&RQFXUVR9HVWLEXODU GHMXQKRGH 3URYD

3URYD GH 5HGDomR $7(1d 2 &DVRVGH HOLPLQDomR GRFDQGLGDWR

n )XJD DR WHPD
,16758d¡(6 n 1RPHGRFDQGLGDWRXVRGHSVHXG{QLPR
DEUHYLDWXUDRXTXDLVTXHUSDODYUDVTXH
   1HVWD SURYDKiWUrV SURSRVWDV GH UHGDomR
3URSRVWD$ ¤'LVVHUWDomR$UJXPHQWDWLYD
3URSRVWD% ¤1DUUDomR
3URSRVWD& ¤&DUWD$UJXPHQWDWLYD
9RFr GHYHUi GHVHQYROYHU DSHQDV XPD GHODV 3URFXUH
OHU DWHQWDPHQWH DV RULHQWDo}HV HVSHFtILFDV GH FDGD
SURSRVWD H HVFROKD DTXHOD FRP D TXDO YRFr WHQKD
PDLRUDILQLGDGHRX DTXHODTXHWUDWDGH DVVXQWRDFHUFD
GR TXDO YRFr WHP PDLRU FRQKHFLPHQWR
6H YRFr RSWDU SHOD GLVVHUWDomR GHYHUi GDU rQIDVH j
GHIHVD GH XP SRQWR GH YLVWD DFHUFD GD TXHVWmR
WHPiWLFD SURSRVWD ,VVR VLJQLILFD TXH YRFr GHYH VDEHU
VHOHFLRQDU H HODERUDU H[HPSORV EHP FRPR
DUJXPHQWRV SDUD VXVWHQWDU XPD RSLQLmR VREUH
GHWHUPLQDGR DVVXQWR GH IRUPD D FRQYHQFHU R OHLWRU
&DVR SUHILUD D QDUUDomR YRFr GHYHUi ID]HU XVR GDV
FDWHJRULDV WtSLFDV GH XP WH[WR QDUUDWLYR  DomR
SHUVRQDJHQV  ORFDOL]DomR QR WHPSR H QR HVSDoR H
SRQWR GH YLVWD GR QDUUDGRU  6H HVFROKHU D F DUWD
DUJXPHQWDWLYD GHYHUi HVWDU DWHQWR jV FDUDFWHUtVWLFDV
WtSLFDV GHVVH  WLSR GH WH[WR VREUHWXGR jV PDUFDV
OLQJtVWLFDV DGHTXDGDV j LQWHUORFXomR H j SHUVXDVmR
SRVVDPLGHQWLILFiOR
n 0pGLD ILQDO  LQIHULRUD  HP  SRQWRV
n 5HGDomR HVFULWD D OiSLV
3URSRVWD$ 'LVVHUWDomR$UJXPHQWDWLYD
/HLD R WUHFKR DEDL[R H[WUDtGR GR DUWLJR SXEOLFDGR QR MRUQDO
)ROKDGH6mR3DXORVRERWtWXOR$OpPGD1DYDOKD
1RV ~OWLPRV DQRV QHQKXPD RUJDQL]DomR SDUWLGiULD
UHOHYDQWH GHL[RX GH SURWDJRQL]DU HSLVyGLRV TXH YmR GR
UHYROWDQWH DRULGtFXOR FRPSRQGR XP SDLQHOTXH GHVDILDULD RV
SLQFpLV GR PDLV HQIiWLFR DGHSWR GR VXUUHDOLVPR
&XHFDVPDOHWDVFDUURVGHOX[RPiTXLQDVGHELQJR
HPPHLRDFXUXSLUDVQDYDOKDVHVDQJXHVVXJDV¤SDUDOHPEUDU
RV QRPHV VHPSUH VXJHVWLYRV GDV RSHUDo}HV GD 3) >3ROtFLD
)HGHUDO@¤DFXPXODPVHGLDQWHGRVROKRVGRHVSHFWDGRUTXH
HQWUHWDQWRMiQmRVHVXUSUHHQGH
3DVVRXRWHPSRFRPHIHLWRHPTXHRHOHLWRUDGRSRGLD
WHUFRQILDQoDQRVLQVWUXPHQWRVWtSLFRVGDYLGDSROtWLFDFRPRD
GHQ~QFLD SDUODPHQWDU DV &3,V H R SUySULR YRWR SDUD DIDVWDU
GDYLGD S~EOLFDRV HQYROYLGRVHP FRUUXSomR
)ROKDGH6mR3DXORGHPDLGH&DGHUQR$S
&RP EDVH QR WH[WR UHGLMD XPD GLVVHUWDomR DUJXPHQWDWLYD
  $V SURSRVWDV DSUHVHQWDP DOJXQV  WH[WRV PRWLYDGRUHV
SHUWLQHQWHV DRV WHPDV GH UHGDomR UHWLUDGRV GH IRQWHV
GLYHUVDV (VVHV WH[WRV DSUHVHQWDP IDWRV GDGRV
RSLQL}HV H DUJXPHQWRV UHODFLRQDGRV FRP  RV WHPDV
&RQVXOWHRV H XWLOL]HRV VHJXQGR DV LQVWUXo}HV
HVSHFtILFDVGDGDVSDUDFDGDWHPDPDVQmRRVFRSLH
$OpP GLVVR DR HODERUDU VXD UHGDomR YRFr SRGHUi
XWLOL]DUVH WDPEpP  GH RXWUDV LQIRUPDo}HV  TXH MXOJDU
