Você está na página 1de 10

3$6263$5$5($/,=$5(/&È/&8/20$18$/'(68%5('(6

5($/,=$'2325*$/267(3+(163$',//$&+80$&(52

3DUDGDUODH[SOLFDFLyQSDUWLUHPRVFRQXQHMHPSORGRQGHVHGHWDOODUDWRGRVORVSDVRVSDUDREWHQHUODVVXEUHGHV

3DUDSRGHULGHQWLILFDUODFODVHGHUHG TXHPDQHMDUHQHFHVLWRDQDOL]DUHOVLJXLHQWHFXDGUR

([SOLFDUHPRVHOFXDGURDQWHULRUYHPRVTXHH[LVWHQWLSRVGH³&ODVH´ORVFXDOHVVRQ³$%\&´(VWRVVRQORV
WLSRVGHUHGHVHPSOHDGDVQRUPDOPHQWH

6L YHPRV OD ³&ODVH $´ YHPRV TXH WLHQHQ HO SULPHU ELW ³´ SRU OR TXH ORV YDORUHV SDUD OD FODVH $ VHUiQ GH
DHVGHFLUGHD HQGHFLPDO

3DUDOD³&ODVH%´YHPRVTXHVHLGHQWLILFDQSRUTXHORVGRVSULPHURVELWVVRQ³´SRUORTXHSDUDHVDFODVHVXV
YDORUHVHVWDUiQHQWUH\HVGHFLUGHD

)LQDOPHQWH SDUD OD ³&ODVH &´ YHPRV TXHORVWUHVSULPHURVELWVVRQ³´SRUORTXHVXVYDORUHVSRGUiQRVFLODU


HQWUH\HVGHFLUGHD

3DUDSRGHUFUHDUVXEUHGHVGHEHUHPRV³SUHVWDUQRV´ELWVGHQXHVWURFDPSRGH³+RVW´FRQORTXHREWHQGUHPRVOD
VLJXLHQWHHVWUXFWXUD

3È*,1$ž
'HSHQGLHQGR GH OD FDQWLGDG GH VXEUHGHV TXH SRGDPRVQHFHVLWDUHVWRVVHREWHQGUiQFDOFXODQGRODFDQWLGDGGH
ELWVQHFHVDULRVSDUDFUHDUQXHVWUDVXEUHGSDUDHOORQRVEDVDUHPRVHQXQHMHPSORTXHQRVHQVHxDUDHOPDQHMR\
FiOFXORGHVXEUHGHV

(-(03/2'(/$5('',9,',5/$(168%5('(6<&$/&8/$5/$668%5('(6
$ 
% 
& 
' 
( 
) 

35,0(53$62
(QHVWHFDVRLGHQWLILFDPRVTXHODUHG HVGHFODVH%SRU ORTXHVXIRUPDWRVHUiHOVLJXLHQWH

9LHQGRHOJUiILFRDQWHULRUVDEHPRVTXHWHQHPRVELWVGHQXHVWURFDPSRGHKRVWGHORVFXDOHVFRPRPi[LPR
SRGUHPRVXWLOL]DUKDVWDELWVSDUDFUHDUVXEUHGHV

1HFHVLWRFDOFXODUFXDQWRVELWVQHFHVLWDUHHPSOHDUSDUDSRGHUDEDUFDUODVVXEUHGHVSDUDHVWRFUHROD
VLJXLHQWHWDEOD

7$%/$
          
         
               
; ; ; ; ; ; ; ; ; ; ;
               

1RWD(QHVWHFDVRYR\HVFULELHQGRWDQWRVXQRVGHGHUHFKDDL]TXLHUGDFRQVXUHSUHVHQWDFLyQHQGHFLPDO VHUiLU
PXOWLSOLFDQGR ORVYDORUHVSRUGRVGHGHUHFKDDL]TXLHUGDy ³HOHYDGRDQ´ HQODSDUWHVXSHULRUKDVWDOOHJDU
ILQDOPHQWH D XQ Q~PHUR TXH VHD LQPHGLDWDPHQWH PD\RU R LJXDO D  FDQWLGDG GH VXEUHGHV HQHVWHFDVRHO
YDORU TXH HV LQPHGLDWDPHQWH PD\RU HQ PL UHSUHVHQWDFLyQ GH OD WDEOD HV   /RV YDORUHV PD\RUHVDQR
VHUiQQHFHVDULRVHQQLQJ~QPRPHQWRSRUORTXHORVGHVFDUWDPRVGHVGHHVWHPRPHQWRHVGHFLUGHVFDUWDPRV

