Você está na página 1de 111

ECOLOGIA

MARIANA LOPES DE SOUSA

TOXICIDADE A Saccharomyces cerevisiae E


ECOTOXICIDADE DE EFLUENTE CONTENDO
CORANTE REMAZOL VERMELHO BRILHANTE
TRATADO PELO PROCESSO FOTOELETROLÍTICO

Rio Claro
2010
MARIANA LOPES DE SOUSA

TOXICIDADE A Saccharomyces cerevisiae E ECOTOXICIDADE


DE EFLUENTE CONTENDO CORANTE REMAZOL
VERMELHO BRILHANTE TRATADO PELO PROCESSO
FOTOELETROLÍTICO

Orientador: Ederio Dino Bidoia

Co-orientador: Peterson Bueno de Moraes

Trabalho de Conclusão de Curso apresentado ao


Instituto de Biociências da Universidade Estadual
Paulista “Júlio de Mesquita Filho” - Campus de Rio
Claro, para obtenção do grau de Ecóloga

Rio Claro
2010
Dedicado aos meus pais, Jesus e Rosa
e a minha avó Carmela, pelo amor e criação.
Ao meu namorado e melhor amigo,
Rodrigo pelo apoio incondicional
aos meus objetivos durante esse período.
AGRADECIMENTOS

Ao Profº Ederio, pela orientação, paciência (principalmente) e apoio desde o segundo ano de
graduação, que foi fundamental para a realização deste trabalho;

Aos técnicos: Fátima, Luiza e principalmente ao Roberto, por me ajudarem nas situações mais
diversas possíveis durante meus experimentos, sempre que precisei;

À Profª Dejanira, pela ajuda com os (longos) ensaios com colunas de Winogradsky e testes
com S. cerevisiae;

À minha classe, a XXXI Turma do curso de Ecologia, pelas amizades, conversas, risadas,
festas, campos, momentos, que fizeram parte da minha formação;

Aos meus amigos, tanto da minha cidade natal, quanto de Rio Claro, mesmo os amigos com
os quais já não mantenho mais contato, mas agradeço a todos por tocarem minha vida de
algum modo e ajudarem a tecer a colcha de retalhos que sou hoje, e que me fez chegar até
aqui;

Á minha família, meus pais Jesus e Rosa, minha avó Carmela, e meus padrinhos José Luiz e
Geralda, por me incentivarem, e me apoiarem sempre á sua maneira, sempre o tanto quanto
possível;

Ao meu namorado, companheiro, amigo, Rodrigo, que nestes 4 anos esteve ao meu lado em
todos os meus planos, desejos, devaneios, risadas, mesmo quando estive doente, mesmo
quando me curei.

Obrigada !!!
As estrelas brilham, mas um dia se apagarão...
Tudo morre...
A terra, o sol, a via láctea, e até mesmo todo este universo não é exceção!
Comparado a isto,
a vida do homem é tão breve e fugidia quanto um piscar de um olho...
Neste curto instante,
os homens nascem, riem, choram,
Lutam, sofrem,
Festejam, lamentam,
odeiam pessoas e amam outras!

Tudo é transitório...

Masami Kurumada
SUMÁRIO
1. INTRODUÇÃO........................................................................................................... 7
2. OBJETIVOS.................................................................................................................9
2.1. Objetivo geral..................................................................................................9
2.2. Objetivos específicos.......................................................................................9
3. REVISÃO BIBLIOGRÁFICA ..................................................................................11
3.1. Indústrias têxteis.............................................................................................11
3.2. Eletrooxidação................................................................................................12
3.3. O corante remazol vermelho brilhante e os corantes reativos .......................13
3.4. Saccharomyces cerevisiae..............................................................................15
3.5. Coluna de Winograsky...................................................................................16
3.6. Algas e fitoplâncton.......................................................................................17
3. MATERIAL E MÉTODOS ......................................................................................20
4.1. Material..........................................................................................................20
4.1.1. Sistema fotoeletrolítico...................................................................20
4.1.2. Organismos teste............................................................................23
4.1.3. Solo e água utilizados nas Colunas de Winogradsky.....................23
4.1.4. Reagentes e Equipamentos.............................................................23
4.2. Métodos.........................................................................................................24
4.2.1. Preparo de efluente simulado.........................................................24
4.2.2. Tratamento fotoeletrolítico e retirada das amostras durante o
processo e verificação da absorbância e concentração...................26
4.2.3. Medidas de pH e condutividade.....................................................27
4.2.4. Ensaios de toxicidade com S. cerevisiae .......................................27
4.2.4.1. Preparo da suspensão de S. cerevisiae.............................27
4.2.4.2. Preparo dos tubos de ensaio.............................................28
4.2.4.3. Contagem de células de S. cerevisiae..............................28
4.2.5. Demanda química de oxigênio.......................................................29
4.2.5.1. Preparo dos tubos de DQO...............................................30
4.2.5.2. Leitura dos resultados no espectrofotômetro Hach..........31
4.2.6. Montagem da coluna de Winogradsky...........................................31
4.2.7. Análise do crescimento e da população fotossintetizante..............34
5. RESULTADOS E DISCUSSÕES ............................................................................36
5.1. Remoção da cor.............................................................................................36
5.1.1. Experimentos 1 e 2.........................................................................36
5.1.2. Experimentos 3 e 4.........................................................................39
5.1.3. Experimentos 5 e 6.........................................................................43
5.1.4. Experimento 7................................................................................47
5.1.5. Experimento 8.................................................................................48
5.2. Condutividade e pH.......................................................................................49
5.2.1. Experimentos 1 e 2.........................................................................49
5.2.2.Experimentos 3 e 4..........................................................................51
5.2.3. Experimentos 5 e 6.........................................................................54
5.2.4. Experimento 7.................................................................................57
5.2.5. Experimento 8................................................................................58
5.3. Ensaios de toxicidade com S. cerevisiae.......................................................60
5.3.1. Experimentos 1 e 2.........................................................................60
5.3.2. Experimentos 3 e 4.........................................................................64
5.3.3. Experimentos 5 e 6.........................................................................66
5.3.4. Experimento 7................................................................................68
5.3.5. Experimento 8................................................................................69
5.4. Demanda química de oxigênio......................................................................70
5.4.1. Experimentos 1 e 2.........................................................................70
5.5. Análise do crescimento na coluna de Winogradsky......................................72
5.5.1. Experimento com efluente simulado do experimento 1.................72
5.5.2. Experimento com efluente simulado do experimento 3.................80
5.5.3. Experimento com efluente simulado do experimento 7.................86
5.6. Avaliação da população fitoplantônica.........................................................94
5.6.1. Experimento com efluente simulado do experimento 1.................94
5.6.2. Experimento com efluente simulado do experimento 3.................96
5.6.3. Experimento com efluente simulado do experimento 7................100
6. CONCLUSÕES ........................................................................................................103
7. REFERÊNCIAS BIBLIOGRÁFICAS....................................................................105
7

1. INTRODUÇÃO

A preocupação com a qualidade da água é um assunto de importância institucional, social,

e política. Entretanto, a cada dia os mananciais se encontram mais poluídos por diversos detritos

despejados pela sociedade que na falta de tratamento adequado representam um sério risco sócio-

ambiental (ABREU, et al., 2008, p 160). Estima-se que no último século o consumo de água

duplicou em relação ao aumento populacional, e também que a área coberta por água doce

diminuiu pela metade (POLLI et al., 2009, p. 530).

Além do esgoto doméstico que em grande parte do país e do mundo ainda não recebe

tratamento adequado, ainda existe o grande problema da poluição causada pela indústria. Todo

dia milhares de litros de água são contaminados com diversos tipos de resíduos de natureza

orgânica e inorgânica, através dos esgotos sanitários, contendo diversos tipos de poluentes como

tanino (efluente de curtume), corantes têxteis e efluentes da indústria de papel (COMPANHIA

DE TECNOLOGIA E SANEAMENTO AMBIENTAL, 2008).

A indústria têxtil é responsável por um grande volume de água contaminada emitida

diariamente, principalmente por corantes nos processos de diluição e beneficiamento

(GEORGIOU et al., 2001, p. 69).


8

A água proveniente deste descarte diário é imprópria tanto para consumo humano, quanto para a
sobrevivência das espécies que se encontram nos rios. Entre os desequilíbrios ambientais
causados por estes efluentes pode-se citar o impedimento dos processos de fotossíntese devido à
turbidez da água (CATANHO et al., 2006-a, p. 983), danos a estruturas como guelras e
brânquias, perturbação em locais de desova e alterações na solubilidade dos gases (ZANONI e
CARNEIRO, 2001, p. 62).
Nestes efluentes também é possível encontrar toxinas que se acumulam na cadeia trófica
(ZANONI e CARNEIRO, 2001, p. 62), além de muitas vezes conterem substâncias tóxicas
mutagênicas e carcinogênicas e metais pesados em quantidades significativas (AKYOL &
BARAMOGLU, 2005, p. 241). Apenas o número de corantes carcinogênicos pode chegar a 3000
(DELLAMATRICE, 2005, p. 21; CATANHO et al., 2006-b, p. 193), sendo que o total de
corantes têxteis, segundo o Colour Índex (catálogo da Society of Dyers and Colourists) é de cerca
de 8000 (ZANONI e CARNEIRO, 2001, p. 60). Por isso é necessário o desenvolvimento de
processos para degradação ou retirada destes compostos. Tendo em vista que a preocupação com
a qualidade da água é cada vez maior, e o equilíbrio homem-natureza se encontra cada vez mais
delicado.
Neste trabalho foi analisada a degradação de efluente têxtil simulado contendo o Corante
Remazol Vermelho brilhante pelo processo fotoeletrolítico. Também, foi analisada a degradação
mediante diferentes parâmetros de tratamento (variação de corrente, eletrólitos, pH), e feitos os
estudos toxicológicos utilizando-se Saccharomycces cerevisiae como organismo teste e
ecotoxicológico da comunidade fitoplantônica exposta ao efluente tratado através de colunas de
Winogradsky.
9

2. OBJETIVO

2.1. Objetivo geral

Degradação de efluente simulado contendo o corante têxtil Remazol Vermelho Brilhante

pelo processo fotoeletrolítico.

2.2. Objetivos Específicos

Análises dos diversos parâmetros da degradação como: pH, condutividade, absorbância,

DQO e ensaios toxicológicos utilizando-se Saccharomyces cerevisiae como organismo teste.

Verificar a influência da corrente aplicada durante o tratamento, a concentração de cloreto

de sódio usada e do pH inicial na eficiência do tratamento fotoeletrolítico.


10

Analisar a diferença de experimentos tratados pelo processo fotoeletrolítico num sistema


único em fluxo, e por etapas, ou seja, o tratamento fotolitico realizado primeiramente de forma
separada do sistema eletrolítico em fluxo.

Monitoramento ecotoxicológico do efluente simulado e sem tratamento utilizando


Colunas de Winogradsky de diferentes tamanhos para análise da comunidade fitoplantônica
formada sob diferentes condições ambientais.
11

3. REVISÃO BIBLIOGRÁFICA

3.1. Indústrias têxteis

A indústria têxtil é de grande peso na economia mundial, porém ainda existe uma lacuna

no que diz respeito à responsabilidade ambiental. Em geral no Brasil, onde a indústria têxtil tem

uma grande participação e há regiões que sofrem com problemas de escassez de água, num

estudo realizado por Abreu et al. (2008, p. 170), as empresas investem no tratamento de resíduos

não pela preocupação ambiental e social, mas sim para evitar multas e obter subsídios.

Durante o beneficiamento dos tecidos são usadas diversas substâncias inorgânicas que ao

serem lançadas como parte do efluente causa modificações físico-químicas na água como (AL-

DEGS et al., 2000, p. 927).

A coloração característica dos resíduos têxteis é resultado da etapa de tingimento e é

muito problemática do ponto de vista ambiental pela coloração intensa relacionada ao descarte de

corantes não fixados ao tecido (AL-DEGS et al., 2000, p. 927; CATANHO et al., 2006-b, p. 193).
12

Existem vários tipos de tratamentos para degradar os corantes têxteis provindos dos
efluentes industriais, por tratamentos biológicos podemos citar os processos que envolvam
fungos e bactérias na biodegradação e biosorção desses compostos presentes no efluente (AKSU,
2000, p. 81; BEYDILLI, 2000, p. 699; BERTAZZOLI & PELEGRINI 2002, p. 479). Como
alternativa aos processos biológicos existem os processos físico-químicos, nos quais estão os
processos eletrolíticos (PELLEGRINI et al., 1999, p. 83-90), oxidações usando UV (GEORGIOU
et al., 2001, p. 69-78; AKYOL & BARAMOGLU, 2005, p. 241-246), peróxido de hidrogênio,
sistema ferroso (ROBINSON et al., 2000, p. 248-249) e o próprio sistema fotoeletrolítico.
Porém, esses processos não destroem a molécula do corante, podendo apenas transformá-
la, sendo assim, presente no efluente sob outra forma (SAUER et al., 2002, p. 147; ZANONI e
CARNEIRO, 2001, p. 62).
Cada um dos tipos de tratamentos tem suas vantagens e desvantagens e procura-se
atualmente descobrir um processo de baixo custo e que seja abrangente em relação aos
compostos degradados, pois os efluentes lançados normalmente possuem diversos tipos de
corantes, detergentes, normalizantes, umectantes, tornando o efluente têxtil uma matriz de
complexa degradação, devido a especificidade de cada substância contida (ZANONI e
CARNEIRO, 2001, p. 62).

3.2. Eletrooxidação

Segundo Harris (2001, p. 379) a eletrólise pode ser caracterizada como uma reação
conduzida em sua direção não espontânea pela imposição de uma corrente elétrica. Pode-se
analisar o mecanismo oxidativo produzido no tratamento fotoeletrolítico como direto e indireto.
Na oxidação direta ocorre a degradação por transferência de carga na superfície do eletrodo, sem
interferências de outros elementos (DENG & ENGLEHARDT, 2007, p. 231). Já a oxidação
indireta ocorre de maneira relativamente rápida devido à adição de um intermediário na solução
que funciona como um catalisador, no caso do processo fotoeletrolítico utilizado, o cloreto de
sódio que produz cloro durante a eletrólise (DENG & ENGLEHARDT, 2007, p. 234).
13

A estabilidade eletroquímica e física do eletrodo torna-se um fator importante devido ao


fato dos processos já descritos só ocorrerem na presença de altos potenciais anódicos, porém isso
é alcançado devido às características do eletrodo utilizado (SAUER, 2002, p. 148). Um fator que
diminui a eficiência do processo é a recombinação dos elétrons liberados com lacunas h+, antes
que haja interação com o corante, porém a irradiação UV junto com a aplicação do potencial
anódico força a separação das espécies carregadas eliminando o problema (CATANHO et al.,
2006-a, p. 984).

3.3. O corante remazol vermelho brilhante e os corantes reativos

O Remazol vermelho brilhante, de fórmula C19H10Cl2N6Na2O7S2 (Figura 1), o qual foi


utilizado neste trabalho, é muito utilizado na indústria têxtil para o tingimento de seda, lã,
algodão e também em cartuchos de impressora (BEYDILLI et al., 2000, p. 698; CATANHO et
al., 2006-a, p. 983).

Figura 1: Formula estrutural do corante remazol vermelho brilhante.


14

Ele possui uma aderência grande às fibras de celulose, reagindo com o tecido e formando
uma ligação covalente entre as moléculas do corante e da fibra (AL-DEGS et al., 2000, p. 927),
uma característica forte dos corantes vinil sulfonados (de grupo cromóforo azo N=N), como pode
ser observado na Figura 2.
.

Figura 2: Tingimento de tecido por corante reativo (ZANONI e CARNEIRO, 2001, p. 62).

Corantes reativos vinil sulfonados (de grupo cromóforo azo N=N) representam cerca de
60% dos corantes usados em indústria têxtil (CATANHO et al., 2006-a, p. 983). Altamente
solúveis em água, em geral, têm um descarte (porcentagem do corante que não se fixa as fibras)
bastante alto, podendo chegar a até 50% (AL-DEGS et al., 2000, p. 928), sendo que, quanto
maior a concentração do corante, mais difícil é a remoção deste da água (KORBAHTI, 2007, p.
285). Devido à estrutura dos corantes reativos, que possuem o grupo cromóforo azo, os corantes
são formados por ligações fortes o suficiente para não serem rompidas por processos biológicos,
que apresentam resultados ineficientes com esse tipo de efluente, principalmente, em relação à
remoção da cor (ARAÚJO & YOKOYAMA, 2006, p. 11; AL-DEGS et al., 2000, p. 928).
Portanto, como alternativa vem sendo usados os processos físico-quimicos, como os processos
eletrolítico e fotoeletrolítico, porém estes apesar de apresentarem resultados satisfatórios ainda
são raramente usados industrialmente (ZANONI e CARNEIRO, 2001, p. 63).
15

3.4. Saccharomyces cerevisiae

Saccharomycces cerevisiae é uma levedura, um fungo unicelular normalmente esférico ou


oval, não possui filamentos e se reproduz por meio de brotamento. Portanto, as células mais
novas brotam da célula mãe, são menores e possuem parede menos resistentes, sendo mais
vulneráveis a agentes tóxicos.
Segundo Tortora et al. (2005, p. 322) a célula mãe forma uma protuberância, que após
divisão do núcleo, um dos novos núcleos gerados migra para essa protuberância, então a célula se
separa. Esse número pode chegar a até 24 células por levedura.
A S. cerevisiae é não patogênica, ou seja, inofensiva para o ser humano, e é utilizada
desde milênios para a fermentação (Figura 3), sendo vendida como fermento biológico para o
preparo de pães, usada na fermentação de vinho e para produzir álcool.

(a) (b) (c)

Figura 3: (a) S. cerevisiae vista por microscópio eletrônico de varredura, (b) vinho sendo
fermentado e (c) fermento biológico em tabletes.

Devido a seu baixo custo, fácil manuseio e biologia conhecida, é possível utilizá-la como
organismo teste em ensaios toxicológicos, como já realizados por Regis e Bidóia (2001, p. 53-
60).
16

3.5. Coluna de Winogradsky

Inventada por Sergei Nikolaievich Winogradsky em 1880, a coluna forma um micro


ecossistema fechado dentro de um recipiente de vidro (Figura 4), composto por solo (retirado
tanto de área seca, ou do fundo de um rio), água e nutrientes. Dentro desse micro ecossistema é
possível acompanhar o aparecimento dos microrganismos, sua distribuição ao longo da coluna e a
partir daí inferir o papel de cada um deles na microbiota do corpo d’água (PERÉZ, 2008, p. 373).

Figura 4: Esquematização da coluna de Winogradsky.

Como pode ser observada na Figura 4, cada zona da coluna é preferencial para
determinado organismo, principalmente populações de fitoplâcton, e entendendo-se a função
deste na biota podem-se inferir os efeitos que uma possível contaminação causaria no
ecossistema aquático. Podem-se utilizar os resultados da coluna de Winogradsky em diversos
17

tipos de estudos ambientais, vinculados ou não a efluentes lançados pela indústria, no caso deste
trabalho foi o efluente tratado pelo processo fotoeletrolítico.

3.6. Algas e fitoplâncton

As algas são organismos de natureza variada e ampla distribuição, estando presentes em


praticamente todos os corpos d’água, constituindo inúmeras espécies com importante papel na
produção de matéria orgânica dos ecossistemas. Segundo Bicudo & Menezes (2006, p. 1), algas
são talófitos e protistas clorofilados, de morfologia, ecologia e comportamento tão diferentes
entre si, o que torna sua identificação dentro de um grupo praticamente impossível.
O grupo conhecido como algas, ao contrario do que se pensa, abriga espécies tanto do
reino Plantae como Metazoa e Bacteria (BICUDO & MENEZES, 2006, p.1; BRUSCA &
BRUSCA, 2003, p. 27). Quanto ao tamanho podem medir desde milímetros até metros e podem
ser coloniais ou um único individuo. Estão divididas em 4 grandes grupos: Cianobactérias (algas
azuis), Chlorophyta (algas verdes), Phaeophyta (algas pardas) e Rhodophyta (algas vermelhas).
As cianobactérias fazem parte do reino Bactéria, e crescem em sua maioria na água doce,
mas também ocorrem gêneros marinhos, sendo consideradas cosmopolitas (PARRA & BICUDO,
1995, p. 44).
Algas verdes também estão presentes em sua maioria na água doce, mas também no solo e
troncos na forma de líquens, e podem se tratar de macro ou micro algas, sendo unicelulares ou
coloniais conforme a Figura 5b (BRUSCA & BRUSCA, 2003, p. 27-32).
Quanto às algas pardas, estas são a maioria proveniente de água marinha fria, salvo raras
exceções, não apresentam formas unicelulares e coloniais (Figura 5c).
Algas vermelhas são unicelulares e filamentosas, muito usadas na indústria como
emulsificante (agar), também fazem parte da estrutura formadora de recifes de corais conforme
Figura 5d (RAVEN et al., 2007, p. 366).
18

(a) (b)

(c) (d)

Figura 5: Algas (a) Cianobactéria – Cylindrospermun sp.; (b) Alga Verde – Pandorina
sp.; (c) Alga Parda – Laminaria sp. e (d) Alga vermelha – Gelidium sp.

