Escolar Documentos
Profissional Documentos
Cultura Documentos
Vergilio Sal Me Ilha
Vergilio Sal Me Ilha
&DPSXVGH,OKD6ROWHLUD
352*5$0$'(3Ï6*5$'8$d2(0(1*(1+$5,$&,9,/
/LJDo}HVHP(VWUXWXUDV0HWiOLFDV
FRPrQIDVHHPSHUItVIRUPDGRVDIULR
6e5*,2$3$5(&,'2/(66$9(5*Ë/,2
2ULHQWDGRU3URI'U5HQDWR%HUWROLQR-~QLRU
'LVVHUWDomRDSUHVHQWDGDj)DFXOGDGHGH(QJHQKDULD
81(63±&DPSXVGH,OKD6ROWHLUDSDUDREWHQomR
GRWtWXORGH0HVWUHHP(QJHQKDULD&LYLO
ÈUHDGH&RQKHFLPHQWR(VWUXWXUDV
,OKD6ROWHLUD±63
GH]HPEUR
FICHA CATALOGRÁFICA
$*5$'(&,0(1726
$'HXVSHODVJHQHURVDVErQomRVFRPTXHVHPSUHPHDJUDFLRX
$RV3URIHVVRUHVGR3URJUDPDGH3yVJUDGXDomRHP(QJHQKDULD&LYLOGD
81(63GH,OKD6ROWHLUDHPHVSHFLDODR3URI'U5HQDWR%HUWROLQR-~QLRUSHODRSRUWX
QLGDGHGHFUHVFLPHQWRTXHPHSURSRUFLRQDUDP
¬PLQKDIDPtOLDSHODFRPSUHHQVmRHDSRLR
5(6802
(VWHWUDEDOKRWUDWDGDDQiOLVHGRVWLSRVGHOLJDo}HVXVXDOPHQWHHPSUHJDGDVHP
WUHOLoDVGHFREHUWXUDFRQVWLWXtGDVSRUSHUItVGHDoRIRUPDGRVDIULR2HVFRSRGDDQiOL
VHHQJOREDVHXFRPSRUWDPHQWRHVWUXWXUDOHPRGHORVGHFiOFXOR$OpPGLVVRDSUHVHQWD
H FRPHQWD RV SURFHGLPHQWRV LQGLFDGRV QD QRUPD EUDVLOHLUD 1%5
³'LPHQVLRQDPHQWRGHHVWUXWXUDVGHDoRFRQVWLWXtGDVSRUSHUItVIRUPDGRVDIULR´$%17
$662&,$d2%5$6,/(,5$'(1250$67e&1,&$6SHOD1%5³3URMHWR
GHHVWUXWXUDVGHDoRHGHHVWUXWXUDVPLVWDVGHDoRHFRQFUHWRGHHGLItFLRV´TXDQGRUH
IHULGRVSHODSULPHLUDHWDPEpPSRUUHFRQKHFLGDVQRUPDVHVWUDQJHLUDV2VPHLRVGH
OLJDomRHVWXGDGRVVmRSDUDIXVRVHVROGDVRVHOHPHQWRVGDOLJDomRVmRDVEDUUDVFR
EUHMXQWDV FKDSDV GH JXVVHW HQWUH RXWURV $V EDUUDV SHUWHQFHQWHV jV WUHOLoDV VmR GH
SHUItV³8´RX³/´HVXDVFRPELQDo}HV&DGDWLSRGHOLJDomRGHEDUUDHVWXGDGDDSUHVHQ
WDDVUHVSHFWLYDVSODQLOKDVHOHWU{QLFDVGHFiOFXORGDVOLJDo}HVFRPDILQDOLGDGHGHVLV
WHPDWL]DUHDJLOL]DUVHXGLPHQVLRQDPHQWREHPFRPRSHUPLWLUFODUDYLVmRGHFRPRFDGD
IDWRULQWHUYHQLHQWHFRQWULEXLSDUDRGHVHPSHQKRGDOLJDomR$GLFLRQDOPHQWHIRLLQFOXtGR
HVWXGRGHSODFDVGHEDVHHFKXPEDGRUHVSDUDRVTXDLVWDPEpPIRUDPHODERUDGDVSOD
QLOKDVGHGLPHQVLRQDPHQWR
3DODYUDVFKDYH/LJDo}HV3DUDIXVRV6ROGDV3HUItVIRUPDGRVDIULR3ODFDV
$%675$&7
7KLVZRUNGHDOVZLWKWKHDQDO\VLVRIFRQQHFWLRQVW\SHVFRPPRQO\XVHGLQURRI
WUXVVHVFRQVLVWLQJRIVWHHOFROGIRUPHGSURILOHV7KHVFRSHRIUHYLHZLQFOXGHVLWVVWUXF
WXUDO EHKDYLRU DQG FDOFXODWLRQ PRGHOV ,W DOVR SUHVHQWV DQG GLVFXVVHV WKH SURFHGXUHV
VSHFLILHGE\UHFRJQL]HGIRUHLJQVWDQGDUGVWKH%UD]LOLDQ6WDQGDUGIRUFROGIRUPHGVWHHO
1%5DQG1%5DVUHIHUHQFHGE\WKHILUVW7KHPHDQVRIEROWHG
DQGZHOGHGFRQQHFWLRQVDUHVWXGLHGWKHFRQQHFWLRQHOHPHQWVDUHWKHEDUVMRLQWVKHHW
LQJDQGJXVVHWSODWHVDPRQJRWKHUV7KHEDUVEHORQJLQJWRWKHWUXVVHVDUHSURILOHVRI
8RU/DQGFRPELQDWLRQVWKHUHRI(DFKHOHPHQWFRQQHFWLRQW\SHVWXGLHGLVSUHVHQWHG
LQVSUHDGVKHHWFDOFXODWLRQRIWKHFRQQHFWLRQLQRUGHUWRV\VWHPDWL]HDQGVWUHDPOLQHWKHLU
GHVLJQ$OVRDOORZVDFOHDUYLHZRIWKHYDOXHWKDWHDFKHIIHFWUHSUHVHQWVDQGLQWHUYHQLQJ
IDFWRUVLQWKHSHUIRUPDQFHRIWKHFRQQHFWLRQ)XUWKHUPRUHDUHLQFOXGHGWKHDQDO\VLVRI
EDVHSODWHVDQGDQFKRUEROWVWKDWVSUHDGVKHHWVDUHPDGHIRUZLFK
.H\ZRUGV&RQQHFWLRQV%ROWV:HOGV&ROGIRUPHGSURILOHV3ODWHV
/,67$'(),*85$6
)LJXUD ([HPSORVGHOLJDo}HVIOH[tYHLV
)LJXUD 5HSUHVHQWDomRGRFRPSRUWDPHQWRGHOLJDomRUtJLGD
)LJXUD ([HPSORVGHOLJDo}HVUtJLGDV
)LJXUD 3yUWLFRWUDQVYHUVDOWtSLFR
)LJXUD 1yGHWUHOLoDFRPSRVWRSRUEDQ]RGLDJRQDOHPRQWDQWHGHSHUILO8
IRUPDGRDIULRSDUDIXVDGRVHPFKDSDVGHJXVVHWVROGDGDVODWH
UDOPHQWHDRVEDQ]RV
)LJXUD 1yGHWUHOLoDFRPSRVWRSRUEDQ]RGLDJRQDOHPRQWDQWHGHSHUILO8
IRUPDGRDIULRSDUDIXVDGRVHPFKDSDVGHJXVVHWVROGDGDVVREUH
DVIODQJHVGREDQ]R
)LJXUD 1yGHWUHOLoDFRPSRVWRSRUEDQ]RGHSHUILO³8´IRUPDGRDIULRFRP
GLDJRQDOHPRQWDQWHGHSHUILOGXSOR/´SDUDIXVDGRVHPFKDSDVGH
JXVVHWVROGDGDVODWHUDOPHQWHDRVEDQ]RV
)LJXUD 1yGHWUHOLoDFRPSRVWRSRUEDQ]RGHSHUILO³8´IRUPDGRDIULRFRP
GLDJRQDOHPRQWDQWHGHSHUILOGXSOR/´SDUDIXVDGRVHPFKDSDVGH
JXVVHWVROGDGDVVREUHDVIODQJHVGREDQ]R
)LJXUD 1yGHWUHOLoDFRPSRVWRSRUEDQ]RVGLDJRQDLVHPRQWDQWHVGHSHUItO
GXSOR/
)LJXUD1yGHWUHOLoDFRPSRVWRSRUEDQ]RHGLDJRQDLVHP³/VLPSOHV´
)LJXUD (PHQGDGHEDQ]RVFRPFREUHMXQWDV³WDODV´SDUDIXVDGDV
)LJXUD ([WUHPLGDGHVGHWUHOLoD
)LJXUD 1yGHWUHOLoD%DQ]RVGLDJRQDLVHPRQWDQWHVHP8FRPFKDSDGH
JXVVHW
)LJXUD 1yGHWUHOLoD%DQ]RVGHSHUILO³8´GLDJRQDLVHPRQWDQWHVHP³8´
FRPFKDSDGHJXVVHW
)LJXUD 1yGHWUHOLoD%DQ]RV'LDJRQDLVHPRQWDQWHVGHSHUILO³/´FRP
FKDSDGHJXVVHW
)LJXUD 1yVGHWUHOLoDFRQVWLWXtGRVSRUOLJDo}HVGHGLDJRQDLVHPRQWDQWHV
VROGDGRVGLUHWDPHQWHDREDQ]R
)LJXUD 5HSUHVHQWDomRGHOLJDomRSRUPHLRGHVROGDHPHPHQGDVGH
EDQ]RV[FROXQDHSLODU[SODFDGHEDVH
)LJXUD ([HPSORGHUXSWXUDSRUUDVJDPHQWRIXURERUGD
)LJXUD 5HSUHVHQWDomRGHUXSWXUDSRUHVPDJDPHQWRGRIXUR
)LJXUD &RPSDUDomRHQWUHUXSWXUDVGHSDUDIXVRVRFDVLRQDGDVSRUWRUTXH
H[FHVVLYRHSRUWUDomRGLUHWD
)LJXUD 5HSUHVHQWDomRGHUXSWXUDSRUFLVDOKDPHQWRGRSDUDIXVR
/,67$'(6Ë0%2/26
/(75$6520$1$60$,Ò6&8/$6
$ iUHDEUXWDGDVHomRWUDQVYHUVDOGDEDUUD
iUHDHVWDEHOHFLGDSDUDFiOFXORGHHQULMHFHGRUHVWUDQVYHUVDLV
$HI iUHDHIHWLYDGDVHomRWUDQVYHUVDOGDEDUUD
$JY iUHDEUXWDVXMHLWDDFLVDOKDPHQWRQDYHULILFDomRGRFRODSVRSRUUDVJDPHQWR
$Q iUHDOtTXLGDGDVHomRWUDQVYHUVDOGDEDUUDQDUHJLmRGDOLJDomR
$Q iUHDOtTXLGDGDVHomRWUDQVYHUVDOGDEDUUDIRUDGDUHJLmRGDOLJDomR
$QW iUHDOtTXLGDVXMHLWDjWUDomRQDYHULILFDomRGRFRODSVRSRUUDVJDPHQWR
$QY iUHDOtTXLGDVXMHLWDDFLVDOKDPHQWRQDYHULILFDomRGRFRODSVRSRUUDVJDPHQWR
$E iUHDEUXWDGDVHomRWUDQVYHUVDOGRSDUDIXVR
$V iUHDGDVHomRWUDQVYHUVDOGRHQULMHFHGRUGHDOPD
&W FRHILFLHQWHGHUHGXomRXVDGRQRFiOFXORGDiUHDOtTXLGDHIHWLYD
' ODUJXUDQRPLQDOGRHQULMHFHGRUGHERUGD
( PyGXORGHHODVWLFLGDGHGRDoRDGRWDGRLJXDOD03D
) IRUoDYDORUGHDomRHPJHUDO
)5G IRUoDUHVLVWHQWHGHFiOFXORHPJHUDO
)6G IRUoDVROLFLWDQWHGHFiOFXORHPJHUDO
* PyGXORGHHODVWLFLGDGHWUDQVYHUVDODGRWDGRLJXDOD03D
05G PRPHQWRIOHWRUUHVLVWHQWHGHFiOFXOR
06G PRPHQWRIOHWRUVROLFLWDQWHGHFiOFXOR
1F5GIRUoDD[LDOGHFRPSUHVVmRUHVLVWHQWHGHFiOFXOR
1F6G IRUoDD[LDOGHFRPSUHVVmRVROLFLWDQWHGHFiOFXOR
5G YDORUGHFiOFXORGRVHVIRUoRVUHVLVWHQWHVHPJHUDO
6G YDORUGHFiOFXORGRVHVIRUoRVVROLFLWDQWHVHPJHUDO
95G IRUoDFRUWDQWHUHVLVWHQWHGHFiOFXOR
96G IRUoDFRUWDQWHVROLFLWDQWHGHFiOFXOR
: PyGXORGHUHVLVWrQFLDHOiVWLFRGDVHomREUXWDHPUHODomRjILEUDH[WUHPDTXHD
WLQJHRHVFRDPHQWR
/(75$6520$1$60,1Ò6&8/$6
E ODUJXUDGRHOHPHQWRpDGLPHQVmRSODQDGRHOHPHQWRVHPLQFOXLUGREUDV
EI ODUJXUDQRPLQDOGDPHVD
G ODUJXUDGRHQULMHFHGRUGHERUGD
H GLVWkQFLDQDGLUHomRGDIRUoDGRFHQWURGRIXURSDGUmRjERUGDPDLVSUy[LPDGR
IXURDGMDFHQWHRXjH[WUHPLGDGHGRHOHPHQWRFRQHFWDGR
HHGLVWkQFLDVGRFHQWURGRVIXURVGHH[WUHPLGDGHjVUHVSHFWLYDVERUGDVQDGLUHomR
SHUSHQGLFXODUjVROLFLWDomR
IX UHVLVWrQFLDjUXSWXUDGRDoRQDWUDomR
IXE UHVLVWrQFLDjUXSWXUDGRSDUDIXVRQDWUDomR
IZ UHVLVWrQFLDjUXSWXUDGDVROGD
I\ UHVLVWrQFLDDRHVFRDPHQWRGRDoR
J HVSDoDPHQWRGRVSDUDIXVRVQDGLUHomRSHUSHQGLFXODUjVROLFLWDomR
GLVWkQFLDHQWUHRVSDUDIXVRVRXVROGDVQDGLUHomRSHUSHQGLFXODUDRHL[RGDEDUUD
K ODUJXUDGDDOPDDOWXUDGDSDUWHSODQDGDDOPD
V HVSDoDPHQWRGRVSDUDIXVRVQDGLUHomRGDVROLFLWDomR
W HVSHVVXUDGDFKDSDRXGRHOHPHQWR
PHQRUHVSHVVXUDGDSDUWHFRQHFWDGD
WHI GLPHQVmRHIHWLYDJDUJDQWDHIHWLYDGDVROGDGHSHQHWUDomRRXGHILOHWH
ZZSHUQDVGRILOHWHGHVROGDHPVXSHUItFLHVSODQDV
[ GLVWkQFLDGRFHQWURGHWRUomRDRFHQWUyLGHQDGLUHomRGRHL[R[
\ GLVWkQFLDGRFHQWURGHWRUomRDRFHQWUyLGHQDGLUHomRGRHL[R\
/(75$6*5(*$60,1Ò6&8/$6
DH FRHILFLHQWH HPSUHJDGR QR FiOFXOR GD IRUoD UHVLVWHQWH DR HVPDJDPHQWR HP OLJD
o}HVSDUDIXVDGDV
J FRHILFLHQWHGHSRQGHUDomRGDVDo}HVRXGDVUHVLVWrQFLDVHPJHUDO
V WHQVmR1RUPDOHPJHUDO
\ IDWRUGHUHGXomRGDVDo}HVIDWRUGHFRPELQDomRGHDo}HV
2XWUDV1RWDo}HV$VLPERORJLDGHELEOLRJUDILDH1RUPDVHVWUDQJHLUDVHVWmRLQGLFDGDV
QRFRUSRGRWH[WR
680È5,2
,1752'8d2
2%-(7,926(-867,),&$7,9$
5(9,62'267,326'(/,*$d®(6868$,6
*(1(5$/,'$'(6
5(6,67Ç1&,$0Ë1,0$'$6/,*$d®(6
%$55$6&20/,*$d®(6)/(;Ë9(,6
%$55$6&20/,*$d®(65Ë*,'$6
%$55$6&20/,*$d®(66(0,5Ë*,'$6
/,*$d®(67Ë3,&$6'(75(/,d$61Ï6((0(1'$6
/,*$d®(63250(,2'(3$5$)8626
%DQ]RVGLDJRQDLVHPRQWDQWHVGHSHUILO³8´FKDSDVGH*XVVHW
VROGDGDVODWHUDOPHQWHDREDQ]R
%DQ]RVGLDJRQDLVHPRQWDQWHVGHSHUILO³8´FKDSDVGH*XVVHW
VROGDGDVVREUHDVIODQJHVGREDQ]R
%DQ]RVGHSHUILO³8´GLDJRQDLVHPRQWDQWHVGHSHUILO³GXSOR/´
FKDSDVGH*XVVHWVROGDGDVODWHUDOPHQWHDREDQ]R
%DQ]RVGHSHUILO³8´GLDJRQDLVHPRQWDQWHVGHSHUILO³GXSOR/´
FKDSDVGH*XVVHWVROGDGDVVREUHDVIODQJHVGREDQ]R
%DQ]RVGLDJRQDLVHPRQWDQWHVGHSHUILO³GXSOR/´FKDSDGH
*XVVHWSDUDIXVDGDRXVROGDGDDREDQ]R
%DQ]RVGLDJRQDLVHPRQWDQWHVGHSHUILO³/VLPSOHV´FKDSDGH
*XVVHWVROGDGDDREDQ]R
(PHQGDVGHEDQ]RV
([WUHPLGDGHGDWUHOLoD
/,*$d®(63250(,2'(62/'$6
%DQ]RVGLDJRQDLVHPRQWDQWHVGHSHUILO³8´FKDSDVGH*XVVHW
VROGDGDVDREDQ]R
%DQ]RVGHSHUILO³8´GLDJRQDLVHPRQWDQWHVGHSHUILO³GXSOR/´
FKDSDVGH*XVVHWVROGDGDVDREDQ]R
%DQ]RVGLDJRQDLVHPRQWDQWHVGHSHUILO³/´VLPSOHVRXGXSOR
FRPFKDSDGH*XVVHWVROGDGRVDREDQ]R
'LDJRQDLVHPRQWDQWHVFRQVWLWXtGRVSRUSHUItV³/´RX³8´
VROGDGRVGLUHWDPHQWHDRVEDQ]RV³8´VHPFKDSDGH*XVVHW
(PHQGDVGHEDQ]RVOLJDo}HVGHWHVRXUD[SLODUOLJDo}HVGH
SLODU[SODFDGHEDVHFRPVROGD
(67$'26/,0,7(6'$6/,*$d®(6
/,*$d®(6'(%$55$63250(,2'(3$5$)8626
/,*$d®(6'(%$55$63250(,2'(62/'$
(VWDGRVOLPLWHVXVXDLV
(IHLWRVGHJUXSRGHVROGDV
&+$3$6'(*866(7
3/$&$6'(%$6('(3,/$5(6
3ODFDVGHEDVHVXEPHWLGDVjIOH[RFRPSUHVVmR
3ODFDVGHEDVHVXEPHWLGDVjIOH[RWUDomR
&+80%$'25(6
&RQVLGHUDo}HV
&RQFHLWRVHSUHPLVVDV
ϭϰ
,1752'8d2
(PHGLItFLRVLQGXVWULDLVWtSLFRVJDOS}HVDVOLJDo}HVUHVSRQGHPSRUPHQRVGH
GRFRQVXPRGHDoRHPHVPRDVVLPUHSUHVHQWDPDSUR[LPDGDPHQWHGRFXV
WRWRWDOVHJXQGR7KH6WHHO&RQVWUXFWLRQDO,QVWLWXWH%ULWLVK&RQVWUXFWLRQDO6WHHOZRUN$V
VRFLDWLRQ/WG6&,%6&$LQ³-RLQWVLQ6WHHO&RQVWUXFWLRQ±6LPSOH&RQQHFWLRQ´
1DDQiOLVHHVWUXWXUDOGLDJUDPDVXQLILODUHVUHSUHVHQWDPYLJDVHSLODUHVHQTXDQWR
DUWLFXODo}HVDSRLRVIL[RVHHQJDVWDPHQWRVFDUDFWHUL]DPDVOLJDo}HV(QWUHWDQWRHVWUX
WXUDVUHDLVVmRFRPSRVWDVGHEDUUDVYLJDVSLODUHVHWFWRGRVXQLGRVSRUFKDSDVFDQ
WRQHLUDVRXRXWURSHUILOSDUDIXVRVHRXVROGDV
,QYHVWLJDo}HV GH FRODSVRVHVWUXWXUDLVIUHTXHQWHPHQWH GHPRQVWUDP TXH DV OLJD
o}HV RX GHWDOKHV HP YH] GH EDUUDV IRUDP D RULJHP RX FDXVD GR FRODSVR *$
</25'&*$</25'(67$//0(<(5
7RUQDVH QHFHVViULR FRQKHFHU R FRPSRUWDPHQWR H D GLVWULEXLomR GRV HVIRUoRV
QDVOLJDo}HVSDUDTXHRVPRGHORVPDWHPiWLFRVHPSUHJDGRVQRSURMHWRHGLPHQVLRQD
PHQWRGDVPHVPDVVHMDPRPDLVSUy[LPRSRVVtYHOGDHVWUXWXUDUHDO'RPHVPRPR
GRpGHJUDQGHLPSRUWkQFLDDGLVSRQLELOLGDGHGHIHUUDPHQWDVGHFiOFXORTXHDJLOL]HP
HVWDDQiOLVH
ϭϱ
2%-(7,926(-867,),&$7,9$
(VWHWUDEDOKRYLVDDSUHVHQWDUPHWRGRORJLDHLQVWUXPHQWRSDUDDQiOLVHSUiWLFDGRV
WLSRVGHOLJDo}HVPDLVXVXDLVGHHOHPHQWRVHVWUXWXUDLVGHDoRIRUPDGRVDIULRHPHGLIt
FLRVFRPHUFLDLVHLQGXVWULDLV3DUDHVWDVILQDOLGDGHVVmRSURSRVWDVSODQLOKDVGHFiOFXOR
SDUD YHULILFDomRGLPHQVLRQDPHQWR GHVWDV OLJDo}HV ± DOJXPDV GDV TXDLV VmR FRPXQV
WDQWRDSHUItVIRUPDGRVDIULRTXDQWRDODPLQDGRVRXVROGDGRV
$DXWRPDWL]DomRGHFiOFXORVDWUDYpVGHSODQLOKDVHOHWU{QLFDVDOLDGDjDSUHVHQWD
omRGRVGLVSRVLWLYRVGHQRUPDTXHGHYHPVHUDWHQGLGRVEXVFDVLPSOLILFDUHDJLOL]DUD
DQiOLVH$RPHVPRWHPSRSHUPLWHYLVLELOLGDGHHFRQWUROHGRVSDUkPHWURVTXHLQIOXHP
QRGLPHQVLRQDPHQWRGDVOLJDo}HV
3UHWHQGHVH FRP HVWH HQIRTXH DX[LOLDU RV SURILVVLRQDLV H SHVTXLVDGRUHV GHVWH
DVVXQWRQDFRPSUHHQVmRSRQGHUDomRHREWHQomRGHUHVXOWDGRVQRSURMHWRGHOLJDo}HV
3DUDVHFRQVHJXLUHILFLrQFLDHHFRQRPLDQRSURMHWRGHOLJDo}HVHVWDVGHYHPVHU
GHIiFLOGHWDOKDPHQWRIDEULFDomRHPRQWDJHPHQmRQHFHVVDULDPHQWHVHUHPOHYHV
2SURMHWRGDVOLJDo}HVpPXLWDVYH]HVGHL[DGRSRUFRQWDGRIDEULFDQWHGDHVWUX
WXUDHVHXSURMHWLVWDQHPVHPSUHWHPFRQGLo}HVGHGHGLFDUDDWHQomRTXHHVWDVUHTXH
UHP
&RQGLFLRQDPHQWR GH WHPSR H SULRULGDGH GHVWLQDGD DRXWURVDVVXQWRV WHQGHP D
LQLELUXPWUDWDPHQWRDGHTXDGRGRSURMHWRGHOLJDo}HV
$OpP GDV GLILFXOGDGHV DFLPD PHQFLRQDGDV VRPDVH R IDWR GH QR %UDVLO VHUHP
SRXFDVDVSXEOLFDo}HVQDFLRQDLVGHGLFDGDVH[FOXVLYDPHQWHjVOLJDo}HVGDVHVWUXWXUDV
PHWiOLFDV
ϭϲ
5(9,62'267,326'(/,*$d®(6868$,6
*(1(5$/,'$'(6
$1%53URMHWRGHHVWUXWXUDVGHDoRHGHHVWUXWXUDVPLVWDVGHDoRH
FRQFUHWRGHHGLItFLRVQRtWHPGHILQHTXH³DVOLJDo}HVPHWiOLFDVFRQVLVWHPHP
HOHPHQWRVGHOLJDomRFRPRHQULMHFHGRUHVFKDSDVGHOLJDomRFDQWRQHLUDVHFRQVRORV
HPHLRVGHOLJDomRFRPRVROGDVSDUDIXVRVEDUUDVUHGRQGDVURVTXHDGDVHSLQRV´(V
WDEHOHFHDLQGDTXHHVVHVFRPSRQHQWHVGHYHPVHUGLPHQVLRQDGRVGHIRUPDTXHVXD
UHVLVWrQFLDGHFiOFXORQRVHVWDGRVOLPLWHVDSOLFiYHLVVHMDVHPSUHPDLRURXLJXDOjVVR
OLFLWDo}HVGHFiOFXORGHWHUPLQDGDV
3HODDQiOLVHGDHVWUXWXUDVXMHLWDjVFRPELQDo}HVGHFiOFXORGDVDo}HVFRQIRUPHR
tWHPGHVWDQRUPD
±&RPRXPDSRUFHQWDJHPHVSHFLILFDGDGDUHVLVWrQFLDGDEDUUDOLJDGD(PDOJXPDV
VLWXDo}HVHVSHFtILFDVRGLPHQVLRQDPHQWRSRGHWDPEpPWHUFRPREDVHXPHVWDGROLPL
WHGHVHUYLoR
5(6,67Ç1&,$0Ë1,0$'$6/,*$d®(6
1R TXH VH UHIHUH jV OLJDo}HV DV QRUPDV EUDVLOHLUDV HVWDEHOHFHP YDORUHV PtQL
PRV SDUD D UHVLVWrQFLD GDV PHVPDV VHMD HP YDORUHV DEVROXWRV N1 QD GLUHomR H
VHQWLGR GD IRUoD DWXDQWH QD EDUUD FRQHFWDGD 1%5 tWHP VHMD UHODWLYR
GDFDSDFLGDGHUHVLVWHQWHD[LDOGDEDUUD1%5H1%5'LPHQ
VLRQDPHQWRGHHVWUXWXUDVGHDoRFRQVWLWXtGDVSRUSHUILVIRUPDGRVDIULR$OpPGLVVR
DV OLJDo}HV GHYHUmR VHU FDOFXODGDV SDUD VXSRUWDU WRGDV DV FRPELQDo}HV GH FiOFXOR D
TXHHVWmRVXMHLWDV
%$55$6&20/,*$d®(6)/(;Ë9(,6
(VWDV VmR GHILQLGDV FRPR DV OLJDo}HV TXH WUDQVPLWHP DSHQDV HVIRUoR GH FLVD
OKDPHQWRHQRUPDOWrPXPDUHVLVWrQFLDjURWDomRGHVSUH]tYHOHSRUWDQWRQmRWUDQVIH
UHP PRPHQWRV VLJQLILFDWLYRV QRV (VWDGRV /LPLWHV ÒOWLPRV (VWD GHILQLomR GHWHUPLQD R
FiOFXORJOREDOHVWUXWXUDQRTXDODVYLJDVVmRFDOFXODGDVFRPRVLPSOHVPHQWHDSRLDGDV
RVHQFRQWURVGHEDUUDVGHWUHOLoDVVmRFRQVLGHUDGRVOLYUHVjURWDomRHTXDQGRVHWUDWDU
GH EDVH GH SLODUHV VmR FDOFXODGDV SDUD RV HVIRUoRV D[LDO H WUDQVYHUVDO DWXDQWHV 1R
HQWDQWRQDSUiWLFDDVOLJDo}HVGHYHPWHUXPJUDXGHIL[DomRRTXDOHPERUDQmROHYD
GRHPFRQWDQRFiOFXORpQRUPDOPHQWHVXILFLHQWHSDUDSHUPLWLUDPRQWDJHPVHPDQH
FHVVLGDGHGHFRQWUDYHQWDPHQWRVWHPSRUiULRV
$VIRUPDVDSUHVHQWDGDVQDILJXUDVmRFRQVLGHUDGDVFRPROLJDomRGRWLSRIOH
[tYHORX³VLPSOHV´
'XSODFDQWRQHLUDGHDOPDHPH[WUHPLGDGHVGHYLJDV
3ODFDVGHH[WUHPLGDGHIOH[tYHLV
&KDSDVGH1yRXJXVVHW
/LJDomRGHEDUUDVGHWUHOLoDXQLGDVGLUHWDPHQWHXPDVjVRXWUDV
ϭϳ
)LJXUD([HPSORVGHOLJDo}HVIOH[tYHLV
D'XSODFDQWRQHLUDGHDOPDE3ODFDGHH[WUHPLGDGHQDODWHUDOGDDOPD
F3ODFDGHH[WUHPLGDGHQRWRSRGDDOPD
G&KDSDVGH*XVVHW
H(QFRQWURVGHEDUUDVGHWUHOLoDXQLGDVGLUHWDPHQWHXPDVjVRXWUDV
)RQWH)LJXUDVDEHF,QVWLWXWR%UDVLOHLURGH6LGHUXUJLD)LJXUDVGHH6WHHO&RQVWUXFWL
RQDO,QVWLWXWH
ϭϴ
%$55$6&20/,*$d®(65Ë*,'$6
1D DQiOLVH HOiVWLFD D 1%5 QR tWHP HVWDEHOHFH TXH XPD OLJDomR
YLJDSLODUSRGHVHUFRQVLGHUDGDURWXODGDVH6L(,Y /Y HSRGHVHUFRQVLGHUDGDUt
JLGDVH6L(,Y /Y 1HVWDIRUPXODomR6LpDULJLGH]GDOLJDomRFRUUHVSRQGHQWH
jGRPRPHQWRUHVLVWHQWHGHFiOFXORGDOLJDomRVLPSOLILFDGDPHQWHGHQRPLQDGDGH
ULJLGH]LQLFLDOH,YH/YVmRRPRPHQWRGHLQpUFLDGDVHomRWUDQVYHUVDOQRSODQRGDHV
WUXWXUDHRFRPSULPHQWRGDYLJDFRQHFWDGDjOLJDomRUHVSHFWLYDPHQWH
