You are on page 1of 127

67((/ )5$0,1*

(1*(1+$5,$

6pULH 0DQXDO GH &RQVWUXomR HP $oR

*DOS}HVSDUD8VRV*HUDLV
/LJDo}HVHP(VWUXWXUDV0HWiOLFDV
(GLItFLRVGH3HTXHQR3RUWH(VWUXWXUDGRVHP$oR
$OYHQDULDV
3DLQpLVGH9HGDomR
5HVLVWrQFLDDR)RJRGDV(VWUXWXUDVGH$oR
7UDWDPHQWRGH6XSHUItFLHH3LQWXUD
7UDQVSRUWHH0RQWDJHP
6WHHO)UDPLQJ$UTXLWHWXUD
,QWHUIDFHV$oR&RQFUHWR
6WHHO)UDPLQJ(QJHQKDULD

)5$1&,6&2&$5/2652'5,*8(6

67((/ )5$0,1*
(1*(1+$5,$

,167,7872%5$6,/(,52'(6,'(585*,$
&(1752%5$6,/(,52'$&216758d2(0$d2
5,2'(-$1(,52


D,167,7872%5$6,/(,52'(6,'(585*,$&(1752%5$6,/(,52'$
&216758d2(0$d2

1HQKXPDSDUWHGHVWDSXEOLFDomRSRGHVHUUHSURGX]LGDSRUTXDLVTXHUPHLRVHPDSUpYLD
DXWRUL]DomRGHVWD(QWLGDGH
)LFKDFDWDORJUiILFDSUHSDUDGDSHOR&HQWURGH,QIRUPDo}HVGR,%6&%&$
5V5RGULJXHV)UDQFLVFR&DUORV
6WHHO)UDPLQJ(QJHQKDULD)UDQFLVFR&DUORV5RGULJXHV5LRGH-DQHLUR
,%6&%&$
SFP 6pULH0DQXDOGH&RQVWUXomRHP$oR 
%LEOLRJUDILD
,6%1
/LJKWVWHHOIUDPLQJ6WHHOIUDPLQJ%DUUDVHVWUXWXUDLV'LPHQVLRQDPHQWR
3HUILVIRUPDGRVDIULR&RQVWUXomRFLYLO,7tWXORV VpULH 

&'8 
,QVWLWXWR%UDVLOHLURGH6LGHUXUJLD&HQWUR%UDVLOHLURGD&RQVWUXomRHP$oR
$Y5LR%UDQFRR $QGDU
5LRGH-DQHLUR5-
HPDLOFEFD#LEVRUJEU
VLWHZZZFEFDLEVRUJEU

6XPiULR
&DStWXOR
,QWURGXomR

*HQHUDOLGDGHV

2EMHWLYRGRPDQXDO

0DWHULDLV

1RPHQFODWXUDGRVHOHPHQWRV

6Ho}HVWUDQVYHUVDLVGHVpULHVFRPHUFLDLV

&RQFHSomRHVWUXWXUDO
 6LVWHPDHVXEVLVWHPDHVWUXWXUDLV
 (VWDELOLGDGHJOREDO











&DStWXOR
'LUHWUL]HVSDUDRSURMHWRHVWUXWXUDO

*HQHUDOLGDGHV

&RQFHSomRHVWUXWXUDOHGLPHQVLRQDPHQWR
 *XLDV
 0RQWDQWHV
 9LJDV
 )LWDVGHDoRJDOYDQL]DGR
 9HUJDV
 (QWUHSLVR
&RQGLo}HVGHDSRLRSDUDDVYLJDVGHHQWUHSLVR
'LDIUDJPDVKRUL]RQWDLV
 (VWUXWXUDVGHFREHUWXUDV














&DStWXOR
)XQGDPHQWRVGRVSHUILVIRUPDGRVDIULR

,QWURGXomR

3ULQFtSLRVGRFRPSRUWDPHQWRGHEDUUDVFRPHOHPHQWRVHVEHOWRV
 ,QWURGXomR
 'HILQLo}HV
 ,QVWDELOLGDGHGHFKDSDVLVRODGDVUHWDQJXODUHV
 ,QVWDELOLGDGHGHVHo}HVFRPHOHPHQWRVHVEHOWRV
 &RPSRUWDPHQWRSyVFUtWLFRGHHOHPHQWRVHVEHOWRVPpWRGRGD
ODUJXUDHIHWLYD










&DStWXOR
3UHVFULo}HVGD$%171%5

9DORUHVPi[LPRVUHFRPHQGDGRVSDUDDUHODomRODUJXUDHVSHVVXUD

0RGRGHIODPEDJHPORFDOGHFKDSD
 (OHPHQWRVWLSR$$HWLSR$/






 /DUJXUDHIHWLYDGHHOHPHQWRVXQLIRUPHPHQWHFRPSULPLGRVFRP
HQULMHFHGRUGHERUGD




0RGRGHIODPEDJHPSRUGLVWRUomRGDVHomRWUDQVYHUVDO

%DUUDVVXEPHWLGDVjFRPSUHVVmRFHQWUDGD

*HQHUDOLGDGHV

)ODPEDJHPGDEDUUDSRUIOH[mRSRUWRUomRRXSRUIOH[RWRUomR
3HUILVFRPVHo}HVGXSODPHQWHVLPpWULFDVRXVLPpWULFDVHPUHODomR
DXPSRQWR
3HUILVFRPVHomRPRQRVVLPpWULFD
3HUILVFRPVHo}HVDVVLPpWULFDV

0RGRGHIODPEDJHPSRUGLVWRUomRGDVHomRWUDQVYHUVDO

/LPLWDomRGDHVEHOWH]

%DUUDVVXEPHWLGDVjIOH[mRVLPSOHV

0RPHQWRIOHWRU
,QtFLRGHHVFRDPHQWRGDVHomRHIHWLYD
)ODPEDJHPODWHUDOFRPWRUomR
0RGRGHIODPEDJHPSRUGLVWRUomRGDVHomRWUDQVYHUVDO

%DUUDVVXEPHWLGDVjIOH[RFRPSUHVVmR

5HTXLVLWRVSDUDRGLPHQVLRQDPHQWRGHOLJDo}HV

&RQGLo}HVJHUDLV

/LJDo}HVVROGDGDV

/LJDo}HVSDUDIXVDGDV
*HQHUDOLGDGHV
'LPHQV}HVGRVIXURV
'LVSRVLo}HVFRQVWUXWLYDV
(VSDoDPHQWRVPtQLPRV
(VSDoDPHQWRVPi[LPRV
5DVJDPHQWRHQWUHIXURVRXHQWUHIXURHERUGD
3UHVVmRGHFRQWDWR HVPDJDPHQWR 
)RUoDQRUPDOGHWUDomRQRSDUDIXVR
)RUoDFRUWDQWHQRSDUDIXVR
)RUoDQRUPDOGHWUDomRHIRUoDFRUWDQWHFRPELQDGDVQRSDUDIXVR

5XSWXUDSRUUDVJDPHQWRGDSDUWHFRQHFWDGD

3UHVVmRGHFRQWDWRVREUHDSRLRVGHFRQFUHWR

































&DStWXOR
/LJDo}HVXWLOL]DQGRSDUDIXVRVDXWREURFDQWHV

*HQHUDOLGDGHV

(VSHFLILFDomRGRVSDUDIXVRVDXWREURFDQWHVHVWUXWXUDLV

8WLOL]DomRGRVSDUDIXVRVDXWREURFDQWHVHVWUXWXUDLV

(VSHFLILFDo}HVGR$,6,

1RWDomR

'LVSRVLo}HVFRQVWUXWLYDV

5HVLVWrQFLDGDFRQH[mRDRFLVDOKDPHQWR

5HVLVWrQFLDGRSDUDIXVRDXWREURFDQWHDRFLVDOKDPHQWR

5HVLVWrQFLDGDFRQH[mRjWUDomR
5HVLVWrQFLDQRPLQDODRSXOORXW
5HVLVWrQFLDQRPLQDODRSXOORYHU
5HVLVWrQFLDQRPLQDOjWUDomR

5HVXOWDGRVGHHQVDLRV
















&DStWXOR
([HPSORVGHGLPHQVLRQDPHQWR

9LJD8H;[[PP
 0RPHQWRFDOFXODGRFRPEDVHQRLQtFLRGRHVFRDPHQWRGD
VHomRHIHWLYD
 0RPHQWRFDOFXODGRFRPEDVHQDIODPEDJHPODWHUDOFRP
WRUomR )/7 
 0RPHQWRFDOFXODGRSDUDDIODPEDJHPSRUGLVWRUomRGDVHomR
7UDQVYHUVDO
 &RQFOXVmR

0RQWDQWHGH[[[VHPDEHUWXUDQDDOPDVXEPHWLGD
DIOH[RFRPSUHVVmR
 &RPSUHVVmR
'HWHUPLQDomRGH1F5G
'HWHUPLQDomRGH15G
 )OH[mR
0RPHQWRFDOFXODGRFRPEDVHQRLQtFLRGRHVFRDPHQWR
0RPHQWRFDOFXODGRFRPEDVHQDIODPEDJHPODWHUDOFRP
WRUomR )/7 
9HULILFDomRGDIODPEDJHPSRUGLVWRUomR
&RQFOXVmR
 %DUUDVXEPHWLGDjIOH[mRFRPSRVWD

0RQWDQWHGH[[[FRPDEHUWXUDQDDOPDVXEPHWLGD
jFRPSUHVVmRFHQWUDGD
 &RPSUHVVmR
'HWHUPLQDomRGH1F5G

'LPHQVLRQDPHQWRGHXPDOLJDomR






















&DStWXOR
7DEHODVGHSUpGLPHQVLRQDPHQWRGRVLVWHPD/6)

*HQHUDOLGDGHV

(GLILFDo}HVFRPSLVR~PLGR

(VWUXWXUDGRWHOKDGR

(GLILFDo}HVFRPSLVRVHFR







5HIHUrQFLDV%LEOLRJUiILFDV



$SUHVHQWDomR
2VHWRUVLGHU~UJLFRDWUDYpVGR &HQWUR%UDVLOHLURGD&RQVWUXomRHP$oR&%&$WHPDVDWLV
IDomRGHWRUQDUGLVSRQtYHOSDUDRXQLYHUVRGHSURILVVLRQDLVHQYROYLGRVFRPRHPSUHJRGRDoRQD
FRQVWUXomRFLYLOHVWHPDQXDORGpFLPRSULPHLURGHXPDVpULHUHODFLRQDGDjFRQVWUXomRHPDoR
&HQWURGLQkPLFRGHVHUYLoRVFRPIRFRH[FOXVLYDPHQWHWpFQLFRHFDSDFLWDGRSDUDFRQGX]LUXPD
SROtWLFDGHSURPRomRGRXVRGRDoRQDFRQVWUXomRR&%&$HVWiVHJXURGHTXHHVWHPDQXDOHQTXD
GUDVHQRREMHWLYRGHFRQWULEXLUSDUDDGLIXVmRGHFRPSHWrQFLDWpFQLFDHHPSUHVDULDOQR3DtV
2VLVWHPDFRQVWUXWLYRFRQKHFLGRPXQGLDOPHQWHFRPR/LJKW6WHHO)UDPLQJ /6) WDPEpPGH
VLJQDGRFRPRVLVWHPDDXWRSRUWDQWHGHFRQVWUXomRDVHFRHPDoRYHPVHFRQVROLGDQGRQRV~OWLPRV
DQRVQRPHUFDGRGDFRQVWUXomRFLYLOEUDVLOHLUDSRGHQGRVHUHQFRQWUDGRHPREUDVGLYHUVDVQDVYiULDV
UHJL}HVGRSDtV
$XWLOL]DomRGHVLVWHPDVFRQVWUXWLYRVLQGXVWULDOL]DGRVFRPRR/6)GHPDQGDSURILVVLRQDLVFD
SDFLWDGRVSURMHWRVGHWDOKDGRVHLQWHJUDGRVGHPRGRDVHPLQLPL]DUDVSHUGDVHRVSUD]RVQDFRQV
WUXomR6REHVWHDVSHFWRRDUTXLWHWRWHPXPSDSHOIXQGDPHQWDOFRPRLQGXWRUGDXWLOL]DomRGHQRYDV
WpFQLFDVHSURGXWRV
'HVVDIRUPDDSyVDSXEOLFDomRGRPDQXDO6WHHO)UDPLQJ$UTXLWHWXUDFRPGHWDOKHVFRQVWUXWL
YRVGRVLVWHPDYLVDQGRRULHQWDUDUTXLWHWRVHSURILVVLRQDLVGDiUHDSDUDDFRQFHSomRGHSURMHWRVGH
HGLILFDo}HVR&%&$DSUHVHQWDRPDQXDO6WHHO)UDPLQJ(QJHQKDULDFRQWHQGRRVSULQFLSDLVFRQFHL
WRVUHODWLYRVDRVSHUILVIRUPDGRVDIULRHRVHXGLPHQVLRQDPHQWRHOLJDo}HVVHJXQGRRVFULWpULRVGD
$%171%5'LPHQVLRQDPHQWRGHHVWUXWXUDVGHDoRFRQVWLWXtGDVSRUSHUILVIRUPDGRVD
IULR3URFHGLPHQWR
&RPDGLVSRQLELOL]DomRQRPDQXDOGHWDEHODVSDUDRSUpGLPHQVLRQDPHQWRGDVEDUUDVHVWUXWX
UDLV PRQWDQWHVYLJDVHHOHPHQWRVGDVWHVRXUDVGRWHOKDGR GRVVXEVLVWHPDVGHSDUHGHVSLVRVHGH
FREHUWXUDSDUDGHWHUPLQDGRVHGLItFLRVUHVLGHQFLDLVFRPDWpGRLVSDYLPHQWRVRVSURILVVLRQDLVLQWHUHV
VDGRVSDVVDPDFRQWDUFRPPDLVXPDIHUUDPHQWDSDUDDXWLOL]DomRGRVLVWHPD/6)
2DXWRUDGYHUWHTXHDVWDEHODVGHSUpGLPHQVLRQDPHQWRHRVGHWDOKHVFRQVWUXWLYRVVmRFRPSD
WtYHLVSDUDHVWUXWXUDVGHDoRFRPUHYHVWLPHQWRPHWiOLFRGHGHWHUPLQDGRVHGLItFLRVUHVLGHQFLDLVFRP
DWpGRLVSDYLPHQWRVVHQGRTXHDVLQIRUPDo}HVFRQWLGDVQRSUHVHQWHPDQXDOQmRGHYHPVHUDVVXPL
GDVFRPRDSRVLomRRILFLDOGR&%&$FRPUHVSHLWRDRVLVWHPDHQHPUHVWULWLYDVDRXVRGHRXWURVWLSRV
GHEDUUDVHOHPHQWRVOLJDo}HVRXWpFQLFDVGHSURMHWR

&DStWXOR
,QWURGXomR



,QWURGXomR 
*HQHUDOLGDGHV
([LVWHPGRLVFRQFHLWRVEiVLFRVUHODWLYRV
DR6LVWHPD/LJKW6WHHO)UDPLQJ /6)  )UDPH p
RHVTXHOHWRHVWUXWXUDOSURMHWDGRSDUDGDUIRUPD
HVXSRUWDUDHGLILFDomRVHQGRFRPSRVWRSRUHOH
PHQWRVOHYHVRVSHUILVIRUPDGRVDIULR 3)) H
)UDPLQJ pRSURFHVVRSHORTXDOVHXQHPHYLQ
FXODPHVVHVHOHPHQWRV$VVLPSRGHPRVHQFRQ
WUDUQDELEOLRJUDILDLQWHUQDFLRQDODVH[SUHVV}HV
/LJKW 6WHHO )UDPH +RXVLQJ  QD (XURSD H
5HVLGHQWLDO&ROG)RUPHG6WHHO)UDPLQJ QRV
(VWDGRV 8QLGRV UHIHULQGRVH jV UHVLGrQFLDV
FRQVWUXtGDVFRPSDLQpLVHVWUXWXUDGRVFRPSHU
ILVGHDoRFRPUHYHVWLPHQWRPHWiOLFRIRUPDGRV
DIULR
$KLVWyULDGR )UDPLQJ LQLFLDVHHQWUH
TXDQGRQRV(VWDGRV8QLGRVFRPHoRXDFRQTXLV
WDGRWHUULWyULRHTXDQGRDPLJUDomRFKH
JRXjFRVWDGR2FHDQR3DFtILFR1DTXHOHVDQRV
DSRSXODomRDPHULFDQDVHPXOWLSOLFRXSRUGH]H
SDUDVROXFLRQDUDGHPDQGDSRUKDELWDo}HVUH
FRUUHXVHjXWLOL]DomRGRVPDWHULDLVGLVSRQtYHLV
QRORFDO PDGHLUD XWLOL]DQGRRVFRQFHLWRVGH
SUDWLFLGDGHYHORFLGDGHHSURGXWLYLGDGHRULJLQD
GRVQD5HYROXomR,QGXVWULDO :RRG)UDPLQJ 
8PDVSHFWRSDUWLFXODUGR/6)TXHRGLIH
UHQFLDGHRXWURVVLVWHPDVFRQVWUXWLYRVWUDGLFLR
QDLV p VXD FRPSRVLomR SRU HOHPHQWRV RX
VXEVLVWHPDV HVWUXWXUDLVGHLVRODPHQWRGHDFD
EDPHQWRVH[WHULRUHVHLQWHULRUHVGHLQVWDODo}HV
HWF  IXQFLRQDQGR HP FRQMXQWR 6HX HPSUHJR
DSUHVHQWDXPDVpULHGHYDQWDJHQVWDQWRHPUH
ODomRjFRQVWUXomRFRQYHQFLRQDOTXDQWRHPUH
ODomRjFRQVWUXomRFRPPDGHLUDWDLVFRPRUH
GXomRQRSUD]RGHH[HFXomRGDREUDPDWHULDO
HVWUXWXUDOPDLVOHYHHPDoRHFRPPDLRUUHVLV
WrQFLDjFRUURVmRGXUDELOLGDGHPDLRUSUHFLVmR
QDPRQWDJHPGHSDUHGHVHSLVRVGHVSHUGtFLR
HSHUGDGHPDWHULDOUHGX]LGRVFXVWRUHGX]LGR
PDWHULDOUHFLFOiYHOHLQFRPEXVWtYHOTXDOL
GDGHGRDoRJDUDQWLGDSHODVVLGHU~UJLFDVQDFL
RQDLV
2/6)WHPXPDFRQFHSomRUDFLRQDOSDUD


IDEULFDomR H PRQWDJHP LQGXVWULDOL]DGD H HP


JUDQGHHVFDODRQGHRV3))GRWLSR8HQULMHFLGR
8H  VmR XWLOL]DGRV FRPR PRQWDQWHV
HTLGLVWDQWHV GH PP RX PP  SDUD D
FRPSRVLomRGRVSDLQpLVYHUWLFDLV SDUHGHVHV
WUXWXUDLVRXQmR YLJDVGHHQWUHSLVRHHVWUXWXUDV
GRVWHOKDGRV
$VYHGDo}HVHRDFDEDPHQWRXWLOL]DPXP
PpWRGRTXHFRPELQDXPDDOWDFDSDFLGDGHLVR
ODQWHWHUPRDF~VWLFRFRPXPDDSDUrQFLDDWUD
HQWHFRPRHPSUHJRGHYDULDGDVVROXo}HVFRQV
WUXWLYDVHQWUHHODVVLVWHPDHPJHVVRDFDUWRQDGR
'U\ :DOO  SDUD SDUHGHV LQWHUQDV FKDSD GH
26% 2ULHQWHG 6WUDQG %RDUG  FRP EDUUHLUD
KLGUyIXJDGHPDWHULDOQmRWHFLGRGRWLSR7\YHN
HWHODGHSROLpVWHUDSOLFDGDVVREUHDPHVPDRX
FKDSDFLPHQWtFLDSDUDSDUHGHVH[WHUQDV3DUD
RUHYHVWLPHQWRH[WHUQRSRGHVHUDSOLFDGDDDU
JDPDVVDSURMHWDGDRXXWLOL]DGRRVLGLQJYLQtOLFR
SRU H[HPSOR $ HVWUXWXUD GH DoR ILFD HQWmR
HQFDSVXODGDHSURWHJLGDGHQWURGDVSDUHGHVH
HQWUHSLVRV
1RV(VWDGRV8QLGRV,QJODWHUUD$XVWUiOLD
-DSmRH&DQDGiR/6)WHPVLGRXWLOL]DGRLQWHQ
VDPHQWHKiPDLVGHWULQWDDQRV
 2EMHWLYRGRPDQXDO
(VWHPDQXDOWHPFRPRREMHWLYRSULQFLSDO
RULHQWDUHQJHQKHLURVQDFRQFHSomRGHSURMHWRV
HVWUXWXUDLVHQRGLPHQVLRQDPHQWRGDHVWUXWXUD
GHHGLILFDo}HVFRPRVLVWHPD/6)$VLQIRUPD
o}HV DSUHVHQWDGDV VmR WDPEpP LPSRUWDQWHV
SDUDDUTXLWHWRVHRXWURVSURILVVLRQDLVGDiUHD
GH IRUPD D LQWHJUDU PHOKRU RV SURMHWRV GD
HGLILFDomR3RULVWRWDLVLQIRUPDo}HVGHYHPVHU
XWLOL]DGDV HP FRQMXQWR FRP DV GR 0DQXDO GR
&%&$    6WHHO )UDPLQJ $UTXLWHWXUD
GRUDYDQWHGHQRPLQDGRGH0DQXDOGH$UTXLWHWX
UDGR&%&$
$SUHVHQWDVHQHVWHPDQXDODFRQFHLWXDomR
SDUD R GLPHQVLRQDPHQWR GRV 3)) XWLOL]DGRV
FRPRFRPSRQHQWHVHVWUXWXUDLVGRVLVWHPD/6)
eGDGDrQIDVHDRVSULQFtSLRVGDDQiOLVHGRFRP

SRUWDPHQWRHGRFiOFXORGDUHVLVWrQFLDGHHOHPHQWRVHVWUXWXUDLVREWLGRVSRUFRQIRUPDomRDIULRGH
FKDSDILQDGHDoRTXHVmRPDLVVXVFHSWtYHLVGRTXHRVGHPDLVSHUILVDRIHQ{PHQRGDIODPEDJHP
ORFDOHVXDLQWHUDomRFRPRVPRGRVJOREDLVGHIOH[mRWRUomRRXIOH[RWRUomR
'HVWDFDVHTXHDVLQIRUPDo}HVWpFQLFDVHFLHQWtILFDVFRQWLGDVQRSUHVHQWHPDQXDOQmRVXEVWLWX
HPRVSURILVVLRQDLVHVSHFLDOLVWDVQHFHVViULRVQRGLPHQVLRQDPHQWRHSURMHWRGDHVWUXWXUDHP3))H
VHXVHOHPHQWRVFRQVWLWXLQWHV
 0DWHULDLV
3DUDRVLVWHPD/6)RV3))GHYHPVHUIDEULFDGRVDSDUWLUGHERELQDVGHDoR=LQFDGRGH$OWD
5HVLVWrQFLD =$5 FRPUHVLVWrQFLDDRHVFRDPHQWRI\QmRLQIHULRUD03DHUHYHVWLGDVFRP]LQFR
RXOLJDDOXPtQLR]LQFRSHORSURFHVVRFRQWtQXRGHLPHUVmRDTXHQWHRXSRUHOHWURGHSRVLomRFRPPDV
VDVPtQLPDVGHUHYHVWLPHQWRGHDFRUGRFRPDWDEHOD
7DEHOD5HYHVWLPHQWRPtQLPRGDVERELQDVGHDoR

$ PDVVD PtQLPD UHIHUHVH DR WRWDO QDV GXDV IDFHV  PpGLD GR HQVDLR WULSOR

$VERELQDVTXHFRQVWLWXHPDPDWpULDSULPDSDUDDIDEULFDomRGRVSHUILVGHYHPWHUDHVSHVVXUD
QRPLQDOPtQLPDGHPPH[FHWRSDUDHOHPHQWRVVHPIXQomRHVWUXWXUDOHWHUoDV3DUDHVSHVVXUD
QRPLQDOPi[LPDpHVWDEHOHFLGRRYDORUGHPP
 1RPHQFODWXUDGRVHOHPHQWRV
1R0DQXDOGH$UTXLWHWXUDGR&%&$VmRHQFRQWUDGDVDVLQIRUPDo}HVQHFHVViULDVSDUDRFRQKH
FLPHQWRGRVLVWHPD/6)LQFOXLQGRRVLVWHPDHVWUXWXUDOGHDoRHVHXVFRPSRQHQWHVRVWLSRVGHPDWH
ULDLVGHUHYHVWLPHQWRH[WHUQRHLQWHUQRGRVSDLQpLVHSLVRVHRVSULQFLSDLVPDWHULDLVSDUDRLVRODPHQWR
WHUPRDF~VWLFRGDHGLILFDomR6mRWDPEpPDSUHVHQWDGDVDVOLJDo}HVPDLVXWLOL]DGDVRVSURFHGLPHQ
WRVSDUDDPRQWDJHPGDHVWUXWXUDHDVGLUHWUL]HVHFRQGLFLRQDQWHVSDUDDFRQFHSomRGHSURMHWRV
DUTXLWHW{QLFRV
$VHJXLUVmRDSUHVHQWDGDVDVSULQFLSDLVGHILQLo}HVSDUDDX[LOLDURFDOFXOLVWDQDVHWDSDVGD
FRQFHSomRHGLPHQVLRQDPHQWRGRVLVWHPDHVWUXWXUDOHP/6)FRQIRUPHILJXUDVD
D %ORTXHDGRU3HUILOXWLOL]DGRKRUL]RQWDOPHQWHQRWUDYDPHQWRODWHUDOGHPRQWDQWHVHYLJDV
E (QULMHFHGRUGHDSRLR3HUILOXWLOL]DGRYHUWLFDOPHQWHQRDSRLRGHYLJDVGHHQWUHSLVRHQULMHFHQGR
DDOPDGRSHUILO



,QWURGXomR 
F )LWD )LWDGHDoRJDOYDQL]DGRHPSUHJD
GD QD GLDJRQDO FRPR HOHPHQWR GH
FRQWUDYHQWDPHQWR H HP FRPELQDomR FRP RV
EORTXHDGRUHV SDUD FRPSRU R VLVWHPD GH
WUDYDPHQWRODWHUDOGRVPRQWDQWHVGHSDLQpLVH
YLJDVGHHQWUHSLVR
G *XLD3HUILOXWLOL]DGRFRPREDVHHWRSR
GHSDLQpLVGHSDUHGHHHQFDEHoDPHQWRGHHV
WUXWXUDVGHHQWUHSLVRVHWHOKDGRV
H 0RQWDQWH3HUILOXWLOL]DGRYHUWLFDOPHQWH
QDFRPSRVLomRGHSDLQpLVGHSDUHGH

)LJXUD   &RPSRQHQWHV GH XP SDLQHO HVWUXWXUDO FRP


DEHUWXUD

I 0RQWDQWHDX[LOLDU NLQJ 0RQWDQWHIL[D


GRjRPEUHLUDRXXWLOL]DGRQRVOLPLWHVODWHUDLVGDV
DEHUWXUDVGHSDLQpLVQmRHVWUXWXUDLV
J  0RQWDQWH GH FRPSRVLomR FULSSOH 
3HUILOXWLOL]DGRYHUWLFDOPHQWHQDFRPSRVLomRGH
SDLQpLVGHSDUHGHVREUHHDEDL[RGDVDEHUWX
UDV
K 2PEUHLUD MDFN 3HUILOXWLOL]DGRYHUWLFDO
PHQWHSDUDDSRLRGDYHUJDRXGHSDLQHOGHSDUH
GHVREUHDEHUWXUD
L 6DQ HI D 3HUILO XWLOL]DGR SDUD
HQFDEHoDPHQWRGHHVWUXWXUDVGHHQWUHSLVRV

)LJXUD   &RPSRQHQWHV GH XP SDLQHO HVWUXWXUDO FRP


DEHUWXUD )RQWH0DQXDOGH$UTXLWHWXUDGR&%&$ 

M 7HUoD3HUILOXWLOL]DGRSDUDDSRLRGHWH
OKDVSODFDVGHUHYHVWLPHQWRRXSDLQpLVGHFR
EHUWXUD
N 9LJD3HUILOXWLOL]DGRKRUL]RQWDOPHQWHQD
FRPSRVLomRGHHQWUHSLVRV
O 9HUJD3HUILOXWLOL]DGRKRUL]RQWDOPHQWHVR
EUHDVDEHUWXUDV SRUWDVMDQHODVHWF SDUDVX
SRUWHGDHVWUXWXUDGRHQWUHSLVRHRXGRSDLQHOGR
DQGDUVXSHULRU

)LJXUD   &RPSRQHQWHV GH XP SDLQHO GH HQWUHSLVR


)RQWH0DQXDOGH$UTXLWHWXUDGR&%&$ 



 6Ho}HVWUDQVYHUVDLVGHVpULHVFR
PHUFLDLV
$VGLPHQV}HVPDVVDHSURSULHGDGHVJH
RPpWULFDVGRVSHUILVGHVpULHVFRPHUFLDLVSDUD
RVLVWHPD/6)VmRDSUHVHQWDGDVQDVWDEHODV&
H&GD$%171%53HUILVGHDoR
IRUPDGRVDIULRFRPUHYHVWLPHQWRPHWiOLFRSDUD
SDLQpLVUHWLFXODGRVHPHGLILFDo}HV5HTXLVLWRV
JHUDLVTXHHVSHFLILFDRVUHTXLVLWRVPtQLPRVSDUD
RV SHUILV GH DoR IRUPDGRV D IULR SDUD SDLQpLV
UHWLFXODGRVGRVLVWHPD/6)1DVWDEHODVH
VmRWUDQVFULWDVDVSURSULHGDGHVGRVSHUILVPDLV
XWLOL]DGRVQDVHVWUXWXUDVGHHGLILFDo}HVHP/6)
FRP DWp GRLV SDYLPHQWRV H TXH FRQVWLWXHP R
REMHWRGRGHVHQYROYLPHQWRDSUHVHQWDGRQRVFD
StWXORVHGHVWHPDQXDO
'HYHVHGHVWDFDUTXHQHVVDVWDEHODVWRGRV
RVFiOFXORVIRUDPUHDOL]DGRVFRQVLGHUDQGRDHV
SHVVXUDGDFKDSDGHDoRVHPRUHYHVWLPHQWR
UHSUHVHQWDGDSHODOHWUDW
([HPSOLILFDQGRRXVRGDVWDEHODVDGHQR
PLQDomR8 [[VLJQLILFDXPSHUILO8VLP
SOHVXWLOL]DGRSDUDJXLDSRUH[HPSORFRP
PPGHODUJXUDQRPLQDOGDDOPD EZ PPGH
ODUJXUDQRPLQDOGDPHVD EI HPPGHHV
SHVVXUDQRPLQDOGDFKDSD WQ TXHpLJXDOjVRPD
GDHVSHVVXUDGDFKDSDGHDoR W HGRUHYHVWL
PHQWRPHWiOLFR WU PPHPPpGLDSDUD
XPD PDVVD PtQLPD GH UHYHVWLPHQWR GH 
JP 
$GHQRPLQDomR8H[[[VLJQLIL
FDXPSHUILO8HQULMHFLGRXWLOL]DGRSDUDPRQWDQWH
SRUH[HPSORFRPPPGHODUJXUDQRPLQDOGD
DOPD EZ PPGHODUJXUDQRPLQDOGDPHVD EI 
PPGHODUJXUDQRPLQDOGRHQULMHGRUGHERUGD
GRSHUILO ' HPPGHHVSHVVXUDQRPLQDOGD
FKDSD WQ 

WUDWDGRVLVRODGDPHQWHFRPROLQKDVUHWDV SDU
WHSODQD RXFXUYDV GREUDV H[FHWRQRFiOFXOR
GDFRQVWDQWHGHHPSHQDPHQWR &Z HGDSRVL
omRGRFHQWURGHWRUomR &7 RQGHDVGREUDVVmR
FRQVLGHUDGDVFRPRFDQWRVUHWRV2VYDORUHVDV
VLPREWLGRVVmRPXOWLSOLFDGRVSHODHVSHVVXUDW
GHPDQHLUDDREWHUDVSURSULHGDGHVJHRPpWUL
FDVGHLQWHUHVVH
$V SURSULHGDGHV JHRPpWULFDV DSUHVHQWD
GDVQDVFLWDGDVWDEHODVHIRUDPFDOFXOD
GDVFRPEDVHQDVH[SUHVV}HVDSUHVHQWDGDVQR
$QH[R$GD$%171%5FRQVLGHUDQ
GRVHTXHSDUDWRGRVRVSHUILVRHL[R [ pRHL[R
SDUDOHORjPHVDRXDEDFRQIRUPHPRVWUDPDV
ILJXUDVH1HVVDVWDEHODVDHVSHVVXUD
GRUHYHVWLPHQWRPHWiOLFRpDVRPDGDVHVSHV
VXUDVQDVGXDVIDFHVGDFKDSDVHQGRTXHDV
SURSULHGDGHVGDVHomRDSUHVHQWDGDVQmRLQFOX
HPHVVHUHYHVWLPHQWRHWDPEpPQmROHYDPHP
FRQWDDSUHVHQoDGRVHQULMHFHGRUHVLQWHUPHGLi
ULRVGHDOPDWDOFRPRPRVWUDGRQDILJXUD
$$%171%5DGPLWHDH[HFX
omRGHDEHUWXUDVVHPUHIRUoRVQRVSHUILVGHVGH
TXH VHMDP GHYLGDPHQWH FRQVLGHUDGDV QR
GLPHQVLRQDPHQWRHTXHRPDLRUHL[RGHIXUDomR
FRLQFLGDFRPHL[RORQJLWXGLQDOFHQWUDOGDDOPDGR
SHUILOHDJHRPHWULDGRVIXURVHVWHMDGHDFRUGR
FRPDILJXUD$GLVWkQFLDHQWUHFHQWURVGHIX
URVVXFHVVLYRVGHYHVHUQRPtQLPRLJXDOD
PPDGLVWkQFLDHQWUHDH[WUHPLGDGHGRSHUILOHR
FHQWURGRSULPHLURIXURGHYHVHUQRPtQLPRGH
PPDGLVWkQFLDHQWUHDH[WUHPLGDGHGHXPD
DEHUWXUDHDIDFHODWHUDOGRDSRLRGDYLJDGHYH
VHUGHQRPtQLPRPP3RGHPVHUXWLOL]DGDV
DEHUWXUDVFRP IRUPDVGLIHUHQWHV HGLPHQV}HV
PDLRUHVTXHDVUHFRPHQGDGDVQDILJXUDGHV
GHTXHVHMDPH[HFXWDGRVUHIRUoRVQHVWDVDEHU
WXUDV

$GHWHUPLQDomRGDVSURSULHGDGHVGDVH
omRGRSHUILOIRLHIHWXDGDHPSUHJDQGRVHRPp
WRGROLQHDUDUWLItFLRGHFiOFXORTXHFRQVLGHUDTXH
WRGRRPDWHULDOHVWiFRQFHQWUDGRQDOLQKDPpGLD
GDVHomR OLQKDHVTXHOHWR HRVHOHPHQWRVVmR



,QWURGXomR 

)LJXUD   3HUILO 8 HQULMHFLGR

)LJXUD   3HUILO 8 VLPSOHV

)LJXUD  $EHUWXUDV QRV SHUILV SDUD SDVVDJHP GH WXEXOD


o}HV )RQWH$%171%5 





,QWURGXomR
&RQFHSomRHVWUXWXUDO
2FRQFHLWRSULQFLSDOGRSURMHWRVHJXQGRR
6LVWHPD/6)pGLYLGLUDHVWUXWXUDHPXPDJUDQGH
TXDQWLGDGHGHHOHPHQWRVHVWUXWXUDLVGHPDQHLUD
TXHFDGDXPUHVLVWDDXPDSHTXHQDSDUFHODGD
FDUJDWRWDODSOLFDGD&RPHVWHFULWpULRpSRVVtYHO
XWLOL]DUSHUILVPDLVHVEHOWRVHSDLQpLVPDLVOHYHV
HIiFHLVGHPDQLSXODU
1R0DQXDOGH$UTXLWHWXUDGR&%&$VmR
DSUHVHQWDGRVRVSULQFLSDLVDVSHFWRVGHSURMHWR
H PRQWDJHP SDUD HGLILFDo}HV FRP R VLVWHPD
/6)LQFOXLQGRDOJXPDVLQIRUPDo}HVUHODFLRQDGDV
FRP D HVWDELOLGDGH HVWUXWXUDO FRP RV SDLQpLV
HVWUXWXUDLVHQmRHVWUXWXUDLVHRVVLVWHPDVGH
FRQWUDYHQWDPHQWR
1RSUHVHQWHLWHPHVWDVLQIRUPDo}HVVmR
FRQGHQVDGDV GHVWDFDQGRVH RV FRQFHLWRV
QHFHVViULRVDRSURMHWRHVWUXWXUDOGRVLVWHPD/6)
6LVWHPDHVXEVLVWHPDHVWUXWXUDLV
2 VLVWHPD HVWUXWXUDO WRWDO GH XP HGLItFLR
SRGH VHU GLYLGLGR HP GRLV JUXSRV GH
VXEVLVWHPDVRVYHUWLFDLVHRVKRUL]RQWDLV2V
VXEVLVWHPDVKRUL]RQWDLVSUHFLVDPVHUVXSRUWDGRV
SHORVVXEVLVWHPDVYHUWLFDLV$RPHVPRWHPSR
RVVXEVLVWHPDVYHUWLFDLVVmRJHUDOPHQWHHVEHOWRV
QRWRFDQWHDXPDRXDPEDVDVGLPHQV}HVGD
VHomRWUDQVYHUVDO HPUHODomRjDOWXUDWRWDOGR
HGLItFLR HQmRVmRPXLWRHVWiYHLVSRUVLSUySULRV
(OHVSUHFLVDPVHUPDQWLGRVHPSRVLomRSHORV
VXEVLVWHPDV KRUL]RQWDLV 2V VXEVLVWHPDV
KRUL]RQWDLV UHFHEHP H WUDQVPLWHP SDUD RV
VXEVLVWHPDVYHUWLFDLVDVFDUJDVGHSLVRHWHWR
DWUDYpVGHIOH[mRHDVFDUJDVKRUL]RQWDLVDWUDYpV
GDDomRGHGLDIUDJPD
1R/6)RVVXEVLVWHPDV YHUWLFDLVVmRRV
SDLQpLV TXH FRPS}HP SDUHGHV FRP RX VHP
IXQomRHVWUXWXUDO3DUHGHVFRPIXQomRHVWUXWXUDO
WrP FDSDFLGDGH GH WUDQVPLWLU WDQWR FDUJDV