Devido a sua importância em relação a produção primária, o fitoplâncton é considerado


um importante indicador de ação antrópica nos ambientes aquáticos (SILVA et al., 2009, p. 355),
sendo até 50% mais sensíveis aos poluentes que outros organismos-testes comumente usados
(KLAINE e LEWIS, 1995, p. 163). Apesar de sua grande importância ecológica, as microalgas
que formam o fitoplâncton, especialmente as cianobactérias, estão relacionadas com o fenômeno
da eutrofização (MATSUZAKI et al., 2004, p. 680). Este fenômeno ocorre quando o ambiente
aquático passa por um rápido enriquecimento, aumentando a concentração de nutrientes (o que
pode ser um fenômeno natural ou artificial, devido à ação antrópica), principalmente nitratos e
19

fosfatos (FELLENBERG, 1980, p. 25). Isto causa o rápido crescimento das algas, que,
conseqüentemente, contaminam a água com fitoplancto-toxinas que podem causar problemas
hepáticos, neurológicos, paralisias, distúrbios gastrointestinais e até morte (MATSUZAKI et al.,
2004, p. 680). Outra conseqüência da eutrofização é a desoxigenação da coluna d’água, que torna
o ambiente impróprio para sobrevivência da fauna aquática e para consumo (TUNDISI e
MATSUMURA-TUNDISI, 1992, p. 1).
 









0$7(5,$/(0(72'26


0DWHULDO


6LVWHPDIRWRHOHWUROtWLFR


 2V H[SHULPHQWRV IRUDP UHDOL]DGRV XWLOL]DQGRVH XP VLVWHPD IRWRHOHWUROtWLFR )LJXUD  

FRQWHQGRUHDWRUHOHWUROtWLFRFkPDUDGHDoRLQR[LGiYHOFRQWHQGROkPSDGDXOWUDYLROHWDURWkPHWUR

UHVHUYDWyULRGH39&YiOYXODVERPEDKLGUiXOLFDHWXEXODomRDORFDGRVHPXPVXSRUWHPHWiOLFR

GHVXVWHQWDomR

 2UHDWRUHOHWUROtWLFRHPVLHUDFRPSRVWRSRUXPDQRGRUHWDQJXODUGHWLWkQLRUHFREHUWRSRU

7L25X2 H XP FDWRGR UHWDQJXODU GH DoRLQR[LGiYHO GLVSRVWRV D XPD GLVWkQFLD GH 

PP 7DPEpPIRLHPSUHJDGDDIRQWHHOpWULFDGHFRUUHQWHFRQWtQXDPDUFD,QVWUXWKHUP)$

SDUDSRODUL]DomRGRVHOHWURGRV

-iRUHDWRUIRWROtWLFRHUDFRPSRVWRSRUXPDFkPDUDGHDoRLQR[LGiYHOFRPXPDOkPSDGD

XOWUDYLROHWDGH:FRQHFWDGDDXPSDLQHOGHFRQWUROH


 

2HIOXHQWHDVHUWUDWDGRIRLFRORFDGRQRUHVHUYDWyULRGRVLVWHPDGHRQGHIRLLPSXOVLRQDGR
SHODERPEDG¶DJXDSDUDRVLVWHPDSDVVDQGRSHORUHDWRUHOkPSDGD89&FRQIRUPHD)LJXUD


 6DtGD
 /XJJLQ

FDWRGR DQRGR

(QWUDGD
FKDSD39&



)LJXUD6LVWHPDIRWRHOHWUROtWLFRHGLDJUDPDGRUHDWRUHOHWUROtWLFR


1RVH[SHULPHQWRVQRVTXDLVRWUDWDPHQWRIRWRHOHWUROtWLFRIRLUHDOL]DGRGHIRUPDVHSDUDGD
SRU HWDSDV 3ULPHLUDPHQWH IRL UHDOL]DGR R WUDWDPHQWR IRWROtLWLFR HP VHSDUDGR XWLOL]DQGR XPD
OkPSDGD 89& GH : VREUH R HIOXHQWH )LJXUD   $SyV LVVR R HIOXHQWH SUpWUDWDGR
IRWROLWLFDPHQWHIRLLQWURGX]LGRQRVLVWHPDHOHWUROtWLFRHPIOX[RFRQIRUPHSRGHVHUREVHUYDGRQD
)LJXUD  2 VLVWHPD GD )LJXUD  HP IOX[R GLIHUH GR GD )LJXUD  DSHQDV HP UHODomR D FkPDUD
FRQWHQGRDOkPSDGD89& )LJXUD 




 



)LJXUD/kPSDGD89&XWLOL]DGDQRVH[SHULPHQWRVIRWRHOHWUROtWLFRVUHDOL]DGRVSRUHWDSDV





)LJXUD6LVWHPDHOHWUROtWLFRXWLOL]DGRQRVH[SHULPHQWRVIRWRHOHWUROtWLFRVUHDOL]DGRVSRUHWDSDV


26LVWHPDUHDOL]DDHOHWUyOLVHLQGLUHWDGRVFRPSRVWRVRUJkQLFRVGHQWURGDVROXomRSRUXP
DJHQWH R[LGDQWH '(1*  (1*/(+$5'7  S   QHVVH FDVR R FORUHWR GH VyGLR HP


 

GLIHUHQWHV FRQFHQWUDo}HV $ SUHVHQoD GD OX] 89& SURPRYH D IRWRR[LGDomR GRV FRPSRVWRV
DFHOHUDQGRDVVLPRSURFHVVRGHGHJUDGDomRQRHIOXHQWH &$7$1+2HWDODS ,VVR
SURSRUFLRQDDTXHEUDRXPRGLILFDomRGDVPROpFXODVGRFRUDQWHUHWLUDQGRDVVLPDFRUGRHIOXHQWH
PDVQmRQHFHVVDULDPHQWHGHJUDGDQGRDPROpFXODSRULQWHLURSRLVHVWDSRGHFRQWLQXDUQRHIOXHQWH
QDIRUPDGHVXESURGXWRVGDGHJUDGDomR 6$8(5HWDOS 


2UJDQLVPRVWHVWH


)RL XWLOL]DGD D OHYHGXUD 6DFKDURP\FFHV FHUHYLVLDH FRPSUDGD HP WDEOHWHV GD )OHLVKPDQ
5R\DOSDUDRVHQVDLRVGHWR[LFLGDGH


6RORHiJXDXWLOL]DGRVQDV&ROXQDVGH:LQRJUDGVN\


)RUDP UHDOL]DGRV WUrV H[SHULPHQWRV FRP FROXQDV GH :LQRJUDGVN\ QR SULPHLUR FRPR
VXEVWUDWR GHVVDV FROXQDV IRL XWLOL]DGR R VROR GR 5LR $WLEDLD FROHWDGR SUy[LPR D 5HILQDULD GR
3ODQDOWR 5HSODQ±3HWUREUiVHP3DXOtQLD63 HDiJXDIRLGR5LEHLUmR&ODURREWLGDQDFDSWDomR
GD(7$QD)ORUHVWD(VWDGXDO1DYDUURGH$QGUDGHHP5LR&ODUR631RVRXWURVH[SHULPHQWR
WDQWRRVRORTXDQWRDiJXDIRUDPREWLGRVQDFDSWDomRGD(7$


5HDJHQWHVH(TXLSDPHQWRV


2VUHDJHQWHVHHTXLSDPHQWRVXWLOL]DGRVHVWmRGHVFULWRVDEDL[R
ÈJXDGHVWLODGDFORUHWRGHVyGLR 0HUFN3$ FDUERQDWRGHVyGLR 0HUFN3$ VXOIDWR
GHVyGLR 0HUFN3$ KLGURJHQRIRVIDWRGHSRWiVVLR 0HUFN±3$ VXOIDWRGHDP{QLR 0HUFN
3$  FRUDQWH Wr[WLO UHPD]RO YHUPHOKR EULOKDQWH HP Sy GD PDUFD 6KDQJ+DL 7LWDQFKHP


 

HVSHFWURIRW{PHWUR 6KLPDG]X 893& SHDJkPHWUR 'LJLPHG '03+ FRQGXWLYtPHWUR


7HFQRSRP &$  DJLWDGRU PHFkQLFR )LVDWRQ  LQFXEDGRUD GH GHPDQGD ELROyJLFD GH
R[LJrQLR '%2 0DUFRQL0$EDODQoDVVHPLDQDOLWLFD6KLPDG]X%/+HDQDOtWLFD$GDQ
$'$/ PLFURVFySLR %HO % FDPDUD GH QHXEDXHU GLJHVWRU GH '42 +DFK '5% 
HVSHFWURIRW{PHWUR+DFK'5±2GLVVH\HFHQWUtIXJD0/:.


0pWRGRV


3UHSDURGRHIOXHQWHVLPXODGR

 
 $ VROXomR IRL SUHSDUDGD SRXFRV PLQXWRV DQWHV GH VHU WUDWDGD IRWRHOHWUROLWLFDPHQWH SDUD
HYLWDUDOJXPDSRVVtYHODOWHUDomRGRFRUDQWHFRPDLOXPLQDomRDPELHQWH2SUHSDURGDVGLIHUHQWHV
VROXo}HVXWLOL]DGDVQRVH[SHULPHQWRV 7DEHOD IRLUHDOL]DGRXWLOL]DGRVHXPEDOmRGH/QR
TXDO IRUDP DGLFLRQDGRV RV HOHWUyOLWRV H HVWHV IRUDP GLOXtGRV HP iJXD GHVWLODGD DSyV LVVR R
FRQWH~GR GR EDOmR IRL WUDQVIHULGR SDUD XP EpTXHU GH  / H R YROXPH UHVWDQWH IRL FRPSOHWDGR
WDPEpPFRPiJXDGHVWLODGD















 




7DEHOD(IOXHQWHVVLPXODGRVSUHSDUDGRVHFRQGLo}HVH[SHULPHQWDLV

&RUUHQWH
(OHWUyOLWRVHP XWLOL]DGDQR S+
([SHULPHQWRV 6LVWHPDXWLOL]DGR / WUDWDPHQWR LQLFLDO 7R[LFLGDGH '42 (FRWR[L[LGDGH
1D&O J  
SSP
 IRWRHOHWUROtWLFR 1D&2 J  $  ; ; ;
1D62 J  
 IRWRHOHWUROtWLFR SSP $  ; ; 
1D&O J  
SSP
 IRWRHOHWUROtWLFR 1D&2 J  $  ;  ;
1D&O J  
SSP
 IRWRHOHWUROtWLFR 1D&2 J  $  ;  
1D&O J  
SSP
 IRWRHOHWUROtWLFR 1D&2 J  $  ;  
1D&O J  
SSP
 IRWRHOHWUROtWLFR 1D&2 J  $  ;  
1D&O J  
IRWRHOHWUROtWLFRSRU SSP
 HWDSDV 1D&2 J  $  ;  ;
1D&O J  
IRWRHOHWUROtWLFRSRU SSP
 HWDSDV 1D&2 J  $  ;  



2V HOHWUyOLWRV XWLOL]DGRV H VXDV UHVSHFWLYDV TXDQWLGDGHV IRUDP HVFROKLGRV VHJXQGR D
PHWRGRORJLDSURSRVWDSRU6RXVDHWDO  
$ VROXomR SUHSDUDGD QR EpTXHU GH  / IRL DJLWDGD H DSyV VHU KRPRJHQHL]DGD  XPD
SHTXHQD TXDQWLGDGH R EUDQFR  IRL UHWLUDGD SDUD DV DQiOLVHV GH '42 H HVSHFWURIRWRPHWULD 2
FRUDQWHHPSyIRLSHVDGRJHDGLFLRQDGRDREpTXHUGH/1HVWHPRPHQWRRS+GDVROXomR
VH VLWXDYD HP WRUQR GH  PDV VHJXQGR 6DXHU  S   R UHDWRU HOHWUROtWLFR XWLOL]DGR
7L25X2 DSUHVHQWDPHOKRUSHUIRUPDQFHTXDQGRRS+VHHQFRQWUDiFLGR VHQGRTXHR
SRWHQFLDOGHFDUJD]HURSF]VHHQFRQWUDQRS+ $VVLPDGLFLRQRXVHiFLGRVXOI~ULFR0QD


 

VROXomR SDUD DFLGLILFiOD DWp R S+ GHVHMDGR 7DEHOD   $ SDUWLU GHVWH PRPHQWR D VROXomR IRL
FKDPDGDGHHIOXHQWHVLPXODGR


 7UDWDPHQWR IRWRHOHWUROtWLFR H UHWLUDGD GDV DPRVWUDV GXUDQWH R SURFHVVR H
YHULILFDomRGDDEVRUEkQFLDHFRQFHQWUDomR


 1RVH[SHULPHQWRVDVVROXo}HVDSyVVHUHPFRORFDGDVQRVLVWHPDIRWRHOHWUROtWLFR )LJXUD 
HPIOX[RIRUDPH[SRVWDVDOkPSDGD89JHUPLFLGDSRUPLQQRLQtFLRGRSURFHVVRDSOLFDQGRVH
XPDFRUUHQWHGH$H9SRUPLQ)RUDPUHWLUDGDVDPRVWUDVHPWHPSRVSUpGHWHUPLQDGRV
SDUDDVDQiOLVHV2VWHPSRVIRUDPGH 7  7  7 H 7 PLQXWRV7DPEpPIRL
UHWLUDGD D DPRVWUD GH  PLQ FRQWUROH  1R FDVR GRV H[SHULPHQWRV RQGH R WUDWDPHQWR
IRWRHOHWUROtWLFR HUD UHDOL]DGR SRU HWDSDV R HIOXHQWH VLPXODGR IRL FRORFDGR SULPHLUDPHQWH QXP
UHFLSLHQWH SOiVWLFR FHUFD GH  / IRUPDQGR XPD FDPDGD GH VROXomR GH  FP DSyV LVVR IRL
FRORFDGR HP FRQWDWR FRP D OX] 89& SRU  PLQXWRV H DSyV HVVH WHPSR FRORFDGR QR VLVWHPD
HOHWUROtWLFRSRUPDLVPLQXWRV1HVWHVH[SHULPHQWRVIRLXWLOL]DGDDSHQDVDFRUUHQWH$1HVWH
FDVR IRUDP UHWLUDGDV DV DPRWUDV  PLQ FRQWUROH  7 ORJR DSyV R WUDWDPHQWR IRWROtWLFR  7
DRVPLQGHWUDWDPHQWRHOHWUROtWLFR 7 DRVPLQGHWUDWDPHQWRHOHWUROtWLFR H7 DRV
PLQGRWUDWDPHQWRHOHWUROtWLFR 
 7DLV DPRVWUDV IRUDP FRQGLFLRQDGDV HP UHFLSLHQWHV GH YLGUR HVFXUR WDPSDGDV SDUD
DQiOLVHV H GHSRLV DUPD]HQDGDV SDUD DQiOLVHV IXWXUDV )RUDP PHQVXUDGRV S+ FRQGXWLYLGDGH
DEVRUEkQFLDHFRQFHQWUDomRGHFDGDDPRVWUDQRGLDHPTXHVmRWUDWDGDVHGHSRLVGHGLDVSDUD
YHULILFDomR GH DOWHUDo}HV  $ DEVRUEkQFLD Pi[LPD HQFRQWUDGD QD VROXomR FRP FRQFHQWUDomR GH
SSPGHFRUDQWHREVHUYDGDQRFRPSULPHQWRGHRQGDGHQPVHVLWXRXHQWUHDXDWp
 DX DQWHV GH SDVVDU SHOR WUDWDPHQWR $ UHODomR HQWUH DEVRUEkQFLD H FRQFHQWUDomR IRL REWLGD
DWUDYpVGHUHWDSDGUmRRQGHIRUDPSUHSDUDGDVVROXo}HVFRPRFRUDQWHHPGLYHUVDVFRQFHQWUDo}HV
SSPSSPSSPSSPSSPHSSP HDSyVWUDoDUDUHWDFRUUHVSRQGHQWHD
HVWDVDEVRUEkQFLDVREWHYHVHDHTXDomRGHVWD 5  GHVFULWDDEDL[RFRPRDHTXDomR




 

&RQFHQWUDomRSSP DEVRUEkQFLD± HTXDomR 




 
0HGLGDVGHS+HFRQGXWLYLGDGH


$V PHGLGDV GDV DPRVWUDV IRUDP IHLWDV QD KRUD HP TXH HUDP UHWLUDGDV GR UHDWRU
IRWRHOHWUROtWLFR H  GLDV GHSRLV SDUD DYHULJXDomR GH DOWHUDo}HV $V DPRVWUDV QmR SDVVDUDP SRU
GLOXLomR 3DUD D PHGLGD GR S+ IRL XWLOL]DGR R DSDUHOKR 'LJLPHG '03+ 3DUD DV PHGLGDV GH
FRQGXWLYLGDGHIRLXWLOL]DGRRFRQGXWLYtPHWURGD7HFQRSRPPRGHOR&$


(QVDLRVGHWR[LFLGDGHFRP6FHUHYLVLDH


3UHSDURGDVXVSHQVmRGH6FHUHYLVLDH


3DUD R SUHSDUR GD VXVSHQVmR IRUDP XWLOL]DGRV WDEOHWHV GH IHUPHQWR ELROyJLFR GD
)OHLVKPDQQ 5R\DO 8P WDEOHWH GH  J SURGX]LX  P/ VXVSHQVmR OHYHGXUDV ODYDGDV  iJXD
GHVWLODGD 3ULPHLUDPHQWHRWDEOHWHIRLGLVVROYLGRHPEpTXHUFRPiJXDGHVWLODGDHVHSDUDGRHP
WXERVGHHQVDLRSDUDLUjFHQWUtIXJD2SUHSDUDGRIRLFHQWULIXJDGRSRUPLQFRPYHORFLGDGHGH
USPHGHSRLVRSUHFLSLWDGRIRUPDGRQRIXQGRIRLUHGLVVROYLGRHPiJXDGHVWLODGDHSDVVDGR
GHQRYRSHODFHQWUtIXJD(VVHSURFHVVRIRLUHSHWLGRSHORPHQRVPDLVWUrVYH]HVDWpTXHDiJXDGD
ODYDJHPVDtVVHOLPSDRTXHVLJQLILFRXTXHIRUDPUHWLUDGDVWRGDVDVLPSXUH]DVFRQWLGDVQRWDEOHWH
FRPRQXWULHQWHVHOHYHGXUDVPRUWDV2SUHFLSLWDGRILQDOIRLGLVVROYLGRHPiJXDDWpFRPSOHWDUR
YROXPHGHP/FRPFRQFHQWUDomRILQDOGH[FpOXODVFPHJXDUGDGRHPUHIULJHUDomR
HVVD VXVSHQVmR SHUPDQHFHX HP FRQGLo}HV GH XVR SRU DWp XP PrV DSyV VHX SUHSDUR 'HYHVH
UHVVDOWDUTXHDQWHVGRXVRIRLQHFHVViULRPDQWHUDVXVSHQVmRVREDJLWDomRSDUDTXHDELRPDVVDGH


 

6 FHUHYLVLDH QmR GHFDQWDVVH H DVVLP XP Q~PHUR SUy[LPR GH FpOXODV IRVVH REWLGR HP FDGD
DOtTXRWDXWLOL]DGDQRVH[SHULPHQWRV



3UHSDURGRVWXERVGHHQVDLR


2V WHVWHV GH WR[LFLGDGH IRUDP UHDOL]DGRV QR GLD HP TXH D VROXomR IRL WUDWDGD H  GLDV
GHSRLV SDUD D YHULILFDomR GH DOWHUDo}HV GHYLGR j HVWDELOL]DomR GD VXVSHQVmR IRWRHOHWUROLVDGD
)RUDPSUHSDUDGRVWXERVGHHQVDLRVFRQWHQGRPOGDVROXomRREWLGDQRVLVWHPDIRWRHOHWUROtWLFRH
XP WXER FRQWUROH FRQWHQGR iJXD GHVWLODGD 1HVVHV WXERV IRL DGLFLRQDGR  P/ GH VXVSHQVmR
FRQWHQGRRRUJDQLVPRWHVWHTXHpR6FHUHYLVLDHFRPFRQFHQWUDomRGH[FpOXODVFPTXH
IRLFRORFDGRGHSRLVGDVROXomRIRWRHOHWUROLVDGDHDJLWDGRSRUDSUR[LPDGDPHQWHV(VVHVWXERV
GHHQVDLRVFRQWHQGRVROXomRHRUJDQLVPRVWHVWHSHUPDQHFHUDPWDPSDGRVSRUGLDVHFRORFDGRV
QD LQFXEDGRUD D WHPSHUDWXUD FRQVWDQWH GH ž& )RUDP XWLOL]DGRV  WXERV SRU FDGD VROXomR
IRWRHOHWUROLVDGDREWLGDHPFDGDWHPSRGHH[SHULPHQWRHPDLVWXERVGHFRQWUROHRXVHMDDSHQDV
OHYHGXUDVHiJXDGHVWLODGD2VWXERVGHHQVDLRVHPWULSOLFDWDIRUDP QHFHVViULRVSDUD PLQLPL]DU
IOXWXDo}HVGHUHVXOWDGRGRHQVDLRWR[LFROyJLFRHVHDSOLFDUSRVWHULRUPHQWHFiOFXORVHVWDWtVWLFRV