$ULJLGH]6LSRGHVHUGHWHUPLQDGDGHDFRUGRFRPR(XURFRGH'HVLJQRI
VWHHOVWUXFWXUHV3DUW*HQHUDO±'HVLJQRIMRLQWVRXFRPEDVHHPUHVXOWDGRVH[SH
ULPHQWDLV
1DVHTXrQFLDGRtWHPVmRHVWDEHOHFLGDVDVFRQGLo}HVGDDSOLFDELOLGDGH
GDVFRQVLGHUDo}HVGHULJLGH]
2PpWRGRLQGLFDGR±GHVFULWRQR(XURFRGH3DUWQRtWHP5RWDWLRQDO6WLI
IHQHVVpWUDEDOKRVRHVyVHWRUQDSUiWLFRVHDSOLFDGRDWUDYpVGHVRIWZDUHDSURSULDGR
(QWUHWDQWRD1%5QRtWHPSHUPLWHTXHDFULWpULRGRUHVSRQViYHOWpFQLFR
SHORSURMHWRDVOLJDo}HVXVXDLVWUDGLFLRQDOPHQWHFRQVLGHUDGDVFRPRURWXODGDVRXUtJL
GDVSRGHPVHUVLPXODGDVFRPHVVHVWLSRVGHYLQFXODomRQDDQiOLVHHVWUXWXUDO
$HVSHFLILFDomR$,6&±$PHULFDQ,QVWLWXWHRI6WHHO&RQVWUXFWLRQ6SHFLIL
FDWLRQIRUVWUXFWXUDOVWHHOEXLOGLQJVDSHQDVFLWDQDSDUWH&±*(1(5$/67$%,/,7<
5(48,5(0(176 TXH D HVWDELOLGDGH GDV HVWUXWXUDV H HOHPHQWRV LQGLYLGXDLV GHYHP
VHUFRQVLGHUDGRVVRESRQWRGHYLVWDGDHVWUXWXUDJOREDOLQFOXLQGRQmRDSHQDVHOHPHQ
WRVFRPSULPLGRVPDVWDPEpPYLJDVHVWUXWXUDVGHFRQWUDYHQWRVHOLJDo}HV
$ HVSHFLILFDomR SDUD SHUItV IRUPDGRV D IULR QRUWHDPHULFDQD $PHULFDQ ,URQ DQG
6WHHO,QVWLWXWH$,6,HDEUDVLOHLUD1%5QmRHVWDEHOHFHPOLPLWHVSDUDRVYDOR
UHVGDULJLGH]GDVOLJDo}HVSDUDTXHVHMDFRQVLGHUDGDURWXODGDRXHQJDVWDGD±RXDLQ
GDVHPLUtJLGD
3DUDDVOLJDo}HVUtJLGDVQRSUHVHQWHWUDEDOKRVyVHUiDERUGDGRRFDVRGHEDVHV
GHSLODUHVPHWiOLFRV$VILJXUDVHLOXVWUDPVLWXDo}HVHPTXHDVOLJDo}HVVmRFRQVL
GHUDGDVFRPRUtJLGDV
)LJXUD±5HSUHVHQWDomRGRFRPSRUWDPHQWRGHOLJDomRUtJLGD
)RQWH,QVWLWXWR%UDVLOHLURGH6LGHUXUJLD
ϭϵ
)LJXUD([HPSORVGHOLJDo}HVUtJLGDV
&KDSDIODQJHGHYLJD
SDUDIXVDGDHPSLODU
9LJDFRPOLJDomRUtJLGD
SRUFKDSDGHH[WUHPLGD
GHSDUDIXVDGDDRSLODU
9LJDFRPOLJDomRUtJLGDSRU
PHLRGHVROGDQRSLODU
(PHQGDVSRUFKDSDVFR
EUHMXQWDVSDUDIXVDGDV
&KDSDGHEDVHGHSLODU
)RQWH6WHHO&RQVWUXFWLRQDO,QVWLWXWH
%$55$6&20/,*$d®(66(0,5Ë*,'$6
2HPSUHJRGHOLJDo}HVFRPHVWHWLSRGHOLJDomRLPSOLFDQDQHFHVVLGDGHGHDQi
OLVHGDFDSDFLGDGHURWDFLRQDOGDPHVPDRQGHDVOLJDo}HVGRVHOHPHQWRVVmRPRGHOD
GDV FRPR PRODV URWDFLRQDLV SDUD DQiOLVH HOiVWLFD &RQIRUPH PHQFLRQDGR QR tWHP
DQWHULRUD1%5SHUPLWHRSURFHGLPHQWRLQGLFDGRQR(XURFRGH3DUWRXFRP
EDVHHPUHVXOWDGRVH[SHULPHQWDLV
(VWHWLSRGHFRQH[mRQmRpDERUGDGRQRSUHVHQWHWUDEDOKR
ϮϬ
/,*$d®(67Ë3,&$6'(75(/,d$61Ï6((0(1'$6
3DUDVHDOFDQoDUHFRQRPLDQRSURMHWRGHHVWUXWXUDVPHWiOLFDVGHVGHDFRQFHS
omRLQLFLDOpLPSRUWDQWHSODQHMDURVWLSRVGHOLJDo}HVTXHVHUmRHPSUHJDGRV(PVH
WUDWDQGRGHWUHOLoDVLVWRpHVVHQFLDO&RQIRUPHMiIRLPHQFLRQDGRXPDOWRSHUFHQWXDO
GRFXVWRVHGHYHjVOLJDo}HV±HSRGHVHUXPHTXtYRFRHVFROKHUHOHPHQWRVEDUUDV
TXHVHMDPHILFLHQWHVLVRODGDPHQWHVHHVWDVQmRSHUPLWLUHPOLJDo}HVHILFLHQWHVHHFR
Q{PLFDV
%DVHDGRQHVWHFRQFHLWRDSUHVHQWDVHDVHJXLUWLSRVGHOLJDo}HVDPSODPHQWH
XWLOL]DGRVHPWUHOLoDVOHYHVVHJXLGRGHFRPHQWiULRVHGRVDVSHFWRVUHODWLYRVDRVHX
HPSUHJR
1DILJXUDpDSUHVHQWDGRXPSyUWLFRWUDQVYHUVDOFRPLQGLFDo}HVGHSRVLo}HV
GHOLJDo}HVWtSLFDV
D1yGDWUHOLoDXQLmRGHGLDJRQDOPRQWDQWHHEDQ]R±LQIHULRURXVXSHULRU
E(PHQGDGHEDQ]RDSOLFDVHWDQWRSDUDRLQIHULRUFRPRSDUDRVXSHULRU
F([WUHPLGDGHVGREDQ]RVXSHULRUFDQWRVKiSRVVLELOLGDGHGHRFRUUHUQHVWDSRVLomR
GXDVVLWXDo}HVGLVWLQWDVDSULPHLUDQRFDVRGDWHVRXUDVHUDSRLDGDVREUHSLODUSRVLomR
³G´HDVHJXQGDQRFDVRGDWHVRXUDVHUHQJDVWDGDQDSLODUQHVWHFDVRRSLODUVHHVWHQ
GHGDSRVLomR³H´DWpDSRVLomR³F´
G([WUHPLGDGHVGREDQ]RLQIHULRUGRPHVPRPRGRTXHQRtWHPDQWHULRUDVGXDVVL
WXDo}HVSRGHPRFRUUHU
H%DVHGRSLODU/LJDomRDRDSRLR1HVWHWUDEDOKRVHUiHVWXGDGDHVWHWLSRGHOLJDomR
SRUHQJDVWHOLJDomRUtJLGDHPSLODUHVFRQVWLWXtGRVGHSHUILO³,´
1RFDVRGRSyUWLFRGDILJXUDDVOLJDo}HVGDWUHOLoDVHUmRGLYLGLGDVHPGRLV
JUXSRVDVOLJDo}HVSRUPHLRGHSDUDIXVRVHDVOLJDo}HVSRUPHLRGHVROGD
3DUD FDGD JUXSR VHUmR DQDOLVDGDV OLJDo}HV SDUD EDUUDV FRQVWLWXtGDV GH SHUItV
IRUPDGRVDIULR³8´HSDUDSHUItV³/´
Ϯϭ
)LJXUD3yUWLFRWUDQVYHUVDOO WtSLFR
DXWRU
)RQWH3URGXomRGRSUySULRD
/,*$d®(63250(,2 2'(3$5$)8626
$VHJXLUVmRDSUHVHQQWDGRVRVWLSRVPDLVFRPXQVGHOLJDo}HV VHPSUHJDGRVHP
QyVSDUDIXVDGRVGHWUHOLoDVVFRPSHUItVIRUPDGRVDIULR
%DQ]RV'LDJRQDLVHPRQWDQWHVGHSHUILO³8´&KDSDVGH*XVV VHW
VROGDGDVODWHUDOPHQWWHDREDQ]R
$SUHVHQWDVHQDILJX
XUDDOLJDomRWtSLFDHQWUHRVEDQ]RVGLD
DJRQDLVHPRQWDQWHV
GHXPDWHVRXUD
)LJXUD1yGHWUHOLoDFRPS
SRVWRSRUEDQ]RGLDJRQDOHPRQWDQWHGHSH
HUILO8IRUPDGRDIULR
SDUDIXVDGRVHPFKDSDVGHJX XVVHWVROGDGDVODWHUDOPHQWHDRVEDQ]RV
DXWRU
)RQWH3URGXomRGRSUySULRD
ϮϮ
±$63(&726326,7,926
D3HUPLWHH[HFXomRGHWUHOLoDVFRPJUDQGHVGLPHQV}HV±FRPRpRFDVRGHFREHUWX
UDV FRP JUDQGH GHFOLYLGDGH HRX FXMDV WUHOLoDV GHYHP WHU FRUGD LQIHULRU SODQD HP Qt
YHO2VHOHPHQWRVSRGHPVHUWUDQVSRUWDGRVGHVPRQWDGRVHIDFLOPHQWHPRQWDGRVHP
REUD±RTXHpLQYLiYHOQHVWHFDVRSDUDFRQH[mRVROGDGD
E3RVVLELOLWDERDSURWHomRFRQWUDFRUURVmRSULQFLSDOPHQWHVHDVVROGDVGDVFKDSDVGH
JXVVHWIRUHPFRPSOHWDV'HVVHPRGRQmRUHVWDPQLFKRVQRSURFHVVRGHSUHSDUR±OL
[DPHQWRGHVHQJUD[HMDWHDPHQWRHWF±HDSLQWXUDRXJDOYDQL]DomRVmRFRPSOHWDV
F&RQIHUHjWUHOLoDJUDQGHULJLGH]ODWHUDORIHUHFLGDSHORVSHUItV8QHVWDSRVLomR
G6ROXomRHVWHWLFDPHQWHDJUDGiYHO
H$GPLWHRHPSUHJRGHSHUItVSDGURQL]DGRVWDQWRSDUDRVEDQ]RVTXDQWRSDUDRWUHOL
oDPHQWRPHVPDGLPHQVmREZ
±$63(&7261(*$7,926
D([LJHIDEULFDomRFXLGDGRVDGHYHVHJDUDQWLURDOLQKDPHQWRGRVIXURVGDVGXDVFKD
SDVLGrQWLFDVHPFDGDQy
E7RUQDVHQHFHVViULRYLDGHUHJUDSUpPRQWDJHPGHSHORPHQRVXPDWUHOLoDGHFD
GDWLSRHPIiEULFDSDUDVHJDUDQWLUDMXVWHDGHTXDGR
F ,PSRVVLELOLWD TXH D IXUDomR GDV GLDJRQDLV H PRQWDQWHV VHMDP IHLWRV SRU SXQFLRQD
PHQWRH[LJLQGRWUDEDOKRGHSHUIXUDomRURWDWLYDPDLVWUDEDOKRVD
G*UDQGHFRQVXPRGHSDUDIXVRVYLVWRTXHDVFKDSDVGHJXVVHWVmRVHSDUDGDV
H5HTXHUFRQVLGHUiYHOPmRGHREUDGHIDEULFDomRGHFRUUHQWHGRHPSUHJRGHFKDSDV
GHJXVVHWGXSODV
Ϯϯ
%DQ]RVGLDJRQDLVHPRQWDQWHVGHSHUILO³8´FKDSDVGH
*XVVHWVROGDGDVVREUHDVIODQJHVGREDQ]R
$SUHVHQWDVHQDILJXUDDOLJDomRWtSLFDHQWUHRVEDQ]RVGLDJRQDLVHPRQWDQWHV
GHXPDWHVRXUD
)LJXUD1yGHWUHOLoDFRPSRVWRSRUEDQ]RGLDJRQDOHPRQWDQWHGHSHUILO8IRUPDGRDIULR
SDUDIXVDGRVHPFKDSDVGHJXVVHWVROGDGDVVREUHDVIODQJHVGREDQ]R
)RQWH3URGXomRGRSUySULRDXWRU
±$63(&726326,7,926
D3HUPLWHH[HFXomRGHWUHOLoDVFRPJUDQGHVGLPHQV}HV±FRPRpRFDVRGHFREHUWX
UDV FRP JUDQGH GHFOLYLGDGH HRX FXMDV WUHOLoDV GHYHP WHU FRUGD LQIHULRU SODQD HP Qt
YHO2VHOHPHQWRVSRGHPVHUWUDQVSRUWDGRVGHVPRQWDGRVHIDFLOPHQWHPRQWDGRVHP
REUD±RTXHpLQYLiYHOQHVWHFDVRSDUDFRQH[mRVROGDGD
E3RVVLELOLWDERDSURWHomRFRQWUDFRUURVmRYLVWRTXHQmRKiQLFKRVGHVVHPRGRSLQ
WXUDRXJDOYDQL]DomRVmRFRPSOHWDV
F&RQIHUHjWUHOLoDJUDQGHULJLGH]ODWHUDORIHUHFLGDSHORVSHUItV8QHVWDSRVLomR
G6ROXomRHVWHWLFDPHQWHDJUDGiYHO
H5HTXHUSRXFRWUDEDOKRGHVROGDMiTXHDVFKDSDVGHJXVVHWVyUHFHEHPXPFRUGmR
HPFDGDXPDVROGDGHSHQHWUDomR$OpPGLVVRDVFKDSDVSRGHPVHUEHPPHQRUHV
TXHQRFDVRDQWHULRU
±$63(&7261(*$7,926
D([LJHIDEULFDomRFXLGDGRVDGHYHVHJDUDQWLURDOLQKDPHQWRGRVIXURVGDVGXDVFKD
SDVJrPHDVHPFDGDQy
E7RUQDVHQHFHVViULRYLDGHUHJUDSUpPRQWDJHPGHSHORPHQRVXPDWUHOLoDGHFD
GDWLSRHPIiEULFDSDUDVHJDUDQWLUDMXVWHDGHTXDGR
Ϯϰ
Ϯϱ
%DQ]RVGHSHUILO³8´GLDJRQDLVHPRQWDQWHVGHSHUILO³GXSOR
/´FKDSDVGH*XVVHWVROGDGDVVREUHDVIODQJHVGREDQ]R
$SUHVHQWDVHQDILJXUDRWLSRGHOLJDomRFRPGLDJRQDLVSDUDIXVDGDVHPFKD
SDVGHJXVVHWVROGDGDVVREUHREDQ]RGHSHUILO³8´
)LJXUD1yGHWUHOLoDFRPSRVWRSRUEDQ]RGHSHUILO³8´IRUPDGRDIULRFRPGLDJRQDOHPRQ
WDQWHGHSHUILOGXSOR/´SDUDIXVDGRVHPFKDSDVGHJXVVHWVROGDGDVVREUHDVIODQJHVGREDQ
]R
)RQWH3URGXomRGRSUySULRDXWRU
ϭ
ƐŶŽƌŵĂƐĚĂEd;EZϭϰϳϲϮĞEZϴϴϬϬͿ͕ĂƐƐŝŵĐŽŵŽĂ/^/Ğ/^͕ŶĆŽĂďƌĂŶŐĞŵĞƐƚĞƚŝƉŽĚĞĐŽŵƉŽƐŝĕĆŽ
ĚĞƉĞƌĨşƐ͘ĂƐŽŽĚŝŵĞŶƐŝŽŶĂŵĞŶƚŽƐĞũĂĨĞŝƚŽĐŽŵŽƉĞƌĨşƐŝƐŽůĂĚŽƐ͕ĂĞdžĐĞŶƚƌŝĐŝĚĂĚĞĚŽĞŝdžŽĚĞĐĂĚĂƉĞƌĨŝůĞŵƌĞůĂͲ
ĕĆŽăƐĐŚĂƉĂƐĚĞŐƵƐƐĞƚĚĞǀĞŵƐĞƌĐŽŶƐŝĚĞƌĂĚĂƐŶŽĚŝŵĞŶƐŝŽŶĂŵĞŶƚŽĚŽƐŵĞƐŵŽƐ͘EZϴϴϬϬĂƉƌĞƐĞŶƚĂŶŽşͲ
ƚĞŵ͘ϭ͘ϰ͘ϭƵŵĂĂďŽƌĚĂŐĞŵŽŶĚĞĂĞdžĐĞŶƚƌŝĐŝĚĂĚĞʹƋƵĂŶĚŽĂďĂƌƌĂĠƐƵďŵĞƚŝĚĂăĐŽŵƉƌĞƐƐĆŽ͕ƋƵĞŐĞƌĂůŵĞŶƚĞĠ
ŽĐĂƐŽŵĂŝƐĐƌşƚŝĐŽʹĠƐƵďƐƚŝƚƵşĚĂƉŽƌƵŵĐŽŵƉƌŝŵĞŶƚŽĚĞĨůĂŵďĂŐĞŵĞƋƵŝǀĂůĞŶƚĞ͘
KşƚĞŵϵ͘ϳ͘ϱĚĂEZϭϰϳϲϮĂĚŵŝƚĞŽĞŵƉƌĞŐŽĚŽƵƌŽĐŽĚĞϯWĂƌƚϭͲϭƉĂƌĂĚŝŵĞŶƐŝŽŶĂŵĞŶƚŽĚĞƉĞƌĨşƐĐŽŵƉŽƐͲ
ƚŽƐĐŽŵƉƌŝŵŝĚŽƐĐŽŵƚƌĂǀĞũĂŵĞŶƚŽƉŽƌĐŚĂƉĂƐĞŵƋƵĂĚƌŽƐ͘
Ϯϲ
± $63(&726 326,7,926 ËGHP FDVR DQWHULRU DFUHVFHQWDQGR TXH QHVWH FDVR Ki
PHQRUWUDEDOKRGHVROGDHQmRKiQLFKRVSUHMXGLFLDLVjSLQWXUDRXJDOYDQL]DomR
±$63(&7261(*$7,926ËGHPFDVRDQWHULRU
%DQ]RVGLDJRQDLVHPRQWDQWHVGHSHUILO³GXSOR/´FKDSDGH
*XVVHWSDUDIXVDGDRXVROGDGDDREDQ]R
1DILJXUDpDSUHVHQWDGDDOLJDomRFRPEDQ]RVGLDJRQDLVHPRQWDQWHVHP
³GXSOR/´SDUDIXVDGRVHPFKDSDGHJXVVHW
)LJXUD1yGHWUHOLoDFRPSRVWRSRUEDQ]RVGLDJRQDLVHPRQWDQWHVGHSHUItO³GXSOR/´
)RQWH3URGXomRGRSUySULRDXWRU
±$63(&726326,7,926
D3HUPLWHH[HFXomRGHWUHOLoDVFRPJUDQGHVGLPHQV}HV±FRPRpRFDVRGHFREHUWX
UDV FRP JUDQGH GHFOLYLGDGH HRX FXMDV WUHOLoDV GHYHP WHU FRUGD LQIHULRU SODQD HP Qt
YHO 2V HOHPHQWRV SRGHP VHU WUDQVSRUWDGRV GHVPRQWDGRV IDFLOPHQWH PRQWDGRV HP
REUD±RTXHpLQYLiYHOQHVWHFDVRSDUDFRQH[mRVROGDGD
E 3RVVLELOLWD ERD SURWHomR FRQWUD FRUURVmR SULQFLSDOPHQWH VH D FKDSD GH JXVVHW IRU
SDUDIXVDGDWDPEpPDREDQ]R
F7RGRVRVIXURV±HPSHUItVHFKDSDV±SRGHPVHUIHLWRVSRUSXQFLRQDPHQWRRTXH
HFRQRPL]DQDPmRGHREUDGHIDEULFDomR
G8WLOL]DFKDSDVGHJXVVHWVLPSOHV±LPSOLFDQGRHPHFRQRPLDGHSDUDIXVRVHPmRGH
REUDGHIXUDomR
H$GPLWHRHPSUHJRGHSHUItVGHYDULDGDVGLPHQV}HV±WDQWRDEDVTXDQWRHVSHVVXUDV
±DRORQJRGDWUHOLoDSHUPLWLQGRHFRQRPLDGHPDWHULDO
Ϯϳ
±$63(&7261(*$7,926
D([LJHIDEULFDomRFXLGDGRVDHWUDEDOKRVDGHYHVHJDUDQWLURDOLQKDPHQWRGRVIXURV
GHWRGRVSHUItVFRQMXJDGRV
E7RUQDVHQHFHVViULRYLDGHUHJUDSUpPRQWDJHPGHSHORPHQRVXPDWUHOLoDGHFD
GDWLSRHPIiEULFDSDUDVHJDUDQWLUDMXVWHDGHTXDGR
F+iQHFHVVLGDGHGRHPSUHJRGHSUHVLOKDVROGDGDVRXSDUDIXVDGDV±RTXHVLJQLILFD
FRQVLGHUiYHOFRQVXPRDGLFLRQDOGHPmRGHREUD
G5HTXHUPDLRUTXDQWLGDGHGHFRQWUDYHQWDPHQWRIRUDGRSODQRGDWUHOLoDWHQGRHPYLV
WDVXDEDL[DULJLGH]ODWHUDODOpPGHFXLGDGRVHVSHFLDLVGHPRQWDJHPGHYLGRjVXDFRQ
VLGHUiYHOIOH[LELOLGDGH
%DQ]RVGLDJRQDLVHPRQWDQWHVGHSHUILO³/VLPSOHV´FKDSDGH
*XVVHWVROGDGDDREDQ]R
2WLSRGHOLJDomRTXHHPSUHJDEDQ]RVGLDJRQDLVHPRQWDQWHVHP³/VLPSOHV´p
PRVWUDGRQDILJXUD
)LJXUD1yGHWUHOLoDFRPSRVWRSRUEDQ]RHGLDJRQDLVHP³/VLPSOHV´
)RQWH3URGXomRGRSUySULRDXWRU
±$63(&726326,7,926
D3HUPLWHH[HFXomRGHWUHOLoDVOHYHVHHFRQ{PLFDV
E3RVVLELOLWDERDSURWHomRFRQWUDFRUURVmR
F7RGRVRVIXURV±HPSHUItVHFKDSDV±SRGHPVHUIHLWRVSRUSXQFLRQDPHQWRRTXH
HFRQRPL]DQDPmRGHREUDGHIDEULFDomR
G8WLOL]DFKDSDVGHJXVVHWHSHUItVVLPSOHV±LPSOLFDQGRHPHFRQRPLDGHSDUDIXVRVH
PmRGHREUDGHIXUDomR
H$GPLWHRHPSUHJRGHSHUItVGHYDULDGDVGLPHQV}HV±WDQWRDEDVTXDQWRHVSHVVXUDV
±DRORQJRGDWUHOLoDSHUPLWLQGRHFRQRPLDGHPDWHULDO
Ϯϴ
±$63(&7261(*$7,926
D$VGLDJRQDLVHPRQWDQWHVGHYHPVHUGLPHQVLRQDGRVOHYDQGRHPFRQWDDH[FHQWULFL
GDGHHQWUHRHL[RVGRVPHVPRVHDVFKDSDVGHJXVVHW±RTXHDXPHQWDRFRPSULPHQ
WR WHyULFR GH IODPEDJHP H FRQVHTXHQWHPHQWH D VHomR QHFHVViULD SDUD UHVLVWLU DRV
HVIRUoRVGHFiOFXOR
E*HUDOPHQWHQmRpDGHTXDGDSDUDVXSRUWDUDo}HVGHYDORUHOHYDGR±RTXHDWRUQD
YLiYHOVRPHQWHSDUDYmRVSHTXHQRVHDo}HVUHGX]LGDV
F2EDQ]RVXSHULRUSRVLFLRQDGRHP³9´pSURStFLRDRDF~PXORGHVXMHLUDFRPSUR
PHWHQGRWDPEpPDGXUDELOLGDGHDXPHQWDDSRVVLELOLGDGHGHFRUURVmR
G5HTXHUPDLRUTXDQWLGDGHGHFRQWUDYHQWDPHQWRIRUDGRSODQRGDWUHOLoDWHQGRHPYLV
WD VXD EDL[D ULJLGH] ODWHUDO ± DOpP GH FXLGDGRV HVSHFLDLV GH PRQWDJHP GHYLGR j VXD
FRQVLGHUiYHOIOH[LELOLGDGH
(PHQGDVGHEDQ]RV
$ILJXUDLOXVWUDDOLJDomRGHHPHQGDGHEDQ]RVGHSHUILO³8´FRPFKDSDVFR
EUHMXQWDVSDUDIXVDGDV
)LJXUD±(PHQGDGHEDQ]RVFRPFREUHMXQWDV³WDODV´SDUDIXVDGDV
)RQWH3URGXomRGRSUySULRDXWRU
2 HPSUHJR GH FREUHMXQWDV SDUDIXVDGDV FRQIHUH SUHFLVmR H DJLOLGDGH j PRQWD
JHP&RQWXGRGHYHWHUVXDORFDOL]DomRFXLGDGRVDPHQWHSODQHMDGDHPIXQomRQmRVy
GD FRQYHQLrQFLD GR WDPDQKR GDV SHoDV D VHUHP GLYLGLGDV PDV WDPEpP GRV HVIRUoRV
GHFiOFXOR$SHUGDFRQVLGHUiYHOGHVHomROtTXLGDQDUHJLmRGRVIXURVUHGX]VHQVLYHO
PHQWHDFDSDFLGDGHjWUDomRGRSHUILO
'HSHQGHQGRGRVHVIRUoRVHGDVGLPHQV}HVGRSHUILODVFREUHMXQWDVSRGHPVHU
GXSODVRXVLPSOHVDSHQDVQRODGRH[WHUQRRXQRLQWHUQR
Ϯϵ
([WUHPLGDGHGDWUHOLoD
'HSHQGHQGRGRWLSRGHDSRLRHVFROKLGRSDUDDWUHOLoDKiYiULDVRSo}HVGHDU
UDQMRVHVWUXWXUDLVSDUDDSRLRGDPHVPD$ILJXUDLOXVWUDDOJXPDVSRVVLELOLGDGHV
)LJXUD±([WUHPLGDGHVGHWUHOLoD
E(QJDVWHHPSLODUGHFRQFUHWR
D$SRLRVLPSOHVHPSLODU
GHFRQFUHWRDUPDGR
F(QJDVWHHPSLODUPpWiOLFRWLSR³,´
)RQWH3URGXomRGRSUySULRDXWRU
$VVLWXDo}HVPRVWUDGDVQDILJXUDIRUDPHQTXDGUDGDVQDFDWHJRULDGHOLJD
o}HVSDUDIXVDGDVYLVWRTXHRVHOHPHQWRVSULQFLSDLVFRQVWLWXLQWHVVmRXQLGRVSRUSDUD
IXVRV±HPERUDVHWHQKDHOHPHQWRVVHFXQGiULRVQHUYXUDVIODQJHVTXHVmRXQLGRV
SRUVROGD
ϯϬ
/,*$d®(63250(,2'(62/'$
$VHJXLUVmRDSUHVHQWDGRVRVWLSRVPDLVFRPXQVGHOLJDo}HVVROGDGDVHPSUH
JDGRVHPQyVGHWUHOLoDVFRPSHUItVIRUPDGRVDIULR
%DQ]RVGLDJRQDLVHPRQWDQWHVGHSHUILO³8´FKDSDVGH*XVVHWVROGDGDVDR
EDQ]R
$SUHVHQWDVHQDILJXUDDOLJDomRWtSLFDHPSUHJDQGREDQ]RVHGLDJRQDLVHP
SHUILO³8´HFKDSDVGHJXVVHWVROGDGDV
)LJXUD±1yGHWUHOLoD%DQ]RVGLDJRQDLVHPRQWDQWHVHP³8´FRPFKDSDGH*XVVHW
D&KDSDGHJXVVHWVROGDGDODWHUDOPHQWHE&KDSDGHJXVVHWVROGDGDVREUHR%DQ]R
)RQWH3URGXomRGRSUySULRDXWRU
±$63(&726326,7,926
D&RQIHUHjWUHOLoDJUDQGHULJLGH]ODWHUDORIHUHFLGDSHORVSHUItV8QHVWDSRVLomR
E6ROXomRHVWHWLFDPHQWHDJUDGiYHO
F3HUPLWHIDEULFDomRIiFLOQmRUHTXHUPmRGHREUDGHDOWDTXDOLILFDomRRXHTXLSDPHQ
WRVGHSUHFLVmRXPDYH]TXHWHPPDLRUWROHUkQFLDGLPHQVLRQDOTXHHVWUXWXUDVSDUDIX
VDGDV
G6LPSOLILFDRWUDEDOKRHPREUDDHVWUXWXUDFKHJD³SURQWD´QRFDQWHLUR
H1RFDVRGDILJXUDDSHUPLWHRHPSUHJRGHSHUItVSDGURQL]DGRVPHVPRYDORUGH
EZ
H1RFDVRGDILJXUDEKiVLPSOLILFDomRQDVROGDGDFKDSDGH*XVVHW
±$63(&7261(*$7,926
D,QYLDELOL]DDH[HFXomRGHWHVRXUDVFRPDOWXUDFRQVLGHUiYHOSHODGLILFXOGDGHGHWUDQV
SRUWHGDIiEULFDDRFDQWHLURGHREUDV
E3HUPLWHDFULDomRGHQLFKRVRQGHVHWRUQDGLItFLO±iVYH]HVLQYLiYHO±DH[HFXomRGH
SURWHomRDQWLFRUURVLYDSLQWXUDRXJDOYDQL]DomR
ϯϭ
F&RQVLGHUiYHOSUREDELOLGDGHGHRFRUUHUHPGHIRUPDo}HVQRVSHUItVGHYLGRjVWHQV}HV
LQWURGX]LGDVQRVILOHWHVGHVROGDHQFXUYDPHQWRGDVEDUUDV
G5HTXHUFRQVLGHUiYHOPmRGHREUDGHIDEULFDomRGHFRUUHQWHGRHPSUHJRGHFKDSDV
GHJXVVHWGXSODV
%DQ]RVGHSHUILO³8´GLDJRQDLVHPRQWDQWHVGHSHUILO³GXSOR/´
FKDSDVGH*XVVHWVROGDGDVDREDQ]R
$SUHVHQWDVHQDILJXUDOLJDomRWtSLFDHPSUHJDQGREDQ]RGHSHUILO³8´HGLD
JRQDLVGHSHUILO³GXSOR/´VROGDGRVHPFKDSDGHJXVVHW
)LJXUD±1yGHWUHOLoD%DQ]RVGHSHUILO³8´GLDJRQDLVHPRQWDQWHVHP³8´FRPFKDSDGH
JXVVHW
D&KDSDGHJXVVHWVROGDGDODWHUDOPHQWHE&KDSDGHJXVVHWVROGDGDVREUHR%DQ]R
)RQWH3URGXomRGRSUySULRDXWRU
±$63(&726326,7,926
D&RQIHUHjWUHOLoDJUDQGHULJLGH]ODWHUDORIHUHFLGDSHORVSHUItV8GRVEDQ]RV
E$GPLWHRHPSUHJRGHSHUItVSDGURQL]DGRVWDQWRSDUDRVEDQ]RVTXDQWRSDUDRWUHOL
oDPHQWR
G3HUPLWHIDEULFDomRIiFLOQmRUHTXHUPmRGHREUDGHDOWDTXDOLILFDomRRXHTXLSDPHQ
WRVGHSUHFLVmRXPDYH]TXHWHPPDLRUWROHUkQFLDGLPHQVLRQDOTXHHVWUXWXUDVSDUDIX
VDGDV
G6LPSOLILFDRWUDEDOKRHPREUDDHVWUXWXUDFKHJDSUDWLFDPHQWHSURQWDQRFDQWHLUR
H$GPLWHRHPSUHJRGHJUDQGHYDULHGDGHGHSHUItV³/´QDVGLDJRQDLVHPRQWDQWHVSD
