Escolar Documentos
Profissional Documentos
Cultura Documentos
WW'dD
E/>KDZK^dZ/E
/Es^d/'K^WZKWZ/^MWd/^>dZ/^D
>yEZ/dEdhZ>^/Edd/
hZh
E/>KDZK^dZ/E
/Es^d/'K^WZKWZ/^MWd/^>dZ/^D
>yEZ/dEdhZ>^/Edd/
D h W : D
& W W' d
D
KWZD&^
WZ&/K
K > &
M>WhE^W
W ZD&^
W E ^ W^
&W^W
&W^W
'HGLFRHVWHWUDEDOKR
DPLQKDRULHQWDGRUD
5RVD0DULD)HUQDQGHV6FDOYL
'Z/DEdK^
9 h^ > d
9 hWhE^W
&
9 W^E^
9 W Z D & ^
9 W ^ d
9 W D ^
9 WZ
9 W Z
9 WZ'
E'
9 Wd
9 W > K Z
hss/^
9 W > s ^
9 W / ^
9 WD:^/Z
y
9 W :, ^
9 D E
9 D s D s
DDW:dW>Z:D
9 DDDD^
9 > / //
>,
9
9
9 d
9 DDD
>
9 &t
9
9 WW'dDWK^Dd
hE^W
9 WK^Dd
9
0XLWR2EULJDGR
dZ/EE D/
DdDhE^W
Z^hDK
K
M&d
d
Z y Zy
D s Ds
D&W/WD^
W
d & d&/ K
d&/ d
dZ/EE D/
D^dDhE^W
^dZd
K
K W d ^
d^ d
d
dyZyZ
d yZ
tyt/WD^/WD^
& d^
Wd^W/d^ d
W/d^d^
>&
)LJXUD2VHL[RVFDUWHVLDQRVQXPFRPSOH[RRFWDpGULFR
)LJXUD)RUPDVGRVRUELWDLVG
)LJXUD6HSDUDomRGHHQHUJLDGRVRUELWDLVGFRPFDPSRHOHWURVWiWLFRGDVLPHWULDRFWDHGUDO
)LJXUD'LDJUDPDGHQtYHLVGHHQHUJLDGDFRQILJXUDomRG
)LJXUD (VWUXWXUDGRFULVREHULOR
)LJXUD (IHLWRDOH[DQGULWDSDUDXPFULVWDODjOX]GRGLDEjOX]LQFDQGHVFHQWH
)LJXUD0DSDGHJHPDVQR%UDVLO
)LJXUD(VTXHPDGRVQtYHLVGHHQHUJLDSDUDWUrVODVHUVGHHVWDGRVyOLGR
)LJXUD(VSHFWURGHDEVRUomRGRVSULQFLSDLVFURPDWyIRURVGDSHOH
)LJXUD0XIODXWLOL]DGDSDUDDUHDOL]DomRGRVWUDWDPHQWRVWpUPLFRV
)LJXUD D'HVWUXLomRHELQWHUDomRUHIRUoDGDHQWUHUDLRV;HRPDWHULDOFULVWDOLQR
)LJXUD'LDJUDPDHVTXHPiWLFRGRGLIUDW{PHWURGHUDLRV;
)LJXUD (VSHFWURIRW{PHWUR XWLOL]DGR QDV PHGLGDV GH DEVRUomR ySWLFD QD IDL[D HVSHFWUDO
GR899,6
)LJXUD'HVHQKRHVTXHPiWLFRGHXPHVSHFWURIRW{PHWUR899,6GHGXSORIHL[H
)LJXUD D 6LVWHPD PRQWDGR SDUD UHDOL]DomR GH DEVRUomR ySWLFD j 71/ PRVWUDQGR RV
FRPSRQHQWHV FULRVWDWR ySWLFR HVSHFWURIRW{PHWUR H ERPED GH YiFXR E &ULRVWDWR ySWLFR
HPGHWDOKHVDFRSODGRDRHVSHFWURIRW{PHWUR
)LJXUD(VSHFWURIRW{PHWURXWLOL]DGRQDVPHGLGDVGHDEVRUomRySWLFDQDIDL[DHVSHFWUDOGR,5
)LJXUD3URFHVVRGHH[FLWDomRHOXPLQHVFrQFLDHPXPPDWHULDOKLSRWpWLFRFRPVHXHVTXHPD GH
QtYHLVGHHQHUJLD
)LJXUD&RRUGHQDGDFRQILJXUDFLRQDOSDUDDQDOLVDUDVWUDQVLo}HVHQWUHGRLVHVWDGRVSDUDXPFHQWUR
ORFDOL]DGR
)LJXUD 6LVWHPD GH PHGLGDV GH IRWROXPLQHVFrQFLD FRP TXDUWR KDUP{QLFR GH XP ODVHU 1G<$*
QP
)LJXUD 'LDJUDPD HVTXHPiWLFR GR VLVWHPD GH IRWROXPLQHVFrQFLD PRQWDGR QR /DERUDWyULR GH
&DUDFWHUL]DomRSWLFDGD81(63%DXUX
)LJXUD 6LVWHPDGHPHGLGDVGHIRWROXPLQHVFrQFLDFRPODVHUGHDUJ{QLRQP
)LJXUD3URFHVVRItVLFRGDVPHGLGDVGH&'7(HFRPSRUWDPHQWRGRVGLSRORV
)LJXUD(VTXHPDGDVPHGLGDVGH&'7(),LQGLFDQGRRVPpWRGRVXWLOL]DGRVDSURFHVVRLHE
SURFHVVRLL
)LJXUD6LVWHPDGH&'7(
)LJXUD'HZDUFRPYiOYXODVDFRSODGDV
)LJXUD6LVWHPDGHYiFXRSDUDPHGLGDVGH&'7(
)LJXUDDSRUWDDPRVWUDGHODWmRESRUWDDPRVWUDGHFREUH
)LJXUD6LVWHPDGH&'7(),
)LJXUD6XSHUItFLHGDDPRVWUDD/DSE'HF(
)LJXUD'LIUDWRJUDPDGHUDLRV;REWLGRVSDUDDPDWUL]GHFULVREHULOREDPRVWUDGHDOH[DQGULWD
QDWXUDOHFDPRVWUDQDWXUDO$OH*DSyVWUDWDPHQWRWpUPLFRD &SRUK
)LJXUD(VSHFWURGHDEVRUomRySWLFDGDDPRVWUDVLQWpWLFDHQDWXUDOjWHPSHUDWXUDDPELHQWH
)LJXUD (VSHFWUR GH DEVRUomR ySWLFD GD DPRVWUD VLQWpWLFD HP 7$ H 71/ GHQRWDQGR QR JUiILFR
LQVHULGRDVOLQKDVYLEU{QLFDVQDUHJLmRGDEDQGD$
)LJXUD (VSHFWUR GH DEVRUomR ySWLFD GD DPRVWUD $OH ) j WHPSHUDWXUD DPELHQWH VHP TXDOTXHU
WUDWDPHQWRWpUPLFR
)LJXUD(VSHFWURGHDEVRUomRySWLFDGDDPRVWUD/DSjWHPSHUDWXUDDPELHQWH
)LJXUD(VSHFWURGHDEVRUomRySWLFDGDDPRVWUD$OH$FRPDUHDOL]DomRGHWUDWDPHQWRV WpUPLFRV
FRQVHFXWLYRV
)LJXUD (VSHFWUR GH DEVRUomR ySWLFD GD DPRVWUD $OH $ VHP WUDWDPHQWR WpUPLFR D GHQRWDQGR
EDQGD $ E FRP D OLQKD GH EDVH F DSyV D VXEWUDomR GD OLQKD GH EDVH G FRP UHJUHVVmR
JDXVVLDQD
)LJXUD (VSHFWUR GH DEVRUomR ySWLFD GD DPRVWUD $OH $ VHP WUDWDPHQWR WpUPLFR GHQRWDQGR DV
OLQKDV5
)LJXUD (VSHFWUR GH DEVRUomR GD UHJLmR HVSHFWUDO GHQRPLQDGD EDQGD $ PRVWUDQGR D