&RQWDJHPGHFpOXODVGH6FHUHYLVLDH


3DVVDGRRSHUtRGRGHLQFXEDomRGHGLDVFDGDWXERFRPDVXVSHQVmRGH6FHUHYLVLDHIRL
DJLWDGRHGHOHUHWLUDGRP/RTXDOIRLDGLFLRQDGRDP/GHHULWURVLQDXPFRUDQWHYHUPHOKR
TXH LQGLFD VH DV FpOXODV HVWmR PRUWDV RX VHMD DV FpOXODV FRUDGDV GH YHUPHOKR QmR FRQVHJXHP
H[SXOVDUDHULWURVLQDHSRUWDQWRHVWmRPRUWDV$VYLYDVSHUPDQHFHPFRPFRURULJLQDO DPDUHOR
WUDQVO~FLGRFRPRRREVHUYDGRQD)LJXUDD $VXVSHQVmRUHVXOWDQWHGDPLVWXUDGD6FHUHYLVLDH
FRP D HULWURVLQD IRL FRORFDGD FRP DX[tOLR GH XPD SLSHWD GH 3DVWHXU QD FkPDUD GH 1HXEDXHU
/RJR IRUDP IHLWDV DV FRQWDJHQV GH FpOXODV QD FkPDUD GH 1HXEDXHU )LJXUD F  $ DPRVWUD


 

PtQLPD p GH  FpOXODV SDUD FRQWDJHP QD FkPDUD GH 1HXEDXHU GH IRUPD D SRGHU UHDOL]DU RV
FiOFXORV HVWDWtVWLFRV 68660$1  S   1RV WHVWHV IRUDP FRQWDGDV XPD PpGLD GH 
FpOXODV SRU WXER H UHDOL]DGRV RV FiOFXORV GD SRUFHQWDJHP GH FpOXODV PRUWDV HP FDGD WHPSR GH
WUDWDPHQWR


  
 D  E  F 

)LJXUD  )RWRV GD HVTXHUGD SDUD D GLUHLWD FpOXODV GH 6DFFKDURP\FHV FHUHYLVLDH YLVWD DR
PLFURVFySLR yWLFR VXVSHQVmR GH FpOXODV GH 6 FHUHYLVLDH VHP FRUDQWH UHPD]RO H FRP FRUDQWH
UHPD]ROHFkPDUDGH1HXEDXHU


'HPDQGDTXtPLFDGHR[LJrQLR

3DUD DYDOLDU D WR[LFLGDGH GD VROXomR WUDWDGD WDPEpP IRUDP UHDOL]DGRV RV WHVWHV GH
GHPDQGDTXtPLFDGHR[LJrQLR '42 TXHDYDOLDDTXDQWLGDGHQHFHVViULDHPPJ/GHR[LJrQLR
QHFHVViULDSDUDR[LGDURVFRPSRVWRVRUJkQLFRVSUHVHQWHVQDiJXDVHMDPHOHVELRGHJUDGiYHLVRX
QmR (VWHV WHVWHV IRUDP UHDOL]DGRV DSHQDV QRV H[SHULPHQWRV  H  7DEHOD   6HJXQGR +DUULV
S 
$ GHPDQGD TXLPLFD GH R[LJrQLR '42  p GHILQLGD FRPR R 2 TXH p
TXLPLFDPHQWHHTXLYDOHQWHDR&U2FRQVXPLGRQHVVHSURFHVVR&DGD&U2FRQVRPH
H SDUDSURGX]LU&U HFDGD2FRQVRPHH SDUDSURGX]LU+2 (QWmRPROGH
&U2pHTXLYDOHQWHTXLPLFDPHQWHDPROPROGH2SDUDHVVHFiOFXOR$DQiOLVHGH
'42pHIHWXDGDSHORUHIOX[RGDiJXDSROXtGDSRUKFRPH[FHVVRGH&U2SDGUmR
HP VROXomR GH +62 FRQWHQGR $J FRPR FDWDOLVDGRU 2 &U2   TXH QmR UHDJLX p
PHGLGR SHOD WLWXODomR FRP VROXomR SDGUmR GH )H RX HVSHFWURIRWRPHWULFDPHQWH
'LYHUVDVDXWRUL]Do}HVSDUDDWLYLGDGHVLQGXVWULDLVVmRGHILQLGDVHPWHUPRVGHDQiOLVHGH
'42GRVHXUHMHLWR


 

1RFDVRGRHIOXHQWHWUDWDGRH[LVWHXPDFRQFHQWUDomRFRQVLGHUiYHOGH&OTXHLQIOXHQFLD
QRUHVXOWDGRSRUWDQWRpDGLFLRQDGRVXOIDWRGHPHUF~ULRSDUDSUHFLSLWDURtRQFORUHWRVHJXQGRD
HTXDomR

+J62&Oĺ+J&O V  HTXDomR 

2 SUHFLSLWDGR IRUPDGR QR IXQGR QmR LQIOXHQFLD QRV UHVXOWDGRV REWHQGRVH DVVLP XPD
UHVSRVWDGHFRUUHQWHDSHQDVGDR[LGDomRGDPDWpULDRUJkQLFD


3UHSDURGRVWXERVGH'42


 2VHQVDLRVGH'42WDPEpPIRUDPUHDOL]DGRVHPWULSOLFDWDLQFOXVLYHRVWXERVGHHQVDLR
GH FRQWUROH TXH QmR SRVVXHP VROXomR IRWRHOHWUROLVDGD H TXH FRQWpP R FDUERQDWR GH VyGLR H R
FORUHWR GH VyGLR PDV VHP R FRUDQWH H RV UHDJHQWHV GH '42 7DPEpP WXERV GH HQVDLRV FRP
DSHQDViJXDGHVWLODGDPDVTXHUHFHEHPRVPHVPRVUHDJHQWHVGH'42TXHRVWXERVGHDPRVWUDV
GDV VROXo}HV IRWRHOHWUROLVDGDV $SyV RV WXERV VHUHP FRORFDGRV QR GLJHVWRU HOHV IRUDP
LQWURGX]LGRVQRHVSHFWURIRW{PHWURSDUDDOHLWXUDGD'42
 2VUHDJHQWHVGH'42SDUDFDGDWXERVmRJGHVXOIDWRGHPHUF~ULR QHFHVViULRSDUD
SUHFLSLWDURFORUHWRFRQWLGRQDDPRVWUD POGHVROXomRGHiFLGRVXOI~ULFRFRQFHQWUDGRPDLV
XPSRXFRGHVXOIDWRGHSUDWDPOGHiJXDGHVWLODGDPOGHGLFURPDWRGHSRWiVVVLR(VVHV
UHDJHQWHVIRUDPDGLFLRQDGRVDPOGHVROXomRGHDPRVWUDTXHIRLGLOXtGDHPYH]HVWRGRVRV
UHDJHQWHV VmR FRORFDGRV QHVVD RUGHP H EHP GHYDJDU H DJLWDGRV SRU  V FRP FXLGDGR SRLV D
UHDomRJHUDFDORU(QWmRRVWXERVVmRFRORFDGRVQRGLJHVWRUGH'42 +DFK'5% SRUGXDV
KRUDV D XPD WHPSHUDWXUD GH ž& HVSHUDVH TXH RV WXERV HVIULHP DWp D WHPSHUDWXUD DPELHQWH
SDUDTXHVHMDUHDOL]DGDDOHLWXUDHPHVSHFWURIRW{PHWUR+DFK'5±2GLVVH\ )LJXUD 






 

  

)LJXUD  7XERV SUHSDUDGRV SDUD LU DR GLJHVWRU D HVTXHUGD  GLJHVWRU H HVSHFWURIRW{PHWUR D
GLUHLWD UHVSHFWLYDPHQWH


/HLWXUDGRVUHVXOWDGRVQRHVSHFWURIRW{PHWUR+DFK


$SyV DOFDQoDU D WHPSHUDWXUD DPELHQWH RV WXERV IRUDP OLGRV SHOR HVSHFWURIRW{PHWUR GD
+DFK2G\VVH\3DUDU]HUDURHTXLSDPHQWRIRUDPXVDGRVWXERVFRQWHQGRR³EUDQFR´ VROXomRFRP
RVVDLVVHPFRUDQWHHFRPRVUHDJHQWHVGH'42 HWDPEpPWXERVFRWHQGRDSHQDViJXD
3ULPHLUR UHDOL]RXVH D OHLWXUD GH WRGRV RV WXERV GH DPRVWUDV FRP R HVSHFWURIRWRPHWUR
]HUDGRFRPREUDQFRHGHSRLVFRPRVWXERVGHiJXD
 )RUDPFDOFXODGDVDVPpGLDVGHFDGDUHVXOWDGRHPXOWLSOLFDGDVSRU GHYLGRDGLOXLomRGD
DPRVWUDXWLOL]DGDSDUDDSUHSDUDomRGRVHQVDLRV 


0RQWDJHPGDFROXQDGH:LQRJUDGVN\


)RUDP UHDOL]DGRV GLIHUHQWHV H[SHULPHQWRV FRP D PHWRGRORJLD GDV FROXQDV GH
:LQRJUDGVN\FRPRSRGHVHUREVHUYDGRQD7DEHOD




 

7DEHOD([SHULPHQWRVHFRWR[LFROyJLFRVUHDOL]DGRVFRPFROXQDVGH:LQRJUDGVN\
2ULJHPGR 2ULJHPGD &ROXQDV
([SHULPHQWR &ROXQDV /RGR iJXD FRQIHFFLRQDGDV
(IOXHQWHGR '$$(5LR
H[SHULPHQWR &ROXQDGH/ 5LR$WLEDLD &ODUR &RQWUROH & H7
(IOXHQWHGR 3URYHWDVGH '$$(5LR '$$(5LR &RQWUROH & 7
H[SHULPHQWR P/ &ODUR &ODUR 7H7
(IOXHQWHGR '$$(5LR '$$(5LR &RQWUROH & 7
H[SHULPHQWR &ROXQDGH/ &ODUR &ODUR 7H7


$VFROXQDVGH/FRQVLVWHPHPUHFLSLHQWHVGHYLGURPHGLQGRFP;FP;FP2
VROR GR 5LR $WLEDLD IRL FROHWDGR SUy[LPR D 5HILQDULD GR 3ODQDOWR 5HSODQ ± 3HWUREUiV HP
3DXOtQLD63 HDiJXDHVRORGR5LEHLUmR&ODURIRUDPFROHWDGRVQDFDSWDomRGR'$$((7$
QD)ORUHVWD(VWDGXDO1DYDUURGH$QGUDGHHP5LR&ODUR63
$VFROXQDVGHQRPLQDGDVFRQWUROH & HFRQIHFFLRQDGDVQRVUHFLSLHQWHVGH/FRQWLQKDP
JGHVROR ORGR PLVWXUDGRVDRVQXWULHQWHVQRIXQGRGDFROXQDHDGLFLRQDGRV/GHiJXDGR
5LEHLUmR&ODUR$VRXWUDVFROXQDV TXHSRVVXtDPRHIOXHQWHVLPXODGRWUDWDGRRXQmR UHFHEHUDP
/GHiJXDGRULEHLUmRHPDLV/GHHIOXHQWHVLPXODGR
 1RFDVRGDVFROXQDVGH:LQRJUDGVN\PRQWDGDVHPSURYHWDVGHP/XWLOL]RXVH
JGHVRORDGLFLRQDGRGHQXWULHQWHVP/GRHIOXHQWHVLPXODGRWUDWDGRHP/GHiJXD
(PQHQKXPGRVFDVRVRVHIOXHQWHVWUDWDGRVVRIUHUDPRGHVFDQVRGHGLDV3DUDFDGD
J GH VROR XWLOL]DGR QD PRQWDJHP GD FROXQD GH :LQRJUDGVN\ VmR DGLFLRQDGRV RV VHJXLQWHV
QXWULHQWHVVHJXQGR$QGHUVRQH+DLUVWRQ S FRPDGDSWDo}HV

J1D&2
J1D62
J.+32
J 1+ 62
JGHFHOXORVH SDSHOFRPXP 

7RGDV DV FROXQDV IRUDP WDPSDGDV SDUD HYLWDU D SURFULDomR GH LQVHWRV SULQFLSDOPHQWH
PRVTXLWRV$DHJ\SWL'HSRLVIRLXWLOL]DGDXPDOkPSDGDLQFDQGHVFHQWH:DWUiVGDVFROXQDV
$ OkPSDGD ILFRX OLJDGD GXUDQWH WRGR R H[SHULPHQWR IRUQHFHQGR OX] SDUD RV SURFHVVRV
IRWRVVLQWpWLFRV GRV PLFURUJDQLVPRV 7DPEpP IRL FRORFDGD XPD IROKD GH SDSHO EORTXHDQGR


 

HQWUDGDGHOX]HPSDUWHGDFROXQDSDUDSURSRUFLRQDUKHWHURJHQHLGDGHDPELHQWDO )LJXUDVH
 




)LJXUD([SHULPHQWRFRPHIOXHQWHGRH[SHULPHQWRQRGLDHPTXHIRLPRQWDGR










&777 

)LJXUD([SHULPHQWRFRPHIOXHQWHGRH[SHULPHQWRQRGLDHPTXHIRLPRQWDGR


 









&777





)LJXUD([SHULPHQWRFRPRHIOXHQWHGRH[SHULPHQWRQRGLDHPTXHIRLPRQWDGR
  

$QiOLVHGRFUHVFLPHQWRHGDSRSXODomRIRWRVVLQWHWL]DQWH


)RUDPDQRWDGDVDVPXGDQoDVQDFROXQDVHPSUHTXHRFRUUHUDPWDLVFRPRFUHVFLPHQWRGH
RUJDQLVPRV PXGDQoDV GH FRUHV HWF ( GHSRLV GH  VHPDQDV QR FDVR GDV FROXQDV GH  / H 
VHPDQDVQRFDVRGDVFROXQDVGHP/TXDQGRDSRSXODomRILWRSODFW{QLFDHVWDYDHVWDELOL]DGD
FRPHoDUDPDVDQiOLVHVGDVIDPtOLDVSUHVHQWHV)RUDPUHDOL]DGDVDVDQiOLVHVGDSRSXODomRHPWUrV
SRQWRV WRSR W  PHLR P  IXQGR I  TXDQGR QHFHVViULR WDPEpP IRL UHWLUDGD XPD DPRVWUD GD
SDUWH GH WUiV GD FROXQD D  $V DPRVWUDV IRUDP UHWLUDGDV GDV SDUHGHV GD FROXQD XVDQGRVH XPD
HVSiWXOD DWDGD D XP EDVWmR GH YLGUR H XPD SLSHWD YROXPpWULFD GH  P/ $V DPRVWUDV IRUDP
LGHQWLILFDGDV H FRQGLFLRQDGDV HP WXERV GH HQVDLR FRQWHQGR iJXD H iOFRRO H PDQWLGDV HP
UHIULJHUDGRU SDUD TXH IRVVHP LGHQWLILFDGDV DV PLFURDOJDV ILWRSOkQFWRQ  (VWDV IRUDP
LGHQWLILFDGDVSRUPHLRGDVFKDYHVWD[RQ{PLFDVSRUFRPSDUDomRGH%LFXGR 0HQH]HV  $V
SRSXODo}HVGRVRUJDQLVPRVIRUDPDQDOLVDGDVVHSDUDQGRVHDVDPRVWUDVGHFDGDSDUWHGDFROXQD
WRSRPHLRIXQGRHDWUiV


 

eLPSRUWDQWHTXHRPDWHULDOXVDGR HVSiWXODHSLSHWD SDUDFDGDFROXQDVHMDGLIHUHQWHSRLV


SRGH KDYHU FRQWDPLQDomR GH RUJDQLVPRV TXH VH GHVHQYROYHUDP QXPD FROXQD SDUD RXWUD
FDXVDQGRDVVLPDOWHUDomRQRVUHVXOWDGRV)RUDPWLUDGDVIRWRJUDILDVDFDGDREVHUYDomRUHDOL]DGDH
DQRWDGDDGDWDGDPHVPD





























 









5(68/7$'26(',6&866®(6


5HPRomRGDFRU

 ([SHULPHQWRVH

2 SURFHVVR IRWRHOHWUROtWLFR VH PRVWURX H[WUHPDPHQWH VDWLVIDWyULR QD UHPRomR GD FRU GR

HIOXHQWHVLPXODGRGRH[SHULPHQWR 7DEHOD 4XDQGRH[SRVWRDRWUDWDPHQWRDSRVPLQXWRV

D FRU GHVDSDUHFH WRWDOPHQWH LVWR VLJQLILFD TXH RV JUXSRV FURPyIRURV VmR GHVWUXtGRV PDV D

PyOHFXODGRFRUDQWHSHUPDQHFHQDVROXomRFRPDHVWUXWXUDTXtPLFDPRGLILFDGDRXVHMDDSHQDV

DEVRUYHQGRQDUHJLmRGRXOWUDYLROHWD$GHVWUXLomRGRVJUXSRVFURPyIRURVSRGHVHUDFRPSDQKDGD

SHODGLPLQXLomRHPSSPGDFRQFHQWUDomRGRFRUDQWHFRPJUXSRFURPyIRURDWLYRGHSDUD

SSPFRPDDEVRUEkQFLDSDVVDQGRGHSDUDQRFRPSULPHQWRGHRQGDGHQP )LJXUD

 

 


 

 7DO IDWR SRGH VHU H[SOLFDGR SHOR IDWR GH R FORUHWR SUHVHQWH VHU R[LGDGR SDUD
FORURKLSRFORULWRRVTXDLVVmRUHVSRQViYHLVSHORDXPHQWRQDHILFLrQFLDGRSURFHVVRHOHWUROtWLFR
2FORURUHDJHFRP DVLQVDWXUDo}HVH JUXSRVFURPyIRURVGRFRUDQWH (VWDV HVSpFLHV UHDWLYDV VmR
UHVSRQViYHLV SHOD R[LGDomR GD FDUJD RUJkQLFD H WDPEpP SHOD R[LGDomR GH FRPSRVWRV
LQWHUPHGLiULRVFORUDGRVRXQLWURJHQDGRVHFRPSRVWRVUHVLGXDLV &2668HWDOS 
eLPSRUWDQWHUHVVDOWDUTXHHVVHVUHVXOWDGRVGHDEVRUEkQFLDIRUDPREWLGRVDSyVDVDPRVWUDV
FROHWDGDVQRVLVWHPDIRWRHOHWUROtWLFRSDVVDUHPXPGLDHPUHSRXVRSRLVGHYLGRKDYHUIRUPDomRGH
LQWHUPHGLiULRV QD VROXomR DSyV HVWD VHU LUUDGLDGD SHOD OX] 89 $VVLP DR VH HVSHUDU  K RV
LQWHUPHGLiULRVGHFLQpWLFDOHQWDDFDEDPVHFRQYHUWHQGRQRVSURGXWRVILQDLVHVWiYHLVRXVHMDDV
PROpFXODV GR FRUDQWH HVWDELOL]DGDV DSyV R WUDWDPHQWR IRWRHOHWUROtWLFR )LJXUD   $R VDLU GR
UHDWRU D DPRVWUD DLQGD DSUHVHQWD FRORUDomR DYHUPHOKDGD QD DPRVWUD  PLQ H DPDUHODGD QD
DPRVWUDPLQ3RUpPHPKRUDVDVROXomRVHHVWDELOL]DHDVDPRVWUDVWRUQDPVHLQFRORUHV
 'HSRLVGHGLDVDUPD]HQDGDVDVDPRVWUDVDSUHVHQWDPXPDGHJUDGDomRDLQGDPDLRUFRP
UHPRomRWRWDOGDFRUGHFRQFHQWUDomRGHSSPMiQDDPRVWUDGHPLQXWRV


QRGLD
KRUDVGHSRLV

GLDVGHSRLV
FRQFHQWUDomR SSP







      

WHPSRGHWUDWDPHQWRHPPLQXWRV




)LJXUD&RQFHQWUDomRGRFRUDQWHFRPRJUXSRFURPyIRURDWLYRQRGLDHPTXHRH[SHULPHQWR
IRLUHDOL]DGRXPGLDGHSRLVHGLDVGHSRLVHPIXQomRGRWHPSRGHWUDWDPHQWRHPPLQXWRV


 


 3RUpPIRLREVHUYDGRTXHRUHVXOWDGRQmRDSUHVHQWDDPHVPDHILFLrQFLDTXDQGRXWLOL]DGRR
VXOIDWR GH VyGLR D  SSP FRPR HOHWUyOLWR QR H[SHULPHQWR  7DEHOD   FRPR SRGH VHU
REVHUYDGR QD )LJXUD  $ FRQFHQWUDomR GR FRUDQWH FRP JUXSRV FURPyIRURV DSyV R WUDWDPHQWR
HUDGHSSPQRGLDRXVHMDUHPRomRGHFRUIRLGHGRFRUDQWHDSyVKDUHPRomR
IRL GH  0HVPR DSyV XP WHPSR PDLRU GH WUDWDPHQWR  PLQXWRV  D FRQFHQWUDomR GR
FRUDQWHFRQWLQXDDOWDQRVXOIDWRGHVyGLR

1RGLD
+RUDVGHSRLV
 8PPrVGHSRLV





FRQFHQWUDomR SSP













      
WHPSRGHWUDWDPHQWRHPPLQXWRV



)LJXUD&RQFHQWUDomRGHFRUDQWHHPIXQomRGRWHPSRGHWUDWDPHQWR1RGLDKRUDVGHSRLVH
XPPrVGHSRLV
 

3RUWDQWR SDUD UHPRomR GD FRU SRGHVH FRQFOXLU TXH R FORUHWR GH VyGLR VH PRVWURX PDLV
VDWLVIDWyULRHLVWRpGHYLGRRVXOIDWRGHVyGLRQmRJHUDUHVSpFLHVR[LGDQWHVFRPRRFORURSRLVR
tRQVXOIDWRSHUPDQHFHLQHUWHGXUDQWHRWUDWDPHQWR






 