UDGLIHUHQWHVSRVLo}HVSRGHPWHUDEDVHRXHVSHVVXUDVGLIHUHQWHVRXPHVPRVHUHPGH
SHUItVODPLQDGRV
ϯϮ
±$63(&7261(*$7,926
D,QYLDELOL]DDH[HFXomRGHWHVRXUDVFRPDOWXUDFRQVLGHUiYHOSHODGLILFXOGDGHGHWUDQV
SRUWHGDIiEULFDDRFDQWHLURGHREUDV
E3HUPLWHDFULDomRGHQLFKRVRQGHVHWRUQDGLItFLO±iVYH]HVLQYLiYHO±DH[HFXomRGH
SURWHomRDQWLFRUURVLYDSLQWXUDRXJDOYDQL]DomR
F&RQVLGHUiYHOSUREDELOLGDGHGHRFRUUHUHPGHIRUPDo}HVQRVSHUItVGHYLGRjVWHQV}HV
LQWURGX]LGDVQRVILOHWHVGHVROGDHQFXUYDPHQWRGDVEDUUDV
G5HTXHUFRQVLGHUiYHOPmRGHREUDGHIDEULFDomRGHFRUUHQWHGRHPSUHJRGHFKDSDV
GHJXVVHWGXSODVHSUHVLOKDVGHOLJDomRHQWUHGLDJRQDLVSDUHV
%DQ]RVGLDJRQDLVHPRQWDQWHVGHSHUILO³/±VLPSOHVRXGXSORVFRPFKDSDGH
*XVVHWVROGDGRVDREDQ]R
$SUHVHQWDVHQDILJXUDOLJDomRWtSLFDHPSUHJDQGREDQ]RHGLDJRQDLVGHSHUILO
³/´VROGDGRVHPFKDSDGHJXVVHW
)LJXUD±1yGHWUHOLoD%DQ]RV'LDJRQDLVHPRQWDQWHVGHSHUILO³/´FRPFKDSDGHJXVVHW
D%DQ]RVGLDJRQDLVHPRQWDQWHVLPSOHVE%DQ]RVGLDJRQDLVHPRQWDQWHVGXSORV
)RQWH3URGXomRGRSUySULRDXWRU
±$63(&726326,7,926
D1RFDVRGDILJXUDDSHUPLWHH[HFXomRGHWUHOLoDVOHYHVHHFRQ{PLFDV
E 3HUPLWH IDEULFDomR IiFLO QmR UHTXHU PmRGHREUD GH DOWD TXDOLILFDomR RX HTXLSD
PHQWRVGHSUHFLVmRXPDYH]TXHWHPPDLRUWROHUkQFLDGLPHQVLRQDOTXHHVWUXWXUDVSD
UDIXVDGDV
F6LPSOLILFDRWUDEDOKRHPREUDDHVWUXWXUDFKHJDSUDWLFDPHQWHSURQWDQRFDQWHLUR
G$GPLWHRHPSUHJRGHSHUItVGHYDULDGDVGLPHQV}HV±WDQWRDEDVTXDQWRHVSHVVXUDV
±DRORQJRGDWUHOLoDSHUPLWLQGRHFRQRPLDGHPDWHULDO
ϯϯ
±$63(&7261(*$7,926
D1RWDGDPHQWHQRFDVRGDILJXUDDKiDFHQWXDGDH[FHQWULFLGDGHIRUDGRSODQRGD
WUHOLoDGDIRUoDD[LDOQDVGLDJRQDLV(VWDVGHYHPVHUGLPHQVLRQDGRVOHYDQGRHPFRQWD
HVWD H[FHQWULFLGDGH ± R TXH DXPHQWD R FRPSULPHQWR WHyULFR GH IODPEDJHP H FRQVH
TXHQWHPHQWHDVHomRQHFHVViULDSDUDUHVLVWLUDRVHVIRUoRVGHFiOFXOR
E*HUDOPHQWHQmRpDGHTXDGDSDUDVXSRUWDUDo}HVGHYDORUHOHYDGR±RTXHDWRUQD
YLiYHOVRPHQWHSDUDYmRVSHTXHQRVHDo}HVUHGX]LGDV
F2FDVRGREDQ]RVXSHULRU~QLFRSRVLFLRQDGRHP³9´pSURStFLRDRDF~PXORGHVX
MHLUDFRPSURPHWHQGRWDPEpPDGXUDELOLGDGHDXPHQWDDSRVVLELOLGDGHGHFRUURVmR
G5HTXHUPDLRUTXDQWLGDGHGHFRQWUDYHQWDPHQWRIRUDGRSODQRGDWUHOLoDWHQGRHPYLV
WD VXD EDL[D ULJLGH] ODWHUDO ± DOpP GH FXLGDGRV HVSHFLDLV GH PRQWDJHP GHYLGR j VXD
FRQVLGHUiYHOIOH[LELOLGDGH
'LDJRQDLVHPRQWDQWHV±FRQVWLWXtGDVSRUSHUItV³/´RX³8´±VROGDGRVGLUHWD
PHQWHDRVEDQ]RV³8´VHPFKDSDGH*XVVHW
$SUHVHQWDVHQDILJXUDOLJDomRWtSLFDXWLOL]DQGRGLDJRQDLVHPRQWDQWHVVROGD
GRVGLUHWDPHQWHVREUHREDQ]RVHPHPSUHJRGHFKDSDGHJXVVHW
)LJXUD±1yVGHWUHOLoDFRQVWLWXtGRVSRUOLJDo}HVGHGLDJRQDLVHPRQWDQWHVVROGDGRVGLUHWD
PHQWHDREDQ]R
)RQWH3URGXomRGRSUySULRDXWRU
±$63(&726326,7,926
D6mRHVWUXWXUDVEHPVLPSOHVRFRQVXPRGHPDWHULDLVpUHODWLYDPHQWHUHGX]LGRSHOD
LQH[LVWrQFLDGHFKDSDGHJXVVHW
E&RQIHUHPDLVDJLOLGDGHjIDEULFDomRSRUH[LJLUPHQRUQ~PHURGHRSHUDo}HVHPIi
EULFD
±$63(&7261(*$7,926
D,QWURGX]VLJQLILFDWLYDH[FHQWULFLGDGHGDVIRUoDVD[LDLVGDVGLDJRQDLVQRVQyV±RTXH
REULJD DR GLPHQVLRQDPHQWR GRV EDQ]RV FRPR EDUUDV VXMHLWDV i IOH[RWUDomR RX IOH[R
FRPSUHVVmR
ϯϰ
E'HFRUUHQWHGDH[FHQWULFLGDGH±RGLPHQVLRQDPHQWRSRGHFRQGX]LUDVHo}HVPDLRUHV
SDUDRVEDQ]RVLPSOLFDQGRHPPDLRUFRQVXPRGHDoR
F'LVSRQLELOL]DSHTXHQRFRPSULPHQWRGHWUDQVSDVVHGDVGLDJRQDLVVREUHRVEDQ]RV±
R TXH GLILFXOWD REWHU D UHVLVWrQFLD DGHTXDGD GR FRQMXQWR GDV VROGDV H LQYLDELOL]D HVWH
VLVWHPDTXDQGRKiSUHVHQoDGHDo}HVUHODWLYDPHQWHHOHYDGDV
G)UHTXHQWHPHQWHKiRFRUUrQFLDGHPRUGHGXUDVGDVROGDQDERUGDGREDQ]R±RTXHp
QRWDGDPHQWHSUHMXGLFLDOVHKRXYHUSRVVLELOLGDGHGHHVIRUoRVFtFOLFRVIDGLJD
H&RQGX]PDLVIDFLOPHQWHDGHIRUPDo}HVGDVEDUUDVFRQVWLWXLQWHVGDFRQH[mRHQFXU
YDPHQWRGHYLGRjWHQV}HVJHUDGDVQRSURFHVVRGHVROGDJHP
(PHQGDVGHEDQ]RVOLJDo}HVGHWHVRXUD[SLODUOLJDo}HVGH
SLODU[SODFDGHEDVHFRPVROGD
$SUHVHQWDVHQDILJXUDOLJDo}HVVROGDGDVGHHPHQGDVGHEDQ]ROLJDomRWH
VRXUD;SLODUSLODU;SODFDGHEDVH
)LJXUD±5HSUHVHQWDomRGHOLJDo}HVSRUPHLRGHVROGDHPHPHQGDVGHEDQ]RVGHWRSR
OLJDomREDQ]RV;3LODUH3LODU;3ODFDGHEDVH
)RQWH3URGXomRGRSUySULRDXWRU
ϯϱ
±$63(&726326,7,926
D6LPSOLFLGDGHGHH[HFXomR
E)DFLOLGDGHGHDMXVWHVGLPHQVLRQDLVHPREUD
F1mRKiSHUGDGHVHomRQRFDVRGDVHPHQGDVGHEDQ]RSRUPHLRGHVROGDGHWRSR
LVWRpVHomROtTXLGD VHomREUXWD
±$63(&7261(*$7,926
D([LJHPDLRUWHPSRGHPRQWDJHPYLVWRTXHQHFHVVLWDFRUG}HVH[WHQVRVGHVROGD
E'LItFLOFRQWUROHGHTXDOLGDGHGDVROGD±TXHHPJUDQGHSDUWHGDVYH]HVpIHLWDVHP
DVFRQGLo}HVIDYRUiYHLVTXHVHREWpPHPIiEULFD
F'LILFXOGDGHGHDFDEDPHQWRHSLQWXUDGDUHJLmRDIHWDGDSHODVROGD±FULDQGRDPELHQ
WHDOWDPHQWHIDYRUiYHOjFRUURVmR
G,PSOLFDQRUPDOPHQWHHPDXPHQWRGHFXVWRGHORFDomRGHJXLQGDVWHVMiTXHRWHP
SRUHTXHULGRSDUDVXVWHQWDUSLODUHVRXWHVRXUDVHQTXDQWRVHSURFHVVDDVROGDpYLDGH
UHJUDVLJQLILFDWLYDPHQWHPDLRUTXHSDUDXQLUHVWHVHOHPHQWRVFRPSDUDIXVRV
H3UHMXGLFDRXLQYLDELOL]DGHVPRQWDJHQVFRPUHDSURYHLWDPHQWRGDHVWUXWXUD
ϯϲ
(67$'26/,0,7(6'$6/,*$d®(6
/,*$d®(6'(%$55$63250(,2'(3$5$)8626
$ PHWRGRORJLD GH FiOFXOR p EDVHDGD QD QRUPD 1%5
'LPHQVLRQDPHQWRGHHVWUXWXUDVGHDoRFRQVWLWXtGDVSRUSHUItVIRUPDGRVDIULR1RFDVR
GH PDWHULDLV FRP HVSHVVXUD VXSHULRU D PP VmR VHJXLGDV DV HVSHFLILFDo}HV GD
1%53URMHWRGHHVWUXWXUDVGHDoRHGHHVWUXWXUDVPLVWDVGHDoRHFRQFUHWR
GHHGLItFLRV±FRQIRUPHLQGLFDGRSHODSULPHLUD3HORIDWRGD1%5WHUVLGR
UHYLVDGDUHFHQWHPHQWHVmRDGLFLRQDGDVQRWDVFRPSDUDWLYDVHQWUHGLVSRVLWLYRVGHVWDH
GDUHYLVmRDQWHULRU
$VHJXLUVmRWUDQVFULWRVRVGLVSRVLWLYRVGD1%5
ËWHP5DVJDPHQWRHQWUHIXURVRXHQWUHIXURHERUGD
$ILJXUDLOXVWUDRFDVRGHUXSWXUDIXURERUGD
)LJXUD([HPSORGHUXSWXUDSRUUDVJDPHQWRIXURERUGD
)RQWH$GDSWDGRGH6DOPRQH-RKQVRQ
$IRUoDUHVLVWHQWHGHFiOFXORDRUDVJDPHQWR)5GGHYHVHUFDOFXODGDSRU
)5G WHIXJJJJ RQGH
IXpDUHVLVWrQFLDjUXSWXUDGRDoRPHWDOEDVH
WpDHVSHVVXUDGRFRPSRQHQWHHOHPHQWRDQDOLVDGR
HpDGLVWkQFLDWRPDGDQDGLUHomRGDIRUoDGRFHQWURGRIXURSDGUmRjERUGDPDLV
SUy[LPDGRIXURDGMDFHQWHRXjH[WUHPLGDGHGRHOHPHQWRFRQHFWDGRYLGHILJXUDVH
ËWHP3UHVVmRGHFRQWDWRHVPDJDPHQWR
$ILJXUDLOXVWUDVLWXDomRGHHVPDJDPHQWRGDUHJLmRGRIXURHLPLQrQFLDGH
UDVJDPHQWRHQWUHIXURVHIXURERUGD
2FRHILFLHQWHGHSRQGHUDomRGDVUHVLVWrQFLDV³J ´±QD1%5pLJXDOD+RXYH
SRUWDQWRXPDUHGXomRGHQDIRUoDUHVLVWHQWHGHFiOFXOR³)5G´QD1%56DOLHQWDVHQR
HQWDQWRTXHRVFRHILFLHQWHVGHSRQGHUDomRGDVDo}HVJJHJTWDPEpPVRIUHUDPPRGLILFDo}HV
ϯϳ
)LJXUD±5HSUHVHQWDomRGHUXSWXUDSRUHVPDJDPHQWRGRIXUR
)RQWH$GDSWDGRGH6DOPRQH-RKQVRQ
$IRUoDUHVLVWHQWHGHFiOFXORjWUDomR)5GGHYHVHUFDOFXODGDSRU
DHGWIXJJJJ RQGH
)5G D
IXpDUHVLVWrQFLDjUXSWXUDGRDoRPHWDOEDVH
GpRGLkPHWURQRPLQDOGRSDUDIXVR
WpDHVSHVVXUDGRHOHPHQWRFRQHFWDGRDQDOLVDGR
DHpXPIDWRULJXDODWFRPWHPPLOtPHWURVWPP
ËWHP)RUoDGHWUDomRUHVLVWHQWHGHFiOFXORGRSDUDIXVR
$ILJXUDUHSURGX]DPRVWUDVGHSDUDIXVRVURPSLGRVSRUHQVDLRGHWUDomR
)LJXUD±&RPSDUDomRHQWUHUXSWXUDVGHSDUDIXVRVRFDVLRQDGDVSRUWRUTXHH[FHVVLYRHSRU
WUDomRGLUHWD
)RQWH.XODN)LVKHUH6WUXLN
1D1%5DH[SUHVVmRGH)5GDSUHVHQWDXPPXOWLSOLFDGRUIL[RLVWRpDH SDUDTXDOTXHU
HVSHVVXUD$OpPGLVVRRYDORUGHJpLJXDOD$WtWXORGHFRPSDUDomRSDUDDHVSHVVXUDPi[LPD
DOFDQoDGDSHOD1%5LJXDODPP±RYDORUGH)5GREWLGRpPHQRUTXHRQD1%5
)D]HQGRDPHVPDFRPSDUDomRSDUDW PPRYDORUGH)5GREWLGRpPHQRUQD
1%5TXHQD1%5±RTXHGHPRQVWUDVHUXPDFRUUHomRLPSRUWDQWH
ϯϴ
$IRUoDUHVLVWHQWHGHFiOFXORjWUDomR)W5GGHYHVHUFDOFXODGDSRU
J J RQGH
JJ
)W5G $EIXEJ
$EpDiUHDEUXWDGDVHomRWUDQVYHUVDOGRSDUDIXVR
IXEpDUHVLVWrQFLDjUXSWXUDGRSDUDIXVRjWUDomRFRQIRUPH7DEHODRXRGLVSRVWRHP
GD1%5
ËWHP)RUoDGHFLVDOKDPHQWRUHVLVWHQWHGHFiOFXORGRSDUDIXVR
$ILJXUDLOXVWUDH[HPSORGHUXSWXUDSHODXOWUDSDVVDJHPGHVWHHVWDGROLPLWH~O
WLPR
$IRUoDGHFLVDOKDPHQWRUHVLVWHQWHGHFiOFXORGRSDUDIXVR)Y5GSRUSODQRGH
FRUWHGHYHVHUFDOFXODGDSRU
DTXDQGRSODQRGHFRUWHSDVVDSHODURVFD
)Y5G $EIXEJJJJ
ETXDQGRSODQRGHFRUWHQmRSDVVDSHODURVFD
)Y5G $EIXEJJJJ RQGH
$EIXEFRQIRUPHGHILQLGRVQRtWHP
)LJXUD±5HSUHVHQWDomRGHUXSWXUDSRUFLVDOKDPHQWRGRSDUDIXVR
)RQWH6DOPRQH-RKQVRQ
ËWHP7UDomRHFLVDOKDPHQWRFRPELQDGRV
ϰ
1D1%5SDUDIXVRVFRPXQVHVHPTXDOLILFDomRHVWUXWXUDOWHPJ HRVGHDOWDUHVLV
WrQFLDJ 'HVVHPRGRSDUDRFDVRGHSDUDIXVRVFRPXQVHVHPTXDOLILFDomRKRXYHUHGXomRGH
GDIRUoDUHVLVWHQWHGHFiOFXORQD1%5
ϱ
1D1%5J SDUDSDUDIXVRVGHDOWDUHVLVWrQFLDHSDUDSDUDIXVRVFRPXQVHVHP
TXDOLILFDomRRPXOWLSOLFDGRU³´GDIyUPXODGH)Y5Gp
ϲ
1D1%5J SDUDSDUDIXVRVGHDOWDUHVLVWrQFLDHSDUDSDUDIXVRVFRPXQVHVHP
TXDOLILFDomRRPXOWLSOLFDGRU³´GDIyUPXOD)Y5Gp
ϯϵ
4XDQGRRFRUUHUDomRVLPXOWkQHDGHWUDomRHFLVDOKDPHQWRGHYHPVHUDWHQGLGDVDV
VHJXLQWHVFRQGLo}HV
DSDUDIXVRVGHDoRFRPTXDOLILFDomRHVWUXWXUDOFRPXQVRXGHDOWDUHVLVWrQFLD
)W6G)W5G)Y6G)Y5G
ESDUDIXVRVGHDoRVHPTXDOLILFDomRHVWUXWXUDOFRQIRUPHtWHP
)W6G)W5G)Y6G)Y5G
RQGH
)W6GpDIRUoDGHWUDomRVROLFLWDQWHGHFiOFXORQRSDUDIXVR
)Y6GpDIRUoDGHFLVDOKDPHQWRVROLFLWDQWHGHFiOFXORQRSDUDIXVRQRSODQRGHFRUWH
DQDOLVDGR
)W5GpDIRUoDGHWUDomRUHVLVWHQWHGHFiOFXORGRSDUDIXVRFRQIRUPH
)Y5GpDIRUoDGHFLVDOKDPHQWRUHVLVWHQWHGHFiOFXORGRSDUDIXVRFRQIRUPH
ËWHP&RODSVRSRUUDVJDPHQWR
1DVOLJDo}HVGHH[WUHPLGDGHGHYLJDVRQGHDSHQDVXPDRXDVGXDVPHVDVVmRUHFRU
WDGDVYHUILJXUDDHPFDQWRQHLUDVWUDFLRQDGDVYHUILJXUDERXHPRXWURVFDVRV
GHOLJDo}HVRQGHKRXYHUDSRVVLELOLGDGHGHFRODSVRSRUUDVJDPHQWRGDSDUWHFRQHFWD
GDDIRUoDUHVLVWHQWHGHFiOFXOR)5GpRPHQRUYDORUHQWUH
)5G $JYI\$QWIXJJJJ
J
JJ
)5G $QYIX$QWIXJ J
RQGH
$JYpiUHDEUXWDVXMHLWDDRFLVDOKDPHQWRGDSDUWHVXVFHSWtYHODRFRODSVRSRUUDVJD
PHQWR
$QYpDiUHDOtTXLGDVXMHLWDDRFLVDOKDPHQWRGDSDUWHVXVFHSWtYHODRFRODSVRSRUUDV
JDPHQWR
$QWpDiUHDOtTXLGDVXMHLWDjWUDomRGDSDUWHVXVFHSWtYHODRFRODSVRSRUUDVJDPHQWR
ϳ
1D1%5DH[SUHVVmRGH)5GGRtWHP³D´pDPHVPDGRtWHP³E´SRUpPFRPOLPLWDQWHPi[L
PR HPYH]
ϴ
1D1%5IRLPRGLILFDGRHVLPSOLILFDGRRSURFHGLPHQWRHPUHODomRj1%51HV
WDDVVHJXLQWHVYHULILFDo}HVSUHFLVDPVHUIHLWDV
6H$QWIX!$QYIXĺ)5G $JYI\$QWIXJJ
6H$QYIX!$QWIXĺ)5G $QYIX$JWI\JJ
$IRUoDUHVLVWHQWHGHFiOFXORIRLUHGX]LGDQDUHYLVmRGHHPDSUR[LPDGDPHQWH
HPUHODomRjGH
ϰϬ
)LJXUD&RODSVRSRUUDVJDPHQWRGDSDUWHFRQHFWDGD
)RQWH1%5ILJXUD
5XSWXUDGDVHomROtTXLGDQDUHJLmRGDOLJDomR
7UDWDVHGHXPHVWDGROLPLWHWtSLFRGHHOHPHQWRVWUDFLRQDGRV±WDQWRpTXHD
1%5QmRRLQFOXLQRHVWXGRGDVOLJDo}HVHVLPQRtWHP³%DUUDVVXEPHWLGDV
jIRUoDD[LDOGHWUDomR´±MXQWDPHQWHFRPRHVWXGRGHUXSWXUDGDVHomROtTXLGDIRUDGD
UHJLmRGDOLJDomRHGRHVFRDPHQWRGDVHomREUXWD
2tWHPDFLPDPHQFLRQDGRDSUHVHQWDRVSURFHGLPHQWRVGHFiOFXORSDUDGHWHUPL
QDUHVWHHVWDGROLPLWHSDUDOLJDo}HVSDUDIXVDGDVHSDUDOLJDo}HVVROGDGDVHPIXQomR
GDJHRPHWULDHGRVPDWHULDLVHPSUHJDGRV$ILJXUDLOXVWUDHVWHWLSRGHUXSWXUD
)LJXUD±(YROXomRGHUXSWXUDGHVHomROtTXLGDGHOLJDomRSDUDIXVDGD
)RQWH$GDSWDGRGH6DOPRQH-RKQVRQ
&RQIRUPHD1%5D³IRUoDD[LDOGHWUDomRUHVLVWHQWHGHFiOFXOR1W5G
p R PHQRU GRV YDORUHV FRQVLGHUDQGRVH RV HVWDGRVOLPLWHV ~OWLPRV GH HVFRDPHQWR GD
ϵ
2YDORUGRFRHILFLHQWH³J´±TXHQD1%5pLJXDODQD1%5WHPYDORULJXDO
D+RXYHSRUWDQWRXPDUHGXomRGDRUGHPGHGDIRUoDUHVLVWHQWHGHFiOFXORSDUDHVWHHVWDGR
OLPLWH
ϰϭ
VHomREUXWDUXSWXUDGDVHomROtTXLGDIRUDGDUHJLmRGDOLJDomRH UXSWXUDGDVHomROt
TXLGDQDUHJLmRGDOLJDomRGHDFRUGRFRPDVH[SUHVV}HVDVHJXLU´
DSDUDHVFRDPHQWRGDVHomREUXWD
1W5G $I\JJJJ
ESDUDUXSWXUDQDVHomROtTXLGDIRUDGDUHJLmRGDOLJDomR
1W5G $QRIXJJJJ
FSDUDUXSWXUDGDVHomROtTXLGDQDUHJLmRGDOLJDomR
J
1W5G &W$QIXJ J RQGH
JJ
$pDiUHDEUXWDGDVHomRWUDQVYHUVDOGDEDUUD
$QRpDiUHDOtTXLGDGDVHomRWUDQVYHUVDOGDEDUUDIRUDGDUHJLmRGDOLJDomRSRUH[HP
SORGHFRUUHQWHGHIXURVRXUHFRUWHVTXHQmRHVWHMDPDVVRFLDGRVjOLJDomRGDEDUUD
$QpDiUHDOtTXLGDGDVHomRWUDQVYHUVDOGDEDUUDQDUHJLmRGDOLJDomR3DUDFKDSDV
FRPOLJDo}HVSDUDIXVDGDVHP]LJ]DJGHYHPVHUDQDOLVDGDVDVSURYiYHLVOLQKDVGH
UXSWXUDVHQGRDVHomRFUtWLFDDTXHODFRUUHVSRQGHQWHDRPHQRUYDORUGDiUHDOLTXLGD
QHVWHFDVRDiUHDOLTXLGDGDVHomRGHUXSWXUDDQDOLVDGDGHYHVHUFDOFXODGDSRU
$Q $±QIGIW:WVJ
GIpDGLPHQVmRGRIXURQDGLUHomRSHUSHQGLFXODUDVROLFLWDomR
QIpDTXDQWLGDGHGHIXURVFRQWLGRVQDOLQKDGHUXSWXUDDQDOLVDGD
VpRHVSDoDPHQWRGRVIXURVQDGLUHomRGDVROLFLWDomR
JpRHVSDoDPHQWRGRVIXURVQDGLUHomRSHUSHQGLFXODUjVROLFLWDomR
WpDHVSHVVXUDGDSDUWHFRQHFWDGDDQDOLVDGD
&WpRFRHILFLHQWHGHUHGXomRGDiUHDOtTXLGDHPOLJDo}HVSDUDIXVDGDVpGDGRSRU
WRGRV RVHOHPHQWRVFRQHFWDGRV FRPGRLV RXPDLVSDUDIXVRV QD GLUHomR GD VROLFLWD
omR
&W
WRGRVRVSDUDIXVRVFRQWLGRVHPXPD~QLFDVHomRWUDQVYHUVDOLQFOXLQGRRFDVRSDUWL
FXODUGHXP~QLFRSDUDIXVRQDOLJDomRLOXVWUDGRQDILJXUDRSHUILOGHYHVHUWUDWDGR
FRPRFKDSDHTXLYDOHQWHFRP&WGDGRSRU
&W GJ
ϭϬ
2YDORUJ QD1%5pLJXDODQD1%5SRUWDQWRKRXYHUH
GXomRGHQDUHVLVWrQFLDGHFiOFXOR
ϭϭ
1RVFDVRVHPTXHRHVSDoDPHQWRHQWUHIXURVJIRULQIHULRUjVRPDGDVGLVWkQFLDVHQWUHRV
FHQWURVGRVIXURVHDVH[WUHPLGDGHVGDjVUHVSHFWLYDVERUGDVQDGLUHomRSHUSHQGLFXODUjVROL
FLWDomRHH&WGHYHVHUFDOFXODGRVXEVWLWXLQGRJSRUHH
+DYHQGRXP~QLFRSDUDIXVRQDVHomRDQDOLVDGD&WGHYHVHUFDOFXODGRWRPDQGRVHJ
LJXDODRPDLRUYDORUHQWUHGHDVRPDHH
ϰϮ
)LJXUD±'HWHUPLQDomRGRFRHILFLHQWH&WHPOLJDo}HVFRPXP~QLFRSDUDIXVR
)RQWH1%5ILJXUDE
FDQWRQHLUDVHSHUItV8FRPGRLVRXPDLVSDUDIXVRVQDGLUHomRGDVROLFLWDomRVHQGR
TXHQHPWRGRVRVHOHPHQWRVHVWHMDPFRQHFWDGRVILJXUD
&W ±[/GHYHQGRQRHQWDQWRVHUXVDGRFRPROLPLWHVXSHULRUHQmR
VHSHUPLWLQGRRXVRGHOLJDo}HVTXHUHVXOWHPHPXPYDORULQIHULRUD
RQGH
GpRGLkPHWURGRSDUDIXVR
/pRFRPSULPHQWRGDOLJDomRSDUDIXVDGDFRQIRUPHLOXVWUDGRQDILJXUD
[pDH[FHQWULFLGDGHGDOLJDomRWRPDGDFRPRDGLVWkQFLDHQWUHRFHQWUyLGHGDVHomR
GD EDUUD H R SODQR GH FLVDOKDPHQWR GD OLJDomR 1R FDVR GH SHUILO 8 FRQHFWDGR SHODV
PHVDVSRUPHLRGHSDUDIXVRVDH[FHQWULFLGDGHGDOLJDomRGHYHVHUGHWHUPLQDGDVXEV
WLWXLQGRRSHUILO8SRUGXDVFDQWRQHLUDVILFWtFLDVREWLGDVGLYLGLQGRVHRSHUILO8SRUXP
SODQRSDUDOHORjVPHVDVQDDOWXUDGRVHXFHQWUyLGHYLGHILJXUD
)LJXUD±/LJDomRSDUDIXVDGDHPSHUItV
)RQWH1%5ILJXUDF
ϰϯ
)LJXUD±,OXVWUDomRGRFDVRGHSHUItO8FRQHFWDGRSRUSDUDIXVRVQDVPHVDV
)RQWH0DLROD
/,*$d®(6'(%$55$63250(,2'(62/'$
$QDORJDPHQWHjVOLJDo}HVSDUDIXVDGDVWDPEpPQHVWHFDVRDPHWRGRORJLDGH
FiOFXORpYLDGHUHJUDDDGRWDGDSHOD1%5'LPHQVLRQDPHQWRGHHVWUXWX
UDVGHDoRFRQVWLWXtGDVSRUSHUItVIRUPDGRVDIULRDTXDOUHYLVDD1%5
1RFDVRGHPDWHULDLVFRPHVSHVVXUDVXSHULRUDPPVmRVHJXLGDVDVHVSHFLILFD
o}HVGD1%53URMHWRGH(VWUXWXUDVGHDoRHGHHVWUXWXUDVPLVWDVGHDoRH
FRQFUHWRGHHGLItFLRV±FRQIRUPHLQGLFDGRSHODSULPHLUD
(VWDGRVOLPLWHVXVXDLV
$ VHJXLU VmR UHSURGX]LGDV DV SUHVFULo}HV GD 1%5 HP VHXV tWHQV
D
ËWHP6ROGDVGHSHQHWUDomRHPMXQWDVGHWRSR
$IRUoDUHVLVWHQWHGHFiOFXORGHXPDVROGDGHSHQHWUDomRHPMXQWDGHWRSR)5GGHYH
VHUFDOFXODGDSRU
DWUDomRRXFRPSUHVVmR1RUPDOjVHomRHIHWLYDRXSDUDOHODDRHL[RGDVROGD
JJ
J J
)5G /WHII\J
EFLVDOKDPHQWRQDVHomRHIHWLYD
J
JJ
)5G /WHIIZJ J H)5G /WHII\J
JJ
J J
RQGH
IZpDUHVLVWrQFLDjUXSWXUDGDVROGD
I\pDUHVLVWrQFLDDRHVFRDPHQWRGRDoRPHWDOEDVH
/pRFRPSULPHQWRGRFRUGmRGHVROGD
WHIpDGLPHQVmRHIHWLYDJDUJDQWDHIHWLYDGDVROGDGHSHQHWUDomR3DUDRFDVRGHSH
QHWUDomRWRWDOWHIpDPHQRUHVSHVVXUDGRPHWDOEDVHQDMXQWD
ϰϰ
ËWHP6ROGDVGHILOHWHHPVXSHUItFLHVSODQDV
$IRUoDUHVLVWHQWHGHFiOFXORGHXPDVROGDGHILOHWHHPVXSHUItFLHSODQD)5GGHYHVHU
FDOFXODGDSRU
DHVWDGROLPLWH~OWLPRGHUXSWXUDGRPHWDOEDVHVROLFLWDomRSDUDOHODDRHL[RGDVROGD
SDUD/WSDUD/W!