VXSHUSRVLomRGHGXDVFXUYDVJDXVVLDQDV
)LJXUD(VSHFWURVGHDEVRUomRySWLFDGDDPRVWUD$OH%DQWHVHDSyVWUDWDPHQWRWpUPLFRD &
HPDWPRVIHUDGH2
)LJXUD(VSHFWURVGHDEVRUomRySWLFDGDDPRVWUD$OH&DQWHVHDSyVWUDWDPHQWRWpUPLFRD &
HPDWPRVIHUDGH2
)LJXUD(VSHFWURVGHDEVRUomRySWLFDGDDPRVWUD$OH&DQWHVHDSyVWUDWDPHQWRWpUPLFRD&
HPDWPRVIHUDGH2
)LJXUD (VSHFWUR GH IRWROXPLQHVFrQFLD GH DOH[DQGULWD VLQWpWLFD HP GLIHUHQWHV WHPSHUDWXUDV
FRPDXWLOL]DomRGRVLVWHPDFRPODVHU1G<$*
)LJXUD (VSHFWUR GH IRWROXPLQHVFrQFLD GH DOH[DQGULWD VLQWpWLFD j WHPSHUDWXUD DPELHQWH FRP D
XWLOL]DomRGRVLVWHPDFRPODVHUGHDUJ{QLR
)LJXUD (VSHFWUR GH IRWROXPLQHVFrQFLD GH DOH[DQGULWD QDWXUDO j WHPSHUDWXUD DPELHQWH FRP D
XWLOL]DomRGRVLVWHPDFRPODVHUGHDUJ{QLR
)LJXUD (VSHFWUR GH IRWROXPLQHVFrQFLD GD DPRVWUD VLQWpWLFD HP GLIHUHQWHV WHPSHUDWXUDV FRP
HQIRTXHQDVOLQKDV5DH6FHRVYDORUHVDGDSWDGRVGHLQWHQVLGDGH YHUVXV WHPSHUDWXUD SDUDDV
OLQKDV5EH6G
)LJXUD (VSHFWUR GH IRWROXPLQHVFrQFLD GD DPRVWUD QDWXUDO HP GLIHUHQWHV WHPSHUDWXUDV FRP
HQIRTXHQDVOLQKDV5DH6FHRVYDORUHVDGDSWDGRVGHLQWHQVLGDGH YHUVXV WHPSHUDWXUD SDUDDV
OLQKDV5EH6G
)LJXUD'LDJUDPDGHUHSUHVHQWDomRGDVUD]}HVGHWUDQVIHUrQFLDHQWUHRVQtYHLVGHHPLVVmRFRP
EDVHQRWHPSRGHYLGD W
)LJXUD(VSHFWURGHIRWROXPLQHVFrQFLDGDDPRVWUD$OH)PHGLGDjEDL[DWHPSHUDWXUD7 .
FRPHQIRTXHQDVOLQKDV5DH6EDQWHVHDSyVXPWUDWDPHQWRWpUPLFRGH &SRUK
)LJXUD(VSHFWURGHIRWROXPLQHVFrQFLDGDDPRVWUD$OH.PHGLGDjEDL[DWHPSHUDWXUD 7 .
FRPHQIRTXHQDVOLQKDV5DH6EDQWHVHDSyVRVWUDWDPHQWRVWpUPLFRVFRQVHFXWLYRV
)LJXUD&'7(SDUDD DPRVWUDVLQWpWLFDH PPFRP 9S 9WS PLQ7S .H
E NPLQ
)LJXUD&'7(),SDUDDDPRVWUDVLQWpWLFDH PPFRP9S 9WS PLQ7S .H
E .PLQFRPH[SRVLomRDRODVHUGHDUJ{QLR QPSRUPLQ
)LJXUD &'7( SDUD D DPRVWUD VLQWpWLFD H PPFRP 9S 9 WS PLQ7S . H
E NPLQ
)LJXUD&'7(),SDUDDDPRVWUDVLQWpWLFDH PPFRP9S 9WS PLQ7S .H
E .PLQFRPH[SRVLomRDRODVHUGHDUJ{QLRQPSRUPLQ
)LJXUD &'7( SDUD D DPRVWUD QDWXUDO H PP FRP 9S 9 WS PLQ 7S . H
E .PLQ
)LJXUD &'7( SDUD D DPRVWUD QDWXUDO H
PP FRP DSOLFDomR GH TXDWUR WHQV}HV GLVWLQWDV
WS PLQ7S .HE .PLQ1RJUiILFRLQVHULGRWHPVHDiUHDDEDL[RGDEDQGDGH&'7(HP
IXQomRGRFDPSRHOpWULFRDSOLFDGR
)LJXUD &'7( SDUD D DPRVWUD QDWXUDO H PP FRP 9S 9 WS PLQ 7S . H
E .PLQH&'7(),FRP9S 9WS PLQ7S .HE .PLQFRPH[SRVLomRDRODVHU
GHDUJ{QLR QPSRUPLQSURFHVVRL
)LJXUD &'7( SDUD D DPRVWUD QDWXUDO H PP FRP 9S 9 WS PLQ 7S . H
E .PLQH&'7(),FRP9S 9WS PLQ7S .HE .PLQFRPH[SRVLomRDRODVHUGH
DUJ{QLR QPSRUPLQSURFHVVRLL
>d
7DEHOD3URSULHGDGHVItVLFDVGHDOH[DQGULWD
7DEHOD&DUDFWHUtVWLFDVGDVDPRVWUDVQDWXUDLVHDVPHGLGDVGH FDUDFWHUL]DomRUHDOL]DGDV
QDVPHVPDV
7DEHOD7UDWDPHQWRVWpUPLFRVUHDOL]DGRVQDVDPRVWUDVQDWXUDLV
7DEHOD&RQGLo}HVRSHUDFLRQDLVGDUHDOL]DomRGR,&306
7DEHOD5HVXOWDGRVGHDQiOLVHTXtPLFDYLD:'6HPSHVR
7DEHOD5HVXOWDGRVGHDQiOLVHTXtPLFDYLD('6HPSHVR
7DEHOD(OHPHQWRVTXtPLFRVSUHVHQWHVHPDOH[DQGULWDQDWXUDOHPPDVVD
7DEHOD 5HVXOWDGRV GDV PHGLGDV GH DEVRUomR ySWLFD 899,6 GD DPRVWUD VLQWpWLFD D
. H D . O VLJQLILFD DV SRVLo}HV GH Pi[LPRV GH DEVRUomR D R FRHILFLHQWH GH
DEVRUomRH 'O pDODUJXUDDPHLDDOWXUDGDEDQGDGHDEVRUomR
7DEHOD 5HVXOWDGRVGDVPHGLGDVGHDEVRUomRySWLFD899,6 GDDPRVWUDQDWXUDO$OH$
DSyV RV WUDWDPHQWRV WpUPLFRV O VLJQLILFD DV SRVLo}HV GH Pi[LPRV GH DEVRUomR D R
FRHILFLHQWHGHDEVRUomRH 'O pDODUJXUDDPHLDDOWXUDGDEDQGDGHDEVRUomR
7DEHOD$QiOLVHGDiUHDVREDFXUYDGDVEDQGDV$%H&GDDPRVWUDQDWXUDOHPIXQomR
GH WUDWDPHQWRV WpUPLFRV FRQVHFXWLYRV H GD DPRVWUD VLQWpWLFD VHP TXDOTXHU WUDWDPHQWR
WpUPLFR
7DEHOD3RVLo}HVGDVOLQKDV5QRVVtWLRVORFDOL]DGRVQXPSODQRGHUHIOH[mR5 H5H
GDVOLQKDV6QRVVtWLRVORFDOL]DGRVQRFHQWURGHLQYHUVmR6H6HPIXQomRGDWHPSHUDWXUD
QDVDPRVWUDVQDWXUDOHVLQWpWLFD
7DEHOD 9DORUHVGDV SRVLo}HVGDVOLQKDVGH HPLVVmR5 5 6 H 6 HRHVSDoDPHQWR