YHUWLFDLVTXDQWRKRUL]RQWDLVSDUDDIXQGDomRGD
HGLILFDomRSDUHGHVVHPIXQomRHVWUXWXUDOQmRWrP
WDOFDSDFLGDGH
&RQIRUPH ILJXUD  RV VXEVLVWHPDV
KRUL]RQWDLVVmRFRPSRVWRVSHODVJXLDV VDQHIDV 
HPSHUILV 8YLJDV GHHQWUHSLVR HPSHUILV 8H
SHUILVHQULMHFHGRUHVGHDOPDQRVDSRLRVGDVYLJDV
H RVHOHPHQWRV GH OLJDomR FRPRV SDLQpLV GH
SDUHGHFRQVLGHUDQGRVHFRPRPHLRVGHOLJDomR
RV SDUDIXVRV H DOJXQV WLSRV GH UHELWHV 2V
VXEVLVWHPDVYHUWLFDLVVmRFRPSRVWRVSRUSHUILV
8H GHQRPLQDGRV PRQWDQWHV ILJXUD   TXH
WUDQVPLWHPDVFDUJDVYHUWLFDLVSRUFRQWDWRGLUHWR
DWUDYpV GH VXDV DOPDV HVWDQGR VXDV VHo}HV
FRLQFLGHQWHV FRP DV GRV PRQWDQWHV GRV
SDYLPHQWRV LPHGLDWDPHQWH LQIHULRUHV (VWD
GHVFULomR p TXH Gi RULJHP DR FRQFHLWR GH
HVWUXWXUDDOLQKDGD RXLQOLQHIUDPLQJ 4XDQGR
DVDOPDVGRVPRQWDQWHVQmRHVWmRDOLQKDGDV
GHYHUiVHUXWLOL]DGDXPDYLJDSDUDRDSRLRGHVWHV
YHUJDFRPSRVWDSRUGRLVRXPDLVSHUILV8H TXH
VHMDFDSD]GHWUDQVPLWLUDVFDUJDVH[FrQWULFDV
SDUDRSDLQHOLPHGLDWDPHQWHLQIHULRU
$VHSDUDomRHQWUHPRQWDQWHVRXPRGXODomR
DGRWDGDHVWDUiGLUHWDPHQWHUHODFLRQDGDFRPDV
VROLFLWDo}HV TXH FDGD SHUILO YHQKD D VHU
VXEPHWLGR 4XDQWR PDLRU D VHSDUDomR HQWUH
PRQWDQWHVPDLRUVHUiDFDUJDTXHFDGDXPGHOHV
GHYHUiUHVLVWLU(PPXLWRVFDVRVWDOPRGXODomR
GHSHQGHEDVLFDPHQWHGDVGLPHQV}HVGDVSHoDV
LQWHULRUHV H H[WHULRUHV D XWLOL]DU GHYLGR j
QHFHVVLGDGHFRQVWUXWLYDGHSHUPLWLUDIL[DomRGDV
SODFDVPRGXODGDVQDHVWUXWXUD
(VWDELOLGDGHJOREDO
7DQWRDGLVSRVLomRGRVPRQWDQWHVGHQWURGD
HVWUXWXUDFRPRVXDVFDUDFWHUtVWLFDVJHRPpWULFDV
HUHVLVWHQWHVHRVVLVWHPDVGHIL[DomRXWLOL]DGRV
SDUDDSUySULDIDEULFDomRGRSDLQHOWrPTXHHVWDU
DSWRVDDEVRUYHUHWUDQVPLWLUDVFDUJDVYHUWLFDLV
D[LDLVQDGLUHomRGRHL[RGDEDUUDHDVFDUJDV
KRUL]RQWDLVSHUSHQGLFXODUHVDRSODQRGRSDLQHO
3DUDDEVRUYHUDVFDUJDVKRUL]RQWDLVSDUDOHODVDR

SODQRGRSDLQHOGHYLGDVSULQFLSDOPHQWHjDomR
GRYHQWRHVLVPRVpQHFHVViULRSURYHUjHVWUXWXUD
DOJXPRXWURHOHPHQWRFDSD]GHUHVLVWLUHWUDQVPLWLU
WDLVHVIRUoRV
$ HVWDELOLGDGH JOREDO GH XP HGLItFLR
SURMHWDGR VHJXQGR R /6) p JHUDOPHQWH GH
UHVSRQVDELOLGDGHGRFRQWUDYHQWDPHQWRHPILWDV
GHDoRJDOYDQL]DGRGLVSRVWDVHPGLDJRQDLVQD
IRUPDGH 9;RX.QRVSDLQpLVHVWUXWXUDLV
HFRPDIXQomRGHUHVLVWLUDSHQDVjIRUoDQRUPDO
GH WUDomR 4XDQWR jV Do}HV YHUWLFDLV D
HVWDELOLGDGH GD HGLILFDomR GHYH VHU JDUDQWLGD
FRPDWUDQVIHUrQFLDGDVDo}HVGRVSLVRVjVYLJDV
GH HQWUHSLVR DRV PRQWDQWHV H jV IXQGDo}HV
GHVGH TXH WHQKD VLGR IHLWR R FRUUHWR
GLPHQVLRQDPHQWRGHVWHVFRPSRQHQWHV

$ ILJXUD  DSUHVHQWD R VLVWHPD GH


FRQWUDYHQWDPHQWRHP;HPXPSDLQHOHVWUXWXUDO
H DV ILJXUDV  H  DSUHVHQWDP SRVVtYHLV
VLVWHPDV GH DQFRUDJHP GRV SDLQpLV GH
FRQWUDYHQWDPHQWRQDIXQGDomRRXHQWUHSDLQpLV
DGMDFHQWHVQDYHUWLFDO

)LJXUD  &RQWUDYHQWDPHQWR HP ;FRPILWDV GH DoR


JDOYDQL]DGR )RQWH0DQXDOGH$UTXLWHWXUDGR &%&$ 

2V VXEVLVWHPDV HVWUXWXUDLV GR /6)


LQFOXLQGRRVGRWHOKDGRGHYHPVXSRUWDUDOpPGR
SHVRSUySULRGHVHXVFRPSRQHQWHVRSHVRGRV
UHYHVWLPHQWRVIRUURVVXVSHQVRV PDWHULDLVGH
LVRODPHQWRFDUJDVGHYHQWRGHQHYHHRXWURV
HTXLSDPHQWRVRXHOHPHQWRVIL[DGRVRXDSRLDGRV
j HVWUXWXUD 'HYHVH SUHYHU WDPEpP RV
FDUUHJDPHQWRV GXUDQWH D FRQVWUXomR H
PDQXWHQomR&DUUHJDPHQWRVUHIHUHQWHVjFKXYD
Vy GHYHP VHU FRQVLGHUDGRV VH R SURMHWR GD
FREHUWXUDQmRSUHYHUGUHQDJHPDSURSULDGDGDV
iJXDVSOXYLDLV
$VYHGDo}HVH[WHUQDVWUDQVIHUHPDVDo}HV
KRUL]RQWDLV VREUHWXGRDVGHYLGDVDRYHQWR DR
VLVWHPD GH SLVR TXH IXQFLRQDQGR FRPR
GLDIUDJPDVKRUL]RQWDLVUtJLGRVWUDQVIHUHPWDLV
Do}HV DRV SDLQpLV HVWUXWXUDLV GH
FRQWUDYHQWDPHQWRTXHSRUVXDYH]GHVFDUUHJDP
QDV IXQGDo}HV $ DQiOLVH HVWUXWXUDO R
GLPHQVLRQDPHQWRRSURMHWRHDPRQWDJHPGR
VLVWHPD GHYHP FRQVLGHUDU FRUUHWDPHQWH HVWH
FDPLQKR GH FDUUHJDPHQWR FRQVLGHUDQGR D
H[LVWrQFLD GR HIHLWR GLDIUDJPD KRUL]RQWDO
SURSRUFLRQDGR SHOD XWLOL]DomR GH SODFDV GH
UHYHVWLPHQWRFRPIXQomRHVWUXWXUDO SLVRVHFR RX
GHI{UPDVGHDoR SLVR~PLGR FRQHFWDGDVjV
YLJDVGHHQWUHSLVR

)LJXUD   )L[DomR GDV GLDJRQDLV QRV SDLQpLV FRP SODFD


GH *XVVHW $QFRUDJHP GRV SDLQpLV GH FRQWUDYHQWDPHQWR QD
IXQGDomR )RQWH0DQXDOGH$UTXLWHWXUDGR&%&$ 

)LJXUD  $QFRUDJHP HQWUH SDLQpLV GH FRQWUDYHQWDPHQWR


)RQWH0DQXDOGH$UTXLWHWXUDGR&%&$ 



,QWURGXomR 
4XDQGRRkQJXOR ILJXUD HQWUHDJXLD
LQIHULRUGRSDLQHOHDILWDGHDoRpSHTXHQRWDQWR
DWUDomRQDILWDFRPRDUHDomRGHDQFRUDJHPVmR
SHTXHQDV H WHQGHP D GLPLQXLU DLQGD PDLV j
PHGLGDTXH VHDSUR[LPDGH3RUWDQWRSDUD
kQJXORVPXLWRSHTXHQRV PHQRUHVTXH DILWD
SHUGHVXDFDSDFLGDGHGHHYLWDUDVGHIRUPDo}HV
QRSDLQHOREMHWLYRSDUDRTXDOIRLFRORFDGD
PHGLGDTXHRkQJXORDXPHQWDDXPHQWDP
WDPEpPDWUDomRQDILWDHDUHDomRGHDQFRUDJHP
GRSDLQHOQRSLVR3RUWDQWRVmRQHFHVViULDVILWDV
GHDQFRUDJHQVGHVHo}HVPDLRUHVSDUDUHVLVWLU
jVFDUJDVDTXHVHUmRVXEPHWLGDV'HVWHPRGR
RkQJXOR GHLQFOLQDomRGDVGLDJRQDLVGHYHUi
VHSRVVtYHOHVWDUFRPSUHHQGLGRHQWUHH
2HIHLWRGHGLDIUDJPDHPSDLQpLVGHSDUHGH
SRGH WDPEpP VHU REWLGR FRP R HPSUHJR GH
SODFDVHVWUXWXUDLVGH26%
2VSDLQpLVGHSDUHGHH[WHUQRVJHUDOPHQWH
SRVVXHPIHFKDPHQWRFRPSODFDVGH26%1RV
SDLQpLV LQWHUQRV SRGHP VHU XWLOL]DGRV
IHFKDPHQWRVHPSODFDVGHJHVVRDFDUWRQDGR
SODFDV FLPHQWtFLDV RX SODFDV GH 26% (VWH
PDWHULDOSRVVXL ERDVSURSULHGDGHV PHFkQLFDV
TXHSRGHPFRQIHULUDRVSDLQpLVDFDSDFLGDGHGH
UHVLVWLU DRV HVIRUoRV KRUL]RQWDLV FRPR RV
SURYHQLHQWHVGHYHQWRVHVLVPRV
(VVDFDSDFLGDGHGDVSDUHGHVH[WHUQDVRX
LQWHUQDVGHIHFKDPHQWRGHUHVLVWLUHPjVFDUJDV
ODWHUDLVpFKDPDGDGHHIHLWRGLDIUDJPDHRSDLQHO
pFKDPDGRGHGLDIUDJPDUtJLGRSRLVIXQFLRQD
FRPRXPDHVSpFLHGHFRQWUDYHQWDPHQWRSDUDDV
HVWUXWXUDVHP/6)
$OJXQV HVWXGRV H[SHULPHQWDLV Mi IRUDP
UHDOL]DGRVHPSDLQpLVFRPIHFKDPHQWRHP26%
$SXEOLFDomRGD1RUWK$PHULFDQ6WHHO)UDPLQJ
$OOLDQFH 1$6)$   FRQWpP WUrV DUWLJRV
WpFQLFRV TXH WUDWDP GR FRPSRUWDPHQWR GH
SDLQpLVGHSDUHGHHP/6)HQULMHFLGRVFRP26%
RQGH IRUDP UHDOL]DGRV WHVWHV GH FDUJD
FRQFHQWUDGDHFDUJDGLVWULEXtGDHPSDLQpLVGH
YDULDGDVFRQILJXUDo}HVJHRPpWULFDVLQFOXLQGR


DEHUWXUDVSDUDYmRGHMDQHODVHSRUWDV$FDUJD
FRQFHQWUDGDIRLDSOLFDGDSHUSHQGLFXODUPHQWHDR
SODQRGRSDLQHOHPVHXSRQWRFHQWUDO$FDUJD
GLVWULEXtGDIRLDSOLFDGDYHUWLFDOPHQWHQRSODQRGR
SDLQHO7LDQHWDO  UHDOL]DUDPWHVWHVHP
HVFDOD UHDO SDUD SDLQpLV GH DoR VHP
FRQWUDYHQWDPHQWRVSDLQpLVFRQWUDYHQWDGRVFRP
GLDJRQDLV GH DoR JDOYDQL]DGR SDLQpLV FRP
IHFKDPHQWR HP SODFDV GH 26% H FRP SODFDV
FLPHQWtFLDV
%HYLODTXD   UHDOL]RX SHVTXLVD FRP
DQiOLVHVQXPpULFDVYLD0pWRGRGRV(OHPHQWRV
)LQLWRV 0() GHHGLItFLRVUHVLGHQFLDLVGHTXDWUR
HGHVHWHSDYLPHQWRVHVWUXWXUDGRVQRVLVWHPD
/6)TXDQGRHQWUHRXWUDVVLPXODo}HVOHYRXHP
FRQVLGHUDomRRHIHLWRGHGLDIUDJPDHPSDLQpLV
GHSDUHGHFRPDSOLFDomRGDVSODFDVGH26%
1HVWHWUDEDOKRIRUDPFRQVLGHUDGRVHQWUHRXWURV
RV UHVXOWDGRV H[SHULPHQWDLV GDV SHVTXLVDV
FLWDGDV DQWHULRUPHQWH WHQGR FRQFOXtGR TXH D
XWLOL]DomR GH SODFDV GH 26% DWXDQGR FRPR
GLDIUDJPDV UtJLGRV KRUL]RQWDLV H YHUWLFDLV p
EDVWDQWH SRVLWLYD SURSRUFLRQDQGR PDLRU
VLPSOLFLGDGHQDH[HFXomRGHSDLQpLVGHSDUHGH
HGHSLVRSHODHOLPLQDomRGHGLDJRQDLVGHDoR
JDOYDQL]DGRQRPHVPRODGRGDVSODFDV$OpP
GLVWRRHPSUHJRGHVWDVSHUPLWHTXHSUpGLRVFRP
P~OWLSORVSDYLPHQWRVSRVVDPVHUYLDELOL]DGRVQR
VLVWHPD/6)YLVWRTXHFRQWDQGRDSHQDVFRP
FRQWUDYHQWDPHQWRHPILWDVGHDoRSRGHQmRVHU
SRVVtYHOREWHUDHVWDELOL]DomRODWHUDOGDHVWUXWXUD
GHVVHVSUpGLRV
1R HQWDQWR R HPSUHJR GH SODFDV GH
UHYHVWLPHQWRFRPRHOHPHQWRVGHHQULMHFLPHQWR
GDHVWUXWXUDGHDoRGRVLVWHPD/6)DLQGDQmR
WHP VXILFLHQWH HPEDVDPHQWR WpFQLFR QmR
H[LVWLQGRDLQGDQRUPDOL]DomRQDFLRQDORXPHVPR
LQWHUQDFLRQDO VREUH R DVVXQWR 3RU LVWR RV
SURMHWLVWDVTXHTXHLUDPOHYDUHPFRQWDRHIHLWR
GH GLDIUDJPD HP SDLQpLV GH SDUHGH FRP
DSOLFDomR GDV SODFDV GH UHYHVWLPHQWR GHYHP
REWHULQIRUPDo}HVWpFQLFDVFRPRIDEULFDQWHGR
SURGXWR

&DStWXOR
'LUHWUL]HVSDUDRSURMHWR
HVWUXWXUDO



'LUHWUL]HVSDUDRSURMHWRHVWUXWXUDO 
*HQHUDOLGDGHV
$VHJXLUVmRDSUHVHQWDGRVDOJXQVUHTXLVLWRV
SDUDDHODERUDomRGRSURMHWRHVWUXWXUDOHP/6)
2REMHWLYRpRULHQWDURVSURILVVLRQDLVHPDVSHFWRV
HVVHQFLDLV SDUD JDUDQWLU HGLILFDo}HV PDLV
HILFLHQWHVUHVXOWDGRGHFRQFHSo}HVSODQHMDGDV
H DGHTXDGDV DR VLVWHPD/6) H WDPEpP SDUD
SHUPLWLUDUDFLRQDOL]DomRGRSURFHVVRFRQVWUXWLYR
GHVGH D IDEULFDomR GRV FRPSRQHQWHV H GRV
VXEVLVWHPDVHVWUXWXUDLV
1RLWHPGR0DQXDOGH$UTXLWHWXUDGR
&%&$ VmR DSUHVHQWDGDV DV GLUHWUL]HV SDUD R
SURMHWRGHDUTXLWHWXUDGDVHGLILFDo}HVSURMHWDGDV
VHJXQGR R VLVWHPD /6) 1R HQWDQWR HVVDV
GLUHWUL]HVGHYHPWDPEpPVHUGRFRQKHFLPHQWR
LPHGLDWRGR HQJHQKHLURFDOFXOLVWDH GHRXWURV
SURILVVLRQDLV HQYROYLGRV FRP D IDEULFDomR H
PRQWDJHPGDHVWUXWXUDGR/6)
(QWUHDVGLUHWUL]HVSDUDRHVWXGRSUHOLPLQDU
GHVWDFDVHTXHeLPSRUWDQWHGHVGHDFRQFHSomR
GRSURMHWR VHSHQVDU QDIRUPD GHSURGX]LU RX
FRQVWUXLUSRUWDQWRMiQRHVWXGRSUHOLPLQDUGHYHP
VHUFRQVLGHUDGRVRVFRQFHLWRVHFRQGLFLRQDQWHV
HVWUXWXUDLV 2 XVR GH PDOKDV RX UHWLFXODGRV
PRGXODUHVSODQRVHHVSDFLDLVSHUPLWHUHODFLRQDU
HP XP SULPHLUR PRPHQWR D PRGXODomR GD
HVWUXWXUDHRVSDLQpLVGHIHFKDPHQWR&RQVLGHUDU
RPyGXOREiVLFRGHFPXPDYH]TXHpDSDUWLU
GHOH TXH VH UHIHUHQFLDP DV GLPHQV}HV GRV
FRPSRQHQWHV 3RUpP PDOKDV GH PDLRUHV
GLPHQV}HVGHYHPVHUXWLOL]DGDVSDUDRSURMHWRD
ILPGHIDFLOLWDUDFULDomRHRGHVHQKRFRQWDQWR
TXHVHMDPP~OWLSORVGRPyGXORIXQGDPHQWDO3DUD
SURMHWRV FRP /6) SRGH VHU HPSUHJDGD XPD
PDOKDRXUHWLFXODGRSODQRGHPP[
PPXPDYH]TXHQRHVWXGRSUHOLPLQDURDUTXLWHWR
QmR WHP DLQGD D LQIRUPDomR SUHFLVD VH D
PRGXODomRHVWUXWXUDOVHUiGHRXPP
3RUWDQWR TXDQGR VH XVD HVVD PDOKD TXH p
P~OWLSODWDQWRGHFRPRPPSHUPLWHVH
TXHSRVWHULRUPHQWHRSURMHWRVHMDDGHTXDGRD
TXDOTXHUGDVRSo}HVGHWHUPLQDGDVSHORSURMHWR
HVWUXWXUDO7DPEpPHVVDPRGXODomRGHPDOKD
SRVVLELOLWDTXHGHVGHRVSULPHLURVHVERoRVVH


FRQVLGHUHDRWLPL]DomRQRXVRGDVSODFDVGH
IHFKDPHQWR XPD YH] TXH D PDLRULD GHVVHV
FRPSRQHQWHVXWLOL]DHVVDGLPHQVmR
2XWURDVSHFWRLPSRUWDQWHpFRQVLGHUDUTXH
RV DQWHSURMHWRV GH HVWUXWXUD IXQGDo}HV H
LQVWDODo}HV GHYHP VHU GHVHQYROYLGRV
VLPXOWDQHDPHQWH H DVLQWHUIHUrQFLDV HQWUH RV
VXEVLVWHPDV Mi GHYHP VHU FRQVLGHUDGDV 2
SURMHWRHVWUXWXUDOGHYHVHUFRPSDWLELOL]DGRFRP
DVGLPHQV}HVGRVFRPSRQHQWHVGHIHFKDPHQWR
DILPGHRWLPL]DUDPRGXODomRKRUL]RQWDOHYHUWLFDO
GRV PHVPRV 'HYHVH DLQGD FRQVLGHUDU D
HVSHFLILFDomRGDVHVTXDGULDVIRUPDVGHIL[DomR
HDVIROJDVQHFHVViULDVSDUDWDOFRPSDWLELOL]DQGR
DSDJLQDomRGRVFRPSRQHQWHVGHIHFKDPHQWR
FRPDVDEHUWXUDVGHHVTXDGULDV$ORFDOL]DomR
GRV PRQWDQWHV GHYH FRQVLGHUDU D PRGXODomR
DGRWDGDHDSRVLomRGDVDEHUWXUDVGDHGLILFDomR
 &RQFHSomR HVWUXWXUDO H GLPHQVLR
QDPHQWR
*XLDV
$VJXLDVGHYHPVHUXVDGDVQDKRUL]RQWDO
SDUD IRUPDU D EDVH H R WRSR GRV SDLQpLV GH
SDUHGHHGHHQWUHSLVR6mRWDPEpPXWLOL]DGDV
FRPELQDGDV RX QmR FRP DV ILWDV  SDUD R
WUDYDPHQWRODWHUDOGHYLJDVHGHPRQWDQWHVH
PRQWDJHPGDVYHUJDV ILJXUD 

)LJXUD   3DLQHO WtSLFR HP /LJKW 6WHHO )UDPLQJ DSUHVHQ


WDQGR JXLDV H PRQWDQWHV )RQWH 0DQXDO GH$UTXLWHWXUD GR
&%&$ 

3DUD DV JXLDV GDV SDUHGHV LQWHUQDV H


H[WHUQDVRGLPHQVLRQDPHQWRpUHDOL]DGRSDUD
VROLFLWDomR GHFRPSUHVVmR 3DUD DOLJDomR GH
SDLQpLVGHHQWUHSLVRGHYHVHFRQVLGHUDUSDUDR
GLPHQVLRQDPHQWRDVHomRWUDQVYHUVDOFRQVWLWXtGD
SRU GRLV SHUILV 8 VLPSOHV OLJDGRV SHOD DOPD
IRUPDQGRXPSHUILO,QmRHQULMHFLGR3DUDDOLJDomR
GRSDLQHOjIXQGDomRGHYHVHFRQVLGHUDUSDUDR
GLPHQVLRQDPHQWRDVHomRWUDQVYHUVDOFRQVWLWXtGD
SRUXPSHUILO8VLPSOHV
)LJXUD   0RGHODPHQWR GH XP SDLQHO HVWUXWXUDO FRP
DEHUWXUD FRPSRQGR FRP D HVWUXWXUD GD FREHUWXUD

0RQWDQWHV
2V PRQWDQWHV ILJXUD   SRGHP VHU
VLPSOHVRXFRPSRVWRVVmRFRQVWLWXtGRVSRUSHUILV
8H H GHYHP DSUHVHQWDU HVSDoDPHQWR Pi[LPR
HQWUHVLGHPPRXGHPP
1DDQiOLVHHVWUXWXUDORVPRQWDQWHVSRGHP
VHU FRQVLGHUDGRV FRPR URWXODGRV HP VXDV
H[WUHPLGDGHVFRQIRUPHPRVWUDPDVILJXUDVD
EH

D 

2VPRQWDQWHVGDVSDUHGHVLQWHUQDVGHYHP
VHUGLPHQVLRQDGRVjFRPSUHVVmRHjWUDomRDWX
DQGRLVRODGDPHQWH2VPRQWDQWHVGDVSDUHGHV
H[WHUQDVVmRGLPHQVLRQDGRVjIOH[RFRPSUHVVmR
HjIOH[RWUDomROHYDQGRHPFRQWDDGLUHomRHR
VHQWLGRGDDomRGRYHQWRSRUH[HPSOR
&RQVLGHUDQGRTXHQRSHUILO8HRFHQWURGH
JUDYLGDGHGDVHomRQmRFRLQFLGHFRPFHQWURGH
WRUomR GD PHVPD R PRQWDQWH LUi IODPEDU SRU
IOH[RWRUomRGHYLGRDHVWDH[FHQWULFLGDGHVHQGR
HQWmRQHFHVViULRDFRORFDomRGHXPHOHPHQWR
FDSD]GHHYLWDUWDOGHIRUPDomR3DUDGLPLQXLURV
FRPSULPHQWRVHIHWLYRVGHIODPEDJHPHPUHODomR
DRHL[R\HGHIODPEDJHPSRUWRUomRRVPRQWDQ
WHVGHYHPVHUWUDYDGRVODWHUDOPHQWHSRUPHLRGH
EORTXHDGRUHVHPSHUILV8H RX8VLPSOHV HILWDV
GHDoRJDOYDQL]DGR ILJXUD LQVWDODGRVSHU
SHQGLFXODUPHQWHjVHomRFHQWUDOHPSDLQpLVFRP
DWpPGHDOWXUDRXDFDGDPDSUR[LPD
GDPHQWHHPSDLQpLVFRPPDPGH
DOWXUD 1$6)$ 

E
)LJXUD   0RGHODPHQWR HVWUXWXUDO GH SDLQpLV HVWUXWXUDLV
DSUHVHQWDQGR YHUJDV PRQWDQWHV H GLDJRQDLV HP ILWDV GH
DoR JDOYDQL]DGR WRGRV FRQVLGHUDGRV FRPR URWXODGRV HP
VXDV H[WUHPLGDGHV

)LJXUD   (VTXHPD GH WUDYDPHQWR KRUL]RQWDO GRV PRQWDQ


WHV SRU PHLR GH EORTXHDGRUHV H ILWDV GH DoR JDOYDQL]DGR
)RQWH0DQXDOGH$UTXLWHWXUDGR&%&$ 



'LUHWUL]HVSDUDRSURMHWRHVWUXWXUDO
6HJXQGRR3UHVFULSWLYH0HWKRG 1$6)$
 RFRQFHLWRGHHVWUXWXUDDOLQKDGD RXLQOLQH
IUDPLQJ FRQVLGHUDTXHRVFHQWURVGHJUDYLGDGH
GDVVHo}HVWUDQVYHUVDLVGRVPRQWDQWHVHYLJDV
DOLQKDGRVQmRGLVWDQFLHPPDLVGRTXHPP
HQWUHVLHPSURMHomRKRUL]RQWDO
2EORTXHDGRUGHYHWHUDVPHVPDVFDUDFWH
UtVWLFDV GRV PRQWDQWHV GR SDLQHO VHQGR
FRQHFWDGRSRUPHLRGHFDQWRQHLUDVRXGHXPFRUWH
QR SUySULR SHUILO GH IRUPD D SRVVLELOLWDU R
SDUDIXVDPHQWRGHVWHQRVPRQWDQWHVVLPLODUDR
SURFHGLPHQWR XWLOL]DGR QRV HQWUHSLVRV 2V
EORTXHDGRUHVGHYHPHVWDUORFDOL]DGRVVHPSUH
QDVH[WUHPLGDGHVGRSDLQHOHWDPEpPHVSDoD
GRV GH QR Pi[LPR  P FRLQFLGLQGR VHXV
IODQJHVFRPDVILWDVPHWiOLFDVRQGHVmROLJDGRV
SRUPHLRGHSDUDIXVRV
4XDQGRHPXPGRVODGRVGRSDLQHOVmR
XWLOL]DGDVSODFDVGHUHYHVWLPHQWR RXRXWURVLVWH
PD GHFRPSURYDGRGHVHPSHQKRHVWUXWXUDOp
QHFHVViULRLQVWDODUDSHQDVXPDILWDGHDoRQR
ODGRRSRVWRjVSODFDVHVWUXWXUDLV

YHQWR IRUoDV FRQFHQWUDGDV QDV YLJDV VHP


HQULMHFHGRUHVWUDQVYHUVDLVHWF
3DUD LPSHGLU VXDIODPEDJHP ODWHUDO FRP
WRUomRDVYLJDVGHYHPVHUWUDYDGDVODWHUDOPHQWH
SRUPHLRGHEORTXHDGRUHVHPSHUILV8H HILWDVGH
DoR JDOYDQL]DGR ILJXUD   LQVWDODGRV
SHUSHQGLFXODUPHQWHjVHomRFHQWUDORXHPFDGD
WHUoRGRYmRGHSHQGHQGRGDGLPHQVmRGHVWH
2 EORTXHDGRU GHYH WHU DV PHVPDV
FDUDFWHUtVWLFDV GDV YLJDV GH SLVR VHQGR
FRQHFWDGRSRUPHLRGHFDQWRQHLUDVRXGHXPFRUWH
QR SUySULR SHUILO GH IRUPD D SRVVLELOLWDU R
SDUDIXVDPHQWR GHVWH QDV YLJDV VLPLODU DR
SURFHGLPHQWR XWLOL]DGR QRV SDLQpLV 2V
EORTXHDGRUHVGHYHPHVWDUORFDOL]DGRVVHPSUH
QDV H[WUHPLGDGHV GR SDLQHO GH HQWUHSLVR H
WDPEpP HVSDoDGRV GH QR Pi[LPR  P
FRLQFLGLQGR VHX IODQJH FRP DV ILWDV PHWiOLFDV
RQGHVmROLJDGRVSRUPHLRGHSDUDIXVRV4XDQGR
VmRXWLOL]DGDVSODFDV SLVRVHFR RXI{UPDV SLVR
~PLGR GHFRPSURYDGRGHVHPSHQKRHVWUXWXUDO
p QHFHVViULR LQVWDODU D ILWD GH DoR DSHQDV QD
PHVDLQIHULRUGDVYLJDVGHHQWUHSLVR

&RQIRUPHPRVWUDPDVILJXUDVHR
PRQWDQWHGHFRPSRVLomR FULSSOH pXVDGRYHUWL
FDOPHQWHQDFRPSRVLomRGHSDLQpLVGHSDUHGH
VREUHHDEDL[RGDVDEHUWXUDV$RPEUHLUD MDFN 
pRSHUILOXWLOL]DGRYHUWLFDOPHQWHSDUDDSRLRGDYHU
JD RX GH SDLQHO GH SDUHGH VREUH DEHUWXUD 2
PRQWDQWHDX[LOLDU NLQJ pIL[DGRjRPEUHLUDRX
XWLOL]DGRQRVOLPLWHVODWHUDLVGDVDEHUWXUDVGHSD
LQpLVQmRHVWUXWXUDLV
9LJDV
$VYLJDVDSUHVHQWDPHVSDoDPHQWRHQWUHVL
HP IXQomR GRV HVSDoDPHQWRV HQWUH RV
PRQWDQWHVFRQIRUPHPRVWUDDILJXUD
$V YLJDV GH SLVR VmR GLPHQVLRQDGDV DR
PRPHQWRIOHWRUjIRUoDFRUWDQWHHjFRPELQDomR
IRUoD FRUWDQWHPRPHQWR IOHWRU SDUD DV YLJDV
FRQWtQXDV 2XWURVHVIRUoRVVROLFLWDQWHVSRGHUmR
VHUFRQVLGHUDGRVWDLVFRPRIRUoDVQRUPDLVGH
FRPSUHVVmR RX GH WUDomR GHYLGDV j DomR GR


)LJXUD   7UDYDPHQWR ODWHUDO GH YLJDV )RQWH 0DQXDO GH


$UTXLWHWXUDGR&%&$ 

)LWDVGHDoRJDOYDQL]DGR
$VILWDVGHYHPVHUGHDoRJDOYDQL]DGRWHU
SHORPHQRVPPGHODUJXUDHPPGHHV
SHVVXUD
4XDQGR QHFHVViULR R VHX HPSUHJR DV
GLDJRQDLVHPILWDVGHDoRJDOYDQL]DGR ILJXUDV
H WUDEDOKDPVRPHQWHjWUDomRHGHYHP
UHFHEHUSURWHQVmRGXUDQWHVXDLQVWDODomR

$ILWDGHDoRpWDPEpPXWLOL]DGDHPFRQMXQ
WRFRPREORTXHDGRUSDUDGLPLQXLURVFRPSULPHQ
WRVHIHWLYRVGHIODPEDJHPHPUHODomRDRHL[R\
HGHIODPEDJHPSRUWRUomRGRVPRQWDQWHVGRV
SDLQpLVGHSDUHGH )LJXUD 
'HIRUPDDQiORJDDILWDGHDoRpXVDGDHP
FRQMXQWRFRPREORTXHDGRUSDUDRWUDYDPHQWROD
WHUDOGDVYLJDVGHHQWUHSLVRVHQGRFRQHFWDGD
SHUSHQGLFXODUPHQWHDRVIODQJHVLQIHULRUHVGHV
WDVTXDQGRRVIODQJHVVXSHULRUHVIRUHPWUDYDGRV
SRUSODFDVRXI{UPDVGHDoRGRFRQWUDSLVR )L
JXUD 
9HUJDV
&RQIRUPHPRVWUDPDVILJXUDVHHD
IRWRDVYHUJDVSRGHPVHUFRQVWLWXtGDVSRU
SHUILVFDL[DRXSHUILV,FRPSRVWRVSRUGRLVSHUILV
8H OLJDGRV SHOD DOPD SRU PHLR GH SDUDIXVRV
DXWREURFDQWHVFRPHVSDoDPHQWRPi[LPRGH
PPHRPtQLPRGHSDUDIXVRVDXWREURFDQWHV
SRUVHomR
$VYHUJDVVmRGLPHQVLRQDGDVjIOH[mRDR
FRUWDQWHDRHQUXJDPHQWRGDDOPDjFRPELQD
omRFRUWDQWHPRPHQWRIOHWRUHDRHQUXJDPHQWR
GDDOPDPRPHQWRIOHWRU
$UHVLVWrQFLDjIOH[mRGHXPDYHUJDGHVH
omRFDL[DSRGHVHUOLJHLUDPHQWHPDLRUTXHDUH
VLVWrQFLD GH XPD YHUJD GH VHomR , HQULMHFLGR
TXDQGRDPEDVVmRFRPSRVWDVFRPRVPHVPRV
SHUILV8H$VVLPSDUDRFiOFXORHVWUXWXUDOpLQGL
IHUHQWHRXVRGHYHUJDFRPXPRXRXWURWLSRGH
VHomRWUDQVYHUVDO

)LJXUD9HUJDVREUHRYmRGHDEHUWXUD
)RQWH0DQXDOGH$UTXLWHWXUDGR&%&$ 

)LJXUDV  7LSRV GH YHUJDV )RQWH0DQXDO GH$UTXLWHWXUD


GR&%&$ 

)RWR3DLQHOFRPDEHUWXUDHYHUJD )RQWHDUTXLYRGR
DXWRU 



'LUHWUL]HVSDUDRSURMHWRHVWUXWXUDO
(QWUHSLVR
&RQGLo}HVGHDSRLRSDUDDVYLJDVGH
HQWUHSLVR
$VYLJDVGHHQWUHSLVRQRVLVWHPD/6)SRGHPVHU
FRQVLGHUDGDV FRPR ELDSRLDGDV RX FRQWtQXDV
7UDGLFLRQDOPHQWH DV YLJDV VmR FRQVLGHUDGDV
FRPR ELDSRLDGDV SRLV DVVLP RV SDLQpLV GH
HQWUHSLVRSRGHPYLUPRQWDGRVGDIiEULFDVHQGR
DSHQDVHQFDL[DGRVQDREUD

KRUL]RQWDO-iRVSLVRVVHFRVH[LJHPIL[DomRGDV
SODFDVSRUSDUDIXVRVHVSDoDGRVDFDGDPP
QRPi[LPRIRUPDQGRGDPHVPDPDQHLUDXP
SODQRUtJLGRTXHSRGHVHUGLVFUHWL]DGRQDIRUPD
GHGLDIUDJPDUtJLGRSDUDDDYDOLDomRGRVPRGH
ORVHVWUXWXUDLV
2SDLQHOGHSDUHGHSRGHWDPEpPFRPSRU
XPVLVWHPDGHGLDIUDJPDFRPDXWLOL]DomRGHIL
WDVGHDoRGHFRQWUDYHQWDPHQWRHRXSODFDVHV
WUXWXUDLVGHUHYHVWLPHQWRFRPRDVGH26%HV
WUXWXUDO
(PWRGRVRVFDVRVGHYHVHUFRQVXOWDGD
ELEOLRJUDILD HVSHFLDOL]DGD SDUD R GHYLGR
GLPHQVLRQDPHQWRGRVFRQHFWRUHVHGDVSODFDV
GHUHYHVWLPHQWRDRHVIRUoRGHFLVDOKDPHQWRTXH
VXUJHQDLQWHUIDFHHVWUXWXUDGHDoRUHYHVWLPHQWR
(VWUXWXUDVGHFREHUWXUDV

D 9LJDVELDSRLDGDV E 9LJDVFRQWtQXDV
)LJXUD   9LJDV GH HQWUHSLVR

1RHQWDQWRDFRQVLGHUDomRGRYLJDPHQWR
FRQWtQXRPRVWUDVHWDPEpPFRPRXPDERDDOWHU
QDWLYDSDUDRVLVWHPD/6)2VHQWUHSLVRVFRP
YLJDPHQWRFRQWtQXRDSUHVHQWDPPRPHQWRVSRVL
WLYRVEHPLQIHULRUHVDRVREVHUYDGRVQRVVLVWH
PDVFRPYLJDPHQWRELDSRLDGRVHQGRSRVVtYHO
UHGX]LURVXEVWDQFLDOPHQWHRFRQVXPRGHDoR
'LDIUDJPDVKRUL]RQWDLV

1R 0DQXDO GH$UTXLWHWXUD GR &%&$ VmR


DSUHVHQWDGRVRVSULQFLSDLVFRQFHLWRVTXDQWRjV
FREHUWXUDVSDUDR/6)GHVWDFDQGRVHRVWLSRVH
VLVWHPDVPDLVXWLOL]DGRV FREHUWXUDVSODQDVHLQ
FOLQDGDV FREHUWXUDVHVWUXWXUDGDVFRPFDLEURVH
YLJDVHFREHUWXUDVHVWUXWXUDGDVFRPWHVRXUDVH
WUHOLoDV6mRDSUHVHQWDGRVGHWDOKHVGHPRQWD
JHPHGLYHUVRVFRQFHLWRVUHODWLYRVjVVROXo}HV
HVWUXWXUDLVDGRWDGDV
$ILJXUDDSUHVHQWDXPHVTXHPDVREUH
DFREHUWXUDSODQDHP/6)$ILJXUDDSUH
VHQWDRVGHWDOKHVGH XPDFREHUWXUDLQFOLQDGD
HVWUXWXUDGDFRPFDLEURVHDILJXUDDSUHVHQ
WDXPHVTXHPDJOREDOGHXPWHOKDGRHVWUXWXUDGR
FRPWHVRXUDVFRPFREHUWXUDHPWHOKDVGHDoR

7DQWRRVSLVRVVHFRVTXDQWRRV~PLGRVSR
GHPSRVVXLUDFDSDFLGDGHGHUHVWULQJLURVGHV
ORFDPHQWRVUHODWLYRVQDKRUL]RQWDOHQWUHDVYLJDV
GHHQWUHSLVR1RFDVRGRVSLVRV~PLGRVDI{UPD
GHDoRJDOYDQL]DGRpQHFHVVDULDPHQWHIL[DGDjV
YLJDVHPWRGRRSHUtPHWURGRSDLQHOKRUL]RQWDO2
FRQMXQWRI{UPDFRQFUHWRIRUPDXPGLDIUDJPDUt
JLGRID]HQGRFRPTXHWRGRRSDLQHOGHYLJDVWH
QKDDSHQDVPRYLPHQWRGHFRUSRUtJLGRQRSODQR
)LJXUD   &REHUWXUD SODQD HP /LJKW 6WHHO )UDPLQJ
)RQWH0DQXDOGH$UTXLWHWXUDGR&%&$ 