UHOHYDQWHV SDUD R GHVHQYROYLPHQWR GR WHPD HVFROKLGR
3URSRVWD%1DUUDomR
FRPHQWDQGR D LQVHJXUDQoD H D IDOWD GH FRQILDQoD GD
VRFLHGDGH GLDQWH GD DWXDO VLWXDomR GDV LQVWLWXLo}HV SROtWLFDV
EUDVLOHLUDV HQYROYLGDV HP FRUUXSomR HP WRGRV RV VHWRUHV
GRVSRGHUHVTXHFRQVWLWXHPRJRYHUQRH[HFXWLYROHJLVODWLYR
H MXGLFLiULR)DOWDGH FRQILDQoD GHFRUUHQWH GR IDWRGH TXH D
YHUGDGH QXQFD p WRWDOPHQWH DSXUDGD H RV FRUUXSWRV QXQFD
VmR SXQLGRV
  'rXPWtWXORSDUDVXDUHGDomRFDVRVXDRSomRVHMDD
GLVVHUWDomR  RX DQDUUDomR  (VVH WtWXOR GHYHUi GHL[DU
FODUR R DVSHFWR GD VLWXDomR HVFROKLGD TXH YRFr
SUHWHQGH DERUGDU (VFUHYD R WtWXOR QR OXJDU DSURSULDGR
QD IROKDGH SURYD
/HLDRWUHFKRDEDL[RH[WUDtGRGRURPDQFH9LODGRV&RQILQVGH
0iULR 3DOPpULR HP TXH R SHUVRQDJHP 3DGUH 6RPPHU QDUUD
XPD GH VXDV IDoDQKDV GH FDoDGRU GH RQoD
¤ &RP D ODQWHUQD DFHVD H DPDUUDGD QR FDER GD
  6HVXDHVFROKDIRUDFDUWDDUJXPHQWDWLYDQmROKHGr
XP WtWXOR QHP D DVVLQH SRLV QRV H[DPHV VHOHWLYRV
GDV XQLYHUVLGDGHV R FDQGLGDWR QmR GHYH VHU
LGHQWLILFDGR FRPR DXWRU GD UHGDomR 1R OXJDU GD
DVVLQDWXUD GHYHUi VHU FRORFDGR DSHQDV XP WUDoR
]DJDLDHQWUHLGHMRHOKRVQREXUDFR0DVDDSHUWXUDHUDVyQR
FRPHoRjPHGLGDTXHHXLDHQWUDQGRDFDYHUQDVHDODUJDYD
H ILFDYD PDLV DOWD SHUPLWLQGR TXH HX FDPLQKDVVH GH Sp )XL
LQGR IXL LQGR D OX] GD ODQWHUQD FODUHDQGR R EXUDFR DWp TXH
FKHJXHLDXPDHVSpFLHGHVDOmRJUDQGHTXHQHPHVWDVDOD$
FDWLQJDGHFDUQLoDWLQKDDSHUWDGRXPEDIRSRGUHTXHFKHJDYD
  $UHGDomRGHYHVHUHVFULWDD FDQHWDD]XORXSUHWDHP
D SURYRFDU kQVLD GH Y{PLWR 0DV QDGD GH RQoD 9DVFXOKHL
SURVD FRP XP PtQLPR GH  YLQWH OLQKDV GDV 
WRGD D JUXWD SDOPR D SDOPR SULPHLUR R DOWR SUHYHQLQGR XP
WULQWD H FLQFR OLQKDV FRQWLGDV QD IROKD GH UHGDomR
VDOWR WUDLoRHLUR 1mR ILFRX XPD VDOLrQFLD XPD UDFKDGXUD QD
$QWHV GH SDVViOD D OLPSR IDoD UHYLVmR GR WH[WR
SHGUDVHPYLVWRULD(QDGD7HULDPRVFDFKRUURVVHHQJDQDGR
REVHUYDQGRVXDDGHTXDomRjPRGDOLGDGHHVFULWDFXOWD
HVHJXLGRUDVWRYHOKR"+DYHULDRXWUDVDtGDSRURQGHHVFDSDUD
(VFUHYDVHXWH[WRFRP OHWUDOHJtYHO
DRQoDSUHWD"([DPLQHLWXGRGHQRYRVHPSUHGHFRVWDVSDUD
D SDUHGH GH SHGUD VHP VDLU GR OXJDU 2 IHGRU GD FDUQLoD
2 &$1','$72 32'(5· 3(5'(5 $7e  &,1&2
3217266(1 26(*8,5$6,16758d¡(6*(5$,6(
(63(&º),&$6'$3529$'(5('$d 2
FRQWLQXDYDHHXQmRYLDQHQKXPRVVRQHQKXPUHVWRGHELFKR
PRUWR 0LVWHULRVR DTXLOR 2 UHPpGLR HUD HVSHUDU PDLV XP
SRXFRDWp TXHDYLVWDVH DFRVWXPDVVHEHPFRP DFODULGDGH
IUDFDGDODQWHUQD(TXDQGRDOX]PHOKRURXFRPHFHLDURGHDU
D JUXWDVHPSUH HQFRVWDGRQR SDUHGmRTXH HXLD DSDOSDQGR
FRPRSpGRFDERGD]DJDLDSRUYLDGDVG~YLGDV$WpTXH
GHVFREUL R VHJUHGR
 &RQFXUVR9HVWLEXODU GHMXQKRGH 3URYD 