'O HQWUHHVVDVOLQKDVDWHPSHUDWXUDDPELHQWHSDUDDVDPRVWUDVQDWXUDOHVLQWpWLFD
7DEHOD $QiOLVH GD iUHD VRE D FXUYD GDV OLQKDV GH HPLVVmR GD DPRVWUD QDWXUDO HP
IXQomRGRVWUDWDPHQWRVWpUPLFRVFRQVHFXWLYRV
^hDZ/K
W1dh>K/EdZKhK
K
W1dh>KZdZ1^d/^KDdZ/>^dhK
K
/
/
W1dh>KdKZ/DdKK^yWZ/DEd/^
W
d
Zy
Zhs
Z/
>
&
d
^
^Ez'O
^O
d d&/
&
/
W1dh>KZ^h>dK^/^h^^O^
Zy
hs
/
&
d d&/
W1dh>KKE>h^O^
W1dh>KWZKWK^d^WZdZ>,K^&hdhZK^
W1dh>KZ&ZE/^
WE/^
WE/s/^/ddE/hDD/EZKZ>yEZ/d
WE/WZKhK/>/K'Z&/
EyK^
EyK
EyK
EyK
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
W1dh>K/EdZKhK
K
M
hshss/^//Z />
d
d E
Z y Zy D s Ds
^ ^
K t^ t
^D& W/WD^ /
WD^
K
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
M K
s/^
&
hs
&
E
&
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
K
d d > &
& hE^W
d
K
K
K
W
W
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
E
K
E
K
K
E
D' d
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
W1dh>KZdZ1^d/^KDdZ/>^dhK
E
K
Y
W
K
K
E
h
Y
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
W
)LJXUD2VHL[RVFDUWHVLDQRVQXPFRPSOH[RRFWDpGULFR>@
W
K
K
K
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
)LJXUD)RUPDVGRVRUELWDLVG>@
G [ \ G ]
G [\ G [] G \]
W
W
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
)LJXUD6HSDUDomRGHHQHUJLDGRVRUELWDLVGFRPFDPSRHOHWURVWiWLFRGDVLPHWULDRFWDHGUDO>@
K
K
E
E
&dd
K
K
K
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
)LJXUD'LDJUDPDGHQtYHLVGHHQHUJLDGDFRQILJXUDomRG >@
K
K
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
E
K
%H
$O
$O
$O
2
D
E
2
%H
$O
2
)LJXUD (VWUXWXUDGRFULVREHULOR>@
K
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
E
K
K
1
&UV &UL
W
W
K
/
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
E
)LJXUD (IHLWRDOH[DQGULWDSDUDXPFULVWDODjOX]GRGLDEjOX]LQFDQGHVFHQWH>@
h
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
K
K
K
7DEHOD3URSULHGDGHVItVLFDVGHDOH[DQGULWD>@
&RPSRVLomRTXtPLFD
%H$O2&U
&ODVVLILFDomR
y[LGRV
&RU
%DVLFDPHQWHYHUGHDOX]GRGLDH
YHUPHOKRDOX]LQFDQGHVFHQWH
6LVWHPD&ULVWDOLQR
2UWRUU{PELFR
*UXSR(VSDFLDO
3QPD'K
3DUkPHWURGHUHGH
'HQVLGDGH
JFP
'XUH]DQDHVFDODGH0RKV
7HQDFLGDGH
([FHOHQWH
&RQGXWLYLGDGH7pUPLFD
:FP .
3RQWRGHIXVmR
&
QGLFHGHUHIUDomR
%LUUHIULQJrQFLD
)UDFR
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
/
Z
E D
' / E D^
^K
K
D
s
& ' , / < D K K
Zdd/ddW
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
)LJXUD 0DSDGHJHPDVQR%UDVLO>@
h
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
/
K
&
K
E
K
^K
z'EEE
Y
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
K
K
&&
K
K Y
^
Y
Y^Z YEz'h
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
)LJXUD(VTXHPDGRVQtYHLVGHHQHUJLDSDUDWUrVODVHUVGHHVWDGRVyOLGR$GDSWDGRGDUHIHUrQFLD
>@
K
K
>
K
hs
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
)LJXUD(VSHFWURGHDEVRUomRGRVSULQFLSDLVFURPDWyIRURVGDSHOH$GDSWDGRGDUHIHUrQFLD
>@
d
h
h
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
Y
KY
K Y
Ez'K
Y
K
Ez'
Y
K
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
K
K
^W:
K
K
K K
K
K
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
W1dh>K&hEDEdK^dMZ/K^DdKK^yWZ/DEd/^
W
&
h ,W : ZD
^/ Wd
&Dh^W^
D '
d
>
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
7DEHOD&DUDFWHUtVWLFDVGDVDPRVWUDVQDWXUDLVHDVPHGLGDVGHFDUDFWHUL]DomR
UHDOL]DGDVQDVPHVPDV
$PRVWUD
(VSHVVXUDPP
&DUDFWHUL]DomR
$OH$
$EVRUomRySWLFD899,6
$OH%
$EVRUomRySWLFD899,6
$OH&
$EVRUomRySWLFD899,6,5
$OH'
LUUHJXODU
$QiOLVHTXtPLFDSRU('6:'6
$OH(
LUUHJXODU
$QiOLVHTXtPLFDSRU('6:'6
$OH)
$EVRUomRySWLFD899,6
)RWROXPLQHVFrQFLD
$OH*
'LIUDomRGH5DLRV;
$OH+
LUUHJXODU
$QiOLVHTXtPLFDSRU,&306
$OH,
LUUHJXODU
$QiOLVHTXtPLFDSRU,&306
$OH-
&'7(H&'7(),
$OH.
