\
(PERUD HVWHV FiOFXORV SRVVDP VHU EDVWDQWH FRPSOH[RV XPD PDQHLUD IiFLO GH VH
REWHURVYDORUHVGH309HGH33'pDWUDYpVGRSURJUDPD$QDO\VLV&67LWHP
1D )LJXUD REVHUYDVH D FXUYD D TXH FKHJRX )DQJHU DR UHODFLRQDU R 309 H R 33' $
HVFDODGHYDULDomRpLQGLFDGDPDLVjHVTXHUGDGDILJXUD
0XLWRTXHQWH
4XHQWH
/HYHPHQWHTXHQWH
1HXWURFRQIRUWR
/HYHPHQWHIULR
)ULR
0XLWRIULR
)LJXUD*UiILFRTXHUHODFLRQD309H33'
1D )LJXUD REVHUYDVH TXH D UHVLVWrQFLD

WpUPLFD GD URXSD LQIOXHQFLD EDVWDQWH QD
VHQVDomR GH FRQIRUWR GH XPD SHVVRD (P
FOLPDV PXLWR IULRV SRU H[HPSOR DOpP GH
QHFHVVLWDU GH URXSDV FRP PDLRU UHVLVWrQFLD
WpUPLFD WDOYH] VHMD SUHFLVR TXH D SHVVRD
DXPHQWH VHX PHWDEROLVPR SUDWLFDQGR DOJXPD
DWLYLGDGHItVLFDSDUDVHQWLUFRQIRUWRWpUPLFR

)LJXUD5HVLVWrQFLDWpUPLFD;FRQIRUWR

eFRQVLGHUDGRDFHLWiYHOXPDPELHQWHTXHHVWHMDGHQWURGDVVHJXLQWHVIDL[DVGH309
309
$OpP GLVVR VHJXQGR D QRUPD LQWHUQDFLRQDO ,62 S RV OLPLWHV GH FRQIRUWR
RSHUDWLYRVVmRUHFRPHQGDGRVHPIXQomRGDYHVWLPHQWDHGDDWLYLGDGHH[HUFLGD

FDStWXOR&21)2572$0%,(17$/
3HVTXLVDVGH+XPSKUH\V
([LVWHPRXWURVHVWXGRVTXHWHQWDPGHWHUPLQDUDWHPSHUDWXUDGHFRQIRUWR'LIHUHQWHPHQWH
GH )DQJHU +XPSKUH\V HVWXGD R IDWRU GD DFOLPDWL]DomR GDV SHVVRDV IUHQWH D
GHWHUPLQDGRFOLPDUHODFLRQDQGRDWHPSHUDWXUDGHFRQIRUWRFRPDWHPSHUDWXUDPpGLDGR
ORFDO HP HVWXGR +XPSKUH\V GHVHQYROYH DVVLP R FRQFHLWR GD 7HPSHUDWXUD 1HXWUD TXH
SRGHVHUFDOFXODGDSHODVHJXLQWHHTXDomR
7Q [7P
RQGH
7Q 7HPSHUDWXUDQHXWUDHP&
7P 7HPSHUDWXUDPpGLDGRDUHP&QRSHUtRGRTXHVHHVWDHVWXGDQGR

2 PRGHOR DGDSWDWLYR VHPHOKDQWH DR FRQFHLWR GH +XPSKUH\V p XWLOL]DGR SHOD $6+5$(
6WDQGDUG $6+5$( SDUD GHWHUPLQDomR GDV FRQGLo}HV DFHLWiYHLV GH FRQIRUWR
WpUPLFRHPDPELHQWHVFRPYHQWLODomRQDWXUDO

3URJUDPDVGH$QiOLVHH6LPXODomRGH&RQIRUWR7pUPLFR
$QDO\VLV&67

)LJXUD3URJUDPD$QDO\VLV&67
2SURJUDPD$QDO\VLV&67GH&RQIRUWRH(VWUHVVH7pUPLFRSHUPLWHDRDUTXLWHWRFRQKHFHU

RVFRQFHLWRVGH309H33'YHULWHPHVXDUHODomRFRPYDULiYHLVDPELHQWDLVFRPRD
WHPSHUDWXUD D XPLGDGH UHODWLYD D WHPSHUDWXUD UDGLDQWH PpGLD D YHVWLPHQWD H R
PHWDEROLVPR HQWUH RXWUDV $VVLP R SURILVVLRQDO SRGH SUHGL]HU D FRQGLomR GH FRQIRUWR

WpUPLFRDTXHRXVXiULRHVWDUiVXEPHWLGRHPXPDPELHQWHLQWHULRUIUHQWHDRVYDORUHVGDV
FLWDGDVYDULiYHLV)LJXUDeXPLPSRUWDQWHDOLDGRQDVHWDSDVLQLFLDLVGRSURFHVVRGH
SURMHWR SRLV DX[LOLD D FRPSUHHQVmR GH FRPR R VHU KXPDQR UHDJH D DOWHUDo}HV WpUPLFDV
QXP DPELHQWH 3RGH VHU WDPEpP XWLOL]DGR SDUD HVWDEHOHFHU OLPLWHV WpUPLFRV D VHUHP
SHUVHJXLGRVSRVWHULRUPHQWHHPSURJUDPDVGHVLPXODomRPDLVDYDQoDGRV
3URJUDPD GH &iOFXOR GR 309 GD
0DFTXDULH8QLYHUVLW\6\GQH\
(VWH SURJUDPD GD 0DFTXDULH
8QLYHUVLW\ 'HDU GLVSRQtYHO
GLUHWDPHQWH QD ,QWHUQHW SRGH VHU
DFHVVDGR DWUDYpV GR HQGHUHoR
KWWSDWPRVHVPTHGXDXaUGH
GHDUSPY! H FDOFXOD RV tQGLFHV
309 H 33' FRQIRUPH RV GDGRV GH
HQWUDGD)LJXUD

)LJXUD3URJUDPDGHFiOFXORGH309H33'

&RPIRUW&DOFXODWRU
2 &RPIRUW &DOFXODWRU GR JUXSR 6TXDUH 2QH UHVHDUFK 6TXDUH 2QH D FDOFXOD RV
tQGLFHV309H33'GLUHWDPHQWHFRQIRUPHRVGDGRVGHHQWUDGD(VWHSURJUDPDpJUDWXLWRH
SRGHVHUREWLGRDWUDYpVGRHQGHUHoRKWWSZZZVTXFRP!)LJXUD

)LJXUD&RPIRUW&DOFXODWRU

FDStWXOR&21)2572$0%,(17$/
3097RRO
2XWUR SURJUDPD GR PHVPR JUXSR GH SHVTXLVD p R 3097RRO 6TXDUH 2QH E TXH
WDPEpP FDOFXOD RV tQGLFHV 309 H 33' SRUpP DFUHVFHQWDQGR XP JUiILFR TXH PRVWUD D
LQIOXrQFLD GH FDGD SDUkPHWUR DPELHQWDO QRV FiOFXORV 8PD LQWHUHVVDQWH TXDOLGDGH GHVWH
SURJUDPDpTXHHOHSHUPLWHDRXVXiULRIL[DUGHWHUPLQDGRSDUkPHWURDPELHQWDOGHIRUPDD
SRGHU EXVFDU RV YDORUHV SRVVtYHLV GRV GHPDLV SDUkPHWURV TXH SURSRUFLRQHP XP 309
SUy[LPRGH]HURREWHQGRFRQIRUWRWpUPLFR)LJXUD

)LJXUD3097RRO

,QVWUXPHQWRVGHPHGLomR
$V YDULiYHLV DPELHQWDLV WHPSHUDWXUD GR DU WHPSHUDWXUD UDGLDQWH XPLGDGH UHODWLYD H
YHORFLGDGHGRDUSRGHPVHUPHGLGDVFRPGLYHUVRVLQVWUXPHQWRV
7HUP{PHWURV
2V WHUP{PHWURV VmR XWLOL]DGRV SDUD PHGLU D WHPSHUDWXUD GH YiULDV IRQWHV GH FDORU 3DUD
PHGLUDWHPSHUDWXUDGRDU&XWLOL]DVHR7(500(752'(%8/%26(&23DUDPHGLUD
WHPSHUDWXUD GH JORER & XWLOL]DGD QR FiOFXOR GD WHPSHUDWXUD UDGLDQWH PpGLD GHYHVH
XWLOL]DUR7(500(752'(*/2%2
7HUP{PHWURGH*ORERH&iOFXORGD7HPSHUDWXUD5DGLDQWH0pGLD750
2 WHUP{PHWUR GH JORER )LJXUD SRVVXL XP JORER RFR FRP GLkPHWUR GH FP TXH
DEVRUYHTXDOTXHUHIHLWRGDUDGLDomRWpUPLFDVREUHREXOERLQVWDODGRQRVHXLQWHULRUDOpP
GHHYLWDURFRQWDWRGHVWHFRPSRVVtYHOFRQYHFomR
2JORERpQRUPDOPHQWHGHFREUHSLQWDGRFRPFRUHVSHFLDOSUHWDFXMDHPLVVLYLGDGHpLJXDO
D $PERV RV WHUP{PHWURV H[LVWHP QD IRUPD DQDOyJLFD FRP HVFDOD GH PHUF~ULR H
GLJLWDO
3RGHVH D SDUWLU GR YDORU PHGLGR GH WHPSHUDWXUD UDGLDQWH RX WHPSHUDWXUD GH JORER
FDOFXODUDWHPSHUDWXUDUDGLDQWHPpGLD750
$ 750 GHVFUHYH R DPELHQWH UDGLDQWH HP XP SRQWR QR HVSDoR 3RU H[HPSOR R HIHLWR
UDGLDQWH HP DOJXpP SUy[LPR D XPD ODUHLUD p EDVWDQWH DOWR GHYLGR j DOWD WHPSHUDWXUD GR
IRJR 8P WHOKDGR TXHQWH SRGH WDPEpP DTXHFHU XP DPELHQWH GHYLGR D VXD JUDQGH iUHD

UDGLDQWH 2 HIHLWR UDGLDQWH SRGH WDPEpP VHU QHJDWLYR FRPR QR FDVR GH XPD SHVVRD
SDUDGDHPIUHQWHDXPDMDQHODQRLQYHUQR

)LJXUDWHUP{PHWURGHJORERSVLFU{PHWURJLUDWyULRHDQHP{PHWUR
$ 750 SRGH VHU FDOFXODGD DWUDYpV GH GDGRV GH WHPSHUDWXUD GH JORER 7* H GD
WHPSHUDWXUD GR DU 7%6 'HYHPVH REWHU RV YDORUHV GD WHPSHUDWXUD GR WHUP{PHWUR GH
JORER7*HP&GDWHPSHUDWXUDGRDU7%6HP&GDYHORFLGDGHGRDU9HPPVH
WDPEpP VDEHU R GLkPHWUR GR JORER SDGUmR YDORU SDGUmR GH FP PHWURV QD
HTXDomR
(P VHJXLGD FDOFXODPVH RV YDORUHV GR FRHILFLHQWH KFJ FRHILFLHQWH GH WURFD GH FDORU SRU
FRQYHFomRGRJORERSDUDGXDVVLWXDo}HVGLVWLQWDVFRQYHFomRQDWXUDOHFRQYHFomRIRUoDGD
DWUDYpVGDVGXDVVHJXLQWHVHTXDo}HV
KFJ =

7

'
&219(&d21$785$/
FDStWXOR&21)2572$0%,(17$/
9
KFJ =
'
&219(&d2)25d$'$
RQGH
7 GLIHUHQoDHQWUHDWHPSHUDWXUDGHJORERHDWHPSHUDWXUDGHEXOERVHFRHPPyGXOR
&FDOFXODGDSRU 7 = 7* 7%6
RQGH
7* WHPSHUDWXUDGHJORER&
7%6 WHPSHUDWXUDGHEXOERVHFR&
' GLkPHWURGRJORERSDGURQL]DGRHPFPPQDHTXDomR
9 YHORFLGDGHGRDUHPPV

(VWH FRHILFLHQWH LQGLFD TXDQGR D FRQYHFomR p GRPLQDQWH RX QmR 2 PDLRU YDORU GH KFJ
DFKDGR LQGLFD TXDO HTXDomR XVDU QR FiOFXOR GD 750 $GRWDVH D IyUPXOD GD 750 SDUD D
IRUPDGHFRQYHFomRTXHDSUHVHQWDUR0$,25FRHILFLHQWHKFJ

&219(&d21$785$/
750 =
(7* + ) +
7* 7%6 (7* 7%6 )

&219(&d2)25d$'$
750 =
(7* + ) + 9 (7* 7%6)

3VLFU{PHWURV
2VSVLFU{PHWURVVmRXWLOL]DGRVSDUDPHGLomRGDXPLGDGHUHODWLYDGRDU2SVLFU{PHWUR
JLUDWyULR )LJXUD SRVVXL GRLV WHUP{PHWURV XP GH EXOER VHFR H XP GH EXOER ~PLGR
FRP YHQWLODomR IRUoDGD 'HYHVH XPHGHFHU FRP iJXD GHVWLODGD R WHFLGR TXH HQYROYH R
EXOERGR WHUP{PHWURGHEXOER~PLGRHJLUDURSVLFU{PHWURSRUXPPLQXWR'XUDQWHHVVH
WHPSR D FLUFXODomR GH DU GHYLGD DR JLUR GR DSDUHOKR LQFUHPHQWD D HYDSRUDomR GD iJXD
FRQWLGD QR WHFLGR UHVIULDQGR R EXOER ~PLGR (VVH UHVIULDPHQWR p HQWmR OLGR SHOR
WHUP{PHWUR GH EXOER ~PLGR H D GLIHUHQoD HQWUH HVWD WHPSHUDWXUD H D WHPSHUDWXUD GH
EXOERVHFRUHVXOWDFRPDX[tOLRGHXPD&DUWD3VLFURPpWULFDQDXPLGDGHUHODWLYDGRDU$
)LJXUD PRVWUD HVWH SURFHGLPHQWR IHLWR VREUH XPD FDUWD SVLFURPpWULFD SDUD SUHVVmR
DWPRVIpULFDDRQtYHOGRPDU
$ FDUWD SVLFURPpWULFD )LJXUD p XPD IHUUDPHQWD LPSRUWDQWH QR HQWHQGLPHQWR GDV
WUDQVIRUPDo}HV GR DU ~PLGR RX VHMD GLIHUHQWHV FRPELQDo}HV GDV YDULDo}HV GH
WHPSHUDWXUDHGHXPLGDGHHDVLQIOXrQFLDVQRVSURFHVVRVGHWUDQVIHUrQFLDGHFDORU


)LJXUD&DUWD3VLFURPpWULFDHDVUHODo}HVHQWUHWHPSHUDWXUDHXPLGDGHUHODWLYD

$QHP{PHWURV
$PHGLomRGDYHORFLGDGHGRDUPVpIHLWDFRPDX[tOLRGHDQHP{PHWURV)LJXUD2V
DQHP{PHWURV PDLV FRPXQV VmR R GH FRSRV R GH SDOKHWDV H R GH ILR TXHQWH WDPEpP
FRQKHFLGRFRPRWHUPRDQHP{PHWUR2DQHP{PHWURGHFRSRVpQRUPDOPHQWHXWLOL]DGRHP
HVWDo}HVPHWHRUROyJLFDV2DQHP{PHWURGHSDOKHWDVTXHSRGHVHUWDQWRDQDOyJLFRTXDQWR
GLJLWDO GHYH VHU GLUHFLRQDGR QR VHQWLGR GH RQGH YHP R YHQWR 2 WHUPRDQHP{PHWUR
WDPEpPPHGHRPRYLPHQWRGHDUGLUHFLRQDOVHQGRHQWUHWDQWREHPPDLVSUHFLVRTXHRV
RXWURVGRLVPRGHORVGHDQHP{PHWUR
&RQIRUWtPHWUR
2FRQIRUWtPHWURUH~QHQXP~QLFRDSDUHOKRVHQVRUHVSDUDDPHGLomRGHWRGDVDVYDULiYHLV
DPELHQWDLV FRPR WHPSHUDWXUD GH EXOER VHFR 7%6 WHPSHUDWXUD GH EXOER ~PLGR 7%8
XPLGDGH UHODWLYD 85 WHPSHUDWXUD GH JORER 7* H YHORFLGDGH GR DU 9DU $WUDYpV GD
FRQH[mR GHVWHV VHQVRUHV FRP XP FRPSXWDGRU TXH DFRPSDQKD R DSDUHOKR SRGHPVH
FDOFXODU tQGLFHV GH FRQIRUWR FRPR R 309 GHVHQYROYHU JUiILFRV GH FRPSRUWDPHQWR GDV
YDULiYHLV DPELHQWDLV PHGLGDV H DUPD]HQDU GDGRV GHVWDV YDULiYHLV SDUD IXWXUDV DQiOLVHV H
FRPSDUDo}HV
'DWD/RJJHUVFRPSDFWRV
2V 'DWD /RJJHUV VmR DSDUHOKRV QRUPDOPHQWH EDVWDQWH FRPSDFWRV SDUD PRQLWRUDomR GDV
FRQGLo}HV DPELHQWDLV HP DPELHQWHV H QR H[WHULRU SRU FHUWR SHUtRGR GH WHPSR 3RVVXHP
EDWHULDV LQWHUQDV TXH SHUPLWHP D OHLWXUD H DUPD]HQDJHP GRV GDGRV GHVHMDGRV HP
LQWHUYDORV GH WHPSR SUpGHWHUPLQDGRV 2V GDGRV DUPD]HQDGRV SRGHP VHU IDFLOPHQWH
WUDQVIHULGRVSDUDXPFRPSXWDGRUSDUDSRVWHULRUDQiOLVH

FDStWXOR&21)2572$0%,(17$/
6HJXQGR D ,62 D SUHFLVmR GHVHMiYHO SDUD PHGLo}HV GH WHPSHUDWXUD p GH
DSUR[LPDGDPHQWH & SDUD FiOFXORV GHFRQIRUWR WpUPLFR 2V GDWD ORJJHUVWrP SUHFLVmR
GHDSUR[LPDGDPHQWH&SRGHQGRVHUOLPLWDGRVSDUDDOJXPDVDSOLFDo}HV

&RQIRUWR9LVXDO
2 &RQIRUWR 9LVXDO p XP LPSRUWDQWH IDWRU D VHU FRQVLGHUDGR QD GHWHUPLQDomR GD
QHFHVVLGDGH GH LOXPLQDomR HP XP HGLItFLR $ ERD LOXPLQDomR GHYH WHU GLUHFLRQDPHQWR
DGHTXDGRHLQWHQVLGDGHVXILFLHQWHVREUHRORFDOGHWUDEDOKREHPFRPRSURSRUFLRQDUERD
GHILQLomR GH FRUHV H DXVrQFLD GH RIXVFDPHQWR 2V DPELHQWHV FRQVWUXtGRV LQWHUQRV H
H[WHUQRVVmRLOXPLQDGRVSDUDSHUPLWLURGHVHQYROYLPHQWRGHWDUHIDVYLVXDLVFRPROHLWXUD
YLVmR PDQXIDWXUD RX FRQVHUWRV e SRUWDQWR PXLWR LPSRUWDQWH TXH VH VDLED R TXH
LQIOXHQFLD D KDELOLGDGH GDV SHVVRDV HP GHVHPSHQKDU HVWDV WDUHIDV $ FRQVLGHUDomR GRV
DVSHFWRVIXQGDPHQWDLVDUHVSHLWRGDLOXPLQDomRGHDPELHQWHVQRSURMHWRpVHPG~YLGDD
PHGLGDPDLVHIHWLYDQRFRQWUROHGDVTXDOLGDGHVYLVXDLVGHVWHVDPELHQWHV&RQIRUWR9LVXDOp
HQWHQGLGRFRPRDH[LVWrQFLDGHXPFRQMXQWRGHFRQGLo}HVQXPGHWHUPLQDGRDPELHQWHQR
TXDO R VHU KXPDQR SRGH GHVHQYROYHU VXDV WDUHIDV YLVXDLV FRP R Pi[LPR GH DFXLGDGH H
SUHFLVmR YLVXDO FRP R PHQRU HVIRUoR FRP PHQRU ULVFR GH SUHMXt]RV j YLVWD H FRP
UHGX]LGRV ULVFRV GH DFLGHQWHV (VWDV FRQGLo}HV TXH HVWmR UHODFLRQDGDV DRV UHTXLVLWRV
QHFHVViULRVSDUDDRFRUUrQFLDWUDQTXLODGRSURFHVVRYLVXDOYLVmRSRGHPVHUFODVVLILFDGDV
FRPRVHJXHP(XURSHDQ&RPPLVVLRQ'LUHFWRUDWH
,OXPLQkQFLDVXILFLHQWH
%RDGLVWULEXLomRGHLOXPLQkQFLDV
$XVrQFLDGHRIXVFDPHQWR
&RQWUDVWHVDGHTXDGRVSURSRUomRGHOXPLQkQFLDVH
%RPSDGUmRHGLUHomRGHVRPEUDV
'HYHVHUHVVDOWDUTXHDERDGLVWULEXLomRGHLOXPLQkQFLDVQmRpVLQ{QLPRGHXQLIRUPLGDGHH
TXHRFRQWUDVWHHRSDGUmRGDVVRPEUDVLGHDOGHSHQGHPGDWDUHIDYLVXDO

1tYHOGH,OXPLQDomR
eLPSRUWDQWHEDODQFHDUDTXDOLGDGHHDTXDQWLGDGHGHLOXPLQDomRHPXPDPELHQWHEHP
FRPR HVFROKHU DGHTXDGDPHQWH D IRQWH GH OX] QDWXUDO RX DUWLILFLDO 7RUQDVH GLItFLO QR
HQWDQWR HVWLPDU DV SUHIHUrQFLDV KXPDQDV j LOXPLQDomR YLVWR TXH HVWH IDWRU YDULD
FRQIRUPH D LGDGH GD SHVVRD D KRUD GR GLD H DV UHODo}HV FRQWH[WXDLV FRP R ORFDO 2
HPSUHJR SUHIHUHQFLDO GD OX] QDWXUDO SHUPLWH jV SHVVRDV PDLRU WROHUkQFLD j YDULDomR GR
QtYHOGHLOXPLQDomRRXLOXPLQkQFLD7DPEpPVHSRGHGL]HUTXHTXDQWRPDLVFRPSOLFDGDD
WDUHIDDVHUGHVHPSHQKDGDHPXPDPELHQWHHTXDQWRPDLVYHOKDIRUDSHVVRDWDQWRPDLRU
GHYHUiVHURQtYHOGHLOXPLQDomRGHXPORFDO$LOXPLQDomRLQDGHTXDGDSRGHFDXVDUIDGLJD
YLVXDO GRU GH FDEHoD H LUULWDELOLGDGH DOpP GH SURYRFDU HUURV H DFLGHQWHV (XURSHDQ
&RPPLVVLRQ'LUHFWRUDWH
1R%UDVLOD$VVRFLDomR%UDVLOHLUDGH1RUPDV7pFQLFDV$%17DWUDYpVGD1%5$%17
IL[DDVLOXPLQkQFLDVPtQLPDVDVHUHPDWLQJLGDVHPIXQomRGRWLSRGHWDUHIDYLVXDO
'H IRUPD VLPSOLILFDGD SRGH VHU IHLWD XPD YHULILFDomR LQLFLDO GR QtYHO GH LOXPLQDomR
QHFHVViULR HP XP DPELHQWH FRP D XWLOL]DomR GH XP OX[tPHWUR )LJXUD PHGLQGR
VHJXQGRRSURFHGLPHQWRH[SRVWRQD1%5$%17DLOXPLQkQFLDQRORFDORQGH
DWDUHIDYLVXDOpUHDOL]DGDHVHJXLQGRFRPRGLUHWUL]RVYDORUHVGD7DEHOD(QWUHWDQWR
SDUDXPDYHULILFDomRPDLVSUHFLVDRVYDORUHVFRQVWDQWHVQD1%5GHYHPVHUVHJXLGRV

7DEHOD1tYHOGHLOXPLQDomRQHFHVViULRHPDPELHQWHV
&ODVVLILFDomR 1tYHOGHLOXPLQDomRDVHUREWLGR
7DUHID
&LUFXODomR
5HFRQKHFLPHQWRIDFLDO
%$,;$
DOX[
/HLWXUDFDVXDO
$UPD]HQDPHQWR
5HIHLomR
7HUPLQDLVGHYtGHR
/HLWXUDHVFULWDGHGRFXPHQWRV
0e',$
DOX[
FRPDOWRFRQWUDVWH
3DUWLFLSDomRGHFRQIHUrQFLDV
$/7$
DOX[
/HLWXUDHVFULWDGHGRFXPHQWRVFRP
IRQWHVSHTXHQDVHEDL[RFRQWUDVWH
'HVHQKRWpFQLFR

2VHQVRUDVHUXWLOL]DGRSDUDGHVHQYROYHUDV
PHGLo}HV GH QtYHO GH LOXPLQDomR p XPD
IRWRFpOXOD HOHPHQWR VHQVtYHO j OX] 2
DSDUHOKR JHUDOPHQWH GHVWLQDGR D HVWDV
PHGLo}HV p FKDPDGR GH OX[tPHWUR )LJXUD

)LJXUD/X[tPHWUR

&RQWUDVWH
&RQWUDVWHpGHILQLGRSHODUHODomRHQWUHDOXPLQkQFLDEULOKRGHXPREMHWRHDOXPLQkQFLD

GR HQWRUQR LPHGLDWR GHVWH REMHWR (P SOHQR GLD SRGHPRV SHUFHEHU GLIHUHQoDV GH
OXPLQkQFLDV GH DWp PDV VRE FRQGLo}HV SUHFiULDV GH LOXPLQDomR DWp GLIHUHQoDVGH
SRGHP SDVVDU GHVSHUFHELGDV $ VHQVLELOLGDGH DR FRQWUDVWH PHOKRUD FRP R DXPHQWR GD
OXPLQkQFLD TXH SRU VXD YH] p IXQomR GD LOXPLQDomR DWp FHUWRV OLPLWHV SRVVLELOLGDGH GH
RFRUUHU RIXVFDPHQWR 8PD DSOLFDomR LPSRUWDQWH GD VHQVLELOLGDGH DR FRQWUDVWH p D
LOXPLQDomRGHVLQDOL]DomRGHHPHUJrQFLDWLSR6$'$1RFDVRGHLQFrQGLRGHYHKDYHUXP
DOWRFRQWUDVWHHQWUHRVLQDOHRDPELHQWHFKHLRGHIXPDoDSDUDSHUPLWLUTXHRPHVPRVHMD
YLVtYHO
$ DYDOLDomR GR FRQWUDVWH SRGH VHU IHLWD GH IRUPD VLPSOLILFDGD REVHUYDQGRVH DV WD[DV GH
SURSRUomRGHOXPLQkQFLDVGD7DEHOD

FDStWXOR&21)2572$0%,(17$/
7DEHOD3URSRUomRGHOXPLQkQFLDVSDUDDYDOLDomRGHFRQWUDVWH
3URSRUomR
5HODomR

(QWUHDWDUHIDHRHQWRUQRLPHGLDWR
(QWUHDWDUHIDHVXSHUItFLHVHVFXUDVPDLVDIDVWDGDV

(QWUHDWDUHIDHVXSHUItFLHVFODUDVPDLVDIDVWDGDV
(QWUHDIRQWHGHOX]QDWXUDORXDUWLILFLDOHVXSHUItFLHVDGMDFHQWHV

0i[LPRFRQWUDVWHHPTXDOTXHUSDUWHGRFDPSRGHYLVmR

$V OXPLQkQFLDV SRGHP VHU PHGLGDV SRU XP
IRW{PHWUR
HVSHFLDO
FKDPDGR
OXPLQDQFtPHWUR
)LJXUD

7DO
LQVWUXPHQWR PHGH OX] SURYHQLHQWH GH XP
kQJXOR VyOLGR TXH YDULD GH DWp
2V OHYDQWDPHQWRV GD GLVWULEXLomR GH
OXPLQkQFLDVQRFDPSRGHYLVmRPDQWLGRSRU
XPD SHVVRD QR GHVHQYROYLPHQWR GH
GHWHUPLQDGD WDUHID YLVXDO SRGHP VHU ~WHLV
QDVROXomRGHSUREOHPDVYLVXDLVH[LVWHQWHV

)LJXUD/XPLQDQFtPHWUR

2IXVFDPHQWR
4XDQGRRSURFHVVRGHDGDSWDomRQmRWUDQVFRUUHQRUPDOPHQWHGHYLGRDXPDYDULDomRPXLWR
JUDQGH GD LOXPLQDomR HRX D XPD YHORFLGDGH PXLWR JUDQGH H[SHULPHQWDVH XPD
SHUWXUEDomRGHVFRQIRUWRRXDWpSHUGDQDYLVLELOLGDGHTXHpFKDPDGDGHRIXVFDPHQWR2
RIXVFDPHQWRSRGHRFRUUHUGHYLGRDGRLVHIHLWRVGLVWLQWRV
&2175$67( FDVR D SURSRUomR HQWUH DV OXPLQkQFLDV GH REMHWRV GR FDPSR YLVXDO VHMD
PDLRUGRTXH
6$785$d2 R ROKR p VDWXUDGR FRP OX] HP H[FHVVR HVWD VDWXUDomR RFRUUH
QRUPDOPHQWHTXDQGRDOXPLQkQFLDPpGLDGDFHQDH[FHGHFGP
2VRIXVFDPHQWRVSRGHPVHUFODVVLILFDGRVFRPR'(6&21)2579(,6RX3(5785%$'25(6H
,1$%,/,7$'25(62VSULPHLURVQmRLPSHGHPQHFHVVDULDPHQWHRGHVHQYROYLPHQWRGDWDUHID
YLVXDO6mRDWULEXtGRVjWHQGrQFLDGRROKRGHIL[DUHPREMHWRVRXSRQWRVEULOKDQWHVGHQWUR
GRFDPSRYLVXDOIRQWHVGHOX]RXUHIOH[RVLQWHQVRVHPVXSHUItFLHVPXLWRSROLGDV2JUDX
GH GHVFRQIRUWR SURGX]LGR SRU OXPLQiULDV p IXQomR GH TXDWUR SDUkPHWURV OXPLQkQFLD GD
IRQWH WDPDQKR GD IRQWH kQJXOR HQWUH D IRQWH H D OLQKD GH YLVmR GR REVHUYDGRU H D
FDSDFLGDGHGHDGDSWDomRGRREVHUYDGRU
22)86&$0(172',5(72SRGHVHUSURYRFDGRSHODJHRPHWULDGRDPELHQWHYLVXDO4XDQGR
XPDIRQWHGHOX]HVWiORFDOL]DGDPDLVSUy[LPD DRFHQWURGHYLVmRR RIXVFDPHQWRpPDLV
DFHQWXDGR )LJXUD $ SUHVHQoD GR VRO RX PHVPR GD OX] QDWXUDO GLIXVD QR PHVPR
FDPSRGHYLVmRGHDOJXpPTXHHVWiWUDEDOKDQGRQXPFRPSXWDGRUSRGHRIXVFDUDOHLWXUD
GRPRQLWRU


)LJXUD2IXVFDPHQWRGLUHWR
8PD YH] TXH DV OXPLQiULDV VmR IRQWHV SRWHQFLDLV GH RIXVFDPHQWR GLUHWR PXLWD SHVTXLVD
WHPVLGRIHLWDSDUDTXDQWLILFDUHUHGX]LUHVVHSUREOHPD/XPLQiULDVFRPGLIXVRUHVGRWLSR
FDL[DGHRYRVFRPGLIXVRUHVQRUPDLVDOHWDGDVFRPILOWURVGHYLGURHQWUHRXWUDVVmR
XVDGDVFRPHVVHLQWXLWR)LJXUD

)LJXUD&RQWUROHGRRIXVFDPHQWRFRPOXPLQiULDVHVSHFLDLV
(VWHVFRQWURODGRUHVyWLFRVHOLPLQDPRXUHGX]HPRRIXVFDPHQWRUHGX]LQGRDOX]HPLWLGDQD
]RQDGRRIXVFDPHQWRGLUHWR$)LJXUDPRVWUDFRPRD]RQDGHRIXVFDPHQWRGLUHWRGD
IRQWH GH OX] DEDL[R GD KRUL]RQWDO FRUUHVSRQGH j ]RQD GH RIXVFDPHQWR GLUHWR GR
REVHUYDGRUDFLPDGDKRUL]RQWDO

FDStWXOR&21)2572$0%,(17$/

)LJXUD=RQDGHRIXVFDPHQWRGLUHWR
$ OkPSDGD QD VLWXDomR $ FDXVDRIXVFDPHQWR SRUTXH D OX] p HPLWLGD GHQWUR GD ]RQD GH
RIXVFDPHQWRGLUHWRHQTXDQWRTXHDOXPLQiULDFRORFDGDHP%HYLWDHVVHSUREOHPD
$ OX] LQGLUHWD XWLOL]D R WHWR FRPR XPD JUDQGH IRQWH GH OX] UHIOHWLGD HYLWDQGR TXDVH
FRPSOHWDPHQWHRRIXVFDPHQWR)LJXUD

)LJXUD,OXPLQDomRLQGLUHWDDWUDYpVGRWHWR
2 2)86&$0(172 ,1',5(72 FDXVDGR SHOD UHIOH[mR GH IRQWHV GH OX] QXPD VXSHUItFLH
SROLGDSRGHVHUHYLWDGRFRPDHVSHFLILFDomRGHVXSHUItFLHVFRPDFDEDPHQWRIRVFR,VVRp
PXLWR XWLOL]DGR HP JDOHULDV GH DUWH RQGH DV REUDV GHYHP VHU SURWHJLGDV FRQWUD SRHLUD H
FRQWDWRGRVXVXiULRVDWUDYpVGHXPYLGURTXHVHMDDRPHVPRWHPSRWUDQVSDUHQWHHIRVFR
&DVR QmR VHMD SRVVtYHO XWLOL]DU HVVD VROXomR GHYHVH SURMHWDU FRUUHWDPHQWH R VLVWHPD GH
LOXPLQDomRSDUDHYLWDURRIXVFDPHQWRHPVXSHUItFLHVSROLGDV
2 RIXVFDPHQWR FDXVDGR SRU UHIOH[}HV GH OX] HP VXSHUItFLHV LPSUHVVDV UHIOH[LYDV p
FRQKHFLGR FRPR 2)86&$0(172 325 )$/7$ '( &2175$67( SRLV UHGX] R FRQWUDVWH
QHFHVViULRSDUDXPDERDYLVLELOLGDGH(VVDVUHIOH[}HVVmRPD[LPL]DGDVTXDQGRRkQJXORGH
LQFLGrQFLDGDOX]pLJXDODRkQJXORGHUHIOH[mRHVWDEHOHFLGRSHODSRVLomRGRVROKRV)LJXUD

2FDPSRGDWDUHIDYLVXDOGHOHLWXUDRXHVFULWDpXVXDOPHQWHXPD]RQDGHILQLGDHQWUHRV
kQJXORV GH H PHGLGRV D SDUWLU GH XPD OLQKD YHUWLFDO TXH SDVVD SHORV ROKRV GR
XVXiULR)LJXUD8PPDWHULDOSROLGRFRORFDGRQHVVD]RQDLUiUHIOHWLUDOX]SURYHQLHQWH
GHXPD]RQDFRUUHVSRQGHQWHQRWHWRFRQIRUPHSDUWH%GD)LJXUD


)LJXUD=RQDGHRIXVFDPHQWRQRWHWR
&XLGDGRV HVSHFLDLV GHYHP VHU WRPDGRV HP SURMHWRV GH DPELHQWHV GH OHLWXUD H HVFULWD
FRPR VDODV GH DXOD H ELEOLRWHFDV SDUD HYLWDU SUREOHPDV GH RIXVFDPHQWR SRU IDOWD GH
FRQWUDVWHTXDQGRRSDSHOGRPDWHULDOVHQGROLGRpUHODWLYDPHQWHUHIOH[LYR
22)86&$0(172'(6$%,/,7$'25DWUDSDOKDRGHVHQYROYLPHQWRGDWDUHIDYLVXDO,VVRSRGH
VHUSHULJRVRHPFHUWDVFLUFXQVWkQFLDV3RGHDFRQWHFHUGHWUrVPDQHLUDV
(VSDOKDPHQWRGHOX]SHORFULVWDOLQRSURGX]LQGRXPDOXPLQkQFLDQDUHWLQDHQFREULQGRD
LPDJHPGDFHQD
7HPSRLQVXILFLHQWHGRROKRSDUDDGDSWDUVHDXPDGLIHUHQoDGHOXPLQkQFLDV
,PDJHQVIDQWDVPDVSURGX]LGDVSRUIODVKGHFkPHUDVIRWRJUiILFDVYLVmRGRVROIDUyLV
HWF2SURFHVVRGHDGDSWDomRUHWLQDOOHQWRVRIUHXPGLVW~UELRGHYLGRjOX]H[FHVVLYD2
FpUHEURVHFRQIXQGHHFRQWLQXDDYHULPDJHQVGDIRQWHGHOX]DOWHUQDQGRRSRVLWLYRH
QHJDWLYR QXPD IUHTXrQFLD GHFUHVFHQWH $ YLVmR QRUPDO p UHVWDXUDGD DSyV D
PLQXWRV

(VFDODUH9HWRU,OXPLQDoR
$VFRQGLo}HVGHLOXPLQDomRVmRXVXDOPHQWHGHVFULWDVPHGLGDVRXHVSHFLILFDGDVHPWHUPRV
GH LOXPLQkQFLD QXP GDGR SODQR PDLV IUHTXHQWHPHQWH QXP SODQR GH WUDEDOKR KRUL]RQWDO
WRPDGDDXPDDOWXUDHQWUHHPHWURVHHPDOJXPDVYH]HVYHUWLFDORXLQFOLQDGR
(P RXWUDV SDODYUDV LOXPLQDomR SODQDU (QWUHWDQWR LVWR QmR GHVFUHYH WRWDOPHQWH DV
FRQGLo}HVGHLOXPLQDomR&HUWDLOXPLQDomRSRGHVHUSURGX]LGDSRUXPHVWUHLWRUDLRGHOX]
YLQGR GH XPD GHWHUPLQDGD GLUHomR RX SRU XP DPELHQWH RQGH D OX] YHP GH WRGDV DV
GLUHo}HV 8P VHQVRU GH OX] SODQR UHJLVWUD D OX] SURYHQLHQWH GH XP KHPLVIpULR H QmR
GLVWLQJXHHQWUHXPUDLRGHOX]HXPDPELHQWHGLIXVR([LVWHPFHUWRVDPELHQWHVWDLVFRPR
SUDoDVGHHVSRUWHSDOFRVPXVHXVHVWUDGDVHWFRQGHRREMHWRFHQWUDOGDWDUHIDYLVXDOp
HVVHQFLDOPHQWH WULGLPHQVLRQDO QHVWHV FDVRV D LOXPLQDomR SODQDU RIHUHFH LQIRUPDomR
OLPLWDGDVREUHDVUHDLVFRQGLo}HVGHLOXPLQDomR)LJXUD

FDStWXOR&21)2572$0%,(17$/

)LJXUD,OXPLQDomRSODQDU
,OXPLQDomR HVFDODU p D LOXPLQkQFLD PpGLD UHFHELGD SRU XPD SHTXHQD HVIHUD SURYHQLHQWH
GHWRGDVDVGLUHo}HVLVWRpRIOX[RWRWDOLQFLGHQWHQDHVIHUDGLYLGLGRSHODVXDVXSHUItFLH
PHGLGRHPOX[
9HWRU LOXPLQDomR p XPD ILJXUD FRPSRVWD DSUHVHQWDQGR PDJQLWXGH H GLUHomR 6XD
PDJQLWXGHpDGLIHUHQoDPi[LPDGHLOXPLQDomRHQWUHGRLVSRQWRVGLDPHWUDOPHQWHRSRVWRV
QD VXSHUItFLH GH XPD SHTXHQD HVIHUD 6XD GLUHomR p GDGD SHOR GLkPHWUR TXH OLJD RV GRLV
SRQWRVTXHDSUHVHQWDPDPi[LPDGLIHUHQoD
(P JHUDO D LOXPLQDomR XQLIRUPHPHQWH GLVWULEXtGD QR SODQR GH WUDEDOKR p GHVHMDGD HP
DPELHQWHV LQGXVWULDLV H FRPHUFLDLV DVVRFLDGD FRP HIHLWRV GLUHFLRQDLV H VRPEUDV GD
LOXPLQDomR JHUDO SDUD DFHQWXDU D SURIXQGLGDGH H IRUPD GRV REMHWRV $V VRPEUDV
UHVXOWDQWHVHVWmRGLUHWDPHQWHDVVRFLDGDVDFDUDFWHUtVWLFDVGHGLUHFLRQDOLGDGHHLQWHQVLGDGH
GRFDPSROXPLQRVR
$ WD[D YHWRU LOXPLQDomRLOXPLQDomR HVFDODU DVVRFLDGD FRP D GLUHomR GR YHWRU p XP
SDUkPHWURXWLOL]DGRSDUDHVWLPDUDGLUHFLRQDOLGDGHGDOX]HVXDVTXDOLGDGHVGHPRGHODomR
GH REMHWRV (VWD WD[D SRGH VHU GHWHUPLQDGD SDUD TXDOTXHU SRQWR QR HVSDoR H
WHRULFDPHQWHYDULDHQWUHHVHQGRTXHQDSUiWLFDRVYDORUHVVHVLWXDPHQWUHH
8PYDORUDOWRpQHFHVViULRSDUDUHYHODUIRUPDHWH[WXUDHSRGHUHVXOWDUQXPDPELHQWH
PDLV GUDPiWLFR HQWUHWDQWR SRGH GLILFXOWDU R UHFRQKHFLPHQWR GH FHUWRV GHWDOKHV SRU
H[HPSOR IHLo}HV (P DPELHQWHV GLIXVRV YDORUHV EDL[RV SDUD YHWRUHVFDODU SRGHP VHU
PDLVDJUDGiYHLVPDVQmRDSUHVHQWDPERDGHILQLomRGHVRPEUDV)LJXUD

)LJXUD$PELHQWH'UDPiWLFR;$PELHQWH'LIXVR
7RGDV DV FRQGLo}HV ItVLFDV GD OX] DQDOLVDGDV DQWHULRUPHQWH SRGHP VHU UHVXOWDQWHV GH
IRQWHV GH OX] QDWXUDO RX DUWLILFLDO 6DOYR DOJXPDV H[FHo}HV FkPDUDV HVFXUDV ERDWHV

FLQHPDVDPDLRULDGRVHVSDoRVRFXSDGRVSHORKRPHPQHFHVVLWDPDEXQGDQWHPHQWHGH
OX] $ OX] QDWXUDO p TXDOLWDWLYDPHQWH VXSHULRU j OX] DUWLILFLDO 6XD YDULDELOLGDGH SRU
H[HPSOR SHUPLWH DR KRPHP D SHUFHSomR HVSDoRWHPSRUDO GR OXJDU RQGH VH HQFRQWUD 2
MRJR GH LQWHQVLGDGHV GLIHUHQFLDGDV GH OX] VRPEUDV H GH UHSURGXomR GDV FRUHV VmR
LQIRUPDo}HV HVSDoRWHPSRUDLV TXH D OX] QDWXUDO IRUQHFH DR KRPHP IXQGDPHQWDLV DR
IXQFLRQDPHQWRGRVHXUHOyJLRELROyJLFR
$ LOXPLQDomR DUWLILFLDO SHUPLWH DR KRPHP HVWHQGHU VXDV DWLYLGDGHV HP PRPHQWRV RQGH D
OX]QDWXUDOQmRpVXILFLHQWHRXQmRHVWiSUHVHQWHjQRLWHSRUH[HPSOR,VWRWXGRID]FRP
TXHRDUTXLWHWRQHFHVVLWHSHQVDUHPLOXPLQDomRGHIRUPDDLQWHJUDUIRQWHVGHOX]QDWXUDLV
HDUWLILFLDLV$VVLPDOpPGHFRQFHEHUDPELHQWHVPDLVDJUDGiYHLVRQGHRFRQIRUWRYLVXDOp
VHPSUH SRVVtYHO R SURMHWLVWD SRGH FRPR VH YHUi PDLV DGLDQWH WRPDU VHX SURMHWR PDLV
HILFLHQWH FRP UHODomR DR FRQVXPR GH HQHUJLD HOpWULFD QHFHVViULD SDUD R VLVWHPD GH
LOXPLQDomRDUWLILFLDO

$SyV HVWHV FRQFHLWRV p LPSRUWDQWH UHVVDOWDU TXH R FRQIRUWR WpUPLFR H R FRQIRUWR YLVXDO
GHYHPVHUFRQVLGHUDGRVHPFRQMXQWRQRSURMHWRDUTXLWHW{QLFR(VWDYLVmRLQWHJUDGDWRUQD
SRVVtYHO R ERP GHVHPSHQKR HQHUJpWLFR GD DUTXLWHWXUD TXH VHQGR DGHTXDGD jV
QHFHVVLGDGHV GR XVXiULR FRQVXPLUi PHQRU TXDQWLGDGH GH HQHUJLD SDUD FRQGLFLRQDPHQWR
WpUPLFRHLOXPLQDomR
5()(51&,$6
$%171%5,OXPLQDomR1DWXUDO3DUWH9HULILFDomRH[SHULPHQWDO
GDVFRQGLo}HVGHLOXPLQDomRLQWHUQDGHHGLILFDo}HV0pWRGRGHPHGLomR
$%171%5,OXPLQkQFLDGHLQWHULRUHV
$1'(5621%:HOOV03DVVLYHVRODUHQHUJ\%ULFN+RXVH3XEOLVKLQJ&R
0DVVDFKXVHWWV86$
$6+5$( +DQGERRN RI )XQGDPHQWDOV $PHULFDQ 6RFLHW\ RI +HDWLQJ
5HIULJHUDWLQJDQG$LU&RQGLWLRQLQJ(QJLQHHUV1HZ<RUN86$
$6+5$($16,$6+5$(6WDQGDUG7KHUPDOHQYLURQPHQWDO
FRQGLWLRQVIRUKXPDQRFFXSDQF\$PHULFDQ6RFLHW\RI+HDWLQJ5HIULJHUDWLQJ
DQG$LU&RQGLWLRQLQJ(QJLQHHUV,QF$WODQWD(8$
$8/,&,(06$6]RNROD\697KHUPDOFRPIRUW3/($127(63DVVLYHDQG
/RZ(QHUJ\$UFKLWHFWXUH,QWHUQDWLRQDO7KH8QLYHUVLW\RI4XHHQVODQG%ULVEDQH
&,%6( 6XPPHUWLPH WHPSHUDWXUHV LQ EXLOGLQJV &,%6( *8,'( 6HFWLRQ $
7KH&KDUWHUHG,QVWLWXWLRQRI%XLOGLQJ6HUYLFHV/RQGRQ
&200,66,21 RI WKH (XURSHDQ &RPPXQLWLHV (QHUJ\ FRQVFLRXV GHVLJQ D
SULPHUIRUDUFKLWHFWV%7%DWVIRUG/WG/RQGRQ8.
'($5 5 GH +XPDQ KHDW EDODQFH $WPRVSKHULF 6FLHQFH 0DFTXDULH
8QLYHUVLW\ 6\GQH\ 'LVSRQtYHO HP KWWSDWPRVHVPTHGXDXaUGHGHDUSPY!
DFHVVRHPGHMXOKRGH

FDStWXOR&21)2572$0%,(17$/
(8523($1 &RPPLVVLRQ 'LUHFWRUDWH *HQHUDO )RU (QHUJ\ 'D\OLJKWLQJ LQ
EXLOGLQJV (QHUJ\ 5HVHDUFK *URXS 6FKRRO RI $UFKLWHFWXUH 8QLYHUVLW\ &ROOHJH
'XEOLQ5LFKYLHZ&ORQVNHDJK'XEOLQ,UHODQG
)$1*(5 3 2 7KHUPDO FRPIRUW DQDO\VLV DQG DSSOLFDWLRQV LQ
HQYLURQPHQWDOHQJLQHHULQJ0F*UDZ+LOO1HZ<RUN86$
*,921, % &RQIRUW FOLPDWH DQDO\VLV DQG EXLOGLQJ GHVLJQ JXLGHOLQHV
(QHUJ\DQG%XLOGLQJYROMXO\SS
*21=$/(= ( +LQ] ( 2WHL]D 3 4XLURV & 3UR\HWR FOLPD \
DUTXLWHFWXUD(GLFLRQHV*XVWDYR*LOL6$0p[LFR
*28/$57 6 9 * %DUERVD 0 - 3LHWURERQ &( %RJR $3LWWD 7
%LRFOLPDWRORJLDDSOLFDGDDRSURMHWRGHHGLILFDo}HVYLVDQGRRFRQIRUWRWpUPLFR
5HODWyULR ,QWHUQR QR 1~FOHR GH 3HVTXLVD HP &RQVWUXomR 8)6&
)ORULDQySROLV6&
+803+5(<6 0 $ )LHOG VWXGLHV RI WKHUPDO FRPIRUW FRPSDUHG DQG
DSSOLHGLQ%XLOGLQJ5HVHDUFK(VWDEOLVKPHQW&XUUHQW3DSHU:DWIRUW
8.
,17(51$7,21$/2UJDQL]DWLRQIRU6WDQGDUGL]DWLRQ,62(UJRQRPLFVRI
WKH WKHUPDO HQYLURQPHQW LQVWUXPHQWV IRU PHDVXULQJ SK\VLFDO TXDQWLWLHV
*HQHYD 6ZLW]HUODQG 'LVSRQtYHO HP KWWSZZZLVRFK! DFHVVR HP
RXWXEUR
,17(51$7,21$/2UJDQL]DWLRQIRU6WDQGDUGL]DWLRQ,62(UJRQRPLFVRI
WKH WKHUPDO HQYLURQPHQW $QDO\WLFDO GHWHUPLQDWLRQ DQG LQWHUSUHWDWLRQ RI
WKHUPDO FRPIRUW XVLQJ FDOFXODWLRQ RI WKH 309 DQG 33' LQGLFHV DQG ORFDO
WKHUPDO FRPIRUW FULWHULD *HQHYD 6ZLW]HUODQG 'LVSRQtYHO HP
KWWSZZZLVRFK!DFHVVRHPRXWXEUR
.2(1,*6%(5*(5 2 + ,QJHUVROO 7* 0D\KHZ $ 6]RNROD\ 69
9LYLHQGDV\HGLILFLRVHQ]RQDVFDOLGDV\WURSLFDOHVHG3DUDQLQIR6SDLQ
2/*<$< 9 &OLPD \ DUTXLWHFWXUD HQ &RORPELD 8QLYHUVLGDG GHO 9DOOH
)DFXOWDGGH$UTXLWHFWXUD&DOL&RORPELD
2/*<$< 9 'HVLJQ ZLWK FOLPDWH ELRFOLPDWLF DSSURDFK WR DUFKLWHFWXUDO
UHJLRQDOLVPHG3ULQFHWRQ8QLYHUVLW\3UHVV3ULQFHWRQ1HZ-HUVH\86$
5$021 ) 5RSD VXGRU \ DUFKLWHFWXUDV + %OXPH (GLFLRQHV 0DGULG
(VSDQKD
648$5( 2QH 5HVHDUFK D &RPIRUW FDOFXODWRU ,62 6TXDUH 2QH
5HVHDUFK&DUGLII8.'LVSRQtYHOHPZZZVTXFRP!DFHVVRHPGHMXOKR
GH
648$5( 2QH 5HVHDUFK E 3097RRO 6TXDUH 2QH 5HVHDUFK &DUGLII 8.
'LVSRQtYHOHPZZZVTXFRP!DFHVVRHPGHMXOKRGH
6=2.2/$< 6 9 7KHUPDO GHVLJQ RI EXLOGLQJV 5$,$ (GXFDWLRQ 'LYLVLRQ
5HG+LOO$XVWUiOLD
:$7621'/DEV.&OLPDWLFGHVLJQHQHUJ\HIILFLHQWEXLOGLQJSULQFLSOHV
DQGSUDFWLFHV0F*UDZ+LOO1HZ<RUN86$



VXPiULR

$548,7(785$(&/,0$

9DULiYHLV&OLPiWLFDV

5$',$d262/$5

/8=1$785$/

7(03(5$785$

9(172

80,'$'(

&/,0$6'2081'2

26&/,0$6'2%5$6,/

0,&52&/,0$

$%,2&/,0$72/2*,$$3/,&$'$$548,7(785$

=21$'(&21)2572

=21$'(9(17,/$d21$785$/

=21$'(,1e5&,$7e50,&$3$5$5(6)5,$0(172

=21$'(5(6)5,$0(172(9$325$7,92H80,',),&$d2

=21$'($48(&,0(17262/$5

=21$6'(&21',&,21$0(172$57,),&,$/&20,62/$0(1727e50,&2

=21$'(620%5($0(172

,17(56(d(6(175((675$7e*,$6

0e72'26'($9$/,$d2%,2&/,07,&$

$9$/,$d2%,2&/,07,&$&20'$'26&/,07,&26+255,26

$9$/,$d2%,2&/,07,&$3(/$61250$,6&/,0$72/*,&$6

=RQHDPHQWR%LRFOLPiWLFR%UDVLOHLUR

=21$

=21$

=21$

=21$

=21$

=21$

=21$

=21$

3URJUDPDVGH$QiOLVHV%LRFOLPiWLFDV

23URJUDPD$QDO\VLV%LR

3DLQHO%LRFOLPiWLFR
5()(51&,$6

FDStWXOR$548,7(785$(&/,0$
&$378/2
$548,7(785$(&/,0$
$QWHVGHWUDoDURSULPHLURUDELVFRGRSURMHWRGHYHVHWHUFRPRSUHPLVVDXPHVWXGRGRFOLPD
H GR ORFDO (VWH HVWXGR IRUQHFH LQIRUPDo}HV EiVLFDV j PRQWDJHP GR SURJUDPD GH
QHFHVVLGDGHV 8P ERP SURMHWR GH DUTXLWHWXUD GHYH UHVSRQGHU VLPXOWDQHDPHQWH j HILFLrQFLD
HQHUJpWLFD H jV QHFHVVLGDGHV GH FRQIRUWR GR XVXiULR HP IXQomR GDV LQIRUPDo}HV REWLGDV GD
DQiOLVHFOLPiWLFDHIRUPXODGDVQRSURJUDPDGHQHFHVVLGDGHV
e LPSRUWDQWH R FRQKHFLPHQWR GDV GLIHUHQoDV FRQFHLWXDLV H[LVWHQWHV HQWUH WHPSR H FOLPD
7HPSR p D YDULDomR GLiULD GDV FRQGLo}HV DWPRVIpULFDV HQTXDQWR TXH FOLPD p D FRQGLomR
PpGLDGRWHPSRHPXPDGDGDUHJLmREDVHDGDHPPHGLo}HVHPORQJRVSHUtRGRVGHWHPSR
DQRVRXPDLV8PSURMHWRDUTXLWHW{QLFRGHYHFRQVLGHUDURFOLPDORFDOHVXDVYDULiYHLVTXHVH
DOWHUDPDRORQJRGRDQRGHYLGRDHOHPHQWRVGHFRQWUROHWDLVFRPRSUR[LPLGDGHjiJXDSRLV
D WHUUD VH DTXHFH RX HVIULD PDLV UDSLGDPHQWH TXH D iJXD DOWLWXGH D WHPSHUDWXUD GR DU
WHQGH D GLPLQXLU FRP R DXPHQWR GD DOWLWXGH QD RUGHP GH & SDUD FDGD PHWURV GH
DOWLWXGHEDUUHLUDVPRQWDQKRVDVHFRUUHQWHVRFHkQLFDV
2VIDWRUHVFOLPiWLFRVDWXDPGHIRUPDLQWUtQVHFDQDQDWXUH]D$DomRVLPXOWkQHDGDVYDULiYHLV
FOLPiWLFDVWHUiLQIOXrQFLDQRFRQIRUWRGRHVSDoRDUTXLWHW{QLFRFRQVWUXtGR
)LJXUDGLFD

9DULiYHLV&OLPiWLFDV
$V YDULiYHLV FOLPiWLFDV VmR TXDQWLILFDGDV HP HVWDo}HV PHWHRUROyJLFDV H GHVFUHYHP DV
FDUDFWHUtVWLFDVJHUDLVGHXPDUHJLmRHPWHUPRVGHVROQXYHQVWHPSHUDWXUDYHQWRVXPLGDGH
HSUHFLSLWDo}HVeIXQGDPHQWDORFRQKHFLPHQWRGHVWDVYDULiYHLVSDUDRSURMHWRGHHGLILFDo}HV
PDLV DGHTXDGDV DR FRQIRUWR GR VHX RFXSDQWH H PDLV HILFLHQWHV HP WHUPRV GH FRQVXPR GH
HQHUJLD
2V GDGRV FOLPiWLFRV PDLV GLIXQGLGRV QR %UDVLO VmR DV 1250$,6 &/,0$72/*,&$6 SXEOLFDGDV
SHOR,QVWLWXWR1DFLRQDOGH0HWHRURORJLDHSHOR'HSDUWDPHQWR1DFLRQDOGH0HWHRURORJLD
(VWHV VmR FRPSRVWRV SRU YDORUHV PpGLRV H H[WUHPRV PHQVDLV GH WHPSHUDWXUD
XPLGDGH SUHFLSLWDomR QHEXORVLGDGH KRUDV GH VRO HQWUH RXWURV $V 1RUPDLV &OLPDWROyJLFDV
IRUDP LQVWLWXtGDV QR %UDVLO REHGHFHQGR DRV FULWpULRV UHFRPHQGDGRV SHOD 2UJDQL]DomR
0HWHRUROyJLFD 0XQGLDO 200 FRP LQWXLWR GH DVVHJXUDU D FRPSDUDomR HQWUH RV GDGRV
FOLPiWLFRVGHGLYHUVDVSDUWHVGRPXQGR2VSHUtRGRVGHWULQWDDQRVGHPHGLo}HVSDGURQL]DGRV
MiFRQFOXtGRVQR%UDVLOVmRRVDQRVGHDDHD

([LVWHP GDGRV GH 1RUPDLV &OLPDWROyJLFDV SDUD FHQWHQDV GH FLGDGHV EUDVLOHLUDV TXH QD
DXVrQFLDGHDOJRPDLVSUHFLVRVHUYHPVDWLVIDWRULDPHQWHDXPDDQiOLVHFOLPiWLFDGRORFDOGR
SURMHWR 'HYLGR j YDULDELOLGDGH GR WHPSR PHWHRUROyJLFR GH GLD SDUD GLD H DR IDWR GH D
UHVSRVWD WpUPLFD GD HGLILFDomR HVWDU PXLWDV YH]HV OLJDGD DR GLD DQWHULRU D DQiOLVH GDV
1RUPDLVGHGLDVWtSLFRVGHYHUmRHLQYHUQRRXGHWHPSHUDWXUDVGHSURMHWRQmRpVXILFLHQWH
SDUD DYDOLDU R GHVHPSHQKR HQHUJpWLFR GH XP HGLItFLR FRP SUHFLVmR 2 $12 &/,07,&2 '(
5()(51&,$ 75< GR LQJOrV 7HVW 5HIHUHQFH <HDU p D EDVH GH GDGRV PDLV SUHFLVD SDUD XPD
DQiOLVH FRPSOHWD GD DGHTXDomR GD HGLILFDomR DR FOLPD ORFDO )RUQHFH D SRVVLELOLGDGH GH
VLPXODomR KRUiULD GR FRQVXPR GH HQHUJLD GXUDQWH XP DQR SRVVLELOLWDQGR D DYDOLDomR GR
FXVWREHQHItFLRGHRSo}HVPDLVHILFLHQWHV(P)ORULDQySROLVIRLIHLWRRWUDWDPHQWRGRVGDGRV
FOLPiWLFRVSDUDDOJXPDVFLGDGHVGR%UDVLO*RXODUWHRXWURVSDUDDGHILQLomRGR75<H
GHGLDVWtSLFRVHVWDWtVWLFRV(VWHVGDGRVUHVXOWDUDPHPXP$QR&OLPiWLFRGH5HIHUrQFLDSDUD
FDGD FLGDGH $OpP GR 75< IRUDP HODERUDGRV WDPEpP GLDV WtSLFRV GH SURMHWR HQWUH RXWUDV
LQIRUPDo}HV HVWDWtVWLFDV SDUD FDGD FLGDGH $ GLVSRQLELOLGDGH UHGX]LGD GHVWHV GDGRV TXH
VRPDP DSHQDV FDWRU]H FLGDGHV EUDVLOHLUDV DWp R PRPHQWR p IDWRU OLPLWDQWH GR XVR GR 75<
SDUDLQ~PHURVORFDLVRQGHDV1RUPDLVVmRDLQGDD~QLFDVROXomR
6HPHOKDQWH DR 75< R $QR 0HWHRUROyJLFR 7tSLFR 70< 7\SLFDO 0HWHRURORJLFDO <HDU Mi p
GLVSRQtYHOSDUDYLQWHFLGDGHVEUDVLOHLUDV'HVHQYROYLGRVSHOR6RODUDQG:LQG(QHUJ\5HVRXUFH
$VVHVVPHQW6:(5$SHOR,QVWLWXWR1DFLRQDOGH3HVTXLVDV(VSDFLDLV,13(HSHOR/DERUDWyULR
/$%62/$5 GD 8)6& RV DUTXLYRV QR IRUPDWR 70< SRGHP VHU YLVXDOL]DGRV GLUHWDPHQWH HP
SODQLOKDHOHWU{QLFD

5$',$d262/$5
$ UDGLDomR VRODU p D SULQFLSDO IRQWH GH HQHUJLD SDUD R SODQHWD 7DQWR FRPR IRQWH GH FDORU
TXDQWR FRPR IRQWH GH OX] R 6RO p XP HOHPHQWR GH H[WUHPD LPSRUWkQFLD QR HVWXGR GD
HILFLrQFLDHQHUJpWLFDQDDUTXLWHWXUDeSRVVtYHOWLUDUSDUWLGRRXHYLWDUDOX]HRFDORUVRODUHP
XPDHGLILFDomRHRFULWpULRPDLVViELRSDUDGHILQLURTXHID]HUpWHUFRPRSUHPLVVDVEiVLFDV
R FRQIRUWR WpUPLFR H YLVXDO GRV RFXSDQWHV H D HFRQRPLD GH HQHUJLD 3RUpP R TXH
QRUPDOPHQWH VH ID] p DGRWDU XP GRV HQIRTXHV OX] RX FDORU FRPR SULRULGDGH GHL[DQGR R
VHJXQGR SDUD VHU UHVROYLGR SRVWHULRUPHQWH FRP VLVWHPDV DUWLILFLDLV FRQVXPLGRUHV HP
SRWHQFLDOGHHQHUJLD3DUDURPSHUHVWDWUDGLomRRDUTXLWHWRGHYHFRPSUHHQGHUGHIRUPD
LQWHJUDGD RV IHQ{PHQRV WpUPLFRV H YLVXDLV HP XPD HGLILFDomR H HP FRQVHTXrQFLD DV
YDULiYHLVFOLPiWLFDVGDVTXDLVHVWHVGHFRUUHP
1RPRYLPHQWRGHWUDQVODomRD7HUUDSHUFRUUHVXDWUDMHWyULDHOtSWLFDHPXPSODQRLQFOLQDGR
GHHPUHODomRDRSODQRGRHTXDGRUeHVWHkQJXORTXHGHILQHDSRVLomRGRVWUySLFRVH
LVWR ID] FRP TXH RV GRLV KHPLVIpULRV WHUUHVWUHV UHFHEDP TXDQWLGDGHV GLVWLQWDV GH UDGLDomR
VRODUDRORQJRGRDQRFDUDFWHUL]DQGRDVHVWDo}HVSHORVVROVWtFLRVGHLQYHUQRHGHYHUmRDH
FHSHORVHTXLQyFLRVGHRXWRQRHGHSULPDYHUDEHG)LJXUD
$SRVLomRGR6ROQDDEyEDGDFHOHVWHSRGHVHUGHILQLGDDWUDYpVGRVkQJXORVGH$/785$62/$5
+HGH$=,087(62/$5$kQJXORVTXHYDULDPGHDFRUGRFRPDKRUDGRGLDHSHUtRGRGR
DQR)LJXUD

FDStWXOR$548,7(785$(&/,0$
)LJXUD7UDQVODomRGD7HUUDHORFDOL]DomRGRVWUySLFRV
)LJXUD7UDMHWyULDGRVROQRVVROVWtFLRVHHTXLQyFLRV
'H WRGRV RV HOHPHQWRV FOLPiWLFRV D UDGLDomR VRODU p R GH FRPSRUWDPHQWR PDLV FRQKHFLGR
EDVWDQGRPDUFDUDDOWXUDHRD]LPXWHVRODUHPXPD&$57$62/$5SDUDVDEHURQGHHVWiR6RO
HPGHWHUPLQDGRSHUtRGRGRDQR$FDUWDVRODUGHXPDGHWHUPLQDGDORFDOLGDGHpXPDIXQomR
GD ODWLWXGH GR ORFDO (P ODWLWXGHV PDLV EDL[DV ORFDLV PDLV SUy[LPRV DR (TXDGRU R VRO WHP
FRPSRUWDPHQWRPDLVSDUHFLGRQRVGRLVVROVWtFLRVVHQGRRQ~PHURGHKRUDVGHVROGLiULRPDLV
VHPHOKDQWH(PODWLWXGHVPDLVHOHYDGDVRVGLDVVmREHPPDLVORQJRVQRVPHVHVGHYHUmRTXH
QRV PHVHV GH LQYHUQR WRUQDQGR HVWDV HVWDo}HV PDLV GLVWLQWDV 2 GLDJUDPD VRODU SRGH VHU
HQFRQWUDGR HP YiULRV VLVWHPDV GH SURMHomR HVWHUHRJUiILFR HTXLGLVWDQWH RUWRJUiILFR H
JQRP{QLFR)RQVHFD6]RNROD\eLPSRUWDQWHVDEHUDODWLWXGHGRORFDOVREDQiOLVH
SDUD REWHU D FDUWD VRODU FRUUHVSRQGHQWH ([SOLFDo}HV PDLV GHWDOKDGDV VREUH D &DUWD 6RODU H
VREUH D JHRPHWULD VRODU H VXD LQIOXrQFLD QR SURMHWR GH HGLItFLRV HVWmR GLVSRQtYHLV QR TXDUWR
FDStWXORGHVWHOLYURLQWLWXODGR*HRPHWULD6RODU

$UDGLDomRVRODUSRGHVHUGLYLGLGDHPGLUHWDH
GLIXVD ,VWR DFRQWHFH SRUTXH DSyV VXD
SHQHWUDomR QD DWPRVIHUD D UDGLDomR FRPHoD
D VRIUHU LQWHUIHUrQFLDV QR VHX WUDMHWR HP
GLUHomR j VXSHUItFLH WHUUHVWUH $ SDUFHOD TXH
DWLQJH GLUHWDPHQWH D 7HUUD p FKDPDGD
UDGLDomRGLUHWDHVXDLQWHQVLGDGHGHSHQGHGD
DOWXUDVRODU+HGRkQJXORGHLQFLGrQFLDGRV
UDLRV VRODUHV HP UHODomR j VXSHUItFLH
UHFHSWRUD FRQIRUPH LOXVWUDGR QD )LJXUD
(YDQVH6FKLOOHU

)LJXUD QJXORV GH DOWXUD VRODU + D]LPXWH
VRODU$HLQFLGrQFLD
$OpP GH VHU D SULQFLSDO LQIOXHQWH QRV JDQKRV WpUPLFRV HP XPD HGLILFDomR D UDGLDomR VRODU
GLUHWDpDIRQWHGHOX]PDLVLQWHQVD
$TXDQWLGDGHGHUDGLDomRVRODUTXHFKHJDjVXSHUItFLHWHUUHVWUHGHSHQGHEDVLFDPHQWHGHWUrV
IDWRUHVDOHLGRFRVVHQRDGLVVLSDomRDWPRVIpULFDHDGXUDomRGDOX]GRGLD.RHQLJVEHUJHUH
RXWURV $ OHL GR FRVVHQR HVWDEHOHFH TXH D LQWHQVLGDGH GH UDGLDomR LQFLGHQWH HP XPD
VXSHUItFLH LQFOLQDGD p LJXDO j UD]mR HQWUH D LQWHQVLGDGH QRUPDO H R FRVVHQR GR kQJXOR GH
LQFLGrQFLD)LJXUD

)LJXUD/HLGRFRVVHQR
4XDQWR PHQRU D DOWXUD VRODU PDLV ORQJR p R WUDMHWR GD UDGLDomR DWUDYpV GD DWPRVIHUD H
PHQRV UDGLDomR FKHJD j VXSHUItFLH WHUUHVWUH (VVH IHQ{PHQR p FRQKHFLGR FRPR ',66,3$d2
$7026)e5,&$ RX VHMD D DEVRUomR GD UDGLDomR VRODU SHOR R]{QLR YDSRUHV H SDUWtFXODV
FRQWLGDVQDDWPRVIHUDeJUDoDVDLVWRTXHRVROGRSRHQWHpDYHUPHOKDGRSRLVDSHQDVDOX]
QHVWDIUHTXrQFLDGHRQGDFRQVHJXHDWUDYHVVDUDFDPDGDDWPRVIpULFD)LJXUD
)LJXUD3RVLomRUHODWLYDGR6ROSRHQWHHDSLQR

FDStWXOR$548,7(785$(&/,0$
'HIRUPDVHPHOKDQWHXPDSDUWHGDUDGLDomR
JOREDO LQFLGHQWH QD DWPRVIHUD VRIUH XP
HVSDOKDPHQWR WHQGR VXD GLUHomR DOWHUDGD
FRQVWLWXLQGR D SDUFHOD GLIXVD GD UDGLDomR
VRODU )LJXUD $ UDGLDomR GLIXVD p WDQWR
PDLRUTXDQWRPDLVQXEODGRIRURFpX1HVWHV
FDVRV D SDUFHOD GLUHWD GD UDGLDomR VRODU VH
UHGX] EDVWDQWH H WRGDV DV IDFKDGDV GH XP
HGLItFLR WHQGHUmR D UHFHEHU D PHVPD
TXDQWLGDGHGHUDGLDomRGLIXVD

)LJXUD5DGLDomRGLIXVD

$ REWHQomR GRV GDGRV GH UDGLDomR VRODU GHYHULD VHU IHLWD SRU PHGLo}HV Mi VHSDUDQGR D
UDGLDomRHPVXDVSDUFHODVGLUHWDHGLIXVD(VWHVYDORUHVSRGHPVHUPHGLGRVGLUHWDPHQWHSDUD
DV VXSHUItFLHV YHUWLFDLV H KRUL]RQWDLV R LGHDO RX PHGLGRV DSHQDV SDUD DV VXSHUItFLHV
KRUL]RQWDLVVHQGRFRUULJLGRVSRVWHULRUPHQWHSDUDDVYHUWLFDLVDWUDYpVGHPpWRGRVGHFiOFXOR
3RUpPRTXHVHXWLOL]DQRUPDOPHQWHQR%UDVLOVmRDVQRUPDLVFOLPDWROyJLFDVYDORUHVPpGLRV
GHKRUDVGHVRORXHVWLPDWLYDVIHLWDVDSDUWLU GRVYDORUHVGHQHEXORVLGDGHGR$QR&OLPiWLFR
GH5HIHUrQFLD$PHGLomRGDUDGLDomRVRODUSRGHULDHYLWDUWRGDDLPSUHFLVmRGHVHWUDEDOKDU
FRP RV GDGRV GH QHEXORVLGDGH TXH VmR UHJLVWUDGRV GH IRUPD YLVXDO VHP LQVWUXPHQWRV
ILFDQGRj PHUFr GD VHQVLELOLGDGH GRROKR GH TXHP ID] D REVHUYDomR ,QIHOL]PHQWH DLQGD VmR
SRXFDV DV HVWDo}HV TXHPHGHP D UDGLDomR VRODU LQVWDQWkQHD :P QR %UDVLO(QWUH RXWUDV
SRGHVHGHVWDFDUDHVWDomRGR/DEVRODUGD8)6&TXHHVWiLQWHJUDGDDXPDUHGHLQWHUQDFLRQDO
GHPHGLo}HV%651%DVH/LQH6XUIDFH5DGLDWLRQ1HWZRUN
$7/$6'(,55$',$d262/$512%5$6,/
7RGDVDVIRQWHVGHHQHUJLDFRPRDKLGUiXOLFDDELRPDVVDDHyOLFDRVFRPEXVWtYHLVIyVVHLVH
DHQHUJLDGRVRFHDQRVVmRIRUPDVLQGLUHWDVGHHQHUJLDVRODU3RUpPDUDGLDomRVRODUWDPEpP
SRGHVHUXWLOL]DGDGLUHWDPHQWHFRPRIRQWHGHHQHUJLDWpUPLFDSDUDDTXHFLPHQWRGHIOXLGRVH
DPELHQWHVHSDUDJHUDomRGHSRWrQFLDPHFkQLFDRXHOpWULFD'HQWUHRVGLYHUVRVSURFHVVRVGH
DSURYHLWDPHQWRGDHQHUJLDVRODUDWXDOPHQWHRVPDLVXWLOL]DGRVVmRRDTXHFLPHQWRGHiJXDH
DJHUDomRIRWRYROWDLFDGHHQHUJLDHOpWULFD1R%UDVLORDTXHFLPHQWRVRODUGHiJXDpEDVWDQWH
GLIXQGLGRQDVUHJL}HV6XOH6XGHVWHHPERUDHVWDVDSUHVHQWHPRVPHQRUHVQtYHLVGHUDGLDomR
VRODU -i D JHUDomR IRWRYROWDLFD VH FRQFHQWUD PDLV QDV UHJL}HV 1RUWH H 1RUGHVWH HP
ORFDOLGDGHV LVRODGDV $ LQLFLDWLYD SDUD R HPSUHJR GH JHUDomR IRWRYROWDLFD WHP RFRUULGR HP
DOJXPDV HGLILFDo}HV FRPHUFLDLV UHVLGHQFLDLV H HP SHVTXLVDV HP LQVWLWXLo}HV HP GLYHUVDV
UHJL}HV GR SDtV FRPR D &DVD (ILFLHQWH (OHWURVXO H RXWURV H R SUpGLR GR FXUVR GH
(QJHQKDULD 0HFkQLFD H R &HQWUR GH (YHQWRV GD 8QLYHUVLGDGH IHGHUDO GH 6DQWD &DWDULQD
/DE62/$5 PDV HVVH FHQiULR DLQGD QmR ID] SDUWH GR FRWLGLDQR GD DUTXLWHWXUD
UHSUHVHQWDQGR XPD WtPLGD UHDOLGDGH GLILFXOWDGD SHOR DOWR FXVWR GH DTXLVLomR LQLFLDO GRV
HTXLSDPHQWRVHSHODIDOWDGHVXEVtGLRVHFRQ{PLFRV
2$WODVGH,UUDGLDomR6RODUQR%UDVLO&ROOHH3HUHLUDDSUHVHQWDRtQGLFHPpGLRDQXDOGH
UDGLDomRVRODUQRSDtV2VPDLRUHVtQGLFHVVmRYHULILFDGRVQDUHJLmR1RUGHVWHHRVPHQRUHVQR
OLWRUDO6XO6XGHVWH


/8=1$785$/
$OpPGRVIHQ{PHQRVWpUPLFRVDUDGLDomRVRODUpDSULQFLSDOIRQWHGHOX]QDWXUDO8PDSDUWH
GD OX] TXH SHQHWUD HP XP HGLItFLR SULQFLSDOPHQWH VXD SDUFHOD GLUHWD p DEVRUYLGD H
FRQYHUWLGD HP FDORU 1D HVFDOD PLFURFOLPiWLFD VH SRGH WLUDU SDUWLGR GH IRQWHV LQGLUHWDV GH
OX]4XDQGRXPDVXSHUItFLHUHIOHWRUDpLOXPLQDGDSRUXPDIRQWHGHOX]SULPiULDFRPRDOX]
VRODU RX D OX] GR FpX UHVXOWD HP XPD IRQWH LQGLUHWD GH OX] $ TXDOLGDGH GHVWD OX] p
YLUWXDOPHQWHLGrQWLFDjOX]GRFpXDGPLWLGDDWUDYpVGHXPDDEHUWXUDGHWDPDQKRVLPLODU6H
DVXSHUItFLHUHIOHWRUDIRUGLUHWDPHQWHLOXPLQDGDSHORVROVXD/80,11&,$SRGHDWLQJLUHQWUH
DFGPRXVHMDOXPLQkQFLDVXSHULRUjGDDEyEDGDFHOHVWHHQWUHH
FGP'HIRUPDVLPLODUXPPDWHULDOWUDQVO~FLGRSRGHVHUXWLOL]DGRFRPRXPDIRQWHLQGLUHWD
GHOX]
$ OX] VRODU ',5(7$ LOXPLQD XPD VXSHUItFLH QRUPDO FRP D OX[ 3HUHLUD
(VWH YDORU p PXLWR LQWHQVR SDUD VHU XVDGR GLUHWDPHQWH VREUH R SODQR GH WUDEDOKR 3RU HVWH
PRWLYR PXLWRV SURMHWLVWDV SUHIHUHP H[FOXLU FRPSOHWDPHQWH D OX] GLUHWD GR VRO QR LQWHULRU
'HYLGR j VXD LPSRUWkQFLD FRPR DTXHFLPHQWR VRODU SDVVLYR D UDGLDomR VRODU GLUHWD p PXLWDV
YH]HVFRQVLGHUDGDLQGHVHMiYHOSDUDLOXPLQDomRSHODVXDFRPSRQHQWHWpUPLFD(VWDFRQFHSomR
pHUU{QHD&RPRSRGHVHUYLVWRQD)LJXUDD(),&&,$/80,126$GDOX]QDWXUDOGLUHWDp
PDLRU TXH PXLWDV GDV DOWHUQDWLYDV GH OX] DUWLILFLDO FRQKHFLGDV $ OX] QDWXUDO GLUHWD WDPEpP
LQWURGX]PHQRUTXDQWLGDGHGHFDORUSRU/0(0SDUDRLQWHULRUGHXPHGLItFLRTXHDPDLRULD
GDVOkPSDGDV,VWRPRVWUDTXHDOX]QDWXUDOSRGHVHUXPDHVWUDWpJLDDWUDWLYDSDUDGLPLQXLUD
FDUJDGHUHVIULDPHQWRQHFHVViULDHPHGLItFLRVSRUFDXVDGHLOXPLQDomRDUWLILFLDODVVXPLQGR
VHTXHSRGHVHUGLVWULEXtGDHODUJDPHQWHXWLOL]DGDSDUDHVWHILP&RPPLVVLRQRIWKH(XURSHDQ
&RPPXQLWLHV

)LJXUD(ILFiFLDOXPLQRVDGHGLYHUVDVIRQWHVGHOX]
&RP UHODomR j OX] ',)86$ p FRQVLGHUDYHOPHQWH PDLV EDL[D TXH D UHVXOWDQWH GD OX] VRODU
GLUHWD YDULDQGR HQWUH D OX[ SDUD FpX HQFREHUWR &RP FpX OLPSR R SHTXHQR
WDPDQKR GDV SDUWtFXODV H[LVWHQWHV QD DWPRVIHUD SHUPLWH DSHQDV D UHIUDomR GR FRPSULPHQWR
GHRQGDGDOX]D]XOGRHVSHFWURGDQGRDRFpXHVWDFRU&RPFpXQXEODGRRYDSRUGHiJXD
HP VXVSHQVmR UHIUDWD H UHIOHWH WRGRV RV FRPSULPHQWRV GH RQGD HP WRGDV DV GLUHo}HV
UHVXOWDQGRHPOX]GLIXVDGHFRUEUDQFDQDDEyEDGDFHOHVWH
(PERUD TXDQWLILFiYHLV WDQWR D UDGLDomR VRODU TXDQWR D OX] QDWXUDO SRGHP YDULDU
HQRUPHPHQWHGHXPLQVWDQWHSDUDRXWUR3DUDVLPSOLILFDUHVWDYDULDomRVmRFULDGRVPRGHORV
SDGU}HV TXH UHSUHVHQWDP DOJXQV WLSRV GH FpX EDVLFDPHQWH R FpX OLPSR FODUR R FpX
SDUFLDOPHQWH QXEODGR DQLVRWUySLFR HR FpX QXEODGRLVRWUySLFR FRQIRUPH PRVWUD D )LJXUD
1RFDVRGRFpXOLPSRDUDGLDomRGLUHWDpSUHSRQGHUDQWHYLQGDGLUHWDPHQWHGR6ROHD

FDStWXOR$548,7(785$(&/,0$
UDGLDomRGLIXVDpPDLVLQWHQVDDRUHGRUGR6ROHSUy[LPDGRKRUL]RQWH&RPUHODomRjOX]R
FpX H D DWPRVIHUD VmR FODURV H D OXPLQkQFLD YDULD HP UHODomR DR =1,7( DR KRUL]RQWH H j
SRVLomRGR 6RO 1R FDVR GR FpX QXEODGR Ki XP WXUYDPHQWR GD DEyEDGD FHOHVWH H R 6RO QmR
HVWi YLVtYHO $ GLVWULEXLomR GD UDGLDomR H D OXPLQkQFLD WHQGHP D VHU PDLV XQLIRUPHV QHVWH
FDVR 2 PRGHOR TXH FRQVLGHUD R FpX SDUFLDOPHQWH QXEODGR p R PDLV SUy[LPR GD UHDOLGDGH
SRLVUHSUHVHQWDDPDLRUSDUWHGRVGLDV

)LJXUD0RGHORVSDUDFpXFODURSDUFLDOPHQWHHQFREHUWRHHQFREHUWR

7(03(5$785$
eDYDULiYHOFOLPiWLFDPDLVFRQKHFLGDHGHPDLVIiFLOPHGLomR$YDULDomRGDWHPSHUDWXUDQD
VXSHUItFLH GD 7HUUD UHVXOWD EDVLFDPHQWH GRV IOX[RV GDV JUDQGHV PDVVDV GH DU H GD GLIHUHQWH
UHFHSomRGDUDGLDomRGRVROGHORFDOSDUDORFDO)LJXUD

)LJXUD9DULDomRGDWHPSHUDWXUDQDVXSHUItFLHGD7HUUD

4XDQGRDYHORFLGDGHGRVIOX[RVGHDUpSHTXHQDDWHPSHUDWXUDpFRQVHTXHQWHQDVXDPDLRU
SDUWH GRV JDQKRV WpUPLFRV VRODUHV GR ORFDO 1HVWHV FDVRV D UDGLDomR VRODU TXH DWLQJH D
VXSHUItFLH WHUUHVWUH p UHFHELGD GH IRUPD GLVWLQWD HP FRQVHTXrQFLD GR WLSR GH VROR H GH
YHJHWDomR GD WRSRJUDILD H GD DOWLWXGH GR ORFDO 4XDQGR D YHORFLGDGH GR DU p DOWD D
LQIOXrQFLDGRVIDWRUHVORFDLVQDWHPSHUDWXUDGRDUpEHPPHQRU$WUDYpVGRVGDGRVFOLPiWLFRV
REWLGRVQDV1RUPDLV&OLPDWROyJLFDVRXHP$QRV&OLPiWLFRV75<RX70<SRGHVHFRQKHFHUR
FRPSRUWDPHQWR GD WHPSHUDWXUD GR DU SDUD XP GHWHUPLQDGR ORFDO DR ORQJR GR DQR 2
WUDWDPHQWRGRVGDGRVFOLPiWLFRVSRGHIRUQHFHUYDORUHVPDLVSURYiYHLVGHWHPSHUDWXUDPpGLD
PtQLPD H Pi[LPD SDUD FDGD SHUtRGR GR DQR H GHVWD IRUPD SURSRUFLRQDU DR DUTXLWHWR RV
GDGRV QHFHVViULRV SDUD D LGHQWLILFDomR GRV SHUtRGRV GH GHVFRQIRUWR LPSRUWDQWH LQIRUPDomR
GHSURMHWR*RXODUWHRXWURV
2DUTXLWHWRSRGHWLUDUYDQWDJHQVGDVSURSULHGDGHVGHLQpUFLDWpUPLFDGDWHUUDSDUDDPHQL]DU
DVWHPSHUDWXUDVQRLQWHULRUGDHGLILFDomR2VRORVHPDQWpPHPWHPSHUDWXUDVPDLVDPHQDV
TXHRDUH[WHULRU$SyVVHUDTXHFLGDSHORVRODWHUUDUHWpPRFDORUSRUPXLWRPDLVWHPSRTXH
XPDKDELWDomRFRQYHQFLRQDO(VWDFDUDFWHUtVWLFDpFRQKHFLGDFRPR,1e5&,$7e50,&$$WHUUD
JDQKDRXSHUGHFDORUOHQWDPHQWHVHVXEPHWLGDDWHPSHUDWXUDVUHVSHFWLYDPHQWHPDLVDOWDVRX
PDLVEDL[DV
2 FDORU DUPD]HQDGR QR VROR SRGH
VHU~WLOHPORFDLVRQGHDVQRLWHVVmR
IULDVHRVGLDVVmRTXHQWHVRXVHMD
RQGH Ki JUDQGH $03/,78'( GLiULD
GHWHPSHUDWXUD6HDHGLILFDomRIRU
LQWHJUDGDjWHUUDHGLILFDo}HVVHPL
HQWHUUDGDV WDOXGHV FREHUWXUDV
FRP WHUUD SRGHUi DEVRUYHU HVVH
FDORUQRVKRUiULRVPDLVIULRVGRGLD
SRVVLELOLWDQGR
FRQIRUWR
DRV
XVXiULRV (VWD VROXomR SRGH VHU
EDVWDQWH YDQWDMRVD QRV FOLPDV
GHVpUWLFRV RQGH DV DPSOLWXGHV
WpUPLFDVGLiULDVVmRPXLWRJUDQGHV
$
)LJXUD

PRVWUD
R
FRPSRUWDPHQWR GD WHPSHUDWXUD GR
DU GXUDQWH XP GLD TXDOTXHU
3HUFHEHVH
TXH
D
PHQRU
WHPSHUDWXUD GR GLD RFRUUH QDV
SULPHLUDV KRUDV GD PDQKm SUy[LPR
DR QDVFHU GR VRO (P VHJXLGD D
WHPSHUDWXUD FRPHoD D VXELU H
DWLQJH VHX YDORU Pi[LPR SRU YROWD
GDV KRUDV $ GLIHUHQoD HQWUH
HVVHV GRLV YDORUHV Pi[LPR H
PtQLPR
FKDPDVH
DPSOLWXGH
WpUPLFD GLiULD 1D PHVPD ILJXUD
WHPVH R FRPSRUWDPHQWR GD
WHPSHUDWXUD GR DU SDUD VHWH GLDV
FRQVHFXWLYRV RQGH VH Yr DOJXPDV
YDULDo}HV GH DPSOLWXGH H GH
Pi[LPDVHPtQLPDV

)LJXUD9DULDomRGLiULDGDWHPSHUDWXUD
3DUDXPDPHVPDWHPSHUDWXUDDVHQVDomRGHFRQIRUWRWpUPLFRSRGHVHUGLIHUHQWHHPIXQomR
GHYDULiYHLVFRPRRYHQWRHDXPLGDGHGRORFDO

FDStWXOR$548,7(785$(&/,0$

9(172
(P XPD UHJLmR FOLPiWLFD SRGH KDYHU YDULDo}HV VLJQLILFDWLYDV GH GLUHomR H GH YHORFLGDGH GR
PRYLPHQWR GR DU ,VWR DFRQWHFH SULQFLSDOPHQWH SHODV GLIHUHQoDV GH WHPSHUDWXUD HQWUH DV
PDVVDV GH DU R TXH SURYRFD R VHX GHVORFDPHQWR GD iUHD GH PDLRU SUHVVmR DU PDLV IULR H
SHVDGRSDUDDiUHDGHPHQRUSUHVVmRDUTXHQWHHOHYH
$ YHORFLGDGH H D GLUHomR GR YHQWR VmR JHUDOPHQWH PHGLGDV D P GH DOWXUD QDV HVWDo}HV
PHWHRUROyJLFDV (VWDV HVWDo}HV VH ORFDOL]DP JHUDOPHQWH HP UHJL}HV DEHUWDV ORQJH GRV
REVWiFXORV XUEDQRV SRLV R PRYLPHQWR GH DU VRIUH JUDQGH LQIOXrQFLD GD UXJRVLGDGH GD
VXSHUItFLH
$WUDYpVGHGLDJUDPDVGRWLSRURVDGRVYHQWRVRDUTXLWHWRSRGHFRQKHFHUDVSUREDELOLGDGHV
GH RFRUUrQFLD GH YHQWR SDUD DV SULQFLSDLV RULHQWDo}HV H VXD YHORFLGDGH (VWH LQVWUXPHQWR
SRGHDX[LOLDURSURMHWLVWDQDFRORFDomRGHDEHUWXUDVGHIRUPDDDSURYHLWDURYHQWRIUHVFRQR
SHUtRGRTXHQWHHHYLWDURYHQWRIRUWHQRSHUtRGRIULR$)LJXUDPRVWUDDURVDGRVYHQWRV
FRP RV YHQWRV SUHGRPLQDQWHV SRU HVWDomR HP IUHTXrQFLD GH RFRUUrQFLD HP SHUFHQWXDO j
HVTXHUGDHYHORFLGDGHHPPHWURVSRUVHJXQGRjGLUHLWDSDUDDFLGDGHGH)ORULDQySROLV$
7DEHODPRVWUDRVSHUFHQWXDLVGHYHQWRVDXVHQWHVSDUD)ORULDQySROLV

)LJXUD5RVDGRVYHQWRVH[WUDtGDGRSURJUDPD$QDO\VLV62/$5
7DEHOD7DEHODGH9HQWRV$XVHQWHVH[WUDtGDGRSURJUDPD$QDO\VLV62/$5
0DGUXJDGD
0DQKm
7DUGH
1RLWH

2

,

$V FRQGLo}HV GR YHQWR ORFDO WDQWR YHORFLGDGH TXDQWR GLUHomR SRGHP VHU DOWHUDGDV FRP D
SUHVHQoD GH YHJHWDomR HGLILFDo}HV H RXWURV DQWHSDURV QDWXUDLV RX DUWLILFLDLV 3RGHVH WLUDU
SDUWLGR GR SHUILO WRSRJUiILFR GH XP WHUUHQR SDUD FDQDOL]DU RV YHQWRV GHVYLDQGRRV RX
WUD]HQGRRVSDUDDHGLILFDomR2VH[WRFDStWXORGHVWHOLYURGLVFXWLUiFRPPDLRUHVGHWDOKHVD
YHQWLODomRQDWXUDOHPHGLILFDo}HVUHODFLRQDQGRHVWDVYDULiYHLV

2 PRYLPHQWR GR DU WDPEpP VRIUH JUDQGH

LQIOXrQFLDGDUXJRVLGDGHGDVXSHUItFLH)LJXUD
(P JHUDO D YHORFLGDGH GR YHQWR
DXPHQWD FRP D DOWLWXGH 'HYLGR DRV
REVWiFXORV HQFRQWUDGRV QD FLGDGH FRPR
HGLItFLRV SRU H[HPSOR D YHORFLGDGH PpGLD
GR YHQWR p PDLV EDL[D TXH HP ORFDLV DEHUWRV
FDPSR 2 WDPDQKR GRV REVWiFXORV
LQIOXHQFLDQRJUDGLHQWHYHUWLFDO

)LJXUD9HQWRHUXJRVLGDGHGRWHUUHQR

7DPEpP Ki PDLV WXUEXOrQFLD H GLUHFLRQDPHQWR PDLV YDULiYHO QR YHQWR GD FLGDGH TXH HP
FDPSR DEHUWR e LPSRUWDQWH OHPEUDU TXH R GHVHQKRXUEDQR SRGH FDQDOL]DU R IOX[R GH DU GH
PDQHLUD DHYLWDU R YHQWR LQGHVHMiYHO H DSURYHLWDU R GHVHMiYHO $OJXQV REVWiFXORVSRGHP VHU
LPSODQWDGRV QD HVFDOD PLFURFOLPiWLFD SDUD REVWUXLU D SDVVDJHP GR YHQWR 1R GHVHQKR
SDLVDJtVWLFRWDPEpPVHSRGHSHQVDUQDYHJHWDomRFRPRSURWHomRGRVYHQWRVIRUWHVRXFRPR
FRQGXWRUDVGDVEULVDVGHYHUmRSDUDDDUTXLWHWXUD

80,'$'(
$ SUHVVmR GH YDSRU p D YDULiYHO FOLPiWLFD PDLV HVWiYHO DR ORQJR GR GLD $ XPLGDGH GR DU
UHVXOWD GD HYDSRUDomR GD iJXD FRQWLGD QRV PDUHV ULRV ODJRV H QD WHUUD EHP FRPR GD
(9$3275$163,5$d2GRVYHJHWDLV
2DUDFHUWDWHPSHUDWXUDSRGHFRQWHUXPDGHWHUPLQDGDTXDQWLGDGHGHiJXD4XDQWRPDLRUD
WHPSHUDWXUD GR DU PHQRU VXD GHQVLGDGH H HP FRQVHTXrQFLD PDLRU TXDQWLGDGH GH iJXD
SRGHUi FRQWHU 6H R FRQWH~GR GH iJXD HYDSRUDGD QR DU p R PDLRU SRVVtYHO SDUD DTXHOD
WHPSHUDWXUDGL]VHTXHRDUHVWi6$785$'21HVWDFRQGLomRTXDOTXHUTXDQWLGDGHGHiJXDD
PDLV HP HVWDGR GH YDSRU FRQGHQVDUi 'HVWH IHQ{PHQR VH RULJLQDP D QpYRD R RUYDOKR H D
FKXYD 4XDQGR R FRQWH~GR GH YDSRU GH iJXD QR DU p PHQRU TXH R Pi[LPR SRVVtYHO SDUD
DTXHODWHPSHUDWXUDGL]VHTXHHVWDSURSRUomRHPSHUFHQWXDOpDXPLGDGHUHODWLYDGRDU
$ XPLGDGH UHODWLYD WHQGH D
DXPHQWDU TXDQGR Ki GLPLQXLomR
GD WHPSHUDWXUD H D GLPLQXLU
TXDQGR
Ki
DXPHQWR
GD
WHPSHUDWXUD)LJXUD

)LJXUD&RPSRUWDPHQWRGDXPLGDGHGRDUHPUHODomRDR
GDVXDWHPSHUDWXUD

FDStWXOR$548,7(785$(&/,0$
1RV ORFDLV FRP DOWD XPLGDGH D WUDQVPLVVmR GH UDGLDomR VRODU pUHGX]LGD SRUTXH R YDSRU GH
iJXDHDVQXYHQVDDEVRUYHPHUHGLVWULEXHPQDDWPRVIHUDUHIOHWLQGRXPDSDUWHGHYROWDDR
HVSDoR(PORFDLVFRPDUPXLWRVHFRRVGLDVWHQGHPDVHUPXLWRTXHQWHVHDVQRLWHVIULDVMi
HPORFDLV~PLGRVDVWHPSHUDWXUDVH[WUHPDVWHQGHPDVHUDWHQXDGDV$XPLGDGHGRDUDWXD
GLUHWDPHQWHQDFDSDFLGDGHGDSHOHHPHYDSRUDURVXRU'HYHVHFRPSUHHQGHUTXHHPDOWDV
XPLGDGHV UHODWLYDV WHPRV PDLV GLILFXOGDGHV HP HYDSRUDU R VXRU DXPHQWDQGR D VHQVDomR GH
GHVFRQIRUWR WpUPLFR e LPSRUWDQWH DR DUTXLWHWR REVHUYDU HVWH SDU GH LQIRUPDo}HV
WHPSHUDWXUDHXPLGDGHHVHXFRPSRUWDPHQWRFRQMXJDGRDRORQJRGRDQR
$XPLGDGHSRGHVHUPRGLILFDGDQDVHVFDODVPDLVSUy[LPDVjHGLILFDomRQDSUHVHQoDGHiJXD
RXGHYHJHWDomR1DVSUR[LPLGDGHVGDVPDVVDVGHiJXDODJRVIRQWHVHVSHOKRVGHiJXDRDU
VHXPLGLILFDSRGHQGRVHUXWLOL]DGRSDUDUHIUHVFDUDVHGLILFDo}HV-iRYHJHWDOXPHGHFHRDU
GR VHX HQWRUQR SHOD HYDSRWUDQVSLUDomR 3RGH VHU ~WLO HP ORFDLV RQGH R FOLPD p PXLWR VHFR
8PD VXSHUItFLH JUDPDGD SRU H[HPSOR UHIOHWH PHQRU TXDQWLGDGH GH UDGLDomR TXH XPD
VXSHUItFLHVHFDGDPHVPDFRUHPSDUWHSRUDEVRUYHURFDORUSDUDVHXPHWDEROLVPRHPSDUWH
SHODVXDHYDSRWUDQVSLUDomRHHPSDUWHSHODIDFLOLGDGHGHGLVVLSDomRGRFDORUSRUFRQYHFomR
HQWUHDVIROKDV
'LWR GH IRUPD PDLV VLQWpWLFD R DUTXLWHWR GHYH WHU XPD LGpLD VREUH R FRPSRUWDPHQWR GDV
YDULiYHLV FOLPiWLFDV GR ORFDO GR SURMHWR DR ORQJR GR DQR 'HVWD IRUPD SRGHUi FDOoDUVH GH
GDGRV VXILFLHQWHV SDUD LGHQWLILFDU RV SHUtRGRV GH PDLRU SUREDELOLGDGH GH GHVFRQIRUWR H
FRQVHTXHQWHPHQWHRQGHVHID]LPSRUWDQWHVXDLQWHUYHQomRQRSURMHWR

&/,0$6'2081'2
1DV ~OWLPDV GpFDGDV WHPRV SUHVHQFLDGR RV HIHLWRV GD PXGDQoD FOLPiWLFD QR SODQHWD
SURYRFDGRV SHOD HPLVVmR GH GLy[LGR GH FDUERQR R HIHLWR HVWXID R GHVIORUHVWDPHQWR R
HVJRWDPHQWRGHFHUWRVUHFXUVRVHRDXPHQWRGDSRSXODomRHGDSREUH]DQRVJUDQGHVFHQWURV
XUEDQRV GRV SDtVHV HP YLD GH GHVHQYROYLPHQWR GH $QGUDGH (VWHV IDWRV FRQWULEXHP
SDUD R DTXHFLPHQWR JOREDO WLGR FRPR XPD GDV PDLRUHV DPHDoDV DR QRVVR HFRVVLVWHPD $
WHPSHUDWXUD PpGLD GR SODQHWD WHYH XP DFUpVFLPR GH DSUR[LPDGDPHQWH & QR VpFXOR
SDVVDGRHMiVHS{GHYHULILFDURGHUUHWLPHQWRGHJHOHLUDVDYLROrQFLDGHVHFDVHHQFKHQWHV
HDHVWUpLDQR%UDVLOGHXPIXUDFmRR&DWDULQD&XQKDHRXWURV$VSUHYLV}HVLQGLFDP
TXH QRV SUy[LPRV DQRV D WHPSHUDWXUD VH HOHYH HQWUH & H & QRV OHYDQGR jV
VLWXDo}HV FDWDVWUyILFDV DOWHUDQGR RV SDGU}HV FOLPiWLFRV YLJHQWHV HOHYDQGR R QtYHO GRV
RFHDQRVRFDVLRQDQGRVHFDVHHQFKHQWHVHH[WLQo}HVGHDWpGDVHVSpFLHVGRSODQHWD
'LDQWH GHVVH SDQRUDPD DODUPDQWH D DUTXLWHWXUD SRGH GHVHQYROYHU XP LPSRUWDQWH SDSHO
DWUDYpV GD DGRomR GH WpFQLFDV EDVWDQWH FRQKHFLGDV WRGDV SURSRVWDV H DFHLWDV SHOD
FRPXQLGDGH FLHQWtILFD SRUpP DLQGD SRXFR SUDWLFDGDV (VVDV WpFQLFDV FRQKHFLGDV FRPR
ELRFOLPiWLFDVVHUmRH[SOLFDGDVQRGHFRUUHUGRWH[WRPDVLQFOXHPUHVXPLGDPHQWHRXVRGH
LOXPLQDomRUHVIULDPHQWRHDTXHFLPHQWRPDLVHILFLHQWHVVHPSUHWLUDQGRSDUWLGRGRVUHFXUVRV
QDWXUDLVVROYHQWRFKXYDRXVRGHHQHUJLDHyOLFDHDDGRomRHGLVVHPLQDomRGRXVRGH
HQHUJLDVRODU
2V FOLPDV GR PXQGR VmR FODVVLILFDGRV GLIHUHQWHPHQWH SRU GLYHUVRV DXWRUHV GHSHQGHQGR GDV
YDULiYHLV DPELHQWDLV FRPR WHPSHUDWXUD GR DU XPLGDGH YHQWRV UDGLDomR VRODU H
SUHFLSLWDomR GH FDGD UHJLmR GR SODQHWD 8PD GDV FODVVLILFDo}HV PDLV DFHLWDV p D GH .|SSHQ
)DFXOWDGGH&LrQFLDV)tVLFDV\0DWHPiWLFDV

26&/,0$6'2%5$6,/
'HYLGRDRVHXLPHQVRWHUULWyULRHDRIDWRGHVHORFDOL]DUHQWUHRVGRLVWUySLFRVR%UDVLOSRVVXL
XPFOLPDEDVWDQWHYDULDGR'HULYDGDGDFODVVLILFDomRGH.|SSHQD)LJXUDDGDSWDGDGH

,%*(PRVWUDDGLYLVmRGRFOLPDEUDVLOHLUR$VFLGDGHVTXHMiSRVVXHP75<VmRLQGLFDGDV
QRPDSD

)LJXUD0DSDGRVFOLPDVGR%UDVLO
$VFDUDFWHUtVWLFDVEiVLFDVGHFDGDWLSRFOLPiWLFRVmRDVVHJXLQWHV
&/,0$7523,&$/1RFOLPDWURSLFDORYHUmRpTXHQWHHFKXYRVRHRLQYHUQRTXHQWHHVHFR
$SUHVHQWD WHPSHUDWXUDV PpGLDV DFLPD GH & H DPSOLWXGH WpUPLFD DQXDO GH DWp & $V
FKXYDVRVFLODPHQWUHPPDQRHPPDQR
&/,0$(48$725,$/2FOLPDHTXDWRULDOFRPSUHHQGHWRGDD$PD]{QLDHSRVVXLWHPSHUDWXUDV
PpGLDVHQWUH&H&FRPDPSOLWXGHWpUPLFDDQXDOGHDWp&1HVWDUHJLmRDFKXYDp
DEXQGDQWHHEHPGLVWULEXtGDQRUPDOPHQWHPDLRUTXHPPDQR
&/,0$ 6(0,5,'2 e D UHJLmR FOLPiWLFD PDLV VHFD GR SDtV FDUDFWHUL]DGD SRU WHPSHUDWXUDV
PpGLDV PXLWR DOWDV HP WRUQR GRV & $V FKXYDV VmR PXLWR HVFDVVDV PHQRV TXH
PPDQRHDDPSOLWXGHWpUPLFDDQXDOpEDL[tVVLPDSRUYROWDGH&
&/,0$68%7523,&$/1HVWHWLSRFOLPiWLFRDVWHPSHUDWXUDVPpGLDVVHVLWXDPQRUPDOPHQWH
DEDL[R GRV & H D DPSOLWXGH DQXDO YDULD GH & D & $V FKXYDV VmR IDUWDV H EHP
GLVWULEXtGDV HQWUH PPDQR H PPDQR 2 LQYHUQR p ULJRURVR QDV iUHDV PDLV
HOHYDGDVRQGHSRGHRFRUUHUQHYH
&/,0$ 7523,&$/ $7/17,&2 (VWH WLSR GH FOLPD p FDUDFWHUtVWLFR GDV UHJL}HV OLWRUkQHDV GR
%UDVLO RQGH DV WHPSHUDWXUDV PpGLDV YDULDP HQWUH & H & $V FKXYDV VmR DEXQGDQWHV
PPDQRFRQFHQWUDQGRVHQRYHUmRSDUDDVUHJL}HVPDLVDRVXOHQRLQYHUQRHRXWRQR
SDUDDVUHJL}HVGHODWLWXGHVPDLVEDL[DVSUy[LPDVDRHTXDGRU$DPSOLWXGHWpUPLFDYDULDGH
UHJLmR SDUD UHJLmR 0DLV DR QRUWH D VHPHOKDQoD HQWUH DV HVWDo}HV GH LQYHUQR H GH YHUmR

FDStWXOR$548,7(785$(&/,0$
GLIHUHQFLDGDVDSHQDVSHODSUHVHQoDGDFKXYDPDLVFRQVWDQWHQRLQYHUQRUHVXOWDHPEDL[DV
DPSOLWXGHV WpUPLFDV DR ORQJR GR DQR &RQIRUPH D ODWLWXGH DXPHQWD FUHVFH WDPEpP D
DPSOLWXGHWpUPLFDDQXDOGLIHUHQFLDQGREHPDVHVWDo}HV
&/,0$ 7523,&$/ '( $/7,78'( 1HVWH FOLPD DV WHPSHUDWXUDV PpGLDV VH VLWXDP QD IDL[D GH
&D&1RYHUmRDVFKXYDVVmRPDLVLQWHQVDVHQWUHPPDQRHPPDQRH
QRLQYHUQRSRGHJHDUGHYLGRjVPDVVDVIULDVTXHVHRULJLQDPGDPDVVDSRODUDWOkQWLFD2FOLPD
WURSLFDO GH DOWLWXGH VH HVWHQGH HQWUH R QRUWH GR 3DUDQi H R VXO GR 0DWR *URVVR GR 6XO QDV
UHJL}HVPDLVDOWDVGRSODQDOWRDWOkQWLFR

0,&52&/,0$
&KHJDQGR PDLV SUy[LPR DR QtYHO GD HGLILFDomR WHPVH D HVFDOD PLFURFOLPiWLFD e DTXL TXH
YDULiYHLVFRPRDYHJHWDomRDWRSRJUDILDRWLSRGHVRORHDSUHVHQoDGHREVWiFXORVQDWXUDLV
RXDUWLILFLDLVLUmRLQIOXHQFLDUQDVFRQGLo}HVORFDLVGHFOLPD2PLFURFOLPDSRGHVHUFRQFHELGR
H DOWHUDGR SHOR DUTXLWHWR )LJXUD 2 HVWXGR GDV YDULiYHLV GHVWD HVFDOD p IXQGDPHQWDO
SDUD R ODQoDPHQWR GR SURMHWR SRLV XPD VpULH GH SDUWLFXODULGDGHV FOLPiWLFDV GR ORFDO SRGH
LQGX]LU D VROXo}HV DUTXLWHW{QLFDV PDLV DGHTXDGDV DR EHPHVWDU GDV SHVVRDV H j HILFLrQFLD
HQHUJpWLFD (PERUD R HVWXGR GR PLFURFOLPD DLQGD VHMD XPD UHDOLGDGH SRXFR GRFXPHQWDGD
H[LVWHP DOJXQV WUDEDOKRV GH LQWHUHVVH TXH WUDWDP GHVVH WHPD FRPR R GH 5RPHUR D H
ERGH/RPEDUGRH4XHYHGR1HWRRGH0RQWHLURH0HQGRQoDHRGH$VVLV