)5G >/W@W/IXJJJJ )5G W/IXJJJJ
EHVWDGROLPLWH~OWLPRGHUXSWXUDGRPHWDOEDVHVROLFLWDomR1RUPDODRHL[RGDVROGD
J
)5G W/IXJJJ
FHVWDGROLPLWH~OWLPRGHUXSWXUDGDVROGD
$OpPGDVIRUoDVUHVLVWHQWHVGHFiOFXORREWLGDVHPDHEDQWHULRUHVSDUDHV
SHVVXUDW!PPDIRUoDUHVLVWHQWHGHFiOFXOR)5GQmRGHYHH[FHGHURVHJXLQWHYDORU
)5G WHI/IZJJJJ
RQGH
IZpDUHVLVWrQFLDjUXSWXUDGDVROGD
IXpDUHVLVWrQFLDjUXSWXUDGRDoRPHWDOEDVH
/pRFRPSULPHQWRGRILOHWHGHVROGD
WpRPHQRUYDORUHQWUHWHWFRQIRUPH)LJXUD
WHIpDGLPHQVmRHIHWLYDJDUJDQWDHIHWLYDGDVROGDGHILOHWHFRQVLGHUDGDFRPRRPH
QRUYDORUHQWUHZRXZ
ZZVmRDVSHUQDVGRILOHWHFRQIRUPH)LJXUD
1DVMXQWDVSRUVREUHSRVLomRZW
ϭϮ
3DUD/W!D1%5DSUHVHQWDJ +iSRUWDQWRXPDUHGXomRGDIRUoDUH
VLVWHQWHGHFiOFXORGDRUGHPGHQD1%5HPUHODomRjTXHOD6DOLHQWDVHQR
HQWDQWRTXHRVFRHILFLHQWHVGHSRQGHUDomRGDVDo}HVJJHJTWDPEpPVRIUHUDPPRGLILFD
o}HV
ϭϯ
$1%5HVSHFLILFDJ ,VWRVLJQLILFDTXHQD1%5KiXPDXPHQ
WRGHDSUR[LPDGDPHQWHQDIRUoDUHVLVWHQWHGHFiOFXORHPUHODomRj1%5
ϭϰ
1D1%5DHVSHVVXUDDSDUWLUGDTXDOGHYHVHUYHULILFDGRRYDORUPi[LPRGH)5G
pPPQD1%5SDVVDDVHUPP
ϰϱ
)LJXUD±6ROGDGHILOHWHHPVXSHUItFLHVSODQDV
)RQWH1%5ILJXUD
ËWHP6ROGDVGHILOHWHHPVXSHUItFLHVFXUYDV
$IRUoDUHVLVWHQWHGHFiOFXORGHXPDVROGDGHILOHWHHPVXSHUItFLHVFXUYDV)5G
GHYHVHUFDOFXODGDSRU
DHVWDGROLPLWH~OWLPRGHUXSWXUDGRPHWDOEDVHVROLFLWDomR1RUPDODRHL[RGDVROGD
FRQIRUPHLOXVWUDGRQDILJXUDD
)5G W/IXJJJJ
EHVWDGROLPLWH~OWLPRGHUXSWXUDGRPHWDOEDVHVROLFLWDomRSDUDOHODDRHL[RGDVROGD
)LJXUDVEDJ
SDUDWHI!WHVHDGLPHQVmRKGRHQULMHFHGRUpPDLRURXLJXDODRFRPSULPHQWRGD
VROGD/)LJXUDG
)5G W/IXJJJJ
SDUDWWHIWRXVHDGLPHQVmRKGRHQULMHFHGRUpPHQRUTXHRFRPSULPHQWRGD
VROGD/)LJXUDH
)5G W/IXJJJJ
FHVWDGROLPLWH~OWLPRGHUXSWXUDGDVROGD
$OpPGDVIRUoDVUHVLVWHQWHVGHFiOFXORREWLGDVHPDHEDQWHULRUHVSDUDHVSHVVXUDW
!PPDIRUoDUHVLVWHQWHGHFiOFXOR)5GQmRGHYHH[FHGHURVHJXLQWHYDORU
)5G WHI/IZJJJ
J
RQGH
IZpDUHVLVWrQFLDjUXSWXUDGDVROGD
IXpDUHVLVWrQFLDjUXSWXUDGRDoRPHWDOEDVH
KpDDOWXUDGRHQULMHFHGRU
ϭϱ
1D1%5RYDORUGH³J´p±HQTXDQWRTXHQD1%5HVVHYDORUp,VWR
UHSUHVHQWDXPDXPHQWRGHQDIRUoDUHVLVWHQWHGHFiOFXORGHVWDHPUHODomRj1%5
ϰϲ
/pRFRPSULPHQWRGRILOHWHGHVROGD
WpHVSHVVXUDGRPHWDOEDVHFRQIRUPH)LJXUDVDDJ
UHpRUDLRH[WHUQRGHGREUDPHQWRFRQIRUPH)LJXUDVGDJ
WHIpDGLPHQVmRHIHWLYDJDUJDQWDHIHWLYDGDVROGDGHILOHWHGDGDSRU
IDFHH[WHUQDGRILOHWHUHQWHDRPHWDOEDVH)LJXUDVGHH
VROGDHPDSHQDVXPDVXSHUItFLHFXUYDWHI UH
VROGDHPGXDVVXSHUItFLHVFXUYDVWHI UHSDUDUH!PPWHI UH
IDFHH[WHUQDGRILOHWHVDOLHQWHDRPHWDOEDVH)LJXUDVIHJ
ZRXZRPHQRUYDORU
9DORUHVGHWHIPDLRUHVTXHRVHVWDEHOHFLGRVDQWHULRUPHQWHSRGHPVHUDGRWDGRVGHVGH
TXHFRPSURYDGRVSRUPHGLo}HV
ZZVmRDVSHUQDVGRILOHWHFRQIRUPH)LJXUDVGDJ
)LJXUD6ROGDGHILOHWHHPVXSHUItFLHVFXUYDV
)RQWH1%5
ϰϳ
5XSWXUDGRSHUILO±VHomROtTXLGD
$VVLPFRPRHPOLJDo}HVSDUDIXVDGDVDVOLJDo}HVVROGDGDVHVWmRVXMHLWDVjUXS
WXUD GD VHomR OtTXLGD QD UHJLmR GD OLJDomR 'H PDQHLUD DQiORJD j DGRWDGD SDUD OLJD
o}HVSDUDIXVDGDVD1%5QmRLQFOXLHVWDVLWXDomRQRHVWXGRGDVOLJDo}HVH
VLPQRtWHP³%DUUDVVXEPHWLGDVjIRUoDD[LDOGHWUDomR´
4XDQGRDSHQDVDOJXQVGRVHOHPHQWRVTXHFRQVWLWXHPXPSHUILOVmRVROGDGRVQD
FRQH[mRSRUH[HPSORDSHQDVXPDGDVGXDVDEDVTXHFRQVWLWXHPXPSHUILO³/´DUH
VLVWrQFLDGDOLJDomRpUHGX]LGD2FiOFXORGDIRUoDD[LDOGHWUDomRUHVLVWHQWHGHFiOFXOR
1W5GQDUHJLmRGDOLJDomRpGDGDSRU
JJ
J
1W5G &W$QIXJ J RQGH
$pDiUHDEUXWDGDVHomRWUDQVYHUVDOGDEDUUD
$QpDiUHDOtTXLGDGDVHomRWUDQVYHUVDOGDEDUUDQDUHJLmRGDOLJDomRVHQGRTXHQRV
FDVRVHPTXHKRXYHUDSHQDVVROGDVWUDQVYHUVDLVVROGDVGHWRSR$QGHYHVHUFRQVL
GHUDGDLJXDOjiUHDEUXWDGDVSDUWHVFRQHFWDGDVDSHQDV
2YDORUGH&WFRHILFLHQWHGHUHGXomRGDiUHDOtTXLGDHPOLJDo}HVVROGDGDVpGDGRSRU
DSHQDVVROGDVWUDQVYHUVDLV
&W
WRGRV RV HOHPHQWRVFRQHFWDGRV SRU VROGDV ORQJLWXGLQDLV RX SRU XPD FRPELQDomR GH
VROGDVORQJLWXGLQDLVHWUDQVYHUVDLV
&W
FDQWRQHLUDVFRPVROGDVORQJLWXGLQDLVILJXUD
&W ±[/GHYHQGRQRHQWDQWRVHUXVDGRFRPROLPLWHVXSHULRUHQmR
VHSHUPLWLQGRRXVRGHOLJDo}HVTXHUHVXOWHPHPXPYDORULQIHULRUD
SHUItV8FRPVROGDVORQJLWXGLQDLVILJXUD
&W ±[/GHYHQGRQRHQWDQWRVHUXVDGRFRPROLPLWHVXSHULRUHQmR
VHSHUPLWLQGRRXVRGHOLJDo}HVTXHUHVXOWHPHPXPYDORULQIHULRUD
ϰϴ
)LJXUD±*UDQGH]DVSDUDRFiOFXORGH&W
)RQWH1%5
5DVJDPHQWRGDSDUWHFRQHFWDGD$YHULILFDomRGHVWHHVWDGRpIHLWDGRPHVPRPRGR
FRPRYLVWRDQWHULRUPHQWHSDUDOLJDo}HVSDUDIXVDGDVtWHPGD1%5
(IHLWRGHJUXSRGHVROGDV
$1%5HD1%5QmRPHQFLRQDPRHIHLWRGHDo}HVH[
FrQWULFDVDRFHQWURJHRPpWULFRGHXPDJUXSDPHQWRGHVROGDV
$1%5DSUHVHQWDIRUPXODomRSDUDFiOFXORGHJUXSRGHVROGDVFRP
IRUoDUHVXOWDQWHSDVVDQGRSHORVHXFHQWURJHRPpWULFRHSDUDRFDVRRQGHDIRUoDUHVXO
WDQWHQmRFRLQFLGHFRPRFHQWURJHRPpWULFRGRJUXSRGHVROGDV1HVWH~OWLPRFDVRD
1%5DSUHVHQWDQRtWHPE±WUDQVFULWRDVHJXLUSURFHGLPHQWRGHDQiOLVH
SHORPpWRGRGRFHQWURLQVWDQWkQHRGHURWDomR³3DUDXPJUXSRGHILOHWHVGHVROGDVLWX
DGRVHPXPPHVPRSODQRHVXMHLWRVDDo}HVQHVVHSODQRFRPDUHVXOWDQWHGDVDo}HV
QmRSDVVDQGRSHORFHQWURJHRPpWULFRGRJUXSRGHILOHWHVDQDOLVDGRVSHORPpWRGRGR
FHQWURLQVWDQWkQHRGHURWDomRRVFRPSRQHQWHVGDIRUoDUHVLVWHQWHGHFiOFXORVmR
)5GZ[H)5GZ\FRP
)Z[5G 6)ZL[5G)Z\5G 6)ZL\5G
)ZL5G IZJJZ6L$ZLVHQTLISIS >S±S@
RQGH
)5GZLpDIRUoDUHVLVWHQWHGHFiOFXORGRILOHWHGHQ~PHURL
)5GZL[pDIRUoDUHVLVWHQWHGHFiOFXORQDGLUHomR[
)5GZL\pDIRUoDUHVLVWHQWHGHFiOFXORQDGLUHomR\
Sp'L'PRXVHMDDUHODomRHQWUHDGHIRUPDomRGRILOHWHLVREQtYHLVLQWHUPHGLiULRVGH
'
WHQVmROLQHDUPHQWHSURSRUFLRQDOjGHIRUPDomRFUtWLFDEDVHDGDQDGLVWkQFLDDRFHQWUR
LQVWDQWkQHRGHURWDomRULLJXDODUL''XUFULWHVXDGHIRUPDomRQROLPLWHGHUHVLVWrQFLD
TLGZLGZL
LJXDODT
GZLpRWDPDQKRGDSHUQDGRILOHWHL
'XULPtQLPD
UFULWpDGLVWkQFLDGRFHQWURLQVWDQWkQHRGHURWDomRGRILOHWHFRPUHODomR'
$ILJXUDDSUHVHQWDH[HPSORJUXSRGHVROGDDQDOLVDGDSRUHVWHPpWRGR
ϰϵ
)LJXUD*UXSRGHVROGDVVREFDUUHJDPHQWRH[FrQWULFRPpWRGRGRFHQWURLQVWDQWkQHRGH
URWDomR
)RQWH9DOHQFLDQL
2XWURPpWRGRGLVSRQtYHOSDUDDDQiOLVHGHJUXSRGHVROGDpRYHWRULDOHOiVWLFR±
WDPEpPGHQRPLQDGRGH³PpWRGRFOiVVLFR´6HJXQGR6DOPRQH-RKQVRQDIRUoD
H[FrQWULFDpVXEVWLWXtGDSRUXPDIRUoDFHQWUDGDHXPFRUUHVSRQGHQWHPRPHQWRGHWRU
omR RQGH D IRUoD FRUWDQWH p HTXLOLEUDGD SRU WHQV}HV XQLIRUPHPHQWH GLVWULEXtGDV DR
ORQJRGDVROGDHRPRPHQWRGHWRUomRHTXLOLEUDGRSRUWHQV}HVSURSRUFLRQDLVjGLVWkQ
FLDHPUHODomRDRFHQWURGHJUDYLGDGHGRJUXSRGHVROGDVHFRPGLUHomRSHUSHQGLFX
ODUDRFRUUHVSRQGHQWHUDLRYHWRU$WHQVmRUHVXOWDQWHQXPGHWHUPLQDGRSRQWRpGDGD
SHODVRPDYHWRULDOGHVWDVGXDVSDUFHODV(VWHPpWRGRFRQGX]DUHVXOWDGRVFRQVHUYD
GRUHV FRQIRUPH GHPRQVWUD 9DOHQFLDQL FRPSDUDQGR FRP R 0pWRGR GR &HQWUR
,QVWDQWkQHRGH5RWDomR&,5
(QWUHWDQWR JUXSRV GH VROGDVQRUPDOPHQWHHPSUHJDGRVHP OLJDo}HV GH EDUUDV
GHWUHOLoDVUHVXOWDPHPIRUoDUHVXOWDQWHOLJHLUDPHQWHH[FrQWULFDQmRMXVWLILFDQGRRHP
SUHJRGRSULPHLURPpWRGR±GHDSOLFDomRH[FHVVLYDPHQWHFRPSOH[DVHFRPSDUDGDFRP
RVHJXQGR±YLVWRTXHRHIHLWRGDH[FHQWULFLGDGHQmRpVLJQLILFDWLYR$ILJXUDDSUH
VHQWDOLJDomRGHSHUILO³/´IRUPDGRDIULRFRPJUXSRGHVROGDHJUDQGH]DVQHFHVViULDV
SDUD DQiOLVH SHOR PpWRGR YHWRULDO HOiVWLFR 'HYHVH UHVVDOWDU TXH R XVR GH JUXSR GH
FRUG}HVGHVROGDWDOFRPRRGHVWDILJXUDSRGHPLQGX]LUDH[FHQWULFLGDGHGRHVIRUoRD
[LDOQDEDUUD±RTXHGHYHVHUDQDOLVDGR
)LJXUD±([HPSORGHOLJDomRGHSHUILO/FRPDQiOLVHSHORPpWRGRYHWRULDOHOiVWLFR
)RQWH3URGXomRGRSUySULRDXWRU
ϱϬ
1DILJXUDDVWHQV}HVI[HI\QDH[WUHPLGDGH³$´GDVROGD/VmRGDGDVSRU
I[ 1G$Z0G\$,[,\\$ /\R
I\ 0G[$,[,\[$ /[R
IY$ I[I\6G5G
RQGH5GpDPHQRUUHVLVWrQFLDGHFiOFXORREWLGDFRQIRUPHtWHP6ROGDVGHILOHWH
HPVXSHUItFLHVFXUYDVGD1%5SDUDYDORUHVXQLWiULRVGH³W´H³/´HPSUH
JDQGRVHDVPHVPDVXQLGDGHVGRFiOFXORGHIY$2H[HPSORDFLPDWUDWDGDVROGDQD
DUHVWDGHGREUDGRSHUILOHDIRUoDpSUHSRQGHUDQWHPHQWHSDUDOHODDRHL[RGRILOHWHGH
VROGDVHQGRXVDGRSDUDFiOFXORGH5GDVH[SUHVV}HVGRVVXEtWHQV³E´H³F´
$VWHQV}HVQDRXWUDH[WUHPLGDGHGRILOHWH/pFDOFXODGDGHIRUPDDQiORJD2V
YDORUHVGH5GSDUDRVGHPDLVILOHWHVVmRFDOFXODGRVVHJXQGRRtWHP6ROGDVGH
ILOHWHHPVXSHUItFLHVSODQDVVHQGRTXHRILOHWH/WHPVROLFLWDomRSUHSRQGHUDQWHSHU
SHQGLFXODUDRHL[RGRILOHWHGHVROGDVXEtWHP³E´
2ILOHWH/SRGHDSUHVHQWDUDSDUWLFXODULGDGHGHQmRKDYHUSUHSRQGHUkQFLDGH
IRUoDSDUDOHODRXSHUSHQGLFXODUDRHL[RGRILOHWHGHVROGD$1%5SUHYrVLWXD
o}HVGHIRUoDUHVXOWDQWHSDUDOHODDRHL[RGHVROGDHSHUSHQGLFXODUDRHL[RGHVROGD
1mRpPHQFLRQDGRSURFHGLPHQWRSDUDVLWXDo}HVLQWHUPHGLiULDVIRUoDUHVXOWDQWHREOt
TXDDRHL[RGRILOHWHGHVROGD
3DUDJUXSRVGHILOHWHVFXMDIRUoDUHVXOWDQWHFRLQFLGHFRPRFHQWURJHRPpWULFRGR
PHVPRRtWHPDGD1%5±DVVLPFRPRR$,6&±DSUHVHQWDFRPR
DOWHUQDWLYDXPDIRUPXODomRRQGHDUHVLVWrQFLDGRILOHWHGHVROGDYDULDGHDFRUGRFRPR
kQJXOR HQWUH R HL[R GHVWD H D GLUHomR GD IRUoD UHVXOWDQWH (VWD YDULDomR p VHQRLGDO ±
FRPRSRGHVHREVHUYDUSHODH[SUHVVmRDVHJXLUWUDQVFULWDGD1%5
)5G $ZIZJVHQTAFRPJ T kQJXORHQWUHRYHWRUGDIRUoDHRHL[RGR
ILOHWHGHVROGD
(PJUXSRVGHVROGDGHEDUUDVGHWUHOLoDDH[FHQWULFLGDGHGDIRUoDUHVXOWDQWHHP
UHODomRDRFHQWURJHRPpWULFRGRJUXSRGHVROGDGHPDQHLUDJHUDOpSHTXHQD'DtTXH
DDSOLFDomRGRSURFHGLPHQWRSUHVFULWRSHOD1%5SDUDHOHPHQWRVFRPHVSHVVXUD
PDLRUTXHPPUHVXOWDHPERDDSUR[LPDomR
1RFDVRGHHOHPHQWRVFRPHVSHVVXUDPHQRURXLJXDODPPHPJUXSRGH
VROGDFRPSHTXHQDH[FHQWULFLGDGHGDDSOLFDomRGDIRUoDHPUHODomRDRFHQWURJHRPp
WULFRGHVWHHGLUHomRREOtTXDHPUHODomRDXPGDGRILOHWHDUHVLVWrQFLDGHVWHSRGHVHU
DYDOLDGDLQWHUSRODQGRYDORUGHUHVLVWrQFLDSDUDXPGDGRkQJXOR´T´SDUDDVH[SUHVV}HV
GD1%5LVWRpHPSUHJDULQWHUSRODomROLQHDUGH)5GSDUDGHWHUPLQDGRYDORUGHT
HQWUHRVYDORUHVGH)5GSDUDT H
'RPHVPRPRGRTXHHPOLJDo}HVSDUDIXVDGDVRVHL[RVEDULFrQWULFRVGDVEDU
UDVTXHFRPS}HPDFRQH[mRGHYHPVHHQFRQWUDUH[DWDPHQWHQXPPHVPRSRQWR&D
VRLVVRQmRRFRUUDXPDIRUPDXVXDOpID]HUDGLVWULEXLomRGRPRPHQWRIOHWRUGHFRUUHQ
WHGDH[FHQWULFLGDGHSURSRUFLRQDOPHQWHjULJLGH]GHFDGDHOHPHQWRHQYROYLGRHRV
PHVPRVVHUHPGLPHQVLRQDGRVjIOH[mRFRPSRVWDFRQIRUPH2ZHQVH&KHDO
ϱϭ
&+$3$6'(*866(7
4XDQGRGXDVRXPDLVEDUUDVSUHFLVDPVHUXQLGDVHRHL[RGHFDGDXPDQmRp
FROLQHDUFRPRVGHPDLVQRUPDOPHQWHQmRpSRVVtYHOSDUDIXVDURXVROGDUXPHOHPHQWR
GLUHWDPHQWHDRRXWUR1HVWHVFDVRVFKDSDVGHOLJDomR±GHQRPLQDGDVGH³JXVVHW´
VmRHPSUHJDGDVSDUDWUDQVIHUrQFLDGHHVIRUoRVHQWUHHVWHVHOHPHQWRV$ILJXUD
LXVWUDHVWDFRQH[mR
)LJXUD±0RGHORGHFKDSDGHJXVVHWHPSUHJDGRSRU:KLWPRUHIRUoDVHPNLORSRXQGV
)RQWH.XODN)LVKHUH6WUXLN
$V FKDSDV GH JXVVHW SRGHP HVWDU SUHVHQWHV WDQWR QDV OLJDo}HV SDUDIXVDGDV
TXDQWRQDV VROGDGDV6HXHVWXGRWDPEpPpIHLWR GHIRUPD VHPHOKDQWH HPDPERV RV
FDVRV
(PERUDVHMDXVXDOFRQVLGHUDUTXHHPXPDWUHOLoDDXQLmRGDVEDUUDVFXMRVHL[RV
VHHQFRQWUDPQXPSRQWRWUDQVPLWDDSHQDVIRUoDVQRUPDLVDWUDQVIHUrQFLDGHVWDVIRU
oDVSURYRFDUmRHVIRUoRVQRUPDLVGHIOH[mRHGHFLVDOKDPHQWRHPXPDVHomRDUELWUi
ULDQDFKDSDGHJXVVHW
)OH[mR IRUD GR SODQR HP FKDSDV GH JXVVHW JHUDOPHQWH VmR LQVLJQLILFDQWHV VH
JXQGR.XODN)LVKHUH6WUXLN(PPXLWRVFDVRVDIRUoDpDSOLFDGDVLPHWULFDPHQ
WH HP UHODomR DR SODQR GD FKDSD RX VXD JHRPHWULD HYLWD RX PLQLPL]D WHQV}HV
VHFXQGiULDV GHIOH[mR IRUD GR SODQR 'HYLGR D HVWHVIDWRUHVDDQiOLVH GHVWDV FKDSDV
ϱϮ
JHUDOPHQWHpWUDWDGDFRPRSUREOHPDGHHVWDGRELGLPHQVLRQDOGHWHQV}HVHHIHLWRVVH
FXQGiULRVGHIOH[mRIRUDGRSODQRVmRLJQRUDGRV
2SURFHGLPHQWRFRPXPHQWHHPSUHJDGRSDUDGHWHUPLQDUDVWHQV}HVHPFKDSDV
GH JXVVHW p LGHQWLILFDU RV HVIRUoRV WUDQVPLWLGRV SHORV FRPSRQHQWHV GD OLJDomR H HP
VHo}HVFUtWLFDVFDOFXODUDVIRUoDVQRUPDLVFRUWDQWHVHPRPHQWRVIOHWRUHV(PVHJXLGD
DVWHQV}HVVmRFDOFXODGDVHPSUHJDQGRDVIyUPXODVHOHPHQWDUHVSDUDYLJDV
(QWUHWDQWRpUHFRQKHFLGRTXHDDVVRFLDomRDRFRPSRUWDPHQWRGHYLJDQmRp
YiOLGR$LQGDVHJXQGR.XODN)LVKHUH6WUXLNHVWXGRVHIHWXDGRVHPPRGHORGH
FRQH[mRGDFRUGDLQIHULRUGHWUHOLoD³:DUUHQ´LQGLFDUDPTXHDVXSRVLomRGRFRPSRUWD
PHQWR GH YLJD FRQGX] D UHVXOWDGRV HTXLYRFDGRV 7DLV HVWXGRV IRUDP OLPLWDGRV D WHQ
V}HVGHQWURGRFRPSRUWDPHQWRHOiVWLFR
1HVWHVHQWLGRXPGRVHVWXGRVSLRQHLURVIRLRGH:KLWPRUHDSXG.XODNHW
DO3DUDH[DPLQDUDYDOLGDGHGRXVRGHIyUPXODVGHYLJDVSDUDHVVHSUREOHPD
:KLWPRUHLQYHVWLJRXDGLVWULEXLomRGHWHQV}HVHPXPDFKDSDGHDOXPtQLRVLPXODQGRD
FRQH[mRDFLPDFLWDGD&RQVWDWRXVHTXHDSRVLomRGRVYDORUHVPi[LPRVGHWHQV}HVGH
WUDomRHFRPSUHVVmRVLWXDUDPVHSUy[LPRVGDVGLDJRQDLVWUDFLRQDGDVHFRPSULPLGDV
UHVSHFWLYDPHQWH$VXSRVLomRGHTXHDVWHQV}HVQDFKDSDGHJXVVHWVHGLVWULEXHPGH
DFRUGRFRPDKLSyWHVHGHYLJDPRVWURXVHLPSUHFLVD
:KLWPRUHFRQFOXLXTXHDWHQVmRPi[LPDTXHRFRUUHQDFKDSDGHJXVVHWQDUHJL
mRSUy[LPDjH[WUHPLGDGHGDGLDJRQDOSRGHVHUHVWLPDGDDGHTXDGDPHQWHDVVXPLQGR
TXHDIRUoDDWXDQWHQDPHVPDpGLVWULEXtGDXQLIRUPHPHQWHVREUHXPDiUHDHIHWLYDGR
PDWHULDOGDFKDSD(VVDiUHDpREWLGDPXOWLSOLFDQGRDHVSHVVXUDGDFKDSDSRUXPDODU
JXUDHIHWLYD(VWDSRGHVHUHVWLPDGDFRQVWUXLQGROLQKDVFRPLQFOLQDomRGHHPUH
ODomRDRHL[RGRFRPSRQHQWHDSDUWLUGDSULPHLUDOLQKDGHSDUDIXVRVLQWHUFHSWDQGRFRP
XPDOLQKDSHUSHQGLFXODUDRFLWDGRHL[RSDVVDQGRSHOD~OWLPDOLQKDGHSDUDIXVRVFRQ
IRUPHPRVWUDGRQDILJXUD
)LJXUD±'LVSHUVmRGDVWHQV}HVQRUPDLVSDUDREWHQomRGDVHomRHIHWLYD³:KLWPRUH6HFWL
RQ´
)RQWH.XODN)LVKHUH6WUXLN
(P HVWXGRV SRVWHULRUHV IHLWRV SRU 9DVDUKHO\L DWUDYpV GR PpWRGRGHHOH
PHQWRV ILQLWRV IRUDP DQDOLVDGRV WDQWR R FRPSRUWDPHQWR HP UHJLPH HOiVWLFR FRPR QR
LQHOiVWLFR$VDQiOLVHVHOiVWLFDVFRQILUPDUDPDVFRQFOXV}HVGH:KLWPRUH
ϱϯ
6LJQLILFDWLYDVGLIHUHQoDVHQWUHDVWHQV}HVREWLGDVSHODDQiOLVHDWUDYpVGRPpWR
GRGRVHOHPHQWRVILQLWRVHDWHRULDGHYLJDIRUDPHQFRQWUDGRV(QWUHWDQWRDVGLIHUHQ
oDV QmR VmR QHFHVVDULDPHQWH FRQWUD D VHJXUDQoD 1HQKXP YDORU GH WHQVmR DYDOLDGR
SHORFLWDGRPpWRGRH[FHGHXRVYDORUHVPi[LPRVSUHGLWRVSHODWHRULDGHYLJDDORFDOL
]DomRHGLVWULEXLomRGRVYDORUHVPi[LPRVpTXHPRVWUDUDPGLIHUHQoDVVXEVWDQFLDLV
(P VXDV LQYHVWLJDo}HV VREUH R DVVXQWR 9DVDUKHO\L FRQFOXLX TXH DV WHQV}HV
Pi[LPDVQXPDFKDSDGHJXVVHWHQFRQWUDGDVSRUYiULRVPpWRGRVVLPSOLILFDGRVVmRD
SHQDVOLJHLUDPHQWHGLIHUHQWHVRVPDLRUHVGHVYLRVHVWmRQDORFDOL]DomRGHVWHVSRQWRV
Pi[LPRV 'HVVH PRGR D YHULILFDomR GDV WHQV}HV HP VHo}HV FUtWLFDV GD FKDSD GHYH
VHUPDQWLGD
$ILJXUDDSUHVHQWDDGLVWULEXLomRGHWHQV}HVREWLGDVSHORPpWRGRGDWHRULDGH
YLJDHPFRPSDUDomRFRPRUHVXOWDGRH[SHULPHQWDOGH:KLWPRUH
)LJXUD±'LVWULEXLomRGDVWHQV}HVQRUPDLVQDVHomRFUtWLFD&&GDILJ
)RQWH.XODN)LVKHUH6WUXLN
.XODN)LVKHUH6WUXLNWDPEpPFRQFOXtUDPTXHGHYLGRjFRPSOH[LGDGHGH
VLWXDo}HVSRVVtYHLVHPOLJDo}HVFRPFKDSDVGHJXVVHWHDYDULHGDGHGHFRPSRQHQWHV
IL[DGRUHVHJHRPHWULDGDFKDSDPXLWDVSHVTXLVDVDLQGDVHID]HPQHFHVViULDV
'HVVHPRGRQDVFRQVLGHUDo}HVGHFiOFXORGHYHPVHUYHULILFDGRV
UXSWXUDSHORPpWRGRGDVHomRHIHWLYD
UDVJDPHQWRGDSDUWHFRQHFWDGD
SRVVLELOLGDGHGHHVPDJDPHQWRGDUHJLmRGRVIXURV
UDVJDPHQWRHQWUHIXURVHIXURERUGD
WHQV}HVGHYLGRDHVIRUoRVQRUPDLVHGHIOH[mRHWHQV}HVGHFLVDOKDPHQWRHPVHo}HV
FUtWLFDVGDFKDSD³FRPSRUWDPHQWRGHYLJD´
HVWDELOLGDGHGDFKDSDVREDomRGHIRUoDQRUPDOGHFRPSUHVVmR
(P FKDSDV ±RX UHJL}HV GH FKDSDV ± VXMHLWDV j FRPSUHVVmR RX IOH[R
FRPSUHVVmR D HVWDELOLGDGH SRGH VHU YHULILFDGD VLPXODQGR R FRPSRUWDPHQWR GH XPD
EDUUDFRPSULPLGDFRQIRUPH0XLUH7KRUQWRQ
ϱϰ
&RPRHPXPDEDUUDDVUHVWULo}HVGHH[WUHPLGDGHVmRLPSRUWDQWHVSDUDGHWHU
PLQDURFRHILFLHQWHGHFRPSULPHQWRHIHWLYR.$OJXPDVFRQGLo}HVTXHSRGHPRFRUUHU
VmRLOXVWUDGDVQDILJXUDFRPEDVHQHVWDIRQWH
)LJXUD±9DORUHVGRFRHILFLHQWHGHFRPSULPHQWRHIHWLYR.SDUDFKDSDVVXEPHWLGDVjFRP
SUHVVmR
)RQWH$GDSWDGRGH0XLUH7KRUQWRQ
3DUDXPDFKDSDGHJXVVHWFRQHFWDGDDXPPHPEURGHVXSRUWHEDQ]RQRFDVR
SUHVHQWH H OLJDGD DSHQDV D XPD GLDJRQDO DVVXPHVH . 2 PHVPR YDOH SDUD R
FDVRRQGHH[LVWHPGXDVGLDJRQDLVFRQHFWDGDVHDPEDVVmRFRPSULPLGDVVLPXOWDQHD
PHQWH
6HKRXYHUGXDVGLDJRQDLVFRQHFWDGDVHXPDGHODVpWUDFLRQDGDHQWmRDGRWDVH
. 3DUD WDO FRQVLGHUDomR D RUGHP GH JUDQGH]D GD IRUoD GH WUDomR GHYH VHU D
PHVPDGDIRUoDGHFRPSUHVVmRGDRXWUDGLDJRQDO
$VHomRWUDQVYHUVDODVHUFRQVLGHUDGDSDUDYHULILFDomRGDUHVLVWrQFLDpDVHomR
HIHWLYDHVSHVVXUDGDFKDSDPXOWLSOLFDGDSHODODUJXUDHIHWLYDPRVWUDGDQDILJXUD
'HYHVHHQIDWL]DUTXHDVVLWXDo}HVJHQpULFDVDFLPDDERUGDGDVQmRVmRSDVVt
YHLVGHDSOLFDomRGLUHWDHPFHUWRVFDVRVSRGHRFRUUHUGDVHomRHIHWLYDLQYDGLUSDUWH
GHXPHOHPHQWRDGMDFHQWHSHUWHQFHQWHjFRQH[mRRXPHVPRVHUWUXQFDGDSHODUHGX]L
GDODUJXUDGLVSRQtYHOGDFKDSD(VWHVHRXWURVFDVRVSRVVtYHLVUHTXHUHPWUDWDPHQWR
PDLVHODERUDGR±FRPRSRGHVHUREVHUYDGRHPHVWXGRVHIHWXDGRVSRU&KDPEHUVH
%DUWOH\H$VWDQHK$VL
(67$'26/,0,7(67Ë3,&26
$1%5±HWDPEpPD1%5±QmRWUDWDHVSHFLILFDPHQWHGRGLPHQVLR
QDPHQWRGHVWHWLSRGHHOHPHQWRHVWUXWXUDO(QWUHWDQWRHVWD~OWLPDQRtWHP(OH
PHQWRVGHOLJDomR´WUDWDGHPDQHLUDJHUDOGRGLPHQVLRQDPHQWRGHHOHPHQWRVGHOLJD
omR$VHVSHFLILFDo}HVGHVWHtWHPGD1%5VmRREVHUYDGDVQRVSURFHGLPHQWRVD
VHJXLUVRPDGDVDRVSURFHGLPHQWRVLQGLFDGRVQDELEOLRJUDILDFRQVXOWDGDDGDSWDQGRj
ϱϱ
)RQWH3URGXomRGRSUySULRDXWRU
6HJXQGR³6WDQGDUG6SHFLILFDWLRQVIRU+LJKZD\%ULGJHV´HGH³3UR
SRVHG$$6+72*XLGH6SHFLILFDWLRQVIRU/5)'6HLVPLF%ULGJH'HVLJQ´DGLV
WkQFLDOLYUHQDVERUGDVVXMHLWDVjFRPSUHVVmRGHYHVHUOLPLWDGDSRU
/JW(I\
/J GLVWkQFLDOLYUHFRQIRUPHILJXUD
W HVSHVVXUDGDFKDSD
ϱϲ
1DVHomRFUtWLFD'HYLGRjFRPSUHVVmRDFKDSDGHJXVVHWSRGHVHWRUQDULQVWiYHOD
SDUWLUGDVHomRFUtWLFDFRQIRUPHLOXVWUDGRQDILJXUD3DUDDYDOLDUDFDSDFLGDGHGD
FKDSDjFRPSUHVVmRVHOHoLRQDVHDIDL[DPDLVORQJDFRPODUJXUDHVWDEHOHFLGDDSULRUL
FPVXEPHWLGDjWHQVmRGH1G:WHFDOFXODVHFRPRXPDEDUUDHTXLYDOHQWH
)LJXUD±)ODPEDJHPGHFKDSDGHJXVVHWHPRGHORGHFiOFXOR
)RQWH$VWDQHK$VL
$GRWDQGRHVWHPRGHORHGHDFRUGRFRPD1%5tWHPWHPVHTXH
D3DUDRHVWDGROLPLWH~OWLPRGHHVFRDPHQWRDSOLFiYHOTXDQGRNOU
)5G I\$JJD
E3DUDRHVWDGROLPLWH~OWLPRGHIODPEDJHPDSOLFiYHOTXDQGRNOU!