)RWROXPLQHVFrQFLD
Dz W
E/
d d&/
D
W
E
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
d
K
'KE
W
)LJXUD0XIODXWLOL]DGD SDUDDUHDOL]DomRGRVWUDWDPHQWRVWpUPLFRV
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
7DEHOD7UDWDPHQWRVWpUPLFRVUHDOL]DGRVQDVDPRVWUDVQDWXUDLV
677
6HPWUDWDPHQWRWpUPLFR
77 &PLQ
7UDWDPHQWRWpUPLFRj &PDQWLGRSRUPLQXWRVQDPXIOD
77&PLQ
7UDWDPHQWRWpUPLFRj &PDQWLGRSRUPLQXWRVQDPXIOD
77&PLQ
7UDWDPHQWRWpUPLFRj &PDQWLGRSRUPLQXWRVQDPXIOD
77&PLQ
7UDWDPHQWRWpUPLFRj &PDQWLGRSRUPLQXWRVQDPXIOD
77&K
7UDWDPHQWRWpUPLFRj &PDQWLGRSRUKRUDQDPXIOD
77 &KPLQ
7UDWDPHQWRWpUPLFRj &PDQWLGRSRUKRUDHPLQXWRVQD
PXIOD
77&K
7UDWDPHQWRWpUPLFRj &PDQWLGRSRUKRUDVQDPXIOD
77&K
7UDWDPHQWRWpUPLFRj &PDQWLGRSRUKRUDVQDPXIOD
77&K
7UDWDPHQWRWpUPLFRj &PDQWLGRSRUKRUDVQDPXIOD
W
> Z W
Z ' & hE^W K
d
K
E
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
D s
Ds
^ K
t^
,
y
W t^ ^
K
K/W
D^
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
E
E
K/WD^s
K
/W
WZ&'>/&//&h^W
7DEHOD&RQGLo}HVRSHUDFLRQDLVGDUHDOL]DomRGR,&306
,QVWUXPHQWR
)OX[RGHJiVGRQHEXOL]DGRU
3HUNLQ(OPHUPRGHOR
/PLQ
9ROWDJHPGDVOHQWHV
9
3RWrQFLDGDUiGLRIUHTrQFLD
:
7HQVmRGRHVWiJLRDQDOyJLFR
7HQVmRGRHVWiJLRGLJLWDO
1HEXOL]DGRU
7LSR0HLQKDUG
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
Zy
KZy
,,
y
K y
y
E
d
E
E
Yy>
VHQ T
O
G
T
y
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
E
)LJXUDD'HVWUXLomRHELQWHUDomRUHIRUoDGDHQWUHUDLRV;HRPDWHULDOFULVWDOLQR$GDSWDGRGD
UHIHUrQFLD>@
Y
EyZ/'<h
<
<s
K
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
)LJXUD'LDJUDPDHVTXHPiWLFRGRGLIUDW{PHWURGHUDLRV;$GDSWDGRGDUHIHUrQFLD>@
D
W
K
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
D
Zhs
E
K
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
^
MK
K ORJ
,
,
//
D
'2
H
'2 H
,
ORJ R
,
DE
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
//
W
E ^
[
Q
'2
IH
Q
O O
O O
K
E
K
s > W &
W > K Z
&hE^W
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
)LJXUD(VSHFWURIRW{PHWURXWLOL]DGRQDVPHGLGDVGHDEVRUomRySWLFDQDIDL[DHVSHFWUDOGR899,6
K
)LJXUD'HVHQKRHVTXHPiWLFRGHXPHVSHFWURIRW{PHWUR899,6GHGXSORIHL[H>@
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
E dE> <
K
d
D
E
)LJXUD D 6LVWHPD PRQWDGR SDUD UHDOL]DomR GH DEVRUomR ySWLFD j 71/ PRVWUDQGR RV
FRPSRQHQWHV FULRVWDWR ySWLFR HVSHFWURIRW{PHWUR H ERPED GH YiFXR E &ULRVWDWR ySWLFR
HPGHWDOKHVDFRSODGRDRHVSHFWURIRW{PHWUR
h dE>
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
Z/
/Z
E
K
hss/^
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
K
D/Z Z/&d^
K > &Y
W D : ^
YhE^W
)LJXUD(VSHFWURIRW{PHWURXWLOL]DGRQDVPHGLGDVGHDEVRUomRySWLFDQDIDL[DHVSHFWUDOGR,5
E
Z/
d & Z/&d^ Z / & d
^
/Z
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
>
K
y
@
h
( IyWRQ
^
E
K
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
)LJXUD3URFHVVRGHH[FLWDomRHOXPLQHVFrQFLDHPXPPDWHULDOKLSRWpWLFRFRPVHXHVTXHPD GH
QtYHLVGHHQHUJLD$GDSWDGRGDUHIHUrQFLD>@
K
W
K
^
K
Y
K
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
^
&
y
K
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
K
E
E
K
Y
d
&d
d^W^
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
d
dDD&&
WE^dd
d
K
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
)LJXUD&RRUGHQDGDFRQILJXUDFLRQDOSDUDDQDOLVDUDVWUDQVLo}HVHQWUHGRLVHVWDGRVSDUDXPFHQWUR
ORFDOL]DGR$GDSWDGRGDUHIHUrQFLD>@
^
K
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
E
^
y
D
y y
^
^Ez'O
Ez'
,K
> & W >
s^&hE^W K
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
)LJXUD 6LVWHPD GH PHGLGDV GH IRWROXPLQHVFrQFLD FRP TXDUWR KDUP{QLFR GH XP ODVHU 1G<$*
QP
K
^O
^
Q sK
:
^ ,
<
K
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
d
K >
M W^ dW :
K & hE^W h
)LJXUD 'LDJUDPD HVTXHPiWLFR GR VLVWHPD GH IRWROXPLQHVFrQFLD PRQWDGR QR /DERUDWyULR GH
&DUDFWHUL]DomRSWLFDGD81(63%DXUX>@
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
dd&/
&
E
dd
h
d
WWd
dd
E
dE>
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
d
K
d
dd
d
d