([SHULPHQWRVH


&RPR QRV H[SHULPHQWRV  H  D FRUUHQWH XWLOL]DGD IRL GH  $ WDPEpPIRUDPUHDOL]DGRV
H[SHULPHQWRVFRPFRUUHQWHGH$ H[SHULPHQWR H$ H[SHULPHQWR  (VVHVH[SHULPHQWRV
FRPGLIHUHQWHVFRUUHQWHVIRUDPUHDOL]DGRVDSHQDVFRPFORUHWRGHVyGLRFRPRHOHWUyOLWRSRUHVWH
WHUDSUHVHQWDGRPDLRUUHPRomRGHFRUHS+SUy[LPRGH
1DTXHVWmRGDUHPRomRGHFRUSRGHVHREVHUYDUTXHTXDQWRPDLRUDFRUUHQWHPDLVUiSLGD
IRL D UHPRomR QR GLD GD HOHWUyOLVH HQWUHWDQWR FRP XP GLD GH UHSRXVR DV FRQFHQWUDo}HV
GLPLQXtUDPHPDPERVRVH[SHULPHQWRVUHVXOWDQGRQXPDUHPRomRGHFRUSUy[LPDHPDPERVRV
H[SHULPHQWRV SULQFLSDOPHQWH QDV DPRVWUDV ILQDLV 7 H 7  WDQWR QR H[SHULPHQWR  )LJXUD
  TXDQWR QR H[SHULPHQWR  )LJXUD   DVVLP FRPR  GLDV GHSRLV D FRQFHQWUDomR VH
HQFRQWURXDLQGDPHQRU


1RGLD
8PGLDGHSRLV
FRQFHQWUDomR SSP

 GLDVGHSRLV





      
WHPSRGHWUDWDPHQWRHPPLQXWRV



)LJXUD&RQFHQWUDomRGRFRUDQWHFRPRJUXSRFURPyIRURDWLYRQRGLDHPTXHRH[SHULPHQWR
IRLUHDOL]DGRXPGLDGHSRLVHGLDVGHSRLVHPIXQomRGRWHPSRGHWUDWDPHQWRHPPLQXWRVQR
H[SHULPHQWR




 

1RGLD

8PGLDGHSRLV
GLDVGHSRLV


&RQFHQWUDomR SSP





      
7HPSRGHWUDWDPHQWRHPPLQXWRV



)LJXUD&RQFHQWUDomRGRFRUDQWHFRPRJUXSRFURPyIRURDWLYRQRGLDHPTXHRH[SHULPHQWR
IRLUHDOL]DGRXPGLDGHSRLVHGLDVGHSRLVHPIXQomRGRWHPSRGHWUDWDPHQWRHPPLQXWRVQR
H[SHULPHQWR


$EDL[RRVHVSHFWURVGDVGRVHIOXHQWHVWUDWDGRVGRH[SHULPHQWRV )LJXUD H )LJXUD
  RQGH SRGHVH REVHUYDU FRP XP GLD GH UHSRXVR DOpP GD GLPLQXLomR GD FRU WDPEpP KRXYH
TXHGDGHRXWURVSLFRVUHJLVWUDGRVQRHVSHFWURRTXHVLJQLILFDULDGHJUDGDomRQmRDSHQDVGDSDUWH
FURPyIRUDGDVPROpFXODVGRFRUDQWHFRPRGHRXWURVJUXSRVIXQFLRQDLV




 

7
7
 7
7
 7
DEVRUEkQFLDQRGLD
















       
FRPSULPHQWRGHRQGD


D 

7
 7
7
 7
7
DEVRUEkQFLDGLDGHSRLV
















       
FRPSULPHQWRGHRQGD


E 

)LJXUDHVSHFWURGRH[SHULPHQWRQRGLD D HXPGLDGHSRLVGHUHDOL]DGR E 


 


7
 7
7
 7
7

DEVRUEkQFLD














       
FRPSULPHQWRGHRQGD


D 

7
7
 7
7
 7


DEVRUEkQFLD












       
FRPSULPHQWRGHRQGD


E 
)LJXUDHVSHFWURGRH[SHULPHQWRQRGLD D HXPGLDGHSRLVGHUHDOL]DGR E 




 

6HJXQGRRVFiOFXORVUHDOL]DGRVDSDUWLUGDUHWDSDGUmR HTXDomR DDEVRUEkQFLDILQDOGH


DPERVRVH[SHULPHQWRVIRL]HURQRFRPSULPHQWRGHRQGDGHQPVHQGRHVVHYDORUGH]HUR
DRVPLQXWRVHPDPERVRVH[SHULPHQWRVXPGLDDSyVDUHDOL]DomRGRWUDWDPHQWR6HJXQGRHVVHV
UHVXOWDGRVIRLSRVVtYHOGL]HUTXHDFRUUHQWHGH$ H[SHULPHQWR IRLVXILFLHQWHSDUDGHJUDGDUD
FRUQRSURFHVVRIRWRHOHWUROtWLFRFRPXPPHVPRUHVXOWDGRILQDOTXHDVRXWUDVFRUUHQWHVXWLOL]DGDV
HSURSRUFLRQRXXPPHQRUJDVWRGHHQHUJLD
 

([SHULPHQWRVH


 1RV H[SHULPHQWRV HP TXDLV DV FRQFHQWUDo}HV GH FORUHWR GH VyGLR XWLOL]DGDV IRUDP
PHQRUHVREVHUYRXVHPHQRUHILFLrQFLDGRSURFHVVRGHUHPRomRGHFRURXVHMDVHXVUHVXOWDGRV
IRUDPLQIHULRUHVDRVTXHFRQWLQKDPSSPGHFORUHWRGHVyGLRSRUOLWURGHHIOXHQWHVLPXODGR
H[SHULPHQWRVH 1RGLDHPTXHRH[SHULPHQWR WUDWDPHQWRXWLOL]DQGRVHSSPGH
FORUHWRGHVyGLRFRPRSRGHVHUREVHUYDGRQDWDEHOD IRLUHDOL]DGR )LJXUD DUHPRomRGHFRU
DRILQDOGRSURFHVVRIRWRHOHWUROtWLFRIRLGHRXVHMDLJXDODRDSUHVHQWDGRQRVH[SHULPHQWRV
DQWHULRUHVSRUpPDRVPLQDUHPRomRMiVHPRVWURXPHQRUVHQGRGHFRQWUDQRV
WUDWDPHQWRV H H TXHXWLOL]DYDPDPHVPDFRUUHQWHGH$ $RV  PLQ D UHPRomR IRL GH
GDFRUFRQWUDQHVWHVH[SHULPHQWRV





 

QRGLD
GLDVGHSRLV




FRQFHQWUDomR SSP





      
7HPSRGHWUDWDPHQWR


)LJXUD&RQFHQWUDomRGRFRUDQWHFRPRJUXSRFURPyIRURDWLYRQRGLDHPTXHRH[SHULPHQWR
IRLUHDOL]DGRHGLDVGHSRLVHPIXQomRGRWHPSRGHWUDWDPHQWRHPPLQXWRVQRH[SHULPHQWR


$SyV XP GLD GH UHSRXVR QmR KRXYH DOWHUDomR QDV FRQFHQWUDo}HV GH FRUDQWH QmR
WUDQVIRUPDGR FRPRJUXSRFURPyIRURDWLYR GDVVROXo}HVWUDWDGDVHDSyVRVGLDVGHUHSRXVR
SDUDHVWDELOL]DomRKRXYHXPSHTXHQRDXPHQWRQDUHPRomRGHFRUQDVDPRVWUDVGHPLQ 
QR GLD H  HP  GLDV GHSRLV  H  PLQ  QR GLD H  HP  GLDV GHSRLV 
DPRVWUDVGHPLQHPLQFRQWLQXDUDPLQFRORUHV
2H[SHULPHQWR XWLOL]DQGRDSHQDVSSPGHFORUHWRGHVyGLRFRQIRUPHDWDEHOD 
REWHYHUHVXOWDGRVLQHILFLHQWHVHPUHODomRDUHPRomRGDFRU )LJXUD $UHPRomRIRLGH
HPPLQHPPLQHPPLQHDRILQDOGRWUDWDPHQWRHPPLQQR
GLDHPTXHDVROXomRIRLWUDWDGD






 

QRGLD
GLDVGHSRLV







FRQFHQWUDomR SSP














      
7HPSRGHWUDWDPHQWR



)LJXUD&RQFHQWUDomRGRFRUDQWHFRPRJUXSRFURPyIRURDWLYRQRGLDHPTXHRH[SHULPHQWR
IRLUHDOL]DGRHGLDVGHSRLVHPIXQomRGRWHPSRGHWUDWDPHQWRHPPLQXWRVQRH[SHULPHQWR


$SyVXPGLDGHUHSRXVRQRYDPHQWHQmRKRXYHDOWHUDomRQDVDPRVWUDVHDSyVGLDVD
UHPRomR GH FRU IRL GH  HP  PLQ  HP  PLQ  HP  PLQ H  QD
DPRVWUDGHPLQRXVHMDQHQKXPDDPRVWUDDSUHVHQWRXUHPRomRWRWDOGHFRU$V)LJXUDVH
 PRVWUDP RV HVSHFWURV GH DEVRUEkQFLD GR HIOXHQWH ORJR DSyV R WUDWDPHQWR 2EVHUYRXVH XPD
JUDQGH GLPLQXLomR QD UHJLmR GR LQIUDYHUPHOKR DSyV  GLDV GH UHSRXVR GD VROXomR FRQWHQGR
SSPGHFORUHWRGHVyGLRVHFRPSDUDGRFRPDVROXomRQRGLDGRWUDWDPHQWR


 

7
7
7

7
7



$EVRUEkQFLD










       

&RPSULPHQWRGHRQGD



)LJXUD(VSHFWURGRH[SHULPHQWRQRGLDHPTXHIRLUHDOL]DGRRWUDWDPHQWRIRWRHOHWUROtWLFR


7

7
7
 7
7



$EVRUEkQFLD












       

&RPSULPHQWRGHRQGD


)LJXUD(VSHFWURGRH[SHULPHQWRGLDVDSyVUHDOL]DGRRWUDWDPHQWRIRWRHOHWUROtWLFR
  


 

([SHULPHQWR


 2H[SHULPHQWR UHDOL]DGRXWLOL]DQGRRSURFHVVRIRWRHOHWUROtWLFRSRU HWDSDVVHJXQGRD
7DEHOD DSUHVHQWDUDPUHVXOWDGRVOLJHLUDPHQWH GLIHUHQWHVGRSURFHVVR IRWRHOHWUROtWLFRXQLILFDGR
XWLOL]DGRQRVH[SHULPHQWRVH SULQFLSDOPHQWHQDVDPRVWUDVUHWLUDGDVORJRDSyVR
WUDWDPHQWRFRPDOX]89& 7QRSURFHVVRSRUHWDSDVH7QRSURFHVVRXQLILFDGR 1HVWHFDVR
D UHPRomR IRL SUDWLFDPHQWH QXOD DSyV RV  SULPHLURV PLQXWRV GH WUDWDPHQWR RQGH R HIOXHQWH
HVWDYD HP FRQWDWR DSHQDV FRP D OX] 89& ,VVR SRGH VHU UHVXOWDGR GD PHQRU SRWrQFLD XWLOL]DGD
 :  H WDPEpP GD IDOWD GD GHJUDGDomR FDXVDGD SHOD SDUWH HOHWUROtWLFD GR SURFHVVR $
FRQFHQWUDomRGHFRUDQWHQRHIOXHQWHFRPRJUXSRFURPyIRURDWLYRSRGHVHUREVHUYDGDQD)LJXUD



1RGLD
8PGLDGHSRLV
GLDVGHSRLV



&RQFHQWUDomR SSP





      
7HPSRGHWUDWDPHQWRHPPLQXWRV
 

)LJXUD&RQFHQWUDomRGRFRUDQWHFRPRJUXSRFURPyIRURDWLYRQRGLDHPTXHRH[SHULPHQWR
IRLUHDOL]DGRXPGLDGHSRLVHGLDVGHSRLVHPIXQomRGRWHPSRGHWUDWDPHQWRHPPLQXWRVQR
H[SHULPHQWR



 

 3HOD)LJXUDDFLPDpSRVVtYHOQRWDUTXHQRVSULPHLURVPLQGHWUDWDPHQWRQmRRFRUUH
GHJUDGDomRVLJQLILFDWLYDSRUpPRFRUUHXPDTXHGDDFHQWXDGDGHFRQFHQWUDomRQDDPRVWUDGH
PLQVHQGRTXHRUHVXOWDGRILQDOMi p GH  GH UHPRomR GD FRUMiQRGLDGRWUDWDPHQWR1R
FDVRGDDPRVWUD7HODVHWRUQDSUDWLFDPHQWHLQFRORUDSyVGLDVGHWUDWDPHQWRVHQGRDVVLPQD
UHPRomR GH FRU R SURFHVVR IRWRHOHWUROtWLFR SRU HWDSDV XVDGR QR H[SHULPHQWR  VH PRVWURX WmR
HILFLHQWHTXDQGRRVLVWHPDXQLILFDGRXWLOL]DGRDQWHULRUPHQWHQRVH[SHULPHQWRVGHD


  ([SHULPHQWR


(VWHH[SHULPHQWRIRLUHDOL]DGRSDUDVHDQDOLVDUDLQIOXrQFLDGHXPS+LQLFLDOPDLVDOWRQD
HILFLrQFLD GRSURFHVVR IRWRHOHWUROtWLFR 7DEHOD   &RPR RSRWHQFLDOGHFDUJD]HURGR DQRGRGH
WLWkQLRXWLOL]DGRVHGiHPWRUQRGRS+GH 6$8(5HWDOS RVH[SHULPHQWRVIRUDP
DFLGLILFDGRVDWpRS+2VUHVXOWDGRVPRVWUDUDPTXHRVLVWHPDIRWRHOHWUROtWLFRVHWRUQRXPXLWR
PHQRVHILFLHQWHQHVVDVFRQGLo}HVREWHQGRXPDUHPRomRGHDSHQDVDRILQDOGRWUDWDPHQWR
QRGLDGDUHDOL]DomRGRH[SHULPHQWRRTXHpFRQVLGHUDGREDL[RVHFRPSDUDGRDRVH[SHULPHQWRV
UHDOL]DGRV FRP S+ LQLFLDO GH  H[SHULPHQWRV GH  i   $SyV XP GLD D UHPRomR DR ILQDO GR
WUDWDPHQWR 7 pGHHDSyVGLDVGHVHQGRDVVLPDSyVGLDVRWUDWDPHQWR
VHLJXDODHPHILFLrQFLDQDUHPRomRGHFRU )LJXUD 0HVPRVHFRQVLGHUDUPRVDVDPRVWUDVGH
WHPSRV LQIHULRUHV SULQFLSDOPHQWH D 7 HTXLYDOHQWH DR 7 QRV H[SHULPHQWRV FRP R VLVWHPD
IRWRHOHWUROLWLFR XQLILFDGR  HVVD UHPRomR FRQWLQXRX VDWLVIDWyULD DSyV UHSRXVR GH  GLDV VHQGR





 

1RGLD
8PGLDGHSRLV

GLDVGHSRLV



&RQFHQWUDomR SSP










      
7HPSRGHWUDWDPHQWRHPPLQXWRV



)LJXUD  &RQFHQWUDomR GH FRUDQWH FRP R JUXSR FURPyIRUR DWLYR QRV H[SHULPHQWRV GH
S+LQLFLDO


&RQGXWLYLGDGHHS+


 ([SHULPHQWRVH


  2 S+ YDULD GH  SDUD  DSyV R H[SHULPHQWR  H YDL D  DSyV  GLDV GH
UHSRXVRRXVHMDXPS+SUy[LPRGRQHXWURHOHYDQGRDXPDHTXDOL]DomRGRHIOXHQWH )LJXUD 
$FRQGXWLYLGDGHGHP6FPDOWHURXSDUDP6FP QRGLDGRH[SHULPHQWRHSDUD
P6FPDSyVGLDVGHUHSRXVRQRH[SHULPHQWR )LJXUD 


 

QRGLD
 GLDVGHSRLV








S+










      

7HPSRGHWUDWDPHQWRHPPLQXWRV
 

)LJXUD9DULDomRGHS+QRH[SHULPHQWR

QRGLD
 GLDVGHSRLV




FRQGXWLYLGDGH P6FP














      
WHPSRGHWUDWDPHQWRHPPLQXWRV


)LJXUD9DULDomRGHFRQGXWLYLGDGHHPP6FP QRH[SHULPHQWR




 

1RFDVRGRH[SHULPHQWRRS+HFRQGXWLYLGDGHVHPDQWLYHUDPFRQVWDQWHVRXVHMDRS+
VHPDQWHYHHPWRUQRGHGXUDQWHWRGRRH[SHULPHQWRHDFRQGXWLYLGDGHVHPDQWHYHHPWRUQR
GHP6FPLQFOXVLYHDSyVRVGLDVGHUHSRXVR
  

([SHULPHQWRVH


1RVH[SHULPHQWRVHSRGHVHREVHUYDUXPDWHQGrQFLDGHTXDQWRPDLRUDFRUUHQWHPDLRU
D YDULDomR GH S+ H PDLV UiSLGD HOD DFRQWHFH 6HQGR TXH R S+ ILQDO GR HIOXHQWH WUDWDGR QR
H[SHULPHQWR )LJXUD HUDGHQRGLDHTXLQ]HGLDVGHSRLV


 GLDVGHSRLV
1RGLD







S+









      
7HPSRGHWUDWDPHQWRHPPLQXWRV



)LJXUDS+GRHIOXHQWHWUDWDGRQRH[SHULPHQWR


&RPRHIOXHQWHWUDWDGRQRH[SHULPHQWRRS+VXELXFRQVLGHUDYHOPHQWHDSyVGLDVHP
UHSRXVR  QDV DPRVWUDV 7 H 7 6HQGR TXH DR ILQDO GD HOHWUyOLVH RX VHMD D  PLQ R S+ VH


 

HQFRQWUDYDDHDSyVGLDVGHUHSRXVRDVROXomRDSUHVHQWDYDXPS+GHVHPSRVWHULRU
PXGDQoD )LJXUD 



 1RGLD
GLDVGHSRLV







S+









      
7HPSRGHWUDWDPHQWRHPPLQXWRV



)LJXUDS+GRHIOXHQWHWUDWDGRQRH[SHULPHQWR


$ FRQGXWLYLGDGH QD VROXomR WUDWDGD SHOR H[SHULPHQWR  )LJXUD   SHUPDQHFH HP XP
PHVPR SDWDPDU DWp  PLQ GH WUDWDPHQWR H SRVWHULRUPHQWH VREH DRV  PLQ ,VWR p GHYLGR DR
DXPHQWR GH tRQV QD VROXomR RX VHMD TXHEUD H LRQL]DomR GDV PROpFXODV GR FRUDQWH 3DUD R
H[SHULPHQWR )LJXUD KRXYHXPDXPHQWRFRQWtQXRGDFRQGXWLYLGDGHGXUDQWHRWUDWDPHQWRR
TXHLQGLFRXDXPHQWRGHtRQVGHYLGRDVWUDQVIRUPDo}HVPROHFXODUHV6HQGRTXHGLDVGHSRLVD
FRQGXWLYLGDGH FDLX FRQVLGHUDYHOPHQWH HP DPERV RV H[SHULPHQWRV VH FRPSDUDGR FRP D
HQFRQWUDGD QR GLD HQWUHWDQWR D FRQGXWLYLGDGH HQWUH DV DPRVWUDV DSyV HVVH WHPSR QmR
DSUHVHQWDUDPXPDYDULDomRVLJQLILFDWLYDHQWUHVLWHUPLQDQGRQXPYDORUUHODWLYDPHQWHSUy[LPR



 

1RGLD
GLDVGHSRLV




FRQGXWLYLGDGH P6FP











      
WHPSRGHWUDWDPHQWR PLQ



)LJXUD&RQGXWLYLGDGHHPP6FPQRH[SHULPHQWR



1RGLD
 GLDVGHSRLV



FRQGXWLYLGDGH P6FP

















      
7HPSRGHWUDWDPHQWR



)LJXUD&RQGXWLYLGDGHHPP6FPQRH[SHULPHQWR


 

 ([SHULPHQWRVH


$IXQomRGRFORUHWRGHVyGLRpVHUYLUGHHOHWUyOLWRSDUDRWUDWDPHQWRIRWRHOHWUROtWLFRORJR
TXDQWRPHQRUDVXD FRQFHQWUDomRQDVROXomRPHQRUVHUiD FRQGXWLYLGDGHDSUHVHQWDGD 4XDQGR
XWLOL]DGRSSPGHFORUHWRGHVyGLR H[SHULPHQWRVH DFRQGXWLYLGDGHGDVDPRVWUDV
YDULRX QD IDL[D GH  P6 FP 4XDQGR GLPLQXtGD SDUD  SSP QR H[SHULPHQWR  D
FRQFHQWUDomRGHFORUHWRGHVyGLRDFRQGXWLYLGDGHVHDSUHVHQWRXQDIDL[DGHP6FPFDLQGR
SDUDFHUFDGHP6FP  DSyVUHSRXVRGHGLDV )LJXUD (FRPSSPGHFORUHWRGH
VyGLRQRH[SHULPHQWRDFRQGXWLYLGDGHYDULRXQDIDL[DGHP6FP FDLQGRSDUDFHUFDGH
P6FPDSyVGLDVGHUHSRXVR )LJXUD 


1RGLD
GLDVGHSRLV



&RQGXWLYLGDGH P6FP


      
7HPSRGH7UDWDPHQWR



)LJXUD&RQGXWLYLGDGHHPP6FP GRH[SHULPHQWR



 