3H 6RPPHU EHEHX PDLV FDIp H DFHQGHX R FLJDUUR 3URYDGH&RQKHFLPHQWRV

+RUD ERD SDUD XPD SHUJXQWD PDV QLQJXpP SLRX 3DXOR IRL
TXH TXDVH HVWRXURX QXPD JDUJDOKDGD IRUD GH SURSyVLWR *HUDLV
TXDQGR YLX D FDUD GR $XUpOLR 0DV WHYH SHQD GR WLR $XUpOLR
',(7$6
$OYHVRUHLGDVDYHQWXUDVQRVHUWmRWmRVDOLHQWHHWmRSURVD
$&,¶1&,$'$1875,d 2)$=$126
WmRFRQYHQFLGRGDLPSRUWkQFLDGRVVHXVFDVRVDOLHVWDYDHOH
KLSQRWL]DGRFRPFDUD GHERERFLJDUURGH SDOKDDSDJDGRQR
 2 %UDVLO QXQFD IRL WmR JRUGR 2V EUDVLOHLURV
FDQWR GD ERFD LQWHLUDPHQWH GRPLQDGR SHOD VXSHULRULGDGH GR FRP PDVVD FRUSyUHD VXSHULRU j FRQVLGHUDGD QRUPDO Mi

SDGUH EDUEXGmR H YDOHQWH  VRPDPPLOK}HVRHTXLYDOHQWHDGDSRSXODomR
0DVDSDXVDIRLFXUWD  DGXOWD TXDVH WUrV YH]HV PDLV GR TXH R FRQWLQJHQWH GH
3$/0e5,20iULR9LODGRV&RQILQV 5LRGH-DQHLUR-RVp  PHDGRV GD GpFDGD GH  3RU FRQVHTrQFLD D
 TXDQWLGDGH GH KRPHQV H PXOKHUHV HP GLHWD SDUD
2O\PSLR HG
 HPDJUHFHU WDPEpP p HQRUPH XP TXDUWR GHOHV H
 PHWDGH GHODV HVWmR HP OXWD FRQWUD D EDODQoD e XP
2WH[WRDFLPDpXPH[HPSORGHQDUUDomR1DUUHDJRUD  S~EOLFR SURSHQVR D DFUHGLWDU HP UHJLPHV TXH VH
 YHQGHP FRPR FDSD]HV GH RSHUDU PHWDPRUIRVHV QD
XP HSLVyGLR HP TXH D SROtFLD HVWi j SURFXUD GH XP
 VLOKXHWD GR GLD SDUD D QRLWH VHP SUHMXGLFDU D VD~GH
SHULJRVRPDUJLQDODVVDOWDQWHHDVVDVVLQRTXHHVFDSRX 0DV VHUi TXH HVVH WLSR GH PLODJUH H[LVWH" 3DVVDGRV