    

    

$KRUDFRQWDUHODFDQWLGDGGHELWVQHFHVDULRVHQPLWDEODVLYHPRVODWDEODFRQWDUHPRVRQFHELWV

          

3È*,1$ž
(OQ~PHURGHELWVVHUiIXQGDPHQWDOHQHOFiOFXORGHQXHVWUDVVXEUHGHV

6(*81'23$62
$KRUD\DSRGHPRVFDOFXODUOD³0DVFDUDGHVXEUHG´\ORKDFHPRVGHODVLJXLHQWHPDQHUD
 6DEHPRVTXHODFDQWLGDGGHELWVQHFHVDULRVHVDVLPLVPRVDEHPRVTXHODFDQWLGDGPi[LPDGHELWV
H[LVWHQWHV HQ ORV FDPSRV GH KRVW HQ XQD UHG FODVH E HV GH  HQWRQFHV   SRU OR TXH FRQVLGHUDUHPRV
~QLFDPHQWHODV~OWLPDVILODVGHPLWDEOD

    
; ; ; ; ;
    

$KRUDVXPRORVYDORUHVHQGHFLPDOGHPLV~OWLPRVELWVHVWRVHULD

 

(QWRQFHVPLPiVFDUDGHVXEUHGVHUi

(VWRVVRQORVELWVGHPLUHGQRVHKDUiQLQJXQDRSHUDFLyQFRQHVWRV $TXtWHQJR ELWVGHORVFXDOHVORVSULP HURVVHUiQORVTXHQHFHVLWR


SDUDFUHDUPLVVXEUHGHV\HVWiQUHSUHVHQWDGRVFRQXQRVORVELWVTXH
VHUiQGHPLVXEUHG\FRQFHURVORVELWVGHPLVKRVW
   

$KRUDVLPSOHPHQWHFRQYLHUWRHVWRVQ~PHURVELQDULRVDVXUHSUHVHQWDFLyQHQGHFLPDOFRQORTXHREWHQHPRV

   

(QWRQFHVPLPiVFDUDGHVXEUHGVHUi³´ (VWDPiVFDUDGHVXEUHGVHUiODPLVPDSDUDWRGDVODV
VXEUHGHVTXHSXHGDFUHDUGHQWURGHPLVVXEUHGHVGHVHDGDV

7(5&(53$62
(PSLH]RDKRUDDFDOFXODUODVVXEUHGHVGHVHDGDVSDUDHOORWUDEDMDUHWRGRHOWLHPSRFRQPLWDEOD

          
; ; ; ; ; ; ; ; ; ; ;
          

D &DOFXODUHPRVODVXEUHG

3DUD HVWR WHQJR TXH UHFRUUHU GH L]TXLHUGD D GHUHFKD HQ PLV YDORUHV GHFLPDOHV HV GHFLU GHVGH HO YDORU 
KDVWD7HQGUpTXHLUFRPSDUDQGRHOYDORUGHODVXEUHGTXHGHVHRFDOFXODUVHFXHQFLDOPHQWHFRQFDGDYDORU\
WHQHUHOFXLGDGRGHTXHFRQHVWRVYDORUHVGHEHUpREWHQHUHOYDORU

(VWR OR KDUHPRV HQ HVWH SULPHU HMHPSOR XQR D XQR HQWRQFHV PL PHWRGRORJtD VHUi GH LU UHDOL]DU ODV VLJXLHQWHV
FRPSDUDFLRQHVGHOYDORUGHPLVXEUHGGHVHDGDFRQORVYDORUHVGHPLWDEODFXDQGRODUHVSXHVWDVHD³6L´GHEHUp
LUVXPDQGRVLHPSUHGHDUULEDKDFLDDEDMRKDVWDFRQVHJXLU HQHVWHFDVR