1RGLD
GLDVGHSRLV




&RQGXWLYLGDGH P6FP










      
7HPSRGHWUDWDPHQWR



)LJXUD&RQGXWLYLGDGHHPP6FPGRH[SHULPHQWR


4XDQWRDRS+DFRQFHQWUDomRGHFORUHWRGHVyGLRQmRPRVWURXJUDQGHLQIOXrQFLDDRORQJR
GRWUDWDPHQWRVHQGRTXHRVUHVXOWDGRVGRVH[SHULPHQWRVHDSUHVHQWDUDPYDORUHVSUy[LPRVDR
DQWHULRUPHQWHREVHUYDGRQRVH[SHULPHQWRVH2S+YDULRXGHiQRH[SHULPHQWRH
GHiQRH[SHULPHQWR$SyVUHSRXVRGHGLDVRS+DOFDQoDGRQRH[SHULPHQWRIRLGH
HGHQRH[SHULPHQWR )LJXUDH 




 

1RGLD
GLDVGHSRLV







S+









      
WHPSRGHWUDWDPHQWR



)LJXUDS+GRHIOXHQWHWUDWDGRQRH[SHULPHQWR


1RGLD
GLDVGHSRLV






S+








      
7HPSRGHWUDWDPHQWR


)LJXUDS+GRHIOXHQWHWUDWDGRQRH[SHULPHQWR




 

([SHULPHQWR


1HVWH H[SHULPHQWR RQGH VH XWLOL]RX R VLVWHPD IRWRHOHWUROtWLFR SRU HWDSDV 7DEHOD  
REVHUYRXVH SRXFD YDULDomR DWp D DPRVWUD GH  PLQ FRUUHVSRQGHQWH D  PLQ GH WUDWDPHQWR
IRWRHOHWUROtWLFR  $SyV  PLQ GH WUDWDPHQWR R S+ DSUHVHQWRX HOHYDomR QRV YDORUHV VHQGR TXH
GHSRLV GH  PLQ R S+ HUD GH  UHVXOWDGR HVWH SUy[LPR GRV UHVXOWDGRV REWLGRV QRV
H[SHULPHQWRV XWLOL]DQGRVH R VLVWHPD IRWRHOHWUROtWLFR $SyV  GLDV GH UHSRXVR QmR KRXYH
YDULDomRVLJQLILFDWLYDQDVSULPHLUDVDPRVWUDVHQDDPRVWUDILQDORUHVXOWDGRIRLGH )LJXUD
 


1RGLD
GLDVGHSRLV









S+









      
7HPSRGHWUDWDPHQWR PLQ


)LJXUDS+QRH[SHULPHQWR


(PUHODomRjFRQGXWLYLGDGHGRH[SHULPHQWRKRXYHTXHGDGRVYDORUHVH DSyVGLDVRV
YDORUHVVHPRVWUDUDPDFHQWXDGDPHQWHPHQRUHVHPUHODomRDRGLDGDUHDOL]DomRGRH[SHULPHQWR
SRUpPPDQWHQGRRSDGUmRGHSHTXHQDYDULDomRHQWUHVL$SHQDVDPRVWUDGH7PRVWURXVHFRP
XPYDORUSUDWLFDPHQWHLJXDOPHVPRDSyVGLDVGHUHSRXVR )LJXUD 


 

1RGLD
GLDVGHSRLV



&RQGXWLYLGDGH P6FP














      
7HPSRGHWUDWDPHQWR PLQ



)LJXUD&RQGXWLYLGDGHQRH[SHULPHQWR


3RUWDQWR PDLV XPD YH] RV UHVXOWDGRV DSUHVHQWDPVH VHPHOKDQWHV DRV REWLGRV FRP R
SURFHVVRIRWRHOHWUROtWLFRHPIOX[R


 ([SHULPHQWR


1RH[SHULPHQWRRQGHRS+LQLFLDOIRLDVDPRVWUDVDSUHVHQWDUDPDOWHUDo}HVGHVGHR
FRPHoRGRWUDWDPHQWRGHDFRUGRRHVSHUDGRRS+ILQDOGDVROXomRDSyVWUDWDPHQWRIRLPDLRUGR
TXHQRVH[SHULPHQWRVFRPS+LQLFLDODOFDQoDQGRYDORUHVGHFHUFDGHQRGLDGDUHDOL]DomR
GR H[SHULPHQWR $SyV  GLDV GH UHSRXVR D DPRVWUD FRQWUROH 7  DSUHVHQWRX XPD JUDQGH
HOHYDomRQRYDORUVDLQGRGHQRGLDGRWUDWDPHQWRSDUDDSyVGLDVVHQGRTXHRYDORU
ILQDODSyVRWUDWDPHQWRIRWRHOHWUROtWLFRWDPEpPVHVLWXRXQHVWDIDL[D )LJXUD 



 

1RGLD
GLDVGHSRLV







S+









      
7HPSRGHWUDWDPHQWR PLQ


)LJXUDS+QRH[SHULPHQWR


1RGLDGDUHDOL]DomRGRWUDWDPHQWRDFRQGXWLYLGDGHLQLFLDOGRH[SHULPHQWRIRLHPFHUFDGH
P6FPFDLQGRDRWHPSRGH7HFRPXPYDORUILQDOGHP6FPVHQGRDVVLPQmR
KRXYH JUDQGH YDULDomR HQWUH R LQtFLR H R ILP GR H[SHULPHQWR $SyV  GLDV RV YDORUHV VH
HQFRQWUDUDPHPP6FPWDPEpPQmRDSUHVHQWDQGRYDULDomRVLJQLILFDWLYDHQWUHRLQtFLRH
ILPGRH[SHULPHQWR )LJXUD 



 

1RGLD
GLDVGHSRLV




FRQGXWLYLGDGH P6FP













      
WHPSRGHWUDWDPHQWR PLQ




)LJXUD&RQGXWLYLGDGHQRH[SHULPHQWR


$RFRQWUiULRGRVYDORUHVGHS+RVUHVXOWDGRVGDFRQGXWLYLGDGHPRVWUDPTXHRVYDORUHV
VmRLQIHULRUHVVHFRPSDUDGRVDRVH[SHULPHQWRVFRPS+LQLFLDOiFLGR H RVTXDLV
WLQKDPYDORUDSyVGLDVGHUHSRXVRGHFHUFDGHD


(QVDLRVGHWR[LFLGDGHFRP6FHUHYLVLDH


  ([SHULPHQWRVH


)RUDP UHDOL]DGRV WHVWHV XWLOL]DQGRVH D 6 FHUHYLVLDH FRPR RUJDQLVPR WHVWH 2V WHVWHV
UHDOL]DGRV PRVWUDUDP LQIRUPDo}HV VREUH GLYHUVRV DVSHFWRV GD GHJUDGDomR IRWRHOHWUROtWLFD 2
SULPHLURGHOHVIRLjDOWtVVLPDWR[LFLGDGHDSUHVHQWDGDDSyVRVPLQGHWUDWDPHQWRFDXVDQGR D

 

PRUWHGHGHFpOXODV )LJXUD (VVHUHVXOWDGRQRHQWDQWRRFRUUHXDSHQDVQRH[SHULPHQWR


-iQRH[SHULPHQWRHVVDPRUWDOLGDGHH[WUHPDQmRRFRUUHX )LJXUD DSHVDUGHDSUHVHQWDU
XPDPRUWDOLGDGHXPSRXFRPDLRUQRVSULPHLURVWHPSRVHGHSRLVRFRUUHXXPD HVWDELOL]DomR R
TXH LQGLFD XPD SURYiYHO LQIOXHQFLD GR &O QD IRUPDomR GH FRPSRVWRV Wy[LFRV 2 &O GXUDQWH D
HOHWUyOLVHIRUPDFORURTXHpH[WUHPDPHQWHR[LGDQWH2XWURSLFRGHPRUWDOLGDGHRFRUUHXDRVPLQ
GH WUDWDPHQWR H D PRUWDOLGDGH RFRUUHX SULQFLSDOPHQWH HQWUH DV FpOXODV PDLV QRYDV PHQRUHV 
FRPSDUHGHFHOXOyVLFDDLQGDILQD$OX]89IRLGHVDWLYDGDHPWRGRVRVH[SHULPHQWRVDSyVPLQ
HpQHVVHWHPSRTXHDOX]89SURSRUFLRQDDIRUPDomRGHGLYHUVRVFRPSRVWRVWy[LFRVHGHYLGD
FXUWDTXHGHVDSDUHFHPUDSLGDPHQWHDSyVDGHVDWLYDomRGDOX]89RXVHMDDSyVRVWUrVPLQXWRV
$VVLPHPPLQGHWUDWDPHQWRDPRUWDOLGDGHFDLHVHDSUR[LPDGDDPRVWUDVHPWUDWDPHQWRRX
VHMDR7HFRPDFRQWLQXDomRGRWUDWDPHQWRVHPDOX]89DPRUWDOLGDGHYROWRXDVXELUGHIRUPD
DEUXSWD'HSRLVGHGLDVRVUHVXOWDGRVDSUHVHQWDPPHQRUWR[LFLGDGHSULQFLSDOPHQWHQRWHPSR
GHPLQXWRVRTXHUHIRUoDDKLSyWHVHGHTXHDWR[LFLGDGHQHVVHWHPSRpGHYLGRDRVFRPSRVWRV
IRUPDGRVSHODOX]89


QRGLD
GLDVGHSRLV




GHFHOXODVPRUWDV







      
WHPSRGHWUDWDPHQWRHPPLQXWRV

)LJXUD0RUWDOLGDGHQRGLDGRH[SHULPHQWRHGLDVGHSRLV


 

PRUWHVQRGLD
PRUWHVGLDVGHSRLV






GHFHOXODVPRUWDV














      
WHPSRGHWUDWDPHQWRHPPLQXWRV


)LJXUD0RUWDOLGDGHQRGLDGRH[SHULPHQWRHGLDVGHSRLV


 3DUD VH DYDOLDU RV HIHLWRV GHFRUUHQWHV DSHQDV GR SURFHVVR IRWRHOHWUROtWLFR RX VHMD GRV
FRPSRVWRVIRUPDGRVSHODTXHEUDGDVPROpFXODVGRFRUDQWHIRLUHDOL]DGRRXWURWHVWHGHSRLVGHWUrV
PHVHV GD UHDOL]DomR GR H[SHULPHQWR WHPSR HVWH VXILFLHQWH SDUD D GHJUDGDomR H HYDSRUDomR GR
FORUR UHVLGXDO )LJXUD   $V DPRVWUDV IRUDP UHWLUDGDV GD UHIULJHUDomR RQGH HVWDYDP
FRQGLFLRQDGDV H SHUPDQHFHUDP HP UHSRXVR DWp DWLQJLU D WHPSHUDWXUD DPELHQWH (QWmR IRUDP
DJLWDGDVXPDDXPDGHPRGRTXHTXDOTXHUFORURUHVLGXDOTXHDLQGDSHUPDQHFHVVHQRUHFLSLHQWH
HYDSRUDVVHREWHQGRDVVLPXPDDPRVWUDWHRULFDPHQWHOLYUHGHVWHUHDJHQWH


 




GH&pOXODV0RUWDV







      
7HPSRGH7UDWDPHQWR

D 






GH&HOXODVPRUWDV












      
7HPSRGHWUDWDPHQWR

 E 

)LJXUD  7R[LFLGDGH GDV VROXo}HV DSyV WUrV PHVHV GH UHSRXVR D  H[SHULPHQWR  H E 
H[SHULPHQWR


 


1RFDVRGRH[SHULPHQWR 7DEHOD KRXYHXPDSHTXHQDEDL[DQDVPRUWHVQRVWHPSRVGH
PLQPLQPLQHPLQSRUpPKRXYHXPDXPHQWRGDVPRUWHVQRWHPSRGHPLQTXHHUD
GH  QD XOWLPD FRQWDJHP UHDOL]DGD  GLDV DSyV RV H[SHULPHQWRV H SDVVRX SDUD  
PHVHVDSyVDUHDOL]DomRGRH[SHULPHQWR


  ([SHULPHQWRVH


1RH[SHULPHQWR 7DEHOD DWR[LFLGDGHVHPRVWURXEHPPHQRUTXHQRH[SHULPHQWR
QD DPRVWUD 7 RQGH QR H[SHULPHQWR  RFRUUHX  GH PRUWDOLGDGH SDUD R 6 FHUHYLVLDH
PHVPRDSyVPHVHVGHUHSRXVR QHVWHFDVRGRH[SHULPHQWRKRXYHPRUWDOLGDGHGH
DSyVGLDVGHUHSRXVR )LJXUD 
,VVRPRVWUDXPDGLPLQXLomRFRQVLGHUiYHOGDWR[LFLGDGHSURYLQGDGDPHQRUOLEHUDomRGH
FORUR QD VROXomR 1D DPRVWUD 7 D WR[LFLGDGH WDPEpP VH HQFRQWURX PHQRU GR TXH QR PHVPR
WHPSRQRVH[SHULPHQWRVHPRVWUDQGRTXHRH[SHULPHQWRIRLPDLVHILFLHQWHQDTXHVWmRGD
WR[LFLGDGH2EVHUYRXVHTXHGLDVGHSRLVGHUHDOL]DGRDWR[LFLGDGHGDDPRVWUD7HUDGH
DSyVGLDVFRQWUDWDPEpPQDDPRVWUD7GRH[SHULPHQWRFRPGLDVGHUHSRXVR





 

1RGLD
 GLDVGHSRLV


GH&pOXODVPRUWDV







      
7HPSRGHWUDWDPHQWR



)LJXUD0RUWDOLGDGHGHFpOXODVGH6FHUHYLVLDHQRH[SHULPHQWR


2EVHUYRXVH TXH D WR[LFLGDGH IRL PDLRU QR H[SHULPHQWR FRP PDLRU FRUUHQWH GHYLGR j
OLEHUDomR PDLV UiSLGD GR &O  1R H[SHULPHQWR  7DEHOD   DSHVDU GD UHPRomR WRWDO GD FRU R
H[SHULPHQWRDSUHVHQWRXWR[LFLGDGHPXLWRDOWDORJRDSyVUHDOL]DGRRWUDWDPHQWR )LJXUD $SyV
 GLDV GH UHSRXVR D DPRVWUD 7 REWHYH PRUWDOLGDGH SUy[LPD DR YDORU GRV H[SHULPHQWRV
DQWHULRUHV  H   PDV FRP XP JDVWR PDLRU GH HQHUJLD GHYLGR D FRUUHQWH XWLOL]DGD  QmR
WRUQDQGRDVVLPRWUDWDPHQWRLQWHUHVVDQWHSDUDXVRFRQIRUPH)LJXUD





 

1RGLD
GLDVGHSRLV



GHFpOXODVPRUWDV







      
7HPSRGHWUDWDPHQWRHPPLQXWRV



)LJXUD0RUWDOLGDGHGHFpOXODVGH6FHUHYLVLDHQRH[SHULPHQWR


  ([SHULPHQWRVH 


$FRQFHQWUDomRGHFORURIRLLPSRUWDQWHQDGHWHUPLQDomRGDWR[LFLGDGHSRLVHVWHSRGHVHU
Wy[LFRiVFpOXODVGH6FHUHYLVLDH-iIRLREVHUYDGRTXHTXDQWRPDLRUDFRUUHQWHXWLOL]DGDPDLV&O
pOLEHUDGRHSRUWDQWRPDLRUDWR[LFLGDGHDRRUJDQLVPRWHVWH$FRUUHQWH$IRLDTXHDSUHVHQWRX
PHQRU WR[LFLGDGHSRUWDQWR IRLHVSHUDGRTXHRVH[SHULPHQWRVTXHXWLOL]DVVHPPHQRVFORUHWRGH
VyGLR H FRUUHQWH  $ DSUHVHQWDVVHP PHQRU WR[LFLGDGH 2 H[SHULPHQWR  )LJXUD   QmR
DSUHVHQWRXJUDQGHYDULDomRHPUHODomRDRVH[SHULPHQWRVHQRGLDHPTXHRWUDWDPHQWRIRL
UHDOL]DGR)RLFRQVWDWDGDWR[LFLGDGHj6FHUHYLVLDHGHQDDPRVWUD7QDDPRVWUD
7HQDDPRVWUD7$SyVUHSRXVRGHGLDVDWR[LFLGDGHHQFRQWUDGDIRLEHPPHQRUHP
UHODomRDRGLDGRWUDWDPHQWRHVVHVUHVXOWDGRVIRUDPGHQDDPRVWUD7QDDPRVWUD
7 H  QD DPRVWUD 7 VHQGR HVWH UHVXOWDGR PHOKRU GR TXH D DPRVWUD 7 QRV
H[SHULPHQWRVFRPSSP H[SHULPHQWRV±7DEHOD QHVWHFDVRRUHVXOWDGRIRLGH
GHFpOXODVPRUWDV


 

QRGLD
GLDVGHSRLV




GHFpOXODVPRUWDV







      
WHPSRGHWUDWDPHQWR



)LJXUD0RUWDOLGDGHGHFpOXODVGH6FHUHYLVLDHQRH[SHULPHQWR


2H[SHULPHQWRDSHVDUGDSHTXHQDUHPRomRGHFRUDSUHVHQWRXWR[LFLGDGHDLQGDPHQRU
PHVPR QR GLD GD UHDOL]DomR GRV H[SHULPHQWRV )LJXUD   2V UHVXOWDGRV IRUDP GH  SDUD
7  SDUD 7 H  SDUD 7 $SyV  GLDV GH UHSRXVR HVVHV UHVXOWDGRV IRUDP GH
HP7HP7HHP7$SHVDUGHHVWHVVHUHPRVH[SHULPHQWRVFRPPHQRU
WR[LFLGDGH VXD LQHILFLrQFLD QD UHPRomR GH FRU LPSHGH TXH HVWHV VHMDP DSOLFiYHLV Mi TXH D
LQWHUIHUrQFLD GD FRU WDPEpP SRGH DIHWDU RV HFRVVLVWHPDV GRV FRUSRV G¶iJXD DOpP GH
HFRQRPLFDPHQWHGHVLQWHUHVVDQWH





 

QRGLD
GLDVGHSRLV




GHFpOXODVPRUWDV





      
WHPSRGHWUDWDPHQWR



)LJXUD0RUWDOLGDGHGHFpOXODVGH6FHUHYLVLDHQRH[SHULPHQWR


  ([SHULPHQWR


'HYLGRDDOWHUDomRGRVLVWHPDXWLOL]DGR )LJXUD HUDHVSHUDGRTXHRUHVXOWDGRGRVWHVWHV
GHWR[LFLGDGHDSUHVHQWDVVHPGLIHUHQoDVSULQFLSDOPHQWHHPUHODomRDR7 ORJRDSyVWUDWDPHQWR
FRPDOX]89& H7 DSyVRLQLFLRGDHOHWUyOLVH 
2VUHVXOWDGRVLQGLFDUDPSRXFDGLIHUHQoDHQWUHDPRUWDOLGDGHQDDPRVWUD7HQDDPRVWUD
7 H FRPR DQWHULRUPHQWH FLWDGR WDPEpP QmR KRXYH GHJUDGDomR GH FRU RX DOWHUDo}HV GH S+
ORJRDSHQDVRWUDWDPHQWRIRWROtWLFR OX]89& QmRGHJUDGRXRFRUDQWHRXFDXVRXDOWHUDo}HVQD
WR[LFLGDGHGDVROXomR2EVHUYRXVHXPDPDLRUPRUWDOLGDGHQDDPRVWUD7 DSyVPLQXWRVGR
LQLFLR GR SURFHVVR HOHWUROtWLFR  QR GLD GR WUDWDPHQWR VHQGR GH  GH FpOXODV PRUWDV )LJXUD
 



 

1RGLD
GLDVGHSLV




GHFpOXODVPRUWDV







      
7HPSRGHWUDWDPHQWRHPPLQXWRV


)LJXUD0RUWDOLGDGHGHFpOXODVGH6FHUHYLVLDHQRH[SHULPHQWR


3RUpPDSyVRWHPSRGHUHSRXVRGHGLDVHVVDSRUFHQWDJHPIRLGHVHQGRPHQRU
TXHDDPRVWUD7  QRPHVPRWHPSRVHQGRFRQVLGHUDGRRPHOKRUUHVXOWDGRWR[LFROyJLFR
REWLGR DWp HQWmR 4XDQWR j PRVWUD ILQDO 7 DSUHVHQWRX PRUWDOLGDGH GH  GH FpOXODV GH 6
FHUHYLVLDHWDQWRQRGLDGHUHDOL]DomRGRH[SHULPHQWRTXDQWRGLDVGHSRLV


  ([SHULPHQWR


 'HYLGR j PXGDQoD QD SUHSDUDomR GR HIOXHQWH VLPXODGR FRP R S+ LQLFLDO GH  HUD
HVSHUDGRTXHD DPRVWUD 7DSUHVHQWDVVHPHQRUWR[LFLGDGHGRTXHRVWHVWHVUHDOL]DGRVFRPS+V
PDLVEDL[RV(QWUHWDQWRRWHVWHLQGLFRXTXHTXDQGRRS+LQLFLDOGDVROXomRpQHXWURRFRUUHXP
DXPHQWRGDPRUWDOLGDGHGHFpOXODVGH6FHUHYLVLDHVHQGRTXHQDDPRVWD7DPRUWDOLGDGHIRLGH
 QR GLD GR WUDWDPHQWR H   GLDV GHSRLV )LJXUD   XP JUDQGH DXPHQWR VH
FRQVLGHUDGR TXH HP H[SHULPHQWRV DQWHULRUHV DV DPRVWUDV VHP WUDWDPHQWR DSUHVHQWDUDP
PRUWDOLGDGHVHQWUHi