)LJXUD   'HWDOKH GR EHLUDO GH WHOKDGR )RQWH 0DQXDO GH
$UTXLWHWXUDGR&%&$ 

)LJXUD   7HOKDGR WtSLFR HVWUXWXUDGR FRP FDLEUR


)RQWH0DQXDOGH$UTXLWHWXUDGR&%&$ 

)LJXUD   7HOKDGR HVWUXWXUDGR FRP WHVRXUDV FRP


FREHUWXUD HP WHOKDV GH DoR
)RQWH0DQXDOGH$UTXLWHWXUDGR&%&$ 

$ILJXUDDSUHVHQWDRVHOHPHQWRVSULQ
FLSDLVGHXPDWHVRXUDGRWLSR+RZHHDILJXUD
DSUHVHQWDRVGHWDOKHVGREHLUDOGHWHOKDGR

)LJXUD   (OHPHQWRV GH XPD WHVRXUD )RQWH 0DQXDO GH


$UTXLWHWXUDGR&%&$ 

$HVFROKDGHXPDVGHVVDVVROXo}HVHVWUX
WXUDLV SDUD VH PDWHULDOL]DU D FREHUWXUD GD
HGLILFDomRGHSHQGHGH GLYHUVRVIDWRUHVHQWUH
HOHVDGLPHQVmRGRYmRDFREULUFDUUHJDPHQWRV
TXHVW}HVHFRQ{PLFDVH[LJrQFLDVGDDUTXLWHWX
UDHWF
&RPRSRGHVHGHSUHHQGHUGDVILJXUDV
DDPDLRULDGRVHOHPHQWRVHVWUXWXUDLVHGH
FRPSRVLomRGDHVWUXWXUDGRWHOKDGRHP/6)p
IDEULFDGDFRPSHUILV8H2VSHUILV8VLPSOHVVmR
HPSUHJDGRVFRPRJXLDVGHHQFDEHoDPHQWRGRV
SDLQpLVGRWHOKDGR VDQHIDILJXUD HFRPR
EDUUDVGRVLVWHPDGHFRQWUDYHQWDPHQWR
3DUDRGLPHQVLRQDPHQWRGDVYLJDVGDFR
EHUWXUDSODQDHGRVEDQ]RVVXSHULRUHV FDLEURV 
GDHVWUXWXUDGDFREHUWXUDLQFOLQDGDDSOLFDPVHDV
PHVPDVUHFRPHQGDo}HVDSUHVHQWDGDVQRLWHP

2VHOHPHQWRVGHXPDWUHOLoDRXWHVRXUD
TXDOTXHU TXH VHMD VXD WLSRORJLD GHYHP VHU
GLPHQVLRQDGRVjFRPSUHVVmRHjWUDomRDWXDQ
GRLVRODGDPHQWH6HILFDUFDUDFWHUL]DGRTXHDOL
JDomRHQWUHDVEDUUDVSRGHVHUFODVVLILFDGDFRP
UtJLGD UHFRPHQGDVH TXH RV SHUILV VHMDP
GLPHQVLRQDGRVjIOH[RFRPSUHVVmRRXjIOH[RWUD
omRFRPRDSOLFiYHO
(PWRGDV DVVROXo}HV HVWUXWXUDLVSDUD D


'LUHWUL]HVSDUDRSURMHWRHVWUXWXUDO
FREHUWXUDGHYHVHUJDUDQWLGRRHIHLWRGLDIUDJPD
YLVDQGRDHVWDELOLGDGHJOREDOGRVLVWHPD
(VWHHIHLWRSRGHVHUREWLGRFRPRHPSUH
JRGHILWDVGHDoRJDOYDQL]DGRLQVWDODGDVQRSOD
QRGRHQJUDGDPHQWRPHWiOLFR FDLEURVWHUoDVH
ULSDV QDIRUPDGH9;RX.RXSRGHVHU
REWLGRFRPRHPSUHJRGHSODFDVHVWUXWXUDLVGH
26%SRUH[HPSOR(VWHPDWHULDOSRVVXLERDVSUR
SULHGDGHVPHFkQLFDVTXHSRGHPFRQIHULUDRVSD
LQpLVGDFREHUWXUDDFDSDFLGDGHGHUHVLVWLUDRV
HVIRUoRVKRUL]RQWDLVFRPRRVSURYHQLHQWHVGH
YHQWRVHVLVPRV



&DStWXOR
)XQGDPHQWRVGRVSHUILV
IRUPDGRVDIULR



)XQGDPHQWRVGRVSHUILVIRUPDGRVDIULR 
,QWURGXomR
(VWHFDStWXORWHPFRPRREMHWLYRSULQFLSDO
DSUHVHQWDUGHIRUPDVXFLQWDRVIXQGDPHQWRVGR
FRPSRUWDPHQWRHGRFiOFXORGDUHVLVWrQFLDGH
HOHPHQWRVHVWUXWXUDLVREWLGRVSRUFRQIRUPDomR
DIULRGHFKDSDILQDGHDoR
4XDQWRDRSURFHVVRGHIDEULFDomRRV3))
SDUDRVLVWHPD/6)GHYHPVHUREWLGRVSRUFRQ
IRUPDomR FRQWtQXD HP FRQMXQWR GH PDWUL]HV
URWDWLYDVDSDUWLUGHERELQDVODPLQDGDVDIULRRX
D TXHQWH FRP UHYHVWLPHQWR PHWiOLFR VHQGR
DPEDVDVRSHUDo}HVUHDOL]DGDVFRPRDoRHP
WHPSHUDWXUDDPELHQWH
2V3))WrPKRMHVXDXWLOL]DomRHPIDVHGH
UiSLGRFUHVFLPHQWRQR%UDVLO7DOGLIXVmRVHGHYH
jGLYHUVLGDGHGHDSOLFDo}HVDSUHVHQWDGDVSHOR
SURGXWRILQDOTXHVHREWpPDSDUWLUGDFRQIRUPD
omRGHFKDSDVILQDVSRGHQGRREWHUFRQFHSo}HV
HVWUXWXUDLV HVEHOWDV HHILFLHQWHV SDUD XVR QDV
HGLILFDo}HVFRPDVPDLVGLYHUVDVDSOLFDo}HVWDLV
FRPR FREHUWXUDV GH JDOS}HV HP JHUDO
HGLILFDo}HV UHVLGHQFLDLV I{UPDV SDUD
FRQFUHWDJHP DQGDLPHV H HVFRUDPHQWRV
GHIHQVDVURGRYLiULDVHOHPHQWRVGHIL[DomRGH
WDSDPHQWRVODWHUDLVGHJDOS}HVSURGXWRVSDUDR
VHWRUDJURSHFXiULR FHUFDVSRUWHLUDVHVWiEXORV
HWF DUPDo}HVSDUDIRUURHVWUXWXUDSDUDVLVWH
PDVFRQVWUXWLYRVHP/6)HSDLQpLVGHIHFKDPHQWR
HPJHVVRDFDUWRQDGR WLSR'U\:DOO HVWXIDV
SDUDSODQWDVKDQJDUHVJLQiVLRVSROLHVSRUWLYRV
HDXGLWyULRVFREHUWXUDGHSRVWRVGHDEDVWHFLPHQ
WRSRQWLOK}HVGHDoRHJXDUGDFRUSRHDLQGDVmR
HPSUHJDGRV HP HVWUXWXUDV GH FDUURFHULDV GH
{QLEXVHFDPLQK}HV

PDVGHVHo}HVWUDQVYHUVDLV ILJXUD eSRVVt


YHODIDEULFDomRGHSHUILVFRPVHomRWUDQVYHUVDO
GRWLSR88HQULMHFLGR==HQULMHFLGRFDUWROD
WXEXODUHWFRTXHSRGHVHUUHDOL]DGRDWpPHVPR
HPIiEULFDVGHPHQRUSRUWH
$FRQIRUPDomRDIULRGDVFKDSDVILQDVDOWH
UDDVSURSULHGDGHVPHFkQLFDVGRDoR3URYRFD
VHXPDHOHYDomRGDUHVLVWrQFLDDRHVFRDPHQWR
HDUHGXomRGDGXFWLOLGDGHGRPDWHULDOVHQGR
HVWHVHIHLWRVFRQFHQWUDGRVQDVUHJL}HVYL]LQKDV
DRVFDQWRVGREUDGRVRXGLVWULEXtGRVDRORQJRGRV
HOHPHQWRVTXHFRQVWLWXHPDVHomRWUDQVYHUVDOGR
SHUILOGHSHQGHQGRGRSURFHVVRGHFRQIRUPDomR
XWLOL]DGR2XWURHIHLWRRULXQGRGDGREUDJHPDIULR
pRDSDUHFLPHQWRGDVWHQV}HVUHVLGXDLVQRVHOH
PHQWRVGRSHUILOFXMDGLVWULEXLomRHLQWHQVLGDGH
WDPEpPGHSHQGHPGRSURFHVVRGHFRQIRUPD
omR
2XWUDSDUWLFXODULGDGHGRV3))HVWiUHODFL
RQDGDDRPHOKRUDSURYHLWDPHQWRGRVSHUILVWRU
QDQGRRVPDLVOHYHVHHFRQ{PLFRV3DUDLVWR
SURFXUDVHDXPHQWDUDUHODomRODUJXUDHVSHVVX
UD GH VHXV HOHPHQWRV OHYDQGR D FRQFHSo}HV
FDGDYH]PDLVHVEHOWDV2VSHUILVDVVLPREWLGRV
WrPVHXVHOHPHQWRVFRPPDLRUVXVFHSWLELOLGDGH
jIODPEDJHPORFDOQmRUHSUHVHQWDQGRWDOIHQ{
PHQRXPFRODSVRHVWUXWXUDOGRHOHPHQWRPDVXPD
UHGXomRJUDGDWLYDSULQFLSDOPHQWHGHVXDULJLGH]
D[LDOHGHIOH[mR6DEHVHTXHDVFKDSDVHVEHO
WDVDSUHVHQWDPFRPSRUWDPHQWRSyVFUtWLFRHVWi
YHOFRPUHVLVWrQFLDSyVFUtWLFDTXHGHYHVHUOH
YDGDHPFRQWDQRSURMHWR

8PDSDUWLFXODULGDGHGRV3))pDVXDFRQ
FHSomRFDGDYH]PDLVHVEHOWDDWUDYpVGDFRQ
IRUPDomR D IULR GH FKDSDV FRP HVSHVVXUDV D
SDUWLUGHPPSDUDRVLVWHPD/6)SRGHQGR
FRPLVWRUHSUHVHQWDUXPDHFRQRPLDQDFRQVWUX
omRPHWiOLFDOHYH
2VGLYHUVRVHPSUHJRVDFLPDPHQFLRQDGRV
VmRSRVVtYHLVGHYLGRjJUDQGHYDULHGDGHGDVIRU
)LJXUD   $OJXQV WLSRV GH VHo}HV WUDQVYHUVDLV



  3ULQFtSLRV GR FRPSRUWDPHQWR GH


EDUUDVFRPHOHPHQWRVHVEHOWRV

2SUHVHQWHFDStWXORWHPSRUREMHWLYRDSUH
VHQWDUGHIRUPDVXFLQWDRHVWXGRGRFRPSRUWD
PHQWRHGDUHVLVWrQFLDGDVEDUUDVFRQVWLWXtGDV
SRU 3)) FRP HOHPHQWRV HVEHOWRV
FRQFHLWXDOPHQWHWDPEpPUHIHULGRVQRWH[WRFRPR
FKDSDVHVEHOWDV3DUDLVWRVmRDERUGDGRVLQLFL
DOPHQWHRVSUREOHPDVGDLQVWDELOLGDGHGDVFKD
SDVLVRODGDVHGDVVHo}HVFRPHOHPHQWRVHV
EHOWRVDVVXPLGRVFRPRXPDDVVRFLDomRGHFKD
SDV$VHJXLUDSUHVHQWDVHDIRUPXODomRSDUDR
WUDWDPHQWRGRFRPSRUWDPHQWRSyVFUtWLFRDWpR
FRODSVRGRVHOHPHQWRVHVEHOWRV
,QWURGXomR
$V EDUUDV TXH FRQVWLWXHP XPD HVWUXWXUD
WUHOLoDGDRX DSRUWLFDGDTXDQGR VXEPHWLGDVj
FRPSUHVVmRGHYHPVHUHVWXGDGDVFRQVLGHUDQ
GRVHDWHRULDGHYLJDFROXQD6HRVSHUILVGHDoR
TXHFRQVWLWXHPHVWDVEDUUDVVmRREWLGRVSRUFRQ
IRUPDomRDIULRVHQGRHQWmRFRQVWLWXtGRVSRUFKD
SDVILQDVGHDoRDSUHVHQWDPHPUHODomRDRV
SHUILVWUDGLFLRQDLVXPDPRGLILFDomRHPVHXFRP
SRUWDPHQWRHVWUXWXUDO
8PDYH]TXHHOHPHQWRVLQGLYLGXDLVGHSHU
ILVIRUPDGRVDIULRWrPXVXDOPHQWHHVSHVVXUDV
WmRSHTXHQDVFRPUHODomRjVXDODUJXUDHVWHV
HOHPHQWRVHVEHOWRVSRGHPIODPEDUHPQtYHLVGH
WHQV}HVPHQRUHVTXHDTXHOHFRUUHVSRQGHQWHj
UHVLVWrQFLDDRHVFRDPHQWRGRPDWHULDOTXDQGR
VXMHLWRVjFRPSUHVVmRFLVDOKDPHQWRIOH[mRRX
XPDLQWHUDomRHQWUHRVPHVPRV$IODPEDJHP
ORFDOGHFDGDHOHPHQWRpSRUWDQWRXPDGDVPDLV
LPSRUWDQWHV FRQVLGHUDo}HV GH SURMHWR FRP RV
SHUILVIRUPDGRVDIULR
6DEHVHWDPEpPTXHRHOHPHQWRHVEHOWR
QmRLUiQHFHVVDULDPHQWHHQWUDUHPFRODSVRTXDQ
GRVXDWHQVmRGHIODPEDJHPIRUDOFDQoDGDHTXH
HOHJHUDOPHQWHSRGHFRQWLQXDUVXSRUWDQGRFDUJDV
DGLFLRQDLV DOpP GDTXHOD FRUUHVSRQGHQWH DR
VXUJLPHQWRGDIODPEDJHPORFDO,VWRpRVHOHPHQ

WRVHVEHOWRVDSUHVHQWDPXPFRPSRUWDPHQWRSyV
FUtWLFRHVWiYHODQWHVGRFRODSVRLQGLFDQGRXPD
UHVHUYDGHUHVLVWrQFLDRTXHFRQGX]DYDORUHV
GH FDUJD ~OWLPD VXSHULRUHV j FDUJD FUtWLFD GH
IODPEDJHPORFDO
$OpP GRV HIHLWRV GHYLGRV DRV PRGRV GH
IODPEDJHPORFDOGHFKDSDRXGHIODPEDJHPSRU
GLVWRUomR QRV 3)) SRGH DLQGD RFRUUHU D
LQWHUDomRHQWUHXPGHVVHVPRGRVHXPGRVPR
GRV JOREDLV GH XPD EDUUD FRPSULPLGD
IODPEDJHPSRUIOH[mRWRUomRRXIOH[RWRUomR 
(VWDLQWHUDomRFRQGX]DXPDUHGXomRGDFDSDFL
GDGHSRUWDQWHGDEDUUDSRGHQGRDUXtQDRFRUUHU
SRUFRODSVRV~ELWRGDSHoDLQGLFDQGRXPFRP
SRUWDPHQWRSyVFUtWLFRLQVWiYHO$VHQVLELOLGDGHD
HVWHWLSRGHFRODSVRGHSHQGHGDUHODomRHQWUH
DVFDUJDVGHIODPEDJHPORFDOHJOREDOGDEDUUD
HDLQGDGDIRUPDHDPSOLWXGHGHVXDVLPSHUIHL
o}HVJHRPpWULFDVLQLFLDLV'HVWDIRUPDWRUQDVH
QHFHVViULRRFRQKHFLPHQWRGRFRPSRUWDPHQWR
GDVFKDSDVHVEHOWDVHPIXQomRGHVXDVUHODo}HV
HQWUHODUJXUDHHVSHVVXUD
2FRPSRUWDPHQWRSyVFUtWLFRGDVFKDSDV
HVEHOWDVpHVWiYHOSHUPDQHFHQGRWDLVHOHPHQ
WRVFRPFDSDFLGDGHSRUWDQWHPHVPRDSyVVHU
DWLQJLGDVXDFDUJDFUtWLFDFDUDFWHUL]DQGRXPD
UHVHUYDGHUHVLVWrQFLDSyVIODPEDJHP2WUDWD
PHQWRPDWHPiWLFRGHVWHIHQ{PHQRpPXLWRWUD
EDOKRVRGHYLGRjFRPSOH[LGDGHGRSUREOHPD
8PDSUHYLVmRWHyULFDGRFRPSRUWDPHQWRSyVFUt
WLFRSRGHVHUHQFRQWUDGDDSDUWLUGRFULWpULRGDV
ODUJXUDVHIHWLYDVHPYH]GHVHXWLOL]DUDVVROX
o}HVREWLGDVSRUPpWRGRVQXPpULFRVWDLVFRPR
R0pWRGRGRV(OHPHQWRV)LQLWRV 0() HR0p
WRGRGDV)DL[DV)LQLWDV 0)) 1RHQWDQWRGH
YHPVHUWRPDGDVDVGHYLGDVSUHFDXo}HVTXDQWR
DXWLOL]DomRGRFULWpULRGDVODUJXUDVHIHWLYDVGH
YLGRjVOLPLWDo}HVGRPpWRGR
'HILQLo}HV
6HJXLQGR DV SUHVFULo}HV GD$%17 1%5
VmRDGRWDGDVQHVWHWUDEDOKRDVVH
JXLQWHVGHILQLo}HV YHUILJXUD 



)XQGDPHQWRVGRVSHUILVIRUPDGRVDIULR 
(OHPHQWR3DUWHFRQVWLWXLQWHGHXPSHUILO
IRUPDGRDIULRPHVDDOPDHQULMHFHGRUHWF
(OHPHQWRFRPERUGDVYLQFXODGDV>HOH
PHQWR$$@(OHPHQWRSODQRFRPDVGXDV
ERUGDVYLQFXODGDVDRXWURVHOHPHQWRVQDGL
UHomRORQJLWXGLQDOGRSHUILO
 (OHPHQWR FRP ERUGD OLYUH >HOHPHQWR
$/@ (OHPHQWRSODQRYLQFXODGRDRXWURHOH
PHQWRHPDSHQDVXPDERUGDQDGLUHomR
ORQJLWXGLQDOGRSHUILO

2FRHILFLHQWHGHIODPEDJHP NHVWiDVVR
FLDGRjJHRPHWULDHjVFRQGLo}HVGHH[WUHPLGD
GHVGDFKDSD3DUDRFDVRGHFKDSDVLVRODGDV
VLPSOHVPHQWHDSRLDGDVQDVTXDWURERUGDV HOH
PHQWR$$ HOHpH[SUHVVRSRU

 
2QGH
DpRFRPSULPHQWRGDFKDSD
PpRQ~PHURGHPHLDVRQGDVTXHVHIRU
PDPQRVHQWLGRORQJLWXGLQDO GLUHomR[ GD
FKDSD

)LJXUD   ,OXVWUDomR GRV WLSRV GH HOHPHQWRV FRPSRQHQ


WHV GH SHUILV IRUPDGRV D IULR

,QVWDELOLGDGHGHFKDSDVLVRODGDV
UHWDQJXODUHV
3DUDXPDFKDSDLVRODGDSHUIHLWDHVXEPH
WLGD j FRPSUHVVmR XQLIRUPH FRQIRUPH
HVTXHPDWL]D D ILJXUD  D WHQVmR FUtWLFD GH
IODPEDJHPORFDO FUpGHWHUPLQDGDDWUDYpVGD
HTXDomR

 
2QGH
(pRPyGXORGHHODVWLFLGDGHORQJLWXGLQDO
GRPDWHULDO

N pRFRHILFLHQWHGHIODPEDJHPGDFKDSD
WpDHVSHVVXUDGDFKDSD

Y pRFRHILFLHQWHGH3RLVVRQ
EpDODUJXUDGDFKDSD


)LJXUD   &KDSD LVRODGD VLPSOHVPHQWH DSRLDGD VXEPHWL


GD j FRPSUHVVmR XQLIRUPH

3RGHVHYHULILFDUTXHDWHQVmRFUtWLFDGD
FKDSDLVRODGDpIXQomRQmRVyGDVFRQGLo}HVGH
ERUGDPDVWDPEpPGDVXDJHRPHWULD9DORUHV
GLIHUHQWHVSDUD N VmRREWLGRVYDULDQGRRQXPHUR
GHPHLDVRQGDVVHQRLGDLVPSDUWLQGRGRSUHV
VXSRVWRGHTXHDFKDSDLUiIODPEDUVHJXQGRXPD
RXYiULDVPHLDVRQGDVVHQRLGDLVQDGLUHomRGD
FRPSUHVVmRHDSHQDVXPDPHLDRQGDQDGLUH
omRSHUSHQGLFXODUFRQIRUPHLOXVWUDDILJXUD
$ILJXUDDSUHVHQWDGHIRUPDJUiILFDDV
VROXo}HVTXHVmRREWLGDVFRPDHTXDomR
SDUDRFDVRGHFKDSDVWHQGRDVTXDWURERUGDV
VLPSOHVPHQWHDSRLDGDV$SDUWLUGHVWDVFXUYDV
SRGHVHGHWHUPLQDUDFDUJDFUtWLFDHRQ~PHUR
GHPHLDVRQGDVSDUDXPYDORUGDUHODomRDEGD
FKDSD3DUDYDORUHVLQWHLURVGDVUHODo}HVDED
ILJXUDDSUHVHQWDXPYDORUPtQLPRGH NLJXDO

D&RQVLGHUDQGRTXHSRGHVHUGHVSUH]DGDD
YDULDomRGH N SDUDFKDSDVFRPFRPSULPHQWRVX
SHULRUDTXDWURYH]HVVXDODUJXUDSRGHVHDGPL
WLUSDUDWDLVFKDSDVXPFRHILFLHQWHGHIODPEDJHP
LJXDOD3DUDFKDSDVFXUWDVRQGHDVUHODo}HV
DEVmRLQIHULRUHVDWRUQDVHQHFHVViULROHYDU
HPFRQWDFRHILFLHQWHVGHIODPEDJHP NPDLRUHV
TXH

)LJXUD   0RGR GH LQVWDELOLGDGH GD FKDSD GD ILJXUD 

)LJXUD   &RHILFLHQWH GH IODPEDJHP NSDUD D FKDSD GD


ILJXUD 

6HDFKDSDLVRODGDIRUVLPSOHVPHQWHDSRL
DGDHPWUrVERUGDVHWLYHUOLYUHXPDGDVERUGDV
SDUDOHODVjGLUHomRGDFRPSUHVVmRXQLIRUPHDSOL
FDGD HOHPHQWRWLSR$/ HODDSUHVHQWDUiRPRGR
GH LQVWDELOLGDGH FRP DSHQDV XPD PHLD RQGD
VHQRLGDOVHQGRP 3DUDHVWDFKDSDKiXPD
VHQVtYHOUHGXomRGRFRHILFLHQWHGHIODPEDJHPN
FRPRDXPHQWRGRVYDORUHVGDVUHODo}HVJHR
PpWULFDVDE3DUDRVFDVRVXVXDLVQRVTXDLVDV
UHODo}HV DE DSUHVHQWDPVH PDLRUHV TXH 
SRGHVHDVVXPLUTXHN 

3DUDDVGHPDLVFRQGLo}HVGHH[WUHPLGDGH
GDFKDSDHRVGLIHUHQWHVWLSRVGHFDUUHJDPHQ
WRVSRGHVHREWHURVYDORUHVFRUUHVSRQGHQWHVGH
N DWUDYpVGHSHVTXLVDHPELEOLRJUDILDHVSHFL
DOL]DGD
,QVWDELOLGDGHGHVHo}HVFRPHOH
PHQWRVHVEHOWRV

2IHQ{PHQRGDIODPEDJHPORFDOVXUJHHP
SHUILVGHDoRFRPHOHPHQWRVHVEHOWRVVROLFLWD
GRVjFRPSUHVVmRVHJXQGRVHXHL[RORQJLWXGL
QDOGHYLGRjLQVWDELOLGDGHGHXPRXPDLVHOHPHQ
WRVTXHFRPS}HPVXDVHomRWUDQVYHUVDO2WUDWD
PHQWRPDLVUHDOtVWLFRGHVWHFRPSRUWDPHQWRVH
ID]GHPRGRDQiORJRDRGDFKDSDLVRODGDWHQ
GRQRHQWDQWRTXHVHOHYDUHPFRQWDDLQWHUDomR
HQWUHRVHOHPHQWRVYL]LQKRV(VWDLQWHUDomRDFRQ
WHFHSRUTXHFDGDHOHPHQWRTXHIRUPDDVHomR
DSUHVHQWDSDUDDFRQGLomRGHH[WUHPLGDGHXP
HQJDVWDPHQWRHOiVWLFRQRHOHPHQWRYL]LQKRFXMR
FRHILFLHQWHGHULJLGH]pIXQomRGDVGLPHQV}HV
GHVWH~OWLPR
6HRSHUILOFRQVWLWXLUXPSLODUFXUWRHOHHVWD
UiVXMHLWRDSHQDVDIODPEDJHPORFDOVHPDRFRU
UrQFLDGRVPRGRVGHLQVWDELOLGDGHGHIOH[mRRX
GHIOH[RWRUomR4XDQGRRSHUILOHVWiVXMHLWRDSH
QDVjIODPEDJHPORFDODVDUHVWDVFRPXQVHQWUH
RVHOHPHQWRVSHUPDQHFHPUHWDVRVkQJXORVHQ
WUHRVHOHPHQWRVDGMDFHQWHVGRSHUILOSHUPDQH
FHPFRPVHXVYDORUHVLQYDULiYHLVHRVHOHPHQ
WRVIODPEDPVHJXQGRXPDVXFHVVmRGHPHLDV
RQGDVVHQRLGDLVGHFRPSULPHQWRVLJXDLV
$OpPGHIODPEDJHPORFDOGRVHOHPHQWRVGR
SLODUFXUWRFRPHOHPHQWRVHVEHOWRVGHYHVHOH
YDUHPFRQWDDSRVVLELOLGDGHGDRFRUUrQFLDGD
LQVWDELOLGDGH SRU GLVWRUomR TXH SRGH RFRUUHU
SDUDQtYHLVGHFDUJDPHQRUHVTXHDTXHOHVFRU
UHVSRQGHQWHVjIODPEDJHPORFDO
$ILJXUDDSUHVHQWDHVTXHPDWLFDPHQWH
DOJXQVFDVRVGHIODPEDJHPORFDOHGHIODPEDJHP
SRUGLVWRUomRHPSHUILVFRPVHomRHP8HQULMHFLGR
HPRVWUDDQRWDomRHDQRPHQFODWXUDXWLOL]DGDV



)XQGDPHQWRVGRVSHUILVIRUPDGRVDIULR 
QHVWHFDStWXORSDUDDVODUJXUDVGHFiOFXORGRVHOH
PHQWRVGDVHomR
$ILJXUDDSUHVHQWDRPRGRGHLQVWDELOL
GDGHORFDOTXHVHGHVHQYROYHHPXPSLODUFRP
VHomRWUDQVYHUVDOHP8REVHUYDQGRVHDIRUPD
omRGHPHLDVRQGDVVHQRLGDLVGHFRPSULPHQWR
V QRVHQWLGRORQJLWXGLQDOGRSHUILO

$SUREDELOLGDGHGHRFRUUHUIODPEDJHPOR
FDOGHFKDSDRXGLVWRUFLRQDOGHSHQGHGDIRUPDH
GDV GLPHQV}HV GRV HOHPHQWRV TXH IRUPDP D
VHomRWUDQVYHUVDOGRSHUILO$VVLPpTXHGHSHQ
GHQGRGHVXDJHRPHWULDHGLPHQV}HVXPSHUILO
8HSRUH[HPSORSRGHDSUHVHQWDUGLVWRUomRGH
WRGDDVHomRWUDQVYHUVDORXIODPEDJHPORFDOLQL
FLDGDSHODLQVWDELOLGDGHGDVPHVDVRXGDDOPD
6DEHVHTXHQXPSHUILOGHVWHWLSRDUHVLV
WrQFLDjIODPEDJHPORFDOSRGHVHUDXPHQWDGD
FRPDLQWURGXomRGRVHQULMHFHGRUHVQDVERUGDV
DQWHVOLYUHV GHVXDVDOPDVDVTXDLVVmRSRULVWR
FRQVLGHUDGDV DVVLPFRPRDPHVD FRPRFKD
SDVFRPDPEDVDVERUGDVSDUDOHODVjGLUHomR
GD FDUJD DSOLFDGD FRPR HODVWLFDPHQWH
HQJDVWDGDV

D  )ODPEDJHP ORFDO

E  'LVWRUomR
)LJXUD   0RGRV ORFDLV GH IODPEDJHP GH VHo}HV FRP
HOHPHQWRV HVEHOWRV

)LJXUD   0RGR GH LQVWDELOLGDGH GRV HOHPHQWRV GH XP


SLODU FRP VHomR 8 GH HOHPHQWRV HVEHOWRV



'HSHQGHQGR GH VXDV GLPHQV}HV R


HQULMHFHGRUSRGHQmRVHUHILFLHQWHLVWRpVXDLQV
WDELOLGDGHSRGHRFRUUHUDQWHVGDLQVWDELOLGDGH
GRVGHPDLVHOHPHQWRVSUHFLSLWDQGRDIODPEDJHP
ORFDOGDVHomR
3RUPHLRGHHVWXGRVQXPpULFRVXWLOL]DQGR
R0))IRUDPGHWHUPLQDGRVDVWHQV}HVFUtWLFDV
GHELIXUFDomRHRVUHVSHFWLYRVPRGRVGHLQVWD
ELOLGDGH GH SLODUHV YLJDV H YLJDVSLODUHV FRP
VHo}HVWUDQVYHUVDLVGRWLSR8HH6VHQGRRVUH
VXOWDGRVDSUHVHQWDGRVSRUPHLRGHGLDJUDPDV
&RHILFLHQWHGHIODPEDJHP N ;UHODomRHQWUHR
FRPSULPHQWRGRSHUILOHDODUJXUDGHVXDDOPD D
EQDVILJXUDVH 'HSHQGHQGRHQWmRGDV
GLPHQV}HVSHUILOSRGHVHYHULILFDUTXHTXDQGRD
ODUJXUD GRVHQULMHFHGRUHV p SHTXHQDD FXUYD
DSUHVHQWDWUrVPtQLPRVORFDLV SDUDYDORUHVGH
N HVWDQGRRSULPHLURDVVRFLDGRDXP0RGR/R
FDO GH 3ODFD 0/3  R VHJXQGR D XP 0RGR
'LVWRUFLRQDO 0'  GDV PHVDV DGMDFHQWHV DRV
HQULMHFHGRUHVHRWHUFHLURDXPPRGRGHVLJQDGR
SRU0RGR0LVWR 00 SRLVHQYROYHVLPXOWDQHD
PHQWHXPDWUDQVODomRGDVHomRWtSLFDGHXP
PRGRJOREDOHDGLVWRUomRGRVFRQMXQWRVDOPD
PHVDVHQULMHFHGRUHVWtSLFDGHXPPRGRORFDO2
~OWLPRUDPRGHVFHQGHQWHGDFXUYDFRUUHVSRQGHQ
WHDSLODUHVHVEHOWRVHVWiDVVRFLDGRjLQVWDELOL
GDGH*OREDOGR3LODUSRU)OH[mR 0*) 

3DUDXPPHOKRUFRQKHFLPHQWRGRIHQ{PH
QRGDGLVWRUomRGHYHVHUFRQVXOWDGDELEOLRJUDILD
HVSHFLDOL]DGD0HVPRVHQGRXPWHPDWUDWDGRVy
UHFHQWHPHQWHSRUDOJXPDVQRUPDVWpFQLFDVLQ
WHUQDFLRQDLVD$%171%5MiLQFOXL
HP VHX WH[WR DV SUHVFULo}HV GH FiOFXOR GD
IODPEDJHPSRU GLVWRUomRHP SHUILVGH VHo}HV
WUDQVYHUVDLV GR WLSR 8H FRP HQULMHFHGRUHV GH
ERUGDDGLFLRQDLV VHo}HVGRWLSRUDFNSRUH[HP
SOR HVHo}HVGRWLSR8HTXDQGRVXEPHWLGDVj
FRPSUHVVmRXQLIRUPH6mRWDPEpPDSUHVHQWD
GDVDVIRUPXODo}HVSDUDDVVHo}HVGRWLSR8HH
GRWLSR=HVXEPHWLGDVjIOH[mRHPUHODomRDR
HL[RSHUSHQGLFXODUjDOPDHVHo}HVGRWLSRFDU
WRODH8HTXDQGRVXEPHWLGDVjIOH[mRHPUHOD
omR DR HL[R SDUDOHOR j DOPD HVWDQGR RV
HQULMHFHGRUHVGHERUGDFRPSULPLGRV
&RP R REMHWLYR GH VLPSOLILFDU R
GLPHQVLRQDPHQWRD$%171%5FRQ
WpPDLQGDDOJXPDVLQIRUPDo}HV~WHLVSDUDTXH
VHMDP GLVSHQVDGDV DV YHULILFDo}HV GD
IODPEDJHPSRUGLVWRUomR
&RPSRUWDPHQWRSyVFUtWLFRGHHOH
PHQWRVHVEHOWRV0pWRGRGDODUJXUDHIHWLYD
$ DQiOLVH GR FRPSRUWDPHQWR SyVFUtWLFR
FRQGX]LGD DWUDYpV GDV HTXDo}HV GLIHUHQFLDLV
QmROLQHDUHVGHHTXLOtEULRpFRPSOH[DGHYHQGR
VH UHFRUUHU D PpWRGRV QXPpULFRV H
FRPSXWDFLRQDLV
3DUDVLPSOLILFDomRGRWUDWDPHQWRGDVFKD
SDVHVEHOWDVHPUHJLPHSyVFUtWLFRYRQ.DUPDQ
SURS{VRPpWRGRGDODUJXUDHIHWLYDTXHFRQVL
GHUDDUHGXomRGDULJLGH]GDFKDSDGHODUJXUD
LQLFLDOEDWUDYpVGHXPDFKDSDVXEVWLWXWDGHODU
JXUD HIHWLYD EH VHQGR EH  E (VWH FRQFHLWR p
HVTXHPDWLFDPHQWHDSUHVHQWDGRQDILJXUD

)LJXUD   'LVWULEXLomR QmROLQHDU GDV WHQV}HV H ODUJXUDV


HIHWLYDV GH XPD FKDSD VLPSOHVPHQWH DSRLDGD

3DUDDFKDSDDSUHVHQWDGDQDILJXUD
DQWHVGHVHUDWLQJLGDDVXDFDUJDFUtWLFDDGLVWUL
EXLomRGDVWHQV}HVORQJLWXGLQDLVLQWHUQDVDRORQ
JRGDODUJXUDGHVWDFKDSD WHQVmR QDGLUHomR
[ VHID]GHIRUPDXQLIRUPH$SDUWLUGRLQVWDQWH
HPTXHDFDUJDFUtWLFDpDWLQJLGDHVWDQGRDLQGD
HPHVWDGRGHVHUYLoRRFRUUHXPDUHGLVWULEXLomR
QmROLQHDU GDVWHQV}HVORQJLWXGLQDLVLQWHUQDVH
RDSDUHFLPHQWR VLPXOWkQHRGH GHVORFDPHQWRV
SHUSHQGLFXODUHVDRSODQRGDFKDSD3DUDYRQ
.DUPDQDWHQVmRFUtWLFDGDFKDSDIODPEDGDGH
ODUJXUDEH pLJXDOD HTXHpRYDORUGDWHQVmR
Pi[LPD PD[DWXDQGRDRORQJRGDVDUHVWDVSD
UDOHODVD[
$SDUWLUGHVWDFRQFHLWXDomRSRGHVHLQWUR
GX]LURFRQFHLWRGHHVEHOWH]UHODWLYDGDGRSHOD
HTXDomR
 
VHQGR SG DHVEHOWH]UHODWLYDGDFKDSDSHUIHLWD
HPHVWDGRGHVHUYLoRHRFiOFXORGDODUJXUD
HIHWLYDGHVWDFKDSDHIHWXDGRSHODHTXDomR
 



)XQGDPHQWRVGRVSHUILVIRUPDGRVDIULR 
6HJXQGRRFULWpULRGHYRQ.DUPDQUHIHUHQ
WHDRHVWXGRGDVFKDSDVHVEHOWDVQRHVWDGROLPL
WH~OWLPRSRGHVHDGPLWLUTXHRFRODSVRGDFKD
SDpDOFDQoDGRTXDQGRDWHQVmRPi[LPD HDWLQ
JHRYDORUGDUHVLVWrQFLDDRHVFRDPHQWRGRPD
WHULDO I\$SDUWLUGHVWDDSUR[LPDomRDLJXDOGDGH

WRPDDIRUPD
 

1HVWHFDVRRVHJXQGRPHPEURGDHTXDomR
HVWiDVVRFLDGRjHVEHOWH]UHODWLYDGDVHomR

1RHVWDGROLPLWH~OWLPRDIyUPXODGH:LQWHU
DSUHVHQWDH[FHOHQWHVUHVXOWDGRV1RHQWDQWRHVWD
IRUPXODomRQmRDSUHVHQWDUHVXOWDGRVVDWLVIDWyULRV
SDUDRFRPSRUWDPHQWRSyVFUtWLFRDQWHVGRFR
ODSVR0HVPRDVVLPSDUDRFiOFXORGRVGHVOR
FDPHQWRVWDOFRPRHVSHFLILFDPGLYHUVDVQRUPDV
WpFQLFDVSRGHVHXWLOL]DUDIyUPXODGH:LQWHUDSH
QDVWURFDQGRQDIyUPXOD S SRU SGFRQIRUPH
DSUHVHQWDDHTXDomRREWHQGRVHXPFRP
SRUWDPHQWRPXLWRIOH[tYHOGDFKDSDFRPSUHYLV}HV
WHyULFDVGHPDVLDGDPHQWHFRQVHUYDGRUDV
 

QRHVWDGROLPLWH~OWLPR S RXVHMD

 
'HVWDIRUPDQRLQVWDQWHGRFRODSVRGDFKDSD
WHPVHTXH
 
$IRUPXODomRGHYRQ.DUPDQpDSOLFiYHOjV
FKDSDVLGHDLVSHUIHLWDV HTXDo}HVH 
&RPUHODomRjVFKDSDVUHDLVGHYHVHFRQVLGH
UDUTXHHODVVmRSRUWDGRUDVGHGLYHUVDVLPSHU
IHLo}HVRULXQGDVJHUDOPHQWHGRVSURFHVVRVGH
IDEULFDomRDWpVHFKHJDUDRV3))1HVWHFDVR
KiVHPSUHXPDGLPLQXLomRGDFDUJD~OWLPDGD
FKDSDHDPDJQLWXGHGHVWDPLQRUDomRHVWiDV
VRFLDGDDRVQtYHLVGDVLPSHUIHLo}HVLQLFLDLV$
SDUWLUGHVWDVYHULILFDo}HVGLYHUVRVDXWRUHVSUR
SXVHUDPRXWUDVIyUPXODVSDUDRFiOFXORGDFDUJD
~OWLPDGHFKDSDVHVEHOWDVLPSHUIHLWDV