)LJXUD0LFURFOLPD

$%,2&/,0$72/2*,$$3/,&$'$$548,7(785$
0HVPRDSyVRHQWHQGLPHQWRGRFOLPDGRVFRQFHLWRVGHFRQIRUWRWpUPLFRHGDVHVWUDWpJLDVGH
SURMHWRTXHYLVDPXPDPHOKRULQWHJUDomRHQWUHRXVXiULRHRFOLPDGHYHVHDFKDUXPPHLR
GHHQWHQGHURVHIHLWRVGHVWHVIDWRUHVQDDUTXLWHWXUDHHPVXDHILFLrQFLDHQHUJpWLFD3RGHVH
WLUDU SDUWLGR RX HYLWDU RV HIHLWRV GHVWDV YDULiYHLVSRU LQWHUPpGLR GD HGLILFDomR GH IRUPD D
REWHU XP DPELHQWH LQWHULRU FRP GHWHUPLQDGDV FRQGLo}HV GH FRQIRUWR SDUD RV XVXiULRV ,VVR
SRGH VHU IHLWR GH GXDV PDQHLUDV $ SULPHLUD FRP R HPSUHJR GRV Mi FLWDGRV VLVWHPDV GH
FOLPDWL]DomRHLOXPLQDomRDUWLILFLDO$VHJXQGDGHIRUPDQDWXUDOLQFRUSRUDQGRHVWUDWpJLDVGH
DTXHFLPHQWRUHVIULDPHQWRHLOXPLQDomRQDWXUDLVeLPSRUWDQWHDRDUTXLWHWRLQWHJUDURXVRGH
VLVWHPDV QDWXUDLV H DUWLILFLDLV SRQGHUDQGR RV OLPLWHV GH H[HTXLELOLGDGH H D UHODomR

FXVWREHQHItFLRGHFDGDVROXomR6HDVHVWUDWpJLDVQDWXUDLVIRUHPDVPDLVDGHTXDGDVGHYHVH
FRQKHFHUSULPHLUDPHQWHD%LRFOLPDWRORJLDTXHDSOLFDRVHVWXGRVGRFOLPDFOLPDWRORJLDjV
UHODo}HVFRPRVVHUHVYLYRV2OJ\D\&RQKHFHQGRRVFRQFHLWRVEiVLFRVTXHHQYROYHPR
FOLPD H R FRQIRUWR VH SRGH FRPSUHHQGHU D LPSRUWkQFLD GD %LRFOLPDWRORJLD DSOLFDGD j
DUTXLWHWXUD
1D GpFDGD GH VHVVHQWD RV LUPmRV 2OJ\D\ DSOLFDUDP D ELRFOLPDWRORJLD QD DUTXLWHWXUD
FRQVLGHUDQGRRFRQIRUWRWpUPLFRKXPDQRHFULDUDPDH[SUHVVmR3URMHWR%LRFOLPiWLFR2OJ\D\

$ DUTXLWHWXUD DVVLP FRQFHELGD EXVFD XWLOL]DU SRU PHLR GH VHXV SUySULRV HOHPHQWRV DV
FRQGLo}HVIDYRUiYHLVGRFOLPDFRPRREMHWLYRGHVDWLVID]HUDVH[LJrQFLDVGHFRQIRUWRWpUPLFR
GR KRPHP 7DPEpP IRL GHVHQYROYLGR SRU 2OJ\D\ XP GLDJUDPD ELRFOLPiWLFR TXH SURS}H
HVWUDWpJLDV GH DGDSWDomR GD DUTXLWHWXUD DR FOLPD FRQKHFLGR FRPR D &DUWD %LRFOLPiWLFD GH
2OJ\D\)LJXUD

)LJXUD&DUWD%LRFOLPiWLFDGH2OJ\D\
)RLHPTXH*LYRQLFRQFHEHXXPD&DUWD%LRFOLPiWLFDSDUD(GLItFLRVTXHFRUULJLDDOJXPDV
OLPLWDo}HV GR GLDJUDPD LGHDOL]DGR SRU 2OJ\D\ $ FDUWD GH *LYRQL p DGDSWDGD VREUH D FDUWD
SVLFURPpWULFDGHVFULWDQRVHJXQGRFDStWXORGHVWHOLYURQRLWHPSURSRQGRHVWUDWpJLDV
FRQVWUXWLYDV SDUD DGHTXDomR GD DUTXLWHWXUD DR FOLPD HQTXDQWR TXH 2OJ\D\ DSOLFDYD VHX
GLDJUDPDHVWULWDPHQWHSDUDDVFRQGLo}HVH[WHUQDV
(PWUDEDOKRPDLVUHFHQWH*LYRQLH[SOLFDTXHRFRQIRUWRWpUPLFRLQWHUQRHPHGLItFLRV
QmRFRQGLFLRQDGRVGHSHQGHPXLWRGDYDULDomRGRFOLPDH[WHUQRHGDH[SHULrQFLDGHXVRGRV
KDELWDQWHV3HVVRDVTXHPRUDPHPHGLItFLRVVHPFRQGLFLRQDPHQWRHQDWXUDOPHQWHYHQWLODGRV
XVXDOPHQWHDFHLWDPXPDJUDQGHYDULDomRGH WHPSHUDWXUDHYHORFLGDGHGRDUFRPRVLWXDomR
QRUPDO GHPRQVWUDQGR DVVLP D VXD DFOLPDWDomR *LYRQL FRQFHEHX HQWmR XPD FDUWD
ELRFOLPiWLFD DGHTXDGD SDUD SDtVHV HP GHVHQYROYLPHQWR QD TXDO RV OLPLWHV Pi[LPRV GH
FRQIRUWRGDVXDFDUWDDQWHULRUIRUDPH[SDQGLGRV)RLGHVHQYROYLGRXPWUDEDOKRTXHID]XPD
UHYLVmR ELEOLRJUiILFD DERUGDQGR R WHPD %LRFOLPDWRORJLD $SOLFDGD j $UTXLWHWXUD FRP R
REMHWLYR GH VHOHFLRQDU XPD PHWRGRORJLD ELRFOLPiWLFD D VHU DGRWDGD SDUD R %UDVLO %RJR H
RXWURV 1HVWH HVWXGR IRUDP DQDOLVDGDV DV PHWRGRORJLDV GH YiULRV DXWRUHV HQWUH HOHV
*LYRQL2OJ\D\6]RNROD\H:DWVRQH/DEV&RPEDVHQDVDQiOLVHV
FRQFOXLXVH TXH R WUDEDOKR GH *LYRQL GH SDUD SDtVHV HP GHVHQYROYLPHQWR p R PDLV
DGHTXDGRjVFRQGLo}HVEUDVLOHLUDV

FDStWXOR$548,7(785$(&/,0$
1D 7DEHOD WHPVH DV HVWUDWpJLDV GH FRQWUROH FOLPiWLFR D VHUHP DGRWDGDV QR SURMHWR GH
DUTXLWHWXUDYLVDQGRRFRQIRUWRWpUPLFRVHJXQGR:DWVRQH/DEV
$ WDEHOD UHODFLRQD SULQFtSLRV D VHUHP FRQVLGHUDGRV TXDQGR DV FRQGLo}HV FOLPiWLFDV
SURSRUFLRQDP GHVFRQIRUWR SRU IULR LQYHUQR RX SRU FDORU YHUmR 1RV SHUtRGRV IULRV
SUHWHQGHVH HYLWDU SHUGDV GH FDORU H SURPRYHU JDQKRV WpUPLFRV HQTXDQWR TXH QR FDORU R
REMHWLYR p HYLWDU RV JDQKRV H IDYRUHFHU DV SHUGDV GH FDORU &DGD XP GHVWHV SULQFtSLRV p
UHODFLRQDGR DRV TXDWUR PHFDQLVPRV EiVLFRV GH WURFDV GH FDORU FRQGXomR FRQYHFomR
UDGLDomRHHYDSRUDomRLQGLFDQGRHVWUDWpJLDVELRFOLPiWLFDVDVHUHPFRQVLGHUDGDVQRSURMHWR
7DEHOD(VWUDWpJLDVGHFRQWUROHFOLPiWLFRDVHUHPDGRWDGDVQRSURMHWRDUTXLWHW{QLFRDGDSWDGDGH
:DWVRQH/DEV

,19(512
3URPRYHUJDQKRV
5HVLVWLUjVSHUGDV
&21'8d2
0LQLPL]DUIOX[RV
GHFDORUSRU
FRQGXomR
3URPRYHUJDQKR
GHFDORUVRODU
0LQLPL]DUIOX[R
GHDUH[WHUQR
0LQLPL]DU
LQILOWUDomRGHDU
FRQGXomR
0LQLPL]DU
LQILOWUDomRGHDU
0LQLPL]DUJDQKR
VRODU
3URPRYHU3HUGDV
3URPRYHU
UHVIULDPHQWR
DWUDYpVGRVROR
3URPRYHU
YHQWLODomR
3URPRYHU
UHVIULDPHQWR
UDGLDWLYR
)RQWHVGHFDORU
)RQWHVGH
UHVIULDPHQWR
(9$325$d2
0LQLPL]DUIOX[RV
9(52
5$',$d2
5HVLVWLUDRVJDQKRV GHFDORUSRU
&219(&d2
3URPRYHU
UHVIULDPHQWR
HYDSRUDWLYR
$WPRVIHUD
6RO
6ROR
$WPRVIHUD
&pX
$WPRVIHUD
$ FDUWD GD )LJXUD p FRQVWUXtGD VREUH R GLDJUDPD SVLFURPpWULFR TXH UHODFLRQD D
WHPSHUDWXUD GR DU H D XPLGDGH UHODWLYD 2EWHQGR RV YDORUHV GHVWDV YDULiYHLV SDUD RV
SULQFLSDLV SHUtRGRV GR DQR FOLPiWLFR GD ORFDOLGDGH R DUTXLWHWR SRGHUi WHU LQGLFDo}HV
IXQGDPHQWDLVVREUHDHVWUDWpJLDELRFOLPiWLFDDVHUDGRWDGDQRGHVHQKRGRHGLItFLR2VGDGRV
GH WHPSHUDWXUD H XPLGDGH UHODWLYD GR DU H[WHULRU SRGHP VHU WUDoDGRV GLUHWDPHQWH VREUH D
FDUWD FRQIRUPH VHUiH[SOLFDGR PDLV DGLDQWH RQGH VmR LGHQWLILFDGDV DV ]RQDVELRFOLPiWLFDV
FRQIRUPHD)LJXUD
$V VROXo}HV DUTXLWHW{QLFDV PDLV XWLOL]DGDV SDUD FDGD XPD GHVWDV HVWUDWpJLDV VmR IDUWDPHQWH
LOXVWUDGDV HP GLYHUVDV IRQWHV FRPR $QGHUVRQ H :HOOV &RPPLVVLRQ RI WKH (XURSHDQ
&RPPXQLWLHV *RQ]DOH] H RXWURV :DWVRQ H /DEV %URZQ H 'H.D\
&RUEHOODH<DQQDV5RDIHRXWURV

$VHJXLUDGHVFULomRGHFDGDXPDGHVWDV]RQDVELRFOLPiWLFDV


)LJXUD&DUWD%LRFOLPiWLFDDGRWDGDSDUDR%UDVLO

=21$'(&21)2572
1DVFRQGLo}HVGHOLPLWDGDVSRUHVWD]RQDKDYHUiXPDJUDQGHSUREDELOLGDGHGHTXHDVSHVVRDV
VH VLQWDP HP FRQIRUWR WpUPLFR QR DPELHQWH LQWHULRU 3HUFHEHVH TXH R RUJDQLVPR KXPDQR
SRGHHVWDUHPFRQIRUWRPHVPRHPGLYHUVRVOLPLWHVGHXPLGDGHUHODWLYDHQWUHHHGH
WHPSHUDWXUD HQWUH H & HP SDtVHV HP GHVHQYROYLPHQWR VHJXQGR *LYRQL 4XDQGR R
DPELHQWH LQWHULRU HVWLYHU FRP WHPSHUDWXUD SUy[LPD D & SRQWRV H QD )LJXUD
GHYHVH HYLWDU R LPSDFWR GR YHQWR TXH SRGH SURGX]LU GHVFRQIRUWR GLUHLWD GD OLQKD TXH
UHSUHVHQWD D WHPSHUDWXUD GH & R FRQIRUWR WpUPLFR Vy p SRVVtYHO TXDQGR Ki
VRPEUHDPHQWR2OLPLWHVXSHULRUGD]RQDGHFRQIRUWRpDXPLGDGHUHODWLYDGHSRQWRVH
(PWHPSHUDWXUDVDFLPDGH&SULQFLSDOPHQWHHPVLWXDo}HVSUy[LPDVD&SRQWRV
HpLPSRUWDQWHFRQWURODUDLQFLGrQFLDGHUDGLDomRVRODUVREUHDVSHVVRDVHYLWDQGRDVVLP
RH[FHVVRGHFDORU$QDOLVDQGRHVWDVLWXDomRSHORPpWRGRGH)DQJHUVHFRQFOXLTXHR
FRQIRUWRWpUPLFRVypSRVVtYHOSUy[LPRDRV&VHDVSHVVRDVHVWLYHUHPQDVRPEUDYHVWLQGR
URXSDVOHYHVHVXEPHWLGDVDSRXFDYHQWLODomR,VWRYHPUHIRUoDUDLGpLDGH*LYRQLGHTXHHP
SDtVHV HP GHVHQYROYLPHQWR HVWHV FRVWXPHV SHUPLWHP D DFOLPDWDomR GDV SHVVRDV DWp OLPLWHV
PDLVDPSORVGHWHPSHUDWXUDHXPLGDGHUHODWLYDHPUHODomRDRVSDtVHVGHVHQYROYLGRV

)LJXUD=RQDGHFRQIRUWR

FDStWXOR$548,7(785$(&/,0$

=21$'(9(17,/$d21$785$/
6HDWHPSHUDWXUDGRLQWHULRUXOWUDSDVVDURV&RXDXPLGDGHUHODWLYDIRUVXSHULRUDD
YHQWLODomR)LJXUDSRGHPHOKRUDUDVHQVDomRWpUPLFD
1R FOLPD TXHQWH H ~PLGR D YHQWLODomR FUX]DGD p D HVWUDWpJLD PDLV VLPSOHV D VHU DGRWDGD
SRUpP ID]HQGR FRP TXH D WHPSHUDWXUD LQWHULRU DFRPSDQKH D YDULDomR GD WHPSHUDWXUD
H[WHULRU6XSRQGRTXHDYHORFLGDGHPi[LPDSHUPLWLGDSDUDRDULQWHULRUpGDRUGHPGHPV
D YHQWLODomR p DSOLFiYHO DWp R OLPLWH GH WHPSHUDWXUD H[WHULRU GH & SRLV D SDUWLU GDt RV
JDQKRVWpUPLFRVSRUFRQYHFomRWRUQDPHVWDHVWUDWpJLDLQGHVHMiYHO
(P WRGRV RV FDVRV RV HVSDoRV H[WHULRUHV GHYHP VHU DPSORV HYLWDQGR EDUUHLUDV HGLILFDGDV
SDUDIDYRUHFHUDERDGLVWULEXLomRGRPRYLPHQWRGRDU

)LJXUD=RQDGHYHQWLODomR
(P UHJL}HV RQGH D WHPSHUDWXUD GLXUQD p PDLRU TXH & H D XPLGDGH UHODWLYD p LQIHULRU D
RUHVIULDPHQWRFRQYHFWLYRQRWXUQRpPDLVDGHTXDGR)LJXUD
(VWDHVWUDWpJLDpDSOLFiYHOSULQFLSDOPHQWHHPUHJL}HViULGDVRQGHDWHPSHUDWXUDGLXUQDpGH
& D & H D WHPSHUDWXUD QRWXUQD VH VLWXD SRU YROWD GH & 0HVPR TXH VHMD PDLV
FRQIRUWiYHODYHQWLODomRGLXUQDpLQGHVHMiYHOQHVWDVLWXDomRSRLVLPSOLFDHPFDORUDGLFLRQDO
D VHU DUPD]HQDGRV QD HGLILFDomR DXPHQWDQGR D WHPSHUDWXUD LQWHULRU QRWXUQD 2 SULQFtSLR
ELRFOLPiWLFR VH UHVXPH D FRQWURODU D YHQWLODomR GXUDQWH R GLD SDUD UHGX]LU R LQJUHVVR GH DU
TXHQWH H LQFUHPHQWDU D YHQWLODomR QRWXUQD DSURYHLWDQGR R DU PDLV IUHVFR SDUD UHVIULDU R
LQWHULRU

)LJXUD9HQWLODomRGLXUQDHQRWXUQD
(PUHJL}HViULGDVRQGHDWHPSHUDWXUDGLXUQDpVXSHULRUD&DYHQWLODomRQRWXUQDQmRp
VXILFLHQWH SDUD R FRQIRUWR 2XWURV VLVWHPDV GH UHVIULDPHQWR DU FRQGLFLRQDGR UHVIULDPHQWR
HYDSRUDWLYRRXLQpUFLDWpUPLFDVmRQHFHVViULRV


=21$'(,1e5&,$7e50,&$3$5$5(6)5,$0(172

)LJXUD=RQDGHLQpUFLDSDUDUHVIULDPHQWR
2 XVR GD LQpUFLD WpUPLFD GH XPD HGLILFDomR SRGH GLPLQXLU D DPSOLWXGH GD WHPSHUDWXUD
LQWHULRU HP UHODomR j H[WHULRU HYLWDQGR RV SLFRV (VWD VROXomR SRGH VHU HPSUHJDGD FRP
VXFHVVR HP ORFDLV RQGH DV FRQGLo}HV GH WHPSHUDWXUD H XPLGDGH UHODWLYD VH VLWXDP HQWUH RV
OLPLWHVGD]RQDGHLQpUFLDWpUPLFDGD)LJXUD
2 FRPSRUWDPHQWR GH WHPSHUDWXUD HP XP DPELHQWH TXH VH XWLOL]H GHVWD HVWUDWpJLD p R
VHJXLQWH
2 FDORU DUPD]HQDGR QD HVWUXWXUD WpUPLFD GD HGLILFDomR GXUDQWH R GLD p GHYROYLGR DR
DPELHQWHVRPHQWHjQRLWHTXDQGRDVWHPSHUDWXUDVH[WHUQDVGLPLQXHP
'H IRUPD FRPSOHPHQWDU D HVWUXWXUD WpUPLFD UHVIULDGD GXUDQWH D QRLWH PDQWpPVH IULD
GXUDQWHDPDLRUSDUWHGRGLDUHGX]LQGRDVWHPSHUDWXUDVLQWHULRUHVQHVWHVSHUtRGRV
$OpP GR XVR GD LQpUFLD WpUPLFD GRV IHFKDPHQWRV SRGHVH WLUDU SDUWLGR WDPEpP GD LQpUFLD
WpUPLFDGDWHUUDRXGHHPSUHJRGHPDWHULDLVLVRODQWHVQDVFRQVWUXo}HV

=21$'(5(6)5,$0(172(9$325$7,92H80,',),&$d2

)LJXUD=RQDGHUHVIULDPHQWRHYDSRUDWLYR
$ HYDSRUDomR GD iJXD SRGH UHGX]LU D WHPSHUDWXUD H VLPXOWDQHDPHQWH DXPHQWDU D XPLGDGH

UHODWLYD GH XP DPELHQWH 8P H[HPSOR GHVWH UHFXUVR p D WtSLFD IRQWH GRV SiWLRV iUDEHV (P
pSRFDV TXHQWHV H VHFDV WDPEpP D YHJHWDomR SHUPLWH RWLPL]DU DV FRQGLo}HV GH FRQIRUWR SRU
UHVIULDPHQWRHYDSRUDWLYRHYDSRWUDQVSLUDomRGRYHJHWDO

FDStWXOR$548,7(785$(&/,0$
&RP R UHVIULDPHQWR GLUHWR GRV HVSDoRV LQWHULRUHV DWUDYpV GD HYDSRUDomR VH UHTXHU ERD WD[D
GHYHQWLODomRSDUDHYLWDURDF~PXORGHYDSRUGHiJXD/HYDQGRHPFRQWDHVWHIDWRUSRGHVH
VXJHULUTXHRUHVIULDPHQWRHYDSRUDWLYRpDFRQVHOKiYHODSHQDVTXDQGRDWHPSHUDWXUDGHEXOER
~PLGR 7%8 Pi[LPD QmR H[FHGH RV& H D WHPSHUDWXUD GH EXOER VHFR 7%6 Pi[LPD QmR
XOWUDSDVVDRV&SDUDSDtVHVHPGHVHQYROYLPHQWR)LJXUD
([HPSORVGHUHVIULDPHQWRHYDSRUDWLYRGLUHWRVmRRXVRGHYHJHWDomRIRQWHVGiJXDRXRXWUR
UHFXUVR TXH VH IXQGDPHQWH QD HYDSRUDomR GD iJXD GLUHWDPHQWH QR DPELHQWH TXH VH TXHU
UHVIULDU
7DPEpPH[LVWHDIRUPDLQGLUHWDFRPRDFRQWHFHDRVHHPSUHJDUWDQTXHVGHiJXDVRPEUHDGRV
QR WHOKDGR 1HVWH FDVR D WHPSHUDWXUD GD iJXD LQLFLDOPHQWH p LJXDO DGR DPELHQWH LQWHULRU
&RP D HYDSRUDomR D iJXD SHUGHUi FDORU GLPLQXLQGR D WHPSHUDWXUD GR WHWR H
FRQVHTXHQWHPHQWH D WHPSHUDWXUD UDGLDQWH PpGLD GR LQWHULRU $ IRUPD LQGLUHWD GH
UHVIULDPHQWR HYDSRUDWLYR SRGH VHU DSOLFDGD HP HGLILFDo}HV GH XP SDYLPHQWR RX QR ~OWLPR
DQGDUGHHGLILFDo}HVGHYiULRVSDYLPHQWRV
4XDQGRDXPLGDGHUHODWLYDGRDUIRUPXLWREDL[DHDWHPSHUDWXUDIRULQIHULRUD&KDYHUi
GHVFRQIRUWR WpUPLFR GHYLGR j VHFXUD GR DU 1HVWHV FDVRV D XPLGLILFDomR GR DU PHOKRUD D
VHQVDomR GH FRQIRUWR DLQGD TXH SRVVD SURGX]LU XP HIHLWR GH UHVIULDPHQWR HYDSRUDWLYR
LQGHVHMiYHO )LJXUD $V EDL[DV WD[DV GH UHQRYDomR GH DU SHUPLWHP PDQWHU R YDSRU GH
iJXDDQtYHLVFRQIRUWiYHLVFRPPtQLPDHYDSRUDomRHUHVIULDPHQWR

)LJXUD=RQDGHXPLGLILFDomR
$OJXQVUHFXUVRVVLPSOHVSRGHPVHUHPSUHJDGRVQRLQWHULRUGRVDPELHQWHVFRPRDXWLOL]DomR
GH UHFLSLHQWHV FRP iJXD H R KHUPHWLVPR GDV DEHUWXUDV TXH DMXGD D FRQVHUYDU R YDSRU
SURYHQLHQWHGDVSODQWDVHGDVDWLYLGDGHVGRPpVWLFDV

=21$'($48(&,0(17262/$5
1HVVD UHJLmR GD FDUWD VLWXDGD HQWUH & H & R DTXHFLPHQWR VRODU p D HVWUDWpJLD PDLV
UHFRPHQGDGDSDUDFRQIRUWRWpUPLFR)LJXUD
(QWUH & H & R XVR GH DTXHFLPHQWR VRODU SDVVLYR FRP LVRODPHQWR WpUPLFR p R PDLV
LQGLFDGR 1HVWD UHJLmR p UHFRPHQGDGR R LVRODPHQWR WpUPLFR GR HGLItFLR GH IRUPD PDLV
ULJRURVD SRLV DV SHUGDV GH FDORU WHQGHUmR D VHU PXLWR JUDQGHV 2 HGLItFLR GHYH LQFRUSRUDU
VXSHUItFLHV HQYLGUDoDGDV RULHQWDGDV DR VRO DEHUWXUDV UHGX]LGDV QDV RULHQWDo}HV PHQRV
IDYRUiYHLV H SURSRUo}HV DSURSULDGDV GH HVSDoRV H[WHULRUHV SDUD FRQVHJXLU VRO QR LQYHUQR
3RGHPVH HYLWDU DV SHUGDV GH FDORU GD HGLILFDomR SDUD R H[WHULRU QRUPDOPHQWH PDLV
DFHQWXDGDVSHODFREHUWXUDHDEHUWXUDVHQTXDQWRVH DSURYHLWDPRVJDQKRVGHFDORULQWHUQRV
SHVVRDVDSDUHOKRVHOpWULFRVFR]LQKDEDQKRDXPHQWDQGRDWHPSHUDWXUDLQWHULRU


)LJXUD=RQDGHDTXHFLPHQWRVRODU
2 DTXHFLPHQWR VRODU SDVVLYR SRGH VHU IHLWR XWLOL]DQGRVH GLYHUVDV WpFQLFDV QR SURMHWR
DUTXLWHW{QLFR $ DGHTXDGD RULHQWDomR H FRU GRV IHFKDPHQWRV R XVR GH DEHUWXUDV ]HQLWDLV
FRQWUROiYHLVSDUDSRGHUIHFKDUDQRLWHRHPSUHJRGHSDLQpLVUHIOHWRUHVH[WHUQRVDSDUHGH
WURPEH RV FROHWRUHV GH FDORU VRODU QR WHOKDGR SDUD DTXHFLPHQWR GH DU D HVWXID H RV
FROHWRUHV GH FDORU VRODU GH iJXD RX yOHR VmR DOJXQV H[HPSORV HQFRQWUDGRV QDV GLYHUVDV
ELEOLRJUDILDVVREUHRDVVXQWR
(PWHPSHUDWXUDVHQWUH&H&SRGHVHXWLOL]DUDLQpUFLDWpUPLFDMXQWRDRDTXHFLPHQWR
VRODUSDVVLYR$LQpUFLDWpUPLFDFRPJDQKRVRODUSRGHFRPSHQVDUDVEDL[DVWHPSHUDWXUDVSHOR
DUPD]HQDPHQWRGRFDORUVRODUTXHILFDUHWLGRQDVSDUHGHVGDHGLILFDomRHSRGHVHUGHYROYLGR
DRLQWHULRUQRVKRUiULRVPDLVIULRVJHUDOPHQWHjQRLWH

=21$6'(&21',&,21$0(172$57,),&,$/&20,62/$0(1727e50,&2
(PDOJXPDVUHJL}HVRFOLPDSRGHVHUPXLWRVHYHURXOWUDSDVVDQGRRVOLPLWHVGHWHPSHUDWXUDH
XPLGDGH UHODWLYD TXH WRUQDP SRVVtYHO D DSOLFDomR GH DOJXP VLVWHPD SDVVLYR SDUD
UHVIULDPHQWR1HVWHVFDVRVTXDQGRDWHPSHUDWXUDGHEXOERVHFRIRUPDLRUTXH&HDGH
EXOER~PLGRIRUVXSHULRUD&iUHDPDLVDGLUHLWDQD)LJXUDUHFRPHQGDVHRXVRGH
DSDUHOKRV GH DU FRQGLFLRQDGR SDUD FOLPDWL]DomR e LPSRUWDQWH IULVDU TXH R DU FRQGLFLRQDGR
QmR VH OLPLWD j DSOLFDomR SDUD HVWDV VLWXDo}HV SRGHQGR VHU FRDGMXYDQWH QDV ]RQDV
DQWHULRUPHQWHDQDOLVDGDV

)LJXUD=RQDVGHFRQGLFLRQDPHQWRDUWLILFLDO

FDStWXOR$548,7(785$(&/,0$
'DPHVPDIRUPDRXVRGRVVLVWHPDVQDWXUDLVGHUHVIULDPHQWRSRGHQmRVHUVXILFLHQWHQHVWDV
FRQGLo}HVH[WUHPDVPDVSRGHUiVHHPSUHJDGRFRQMXQWDPHQWHDRDUFRQGLFLRQDGRUHGX]LUD
GHSHQGrQFLDGRDPELHQWHDRXVRGHVWHHFRQVHTXHQWHPHQWHDRFRQVXPRGHHQHUJLD
(P ORFDLV PXLWR IULRV FRP WHPSHUDWXUDV QRUPDOPHQWH LQIHULRUHV D & iUHD PDLV D
HVTXHUGDQD)LJXUDRDTXHFLPHQWRVRODUSDVVLYRSRGHQmRVHUVXILFLHQWHSDUDFRQIRUWR
1HVWHV FDVRV R XVR GH DTXHFLPHQWR DUWLILFLDO p DGHTXDGR &RQYpP OHPEUDU TXH R XVR HP
FRQMXQWR GRV GRLV VLVWHPDV DUWLILFLDO H VRODU SDVVLYR p DFRQVHOKiYHO SRLV UHGX] D
GHSHQGrQFLDGRFRQVXPRGHHQHUJLDSDUDFRQGLFLRQDPHQWR

=21$'(620%5($0(172
2 VRPEUHDPHQWR p XPD GDV HVWUDWpJLDV PDLV LPSRUWDQWHV QR %UDVLO SRLV R SDtV WHP FOLPD
TXHQWH QD PDLRU SDUWH GR VHX WHUULWyULR QD PDLRU SDUWH GR DQR (VWD HVWUDWpJLD GHYH VHU
XWLOL]DGD VHPSUH TXH D WHPSHUDWXUD GR DU IRU VXSHULRU D & PHVPR TXDQGR D FDUWD
ELRFOLPiWLFD LQGLFDU FRQIRUWR WpUPLFR $V SULQFLSDLV WpFQLFDV GH VRPEUHDPHQWR VmR R XVR GH
SURWHo}HV VRODUHV RX EULVHV EHLUDLV GH WHOKDGR JHQHURVRV PDUTXLVHV VDFDGDV SHUVLDQDV
YHQH]LDQDV RX RXWUR SURWHWRU LQWHUQR D RULHQWDomR DGHTXDGD GR SURMHWR H R XVR GH
YHJHWDomR$)LJXUDPRVWUDDOLQKDGHVRPEUHDPHQWRVREUHSRVWDjFDUWDELRFOLPiWLFD

)LJXUD/LQKDGHVRPEUHDPHQWRQDFDUWDELRFOLPiWLFD

,17(56(d(6(175((675$7e*,$6
(QWUH DV ]RQDV GH YHQWLODomR GH UHVIULDPHQWR HYDSRUDWLYR H GH LQpUFLD WpUPLFD SDUD
UHVIULDPHQWRDFRQWHFHPDOJXPDVLQWHUVHo}HVFRQIRUPHD)LJXUD

)LJXUD,QWHUVHomRHQWUHYHQWLODomRLQpUFLDHUHVIULDPHQWRHYDSRUDWLYR

$UHJLmR$UHSUHVHQWDDLQWHUVHomRHQWUHD]RQDGHYHQWLODomRHD]RQDGHLQpUFLDWpUPLFD
SDUD UHVIULDPHQWR 3DUD HVWD VLWXDomR DPEDV DV HVWUDWpJLDV SRGHP VHU DGRWDGDV LQFOXVLYH
VLPXOWDQHDPHQWH
6HJXLQGR R PHVPR UDFLRFtQLR RV EHQHItFLRV GD LQpUFLD WpUPLFD SDUD UHVIULDPHQWR RX GR
UHVIULDPHQWR HYDSRUDWLYR SRGHP VHU XWLOL]DGRV QD UHJLmR % 1D UHJLmR & DV WUrV
HVWUDWpJLDVSRGHPVHUDSOLFDGDVVHSDUDGDPHQWHRXHPFRQMXQWR

0e72'26'($9$/,$d2%,2&/,07,&$
$SHVDUGHVHWHUXPDYLVmRSDQRUkPLFDVREUHRFOLPDEUDVLOHLURLVWRQmRpVXILFLHQWHSDUDD
DSOLFDomR GH HVWUDWpJLDV ELRFOLPiWLFDV HP SURMHWRV SDUD XPD GHWHUPLQDGD ORFDOLGDGH e
QHFHVViULR ID]HU D DQiOLVH ELRFOLPiWLFD GR ORFDO D SDUWLU GRV GDGRV FOLPiWLFRV GLVSRQtYHLV 2
LGHDOpXWLOL]DUR$QR&OLPiWLFRGH5HIHUrQFLD75<TXHSRVVXLYDORUHVKRUiULRV&DVRQmRVH
GLVSRQKDGR75<VHSRGHWDPEpPXVDUDV1RUPDLV&OLPDWROyJLFDV'HSDUWDPHQWR1DFLRQDOGH
0HWHRURORJLD ,QVWLWXWR 1DFLRQDO GH 0HWHRURORJLD TXH SRVVXHP YDORUHV PpGLRV
SDUDYiULDVORFDOLGDGHVGR%UDVLO

$9$/,$d2%,2&/,07,&$&20'$'26&/,07,&26+255,26
$WUDYpV GR $QR &OLPiWLFR GH 5HIHUrQFLD TXH FRQWpP YDORUHV KRUiULRV GH WHPSHUDWXUD H
XPLGDGH UHODWLYD HQWUH RXWURV VH SRGHP PDUFDU RV GDGRV GH GLYHUVDV FLGDGHV EUDVLOHLUDV
GLUHWDPHQWHVREUHD&DUWD%LRFOLPiWLFDREWHQGRVHTXDLVDVHVWUDWpJLDVPDLVDGHTXDGDVSDUD
FDGDSHUtRGRGRDQR$VFDUWDVELRFOLPiWLFDVFRPDVHVWUDWpJLDVIRUDPFRQVWUXtGDVSDUDFDGD
XPD GDV TXLQ]H FLGDGHV EUDVLOHLUDV TXH WrP GLVSRQtYHLV GDGRV FOLPiWLFRV KRUiULRV DWp R
PRPHQWRHIRUQHFHPXPDLQGLFDomRYLVXDOVREUHRFRPSRUWDPHQWRFOLPiWLFRDRORQJRGRDQR
6mR HVWDV %HOpP %UDVtOLD &XULWLED )ORULDQySROLV )RUWDOH]D 0DFHLy 1DWDO 3RUWR $OHJUH
5HFLIH5LRGH-DQHLUR 6DOYDGRU6mR/XLV6mR 3DXOR9LWyULDH%HOR+RUL]RQWHVHQGRTXHR
DUTXLYRGH%HOR+RUL]RQWHQmRUHSUHVHQWDXPDQRFOLPiWLFRGHUHIHUrQFLD75<PDVVLPXP
DQR UHDO PHGLGR HP HVWDomR PHWHRUROyJLFD $ )LJXUD PRVWUD D &DUWD %LRFOLPiWLFD GH
)ORULDQySROLVREWLGDQRSURJUDPD$QDO\VLV%,2SDUDGDGRVFOLPiWLFRVKRUiULRV

)LJXUD&DUWD%LRFOLPiWLFDGH)ORULDQySROLV

FDStWXOR$548,7(785$(&/,0$
3HUFHEHVH TXH D GLIHUHQoD HQWUH D WHPSHUDWXUD PtQLPD H Pi[LPD DR ORQJR GH XP DQR
DPSOLWXGH WpUPLFD DQXDO QD FLGDGH p EDVWDQWH DOWD FKHJDQGR D & $V WHPSHUDWXUDV
Pi[LPD H PtQLPD UHJLVWUDGDV IRUDP GH & H & UHVSHFWLYDPHQWH $ XPLGDGH UHODWLYD p
PXLWR DOWD QD PDLRU SDUWH GR DQR HP YiULRV KRUiULRV R YDORU GD XPLGDGH UHODWLYD FKHJD
SUy[LPRGH0DLRUHVGHWDOKHVVREUHDDQiOLVHELRFOLPiWLFDGH)ORULDQySROLVHGHRXWUDV
WUH]H FLGDGHV SRGHP VHU REWLGRV QRV 3DLQpLV %LRFOLPiWLFRV LWHP H DSrQGLFH GHVWH
OLYUR
$ 7DEHOD PRVWUD RV SHUFHQWXDLV GH XWLOL]DomR GH FDGD HVWUDWpJLD ELRFOLPiWLFD LQGLFDGRV
SHORSURJUDPD$QDO\VLV%,2SDUDDFLGDGHGH)ORULDQySROLV$QDOLVDQGRHVWHVYDORUHVSHUFHEH
VH TXH VH DILJXUDP QHVWD FLGDGH GXDV HVWUDWpJLDV GLVWLQWDV D QHFHVVLGDGH GH YHQWLODomR QRV
SHUtRGRV TXHQWHV H GH LQpUFLD WpUPLFD H DTXHFLPHQWR VRODU QRV SHUtRGRV IULRV$ GLILFXOGDGH
HP VROXFLRQDU HVWDV GXDV LQGLFDo}HV FRQWUiULDV VXEOLQKD D LPSRUWkQFLD GH VH FRQFHEHU R
HQYHORSH FRQVWUXWLYR D SDUWLU GRV GRLV FRQFHLWRV GH IRUPD VLPXOWkQHD 'HYHVH H[SORUDU R
Pi[LPR SRVVtYHO GD YHQWLODomR QRV SHUtRGRV GH FDORU SURSRUFLRQDQGR DEHUWXUDV DPSODV H
VRPEUHDGDV H LQFOXLQGR VROXo}HV GH SURMHWR FRPR D SRVVLELOLGDGH GH YHQWLODomR FUX]DGD H
RXWUDVDOWHUQDWLYDVLOXVWUDGDVPDLVDGLDQWH2XVRGDLQpUFLDWpUPLFDSDUDDTXHFLPHQWRWUD]D
QHFHVVLGDGHGHVHLQVWDODUDVDEHUWXUDVGHIRUPDDXVXIUXLUGRVROQRV SHUtRGRVIULRVFRPD
LQFRUSRUDomR GH LVRODPHQWR WpUPLFRSDUD HYLWDU SHUGDV GH FDORUj QRLWH DOpPGH JDUDQWLU R
VRPEUHDPHQWRDGHTXDGRQRVSHUtRGRVTXHQWHV
7DEHOD 3HUFHQWXDLV GDV HVWUDWpJLDV ELRFOLPiWLFDV LQGLFDGRV SHOR SURJUDPD $QDO\VLV%,2 SDUD
)ORULDQySROLV
&21)2572

&$/25
)5,2
'(6&21)2572
YHQWLODomR

UHVIULDPHQWRHYDSRUDWLYR

LQpUFLDWpUPLFDSDUDUHVIULDPHQWR

DUFRQGLFLRQDGR

XPLGLILFDomR

YHQWLODomRHLQpUFLDSDUDUHVIULDPHQWR

YHQWLODomR LQpUFLD SDUD UHVIULDPHQWR H UHVIULDPHQWR

HYDSRUDWLYR

LQpUFLDSDUDUHVIULDPHQWRHUHVIULDPHQWRHYDSRUDWLYR

DTXHFLPHQWRVRODUFRPLQpUFLDWpUPLFD

DTXHFLPHQWRVRODUFRPLVRODPHQWRWpUPLFR

DTXHFLPHQWRDUWLILFLDO

$9$/,$d2%,2&/,07,&$3(/$61250$,6&/,0$72/*,&$6
3DUDDDYDOLDomRELRFOLPiWLFDSHODV1RUPDLVVHUmRQHFHVViULRVRVYDORUHVPHQVDLVGH
7HPSHUDWXUDPpGLDPpGLDGDVPi[LPDVHPpGLDGDVPtQLPDV
8PLGDGHUHODWLYDPpGLD



$ SDUWLU GHVVHV GDGRV HVFROKHVH XP
PrV H WUDoDVH QD FDUWD SVLFURPpWULFD
XPD OLQKD YHUWLFDO FRUUHVSRQGHQWH j
VXD WHPSHUDWXUD PpGLD DWp DWLQJLU D
FXUYD GD VXD XPLGDGH UHODWLYD PpGLD
2 SRQWR GH LQWHUVHomR $ LQGLFD QR
HL[RGDGLUHLWDDTXDQWLGDGHGHYDSRU
GHiJXDQRDU

$SDUWLUGRSRQWR$WUDoDVHXPDOLQKD
KRUL]RQWDO DWp HQFRQWUDU DV OLQKDV
YHUWLFDLV
FRUUHVSRQGHQWHV
jV
WHPSHUDWXUDV PpGLD GDV Pi[LPDV H
PpGLD GDV PtQLPDV SRQWRV % H &
UHVSHFWLYDPHQWH

&RQVLGHUDQGR D YDULDomR PpGLD PHQVDO
GHJNJQRFRQWH~GRGHXPLGDGHGLiULR
YDORU PpGLR SDUD R %UDVLO WRPDVH D
OLQKD FRUUHVSRQGHQWH j TXDQWLGDGH GH
YDSRU LQFOLQDGD GH DFRUGR FRP D
YDULDomR 3DUD LVVR R FRQWH~GR GH
XPLGDGH GR SRQWR % GHYH VHU GLPLQXtGR
HPJNJHQRSRQWR&DFUHVFLGRGR
PHVPR YDORU 8QLQGR RV QRYRV SRQWRV
REWLGRV WHPVH D OLQKD FRUUHVSRQGHQWH
DRPrVHPTXHVWmR

5HSHWLQGR HVVH SURFHGLPHQWR SDUD RV
GR]HPHVHVGRDQRREWrPVHGR]HUHWDV
$ UHODomR GDV GR]H OLQKDV FRP DV ]RQDV
GD FDUWD SVLFURPpWULFD IRUQHFH XPD
LQGLFDomR YLVXDO GR FRPSRUWDPHQWR
FOLPiWLFRGDFLGDGH0DVDILPGHREWHUD
HIHWLYLGDGH GH FDGD ]RQD ELRFOLPiWLFD
RV VHJXLQWHV SURFHGLPHQWRV SRGHP VHU
WRPDGRV
)LJXUD3URFHGLPHQWRSDUDID]HUDDQiOLVHELRFOLPiWLFDSHODV1RUPDLV&OLPDWRORJLFDV

FDStWXOR$548,7(785$(&/,0$
0HGHVHRFRPSULPHQWRWRWDOGDVGR]HOLQKDV
0HGHPVHDVSRUo}HVGHOLQKDVTXHVHHQFRQWUDPGHQWURGHFDGD]RQDELRFOLPiWLFD]RQD
GHFRQIRUWR]RQDGHYHQWLODomR
2EWpPVHRVRPDWyULRFRUUHVSRQGHQWHDFDGD]RQD
2VSHUFHQWXDLVGHFRQIRUWRWpUPLFRHGHFDGDHVWUDWpJLDVmRREWLGRVSHODFRPSDUDomRGRV
UHVSHFWLYRVVRPDWyULRVFRPRFRPSULPHQWRWRWDOGDVGR]HOLQKDV
(VWHSURFHGLPHQWRSRGHVHUIHLWRDXWRPDWLFDPHQWHFRPRSURJUDPD$QDO\VLV%,2
$QDOLVDQGRFRPRSURJUDPD$QDO\VLV%,2GHIRUPDH[HPSOLILFDWLYDDFLGDGHGH)ORULDQySROLV
REWLYHUDPVHRVVHJXLQWHVGDGRV)LJXUDH7DEHOD

)LJXUD&DUWDELRFOLPiWLFDSDUD)ORULDQySROLVFRPRVGDGRVGDV1RUPDLV&OLPDWROyJLFDV
7DEHOD3HUFHQWXDLVGHFDGDHVWUDWpJLDELRFOLPiWLFDSDUD)ORULDQySROLV
=RQD%LRFOLPiWLFD
75<
1RUPDLV
&RQIRUWR

'HVFRQIRUWR

)ULR

&DORU

9HQWLODomR

,QpUFLD9HQW5HVI(YDS

s
,QpUFLDFRP$TXHF6RODU

s

s
$TXHF6RODU
6RPEUHDPHQWR
LQGLFDGDV
&RPSDUDQGR RV YDORUHV GH SHUFHQWXDLV REWLGRV SHODV 1RUPDLV FRP RV REWLGRV SHOR 75<
FRQVWDWDVHTXHDSDUWLUGDV1RUPDLVWHQGHVHDVXSHUHVWLPDURFRQIRUWRHDVXEHVWLPDUDV
HVWUDWpJLDV ELRFOLPiWLFDV HP )ORULDQySROLV 0HVPR DVVLP SHUFHEHVH TXH DV HVWUDWpJLDV GH

YHQWLODomRQDWXUDOGHVRPEUHDPHQWRHGHDTXHFLPHQWRVRODUFRPLQpUFLDWpUPLFDDLQGDVmR
DVPDLVLQGLFDGDVRTXHYDOLGDRXVRGDVQRUPDLVFOLPDWROyJLFDVSDUDDPDLRULDGRVFDVRV
$PHVPDUHODomRTXHH[LVWHHQWUHDFODUDHDJHPDHPXPRYRIULWRSRGHVXPDUL]DUGHIRUPD
ILJXUDWLYDDUHODomRH[LVWHQWHHQWUHDFDUWDELRFOLPiWLFDIHLWDDSDUWLUGR75<HDSDUWLUGDV
1RUPDLV $V 1RUPDLV SRU HPSUHJDUHP YDORUHV PpGLRV WHQGHP D FRQFHQWUDU DV OLQKDV
UHSUHVHQWDWLYDV GR DQR QD UHJLmR FRUUHVSRQGHQWH DR FHQWUR GH JUDYLGDGH GD PDQFKD
SURYHQLHQWHGDVKRUDVDQDOLVDGDVSHOR75<)LJXUD
)LJXUD75<;1RUPDLV
1RFDVRSDUWLFXODUGH)ORULDQySROLVKRXYHDOWHUDo}HVVLJQLILFDWLYDVHQWUHRVUHVXOWDGRVGHYLGR
j JUDQGH DPSOLWXGH DQXDO GH WHPSHUDWXUD H XPLGDGH TXH ID] D PDQFKD GDV KRUDV GR DQR
GLVWULEXLUVHSRUJUDQGHiUHDQDFDUWD(PFLGDGHVFRPYDULDo}HVUHGX]LGDVGHWHPSHUDWXUDH
XPLGDGHUHODWLYDDRORQJRGRDQR6mR/XLVSRUH[HPSORFRQIRUPHLOXVWUDGRQD)LJXUD
RV UHVXOWDGRV REWLGRV SHODV 1RUPDLV H SHOR 75< WHUmR PDLRU VHPHOKDQoD 6H D WHPSHUDWXUD
Pi[LPD DEVROXWD H D PtQLPD DEVROXWD IRVVHP XWLOL]DGDV RV UHVXOWDGRV SHUFHQWXDLV
SURYDYHOPHQWHVHULDPPDLVSUy[LPRVGRVYDORUHVLQGLFDGRVSHODDQiOLVHFRPRDQRFOLPiWLFR

)LJXUD75<;1RUPDLVHPFLGDGHVFRPSRXFDYDULDomRFOLPiWLFDDQXDO
3DUWLQGRVH GDV DQiOLVHV GDV FDWRU]H FLGDGHV DOJXPDV FRQFOXV}HV SRGHP VHU GHVWDFDGDV
3ULPHLUDPHQWH TXDQWR DR XVR GR DU FRQGLFLRQDGR TXH VH PRVWUD LPSUHVFLQGtYHO DSHQDV HP
DOJXPDV FLGDGHV GDV UHJL}HV 1RUWH H 1RUGHVWH HQTXDQWR QDV RXWUDV UHJL}HV VHX XVR
JHUDOPHQWH SRGH VHU VXEVWLWXtGR SRU DOWHUQDWLYDV PDLV HFRQ{PLFDV FRPR D YHQWLODomR RX D
LQpUFLDWpUPLFDSDUDUHVIULDPHQWR
(P WRGR R %UDVLO D HVWUDWpJLD TXH PDLV VH GHVWDFD p D YHQWLODomR VHJXLGD SHOD LQpUFLD
WpUPLFD FRP DTXHFLPHQWR VRODU SDVVLYR LQGLFDGD SDUD RV SHUtRGRV IULRV QD PDLRULD GDV
FLGDGHV (P PXLWRV FDVRV DPEDV DV HVWUDWpJLDV VmR LQGLFDGDV GHYHQGRVH WRPDU FXLGDGRV
FRP D H[HFXomR GDV DEHUWXUDV SRLV DV PHVPDV GHYHP SHUPLWLU D YHQWLODomR QRV SHUtRGRV
TXHQWHVHPERUDGHYDPVHUHVWDQTXHVQRVSHUtRGRVIULRV
4XDQWR DR DTXHFLPHQWR VRODU H DUWLILFLDO Vy IRUDP VXJHULGRV HP SRXFRV FDVRV 'HYHVH
FRQVLGHUDU HQWUHWDQWR TXH R 75< Vy IRL REWLGR SDUD XP Q~PHUR OLPLWDGR GH FLGDGHV
FDWRU]H $V FLGDGHV PDLV IULDV GR %UDVLO QmR DSDUHFHP H FHUWDPHQWH LQGLFDULDP PDLRUHV
SHUFHQWXDLVGHVVDVHVWUDWpJLDVDRORQJRGRDQR
7DPEpPVHGHYHREVHUYDUTXHERDSDUWHGDVKRUDVPDLVIULDVGRDQRVHDSUHVHQWDHPKRUiULRV
QRWXUQRV TXDQGR R QtYHO GH DWLYLGDGH GDV SHVVRDV p EHP UHGX]LGR H D WROHUkQFLD D

FDStWXOR$548,7(785$(&/,0$
WHPSHUDWXUDV PDLV EDL[DV p PDLRU TXDQGR VH GRUPH GHYLGR DR LVRODPHQWR WpUPLFR
SURSRUFLRQDGRSHORFREHUWRUHSHORFROFKmR
2 SRQWR PDLV LPSRUWDQWH p D JUDQGH GLYHUVLGDGH FOLPiWLFD GR %UDVLO TXH ILFDULD DLQGD PDLV
VDOLHQWHVHIRVVHPREWLGRVRV$QRV&OLPiWLFRVGH5HIHUrQFLDGHRXWUDVFLGDGHV&RQWUDGL]HQGR
HVWD GLYHUVLGDGH DV HGLILFDo}HV EUDVLOHLUDV YrP VHQGR FRQVWUXtGDV GH IRUPD TXDVH VHPSUH
SDGURQL]DGD LQFRUSRUDQGR PXLWDV YH]HV OLQJXDJHQV GH RXWUDV FXOWXUDV RX HVSDOKDQGR XPD
PHVPD WLSRORJLD SRU FLGDGHV GH FRPSRUWDPHQWRV FOLPiWLFRV GLVWLQWRV FRPR &XULWLED H 6mR
/XLVSRUH[HPSOR
$ SDUWLU GHVVDV REVHUYDo}HV D DUTXLWHWXUD GHYHULD VHU FRQGX]LGD GH IRUPD GLIHUHQWH 2
UHSHUWyULRGRDUTXLWHWRGHYHVHUPDLVDPSORSHUPLWLQGRTXHDVHVSHFLILFLGDGHVGHFDGDORFDO
DIORUHP FRPR FRQGLFLRQDQWHV D VHUHP UHVSHLWDGDV HP XPD OLQJXDJHP DUTXLWHW{QLFD
DGHTXDGDHHQULTXHFHQGRD$UTXLWHWXUD%UDVLOHLUDFRPWLSRORJLDVGLIHUHQFLDGDVHSUySULDV

=RQHDPHQWR%LRFOLPiWLFR%UDVLOHLUR
$ 1RUPD %UDVLOHLUD 1%5 HVWDEHOHFH R ]RQHDPHQWR ELRFOLPiWLFR EUDVLOHLUR

VXEGLYLGLQGRRSDtVHPRLWR=RQDV%LRFOLPiWLFDVFRQIRUPHD)LJXUD$%17
$1%5GHILQHDVFDUDFWHUtVWLFDVSULQFLSDLVHGiGLUHWUL]HVFRQVWUXWLYDVSDUDFDGDXPD
GHVWDV RLWR ]RQDV ELRFOLPiWLFDV HP UHODomR DR WDPDQKR GH MDQHODV DR VRPEUHDPHQWR
QHFHVViULRDRWLSRLGHDOGHSDUHGHVHFREHUWXUDVHWDPEpPjVHVWUDWpJLDVELRFOLPiWLFDVPDLV
UHFRPHQGDGDV SDUD R ORFDO $V FLGDGHV TXH VH DSUHVHQWDP QR PDSD VmR DV TXH GLVS}HP GH
GDGRVFOLPiWLFRVKRUiULRVQRIRUPDWR75<

)LJXUD=RQHDPHQWR%LRFOLPiWLFR%UDVLOHLUR
$VFDUDFWHUtVWLFDVEiVLFDVGHFDGD]RQDELRFOLPiWLFDVmRDVVHJXLQWHV


=21$
$ =RQD %LRFOLPiWLFD LQFOXL DV FLGDGHV GH &XULWLED &D[LDV GR 6XO /DJHV 6mR -RDTXLP H
&DPSRVGR-RUGmRHWHPFRPRSULQFLSDLVUHFRPHQGDo}HVFRQVWUXWLYDVRXVRGHDEHUWXUDVSDUD
YHQWLODomRGHGLPHQV}HVPpGLDVRVRPEUHDPHQWRGHVWDVDEHUWXUDVGHIRUPDDSHUPLWLURVRO
GR LQYHUQR H R XVR GH SDUHGHV H FREHUWXUDV GH LQpUFLD WpUPLFD OHYH VHQGR DV FREHUWXUDV
LGHDOPHQWH LVRODGDV $V SULQFLSDLV HVWUDWpJLDV ELRFOLPiWLFDV SDUD HVWD UHJLmR VmR R
DTXHFLPHQWRVRODUHDJUDQGHLQpUFLDWpUPLFDQDVYHGDo}HVLQWHUQDV

=21$
$ =RQD %LRFOLPiWLFD WHP DV PHVPDV GLUHWUL]HV FRQVWUXWLYDV GD ]RQD SRUpP LQFOXL D
QHFHVVLGDGH GH YHQWLODomR FUX]DGD QR YHUmR ,QFOXL DV FLGDGHV GH /DJXQD 8UXJXDLDQD
3HORWDV3RQWD*URVVDH3LUDFLFDED

=21$
$=RQD%LRFOLPiWLFDLQFOXLDVFLGDGHVGH)ORULDQySROLV&DPERUL~&KDSHFy3RUWR$OHJUH5LR
*UDQGH 7RUUHV 6mR 3DXOR &DPSLQDV 3LQGDPRQKDQJDED 6RURFDED %HOR +RUL]RQWH )R] GR
,JXDoX -DFDUH]LQKR 3DUDQDJXi H 3HWUySROLV H UHFRPHQGD FRPR GLUHWUL]HV FRQVWUXWLYDV R
PHVPRTXHD]RQDLQFOXLQGRSDUHGHVH[WHUQDVOHYHVHUHIOHWRUDVDUDGLDomRVRODU

=21$
1D =RQD %LRFOLPiWLFD WHP FRPR SULQFLSDLV UHFRPHQGDo}HV FRQVWUXWLYDV R XVR GH DEHUWXUDV
PpGLDV VRPEUHDPHQWR QHFHVViULR QDV DEHUWXUDV GXUDQWH WRGR R DQR SDUHGHV SHVDGDV H
FREHUWXUDOHYHFRPLVRODPHQWRWpUPLFR
$V SULQFLSDLV HVWUDWpJLDV ELRFOLPiWLFDV SDUD HVWD ]RQD VmR R UHVIULDPHQWR HYDSRUDWLYR D
LQpUFLDWpUPLFDSDUDUHVIULDPHQWRHDYHQWLODomRVHOHWLYDQRYHUmRHRDTXHFLPHQWRVRODUHD
JUDQGH LQpUFLD WpUPLFD GDV YHGDo}HV LQWHUQDV SDUD R SHUtRGR IULR $V FLGDGHV GH %UDVtOLD
)UDQFD/LPHLUD5LEHLUmR3UHWRH6mR&DUORVVHVLWXDPQHVWD]RQD

=21$
$ =RQD %LRFOLPiWLFD LQFOXL DV FLGDGHV GH 1LWHUyL 6mR )UDQFLVFR GR 6XO H 6DQWRV 6XDV
SULQFLSDLV UHFRPHQGDo}HV FRQVWUXWLYDV VmR MDQHODV GH WDPDQKR PpGLR FRP VRPEUHDPHQWR
SDUHGHVOHYHVHUHIOHWRUDVFREHUWXUDVOHYHVLVRODGDVWHUPLFDPHQWHXVRGHYHQWLODomRFUX]DGD
QRYHUmRHGHYHGDo}HVLQWHUQDVSHVDGDVFRPJUDQGHLQpUFLDWpUPLFDQRLQYHUQR

=21$
$ =RQD %LRFOLPiWLFD LQFOXL DV FLGDGHV GH *RLkQLD &DPSR *UDQGH H 3UHVLGHQWH 3UXGHQWH H
WHP FRPR SULQFLSDLV GLUHWUL]HV ELRFOLPiWLFDV FRQVWUXWLYDV R XVR GH DEHUWXUDV PpGLDV
VRPEUHDGDVSDUHGHVSHVDGDVFREHUWXUDVOHYHVFRPLVRODPHQWRWpUPLFRXVRGHUHVIULDPHQWR
HYDSRUDWLYRHGHYHQWLODomRVHOHWLYDQRYHUmRHXVRGHYHGDo}HVLQWHUQDVSHVDGDVQRLQYHUQR

=21$
$=RQD%LRFOLPiWLFDLQFOXLFRPRUHFRPHQGDo}HVFRQVWUXWLYDVRXVRGHDEHUWXUDVSHTXHQDVH
VRPEUHDGDV R DQR WRGR R XVR GH SDUHGHV H GH FREHUWXUDV SHVDGDV H R XVR GH UHVIULDPHQWR
HYDSRUDWLYRGHLQpUFLDSDUDUHVIULDPHQWRHGHYHQWLODomRVHOHWLYDQRYHUmR,QFOXLDVFLGDGHV
GH&XLDEiH7HUHVLQD

FDStWXOR$548,7(785$(&/,0$

=21$
$=RQD%LRFOLPiWLFDLQFOXLDVFLGDGHVGH%HOpP&RUXPEi)HUQDQGRGH1RURQKD)RUWDOH]D
-RmR3HVVRD0DFHLy0DQDXV1DWDO5HFLIH5LR%UDQFR5LRGH-DQHLUR6DQWDUpP6DOYDGRU
6mR /Xt] H 9LWyULD 6XDV SULQFLSDLV GLUHWUL]HV FRQVWUXWLYDV VmR R XVR GH DEHUWXUDV JUDQGHV H
WRWDOPHQWH VRPEUHDGDV R XVR GH SDUHGHV H FREHUWXUDV OHYHV H UHIOHWRUDV H R XVR GH
YHQWLODomR FUX]DGD SHUPDQHQWH GXUDQWH R DQR WRGR 8P UHVXPR GDV GLUHWUL]HV FRQVWUXWLYDV
LQGLFDGDV SHOD QRUPD SRGH VHU YLVWR QD 7DEHOD 1D WDEHOD IRUDP XWLOL]DGRV RV VHJXLQWHV
VtPERORVHUHVSHFWLYDVXQLGDGHVItVLFDV
8WUDQVPLWkQFLDWpUPLFD>:P.@
DWUDVRWpUPLFR>KRUDV@
)62IDWRUVRODUSDUDVXSHUItFLHVRSDFDV>@
2V SURFHGLPHQWRV GH FiOFXOR GHVWDV YDULiYHLV VmR GHVFULWRV QR VpWLPR FDStWXOR GHVWH OLYUR
LQWLWXODGR3URSULHGDGHV7pUPLFDVGRV(OHPHQWRV&RQVWUXWLYRV
7DEHOD 5HVXPR GDV GLUHWUL]HV FRQVWUXWLYDV GHILQLGDV SHOD 1RUPD 1%5 DGDSWDGR GH
/DPEHUWVH7ULDQD
]RQD
HVWUDWpJLDV
YHUmR

YHQWLODomRFUX]DGD
DEHUWXUDV SDUD
YHQWLODomR
$HPGDiUHD
GHSLVR
LQYHUQR
DTXHFLPHQWRVRODU
GDHGLILFDomR
YHGDo}HVLQWHUQDV
SHVDGDVLQpUFLD
WpUPLFD
DTXHFLPHQWRVRODU
GDHGLILFDomR
YHGDo}HVLQWHUQDV
SHVDGDVLQpUFLD
WpUPLFD
SDUHGH
VRPEUHDPHQWR
GDVDEHUWXUDV
FREHUWXUD
8
)62
8
)62

OHYH
LVRODGD

OHYH
LVRODGD

OHYH
LVRODGD

OHYH
LVRODGD

OHYH
LVRODGD

OHYH
LVRODGD

PpGLDV
<$<
SHUPLWLUVRO
DSHQDVGXUDQWH
RLQYHUQR

SDUHGH
OHYH

PpGLDV
<$<
SHUPLWLUVRO
DSHQDVGXUDQWH
RLQYHUQR

SDUHGH
OHYH

PpGLDV
<$<
SHUPLWLUVRO
DSHQDVGXUDQWH
RLQYHUQR

SDUHGH
OHYH
UHIOHWRU
D

SDUHGH
SHVDGD

SDUHGH
OHYH
UHIOHWRU
D

YHQWLODomRFUX]DGD
DTXHFLPHQWRVRODU
GDHGLILFDomR
YHGDo}HVLQWHUQDV
SHVDGDVLQpUFLD
WpUPLFD

5HVIULDPHQWRHYDSRUDWLYR
HLQpUFLDWpUPLFDSDUD
UHVIULDPHQWRYHQWLODomR
VHOHWLYDQRVSHUtRGRV
TXHQWHVHPTXHD
WHPSHUDWXUDLQWHUQDVHMD
VXSHULRUjH[WHUQD
DTXHFLPHQWRVRODU
GDHGLILFDomR
YHGDo}HVLQWHUQDV
SHVDGDVLQpUFLD
WpUPLFD
PpGLDV
<$<
VRPEUHDU
DEHUWXUDV

YHQWLODomRFUX]DGD
YHGDo}HVLQWHUQDV
SHVDGDVLQpUFLD
WpUPLFD
PpGLDV
<$<
VRPEUHDU
DEHUWXUDV
YHGDo}HVLQWHUQDV
SHVDGDVLQpUFLD
WpUPLFD
PpGLDV
<$<
VRPEUHDU
DEHUWXUDV

SDUHGH
SHVDGD

SHTXHQDV
<$<
VRPEUHDU
DEHUWXUDV

SDUHGH
SHVDGD

SHVDGD

JUDQGHV
$>
VRPEUHDU
DEHUWXUDV

SDUHGH
OHYH
UHIOHWRU
D

)7
OHYH
UHIOHWRU
D

HLQpUFLDWpUPLFDSDUD
VHOHWLYDQRVSHUtRGRV
TXHQWHVHPTXHD
VXSHULRUjH[WHUQD
HLQpUFLDWpUPLFDSDUD
VHOHWLYDQRVSHUtRGRV
TXHQWHVHPTXHD
VXSHULRUjH[WHUQD
YHQWLODomRFUX]DGD
SHUPDQHQWH
2%6RFRQGLFLRQDPHQWR
SDVVLYRVHUiLQVXILFLHQWH
GXUDQWHDVKRUDVPDLV
TXHQWHV


3URJUDPDVGH$QiOLVHV%LRFOLPiWLFDV
23URJUDPD$QDO\VLV%LR
2$QDO\VLV%,2)LJXUDpEDVWDQWH~WLOSDUDDFRPSUHHQVmRGRFRPSRUWDPHQWRFOLPiWLFR

GHFLGDGHV2SURJUDPDWUDoDRVGDGRVFOLPiWLFRVKRUiULRVH[LVWHQWHVHPDUTXLYRVQRIRUPDWR
75< &69 RX ;/6 GLUHWDPHQWH VREUH D FDUWD ELRFOLPiWLFD GH *LYRQL YHU LWHP e XPD
IHUUDPHQWDEDVWDQWH~WLOSDUDDUiSLGDDQiOLVHYLVXDOGDVFRQGLo}HVWpUPLFDVDRORQJRGHXP
DQR HP GHWHUPLQDGR ORFDO H GD DSOLFDELOLGDGH GH HVWUDWpJLDV GH SURMHWR ELRFOLPiWLFDV SDUD
UHVROYHURVSUREOHPDVUHODFLRQDGRVDRIULRFDORUXPLGDGHHVHFXUDGRDU

)LJXUD,PDJHPGRSURJUDPD$QDO\VLV%,2FRPDQiOLVHELRFOLPiWLFDKRUiULD
$V QRYH SULQFLSDLV ]RQDV ELRFOLPiWLFDV =RQD GH &RQIRUWR 9HQWLODomR ,QpUFLD 7pUPLFD SDUD
5HVIULDPHQWR H $TXHFLPHQWR 5HVIULDPHQWR (YDSRUDWLYR $TXHFLPHQWR 6RODU $TXHFLPHQWR
$UWLILFLDO8PLGLILFDomRH$U&RQGLFLRQDGRVmRYLVXDOL]DGDVQDFDUWD2SURJUDPDSRGHJHUDU
UHODWyULRV HP IRUPD GH WH[WR H KLVWRJUDPDV TXH IRUQHFHP GDGRV TXDQWLWDWLYRV SDUD
DGHTXDELOLGDGH GH FDGD HVWUDWpJLD HP XP SURMHWR JHQpULFR D VHU GHVHQYROYLGR QR ORFDO VRE
DQiOLVH
2 SURJUDPD $QDO\VLV%,2 WDPEpP WUDoD DV OLQKDV FRUUHVSRQGHQWHV GH FDGD PrV GR DQR SDUD
ORFDLV TXH QmR SRVVXDP GDGRV FOLPiWLFRV KRUiULRV PDV SRVVXDP GDGRV GH WHPSHUDWXUD H
XPLGDGH PpGLRV PHQVDLV FRPR RV TXH SRGHP VHU REWLGRV QDV 1RUPDLV &OLPDWROyJLFDV
'HSDUWDPHQWR 1DFLRQDO GH 0HWHRURORJLD ,QVWLWXWR 1DFLRQDO GH 0HWHRURORJLD
)LJXUD

FDStWXOR$548,7(785$(&/,0$

)LJXUD,PDJHPGRSURJUDPD$QDO\VLV%,2FRPDQiOLVHGRVGDGRVGDV1RUPDLV
2 SURJUDPD $QDO\VLV%,2 IRL GHVHQYROYLGR QR /DERUDWyULR GH (ILFLrQFLD (QHUJpWLFD GD
8QLYHUVLGDGH )HGHUDO GH 6DQWD &DWDULQD H SRGH VHU REWLGR JUDWXLWDPHQWH HP
KWWSZZZODEHHHXIVFEU

([LVWHPWDPEpPRXWURVSURJUDPDVGHDQiOLVHFOLPiWLFDFRPRR7KH:HDWKHU7RROR&OLPDWH
&RQVXOWDQWHR$%&$UFKLWHFWXUDO%LRFOLPDWLF&ODVVLILFDWLRQGD8QLYHUVLGDGHGH6mR&DUORV

3DLQHO%LRFOLPiWLFR
$SyV WRGRV RV FRQFHLWRV GLVFXWLGRV DWp DTXL p LPSRUWDQWH DFKDU XP PHLR GH YLVXDOL]DU DV
LQIRUPDo}HV GH IRUPD RUJDQL]DGD H HVFODUHFHGRUD IDFLOLWDQGR D DQiOLVH ELRFOLPiWLFD H D
WRPDGDGH GHFLV}HV UHODWLYDV DR SURMHWR DUTXLWHW{QLFR TXH LUi UHVSRQGHU jV QHFHVVLGDGHV GR
XVXiULRHDRFOLPDORFDO23DLQHO%LRFOLPiWLFRIRLDVVLPFRQFHELGRSDUDDVFDWRU]HFLGDGHV
EUDVLOHLUDVTXHSRVVXHPGDGRVFOLPiWLFRVKRUiULRV
3DUDYLVXDOL]DUHVVDVLQGLFDo}HVGHIRUPDSUiWLFDR3DLQHO%LRFOLPiWLFRDVHJXLUpGDFLGDGH
GH)ORULDQySROLV7RGRVRVFDWRU]HSDLQpLVHVWmRQRDSrQGLFHGHVWHOLYUR
&DGDSDLQHOPRVWUDDVVHJXLQWHVLQIRUPDo}HVDUHVSHLWRGHFDGDFLGDGH
DYDOLDomR ELRFOLPiWLFD GD FLGDGH IHLWD DWUDYpV GR $QR &OLPiWLFR GH 5HIHUrQFLD FRP
DX[tOLRGRSURJUDPD$QDO\VLV%,2
DYDOLDomRGDVFDUWDVVRODUHVFRPRVGDGRVGHWHPSHUDWXUDHQWUHGH]HPEURHMXQKRHHQWUH
MXQKRHGH]HPEURWUDoDGRVFRPDX[tOLRGRSURJUDPD$QDO\VLV62/$5
DYDOLDomR GDV URVDVGRVYHQWRV $QDO\VLV62/$5 FRP RV GDGRV GH IUHTXrQFLD GH
RFRUUrQFLDHYHORFLGDGHVGRVYHQWRVSUHGRPLQDQWHVSDUDDFLGDGH
IOX[RJUDPDFRPDIUHTXrQFLDGHRFRUUrQFLDGDVWHPSHUDWXUDV
JUiILFRFRPDVXPLGDGHVUHODWLYDVDQXDLVGDFLGDGH
JUiILFRFRPDSUHFLSLWDomRPHQVDOQDFLGDGH

JUiILFRFRPDVWHPSHUDWXUDVDQXDLVGDFLGDGH
WDEHOD FRP RV SHUFHQWXDLV GH XWLOLGDGH GH FDGD HVWUDWpJLD ELRFOLPiWLFD SDUD XP SURMHWR
DUTXLWHW{QLFRDVHUIHLWRQRORFDO

FDStWXOR$548,7(785$(&/,0$
5()(51&,$6
$%17 1%5 'HVHPSHQKR WpUPLFR GH HGLILFDo}HV 3DUWH
=RQHDPHQWR ELRFOLPiWLFR EUDVLOHLUR H GLUHWUL]HV FRQVWUXWLYDV SDUD KDELWDo}HV
XQLIDPLOLDUHVGHLQWHUHVVHVRFLDO
$1$/<6,6%,2 YHUVmR 3URJUDPD $QDO\VLV%,2 PyGXOR ELRFOLPDWRORJLD
/DERUDWyULR GH (ILFLrQFLD (QHUJpWLFD HP (GLILFDo}HV 8QLYHUVLGDGH )HGHUDO GH
6DQWD
&DWDULQD
)ORULDQySROLV
'LVSRQtYHO
SDUD
GRZQORDG
HP
KWWSZZZODEHHHXIVFEU$FHVVRHPIHY
$1'(5621 % :HOOV 0 3DVVLYH VRODU HQHUJ\ %ULFN +RXVH 3XEOLVKLQJ &R
0DVVDFKXVHWWV86$
%2*2$3LHWURERQ&(%DUERVD0-*RXODUW69*3LWWD7/DPEHUWV5
%LRFOLPDWRORJLD DSOLFDGD DR SURMHWR GH HGLILFDo}HV YLVDQGR R FRQIRUWR
WpUPLFR 5HODWyULR ,QWHUQR QR 1~FOHR GH 3HVTXLVD HP &RQVWUXomR 8)6&
)ORULDQySROLV6&
%52:1 * = 'H.D\ 0 6RO YHQWR H OX] HVWUDWpJLDV SDUD R SURMHWR GH
DUTXLWHWXUDD(GLomR%RRNPDQ3RUWR$OHJUH
&/,0$7(&RQVXOWDQWYHUVmRGHDJRVWRGH3URJUDPD&OLPDWH&RQVXOWDQW8&/$
'HSDUWPHQWRI$UFKLWHFWXUHDQG8UEDQ'HVLJQ/RV$QJHOHV(8$'LVSRQtYHOSDUD
GRZQORDG HP KWWSZZZDXGXFODHGXHQHUJ\GHVLJQWRROV $FHVVR HP
IHY
&2//(63HUHLUD(%$WODVGHLUUDGLDomRVRODUGREUDVLODYHUVmRSDUD
LUUDGLDomRJOREDOGHULYDGDGHVDWpOLWHHYDOLGDGDQDVXSHUItFLH,10(7,QVWLWXWR
1DFLRQDOGH0HWHRURORJLD/$%62/$5/DERUDWyULRGH(QHUJLD6RODU(0&8)6&
%UDVtOLD')
&200,66,21RIWKH(XURSHDQ&RPPXQLWLHV(QHUJ\FRQVFLRXVGHVLJQDSULPHU
IRUDUFKLWHFWV%7%DWVIRUG/WG/RQGRQ8.
&25%(//$2<DQQDV6(PEXVFDGHXPDDUTXLWHWXUDVXVWHQWiYHOSDUDRV
WUySLFRVFRQIRUWRDPELHQWDO5HYDQ5LRGH-DQHLUR
&81+$*53LUHV-/)3DVLQDWR$ 8PDGLVFXVVmRVREUHRFRQFHLWR
GH KD]DUGV H R FDVR GR IXUDFmRFLFORQH FDWDULQD 'RFXPHQWRV 2QOLQH (PEUDSD
0LQLVWpULR GD $JULFXOWXUD 3HFXiULD H $EDVWHFLPHQWR 'LVSRQtYHO HP
KWWSZZZFQSWHPEUDSDEUELEOLRGRSBGRSGI DFHVVR HP GH RXWXEUR
GH
'( $1'5$'( / 0 6 $JHQGD 9HUGH [ $JHQGD 0DUURP ,QH[LVWrQFLD GH
3ULQFtSLRV (FROyJLFRV SDUD R 'HVHQKR GH $VVHQWDPHQWRV 8UEDQRV 'LVVHUWDomR
%UDVtOLDS
'($66,6(6$DERUGDJHPGRFOLPDXUEDQRHDSOLFDo}HVQRSODQHMDPHQWR
GD FLGDGH UHIOH[}HV VREUH XPD WUDMHWyULD LQ 9,,, (QFRQWUR 1DFLRQDO H ,9
(QFRQWUR /DWLQR$PHULFDQR 6REUH &RQIRUWR QR $PELHQWH &RQVWUXtGR 0DFHLy
$/SS
'(3$57$0(172 1DFLRQDO GH 0HWHRURORJLD 1RUPDLV &OLPDWROyJLFDV
0LQLVWpULRGD$JULFXOWXUDH5HIRUPD$JUiULD%UDVtOLD')

(/(75268/ (OHWUREUiV352&(/ /DE(((8)6& 3URMHWR &DVD (ILFLHQWH

SURMHWRGHXPDUHVLGrQFLDXQLIDPLOLDUHILFLHQWH(OHWURVXO&HQWUDLV(OpWULFDV6$
&HQWUDLV (OpWULFDV %UDVLOHLUDV 6$3URJUDPD 1DFLRQDO GH &RQVHUYDomR GH (QHUJLD
(OpWULFD /DERUDWyULR GH (ILFLrQFLD (QHUJpWLFD HP (GLILFDo}HV8QLYHUVLGDGH
)HGHUDO
GH
6DQWD
&DWDULQD
)ORULDQySROLV
'LVSRQtYHO
HP
KWWSZZZHOHWURVXOJRYEUFDVDHILFLHQWH$FHVVRHPIHY
(9$16 - 0 6FKLOOHU 6 'LVHxR ELRDPELHQWDO \ DUTXLWHFWXUD VRODU HG
6pULH GH (GLFLRQHV 3UpYLDV )DFXOWDG GH $UTXLWHFWXUD \ 8UEDQLVPR %XHQRV $LUHV
$UJHQWLQD
)$&8/7$' GH &LrQFLDV )tVLFDV \ 0DWHPiWLFDV &ODVLILFDFLyQ GHO FOLPD VHJ~Q
.|SSHQ
6DQWLDJR
&KLOH
'LVSRQtYHO
HP
KWWSZZZDWPRVIHUDFO+70/FOLPDWRORJLDNRSSHQKWP $FHVVR HP IHY

)$1*(5327KHUPDOFRPIRUWDQDO\VLVDQGDSSOLFDWLRQVLQHQYLURQPHQWDO
HQJLQHHULQJ0F*UDZ+LOO1HZ<RUN86$
)216(&$05'HVHQKRVRODU(G3URMHWR,$%%DKLD
*,921, % &RPIRUW FOLPDWH DQDO\VLV DQG EXLOGLQJ GHVLJQ JXLGHOLQHV LQ
(QHUJ\DQG%XLOGLQJYROMXO\SS
*21=$/(=(+LQ](2WHL]D34XLURV&3UR\HWRFOLPD\DUTXLWHFWXUD
(GLFLRQHV*XVWDYR*LOL6$0p[LFR
*28/$5769*/DPEHUWV5)LUPLQR6'DGRVFOLPiWLFRVSDUDSURMHWRH
DYDOLDomR HQHUJpWLFD GH HGLILFDo}HV SDUD FLGDGHV EUDVLOHLUDV 1~FOHR HP
3HVTXLVDHP&RQVWUXomR8)6&)ORULDQySROLV
,%*(0DSDGRVFOLPDVGR%UDVLOKWWSPDSDVLEJHJRYEU
,167,7872 1DFLRQDO GH 0HWHRURORJLD 1RUPDLV &OLPDWROyJLFDV
0LQLVWpULRGD$JULFXOWXUD5LRGH-DQHLUR5-
.2(1,*6%(5*(5 2 + ,QJHUVROO 7 * 0D\KHZ $ 6]RNROD\ 6 9
9LYLHQGDV \ HGLILFLRV HQ ]RQDV FiOLGDV \ WURSLFDOHV 3DUDQLQIR 6 $ 0DGULG
(VSDQKD
/DE62/$51&76 'HSDUWDPHQWR GH (QJHQKDULD 0HFkQLFD 8QLYHUVLGDGH
)HGHUDO
GH
6DQWD
&DWDULQD
)ORULDQySROLV
'LVSRQtYHO
HP
KWWSZZZODEVRODUXIVFEU!$FHVVRHPIHY
/$0%(57657ULDQD0$ 7HFQRORJLDVSDUDFRQVWUXomRKDELWDFLRQDOPDLV
VXVWHQWiYHO 5HODWyULR Q~PHUR (VWDGR GD $UWH FDSLWXOR (QHUJLD 3URMHWR
),1(36mR3DXOR
/20%$5'20$4XHYHGR1HWR367UDQVIRUPDomRGDSDLVDJHPQDiUHD
GH WUDQVLomR XUEDQRUXUDO UHSHUFXVV}HV VREUH R FOLPD XUEDQR LQ 9, (QFRQWUR
1DFLRQDO H ,,, (QFRQWUR /DWLQR$PHULFDQR VREUH &RQIRUWR QR $PELHQWH
&RQVWUXtGR6mR3HGUR63SS
0217(,52&$)0HQGRQoD)&OLPDXUEDQR&RQWH[WR6mR3DXOR
2/*<$< 9 &OLPD \ DUTXLWHFWXUD HQ &RORPELD 8QLYHUVLGDG GHO 9DOOH
)DFXOWDGGH$UTXLWHFWXUD&DOL&RORPELD

FDStWXOR$548,7(785$(&/,0$
3(5(,5$ ) 2 5 /X] VRODU GLUHWD 7HFQRORJLD SDUD PHOKRULD GR DPELHQWH
OXPtQLFR H HFRQRPLD GD HQHUJLD QD HGLILFDomR LQ ,, (QFRQWUR 1DFLRQDO GH
&RQIRUWRQR$PELHQWH&RQVWUXtGR)ORULDQySROLV6&SS
52$) 6 )XHQWHV 0 7KRPDV 6 (FRKRXVH D GHVLJQ JXLGH $UFKLWHFWXUDO
3UHVV2[IRUG8.
520(52 0 $ % D 3ULQFtSLRV %LRFOLPiWLFRV SDUD R 'HVHQKR 8UEDQR
HGLomR3UR(GLWRUHV6mR3DXOR
520(52 0 $ % E $ DUTXLWHWXUD ELRFOLPiWLFD GR HVSDoR S~EOLFR (GLWRUD
8QLYHUVLGDGHGH%UDVtOLD%UDVtOLD,6%1
6=2.2/$<69(QYLURQPHQWVFLHQFHKDQGERRNIRUDUFKLWHFWVDQGEXLOGHUV
7KH&RQVWUXFWLRQ3UHVV/WGD/DQFDVWHU8.
6=2.2/$<69 7KHUPDOGHVLJQRIEXLOGLQJV5$,$(GXFDWLRQ'LYLVLRQ5HG
+LOO$XVWUiOLD
7+(:($7+(57RROYHUVmR3URJUDPD7KH:HDWKHU7RRO6TXDUH2QH5HVHDUFK
37< /7' &DUGLI 8QLYHUVLW\ &DUGLII :DOHV 'LVSRQtYHO SDUD GRZQORDG HP
KWWSZZZVTXFRP!$FHVVRHPIHY
:$7621 ' /DEV . &OLPDWLF GHVLJQ HQHUJ\HIILFLHQW EXLOGLQJ SULQFLSOHV
DQGSUDFWLFHV0F*UDZ+LOO1HZ<RUN86$




VXPiULR

*(20(75,$62/$5

$5DGLDomR6RODUFRPR)RQWHGH&DORU

7UDMHWyULDGD7HUUDHP7RUQRGR6RO

3RVLomRGR6ROQR&pX

1RUWH*HRJUiILFRYHUVXV1RUWH0DJQpWLFR

+RUiULR/RFDOYHUVXV+RUiULR6RODU

$&DUWD6RODU

$SOLFDo}HVSUiWLFDVGDFDUWDVRODU
27UDQVIHULGRUGHQJXORV

2kQJXOR

2kQJXOR

2kQJXOR

$QiOLVHGHLQVRODomRHVRPEUHDPHQWRGHREVWUXo}HVHDEHUWXUDV

$QiOLVHGHSURWHo}HVVRODUHV

3URWHomR6RODUKRUL]RQWDO

3URWHomRVRODUYHUWLFDO

3URMHWRGHSURWHo}HVVRODUHV

$QiOLVH GH VRPEUHDPHQWR H SURMHWR GH SURWHo}HV VRODUHV FRP DSDUDWRV GH
VLPXODomRHPPDTXHWHV

5HOyJLR6RODU

+HOLRGRQVH6RODUVFySLRV

$QiOLVHGHPDTXHWHVFRPKHOLRGRQVHVRODUVFySLRV

6LPXODomR GH VRPEUHDPHQWR H DFHVVR VRODU FRP DX[tOLR GH SURJUDPDV
FRPSXWDFLRQDLV

$QDO\VLV62/$5

2XWURV$SOLFDWLYRV

7DEHODGH%ULVHV
5()(51&,$6

FDStWXOR*(20(75,$62/$5
&$378/2
*(20(75,$62/$5
(VWH FDStWXOR WUDWD GH XP GRV PDLV LPSRUWDQWHV DVSHFWRV UHODFLRQDGRV j DUTXLWHWXUD
ELRFOLPiWLFD D *(20(75,$ 62/$5 1R %UDVLO SDUWLFXODUPHQWH D JHRPHWULD VRODU p XP
FRQKHFLPHQWR IXQGDPHQWDO SDUD R DUTXLWHWR SRLV D PDLRU SDUWH GH QRVVR WHUULWyULR WHP
YHU}HV TXHQWHV H PXLWR VRO DR ORQJR GR DQR WHQGR R VRPEUHDPHQWR FRPR XPD GDV
HVWUDWpJLDV ELRFOLPiWLFDV PDLV LQGLFDGDV $ WDEHOD D VHJXLU PRVWUD D GHVHMDELOLGDGH GH
VRPEUHDPHQWR H GH LQVRODomR QDV SULQFLSDLV FLGDGHV EUDVLOHLUDV VHJXQGR D &DUWD
%LRFOLPiWLFD JHUDGD SHOR SURJUDPD $QDO\VLV%,2 (VVH YDORU p XP SHUFHQWXDOGDV KRUDV GR
DQRQRSHUtRGRGLXUQRKRUDVFRQVLGHUDQGRKRUiULRVHQWUHDVKGDPDQKmHKH
UHSUHVHQWDRVKRUiULRVTXDQGRDWHPSHUDWXUDGRDUVXSHUDRYDORUGH&
7DEHOD3HUFHQWXDOGHQHFHVVLGDGHGHVRPEUHDPHQWRHPDOJXPDVFLGDGHVEUDVLOHLUDV
FLGDGH
QHFHVVLGDGH
GHVRPEUHDPHQWR
GDVKRUDVGRDQRQRSHUtRGRGLXUQR
QHFHVVLGDGH
GHVRO
GDVKRUDVGRDQRQRSHUtRGRGLXUQR
FLGDGHVFRPJUDQGHQHFHVVLGDGHGHVRPEUHDPHQWRGXUDQWHWRGRRDQR
%HOpP

)RUWDOH]D

6mR/XtV

5HFLIH

FLGDGHVFRPQHFHVVLGDGHGHLQVRODomRQRLQYHUQRHGHVRPEUHDPHQWRQRYHUmR
%UDVtOLD

)ORULDQySROLV

0DFHLy

1DWDO

5LRGH-DQHLUR

6DOYDGRU

9LWyULD

FLGDGHVRQGHDVQHFHVVLGDGHVGHVRPEUHDPHQWRHGHLQVRODomRVmRSDUHFLGDV
&XULWLED

3RUWR$OHJUH

6mR3DXOR

2EVHUYDVH XP JUDQGH SHUFHQWXDO GH KRUDV GR DQR RQGH R VRPEUHDPHQWR pQHFHVViULR QD
PDLRUSDUWHGDVFLGDGHVDQDOLVDGDVSULQFLSDOPHQWHQR1RUGHVWHEUDVLOHLUR0DLVDRVXOQDV
FLGDGHVGH&XULWLED)ORULDQySROLV3RUWR$OHJUHH6mR3DXORHVWHSHUFHQWXDOpPHQRUSRLV

R LQYHUQR QHVWDV FLGDGHV p PDLV IULR HR VRO SDVVD DVHU LPSRUWDQWHFRPR IRQWH GH FDORU
1DVFLGDGHVGH&XULWLED3RUWR$OHJUHH6mR3DXORDVKRUDVGLXUQDVRQGHRVROpGHVHMiYHO
SHUtRGRVPDLVIULRVFRPRRLQYHUQRVRPDPYDORUHVVHPHOKDQWHVjVKRUDVGLXUQDVRQGHR
VRPEUHDPHQWRpGHVHMiYHOSHUtRGRVTXHQWHVFRPRRYHUmR
0DV R VRO DOpP GH QRV WUD]HU FDORU WUD] WDPEpP OX] QDWXUDO SDUD R LQWHULRU VHQGR HVWH
RXWURLPSRUWDQWHIDWRUDVHUFRQVLGHUDGRQXPDDUTXLWHWXUDELRFOLPiWLFD3RUHVWHPRWLYR
VRPEUHDURVROH[LJHFRQKHFLPHQWRVSUHFLVRVGRVPRPHQWRVHPTXHHOHpLQGHVHMiYHORX
VHMDQRUPDOPHQWHQRFDORUGRYHUmRHGRVPRPHQWRVRQGHHOHpGHVHMiYHOVHMDQRIULR
GRLQYHUQRRXQDQHFHVVLGDGHGHLOXPLQDomRQDWXUDO
$ LOXPLQDomR QDWXUDO p DVVXQWR GR SUy[LPR FDStWXOR PDV QHVWH WUDWDUHPRV GRV DVSHFWRV
PDLV LPSRUWDQWHV VREUH D JHRPHWULD VRODU H VREUH D QHFHVVLGDGH GH VRPEUHDPHQWR HP
HGLILFDo}HV
-i YLPRV DQWHULRUPHQWH TXH GHVGH D DQWLJXLGDGH R KRPHP WHP VH SUHRFXSDGR FRP D
QHFHVVLGDGH RX QmR GR VRO ([HPSORV FRPR R KHOLRFDPLQXV R 0HVD 9HUGH DV UXDV
VRPEUHDGDV HP 6HYLOKD QRV PRVWUDP TXH D DUTXLWHWXUD YHUQDFXODU VH SUHRFXSDYD FRP R
VRO 0DV HVWD SUHRFXSDomR QmRDFRQWHFHXDSHQDVQRSDVVDGRPDLV ORQJtQTXRSRLVPHVPR
GXUDQWHRPRYLPHQWRFRQKHFLGRFRPRHVWLOR,QWHUQDFLRQDORDUTXLWHWR/H&RUEXVLHUGL]LD
TXHePLVVmRGDDUTXLWHWXUDPRGHUQDVHSUHRFXSDUFRPRVROHTXH2VROpQRVVRDPLJR
HPSDUWHGRDQRHQRVVRLQLPLJRQDRXWUDSDUWH
1R%UDVLODDUTXLWHWXUDGHYHULDDGDSWDUVHjVQHFHVVLGDGHVGHVRPEUHDPHQWRHGHDFHVVR
VRODU QRV SHUtRGRV UHVSHFWLYDPHQWH PDLV TXHQWHV H PDLV IULRV PDV LVVR QmR DFRQWHFH
7HPRV H[HPSORV GH HGLItFLRV TXH QmR H[SORUDP DV WpFQLFDV GH VRPEUHDPHQWR
DGHTXDGDPHQWH H TXH PHVPR XWLOL]DQGR EULVHV RX RXWUR WLSR GH SURWHomR VRODU QmR R
ID]HPGHIRUPDFRUUHWD$OpPGLVVRHPFHUWRVHGLItFLRVRXVRGHIDFKDGDVHQYLGUDoDGDVp
H[DJHUDGRUHVXOWDQGRHPHVSDoRVLQWHUQRVPXLWRTXHQWHVQRYHUmRHIULRVQRLQYHUQR
3DUD TXH R DUTXLWHWR SRVVD PXGDU HVVH FHQiULR p QHFHVViULR TXH DOJXQV FRQFHLWRV GH
JHRPHWULDVRODUVHMDPGHVFULWRV

$5DGLDomR6RODUFRPR)RQWHGH&DORU
$ UDGLDomR VRODU p QRVVD SULQFLSDO IRQWH GH FDORU H SRGH VHU H[SORUDGD RX HYLWDGD
FRQIRUPHQHFHVViULR
$ UDGLDomR VRODU SRGH VHU LQWHUFHSWDGD
SHORV HOHPHQWRV YHJHWDLV H WRSRJUiILFRV
GR ORFDO $ YHJHWDomR p GLIHUHQWH GH
RXWUDV SRVVtYHLV REVWUXo}HV QR EORTXHLR
GDUDGLDomRVRODU$ViUYRUHVFRPIROKDV
FDGXFDV SRU H[HPSOR SRGHP VRPEUHDU
D HGLILFDomR QR YHUmR HQTXDQWR TXH QR
LQYHUQRSHUPLWHPDSDVVDJHPGRVRO(P
ORFDLV DUERUL]DGRV D YHJHWDomR SRGH
LQWHUFHSWDU HQWUH H GD UDGLDomR
VRODUFDXVDQGRXPDUHGXomRVXEVWDQFLDO
GD WHPSHUDWXUD GD VXSHUItFLH GR VROR
FRQIRUPH LOXVWUDGR QD )LJXUD

2OJ\D\
)LJXUDUYRUHHUDGLDomRVRODU

FDStWXOR*(20(75,$62/$5
,VWR DFRQWHFH SRUTXH R YHJHWDO DEVRUYH SDUWH GD UDGLDomR VRODU SDUD VHX PHWDEROLVPR
IRWRVVtQWHVH$SDUFHODGHFDORUHPLWLGDGDiUYRUHSDUDRVRORWDPEpPpEHPPHQRUTXH
DFpXDEHUWR$OpPGLVVRRPRYLPHQWRGRDUHQWUHDVIROKDVUHWLUDJUDQGHSDUWHGRFDORU
DEVRUYLGRGRVRO
$ UDGLDomR VRODU p XP GRV PDLV LPSRUWDQWHV FRQWULEXLQWHV SDUD R JDQKR WpUPLFR HP
HGLItFLRV1DHVFDODGDHGLILFDomRDWUDQVIHUrQFLDGHFDORUSRUUDGLDomRSRGHVHUGLYLGLGD
HP FLQFR SDUWHV SULQFLSDLV UDGLDomR VRODU GLUHWD RQGD FXUWD QD )LJXUD UDGLDomR
VRODUGLIXVDRQGDFXUWDQD)LJXUDUDGLDomRVRODUUHIOHWLGDSHORVRORHSHORHQWRUQR
RQGDFXUWDUDGLDomRWpUPLFDHPLWLGDSHORVRORDTXHFLGRHSHORFpXRQGDORQJDH
UDGLDomR WpUPLFD HPLWLGD SHOR HGLItFLR RQGD ORQJD 0F&OXQH\ $ UDGLDomR GH
RQGDFXUWDUHIOHWLGDSHORVRORHSHORHQWRUQRGHSHQGHGDVFDUDFWHUtVWLFDVGDVXSHUItFLH
UHIOHWRUDDOEHGR
)LJXUD7URFDVGHFDORUSRUUDGLDomRHPHGLItFLRVH(IHLWR(VWXID
2DOEHGRpXPDYDULiYHODGLPHQVLRQDOUHODWLYDDFDGDWLSRGHVXSHUItFLHUHIOHWRUD4XDQWR
PDLRURDOEHGRPDLRUDFDSDFLGDGHGDVXSHUItFLHHPUHIOHWLUDUDGLDomRXPDVXSHUItFLH
JUDPDGDSRUH[HPSORWHPDOEHGRGHTXHVLJQLILFDTXHDSHQDVGDUDGLDomRVRODU
LQFLGHQWHpUHIOHWLGD
$SyVUHFHEHUDUDGLDomRVRODURVRORVHDTXHFHUiHPLWLQGRHPVHJXLGDUDGLDomRWpUPLFD
GHRQGDORQJDQD)LJXUD(VWHIHQ{PHQRWDPEpPRFRUUHFRPDHGLILFDomR
$UDGLDomRVRODUGHRQGDFXUWDTXHHQWUDSRUXPDDEHUWXUDQRHGLItFLRLQFLGHQRVFRUSRV
TXH VH DTXHFHP HHPLWHP UDGLDomR GH RQGD ORQJD 2 YLGUR VHQGR SUDWLFDPHQWH RSDFR j
UDGLDomR GH RQGD ORQJD QmR SHUPLWH TXH R FDORU HQFRQWUH SDVVDJHP SDUD R H[WHULRU
VXSHUDTXHFHQGRRDPELHQWHLQWHUQR(VWHIHQ{PHQRpFRQKHFLGRFRPR()(,72(678)$Hp
RPDLRUWUDQVIRUPDGRUGDUDGLDomRVRODUHPFDORUQRLQWHULRUGHXPDHGLILFDomR
$ )LJXUD PRVWUD D UDGLDomR VRODU GLVSRQtYHO QDV TXDWUR SULQFLSDLV RULHQWDo}HV QRUWH
VXOOHVWHHRHVWHHQDVXSHUItFLHKRUL]RQWDOQRGLDGHMXQKRLQYHUQRSDUDDFLGDGHGH
)ORULDQySROLV $ )LJXUD PRVWUD D UDGLDomR VRODU GLVSRQtYHO QR GLD GH GH]HPEUR
YHUmR (VWDV GXDV ILJXUDV IRUDP JHUDGDV FRP DX[tOLR GR SURJUDPD '/1 GH 3DXOR 6pUJLR
6FDUD]]DWR 6FDUD]]DWR 3HUFHEHVH TXH D IDFKDGD QRUWH GH XPD HGLILFDomR QHVWD
FLGDGHpDPDLVDGHTXDGDWHUPLFDPHQWHSRLVpDTXHPHQRVUHFHEHVROQRYHUmRHDTXH
PDLV UHFHEH QR LQYHUQR $V IDFKDGDV OHVWH H RHVWH SRGHP VHU SUREOHPiWLFDV VH QmR
GHYLGDPHQWHVRPEUHDGDVQRVSHUtRGRVPDLVTXHQWHVSRLVUHFHEHPPXLWDUDGLDomRVRODUQR
YHUmRHPERUDLVWRSRVVDVHUGHVHMiYHOQRLQYHUQR$IDFKDGDVXOpDTXHPHQRVUHFHEHVRO
QHVWDV GXDV HVWDo}HV VHQGR PDLV DGHTXDGD SDUD DPELHQWHV RQGH D SUHVHQoD GR VRO p
LQGHVHMiYHOFRPRHPVDODVGHDXODSRUH[HPSOR


)LJXUD,QVRODomRGDVIDFKDGDVQRUWHVXOOHVWHRHVWHHQDKRUL]RQWDOQRLQYHUQRSDUD
)ORULDQySROLVVHJXQGRSURJUDPD'/1

)LJXUD,QVRODomRGDVIDFKDGDVQRUWHVXOOHVWHRHVWHHQDKRUL]RQWDOQRYHUmRSDUD
)ORULDQySROLVVHJXQGRSURJUDPD'/1

7UDMHWyULDGD7HUUDHP7RUQRGR6RO
2SULPHLURFRQFHLWRLPSRUWDQWHpDQRomRVREUHRTXHVmRVROVWtFLRVHHTXLQyFLRVHFRPR
HVWHVLQIOXHPQRSRVLFLRQDPHQWRGRVROQDDEyEDGDFHOHVWH
e IiFLO SHUFHEHU TXH QR YHUmR R FOLPD p EHP PDLV TXHQWH TXH QR LQYHUQR SHOR PHQRV
SDUDRVORFDLVFRPPDLRUHVODWLWXGHV,VVRDFRQWHFHSRUTXHRVROHVWiSUHVHQWHQRFpXSRU
PDLVWHPSRQRYHUmRHRQ~PHURGHKRUDVGHVROGLPLQXLFRQVLGHUDYHOPHQWHQRLQYHUQR
([LVWHPGRLVPRPHQWRVDRORQJRGRDQRTXHUHSUHVHQWDPRVH[WUHPRVGHPDLRUWUDMHWyULD

FDStWXOR*(20(75,$62/$5
VRODUPDLRUQ~PHURGHKRUDVGHVROGXUDQWHXPGLDHVSHFtILFRHGHPHQRUWUDMHWyULDVRODU
QDDEyEDGDFHOHVWH6mRUHVSHFWLYDPHQWHRVVROVWtFLRVGHYHUmRHGHLQYHUQRQRUPDOPHQWH
QRVGLDVGHGH]HPEURHGHMXQKR
(VVHVVROVWtFLRVDFRQWHFHPSRUFDXVDGDLQFOLQDomRTXHH[LVWHHQWUHRHL[RGHURWDomRHR
SODQRGHWUDQVODomRGD7HUUDHPUHODomRjVXDyUELWDDRUHGRUGR6ROFXMRYDORUpGH
)LJXUD$VVLPQRGLDGHGH]HPEURWHPRVRVROVWtFLRGHYHUmRQRKHPLVIpULRVXOH
VLPXOWDQHDPHQWHRVROVWtFLRGHLQYHUQRQRKHPLVIpULRQRUWH
([DWDPHQWHWUrVPHVHVDSyVFDGDXPGHVWHVVROVWtFLRVD7HUUDHVWiQXPDSRVLomRHPTXH
R VRO LQFLGH LJXDOPHQWH HP FDGD XP GRV VHXV KHPLVIpULRV H R kQJXOR GH LQFOLQDomR GH
QmR LQIOXL 6mR RV HTXLQyFLRV TXH DFRQWHFHP QRV GLDV GH PDUoR HTXLQyFLR GH
RXWRQR QR +HPLVIpULR 6XO H GH VHWHPEUR HTXLQyFLR GH SULPDYHUD QR +HPLVIpULR 6XO
'D PHVPD IRUPD TXH QRV VROVWtFLRV RV HTXLQyFLRV VmR FRPSOHPHQWDUHV QRV GRLV
KHPLVIpULRV RX VHMD R RXWRQR LQLFLD QR QRUWH TXDQGR D SULPDYHUD LQLFLD QR VXO H YLFH
YHUVD

)LJXUD 7UDMHWyULD GD WHUUD DR UHGRU GR VRO WUDQVODomR FRP R kQJXOR GH LQFOLQDomR GR HL[R
QRUWHVXORVVROVWtFLRVHRVHTXLQyFLRVSDUDRKHPLVIpULRVXO
(VVHkQJXORGHLQFOLQDomRGHPHGLGRDSDUWLUGR(TXDGRUJHUDRV7UySLFRV
GH&DSULFyUQLRQRKHPLVIpULRVXOHGH&kQFHUQRKHPLVIpULRQRUWH&RQYHQFLRQRXVH
R(TXDGRUFRPRRSDUDOHORFXMRkQJXORGHODWLWXGHpLJXDOD]HUR'HVWDIRUPDRV
WUySLFRV WrP VXDV UHVSHFWLYDV ODWLWXGHV FRP YDORUHV GH 1 &kQFHU H 6
&DSULFyUQLR(PODWLWXGHVPDLRUHVTXHRVROQmRSDVVDSHOR]rQLWHRSRQWR
PDLVDOWRQDDEyEDGDFHOHVWHHPUHODomRDRREVHUYDGRU
1RGLDGHGH]HPEURRVUDLRVVRODUHVHVWmRSHUSHQGLFXODUHVj7HUUDQR7UySLFR
GH&DSULFyUQLRHQHQKXPDSDUWHGD7HUUDFRPODWLWXGHPDLRUTXHHVVDUHFHEHRVRO
DSLQRYLQGRGLUHWDPHQWHGR]rQLWHFHOHVWH

1RGLDGHMXQKRQDSRVLomRRSRVWDGD7HUUDHPUHODomRjVXDyUELWDDRUHGRUGR
6ROWRGDSRUomRGD7HUUDDEDL[RGR&tUFXOR3RODU$QWiUWLFRWHPKRUDVGHQRLWH
HQTXDQWRTXHWRGDSRUomRGD7HUUDDFLPDGR&tUFXOR3RODUUWLFRWHPKRUDVGH
GLD 1HVVH PHVPR GLD R VRO p SHUSHQGLFXODU j 7HUUD QR 7UySLFR GH &kQFHU QR
KHPLVIpULRQRUWH
1RVGLDVGHPDUoRHGHVHWHPEURHTXLQyFLRVD7HUUDHVWiQDPHWDGHGDVXD
WUDMHWyULDDRUHGRUGRVROHWHPVHXPGLDFRPRPHVPRQ~PHURGHKRUDVGHVROH
GHQRLWH1RGLDGHPDUoRWHPRVRHTXLQyFLRGHRXWRQRQRKHPLVIpULRVXOHGH
SULPDYHUD QR KHPLVIpULR QRUWH H QR GLD GH VHWHPEUR WHPRV R HTXLQyFLR GH
SULPDYHUDQRKHPLVIpULRVXOHGHRXWRQRQRKHPLVIpULRQRUWH1RVHTXLQyFLRVRVRO
HVWiWRWDOPHQWHSHUSHQGLFXODUDR(TXDGRU

3RVLomRGR6ROQR&pX
$SRVLomRGRVROQRFpXSRGHVHUGHILQLGDSRUGRLVkQJXORVD$OWXUD6RODU+HR$]LPXWH
6RODU $ $ DOWXUD VRODU FRQVLVWH QR kQJXOR IRUPDGR HQWUH R VRO H R SODQR KRUL]RQWDO GD
7HUUDHRD]LPXWHVRODUFRQVLVWHQRkQJXORIRUPDGRHQWUHRQRUWHJHRJUiILFRHDSURMHomR
GRVROQRSODQRKRUL]RQWDO$PERVRVkQJXORVYDULDPFRQIRUPHDODWLWXGHGRORFDOKRUDGR
GLD H GLD GR DQR (VWHVkQJXORV VmR ~WHLV SDUD D LGHQWLILFDomR GD LQVRODomR HP DEHUWXUDV
VRPEUHDPHQWRGDVHGLILFDo}HVHGRVHXHQWRUQRHDQiOLVHHSURMHWRGHSURWHo}HVVRODUHV

1RUWH*HRJUiILFRYHUVXV1RUWH0DJQpWLFR
2 1257( *(2*5),&2 p R FRUUHWR SDUD XWLOL]DomR GD JHRPHWULD VRODU 8PD E~VVROD Or R
1257( 0$*1e7,&2 TXH WHP XPD GHIDVDJHP DQJXODU HP UHODomR DR QRUWH JHRJUiILFR
LQGLFDGDSHORYDORUGDGHFOLQDomRPDJQpWLFDSDUDRORFDOHGDWDGHVHMDGRV(VVDGHFOLQDomR
QmR p FRQVWDQWH H GHYHVHU FRUULJLGD DQXDOPHQWH DWUDYpV GD OHLWXUD GDV FDUWDV LVRJ{QLFDV
SDUDRORFDOVREDQiOLVH$VFDUWDVLVRJ{QLFDVSRGHPVHUSURGX]LGDVSDUDTXDOTXHUORFDOH
GDWD$,QWHUQHWGLVS}HGHGLYHUVRVHQGHUHoRVGHGLFDGRVjFRQVWUXomRGHFDUWDVLVRJ{QLFDV
FRPR R VLWH KWWSZZZDYDIPLIL0$*1LJUIDSSOHWKWPO .25+21(1 3DUD D
FRQVWUXomR GD FDUWD GHYHVH HQWUDU FRP RV GDGRV GH ODWLWXGH H ORQJLWXGH GR ORFDO EHP
FRPRGHILQLURDQRSDUDTXDOVHGHVHMDYHULILFDUDFDUWDLVRJ{QLFD
3DUDFiOFXORGRYDORUGDGHFOLQDomRPDJQpWLFDSDUDTXDOTXHUORFDOHGDWDSRGHVHDFHVVDU
RVLWHKWWSZZZQJGFQRDDJRYJHRPDJPRGHOV'HFOLQDWLRQMVS1*'&
$GHFOLQDomRPDJQpWLFDSDUDDOJXPDVFLGDGHVEUDVLOHLUDVHPpVHJXQGRD7DEHOD
7DEHODTXLQ]HFLGDGHVEUDVLOHLUDVHUHVSHFWLYDVGHFOLQDo}HVPDJQpWLFDV
FLGDGH
ODWLWXGH
ORQJLWXGH
GHFOLPDomRPDJQpWLFD
%HOpP
6
:
:
%HOR+RUL]RQWH
6
:
:
%UDVtOLD
6
:
:
&XULWLED
6
:
:
)ORULDQySROLV
6
:
:
)RUWDOH]D
6
:
:
0DFHLy
6
:
:
1DWDO
6
:
:

FDStWXOR*(20(75,$62/$5
FLGDGH
ODWLWXGH
ORQJLWXGH
GHFOLPDomRPDJQpWLFD
3RUWR$OHJUH
6
:
:
5HFLIH
6
:
:
5LRGH-DQHLUR
6
:
:
6DOYDGRU
6
:
:
6mR/XLV
6
:
:
6mR3DXOR
6
:
:
9LWyULD
6
:
:

3DUD VH REWHU R QRUWH JHRJUiILFR SDUD )ORULDQySROLV SRU H[HPSOR FXMD GHFOLQDomR
PDJQpWLFDHPpGH:FRQVLGHUDVHTXHRQRUWHPDJQpWLFRLQGLFDGR
SHODE~VVROD HVWi D RHVWH QR VHQWLGR DQWLKRUiULR GR JHRJUiILFR SRLV R YDORU GD
GHFOLQDomRPDJQpWLFDpQHJDWLYR