 

1RGLD
GLDVGHSRLV




GHFpOXODVPRUWDV








      
WHPSRGHWUDWDPHQWRHPPLQXWRV



)LJXUD0RUWDOLGDGHGHFpOXODVGH6FHUHYLVLDHQRH[SHULPHQWR


 1HVWHH[SHULPHQWRDDPRVWUDFRPPHOKRUUHVXOWDGRQRYDPHQWHIRLD7FRPGH
PRUWHVQRGLDGDUHDOL]DomRGRH[SHULPHQWRHGHPRUWHVGLDVGHSRLV3RUpPDLQGDDVVLP
R UHVXOWDGR IRL FRQVLGHUDGR LQVDWLVIDWyULR VH FRPSDUDGR FRP R H[SHULPHQWR DQWHULRU   TXH
REWLYHUDPPRUWDOLGDGHVGHDWpQRPHVPRWHPSRGHWUDWDPHQWR


'HPDQGDTXtPLFDGHR[LJrQLR


  ([SHULPHQWRVH


 1D )LJXUD  TXH VH WUDWD GD '42 GR H[SHULPHQWR  SRGHVH REVHUYDU TXH KRXYH XPD
UHGXomRGD'42GHFHUFDGHGR7 D7HDSyVHVVHWHPSR Ki FHUWD HVWDELOL]DomR GRV


 

YDORUHVGH'42$VVLPSRGHPRVLQIHULUTXHKRXYHXPDUHGXomRGDPDWpULDRUJkQLFDGH
RXVHMDVHQGRWUDQVIRUPDGDHP&2TXHVDLXGDVROXomR3RGHVHWDPEpPLQIHULUTXHDOX]89
IRL D TXH FDXVRX D PDLRU GLPLQXLomR QD '42 Mi TXH HVWD VH HQFRQWURX OLJDGD QRV SULPHLURV 
PLQXWRV GH WUDWDPHQWR&RP R DXPHQWR GR WHPSR GH HOHWUyOLVH VDEHVH TXH D VROXomR WRUQRXVH
PDLVWy[LFDi6FHUHYLVLDHPHVPRFRPDUHGXomRQDTXDQWLGDGHGHPDWpULDRUJkQLFD

'42






PJ2/








      
7HPSRGH7UDWDPHQWR



)LJXUD5HVXOWDGRGRV7HVWHVGH'42QRH[SHULPHQWR


1RH[SHULPHQWRFRQWHQGRVXOIDWRGHVyGLR )LJXUD DTXDQWLGDGHGHPDWpULDRUJkQLFD
VH PDQWHYH YDULDQGR GHQWUR GH XPD PHVPD IDL[D HQWUH  H  PJ 2/  GXUDQWH WRGR R
WUDWDPHQWR RX VHMD QmR KRXYH GHJUDGDomR GH PDWpULD RUJkQLFD RX TXDOTXHU UHVXOWDGR
VLJQLILFDWLYRSURYHQLHQWHGRWUDWDPHQWRIRWRHOHWUROtWLFRQHVWHDVSHFWR




 

'42






'42







      
7HPSRGHWUDWDPHQWRHPPLQXWRV



)LJXUD5HVXOWDGRGRV7HVWHVGH'42QRH[SHULPHQWR


 $QiOLVHGRFUHVFLPHQWRQDFROXQDGH:LQRJUDGVN\
  

  ([SHULPHQWRFRPHIOXHQWHVLPXODGRGRH[SHULPHQWR


-iQRVSULPHLURVGLDVDSDUWLUGDPRQWDJHP )LJXUD RVLVWHPDMiDSUHVHQWRXRLQLFLR
GR FUHVFLPHQWR GDV DOJDV SULQFLSDOPHQWH QD SDUWH PpGLD GD FROXQD FRQWUROH RX VHMD D FROXQD
FRPPDLVLQIOXrQFLDGDOX]$iJXD DLQGD VH HQFRQWURX WXUYD GHYLGRRVRORGRIXQGRQmRHVWDU
FRPSOHWDPHQWHGHFDQWDGRPDVMiIRLSRVVtYHOREVHUYDUDVPXGDQoDV




 



)LJXUD&ROXQDGH:LQRJUDGVN\DRVGLDV


$RV  GLDV )LJXUD   D SDUWLU GD PRQWDJHP GDV FROXQDV IRL SRVVtYHO REVHUYDU XPD
SURIXVmR GH DOJDV PDLV LQWHQVDPHQWH QD FROXQD FRQWUROH 1D FROXQD 7 TXH FRQWpP R HIOXHQWH
QmR WUDWDGR  D FDPDGD GH DOJDV TXH FRPHoD D VH IRUPDU p PXLWR PDLV GLVFUHWD $SDUHFHP DV
SULPHLUDV EDFWpULDV YHUPHOKDV QR VXEVWUDWR GD FROXQD FRQWUROH (P DPEDV DV FROXQDV Vy IRUDP
HQFRQWUDGDVDOJDVQDSDUWHLOXPLQDGD











 


D 


E 

)LJXUD&ROXQDGH:LQRJUDGVN\DRVGLDV D HGHWDOKHGDFDPDGDYLVWRGDSDUWHGHWUiV E 


$ FDPDGD GH DOJDV FREUH WRGR R PHLR GD FROXQD FRQWUROH $ iJXD VH WRUQD PXLWR WXUYD
SRUpP QD FROXQD 7 HVWD VH HQFRQWUD PDLV WUDQVO~FLGD DSHVDU GD FRU YHUPHOKD $V DOJDV VH
GHVWDFDP PDLV GR TXH RV RXWURV PLFURUJDQLVPRV GD FROXQD H VH PRVWUDP FRPR XP SDUkPHWUR
LQWHUHVVDQWHGHFRPSDUDomRHQWUHDVFROXQDV$OJXPDVDOJDVTXHDSDUHFHPQDFROXQDFRQWUROHQmR
DSDUHFHPQD7SULQFLSDOPHQWHDOJDVGHWDPDQKRPHQRUWDPEpPVHHVWDEHOHFHXXPSDGUmRGH
TXDQWRPDLVYHUGHDDOJDPHQRVHODDSDUHFHUiQDFROXQD7(PDPEDVQmRKRXYHFUHVFLPHQWR
GHDOJDVQDSDUWHQmRLOXPLQDGD )LJXUD 



 

 
 D  E 

)LJXUD D FROXQDGH:LQRJUDGVN\DRVGLDV E GHWDOKHTXHPRVWUDDWXUELGH]GDiJXD


$RV  GLDV D WXUELGH] QD FROXQD FRQWUROH VH WRUQRX PDLV HYLGHQWH HQTXDQWR QD 7
FRQWLQXRXWUDQVSDUHQWH,VVRLQGLFRXTXHRFUHVFLPHQWRGDVDOJDVHVWiVHQGRDIHWDGRSHODSUHVHQoD
GDFRU$FDPDGDGHDOJDVIRUPDGDQDSDUHGHTXHUHFHEHOX]GLUHWDPHQWHPRVWURXVHHVSHVVDH
PDFLoD (QTXDQWR QD FROXQD 7 HVVD FDPDGD IRL ILQD H FRP PXLWDV IDOKDV VHQGR IRUPDGR QD
PDLRUSDUWHSRUSRQWRV )LJXUD  D  'HYLGR j LQFLGrQFLD GH OX]IRUPRXVHXPOLPLWHFODURGD
SDUWHLOXPLQDGDHQmRLOXPLQDGD )LJXUDE 






 

  
 D  E 

)LJXUD  &ROXQD GH :LQRJUDGVN\  D  GHWDOKH GD OLQKD TXH GLYLGH D SDUWH QmR LOXPLQDGD H
LOXPLQDGDH E GHWDOKHGDFDPDGDPDFLoDHP&HDSHQDV³SRQWRV´HP7


$RVGLDV )LJXUD DFRUYHUGHGDFDPDGDGHDOJDVQDFROXQDFRQWUROHVHWRUQRXEHP
SURQXQFLDGDVHQGRTXHQDFROXQD7DFDPDGDQmRDXPHQWRXQDPHVPDHVFDODPDVRVSRQWRV
IXQGLUDPHPDOJXPDVSDUWHVFRQIRUPHPRVWUDGRQD)LJXUD1RIXQGRGDFROXQD7DiJXDVH
WRUQRXPDLVFODUDTXHQDVRXWUDVSDUWHV )LJXUD RTXHLQGLFRXDWLYLGDGHPHWDEyOLFDFRPRXVR
GRFRUDQWHFDXVDQGRELRGHJUDGDomRGRPHVPR




)LJXUD:LQRJUDGVN\FDPDGDGHDOJDVDRVGLDV


 






)LJXUD)XQGRGDFROXQD:LQRJUDGVN\7


$RV  GLDV GH H[SHULPHQWR FRPHoDUDP D VXUJLU DOJDV QD SDUHGH TXH QmR UHFHEH OX]
GLUHWDPHQWHQDFROXQDFRQWUROH(QTXDQWRLVVRDFROXQD7DSUHVHQWRXIRUPDomRGHXPDHVSpFLH
GHHVSXPDQRWRSRRTXHLQGLFRXPDLVXPDYH]DomRPHWDEyOLFD1D)LJXUDSRGHVHREVHUYDU
DGLIHUHQoDGHWXUELGH]QDVFROXQDVHDVDOJDVQDSDUHGHGDFROXQDFRQWUROHTXHQmRUHFHEHXOX]
GLUHWDPHQWH





 



)LJXUD&ROXQD:LQRJUDGVN\DRVGLDV


$SyVRVGLDVDVWUDQVIRUPDo}HVQDVFROXQDVFRPHoDUDPDGLPLQXLUGHYHORFLGDGHVy
DSUHVHQWDQGRPXGDQoDVFRQVLGHUiYHLVDRVGLDVTXDQGRDWXUELGH]TXHDWpHQWmRFDUDFWHUL]DYD
D FROXQD FRQWUROH GHVDSDUHFH GHL[DQGR DPEDV DV FROXQDV LJXDOPHQWH WUDQVO~FLGDV )LJXUD  
7DPEpPRFRUUHDSURIXVmRGHDOJDVILODPHQWRVDVQRPHLRGDFROXQDFRQWUROHHDVPHVPDVQmR
DSDUHFHP QD 7 TXH FRQWLQXD LQGLFDQGR DWLYLGDGH PHWDEyOLFD GHYLGR D HVSXPD QR WRSR FRPR
PRVWUDD)LJXUDHiJXDOLJHLUDPHQWHPDLVFODUDQRIXQGRHVVDSDUWHGHiJXDPDLVFODUDPHGH
FHUFD GH  FP $ SDUHGH GH DOJDV GH 7 )LJXUD   DJRUD VH HQFRQWUD FRPR XPD FDPDGD
XQLIRUPH VHP IDOKDV H VHPHOKDQWH D SDUHGH GD FROXQD FRQWUROH QR LQLFLR GR H[SHULPHQWR )RL
SRVVtYHOLGHQWLILFDUDVDOJDVYHUGHVTXHQmRKDYLDPDSDUHFLGRQDFROXQD7




 

 

)LJXUD&ROXQD:LQRJUDGVN\DRVGLDV





)LJXUD$WLYLGDGHPHWDEyOLFDQDFROXQD:LQRJUDGVN\7



 

 
D  E 

)LJXUD3DUWHPDLVGHQVDGDFDPDGDGHDOJDVQDFROXQD:LQRJUDGVN\7 D H& E 


)LQDOPHQWH DRV  GLDV IRUDP UHWLUDGDV DV DPRVWUDV SDUD DQDOLVH GDV DOJDV HP
PLFURVFySLR$FROXQDQmRDSUHVHQWRXPRGLILFDo}HVVLJQLILFDWLYDVDSyVRVGLDV
 

([SHULPHQWRFRPHIOXHQWHVLPXODGRGRH[SHULPHQWR


$RVGLDVKRXYHRFRPHoRGRVXUJLPHQWRGDVDOJDVQDV FROXQDV7 7 H & WDQWR QDV
SDUHGHVFRPRHPFLPDGRVHGLPHQWRFROXQD7DLQGDVHPQHQKXPDDOWHUDomR$VFROXQDVTXH
DSUHVHQWDUDPVXUJLPHQWRGHDOJDVVHHQFRQWUDPWXUYDV )LJXUD 


 



)LJXUD&ROXQD&DRVGLDVGHH[SHULPHQWR


$RVGLDVDV&ROXQDV&H7 )LJXUDDHE DSUHVHQWDUDPXPDILQDFDPDGDGHDOJDV
SRUWRGDDSDUHGHLQFOXVLYHDWUiVGDFROXQDDOpPGHJUDQGHTXDQWLGDGHGHEDFWpULDVYHUPHOKDV$
FROXQD 7 )LJXUD  ± F  DSUHVHQWRXSRXFDV DOJDV VHQGR TXH DPDLRULD HVWDYD FRQFHQWUDGD QD
SDUWH LQIHULRU SUy[LPD DR VXEVWUDWR $ FROXQD 7 DLQGD QmR DSUHVHQWRX QHQKXPD DOJD QDV
SDUHGHVDSHQDVSRXFDVDOJDVQRWRSR GHQWURGDiUHDFREHUWD 



DEF
)LJXUD&ROXQDVGH:LQRJUDGVN\DRVGLDVGHH[SHULPHQWR&ROXQDV& D 7 E H7 F 



 

$RVGLDVDFROXQD&DSUHVHQWRXDGHQVDPHQWRGDFDPDGDGHDOJDVSRUWRGDDH[WHQVmR
D WXUELGH] DXPHQWRX DVVLP FRPR R Q~PHUR GH EDFWpULDV YHUPHOKDV $ FROXQD 7 DSUHVHQWRX
DGHQVDPHQWR SULQFLSDOPHQWH QD SDUWH LQIHULRU H KRXYH R VXUJLPHQWR GH JDVHV TXH OHYRX D
QHFHVVLGDGH GD DEHUWXUD GD FROXQD SDUD GLVSHUVmR GHVVHV 7DPEpP HVWD VH PRVWURX WXUYD H R
GHVHQYROYLPHQWR GH VXD ELRWD VH DSUR[LPRX GD FROXQD & $ FROXQD 7 DSUHVHQWRX SHTXHQD
IRUPDomR GH DOJDV QD SDUWH LQIHULRU H QD SDUWH WUDVHLUD GD FROXQD PDV QmR VH PRVWURX WXUYD
)LJXUD 








&777




)LJXUD&ROXQDVGHZLQRJUDGVN\DRVGLDV


$RV  GLDV DV FROXQDV& 7 H 7 DSUHVHQWDUDP JUDQGH IRUPDomR GHDOJDVSUy[LPD DR
VXEVWUDWRVHQGRPDLVGHQVRHP&+iWDPEpPIRUPDomRGHEROKDVSUy[LPDDRVXEVWUDWRRTXH
LQGLFD PHWDEROLVPR EDFWHULDQR $ FROXQD 7 p D TXH DSUHVHQWRX PDLRU QXPHUR GH EDFWpULDV
YHUPHOKDV $ FROXQD 7 DSUHVHQWRX XPD ILQD FDPDGD GH DOJDV GH FRORUDomR YHUGH EHP IRUWH
)LJXUD 





 








&777






)LJXUD&ROXQDVDRVGLDVGHH[SHULPHQWR


$RVGLDVWRGDVDVFROXQDVDSUHVHQWDUDPIRUPDomRGHFDPDGDGHDOJDVQDSDUWHGHWUiV
VHQGR HVWH EHP GHQVR QD FROXQD & TXH DSUHVHQWRX IRUPDomR GH DOJDV SRU WRGD D H[WHQVmR $V
FROXQDV 7 H 7 QmR DSUHVHQWDUDP PXLWDV PXGDQoDV VHQGR TXH DV DOJDV QHVVDV FROXQDV VH
FRQFHQWUDP QR VXEVWUDWR $ FROXQD 7 DSUHVHQWRX FUHVFLPHQWR GH DOJDV QD SDUWH FHQWUDO H
SHTXHQDWXUELGH] )LJXUD 












 







&777




)LJXUD&ROXQDVDRVGLDVGHH[SHULPHQWR


$RV  GLDV D FROXQD 7 DSUHVHQWRX WXUELGH] H PDLRU FUHVFLPHQWR GH DOJDV DV RXWUDV
FROXQDV FRQWLQXDP WXUYDV DV RXWUDV FROXQDV WDPEpP DSUHVHQWDUDP FUHVFLPHQWR SRUpP QmR WmR
DFHQWXDGR
$RVGLDVDVFROXQDV&H7DSUHVHQWDUDPVLQDLVGHPHWDEROLVPR JDVHVHHVSXPDQR
WRSR  H VH PRVWUDUDP PXLWR WXUYDV $ FROXQD 7 DSUHVHQWRX FUHVFLPHQWR QD SDUWH SUy[LPD DR
VXEVWUDWRTXHVHHQFRQWUDOLJHLUDPHQWHPDLVGHQVRTXHHP&$&ROXQD7DSUHVHQWRXVLQDLVGH
PHWDEROLVPRDFHOHUDGRFRPOLEHUDomRGHEROKDVGHJiVSRUpPPDLVGLVFUHWRVTXH&H7 )LJXUD
 












 






&777





)LJXUD&ROXQDVDRVGLDV


$RV  GLDV DV FROXQDV & H 7 QmR VH PRVWUDUDP PDLV WXUYDV $V FDPDGDV GH DOJDV
FRPHoDUDP D VH GHVFRODU GDV SDUHGHV RX VHMD DV FROXQDV SHUPDQHFHUDP HVWiYHLV H IRUDP
UHWLUDGDVDVDPRVWUDVSDUDDQiOLVH )LJXUD 







&777





)LJXUD&ROXQDVDRILQDOGRH[SHULPHQWR



 

  ([SHULPHQWRFRPHIOXHQWHVLPXODGRGRH[SHULPHQWR


1R TXDUWR GLD FRPHoRX )LJXUD   R FUHVFLPHQWR GH DOJDV QD FROXQD FRQWUROH &  H QR
WRSRGDFROXQD7HVWDVMXQWDPHQWHFRPDFROXQD7WDPEpPVHPRVWUDUDPLQtFLRGHWXUELGH]
GXUDQWHHVWHSHUtRGR$FROXQD7QmRDSUHVHQWRXPRGLILFDo}HVQHVWHSHUtRGR






&777





)LJXUD&ROXQDVGH:LQRJUDGVN\DRVGLDVGHH[SHULPHQWR


1RGpFLPRGLDGHH[SHULPHQWR )LJXUD DVFROXQDV&H7MiDSUHVHQWDYDPXPDILQDFDPDGD
GH DOJDV SULQFLSDOPHQWH QR WRSR GDV FROXQDV DOpP GH WXUELGH] $V FROXQDV 7 H 7
DSUHVHQWDUDP XPD ]RQD QR IXQGR GH FHUFD GH  FP RQGH RFRUUHX ELRGHJUDGDomR GR FRUDQWH
WRUQDQGRD]RQDPDLVFODUDTXHRUHVWRGDFROXQD



 


 D  E 

)LJXUD'HWDOKHGRFUHVFLPHQWRGHDOJDVQDVFROXQDV& D H7 E QRGpFLPRGLDGH
H[SHULPHQWR


1RGpFLPRVHJXQGRGLDGHH[SHULPHQWRRFRUUHXRVXUJLPHQWRGHDOJDVQDFROXQD7 )LJXUD
D  QD SDUWH VXSHULRU SRUpP QD FROXQD 7 DLQGD QmR KRXYH QHQKXPD DOWHUDomR HP UHODomR DR
FUHVFLPHQWR GH DOJDV PDV RFRUUHX R LQtFLR GD WXUELGH] H GD IDL[D PDLV FODUD RQGH RFRUUHX
ELRGHJUDGDomRGRFRUDQWH )LJXUDE 








 

  
 D  E 

)LJXUD'HWDOKHGRFUHVFLPHQWRGHDOJDVHGDIDL[DPDLVFODUDQDFROXQD7 D HDSHQDVIDL[D
PDLVFODUDQDFROXQD7 E 


$SyV  GLDV GR LQtFLR GR H[SHULPHQWR RFRUUHX XP FUHVFLPHQWR DFHQWXDGR GH DOJDV QD
FROXQD& )LJXUDD SULQFLSDOPHQWHQDVXSHUItFLHWDPEpPVXUJLUDPDOJDVQDSDUWHWUDVHLUDGD
FROXQD $ FROXQD 7 )LJXUD E  DSUHVHQWRX XP FUHVFLPHQWR PHQRU GR TXH D FROXQD &
SULQFLSDOPHQWH QD SDUHGH IURQWDO TXH SRVVXL FRQWDWR GLUHWR FRP D OX]  H WDPEpP DSUHVHQWRX
FUHVFLPHQWR GH DOJDV QD SDUWH WUDVHLUD $ FROXQD 7 )LJXUD F  DLQGD SRVVXtD XPD FDPDGD
ILQDGHDOJDVVHFRPSDUDGDFRPDVRXWUDVFROXQDVVHQGRTXHQHODDVDOJDVVHFRQFHQWUDYDPQD
SDUWHVXSHULRUHQRIXQGREHPSUy[LPRDRVXEVWUDWR







 

 