1F5G J$JI\JDSV
6HSR !J
6HSR! !J SR
SR $JI\1H
1H W (,N/
, PRPHQWRGHLQpUFLDIRUDGRSODQRGDFKDSD
N FRHILFLHQWHGHIODPEDJHPRX±YLGHILJXUD
/ FRPSULPHQWRGDIDL[DFRPSULPLGDPDLVORQJDYLGHILJXUD
5XSWXUDGDiUHDOtTXLGDGDFKDSDSRUWUDomR
)W5G IX$HJD
$H &W$Q
FRHILFLHQWHGHUHGXomRGDiUHDOtTXLGD&WtWHPG±1%5
ϱϳ
1DVOLJDo}HVVROGDGDV
TXDQGRDIRUoDGHWUDomRIRUWUDQVPLWLGDVRPHQWHSRUVROGDVORQJLWXGLQDLVDRORQJRGH
DPEDVDVVXDVERUGDVFRQIRUPHD)LJXUD
&W SDUDOZ!E
&W SDUDE!OZ!E
&W SDUDE!OZ!E
$Q iUHDOtTXLGDQDVHomRHIHWLYD :WVHQmRKRXYHUIXURVQHVWDUHJLmR
OZ FRPSULPHQWRGRVFRUG}HVGHVROGD
EpDODUJXUDGDFKDSDGLVWkQFLDHQWUHDVVROGDVVLWXDGDVQDVGXDVERUGDV
)LJXUD±&KDSDSODQDFRPIRUoDGHWUDomRWUDQVPLWLGDSRUVROGDORQJLWXGLQDO
)RQWH1%5
1DVOLJDo}HVSDUDIXVDGDV
&W
$H $Q :±GIQEW$JFRQI1%5tWHPE
GI GLkPHWURGRVIXURV
QE Q~PHURGHSDUDIXVRVQDVHomRHIHWLYD
: ODUJXUDHIHWLYDFRQIILJXUD
W HVSHVVXUDGDFKDSD
$J VHomREUXWDHIHWLYD :W
5XSWXUDSRUUDVJDPHQWRGH³EORFR´9LGHILJXUD
)5G NDIX$QY&WVIX$QWI\$JY&WVIX$QW
$JY iUHDEUXWDVXMHLWDDFLVDOKDPHQWR
$QY iUHDOtTXLGDVXMHLWDDFLVDOKDPHQWR
&WV
ϱϴ
)LJXUD±([HPSORVGHUDVJDPHQWRGHEORFRHPOLJDo}HVVROGDGDHSDUDIXVDGD
)RQWH3URGXomRGRSUySULRDXWRU
(VWDGRVOLPLWHVGHIOH[mR
05G :I\ND
05G =I\ND
2QGH: PyGXORGHUHVLVWrQFLDHOiVWLFRH= PyGXORGHUHVLVWrQFLDSOiVWLFR
(VWDGROLPLWHGHHVIRUoRFRUWDQWH
95G $JI\ND
,QWHUDomRGHHVIRUoRFRUWDQWHIOH[mRIRUoDD[LDO
D&RQGLomRGHLQtFLRGHHVFRDPHQWR
1VG15G0VG05G05GFDOFXODGRSDUDRHVWDGROLPLWHGHIOH[mR
1VG15G9VG95G
E&RQGLomRGHHVFRDPHQWRWRWDO
0VG05G1VG15G 9VG95G >1VG15G @
ϭϲ
&ŽƌŵƵůĂĕĆŽĚĞ͞WƌŽƉŽƐĞĚ^,dK'ƵŝĚĞ^ƉĞĐŝĨŝĐĂƚŝŽŶƐĨŽƌ>Z&^ĞŝƐŵŝĐƌŝĚŐĞĞƐŝŐŶʹƐƵďĐŽŵŵŝƚĞĞĨŽƌƐĞŝƐͲ
ŵŝĐĞĨĨĞĐƚƐŽŶƌŝĚŐĞƐ͟;ϮϬϬϳͿĂĚĂƉƚĂĚĂăŶŽŵĞŶĐůĂƚƵƌĂĚĂEZϴϴϬϬ͘
ϱϵ
RQGH
Z DOWXUDGRILOHWHGHVROGD
/ FRPSULPHQWRWRWDOGRVILOHWHVGHVROGD
IZ UHVLVWrQFLDGRPHWDOGHVROGD
NZ N
ND
EOLJDo}HVSDUDIXVDGDV
i&RPSDUDIXVRVGHDOWDUHVLVWrQFLDTXDQGRRSODQRGHFRUWHSDVVDSHODURVFDH
SDUDSDUDIXVRVFRPXQVHPTXDOTXHUVLWXDomR
)Y5G $EIXEN
ND[1E
&RPSDUDIXVRVGHDOWDUHVLVWrQFLDTXDQGRRSODQRGHFRUWHQmRSDVVDSHODURVFD
)Y5G $EIXEN
ND[1E
RQGH
$EpDiUHDEUXWDGRSDUDIXVR
1E Q~PHURGHSDUDIXVRVRXGHVHo}HVVXEPHWLGDVDFRUWHVLPSOHVQDOLJDomR
3/$&$6'(%$6('(3,/$5(6
eSUiWLFDFRPXPSURMHWDUSLODUHVPHWiOLFRVFRPHQJDVWDPHQWRHPVXDEDVH
'HVVHPRGRDVSODFDVGHEDVHHRVFKXPEDGRUHVGHYHPWHUFDSDFLGDGHGHWUDQVIHULU
DGHTXDGDPHQWHDVFDUJDVQRUPDLVFRUWDQWHVHPRPHQWRVIOHWRUHVjVIXQGDo}HVRX
HVWUXWXUDGHVXSRUWHFRQFUHWRDUPDGR±VHIRURFDVR
2FRPSRUWDPHQWRHGLVWULEXLomRGRVHVIRUoRVQDEDVHGHXPSLODULOXVWUDGRQD
ILJXUDEVHUiHOiVWLFRDWpTXHVHIRUPHUyWXODSOiVWLFDQDEDVHGDFROXQDRXQD
SODFDGHEDVHRXSHORHVPDJDPHQWRGRFRQFUHWRSHORHVFRDPHQWRGRV
FKXPEDGRUHVWUDFLRQDGRVRXRHVJRWDPHQWRGDFDSDFLGDGHGHDQFRUDJHPGR
FKXPEDGRUVHMDDOFDQoDGDHVWHVQ~PHURVVHUHIHUHPjVSRVLo}HVLQGLFDGDVQDIL
JXUDE6HDFDSDFLGDGHGHDQFRUDJHPIRUPDLRUTXHRVSULPHLURVFDVRVJHUDOPHQWH
RFRPSRUWDPHQWRGDFRQH[mRVHUiG~FWLOVHJXQGR)LVKHUH.ORLEHU(PERUDLV
VRVHMDGHVHMiYHOQHPVHPSUHpSRVVtYHORXQHFHVViULRSURMHWDUSDUDHVWDVLWXDomR
7UDGLFLRQDOPHQWH R GLPHQVLRQDPHQWR GH FKDSD GH EDVH GH SLODUHV p IHLWR WR
PDQGRFRPROLPLWHVRLQtFLRGHHVFRDPHQWRGRFKXPEDGRURXDSRVLomRPDLVFRPSUL
PLGDDWLQJHDFDSDFLGDGHPi[LPDGRFRQFUHWRjFRPSUHVVmR6HJXQGRHVWDKLSyWHVH
RGLDJUDPDGHWHQV}HVGHFRPSUHVVmRQRFRQFUHWRWHPDIRUPDWULDQJXODUSDUWLQGRGR
]HURHFKHJDQGRQRYDORUPi[LPRPHQFLRQDGR
2 PpWRGR HPSUHJDGR QHVWH WUDEDOKR IRL LQLFLDOPHQWH SURSRVWR 'UDNH H (ONLQ
PRGLILFDGR SRU 'R\OH H )LVKHU H HPSUHJDGR SRU )LVKHU H .ORLEHU QR
6WHHO'HVLJQ*XLGH(OHVHEDVHLDQDKLSyWHVHGHHTXLOtEULRHPTXHWRGDD
iUHDFRPSULPLGDGRFRQFUHWRVREDFKDSDSRVVDDOFDQoDUVHXHVWDGROLPLWH~OWLPR±H
QmRDSHQDVQDUHJLmRPDLVFRPSULPLGD
(VWDDSUR[LPDomRSDUHFHVHUPDLVFRHUHQWHFRPRPpWRGRGRVHVWDGRVOLPLWHV
SRLV R PpWRGR WUDGLFLRQDO DGPLWH TXH TXDQGR D GLVWULEXLomR WULDQJXODU GH WHQV}HV QR
ϲϬ
FRQFUHWRDOFDQoDVHXYDORUPi[LPRIRLDWLQJLGDDFDSDFLGDGHPi[LPDGDOLJDomR±HQ
TXDQWRTXHQHVWHRGLDJUDPDGHWHQV}HVQRFRQFUHWRpUHWDQJXODULVWRpDGPLWHTXH
WRGDDUHJLmRFRPSULPLGDSRVVDDOFDQoDUDWHQVmRPi[LPD
3ODFDVGHEDVHVXEPHWLGDVjIOH[RFRPSUHVVmR
$PHWRGRORJLDGHFiOFXORDVHJXLUpDHPSUHJDGDSRU)LVKHUH.ORLEHUQR³6WHHO
'HVLJQ *XLGH ´ DGDSWDGD jV QRUPDV EUDVLOHLUDV 1%5 H 1%5
TXDQGRIRUSHUWLQHQWH$QRPHQFODWXUDIRLSDUFLDOPHQWHDGRWDGDGRFLWDGR
PDQXDOHGDV1RUPDVEUDVLOHLUDVFLWDGDV±DOpPGHRXWUDVLQWURGX]LGDV
$ILJXUDLOXVWUDRPRGHORHPHVWXGRMXQWDPHQWHFRPDVYDULiYHLVJHRPpWULFDV
HHVIRUoRVFRQVLGHUDGRVSDUDRFDVRGRIOH[RFRPSUHVVmR
)LJXUD*HRPHWULDGHFKDSDGHEDVHDHHVWDGRVOLPLWHVGHVWDOLJDomRE
$IRUoD3GLQGLFDGDGHVORFDGDGH³H´GRHL[RUHSUHVHQWDDVRPDGHHIHLWRVGH3GH0G
)LJXUDE
)LJXUDD
)RQWH3URGXomRGRSUySULRDXWRU
ϲϭ
1HVWHHVWXGRDGLYLVmRDGRWDGDIRLDVHJXLQWH
D3ODFDVVXEPHWLGDVjFRPSUHVVmR
D&RPSHTXHQDH[FHQWULFLGDGH
D&RPJUDQGHH[FHQWULFLGDGH
E3ODFDVVXEPHWLGDVjWUDomR
E&RPSHTXHQDH[FHQWULFLGDGH
E&RPJUDQGHH[FHQWULFLGDGH
'HVWHPRGRWRGRVRVFDVRVFLWDGRV±GHDVmRDEUDQJLGRVXPDYH]TXH
DVVLWXDo}HVYLVWDVHPHVmRFDVRVSDUWLFXODUHVGHDHE$OpPGLVVRpLQ
WURGX]LGRRHVWXGRGHSODFDVVXEPHWLGDVjIOH[RWUDomR
x 3ODFDVFRPSHTXHQDH[FHQWULFLGDGH2FRUUHTXDQGRRHTXLOtEULRpDOFDQoDGR
VHPTXHKDMDWUDomRQRVFKXPEDGRUHV
$UHVXOWDQWHGDVIRUoDVGHFRPSUHVVmRUHVLVWHQWHYLGHILJXUDDpLJXDODT<RQGH
T IS[%IS WHQVmRGHFRPSUHVVmRQRFRQFUHWR
% ODUJXUDGDFKDSDGHEDVH
H 1±<
$VVLPVHQGRTXDQGR³<´DXPHQWD³H´GLPLQXL³<´DOFDQoDUiVHXYDORUPtQLPRTXDQGR
³T´DOFDQoDVHXYDORUPi[LPR
<PLQ 3GTPD[T ISPD[;%ISPD[ V5G
IFN$$ IFN
HPD[ 1±<PLQ 1±3GTPD[
3DUDRFRUUHUHTXLOtEULRDVOLQKDVGHDomRGH3GHGDUHVXOWDQWHT<GHYHPVHU
FRLQFLGHQWHVLVWRpH H
6HDH[FHQWULFLGDGHH 0G3GH[FHGHURYDORUPi[LPRTXHHSRGHDOFDQoDU
RVHVIRUoRVDSOLFDGRVQmRSRGHPVHUUHVLVWLGRVVR]LQKRVHRVFKXPEDGRUHVVHUmRWUD
FLRQDGRV5HVXPLQGRSDUDYDORUHVGH³H´PHQRUHVTXHHPD[<pPDLRUTXH<PLQH³T´
pPHQRUTXHTPD[&RQVHTXHQWHPHQWHISpPHQRUTXHISPD[3DUDYDORUHVGH³H´
PDLRUHVTXHHPD[T TPD['HVVHPRGRXPYDORUFUtWLFRGDH[FHQWULFLGDGHGDIRUoD
DSOLFDGD3GpGDGDSRU
HFULW HPD[ 1±3GTPD[
V5G$H$±FRQItWHP±1%5&RPRQmRVHFRQKHFHDSULRULRVYDORUHV
ϭϳ
GH$H$SRGHVHWRPDUFRQVHUYDWLYDPHQWHDUHODomRFRPRVHQGRGHYDORU
ϲϯ
1RVFDVRVHPTXHHHFULWQmRKDYHUiWHQGrQFLDGHWRPEDPHQWRRVFKXP
EDGRUHVQmRVmRQHFHVViULRVSDUDRHTXLOtEULRGRPRPHQWRIOHWRUHVHJXQGRR6'*
SRGHVHGL]HUTXHDFRQH[mRpVXMHLWDD³SHTXHQRVPRPHQWRVIOHWRUHV´1RSUHVHQWH
WUDEDOKRHVWDVLWXDomRIRLGHQRPLQDGDGH³SHTXHQDH[FHQWULFLGDGH´3RURXWURODGRVH
H!HFULWRHTXLOtEULRQmRSRGHUiVHUDOFDQoDGRVHPDSDUWLFLSDomRGRVFKXPEDGRUHV
1HVWHFDVRR6'*GL]TXHDFRQH[mRHVWiVXMHLWDD³JUDQGHVPRPHQWRVIOHWRUHV´±VL
WXDomRDTXLGHQRPLQDGDGH³JUDQGHH[FHQWULFLGDGH´
7(16®(612&21&5(72$VWHQV}HVVmRDVVXPLGDVFRPRXQLIRUPHPHQWHGLVWULEX
tGDVQDiUHD<[%1DVLWXDomRHPTXHH HWHPVHTXH
1±< Hĺ< 1±H
$VWHQV}HVVmRGHWHUPLQDGDVSRUT 3G<HIS 3G%<
3DUDSHTXHQDVH[FHQWULFLGDGHVHHFULWTTPD[ISISPD[
1DFRQGLomRGHH HFULWGDVGXDVHTXDo}HVDFLPDGHVWDFDGDVREWpPVH
< 1±>1±3GTPD[@
(67$'2/,0,7('((6&2$0(172'(9,'2¬)/(;2'$3/$&$'(%$6(±
5(*,2'(&2035(662'2&21&5(72
$FRPSUHVVmRGRFRQFUHWRSURYRFDIOH[mRQDSDUWHHPEDODQoRGDFKDSDHPVHX
FRPSULPHQWR³P´IOH[mRVHJXQGRRHL[RPDLVUHVLVWHQWHH³Q´VHJXQGRRHL[RGHPH
QRUUHVLVWrQFLD3DUDRSULPHLURDVWHQV}HVISVmRFDOFXODGDVSRU
IS 3G%< 3G
%1H
3DUD<!PRPRPHQWRPi[LPRQDSDUWHFRPSULPLGDGDFKDSDVHUi0FRPS
ISO RQGH³O´pRPDLRUYDORUHQWUHPQH³OQ¶³2YDORUGHOIDWRUPXOWLSOL
FDGRUGHQ¶WHPVXDIRUPXODomRLQGLFDGDQR$,6&6'*GHPRGRFRQVHUYDGRUSRGH
VHUDGRWDGR
$UHVLVWrQFLDQHFHVViULDGDFKDSDGHEDVHSRGHVHUGHWHUPLQDGDSRU
6H<!P05G!IS>P @
SDUD<P05G!IS<>P±<@
RQGH05G UHVLVWrQFLDjIOH[mRGDFKDSDSRUXQLGDGHGHODUJXUD
05G =I\JD1%5* WS I\JD
3DUDYDOLGDUDQiOLVHHOiVWLFDD1%5QRtWHPHVWDEHOHFHDLQGD
TXH05GQmRGHYHVHUWRPDGRPDLRUTXH:I\JD
: PyGXORGHUHVLVWrQFLDHOiVWLFRGDVHomRFRPODUJXUDXQLWQHVWHFDVR WS
ϲϰ
= PyGXORGHUHVLVWrQFLDSOiVWLFRGDVHomRFRPODUJXUDXQLWQHVWHFDVR WS
WS HVSHVVXUDGDSODFDGHEDVH
3DUDGHWHUPLQDUDHVSHVVXUDPtQLPDUHTXHULGDWSUHTLJXDODVHDVHTXDo}HVGH05G
DQWHULRUHV
SDUD<!PIS>P @ WS I\JDJD
ò
WSUHT ^>ISP @I\` PISI\
SDUD<PIS<>P±<@ WS I\JDJD
ò
WSUHT >IS<P±<I\@
1RWDTXDQGRQIRUPDLRUTXHPDHVSHVVXUDPtQLPDUHTXHULGDGHYHUiVHUGHWHUPLQD
GDHPSUHJDQGRVHRYDORUGHQ
x 3ODFDVFRPJUDQGHH[FHQWULFLGDGH2FRUUHTXDQGRRHTXLOtEULRQmRSRGHVHUDO
FDQoDGRVHPTXHKDMDWUDomRQRVFKXPEDGRUHV±YLGHILJXUD
)LJXUD±&KDSDGHEDVHVXMHLWDjIOH[RFRPSUHVVmRFRPJUDQGHH[FHQWULFLGDGH
)RQWH3URGXomRGRSUySULRDXWRU
&RQIRUPHPHQFLRQDGRDQWHULRUPHQWHHVWDVLWXDomRRFRUUHTXDQGR
H!HFULW 1±3GTPD[
ϲϱ
7(16®(612&21&5(72(75$d2126&+80%$'25(6
1HVWHFDVRDSUHVVmRGHFRQWDWR³T´pLJXDODRYDORUPi[LPR³TPD[´3DUDFDO
FXODUDVIRUoDVGHFRPSUHVVmRQRFRQFUHWRHWUDomRQRVFKXPEDGRUHVFRQVLGHUDUD
ILJXUD
2HTXLOtEULRGHIRUoDVYHUWLFDLVUHTXHUTXH
6)Y ĺ7G TPD[<±3G
'RPHVPRPRGRRHTXLOtEULRGHPRPHQWRVWRPDGRVREUHRSRQWR%QHVWHFD
VRGHYHVHUREWLGR
TPD[<1±<I±3GHI
$SyVUHRUGHQDUWrPVHDHTXDomRTXDGUiWLFD
< ±1±I<3GHITPD[ FXMDVROXomRpGDGDSRU
< I1>I1 ±3GHITPD[@
3DUDFHUWDVFRPELQDo}HVGHIRUoD3GPRPHQWR0GHJHRPHWULDGDFKDSDVR
OXo}HVUHDLVQmRSRGHPVHUHQFRQWUDWDGDV³GHOWD´GDHTXDomR]HUR1HVWHFDVRp
QHFHVViULRDXPHQWDUDVGLPHQV}HVGDFKDSD
(67$'2/,0,7('((6&2$0(172'(9,'2¬)/(;2'$3/$&$'(%$6(±
5(*,2'(&2035(662'2&21&5(72
3DUDJUDQGHVYDORUHVGHH[FHQWULFLGDGHVHRXPRPHQWRVIOHWRUHVDWHQVmROLPLWH
VHUiIS ISPD[
$HVSHVVXUDUHTXHULGDGDFKDSDGHEDVHSRGHVHUGHWHUPLQDGDSHODVH[SUHV
V}HVGHGX]LGDVSDUDSHTXHQDVH[FHQWULFLGDGHVVXEVWLWXLQGRISSRUISPD[
SDUD<!PWSUHT PISPD[I\
ò
SDUD<PWSUHT >ISPD[<P±<I\@
1RWDTXDQGRQIRUPDLRUTXHPDHVSHVVXUDPtQLPDUHTXHULGDGHYHUiVHUGHWHUPLQD
GDHPSUHJDQGRVHRYDORUGHQ
ϲϲ
(67$'2/,0,7('((6&2$0(172'(9,'2È)/(;2'$3/$&$'(%$6(±
5(*,2'(75$d2'2&+80%$'25
$IRUoDGHWUDomR7GQRVFKXPEDGRUHVSURYRFDPIOH[mRQDSODFDGHEDVH2
FRPSULPHQWRHPEDODQoRpWRPDGRGHPRGRFRQVHUYDGRUFRPRDGLVWkQFLDGRFHQWUR
GRFKXPEDGRUDWpRFHQWURGDIODQJHGRSLODU³[´±ILJXUD3RUXQLGDGHGHODUJXUDGD
FKDSDDUHVLVWrQFLDUHTXHULGDGDFKDSDSRGHVHUGHWHUPLQDGDSRU
05G 7G[% [ I±GWI
$FDSDFLGDGHUHVLVWHQWHSRUXQLGDGHGHODUJXUD±FRQIRUPHYLVWRHP±p
GDGDSRU05G =I\JD WS I\JD
7G[% WS I\JDĺWSUHT 7G[%I\
$HVSHVVXUDDVHUDGRWDGDSDUDDFKDSDGHEDVHGHYHVDWLVID]HUDDPERVRVHV
WDGRVOLPLWHVLVWRpGHYHVHUQRPtQLPRLJXDODRPDLRUGRVYDORUHVREWLGR
3ODFDVGHEDVHVXEPHWLGDVjIOH[RWUDomR
2$,6&6'*QmRDEUDQJHRFDVRGHSODFDVGHEDVHVXMHLWDVjIOH[RWUDomR
(QWUHWDQWRpFRPXPRFRUUHUVLWXDo}HVHPTXHLVWRDFRQWHoD)RUoDVGHYLGDVDRYHQWR
HPJDOS}HVSRUH[HPSORFRPELQDGDVjVDo}HVSHUPDQHQWHVIUHTXHQWHPHQWHLPSOL
FDPHPIRUoDQRUPDOUHVXOWDQWHGHWUDomRQDEDVHGRVSLODUHV±RTXHQmRRFRUUHLVR
ODGDPHQWHLVWRpHVWiDVVRFLDGDjHVIRUoRGHIOH[mR
$VHJXLUpSURSRVWRSURFHGLPHQWRGHFiOFXORSDUDHVWDFRQGLomRGHSURMHWRXWLOL
]DQGRRVPHVPRVFRQFHLWRVHVWXGDGRVSDUDSODFDVVXEPHWLGDViIOH[RFRPSUHVVmR
x 3ODFDVFRPSHTXHQDH[FHQWULFLGDGH2FRUUHTXDQGRRHTXLOtEULRpDOFDQoDGR
VHPTXHKDMDFRPSUHVVmRQRFRQFUHWR$ILJXUDLOXVWUDHVWHFDVR
3UHPLVVDHI
(TXLOtEULRGHIRUoDV3G 77
(TXLOtEULRGHPRPHQWRIOHWRUHP³%´3GHI 7I
7 3GHII7 3G±7
ϲϳ
)LJXUD±3ODFDVXMHLWDjIOH[RWUDomRFRPSHTXHQDH[FHQWULFLGDGH
)RQWH3URGXomRGRSUySULRDXWRU
&RPRDVGXDVERUGDVHPEDODQoRGDHVWUXWXUDHVWmRHPEDODQoRVXMHLUDVjIOH
[mRDPHVPDH[SUHVVmRREWLGDSDUDWSUHTGDFKDSDQRODGRWUDFLRQDGRtWHP
VHDSOLFDDTXL
WSUHT 7[%I\
1RWD1mRKiFRPSUHVVmRQRFRQFUHWRWRGRVRVFKXPEDGRUHVVmRWUDFLRQDGRV
x 3ODFDVFRPJUDQGHH[FHQWULFLGDGH2FRUUHTXDQGRRHTXLOtEULRpDOFDQoDGR
TXDQGRKiWUDomRQRVFKXPEDGRUHV±YLGHILJXUD±GHXPODGRHQRODGRRSRVWRKi
FRPSUHVVmRQRFRQFUHWR
ϲϴ
)LJXUD±3ODFDGHEDVHVXEPHWLGDjIOH[RWUDomRFRPJUDQGHH[FHQWULFLGDGH
)RQWH3URGXomRGRSUySULRDXWRU
3UHPLVVDVT TPD[H!I
(TXLOtEULRGHPRPHQWRQRSRQWR$
3GH±I T<I1±<ĺ3GH±I T<IT<1±T<
T< ±TI1<3GH±I
< I1>I1 3GH±ITPD[@
< I1±>I1 ±3GH±ITPD[@
6H¨!ĺI1 !3GH±ITPD[H[LVWHUDL]UHDO
6H¨ĺDSODFDGHYHWHUVXDVGLPHQV}HVDXPHQWDGDV
(TXLOtEULRGHIRUoDV
7 3GTPD[<
ϲϵ
(67$'2/,0,7('((6&2$0(172'(9,'2¬)/(;2'$3/$&$'(%$6(
5(*,2'(&2035(662'2&21&5(72
$VH[SUHVV}HVSDUDGHWHUPLQDomRWSUHTVmRDVPHVPDVHPSUHJDGDVHP
SDUD<!PWSUHT PISPD[I\
ò
SDUD<PWSUHT >ISPD[<P±<I\@
1RWDTXDQGRQIRUPDLRUTXHPDHVSHVVXUDPtQLPDUHTXHULGDGHYHUiVHUGHWHUPLQD
GDHPSUHJDQGRVHRYDORUGHQ
(67$'2/,0,7('((6&2$0(172'(9,'2È)/(;2'$3/$&$'(%$6(±
5(*,2'(75$d2'2&+80%$'25
7DPEpPQHVWHFDVRDH[SUHVVmRSDUDGHWHUPLQDURYDORUGHWSUHTpDPHVPD
REWLGDHP
WSUHT 7G[%I\
$HVSHVVXUDDVHUDGRWDGDSDUDDSODFDGHEDVHGHYHVDWLVID]HUDDPERVRVHV
WDGRVOLPLWHVLVWRpGHYHVHUQRPtQLPRLJXDODRPDLRUGRVYDORUHVREWLGR
&DEHREVHUYDUTXHHQTXDQWRQDIOH[RFRPSUHVVmRROLPLWDQWHYLDGHUHJUDpD
HVSHVVXUDPtQLPDGDSDUWHFRPSULPLGDGDFKDSDQHVWHFDVRDSDUWHWUDFLRQDGDpD
SULQFtSLRDPDLVFUtWLFD
&+80%$'25(6
&RQVLGHUDo}HV
&KXPEDGRUHVVmRRVHOHPHQWRVFRPXPHQWHXWLOL]DGRVSDUDLQWHUOLJDUDHVWUXWXUD
PHWiOLFDFRPDIXQGDomRRXHVWUXWXUDGHVXSRUWHHPFRQFUHWRDUPDGR
$UHVSRVWDHVSHUDGDGHWRGDDHVWUXWXUDIUHQWHDRVHVIRUoRVVROLFLWDQWHVGHSHQ
GHHQWUHRXWURVGDFRUUHWDDGRomRGHPRGHORHVWUXWXUDOHUHVSHFWLYRSURMHWRFRQGL]HQ
WH FRP RPRGHORDGRWDGR± GDt D LPSRUWkQFLD GH TXHDIL[DomR GD HVWUXWXUD HP VXDV
EDVHVVHMDFRQYHQLHQWHPHQWHWUDWDGD
1mRKiSRUHQTXDQWRQDVQRUPDVWpFQLFDVEUDVLOHLUDVDVVXQWRHVSHFtILFRUHODWLYR
DRGLPHQVLRQDPHQWRGHFKXPEDGRUHV$1RUPD1RUWH$PHULFDQD´$PHULFDQ&RQFUHWH
,QVWLWXWH%XLOGLQJ&RGH5HTXLUHPHQWVIRU6WUXFWXUDO&RQFUHWH´$&,D
SUHVHQWDHPVHXDSrQGLFH'DVEDVHVSDUDSURMHWRHFiOFXORGHFKXPEDGRUHVFRQVWLWX
tGRV SRU EDUUDV UHGRQGDV 1HVWD RV FKXPEDGRUHV VmR VHSDUDGRV HP GRLV JUXSRV
SULQFLSDLV±RVPROGDGRVLQORFRHRV³SyVLQVWDODGRV´$ILJXUDPRVWUDH[HPSORVGH
FKXPEDGRUHVPROGDGRVLQORFR
ϳϬ
)LJXUD±([HPSORVGHFKXPEDGRUHVPROGDGRVLQORFR
)RQWH$&,
1RVHJXQGRJUXSRVHHQTXDGUDPSULQFLSDOPHQWHRVFKXPEDGRUHVPHFkQLFRV
HRVTXtPLFRV1RUPDOPHQWHVmRIRUQHFLGRVSRUIDEULFDQWHVTXHGLVS}HPWDPEpPDV
SUHPLVVDVSDUDVXDXWLOL]DomR$ILJXUDTXHPRVWUDDOJXQVWLSRVGHVWHVFKXPEDGR
UHV
)LJXUD±([HPSORVGHFKXPEDGRUHVSyVLQVWDODGRV
)RQWH$&,
2 JUXSR DQDOLVDGR QHVWH WUDEDOKR p R GRV FKXPEDGRUHV PROGDGRV LQORFR
FRQVWLWXtGRV GH EDUUDV FRP JDQFKR RX ³FDEHoD´ HP VXD H[WUHPLGDGH LQIHULRU ± R TXH
SURSRUFLRQDDDQFRUDJHPGHVHMDGD
$ HGLomRGH GR$&, %XLOGLQJ &RGH 5HTXLUHPHQWV IRU6WUXFWXUDO &RQ
FUHWHGHQRPLQDGD$&,LQWURGX]LXQHVWDHVSHFLILFDomRDVPXGDQoDVQRPRGH
OR GH FiOFXOR GRV FKXPEDGRUHV GH PRGR DQiORJR j HVSHFLILFDomR $&, &RGH
5HTXLUHPHQWVIRU1XFOHDU6DIHW\5HODWHG&RQFUHWH6WUXFWXUHV±)DUPLQJWRQ+LOOV±0,
(PDPEDVDV1RUPDVDFLPDFLWDGDVRPpWRGRGHQRPLQDGR³&RQFUHWH&DSDFLW\
'HVLJQ´&&'WHYHUHWLILFDo}HVGHVWDFDQGRVHDPRGLILFDomRGRkQJXORGHDEHUWXUDGR
FRQHGHDUUDQFDPHQWRGRFRQFUHWRMXQWRDRFKXPEDGRU±TXHDQWHULRUPHQWHHUDFRQVL
GHUDGRGHHPUHODomRDRSODQRSHUSHQGLFXODUDHVWHHIRLUHYLVDGRSDUDDSUR[L
PDGDPHQWHRXVLPSOHVPHQWHGHFOLYLGDGHGH