+RUiULR/RFDOYHUVXV+RUiULR6RODU
2KRUiULRLQGLFDGRQXPUHOyJLRpGLIHUHQWHGRKRUiULRVRODUTXHpXWLOL]DGRQDFDUWDVRODU
3DUD ID]HU D FRQYHUVmR HQWUH RV GRLV KRUiULRV VH XWLOL]D D (TXDomR GD +RUD H D GLIHUHQoD
HQWUHRVPHULGLDQRVORFDOHSDGUmR
$HTXDomRGDKRUDWHPVXDYDULDomRDQXDOPRVWUDGDQD)LJXUDDGDSWDGDGH6]RNROD\

)LJXUD9DULDomRDQXDOGDHTXDomRGDKRUD
3DUDFDOFXODUDGLIHUHQoDDVHUGLPLQXtGDRXDFUHVFHQWDGDQDKRUDORFDOSDUDREWHUDKRUD
VRODUSRGHVHXWLOL]DUDHTXDomRGDGDDEDL[R%LWWHQFRXUW
+6 = +/ (+ +

RQGH
+6 KRUiULRVRODUXWLOL]DGRQDFDUWDVRODU
+/ KRUiULRORFDOKRUiULRRILFLDOGH%UDVtOLDSDUD)ORULDQySROLVHSDUDDPDLRULDGDV
RXWUDVFLGDGHVEUDVLOHLUDV
(+ HTXDomRGDKRUDREWHUYDORUVHJXQGRDGDWDGHVHMDGDQD)LJXUD
FRUUHomRGDORQJLWXGHHPUHODomRDRPHULGLDQRGH*UHHQZLFKFRQVLGHUDVHXPD
GHIDVDJHPGHXPDKRUDSDUDFDGDGHORQJLWXGHH GH TXDWURPLQXWRVSDUD
FDGD JUDX DGLFLRQDO R YDORU GHYH VHU QHJDWLYR SDUD ORFDLV D RHVWH GH
*UHHQZLFKRXVHMDWRGRR%UDVLO
GLIHUHQoD GR IXVR KRUiULR GD FLGDGH GH )ORULDQySROLV HP UHODomR DR GH
*UHHQZLFK 2EV SDUD RXWUDV ORFDOLGDGHV FKHFDU HVWH YDORU QR PDSD GH IXVRV
KRUiULRV
&RPRH[HPSORFDOFXODVHRKRUiULRVRODUHP)ORULDQySROLVGDVHJXLQWHIRUPD
&LGDGH)ORULDQySROLV6&
/DWLWXGH 6 6 VXO SRGH VHU HVFULWD FRP VLQDO QHJDWLYR RX VHMD

/RQJLWXGH22 RHVWHSRUWDQWRVLQDOQHJDWLYRQDHTXDomR
+/ KGRGLDGHGH]HPEURPHVPRKRUiULRGH%UDVtOLD
(+ PLQXWRVYHU)LJXUDDGDSWDGDGH6]RNROD\

)LJXUD(+SDUDRGLDGHGH]HPEURLJXDODPLQXWRV
KPLQKSDUD FDGDGHORQJLWXGHHGHPLQ SDUDFDGD DGLFLRQDOVLQDO

QHJDWLYRVHIRUORQJLWXGHRHVWH
(QWmR
+6 = +/ (+ +
+6 )ORULDQRSROLVK GH]HPEUR = K ( PLQ) K PLQ+ K
+6)ORULDQRSROLVK GH]HPEUR = K PLQ

FDStWXOR*(20(75,$62/$5
+6 )ORULDQRSROLVK GH]HPEUR = K PLQ V
3RUWDQWR R YDORU GD KRUD VRODU SDUD )ORULDQySROLV QR GLD GH GH]HPEUR p GHIDVDGR GR
KRUiULR RILFLDO GH PLQXWRV D PHQRV V K KRUiULR RILFLDO R KRUiULR VRODU p GH
KPLQV6HIRUQHFHVViULRXWLOL]DUDFDUWDVRODUSDUDREWHUDVVRPEUDVFRUUHWDVjVK
GHYHVHID]HUDOHLWXUDTXDQGRRKRUiULRRILFLDOIRUKPLQVQHVWHGLD

$&DUWD6RODU
3DUD VDEHU H[DWDPHQWH TXDO p R D]LPXWH H D DOWXUD VRODU HP FDGD KRUiULR GHVHMDGR DR
ORQJRGHXPDQRLQWHLURRDUTXLWHWRSUHFLVDVDEHULQWHUSUHWDUD&DUWD6RODUSDUDDUHJLmR
HPTXHIDUiRSURMHWR$FDUWDVRODUWRUQDVHDVVLPXPDIHUUDPHQWDGHDX[tOLRDRSURMHWR
EDVWDQWH ~WLO SRLV GL] D SRVLomR H[DWD GR VRO QXP GHWHUPLQDGR PRPHQWR LQIRUPDomR
HVVHQFLDO SDUD VH VDEHU SRU H[HPSOR VH R VRO YDL SHQHWUDU SRU XPD DEHUWXUD VH YDL VHU
VRPEUHDGR SRU XPD HGLILFDomR YL]LQKD H VH GHYH RX QmR VHU VRPEUHDGR SRU SURWHo}HV
VRODUHVSDUDGHWHUPLQDGDRULHQWDomR
$ FDUWD VRODU SRGH VHU LQWHUSUHWDGD FRPR D SURMHomR GDV WUDMHWyULDV VRODUHV DR ORQJR GD
DEyEDGDFHOHVWHGXUDQWHWRGRRDQR(VVDSURMHomRSRGHVHUFRQVWUXtGDDWUDYpVGHGLYHUVRV
PpWRGRV 2V PpWRGRV PDLV FRQKHFLGRV VmR R HTXLGLVWDQWH R RUWRJUiILFR H R
HVWHUHRJUiILFRVHQGRHVWH~OWLPRRPDLVXWLOL]DGRHSRUWDQWRDGRWDGRQHVWHOLYUR)LJXUD

)LJXUD3URMHomRGDFDUWDVRODUHTXLGLVWDQWHRUWRJUiILFDHHVWHUHRJUiILFDDGDSWDGDGH
6]RNROD\

2PpWRGRHTXLGLVWDQWHFRQVLVWHQRVLPSOHVGHVHQKRGHFtUFXORVFRQFrQWULFRVHTXLGLVWDQWHV
UHSUHVHQWDQGRDVDOWXUDVVRODUHVVREUHRVTXDLVDVWUDMHWyULDVVRODUHVVmRWUDoDGDV)LJXUD
LOXVWUDomRjHVTXHUGD
2PpWRGRRUWRJUiILFRPRVWUDFRPRSRQWRVH[LVWHQWHVQRKHPLVIpULRFHOHVWHVmRYLVXDOL]DGRV
QRSODQRKRUL]RQWDOGDQGRRSRVLFLRQDPHQWRGRVFtUFXORVGHDOWXUDVQHVWHPHVPRSODQR2
LQFRQYHQLHQWH GHVWH GLDJUDPD p VXD LPSUHFLVmR HP YDORUHV GH DOWXUDV SUy[LPRV DR
KRUL]RQWHMXVWDPHQWHSRUTXHRVFtUFXORVVHFRQFHQWUDPPDLVQHVWDSRVLomRHQTXDQWRVmR
PDLVHVSDoDGRVHPUHJL}HVSUy[LPDVDR]rQLWH)LJXUDLOXVWUDomRFHQWUDO
$ SURMHomR HVWHUHRJUiILFD )LJXUD LOXVWUDomR j GLUHLWD SURMHWD TXDOTXHU SRQWR GD
DEyEDGD FHOHVWH QXP SRQWR WHyULFR FKDPDGR QDGLU 2 QDGLU UHSUHVHQWD XP SRQWR
GLDPHWUDOPHQWHRSRVWRDR]rQLWHFHOHVWH2VFtUFXORVGHDOWXUDVVmRWUDoDGRVQDVSRVLo}HV
RQGHDVSURMHo}HVDRQDGLULQWHUFHSWDPRSODQRKRUL]RQWDO
,PDJLQDQGR TXH R VRO ULVFD D DEyEDGD FHOHVWH HQTXDQWR VH PRYH SRU HOD GXUDQWHXP GLD
WHUtDPRV XPD OLQKD FXUYD SURMHWDGD QR FKmR TXH UHSUHVHQWDULD HVVH ULVFR GH XP GLD QR
SODQRKRUL]RQWDO$)LJXUDPRVWUDDSURMHomRGDWUDMHWyULDVRODUSDUDFHUWRGLDQRSODQR
KRUL]RQWDOSDUDFHUWDORFDOLGDGHFRPODWLWXGHVHPHOKDQWHjGH)ORULDQySROLV

)LJXUD7UDMHWyULDVRODUHPXPGLDTXDOTXHUQDFDUWDVRODU
6H GHWDOKiVVHPRV PDLV XP SRXFR D WUDMHWyULD VRODU PDUFDQGR SRQWRV SDUD FDGD KRUD GR
GLD SRGHUtDPRV YLVXDOL]DU WRGRV RV KRUiULRV HP TXH R VRO HVWi SUHVHQWH QDTXHOH GLD
HVSHFtILFR)LJXUD

FDStWXOR*(20(75,$62/$5

)LJXUD7UDMHWyULDGRVROGXUDQWHXPGLDQDFDUWDVRODUFRPPDUFDomRGHKRUiULRV
6HIL]HUPRVXPDGHVVDVOLQKDVGHSURMHomRGDWUDMHWyULDVRODUFRPRVKRUiULRVGRGLDSDUD
FDGD GLD GH FDGD PrV SRU H[HPSOR WHUtDPRV D SURMHomR GH GR]H OLQKDV QR SODQR
KRUL]RQWDO0DVRVROSDVVDSHODPHVPDWUDMHWyULDGXDVYH]HVDRDQRH[FHWRQRVVROVWtFLRV
,VVRDFRQWHFHQRVHTXLQyFLRVGHGHPDUoRHGHVHWHPEURTXDQGRDWUDMHWyULDVRODUp
H[DWDPHQWHDPHVPD,VVRWDPEpPDFRQWHFHQDPDLRULDGRVPHVHVSRUH[HPSORQRGLD
GHIHYHUHLURDWUDMHWyULDVRODUpDPHVPDGRGLDGHQRYHPEUR([LVWHPDSHQDVGRLVGLDV
HPTXHDWUDMHWyULDVRODUp~QLFDRVVROVWtFLRVGHYHUmRGHGH]HPEURHGHLQYHUQR
GHMXQKR
0DVH[LVWHDLQGDXPIDWRUPXLWRLPSRUWDQWHDODWLWXGHGRORFDO$FDUWDVRODUUHSUHVHQWD
DV WUDMHWyULDV VRODUHV SDUD XPD GHWHUPLQDGD ODWLWXGH 3DUD FDGD ODWLWXGH WHUHPRV FDUWDV
VRODUHV GLIHUHQWHV$ )LJXUD PRVWUDFDUWDVVRODUHV SDUD DV ODWLWXGHV GH (TXDGRU
67UySLFRGH&DSULFyUQLR6&tUFXOR3RODU$QWiUWLFRH63yOR6XO
3DUD D FLGDGH GH )ORULDQySROLV FXMD ODWLWXGH p GH 6 D FDUWD VRODU WHULD HQWmR DV
VHJXLQWHVSURMHo}HVGDVWUDMHWyULDVVRODUHV)LJXUD
2EVHUYDVH TXH D OLQKDTXH UHSUHVHQWD R VROVWtFLR GH YHUmR pEHP PDLV ORQJD H WHP PDLV
KRUDV GH VRO TXH DOLQKD TXH UHSUHVHQWD R VROVWtFLR GH LQYHUQR $ OLQKDTXHUHSUHVHQWD RV
HTXLQyFLRVFRLQFLGHQXPDFXUYDFHQWUDODHVWHVGRLVH[WUHPRV
3DUDVHVDEHURSRVLFLRQDPHQWRH[DWRGRVROEDVWDHQWmRGLVSRUGDFDUWDVRODUHFRQVWUXLU
XPD PDOKD SDUD RV SRVVtYHLV D]LPXWHV H DOWXUDV VRODUHV IDFLOLWDQGR D OHLWXUD GHVWHV
kQJXORV7HPRVDVVLPOLQKDVUDGLDLVTXHUHSUHVHQWDPRVD]LPXWHVVRODUHVkQJXORVPHGLGRV
QRVHQWLGRKRUiULRDSDUWLUGRQRUWHTXHLQGLFDPDGLIHUHQoDHQWUHHVWHHDSURMHomRGRVRO
QR SODQR KRUL]RQWDO H FtUFXORV FRQFrQWULFRV TXH UHSUHVHQWDP DV DOWXUDV VRODUHV kQJXORV
TXHPHGHPDGLIHUHQoDHQWUHRVROHRKRUL]RQWH
$FDUWDVRODUILQDOFRPDVWUDMHWyULDVSDUDRVGLDVGHFDGDPrVDVKRUDVPDUFDGDVHD
PDOKDSDUDOHLWXUDGHD]LPXWHVHDOWXUDVVRODUHVFRQILJXUDVHFRPRQD)LJXUD



)LJXUD&DUWDVVRODUHVHVXDVUHSUHVHQWDo}HVHPSHUVSHFWLYD

FDStWXOR*(20(75,$62/$5
)LJXUD7UDMHWyULDVVRODUHVGXUDQWHWRGRRDQR
)LJXUD&DUWDVRODUSDUDDODWLWXGHGH6XO6)ORULDQySROLV
$ )LJXUD PRVWUD DV LQIRUPDo}HV TXH

SRGHP VHU OLGDV QD FDUWD VRODU WUDMHWyULD
VRODU KRUD GR GLD DOWXUD VRODU D]LPXWH
VRODUHQ~PHURGHKRUDVGHVRO

)LJXUD/HLWXUDGDFDUWDVRODU


$SOLFDo}HVSUiWLFDVGDFDUWDVRODU
6RPEUHDPHQWRGRHQWRUQR
$FDUWDVRODUSRGHVHUXVDGDSDUDDGHWHUPLQDomRGRVRPEUHDPHQWRTXHXPHGLItFLRID]QR
VHXHQWRUQRFRQIRUPH)LJXUDTXHPRVWUDXPHGLItFLRHP)ORULDQySROLVHVXDVRPEUD
QRGLDGHPDUoRjVQRYHKRUDVGDPDQKm1HVWHGLDHKRUiULRWHUHPRVXPDDOWXUDVRODU
GHHXPD]LPXWHVRODUGHDSUR[LPDGDPHQWH)LJXUD

)LJXUD6RPEUHDPHQWRGRHQWRUQRFRPDX[tOLRGDFDUWDVRODU
$ )LJXUD PRVWUD GXDV SRVVLELOLGDGHV GH GHILQLomR GD VRPEUD 1D SDUWH VXSHULRU D
VRPEUD p FDOFXODGD DWUDYpV GH WULJRQRPHWULD H QD SDUWH LQIHULRU GD ILJXUD FRP
LQVWUXPHQWRV GH GHVHQKR WUDQVIHULGRU H HVFDOtPHWUR 5HVVDOWDVH TXH SDUD R
SURFHGLPHQWRFRPLQVWUXPHQWRVGHYHPVHID]HURVGHVHQKRVHPHVFDOD
8VXDOPHQWH VH ID] HVWDDQiOLVH SDUD RV GRLV VROVWtFLRV H SDUD R HTXLQyFLR WHQWDQGR DVVLP
UHSUHVHQWDU R PDLRU OHTXH GH SRVVLELOLGDGHV GH VRPEUHDPHQWR FRP R PtQLPR SRVVtYHO GH
FiOFXORV H GHVHQKRV 'D PHVPD IRUPD ID]VH D DQiOLVH SDUD WUrV KRUiULRV SDUD FDGD XP
GHVWHVGLDVJHUDOPHQWHXPKRUiULRSHODPDQKmXPDRPHLRGLDHXPjWDUGH
&RPR H[HPSOR GHVWH SURFHGLPHQWR XVDUHPRV D FDUWD VRODU SDUD )ORULDQySROLV ODWLWXGH
6$7DEHODGHPRQVWUDXPERPTXDGURGHDQiOLVHVDVHUHPIHLWDV
$OJXPDVREVHUYDo}HVLPSRUWDQWHVDVHUHPIHLWDVQDWDEHODVmR
RVD]LPXWHVDRPHLRGLDVmRVHPSUHFRQVLGHUDQGRVHRKRUiULRVRODUYHULWHP

FDStWXOR*(20(75,$62/$5
DV DOWXUDV VRODUHV SDUD XP PHVPR GLD jV K H jV K VHUmR VHPSUH DV PHVPDV H RV
D]LPXWHV VHUmR FRPSOHPHQWDUHV RX VHMD DPERV FRP D PHVPD GLVWkQFLD DQJXODU GR
QRUWH
7DEHOD$]LPXWHVHDOWXUDVVRODUHVSDUDVROVWtFLRVHHTXLQyFLRV)ORULDQySROLVODW6

GLD
GH]
PDUVHW
MXQ
KRUiULRVRODU
K
K
K
$
$
$
+
+
+
$
$
$
+
+
+
$
$
$
+
+
+

(PSODQWDVDEHQGRVHDDOWXUDGRHGLItFLRGHVHQKDVHRVHQWLGRGDVRPEUDEDVHDQGRVHQR
kQJXOR GH D]LPXWH VRODU (P FRUWH GHVHQKDVH R OLPLWH GD VRPEUD FRQVLGHUDQGRVH R
kQJXORGHDOWXUDVRODU(VWHSURFHGLPHQWRSRGHVHUIHLWRGLUHWDPHQWHFRPRDX[tOLRGHXP
WUDQVIHULGRURXDWUDYpVGDOHLGDWDQJHQWH1RILQDOREWpPVHDVRPEUDTXHRHGLItFLRID]
QRHQWRUQRSDUDRGLDHKRUiULRHVSHFLILFDGRFRPRQDSDUWHVXSHULRUGD)LJXUD
)D]HQGRVH HVWD DQiOLVH SDUD WRGRV RV GLDV H KRUiULRV GD 7DEHOD WHPVH DOJR FRPR D
)LJXUD

)LJXUD6RPEUHDPHQWRGRHQWRUQRGLDGHPDUoRjVKKHK

1~PHURGHKRUDVGHVRO
3RGHVHFDOFXODURQ~PHURGHKRUDVGHVROGXUDQWHFHUWRGLDGRDQRSDUDFHUWDORFDOLGDGH
DWUDYpVGDFDUWDVRODU3DUDWDQWREDVWDREWHURKRUiULRGRQDVFHUHGRS{UGRVROSDUDR
GLD GHVHMDGR 1D )LJXUD SHUFHEHVH TXH QR GLD GH GH]HPEUR R VRO QDVFH

DSUR[LPDGDPHQWHjVKPLQHVHS}HjVKPLQ(VWHGLDWHPSRUWDQWRWUH]HKRUDVH
PLQXWRV GH VRO 2 GLD GH MXQKR WHP GH] KRUDV H YLQWH PLQXWRV GH VRO FRP VRO
QDVFHQWHjVKPLQHSRHQWHjVKPLQ

)LJXUD1~PHURGHKRUDVGHVRO

3HQHWUDomRVRODUHPDPELHQWHV
$WUDYpVGDFDUWDVRODUSRGHVHWDPEpPGHVHQKDUDSHQHWUDomRVRODUHPXPDPELHQWHSDUD
GLDV H KRUiULRV HVSHFLILFDGRV (VWH SURFHGLPHQWR p ~WLO TXDQGR VH TXHU TXH R VRO LQFLGD
GLUHWDPHQWHHPFHUWRSRQWRGRDPELHQWHRXTXDQGRVHTXHUHYLWDUTXHRVROSHQHWUHSRU
XPDDEHUWXUD
8VDQGR RV PHVPRV YDORUHV GH DOWXUDV H D]LPXWHV VRODUHV GD 7DEHOD REWpPVH SDUD
FDGDGLDHKRUiULRGHVHMDGRDGLUHomRTXHRVUDLRVGHVROVHJXLUmRQRDPELHQWHHPSODQWD
HHPFDGDYLVWDLQWHUQDGHFDGDSDUHGHeLQWHUHVVDQWHSODQLILFDURDPELHQWHSDUDIDFLOLWDU
RSURFHVVR
(PVHJXLGDGHVHQKDVHXPDOLQKDOLPLWHGHSHQHWUDomRVRODUQDVYLVWDVGDVSDUHGHVYLQGD
GDVMDQHODVHVHJXQGRDDOWXUDVRODUGRKRUiULRVREDQiOLVH
$JRUDEDVWDSUHHQFKHUDiUHDIRUPDGDHQWUHRVTXDWUROLPLWHVGDMDQHODQDSODQWDHYLVWDV
GDVSDUHGHViUHDDPDUHODQD)LJXUD
'D PHVPD IRUPD SRGHVH ID]HU R GHVHQKR GD SHQHWUDomR VRODU SDUD RV RXWURV GLDV H
KRUiULRVGHVHMDGRV

FDStWXOR*(20(75,$62/$5

)LJXUD3HQHWUDomRVRODUQXPDPELHQWHSDUDRGLDGHMXQKRjVK

27UDQVIHULGRUGHQJXORV
2 7UDQVIHULGRU GH QJXORV FRQYHUWH SDUD D JHRPHWULD VRODU kQJXORV GH HOHPHQWRV
FRQVWUXWLYRV FRPR REVWUXo}HV DEHUWXUDV SURWHo}HV VRODUHV HGLItFLRV YHJHWDomR HQWUH
RXWURVe~WLOSDUDDDQiOLVHPDLVUiSLGDHIiFLOGRVRPEUHDPHQWRGRHQWRUQRSHQHWUDomR
VRODUHSURWHo}HVVRODUHV$)LJXUDPRVWUDRWUDQVIHULGRUGHkQJXORV
2 WUDQVIHULGRU FRQVLVWH HP XP FtUFXOR GH PHVPDV GLPHQV}HV GR GD FDUWD VRODU 1HVWH
FtUFXORH[LVWHPOLQKDVUDGLDLVHOLQKDVFXUYDVFDGDXPDUHSUHVHQWDQGRXPDSRVVtYHODUHVWD
GR HOHPHQWR D VHU DQDOLVDGR &DGD SODQR GH XP GHWHUPLQDGR HOHPHQWR VRE DQiOLVH SRGH
VHU FRQYHUWLGR HP XPD FRPELQDomR GH GXDV RX PDLV GHVWDV OLQKDV 3DUD HQWHQGHU R
IXQFLRQDPHQWRGRWUDQVIHULGRUGHkQJXORVpQHFHVViULRFRQKHFHUVHRVWUrVSULQFLSDLVWLSRV
GHkQJXORVH[LVWHQWHVRDOIDREHWDHRJDPD

2kQJXOR
2kQJXORUHSUHVHQWDXPkQJXORIRUPDGRHQWUHRSODQRKRUL]RQWDOHXPSODQRYHUWLFDOH
SRGHWHUYDORUHVHQWUHTXDQGRRSODQRHPTXHVWmRHVWiQDOLQKDGRKRUL]RQWHH
TXDQGR HVWH SODQR HVWi QR ]rQLWH &RQIRUPH R SODQR VH LQFOLQD D SDUWLU GR ]rQLWH HP
GLUHomR DR KRUL]RQWH )LJXUD R kQJXOR DOID GLPLQXL VHXYDORU 2 WUDoDGR GH DOID QR
WUDQVIHULGRUGHkQJXORVpXPDOLQKDFXUYDTXHUHSUHVHQWDDSURMHomRGDDUHVWDKRUL]RQWDO
GH XP SODQR HP UHODomR DR SRQWR FRQKHFLGR FRPR QDGLU GLDPHWUDOPHQWH RSRVWR DR

]rQLWH 2 DX[LOLD QR WUDoDGR GH VXSHUItFLHV VREUH D FDUWD VRODU D SDUWLU GR WUDoDGR GH
VXDVDUHVWDVKRUL]RQWDLV
)LJXUD7UDoDGRGRkQJXORQRWUDQVIHULGRUGHkQJXORV

2kQJXOR
2kQJXORUHSUHVHQWDRD]LPXWHGDDUHVWDDVHUFRQVLGHUDGD)LJXUD6HXYDORUSRGH

YDULDUGHDPDVSRGHWDPEpPVHUFRQVLGHUDGRYDULDQGRGHDHPFDGDXP
GRVTXDWURTXDGUDQWHVGDFLUFXQIHUrQFLD2DX[LOLDQRWUDoDGRGHDUHVWDVYHUWLFDLVVREUH
DFDUWDVRODU

FDStWXOR*(20(75,$62/$5

2kQJXOR
2 kQJXOR p WUDoDGR GD PHVPD IRUPD TXH R SRUpP URWDFLRQDGR HP HP UHODomR D
HVWH )LJXUD H SRGH GHOLPLWDU RV kQJXORV H 7DPEpP UHSUHVHQWD VXSHUItFLHV
KRUL]RQWDLVSRUpPDX[LOLDQRWUDoDGRGHERUGDVRUWRJRQDLVjVTXHGmRRULJHPDRkQJXOR
H

)LJXUD7UDQVIHULGRUGHkQJXORV


$QiOLVHGHLQVRODomRHVRPEUHDPHQWRGHREVWUXo}HVHDEHUWXUDV
$SyV D FRQVWUXomR GD PiVFDUD GH VRPEUHDPHQWR GH XPD REVWUXomR RX GD PiVFDUD GH
SHQHWUDomRVRODUHPXPDDEHUWXUDEDVWDSRVLFLRQDUDPiVFDUDREWLGDVREUHDFDUWDVRODU
SDUDDQDOLVDURVRPEUHDPHQWRSURYRFDGRSHODREVWUXomRRXD SHQHWUDomRGRVRODRORQJR
GR DQR SHOD DEHUWXUD $V WUDMHWyULDV TXH HVWLYHUHP QD iUHD GD PiVFDUD UHSUHVHQWDP RV
PRPHQWRVRQGHRVROpREVWUXtGRFDVRVHMDXPDPiVFDUDGHVRPEUHDPHQWRRXSHQHWUDULD
QRDPELHQWHLQWHULRUFDVRVHMDXPDPiVFDUDGHSHQHWUDomRVRODU
1D )LJXUD WHPVH XP H[HPSOR GH DSOLFDomR GHVWD WpFQLFD SDUD XPD REVWUXomR
HGLItFLR$ILJXUDPRVWUDTXHRHGLItFLRVRPEUHLDRSRQWR3DRHVWH

)LJXUD0iVFDUDGHVRPEUHDPHQWRGHXPHGLItFLRSDUDXPSRQWR3VREUHSRVWDjFDUWDVRODU
1R VROVWtFLR GH YHUmR R VRO GHL[D GH LQFLGLU GLUHWDPHQWH VREUH 3 D SDUWLU GDV K QRV
HTXLQyFLRVQRPHVPRKRUiULRHQRVROVWtFLRGHLQYHUQRDSDUWLUGDVKPLQeLPSRUWDQWH
REVHUYDUTXHDFDUWDVRODUXWLOL]DGDpSDUDDODWLWXGHGH68/UHIHUHQWHjFLGDGHGH
)ORULDQySROLV6&
$ PDQFKD DPDUHOD PiVFDUD GH VRPEUHDPHQWR LQGLFD WRGRV RV KRUiULRV HP TXH R VRO p
VRPEUHDGRSHORHGLItFLRHRUHVWDQWHGDFDUWDVRODULQGLFDRVKRUiULRVHPTXHRVROLQFLGH
QRSRQWR3
$ )LJXUD PRVWUD XPD PiVFDUD GH SHQHWUDomR VRODU HP XPD DEHUWXUD SDUD XP SRQWR
3 1RWDVH TXH R VRO SHQHWUD SHOD DEHUWXUD VRPHQWH HQWUH R VROVWtFLR GH LQYHUQR H RV
HTXLQyFLRVQmRHVWDQGRSUHVHQWHQRYHUmR1RVHTXLQyFLRVRVROLQFLGHQRSRQWR3HQWUH
DV KPLQ H DV KPLQ HQTXDQWR TXH QR VROVWtFLR GH LQYHUQR R VRO LQFLGH HP 3
VRPHQWHSUy[LPRDRPHLRGLD

FDStWXOR*(20(75,$62/$5
)LJXUD0iVFDUDGHSHQHWUDomRVRODUSRUXPDDEHUWXUDVREUHSRVWDjFDUWDVRODU
$PDQFKDDPDUHODpDPiVFDUDGHSHQHWUDomRVRODUHLQGLFDWRGRVRVKRUiULRVHPTXHRVRO
LQFLGHGLUHWDPHQWHQRSRQWR3DWUDYpVGDDEHUWXUDHPTXHVWmR

$QiOLVHGHSURWHo}HVVRODUHV
(PSUHJDQGRDPHVPDWpFQLFDGHVFULWDDQWHULRUPHQWHSRGHVHID]HUDDQiOLVHGHSURWHo}HV
VRODUHV HP DEHUWXUDV 8WLOL]DVH R PHVPR SULQFtSLR GRV kQJXORV H FRQIRUPH Mi
H[SOLFDGR

3URWHomR6RODUKRUL]RQWDO
$VSURWHo}HVVRODUHVKRUL]RQWDLVFDUDFWHUL]DPVHSRUJHUDOPHQWHREVWUXLUDYLVmRGRFpX
HPkQJXORVFRPYDORUHVVXSHULRUHVDRGR(PJHUDOFRQVLGHUDVHTXHRVROpVRPEUHDGR
SRUHVWHWLSRGHSURWHomRVRODUTXDQGRVXDDOWXUDVRODUHVWiHQWUHR]rQLWHHRkQJXOR
TXH p IRUPDGR HQWUH D ERUGD PDLV H[WHUQD GD SURWHomR H D SDUWH LQWHULRU GR SHLWRULO GD
DEHUWXUD)LJXUD
$ SURWHomR VRODU SUHFLVD GH PDLV GRLV RXWURV kQJXORV SDUD GHOLPLWDU RQGH R WHUPLQD
8VDPVHHQWmRGRLVkQJXORVXPHPFDGDERUGDODWHUDOGDSURWHomRVRODU(VWHVkQJXORV
HP JHUDO VmR PHGLGRV HQWUH DV ERUGDV ODWHUDLV GD SURWHomR H R SHLWRULO GD DEHUWXUD TXH
HVWHMDPDLVSUy[LPR)LJXUD


)LJXUD3URWHomRVRODUKRUL]RQWDOkQJXORHVRPEUHDPHQWR
$PiVFDUDGHVRPEUHDPHQWRILQDO GDSURWHomRVRODUpFRPSRVWDGHXPDiUHDTXHXQH RV

WUrVkQJXORVPHGLGRV$)LJXUDGiXPH[HPSORGHSURWHomRVRODUKRUL]RQWDOFRPVXD
UHVSHFWLYDPiVFDUD6REUHSRQGRDPiVFDUDGHVRPEUHDPHQWRjFDUWDVRODUSHUFHEHVHTXH
VHHVWDSURWHomRHVWLYHUQDIDFKDGDQRURHVWHVRPEUHLDSDUWHGRVROGHYHUmRFHUWDPHQWH
LQGHVHMiYHOHP)ORULDQySROLV
)LJXUD3URWHomRVRODUKRUL]RQWDOkQJXORVHkQJXOR

FDStWXOR*(20(75,$62/$5
)LJXUD3URWHomRVRODUKRUL]RQWDOHPiVFDUDGHVRPEUHDPHQWR

3URWHomRVRODUYHUWLFDO
$V SURWHo}HV VRODUHV YHUWLFDLV VRPEUHLDP R VRO HP UHODomR DR VHX kQJXOR GH D]LPXWH
FRSODQDUDRkQJXORGDSURWHomR1RUPDOPHQWHDVSURWHo}HVVRODUHVYHUWLFDLVVmRSODFDV
LQVWDODGDV QDV ERUGDV ODWHUDLV GD DEHUWXUD H VHX kQJXOR p PHGLGR HQWUH D ERUGD PDLV
H[WHUQD GD SURWHomR H D ODWHUDO RSRVWD GD DEHUWXUD QD ERUGD LQWHULRU GD HVSHVVXUD GD
SDUHGH 1D PDLRULD GRV FDVRV VH FRQVLGHUD TXH R VRO p VRPEUHDGR SRU HVWH WLSR GH
SURWHomRTXDQGRRVROHVWiHQWUHDOLQKDGDIDFKDGDHRkQJXOR)LJXUD

)LJXUD3URWHomRVRODUYHUWLFDOkQJXORHVRPEUHDPHQWR

2 kQJXOR WDPEpP p OLPLWDGR SRU XPkQJXOR TXHp PHGLGR HQWUH D ERUGD VXSHULRU GD
SURWHomRVRODUHRKRUL]RQWHQRSRQWRVXSHULRUGDMDQHODPDLVDIDVWDGRGDSURWHomRVRODU
)LJXUD

)LJXUD3URWHomRVRODUYHUWLFDOkQJXORV
$PiVFDUDGDSURWHomRVRODUYHUWLFDOpFRPSRVWDSHODiUHDFRPSUHHQGLGDHQWUHRkQJXOR
HRkQJXOR$)LJXUDPRVWUDXPDSURWHomRVRODUYHUWLFDOFRPVXDUHVSHFWLYDPiVFDUD

)LJXUD3URWHomRVRODUYHUWLFDOPiVFDUDGHVRPEUHDPHQWR

FDStWXOR*(20(75,$62/$5
$ SURWHomR HVWi RULHQWDGD TXDVH GLUHWDPHQWH SDUD R VXO H SHUFHEHVH TXH p
VDWLVIDWRULDPHQWHDGHTXDGDDHVWDRULHQWDomRYLVWRTXHVRPEUHLDSDUWHGRVROLQGHVHMiYHO
GRYHUmR

3URMHWRGHSURWHo}HVVRODUHV
3DUDSURMHWDUXPDSURWHomRVRODUDGHTXDGDDXPDDEHUWXUDHPXPDRULHQWDomRHVSHFtILFD
p QHFHVViULR VDEHU TXDO p D QHFHVVLGDGH GH VRPEUHDPHQWR RX GH LQVRODomR QR DPELHQWH
LQWHULRU (VVD GHILQLomR p WDUHID GR DUTXLWHWR TXH FRQKHFH D IXQomR D VHU H[HUFLGD QR
LQWHULRUGRDPELHQWHSURMHWDGR
e LPSRUWDQWH OHPEUDU TXH R SURJUDPD $QDO\VLV%,2 FRQVLGHUD FRPR QHFHVVLGDGH GH
VRPEUHDPHQWRRVKRUiULRVGRDQRTXDQGRDWHPSHUDWXUDGRDUH[FHGH&-iRSURJUDPD
$QDO\VLV62/$5 PRVWUD IDL[DV GH VRPEUHDPHQWR SRLV WUDoD PDQFKDV GH WHPSHUDWXUDV DR
ORQJRGRVGRLVVHPHVWUHVGHGH]HPEURDGHMXQKRHGHMXQKRDGHGH]HPEUR
GLUHWDPHQWHVREUHDFDUWDVRODUGDFLGDGHHVSHFLILFDGD
2XWURIDWRULPSRUWDQWHpDFDUJDWpUPLFDLQWHUQDGRDPELHQWHSRLVSRGHID]HUFRPTXHDV
WHPSHUDWXUDV LQWHUQDV VHMDP VXSHULRUHV jV H[WHUQDV H[LJLQGR VRPEUD TXDQGR D
WHPSHUDWXUD GR DU H[WHUQR IRU PHQRU TXH & $ 7DEHOD PRVWUD D UHODomR HQWUH D
FDUJDWpUPLFDLQWHUQDGHXPDPELHQWHHVXDQHFHVVLGDGHGHVRPEUHDPHQWR
8PDYH]GHILQLGDDQHFHVVLGDGHGHVRPEUHDPHQWRGHYHVHREWHUDFDUWDVRODUHDPDQFKD
GH VRO LQGHVHMiYHO SDUD D ORFDOLGDGH HP TXHVWmR 2 SURJUDPD $QDO\VLV62/$5
IRUQHFHDPDQFKDGHWHPSHUDWXUDVSDUDFLGDGHVEUDVLOHLUDV
7DEHOD1HFHVVLGDGHGHVRPEUHDPHQWRHPIXQomRGDFDUJDWpUPLFDLQWHUQDGRDPELHQWH
FRQGLomRGHFDUJDWpUPLFDLQWHUQD
QHFHVVLGDGHGHVRPEUHDPHQWR
1(1+80$
DFLPDGH&
(;,67(17(
DEDL[RGH&
08,7$
PXLWRDEDL[RGH&
$ )LJXUD PRVWUD D PDQFKD GH WHPSHUDWXUDV SDUD )ORULDQySROLV SDUD R SULPHLUR
VHPHVWUHGRDQRGHGHGH]HPEURDWpGHMXQKR$)LJXUDPRVWUDDPDQFKDGH
WHPSHUDWXUDV QR VHJXQGR VHPHVWUH GH MXQKR D GH GH]HPEUR 3DUD ID]HU XPD
SURWHomRVRODUHILFLHQWHGHYHVHWHQWDUEORTXHDUFRPRVkQJXORVHDiUHDYHUPHOKD
GDFDUWDVRODU
3DUD GHVHQKDU D PDQFKD GH QHFHVVLGDGH GH VRPEUHDPHQWR WRWDO H D PDQFKD FRP
QHFHVVLGDGH GH LQVRODomR WRWDO WUDQVIHUHVH SDUD D FDUWD VRODU RV KRUiULRV HP TXH D
WHPSHUDWXUD H[FHGH RV YDORUHV GHVFULWRV DFLPD )D]VH QRUPDOPHQWH GXDV PDQFKDV
GLIHUHQWHV XPD SDUD R SULPHLUR VHPHVWUH GR DQR GH]HPEUR D MXQKR H RXWUD SDUD R
VHJXQGRVHPHVWUHMXQKRDGH]HPEURDGRWDQGRVHXPDGDVGXDVFRQIRUPHGHVHMDGR1D
)LJXUDWHPVHDFDUWDVRODUFRPDPDQFKDGHQHFHVVLGDGHGHVRPEUHDPHQWRWRWDOFRU
ODUDQMDHLQVRODomRWRWDOFRUYHUGH
)RUDPGHVHQYROYLGDVGXDVFDUWDVVRODUHVXPD SDUDRSHUtRGRHQWUHGHGH]HPEURH
GHMXQKRIHLWDDSDUWLUGRVGDGRVYLVXDOL]DGRVQD)LJXUDHRXWUDSDUDRSHUtRGRHQWUH
GH MXQKR H GH GH]HPEUR D SDUWLU GRV GDGRV GD )LJXUD 1DV GXDV FDUWDV VH
SHUFHEH D JUDQGH GLIHUHQoD GH QHFHVVLGDGHV GH VRPEUHDPHQWR QRV GRLV SHUtRGRV SDUD D
FLGDGH


)LJXUD0DQFKDGHWHPSHUDWXUDVSDUD)ORULDQySROLVGHGHGH]HPEURDWpGHMXQKR

)LJXUD0DQFKDGHWHPSHUDWXUDVSDUD)ORULDQySROLVGHGHMXQKRDWpGHGH]HPEUR
,VVR LPSOLFD HP VROXo}HV GH EULVHV FRP SDUWHV IL[DV SDUD VRPEUHDU R VRO LQGHVHMiYHO
FRPXPDRVGRLVSHUtRGRVHSDUWHVPyYHLVSDUDVRPEUHDURVROLQGHVHMiYHOGRSHUtRGRPDLV
TXHQWH TXDQGR QHFHVViULR SRUpP GHL[DQGR D DEyEDGD FHOHVWH GHVREVWUXtGD QR SHUtRGR
PDLVIULRTXDQGRREULVHQmRpPDLVUHTXHULGR
3DUD SURMHWDU R EULVH LGHDO SDUD FHUWD RULHQWDomR GHVHQKDPVH kQJXORV H VREUH D
FDUWDVRODUFRPRREMHWLYRGHEORTXHDUWRWDOPHQWHDPDQFKDGHVROLQGHVHMiYHOHRPtQLPR
SRVVtYHOGRUHVWDQWH$FRPELQDomRGHVWHVkQJXORVUHVXOWDQREULVHQHFHVViULR
$ WtWXOR GH H[HPSOR D )LJXUD PRVWUD R GHVHQYROYLPHQWR GH XP EULVH DGHTXDGR j
IDFKDGDQRURHVWHVHJXQGRDPDQFKDGHQHFHVVLGDGHVGHVRPEUHDPHQWRHLQVRODomRSDUDD
FLGDGHGH)ORULDQySROLV

FDStWXOR*(20(75,$62/$5
)LJXUD&DUWDVRODUSDUD)ORULDQySROLVFRPVROLQGHVHMiYHOHQHFHVVLGDGHGHLQVRODomR


)LJXUD3URMHWRGHXPEULVHSDUDDIDFKDGDQRURHVWHHP)ORULDQySROLV
3DUD SURMHWDU R EULVH SULPHLUR GHVHQKDUDPVHRV kQJXORV QHFHVViULRV SDUD EORTXHDU R VRO
LQGHVHMiYHO &RQVLGHURXVH TXH SRU PRWLYRV IRUPDLV XPD SHTXHQD
SDUFHOD GH VRO SRGHULD SHQHWUDU QR DPELHQWH HP DOJXQV SHUtRGRV H TXH R EULVH SRGHULD
VRPEUHDU XP SRXFR DOpP GR QHFHVViULR HP RXWURV SHUtRGRV 3DUD TXH D SODFD UHVXOWDQWH
WLYHVVH VHPSUH D PHVPD GLPHQVmR HP VDOLrQFLD GD VXSHUItFLH GD SDUHGH FDOFXORXVH R
kQJXOR SRU ~OWLPR REWHQGRVH R YDORU GH 2 EULVH UHVXOWDQWH WHP DV PHGLGDV
FRQIRUPHDILJXUD
9LVWRTXHHVWHEULVHpXPSRXFRH[DJHUDGRHPDOJXPDVGLPHQV}HVSHORPHQRVHPUHODomR
jV SURSRUo}HV GD DEHUWXUD SRGHVH FRORFDU PDLV SODFDV KRUL]RQWDLV H YHUWLFDLV FRP R
REMHWLYR GH GLPLQXLU D VDOLrQFLD GR EULVH &RP LVVR REWpPVH XPD VHJXQGD DOWHUQDWLYD
FRQVWUXWLYDPHQWHPDLVDGHTXDGDHPERUDFRPH[DWDPHQWHDPHVPDPiVFDUDHRVPHVPRV
kQJXORVH)LJXUD(VWDDOWHUQDWLYDpPHOKRUHPWHUPRVHVWUXWXUDLVHWDPEpP

FDStWXOR*(20(75,$62/$5
HPUHODomRjLOXPLQDomRQDWXUDOSRLVDSODFDKRUL]RQWDOQRFHQWURGDDEHUWXUDVHWLYHUFRU
FODUD SRGH UHIOHWLU D OX] QDWXUDO SDUD R WHWR QR LQWHULRU 2 LQFRQYHQLHQWH GHVWD VHJXQGD
RSomR p D YLVmR SDUD R H[WHULRU TXH ILFD XP SRXFR REVWUXtGD SRU HVWD PHVPD SODFD
FHQWUDO 2XWURV DVSHFWRV D VHUHP OHYDGRV HP FRQVLGHUDomR QD GHFLVmR VREUH TXDO WLSR GH
EULVHGHYHVHUFRQVWUXtGRVmRDSURWHomRGDVFKXYDVHDYHQWLODomRQDWXUDO

)LJXUDEULVHDOWHUQDWLYRSDUDDPHVPDIDFKDGD

)LJXUD&RPSDUDomRHQWUHRVGRLVEULVHVFRPPHVPRVRPEUHDPHQWR


$QiOLVHGHVRPEUHDPHQWRHSURMHWRGHSURWHo}HVVRODUHVFRP
DSDUDWRVGHVLPXODomRHPPDTXHWHV
([LVWHPDOJXQVDSDUDWRVEDVWDQWH~WHLVSDUDYLVXDOL]DomRGHVRPEUHDPHQWRHDFHVVRVRODUH
PHVPRSURMHWRGHSURWHo}HVVRODUHVFRPRXVRGHPDTXHWHV2VSULQFLSDLVVmRR5(/*,2
62/$5R+(/,2'21HR62/$56&3,2

5HOyJLR6RODU
2 UHOyJLR VRODU p XPD IHUUDPHQWD GH DX[tOLR DR SURMHWR ELRFOLPiWLFR SUiWLFD H FRPSDFWD
)LJXUD

)LJXUD5HOyJLRVRODUXQLYHUVDOFRPHL[RJLUDWyULR
3RGH VHU LQVWDODGR QD SUySULD PDTXHWH VRE DQiOLVH H GHSRLV GH RULHQWDGR VHJXQGR D
RULHQWDomR GD PDTXHWH LQGLFD YLVXDOPHQWH D VRPEUD HVWLPDGD SDUD RV GLDV H KRUiULRV
HVSHFLILFDGRV
$ SUHFLVmR GDV VRPEUDV YLVXDOL]DGDV GHSHQGH GD SUHFLVmR GD PDTXHWH 2 UHOyJLR VRODU
WDPEpP SRGH VHU XWLOL]DGR SDUD DQiOLVH GH SHQHWUDomR VRODU H SURMHWR GH SURWHo}HV
VRODUHV
2 UHOyJLR VRODU SRGH VHU XWLOL]DGR SDUD VLPXODU VRPEUDV HP HGLILFDo}HV SURMHWDGDV SDUD
TXDOTXHUORFDOGRSODQHWDSRLVLQFOXLXPHL[RJLUDWyULRTXHLQFOLQDRUHOyJLRHPUHODomRDR
SODQRGRHTXDGRUFRPSHQVDQGRGLIHUHQoDVGHODWLWXGH
([LVWH XP SURJUDPD GH FRPSXWDGRU TXH SRGH DX[LOLDU R DUTXLWHWR D FRQVWUXLU XP UHOyJLR
VRODU DGHTXDGR j ODWLWXGH GH XPD FLGDGH HVSHFtILFD 2 SURJUDPD /X] GR 6RO GH
DXWRULDGRSURIHVVRU0DXUtFLR5RUL]GD8QLYHUVLGDGH)HGHUDOGH6mR&DUORVHGLVSRQtYHOQD
SiJLQD GR /DERUDWyULR GH (ILFLrQFLD (QHUJpWLFD HP (GLILFDo}HV /DE((( GD 8QLYHUVLGDGH
)HGHUDO GH 6DQWD &DWDULQD p JUDWXLWR H SRGH JHUDU UHOyJLRV VRODUHV SDUD SUDWLFDPHQWH

FDStWXOR*(20(75,$62/$5
TXDOTXHUODWLWXGHGHVHMDGD2DSrQGLFHIRUQHFHXPURWHLURH[SOLFDWLYRSDUDXWLOL]DomRGR
SURJUDPD

+HOLRGRQVH6RODUVFySLRV
+iEDVLFDPHQWHGRLVWLSRVGHDSDUDWRVSDUDDQDOLVDURVRPEUHDPHQWRHDSHQHWUDomRVRODU
HPPDTXHWHVGHHGLILFDo}HVRKHOLRGRQHRVRODUVFySLR(VWHVVXSHUDPRUHOyJLRVRODUHP
SUHFLVmR H YLVXDOL]DomR SRLV SRGHP VLPXODU IDFLOPHQWH D SUHVHQoD GR VRO HP TXDOTXHU
VLWXDomRGHVHMDGDDWUDYpVGHXPDRXPDLVOkPSDGDVDSHORPHQRVGRLVPHWURVGHGLVWkQFLD
GDPDTXHWH WRUQDQGR GHVQHFHVViULDDSUHVHQoDGRVRO (VWHVDSDUHOKRVWrPEDVLFDPHQWH
WUrVFRQWUROHVRGDODWLWXGHGRORFDORGRGLDGRDQRHRGDKRUDGRGLD
2+(/,2'21)LJXUDID]DVDQiOLVHVDWUDYpVGHXPDPHVDJLUDWyULDHLQFOLQiYHORQGH
VHS}HDPDTXHWHDVHUDQDOLVDGD

)LJXUD+HOLRGRQ
$PHVDHPEXWHGRLVFRQWUROHVRGDKRUDGRGLDTXHpDFLRQDGRFRPRJLURGDPHVDHR
GDODWLWXGHGRORFDODFLRQDGRFRPDLQFOLQDomRGDPHVPD2FRQWUROHGRGLDGRDQRpIHLWR
DWUDYpVGHXPDOkPSDGDLQVWDODGDHPXPWULOKRYHUWLFDODXPDGHWHUPLQDGDGLVWkQFLD
2 62/$56&3,2 )LJXUD ID] DQiOLVHV GH VRPEUHDPHQWR H GH SHQHWUDomR VRODU HP
PDTXHWHV WDPEpP $R FRQWUiULR GR KHOLRGRQ R VRODUVFySLR p PDLV UHSUHVHQWDWLYR GD
JHRPHWULD VRODU TXH HVWDPRV DFRVWXPDGRV VHQGR SRUWDQWR XP DSDUHOKR PDLV GLGiWLFR
TXHRKHOLRGRQSRLVVHYLVXDOL]DRVROHPWUDMHWyULDVPDLVSDUHFLGDVFRPDVTXHRYHPRV
WUDQVLWDUQDDEyEDGDFHOHVWH
2V VRODUVFySLRV SRGHP WHU D PHVD RQGH VH LQVWDOD D PDTXHWH IL[D H XP VLVWHPD GH
OkPSDGDV RX PHVPR XPD ~QLFD OkPSDGD PyYHO TXH Gi R FRQWUROH GD ODWLWXGH RX XPD
PHVD LQFOLQiYHO FRQWUROH GH ODWLWXGH FRP XP MRJR GH OkPSDGDV IL[R 2 VRODUVFySLR PDLV
VLPSOHVWHPDSHQDVXP~QLFRWULOKRFXUYRWUDMHWyULDVRODURQGHVHLQVWDODXPDOkPSDGD
VROTXHSRGHVHUGHVOL]DGRDRXWUDVSRVLo}HVSDUDVLPXODUDLQVRODomRHPYiULRVGLDVGR
DQR


)LJXUD6RODUVFySLR
$XPHQWDQGR D FRPSOH[LGDGH R DSDUDWR SRGH WHU GLYHUVRV WULOKRV QRUPDOPHQWH XP SDUD
FDGD VROVWtFLR H XP SDUD RV HTXLQyFLRV FRP XPD RX YiULDV OkPSDGDV FDGD XP 2
VRODUVFySLR FRP YiULDV OkPSDGDV p yWLPR SDUD YLVXDOL]DomR GD LQVRODomR VLPXOWDQHDPHQWH
HPPDLVGHXPSHUtRGR

$QiOLVHGHPDTXHWHVFRPKHOLRGRQVHVRODUVFySLRV
'HILQLGRVRVKRUiULRVGHDQiOLVHSRGHVHFRQVLGHUDUDQHFHVVLGDGHHDLQGHVHMDELOLGDGHGR
VROQRVGLYHUVRV SHUtRGRVGRDQR3RUH[HPSORSRGHVHFRQVLGHUDUTXHRVROpQHFHVViULR
HPXPDUHVLGrQFLDQRLQYHUQRHLQGHVHMiYHOQRYHUmR3DUDLVVRGHILQHVHSHORPHQRVXP
KRUiULRGHDQiOLVHQRSHUtRGRGDPDQKmXPDRPHLRGLDHRXWURjWDUGHSDUDDOJXQVPHVHV
UHSUHVHQWDWLYRV GR DQR WRGR FRPR GH]HPEUR SDUD YHUmR PDUoR RX VHWHPEUR SDUD PHLD
HVWDomR H MXQKR SDUD LQYHUQR 3DUD FDGD XP GHVWHV PHVHV IRL HVFROKLGR R GLD H RV
KRUiULRVGDVKKHK0RQWDPVHDVVLPWUrVVLWXDo}HVGLVWLQWDVDGHLQYHUQRRQGH
VH DQDOLVD VH R VRO SUHVHQWH QD PDTXHWH p VXILFLHQWH SDUD D IXQomR GHVHPSHQKDGD QR
HGLItFLRDGHPHLDHVWDomRRQGHVHFRQVLGHUDXPDGHVHMDELOLGDGHPHGLDQDGRVROHDGH
YHUmRRQGHRVROGHYHVHUHYLWDGRLQWHJUDOPHQWH&RORFDVHDPDTXHWHQRVRODUVFySLRRX
KHOLRGRQ FRUUHWDPHQWH RULHQWDGD VHJXQGR R QRUWH GR WHUUHQR H IRWRJUDIDVH RX GHVHQKD
VH DV PDQFKDV GH VRPEUD TXH R HGLItFLR ID] QR VHX HQWRUQR RX TXH R HQWRUQR ID] QR
WHUUHQR SDUD FDGD GLD H KRUiULR HVWDEHOHFLGR QD DQiOLVH REWHQGRVH DVVLP XPD LPDJHP
VHPHOKDQWHjGD)LJXUD

FDStWXOR*(20(75,$62/$5

)LJXUD6RPEUDVQDPDTXHWHSDUDWUrVKRUiULRVGLVWLQWRV

6LPXODomRGHVRPEUHDPHQWRHDFHVVRVRODUFRPDX[tOLRGH
SURJUDPDVFRPSXWDFLRQDLV
$WXDOPHQWH H[LVWH XPD VpULH GH SURJUDPDV GH FRPSXWDGRU SDUD IDFLOLWDU D WDUHID GR
SURMHWLVWD GH SURWHo}HV VRODUHV H D DQiOLVH GH VRPEUHDPHQWR H DFHVVR VRODU QDV GLYHUVDV
HVFDODVFRQVWUXWLYDV$VHJXLUXPDEUHYHGHVFULomRGHGRLVGHOHV

$QDO\VLV62/$5
0DLV UHFHQWH LQWHJUDQWH GD IDPtOLD GH SURJUDPDV $QDO\VLV R $QDO\VLV62/$5 p
GLYLGLGR HP GRLV PyGXORV EiVLFRV XP TXH DQDOLVD D FDUWD VRODU SDUD D UHJLmR GHVHMDGD H
RXWUR TXH DQDOLVD D URVDGRVYHWRV 2 SURJUDPD PDUFD RV GDGRV GH WHPSHUDWXUD GR DU
GLUHWDPHQWH VREUH D FDUWD VRODU SDUD GHWHUPLQDGD ODWLWXGH H PRVWUD DWUDYpV GH FRUHV
GLIHUHQFLDGDV FRPR HVVDV WHPSHUDWXUDV VH GLVWULEXHP DR ORQJR GR DQR IHUUDPHQWD
EDVWDQWH~WLOSDUDDDGHTXDomRGHSURWHo}HVVRODUHVSDUDTXDOTXHURULHQWDomRGHVHMDGD
1D )LJXUD R SURJUDPD $QDO\VLV62/$5 PRVWUD D FDUWD VRODU SDUD D FLGDGH GH
)ORULDQySROLV FRP DV WHPSHUDWXUDV GR DU GR SHUtRGR GH GH MXQKR D GH GH]HPEUR
LQGLFDGDVHLQFOXLRWUDQVIHULGRUGHkQJXORVHRWUDoDGRGHXPkQJXORGHHXPkQJXOR
GH2WUDQVIHULGRUGHkQJXORVIRLJLUDGRGHHPUHODomRDRQRUWHSDUDUHIOHWLUD
DQiOLVHGHXPDIDFKDGDQRUGHVWH1RWDVHTXHRSURJUDPDPRVWUD DPiVFDUDGHXPEULVH
GRWLSRPLVWRFRPXPDSODFDKRUL]RQWDOGHILQLGDSHORkQJXORHXPDSODFDYHUWLFDOQD
SDUWHGLUHLWDGDDEHUWXUDGHILQLGDSHORkQJXOR


)LJXUD,PDJHPGRSURJUDPD$QDO\VLV62/$5

2XWURV$SOLFDWLYRV
([LVWHP RXWURV SURJUDPDV FRPSXWDFLRQDLV TXH VHUYHP SDUD DQiOLVH GH VRPEUHDPHQWR QD
DUTXLWHWXUD HQWUH HOHV SRGHP VHU GHVWDFDGRV R $XWR&$' R ' 6WXGLR H R (FRWHFW 2
$XWR&$'HR'6WXGLRPRVWUDPRVRPEUHDPHQWRGHPRGHORVFRPRVROVHQGRSRVLFLRQDGR
QDDEyEDGDFHOHVWHSDUDTXDOTXHUODWLWXGHGLDGRDQRHKRUiULRGRGLD
2(FRWHFWpXPSURJUDPDGHVLPXODomRTXHID]DQiOLVHVWpUPLFDVGHLQVRODomRGH
LOXPLQDomRQDWXUDOHDUWLILFLDOHDF~VWLFDVGHHGLItFLRV2PyGXORGHDQiOLVHGHJHRPHWULD
VRODU VLPXOD FRP H[DWLGmR R VRPEUHDPHQWR H D SHQHWUDomR VRODU HP DPELHQWHV H
LQFOXVLYHSRGHVHUXWLOL]DGRSDUDSURMHWRGHSURWHo}HVVRODUHV)LJXUD

)LJXUD,PDJHPGRSURJUDPD(FRWHFW

FDStWXOR*(20(75,$62/$5

7DEHODGH%ULVHV
3DUD DX[tOLR GH DUTXLWHWRV H SURMHWLVWDV QR SURMHWR GH SURWHo}HV VRODUHV R DSrQGLFH
DSUHVHQWD WULQWD EULVHV H UHVSHFWLYDV PiVFDUDV GH VRPEUHDPHQWR VHJXLQGR R H[HPSOR GD
DEDL[R 2EVHUYDVHTXH RV EULVHVVmR DGLPHQVLRQDLV H VXDV PiVFDUDV VHUYHP DSHQDV FRPR
UHIHUrQFLDEiVLFD(VWD7DEHODGH%ULVHVIRLRULJLQDOPHQWHGHVHQYROYLGDSRU'XWUDH
SRGH VHU XWLOL]DGD FRPR DX[tOLR QD HVSHFLILFDomR SUHOLPLQDU GH SURWHo}HV VRODUHV SDUD
GLYHUVDVRULHQWDo}HVHOLQJXDJHQVDUTXLWHW{QLFDV

)LJXUD%ULVHQRGD7DEHODGH%ULVHV$SrQGLFH

5()(51&,$6
$1$/<6,662/$53URJUDPDTXHFRQIHFFLRQDFDUWDVVRODUHVSDUDTXDOTXHUODWLWXGH

HURVDGRVYHQWRVSDUDDVFLGDGHVTXHSRVVXHPDUTXLYRFOLPiWLFRKRUiULR/DERUDWyULR
GH (ILFLrQFLD (QHUJpWLFD HP (GLILFDo}HV 8QLYHUVLGDGH )HGHUDO GH 6DQWD &DWDULQD
GLVSRQtYHO
HP
KWWSZZZODEHHHXIVFEUGRZQORDGVVRIWZDUHVDQDO\VLVVRODU
DFHVVRHPRXWXEUR
%,77(1&2857 / 8VR GDV FDUWDV VRODUHV GLUHWUL]HV SDUD DUTXLWHWRV (GLomR
('8)$/0DFHLyS
'875$/(VWXGRVGHSURWHo}HVVRODUHVHVXDDGHTXDomRDRFRQIRUWRDPELHQWDOH
DR SURMHWR DUTXLWHW{QLFR LQ 9, &RQJUHVVR 5HJLRQDO GH ,QLFLDomR &LHQWtILFD H
7HFQROyJLFDHP(QJHQKDULD566&&5,&7(8)6&)ORULDQySROLV
(&27(&7 $872'(6. (&27(&7 $1$/<6,6 3URJUDPD GH VLPXODomR WpUPLFD GH
LOXPLQDomR DF~VWLFD H GH JHRPHWULD VRODU $XWRGHVN 'LVSRQtYHO HP
KWWSXVDDXWRGHVNFRPHFRWHFWDQDO\VLV$FHVVRHPRXWXEUR
.25+21(1
.

7KH
LJUIDSSOHW
KRPHSDJH
KWWSZZZDYDIPLIL0$*1LJUI$FHVVRHPRXWXEUR
'LVSRQtYHO
HP
/8= GR 6RO 3URJUDPD TXH FRQIHFFLRQD UHOyJLRV VRODUHV SDUD TXDOTXHU ODWLWXGH
$XWRULD
GH
0DXUtFLR
5RUL]
'LVSRQtYHO
HP
KWWSZZZODEHHHXIVFEUGRZQORDGVVRIWZDUHVOX]GRVRO
DFHVVR
HP
RXWXEUR

0F&/81(< : 5 7KH EHQHILWV RI XVLQJ ZLQGRZ VKDGHV LQ $6+5$( -RXUQDO
1RYHPEHUSS
1$7,21$/*(23+<6,&$/'$7$&(17(51*'&(VWLPDWHG9DOXHRI0DJQHWLF'HFOLQDWLRQ
'LVSRQtYHO HP KWWSZZZQJGFQRDDJRYJHRPDJPRGHOVVWUXWVFDOF'HFOLQDWLRQ
$FHVVRHPRXWXEUR
6&$5$==$72366RIWZDUH'/1IHUUDPHQWDSDUDDDYDOLDomRGDGLVSRQLELOLGDGH
GH OX] QDWXUDO FRPR UHFXUVR DX[LOLDU QR GHVHQYROYLPHQWR GH SURMHWRV GH DUTXLWHWXUD
/DEDXW /DERUDWyULR GH &RQIRUWR $PELHQWDO H (ILFLrQFLD (QHUJpWLFD )DFXOGDGH GH
$UTXLWHWXUD H 8UEDQLVPR 8QLYHUVLGDGH GH 6mR 3DXOR 'LVSRQtYHO HP
KWWSZZZXVSEUIDXSHVTXLVDBVQODERUDWRULRVODEDXWFRQIRUWRFRQIRUWRKWPO!
DFHVVRHPGHMXOKRGH
6=2.2/$<66RODUJHRPHWU\3DVVLYHDQG/RZ(QHUJ\$UFKLWHFWXUH,QWHUQDWLRQDO
'HVLJQ7RROVDQG7HFKQLTXHV7KH8QLYHUVLW\RI4XHHQVODQG%ULVEDQH$XVWUiOLDS


VXPiULR

,/80,1$d21$785$/

)RQWHVGH/X]1DWXUDO

$YDOLDomRGD,OXPLQDomR1DWXUDO

&pX$UWLILFLDO

&pXDUWLILFLDOGRWLSR&DL[DGH(VSHOKRV

&pXDUWLILFLDOGRWLSR+HPLVIpULFR

&pXDUWLILFLDOGRWLSR+HPLVIpULFRFRPVHPGRPRWUDQVO~FLGR

&pXDUWLILFLDOGRWLSR+HPLVIpULFRFRPGRPRRSDFRUHIOH[LYR

0HGLQGRD&RQWULEXLomRGH,OXPLQDomR1DWXUDOFRPRFpXDUWLILFLDO
(VWUDWpJLDVGH,OXPLQDomR1DWXUDO

3iWLRVHWULRV

3UDWHOHLUDVGH/X]

&RUHV

'LVWULEXLomRHSRVLFLRQDPHQWRGH-DQHODV

2ULHQWDomR

,OXPLQDomR=HQLWDO
,OXPLQDomR$UWLILFLDOFRPR6XSOHPHQWRGD,OXPLQDomR1DWXUDO

6HQVRU)RWRHOpWULFR

'LVWULEXLomRGDV/XPLQiULDV

'LPPHU

6HQVRUGH3UHVHQoD

3URJUDPDGRUGH7HPSRRX0LQXWHULD

,OXPLQDomRGH7DUHID
3URJUDPDVGH$QiOLVHGH,OXPLQDomR

5DGLDQFHH'HVNWRS5DGLDQFH

(FRWHFW$QDO\VLV

$SROX[

7URS/X[

/X[

5HOX[

',$/X[
5()(51&,$6

FDStWXOR,/80,1$d21$785$/
&$378/2
,/80,1$d21$785$/
(VWH FDStWXOR WUDWD GH RXWUR DVSHFWR PXLWR LPSRUWDQWH D VHU FRQVLGHUDGR QR SURMHWR GH
DUTXLWHWXUD D LOXPLQDomR QDWXUDO e UHODWLYDPHQWH IiFLO DGDSWDU XP HGLItFLR jV
QHFHVVLGDGHVGHFRQIRUWRYLVXDOHPXPDPELHQWHFRPDLOXPLQDomRDUWLILFLDO&RQWXGRDV
VROXo}HVDGRWDGDVFHUWDPHQWHLQFUHPHQWDPRVJDVWRVFRPHQHUJLDHOpWULFDPDQXWHQomRH
HTXLSDPHQWRVDOpPGHQDPDLRULDGDVYH]HVVHWRUQDUHPPDLVXPDGHQGRDRSURMHWRTXH
SURSULDPHQWH XPD VROXomR LQWHJUDGD jV RXWUDV FDUDFWHUtVWLFDV H FRQFHLWRV ELRFOLPiWLFRV
FRQVLGHUDGRV$LOXPLQDomRDUWLILFLDOSRGHHGHYHVHUSHQVDGDSHORDUTXLWHWRWDPEpPPDV
R JUDQGH GLIHUHQFLDO GHVWH SURILVVLRQDO SURMHWLVWD HVWi MXVWDPHQWH QR ERP SURMHWR GH
LOXPLQDomRQDWXUDOTXHLQFOXLFRQFHLWRVHHOHPHQWRVFRPRDIRUPDGRHGLItFLRVXDVFRUHV
RULHQWDomRGLVWULEXLomRHVSDFLDOHRXWURVTXHDFRPSDQKDPRSURMHWRGHVGHRLQtFLRHTXH
SDUWLFLSDPGDH[SUHVVLYLGDGHILQDOGDDUTXLWHWXUD
$ OX] QDWXUDO HVWi GLVSRQtYHO QD PDLRU SDUWH GDV KRUDV GR GLD PDV LQIHOL]PHQWH QmR p
DGHTXDGDPHQWH H[SORUDGD SHOD PDLRULD GRV SURMHWRV ,VVR DFRQWHFH JHUDOPHQWH SRU
LJQRUkQFLD GR SURILVVLRQDO FRP UHVSHLWR DRV FRQFHLWRV QHFHVViULRV DR ERP SURMHWR GH
LOXPLQDomRHFRQIRUWRYLVXDO
2XWURIDWRULPSRUWDQWHDVHUFRQVLGHUDGRQRSURMHWRGHLOXPLQDomRpVXDLQWHJUDomRFRPDV
QHFHVVLGDGHVWpUPLFDVHDF~VWLFDVGRHGLItFLR$OX]QDWXUDOSHQHWUDQRVDPELHQWHVLQWHUQRV
SHODV DEHUWXUDV TXH WDPEpP SRGHP WUDQVPLWLU FDORU H VRP SDUD R LQWHULRU 8PD MDQHOD
SRU H[HPSOR DOpP GD OX] QDWXUDO GR FDORU VRODU UDGLDomR GD YHQWLODomR QDWXUDO H GH
UXtGRV LQGHVHMiYHLV H[WHUQRV WDPEpP ID] R FRQWDWR YLVXDO H ROIDWLYR GR XVXiULR FRP R
H[WHULRU WRUQDQGRVH XP HOHPHQWR HVVHQFLDO QR GHVHPSHQKR FRPELQDGR GH WRGRV HVWHV
DVSHFWRV $VVLP D LOXPLQDomR QDWXUDO GHYH VHU FRQVLGHUDGD GLIHUHQWHPHQWH SDUD FDGD
IXQomRDUTXLWHW{QLFDSRLVDVUHVSRVWDVGHVHMDGDVYDULDPGHDPELHQWHSDUDDPELHQWH
$OX]QDWXUDOpFRQVLGHUDGDWDPEpPPDLVGHVHMiYHOTXHDDUWLILFLDOHPVDODVFRPHUFLDLVH
HVFULWyULRVSRLVRFRQWDWRFRPRH[WHULRUDMXGDDDOLYLDUDWHQVmRQRUPDOPHQWHDVVRFLDGDD
HVWHWLSRGHDWLYLGDGHHVHUYHFRPRHVWtPXORDPELHQWDO
3RU WRGRV HVWHV PRWLYRV HVWH FDStWXOR WHQWDUi UHVXPLU RV SULQFLSDLV FRQFHLWRV TXH
HQYROYHP D FLrQFLD GD LOXPLQDomR QDWXUDO QD WHQWDWLYD GH VHU XP JXLD VLPSOLILFDGR SDUD
DUTXLWHWRVQRDVVXQWR

)RQWHVGH/X]1DWXUDO
$VIRQWHVGHOX]QDWXUDOVmRRVRORFpXHDVVXSHUItFLHVHGLILFDGDVRXQmRTXHIRUQHFHP
UHVSHFWLYDPHQWH OX] GLUHWD OX] GLIXVD H OX] UHIOHWLGD RX LQGLUHWD 'DGRV GH LOXPLQDomR
QDWXUDO HVWmR GLVSRQtYHLV QR %UDVLO HP WUrV HVWDo}HV GH PHGLomR ORFDOL]DGDV HP %HOR
+RUL]RQWH )ORULDQySROLV H 1DWDO (QWUHWDQWR p QHFHVViULR R FRQKHFLPHQWR GH WUrV WLSRV
EiVLFRVGHFpXTXHWUDGX]HPWRGDVDVSRVVtYHLVYDULDo}HVGDOX]GLXUQDSDUDSRGHUDYDOLDU
D LOXPLQDomR QDWXUDO HP XP DPELHQWH (VWHV WUrV PRGHORV VmR R FpX &/$52 R FpX
3$5&,$/0(17((1&2%(572HRFpX(1&2%(572)LJXUD
1D PDLRULD GRV FDVRV R FpX HQFREHUWR RX QXEODGR SRGH VHU XWLOL]DGR SDUD FiOFXOR GH
LOXPLQDomR QDWXUDO SRLV UHSUHVHQWD D SLRU FRQGLomR HP WHUPRV GH TXDQWLGDGH GH OX]
9iULRV SURJUDPDV GH LOXPLQDomR WUDEDOKDP FRP HVVH PRGHOR TXH p WDPEpP R PDLV
VLPSOHV
$ DSOLFDomR PDLV SUiWLFD GR FpX HQFREHUWR p R TXH FKDPDPRV GH )DWRU GH /X] 'LXUQD
VtPEROR )/' FRQFHLWR TXH GHX RULJHP j &2175,%8,d2 '$ ,/80,1$d2 1$785$/
VtPEROR &,1 GHVFULWD QD QRUPD EUDVLOHLUD 1%5 $%17 &RP R FiOFXOR GD

&,1 SRGHVH HVWLPDU D LOXPLQDomR QDWXUDO HP XP DPELHQWH LQWHULRU HP XP GHWHUPLQDGR
SRQWR

)LJXUD2VWUrVSULQFLSDLVWLSRVGHFpXFODURSDUFLDOPHQWHHQFREHUWRHHQFREHUWR
1D)LJXUDRFpXFODURDSUHVHQWDDPDLRUOXPLQkQFLDQDUHJLmRPDLVSUy[LPDGRVROHD
PHQRU OXPLQkQFLD D QRYHQWD JUDXV GHVWH 2 FpX HQFREHUWR DSUHVHQWD D PDLRU OXPLQkQFLD
QR]rQLWHHDPHQRUQRKRUL]RQWH2FpXSDUFLDOPHQWHHQFREHUWRDSUHVHQWDDVOXPLQkQFLDV
GH IRUPD PDLV LPSUHYLVtYHO SRLV FRQVLGHUD SRUo}HV GH FpX FRP QXYHQV SRUo}HV VHP
QXYHQVHLQFOXHPDSUHVHQoDGRVRO

$YDOLDomRGD,OXPLQDomR1DWXUDO
2 FRQFHLWR GH &2175,%8,d2 '$ ,/80,1$d2 1$785$/ &,1 IRL GHVHQYROYLGR SDUD
IDFLOLWDU R SURFHVVR GH SUHYLVmR GD OX] HP XP DPELHQWH LQWHULRU $ &,1 p D UD]mR GH
LOXPLQDomRHQWUHRLQWHULRUHRH[WHULRUHpPHGLGDHPSRUFHQWDJHP3RUH[HPSORXPD
&,1 GH LQGLFD HP XP GHWHUPLQDGR SRQWR QR DPELHQWH TXH TXDQGR D LOXPLQkQFLD GR
FpX p GH OX[ R QtYHO GH LOXPLQDomR QR LQWHULRU VHUi GH OX[ [
$ )LJXUD HVTXHPDWL]D R SURFHVVR GH PHGLomR GD &,1 DWUDYpV GH XP OX[tPHWUR
&RORFDVH XP VHQVRU QR SRQWR GHVHMDGR GHQWUR GR DPELHQWH VRE DQiOLVH H XP VHQVRU QR
H[WHULRU0HGHPVHRVGRLVYDORUHVHDFKDVHD&,1DWUDYpVGDGLYLVmRGRYDORUPHGLGRHP

FDStWXOR,/80,1$d21$785$/
$SHORPHGLGRHP%1RFDVRGRH[HPSORHPTXHVWmRVHRYDORUPHGLGRHP$IRU
OX[HHP%IRUOX[WHPVHXPD&,1

)LJXUD $ &,1 p GHWHUPLQDGD SHOD UD]mR HQWUH D
LOXPLQDomRH[WHULRUHLQWHULRU
'HIRUPDJHQpULFDD&,1SRGHVHUFDOFXODGDSHOD(TXDomR
(TXDomR&iOFXORGD&RQWULEXLomRGD,OXPLQDomR1DWXUDO
') &,1=
(S
(H[W

RQGH
(3 LOXPLQkQFLDQXPSODQRKRUL]RQWDOQXPSRQWR3GRDPELHQWHLQWHUQRHPOX[
(H[W LOXPLQkQFLDSURGX]LGDSRUWRGDDDEyEDGDFHOHVWHQXPSODQRKRUL]RQWDOH[WHUQR
OLYUHGHREVWUXo}HVH[FOXtGDDLOXPLQDomRGLUHWDGRVROHPOX[
$ 7DEHOD DSUHVHQWD YDORUHV GH FRQWULEXLomR GD LOXPLQDomR QDWXUDO WtSLFRV SDUD WLSRV
GLIHUHQWHVGHHVSDoRVVHJXQGR/HFKQHU6HD&,1PHGLGDIRUPDLRUTXHRYDORUGD
WDEHODDOX]QDWXUDOSUHVHQWHDRORQJRGHWRGRRDQRVHUiPDLVTXHVXILFLHQWH
7DEHOD&RQWULEXLomRGDLOXPLQDomRQDWXUDOPtQLPDVWtSLFDV/(&+1(5
$PELHQWH
&RQWULEXLomRGD,OXPLQDomR
1DWXUDO
*DOHULDVHHVW~GLRVGHDUWH

)iEULFDVHODERUDWyULRV

(VFULWyULRVVDODVGHDXODJLQiVLRVFR]LQKDV

,JUHMDVVDODVGHHVWDUKDOOVIR\HUV

&RUUHGRUHVTXDUWRVGHGRUPLU


&pX$UWLILFLDO
2FpXDUWLILFLDOpXPDSDUDWRGHVWLQDGRjVLPXODomRGHOX]QDWXUDOHPPDTXHWHV([LVWHP
EDVLFDPHQWH GRLV WLSRV EiVLFRV GH FpX DUWLILFLDO R UHWDQJXODU WDPEpP FRQKHFLGR FRPR
FDL[DGHHVSHOKRVHRKHPLVIpULFR

&pXDUWLILFLDOGRWLSR&DL[DGH(VSHOKRV
eRWLSRPDLVVLPSOHVHHFRQ{PLFRFRQVLVWLQGREDVLFDPHQWHGHXPDFDL[DFRPHVSHOKRVQD
ODWHUDO H LOXPLQDomR GLIXVD YLQGR GH FLPD (VWH FpX DUWLILFLDO VLPXOD D LOXPLQDomR QDWXUDO
HP PDTXHWHV FRQVLGHUDQGR R PRGHOR GH FpX HQFREHUWR QXEODGR SDGUmR GR &,(
&RPPLVVLRQ,QWHUQDWLRQDOHGclairageHSRGHVHUXWLOL]DGRSDUDDQiOLVHGDFRQWULEXLomR
GH LOXPLQDomR QDWXUDO LWHP VH WUDEDOKDU HP FRQMXQWR FRP VHQVRUHV FRORFDGRV QRV
DPELHQWHV LQWHULRUHV GD PDTXHWH 2V HVSHOKRV VLPXODP XP FpX HQFREHUWR FRP KRUL]RQWH
LQILQLWRUHVXOWDQWHGDVP~OWLSODVUHIOH[}HV

&pXDUWLILFLDOGRWLSR+HPLVIpULFR
2FpXDUWLILFLDOGRWLSRKHPLVIpULFRpEHPPDLVFRPSOH[RHIOH[tYHOTXHRGRWLSRFDL[DGH
HVSHOKRV([LVWHPGRLVWLSRVGHFpXDUWLILFLDOGRWLSRKHPLVIpULFRXPFRQVLVWLQGRHPXP
GRPRRSDFRGHPDWHULDOUHIOH[LYRLOXPLQDGRSRUEDL[RHRXWURFRQVLVWLQGRGHLOXPLQDomR
DWUDYpV GH XPD VpULH GH OkPSDGDV PRQWDGDV RX QmR SRU WUiV GH XP GRPR WUDQVO~FLGR 2
FpX DUWLILFLDO KHPLVIpULFR SRGH VLPXODU TXDOTXHU YDULDomR GDV OXPLQkQFLDV QD DEyEDGD
FHOHVWHDOpPGHSRGHULQFOXLUWDPEpPRVROTXHFRQVLVWHHPXPDOkPSDGDPDLVLQWHQVD
TXHWHPWUDMHWyULDGHILQLGDVHJXQGRDODWLWXGHGRORFDOGLDHKRUiULRFRPRDFRQWHFHQR
VRODUVFySLRYHULWHPGRTXDUWRFDStWXORGHVWHOLYURLQWLWXODGR*HRPHWULD6RODU
'HVWD IRUPD R FpX DUWLILFLDO KHPLVIpULFR SRGH VHU XVDGR SDUD VLPXODU D GLVWULEXLomR GH
OXPLQkQFLDVGHXPFpXUHDOHQFREHUWRRXFODURSDUDPHGLo}HVHPPDTXHWHV

&pXDUWLILFLDOGRWLSR+HPLVIpULFRFRPVHPGRPRWUDQVO~FLGR
1HVWH WLSR GH FpX DUWLILFLDO R GRPR JHRGpVLFR WUDQVO~FLGR RX QmR GHYH SRVVXLU YiULDV
OkPSDGDV IOXRUHVFHQWHV FRPSDFWDV HQHUJHWLFDPHQWH HILFLHQWHV FRP LQWHQVLGDGHV
LQGLYLGXDOPHQWHFRQWURODGDV4XDQWRPDLVOkPSDGDVIRUHPXWLOL]DGDVPDLRUDSUHFLVmRGR
DSDUDWR 2 FpX DUWLILFLDO GD 8QLYHUVLGDGH %DUWWOHW SRU H[HPSOR SRVVXL XP MRJR GH
OkPSDGDV ZZZEDUWOHWDFXN 'HQWUR GR GRPR H[LVWH XPD OkPSDGD HVSHFLDO TXH
UHSUHVHQWDR6ROGHEULOKRLQWHQVRHTXHDWUDYHVVDDDEyEDGDDWUDYpVGHXPDUFRPyYHO
TXHUHSUHVHQWDDWUDMHWyULDGRVROSDUDTXDOTXHUGLDHKRUDGRDQR$FRPELQDomRGRVROH
GR FpX SHUPLWH D UHSURGXomR SUHFLVD GH YiULDV FRQGLo}HV GH FpX VLPXOWDQHDPHQWH HP
TXDOTXHUSRVLomRJHRJUiILFD

&pXDUWLILFLDOGRWLSR+HPLVIpULFRFRPGRPRRSDFRUHIOH[LYR
2 GRPR JHRGpVLFR RSDFR GHYH VHU EUDQFR IRVFR SDUD UHIOHWLU D OX] SURYHQLHQWH GH
OXPLQiULDV GLUHFLRQDGDV D HOH LQVWDODGDV QR PHVPR SODQR GD PDTXHWH 2 IXQFLRQDPHQWR
GHVWH WLSR GH FpX DUWLILFLDO p VLPLODU DR GH GRPR WUDQVO~FLGR LQFOXLQGR XPD OkPSDGD
HVSHFLDOTXHVLPXODDWUDMHWyULDGRVROSDUDDQiOLVHGHFpXUHDOSDUFLDOPHQWHHQFREHUWR

0HGLQGRD&RQWULEXLomRGH,OXPLQDomR1DWXUDOFRPRFpXDUWLILFLDO
3DUD PHGLU D FRQWULEXLomR GH LOXPLQDomR QDWXUDO GHYHVH HVSDOKDU OX[tPHWURV QRV
DPELHQWHV GHVHMDGRV DOpP GH XP QR H[WHULRU GD PDTXHWH $ &,1 SRGH VHU IDFLOPHQWH
FDOFXODGD SHOD UHODomR HQWUH RV YDORUHV OLGRV HP XP VHQVRU LQWHUQR H XP H[WHUQR j
PDTXHWH 3DUD TXH D VLPXODomR VHMD SUHFLVD p QHFHVViULR TXH D PDTXHWH WHQKD DV

FDStWXOR,/80,1$d21$785$/
UHIOHWkQFLDV LQWHUQDV WmR SUHFLVDV TXDQWR SRVVtYHO 2 LGHDO VHULD REWHU DPRVWUDV GRV
PDWHULDLVUHDLVDVHUHPXWLOL]DGRVQRHGLItFLRFRPRFDUSHWHVSLVRVHSLQWXUDVHLQVWDOiODV
QDPDTXHWH

(VWUDWpJLDVGH,OXPLQDomR1DWXUDO
3iWLRVHWULRV
$ IRUPD GR HGLItFLR GHWHUPLQD DVSRVVtYHLV FRPELQDo}HV GH MDQHODV H DEHUWXUDV ]HQLWDLV H
WDPEpP R TXDQWR GD iUHD GH SLVR WHUi DFHVVR HIHWLYR j OX] QDWXUDO 1RUPDOPHQWH HP
HGLItFLRVFRPYiULRVSDYLPHQWRVXPDGLVWkQFLDGHPHWURVSRGHVHUWRWDOPHQWHLOXPLQDGD
FRP OX] QDWXUDO HQTXDQWR TXH RV PHWURV DOpP GHVVH OLPLWH SRGHP DSHQDV VHU
SDUFLDOPHQWH LOXPLQDGRV 1D )LJXUD WRGDV DV SODQWDV WrP D PHVPD iUHD FRQVWUXtGD
PDV DSUHVHQWDP GLIHUHQWHV SRVVLELOLGDGHV GH LOXPLQDomR WRWDO SDUFLDO H DXVrQFLD GH
LOXPLQDomRQDWXUDO

)LJXUD,OXPLQDomRQDWXUDOHPIXQomRGDJHRPHWULDHPSODQWD
$TXDQWLGDGHGHOX]GLVSRQtYHOQDEDVHGRiWULRGHSHQGHGHXPDVpULHGHIDWRUHVFRPRD
iUHD GH WUDQVSDUrQFLD GD FREHUWXUD D UHIOHWkQFLD GDV SDUHGHV LQWHUQDV GR iWULR H D
JHRPHWULDGRHVSDoRODUJXUDYHUVXVSURIXQGLGDGH
2 iWULR SRGH VHU FRQFHLWXDGR FRPR R HVSDoR OXPLQRVR LQWHUQR HQYROYLGR ODWHUDOPHQWH
SHODV SDUHGHV GD HGLILFDomR H FREHUWR FRP PDWHULDLV WUDQVSDUHQWHV RX WUDQVO~FLGRV TXH
DGPLWHP OX] D DPELHQWHV LQWHUQRV GD HGLILFDomR OLJDGRV DR iWULR SRU FRPSRQHQWHV GH
SDVVDJHP

$PHOKRUPDQHLUDGHHVWXGDUDTXDQWLGDGHGHOX]QDWXUDOTXHSRGHVHUHVSHUDGDQDEDVH
GRiWULRpDWUDYpVGH02'(/26)6,&26PDTXHWHVRXGH6,08/$d2
4XDQGRRiWULRVHWRUQDPXLWRSHTXHQRSDUDVHUXPHVSDoR~WLOSDVVD DVHUFKDPDGRGH
32d2'(/8=FRQFHLWXDGRFRPRRHVSDoROXPLQRVRLQWHUQRTXHFRQGX]DOX]QDWXUDOSDUD
SRUo}HV LQWHUQDV GD HGLILFDomR $V VXSHUItFLHV LQWHUQDV GH XP SRoR GH OX] JHUDOPHQWH
DSUHVHQWDPDFDEDPHQWRFRPDOWDUHIOHWkQFLDFRUHVFODUDV

3UDWHOHLUDVGH/X]
35$7(/(,5$6'(/8=RXOLJKWVKHOYHVSUHYLQHPRRIXVFDPHQWRTXDQGRFRORFDGDVDFLPD

GR QtYHO GRV ROKRV $ MDQHOD SRVLFLRQDGD DEDL[R GD SUDWHOHLUD GH OX] p PDLV XVDGD SDUD
FRQWDWRYLVXDOFRPRH[WHULRU$SUDWHOHLUDGHOX]DJHFRPRXPEULVHKRUL]RQWDOSDUDHVWD
MDQHOD2RIXVFDPHQWRGDVMDQHODVDFLPDGDSUDWHOHLUDGHOX]SRURQGHDOX]SHQHWUDQR
DPELHQWH SRGH VHU FRQWURODGR FRP R XVR GH SHUVLDQDV RX SRU XPD SUDWHOHLUD GH OX]
DGLFLRQDO QR LQWHULRU )LJXUD $V SUDWHOHLUDV GH OX] PHOKRUDP D TXDOLGDGH GD OX]
QDWXUDOHWDPEpPIDFLOLWDPVXDSHQHWUDomRPDLVSURIXQGDQRDPELHQWH

)LJXUD3UDWHOHLUDVGHOX]
8P PDFHWH SDUD ILQV GH SUp

GLPHQVLRQDPHQWR GD SHQHWUDomR GD OX]
QDWXUDOQRLQWHULRUpFRQVLGHUDUTXHHOD
VHUi GH YH]HV D DOWXUD GH XPD
MDQHOD SDGUmR H GH YH]HV D DOWXUD GH
XPD MDQHOD FRP XPD SUDWHOHLUD GH OX]
)LJXUD

)LJXUD$XPHQWDQGRDSHQHWUDomRGHOX]QR
LQWHULRUFRPSUDWHOHLUDVGHOX]

FDStWXOR,/80,1$d21$785$/

&RUHV
&RUHV FODUDV UHIOHWHP PHOKRU D OX] SDUD GHQWUR GR HGLItFLR 7HOKDGRV FODURV SRGHP
DXPHQWDU D OX] TXH DV FODUDEyLDV WUDQVPLWHP 3DUHGHV H[WHULRUHV H IDFKDGDV FODUDV LUmR
UHIOHWLU PHOKRU D OX] SDUD R LQWHULRU $ PHOKRU VHTXrQFLD GH UHIOHWkQFLDV QDV VXSHUItFLHV
LQWHUQDVGDPDLVFODUDSDUDDPDLVHVFXUDpFRPRQD)LJXUD

)LJXUD5HIOHWkQFLDVLGHDLVSDUDVXSHUItFLHVLQWHULRUHVHPIXQomRGHVHXSRVLFLRQDPHQWRHP
UHODomRjMDQHOD

'LVWULEXLomRHSRVLFLRQDPHQWRGH-DQHODV
$ SHQHWUDomR GD OX] QDWXUDO DXPHQWD FRP D DOWXUD GD MDQHOD H FRP D SUHVHQoD GH
SUDWHOHLUDVGHOX]$SHQHWUDomR~WLOGDOX]QDWXUDOSHODMDQHODpOLPLWDGDDXPDGLVWkQFLD
GH DSUR[LPDGDPHQWH YH]HV D DOWXUD GD SDUWH VXSHULRU GD MDQHOD $VVLP VHPSUH TXH
SRVVtYHORWHWRGHYHVHUSRVLFLRQDGRPDLVDOWRGHIRUPDDSHUPLWLURSRVLFLRQDPHQWRGDV
MDQHODVWDPEpPPDLVDOWR
-DQHODV KRUL]RQWDLV GLVWULEXHP D OX] PDLV XQLIRUPHPHQWH TXH MDQHODV YHUWLFDLV HQTXDQWR
TXHMDQHODVHVSDOKDGDVGLVWULEXHPPHOKRUDOX]TXHMDQHODVFRQFHQWUDGDVHPSHTXHQDiUHD
GDSDUHGH
$ iUHD SHUFHQWXDO GH MDQHOD HP UHODomR j iUHD GH SLVR UDUDPHQWH GHYH H[FHGHU
GHYLGRjLQFLGrQFLDGHFDORUQRYHUmRHjVSHUGDVGHFDORUQRLQYHUQR)LJXUD

)LJXUDUHDGHMDQHODHPIXQomRGDiUHDGHSLVR

6HPSUH TXH SRVVtYHO SRVLFLRQH DV MDQHODV GH XP DPELHQWH HP PDLV GH XPD SDUHGH
IDYRUHFHQGR DVVLP D LOXPLQDomR ELODWHUDO PXLWR PHOKRU TXH D XQLODWHUDO $ LOXPLQDomR
ELODWHUDO WHP PHOKRU GLVWULEXLomR GH OX] H RIXVFDPHQWR UHGX]LGR $V MDQHODV SRVLFLRQDGDV
HPSDUHGHVDGMDFHQWHVUHGX]HPRRIXVFDPHQWRSRUTXHLOXPLQDPDSDUHGHHPTXHDRXWUD
MDQHODHVWiUHGX]LQGRRFRQWUDVWHHQWUHHVWDMDQHODHVXDUHVSHFWLYDSDUHGH

2ULHQWDomR
$ PHOKRU RULHQWDomR SDUD D LOXPLQDomR QDWXUDO p D 1257( GHYLGR j LQFLGrQFLD PDLV

IUHTXHQWH GD OX] VRODU GLUHWD $SHVDU GR FDORU TXH DFRPSDQKD D OX] VRODU HVWDU VHPSUH
SUHVHQWHpPXLWRIiFLOVRPEUHDUDVDEHUWXUDVQHVWDRULHQWDomR
$ VHJXQGD PHOKRU RULHQWDomR SDUD D LOXPLQDomR QDWXUDO p D 68/ GHYLGR j FRQVWkQFLD GD
OX](PERUDDTXDQWLGDGHGHOX]SRVVDVHUEDL[DDTXDOLGDGHpDOWDTXDQGRVHSUHFLVDGH
XPD OX] EUDQFD IULD (VWD RULHQWDomR WDPEpP p D TXH PHQRV UHFHEH D OX] VRODU GLUHWD
WHQGRPHQRVSUREOHPDVGHRIXVFDPHQWR7DPEpPpPXLWRIiFLOSURMHWDUSURWHo}HVVRODUHV
SDUDR6XO
$VSLRUHVRULHQWDo}HVVmRHQWmRD/(67(HD2(67(,VVRSRUTXHHODVUHFHEHPDOX]VRODU
GLUHWDFRPPDLRULQWHQVLGDGHQRYHUmRHFRPPHQRULQWHQVLGDGHQRLQYHUQRGLILFXOWDQGRR
SURMHWRGHSURWHo}HVVRODUHVTXHGHYHPFRQVLGHUDUkQJXORVPXLWREDL[RVGHDOWXUDVRODU
$ )LJXUD VXPDUL]D HVWDV LQGLFDo}HV LOXVWUDQGR XPD SODQWD LGHDO HP WHUPRV GH
RULHQWDomRHOX]QDWXUDO

)LJXUD3ODQWDFRPXPDRULHQWDomRLGHDOHPWHUPRVGHLOXPLQDomRQDWXUDO

,OXPLQDomR=HQLWDO
&RQFHLWXDGD VHJXQGR D QRUPD 1%5 $%17 E FRPR D SRUomR GH OX] QDWXUDO
SURGX]LGDSHODOX]TXHHQWUDDWUDYpVGRVIHFKDPHQWRVVXSHULRUHVGRVHVSDoRVLQWHUQRV$
LOXPLQDomR ]HQLWDO WHP GXDV SULQFLSDLV YDQWDJHQV VREUH D LOXPLQDomR ODWHUDO DWUDYpV GH
MDQHODVSHUPLWHXPDLOXPLQDomRPXLWRPDLVXQLIRUPHTXHDREWLGDFRPMDQHODVHUHFHEH
PXLWR PDLV OX] QDWXUDO DR ORQJR GR GLD $ SULQFLSDO GHVYDQWDJHP p D GLILFXOGDGH GH
SURWHJHUHVVDVDEHUWXUDVGDUDGLDomRVRODULQGHVHMiYHO3RUHVVHPRWLYRpUHFRPHQGDGRR

FDStWXOR,/80,1$d21$785$/
XVR GD LOXPLQDomR ]HQLWDO DWUDYpV GH YLGURV SRVLFLRQDGRV YHUWLFDOPHQWH FRQIRUPH R
HVTXHPDVHJXLQWH)LJXUD

)LJXUD7LSRVGHLOXPLQDomR]HQLWDO
2V'2026VmRIRQWHVGHLOXPLQDomR]HQLWDOFRQVWUXtGDVDWUDYpVGHDEHUWXUDVHQYLGUDoDGDV
QRWHOKDGR8PSUREOHPDFRPXPDWRGRVRVGRPRVpDPDLRULQFLGrQFLDGHOX]HFDORUQR
YHUmRHPHQRULQFLGrQFLDQRLQYHUQRGHYLGRjJHRPHWULDVRODU'HVWDIRUPD&/$5$%2,$6
GHYHP VHU XWLOL]DGDV QR OXJDU GH GRPRV VHPSUH TXH SRVVtYHO (ODV FXPSUHP D PHVPD
IXQomRGRVGRPRVSRUpPVmRPDLVIDFLOPHQWHVRPEUHDGDVTXDQGRQHFHVViULRHSHUPLWHP
PHOKRU GLVWULEXLomR GD OX] DR ORQJR GR DQR SRLV SRGHP VHU RULHQWDGDV GH IRUPD D
DSURYHLWDU PHOKRU D OX] QR LQYHUQR H HYLWiOD QR YHUmR (P UHODomR jV RULHQWDo}HV SDUD
FODUDEyLDV 9DOHP DV PHVPDV UHJUDV SDUD MDQHODV RX VHMD GHYHP VHU HYLWDGDV DV
RULHQWDo}HVOHVWHHRHVWHHDVGXDVPHOKRUHVRULHQWDo}HVVmRDQRUWHHDVXOQHVVDRUGHP
2XWUD YDQWDJHP GHVVH WLSR GH LOXPLQDomR p VHX SRWHQFLDO SDUD OHYDU OX] GLIXVD SDUD R
DPELHQWH YLVWR TXH D OX] FHOHVWH RX VRODU SRGH VHU UHIOHWLGD HP XPD VXSHUItFLH LQWHUQD
DQWHVGHHQWUDU
6XD SULQFLSDO GHVYDQWDJHP p HQ[HUJDU PHQRV FpX TXH RV GRPRV H FRQVHTXHQWHPHQWH
FROHWDUPHQRVOX]
2V 32d26 '( /8= VmR UHFXUVRV EDVWDQWH HILFLHQWHV SDUD FDSWDU H OHYDU D OX] QDWXUDO HP
DPELHQWHVVHPFRQWDWRGLUHWRFRPRH[WHULRU6XDHILFLrQFLDGLPLQXLFRQIRUPHDXPHQWDD
UD]mR HQWUH D VXD SURIXQGLGDGH H VXD ODUJXUD $V SDUHGHV LQWHUQDV GH XP SRoR GH OX]
GHYHPWHUFRUHVFODUDVRXPHVPRVHUHVSHOKDGDVVHSRVVtYHO
2XWUD WpFQLFD DYDQoDGD GH LOXPLQDomR QDWXUDO TXH FRQVLVWH QD ,/80,1$d2 1$785$/
',5(&,21$'$ &20 (63(/+26 XP VLVWHPD GH HVSHOKRV TXH PDQXDOPHQWH RX PHVPR
DXWRPDWLFDPHQWH VH SRVLFLRQD SDUD PHOKRU FDSWXUDU D OX] VRODU H GLULJLOD SDUD R LQWHULRU
GRHGLItFLRRQGHHODSRGHVHUHVSDOKDGD
$R FRQWUiULR GRV VLVWHPDV DQWHULRUHV TXH XVDP VXSHUItFLHV UHIOHWRUDV SDUD FRQGX]LU D OX]
SDUDRLQWHULRUDV),%5$67,&$6XVDPXPDWpFQLFDGHUHIOH[mRWRWDOLQWHUQDTXHpPXLWR
PDLVHILFLHQWH8PDGDVSULQFLSDLVYDQWDJHQVpVXDIOH[LELOLGDGHTXHIDFLOLWDDWUDQVPLVVmR
GHOX]DWUDYpVGHFDQWRVHGREUDVHVWUXWXUDLV$VILEUDVyWLFDVSRGHPVHUXWLOL]DGDVWDPEpP
FRPVLVWHPDVGHLOXPLQDomRDUWLILFLDO
2V3,62675$163$5(17(6VmRXVDGRVGHVGHRVpFXOR;,;FRPRLQWXLWRGHWUDQVPLWLUDOX]
QDWXUDO SDUD DPELHQWHV ORFDOL]DGRV QR VXEVROR $WXDOPHQWH WDPEpP VmR XWLOL]DGRV HP
HGLItFLRVGHYiULRVSDYLPHQWRVSDUDWUD]HUDOX]GHXPSLVRSDUDRRXWUR


,OXPLQDomR$UWLILFLDOFRPR6XSOHPHQWRGD,OXPLQDomR1DWXUDO
8P HGLItFLR LOXPLQDGR FRP OX] QDWXUDO SRGH HFRQRPL]DU XPD TXDQWLGDGH VLJQLILFDWLYD GH
HQHUJLDHOpWULFDVHDVXDLOXPLQDomRDUWLILFLDOSHUPDQHFHUGHVOLJDGDTXDQGRKiOX]QDWXUDO
VXILFLHQWH
3RGHVH FRQILDU QD PDLRULD GDV SHVVRDV SDUD DFLRQDU D LOXPLQDomR DUWLILFLDO TXDQGR
QHFHVViULR PDV GLILFLOPHQWH SDUD GHVOLJDU R VLVWHPD TXDQGR QmR p PDLV QHFHVViULR ,VVR
DFRQWHFHSRUTXHRVROKRVVHDGDSWDPIDFLOPHQWHDRGREURGRQHFHVViULRGHLOXPLQDomRHR
XVXiULR GD LOXPLQDomR DUWLILFLDO DFUHGLWD TXH HVWD HVWHMD DGHTXDGD jV VXDV QHFHVVLGDGHV
PHVPRTXDQGRDOX]p PXLWRPDLVGR TXHR VXILFLHQWH&RQVHTXHQWHPHQWH6,67(0$6'(
&21752/(DXWRPiWLFRVVmRQHFHVViULRVTXDQGRVHTXHUXVDUDOX]QDWXUDOSDUDHFRQRPLD
GHHQHUJLD([LVWHPYiULRVWLSRVGHVLVWHPDVGHFRQWUROHGDOX]DUWLILFLDOFRPRRVVHQVRUHV
IRWRHOpWULFRVRVVHQVRUHVGHSUHVHQoDRVSURJUDPDGRUHVGHWHPSRHRVGLPPHUV

6HQVRU)RWRHOpWULFR
2V VLVWHPDV GH FRQWUROH SRGHP VHU GR WLSR FRQKHFLGR FRPR 6(1625 )272(/e75,&2
ORFDOL]DGR QR WHWR GD iUHD GH WUDEDOKR H DVVRFLDGR D XP SDLQHO GH FRQWUROH GR WLSR
/,*$'(6/,*$ RX GR WLSR ',00(5 2 WLSR OLJDGHVOLJD p PDLV EDUDWR SRUpP RV
GLPPHUVHFRQRPL]DPPDLVHQHUJLDHFDXVDPPHQRVGLVW~UELRVYLVXDLVDRVXVXiULRVSRLV
R QtYHO GHLOXPLQDomR QmR VRIUH DOWHUDo}HV EUXVFDV $)LJXUD HVTXHPDWL]D XP VHQVRU
IRWRHOpWULFRDVVRFLDGRDRFRQWUROHGDLOXPLQDomRDUWLILFLDOQXPDPELHQWH

)LJXUD6HQVRUIRWRHOpWULFR

'LVWULEXLomRGDV/XPLQiULDV
$ ',675,%8,d2 '$6 /80,15,$6 GHYH VHU IHLWD GH IRUPD D FRPSOHPHQWDU D OX] QDWXUDO
GLVSRQtYHO 2 PDLV FRPXP p WHU XP ~QLFR LQWHUUXSWRU TXH DFHQGH WRGDV DV OXPLQiULDV DR
PHVPRWHPSR(PXPDVDODGHDXODSRUH[HPSORLVWRVHULDLQDGHTXDGRSRLVGHSHQGHQGR
GD WpFQLFD GH HQVLQR XWLOL]DGD PXLWDV YH]HV FRP UHFXUVRV DXGLRYLVXDLV p LQWHUHVVDQWH
DFHQGHU DV OXPLQiULDV PDLV DIDVWDGDV GR TXDGUR HQTXDQWR DV PDLV SUy[LPDV VmR PDQWLGDV
DSDJDGDV 'D PHVPD IRUPD SRGH VHU LQWHUHVVDQWH DFHQGHU VHSDUDGDPHQWH DV OXPLQiULDV
PDLV SUy[LPDV j MDQHOD H DV PDLV SUy[LPDV j SDUHGH RSRVWD FRP R LQWXLWR GH LQWHJUDU D
LOXPLQDomR QDWXUDO FRP D DUWLILFLDO GH IRUPD KDUP{QLFD GXUDQWH R HQWDUGHFHU $VVLP DV
OXPLQiULDV PDLV DIDVWDGDV GDV MDQHODV SRGHULDP VHU DFHVDV DQWHV GDV PDLV SUy[LPDV
HFRQRPL]DQGRHQHUJLDHDX[LOLDQGRQDGLVWULEXLomRKRPRJrQHDGDOX]QRLQWHULRU

FDStWXOR,/80,1$d21$785$/
(PERUDRDFLRQDPHQWRRXGHVOLJDPHQWRGDVOkPSDGDVSRVVDVHUGLUHWDPHQWHHIHWXDGRSHOR
XVXiULR XP GLPPHU DX[LOLDULD HVVD WDUHID H WRUQDULD DV WUDQVLo}HV HQWUH GLIHUHQWHV QtYHLV
GHLOXPLQDomRPDLVVXDYHVHYLVXDOPHQWHFRQIRUWiYHLV

'LPPHU
2VGLPPHUVVmRSHTXHQRVDSDUHOKRVXWLOL]DGRVSDUDFULDUXPHIHLWRPDLVVXDYHQDWUDQVLomR
HQWUHQtYHLVGHLOXPLQDomRGLIHUHQWHVFRPRTXDQGRVHDFHQGHRXDSDJDXPDOXPLQiULD$V
/03$'$6 ,1&$1'(6&(17(6 SRGHP XVDU GLPPHUV EDVWDQWH VLPSOHV FRQVWLWXtGRV GH
UHVLVWRUHV TXH OLPLWDP D FRUUHQWH HOpWULFD TXH FLUFXOD SHOD OkPSDGD 'HYLGR j EDL[D
TXDOLGDGHGDFRUGDOX]GHVVDVOkPSDGDVHVVH VLVWHPDQmRpLQGLFDGR SDUDDPELHQWHVGH
HVFULWyULRV H VDODV GH DXOD RQGH D LQWHJUDomR HQWUH OX] QDWXUDO H DUWLILFLDO VH ID] PDLV
QHFHVViULD
$V /03$'$6 )/825(6&(17(6 H[LJHP GLPPHUV PDLV VRILVWLFDGRV RV GLPPHUV
HOHWU{QLFRV(VWHVUHGX]HPRIOX[ROXPLQRVRGDOkPSDGDSDUDDWpGRYDORUQRPLQDO

6HQVRUGH3UHVHQoD
2V6(1625(6'(35(6(1d$RXGH2&83$d2XVDPWDQWRUDGLDomRLQIUDYHUPHOKDTXDQWR

YLEUDo}HV XOWUDV{QLFDV FRPR QRV DODUPHV GH DXWRPyYHLV SDUD VHQWLU D SUHVHQoD GH
SHVVRDV )LJXUD &RP LVVR HYLWDP TXH DPELHQWHV YD]LRV SHUPDQHoDP FRP DV
OkPSDGDV DFHVDV H DLQGD IDFLOLWDP TXH DV PHVPDV VHMDP DFLRQDGDV TXDQGR QHFHVViULR
DXWRPDWLFDPHQWH 6mR H[WUHPDPHQWH ~WHLV HP HGLItFLRV UHVLGHQFLDLV QDV iUHDV GH
FLUFXODomR SRLV DFLRQDP D LOXPLQDomR DUWLILFLDO DXWRPDWLFDPHQWH TXDQGR DOJXpP SDVVD
SHODV HVFDGDV RX FRUUHGRUHV 6H DVVRFLDGRV D XP WHPSRUL]DGRU H D XP GLPPHU ID]HP DV
OkPSDGDVDSDJDUHPVXDYHPHQWHDSyVXPWHPSRSUpGHWHUPLQDGR

)LJXUD6HQVRUHVGHSUHVHQoDRXRFXSDomR

3URJUDPDGRUGH7HPSRRX0LQXWHULD
2V SURJUDPDGRUHV GH WHPSR RX 0,187(5,$6 GHVDWLYDP D LOXPLQDomR DUWLILFLDO DSyV XP
WHPSR SUpGHWHUPLQDGR QRV FLUFXLWRV )LJXUD ,VVR HYLWD TXH DPELHQWHV YD]LRV
SHUPDQHoDPFRPDVOkPSDGDVDFHVDVSRUPXLWRWHPSR3RGHPVHUDFLRQDGRVGLUHWDPHQWH
SHORXVXiULRDWUDYpVGHLQWHUUXSWRUHVRXSRUXPVLVWHPDGHFRQWUROHDXWRPiWLFRFRPRXP
VHQVRUGHSUHVHQoDRXIRWRHOpWULFR


)LJXUD3URJUDPDGRUGHWHPSRRXPLQXWHULD

,OXPLQDomRGH7DUHID
$ ,/80,1$d2 '( 7$5()$ p XPD WpFQLFD YDOLRVD D VHU XVDGD FRPR FRPSOHPHQWR GD OX]
QDWXUDO SRLV SHUPLWH R FRQWUROH ORFDO GDV FRQGLo}HV GH LOXPLQDomR GH FDGD WDUHID YLVXDO
)LJXUD3RGHVHH[SORUDUDOX]QDWXUDOGDPHOKRUPDQHLUDSRVVtYHOHTXDQGRHVWDIRU
LQVXILFLHQWH SDUD FHUWDV WDUHIDV GHVHQYROYLGDV QR DPELHQWH SRGHVH DFLRQDU D LOXPLQDomR
GHWDUHIDHFRQRPL]DQGRHQHUJLDFRPDLOXPLQDomRGHIXQGRTXHSRGHVHUDFLRQDGDVRPHQWH
TXDQGRDOX]QDWXUDOMiQmRHVWLYHUPDLVSUHVHQWH