D  E  F 

)LJXUD&UHVFLPHQWRGHDOJDVQRWRSRGDVFROXQDV& D 7 E H7 F 


$R YLJpVLPR GLD DV FROXQDV 7 H 7 )LJXUD   FRPHoDUDP D DSUHVHQWDU LQGtFLRV GH
DWLYLGDGH PHWDEyOLFD OLEHUDomR GH JDVHV QD IRUPD GH EROKDV IRUPDQGR HVSXPD QR WRSR GD
FROXQD $VFROXQDV7H&DSUHVHQWDUDPXPDGHQVDPHQWRGDFDPDGDGHDOJDVQRIXQGRSUy[LPR
DRVXEVWUDWR




)LJXUD'HWDOKHGDIRUPDomRGHEROKDVQRWRSRGDFROXQD7



 


'R YLJpVLPR VHJXQGR DR YLJpVLPR TXLQWR GLD )LJXUD   IRL SRVVtYHO REVHUYDU R DXPHQWR GD
DWLYLGDGHPHWDEyOLFDQDVFROXQDV77H&HWDPEpPRDGHQVDPHQWRGDFDPDGDGHDOJDVGD
FROXQD7DWpHVWHPRPHQWRQmRIRUDPUHJLVWUDGDVPDLVDOWHUDo}HVQDFROXQD7


 
D  E 

 

F  G 


)LJXUD&UHVFLPHQWRGHDOJDVQDVFROXQDV& D 7 E 7 F HFROXQD7DLQGDVHP
DOWHUDo}HV G 


 


2FUHVFLPHQWRGHDOJDVQDFROXQD7VyRFRUUHXDSDUWLUGRYLJpVLPRVpWLPRGLDRQGHIRL
SRVVtYHOREVHUYDURDSDUHFLPHQWRGHDOJDVILODPHQWRVDVQDSDUWHVXSHULRUFREHUWDGDFROXQD
WDSDGDSHORSDSHO FRPRSRGHVHUREVHUYDGRQD)LJXUD


 

)LJXUD&UHVFLPHQWRGHDOJDVQDFROXQD7


$ SDUWLU GHVWH PRPHQWR R FUHVFLPHQWR GDV FROXQDV FRPHoRX D VH HVWDELOL]DU RFRUUHQGR DSHQDV
DXPHQWRQRPHWDEROLVPR IRUPDomRGHHVSXPDQRWRSRFRPRSRGHVHUREVHUYDGRQD)LJXUD H
FUHVFLPHQWRGHDOJDVQDSDUWHIURQWDOGDFROXQD7 )LJXUD 





 

 
D   E 

)LJXUD$WLYLGDGHPHWDEyOLFDHFUHVFLPHQWRGHDOJDVQRWRSRGDVFROXQDV& D H7 E 





)LJXUD&UHVFLPHQWRGHDOJDVHP7




 

)RLSRVVtYHOREVHUYDUTXHQDVFROXQDVTXHDFDPDGDGHDOJDVHUDPDLVLQWHQVDORJRDFLPD
GD IDL[D RQGH RFRUUHX ELRGHJUDGDomR GR FRUDQWH &RPR QmR RFRUUHUDP PDLRUHV DOWHUDo}HV DV
DPRVWUDVIRUDPUHWLUDGDVRTXDGUDJpVLPRGLDGHH[SHULPHQWR )LJXUD 







&777





)LJXUD&ROXQDVGH:LQRJUDGVN\DRILQDOGRH[SHULPHQWR


4XDQWR DR FUHVFLPHQWR GDV FROXQDV REVHUYRXVH TXH D SUHVHQoD GR HIOXHQWH DOWHURX
EDVWDQWHDFRPXQLGDGHILWRSODQWRQLFDSUHVHQWHSULQFLSDOPHQWHQDFROXQD7RQGHDOpPGDEDL[D
SURGXomR GH ELRPDVVD RFRUUHX WDPEpP XP JUDQGH DWUDVR HP UHODomR DR FRQWUROH QR LQLFLR GR
SURFHVVR VXFHVVLRQDO $ FROXQD 7 FRP HIOXHQWH QmR WUDWDGR  DSUHVHQWRX XP FUHVFLPHQWR
UHODWLYDPHQWH JUDQGH GH ELRPDVVD FRPSDUDGR FRP D FROXQD FRQWUROH HQTXDQWR D FROXQD 7
DSUHVHQWRXXPFUHVFLPHQWRPRGHUDGRPDVDLQGDDVVLPPHOKRUTXHRUHVXOWDGRGH71RFDVR
GDFROXQD7RFUHVFLPHQWRGHFRQFHQWURXQDSDUWHVHPLOXPLQDomRGLUHWDHQTXDQWRQDVRXWUDV
FROXQDVQHVVDiUHDQmRRFRUUHXDSDUHFLPHQWRGHDOJDV






 

$YDOLDomRGDSRSXODomRILWRSODQW{QLFD


  ([SHULPHQWRFRPHIOXHQWHVLPXODGRGRH[SHULPHQWR


)RUDP LGHQWLILFDGDV  IDPtOLDV GLIHUHQWHV GH DOJDV QDV GXDV FROXQDV H TXH DSyV
LGHQWLILFDomR SRU PHLR GH FKDYHV WD[RQ{PLFDV RV GDGRV IRUDP DJUXSDGRV QD 7DEHOD  SRU
QXPHURGHJrQHURVHQFRQWUDGRV
3HOD7DEHODREVHUYDVHTXHDSHVDUGHKDYHUXPDPDLRUYDULHGDGHGHJrQHURVQDFROXQD
7DTXDQWLGDGH ELRPDVVD HQFRQWUDGDHUDPXLWRPHQRUVHFRPSDUDGDjFROXQDFRQWUROH&RPR
DV DOJDV PDLV DEXQGDQWHV HQFRQWUDGDV SHUWHQFHP D GLYLVmR GDV FLDQRItFHDV GHYLGR D DPSOD
GLVWULEXLomR GHVWDV JUDQGH SDUWH GDV DOJDV HQFRQWUDGDV QDV FROXQDV SHUWHQFLDP D HVVD GLYLVmR
SRUpPDSDUWLUGRKDELWDWHKiELWRVGHGHWHUPLQDGDVIDPtOLDVSRGHVHFKHJDUDFRQFOXV}HVVREUHD
LQIOXHQFLDGRFRUDQWHQRHFRVVLVWHPDDTXiWLFR
$ LQFLGrQFLD GH 1RVWRFDFHDH )LJXUD ±D  DSHQDV QD FROXQD FRQWUROH Mi p XP ERP
LQGLFDWLYR GR HIHLWR GD SROXLomR QD FROXQD 7 SRLV VHJXQGR %LFXGR  0HQH]HV  S  
HVVDVDOJDVWHQGHPQmRDSDUHFHUHPDPELHQWHVSROXtGRVSRUQHFHVVLWDUHPGHiJXDOLPSDSDUDVXD
VREUHYLYrQFLD -i D LQFLGrQFLD GH 'HVPLGLDFLDH )LJXUD ±E  p WtSLFD GH iJXDV FRP S+ EDL[R
5(9,(56  S   SRGHQGR VXSRUWDU S+V HQWUH  DWp S+V QHXWURV HP FHUFD GH 
SUHHQFKHQGRDVVLPRQLFKRGHDOJDVVHQVtYHLVHTXHQmRFRQVHJXHPVREUHYLHUQHVWDVFRQGLo}HV












 



7DEHOD  1~PHUR GH JrQHURV SRU LGHQWLILFDomR WD[RQ{PLFDV GDV DOJDV GDV FROXQDV GH
:LQRJUDGVN\QRVGLIHUHQWHVDPELHQWHVWRSR 7 PHLR 0 HIXQGR ) 
&ROXQD
)DPtOLDV FRQWUROH &ROXQD7
 7 0 ) 7 0 )
%DFLOODULRSK\FLDH      
&KDPDHVLSKRQDFHDH      
&KODP\GRPRQDGDFHDH      
&KURRFRFFDFHDH      
'HVPLGLDFLDH      
0HULVPRSHGLFLDH      
0LFURF\VWDFHDH      
1RVWRFDFHDH      
3KRUPLGLDFHDH      
3VHXGRDQDEHQDFHDH      
9ROYRFDFHDH      


$LQFLGrQFLDGH'HVPLGLDFLDHpWtSLFDGHiJXDVFRPS+EDL[R 5(9,(56S 
SRGHQGR VXSRUWDU S+V GH DWp WUrV SUHHQFKHQGR DVVLP R QLFKR GH DOJDV VHQVtYHLV H TXH QmR
FRQVHJXHPVREUHYLYHUDWDLVFRQGLo}HV
&KODP\GRPRQDGDFHDH )LJXUD F  D TXDO WDPEpP SRGH HVWDU FODVVLILFDGD FRPR XP
JUXSR GHQWUR GD FODVVH &KORURSK\FHDH ± VWULFWR VHQVX FRPR VH WUDWDP GH DOJDV YHUGHV
IRWRVVLQWHWL]DQWHVWLYHUDPVHXFUHVFLPHQWRLPSHGLGRQDFROXQD7GHYLGRjEDL[DLQFLGrQFLDGH
OX] 0LFURF\VWDFHDH )LJXUD G  p FDUDFWHUtVWLFD GH DPELHQWHV HXWUyILFRV FRPR SRU H[HPSOR
UHVHUYDWyULRVGHiJXD HWHQGHQGRDVHUGRPLQDQWHVQHVWHVFDVRV %,&8'2 0(1(=(6
S 1HVWHFDVRKRXYHPDLRURFRUUrQFLDGH0LFURF\VWDFHDHQDFROXQD7
%DFLOODULRSK\FLDH )LJXUD H  TXH IRL D IDPtOLD PDLV HQFRQWUDGD WUDWDVH GH XPD
GLDWRPiFHD TXH SRGH VHU IRWRVVLQWHWL]DQWH RX QmR VHQGR TXH DV KHWHUyWURIDV H KHWHUyWURIDV
IDFXOWDWLYDVVmRPDLVUDUDV 3$55$ %,&8'23 $SUHVHQoDGHVVDVDOJDVQRIXQGR
GDFROXQD7SRGHLQGLFDUVHWUDWDUGHWDLVHVSpFLHVKHWHUyWURIDV(VWDV DOJDV H[HUFHPXPSDSHO
LPSRUWDQWtVVLPR FRPR SURGXWRUDV SULPiULDV SRLV GHSRLV GDV EDFWpULDV VmR RV RUJDQLVPRV FRP


 

GLVWULEXLomR PDLV DPSOD 5(9,(56  3   (VVDV DOJDV VmR ELRLQGLFDGRUHV GH iJXDV
FRQWLQHQWDLV 3$55$ %,&8'2S HVXDSUHVHQoDQDFROXQD7TXHVHHQFRQWUD
SROXtGD LQGLFD TXH R FRUDQWH XVDGR QDTXHOD FRQFHQWUDomR H HVSDoR GH WHPSR QmR VH PRVWURX
DOWDPHQWH Wy[LFR SRUpP DIHWRX D FDSDFLGDGH IRWRVVLQWHWL]DQWH GDV RXWUDV HVSpFLHV H
SULQFLSDOPHQWHDTXDQWLGDGHGHELRPDVVDFRPRYLVWRQD)LJXUD


  

   D     E     F   
 

 
G  H 


)LJXUD([HPSORVGDVIDPtOLDVHQFRQWUDGDVQDV&ROXQDVGH:LQRJUDGVN\ D 1RVWRFDFHDH E 
'HVPLGLDFLDH F &KODP\GRPRQDGDFHD G 0LFURF\VWDFHDHH H %DFLOODULRSK\FLDH


  ([SHULPHQWRFRPHIOXHQWHVLPXODGRGRH[SHULPHQWR


$SyV DV DPRVWUDV VHUHP FROKLGDV H REVHUYDGDV QR PLFURVFySLR RV UHVXOWDGRV REWLGRV
IRUDPRUJDQL]DGRVQDVHJXLQWHWDEHODFRPRVQRPHVGDVIDPtOLDVGHDOJDVHQFRQWUDGDV


 

3RGHVHGL]HUTXHDVFROXQDV&H7IRUDPDVTXHDSUHVHQWDUDPPDLRUGHVHQYROYLPHQWR
GH ELRPDVVD H TXH D FROXQD 7 IRL D TXH DSUHVHQWRX PHQRU VHQGR HVWD FRQFHQWUDGD QD SDUWH
WUDVHLUDGDFROXQD PDLVGLVWDQWHGDOX] RTXHMiHUDHVSHUDGRGHYLGRj PDLRUFRQFHQWUDomRGH
FORUROLEHUDGRQRHIOXHQWHGHPLQXWRV
2HIOXHQWHGHPLQXWRVGHWUDWDPHQWRpRTXHDSUHVHQWRXPHQRUWR[LFLGDGHSRUWDQWRID]
VHQWLGR TXH D FROXQD FRQWHQGR HVWH WLSR GH HIOXHQWH 7  DSUHVHQWDVVH XP GHVHQYROYLPHQWR
SUy[LPR GD FROXQD VHP QHQKXP HIOXHQWH &  'HYLGR DR IDWR GDV FROXQDV XWLOL]DGDV QHVWH
H[SHULPHQWR VHUHP PHQRUHV RX VHMD SURYHWDV GH  / GR TXH DV XWLOL]DGDV HP RXWURV
H[SHULPHQWRVFRPRDVFROXQDVGHYLGURGHFDSDFLGDGHGH/
$V SURYHWDV GH  / XWLOL]DGDV QRV H[SHULPHQWRV PRVWUDUDP PHQRU KHWHURJHQHLGDGH
DPELHQWDO SRLV D OkPSDGD LOXPLQRX WRGD D H[WHQVmR GD FROXQD TXDVH TXH LJXDOPHQWH QmR
KDYHQGR PXLWD GLIHUHQoD QD YDULDomR GH OX] R TXH OHYD D UHVXOWDGRV GLIHUHQWHV GR TXH VHULDP
REWLGRVFRPFROXQDVPDLRUHVGH/2IXQGRGDVFROXQDVVHHQFRQWUDYDWmRLOXPLQDGRQRFDVR
GDVSURYHWDVGH/TXHWDQWRDSDUWHFHQWUDOGDFROXQDFRPRRIXQGRPRVWUDUDPSRXFDYDULDomR
GDVHVSpFLHVHQFRQWUDGDVQDVGLIHUHQWHVSDUWHVGDFROXQDVHFRPSDUDGRFRPFROXQDVPDLRUHVGH
/RQGHRIXQGRHUDPHQRVLOXPLQDGR
1RV H[SHULPHQWRV FRP SURYHWD GH  / D LOXPLQDomR FKHJRX PDLV IDFLOPHQWH j SDUWH
WUDVHLUDGDFROXQDSRUWDQWRKRXYHDQHFHVVLGDGHGHVHDYDOLDUWDPEpPDVHVSpFLHVFRQWLGDVQHVVH
DPELHQWH'HYLGRDRPHQRUYROXPHHODUJXUDGDVFROXQDVIHLWDVFRPSURYHWDVGH/RVLVWHPD
DOFDQoRXHVWDELOLGDGHPDLVFHGR(PVHPDQDVDSHQDVDVFROXQDV&H7KDYLDPVHHVWDELOL]DGR
PDV DV RXWUDV FROXQDV DLQGD VH PRVWUDYDP WXUYDV /HYDQGR HP FRQWD R IDWR TXH DV DOJDV
FRPHoDUDP D VH GHVFRODU GDV SDUHGHV GHYLGR DR SHVR GD FDPDGD IRUPDGD )LJXUD   IRUDP
UHDOL]DGDVDVDQiOLVHVDQWHVGDHVWDELOL]DomRGH7H7




 



)LJXUD&DPDGDGHDOJDVIRUPDGRQDFROXQDYLVWRQRPLFURVFySLR


2VUHVXOWDGRVREWLGRVVREUHRQXPHURGHJrQHURVSRUIDPtOLDHVWmRGLVSRVWRVQD7DEHODDEDL[R

7DEHOD  )DPtOLDV GH DOJDV HQFRQWUDGDV QDV FROXQDV GH :LQRJUDGVN\ GLYLGLGDV SRU FROXQDV H
DPELHQWHVWRSR 7 PHLR 0 IXQGR ) HDWUiV $ 

 &ROXQDV
)DPtOLDV & 7 7 7
 7 0 ) $ 7 0 ) $ 7 0 ) $ 7 0 ) $
%DFLOODULRSK\FLDH                
&KORURFRFDFHDH                
&KURRFRFDFHDH                
0HULVPRSHGLDFHDH                
0LFURF\VWDFHH                
1RVWRFDFHDH                
2RFLVWDFHDH                
2VFLOODWRULDFHDH                
3KRUPLGDFHDH                
3OHXURFKORULGDFHDH                
3VHXGRDQDEHQDFHDH                
6FHQHGHVPDFHDH                
6\QHWRFKRFRFFDFHDH                
;HQRFRFFDFHDH                



 

$SUHVHQoDGH%DFLOODURSK\FLDH )LJXUDD HPJUDQGHTXDQWLGDGHHP&H7LQGLFRX


TXHDiJXDQmRHVWDYDFRPDOWDWR[L[LGDGHMiTXHHVWDVDOJDVVmRDVJUDQGHVSURGXWRUDVSULPiULDV
GDV FDGHLDV DOLPHQWDUHV H WDPEpP XWLOL]DGDV FRPR ELRLQGLFDGRUHV DPELHQWDLV 3$55$ 
%,&8'2S $FROXQD7DSHVDUGHWHUXPDELRPDVVDDSDUHQWHPHQWHLJXDOjGH&
DSUHVHQWRXSHTXHQDLQFLGrQFLDGHVWDVDOJDV %DFLOODULRSK\FLDH (PFRQWUDVWHFRPRVUHVXOWDGRV
GR WHVWH GH WR[LFLGDGH FRP 6 FHUHYLVLDH HP TXH D 7 DSUHVHQWRX EDL[D WR[LFLGDGH IUHQWH DR6
FHUHYLVLDH
$ SUHVHQoD GH 0HULVPRSHGLDFHDH HP WRGDV DV FROXQDV GH :LQRJUDGVN\ VLJQLILFRX TXH
HVWDV DOJDV QmR IRUDP DIHWDGDV SHODV YDULDo}HV DPELHQWDLV FRPR S+ D FRU GR HIOXHQWH D
LOXPLQDomRFRQVWDQWHHWF2PHVPRSRGHVHGL]HUGH6\QHWRFKRFRFFDFHDH
$0LFURF\VWDFHDHWHPSUHIHUrQFLDSRUDPELHQWHVFRPPHQRULQFLGrQFLDGHOX]FRPRpR
FDVRGDFROXQD7HPTXHXPDJUDQGHTXDQWLGDGHGHDOJDVIRUPDGDVGLPLQXLXDGLIXVmRGHOX]
SHORHIOXHQWHSURSLFLDQGRRDSDUHFLPHQWRGHVWDVDOJDV1DVRXWUDVFROXQDVFRPRD7KRXYHERD
GLIXVmR GH OX] MXVWLILFDQGR D PHQRU LQFLGrQFLD GH 0LFURF\VWDFHDH SHOR HIOXHQWH PDV D PDLRU
FRQFHQWUDomRGHFORUROHYRXDXPPHQRUQXPHURGHHVSpFLHV
$1RVWRFDFHDHpPXLWR VHQVtYHODSROXLomR %,&8'2 0(1(=(6S  HIRL
HQFRQWUDGD DSHQDV QD FROXQD FRQWUROH H WDPEpP HP 7 &RPR IRL REVHUYDGR QRV WHVWHV GH
WR[LFLGDGHFRP6FHUHYLVLDHRHIOXHQWHVHPWUDWDPHQWRDSUHVHQWRXEDL[DWR[LFLGDGH2HIOXHQWH
DSyVRWUDWDPHQWRIRWRHOHWUROtWLFRVHPRUHSRXVRGHGLDVDSUHVHQWRXPDLRUWR[LFLGDGHIUHQWHDR
6 FHUHYLVLDH HP TXDOTXHU WHPSR GH WUDWDPHQWR SRLV KRXYH IRUPDomR GH FORUR H WDPEpP
WUDQVIRUPDomRGDVPROpFXODVGRFRUDQWH$VVLPDDXVrQFLDGH1RVWRFDFHDHQDVFROXQDVFRQWHQGR
HIOXHQWHTXHSDVVRXSHORWUDWDPHQWRIRWRHOHWUROtWLFRUHIRUoRXRIDWRTXHDSHVDUGDUHPRomRGDFRU
D PROpFXOD GR FRUDQWH FRQWLQXDYD QR HIOXHQWH EHP FRPR R FORUR JHUDGR QD HOHWUyOLVH 3DUD R
HIOXHQWHWUDWDGRHTXHVRIUHXXPUHSRXVRGHGLDVR7DSUHVHQWRXXPDPHQRUWR[LFLGDGHHP
UHODomRDR7IUHQWHDR6FHUHYLVLDH
3VHXGRDQDEHQDFHDH )LJXUD E  DSDUHFHX SULQFLSDOPHQWH QD SDUWH GH WUiV GDV FROXQDV
DVVRFLDGDD0HULVPRSHGLDFHDHH6\QHWRFKRFRFFDFHDH






 