(GLo}HVSRVWHULRUHVH±GR$&,DGLFLRQDUDPQRYDVVLWXDo}HVH
PRGLILFDUDPQRPHQFODWXUDV±VHPFRQWXGRPRGLILFDURTXHIRLHVWDEHOHFLGRQDHGLomR
GH2GHVHQYROYLPHQWRGHVWDDQiOLVHEDVHLDVHSULQFLSDOPHQWHQHVWDHGLomRWHQ
GR HP YLVWD VXD QRPHQFODWXUD VLPSOHVH R LQWHUUHODFLRQDPHQWR FRP ELEOLRJUDILD FRP
SOHPHQWDU ± )LVKHU LQ 6WHHO 'HVLJQ *XLGH 6'* ,QGXVWULDO %XLOGLQJV ±
ϳϭ
)RQWH)LVKHU
ϳϮ
$VWHQV}HVGHWUDomRQDVXSHUItFLHGRFRQHGLPLQXHPFRQIRUPHDXPHQWDDVX
SHUItFLH GH UXSWXUD $VVLP R DFUpVFLPRGH UHVLVWrQFLDp SURSRUFLRQDO DR FRPSULPHQWR
GHHPEXWLPHQWRHOHYDGRjSRWrQFLDGHRXHPHPEXWLPHQWRVGHFKXPEDGRUHV
FRPFDEHoDPDLVSURIXQGRVTXHPP(VWHPpWRGRpDSOLFiYHOSDUDFKXPEDGRUHV
FRPGLkPHWURPi[LPRGHPPHHPEXWLPHQWRPi[LPRGHPP(VWDVOLPLWDo}HV
VmRFRQGL]HQWHVFRPRkPELWRGRVWHVWHVHIHWXDGRV
&RQIRUPHIRLPHQFLRQDGRR$&,GHGLFDRDSrQGLFH'$QFKRULQJWR
&RQFUHWHDRHVWXGRHHVSHFLILFDo}HVGRVFKXPEDGRUHV(VWHSHUPLWHRGLPHQVLRQD
PHQWRSDUDUHJLPHGHUXSWXUDIUiJLO±RX³QmRG~FWLO´±H[FHWRSDUDUHJL}HVGHULVFR
VtVPLFRPRGHUDGRRXDOWRHQTXDQWRTXHR$&,HVWDEHOHFHFRPRFRQGLo}HVSDUD
GLPHQVLRQDPHQWRWUrVDOWHUQDWLYDV
±$UHVLVWrQFLDjUXSWXUDGRFRQHGHFRQFUHWRWUDFLRQDGRUXSWXUDODWHUDOGRFRQFUHWR
SRUWUDomRGRFKXPEDGRURXDRHVFRUUHJDPHQWRGRFKXPEDGRUHGDUHVLVWrQFLD
jUXSWXUDGRFRQFUHWRSRUIRUoDFRUWDQWHGHYHH[FHGHUDUHVLVWrQFLDGRDoR)5GGR
FKXPEDGRU
±$UHVLVWrQFLDGHFiOFXORGRFRQFUHWRGHYHH[FHGHUDUHVLVWrQFLDGHHVFRDPHQWRGR
DoRGRFKXPEDGRUHP
±'LPHQVLRQDPHQWRGHFKXPEDGRUSDUDUXSWXUDQmRG~FWLOpSHUPLWLGDGHVGHTXHD
UHVLVWrQFLDGRFRQFUHWRVHMDOLPLWDGDDGDUHVLVWrQFLDGHFiOFXOR
2$,6&QRFDStWXOR-$,6&LQGLFDRGLPHQVLRQDPHQWRGHFKXPEDGR
UHVVHJXQGRHVSHFLILFDomRGR$&,RX$&,2$&,HPVHXtWHP
HVWDEHOHFH TXH FKXPEDGRUHV H OLJDo}HV PHFkQLFDV DOFDQFHP VXD UHVLVWrQFLD
GHFiOFXORDQWHVTXHKDMDUXSWXUDGHDQFRUDJHPRXUXSWXUDGRFRQFUHWRQDUHJLmRSUy
[LPD )LVKHU VXJHUH TXH VH DGRWH D VHJXQGD RX D WHUFHLUD DERUGDJHP FLWDGDV
SHOR$&,
2$&,HPVHXtWHP'SHUPLWHTXHHPUHJL}HVGHULVFRPRGHUDGR
RXDOWRQmRVHMDREULJDWRULDPHQWHG~FWLORPRGRGHUXSWXUDGRFKXPEDGRUGHVGHTXHR
HOHPHQWRDRTXDOHVWHHVWiIL[DGRFKDSDGHEDVHGHSLODUSRUH[HPSORFKHJXHDR
PRGRG~FWLOGHHVFRDPHQWRHPXPQtYHOGHFDUUHJDPHQWRQmRPDLRUTXHDUHVLVWrQFLD
GHFiOFXORGRVFKXPEDGRUHV
1RFDVRGRFKXPEDGRUVHUSURMHWDGRSDUDDQFRUDJHPSRUWUDQVSDVVHFRPDDU
PDGXUDGRFRQFUHWRHVWDGHYHWHUFDSDFLGDGHLJXDOD$VHI\JDSDUDJDUDQWLUFRPSRU
WDPHQWRG~FWLO$VH iUHDHIHWLYDSDUDEDUUDURVFDGD2tWHPFLWDGRGR$&,QmR
PHQFLRQDTXDODUHVLVWrQFLDTXHDDQFRUDJHPGHYHDOFDQoDUSDUDJDUDQWLUTXHQmRKDMD
UXSWXUDIUiJLO)LVKHUSURS}HXPFRHILFLHQWHGHSDUDHVWHILPRXVHMDDUH
VLVWrQFLDGDDQFRUDJHPGHYHVHUQRPtQLPRLJXDOD$VHI\JD,VWRpEDVHDGR
QRtWHPGR$&,TXHLQGLFDTXHHPHQGDVSRUMXQWDVPHFkQLFDVGHYHP
WHUUHVLVWLUDI\
ϳϯ
$OJXQVPRGRVGHIDOKDFRPXQVGRVFKXPEDGRUHVHVWmRLQGLFDGRVQDILJXUD
)LJXUD±0RGRVGHIDOKDGHFKXPEDGRUHV
)RQWH$GDSWDomRGR$&,
3URFHGLPHQWRVGHFiOFXORSDUDHVIRUoRVGHWUDomR
2GHVHQYROYLPHQWRGHVWHHVWXGRUHSURGX]RLWHP'±'HVLJQUHTXLUHPHQWVIRU
WHQVLOHORDGLQJ$SrQGLFH'GR$&,)RUDPFRQVLGHUDGRVWDPEpPVLWXDo}HVD
FUHVFHQWDGDVQDVHGLo}HVGHHGHGRUHIHULGRFyGLJR±DOpPGHRXWUDVVXJH
ULGDVHPELEOLRJUDILDFLWDGD
ϳϰ
$QRPHQFODWXUDDGRWDGDQmRVHJXHFRPSOHWDPHQWHDGR$&,SRUTXHSURFXURXVHDGDS
WiODVjV1RUPDVEUDVLOHLUDV±RQGHSRVVtYHORXDGHTXDGR$QXPHUDomRGDVHTXDo}HV
XWLOL]DGDVSRUVXDYH]IRLPDQWLGDSDUDIDFLOLWDUUHIHUrQFLDQDFLWDomR
x 5HVLVWrQFLDGRFKXPEDGRUVROLFLWDGRjWUDomR
D$UHVLVWrQFLDGHFiOFXOR)W5GGHXPFKXPEDGRUWUDFLRQDGRTXDQGRGHWHUPLQDGD
SHODUHVLVWrQFLDGRDoRSRGHVHUFDOFXODGDFRPEDVHQDVSURSULHGDGHVGHVHXPDWHULDO
HHPVXDVGLPHQV}HV
E$UHVLVWrQFLDGHFiOFXORGHXPFKXPEDGRURXXPJUXSRGHFKXPEDGRUHVWUDFLRQD
GRVQmRGHYHH[FHGHUD
)W5G Q$EHIXEJD '
JD
$EH $ESDUDFKXPEDGRUHVFRPURVFD
$EH $ESDUDFKXPDEDGRUHVVHPURVFD
$E SGE
GE GLkPHWURGRFKXPEDGRU
Q TXDQWLGDGHGHFKXPEDGRUHV
IXE UHVLWrQFLDjUXSWXUDGRSDUDIXVRRXEDUUDURVTXHDGDjWUDomR
1RWDIXEQmRGHYHVHUWRPDGRPDLRUTXHI\RX03D
x 5HVLVWrQFLDDRDUUDQFDPHQWRFRQHGHFRQFUHWRHPXPFKXPEDGRUWUDFLRQDGR
$UHVLVWrQFLDGHFiOFXORGHDUUDQFDPHQWRGHFRQHWUDFLRQDGRGHFRQFUHWRQmRGHYHH[
FHGHU
D3DUDFKXPEDGRULVRODGR1FE5G 1FEJ
E3DUDXPJUXSRGHFKXPEDGRUHV1FEJ5G 1FEJJ
J TXDQGRKRXYHUDUPDGXUDHPPDOKDFUX]DQGRDUHJLmRGDEDVHGRFRQH
J TXDQGRQmRKRXYHUDUPDGXUDHPPDOKDFUX]DQGRDUHJLmRGDEDVHGRFRQH
\\\IDWRUHVGHPRGLILFDomR±GHVFULWRVQRVtWHQVGDRJVHJXLQWHV
$1pDiUHDSURMHWDGDGDVXSHUItFLHGHUXSWXUDGRFKXPEDGRULVRODGRRXGRJUX
SRGHFKXPEDGRUHVDTXDOGHYHVHUFDOFXODGDFRPRXPDILJXUDJHRPpWULFDUHWDQJX
ODUFRPODGRVDIDVWDGRVGHKHIGRHL[RGRFKXPEDGRURXQRFDVRGHJUXSRGH
FKXPEDGRUHVDIDVWDGRVGDVOLQKDVTXHOLJDPRVHL[RVGHFKXPEDGRUHVDGMDFHQWHV
$1QmRGHYHH[FHGHUQ$1RRQGHQpDTXDQWLGDGHGHFKXPEDGRUHVWUDFLRQDGRVQR
JUXSR$1RpDiUHDGHUXSWXUDSURMHWDGDGHXPFKXPEDGRULVRODGRGLVWDQWHGHTXDO
TXHUERUGDGRFRQFUHWR9LGHILJXUDTXHLOXVWUDGLIHUHQWHVVLWXDo}HV
ϳϱ
)LJXUD&iOFXORGH$1RDHiUHDVSURMHWDGDVSDUDFKXPEDGRULVRODGRHJUXSRVGHFKXP
EDGRUHVFRPFiOFXORGH$1E
$1R KHI
'
)RQWH$&,
F$UHVLVWrQFLDEiVLFD1EGHDUUDQFDPHQWRGHFRQHGHXPFKXPEDGRULVRODGRWUDFLR
QDGRHPFRQFUHWRILVVXUDGRQmRGHYHH[FHGHU
1E NIFN KHI '
RQGH
N SDUDFKXPEDGRUHVPROGDGRVLQORFR
N SDUDFKXPEDGRUHVSyVLQVWDODGRV
QmRHVWXGDGRVQHVWHWUDEDOKR1RWDXQLGDGHV6,
ϳϲ
3DUDFKXPEDGRUHV³FRPFDEHoD´PROGDGRVLQORFRRQGHPPKHIPPDUH
VLVWrQFLDEiVLFDGHDUUDQFDPHQWRGHFRQHGHXPFKXPEDGRULVRODGRWUDFLRQDGRHP
FRQFUHWRILVVXUDGRQmRGHYHUiH[FHGHU
1E IFN KHI '
G3DUDFDVRVHVSHFLDLVGHFKXPEDGRUHVHPORFDORQGHWUrVRXTXDWURERUGDVFXMD
PDLRUGLVWkQFLDFPD[KHIRHPEXWLPHQWRKHIXWLOL]DGRQDVHTXDo}HV'D'
GHYHUiVHUOLPLWDGRDFPD[
$ILJXUD±DGDSWDGDGDILJXUD5'±7HQVLRQLQQDUURZPHPEHUV±GR$&,
LOXVWUDHVWDFRQGLomR
)LJXUD±-XVWLILFDWLYDSDUDOLPLWDomRGHKHIDQRPi[LPRFPD[
)RQWH$&,
2IDWRUGHPRGLILFDomRSDUDJUXSRGHFKXPEDGRUHVVXEPHWLGRVjWUDomRH[FrQ
WULFDp
\ >H¶1KHI@ '
ϳϳ
)RQWH$&,
I1RFDVRHPTXHDIRUoDWHPH[FHQWULFLGDGHVREUHGRLVHL[RVRIDWRUGHPRGLILFD
omR\GHYHVHUFRPSXWDGRLQGLYLGXDOPHQWHSDUDFDGDHL[RHRSURGXWRGHVVHVGRLVID
WRUHVVHUWRPDGRFRPR\QDHTXDomR'
ϳϴ
2IDWRUGHPRGLILFDomRSDUDHIHLWRVGHERUGDp
\ ĺVHFPLQ!KHI '
\ FPLQKHIVHFPLQKHI '
J4XDQGRXPFKXPEDGRUHVWiORFDOL]DGRHPXPDUHJLmRGRFRQFUHWRFXMDDQiOLVHLQ
GLFDFRPRVHQGRQmRILVVXUDGDIWIU WHQV}HVGHWUDomRDWXDQWHVVmRPHQRUHVTXHD
UHVLVWrQFLDGHFiOFXORjWUDomRVREHVIRUoRVGHVHUYLoRRVHJXLQWHIDWRUGHPRGLILFD
omRpSHUPLWLGR
\ SDUDFKXPEDGRUHVPROGDGRVLQORFR
\ SDUDFKXPEDGRUHVSyVLQVWDODGRV
4XDQGRDVDQiOLVHVLQGLFDUHPILVVXUDomRHPUHJLPHGHVHUYLoR\GHYHVHUWR
PDGRLJXDODSDUDDPERVRVWLSRVGHFKXPEDGRUHV
1RWD2$&,LQGLFDTXHRVFKXPEDGRUHVGRWLSRSyVLQVWDODGRVGHYHPVHUTXD
OLILFDGRVSDUDXVRHPFRQFUHWRILVVXUDGRFRQIRUPHHVSHFLILFDomR$&,$VILVVX
UDVQRFRQFUHWRGHYHPVHUFRQWURODGDVSRUDUPDGXUDGHIOH[mRGHDFRUGRFRPRtWHP
GHVWDHVSHFLILFDomRRXFRQWUROHHTXLYDOHQWHDQWLILVVXUDomRGHYHVHUSURYLGHQ
FLDGRSRUDUPDGXUDGHFRQILQDPHQWR
K4XDQGRXPDFKDSDDGLFLRQDORXDUUXHODpDGLFLRQDGDj³FDEHoD´GRFKXPEDGRUp
SHUPLWLGRFDOFXODUDiUHDSURMHWDGDGHUXSWXUDSURMHWDQGRRFRQHFRPDIDVWDPHQWRGH
KHIDSDUWLUGRSHUtPHWURHIHWLYRGDFKDSDRXDUUXHOD(VWHSHUtPHWURQmRGHYHH[
FHGHUYDORUPDLRUTXHWDSDUWLUGDERUGDGDFDEHoDGRSDUDIXVRRXSRUFDRQGHWpD
HVSHVVXUDGDFKDSDRXDUUXHOD9LGHILJXUDTXHH[HPSOLILFDHVWDVLWXDomR
)LJXUD±,PSOHPHQWDomRGHDUUXHODSDUDDXPHQWDUDVXSHUItFLHGHUXSWXUD
)RQWH3URGXomRGRSUySULRDXWRU
ϳϵ
x 5HVLVWrQFLDDRHVFRUUHJDPHQWRGHFKXPEDGRUWUDFLRQDGR
SXOORXWVWUHQJWK
D$UHVLVWrQFLDGHFiOFXOR1S5GGHXPFKXPEDGRUWUDFLRQDGRQmRGHYHH[FHGHUD
1S5G \1SJJ '
E3DUDFKXPEDGRUHVSyVLQVWDODGRVGRWLSRH[SDQVmRH³VXEFRUWH´
RVYDORUHVGH1S
GHYHPVHEDVHDUHPUHVXOWDGRVGHWHVWHVHIHWXDGRVVHJXQGRR$&,1mRpSHU
PLWLGR R FiOFXOR GH UHVLVWrQFLD DR HVFRUUHJDPHQWR VRE WUDomR SDUD HVWHV WLSRV GH
FKXPEDGRUHV
1DILJXUDDSULPHLUDLOXVWUDomRDSDUWLUGDHVTXHUGDPRVWUDHVWHWLSRGHFKXPEDGRU
XQGHUFXWDQFKRU±RTXDOQmRpXVXDOQR%UDVLO
F3DUDFKXPEDGRUHVLVRODGRVWLSR³FRPFDEHoD´pSHUPLWLGRDYDOLDUDUHVLVWrQFLDDR
HVFRUUHJDPHQWRVREWUDomRFRQIRUPHRtWHP³G´DVHJXLU3DUDFKXPEDGRUHVLVRODGRV
FRPJDQFKRFKXPEDGRUHV³-´RX³/´HVWDUHVLVWrQFLDGHYHVHUFDOFXODGDFRQIRUPHt
WHP³H´DEDL[R$OWHUQDWLYDPHQWHR$&,SHUPLWHRXVRGHYDORUHVGH1SEDVHDGRV
HPWHVWHVIHLWRVGHDFRUGRFRPR$&,VHPHQWUHWDQWRFRQVLGHUDUDDomRIDYR
UiYHOGRDWULWR
G$UHVLVWrQFLDDRHVFRUUHJDPHQWRSXOORXWVWUHQJWKGHXPFKXPEDGRU³FRPFDEHoD´
LVRODGR1SDVHUXVDGRQDHTXDomR'QmRGHYHH[FHGHUD
1S $EUJIFN '
$EUJ iUHDGHFRQWDWRGD³FDEHoD´GRFKXPEDGRUFRPRFRQFUHWRFRPSULPLGR
H $ UHVLVWrQFLD DRHVFRUUHJDPHQWRGH XP FKXPEDGRU FRP JDQFKR LVRODGR 1SD VHU
XVDGRQDHTXDomR'QmRGHYHH[FHGHUD
1S IFNHKGR '
RQGH
GRHKGR
HK GLVWkQFLDOLYUHHQWUHDIDFHGDKDVWHGRFKXPEDGRUDWpDH[WUHPLGDGHGRJDQFKR
GR GLkPHWURGRFKXPEDGRUGE
I3DUDXPFKXPEDGRUORFDOL]DGRHPUHJLmRGRFRQFUHWRRQGHDQiOLVHVLQGLFDPQmRVHU
ILVVXUDGDIWIUVREHVIRUoRVGHVHUYLoRRVHJXLQWHIDWRUGHPRGLILFDomRSRGHVHUHP
SUHJDGR
\
&DVRRFRQFUHWRVHMDILVVXUDGRHPSUHJDU\
ϴϬ
x 5HVLVWrQFLDjUXSWXUDODWHUDOGRFRQFUHWRHPXPFKXPEDGRU³FRPFDEHoD´WUD
FLRQDGRVLGHIDFHEORZRXWVWUHQJKW
D3DUDXPFKXPEDGRUGRWLSR³FRPFDEHoD´FRPHPEXWLPHQWRSUy[LPRDXPDERU
GDFKHIDUHVLVWrQFLDGHFiOFXORjUXSWXUDODWHUDOGRFRQFUHWR1VE5GQmRGHYH
H[FHGHU
1VE5G F$EUJ IFN J '
J
6HXPFKXPEDGRULVRODGRHVWiDXPDGLVWkQFLDSHUSHQGLFXODUFPHQRUTXHF
GHXPDERUGDRYDORUGH1VEGHYHVHUPXOWLSOLFDGRSRUXPIDWRULJXDODFF
RQGHFF
E3DUDP~OWLSORVFKXPEDGRUHVFRPFDEHoDVSUy[LPRDXPDERUGDFRPHPEXWLPHQWR
FKHIHHVSDoDPHQWRHQWUHFKXPEDGRUHVPHQRUTXHFDUHVLVWrQFLDQRPLQDO
GRJUXSRGHFKXPEDGRUHVjUXSWXUDODWHUDOGRFRQFUHWRSRUWUDomRQRFKXPEDGRU1VEJ
QmRGHYHH[FHGHU
1VEJ VRF1VEJ '
RQGHVR HVSDoDPHQWRGRVFKXPEDGRUHVPDLVH[WHUQRVGRJUXSRDRORQJRGDERUGDH
1VEpREWLGRSHODHTXDomR'VHPRIDWRUGHPRGLILFDomRGHGLVWkQFLDSHUSHQGLFXODU
DWpDERUGD
ϴϭ
3URFHGLPHQWRVGHFiOFXORSDUDHVIRUoRVFRUWDQWHV
x 5HVLVWrQFLDDRFLVDOKDPHQWRGRFKXPEDGRU
D$UHVLVWrQFLDGHFiOFXORGHXPFKXPEDGRUjIRUoDFRUWDQWHTXDQGRGHWHUPLQDGD
SHORVHXPDWHULDO95GGHYHVHUFDOFXODGDFRPEDVHQDVSURSULHGDGHVGRDoRHQDV
GLPHQV}HVItVLFDVGRFKXPEDGRU
E$UHVLVWrQFLDGHFiOFXOR95GGHXPFKXPEDGRURXJUXSRGHFKXPEDGRUHVVXMHLWRVj
IRUoDFRUWDQWHQmRGHYHH[FHGHU
E3DUDFKXPEDGRUHVVHPURVFD
HFRPFDEHoDPROGDGRVLQORFR
95G Q$EIXEJ '
J
&KXPEDGRUHVFXMDURVFDFRPHoDSHORPHQRVDXPDGLVWkQFLD³GE´DFLPDGDFKDSDGH
DSRLRSRGHPVHUHQTXDGUDGRVQHVWDFDWHJRULD
E3DUDFKXPEDGRUHVPROGDGRVLQORFRFRPFDEHoDVRXJDQFKRHURVFDQDUHJLmR
GHFRUWH
95G Q$EIXEJ '
J
E3DUDFKXPEDGRUHVSyVLQVWDODGRV
95G Q$EHIXE$VOIXWVOJ '
J
$VO 6HomRWUDQVYHUVDOHIHWLYDGHOXYDGRFKXPEDGRUGHH[SDQVmRRXWLSR³VXEFRUWH´
QRSODQRGHFRUWH
IXWVO 5HVLVWrQFLD~OWLPDjWUDomRGDOXYDGRFKXPEDGRU
RQGHIXEQRVFDVRVDEHFQmRGHYHVHUWRPDGRPDLRUTXHI\RX03D
F2QGHFKXPEDGRUHVVmRXVDGRVFRP3ODFDVVREUHFDPDGDGHJUDXWHRVYDORUHVRE
WLGRVQRtWHPEGHYHPVHUPXOWLSOLFDGRVSRU
x 5HVLVWrQFLDjUXSWXUDGR³FRQH´GHFRQFUHWRGHXPFKXPEDGRUVREIRUoDFRUWDQ
WHEUHDNRXWVWUHQJWKLQVKHDU
$ILJXUD±DGDSWDGDGR$&,±LOXVWUDDVSRVVtYHLVVLWXDo}HVGH³UXSWXUD
GHGHFRQHGHFRQFUHWR´HPFKXPEDGRUHVVREHIHLWRGHIRUoDFRUWDQWH
ϴϮ
)LJXUD±0RGRVGHUXSWXUDGHFRQHGHFRQFUHWRVREIRUoDFRUWDQWHHPFKXPEDGRUHV
)RQWH$GDSWDGRGH$&,
D$UHVLVWrQFLDGHFiOFXORjUXSWXUDGR³FRQH´GHFRQFUHWRVREIRUoDFRUWDQWH9FE5G
RX9FEJ5GGHXPFKXPEDGRURXGHXPJUXSRGHFKXPEDGRUHVQmRGHYHH[FHGHU
ϴϯ
D3DUDIRUoDFRUWDQWHSHUSHQGLFXODUjERUGDHPXPFKXPEDGRULVRODGR
9FE5G $Y$YR\\9EJ '
J VHKRXYHUDUPDGXUDHPPDOKDFUX]DQGRR³FRQH´GHFRQFUHWR
J VHQmRKRXYHUDUPDGXUDHPPDOKDFUX]DQGRR³FRQH´GHFRQFUHWR
D3DUDIRUoDFRUWDQWHSHUSHQGLFXODUjERUGDHPXPJUXSRGHFKXPEDGRUHV
9EpDUHVLVWrQFLDEiVLFDGRFRQHGHFRQFUHWRjUXSWXUDSDUDXPFKXPEDGRULVRODGR$Y
pDiUHDSURMHWDGDQDIDFHODWHUDOGRFRQFUHWRHPVXDERUGDSDUDXPFKXPEDGRULVROD
GRRXSDUDXPJUXSRGHFKXPEDGRUHVeSHUPLWLGRVXEVWLWXLUHVWH³PHLRFRQH´SRUXPD
³PHLDSLUkPLGH´RQGHRYpUWLFHGHVWDpWRPDGRFRPRRHL[RGDOLQKDGHFKXPEDGRUHV
FRQVLGHUDGRFRPRFUtWLFRQDIDFHGRFRQFUHWRRQGHHVWHHVWiLQVHULGR$GLVWmQFLDF
GHYHVHUWRPDGDFRPRDTXHODHQWUHDERUGDHPHVWXGRHRHL[RGRVFKXPEDGRUHV$Y
QmRGHYHH[FHGHUQ$YRRQGHQpDTXDQWLGDGHGHFKXPEDGRUHVGRJUXSR
$YRpDiUHDSURMHWDGDSDUDXPFKXPEDGRULVRODGRHPEXWLGRHPXPHOHPHQWRGH
FRQFUHWRHDIDVWDGRGDVERUGDVSHUSHQGLFXODUHVjHVWXGDGDGHPRGRTXHDTXHODVQmR
LQWHUILUDPQDIRUPDomRGRFRQHeSHUPLWLGRFDOFXODUHVWDiUHDFRPRDiUHDGDEDVHGD
³PHLDSLUkPLGH´FRPODUJXUDSDUDOHODjERUGDLJXDODFHDOWXUDLJXDODF
$YR F '
4XDQGRRVFKXPEDGRUHVHVWmRORFDOL]DGRVHPGLVWkQFLDVYDULDGDVDSDUWLUGH
XPDERUGDHRVFKXPEDGRUHVVmRVROGDGRVjFKDSDGHEDVHGHPRGRDGLVWULEXLUDIRU
oDFRUWDQWHSDUDWRGRVRVFKXPEDGRUHVpSHUPLWLGRFDOFXODUDUHVLVWrQFLDEDVHDGRQD
OLQKDGHFKXPEDGRUHVPDLVGLVWDQWH1HVWHFDVRSHUPLWHVHRFiOFXORGHFFRPRD
GLVWkQFLDjERUGDGDOLQKDGHFKXPEDGRUHVPDLVGLVWDQWHWRPDGDFRPRFUtWLFDHDIRUoD
FRUWDQWHWRWDODSOLFDGDDHVWDOLQKD
E$UHVLVWrQFLDEiVLFDGH³FRQH´GHFRQFUHWRjUXSWXUDSRUFRUWDQWH9EGHXPFKXPED
GRUHPUHJLmRILVVXUDGDQmRGHYHH[FHGHU
9E OGE GE IFN F '
ϴϰ
F3DUDFKXPEDGRUHVPROGDGRVLQORFR³FRPFDEHoD´RXFRPJDQFKRVTXHVmROLJDGRV
SRUFKDSDGHEDVHVROGDGDDRVPHVPRVWHQGRHVSHVVXUDPtQLPDGHPPRXòGR
GLkPHWURGRFKXPEDGRUDUHVLVWrQFLDEiVLFD9EGR³FRQH´GHFRQFUHWRGHXPFKXP
EDGRULVRODGRHPFRQFUHWRILVVXUDGRQmRGHYHH[FHGHU
9E OGE GE IFN F '
RQGHO FRPSULPHQWRGRFKXPEDGRUSDUDDSOLFDomRGDIRUoDFRUWDQWHOGE
GHVGHTXH
F3DUDJUXSRVGHFKXPEDGRUHVDUHVLVWrQFLDVHMDGHWHUPLQDGDEDVHDGDQDUHVLV
WrQFLDGDOLQKDGHFKXPEDGRUHVPDLVDIDVWDGDGDERUGD
F2HVSDoDPHQWRHQWUHFHQWURGHFKXPEDGRUHVQmRVHMDPHQRUTXHPPH
F$UPDGXUDVXSOHPHQWDUGHYHVHUHPSUHJDGDQRVFDQWRVVHFKHI
G3DUDFDVRVHVSHFLDLVGHFKXPEDGRUHVVRELQIOXrQFLDGHWUrVRXPDLVERUGDVDGLV
WkQFLDjERUGD³F´XVDGDQDVHTXDo}HV'D'GHYHVHUOLPLWDGDDQRPi[L
PRKRQGHK HVSHVVXUDGRHOHPHQWRGHFRQFUHWRYLGHILJXUD
HRIDWRUGHPRGLILFDomRSDUDFDUJDVH[FrQWULFDVHPXPJUXSRGHFKXPEDGRUHVpGD
GRSRU
\ HY¶F '
$HTXDomRDFLPDpYiOLGDSDUDHY¶V$ILJXUDLOXVWUDDGLPHQVmR³H¶Y´
)LJXUD'HILQLomRGDGLPHQVmRH¶Y
)RQWH$&,
I2IDWRUGHPRGLILFDomRGHHIHLWRGHERUGDp
\ ĺVHF!F '
\ FFĺVHFF '
ϴϱ
J3DUDFKXPEDGRUHVORFDOL]DGRVHPXPDUHJLmRGRFRQFUHWRRQGHDQiOLVHVLQGLFDP
FRPRQmRILVVXUDGDVREHVIRUoRVGHVHUYLoRIWIURVHJXLQWHIDWRUGHPRGLILFDomRp
SHUPLWLGR
\
3DUDFKXPEDGRUHVHPUHJL}HVGRFRQFUHWRRQGHDQiOLVHVLQGLFDPFRQFUHWRILV
VXUDGRVREHVIRUoRVGHVHUYLoRRVVHJXLQWHVIDWRUHVGHPRGLILFDomRSRGHPVHUHP
SUHJDGRV
\ SDUDFKXPEDGRUHVHPFRQFUHWRILVVXUDGRVHPDUPDGXUDVXSOHPHQWDURXFRP
DUPDGXUDGHUHIRUoRGHERUGDFRPGLkPHWURPHQRUTXHPP
\ SDUDFKXPEDGRUHVHPFRQFUHWRILVVXUDGRFRPDUPDGXUDVXSOHPHQWDUFRP
GLkPHWURPDLRURXLJXDODPPHQWUHRFKXPEDGRUHDERUGDGRFRQFUHWR
\ SDUDFKXPEDGRUHVHPFRQFUHWRILVVXUDGRFRPDUPDGXUDVXSOHPHQWDUFRPGL
kPHWURPDLRURXLJXDODPPHQWUHRFKXPEDGRUHDERUGDGRFRQFUHWRHHFRPDU
PDGXUDVXSOHPHQWDUGHQWURGHHVWULERVFXMRHVSDoDPHQWRQmRH[FHGDPP