)LJXUD,OXPLQDomRGHWDUHID
$ERDLQWHJUDomRGDLOXPLQDomRDUWLILFLDOFRPDQDWXUDOSRGHPHOKRUDUDFRQGLomRJHUDOGH
OX] HP XP DPELHQWH H PDQWHU RV QtYHLV GH FRQIRUWR LQGHSHQGHQWHPHQWH GDV FRQGLo}HV
H[WHUQDVGHLOXPLQDomRFRQIRUPHD)LJXUD

FDStWXOR,/80,1$d21$785$/

)LJXUD,QWHJUDomRHQWUHOX]QDWXUDOHDUWLILFLDO
$ LOXPLQDomRQDWXUDO
% LOXPLQDomRDUWLILFLDO
& FRPELQDomR GRV GRLV VLVWHPDV GLVWULEXLomR GRV QtYHLV GH LOXPLQDomR PXLWR PDLV
XQLIRUPH

3URJUDPDVGH$QiOLVHGH,OXPLQDomR
$OJXQV SURJUDPDV FRPSXWDFLRQDLV IDFLOLWDP R WUDEDOKR GR SURMHWLVWD GH LOXPLQDomR SRLV
VLPXODPDVFRQGLo}HVGHLOXPLQDomRQDWXUDOHDUWLILFLDOHPXPDPELHQWHGXUDQWHRSURMHWR
DUTXLWHW{QLFR $ VHJXLU DOJXQV GRV SULQFLSDLV SURJUDPDV GH VLPXODomR GH LOXPLQDomR
GLVSRQtYHLVDWXDOPHQWH

5DGLDQFHH'HVNWRS5DGLDQFH
2 5DGLDQFH VLPXOD D LOXPLQDomR HP DPELHQWHV XVDQGR R PpWRGR FRQKHFLGR FRPR
UD\WUDFLQJ (VWH PpWRGR WUDoD WRGRV RV UDLRV GH OX] H FRQVWUyL D OXPLQRVLGDGH QDV
VXSHUItFLHVDWpFHUWROLPLWHGHUHIOH[}HVSUpHVWDEHOHFLGR1RILQDOSRGHVHYLVXDOL]DUXPD
LPDJHPGRDPELHQWHFRPRVHIRVVHXPDIRWRJUDILDHPWUrVGLPHQV}HVHDLQGDVREUHSRUD
HVWD LPDJHP DV ,62/,1+$6 GH FRQWULEXLomR GH LOXPLQDomR QDWXUDO GH LOXPLQkQFLD RX
PHVPRGHOXPLQkQFLDVGDVSDUHGHV)LJXUD
$QDOLVDQGR HVWD LPDJHP R DUTXLWHWR SRGH DOWHUDU VHX SURMHWR GH IRUPD D UHVROYHU
SUREOHPDV GH LOXPLQDomR FRPR RIXVFDPHQWR FRQWUDVWHV HP GHPDVLD RX QtYHLV GH
LOXPLQDomR LQVXILFLHQWHV SDUD D WDUHID YLVXDO D VHU GHVHPSHQKDGD $OpP GLVVR SRGHPVH
XWLOL]DU HVWHV HVWXGRV SDUD FULDU FHUWRV HIHLWRV GH LOXPLQDomR GHVHMDGRV FRPR VDOLHQWDU
FHUWDVSDUWHVGRDPELHQWHRXFULDULOXPLQDomRFrQLFD
2EVHUYDVHQD)LJXUDDHVFDODGHLOXPLQkQFLDQDSDUWHHVTXHUGDGDWHOD$VFRUHV
GHVVD HVFDOD LQGLFDP DV ,62/,1+$6 '( ,/80,11&,$ $ ILJXUD WDPEpP PRVWUD TXH
H[LVWH SHQHWUDomR VRODU QR DPELHQWH H TXH LVVR SRGH JHUDU RIXVFDPHQWR VH QmR
DGHTXDGDPHQWHWUDWDGR3HUFHEHVHDLQIOXrQFLDGDVSUDWHOHLUDVGHOX]LQVWDODGDVQDV
MDQHODVQDLOXPLQDomRQDWXUDOGRDPELHQWHUHIOHWLQGRDOX]VRODUSDUDRLQWHULRUQRWHWRGD
HGLILFDomRDXPHQWDQGRDLOXPLQkQFLDQHVVDiUHDSDUDYDORUHVGHDWpOX[


)LJXUD,PDJHPJHUDGDFRPRUDGLDQFH
2EVHUYDVHQD)LJXUDDHVFDODGHLOXPLQkQFLDQDSDUWHHVTXHUGDGDWHOD$VFRUHV
GHVVD HVFDOD LQGLFDP DV ,62/,1+$6 '( ,/80,11&,$ $ ILJXUD WDPEpP PRVWUD TXH
H[LVWH SHQHWUDomR VRODU QR DPELHQWH H TXH LVVR SRGH JHUDU RIXVFDPHQWR VH QmR
DGHTXDGDPHQWHWUDWDGR3HUFHEHVHDLQIOXrQFLDGDVSUDWHOHLUDVGHOX]LQVWDODGDVQDV
MDQHODVQDLOXPLQDomRQDWXUDOGRDPELHQWHUHIOHWLQGRDOX]VRODUSDUDRLQWHULRUQRWHWRGD
HGLILFDomRDXPHQWDQGRDLOXPLQkQFLDQHVVDiUHDSDUDYDORUHVGHDWpOX[
25DGLDQFHpXPSURJUDPDJUDWXLWRPDVWHPXPDLQWHUIDFHQmRPXLWRDPLJiYHOEDVHDGD
QR VLVWHPDRSHUDFLRQDO 06'26 $WXDOPHQWH H[LVWHP YHUV}HV SDUD :LQGRZV GH LQWHUIDFHV
SDUDR5DGLDQFHFRPRR'HVNWRS5DGLDQFH

(FRWHFW$QDO\VLV
2SURJUDPD(FRWHFW$QDO\VLVVLPXODDLOXPLQDomRQDWXUDOHPDPELHQWHVDWUDYpV

GR FiOFXORGR 'D\OLJKW )DFWRU )DWRU GH /X] 'LXUQD )/' XPFRQFHLWR VHPHOKDQWH DR GD
FRQWULEXLomR GH LOXPLQDomR QDWXUDO YHU LWHP (VWD DQiOLVH HPERUD QmR FRQVLGHUH
FRQFHLWRVFRPRRRIXVFDPHQWRHDOXPLQkQFLDGDVVXSHUItFLHVp~WLODRDUTXLWHWRQRLQtFLR
GR SURMHWR SRLV LGHQWLILFD SRVVtYHLV SUREOHPDV FRPR LOXPLQkQFLDV H[DJHUDGDV RX PHVPR
LQVXILFLHQWHV HP XP DPELHQWH HVSHFtILFR EHP FRPR D Pi GLVWULEXLomR GH LOXPLQkQFLDV
$OWHUDQGRVH R PRGHOR QRYR SRVLFLRQDPHQWR JHRPHWULD H RULHQWDomR GH MDQHODV FRUHV
LQWHUQDV GLIHUHQWHV LQVWDODomR GH VLVWHPDV GH LOXPLQDomR ]HQLWDO p SRVVtYHO LGHQWLILFDU
UDSLGDPHQWHVROXo}HVGHLOXPLQDomRPDLVDGHTXDGDVHHILFLHQWHV
2(FRWHFW$QDO\VLVFULDXPDJUHOKDGHDQiOLVHQRDPELHQWHGHVHMDGRHPRVWUDRVYDORUHVGH
LOXPLQkQFLD RX GH )/' HP WRGRV RV SRQWRV D XPD GHWHUPLQDGD DOWXUD GR SLVR 7DPEpP p
SRVVtYHO FRQVLGHUDU DV DQiOLVHV QXP SODQR D XP GHWHUPLQDGR DIDVWDPHQWR GH XPD GDV
SDUHGHV FDVR VH GHVHMH DQDOLVDU DPELHQWHV FRP D IXQomR GH OHLWXUD GH FDUWD]HV
H[SRVLWRUHVHPPXVHXVHJDOHULDVGHDUWHRXPHVPRTXDGURQHJURHPVDODVGHDXOD)LJXUD

FDStWXOR,/80,1$d21$785$/

)LJXUD6LPXODomRGHLOXPLQDomRQDWXUDOFRPRSURJUDPD(FRWHFW$QDO\VLV
8PD JUDQGH YDQWDJHP GR (FRWHFW $QDO\VLV p VXD KDELOLGDGH HP H[SRUWDU PRGHORV
GHVHQYROYLGRV QR SURJUDPD SDUD R 5DGLDQFH DWUDYpV GR 5DGLDQFH &RQWURO 3DQHO )LJXUD
$VVLP TXDQGR R SURMHWR HVWLYHU PDLV GHVHQYROYLGR SRGH VHU VLPXODGR FRP PDLRU
SUHFLVmR

)LJXUD5DGLDQFH&RQWURO3DQHOHVLPXODomRQR5DGLDQFHDWUDYpVGR(FRWHFW$QDO\VLV


$SROX[
2 $SROX[ )LJXUD p XP SURJUDPD GH DQiOLVH GH LOXPLQDomR QDWXUDO HP DUTXLWHWXUD
GHVHQYROYLGR QD 8QLYHUVLGDGH )HGHUDO GH 6DQWD &DWDULQD SHOR SURIHVVRU $QGHUVRQ &ODUR
$32/8;
)LJXUD,PDJHQVGRSURJUDPD$SROX[
2$SROX[SHUPLWHDYLVXDOL]DomRVHPLUHDOLVWDGHDPELHQWHVHLQFOXLIHUUDPHQWDVDQDOtWLFDV
FRPRJUiILFRVGHFRUHVTXHUHSUHVHQWDPLOXPLQkQFLDVRXOXPLQkQFLDVFRQIRUPHGHVHMDGR
QDVVXSHUItFLHVGRDPELHQWH&/$52HRXWURV

7URS/X[
2 7URS/X[ )LJXUD IRL GHVHQYROYLGR SHOR SURIHVVRU 5LFDUGR &DE~V GD
8QLYHUVLGDGH )HGHUDO GH $ODJRDV H VXD SULQFLSDO YDQWDJHP HP UHODomR DRV RXWURV
SURJUDPDVVLPLODUHVpDDGHTXDomRjUHDOLGDGHGRVWUySLFRV3RGHVLPXODUTXDOTXHUWLSRGH
FpX FRP GLVWULEXLomR GH OXPLQkQFLDV EDVHDGD HP SDGU}HV GD &,( RX HP PHGLo}HV GH
HVWDo}HV ,'03 ,QWHUQDWLRQDO GD\OLJKW PHDVXUHPHQW SURJUDP $ PHWRGRORJLD GR 7URS/X[
WDPEpPVHEDVHLDHPUDLRWUDoDGRUD\WUDFLQJ0pWRGR0RQWH&DUORHFRHILFLHQWHVGHOX]
QDWXUDOGD\OLJKWFRHIILFLHQWV$YDOLGDomRGRSURJUDPDFRQFHGHXOKHR
FDULPER
GR%5(
$OJXPDVIRQWHVGHSHVTXLVDVXJHULGDVVmR&DE~VDHE

)LJXUD,PDJHQVGRSURJUDPD7URS/X[

FDStWXOR,/80,1$d21$785$/
2PDQXDOGRSURJUDPDSRGHVHUREWLGRHPZZZJULOXXIDOEUWURSOX[

/X[
2/X[)LJXUDpXPSURJUDPDEUDVLOHLUREDVWDQWHVLPSOHVHIiFLOGHXVDUGHVHQYROYLGR

SHOD SURIHVVRUD 'UD 0iUFLD 3HLQDGR $OXFFL GR /DERUDWyULR GH &RQIRUWR $PELHQWDO H
(ILFLrQFLD (QHUJpWLFD GD )$8863 /$%$87 1XPD SODQLOKD GR ([FHO R /X[ FDOFXOD D
GLVWULEXLomR GR )DWRU GH /X] 'LXUQD )/' QXP DPELHQWH LQWHUQR H HVWLPD R FRQVXPR GH
HQHUJLDHOpWULFDSDUDFRPSOHPHQWRGDOX]QDWXUDO2SURJUDPDpJUDWXLWRHSRGHVHUREWLGR
HP KWWSZZZXVSEUIDXSHVTXLVDBVQODERUDWRULRVODEDXWFRQIRUWRFRQIRUWRKWPO H
/X[

)LJXUD7HODGRSURJUDPD/8;GR/DEDXW)$8863

5HOX[
2 5HOX[ p XP SURJUDPD JUDWXLWR H GLVSRQtYHO HP SRUWXJXrV GLVSRQtYHO HP

KWWSZZZUHOX[EL] 2 SURJUDPD VLPXOD LOXPLQDomR QDWXUDO H DUWLILFLDO WDQWR SDUD
DPELHQWHVLQWHUQRVTXDQWRH[WHUQRVHSRVVXLXPEDQFRGHGDGRVGHOXPLQiULDVGHPDLVGH
VHWHQWD IDEULFDQWHV DOpP GH XP JUDQGH Q~PHUR GH LWHQV GH PRELOLiULR PDWHULDLV H
WH[WXUDV 2 5HOX[ SRGH LPSRUWDU PRGHORV HP GXDV RX WUrV GLPHQV}HV QRV IRUPDWRV ';)
950/'6H:0)5HOX[

',$/X[
2 ',$/X[ SRGH PRGHODU R DPELHQWH OXPLQRVR D VHU DQDOLVDGR RX LPSRUWDU H H[SRUWDU
DUTXLYRV SDUD TXDOTXHU SURJUDPD &$' HP IRUPDWRV FRPR ':* H ';) DOpP GH RIHUHFHU
YLVXDOL]DomRIRWRUUHDOtVWLFDGDVVLPXODo}HV2SURJUDPDpGLVSRQtYHOHPOtQJXDVHSRGH
FDOFXODULOXPLQDomRLQWHULRUHH[WHULRUWDQWRDUWLILFLDOTXDQWRQDWXUDOLQFOXLQGRFiOFXORGH
LOXPLQDomR S~EOLFD H GH HPHUJrQFLD ,QFOXL D SRVVLELOLGDGH GH FULDU DQLPDo}HV p
FRQVLGHUDGR EDVWDQWH IiFLO SDUD DSUHQGHU RIHUHFHQGR WXWRULDLV TXH SHUJXQWDP SHORV
SDUkPHWURV QHFHVViULRV H JXLDP R XVXiULR SHOR SURFHVVR GH SURMHWR OXPLQRWpFQLFR 2
SURJUDPD ',$/X[ p JUDWXLWR SRGH VHU REWLGR HP KWWSZZZGLDOGH',$/HQGLDOX[
LQWHUQDWLRQDOGRZQORDGKWPO',$/X[

5()(51&,$6
$%17 1%5 OXPLQDomR 1DWXUDO 3DUWH 3URFHGLPHQWR GH FiOFXOR SDUD D
$%17E1%5OXPLQDomR1DWXUDO3DUWH&RQFHLWRVEiVLFRVHGHILQLo}HV
$32/8; 9 B-$1B 3URJUDPD SDUD FiOFXOR GH LOXPLQDomR QDWXUDO D SDUWLU GD
XWLOL]DomR GH GRLV PyGXORV )UDFWDO H )2721 DSUHVHQWDQGR LPDJHQV VHPLUHDOLVWDV
JUiILFRVGHLOXPLQkQFLDHGHOXPLQkQFLDDOpPGHSODQLOKDVQXPpULFDVFRPYiULRVGDGRV
SDUD SyVSURFHVVDPHQWR 'LVSRQtYHO HP KWWSZZZODEFRQXIVFEUIRWRQ DFHVVR
HP-DQHLURGH
&$%6 5 D 7URSOX[ XP VRWDTXH WURSLFDO QD VLPXODomR GD OX] QDWXUDO HP
HGLILFDo}HVLQ(1&$&(/$/$&0DFHLySS
&$%6 5 E 9DOLGDomR GR SURJUDPD 7URSOX[ LQ (1&$&(/$/$& 0DFHLy
SS
&/$52$3(5(,5$)25/('25DIDHO=$32/8;$Q,QQRYDWLYH&RPSXWHU
&RGH IRU 'D\OLJKW 'HVLJQ DQG $QDO\VLV LQ $UFKLWHFWXUH DQG 8UEDQLVP ,Q WK
,QWHUQDWLRQDO ,%36$ &RQIHUHQFH 0RQWUHDO 3URFHHGLQJV RI %XLOGLQJ 6LPXODWLRQ
0RQWUHDO,%36$Y~QLFRS
',$/8; 3URJUDPD GH VLPXODomR GH LOXPLQDomR QDWXUDO H DUWLILFLDO FRP
UHQGHUL]DomR
IRWRUUHDOLVWD
',$/
*0%+
*HUPDQ\
'LVSRQtYHO
HP
KWWSZZZGLDOGH',$/HQGLDOX[LQWHUQDWLRQDOGRZQORDGKWPO
DFHVVR
HP
RXWXEUR
/(&+1(51 +HDWLQJ FRROLQJ OLJKWLQJ GHVLJQ PHWKRGV IRU DUFKLWHFWV QG HG
-RKQ:LOH\ 6RQV86$
/8; 3URJUDPD GH FiOFXOR GD GLVWULEXLomR GR )DWRU GH /X] 'LXUQD QXP DPELHQWH
LQWHUQRGRFRQVXPRGHHQHUJLDHOpWULFDSDUDFRPSOHPHQWRGDOX]QDWXUDO/DERUDWyULR
GH &RQIRUWR $PELHQWDO H (ILFLrQFLD (QHUJpWLFD GD )$8863 /$%$87 'LVSRQtYHO HP
KWWSZZZXVSEUIDXSHVTXLVDODERUDWRULRVODEDXWFRQIRUWRLQGH[KWPODFHVVRHP
-DQHLURGH
5$',$1&( 3URJUDPD GH VLPXODomR GH LOXPLQDomR QDWXUDO H DUWLILFLDO FRP
UHQGHUL]DomR
IRWRUUHDOLVWD
'LVSRQtYHO
HP
KWWSUDGVLWHOEOJRYUDGLDQFH+20(KWPODFHVVRHPRXWXEUR
'(6.7235$',$1&(,QWHUIDFHSDUDRSURJUDPD5DGLDQFHSDUDXVXiULRVGRVLVWHPD
RSHUDFLRQDO :LQGRZV 'LVSRQtYHO HP KWWSUDGVLWHOEOJRYGHVNUDGGUDG+20(KWPO
DFHVVRHP-DQHLURGH
5(/8;3URJUDPDGHVLPXODomRGHLOXPLQDomRQDWXUDOHDUWLILFLDOFRPUHQGHUL]DomR
IRWRUUHDOLVWD 5HOX[ /LJKW VLPXODWLRQ 7RROV 6ZLW]HUODQG 'LVSRQtYHO HP
KWWSZZZUHOX[EL]DFHVVRHPRXWXEUR
7523/8;3URJUDPDSDUDDYDOLDomRGDLOXPLQDomRQDWXUDOHPDPELHQWHFRQVWUXtGR
DGHTXDGR
j
UHDOLGDGH
GRV
WUySLFRV
'LVSRQtYHO
HP
KWWSZZZFWHFXIDOEUJUXSRSHVTXLVDJULOXLQGH[BDUTXLYRV3DJHKWP DFHVVR
HP-DQHLURGH


VXPiULR

9(17,/$d21$785$/

$URVDGRVYHQWRV

&RUUHomRGDYHORFLGDGHGRYHQWR

&RHILFLHQWHGHSUHVVmRGRYHQWR&3/

UHD~WLOGHYHQWLODomR

)OX[RGHDU

5HGXomRGRIOX[RGHDU

1~PHURGH7URFDVGH$U1

,QIOXrQFLDGDLPSODQWDomRHGDRULHQWDomRQDYHQWLODomRQDWXUDO

%DUUHLUDVGH9HQWR

9HQWLODomR&UX]DGD

&DSWDGRUHV GH YHQWR SHLWRULV YHQWLODGRV PDQVDUGDV ODQWHUQLQV H WRUUHV GH
YHQWLODomR

(OHPHQWRVGLUHFLRQDGRUHVHILOWUDQWHVGDYHQWLODomRQDWXUDO

9HQWLODomRQRWXUQD

9HQWLODomRHPIDFKDGDGXSODHSHULIpULFD

7~QHLVGH9HQWRH0HVDGJXD

7~QHOGH9HQWRFRP6HUUDJHP

7~QHOGH9HQWRFRP)XPDoD

0HVDGJXD
5()(51&,$6

FDStWXOR9(17,/$d21$785$/
&$378/2
9(17,/$d21$785$/
$ YHQWLODomR QDWXUDO p DSyV R VRPEUHDPHQWR D HVWUDWpJLD ELRFOLPiWLFD PDLV LPSRUWDQWH

SDUDR%UDVLO&RQIRUPHVHSRGHYHUQD7DEHODDJUDQGHPDLRULDGDVFDSLWDLVEUDVLOHLUDV
H[LJH D YHQWLODomR QDWXUDO FRPR SULQFLSDO HVWUDWpJLD QR YHUmR H PHVPR DR ORQJR GR DQR
WRGR 1D WDEHOD IRUDP VDOLHQWDGDV DV FLGDGHV FXMR SHUFHQWXDO GH GHVHMDELOLGDGH GHVWD
HVWUDWpJLD XOWUDSDVVD RV $V FLGDGHV FRP IXQGR D]XO WrP QHFHVVLGDGH GH YHQWLODomR
QDWXUDOHPPDLVGHGDVKRUDVGRDQRWRGRHPPDLVGHKRUDVHDVFLGDGHVFRP
IXQGRDPDUHORWrPJUDQGHQHFHVVLGDGHGHYHQWLODomRDSHQDVQRYHUmRSRUpPHPPDLVGH
GDV KRUDV GR SHUtRGR HP PDLV GH KRUDV 2V GDGRV IRUDP JHUDGRV D SDUWLU GR
SURJUDPD$QDO\VLV%,2SDUDDVFLGDGHVEUDVLOHLUDVTXHSRVVXHPGDGRVFOLPiWLFRVKRUiULRVQR
IRUPDWR75<
7DEHOD 3HUFHQWXDO GH QHFHVVLGDGH GH YHQWLODomR QDWXUDO HP
DOJXPDVFLGDGHVEUDVLOHLUDV
QHFHVVLGDGH
GHYHQWLODomRQDWXUDO
GDVKRUDVGR$12
QHFHVVLGDGH
GHYHQWLODomRQDWXUDO
GDVKRUDVGH9(52
%HOpP

%UDVtOLD

&XULWLED

)ORULDQySROLV

)RUWDOH]D

6mR/XtV

0DFHLy

1DWDO

3RUWR$OHJUH

5HFLIH

5LRGH-DQHLUR

6DOYDGRU

6mR3DXOR

9LWyULD

FLGDGH

FLGDGHVFRPJUDQGHQHFHVVLGDGHGHYHQWLODomRQR$1272'2

FLGDGHVFRPJUDQGHQHFHVVLGDGHGHYHQWLODomRQR9(52

/HPEUDQGR R TXH VH YLX QR LWHP GR WHUFHLUR FDStWXOR GHVWH OLYUR D YHQWLODomR
QDWXUDOpHILFD]HQWUHWHPSHUDWXUDVGH&D&SRLVDSDUWLUGDtRVJDQKRVWpUPLFRV

SRUFRQYHFomRIXQFLRQDULDPPDLVFRPRDTXHFLPHQWRGRDPELHQWHTXHFRPRUHVIULDPHQWR
eLPSRUWDQWHUHVVDOWDUTXHHPWHPSHUDWXUDVHQWUH&H&DYHQWLODomRVypHILFLHQWH
VHDXPLGDGHUHODWLYDGRDUWLYHUYDORUHVHQWUHH
2 YHQWR WDO FRPR R VRO WDPEpP SRGH VHU GHVHMiYHO QR YHUmR H LQGHVHMiYHO QR LQYHUQR
1HVVHVGRLVSHUtRGRVRYHQWRSRGHVHUGLIHUHQWHGHSHQGHQGRGHFDGDORFDO)DWRUHVFRPR
WRSRJUDILDYHJHWDomRHDVHGLILFDo}HVDOWHUDPDGLUHomRHLQWHQVLGDGHGRYHQWR
2YHQWRORFDOSRGHVHUPHGLGRFRPLQVWUXPHQWRVHWDPEpPSRGHWHUGDGRVREWLGRVDWUDYpV
GHDUTXLYRVFOLPiWLFRVHGHGLDJUDPDVFRPRDVURVDVGRVYHQWRV

$URVDGRVYHQWRV
$ URVDGRVYHQWRV SRGH VHU EDVWDQWH ~WLO DR DUTXLWHWR SRLV UHSUHVHQWD R WUDWDPHQWR
HVWDWtVWLFRGRVGDGRVGHYHQWRGHXPDGHWHUPLQDGDUHJLmR$SHVDUGHSRGHUVHUGHVHQKDGD
GHYiULDVIRUPDVJHUDOPHQWHLQGLFDDGLUHomRYHORFLGDGHVHIUHTXrQFLDGHRFRUUrQFLDGRV
YHQWRV SUHGRPLQDQWHV QXPD UHJLmR DR ORQJR GH WRGR R DQR $VVLP SRGHVH VDEHU TXDO
YHQWRSUHGRPLQDQRYHUmRHTXDOQRLQYHUQRHWRPDUGHFLV}HVGHSURMHWRSDUDDSURYHLWDUR
SULPHLURHHYLWDURVHJXQGR
$)LJXUDPRVWUDDURVDGRVYHQWRVSDUDDFLGDGHGH)ORULDQySROLVHD7DEHODPRVWUD
DIUHTXrQFLDGHRFRUUrQFLDGHFDOPDULDVSRUHVWDomRDPEDVJHUDGDVDSDUWLUGRSURJUDPD
$QDO\VLV 62/$5 2 GLDJUDPD GD HVTXHUGD PRVWUD D URVDGRVYHQWRV FRP DV YHORFLGDGHV
SUHGRPLQDQWHV SRU GLUHomR 3HUFHEHVH TXH RV YHQWRV PDLV LQWHQVRV YrP GD RULHQWDomR
QRUGHVWH FRP PpGLDV TXH FKHJDP D PV GXUDQWH WRGR R DQR 2 GLDJUDPD GD GLUHLWD
DSUHVHQWD D IUHTXrQFLD GH RFRUUrQFLD GRV YHQWRV HP)ORULDQySROLV$ ILJXUD PRVWUD TXH R
YHQWRPDLVIUHTXHQWHpRQRUWHGXUDQWHRLQYHUQRDWLQJLQGRGRVKRUiULRVHPTXHKi
YHQWR 2 YHQWR QRUWH DFRQWHFH WDPEpP HP GDV KRUDV GD SULPDYHUD HP GDV
KRUDV GR RXWRQR H HP GDV KRUDV GR YHUmR 2 VHJXQGR YHQWR PDLV IUHTXHQWH p R
QRUGHVWHTXHRFRUUHHPGDVKRUDVGRYHUmRHPGDVKRUDVGDSULPDYHUDHP
GDV KRUDV GR RXWRQR H HP GDV KRUDV GR LQYHUQR 1RWDVH WDPEpP QR PHVPR
GLDJUDPDTXH DV GXDV IDFKDGDV FRP PDLV YHQWRV QRYHUmR VmR D QRUGHVWH H D QRUWH H DV
GXDV IDFKDGDV PHQRV H[SRVWDV D YHQWRV QR LQYHUQR VmR D RHVWH H D OHVWH $ 7DEHOD
PRVWUDTXHRVSHUtRGRV GRGLDPDLVYHQWRVRVVmRDVWDUGHVHTXHDVFDOPDULDVDFRQWHFHP
QRUPDOPHQWHQDVPDGUXJDGDVHPWRGDVDVHVWDo}HVGRDQR

)LJXUD5RVDGRVYHQWRVHYDORUHVGHFDOPDULDVVHJXQGRSURJUDPD$QDO\VLV62/$5

FDStWXOR9(17,/$d21$785$/
7DEHOD9HQWRVDXVHQWHVSRUHVWDomR>@
35,0$9(5$
9(52
287212
,19(512
0DGUXJDGD

0DQKm

7DUGH

1RLWH

e LPSRUWDQWH UHVVDOWDU TXH RV GDGRV GH YHQWR VmR QRUPDOPHQWH FROHWDGRV HP HVWDo}HV
PHWHRUROyJLFDV HP ORFDLV PDLV DEHUWRV FRPR DHURSRUWRV H iUHDV VXEXUEDQDV ORQJH GD
UXJRVLGDGHGDFLGDGH'HYHVHSRUWDQWRFRUULJLURVYDORUHVLQGLFDGRVQDVURVDVGRVYHQWRV
DWUDYpVGHXPPpWRGREDVWDQWHVLPSOHV

&RUUHomRGDYHORFLGDGHGRYHQWR
$PHGLomRQDVHVWDo}HVPHWHRUROyJLFDVDFRQWHFHQXPDDOWXUDGHPHWURVGRVRORHHVVH
YDORUGHYHVHUFRUULJLGRFRQIRUPHDDOWXUDGDVDEHUWXUDVGDHGLILFDomR
6HJXQGR %LWWHQFRXUW H &kQGLGR D HTXDomR TXH FRUULJH D YHORFLGDGH GR YHQWR QDV
DEHUWXUDVpDVHJXLQWH(TXDomR
(TXDomR&RUUHomRGDYHORFLGDGHGRYHQWR
9
= N ]D
9P
RQGH
9 YHORFLGDGHPpGLDGRYHQWRQDDOWXUDGDDEHUWXUDGHHQWUDGDGRDUPV
9P YHORFLGDGHPpGLDGRYHQWRQDHVWDomRPHWHRUROyJLFDPHGLGDDXPDDOWXUDSDGUmR
GHPPV
ND FRHILFLHQWHVGHDFRUGRFRPDUXJRVLGDGHGRWHUUHQR7DEHOD
] DOWXUDGDDEHUWXUDHPHGLItFLRVRXGDFXPHHLUDHPFDVDVDWpGRLVDQGDUHVP
2 YDORU GH 99P p R IDWRU GH PXOWLSOLFDomR TXH GHYH VHU XWLOL]DGR SDUD VH DFKDU D
YHORFLGDGH GR YHQWR HP XPD DEHUWXUD D SDUWLU GD YHORFLGDGH PHGLGD QD HVWDomR
PHWHRUROyJLFD
2VFRHILFLHQWHVNHDSRGHPVHUREWLGRVGLUHWDPHQWHGD7DEHOD
7DEHOD&RHILFLHQWHVNHDSDUDFiOFXORGHYHQWLODomRQDWXUDO
/RFDOL]DomRGD(GLILFDomR
N
D
FDPSRDEHUWRSODQR

FDPSRFRPDOJXPDVEDUUHLUDV

DPELHQWHXUEDQR

FHQWURGDFLGDGH



&RHILFLHQWHGHSUHVVmRGRYHQWR&3/
$SyVDYHORFLGDGHGRYHQWRWHUVLGRFRUULJLGDHPIXQomRGRWLSRGHWHUUHQRRQGHVHHVWiH
GDDOWXUDGDMDQHODVREDQiOLVHGHYHVHWDPEpPTXDQWLILFDUDVUHGXo}HVSURYRFDGDVSHOR
DIDVWDPHQWR HQWUH HGLILFDo}HV H SHOR kQJXOR GH LQFLGrQFLD GR YHQWR QDV DEHUWXUDV 3DUD
LVVRVHXWLOL]DRFRHILFLHQWHGHSUHVVmRGRYHQWR&3/FRQIRUPHD)LJXUD

)LJXUDkQJXORGHLQFLGrQFLDGRYHQWRQDDEHUWXUD
$7DEHODDSUHVHQWDDGLIHUHQoDHQWUHRV&3/HPFDVDVORFDOL]DGDVHPFDPSRDEHUWR
7DEHOD'LIHUHQoDHQWUHRVFRHILFLHQWHVGHSUHVVmRGRYHQWRHPFDVDVHPFDPSRDEHUWR
QJXORGH,QFLGrQFLD
'LIHUHQoDHQWUHRVFRHILFLHQWHVGHSUHVVmRGRYHQWR&3/
R

R<R
+

$7DEHODPRVWUDDFRUUHomRTXHGHYHVHUIHLWDQR&3/SDUDFDVDVGHORWHDPHQWRVHP
IXQomRGRDIDVWDPHQWRHQWUHHODV
7DEHOD&RHILFLHQWHGHSUHVVmRGRYHQWRSDUDORWHDPHQWRV
'LVWkQFLDHQWUHFDVDV
&RHILFLHQWHVGHSUHVVmRGRYHQWR&3
XPDFDVD
&3/
GXDVFDVDV
&3/

UHD~WLOGHYHQWLODomR
8PDYDULiYHOTXHWDPEpPGHYHVHUFRQVLGHUDGDpDiUHD~WLOGHYHQWLODomRTXHUHSUHVHQWD
DiUHDHIHWLYDGHYHQWLODomRTXDQGRDMDQHODHVWiWRWDOPHQWHDEHUWD(VVDiUHDpGLIHUHQWH
SDUD FDGD WLSR GH DEHUWXUD 8PD MDQHOD GR WLSR JXLOKRWLQD WHP GH iUHD ~WLO GH
YHQWLODomRSRLVTXDQGRHVWiWRWDOPHQWHDEHUWDVRPHQWHPHWDGHGHVXDiUHDpOLYUHSDUD
YHQWLODURDPELHQWH$)LJXUDPRVWUDRVYDORUHVGHiUHD~WLOGHYHQWLODomRSDUDGLYHUVRV
WLSRV GH MDQHODV $V MDQHODV GR WLSR JXLOKRWLQD FRUUHU H DEULU WrP LQGLFDGDV VXDV
UHVSHFWLYDViUHDV~WHLVGHYHQWLODomRPi[LPDVFRQVLGHUDQGRDEHUWXUDWRWDO$VMDQHODVGR
WLSREDVFXODQWHHPD[LPDUWrPLQGLFDGDVDViUHDV~WHLVGHYHQWLODomRHPIXQomRGHDOJXQV
kQJXORVFRPXQVGHDEHUWXUDH

FDStWXOR9(17,/$d21$785$/

)LJXUDUHD~WLOGHYHQWLODomRSDUDGLYHUVRVWLSRVGHMDQHODV

)OX[RGHDU
2 IOX[R GH DU TXH DWUDYHVVD XP DPELHQWH p GHWHUPLQDGR GH IRUPD GLIHUHQWH TXDQGR D
YHQWLODomR p FUX]DGD RX XQLODWHUDO &RP YHQWLODomR FUX]DGD R IOX[R GH DU p GDGR SHOD
(TXDomR

(TXDomR)OX[RGHDUTXHDWUDYHVVDXPDPELHQWH
4 = $ - 9 &3
RQGH
4 IOX[RGHDUFRPYHQWLODomRFUX]DGDHPPV
$- iUHDHTXLYDOHQWHGDDEHUWXUDP
&3/ FRHILFLHQWHGHSUHVVmRGRYHQWR
$iUHDHTXLYDOHQWHGDDEHUWXUDSRGHVHUFDOFXODGDSHOD(TXDomR
(TXDomRUHDHTXLYDOHQWHGDDEHUWXUD

=
$ -
RQGH
( $

(175$'$
) ( $

$(175$'$ iUHDGHHQWUDGDGRIOX[RGHDUP
$6$'$ iUHDGHVDtGDGRIOX[RGHDUP
6$,'$
&DVR KDMD SRUWDV LQWHUPHGLiULDV HQWUH D VDtGD H HQWUDGD GH DU HP VpULH GHYHVH
DFUHVFHQWDUDSDUFHODDEDL[RQDHTXDomR
+
$ 3257$
6HDYHQWLODomRGRDPELHQWHIRUXQLODWHUDORIOX[RGHDUSRGHVHUFDOFXODGRSHOD(TXDomR

(TXDomR)OX[RGHDUTXHDWUDYHVVDXPDPELHQWHSDUDYHQWLODomRXQLODWHUDO
4 = $ 9
RQGH
4 IOX[RGHDUFRPYHQWLODomRXQLODWHUDOHPPV
$ iUHDHIHWLYDGDMDQHODPUHGX]LUVHIRUYHQH]LDQDRXWHOD

5HGXomRGRIOX[RGHDU
2 IOX[R GH DU TXH DWUDYHVVD XPD DEHUWXUD SRGH VRIUHU UHGXo}HV VH DOJXPD EDUUHLUD IRU
LQWHUSRVWDDHOHFRPRSRUH[HPSORWHODVFRQWUDPRVTXLWRV$7DEHODLQGLFDRYDORUGR
IOX[RGHDUUHGX]LGR40VHIRUXWLOL]DGDWHODFRQWUDPRVTXLWRQDDEHUWXUD
7DEHODUHGXomRGRIOX[RGHDUSDUDWHODVFRQWUDPRVTXLWRV
7LSRGH7HOD

YHQWLODomRFUX]DGD
YHQWLODomRXQLODWHUDO
DOJRGmR
40=4
40=4
Q\ORQ
40=4
40=4
FDStWXOR9(17,/$d21$785$/

1~PHURGH7URFDVGH$U1
3DUDJDUDQWLU D TXDOLGDGH GR DU GH XP DPELHQWH GHILQHVH XP Q~PHUR PtQLPR GH WURFDV
GHDUSRUKRUDFDOFXODGRVHJXQGRD(TXDomR
(TXDomR1~PHURPtQLPRGHWURFDVGHDUSRUKRUD
Q=
4
Y
RQGH
Q Q~PHURGHWURFDVGHDUHPWURFDVSRUKRUD
Y pRYROXPHGRDPELHQWHYHQWLODGRP
4 pRIOX[RGHDUP6
5LYHURVXJHULXDYHQWLODomRPtQLPDQHFHVViULDHPDPELHQWHVFRQIRUPHRQ~PHURGH

SHVVRDV7DEHOD3DUDFRPSDUDURVYDORUHVGDGRVSHODHTXDomRHPPHWURVF~ELFRVSRU
VHJXQGRFRPRVGDWDEHODGH5LYHURHPPHWURVF~ELFRVSRUKRUDGHYHVH
PXOWLSOLFDURYDORUDFKDGRSHODHTXDomRSRU
GLYLGLURYDORUDFKDGRSHORQRGHSHVVRDVTXHRFXSDRDPELHQWH
7DEHOD9HQWLODomRPtQLPDQHFHVViULDHPDPELHQWHV5,9(52
HVSDoR GLVSRQtYHO SRU
SHVVRDP
DUIUHVFRUHTXHULGRSRUSHVVRDPK

YDORUHVUHFRPHQGiYHLV
PtQLPR
VHPIXPDU
IXPDQGR

&RPR H[HPSOR GH DSOLFDomR SRGHVH GHWHUPLQDU R Q~PHUR GH WURFDV GH DU HP XP
DPELHQWHFRPDVVHJXLQWHVFDUDFWHUtVWLFDV
GLPHQV}HVGH[P
SpGLUHLWRGHP
XPDMDQHODVGHFRUUHUGHDSURYHLWDPHQWRSDUDYHQWLODomRQDIDFKDGDQRUWHFRP

GLPHQV}HVGH[P
XPDMDQHODGHFRUUHUQDIDFKDGDVXOFRPGLPHQV}HVGH[P
WHODVGHQ\ORQFRQWUDPRVTXLWRVLQVWDODGDVHPDPEDVDVMDQHODV
YHORFLGDGHGRYHQWRLQFLGHQWHQRUPDOjIDFKDGDQRUWHGHPVDPGHDOWXUD
DOWXUDDWpDFXPHHLUDpGHP
DPELHQWH ORFDOL]DGR HP XP ORWHDPHQWR DPELHQWH XUEDQR FXMD GLVWkQFLD HQWUH DV
FDVDVpLJXDOjODUJXUDGHXPDFDVD

3ULPHLUDPHQWH GHYHVH GHWHUPLQDU R FRHILFLHQWH GH SUHVVmR GR YHQWR FRP DX[tOLR GD
7DEHOD &RPR R YHQWR LQFLGH QRUPDO j IDFKDGD R FRHILFLHQWH &3/ WHP YDORU GH
6HJXQGRD7DEHODHVWHYDORUGHYHVHUFRUULJLGRSDUD&3/HPORWHDPHQWRVTXDQGR
DGLVWkQFLDHQWUHFDVDVpGHXPDFDVD(QWmR
&3=&3/=&3=
$YHORFLGDGHGRYHQWRGHYHVHUFRUULJLGDSHOD(TXDomRHQWmR
9
= N ] D 9 = 9P N ] D
9P
3DUDDPELHQWHXUEDQRRVFRHILFLHQWHVNHDWrPUHVSHFWLYDPHQWHYDORUHVGHH
7DEHOD$YHORFLGDGHGRYHQWRQDDOWXUDGDFXPHHLUDVHUiHQWmR
9FXPHHLUD = 9P N ] D = = P V
$iUHD~WLOGHYHQWLODomRGHYHVHUFDOFXODGDFRQVLGHUDQGRDRULHQWDomRGRYHQWRLQFLGHQWH
1RH[HPSORDMDQHODGHHQWUDGDGDYHQWLODomRpDQRUWHHDMDQHODGHVDtGDpDVXO&RPR
DPEDVDVMDQHODVVmRGHFRUUHUHWrPiUHD~WLOGHYHQWLODomRGHVHJXQGRD)LJXUD
SRUWDQWR
$HQWUDGD==P
$VDtGD==P
3DUD FDOFXODU R IOX[R GH DU TXH DWUDYHVVD R DPELHQWH p QHFHVViULR DQWHV FDOFXODU D iUHD
HTXLYDOHQWHGDDEHUWXUDSHOD(TXDomR

$ - = P
=
+
( ) ( )
$-
4XDQGRDVGXDVMDQHODV HVWmRDEHUWDVRIOX[RGHDUTXHDWUDYHVVDRDPELHQWHFDOFXODGR
SHOD(TXDomRp
4 = = P V
( TXDQGR D MDQHOD SDUD D RULHQWDomR VXO HVWi IHFKDGD R IOX[R GH DU SDUD YHQWLODomR
XQLODWHUDOpGDGRSHOD(TXDomRFRQVLGHUDQGRTXHDiUHD~WLOGDMDQHODQRUWHpGH
P
4 = = P V

3HOD 7DEHOD FDOFXODVH D UHGXomR GR IOX[R GH DU GHYLGR DR XVR GH WHOD FRQWUD
PRVTXLWRVSDUDYHQWLODomRFUX]DGDGXDVMDQHODVDEHUWDV
40=4==PV
(SDUDYHQWLODomRXQLODWHUDOFDOFXODVH
40=4==PV
)LQDOPHQWHFDOFXODVHRQ~PHURGHWURFDVGHDUSDUDYHQWLODomRFUX]DGDSHOD(TXDomR
FRQVLGHUDQGRTXHRDPELHQWHWHPYROXPHGHP
Q=

= WURFDVKRU D

(SDUDYHQWLODomRXQLODWHUDOWHPVH

FDStWXOR9(17,/$d21$785$/
Q=

= WURFDVKRU D

6HRDPELHQWHDQDOLVDGRIRVVHXPHVFULWyULRFRPRLWRSHVVRDVHVSDoRGLVSRQtYHOSRUSHVVRD
GHPDYHQWLODomRPtQLPDQHFHVViULDVHJXQGRD7DEHODVHULDGHPKGHDU
IUHVFRSRUSHVVRDRXVHMDPKGHDUIUHVFRSDUDRDPELHQWH3HODPHVPDWDEHODR
YDORU UHFRPHQGDGR SDUD DPELHQWHV VHP IXPDQWHV VHULD GH PK GH DU IUHVFR SRU
SHVVRD
2 IOX[R 4 DFKDGR QR DPELHQWH SDUD YHQWLODomR FUX]DGD DPEDV DV MDQHODV DEHUWDV
FRPSDUDGR DR YDORU GD 7DEHOD Mi FRQVLGHUDQGR D UHGXomR SURSRUFLRQDGD SHODV WHODV
FRQWUDPRVTXLWRVVHULD
4 =

= P KSRUSHVVRD

(RIOX[RSDUDYHQWLODomRXQLODWHUDOVHULD
4 =

= P KSRUSHVVRD

&RPR VRPHQWH R IOX[R SDUD YHQWLODomR FUX]DGD DWHQGH DRV YDORUHV UHFRPHQGDGRV SHOD
7DEHOD FRQFOXLVH TXH R DPELHQWH WHP YHQWLODomR QDWXUDO DGHTXDGD GHVGH TXH HVWD
VHMDFUX]DGDRXVHMDTXHVHPDQWHQKDPVXDVGXDVMDQHODVDEHUWDV

,QIOXrQFLDGDLPSODQWDomRHGDRULHQWDomRQDYHQWLODomRQDWXUDO
$ YHQWLODomR QDWXUDO HP DPELHQWHV p LQGLVVRFLiYHO GD RULHQWDomR H GD LPSODQWDomR GR
HGLItFLR QR WHUUHQR 2 YHQWR SUHGRPLQDQWH GR YHUmR GHYH VHU H[SORUDGR SDUD UHVIULDU RV
DPELHQWHVTXDQGRQHFHVViULR-iRYHQWRSUHGRPLQDQWHGRLQYHUQRGHYHVHUHYLWDGRSRLV
QHVWH SHUtRGR GR DQR VH TXHU HYLWDU DV SHUGDV GH FDORU GD HGLILFDomR SDUD R H[WHULRU
(OHPHQWRVFRPRDYHJHWDomRHVXSHUItFLHVHGLILFDGDVLQIOXHQFLDPQRkQJXORGHLQFLGrQFLDH
QDLQWHQVLGDGHFRPDTXDORYHQWRDWLQJHDHGLILFDomR
$)LJXUDLOXVWUDRHIHLWRGDYHJHWDomRFRPREDUUHLUDGRYHQWRLQGHVHMiYHOUHGX]LQGRDV
SHUGDVGHFDORUGRDPELHQWHSRULQILOWUDomR

)LJXUD5HGXomRGDVSHUGDVGHFDORUSRULQILOWUDomRFRPEORTXHLRGRYHQWRFRPYHJHWDomR

1RWDVH TXH FRP D UHGXomR GD LQWHQVLGDGH GR YHQWR LQFLGHQWH SDUD UHGX]HPVH DV
SHUGDV GHFDORU SRU LQILOWUDomR GH DU GH SDUD DSHQDV ,VVR LQGLFD TXH DV SHUGDV
SRU LQILOWUDomR VmR UHGX]LGDV QXPD SURSRUomR TXH HTXLYDOH DR TXDGUDGR GD UHGXomR GD
LQWHQVLGDGHGRYHQWRLQFLGHQWH
$ )LJXUD PRVWUD TXH iUYRUHV FRP FRSDV DOWDV VmR PHOKRUHV SDUD VRPEUHDU R VRO
LQGHVHMiYHOQRYHUmRHSDUDIDFLOLWDURDFHVVRGRYHQWRjHGLILFDomR

)LJXUD&LUFXODomRGRYHQWRVREFRSDVGHiUYRUHVDOWDV
$ )LJXUD PRVWUD R XVR GD YHJHWDomR FRPR IRUPD GH GLUHFLRQDPHQWR GR YHQWR SDUD
PHOKRUYHQWLODomRQDWXUDOGHXPDHGLILFDomR

)LJXUD,QIOXrQFLDGDYHJHWDomRQDYHQWLODomRQDWXUDO

FDStWXOR9(17,/$d21$785$/

%DUUHLUDVGH9HQWR
9HJHWDomRRXVXSHUItFLHVHGLILFDGDVSRGHPVHUYLUGHEDUUHLUDVGHYHQWR4XDQWRPDLVDOWDD
EDUUHLUDPDLRUDVRPEUDGHYHQWRTXHHODSURGX]FRQIRUPHLOXVWUDGRQD)LJXUD

)LJXUD6RPEUDGHYHQWRHPIXQomRGDDOWXUDGDEDUUHLUD
'H IRUPD VHPHOKDQWH TXDQWR PDLV ODUJD D EDUUHLUD PDLV H[WHQVD D VRPEUD GH YHQWR
SURGX]LGDSRUHOD)LJXUD

)LJXUD6RPEUDGHYHQWRHPIXQomRGDODUJXUDGDEDUUHLUD
2JUiILFRGD)LJXUDDGDSWDGRGH/HFKQHUSUHSUHVHQWDDUHGXomRREWLGDQD

YHORFLGDGHGRYHQWRLQFLGHQWHHWDPEpPRDXPHQWRGDVRPEUDGHYHQWRSURSRUFLRQDGRSRU
EDUUHLUDVPDLVGHQVDVFRPRHGLItFLRVHPDLVSRURVDVFRPRYHJHWDomR


)LJXUD6RPEUDGHYHQWRHPIXQomRGRWLSRGHEDUUHLUDHVXDDOWXUDDGDSWDGRGH/HFKQHU
$ )LJXUD PRVWUD R IOX[R GH YHQWR DR UHGRU GH HGLILFDo}HV GH GLYHUVDV FRQILJXUDo}HV
YROXPpWULFDVVHJXQGRVLPXODo}HVIHLWDVHPW~QHOGHYHQWR(9$16H6&+,//(5

)LJXUD)OX[RGHYHQWRVDRUHGRUGDVHGLILFDo}HV

FDStWXOR9(17,/$d21$785$/

9HQWLODomR&UX]DGD
$YHQWLODomRFUX]DGDpXPDGDVWpFQLFDVPDLV HILFD]HVGHYHQWLODomRQXPDPELHQWHSRLV
H[LJH EDVLFDPHQWH GXDV DEHUWXUDV HP SDUHGHV GLIHUHQWHV H FHUWR FRQKHFLPHQWR GD
RULHQWDomR GRLV YHQWRV GHVHMiYHLV QRV SHUtRGRV TXHQWHV $ )LJXUD LOXVWUD GLYHUVDV
SRVVLELOLGDGHV GH SRVLFLRQDPHQWR GH DEHUWXUDV HP GLIHUHQWHV SDUHGHV 2 HVWXGR IRL IHLWR
DWUDYpVGHVLPXODomRHPW~QHOGHYHQWR(YDQVH6FKLOOHU1DILJXUDRVHVTXHPDVH
VmR RV TXH SHUPLWHP PDLRUHV YHORFLGDGHV GR YHQWR DWUDYpV GR DPELHQWH SRUpP R
HVTXHPD SURYRFD XPD FXUYDWXUD QR FXUVR GD YHQWLODomR 2V HVTXHPDV H PRVWUDP
DEHUWXUDVHPSDUHGHVDGMDFHQWHVSURYRFDQGRXPDYHQWLODomRPDLVHIHWLYD2HVTXHPD
PRVWUD TXH MDQHODV PXLWR SUy[LPDV SRGHP SURYRFDU XP FXUWRFLUFXLWR QD YHQWLODomR
$IDVWDQGR XP SRXFR DV MDQHODV HVTXHPD WHPVH PHOKRU GLVWULEXLomR GR DU QR
DPELHQWH

)LJXUD 3DGUmR GD YHQWLODomR GHWHUPLQDGR SHOR SRVLFLRQDPHQWR GDV HVTXDGULDV DGDSWDGR GH
(YDQVH6FKLOOHU
$ )LJXUD DSUHVHQWD RV FDPLQKRV WRPDGRV SHORV IOX[RV GHDU DWUDYpV GHXP DPELHQWH
HPIXQomRGDSUHVHQoDGHGLYLVyULDVHUHSDUWLo}HVLQWHUQDV

)LJXUD(VWXGRGRIOX[RGHDUHPDPELHQWHVHPIXQomRGDSUHVHQoDGHGLYLVyULDVHUHSDUWLo}HV
LQWHUQDVDGDSWDGRGH:DWVRQH/DEV

1DILJXUDQRVHVTXHPDVHRIOX[RGHDUpVHPHOKDQWHSRUpPQRHVTXHPDH[LVWHXP
DPELHQWH FRP DU HVWDJQDGR 2 HVTXHPD PRVWUD TXH R IOX[R GH DU GLYLGLGR UHGX] D
YHQWLODomRHRFRQVHTXHQWHUHVIULDPHQWRDGYLQGRGHVWD2GHVHQKRPRVWUDTXHHPERUD
FRP D UHGXomR GR IOX[R GH DU D YHQWLODomR GLYLGLGD SRGH VHU DGHTXDGD GHSHQGHQGR GR
DPELHQWH H GH VXDV QHFHVVLGDGHV GH UHVIULDPHQWR 2 HVTXHPD LOXVWUD XPD GLYLVmR
LQWHUFHSWDQGR D ]RQD GR IOX[R GH DU LQFLGHQWH SUHMXGLFDQGR D YHQWLODomR 2 HVTXHPD
PRVWUDRXWUDGLYLVmRSRVVtYHOGLPLQXLQGRRIOX[RGHDUQXPDPELHQWHLPSRUWDQWH

&DSWDGRUHVGHYHQWRSHLWRULVYHQWLODGRVPDQVDUGDVODQWHUQLQV
HWRUUHVGHYHQWLODomR
$YHQWLODomRYHUWLFDOpPXLWRHILFD]TXDQGRpQHFHVViULRUHWLUDURDUTXHQWHTXHWHQGHDVH
DFXPXODU QDV UHJL}HV PDLV DOWDV GD HGLILFDomR QRUPDOPHQWH HP FREHUWXUDV H iWLFRV 2
/$17(51,0pXPDWpFQLFDEDVWDQWHXWLOL]DGDSDUDHVWHILP
2FDORUDFXPXODGRQDFREHUWXUDpUHWLUDGRSHODYHQWLODomRQDWXUDOGRHOHPHQWRTXHSRVVXL
DEHUWXUDV HP DPEDV DV H[WUHPLGDGHV IDYRUHFHQGR D YHQWLODomR FUX]DGD (VWDV DEHUWXUDV
GHYHPVHUSURWHJLGDVFRPWHODVFRQWUDLQVHWRVHVHRFOLPDORFDOWLYHUHVWDo}HVPDLVIULDV
GHYHP LQFOXLU FRQWUROH 8P H[HPSOR p R ODQWHUQLP XWLOL]DGR QR 5HWLUR 7DJDVWH GR
DUTXLWHWR -RmR &DVWUR )LOKR SURMHWR GHVFULWR QR SULPHLUR FDStWXOR GHVWH OLYUR LQWLWXODGR
8P%UHYH+LVWyULFR
23(,725,/9(17,/$'2SHUPLWHDHQWUDGDGHYHQWLODomRDEDL[RGDDEHUWXUD7HODVFRQWUD
PRVTXLWRV H RXWURV DQLPDLV GHYHP VHU LQVWDODGDV EHP FRPR HOHPHQWRV TXH SRVVDP
EORTXHDU R LQJUHVVR GH DU QR LQYHUQR 2 DU TXH HQWUD DWUDYpV GR SHLWRULO YHQWLODGR SRGH
FLUFXODUQRDPELHQWHVDLQGRSHODFREHUWXUDDWUDYpVGHODQWHUQLQVPDQVDUGDVRXWRUUHVGH
YHQWLODomR
$V 0$16$5'$6 WDPEpP FRQKHFLGDV FRPR iJXDIXUWDGD VmR XPD ERD DOWHUQDWLYD SDUD
YHQWLODomRGHiWLFRVRFXSDGRV)LJXUD

)LJXUD0DQVDUGDRXiJXDIXUWDGD
2V&$37$'25(6'(9(172VmRXWLOL]DGRVSDUDOHYDUDYHQWLODomRQDWXUDOSDUDDPELHQWHV
$)LJXUDPRVWUDRVFDSWDGRUHVGHYHQWRFRQVWUXtGRVHPFDVDVQR3DTXLVWmRTXHOHYDP
DVEULVDVPDLVIUHVFDVGDWDUGHSDUDRVDPELHQWHVLQWHULRUHV5XGRIVN\

FDStWXOR9(17,/$d21$785$/

)LJXUD&DSWDGRUHVGHYHQWRQR3DTXLVWmRDGDSWDGRGH5XGRIVN\
$V 7255(6 '( 9(17,/$d2 EDVWDQWH XWLOL]DGDV QD DUTXLWHWXUD YHUQDFXODU GR OHVWH
HXURSHX YHP VHQGR UHVJDWDGDV QD DUTXLWHWXUD HXURSpLD ELRFOLPiWLFD PDLV UHFHQWH (VWDV
WRUUHVVHXWLOL]DPGRIHQ{PHQRFRQKHFLGRFRPRYHQWLODomRSRUWHUPRVLImRRXSRUHIHLWR
FKDPLQp RQGH H[LVWH XPD WRPDGD GH DU QR DPELHQWH TXH SUDWLFDPHQWH DVSLUD R DU
H[WHUQR SDUD FRPSHQVDU D GLIHUHQoD GH SUHVVmR SURYRFDGD SHOD VDtGD GR DU TXHQWH SHOD
WRUUHeLPSRUWDQWHTXHH[LVWDXPDGLIHUHQoDGHDOWXUDHQWUHDWRPDGDGHDUHVXDVDtGD
GH SHOR PHQRV VHLV PHWURV H TXH D HQWUDGD GH DU QR DPELHQWH VHMD FDXWHORVDPHQWH
GLUHFLRQDGD HYLWDQGR UHFHEHU R DU PDLV TXHQWH GR RHVWH RX R DU PDLV SROXtGR GH XPD
DYHQLGDRXHVWDFLRQDPHQWRDGMDFHQWHSRUH[HPSOR

(OHPHQWRVGLUHFLRQDGRUHVHILOWUDQWHVGDYHQWLODomRQDWXUDO
$ YHQWLODomR QDWXUDO SRGH VHU FRQWURODGD WDPEpP SRU HOHPHQWRV H[WHUQRV j HGLILFDomR
FRPR PXURV SODFDV H RXWUDV VXSHUItFLHV TXH GLUHFLRQDP GHVYLDP RX PHVPR ILOWUDP D
YHQWLODomRDQWHVGDPHVPDDWLQJLUDVDEHUWXUDV
2VEHLUDLVSRUH[HPSORSRGHPGLUHFLRQDURIOX[RGHDUSDUDRLQWHULRUDOpPGHVHUYLUHP
FRPRXPDSURWHomRVRODUKRUL]RQWDO$)LJXUDPRVWUDFRPRXPEHLUDOPDLVJHQHURVR
SRGHDXPHQWDU D ]RQD GH SUHVVmR GR ODGR H[WHUQR j DEHUWXUD DXPHQWDQGRR IOX[R GH DU
SDUDRLQWHULRU3URWHo}HVVRODUHVKRUL]RQWDLVSRGHPSURYRFDURPHVPRHIHLWR

)LJXUD,QIOXrQFLDGREHLUDOQRGLUHFLRQDPHQWRGRIOX[RGHYHQWLODomRSDUDRLQWHULRU

'HIRUPDVHPHOKDQWHDSODWLEDQGDWDPEpPDXPHQWDD]RQDGHSUHVVmRDQWHULRUjMDQHOD
DXPHQWDQGRRIOX[RGHYHQWLODomRSDUDRLQWHULRU)LJXUD

)LJXUD,QIOXrQFLDGDSODWLEDQGDQRGLUHFLRQDPHQWRGRIOX[RGHYHQWLODomRSDUDRLQWHULRU
(OHPHQWRV FRPR YHQH]LDQDV SURWHo}HV VRODUHV YHUWLFDLV RX RXWUDV VDOLrQFLDV YHUWLFDLV QD
DEHUWXUDSRGHPDX[LOLDUQRGLUHFLRQDPHQWRGRIOX[RGHDUSDUDRLQWHULRU1D)LJXUDD
YHQH]LDQD WDPEpP VHUYH FRPR SURWHomR VRODU YHUWLFDO 1RWDVH QDV PiVFDUDV GH
VRPEUHDPHQWR j GLUHLWD GD LPDJHP D HILFiFLD GDV YHQH]LDQDV FRPR HOHPHQWRV GH
VRPEUHDPHQWRDOpPGHVXDIXQomRFRPRGLUHFLRQDGRUDVGRIOX[RGHDUSDUDRLQWHULRU

)LJXUD9HQH]LDQDVFRPRGLUHFLRQDGRUHVGRDUSDUDRLQWHULRUHSURWHomRVRODUYHUWLFDO
0XURV H SDUHGHV H[WHUQDV WDPEpP SRGHP GHVHPSHQKDU R SDSHO GH GLUHFLRQDGRUHV GR DU
SDUDQRLQWHULRUGDPHVPDIRUPDTXHHOHPHQWRVFRPRiUYRUHVDUEXVWRVHRXWURVWLSRVGH
YHJHWDomR
$ YHJHWDomR WDPEpP SRGH VHUYLU GH EDUUHLUD GH YHQWR FRPR QD )LJXUD TXH LOXVWUD
EDUUHLUDVHPIRUPDGH/SDUDSURWHomRGRYHQWRHGHWHPSHVWDGHVGHQHYHHP6KLPDQHQR
-DSmR5XGRIVN\

FDStWXOR9(17,/$d21$785$/

)LJXUD%DUUHLUDVGHYHQWRQRPXQLFtSLRGH6KLPDQHQR-DSmRDGDSWDGRGH5XGRIVN\
2XWUR UHFXUVR SDUD ILOWUDU H FRQWURODU R IOX[R GH DU SDUD R LQWHULRU VmR RV HOHPHQWRV
YD]DGRV FRPR RV XWLOL]DGRV QD &DVD (ILFLHQWH GD (OHWURVXO GHVFULWD QR SULPHLUR FDStWXOR
GHVWHOLYURLQWLWXODGR8P%UHYH+LVWyULFR(VWHVUHGXWRUHVGHYHQWREORTXHLDPSDUWHGR
YHQWRLQGHVHMiYHOGRLQYHUQReLPSRUWDQWHGLUHFLRQDUHVWHVHOHPHQWRVHPIXQomRGRYHQWR
TXHVHTXHUEORTXHDU)LJXUD

)LJXUD5HGXWRUGHYHORFLGDGHGRYHQWRFRPHOHPHQWRVYD]DGRV


9HQWLODomRQRWXUQD
$YHQWLODomRQRWXUQDWDPEpPFKDPDGDGHYHQWLODomRHVWUXWXUDOSRGHVHUHPSUHJDGDSDUD
UHGX]LU D WHPSHUDWXUD GR HGLItFLR j QRLWH TXDQGR D WHPSHUDWXUD GR DU H[WHUQR p PDLV
EDL[D TXH D GR DU LQWHUQR (P UHVLGrQFLDV HVVD HVWUDWpJLD SRGH PHOKRUDU DV FRQGLo}HV
LQWHUQDVGHFRQIRUWRjQRLWHHQTXDQWRTXHHPHGLItFLRVFRPHUFLDLVHS~EOLFRVQmRPXLWR
RFXSDGRV j QRLWH D YHQWLODomR QRWXUQD p XPD JUDQGH DOLDGD SDUD UHVIULDU D HVWUXWXUD GR
HGLItFLR(GLItFLRVFRPPDLRULQpUFLDWpUPLFDXVXIUXHPPDLVGHVWDWpFQLFDSRLVPDQWpPD
WHPSHUDWXUDGHHOHPHQWRVHVWUXWXUDLVFRPRODMHVSDUHGHVHYLJDVPDLVEDL[DVGLPLQXLQGR
RVSLFRVGHWHPSHUDWXUDQRGLDVHJXLQWH
$ YHQWLODomR QDWXUDO SRGH VHU FRPELQDGD FRP VLVWHPDV PHFkQLFRV SDUD JDUDQWLU TXH D
HVWUDWpJLDIXQFLRQHHPSHUtRGRVGHFDOPDULDVHQWUHWDQWRDYHQWLODomRQDWXUDOpHPJHUDO
VXILFLHQWH 6H VLVWHPDV PHFkQLFRV IRUHP XWLOL]DGRV p LPSRUWDQWH DWHQWDU SDUD SRVVtYHLV
UXtGRV XPD YH] TXH j QRLWH LVVR SRGH UHSUHVHQWDU SUREOHPDV QR HQWRUQR LPHGLDWR DR
HGLItFLRHDRVVHXVSUySULRVRFXSDQWHV
eLPSRUWDQWHSUHYHUWRPDGDVGHDUH[WHUQRHPGLYHUVRVQtYHLVQRSURMHWRSUHIHULYHOPHQWH
LQWHUOLJDGDV QD SUXPDGD GR HGLItFLR H FRP VDtGDV GH DU QD FREHUWXUD 'HYHVH WDPEpP
HYLWDU WRPDGDV GH DU H[WHUQR HP ORFDLV RQGH Ki PDLRUHV QtYHLV GH SROXLomR FRPR HP
VDtGDVGHJDUDJHQVHVWDFLRQDPHQWRVSDUDGDVGH{QLEXVHYLDVGHJUDQGHWUiIHJR
$)LJXUDLOXVWUDDDWXDomRGDYHQWLODomRQRWXUQDQXPHGLItFLR

)LJXUD9HQWLODomRQRWXUQD

9HQWLODomRHPIDFKDGDGXSODHSHULIpULFD
(VWDWpFQLFDGHYHQWLODomRQDWXUDOWHPVLGRXWLOL]DGDUHFHQWHPHQWHHPHGLItFLRVGHPDLRU
SRUWH SULQFLSDOPHQWH GH PXLWRV SDYLPHQWRV 2 0HQDUD 0HVLQLDJD GH .HQ <HDQJ SRU
H[HPSOR YHU FDStWXOR 8P %UHYH +LVWyULFR WHP QDV VXDV IDFKDGDV SODFDV KRUL]RQWDLV
FXUYDVGHPHWDOTXHIRUoDPDSDVVDJHPGRVYHQWRVUHQWHjVXSHUItFLHH[WHUQDGRHGLItFLR
FULDQGRFRQGLo}HVSDUDTXHDFRQYHFomRUHWLUHFDORUGDHVWUXWXUDHGDVSDUHGHVDOpPGH
YHQWLODUVDFDGDVHGLUHFLRQDURVIOX[RVGHDUSDUDDVDEHUWXUDV

FDStWXOR9(17,/$d21$785$/

7~QHLVGH9HQWRH0HVDGJXD
2 W~QHO GH YHQWR p XP DSDUDWR YDOLRVR SDUD R DUTXLWHWR SRLV SHUPLWH D DQiOLVH GH
PDTXHWHVIUHQWHjYHQWLODomRQDWXUDO([LVWHPEDVLFDPHQWHGRLVWLSRVGHW~QHOGHYHQWRR
FRP VHUUDJHP H R FRP IXPDoD $OWHUQDWLYDPHQWH SRGHVH VLPXODU R YHQWRHP PDTXHWHV
FRPXPDPHVDGiJXD

7~QHOGH9HQWRFRP6HUUDJHP
7LSRPDLVVLPSOHVGHW~QHOGHYHQWRRW~QHOGHYHQWRFRPVHUUDJHPFRQVLVWHQXPW~QHO
SDUFLDOPHQWHWUDQVSDUHQWHRQGHVHLQVWDODDPDTXHWHVREDQiOLVHHHPVHJXLGDSXOYHUL]D
VH Sy GH VHUUDJHP VREUH D PHVPD 8P YHQWLODGRU HVSHFLDO p DFLRQDGR FRP YiULDV
YHORFLGDGHV GH YHQWR HP HVFDOD PHGLGDV FRP DX[tOLR GH XP DQHP{PHWUR $SyV DOJXQV
LQVWDQWHVGHVOLJDVHRYHQWLODGRUHIRWRJUDIDVHDPDTXHWHFRPDVHUUDJHPUHVWDQWHSDUD
DTXHOD YHORFLGDGH GH YHQWR HVSHFtILFD LQGLFDWLYD GH ]RQDV VHP FLUFXODomR GH DU RX FRP
WXUEXOrQFLD 5HSHWHVH R SURFHGLPHQWR SDUD RXWUDV YHORFLGDGHV GH YHQWR GH IRUPD D
LGHQWLILFDURFRPSRUWDPHQWRGDVFRQVWUXo}HVHPUHODomRDRYHQWR

7~QHOGH9HQWRFRP)XPDoD
(VWH WLSR GH W~QHO GH YHQWR p PDLV FRPSOH[R SRUpP WDPEpP PDLV LQWHUSUHWDWLYR GR
FRPSRUWDPHQWR GDV FRQVWUXo}HV IUHQWH DR YHQWR 6HPHOKDQWH DR W~QHO GH YHQWR FRP
VHUUDJHP HVWH FRQVLVWH QXP W~QHO SRU RQGH FLUFXOD IXPDoD GH GLYHUVDV FRUHV H RQGH VH
FRORFDDPDTXHWHGRHGLItFLRRXFRQMXQWRGHHGLItFLRVDVHUDQDOLVDGRV&RPDREVHUYDomR
GRFRPSRUWDPHQWRGDIXPDoDHPGLYHUVDVYHORFLGDGHVGHYHQWRSRGHVHFRQFOXLUVREUHD
QHFHVVLGDGHGHLQVWDODomRGHEORTXHLRVRXWDPEpPHOHPHQWRVFDQDOL]DGRUHVGHYHQWRSDUD
DHGLILFDomR

0HVDGJXD
(PERUDGLIHUHQWHHPPHFDQLVPRVDPHVDGiJXDpEDVWDQWHVHPHOKDQWHDRW~QHOGHYHQWR
FRPIXPDoD&RQVLVWHQXPDSDUDWRSRURQGHFLUFXODHVSXPDDWUDYpVGHXPDPDTXHWHHP
EDL[DYHORFLGDGHSHUPLWLQGRDDQiOLVHGDYHQWLODomRQDWXUDOHPHGLILFDo}HV2/DERUDWyULR
GH &RQIRUWR $PELHQWDO GD 8QLYHUVLGDGH )HGHUDO GH 6DQWD &DWDULQD /DEFRQ8)6&
GHVHQYROYHXXPDPHVDGiJXDKWWSZZZODEFRQXIVFEUHTXLSBGHVHQYBGDJXDSKS

5()(51&,$6
$1781(6%3RUXPDQRYDDWLWXGHLQ$UTXLWHWXUDH8UEDQLVPRDQR
Q~PHURMXQKRGH(GLWRUD3,1,6mR3DXORS
%,77(1&2857 / &kQGLGR & ,QWURGXomR j YHQWLODomR QDWXUDO ('8)$/
0DFHLyS
%52:1*='H.D\06ROYHQWRHOX]HVWUDWpJLDVSDUDRSURMHWRGH
(9$16 0 6FKLOOHU 6 'LVHQR %LRDPELHQWDO \ $UTXLWHFWXUD 6RODU
8QLYHUVLGDGGH%XHQRV$LUHV6HULH(GLFLRQHV3UHYLDVQ
+$:.(6 ' )RUVWHU : $UFKLWHFWXUH HQJLQHHULQJ DQG HQYLURQPHQW
/DZUHQFH.LQJ3XEOLVKLQJ/RQGRQ

/(&+1(5 1 +HDWLQJ FRROLQJ OLJKWLQJ GHVLJQ PHWKRGV IRU DUFKLWHFWV
QGHG-RKQ:LOH\ 6RQV86$
5,9(52 5 $UTXLWHWXUD H FOLPD ' & /X]]DWWR (GLWRUHV /WGD 3RUWR
$OHJUH
58'2)6.< % $UFKLWHFWXUH ZLWKRXW DUFKLWHFWV D VKRUW LQWURGXFWLRQ WR
QRQSHGLJUHHGDUFKLWHFWXUHWKLPSUHVLyQ$FDGHP\(GLWLRQV/RQGRQ
:$7621'/DEV.&OLPDWLFGHVLJQHQHUJ\HIILFLHQWEXLOGLQJSULQFLSOHV
DQGSUDFWLFHV0F*UDZ+LOO1HZ<RUN
<$11$6 6 'HVLJQ RI HGXFDWLRQDO EXLOGLQJV HOHPHQWV (QYLURQPHQW
(QHUJ\6WXGLHV3URJUDPPH$UFKLWHFWXUDO$VVRFLDWLRQ*UDGXDWH6FKRRO/RQGRQ


VXPiULR

35235,('$'(67e50,&$6'26(/(0(1726&2167587,926

)HFKDPHQWRV2SDFRVH7UDQVSDUHQWHV

)HFKDPHQWRV2SDFRV

)HFKDPHQWRV7UDQVSDUHQWHV

$EVRUWLYLGDGHUHIOHWLYLGDGHWUDQVPLVVLYLGDGHHHPLVVLYLGDGH

&RQGXWLYLGDGHWpUPLFD

5HVLVWrQFLDWpUPLFD

5HVLVWrQFLD7pUPLFD6XSHUILFLDO

5HVLVWrQFLDWpUPLFDGHFkPDUDVGHDU

7UDQVPLWkQFLDWpUPLFD

'HQVLGDGHGH)OX[RGH&DORU

7HPSHUDWXUD62/$5

)OX[RGH&DORU

&DSDFLGDGHWpUPLFD

)DWRU6RODU
5()(51&,$6

FDStWXOR35235,('$'(67e50,&$6'26(/(0(1726&2167587,926
&$378/2
35235,('$'(67e50,&$6'26(/(0(1726
&2167587,926
2V PDWHULDLV H HOHPHQWRV FRQVWUXWLYRV VH FRPSRUWDP WHUPLFDPHQWH HP IXQomR GH VXDV
SURSULHGDGHV WpUPLFDV 1HVWH FDStWXOR VHUmR GHVFULWDV DV SULQFLSDLV GHVWDV SURSULHGDGHV
DWUDYpV GH H[HPSORV SUiWLFRV $V HTXDo}HV H WDEHODV DTXL H[SRVWRV IRUDP EDVHDGDV QRV
GDGRVGLVSRQtYHLVQDQRUPD1%5$%17(VWDQRUPDH[HPSOLILFDRVFiOFXORV
GH UHVLVWrQFLD WpUPLFD GH PDWHULDLV KRPRJrQHRV H KHWHURJrQHRV FDSDFLGDGH WpUPLFD
WUDQVPLWkQFLDWpUPLFDIDWRUVRODUHDWUDVRWpUPLFR

)HFKDPHQWRV2SDFRVH7UDQVSDUHQWHV
6DEHQGR TXH D SDUFHOD GD UDGLDomR WUDQVPLWLGD SDUD R LQWHULRU p D SULQFLSDO IUDomR GRV
JDQKRV WpUPLFRV HP DPELHQWHV H DWXD GLUHWDPHQWH QDV FRQGLo}HV LQWHUQDV GH FRQIRUWR H
HQWHQGR RV FRQFHLWRV GH WUDQVPLVVmR GH FDORU H R FRPSRUWDPHQWR WpUPLFR GRV
IHFKDPHQWRV R DUTXLWHWR SRGH GLPHQVLRQDU H HVSHFLILFDU FRUUHWDPHQWH DV DEHUWXUDV H RV
PDWHULDLVDVHUHPHPSUHJDGRVQDREUD
$SyVRVSULQFtSLRVHVWXGDGRVDWpDTXLSRGHVHHVTXHPDWL]DURIXQGDPHQWDOHPWHUPRVGH
SURSULHGDGHV WpUPLFDV GRV HOHPHQWRV FRQVWUXWLYRV VHMDP HOHV IHFKDPHQWRV RSDFRV RX
WUDQVSDUHQWHV

)HFKDPHQWRV2SDFRV
(P XP IHFKDPHQWR RSDFR D WUDQVPLVVmR GH FDORU DFRQWHFH TXDQGR Ki XPD GLIHUHQoD GH
WHPSHUDWXUD HQWUH VXDV VXSHUItFLHV LQWHULRU H H[WHULRU 2 VHQWLGR GR IOX[R GH FDORU VHUi
VHPSUHGDVXSHUItFLHPDLVTXHQWHSDUDDPDLVIULD
6XSRQGR TXH D WHPSHUDWXUD GR DU H[WHUQR HVWi PDLV HOHYDGD TXH D GR DU LQWHUQR
RFRUUrQFLDEDVWDQWHIUHTXHQWHQRYHUmRDHOHYDomRGDWHPSHUDWXUDGDVXSHUItFLHH[WHUQD
GR IHFKDPHQWR LQGX] D XP GLIHUHQFLDO HQWUH HVWD H D WHPSHUDWXUD GD VXSHUItFLH LQWHUQD
TXHVHWUDGX]LUiQDWURFDGHFDORUHQWUHDVGXDV
0DWHULDLV FRPR D FRUWLoD R LVRSRU D Om GH YLGUR H R FRQFUHWR FHOXODU HQWUH RXWURV VmR
LVRODQWHV WpUPLFRV (VWHV PDWHULDLV SRVVXHP EDL[DV GHQVLGDGHV RX VHMD VmR EDVWDQWH
SRURVRV $ FDSDFLGDGH GH UHGX]LU D WUDQVIHUrQFLD GH FDORU VH Gi DR IDWR GH R DU SDUDGR
FRQWLGR QHVVHV SRURV WHU EDL[D FRQGXWLYLGDGH WpUPLFD 'D PHVPD IRUPD XPD FkPDUD
GHDUQRLQWHULRUGRIHFKDPHQWRSRGHUHGX]LURIOX[RGHFDORUDWUDYpVGHVWH
2XWUDFDUDFWHUtVWLFDLPSRUWDQWHGRVIHFKDPHQWRVpVXD,1e5&,$7e50,&$(PSULQFtSLRRV
IHFKDPHQWRVDEVRUYHPFDORUWDQWRGRH[WHULRUTXDQWRGRLQWHULRUGHSHQGHQGRGHRQGHR
DUWHPDPDLRUWHPSHUDWXUD$FRUGRPDWHULDOWDPEpPSRGHLQFUHPHQWDUVXDWHPSHUDWXUD
QDVXDVXSHUItFLHH[WHUQDTXDQGRHVWHHVWiH[SRVWRDRVRO
3DUWLFXODUDWHQomRGHYHVHUWRPDGDHPFREHUWXUDVHHPSDUHGHVRULHQWDGDVDRHVWHSRLVD
SUHVHQoDGRVROGLUHWRLQFLGHQWHQHVWDVVXSHUItFLHVQRVSHUtRGRVGRGLDFRPWHPSHUDWXUDV
GRDUPDLVDOWDVLQFUHPHQWDRIOX[RGHFDORUSDUDRLQWHULRU
$R FRQGX]LU R FDORU SDUD R RXWUR H[WUHPR R PDWHULDO UHWpP XPD SDUWH QR VHX LQWHULRU
FRQVHTXrQFLDGHVXDLQpUFLDWpUPLFD4XDQWRPDLRUDLQpUFLDWpUPLFDPDLRURFDORUUHWLGR
HHVWHSRGHVHUGHYROYLGRDRLQWHULRUTXDQGRIRUQHFHVViULR6XSRQGRXPDORFDOLGDGHRQGH
DVWHPSHUDWXUDVRVFLODPHQWUHYDORUHVDOWRVGXUDQWHRGLDHEDL[RVDQRLWHSRGHVHXWLOL]DU
DLQpUFLDWpUPLFDGRVIHFKDPHQWRVSDUDDFXPXODUFDORUGXUDQWHRGLDGRDUHGRVROUHWr
ORHPDLVWDUGHjQRLWHGHYROYrORDRLQWHULRU+DYHUiXPDGLPLQXLomRGDDPSOLWXGHGD

WHPSHUDWXUDLQWHUQDTXHRVFLODUiGHIRUPDDPRUWHFLGD2SLFRGDWHPSHUDWXUDDFRQWHFHUi
DOJXPDV KRUDV DSyV R IHFKDPHQWR HVWDU VXEPHWLGR DR SLFR GD WHPSHUDWXUD H[WHUQD TXH
FRQVWLWXL QR WHPSR GH UHWDUGR WpUPLFR $ )LJXUD p LOXVWUDWLYD GHVWD VLWXDomRRQGH VH
SHUFHEH RDPRUWHFLPHQWR H R UHWDUGRWpUPLFR QD WHPSHUDWXUD LQWHULRU HP FRPSDUDomR j
WHPSHUDWXUD H[WHULRU &RP LVWR R PLFURFOLPD LQWHUQR p EHP PDLVDPHQR TXH R FOLPD GR
H[WHULRU

)LJXUD,QpUFLDWpUPLFDDPRUWHFLPHQWRHUHWDUGR

)HFKDPHQWRV7UDQVSDUHQWHV
$V SULQFLSDLV WURFDV WpUPLFDV HP XPD HGLILFDomR DFRQWHFHP JHUDOPHQWH QHVWHV
IHFKDPHQWRV TXH FRPSUHHQGHP MDQHODV FODUDEyLDV H TXDOTXHU RXWUR HOHPHQWR
WUDQVSDUHQWHQDDUTXLWHWXUD
1RV IHFKDPHQWRV WUDQVSDUHQWHV
SRGHP RFRUUHU RV WUrV WLSRV EiVLFRV
GH WURFDV WpUPLFDV FRQGXomR
FRQYHFomR H UDGLDomR &RP UHODomR
jV GXDV SULPHLUDV R FRPSRUWDPHQWR
p VHPHOKDQWH DR GRV IHFKDPHQWRV
RSDFRV
DFUHVFHQWDQGR
DRV
WUDQVSDUHQWHV D SRVVLELOLGDGH GR
FRQWUROH GDV WURFDV GH DU HQWUH
LQWHULRU H H[WHULRU EDVLFDPHQWH DR
DEULORV RX IHFKiORV $ UDGLDomR p
TXH VH WRUQD R SULQFLSDO IDWRU QHVWH
SURFHVVR GHYLGR j VXD SDUFHOD
GLUHWDPHQWH WUDQVPLWLGD SDUD R
LQWHULRULQH[LVWHQWHQRVIHFKDPHQWRV
RSDFRV
TXH
GHSHQGH
GD
WUDQVPLVVLYLGDGHGRYLGUR
2 SULQFLSDO SUREOHPD HP XP

IHFKDPHQWR WUDQVSDUHQWH p FRQWURODU
DV SDUFHODV WUDQVPLWLGD GLUHWDPHQWH )LJXUD 5DGLDomRWUDQVPLWLGDDEVRUYLGDHUHIOHWLGD
H DEVRUYLGD H UHHPLWLGD SDUD R SHORYLGUR
LQWHULRU)LJXUD

FDStWXOR35235,('$'(67e50,&$6'26(/(0(1726&2167587,926
1RSURMHWRDUTXLWHW{QLFRDVSULQFLSDLVYDULiYHLVTXHSRGHPDOWHUDURDSRUWHGHFDORUSHOD
DEHUWXUDVmR.RHQLJVEHUJHUHRXWURV
2ULHQWDomR H WDPDQKR GD

DEHUWXUD
7LSRGHYLGUR
8VRGHSURWHo}HVVRODUHVLQWHUQDV
HH[WHUQDV

)LJXUD9DULiYHLVGDDEHUWXUD

2ULHQWDomRH7DPDQKR
$RULHQWDomRHRWDPDQKRGDDEHUWXUDLUmRGHWHUPLQDUVXDH[SRVLomRDRVRO4XDQWRPDLRU
XPD DEHUWXUD PDLRU D TXDQWLGDGH GH FDORU TXH SRGH HQWUDU RX VDLU GR DPELHQWH 2XWUR
IDWRU LPSRUWDQWH QR GLPHQVLRQDPHQWR p D OX] QDWXUDO 'HYHVH SHQVDU R FDORU H D OX] GH
IRUPD LQWHJUDGD $ RULHQWDomR GD IDFKDGD SRU H[HPSOR SRGH H[SRU DEHUWXUDV GH
GLPHQV}HVLGrQWLFDVDTXDQWLGDGHVGLVWLQWDVGHFDORUVRODUHLOXPLQDomR$WUDMHWyULDGRVRO
QD DEyEDGD FHOHVWH p GLIHUHQWH SDUD FDGD RULHQWDomR H SDUD FDGD ODWLWXGH 2 TXH
QRUPDOPHQWH VH ID] p REWHU RV YDORUHV GH UDGLDomR VRODU SDUD D DEHUWXUD HP TXHVWmR
GLUHWDPHQWH GH WDEHODV FRP YDORUHV SDUD FpX FODUR UHSUHVHQWDWLYRV GRV YDORUHV Pi[LPRV
GHUDGLDomRVRODUSDUDRORFDO)URWDH6FKLIIHU'HIRUPDPDLVFRPSOHWDHSUHFLVD
SRGHVH XWLOL]DU YDORUHV GH UDGLDomR KRUiULRV FRPR RV H[LVWHQWHV QR $QR &OLPiWLFR GH
5HIHUrQFLD75<SDUDDORFDOLGDGH*RXODUWHRXWURV
3RGHVH WHU XPD LGpLD YLVXDO VREUH D
LQVRODomRGHXPDIDFKDGDDSDUWLUGDFDUWD
VRODU$QDOLVDQGRDDOWXUDHRD]LPXWHVRODU
SRGHVH VDEHU TXDQGR R VRO HVWi LQFLGLQGR
RX QmR GLUHWDPHQWH HP XPD IDFKDGD
7DPEpP VH SRGH VDEHU TXDO R kQJXOR GH
LQFLGrQFLD GD UDGLDomR VRODU TXH LQWHUIHUH
QDTXDQWLGDGHGHFDORUHGHOX]VRODUGLUHWD
TXH HQWUDP SHOD DEHUWXUD 1D )LJXUD
WHPVH XP H[HPSOR SDUD D FDUWD VRODU GH
)ORULDQySROLV
IHLWD
SRU
SURMHomR
HVWHUHRJUiILFDODWLWXGH 6XO
2 TXDUWR FDStWXOR GHVWH OLYUR LQWLWXODGR
*HRPHWULD 6RODU H[S}H GH PDQHLUD
REMHWLYD H VLPSOHV RV SULQFLSDLV FRQFHLWRV
HQYROYLGRVQHVVHDVVXQWR
)LJXUD&DUWD6RODUSDUD)ORULDQySROLVkQJXOR
GHLQFLGrQFLDHKRUDVGHVRO

/(67(6ROWRGDVDVPDQKmVHPWRGDVDVHVWDo}HV
2(67(6ROWRGDVDVWDUGHVHPWRGDVDVHVWDo}HV
1257(6ROPDLVEDL[RGXUDQWHWRGRRGLDQRLQYHUQRHHPERDSDUWHGDSULPDYHUDH
RXWRQR6ROPDLVDOWRQRYHUmRTXHLQFLGHSRXFDVKRUDVGRGLD
68/ 6RO LQH[LVWHQWH QR LQYHUQR 6RO SRXFR SUHVHQWH QR RXWRQR H QD SULPDYHUD QR
LQtFLRHILQDOGRGLD6ROPDLVSUHVHQWHQRYHUmRQRLQtFLRHILQDOGRGLDGHVDSDUHFHQGR
SRUYROWDGRPHLRGLDSDUDDIDFKDGD

7LSRGH9LGUR
9iULRVSURSyVLWRVSRGHPVHUYLUGHDUJXPHQWRQDHVFROKDGRWLSRGHYLGURDVHUXWLOL]DGRHP
XPDDEHUWXUD(QWUHHOHVHVWiRFRQWUROHGDUDGLDomRVRODUTXHSRGHVHUUHVXPLGRHP
DGPLWLURXEORTXHDUDOX]QDWXUDO
DGPLWLURXEORTXHDURFDORUVRODU
SHUPLWLURXEORTXHDUDVSHUGDVGHFDORUGRLQWHULRU
SHUPLWLURFRQWDWRYLVXDOHQWUHLQWHULRUHH[WHULRU
2VYLGURVWrPJHUDOPHQWHDOWDWUDQVPLWkQFLDWpUPLFD8RXVHMDVmRERQVFRQGXWRUHVGH
FDORU(QWUHWDQWRVmRRV~QLFRVPDWHULDLVGHFRQVWUXomRFRPFDSDFLGDGHSDUDFRQWURODUGH
IRUPDUDFLRQDODUDGLDomRVRODUOX]HFDORU
$ UDGLDomR VRODU LQFLGHQWH HP XP IHFKDPHQWR WUDQVSDUHQWH SRGH VHU DEVRUYLGD UHIOHWLGD
RXWUDQVPLWLGDSDUDRLQWHULRUGHSHQGHQGRGDDEVRUWLYLGDGH)LJXUDUHIOHWLYLGDGH
)LJXUDHWUDQVPLVVLYLGDGH)LJXUDGRYLGURUHVSHFWLYDPHQWH
$ SDUFHOD DEVRUYLGD VH
FRQYHUWHHPFDORUQRLQWHULRU
GRYLGURHSRGHVHUUHHPLWLGD
WDQWR SDUD R H[WHULRU TXDQWR
SDUD R LQWHULRU QD IRUPD GH
UDGLDomRGHRQGDORQJD
4XDQWR PDLRU IRU R kQJXOR

GH LQFLGrQFLD GD UDGLDomR
VRODU PDLRU WHQGHUi D VHU D
SDUFHODUHIOHWLGDSHORYLGUR

)LJXUD9LGUR;SDUFHOD
DEVRUYLGDGDUDGLDomRVRODU

)LJXUD9LGUR;SDUFHOD
UHIOHWLGDGDUDGLDomRVRODU
8PDSDUWHGDUDGLDomRVRODU
p WUDQVPLWLGD GLUHWDPHQWH
SDUD R LQWHULRU SHOD
WUDQVSDUrQFLDGRYLGUR

)LJXUD9LGUR;SDUFHOD
WUDQVPLWLGDGDUDGLDomRVRODU
([LVWHPYLGURVGRVPDLVGLIHUHQWHVWLSRVTXHSRVVXHPFDSDFLGDGHVGLVWLQWDVHPDEVRUYHU
UHIOHWLURXWUDQVPLWLUDUDGLDomRVRODU,VWRGHSHQGHGDVFDUDFWHUtVWLFDVyWLFDVGRPDWHULDO
H TXH YDULDP FRP R FRPSULPHQWR GH RQGD GD UDGLDomR H FRP R kQJXOR GH
LQFLGrQFLD $OJXQV UHVXOWDGRV GH PHGLo}HV SDUD YLGURV QDFLRQDLV VmR DSUHVHQWDGRV SRU
/DEDNLH&DUDP

FDStWXOR35235,('$'(67e50,&$6'26(/(0(1726&2167587,926
1RHVSHFWURVRODU)LJXUDKiGXDVUHJL}HVGHSDUWLFXODULPSRUWkQFLDSDUDRHVWXGRGR
FRPSRUWDPHQWRGRVIHFKDPHQWRVWUDQVSDUHQWHVDUHJLmRGHRQGDFXUWD2&HDGHRQGD
ORQJD2/$VRQGDVFXUWDVVHVXEGLYLGHPHPYLVtYHLVDPHLQIUDYHUPHOKDV
DPHDVRQGDVORQJDVVmRUDGLDo}HVLQIUDYHUPHOKDVHPLWLGDVSRUFRUSRVDTXHFLGRV
>P%DNHUHRXWURV

)LJXUD(VSHFWURVRODU
2V HOHPHQWRV WUDQVSDUHQWHV HVWmR VHQGR FDGD YH] PDLV HPSUHJDGRV HP IDFKDGDV H HP
FREHUWXUDV SRLV R FRQWDWR YLVXDO FRP R H[WHULRU D OX] QDWXUDO H R FDORU GR VRO VmR EHP
YLQGRV HP ERD SDUWH GR WHPSR HP TXH DV SHVVRDV H[HUFHP VXDV DWLYLGDGHV GLiULDV QR
HVSDoRLQWHULRU(PDOJXQVPRPHQWRVHQWUHWDQWRDWUDQVSDUrQFLDpGHVQHFHVViULDRXDWp
LQGHVHMiYHOSRLVSRGHSURYRFDURVXSHUDTXHFLPHQWRGRDPELHQWHLQWHUQRHPSHUtRGRVGH
PDLRUFDORUHVROSUHVHQWHRXPHVPRRUHVIULDPHQWRGHPDVLDGRHPSHUtRGRVPDLVIULRV
$VWURFDVGHFDORUHQWUHRDPELHQWHLQWHUQRHRH[WHUQRDFRQWHFHPGHIRUPDPDLVLQWHQVD
H UiSLGD DWUDYpV GRV IHFKDPHQWRV WUDQVSDUHQWHV 4XDQGR R YLGUR XWLOL]DGR p R VLPSOHV D
PDLRU SDUFHOD GR FDORU TXH SHQHWUD QR DPELHQWH TXDQGR R VRO LQFLGH QD DEHUWXUD p D
GLUHWDTXHGHSHQGHGDDOWDWUDQVPLVVLYLGDGHGHVWHWLSRGHYLGUR3DUDFRQWRUQDUHVVH
SUREOHPD XP YLGUR GH WUDQVPLVVLYLGDGH PDLV EDL[D GHYHULD VHU XWLOL]DGR SRUpP YLGURV
DVVLP JHUDOPHQWH WUD]HP R LQFRQYHQLHQWH GH EORTXHDUHP ERD SDUWH GD OX] QDWXUDO
GHL[DQGRRDPELHQWHLQWHULRUHVFXURHLQGX]LQGRRSURMHWLVWDDVXSHUGLPHQVLRQDUDiUHDGH
DEHUWXUD
2VYLGURVGLVSRQtYHLVKRMHQRPHUFDGRSRGHPVHUFODVVLILFDGRVVHJXQGRVHXWLSRHP
YLGURVLPSOHVWUDQVSDUHQWH
YLGURYHUGH
SHOtFXODVHYLGURVDEVRUYHQWHVIXPr
SHOtFXODVHYLGURVUHIOH[LYRV
YLGURVVHULJUDIDGRV
SROLFDUERQDWRV
YLGURV HVSHFWUDOPHQWH VHOHWLYRV GH EDL[D HPLVVLYLGDGH WLSR ORZH H HVSHFWUDOPHQWH
VHOHWLYRVFRPFRQWUROHVRODU
YLGURV HVSHFLDLV GH FULVWDO OtTXLGR SROLFU{PLFURV HOHWURFU{PLFRV H GH SDUWtFXODV
VXVSHQVDV
YLGURVLQVXODGRV
DEHUWXUDVFRPP~OWLSODVFDPDGDVGHYLGURYLGURVGXSORVHWULSORV

$VHJXLUXPDGHVFULomRGHFDGDXPGHVWHVWLSRV
9LGUR6LPSOHVWUDQVSDUHQWH
2VYLGURVVLPSOHVVmRRVGHHPSUHJRPDLVFRPXPQDVHGLILFDo}HVQR%UDVLOHPYLUWXGHGH
VHX EDL[R FXVWR H GLVSRQLELOLGDGH QR PHUFDGR (QWUHWDQWR VmR DOWDPHQWH WUDQVSDUHQWHV D
RQGDVFXUWDVHDEVRUYHQWHVDRQGDVORQJDV,VWRVHWUDGX]HPERDYLVLELOLGDGHSRUpPDOWD
WUDQVPLVVLYLGDGHGRFDORUVRODUSDUDRLQWHULRU7DPEpPVmRSRXFRUHIOH[LYRVHPDPEDVDV
UHJL}HV GR HVSHFWUR RQGDV FXUWDV H ORQJDV $ DOWD DEVRUWLYLGDGH j RQGD ORQJD FDXVD R
IHQ{PHQR FRQKHFLGR SRU HIHLWR HVWXID (P RXWUDV SDODYUDV XPD YH] WUDQVPLWLGR SDUD
GHQWUR R FDORU HQFRQWUD GLILFXOGDGHV HP VDLU SHOR YLGUR VHQGR HQWmR DFXPXODGR QR
DPELHQWHLQWHULRU$)LJXUDVLQWHWL]DRFRPSRUWDPHQWRGRYLGURVLPSOHVIUHQWHjOX]jV
RQGDV FXUWDV H jV RQGDV ORQJDV (VWH WLSR GH JUiILFR FRPSDUDWLYR LOXVWUDUi FDGD WLSR GH
YLGURDVHJXLUSRGHQGRVHUYLUGHEDVHSDUDDHVFROKDHQWUHXPDRXRXWUDRSomR

)LJXUD&RPSRUWDPHQWRGRYLGURVLPSOHVj2&2/HOX]YLVtYHO
9LGUR9HUGH
(VWHYLGURpWDPEpPFRQKHFLGRFRPRDEVRUYHQWHeOHYHPHQWHSLJPHQWDGRSDUDGLPLQXLUD
WUDQVPLVVmRGDRQGDFXUWDFRPVRPHQWHXPSHTXHQRDXPHQWRQDDEVRUomRGDSDUWHYLVtYHO
)LJXUD

)LJXUD&RPSRUWDPHQWRGRYLGURYHUGHj2&2/HOX]YLVtYHO
3HOtFXODVH9LGURV$EVRUYHQWHV)XPr
2 REMHWLYR GR YLGUR RX GD SHOtFXOD DEVRUYHQWH p GLPLQXLU D WUDQVPLVVmR GD RQGD FXUWD
&RQWXGRLVWRpIHLWRFRPRDXPHQWRGDDEVRUomRQHVVHFRPSULPHQWRGHRQGDTXHGLPLQXL

FDStWXOR35235,('$'(67e50,&$6'26(/(0(1726&2167587,926
EDVWDQWH D WUDQVPLVVLYLGDGH YLVtYHO YLVLELOLGDGH (VWD VROXomR SRGH LPSOLFDU HP JDVWRV
GHVQHFHVViULRV GH HQHUJLD SDUD LOXPLQDomR DUWLILFLDO &RPR R YLGUR VLPSOHV HVWH WLSR GH
PDWHULDO SHOtFXOD RX YLGUR p WDPEpP DOWDPHQWH DEVRUYHQWH j UDGLDomR GH RQGD ORQJD H
SRXFRUHIOH[LYRWDQWRjRQGDORQJDTXDQWRjRQGDFXUWD)LJXUD

)LJXUD&RPSRUWDPHQWRGDVSHOtFXODVHYLGURVDEVRUYHQWHVj2&2/HOX]YLVtYHO
3HOtFXODVH9LGURV5HIOH[LYRV
$V SHOtFXODV UHIOH[LYDV VmR FRPSRVWDV SRU XPD FDPDGD PHWiOLFD HP XP VXEVWUDWR
WUDQVSDUHQWH SURGX]LQGR DSDUrQFLD GH HVSHOKR 2V YLGURV UHIOH[LYRV Mi YrP FRP XPD
HVSpFLH GH SHOtFXOD UHIOH[LYD LQFRUSRUDGD QD VXD FRQVWLWXLomR ([LVWHP SHOtFXODV PDLV
UHIOH[LYDVjRQGDORQJDRXWUDVPDLVUHIOH[LYDVjRQGDFXUWDHWDPEpPSHOtFXODVUHIOH[LYDV
HPDPERVRVHVSHFWURV3RGHVHGL]HUTXHDVSHOtFXODVUHIOH[LYDVjRQGDFXUWDUHGX]HPR
LQJUHVVRGHFDORUDRLQWHULRUHTXHDVUHIOH[LYDVjRQGDORQJDUHGX]HPDVSHUGDVGHFDORU
SDUDRH[WHULRU(VWHWLSRGHSHOtFXODRXYLGURWDPEpPWHPUHGXo}HVQDVXDFDSDFLGDGHGH
WUDQVPLWLUDUDGLDomRYLVtYHO

)LJXUD&RPSRUWDPHQWRGDVSHOtFXODVHYLGURVUHIOH[LYRVj2&2/HOX]YLVtYHO
9LGURV6HULJUDIDGRV
2V YLGURV VHULJUDIDGRV FRQVWLWXHP RXWUD RSomR GH VRPEUHDPHQWR HP DEHUWXUDV SRLV WrP
VXDWUDQVSDUrQFLDDOWHUDGDSHORVGHVHQKRVRXFRUHVWUDQVIHULGRVjVXDVXSHUItFLHTXHSDVVD

GHSRLV SHOD WrPSHUD SDUD LQFRUSRUiORV j VXD VXSHUItFLH 7DPEpP p SRVVtYHO DVVRFLDU XP
YLGURVHULJUDIDGRDXPUHIOH[LYRSDUDPD[LPL]DUREORTXHLRGDUDGLDomRVRODULQFLGHQWH
3ROLFDUERQDWRV
$WXDOPHQWHDOJXQVPDWHULDLVSOiVWLFRVFRPRRSROLFDUERQDWRHRDFUtOLFRFRPHoDPDHQWUDU
QRPHUFDGRGRVIHFKDPHQWRVWUDQVSDUHQWHV6HJXQGR&DUDPRSROLFDUERQDWRpWmR
RSDFRjUDGLDomRGHRQGDORQJDFDXVDGRUDGRHIHLWRHVWXIDHPDPELHQWHVTXDQWRRYLGUR
$OJXPDV YDQWDJHQV GHVWH PDWHULDO HP UHODomR DR YLGUR VmR VXD PDOHDELOLGDGH VXD
UHVLVWrQFLD D FKRTXHV PHQRU SHVR H PDLRU UHVLVWrQFLD WpUPLFD TXH VH WUDGX] QXP PDLRU
LVRODPHQWR WpUPLFR GR DPELHQWH HP SHUtRGRV IULRV TXDQGR DV SHUGDV GH FDORU VmR
LQGHVHMiYHLV $V SULQFLSDLV GHVYDQWDJHQV GR SROLFDUERQDWR VmR D FRU DPDUHODGD TXH HVVH
PDWHULDO DGTXLUH DSyV DOJXQV DQRV GH H[SRVLomR DR VRO R TXH WRUQD R SROLFDUERQDWR
WUDQVO~FLGRHVXDDOWDWUDQVPLVVLYLGDGHjUDGLDomRVRODULQIUDYHUPHOKDTXHLQFUHPHQWDRV
JDQKRVWpUPLFRVVRODUHVHRHIHLWRHVWXID
9LGURV(VSHFWUDOPHQWH6HOHWLYRV
2VYLGURVHVSHFWUDOPHQWHVHOHWLYRVSRGHPSHUPLWLUTXHDOX]QDWXUDOSHQHWUHQRUPDOPHQWH
QRDPELHQWHLQWHUQREORTXHDQGRVLPXOWDQHDPHQWHDPDLRUSDUWHGRVJDQKRVGHFDORUVRODU
QRYHUmRRXSUHYHQLQGRDVSHUGDVGHFDORUQRLQYHUQR&RPLVVRHVVHWLSRGHYLGURSHUPLWH
DR XVXiULRUHGX]LU VHX FRQVXPR GH HQHUJLD SDUD LOXPLQDomR DUWLILFLDO H SDUD UHVIULDPHQWR
RX PHVPR DTXHFLPHQWR WRUQDQGRVH XPD DOWHUQDWLYD LPSRUWDQWH SDUD D HILFLrQFLD
HQHUJpWLFDGDHGLILFDomR&RPYLGURVHVSHFWUDOPHQWHVHOHWLYRVSRGHPVHWHUQDVIDFKDGDV
PDLV iUHDV HQYLGUDoDGDVSDUD FRQWDWR YLVXDO FRP R H[WHULRU TXH WUD]HP PDLV OX] QDWXUDO
SDUDRLQWHULRUVHP RV LQFRQYHQLHQWHVGRVJDQKRVGHFDORUVRODUQRVSHUtRGRVTXHQWHVGR
DQR(VWHVYLGURVSRGHPVHUGHEDL[DHPLVVLYLGDGHWDPEpPFRQKHFLGRVFRPRYLGURVORZH
YLGURVHVSHFWUDOPHQWHVHOHWLYRVFRPFRQWUROHVRODU
9LGURVGH%DL[D(PLVVLYLGDGHORZH
2VYLGURVGHEDL[DHPLVVLYLGDGHWDPEpPFRQKHFLGRVFRPRORZHORZHPLVVLYLW\VmRPDLV

HILFLHQWHV TXH RV UHIOH[LYRV FRPXQV SRLV SHUPLWHP TXH D UDGLDomR VRODU YLVtYHO HQWUH QR
DPELHQWHPDVEORTXHLDPDUDGLDomRGHRQGDORQJDDGYLQGDVGHREMHWRVQRH[WHULRUFRPR
RXWURV HGLItFLRV H PXURV 2V YLGURV ORZH WDPEpP EORTXHLDP D SDVVDJHP GD UDGLDomR GH
RQGDORQJDSURYHQLHQWHGRVPyYHLVHVXSHUItFLHVDTXHFLGDVQRDPELHQWHLQWHULRUHYLWDQGR
SHUGDVGHFDORUQRVSHUtRGRVPDLVIULRV(VVHWLSRGHYLGURpIHLWRFRPXPDILQDFDPDGDGH
y[LGRPHWiOLFRTXHSRGHFRQVWLWXLUVXDPDVVDSHORSURFHVVRGHSLUyOLVHSURFHVVRFRQKHFLGR
FRPRRQOLQHRXVHUPDJQHWLFDPHQWHDGLFLRQDGDDXPDGDVVXSHUItFLHVGRYLGURFRPRXPD
ILQD SHOtFXOD SURFHVVR FRQKHFLGR FRPR RIIOLQH 2 YLGUR ORZH p JHUDOPHQWH XWLOL]DGR
HP SDQRV GH YLGUR GXSOR 6H D FDPDGD PHWiOLFD GH EDL[D HPLVVLYLGDGH IRU SUHVHQWH QR
SDQRGHYLGURH[WHUQRUHGX]DRQGDORQJDTXHUHSUHVHQWDSHUGDVGHFDORUSDUDRH[WHULRU
6HHVVDFDPDGDIRUSUHVHQWHQRSDQRGHYLGURLQWHUQRHPLWHDRQGDORQJDGHYROWDSDUDR
H[WHULRU $V FDPDGDV ORZH SRGHP UHGX]LU D WUDQVIHUrQFLD GH FDORUSRU UDGLDomR GH RQGD
ORQJDGHDYH]HV
9LGURV(VSHFWUDOPHQWH6HOHWLYRVFRP&RQWUROH6RODU
2VYLGURVHVSHFWUDOPHQWHVHOHWLYRVFRPFRQWUROHVRODUVmRVLPLODUHVDRYLGURORZHSRUpP
WrPSURSULHGDGHVyWLFDVTXHYDULDPDRORQJRGHWRGRRHVSHFWURVRODUFRQIRUPHVHTXHLUD
FRQWURODUDWUDQVPLVVmRGRFDORUVRODUHGDOX]YLVtYHO(VVHVYLGURVWUDQVPLWHPXPDJUDQGH
SDUFHODGDOX]VRODUYLVtYHOPDVVRPEUHLDPDWpGDUDGLDomRLQIUDYHUPHOKD,VVRUHGX]
RVJDQKRVGHFDORUVRODUUHGX]LQGRFRQVHTXHQWHPHQWHDQHFHVVLGDGHGHUHVIULDPHQWRQRV
DPELHQWHV LQWHULRUHV 2V YLGURV HVSHFWUDOPHQWH VHOHWLYRV GHYHP VHU LQVWDODGRV
QRUPDOPHQWH QR SDQR GH YLGUR H[WHUQR HP MDQHODV FRP YLGURV GXSORV GH IRUPD D HPLWLU
SDUD IRUD TXDOTXHU UDGLDomR VRODU DEVRUYLGD 3RGHP VHU HPSUHJDGRV MXQWDPHQWH FRP
SHOtFXODVORZHSDUDPHOKRUDURGHVHPSHQKRWpUPLFRGRVLVWHPDGHDEHUWXUDQRLQYHUQR