)LJXUD3URFHVVRItVLFRGDVPHGLGDVGH&'7(HFRPSRUWDPHQWRGRVGLSRORV
W
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
d
d
<
< <
E
93
H
Ks H
Ed&d&/
K
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
D E
)LJXUD(VTXHPDGDVPHGLGDVGH&'7(),LQGLFDQGRRVPpWRGRVXWLOL]DGRV DSURFHVVRLHE
SURFHVVRLL
E
<
E
E
<
E
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
/
E
K
d d :E/^ Z^Z, sW&
</d,>z ,/',
sK>d'^hWW>z s><^,KZ
</d,>z K
tZ^ '/ ,Dd/ZdK
dWd
d K
D&
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
)LJXUD 6LVWHPDGH&'7(
)LJXUD'HZDUFRPYiOYXODVDFRSODGDV
d K
d
d
)LJXUD6LVWHPDGHYiFXRSDUDPHGLGDVGH&'7(
h
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
d
K
d
<
d
d
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
Z
h^ ^ D /K E/Y ^
W d &
Ez'
W
d&/
d
K K
d&
)LJXUD6LVWHPDGH&'7(),
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
W1dh>KZ^h>dK^/^h^^O^
D D h & ^
>
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
D
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
F
)LJXUD 6XSHUItFLHGDDPRVWUDD/DSE$OH'HF$OH(
t^
t^
7DEHOD5HVXOWDGRVGHDQiOLVHTXtPLFDYLD:'6HPSHVR
$PRVWUD
&USHVR
)HSHVR
/DS
$OH'
$OH(
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
&
^ ^
7DEHOD5HVXOWDGRVGHDQiOLVHTXtPLFDYLD('6HPSHVR
&RPSRVLomRHPHPSHVR
(OHPHQWRV
/DS
$OH'
$OH(
&
1D
0J
$O
6L
&O
&D
7L
&U
)H
K
<^
K
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
/WD^ / W D ^
7DEHOD(OHPHQWRVTXtPLFRVSUHVHQWHVHPDOH[DQGULWDQDWXUDOHPPDVVD
(OHPHQWR
$OH+
$OH,
0J
&D
7L
&U
0Q
)H
&R
1L
&X
=Q
6U
=U
%D
/D
&H
3E
Kt^^/W
D^
Z&
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
d
&
&
d
&
h
hs &
d
Zy
W
yZyW
yK
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
Zy
K '
Zy
K Zy
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
W
y
K
hs
s/^
d d
&
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
hs
d
hs &
Z
ZZ
E
''d
E
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
DPRVWUDVLQWpWLFD
DPRVWUDQDWXUDO
%DQGD%
%DQGD$
/LQKDV5
%DQGD&
'HQVLGDGHySWLFDXD
&RPSULPHQWRGHRQGDQP
)LJXUD(VSHFWURGHDEVRUomRySWLFDGDDPRVWUDVLQWpWLFDHQDWXUDOjWHPSHUDWXUDDPELHQWH
E
&
Z
/&
ddE>
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
7$
71/
7$
71/
QP
'HQVLGDGHySWLFDXD
QP
QP
QP
QP
%DQGD%
%DQGD&
%DQGD$
/LQKDV5
'HQVLGDGHySWLFDXD
&RPSULPHQWRGHRQGDQP
)LJXUD(VSHFWURGHDEVRUomRySWLFDGDDPRVWUDVLQWpWLFDHP7$H71/GHQRWDQGRQRJUiILFR
LQVHULGRDVOLQKDVYLEU{QLFDVQDUHJLmRGDEDQGD$
dE>
K
E
/
&UV
&UL K
&UL
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
E
K
W
&
K
$ OH ) 6 7 7
'HQVLGDGHSWLFDXD
& R P S ULP H Q WR G H R Q G D Q P
)LJXUD (VSHFWUR GH DEVRUomR ySWLFD GD DPRVWUD $OH ) j WHPSHUDWXUD DPELHQWH VHP TXDOTXHU
WUDWDPHQWRWpUPLFR
K
<
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
K
>
/ D S
'HQVLGDGHSWLFDXD
)LJXUD(VSHFWURGHDEVRUomRySWLFDGDDPRVWUD/DSjWHPSHUDWXUDDPELHQWH
Z
&
hs
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
677
77 &K
77 &K
77 &K
77 &K
'HQVLGDGHySWLFDXD
&RPSULPHQWRGHRQGDQP
)LJXUD(VSHFWURGHDEVRUomRySWLFDGDDPRVWUD$OH$FRPDUHDOL]DomRGHWUDWDPHQWRVWpUPLFRV
FRQVHFXWLYRV
W
K
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
dE>
E
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
'HQVLGDGHSWLFDXD
'HQVLGDGHSWLFDXD
D
UHJUHVVmR
JDXVVLDQD
'HQVLGDGHSWLFDXD
'HQVLGDGHSWLFDXD
&RPSULPHQWRGH2QGDQP
&RPSULPHQWRGH2QGDQP
&RPSULPHQWRGH2QGDQP
E
&RPSULPHQWRGH2QGDQP
)LJXUD (VSHFWUR GH DEVRUomR ySWLFD GD DPRVWUD $OH $ VHP WUDWDPHQWR WpUPLFR D GHQRWDQGR
EDQGD $ E FRP D OLQKD GH EDVH F DSyV D VXEWUDomR GD OLQKD GH EDVH G FRP UHJUHVVmR
JDXVVLDQD
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
K
Z
K
'HQVLGDGHSWLFDXD
/LQKDV5
&RPSULPHQWRGH2QGDQP
)LJXUD (VSHFWUR GH DEVRUomR ySWLFD GD DPRVWUD $OH $ VHP WUDWDPHQWR WpUPLFR GHQRWDQGR DV
OLQKDV5
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
7DEHOD 5HVXOWDGRV GDV PHGLGDV GH DEVRUomR ySWLFD 899,6 GD DPRVWUD VLQWpWLFD D
. H D . O VLJQLILFD DV SRVLo}HV GH Pi[LPRV GH DEVRUomR D R FRHILFLHQWH GH
DEVRUomRH 'O pDODUJXUDDPHLDDOWXUDGDEDQGDGHDEVRUomR
7HPS
.