x 5HVLVWrQFLDjUXSWXUDGH³FXQKD´GHFRQFUHWRFRQFUHWHSU\RXWVWUHQJWK
D$UHVLVWrQFLDGHFiOFXOR9FS5GjUXSWXUDGHFXQKDGHFRQFUHWRQmRGHYHH[FHGHU
9FS5G NFS1FEJ '
J VHKRXYHUDUPDGXUDHPPDOKDFUX]DQGRR³FRQH´GHFRQFUHWR
J VHQmRKRXYHUDUPDGXUDHPPDOKDFUX]DQGRR³FRQH´GHFRQFUHWR
RQGH
NFS SDUDKHIPP
NFS SDUDKHI!PP
1FEGHYHVHUGHWHUPLQDGRFRQIRUPHHTXDomR'
,QWHUDomRHQWUHHVIRUoRVGHWUDomRHGHFRUWDQWHV
$PHQRVTXHKDMDUHVLVWrQFLDGHWHUPLQDGDFRPEDVHHPHQVDLRVUHDOL]DGRVD
UHVLVWrQFLDGHFiOFXORjWUDomR)W5GGHYHVHURPHQRUYDORUREWLGRHPHDUHVLV
WrQFLDGHFiOFXORjIRUoDFRUWDQWH95GGHYHVHURPHQRUYDORUREWLGRHPDPERV
RVtWHQVGR$&,
x 6H9G95GHQWmRRWRWDODSURYHLWDPHQWRGDUHVLVWrQFLD)W5GpSHUPLWLGR
)W5G!1G
ϴϲ
x 6H1G)W5GHQWmRRWRWDODSURYHLWDPHQWRGDUHVLVWrQFLD95GpSHUPLWLGR
95G!9G
x 6H9G!95GH1G!)W5GHQWmR
1G)W5G9G95G '
'LVWkQFLDVFKXPEDGRUERUGDHVSDoDPHQWRVHVSHVVXUDVPtQLPDV
x $GLVWkQFLDHQWUHFHQWURVGHFKXPEDGRUHVGHYHVHUQRPtQLPRGESDUDFKXP
EDGRUHVPROGDGRVLQORFRQmRWRUTXHDGRVHGESDUDFKXPEDGRUHVPROGDGRV
LQORFRWRUTXHDGRVHFKXPEDGRUHVSyVLQVWDODGRV
x &KXPEDGRUHV³FRPFDEHoD´PROGDGRVLQORFRTXHQmRVHMDPWRUTXHDGRVSR
GHPWHUVHXHVSDoDPHQWRDWpDERUGDGHWHUPLQDGRSHORFREULPHQWRQHFHVViULR
WDOFRPRGHILQLGRSDUDDDUPDGXUDGRFRQFUHWR3DUDFKXPEDGRUHV³FRPFDEH
oD´WRUTXHDGRVDGLVWkQFLDPtQLPDFHQWURERUGDQmRGHYHHVFHGHUGE
x &KXPEDGRUHVSyVLQVWDODGRVGHYHPWHUVXDGLVWkQFLDFHQWURERUGDGHILQLGRV
HPIXQomRGRFREULPHQWRPtQLPRRXGDGLVWkQFLDPtQLPDHVWDEHOHFLGDSHORID
EULFDQWHFRQIRUPHR$&,7DPEpPQmRGHYHVHUPHQRUTXHYH]HVRWD
PDQKRGRPDLRUDJUHJDGR1DDXVrQFLDGHLQIRUPDo}HVGRIDEULFDQWHRXGH
HQVDLRVDGLVWkQFLDPtQLPDFHQWURERUGDWDPEpPGHYHREHGHFHU
&KXPEDGRUHVWLSR³VXEFRUWH´«««««««««GE
&KXPEDGRUHVFRPWRUTXHFRQWURODGR««««««GE
&KXPEDGRUHVFRPGHVORFDPHQWRFRQWURODGR«««GE
x 3DUDFKXPEDGRUHVRQGHVXDLQVWDODomRQmRSURGX]DIRUoDVTXHLQGX]DDILVVX
UDomRHTXHSHUPDQHoDPVHPWRUTXHVHDGLVWkQFLDFHQWURERUGDRXHVSDoD
PHQWRFHQWURDFHQWURGHFKXPEDGRUHVIRUPHQRUTXHDTXHOHVHVSHFLILFDGRV
DQWHULRUPHQWHGHYHVHUHIHWXDGRFiOFXORVXEVWLWXLQGRGESRUXPYDORUPHQRUGE¶
TXHDWHQGDDRVUHTXLVLWRVGRGLPHQVLRQDPHQWR&DVRGE¶DWHQGDjVUHVLVWrQFLDV
GHFiOFXORHDRVHVSDoDPHQWRVPtQLPRVHQWmRSRGHVHUHPSUHJDGRFKXPEDGRU
FRPGLkPHWURGE
x 2YDORUGHKHISDUDXPFKXPEDGRUGHH[SDQVmRRX³VXEFRUWH´SyVLQVWDODGR
QmRGHYHVHUPDLRUTXHGDHVSHVVXUDGRHOHPHQWRGHFRQFUHWRQHPDHV
SHVVXUDGHVWHHOHPHQWRVHUPHQRUTXHPP
x 2VGHVHQKRVGHSURMHWRHDVHVSHFLILFDo}HVGHSURMHWRGHYHPLQGLFDUDVGLVWkQ
FLDVPtQLPDVGHFHQWURERUGDHFHQWURDFHQWURGRVFKXPEDGRUHVDVVXPLGDVQR
FiOFXOR
'LPHQVLRQDPHQWRGHFKXPEDGRUHVWUDFLRQDGRVDQFRUDJHPSRUWUDQVSDVVHFRP
DDUPDGXUDGRFRQFUHWR
&RQIRUPHYLVWRQRtWHPDUXSWXUDGDDQFRUDJHPGHXPFKXPEDGRURX
JUXSRGHFKXPEDGRUHVVHGiTXDQGRDVWHQV}HVGHWUDomRDRORQJRGDVXSHUItFLHGR
ϭϴ
ůŐƵŶƐƚŝƉŽƐĚĞĐŚƵŵďĂĚŽƌĞƐƉſƐͲŝŶƐƚĂůĂĚŽƐŶĆŽƐĆŽĚĞƵƐŽĐŽƌƌĞŶƚĞŶŽƌĂƐŝůŶĞŵƉŽƐƐƵĞŵŶŽŵĞŶĐůĂƚƵƌĂĞͲ
ƋƵŝǀĂůĞŶƚĞŶĂůşŶŐƵĂƉŽƌƚƵŐƵĞƐĂ͘
ϴϳ
FRQHDRUHGRUGHVWHVH[FHGHDUHVLVWrQFLDjWUDomRGRFRQFUHWR$H[WHQVmRGHVWHFR
QHGHWHQV}HVpIXQomRGRHPEXWLPHQWRGDHVSHVVXUDGRFRQFUHWRGRHVSDoDPHQWR
HQWUHFKXPEDGRUHVDGMDFHQWHVHGDORFDOL]DomRGDVERUGDVOLYUHVGRFRQFUHWR
(QWUHWDQWRHPFHUWRVFDVRVDiUHDGHUXSWXUDSURMHWDGDpH[WUHPDPHQWHOLPLWD
GDSHODVGLVWkQFLDVUHGX]LGDVGRVFKXPEDGRUHVjVERUGDVGRFRQFUHWR'HVVHPRGRD
FDSDFLGDGHjWUDomRGRVFKXPEDGRUHVQmRSRGHVHGHVHQYROYHUVDWLVIDWRULDPHQWH,V
WRRFRUUHIUHTXHQWHPHQWHTXDQGRHVWHVVmRDSOLFDGRVVREUHSLODUHVRXSHGHVWDLVGH
VDSDWDV±YLGHILJXUD
1HVWHVFDVRVDDUPDGXUDGRHOHPHQWRGHFRQFUHWRSRGHVHUXVDGDSDUDWUDQV
IHULURVHVIRUoRVGRVFKXPEDGRUHVjHVWUXWXUDGHDSRLR$VVHJXLQWHVSUHPLVVDVVmR
DGRWDGDVVHJXQGR:LGLDQWR3DWHOH2ZHQ
±$FRQWULEXLomRGRFRQFUHWRjDQFRUDJHPpGHVSUH]DGDTXDQGRVHGLPHQVLRQDD
DUPDGXUDQHFHVViULD
±4XDQGRRFRPSRUWDPHQWRQmRG~FWLOpDGPLWLGRDDUPDGXUDSRGHVHUGLPHQVLRQD
GDSDUDUHVLVWLUDRVHVIRUoRVGHFiOFXOR
±4XDQGRRFRPSRUWDPHQWRG~FWLOpH[LJLGRDDUPDGXUDGHYHWHUDOpPGRTXHIRL
PHQFLRQDGRDFLPDGHVHQYROYHUFDSDFLGDGHGHDQFRUDJHPLJXDORXVXSHULRUjUHVLV
WrQFLDjWUDomRGRFKXPEDGRU6HRFKXPEDGRUpGLPHQVLRQDGRSDUDVXSRUWDUYH
]HVRHVIRUoRGHFiOFXORHQWmRSRGHVHFRQVLGHUDUVDWLVIHLWRHVWHUHTXLVLWR
±4XDQGRDDUPDGXUDpHPSUHJDGDSDUDHYLWDUDUXSWXUDGRFRQHGHFRQFUHWRWRGRV
RVFiOFXORVGHYHPJDUDQWLUTXHKiVXILFLHQWHUHVLVWrQFLDFRUUHVSRQGHQWHDRVRXWURVWUrV
PRGRVGHIDOKDHVFRUUHJDPHQWRUXSWXUDGHFRQHODWHUDOGHYLGRjWUDomRUXSWXUDGH
³FXQKDGHFRQFUHWR´(VWHVWUrVPRGRVUHFHEHPDVHJXLQWHDERUGDJHP
D(VFRUUHJDPHQWRGRFKXPEDGRU&RQIRUPH$&,±YLVWRQRtWHP
E5XSWXUDODWHUDOGRFRQFUHWRVREHIHLWRGHWUDomRQRFKXPEDGRU&RQIRUPHYLVWRHP
RQGHpLQGLFDGDDYHULILFDomRDHVWHHVWDGROLPLWHQRFDVRGHFKHI
8PDYH]TXHRGLPHQVLRQDPHQWRGHFKXPEDGRUHVHPSLODUHVHSHGHVWDLVpX
VXDOPHQWHJRYHUQDGRSHODH[LJrQFLDGHFRPSULPHQWRVXILFLHQWHSDUDGHVHQYROYHUDDQ
FRUDJHPSRUWUDQVSDVVH±TXHSRGHVHUFRQVLGHUDYHOPHQWHPDLRUTXHYH]HVGED
PtQLPDGLVWkQFLDDWpDERUGDSDUDHYLWDUWDOHIHLWRVHUi [GE GE(QWUHWDQ
WRVHRFKXPEDGRUIRUUHFHEHUWRUTXHDGLVWkQFLDPtQLPDGHGEpUHTXHULGD
4XDQGRpLQYLiYHOJDUDQWLUGLVWkQFLDVPDLRUHVTXHGEHQWUHFHQWURERUGDGR
FKXPEDGRUDUHVLVWrQFLDjUXSWXUDODWHUDOGHYHVHUFDOFXODGDHQRUPDOPHQWHVHWRUQD
XPIDWRUOLPLWDQWH'HYULHVHWDODSXG:,',$172HVWXGDUDPDFRQWULEXL
omRGHHVWULERVSDUDFRPEDWHUHVWHWLSRGHUXSWXUDHFRQFOXtUDPTXHHVWHVQmRDXPHQ
WDPDFDSDFLGDGHGRFRQFUHWRSDUDUHVLVWLUDRVHVIRUoRVGHWUDomRODWHUDO&DQQRQHWDO
DSXG:,',$172FLWDTXHDVIRUoDVTXHFDXVDPUXSWXUDGHFRQHODWHUDO
HPFKXPEDGRUHVGHFDEHoDFRQYHQFLRQDLVSRGHPVHUFRQVHUYDGRUDPHQWHHVWLPDGDV
HPóGDFDSDFLGDGHjWUDomRGRFKXPEDGRUHTXHGLVSRUDUPDGXUDDRUHGRUGDFDEH
oDGHVWHVFKXPEDGRUHVGLPHQVLRQDGDSDUDUHVLVWLUDHVWHHVIRUoRFRPEDWHHVWHHIHLWR
1DILJXUDSRGHVHUYLVWDHVWDGLVSRVLomRGHDUPDGXUD
ϴϴ
)LJXUD±3HGHVWDOGHVXSRUWHGHSLODUPHWiOLFR)LJXUD$UPDGXUDDRUHGRUGD
FDEHoDGRVFKXPEDGRUHVSDUDHYLWDU
UXSWXUDODWHUDOGRFRQFUHWR
)RQWH:LGLDQWR3DWHOH2ZHQ
)RQWH:LGLDQWR3DWHOH2ZHQ
F$UXSWXUDGRFRQFUHWRSRUIRUPDomRGH³FXQKD´VypFUtWLFDSDUDFKXPEDGRUHVFXU
WRVHFRPJUDQGHULJLGH]eUD]RiYHOVXSRUTXHHPFKXPEDGRUHVPROGDGRVLQORFR
FRPKHIPLQ GEHVWHHIHLWRQmRVHUiSUHSRQGHUDQWH
x 'LPHQVLRQDPHQWRGHDUPDGXUDSDUDDQFRUDUHVIRUoRGHWUDomRGRVFKXPEDGR
UHV
6HJXQGR:LGLDQWRHWDODGLVWkQFLDPi[LPDOLYUHHQWUHRFKXPEDGRUHD
DUPDGXUDQmRGHYHVHUPDLRUTXHGHKHI-iR$&,QRFRPHQWiULRGRtWHP
'LQGLFDDGLVWkQFLDPi[LPDGHKHIHQWUHFHQWURVGHDUPDGXUDFKXPEDGRU
$ILJXUDHVTXHPDWL]DRDUUDQMRHVWUXWXUDOSURSRVWR
ϴϵ
)LJXUD±'LPHQV}HVDVHUHPFRQVLGHUDGDVSDUDGHWHUPLQDomRGRWUDQVSDVVHQHFHVViULR
D$UPDGXUDORQJLWXGLQDOUHWD E$UPDGXUDORQJLWXGLQDOFRPJDQFKR
)RQWH3URGXomRGRSUySULRDXWRU
$UPDGXUDQHFHVViULD
3DUDFRPSRUWDPHQWRQmRG~FWLO$VO!7GJI\J
3DUDFRPSRUWDPHQWRG~FWLO$VO!$EHIXEI\
7G IRUoDGHWUDomRGHFiOFXORDWXDQWHQRFKXPEDGRU
'LPHQVLRQDPHQWRGHDUPDGXUDWUDQVYHUVDOSDUDWUDQVIHUrQFLDGHIRUoDVFRUWDQ
WHVGHFKXPEDGRUHV
$VVLPFRPRIRLGHVFULWRSDUDWUDQVIHUrQFLDGHHVIRUoRVGHWUDomRGRVFKXPEDGRUHVSD
UDDHVWUXWXUDGHVXSRUWHWDPEpPQRFDVRGHHVIRUoRVFRUWDQWHVpYDQWDMRVRHPFHUWDV
VLWXDo}HVGLPHQVLRQDUDUPDGXUDHYHULILFDUDFDSDFLGDGHGRFRQFUHWRSDUDWUDQVIHULU
HVWDVIRUoDV
$VSUHPLVVDVPDLVLPSRUWDQWHVQHVWHPRGHORVmR
±$UXSWXUDVHGHYHjIRUPDomRGHXPPHFDQLVPRUHVXOWDQWHGRHVFRDPHQWRGHXP
RXPDLVHVWULERV
ϵϬ
±2HVPDJDPHQWRGDVELHODVGHFRQFUHWRQmRGHYHRFRUUHUDQWHVGRHVFRDPHQWRGRV
HVWULERV
±$SHQDVIRUoDVXQLD[LDLVHVWmRSUHVHQWHVQDVELHODVHQRVHVWULERV
±$DUPDGXUDORQJLWXGLQDOGHYHVHUDGHTXDGDPHQWHGHWDOKDGDGHPRGRDHYLWDUUXS
WXUDSRUHVFRUUHJDPHQWRRXIDOKDORFDOL]DGDGHDQFRUDJHP
$RPHVPRWHPSRTXHRPpWRGRELHODWLUDQWHpXPDIHUUDPHQWDVLPSOHVUHTXHUD
DVVRFLDomRGHYDORUHVSDUDRVVHJXLQWHVSDUkPHWURV
&DSDFLGDGHGDVELHODVHQyV
*HRPHWULDGDVELHODVHUHJLmRGRVQyV
$QFRUDJHPGRVHVWULERV
±5HVLVWrQFLDGRFRQFUHWRGDVELHODVHUHJL}HVGH³DSRLR´IFX IFN
±$IRUPDomRGDVELHODVDSDUWLUGRVFKXPEDGRUHVHPGLUHomRjEDUUDVYHUWLFDLVGH
DUPDGXUDORQJLWXGLQDOPRVWUDGDVQDILJXUD±LQGLFDPTXHRFRPSULPHQWRPi[LPR
GHDSOLFDomRGHIRUoDVWUDQVYHUVDLVSHORVFKXPEDGRUHVpGHG±VHJXQGRR$&,
tWHP''HVVHPRGRDiUHDGHFRQWDWRGRFKXPEDGRUpFDOFXODGDFRPR
GG G $GHFOLYLGDGHGDGLIXVmRGDIRUoDGHFRPSUHVVmRpDVVXPLGDFRPR
4XDQGRHVWULERVLQWHUQRVJUDPSRVQmRVmRXWLOL]DGRVRXQmRVmRQHFHVViULRV
SHORFiOFXORHPIXQomRGDVIRUoDVD[LDLVRPRGHORLOXVWUDGRQDILJXUDSRGHVHUHP
SUHJDGR3DUDXPDIRUoDFRUWDQWH9DIRUoDGHWUDomR7QDILJXUDpPDLRUTXH7
QDILJXUD
±3DUDDDUPDGXUDWUDQVYHUVDOGHDWLUDQWDPHQWRHVWULERVVmRVXJHULGDVDVVHJXLQWHV
SUHPLVVDV
D6RPHQWHDVGXDVFDPDGDVVXSHULRUHVGHHVWULERVSUHYHUEDUUDVG QDIDL[D
GHPPDSDUWLUGRWRSRGRSHGHVWDO±FRQIRUPHUHTXLVLWRGR$&,tWHP
VmRHIHWLYDV±FRQIRUPHLOXVWUDGRQDILJXUD
E6HIRUQHFHVViULRHPSUHJRGHHVWULERVLQWHUQRVJUDPSRVSRGHUiVHUXVDGRFRPR
DOWHUQDWLYDHVWULERORVDQJXODU
F$SRVLomRGRVJDQFKRVGRVHVWULERVGHYHPVHUDOWHUQDGDV±FRQIRUPHLQGLFDGRQD
ILJXUD
G6HRFRPSULPHQWRGLVSRQtYHOGRHVWULERLQWHUQRODKILJIRUPHQRUTXHRWUHFKR
UHWRUHTXHULGROGSDUDWRWDOGHVHQYROYLPHQWRGDUHVLVWrQFLDDUHVLVWrQFLDPi[LPDGR
HVWULERLQWHUQRVHUiI\[ODKOGVHODKIRUPHQRUTXHPPJUDPSRVWDOFRPR
LOXVWUDGRVQDILJXUDQmRGHYHPVHUHPSUHJDGRV
H1RVQyVDIDVWDGRVGRJDQFKRpDVVXPLGDWRWDOFDSDFLGDGHSDUDRHVWULERLVWRpR
WLUDQWHQDFDPDGD$SRGHGHVHQYROYHUVXDFDSDFLGDGHI\QRVQyVHILJXUD
ϵϭ
)LJXUD±%LHODVGHFRQFUHWRVXMHLWDVjFRPSUHVVmRHHVWULERVWUDFLRQDGRVSDUDWUDQVIHUrQFLD
GHIRUoDVFRUWDQWHVDSDUWLUGRVFKXPEDGRUHV
)RQWH:LGLDQWR3DWHOH2ZHQ
ϵϮ
)LJXUD0RGHORELHODWLUDQWHVHPJUDPSRV
)RQWH:LGLDQWR3DWHOH2ZHQ
)LJXUD±'LUHo}HVDOWHUQDGDVGRJDQFKRVHJUDPSRVQDVGXDVFDPDGDVVXSHULRUHVGHHVWUL
ERV
)RQWH:LGLDQWR3DWHOH2ZHQ
I1RVQyVRQGHHVWmRORFDOL]DGRVRVJDQFKRVRWLUDQWHQmRSRGHGHVHQYROYHUDFDSD
FLGDGHWRWDOI\7HVWHVLQGLFDPTXHSRGHRFRUUHUHVFRUUHJDPHQWRQDUHJLmRGRJDQFKR
GRHVWULERTXDQGRDWHQVmRXOWUDSDVVD03D'HVVHPRGRDFRQWULEXLomRGRVWLUDQ
WHVFRPJDQFKRVQDUHJLmRGDDSOLFDomRGDIRUoDSHODVELHODVFRPSULPLGDVGHYHVHU
WRPDGRFRPRRPHQRUGRVVHJXLQWHVYDORUHV
7 $WLH[IVH7 IFNHKGWLH
RQGH
ϵϯ
3/$1,/+$6(/(75Ð1,&$63$5$',0(16,21$0(172'(/,*$d®(6
/,*$d23$5$)86$'$'(3(5),/³/´)250$'2$)5,2
$ILJXUDDSUHVHQWDDVLQIRUPDo}HVJHRPpWULFDVEiVLFDVTXHFRPS}HPHVWDOL
JDomRHHVIRUoRVROLFLWDQWHGHFiOFXOR1HVWHFDVRVyVHUiHVWXGDGRRFRPSRUWDPHQWR
GRSHUILOQmRpDQDOLVDGRRFRPSRUWDPHQWRGDFKDSDGHJXVVHW
)LJXUD±9DULiYHLVGLPHQVLRQDLVHIRUoDSDUDFiOFXORGHOLJDomRGHSHUILO³/´SDUDIXVDGR
)RQWH3URGXomRGRSUySULRDXWRU
3UHPLVVDVEiVLFDV
D$SODQLOKDHODERUDGDSDUDHVWHGLPHQVLRQDPHQWRVHDSOLFDDIXURVWLSRSDGUmRLVWR
pFRPGLkPHWUR³GI´GLkPHWURGRIXURLJXDOGEPPGE GLkPHWURGRSDUDIXVRH
OLPLWDGDSDUDGE!3DUDGEDIROJDGRIXURSDGUmRpPPHQmRIRLFRQVLGH
UDGR
E$QRPHQFODWXUDGHWLSRVGHSDUDIXVRVXWLOL]DGD1;1;QmRVmRSDGU}HV
GHQRUPD$VLQGLFDo}HVWLSR1URVFDL1FOXVDH;URVFDH;FOXVDVmRFRQWXGR
XVXDLV
F2GLPHQVLRQDPHQWRREHGHFHDVSUHVFULo}HVGRSURMHWRGHUHYLVmRGD1%5
HGD1%5
G&RQVLGHUDVHRHVIRUoRD[LDOGHFiOFXOR1GDSOLFDGRQRFHQWUyLGHGDEDUUD2HIHLWR
GDH[FHQWULFLGDGHGHVWHHPUHODomRDRSODQRGHFRUWHGRVSDUDIXVRVpGHVSUH]DGR
H'HPDLVSUHVFULo}HVHSUHPLVVDVVmRLQGLFDGDVQDDED³127$6´GDSODQLOKD±PRV
WUDGDQDILJXUD
ϵϰ
,QWURGXomRGRVGDGRVHUHVXOWDGRV
$ILJXUDUHSURGX]DSODQLOKDFRPGDGRVLQWURGX]LGRVH[HPSORHRVUHVXOWD
GRVREWLGRV1RWDUTXHRVUHVXOWDGRVTXHQmRVmRVDWLVIDWyULRVUHFHEHPWDUMDYHUPHOKD
SDUDDOHUWDUTXHDOLJDomRGHYHVHUUHGLPHQVLRQDGD
2JUiILFRGDVUHODo}HV6G5GSDUDRVHVWDGRVOLPLWHVDSOLFiYHLVLOXVWUDTXDLVFD
VRVVmRPDLVFUtWLFRVHTXDLVVmRDPHQRVSHUPLWLQGRGHVVHPRGRDOWHUDUDVYDULiYHLV
TXHLQIOXHQFLDP±VHIRUGHVHMiYHO
$³HILFLrQFLDGDOLJDomR´±UHODomRHQWUHDUHVLVWrQFLDGDFRQH[mRHDUHVLVWrQFLD
GRSHUILODRHVFRDPHQWRGDVHomREUXWDTXHQRUPDOPHQWHpPHQRUTXHSHUPLWH
DQDOLVDURTXDQWRRSHUILOQHFHVVLWDVHU³VXSHUGLPHQVLRQDGR´±QRFDVRGHHVIRUoRGH
WUDomRFRQVLGHUDQGRFDSDFLGDGHGDOLJDomRHPUHODomRjGRSHUILO
)LJXUD±5HSURGXomRGDDED³1RWDV´GDSODQLOKDGHGLPHQVLRQDPHQWRGHOLJDo}HVSDUDIXVD
GDVGHSHUILO³/´IRUPDGRDIULR
)RQWH3URGXomRGRSUySULRDXWRU
ϵϱ
)LJXUD±([HPSORGHSODQLOKDSDUDGLPHQVLRQDPHQWRGHOLJDomRGHSHUILO³/´SDUDIXVDGR
)RQWH3URGXomRGRSUySULRDXWRU
ϵϲ
/,*$d23$5$)86$'$'(3(5),/³8´)250$'2$)5,2
$ILJXUDDSUHVHQWDDVLQIRUPDo}HVJHRPpWULFDVEiVLFDVTXHFRPS}HP
HVWDOLJDomR1HVWHFDVRRSHUILO³8´pOLJDGRSHODVIODQJHV
'RPHVPRPRGRTXHSDUDSHUItV³/´DRXWUDSDUWHFRQHFWDGD±FKDSDGHJXVVHW
QmRpYHULILFDGDQHVWDSODQLOKD
)LJXUD±9DULiYHLVGLPHQVLRQDLVHIRUoDVSDUDFiOFXORGHOLJDomRGHSHUILO³8´SDUDIXVDGRSH
ODVIODQJHV
)RQWH3URGXomRGRSUySULRDXWRU
3UHPLVVDVEiVLFDV
$VPHVPDVGRSHUILO³/´tWHP
,QWURGXomRGRVGDGRVHUHVXOWDGRV
$ILJXUDUHSURGX]DSODQLOKDFRPGDGRVLQWURGX]LGRVH[HPSORHRVUH
VXOWDGRVREWLGRV'RPHVPRPRGRTXHQDSODQLOKDGHOLJDo}HVFRPSHUItV³/´RVUHVXO
WDGRVTXHWHPUHODomR6G5GPDLRUTXHUHFHEHPWDUMDYHUPHOKDSDUDDOHUWDUTXHD
OLJDomRGHYHVHUUHGLPHQVLRQDGD
7DPEpPDQiORJDPHQWHjSODQLOKDGHGLPHQVLRQDPHQWRGHOLJDomRGHSHUItV³/´
RJUiILFRGDVUHODo}HV6G5GSDUDRVHVWDGRVOLPLWHVGDOLJDomRGHSHUILO³8´IRUPDGRD
IULRLOXVWUDTXDLVFDVRVVmRPDLVFUtWLFRVHTXDLVVmRDPHQRV
ϵϳ
)LJXUD±([HPSORGHSODQLOKDSDUDGLPHQVLRQDPHQWRGHOLJDomRGHSHUILO³8´SDUDIXVDGR
)RQWH3URGXomRGRSUySULRDXWRU
ϵϴ
/,*$d23$5$)86$'$'(3(5),/³8(15,-(&,'2´)250$'2$)5,2
$ILJXUDDSUHVHQWDDIRUoDHLQIRUPDo}HVJHRPpWULFDVEiVLFDVTXHFRPS}HP
HVWDOLJDomR2SHUILO³8H´8HQULMHFLGRpOLJDGRSHODVIODQJHV
'RPHVPRPRGRTXHSDUDSHUItV³/´DRXWUDSDUWHFRQHFWDGD±FKDSDGHJXVVHW
QmRpHVWXGDGD
)LJXUD±9DULiYHLVGLPHQVLRQDLVSDUDFiOFXORGHOLJDomRGHSHUILO³8´SDUDIXVDGRSHODVIODQ
JHV
)RQWH3URGXomRGRSUySULRDXWRU
3UHPLVVDVEiVLFDV
$VPHVPDVGRSHUILO³/´tWHPHDDED³1RWDV´GDSODQLOKDDSUHVHQWDGDQDILJXUD
,QWURGXomRGRVGDGRVHUHVXOWDGRV
$ILJXUDUHSURGX]DSODQLOKDGHGLPHQVLRQDPHQWRGDOLJDomRGHSHUItV
³8HQULMHFLGRV´SDUDIXVDGRVFRPGDGRVLQWURGX]LGRVH[HPSORHRVUHVXOWDGRVREWLGRV
'RPHVPRPRGRTXHQDSODQLOKDGHOLJDo}HVFRPSHUItV³/´RVUHVXOWDGRVTXHWHPUH
ODomR6G5GPDLRUTXHUHFHEHPWDUMDYHUPHOKDSDUDDOHUWDUTXHDOLJDomRGHYHVHU
UHGLPHQVLRQDGD
7DPEpPDQDORJDPHQWHjSODQLOKDGHGLPHQVLRQDPHQWRGHOLJDomRGHSHUItV³/´
RJUiILFRGDVUHODo}HV6G5GSDUDRVHVWDGRVOLPLWHVGDOLJDomRGHSHUILO³8HQULMHFLGR´
IRUPDGRDIULRLOXVWUDTXDLVFDVRVVmRPDLVFUtWLFRVHTXDLVVmRPDLVDPHQRV
ϵϵ
)LJXUD±5HSURGXomRGDDED³1RWDV´GDSODQLOKDGHGLPHQVLRQDPHQWRGHOLJDo}HVSDUDIXVD
GDVGHSHUILO³8HQULMHFLGR´IRUPDGRDIULR
)RQWH3URGXomRGRSUySULRDXWRU
ϭϬϬ
)LJXUD±([HPSORGHSODQLOKDSDUDGLPHQVLRQDPHQWRGHOLJDomRGHSHUILO³8HQULMHFLGR´SD
UDIXVDGR
)RQWH3URGXomRGRSUySULRDXWRU
ϭϬϭ
/,*$d23$5$)86$ $'$'((0(1'$'(3(5)Ë6³8´)25 50$'2$)5,2
$ILJXUDDSUHVHQWWDDVLQIRUPDo}HVJHRPpWULFDVEiVLFDVT
TXHFRPS}HP
HVWDOLJDomR
)LJXUD±9DULiYHLVGLPHQVVLRQDLVSDUDFiOFXORGHHPHQGDGHSHUILO³8´S
SDUDIXVDGR
)RQWH3URGXomRGRSUySULRD
DXWRU
3UHPLVVDVEiVLFDV
D$SODQLOKDHODERUDGDSDUUDHVWHGLPHQVLRQDPHQWRVHDSOLFDDIXURVWLSRSDGUmRLVWR
pFRPGLkPHWUR³GI´LJXDOGGEPPGE GLkPHWURGRSDUDIXVRH HOLPLWDGDSDUDGE!