FDStWXOR35235,('$'(67e50,&$6'26(/(0(1726&2167587,926
8PD PDQHLUD GH FRPSDUDU RV EHQHItFLRV GHVWH WLSR GH YLGUR HP UHODomR DRV RXWURV p D
UD]mR HQWUH JDQKR GH OX] H JDQKR VRODU GR YLGUR OLJKW WR VRODU UDWLR /65 2 /65 p
VLPSOHVPHQWHDGLYLVmRHQWUHDWUDQVPLVVmRYLVtYHOGRYLGURSHORVHXFRHILFLHQWHGHJDQKR
GH FDORU VRODU 9DORUHV DWp VmR SRVVtYHLV 8P YLGUR VLPSOHV SRVVXL XP /65 GH
DSUR[LPDGDPHQWHHXPHVSHFWUDOPHQWHVHOHWLYRSRGHFKHJDUD
-DQHODVRULHQWDGDVSDUDRQRUWHGHYHPWHUXPDOWRFRHILFLHQWHGHJDQKRGHFDORUVRODUVHR
DTXHFLPHQWR VRODU SDVVLYR p GHVHMDGR QR LQYHUQR PDV GHYHP LQFOXLU SURWHo}HV VRODUHV
HILFLHQWHVSDUDRVROGRYHUmR6HRVJDQKRVGHFDORUVRODUIRUHPSUREOHPDQRYHUmRRTXH
DFRQWHFHQDPDLRUSDUWHGR%UDVLOXPEDL[RFRHILFLHQWHGHJDQKRGHFDORUVRODUGHYHVHU
HVSHFLILFDGRSDUDRVYLGURVHPFRPELQDomRDEDL[DVWUDQVPLWkQFLDVWpUPLFDVSDUDSUHYHQLU
SHUGDVGHFDORUQRLQYHUQR
(PMDQHODVRULHQWDGDVSDUDOHVWHHRHVWHHHPHGLItFLRVFRPDOWRVJDQKRVGHFDORULQWHUQRV
DGYLQGRV GH HTXLSDPHQWRV LOXPLQDomR DUWLILFLDO H GR FDORU PHWDEyOLFR GRV XVXiULRV RV
YLGURVGHYHPWHUEDL[RVFRHILFLHQWHVGHJDQKRGHFDORUVRODU
1D)LJXUDDGDSWDGDGH/HFKQHUD&859$UHSUHVHQWDXPYLGURFODURQRUPDO
$ &859$ UHSUHVHQWD XP YLGUR ORZH FRP DOWD WUDQVPLVVmR GH OX] ~WLO SDUD TXDQGR VH
TXHUFDORUQRLQYHUQR
$&859$UHSUHVHQWDXPYLGURHVSHFWUDOPHQWHVHOHWLYRGHDOWDWUDQVPLVVmRGHOX]LGHDO
SDUDTXDQGRVHTXHUDOX]QDWXUDOVHPJDQKRVGHFDORU
$&859$UHSUHVHQWDXPYLGURHVSHFWUDOPHQWHVHOHWLYRGHEDL[DWUDQVPLVVmRGHOX]SDUD
DVIDFKDGDVOHVWHHRHVWHTXDQGRVHPSURWHomRVRODUDGHTXDGD

)LJXUD7UDQVPLVVmRGHOX]RQGDVFXUWDVHRQGDVORQJDVHPYLGURVHVSHFWUDOPHQWHVHOHWLYRV

9LGURV(VSHFLDLV
$WXDOPHQWH H[LVWHP DOJXQV YLGURV HVSHFLDLV TXH SHUPLWHP R FRQWUROH IOH[tYHO GDOX] H GR
FDORU(PERUDQmRVHMDPLQWHOLJHQWHVHVWHVYLGURVSRGHPVHUXWLOL]DGRVFRPLQWHOLJrQFLD
QR SURMHWR SRLV ID]HP SDUWH GR HOHQFR GH HTXLSDPHQWRV UHODFLRQDGRV j DXWRPDomR QDV
HGLILFDo}HV FRQFHLWR JHUDOPHQWH FRQIXQGLGR FRP LQWHOLJrQFLD (VVHV YLGURV VmR GH
TXDWUR WLSRV YLGUR GH FULVWDO OtTXLGR YLGUR SROLFU{PLFR YLGUR HOHWURFU{PLFR H YLGUR GH
SDUWtFXODVVXVSHQVDV
9LGURVGH&ULVWDO/tTXLGR
2V YLGURV GH FULVWDO OtTXLGR FRQVLVWHP HP GXDV FDPDGDV GH YLGUR TXH WrP FRPR UHFKHLR
XPD SHOtFXOD GH FULVWDO OtTXLGR TXH SRGH WHU VXDV SURSULHGDGHV yWLFDV DOWHUDGDV FRP D
SDVVDJHP GH FRUUHQWH HOpWULFD (P UHSRXVR HVWH YLGUR DSUHVHQWD DSDUrQFLD OHLWRVD PDV
TXDQGR OLJDGR WRUQDVH FRPSOHWDPHQWH WUDQVSDUHQWH &RPR H[LJH FHUWR FRQVXPR GH
HQHUJLD SDUD PDQWHU VXD WUDQVSDUrQFLD RV YLGURV GH FULVWDO OtTXLGR VRPHQWH VmR XVDGRV
FRPRGLYLVyULDVLQWHUQDV
9LGURV3ROLFU{PLFURVRX)RWRFU{PLFRV
2V YLGURV SROLFU{PLFRV RX IRWRFU{PLFRV HVFXUHFHP FRQIRUPH D OX] LQFLGHQWH (VWD
WHFQRORJLD Mi p GLVSRQtYHO HP OHQWHV yWLFDV GHVGH D GpFDGD GH SRUpP FKHJRX PDLV
UHFHQWHPHQWHHPYLGURVSDUDMDQHODV$JUDQGHYDQWDJHPGHVWHWLSRGHYLGURpRFRQWUROH
DXWRPiWLFR GD UDGLDomR VRODU GLPLQXLQGR D QHFHVVLGDGH GH VRPEUHDPHQWR QRV KRUiULRV
PDLVFUtWLFRV8PDGHVYDQWDJHPGHVWHVLVWHPDpTXHQRYHUmRRHVFXUHFLPHQWRDXWRPiWLFR
GRVYLGURVSRGHVHUXPEHQHItFLRSRUpPQRLQYHUQRSRGHVHUXPSUREOHPDTXDQGRRFDORU
LQFLGHQWHpQHFHVViULR2XWUDGHVYDQWDJHPpTXHRHVFXUHFLPHQWRGRYLGURSRGHVLJQLILFDU
EORTXHLRSDUFLDOGRFRQWDWRYLVXDOFRPRH[WHULRU
9LGUR(OHWURFU{PLFR
2V YLGURV HOHWURFU{PLFRV WDPEpP FKDPDGRV GH (&' HOHFWURFKURPLF GHYLFH SRGHP WHU
VXD FRU DOWHUDGD FRP D SDVVDJHP GH FRUUHQWH HOpWULFD GH EDL[D WHQVmR SRU XPD XOWUDILQD
SHOtFXOD QD VXD VXSHUItFLH (VWD FRUUHQWH SRGH VHU DOWHUDGD PDQXDOPHQWH FRPR XPD
DQDORJLDDRGLPPHUXVDGRSDUDFRQWUROHGDOX]DUWLILFLDORXSRUVHQVRUHVGHOX]WRUQDQGR
R (&' PDLV XP HOHPHQWR LPSRUWDQWH QR FRQFHLWR GH DXWRPDomR HP DUTXLWHWXUD $
YDQWDJHP GHVVH WLSR GH YLGUR p TXH TXDQGR D FRUUHQWH HOpWULFD FHVVD HOH SHUPDQHFH QR
PHVPRHVWDGRGHWUDQVSDUrQFLDHPTXHHVWDYD
9LGURVGH3DUWtFXODV6XVSHQVDV
(VWHV YLGURV WDPEpP FRQKHFLGRV FRPR 63' VXVSHQGHGSDUWLFOH GHYLFHV WrP

IXQFLRQDPHQWR EDVWDQWH VLPLODU DR (&' SRGHQGR VHU XWLOL]DGR SDUD FRQWURODU
JUDGDWLYDPHQWH D OX] QDWXUDO GH IRUPD VHPHOKDQWH D XP GLPPHU UHGX]LQGR LQFOXVLYH
JDVWRV FRP LQVWDODo}HV GH FRUWLQDV SHUVLDQDV H RXWURV HOHPHQWRV GR JrQHUR 6HXSUHoR p
UHODWLYDPHQWHEDL[RQRPHUFDGRLQWHUQDFLRQDOFXVWDQGRHPWRUQRGHXPDTXDWURGyODUHV
SRU PHWUR TXDGUDGR GH iUHD HQYLGUDoDGD 7HFQRORJLFDPHQWH R YLGUR 63' p GLIHUHQWH GR
(&' FRQVLVWLQGR GH SDUWtFXODV PLFURVFySLFDV DEVRUYHQWHV GH OX] VXVSHQVDV HP XP IOXtGR
TXH SRGH VHU LQVWDODGR HP XP ILOPH SUHVR HQWUH GXDV FDPDGDV GH PDWHULDO SOiVWLFR
WUDQVSDUHQWH 4XDQGR XPD FRUUHQWH HOpWULFD DWUDYHVVD HVVD VXVSHQVmR DV SDUWtFXODV VH
DOLQKDPFRPRFDPSRPDJQpWLFRJHUDGRGHL[DQGRDOX]DWUDYHVVDURYLGUR(PUHSRXVRDV
SDUWtFXODV ILFDP GHVDOLQKDGDV DEVRUYHQGR D PDLRU SDUWH GD OX] LQFLGHQWH QR YLGUR 2V
YLGURV 63' SRGHP FRQWURODU D OX] HP GLYHUVRV HVWDGRV GH WUDQVSDUrQFLD H RSDFLGDGH
GHSHQGHQGRGDFRUUHQWHHOpWULFDDSOLFDGDQRVLVWHPD$SHVDUGHSUHFLVDUFRQVWDQWHPHQWH
GDFRUUHQWHHOpWULFDSDUDVHWRUQDUWRWDOPHQWHWUDQVSDUHQWHR63'pYDQWDMRVRHPWHUPRV
GHTXDOLGDGHGHWUDQVSDUrQFLDHHPYLGD~WLO

FDStWXOR35235,('$'(67e50,&$6'26(/(0(1726&2167587,926
9LGURV,QVXODGRV
2V YLGURV GLWRV LQVXODGRV FRQVLVWHP HP GRLV RX PDLV SDQRV GH YLGUR TXH HQFHUUDP XPD
FkPDUD KHUPHWLFDPHQWH IHFKDGD GH DU RX GH RXWUR JiV 2 DU LQWHUQR GHYH VHU
GHVXPLGLILFDGRSDUDHYLWDUFRQGHQVDomRGHiJXDQDVVXSHUItFLHVLQWHUQDVGRVYLGURVTXDQGR
DV WHPSHUDWXUDV GR SDQR GH YLGUR H[WHUQR H LQWHUQR IRUHP PXLWR GLIHUHQWHV 6XD IXQomR
PDLVLPSRUWDQWHpRLVRODPHQWRWpUPLFRTXHSRGHVHUEDVWDQWH~WLOTXDQGRVHTXHUHYLWDU
SHUGDVGHFDORUQRVSHUtRGRVIULRV
$ UHVSRVWD HVSHFWUDO GH P~OWLSODV FDPDGDV GH XP PHVPR PDWHULDO GLIHUH SRXFR GD
XWLOL]DomR GH XPD Vy FDPDGD (QWUHWDQWR FRPELQDQGR GRLV RX PDLV WLSRV FRPR HP XP
VDQGXtFKH SRGHVHSURGX]LU XPDUHVSRVWD WRWDOPHQWH GLIHUHQWH FRPR SRU H[HPSOR XPD
FDPDGD GH YLGUR FRP SHOtFXOD UHIOH[LYD &RORFDQGRVH D FDPDGD UHIOH[LYD QD VXSHUItFLH
H[WHUQDDRQGDORQJDYLQGDGRLQWHULRUpDEVRUYLGDHRFDORUpGLVVLSDGRSDUDFDGDODGRSRU
FRQYHFomR H SDUD R LQWHULRU SRU UHLUUDGLDomR )LJXUD D $R FRQWUiULR FRORFDQGRVH D
FDPDGDUHIOH[LYDQRODGRGHGHQWURDRQGDORQJDpUHIOHWLGDHYLWDQGRVHSHUGDVGHFDORU
HPFOLPDVIULRV)LJXUDE

)LJXUD9LGURFRPSHOtFXODUHIOH[LYDLQWHUQDHH[WHUQD

8VRGH3URWHo}HV6RODUHV,QWHUQDVH([WHUQDV
2 XVR GH SURWHo}HV VRODUHV HP XPD DEHUWXUD p XP UHFXUVR LPSRUWDQWH SDUD UHGX]LU RV
JDQKRVWpUPLFRV(QWUHWDQWRGHYHVHWRPDUGHYLGRFXLGDGRFRPDLOXPLQDomRQDWXUDOTXH
QmR GHYH VHU SUHMXGLFDGD $V SURWHo}HV VRODUHVLQWHUQDV VmR EDVLFDPHQWH DV FRUWLQDV H DV
SHUVLDQDV 6mR EDVWDQWH IOH[tYHLV VRE R SRQWR GH YLVWD GH RSHUDomR EDVWDQGR DEULODV RX
IHFKiODV FRQIRUPH D QHFHVVLGDGH 3RUpP DV SURWHo}HV LQWHUQDV QmR HYLWDP R HIHLWR
HVWXID SRLV R FDORU VRODU TXH DV DWLQJH VH WUDQVIRUPD HP UDGLDomR GH RQGD ORQJD
SHUPDQHFHQGRQDVXDPDLRUSDUWHQRDPELHQWHLQWHULRU$RSomRSRUXPDSURWHomRH[WHUQD
SRGH VHU D PDLV DGHTXDGD VH KRXYHU XP GLPHQVLRQDPHQWR TXH JDUDQWD D UHGXomR GD
LQFLGrQFLDGDUDGLDomRVRODUTXDQGRQHFHVViULDVHPLQWHUIHULUQDOX]QDWXUDO$SURWHomR
WLSRSUDWHOHLUDGHOX])LJXUDWHPHVWHREMHWLYR$SUDWHOHLUDGHOX]pXPHOHPHQWR
TXH GLYLGH D DEHUWXUD HP GXDV SRUo}HV KRUL]RQWDLV VHQGR D VXSHULRU GHVWLQDGD j
LOXPLQDomR H D LQIHULRU j YLVmR H YHQWLODomR ,QWHUFHSWD D UDGLDomR GLUHWD GR VRO H
UHGLUHFLRQD D OX] SDUD R IRUUR GHVVD IRUPD UHGX] R JDQKR GH FDORU VRODU H XQLIRUPL]D D
GLVWULEXLomRGHOX]QDWXUDOQRVLQWHULRUHV
$SURWHomRH[WHUQDEORTXHLDDUDGLDomRGLUHWDDQWHVGHHVWDSHQHWUDUSHORYLGURHYLWDQGR
R HIHLWR HVWXID 3RGHPVH HVSHFLILFDU SURWHo}HV VRODUHV H[WHUQDV IL[DV RX PyYHLV H VHX
SURMHWR SRGH VHU IHLWR VHJXQGR GLYHUVRV PpWRGRV GHVWDFDQGRVH R GH 2OJ\D\ H 2OJ\D\



)LJXUD%ULVHSUDWHOHLUDGHOX]
e LPSRUWDQWH VDOLHQWDU TXH DV SURWHo}HV

H[WHUQDV WDPEpP LQWHUIHUHP QD GHILQLomR
GD IDFKDGD DUTXLWHW{QLFD 3RGHP VHU
SHQVDGDVFRPRHOHPHQWRFRPSRVLWLYRHVH
WLUDU SDUWLGR GHVWD LGpLD SDUD FRQFHEHU
LQFOXVLYH D OLQJXDJHP DUTXLWHW{QLFD GR
HGLItFLR

)LJXUD (GLItFLR VHGH GR 0LQLVWpULR GD 6D~GH
3~EOLFDQR5LRGH-DQHLUR/H&RUEXVLHU
8PD SURWHomR VRODU SRGH VHU WDPEpP UHDOL]DGD DWUDYpV GH GLYHUVRV HOHPHQWRV
DUTXLWHW{QLFRV FRPR PDUTXLVHV YDUDQGDV JUDQGHV EHLUDLV H D SUySULD YROXPHWULD GR
HGLItFLRTXHSRGHVHUVDOLHQWHRXUHHQWUDQWHFULDQGRVRPEUDVRQGHIRUQHFHVViULR2XVR
GHYHJHWDomRWDPEpPDX[LOLDQRFRQWUROHVRODUQRVSHUtRGRVPDLVTXHQWHVUYRUHVHRXWURV
WLSRV GH YHJHWDomR FDGXFLIyOLD VmR EDVWDQWH HIHWLYDV SDUD FRQWURODU R VRO GR YHUmR H
SHUPLWLURDFHVVRVRODUQRLQYHUQR
$VSURWHo}HVVRODUHVQmRVHUHVXPHPDEULVHVPDVLQFOXHPWDPEpP
9$5$1'$6 IXQFLRQDP FRPR EULVHV KRUL]RQWDLV FRP D IXQomR DGLFLRQDO GH HVSDoR GH
WUDQVLomRHQWUHLQWHULRUHH[WHULRU
0$548,6(6IXQFLRQDPFRPREULVHKRUL]RQWDO
92/80(6 6$/,(17(6 DPELHQWHV VDOLHQWHV RX UHHQWUDQWHV SRGHP FULDU VLWXDo}HV GH
VRPEUHDPHQWR GHVHMiYHO LQFOXVLYH UHIOHWLQGR OX] LQGLUHWDPHQWH SDUD R DPELHQWH
LQWHUQR
%(,5$,6'(7(/+$'2IXQFLRQDPFRPREULVHVKRUL]RQWDLV
9(*(7$d2 SRGH VHU EDVWDQWH YHUViWLO XPD YH] TXH SODQWDV FRP IROKDV FDGXFDV
SRGHPVRPEUHDURVROGHYHUmRSHUPLWLQGRDLQFLGrQFLDGRVROGHLQYHUQRQRDPELHQWH
LQWHULRUUYRUHVVmRHOHPHQWRVGHSURWHomRVRODUPXLWR~WHLVSDUDVRPEUHDUDEHUWXUDV
RULHQWDGDVSDUD2(67(GLItFHLVGHVHUHPUHVROYLGDVVDWLVIDWRULDPHQWHFRPEULVHV
2 TXDUWR FDStWXOR GHVWH OLYUR LQWLWXODGR *HRPHWULD 6RODU WUDWRX GH SURWHo}HV VRODUHV
FRPPDLVGHWDOKHVLQFOXVLYHDSUHVHQWDQGRXPPpWRGRGHDQiOLVHHSURMHWR

$EVRUWLYLGDGHUHIOHWLYLGDGHWUDQVPLVVLYLGDGHHHPLVVLYLGDGH
2V HOHPHQWRV FRQVWUXWLYRV SRGHP WHU GHVHPSHQKRV GLIHUHQWHV HP UHODomR j UDGLDomR
WpUPLFD LQFLGHQWH WUDQVPLWLQGR UHIOHWLQGR RX PHVPR DEVRUYHQGR H UHHPLWLQGR HVWD

FDStWXOR35235,('$'(67e50,&$6'26(/(0(1726&2167587,926
UDGLDomRSDUDRLQWHULRU$UDGLDomRLQFLGHQWHQXPPDWHULDOFRQVWUXWLYRWHUiXPDSDUFHOD
UHIOHWLGD XPD DEVRUYLGD H VH IRU XP PDWHULDO WUDQVO~FLGR WDPEpP XPD SDUFHOD
WUDQVPLWLGD GLUHWDPHQWH SDUD R DPELHQWH LQWHULRU FXMRV YDORUHV GHSHQGHUmR
UHVSHFWLYDPHQWH GD UHIOHWLYLGDGH GD DEVRUWLYLGDGH H GD WUDQVPLVVLYLGDGH GR
PDWHULDO$VRPDGHVWDVWUrVSDUFHODVGDUDGLDomRLQFLGHQWHFRUUHVSRQGHDGRWRWDO
RXVHMD

$QDOLVDQGR D DEVRUWLYLGDGH SRGHVH GL]HU TXH RV PDWHULDLV GH FRQVWUXomR VmR VHOHWLYRV j
UDGLDomR GH RQGD FXUWDUDGLDomRVRODU H D SULQFLSDO GHWHUPLQDQWH GHVWD FDUDFWHUtVWLFD p
VXD FRU VXSHUILFLDO 8P PDWHULDO HVFXUR DEVRUYHUi D PDLRU SDUWH GD UDGLDomR LQFLGHQWH
HQTXDQWR TXH XP PDWHULDO FODUR DEVRUYHUi EHP SRXFR $ SDUFHOD GD UDGLDomR VRODU
DEVRUYLGDSRUFHUWRPDWHULDODTXHFHUiRPHVPRHVHUiSDUFLDOPHQWHUHHPLWLGDSDUDIRUDH
SDUFLDOPHQWHHPLWLGDSDUDRDPELHQWHLQWHUQR$SURSULHGDGHWpUPLFDTXHUHJHDHPLVVmR
GDUDGLDomRSDUDRDPELHQWHLQWHUQRpDHPLVVLYLGDGH$7DEHODH[WUDtGDGDQRUPD
1%5$%17PRVWUDRVYDORUHVGHDEVRUWLYLGDGHHGHHPLVVLYLGDGHGHDOJXQV
PDWHULDLVFRQVWUXWLYRVHGHDOJXPDVFRUHV
7DEHOD$EVRUWLYLGDGHHHPLVVLYLGDGHGHDOJXQVPDWHULDLVHFRUHV)RQWH1%5
7,32'(683(5)&,(
&KDSDGHDOXPtQLRQRYDHEULOKDQWH

&KDSDGHDOXPtQLRR[LGDGD

&KDSDGHDoRJDOYDQL]DGDQRYDHEULOKDQWH

&DLDomRQRYD

&RQFUHWRDSDUHQWH

7HOKDGHEDUUR

7LMRORDSDUHQWH

5HERFRFODUR

5HYHVWLPHQWRDVIiOWLFR

9LGURFRPXPGHMDQHOD
WUDQVSDUHQWH

3LQWXUD

EUDQFD
DPDUHOD
YHUGHFODUR
DOXPtQLR
YHUGHHVFXUR
YHUPHOKD
SUHWD

$ HPLVVLYLGDGH p XPD SURSULHGDGH ItVLFD GRV PDWHULDLV TXH GL] TXDO D TXDQWLGDGH GH
HQHUJLD WpUPLFD p HPLWLGD SRU XQLGDGH GH WHPSR e LPSRUWDQWH GHVWDFDU TXH HVWD
SURSULHGDGH SHUWHQFH j FDPDGD VXSHUILFLDO GR PDWHULDO HPLVVRU 2V PDWHULDLV GH
FRQVWUXomRSRGHPVHURUJDQL]DGRVHPGRLVJUXSRVEHPGHILQLGRVRVPHWiOLFRVFRPEDL[DV
HPLVVLYLGDGHV FRPSUHHQGLGDV HQWUH H H RV QmR PHWiOLFRV FRP DOWDV
HPLVVLYLGDGHV TXH YDULDP GH D 7DEHOD 6H XPD FKDSD PHWiOLFD FXMD

HPLVVLYLGDGHpIRUSLQWDGDFRPWLQWDQmRPHWiOLFDGHTXDOTXHUWLSRVXDHPLVVLYLGDGH
SDVVDUiDVHUFRUUHVSRQGHQWHDRVPDWHULDLVQmRPHWiOLFRV$OpPGLVVRXPDVXSHUItFLH
QmRPHWiOLFDSLQWDGDGHFRUDOXPtQLRWHPVXDHPLVVLYLGDGHUHGX]LGDGHSDUD
,QWHUSUHWDQGRVH D WDEHOD WDPEpP VH SRGH DILUPDU TXH R WLMROR DSDUHQWH SRU H[HPSOR
DEVRUYH GDHQHUJLDVREUHHOHLQFLGHQWHUHIOHWLQGRRVUHVWDQWHV
2XWUR H[HPSOR p R IHUUR HOpWULFR QD YHUGDGH IHLWR GH DOXPtQLR
SROLGRFXMDHPLVVLYLGDGHpGDRUGHPGH2IHUURHOpWULFRHPLWHSRUUDGLDomRDSHQDV
GR FDORU JHUDGR $VVLP R IHUUR TXHQWH VRPHQWH p SHUFHELGR FRP R WRTXH SRLV D
FRQGXomRUHSUHVHQWDGDVWURFDVGHFDORUGRDSDUHOKR3ULQFtSLRVHPHOKDQWHpXWLOL]DGR
QDVEDUUHLUDVUDGLDQWHVIHLWDVHPPDQWDVSDUDFREHUWXUDVFRPSHOtFXODVGHDOXPtQLRSROLGR
TXHHQYROYHPXPDFDPDGDGHPDWHULDOLVRODQWHWpUPLFR

&RQGXWLYLGDGHWpUPLFD
$ FRQGXWLYLGDGH WpUPLFD GHSHQGH GD GHQVLGDGH GR PDWHULDO H UHSUHVHQWD VXD

FDSDFLGDGH HP FRQGX]LU PDLRU RX PHQRU TXDQWLGDGH GH FDORU SRU XQLGDGH GH WHPSR $
7DEHODPRVWUDYDORUHVGHFRQGXWLYLGDGHWpUPLFDGHDOJXQVPDWHULDLVFRQVWUXWLYRV
7DEHOD&RQGXWLYLGDGHWpUPLFDGHDOJXQVPDWHULDLV
0$7(5,$/
:P.
&RQFUHWRQRUPDOGHQVLGDGHGHDNJP

7LMRORGHEDUURGHQVLGDGHGHDNJP

0DGHLUDGHQVLGDGHGHDNJP

,VRSRUGHQVLGDGHGHDNJP

3HUFHEHVHQD WDEHOD TXH FRQIRUPH D GHQVLGDGH GR PDWHULDO GLPLQXL UHGX] WDPEpP VXD
FRQGXWLYLGDGHWpUPLFD
2 DSrQGLFH IRUQHFH YDORUHV GH FRQGXWLYLGDGH WpUPLFD SDUD GLYHUVRV PDWHULDLV GH
FRQVWUXomR

5HVLVWrQFLDWpUPLFD
$ UHVLVWrQFLD WpUPLFD 5 GH XP PDWHULDO p VXD SURSULHGDGH HP UHVLVWLU j SDVVDJHP GR
FDORU4XDQWRPDLRUDHVSHVVXUDGHXPPDWHULDOPDLRUVHUiDUHVLVWrQFLDTXHHVVHPDWHULDO
RIHUHFHjSDVVDJHPGRFDORU$QDORJDPHQWHTXDQWRPDLRUIRUDFRQGXWLYLGDGHWpUPLFD
GHXPPDWHULDOPDLRUVHUiDTXDQWLGDGHGHFDORUWUDQVIHULGDHQWUHDVVXDVVXSHUItFLHVH
FRQVHTXHQWHPHQWH PHQRU VHUi D VXD UHVLVWrQFLD WpUPLFD 'HVWD IRUPD D HTXDomR TXH
GHWHUPLQDDUHVLVWrQFLDWpUPLFDp
(TXDomR5HVLVWrQFLDWpUPLFD
/
5 = >P. :@
RQGH
5 UHVLVWrQFLDWpUPLFDGRPDWHULDOP.:

FDStWXOR35235,('$'(67e50,&$6'26(/(0(1726&2167587,926
/ HVSHVVXUDGRPDWHULDOP
FRQGXWLYLGDGHWpUPLFDGRPDWHULDO:P.
$UHVLVWrQFLDWpUPLFDGHXPPDWHULDOKRPRJrQHRpFDOFXODGDVLPSOHVPHQWHSHODHTXDomR
DFLPD2YDORUGDHVSHVVXUDGRPDWHULDOpXPGDGRGHSURMHWRHVXDFRQGXWLYLGDGHWpUPLFD
SRGHVHUREWLGDSHODWDEHODGR$SrQGLFHDSyVVXDHVSHFLILFDomR
&RPR H[HPSOR XPD WHOKD GH EDUUR PDWHULDO KRPRJrQHR )LJXUD WHP D VHJXLQWH
UHVLVWrQFLDWpUPLFD

)LJXUD5HVLVWrQFLDWpUPLFDGHXPDWHOKDGHEDUUR
/ PHVSHVVXUDGDWHOKDHPPHWURV
:P.REWLGRGD7DEHOD$SrQGLFH
5 / P.:
$UHVLVWrQFLDWpUPLFDGHXPPDWHULDOKHWHURJrQHRpFDOFXODGDSHODVRPDGDVUHVLVWrQFLDV
WpUPLFDVGHFDGDHOHPHQWRFRPSRQHQWHGHVVHPDWHULDO(VWDVRPDSRGHVHUIHLWDHPVpULH
RXHPSDUDOHORFRQIRUPHIRUDHVWUXWXUDomRGDVFDPDGDVGRPDWHULDO
&RPRH[HPSORGHUHVLVWrQFLDVWpUPLFDVDVVRFLDGDVHPVpULHWHPVHXPDODMHGHFRQFUHWR
PDFLoRHQFLPDGDSRUFRQWUDSLVRGHDUJDPDVVDHFDUSHWH6XDUHVLVWrQFLDWpUPLFDWRWDOVHUi
D VLPSOHV VRPD GDV UHVLVWrQFLDV WpUPLFDV GH FDGD HOHPHQWR FRQVWLWXLQWH GHVWH SLVR
FRQIRUPHDEDL[R
//$-('(&21&5(72 PHVSHVVXUDGDODMHHPPHWURV
/$-('(&21&5(72 :P.FRQFUHWRQRUPDOREWLGRGD7DEHOD$SrQGLFH
/&2175$3,62 PHVSHVVXUDGRFRQWUDSLVRGHDUJDPDVVDHPPHWURV
&2175$3,62 :P.DUJDPDVVDFRPXPFRPGHQVLGDGHGHNJP
/&$53(7( PHVSHVVXUDGRFDUSHWHHPPHWURV
&$53(7( :P.SROLDPLGDVHSROLHVWHUHV
5/$-('(&21&5(72 / P.:
5&2175$3,62 / P.:
5&$53(7( / P.:
5),1$/ P.:

&RPR H[HPSOR GH DVVRFLDomR HPSDUDOHORSRGHVHFDOFXODUDUHVLVWrQFLDWpUPLFDGHXPD

SDUHGHGHWLMRORPDFLoRFRPUHERFRLQWHUQRHH[WHUQRPDWHULDOKHWHURJrQHR)LJXUD
1R FDVR GD FDPDGD LQWHUQD GD SDUHGH FRQVWLWXtGD GH WLMROR PDFLoR H DUJDPDVVD GH
DVVHQWDPHQWRDUHVLVWrQFLDWpUPLFDIRLFDOFXODGDVHJXQGRDIyUPXODDEDL[R
(TXDomR5HVLVWrQFLDWpUPLFDGHFDPDGDVKHWHURJrQHDVDVVRFLDomRHPSDUDOHOR
57 =
$ D + $ E + + $ Q
$D $E
$
+
+ + Q
5D 5E
5Q
RQGH
$D$E$Q iUHDGRHOHPHQWRWUDQVYHUVDODRVHQWLGRGRIOX[RGHFDORUP
5D5E5Q UHVLVWrQFLDWpUPLFDGRHOHPHQWRP.:

5HVLVWrQFLD7pUPLFD6XSHUILFLDO
$ UHVLVWrQFLD WpUPLFD VXSHUILFLDO WUDGX] RV HIHLWRV GDV WURFDV GH FDORU SRU UDGLDomR H
FRQYHFomRHQWUH D VXSHUItFLH GR PDWHULDO VRE DQiOLVH H R PHLR TXH R FLUFXQGD 4XDQGR D
VXSHUItFLHFRQVLGHUDGDHVWiOLPLWDQGRRPDWHULDOHRPHLRH[WHULRUDUHVLVWrQFLDVXSHUILFLDO
FRQVLGHUDGD p D (;7(51$ $QDORJDPHQWH TXDQGR D VXSHUItFLH OLPLWD R PDWHULDO H R PHLR
LQWHULRUDUHVLVWrQFLDVXSHUILFLDOp,17(51$
6XSRQGRDWHPSHUDWXUDGRPHLRH[WHULRUPDLRUTXHDGRPHLRLQWHULRUDVXSHUItFLHH[WHUQD
GR IHFKDPHQWR LUi UHFHEHU FDORU GR PHLR SRU FRQYHFomR H UDGLDomR FDUDFWHUL]DQGR D
SULPHLUD IDVH GD WUDQVPLVVmR GH FDORU +DYHUi R LQFUHPHQWR GD WHPSHUDWXUD GHVWD
VXSHUItFLHHPXPDSURSRUomRTXHGHSHQGHUiGDVXDUHVLVWrQFLDVXSHUILFLDOH[WHUQD56(2
YDORUGH56(pXPDIXQomRGDYHORFLGDGHGRYHQWRHGHIRUPDVLPSOLILFDGDpDGRWDGR
>P.:@$%17
1DIDVHILQDOGRSURFHVVRGHWUDQVPLVVmRGHFDORUTXDQGRHVWHMiDWUDYHVVRXRPDWHULDOH
HVWi SUHVWHV D SHQHWUDU QR DPELHQWH LQWHUQR DV WURFDV WpUPLFDV HQWUH D VXSHUItFLH GR
PDWHULDOOLPtWURIHHQWUHHOHHRDULQWHUQRDFRQWHFHPSRUFRQYHFomRHSRUUDGLDomR&RPD
FKHJDGD GR FDORU D WHPSHUDWXUD GD VXSHUItFLH LQWHUQD GR IHFKDPHQWR LUi DXPHQWDU HP
UHODomRjWHPSHUDWXUDGRDU$VSHUGDVGHFDORUSRUFRQYHFomRGHSHQGHUmRGDUHVLVWrQFLD
VXSHUILFLDO LQWHUQD GR IHFKDPHQWR 56, H DV SHUGDV SRU UDGLDomR GD HPLVVLYLGDGH
VXSHUILFLDOGRPDWHULDO2YDORUGH56,SRGHVHUREWLGRGD7DEHOD$%17
7DEHOD5HVLVWrQFLDWpUPLFDVXSHUILFLDO
56,>P.:@
56(>P.:@
',5(d2'2)/8;2'(&$/25
',5(d2'2)/8;2'(&$/25

FDStWXOR35235,('$'(67e50,&$6'26(/(0(1726&2167587,926
1D WDEHOD FRQVLGHUDVH IOX[R GH FDORU QD GLUHomR KRUL]RQWDO HP SDUHGHV H QD GLUHomR
YHUWLFDOHPFREHUWXUDVVHQGRDVFHQGHQWHTXDQGRRH[WHULRUHVWiPDLV IULRTXHRLQWHULRU
VLWXDomRWtSLFDGRLQYHUQRHGHVFHQGHQWHTXDQGRRH[WHULRUHVWiPDLV TXHQWHWtSLFRGR
YHUmR1RWDVHWDPEpPTXHRYDORUGH56(pFRQVWDQWHHLQGHSHQGHQWHGDGLUHomRGRIOX[R
GHFDORU
3DUD VH DFKDU D UHVLVWrQFLD WpUPLFD WRWDO GH XPD SDUHGH GH WLMRORV PDFLoRV UHERFDGD VH
GHYHPDFUHVFHQWDURVYDORUHVGD56(HGD56,QRWRWDOREWLGRHQWmR

)LJXUD5HVLVWrQFLDWpUPLFDGHXPDSDUHGHGHWLMRORPDFLoRUHERFDGD

5HVLVWrQFLDWpUPLFDGHFkPDUDVGHDU
3RGHPVHUHGX]LUFRQVLGHUDYHOPHQWHDVWURFDVGHFDORUHPXPIHFKDPHQWRRSDFRSDUHGH
SLVRRXFREHUWXUDSRUH[HPSORHPSUHJDQGRPDWHULDLVFRPFRQGXWLYLGDGHVPDLVEDL[DVRX
DWp FRQVWUXLQGR IHFKDPHQWRV FRP P~OWLSODV FDPDGDV SRGHQGR XPD GDV TXDLV VHU XPD
FkPDUDGHDU'HQWURGDFkPDUDDVWURFDVWpUPLFDVVmRSRUFRQYHFomRHUDGLDomRDRLQYpV
GH SRU FRQGXomR $ FRQYHFomR GHSHQGH GD LQFOLQDomR GR IHFKDPHQWR H GD GLUHomR GR
IOX[R
$ WURFD WpUPLFD SRU UDGLDomR GHSHQGH GD HPLVVLYLGDGH GD VXSHUItFLH GR PDWHULDO HP
FRQWDWRFRPDFDPDGDGHDUFRQIRUPH7DEHOD
$UHVLVWrQFLDGHXPDFkPDUDGHDUSRGHVHUREWLGDQD7DEHOD

6H QR H[HPSOR GDGR DQWHULRUPHQWH DFUHVFHQWiVVHPRV XPD FkPDUD GH DU FRP FLQFR
FHQWtPHWURV GH HVSHVVXUD QR FHQWUR GD SDUHGH ID]HQGR GXDV FDPDGDV GH WLMRORV PDFLoRV
FRP PHVPD HVSHVVXUD GD FDPDGD GD SDUHGH DQWHULRU )LJXUD D UHVLVWrQFLD WpUPLFD
UHVXOWDQWHVHULD
7DEHOD5HVLVWrQFLDWpUPLFDGHFkPDUDVGHDUQmRYHQWLODGDV
1DWXUH]DGD
VXSHUItFLHGD
FkPDUDGHDU
(VSHVVXUDGD
FkPDUDGHDU
PP
5HVLVWrQFLDWpUPLFDGRDU5$5P.:
',5(d2'2)/8;2'(&$/25

>
>

8PDVXSHUItFLH
UHIOHWRUD

>
>

6XSHUItFLHQmR
UHIOHWRUD
FDVRJHUDO

)LJXUD5HVLVWrQFLDWpUPLFDGHXPDSDUHGHGXSODFRPFkPDUDGHDU

6HQDFkPDUDGHDUIRUDFUHVFHQWDGDXPDPDQWDGHDOXPtQLRSROLGRQDIDFHGDFDPDGDGH
WLMRORVH[WHULRUDUHVLVWrQFLDWpUPLFDWRWDOSDVVDUiDVHUFRPRQD)LJXUD
(VHDRLQYpVGDPDQWDGHDOXPtQLRSROLGRIRVVHDGLFLRQDGDFDPDGDGHLVRODQWHWpUPLFR
GHFLQFRFHQWtPHWURVGHHVSHVVXUDOmGHURFKDSRUH[HPSORDUHVLVWrQFLDWpUPLFDWRWDO
VHULDFRQIRUPHD)LJXUD

FDStWXOR35235,('$'(67e50,&$6'26(/(0(1726&2167587,926

)LJXUD5HVLVWrQFLDWpUPLFDGHXPDSDUHGHFRPFkPDUDGHDUHOkPLQDGHDOXPtQLRSROLGR

)LJXUD5HVLVWrQFLDWpUPLFDGHXPDSDUHGHFRPLVRODPHQWRWpUPLFRGHOmGHURFKD

7UDQVPLWkQFLDWpUPLFD
(P XPD HGLILFDomR DVWURFDV GHHQHUJLD OX] RX FDORU HQWUHRV PHLRVH[WHULRU H LQWHULRU
WrP FRPR FHUQH R HQYHORSH FRQVWUXWLYR TXH HQYROYH R VHU KXPDQR 1R HVWXGR GHVVH
HQYHORSH GHYHP VHU FRQVLGHUDGRV VLPXOWDQHDPHQWH WRGRV RV IDWRUHV TXH LQWHUYpP QR
SUREOHPD 8P GHOHV p D UDGLDomR VRODU GLDQWH GD TXDO RV PDWHULDLV GH FRQVWUXomR VH
FRPSRUWDP GH PRGR GLVWLQWR e SRUWDQWR FRQYHQLHQWH GLVWLQJXLU R HQYHORSH FRQVWUXWLYR
HP GXDV SDUWHV RV IHFKDPHQWRV 23$&26 H RV 75$163$5(17(6 $ SULQFLSDO GLIHUHQoD
HQWUH RV GRLV p MXVWDPHQWH VXD FDSDFLGDGH WUDQVSDUHQWHV RX LQFDSDFLGDGH RSDFRV GH
WUDQVPLWLUDUDGLDomRVRODUSDUDRDPELHQWHLQWHUQR
&DGDXPDGDVFDPDGDVGHXPIHFKDPHQWRWHPXPDUHVLVWrQFLDWpUPLFDGLVWLQWDFRPRMi
IRL YLVWR DQWHULRUPHQWH 2 LQYHUVR GD UHVLVWrQFLD WRWDO GR IHFKDPHQWR TXH LQFOXL D
UHVLVWrQFLD GDV GXDV VXSHUItFLHV 56, H 56( p D VXD WUDQVPLWkQFLD WpUPLFD 8 FRQIRUPH D
(TXDomR $ WUDQVPLWkQFLD WpUPLFD p D YDULiYHO PDLV LPSRUWDQWH SDUD DYDOLDomR GR
GHVHPSHQKR GH IHFKDPHQWRV RSDFRV $WUDYpV GHVWD YDULiYHO VH SRGH DYDOLDU R
FRPSRUWDPHQWR GH XP IHFKDPHQWR RSDFR IUHQWH j WUDQVPLVVmR GH FDORU WHQGR VXEVtGLRV
LQFOXVLYHSDUDFRPSDUDUGLYHUVDVRSo}HVGHIHFKDPHQWRV


(TXDomR7UDQVPLWkQFLDWpUPLFD
8=

>: P. @
57
1RH[HPSORHVWXGDGRPDLVDFLPDDWUDQVPLWkQFLDWpUPLFDGDSDUHGHUHERFDGDRULJLQDOGH
WLMRORPDFLoRDLQGDVHPFkPDUDGHDURXLVRODPHQWRWpUPLFRVHUiGH
8=

87 =
=
= : P.
57
5 7
)D]HQGRRFiOFXORGDVWUDQVPLWkQFLDVWpUPLFDVSDUDWRGDVDVDOWHUQDWLYDVHVWXGDGDVDFLPD
WHPVH
7DEHOD5HVLVWrQFLDVHWUDQVPLWkQFLDVWpUPLFDVGDVVROXo}HVFRQVWUXWLYDVH[HPSOLILFDGDV
3$5('(
&20&0$5$
'($5
&20
$/801,2
&20/'(
52&+$
5>P.:@

8>:P.@

$ 7DEHOD DSUHVHQWD D WUDQVPLWkQFLD WpUPLFD SDUD DOJXQV GRV SULQFLSDLV IHFKDPHQWRV
XWLOL]DGRVQDFRQVWUXomRFLYLOQR%UDVLO
$ 7DEHOD GR DSrQGLFH DSUHVHQWD GH IRUPD PDLV FRPSOHWD RV YDORUHV GH
WUDQVPLWkQFLD WpUPLFD SDUD RV SULQFLSDLV IHFKDPHQWRV XWLOL]DGRV QR %UDVLO *KLVL H
$%17E

'HQVLGDGHGH)OX[RGH&DORU
2REMHWLYRSULQFLSDOGHXPDUTXLWHWRQDHVSHFLILFDomRGHXPWLSRGHIHFKDPHQWRpHYLWDU
DV SHUGDV GH FDORU H[FHVVLYDV QR LQYHUQR H WDPEpP RV JDQKRV HOHYDGRV QR YHUmR 1R
LQYHUQR FRQVLGHUDQGR D WHPSHUDWXUD LQWHULRU PDLRU TXH D H[WHULRU SRGHVH GL]HU TXH R
IOX[RGHFDORUWRWDOSRUXPIHFKDPHQWRpHTXDFLRQDGRSRU
(TXDomR'HQVLGDGHGHIOX[RGHFDORU
T = 8 W
RQGHT GHQVLGDGHGHIOX[RGHFDORU:P
8 WUDQVPLWkQFLDWpUPLFD:P.
W GLIHUHQoDHQWUHDVWHPSHUDWXUDVLQWHULRUHH[WHULRU.

FDStWXOR35235,('$'(67e50,&$6'26(/(0(1726&2167587,926
7DEHOD7UDQVPLWkQFLDWpUPLFDSDUDDOJXQVIHFKDPHQWRVXWLOL]DGRVQDFRQVWUXomRFLYLO
(OHPHQWR
7LSR
8:P.
3DUHGHV
7LMRORIXURVHVSFP
7LMRORIXURVHVSFPGHLWDGR
7LMRORIXURVUHERFDGRFP
7LMRORIXURVUHERFDGRFP
7LMRORPDFLoRDSDUHQWHFP
7LMRORPDFLoRUHERFDGRFP
7LMRORPDFLoRUHERFDGRFP

-DQHODV
9LGURFRPXPPP

/DMHFRQFUHWRFPILEURFLPHQWR

YHUmRQmRYHQWLODGR

YHUmREHPYHQWLODGR

LQYHUQRQmRYHQWLODGR

LQYHUQREHPYHQWLODGR
/DMHFRQFUHWRFPFHUkPLFD

YHUmRQmRYHQWLODGR

YHUmREHPYHQWLODGR

LQYHUQRQmRYHQWLODGR

LQYHUQREHPYHQWLODGR
)RUURSLQXVFPILEURFLPHQWR

YHUmRQmRYHQWLODGR

YHUmREHPYHQWLODGR

LQYHUQRQmRYHQWLODGR

LQYHUQREHPYHQWLODGR
)RUURSLQXVFPFHUkPLFD

YHUmRQmRYHQWLODGR

YHUmREHPYHQWLODGR

LQYHUQRQmRYHQWLODGR

LQYHUQREHPYHQWLODGR
)RUURSLQXVFPILEURFLPHQWRDOXPtQLRSROLGR

9HUmRQmRYHQWLODGR

9HUmREHPYHQWLODGR

,QYHUQRQmRYHQWLODGR

,QYHUQREHPYHQWLODGR

&REHUWXUDV

7HPSHUDWXUD62/$5
&DVRKDMDLQFLGrQFLDGHVROGLUHWRQRIHFKDPHQWRDWHPSHUDWXUDGDVXSHUItFLHH[WHUQDGR
PHVPRSRGHFUHVFHUDYDORUHVPXLWRDFLPDGRVGDWHPSHUDWXUDGRDU3DUDFRPSHQVDULVVR
DFUHVFHQWDVH QD HTXDomR GD GHQVLGDGH GH IOX[R GH FDORU D 7HPSHUDWXUD 6RO$U W62/$5
TXH p XPD IXQomR GD TXDQWLGDGH GH UDGLDomR VRODU LQFLGHQWH QD VXSHUItFLH H GD FRU GD
VXSHUItFLH YLVWR TXH VXSHUItFLHV PDLV FODUDV DEVRUYHUmR PHQRU TXDQWLGDGH GH UDGLDomR
VRODUTXHVXSHUItFLHVPDLVHVFXUDV2HTXDFLRQDPHQWRGDGHQVLGDGHGHIOX[RGHFDORUSDVVD
DVHU6]RNROD\

(TXDomR7HPSHUDWXUD62/$5
T = 8 (W 62/ $5 + W(;7 W,17 ) H W 62/ $5 = , 5 6(

RQGH DEVRUWLYLGDGHGDVXSHUItFLHH[WHUQDGRIHFKDPHQWR7DEHOD
, UDGLDomRVRODU:P
56( UHVLVWrQFLDVXSHUILFLDOH[WHUQDP.:7DEHOD
$ UDGLDomR VRODU p XPD IXQomR GD RULHQWDomR GR IHFKDPHQWR GD ODWLWXGH GR ORFDO GR
SURMHWRGRGLDGRDQRHGDKRUDGRGLDHSRGHVHUREWLGDHPWDEHODVFRPYDORUHVSDUDFpX
FODUR )URWD H 6FKLIIHU 7DPEpP SRGH VHU REWLGD D SDUWLU GR $QR &OLPiWLFR GH
5HIHUrQFLD75<*RXODUWHRXWURVGHVGHTXHHVWHFRQWHQKDYDORUHVGHUDGLDomRRX
XPD HVWLPDWLYD GD UDGLDomR VRODU KRUiULD QD VXSHUItFLH KRUL]RQWDO IHLWD D SDUWLU GD
QHEXORVLGDGH1HVWHFDVRDFRQYHUVmRGRVYDORUHVGHUDGLDomRSDUDDVXSHUItFLHKRUL]RQWDO
HPYDORUHVFRUULJLGRVSDUDDYHUWLFDOSRGHVHUIHLWDDWUDYpVGHDOJRULWPRVFRPRRVGHVFULWRV
SRU'XIILHH%HFNPDQ

)OX[RGH&DORU
8PD YH] REWLGD D GHQVLGDGH GH IOX[R GH FDORU T GH XP GHWHUPLQDGR PDWHULDO SRGHVH
FDOFXODURIOX[RGHFDORUTXHDWUDYHVVDFHUWDiUHDGHVVHPHVPRPDWHULDO2IOX[RGHFDORU
UHSUHVHQWDDTXDQWLGDGHGHHQHUJLDWpUPLFDHPZDWWVTXHDWUDYHVVDXPIHFKDPHQWRGHXP
DPELHQWHHpGDGRSRU
(TXDomR)OX[RGHFDORU
4 = T $
RQGHT GHQVLGDGHGHIOX[RGHFDORU:P
$ iUHDGRIHFKDPHQWRHPTXHVWmRP
3DUD FDGD XP GRV PDWHULDLV GRV H[HPSORV DFLPD IRUDP FDOFXODGRV FRPR H[HPSOR D
GHQVLGDGHGHIOX[RGHFDORUTHRIOX[RGHFDORU4SDUDDVHJXLQWHVLWXDomR
iUHDGHSDUHGHH[WHUQD P
RULHQWDomR 1257(
LQVRODomRQDSDUHGH SDUHGHVRPEUHDGDRXVHMDQmRpQHFHVViULDDFRPSHQVDomRGD
WHPSHUDWXUDH[WHUQDFRPDWHPSHUDWXUD62/$5
+RUiULR KGHXPGLDGHYHUmR
7HPSHUDWXUDH[WHUQD &
7HPSHUDWXUDLQWHUQD &
ORFDO )ORULDQySROLV6&UDGLDomRVRODULQFLGHQWH:P

2VUHVXOWDGRVHQFRQWUDPVHQD7DEHOD

FDStWXOR35235,('$'(67e50,&$6'26(/(0(1726&2167587,926
7DEHOD'HQVLGDGHGHIOX[RGHFDORUHIOX[RGHFDORUGHXPDSDUHGHQRUWH
3$5('(
&20&0$5$
'($5
&20
$/801,2
&20/'(
52&+$
T>:P@

4>:@

3HUFHEHVH QD 7DEHOD TXH R IOX[R GH FDORU p GHFUHVFHQWH FRQIRUPH VH DFUHVFHQWD D
FkPDUD GH DU D VXSHUItFLH GH DOXPtQLR SROLGR GHQWUR GD FkPDUD H GHSRLV DOWHUDVH D
FRQILJXUDomRFRORFDQGRLVRODPHQWRWpUPLFROmGHURFKDQRLQWHULRUGDSDUHGH2IOX[RGH
FDORUGHVWD~OWLPDDOWHUQDWLYDSDUHGHFRPLVRODPHQWRWpUPLFRpTXDWURYH]HVPHQRUTXH
RGDSDUHGHVLPSOHV
([HUFtFLRVHPHOKDQWHSRGHVHUIHLWRSDUDDPHVPDSDUHGHRULHQWDGDSDUDRHVWHFRPGXDV
DOWHUQDWLYDV GH SLQWXUD HVFXUD H FODUD H UHFHEHQGR VRO GLUHWR $ VLWXDomR HQWmR p D
VHJXLQWH)LJXUD

)LJXUD3DUHGHGRH[HUFtFLRRULHQWDGDDRHVWH)ORULDQySROLV
iUHDGHSDUHGHH[WHUQD P
RULHQWDomR 2(67(
LQVRODomRQDSDUHGH SDUHGHHQVRODUDGDpQHFHVViULDDFRPSHQVDomRGDWHPSHUDWXUD
H[WHUQDFRPDWHPSHUDWXUD62/$5
+RUiULR KGHXPGLDGHYHUmR
7HPSHUDWXUDH[WHUQD &
7HPSHUDWXUDLQWHUQD &
ORFDO )ORULDQySROLV6&UDGLDomRVRODULQFLGHQWH:P
FRUSUHWD HFRUEUDQFD

2VUHVXOWDGRVREWLGRVSDUDWRGRVRVWLSRVGHSDUHGHVHQFRQWUDPVHQD7DEHOD

7DEHOD'HQVLGDGHGHIOX[RGHFDORUHIOX[RGHFDORUGHXPDSDUHGHRHVWHFRPGXDVDOWHUQDWLYDV
GHFRUH[WHUQDSUHWDRXEUDQFD
3$5('(%5$1&$
762/$5 &
&20&0$5$
'($5
&20
$/801,2
&20/'(
52&+$
T>:P@

4>:@

&20&0$5$
'($5
&20
$/801,2
&20/'(
52&+$

3$5('(35(7$
762/$5 &
T>:P@
4>:@

&DSDFLGDGHWpUPLFD
$FDSDFLGDGHWpUPLFDpRXWUDSURSULHGDGHGRVPDWHULDLVFRQVWUXWLYRVHLQGLFDVXDPDLRURX
PHQRUFDSDFLGDGHHPUHWHUFDORU8PPDWHULDOGHJUDQGHFDSDFLGDGHWpUPLFDQHFHVVLWDGH
XPDJUDQGHTXDQWLGDGHGHFDORUSDUDYDULDUGHXPJUDXGHWHPSHUDWXUDVHXVFRPSRQHQWHV
SRUXQLGDGHGHiUHD$WUDYpVGDREWHQomRGRYDORUGHFDSDFLGDGHWpUPLFDVHSRGHDYDOLDU
RTXDQWRXPGHWHUPLQDGRPDWHULDOSRGHFRQWULEXLUHPWHUPRVGHLQpUFLDWpUPLFDSDUDXP
DPELHQWH
2FiOFXORGDFDSDFLGDGHWpUPLFDpDWUDYpVGDHTXDomRDEDL[R
(TXDomR&DSDFLGDGHWpUPLFD
Q
&7D = H L FL L = (H F ) + (H F ) + + (H F )Q >N-P.@

L =
RQGH H HVSHVVXUDGRHOHPHQWRQRVHQWLGRWUDQVYHUVDODRIOX[RGHFDORU>P@

F FDORUHVSHFtILFRGRHOHPHQWR>N-NJ.@
GHQVLGDGHGRHOHPHQWR>NJP@
Q Q~PHURGHFDPDGDVGHHOHPHQWRV
2VYDORUHVGRFDORUHVSHFtILFRHGDGHQVLGDGHGRHOHPHQWRFRQVWUXWLYRSRGHPVHUREWLGRV
GLUHWDPHQWHGD7DEHODGR$SrQGLFH
&RPR H[HPSOR SRGHVH FRPSDUDU D FDSDFLGDGH WpUPLFD GDV VROXo}HV FRQVWUXWLYDV
HPSUHJDGDV QRV H[HUFtFLRV DQWHULRUHV $ SDUHGH GH WLMROR PDFLoR UHERFDGR WHULD HQWmR
XPDFDSDFLGDGHWpUPLFDFRQIRUPHD)LJXUD
2DFUpVFLPRGDFkPDUDGHDUTXDVHQmRLQIOXLQHVWHYDORUDGLFLRQDQGRPHURVN-P.
QRYDORUWRWDOGDFDSDFLGDGHWpUPLFDGRIHFKDPHQWRTXHSDVVDDVHUN-P.

FDStWXOR35235,('$'(67e50,&$6'26(/(0(1726&2167587,926
'H IRUPD VLPLODU R DFUpVFLPR GR DOXPtQLR RX GD Om GH URFKD WDPEpP QmR LQIOXL QD
FDSDFLGDGH WpUPLFD GR PDWHULDO UHVXOWDQGR HP YDORUHV SRXFR PDLRUHV H
N-P.UHVSHFWLYDPHQWH
)LJXUD&DSDFLGDGHWpUPLFDGDSDUHGHGHWLMRORPDFLoRUHERFDGR

)DWRU6RODU
3DUD VH FRQKHFHU D TXDQWLGDGH GH FDORU TXH SHQHWUD HP XP DPELHQWH DWUDYpV GH XPD
MDQHOD RX VLVWHPD GH DEHUWXUD MDQHOD FRP EULVH RX FRUWLQD SRU H[HPSOR p LPSRUWDQWH
FRQKHFHURFRQFHLWRGHIDWRUVRODU)6
2 IDWRU VRODU GH XPD DEHUWXUD SRGH VHU
HQWHQGLGRFRPRDUD]mRHQWUHDTXDQWLGDGHGH
HQHUJLD VRODU TXH DWUDYHVVD D MDQHOD SHOR TXH
QHOD LQFLGH (VWH YDORU p FDUDFWHUtVWLFR SDUD
FDGDWLSRGHDEHUWXUDHYDULDFRPRkQJXORGH
LQFLGrQFLD GD UDGLDomR VRODU 3DUD R YLGUR
VLPSOHV FRP D LQFLGrQFLD GLUHWD GD UDGLDomR
VRODU QRUPDO j VXSHUItFLH R IDWRU VRODU p
DSUR[LPDGDPHQWH $6+5$( ,VWR
VLJQLILFD TXH GD UDGLDomR VRODU LQFLGHQWH
VREUH D MDQHOD FRP YLGUR VLPSOHV H VHP
SURWHomRSHQHWUDQRLQWHULRU$PDLRUSDUWHGD
UDGLDomR LQFLGHQWH QR YLGUR p WUDQVPLWLGD
GLUHWDPHQWHDRLQWHULRUVRPDQGRVHDGD
SDUFHOD GD UDGLDomR DEVRUYLGD SHOR YLGUR TXH
p HPLWLGD SDUD R LQWHULRU FRQIRUPH D )LJXUD
'XWUD
)LJXUD)DWRUVRODU
2 IDWRU VRODU GH XPD DEHUWXUD p XWLOL]DGR SDUD VH FDOFXODU D GHQVLGDGH GH IOX[R GH FDORU
DWUDYpV GHOD T H EDVLFDPHQWH DGLFLRQD DR FiOFXOR DQWHULRUPHQWH YLVWR D SDUFHOD
UHIHUHQWH j SDUWH GD UDGLDomR VRODU WUDQVPLWLGD GLUHWDPHQWH DR LQWHULRU IXQomR GD
WUDQVPLVVLYLGDGHGRHOHPHQWRWUDQVSDUHQWH$HTXDomRGDGHQVLGDGHGHIOX[RGHFDORU
SDUDPDWHULDLVWUDQVSDUHQWHVpHQWmR

(TXDomRGHQVLGDGHGHIOX[RGHFDORUSDUDPDWHULDLVWUDQVSDUHQWHV
T = {8 [W(;7 + ( , 5 6( ) W,17 ]} + ( ,)
RQGH

8 WUDQVPLWkQFLDWpUPLFDGRYLGUR:P.
W(;7 WHPSHUDWXUDGRDPELHQWHH[WHULRU&
DEVRUWLYLGDGHGDVXSHUItFLHH[WHUQDGRIHFKDPHQWR
, UDGLDomRVRODULQFLGHQWHQRIHFKDPHQWR:
56( UHVLVWrQFLDVXSHUILFLDOH[WHUQDP.:7DEHOD
W,17 WHPSHUDWXUDGRDPELHQWHLQWHULRU&
WUDQVPLVVLYLGDGHGRYLGUR
2IDWRUVRODUpDUHODomRHQWUHDTXDQWLGDGHGHUDGLDomRVRODUTXHDWUDYHVVDDMDQHODHD
TXHLQFLGHVREUHDPHVPDRXVHMD
(TXDomR)DWRUVRODU
)6 = + (8 5 6( )
6LPSOLILFDQGRDHTXDomRGDGHQVLGDGHGHIOX[RGHFDORUWHPVHHQWmRTXH
(TXDomRGHQVLGDGHGHIOX[RGHFDORUSDUDPDWHULDLVWUDQVSDUHQWHV
T = 8 (W(;7 W,17 ) + )6 , RX T = 8 W + )6 ,

8WLOL]DQGRVLVWHPDVGHDEHUWXUDVFRPIDWRUHVVRODUHVEDL[RVVHHVWiFRQWURODQGRDHQWUDGD
GHFDORUSDUDRLQWHULRU'HYHVHSRQGHUDUDLOXPLQDomRQDWXUDOQHVWHVFDVRVTXHQmRSRGH
VHU UHGX]LGD QD PHVPDSURSRUomR GD HQWUDGD GH FDORU2XWUDV IRUPDVGH DSURYHLWDPHQWR
GDOX]QDWXUDOSRGHPVHUXWLOL]DGDV]HQLWDLVRXLQGLUHWDVRXPHVPRHPSUHJDUDOJXPWLSR
GHSURWHomRTXHEORTXHLHRFDORUPDVSHUPLWDRLQJUHVVRGDOX]YLGURHVSHFLDOEULVHWLSR
SUDWHOHLUD GH OX] HQWUH RXWURV 1D 7DEHOD H QD 7DEHOD VmR DSUHVHQWDGRV RV
IDWRUHV VRODUHV SDUD DOJXQV WLSRV GH YLGUR H SURWHo}HV VRODUHV H[WHUQDV H LQWHUQDV PDLV
FRPXQVUHVSHFWLYDPHQWH
(PUHODomRjWDEHOD
&RPYLGURGXSORKRUL]RQWDOPHWDGHGDDEHUWXUDFRPLQVRODomRGLUHWD
&RPYLGURGXSOREUDQFDHDUD]mRODUJXUDHVSDoDPHQWR
7RGDDDEHUWXUDHVWiVRPEUHDGD
2VYDORUHVGDVWDEHODVVmRDSHQDVSDUDUHIHUrQFLD'HYLGRjJUDQGHHYROXomRQDWHFQRORJLD
GH YLGURV H j GLYHUVLGDGH GH WUDWDPHQWRV yWLFRV SRVVtYHLV IDWRU VRODU WUDQVPLVVLYLGDGH
YLVtYHOGHYHVHFRQVXOWDURVFDWiORJRVHVSHFtILFRVGHFDGDIDEULFDQWH

FDStWXOR35235,('$'(67e50,&$6'26(/(0(1726&2167587,926
7DEHOD9DORUHVGH)DWRU6RODU)6SDUDDEHUWXUDVFRPGLIHUHQWHVVXSHUItFLHVVHSDUDGRUDV
6XSHUItFLHV6HSDUDGRUDV
9LGURV
5HIHUrQFLD
$6+5$(
$6+5$(
3HUHLUDH6KDUSOHV
$6+5$(
$6+5$(
:LQGRZVDQG'D\OLJKWLQJ
*URXS
:LQGRZVDQG'D\OLJKWLQJ
*URXS
7UDQVSDUHQWHVLPSOHV

7UDQVSDUHQWHGXSOR
&LQ]DIXPr
PP
PP
PP
PP
PP

9HUGH
PP

PP

5HIOH[LYR
3HOtFXODV
5HIOH[LYD
$EVRUYHQWH
$FUtOLFR
3ROLFDUERQDWR
'RPRV
)6
PP
:LQGRZVDQG'D\OLJKWLQJ*URXS
H$UR]WHJXL

$6+5$(
$UR]WHJXL
&ODUR
&LQ]DRX%URQ]H
5HIOHWLGR

$6+5$(
$6+5$(
$6+5$(
&ODUR
&LQ]DRX%URQ]H

$6+5$(
$6+5$(
&ODUR
7UDQVO~FLGR

$6+5$(
$6+5$(

$6+5$(
7LMRORGH9LGUR
7DEHOD9DORUHVGH)DWRU6RODU)6SDUDDEHUWXUDVFRPGLIHUHQWHVSURWHo}HVVRODUHV
3URWHo}HV6RODUHV
,QWHUQDV
([WHUQDV
)6
5HIHUrQFLD
&RUWLQDWUDQVO~FLGD

$6+5$(6KXNX\DH.LPXUD

H$UR]WHJXL
&RUWLQDVHPLWUDQVO~FLGD

&RUWLQDRSDFD

3HUVLDQDLQFOLQDGD
3HUVLDQDIHFKDGD

6KXNX\DH.LPXUDH

$UR]WHJXL
6KXNX\DH.LPXUDH
$UR]WHJXL
$6+5$(
$6+5$(
7ROGRWUDQVO~FLGR
7ROGRRSDFR
9HQH]LDQDVPDGSODVW
(VWHLUDGHPDGHLUD
9HQH]LDQDVKRUL]
%ULVHKRUL]RQWDO
3UDWHOHLUDGHOX]HVSHOKDGD
7DPSmRGHPDGHLUD

$UR]WHJXL
$UR]WHJXL
$UR]WHJXL
$UR]WHJXL
3HUHLUDH6KDUSOHV
$UR]WHJXL
3HUHLUDH6KDUSOHV
$UR]WHJXL

&RPR H[HPSOR GH DSOLFDomR SRGHVH FDOFXODU D GHQVLGDGH GH IOX[R GH FDORU HP XPD
DEHUWXUD FRPSRVWD GH XP YLGUR VLPSOHV FRP PP GH HVSHVVXUD H[SRVWD j VHJXLQWH
VLWXDomR
RULHQWDomR2(67(, :P
)6 IDWRUVRODUSDUDYLGURVLPSOHV
GHPP7DEHOD
8 :P.7DEHOD
W(;7 &
W,17 &

)LJXUD)DWRUVRODU
2YDORUGDGHQVLGDGHGHIOX[RGHFDORUTXHDWUDYHVVDDDEHUWXUDSRUFRQGXomRp
TF = 8 (W(;7 W,17 ) = ( ) = : P

(RJDQKRVRODUSHORYLGURVHUi
TV = )6 , = = : P

(DGHQVLGDGHGHIOX[RGHFDORUWRWDOSHODDEHUWXUDp
T = + = : P

2YDORUGDGHQVLGDGHGHIOX[RGHFDORUSRUFRQGXomRQDDEHUWXUDpPDLRUTXHRYDORUGD
GHQVLGDGHGHIOX[RGHFDORUTXHDWUDYHVVDDSDUHGHVLPSOHVGRH[HUFtFLRDQWHULRUVHJXQGR
D7DEHODGRLWHP6HDFUHVFHQWDUPRVQHVWDFRPSDUDomRRVHIHLWRVGDUDGLDomRVRODU
GLUHWD WDQWR QD SDUHGH VLPSOHV TXDQWR QD MDQHOD REWHUHPRV SDUD D MDQHOD XP YDORU GH
GHQVLGDGHGHIOX[RGHFDORUPDLVTXHVHLVYH]HVVXSHULRUDRGDSDUHGHVLPSOHVH[SRVWDDR
VRO H SLQWDGD GH SUHWR VHJXQGR 7DEHOD GR LWHP TXH UHSUHVHQWD D SLRU VLWXDomR
SDUDDSDUHGH7DEHOD
7DEHOD&RPSDUDomRHQWUHDGHQVLGDGHGRIOX[RGHFDORUTHP:PHPSDUDXPDSDUHGH
VLPSOHVHHPXPDDEHUWXUDVHPHFRPDSUHVHQoDGHUDGLDomRVRODUGLUHWD
VHPVRO
FRPVRO
3DUHGHVLPSOHVSLQWDGDGHSUHWR

$EHUWXUD

6HQDSDUHGHVLPSOHVH[SRVWDDRVROT :PFRPPGHiUHDIRVVHLQVWDODGD
XPDDEHUWXUDQDVFRQGLo}HVDFLPDFRPPGHiUHDRIOX[RGHFDORUWRWDOGRIHFKDPHQWR
VHULD

FDStWXOR35235,('$'(67e50,&$6'26(/(0(1726&2167587,926
4 3$5('( = (T3$5('( $ 3$5('( ) = ( ) = :
4 $%(5785$ = (T $%(5785$ $ $%(5785$ ) = ( ) = :

4 727$/ = 4 3$5('( + 4 $%(5785$ = + = :
3HUFHEHVH TXH HPERUD D DEHUWXUD VLJQLILTXH DSHQDV GD iUHD WRWDO GR IHFKDPHQWR
UHSUHVHQWD SUDWLFDPHQWH GR WRWDO GH IOX[R GH FDORU TXH HQWUD QR DPELHQWH 'HVWD
REVHUYDomRVHSRGHFRQFOXLUTXHRVIHFKDPHQWRVWUDQVSDUHQWHVVmRRVSULQFLSDLVHOHPHQWRV
GHJDQKRVRXSHUGDVWpUPLFDVHPHGLILFDo}HV
5()(51&,$6
$%17 1%5'HVHPSHQKRWpUPLFRGHHGLILFDo}HV3DUWH0pWRGRV
GHFiOFXORGDWUDQVPLWkQFLDWpUPLFDGDFDSDFLGDGHWpUPLFDGRDWUDVRWpUPLFR
HGRIDWRUVRODUGHHOHPHQWRVHFRPSRQHQWHVGHHGLILFDo}HV
$%17 E 1%5 'HVHPSHQKR WpUPLFR GH HGLILFDo}HV 3DUWH
=RQHDPHQWR ELRFOLPiWLFR EUDVLOHLUR H GLUHWUL]HV FRQVWUXWLYDV SDUD KDELWDo}HV
XQLIDPLOLDUHVGHLQWHUHVVHVRFLDO
$52=7(*8,-0'HVHPSHQKR7pUPLFRGH-DQHODV&DGHUQR7pFQLFR&XUVR
GH3yV*UDGXDomRHP(QJHQKDULD&LYLOGD8)5*63RUWR$OHJUH56
$6+5$( +DQGERRN RI )XQGDPHQWDOV $PHULFDQ 6RFLHW\ RI +HDWLQJ
5HIULJHUDWLQJDQG$LU&RQGLWLRQLQJ(QJLQHHUV1HZ<RUN86$
%$.(51)DQFKLRWWL$6WHHPHUV.-DPHV -DPHV/WGD/RQGRQ8.
'8)),(-$%HFNPDQ:$ 6RODUHQJLQHHULQJRIWKHUPDOSURFHVVHV
HG-RKQ:LOH\DQG6RQV1HZ<RUN86$
'875$/ 8PDPHWRGRORJLDSDUDDGHWHUPLQDomRGRIDWRUVRODUGHVHMiYHO
HP DEHUWXUDV 'LVVHUWDomR GH 0HVWUDGR &XUVR GH 3yV*UDGXDomR HP
(QJHQKDULD&LYLO8QLYHUVLGDGH)HGHUDOGH6DQWD&DWDULQD)ORULDQySROLV
)527$$%6FKLIIHU65 0DQXDOGHFRQIRUWRWpUPLFR(GLWRUD1REHO
6mR3DXOR63
*+,6,(0HOKRULDQRFRQIRUWRWpUPLFRGHHGLILFDo}HV5HODWyULRGH%ROVD
GH,QLFLDomR&LHQWtILFD&13T)ORULDQySROLV6&
*28/$5769*/DPEHUWV5)LUPLQR6 'DGRVFOLPiWLFRVSDUDSURMHWR
H DYDOLDomR HQHUJpWLFD GH HGLILFDo}HV SDUD FLGDGHV EUDVLOHLUDV 1~FOHR HP
3HVTXLVDHP&RQVWUXomR8)6&)ORULDQySROLV
.2(1,*6%(5*(5 2 + ,QJHUVROO 7 * 0D\KHZ $ 6]RNROD\ 6 9
9LYLHQGDV \ HGLItFLRV HQ ]RQDV FiOLGDV \ WURSLFDOHV 3DUDQLQIR 6 $ 0DGULG
(VSDQKD
/$%$., / & &DUDP 5 0 2V YLGURV H R FRQIRUWR DPELHQWDO LQ ,,,
(QFRQWUR1DFLRQDOH,(QFRQWUR/DWLQR$PHULFDQRGH&RQIRUWRQR$PELHQWH
&RQVWUXtGR*UDPDGR56SS

2/*<$< 9 2OJ\D\ $ 6RODU FRQWURO VKDGLQJ GHYLFHV 3ULQFHWRQ
8QLYHUVLW\3UHVV3ULQFHWRQ86$
3(5(,5$)25 6KDUSOHV6 7KHGHYHORSPHQWRIDGHYLFHIRUPHDVXULQJ
VRODUKHDWJDLQDQGVKDGLQJFRHIILFLHQWVRIZLQGRZVLQVFDOHPRGHOVLQ(QHUJ\
DQG%XLOGLQJV9ROSS
6+8.8<$ 0 .LPXUD . 3DVVLYH PHWKRG WR GHWHUPLQH VKDGLQJ
FRHIILFLHQWXVLQJWZRQDWXUDOO\YHQWLODWHGDQGWUDQVSDUHQWER[HV LQ $6+5$(
7UDQVDFWLRQV9ROSS
6=2.2/$< 6 9 7KHUPDO GHVLJQ RI EXLOGLQJV 5$,$ (GXFDWLRQ 'LYLVLRQ
5HG+LOO$XVWUiOLD


VXPiULR

(48,3$0(1726(6,67(0$6(),&,(17(6

6LVWHPDVGH$TXHFLPHQWRGHJXD

(OpWULFR

$*iV

6RODU

$%LRPDVVDOHQKD

6LVWHPDVGH,OXPLQDomR$UWLILFLDO

/kPSDGDV

,QFDQGHVFHQWHV

'HVFDUJD*DVRVD

1RYRV7LSRVGH/kPSDGDV

/80,15,$6

5($725(6

&RQWUROHGD,OXPLQDomR

&OLPDWL]DomR$UWLILFLDO

9HQWLODomR0HFkQLFD

$TXHFLPHQWR

$TXHFLPHQWRD%LRPDVVD

$TXHFLPHQWRD*iV
5HVIULDPHQWR

$U&RQGLFLRQDGRGH-DQHOD

0LQL&HQWUDLVGH3HTXHQR3RUWHRX6SOLW

0XOWLVSOLW

6HOI&RQWDLQHG

&KLOOHU )DQ&RLO
5HIHUrQFLDV

FDStWXOR(48,3$0(1726(6,67(0$6(),&,(17(6
&$378/2
(48,3$0(1726(6,67(0$6(),&,(17(6
8P HGLItFLR GHYH VHU FRQFHELGR WHQGRVH HP PHQWH VHXV SULQFLSDLV UHTXLVLWRV UHODWLYRV j
HILFLrQFLD HQHUJpWLFD H DR GHVHPSHQKR WpUPLFR H YLVXDO GHVHMiYHO QRV DPELHQWHV
LQWHULRUHV $OJXQV HTXLSDPHQWRV H HOHPHQWRV DUTXLWHW{QLFRV HVSHFLILFDGRV QR SURMHWR
SRGHP WHU VHX GHVHPSHQKR PHOKRU GR TXH R GH PRGHORV VLPLODUHV &RP D FUHVFHQWH
HYROXomR WHFQROyJLFD GRV VLVWHPDV H HTXLSDPHQWRV UHODFLRQDGRV j FRQVWUXomR FLYLO p
LPSRUWDQWH DR DUTXLWHWR WHU XPD LGpLD EDVWDQWH DEUDQJHQWH GR TXH HVWi GLVSRQtYHO QR
PHUFDGR H GH TXDLV SULQFtSLRV GHYH VHJXLU SDUD REWHU R PHOKRU GH VHX SURMHWR WDQWR
DPELHQWDOPHQWHTXDQWRHFRQRPLFDPHQWH
1HVWH FDStWXOR VHUmR HVWXGDGRV HTXLSDPHQWRV H VLVWHPDV TXH SRGHP WRUQDU XP HGLItFLR
PDLVHILFLHQWHHPWHUPRVGHFRQVXPRGHHQHUJLDHFRQIRUWRFRPRDTXHFLPHQWRVRODUGH
iJXDOkPSDGDVHVSHFLDLVDUFRQGLFLRQDGRHILFLHQWHHVLVWHPDVGHFRQWUROH

6LVWHPDVGH$TXHFLPHQWRGHJXD
2DTXHFLPHQWRGHiJXDSRGHUHSUHVHQWDUXPDJUDQGHIDWLDGRFRQVXPRGHHOHWULFLGDGHHP
HGLILFDo}HV 2V VLVWHPDV PDLV FRPXQV VmR R FKXYHLUR HOpWULFR R DTXHFHGRU HOpWULFR GH
SDVVDJHP R DTXHFHGRU HOpWULFR GH DFXPXODomR R DTXHFHGRU D JiV GH SDVVDJHP R
DTXHFHGRUDJiVGHDFXPXODomRRDTXHFHGRUVRODUGHDFXPXODomRFRPEDFNXSHOpWULFRRX
DJiVHRDTXHFHGRUDELRPDVVDOHQKDGHDFXPXODomR

(OpWULFR
$JUDQGHPDLRULDGDVUHVLGrQFLDVEUDVLOHLUDVXWLOL]D&+89(,52(/e75,&2HRVHXFRQVXPR
UHSUHVHQWDFHUFDGHXPTXLQWRGRFRQVXPRWRWDOGDUHVLGrQFLD$OPHLGDHRXWURV2
QtYHO GH FRQIRUWR SURSRUFLRQDGR p SHTXHQR PDV p LQTXHVWLRQiYHO R EDL[R SUHoR GHVVH
HTXLSDPHQWR H VXD IDFLOLGDGH GH LQVWDODomR H PDQXWHQomR (QWUHWDQWR D DXVrQFLD GH
LQVWDODomRGHiJXDTXHQWHQDPDLRULDGDVFDVDVGLILFXOWDDLQFRUSRUDomRGHRXWUDVIRUPDV
GHDTXHFLPHQWRGHiJXD,VWRID]FRPTXHjPHGLGDTXHRXVXiULREXVTXHPDLRUFRQIRUWR
PDLRUHV SRWrQFLDV VHMDP LQVWDODGDV JHUDQGR VpULRV SUREOHPDV SDUD D FRQFHVVLRQiULD GH
HQHUJLD
2 6,67(0$ '( $48(&,0(172 (/e75,&2 '( 3$66$*(0 WHP WDPEpP GLPHQV}HV
FRPSDFWDVSRUpPH[LJHLQYHVWLPHQWRHPWXEXODo}HVGLIHUHQFLDGDVDSUHVHQWDQGRWDPEpP
SRXFDYD]mRGHiJXDHXPDOWRFRQVXPRGHHQHUJLD
2VVLVWHPDVGHDTXHFLPHQWRHOpWULFRLQVWDQWkQHRVFKXYHLURHOpWULFRHDTXHFHGRUHOpWULFR
GHSDVVDJHPH[LJHPLQYHVWLPHQWRVHOHYDGRVFRPLQIUDHVWUXWXUD HOpWULFDWDQWRSRUSDUWH
GR XVXiULR TXDQWR SRU SDUWH GD FRQFHVVLRQiULD GH HQHUJLD UHVSHFWLYDPHQWH SHOD
VREUHFDUJD QD LQVWDODomR HOpWULFD H SHOD FRQFHQWUDomR GR FRQVXPR HP KRUiULRV GH SRQWD
QRUPDOPHQWHjVKTXHUHSUHVHQWDXPDFUpVFLPRFRQVLGHUiYHOQDGHPDQGDGHHQHUJLD
8P SRXFR PDLV HILFLHQWHV RV 6,67(0$6 '( $48(&,0(172 (/e75,&2 '( $&808/$d2
DSUHVHQWDPDYDQWDJHPGHSRGHUGLVSRQLELOL]DUDiJXDSDUDXVRLPHGLDWRFRPERDSUHVVmR
(QWUHWDQWR GD PHVPD IRUPD TXH RV RXWURV VLVWHPDV HOpWULFRV DSUHVHQWDP XP DOWR
FRQVXPRGHHQHUJLD
2 DUTXLWHWR GHYHULD SUHYHU D LQVWDODomR GH FDQDOL]Do}HV SDUD iJXD TXHQWH QRV SURMHWRV
SHUPLWLQGR FRP LVVR R HPSUHJR GH VLVWHPDV GH DTXHFLPHQWR D JiV RX VRODU (VWDV
LQVWDODo}HV GHYHP VHU EHP LVRODGDV WHUPLFDPHQWH QHFHVVLGDGH WDPEpP SUHVHQWH QR
GHSyVLWRGHiJXDHPVLVWHPDVGHDFXPXODomR


$*iV
2V6,67(0$6'($48(&,0(172$*6'(3$66$*(0H'($&808/$d2RIHUHFHPPHOKRU
SUHVVmR TXH RV HOpWULFRV &XLGDGRV GHYHP VHU WRPDGRV QD H[HFXomR GD WXEXODomR SDUD
HYLWDUYD]DPHQWRVGHJiV

6RODU
2DTXHFLPHQWRVRODUGHiJXDHPERUDRQHURVRQDLQVWDODomRDSUHVHQWDDJUDQGHYDQWDJHP
GHFXVWR]HURSDUDDTXHFLPHQWR$WXDOPHQWHRYDORULQYHVWLGRQDLQVWDODomRGHVWHVLVWHPD
Gi UHWRUQR HP HFRQRPLD GH HQHUJLD HP DSUR[LPDGDPHQWH GRLV DQRV H PHLR GH XVR SDUD
XPD IDPtOLD QRUPDO H HP DWp PHQRV WHPSR SDUD JUDQGHV HGLItFLRV FRPR HGLItFLRV
UHVLGHQFLDLVHKRWpLVSRUH[HPSOR
2 VLVWHPD FRQVWLWXLVH EDVLFDPHQWH GH GRLV LWHQV R UHVHUYDWyULR WpUPLFR ERLOHU H R
FROHWRUVRODUSODFDVGHDTXHFLPHQWRVRODU
(PERUD R %UDVLO WHQKD EDVWDQWH VRO GXUDQWH WRGR R DQR R VLVWHPD GH DTXHFLPHQWR VRODU
SRVVXL EDFNXS HOpWULFR RX D JiV TXH SRGH VHU H[DJHUDGDPHQWH DFLRQDGR FDVR VXD
LQVWDODomR VHMD IHLWD LQFRUUHWDPHQWH RULHQWDomR H LQFOLQDomR WRUQDQGRR PHQRV
HILFLHQWH'HVVD IRUPD DV SODFDV FROHWRUDV GHYHP VHU RULHQWDGDV SDUD R QRUWH JHRJUiILFR
GR ORFDO FRP LQFOLQDomR GH] JUDXV D PDLV TXH DR YDORU GD ODWLWXGH GD FLGDGH R TXH
PD[LPL]DDH[SRVLomRDRVROGRLQYHUQR
$iJXDFLUFXODHPVHUSHQWLQDVSRUHVWDVSODFDVQXPSODQRFRPDFRUSUHWDSDUDPD[LPL]DU
D DEVRUomR GD UDGLDomR VRODU 8P SDQR GH YLGUR SURWHJH R VLVWHPD GDV LQWHPSpULHV H
WDPEpPSURYRFDRHIHLWRHVWXIDGHQWURGRFROHWRUEORTXHDQGRDSDVVDJHPGRFDORUGDV
SODFDVDTXHFLGDVUDGLDomRGHRQGDORQJDGHYROWDDRH[WHULRU
$ FLUFXODomR GH iJXD QHVVH VLVWHPD SRGH VHU SRU WHUPRVVLImR RX IRUoDGD &RPR D iJXD
TXHQWH p PDLV OHYH H WHQGH D VXELU R LGHDO p LQVWDODU R ERLOHU HP DOWXUD VXSHULRU j GD
LQVWDODomRGDVSODFDVFROHWRUDV&DVRLVVRQmRVHMDSRVVtYHOSRUTXHVW}HVGHSURMHWRGHYH
VHXWLOL]DUERPEHDPHQWRHOpWULFR
1R SURMHWR DUTXLWHW{QLFR GHYHVH FRQVLGHUDU D LQVWDODomR GHVWH VLVWHPD XPD YH] TXH DV
SODFDVGHYHPVHURULHQWDGDVSDUDRQRUWHFRPLQFOLQDomRHVSHFtILFDSDUDFDGDODWLWXGH(P
HGLILFDo}HV FRP FREHUWXUD SODQD DV SODFDV SRGHP VHU HVWUXWXUDGDV FRP HOHPHQWRV
DGLFLRQDLVSRUpPRLGHDOpLQWHJUiODVDRGHVHQKRDWUDYpVGHVXSHUItFLHVTXHIDoDPSDUWH
GD YROXPHWULD GR HGLItFLR RULHQWDGDV SDUD D PHVPD GLUHomR H FRPPHVPD LQFOLQDomR GDV
SODFDV
2 XVR GR DTXHFHGRU VRODU GH iJXD SRGH VHU FRQVLGHUDGR DWULEXWR GH XPD DUTXLWHWXUD TXH
DOPHMHVHUPDLVVXVWHQWiYHO

$%LRPDVVDOHQKD
2$48(&('25$%,20$66$'($&808/$d2EDVHDGRQD TXHLPDGH OHQKDRXGHODVFDV

GH PDGHLUD RIHUHFH EDL[R FXVWR GH JHUDomR GH FDORU H WDPEpP DJUHJD YDORUHV GH
VXVWHQWDELOLGDGH DR SURMHWR VH D OHQKD IRU RULXQGD GH PDQHMRV UHQRYiYHLV FRP EDL[D
HPLVVmRGH&21RSURMHWRGHYHVHSHQVDUQD GLVSRQLELOLGDGHGDOHQKDQRORFDOHQDVXD
DUPD]HQDJHPSURWHJLGDGDVLQWHPSpULHVHSUy[LPDDRVLVWHPD

6LVWHPDVGH,OXPLQDomR$UWLILFLDO
$OX]QDWXUDOVHPSUHIRLDSULQFLSDOIRQWHGHLOXPLQDomRQDDUTXLWHWXUD(QWUHWDQWRDSyVD
GHVFREHUWDGDHOHWULFLGDGHHDLQYHQomRGDOkPSDGDSRU(GLVRQDLOXPLQDomRDUWLILFLDOVH

FDStWXOR(48,3$0(1726(6,67(0$6(),&,(17(6
WRUQRXFDGDYH]PDLVLQVHSDUiYHOGDHGLILFDomR6HPHODQmRVHULDPSRVVtYHLVRVHGLItFLRV
GHJUDQGHiUHDFRQVWUXtGDHPXLWRVSDYLPHQWRVRQGHDOX]QDWXUDOQmRFRQVHJXHYHQFHUD
SURIXQGLGDGHHPSODQWDSDUDLOXPLQDUDOJXQVDPELHQWHVLQWHULRUHV)LJXUD

)LJXUD,OXPLQDomRDUWLILFLDOHPHVSDoRVHQFODXVXUDGRV
$ OX] DUWLILFLDO WDPEpP SHUPLWH DR KRPHP XWLOL]DU DV HGLILFDo}HV j QRLWH SDUD GDU
FRQWLQXLGDGH D VXDV DWLYLGDGHV RX VH GLYHUWLU LQGR D EDUHV VKRSSLQJ FHQWHUV RX PHVPR
OHQGRXPOLYUReLPSRUWDQWHQRHQWDQWRVDOLHQWDUTXHQmRpWmRVLPSOHVHPSUHJDUDOX]
DUWLILFLDO GH IRUPD HILFLHQWH 8P ERP SURMHWR GH LOXPLQDomR GHYH JDUDQWLU jV SHVVRDV D
SRVVLELOLGDGHGHH[HFXWDUDWLYLGDGHVYLVXDLVFRPRPi[LPRGHSUHFLVmRHVHJXUDQoDHFRP
RPHQRUHVIRUoR
3DUD DXPHQWDU D HILFLrQFLD HQHUJpWLFD H D TXDOLGDGH GRV DPELHQWHV HP XPD HGLILFDomR
GHYHVH SHQVDU QD FRPSOHPHQWDULGDGH TXH H[LVWH HQWUH D OX]DUWLILFLDO H D OX] QDWXUDO 2
SURMHWLVWDSUHFLVDFRQVLGHUDUDLQWHJUDomRHQWUHRVGRLVWLSRVGHIRQWHVGHOX]HSDUDLVVR
p IXQGDPHQWDO R FRQKHFLPHQWR EiVLFR WDQWR GD OX] QDWXUDO TXDQWR GRV WLSRV GH
HTXLSDPHQWRV GH LOXPLQDomR D VHUHP XWLOL]DGRV QD DUTXLWHWXUD 8PD GDV SULQFLSDLV
GHFLV}HV QR SURMHWR GH LOXPLQDomR p D GHILQLomR GRV VLVWHPDV DUWLILFLDO H QDWXUDO &DGD
FRPSRQHQWH GHVVHV VLVWHPDV OkPSDGDV OXPLQiULDV VLVWHPDV GH FRQWUROH MDQHODV HQWUH
RXWURV WHP GHVHPSHQKR H TXDOLGDGHV GLIHUHQWHV TXH GHSHQGHP GR WLSR GH WHFQRORJLD
HPSUHJDGDQDVXDIDEULFDomR$HILFLrQFLDGRVLVWHPDGHLOXPLQDomRDUWLILFLDODGRWDGRQR
SURMHWR GHSHQGH GR GHVHPSHQKRSDUWLFXODU GH WRGRV RV HOHPHQWRV HQYROYLGRV EHP FRPR
GDLQWHJUDomRIHLWDFRPRVLVWHPDGHLOXPLQDomRQDWXUDO
eLPSRUWDQWHIULVDUTXHRDUTXLWHWRWHPRSRGHUGHGHFLVmRVREUHRVLVWHPDGHLOXPLQDomR
QDWXUDO GR HGLItFLR GXUDQWH D IDVH GR SURMHWR DUTXLWHW{QLFR 4XDQGR HVSHFLILFD MDQHODV
FRUHVHDSUySULDYROXPHWULDGDHGLILFDomRDOWHUDRGHVHPSHQKRGRVLVWHPDGHLOXPLQDomR
QDWXUDOPHVPRTXDQGRQmRHVWiFLHQWHGLVVR$SyVDFRQVWUXomRGRHGLItFLRSRXFRVHSRGH
ID]HUSDUDH[SORUDUDOX]QDWXUDOVHRSURMHWRQmRDFRQVLGHURXFRPRSULRULWiULDDQmRVHU
DSHODU SDUD D LQVWDODomR GH VLVWHPDV DUWLILFLDLV 2 TXLQWR FDStWXOR GHVWH OLYUR LQWLWXODGR
,OXPLQDomR1DWXUDOWUDWDFRPPDLVGHWDOKHVGHVVHDVVXQWR

/kPSDGDV
$WXDOPHQWHH[LVWHPGLIHUHQWHVWLSRVGHOkPSDGDVSDUDDVPDLVGLYHUVDVDSOLFDo}HV3DUDR
XVRHPHGLILFDo}HVUHVLGHQFLDLVHFRPHUFLDLVQRHQWDQWRDVOkPSDGDVHOpWULFDVSRGHPVHU
FODVVLILFDGDVHPGRLVJUXSRVEiVLFRV
LUUDGLDomRSRUHIHLWRWpUPLFRLQFDQGHVFHQWHV
GHVFDUJDHPJDVHVHYDSRUHVIOXRUHVFHQWHVYDSRUGHPHUF~ULRGHVyGLRHWF


,QFDQGHVFHQWHV
$VOkPSDGDVLQFDQGHVFHQWHVVmRDVPDLVFRPXQV(PERUDGHYLGD~WLOEDVWDQWHFXUWDVHX
FXVWR LQLFLDO p EDL[R 6HX SULQFtSLR GH IXQFLRQDPHQWR p SURGX]LU OX] SHOD HOHYDomR GD
WHPSHUDWXUD GH XP ILODPHQWR JHUDOPHQWH R WXQJVWrQLR DR VHU VXEPHWLGR j FRUUHQWH
HOpWULFD 2 WDPDQKR UHGX]LGR R IXQFLRQDPHQWR LPHGLDWR H D GHVQHFHVVLGDGH GH
DSDUHOKDJHP DX[LOLDU H[FHWR DV OkPSDGDV KDOyJHQDV VmR DOJXPDV GDV SULQFLSDLV
YDQWDJHQV GHVWH WLSR GH OkPSDGD (P FRQWUDSDUWLGD D HILFLrQFLD OXPLQRVD p EHP EDL[D
QHVWDVOkPSDGDV([LVWHXPDHOHYDGDGLVVLSDomRGHFDORUTXHVHWUDGX]QRGHVSHUGtFLRGH
HQHUJLD $OpP GLVVR GHYHVH WRPDU FXLGDGR FRP D SRVVLELOLGDGH GH RIXVFDPHQWR
UHVXOWDQWHGHVXDDOWDOXPLQkQFLD(PSUHJDPVHHPHGLILFDo}HVUHVLGHQFLDLVHFRPHUFLDLV
EDVLFDPHQWH WUrV WLSRV GH OkPSDGDV LQFDQGHVFHQWHV LQFDQGHVFHQWHV FRPXQV UHIOHWRUDV
HVSHOKDGDVHKDOyJHQDV
$V,QFDQGHVFHQWHVFRPXQV)LJXUDVmRDVPDLVFRQKHFLGDVHGHWHFQRORJLDPDLVDQWLJD
$SUHVHQWDPVH HP EXOERV FODURV RX OHLWRVRV $ DOWD WHPSHUDWXUD GR ILODPHQWR FDXVD
HYDSRUDomR GR WXQJVWrQLR TXH VH GHSRVLWD QR EXOER HVFXUHFHQGRR H SURGX]LQGR XPD
GHSUHFLDomRGRIOX[ROXPLQRVRHGXUDomRFXUWDKRUDV$SHVDUGRFXVWRLQLFLDOEDL[R
VHXFXVWRJOREDORSHUDomRPDQXWHQomRHLQLFLDOpDOWR

)LJXUD/kPSDGDLQFDQGHVFHQWHFRPXP
$V OkPSDGDV HVSHOKDGDV )LJXUD SRVVXHP UHIOHWRU LQWHUQR SDUD PHOKRUDU R
GLUHFLRQDPHQWR GD OX] $ iUHD HVSHOKDGD IXQFLRQD FRPR XPD OXPLQiULD FRP D YDQWDJHP
GHQmRQHFHVVLWDUOLPSH]DRXVRIUHUGHWHULRUDomR2UHIOHWRUSRGHWHUXPSHUILOSDUDEyOLFR
RXHOtSWLFRVHQGRHVWH~OWLPRHVSHFLDOPHQWHLPSRUWDQWHTXDQGRDOkPSDGDHVWiHPEXWLGD
QXPD OXPLQiULD GH FRUSR SURIXQGR H DOHWDV DQWLRIXVFDQWHV 2 UHGLUHFLRQDPHQWR GD OX]
TXHDRFRQWUiULRVHULDHPLWLGDSDUDRVODGRVRXSDUDFLPDSRGHPHOKRUDUDHILFLrQFLDGD
LQVWDODomR

)LJXUD/kPSDGDLQFDQGHVFHQWHHVSHOKDGD

FDStWXOR(48,3$0(1726(6,67(0$6(),&,(17(6
$V OkPSDGDV KDOyJHQDV )LJXUD SRVVXHP DOpP GRV JDVHV WUDGLFLRQDLV XP KDORJrQLR
QRUPDOPHQWH LRGR QR LQWHULRU GR EXOER &RP D DMXGD GR EXOER GH TXDUW]R TXH VXSRUWD
HOHYDGDVWHPSHUDWXUDVHYLWDQGRDVVLPDFRQGHQVDomRRWXQJVWrQLRHYDSRUDGRFRPELQDVH
FRP R KDORJrQLR 4XDQGR HP FRQWDWR FRP R ILODPHQWR R WXQJVWrQLR GD PLVWXUD p
UHGHSRVLWDGR QR ILODPHQWR H R KDORJrQLR FRQWLQXD VXD WDUHID QR FLFOR UHJHQHUDWLYR (VWDV
OkPSDGDV DSUHVHQWDP XP GHFDLPHQWR GR IOX[R OXPLQRVR PXLWR SHTXHQR XPD PDLRU
HILFLrQFLD YLGD ~WLO GH KRUDV H GLPHQV}HV EHP UHGX]LGDV $OJXPDV OkPSDGDV
KDOyJHQDV VmR HTXLSDGDV FRP XP UHIOHWRU PXOWLIDFHWDGR FREHUWR FRP XPD SHOtFXOD
GLFUyLFD 7UDWDVH GH XP ILOWUR TXtPLFR TXH UHIOHWH JUDQGH SDUWH GD UDGLDomR YLVtYHO H
WUDQVPLWH SDUD WUiV GD OkPSDGD FHUFD GH GD UDGLDomR LQIUDYHUPHOKD WpUPLFD
SURSRUFLRQDQGR GHVWD IRUPD XPD OX] PDLV IULD TXH DTXHOD REWLGD FRP UHIOHWRUHV
FRPXQV$VOkPSDGDVKDOyJHQDVVmRGH9HQHFHVVLWDPGHWUDQVIRUPDGRUHVSDUDXVRQD
UHGHHOpWULFD

)LJXUD/kPSDGDKDOyJHQDHUHIOHWRUGLFUyLFR

'HVFDUJD*DVRVD
(VWD FODVVLILFDomR LQFOXL SDUD DV HGLILFDo}HV FRPHUFLDLV H UHVLGHQFLDLV EDVLFDPHQWH DV
OkPSDGDV IOXRUHVFHQWHV FRPXQV DV FRPSDFWDV H DV OkPSDGDV GH YDSRU GH PHUF~ULR 2
ILODPHQWRQmRH[LVWHQDVOkPSDGDVGHGHVFDUJDJDVRVD$OX]pSURGX]LGDSHODH[FLWDomRGH
XP JiV SHOD SDVVDJHP GH HQHUJLD HOpWULFD FRQWLGR HQWUH GRLV HOHWURGRV 'HVWD IRUPD p
SURGX]LGD UDGLDomR XOWUDYLROHWD LQYLVtYHO TXH DR DWLQJLU DV SDUHGHV LQWHUQDV GR EXOER
UHYHVWLGDSRUVXEVWkQFLDIOXRUHVFHQWHFRPRRVFULVWDLVGHIyVIRURpWUDQVIRUPDGDHPOX]
'HYLGR DR VHX SULQFtSLR GH IXQFLRQDPHQWR DV OkPSDGDV GH GHVFDUJD JDVRVD UHTXHUHP
DOJXQVGLVSRVLWLYRVDX[LOLDUHVFRPRUHDWRUHVHVWDUWHUV
8PDGDVGHVYDQWDJHQVGDVOkPSDGDVGHGHVFDUJDpRHIHLWRHVWURERVFySLFRTXHSURGX]HP
$V OkPSDGDV SLVFDP QD PHVPD IUHTXrQFLD GD WHQVmR GH DOLPHQWDomR +] 8P PRWRU
FXMRHL[RJLUHHPYHORFLGDGHDOWD530SRUH[HPSORSRGHSDUHFHUHVWDUSDUDGRH
FDXVDU DOJXP DFLGHQWH GH WUDEDOKR 3RU HVWH PRWLYR HP ORFDLV RQGH KDMD D SRVVLELOLGDGH
GHRFRUUHUHVWHSUREOHPDpUHFRPHQGDGRRXVRGHSHORPHQRVGXDVOkPSDGDVOLJDGDVHP
FLUFXLWRV GLIHUHQWHV RX FRP UHDWRU GXSOR TXH WHUmR VXDV SLVFDGDV GHIDVDGDV HYLWDQGR R
HIHLWRHVWURERVFySLFR
$WXDOPHQWH D TXDOLGDGH GR JiV H GR UHYHVWLPHQWR QR LQWHULRU GDV OkPSDGDV WHP VLGR
DSULPRUDGD SURSRUFLRQDQGR JUDQGH PHOKRULD QD UHSURGXomR GDV FRUHV H QD UHGXomR QR
WDPDQKRGDVOkPSDGDV3URGXWRVUHODWLYDPHQWHQRYRVFRPRRKHDWHUFXWRXWSDUDUHDWRUHV
PDJQpWLFRV TXH GHVOLJD R FLUFXLWR DTXHFLGR GHSRLV TXH D OkPSDGD OLJD H RV UHDWRUHV
HOHWU{QLFRV GH DOWD IUHTXrQFLD VmR GLVSRQtYHLV H DFHLWRV QR PHUFDGR DOpP GH VHU XPD
WpFQLFDHILFLHQWHGHHFRQRPLDGHHQHUJLD
$VOkPSDGDVIOXRUHVFHQWHV)LJXUDVmRJHUDOPHQWHGHIRUPDWXEXODUFRPXPHOHWURGR
HPFDGDSRQWDFRQWHQGRYDSRUGHPHUF~ULRHPEDL[DSUHVVmR2UHDWRUWHPDILQDOLGDGH
GH IRUQHFHU DOWD YROWDJHP LQLFLDO SDUD FRPHoDU D GHVFDUJD H UDSLGDPHQWH OLPLWDU D
FRUUHQWH SDUD PDQWHU D GHVFDUJD FRP VHJXUDQoD $ IXQomR GR VWDUWHU p SURSRUFLRQDU D

WHQVmRQHFHVViULDSDUDKDYHUDGHVFDUJDLQLFLDOGRJiVDWUDYpVGHSXOVDo}HVGHFRUUHQWH
LRQL]DQGRRFDPLQKRGDGHVFDUJDSDUDTXHDOkPSDGDSDVVHDRSHUDU

)LJXUD(VTXHPDGHIXQFLRQDPHQWRGDOkPSDGDIOXRUHVFHQWH
(PJHUDODVOkPSDGDVIOXRUHVFHQWHVSRVVXHPERDHILFLrQFLDOXPLQRVDTXDWURDVHLVYH]HV
PDLRU TXH DV LQFDQGHVFHQWHV H YLGD PpGLD DOWD D KRUDV 2 IDWR GH
DSUHVHQWDUHPEDL[DOXPLQkQFLDpYDQWDMRVRSRLVUHGX]DSRVVLELOLGDGHGHRIXVFDPHQWR$
IOXRUHVFHQWH 7 p PDLV HILFLHQWH SRU WHU PHQRU GLkPHWUR PHQRU SRWrQFLD : H IOX[R
OXPLQRVRHTXLYDOHQWHDRGDIOXRUHVFHQWHFRPXPWLSR7GH:VHQGRERDDOWHUQDWLYD
SDUD HGLILFDo}HV FRPHUFLDLV $LQGD PDLV HILFLHQWHV DV QRYDV OkPSDGDV IOXRUHVFHQWHV GR
WLSR7FXMDSRWrQFLDpGDRUGHPGH:DSUHVHQWDPFRQVXPRHQHUJpWLFRGDRUGHPGH
DSHQDVGD7SDUDDPHVPDOXPLQRVLGDGH$YLGD~WLOGD7pRGREURGDVDQWHULRUHV
SRGHQGRFKHJDUDKRUDV)LJXUD

)LJXUD&RPSDUDomRHQWUHDVOkPSDGDVIOXRUHVFHQWHVWLSRV77H7

FDStWXOR(48,3$0(1726(6,67(0$6(),&,(17(6
2XWURWLSRGHOkPSDGDpDIOXRUHVFHQWHFRPSDFWD)LJXUDTXHWHPVLGRGHVHQYROYLGD
SDUDXVRHPGLYHUVDVVLWXDo}HVRQGHWUDGLFLRQDOPHQWHVHXWLOL]DOkPSDGDVLQFDQGHVFHQWHV
6mR FRPSRVWDV EDVLFDPHQWH GH XP SHTXHQR EXOER IOXRUHVFHQWH SRVVXLQGR HP DOJXQV
PRGHORV RV GLVSRVLWLYRV GH SDUWLGD UHDWRUHV H VWDUWHUV LQFRUSRUDGRV DR VHX LQYyOXFUR
FRPSDFWR $WXDOPHQWH VH HQFRQWUDP QR PHUFDGR TXDWUR WLSRV EiVLFRV GH IOXRUHVFHQWHV
FRPSDFWDV
)RUPDFLUFXODUFRPGLkPHWURSDGUmRPPFRPVWDUWHUHUHDWRULQFRUSRUDGRV
)RUPD FRPSDFWD FRP GRLV RX PDLV WXERV SDUDOHORV LQWHUFRQHFWDGRV FRP VWDUWHU H
UHDWRULQFRUSRUDGRV
)RUPDFRPSDFWDFRPLQYyOXFURDGLFLRQDOFRPUHDWRUHVWDUWHULQFRUSRUDGRV
)RUPDFRPSDFWDFRPGRLVRXPDLVWXERVSDUDOHORVLQWHUFRQHFWDGRVVHPGLVSRVLWLYRVGH
SDUWLGDLQFRUSRUDGRV

)LJXUD7LSRVGHOkPSDGDVIOXRUHVFHQWHVFRPSDFWDV
([LVWHP OkPSDGDV IOXRUHVFHQWH FRPSDFWDV FRP UHDWRUHV PDJQpWLFRV H FRP UHDWRUHV

HOHWU{QLFRV $V OkPSDGDV FRP UHDWRUHV HOHWU{QLFRV VmR PDLV HILFLHQWHV H DSUHVHQWDP XP
IDWRUGHSRWrQFLDPDLVHOHYDGR

)LJXUDHILFLrQFLDHQHUJpWLFDGDVOkPSDGDVIOXRUHVFHQWHVFRPSDFWDV

$VOkPSDGDVDYDSRUGHPHUF~ULRVmRLQGLFDGDVSDUDDLOXPLQDomRGHJUDQGHViUHDVLQWHUQDV
DUPD]pQVGHSyVLWRVHWFRXH[WHUQDV7rPERDHILFLrQFLDOXPLQRVDDOP:HVXD
OX]WHPDSDUrQFLDEUDQFDD]XODGD1HVWDVOkPSDGDVRYDSRUGHPHUF~ULRHVWiVXEPHWLGRj
DOWD SUHVVmR QR LQWHULRU GH XP SHTXHQR WXER WXER GH GHVFDUJD (VWH WXER HVWi FRQWLGR
QXP EXOER TXH DMXGD D PDQWHU FRQVWDQWH D WHPSHUDWXUD GD OkPSDGD 7DPEpP VH SRGH
UHYHVWLUREXOERFRPSyIOXRUHVFHQWHSDUDPHOKRUDUDTXDOLGDGHFURPiWLFDGDOX]HPLWLGD
&RPRDOkPSDGDIOXRUHVFHQWHDVOkPSDGDVGHYDSRUGHPHUF~ULRH[FHWRDGRWLSRPLVWD
H[LJHP DSDUHOKDJHP DX[LOLDU SDUD IXQFLRQDPHQWR 8P WLSR HVSHFLDO GHVWDV OkPSDGDV p
FRQKHFLGR FRPR OX] PLVWD H FRQVLVWH GD OkPSDGD GH EXOER IOXRUHVFHQWH FRP R WXER GH
GHVFDUJD OLJDGR HP VpULH FRP XP ILODPHQWR GH WXQJVWrQLR $ UDGLDomR GDV GXDV IRQWHV
PLVWXUDVH KDUPRQLRVDPHQWH SURGX]LQGR XPD OX] EUDQFD GLIXVD GH FRU DJUDGiYHO 2
ILODPHQWRDJHFRPRUHDWRUGLVSHQVDQGRRHPSUHJRGHVWHHSHUPLWLQGRTXHDOkPSDGDVHMD
OLJDGD GLUHWDPHQWH QD UHGH ,VWR IDFLOLWD D PRGHUQL]DomR GH LQVWDODo}HV GH OkPSDGDV
LQFDQGHVFHQWHVSRUOkPSDGDVGHOX]PLVWDTXHWrPRGREURGHHILFLrQFLDHVmRFLQFRDVHLV
YH]HVPDLVGXUiYHLV
$VSULQFLSDLVYDQWDJHQVGDVOkPSDGDVDYDSRUGHPHUF~ULRVmRVXDGXUDomRHQWUHH
KRUDV D OXPLQkQFLD PpGLD TXH HYLWD R RIXVFDPHQWR R YROXPH SHTXHQR D ERD
HILFLrQFLDOXPLQRVDHRIDWRGHVHUHPRIHUHFLGDVHPSRWrQFLDVHOHYDGDV8PDOkPSDGDGH
PHUF~ULRGH:WHPOXPLQRVLGDGHHTXLYDOHQWHjGHGH]OkPSDGDVIOXRUHVFHQWHVGH:
HRFXSDHVSDoREHPPDLVUHGX]LGR
6XDVSULQFLSDLVGHVYDQWDJHQVVmRDSRXFDTXDOLGDGHQDUHSURGXomRGHFRUHVRFXVWRLQLFLDO
HOHYDGRTXHSRGHVHUQRHQWDQWRDPRUWL]DGRSHODHILFLrQFLDHYLGD~WLOHRWHPSRORQJR
GH DFHQGLPHQWR SRGH OHYDU GH TXDWUR D FLQFR PLQXWRV SDUD DWLQJLU R IOX[R OXPLQRVR
Pi[LPR
$OkPSDGDDYDSRUGHVyGLRSRGHVHUGHEDL[D RXGHDOWDSUHVVmR1D GHEDL[DSUHVVmRR
WXERGHGHVFDUJDLQWHUQRFRQWpPVyGLRHXPDPLVWXUDGHJDVHVLQHUWHVQH{QLRHDUJ{QLR
FRPRVHOHWURGRVQDVH[WUHPLGDGHV(VWDOkPSDGDFDUDFWHUL]DVHSRUHPLWLUXPDUDGLDomR
PRQRFURPiWLFDFHQWUDGDQRDPDUHORHOHYDGD HILFLrQFLDOXPLQRVDDO~PHQVSRU
:DWW H ORQJD YLGD PpGLD 'HVWD IRUPD HVWH WLSR GH OkPSDGD HQFRQWUD VXD DSOLFDomR HP
JUDQGHV HVSDoRV H[WHUQRV RQGH D UHSURGXomR GD FRU QmR p QHFHVViULD H RQGH R
UHFRQKHFLPHQWR SRU FRQWUDVWHV p SUHGRPLQDQWH DXWRHVWUDGDV YLDV GH WUiIHJR
HVWDFLRQDPHQWRVSiWLRVGHPDQREUDV1DOkPSDGDDYDSRUGHVyGLRGHDOWDSUHVVmRR
WXER GH GHVFDUJD FRQWpP XP H[FHVVR GH VyGLR $R FRQWUiULR GDV OkPSDGDV GH EDL[D
SUHVVmR DGH DOWD SUHVVmR SURSRUFLRQD XPD UHSURGXomR GH FRU UD]RiYHO H DSUHVHQWD XPD
HILFLrQFLDOXPLQRVDTXHSRGHFKHJDUDWpO~PHQVSRU:DWW&RPWRQDOLGDGHDODUDQMDGD
DJUDGiYHO HVWDV OkPSDGDV WrP WLGR XP HPSUHJR FUHVFHQWH SDUD WRGRV RV WLSRV GH
LOXPLQDomRH[WHUQDHLOXPLQDomRLQGXVWULDOGHJUDQGHDOWXUD
$V OkPSDGDV D YDSRU GH VyGLR QHFHVVLWDP GH DSDUHOKDJHP DX[LOLDU SDUD RSHUDomR R TXH
UHSUHVHQWDXPFXVWRLQLFLDOHOHYDGR/HYDGHFLQFRDRLWRPLQXWRVSDUDDWLQJLUGRVHX
IOX[ROXPLQRVRPi[LPRHWrPGXUDomRPpGLDQRWiYHODKRUDV