9DORUGHPLWDEOD 3UHJXQWD VXPDWRULDWDEOD &RPSDUDFLyQ 6XPDWRULD


 HVPHQRURLJXDOD" 1R 
 PDVVXPDWRULDHVPHQRURLJXDOD" 1R 
 PDVVXPDWRULDHVPHQRURLJXDOD" 1R 
 PDVVXPDWRULDHVPHQRURLJXDOD " 1R 

3È*,1$ž
 PDVVXPDWRULDHVPHQRURLJXDOD" 1R 
 PDVVXPDWRULDHVPHQRURLJXDOD"   6L 
 PDVVXPDWRULDHVPHQRURLJXDOD" 1R 
 PDVVXPDWRULDHVPHQRURLJXDOD"   6L 
 PDVVXPDWRULDHVPHQRURLJXDOD"   6L 
 PDVVXPDWRULDHVPHQRURLJXDOD"   6L 
 PDVVXPDWRULDHVPHQRURLJXDOD"   6L 

$KRUDYROYHUpDPLWDEOD\WRGRVORVOXJDUHVGRQGHPLFRPSDUDFLyQIXH³6L´ORVXVWLWXLUpSRU³´\ORV³1R´FRQ³´

          
; ; ; ; ; ; ; ; ; ; ;
          
          

(VWHUHVXOWDGRREWHQLGRHQPL~OWLPDILODVHUiPLGLUHFFLyQGHVXEUHG

$KRUD VHSDUDUp ORV  E\WHV  ELWV  GH PL FDPSR GH VXEUHG \ KRVW FRPSOHWDQGR ORV ELWV IDOWDQWHV D OD GHUHFKD
FRQ³[´ORVFXDOHVVHUiQPLVGLUHFFLRQHVGHKRVW

           [ [ [ [ [

)LQDOPHQWH FDOFXODUp PLV GLUHFFLRQHV GH GLUHFFLyQ GH UHG HU ,3 XWLOL]DEOH ~OWLPR ,3 XWLOL]DEOH \ GLUHFFLyQ GH
EURDGFDVWSDUDHVWRVHGHEHUiUHDOL]DUORVVLJXLHQWHVFDPELRV

',5(&&,Ï1'(5('
6XVWLWXLUpODV³[´FRQ³´HQWRQFHV

               

6LHPSUHHQEDVHDODVLJXLHQWHWDEODVXVWLWXLUpORV³´SRUORVYDORUHVDQWHULRUPHQWHREWHQLGRVHLUpVXPiQGRORV
HVGHFLU

       
       
       
       

(QWRQFHVPLSULPHUYDORUVHUi

               

+DJRORPLVPRFRQ

       
       
       
       

(QWRQFHVPLVHJXQGRYDORUVHUi

               

3È*,1$ž
5HFRUGHPRVTXHPLUHGHVOD SRUORTXHPLGLUHFFLyQGHUHGVHUi

   

35,0(5$,387,/,=$%/(
6HUiLJXDODPLGLUHFFLyQGHUHGPDVXQRHVGHFLU

   

   

',5(&&,Ï1'( %52$'&$67
6XVWLWXLUpODV³[´FRQ³´HQWRQFHV

               

6LHPSUHHQEDVHDODVLJXLHQWHWDEODVXVWLWXLUpORV³´SRUORVYDORUHVDQWHULRUPHQWHREWHQLGRVHLUpVXPiQGRORV
HVGHFLU

       
       
       
       

(QWRQFHVPLSULPHUYDORUVHUi

               

+DJRORPLVPRFRQ

       
       
       
       

(QWRQFHVPLVHJXQGRYDORUVHUi

               

5HFRUGHPRVTXHPLUHGHVOD SRUORTXHPLGLUHFFLyQGHUHGVHUi

   

8/7,02,387,/,=$%/(
6HUiLJXDODPLGLUHFFLyQGHEURDGFDVWPHQRVXQRHVGHFLU

   

   

