$WLWXGH5HVHQKD$YLUWXDOL]DomRGRFRUSR
0

 PDLV  3Uy[LPREORJ

PD\FDPSDQ\#JPDLOFRP  3DLQHO  6DLU

$WLWXGH
6yQmRHUUDTXHPQmRID]

WHUoDIHLUDGHVHWHPEURGH

0LQKDOLVWDGHEORJV

5HVHQKD$YLUWXDOL]DomRGRFRUSR

'DQLHOH2OLYHLUD

6REUHRDXWRU

(OL]DEHWK&RXWR-RUQDOLVPR2QOLQH

'HDFRUGRFRP/HY\SRGHPRVQRVUHLQYHQWDUDWRGRLQVWDQWH$WUDYpVGDDOLPHQWDomR
GLHWpWLFDFLUXUJLDSOiVWLFDPHGLFDPHQWRVTXHDOWHUDPRPHWDEROLVPRSRGHPRVID]HUXPD
UHPRGHODJHPGRQRVVRFRUSR2VHUKXPDQRFRQVHJXHIHFKDURVROKRVLPDJLQDUVH
WRWDOPHQWHGLIHUHQWHILVLFDPHQWHSURFXUDUXPFLUXUJLmRSOiVWLFRSDUDH[SRUVXDVYRQWDGHV
HFRPRQXPSDVVHGHPDJLDWRUQDVHRXWUDSHVVRD6LPRXWUDSHVVRDSRLVRFRUSRILFD
WRWDOPHQWHGLIHUHQWHHDPHQWHWDPEpP2TXHDQWHVHUDWLSLFDPHQWHSULYDGRFRPRDV
HPRo}HVDUHSURGXomRHDLPXQLGDGHFRQWUDGRHQoDVKRMHpH[WHUQDOL]DGRDWUDYpGH
HTXLSDPHQWRVPpGLFRVTXHSHUPLWHPYHUHDOWHUDURQRVVRLQWHULRUHJUDQGHVDYDQoRVGD
LQG~VWULDIDUPDFrXWLFDTXHSRGHPQRVDMXGDUDFRQWURODUDVHPRo}HV*UDQGHV

+iDQRV

PRWLYRVSDUDYRFrVHFRPSRUWDUQDV
UHGHVVRFLDLV
+iDQRV

-DQHODGDPLQKDDOPD
,'(
+iDQRV

5DIDHO-RUQDOLVPR
(;326,d212926580269(/+26
08526
+iDQRV

GHVFREHUWDVHPXLWDHYROXomRTXHKRMHDWUDYpVGHHTXLSDPHQWRVGHFRPXQLFDomRQRV

$QGUpLD-RUQDOLVPR

SHUPLWHHVWDUSUHVHQWHHPYiULRVORFDLVPHVPRRQGHRFRUSRQDRSRGHHVWDU

$+LVWRULDGR8QLYHUVR2Q/LQH
+iDQRV

$79HRUiGLRWUDQVPLWHPDRWHOHVSHFWDGRUWRGDDHPRomRGHSHVVRDVTXHHVWmRHP
GLPHQV}HVWRWDOPHQWHGLIHUHQWHV&RPDVPiTXLQDVIRWRJUiILFDVDVFkPHUDVHRV
JUDYDGRUHVSRGHPRVSHUFHEHURTXHRRXWURWUDVPLWLDQRPRPHQWRGDJUDYDomRRXIRWR
'HQWURGHWRGRHVWHFRQWH[WRQRVpSHUPLWLGRTXDVHVHQWLURTXHRRXWURHVWDVHQWLQGR
/HY\H[SOLFDTXHDWHOHSUHVHQoDpXPDGDVFDUDFWHUtVWLFDVGRWHOHIRQH3RLVHOHWUDQVPLWH
DYR]GHXPFRUSRTXHSRGHHVWDUDTXLO{PHWURVGHGLVWkQFLD
&RPRVVLVWHPDVGHYLVXDOL]DomRPpGLFDFRPRUDLRV;HDUHVVRQkQFLDPDJQpWLFDR
LQWHULRUSDVVDSDUDRH[WHULRUVHPVDLUGHGHQWURGRLQGLYtGXR8PH[HPSORFRPXPVmR
RVH[DPHVGHXOWUDVRQRJUDILD'RVSDLVSRGHPFRQKHFHURURVWRGREHErDQWHV

4XHPVRXHX
&\QWKLD
$XJXVWR
(VWHEORJIRLFULDGR
SDUDDYDOLDomRQD
GLVFLSOLQD3UiWLFDHP
-RUQDOLVPR2QOLQHGD
8QLYHUVR%+
9LVXDOL]DUPHXSHUILO
FRPSOHWR

PHVPRGRQDVFLPHQWR

$UTXLYRGR
EORJ




1RYHPEUR
2XWXEUR
6HWHPEUR

$YLUWXDOL]DomRGRFRUSRHVWiWDPEpPQRVWUDQVSODQWHV3RLVXPyUJmRSRGHVHU
WUDQVIHULGRDRXWURVHUjVYH]HVHQWUHYLYRVRXHQWUHYLYRHPRUWR6DQJXHHVSHUPD
yYXORVVmRHQFRQWUDGRVHPEDQFRVHVSHFLDLV2VH[HPSORVGmRVHQWLGRVDSDODYUDXVDGD
SHORDXWRUKLSHUFRUSR2XVHMDXPFRUSRTXHQmRpVRPHQWHLQGLYLGXDOTXHSRGHVHU

5HVHQKD$
YLUWXDOL]DomR
GRFRUSR
$XOD,QDXJXUDO

FRQVWUXtGRHDFDEDVHQGRXPFRUSRFROHWLYR
$YLUWXDOL]DomRGRFRUSRpDVXDPXOWLSOLFDomRpDUHLQYHQomR$RPHVPRWHPSRHPTXH
pLQGLYLGXDOFRUUHSDUDIRUDGHVLHVHWRUQDS~EOLFR4XDQGRUHWRUQDMiHVWiPRGLILFDGR
(LVVRQmRDFRQWHFHDSHQDVXPDYH]HVWDPXGDQoDpFRQVWDQWHDWpRGLDTXHVH
H[WLQJXHFRPSOHWDPHQWH
3RVWDGRSRU&\QWKLD$XJXVWRjV

1HQKXPFRPHQWiULR
3RVWDUXPFRPHQWiULR

3RVWDJHPPDLVUHFHQWH

3iJLQDLQLFLDO

3RVWDJHPPDLVDQWLJD

$VVLQDU3RVWDUFRPHQWiULRV$WRP

0RGHOR:DWHUPDUN,PDJHQVGHPRGHORSRUERUFKHH7HFQRORJLDGR%ORJJHU

KWWSF\QWKLDDXJXVWREORJVSRWFRPEUYLUWXDOL]DRGRFRUSRKWPO





$WLWXGH5HVHQKD$YLUWXDOL]DomRGRFRUSR

KWWSF\QWKLDDXJXVWREORJVSRWFRPEUYLUWXDOL]DRGRFRUSRKWPO