3DUDGEDIROJDGRIXURSDGUmRpPPHQmRIRLFRQVLGHUDGR
E$QRPHQFODWXUDGHWLSRVGHSDUDIXVRVXWLOL]DGD1;1;QmRVmRSDGU}HV
GHQRUPD$VLQGLFDo}HVWLS SR1URVFDL1FOXVDH;URVFDH;FOX
XVDVmRFRQWXGR
XVXDLV
F2GLPHQVLRQDPHQWRREH HGHFHDVSUHVFULo}HVGRSURMHWRGHUHYLVmmRGD1%5
HGD1%5
G$SODQLOKDVHGHVWLQDjHPHQGDVTXHFRQWHQKDPDSHQDVXPDOLQK KDGHSDUDIXVRVHP
FDGDIODQJHHGXDVOLQKDVD DRORQJRGDDOPD$TXDQWLGDGHPtQLPDG GHSDUDIXVRVQDDO
PDHPFDGDODGRGDHPHQG GDpXQHRPi[LPRpXQ(PFDGDIODQJHSRGHPH[LV
WLUGHDSDUDIXVRVHPFFDGDODGRGDHPHQGD
H'HPDLVSUHVFULo}HVVmR RLQGLFDGDVQDDED³127$6´GDSODQLOKD
,QWURGXomRGRVGDGRVVHUHVXOWDGRV
GX]DSULPHLUDSDUWHGHXPDSODQLOKDFRP
$ILJXUDDUHSURG PRVGDGRVLQWURGX
]LGRVHRJUiILFR1DILJXUD
DEVmRPRVWUDGRVRVUHVXOWDGRVGDDQ QiOLVHGHFDGDHVWD
GROLPLWHDTXHpVXEPHWLGD DHVWDOLJDomR
ϭϬϮ
)LJXUDD3ODQLOKDSDUDGLPHQVLRQDPHQWRGHHPHQGDVGHSHUItV³8´SDUDIXVDGRVSHODVIODQ
JHV±(QWUDGDGHGDGRVHJUiILFR6G5G
)RQWH3URGXomRGRSUySULRDXWRU
ϭϬϯ
)LJXUDE±5HVXOWDGRGHDQiOLVHGHHPHQGDGHSHUILO³8´
)RQWH3URGXomRGRSUySULRDXWRU
ϭϬϰ
/,*$d262/'$'$'(3(5),/³/´)250$'2$)5,2
3UHPLVVDVEiVLFDVGHFiOFXOR
D2PpWRGRHPSUHJDGRSDUDDQiOLVHGRJUXSRGHVROGDpRYHUWRULDOHOiVWLFR(VWH
PpWRGRFRQGX]DUHVXOWDGRVFRQVHUYDGRUHVFRQIRUPHGHPRQVWUD9DOHQFLDQLHP
FRPSDUDomRFRPR0pWRGRGR&HQWUR,QVWDQWkQHRGH5RWDomR&,5(QWUHWDQWRQR
SUHVHQWH FDVR R HIHLWR GD H[FHQWULFLGDGH p GH SRXFD UHOHYkQFLD VHQGR DSURSULDGR R
HPSUHJRGHDQiOLVHFOiVVLFD
E3UHIHUHQFLDOPHQWHRVHL[RVEDULFrQWULFRVGDGLDJRQDOHPRQWDQWHVHHQFRQWUDPH[D
WDPHQWHVREUHRHL[REDULFrQWULFRGREDQ]R&DVRLVVRQmRRFRUUDXPDIRUPDXVXDOp
ID]HUDGLVWULEXLomRGRPRPHQWRIOHWRUGHFRUUHQWHGDH[FHQWULFLGDGHSURSRUFLRQDOPHQWH
j ULJLGH] GH FDGD HOHPHQWR HQYROYLGR H RV PHVPRV VHUHP GLPHQVLRQDGRV j IOH[mR
FRPSRVWD2:(16&+($/S7DPEpPSRGHRFRUUHUGRFHQWURGHJUDYL
GDGHGDVROGDQmRFRLQFLGLUFRPRHL[REDULFrQWULFRGDGLDJRQDORTXHLQGX]LUiDHVIRU
oRVGHIOH[mRQDEDUUD(VWHHIHLWRVRPDGRjIRUoDQRUPDOGHYHVHUDQDOLVDGR
F$OLJDomRDOpPGHVXSRUWDURHVIRUoRGHFiOFXOR1GGHYHUiWHUUHVLVWrQFLDGHXPD
FDUJDD[LDOPtQLPDGHGDFDSDFLGDGHGDEDUUD±UHODWLYRDRHVIRUoRTXHFRPDQGD
DOLJDomRWUDomRRXFRPSUHVVmR
G2XWUDVSUHPLVVDVFRQVWDPGDDED³127$6´GDSODQLOKD
,QWURGXomRGRVGDGRVHUHVXOWDGRV
$ILJXUDDUHSURGX]DSODQLOKDFRPGDGRVLQWURGX]LGRVHDILJXUDERVUH
VXOWDGRVREWLGRVQDDQiOLVH
2JUiILFRGDVUHODo}HV6G5GSDUDRVHVWDGRVOLPLWHVDSOLFiYHLVLOXVWUDTXDLVFD
VRVVmRPDLVFUtWLFRVHTXDLVVmRPDLVDPHQRVSHUPLWLQGRGHVVHPRGRDOWHUDUDVYDUL
iYHLVTXHLQIOXHQFLDP±VHIRUGHVHMiYHO
$³HILFLrQFLDGDOLJDomR´±UHODomRHQWUHDUHVLVWrQFLDGDFRQH[mRHDUHVLVWrQFLD
GRSHUILODRHVFRDPHQWRGDVHomREUXWDTXHQRUPDOPHQWHpPHQRUTXHSHUPLWH
DQDOLVDURTXDQWRRSHUILOQHFHVVLWDVHU³VXSHUGLPHQVLRQDGR´±QRFDVRGHHVIRUoRGH
WUDomRWHQGRHPFRQWDDPHQRUFDSDFLGDGHGDOLJDomRHPUHODomRjGHVXDVHomR
EUXWD
$DED³127$6´±UHSURGX]LGDQDILJXUD±FRQWpPLQIRUPDo}HVVREUHOLPLWD
o}HVHDVSUHPLVVDVDGRWDGDVQDSODQLOKDGHFiOFXOR
ϭϬϱ
)LJXUDD3ODQLOKDSDUDGLPHQVLRQDPHQWRGHOLJDomRVROGDGDGHSHUItO³/´IRUPDGRDIULR
(QWUDGDGHGDGRVJUiILFR6G5GHSDUWHGDDQiOLVH
)RQWH3URGXomRGRSUySULRDXWRU
ϭϬϲ
)LJXUDE3ODQLOKDSDUDGLPHQVLRQDPHQWRGHOLJDomRVROGDGDHPXPDDEDGHSHUItV³/´IRU
PDGRVDIULRUHVXOWDGRVGDDQiOLVH
)RQWH3URGXomRGRSUySULRDXWRU
ϭϬϳ
)LJXUD±5HSURGXomRGDDED³1RWDV´GDSODQLOKDGHFiOFXORGHOLJDomRGHSHUILO³/´VROGDGR
)RQWH3URGXomRGRSUySULRDXWRU
/,*$d262/'$'$'(3(5),/³8´)250$'2$)5,2
3UHPLVVDVEiVLFDVGHFiOFXOR
$SOLFDVHQHVWHFDVRRPHVPRTXHQRGLPHQVLRQDPHQWRGHOLJDomRVROGDGDGHSHUILO
³/´
,QWURGXomRGRVGDGRVHUHVXOWDGRV
$VILJXUDVDHEUHSURGX]HPDSODQLOKDFRPGDGRVLQWURGX]LGRVHRVUHVXOWDGRV
REWLGRV$VGHPDLVFRQVLGHUDo}HVHQXQFLDGDVHPWDPEpPVmRYiOLGDVQHVWHFD
VR
ϭϬϴ
)LJXUDD3ODQLOKDSDUDGLPHQVLRQDPHQWRGHOLJDomRVROGDGDGHSHUItO³8´IRUPDGRDIULR
(QWUDGDGHGDGRVJUiILFR6G5GHSDUWHGDDQiOLVH
)RQWH3URGXomRGRSUySULRDXWRU
ϭϬϵ
)LJXUDE3ODQLOKDSDUDGLPHQVLRQDPHQWRGHOLJDomRVROGDGDHPXPDDEDGHSHUItV³8´
IRUPDGRVDIULRUHVXOWDGRVGDDQiOLVH
)RQWH3URGXomRGRSUySULRDXWRU
/,*$d262/'$'$'(3(5),/³8(15,-(&,'2´)250$'2$)5,2
3UHPLVVDVEiVLFDVGHFiOFXOR
$SOLFDVHQHVWHFDVRRPHVPRTXHQRGLPHQVLRQDPHQWRGHOLJDomRVROGDGDGHSHUILO
³8H´
,QWURGXomRGRVGDGRVHUHVXOWDGRV
$VILJXUDVDHEUHSURGX]HPDSODQLOKDFRPGDGRVLQWURGX]LGRVHRVUHVXOWDGRV
REWLGRV$VGHPDLVFRQVLGHUDo}HVHQXQFLDGDVHPWDPEpPVmRYiOLGDVQHVWHFD
VR
ϭϭϬ
)LJXUDD3ODQLOKDSDUDGLPHQVLRQDPHQWRGHOLJDomRVROGDGDGHSHUItO³8H´IRUPDGRDIULR
(QWUDGDGHGDGRVJUiILFR6G5GHSDUWHGDDQiOLVH
)RQWH3URGXomRGRSUySULRDXWRU
ϭϭϭ
)LJXUDE3ODQLOKDSDUDGLPHQVLRQDPHQWRGHOLJDomRVROGDGDHPXPDDEDGHSHUItV³8H´
IRUPDGRVDIULRUHVXOWDGRVGDDQiOLVH
)RQWH3URGXomRGRSUySULRDXWRU
3/$&$'(%$6('(3,/$5(6
&RPRREMHWLYRGHDX[LOLDURGLPHQVLRQDPHQWRGHSODFDVGHEDVHSDUDRVSLODUHV
GHSHUILO³,´IRUDPFULDGDVGXDVSODQLOKDV$ILJXUDLOXVWUDRGLPHQVLRQDPHQWRGHFKD
SDVXEPHWLGDjIOH[RFRPSUHVVmRHDILJXUDRGLPHQVLRQDPHQWRGHFKDSDVXMHLWDi
IOH[RWUDomR
ϭϭϮ
)LJXUD±3ODQLOKDGHFiOFXORGHSODFDGHEDVHGHSLODUVXMHLWRjIOH[RFRPSUHVVmR
)RQWH3URGXomRGRSUySULRDXWRU
ϭϭϯ
)LJXUD±3ODQLOKDGHFiOFXORGHSODFDGHEDVHGHSLODUVXMHLWRjIOH[RWUDomR
)RQWH3URGXomRGRSUySULRDXWRU
ϭϭϰ
',0(16,21$0(172'(&+80%$'25(6
6mRDSUHVHQWDGDVSODQLOKDVGHFiOFXORSDUDDVVHJXLQWHVFRQILJXUDo}HVGH
FKXPEDGRUHVPROGDGRVLQORFRPROGDGRVLQORFR
D&KXPEDGRULVRODGR³FRPFDEHoD´YLGHILJXUDVDDH
)LJXUDD±5HSURGXomRGDDED³1RWDV´GDSODQLOKDGHFiOFXORGHFKXPEDGRULVRODGRFRP
FDEHoDSDUWH
)RQWH3URGXomRGRSUySULRDXWRU
ϭϭϱ
)LJXUDE±5HSURGXomRGDDED³1RWDV´GDSODQLOKDGHFiOFXORGHFKXPEDGRULVRODGRFRP
FDEHoDSDUWH
)RQWH3URGXomRGRSUySULRDXWRU
ϭϭϲ
)LJXUDF±3ODQLOKDGHFiOFXORGHFKXPEDGRULVRODGRFRPFDEHoDSDUWH
)RQWH3URGXomRGRSUySULRDXWRU
ϭϭϳ
)LJXUDG±3ODQLOKDGHFiOFXORGHFKXPEDGRULVRODGRFRPFDEHoDSDUWH
)RQWH3URGXomRGRSUySULRDXWRU
ϭϭϴ
)LJXUDH±3ODQLOKDGHFiOFXORGHFKXPEDGRULVRODGRFRPFDEHoDSDUWH
)RQWH3URGXomRGRSUySULRDXWRU
ϭϭϵ
E&KXPEDGRULVRODGR³FRPJDQFKR´YLGHILJXUDVDDF
)LJXUDD±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRULVRODGRFRPJDQFKRSDUWH
)RQWH3URGXomRGRSUySULRDXWRU
ϭϮϬ
)LJXUDE±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRULVRODGRFRPJDQFKRSDUWH
)RQWH3URGXomRGRSUySULRDXWRU
ϭϮϭ
)LJXUDF±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRULVRODGRFRPJDQFKRSDUWH
)RQWH3URGXomRGRSUySULRDXWRU
ϭϮϮ
F&KXPEDGRUGXSOR³FRPFDEHoD´YLGHILJXUDVDDG
)LJXUDD±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPFDEHoDSDUWH
)RQWH3URGXomRGRSUySULRDXWRU
ϭϮϯ
)LJXUDE±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPFDEHoDSDUWH
)RQWH3URGXomRGRSUySULRDXWRU
ϭϮϰ
)LJXUDF±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPFDEHoDSDUWH
)RQWH3URGXomRGRSUySULRDXWRU
ϭϮϱ
)LJXUDG±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPFDEHoDSDUWH
)RQWH3URGXomRGRSUySULRDXWRU
G&KXPEDGRUHVGXSORV³FRPJDQFKR´YLGHILJXUDVDDG
ϭϮϲ
)LJXUDD±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPJDQFKRSDUWH
)RQWH3URGXomRGRSUySULRDXWRU
ϭϮϳ
)LJXUDE±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPJDQFKRSDUWH
)RQWH3URGXomRGRSUySULRDXWRU
ϭϮϴ
)LJXUDF±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPJDQFKRSDUWH
)RQWH3URGXomRGRSUySULRDXWRU
ϭϮϵ
)LJXUDG±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPJDQFKRSDUWH
)RQWH3URGXomRGRSUySULRDXWRU
H&KXPEDGRUHVTXiGUXSORV³FRPFDEHoD´YLGHILJXUDVDDG
ϭϯϬ
)LJXUDD±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPFDEHoDSDUWH
)RQWH3URGXomRGRSUySULRDXWRU
ϭϯϭ
)LJXUDE±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPFDEHoDSDUWH
)RQWH3URGXomRGRSUySULRDXWRU
ϭϯϮ
)LJXUDF±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPFDEHoDSDUWH
)RQWH3URGXomRGRSUySULRDXWRU
ϭϯϯ
)LJXUDG±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPFDEHoDSDUWH
)RQWH3URGXomRGRSUySULRDXWRU
ϭϯϰ
I&KXPEDGRUHVTXiGUXSORV³FRPJDQFKR´YLGHILJXUDVDDG
)LJXUDD±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPJDQFKRSDUWH
)RQWH3URGXomRGRSUySULRDXWRU
ϭϯϱ
)LJXUDE±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPJDQFKRSDUWH
)RQWH3URGXomRGRSUySULRDXWRU
ϭϯϲ
)LJXUDF±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPJDQFKRSDUWH
)RQWH3URGXomRGRSUySULRDXWRU
ϭϯϳ
)LJXUDG±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPJDQFKRSDUWH
)RQWH3URGXomRGRSUySULRDXWRU
J&KXPEDGRUHVTXiGUXSORVFRPFDEHoD±DQFRUDGRVSRUWUDQVSDVVH±YLGHIL
JXUDVDDI
ϭϯϴ
)LJXUDD±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPFDEHoD±DQFRUDJHPSRU
WUDQVSDVVHSDUWH
)RQWH3URGXomRGRSUySULRDXWRU
ϭϯϵ
)LJXUDE±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPFDEHoD±DQFRUDJHPSRU
WUDQVSDVVHSDUWH
)RQWH3URGXomRGRSUySULRDXWRU
ϭϰϬ
)LJXUDF±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPFDEHoD±DQFRUDJHPSRU
WUDQVSDVVHSDUWH
)RQWH3URGXomRGRSUySULRDXWRU
ϭϰϭ
)LJXUDG±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPFDEHoD±DQFRUDJHPSRU
WUDQVSDVVHSDUWH
)RQWH3URGXomRGRSUySULRDXWRU
ϭϰϮ
)LJXUDH±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPFDEHoD±DQFRUDJHPSRU
WUDQVSDVVHSDUWH
)RQWH3URGXomRGRSUySULRDXWRU
ϭϰϯ
)LJXUDI±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPFDEHoD±DQFRUDJHPSRU
WUDQVSDVVHSDUWH
)RQWH3URGXomRGRSUySULRDXWRU
K&KXPEDGRUHVTXiGUXSORVFRPJDQFKR±DQFRUDGRVSRUWUDQVSDVVH±YLGHIL
JXUDVDDI
ϭϰϰ
)LJXUDD±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPJDQFKRD±DQFRUDJHPSRU
WUDQVSDVVHSDUWH
)RQWH3URGXomRGRSUySULRDXWRU
ϭϰϱ
)LJXUDE±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPJDQFKR±DQFRUDJHPSRU
WUDQVSDVVHSDUWH
)RQWH3URGXomRGRSUySULRDXWRU
ϭϰϲ
)LJXUDF±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPJDQFKR±DQFRUDJHPSRU
WUDQVSDVVHSDUWH
)RQWH3URGXomRGRSUySULRDXWRU
ϭϰϳ
)LJXUDG±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPJDQFKR±DQFRUDJHPSRU
WUDQVSDVVHSDUWH
)RQWH3URGXomRGRSUySULRDXWRU
ϭϰϴ
)LJXUDH±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPJDQFKR±DQFRUDJHPSRU
WUDQVSDVVHSDUWH
)RQWH3URGXomRGRSUySULRDXWRU
ϭϰϵ
)LJXUDI±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPJDQFKR±DQFRUDJHPSRU
WUDQVSDVVHSDUWH
)RQWH3URGXomRGRSUySULRDXWRU
ϭϱϬ
&216,'(5$d®(6),1$,6
/,*$d®(63$5$)86$'$6'(3(5)Ë6³/´³8´H³8HQULMHFLGRV´
(PSUHJDQGR R FRQFHLWR GH ³HILFLrQFLD´ GD OLJDomR SRGH VH REVHUYDU TXH HP
JUDQGHSDUWHGRVFDVRVGHGLPHQVLRQDPHQWRGHVWHVHOHPHQWRVjWUDomRQmRpSRVVt
YHO HPSUHJDQGRVH ³JHRPHWULD HFRQ{PLFD´ DOFDQoDU D PHVPD UHVLVWrQFLD GR SHUILO
TXDQGRHVWHpVXEPHWLGRjWUDomR$RWHUPR³JHRPHWULDHFRQ{PLFD´DFLPDHPSUHJDGR
HQWHQGDVH FRPR TXDQWLGDGHV GH SDUDIXVRV HVSDoDPHQWRV HWF ± TXH DWHQGDP QmR
VRPHQWHDRVUHTXLVLWRVGHUHVLVWrQFLDPDVWDPEpPGHSUDWLFLGDGHHFXVWR
$UHGXomRGDHILFLrQFLDRFRUUHSRUTXHJHUDOPHQWHDVHomROtTXLGDpRIDWRUFRQ
GLFLRQDQWHGDUHVLVWrQFLDGDOLJDomR'HVVHPRGRGHYHVHWRPDURFXLGDGR±GXUDQWHR
SURFHVVRGHFiOFXORGDVEDUUDV±GHGLPHQVLRQDUHVWDVVLPXOWDQHDPHQWHFRPDVOLJD
o}HVSULQFLSDOPHQWHTXDQGRHVWDVEDUUDVVmRVROLFLWDGDVDXPDOWRIDWRU6G5G$SOL
FDQGRVH jV SODQLOKDV YDULDGDV JHRPHWULDV GH HPSUHJR FRUUHQWH HP EDUUDV GH SHUILO
IRUPDGRDIULRREVHUYRXVHXPDWHQGrQFLDGHTXHDHILFLrQFLDGDVOLJDo}HVVHVLWXHHP
WRUQRGHQRPi[LPRSDUDRVFDVRVDQDOLVDGRV
&DEH OHPEUDU WDPEpP TXH KRXYH HP FHUWRV FDVRV FRQVLGHUiYHO PRGLILFDomR
GRV YDORUHV GDV UHVLVWrQFLDV GH FiOFXOR VH IRU FRPSDUDGD D 1%5 FRP D
DQWHULRU1%5
2HPSUHJRGHSODQLOKDVHOHWU{QLFDVSDUDRGLPHQVLRQDPHQWRRXYHULILFDomRGHV
WHV WLSRV GH OLJDomR VH PRVWUD EDVWDQWH SUiWLFR XPD YH] TXH DJLOL]D R SURFHGLPHQWR
VHPSHUGHUGHYLVWDRVIHQ{PHQRVItVLFRVTXHRFRUUHPEHPFRPRVXDHILFLrQFLDSDUD
RVGLYHUVRVHVWDGRVOLPLWHV,VWRIDFLOLWDDWRPDGDGHGHFLVmRTXDQWRjVPHGLGDVTXHVH
SRGHWRPDUSDUDDPHQL]DUXPRXRXWURHIHLWR
$YLVXDOL]DomRLQVWDQWkQHDGRVHIHLWRVTXHRFRUUHPQDOLJDomRDWUDYpVGHPRGL
ILFDo}HV QDV SODQLOKDV GDV YDULiYHLV HQYROYLGDV SHUPLWH VLPXODU UDSLGDPHQWH GLYHUVDV
VLWXDo}HVHJHRPHWULDVHHVFROKHUDPDLVDGHTXDGD
/,*$d®(662/'$'$6'(3(5)Ë6³/´³8´H³8HQULMHFLGRV´
'R PHVPRPRGR TXHIRL PHQFLRQDGRHP WDPEpPDV OLJDo}HV VROGDGDVD
SUHVHQWDP ± SDUD VLWXDo}HV WtStFDV HILFLrQFLD PDLV EDL[D TXH DGRV SHUItV 7DPEpP
QHVWHWLSRGHOLJDomRDVHomROtTXLGDFRVWXPDVHURIDWRUOLPLWDQWH$PHVPDREVHUYD
omRIHLWDQRtWHPDQWHULRUQRTXHVHUHIHUHjUHYLVmRGD1%5pSHUWLQHQWH
$V SODQLOKDV HOHWU{QLFDV WDPEpP VH PRVWUDP QHVWH FDVR XPD LPSRUWDQWH IHUUD
PHQWDQRDX[tOLRGDYHULILFDomRGRVHVWDGRVOLPLWHVDTXHHVWmRVXMHLWDVDVOLJDo}HV
3/$&$6'(%$6(
$DERUGDJHPDGRWDGDRQGHVHH[SORUDWRGDDFDSDFLGDGHUHVLVWHQWHGRFRQFUHWR
jFRPSUHVVmR±FRQIRUPHMiPHQFLRQDGR±pPDLVFRHUHQWHFRPRPpWRGRGRVHVWDGRV
OLPLWHV
ϭϱϭ
$OpPGLVVRVHPRVWUDEDVWDQWHSUiWLFRGHVHUXVDGRHVSHFLDOPHQWHVREIRUPD
GH SODQLOKD HOHWU{QLFD RQGH VH SRGH VLPXODU GLIHUHQWHV JHRPHWULDV H Do}HV GH IRUPD
EDVWDQWHUiSLGD
&+80%$'25(6
$ DXVrQFLD GH 1RUPD 7pFQLFD EUDVLOHLUD H D HVFDVVH] GH ELEOLRJUDILD QDFLRQDO
VREUHHVWHDVVXQWRFRQGX]jEXVFDGHELEOLRJUDILDHHVSHFLILFDo}HVHVWUDQJHLUDVSDUD
GLPHQVLRQDPHQWRGHFKXPEDGRUHV3RUVHWUDWDUGHHOHPHQWRHVWUXWXUDOGHIXQGDPHQ
WDOLPSRUWkQFLDRHVWXGRGRVHVWDGRVOLPLWHVDTXHHVWmRVXMHLWRVHGRVHXFRPSRUWD
PHQWRIUHQWHDHVWHVUHTXHUDWHQomR
$VHVSHFLILFDo}HVQRUWHDPHULFDQDVFRVWXPDPVHUHPSUHJDGDVQR%UDVLOTXDQ
GRLQH[LVWHDTXL1RUPDWpFQLFDTXHDWHQGDDGHWHUPLQDGRDVVXQWRGHHVWUXWXUDV
$WUDYpVGRHPSUHJRGDVSODQLOKDVHOHWU{QLFDVDWHQGHQGRjVHVSHFLILFDo}HVGR
$&,S{GHVHSHUFHEHUTXHHPJUDQGHSDUWHGRVFDVRVQmRpDUHVLVWrQFLDGRDoR
RIDWRUOLPLWDQWHGRGLPHQVLRQDPHQWRHVLPDJHRPHWULDGDFRQH[mR
2XWURDVSHFWRDVHUHQIDWL]DGRpRIDWRGHTXHFKXPEDGRUHVFRPJDQFKRWUDGL
FLRQDOPHQWHHPSUHJDGRVQR%UDVLOPRVWUDPVHPHQRVHILFLHQWHVTXHFKXPEDGRUHV
FRP³FDEHoD´RXSRUFDLQWURGX]LGDQDH[WUHPLGDGHLQIHULRU
2PpWRGR³ELHODWLUDQWH´TXHFRQVLGHUDDLQWHUDomRGDVSDUWHVHQYROYLGDVQD
WUDQVIHUrQFLDGRVHVIRUoRVSHORVFKXPEDGRUHVjHVWUXWXUDGHFRQFUHWR±VHDSUHVHQWD
FRPRXPDDOWHUQDWLYDHILFLHQWHTXDQGRVHWUDQVPLWHJUDQGHVHVIRUoRVHPSHTXHQDVi
UHDVGHFRQFUHWRFRPRFRVWXPDVHURFDVRGHWRSRGHSLODUHVHSHGHVWDLV
&+$3$6'(*866(7
(PERUDQmRWHQKDVLGRDSUHVHQWDGRSODQLOKDVGHDYDOLDomRGHVWHHOHPHQWRGH
OLJDomRRGHVHQYROYLPHQWRWHyULFRFRPSLODGRQHVWHWUDEDOKRSRGHVHUXPDFRQWULEXLomR
DVHUFRQVLGHUDGDHPHYHQWXDLVIHUUDPHQWDVGHFiOFXORSODQLOKDVHOHWU{QLFDVRXRXWUDV
TXHVHTXHLUDLPSOHPHQWDU
ϭϱϮ
5()(5Ç1&,$6
$0(5,&$1&21&5(7(,167,787($&,FRGHUHTXLUHPHQWVIRUQXFOHDUVDIH
W\UHODWHGFRQFUHWHVWUXFWXUHV)DUPLQJWRQ+LOOV
$0(5,&$1&21&5(7(,167,787($&,EXLOGLQJFRGHUHTXLUHPHQWVIRU
VWUXFWXUDOFRQFUHWHDQGFRPPHQWDU\)DUPLQJWRQ+LOOV
$0(5,&$1&21&5(7(,167,787($&,EXLOGLQJFRGHUHTXLUHPHQWVIRU
VWUXFWXUDOFRQFUHWHDQGFRPPHQWDU\)DUPLQJWRQ+LOOV
$0(5,&$1&21&5(7(,167,787($&,EXLOGLQJFRGHUHTXLUHPHQWVIRU
VWUXFWXUDOFRQFUHWHDQGFRPPHQWDU\)DUPLQJWRQ+LOOV
$0(5,&$1&21&5(7(,167,787($&,TXDOLILFDWLRQRISRVWLQVWDOOHGPH
FKDQLFDODQFKRUVLQFRQFUHWH)DUPLQJWRQ+LOOV
$0(5,&$1$662&,$7,212)67$7(+,*+:$<$1'75$163257$7,212)),
&,$/66WDQGDUGVSHFLILFDWLRQIRUKLJKZD\EULGJHVHG:DVKLQJWRQ
$0(5,&$1$662&,$7,212)67$7(+,*+:$<$1'75$163257$7,212)),
&,$/6*XLGHVSHFLILFDWLRQVIRU/5)'VHLVPLFEULGJHGHVLJQSURSRVHG:DVKLQJWRQ
$0(5,&$1,167,787(2)67((/&216758&7,21$,6&VSHFLILFDWLRQIRU
VWUXFWXUDOVWHHOEXLOGLQJV&KLFDJR
$0(5,&$1,167,787(2)67((/&216758&7,21$,6&VSHFLILFDWLRQIRU
VWUXFWXUDOVWHHOEXLOGLQJV&KLFDJR
$0(5,&$1,521$1'67((/,167,787(1RUWKDPHULFDQVSHFLILFDWLRQIRUWKHGHVLJQ
RIFROGIRUPHGVWHHOVWUXFWXUDOPHPEHUV:DVKLQJWRQ
$662&,$d2%5$6,/(,5$'(1250$67e&1,&$61%5GLPHQVLRQDPHQWR
GHHVWUXWXUDVGHDoRFRQVWLWXtGDVSRUSHUILVIRUPDGRVDIULR5LRGH-DQHLUR
$662&,$d2%5$6,/(,5$'(1250$67e&1,&$61%5GLPHQVLRQDPHQWR
GHHVWUXWXUDVGHDoRFRQVWLWXtGDVSRUSHUILVIRUPDGRVDIULR5LRGH-DQHLUR
$662&,$d2%5$6,/(,5$'(1250$67e&1,&$63URMHWRGHUHYLVmRGD1%5
±PLQXWDSHUItVHVWUXWXUDLVGHDoRIRUPDGRVDIULR±SDGURQL]DomR5LRGH-D
QHLUR
$662&,$d2%5$6,/(,5$'(1250$67e&1,&$61%5SURMHWRGHHVWUXWX
UDVGHFRQFUHWR±SURFHGLPHQWR5LRGH-DQHLUR
$662&,$d2%5$6,/(,5$'(1250$67e&1,&$61%5SURMHWRGHHVWUXWX
UDVGHDoRHGHHVWUXWXUDVPLVWDVGHDoRHFRQFUHWRGHHGLItFLRV5LRGH-DQHLUR
ϭϱϯ
$67$1(+$6,$6HLVPLFEHKDYLRUDQGGHVLJQRIJXVVHWSODWHV%HUNHOH\7HFKQLFDO
,QIRUPDWLRQDQG3URGXFW6HUYLFH
&+$0%(56--%$57/(<7&*HRPHWULFIRUPXODVIRUJXVVHWSODWHGHVLJQ(QJL
QHHULQJ-RXUQDO6DOW/DNH&LW\QS
'5$.(50(/.,16-%HDPFROXPQEDVHSODWHGHVLJQ±/5)'PHWKRG(QJL
QHHULQJ-RXUQDO6DOW/DNH&LW\QS
(8523($1&200,77(()2567$1'$5',6$7,21(852&2'(GHVLJQRIVWHHO
VWUXFWXUHVSDUW±JHQHUDOUXOHVVXSSOHPHQWDU\UXOHVIRUFROGIRUPHGWKLQJDXJH
PHPEHUVDQGVKHHWLQJ%UXVVHOV
(8523($1&200,77(()2567$1'$5',6$7,21(852&2'(GHVLJQRIVWHHO
VWUXFWXUHVSDUWGHVLJQRIMRLQWV%UXVVHOV
),6+(5-0./2,%(5/$6WHHOGHVLJQJXLGHEDVHSODWHDQGDQFKRUURGGHVLJQ
HG&KLFDJR$,6&
),6+(5-06WHHOGHVLJQJXLGHLQGXVWULDOEXLOGLQJV±URRIVWRDQFKRUURGVHG
&KLFDJR$,6&
*$</25'+(*$</25'&167$//0(<(5-('HVLJQRIVWHHOVWUXFWXUHV
HG1HZ<RUN0F*UDZ+LOO
.8/$.*/),6+(5-:6758,.-+$*XLGHWRGHVLJQFULWHULDIRUEROWHGDQG
ULYHWHGMRLQWVHG&KLFDJR$,6&
*5((1366387279(/75,3$WHDFKLQJJXLGHIRUVWUXFWXUDOVWHHOFRQQHF
WLRQV&KLFDJR$,6&
,167,7872%5$6,/(,52'(6,'(585*,$/LJDo}HVHPHVWUXWXUDVPHWiOLFDVHG
5LRGH-DQHLUR&%&$
0$,2/$&+/LJDo}HVSDUDIXVDGDVHPFKDSDVILQDVHSHUItVGHDoRIRUPDGRVDIULR
7HVH'RXWRUDGR(VFRODGH(QJHQKDULDGH6mR&DUORV8QLYHUVLGDGHGH6mR
3DXOR6mR&DUORV
08,5/67+251721:$&KDSWHUFRQQHFWLRQV,Q6758&785$/VWHHOGH
VLJQHU¶VKDQGERRNHG1HZ<RUN0F*UDZ+LOO
2:(16*:&+($/%'6WUXFWXUDOVWHHOZRUNFRQQHFWLRQV/RQGRQ%XWWHUZRUWKV
6$/021&*-2+1621-(6WHHOVWUXFWXUHVGHVLJQDQGEHKDYLRUHG1HZ
<RUN+DUSHUDQG5RZ
67((/&216758&7,21$/,167,787(+DQGERRNRIVWUXFWXUDOVWHHOZRUNHG
/RQGRQ%&6$
ϭϱϰ
67((/&216758&7,21$/,167,787(-RLQWVLQ6WHHO&RQVWUXFWLRQ±PRPHQWFRQ
QHFWLRQ/RQGRQ%&6$
67((/&216758&7,21$/,167,787(-RLQWVLQ6WHHO&RQVWUXFWLRQ±VLPSOHFRQQHF
WLRQ/RQGRQ%&6$
9$/(1&,$1,9&/LJDo}HVHPHVWUXWXUDVGHDoR'LVVHUWDomR0HVWUDGR
(VFRODGH(QJHQKDULDGH6mR&DUORV8QLYHUVLGDGHGH6mR3DXOR6mR&DUORV
9$6$5+(/<,''7HVWVRIJXVVHWSODWHPRGHOV-RXUQDORIWKH6WUXFWXUDO'LYLVLRQ
5HVWRQYQ67S)HE
:,',$172:3$7(/&2:(1-'HVLJQRIDQFKRUUHLQIRUFHPHQWLQFRQFUHWHSH
GHVWDOV&6$7RGD\7RURQWRYQS
:+,7025(5(([SHULPHQWDOLQYHVWLJDWLRQRIVWUHVVHVLQJXVVHWSODWHV7HVH
'RXWRUDGR8QLYHUVLW\RI7HQQHVVHHNQR[YLOOH
ϭϱϱ
$3Ç1',&($7UHOLoDVFRPSRVWDVSRUSHUItV/VLPSOHV
7UHOLoDV FRPSRVWDV GH GLDJRQDLV H PRQWDQWHV HP / VLPSOHV VmR GH VLPSOHV
H[HFXomR SRGHQGR VHU ERD DOWHUQDWLYD SDUD SHoDV HVWUXWXUDLV OHYHV &RPR RV HL[RV
GRVHOHPHQWRVGRWUHOLoDPHQWRQmRHVWmRQRPHVPRSODQRGRVHL[RVGRVEDQ]RVGHYH
VHFRQVLGHUDUQRFiOFXORWDLVH[FHQWULFLGDGHVeFRPXPQDVGLYHUVDVQRUPDVHVWDH[
FHQWULFLGDGH VHU FRQVLGHUDGD QR GLPHQVLRQDPHQWR GRV HOHPHQWRV DWUDYpV GD GHWHUPL
QDomR GH XP FRPSULPHQWR GH IODPEDJHP HTXLYDOHQWH ± TXDQGR D VROLFLWDomR IRU GH
FRPSUHVVmR±RTXHIUHTXHQWHPHQWHpRPDLVFUtWLFR
$1%5(HPSUHJDHVWHWLSRGHDERUGDJHPGHVGHTXH
DVHMDFDUUHJDGDQDVH[WUHPLGDGHVDWUDYpVGDPHVPDDED
EVHMDFRQHFWDGDSRUVROGDRXSRUSHORPHQRVGRLVSDUDIXVRVQDGLUHomRGDVROLFLWDomR
H
FQmRHVWHMDVROLFLWDGDSRUDo}HVWUDQVYHUVDLVLQWHUPHGLiULDV
1HVWHFDVRDIRUoDD[LDOGHIODPEDJHPHOiVWLFDGDFDQWRQHLUD1HpGDGDSRU
ߨ ଶ ܫܧ௫ଵ
ܰ௫ ൌ
ሺͳݔܮͳݔܭሻଶ
RQGH
,[ pRPRPHQWRGHLQpUFLDGDVHomRWUDQVYHUVDOHPUHODomRDRHL[RTXHSDVVD
SHORFHQWURJHRPpWULFRHpSDUDOHORjDEDFRQHFWDGD
.[/[pRFRPSULPHQWRGHIODPEDJHPHTXLYDOHQWHGDGRHP(RX(
RTXHIRUDSOLFiYHO
(3DUDFDQWRQHLUDVGHDEDVLJXDLVRXGHDEDVGHVLJXDLVFRQHFWDGDVSHODDEDGH
PDLRUODUJXUDTXHVmREDUUDVLQGLYLGXDLVRXGLDJRQDLVRXPRQWDQWHVGHWUHOLoDVSODQDV
FRPDVEDUUDVDGMDFHQWHVFRQHFWDGDVGRPHVPRODGRGDVFKDSDVGHQyRXGDVFRUGDV
DTXDQGR/[ U[.[/[ U[/[
ETXDQGR/[ U[!.[/[ U[/[U[
RQGH
/[pRFRPSULPHQWRGDFDQWRQHLUDWRPDGRHQWUHRVSRQWRVGHWUDEDOKR
VLWXDGRVQRVHL[RVORQJLWXGLQDLVGDVFRUGDVGDWUHOLoD
U[pRUDLRGHJLUDomRGDVHomRWUDQVYHUVDOHPUHODomRDRHL[RTXHSDVVD
SHORFHQWURJHRPpWULFRHpSDUDOHORjDEDFRQHFWDGD
ϭϱϲ
1DVFDQWRQHLUDVGHDEDVGHVLJXDLVFRPUHODomRHQWUHDVODUJXUDVGDVDEDVGH
DWpHFRQHFWDGDVQDPHQRUDEDRSURGXWR.[/[QmRSRGHVHUWRPDGRLQIHULRUDR
YDORU
/[U[UPLQ
GDGRQDVDOtQHDVDHEDQWHULRUHVDXPHQWDQGRGHሾEHEVሿU[
RQGH
UPLQpRUDLRGHJLUDomRPtQLPRGDFDQWRQHLUD
EHpDODUJXUDGDPDLRUDEDGDFDQWRQHLUD
EVpDODUJXUDGDPHQRUDEDGDFDQWRQHLUD
(3DUDFDQWRQHLUDVGHDEDVLJXDLVRXGHDEDVGHVLJXDLVFRQHFWDGDVSHODDEDGH
PDLRUODUJXUDTXHVmRGLDJRQDLVRXPRQWDQWHVGHWUHOLoDVHVSDFLDLVFRPDVEDUUDVDG
MDFHQWHVFRQHFWDGDVGRPHVPRODGRGDVFKDSDVGHQyRXGDVFRUGDV
DTXDQGR/[ U[.[/[ U[/[
ETXDQGR/[ U[!.[/[ U[/[U[
1DVFDQWRQHLUDVGHDEDVGHVLJXDLVFRPUHODomRHQWUHDVODUJXUDVGDVDEDVGHDWpH
FRQHFWDGDVQDPHQRUDEDRSURGXWR.[/[QmRSRGHVHUWRPDGRLQIHULRUDRYDORU
/[U[UPLQ
GDGRQDVDOtQHDVDHEDQWHULRUHVDXPHQWDQGRGHሾEHEVሿU[
( &DQWRQHLUDV VLPSOHV FRP OLJDo}HV GLIHUHQWHV GDV GHVFULWDV HP ( H
(FRPUHODomRHQWUHDVODUJXUDVGDVDEDVPDLRUTXHRXFRPIRUoDVWUDQVYHU
VDLV GHYHP VHU WUDWDGDV FRPREDUUDV VXEPHWLGDVj FRPELQDomRGHIRUoD D[LDO HPR
PHQWRVIOHWRUHV