3È*,1$ž
(QWRQFHVPLVGDWRVGHODVXEUHGVHUiQ

'LUHFFLyQGH5HG
   
3ULPHU,38WLOL]DEOH
   
8OWLPR,38WLOL]DEOH
   
'LUHFFLyQGH%URDGFDVW
   
0iVFDUDGH6XEUHG
   

E &DOFXODUHPRVODVXEUHG

$KRUD KDUHPRV OR PLVPR TXH HQ HO HMHPSOR DQWHULRU SHUR HVWD YH] LUHPRV KDFLpQGROR GH IRUPD PDV VHQFLOOD
OXHJRGHKDEHUHQWHQGLGRSDVRDSDVRFRPRVHFDOFXODQODVVXEUHGHVHQHVWDRSRUWXQLGDGWDPELpQUHSDVDUHPRV
DOJXQRVSDVRVIXQGDPHQWDOHVHQWRQFHVSDUDFDOFXODUODVXEUHGWHQGUpTXH FDOFXODUHQPLWDEOD

          
; ; ; ; ; ; ; ; ; ; ;
          
1R 1R 1R 1R 6L 1R 6L 6L 1R 6L 1R
          
          

(QHVWHFDVRFRPRYHRHQODWDEODHPSLH]RDVXPDUGHL]TXLHUGDDGHUHFKDKDVWDREWHQHUPLYDORUGHVHDGRHV
GHFLU\WDPELpQHQXQDQXHYDILODUHHPSOD]DUpORV³QRSRU´\ORV³6LSRU´

$KRUDFDOFXODUpPLGLUHFFLyQGHUHG

   

3DUDFDOFXODUVXYDORUHQGHFLPDOXWLOL]DUpODSDUWHGHPLWDEODDQWHULRUTXHHVWDHQFRORUSORPRHVGHFLU
UHHPSOD]DUpWRGRVORV³XQRV´VHJ~QVXXELFDFLyQFRQVXUHSUHVHQWDFLyQHQELQDULR\ORVVXPDUH

   

(QWRQFHVVXPDQGRREWHQHPRVTXHODGLUHFFLyQGHUHG HV

   

6DEHPRVTXHODGLUHFFLyQGHOHU,3XWLOL]DEOHHVLJXDOD

   

(QWRQFHVVHUi

   

3È*,1$ž
$KRUDFDOFXODUpPLGLUHFFLyQGHUHGPDVDGHODQWHYHUHPRVFRPRUHVROYHUHOUHVWRGHODVGLUHFFLRQHVHQEDVHDOD
GLUHFFLyQGHUHG\QXHVWURFiOFXORUHDOL]DGRHQHO³VHJXQGRSDVR´

$KRUDFDOFXODUp PLGLUHFFLyQGHEURDGFDVW

   

3DUDFDOFXODUVXYDORUHQGHFLPDOXWLOL]DUpODSDUWHGHPLWDEODDQWHULRUTXHHVWDHQFRORUSORPRHVGHFLU
UHHPSOD]DUpWRGRVORV³XQRV´VHJ~QVXXELFDFLyQFRQVXUHSUHVHQWDFLyQHQELQDULR\ORVVXPDUH

   

(QWRQFHVVXPDQGRREWHQHPRVTXHODGLUHFFLyQGHUHG HV

   

6DEHPRVTXHODGLUHFFLyQGHO~OWLPR,3XWLOL]DEOHHVLJXDOD

   

(QWRQFHVVHUi

   

F &DOFXODUHPRVODVXEUHG

3DUDFDOFXODUODVXEUHGWHQGUpTXHFDOFXODUHQPLWDEOD

          
; ; ; ; ; ; ; ; ; ; ;
          
1R 1R 1R 1R 6L 6L 1R 6L 6L 6L 1R
          
          

(QHVWHFDVRFRPRYHRHQODWDEODHPSLH]RDVXPDUGHL]TXLHUGDDGHUHFKDKDVWDREWHQHUPLYDORUGHVHDGRHV
GHFLU\WDPELpQHQXQDQXHYDILODUHHPSOD]DUpORV³QRSRU´\ORV³6LSRU´

$KRUDFDOFXODUpPLGLUHFFLyQGHUHG

   

$KRUDFRQYLHUWRFRQD\XGDGHPLWDEODHVWRVYDORUHVELQDULRVDVXUHSUHVHQWDFLyQHQGHFLPDOHVGHFLU

   

6XPDQGRREWHQGUp

   