GH XPD GHVVDV SHQLWHQFLiULDV EUDVLOHLUDV GLWDV ¦GH  WULQWD DQRV GH FLrQFLD GD QXWULomR D UHVSRVWD p ¦QmR§
VHJXUDQoDPi[LPD§HTXHFRQVWLWXLJUDYHDPHDoDj  +RMH R TXH VH VDEH FRP FHUWH]D VmR DV UD]}HV SHODV
SRSXODomRFDVRQmRVHMDUHFDSWXUDGR/HPEUHVHGRV  TXDLV IUDFDVVDP DV GLHWDV HP HVSHFLDO DTXHODV TXH
DVSHFWRVTXHFRQVWLWXHPXPWH[WRQDUUDWLYR'rQRPHV  SUHVFUHYHP D UHGXomR RX D WRWDO SULYDomR GH JUXSRV
DRVSHUVRQDJHQVFDUDFWHUL]HRORFDOHRWHPSRHPTXH  DOLPHQWDUHV (ODV ID]HP PDO DR RUJDQLVPR H VmR
RV IDWRV DFRQWHFHP FULH H[SHFWDWLYDV VXVSHQVH H  LQVXVWHQWiYHLV QR ORQJR SUD]R$ PHOKRU GLHWD p
DSUHVHQWHXPILQDOLQWHUHVVDQWH  PHVPR D GR ERP VHQVR 7RGRV RV DOLPHQWRV SRGHP
 VHU FRQVXPLGRV PDV FRP SDUFLP{QLD$ FKDYH SDUD
 JDQKDU D JXHUUD GR SHVR VHJXH XP UDFLRFtQLR
3URSRVWD&&DUWD$UJXPHQWDWLYD  PDWHPiWLFR HOHPHQWDU D TXDQWLGDGH GH FDORULDV
 LQJHULGDV SRU GLD QmR SRGH VHU PDLRU GR TXH D
 TXDQWLGDGH GH FDORULDV JDVWDV QR PHVPR SHUtRGR
/HLD R WH[WR DEDL[RSXEOLFDGR QD UHYLVWD9HMDVRE R WtWXOR 8P
 6LPSOHV DVVLP
DFRUGR LQRIHQVLYR $ YLWyULD GR ERP VHQVR VREUH D OHL GR PHQRU

'XUDQWH D YLVLWD GH %HQWR ;9, QRWLFLRXVH TXH R  HVIRUoR p UHVXOWDGR GRV DYDQoRV FLHQWtILFRV HP WUrV
9DWLFDQR H R JRYHUQR EUDVLOHLUR HVWDULDP QHJRFLDQGR  IUHQWHV D SUySULD FLrQFLD GD QXWULomR R HVWXGR VREUH R
 PHWDEROLVPR KXPDQR H D ILVLRORJLD GR HVSRUWH $
VHFUHWDPHQWH XP DFRUGR TXH IHULULD D ODLFLGDGH GR HVWDGR
 PHGLFLQD Mi GLVS}H GH LQVWUXPHQWRV HILFLHQWHV SDUD
EUDVLOHLUR(QWUHRXWUDVFRLVDVD,JUHMD&DWyOLFDHVWDULDSHGLQGR GHWHUPLQDU FRP SUHFLVmR R HTXLOtEULR FDOyULFR GH FDGD