1ROLPLDUGDIODPEDJHPORFDOSDUDRTXDO
EH E=  GHWHUPLQDVH SDUD S R YDORU LJXDO D
VHQGRHQWmRHVWDHVEHOWH]UHODWLYDGHVLJ
QDGDGH  
2$PHULFDQ,URQDQG6WHHO,QVWLWXWH $,6, H
R(852&2'(DGRWDPDOpPGDH[SUHVVmRGH
:LQWHUIyUPXODVPDLVSUHFLVDVSDUDRFiOFXORGRV
GHVORFDPHQWRVHDVVLPUHSUHVHQWDURFRPSRUWD
PHQWRHPVHUYLoRGHFKDSDVHVEHOWDVFRPDV
GXDVERUGDVYLQFXODGDVDRXWURVHOHPHQWRVQD
GLUHomRORQJLWXGLQDOGRSHUILO
$ ILJXUD  DSUHVHQWD DV IRUPXODo}HV
DGRWDGDV SHOR$,6, $,6,   H SHOR
(852&2'( (&6 FRQVWDQGRDLQGDD
VROXomRGH:LQWHUDGDSWDGDSDUDDSUHYLVmRGR
FRPSRUWDPHQWRGDFKDSDHPUHJLPHSyVFUtWLFR

$IRUPXODomRPDLVGLIXQGLGDLQWHUQDFLRQDO
PHQWHHDGRWDGDHPGLYHUVDVQRUPDVWpFQLFDVp
DGH:LQWHUTXHIRLSURSRVWDSDUDRHVWDGROLPLWH
~OWLPRGHHVFRDPHQWRSRUFRPSUHVVmRGDFKD
SDFRQIRUPHHTXDomR

 
)LJXUD   &RPSDUDomR HQWUH DOJXPDV IRUPXODo}HV SDUD R
FiOFXOR GD ODUJXUD HIHWLYD



1RWHVHQDILJXUDTXHDVIRUPXODo}HV
GR$,6,HGR(852&2'(TXDQGRFRPSDUDGDV
FRPDGH:LQWHUDGDSWDGDDSUHVHQWDPPDLRUHV
UHVLVWrQFLDVHPUHJLPHSyVFUtWLFROHYDQGRSRU
WDQWRDRSURMHWRGHHVWUXWXUDVDLQGDPDLVOHYHV





&DStWXOR
3UHVFULo}HVGD$%17
1%5



3UHVFULo}HVGD$%171%5
2WH[WRGD$%171%5IXQGD
PHQWDGRQRPpWRGRGRVHVWDGRVOLPLWHVIRLHOD
ERUDGRFRPEDVHQDVSUHVFULo}HVGR$,6,
$,6, LQFOXLQGRDOJXPDVUHFRPHQGDo}HVH
SURFHGLPHQWRVGR(XURFRGH (&6 HGD
QRUPDDXVWUDOLDQD $61=6 SURFX
UDQGRVHPSUHHVWDEHOHFHUFRPSDWLELOLGDGHFRP
RXWUDVQRUPDVEUDVLOHLUDVUHODFLRQDGDVDRWHPD
2PpWRGRGRVHVWDGRVOLPLWHVEDVHLDVHQD
DSOLFDomRGHFRHILFLHQWHVGHVHJXUDQoDWDQWRjV
Do}HVQRPLQDLVTXDQWRjVUHVLVWrQFLDVQRPLQDLV
$SDUWLUGHFRPELQDo}HVGDVDo}HVGHFiOFXOR
GHWHUPLQDPVHRVHIHLWRVGHFiOFXORGDVDo}HV
TXHVmRFRPSDUDGRVFRPDVUHVLVWrQFLDVGHFiO
FXOR(VWHPpWRGRXWLOL]DXPSURFHVVRGHYHULIL
FDomRQRTXDODHVWUXWXUDpDQDOLVDGDHPYiULDV
VLWXDo}HVH[WUHPDVVXEGLYLGLGDVQRVHVWDGRVOL
PLWHV~OWLPRVHHVWDGRVOLPLWHVGHXWLOL]DomR
1RSUHVHQWHFDStWXORVmRDSUHVHQWDGDVH
FRPHQWDGDVDOJXPDVGDVSUHVFULo}HVGD$%17
1%5UHODFLRQDGDVFRPRVPRGRVGH
IODPEDJHPORFDOLQFOXLQGRRPRGRGLVWRUFLRQDO
GRVHOHPHQWRVGDVHomRWUDQVYHUVDOGRSHUILO
FRQVLGHUDGDVSHORDXWRUFRPRDVPDLVVLJQLILFD
WLYDV SDUD R FRQKHFLPHQWR GR IHQ{PHQR GD
IODPEDJHPORFDOHGHVXDLQWHUDomRFRPRVPR
GRVGHIODPEDJHPJOREDOGRV3))(VVDVSUHV
FULo}HVIRUDPXWLOL]DGDVQDVROXomRSDUFLDOGRV
H[HPSORVGHFiOFXORDSUHVHQWDGRVQRFDStWXOR
RTXHQmRGLVSHQVDDUHDOL]DomRGHRXWUDVYHULIL
FDo}HVFDEtYHLVHPFDGDFDVRWDLVFRPRHIHLWR
VKHDUODJEDUUDVVXMHLWDVDIRUoDVFRQFHQWUDGDV
VHP HQULMHFHGRUHV WUDQVYHUVDLV HIHLWR ZHE
FULSSOLQJ HGHVORFDPHQWRVOLPLWHVHQWUHRXWURV
6mRWDPEpPDSUHVHQWDGRVDSHQDVRVFUL
WpULRVSDUDRGLPHQVLRQDPHQWRGDVOLJDo}HVSD
UDIXVDGDVSUySULDVHPDLVXWLOL]DGDVSDUDRVLV
WHPD/6)



 9DORUHV Pi[LPR V UHFRPHQGDG RV


SDUDDUHODomRODUJXUDHVSHVVXUD

$UHODomRODUJXUDHVSHVVXUDGRVHOHPHQWRV
EW TXHUHSUHVHQWDVHXtQGLFHGHHVEHOWH]JHR
PpWULFDGHYHUHVSHLWDUOLPLWHVPi[LPRVDILPGH
QmR VH REWHUHP HOHPHQWRV H[FHVVLYDPHQWH
GHIRUPiYHLV(VWHVYDORUHVOLPLWHVGHEWVHUYHP
SDUDVHSUHYHQLUGHIRUPDo}HVH[FHVVLYDVGHYL
GDVjIODPEDJHPORFDOSURYRFDQGRRQGXODo}HV
YLVtYHLVHQmRGHVHMiYHLVQRVHOHPHQWRVGRVSHU
ILVPHVPRSDUDFDUJDVGHVHUYLoR
$WDEHODDSUHVHQWDRVYDORUHVPi[LPRV
UHFRPHQGDGRVSDUDDUHODomRODUJXUDHVSHVVX
UD GH XP HOHPHQWR GHVFRQVLGHUDQGR
HQULMHFHGRUHVLQWHUPHGLiULRVVHQGRWDHVSHV
VXUDGDFKDSDGHDoRTXHFRQVWLWXLRSHUILOVHP
RUHYHVWLPHQWRPHWiOLFR
$VGHILQLo}HVGRVHOHPHQWRVWLSRV$$H$/
VmRDSUHVHQWDGDVQRLWHP

0RGRGHIODPEDJHPORFDOGHFKDSD

$VROXomRGRSUREOHPDGRFRPSRUWDPHQWR
SyVFUtWLFRGHFKDSDVIRLSURSRVWDSRUYRQ.DUPDQ
HpUHSUHVHQWDGDSRUXPVLVWHPDGHHTXDo}HV
GLIHUHQFLDLVGHHTXLOtEULR9iULRVPpWRGRVSRGHP
VHUXWLOL]DGRVDILPGHVHREWHUVROXo}HVDSUR[L
PDGDVSDUDHVWHSUREOHPDFRPRRPpWRGRGDV
SHUWXUEDo}HVRPpWRGRGDVGLIHUHQoDVILQLWDVRX
DLQGDXPPpWRGRVHPLYDULDFLRQDO
$ FRPSOH[LGDGH GDV VROXo}HV EDVHDGDV
QRVPpWRGRVFLWDGRVDQWHULRUPHQWHFRQGX]LXDR
GHVHQYROYLPHQWRGHPpWRGRVVLPSOLILFDGRVSDUD
R WUDWDPHQWR GDV FKDSDV HVEHOWDV HP UHJLPH
SyVFUtWLFR'HQWUHHVWHVRGHJUDQGHDFHLWDomR
HDPSODPHQWHDGRWDGRSRUWRGDVDVQRUPDVWpF
QLFDVQDFLRQDOHLQWHUQDFLRQDLVpRPpWRGRGD
ODUJXUDHIHWLYDFRQIRUPHDSUHVHQWDGRHP

7DEHOD   9DORUHV Pi[LPRV UHFRPHQGDGRV


SDUDDUHODomRODUJXUDHVSHVVXUD
&DVRDVHUDQDOLVDGR

9DORUPi[LPRGD
UHODomRODUJXUD
HVSHVVXUD EW PD[

PHQWRVGDVHomRWUDQVYHUVDOTXHVHHQFRQWUHP
WRWDORXSDUFLDOPHQWHVXEPHWLGRVDWHQV}HVQRU
PDLVGHFRPSUHVVmRFRQIRUPHVHJXH
WRGRVRVHOHPHQWRVWLSR$$LQGLFDGRVQD
WDEHODHRVHOHPHQWRVWLSR$/LQGLFD
GRVQDWDEHODVHPLQYHUVmRQRVLQDOGD
WHQVmR  

(OHPHQWRFRPSULPLGR$$WHQGRXPD
ERUGDYLQFXODGDDDOPDRXPHVDHD
RXWUDDHQULMHFHGRUGHERUGDVLPSOHV
3DUDHYLWDUGHIRUPDo}HVH[FHVVLYDVGR
HOHPHQWRUHFRPHQGDVH EW PD[ 



(OHPHQWRFRPSULPLGR$$WHQGRXPD
ERUGDYLQFXODGDDDOPDHDRXWUDD
PHVDRXRXWURWLSRGHHQULMHFHGRUGH
ERUGDFRP,V,DH'EFRQIRUPH





HOHPHQWRV$/LQGLFDGRVQDWDEHODFRP
LQYHUVmRQRVLQDOGDWHQVmR  

$OPDGHSHUILV8QmRHQULMHFLGRVVXMHLWD
jFRPSUHVVmRXQLIRUPH



(OHPHQWRFRPSULPLGRFRPDPEDVDV
ERUGDVYLQFXODGDVDHOHPHQWRV$$3DUD
HYLWDUGHIRUPDo}HVH[FHVVLYDVGR
HOHPHQWRUHFRPHQGDVH EW  PD[ 

EHI EF S  S EF



EHI E S  S E

(OHPHQWRFRPSULPLGR$/RX$$FRP
HQULMHFHGRUGHERUGDWHQGR,V,DH
'EFRQIRUPH3DUDHYLWDU
'E
 FRQIRUPH  3DUD HYLWDU
GHIRUPDo}HVH[FHVVLYDVGRHOHPHQWR
UHFRPHQGDVH EW PD[ 



$OPDGHYLJDVVHPHQULMHFHGRUHV
WUDQVYHUVDLV



$OPDGHYLJDVFRPHQULMHFHGRUHV
WUDQVYHUVDLVDSHQDVQRVDSRLRVH
VDWLVID]HQGRDVH[LJrQFLDVGHGD
$%171%5



$OPDGHYLJDVFRPHQULMHFHGRUHV
WUDQVYHUVDLVQRVDSRLRVH
LQWHUPHGLiULRVVDWLVID]HQGRDV
H[LJrQFLDVGHGD$%171%5




(OHPHQWRVWLSR$$HWLSR$/
1RFiOFXORGDUHVLVWrQFLDGDVEDUUDVGHYH
VHUFRQVLGHUDGDDUHGXomRGHVXDUHVLVWrQFLD
GHYLGDjIODPEDJHPORFDOGHVHXVHOHPHQWRV
GHWHUPLQDQGRVHDVODUJXUDVHIHWLYDVEHIGRVHOH

 

6HQGREDODUJXUDGRHOHPHQWREFDODUJXUD
GD UHJLmR FRPSULPLGD GR HOHPHQWR FDOFXODGD
FRPEDVHQDVHomRHIHWLYDH S RtQGLFHGHHV
EHOWH]UHGX]LGRGRHOHPHQWRGHILQLGRFRPR

6HJXLQGRHVWDILORVRILDGHFiOFXORD$%17
1%5HVWDEHOHFHTXHQRFiOFXORGD
UHVLVWrQFLDHGRVGHVORFDPHQWRVGHSHUILVIRU
PDGRVSRUHOHPHQWRVHVEHOWRVDIODPEDJHPOR
FDOGHHOHPHQWRVWRWDOPHQWHRXSDUFLDOPHQWHFRP
SULPLGRVGHYHVHUFRQVLGHUDGDSRUPHLRGHODU
JXUDVHIHWLYDV

 

 

EHI EF SDUD S   


2QGHWpDHVSHVVXUDGRHOHPHQWRNpR
FRHILFLHQWHGHIODPEDJHPORFDODVHUFDOFXODGR
GHDFRUGRFRPDWDEHODSDUDHOHPHQWRV$$
RXGHDFRUGRFRPDWDEHODSDUDHOHPHQWRV
$/ pDWHQVmRQRUPDOGHFRPSUHVVmRDVHU
GHWHUPLQDGDVHJXQGRRVVHJXLQWHVSURFHGLPHQ
WRV
D (VWDGROLPLWH~OWLPRGHHVFRDPHQWRGDVHomR
3DUDFDGDHOHPHQWRWRWDOPHQWHRXSDUFLDO
PHQWHFRPSULPLGR pDPi[LPDWHQVmRGHFRP
SUHVVmRFDOFXODGDSDUDDVHomRHIHWLYDTXHRFRU
UHTXDQGRDVHomRDWLQJHRHVFRDPHQWR
4XDQGRDPi[LPDWHQVmR pGHWUDomR
SRGHVHUFDOFXODGDDGPLWLQGRVHGLVWULEXLomROL
QHDU GH WHQV}HV 1HVWH FDVR D VHomR HIHWLYD
GHYHVHUGHWHUPLQDGDSRUDSUR[LPDo}HVVXFHV
VLYDV



3UHVFULo}HVGD$%171%5
$ILJXUDDSUHVHQWDDOJXPDVFRQILJXUDo}HVGHJUDGLHQWHGHWHQVmRSDUDXPHOHPHQWRGRWLSR
$$

)LJXUD   ([HPSOR GH HOHPHQWRV VROLFLWDGRV SRU JUDGLHQWH GH WHQVmR

D (VWDGROLPLWH~OWLPRGHIODPEDJHPGDEDUUD
4XDQGRDEDUUDpVXEPHWLGDjFRPSUHVVmRFRQVLGHUDVH
DVVRFLDGRjIODPEDJHPFRQIRUPH
4XDQGRDEDUUDpVXEPHWLGDjIOH[mRFRQVLGHUDVH
DVVRFLDGRjIODPEDJHPODWHUDOFRPWRUomRFRQIRUPH

I\VHQGR RIDWRUGHUHGXomR

)/7I\VHQGR )/7 RIDWRUGHUHGXomR

$$%171%5DSUHVHQWDDLQGDDVSUHVFULo}HVSDUDRFiOFXORGHGHVORFDPHQWRVHP
EDUUDVFRPVHo}HVWUDQVYHUVDLVFRQVWLWXtGDVSRUHOHPHQWRVHVEHOWRVTXHGHYHVHUIHLWRSRUDSUR[LPD
o}HVVXFHVVLYDVFRQVLGHUDQGRDUHGXomRGHVXDULJLGH]SURYRFDGDSHODIODPEDJHPORFDO



7DEHOD/DUJXUDHIHWLYDHFRHILFLHQWHVGHIODPEDJHPORFDOSDUDHOHPHQWRV$$



3UHVFULo}HVGD$%171%5
7DEHOD/DUJXUDHIHWLYDHFRHILFLHQWHVGHIODPEDJHPORFDOSDUDHOHPHQWRV$/



/DUJXUDHIHWLYDGHHOHPHQWRVXQL
IRUPHPHQWHFRPSULPLGRVFRPHQULMHFHGRUGH
ERUGD
$ $%17 1%5  DSUHVHQWD DV
HVSHFLILFDo}HVSDUDRFiOFXORGDODUJXUDHIHWLYD
GHHOHPHQWRVXQLIRUPHPHQWHFRPSULPLGRVFRP
HQULMHFHGRULQWHUPHGLiULRRXFRPHQULMHFHGRUGH
ERUGD1RHQWDQWRYLVDQGRRVH[HPSORVGHDSOL
FDomRGRFDStWXORQRSUHVHQWHPDQXDOVHUmR
DSUHVHQWDGDVDSHQDVDVSUHVFULo}HVUHODWLYDV
DRVHOHPHQWRVXQLIRUPHPHQWHFRPSULPLGRVFRP
HQULMHFHGRUGHERUGD
3DUDHVVHVHOHPHQWRVRFiOFXORGDODUJXUD
HIHWLYDGHYHVHUUHDOL]DGRFRQVLGHUDQGRVHRYD
ORUGHUHIHUrQFLDGRtQGLFHGHHVEHOWH]UHGX]LGR
GRHOHPHQWRGDGRSRU

 

2QGH p D WHQVmR QRUPDO GHILQLGD HP


NpRFRHILFLHQWHGHIODPEDJHPORFDO'E
GVmRDVGLPHQV}HVLQGLFDGDVQDILJXUDGHI
pDODUJXUDHIHWLYDGRHQULMHFHGRUFDOFXODGDFRQ
IRUPHGV pDODUJXUDHIHWLYDUHGX]LGDGR
HQULMHFHGRUHDGRWDGDQRFiOFXORGDVSURSULHGD
GHVGDVHomRHIHWLYDGRSHUILO
$V pDiUHDUHGX]LGDGRHQULMHFHGRUFDOFX
ODGDFRQIRUPHLQGLFDGRQHVWDVHomRHDGRWDGD
QRFiOFXORGDVSURSULHGDGHVGDVHomRHIHWLYDGR
SHUILO
,D pRPRPHQWRGHLQpUFLDGHUHIHUrQFLDGR
HQULMHFHGRULQWHUPHGLiULRRXGHERUGD
$HI H,V VmRUHVSHFWLYDPHQWHDiUHDHIHWLYD
GRHQULMHFHGRUHRPRPHQWRGHLQpUFLDGDVHomR
EUXWDGRHQULMHFHGRUHPUHODomRDRVHXHL[RSULQ
FLSDOSDUDOHORDRHOHPHQWRDVHUHQULMHFLGR
2FHQWUyLGHHRVPRPHQWRVGHLQpUFLDGR
HQULMHFHGRUGHYHPVHUDVVXPLGRVHPUHODomRj
VXDVHomREUXWD

$UHJLmRGDVGREUDVHQWUHRHQULMHFHGRUHR
HOHPHQWRDVHUHQULMHFLGRQmRGHYHVHUFRQVLGH
UDGD FRPR SDUWH LQWHJUDQWH GR HQULMHFHGRU GH
ERUGD
3DUDRHQULMHFHGRUUHSUHVHQWDGRQDILJXUD

,V  GWVHQ   
$HI

GHIW

 

3DUDRFiOFXORGDUHVLVWrQFLDGHSHUILVIRU
PDGRVSRUHOHPHQWRVFRPHQULMHFHGRUGHERUGD
GHYHVHUFRQVLGHUDGDDUHGXomRGHVXDUHVLVWrQ
FLDSURYRFDGDSHODIODPEDJHPORFDOGHWHUPLQDQ
GRVH DV ODUJXUDV HIHWLYDV GR HOHPHQWR H GR
HQULMHFHGRUGHDFRUGRFRPRVHJXLQWHSURFHGL
PHQWR
&DVR, S 
HQULMHFHGRUGHERUGDQmRpQHFHVViULR
EHI E
GV GHI SDUDHQULMHFHGRUGHERUGDVLPSOHV 
$V $HI SDUDRXWURVWLSRVGHHQULMHFHGRU 
&DVR,, S 
,D W>S @

 

EHI  ,V,D EHI EHI 

 

EHI EHI EHI

 

EHIGHYHVHUFDOFXODGDFRQIRUPHRQGH
N  ,V,D  ND   ND  
ND  'E SDUDHQULMHFHGRUGH
ERUGDVLPSOHVFRP H'E 
RQGH pLQGLFDGRQDILJXUD
GV  ,V,D GHI GHI

 



3UHVFULo}HVGD$%171%5
ND SDUDRXWURVWLSRVGHHQULMHFHGRU
$V  ,V,D $HI $HI

 

&DVR,,, S 
,D >S @W

 

N  ,V,D  ND   ND  


EHIEHIEHIGVND H$V GHYHPVHUFDOFXOD
GRVFRQIRUPH&DVR,,

SRGHVHDQWHFLSDUjIODPEDJHPORFDOHDRVPR
GRVGHIODPEDJHPSRUIOH[mRRXIOH[RWRUomR$V
VLPRPRGRGHIODPEDJHPSRUGLVWRUomRSRGH
FRUUHVSRQGHUDRPRGRFUtWLFRGDEDUUDGHSHQ
GHQGRGDIRUPDGDVHomRHGDVGLPHQV}HVGRV
HOHPHQWRV
1DILJXUDVmR LOXVWUDGDVDVSRVVtYHLV
FRQILJXUDo}HV GR PRGR GH IODPEDJHP SRU
GLVWRUomRTXHSRGHRFRUUHUFRPDVVHo}HVWUDQV
YHUVDLV GH EDUUDV VXEPHWLGDV j FRPSUHVVmR
FHQWUDGDRXjIOH[mRSULQFLSDOPHQWHDVFRQVWLWXt
GDVSRUHOHPHQWRVFRPHQULMHFHGRUHVGHERUGD
4XDQGRRPRGRGLVWRUFLRQDOpFUtWLFRHOH
GHYHVHUFRQVLGHUDGRQRGLPHQVLRQDPHQWRFRQ
IRUPHLWHPSDUDEDUUDVVXEPHWLGDVjFRP
SUHVVmRFHQWUDGDRXLWHPSDUDEDUUDVVXE
PHWLGDVjIOH[mR

)LJXUD   (OHPHQWR XQLIRUPHPHQWH FRPSULPLGR FRP


HQULMHFHGRU GH ERUGD

3DUDRFiOFXORGHGHVORFDPHQWRVGHYHVHU
DGRWDGR R PHVPR SURFHGLPHQWR HVWDEHOHFLGR
QHVWHLWHPVXEVWLWXLQGRVH SRU QTXHpDWHQ
VmRFDOFXODGDFRQVLGHUDQGRDVFRPELQDo}HVGH
Do}HVSDUDRVHVWDGRVOLPLWHVGHXWLOL]DomRFRQ
IRUPHVHomRGD$%171%5
0RGRGHIODPEDJHPSRUGLVWRUomR
GDVHomRWUDQVYHUVDO

$OpPGDIODPEDJHPORFDOGHFKDSDGRVHOH
PHQWRVGHEDUUDFXUWDGHYHVHDLQGDFRQVLGHUDU
DSRVVLELOLGDGHGHRFRUUrQFLDGHLQVWDELOLGDGH
SRUGLVWRUomRGDVHomRWUDQVYHUVDOWDPEpPXP
IHQ{PHQRORFDOTXHSRGHRFRUUHUSDUDQtYHLVGH
FDUJDPHQRUHVTXHDTXHOHVFRUUHVSRQGHQWHVj
IODPEDJHPORFDOGHFKDSD3DUDEDUUDVHVEHOWDV
RXPHGLDQDPHQWHHVEHOWDVRPRGRSRUGLVWRUomR


2FiOFXORGRYDORUGDWHQVmRFRQYHQFLRQDO
GHIODPEDJHPHOiVWLFDSRUGLVWRUomR GLVWSRGH
VHUIHLWRFRPEDVHQDWHRULDGDHVWDELOLGDGHHOiV
WLFDRXFRQIRUPHRSURFHGLPHQWRDSUHVHQWDGRQR
DQH[R'GD$%171%5SDUDEDUUDV
LVRODGDV ILJXUDVDDG 
3DUDRVSHUILV8VLPSOHV VHPHQULMHFHGRUHV
GHERUGD VXEPHWLGRVjFRPSUHVVmRFHQWUDGDRX
jIOH[mRDYHULILFDomRGDIODPEDJHPSRUGLVWRUomR
SRGHVHUGLVSHQVDGDH[FHWRQRFDVRGHSHUILV
VXEPHWLGRV j IOH[mR FRP SDLQHO FRQHFWDGR j
PHVDWUDFLRQDGDHDPHVDFRPSULPLGDOLYUH1HV
WHFDVRDIODPEDJHPSRUGLVWRUomRGRFRQMXQWR
DOPDPHVD FRPSULPLGD SRGH FRUUHVSRQGHU DR
PRGRFUtWLFRGHYHQGRVHFRQVXOWDUELEOLRJUDILD
HVSHFLDOL]DGDSDUDDVROXomRGRSUREOHPD

)LJXUD   &RQILJXUDo}HV GR PRGR GH IODPEDJHP SRU GLVWRUomR GD VHomR WUDQVYHUVDO

 %DUUDV VXEPHWLGDV j FRPSUHVVmR


FHQWUDGD
*HQHUDOLGDGHV
1RGLPHQVLRQDPHQWRGHEDUUDVFRQVWLWXtGDV
SRUSHUILVGHDoRXWLOL]DVHFRUUHQWHPHQWHRFRQ
FHLWR GH FXUYDV GH IODPEDJHP RX GH
GLPHQVLRQDPHQWR SDUDDGHILQLomRGDUHVLVWrQ
FLDGHSURMHWR$VFXUYDVGHIODPEDJHPDGRWDGDV
SDUDRV3))SRUWDQWRFRPHOHPHQWRVHVEHOWRV
HVXMHLWRVjIODPEDJHPORFDOVmRHPJHUDOGHIL
QLGDVDSDUWLUGDVFXUYDVUHODWLYDVDRVSHUILVVRO
GDGRVRXODPLQDGRV(VWHSURFHGLPHQWRpMXVWLIL
FDGRSHODQHFHVVLGDGHGHVHJDUDQWLUXPDFRQWL
QXLGDGHGRPpWRGRGHGLPHQVLRQDPHQWRSRVVL
ELOLWDQGRRWUDWDPHQWRWDQWRGHSHUILVVXMHLWRVDR
HIHLWRGHIODPEDJHPORFDOTXDQWRDRVSHUILVLVHQ
WRVGHVWHPRGRGHLQVWDELOLGDGH3RULVWRDVFXU
YDVGHIODPEDJHPGD$%171%5
IRUDP DGDSWDGDV GDV FXUYDV GH IODPEDJHP
DGRWDGDV SHOD QRUPD EUDVLOHLUD $%17 1%5
TXHSRUVXDYH]VHEDVHLDPQDV
FXUYDVHXURSpLDVGHIODPEDJHP

1R SURMHWR GH EDUUDV VXEPHWLGDV j FRP


SUHVVmR FHQWUDGD GHSHQGHQGR HQWUH RXWURV
SDUkPHWURVGDIRUPDGHVXDVHomRWUDQVYHUVDO
GD HVSHVVXUD GD FKDSD H GR FRPSULPHQWR GR
SHUILOGHYHVHFRQVLGHUDURVVHJXLQWHVPRGRVGH
FRODSVR
(VFRDPHQWRGRPDWHULDO
)ODPEDJHPHOiVWLFDGDEDUUDSRUIOH[mR
WRUomRRXSRUIOH[RWRUomR
)ODPEDJHPORFDOGRVHOHPHQWRVGDVHomR
'LVWRUomRGDVHomRH
,QWHUDomRHQWUHDOJXQVGHVWHVPRGRVGH
IODPEDJHP
$VSUHVFULo}HVDSUHVHQWDGDVDVHJXLUVmR
DSOLFiYHLVjVEDUUDVFRPSULPLGDVFXMDUHVXOWDQWH
GHWRGDVDVFDUJDVDWXDQWHVSDVVDPSHORFHQWUR
GHJUDYLGDGH GDVHomRHIHWLYD FDOFXODGDSDUD
XPDWHQVmR 
$IRUoDQRUPDOGHFRPSUHVVmRUHVLVWHQWHGH
FiOFXOR1F5GGHYHVHUWRPDGDFRPRRPHQRU
GRVYDORUHVFDOFXODGRVQRVLWHQVH


3UHVFULo}HVGD$%171%5
)ODPEDJHPGDEDUUDSRUIOH[mRSRU
WRUomRRXSRUIOH[RWRUomR
2YDORUGDIRUoDQRUPDOGHFRPSUHVVmRUH
VLVWHQWHGHFiOFXOR 1F5G GHYHVHUFDOFXODGRSHOD
VHJXLQWHH[SUHVVmR
1F5G

$HI I\ 

   

2QGH pRIDWRUGHUHGXomRDVVRFLDGRj
IODPEDJHPJOREDOGDEDUUDSRGHQGRVHUGHWHU
PLQDGR SRU PHLR GD WDEHOD  GD $%17
1%5RXFDOFXODGRSHODVHTXDo}HV


>   @

 

6HQGR RIDWRUGHLPSHUIHLomRLQLFLDO
1RVFDVRVGHIODPEDJHPSRUIOH[mRRVYD
ORUHVGH D YDULDPGHDFRUGRFRPRWLSRGHVHomR
HHL[RGHIODPEDJHPFRQIRUPHWDEHODWHQGR
YDORU GLIHUHQWH SDUD FDGD XPD GDV FXUYDV GH
IODPEDJHPFRQIRUPHVHVHJXH
FXUYDD 
FXUYDE 
FXUYDF 

1RFiOFXORGH SRGHVHGHWHUPLQDURYD
ORUGH GHIRUPDDSUR[LPDGDWRPDQGRVHGLUH
WDPHQWH$HI $SDUDRFiOFXORGH GLVSHQVDQ
GRSURFHVVRLWHUDWLYR
$IRUoDQRUPDOGHIODPEDJHPHOiVWLFDGD
EDUUD1HFRUUHVSRQGHDRSULPHLURPRGRGHLQV
WDELOLGDGHGDEDUUDLJXDOSRUWDQWRDRPHQRUGRV
YDORUHVGHFDUJDFUtWLFDGHIODPEDJHPSRUIOH[mR
RXSRUIOH[RWRUomRGHYHQGRVHUGHWHUPLQDGDD
SDUWLUGRVLWHQVRX
1DWDEHODTXHDSUHVHQWDDFODVVLILFD
omRGDVVHo}HVHUHVSHFWLYDVFXUYDVGHUHVLV
WrQFLDjFRPSUHVVmRDVVRFLDGDVjIODPEDJHP
SRUIOH[mRGDVEDUUDVDVGXDVREVHUYDo}HVFLWD
GDVHVWmRUHODFLRQDGDVFRPDUHVLVWrQFLDDRHV
FRDPHQWRHDXPHQWRGDUHVLVWrQFLDDRHVFRD
PHQWRGHYLGRDRHIHLWRGRWUDEDOKRDIULR
6HJXQGRD$%171%5DUH
VLVWrQFLDDRHVFRDPHQWRXWLOL]DGDQRSURMHWRGHYH
VHUDGRWDGDFRPRXPGRVYDORUHVHVWDEHOHFLGRV
DVHJXLU
2EVHUYDomRDUHVLVWrQFLDDRHVFRD
PHQWRGRDoRYLUJHP DQWHVGDVRSHUDo}HV
GHIRUPDomRDIULR  I\DSOLFiYHODTXDOTXHU

FDVRRX

'HYHVHFRQVLGHUDUDFXUYDEHPWRGRVRV
FDVRVGHIODPEDJHPSRUWRUomRRXSRUIOH[RWRU
omR
2tQGLFHGHHVEHOWH]UHGX]LGRSDUDEDUUDV
FRPSULPLGDV GHYHVHUFDOFXODGRSRU

 
1RWHVHQDHTXDomRTXHRHIHLWRGD
IODPEDJHPORFDOpOHYDGRHPFRQWDQDGHILQLomR
GDiUHDHIHWLYDGDVHomRWUDQVYHUVDOGDEDUUD$HI
TXHSRUVXDYH]pFDOFXODGDFRPEDVHQDVODU


JXUDVHIHWLYDVGRVHOHPHQWRVDSDUWLUGDVIyUPX
ODVDSUHVHQWDGDVQRLWHPSDUDXPQtYHOGH
WHQVmR I\

 2EVHUYDomRDUHVLVWrQFLDDRHVFRD
PHQWRGRDoRPRGLILFDGD I\DOHYDQGRVH

HPFRQVLGHUDomRRHIHLWRGRWUDEDOKRDIULR
FRQIRUPH DQH[R % GD $%17 1%5
DSOLFiYHOVRPHQWHDRVFDVRV
GHVHo}HVRQGHWRGRVRVVHXVHOHPHQWRV
DSUHVHQWDP S FDOFXODGRGHDFRU
GRFRPRLWHPHFRQVLGHUDQGRVH I\

7DEHOD&ODVVLILFDomRGHVHo}HVHUHVSHFWLYDVFXUYDVGHUHVLVWrQFLD jFRPSUHVVmRDVVRFLDGDVj
IODPEDJHPSRUIOH[mR



3UHVFULo}HVGD$%171%5
 3HUILV FRP VHo}HV GXSODPHQWH
VLPpWULFDV RX VLPpWULFDV HP UHODomR D XP
SRQWR
3DUDDIRUoDQRUPDOGHIODPEDJHPHOiVWLFD
1HGHYHVHUFRQVLGHUDGRRPHQRUYDORUGHQWUHRV
GHWHUPLQDGRVSHODVHTXDo}HVD

6HQGRU[ HU\ RVUDLRVGHJLUDomRGDVHomR


EUXWDHPUHODomRDRVHL[RVSULQFLSDLVGHLQpUFLD
[H\UHVSHFWLYDPHQWH[ H\ DVFRRUGHQDGDV
GR FHQWUR GH WRUomR QD GLUHomR GRV HL[RV
SULQFLSDLV [H \UHVSHFWLYDPHQWHHPUHODomRDR
FHQWUyLGHGDVHomR
 3HUILV FRP VHomR PRQRVVLPp
WULFD

IODPEDJHPHOiVWLFDSRUIOH[mRHPUHODomR
DRHL[RSULQFLSDO[
1 H[ =

(,[
.[/[ 

 

IODPEDJHPHOiVWLFDSRUIOH[mRHPUHODomR
DRHL[RSULQFLSDO\
(,\
.\/\ 

 

 

2QGH&ZpDFRQVWDQWHGHHPSHQDPHQWRGD
VHomR ( p R PyGXOR GH HODVWLFLGDGH * p R
PyGXORGHHODVWLFLGDGHWUDQVYHUVDO,WpRPRPHQ
WRGHLQpUFLDjWRUomRXQLIRUPH.[/[ pRFRPSUL
PHQWRHIHWLYRGHIODPEDJHPSRUIOH[mRHPUHOD
omRDRHL[R[.\/\ pRFRPSULPHQWRHIHWLYRGH
IODPEDJHPSRUIOH[mRHPUHODomRDRHL[R\H.W/W
pRFRPSULPHQWRHIHWLYRGHIODPEDJHPSRUWRU
omR4XDQGRQmRKRXYHUJDUDQWLDGHLPSHGLPHQ
WRDRHPSHQDPHQWRGHYHVHWRPDU.W LJXDOD

2UDLRGHJLUDomRSRODUGDVHomREUXWDHP
UHODomRDRFHQWURGHWRUomRUpGDGRSRU
U >U[ U\ [\@



(,\
.\/\ 

 

IRUoDQRUPDOGHIODPEDJHPHOiVWLFDSRU
IOH[RWRUomR

IODPEDJHPHOiVWLFDSRUWRUomR

 (&Z
1HW = 
+ *,W

U .W/W 

IRUoDQRUPDOGHIODPEDJHPHOiVWLFDSRU
IOH[mRHPUHODomRDRHL[R \

1 H\ =



1 H\ =

3DUDXPSHUILOFRPVHomRPRQRVVLPpWULFD
FXMRHL[R [ pRHL[RGHVLPHWULDRYDORUGH1H pR
PHQRUGHQWUHRVGHWHUPLQDGRVSHODVHTXDo}HV
H

 

1H[W =

1H[ + 1HW
1H[1HW> [ U @




> [ U @


1H[ + 1HW 

 

2QGH1H[ H1HW VmRDVIRUoDVQRUPDLVGH


IODPEDJHPHOiVWLFDFDOFXODGDVSHODVHTXDo}HV
HUHVSHFWLYDPHQWHU H[ VmRGHILQL
GRVQRLWHP
&DVRRHL[R \ VHMDRHL[RGHVLPHWULDEDV
WDVXEVWLWXLU \ SRU [ QDHTXDomR [ SRU \ H
[ SRU \ QDHTXDomR
3HUILVFRPVHo}HVDVVLPpWULFDV
3DUD XP SHUILO FRP VHomR DVVLPpWULFD R
YDORUGH1H pGDGRSHODPHQRUGDVUDt]HVGDVH
JXLQWHHTXDomRF~ELFD

U 1H1H[ 1H1H\ 1H1HW 1H 1H1H\ [


1 1H 1H[ \ 
 

H

6HQGR1H[1H\1HW[\HU GHILQLGRVHP

0RGRGHIODPEDJHPSRUGLVWRUomR
GDVHomRWUDQVYHUVDO
2YDORUGDIRUoDQRUPDOGHFRPSUHVVmRUH
VLVWHQWHGHFiOFXOR 1F5GSDUDDVEDUUDVFRPVH

omR WUDQVYHUVDO DEHUWD VXMHLWDV DR PRGR GH
IODPEDJHPSRUGLVWRUomRGHYHVHUFDOFXODGRSH
ODVVHJXLQWHVH[SUHVV}HV
3DUD GLVW 
1F5G $I\ 

DLQGDDOJXPDVLQIRUPDo}HV~WHLVSDUDTXHVHMDP
GLVSHQVDGDVDVYHULILFDo}HVGDIODPEDJHPSRU
HOiVWLFDGLVWRUomR1DWDEHOD'GDQRUPDVmR
DSUHVHQWDGRVRVYDORUHVPtQLPRVGDUHODomR'
EZ GHVHo}HVGRWLSR8HVXEPHWLGDVjFRPSUHV
VmRFHQWUDGDSDUDGLVSHQVDUWDLVYHULILFDo}HV
/LPLWDomRGHHVEHOWH]
'HDFRUGRFRPD$%171%5
RtQGLFHGHHVEHOWH]./UGDVEDUUDVFRPSULPL
GDVQmRGHYHH[FHGHU
%DUUDVVXEPHWLGDVjIOH[mRVLPSOHV

0RPHQWRIOHWRU



GLVW

 

3DUD GLVW 


1F5G $I\ > GLVW   @  
6HQGR$DiUHDEUXWDGDVHomRWUDQVYHUVDO
GDEDUUDH RYDORUGRFRHILFLHQWHGHSRQ
GHUDomRGDUHVLVWrQFLD
2tQGLFHGHHVEHOWH]UHGX]LGRUHIHUHQWHj
IODPEDJHPSRUGLVWRUomR GLVWpGHWHUPLQDGRSRU
GLVW  I\GLVW 