%DQGDVGH$EVRUomR
%DQGD$ &U
'O
QP
FP
QP
'O
/LQKDV5
%DQGD& &U
'O
QP
FP
QP
QP
FP
QP
QP
d <
W
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
%DQGD$ &U
FP
QP
QP
QP
FP
QP
677
77&K
77&KPLQ
QP
FP
QP
QP
77&K
77&K
77&K
/LQKDV5
%DQGD& &U
E
O
h
Z
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
&
Z
Z Z
K
,
ZWZWZW
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
ZW K
K
W
K
/
//
///
W
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
$EV
5HJJDXVVLDQD
&U
&U
V
L
'HQVLGDGHySWLFDXD
&RPSULPHQWRGHRQGDQP
)LJXUD (VSHFWUR GH DEVRUomR GD UHJLmR HVSHFWUDO GHQRPLQDGD EDQGD $ PRVWUDQGR D
VXSHUSRVLomRGHGXDVFXUYDVJDXVVLDQDV
E
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
7DEHOD$QiOLVHGDiUHDVREDFXUYDGDVEDQGDV$%H&GDDPRVWUDQDWXUDOHPIXQomR
GHWUDWDPHQWRVWpUPLFRVHGDDPRVWUDVLQWpWLFDVHPTXDOTXHUWUDWDPHQWRWpUPLFR
%DQGD$
7HPSHUDWXUDGH
UHDWRWDOPpGLDXD
&UL
&UV
%DQGD
%DQGD
%DQGD
7pUPLFR7HPSR
&
677
77&PLQ
77&PLQ
77&PLQ
77&K
77&K
77&K
77&K
7UDWDPHQWR
$PRVWUD6LQWpWLFD
E
E
E
W
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
E
K
K
6 7 7
7 7 & P LQ
'HQVLGDGHySWLFDXD
)LJXUD(VSHFWURVGHDEVRUomRySWLFDGDDPRVWUD$OH%DQWHVHDSyVWUDWDPHQWRWpUPLFRD&
HPDWPRVIHUDGH2
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
&
K
K K
6 7 7
7 7 & P LQ
'HQVLGDGHzSWLFDXD
& R P S ULP H Q WR G H R Q G D Q P
)LJXUD(VSHFWURVGHDEVRUomRySWLFDGDDPRVWUD$OH&DQWHVHDSyVWUDWDPHQWRWpUPLFRD&
HPDWPRVIHUDGH2
K
&
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
/
K
K
677
77&PLQ
)LJXUD(VSHFWURVGHDEVRUomRySWLFDGDDPRVWUD$OH&DQWHVHDSyVWUDWDPHQWRWpUPLFRD&
HPDWPRVIHUDGH2
W
^K
&K
KK
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
hss/^
^K^K/^
dKK
K
K,K
D'
KK^K,K
K,,
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
K
KE
K,
&
K &UV
&UL
K
Z Z ^ ^
E &UV ZZ
&UL ^ ^
Z Z
E^^
W
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
/ Ez'
7.
7.
7.
,QWHQVLGDGHXD
&RPSULPHQWRGHRQGDQP
)LJXUD(VSHFWURGHIRWROXPLQHVFrQFLDGHDOH[DQGULWDVLQWpWLFDHPGLIHUHQWHVWHPSHUDWXUDVFRPD
XWLOL]DomRGRVLVWHPDFRPODVHU1G<$*
Z^
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
Z^
7 .
5
6
,QWHQVLGDGHXD
5
6
&RPSULPHQWRGHRQGDQP
)LJXUD (VSHFWUR GH IRWROXPLQHVFrQFLD GH DOH[DQGULWD VLQWpWLFD j WHPSHUDWXUD DPELHQWH FRP D
XWLOL]DomRGRVLVWHPDFRPODVHUGHDUJ{QLR
E
Z
Z
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
,QWHQVLGDGHXD
7 .
5
5
6
6
&RPSULPHQWRGHRQGDQP
)LJXUD (VSHFWUR GH IRWROXPLQHVFrQFLD GH DOH[DQGULWD QDWXUDO j WHPSHUDWXUD DPELHQWH FRP D
XWLOL]DomRGRVLVWHPDFRPODVHUGHDUJ{QLR
E
Z
^
Z ^
&UV /
&UV &UL
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
/LQKD5
,QWHQVLGDGHXD
/LQKD5
7HPSHUDWXUD.
D
E
/LQKD6
,QWHQVLGDGHXD
/LQKD6
7HPSHUDWXUD.
FG
)LJXUD (VSHFWUR GH IRWROXPLQHVFrQFLD GD DPRVWUD VLQWpWLFD HP GLIHUHQWHV WHPSHUDWXUDV FRP
HQIRTXHQDVOLQKDV5DH6FHRVYDORUHVDGDSWDGRVGHLQWHQVLGDGH YHUVXV WHPSHUDWXUD SDUDDV
OLQKDV5EH6G
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
Z^
E
&UV ZZZ
Z
ZZ
<
W &UL ^^
^ ^
E^
^^
<
Z ^
Z^
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
/LQKD5
,QWHQVLGDGHXD
/LQKD5
7HPSHUDWXUD.
E
/LQKD6
,QWHQVLGDGHXD
/LQKD6
7HPSHUDWXUD.
FG
)LJXUD (VSHFWUR GH IRWROXPLQHVFrQFLD GD DPRVWUD QDWXUDO HP GLIHUHQWHV WHPSHUDWXUDV FRP
HQIRTXHQDVOLQKDV5DH6FHRVYDORUHVDGDSWDGRVGHLQWHQVLGDGH YHUVXV WHPSHUDWXUD SDUDDV
OLQKDV5EH6G
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
Z ^
Z ^ <
Z ^
1DWXUDO
6LQWpWLFD
1DWXUDO
6LQWpWLFD
1DWXUDO
6QP
6LQWpWLFD
6QP
1DWXUDO
5QP
6LQWpWLFD
5QP
7HPSHUDWXUD
/LQKDV
.
.
.
.
.
.
.
.
.
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
EZ^
<
K
Z
K
^
Z ^
E
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
)LJXUD'LDJUDPDGHUHSUHVHQWDomRGDVUD]}HVGHWUDQVIHUrQFLDHQWUHRVQtYHLVGHHPLVVmRFRP
EDVHQRWHPSRGHYLGD W
E
Z^
K
Z^Z
^
Z ^
ZZ^^
Z ^
Z ^
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
<
Z Z
/
ZZ^
Z
Z
Z
Z Z
<
Z
K^
^ ^ /
^^^
^
^
^
^ ^
Z <
^
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
5QP
5QP
6QP
6QP
6LQWpWLFD
1DWXUDO
K
Z
Z^
K ^
Z
W
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
d < d <
&
K
,QWHQVLGDGHXD
5
677
77K
6
5
&RPSULPHQWRGHRQGDQP
)LJXUD(VSHFWURGHIRWROXPLQHVFrQFLDGDDPRVWUD$OH)PHGLGDjEDL[DWHPSHUDWXUD7
FRPHQIRTXHQDVOLQKDV5DH6EDQWHVHDSyVXPWUDWDPHQWRWpUPLFRGH &SRUK
.
ZZ^^
Z
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
Z^
<
K
677
77 &K
77 &K
77 &K
5
,QWHQVLGDGHXD
6
5
6
&RPSULPHQWRGHRQGDQP
)LJXUD(VSHFWURGHIRWROXPLQHVFrQFLDGDDPRVWUD$OH.PHGLGDjEDL[DWHPSHUDWXUD7 .