129267,326'(/03$'$6
/kPSDGDD0LFURRQGDV
$WXDOPHQWH DV HYROXo}HV WHFQROyJLFDV WrP OHYDGR DR GHVHQYROYLPHQWR GH OkPSDGDV VHP
HOHWURGRV (P RXWXEUR GH IRL DSUHVHQWDGD XPD QRYD OkPSDGD QRV (VWDGRV 8QLGRV D
OkPSDGDGHPLFURRQGDVVXOIXUPLFURZDYHODPS)LJXUDUHSUHVHQWDQGRXPDUHYROXomR
QDVSHVTXLVDVGHWHFQRORJLDGHLOXPLQDomR%RUJ

FDStWXOR(48,3$0(1726(6,67(0$6(),&,(17(6

)LJXUD/kPSDGDDPLFURRQGDV
(VWD OkPSDGD FRQWpP XPD PLVWXUD GH JiV DUJ{QLR FRP HQ[RIUH TXH p FRQYHUWLGD QXPD
HVSpFLHGHSODVPDDRVHUVXEPHWLGDDPLFURRQGDV*K]HPLWLQGROX]6XDHILFLrQFLD
OXPLQRVDDWLQJHDIDL[DGHOXPHQVZDWWHTXLYDOHQWHjHILFLrQFLDGDOkPSDGDDYDSRU
GH VyGLR GH DOWD SUHVVmR H VXD GXUDELOLGDGH DWLQJH KRUDV $ OX] HPLWLGD p GH
H[FHOHQWHTXDOLGDGHHWHPHVSHFWURVHPHOKDQWHDRGDOX]GRVRO4XDQWRjDSOLFDomRSHOD
VXDJUDQGHHILFLrQFLDHSHODVHPHOKDQoDjOX]GRGLDVHUiLQGLFDGDHPLOXPLQDomRGHUXD
GHDUPD]pQVIiEULFDVVKRSSLQJVFHQWHUVPHUFDGRVHHPWHDWURV

(QGXUD
$ OkPSDGD FRQKHFLGD FRPR (QGXUD p XPD IOXRUHVFHQWH GH LQGXomR TXH QmR XWLOL]D
ILODPHQWRV HOpWULFRV 2V ILODPHQWRV GHVWD OkPSDGD VmR VXEVWLWXtGRV SRU ERELQDV
HOHWURPDJQpWLFDVTXHH[FLWDPDVPROpFXODVGH PHUF~ULRYDSRUL]DQGRRJHUDQGRRVUDLRV
XOWUDYLROHWDVTXHID]HPDOkPSDGDDFHQGHUTXDQGRDWUDYHVVDPDFDPDGDIOXRUHVFHQWHQR
EXOERWXEXODU,VVRSURORQJDDYLGD~WLOGDOkPSDGDSDUDDWpKRUDV

/HGV
2V OHGV VmR GLRGRV HPLVVRUHV GH OX] PXLWR XVDGRV DWp KRMH FRPR PLQL OkPSDGDV
VLQDOL]DGRUDV HP HTXLSDPHQWRV GH VRP FRPSXWDGRUHV HWF 5HFHQWHPHQWH FRP D
GHVFREHUWD GD WpFQLFD SDUD HPLWLU OX] FRP PDLRU DEXQGkQFLD H FRP D HPLVVmR GH OX]
EUDQFD WRUQRXVH SRVVtYHO D XWLOL]DomR GH OHGV FRPR VXEVWLWXWRV GDV OkPSDGDV QRUPDLV
FRP D YDQWDJHP GH DOWtVVLPD YLGD ~WLO H HILFLrQFLD HQHUJpWLFD 2XWUDV YDQWDJHQV VmR VHX
WDPDQKR UHGX]LGR D YDULHGDGH GH FRUHV D DOWD UHVLVWrQFLD D FKRTXHV H YLEUDo}HV D OX]
GLULJLGDHDSHTXHQDGLVVLSDomRGHFDORU6XDGXUDELOLGDGHSRGHDWLQJLUDWpKRUDV
3DUDVXEVWLWXLUXPDOkPSDGDWUDGLFLRQDOLQFDQGHVFHQWHGH:XPHOHPHQWRGHOHGSRGH
FRQVXPLUPXLWRSRXFDHQHUJLDGDRUGHPGHDSHQDV:
2VOHGVSRGHPVXEVWLWXLUFRPPXLWDHILFLrQFLDHQHUJpWLFDDVOkPSDGDVQRVSUy[LPRVDQRVH
DOJXQVSHVTXLVDGRUHVDILUPDPTXHVHXIOX[ROXPLQRVRGHYHGREUDUDFDGDDQRFRPDVQRYDV
WpFQLFDV TXH YrP VHQGR DSOLFDGDV 1R %UDVLO Mi H[LVWHP PRGHORV SDUD LOXPLQDomR JHUDO
VLQDOL]DomRGHHPHUJrQFLDUHWURLOXPLQDomRSDUDOHWUHLURVIDFKRFRQFHQWUDGRLOXPLQDomR
GH GHVWDTXH VLQDOL]DomR GH GHJUDXV HVFDGDV H DVVHQWRV GH FLQHPDV H VXEVWLWXLomR GH
QHRQV
([LVWHPGLPPHUVHVSHFLDLVSDUDFRQWUROHGDOXPLQRVLGDGHGHOHGVGHDHWDPEpP
GHVXDFRUPLVWXUDQGRYHUPHOKRYHUGHHD]XOREWHQGRTXDOTXHUFRUSRVVtYHOGRVLVWHPD
5*%VRPDQGRDWpPLOK}HVGHWRQDOLGDGHVGLIHUHQWHV
$)LJXUDPRVWUDDHILFLrQFLDOXPLQRVDGHGLYHUVRVWLSRVGHOkPSDGDVSRGHQGRVHUYLU
FRPRRULHQWDomRSDUDHVFROKDGDOkPSDGDPDLVDGHTXDGDSDUDFDGDVLWXDomR


)LJXUD(ILFLrQFLD/XPLQRVDGH/kPSDGDV
$)LJXUDHD7DEHODDSUHVHQWDPGLYHUVRVDVSHFWRVDVHUHPWDPEpPFRQVLGHUDGRV
QDHVFROKDGHOkPSDGDV

)LJXUD2ULHQWDomRSDUDFRPSDUDomRHHVFROKDGHOkPSDGDV

FDStWXOR(48,3$0(1726(6,67(0$6(),&,(17(6
7DEHOD2ULHQWDomRSDUDFRPSDUDomRHHVFROKDGHOkPSDGDV
&$5$&7(567,&$
5HQGLPFURPiWLFR
%20
5(*8/$5
58,0
(ILFLrQFLDOXPLQRVD
PDLVGHOP:
DOP:
PHQRVGHOP:
9LGDPpGLD
PDLVGHK
GHDK
PHQRVGHK
(QHUJLDFRQVXPLGD
328&$
5(*8/$5
08,7$
&XVWRLQLFLDO
%$,;2
0e',2
$/72
&XVWRWRWDO
%$,;2
0e',2
$/72

/80,15,$6
8PD OXPLQiULD HILFLHQWH RWLPL]D R GHVHPSHQKR GR VLVWHPD GH LOXPLQDomR DUWLILFLDO $R
DYDOLDUXPDOXPLQiULDVXDHILFLrQFLDHVXDVFDUDFWHUtVWLFDVGHHPLVVmRVmRGHFRQVLGHUiYHO
LPSRUWkQFLD$HILFLrQFLDGHXPDOXPLQiULDSRGHVHUREWLGDSHODVXDIUDomRGHHPLVVmRGH
OX])(/RXUHQGLPHQWRGDGDSRU6]RNROD\
)(/
OX]HPLWLGDSHODOXPLQiULD
OX]HPLWLGDSHODOkPSDGD
,VWR VH H[SOLFD SHOR IDWR GH XPD SDUWH GD OX] HPLWLGD SHOD OkPSDGD VHU DEVRUYLGD SHOD
OXPLQiULDHQTXDQWRRUHVWDQWHpHPLWLGRDRHVSDoR2YDORUGDIUDomRGHHPLVVmRGDOX]
GDOXPLQiULDGHSHQGHGRVPDWHULDLVHPSUHJDGRVQDVXDFRQVWUXomRGDUHIOHWkQFLDGDVVXDV
VXSHUItFLHV GH VXD IRUPD GRV GLVSRVLWLYRV XVDGRV SDUD SURWHJHU DV OkPSDGDV H GR VHX
HVWDGRGHFRQVHUYDomR4XDQGRVHDYDOLDDGLVWULEXLomRGDOX]DSDUWLUGDOXPLQiULDGHYH
VHFRQVLGHUDUFRPRHODFRQWURODREULOKRDVVLPFRPRDSURSRUomRGRVO~PHQVGDOkPSDGD
TXH FKHJDP DR SODQR GH WUDEDOKR $ OXPLQiULD SRGH PRGLILFDU FRQWURODU GLVWULEXLU H
ILOWUDU R IOX[R OXPLQRVR HPLWLGR SHODV OkPSDGDV )LJXUD GHVYLiOR SDUD FHUWDV
GLUHo}HV GHIOHWRUHV RX UHGX]LU D TXDQWLGDGH GH OX] HP FHUWDV GLUHo}HV SDUD GLPLQXLU R
RIXVFDPHQWRGLIXVRUHV

)LJXUD7LSRVGHOXPLQiULDV

$ )LJXUD DSUHVHQWD D FODVVLILFDomR SURSRVWD SHOD &,( &RPPLVVLRQ ,QWHUQDFLRQDOH

G(FODLUDJHGHOXPLQiULDVSDUDLOXPLQDomRJHUDOGHDFRUGRFRPRGLUHFLRQDPHQWRGRIOX[R
OXPLQRVR%DNHUHRXWURV
)LJXUD&ODVVLILFDomRGDVOXPLQiULDVFRQIRUPHD&,(

5($725(6
2XWURHOHPHQWRLPSRUWDQWHQRGHVHPSHQKRGHXPDOkPSDGDIOXRUHVFHQWHpRUHDWRU(VWH
FRPSRQHQWHFRQVRPHXPDSDUFHODVLJQLILFDWLYDGHHQHUJLDSRUDTXHFLPHQWR%DVLFDPHQWH
WUrVPRGHORVH[LVWHPQRPHUFDGRRUHDWRUFRQYHQFLRQDORUHDWRUGHSDUWLGDUiSLGDHR
UHDWRU HOHWU{QLFR 2 PRGHOR FRQYHQFLRQDO p XWLOL]DGR SDUD DSHQDV XPD OkPSDGD H H[LJH
DOJXPGLVSRVLWLYRDX[LOLDUSDUDRDFHQGLPHQWRGDOkPSDGDLQWHUUXSWRUDX[LOLDURXVWDUWHU
$OkPSDGDDWHQGLGDSRUHVVHUHDWRUJHUDOPHQWHSLVFDSRUDOJXPWHPSRDQWHVGHDFHQGHU
2UHDWRUGHSDUWLGDUiSLGDXPSRXFRPDLVHFRQ{PLFRTXHRFRQYHQFLRQDOSRGHDFHQGHU
DWpGXDVOkPSDGDVHQmRQHFHVVLWDGHGLVSRVLWLYRDX[LOLDUSDUDSDUWLGD$7DEHODPRVWUD
RFRQVXPRGHHQHUJLDSDUDRVGRLVWLSRVGHUHDWRU
7DEHOD3HUGDVGHHQHUJLDHPUHDWRUHV:
/03$'$
5($725
&219(1&,21$/
3$57,'$53,'$
;:

;:

;:

;:

;:

;:

FDStWXOR(48,3$0(1726(6,67(0$6(),&,(17(6
$WXDOPHQWH WDPEpP H[LVWHP QR PHUFDGR UHDWRUHV HOHWU{QLFRV TXH VmR EHP PDLV
HFRQ{PLFRV TXH RV RXWURV GRLV PRGHORV (VWHV DSDUHOKRV SRVVXHP SHUGDV UHGX]LGDV H DWp
QHJDWLYDV SRU IXQFLRQDUHP HP DOWDV IUHTXrQFLDV 2XWUD YDQWDJHP p D SRVVLELOLGDGH GH
XWLOL]DomR GH XP ~QLFR UHDWRU SDUD DWp TXDWUR OkPSDGDV IOXRUHVFHQWHV +RMH HP GLD VH
SHUFHEHTXHDVROXomRPDLVFRPXPHPHGLItFLRVDLQGDpRXVRGHXPDOXPLQiULDFRPGXDV
OkPSDGDV GH : TXH SRGH VHU VXEVWLWXtGD SRU XPD RSomR EHP PDLV HFRQ{PLFD XPD
OXPLQiULD FRP GXDV OkPSDGDV GH : WLSR 7 H UHDWRU HOHWU{QLFR 2V FRQVXPRV
FRPSDUDWLYRVGHHQHUJLDVHUmR
[:7UHDWRUFRQYHQFLRQDO
[:7UHDWRUSDUWLGDUiSLGD FRQVXPRGH:K:::
[:7UHDWRUHOHWU{QLFRFRQVXPRGH:K::

FRQVXPRGH:K:::
&RQWUROHGD,OXPLQDomR
$IXQomRGHXPVLVWHPDGHFRQWUROHGHOX]pIRUQHFHUDTXDQWLGDGHDGHTXDGDGHOX]RQGH
HTXDQGRHODpQHFHVViULDHQTXDQWRPLQLPL]DRFRQVXPRGHHQHUJLDHOpWULFD2FRQWUROH
GD OX] HOpWULFD SRGH VHU IHLWR DWUDYpV GH YiULRV GLVSRVLWLYRV $ GLVWULEXLomR UDFLRQDO GRV
FLUFXLWRVSHUPLWLUiDFLRQDPHQWRVLQGHSHQGHQWHVGDVOXPLQiULDVSURSRUFLRQDQGRDUHGXomR
GR FRQVXPR GH HQHUJLD 2 FRQWUROH SRGH VHU DLQGD DXWRPiWLFR DWUDYpV GH VHQVRUHV GH
RFXSDomRVLVWHPDVFRPFRQWUROHIRWRHOpWULFRHVLVWHPDVGHSURJUDPDomRGHWHPSRFRPR
MiYLVWRQRFDStWXORQRVLWHQVH%DNHUHRXWURV

&OLPDWL]DomR$UWLILFLDO
2V VLVWHPDV DUWLILFLDLV SDUD UHVIULDPHQWR RX DTXHFLPHQWR VmR HVWUDWpJLDV GH SURMHWR TXH
WDOFRPRRVVLVWHPDVQDWXUDLVGHYHPVHUOHYDGDVHPFRQVLGHUDomRGHVGHDGHFLVmRVREUHR
SDUWLGR DUTXLWHW{QLFR D VHU DGRWDGR 1HP VHPSUH p SRVVtYHO WLUDU SDUWLGR DSHQDV GRV
UHFXUVRVQDWXUDLVSDUDSURPRYHURFRQIRUWRWpUPLFRGRVXVXiULRV(PIXQomRGRFOLPDORFDO
H GD SUySULD IXQomR D TXH VH GHVWLQD D DUTXLWHWXUD p PXLWDV YH]HV LQHYLWiYHO R XVR GH
VLVWHPDVDUWLILFLDLVGHFOLPDWL]DomRFRPRYHQWLODGRUHVDTXHFHGRUHVHDUFRQGLFLRQDGR(P
HGLItFLRV FRPHUFLDLV H S~EOLFRV SRU H[HPSOR RXVR GH FOLPDWL]DomR DWLYD pSUDWLFDPHQWH
REULJDWyULR SRLV R GHVFRQIRUWR SRGH VLJQLILFDU SHUGD GH FOLHQWHV RX EDL[D SURGXWLYLGDGH
3RUHVWHVPRWLYRVpWmRLPSRUWDQWHRDUTXLWHWRVDEHUHPSUHJDURVVLVWHPDVDUWLILFLDLVQRV
VHXV SURMHWRV 8PD YDQWDJHP GH VH WHU HVWD YLVmR p SRGHU XVDU UDFLRQDOPHQWH RV
HTXLSDPHQWRV HYLWDQGR GHVSHUGtFLR GH HQHUJLD 2XWUR SRQWR LPSRUWDQWH p TXH
FRQKHFHQGR RV GLYHUVRV WLSRV GH VLVWHPDV GH FOLPDWL]DomR H[LVWHQWHV QR PHUFDGR H DV
FDUDFWHUtVWLFDVEiVLFDVGHFDGDXPRDUTXLWHWRSRGHIDODUXPDOLQJXDJHPFRPXPFRPRV
SURMHWLVWDV GH FDGD VLVWHPD 'HYHVH WDPEpP HQWHQGHU D GLIHUHQoD FRQFHLWXDO HQWUH
YHQWLODomR H LQILOWUDomR $ SULPHLUD UHSUHVHQWD XPD H[LJrQFLD QRV DPELHQWHV LQWHULRUHV
FRQILJXUDQGRVH FRPR D UHQRYDomR GH DU QHFHVViULD SDUD RV XVXiULRV $R FRQWUiULR D
LQILOWUDomR DU TXH SHQHWUD SRU IUHVWDV DSDUHFH FRPR XP SUREOHPD SDUD R DTXHFLPHQWR
DUWLILFLDO H D UHIULJHUDomR 2 DU LQILOWUDGR JHUDOPHQWH HVWi HP FRQGLo}HV LQGHVHMiYHLV GH
WHPSHUDWXUD H XPLGDGH UHODWLYD SRGHQGR FDXVDU D GLPLQXLomR GD HILFLrQFLD GR
HTXLSDPHQWRGHFOLPDWL]DomR2VVLVWHPDVGHFOLPDWL]DomRDUWLILFLDOGHXVRPDLVFRPXPQD
DUTXLWHWXUDVmRRVGHYHQWLODomRPHFkQLFDRVGHDTXHFLPHQWRHRVGHUHIULJHUDomR6Q\GHU
H&DWDQHVH

9HQWLODomR0HFkQLFD
2V VLVWHPDV GH YHQWLODomR PHFkQLFD VmR EDVLFDPHQWH GH GRLV WLSRV RV H[DXVWRUHV H RV
YHQWLODGRUHV


([DXVWRUHV
$H[DXVWmRpQRUPDOPHQWHXWLOL]DGDHPDPELHQWHVRQGHKiDOJXPDIRQWHGHFRQWDPLQDomR
GR DU FR]LQKDV EDQKHLURV ODERUDWyULRV HWF 2V H[DXVWRUHV )LJXUD FULDP XPD
SUHVVmRQHJDWLYDTXHVXJDRDUTXHQWHRXLPSXURDUUHPHVVDQGRRSDUDIRUDGRDPELHQWH
)LJXUD([DXVWRU

'HSXUDGRUHV
7DPEpPH[LVWHPDSDUHOKRVSDUDILOWUDURDUFRQKHFLGRVFRPRGHSXUDGRUHV)LJXUD$

GHVYDQWDJHPGHVWHVVLVWHPDVpTXHDSHQDVILOWUDPRDUGHL[DQGRRFDORUQRDPELHQWH
)LJXUD&RLIDGHFR]LQKDGHSXUDGRU

9HQWLODGRUHV
$YHQWLODomRPHFkQLFDGHXPDPELHQWHSRGHVHUIHLWDFRPYHQWLODGRUHVPyYHLVRXIL[RVQR
WHWRVHQGRTXHHVWHV~OWLPRVSRGHPVHUHVSHFLILFDGRVSHORVDUTXLWHWRV2VYHQWLODGRUHVGH
WHWR )LJXUD DOpP GH FLUFXODU H UHIUHVFDU R DU SRGHP IXQFLRQDU FRPR H[DXVWRUHV
DIDVWDQGRLQVHWRVHIXPDoD
)LJXUD9HQWLODGRUGHWHWR

FDStWXOR(48,3$0(1726(6,67(0$6(),&,(17(6
$V YDQWDJHQV GHVVH VLVWHPD VmR D HFRQRPLD GH HQHUJLD R EDL[R FXVWR H IDFLOLGDGH GH
LQVWDODomRHRIDWRGHUHIUHVFDURXVXiULRVHPDOWHUDUDWHPSHUDWXUDGRDU,VWRDFRQWHFH
SRUTXHDFRQYHFomRFULDGDSHORYHQWLODGRUDMXGDQDHYDSRUDomRGRVXRUHQDUHPRomRGR
FDORUGDSHOHDXPHQWDQGRDVHQVDomRGHFRQIRUWRGRXVXiULR

$TXHFLPHQWR
3DUDDTXHFHUXPDPELHQWHGHIRUPDSDVVLYDVHXWLOL]DEDVLFDPHQWHGRLVSULQFtSLRVHYLWDU
DV SHUGDV GH FDORU H LQFUHPHQWDU RV JDQKRV WpUPLFRV GR H[WHULRU 3RUpP HVWHV SULQFtSLRV
QHP VHPSUH VmR VXILFLHQWHV OHYDQGR R XVXiULR DR DTXHFLPHQWR DUWLILFLDO GR LQWHULRU $
JDPD GH DTXHFHGRUHV DUWLILFLDLV p HQRUPH LQGR GHVGH ODUHLUDV DWp DSDUHOKRV GH DU
FRQGLFLRQDGRFLFORUHYHUVR
2VVLVWHPDVPDLVVLPSOHVVmRGHDTXHFLPHQWRORFDORXGLUHWR$IRQWHGHHQHUJLDSDUDHVWHV
VLVWHPDV SRGH VHU D HOHWULFLGDGH R JiV R yOHR RX FRPEXVWtYHLV VyOLGRV OHQKD FDUYmR
HWF VHQGR HVWHV ~OWLPRV PDLV XVDGRV HP VLVWHPDV GH DTXHFLPHQWR FHQWUDO 1R FDVR GH
ODUHLUDVRXIRJ}HVDOHQKDRFDORUFRQWLQXDVHQGRHPLWLGRSRUUDGLDomRPHVPRDSyVRIRJR
VHU DSDJDGR GHYLGR j LQpUFLD WpUPLFD GRV PDWHULDLV QRUPDOPHQWH HPSUHJDGRV QD VXD
FRQVWUXomRSHGUDRXWLMROR
$SHVDU GRV YiULRV WLSRV GLVSRQtYHLV R DTXHFLPHQWR HOpWULFR p KRMH R PDLV GLIXQGLGR SHOD
IDFLOLGDGH GH LQVWDODomR EDL[R FXVWR GR WUDQVSRUWH GH HQHUJLD VLPSOHV RSHUDELOLGDGH H
DXVrQFLD GH FRPEXVWmR 2 VLVWHPD VH EDVHLD QR DTXHFLPHQWR SURYRFDGR SHOD FRUUHQWH
HOpWULFD TXH SDVVD DWUDYpV GH XPD UHVLVWrQFLD 3UDWLFDPHQWH WRGRV RV DTXHFHGRUHV
HOpWULFRV HPLWHP FDORU SRU FRQYHFomR H SRU UDGLDomR VHQGR TXH RV SULQFLSDLV WLSRV
GLVSRQtYHLVQRPHUFDGRVmR

5DGLDGRU,QFDQGHVFHQWH
$FRUUHQWHHOpWULFDDTXHFHXPHOHPHQWRFHUkPLFRTXHLUUDGLDFDORUDWUDYpVGHXPUHIOHWRU
SDUDEyOLFR )LJXUD $ PDLRU SDUWH GR FDORU p HPLWLGD SRU UDGLDomR 6]RNROD\

)LJXUD5DGLDGRULQFDQGHVFHQWH

3DLQHO5DGLDGRUGH%DL[D7HPSHUDWXUD
1HVWHFDVRDUHVLVWrQFLDHOpWULFDVHVLWXDQRLQWHULRUGHXPWXERILQRLPHUVRHPiJXDRXHP
yOHR TXH DTXHFLGRV FLUFXODP SHOR UDGLDGRU )LJXUD $ SULQFLSDO YDQWDJHP GHVVH
DTXHFHGRUpVXDEDL[DWHPSHUDWXUDVXSHUILFLDOSRUYROWDGH&TXHHYLWDDFLGHQWHVSRU
TXHLPDGXUDV


)LJXUD3DLQHOUDGLDGRUGHEDL[DWHPSHUDWXUD

&RQYHFWRU(OpWULFR
([LVWHP EDVLFDPHQWH GRLV WLSRV GH FRQYHFWRUHV HOpWULFR FRP YHQWLODomR IRUoDGD RX
QDWXUDO 2 FRQYHFWRU HOpWULFR FRP YHQWLODomR IRUoDGD IXQFLRQD GH PDQHLUD VHPHOKDQWH D
XPVHFDGRUGHFDEHORV2DUpIRUoDGRDSDVVDUSRUXPDUHVLVWrQFLDDTXHFLGDVHDTXHFHH
pGLUHFLRQDGRSDUDRDPELHQWH2PRGHORFRPYHQWLODomRQDWXUDOFRQVLVWHEDVLFDPHQWHGH
XPD UHVLVWrQFLD HOpWULFD DTXHFLGD VLWXDGD QR LQWHULRU GH XP LQYyOXFUR 2 DU DPELHQWH p
LQGX]LGRSRUFRQYHFomRQDWXUDODSDVVDUSHODUHVLVWrQFLDRQGHpDTXHFLGRHGHYROYLGRDR
DPELHQWH)LJXUD

)LJXUD&RQYHFWRUHOpWULFRFRPYHQWLODomRIRUoDGDHYHQWLODomRQDWXUDO

%RPEDGH&DORU$U&RQGLFLRQDGRGH-DQHOD
$ ERPED GH FDORU )LJXUD p XP VLVWHPD GR PHVPR WLSR XVDGR SDUD UHIULJHUDomR
SRUpPHPFLFORUHYHUVR6HXSULQFtSLRGHIXQFLRQDPHQWRVHEDVHLDQDSDVVDJHPGHXPJiV
UHIULJHUDQWHQRUPDOPHQWHRIUHRQSRUXPDWXEXODomRTXHRVXEPHWHDXPDDOWDSUHVVmR
QR ODGR TXHQWH GR VLVWHPD FRQGHQVDGRU H D EDL[D SUHVVmR QR ODGR IULR GR VLVWHPD
HYDSRUDGRU6HRDUIRUIRUoDGRDSDVVDUSHORHYDSRUDGRUVHUHVIULDUiHVHIRUIRUoDGRD
SDVVDUSHORFRQGHQVDGRUFLFORUHYHUVRVHDTXHFHUi$SDUWLUGDtUHVWDID]HURDUDTXHFLGR
RXUHVIULDGRFLUFXODUSHORDPELHQWHLQWHUQR$VSULQFLSDLVYDQWDJHQVGHVWHVLVWHPDVmRR
EDL[R FRQVXPR GH HQHUJLD HP FRPSDUDomR FRP RV DTXHFHGRUHV D UHVLVWrQFLD H D
SRVVLELOLGDGHGHVHUHYHUWLGRRIOX[RGRDUSRGHUVHUXWLOL]DGRWDPEpPSDUDUHIULJHUDomR
$ SULQFLSDO OLPLWDomR GD ERPED GH FDORU p D LPSRVVLELOLGDGH GH IXQFLRQDPHQWR HP
VLWXDo}HVRQGHDWHPSHUDWXUDGRDUH[WHUQRpLQIHULRUD&

FDStWXOR(48,3$0(1726(6,67(0$6(),&,(17(6

)LJXUD(VTXHPDGDERPEDGHFDORU

$TXHFHGRU&HQWUDO
(PDOJXPDVVLWXDo}HVSRGHVHSUHIHULURDTXHFLPHQWRFHQWUDO)LJXUDDRLQYpVGRXVR

GHDSDUHOKRVLQGLYLGXDLV2TXHVHWHPDID]HUQHVWHVFDVRVpEDVLFDPHQWHDTXHFHUiJXDRX
DU HP ORFDO VHSDUDGR GRV DPELHQWHV D VHUHP DTXHFLGRV H GLVWULEXLU R IOXLGR SDUD RV
DPELHQWHVDWUDYpVGHWXEXODo}HV2IOXLGRFLUFXODSRUUDGLDGRUHVLQVWDODGRVQRLQWHULRUGRV
DPELHQWHVTXHHPLWHFDORUSDUDRDUSRUFRQYHFomRHSRUUDGLDomR$HVFDODGRDTXHFHGRU
FHQWUDO SRGH YDULDU GHVGH SHTXHQDV FDVDV DWp JUDQGHV HGLILFDo}HV KRWpLV HGLItFLRV
S~EOLFRVRXFRPHUFLDLVHQWUHRXWURV$SURGXomRGHFDORUpJHUDOPHQWHIHLWDHPERLOHUV
SDUDiJXDTXHQWHRXIRUQDOKDVSDUDDUTXHQWH5DUDPHQWHDHOHWULFLGDGHpXWLOL]DGDHP
VLVWHPDV FHQWUDLV VH SUHIHULQGR D XWLOL]DomR GH FRPEXVWtYHLV yOHR JiV FDUYmR OHQKD
HWFRXDWpPHVPRGHIRQWHVUHQRYiYHLVGHHQHUJLDVRODUHyOLFDELRJiVELRPDVVDHWF

)LJXUD(VTXHPDGHDTXHFLPHQWRFHQWUDO

3LVRV$TXHFLGRV
2V SLVRV DTXHFLGRV VmR RXWUD IRUPD GH DTXHFHU DPELHQWHV FRP HILFLrQFLD $WXDOPHQWH
H[LVWHP QR PHUFDGR GLIHUHQWHV IRUPDV GH DOLPHQWDomR SDUD SLVR DTXHFLGR SRGHQGR HVWH
VHU HOpWULFR RX SRU iJXD TXHQWH 1R SLVR DTXHFLGR SRU iJXD TXHQWH SRGHVH RSWDU SRU
DTXHFLPHQWR VRODU HOpWULFR RX SRU VLVWHPD D JiV 2 SLVR DTXHFLGR LUUDGLD FDORU GH EDL[R

SDUD FLPD SURSDJDQGRR SDUD R DU DWUDYpV GD FRQYHFomR 2 VLVWHPD HOpWULFR p FRPSRVWR
SRUUHVLVWrQFLDVHOpWULFDVGHD:P
2VLVWHPDGHiJXDTXHQWHpVHPHOKDQWHDRVLVWHPDHOpWULFRSRUpPRFDORUpWUDQVPLWLGR
SRUPHLRGDFLUFXODomRGHiJXDQXPDVHUSHQWLQD2WLSRGHUHYHVWLPHQWRQmRLQIOXHQFLDQR
VLVWHPDGHDTXHFLPHQWRXPDYH]TXHRPHVPRSRVVXLWHPSHUDWXUDVTXHRVFLODPHQWUH
D&(VVHVLVWHPDpLQVWDODGRHQWUHRFRQWUDSLVRHRSLVRDFDEDGRVHMDHOHFHUkPLFRRX
GHPDGHLUDSRLVRWXERFDOHIDWRUGHFREUHILFDLQVHULGRHPXPDFDPDGDLVRODQWHTXHYDULD
GHDFPGHHVSHVVXUDTXHQHFHVVLWDVHUSUHYLVWDFRPDQWHFHGrQFLDQRSURMHWRGR
DPELHQWH
2 SLVR DTXHFLGR SRVVXL FRQVXPR SRU DPELHQWH VLPLODU DR GH XP HTXLSDPHQWR GH DU
FRQGLFLRQDGR FRP SRWrQFLD DGHTXDGD DR DPELHQWH DSUHVHQWDQGR DLQGD XP SRVVtYHO
FRQWUROHLQGLYLGXDOGHDPELHQWHVSRUWHUPRVWDWR

$TXHFLPHQWRGH5RGDSp
2VLVWHPDGHDTXHFLPHQWRGHURGDSpWDPEpPpEDVWDQWHHILFLHQWHHSRGHVHUHPSUHJDGR
HPUHWURILWVXPDYH]TXHDWXEXODomRGHFREUHGRVLVWHPDFRUUHDSDUHQWHQDSDUHGHQR
QtYHOGRSLVR2DTXHFLPHQWRGHURGDSpQmRDSUHVHQWDULVFRGHTXHLPDGXUDVDRVXVXiULRV
XPD YH] TXH VXD WHPSHUDWXUD VXSHUILFLDO p EDL[D YDULDQGR HQWUH D & (QWUHWDQWR
HVWDVROXomRLQIOXHQFLDQDHVWpWLFDGRDPELHQWHGHYHQGRVHUSODQHMDGDFRPDQWHFHGrQFLD
VHPSUH TXH SRVVtYHO (VVH VLVWHPD DSUHVHQWD FRQWUROH SRU WHUPRVWDWR H VXD DOLPHQWDomR
SRGH VHU HOpWULFD D JiV RX VRODU 2 FRQVXPR GH HQHUJLD HOpWULFD RX D JiV GHYH VHU
FRQVLGHUDGRHVHRVLVWHPDIXQFLRQDUSRUDTXHFLPHQWRVRODUGHYHVHSHQVDUQDVSHUGDVGH
FDORUGDVWXEXODo}HVHQDQHFHVVLGDGHGHLQVWDODomRGHEDFNXSHOpWULFRRXDJiV

$TXHFLPHQWRD%LRPDVVD
$ ELRPDVVD FRPSUHHQGH RV GHULYDGRV GDV SODQWDV H GRV DQLPDLV 0DGHLUD SURGXWRV H
UHVtGXRVDJUtFRODVUHVtGXRVIORUHVWDLVH[FUHPHQWRVDQLPDLVFDUYmRYHJHWDOiOFRROyOHRV
DQLPDLV yOHRV YHJHWDLV JiV SREUH H ELRJiV VmR IRUPDV GH ELRPDVVD XWLOL]DGDV FRPR
FRPEXVWtYHO $ ELRPDVVD FRPHoRX D VHU XWLOL]DGD SHOR KRPHP QRV SULPyUGLRV GH VXD
KLVWyULD FRP D XWLOL]DomR GR IRJR SDUD FR]LPHQWR LOXPLQDomR H DTXHFLPHQWR $ PDGHLUD
IRL SRU PXLWR WHPSR D SULQFLSDO IRQWH HQHUJpWLFD SDUD D FRFomR VLGHUXUJLD H FHUkPLFD
$WXDOPHQWH D XWLOL]DomR GD PDGHLUD HP QtYHO UHVLGHQFLDO p IRFDGD QDV WUDGLo}HV
YHUQDFXODUHVGRXVRGRIRJmRjOHQKDHGDODUHLUD

)RJmRD/HQKD
2 IRJmR D OHQKD SRGH VHU XWLOL]DGR WDQWR SDUD FRFomR TXDQWR SDUD DTXHFLPHQWR GH
DPELHQWHV SRLV LUUDGLD FDORU D SDUWLU GH VXDV FKDSDVGH PHWDO DTXHFLGR H GD VXD SUySULD
HVWUXWXUD QRUPDOPHQWH GH WLMRORV PDFLoRV $SHVDU GD H[LVWrQFLD GH IRJ}HV D OHQKD
LQGXVWULDOL]DGRV XVXDOPHQWH GH IHUUR p LPSRUWDQWH D SUHYLVmR GHVWH HTXLSDPHQWR QR
SURMHWR DUTXLWHW{QLFR SRLV R PHVPR H[LJH DOJXQV FULWpULRV HP UHODomR j H[DXVWmR H j
SURWHomRFRQWUDLQFrQGLRHTXHLPDGXUDV

/DUHLUD
$V ODUHLUDV VmR LPSRUWDQWHV VLVWHPDV GH DTXHFLPHQWR GH DPELHQWHV D ELRPDVVD TXH
LQFRUSRUDP YDQWDJHQV DGLFLRQDLV HP UHODomR DR SURMHWR GH LQWHULRUHV &XLGDGRV HVSHFLDLV
GHYHPVHUWRPDGRVHPUHODomRjFKDPLQpHDRVFXLGDGRVFRPLQFrQGLR

FDStWXOR(48,3$0(1726(6,67(0$6(),&,(17(6

$TXHFLPHQWRD*iV
2V DTXHFHGRUHV D JiV SRGHP VHU XWLOL]DGRV WDQWR LQWHUQDPHQWH TXDQWR HP DPELHQWHV
H[WHUQRV*HUDOPHQWHXWLOL]DERWLM}HVGHWUH]HTXLORJUDPDVGHJiVTXHDTXHFHSODFDVTXH
IXQFLRQDP FRPR LUUDGLDGRUHV GH FDORU 6XDV SRWrQFLDV YDULDP GH D N: H HVWHV
DTXHFHGRUHVSRGHPVHUXWLOL]DGRVSDUDDPELHQWHVGHDWpWULQWDPHWURVTXDGUDGRVGHiUHD
$DXWRQRPLDGRDTXHFHGRUFKHJDDWULQWDKRUDVSRUERWLMmR
2V SULQFLSDLV WLSRV GH DTXHFHGRUHV D JiV VmR R FKDSpX GH FDORU R ELFR GH FDORU H R
DTXHFHGRUFRPSDFWR

5HVIULDPHQWR
(P HGLILFDo}HV S~EOLFDV H FRPHUFLDLV R DU FRQGLFLRQDGR p KRMH HP GLD R VLVWHPD PDLV
HPSUHJDGR SDUD FOLPDWL]DomR &RQVLVWH HP FRQWURODU VLPXOWDQHDPHQWH D WHPSHUDWXUD
XPLGDGHSXUH]DHGLVWULEXLomRGRDUSDUDDWHQGHUDVQHFHVVLGDGHVHPXPDPELHQWH,VWR
VLJQLILFD TXH R DU ILFDUi FRPSDWtYHO FRP DV QHFHVVLGDGHV WpUPLFDV H DPELHQWDLV GH XP
UHFLQWRLQGHSHQGHQWHGDVFRQGLo}HVH[WHUQDV
(PERUD FRQVXPD HQHUJLD R DU FRQGLFLRQDGR p LQGLVSHQViYHO HP DOJXPDV HGLILFDo}HV
2EVHUYDPVH DSOLFDo}HV LPSRUWDQWHV HP KRVSLWDLV VDODV GH UHFXSHUDomR H RXWURV
DPELHQWHV TXH H[LJHP FRQGLo}HV HVSHFLDLV QmR HQFRQWUDGDV QR DU H[WHUQR (P VDODV GH
FRPSXWDGRUHV SRU H[HPSOR R DU FRQGLFLRQDGR p IXQGDPHQWDO SHOR IDWR GH DOJXQV
FRPSRQHQWHVHOHWU{QLFRVDSUHVHQWDUHPIDOKDVTXDQGRDTXHFLGRV(PHGLItFLRVFRPHUFLDLVR
XVR GH DU FRQGLFLRQDGR GHFRUUH PXLWDV YH]HVGD QHFHVVLGDGH GH DXPHQWDU DV FRQGLo}HV
LQWHULRUHV GH FRQIRUWR H FRQVHTXHQWHPHQWH GH SURGXWLYLGDGH 1HVWHV HGLItFLRV R
LVRODPHQWR GR DU H[WHULRU SRGH HYLWDU D SROXLomR VRQRUD H DPELHQWDO SULQFLSDOPHQWH QRV
JUDQGHVFHQWURVXUEDQRV
2 SRVVtYHO XVR GR DU FRQGLFLRQDGR GHYH LQVHULUVH QR FRQWH[WR GR SURMHWR DUTXLWHW{QLFR
GHVGHRLQtFLRFRPRLQWXLWRGHHYLWDUGHVDJUDGiYHLVPRGLILFDo}HVQRGHVHQKRRULJLQDOHP
YLUWXGHGDLQVWDODomRSRVWHULRUGRVLVWHPD
)DWRUHVFRPRDUDFLRQDOL]DomRGRVHVSDoRVLQWHUQRVHGHHQHUJLDHDHFRQRPLDQRVFXVWRV
GDFRQVWUXomRID]HPQHFHVViULRRHQWURVDPHQWRHQWUHRDUTXLWHWRHRVSURILVVLRQDLVGRDU
FRQGLFLRQDGR3DUDTXHHVVHLQWHUFkPELRGHLGpLDVVHMDSDOSiYHOpLPSRUWDQWHDRDUTXLWHWR
WHUQRo}HVVREUHRVGLYHUVRVWLSRVGHDUFRQGLFLRQDGRH[LVWHQWHVQRPHUFDGR$WXDOPHQWH
RVVLVWHPDVQRUPDOPHQWHXWLOL]DGRVHPHGLILFDo}HVVmR
DUFRQGLFLRQDGRGHMDQHOD
PLQLFHQWUDLVVSOLW
PLQLFHQWUDLVGRWLSRPXOWLVSOLW
VHOIFRQWDLQHG
FKLOOHUHIDQFRLO
'HSHQGHQGR GR WLSR RV VLVWHPDV GH DU FRQGLFLRQDGR SRGHP VHU XWLOL]DGRV DSHQDV SDUD
UHIULJHUDURXSDUDUHIULJHUDUHDTXHFHUFLFORUHYHUVR

$U&RQGLFLRQDGRGH-DQHOD
(VWHpRDSDUHOKRPDLVVLPSOHVHFRPSDFWRSRLVSRVVXLRFRQGHQVDGRUHRHYDSRUDGRUVRER
PHVPR LQYyOXFUR )LJXUD 2 DU H[WHUQR p SX[DGR DWUDYpV GD XQLGDGH RQGH p
FRQGLFLRQDGR H LPHGLDWDPHQWH HQWUHJXH DR DPELHQWH LQWHULRU 2 DU D VHU WUDWDGR SRGH
FRQVWLWXLUVHGHXPDPLVWXUDFRPRDULQWHUQRRXVHUWRWDOPHQWHSURYHQLHQWHGRH[WHULRU


)LJXUD$UFRQGLFLRQDGRGHMDQHOD
6XD LQVWDODomR FRPSUHHQGH XPD DEHUWXUD QD SDUHGH YROWDGD SDUD R DPELHQWH H[WHUQR
SUHIHUHQFLDOPHQWH QR FHQWUR GD SDUHGH GH PHQRU ODUJXUD (VWH RULHQWDomR EXVFD
XQLIRUPL]DU D WHPSHUDWXUD LQWHUQD GR DPELHQWH $FRQVHOKDVH XPD DOWXUD PpGLD GH
PHWURV 6HPSUH TXH SRVVtYHO GHYH VHU FRORFDGR XP SRQWR GH GUHQR SDUD D iJXD
FRQGHQVDGD
(PYLUWXGHGRUHQGLPHQWRGRDSDUHOKRHVWDUDVVRFLDGRDWURFDVWpUPLFDVVXDH[SRVLomRj
UDGLDomR VRODU VHX HQFDSVXODPHQWR RX RXWUD IRUPD GH HVWDJQDomR GR IOX[R GH DU
FRPSURPHWHP PXLWR DWp VXD FDSDFLGDGH GH UHIULJHUDomR JHUDQGR GHVJDVWH H
FRQVXPRH[FHVVLYRV2V~OWLPRVODQoDPHQWRVDSUHVHQWDPFRPSUHVVRUHVURWDWLYRVDRLQYpV
GRVDOWHUQDWLYRV$YDQWDJHPHVWiQDUHGXomRGRFRQVXPRGHHQHUJLDHGRSHVR
(VWHV DSDUHOKRV DSUHVHQWDP R PHQRU FXVWR SDUD DTXLVLomR H LQVWDODomR H SRVVXHP
PDQXWHQomR VLPSOHV 7DPEpP VmR EDVWDQWH IOH[tYHLV SDUD PXGDQoDV GH SRVLomR H
UHPDQHMDPHQWRDOpPGDYDQWDJHPGHDTXHFLPHQWRSRUFLFORUHYHUVRHPDOJXQVPRGHORV
(QWUHWDQWR DOJXPDV GHVYDQWDJHQV WDPEpP VmR SUHVHQWHV QR DU FRQGLFLRQDGR GH MDQHOD
FRPR R DOWR QtYHO GH UXtGR D H[LJrQFLD GH SDUHGHV H[WHUQDV SDUD R DPELHQWH DR TXDO VH
GHVWLQDHDFRQVHTXHQWHDOWHUDomRGDIDFKDGDDUTXLWHW{QLFD6mRIRUQHFLGRVPRGHORVFRP
FDSDFLGDGHGHUHIULJHUDomRFRQIRUPHD7DEHOD
7DEHOD&DSDFLGDGHGHUHIULJHUDomRGHDSDUHOKRVGHDUFRQGLFLRQDGRGHMDQHOD
:DWW
%78K
75
D
D
D

8PDRSomRPDLVVRILVWLFDGDHPUHODomRDRWLSRGHMDQHODVmRDV

0LQL&HQWUDLVGH3HTXHQR3RUWHRX6SOLW
(VWHWLSRGHDUFRQGLFLRQDGRSRGHDWHQGHUHVSDoRVVHPSDUHGHVYROWDGDVSDUDRH[WHULRU
SRLV SRVVXHP DV XQLGDGHV HYDSRUDGRUD H FRQGHQVDGRUD VHSDUDGDV SRGHQGR HVWDU
GLVWDQFLDGDVDWpWULQWDPHWURVHQWUHVL)LJXUD$FRQGHQVDGRUDGHYHVHUDORFDGDHP
XP OXJDU EHP YHQWLODGR H VHP H[SRVLomR j UDGLDomR VRODU &RPR p D SULQFLSDO IRQWH GH
UXtGRVXDSRVLomRGHYHVHUEHPHVWXGDGD2HYDSRUDGRULQVWDODGRQRLQWHULRUGRDPELHQWH
TXH VH TXHU FRQGLFLRQDU VH LQWHUOLJD DR FRQGHQVDGRU SRU XPD WXEXODomR GH JiV
UHIULJHUDQWHTXHLPSOLFDQDDEHUWXUDGHXPRULItFLRQDSDUHGHGHDSHQDVRLWRFHQWtPHWURV
GH GLkPHWUR )D]VH QHFHVViULR WDPEpP XP SRQWR HOpWULFR PRQRIiVLFR H XP SRQWR GH
GUHQRSDUDRHYDSRUDGRU

FDStWXOR(48,3$0(1726(6,67(0$6(),&,(17(6

)LJXUD0LQLFHQWUDOGHSHTXHQRSRUWHVSOLW
$V SULQFLSDLV YDQWDJHQV GHVWH WLSR HP UHODomR DR GH MDQHOD p R EDL[R QtYHO GH UXtGR H D
SRVVLELOLGDGH GH FRQGLFLRQDU HVSDoRV LQWHULRUHV VHP SDUHGHV H[WHUQDV 4XDQWR jV
GHVYDQWDJHQVVmREDVLFDPHQWHRFXVWREHPPDLVHOHYDGRHDPDQXWHQomRPDLVFRPSOH[D
TXHUHTXHUSURILVVLRQDLVHVSHFLDOL]DGRV
$VPLQLFHQWUDLVVmRIRUQHFLGDVFRPFDSDFLGDGHVGHUHIULJHUDomRFRQIRUPHD7DEHOD
7DEHOD&DSDFLGDGHGHUHIULJHUDomRGHPLQLFHQWUDLV
:DWW
%78K
75
D
D
D

6HRDPELHQWHDVHUFRQGLFLRQDGRpFRPSRVWRSRUYiULRVFRPSDUWLPHQWRVFRPRORMDVFRP
VXEGLYLV}HV LQWHUQDV RX HVFULWyULRV JDOHULDV ODQFKRQHWHV SHTXHQDV DJrQFLDV EDQFiULDV
HWFUHFRPHQGDVHRXVRGHPLQLFHQWUDLVGRWLSR

0XOWLVSOLW
&RP FDSDFLGDGH GH UHIULJHUDomR EHP VXSHULRU D GDV PLQL FHQWUDLV GH SHTXHQR SRUWH R
0XOWLVSOLW)LJXUDpRHTXLSDPHQWRGHPHQRUSRUWHSURMHWDGRSDUDWUDEDOKDUGHIRUPD
DPELHQWH RX GXWDGR 3DUD HVSDoRV PDLRUHV VH SRGHP FRPELQDU YiULDV XQLGDGHV GLVSRVWDV
HVWUDWHJLFDPHQWH UHGX]LQGR R FXVWR GH LQVWDODomR GH UHGHV GH GXWRV SHUWLQHQWH D XPD
~QLFD XQLGDGH GH PDLRU SRUWH $ LQVWDODomR GHVWHV DSDUHOKRV VHJXH DV SUHPLVVDV
DSUHVHQWDGDVSDUDPLQLFHQWUDLVSRUpPUHTXHUXPSRQWRHOpWULFRWULIiVLFR

)LJXUD0XOWLVSOLW

$ YDQWDJHP GHVWH VLVWHPD p D FOLPDWL]DomR GH YiULRV DPELHQWHV VLPXOWDQHDPHQWH 6XD

SULQFLSDO GHVYDQWDJHP p SRVVXLU XP ~QLFR WHUPRVWDWR LPSOLFDQGR QD YDULDomR GDV
WHPSHUDWXUDVGRVDPELHQWHVVHJXQGRDYDULDomRGDFDUJDWpUPLFDHPXP~QLFRSRQWR
$FDSDFLGDGHGHUHIULJHUDomRGHXPPXOWLVSOLWpJHUDOPHQWHFRQIRUPHD7DEHOD
7DEHOD&DSDFLGDGHGHUHIULJHUDomRGHDSDUHOKRVWLSRPXOWLVSOLW
:DWW
%78K
75

6HRDPELHQWHDVHUFRQGLFLRQDGRpPDLVH[WHUQRSRVVXLQGRFDUJDWpUPLFDPDLRUFRPRHP
EDQFRV HGLItFLRV GH HVFULWyULRV UHVWDXUDQWHV HWF SRGH VH XWLOL]DU XPD UHGH GH GXWRV
DWUDYpVGHXPHTXLSDPHQWRFRQKHFLGRFRPR

6HOI&RQWDLQHG
26HOI&RQWDLQHG)LJXUDpXPHTXLSDPHQWRRULHQWDGRSDUDUHGHGHGXWRVDLQGDTXH

WDPEpP SRVVD VHU XVDGR FRP JUHOKD GLIXVRUD GLUHWR QR DPELHQWH e HVVHQFLDOPHQWH
WULIiVLFR $ SULQFLSDO GHVYDQWDJHP GHVVH VLVWHPD p QmR SRVVXLU FLFOR UHYHUVR (QWUHWDQWR
SRGHSURGX]LUDTXHFLPHQWRQRDPELHQWHPHGLDQWHDGDSWDomRGHUHVLVWrQFLDHOpWULFDTXH
QRHQWDQWRDSUHVHQWDHILFLrQFLDHQHUJpWLFDEDL[D
1RPHUFDGRHQFRQWUDPVHEDVLFDPHQWHWUrVPRGHORVGLVWLQWRV
VHOIFRPFRQGHQVDGRUDGHDULQFRUSRUDGDDQiORJRDXPJUDQGHDSDUHOKRGHMDQHOD
VHOIFRPFRQGHQVDGRUDGHDUUHPRWDGLVSRVLomRVHPHOKDQWHjVPLQLFHQWUDLVH
VHOIFRPFRQGHQVDomRDiJXDUHTXHUXPDOLQKDDOLPHQWDGRUDGHiJXD
)LJXUD6HOI&RQWDLQHG
2VHOIFRQWDLQHGSRVVXLFDSDFLGDGHGHUHIULJHUDomRFRQIRUPHD7DEHOD

FDStWXOR(48,3$0(1726(6,67(0$6(),&,(17(6
7DEHOD&DSDFLGDGHGHUHIULJHUDomRGHDSDUHOKRVVHOIFRQWDLQHG
:DWW
%78K
75
D
D
D

&KLOOHU )DQ&RLO
2V VLVWHPDV FRPSRVWRV SRU &KLOOHUV HVWmR DVVRFLDGRV D XPD UHGH GH GLVWULEXLomR GH iJXD
JHODGD SDUD XQLGDGHV FRQKHFLGDV SRU )DQ&RLO )LJXUD 2 )DQ&RLO p DQiORJR D
XQLGDGH HYDSRUDGRUD WHQGR D IXQomR GH IRUoDU D SDVVDJHP GH DU SHORV WXERV GH iJXD
JHODGD MRJDQGR DU IULR SDUD R DPELHQWH LQWHULRU (VWHV VLVWHPDV QRUPDOPHQWH DSHQDV
UHIULJHUDP 2 DTXHFLPHQWR LPSOLFD QR HPSUHJR GH FDOGHLUDV DVVRFLDGDV DRV )DQ&RLOV 2
GLPHQVLRQDPHQWR H D LQVWDODomR GHVVH WLSR GH DU FRQGLFLRQDGR VmR EDVWDQWH FRPSOH[RV
H[LJLQGR SURMHWRV GHWDOKDGRV H SURILVVLRQDLV JDEDULWDGRV (P UHJL}HV RQGH D WDULID GH
HQHUJLDpGLIHUHQFLDGD SDUDFDGDSHUtRGRGRGLDR &KLOOHUSRGHVHUXVDGRSDUDDFXPXODU
iJXDJHODGDRXJHORQRVKRUiULRVRQGHDHQHUJLDpPDLVEDUDWDjQRLWHSDUDSRVWHULRUXVR
GXUDQWH R GLD H SULQFLSDOPHQWH QRV KRUiULRV GH SLFR UHGX]LQGR DVVLP D GHPDQGD D VHU
FRQWUDWDGD
)LJXUD&KLOOHU )DQ&RLO
&KLOOHUV )DQ&RLO VmR PXLWR XWLOL]DGRV HP 6KRSSLQJ &HQWHUV GHYLGR D VXD FDSDFLGDGH
SDUDFRQGLFLRQDUHVSDoRVLQWHULRUHVEDVWDQWHDPSORVHFRPSOH[RV
5()(51&,$6
FRQVHUYDWLRQDQGSHDNORDGUHGXFWLRQLQWKHUHVLGHQWLDOVHFWRURI%UD]LO,Q(QHUJ\
(OVHYLHU6FLHQFH/WG
%25*13URPLVLQJDUWLILFLDOVXQOLJKWLQDKLJKO\HIILFLHQWZD\,Q,QWHUQDWLRQDO
$VVRFLDWLRQIRU(QHUJ\(IILFLHQW/LJKWLQJ,$((/1HZVOHWWHUQRYRO
&$5$050&DUDFWHUL]DomRyWLFDGHPDWHULDLVWUDQVSDUHQWHVHVXDUHODomRFRP
RFRQIRUWRDPELHQWDOHPHGLILFDo}HV7HVHGH'RXWRUDGR8QLFDPS&DPSLQDV63
/(&+1(51+HDWLQJ&RROLQJ/LJKWLQJ'HVLJQ0HWKRGVIRU $UFKLWHFWVVHFRQG
HGLWLRQ-RKQ:LOH\ 6RQV86$
2/*<$< 9 2OJ\D\ $ 6RODU FRQWURO VKDGLQJ GHYLFHV 3ULQFHWRQ 8QLYHUVLW\
3UHVV3ULQFHWRQ86$

61<'(5-&&DWDQHVH$,QWURGXomRjDUTXLWHWXUD(GLWRUD&DPSXV/WGD5LR

GH-DQHLUR5-
6=2.2/$<69(QYLURQPHQWVFLHQFHKDQGERRNIRUDUFKLWHFWVDQGEXLOGHUV7KH
&RQVWUXFWLRQ3UHVV/WGD/DQFDVWHU8.


VXPiULR

352-(72'($548,7(785$%,2&/,07,&$

23DUWLGR%LRFOLPiWLFR

$QiOLVHGR7HUUHQR

$QiOLVHGR&OLPD/RFDO

$QiOLVHGRV8VXiULRVHGRV+RUiULRVGH8VR

3URJUDPDGH1HFHVVLGDGHV

$)XQomR

$)RUPD

2V0DWHULDLV&RQVWUXWLYRV

2XVRGDV(VWUDWpJLDV%LRFOLPiWLFDVGH)RUPD,QWHJUDGD

$([SUHVVLYLGDGH$UTXLWHW{QLFD

'HILQLomRGRV(OHPHQWRV%LRFOLPiWLFRVDVHUHP(PSUHJDGRV

9HQWLODomR

5HVIULDPHQWR(YDSRUDWLYRH8PLGLILFDomR

8VDU,QpUFLD7pUPLFD

$TXHFLPHQWR6RODU3DVVLYR

$U&RQGLFLRQDGR

$TXHFLPHQWR$UWLILFLDO

2XWUDV7pFQLFDVSDUD'LPLQXLUR&RQVXPRGH(QHUJLD

,OXPLQDomR1DWXUDOH$UWLILFLDO

$QiOLVHH6tQWHVHGD3ULPHLUD$OWHUQDWLYDGHSURMHWR

6LPXODomRH3URSRVWDV$OWHUQDWLYDV

8VRGH(QHUJLD$OWHUQDWLYD

&DSWDomRGDJXDGD&KXYD

5HXWLOL]DomRGHJXD

3URMHWRGH$UTXLWHWXUD%LRFOLPiWLFD
5()(51&,$6

FDStWXOR352-(72'($548,7(785$%,2&/,07,&$
&$378/2
352-(72'($548,7(785$%,2&/,07,&$
$SyV VH WHU XPD YLVmR SDQRUkPLFD VREUH DV SULQFLSDLV YDULiYHLV HQYROYLGDV QDV
TXHVW}HV GH FRQIRUWR H GHVHPSHQKR HQHUJpWLFR HP HGLILFDo}HV VH S{GH FRQFOXLU
DWUDYpV GRV FRQFHLWRV SHUWLQHQWHV j ELRFOLPDWRORJLD TXDLV RV SULQFtSLRV
ELRFOLPiWLFRV D VH DGRWDU HP GLYHUVDV VLWXDo}HV 0DV UHVWD XPD SHUJXQWD 'H
PDQHLUDSUiWLFDFRPRSURFHGHUHPXPSURMHWRDUTXLWHW{QLFR"
2SULPHLURSDVVRSDUDDUHVSRVWDpLGHQWLILFDUQDV HGLILFDo}HVRQGHDPDLRUSDUWH
GD HQHUJLD HVWi VHQGR JDVWD H YHULILFDU GHQWUR GHVVH XQLYHUVR FRPR R DUTXLWHWR
SRGHDWXDU2FDPSRGHDWXDomRGRDUTXLWHWRHPWHUPRVGHHILFLrQFLDHQHUJpWLFD
QD HGLILFDomR DEUDQJH SULQFLSDOPHQWH RV VHWRUHV UHVLGHQFLDO FRPHUFLDO H S~EOLFR
3RGHVHGL]HUTXHDVHGLILFDo}HVVmRUHVSRQViYHLVSRUGRFRQVXPRGHHQHUJLD
QR SDtV LQFOXtGRV Dt R FRQVXPR SHOR XVR GH HOHWURGRPpVWLFRV H HTXLSDPHQWRV GH
HVFULWyULR
'HXPPRGRJHUDORDUTXLWHWRSRGHUDFLRQDOL]DURXVRGHHQHUJLDHPXPHGLItFLR
VHFRQVHJXLUUHGX]LURFRQVXPRSDUDLOXPLQDomRSRUFRQGLFLRQDPHQWRGRDUHSRU
DTXHFLPHQWRGHiJXD1HVWHFHQiULRRTXHVHGHVWDFDVmREDVLFDPHQWHWUrVLGpLDV
DVHUHPSHUVHJXLGDVQRSURFHVVRGHFRQFHSomRDUTXLWHW{QLFD
8VDUVLVWHPDVQDWXUDLVGHFRQGLFLRQDPHQWRHLOXPLQDomRVHPSUHTXHSRVVtYHO
8VDUVLVWHPDVDUWLILFLDLVPDLVHILFLHQWHVH
%XVFDUDLQWHJUDomRHQWUHRVGRLVDUWLILFLDOHQDWXUDO
([LVWHPGLIHUHQoDVPXLWRVLJQLILFDWLYDVHPUHODomRDRFRQVXPRGHHQHUJLDHQWUHR
VHWRU UHVLGHQFLDO H RV VHWRUHV FRPHUFLDO H S~EOLFR 3ULPHLUDPHQWH D GHQVLGDGH GH
RFXSDomR p GLVWLQWD (P UHVLGrQFLDV QRUPDOPHQWH DV SHVVRDV FRPSDUWLOKDP YiULRV
DPELHQWHVVHQGRTXHPXLWRVVmRSRXFRRFXSDGRVQDPDLRUSDUWHGRGLD0HVPRHP
HGLItFLRV UHVLGHQFLDLV H[FHWXDQGRVH QR KDOO GH HQWUDGD H QD FLUFXODomR D
GHQVLGDGH GH RFXSDomR SDUD FDGD DPELHQWH p PXLWR EDL[D VH FRPSDUDGD D GRV
HGLItFLRVFRPHUFLDLVHS~EOLFRV1HVWHVXPJUDQGHQ~PHURGHSHVVRDVSRGHRFXSDU
XP~QLFRHVSDoRVDODVGHDXODWHDWURHVFULWyULRVHWFHRIOX[RGHXVXiULRVTXH
HQWUDP RX VDHP GRV DPELHQWHV SRGH VHU FRQWtQXR ORMDV VXSHUPHUFDGRV
FRQVXOWyULRV HWF ,VWR VH WUDGX] QD DILUPDomR GH TXH QRV VHWRUHV FRPHUFLDO H
S~EOLFR PDLV SHVVRDV HVWDUmR FRQVXPLQGR PDLV HQHUJLD SDUD DFOLPDWDomR H
LOXPLQDomR
2XWUD LPSRUWDQWHFDUDFWHUtVWLFD TXH LQIOXHQFLD QRFRQVXPR GH HQHUJLD pD IXQomR
DUTXLWHW{QLFD $ IXQomR PRUDU SRU H[HPSOR DILJXUDVH PXLWR PDLV F{PRGD H
DUWLFXOiYHO FRP DV QHFHVVLGDGHV GH VHX XVXiULR TXH DV IXQo}HV DVVLVWLU DXODV
YHQGHUGDWLORJUDIDURXFRQVHUWDUeIiFLOFDUUHJDURYHQWLODGRURXRDEDMXU
SDUDRFDQWRTXHVHTXHUHPFDVDSRUpPQRHVFULWyULRpQHFHVViULRDGDSWDUVHjV
FRQGLo}HVDPELHQWDLVGLVSRQtYHLV
7RGRVHVVHVDUJXPHQWRVID]HPGDDUTXLWHWXUDUHVLGHQFLDORFOLHQWHLGHDOSDUDRXVR
GHVLVWHPDVQDWXUDLVGHFRQGLFLRQDPHQWRHLOXPLQDomRHPERUDRVPHVPRVWDPEpP
SRVVDPVHUXWLOL]DGRVFRPr[LWRQDDUTXLWHWXUDFRPHUFLDOHS~EOLFD1HVWD~OWLPDp
SURYiYHO D QHFHVVLGDGH GH VH HPSUHJDU VLVWHPDV DUWLILFLDLV H VH DVVLP IRU IHLWR

GHYHVH RSWDU SRU HTXLSDPHQWRV PDLV HILFLHQWHV 9DOH UHVVDOWDU TXH D EXVFD GH
LQWHJUDomRHQWUHRVVLVWHPDVQDWXUDLVHDUWLILFLDLVpVHPSUHEHPYLQGDHPWRGRVRV
VHWRUHV SRLV DOpP GD HFRQRPLD GH HQHUJLD SURSLFLD HVSDoRV DUTXLWHW{QLFRV PDLV
DJUDGiYHLV
$ DUTXLWHWXUD UHVLGHQFLDO WHP FHUWDPHQWH R PDLRU SRWHQFLDO GH XWLOL]DomR GH
UHFXUVRV QDWXUDLV GH FRQGLFLRQDPHQWR H LOXPLQDomR $QWHV GH SDUWLU SDUD R
ODQoDPHQWR GD SURSRVWD DUTXLWHW{QLFD R DUTXLWHWR GHYHUi ID]HU XP HVWXGR GR
FOLPD GH VXD UHJLmR WHQWDQGR LGHQWLILFDU TXDLV HVWUDWpJLDV ELRFOLPiWLFDV VH
PRVWUDPPDLVDGHTXDGDV(VWHHVWXGRSRGHVHUIHLWRDWUDYpVGDFDUWDELRFOLPiWLFD
GLVFXWLGD QR WHUFHLUR FDStWXOR GHVWH OLYUR $R SORWDU QD FDUWD RV GDGRV FOLPiWLFRV
SDUDDFLGDGHTXHVHTXHUDQDOLVDUVHSRGHGHSDUDUFRPXPDRX PDLVLQGLFDo}HV
ELRFOLPiWLFDV $ FDGD XPD GHVWDV LQGLFDo}HV OLGDV GLUHWDPHQWH QD FDUWD RX QDV
WDEHODVGHSHUFHQWXDLVGHQHFHVVLGDGHVGDVHVWUDWpJLDVFDStWXORFRUUHVSRQGHP
GLYHUVRVUHFXUVRVGHGHVHQKRTXHSRGHPVHUDGRWDGRVQRSURMHWRSDUDUHVSRQGHU
jVQHFHVVLGDGHVGHFRQIRUWRSDUDRORFDO
1RV VHWRUHV FRPHUFLDO H S~EOLFR R FRQVXPR GH HQHUJLD p IRUWHPHQWH LQIOXHQFLDGR
SHOD JUDQGH TXDQWLGDGH GH FDORU JHUDGR QR LQWHULRU GR HGLItFLR 'LIHUHQWH GD
DUTXLWHWXUD UHVLGHQFLDO HGLItFLRV FRPHUFLDLV H S~EOLFRV FRQWDP FRP PDLRU
GHQVLGDGH GH XVXiULRV HTXLSDPHQWRV H OkPSDGDV TXH OHYDP D WHQGrQFLD DR
VREUHDTXHFLPHQWR GRV DPELHQWHV PHVPR HP VLWXDo}HV RQGH R FOLPD H[WHULRU
LQGLFDFRQIRUWRWpUPLFR
2EVHUYDVH TXH D LOXPLQDomR DUWLILFLDO H R DU FRQGLFLRQDGR VmR RV JUDQGHV XVRV
ILQDLV GD HQHUJLD QHVWH VHWRU UHSUHVHQWDQGR DSUR[LPDGDPHQWH GR FRQVXPR
SDUDLOXPLQDomRDUWLILFLDOHSDUDDUFRQGLFLRQDGRUHVSHFWLYDPHQWH*HOOHU

'HYHILFDUFODURTXHKiXPDJUDQGHGLYHUVLGDGHGHXVRGRVHVSDoRVSULQFLSDOPHQWH
QR VHWRU FRPHUFLDO 4XDQWR DR KRUiULR GH XWLOL]DomR DV HGLILFDo}HV FRPHUFLDLV
SRGHP IXQFLRQDU GXUDQWH R GLD GXUDQWH D QRLWH RX DWp QRV GRLV SHUtRGRV
GHSHQGHQGR GD IXQomR D TXH VH GHVWLQDP (P DOJXQV FDVRV D QHFHVVLGDGH GH
LOXPLQDomR GH ERD TXDOLGDGH H HP TXDQWLGDGH p LPSUHVFLQGtYHO FRPR HP
HVFULWyULRV GH GHVHQKR RX GH FRQVHUWRV GHOLFDGRV 7DPEpP H[LVWHP ORFDLV RQGH D
LOXPLQDomR GHYH VHU UHGX]LGD RX DWp HYLWDGD HP ERD SDUWH GR WHPSR FRPR HP
ERDWHV RX HP FLQHPDV &RP UHODomR DR FRQGLFLRQDPHQWR WpUPLFR HP DOJXQV
DPELHQWHVVXDQHFHVVLGDGHpVHFXQGiULDDOJXQVWLSRVGHGHSyVLWRVSRUH[HPSORH
HPRXWURVpRSULQFLSDOIDWRUGRDPELHQWHVKRSSLQJFHQWHUVJDOHULDVFRPHUFLDLV
HWF 7RGDV HVVDV GLYHUVLGDGHV YrP VDOLHQWDU D LPSRUWkQFLD GH HVWXGRV VREUH D
DSURSULDomR HVSDFLDO GRV HGLItFLRV FRP R LQWXLWR GH RULHQWDU DV LQWHUYHQo}HV
UHIHUHQWHVjHILFLrQFLDHQHUJpWLFD
(PERUDDVHVWUDWpJLDVELRFOLPiWLFDVLQGLFDGDVSHODFDUWDELRFOLPiWLFDVHMDPYiOLGDV
SDUDDDUTXLWHWXUDFRPHUFLDOHS~EOLFDpPDLVXUJHQWHDQHFHVVLGDGHGHLQWHJUDomR
HQWUH VLVWHPDV QDWXUDLV H DUWLILFLDLV WDQWR GH FRQGLFLRQDPHQWR TXDQWR GH
LOXPLQDomRYLVWRTXHRXVRGRVVLVWHPDVDUWLILFLDLVSRGHVHULPSUHVFLQGtYHOSDUDD
ERDSURGXWLYLGDGHQRHVSDoRLQWHULRU
2V FRQFHLWRV GH DUTXLWHWXUD ELRFOLPiWLFD GHYHULDP VHU LQWUtQVHFRV D TXDOTXHU
SURMHWRDUTXLWHW{QLFR,QFOXHPDVFRQGLFLRQDQWHVORFDLVGRFOLPDH[SORUDQGRVXDV
YDQWDJHQVHHYLWDQGRVHXVH[WUHPRVWHQGRFRPRREMHWLYRRFRQIRUWRDPELHQWDOGRV

FDStWXOR352-(72'($548,7(785$%,2&/,07,&$
XVXiULRVSRUpPFRPEDL[RFRQVXPRGHHQHUJLD(VWHVFRQFHLWRVYLVDPHPSULPHLUD
LQVWkQFLDRGHVHQYROYLPHQWRVXVWHQWiYHOHWRUQDPDDUTXLWHWXUDELRFOLPiWLFDXPD
UHVSRVWD DGHTXDGD DR WULkQJXOR FRQFHLWXDO YLWUXYLDQR LOXVWUDGR QR LQtFLR GHVWH
OLYUR
0DV DOpP GH FRQKHFHU HVWHV FRQFHLWRV GHYHVH FRQVLGHUiORV GHVGH DV HWDSDV
LQLFLDLV GR SURMHWR 6H DR FRQWUiULR DV DQiOLVHV SHUWLQHQWHV DRV FRQFHLWRV
ELRFOLPiWLFRV IRUHP SURWHODGDV DFRQWHFHQGR VRPHQWH QRV HVWiJLRV ILQDLV GR
SURMHWR RX LQGX]LUmR D JUDQGHV DOWHUDo}HV QR GHVHQKR TXH GHPDQGDUmR PDLV
WHPSRRXVHUmRVLPSOHVPHQWHGHVFRQVLGHUDGDV
7HQGR LVVR FRPR IRFR RV FRQFHLWRV GHVFULWRV DWp R PRPHQWR QHVWH OLYUR VHUmR
H[SRVWRV QHVWH FDStWXOR GH PDQHLUD GLIHUHQWH &DGD HOHPHQWR GD DUTXLWHWXUD
ELRFOLPiWLFD VHUi HQTXDGUDGR QR UHVSHFWLYR HVWiJLR GH SURMHWR TXDQGR p PDLV
UHOHYDQWH H RQGH VHX HVWXGR H DQiOLVH SRGHUi PHOKRU LQIRUPDU DR DUTXLWHWR H
DX[LOLiOR QD WRPDGD GH GHFLV}HV GH SURMHWR TXH YLVHP UHVSRQGHU DRV SUREOHPDV
LGHQWLILFDGRV
$ HVWUXWXUD GHVWH FDStWXOR QmR SUHWHQGH VHU PRGHOR SRLV VH FRQVLGHUD TXH FDGD
SURILVVLRQDO WHP VHX SUySULR PpWRGR GH WUDEDOKR H SUHFLVD XVDU GH IOH[LELOLGDGH H
PHVPRGHFULDWLYLGDGHSDUDSRGHUFULDUVROXo}HVLQRYDGRUDVHFRPH[SUHVVLYLGDGH
DUTXLWHW{QLFD SUHVVXSRVWRV GH XPD DUTXLWHWXUD GH TXDOLGDGH 0HVPR DVVLP D
VHTXrQFLD GDV HWDSDV GH SURMHWR LQWLWXODGDV DTXL p FRHUHQWH FRP D SUiWLFD GD
DUTXLWHWXUDHSRGHIDFLOPHQWHHVSHOKDUHVWHRXDTXHOHSURFHVVRGHSURMHWR
$FUHGLWDVH TXH R DUTXLWHWR FRPR SURILVVLRQDO FULDWLYR H LQRYDGRU QD VROXomR GH
SUREOHPDV SRGH DGDSWDUVH UDSLGDPHQWH DR XVR GRV FRQFHLWRV ELRFOLPiWLFRV HP
HVWXGRQHVWHOLYUR

23DUWLGR%LRFOLPiWLFR
2 SDUWLGR DUTXLWHW{QLFR p R HVTXHPD LQLFLDO TXH QRUWHLD R GHVHQYROYLPHQWR GR

SURMHWR*HUDOPHQWHRSDUWLGRVXUJHQDVSULPHLUDVHWDSDVGRSURFHVVRGHSURMHWR
2VFRQFHLWRVELRFOLPiWLFRVGHYHULDPDSDUHFHUMiQHVWHPRPHQWRHVHULQFRUSRUDGRV
DRSDUWLGR3DUDLVVRFHUWDVLQIRUPDo}HVGHYHPVHUREWLGDVFRPRGDGRVGDDQiOLVH
FOLPiWLFD GR ORFDO DQiOLVH GR WHUUHQR RULHQWDomR H PHVPR GDGRV UHODWLYRV DR
SURJUDPDTXHRFOLHQWHTXHUWHUUHVSRQGLGRSHORSURMHWR

$QiOLVHGR7HUUHQR
$DQiOLVHGRWHUUHQRLQFOXLDVSHFWRVLPSRUWDQWHVFRPRDOHJLVODomRDVGLPHQV}HVD
RULHQWDomR D WRSRJUDILD H D SUHVHQoD GH YHJHWDomR iJXD H RXWURV HGLItFLRV RX
EDUUHLUDVTXHSRVVDPREVWUXLURYHQWRHRVRO
$OHJLVODomRGLWDRVDIDVWDPHQWRVRQ~PHURPi[LPRGHSDYLPHQWRVHRVUHFXRVGR
HGLItFLR HQWUH RXWURV DVSHFWRV TXH SRGHP LQIOXLU QR GHVHPSHQKR DPELHQWDO GR
PHVPR 0HVPR VHQGR UHVSHLWDGRV RV DIDVWDPHQWRV H UHFXRV ODWHUDLV SRGHP
UHSUHVHQWDU VRPEUDV LQGHVHMiYHLV QR HQWRUQR GR HGLItFLR H IDOWD GH LOXPLQDomR H
YHQWLODomR QDWXUDO QRV DPELHQWHV LQWHUQRV GHSHQGHQGR GRV HOHPHQWRV SUHVHQWHV
QHVWHHQWRUQR
2 Q~PHUR Pi[LPR GH SDYLPHQWRV QmR JDUDQWH QHFHVVDULDPHQWH D LQVRODomR
DGHTXDGDGRVDPELHQWHVQHPRDFHVVRVRODUQRVHGLItFLRVYL]LQKRV

$ RULHQWDomR SHUPLWH LGHQWLILFDU DV PHOKRUHV IDFKDGDV SDUD GLVWULEXLomR GRV

DPELHQWHVWHQGRFRPRUHIHUrQFLDRDFHVVRVRODUHDYHQWLODomRQDWXUDOQHFHVViULD
DRORQJRGRDQR$VSURWHo}HVVRODUHVWDPEpPGHYHPWHUVHXXVRLGHQWLILFDGRQHVWD
HWDSDHPIXQomRGDRULHQWDomRGHFDGDDPELHQWH
2 HVWXGR GD WRSRJUDILD GD SUHVHQoD GH YHJHWDomR GH EDUUHLUDV HGLILFDGDV H GH
iJXDQDVSUR[LPLGDGHVSHUPLWHLGHQWLILFDURVHOHPHQWRVTXHSRGHPVHUH[SORUDGRV
H RV TXH GHYHP VHU HYLWDGRV FRPR SRVVtYHLV HVWUDWpJLDV ELRFOLPiWLFDV D VHUHP
FRQVLGHUDGDVQRSURMHWR

$QiOLVHGR&OLPD/RFDO
2 FOLPD WDPEpP IRUQHFH GLYHUVDV GLFDV GHFRPR R SURMHWR GHYH VHU FRQGX]LGR $
DQiOLVH FOLPiWLFD LQIRUPD TXDLV HVWUDWpJLDV ELRFOLPiWLFDV VmR PDLV DGHTXDGDV HP
IXQomRGRFOLPDORFDOHSDUDFDGDSHUtRGRGRDQR6DEHUTXDLVHVWUDWpJLDVXWLOL]DUp
XP SRGHURVR UHFXUVR QD HODERUDomR GH TXDOTXHU SURMHWR TXH YLVH R FRQIRUWR H D
HILFLrQFLDHQHUJpWLFDGRHGLItFLR

$QiOLVHGRV8VXiULRVHGRV+RUiULRVGH8VR
(VWD DQiOLVH p LPSRUWDQWH SRUTXH GHILQH SDUkPHWURV FRPR D YHVWLPHQWD PDLV

SURYiYHOTXHRVXVXiULRVXWLOL]DUmRQRVDPELHQWHV VXDDWLYLGDGHPHWDEROLVPRD
JHRPHWULDGRDPELHQWHTXHSRGHLGHQWLILFDUSUREOHPDVGHGHVFRQIRUWRYLVXDOHGH
DVVLPHWULDWpUPLFDHRVKRUiULRVFUtWLFRVGHXVRHQWUHRXWURVDVSHFWRV

3URJUDPDGH1HFHVVLGDGHV
$SyVDREWHQomRGDVLQIRUPDo}HVEiVLFDVGHILQLGDVQRVLWHQVDQWHULRUHVRDUTXLWHWR
SRGH PRQWDU R SURJUDPD GH QHFHVVLGDGHV GR VHX SURMHWR (VWH GHYH LQFOXLU
TXDOTXHULQIRUPDomRTXHSRVVDVHU~WLODRSURMHWRELRFOLPiWLFRFRPRQHFHVVLGDGH
GH YHQWLODomR QDWXUDO GH LOXPLQDomR QDWXUDO GH VRO RX VRPEUD QHFHVVLGDGH GH
LVRODPHQWR WpUPLFR GH FRQGLFLRQDPHQWR DUWLILFLDO HWF (VWDV LQIRUPDo}HV
DGLFLRQDLVDRSURJUDPDGHQHFHVVLGDGHVVmRXPSRGHURVRLQVWUXPHQWRGHDX[LOLRj
WRPDGDGHGHFLV}HVTXHDFRPSDQKDRDUTXLWHWRSRUWRGDVDVHWDSDVGRSURFHVVRGH
SURMHWR

$)XQomR
$OJXQVDUTXLWHWRVFRQVLGHUDPTXHDIXQomRpFRQVHTXrQFLDGDIRUPDRXWURVTXHD
IRUPD VHJXH D IXQomR 1R HQWDQWR D DOWHUQDWLYD PDLV FRUUHWD VHULD FRQVLGHUDU
DPEDVFRPDPHVPDSULRULGDGHGHVGHRLQtFLRGRSURMHWR(PERUDDIXQomRDTXH
VHGHVWLQDXPHGLItFLRSRVVDHVWDUDWUHODGDDXPDIRUPDSUHFRQFHELGDpFDSD]GH
VRIUHU PRGLILFDo}HV DSyV D RFXSDomR H D FRQVHTXHQWH DSURSULDomR HVSDFLDO e
SRVVtYHO TXH XPD DUTXLWHWXUD IXQFLRQDO DFDEH SRU VH WRUQDU GHVFRQIRUWiYHO H
LQHILFLHQWH GXUDQWH R GHVHPSHQKR GH WDUHIDV QR VHX LQWHULRU 3DUD HYLWDU LVWR R
DUTXLWHWR GHYH HQWHQGHU DOpP GDV UHODo}HV WpUPLFDV DF~VWLFDV H YLVXDLV DV
UHODo}HVDQWURSRPpWULFDVHSUR[rPLFDVHQWUHRKRPHPHRHVSDoR+DOO
$ IXQomR DUTXLWHW{QLFD XP GRV YpUWLFHV GR WULkQJXOR FOiVVLFR YLWUXYLDQR LQWHUDJH
FRP D IRUPD H FRP D HILFLrQFLD HQHUJpWLFD GH XP HGLItFLR 2 PHVPR SURMHWR
DUTXLWHW{QLFR VH GHVWLQDGR D ILQV GLVWLQWRV FRPR FRPpUFLR RX KDELWDomR SRU
H[HPSOR SRGH UHVXOWDU HP FRPSRUWDPHQWRV HQHUJpWLFRV GLIHUHQWHV ,VWR YHP

FDStWXOR352-(72'($548,7(785$%,2&/,07,&$
SURYDU TXH R HVWXGR GD IXQomR DUTXLWHW{QLFD p SULPRUGLDO QD HVFROKD GH
GHWHUPLQDGR FULWpULR RX HVWUDWpJLD ELRFOLPiWLFD D VHU DGRWDGD $V IXQo}HV
UHVLGHQFLDOFRPHUFLDOHS~EOLFDVmRGLVWLQWDVGRSRQWRGHYLVWDGDGHSHQGrQFLDGR
FOLPDHFRQVHTXHQWHPHQWH GRFRQVXPR GH HQHUJLD 2KRUiULRGH IXQFLRQDPHQWR
GH XP HGLItFLR FRPHUFLDO RX S~EOLFR HP JHUDO GXUDQWH R GLD H[S}H
FRQVWDQWHPHQWH RV XVXiULRV DRV HIHLWRV GR FDORU GR VRO ,VWR DOLDGR D JDQKRV
LQWHUQRVHOHYDGRVLOXPLQDomRHHTXLSDPHQWRVYHPUHIOHWLUQRXVRTXDVHFRQVWDQWH
GHDSDUHOKRVGHDUFRQGLFLRQDGR2IDWRXVXDOGDQmRSUHYLVmRGDLQFLGrQFLDGDOX]
QDWXUDO OHYD DV IXQo}HV FRPHUFLDO H S~EOLFD D GHSHQGHUHP H[FHVVLYDPHQWH GD
LOXPLQDomR DUWLILFLDO PHVPR GXUDQWH R GLD DXPHQWDQGR D FRQWD GH HQHUJLD
HOpWULFDTXHQRHQWDQWRQmRpSDJDGLUHWDPHQWHSHORVHXXVXiULR(P VKRSSLQJV
FHQWHUV H H[FOXVmR GD OX] QDWXUDO SRGH VH MXVWLILFDU QDV YLWULQHV HP IXQomR GD
SRVVtYHO GHWHULRUDomR GRV SURGXWRV H[SRVWRV 0DV QDV FLUFXODo}HV D OX] QDWXUDO
GHYHULDVHUH[SORUDGDUHGX]LQGRRFRQVXPRGHHQHUJLDFRPVLVWHPDVGHLOXPLQDomR
DUWLILFLDO (P DOJXQV DPELHQWHV FRPR VDODV GH DXOD ELEOLRWHFDV H HVFULWyULRV D
TXDOLGDGH GD OX] QDWXUDO p LPSRUWDQWH SDUD D ERD GHILQLomR GH FRUHV -i HP XPD
UHVLGrQFLDDOX]QDWXUDOpWUDWDGDFRPPDLRULPSRUWkQFLDSRLVDOpPGRVHXYDORU
SRpWLFR QD GHILQLomRGRV HVSDoRV p IXQGDPHQWDO SDUD DHFRQRPLD GH HQHUJLDHp
SDJDGLUHWDPHQWHSHORPRUDGRU
7DPEpPVHWRUQDPDLVYLiYHODLQVWDODomRGHVLVWHPDVSDVVLYRVGHUHVIULDPHQWRHP
UHVLGrQFLDV YLVWR TXH VXD UHODomR FRP R HVSDoR H[WHULRU p TXDVH VHPSUH PDLV
HIHWLYDTXHHPHGLILFDo}HVFRPHUFLDLVHS~EOLFDV5HVWDHQWmRDSHUJXQWDGHTXH
IRUPDRDUTXLWHWRGHYHDWXDUHPFDGDXPGHVWHVVHWRUHVFRPUHODomRjHILFLrQFLD
HQHUJpWLFD"
1XPD DUTXLWHWXUD UHVLGHQFLDO FDEH DR DUTXLWHWR VHU R FRQVHOKHLUR GR VHX FOLHQWH
DOHUWDQGR VREUH R QHFHVViULR XVR GH DOJXPDV HVWUDWpJLDV GH HVIULDPHQWR RX
DTXHFLPHQWR SDVVLYR RX DWLYR H H[SORUDQGR VDELDPHQWH D LOXPLQDomR QDWXUDO
VHPSUHEHPYLQGDSHORXVXiULR
1RV VHWRUHV FRPHUFLDO H S~EOLFR HPERUD D XWLOL]DomR GH VLVWHPDV QDWXUDLV GH
FRQGLFLRQDPHQWR H LOXPLQDomR QmR VHMD H[SORUDGD HVWHV DSDUHFHP FRPR RSomR
SDUDHFRQRPL]DU HQHUJLD 2 XVR GH VLVWHPDV QDWXUDLV GH FRQGLFLRQDPHQWR VHPSUH
TXH SRVVtYHO HYLWDUi D GHSHQGrQFLD H[FOXVLYD GRV VLVWHPDV DUWLILFLDLV ( D
LOXPLQDomRQDWXUDOSRGHVHUXWLOL]DGDHPSUDWLFDPHQWHWRGDDMRUQDGDGHWUDEDOKR
YLVWR TXH R KRUiULR GH VHUYLoR p QRUPDOPHQWH GLXUQR 4XDQWR DRV VLVWHPDV
DUWLILFLDLV GH LOXPLQDomR H FRQGLFLRQDPHQWR VXD XWLOL]DomR SRGH VHU H[LJLGD HP
YLUWXGHGHDOJXPDVFRQILJXUDo}HVHDSURSULDo}HVHVSDFLDLVGRDPELHQWHLQWHULRU2
DUTXLWHWR GHYH WHU HP PHQWH RV FRQFHLWRV GHVWHV VLVWHPDV FRQKHFHQGR VXD
HILFLrQFLDHDGHTXDomRSDUDFDGDFDVR1DDUTXLWHWXUDDHILFLrQFLDHQHUJpWLFDQmR
VLJQLILFD GHVSURYHU RV HVSDoRV LQWHULRUHV GH OX] DUWLILFLDO RX GH DU FRQGLFLRQDGR
FRQVXPLGRUHV HP SRWHQFLDO GH HQHUJLD PDV VLP VDEHU TXDQGR H R TXDQWR VmR
QHFHVViULRV

$)RUPD
$ IRUPD DUTXLWHW{QLFD SRGH WHU JUDQGH LQIOXrQFLD QR &RQIRUWR $PELHQWDO HP XPD
HGLILFDomRHQRVHXFRQVXPRGHHQHUJLDYLVWRTXHLQWHUIHUHGLUHWDPHQWHVREUHRV
IOX[RVGHDUQRLQWHULRUHQRH[WHULRUHWDPEpPQDTXDQWLGDGHGHOX]HFDORUVRODU
UHFHELGRV SHOR HGLItFLR $ OX] QDWXUDO DOpP GH VHU XPD YDULiYHO DPELHQWDO SRGH

VHU HQIRFDGD FRPR HOHPHQWR GH SURMHWR 6HX FDUiWHU VLPEyOLFR SRU H[HPSOR IRL
H[SORUDGRFRPPDHVWULDQDVFDWHGUDLVGR3HUtRGR*yWLFRRQGHDOX]UHSUHVHQWDYDD
SUySULDGLYLQGDGH
&RP UHODomR DR FRQIRUWR WpUPLFR D LQIOXrQFLD GD IRUPD DUTXLWHW{QLFD Mi IRL
HYLGHQFLDGD HP YiULRV ORFDLV GR PXQGR FRPR QD FLGDGH GH 0DUUDNHVK HP
0DUURFRV RQGH DV HGLILFDo}HV IRUDP FRQVWUXtGDV GH IRUPD D FDQDOL]DUHP SDUD R
LQWHULRU GD FLGDGH D EULVD TXH YHP GR PDU ~PLGD H UHIUHVFDQWH 'D PHVPD
PDQHLUD R YHQWR TXHQWH FRQWLQHQWDO p GHVYLDGR SHOD IRUPD GDV HGLILFDo}HV
SRVVLELOLWDQGRFRQIRUWRQDHVFDODXUEDQD5RPHUR)LJXUD

)LJXUD0DUUDNHVKDGDSWDGRGH5RPHUR
$ TXDQWLGDGH GH UDGLDomR VRODU TXH LQFLGH HP FDGD VXSHUItFLH H[WHUQD GH XPD
DUTXLWHWXUDpYDULiYHOVHJXQGRDRULHQWDomRHDpSRFDGRDQR,VWRVLJQLILFDTXHR
PHVPR YROXPH GH HVSDoR LQWHULRU SRGH WHU IRUPDV GLYHUVDV DSUHVHQWDQGR
FRPSRUWDPHQWRVWpUPLFRVHYLVXDLVGLVWLQWRV)LJXUD

)LJXUD'LYHUVDVIRUPDVSDUDXPPHVPRYROXPH
$VVLP D IRUPD DUTXLWHW{QLFD p XPD LPSRUWDQWH YDULiYHO SDUD DV FRQGLo}HV

LQWHULRUHV GH FRQIRUWR H HP FRQVHTXrQFLD SDUD R GHVHPSHQKR HQHUJpWLFR GD
HGLILFDomR $SHQDV D GLIHUHQWH GLVWULEXLomR GDV MDQHODV HP XP YROXPH GDGR SRU
H[HPSOR FRORFDQGRDV HP RXWUD VXSHUItFLH RX PRGLILFDQGR D iUHD GH
HQYLGUDoDPHQWRMiLPSOLFDHPYDULDo}HVWpUPLFDVHYLVXDLVGRPLFURFOLPDLQWHUQR
5LYHUR

FDStWXOR352-(72'($548,7(785$%,2&/,07,&$
$ LQIOXrQFLD GD IRUPD DUTXLWHW{QLFD QR FRQIRUWR WpUPLFR WDPEpP SRGH VHU
REVHUYDGDQRLJOXFXMDIRUPDKHPLVIpULFDGLPLQXLDVXSHUItFLHGHFRQWDWRFRPRDU
H[WHULRU PLQLPL]DQGR SHUGDV GH FDORU )LJXUD 1R FKDOp GDV PRQWDQKDV FXMD
FREHUWXUD DOWDPHQWH LQFOLQDGD HYLWD R DF~PXOR GH QHYH SURPRYHQGR PDLRU
H[SRVLomRDRVUDLRVVRODUHV

)LJXUD,JOXHFKDOpGDVPRQWDQKDV
1R LQtFLR GR VpFXOR )UDQN /OR\G :ULJKW FULRX R WHUPR $UTXLWHWXUD 2UJkQLFD 6HXV
SURMHWRV EXVFDYDP VH DGHTXDU FRPSOHWDPHQWH DR HQWRUQR UHVSHLWDQGR RV
HOHPHQWRV QDWXUDLV GR ORFDO :ULJKW HODERURX WDPEpP DV SUDLUH KRXVHV FDVDV GH
FDPSRRQGHRVWHOKDGRVJHQHURVRVSHUPLWLDPJUDQGHViUHDVGHVRPEUDDRORQJRGR
GLD DOpP GH VHU R SULQFLSDO HOHPHQWR RUTXHVWUDGRU GD YROXPHWULD DUTXLWHW{QLFD
)LJXUD1RVSURMHWRVGH:ULJKWVHSHUFHEHRXVRDPSORGDLOXPLQDomRQDWXUDO
QR VHQWLGR GH FULDU HVSDoRV DFRQFKHJDQWHV H GH GHVWDFDU HOHPHQWRV GD SUySULD
DUTXLWHWXUDGHLQWHULRUHV

)LJXUD3URMHWRVGH)UDQN/OR\G:ULJKW
/H &RUEXVLHU FRP D XWLOL]DomR GH SLORWLV SHUPLWLD j DUTXLWHWXUD GHVFRODUVH GR
VRORLQFUHPHQWDQGRDSHUPHDELOLGDGHjFLUFXODomRGHSHGHVWUHVHjYHQWLODomRQR

WpUUHR $OpP GR HIHLWR GRV SLORWLV D DUTXLWHWXUD WDPEpP SRGH LQWHUIHULU QR
PRYLPHQWRGRDUGHRXWUDVIRUPDV)LJXUD
)LJXUD,QIOXrQFLDGDIRUPDQRPRYLPHQWRGHDU
8P GRV HIHLWRV GH LOXPLQDomR PDLV LQWHUHVVDQWHV QD KLVWyULD GD DUTXLWHWXUD IRL
GHIHQGLGR SHOR PRYLPHQWR GH 6WLMO PDLV FRQKHFLGR FRPR 1HRSODVWLFLVPR =HYL
1D &DVD 6FKU|GHU GR DUTXLWHWR 5LHWYHOG QmR Ki MDQHODV PDV VLP DEHUWXUDV
FRPXPSDSHODWLYRHPRSRVLomRDRIHFKDPHQWRGDVVXSHUItFLHVGDVSDUHGHV(VWHV
IHFKDPHQWRV VmR SODQRV TXH RUD VHDSUR[LPDPRUD VH DIDVWDP UHDOoDQGR IUHVWDV
SDUDSDVVDJHPGDOX]QDWXUDOTXHYDORUL]DRVHVSDoRVLQWHULRUHV)LJXUD
)LJXUD&DVD6FKU|GHUGH*HUULW7KRPDV5LHWYHOG
$OpPGDRULHQWDomRHGDIRUPDGRYROXPHRVPDWHULDLVGRVIHFKDPHQWRVH[WHUQRV
WDPEpP VmR LPSRUWDQWHV SDUD GHILQLU D HVWUXWXUD WpUPLFD H D TXDOLGDGH GD
LOXPLQDomRQDWXUDOQDKDELWDomR

FDStWXOR352-(72'($548,7(785$%,2&/,07,&$
$RVHSURMHWDUXPFRQMXQWRGHKDELWDo}HVSRGHPVHUGLVWLQJXLGDVYiULDVVROXo}HV
YROXPpWULFDV 3RU H[HPSOR p SRVVtYHO FRPSRU WRGRV RV YROXPHV VHSDUDGDPHQWH
FRPRFDVDVLVRODGDVRXFRQVWUXLUXP~QLFRHGLItFLRUHVLGHQFLDO)LJXUD
)LJXUD&DVDVLVRODGDV;HGLItFLRUHVLGHQFLDO
([LVWHP GHVLJXDOGDGHV IRUPDLV QDV GXDV VROXo}HV GD )LJXUD H
FRQVHTXHQWHPHQWHGHVLJXDOGDGHVWpUPLFDVHYLVXDLV1DSULPHLUDVROXomRWRGDVDV
VXSHUItFLHV H[WHUQDV HVWmR H[SRVWDV j UDGLDomR VRODU H j YHQWLODomR 1HVWH FDVR p
SRVVtYHO UHFHEHU OX] H FDORU VRODU WDPEpP SHOD FREHUWXUD 1D VHJXQGD VROXomR
H[LVWHP XQLGDGHV PDLV H[SRVWDV H RXWUDV PHQRV H[SRVWDV GH IRUPD D FULDU
FRPSRUWDPHQWRVWpUPLFRVHYLVXDLVGLIHUHQWHV7DPEpPpHYLGHQWHTXHDPXGDQoD
GHRULHQWDomRGDVFRQVWUXo}HVDOWHUDUiPDLVRGHVHPSHQKRWpUPLFRGRHGLItFLRGR
TXH GD FDVD LVRODGD ,VWR DFRQWHFH SRUTXH HP XPD FDVD LVRODGD D FREHUWXUD p
UHVSRQViYHO SHOD PDLRU SDUWH GRV JDQKRV GH FDORU (VVHV JDQKRV QmR VmR
LQIOXHQFLDGRVSHODPXGDQoDGHRULHQWDomR
(VWD FRPSOH[LGDGH GH VROXo}HV DUTXLWHW{QLFDV DOLDGD j GLYHUVLGDGH FOLPiWLFD GR
%UDVLOWRUQDLQHYLWiYHODQHFHVVLGDGHGHVLPXODomRGDVHGLILFDo}HV$SHQDVDVVLPVH
SRGHWHUXPDLGpLDSUHFLVDGRUHDOFRPSRUWDPHQWRWpUPLFRHHILFLrQFLDHQHUJpWLFD
GHXPDIXWXUDDUTXLWHWXUD

2V0DWHULDLV&RQVWUXWLYRV
$ HVSHFLILFDomR GRV PDWHULDLV FRQVWUXWLYRV p XPD GDV GHFLV}HV TXH FDEHP DR
DUTXLWHWR 3DUD LVVR HVWH SURILVVLRQDO GHYH REVHUYDU D WUDQVPLWkQFLD WpUPLFD GR
IHFKDPHQWR GHVHMDGR SRLV LVWR UHSUHVHQWD VHX GHVHPSHQKR HP WHUPRV GH WURFDV
WpUPLFDV HQWUH RV DPELHQWHV LQWHUQRV H H[WHUQRV $OH GLVVR GHYH VHU REVHUYDGD
WDPEpP D WUDQVPLWkQFLD YLVtYHO GR PDWHULDO SURSULHGDGH TXH GL] UHVSHLWR j
TXDQWLGDGH GH OX] TXH LUi DWUDYHVVDU R HOHPHQWR WUDQVSDUHQWH HP GLUHomR DR
DPELHQWHLQWHUQRHSURSRUFLRQDULOXPLQDomRQDWXUDOHDFRQVHTXHQWHHFRQRPLDQR
XVRGDHQHUJLD([LVWHPDLQGDRXWUDVYDULiYHLVSHUWLQHQWHVHTXHIRUDPGLVFXWLGDV
QRVFDStWXORVDQWHULRUHVGROLYUR8PDGHODVpDUHVLVWrQFLDWpUPLFDGRVPDWHULDLV
YDULiYHOUHODFLRQDGDDRLVRODPHQWRWpUPLFRTXHFDGDPDWHULDOSURSRUFLRQD2IDWRU
VRODU p RXWUD YDULiYHO H p UHODFLRQDGR j TXDQWLGDGH GH UDGLDomR VRODU TXH
HIHWLYDPHQWHSHQHWUDQRDPELHQWHSHORIHFKDPHQWR$LQpUFLDWpUPLFDGRPDWHULDO
SRGHVHUHVWLPDGDDWUDYpVGHVXDFDSDFLGDGHWpUPLFD'DPHVPDIRUPDRDWUDVR

WpUPLFR GL] TXDQWR WHPSR R FDORU OHYDUi SDUD DWUDYHVVDU R PDWHULDO $

DEVRUWLYLGDGHpXPDIXQomRGDFRUGRPDWHULDOHLQGLFDRTXDQWRGRFDORUVRODUVHUi
DEVRUYLGRHSRGHUiVHUHPLWLGRSDUDRDPELHQWHLQWHULRUQDIRUPDGHRQGDORQJD
-iDUHIOHWLYLGDGHTXHWDPEpPGHSHQGHGDFRUGRPDWHULDOGL]RTXDQWRGRFDORU
HGDOX]LQFLGHQWHVHUmRUHIOHWLGRVSDUDIRUDRXSDUDRLQWHULRUGDHGLILFDomR(VWDV
GXDV ~OWLPDV YDULiYHLV VmR PHLRV GH HYLWDU R DTXHFLPHQWR VRODU H IDYRUHFHU D
LOXPLQDomRQDWXUDOUHVSHFWLYDPHQWH
2XWURDVSHFWRLPSRUWDQWHpUHODFLRQDGRjVXVWHQWDELOLGDGHHDRIDWRGRVPDWHULDLV
ORFDLV VHUHP PDLV DGHTXDGRV SRU H[LJLUHP PHQRV JDVWRV FRP WUDQVSRUWH R TXH
VLJQLILFDPHQRUHQHUJLDHPEXWLGD
7XGRLVVRWDPEpPGHYHVHUFRQVLGHUDGROHYDQGRVHHPFRQWDRVDVSHFWRVIRUPDLVH
SOiVWLFRVGHFDGDPDWHULDOTXDOLGDGHVLQHUHQWHVjERDDUTXLWHWXUDHLQWUtQVHFDVDR
ERPSURMHWR

2XVRGDV(VWUDWpJLDV%LRFOLPiWLFDVGH)RUPD,QWHJUDGD
$VHVWUDWpJLDVELRFOLPiWLFDVVmRPXLWDVYH]HVFRQWUDGLWyULDV$YHQWLODomRQDWXUDO
SRUH[HPSORSRGHVLJQLILFDUXPSUREOHPDQRLQYHUQRHQTXDQWRpXPDVROXomRQR
YHUmR 2 PHVPR RFRUUH FRP HVWUDWpJLDV FRPR R DTXHFLPHQWR VRODU H R
VRPEUHDPHQWR TXH WrP VXDV QHFHVVLGDGHV LQYHUWLGDV FRQIRUPH HVWHV SHUtRGRV GR
DQR VH DOWHUQDP $ LOXPLQDomR QDWXUDO WDPEpP SRGH VLJQLILFDU LQFUHPHQWRV
LQGHVHMiYHLVQRLQJUHVVRGHFDORUVRODUQRDPELHQWHLQWHUQRHHPERUDSRVVDUHGX]LU
RV JDVWRV GH HQHUJLD FRP LOXPLQDomR DUWLILFLDO SRGH H[LJLU PDLV JDVWRV FRP
UHIULJHUDomRRXYHQWLODomRIRUoDGD7RGDVHVWDVYDULiYHLVWDPEpPGHYHPSRQGHUDU
DVSHFWRV DF~VWLFRV GHSHQGHQGR GDV FDUDFWHUtVWLFDV GR SURMHWR 3RU H[HPSOR XP
DPELHQWHFRPERDDF~VWLFDSRGHGHSHQGHUGDHVWDQTXHLGDGHGHVHXVIHFKDPHQWRV
H LVVR SRGH VHU FRQWUDGLWyULR j ERD YHQWLODomR H LOXPLQDomR QDWXUDLV 'H IRUPD
VHPHOKDQWH TXDQGR VH YHQWLOD XP DPELHQWH DGHTXDGDPHQWH SRGHVH HVWDU
FULDQGR XP SUREOHPD DF~VWLFR SULQFLSDOPHQWH VH HVWH DPELHQWH IRU XPD VDOD GH
DXODRXXPHVFULWyULRHPIUHQWHDXPDUXDPRYLPHQWDGD
3DUD VLQWHWL]DU XPD ERD VROXomR DUTXLWHW{QLFD TXH UHVSRQGD VLPXOWDQHDPHQWH D
WRGDV DV QHFHVVLGDGHV GRV DPELHQWHV R DUTXLWHWR GHYH XVDU DV HVWUDWpJLDV
ELRFOLPiWLFDV GH IRUPD LQWHJUDGD H LVVR VRPHQWH p SRVVtYHO VH HVWH SURILVVLRQDO
WLYHUFRQKHFLPHQWRWHyULFRHHPStULFRVXILFLHQWHSDUDLVVR

$([SUHVVLYLGDGH$UTXLWHW{QLFD
7RGD H TXDOTXHU GHFLVmR GH SURMHWR LQIOXL QD H[SUHVVLYLGDGH DUTXLWHW{QLFD 2V
HOHPHQWRV TXH UHVSRQGHP DRV TXHVLWRV ELRFOLPiWLFRV SRGHP VHU WDPEpP
H[SORUDGRV SHOD VXD H[SUHVVLYLGDGH IRUPDO GH WH[WXUD H FRU 8P EULVH SRU
H[HPSOR SRGH SDUWLFLSDU GRV ULWPRV GH FRPSRVLomR GH IDFKDGDV HQTXDQWR TXH
XPDSDUHGHGHWLMRORVPDFLoRVSRGHDOpPGDERDLQpUFLDWpUPLFDGDUjHGLILFDomR
XPDVSHFWRPDLVDFRQFKHJDQWHIDPLOLDUHPDLVQDWXUDO
$ERDH[SUHVVLYLGDGHDUTXLWHW{QLFDSRGHVHUDOFDQoDGDDWUDYpVGHHVWXGRVGHFDGD
DOWHUQDWLYDGHSURMHWRFRQVLGHUDQGRDRPHVPRWHPSRRGHVHPSHQKRGRVPDWHULDLV
FRQVWUXWLYRV H VXD SDUWLFLSDomR QDV VHQVDo}HV YLVXDLV H VLQHVWpVLFDV TXH VH TXHU
SDVVDUDRVXVXiULRV7HQGRLVVRHPPHQWHpIiFLOHQWHQGHUSRUTXHHVWHVHVWXGRVGH
DOWHUQDWLYDV H GH FRPSRVLo}HV VRPHQWH VmR PDLV HILFD]HV VH UHDOL]DGRV GHVGH R