 

2 FiOFXOR GD D WHQVmR FRQYHQFLRQDO GH


IODPEDJHPHOiVWLFDSRUGLVWRUomR GLVWSRGHVHU
HIHWXDGRSHODWHRULDGDHVWDELOLGDGHHOiVWLFDRX
FRQIRUPHDQH[R'GD$%171%5
1RDQH[R'GD$%171%5VmR
DSUHVHQWDGDVDVIyUPXODVSDUDRFiOFXORGDWHQ
VmRFRQYHQFLRQDOGHIODPEDJHPSRUGLVWRUomRHP
SHUILV GH VHo}HV WUDQVYHUVDLV GR WLSR 8H FRP
HQULMHFHGRUHVGHERUGDDGLFLRQDLV VHo}HVGRWLSR
UDFNSRUH[HPSOR HVHo}HVGRWLSR8HTXDQGR
VXEPHWLGDVjFRPSUHVVmRXQLIRUPH
3URFXUDQGRVLPSOLILFDURGLPHQVLRQDPHQWR
GRV3))D$%171%5DSUHVHQWD

$ FDSDFLGDGH GH UHVLVWrQFLD D PRPHQWR


IOHWRUGHYHVHUOLPLWDGDSHODIODPEDJHPODWHUDO
FRPWRUomRLVWRSRUTXHHPJHUDORVSHUILVIRU
PDGRVDIULRWHQGRVHo}HVWUDQVYHUVDLVDEHUWDV
FRPHOHPHQWRVGHOJDGRVWrPSHTXHQDULJLGH]j
WRUomR$VVLPRVHOHPHQWRVIOHWLGRVSRGHPQH
FHVVLWDUGHWUDYDPHQWRVFRQYHQLHQWHPHQWHGLV
SRVWRVGHYHQGRVHUFRQVLGHUDGRVGRLVFDVRV
YLJDVFRQWLGDVODWHUDOPHQWHHYLJDVVHPFRQWHQ
omRODWHUDO$VYLJDVHVWmRVXMHLWDVjLQVWDELOLGD
GHODWHUDOTXHSRGHRFRUUHUSDUDRFDVRGHYLJDV
FRPFRQWHQomRODWHUDOH[FHVVLYDPHQWHHVSDoD
GD
2WUDYDPHQWRODWHUDOSRGHVHUIHLWRSRUPHLR
GHHVFRUDVKRUL]RQWDLVTXHSRGHPVHUFRQVWLWXt
GDVGHSHUILVGHDoRLQFOXVLYHDTXHODVXWLOL]DGDV
SDUDRXWURVILQVFRPRYLJDVGHSLVRHWHVRXUDV
GHFREHUWXUDRXSHODVODMHVDGHTXDGDPHQWHOL
JDGDVDRVPRQWDQWHVHDRUHVWDQWHGDHVWUXWXUD
GHDoR
1RGLPHQVLRQDPHQWRGDVHomRWUDQVYHUVDO
GHYHVHOHYDUHPFRQWDDIODPEDJHPORFDOGRV
IODQJHV PHVDV  FRPSULPLGRV H GD DOPD VRE
DomRGHWHQV}HVQRUPDLVGHIOH[mRDVVLPFRPR
DIODPEDJHPGDDOPDSRUHIHLWRGRFLVDOKDPHQWR
FRPELQDGRRXQmRFRPDIOH[mR'HYHVHDLQGD
HYLWDUDIODPEDJHPORFDOGRVIODQJHVFRPSULPL



3UHVFULo}HVGD$%171%5
GRV FRPXPD ERUGDOLYUH HOHPHQWRVWLSR$/ 
YHULILFDUDSRVVLELOLGDGHGHUXtQDORFDOL]DGDSRU
HVPDJDPHQWRGDDOPDQDUHJLmRGRFDUUHJDPHQ
WRFRQFHQWUDGR HIHLWRZHEFULSSOLQJ HDLQGD
FRQVLGHUDU RV HIHLWRV GDV WHQV}HV GH
FLVDOKDPHQWRVREUHDGLVWULEXLomRGDVWHQV}HV
QRUPDLVQRFDVRGHHOHPHQWRVPXLWRODUJRV HIHLWR
VKHDUODJ DOpPGHVHOLPLWDUDVGHIRUPDo}HV
QDVERUGDVGRVIODQJHVPXLWRODUJRV HIHLWRIODQJH
FXUOLQJ 
&RPH[FHomRGRIODQJHFXUOLQJWRGRVRV
GHPDLVHIHLWRVVmRFRQVLGHUDGRVQDVSUHVFULo}HV
GD$%171%5
2PRPHQWRQRPLQDOUHVLVWLGRSRUXPDEDU
UD GHYH VHU R PHQRU GRV PRPHQWRV QRPLQDLV
GHWHUPLQDGRVFRQVLGHUDQGRVH
5HVLVWrQFLDDPRPHQWRIOHWRUFDOFXODGD
FRPEDVHQRLQtFLRGRHVFRDPHQWRGDVH
omRHIHWLYD
5HVLVWrQFLDUHODFLRQDGDjIODPEDJHPOD
WHUDOFRPWRUomR
5HVLVWrQFLDUHODFLRQDGDjIODPEDJHPSRU
GLVWRUomRGDVHomRWUDQVYHUVDO
3RGHVHWDPEpPFDOFXODUDUHVLVWrQFLDGH
YLJDVFRPXPIODQJHFRPSOHWDPHQWHIL[RDXP
HOHPHQWRGHIRUURRXSLVR
2PRPHQWRIOHWRUUHVLVWHQWHGHFiOFXOR 05G
GHYHVHUWRPDGRFRPRRPHQRUYDORUFDOFXODGR
VHJXQGR RV SURFHGLPHQWRV DSUHVHQWDGRV QRV
LWHQVHRTXHIRUDSOLFi
YHO

05G :HI I\   

 

6HQGR:HI RPyGXORGHUHVLVWrQFLDHOiVWL
FRGDVHomRHIHWLYDFDOFXODGRFRPEDVHQDVODU
JXUDVHIHWLYDVGRVHOHPHQWRVVHJXQGRDVIyUPX
ODVDSUHVHQWDGDVQRLWHPFRP FDOFXODGD
SDUDRHVWDGROLPLWH~OWLPRGHHVFRDPHQWRGD
VHomR I\ 1HVWHFDVRpGHVFRQVLGHUDGDD
HYHQWXDOUHVHUYDGHUHVLVWrQFLDSOiVWLFDGDVHomR
2YDORUGH:HIGHSHQGHUiGDVODUJXUDVHIH
WLYDVGRVHOHPHQWRVFRPSRQHQWHVGRSHUILOHGD
SRVLomRGDOLQKDQHXWUD
4XDQGRDOLQKDQHXWUDVHHQFRQWUDPDLV
SUy[LPDGRIODQJHWUDFLRQDGRDWHQVmR
Pi[LPDRFRUUHQRIODQJHFRPSULPLGRHR
VHXFRPSULPHQWRHIHWLYRpGHWHUPLQDGRFRP
I\$PHVPDFRQVLGHUDomRGHYHVHUIHLWD
TXDQGRDOLQKDQHXWUDpHTLGLVWDQWHGRV
IODQJHVFRPSULPLGRHWUDFLRQDGR
4XDQGRDOLQKDQHXWUDVHHQFRQWUDPDLV
SUy[LPDGRIODQJHFRPSULPLGRDWHQVmR
Pi[LPDI\RFRUUHQRIODQJHWUDFLRQDGR1HV
WHFDVRSRGHVHGHSDUDUFRPXPDVROXomR
SRUSURFHGLPHQWRLWHUDWLYRVHDWHQVmRGH
FRPSUHVVmRQRIODQJH SURYRFDUDLQVWDEL
OLGDGHGHVWHHOHPHQWR pIXQomRGDSRVL
omRGDOLQKDQHXWUDTXHSRUVXDYH]GH
SHQGHGDVHomRHIHWLYDRFRPSULPHQWRHIH
WLYRGRIODQJHFRPSULPLGRpGHWHUPLQDGR
FRPXPDWHQVmR GHWHUPLQDGDHPIXQomR
GDSRVLomRGDOLQKDQHXWUD 

)ODPEDJHPODWHUDOFRPWRUomR
,QtFLRGHHVFRDPHQWRGDVHomR
HIHWLYD
$VYLJDVFRPFRQWHQomRODWHUDOHILFLHQWH
TXHHTXLYDOHDXPWUDYDPHQWRODWHUDOFRQWtQXR
HVWmRLVHQWDVGHIODPEDJHPODWHUDOFRPWRUomR
2 GLPHQVLRQDPHQWR GD VHomR WUDQVYHUVDO HP
HVWDGROLPLWH~OWLPRpGHILQLGRSHORVHXPRPHQWR
IOHWRUUHVLVWHQWHGHFiOFXOR05GGDGRSHODHTXD
omR



$VYLJDVVHPFRQWHQomRODWHUDORXFRPFRQ
WHQomR ODWHUDO SRQWXDO H HVSDoDGD GHYHP VHU
YHULILFDGDVTXDQWRjHVWDELOLGDGHODWHUDO
2SUREOHPDGDHVWDELOLGDGHODWHUDOGDVEDU
UDVIOHWLGDVpUHVROYLGRSRUPHLRGHGLYHUVDVVR
OXo}HVGLVWLQWDVHGHSHQGHQWHVGRWLSRGHVHomR
WUDQVYHUVDOHGRFDUUHJDPHQWRH[WHUQRDSOLFDGR

$$%171%5LQGLFDIyUPXODV
DSUR[LPDGDVSDUDRFiOFXORGRPRPHQWRIOHWRUGH
IODPEDJHPODWHUDOFRPWRUomR0HDSOLFiYHLVDRV
WLSRVGHVHo}HVFRUUHQWHPHQWHHQFRQWUDGRVQD
SUiWLFD

WHQGHDUHVWDXUDUDSRVLomRRULJLQDOGDEDUUD SRU
H[HPSORFDUUHJDPHQWRJUDYLWDFLRQDODSOLFDGRQD
SDUWHLQIHULRUGDEDUUD IRUQHFHQGRUHVXOWDGRV
FRQVHUYDGRUHV 'HYHVH FRQVXOWDU ELEOLRJUDILD
HVSHFLDOL]DGD QRV FDVRV GH FDUUHJDPHQWR
DSOLFDGRHPSRVLomRGHVHVWDELOL]DQWH

2PRPHQWRIOHWRUUHVLVWHQWHGHFiOFXORUHIH
UHQWHjIODPEDJHPODWHUDOFRPWRUomRWRPDQGR
VHXPWUHFKRFRPSUHHQGLGRHQWUHVHo}HVFRQWL
GDVODWHUDOPHQWHGHYHVHUFDOFXODGRSRU
05G  )/7 :FHI I\   

EDUUDVFRPVHomRGXSODPHQWHVLPpWULFD
RX PRQRVVLPpWULFD VXMHLWDV j IOH[mR HP
WRUQRGRHL[RGHVLPHWULD HL[R[ 
0H &EU 1H\1HW 

 

EDUUDVFRPVHomR=SRQWRVLPpWULFDFRP
FDUUHJDPHQWRQRSODQRGDDOPD

6HQGR:FHI RPyGXORGHUHVLVWrQFLDHOiVWL
FRGDVHomRHIHWLYDHPUHODomRjILEUDFRPSULPL
GDFDOFXODGRFRPEDVHQDVODUJXUDVHIHWLYDVGRV
HOHPHQWRVVHJXQGRDVIyUPXODVDSUHVHQWDGDVQR
LWHPDGRWDQGR )/7I\

0H &EU 1H\1HW 

SDUD   )/7 



SDUD ! 


)/7 

 

2tQGLFHGHHVEHOWH]UHGX]LGRGDEDUUDp
FDOFXODGRSRU
  :FI\0H 

0H &E 1H\*,W 



SDUD  
)/7   

 

2QGH:FpRPyGXORGHUHVLVWrQFLDHOiVWLFR
GDVHomREUXWDHPUHODomRjILEUDFRPSULPLGD
2PRPHQWRIOHWRUGHIODPEDJHPODWHUDOFRP
WRUomR HP UHJLPH HOiVWLFR 0H SRGH VHU
FDOFXODGR SHODV H[SUHVV}HV  D 
GHGX]LGDV SDUD FDUUHJDPHQWR DSOLFDGR QD
SRVLomRGRFHQWURGHWRUomR
$VH[SUHVV}HVDWDPEpPSRGHP
VHU HPSUHJDGDV QRV FDVRV GH FDUUHJDPHQWR
DSOLFDGRHP SRVLomRHVWDELOL]DQWHLVWR pTXH



EDUUDV FRP VHomR IHFKDGD FDL[mR 


VXMHLWDVjIOH[mRHPWRUQRGRHL[R[

2IDWRUGHUHGXomRDVVRFLDGRjIODPEDJHP
ODWHUDOFRPWRUomR )/7pFDOFXODGRSRU



 

(P EDUUDV FRP VHomR PRQRVVLPpWULFD


VXMHLWDVjIOH[mRHPWRUQRGRHL[RSHUSHQGLFXODU
DR HL[R GH VLPHWULD FRQVXOWDU ELEOLRJUDILD
HVSHFLDOL]DGD
1H\ 1HW H U VmR GHWHUPLQDGRV SHODV
HTXDo}HVDFRQVLGHUDQGR.\/\ /\ H
.W/W /W3RGHPVHUDGRWDGRVYDORUHVGH.\/\ H
.W/W LQIHULRUHVD/\ H/WUHVSHFWLYDPHQWHGHVGH
TXH MXVWLILFDGRV FRP EDVH HP ELEOLRJUDILD
HVSHFLDOL]DGD
&E OHYDHPFRQWDGHPDQHLUDDSUR[LPDGD
RWLSRGHFDUUHJDPHQWRDSOLFDGRjYLJDVHQGR
GHQRPLQDGRGHFRHILFLHQWHGHHTXLYDOrQFLDGH
PRPHQWRQDIOH[mRTXHDIDYRUGDVHJXUDQoD
SRGHVHUWRPDGRLJXDODRXFDOFXODGRSHOD
VHJXLQWHH[SUHVVmR

&E =

0PD[
0PD[ + 0$ + 0% + 0&





3UHVFULo}HVGD$%171%5
3DUDEDODQoRVFRPDH[WUHPLGDGHOLYUHVHP
FRQWHQomR ODWHUDO H SDUD EDUUDV VXEPHWLGDV j
IOH[mRFRPSRVWD&EGHYHVHUWRPDGRLJXDOD
0PD[ pRPi[LPRYDORUGRPRPHQWRIOHWRU
VROLFLWDQWH GH FiOFXOR HP PyGXOR QR WUHFKR
DQDOLVDGR
0$ pRYDORUGRPRPHQWRIOHWRUVROLFLWDQWH
GHFiOFXORHPPyGXORQRRTXDUWRGRWUHFKR
DQDOLVDGR
0% pRYDORUGRPRPHQWRIOHWRUVROLFLWDQWH
GH FiOFXOR HP PyGXOR QR FHQWUR GR WUHFKR
DQDOLVDGR
0& pRYDORUGRPRPHQWRIOHWRUVROLFLWDQWH
GHFiOFXORHPPyGXORQRRTXDUWRGRWUHFKR
DQDOLVDGR
 0R G R  G H I O DP E DJ HP  S R U
GLVWRUomRGDVHomRWUDQVYHUVDO
2PRPHQWRIOHWRUUHVLVWHQWHGHFiOFXORSDUD
DVEDUUDVFRPVHomRWUDQVYHUVDODEHUWDVXMHLWDV
jIODPEDJHPSRUGLVWRUomRGHYHVHUFDOFXODGR
SHODVHJXLQWHH[SUHVVmR
05G 0GLVW 

 

 

2QGH0GLVWpRPRPHQWRIOHWRUGHIODPEDJHP
SRUGLVWRUomRGDGRSRU
SDUD GLVW 
0GLVW :FI\ GLVW 



SDUD GLVW 


0GLVW :FI\GLVW

 

:F pGHILQLGRQRLWHP
2tQGLFHGHHVEHOWH]UHGX]LGRUHIHUHQWHj
IODPEDJHPSRUGLVWRUomR GLVWpGDGRSRU
GLVW  I\GLVW 



 

$ WHQVmR FRQYHQFLRQDO GH IODPEDJHP


HOiVWLFDSRUGLVWRUomR GLVWpFDOFXODGDSHODWHRULD
GD HVWDELOLGDGH HOiVWLFD RX GH DFRUGR FRP R
DQH[R'GD$%171%5
1RDQH[R)GD$%171%5VmR
DSUHVHQWDGDV DV IyUPXODV SDUD R FiOFXOR GR
PRPHQWR IOHWRU UHVLVWHQWH GH FiOFXOR SDUD DV
EDUUDVFRPDPHVDWUDFLRQDGDFRQHFWDGDDXP
SDLQHO HD PHVDFRPSULPLGD OLYUH WHUoDV FRP
WHOKDVGHDoRSDUDIXVDGDVHVXMHLWDVjDomRGH
YHQWRGHVXFomRSRUH[HPSOR FRQVLGHUDQGRR
HIHLWRGDUHIHULGDFRQWHQomRODWHUDO
1RDQH[R'GD$%171%5VmR
DSUHVHQWDGDVDVIRUPXODo}HVSDUDRFiOFXORGH
GLVWSDUDDVVHo}HVGRVWLSRV8HH=HVXEPHWLGDV
jIOH[mRHPUHODomRDRHL[RSHUSHQGLFXODUjDOPD
H VHo}HV GRV WLSRV FDUWROD H 8H TXDQGR
VXEPHWLGDVjIOH[mRHPUHODomRDRHL[RSDUDOHOR
j DOPD HVWDQGR RV HQULMHFHGRUHV GH ERUGD
FRPSULPLGRV
9LVDQGR D VLPSOLILFDomR GR GLPHQVLR
QDPHQWRD$%171%5DSUHVHQWDHP
VXDWDEHOD'RVYDORUHVPtQLPRVGDUHODomR'
EZGHVHo}HVGRWLSR8HH=HVXEPHWLGDVjIOH[mR
SDUDGLVSHQVDUDYHULILFDomRGHIODPEDJHPSRU
GLVWRUomR
 % DU U DV  V X E P HW L G DV  j I O H[ R 
FRPSUHVVmR

%DUUDVIOH[RFRPSULPLGDVRXYLJDVFROXQDV
VmRSHoDVHVWUXWXUDLVTXHFRPELQDPDIXQomRGH
YLJDV SDUD WUDQVPLWLU IRUoDV RX PRPHQWRV
WUDQVYHUVDLV FRP FROXQDV FRP D IXQomR GH
WUDQVPLWLUIRUoDVD[LDLV
7HRULFDPHQWHWRGDVDVSHoDVHVWUXWXUDLV
SRGHP VHU FRQVLGHUDGDV FRPR VHQGR YLJDV
FROXQDVSRLVEDUUDVVXMHLWDVH[FOXVLYDPHQWHj
WUDomR j FRPSUHVVmR RX j IOH[mR VmR FDVRV
SDUWLFXODUHV GH YLJDVFROXQDV 9LJDVFROXQDV
SRGHP DWXDU FRPR VH IRVVHP SHoDV LVRODGDV
FRPR QR FDVR GH EDUUDV FRPSULPLGDV EL

URWXODGDV H FDUUHJDGDV H[FHQWULFDPHQWH RX


SRGHP ID]HU SDUWH GH XP SyUWLFR UtJLGR (P
SyUWLFRV DV YLJDVFROXQDV XVXDOPHQWH HVWmR
VXMHLWDVDPRPHQWRVHIRUoDVD[LDLV1RHQWDQWR
pSRVVtYHOHQFRQWUDUYLJDVFROXQDVVXEPHWLGDVD
FDUJDVWUDQVYHUVDLVDOpPGRVPRPHQWRVHIRUoDV
D[LDLVGHH[WUHPLGDGHVFXMDVLWXDomRSRGHVHU
HQFRQWUDGDSRUH[HPSORHPFRUGDVFRPSULPLGDV
GHWUHOLoDV

 
4XDQGR  1F6G  1F5G   DV GXDV
H[SUHVV}HVDQWHULRUHVSRGHPVHUVXEVWLWXtGDV
SRU

 
3RGHP VHU FRQVLGHUDGRV FRPR YLJDV
FROXQDVRVPRQWDQWHVGDVSDUHGHVH[WHUQDVGDV
HGLILFDo}HV HVWUXWXUDGDV QR VLVWHPD /6) QRV
TXDLVDWXDPDVIRUoDVGHFRPSUHVVmRGHYLGDV
jVFDUJDVYHUWLFDLVHDVIRUoDVKRUL]RQWDLVGHYLGDV
jDomRGRYHQWRSRUH[HPSOR
2FRODSVRGDVEDUUDVVXEPHWLGDVjIOH[mR
QRUPDOFRPSRVWDFRPIRUoDD[LDOGHFRPSUHVVmR
SRGHVHGDUGHTXDWURPRGRVGLVWLQWRV

(VFRDPHQWR WRWDO GD VHomR WUDQVYHUVDO


IRUPDomRGHUyWXODSOiVWLFD 
)ODPEDJHPQRSODQRGHIOH[mRFRQIRUPH
DSUHVHQWDGR QR LWHP  EDUUDV
VXEPHWLGDVjFRPSUHVVmRFHQWUDGD 
)ODPEDJHPODWHUDOFRPWRUomRFRQIRUPH
DSUHVHQWDGR QR LWHP  EDUUDV
VXEPHWLGDVjIOH[mRVLPSOHV 
)ODPEDJHPORFDO

3DUDDIOH[RFRPSUHVVmRDIRUoDQRUPDO
VROLFLWDQWH GH FiOFXOR H RV PRPHQWRV IOHWRUHV
VROLFLWDQWHV GH FiOFXOR GHYHP VDWLVID]HU jV
HTXDo}HVGHLQWHUDomRHTXHVHUYHP
UHVSHFWLYDPHQWHSDUDYHULILFDUDHVWDELOLGDGHGD
EDUUDHDFDSDFLGDGHUHVLVWHQWHGHVXDVHomR
PDLVVROLFLWDGD

1F6G p D IRUoD QRUPDO GH FRPSUHVVmR


VROLFLWDQWHGHFiOFXORFRQVLGHUDGDFRQVWDQWHQD
EDUUD
0[6G H 0\6G VmR RV PRPHQWRV IOHWRUHV
VROLFLWDQWHVGHFiOFXORQDVHomRFRQVLGHUDGDHP
UHODomRDRVHL[RV [ H \UHVSHFWLYDPHQWH
1F5G pDIRUoDQRUPDOGHFRPSUHVVmRUH
VLVWHQWHGHFiOFXORFRQIRUPHDSUHVHQWDGRQRLWHP

15G pDIRUoDQRUPDOGHFRPSUHVVmRUH
VLVWHQWHGHFiOFXORFDOFXODGDFRQIRUPHLWHP
WRPDQGRVH 
0[5G H0\5G VmRRVPRPHQWRVIOHWRUHVUH
VLVWHQWHVGHFiOFXORHPUHODomRDRVHL[RV [ H \
UHVSHFWLYDPHQWH FDOFXODGRV VHJXQGR R LWHP
FRP&E 
1H[ H 1H\ VmR DV IRUoDV QRUPDLV GH
IODPEDJHPHOiVWLFDHPUHODomRDRVHL[RV [ H \
UHVSHFWLYDPHQWHFDOFXODGDVSRU
1H[  (,[  .[/[ 1H\  (,\  .\/\ 
,[H,\VmRRVPRPHQWRVGHLQpUFLDGDVHomR
EUXWDHPUHODomRDRVHL[RV [H \UHVSHFWLYDPHQ
WH

 

.[/[ H .\/\ VmRRVFRPSULPHQWRVHIHWL


YRVGHIODPEDJHPHPUHODomRDRVHL[RV[ H\
UHVSHFWLYDPHQWH



3UHVFULo}HVGD$%171%5
&P[ H&P\ VmRRVFRHILFLHQWHVGHHTXLYD
OrQFLDGHPRPHQWRQDIOH[mRFRPSRVWDHPUHOD
omRDRVHL[RV[ H\UHVSHFWLYDPHQWHGHWHUPL
QDGRVGHDFRUGRFRPRVVHJXLQWHVSURFHGLPHQ
WRV

%DUUDVGHHVWUXWXUDVLQGHVORFiYHLVVHP
Do}HVWUDQVYHUVDLVHQWUHDVH[WUHPLGDGHV
&P  00 

 

6HQGR0 RPHQRUH0 RPDLRUGRVGRLV


PRPHQWRV IOHWRUHV VROLFLWDQWHV GH FiOFXOR QDV
H[WUHPLGDGHVGRWUHFKRVHPWUDYDPHQWRODWHUDO
$ UHODomR 00 p SRVLWLYD TXDQGR HVVHV
PRPHQWRV SURYRFDUHP FXUYDWXUD UHYHUVD H
QHJDWLYDHPFDVRGHFXUYDWXUDVLPSOHV

%DUUDV GH HVWUXWXUDV LQGHVORFiYHLV


VXMHLWDV j Do}HV WUDQVYHUVDLV HQWUH DV
H[WUHPLGDGHV

VmRRVHQULMHFHGRUHVFREUHMXQWDVFDQWRQHLUDVGH
DVVHQWRFRQVROHVHWF
2VFRPSRQHQWHVGHXPDOLJDomRGHYHPVHU
GLPHQVLRQDGRVGHIRUPDTXHVXDUHVLVWrQFLDGH
FiOFXOR VHMD LJXDO RX VXSHULRU DRV Pi[LPRV
HVIRUoRVVROLFLWDQWHVGHFiOFXORGHWHUPLQDGRV
FRPEDVHQDVFRPELQDo}HVGHDo}HVSDUDRV
HVWDGRVOLPLWHV~OWLPRVHVWDEHOHFLGRVHPGD
$%171%5
4XDQGRQXPDOLJDomRRVSDUDIXVRVHVWmR
UHVLVWLQGRDRFRUWHDSUHVVmRGHVVHVSDUDIXVRV
QDSDUHGHGRVIXURVSRGHFDXVDUDUXtQDGDFKDSD
SRUHVPDJDPHQWRUDVJDPHQWRHQWUHGRLVIXURV
FRQVHFXWLYRVRXUDVJDPHQWRHQWUHXPIXURHD
ERUGD QD GLUHomR GR HVIRUoR 3RGH WDPEpP
RFRUUHUDUXSWXUDGRSDUDIXVRDRFRUWH1DILJXUD
 DGDSWDGD GH <8   DSUHVHQWDPVH
HVTXHPDWLFDPHQWHHVVHVPRGRVGHUXtQD

&DVRQmRVHMDPGHWHUPLQDGRVGHPDQHLUD
PDLVSUHFLVDRVVHJXLQWHVYDORUHVGH&P SRGHP
VHUDGRWDGRV
&P SDUDDPEDVDVH[WUHPLGDGHV
GDEDUUDHQJDVWDGDV
&P SDUDRVGHPDLVFDVRV

EDUUDVGHHVWUXWXUDVGHVORFiYHLV&P 

3RGHP VHU DGRWDGRV YDORUHV GH &P


LQIHULRUHVDGHVGHTXHMXVWLILFDGRVFRPEDVH
HPELEOLRJUDILDHVSHFLDOL]DGD
5HTXLVLWRVSDUDRGLPHQVLRQDPHQWR
GHOLJDo}HV

&RQGLo}HVJHUDLV
2SURMHWRGHHVWUXWXUDVGHDoRHQYROYHD
HVSHFLILFDomRHRFiOFXORGDVOLJDo}HVHQWUHRV
VHXV GLYHUVRV FRPSRQHQWHV 2V PHLRV
FRPXPHQWHXWLOL]DGRVSDUDHVWDVOLJDo}HVVmRRV
SDUDIXVRVHDVVROGDV2VHOHPHQWRVGHOLJDomR



)LJXUD   0RGRV GH UXtQD QDV OLJDo}HV SRU SUHVVmR GH
FRQWDWR )RQWH<8 

/LJDo}HVVROGDGDV
1RSUHVHQWHPDQXDOVmRDSUHVHQWDGRVDSH
QDVRVFULWpULRVSDUDRGLPHQVLRQDPHQWRGDVOL
JDo}HVSDUDIXVDGDVTXHVmRDVPDLVLQGLFDGDV
SDUDRVLVWHPD/6)3DUDDVOLJDo}HVVROGDGDV
FRQVXOWDURLWHPGD$%171%5
/LJDo}HVSDUDIXVDGDV
*HQHUDOLGDGHV
(VWDVXEVHomRDSOLFDVHjVOLJDo}HVSDUD
IXVDGDVRQGHDHVSHVVXUDGDSDUWHPDLVILQDQmR

XOWUDSDVVDPP&DVRFRQWUiULRGHYHPVHU
DWHQGLGDV DV H[LJrQFLDV GD $%17 1%5

$ $%17 1%5  UHFRPHQGD R
XVRGHSDUDIXVRVGHDoRFRPTXDOLILFDomRHVWUX
WXUDOFRPXQVRXGHDOWDUHVLVWrQFLD

7DEHOD'LPHQV}HVPi[LPDVGHIXURV PP 

'LVSRVLo}HVFRQVWUXWLYDV
(VSDoDPHQWRVPtQLPRV

$XWLOL]DomRGHSDUDIXVRVGHDoRVHPTXDOL
ILFDomRHVWUXWXUDOpWROHUDGDGHVGHTXHQmRVHMD
DGRWDGRQRSURMHWRYDORUVXSHULRUD03DSDUD
DUHVLVWrQFLDjUXSWXUDGRSDUDIXVRQDWUDomR IXS

2V SDUDIXVRV FRPXQV VmR IHLWRV GH DoR
FDUERQRHSRGHPSRVVXLUHVSHFLILFDomR$670
$RX,62&ODVVH2VSDUDIXVRVGH
DOWDUHVLVWrQFLDVmRIDEULFDGRVFRPDoRGHDOWD
UHVLVWrQFLDPHFkQLFD WUDWDGRVWHUPLFDPHQWH H
SRGHPWHUHVSHFLILFDomR$670$RX$670
$
(PJHUDOHPWRGDVDVOLJDo}HVGHPDLRU
UHVSRQVDELOLGDGHHVWUXWXUDOFXMRFRODSVRSRGH
FRQGX]LUjUXtQDGDHVWUXWXUDFRPRXPWRGRp
QHFHVViULRXVDUSDUDIXVRVGHDOWDUHVLVWrQFLD
'HVWDIRUPDRHPSUHJRGHSDUDIXVRVFRPXQV
ILFDOLPLWDGRjVOLJDo}HVGHEDUUDVFRPIXQomR
ORFDOL]DGDFRPRSRUH[HPSORDVEDUUDVSHUWHQ
FHQWHVDRVVLVWHPDVGHYHGDomRHWDSDPHQWR
$$%17 1%5  HVWDEHOHFH TXH
GHYHPVHUXVDGRVSDUDIXVRVGHDOWDUHVLVWrQFLD
HPTXDOTXHUOLJDomRHVSHFLILFDGDQRVGHVHQKRV
GDHVWUXWXUD
'LPHQV}HVGRVIXURV
$V GLPHQV}HV GRVIXURV SDUD LQWURGXomR
GRV SDUDIXVRV QmR GHYHP H[FHGHU jV
HVSHFLILFDGDVQDWDEHOD
1DVHVWUXWXUDVHPJHUDOGHYHPVHUHVSH
FLILFDGRVIXURVSDGUmR&DVRVHMDPHVSHFLILFD
GRVIXURVDORQJDGRVRXPXLWRDORQJDGRVQDVOL
JDo}HVFXMDVROLFLWDomRVHMDQRUPDODRHL[RGRV
SDUDIXVRV IRUoDFRUWDQWH DGLPHQVmRDORQJDGD
GRIXURGHYHVHUQRUPDOjVROLFLWDomR

$GLVWkQFLDGDERUGDGHXPIXURjH[WUHPL
GDGHGRHOHPHQWRFRQHFWDGRQmRGHYHVHULQIHUL
RUD G HDGLVWkQFLDOLYUHHQWUHDVERUGDVGHGRLV
IXURVDGMDFHQWHVQmRGHYHVHULQIHULRUD GRQGH
G pRGLkPHWURQRPLQDOGRSDUDIXVR
(VSDoDPHQWRVPi[LPRV
(POLJDo}HVFRQVWLWXtGDVSRUFREUHMXQWDV
VXMHLWDVjFRPSUHVVmRDGLVWkQFLDHQWUHRVFHQ
WURVGHGRLVSDUDIXVRVDGMDFHQWHVRXHQWUHRFHQ
WURGRSDUDIXVRjERUGDGDFREUHMXQWDQDGLUHomR
GDVROLFLWDomRGHYHVHULQIHULRUDW (I\ 
VHQGRW DHVSHVVXUDGDFREUHMXQWDHI\ DUHVLV
WrQFLDDRHVFRDPHQWRGRDoRGDFREUHMXQWD
 5DVJDPHQWRHQWUH IXURVRX HQ
WUHIXURHERUGD
4XDQGRQXPDOLJDomRRVSDUDIXVRVHVWmR
UHVLVWLQGRDRFRUWHDSUHVVmRGHVVHVSDUDIXVRV
QDSDUHGHGRVIXURVSRGHFDXVDUDUXtQDGDFKD
SDSRUHVPDJDPHQWRUDVJDPHQWRHQWUHGRLVIX
URVFRQVHFXWLYRVRXUDVJDPHQWRHQWUHXPIXURH
DERUGDQDGLUHomRGRHVIRUoR
2YDORUGDIRUoDUHVLVWHQWHGHFiOFXORDR
UDVJDPHQWR )5GpGHWHUPLQDGRSRU

)5G WHIX 

 

 

6HQGRIX DUHVLVWrQFLDjUXSWXUDGRDoR PH


WDOEDVH WDHVSHVVXUDGRHOHPHQWRFRQHFWDGR
DQDOLVDGRHDGLVWkQFLDWRPDGDQDGLUHomRGD
IRUoDGRFHQWURGRIXURSDGUmRjERUGDPDLVSUy
[LPDGRIXURDGMDFHQWHRXjH[WUHPLGDGHGRHOH
PHQWRFRQHFWDGR



3UHVFULo}HVGD$%171%5
3UHVVmRGHFRQWDWR HVPDJDPHQWR 
2YDORUGDIRUoDUHVLVWHQWHGHFiOFXORDRHVPDJDPHQWR )5GpGHWHUPLQDGRSRU

)5G GWIX

 

 

2QGHIX pDUHVLVWrQFLDjUXSWXUDGRDoR PHWDOEDVH GpRGLkPHWURQRPLQDOGRSDUDIXVRWpD


HVSHVVXUDGRHOHPHQWRFRQHFWDGRDQDOLVDGR
)RUoDQRUPDOGHWUDomRQRSDUDIXVR
$IRUoDQRUPDOGHWUDomRUHVLVWHQWHGHFiOFXORGRSDUDIXVR 1W5GpGHWHUPLQDGDSRU

1W5G $SIXS 

 

2QGH$S pDiUHDEUXWDGDVHomRWUDQVYHUVDOGRSDUDIXVRIXSpDUHVLVWrQFLDjUXSWXUDGRSDUDIXVR
QDWUDomRFRQIRUPHWDEHODRXRGLVSRVWRHPGD$%171%5
SDUDSDUDIXVRVGHDOWDUHVLVWrQFLD
SDUDRVSDUDIXVRVFRPXQVHSDUDIXVRVGHDoRVHPTXDOLILFDomRHVWUXWXUDO
7DEHOD5HVLVWrQFLDjUXSWXUDQDWUDomRGHSDUDIXVRVGHDoRFRPTXDOLILFDomRHVWUXWXUDO



)RUoDFRUWDQWHQRSDUDIXVR
$IRUoDFRUWDQWHUHVLVWHQWHGHFiOFXORGR
SDUDIXVR 95GSRUSODQRGHFRUWHpGHWHUPLQDGD

SRU
95G $SIXS  TXDQGRRSODQRGHFRUWH
SDVVDSHODURVFD
 
95G $SIXS  TXDQGRRSODQRGHFRUWH
QmRSDVVDSHODURVFD
 
$S IXS FRQIRUPHGHILQLGRVQRLWHP
SDUDSDUDIXVRVGHDOWDUHVLVWrQFLD 
SDUDRVSDUDIXVRVFRPXQVHSDUDIXVRVGH
DoRVHPTXDOLILFDomRHVWUXWXUDO
)RUoDQRUPDOGHWUDomRHIRUoD
FRUWDQWHFRPELQDGDVQRSDUDIXVR
3DUDRVSDUDIXVRVVXEPHWLGRVjIRUoDQRU
PDOGHWUDomRHIRUoDFRUWDQWHVLPXOWDQHDPHQWH
DOpPGHYHULILFDURVHVIRUoRVLVRODGDPHQWHFRQ
IRUPHLWHQVHGHYHVHUVDWLVIHLWD
DVHJXLQWHFRQGLomR
SDUDIXVRVGHDoRFRPTXDOLILFDomRHVWUX
WXUDOFRPXQVRXGHDOWDUHVLVWrQFLD
1W6G 1W5G  96G 95G    
SDUDIXVRVGHDoRVHPTXDOLILFDomRHVWUX
WXUDO
 
1W6G 1W5G  96G 95G  
6HQGR 1W6G D IRUoD QRUPDO GH WUDomR
VROLFLWDQWHGHFiOFXORQRSDUDIXVR96GDIRUoDFRU
WDQWHVROLFLWDQWHGHFiOFXORQRSDUDIXVRQRSODQR
GHFRUWHDQDOLVDGR1W5G DIRUoDQRUPDOGHWUDomR
UHVLVWHQWHGHFiOFXORGRSDUDIXVRFRQIRUPHLWHP
95GDIRUoDFRUWDQWHUHVLVWHQWHGHFiOFXOR
GRSDUDIXVRFRQIRUPH
5XSWXUDSRUUDVJDPHQWRGDSDUWH
FRQHFWDGD
1DV OLJDo}HV GH H[WUHPLGDGH GH YLJDV
RQGHDSHQDVXPDRXDVGXDVPHVDVVmRUHFRU
WDGDV YHU ILJXUD D  H HP FDQWRQHLUDV

WUDFLRQDGDV YHUILJXUDE SRGHRFRUUHUUXSWX


UDSRUUDVJDPHQWRGDSDUWHFRQHFWDGDRXVHMD
DVSDUWHVKDFKXUDGDVGDVEDUUDVGDVILJXUDVSR
GHPVHVHSDUDUGHVWDVHPYLUWXGHGRHVIRUoRTXH
VROLFLWDDOLJDomR(VWHWLSRGHHVWDGROLPLWH~OWL
PR UHFHEH D GHQRPLQDomR GH FRODSVR SRU
UDVJDPHQWR
1RV FDVRV FLWDGRV DQWHULRUPHQWH RX HP
RXWURVFDVRVGHOLJDo}HVRQGHKRXYHUDSRVVLEL
OLGDGH GH UXSWXUD SRU UDVJDPHQWR GD SDUWH
FRQHFWDGDDIRUoDUHVLVWHQWHGHFiOFXOR )5GGHYH

VHUFDOFXODGDSRU
SDUD$QWIX !$QYIX
)5G  $JYI\ $QWIX 
SDUD$QYIX ! $QWIX
)5G  $QYIX $JWI\ 

 
 