5HFRUGDQGRHO³SDVRGRV´KDFHPRVXQDRSHUDFLyQPX\VHQFLOODTXHFRQVLVWLUiHQHVWHFDVRUHVWDUGHORVELWV
GHPLVGLUHFFLRQHVSRVLEOHVGHXQDUHGFODVHEODFDQWLGDGGHELWVQHFHVDULDVSDUDFUHDUPLVVXEUHGHV\UHDOL]DUR
ILQDOPHQWHODVLJXLHQWHRSHUDFLyQHVGHFLU

3È*,1$ž
ELWV GHOFDPSRKRVWGHPLFODVHE± ELWV XVDGRVSDUDPLVXEUHG ELWV

HQWRQFHV

    
; ; ; ; ;
    

(VWRVELWVWHQGUiQXQYDORUGH

 

(VWHYDORUVHUiHOPLVPRSDUD³WRGDV´PLVVXEUHGHVILQDOPHQWHVHTXHPLGLUHFFLyQGHUHGHV

   

(QWRQFHVSDUDREWHQHUPLGLUHFFLyQGHEURDGFDVWUHDOL]RODVLJXLHQWHRSHUDFLyQ

   

3RUORTXHPLGLUHFFLyQGHEURDGFDVWHV

   
7DPELpQVHTXHODGLUHFFLyQGH³PLSULPHU,3XWLOL]DEOHVHVLJXDODPLGLUHFFLyQGHUHG´\TXHODGLUHFFLyQGH
³PL~OWLPR,3XWLOL]DEOHHVLJXDODODGLUHFFLyQGHEURDGFDVW±´FRQORTXHREWHQJR

'LUHFFLyQGHOHU,3XWLOL]DEOHHV
   

'LUHFFLyQGHOXOWLPR,3XWLOL]DEOHHV
   

G &DOFXODUHPRVODVXEUHG

3DUDFDOFXODUODVXEUHGWHQGUpTXHFDOFXODUHQPLWDEOD

          
; ; ; ; ; ; ; ; ; ; ;
          
1R 1R 1R 6L 6L 1R 6L 1R 1R 6L 1R
          
          

$KRUDFDOFXODUpPLGLUHFFLyQGHUHG

   

6XPDQGRREWHQGUp

   

3È*,1$ž
&RPRVHGHPRVWUyDQWHULRUPHQWHVHTXHHOLQWHUYDORGHPLVVXEUHGHVHVGHFRQORTXH

'LUHFFLyQGH%URDGFDVW

   
   

'LUHFFLyQGHOHU,3XWLOL]DEOHHV
   

'LUHFFLyQGHOXOWLPR,3XWLOL]DEOHHV
   

H &DOFXODUHPRVODVXEUHG

          
; ; ; ; ; ; ; ; ; ; ;
          
1R 1R 6L 1R 6L 6L 6L 1R 6L 6L 6L
          
          

$KRUDFDOFXODUpPLGLUHFFLyQGHUHG

   

   

5HFXHUGRTXHPLLQWHUYDORHQWUHHVHQWRQFHV

'LUHFFLyQGH%URDGFDVW

   
   

'LUHFFLyQGHOHU,3XWLOL]DEOHHV
   

'LUHFFLyQGHOXOWLPR,3XWLOL]DEOHHV
   

I &DOFXODUHPRVODVXEUHG

          
; ; ; ; ; ; ; ; ; ; ;
          
6L 1R 1R 6L 6L 6L 6L 6L 1R 6L 6L
          
          

$KRUDFDOFXODUpPLGLUHFFLyQGHUHG
3È*,1$ž
   

   

0LLQWHUYDORHVHQWRQFHV

'LUHFFLyQGH%URDGFDVW

   


   

'LUHFFLyQGHOHU,3XWLOL]DEOHHV
   

'LUHFFLyQGHOXOWLPR,3XWLOL]DEOHHV
   

5HFRUGHPRVTXHSDUDWRGDVODVVXEUHGHV\DGHVFXEULPRVODPDVFDUDHQHOSDVRODFXDOHV

   

(VRHVWRGRDPLJRVHVSHUROHVVLUYDSDUDVXIDPRVRFiOFXORGHVXEUHGHV

*$/23$',//$&+80$&(52
*$/23,#+270$,/&20

3È*,1$ž

Você também pode gostar