D 

 
 E  F 


)LJXUD$OJDVHQFRQWUDGDVQDVFROXQDVGHP/ D %DFLOODURSK\FLDH E &KORURFRFDFHDH


F 3VHXGRDQDEHQDFHDHH G HPDUDQKDGRIRUPDGRSRU3VHXGRDQDEHQDFHDH


  ([SHULPHQWRFRPHIOXHQWHVLPXODGRGRH[SHULPHQWR


1HVWHWHUFHLURH[SHULPHQWRFRPFROXQDVGHZLQRJUDGVN\RQ~PHURGHIDPtOLDVGHDOJDV
HQFRQWUDGDV PDQWHYHVH SUy[LPR DR GRV H[SHULPHQWRV DQWHULRUHV H HP UHODomR D ELRPDVVD GH
ILWRSOkQFWRQSURGX]LGDDVFROXQDV&H7DSUHVHQWDUDPDPDLRUTXDQWLGDGHHQTXDQWRDFROXQD
7DSUHVHQWRXTXDQWLGDGHPHGLDQDHDFROXQD7EDL[DTXDQWLGDGHGHELRPDVVDRTXHFRQGL]
FRP R WHVWH GH WR[LFLGDGH TXH LQGLFRX R HIOXHQWH WUDWDGR SRU  PLQ FRPR R PDLV Wy[LFR -i R
HIOXHQWH WUDWDGR SRU  PLQ DSHVDU GH DSUHVHQWDU EDL[D WR[LFLGDGH i 6 FHUHYLVLDH FDXVRX
GLPLQXLomR GD GLYHUVLGDGH H TXDQWLGDGH GH ELRPDVVD GD FROXQD GH :LQRJUDGVN\ &RPR VH
WUDWDYDPGHFROXQDVGH/DYDULDELOLGDGHDPELHQWDOGDVFROXQDVHUDPDLRUSURSRUFLRQDQGRXP


 

PDLRU Q~PHUR GH DPELHQWHV H FULDQGR DVVLP XPD SRSXODomR PDLV HVSHFLDOL]DGD FRPR SRU
H[HPSOR QR FDVR GD FROXQD 7 $ IDPtOLD 3VHXGRDQDEHQDFHDH )LJXUD D  IRL HQFRQWUDGD
DSHQDV QD PHWDGH QmR LOXPLQDGD GD FROXQD (P UHODomR i GLYHUVLGDGH HQFRQWUDGD 7DEHOD   D
FROXQD FRQWUROH IRL D PDLRU FRP  IDPtOLDV DV FROXQDV 7 H 7 DSUHVHQWDUDP  IDPtOLDV H D
FROXQD7DPHQRUGLYHUVLGDGHFRPIDPtOLDVDSHQDV

7DEHOD  )DPtOLDV GH DOJDV HQFRQWUDGDV QDV FROXQDV GH :LQRJUDGVN\ QR WRSR 7  PHLR 0  H
IXQGR ) 
)DPtOLD & 7 7 7
 IUHQWH DWUiV IUHQWH DWUiV IUHQWH DWUiV IUHQWH DWUiV
 7 0 ) 7 0 ) 7 0 ) 7 0 ) 7 0 ) 7 0 ) 7 0 ) 7 0 )
%DFFLODULRSK\FHDH                        
&KURRFRFFDFHDH                        
'HVPLGLDFHDH                        
0DVWLJRFODGDFHDH                        
0DVWLJRFODGDFHDH                        
0HULVPRSHGLDFHDH                        
0LFURF\VWDFHDH                        
1RVWRFDFHDH                        
2VFLOODWRULDFHDH                        
3VHXGRDQDEHQDFHDH                        
6FHQHGHVPDFHDH                        
6\QHFKRFRFFDFHDH                        


$VVLP FRPR QRV RXWURV H[SHULPHQWRV D IDPtOLD %DFFLODULRSK\FLDH HVWDYD SUHVHQWH HP
WRGDV DV FROXQDV FRP PDLRU DEXQGkQFLD QD FROXQD & RX VHMD DSDUHQWHPHQWH D GLYHUVLGDGH
HQFRQWUDGDGHVWDIDPtOLDIRLDIHWDGDSHODSUHVHQoDGRHIOXHQWHWUDWDGR(QWUHWDQWRQDFROXQD7
QD SDUWH IURQWDO D SRSXODomR IRL TXDVH TXH WRWDOPHQWH IRUPDGD SHORV GRLV JrQHURV GH
%DFFLODULRSK\FLDH )LJXUDE &RPRREVHUYDGRDQWHULRUPHQWHRFUHVFLPHQWRVyIRLREVHUYDGR
D SDUWLU GD TXDUWD VHPDQD TXDQGR R HIOXHQWH VLPXODGR Mi DSUHVHQWDYD PHQRU WR[LFLGDGH ,WHP
 6HJXQGR3DUUD %LFXGR S DSUHVHQoDGHVWDIDPtOLDpDOWDPHQWHVLJQLILFDWLYD
QDDYDOLDomRGDTXDOLGDGHGHiJXDV
 $)DPtOLD0DVWLJRFODGDFHDHFRQVLGHUDGDFRPXPHPDPELHQWHVDTXiWLFRVSULQFLSDOPHQWH
YLYHQGR HP HPDUDQKDGR D RXWUDV HVSpFLHV %,&8'2  0(1(=(6  S   Vy IRL
HQFRQWUDGDQDVFROXQDV&H7&RPRDSUHVHQoDGDFRUQDFROXQD7QmRDIHWRXDSUHVHQoDGD


 

IDPtOLD SRGHVH LQIHULU TXH R FORUR SUHVHQWH QR HIOXHQWH WUDWDGR LPSHGLX VHX FUHVFLPHQWR QDV
FROXQDV7H7
'HVPLGLDFHDH FRPR FLWDGR DQWHULRUPHQWH WHP D FDUDFWHUtVWLFD GH SRGHU VREUHYLYHU HP
S+ViFLGRV 5(9,(56S 1HVWHFDVRQmRIRUDPHQFRQWUDGRVJrQHURVGHVWDVIDPtOLDV
QDVFROXQDVGHS+iFLGRVHJXQGR%URRN S DSUHVHQoDGHVWDDOJDDOpPGRS+SRGH
VHUDIHWDGDSHODFRQFHQWUDomRGHQXWULHQWHVGLVSRQtYHLVSUHVHQWHVVHQGRUHODFLRQDGDFRPRHVWDGR
HXWUyILFR GH XP ODJR 6XD SUHVHQoD HP JUDQGH TXDQWLGDGH LQGLFD PHQRU FRQFHQWUDomR GH
QXWULHQWHVHORJRPHQRUULVFRGHHXWURIL]DomR
&KURRFRFFDFHDHH2VFLOODWRULDFHDHIRUDPIDPtOLDVTXHDSDUHFHUDPDSHQDVQDFROXQD&H
WLYHUDPVHXFUHVFLPHQWRLQLELGRQDVFROXQDVFRPHIOXHQWHVLPXODGR


 
D  E 


)LJXUD3HVHXGRDQDEDQDFHDHHP7 D H%DFFLODULRSK\FLDHHP7 E 










 









&21&/86®(6


 'LDQWHGHVVHVUHVXOWDGRVH[LVWHXPLPSDVVHSRLVDGHJUDGDomRWRWDOGDFRUGRFRUDQWHSHOR

WUDWDPHQWR IRWRHOHWUROtWLFR Vy RFRUUHX FRP D DOWD FRQFHQWUDomR GH FORUHWR GH VyGLR SRUpP LVVR

FDXVRXWDPEpPDOWDPRUWDOLGDGHGHFpOXODVQRHQVDLRGHWR[LFLGDGHFRP6FHUHYLVLDH

 2V FRPSRVWRV IRUPDGRV GXUDQWH D HOHWUyOLVHSRVVLYHOPHQWH VmR GHQDWXUH]DWy[LFDHQmR

VmRUHPRYLGRVGDVROXomRPHVPRDSyVPHVHVGHUHSRXVR

 $ TXDQWLGDGH GH FORUR JHUDGR QD HOHWUyOLVH VH PRVWURX GHWHUPLQDQWH QR SURFHVVR GH

UHPRomRGHFRU

&RPR REVHUYDGR QRV H[SHULPHQWRV GDV FROXQDV GH :LQRJUDGVN\ D QmR GHJUDGDomR GR

FRUDQWH FRQFRPLWDQWHPHQWH RX QmR FRP D SUHVHQoD GH FRORUDomR  LQWHUIHUH QD IRUPDomR GD

PLFURELRWD IRWRVVLQWHWL]DQWH R TXH SRGH OHYDU D XP GHVHTXLOtEULR DPELHQWDO ORFDO Mi TXH HVWDV

PLFURDOJDVVmREDVHGDVFDGHLDVDOLPHQWDUHVDTXiWLFDV

2V H[SHULPHQWRV  H  DSHVDU GD WR[LFLGDGH SHTXHQD REWLYHUDP UHPRomR GH FRU

LQVDWLVIDWyULD4XDQWRjWR[LFLGDGHRH[SHULPHQWRDSUHVHQWRXEDL[DPRUWDOLGDGHVHQGRRPHOKRU

UHVXOWDGR GH WR[LFLGDGH DWp HQWmR GH DSHQDV  HQWUHWDQWR RV UHVXOWDGRV GR WHVWH

HFRWR[LFROyJLFR LQGLFDUDP GLPLQXLomR QD SURGXomR GH ILWRSOkQFWRQ H EDL[D GLYHUVLGDGH QD

SUHVHQoDGHVWHHIOXHQWH


 

3RUILPRSRQWRyWLPRGRWUDWDPHQWRVHVLWXRXQRH[SHULPHQWRQRWHPSRGHPLQH
UHSRXVRGHGLDVFRPUHPRomRVLJQLILFDWLYDGDFRU  HSRUDSUHVHQWDUWR[LFLGDGHPHQRU
TXH QR LQtFLR GR WUDWDPHQWR RX VHMD 7 H FRP UHVXOWDGR GR WHVWH HFRWR[LFROyJLFR SUy[LPR DR
FRQWUROH





























 









5()(5Ç1&,$6%,%/,2*5È),&$6


$%5(8&6$6,/9$-&/2/,9(,5$%&+2/$1'$)/3HUILVHVWUDWpJLFRVGH
FRQGXWD VRFLDO H DPELHQWDO HVWXGRV QD LQG~VWULD Wr[WLO QRUGHVWLQD *HVWmR GH 3URGXomR 6mR
&DUORVYQS


$.68 = %LRVRUSWLRQ RI UHDFWLYH G\HV E\ GULHG DFWLYDWHG VOXGJH HTXLOLEULXP DQG NLQHWLF
PRGHOLQJ%LRFKHPLFDO(QJLQHHULQJ-RXUQDO$PVWHUGDQYS±


$.<2/$%$<5$02*/803KRWRFDWDO\WLFGHJUDGDWLRQRI5HPD]RO5HG)%XVLQJ=Q2
FDWDO\VW-RXUQDORI+D]DUGRXV0DWHULDOV$PVWHUGDQY%S±





$/'(*6 < .+5$,6+(+ 0 $ 0 $/((1 6 - $+0$' 0 1 (IIHFW RI FDUERQ
VXUIDFH FKHPLVWU\ RQ WKH UHPRYDO RI UHDFWLYH G\HV IURP WH[WLOH HIIOXHQW :DWHU 5HVHDUFK 
/RQGUHVYQS


$1'(5621 ' & +$,56721 5 9 7KH :LQRJUDGVN\ &ROXPQ H %LRILOPV 0RGHOV IRU
7HDFKLQJ 1XWULHQW &\FOLQJ H 6XFFHVVLRQ LQ DQ (FRV\VWHP 7KH $PHULFDQ ELRORJ\ WHDFKHU
:DVKLQJWRQYQS


$5$8-2 ) 9 ) <2.2<$0$ / 5HPRomR GH FRU HP VROXo}HV GH FRUDQWHV UHDWLYRV HP
VROXo}HVSRUR[LGDomRFRP+2894XtPLFD1RYD6mR3DXORYQS



 

%(57$==2/, 5 3(/(*5,1, 5 'HVFRORUDomR H GHJUDGDomR GH SROXHQWHV RUJkQLFRV HP
VROXo}HVDTXRVDVDWUDYpVGRSURFHVVRIRWRHOHWURTXLPLFR4XtPLFD1RYD6mR3DXORYQS



%(<',//,0,3$9/267$7+,66*7,1&+(5:&%LRORJLFDO'HFRORUL]DWLRQRIWKH
$]R '\H 5HDFWLYH 5HG  XQGHU 9DULRXV 2[LGDWLRQ5HGXFWLRQ &RQGLWLRQV :DWHU (QYLURPHQWDO
5HVDHFK$OH[DQGULDYQS


%,&8'2 & ( 0 0(1(=(6 0 *rQHURV GH DOJDV FRQWLQHQWDLV GR %UDVLO ± &KDYH SDUD
LGHQWLILFDo}HVHGHVFULo}HVHG6mR&DUORV5LPDS


%522. $ - 3ODQNWRQLF DOJDH DV LQGLFDWRUV RI ODNH W\SHV ZLWK VSHFLDO UHIHUHQFH WR
'HVPLGLDFHDH/LPQRORJ\DQG2FHDQRJUDSK\:DFRYQS


%586&$ 5 & %586&$ * - ,QYHUWHEUDWHV  HG 6XQGHUODQG 6LQDXHU $VVRFLDWHV 
S


&$7$1+2 0 0$/3$66 * 5 3 027+(2 $ - $YDOLDomR GRV 7UDWDPHQWRV
(OHWURTXtPLFRV H )RWRHOHWURTXtPLFRV QD 'HJUDGDomR GH &RUDQWHV 7r[WHLV 4XtPLFD 1RYD 6mR
3DXORYQS


&203$1+,$ '( 7(&12/2*,$ ( 6$1($0(172 $0%,(17$/ 9DULiYHLV GH TXDOLGDGH
GDV iJXDV 'LVSRQtYHO HP KWWSZZZFHWHVEVSJRYEU$JXDULRVYDULDYHLVDVSFRORUDFDR
$FHVVRHPDJR


&2668 5 32/&$52 $ 0 /$9$*12/2 0 & 0$6&,$ 0 3$/0$6 6
5(12/',)(OHFWURFKHPLFDOWUHDWPHQWRIODQGILOOOHDFKDWHR[LGDWLRQDW7L3E2DQG7L6Q2
DQRGHV(QYLURQPHQWDO6FLHQFH 7HFKQRORJ\:DVKLQJWRQYQS


'(//$0$75,&(30%LRGHJUDGDomRH7R[LFLGDGHGH&RUDQWHV7r[WHLVH(IOXHQWHVGD
(VWDomRGH7UDWDPHQWRGHÈJXDV5HVLGXiULDVGH$PHULFDQD63I7HVH 'RXWRUDGR
HP (FRORJLD GH $JURHFRVVLVWHPDV  (VFROD 6XSHULRU GH $JURQRPLD ³/XL] GH 4XHLUR]´ ±
(6$/48633LUDFLFDED


'(1* < (1*/(+$5'7 - ' (OHFWURFKHPLFDO R[LGDWLRQ IRU ODQGILOO OHDFKDWH WUHDWPHQW
:DVWH0DQDJHPHQW3DGRYDYQS



 

)(//(1%(5* * ,QWURGXomR DRV SUREOHPDV GD SROXLomR DPELHQWDO  HG 6mR 3DXOR 6mR
3DXOR(386SULQJHU('863S


*(25*,28 ' 0(/,',6 3 $,9$6,',6 $ *,028+232/86 . 'HJUDGDWLRQ RI D]R
UHDFWLYH G\HV E\ XOWUDYLROHW UDGLDWLRQ LQ WKH SUHVHQFH RI K\GURJHQ SHUR[LGH '\HV  3LJPHQWV
$PVWHUGDQYS±


+$55,6'&$QDOLVHTXtPLFDTXDQWLWDWLYD7UDGXomRGH&$65LHKO5LRGH-DQHLUR/7&
S


./$,1( 6 - /(:,6 0 $ $OJDO DQG 3ODQW WR[LFLW\ WHVWLQJ ,Q +2))0$1 ' -
5$771(5%$%85721-5*$&$,516-5- (GV +DQGERRNRIHFRWR[LFRORJ\HG
%RFD5DWyQ/HZLV3XEOLVKHUVS


.25%$+7, % . 5HVSRQVH VXUIDFH RSWLPL]DWLRQ RI HOHWURFKHPLFDO WUHDWPHQW RI WH[WLOH G\H
ZDVWHZDWHU-RXUQDORI+D]DUGRXV0DWHULDOV$PVWHUGDQYS


0$768=$., 0 08&&, - / 1 52&+$ $ $ &RPXQLGDGH ILWRSODQFW{QLFD GH XP
SHVTXHLURQDFLGDGHGH6mR3DXOR5HYLVWDGH6D~GH3~EOLFD6mR3DXORYQS



3$55$22 %,&8'2&(0±,QURGXFFLyQDODELRORJLD\VLVWHPiWLFDGHODVDOJDVGH
iJXDVFRQWLQHQWDOHVHG6DQWLDJR$QGHVS

3(/(*5,1, 5 3(5$/7$=$025$ 3 $1'5$'( $ 5 5(<(6 - '85È1 1
(OHFWURFKHPLFDOO\ DVVLVWHG SKRWRFDWDO\WLF GHJUDGDWLRQ RI UHDFWLYH G\HV $SSOLHG &DWDO\VLV %
(QYLURPHQWDO$PVWHUGDQYS±


3e5(= - 3 /  /D FROXPQD GH :LQRJUDGVN\ 8P HMHQSOR GH PLFURELRORJLD EiVLFD HP XP
ODERUDWyULRGHHGXFDFLyQVHFXQGDULD5HYLVWD(XUHND(QVHxDQ]D\'LYXOJDFLyQ&LHQWLILFD&iGL]
YQS


32//,*0.8+1(1$$=(9('2(*)$17,1-6,/9$5)*5HSUHVHQWDo}HV
VRFLDLVGDiJXDHP6DQWD&DWDULQD3VLFRORJLDHPHVWXGR0DULQJiYQS


5$9(1 3 + (9(57 5 )  (,&++251 6 ( %LRORJLD YHJHWDO 7UDGXomR GH $ 3 3
&RVWDHWDOHG5LRGH-DQHLUR*XDQDEDUD.RRJDQ6$S



 


5e*,6 * %,'2,$ ( ' (OHFWURO\WLF WUHDWPHQW RI DQ HIIOXHQW RI D FKHPLFDO ,QGXVWU\ IRU
PRQLWRULQJWR[LFLW\E\6DFFKDURP\FHVFHUHYLVLDH6DOXVYLWD%DXUXYQ


5(9,(56 % %LRORJLD H ILORJHQLD GDV DOJDV 7UDGXomR GH , 0 )UDQFHVFKLQL &RQVXOWRULD H
UHYLVmRWpFQLFDGH/50%DSWLVWD,0)UDQFHVFKLQLHG3RUWR$OHJUH$UWPHG
S


52%,1621 7 0F08//$1 * 0$5&+$17 5 1,*$0 3 5HPHGLDWLRQ RI G\HV LQ
WH[WLOH HIIOXHQW D FULWLFDO UHYLHZ RQ FXUUHQW WUHDWPHQW WHFKQRORJLHV ZLWK D SURSRVHG DOWHUQDWLYH
%LRVRXUFH7HFKQRORJ\$PVWHUGDQYS


6,/9$0+6,/9$&81+$0**3$66$9$17(-=2*5(*2&.6081,=
. (VWUXWXUD VD]RQDO H HVSDFLDO GR PLFURILWRSODQFWRQ QR HVWXiULR WURSLFDO GR 5LR )RUPRVR 3(
%UDVLO6mR3DXORYQS


6$8(5 7 &(6&21(72 1(72 * -26e + - 025(,5$ 5 ) 3 0 .LQHWLFV RI
SKRWRFDWDO\WLF GHJUDGDWLRQ RI UHDFWLYH G\HV LQ D 7L2 VOXUU\ UHDFWRU -RUQDO RI 3KRWRFKHPLFDO
3KRWRELRORJ\$&KHPLFDO$PVWHUGDQYS±


6286$ 0 / 025$(6 3 % /23(6 3 5 0 0217$*12//, 5 1 %,'2,$ ( '
3KRWRHOHWURO\WLF V\VWHP DSSOLHG WR UHPD]RO UHG EULOOLDQW GHJUDGDWLRQ :DWHU 6FLHQFH DQG
7HFKQRORJ\/RQGRQ,QSUHVV


68660$1 6 $ &UHVFLPHQWR 0LFURRUJDQLVPRV &UHVFLPHQWR QXWULomR H LQWHUDomR 6mR
3DXOR('$57S


725725$*-)81.(%5&$6(&/0LFURELRORJLD&RQVXOWRULDVXSHUYLVmRHUHYLVmR
WpFQLFD0+9DLQVWHLQ$6FKUDQNHG6mR3DXOR$UWPHGS


781',6, - * 0$768085$781',6, 7 (XWURSKLFDWLRQ RI ODNHV DQG UHVHUYRLUV $
FRPSDUDWLYH DQDO\VLV FDVH VWXGLHV SHUVSHFWLYHV ,Q &25'(,520$5,12 0 3$,9$
$=(9('20$6$17¶$11$&/720,7$1<3/$67,12(0 (GV $OJDHDQG
WKHHQYLURPHQW$JHQHUDODSSURDFK6mR3DXOR6RFLHGDGH%UDVLOHLUDGHILFRORJLDS


=$121,09%&$51(,523$2'HVFDUWHGRVFRUDQWHVWr[WHLV&LrQFLD+RMH5LRGH
-DQHLURYQS


 





0DULDQD/RSHVGH6RXVD




(GHULR'LQR%LGRLD 2ULHQWDGRU 




3HWHUVRQ%XHQRGH0RUDHV &RRULHQWDGRU 




5LR&ODURGHRXWXEURGH



Você também pode gostar