FRPHQIRTXHQDVOLQKDV5DH6EDQWHVHDSyVRVWUDWDPHQWRVWpUPLFRVFRQVHFXWLYRV
E<^
W
Z
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
Z
^ K
K
7DEHOD $QiOLVH GD iUHD VRE D FXUYD GDV OLQKDV GH HPLVVmR GD DPRVWUD QDWXUDO HP
IXQomRGRVWUDWDPHQWRVWpUPLFRVFRQVHFXWLYRV
7HPSHUDWXUDGH
7UDWDPHQWR
&UL
&UV
7pUPLFR7HPSR
677
77&K
77&K
77&K
E
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
dd&/
K
d
d d &
d&/
KKK
K
K
^
d&/
d
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
d
:
E
d&/
E
s
&RUUHQWHS$
7HPSHUDWXUD.
PP FRP 9S
W
<E
<
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
d
d
K
d&/ &
&'7(FRQYHQFLRQDO
SURFHVVRLODVHU3 P:
SURFHVVRLODVHU3 P:
&RUUHQWHS$
7HPSHUDWXUD.
PLQ7S
.H
W
K
E
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
Kd
d
K
&RUUHQWHS$
7HPSHUDWXUD.
PP FRP 9S
. H
E d
K
<
d
d&/
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
&'7(FRQYHQFLRQDO
SURFHVVRLODVHUQP3 P:
&RUUHQWHS$
7HPSHUDWXUD.
PLQ7S
.H
Ed
t
dd&/
E
< s
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
&RUUHQWHS$
PP FRP 9S
9 WS
PLQ 7S
. H
W
< <
E
dssss
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
&RUUHQWHS$
UHDDEDL[RGRSLFRXD
'DGRV
5HJUHVVmR/LQHDU
9
9
9
9
7HQVmR9
7HPSHUDWXUD.
)LJXUD&'7(SDUDDDPRVWUDQDWXUDOH PPFRPDSOLFDomRGHTXDWURWHQV}HVGLVWLQWDVWS
PLQ7S .HE .PLQ1RJUiILFRLQVHULGRWHPVHDiUHDDEDL[RGDEDQGDGH&'7(HPIXQomR
GRFDPSRHOpWULFRDSOLFDGRQRPDWHULDO
Ed
K
d
d&/
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
&'7(FRQYHQFLRQDO
SURFHVVRLODVHUQP3 P:
&RUUHQWHS$
7HPSHUDWXUD.
)LJXUD &'7( SDUD D DPRVWUD QDWXUDO H PP FRP 9S 9 WS PLQ 7S . H
E .PLQ H&'7(),FRP9S 9WS PLQ7S .HE .PLQFRPH[SRVLomRDRODVHU
GHDUJ{QLR QPSRUPLQSURFHVVRL
Y
td <
d d&/
ss
K
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
&RUUHQWHS$
&'7(FRQYHQFLRQDO
SURFHVVRLLODVHUQP3 P:
7HPSHUDWXUD.
E
d <
<
K
d
W
&
K, ^K
d
d
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
d&/
d
d
K
<
/Z
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
W1dh>KKE>h^O^
ED^<d&
Z
E
E
K,K^K^KKK,KK
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
K
D'
&UV ZZ
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
<
d
E
d
<d<K
d
<
<
d&/
K
d
<
d
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
d
d&/
d
/
d&/ K d
K
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
W1dh>KWZKWK^d^WZdZ>,K^&hdhZK^
9 K
9 / Z W ZW
E
ZW
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
9 /
9 Z K
d
d
9
9
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
W1dh>KZ&ZE/^
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
^K>KDKEKss //>:^
>/h z ^,/'>z : &Z/d^, ,DW,/>> ^ Z
D
D
K>>/E^^t/><Z^KEdt/><tZsZ^t>>/E':,>>Z
& d
Z^
>^s
&E/WW/'W^>s/E/>/
:W^
K K
^1>/K D ^ WZK^^KZ^ :KZZsE'>/^d ,
D''
^1>/K D ^ D E D '
D Z D
'h&KWKW
h
ED
/
Zd,DZ>^W>&
hEKtDs^WD',
^s^dzEKs < ^ ^
dE/ZZs
h</E ' s sK><Ks ^ z DdZK^Ks s E K
K <d
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
'hKy,ED>/EY/EY,hE'D&/:tE^>/Y/Ez
:'
KZdK ^ h E d
&/&/&h^W^W
'/ED&W
Eh^W^
^hE^d^^DDW/y/W
D^D/&h^W^W
KE/dd
Z'^d
dED/WE
h^W^W
ZKZ/'h^ : Z y ^ h&^Z
^
>/,Z> ^^</: D / Zy
h&
WhZhZW^W/&h&Z'^
^<>EZW,h>WWd^D &
W'd
^/h>/DMh^W
'hK W > /
ZK,YED
D&D&DhE/DW
DZd/E^ D ^ W s
& D D
h&//
ZKZ/'h^ D Z Zdd D
/ y >
/s/>W'
^:Zhs
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
>&
&
ZK&&>sZKW,z::WDEzD',
>hE W Z WKEd^ & D W/E,/ZK >KE'K W/E/ W ^ >ZK ^
^Kh'^EdK^ /D'&
M
DZd/E^ D Z d d W M W
Y&Dd
dD&&hE^W
,WZ>ZW/
&ZZ> & &E' : , Et,D , W Z
D
^>s/Z D &Zh''/ZK>K^/h>/D/y
W
^h,K</ '/>>/>E ' WKt>> Z KtE : D t>>/E' :
^//:>
,^^E & >Z,tz /// ^
D
WKt>>Zy/>'E'yYhZ>^':t>>/E':^
WZ
^>s/Z D &^/h >/D^>s/ > s
:WD
^,W>Z<>&:W
Z'Z , <,^,E,<,/Z/ ^,DdZ < E /
:DD
Es^ ^Zz:E/dK&^ K,
^W
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
E<DKdK < / Z ^ /
WEz:t^
dKZ/h< < zD^,/d D z/<h d d
:W
tE',>Kh>Z^,/ ^Z
:Z^
:D/>^KE ^ W /Dh^, ' & d
:>
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
WE/^
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
WE/s/^/ddE/hDD/EZKZ>yEZ/d
E
>yEZ/d D >
&',
)LJXUD$/RFDOL]DomRGD0LQHUDGRUD$/(;$1'5,7$0LQHUDomR&RPpUFLRH([SRUWDomR/WGDQR
(VWDGRGH0LQDV*HUDLV%UDVLO
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
D ' <
, ,
Z^
K
s
^
K
^
/
^D/
Y
d K
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
W
D D
hE^W
D s ' s Z D &
^
K
/ D
Z E Z /D d
>yEZ/d
^ >
K
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
Kds
)LJXUD$9LVWDGDiUHDGHVHomRDEHUWDGDPLQHUDGRUD
h
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
)LJXUD$9LVWDJHUDOGDPLQHUDGRUDHVHXVVHWRUHVGHWUDWDPHQWRGRVPLQpULRV
K
E
d
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
d
h
K
hE^Wh&D
'h&D'
^1>/K D ^ D E D '
D Z D
'h&KWKW
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
WE/WZKhK/>/K'Z&/
E
x s/^DZDs'dZ/EEDZh''/ZK>K^>s/ZD&/
Z
s
x dZ/E E D ZhK Z ^</ D : ^>s/ Z D &
Z s
x dZ/EED^>s/ZD&^>s/>s
K
^:W^
d
x dZ/E E D dd ^ ^>s/ Z D &
/ yyy/
E&D>yyy/
E&D
x dZ/EEDdd^^>s/ZD&/d
K / d /
> K ^ D />
>d/>K^
D/>
x dZ/EEDs/^DZDs'^>s/ZD&/
D / / / D
///D / /
D///D
/DERUDWyULRGH)HQ{PHQRV(OHWURSWLFRV81(63%DXUX
EyK^
EyK
EyK
EyK
K
EDdZD&^>s^
WW'dDWK^Dd&hE^WW
^W
&&hWhE^WWW^W
/
d
W
^
^ D ^D
&
d
<
/
Kd
d
d
d
d
d
d
d K
/
/
W
KzK/ l Z
,
/
d
d
d&
dd
hs
&
/
dhss/^
dZyZ
yZ^^
D'
d
d
K hss/^
' s & <
> ^
W s d
,:Z^
d : z d
^
:z
d
E
d
^
^
^ t^ t ^ &
d^
& t^d
&
7DEOH &RPSRVLWLRQ RI QDWXUDO DOH[DQGULWH REWDLQHG WKURXJK ('6 DQDO\VLV IRU WZR
VDPSOHV
&RPSRVLWLRQZW
(OHPHQW
6DPSOH,
6DPSOH,,
&
1D
0J
$O
6L
&O
.