DR JRYHUQR TXH R HQVLQR GH UHOLJLmR VH WRUQDVVH REULJDWyULR  XP OHYDQGR HP FRQVLGHUDomR VH[R LGDGH DOWXUD SHVR
QDVHVFRODVS~EOLFDVHTXHIRVVHPFULDGRVPHFDQLVPRVSDUD  H URWLQD GH H[HUFtFLRV ItVLFRV 
GLILFXOWDU D DPSOLDomR GD SUiWLFD GR DERUWR QR SDtV )RL GLWR  +i XPD GLIHUHQoD HQWUH DV FRQFOXV}HV GD
DLQGD TXH D ,JUHMD TXHULD XP PHLR GH HYLWDU SURFHVVRV QD  FLrQFLDGDQXWULomRHDIRUPDFRPRHODVVmRGLYXOJDGDV
-XVWLoD EUDVLOHLUD VREUHWXGR QD iUHD WUDEDOKLVWD 2 %UDVLO H R  QR PDLV GDV YH]HV ¦2 QXWULHQWH HP WXER GH HQVDLR
HVWDGR GR 9DWLFDQR HVWmR PHVPR QHJRFLDQGR GHVGH R DQR  WHP GHWHUPLQDGR SRGHU 0DV R TXH FRQWD p D VXD
SDVVDGRXPDFRUGRTXHUH~QHHDWXDOL]DWRGDDOHJLVODomRGH  LQWHUDomR FRP RV GHPDLV QXWULHQWHV GR PHVPR
 DOLPHQWR RX GD FRPELQDomR FRP RXWURV§ DILUPD R
LQWHUHVVH FRPXP HQWUH RV GRLV HVWDGRV 0DV QmR Ki TXDVH
 ELRTXtPLFR -XOLR 7LUDSHJXL SURIHVVRU GD )DFXOGDGH GH
QDGD DOL TXH FRUUHVSRQGD D FHUWD YHUVmR GLYXOJDGD SRU SDUWH &LrQFLDV )DUPDFrXWLFDV GD 8QLYHUVLGDGH GH 6mR 3DXOR

GDLPSUHQVD1DSURSRVWDHQYLDGDDR%UDVLOSHOR9DWLFDQRHP  $SHVDU GH WRGR FRQKHFLPHQWR DFXPXODGR DWp KRMH RV
QRYHPEURGH KDYLDGH IDWRR SHGLGRGHTXH RHQVLQR  HVWXGLRVRV WrP PXLWR D GHVFREULU QHVVH FDPSR
UHOLJLRVR VH WRUQDVVH REULJDWyULR (P UHVSRVWD HQFDPLQKDGD  HVSHFtILFR 
D 5RPD HP PDUoR SDVVDGR R JRYHUQR EUDVLOHLUR GLVVH TXH
$QQD 3DXOD %XFKDOOD 5HYLVWD 9HMD  GH PDU GH  
QmRDGRWDULDDPHGLGD3RQWRILQDO
S
9HMDGHPDLGHS
4XHVWmR1•
$ ODLFLGDGH GR HVWDGR EUDVLOHLUR FRQVLVWH QD VXD
LQGHSHQGrQFLD H GHVYLQFXODomR GH TXDOTXHU LQWHUIHUrQFLD
0DUTXHDEDL[RDDOWHUQDWLYDTXHFRQWpPRWHUPRTXHVXEVWLWXL
GH UHOLJL}HV H LJUHMDV 1RV JRYHUQRV QmR ODLFRV DV UHOLJL}HV
RX DV LJUHMDV LQWHUIHUHP QDV GHFLV}HV GR HVWDGR QDV FRUUHWDPHQWHDH[SUHVVmR¦SHODVTXDLV§QRVHJXLQWHIUDJPHQWR
UHS~EOLFDV LVOkPLFDV SRU H[HPSOR 6H YRFr p D IDYRU GD ¦+RMHRTXHVHVDEHFRPFHUWH]DVmRDVUD]}HVSHODVTXDLV
XQLmRHQWUH,JUHMDH(VWDGRQR%UDVLOHVFUHYDXPDFDUWDDR IUDFDVVDP DV GLHWDV HP HVSHFLDO DTXHODV TXH SUHVFUHYHP D
3UHVLGHQWH /XOD H[SRQGR VHXV DUJXPHQWRV TXH MXVWLILTXHP UHGXomRRXDWRWDOSULYDomRGHJUXSRVDOLPHQWDUHV§OLQKD 
RV EHQHItFLRV TXH WDO YtQFXORSRGHULD WUD]HU j VRFLHGDGH6H
YRFrpFRQWUDHVFUHYDXPDFDUWDDR3DSD%HQWR;9,H[SRQGR $ SRUTXr
VHXV DUJXPHQWRV TXH MXVWLILTXHP D LQGHSHQGrQFLD GR % SRUTXH
HVWDGR HP UHODomR j ,JUHMD &DWyOLFD RX D TXDOTXHU UHOLJLmR & SRU TXH
SDUDSUHVHUYDU DDXWRQRPLD HDXWRGHWHUPLQDomR GRJRYHUQR ' SRU TXr
H GR HVWDGR (P DPERV RV FDVRV OHPEUHVH GH TXH D DUWH
( SRU FXMR
GH FRQYHQFHU p LPSRUWDQWH