 
 

$JW pDiUHDEUXWDVXMHLWDjWUDomRGDSDUWH
VXVFHSWtYHOjUXSWXUDSRUUDVJDPHQWR$JYpiUHD
EUXWDVXMHLWDDRFLVDOKDPHQWRGDSDUWHVXVFHSWt
YHOjUXSWXUDSRUUDVJDPHQWR$QW pDiUHDOtTXLGD
VXMHLWDjWUDomRGDSDUWHVXVFHSWtYHOjUXSWXUDSRU
UDVJDPHQWR$QY p D iUHD  OtTXLGD VXMHLWD DR
FLVDOKDPHQWRGDSDUWHVXVFHSWtYHOjUXSWXUDSRU
UDVJDPHQWR

)LJXUD   5XSWXUD SRU UDVJDPHQWR GD SDUWH FRQHFWDGD

3UHVVmRGHFRQWDWRVREUHDSRLRV
GHFRQFUHWR
&RPUHODomRjSUHVVmRGHFRQWDWRVREUH
DSRLRVGHFRQFUHWRDIRUoDQRUPDOGHFRPSUHV
VmRUHVLVWHQWHGHFiOFXORGHYHVHUGHWHUPLQDGD
FRQIRUPHGD1%5



&DStWXOR
/LJDo}HVXWLOL]DQGR
SDUDIXVRVDXWREURFDQWHV



/LJDo}HVXWLOL]DQGRSDUDIXVRVDXWREURFDQWHV 
*HQHUDOLGDGHV

$VIRWRVDSUHVHQWDPDOJXQVGHWDOKHVGRSD
UDIXVRFRPFDEHoDVH[WDYDGD

2V SDUDIXVRV GHQRPLQDGRV GH


DXWREURFDQWHVFRQVWLWXHPRPHLRGHIL[DomRPDLV
XWLOL]DGRQRVLVWHPD/6)3RGHPVHUHVWUXWXUDLV
RXWHUHPDSHQDVIXQomRGHPRQWDJHP(PXPD
VyRSHUDomRID]VHRIXURHIL[DVHFRPVHJX
UDQoDRVFRPSRQHQWHVGDHVWUXWXUDFRQIRUPH
DSUHVHQWDDILJXUD &,6(5 
)RWRV   3DUDIXVRV DXWREURFDQWHV FRP FDEHoD GR WLSR
+(;

)LJXUD   2SHUDo}HV GH IL[DomR GH XP SDUDIXVR


DXWREURFDQWH

2VSDUDIXVRVDXWREURFDQWHVVmRIDEULFD
GRVFRQIRUPHQHFHVVLGDGHGHLQVWDODomRFRP
GLYHUVRVWLSRVGHFDEHoDHSRQWD3RGHPWDP
EpPVHUGRWLSRDXWRSHUIXUDQWH SRQWDEURFD RX
DXWRDWDUUD[DQWH SRQWDDJXOKD 

$WDEHODDSUHVHQWDDOJXPDVFDUDFWHUtV
WLFDV LPSRUWDQWHV SDUD R GLPHQVLRQDPHQWR GR
SDUDIXVRDXWREURFDQWHHVWUXWXUDOFRPDGHQRPL
QDomRSRUELWRODHRVUHVSHFWLYRVGLkPHWURV
7DEHOD%LWRODVHGLkPHWURVGRVSDUD
IXVRVDXWREURFDQWHV

1RFDStWXORGR0DQXDOGH$UTXLWHWXUDGR
&%&$ VmR HQFRQWUDGDV DV LQIRUPDo}HV PDLV
LPSRUWDQWHVVREUHDVOLJDo}HVHPRQWDJHPFRP
HVVHFRQHFWRU
$$%171%5QmRDSUHVHQWD
SUHVFULo}HVSDUDRGLPHQVLRQDPHQWRGDVOLJD
o}HVFRPRVSDUDIXVRVDXWREURFDQWHV3RULVWR
pDSUHVHQWDGRQRSUHVHQWHFDStWXORXPUHVXPR
GDV HVSHFLILFDo}HV GD 1RUWK $PHULFDQ
6SHFLILFDWLRQIRUWKH'HVLJQRI&ROG)RUPHG6WHHO
6WUXFWXUDO0HPEHUV $,6, VHQGRWDPEpP
DSUHVHQWDGDVDOJXPDVLQIRUPDo}HVGHLQWHUHV
VHSUiWLFR
 (V S HF L I L F Do mR  G R V  S DU DI X V R V
DXWREURFDQWHVHVWUXWXUDLV
2VSDUDIXVRVDXWREURFDQWHVPDLVXWLOL]DGRV
FRPIXQomRHVWUXWXUDOWrPDVSRQWDVWLSR6RX
75$;;HFDEHoDGRWLSRVH[WDYDGD+:+ +H[
:DVKHU+HDG QHVWHWUDEDOKRGHQRPLQDGDGH
+(;FDEHoDGRWLSRRYDORXGRWLSRSODQD /$7+ 



5HFRPHQGDVHTXHRFRPSULPHQWRGDSRQ
WDVHMDVXILFLHQWHSDUDHYLWDUH[HFXomRVLPXOWk
QHDGDVRSHUDo}HVGHIXUDUHURVTXHDU3DUDHYL
WDUEORTXHLRRXHVSDQDPHQWRGDURVFDDSRQWD
EURFDGHYHUiWHUVDtGRGDFKDSDEDVHTXDQGR
HVWLYHUVHQGRLQLFLDGDDIRUPDomRGDURVFD$SyV
FRQFOXtGRRURVTXHDPHQWRQRPtQLPRWUrVILOHWHV
GHYHUmRXOWUDSDVVDUDFKDSDEDVH
$ WDEHOD DSUHVHQWDRV FRPSULPHQWRV
GRVSDUDIXVRVDXWREURFDQWHVFRPXPHQWHXWLOL]D
GRVQDIL[DomRFKDSDFKDSDGR/6)UHODFLRQDQ
GRRVFRPRVGLkPHWURVDSUHVHQWDGRVQDWDEHOD


7DEHOD   &RPSULPHQWRV GRV SDUDIXVRV


DXWREURFDQWHV

3/$1$RX29$/
L /LJDomRWUDYDPHQWRPRQWDQWHFDEHoD3/$1$
RX29$/
M /LJDomRWLUDPHWiOLFDGHWUDYDPHQWRFDEHoD
3/$1$
(VSHFLILFDo}HVGR$,6,

$WDEHODDSUHVHQWDDQRPHQFODWXUDGRV
SDUDIXVRVDXWREURFDQWHV3RUH[HPSOR[
VLJQLILFD%LWRODILRVGHURVFDSRUSR
OHJDGDHGHFRPSULPHQWR
7DEHOD&DEHoDELWRODSRQWDHQRPHQFODWX
UDGRVSDUDIXVRVDXWREURFDQWHV

$V VHJXLQWHV HVSHFLILFDo}HV VmR YiOLGDV


SDUDSDUDIXVRVDXWREURFDQWHVFXMRGLkPHWURYD
ULDGHPPDPP
1RWDomR
$VVHJXLQWHVQRWDo}HVVmRDSOLFiYHLVDRV
SDUDIXVRVDXWREURFDQWHV ILJXUD 
GpRGLkPHWURQRPLQDOGRSDUDIXVR
GZpRGLkPHWURGDFDEHoDGRDXWREURFDQWH
RXGDDUUXHODRTXHIRUPDLRU
pRIDWRUGHUHVLVWrQFLD  
3QVpDUHVLVWrQFLDQRPLQDODRFLVDOKDPHQWR
SRUSDUDIXVRDXWREURFDQWH
3VVpDUHVLVWrQFLDQRPLQDODRFLVDOKDPHQWR
SRUSDUDIXVRDXWREURFDQWHIRUQHFLGDSHOR
IDEULFDQWHRXGHWHUPLQDGDSRUHQVDLRHP
ODERUDWyULRLQGHSHQGHQWH

 8W L O L ]Do mR  G R V  S DU DI X V R V
DXWREURFDQWHVHVWUXWXUDLV
$VHJXLUVmRDSUHVHQWDGDVDOJXPDVVXJHV
W}HVGHDSOLFDomRGRVSDUDIXVRVDXWREURFDQWHV
HVWUXWXUDLVQRTXHVHUHIHUHjIRUPDGHVXDFD
EHoD
D /LJDomRJXLDPRQWDQWHFDEHoD3/$1$
E /LJDomRPRQWDQWHPRQWDQWHFDEHoD+(;
F /LJDomRFDQWRQHLUDPRQWDQWHFDEHoD+(;
G /LJDomRFDQWRQHLUDYHUJDFDEHoD+(;
H /LJDomRYHUJDPRQWDQWHFDEHoD+(;
I /LJDomRWUDYDPHQWRGDYLJDFDEHoD+(;
J /LJDomRFRQWUDYHQWDPHQWRJXLDFDEHoD3/$
1$RX29$/
K /LJDomRFRQWUDYHQWDPHQWRPRQWDQWHFDEHoD

3QWpDUHVLVWrQFLDQRPLQDOjWUDomRSRUSD
UDIXVRDXWREURFDQWH
3QRWpDUHVLVWrQFLDQRPLQDODRSXOORXWSRU
SDUDIXVRDXWREURFDQWH
3QRY pDUHVLVWrQFLDQRPLQDODRSXOORYHUSRU
SDUDIXVRDXWREURFDQWH
3WVpDUHVLVWrQFLDQRPLQDOjWUDomRSRUSD
UDIXVRDXWREURFDQWHIRUQHFLGDSHORIDEUL
FDQWHRXGHWHUPLQDGDSRUHQVDLRHPODER
UDWyULRLQGHSHQGHQWH
WpDHVSHVVXUDGRHOHPHQWRDIL[DUHPFRQ
WDWR FRP D FDEHoD GR SDUDIXVR
DXWREURFDQWH



/LJDo}HVXWLOL]DQGRSDUDIXVRVDXWREURFDQWHV 
WpDHVSHVVXUDGRHOHPHQWRDIL[DUTXHQmR
HVWiHPFRQWDWRFRPDFDEHoDGRSDUDIXVR
DXWREURFDQWH

3DUDWW 3QV pRPHQRUGRVYDORUHV

WFpDSURIXQGLGDGHGHSHQHWUDomRRXDHV
SHVVXUDWRTXHIRUPHQRU

3QV  WG IX


3QV WGIX (VPDJDPHQWR 
3QV WGIX (VPDJDPHQWR 

IXpDUHVLVWrQFLDjUXSWXUDQDWUDomRGRHOH
PHQWRDIL[DUHPFRQWDWRFRPDFDEHoDGR
SDUDIXVR

3DUDWW 3QV pRPHQRUGRVYDORUHV

IXpDUHVLVWrQFLDjUXSWXUDQDWUDomRGRHOH
PHQWRDIL[DUTXHQmRHVWiHPFRQWDWRFRP
DFDEHoDGRSDUDIXVR

3QV WGIX (VPDJDPHQWR 


3QV WGIX (VPDJDPHQWR 

 
 
 

 
 

3DUDWW 3QV GHYHVHUGHWHUPLQDGR


DWUDYpVGHLQWHUSRODomROLQHDU
 5HV L V W rQ F L D G R  S DU DI X V R
DXWREURFDQWHDRFLVDOKDPHQWR

D 

E 

)LJXUD   'LPHQV}HV GRV HOHPHQWRV OLJDGRV

$OWHUQDWLYDPHQWHYDORUHVGHSURMHWRSDUD
DSOLFDo}HVSDUWLFXODUHVSRGHUmRVHUSHUPLWLGRV
FRPEDVHHPUHVXOWDGRVH[SHULPHQWDLVQRTXH
GL]UHVSHLWRDRIDWRUGHUHVLVWrQFLD TXHGHYH
VHUGHWHUPLQDGRGHDFRUGRFRPR&DStWXOR)GR
$,6,
'LVSRVLo}HVFRQVWUXWLYDV
&RQVLGHUDQGR G R GLkPHWUR GR SDUDIXVR
DXWREURFDQWHGHYHVHWHU
 GLVWkQFLD HQWUH FHQWURV GH SDUDIXVRV
DXWREURFDQWHVDGMDFHQWHV G
 GLVWDQFLD GR FHQWUR GR SDUDIXVR
DXWREURFDQWHjERUGDGHTXDOTXHUHOHPHQ
WROLJDGR G6HDOLJDomRHVWLYHUVXMHLWD
DRFLVDOKDPHQWRHPVRPHQWHXPDGLUHomR
DPtQLPDGLVWkQFLDSRGHVHUUHGX]LGDDG
QDGLUHomRSHUSHQGLFXODUDRHVIRUoR
 5HV L V W rQ F L D G D F R Q H[ mR  DR
FLVDOKDPHQWR
$UHVLVWrQFLDQRPLQDODRFLVDOKDPHQWR3QV
GHYHVHUFDOFXODGDFRPRVHJXH



$ UHVLVWrQFLD QRPLQDO GH XP SDUDIXVR


DXWREURFDQWHDRFLVDOKDPHQWRGHYHUiVHUFDOFX
ODGDSRU
3QV 3VV

 

5HVLVWrQFLDGDFRQH[mRjWUDomR
3DUDRVSDUDIXVRVDXWREURFDQWHVVXEPHWL
GRVjWUDomRVXDFDEHoDRXDUUXHODVHDDUUXH
ODIRUXWLOL]DGDGHYHWHUXPGLkPHWURGZ QmRPH
QRUTXHPP$DUUXHODGHYHDSUHVHQWDUHV
SHVVXUDPtQLPDGHPP
$VHJXLUVmRDSUHVHQWDGDVDVUHVLVWrQFLDV
SDUDXPSDUDIXVR
5HVLVWrQFLDQRPLQDODRSXOORXW
3QRW WFGIX

 

2PRGRGHIDOKDSRU S XOORXW DUUDQFDPHQWR


GRSDUDIXVR SRGHRFRUUHUTXDQGRDHVSHVVXUD
GDFKDSDWpLQVXILFLHQWH ILJXUDE VHQGRLQ
IHULRUjGLVWkQFLDHQWUHRVILRVGDURVFDGRSDUD
IXVR2XWUDUD]mRpTXDQGRQmRKiHQJUHQDPHQWR
VXILFLHQWHGDURVFDQDFKDSDW

5HVXOWDGRVGHHQVDLR
$WtWXORGHLOXVWUDomRQDVWDEHODVH
VmRDSUHVHQWDGRVDOJXQVUHVXOWDGRVGHHQVDLRV
GH OLJDo}HV FRP SDUDIXVRV DXWREURFDQWHV
&,6(5 2VHQVDLRVIRUDPUHDOL]DGRVFRP
FKDSDVGHDoRGHEDL[RFDUERQR
1RVSURMHWRVGHYHUmRVHUDSOLFDGRVFRHIL
FLHQWHVGHVHJXUDQoDDGHTXDGRVjVFRQGLo}HV
GHXWLOL]DomRHPRQWDJHP

)LJXUD   3XOORXW RX DUUDQFDPHQWR GR SDUDIXVR

7DEHOD5HVLVWrQFLDDRFLVDOKDPHQWRVLPSOHV
&,6(5 (PN1 

5HVLVWrQFLDQRPLQDODRSXOORYHU
3QRY WGZIX

 

2  PRGR GH IDOKD SRU S X O O R Y HU


SXQFLRQDPHQWRGDFKDSD SRGHRFRUUHUTXDQGR
D HVSHVVXUD GD FKDSD W p LQVXILFLHQWH ILJXUD
D VHQGRTXHDFKDSDW UDVJDVHDRUHGRU
GDFDEHoDRXGDDUUXHODGRSDUDIXVR1HVWHFDVR
D EDL[DUHVLVWrQFLD DR HVFRDPHQWR GRDoR GD
FKDSDHRXVRLQDGHTXDGRGDFDEHoDRXDUUXHOD
GRSDUDIXVRVmREDVWDQWHUHOHYDQWHV

 7DEHOD LOXVWUDWLYD

7DEHOD5HVLVWrQFLDDRDUUDQFDPHQWR 3XOO
2XW  &,6(5 (PN1 

 7DEHOD LOXVWUDWLYD

1DVWDEHODVDVmRWDPEpPDSUHVHQ
WDGRVFRPRLOXVWUDWLYRVRVUHVXOWDGRVREWLGRVD
SDUWLUGRVHQVDLRVHPFRUSRVGHSURYD &3 UHD
OL]DGRVQR,QVWLWXWRGH3HVTXLVD7HFQROyJLFDVGH
6mR3DXOR ,37 VHQGRDSUHVHQWDGDVDV
PpGLDVGRVUHVXOWDGRVGHWUrV&3UHDOL]DGRVSRU
FDGDFRQMXQWR
)LJXUD   3XOORYHURX SXQFLRQDPHQWR GD FKDSD

5HVLVWrQFLDQRPLQDOjWUDomR
3QW 3WV

 

&DGDFRQMXQWRHUDIRUPDGRSRUGXDVFKD
SDVHSDUDIXVR1RVHQVDLRVDVFKDSDVIRUDP
QRPHDGDVVHJXLQGRRHVTXHPDGDILJXUDE
FKDSD JURVVD HFKDSD ILQD 



/LJDo}HVXWLOL]DQGRSDUDIXVRVDXWREURFDQWHV 
&RQIRUPHGHFODUDGRSHORIDEULFDQWH&,6(5
WRGRVRVSDUDIXVRVHQVDLDGRVHUDPGHDoRFDU
ERQRFHPHQWDGRHWHPSHUDGRDXWRDWDUUD[DQWHV
HFRPSRQWDEURFD2VSDUDIXVRVFRPGLkPHWUR
GHPPHUDPGRWLSR67FyGLJRFD
EHoDIODQJHDGDIHQGD3KLOOLSVFRPFRPSULPHQ
WRDSUR[LPDGRGHPP2VSDUDIXVRVFRPGLk
PHWURGHPPHUDPGRWLSR67FyGLJR
FDEHoDVH[WDYDGDIODQJHDGDFRPFRPSUL
PHQWRDSUR[LPDGRGHPP
2VHQVDLRVIRUDPUHDOL]DGRVFRPFKDSDV
GHDoRJDOYDQL]DGRGHEDL[RFDUERQRFRPHV
SHVVXUDV QRPLQDLV GH  PP PP H
PPUHVLVWrQFLDDRHVFRDPHQWRYDULDQGRGH
D03DHUHVLVWrQFLDjUXSWXUDQDWUDomR
YDULDQGRGHD03D

7DEHOD5HVLVWrQFLDPpGLDDRFLVDOKDPHQWR
,37 'LkPHWURGR3DUDIXVRPP
&DEHoDIODQJHDGD(PN1 

 7DEHOD LOXVWUDWLYD

7DEHOD5HVLVWrQFLDPpGLDDRFLVDOKDPHQWR
,37  'LkPHWURGR3DUDIXVRPP&D
EHoDVH[WDYDGD (PN1 

7DEHOD5HVLVWrQFLDPpGLDDRDUUDQFDPHQWR
3XOO2XW  ,37  'LkPHWURGR3DUDIXVR
PP&DEHoDIODQJHDGD (PN1 

 7DEHOD LOXVWUDWLYD

 7DEHOD LOXVWUDWLYD

7DEHOD5HVLVWrQFLDPpGLDDRDUUDQFDPHQWR
3XOO2XW  ,37  'LkPHWURGR3DUDIXVR
PP&DEHoDVH[WDYDGD (PN1 

 7DEHOD LOXVWUDWLYD



&DStWXOR
([HPSORVGH
GLPHQVLRQDPHQWR



([HPSORVGHGLPHQVLRQDPHQWR 
1HVWHFDStWXORVmRDSUHVHQWDGRVH[HPSORV
YLVDQGRDDSOLFDomRSUiWLFDGDVSUHVFULo}HVGD
$%171%5DSUHVHQWDGDVHFRPHQ
WDGDVQRFDStWXORSDUDRGLPHQVLRQDPHQWRGH
EDUUDVGHXPDHVWUXWXUDFRQFHELGDQRVLVWHPD
/LJKW6WHHO)UDPLQJ
6mRDWHQGLGDVDOJXPDVGDVSUHVFULo}HVGD
QRUPDEUDVLOHLUDUHODFLRQDGDVFRPRVPRGRVGH
IODPEDJHPORFDOLQFOXLQGRRPRGRGLVWRUFLRQDO
GRVHOHPHQWRVGDVHomRWUDQVYHUVDOGRSHUILO
FRQVLGHUDGDVSHORDXWRUFRPRDVPDLVVLJQLILFD
WLYDV SDUD R FRQKHFLPHQWR GR IHQ{PHQR GD
IODPEDJHPORFDOHGHVXDLQWHUDomRFRPRVPR
GRVGHIODPEDJHPJOREDOGRV3))(VWDVSUHV
FULo}HV VmR XWLOL]DGDV QD VROXomR SDUFLDO GRV
H[HPSORVGHFiOFXORDSUHVHQWDGRVQHVWHFDStWX
ORHQmRGLVSHQVDPDUHDOL]DomRGHRXWUDVYHULIL
FDo}HVFDEtYHLVHPFDGDFDVR

)RWR   7UDYDPHQWR KRUL]RQWDO GD ODMH GH SLVR SRU PHLR GH
EORTXHDGRUHV H ILWDV GH DoR )RQWH 0DQXDO GH$UTXLWHWXUD GR
&%&$ 

6mR DSUHVHQWDGRV WUrV H[HPSORV VHQGR


XPDYLJDHPSHUILO8H[[[XPPRQ
WDQWHHPSHUILO8H[[[VHPDEHUWXUD
QD DOPD H RXWUR PRQWDQWH HP SHUILO 8H
[[[FRPDEHUWXUDQDDOPDGRSHUILO
$VEDUUDVID]HPSDUWHGHXPDGDVHVWUXWX
UDVGHVHQYROYLGDVSDUDDFRPSRVLomRGDVWDEH
ODV GH SUpGLPHQVLRQDPHQWR DSUHVHQWDGDV QR
FDStWXOR$YLJDSHUWHQFHDRVLVWHPDGHHQWUHSLVR
GDHVWUXWXUDHP/6)GHXPSUpGLRGHGRLVSDYL
PHQWRVFRPHVSDoDPHQWRGHPPHQWUHEDU
UDVWHPFRPSULPHQWRWRWDOGHPPHFRP
SULPHQWR GHVWUDYDGR GH  PP SDUD
IODPEDJHP HOiVWLFD HP UHODomR DR HL[R \ H
IODPEDJHPODWHUDOFRPWRUomR3DUDJDUDQWLUR
FRPSULPHQWRGHVWUDYDGRGDYLJDIRUDPXWLOL]DGRV
EORTXHDGRUHVHILWDVGHDoRFRQIRUPHPRVWUDP
RVGHWDOKHVGDIRWRHGDILJXUD2VPRQ
WDQWHVIRUDPFRQVLGHUDGRVWUDYDGRVODWHUDOPHQWH
FRP EORTXHDGRUHV H ILWDV GH DoR LQVWDODGDV j
PHLDDOWXUDGRSHUILOFRQIRUPHGHWDOKDDILJXUD

)LJXUD   6LVWHPD GH WUDYDPHQWR ODWHUDO GH YLJDV FRP


EORTXHDGRU HILWD GHDoR )RQWH0DQXDOGH$UTXLWHWXUD GR
&%&$ 

(PWRGRVRVH[HPSORV IRLFRQVLGHUDGRR
DoR=$5FRPUHVLVWrQFLDDRHVFRDPHQWR
I\ 03D

)LJXUD   (VTXHPD GH WUDYDPHQWR KRUL]RQWDO GRV PRQWDQ


WHV XWLOL]DQGR EORTXHDGRU H ILWDV GH DoR )RQWH 0DQXDO GH
$UTXLWHWXUDGR&%&$ 



$ILJXUDDSUHVHQWDHPHOHYDomRRSDL
QHO FRQVLGHUDGR SDUD RV H[HPSORV GH
GLPHQVLRQDPHQWR

6 6  &DWHJRULD,9&ODVVH$ H


6 
$ILJXUDDSUHVHQWDRFDPLQKDPHQWRGRV
HVIRUoRVVROLFLWDQWHVSHODHVWUXWXUDGDHGLILFDomR
&RQVLGHUDQGRDVFRPELQDo}HVGHDo}HVSDUDRV
HVWDGRVOLPLWHV~OWLPRVRHVIRUoRVROLFLWDQWHGH
FiOFXORTYG OLQHDUPHQWHGLVWULEXtGR QDYLJD GH
HQWUHSLVRUHSUHVHQWDDFRQWULEXLomRGHWRGDVDV
Do}HVSHUPDQHQWHV SHVRSUySULRGRSHUILOI{U
PDGHDoRHFRQFUHWRGDODMHUHYHVWLPHQWRVXSH
ULRUGRSLVRHUHYHVWLPHQWRGDIDFHLQIHULRUGR
HQWUHSLVR HVREUHFDUJDDWXDQWHVQDEDUUDVH
JXQGRVXDiUHDGHLQIOXrQFLD$IRUoDQRUPDOGH
FRPSUHVVmRVROLFLWDQWHGHFiOFXOR1GpDUHVXO
WDQWHGHWRGRVRVFDUUHJDPHQWRVWUDQVPLWLGRVDR
PRQWDQWHDWUDYpVGDYLJDGRHQWUHSLVRHGRVFRU
UHVSRQGHQWHVPRQWDQWHVGRVSDLQpLVVXSHULRUHV
(VWDIRUoDDEVRUYLGDSHORPRQWDQWHVHUiWUDQV
PLWLGDjIXQGDomRGRHGLItFLR
2HVIRUoRVROLFLWDQWHGHFiOFXORTKGOLQHDU
PHQWHGLVWULEXtGRpGHYLGRjSUHVVmRGLQkPLFD
GRYHQWRQDHVWUXWXUDFRQVLGHUDQGRDiUHDGH
LQIOXrQFLDGRPRQWDQWHDQDOLVDGR

)LJXUD   3DLQHO FRQWUDYHQWDGR

3DUDRGLPHQVLRQDPHQWRGDVEDUUDVIRUDP
FRQVLGHUDGDVDVVHJXLQWHVSUHPLVVDVGHFiOFX
OR
D &DUJDVSHUPDQHQWHV
/DMH GH SLVR  N1P IRUUR GH JHVVR
DFDUWRQDGRFRPPPGHHVSHVVXUDHVWUXWX
UDGHDoRGRHQWUHSLVRSLVR~PLGRFRQVWLWXtGR
SRUXPDFDPDGDFRPHVSHVVXUDPpGLDGHFP
GHFRQFUHWRPROGDGDVREUHI{UPDGHDoRHRV
UHYHVWLPHQWRVXVXDLVGHSLVR 
E 6REUHFDUJD
/DMHGHSLVRN1P
F 9HQWR
9HORFLGDGHEiVLFDGRYHQWR9 PV

)LJXUD   &DPLQKDPHQWR GRV HVIRUoRV VROLFLWDQWHV

$VILJXUDVHDSUHVHQWDPDQRPHQ
FODWXUDHPSUHJDGDTXDQWRDRVSDUkPHWURVJHR
PpWULFRVGDVHomRWUDQVYHUVDOGRSHUILO



([HPSORVGHGLPHQVLRQDPHQWR 
2PRPHQWRIOHWRUUHVLVWHQWHGHFiOFXOR 05G
GHYHVHUWRPDGRFRPRRPHQRUYDORUFDOFXODGR
HPHLVWRpFRPEDVHQRLQtFLR
GRHVFRDPHQWRGDVHomRHIHWLYDFRPEDVHQD
IODPEDJHP ODWHUDO FRP WRUomR H SDUD D
IODPEDJHPSRUGLVWRUomRGDVHomRWUDQVYHUVDO
UHVSHFWLYDPHQWH
0RPHQWRFDOFXODGRFRPEDVHQR
LQtFLRGRHVFRDPHQWRGDVHomRHIHWLYD

)LJXUD   3HUILO 8 HQULMHFLGR

1HVWHSURFHGLPHQWRRPRPHQWRIOHWRUUHVLV
WHQWHGHFiOFXORpGHWHUPLQDGRFRPEDVHQDUH
VLVWrQFLDDRHVFRDPHQWRGRDoRI\HQRPyGXOR
UHVLVWHQWHHOiVWLFRGDVHomRHIHWLYD:HITXDQGR
XPDILEUDH[WUHPDWUDFLRQDGDRXXPDFRPSULPL
GDRXDPEDVDWLQJHPI\
3DUDXPSHUILOVROLFLWDGRjIOH[mRTXDQGRD
OLQKDQHXWUDVHHQFRQWUDPDLVSUy[LPDGRIODQJH
WUDFLRQDGRDWHQVmRPi[LPDRFRUUHQRIODQJH
FRPSULPLGRHVXDODUJXUDHIHWLYDpGHWHUPLQDGD
FRP I\$PHVPDFRQVLGHUDomRGHYHVHUIHL
WD TXDQGR D OLQKD QHXWUD p HTLGLVWDQWH GRV
IODQJHVFRPSULPLGRHWUDFLRQDGRTXHpRFDVR
GRSHUILOGHVWHH[HPSOR
D 9HULILFDomRGR)ODQJH&RPSULPLGR
(OHPHQWR 

)LJXUD   (OHPHQWRV GD VHomR WUDQVYHUVDO GR SHUILO 8H

9LJD8H[[[PP

2FiOFXORGDODUJXUDHIHWLYDGHHOHPHQWRV
XQLIRUPHPHQWHFRPSULPLGRVFRPHQULMHFHGRUGH
ERUGD p IHLWR FRQVLGHUDQGRVH DV SUHVFULo}HV
FRQVWDQWHVQRLWHPHDVGHILQLo}HVDSUH
VHQWDGDVQDILJXUD

'DGRVJHUDLV
3HUILO8H[[HW PP
(VIRUoRGHFiOFXORFRQVLGHUDGRPRPHQWRIOHWRU
VROLFLWDQWHGHFiOFXORHPUHODomRDRHL[R[0VG[ 
N1FP
&RPSULPHQWRVHIHWLYRVGHIODPEDJHPGDEDUUD
.[ /[ PP.\ /\ PPH
.W /W PP
UHD%UXWDGD6HomR7UDQVYHUVDOGR3HUILO$J 
FP
)LJXUD   (OHPHQWR XQLIRUPHPHQWH FRPSULPLGR FRP
HQULMHFHGRU GH ERUGD



1DILJXUDEpDODUJXUDGRHOHPHQWR GL
PHQVmRSODQDGRHOHPHQWRVHPLQFOXLUGREUDV 
(PJHUDOFRQVLGHUDVHTXHQRVFDQWRVHPkQJX
ORUHWRGDVHomRWUDQVYHUVDOGRVSHUILVRUDLRLQ
WHUQRGHGREUDPHQWRULWHPYDORULJXDODRGDHV
SHVVXUDGDFKDSDH[FOXLQGRRUHYHVWLPHQWRPH
WiOLFR$VVLPSDUDDDOPD HOHPHQWR RXIODQJH
HOHPHQWR GHXPSHUILO8HTXHWHPGREUDV
HPkQJXORUHWRDGLPHQVmRSODQDGRHOHPHQWRp
GDGDSRU
E W >[  @ 
FP
2YDORUFPFRUUHVSRQGHjHVSHVVX
UDGRUHYHVWLPHQWRPHWiOLFRTXHGHYHVHUFRQVL
GHUDGDSDUDDGHWHUPLQDomRGDHVSHVVXUDGH
FiOFXORGDFKDSDW
2YDORUGHUHIHUrQFLDGRtQGLFHGHHVEHOWH]
UHGX]LGRGRHOHPHQWR  SR pFDOFXODGRFRQIRU
PHHTXDomR

,V pRPRPHQWRGHLQpUFLDGDVHomREUXWD
GRHQULMHFHGRUHPUHODomRDRVHXHL[RSULQFLSDO
SDUDOHOR DR HOHPHQWR D VHU HQULMHFLGR 3DUD
HQULMHFHGRUGHERUGDDUHJLmRGDVGREUDVHQWUH
RHQULMHFHGRUHRHOHPHQWRDVHUHQULMHFLGRQmR
GHYHVHUFRQVLGHUDGDFRPRSDUWHLQWHJUDQWHGR
HQULMHFHGRU
,D >  SR @W > [ @[
  FP
,D pPRPHQWRGHLQpUFLDGHUHIHUrQFLDGR
HQULMHFHGRULQWHUPHGLiULRRXGHERUGD,VWRp,Dp
RPRPHQWRGRHQULMHFHGRULGHDOSDUDGDUDSRLR
DRHOHPHQWR
' FPE FP
' p D ODUJXUD QRPLQDO GR HQULMHFHGRU GH
ERUGD



&iOFXORGRFRHILFLHQWHGHIODPEDJHPORFDON


ND 

[  


N 

SR  ,WHP&DVR,,,
(OHPHQWR (QULMHFHGRU 

ND   

[

   ND 


N 

3DUDRHQULMHFHGRU HOHPHQWR GHXPSHUILO8H


TXHWHPGREUDHPkQJXORUHWRDGLPHQVmRSODQD
GRHOHPHQWRpGDGDSRU




G W >[  @ 


FP


,V 

FP

(TXDomR 



([HPSORVGHGLPHQVLRQDPHQWR 
&RPR S !  SRGHUi RFRUUHU
IODPEDJHPORFDOQDPHVDVXSHULRUGRSHUILO3RU
WDQWRGHYHVHUFDOFXODGDDODUJXUDHIHWLYDGHVWH
HOHPHQWREHITXHpGHILQLGDSDUDHOHPHQWRV$$
HOHPHQWRVFRPERUGDVYLQFXODGDVDSRLDGR
DSRLDGR FRQIRUPHVHJXH
EHI E
EHI [

FP E

,V
G G 
HI
,D HI

(TXDomR 

GV pDODUJXUDHIHWLYDUHGX]LGDGRHQULMHFHGRUGH
ERUGD
GV

E

[

GV



[  G 


HI


GV FP
F 9HULILFDomRGD$OPD HOHPHQWR 

FP
EHI FP
E  9HUL I LF Do mR  G R  (Q ULM HF HG R U G H E R U G D
(OHPHQWR 
G W >[  @ 
FP
GpDODUJXUDGRHQULMHFHGRUGHERUGD
1DSULPHLUDLWHUDomRGRFiOFXORSRUDSUR[L
PDo}HV VXFHVVLYDV FRQVLGHUDVH TXH R
HQULMHFHGRUGHERUGDHVWiVXEPHWLGRDXPGLD
JUDPDGHWHQVmRXQLIRUPHGHYDORULJXDODRGD
WHQVmRTXHVROLFLWDDPHVDGRSHUILO
N FRQIRUPHFDVRDGDWDEHOD

1HVWDHWDSDDSRVLomRGD/LQKD1HXWUDGD
6HomR(IHWLYD /1H pGHWHUPLQDGDFRQVLGHUDQ
GRVHXPSURFHVVRLWHUDWLYRFRQVHJXLQGRVHD
FRQYHUJrQFLDTXDQGRDSRVLomRGD/1H GHXPD
LWHUDomRQmRGLIHUHQFLDU PDLVGRTXHGDSR
VLomRGD/1H GDLWHUDomRDQWHULRU
2VFiOFXORVGDVSURSULHGDGHVGDVHomRHIH
WLYDGRSHUILOVmRUHDOL]DGRVHPSUHJDQGRVHR
PpWRGROLQHDULVWRpWRGRRPDWHULDOpDGPLWLGR
FRPRFRQFHQWUDGRQDOLQKDPpGLDGDVHomR OL
QKDHVTXHOHWR HRVHOHPHQWRVVmRWUDWDGRVLVR
ODGDPHQWHFRPROLQKDVUHWDV SDUWHSODQD RX
FXUYDV GREUDV 2VYDORUHVDVVLPREWLGRVVmR
PXOWLSOLFDGRVSHODHVSHVVXUDWGHPDQHLUDDRE
WHUDVSURSULHGDGHVJHRPpWULFDVGHVHMDGDV
27HRUHPDGR(L[R3DUDOHORpXWLOL]DGRSDUD
RVFiOFXORVGRPRPHQWRGHLQpUFLDGDVHomRHIH
WLYD
3ULPHLUDLWHUDomRFRQVLGHUDQGRDDOPD
WRWDOPHQWHHIHWLYD





(TXDomR 
&RPR S QmRKDYHUi
IODPEDJHPORFDO
GHI FP ODUJXUDHIHWLYDGRHQULMHFHGRUGH
ERUGD 
\FJ 


FP

&RPR S !  SRGHUi RFRUUHU


IODPEDJHPORFDOQDDOPDGRSHUILO3RUWDQWRGHYH
VHUFDOFXODGDDODUJXUDHIHWLYDGHVWHHOHPHQWR
EHIFRQIRUPHVHJXH

EHI EF


S

EF

EHI > [ @[

(TXDomR 

[

)LJXUD  7HQV}HV QD DOPD GR SHUILO HOHPHQWR 

FP E& FP

&RQVLGHUDQGRVHDVHPHOKDQoDHQWUHWULkQ
JXORVUHWkQJXORVGHWHUPLQDVH

E& p D ODUJXUD GD UHJLmR FRPSULPLGD GD


DOPDFDOFXODGDFRPEDVHQDVHomRHIHWLYD ILJX
UD 

 [

N1FP
EHI 

&RPSUHVVmR 

EHI

FP

  +  

EHI EHI [ FP


 [

N1FP

EHI EHI  FPEF 


FP

7UDomR

EHIHEHIVmRDVODUJXUDVHIHWLYDVLQGLFDGDV
QDILJXUD



2QGH pDUHODomR    HPSUHJDGDQR


FiOFXORGRFRHILFLHQWHGHIODPEDJHPORFDON
N >  @>  @
&DVRGQDWDEHOD 
N >[  @>[  @ 




(TXDomR 


)LJXUD   /DUJXUDV HIHWLYDV SDUD R HOHPHQWR  VROLFLWDGR
SRU XP JUDGLHQWH GH WHQVmR



([HPSORVGHGLPHQVLRQDPHQWR 
6HJXQGDLWHUDomRFRQVLGHUDQGRDDOPDQmR
WRWDOPHQWHHIHWLYD
$SDUWHLQHIHWLYDGDDOPDp
EQHJ  EHI EHI EF  
FP

\FJ FP
,[ /\ 

,[ > \  /@



FJ





>   [@ FP


,[ ,[ W [ FP
,[pRPRPHQWRGHLQpUFLDGDVHomRHIHWLYD
FRQVLGHUDQGRVHRPpWRGROLQHDU
,[pRPRPHQWRGHLQpUFLDGDVHomRHIHWLYD
GRSHUILO

\FJ 


FP


2 HL[R QHXWUR PXGRX GH FP SDUD


FPUHVXOWDQGRHPXPDGLIHUHQoDGH
,VWR WRUQD QHFHVViULD D H[HFXomR GH PDLV
LWHUDo}HV$FRQYHUJrQFLDpREWLGDDRILQDOGH
PDLVGXDVLWHUDo}HVREWHQGRVH
\FJ FP
&DOFXODQGRDVSURSULHGDGHVGDVHomRHIH
WLYDWHPVH

2PyGXORGHUHVLVWrQFLDHOiVWLFRGDVHomR
HIHWLYDHPUHODomRjILEUDFRPSULPLGDpFDOFXOD
GRFRPEDVHQDVODUJXUDVHIHWLYDVGRVHOHPHQ
WRVFRQIRUPHVHJXH