FDStWXOR352-(72'($548,7(785$%,2&/,07,&$
LQtFLR GR SURMHWR e QR LQtFLR TXH D PDLRU SDUWH GDV GHFLV}HV DLQGD HVWi VHQGR
WRPDGD H p PDLV YLiYHO ID]HU DOWHUDo}HV VXEVWDQFLDLV GH DVSHFWRV FRPR WLSR GH
WHOKDGR FRUHV VLVWHPD FRQVWUXWLYR H D SUySULD LPSODQWDomR GR SURMHWR SDUD
DOFDQoDU XP UHVXOWDGR PDLV H[SUHVVLYR DUTXLWHWRQLFDPHQWH H DGHTXDGR jV
FRQGLFLRQDQWHVORFDLV

'HILQLomRGRV(OHPHQWRV%LRFOLPiWLFRVDVHUHP(PSUHJDGRV
2V HOHPHQWRV H HVWUDWpJLDV ELRFOLPiWLFDV D VHUHP HPSUHJDGRV QR SURMHWR

GHSHQGHUmR GD DQiOLVH ELRFOLPiWLFD H GR WHUUHQR IHLWDV QR LQtFLR GR SURFHVVR GH
SURMHWR $OJXPDV GHVWDV HVWUDWpJLDV SRGHP VHU HPSUHJDGDV FRPR QRV H[HPSORV
LOXVWUDWLYRVDVHJXLU

9HQWLODomR
4XDQGR HVWD HVWUDWpJLD IRU QHFHVViULD )LJXUD SRGH VHU H[SORUDGD FRP RV
VHJXLQWHVUHFXUVRVGHGHVHQKR
)LJXUD=RQDGHYHQWLODomR

8VDUD)RUPDHD2ULHQWDomR
0D[LPL]DUDH[SRVLomRGDHGLILFDomRjVEULVDVGRYHUmRRULHQWDQGRFRUUHWDPHQWHR
SURMHWRHHPSUHJDQGRDOJXQVUHFXUVRVDSOLFiYHLVjIRUPDGRHGLItFLR2HVWXGRGD
IRUPDHGDRULHQWDomRGDDUTXLWHWXUDWDPEpPSRGHH[SORUDUDLOXPLQDomRQDWXUDOH
IDYRUHFHURVJDQKRVGHFDORUVRODU)LJXUD
)LJXUD$IRUPDHDRULHQWDomRGRHGLItFLR

3URMHWDU(VSDoRV)OXLGRV
$OpP GH VHUHP DWUDWLYRV SODVWLFDPHQWH RV HVSDoRV LQWHULRUHV IOXLGRV SHUPLWHP D
FLUFXODomR GR DU HQWUH RV DPELHQWHV LQWHUQRV H HQWUH RV DPELHQWHV H R H[WHULRU

)LJXUD 0XLWRV GLVSRVLWLYRV SRGHP VHU XVDGRV SDUD SHUPLWLU HVVH WLSR GH
UHFXUVR PDQWHQGR FRQWXGR D SULYDFLGDGH YLVXDO GR LQWHULRU YHQH]LDQDV H
HOHPHQWRV YD]DGRV HQWUH RXWURV (P ORFDLV FRP LQYHUQRV PDLV IULRV HVWHV
GLVSRVLWLYRVGHYHPSRGHUVHUIHFKDGRVSDUDHYLWDULQILOWUDo}HVLQGHVHMiYHLV
)LJXUD(VSDoRVIOXLGRV

3URPRYHU9HQWLODomR9HUWLFDO
2 DU TXHQWH WHQGH D VH DFXPXODU QDV SDUWHV PDLV HOHYDGDV GR LQWHULRU GD
HGLILFDomRDUHWLUDGDGHVWHDUTXHQWHSRGHFULDUXPIOX[RGHDUDVFHQGHQWHJHUDGR
SRU DEHUWXUDV HP GLIHUHQWHV QtYHLV ,VWR SRGH VHU IHLWR DWUDYpV GH GLYHUVRV
GLVSRVLWLYRV FRPR RV ODQWHUQLQV DEHUWXUDV QR WHOKDGR H[DXVWRUHV HyOLFRV RX
DEHUWXUDV]HQLWDLV)LJXUD
)LJXUD9HQWLODomRYHUWLFDO
7DPEpP VH SRGH FRPELQDU R IDWRU LOXPLQDomR QDWXUDO DR VH XWLOL]DU DEHUWXUDV
]HQLWDLV TXH SRGHP VHU FRORFDGDV HP ORFDLV HVWUDWpJLFRV SDUD FXPSULU DV GXDV
IXQo}HVVLPXOWDQHDPHQWHYHQWLODUHLOXPLQDU

(OHPHQWRVTXH'LUHFLRQDPR)OX[RGH$USDUDR,QWHULRU
'LYHUVRV HOHPHQWRV TXH VH VDOLHQWHP GD YROXPHWULD RX QR HQWRUQR GR HGLItFLR
SRGHPVHUXWLOL]DGRVSDUDLQFUHPHQWDURYROXPHHDYHORFLGDGHGRIOX[RGHDUSDUD
RHVSDoRLQWHUQR$OJXQVHOHPHQWRVSRGHPLQFOXVLYHVHU~WHLVSDUDRVRPEUHDPHQWR
GHDEHUWXUDV)LJXUD

FDStWXOR352-(72'($548,7(785$%,2&/,07,&$
)LJXUD'LUHFLRQDPHQWRGRDUSDUDRLQWHULRU

5HVIULDPHQWR(YDSRUDWLYRH8PLGLILFDomR
(VWDHVWUDWpJLD)LJXUDFRQVLVWHQDUHWLUDGDGHFDORUGRDUSHODHYDSRUDomRGH
iJXD RX SHOD HYDSRWUDQVSLUDomR GDV SODQWDV 'LYHUVDV WpFQLFDV GH UHVIULDPHQWR
HYDSRUDWLYRSRGHPVHUXWLOL]DGDVSDUDGLPLQXLUDWHPSHUDWXUDGRDU
)LJXUD=RQDGH5HVIULDPHQWR(YDSRUDWLYRH=RQDGH8PLGLILFDomR

&RQVWUXLUUHDV*UDPDGDVRX$UERUL]DGDV
8PDVXSHUItFLHJUDPDGDRXDUERUL]DGDH[SRVWDDRVROFRQVRPHXPDSDUWHGRFDORU
UHFHELGRSDUDUHDOL]DUDIRWRVVtQWHVH)LJXUD2XWUDSDUWHGRFDORUpDEVRUYLGD
SDUDHYDSRUDUiJXDHYDSRWUDQVSLUDomR&ULDVHHQWmRXPPLFURFOLPDPDLVDPHQR
TXHUHIUHVFDRVHVSDoRVLQWHULRUHVGDHGLILFDomR
)LJXUD5HVIULDPHQWR(YDSRUDWLYRFRPiUHDVJUDPDGDVRXDUERUL]DGDV


5HVIULDPHQWR(YDSRUDWLYRGDV6XSHUItFLHV(GLILFDGDV
(VWD RSomR SRGH VHU HPSUHJDGD SDUD GLPLQXLU D WHPSHUDWXUD GDV VXSHUItFLHV GD
HGLILFDomR 2 XVR GH WHOKDV FHUkPLFDV QmR YLWULILFDGDV p UHFRPHQGDGR 6XD
SRURVLGDGH DEVRUYH D iJXD GD FKXYD H GR VHUHQR QRWXUQR TXH p SRVWHULRUPHQWH
HYDSRUDGDFRPDLQFLGrQFLDGRVRO$VVLPDWHOKDSHUGHFDORUUHGX]LQGRRVJDQKRV
WpUPLFRVSRUFRQGXomRHDWHPSHUDWXUDUDGLDQWH2LQFUHPHQWRGHVVHHIHLWRSRGH
VHU REWLGR FRP R XPHGHFLPHQWR SHULyGLFR GR WHOKDGR QRV GLDV PDLV TXHQWHV
DWUDYpVGHWXEXODo}HVSHUIXUDGDVLQVWDODGDVSUy[LPDVjFXPHHLUD)LJXUD
)LJXUD(YDSRUDomRQDWHOKDFHUkPLFDHPROKDJHPGRWHOKDGR
7DPEpP VH SRGHP PROKDU DV iUHDV SDYLPHQWDGDV SUy[LPDV j HGLILFDomR DWUDYpV
GHVWHWLSRGHWXEXODomR)LJXUD
'D PHVPD IRUPD FRPR QDV VXSHUItFLHV JUDPDGDV VH SRGH IRUUDU DV SDUHGHV
H[WHUQDVGDHGLILFDomRFRPYHJHWDLVQRUPDOPHQWHWUHSDGHLUDV$WHPSHUDWXUDGD
SDUHGH p UHGX]LGD SHOD HYDSRWUDQVSLUDomR GR YHJHWDO H SHOR VRPEUHDPHQWR GD
UDGLDomRVRODU)LJXUD
)LJXUD0ROKDJHPGHVXSHUItFLHVSDYLPHQWDGDV
6H DV IROKDV IRUHP FDGXFDV VH SRGH DSURYHLWDU R FDORU VRODU QR LQYHUQR HIHLWR
GHVHMiYHOHPFOLPDVFRPHVWDo}HVEHPGLIHUHQFLDGDV

FDStWXOR352-(72'($548,7(785$%,2&/,07,&$
)LJXUD3DUHGHFRPWUHSDGHLUDV

5HVIULDPHQWR(YDSRUDWLYR,QGLUHWR
(VWD WpFQLFD FRQVLVWH GH VROXo}HV DUTXLWHW{QLFDV FRPR D LQVWDODomR GH XP WDQTXH
GHiJXDVREUHRWHOKDGRRXPHVPRGHXPMDUGLP)LJXUD&RPDLQFLGrQFLDGR
VRO D HYDSRUDomR GD iJXD RX D HYDSRWUDQVSLUDomR GR YHJHWDO UHWLUD FDORU GD
FREHUWXUD UHVIULDQGR D VXSHUItFLH GR WHWR $VVLP KDYHUi D GLPLQXLomR GD
WHPSHUDWXUDUDGLDQWHPpGLDGRDPELHQWHLQWHULRU
)LJXUD7DQTXHGHiJXDHMDUGLPVREUHRWHOKDGR

8PLGLILFDomR
(PUHJL}HVFOLPiWLFDVRQGHDXPLGDGHUHODWLYDGRDUpPXLWREDL[DLQIHULRUD
DVHFXUDH[WUHPDGRDUSRGHFDXVDUGHVFRQIRUWRPXFRVDVUHVVHFDGDVHSULQFtSLRV
GH GHVLGUDWDomR HQWUH RXWURV SUREOHPDV 2 TXH VH SRGH ID]HU QHVWHV FDVRV p
XPLGLILFDU R DU DWUDYpV GD HYDSRUDomR GD iJXD GH IRQWHV RX HVSHOKRV GiJXD
SUy[LPRVjHGLILFDomRGHIRUPDDWLUDUSDUWLGRGRPLFURFOLPDTXHVHFULDUiHPVXDV
LPHGLDo}HV)LJXUD

)LJXUD)RQWHHHVSHOKRGiJXD

8VDU,QpUFLD7pUPLFD
6HJXQGRDFDUWDELRFOLPiWLFDSHUFHEHVHTXHDLQpUFLDWpUPLFDSRGHVHUXVDGDSDUD
DTXHFHU RX UHVIULDU DDUTXLWHWXUDFRQIRUPH RV GDGRV GRFOLPDGR ORFDO VH VLWXHP
QDV]RQDVUHIHULGDVQD)LJXUD

)LJXUD=RQDGH,QpUFLD7pUPLFDSDUD$TXHFLPHQWRHSDUD5HVIULDPHQWR
2XVRGDLQpUFLDWpUPLFDSRGHVHU~WLOWDQWRQRIULRTXDQWRQR FDORUGHSHQGHQGR
GDVFDUDFWHUtVWLFDVFOLPiWLFDVGDUHJLmRFRPRXPLGDGHUHODWLYDDPSOLWXGHWpUPLFD
HLQVRODomR$PDQHLUDPDLVVLPSOHVSDUDXVDUDLQpUFLDWpUPLFDSDUDDTXHFLPHQWR
HPXPDHGLILFDomRpFRQVWUXLUIHFKDPHQWRVRSDFRVPDLVHVSHVVRVHGLPLQXLUDiUHD
GHDEHUWXUDVRULHQWDQGRDVSDUDRVRO)LJXUD&RPRMiH[SOLFDGRQRWHUFHLUR
FDStWXORGHVWHOLYURDLQpUFLDWpUPLFDSRGHDFXPXODURFDORUUHFHELGRSHODSDUHGH
GXUDQWH R GLD H GHYROYrOR DR LQWHULRU VRPHQWH j QRLWH TXDQGR DV WHPSHUDWXUDV
WHQGHP D VHU PDLV DPHQDV LQpUFLD WpUPLFD (P ORFDLV PXLWR IULRV LVWR SRGH VHU
IXQGDPHQWDO (PERUD R DU H[WHUQR HVWHMD D XPD WHPSHUDWXUD PXLWR EDL[D D
LQVRODomR GLUHWD SRGH DTXHFHU VXEVWDQFLDOPHQWH DV SDUHGHV H D FREHUWXUD GD
HGLILFDomR (P ORFDLV TXHQWHV D LQpUFLD WpUPLFD SRGH VHU XWLOL]DGD SDUD UHVIULDU R
DPELHQWHLQWHULRU1HVWHFDVRDVDEHUWXUDVGHYHPVHUVRPEUHDGDVHGHYHVHHYLWDU
D YHQWLODomR GLXUQD TXH SRGH DXPHQWDU D WHPSHUDWXUD LQWHUQD DR WUD]HU R DU
TXHQWHGRH[WHULRUQRLWHGHYHVHSHUPLWLUDYHQWLODomRVHOHWLYDSDUDUHWLUDUR
FDORUDFXPXODGRGXUDQWHRGLDHJDUDQWLUWHPSHUDWXUDVLQWHUQDVPDLVEDL[DVQRGLD
VHJXLQWH

FDStWXOR352-(72'($548,7(785$%,2&/,07,&$

)LJXUD,QpUFLD7pUPLFDSDUDDTXHFLPHQWRRXSDUDUHVIULDPHQWR

$TXHFLPHQWR6RODU3DVVLYR
2 DTXHFLPHQWR VRODU SDVVLYR )LJXUD SRGH VHU REWLGR GH GLYHUVDV IRUPDV
GLVWLQWDV

)LJXUD=RQDGH$TXHFLPHQWR6RODU3DVVLYR

*DQKR'LUHWR
&RQVLVWHHPSHUPLWLURDFHVVRGDUDGLDomRVRODUGLUHWDPHQWHDRLQWHULRUDWUDYpVGH
DEHUWXUDV ODWHUDLV MDQHODV H SDUHGHV WUDQVSDUHQWHV RX ]HQLWDLV FODUDEyLDV H
GRPRV $WUDYpV GH HOHPHQWRV WUDQVSDUHQWHV VH SRGH JHUDU R HIHLWR HVWXID
TXDQGR QHFHVViULR SDUD DTXHFHU RV DPELHQWHV LQWHULRUHV 8PD DSOLFDomR FRPXP
GHVWDWpFQLFDVmRRVVROiULRV)LJXUD


)LJXUD*DQKRVRODUGLUHWR

*DQKR,QGLUHWR
8PD IRUPD GH JDQKR LQGLUHWR p D DGRomR GH MDUGLQV GH LQYHUQR TXH FDSWDP D
UDGLDomRVRODUGLVWULEXLQGRDLQGLUHWDPHQWHDRVDPELHQWHVLQWHULRUHV
7DPEpP VH SRGHP FRQVWUXLU SDUHGHV GH DFXPXODomR TXH FRQVLVWHP QR XVR GH
SDUHGHV FRP HOHYDGD LQpUFLD WpUPLFD QDV RULHQWDo}HV PDLV H[SRVWDV j LQVRODomR
)LJXUD (VWHV HOHPHQWRV DFXPXODP R FDORU GR VRO GHYROYHQGRR GHSRLV DR
DPELHQWHSRUUDGLDomRGHRQGDORQJDHFRQYHFomR$FRORFDomRGRYLGURHYLWDTXH
D SDUHGH SHUFD FDORU SRU FRQYHFomR H SRU UDGLDomR SDUD R H[WHULRU 7DPEpP
FRQKHFLGD FRPR SDUHGH WURPEH HVWD WpFQLFD FRQVLVWH HP FULDU XPD FRQYHFomR
LQGX]LGD SHOR DTXHFLPHQWR GR DU QR HVSDoR HQWUH YLGUR H SDUHGH 2 DU TXHQWH
WHQGHDVXELUVXJDQGRDUPDLVIUHVFRSHODDEHUWXUDLQIHULRUGRVLVWHPD

)LJXUD*DQKRVRODULQGLUHWR

FDStWXOR352-(72'($548,7(785$%,2&/,07,&$

$U&RQGLFLRQDGR
(P FHUWDV FRQGLo}HV FOLPiWLFDV )LJXUD R DU FRQGLFLRQDGR p D LQWHUYHQomR
PDLVDGHTXDGDDVHUIHLWDSDUDJDUDQWLURFRQIRUWRWpUPLFRGRVXVXiULRV
)LJXUD=RQDGH$U&RQGLFLRQDGR
1HVWHFDVRGHYHVHJDUDQWLUDHVWDQTXHLGDGHGRVDPELHQWHVHYLWDQGRDLQILOWUDomR
GRDUH[WHULRUHRSWDUSRUDSDUHOKRVPDLVHILFLHQWHV$OpPGLVVRRDUTXLWHWRGHYH
REVHUYDURVFXLGDGRVUHTXHULGRVQDLQVWDODomRGRHTXLSDPHQWRQmRRH[SRQGRDR
VROHSUHYHQGRRLVRODPHQWRWpUPLFRGRVIHFKDPHQWRVGDHGLILFDomR
(P HGLItFLRV FRPHUFLDLV H S~EOLFRV JHUDOPHQWH R XVR GR DU FRQGLFLRQDGR p
QHFHVViULR SRLV R GHVFRQIRUWR SRGH VLJQLILFDU SHUGD GH FOLHQWHV H EDL[D
SURGXWLYLGDGH (QWUHWDQWR PXLWR SRGH VHU IHLWR SHOR DUTXLWHWR SDUD UHGX]LU D
GHPDQGDGHFRQGLFLRQDPHQWRDUWLILFLDOHRFRQVHTXHQWHFRQVXPRGHHOHWULFLGDGH
$V HVWUDWpJLDV ELRFOLPiWLFDV Mi DQDOLVDGDV SRGHP QmR UHVSRQGHU FRPSOHWDPHQWH j
QHFHVVLGDGH GH FRQIRUWR HP YLUWXGH SULQFLSDOPHQWH GDV JUDQGHV FDUJDV LQWHUQDV
SURYHQLHQWHVGHLOXPLQDomRDUWLILFLDOQ~PHURGHXVXiULRVHGHHTXLSDPHQWRVeQR
HQWDQWRDFRQVHOKiYHO DGRWDURV FULWpULRV DVHUHP VHJXLGRV QRSURMHWR RX UHIRUPD
GHHGLItFLRVREMHWLYDQGRVXDPHQRUGHSHQGrQFLDGDFOLPDWL]DomRDUWLILFLDO
5HGXomRGDWUDQVPLWkQFLDWpUPLFDGDVSDUHGHVMDQHODVHFREHUWXUDV
8VRGHSURWHo}HVVRODUHVHPDEHUWXUDV
8VRGHFRUHVFODUDVQRH[WHULRUUHGX]JDQKRVSRUUDGLDomR
(PSUHJRGDYHQWLODomRFUX]DGDVHPSUHTXHSRVVtYHO
(YLWDUDPELHQWHVVHPFRQWDWRFRPRH[WHULRUSRLVQmRSRGHPH[SORUDUDOX]HD
YHQWLODomRQDWXUDO
2 tFRQH GH HGLItFLR FRPHUFLDO PRGHUQR p D IDFKDGD GR YLGUR 4XDQGR QmR
SURWHJLGR R YLGUR JHUD JDQKRV VRODUHV DOWRV HIHLWR HVWXID H FRQWULEXL SDUD XP
FRQVXPR H[DJHUDGR GH HQHUJLD SDUD FOLPDWL]DomR DUWLILFLDO 1HVWHV FDVRV p
QHFHVViULR R XVR GH SURWHo}HVVRODUHV SDUDUHGX]LU R DSRUWH GH FDORUSHOD MDQHOD
&RQWXGR HODV GHYHP VHU GLPHQVLRQDGDV SDUD QmR EORTXHDU HP GHPDVLD D OX]
QDWXUDO R TXH RFDVLRQDULD R JDVWR GH HOHWULFLGDGH SDUD LOXPLQDomR H
FRQVHTXHQWHPHQWHUHGX]LULDDHILFLrQFLDGRVLVWHPDGHDEHUWXUD7DPEpPVHGHYH
HYLWDU R XVR GH YLGURV DEVRUYHQWHV IXPr SRLV UHGX]HP FRQVLGHUDYHOPHQWH D
YLVLELOLGDGHSDUDRH[WHULRUHDHQWUDGDGHOX]QDWXUDO

2XWUDTXHVWmRDVHUFRQVLGHUDGDSDUDHGLItFLRVFRPHUFLDLVHS~EOLFRVpDHILFLrQFLD
GRV VLVWHPDV GH DU FRQGLFLRQDGR 2V SUREOHPDV GH FRQVXPR DOWR GLUHWDPHQWH
OLJDGRVDRHTXLSDPHQWRGHDUFRQGLFLRQDGRVmR
)DOWDGHPDQXWHQomR
)DOWDGHLVRODPHQWRGRVGXWRVGHDURXGDVWXEXODo}HVGHiJXD
6XSHUGLPHQVLRQDPHQWR
(TXLSDPHQWRGHEDL[DHILFLrQFLD
2 VXSHUGLPHQVLRQDPHQWR )LJXUD SRGH VHU HYLWDGR VH R DUTXLWHWR HVWLPDU D

FDUJDWpUPLFDGRVDPELHQWHVHGHVVDIRUPDWLYHUDUJXPHQWRVSDUDGLVFXWLUFRPR
SURMHWLVWDGHDUFRQGLFLRQDGRVREUHRHTXLSDPHQWRLGHDODVHULQVWDODGR
)LJXUD6XSHUGLPHQVLRQDPHQWRGHDUFRQGLFLRQDGR
6HDLQVWDODomRGHDUFRQGLFLRQDGRIRUHVSHFLILFDGDFRPXPVLVWHPDFHQWUDORLGHDO
pLQWURGX]LUWHUPRVWDWRVHPFDGDDPELHQWHDVHUFOLPDWL]DGRWRUQDQGRSRVVtYHOR
FRQWUROHORFDOGDWHPSHUDWXUD
(P HGLILFDo}HV PXLWR JUDQGHV DFRQVHOKDVH R XVR GH VLVWHPDV FKLOOHU H IDQFRLO
DVVRFLDGRVDEDQFRVGHJHOR2JHORSRGHVHUDUPD]HQDGRjQRLWHTXDQGRDHQHUJLD
pPHQRVXWLOL]DGDGHIDVDQGRRKRUiULRGHSLFRQRIXQFLRQDPHQWRGRVLVWHPDGHDU
FRQGLFLRQDGR HP UHODomR DR KRUiULR GH SLFR GD GHPDQGD GH HQHUJLD SDUD RXWURV
ILQV

$TXHFLPHQWR$UWLILFLDO
4XDQGR D WHPSHUDWXUD GR H[WHULRU QmR XOWUDSDVVD RV & R DTXHFLPHQWR
DUWLILFLDOpDFRQVHOKiYHOeLPSRUWDQWHRERPLVRODPHQWRWpUPLFRGRVIHFKDPHQWRV
HYLWDQGRDYHQWLODomRGDFREHUWXUDDGRWDQGRDEHUWXUDVFRPYLGURGXSORHWDPEpP
FRQVWUXLQGRSDUHGHVFRPPDWHULDLVGHEDL[DFRQGXWLYLGDGHWpUPLFD7DPEpPQHVVH
FDVRpQHFHVViULRHYLWDUDLQILOWUDomRGRDUH[WHUQR

FDStWXOR352-(72'($548,7(785$%,2&/,07,&$
2 SURMHWLVWD GHYH FRQKHFHU RV VLVWHPDV GH DTXHFLPHQWR SDUD HVSHFLILFiORV GH
IRUPD DGHTXDGD jV QHFHVVLGDGHV GR ORFDO HPSUHJDQGR HTXLSDPHQWRV PDLV
HILFLHQWHV 1R FDVR GH HGLILFDo}HV FRP YiULRV DPELHQWHV D VHUHP FRQGLFLRQDGRV
VXJHUHVHDDGRomRGHVLVWHPDVGHDTXHFLPHQWRFHQWUDO

2XWUDV7pFQLFDVSDUD'LPLQXLUR&RQVXPRGH(QHUJLD
$OpPGDVHVWUDWpJLDVELRFOLPiWLFDVLQGLFDGDVSHODFDUWDGH*LYRQLDUDFLRQDOL]DomR
GR FRQVXPR GH HQHUJLD HP HGLILFDo}HV SRGH WDPEpP HVWDU UHODFLRQDGD FRP D
DSOLFDomRGHRXWUDVWpFQLFDVSDUDDTXHFLPHQWRUHIULJHUDomRHLOXPLQDomR

28VRGD&RU
(PERUDGHJUDQGHLPSRUWkQFLDSOiVWLFDQDDUTXLWHWXUDDXWLOLGDGHGDVFRUHVQmRVH
UHVWULQJH j DSDUrQFLD PDV DGHQWUD RV FRQFHLWRV ItVLFRV GH FRQIRUWR WpUPLFR H
YLVXDO &RUHV HVFXUDV DSOLFDGDV QDV VXSHUItFLHV H[WHULRUHV SRGHP LQFUHPHQWDU RV
JDQKRVGHFDORUVRODUDEVRUYHQGRPDLRUTXDQWLGDGHGHUDGLDomR,VWRSRGHVHU~WLO
HPORFDLVRQGHKiQHFHVVLGDGHGHDTXHFLPHQWR'HIRUPDFRPSOHPHQWDUDSLQWXUD
GHFRUHVFODUDVQDVVXSHUItFLHVH[WHUQDVGHXPDHGLILFDomRDXPHQWDVXDUHIOH[mRj
UDGLDomR VRODU UHGX]LQGR RV JDQKRV GH FDORU SHORV IHFKDPHQWRV RSDFRV 1R
LQWHULRUFRUHVFODUDVUHIOHWHPPDLVOX]SRGHQGRVHUHPSUHJDGDVHPFRQMXQWRFRP
VLVWHPDVGHLOXPLQDomRQDWXUDORXDUWLILFLDO

26LVWHPDGH$EHUWXUDV
2 VLVWHPD GH DEHUWXUDV SRGH UHSUHVHQWDU XP YHUGDGHLUR HOHQFR GH IXQo}HV QD
DUTXLWHWXUD6XDXWLOLGDGHSDUDRFRQIRUWRpLQTXHVWLRQiYHOHLQFOXLIDWRUHVFRPRD
YHQWLODomRRJDQKRGHFDORUVRODUDLOXPLQDomRQDWXUDOHRFRQWDWRYLVXDOFRPR
H[WHULRU $EHUWXUDV EHP SRVLFLRQDGDV SRGHP JDUDQWLU D FLUFXODomR GH DU QRV
DPELHQWHV LQWHUQRV )LJXUD DFRQVHOKDQGRVH VXD ORFDOL]DomR GH IRUPD
FUX]DGDVHPSUHTXHDYHQWLODomRIRUQHFHVViULD

)LJXUD9HQWLODomRFUX]DGD
$V MDQHODV FRP EDQGHLUDV EDVFXODQWHV VmR EDVWDQWH ~WHLV HP SHUtRGRV IULRV SRU
SHUPLWLUHP D YHQWLODomR VHOHWLYD QHFHVViULD SDUD KLJLHQH GR DU LQWHUQR )LJXUD



)LJXUD5HQRYDomRGHDUHPSHUtRGRVIULRV
&RP UHODomR DR JDQKR GH FDORU VRODU SRGH VHU GHVHMiYHO RX QmR GHSHQGHQGR GR
SHUtRGRGRDQR2FRQWUROHGDUDGLDomRVRODUSRGHVHUIHLWRDWUDYpVGDVSURWHo}HV
VRODUHVHWDPEpPSRUYLGURVHVSHFLDLVMiWUDWDGRV QRTXDUWRFDStWXORGHVWHOLYUR
$RSURMHWDUSURWHo}HVVRODUHVGHYHVHSHQVDUWDPEpPQDVXDLQIOXrQFLDVREUHDOX]
QDWXUDO H D YLVLELOLGDGH SDUD R H[WHULRU $ DGRomR GH EULVHV GR WLSR OLJKWVKHOI
SUDWHOHLUDV GH OX] FRQIRUPH Mi GHVFULWR QR TXDUWR FDStWXOR p DFRQVHOKiYHO
SULQFLSDOPHQWH SDUD D RULHQWDomR QRUWH SRLV SHUPLWH VRPEUHDU FRPSOHWDPHQWH D
DEHUWXUD HQTXDQWR IDYRUHFH D HQWUDGD GH OX] SDUD R LQWHULRU 'HSHQGHQGR GD
ODWLWXGHGRORFDOHGRSHUtRGRGRDQRWDPEpPVHSRGHFRQFHEHUEULVHVFRQVWLWXtGRV
GH XPD SDUWH IL[D H RXWUD PyYHO )LJXUD $ YHUVDWLOLGDGH GHVVH VLVWHPD
SHUPLWHVRPEUHDURVROLQGHVHMiYHODWUDYpVGDSDUWHIL[DUHVHUYDQGRjSDUWHPyYHO
DIXQomRGHFRQWURODUDHQWUDGDGRVROFXMDGHVHMDELOLGDGHSRGHYDULDUDRORQJRGR
DQR

)LJXUD%ULVHPyYHO
$R HVSHFLILFDU EULVHV FRP SDUWHV PyYHLV VH GHYH FRQVLGHUDU D QHFHVVLGDGH GH
PDQXWHQomRUHJXODUHDSRVVLELOLGDGHGHRSHUDomRHUU{QHDSRUSDUWHGRXVXiULR2
LGHDO p SURPRYHU HVFODUHFLPHQWRV VREUH DV YDQWDJHQV H R IXQFLRQDPHQWR GR
VLVWHPD
0DVTXDQGRXWLOL]DUSURWHo}HVVRODUHV"$UHVSRVWDpVLPSOHVVHPSUHTXHDDQiOLVH
ELRFOLPiWLFD GR ORFDO LQGLFDU SHUtRGRV GH FDORU DV SURWHo}HV VRODUHV SRGHP VHU
XWLOL]DGDV FRQMXQWDPHQWH j HVWUDWpJLD GH UHVIULDPHQWR LQGLFDGD SHOD FDUWD
ELRFOLPiWLFDYHQWLODomRLQpUFLDSDUDUHVIULDPHQWRRXUHVIULDPHQWRHYDSRUDWLYR

FDStWXOR352-(72'($548,7(785$%,2&/,07,&$

)LJXUD3URWHo}HV6RODUHVQDFDUWDELRFOLPiWLFD
4XDQWR DR WLSR GH YLGUR D VHU HPSUHJDGR GHSHQGHUi GDV QHFHVVLGDGHV GH OX]
QDWXUDO H GH GHVHPSHQKR WpUPLFR GR VLVWHPD GH DEHUWXUD 1D DUTXLWHWXUD
UHVLGHQFLDOQRUPDOPHQWHVHTXHUSHUPLWLURLQJUHVVRGHOX]SHODVMDQHODVHYLWDQGR
RXH[SORUDQGRRFDORUVRODUFRQIRUPHRSHUtRGRGRDQRIRUUHVSHFWLYDPHQWHPDLV
TXHQWHRXPDLVIULR&RQIRUPHMiREVHUYDGRQRTXDUWRFDStWXORKRMHH[LVWHPYiULRV
WLSRVGHYLGURGLVSRQtYHLVSDUDFRQWURODUDVSHUGDVRXRVJDQKRVGHFDORU([LVWHP
YLGURVHSHOtFXODVDEVRUYHQWHVHUHIOH[LYRVYLGURVGXSORVRXWULSORVFRPWUDWDPHQWR
GHEDL[DHPLVVLYLGDGHYLGURVHVSHFWUDOPHQWHVHOHWLYRVHFRPELQDo}HVGHVWHVWLSRV
HQWUHVLVHJXQGRYLVWRQRVpWLPRFDStWXORGHVWHOLYUR
(PFOLPDVTXHQWHVVHGHYHHYLWDURXVRGHYLGURVHSHOtFXODVDEVRUYHQWHVSRLVVmR
HVFXURV DEVRUYHQGR PDLV OX] GR TXH FDORU 'H IRUPD VHPHOKDQWH RV YLGURV H
SHOtFXODV UHIOH[LYDV SHUPLWHP D UHGXomR GD FDUJD WpUPLFD TXH HQWUHWDQWR SRGH
VHUVXSODQWDGDSHODQHFHVVLGDGHDGLFLRQDOGHOX]DUWLILFLDO
(PFOLPDVIULRVRLGHDOVHULDSHUPLWLUDHQWUDGDGRFDORUVRODURQGDFXUWDHYLWDQGR
DV SHUGDV GH FDORU GR LQWHULRU 9LGURV GH P~OWLSODV FDPDGDV )LJXUD VmR
LQGLFDGRVSRLVSHUPLWHPLVRODPHQWRHQWUHDVSODFDVQRUPDOPHQWHRDURXDOJXP
WLSRGHJiV
)LJXUD9LGURGXSOR
1mR H[LVWH DLQGD XP WLSR GH YLGUR LGHDO SDUD WRGDV DV FRQGLo}HV FOLPiWLFDV 2
FRQVXPLGRU SRGH GHVFREULU TXH QHFHVVLWD GH GRLV RX PDLV WLSRV GH VLVWHPDV GH
DEHUWXUDV SDUD VXD FDVD GHYLGR j RULHQWDomR 1D DUTXLWHWXUD WDQWR R SURMHWLVWD
TXDQWRRFOLHQWHGHYHPFRQVLGHUDURGHVHPSHQKRWpUPLFRHYLVXDOGHXPDDEHUWXUD
FRPRXPVLVWHPDEULVHYLGURHFRUWLQDSRUH[HPSORFRQIRUPHD)LJXUD$

HVSHFLILFDomR LQWHOLJHQWH GR WLSR GH YLGUR SURWHomR VRODU H GLPHQVLRQDPHQWR GD
DEHUWXUDGHYHH[DPLQDUDVQHFHVVLGDGHVGHUHIULJHUDomRHDTXHFLPHQWRDRORQJRGR
DQR SULRUL]DU D OX] QDWXUDO H FRQVLGHUDU IDWRUHV FRPR R DTXHFLPHQWR VRODU R
VRPEUHDPHQWRDYHQWLODomRHYDORUHVHVWpWLFRVGDFRPSRVLomRDUTXLWHW{QLFD
)LJXUD$EHUWXUDFRPRXPVLVWHPD

28VRGD9HJHWDomRFRPR6RPEUHDPHQWR
e SRVVtYHO TXH XPD SURWHomR VRODU QmR VHMD VXILFLHQWH SDUD VRPEUHDU
DGHTXDGDPHQWHXPDDEHUWXUD1DIDFKDGDRHVWHSRUH[HPSORXPEULVHDGHTXDGR
jV QHFHVVLGDGHV GH VRPEUHDPHQWR QR YHUmR GHYHULD HP DOJXQV FDVRV EORTXHDU
FRPSOHWDPHQWH D UDGLDomR VRODU (P DOJXPDV KRUDV GD WDUGH R VRO HVWDUi TXDVH
SHUSHQGLFXODU j IDFKDGD R TXH LQGX]LULD D XPD SURWHomR TXH SUDWLFDPHQWH
REVWUXtVVH D DEHUWXUD 'R SRQWR GH YLVWD GD LOXPLQDomR LVWR VLJQLILFD XP VpULR
SUREOHPDSDUDRDPELHQWHLQWHUQRTXHQHFHVVLWDUiGHOX]DUWLILFLDOPHVPRGXUDQWH
RGLD2XVRGHiUYRUHVFRPIROKDVFDGXFDV)LJXUDSRGHVHUXPDVROXomRSDUD
R SUREOHPD $OpP GH VRPEUHDU D MDQHOD VHP EORTXHDU D OX] QDWXUDO SHUPLWH D
LQFLGrQFLDGRVROGHVHMiYHOQRLQYHUQRTXDQGRHQWmRDVIROKDVWHQGHPDFDLU
)LJXUD3URWHomRVRODUGHiUYRUHVFRPIROKDVFDGXFDV

FDStWXOR352-(72'($548,7(785$%,2&/,07,&$

8VR5DFLRQDOGD,OXPLQDomR
2 XVR GD OX] QDWXUDO SRGH UHSUHVHQWDU XPD JUDQGH HFRQRPLD GH HQHUJLD QD
DUTXLWHWXUD UHVLGHQFLDO $OpP GRV VLVWHPDV GH DEHUWXUDV YHUWLFDLV D LOXPLQDomR
]HQLWDO p EDVWDQWH ~WLO SRGHQGR LOXPLQDU ORFDLV VHP SDUHGHV H[WHUQDV DOpP GH
YDORUL]DUHPDPELHQWHVDUTXLWHW{QLFRVPDLVQREUHV)LJXUD
)LJXUD,OXPLQDomR]HQLWDO
8PD SDUWH GD HQHUJLD JDVWD QR VHWRU UHVLGHQFLDO SURYpP GD LOXPLQDomR DUWLILFLDO
3RGHVH UHGX]LU FRQVLGHUDYHOPHQWH HVWH YDORU VXEVWLWXLQGR OkPSDGDV
LQFDQGHVFHQWHVSRUIOXRUHVFHQWHVFRPXQVRXFRPSDFWDV$XWLOL]DomRGHOXPLQiULDV
PDLV HILFLHQWHV H GH UHDWRUHV HOHWU{QLFRV WDPEpP p DFRQVHOKiYHO (P HGLItFLRV
UHVLGHQFLDLVDHQHUJLDFRQVXPLGDDQRLWHSHODVOkPSDGDVTXHSHUPDQHFHPDFHVDV
QDVHVFDGDVHFLUFXODo}HVSRGHVHUUHGX]LGDFRPDDGRomRGHPLQXWHULDV$VVLPR
WHPSR TXH DV OkPSDGDV SHUPDQHFHP DFHVDV p DSHQDV R QHFHVViULR SDUD TXH RV
XVXiULRVDOFDQFHPDVDtGDRXRVHXDSDUWDPHQWRGHVOLJDQGRVHDXWRPDWLFDPHQWHR
FLUFXLWRHPDOJXQVPLQXWRV

$TXHFLPHQWRGHJXD
8PD SDUFHOD VLJQLILFDWLYD GH HQHUJLD HOpWULFD p FRQVXPLGD SDUD DTXHFLPHQWR GH
iJXD QR VHWRU UHVLGHQFLDO 2 DUTXLWHWR GHYH SUHYHU WXEXODomR GH iJXD TXHQWH
LVRODGD WHUPLFDPHQWH HP VHXV SURMHWRV SURSLFLDQGR D LQVWDODomR GH VLVWHPDV GH
DTXHFLPHQWRDJiVRXVRODUEHPPDLVHFRQ{PLFRV$OpPGHHYLWDUHPRFRQVXPRGH
HQHUJLDHOpWULFDRXWUDYDQWDJHPGHVWHVVLVWHPDVpRPDLRUJUDXGHFRQIRUWRHVXD
FDSDFLGDGH SDUD DWHQGHU GLYHUVRV SRQWRV GH iJXD TXHQWH DOpP GR FKXYHLUR
WRUQHLUDVHPEDQKHLURVFR]LQKDVHODYDQGHULDVSRUH[HPSOR
4XDQWR DRV RXWURV XVRV ILQDLV HP HGLItFLRV UHVLGHQFLDLV FRPR HTXLSDPHQWRV
GLYHUVRV JHODGHLUDV PiTXLQDV GH ODYDU HWF FDEH DR *RYHUQR SURPRYHU
SURJUDPDVGHHWLTXHWDJHQVFRPRRTXHYHPVHQGRIHLWRFRPJHODGHLUDVHPRWRUHV
HGLYXOJDomRGRVHXVLJQLILFDGRDWUDYpVGHPtGLDSDUDTXHRFRQVXPLGRUFRQVFLHQWH
SRVVDRSWDUQDKRUDGDHVFROKD(VWDVHWLTXHWDVWDPEpPVmR~WHLVSDUDSURJUDPDV
GH JHUHQFLDPHQWR GD GHPDQGD 'HPDQG 6LGH 0DQHJHPHQW '60 GH

FRQFHVVLRQiULDV RQGH SRGHP VHU RIHUHFLGRV LQFHQWLYRV SDUD D FRPSUD GH

HTXLSDPHQWRVHILFLHQWHV

,OXPLQDomR1DWXUDOH$UWLILFLDO
$ GHPDQGD GH HQHUJLD SRU LOXPLQDomR p HOHYDGD QR VHWRU YDULDQGR GH
HGLItFLRVFRPDUFRQGLFLRQDGRDGRXVRILQDOHGLItFLRVVHPDUFRQGLFLRQDGR
'XDV HVWUDWpJLDV VLVWHPiWLFDV SRGHP VHU DGRWDGDV SDUD UHGX]LU R FRQVXPR SRU
LOXPLQDomR R XVR GH OX] QDWXUDO H R HPSUHJR GH VLVWHPDV PDLV HILFLHQWHV GH
LOXPLQDomR DUWLILFLDO 2 LGHDO p TXH DPERV RV FULWpULRV VHMDP FRQVLGHUDGRV HP
FRQMXQWRWUDEDOKDQGRVHDLOXPLQDomRFRPRXPVLVWHPD
$XPHQWDUD WD[D GH LOXPLQDomR QDWXUDO QmR VLJQLILFDQHFHVVDULDPHQWH DXPHQWDUD

iUHD GH DEHUWXUDV SRLV LVWR SRGHULD LQFRUUHU HP PDLRUHV JDQKRV GH FDORU VRODU
LQGHVHMiYHLV $OpP GDV DEHUWXUDV WUDGLFLRQDLV SRGHVH H[SORUDU D OX] QDWXUDO
DWUDYpVGHGLYHUVRVUHFXUVRVDUTXLWHW{QLFRVFRPRSUDWHOHLUDVGHOX]iWULRVGXWRV
GH LOXPLQDomR HVSHOKDGRV SHUVLDQDV UHIOH[LYDV SDUHGHV WUDQVSDUHQWHV WLMROR GH
YLGUR SRoRV GH OX]WHOKDGRV FRP VKHG UHIOHWRUHV H[WHUQRVFODUDEyLDV HRXWURV
GHSHQGHQGR GR UHSHUWyULR H GD FULDWLYLGDGH GR DUTXLWHWR )LJXUD
$WXDOPHQWH R XVR GD ILEUD yWLFD FRPR FRQGXWRU GH OX] WDPEpP FRPHoD D VHU
H[SORUDGRQDFRQVWUXomRFLYLO
'HVWD IRUPD SRGHVH UHVROYHU R SUREOHPD GD GLVWULEXLomR GD OX] QDWXUDO DWp
DPELHQWHVLQWHULRUHVFRPPHQRUSRVVLELOLGDGHGHDEHUWXUDGHMDQHODV
$ HILFLrQFLD HQHUJpWLFD HP LOXPLQDomR LQFOXL XP ERP SURMHWR H HTXLSDPHQWRV GH
TXDOLGDGH HPSUHJDGRV GH XPD PDQHLUD HIHWLYD SURSRUFLRQDQGR PHOKRULDV YLVXDLV
QR FRQIRUWR H TXDOLGDGH GR DPELHQWH 8P SURMHWR GH LOXPLQDomR GH TXDOLGDGH H
HILFLHQWHGHYHLQFOXLU
,QWHJUDomRFRPOX]QDWXUDO
,OXPLQDomRGHWDUHID
8VRGHVLVWHPDVGHFRQWUROHHILFD]HV
8VRGHWHFQRORJLDVPDLVHILFLHQWHVGHLOXPLQDomR

,17(*5$d2&20/8=1$785$/
$OX]QDWXUDOSRGHVHUXWLOL]DGDSDUDUHGX]LURFRQVXPRGHHQHUJLDFRPLOXPLQDomR
3DUD TXHLVVR VHMD SRVVtYHO GHYHVH EXVFDU H[SORUiOD GH IRUPD LQWHJUDGD FRP RV
VLVWHPDVGHLOXPLQDomRDUWLILFLDO,VWRSRGHVHUIHLWRGHGLYHUVDVPDQHLUDVGHYHQGR
RDUTXLWHWRFRQKHFHURFRPSRUWDPHQWRGRVGLVSRVLWLYRVXWLOL]DGRVSDUDLOXPLQDomR
QDWXUDO )LJXUD H GRV FRPSRQHQWHV GR VLVWHPD GH LOXPLQDomR DUWLILFLDO
LQWHJUDQGRRVHPXP~QLFRVLVWHPD3HUHLUD'HQWURGHVVDLGpLDVHPSUHTXH
D OX] QDWXUDO IRU DGHTXDGD jV QHFHVVLGDGHV GH LOXPLQDomR GR DPELHQWH D
LOXPLQDomRDUWLILFLDOGHYHVHUGHVDWLYDGDRXUHGX]LGD$OJXQVVLVWHPDVGHFRQWUROH
FRPR RV VHQVRUHV IRWRHOpWULFRV GLVFXWLGRV PDLV DGLDQWH SRGHP VHU HPSUHJDGRV
FRP HVVD ILQDOLGDGH 1mR VH GHYH HVTXHFHU GH EDODQFHDU RV JDQKRV GH FDORU TXH
SRGHPHVWDUHPEXWLGRVQRLQJUHVVRGHOX]QDWXUDOSRLVLVWRSRGHULDLQFUHPHQWDUR
FRQVXPRGHHQHUJLDSDUDFRQGLFLRQDPHQWRWpUPLFR

FDStWXOR352-(72'($548,7(785$%,2&/,07,&$

)LJXUD6LVWHPDVGHLOXPLQDomRQDWXUDO

,OXPLQDomRGH7DUHID
(VWDWpFQLFDSHUPLWHDSUHYLVmRGHQtYHLVGHLOXPLQDomRPDLVDOWRVSDUDDVWDUHIDV
YLVXDLV HQTXDQWR VH PDQWpP R UHVWDQWH GD LOXPLQDomR D QtYHLV PDLV EDL[RV $V
iUHDVFLUFXQGDQWHVGDWDUHIDYLVXDOQHFHVVLWDPGHPHQRVLOXPLQDomRTXHRORFDOGD
WDUHID SURSULDPHQWH GLWD 5HFRPHQGDVH TXH D LOXPLQDomR DPELHQWDO VHMD SHOR
PHQRVGDLOXPLQDomRGDWDUHIDSDUDFRQIRUWRHDGDSWDomRDRWUDQVLHQWH3RU

H[HPSORVHXPDWDUHID UHTXHU OX[ D LOXPLQDomR JHUDO GR DPELHQWH GHYH VHU
PDQWLGDHPSHORPHQRVOX[,VWRVLJQLILFDTXHERDSDUWHGDiUHDLQWHUQDGHXP
HGLItFLRSRGHWHUVHXQtYHOGHLOXPLQDomRGLPLQXtGRUHGX]LQGRWDPEpPRFRQVXPR
GHHQHUJLD
)LJXUD,OXPLQDomRGHWDUHID

0DQXWHQomRGRV/~PHQV
$ LOXPLQDomR DUWLILFLDO p JHUDOPHQWH SURMHWDGD SDUD SURGX]LU PDLV OX] GR TXH R
QHFHVViULR $ TXDQWLGDGH GH OXPLQiULDV H OkPSDGDV p XVXDOPHQWH
VXSHUGLPHQVLRQDGD SDUD JDUDQWLU TXH QR ILQDO GH VXD YLGD ~WLO TXDQGR D OX]
OLEHUDGDSHODVOXPLQiULDVGHFUHVFHSRUGLYHUVRVIDWRUHVDLOXPLQkQFLDVHMDVHPSUH
H[FHGLGDRXSHORPHQRVLJXDODRQtYHOUHTXHULGR
$ PDQXWHQomR GRV O~PHQV FRQVLVWH HP XVDU XPD IRWRFpOXOD SDUD GHWHFWDU D
LOXPLQkQFLDDWXDOQRHVSDoRHDMXVWDURQtYHOGHOX]DGHTXDGDPHQWH$LOXPLQkQFLD
GH SURMHWR p PDQWLGD WRGR R WHPSR QmR VRPHQWH QR ILP GH VXD YLGD ~WLO )LJXUD
/DZUHQFHDQG%HUNHOH\/DERUDWRU\

)LJXUD0DQXWHQomRGRVO~PHQV

FDStWXOR352-(72'($548,7(785$%,2&/,07,&$
2EVHUYDVHTXHQRVLVWHPDGHLOXPLQDomRFRQYHQFLRQDODSRWrQFLDGHLOXPLQDomRp
VXSHUGLPHQVLRQDGD QR LQtFLR GR FLFOR LQGX]LQGR DR FRQVXPR GHVQHFHVViULR GH
HQHUJLD 1R VLVWHPD GH LOXPLQDomR FRP PDQXWHQomR GRV O~PHQV R QtYHO GH
LOXPLQDomRFRQVWDQWHJDUDQWHDHFRQRPLDSRUWRGDD YLGD~WLOGRHTXLSDPHQWRGH
LOXPLQDomR
$OpPGH VHU DSOLFiYHO HP DPELHQWHV H[FOXVLYDPHQWH LOXPLQDGRV DUWLILFLDOPHQWH D
PDQXWHQomR GRV O~PHQV SHUPLWH WDPEpP D LQWHJUDomR FRP D OX] QDWXUDO HP
DPELHQWHV FRP DEHUWXUDV SDUD R H[WHULRU $ OX] QDWXUDO QmR VHUi RWLPL]DGD PDV
SRGH VHU SHUFHELGD SHOR VHQVRU IRWRHOpWULFR TXH IDUi D GHYLGD FRUUHomR QD
LQWHQVLGDGHGHHQHUJLDIRUQHFLGDSDUDDLOXPLQDomRDUWLILFLDO
)LJXUD0DQXWHQomRGRVO~PHQVLQWHJUDGDjLOXPLQDomRQDWXUDO

6LVWHPDVGH&RQWUROH
'D PHVPD IRUPD TXH QD PDQXWHQomR GRV O~PHQV D IXQomR GH XP VLVWHPD GH
FRQWUROH GH OX] p IRUQHFHU D TXDQWLGDGH QHFHVViULD GH LOXPLQDomR RQGH H TXDQGR
HODpQHFHVViULDHQTXDQWRPLQLPL]DRFRQVXPRGHHQHUJLDHOpWULFD2VVLVWHPDVGH
FRQWUROHVmREDVLFDPHQWHGHWUrVWLSRV
6LVWHPDVFRPFRQWUROHIRWRHOpWULFR
6HQVRUHVGHRFXSDomRH
6LVWHPDVGHSURJUDPDomRGRWHPSR

7HFQRORJLDV(ILFLHQWHVGH,OXPLQDomR
1R SURMHWR DUTXLWHW{QLFR GH HGLItFLRV FRPHUFLDLV H S~EOLFRV R DUTXLWHWR GHYH VH
SUHRFXSDU WDPEpP FRP R SURMHWR GH LOXPLQDomR 'HVHQYROYLGR SHOR DUTXLWHWR RX
SRU SURMHWLVWDV HVSHFLDOL]DGRV R SURMHWR GH LOXPLQDomR GHYH HQIRFDU D DOWD
TXDOLGDGH H D DOWD HILFLrQFLD HQHUJpWLFD GH VLVWHPDV GH LOXPLQDomR $OpP GH
FRQVLGHUDU VLVWHPDV GH FRQWUROH LOXPLQDomR RULHQWDGD j WDUHID PDQXWHQomR GRV
O~PHQV H LQWHJUDomR FRP OX] QDWXUDO GHYHVH SURFXUDU D XWLOL]DomR GH
HTXLSDPHQWRVPDLVHILFLHQWHVOXPLQiULDVOkPSDGDVHUHDWRUHV

2DUTXLWHWRWDPEpPGHYHWHUHPPHQWHRFRQFHLWRGHUHIRUPDRXVHMDDPHOKRULD
QR VLVWHPD GH LOXPLQDomR GH XP HGLItFLR H[LVWHQWH ,VWR SRGH WUDGX]LUVH HP
HFRQRPLDV QRWiYHLV GH HQHUJLD 5HSURMHWDU R VLVWHPD GH LOXPLQDomR H FRQWUROH
HPSUHJDQGR LQFOXVLYH OkPSDGDV H UHDWRUHV PDLV HILFLHQWHV MXQWR D OXPLQiULDV
UHIOHWRUDVSRGHUHSUHVHQWDUXPDHFRQRPLDGHDWpQRFRQVXPRGHHOHWULFLGDGH
/DZUHQFHDQG%HUNHOH\/DERUDWRU\$VPHOKRULDVQRVLVWHPDGHLOXPLQDomR
VHEHPUHDOL]DGDVVmRVHPSUHPXLWRDSUHFLDGDVSHODVSHVVRDVSRUHODVDIHWDGDV$
LQVWDODomR GH VLVWHPDV H GLVSRVLWLYRV GH FRQWUROH GH OX] HP XP HGLItFLR H[LVWHQWH
SRGH VHU IHLWD FRP SRXFD RX DWp QHQKXPD WURFD GH ILRV 2V FRQWUROHV GH OX] VmR
OLJDGRVDRSDLQHOGHVHUYLoRHOpWULFRHFLUFXLWRGHFRQWUROH$PLQLPL]DomRGRFXVWR
RSHUDFLRQDOpLPSRUWDQWHQDLQVWDODomRGHVWHVVLVWHPDV
8P H[HPSOR GH UHIRUPD QR VLVWHPD GH LOXPLQDomR SRGH VHU GDGR FRQVLGHUDQGR D
WURFD GDV OkPSDGDV IOXRUHVFHQWHV FRPXQV GH : SRU OkPSDGDV IOXRUHVFHQWHV
HILFLHQWHV GH : 6XEVWLWXLQGR DV OXPLQiULDV FRPXQV SHODV UHIOH[LYDV SRGHVH
REWHUFRPXPDOkPSDGDGH:DLOXPLQDomRHTXLYDOHQWHDGXDVOkPSDGDVGH:
SRU OXPLQiULD $OpP GLVVR FRP D WURFD GRV UHDWRUHV FRQYHQFLRQDLV SRU PRGHORV
HOHWU{QLFRVSRGHVHFRQHFWDUDWpTXDWUROkPSDGDVHPXP~QLFRUHDWRUUHGX]LQGR
FRQVLGHUDYHOPHQWH DV SHUGDV GR HTXLSDPHQWR 2EWpPVH HQWmR D VHJXLQWH
FRQILJXUDomRSDUDXPDVDODFRPHUFLDODQWHVHGHSRLVGDUHIRUPD)LJXUD

)LJXUD5HIRUPDHQHUJpWLFD
1RFDVRGRH[HPSORVHREVHUYDDUHGXomRGHDWpQRFRQVXPRGHHQHUJLDSDUD
LOXPLQDomRGDVDODFRPHUFLDODSyVWURFDURVLVWHPDYHOKRSRURXWURPDLVHILFLHQWH
$HILFLrQFLDFRPELQDGDGHFDGDFRPSRQHQWHUHSUHVHQWRXXPDFRQVLGHUiYHOUHGXomR
QRFRQVXPRGHHQHUJLDGRVLVWHPDGHLOXPLQDomRFRPRXPWRGR

$QiOLVHH6tQWHVHGD3ULPHLUD$OWHUQDWLYDGHSURMHWR
$SyVFRPSUHHQGHUDVQHFHVVLGDGHVDPELHQWDLVHGHFRQIRUWRRDUTXLWHWRSURFHGHj
SULPHLUDDOWHUQDWLYDGHSURMHWRRXVHMDDSULPHLUDVtQWHVH2SURFHVVRGHDQiOLVH
VtQWHVH EDVWDQWH FRQKHFLGR TXDQGR VH WUDWD GH DUTXLWHWXUD p IXQGDPHQWDO QR
SURMHWRELRFOLPiWLFR6RPHQWHDSDUWLUGHXPDDQiOLVHGDVFRQGLo}HVGHFRQIRUWRH
GRGHVHPSHQKRHQHUJpWLFRGDLGpLDSURMHWXDOSRGHVHVDEHUVHDDWXDOFRQFHSomR
RX PHVPR GHVHQYROYLPHQWR GR HGLItFLR UHVXOWDUi QXP DPELHQWH FRQIRUWiYHO H
HQHUJHWLFDPHQWHHILFLHQWH

FDStWXOR352-(72'($548,7(785$%,2&/,07,&$
3DUDTXH R SURFHVVR GH DQiOLVH VHMD UHDOL]DGRH[LVWHP GLVSRQtYHLV DWXDOPHQWH QR

PHUFDGRPXLWDVIHUUDPHQWDVGHDX[tOLRDRSURMHWR$PDLRULDGHODVVHDSUHVHQWDQD
IRUPD GH SURJUDPDV FRPSXWDFLRQDLV TXH ID]HP VLPXODo}HV GH GHVHPSHQKR
WpUPLFROXPLQRVRDF~VWLFRHGHHILFLrQFLDHQHUJpWLFDHQWUHRXWURVGRSURMHWRHP
GHVHQYROYLPHQWR2LGHDOpTXHRDUTXLWHWRFRPSUHHQGDHLQWHUSUHWHFRUUHWDPHQWH
DPDQHLUDFRPRWDLVSURJUDPDVLQGLFDPRGHVHPSHQKRGRHGLItFLRSRGHQGRHQWmR
WRPDU GHFLV}HV GH SURMHWR FRHUHQWHV FRPRV REMHWLYRV HVWDEHOHFLGRV QR SULQFtSLR
UHODFLRQDGRVDRVWHPDVGLVFXWLGRVQHVWHOLYUR

6LPXODomRH3URSRVWDV$OWHUQDWLYDV
$SyV D DQiOLVH H LQWHUSUHWDomR GH FDGD DOWHUQDWLYD GH SURMHWR H GD DOWHUDomR GH
TXDOTXHUHOHPHQWRRXHVWUDWpJLDGHGHVHQKRELRFOLPiWLFRRDUTXLWHWRGHYHVLPXODU
R GHVHPSHQKR GH VHX HGLItFLR QRYDPHQWH FKHFDQGR VH REWHYH PHOKRUHV tQGLFHV
TXHDQWHULRUPHQWH
(VVHSURFHVVRGHDQiOLVHVtQWHVHGHYHSURVVHJXLUDWpTXHXPGHVHPSHQKRUD]RiYHO
VHMD DWLQJLGR 4XDQWR DQWHV R DUTXLWHWR LQLFLDU HVWH SURFHVVR PHOKRU H PDLV
IDFLOPHQWHDOFDQoDUiERQVUHVXOWDGRV
3HOR H[SRVWR DWp DJRUD REVHUYDVH TXH R FHQiULR p FRPSOH[R GHYLGR DR JUDQGH
Q~PHURGHYDULiYHLVHQYROYLGDV3DUDOLGDUFRPHVWHSUREOHPDIRUDPGHVHQYROYLGRV
SURJUDPDV GH VLPXODomR HQHUJpWLFD GH HGLILFDo}HV FRPR R '2( ( R %/$67 R
(63HR(QHUJ\3/86HQWUHRXWURV2'2((SRUH[HPSORFRPS}HVHGHTXDWUR
VXESURJUDPDVHEDQFRVGHGDGRVFOLPiWLFRVSURSULHGDGHVWpUPLFDVGHPDWHULDLVH
FRPSRQHQWHVFRQIRUPHHVTXHPDGD)LJXUD

)LJXUD(VTXHPDGDVLPXODomRHQHUJpWLFDGHHGLILFDo}HV
(VWH SURJUDPD ID] VLPXODo}HV FRP GDGRV FOLPiWLFRV SDUD XP DQR KRUD D KRUD
SHUPLWLQGR XPD DYDOLDomR HFRQ{PLFD DWUDYpV GR FRQVXPR GH HQHUJLD GDV GLYHUVDV
RSo}HVVLPXODGDV$VLPXODomRGDLOXPLQDomRQDWXUDOpIHLWDVLPXOWDQHDPHQWHFRP
D VLPXODomR WpUPLFD H HQHUJpWLFD SHUPLWLQGR VXD RWLPL]DomR (PERUD R XVR GH
SURJUDPDV FRPR R '2( ( UHTXHLUD XPD SHVVRD WUHLQDGD SDUD VXD RSHUDomR R
DUTXLWHWRGHYHVDEHUDYDOLDUDLPSRUWkQFLDGHFRQWDUFRPVLPXODomRQDRWLPL]DomR
GR VHX SURMHWR VHMD SDUD RULHQWDU DV GHFLV}HV GH SURMHWR RX SDUD FRPSURYDU D
HILFLrQFLDHDDQiOLVHFXVWREHQHItFLRGHVVDVGHFLV}HV

8WLOL]DQGR D VLPXODomR R DUTXLWHWRSRGH SUHYHU R GHVHPSHQKR HQHUJpWLFR GH VXD

SURSRVWDDUTXLWHW{QLFDFRQKHFHQGRLQFOXVLYHRFRPSRUWDPHQWRGHFDGDHOHPHQWR
FRQVWUXWLYR,VWRDOLDGRjDSOLFDomRGRVUHFXUVRVELRFOLPiWLFRVSHUPLWHDRSURMHWLVWD
FRQFHEHU HGLILFDo}HV PDLV HILFLHQWHV $OpP GLVVR p SRVVtYHO DERUGDU GH IRUPD
LQWHJUDGD RV VLVWHPDV QDWXUDLV H DUWLILFLDLV GH FRQGLFLRQDPHQWR H GH LOXPLQDomR
UHVSRQGHQGRPDLVDGHTXDGDPHQWHjVFRQGLFLRQDQWHVGRFOLPDHGDIXQomRDTXHVH
GHVWLQDRHGLItFLR

8VRGH(QHUJLD$OWHUQDWLYD
8P SURMHWR DUTXLWHW{QLFR TXH YLVH PHQRU FRQVXPR GH HQHUJLD H PDLRU
VXVWHQWDELOLGDGH WDPEpP GHYH EXVFDU R XVR GH HQHUJLDV DOWHUQDWLYDV TXH SRGHP
VHUQDIRUPDHyOLFDIRWRYROWDLFDDELRPDVVDHVRODUHQWUHRXWUDV
$ HQHUJLD VRODU SRGH VHU ~WLO GH YiULDV IRUPDV &RPR IRQWH GH FDORU GLUHWR SRU
H[HPSOR R FDORU GR VRO SDVVD SDUD R DPELHQWH DWUDYpV GDV MDQHODV H GHPDLV
DEHUWXUDVGRHGLItFLR2VROWDPEpPSRGHDTXHFHURVDPELHQWHVLQGLUHWDPHQWHSHOD
LQpUFLDWpUPLFDGRVHOHPHQWRVFRQVWUXWLYRVH[SRVWRVDHOH3DLQpLVGHDTXHFLPHQWR
VRODUVmRRXWUDIRUPDLQGLUHWDGHXVRGDHQHUJLDVRODUDTXHFHQGRiJXDSDUDXVRHP
FKXYHLURVWRUQHLUDVSLVFLQDVHWDPEpPDTXHFLPHQWRGHDPELHQWHVTXDQGRDiJXD
FLUFXODSRUVHUSHQWLQDVQRSLVRRXWXEXODo}HVQRVURGDSpVRXPHVPRHPUDGLDGRUHV
VREDVMDQHODV
$HQHUJLDVRODUSRGHWDPEpPVHUFRQYHUWLGDHPHQHUJLDHOpWULFDDWUDYpVGHSDLQpLV
IRWRYROWDLFRV H HVWD SRGH VHU XWLOL]DGD FRPR DOWHUQDWLYD j HQHUJLD IRUQHFLGD SHOD
FRQFHVVLRQiULD (PERUD RV SDLQpLV VHMDP FDURV VHX SUHoR WHP FDtGR QRV ~OWLPRV
DQRVHHVWmRVHWRUQDQGRFDGDYH]PDLVYLiYHLVSDUDXVRGRPpVWLFRHFRPHUFLDO$
HQHUJLDFDSWDGDGXUDQWHRGLDSRGHVHUDUPD]HQDGDHPEDWHULDVSDUDXWLOL]DomRHP
OkPSDGDVHILFLHQWHVIOXRUHVFHQWHVFRPSDFWDVRXOHGVSRUH[HPSORjQRLWHDOpP
GHRXWURVXVRV
'H IRUPD VHPHOKDQWH D HQHUJLD HyOLFD WDPEpP UHSUHVHQWD XPD DOWHUQDWLYD
SURPLVVRUD j HQHUJLD HOpWULFD IRUQHFLGD SHOD FRQFHVVLRQiULD SRLV p JUDWXLWD H
GLVSRQtYHO LQFOXVLYH j QRLWH 8P JHUDGRU HyOLFR SRGH VHU FRQVWUXtGR GH IRUPD D
DOLPHQWDURVJDVWRVHQHUJpWLFRVGHXPDFDVDRXPHVPRGHXPDFRPXQLGDGHLQWHLUD
HDHILFLrQFLDGHVLVWHPDVHyOLFRVpFUHVFHQWH
e LPSRUWDQWH FRQKHFHU D GLVSRQLELOLGDGH GHVWHV WLSRV GH HQHUJLDV DOWHUQDWLYDV QR
%UDVLOGDGRVTXHSRGHPVHUREWLGRVIDFLOPHQWHDWUDYpVGR$WODVGH(QHUJLD(OpWULFD
GR%UDVLO$1((/

&DSWDomRGDJXDGD&KXYD
$iJXDGDFKXYDUHSUHVHQWDXPSRWHQFLDOGHHFRQRPLDGRXVRGRVUHFXUVRVQDWXUDLV
YLiYHO HP TXDVH WRGR R WHUULWyULR QDFLRQDO 4XDQGR FKRYH D iJXD GD FKXYD p
QRUPDOPHQWH FDSWDGD QDV HGLILFDo}HV SRUpP p ORJR GLUHFLRQDGD SRU FDOKDV DR
VLVWHPD SOXYLDO TXH GLVSHQVD D iJXD QDV UHGHV S~EOLFDV GH HVJRWR 6H HP DOJXP
SRQWRQHVVHSURFHVVRKRXYHUDLQVWDODomRGHILOWURVHUHVHUYDWyULRVHVWDiJXDSRGH
VHU UHXWLOL]DGD SDUD ILQDOLGDGHV FRPR GHVFDUJDV VDQLWiULDV ODYDomR GH FDUURV H
MDUGLQV H DWp PHVPR SRWiYHLV GHSHQGHQGR GR VLVWHPD GH ILOWUDJHP H SXULILFDomR
GLVSRQtYHO

FDStWXOR352-(72'($548,7(785$%,2&/,07,&$

5HXWLOL]DomRGHJXD
$ iJXD TXH Mi IRL XWLOL]DGD QRUPDOPHQWH WDPEpP SRGH VHU UHXWLOL]DGD VH
GHYLGDPHQWH ILOWUDGD H SXULILFDGD ([LVWHP GLYHUVRV VLVWHPDV GH SXULILFDomR GD
iJXDVHQGRXPGRVPDLVVXVWHQWiYHLVRVLVWHPDFRQKHFLGRSRU]RQDVGHUDt]HV

3URMHWRGH$UTXLWHWXUD%LRFOLPiWLFD
7RGRVRVFRQFHLWRVYLVWRVQHVWHFDStWXORGHYHPVHUDSOLFDGRVSHORPHQRVGHIRUPD
TXDOLWDWLYDQRSURMHWRYLVWRTXHpDVVLPTXHRDUTXLWHWRQRUPDOPHQWHFRQFHEHERD
SDUWH GH VXDV GHFLV}HV QD DUTXLWHWXUD ,VWR VHUi PDLV IiFLO HP HGLILFDo}HV GH
SHTXHQR SRUWH RX GH IXQomR UHVLGHQFLDO RQGH p PHQRU R Q~PHUR GH YDULiYHLV
HQYROYLGDV H p PDLRU D SRVVLELOLGDGH GH VH H[SORUDU D LOXPLQDomR H R
FRQGLFLRQDPHQWR QDWXUDLV 1R VHWRU FRPHUFLDO H S~EOLFR FRPR Mi IRLGLWR FUHVFH
PXLWRDFRPSOH[LGDGHSHORIDWRGHTXHRVVLVWHPDVDUWLILFLDLVVmRTXDVHVHPSUHD
IRQWH SULQFLSDO GH LOXPLQDomR H GH FRQIRUWR H SRUTXH R XVR GR HVSDoR SRU PDLRU
Q~PHUR GH SHVVRDV GHPDQGD PDLRU TXDQWLGDGH GH HQHUJLD 1HVWH FDVR p PDLV
XUJHQWH D LQWHJUDomR HQWUH VLVWHPDV QDWXUDLV H DUWLILFLDLV H D XWLOL]DomR GH
HTXLSDPHQWRV PDLV HILFLHQWHV ID]HQGR PDLV VHQWLGR XWLOL]DUVH D VLPXODomR FRPR
IHUUDPHQWD GH SURMHWR e LPSRUWDQWH UHVVDOWDU TXH R DUTXLWHWR SRGH ID]HU D
VLPXODomR GR GHVHPSHQKR HQHUJpWLFR GR HGLItFLR RX VLPSOHVPHQWH FRQWUDWDU XP
SURILVVLRQDO SDUD ID]rOR YLVWR TXH D VHJXQGD DOWHUQDWLYD p D DWLWXGH HP JHUDO
WRPDGDSHORDUTXLWHWRIUHQWHDDOJXPDVRXWUDVTXHVW}HVWHFQROyJLFDVSHUWLQHQWHVj
DUTXLWHWXUD
0DV GH TXH IRUPD XWLOL]DU RV FRQFHLWRV
ELRFOLPiWLFRVHGHHILFLrQFLDHQHUJpWLFD
GHVGHRLQtFLRGRSURMHWR"
$ VLVWHPDWL]DomR GH WRGDV DV YDULiYHLV
SDUHFH HP GHPDVLDGR FRPSOH[D DOpP
GR TXH GHYH VHU UHVSHLWDGR R PpWRGR
SUySULR GH FDGD DUTXLWHWR HP SURMHWDU
0HVPR DVVLP VH SRGH VXJHULU XPD
VHTXrQFLD GH SURFHGLPHQWRV RQGH DV
TXHVW}HVGLVFXWLGDVQROLYURLQWHJUDPVH
FRP RXWURV IDWRUHV OHYDGRV HP
FRQVLGHUDomR QR SURMHWR DUTXLWHW{QLFR
)LJXUD
)LJXUDVHTXrQFLDGHSURFHGLPHQWRVQR
SURMHWRELRFOLPiWLFR


2HVTXHPDLOXVWUDXPDPDQHLUDOyJLFDGHSURMHWDULQWHJUDQGRRVFRQFHLWRVGROLYUR
DRXWURVGHFRQKHFLPHQWRFRPXPDDUTXLWHWRV

0XLWRVIRUDPRVFRQFHLWRVYLVWRVQROLYURDWpDTXLHILFRXFODUDDFRPSOH[LGDGHTXH
HQYROYHDDUTXLWHWXUDHPWRGRRSHUFXUVRGHVXDHODERUDomR$QWLJDPHQWHTXDQGR
DV WHFQRORJLDV GLVSRQtYHLV HUDP PDLV VLPSOHV R DUTXLWHWR GRPLQDYD D FRQVWUXomR
VHQGRVXDUHODomRFRPDREUDPDLVtQWLPD0DLVWDUGHQR5HQDVFLPHQWRIH]VHD
UXSWXUD HQWUH R FRQFHEHU H R FRQVWUXLU GLVFXWLGD QR LQtFLR GR OLYUR 2
DUTXLWHWR SDVVRX D GRPLQDU FDGD YH] PDLV R SURMHWR H PHQRV D FRQVWUXomR
DFRPRGDQGRVHIUHQWHjVQRYDVGHVFREHUWDVWHFQROyJLFDVHHVTXHFHQGRLQFOXVLYHD
DGHTXDomR GD DUTXLWHWXUD DR FOLPD $QWHV GD 5HYROXomR ,QGXVWULDO R DUTXLWHWR VH
YLDGHFHUWRPRGRREULJDGRDFRQVLGHUDUDVFRQGLo}HVFOLPiWLFDVSDUDRSURMHWRGR
HQYROWyULR GDV HGLILFDo}HV HUD SUHFLVR UHFRQKHFHU FRP FHUWR GHWDOKH RV HIHLWRV
SRVLWLYRVHQHJDWLYRVGRFOLPDSDUDRGHVHQYROYLPHQWRGHHVWUDWpJLDVDGHTXDGDVDR
VHX DSURYHLWDPHQWR RX UHMHLomR HQYROWyULD SRUWDQWR FDELDP DV IXQo}HV GH
VHUYLUFRPRHOHPHQWRUHJXODGRUGDVFRQGLo}HVDPELHQWDLVFRPRDGPLVVmRGHOX]H
VRO JDQKR H SHUGD GH FDORU UHQRYDomR GH DU HWF $ 5HYROXomR ,QGXVWULDO PXGRX
TXDVH WXGR 2 DUTXLWHWR IRL OLWHUDOPHQWH OLEHUDGR SDUD EXVFDU RXWURV SDUDGLJPDV
TXH QmR RV UHVXOWDQWHV GD FRQVLGHUDomR GRV HOHPHQWRV QDWXUDLV 1HVWH SHUtRGR
HQFRQWUDPRV H[HPSORV DUTXLWHW{QLFRV QRWiYHLV QRV TXDLV VH LGHQWLILFD D
PDQXWHQomR GH SULQFtSLRV ELRFOLPiWLFRV KLVWyULFRV (QWUHWDQWR DOJXQV DYDQoRV
GHVHQYROYLGRV QD iUHD GH VLVWHPDV HVWUXWXUDLV QD SURGXomR GR YLGUR H
SRVWHULRUPHQWH QR DGYHQWR GD OX] HOpWULFD FRQWULEXtUDP SDUD UHWLUDU D IXQomR
WpUPLFD GD HQYROWyULD H SDVViOD DRV VLVWHPDV PHFkQLFRV GH DTXHFLPHQWR H
UHIULJHUDomR(VWHTXDGURDJUDYRXVHQRVpFXORSDVVDGRFRPDODUJDXWLOL]DomRGRV
VLVWHPDV DUWLILFLDLV GH LOXPLQDomR H GH FRQGLFLRQDPHQWR TXH HP SULQFtSLR
UHVROYHULDP RV SUREOHPDV GHFRUUHQWHV GD LQDGHTXDomR GR SURMHWR jV QHFHVVLGDGHV
GHFRQIRUWRGRVXVXiULRV
5HFHQWHPHQWH DSyV D FULVH GH HQHUJLD H D SDUWLU GDV GLVFXVV}HV VREUH R LPSDFWR
DPELHQWDO SURYRFDGR SHOR KRPHP DR SODQHWD VXUJH D QHFHVVLGDGH GH VH EXVFDU
QRYDVUHVSRVWDVDUTXLWHW{QLFDVPDLVFRQFRUGDQWHVFRPDVWHFQRORJLDVGLVSRQtYHLVH
FRP D LGpLD GH SUHVHUYDomR DPELHQWDO $TXHOD UXSWXUD FRQFHLWXDO 5HQDVFHQWLVWD
QmR ID] PDLV VHQWLGR 1mR VH TXHU GL]HU FRP LVVR TXH R DUTXLWHWR GHYD FRQKHFHU
WXGRVREUHWRGDVDVYDULiYHLVTXHLQIOXHPHGmRFRUSRjDUTXLWHWXUDPHVPRSRUTXH
LVWRVHULDLPSRVVtYHO$FRPSOH[LGDGHGHVWDDUWHDSOLFDGDpHQRUPHDYDQoDQGRSRU
iUHDVGHFRQKHFLPHQWRVKXPDQRVFRPRDVHQJHQKDULDVDSVLFRORJLDDVRFLRORJLDD
HFRORJLDDHFRQRPLDDDUWHDWHFQRORJLDDKLVWyULDHRXWUDVPDLV1RHQWDQWRR
DUTXLWHWRGHYHULDVHSUHRFXSDUHPHQWHQGHUSHORPHQRVXPSRXFRVREUHFDGDXPD
GHVWDV OLQKDV GH SHQVDPHQWR QmR DGRWDQGR XPD FRPR SULRULWiULD PDV WURFDQGR
LQIRUPDo}HV H FRQFHLWRV HQWUH WRGDV HODV $ QHFHVVLGDGH GH HVSHFLDOLVWDV QHVWDV
iUHDV p LQTXHVWLRQiYHO WDQWR TXDQWR PDLRU IRU D FRPSOH[LGDGH GD REUD
DUTXLWHW{QLFDDVHUSODQHMDGD2TXHVHTXHUUHDILUPDUSRUpPpDQHFHVVLGDGHGR
DUTXLWHWRHPVHUDSWRSDUDILOWUDUHWUDGX]LUDVVROXo}HVGLVFXWLGDVHVXJHULGDVSHORV
SURILVVLRQDLVGHFDGDiUHDHPSURSRVWDVDUTXLWHW{QLFDVREMHWLYDVHGHTXDOLGDGH

FDStWXOR352-(72'($548,7(785$%,2&/,07,&$
'HQWUR GHVWD YLVmR PDLV KROtVWLFD D (ILFLrQFLD (QHUJpWLFD p DSHQDV XPD GDV
YDULiYHLVPDVpWmRLPSRUWDQWHTXDQWRRVFRQFHLWRVHVWpWLFRVIRUPDLVIXQFLRQDLV
HVWUXWXUDLV HFRQ{PLFRV VRFLDLV H WDQWRV RXWURV SDUWLFLSDQWHV GR XQLYHUVR GD
DUTXLWHWXUD (VWH OLYUR VREUH (ILFLrQFLD (QHUJpWLFD GLVFXWH HVVH HQIRTXH UHXQLQGR
FRQFHLWRV TXH SUHHQFKHP DV ODFXQDV H[LVWHQWHV VREUH R DVVXQWR QR %UDVLO 6HX
REMHWLYR QmR p DSHQDV HQVLQDU DR DUTXLWHWR FRPR FRQFHEHU HGLILFDo}HV PDLV
HILFLHQWHV PDV WDPEpP HVFODUHFHU TXH DV LGpLDV DTXL GLVFXWLGDV VmR SUHPLVVDV
EiVLFDVSDUDTXDOTXHUSURMHWRDUTXLWHW{QLFRHGHYHPVHUOHYDGDVHPFRQVLGHUDomR
GHVGH R SULQFtSLR GR HVWXGR 1mR VH GHYHP FRQVLGHUDU HVVDV LGpLDV FRPR XP
HPSHFLOKR j HODERUDomR GR SURMHWR PDV FRPR FRQGLFLRQDQWHV TXH YrP GDU j
DUTXLWHWXUDPDLVVHQWLGRHPDLRUTXDOLGDGHJDUDQWLQGRVHREHPHVWDUGRXVXiULRH
UHGX]LQGRRLPSDFWRDPELHQWDO
$SyV R HQTXDGUDPHQWR KLVWyULFR IHLWR QR LQtFLR GR OLYUR H GD DSUHVHQWDomR GDV
YDULiYHLVHQYROYLGDVQRHVWXGRSDVVRXVHjGHVFULomRGHWHFQRORJLDVSHUWLQHQWHVDR
FRQIRUWR H j HILFLrQFLD HQHUJpWLFD 'XDV LGpLDV EiVLFDV SDVVDUDP D QRUWHDU R
GHVHQYROYLPHQWRGRWHPD
,QWHJUDomRHQWUHFRQGLFLRQDPHQWRWpUPLFRHLOXPLQDomR
,QWHJUDomRHQWUHVLVWHPDVQDWXUDLVHDUWLILFLDLV
3DUD SRGHU WURFDU LQIRUPDo}HV FRP RXWURV SURILVVLRQDLV R DUTXLWHWR GHYH HYLWDU
SUHFRQFHLWRVFRQWUDRXVRGHVLVWHPDVDUWLILFLDLVGHFRQGLFLRQDPHQWRWpUPLFRHGH
LOXPLQDomR VDEHQGR H[SORUiORV GH IRUPD LQWHJUDGD DRV VLVWHPDV QDWXUDLV &RP
HVVH LQWXLWR SRGHPVH RUJDQL]DU DV LGpLDV DV TXDLV R DUTXLWHWR GHYH WHU
FRQKHFLPHQWR
$ DUTXLWHWXUD SRGH WUDQVIRUPDU R PLFURFOLPD H[WHUQR SRGH H[SORUDU VXDV
FDUDFWHUtVWLFDV IDYRUiYHLV DR PHVPR WHPSR HP TXH HYLWD DV GHVIDYRUiYHLV
WHQWDQGRRWLPL]DURFRQIRUWRGHVHXVXVXiULRV1HVVHVHQWLGRpLPSRUWDQWHID]HUD
LQWHJUDomR HQWUH DV YDULiYHLV FOLPiWLFDV FRPR D UDGLDomR VRODU R YHQWR H D
XPLGDGH GR DU H DV YDULiYHLV KXPDQDV FRQIRUWR WpUPLFR H YLVXDO GLVFXWLGDV QR
VHJXQGRHWHUFHLURFDStWXORGROLYUR
$ SDUWLU GHVWHV HVWXGRV VH SRGH FRQFHEHU R HQYHORSH FRQVWUXWLYR TXH VH FRPS}H
EDVLFDPHQWH GH IHFKDPHQWRV RSDFRV H WUDQVSDUHQWHV 2V FDStWXORV H GR
OLYUR WUDWDP GRV DVSHFWRV PDLV LPSRUWDQWHV UHODFLRQDGRV DR HQYHORSH FRQVWUXWLYR
IUHQWHjVFRQGLFLRQDQWHVFOLPiWLFDVHjVQHFHVVLGDGHVGHFRQIRUWRGRXVXiULR
1RV IHFKDPHQWRV RSDFRV D SUHRFXSDomR UHVLGH EDVLFDPHQWH HP PLQLPL]DU D
WUDQVPLWkQFLDWpUPLFD8HHPHVSHFLILFDUFRUHVDGHTXDGDVDRFOLPDORFDOHVFXUDV
SDUDRIULRHFODUDVSDUDRFDORU
1RV IHFKDPHQWRV WUDQVSDUHQWHV D FRPSOH[LGDGH DXPHQWD SRLV DOpP GH
LQIOXHQFLDUHP QRV JDQKRV H SHUGDV GH FDORU WDPEpP LQIOXHQFLDP QD LOXPLQDomR
QDWXUDO H QD YHQWLODomR GRV DPELHQWHV LQWHUQRV $ PLQLPL]DomR GD WUDQVPLWkQFLD
SRGH HYLWDU SHUGDV H JDQKRV GH FDORU $ DGHTXDomR GR IDWRU VRODU )V DMXGD D
HYLWDUVH JDQKRV GH FDORU QRV SHUtRGRV TXHQWHV H LQFUHPHQWiORV QR IULR $
H[SORUDomR GD OX] QDWXUDO DX[LOLD QD GLPLQXLomR GR GHVSHUGtFLR GH HQHUJLD SDUD
LOXPLQDomR2FRQWUROHGDYHQWLODomRQDWXUDOGHYHVHUIHLWRGHIRUPDDSHUPLWLUD
UHQRYDomR GR DU QR IULR H DXPHQWDU DV SHUGDV GH FDORU QRV SHUtRGRV TXHQWHV DWp
FHUWRVOLPLWHV1RHQWDQWRQHPVHPSUHpSRVVtYHOPDQWHURLQWHULRUHPFRQGLo}HV

GHVHMiYHLV GH FRQIRUWR WpUPLFR RX YLVXDO (P YiULRV FDVRV p QHFHVViULR R XVR GH
VLVWHPDVDUWLILFLDLVGHLOXPLQDomRHGHFRQGLFLRQDPHQWRWpUPLFR
6H R DUTXLWHWR GHVHMD TXH D OX] QDWXUDO FRQWULEXD SDUD D UHGXomR GR FRQVXPR GH
HQHUJLD GHYH FRQKHFHU FRPR RV GLVSRVLWLYRV DUTXLWHW{QLFRV MDQHOD FODUDEyLDV
GRPRV DGPLWHP OX] 6RPHQWH DVVLP VHUi SRVVtYHO D LQWHJUDomR HQWUH RV
VLVWHPDVQDWXUDOHDUWLILFLDOGHLOXPLQDomR
0XLWRVSURILVVLRQDLVWDOYH]FRQVLGHUHPTXHRVLVWHPDGHLOXPLQDomRDUWLILFLDOpXPD
RSomRDVHUGHFLGLGDSHORFOLHQWH(VVDDOWHUQDWLYDSHUGHDYDOLGDGHTXDQGRVHWUDWD
GH HILFLrQFLD HQHUJpWLFD RQGH D LQWHJUDomR H D HILFLrQFLD GHVVH VLVWHPD IUHQWH j
OX]QDWXUDOGHSHQGHPGDFRUUHWDHVSHFLILFDomRSRUSDUWHGRDUTXLWHWR2HQIRTXH
GDLOXPLQDomRFRPRXPVLVWHPDHILFLHQWHH[LJHGHVVHSURILVVLRQDORFRQKHFLPHQWR
GH OkPSDGDV HILFLHQWHV IOXRUHVFHQWHV FRPSDFWDV 7 H OHGV SRU H[HPSOR GH
UHDWRUHV HOHWU{QLFRV D DGRomR GH OXPLQiULDV UHIOH[LYDV FRP FRQWUROH GH
RIXVFDPHQWR DOpP GR XVR GH VLVWHPDV GH FRQWUROH GH RFXSDomR IRWRHOpWULFR RX
WHPSRUL]DGRUHV $OpP GLVVR SRGHVH DXPHQWDU R FRQIRUWR YLVXDO H UHGX]LU
FRQVLGHUDYHOPHQWHRFRQVXPRFRPDWpFQLFDGDLOXPLQDomRRULHQWDGDjWDUHIDTXH
SHUPLWH UHGX]LU D LOXPLQDomR GH IXQGR SDUD SDWDPDUHV VXILFLHQWHV DSHQDV SDUD D
FLUFXODomR
'D PHVPD IRUPD RV VLVWHPDV GH FRQGLFLRQDPHQWR WpUPLFR WDPEpP LQFOXHP
GHFLV}HVDVHUHPWRPDGDVSHORDUTXLWHWR$WUDYpVGDDQiOLVHELRFOLPiWLFDGRORFDO
GLVFXWLGDQRWHUFHLURFDStWXORRSURILVVLRQDOLGHQWLILFDDVSULQFLSDLVHVWUDWpJLDVD
VHUHP DGRWDGDV QR SURMHWR DUTXLWHW{QLFR FRP R LQWXLWR GH HVWDEHOHFHU FRQIRUWR
WpUPLFR $ YHQWLODomR QDWXUDO GLVFXWLGD FRP GHWDOKHV QR VH[WR FDStWXOR p D
HVWUDWpJLD TXH VH PRVWUD PDLV DGHTXDGD HP WRGR R %UDVLO MXQWDPHQWH DR
VRPEUHDPHQWR GLVFXWLGR FRP GHWDOKHV QR FDStWXOR VHJXLGD SHOD HVWUDWpJLD GH
LQpUFLDWpUPLFDFRPDTXHFLPHQWRVRODUSDUDFLGDGHVFRPFOLPDPDLVIULR0HVPR
DVVLPpLPSRUWDQWHTXHVHPDQWHQKDPGLVSRQtYHLVRVVLVWHPDVGHFRQGLFLRQDPHQWR
DUWLILFLDO (P FRQGLo}HV FOLPiWLFDV H[WUHPDV D QHFHVVLGDGH GH DTXHFLPHQWR
DUWLILFLDORXGHUHIULJHUDomRWDPEpPVHUiLQGLFDGDQDDQiOLVHELRFOLPiWLFD1HVWHV
FDVRVGHYHVHJDUDQWLUDHVWDQTXHLGDGHGDDUTXLWHWXUDHYLWDQGRLQILOWUDomRGHDUH
XWLOL]DU HTXLSDPHQWRV HILFLHQWHV GLVFXWLGRV QR FDStWXOR $R XVDU VLVWHPDV GH
UHIULJHUDomRRDUTXLWHWRGHYHVHSUHRFXSDUHPUHGX]LURPi[LPRSRVVtYHODFDUJD
WpUPLFDDWUDYpVGRVRPEUHDPHQWRGRSURMHWRDGHTXDGRGRHQYHORSHFRQVWUXWLYR
IHFKDPHQWRVRSDFRVHWUDQVSDUHQWHVHGRXVRGHFRUHVFODUDVQRH[WHULRU
&RPRDXPHQWRGDFRPSOH[LGDGHGRVSURMHWRVHDQHFHVVLGDGHGHLQWHJUDomRHQWUH
WRGDV DV YDULiYHLV KDYHUi D WHQGrQFLD DR XVR GD VLPXODomR SULQFLSDOPHQWH QR
VHWRU FRPHUFLDO H S~EOLFR RQGH D GHQVLGDGH GH RFXSDomR p PDLRU H R FRQIRUWR p
PXLWDVYH]HVREWLGRSHORVVLVWHPDVDUWLILFLDLV1HVWHFDVRRSURJUDPDGHVLPXODomR
HVFROKLGR GHYH LQWHJUDU RV FRQFHLWRV GH FRQIRUWR WpUPLFR H YLVXDO H R XVR GH
VLVWHPDVQDWXUDLVHDUWLILFLDLV
'HTXDOTXHUIRUPDRSURSyVLWRGHVWHOLYURpSDVVDURVFRQFHLWRVGHIRUPDREMHWLYD
SDUDTXHRDUTXLWHWRSRVVDDSOLFiORVQRVVHXVSURMHWRVDRPHQRVLQWXLWLYDPHQWH2
OLYURWDPEpPSHUPLWHTXHVHEXVTXHPDLRUDSURIXQGDPHQWRQRDVVXQWRDWUDYpVGD
JUDQGHOLVWDGHUHIHUrQFLDVLQGLFDGDVQRGHFRUUHUGRVFDStWXORVHGDWURFDGHLGpLDV
FRPRXWURVSURILVVLRQDLVTXDQGRQHFHVViULR

FDStWXOR352-(72'($548,7(785$%,2&/,07,&$
2 DUTXLWHWR VHQGR RFHQWUDOL]DGRU GRSURFHVVR GH SURMHWR p ILJXUD IXQGDPHQWDO

SRLVpIRQWHGDPDLRUSDUWHGDWRPDGDGHGHFLV}HVTXHLQIOXHQFLDPQRGHVHPSHQKR
ILQDO GR HGLItFLR e WDPEpP HOH TXH HTXDFLRQD FRPR D PLUtDGH GH YDULiYHLV VH
LQWHUUHODFLRQDGHIRUPDDID]HUGDDUTXLWHWXUDXPFRQMXQWRGHUHVSRVWDVDGHTXDGDV
D WRGDV DV QHFHVVLGDGHV GR XVXiULR IUHQWH jV FRQGLFLRQDQWHV ORFDLV DR SURJUDPD
DUTXLWHW{QLFR H jV QHFHVVLGDGHV IXWXUDV GH VXVWHQWDELOLGDGH H GH HILFLrQFLD
HQHUJpWLFD
2SURFHVVRGHSURMHWRSHUFXUVRDWUDYpVGRTXDODDUTXLWHWXUDYHPDVHUSULPHLUR
FRPRGHVHQKRHGHSRLVFRPRREUDp~QLFRDFDGDSURILVVLRQDOeMXVWDPHQWHGHVWD
XQLFLGDGHTXHYHPDSOXUDOLGDGHGHHVWLORVHGHVROXo}HVTXHSRGHPVHULJXDOPHQWH
DGHTXDGDVRXQmRDFDGDFDVR6mRQRLQtFLRHQRGHFRUUHUGRSURFHVVRGHSURMHWR
GR DUTXLWHWR TXH WRGDV DV YDULiYHLV HVWXGDGDV QHVWH OLYUR GHYHP SDUWLFLSDU FRPR
HOHQFRHPXPJUXSRPDLRUSRUpPHQWURVDGRGHUHVSRVWDVDRVGHVDILRVTXHID]HP
GDDUTXLWHWXUDXPDDUWHDSOLFDGD
2 FRQKHFLPHQWR GHVWDV YDULiYHLV H GH FRPR PDQLSXOiODV H FRQVLGHUiODV p
IXQGDPHQWDO DR DUTXLWHWR SDUD TXH HOH WULOKH R SURFHVVR GH FDGD SURMHWR
GLUHFLRQDQGR RV UHVXOWDGRV QD EXVFD GH PDLRU FRQIRUWR DPELHQWDO HILFLrQFLD
HQHUJpWLFDHVXVWHQWDELOLGDGH
1D )LJXUD VH SRGH YLVOXPEUDUXP HGLItFLRFRPHUFLDO FXMDFRQFHSomR FDPLQKD
QRVHQWLGRGDHILFLrQFLDHQHUJpWLFD5HVVDOWDVHTXHRQtYHOGHGHWDOKHVYDULDUiGH
DFRUGRFRPFDGDSURMHWR

)LJXUD$PELHQWHFRPHILFLrQFLDHQHUJpWLFD
6HDDUTXLWHWXUDDWXDOEXVFDUHVWHVFRQFHLWRVVHSRGHULDLPDJLQDURFUHVFLPHQWRGH
FLGDGHVFRPPHQRULPSDFWRDPELHQWDOQRSODQHWD

)LJXUD$UTXLWHWXUDDPELHQWDOPHQWHFRUUHWD
5()(51&,$6
$1((/$WODVGHHQHUJLDHOpWULFDGREUDVLO%UDVtOLD
+$// ( 7 $ GLPHQVmR RFXOWD /LYUDULD )UDQFLVFR $OYHV (GLWRUD 6$ 5LR GH
-DQHLUR5-
/$:5(1&( DQG %HUNHOH\/DERUDWRU\ $GYDQFHG /LJKWLQJ *XLGHOLQHV 8 6
'2(&(&(35,%HUNHOH\86$
3(5(,5$ ) 2 5 ,OXPLQDomR QDWXUDO QR DPELHQWH FRQVWUXtGR &XUVR PLQLVWUDGR
QR ,,, (QFRQWUR 1DFLRQDO H , (QFRQWUR /DWLQR$PHULFDQR GH &RQIRUWR QR $PELHQWH
&RQVWUXtGR*UDPDGR
5,9(525$UTXLWHWXUDHFOLPD(GLWRUDGD8QLYHUVLGDGH8)5*63RUWR$OHJUH
520(52 0 $ % 3ULQFtSLRV ELRFOLPiWLFRV SDUD R GHVHQKR XUEDQR D (GLomR
3UR(GLWRUHV6mR3DXOR
=(9,%$OLQJXDJHPPRGHUQDGDDUTXLWHWXUD3XEOLFDo}HV'RP4XL[RWH/LVERD
3RUWXJDO


5()(51&,$6%,%/,2*5),&$6

5()(51&,$6%,%/,2*5),&$6

$V VHJXLQWHV UHIHUrQFLDV IRUDP FLWDGDV QR OLYUR H VmR VXJHULGDV FRPR IRQWHV GH
SHVTXLVDSDUDDSURIXQGDPHQWRQRVFRQFHLWRVDTXLGLVFXWLGRV

$%171%5$FHVVLELOLGDGHDHGLILFDo}HVPRELOLiULRHVSDoRVHHTXLSDPHQWRV
XUEDQRV6HJXQGDHGLomR5LRGH-DQHLUR
$%17 1%5 'HVHPSHQKR WpUPLFR GH HGLILFDo}HV 3DUWH 'HILQLo}HV
VtPERORVHXQLGDGHV
$%17 1%5 'HVHPSHQKR WpUPLFR GH HGLILFDo}HV 3DUWH 0pWRGRV GH
$%17 1%5 'HVHPSHQKR WpUPLFR GH HGLILFDo}HV 3DUWH =RQHDPHQWR
LQWHUHVVHVRFLDO
$%17 1%5 'HVHPSHQKR WpUPLFR GH HGLILFDo}HV 3DUWH 0HGLomR GD
UHVLVWrQFLD WpUPLFD H GD FRQGXWLYLGDGH WpUPLFD SHOR SULQFtSLR GD SODFD TXHQWH
SURWHJLGD
$%17 1%5 'HVHPSHQKR WpUPLFR GH HGLILFDo}HV 3DUWH 0HGLomR GD
UHVLVWrQFLDWpUPLFDHGDFRQGXWLYLGDGHWpUPLFDSHORPpWRGRIOX[LPpWULFR
$%171%5,OXPLQDomR1DWXUDO3DUWH&RQFHLWRVEiVLFRVHGHILQLo}HV
$%171%5,OXPLQDomR1DWXUDO3DUWH3URFHGLPHQWRVGHFiOFXORSDUDD
HVWLPDWLYDGDGLVSRQLELOLGDGHGHOX]QDWXUDO
$%17 1%5 ,OXPLQDomR 1DWXUDO 3DUWH 3URFHGLPHQWR GH FiOFXOR SDUD D
$%17 1%5 ,OXPLQDomR 1DWXUDO 3DUWH 9HULILFDomR H[SHULPHQWDO GDV
FRQGLo}HVGHLOXPLQDomRLQWHUQDGHHGLILFDo}HV0pWRGRGHPHGLomR
$%171%5,OXPLQkQFLDGHLQWHULRUHV
FRQVHUYDWLRQDQGSHDNORDGUHGXFWLRQLQWKHUHVLGHQWLDOVHFWRURI%UD]LO,Q(QHUJ\
(OVHYLHU6FLHQFH/WG
$0621(,7 : 7$6&+(1 % &RQWHPSRUDU\ HXURSHDQ DUFKLWHFWV 9RO %HQHGLNW
7DVFKHQ*HUPDQ\
$1$/<6,6%,2 YHUVmR 3URJUDPD $QDO\VLV%,2 PyGXOR ELRFOLPDWRORJLD
/DERUDWyULR GH (ILFLrQFLD (QHUJpWLFD HP (GLILFDo}HV 8QLYHUVLGDGH )HGHUDO GH 6DQWD
&DWDULQD )ORULDQySROLV 'LVSRQtYHO SDUD GRZQORDG HP KWWSZZZODEHHHXIVFEU
$FHVVRHPIHY
$1$/<6,662/$53URJUDPDTXHFRQIHFFLRQDFDUWDVVRODUHVSDUDTXDOTXHUODWLWXGH
HURVDGRVYHQWRVSDUDDVFLGDGHVTXHSRVVXHPDUTXLYRFOLPiWLFRKRUiULR/DERUDWyULR
GH (ILFLrQFLD (QHUJpWLFD HP (GLILFDo}HV 8QLYHUVLGDGH )HGHUDO GH 6DQWD &DWDULQD
GLVSRQtYHO
HP
KWWSZZZODEHHHXIVFEUGRZQORDGVVRIWZDUHVDQDO\VLVVRODU
DFHVVRHPRXWXEUR

$1'(5621 % :HOOV 0 3DVVLYH VRODU HQHUJ\ %ULFN +RXVH 3XEOLVKLQJ &R
0DVVDFKXVHWWV86$
$1((/$WODVGHHQHUJLDHOpWULFDGREUDVLO%UDVtOLD
$1781(6 % 3RU XPD QRYD DWLWXGH LQ $UTXLWHWXUD 8UEDQLVPR (GLomR
MXQKRGH3,1,6mR3DXORSSH
$32/8; 9 B-$1B 3URJUDPD SDUD FiOFXOR GH LOXPLQDomR QDWXUDO D SDUWLU GD
XWLOL]DomR GH GRLV PyGXORV )UDFWDO H )2721 DSUHVHQWDQGR LPDJHQV VHPLUHDOLVWDV
JUiILFRVGHLOXPLQkQFLDHGHOXPLQkQFLDDOpPGHSODQLOKDVQXPpULFDVFRPYiULRVGDGRV
SDUD SyVSURFHVVDPHQWR 'LVSRQtYHO HP KWWSZZZODEFRQXIVFEUIRWRQ DFHVVR
HP-DQHLURGH
$52=7(*8,-0'HVHPSHQKR7pUPLFRGH-DQHODV&DGHUQR7pFQLFR&XUVRGH3yV
*UDGXDomRHP(QJHQKDULD&LYLOGD8)5*63RUWR$OHJUH56
$53/86 &RROLQJ WRZHUV LQ 7KH $UFKLWHFWXUDO 5HYLHZ QR -DQXDU\
$53/86 5HYROWLQJ 6XEXUEV LQ 7KH $UFKLWHFWXUDO 5HYLHZ QR -XQH
$6+5$($16,$6+5$(6WDQGDUG7KHUPDOHQYLURQPHQWDOFRQGLWLRQVIRU
KXPDQRFFXSDQF\$PHULFDQ6RFLHW\RI+HDWLQJ5HIULJHUDWLQJDQG$LU&RQGLWLRQLQJ
(QJLQHHUV,QF$WODQWD(8$
$6+5$( 67$1'$5' (QHUJ\ VWDQGDUG IRU EXLOGLQJV H[FHSW ORZULVH
UHVLGHQWLDOEXLOGLQJV6,(GLWLRQ$16,$SSURYHG,(61$&RVSRQVRUHG'LVSRQtYHOHP
KWWSZZZDVKUDHRUJ
$6+5$( +DQGERRN RI )XQGDPHQWDOV $PHULFDQ 6RFLHW\ RI +HDWLQJ 5HIULJHUDWLQJ
DQG$LU&RQGLWLRQLQJ(QJLQHHUV1HZ<RUN86$
$8/,&,(06 $ 6]RNROD\ 6 9 7KHUPDO FRPIRUW 3/($ 127(6 3DVVLYH DQG /RZ
(QHUJ\$UFKLWHFWXUH,QWHUQDWLRQDO7KH8QLYHUVLW\RI4XHHQVODQG%ULVEDQH
%,&&$ 3 $UTXLWHWR D PiVFDUD H D IDFH 3URMHWR (GLWRUHV $VVRFLDGRV 6mR 3DXOR
63
%,77(1&2857 / 8VR GDV FDUWDV VRODUHV GLUHWUL]HV SDUD DUTXLWHWRV (GLomR
('8)$/0DFHLyS
%,77(1&2857/ &kQGLGR &,QWURGXomR j YHQWLODomR QDWXUDO ('8)$/0DFHLy
S
%2(6,*(5:*,56%(5*(5+/HFRUEXVLHU(GLWRULDO*XVWDYR*LOL6$
%DUFHORQD
%2*2 $ 3LHWURERQ & ( %DUERVD 0 - *RXODUW 6 9 * 3LWWD 7 /DPEHUWV 5
%LRFOLPDWRORJLDDSOLFDGDDRSURMHWRGHHGLILFDo}HVYLVDQGRRFRQIRUWRWpUPLFR
5HODWyULR ,QWHUQR QR 1~FOHR GH 3HVTXLVD HP &RQVWUXomR 8)6& )ORULDQySROLV
6&
%25*13URPLVLQJDUWLILFLDOVXQOLJKWLQDKLJKO\HIILFLHQWZD\,Q,QWHUQDWLRQDO
$VVRFLDWLRQIRU(QHUJ\(IILFLHQW/LJKWLQJ,$((/1HZVOHWWHUQRYRO

5()(51&,$6%,%/,2*5),&$6
%5$6,/ %DODQoR HQHUJpWLFR QDFLRQDO DQR EDVH 0LQLVWpULR GH 0LQDV H
(QHUJLD(PSUHVDGH3HVTXLVD(QHUJpWLFD5LRGH-DQHLURS
%5$6/,$'LVWULWR)HGHUDOD'HFUHWR/HL'LVS}HVREUHD3ROtWLFD1DFLRQDO
GH &RQVHUYDomR H 8VR 5DFLRQDO GH (QHUJLD H Gi RXWUDV SURYLGrQFLDV 'LVSRQtYHO HP
KWWSZZZSODQDOWRJRYEU
%5$6/,$'LVWULWR)HGHUDOE'HFUHWR/HL5HJXODPHQWDD/HLQGH
GH 2XWXEUR GH TXH GLVS}H VREUH D 3ROtWLFD 1DFLRQDO GH &RQVHUYDomR H 8VR
5DFLRQDOGH(QHUJLDHGiRXWUDVSURYLGrQFLDV
&$%6 5 D 7URSOX[ XP VRWDTXH WURSLFDO QD VLPXODomR GD OX] QDWXUDO HP
HGLILFDo}HVLQ(1&$&(/$/$&0DFHLySS
&$%6 5 E 9DOLGDomR GR SURJUDPD 7URSOX[ LQ (1&$&(/$/$& 0DFHLy
SS
&$5$050&DUDFWHUL]DomRyWLFDGHPDWHULDLVWUDQVSDUHQWHVHVXDUHODomRFRP
RFRQIRUWRDPELHQWDOHPHGLILFDo}HV7HVHGH'RXWRUDGR8QLFDPS&DPSLQDV63
&$6752),/+2-5HWLURWDJDVWHXPDDUTXLWHWXUDSDUDDDPD]{QLDLQ3URMHWR
(GLomRDEULOGH3URMHWR(GLWRUHV$VVRFLDGRV/WGD6mR3DXORSS
&(1752 %5$6,/(,52 '( (),&,1&,$ (1(5*e7,&$ (0 (',),&$d(6 &%( 8QLYHUVLGDGH
)HGHUDO
GH
6DQWD
&DWDULQD
)ORULDQySROLV
'LVSRQtYHO
HP
KWWSFEHXIVFEUHWLTXHWDJHP$FHVVRHPRXWXEUR
&,%6( 6XPPHUWLPH WHPSHUDWXUHV LQ EXLOGLQJV &,%6( *8,'( 6HFWLRQ $ 7KH
&KDUWHUHG,QVWLWXWLRQRI%XLOGLQJ6HUYLFHV/RQGRQ
&/$52$3(5(,5$)25/('25DIDHO=$32/8;$Q,QQRYDWLYH&RPSXWHU
&RGH IRU 'D\OLJKW 'HVLJQ DQG $QDO\VLV LQ $UFKLWHFWXUH DQG 8UEDQLVP ,Q WK
,QWHUQDWLRQDO ,%36$ &RQIHUHQFH 0RQWUHDO 3URFHHGLQJV RI %XLOGLQJ 6LPXODWLRQ
0RQWUHDO,%36$Y~QLFRS
&/,0$7( &RQVXOWDQW YHUVmR GH DJRVWR GH 3URJUDPD &OLPDWH &RQVXOWDQW 8&/$
'HSDUWPHQW RI $UFKLWHFWXUH DQG 8UEDQ 'HVLJQ /RV $QJHOHV (8$ 'LVSRQtYHO SDUD
GRZQORDG HP KWWSZZZDXGXFODHGXHQHUJ\GHVLJQWRROV $FHVVR HP IHY

&2//( 6 3HUHLUD ( % $WODV GH LUUDGLDomR VRODU GR EUDVLO D YHUVmR SDUD
LUUDGLDomR JOREDO GHULYDGD GH VDWpOLWH H YDOLGDGD QD VXSHUItFLH ,10(7 ,QVWLWXWR
1DFLRQDO GH 0HWHRURORJLD /$%62/$5 /DERUDWyULR GH (QHUJLD 6RODU (0&8)6&
%UDVtOLD')
&200,66,21RIWKH(XURSHDQ&RPPXQLWLHV(QHUJ\FRQVFLRXVGHVLJQDSULPHUIRU
DUFKLWHFWV%7%DWVIRUG/WG/RQGRQ8.
&25%(//$ 2 <DQQDV 6 (P EXVFD GH XPD DUTXLWHWXUD VXVWHQWiYHO SDUD RV
WUySLFRVFRQIRUWRDPELHQWDO5HYDQ5LRGH-DQHLUR
&81+$ * 5 3LUHV - / ) 3DVLQDWR $ 8PD GLVFXVVmR VREUH R FRQFHLWR GH
KD]DUGVHRFDVRGRIXUDFmRFLFORQHFDWDULQD'RFXPHQWRV2QOLQH(PEUDSD0LQLVWpULR
GD
$JULFXOWXUD
3HFXiULD
H
$EDVWHFLPHQWR
'LVSRQtYHO
HP
KWWSZZZFQSWHPEUDSDEUELEOLRGRSBGRSGI DFHVVR HP GH RXWXEUR GH


'($1'5$'(/06$JHQGD9HUGH[$JHQGD0DUURP,QH[LVWrQFLDGH3ULQFtSLRV

(FROyJLFRVSDUDR'HVHQKRGH$VVHQWDPHQWRV8UEDQRV'LVVHUWDomR%UDVtOLDS
'( $66,6 ( 6 $ DERUGDJHP GR FOLPD XUEDQR H DSOLFDo}HV QR SODQHMDPHQWR GD
FLGDGH UHIOH[}HV VREUH XPD WUDMHWyULD LQ 9,,, (QFRQWUR 1DFLRQDO H ,9 (QFRQWUR
/DWLQR$PHULFDQR6REUH&RQIRUWRQR$PELHQWH&RQVWUXtGR0DFHLy$/SS
'($5 5 GH +XPDQ KHDW EDODQFH $WPRVSKHULF 6FLHQFH 0DFTXDULH 8QLYHUVLW\
6\GQH\ 'LVSRQtYHO HP KWWSDWPRVHVPTHGXDXaUGHGHDUSPY! DFHVVR HP
GHMXOKRGH
'(3$57$0(172 1DFLRQDO GH 0HWHRURORJLD 1RUPDLV &OLPDWROyJLFDV
0LQLVWpULRGD$JULFXOWXUDH5HIRUPD$JUiULD%UDVtOLD')
'(6.7235$',$1&(,QWHUIDFHSDUDRSURJUDPD5DGLDQFHSDUDXVXiULRVGRVLVWHPD
RSHUDFLRQDO :LQGRZV 'LVSRQtYHO HP KWWSUDGVLWHOEOJRYGHVNUDGGUDG+20(KWPO
DFHVVRHP-DQHLURGH
',$/8; 3URJUDPD GH VLPXODomR GH LOXPLQDomR QDWXUDO H DUWLILFLDO FRP
UHQGHUL]DomR
IRWRUUHDOLVWD
',$/
*0%+
*HUPDQ\
'LVSRQtYHO
HP
KWWSZZZGLDOGH',$/HQGLDOX[LQWHUQDWLRQDOGRZQORDGKWPO
DFHVVR
HP
RXWXEUR
'8)),( - $ %HFNPDQ : $ 6RODU HQJLQHHULQJ RI WKHUPDO SURFHVVHV HG
-RKQ:LOH\DQG6RQV1HZ<RUN86$
'875$ / 8PD PHWRGRORJLD SDUD D GHWHUPLQDomR GR IDWRU VRODU GHVHMiYHO HP
DEHUWXUDV 'LVVHUWDomR GH 0HVWUDGR &XUVR GH 3yV*UDGXDomR HP (QJHQKDULD &LYLO
8QLYHUVLGDGH)HGHUDOGH6DQWD&DWDULQD)ORULDQySROLV
(/(752%56$YDOLDomRGRPHUFDGRGHHILFLrQFLDHQHUJpWLFDQR%UDVLOSHVTXLVDGH
SRVVH GH HTXLSDPHQWRV H KiELWRV GH XVR DQR EDVH FODVVH UHVLGHQFLDO
(OHWUREUDV

'LVSRQtYHO
HP
')'$FHVVRHPRXWXEUR
(/(75268/ &HQWUDLV (OpWULFDV 6$ 3URMHWR FDVD HILFLHQWH 'LVSRQtYHO HP
KWWSZZZHOHWURVXOJRYEUFDVDHILFLHQWHEUKRPHLQGH[SKS DFHVVR HP GH
RXWXEURGH
(035(6$ '( 3(648,6$ (1(5*e7,&$ (3( %DODQoR HQHUJpWLFR QDFLRQDO DQR EDVH

5LR
GH
-DQHLUR
(3(

'LVSRQtYHO
HP
KWWSVEHQHSHJRYEUGRZQORDGV5HODWRULRB)LQDOB%(1BSGI
$FHVVR
HP
RXWXEUR
(63 0DULDQR 9iVTXH] 8QD EUHYtVVLPD KLVWRULD GH OD DUTXLWHFWXUD VRODU LQ
&LXGDGHVSDUDXP)XWXUR0iV6RVWHQLEOH%ROHWLP&)61~PHUR,QVWLWXWR-XDQGH
+HUUHUD
0DGULG
(VSDxD
'LVSRQtYHO
HP
KWWSKDELWDWDTXSPHVEROHWLQQDPYD]KWPO$FHVVRHPIHY

5()(51&,$6%,%/,2*5),&$6
(8523($1&RPPLVVLRQ'LUHFWRUDWH*HQHUDO)RU(QHUJ\'D\OLJKWLQJLQEXLOGLQJV

(QHUJ\ 5HVHDUFK *URXS 6FKRRO RI $UFKLWHFWXUH 8QLYHUVLW\ &ROOHJH 'XEOLQ 5LFKYLHZ
&ORQVNHDJK'XEOLQ,UHODQG
(9$16-06FKLOOHU6'LVHxRELRDPELHQWDO\DUTXLWHFWXUDVRODUHG6pULHGH
(GLFLRQHV3UpYLDV)DFXOWDGGH$UTXLWHFWXUD\8UEDQLVPR%XHQRV$LUHV$UJHQWLQD
(9$16 0 6FKLOOHU 6 'LVHQR %LRDPELHQWDO \ $UTXLWHFWXUD 6RODU 8QLYHUVLGDG GH
%XHQRV$LUHV6HULH(GLFLRQHV3UHYLDVQ
)$&8/7$' GH &LrQFLDV )tVLFDV \ 0DWHPiWLFDV &ODVLILFDFLyQ GHO FOLPD VHJ~Q
.|SSHQ
6DQWLDJR
&KLOH
'LVSRQtYHO
HP
KWWSZZZDWPRVIHUDFO+70/FOLPDWRORJLDNRSSHQKWP$FHVVRHPIHY
)$1*(5 3 2 7KHUPDO FRPIRUW DQDO\VLV DQG DSSOLFDWLRQV LQ HQYLURQPHQWDO
HQJLQHHULQJ0F*UDZ+LOO1HZ<RUN86$
)(55(,5$$XUpOLR%XDUTXHGH+RODQGD'LFLRQiULRDXUpOLRHOHWU{QLFRVpFXOR;;,
1RYD)URQWHLUD
)216(&$05'HVHQKRVRODU(G3URMHWR,$%%DKLD
)527$ $ % 6FKLIIHU 6 5 0DQXDO GH FRQIRUWR WpUPLFR (GLWRUD 1REHO 6mR
3DXOR63
*+,6, ( 0HOKRULD QR FRQIRUWR WpUPLFR GH HGLILFDo}HV 5HODWyULR GH %ROVD GH
,QLFLDomR&LHQWtILFD&13T)ORULDQySROLV6&
*,921, % &RPIRUW FOLPDWH DQDO\VLV DQG EXLOGLQJ GHVLJQ JXLGHOLQHV LQ (QHUJ\
DQG%XLOGLQJYROMXO\SS
*21=$/(= ( +LQ] ( 2WHL]D 3 4XLURV & 3UR\HWR FOLPD \ DUTXLWHFWXUD
(GLFLRQHV*XVWDYR*LOL6$0p[LFR
*28/$57 6 9 * %DUERVD 0 - 3LHWURERQ & ( %RJR $ 3LWWD 7
%LRFOLPDWRORJLD DSOLFDGD DR SURMHWR GH HGLILFDo}HV YLVDQGR R FRQIRUWR WpUPLFR
5HODWyULR ,QWHUQR QR 1~FOHR GH 3HVTXLVD HP &RQVWUXomR 8)6& )ORULDQySROLV
6&
*28/$57 6 9 * /DPEHUWV 5 $(7 Q /HYDQWDPHQWR GD H[SHULrQFLD
LQWHUQDFLRQDO H[SHULrQFLDHXURSpLD 5HODWyULR ,QWHUQR GR /DERUDWyULRGH (ILFLrQFLD
(QHUJpWLFDHP(GLILFDo}HV/DE(((8QLYHUVLGDGH)HGHUDOGH6DQWD&DWDULQD
)ORULDQySROLV
*28/$57 69* /DPEHUWV 5 )LUPLQR 6 'DGRV FOLPiWLFRV SDUD SURMHWR H
DYDOLDomR HQHUJpWLFD GH HGLILFDo}HV SDUD FLGDGHV EUDVLOHLUDV 1~FOHR HP 3HVTXLVD
HP&RQVWUXomR8)6&)ORULDQySROLV
+$// ( 7 $ GLPHQVmR RFXOWD /LYUDULD )UDQFLVFR $OYHV (GLWRUD 6$ 5LR GH
-DQHLUR5-
+$:.(6 ' )RUVWHU : $UFKLWHFWXUH HQJLQHHULQJ DQG HQYLURQPHQW /DZUHQFH
.LQJ3XEOLVKLQJ/RQGRQ
++3 +RFNHUWRQ KRXVLQJ SURMHFW +RFNHUWRQ (QJODQG 'LVSRQtYHO HP
KWWSZZZKRFNHUWRQKRXVLQJSURMHFWRUJXNDFHVVRHPGHRXWXEURGH
+286( RI 5HSUHVHQWDWLYHV 6HQDWH (QHUJ\ SROLF\ DFW RI IHGHUDO SURJUDPV
S'LVSRQtYHOHPKWWSZZZIVHFXFIHGXHSDFWKWP

+803+5(<6 0 $ )LHOG VWXGLHV RI WKHUPDO FRPIRUW FRPSDUHG DQG DSSOLHG LQ
%XLOGLQJ5HVHDUFK(VWDEOLVKPHQW&XUUHQW3DSHU:DWIRUW8.
,%*(0DSDGRVFOLPDVGR%UDVLOKWWSPDSDVLEJHJRYEU
,10(752 3URJUDPD EUDVLOHLUR GH HWLTXHWDJHP 'LVSRQtYHO
KWWSZZZLQPHWURJRYEUFRQVXPLGRUSEHDVS$FHVVRHPIHY
HP
,167,7872/LQD %R H 30 %DUGL -RmRILOJXHLUDV OLPD OHOp (GLWRULDO %ODX /GD
/LVERDSS
,167,7872 1DFLRQDO GH 0HWHRURORJLD 1RUPDLV &OLPDWROyJLFDV
0LQLVWpULRGD$JULFXOWXUD5LRGH-DQHLUR5-
,17(51$7,21$/ 2UJDQL]DWLRQ IRU 6WDQGDUGL]DWLRQ ,62 (UJRQRPLFV RI WKH
WKHUPDO HQYLURQPHQW LQVWUXPHQWV IRU PHDVXULQJ SK\VLFDO TXDQWLWLHV *HQHYD
6ZLW]HUODQG'LVSRQtYHOHPKWWSZZZLVRFK!DFHVVRHPRXWXEUR
WKHUPDO HQYLURQPHQW $QDO\WLFDO GHWHUPLQDWLRQ DQG LQWHUSUHWDWLRQ RI WKHUPDO
FRPIRUW XVLQJ FDOFXODWLRQ RI WKH 309 DQG 33' LQGLFHV DQG ORFDO WKHUPDO FRPIRUW
FULWHULD *HQHYD 6ZLW]HUODQG 'LVSRQtYHO HP KWWSZZZLVRFK! DFHVVR HP
RXWXEUR
-21(6'/$UFKLWHFWXUHDQGWKHHQYLURQPHQWELRFOLPDWLFEXLOGLQJGHVLJQ7KH
2YHUORRN3UHVV1HZ<RUN86$
.2(1,*6%(5*(5 2 + ,QJHUVROO 7* 0D\KHZ $ 6]RNROD\ 69 9LYLHQGDV \
HGLILFLRVHQ]RQDVFDOLGDV\WURSLFDOHVHG3DUDQLQIR6SDLQ
.25+21(1
.