&D
7L
&U
)H
7DEOH &RPSRVLWLRQDO DQDO\VLV SDUWLFXODUO\ IRU )H DQG &U RI QDWXUDO DOH[DQGULWH
REWDLQHGE\:'6
6DPSOH :W&U :W)H
,
,,
^
&
t^
K Z
D
&
Z
& <
d
< d Z
Z Z
EDQG$
5OLQHV
YLEURQLFOLQHV
%DQG%
:DYHOHQJWKQP
%DQG$
5/LQHV
2SWLFDOGHQVLW\DUEXQLWV
.
%DQG&
2SWLFDOGHQVLW\DUEXQLWV
EDQG% .
EDQG&
V\QWKHWLF
:DYHOHQJWKQP
)LJXUH 2SWLFDODEVRUSWLRQVSHFWUDRIV\QWKHWLFDOH[DQGULWHVDPSOHVPHDVXUHGDWURRP
WHPSHUDWXUH . ,QVHW RSWLFDO DEVRUSWLRQ VSHFWUD RI V\QWKHWLF DOH[DQGULWH PHDVXUHG DW
OLTXLGQLWURJHQWHPSHUDWXUH.
&dZ
Z
'O
'Od
d<
7DEOH3DUDPHWHUVREWDLQHGIURP2SWLFDO$EVRUSWLRQGDWDIRUV\QWKHWLFDOH[DQGULWHDW
DQG.PHDQVWKHSRVLWLRQRIPD[LPDLVWKHRSWLFDODEVRUSWLRQFRHIILFLHQWDQG
LVIXOOZLGWKDKDOIPD[LPXP
2SWLFDO$EVRUSWLRQEDQGV6\QWKHWLFVDPSOH
7
.
%DQG$&U
QP FP
QP
QP FP QP
%DQG&&U
QP FP
QP
$EVRUSWLRQ
/LQHVRI&U
QP
d
d
Z
'O
)LJXUH 2SWLFDO DEVRUSWLRQ VSHFWUD RI QDWXUDO DOH[DQGULWH DV IXQFWLRQ RI FRQVHFXWLYH
DQQHDOLQJ
7DEOH 3DUDPHWHUV REWDLQHG IURP 2SWLFDO $EVRUSWLRQ GDWD 899LV IRU QDWXUDO
DOH[DQGULWHVDPSOHDIWHUWKHUPDODQQHDOLQJPHDQVWKHSRVLWLRQRIPD[LPDLVWKHRSWLFDO
DEVRUSWLRQFRHIILFLHQWDQGLVIXOOZLGWKDKDOIPD[LPXP
$EVRUSWLRQEDQGVRIQDWXUDODOH[DQGULWH
%DQGD$&U
$EVRUSWLRQ
%DQGD%&U)H
%DQGD&&U
/LQHVRI&U
QP FP QP QP FP QP QP FP QP
QP
DQG
77&KPLQ
77&K
DQG
77&KPLQ
77&K
77&K
677
77&K
t
/ O
E
d
&
d
Z
d
d
hs
d
/
d
/
d
&
'OdZ
ZZdZZ
d
/'
d
'
)LJXUH'HFRPSRVLWLRQRIEDQG$RIRSWLFDODEVRUSWLRQVSHFWUDLQWZR*DXVVLDQFXUYHV
V\QWKHWLFDOH[DQGULWH
d
WZ
WZK
7DEOH $QDO\VLV RI EDQGV $ % DQG & RI QDWXUDO DQG V\QWKHWLF DOH[DQGULWH VDPSOHV
REWDLQHGIURPGHFRPSRVLWLRQRIRSWLFDODEVRUSWLRQEDQGV
%DQG$
7KHUPDO
DQQHDOLQJ
$O $O
WHPSHUDWXUHWLPH
677
&PLQ
&PLQ
&PLQ
&K
&KPLQ
&K
&K
6\QWKHWLFVDPSOH
$YHUDJHWRWDODUHD
DX
%DQG %DQG %DQG
$
%
&
t
' d
/
'
/
'
d
/
d
/
ZZ
^ ^ Z
> ^ ^
/
<
d
d
5
,QWHQVLW\DUEXQLWV
1R7$
R
7$ &K
1DWXUDODOH[DQGULWH
.
6
5
:DYHOHQJWKQP
)LJXUH3KRWROXPLQHVFHQFHVSHFWUDRIQDWXUDODOH[DQGULWHPHDVXUHGDWH.EHIRUH
DQ\WKHUPDODQQHDOLQJDQGDIWHUWKHILQDODQQHDOLQJDWR&KRXU
>ZZ^^
d
Z ^
d
yZ
d
t
d
d
&
yZ
&W^W EW &hEhE^W
W^tW>KZW^d
Wd
Z
t:WK': ,WDZKtd
/:YY
t : , & ^ , , : W : D Z d
/ : Y Y
&WW'W^>/
:W^
^ZD&>D^^>s
:WD
Z,<^</
E:DD
^
dEZ:WW
^ZD&Z>K^>D/yZ
W