6HQGRDVVLPRPRPHQWRIOHWRUUHVLVWHQWH
FDOFXODGRFRPEDVHQRLQtFLRGRHVFRDPHQWRGD
VHomRHIHWLYDp

(TXDomR
05G N1FP
0RPHQWRFDOFXODGRFRPEDVHQD
IODPEDJHPODWHUDOFRPWRUomR )/7 
2PRPHQWRIOHWRUUHVLVWHQWHGHFiOFXORUHIH
UHQWHjIODPEDJHPODWHUDOFRPWRUomRWRPDQGR
VHXPWUHFKRFRPSUHHQGLGRHQWUHVHo}HVFRQWL
GDVODWHUDOPHQWHGHYHVHUFDOFXODGRSRU
05G >)/7 :FHI I\@

 

(TXDomR 
:FHI pRPyGXORGHUHVLVWrQFLDHOiVWLFRGD
VHomR HIHWLYD HP UHODomR j ILEUD FRPSULPLGD
FDOFXODGRFRPEDVHQDVODUJXUDVHIHWLYDVGRVHOH
PHQWRVFRQIRUPHLWHPDGRWDQGR )/7I\


2EWLGRRYDORUGH SURFHGHVHRVFiOFXORV
GHIRUPDDQiORJDjGRLWHPXWLOL]DQGRVHR
SURFHVVRLWHUDWLYRSDUDDGHWHUPLQDomRGDSRVL
omRGD/1H GDVHomRHIHWLYDHGDVSURSULHGDGHV
JHRPpWULFDVFRUUHVSRQGHQWHV
D  9HULILFDomR GR )ODQJH &RPSULPLGR
(OHPHQWR 
3DUDEDUUDVFRPVHomRGXSODPHQWHVLPp
WULFDRXPRQRVVLPpWULFDVXMHLWDVjIOH[mRHPWRU
QRGRHL[RGHVLPHWULD HL[R[ HGHDFRUGRFRP
DV SUHVFULo}HV DSUHVHQWDGDV QR LWHP 
WHPVH
0H &EU 1H\1HW 

1HW pDIRUoDQRUPDOGHIODPEDJHPHOiVWLFD
SRUWRUomR
&E pRFRHILFLHQWHGHHTXLYDOrQFLDGHPR
PHQWRQDIOH[mRTXHDIDYRUGDVHJXUDQoDpWR
PDGRLJXDODQHVWHH[HPSOR
0H &EU 1H\1HW 
0H [[ [  N1FP
:F :[ FP

(TXDomR 

0H pRPRPHQWRIOHWRUGHIODPEDJHPODWHUDO
FRPWRUomRHPUHJLPHHOiVWLFR

(TXDomR 

&RQIRUPH LWHP  SDUD SHUILV


PRQRVVLPpWULFRVWHPVH

3DUD  )/7 [ 


 

R pRtQGLFHGHHVEHOWH]UHGX]LGRGDEDUUD
1H\ 

N1

)/7 p R IDWRU GH UHGXomR DVVRFLDGR j


IODPEDJHPODWHUDOFRPWRUomRGDEDUUD

(TXDomR 
1H\pDIRUoDQRUPDOGHIODPEDJHPHOiVWLFD
SRUIOH[mRHPUHODomRDRHL[R\

1HW

(&Z

+
*,
 U  W

(.W/W )
R

$ WHQVmR GHFRPSUHVVmR UHODFLRQDGD DR


PRPHQWRFUtWLFRGHIODPEDJHPODWHUDOFRPWRUomR
p

(TXDomR 

RQGH UR  U[ U\ [R

1HW

)/7 =

  










+

   [
( )

&RQVLGHUDQGRVHHVWDWHQVmRDSOLFDGDDR
HOHPHQWRWHPVH
E W >[  @ 
FP

N1

SR
SR 










([HPSORVGHGLPHQVLRQDPHQWR
E 9HULILFDomRGR(QULMHFHGRUGH%RUGD (OHPHQWR
 

SR  &DVR,,,
(OHPHQWR (QULMHFHGRU G W 
>[  @ FP

,V 

GW


  [



FP


G W >[  @ 


FP
N 

,D >  @W > [ @[   


FP




' FPE FP




'


E 

&RPR S



GHI FP
[ 

ND 

GV 


N 

ND   

GHI GHI

GV 

[

   ND 

[  GHI 

GV FP

N 
F 9HULILFDomRGD$OPD (OHPHQWR 
3ULPHLUDLWHUDomRFRQVLGHUDQGRDDOPDWR
WDOPHQWHHIHWLYD







E

EHI E
EHI [


[


E FP
EHI FP



FP

\FJ 


EHI E
S

FP

E

EHI > [ @[


[


FP E& FP


EHI 

FP

EHI EHI [ FP


EHI EHI  FPEF 
FP
)LJXUD   7HQV}HV QD DOPD GR SHUILO HOHPHQWR 

&RQVLGHUDQGRVHDVHPHOKDQoDHQWUHWULkQ
JXORVUHWkQJXORVWHPVH

   [

6HJXQGD LWHUDomR FRQVLGHUDQGR D DOPD


QmRWRWDOPHQWHHIHWLYD
$SDUWHLQHIHWLYDGDDOPDp

( )

  N1FP



EQHJ  EHI EHI EF  FP

&RPSUHVVmR 

 [

( )


N1FP

7UDomR








N >  @>  @


N >[  @>[  @ 

S =

E
W



N(






[





\FJ 


FP



&RPR S !  SRGHUi RFRUUHU
IODPEDJHPORFDOQDDOPDGRSHUILO3RUWDQWRGHYH
VHUFDOFXODGDDODUJXUDHIHWLYDGHVWHHOHPHQWREHI
FRQIRUPHVHJXH

2 HL[R QHXWUR PXGRX GH FP SDUD


FPUHVXOWDQGRHPXPDGLIHUHQoDGH
,VWR WRUQD QHFHVViULD D H[HFXomR GH PDLV
LWHUDo}HV$RILQDOGHFLQFRLWHUDo}HVDOFDQoDVH
DFRQYHUJrQFLDGHVHMDGDREWHQGRVH



([HPSORVGHGLPHQVLRQDPHQWR 
\FJ FP
&DOFXODQGRDVSURSULHGDGHVGDVHomRHIHWLYD
WHPVH

 0R P HQ W R  F DO F X O DG R  S DU D D
IODPEDJHPSRUGLVWRUomRGDVHomRWUDQVYHU
VDO
3DUDDGHWHUPLQDomRGRPRPHQWRIOHWRUUH
VLVWHQWHGHFiOFXORFRPEDVHQDIODPEDJHPSRU
GLVWRUomRGDVHomRWUDQVYHUVDOpQHFHVViULDD
GHWHUPLQDomR GD WHQVmR FRQYHQFLRQDO GH
IODPEDJHPHOiVWLFDSRUGLVWRUomR GLVWTXHSRGH
VHUHIHWXDGDXWLOL]DQGRVHDVH[SUHVV}HVDSUH
VHQWDGDVQR$QH[R'GD$%171%5
RXSRUPHLRGHFiOFXORVFRPEDVHQDWHRULDGD
HVWDELOLGDGHHOiVWLFD

)LJXUD   6HomR WUDQVYHUVDO FRQVWLWXtGD DSHQDV SHOD


PHVD H SHOR HQULMHFHGRU GH ERUGD

'DGRVSDUDRFiOFXOR

\FJ FP
,[ /\

,[ > \  [/@



FJ



>  [@ FP


,[ ,[ W [ FP

( 03D
EI WU PP
EZ WU PP
' WU PP
W WQ WU   PP PP
K\ PP
K[ PP
\R PP
[R PP
GLVW  ($G ^   >     @`
$G  EI ' W

2PRPHQWRIOHWRUUHVLVWHQWHGHFiOFXORFRPEDVH
QDIODPEDJHPODWHUDOFRPWRUomRp

$G PP
,[ EIWW'EIWK\ 'W 'K\ 
,[ PP

05G N1FP

,\ WEI'W'W EI K[  EIW K[ 


EI 
,\ PP



,[\ PP

=HQULMHFLGRVXEPHWLGDVjIOH[mRHPUHODomRDR
HL[RSHUSHQGLFXODUjDOPDWHPVH
/G  ,[EI EZ W 

,W W EI ' 

/G 

,W PP

(

,[\ EIWK\ EI K[ 'W 'K\ EI K[ 

K[  EI EI'  EI ' 


K[ PP

N =

 GLVW

EZ/G





 

 EZ + /G 


(W /G + EZ + /G EZ

(W

N = 



K\ '  EI ' 


K\ PP
   ,[EI,W/G 

'HVWDIRUPDHPSULPHLUDDSUR[LPDomRR
YDORUGDWHQVmRFRQYHQFLRQDOGHIODPEDJHPHOiV
WLFDSRUGLVWRUomRp
GLVW 03D

  ,\\R 

&RPRYDORUGH GLVWGHWHUPLQDVHRPRPHQ
WRIOHWRUUHVLVWHQGWHGHFiOFXORFRUUHVSRQGHQWHj
IODPEDJHPSRUGLVWRUomRGDVHomRWUDQVYHUVDO

 

GLVW  I\GLVW 

  ,\ 

GLVW 

 

3DUD GLVW 0GLVW :FI\ GLVW 


(TXDomR 

 

 K[  ,[,\ $G


 
 ,[EI
 
 ,[\ EI
 


 
 /G 
3DUDVHo}HVGRWLSR8HQULMHFLGRHGRWLSR

(TXDomR

:F :[ FP


0GLVW 
05G 0GLVW 

 

05G N1FP
&RQFOXVmR
2 PRPHQWR UHVLVWHQWH GH FiOFXOR GD YLJD p R
PHQRU GRV PRPHQWRV GHWHUPLQDGRV QRV LWHQV
DRXVHMD
05G N1FP
TXHFRUUHVSRQGHQWHjIODPEDJHPSRUGLVWRUomR
GDVHomRWUDQVYHUVDO



([HPSORVGHGLPHQVLRQDPHQWR 
  0RQWDQWH GH [[[ VHP
DEHUWXUD QD DOPD VXEPHWLGR D IOH[R
FRPSUHVVmR
'DGRVJHUDLV
3HUILO8H[[HW PP
(VIRUoRVGHFiOFXORFRQVLGHUDGRV
1RUPDO1F6G N1
0RPHQWR IOHWRU HP UHODomR D [ 0[6G  
N1FP
0RPHQWRIOHWRUHPUHODomRD\0\6G 
&RPSULPHQWRVHIHWLYRVGHIODPEDJHPGDEDUUD
.[ /[ PP.\ /\ PPH.W /W 
PP
UHD%UXWDGD6HomR7UDQVYHUVDOGR3HUILO$J 
FP
1HVWHH[HPSORQmRpOHYDGDHPFRQWDD
SUHVHQoD GDV SODFDV HVWUXWXUDLV GH 26%
HVSHFLILFDGDVSDUDRUHYHVWLPHQWRH[WHUQRGDV
UHVLGrQFLDVDQDOLVDGDVQRFDStWXOR1RHQWDQWR
HVVDVSODFDVSRGHPFRQIHULUWUDYDPHQWRODWHUDO
DRPRQWDQWHFRQWUDDIODPEDJHPHOiVWLFDHPUH
ODomRDRHL[R\HDIODPEDJHPODWHUDOFRPWRU
omR1HVWHFDVRFRPERDDSUR[LPDomRSRGHU
VHLD DGRWDU SDUD FRPSULPHQWR HIHWLYR GH
IODPEDJHPSRUWRUomRRFRPSULPHQWRGHPP
TXHpDPDLRUGLVWkQFLDQDYHUWLFDODGPLVVtYHO
QDSUiWLFDHQWUHRVSDUDIXVRVDXWREURFDQWHVXWL
OL]DGRVSDUDVHIL[DUDFKDSDGH26%DRVSHUILV
GHDoRGHPRGRDVHREWHUXPDGLDIUDJPDYHUWL
FDO
([LVWHPRXWUDVLQGLFDo}HVSDUDRVYDORUHV
SURYiYHLV GH .W TXDQGR VmR HPSUHJDGRV
EORTXHDGRUHV H ILWDV GH DoR j PHLDDOWXUD GR
PRQWDQWH8PGHVWHVYDORUHVpLJXDOTXH
GHYHPXOWLSOLFDUDDOWXUDWRWDOGRPRQWDQWH<8
 LQGLFDTXHWHRULFDPHQWHSDUDH[WUHPLGD
GHVURWXODGDV.W HSDUDH[WUHPLGDGHVIL[D
GDV HQJDVWDGDV .W 
'HPRGRSUiWLFRQRSUHVHQWHH[HPSORFRQ
VLGHURXVH.W UHVXOWDQGRXPFRPSULPHQWR
HIHWLYRGHIODPEDJHPSRUWRUomRLJXDODPP
,VWR SRUTXH R PRQWDQWH HVFROKLGR SDUD


GLPHQVLRQDPHQWR ID] SDUWH GR VLVWHPD GH


FRQWUDYHQWDPHQWRYHUWLFDOHpSRUWDQWRFRQVLGH
UDGRSHUIHLWDPHQWHHQJDVWDGRHPVXDVH[WUHPL
GDGHVFRQIRUPHVHSRGHLQIHULUGDIRWRTXH
PDWHULDOL]DDUHJLmRGHDQFRUDJHPGRSDLQHOGH
FRQWUDYHQWDPHQWRQDIXQGDomRFRQIRUPHILJXUDV
H

)RWR   'HWDOKH GR VLVWHPD GH FRQWUDYHQWDPHQWR YHUWLFDO

1D ILJXUD  HVWmR UHSUHVHQWDGRV


HVTXHPDWLFDPHQWHRVHVIRUoRVVROLFLWDQWHVGH
FiOFXORQRPRQWDQWHRULXQGRVGDVFDUJDVGHJUD
YLGDGHHGDDomRGRYHQWR
$IRUoDQRUPDOVROLFLWDQWHGHFiOFXORHRV
PRPHQWRVIOHWRUHVVROLFLWDQWHVGHFiOFXORGHYH
UmRVDWLVID]HUDVHTXDo}HVGHLQWHUDomRDSUHVHQ
WDGDVQRLWHP UHVLVWrQFLDHHVWDELOLGDGH 
&RPSUHVVmR
'HWHUPLQDomRGH1F5G
$IRUoDQRUPDOGHFRPSUHVVmRUHVLVWHQWHGH
FiOFXOR 1F5G GHYHVHUFDOFXODGDSRU
1F5G

$HI I\ 

 

(TXDomR 
D 'HWHUPLQDomRGD7HQVmR I\D VHU
DSOLFDGDQDVHomRWUDQVYHUVDOGRSHUILO
$IRUoDQRUPDOGHIODPEDJHPHOiVWLFD1H GHXP
SHUILOFRPVHomRPRQRVVLPpWULFDFXMRHL[R [ p

RHL[RGHVLPHWULDpRPHQRUYDORUGHQWUHRV
REWLGRVSRUIOH[mRRXSRUIOH[RWRUomR

)RUoDQRUPDOGHIODPEDJHPHOiVWLFDSRU
IOH[mRHPUHODomRDRHL[R[

1H[ 

1H[W N1

N1

&RPR1H[W N11H\ N1 1H


N1

(TXDomR

 

   






+ 

 

1H[W =


+  


 



)RUoDQRUPDOGHIODPEDJHPHOiVWLFDSRU
IOH[mRHPUHODomRDRHL[R\

 

$I\

 



1H

(TXDomR 
1H\ 

N1

2QGH  pRtQGLFHGHHVEHOWH]UHGX]LGRGD
EDUUD

(TXDomR

)RUoDQRUPDOGHIODPEDJHPHOiVWLFDSRU
WRUomR

1DWDEHODYrVHTXHDFXUYDGHUHVLV
WrQFLDjFRPSUHVVmRDVVRFLDGDjIODPEDJHPSRU
IOH[mRSDUDRSHUILO8HpDFXUYDERXVHMD



RQGH UR

1HW 









 U[ U\ [R

pRIDWRUGHLPSHUIHLomRLQLFLDO

(TXDomR 

1HW 

(TXDomR
[

N1

)RUoDQRUPDOGHIODPEDJHPHOiVWLFDSRU
IOH[RWRUomR



[
R

1H[1HW> @
1H[ + 1HW
UR
 
1H[W =


1H[ + 1HW 
[R

> @

UR

 + R  + R

]



pRSDUkPHWURHPSUHJDGRQRFiOFXORGRIDWRU
GHUHGXomRDVVRFLDGRjIODPEDJHP 

[ +





R

)]

  

(TXDomR

pRIDWRUGHUHGXomRDVVRFLDGRjIODPEDJHP
GDEDUUD
= I \ [ N1FP

(TXDomR


([HPSORVGHGLPHQVLRQDPHQWR 
E 'HWHUPLQDomRGDiUHDHIHWLYD$HI
 9HULILFDomRGD$OPD (OHPHQWR 
E W >[  @ 
FP
N  FDVRDQDWDEHOD 

&DVRD

   
N 

)LJXUD   (OHPHQWR XQLIRUPHPHQWH FRPSULPLGR FRP


HQULMHFHGRU GH ERUGD

EpDODUJXUDGRHOHPHQWRpDGLPHQVmR
SODQDGRHOHPHQWRVHPLQFOXLUGREUDVGDGDSRU
E W >[  @ 
FP







2YDORUGHUHIHUrQFLDGRtQGLFHGHHVEHOWH]
UHGX]LGRGRHOHPHQWR  SR pFDOFXODGRFRQIRU
PHHTXDomR

(TXDomR 

EHI


E 
S


 
E


S

EHI [




[ 
 

(TXDomR 

FP E 

FP

SR 
SR








 SR  ,WHP&DVR,,


(OHPHQWR (QULMHFHGRU G W 
>[  @ FP

EHI FP
 9HULILFDomRGD0HVD (OHPHQWR 
2FiOFXORGDODUJXUDHIHWLYDGHHOHPHQWRV
XQLIRUPHPHQWHFRPSULPLGRVFRPHQULMHFHGRUGH
ERUGD p IHLWR FRQVLGHUDQGRVH DV SUHVFULo}HV
FRQVWDQWHVHPHDVGHILQLo}HVDSUHVHQWD
GDVQDILJXUD



,V 

FP

,V p R PRPHQWR GH LQpUFLD GD VHomR EUXWD GR


HQULMHFHGRU HP UHODomR DR VHX HL[R SULQFLSDO
SDUDOHOR DR HOHPHQWR D VHU HQULMHFLGR 3DUD
HQULMHFHGRUGHERUGDDUHJLmRGDVGREUDVHQWUH
RHQULMHFHGRUHRHOHPHQWRDVHUHQULMHFLGRQmR
GHYHVHUFRQVLGHUDGDFRPRSDUWHLQWHJUDQWHGR
HQULMHFHGRU

GpDODUJXUDGDSDUWHSODQDGRHQULMHFHGRU
GHERUGD

,D W > SR @ [  


> [ @ FP
,D pPRPHQWRGHLQpUFLDGHUHIHUrQFLDGR
HQULMHFHGRULQWHUPHGLiULRRXGHERUGD,VWRp,Dp
RPRPHQWRGRHQULMHFHGRULGHDOSDUDGDUDSRLR
DRHOHPHQWR

N  FRHILFLHQWHGHIODPEDJHPORFDO
SDUDRHOHPHQWRFRQIRUPHFDVRDGDWDEHOD
 

' FPE FP




' p D ODUJXUD QRPLQDO GR HQULMHFHGRU GH


ERUGDLQFOXLQGRDGREUD



'


E 

&RPR S     QmR KDYHUi


IODPEDJHPORFDOGRHQULMHFHGRU

&iOFXORGRFRHILFLHQWHGHIODPEDJHPORFDON
'
ND  [ 
E


GHI FP ODUJXUDHIHWLYDGRHQULMHFHGRU


GHERUGD 

GV
N 

ND   

[

2QGH GV p D ODUJXUD HIHWLYD UHGX]LGD GR


HQULMHFHGRUGHERUGD

   ND 


N ND 

GV


,V
G G
HI
,D HI


&RPR S QmRKDYHUi
IODPEDJHPORFDOQRHOHPHQWR
EHI FP

 

[  G 


HI


GV FP
$HI $J $LQHI
$J FP
$LQHI >  [  [
 @[ FP
$HI  FP

 9HULILFDomR GR HQULMHFHGRU GH ERUGD


(OHPHQWR 
G W >[  @ 
FP


([HPSORVGHGLPHQVLRQDPHQWR 
F 'HWHUPLQDomRGH1F5G
EHI [
1F5G

$HI I\


 [



[


FP E

FP
EHI FP

1F5G N1
'HWHUPLQDomRGH15G
15G pDIRUoDQRUPDOGHFRPSUHVVmRUH
VLVWHQWHGHFiOFXORFDOFXODGDFRQIRUPHLWHP
WRPDQGRVH 
D 'HWHUPLQDomRGD7HQVmR I\DVHU
DSOLFDGDQDVHomRWUDQVYHUVDOGRSHUILO 

 9HULILFDomRGD0HVD (OHPHQWR 
2FiOFXORGDODUJXUDHIHWLYDGHHOHPHQWRV
XQLIRUPHPHQWHFRPSULPLGRVFRPHQULMHFHGRUGH
ERUGD p IHLWR FRQVLGHUDQGRVH DV SUHVFULo}HV
FRQVWDQWHVHPHDVGHILQLo}HVDSUHVHQWD
GDVQDILJXUD
E W >[  @ 
FP
2YDORUGHUHIHUrQFLDGRtQGLFHGHHVEHOWH]

= I \ [ N1FP

UHGX]LGRGRHOHPHQWR  SR pFDOFXODGRFRQIRU
PHHTXDomR



E 'HWHUPLQDomRGDiUHDHIHWLYD$HI
 9HULILFDomRGD$OPD (OHPHQWR 
E W >[  @ 
FP
N  FDVRDQDWDEHOD 

&DVRD

   
N 

SR 
SR 




SR  ,WHP&DVR,,,
(OHPHQWR (QULMHFHGRU G W 
>[  @ FP



GW


  [



FP


,D >  SR @W > [ @[


  FP
' FPE FP

(TXDomR 

EHI E 
S






,V 






E

(TXDomR 


'


E 
&iOFXORGRFRHILFLHQWHGHIODPEDJHPORFDON

GHERUGD 
ND 

[ 



,V
G G
HI
,D HI
GV pDODUJXUDHIHWLYDUHGX]LGDGRHQULMHFHGRUGH
ERUGD
GV

 

,V
N  ND   
,D
   ND 

[

GV



[  G 


HI


GV FP
$HI $J $LQHI

N 

$J FP


$HI  FP



EHI E 
S
EHI

$LQHI >  [  [


 @[ FP

F 'HWHUPLQDomRGH15G
E


[
[


125G 
FP E

15G N1

FP
)OH[mR

EHI FP
 9HULILFDomR GR (QULMHFHGRU GH ERUGD
(OHPHQWR 
G W >[  @ 
FP




2PRPHQWRIOHWRUUHVLVWHQWHGHFiOFXOR 05G
GHYHVHUWRPDGRFRPRRPHQRUYDORUFDOFXODGR
HP
 0R PHQWR  F DOF XODGR  FR P EDVH QR
LQtFLRGRHVFRDPHQWR
D  9HU L I L F Do mR  G R  )O DQ J H &R P S U L P L G R
(OHPHQWR 


&RPR S     QmR KDYHUi
IODPEDJHPORFDO
GHI FP ODUJXUDHIHWLYDGRHQULMHFHGRU

2 FiOFXOR GD ODUJXUD HIHWLYD GH HOHPHQWRV


XQLIRUPHPHQWHFRPSULPLGRVFRPHQULMHFHGRUGH
ERUGD p IHLWR FRQVLGHUDQGRVH DV SUHVFULo}HV
FRQVWDQWHVHPHDVGHILQLo}HVDSUHVHQWDGDV
QDILJXUD
E W >[  @ 
FP


([HPSORVGHGLPHQVLRQDPHQWR 
2YDORUGHUHIHUrQFLDGRtQGLFHGHHVEHOWH]
UHGX]LGRGRHOHPHQWR  SR pFDOFXODGR
FRQIRUPHHTXDomR

SR 
SR 

EHI [

FP E

FP
EHI FP




E  9HUL I L F Do mR  G R  HQU LM HF HG R U  G H E R UG D
(OHPHQWR 



G W >[  @ 


FP

SR  ,WHP&DVR,,,

GpDODUJXUDGRHQULMHFHGRUGHERUGD

(OHPHQWR (QULMHFHGRU G W 


>[  @ FP

,V 


[


GW

FP



N FRQIRUPHWDEHOD

,D >  SR @W > [ @[


  FP



' FPE FP



'


E 
'

ND  E [  
 

,V
N  ND  
,D
  


 

&RPR S QmRKDYHUi
IODPEDJHPORFDO
GHI FP ODUJXUDHIHWLYDGRHQULMHFHGRUGH
ERUGD 
GV 



[

GHI GHI

2QGHGV pDODUJXUDHIHWLYDUHGX]LGDGR
HQULMHFHGRUGHERUGD

ND 

N 

GV 

[  GHI 

GV FP




EHI E 
S



E

F 9HULILFDomRGD$OPD (OHPHQWR 
1HVWDHWDSDDSRVLomRGD/LQKD1HXWUDGD
6HomR(IHWLYD /1H pGHWHUPLQDGDFRQVLGHUDQ
GRVHXPSURFHVVRLWHUDWLYRFRQVHJXLQGRVHD
FRQYHUJrQFLDTXDQGRDSRVLomRGD/1H GHXPD
LWHUDomRQmRGLIHUHQFLDUPDLVGRTXHGDSR

VLomRGD/1H GDLWHUDomRDQWHULRU
2VFiOFXORVGDVSURSULHGDGHVGDVHomRHIH
WLYDGRSHUILOVmRUHDOL]DGRVHPSUHJDQGRVHR
PpWRGROLQHDULVWRpWRGRRPDWHULDOpDGPLWLGR
FRPRFRQFHQWUDGRQDOLQKDPpGLDGDVHomR OL
QKDHVTXHOHWR HRVHOHPHQWRVVmRWUDWDGRVLVR
ODGDPHQWHFRPROLQKDVUHWDV SDUWHSODQD RX
FXUYDV GREUDV 2VYDORUHVDVVLPREWLGRVVmR
PXOWLSOLFDGRVSHODHVSHVVXUDWGHPDQHLUDDRE
WHUDVSURSULHGDGHVJHRPpWULFDVGHVHMDGDV






2QGH pDUHODomR  HPSUHJDGDQR


FiOFXORGRFRHILFLHQWHGHIODPEDJHPORFDON
N >  @>  @
&DVRGQDWDEHOD 
N >  @>  @ 

27HRUHPDGR(L[R3DUDOHORpXWLOL]DGRSDUD
RVFiOFXORVGRPRPHQWRGHLQpUFLDGDVHomRHIH
WLYD



&RPR S !  SRGHUi RFRUUHU


IODPEDJHPORFDOQDDOPDGRSHUILO3RUWDQWRGHYH
VHUFDOFXODGDDODUJXUDHIHWLYDGHVWHHOHPHQWR
EHIFRQIRUPHVHJXH
EHI FP E& FP

\FJ 

EHI 

FP

EHI
FP
 

EHI FP
EHIHEHIVmRDVODUJXUDVHIHWLYDVLQGLFDGDV
QDILJXUD
EHI EHI FPEF FP
6HJXQGDLWHUDomRFRQVLGHUDQGRDDOPDQmR
WRWDOPHQWHHIHWLYD
$SDUWHLQHIHWLYDGDDOPDp

)LJXUD   7HQV}HV QD DOPD GR SHUILO HOHPHQWR 

 [

( )


EQHJ  EHI EHI EF FP

N1FP

&RPSUHVVmR 
 [

( )


N1FP

7UDomR


([HPSORVGHGLPHQVLRQDPHQWR 
2PyGXORGHUHVLVWrQFLDHOiVWLFRGDVHomR
HIHWLYDHPUHODomRjILEUDFRPSULPLGDpFDOFXOD
GRFRPEDVHQDVODUJXUDVHIHWLYDVGRVHOHPHQ
WRVFRQIRUPHVHJXH

:HI = FP

(TXDomR
05G N1FP
\FJ 

FP

2 HL[R QHXWUR PXGRX GH FP SDUD


FPUHVXOWDQGRHPXPDGLIHUHQoDGH
$FRQYHUJrQFLDGHVHMDGDIRLREWLGD
&DOFXODQGRDVSURSULHGDGHVGDVHomRHIH
WLYDWHPVH

0RPHQWRFDOFXODGRFRPEDVHQD
IODPEDJHPODWHUDOFRPWRUomR )/7 
2PRPHQWRIOHWRUUHVLVWHQWHGHFiOFXORUHIH
UHQWHjIODPEDJHPODWHUDOFRPWRUomRWRPDQGR
VHXPWUHFKRFRPSUHHQGLGRHQWUHVHo}HVFRQWL
GDVODWHUDOPHQWHGHYHVHUFDOFXODGRSRU
05G >)/7 :FHI I\@

 

(TXDomR 
:FHI pRPyGXORGHUHVLVWrQFLDHOiVWLFRGD
VHomR HIHWLYD HP UHODomR j ILEUD FRPSULPLGD
FDOFXODGRFRPEDVHQDVODUJXUDVHIHWLYDVGRVHOH
PHQWRVFRQIRUPHLWHPDGRWDQGR )/7I\
2EWLGRRYDORUGH SURFHGHVHRVFiOFXORV
GHIRUPDDQiORJDjGRLWHPXWLOL]DQGRVHR
SURFHVVRLWHUDWLYRSDUDDGHWHUPLQDomRGDSRVL
omRGD/1H GDVHomRHIHWLYDHGDVSURSULHGDGHV
JHRPpWULFDVFRUUHVSRQGHQWHV
\FJ FP
,[ FP
,[ ,[ W FP
,[pRPRPHQWRGHLQpUFLDGDVHomRHIHWLYD
FRQVLGHUDQGRVHRPpWRGROLQHDU
,[pRPRPHQWRGHLQpUFLDGDVHomRHIHWLYD
GRSHUILO


D 9HULILFDomRGR)ODQJH&RPSULPLGR (OH
PHQWR 
3DUDEDUUDVFRPVHomRGXSODPHQWHVLPp
WULFDRXPRQRVVLPpWULFDVXMHLWDVjIOH[mRHPWRU
QRGRHL[RGHVLPHWULD HL[R[ HGHDFRUGRFRP
DV SUHVFULo}HV DSUHVHQWDGDV QR LWHP 
WHPVH
0H &EU 1H\1HW 

(TXDomR

0H pRPRPHQWRIOHWRUGHIODPEDJHPODWHUDO
FRPWRUomRHPUHJLPHHOiVWLFR
&RQIRUPH LWHP  SDUD SHUILV
PRQRVVLPpWULFRVWHPVH

R pRtQGLFHGHHVEHOWH]UHGX]LGRGDEDUUD
)/7 =
)/7 p R IDWRU GH UHGXomR DVVRFLDGR j
IODPEDJHPODWHUDOFRPWRUomRGDEDUUD

1H\ 

N1

1H\pDIRUoDQRUPDOGHIODPEDJHPHOiVWLFD
SRUIOH[mRHPUHODomRDRHL[R\

$ WHQVmR GH FRPSUHVVmR DVVRFLDGD DR


PRPHQWRFUtWLFRGHIODPEDJHPODWHUDOFRPWRUomR
p

= )/7 I\ =  = N1FP



1HW  U
R



RQGH UR  U[ U\ [R

&RQVLGHUDQGRVHHVWDWHQVmRDSOLFDGDDR
HOHPHQWRWHPVH
E W >[  @ 
FP

1HW 

 [

SR 
SR 






N1
1HW pDIRUoDQRUPDOGHIODPEDJHPHOiVWLFD
SRUWRUomR

SR  &DVR,,,

&E pRFRHILFLHQWHGHHTXLYDOrQFLDGHPR
PHQWRQDIOH[mRTXHDIDYRUGDVHJXUDQoDpWR
PDGRLJXDODQHVWHH[HPSOR

(OHPHQWR (QULMHFHGRU G W 


>[  @ FP

0H &EU 1H\1HW 


0H [[ [  
N1FP
:F :[ FP

,V 

GW


FP

,D >  SR @W > [ @[


  FP
' FPE FP

3DUD  
)/7   

'

E





([HPSORVGHGLPHQVLRQDPHQWR 
GHI FP

'
ND  [ 
E


GV

,V
G G
HI
,D HI

 

,V
N  ND   
,D
   ND 

[

GV 

[  GHI 

GV FP

N 

F 9HULILFDomRGD$OPD (OHPHQWR 



3ULPHLUD LWHUDomR FRQVLGHUDQGR D DOPD


WRWDOPHQWHHIHWLYD



EHI E 
S
EHI [

E



FP E
[ 
 

FP
EHI FP
E  9HUL I LF DomR  G R  (QULM HF HG R U G H %R UG D
(OHPHQWR 

\FJ FP

G W >[  @ 


FP
N 


&RPR S     QmR KDYHUi
IODPEDJHPORFDOQRHQULMHFHGRU



)LJXUD   7HQV}HV QD DOPD GR SHUILO HOHPHQWR 

&RQVLGHUDQGRVHDVHPHOKDQoDHQWUHWULkQ
JXORVUHWkQJXORVWHPVH

 N1FP 7UDomR 

 N1FP &RPSUHVVmR




\FJ FP
&DOFXODQGRDVSURSULHGDGHVGDVHomRHIHWLYD
WHPVH



N >  @>  @ 





EHI E 
S

E

EHI FP EF FP


EHI 

FP

EHI FP
EHI EHI FPEF FP
6HJXQGDLWHUDomRFRQVLGHUDQGRDDOPD
QmRWRWDOPHQWHHIHWLYD

\FJ FP
,[ FP
,[ FP

$SDUWHLQHIHWLYDGDDOPDp
EQHJ FP

2PRPHQWRIOHWRUUHVLVWHQWHGHFiOFXORFRPEDVH
QDIODPEDJHPODWHUDOFRPWRUomRp

05G N1FP
9HULILFDomRGDIODPEDJHPSRU
GLVWRUomR

\FJ FP

&RP R REMHWLYR GH VLPSOLILFDU R


GLPHQVLRQDPHQWRQR$QH[R'GD$%171%5
VmRDSUHVHQWDGDVDOJXPDVLQIRUPD
o}HV~WHLVSDUDTXHVHMDPGLVSHQVDGDVDVYHUL
ILFDo}HVGDIODPEDJHPSRUGLVWRUomR

$R ILQDO GH QRYH LWHUDo}HV DOFDQoDVH D


FRQYHUJrQFLDGHVHMDGDREWHQGR

$WDEHOD'GDQRUPDEUDVLOHLUDDSUHVHQWD
RVYDORUHVPtQLPRVGDUHODomR'EZ GHVHo}HV


([HPSORVGHGLPHQVLRQDPHQWR 
GRWLSR8HQULMHFLGR YLGHILJXUD VXEPHWLGDV
jFRPSUHVVmRFHQWUDGDSDUDGLVSHQVDUDYHULIL
FDomRGDIODPEDJHPSRUGLVWRUomRHDWDEHOD'
DSUHVHQWDRVYDORUHVPtQLPRVGDUHODomR'EZGH
VHo}HVGRWLSR8HQULMHFLGRH=HQULMHFLGRVXE
PHWLGDVjIOH[mRFRPRPHVPRREMHWLYR
3DUDRSHUILO8H[[[WHPVH
EI  PP
EZ PP
'  PP
W  PP
EIEZ 
EZW 
'EZ 
$QDOLVDQGRDVUHODo}HVREWLGDVSRGHVH
FRQFOXLUTXHILFDPGLVSHQVDGDVDVYHULILFDo}HV
GD IODPEDJHP SRU GLVWRUomR SRU QmR
FRUUHVSRQGHU DR PRGR FUtWLFR GR SHUILO 8H
[[ TXDQGR VXEPHWLGR j FRPSUHVVmR
FHQWUDGDHjIOH[mR
&RQFOXVmR
2PRPHQWRUHVLVWHQWHGHFiOFXORpRPHQRU
GRVPRPHQWRVGHWHUPLQDGRVFRPEDVHQRLQtFLR
GHHVFRDPHQWRRXSDUDDIODPEDJHPODWHUDOFRP
WRUomRRXVHMD
05G N1FP05G N1FP
(QWmR
05G N1FP
%DUUDVXEPHWLGDjIOH[mRFRPSRVWD
$ IRUoDQRUPDO VROLFLWDQWHGH FiOFXORH R
PRPHQWRIOHWRUVROLFLWDQWHGHFiOFXORGHYHPVD
WLVID]HUDVVHJXLQWHVHTXDo}HVGHLQWHUDomR

(TXDomR 
H

(TXDomR 
2QGH
1F6G p D IRUoD QRUPDO GH FRPSUHVVmR
VROLFLWDQWHGHFiOFXORFRQVLGHUDGDFRQVWDQWHQD
EDUUD
0[6G  0\6G VmR RV PRPHQWRV IOHWRUHV
VROLFLWDQWHVGHFiOFXORQDVHomRFRQVLGHUDGDHP
UHODomRDRVHL[RV[H\UHVSHFWLYDPHQWH
1F5G pDIRUoDQRUPDOGHFRPSUHVVmRUH
VLVWHQWHGHFiOFXORFRQIRUPHLWHP
15G pDIRUoDQRUPDOGHFRPSUHVVmRUH
VLVWHQWHGHFiOFXORFDOFXODGDFRQIRUPHLWHP
WRPDQGRVH 
0[5G 0\5G VmRRVPRPHQWRVIOHWRUHVUH
VLVWHQWHVGHFiOFXORHPUHODomRDRVHL[RV[H\
UHVSHFWLYDPHQWHFDOFXODGRVFRQIRUPHLWHP
FRP&E 
1H[  1H\ VmR DV IRUoDV QRUPDLV GH
IODPEDJHPHOiVWLFDHPUHODomRDRVHL[RV[H\
UHVSHFWLYDPHQWHFDOFXODGDVSRU

1H[



(, [
(.[/[ ) H1H\

(, \

(. / )



\ \

&P[&P\ VmRRVFRHILFLHQWHVGHHTXLYDOrQ
FLDGHPRPHQWRQDIOH[mRFRPSRVWDHPUHODomR
DRVHL[RV[H\UHVSHFWLYDPHQWH

3HUILO8H[[HW PP
(VIRUoRVGHFiOFXORFRQVLGHUDGRV
1RUPDO1F6G N1
0RPHQWRIOHWRUHPUHODomRD[0[6G 
0RPHQWRIOHWRUHPUHODomRD\0\6G 
&RPSULPHQWRVHIHWLYRVGHIODPEDJHPGDEDUUD
.[ /[ PP.\ /\ PPH.W /W 
PP
UHD%UXWDGD6HomR7UDQVYHUVDOGR3HUILO$J 
FP
'LkPHWURGDDEHUWXUD PP

3DUDRPRQWDQWHFRQVLGHUDGRDDomRGR
YHQWRJHUDPRPHQWRDSHQDVHPUHODomRDRHL[R
[VLPSOLILFDQGRDVYHULILFDo}HV

4XDQWR DRV FRPSULPHQWRV HIHWLYRV GH


IODPEDJHPGDEDUUDVmRFRQVLGHUDGDVDVPHV
PDVREVHUYDo}HVIHLWDVQRH[HPSOR

,[,\VmRRVPRPHQWRVGHLQpUFLDGDVHomR
EUXWDHPUHODomRDRVHL[RV[H\UHVSHFWLYDPHQ
WH
.[/[  .\/\ VmRRVFRPSULPHQWRVHIHWL
YRVGHIODPEDJHPHPUHODomRDRVHL[RV[H\
UHVSHFWLYDPHQWH

1H[

(, [
(.[/[)

  

( )

N1

&RQVLGHURXVHSDUDHVWHH[HPSORRPHV
PRPRQWDQWHGRH[HPSORDSUHVHQWDGRHP
PDVVHPRPRPHQWRIOHWRUVROLFLWDQWHGHFiOFXOR
GHYLGRjDomRGRYHQWR

3DUDRVFiOFXORVWHPVH
&RPSUHVVmR
1F6G N1
0[6G N1FP
0\6G 
1F5G N1
15G N1
0[5G N1FP
1H[ N1
&P[ DIDYRUGDVHJXUDQoD

'HWHUPLQDomRGH1F5G
$IRUoDQRUPDOGHFRPSUHVVmRUHVLVWHQWHGH
FiOFXOR 1F5G GHYHVHUFDOFXODGDSRU
1F5G

 

(TXDomR 

5HVXOWDQGR

D  'HWHUPLQDomR  G D 7HQV mR
I\ D VHU
DSOLFDGDQDVHomRWUDQVYHUVDOGRSHUILO
2.