7KH
LJUIDSSOHW
KRPHSDJH
KWWSZZZDYDIPLIL0$*1LJUI$FHVVRHPRXWXEUR
'LVSRQtYHO
HP
/$%$., / & &DUDP 5 0 2V YLGURV H R FRQIRUWR DPELHQWDO LQ ,,, (QFRQWUR
1DFLRQDO H , (QFRQWUR /DWLQR$PHULFDQR GH &RQIRUWR QR $PELHQWH &RQVWUXtGR
*UDPDGR56SS
/$%((( 5HJXODPHQWR 7pFQLFR GD 4XDOLGDGH SDUD R 1tYHO GH (ILFLrQFLD (QHUJpWLFD
GH (GLILFDo}HV 5HVLGHQFLDLV (ODERUDGR SHOR /DERUDWyULR GH (ILFLrQFLD (QHUJpWLFD HP
(GLILFDo}HV 8QLYHUVLGDGH )HGHUDO GH 6DQWD &DWDULQD )ORULDQySROLV 'LVSRQtYHO HP
KWWSZZZODEHHHXIVFEUSURMHWRVHWLTXHWDJHPUHVLGHQFLDOGRZQORDGV
/$%(((5HTXLVLWRV7pFQLFRVGD4XDOLGDGHSDUDR1tYHOGH(ILFLrQFLD(QHUJpWLFDGH
(GLItFLRV&RPHUFLDLVGH6HUYLoRVH3~EOLFRV(ODERUDGRSHOR/DERUDWyULRGH(ILFLrQFLD
(QHUJpWLFD HP (GLILFDo}HV 8QLYHUVLGDGH )HGHUDO GH 6DQWD &DWDULQD )ORULDQySROLV
'LVSRQtYHO
HP
KWWSZZZODEHHHXIVFEUSURMHWRVHWLTXHWDJHPFRPHUFLDOGRZQORDGV
/DE62/$51&76'HSDUWDPHQWRGH(QJHQKDULD0HFkQLFD8QLYHUVLGDGH)HGHUDOGH
6DQWD &DWDULQD )ORULDQySROLV 'LVSRQtYHO HP KWWSZZZODEVRODUXIVFEU! $FHVVR
HPIHY
/$0%(576 5 7ULDQD 0 $ 7HFQRORJLDV SDUD FRQVWUXomR KDELWDFLRQDO PDLV
VXVWHQWiYHO 5HODWyULR Q~PHUR (VWDGR GD $UWH FDSLWXOR (QHUJLD 3URMHWR ),1(3
6mR3DXOR
/$:5(1&( DQG %HUNHOH\/DERUDWRU\ $GYDQFHG /LJKWLQJ *XLGHOLQHV 8 6
'2(&(&(35,%HUNHOH\86$
/(&+1(51 +HDWLQJ FRROLQJ OLJKWLQJ GHVLJQ PHWKRGV IRU DUFKLWHFWV QG HG
-RKQ:LOH\ 6RQV86$

5()(51&,$6%,%/,2*5),&$6
/20%$5'2 0 $ 4XHYHGR 1HWR 3 6 7UDQVIRUPDomR GD SDLVDJHP QD iUHD GH
WUDQVLomRXUEDQRUXUDOUHSHUFXVV}HVVREUHRFOLPDXUEDQRLQ9,(QFRQWUR1DFLRQDOH
,,, (QFRQWUR /DWLQR$PHULFDQR VREUH &RQIRUWR QR $PELHQWH &RQVWUXtGR 6mR 3HGUR
63SS"""""
/8; 3URJUDPD GH FiOFXOR GD GLVWULEXLomR GR )DWRU GH /X] 'LXUQD QXP DPELHQWH
LQWHUQRGRFRQVXPRGHHQHUJLDHOpWULFDSDUDFRPSOHPHQWRGDOX]QDWXUDO/DERUDWyULR
GH &RQIRUWR $PELHQWDO H (ILFLrQFLD (QHUJpWLFD GD )$8863 /$%$87 'LVSRQtYHO HP
DFHVVR
KWWSZZZXVSEUIDXSHVTXLVDODERUDWRULRVODEDXWFRQIRUWRLQGH[KWPO
HP-DQHLURGH
$XWRULD
GH
0DXUtFLR
5RUL]
'LVSRQtYHO
HP
DFHVVR
HP
RXWXEUR
0F&/81(< : 5 7KH EHQHILWV RI XVLQJ ZLQGRZ VKDGHV LQ $6+5$( -RXUQDO
1RYHPEHUSS
0(<+g)(5 ' &RQWHPSRUDU\ HXURSHDQ DUFKLWHFWV 9RO %HQHGLNW 7DVFKHQ
*HUPDQ\
0217(,52&$)0HQGRQoD)&OLPDXUEDQR&RQWH[WR6mR3DXOR
1$7,21$/*(23+<6,&$/'$7$&(17(51*'&(VWLPDWHG9DOXHRI0DJQHWLF'HFOLQDWLRQ
'LVSRQtYHO HP KWWSZZZQJGFQRDDJRYJHRPDJPRGHOVVWUXWVFDOF'HFOLQDWLRQ
$FHVVRHPRXWXEUR
2/*<$<9&OLPD\DUTXLWHFWXUDHQ&RORPELD8QLYHUVLGDGGHO9DOOH)DFXOWDGGH
$UTXLWHFWXUD&DOL&RORPELD
2/*<$< 9 2OJ\D\ $ 6RODU FRQWURO VKDGLQJ GHYLFHV 3ULQFHWRQ 8QLYHUVLW\
3UHVV3ULQFHWRQ86$
3(5(,5$ ) 2 5 /X] VRODU GLUHWD 7HFQRORJLD SDUD PHOKRULD GR DPELHQWH
OXPtQLFR H HFRQRPLD GD HQHUJLD QD HGLILFDomR LQ ,, (QFRQWUR 1DFLRQDO GH &RQIRUWR
QR$PELHQWH&RQVWUXtGR)ORULDQySROLV6&SS
3(5(,5$ ) 2 5 ,OXPLQDomR QDWXUDO QR DPELHQWH FRQVWUXtGR &XUVR PLQLVWUDGR
QR ,,, (QFRQWUR 1DFLRQDO H , (QFRQWUR /DWLQR$PHULFDQR GH &RQIRUWR QR $PELHQWH
&RQVWUXtGR*UDPDGR
3(5(,5$ )25 6KDUSOHV 6 7KH GHYHORSPHQW RI D GHYLFH IRU PHDVXULQJ VRODU
KHDW JDLQ DQG VKDGLQJ FRHIILFLHQWV RI ZLQGRZV LQ VFDOH PRGHOV LQ (QHUJ\ DQG
%XLOGLQJV9ROSS
32572605LEHLUR0(8PFHQWURTXHDSURYHLWDRSRWHQFLDOGDPDGHLUDLQ
3URMHWR(GLomRVHWHPEURGH3URMHWR(GLWRUHV$VVRFLDGRV/WGD6mRSDXOR
SS
5$',$1&( 3URJUDPD GH VLPXODomR GH LOXPLQDomR QDWXUDO H DUWLILFLDO FRP
UHQGHUL]DomR
IRWRUUHDOLVWD
'LVSRQtYHO
HP
KWWSUDGVLWHOEOJRYUDGLDQFH+20(KWPODFHVVRHPRXWXEUR
5$021)5RSDVXGRU\DUFKLWHFWXUDV+%OXPH(GLFLRQHV0DGULG(VSDQKD

5(/8;3URJUDPDGHVLPXODomRGHLOXPLQDomRQDWXUDOHDUWLILFLDOFRPUHQGHUL]DomR

IRWRUUHDOLVWD 5HOX[ /LJKW VLPXODWLRQ 7RROV 6ZLW]HUODQG 'LVSRQtYHO HP
KWWSZZZUHOX[EL]DFHVVRHPRXWXEUR
5,9(525$UTXLWHWXUDHFOLPD'&/X]]DWWR(GLWRUHV/WGD3RUWR$OHJUH
52$)6)XHQWHV07KRPDV6(FRKRXVHDGHVLJQJXLGH$UFKLWHFWXUDO3UHVV
2[IRUG8.
520(52 0 $ % 3ULQFtSLRV ELRFOLPiWLFRV SDUD R GHVHQKR XUEDQR D (GLomR
3UR(GLWRUHV6mR3DXOR
520(52 0 $ % $ DUTXLWHWXUD ELRFOLPiWLFD GR HVSDoR S~EOLFR (GLWRUD
8QLYHUVLGDGHGH%UDVtOLD%UDVtOLD,6%1
58'2)6.< % $UFKLWHFWXUH ZLWKRXW DUFKLWHFWV D VKRUW LQWURGXFWLRQ WR QRQ
SHGLJUHHGDUFKLWHFWXUHWKLPSUHVLyQ$FDGHP\(GLWLRQV/RQGRQ
6&$5$==$72366RIWZDUH'/1IHUUDPHQWDSDUDDDYDOLDomRGDGLVSRQLELOLGDGH
GH OX] QDWXUDO FRPR UHFXUVR DX[LOLDU QR GHVHQYROYLPHQWR GH SURMHWRV GH DUTXLWHWXUD
/DEDXW /DERUDWyULR GH &RQIRUWR $PELHQWDO H (ILFLrQFLD (QHUJpWLFD )DFXOGDGH GH
$UTXLWHWXUD H 8UEDQLVPR 8QLYHUVLGDGH GH 6mR 3DXOR 'LVSRQtYHO HP
KWWSZZZXVSEUIDXSHVTXLVDBVQODERUDWRULRVODEDXWFRQIRUWRFRQIRUWRKWPO!
DFHVVRHPGHMXOKRGH
6+(/7(53XEOLFDWLRQV6KHOWHU&DOLIRUQLD(8$
6+8.8<$0 .LPXUD.3DVVLYHPHWKRGWRGHWHUPLQHVKDGLQJFRHIILFLHQWXVLQJ
WZRQDWXUDOO\YHQWLODWHGDQGWUDQVSDUHQWER[HVLQ$6+5$(7UDQVDFWLRQV9RO
SS
6,13+$ 6LVWHPD GH LQIRUPDo}HV GH SRVVHV GH HOHWURGRPpVWLFRV H KiELWRV GH
FRQVXPR9HUVmR1~FOHRGH(VWDWtVWLFD3URILVVLRQDO38&5LRGH-DQHLUR
61<'(5-&&DWDQHVH$,QWURGXomRjDUTXLWHWXUD(GLWRUD&DPSXV/WGD5LR
GH-DQHLUR5-
648$5(2QH5HVHDUFK &RPIRUWFDOFXODWRU,626TXDUH2QH5HVHDUFK
&DUGLII8.'LVSRQtYHOHPZZZVTXFRP!DFHVVRHPGHMXOKRGH
648$5(2QH5HVHDUFK3097RRO6TXDUH2QH5HVHDUFK&DUGLII8.'LVSRQtYHOHP
ZZZVTXFRP!DFHVVRHPGHMXOKRGH
6=2.2/$<69(QYLURQPHQWVFLHQFHKDQGERRNIRUDUFKLWHFWVDQGEXLOGHUV7KH
&RQVWUXFWLRQ3UHVV/WGD/DQFDVWHU8.
6=2.2/$<697KHUPDO GHVLJQ RIEXLOGLQJV5$,$(GXFDWLRQ 'LYLVLRQ5HG+LOO
$XVWUiOLD
6=2.2/$<66RODUJHRPHWU\3DVVLYHDQG/RZ(QHUJ\$UFKLWHFWXUH,QWHUQDWLRQDO
'HVLJQ7RROVDQG7HFKQLTXHV7KH8QLYHUVLW\RI4XHHQVODQG%ULVEDQH$XVWUiOLDS
7+(:($7+(57RROYHUVmR3URJUDPD7KH:HDWKHU7RRO6TXDUH2QH5HVHDUFK37<
/7' &DUGLI 8QLYHUVLW\ &DUGLII :DOHV 'LVSRQtYHO SDUD GRZQORDG HP
KWWSZZZVTXFRP!$FHVVRHPIHY
7523/8;3URJUDPDSDUDDYDOLDomRGDLOXPLQDomRQDWXUDOHPDPELHQWHFRQVWUXtGR
DGHTXDGR
j
UHDOLGDGH
GRV
WUySLFRV
'LVSRQtYHO
HP
KWWSZZZFWHFXIDOEUJUXSRSHVTXLVDJULOXLQGH[BDUTXLYRV3DJHKWP DFHVVR
HP-DQHLURGH
9,7589,20//RVGLH]OLEURVGHDUTXLWHFWXUD(GLWRUD,EHULD6$%DUFHORQD

5()(51&,$6%,%/,2*5),&$6
:$7621 ' /DEV . &OLPDWLF GHVLJQ HQHUJ\HIILFLHQW EXLOGLQJ SULQFLSOHV DQG
SUDFWLFHV0F*UDZ+LOO1HZ<RUN86$
<$11$6 6 'HVLJQ RI HGXFDWLRQDO EXLOGLQJV HOHPHQWV (QYLURQPHQW (QHUJ\
6WXGLHV3URJUDPPH$UFKLWHFWXUDO$VVRFLDWLRQ*UDGXDWH6FKRRO/RQGRQ
=(9,%$OLQJXDJHPPRGHUQDGDDUTXLWHWXUD3XEOLFDo}HV'RP4XL[RWH/LVERD
3RUWXJDO




VXPiULR

$31',&(6

$31',&(3$,1(,6%,2&/,07,&26

$31',&( &21)(&d2 '( 80 5(/*,2 62/$5 3$5$ 80$ /$7,78'(
(63(&),&$

$31',&(7$%(/$'(%5,6(6

$31',&(7$%(/$6'(35235,('$'(67e50,&$6

$31',&(81,'$'(6(&21&(,726)6,&26

4XDQWLGDGHV7pUPLFDV

3ULQFtSLRV7HUPRGLQkPLFRV

3VLFURPHWULD

3URFHVVRV3VLFURPpWULFRV

$31',&(&$5*$7e50,&$

&RQFHLWRV

([HPSOR1XPpULFR
5()(51&,$6

$31',&(6

$31',&(6

$31',&(3$,1(,6%,2&/,07,&26
2V 3DLQHLV %LRFOLPiWLFRV GDV SUy[LPDV SiJLQDV IRUDP FRQFHELGRV SDUD DX[LOLDU QD
YLVXDOL]DomR GDV LQIRUPDo}HV ELRFOLPiWLFDV GH IRUPD RUJDQL]DGD H HVFODUHFHGRUD
IDFLOLWDQGR D DQiOLVH ELRFOLPiWLFD H D WRPDGD GH GHFLV}HV UHODWLYDV DR SURMHWR
DUTXLWHW{QLFR TXHLUiUHVSRQGHUjV QHFHVVLGDGHV GR XVXiULRH DRFOLPD ORFDO 6mR
DR WRGR FDWRU]H SDLQpLV SDUD DV FDWRU]H FLGDGHV EUDVLOHLUDV TXH SRVVXHP GDGRV
FOLPiWLFRV KRUiULRV %HOpP %UDVtOLD &XULWLED )ORULDQySROLV )RUWDOH]D 0DFHLy
1DWDO3RUWR$OHJUH5HFLIH5LRGH-DQHLUR6DOYDGRU6mR/XtV6mR3DXORH9LWyULD
(VWHVSDLQpLVFRPSOHPHQWDPRFRQWH~GRYLVWRQRFDStWXOR$UTXLWHWXUDH&OLPD
&DGDSDLQHOPRVWUDDVVHJXLQWHVLQIRUPDo}HVDUHVSHLWRGHFDGDFLGDGH
DYDOLDomRELRFOLPiWLFDGDFLGDGHIHLWDDWUDYpVGR$QR&OLPiWLFRGH5HIHUrQFLD
FRPDX[tOLRGRSURJUDPD$QDO\VLV%,2
DYDOLDomR GDV FDUWDV VRODUHV FRP RV GDGRV GH WHPSHUDWXUD HQWUH GH]HPEUR H
MXQKR H HQWUH MXQKR H GH]HPEUR WUDoDGRV FRP DX[tOLR GR SURJUDPD $QDO\VLV
62/$5
DYDOLDomRGDVURVDVGRVYHQWRV$QDO\VLV62/$5FRPRVGDGRVGHIUHTXrQFLDGH

RFRUUrQFLDHYHORFLGDGHVGRVYHQWRVSUHGRPLQDQWHVSDUDDFLGDGH
IOX[RJUDPDFRPDIUHTXrQFLDGHRFRUUrQFLDGDVWHPSHUDWXUDV
JUiILFRFRPDVXPLGDGHVUHODWLYDVDQXDLVGDFLGDGH
JUiILFRFRPDSUHFLSLWDomRPHQVDOQDFLGDGH
JUiILFRFRPDVWHPSHUDWXUDVDQXDLVGDFLGDGH
WDEHODFRPRVSHUFHQWXDLVGHXWLOLGDGHGHFDGDHVWUDWpJLDELRFOLPiWLFDSDUDXP
SURMHWRDUTXLWHW{QLFRDVHUIHLWRQRORFDO



$31',&(6



$31',&(6



$31',&(6



$31',&(6



$31',&(6



$31',&(6



$31',&(6



$31',&(&21)(&d2'(805(/*,262/$53$5$80$
/$7,78'((63(&),&$
5RWHLUR H[SOLFDWLYR VREUH R SURJUDPD /X] GR 6RO SDUD FRQIHFomR GH XP
UHOyJLRVRODUFLWDGRQRFDStWXOR
2 3URJUDPD /X] GR 6RO YHUVmR GHVHQYROYLGR SHOR SURIHVVRU 0DXUtFLR 5RUL] GD
8QLYHUVLGDGH )HGHUDO GH 6mR &DUORV SRGH JHUDU UHOyJLRV VRODUHV SDUD TXDOTXHU
ODWLWXGH GHVHMDGD VHQGR XPD IHUUDPHQWD EDVWDQWH ~WLO SDUD D DQiOLVH GH
VRPEUHDPHQWR SHQHWUDomR VRODU H DFHVVR VRODU HP PDTXHWHV 3DUD REWHU R
SURJUDPD SRGHVH DFHVVDU D SiJLQD GR /DERUDWyULR GH (ILFLrQFLD (QHUJpWLFD HP
(GLILFDo}HV /DE((( GD 8QLYHUVLGDGH )HGHUDO GH 6DQWD &DWDULQD
KWWSZZZODEHHHXIVFEULQGRQRPHQX'RZQORDGVGHSRLVHP6RIWZDUHV
HVHOHFLRQDQGRDRSomR/X]GR6RO2SURJUDPDpJUDWXLWRHVXDXWLOL]DomRpEHP
VLPSOHV
1D SULPHLUD WHOD GR SURJUDPD /X] GR 6RO )LJXUD HVFROKHVH D RSomR
5HOyJLRSDUDDFHVVDURPyGXORTXHFRQVWUyLUHOyJLRVVRODUHV

)LJXUD7HODLQLFLDOGRSURJUDPD/X]GR6RO
1D SUy[LPD WHOD GR SURJUDPD VHOHFLRQDVH R (VWDGR H &LGDGH GHVHMDGD 1R
H[HPSOR FRQVWUXLUHPRV XP UHOyJLR VRODU SDUD )ORULDQySROLV FDSLWDO GH 6DQWD
&DWDULQD)LJXUD
3UHVVLRQDVHRERWmR9HU5HOyJLR6RODUSDUDYLVXDOL]DUQDWHODRSDLQHOGRUHOyJLR
VRODU SDUD D FLGDGH HVFROKLGD FRP D GLPHQVmR GR JQRPRQ D VHU LQVWDODGR QHOH
)LJXUD
3DUD FRQVWUXLU R UHOyJLR VRODU LPSULPHVH HVVH SDLQHO 2 SDLQHO GHYH VHU FRODGR
QXPDVXSHUItFLHFXUYDFRPFLQFRFHQWtPHWURVGHUDLRDVHomRGHXPWXERGH39&

$31',&(6
GH FHP PLOtPHWURV SRU H[HPSOR ,QVWDODVH R JQRPRQ QRUPDOPHQWH XP SHGDoR
GHDUDPHRXRXWURPDWHULDOUtJLGRQDSRVLomRLQGLFDGDQRSDLQHOFRPXPSHTXHQR
FtUFXOR 1RWDVH QD )LJXUD TXH D SRVLomR GR JQRPRQ FRLQFLGH FRP D
PDUFDomRGDVKRUDV

)LJXUD6HOHomRGR(VWDGRH&LGDGHSDUDFRQVWUXomRGRUHOyJLRVRODU

)LJXUD3DLQHOGRUHOyJLRVRODUDVHULPSUHVVRHGLPHQVmRGRJQRPRQ
$SyV FRQVWUXLU R UHOyJLR VRODU )LJXUD SRGHVH DQDOLVDU VRPEUHDPHQWR GR
HQWRUQR H SHQHWUDomR VRODU HP PDTXHWHV VLPSOHVPHQWH LQVWDODQGR R UHOyJLR QR
PHVPRSODQRHRULHQWDQGRRVHJXQGRRPHVPRQRUWHGDPDTXHWH3RGHVHDYDOLDU

RV UDLRV VRODUHV JLUDQGR R FRQMXQWR H[SRVWR VRE R VRO GH IRUPD D REWHU R GLD H
KRUiULRGHVHMDGRSHODVRPEUDTXHRJQRPRQID]QRFUX]DPHQWRGHVWDVLQIRUPDo}HV
QRSDLQHOGRUHOyJLR4XDQGRRJQRPRQHVWLYHULQGLFDQGRFHUWRGLDHKRUiULRQHVWH
SDLQHO D VRPEUD H SHQHWUDomR VRODU FRUUHVSRQGHQWHV QD PDTXHWH VHUmR
H[DWDPHQWHFRPRVHULDPQRKRUiULRHGLDHPTXHVWmR

)LJXUD5HOyJLR6RODUFRQVWUXtGRSDUD)ORULDQySROLV

$VYDQWDJHQVGHVWHDSDUDWRVmRVHXWDPDQKRFRPSDFWRDIDFLOLGDGHGHOHLWXUDHD
SRVVLELOLGDGHGHVLPXODUVRPEUDVSDUDTXDOTXHUPRPHQWRGRDQR

$31',&(6

$31',&(7$%(/$'(%5,6(6
3DUD DX[tOLR GH DUTXLWHWRV H SURMHWLVWDV QR SURMHWR GH SURWHo}HV VRODUHV DV
LOXVWUDo}HV GDV SUy[LPDV SiJLQDV FRPSOHPHQWDPR TXH IRL GLVFXWLGRQRFDStWXOR
LWHP H FRPS}HP XPD VpULH GH EULVHV H VXDV UHVSHFWLYDV PiVFDUDV GH
VRPEUHDPHQWR2EVHUYDVHTXHRVEULVHVVmRDGLPHQVLRQDLVHVXDVPiVFDUDVVHUYHP
DSHQDVFRPRUHIHUrQFLDEiVLFD
(VWD 7DEHOD GH %ULVHV SRGH VHU XWLOL]DGD FRPR DX[tOLR QD HVSHFLILFDomR SUHOLPLQDU
GHSURWHo}HVVRODUHVSDUDGLYHUVDVRULHQWDo}HV
1D7DEHODjHVTXHUGDWHPVHXPDSHUVSHFWLYDGREULVH1DSDUWHFHQWUDODVWUrV
YLVWDV SODQWD FRUWH H YLVWD IURQWDO WRGDV FRP RV kQJXORV SHUWLQHQWHV SDUD
FRQVWUXomRGDVPiVFDUDVGHHGHGHVRPEUHDPHQWRPDUFDGRV5HVVDOWDVH
TXHDPiVFDUDGHGHVRPEUHDPHQWRPDQFKDSUHWDQRGHVHQKRGDPiVFDUD
QDSDUWHGLUHLWDGRVGHVHQKRVUHSUHVHQWDRVPRPHQWRVHPTXHREULVHVRPEUHDUi
GD iUHD HQYLGUDoDGD GD MDQHOD $ PiVFDUD GH GH VRPEUHDPHQWR
UHSUHVHQWDTXDQGRREULVHHVWDUiVRPEUHDQGRSHORPHQRVGDiUHDGHYLGURGD
MDQHOD
3DUD XWLOL]DU D WDEHOD GHYHVH SULPHLUR REWHU D FDUWD VRODU GD FLGDGH RQGH VH
HQFRQWUD R SURMHWR H FRQVWUXLU VREUH HOD DV PDQFKDV GH VRO LQGHVHMiYHO H GH VRO
GHVHMiYHOUHVSHFWLYDPHQWHSDUDRYHUmRHSDUDRLQYHUQR$SyVHVFROKHUXPEULVH
HVWD HWDSD VH Gi HP IXQomR GR HIHLWR DUTXLWHW{QLFR GHVHMDGR QD IDFKDGD RX
YROXPHWULD SRLV R EULVH GHYH VHU FRPSDWtYHO FRP D OLQJXDJHP DUTXLWHW{QLFD GR
SURMHWRGHYHVHREVHUYDUVXDPiVFDUDHVTXHPiWLFDHDYDOLDUVHRPHVPRSURGX]R
Pi[LPRGHREVWUXomRGRVROLQGHVHMiYHOSRUpPSUHVHUYDQGRRDFHVVRVRODUGRVRO
GHVHMiYHO
6mR DR WRGR WULQWD EULVHV TXH DEUDQJHP GLYHUVDV SRVVLELOLGDGHV GH SURMHWR
RULHQWDo}HVHSURWHomRVRODUSUHWHQGLGD
1RWDVH TXH H[LVWHP GLYHUVRV WLSRV GH EULVHV QDV WDEHODV RV SULPHLURV VmR
KRUL]RQWDLV RXWURV YHUWLFDLV RXWURV PLVWRV 2V EULVHV GH Q~PHURV H
UHSUHVHQWDP UHVSHFWLYDPHQWH XP FRERJy XPD SUDWHOHLUD GH OX] H XP EULVH
SLUDPLGDOHOHPHQWRVEDVWDQWH~WHLVQRSURMHWRELRFOLPiWLFR
(VWD7DEHODGH%ULVHVpXPDHYROXomRGD7DEHODGH%ULVHVRULJLQDOPHQWHFULDGDSRU
'XWUD



$31',&(6



$31',&(6



$31',&(6



$31',&(6



$31',&(6



$31',&(7$%(/$6'(35235,('$'(67e50,&$6
9DORUHVGHSURSULHGDGHVWpUPLFDVSDUDGLYHUVRVPDWHULDLVGHFRQVWUXomRFLWDGRVQR
FDStWXOR
7DEHOD'HQVLGDGHGHPDVVDDSDUHQWHFRQGXWLYLGDGHWpUPLFDHFDORUHVSHFtILFRFGH
PDWHULDLVGHXVRFRUUHQWHQR%UDVLO
&RQFUHWRV
NJP
:P.
FN-NJ.
QRUPDO

GHSHGUD
FDYHUQRVR

FRPSR]RODQD
FRPILQRV

RXHVFyULD

H[SDQGLGD
VHPILQRV

FRPDJUHJDGRV
FRPDUJLODH[SDQGLGD

HPDVVDLQHUWHV>NJP

HPDVVDLQHUWHV<NJP
<

FRPDUJLODH[SDQGLGD

GHYHUPLFXOLWHRXSHUOLWHH[SDQGLGD

GRVDJHPFLPHQWR>NJP

FRPDUJLODH[SDQGLGD

GRVDJHPFLPHQWR<NJP

GRVDJHP

FLPHQWRDUHLD

FRQFUHWRFHOXODUDXWRFODYH

*HVVR
NJP
:P.
FN-NJ.

FRPDJUHJDGROHYH

SURMHWDGRRXGHPDVVDYROXPpWULFDHOHYDGD
JHVVRWUDGLFLRQDOJHVVRFDUWRQDGR

,VRODQWHV7pUPLFRV
NJP
:P. FN-NJ.
OmGHURFKD

OmGHYLGUR

SROLHVWLUHQRH[SDQGLGRPROGDGR

SROLHVWLUHQRH[SDQGLGR

HVSXPDUtJLGDGHSROLXUHWDQRH[WUXGDGR

PDWHULDLVJUDQXODUHVOHYHVRXILEUDVVROWDV

$31',&(6

0DGHLUDVHGHULYDGRV
FRPPDVVDYROXPpWULFDHOHYDGD
NJP
:P. FN-NJ.

FDUYDOKRIUHLMySLQKRFHGURSLQXV

DJORPHUDGRGHSDUWtFXODVGHPDGHLUD

SODFDVSUHQVDGDV

SODFDVH[WUXGDGDV

FRPSHQVDGR

DSDUDVGHPDGHLUDDJORPHUDGDFRPFLPHQWR

HPIiEULFD

DJORPHUDGRGHILEUDV
GHQVR
GHPDGHLUD
OHYH

0DWHULDLVVROWRV
EULWDRXVHL[R
NJP
:P. FN-NJ.

DUJLODH[SDQGLGD
<

DUHLDVHFD

DUHLDVDWXUDGD

SDOKDWHOKDGR6DQWD)p

0DWHULDO&HUkPLFR
NJP
:P. FN-NJ.
WLMRORVHWHOKDVGHEDUUR

0HWDLV
NJP
:P. FN-NJ.
DoRIHUURIXQGLGR

DOXPtQLR

FREUH

]LQFR


3OiVWLFRV
ERUUDFKDSROLDPLGDSROLpVWHUSROLHWLOHQR
DFUtOLFRV39&

NJP
:P. FN-NJ.

3HGUDVLQFOXLQGRMXQWDVGH
DVVHQWDPHQWR
NJP
:P. FN-NJ.
JUDQLWRJQDLVVH

DUGyVLD[LVWR

EDVDOWR

>

FDOFiUHRVPiUPRUH
RXWURV

<

2XWURV
FKDSDGHYLGUR
NJP
:P. FN-NJ.

DVIDOWR

DVIDOWR

EHWXPHDVIiOWLFR

LPSHUPFRPPHPEUDQDVEHWXPLQRVDV
DUJDPDVVDUHERFR
FRPXP

HDVVHQWDPHQWR
SODFDVGHILEURFLP

GHWLMRORVHEORFRV

$31',&(6

7DEHOD 7UDQVPLWkQFLD WpUPLFD FDSDFLGDGH WpUPLFD H DWUDVR WpUPLFR GDV SULQFLSDLV VROXo}HV
FRQVWUXWLYDVGHXVRFRUUHQWHQR%UDVLOFRQIRUPHD7DEHOD'GDQRUPD1%5)RQWH$%17
F



$31',&(6


$31',&(6

$31',&(81,'$'(6(&21&(,726)6,&26

4XDQWLGDGHV7pUPLFDV
&$/25 p XPD IRUPD GH HQHUJLD TXH DSDUHFH FRP R PRYLPHQWR PROHFXODU HP
VXEVWkQFLDVRXFRPRDUDGLDomRQRHVSDoR$XQLGDGHQR6,p-RXOH-
7(03(5$785$ 7 SRGH VHU FRQVLGHUDGD FRPR XP VLQWRPD GD SUHVHQoD GH FDORU
HPXPDVXEVWkQFLDeDPHGLGDGRHVWDGRWpUPLFRGDVXEVWkQFLD$HVFDOD&HOVLXV
XVD R FRQJHODPHQWR GD iJXD j SUHVVmR DWPRVIpULFD QRUPDO FRPR SRQWR GH
SDUWLGD&HDHEXOLomRGDiJXDFRPR&$DXVrQFLDWRWDOGHFDORUpRSRQWR
GH SDUWLGD GD HVFDODGH WHPSHUDWXUDDEVROXWD RX HVFDOD .HOYLQ2 LQWHUYDOR GHVWD
HVFDOD p R PHVPR TXH D HVFDOD &HOVLXV PDV & . (P XQLGDGHV VH ID]
QRUPDOPHQWHDVHJXLQWHGLVWLQomR
&HUWDWHPSHUDWXUD7&
8PDGLIHUHQoDGHWHPSHUDWXUD7.
&$/25 (63(&),&2 F GH XPD VXEVWkQFLD QRV Gi D UHODomR HQWUH FDORU H
WHPSHUDWXUD e D TXDQWLGDGH GH FDORU HQHUJLD TXH FDXVD XP LQFUHPHQWR GH
WHPSHUDWXUDXQLWiULRGHXPDXQLGDGHGHPDVVDGDVXEVWkQFLD
ePHGLGRHP-NJ.9DORUHVWtSLFRVVmR
7LMRORVFRQFUHWR
-NJ.
$UVHFR
-NJ.
JXD
-NJ.
$'(16,'$'(GHXPDVXEVWkQFLD
pDPDVVDSRUXQLGDGHGHYROXPHNJP
&$3$&,'$'(7e50,&$&GHXPFRUSRpRSURGXWRGDPDVVDSHORFDORUHVSHFtILFR
NJ-NJ.=-.
&$/25 /$7(17( GH XPD VXEVWkQFLD p D TXDQWLGDGH GH FDORU DEVRUYLGD RX
OLEHUDGDHPXPDWURFDGHHVWDGROtTXLGRSDUDJDVRVRRXVyOLGRSDUDOtTXLGRSRU
XQLGDGHGHPDVVDGHXPDVXEVWkQFLDVHPPXGDQoDQDWHPSHUDWXUDePHGLGRHP
-NJ
3DUDiJXD
&DORUODWHQWHGHIXVmRJHORSDUDiJXDD&=N-NJ
&DORUODWHQWHGHHYDSRUDomR D& N-NJD&=N-NJ
(PWURFDVGHHVWDGRQDGLUHomRRSRVWDDPHVPDTXDQWLGDGHGHFDORUpOLEHUDGD
32'(5 &$/25),&2 p D TXDQWLGDGH GH FDORU OLEHUDGD SRU XP FRPEXVWtYHO RX
FRPLGDSHODFRPEXVWmRFRPSOHWDGRPHVPRHSRGHVHUGDGDSRUXQLGDGHGHPDVVD
-NJRXGHYROXPH-P



3ULQFtSLRV7HUPRGLQkPLFRV
$7HUPRGLQkPLFDHVWXGDRIOX[RGHFDORUHDVUHODo}HVFRPRWUDEDOKRPHFkQLFR
$ 35,0(,5$ /(, '$ 7(502',10,&$ p R SULQFtSLR GD FRQVHUYDomR GH HQHUJLD $
HQHUJLD QmR SRGH VHU FULDGD RX GHVWUXtGD D QmR VHU HP SURFHVVRV VXEDW{PLFRV
PDVVyFRQYHUWLGDGHXPDIRUPDSDUDRXWUD&DORUHWUDEDOKRVmRLQWHUFDPELiYHLV
(PTXDOTXHUVLVWHPDDVDtGDGHHQHUJLDWHPTXHVHULJXDODHQWUDGDDQmRVHUTXH
H[LVWDXPFRPSRQHQWHDUPD]HQDGR
$ 6(*81'$ /(, '$ 7(502',10,&$ GL] TXH WUDQVPLVVmR GH FDORU HQHUJLD SRGH
RFRUUHUHVSRQWDQHDPHQWHHPXPVHQWLGRDSHQDVGHXPDIRQWHPDLVTXHQWHSDUD
XPDPDLVIULD6yFRPXPDHQWUDGDGHHQHUJLDH[WHUQDXPDPiTXLQDSRGHHQWUHJDU
FDORU HP XP VHQWLGR RSRVWR 4XDOTXHU PiTXLQD SDUD SURGX]LU WUDEDOKR GHYH WHU
XPD IRQWH GH FDORU H XP VXPLGRXUR $ HQHUJLD GHYH IOXLU DWUDYpV GD PiTXLQD H
DSHQDVXPDSDUWHSRGHVHUFRQYHUWLGDHPWUDEDOKR
)/8;2 '( &$/25 4 GH XPD ]RQD GH DOWD WHPSHUDWXUD SDUD XPD ]RQD GH EDL[D
WHPSHUDWXUD SRGH VHU IHLWR GH IRUPDV &RQGXomR &RQYHFomR H 5DGLDomR $
PDJQLWXGHGHVWHIOX[RSRGHVHUPHGLGDGHGXDVIRUPDV
&RPR IOX[R GH FDORU 4 )OX[R WRWDO QD XQLGDGH GH WHPSR DWUDYpV GH XPD
iUHD GH XP FRUSR RX HVSDoR RX GHQWUR GH XP VLVWHPD HP XQLGDGHV -V :
:DWW
&RPRGHQVLGDGHGHIOX[RGHFDORUT7D[DGHIOX[RGHFDORUSRUXQLGDGHGH
iUHDGHXPFRUSRRXHVSDoRHP:P
8PDXQLGDGHGHHQHUJLDQmRSDGUmRPDVDFHLWDpGHULYDGDGDXQLGDGHGHIOX[RGH
FDORURZDWWKRUD:KeDTXDQWLGDGHGHHQHUJLDHQWUHJXHVHXPIOX[RGH:p
PDQWLGRSRUKRUD&RPRKRUD=VHJXQGRVH:=-V:K=-
-V=-RXN-2P~OWLSORN:KNLORZDWWKRUDpJHUDOPHQWHXVDGRFRPR
XPDXQLGDGHSUiWLFDGHHQHUJLDRQGHN:K=-RXN-RX0-
2VPXOWLSOLFDGRUHVXVDGRVQR6,VmR0(*$*,*$H7(5$
&21'8d2pDIRUPDGHSURSDJDomRGHFDORUGHQWURGHXPFRUSRLVWRpGLIXVmR
GRPRYLPHQWRPROHFXODUDWUDYpVGHXPREMHWRRXREMHWRVHPFRQWDWR$PDJQLWXGH
GRIOX[RGHFDORUSDUDFRQGXomRGHSHQGHGHTXDWURIDWRUHV
$ iUHD WUDQVYHUVDO $ DWUDYpV GD TXDO R FDORU IOXL WRPDGD SHUSHQGLFXODU D

GLUHomRGRIOX[RHGDGDHPP
$ HVSHVVXUD O RX VHMD R FRPSULPHQWR GD SURSDJDomR GH FDORU GDGR HP
PHWURV
$GLIHUHQoDGHWHPSHUDWXUDHQWUHRVGRLVSRQWRVFRQVLGHUDGRV7=77.
$ SURSULHGDGH GR PDWHULDO FRQKHFLGD FRPR FRQGXWLYLGDGH PHGLGD FRPR R

IOX[R GH FDORU DWUDYpV GH XPD XQLGDGH GH iUHD FRP XPD GLIHUHQoD GH
WHPSHUDWXUD XQLWiULD HQWUH GRLV SRQWRV DIDVWDGRV GH XPD GLVWkQFLD XQLWiULD
:PP.=:P.2YDORUGDFRQGXWLYLGDGHYDULDHQWUH:P.SDUDXPERP
LVRODQWHH:P.SDUDXPPHWDOFRQGXWLYR

$31',&(6
5(6,671&,$ 7e50,&$ GH XP PDWHULDO p R SURGXWR GD HVSHVVXUD QD GLUHomR GR
IOX[R SHOR LQYHUVR GD FRQGXWLYLGDGH 5 = O P.: 3DUD XP HOHPHQWR FRP
YiULDVFDPDGDVSHUSHQGLFXODUHVjGLUHomRGRIOX[RDVUHVLVWrQFLDVVmRDGLWLYDV
&219(&d2 GH XPD IRUPD VLPSOLILFDGD SRGH VHU FRQVLGHUDGD FRPR D IRUPD GH
WUDQVIHUrQFLD GH FDORU GH XPD VXSHUItFLH GH XP VyOLGR SDUD XP IOXLGR JiV RX
OtTXLGRHYLFHYHUVD$PDJQLWXGHGHSHQGHGHWUrVIRUPDV
UHDGHFRQWDWR$HQWUHRIOXLGRHXPDVXSHUItFLHP
'LIHUHQoDGHWHPSHUDWXUD7HP.HOYLQHQWUHRIOXLGRHXPDVXSHUItFLHP
2FRHILFLHQWHGHWURFDSRUFRQYHFomRKFPHGLGRHP:P.TXHGHSHQGHGD
YLVFRVLGDGHH GD YHORFLGDGHGR IOXLGR DVVLP FRPR GRWLSR GH GHVORFDPHQWRGR
IOXLGRODPLQDURXWXUEXOHQWR2YDORUGRFRHILFLHQWHPpGLRGHFRQYHFomRHQWUH
RDUHDVVXSHUItFLHVGHXPDHGLILFDomRp
KF=:PNSDUDVXSHUItFLHVYHUWLFDLV
KF=:P.SDUDIOX[RGHEDL[RSDUDFLPDDUSDUDRIRUUR
KF=:P.SDUDIOX[RGHFLPDSDUDEDL[RDUSDUDRSLVR
3DUDVXSHUItFLHVH[SRVWDVDRYHQWR
KF=+YY=YHORFLGDGHGRYHQWRHPPV
2IOX[RGRFDORUSRUFRQYHFomRp
4F=KF$7
'HXPDIRUPDPDLVDPSODDFRQYHFomRSRGHLQFOXLURWUDQVSRUWHGHFDORUSRUXP
IOXLGRGHXPDVXSHUItFLHVyOLGDSDUDRXWUDDFHUWDGLVWkQFLD
5$',$d2 7e50,&$ VH UHIHUH D SDUWH LQIUDYHUPHOKD GR HVSHFWUR GH UDGLDomR
GHQWURGDVVHJXLQWHVEDQGDV
2QGDFXUWDQPQDQRPHWURV=P
2QGDORQJDQP
$SHVDUGHRXWURVFRPSULPHQWRVGHRQGDWDPEpPWHUHPHIHLWRVWpUPLFRV1D)LJXUD
VHSRGHPREVHUYDUWRGDVDVIDL[DVGRHVSHFWURHOHWURPDJQpWLFR
2FRPSULPHQWRGHRQGDGRHVSHFWURGHUDGLDomRGHSHQGHGDWHPSHUDWXUD&RUSRV
DWHPSHUDWXUDVWHUUHVWUHVQRUPDLVHPLWHPLQIUDYHUPHOKRORQJRHQTXDQWRTXHRVRO
HPLWHLQIUDYHUPHOKRFXUWROX]HXPSRXFRGHXOWUDYLROHWD
$ UDGLDomR LQFLGHQWH HP XPD VXSHUItFLH RSDFD SRGH VHU SDUFLDOPHQWH DEVRUYLGD
SDUFLDOPHQWH UHIOHWLGD GHSHQGHQGR GDV SURSULHGDGHV DEVRUWLYLGDGH H
UHIOHWLYLGDGH$VRPDGDVGXDVpVHPSUH+=
3DUDXPDVXSHUItFLHWUDQVSDUHQWHRXWUDQVO~FLGDXPDIUDomRSRGHVHUWUDQVPLWLGD
GHSHQGHQGR GD WUDQVPLVVLYLGDGH GR FRUSR 1HVWH FDVR + + = 1D
WUDQVIHUrQFLDGHFDORUSRUUDGLDomRRIOX[RGHSHQGHGDGLIHUHQoDGHWHPSHUDWXUD
HQWUH D VXSHUItFLH HPLWHQWH H D DEVRUYHQWH DVVLP FRPR GDV SURSULHGDGHV
VXSHUILFLDLVHPLVVLYLGDGHHGDDEVRUWLYLGDGH3DUDXPDPHVPDVXSHUItFLHD

HPLVVLYLGDGH H D DEVRUWLYLGDGH VmR LJXDLV SDUD XP PHVPR FRPSULPHQWR GH RQGD
WHPSHUDWXUDPDVDPERVYDULDPFRPRFRPSULPHQWRGHRQGD

)LJXUD(VSHFWURHOHWURPDJQpWLFR
3DUDIDFLOLWDUXVDUHPRVHPLVVLYLGDGHTXDQGRDUDGLDomRIRUGHRQGDORQJD
=
= 3DUDDOXPtQLRSROLGR
3DUDPDWHULDLVGHFRQVWUXomRQRUPDLV
(DEVRUWLYLGDGHTXDQGRDUDGLDomRIRUGHRQGDFXUWD
= 3DUDVXSHUItFLHVHVFXUDVSUHWDV
= 3DUDVXSHUItFLHVEUDQFDVRXPHWDOSROLGR

$31',&(6
3DUDFiOFXORVSUiWLFRVRFRHILFLHQWHGHWURFDSRUUDGLDomRKUXVDGRp

KU=HSDUDVXSHUILFLHD&
KU=HSDUDVXSHUILFLHD&
H(PLVVLYLGDGHHIHWLYD
H =

+

2IOX[RGHFDORUSRUUDGLDomRp
4U=KU$7

3VLFURPHWULD
$ DWPRVIHUD p XPD PLVWXUD GH DUR[LJrQLRQLWURJrQLR H YDSRU GH iJXD
3VLFURPHWULDpRHVWXGRGRDU~PLGRHGDVPXGDQoDVHPVXDVFRQGLo}HV6]RNROD\

5$=2'(80,'$'(
pRFRQWH~GRGHYDSRUQRDUGDGRHPJUDPDVGHYDSRUGH
iJXD SRU NJ GR DU VHFR JNJ 2 DU D FHUWD WHPSHUDWXUD SRGH VXSRUWDU Vy FHUWD
TXDQWLGDGHGHXPLGDGH2OLPLWHPi[LPRSRVVtYHOpFRQKHFLGRFRPR80,'$'('(
6$785$d2
V 6H SORWDUPRV D XPLGDGH GH VDWXUDomR [ WHPSHUDWXUD GH EXOER
VHFRWHPRVDEDVHGDFDUWDSVLFURPpWULFD)LJXUD

)LJXUD/LQKDGHVDWXUDomRQDFDUWDSVLFURPpWULFD

35(6623$5&,$/'(9$325SYpOLQHDUPHQWHUHODFLRQDGDjUD]mRGHXPLGDGH
$VVLP D FDUWD SVLFURPpWULFD SRGH WHU GXDVHVFDODV SDUDOHODV 5D]mR GH XPLGDGH H
SUHVVmR SDUFLDO GH YDSRU N3D ,JXDOPHQWH D XPLGDGH GH VDWXUDomR SRGH VHU
H[SUHVVDHPWHUPRVGHSUHVVmRSDUFLDOGHVDWXUDomRSYV

80,'$'(5(/$7,9$85pXPDH[SUHVVmRGRFRQWH~GRGHXPLGDGHGHXPDGDGD
DWPRVIHUD FRPR SRUFHQWDJHP GD XPLGDGH GH VDWXUDomR j PHVPD WHPSHUDWXUD
)LJXUD
85=VRX85=SYSYV

)LJXUD/LQKDVGHXPLGDGHUHODWLYDQDFDUWDSVLFURPpWULFD
7(03(5$785$ '( %8/%2 0,'2 7%8 7HPSHUDWXUD GH HYDSRUDomR GD iJXD
PHGLGD SRU XP WHUP{PHWUR FRP R EXOER HQYROWR SRU XPD PHFKD PDQWLGD ~PLGD
FRP iJXD GHVWLODGD H YHQWLODGR SRU XP YHQWLODGRU RX SHOR PRYLPHQWR JLUDWyULR
TXDQGRSDUWHGHXPSVLFU{PHWUR)LJXUD

)LJXUD/LQKDVGH7%8QDFDUWDSVLFURPpWULFD

(17$/3,$ + p R FRQWH~GR GH FDORU GH XPD XQLGDGH GH PDVVD GD DWPRVIHUD HP
N-NJUHODWLYDDRFRQWH~GRGRFDORUGRDUD&)LJXUD

$31',&(6

)LJXUD/LQKDVGHHQWDOSLD

&$/25 6(169(/ +V p R FRQWH~GR GR FDORU TXH FDXVD XP DXPHQWR QD 7%6 $
TXDOTXHUWHPSHUDWXUDRFDORUVHQVtYHOGRDUVHFRp

+V=-7
RQGHN-NJ.pRFDORUHVSHFtILFRGRDUVHFR

&$/25 /$7(17( +, p R FRQWH~GR GR FDORU GHYLGR j SUHVHQoD GH YDSRU QD
DWPRVIHUDeRFDORUUHTXHULGRSDUDHYDSRUDURGDGRFRQWH~GRGHXPLGDGH&DORU
ODWHQWHGHHYDSRUDomR$HQWDOSLDpWDPEpPLQGLFDGDQDFDUWDSVLFURPpWULFD3DUD
VHDFKDUDHQWDOSLDVHULDQHFHVViULRXPWHUFHLURFRQMXQWRGHOLQKDVVHPHOKDQWHVjV
GH7%8PDVGHLQFOLQDomRGLIHUHQWH3DUDHYLWDUFRQIXVmRHODVQmRVmRPRVWUDGDV
VHQGRDSHQDVHVFDODVH[WHUQDVQRVGRLVODGRVGDFDUWD$(QWDOSLDSDUDXPHVWDGR
TXDOTXHU SRGH VHU OLGD FRP XPD UpJXD FRORFDGD VREUH R SRQWR H FRUUHQGRVH
OHLWXUDVLJXDLVQRVGRLVODGRVGDHVFDODH[WHUQD
3DUDXPSRQWR3
+=N-NJ
+V=N-NJ
+,==N-NJ

3URFHVVRV3VLFURPpWULFRV
$48(&,0(172285(6)5,$0(172$GLomRRXUHPRomRGHFDORUVHPPXGDQoDQD
UD]mRGHXPLGDGH2SRQWRGHHVWDGRVHPRYHUiQDKRUL]RQWDO)LJXUD


)LJXUD$TXHFLPHQWRRXUHVIULDPHQWR

'(680,',),&$d23255(6)5,$0(1721RUHVIULDPHQWRFRPRRSRQWRGHHVWDGR
DR VH PRYHU SDUD D HVTXHUGD DWLQJH D OLQKD GH VDWXUDomR RFRUUH FRQGHQVDomR $
7%8QHVWHSRQWRVHFKDPDWHPSHUDWXUDGHRUYDOKR6HRUHVIULDPHQWRFRQWLQXDUR
SRQWR GHHVWDGR VH PRYH VREUHD OLQKD GHVDWXUDomR H D UHGXomR QR HL[RYHUWLFDO
UHSUHVHQWDUiDTXDQWLGDGHGHXPLGDGHFRQGHQVDGD(VWHSURFHVVRUHGX]LUiDUD]mR
GHXPLGDGHPDVVHPSUHWHUPLQDUiFRPGH85)LJXUD

)LJXUD'HVXPLGLILFDomR
)/8;2'($5SRGHVHUFDUDFWHUL]DGRSHODVVHJXLQWHVTXDQWLGDGHV
9HORFLGDGHYHPPV
)OX[RGHPDVVD)0HPNJV
)OX[RGHDUHPYROXPH)9HPPVRX/V

(VWDVTXDQWLGDGHVWrPDVHJXLQWHUHODomR
)0=)9NJV=PV[NJP
)0=)99(NJV=PVPNJ
)9=Y$PV=PVPRQGH$pDiUHDWUDQVYHUVDODRIOX[R

$31',&(6

$31',&(&$5*$7e50,&$

&RQFHLWRV
$SyVRFRQKHFLPHQWRGHWRGDVDVYDULiYHLVFOLPiWLFDVKXPDQDVHDUTXLWHW{QLFDV
SRGHVHGHWHUPLQDUDTXDQWLGDGHGHHQHUJLDTXHGHYHUiVHUH[WUDtGDRXIRUQHFLGD
DR DU GR DPELHQWH SDUD PDQWrOR HP FRQGLo}HV GHVHMiYHLV GH WHPSHUDWXUD H
XPLGDGH ([LVWHP DOJXQV FRQFHLWRV ~WHLV SDUD PHOKRU HQWHQGHU RV IHQ{PHQRV
HQYROYLGRVFRPR
&$/256(169(/pDTXDQWLGDGHGHFDORUQHFHVViULDSDUDDXPHQWDURXUHGX]LUD
WHPSHUDWXUDGHXPDVXEVWkQFLDVHPPXGDQoDGHHVWDGR1RFDVRGRDUDPELHQWH
VLJQLILFD TXH RFRUUH YDULDomR GD WHPSHUDWXUD GR DU PDV QmR Ki DOWHUDomR GD
XPLGDGHDEVROXWD
&$/25/$7(17(pDTXDQWLGDGHGHFDORUTXHXPDVXEVWkQFLDDEVRUYHRXUHMHLWD
SDUD PXGDU GH HVWDGR PDQWHQGR VXD WHPSHUDWXUD FRQVWDQWH 1R FDVR GR DU
DPELHQWH p D TXDQWLGDGH GH FDORU QHFHVViULD SDUD HYDSRUDU XPD TXDQWLGDGH GH
iJXD RX D TXDQWLGDGH GH FDORU JHUDGR QD FRQGHQVDomR GR YDSRU GiJXD GR DU
/HPEUDQGRTXHGXUDQWHRSURFHVVRQmRRFRUUHDOWHUDomRGDWHPSHUDWXUDGRDU
2&$/25727$/RX&$5*$7e50,&$pDVRPDGRFDORUVHQVtYHOHGRFDORUODWHQWH
IRUQHFLGRRXUHWLUDGRGRDUGXUDQWHXPSURFHVVR
2 HTXLSDPHQWR GH DU FRQGLFLRQDGR WHUi TXH UHWLUDU GR DPELHQWH H[DWDPHQWH D
TXDQWLGDGHGHFDORUVHQVtYHOHDGHFDORUODWHQWHTXHRDPELHQWHUHFHEHXSDUDTXH
HOH VHMD PDQWLGR VHP DOWHUDomR DR ORQJR GR WHPSR 2 GLPHQVLRQDPHQWR GD
SRWrQFLD GR DU FRQGLFLRQDGR H GH VXD FDUDFWHUtVWLFD FRQVWUXWLYD GHVLJQ GR
HYDSRUDGRU YD]mR GH DU HWF GHSHQGHP GRV YDORUHV GH FDUJD WpUPLFD VHQVtYHO H
ODWHQWHGRDPELHQWH'DtDLPSRUWkQFLDHPFDOFXODUDHQHUJLDTXHHQWUDRXVDLGD
HGLILFDomR
2V SULQFLSDLV IDWRUHV RX IRQWHV KLJURWpUPLFDV D FRQVLGHUDU QR OHYDQWDPHQWR GD
FDUJDWpUPLFDVmR
&/,07,&$6
,QVRODomR GHSHQGH GD RULHQWDomR H GR WLSR GH MDQHOD H UHVSHFWLYDV

SURWHo}HVVRODUHVXWLOL]DGDV
7HPSHUDWXUDGRDUH[WHUQR
8PLGDGHGRDUH[WHUQR
+80$1$6
2FXSDQWHV R FDORU H D XPLGDGH JHUDGD SHORV RFXSDQWHV GHSHQGH GH VXD

DWLYLGDGH ItVLFD PHWDEROLVPR H GR Q~PHUR GH SHVVRDV XVXiULDV GR
DPELHQWH
$548,7(71,&$6
)HFKDPHQWRVRSDFRVWRGRVRVIHFKDPHQWRVRSDFRVSDUHGHVSLVRVWHWRV
SRGHP VHUIRQWHV GHJDQKRV RX SHUGDV WpUPLFDV GR DPELHQWH SRU FRQGXomR
HQWUHRVPHLRVH[WHULRUHLQWHULRU

)HFKDPHQWRV WUDQVSDUHQWHV DWXDP DWUDYpV GRV JDQKRV GH FDORU SRU

LQVRODomRHGDVWURFDVHQWUHRVPHLRVH[WHUQRHLQWHUQRSRUFRQGXomR
,OXPLQDomRDUWLILFLDODLOXPLQDomRDUWLILFLDOWDPEpPJHUDFDORUTXHGHYH
VHUFRQVLGHUDGRFRPRLQWHJUDQWHGDFDUJDWpUPLFD
2XWUDV IRQWHV GH FDORU FRPR FRPSXWDGRUHV PiTXLQDV H RXWURV

HTXLSDPHQWRVTXHSRGHPJHUDUFDORUHXPLGDGHQRDPELHQWH
,QILOWUDomR H UHQRYDomR DV FRQGLo}HV GH WHPSHUDWXUD H XPLGDGH GR DU

H[WHUQR SRGHP VLJQLILFDU XP DFUpVFLPR UD]RiYHO QD FDUJD WpUPLFD GR
DPELHQWHSRULQILOWUDomRSRUIUHVWDVRXUHQRYDomRSULQFLSDOPHQWHVHIRUHP
PXLWRGLIHUHQWHVGDVFRQGLo}HVGRDULQWHUQR
$&DUJD7pUPLFD6HQVtYHOpVLPSOHVGHFDOFXODUeDTXDQWLGDGHGHFDORUTXHSDVVD
SHODVSDUHGHVTXHHQWUDSHODVMDQHODVTXHpJHUDGDSRUXPFRPSXWDGRUHWFRX
VHMDRQGHQmRKiXPLGDGHHQYROYLGD
-i TXDQGR H[LVWH LQILOWUDomR GH DU RV GRLV PRGRV HVWmR HQYROYLGRV ([LVWH XPD
SDUFHODVHQVtYHOUHODFLRQDGRFRPDWHPSHUDWXUDGRDUTXHHVWiHQWUDQGRHRXWUD
ODWHQWHUHODFLRQDGDFRPDXPLGDGHGRDUTXHHVWiHQWUDQGR4XDQGRH[LVWHXPD
YD]mR GH DU H[WHULRU TXH HQWUD HP XPD HGLILFDomR YDL KDYHU XPD YD]mR LGrQWLFD
VDLQGR &RQVLGHUDVH TXH HVVH DU TXH VDL HVWi QD WHPSHUDWXUD H XPLGDGH GR
DPELHQWHLQWHUQR
'HVVD IRUPD D TXDQWLGDGH GH FDORU VHQVtYHO GHYLGR DR DU H[WHUQR p GHWHUPLQDGD
SRU

4 6 = PF3 W
2QGH
46=FDORUVHQVtYHO:
P =YD]mRPiVVLFDGHDU
F3=FDORUHVSHFtILFRjSUHVVmRFRQVWDQWHGRDUVHFRN-NJ&
W=GLIHUHQoDHQWUHDWHPSHUDWXUDLQWHULRUHH[WHULRU&
4 / = PFOY Z
2QGH
4/=FDORUODWHQWH:
P =YD]mRPiVVLFDGHDU
&OY=FDORUODWHQWHGHYDSRUL]DomRGDiJXDN-NJYDSRU
Z= GLIHUHQoD HQWUHD XPLGDGH DEVROXWDH[WHUQD HLQWHUQD NJ iJXDNJ DU

VHFR
2XWUD PDQHLUD GH FDOFXODU D FDUJDWpUPLFD p DWUDYpV GD YDULDomR GH (QWDOSLD K
TXHpXPDSURSULHGDGHWHUPRGLQkPLFDPXLWRXWLOL]DGDQDiUHDGHFOLPDWL]DomR

$31',&(6
4 7 = PK
2QGH
K YDULDomRGHHQWDOSLDN-NJDUVHFR
$ SURSULHGDGH HQWDOSLD SRGH VHU HQFRQWUDGD HP WDEHODV PDV WDPEpP QD &DUWD
3VLFURPpWULFD )LJXUD 2 HL[RKRUL]RQWDODSUHVHQWDD WHPSHUDWXUD GHEXOER
VHFR 7%6 R HL[R YHUWLFDO D XPLGDGH DEVROXWD H R HL[R LQFOLQDGR R YDORU GD
(QWDOSLD $V WHPSHUDWXUDV LQWHUQDV H H[WHUQDV HVWmR UHSUHVHQWDGDV SHORV GRLV
SRQWRV VHQGR TXH R GHVORFDPHQWR YHUWLFDO UHSUHVHQWD D GHVXPLGLILFDomR
HTXLYDOHQGR DR FDORU ODWHQWH H R GHVORFDPHQWR KRUL]RQWDO R UHVIULDPHQWR
HTXLYDOHQWH DR FDORU VHQVtYHO $ YDULDomR GH HQWDOSLD HQWUH RV GRLV SRQWRV p R
FDORUWRWDORXVHMDDFDUJDWpUPLFDUHIHUHQWHjLQILOWUDomRGHDU

)LJXUD(QWDOSLDQD&DUWD3VLFURPpWULFD
$VSHVVRDVFRQWULEXHPFRPXPDSDUFHODGHFDORUVHQVtYHODTXHFHQGRRDUHFRP

XPD SDUFHOD GH FDORU ODWHQWH XPHGHFHQGR R DU SHOD UHVSLUDomR H HYDSRUDomR
GHSHQGHQGRGDDWLYLGDGHVH[RLGDGHHWF$1RUPD 7pFQLFD1%5 DSUHVHQWD
XPD WDEHOD FRP RV UHVSHFWLYRV YDORUHV GH FDUJD WpUPLFD VHQVtYHO H ODWHQWH HP
IXQomRGDDWLYLGDGH

([HPSOR1XPpULFR
8PH[HPSORQXPpULFRSRGHHVFODUHFHUPHOKRUFRPRDHVWLPDWLYDGDFDUJDWpUPLFD
p IHLWD 1D )LJXUD WHPVH R DPELHQWH VRE DQiOLVH SDUD R FiOFXOR GD FDUJD
WpUPLFDeXPDVDODFRPHUFLDOORFDOL]DGDQDFLGDGHGH)ORULDQySROLVHYROWDGDSDUD
RHVWH$VDODSURFXUDUHSUHVHQWDUXPDPELHQWHWtSLFRGHWUDEDOKRFRPGLPHQV}HV
GHSRUPHWURVPHSpGLUHLWRGHPHWURV$SDUHGHH[WHULRUHVWi
QD PHQRU GLPHQVmR P H p YD]DGD SRU XPD MDQHOD FRP ODUJXUD GH PHWURV H
DOWXUDGHPHWURV2PDWHULDOGDVSDUHGHVpRWLMRORPDFLoRUHERFDGRFRP
FHQWtPHWURVGHHVSHVVXUDWRWDOYHUH[HPSORQXPpULFRQRFDStWXORLWHPSiJ
H R YLGUR XWLOL]DGR QD DEHUWXUD p VLPSOHV FRP PLOtPHWURV GH HVSHVVXUD

3UHYrVHQRLQWHULRUDRFXSDomRSRUWUrVSHVVRDVRXVRGHXPFRPSXWDGRUHRWRWDO
GH GR]H OkPSDGDV IOXRUHVFHQWHV FRPXQV SDUD LOXPLQDomR DUWLILFLDO $ GDWD GH
FiOFXORpRGLDGHGH]HPEURVROVWtFLRGHYHUmRjVKTXDQGRDUDGLDomRVRODU
DVVXPHRYDORUPDLVFUtWLFRGXUDQWHRGLDSDUDDFLGDGH$VHTXrQFLDGHFiOFXORVD
VHJXLUSRGHVHUXWLOL]DGDSDUDDHVWLPDWLYDGDFDUJDWpUPLFDGRDPELHQWH

)LJXUD([HPSORQXPpULFRGHFDUJDWpUPLFD
&21'8d23(/2)(&+$0(17223$&24)2
&RPRYLVWRQDWDEHODFDStWXORSiJWHPVHTXHDGHQVLGDGHGHIOX[R
GHFDORUGDSDUHGHGHFPQDFRUEUDQFDYROWDGDDRHVWHp
T)2=:P

$iUHDWRWDOGHIHFKDPHQWRRSDFRGDSDUHGHH[WHUQDVHUiGHVFRQWDQGRDiUHDGH
DEHUWXUD
$)2==P

(QWmRRJDQKRGHFDORUSHORIHFKDPHQWRRSDFRVHUi
4)2=T)2$)2==:

(VWH p R YDORU GR JDQKR WpUPLFR SHOD SDUWH RSDFD GD SDUHGH H[WHUQD SDUD D
VLWXDomRDQDOLVDGD

&21'8d23(/$$%(5785$4$
&RPR Mi YLVWR QR FiOFXOR GD GHQVLGDGH GH IOX[R GH FDORU SRU FRQGXomR TXH
DWUDYHVVDXPDDEHUWXUDFDStWXORSiJWHPVHTXH

$31',&(6
T$=:P

$iUHDGHDEHUWXUDp
$$==P

(QWmRRIOX[RWRWDOGHFDORUTXHDWUDYHVVDDDEHUWXUDSRUFRQGXomRVHUi
4$=T$$$==:

*$1+262/$53(/29,'5246
( R JDQKR WpUPLFR VRODU SHOD MDQHOD FRQIRUPH Mi YLVWR QR FDStWXOR SiJ
VHUi
T6=)6,==:P

)D]HQGRRFiOFXORSDUDWRGDDiUHDHQYLGUDoDGDGDSDUHGHH[WHULRUWHPVH
46=T6$$==:

$ DEHUWXUD FRQWULEXL HQWmR FRP : GH FDORU JDQKRV SRU FRQGXomR H FRP
:GHFDORUJDQKRVGLUHWDPHQWHGRVROWRWDOL]DQGR:

*$1+2'(&$/25'262&83$17(642
$GRWRXVH SDUD D VDOD WUrV RFXSDQWHV 6HJXQGR D 1RUPD ,62 XPD
SHVVRDHPDWLYLGDGHOHYHQRUPDOPHQWHH[HUFLGDHPDPELHQWHVGHVVHWLSRSURGX]
DSUR[LPDGDPHQWH:GHFDORU2FDORUWRWDOSURGX]LGRSHORVRFXSDQWHVGDVDOD
VHUiHQWmR
42==:

*$1+2'(&$/25325,/80,1$d2$57,),&,$/4L
(VWD VDOD p LOXPLQDGD SRU GR]H OkPSDGDV IOXRUHVFHQWHV GH : 'HYHVH
FRQVLGHUDU DOpP GR FDORU GLVVLSDGR SHODV OkPSDGDV 4/ R FDORU SHUGLGR SHORV
UHDWRUHV4U6XSRQGRUHDWRUHVGHSDUWLGDUiSLGDSDUDFDGDGXDVOkPSDGDVWHPVH
SHODWDEHODFDStWXORSiJTXHDVSHUGDVGHFDORUVHUmRGDRUGHPGH
:SRUUHDWRU(QWmR
4U==:

(RFDORUGLVVLSDGRSHODVOkPSDGDVVHUi
4/==:


2JDQKRGHFDORUWRWDOSRULOXPLQDomRDUWLILFLDOVHUi
4L=4U+4/=+=:

*$1+2'(&$/25325(48,3$0(17264(
7DPEpP KDYHUi XPD FHUWD TXDQWLGDGH GH FDORU VHQGR JDQKD GLUHWDPHQWH GRV
HTXLSDPHQWRVLQVWDODGRVQRDPELHQWH1RFDVRGRH[HPSORWHPVHXPFRPSXWDGRU
FXMDSDUFHODGHFDORUFHGLGRDRDPELHQWHVHUi
4(:

*$1+2'(&$/25325,1),/75$d2'($54LD
$GRWDVH UHJXODUPHQWH FHUWR Q~PHUR GH WURFDV GH DU SDUD R DPELHQWH TXH
GHSHQGH GD HVWDQTXHLGDGH GDV DEHUWXUDV DR DU 1HVWH FDVR VH DGRWRX XPD
LQILOWUDomR GH GR YROXPH WRWDO GH DU GR DPELHQWH D FDGD KRUD e
LPSRUWDQWH FRPSUHHQGHU TXH HVWD LQILOWUDomR DFRQWHFHUi SHODV IUHVWDV H VH
WUDGX]LUiHPGRLVWLSRVGLVWLQWRVGHJDQKRVGHFDORUSDUDHIHLWRGHFiOFXORGHFDUJD
WpUPLFDFDORUVHQVtYHOHFDORUODWHQWH&RQIRUPHH[SOLFDGRQRLWHPRFDORU
VHQVtYHOHVWiUHODFLRQDGREDVLFDPHQWHjGLIHUHQoDGHWHPSHUDWXUDHQWUHLQWHULRUH
H[WHULRUHRFDORUODWHQWHLQFRUSRUDRFRQFHLWRGHWURFDGHHVWDGRGDiJXDFRQWLGD
QRDU
&DORU6HQVtYHO46(
2FDORUVHQVtYHO46(SRGHVHUFDOFXODGRSRU
46(=F9W>:@

2QGH=NJPGHQVLGDGHGRDU
F=-NJ&FDORUHVSHFtILFRGRDU
9=YROXPHGHDUWURFDGRQRDPELHQWHDFDGDVHJXQGR
W=GLIHUHQoDGHWHPSHUDWXUDHQWUHLQWHULRUHH[WHULRU

2YDORUGH9VHUi
9=LQILOWUDomRYROXPHGDVDOD
9==PV

2FDORUVHQVtYHOVHUiHQWmR
46(=F9W==:

$31',&(6
&DORU/DWHQWH4/$
2FDORUODWHQWHLQGLFDDTXDQWLGDGHGHHQHUJLDQHFHVViULDSDUD GHVXPLGLILFDURDU
GH LQILOWUDomR PDQWHQGR VXD WHPSHUDWXUD FRQVWDQWH 3HOD FDUWD SVLFURPpWULFD
REWpPVHDYDULDomRGHHQWDOSLDHQWUHDVFRQGLo}HVH[WHUQDVHRSRQWR

)LJXUD&DUWDSVLFURPpWULFDFRPHQWDOSLDVGDVGXDVFRQGLo}HVH[WHULRUHLQWHULRU
1D )LJXUD QRWDVH TXH R YDORU GH HQWDOSLD SDUD R SRQWR H[WHUQR p GH
N-NJHSDUDRSRQWRpGHN-NJ(QWmR
$UH[WHUQR7H=&85H=(QWDOSLD N-NJGHDUVHFR
3RQWR7=&85=(QWDOSLD N-NJGHDUVHFR
$ULQWHUQR7L=&85L=(QWDOSLD N-NJGHDUVHFR

$GLIHUHQoDHQWiOSLFD+VHUiHQWmR
=N-NJ=-NJGHDUVHFR

(RFDORUODWHQWHVHUi
4/$=F9+==:

2FDORUWRWDOTXHHQWUDQRDPELHQWHSRULQILOWUDomRVHUiSDUDHVWHFDVR
4LD=46(+4/$=+=:

&$5*$7e50,&$&7
$FDUJDWpUPLFD&7SDUDRDPELHQWHVHUiHQWmR
&7=4)2+4$+46+42+4L+4(+4LD
&7=++++++=:

'HYHVH GL]HU TXH HPERUD HVWH VHMD R YDORU GH SLFR p R TXH VH XWLOL]D SDUD R
GLPHQVLRQDPHQWR GH DSDUHOKRV GH FOLPDWL]DomR $ SDUWLU GRV YDORUHV H[SODQDGRV
SRGHVHLGHQWLILFDUDFRQWULEXLomRGHFDGDHOHPHQWRDQDOLVDGR7DEHOD
7DEHOD&RQWULEXLomRGHFDGDHOHPHQWRGRSURMHWRQDFDUJDWpUPLFD
(/(0(172
&2175,%8,d2'(&$/25
3DUHGHH[WHUQD
$EHUWXUD

2FXSDQWHV
,OXPLQDomRDUWLILFLDO
(TXLSDPHQWRV
,QILOWUDomR

e LPSRUWDQWH UHVVDOWDU TXH R SURFHGLPHQWR DTXL GHVFULWR p H[WUHPDPHQWH
VLPSOLILFDGR 3DUD DYDOLDo}HV PDLV SUHFLVDV GH FDUJD WpUPLFD GHYHVH FRQVXOWDU
ELEOLRJUDILDVHVSHFtILFDV$6+5$( 0F48,6721RXXWLOL]DUXPSURJUDPD
GHVLPXODomRVRILVWLFDGRFRPRSRUH[HPSORR'2((%/$67RX(631RFDVRGR
DPELHQWHDFLPDVHSRGHULDHPSUHJDUXPDSDUHOKRGH DUFRQGLFLRQDGRGHMDQHOD
&RQVLGHUDQGR TXH : HTXLYDOH D %78K HVWH DSDUHOKR GH DU
FRQGLFLRQDGRGHYHULDWHUXPDSRWrQFLDLJXDORXPDLRUD
>:@>%78K@=%78K
3URYDYHOPHQWHVHULDHVSHFLILFDGRXPDSDUHOKRFRP%78KRX75
$HVSHFLILFDomRGHXPVLVWHPDGHDUFRQGLFLRQDGRGHYHWDPEpPSRQGHUDUDUHODomR
FXVWREHQHItFLR 8P VLVWHPD FHQWUDO SRU H[HPSOR FRQVRPH PHQRV HQHUJLD SDUD
FOLPDWL]DU XPD HGLILFDomR GR TXH XPD VROXomR HTXLYDOHQWH FRP DSDUHOKRV GH
MDQHOD 6XDV YDQWDJHQV VmR HQWUH RXWUDV R PHQRU FRQVXPR GH HQHUJLD R QmR
FRPSURPHWLPHQWRGDIDFKDGDDUTXLWHW{QLFDDPDLRUGXUDELOLGDGHHFRQILDELOLGDGH
EHP FRPR R PHQRU QtYHO GH UXtGR QR LQWHULRU GRV HVSDoRV FRQGLFLRQDGRV
(QWUHWDQWR RV DSDUHOKRV GH MDQHOD WRUQDPVH DWUDWLYRV SHOD VXD VLPSOLFLGDGH
4XDOTXHUSHVVRD SRGH FRPSUDU XPDSDUHOKR GH MDQHOD H LQVWDOiOR VHP QHFHVVLWDU
GHXPSURMHWRHVSHFtILFR1RVHWRUUHVLGHQFLDOSULQFLSDOPHQWHRXVRGHDSDUHOKRV
GHMDQHODSRVVLELOLWDFOLPDWL]DUDSHQDVDOJXQVDPELHQWHVFRQVLGHUDGRVPDLVQREUHV
TXDUWR H HVWDU SRU H[HPSOR MXVWLILFDQGR HVWD DOWHUQDWLYD 2XWUR IDWRU D VHU
FRQVLGHUDGR p D YHUVDWLOLGDGH GR XVR GR DSDUHOKR GH MDQHOD HP UHODomR jV
SUHIHUrQFLDVSHVVRDLVGRVXVXiULRV(PRXWUDVSDODYUDVHPXPHGLItFLRFRPHUFLDO
SRUH[HPSORDOJXPDVSHVVRDVSRGHPSUHIHULUQmRXVDURDUFRQGLFLRQDGRGHL[DQGR
DEHUWDVDVMDQHODVHQTXDQWRRXWUDVSRGHPXVDURDSDUHOKRGHVXDVDODGHIRUPDD

$31',&(6
DTXHFHU RX UHVIULDU R DPELHQWH GH DFRUGR FRP VXDV QHFHVVLGDGHV GH FRQIRUWR e
LPSRUWDQWH UHVVDOWDU TXH KRMH HP GLD RV DSDUHOKRV GR WLSR VSOLW HVWmR ILFDQGR
FRP SUHoRV FRPSHWLWLYRV HP UHODomR DRV DSDUHOKRV GH MDQHOD H WRUQDPVH
DOWHUQDWLYD PDLV DWUDHQWH HP WHUPRV GH FRQIRUWR SHOD PHQRU UXtGR TXH SURGX]
LQWHUQDPHQWH QR DPELHQWH H SHOD SOiVWLFD GD XQLGDGH HYDSRUDGRUD 'HYHVH
FRQVLGHUDU HP SURMHWR DUTXLWHW{QLFR R HIHLWR GDV LQVWDODo}HV GDV XQLGDGHV
FRQGHQVDGRUDVQDVIDFKDGDVSRLVVmRSODVWLFDPHQWHPDLVDJUHVVLYDVTXHRVPRGHORV
FRQYHQFLRQDLV GH MDQHOD 3RGHVH FRQVLGHUDU QD YROXPHWULD GR HGLItFLR HOHPHQWRV
TXHGLVIDUFHPDVFRQGHQVDGRUDVRXPHVPRDFRORFDomRGDVPHVPDVQDFREHUWXUD
$RQtYHOGRFRQVXPRGHHQHUJLDVHSRGHFRPSDUDUGHIRUPDSUiWLFDRVDSDUHOKRV
GHDUFRQGLFLRQDGRDWUDYpVGRVHX((5HQHUJ\HIILFLHQWUDWLRTXHpXPFRQFHLWR
GH tQGLFH GH HILFLrQFLD 2 ((5 UHODFLRQD D TXDQWLGDGH GH HQHUJLD HOpWULFD
FRQVXPLGD SDUD JHUDU HQHUJLD WpUPLFD GH DTXHFLPHQWR RX UHIULJHUDomR H VXD
XQLGDGH p %WXK: 1D GpFDGD GH RLWHQWD R ((5 SDUD RV DSDUHOKRV GH DU
FRQGLFLRQDGRGHMDQHODQR%UDVLOHUDGDRUGHPGHD%WXK:0F48,6721
$WXDOPHQWH HVWH YDORU VXELX SDUD DIDL[D GH D %WXK: $V PHOKRULDV
WHFQROyJLFDV UHFHQWHV FRPR SRU H[HPSOR D LQWURGXomR GRV FRPSUHVVRUHV
URWDWLYRV PRVWUDP TXH D LQG~VWULD EXVFD PHOKRUDU DLQGD PDLV HVWHV tQGLFHV 2
FUHVFLPHQWR GR ((5 VLJQLILFD PHQRU TXDQWLGDGH GH HQHUJLD FRQVXPLGD SDUD
UHIULJHUDomR R TXH GHQRWD D XWLOLGDGH GHVWH tQGLFH SDUD D HVFROKD GH PiTXLQDV
PDLVHILFLHQWHVHQWUHDVGLVSRQtYHLVQRPHUFDGR
2 352&(/ ODQoRX QR %UDVLO R VHOR GH HILFLrQFLD GRV FRQGLFLRQDGRUHV GH DU R TXH
WRUQDEHPPDLVIiFLODRXVXiULRRSWDUSRUDSDUHOKRVPDLVHILFLHQWHV
5()(51&,$6
$%171%5LOXPLQDomR1DWXUDO3DUWH3URFHGLPHQWRGHFiOFXORSDUDD
$%17 E 1%5 'HVHPSHQKR WpUPLFR GH HGLILFDo}HV 3DUWH 0pWRGRV GH
$%17 F 1%5 'HVHPSHQKR WpUPLFR GH HGLILFDo}HV 3DUWH =RQHDPHQWR
LQWHUHVVHVRFLDO
$8/,&,(06 $ 6]RNROD\ 6 9 7KHUPDO FRPIRUW 3/($ 127(6 3DVVLYH DQG /RZ
(QHUJ\$UFKLWHFWXUH,QWHUQDWLRQDO7KH8QLYHUVLW\RI4XHHQVODQG%ULVEDQH
WKHUPDO HQYLURQPHQW $QDO\WLFDO GHWHUPLQDWLRQ DQG LQWHUSUHWDWLRQ RI WKHUPDO
FRPIRUW XVLQJ FDOFXODWLRQ RI WKH 309 DQG 33' LQGLFHV DQG ORFDO WKHUPDO FRPIRUW
FULWHULD *HQHYD 6ZLW]HUODQG 'LVSRQtYHO HP KWWSZZZLVRFK! DFHVVR HP
RXWXEUR

$XWRULD
GH
0DXUtFLR
5RUL]
'LVSRQtYHO
HP
DFHVVR
HP
RXWXEUR
0&48,6721 ) &RROLQJ DQG KHDWLQJ ORDG FDOFXODWLRQ PDQXDO HG $6+5$(
$WODQWD86$
6=2.2/$<697KHUPDO GHVLJQ RIEXLOGLQJV5$,$(GXFDWLRQ 'LYLVLRQ5HG+LOO
$XVWUiOLD


Eficência Energética Na Arquitetura

Enviado por

Dados do documento

Direitos autorais

Formatos disponíveis

Compartilhar este documento

Compartilhar ou incorporar documento

Opções de compartilhamento

Você considera este documento útil?

Este conteúdo é inapropriado?

Direitos autorais:

Formatos disponíveis

Eficência Energética Na Arquitetura

Enviado por

Direitos autorais:

Formatos disponíveis

ELETROBRAS

Av. Presidente Vargas, 409 / 13 andar Centro

Equipe do PROCEL Edifica

curriculum resumido dos autores

Fernando Oscar Ruttkay Pereira: Professor Titular do Departamento de Arquitetura e

Captulo 2: Conforto Ambiental

Captulo 3: Arquitetura e Clima

Captulo 4: Geometria Solar

Captulo 5: Iluminao Natural

Medindo a Contribuio de Iluminao Natural com o cu artificial .......... 154

Iluminao Artificial como Suplemento da Iluminao Natural ..................

Captulo 6: Ventilao Natural

Captadores de vento, peitoris ventilados, mansardas, lanternins e torres de ventilao

Captulo 7: Propriedades Trmicas dos Elementos Construtivos

Captulo 8: Equipamentos e Sistemas Eficientes

Descarga Gasosa ....................................................................

Controle da Iluminao ...............................................................

Captulo 9: Projeto de Arquitetura Bioclimtica

Iluminao Natural e Artificial .....................................................

Captao da gua da Chuva ..........................................................

1R SHUtRGR FOiVVLFR 9LWU~YLR  

+RMH HP GLD D DUTXLWHWXUD

EDVHDGDV QR FRQKHFLPHQWR GDV YDULiYHLV H FRQFHLWRV TXH HQYROYHP D HILFLrQFLD

$ $548,7(785$ 9(51$&8/$5 TXH p JHQXtQD FRUUHWD SXUD H LVHQWD GH

1D 7XQtVLD DV KDELWDo}HV

$ 5(92/8d2 ,1'8675,$/ WURX[H XP

1R SHUtRGR HQWUH JXHUUDV VXUJLX R (67,/2 ,17(51$&,21$/ UHYROXFLRQDQGR SRU

6LVWHPDV GH LOXPLQDomR H GH FOLPDWL]DomR DUWLILFLDO SDVVDUDP D VHU ODUJDPHQWH

1%5  ,OXPLQDomR 1DWXUDO 3DUWH  &RQFHLWRV EiVLFRV H GHILQLo}HV 

1%5  ,OXPLQDomR 1DWXUDO 3DUWH  3URFHGLPHQWRV GH FiOFXOR SDUD D

1%5  ,OXPLQDomR 1DWXUDO 3DUWH  3URFHGLPHQWR GH FiOFXOR SDUD D

1%5  ,OXPLQDomR 1DWXUDO 3DUWH  9HULILFDomR H[SHULPHQWDO GDV

1%5   'HVHPSHQKR WpUPLFR GH HGLILFDo}HV  3DUWH  'HILQLo}HV

1%5   'HVHPSHQKR WpUPLFR GH HGLILFDo}HV 3DUWH  =RQHDPHQWR

2 3URWyWLSR SDUD (GLItFLRV GH (VFULWyULRV GHVHQYROYLGR SHOR DUTXLWHWR 0DULR

2 HOHPHQWR GH PDLRU H[SUHVVLYLGDGH DUTXLWHW{QLFD GR SURMHWR p FHUWDPHQWH R

$ FDVD p XPD YLWULQH GH WHFQRORJLDV ELRFOLPiWLFDV H VXVWHQWiYHLV ,QFOXLQGR D

&(1752 %5$6,/(,52 '( (),&,1&,$ (1(5*e7,&$ (0 (',),&$d(6 &%( 8QLYHUVLGDGH

$OpPGHVWDVYDULiYHLVDDWLYLGDGHItVLFD 0(7PHWRX:P HDYHVWLPHQWD ,&/2FORRX

$ '8 =  P O 

6XELQGRUDPSDVLQFOLQDGDV YHORFLGDGHGHNPK D

1D )LJXUD  REVHUYDVH TXH D UHVLVWrQFLD

2SURJUDPD$QDO\VLV&67 GH&RQIRUWRH(VWUHVVH7pUPLFR SHUPLWHDRDUTXLWHWRFRQKHFHU

7* WHPSHUDWXUDGHJORER & 

7%6 WHPSHUDWXUDGHEXOERVHFR & 

' GLkPHWURGRJORERSDGURQL]DGRHPFP PQDHTXDomR 

(7* + ) +   

7* 7%6 (7* 7%6 ) 

(7* + ) +   9  (7* 7%6) 

&RQWUDVWHVDGHTXDGRV SURSRUomRGHOXPLQkQFLDV H

&RQWUDVWHpGHILQLGRSHODUHODomRHQWUHDOXPLQkQFLD EULOKR GHXPREMHWRHDOXPLQkQFLD

2 PRYLPHQWR GR DU WDPEpP VRIUH JUDQGH

$ HYDSRUDomR GD iJXD SRGH UHGX]LU D WHPSHUDWXUD H VLPXOWDQHDPHQWH DXPHQWDU D XPLGDGH

YHQWLODomR LQpUFLD SDUD UHVIULDPHQWR H UHVIULDPHQWR

$ 1RUPD %UDVLOHLUD 1%5  HVWDEHOHFH R ]RQHDPHQWR ELRFOLPiWLFR EUDVLOHLUR

2$QDO\VLV%,2 )LJXUD pEDVWDQWH~WLOSDUDDFRPSUHHQVmRGRFRPSRUWDPHQWRFOLPiWLFR

(/(75268/ (OHWUREUiV352&(/ /DE(((8)6&   3URMHWR &DVD (ILFLHQWH

KPLQ KSDUD FDGDGHORQJLWXGHHGHPLQ SDUDFDGD  DGLFLRQDOVLQDO

+6 )ORULDQRSROLVK GH]HPEUR = K (  PLQ) K PLQ+ K

+6)ORULDQRSROLVK GH]HPEUR = K  PLQ

$ )LJXUD  PRVWUD DV LQIRUPDo}HV TXH

RVD]LPXWHVDRPHLRGLDVmRVHPSUHFRQVLGHUDQGRVHRKRUiULRVRODU YHULWHP 

2kQJXORUHSUHVHQWDRD]LPXWHGDDUHVWDDVHUFRQVLGHUDGD )LJXUD 6HXYDORUSRGH

$PiVFDUDGHVRPEUHDPHQWRILQDO GDSURWHomRVRODUpFRPSRVWDGHXPDiUHDTXHXQH RV

1R SHUtRGR FOiVVLFR 9LWU~YLR

+RMH HP GLD D DUTXLWHWXUD

$ $548,7(785$ 9(51$&8/$5 TXH p JHQXtQD FRUUHWD SXUD H LVHQWD GH

1D 7XQtVLD DV KDELWDo}HV

1R SHUtRGR HQWUH JXHUUDV VXUJLX R (67,/2 ,17(51$&,21$/ UHYROXFLRQDQGR SRU

1%5 ,OXPLQDomR 1DWXUDO 3DUWH &RQFHLWRV EiVLFRV H GHILQLo}HV

1%5 ,OXPLQDomR 1DWXUDO 3DUWH 3URFHGLPHQWRV GH FiOFXOR SDUD D

1%5 ,OXPLQDomR 1DWXUDO 3DUWH 3URFHGLPHQWR GH FiOFXOR SDUD D

1%5 ,OXPLQDomR 1DWXUDO 3DUWH 9HULILFDomR H[SHULPHQWDO GDV

1%5 'HVHPSHQKR WpUPLFR GH HGLILFDo}HV 3DUWH 'HILQLo}HV

1%5 'HVHPSHQKR WpUPLFR GH HGLILFDo}HV 3DUWH =RQHDPHQWR

2 3URWyWLSR SDUD (GLItFLRV GH (VFULWyULRV GHVHQYROYLGR SHOR DUTXLWHWR 0DULR

$ FDVD p XPD YLWULQH GH WHFQRORJLDV ELRFOLPiWLFDV H VXVWHQWiYHLV ,QFOXLQGR D

&(1752 %5$6,/(,52 '( (),&,1&,$ (1(5*e7,&$ (0 (',),&$d(6 &%( 8QLYHUVLGDGH

$OpPGHVWDVYDULiYHLVDDWLYLGDGHItVLFD0(7PHWRX:PHDYHVWLPHQWD,&/2FORRX

$ '8 = P O

6XELQGRUDPSDVLQFOLQDGDVYHORFLGDGHGHNPKD

1D )LJXUD REVHUYDVH TXH D UHVLVWrQFLD

2SURJUDPD$QDO\VLV&67GH&RQIRUWRH(VWUHVVH7pUPLFRSHUPLWHDRDUTXLWHWRFRQKHFHU

7* WHPSHUDWXUDGHJORER&

7%6 WHPSHUDWXUDGHEXOERVHFR&

' GLkPHWURGRJORERSDGURQL]DGRHPFPPQDHTXDomR

(7* + ) +

7* 7%6 (7* 7%6 )

(7* + ) + 9 (7* 7%6)

&RQWUDVWHVDGHTXDGRVSURSRUomRGHOXPLQkQFLDVH

&RQWUDVWHpGHILQLGRSHODUHODomRHQWUHDOXPLQkQFLDEULOKRGHXPREMHWRHDOXPLQkQFLD

YHQWLODomR LQpUFLD SDUD UHVIULDPHQWR H UHVIULDPHQWR

$ 1RUPD %UDVLOHLUD 1%5 HVWDEHOHFH R ]RQHDPHQWR ELRFOLPiWLFR EUDVLOHLUR

2$QDO\VLV%,2)LJXUDpEDVWDQWH~WLOSDUDDFRPSUHHQVmRGRFRPSRUWDPHQWRFOLPiWLFR

(/(75268/ (OHWUREUiV352&(/ /DE(((8)6& 3URMHWR &DVD (ILFLHQWH

KPLQKSDUD FDGDGHORQJLWXGHHGHPLQ SDUDFDGD DGLFLRQDOVLQDO

+6 )ORULDQRSROLVK GH]HPEUR = K ( PLQ) K PLQ+ K

+6)ORULDQRSROLVK GH]HPEUR = K PLQ

$ )LJXUD PRVWUD DV LQIRUPDo}HV TXH

RVD]LPXWHVDRPHLRGLDVmRVHPSUHFRQVLGHUDQGRVHRKRUiULRVRODUYHULWHP

2kQJXORUHSUHVHQWDRD]LPXWHGDDUHVWDDVHUFRQVLGHUDGD)LJXUD6HXYDORUSRGH

$1$/<6,662/$53URJUDPDTXHFRQIHFFLRQDFDUWDVVRODUHVSDUDTXDOTXHUODWLWXGH

35$7(/(,5$6'(/8=RXOLJKWVKHOYHVSUHYLQHPRRIXVFDPHQWRTXDQGRFRORFDGDVDFLPD

8P PDFHWH SDUD ILQV GH SUp

$ PHOKRU RULHQWDomR SDUD D LOXPLQDomR QDWXUDO p D 1257( GHYLGR j LQFLGrQFLD PDLV

2V6(1625(6'(35(6(1d$RXGH2&83$d2XVDPWDQWRUDGLDomRLQIUDYHUPHOKDTXDQWR

2SURJUDPD(FRWHFW$QDO\VLVVLPXODDLOXPLQDomRQDWXUDOHPDPELHQWHVDWUDYpV

2/X[)LJXUDpXPSURJUDPDEUDVLOHLUREDVWDQWHVLPSOHVHIiFLOGHXVDUGHVHQYROYLGR

&RHILFLHQWHGHSUHVVmRGRYHQWR&3/

$ YHQWLODomR QDWXUDO p DSyV R VRPEUHDPHQWR D HVWUDWpJLD ELRFOLPiWLFD PDLV LPSRUWDQWH

ND FRHILFLHQWHVGHDFRUGRFRPDUXJRVLGDGHGRWHUUHQR7DEHOD

5LYHURVXJHULXDYHQWLODomRPtQLPDQHFHVViULDHPDPELHQWHVFRQIRUPHRQ~PHURGH

XPDMDQHODVGHFRUUHUGHDSURYHLWDPHQWRSDUDYHQWLODomRQDIDFKDGDQRUWHFRP

4 = = P V

2JUiILFRGD)LJXUDDGDSWDGRGH/HFKQHUSUHSUHVHQWDDUHGXomRREWLGDQD

2VYLGURVGHEDL[DHPLVVLYLGDGHWDPEpPFRQKHFLGRVFRPRORZHORZHPLVVLYLW\VmRPDLV

(VWHV YLGURV WDPEpP FRQKHFLGRV FRPR 63' VXVSHQGHGSDUWLFOH GHYLFHV WrP

&RPR H[HPSOR GH DVVRFLDomR HPSDUDOHORSRGHVHFDOFXODUDUHVLVWrQFLDWpUPLFDGHXPD

56( UHVLVWrQFLDVXSHUILFLDOH[WHUQDP.:7DEHOD

&7D = H L FL L = (H F ) + (H F ) + + (H F )Q >N-P.@

RQGH H HVSHVVXUDGRHOHPHQWRQRVHQWLGRWUDQVYHUVDODRIOX[RGHFDORU>P@

$6+5$(6KXNX\DH.LPXUD

6KXNX\DH.LPXUDH

TF = 8 (W(;7 W,17 ) = ( ) = : P

TV = )6 , = = : P

T = + = : P

4 3$5('( = (T3$5('( $ 3$5('( ) = ( ) = :

4 $%(5785$ = (T $%(5785$ $ $%(5785$ ) = ( ) = :

$%LRPDVVDOHQKD

2$48(&('25$%,20$66$'($&808/$d2EDVHDGRQD TXHLPDGH OHQKDRXGHODVFDV

)RUPDFLUFXODUFRPGLkPHWURSDGUmRPPFRPVWDUWHUHUHDWRULQFRUSRUDGRV

$ )LJXUD DSUHVHQWD D FODVVLILFDomR SURSRVWD SHOD &,( &RPPLVVLRQ ,QWHUQDFLRQDOH

[:7UHDWRUFRQYHQFLRQDO

[:7UHDWRUSDUWLGDUiSLGD FRQVXPRGH:K:::

[:7UHDWRUHOHWU{QLFRFRQVXPRGH:K::

7DPEpPH[LVWHPDSDUHOKRVSDUDILOWUDURDUFRQKHFLGRVFRPRGHSXUDGRUHV)LJXUD$

(PDOJXPDVVLWXDo}HVSRGHVHSUHIHULURDTXHFLPHQWRFHQWUDO)LJXUDDRLQYpVGRXVR

$ YDQWDJHP GHVWH VLVWHPD p D FOLPDWL]DomR GH YiULRV DPELHQWHV VLPXOWDQHDPHQWH 6XD

26HOI&RQWDLQHG)LJXUDpXPHTXLSDPHQWRRULHQWDGRSDUDUHGHGHGXWRVDLQGDTXH

61<'(5-&&DWDQHVH$,QWURGXomRjDUTXLWHWXUD(GLWRUD&DPSXV/WGD5LR

$VVLP D IRUPD DUTXLWHW{QLFD p XPD LPSRUWDQWH YDULiYHO SDUD DV FRQGLo}HV

WpUPLFR GL] TXDQWR WHPSR R FDORU OHYDUi SDUD DWUDYHVVDU R PDWHULDO $

2 VXSHUGLPHQVLRQDPHQWR )LJXUD SRGH VHU HYLWDGR VH R DUTXLWHWR HVWLPDU D

3DUDTXH R SURFHVVR GH DQiOLVH VHMD UHDOL]DGRH[LVWHP GLVSRQtYHLV DWXDOPHQWH QR