2.

$IRUoDQRUPDOGHIODPEDJHPHOiVWLFD1HGH
XPSHUILOFRPVHomRPRQRVVLPpWULFDFXMRHL[R [
pRHL[RGHVLPHWULDpRPHQRUYDORUGHQWUHRV
REWLGRVSRUIOH[mRRXSRUIOH[RWRUomR

  0RQWDQWH GH [[[ FRP


DE HU W X U D Q D DO P D V X E P HW L G R  j
FRPSUHVVmRFHQWUDGD
'DGRVJHUDLV

$HI I\ 

1H[ 

)RUoDQRUPDOGHIODPEDJHPHOiVWLFDSRU
IOH[mRHPUHODomRDRHL[R[

N1



([HPSORVGHGLPHQVLRQDPHQWR

)RUoDQRUPDOGHIODPEDJHPHOiVWLFDSRU
IOH[mRHPUHODomRDRHL[R\

(, \

(. / )

1H\



\ \

  

( )



N1

R 

$I\

 



1H

(TXDomR 

)RUoDQRUPDOGHIODPEDJHPHOiVWLFDSRU
WRUomR
(&Z

 U  *, W +
 RQGH
(
)
.
/

R
W
W

1HW

&RPR1H[W N11H\ N1 1H


N1

UR  U[ U\ [R


(TXDomR 

2QGH R pRtQGLFHGHHVEHOWH]UHGX]LGRGD
EDUUD
1DWDEHODYrVHTXHDFXUYDGHUHVLV
WrQFLDjFRPSUHVVmRDVVRFLDGDjIODPEDJHPSRU
IOH[mRSDUDRSHUILO8HpDFXUYDERXVHMD



1HW 

pRIDWRUGHLPSHUIHLomRLQLFLDO

  










+


 [
( )

N1

)RUoDQRUPDOGHIODPEDJHPHOiVWLFDSRU
IOH[RWRUomR



[R

1H[1HW> @
1H[ + 1HW
UR

1H[W =




1H[ + 1HW 
[R

> @

UR

(TXDomR

 

   


+ 

 

1H[W =
+  
 

 



1H[W N1



 + R  + R


(TXDomR

]



pRSDUkPHWURHPSUHJDGRQRFiOFXORGRIDWRU
GHUHGXomRDVVRFLDGRjIODPEDJHP 

[ +





R

)]

  
(TXDomR

pRIDWRUGHUHGXomRDVVRFLDGRjIODPEDJHP
GDEDUUD
= I \ [ N1FP
E 'HWHUPLQDomRGDiUHDHIHWLYD$HI
 9HULILFDomRGD$OPD (OHPHQWR 
E W >[  @ 
FP
N  FDVRDQDWDEHOD

&DVRD

   

2YDORUGHUHIHUrQFLDGRtQGLFHGHHVEHOWH]

N 

S =

E
W

N(





[




E W >[  @ 


FP

UHGX]LGRGRHOHPHQWR SR pFDOFXODGRFRQIRUPH
HTXDomR




E
W

SR 
SR
(











 


(TXDomR 
 SR  ,WHP&DVR,,
3DUDRFiOFXORGDODUJXUDHIHWLYDGRHOHPHQ
WRFRPDEHUWXUDUHFRUUHVHDRLWHP%GDV
SUHVFULo}HVGR$,6,  TXHWUDWDGRVHOHPHQ
WRV HQULMHFLGRV XQLIRUPHPHQWH FRPSULPLGRV H
FRP DEHUWXUDV FLUFXODUHV (TXDo}HV % H
% 

E

EHI =

  'K 

S
E
E'K

S

'K pRGLkPHWURGDDEHUWXUD PP


    
 




EHI =


FP

 FP
EHI FP
 9HULILFDomRGD0HVD (OHPHQWR 
2 FiOFXOR GD ODUJXUD HIHWLYD GH HOHPHQWRV
XQLIRUPHPHQWHFRPSULPLGRVFRPHQULMHFHGRUGH
ERUGD p IHLWR FRQVLGHUDQGRVH DV SUHVFULo}HV
FRQVWDQWHVHPHDVGHILQLo}HVDSUHVHQWDGDV
QDILJXUD

(OHPHQWR (QULMHFHGRU G W 


>[  @ FP

,V 

GW


  [



FP


,V pRPRPHQWRGHLQpUFLDGDVHomREUXWD
GRHQULMHFHGRUHPUHODomRDRVHXHL[RSULQFLSDO
SDUDOHOR DR HOHPHQWR D VHU HQULMHFLGR 3DUD
HQULMHFHGRUGHERUGDDUHJLmRGDVGREUDVHQWUH
RHQULMHFHGRUHRHOHPHQWRDVHUHQULMHFLGRQmR
GHYHVHUFRQVLGHUDGDFRPRSDUWHLQWHJUDQWHGR
HQULMHFHGRU
,D W >@ [  
> [ @ FP
,D pPRPHQWRGHLQpUFLDGHUHIHUrQFLDGR
HQULMHFHGRULQWHUPHGLiULRRXGHERUGD,VWRp,Dp
RPRPHQWRGRHQULMHFHGRULGHDOSDUDGDUDSRLR
DRHOHPHQWR
' FPE FP
' p D ODUJXUD QRPLQDO GR HQULMHFHGRU GH
ERUGDLQFOXLQGRDGREUD

EpDODUJXUDGRHOHPHQWRpDGLPHQVmRSODQD
GRHOHPHQWRVHPLQFOXLUGREUDVGDGDSRU



([HPSORVGHGLPHQVLRQDPHQWR

'


E 

E
W

S =

N(


&iOFXORGRFRHILFLHQWHGHIODPEDJHPORFDON
'
ND  [ 
E



,V

N  ND    

,D
   ND 

S =



N(


&RPR S QmRKDYHUi
IODPEDJHPORFDOGRHQULMHFHGRU

[

GHI FP ODUJXUDHIHWLYDGRHQULMHFHGRUGH


ERUGD 
,V
G G
HI
,D HI

GV

[






N ND 

E
W
















2QGHGV pDODUJXUDHIHWLYDUHGX]LGDGR
HQULMHFHGRUGHERUGD
 

[  G 


HI




GV

&RPR S     QmR KDYHUi


IODPEDJHPORFDOQRHOHPHQWR

GV FP
F 'HWHUPLQDomRGH1F5G

EHI FP
 9HULILFDomR GR HQULMHFHGRU GH ERUGD
(OHPHQWR 

$HI $J $LQHI


$J FP

G W >[  @ 


FP

$HI $J $LQHI

GpDODUJXUDGDSDUWHSODQDGRHQULMHFHGRU
GHERUGD

$LQHI >  [  [ 

N  FRHILFLHQWHGHIODPEDJHPORFDO
SDUDRHOHPHQWRFRQIRUPHFDVRDGDWDEHOD


$J FP
 @[ FP

$HI  FP


1F5G

$HI I\

[
 [


1F5G N1 > 1F6G N12.




'LPHQVLRQDPHQWRGHXPDOLJDomR

1HVWHLWHPpUHDOL]DGRRGLPHQVLRQDPHQWR
GDOLJDomRHPXPGRVSDLQpLVGDHVWUXWXUDGHDoR
GDVUHVLGrQFLDVUHODFLRQDGDVFRPRHVWXGRGH
VHQYROYLGRQRFDStWXOR2VFiOFXORVIRUDPUHDOL
]DGRV SDUD D WLUD GH DoR XWLOL]DGD QR
FRQWUDYHQWDPHQWRGRSDLQHODQDOLVDGRFRQIRUPH
ILJXUD$ILJXUDHDIRWRDSUHVHQWDP
RVGHWDOKHVGDIL[DomRGDILWDQRGRSDLQHOSRU
&KDSDGH*XVVHW

(VSDoDPHQWRGRVSDUDIXVRVQDGLUHomR
SHUSHQGLFXODUjVROLFLWDomRJ PP
(VSDoDPHQWRGRVSDUDIXVRVQDGLUHomR
GDVROLFLWDomRV PP

'XUDQWHDLQVWDODomRGDVILWDVGHDoRJDO
YDQL]DGRpLPSRUWDQWHTXHHVWDVVHMDPILUPHPHQ
WHWHQVLRQDGDVDILPGHHYLWDUIROJDVTXHFRP
SURPHWDPVXDHILFLrQFLDQDWUDQVPLVVmRGRVHV
IRUoRVHTXHQmRRFRUUDGHIRUPDomRGRVSDLQpLV
DRVTXDLVHVWmRIL[DGDVDQWHVGDVILWDVFRPHoD
UHPDDWXDU *DUQHU 
'LVSRVLo}HVFRQVWUXWLYDV
3HOD$%171%5

$GLVWkQFLDOLYUHHQWUHDVERUGDVGHGRLV
IXURVDGMDFHQWHV PPpPDLRUGR
TXHG PPHDGLVWkQFLDGDERUGD
GH XP IXUR j H[WUHPLGDGH GR HOHPHQWR
FRQHFWDGR  PP p PDLRU GR G 
PP2.

3HOD$,6,
0HGLGDVHPPP 

)LJXUD   'HWDOKH GD OLJDomR SDUD D GLDJRQDO GH


FRQWUDYHQWDPHQWR HP ILWD GH DoR

'DGRV

)LWDGHDoRJDOYDQL]DGR[PP
&KDSDGH*XVVHWHVSHVVXUDQRPLQDO 
PP
$oR=$503D
3DUDIXVRDXWREURFDQWHHVWUXWXUDOFDEHoD
VH[WDYDGDELWRODGLkPHWURQRPLQDO
G PP
)LRVSRUSROHJDGD
&RPSULPHQWRGRSDUDIXVR PP
3RQWD75$;;
&DSDFLGDGHPi[LPDGHSHUIXUDomR 
PP
(VSHVVXUDGHDWDUUD[DPHQWR PP
'LVWkQFLDV GR FHQWUR GRV IXURV GH
H[WUHPLGDGH jV UHVSHFWLYDV ERUGDV QD
GLUHomRSHUSHQGLFXODUjVROLFLWDomRH 
H PP

'LVWkQFLD HQWUH FHQWURV GRV SDUDIXVRV


DXWREURFDQWHVDGMDFHQWHV PPpPDLRU
GRG PP2.
'LVWDQFLD GR FHQWUR GR SDUDIXVR
DXWREURFDQWHjERUGDGDILWD PPp
PDLRUGRTXHG PP2.

(VWDQGRDOLJDomRVXMHLWDDRFLVDOKDPHQWR
VRPHQWH HP XPD GLUHomR D PtQLPD GLVWkQFLD
SRGHULDVHUUHGX]LGDDG PPQDGLUH
omRSHUSHQGLFXODUjFDUJD
9HULILFDomRGDUHVLVWrQFLD
D 5HVLVWrQFLDjWUDomRGDILWDGHDoR $%17
1%5LWHP 
$IRUoDQRUPDOGHWUDomRUHVLVWHQWHGHFiO
FXOR1W5G GHYHVHUWRPDGDFRPRRPHQRUYDORU
HQWUH
1W5G $I\ 





([HPSORVGHGLPHQVLRQDPHQWR 
1W5G &W$QIX  

&W  GJ 

2QGH

&W   

$pDiUHDEUXWDGDVHomRWUDQVYHUVDOGDEDUUD

&W 

$Q pDiUHDOtTXLGDGDVHomRWUDQVYHUVDOGD
EDUUD

$Q FP

(VFRDPHQWRGDVHomREUXWD

1W5G [[
1W5G N1

1W5G [[
1W5G N1

5XSWXUDGDVHomROtTXLGDHIHWLYD

3DUD OLJDo}HV SDUDIXVDGDV GHYHP VHU


DQDOLVDGDVDVSURYiYHLVOLQKDVGHUXSWXUD ILJXUD
  VHQGR D VHomR FUtWLFD DTXHOD
FRUUHVSRQGHQWHDRPHQRUYDORUGDiUHDOtTXLGD$
iUHDOtTXLGDGDVHomRGHUXSWXUDDQDOLVDGDGHYH
VHUFDOFXODGDSRU

$Q = $ QIGIW+ WV J

GI pDGLPHQVmRGRIXUR
QI pDTXDQWLGDGHGHIXURVFRQWLGRVQDOLQKDGH
UXSWXUDDQDOLVDGD
V p R HVSDoDPHQWR GRV IXURV QD GLUHomR GD
VROLFLWDomR ILJXUD 
J p R HVSDoDPHQWR GRV IXURV QD GLUHomR
SHUSHQGLFXODUjVROLFLWDomR ILJXUD 
WpDHVSHVVXUDGDSDUWHFRQHFWDGDDQDOLVDGD
&W pRFRHILFLHQWHGHUHGXomRGDiUHDOtTXLGD
GDGRSRU
  SDUD TXDWUR RX PDLV SDUDIXVRV QD
GLUHomRGDVROLFLWDomRDOLQKDGRVRXHP]LJ
]DJ



)LJXUD   /LQKDV GH UXSWXUD H JUDQGH]DV SDUD FiOFXOR GR


FRHILFLHQWH &W

E 5HVLVWrQFLDGRSDUDIXVRDXWREURFDQWHDR
FLVDOKDPHQWR
&RQVLGHUDQGR RV YDORUHV LQIRUPDGRV QR
FDStWXORSHORIDEULFDQWH &,6(5 TXHVmR
XWLOL]DGRVQHVWHH[HPSORDSHQDVDWtWXORGHLOXV
WUDomR D UHVLVWrQFLD H[SHULPHQWDO DR
FLVDOKDPHQWR VLPSOHV GH XP SDUDIXVR
DXWREURFDQWHOLJDQGRGXDVFKDSDVGHPPp
GHN1$VVLPSDUDVHLVSDUDIXVRVWHPVHD
UHVLVWrQFLDWRWDOGH[ N1
6HJXQGRR$,6,  TXDQGRQmRVHGLV
S}HGHWRGRVRVUHVXOWDGRVH[SHULPHQWDLVSDUD
RVFiOFXORVDUHVLVWrQFLDDRFLVDOKDPHQWRGHYH
VHUPXOWLSOLFDGDSHORIDWRUGHUHVLVWrQFLD I LJXDOD

5HVXOWD HQWmR SDUD VHLV SDUDIXVRV
DXWREURFDQWHV D UHVLVWrQFLD GH FiOFXOR DR
FLVDOKDPHQWRVLPSOHVGHN1

&RQFOXVmR
3DUDDOLJDomRHPHVWXGRVXDUHVLVWrQFLD
DRFLVDOKDPHQWRVLPSOHVGHYHVHUWRPDGDFRPR
RPHQRUYDORUHQWUH

(VFRDPHQWRGDVHomREUXWD1W5G 
N1
5XSWXUDGDVHomROtTXLGDHIHWLYD1W5G 
N1
5XSWXUDGRVSDUDIXVRVSRUHQVDLR
1W5G N1

$UHVLVWrQFLDGH1W5G N1pFRPSDWt
YHOFRPRVYDORUHVPi[LPRVHQFRQWUDGRVSDUDD
IRUoDQRUPDOGHWUDomRVROLFLWDQWHGHFiOFXOR1W6G
QRVHVWXGRVUHDOL]DGRVSDUDDHODERUDomRGDV
WDEHODVGHSUpGLPHQVLRQDPHQWRDSUHVHQWDGDV
QRFDStWXOR
2VYDORUHVHQFRQWUDGRVSDUDDIRUoD1W6G
QDVILWDVGLDJRQDLVGHDoRJDOYDQL]DGRVmRGHYL
GRVjDomRGRYHQWRQRVSDLQpLVHVWUXWXUDLVGH
FRQWUDYHQWDPHQWRSURMHWDGRVSDUDDHVWDELOL]D
omRJOREDOGDHGLILFDomR



&DStWXOR
7DEHODVGH
SUpGLPHQVLRQDPHQWRGR
VLVWHPD/6)



7DEHODVGHSUpGLPHQVLRQDPHQWRGRVLVWHPD/6)
*HQHUDOLGDGHV

2SUHVHQWHFDStWXORDSUHVHQWDDVWDEHODV
PDLVLPSRUWDQWHVSDUDRSUpGLPHQVLRQDPHQWRGD
HVWUXWXUDGHDoRGHHGLILFDo}HVUHVLGHQFLDLVFRP
DWpSDYLPHQWRVSURMHWDGDVVHJXQGRRVFRQFHL
WRVGR 6LVWHPD/6) HPSHUILV IRUPDGRVD IULR
3)) GHDoR]LQFDGR
2VLVWHPD/6)SRGHWDPEpPVHUHPSUH
JDGRHPHGLILFDo}HVFRPPDLVGHGRLVSDYLPHQ
WRV1RHQWDQWRHSULQFLSDOPHQWHQHVWHVFDVRVR
GLPHQVLRQDPHQWRGHYHVHUUHDOL]DGRHPSUHJDQ
GRVHDVQRUPDVEUDVLOHLUDVHVSHFtILFDVSDUDRV
3))

'H DFRUGR FRP RV GDGRV IRUQHFLGRV SHOR


IDEULFDQWH 0$6,6$ DGHQVLGDGHGR26%
SDUDDVSODFDVFRPHVSHVVXUDGHPPDPP
pGHN1P N1P3DUDDVSODFDV
FRPHVSHVVXUDGHPPDPPDGHQVLGDGH
pGHN1P N1P

(GLILFDo}HVFRPSLVR~PLGR
$V WDEHODV DSUHVHQWDGDV QHVWH FDStWXOR IRUDP
HODERUDGDV FRQVLGHUDQGR DV SUHVFULo}HV GD
$%17 1%5 H GDV GHPDLV QRUPDV
EUDVLOHLUDV DSOLFiYHLV FRP DV VHJXLQWHV
SUHPLVVDVGHFiOFXOR
&DUJDVSHUPDQHQWHV

'HVWDFDVHTXHDVLQIRUPDo}HVFRQWLGDV
QDVWDEHODVGHSUpGLPHQVLRQDPHQWRQmRVXEVWL
WXHPRVSURILVVLRQDLVHVSHFLDOLVWDVQHFHVViULRV
QRGLPHQVLRQDPHQWRHSURMHWRGDHVWUXWXUDHP
3))HVHXVHOHPHQWRVFRQVWLWXLQWHVLQFOXVLYHQDV
HGLILFDo}HVFRPRXSDYLPHQWRV
$WDEHODDSUHVHQWDDGHQVLGDGHVXSHU
ILFLDOGHPDVVDGHDOJXQVPDWHULDLVXWLOL]DGRVQR
VLVWHPDFRQVWUXWLYR/6)
7DEHOD'HQVLGDGHVXSHUILFLDOGHPDV
VDGHDOJXQVPDWHULDLVSDUDR/6)

D 7HOKDGRN1P HVWUXWXUDGHDoRH


SDLQpLVGHYHGDomR 
E /DMHGHIRUURIRUURGHJHVVRDFDUWRQDGR
FRPPPGHHVSHVVXUDHHVWUXWXUDGH
DoR
F /DMHGHSLVRN1P IRUURGHJHVVR
DFDUWRQDGRFRPPPGHHVSHVVXUD
HVWUXWXUDGHDoRGRHQWUHSLVRSLVR~PLGR
 FRQVWLWXtGR SRU XPD FDPDGD FRP
HVSHVVXUD PpGLD GH  FP GH FRQFUHWR
PROGDGD VREUH I{UPD GH DoR H  RV
UHYHVWLPHQWRVXVXDLVGHSLVR 9HUILJXUD

6REUHFDUJDV
D 7HOKDGRN1P
E /DMHGHIRUURN1P
F /DMHGHSLVRN1P
9HQWR
D9HORFLGDGHEiVLFDGRYHQWR9 PV
E6 6  &DWHJRULD,9&ODVVH$ H
6 

 

'DGRV IRUQHFLGRV SHOR IDEULFDQWH .QDXI ,37  


'DGRV IRUQHFLGRV SHOR IDEULFDQWH 0DVLVD 0$6,6$  
 
'DGRV IRUQHFLGRV SHOR IDEULFDQWH )LUHERDUG ),5(%2$5'
 
 



0DWHULDO
2V 3)) GHYHP VHU IDEULFDGRV D SDUWLU GH
ERELQDV GH DoR FRP UHVLVWrQFLD DR
HVFRDPHQWR I\ QmR LQIHULRU D  03D H
UHYHVWLGDVFRP]LQFRRXOLJDDOXPtQLR]LQFR
SHORSURFHVVRFRQWtQXRGHLPHUVmRDTXHQWH
RXSRUHOHWURGHSRVLomR

UHQWHjIODPEDJHPODWHUDOFRPWRUomRTXHpGH
WHUPLQDGRFRQVLGHUDQGRVHRWUHFKRFRPSUHHQ
GLGRHQWUHVHo}HVFRPFRQWHQomRODWHUDOIRUDP
XWLOL]DGRVEORTXHDGRUHVQDVVHo}HVFHQWUDLVGDV
YLJDVFRPYmRVGHPPPP
PPHPP'HVWDIRUPDRVFiOFXORVIRUDP
IHLWRVFRQVLGHUDQGRVHRVFRPSULPHQWRVGHVWUD
YDGRVGHPPPPPPH
PPUHVSHFWLYDPHQWH

5HIHULQGRVHjVILJXUDVQRVFiOFXORV
IRUDPFRQVLGHUDGDVDVVHJXLQWHVGHILQLo}HV
/DUJXUDGDHGLILFDomRGLPHQVmRSDUDOHOD
jGDVYLJDVGHSLVRVXSRUWDGDVSHODVSDUH
GHVDXWRSRUWDQWHV
&RPSULPHQWRGDHGLILFDomRGLPHQVmRSHU
SHQGLFXODUjGDVYLJDVGHSLVRYLJDVGH
FREHUWXUDIRUURRXWHVRXUDVGRWHOKDGR
)RUDP GLPHQVLRQDGDV DV HVWUXWXUDV GH
HGLILFDo}HVFRPRXSDYLPHQWRV YLGHILJXUDV
 FRPGLPHQV}HV/DUJXUD;&RPSULPHQWR
HPPHWURLJXDLVD[[[[H[
HSpGLUHLWRPi[LPRGHPPSRUSDYLPHQWR
3DUDRHVSDoDPHQWRHQWUHPRQWDQWHVHHQ
WUHYLJDVIRUDPDGRWDGRVRVYDORUHVGHPP
RXGHPP
)LJXUD   (GLILFDo}HV DQDOLVDGDV SHUVSHFWLYDV
HVTXHPiWLFDV 

$VWDEHODVDDSUHVHQWDPRVUHVXOWD
GRVGDVGLYHUVDVVLPXODo}HVQXPpULFDVTXHSR
GHPVHUXWLOL]DGRVSDUDRSUpGLPHQVLRQDPHQWR
HVWUXWXUDO

)LJXUD   &RQILJXUDomR GH SLVR ~PLGR

3DUDDVYLJDVWRGDVFRQWtQXDVHODQoDGDV
SDUDOHODPHQWHjODUJXUDGDHGLILFDomRIRLDGRWD
GRRYmR Pi[LPRGHPP 9LVDQGRREWHU
PDLRUPRPHQWRIOHWRUUHVLVWHQWHGHFiOFXORUHIH



7DEHODVGHSUpGLPHQVLRQDPHQWRGRVLVWHPD/6)
7DEHOD9mRVPi[LPRVSDUDYLJDVGH
SLVR9LJDVFRQWtQXDVVHPHQULMHFHGRUHVGHDOPD
QRDSRLR3HVRSUySULRGRVLVWHPDGHSLVR 
N1P
$oR03D

7DEHOD0RQWDQWHVSDUDSpGLUHLWRGH
PPFRPEORTXHDGRUjPHLDDOWXUD VXSRU
WDQGRVRPHQWHWHOKDGRHIRUUR 5HVLGrQFLDGHXP
SDYLPHQWRRX RVHJXQGRDQGDUGHXPDUHVLGrQ
FLDGHGRLVSDYLPHQWRV
9HQWR9R PV
$oR03D

7DEHOD0RQWDQWHVSDUDSpGLUHLWRGH
PPFRPEORTXHDGRUjPHLDDOWXUD VXSRU
WDQGRXPSDYLPHQWRWHOKDGRHIRUUR
3ULPHLURSDYLPHQWRGHXPDUHVLGrQFLDGH
GRLVSDYLPHQWRV
9HQWR9R PV
$oR03D
1$1mRDSOLFiYHOSRUQmRDSUHVHQWDUUHVLVWrQ
FLDVXILFLHQWH
7DEHOD9mRVPi[LPRVSDUDYLJDVGH
IRUUR9LJDVFRQWtQXDVVHPHQULMHFHGRUHVGHDOPD
QRDSRLR 3HVRSUySULRGRVLVWHPDGHIRUUR 
N1P
$oR03D
(VWUXWXUDGRWHOKDGR
$ ILJXUD  DSUHVHQWD R WLSR GH WHVRXUD
DGRWDGR SDUD HVWUXWXUDomR GRV WHOKDGRV GDV
HGLILFDo}HVDQDOLVDGDVWHQGRVLGRFRQVLGHUDGR
SDUDRkQJXORGHLQFOLQDomR DUHODomR2V
PRQWDQWHVGLDJRQDLVHFRUGDVVXSHULRUHVIRUDP
GLPHQVLRQDGRVFRQVLGHUDQGRVHSDUDVHXVFRP
SULPHQWRVHIHWLYRVGHIODPEDJHPHRFRPSULPHQ
WRPi[LPRGHVWUDYDGRYDORUHVQmRPDLRUHVTXH
PP
$WDEHODDSUHVHQWDDVGLPHQV}HVGRV
SHUILVSDUDDHVWUXWXUDGDFREHUWXUDGHXPSDYL
PHQWR RX GR VHJXQGR SDYLPHQWR GH XPD
HGLILFDomRGHGRLVSDYLPHQWRV


)LJXUD   7HVRXUDV GR WLSR +RZH XWLOL]DGDV SDUD D HVWUXWX


UD GRV WHOKDGRV GDV HGLILFDo}HV DQDOLVDGDV

7DEHOD3HUILVSDUDHVWUXWXUDGHWHOKD
GR&REHUWXUDGHXPSDYLPHQWRRXGRVHJXQGR
SDYLPHQWRGHXPDUHVLGrQFLDGHGRLVSDYLPHQ
WRV
9HQWR9R PV
$oR03D

D 7HOKDGRVHPJHUDON1P HVWUXWXUD
GHDoRHSDLQpLVGHYHGDomR 
E 7HOKDGRVFRPIXQomRDSHQDVGHYHGDomR
N1P
F 7HOKDGRVSDUDUHJL}HVGHVLVPR ]RQD 
N1P
G )RUUR  N1P IRUUR GH JHVVR
DFDUWRQDGRFRPPPGHHVSHVVXUDH
HVWUXWXUDGHDoR 
H 3LVR  N1P IRUUR GH JHVVR
DFDUWRQDGRFRPPPGHHVSHVVXUD
HVWUXWXUDGHDoRGRHQWUHSLVRSLVRVHFRH
UHYHVWLPHQWRVXVXDLVGHSLVR 9HUILJXUD

I  3DUHGHVN1P
6REUHFDUJDV
E 7HOKDGRN1P
F /DMHGHIRUURN1P
G /DMHGHSLVRN1P

(GLILFDo}HVFRPSLVRVHFR
$VWDEHODVDSUHVHQWDGDVQHVWHLWHPIRUDP
DGDSWDGDVGRGRFXPHQWR 3UHVFULSWLYH0HWKRG
)RU5HVLGHQFLDO&ROG)RUPHG6WHHO)UDPLQJGR
1$6)$  SDUDDHODERUDomRGRGRFXPHQWR
GD &DL[D (FRQ{PLFD)HGHUDO &$,;$   
UHYLVmRGH
3DUDDVYHULILFDo}HVGDVUHVLVWrQFLDVGRV
SHUILV IRUDP FRQVLGHUDGDV DV SUHVFULo}HV GD
$%171%5
1RGRFXPHQWRGR1$6)$  IRUDPFRQ
VLGHUDGDVDVVHJXLQWHVSUHPLVVDVGHFiOFXOR
&DUJDVSHUPDQHQWHV

'HVWDFDVHTXHDOpPGDVFDUJDVSHUPD
QHQWHV H VREUHFDUJDVPi[LPDV LQGLFDGDV QDV
WDEHODVGHGLPHQVLRQDPHQWRIRLFRQVLGHUDGDD
FDUJDDFLGHQWDOGHYLGDjGHSRVLomRGHQHYHQR
YDORUPi[LPRGHN1P,VWRPDQWpPDFRP
SDWLELOLGDGHFRPRGRFXPHQWRGD1$6)$  
HUHVXOWDHPXPSUpGLPHQVLRQDPHQWRDIDYRUGD
VHJXUDQoD
4XDQWRjDomRGRYHQWRIRUDPDVVXPLGRV
YDORUHVSDUDVXDYHORFLGDGHEiVLFD9LJXDLVD
PVPVPVPVHPVVHQGR
FRQVLGHUDGDVDVVHJXLQWHVFDWHJRULDVGHWHUUH
QR
&DWHJRULD,,

7HUUHQRV DEHUWRVHP QtYHO RX


DSUR[LPDGDPHQWH HP QtYHO
FRP SRXFRV REVWiFXORV
LVRODGRVWDLVFRPRiUYRUHVH
HGLILFDo}HVEDL[DV



7DEHODVGHSUpGLPHQVLRQDPHQWRGRVLVWHPD/6)
([HPSORV]RQDVFRVWHLUDVSODQDVSkQWD
QRVFDPSRVGHDYLDomR
&DWHJRULD,,,

7HUUHQRVSODQRVRXRQGXODGRV
FRP REVWiFXORV WDLV FRPR
VDEHVHPXURVSRXFRVTXHEUD
YHQWRVGHiUYRUHVHGLILFDo}HV
EDL[DVHHVSDUVDV
([HPSORVJUDQMDVHFDVDVGHFDPSRFRP
H[FHomRGDVSDUWHVFRPPDWRV
VXE~UELRV D FRQVLGHUiYHO
GLVWkQFLDGRFHQWURFRPFDVDV
EDL[DVHHVSDUVDV
)LJXUD   &RQILJXUDomR GH SLVR VHFR

&DWHJRULD,9 7HUUHQRV FREHUWRV SRU


REVWiFXORVQXPHURVRVHSRXFR
HVSDoDGRVHP]RQDIORUHVWDO
LQGXVWULDORXXUEDQL]DGD
([HPSORV]RQDVGHSDUTXHVHERVTXHV
FRP PXLWDV iUYRUHV FLGDGHV
SHTXHQDV H VHXV DUUHGRUHV
VXE~UELRV
GHQVDPHQWH
FRQVWUXtGRV GH JUDQGHV
FLGDGHViUHDVLQGXVWULDLVSOHQD
RXSDUFLDOPHQWHGHVHQYROYLGDV
3DUD DV GLPHQV}HV GH ODUJXUD GD
HGLILFDomRHGLVWkQFLDHQWUHRVPRQWDQWHVIRUDP
FRQVLGHUDGRVYDORUHVLQWHLURVVHPSUHRVPHQR
UHVWRPDGRVDSDUWLUGDFRQYHUVmRGHXQLGDGHV
GR6LVWHPD,QJOrVSDUDR6LVWHPD,QWHUQDFLRQDO
GH0HGLGDV 6, FRQVLGHUDQGRVHDLQGDDVSRV
VtYHLVPRGXODo}HVGDVHGLILFDo}HV
)RUDP GLPHQVLRQDGDV HVWUXWXUDV GH
HGLILFDo}HVFRPRXSDYLPHQWRV YLGHILJXUDV
  FRP ODUJXUD H FRPSULPHQWR Pi[LPRV GH
PHPUHVSHFWLYDPHQWHHSpGLUHLWRGHP
3DUDRHVSDoDPHQWRHQWUHPRQWDQWHVHHQ
WUHYLJDVIRUDPDGRWDGRVRVYDORUHVGHPP
RXGHPP



7DEHOD9mRVPi[LPRVSDUDYLJDVGHSLVR
9mRVVLPSOHVFRPHQULMHFHGRUHVGHDOPD
3HVRSUySULRGRSLVR  N1P



7DEHODVGHSUpGLPHQVLRQDPHQWRGRVLVWHPD/6)
7DEHOD9mRVPi[LPRVSDUDYLJDVGHSLVR
9mRVP~OWLSORVFRPHQULMHFHGRUHVGHDOPD
3HVRSUySULRGRSLVR  N1P



7DEHOD9mRVPi[LPRVSDUDYLJDVGHSLVR
9mRVVLPSOHVVHPHQULMHFHGRUHVGHDOPD
3HVRSUySULRGRSLVR  N1P



7DEHODVGHSUpGLPHQVLRQDPHQWRGRVLVWHPD/6)
7DEHOD9mRVPi[LPRVSDUDYLJDVGHSLVR
9mRVP~OWLSORVVHPHQULMHFHGRUHVGHDOPD
3HVRSUySULRGRSLVR  N1P



7DEHOD0RQWDQWHVSDUDSpGLUHLWRGHPPVXSRUWDQGRVRPHQWHWHOKDGRHIRUUR
5HVLGrQFLDGHXPSDYLPHQWRRXRVHJXQGRDQGDUGHXPDUHVLGrQFLDGHGRLVSDYLPHQWRV 

$oR03D



7DEHODVGHSUpGLPHQVLRQDPHQWRGRVLVWHPD/6)
7DEHOD0RQWDQWHVSDUDSpGLUHLWRGHPPVXSRUWDQGRXPSDYLPHQWRWHOKDGRHIRUUR
3ULPHLURSDYLPHQWRGHXPDUHVLGrQFLDGHGRLVSDYLPHQWRV 
$oR03D



7DEHOD0RQWDQWHVSDUDSpGLUHLWRGHPPVXSRUWDQGRVRPHQWHWHOKDGRHIRUUR
5HVLGrQFLDGHXPSDYLPHQWRRXRVHJXQGRDQGDUGHXPDUHVLGrQFLDGHGRLVSDYLPHQWRV 
$oR03D



7DEHODVGHSUpGLPHQVLRQDPHQWRGRVLVWHPD/6)
7DEHOD0RQWDQWHVSDUDSpGLUHLWRGHPPVXSRUWDQGRXPSDYLPHQWRWHOKDGRHIRUUR
3ULPHLURSDYLPHQWRGHXPDUHVLGrQFLDGHGRLVSDYLPHQWRV 
$oR03D



7DEHOD0RQWDQWHVSDUDSpGLUHLWRGHPPVXSRUWDQGRVRPHQWHWHOKDGRHIRUUR
5HVLGrQFLDGHXPSDYLPHQWRRXRVHJXQGRDQGDUGHXPDUHVLGrQFLDGHGRLVSDYLPHQWRV 
$oR03D



7DEHODVGHSUpGLPHQVLRQDPHQWRGRVLVWHPD/6)
7DEHOD0RQWDQWHVSDUDSpGLUHLWRGHPPVXSRUWDQGRXPSDYLPHQWRWHOKDGRHIRUUR
3ULPHLURSDYLPHQWRGHXPDUHVLGrQFLDGHGRLVSDYLPHQWRV 
$oR03D



7DEHOD0RQWDQWHVSDUDSpGLUHLWRGHPPVXSRUWDQGRVRPHQWHWHOKDGRHIRUUR
5HVLGrQFLDGHXPSDYLPHQWRRXRVHJXQGRDQGDUGHXPDUHVLGrQFLDGHGRLVSDYLPHQWRV 
$oR03D



7DEHODVGHSUpGLPHQVLRQDPHQWRGRVLVWHPD/6)
7DEHOD0RQWDQWHVSDUDSpGLUHLWRGHPPVXSRUWDQGRXPSDYLPHQWRWHOKDGRHIRUUR
3ULPHLURSDYLPHQWRGHXPDUHVLGrQFLDGHGRLVSDYLPHQWRV 
$oR03D



7DEHOD0RQWDQWHVSDUDSpGLUHLWRGHPPVXSRUWDQGRVRPHQWHWHOKDGRHIRUUR
5HVLGrQFLDGHXPSDYLPHQWRRXRVHJXQGRDQGDUGHXPDUHVLGrQFLDGHGRLVSDYLPHQWRV 
$oR03D



7DEHODVGHSUpGLPHQVLRQDPHQWRGRVLVWHPD/6)
7DEHOD0RQWDQWHVSDUDSpGLUHLWRGHPPVXSRUWDQGRXPSDYLPHQWRWHOKDGRHIRUUR
3ULPHLURSDYLPHQWRGHXPDUHVLGrQFLDGHGRLVSDYLPHQWRV 
$oR03D



7DEHOD0RQWDQWHVSDUDSpGLUHLWRGHPPVXSRUWDQGRVRPHQWHWHOKDGRHIRUUR
5HVLGrQFLDGHXPSDYLPHQWRRXRVHJXQGRDQGDUGHXPDUHVLGrQFLDGHGRLVSDYLPHQWRV 
$oR03D



7DEHODVGHSUpGLPHQVLRQDPHQWRGRVLVWHPD/6)
7DEHOD0RQWDQWHVSDUDSpGLUHLWRGHPPVXSRUWDQGRXPSDYLPHQWRWHOKDGRHIRUUR
3ULPHLURSDYLPHQWRGHXPDUHVLGrQFLDGHGRLVSDYLPHQWRV 
$oR03D



7DEHOD9mRVPi[LPRVGHYHUJDVVREUHDEHUWXUDVGRVSDLQpLVGRVHJXQGRSDYLPHQWR
VXSRUWDQGRVRPHQWHWHOKDGRHIRUUR
$oR03D

1RWD DV YHUJDV SRGHP VHU FRQVWUXtGDV SRU SHUILV , RX &DL[D FRP
SRVWRV SRU  SHUILV 8HFRQIRUPH ILJXUDV  H 



7DEHODVGHSUpGLPHQVLRQDPHQWRGRVLVWHPD/6)
7DEHOD9mRVPi[LPRVGHYHUJDVVREUHDEHUWXUDGRVSDLQpLVGRSULPHLURSDYLPHQWR
VXSRUWDQGRXPSDYLPHQWRWHOKDGRHIRUUR
$oR03D

1RWD DV YHUJDV SRGHP VHU FRQVWUXtGDV SRU SHUILV , RX &DL[D FRP
SRVWRV SRU  SHUILV 8HFRQIRUPH ILJXUDV  H 



7DEHOD9mRVPi[LPRVGHYHUJDVVREUHDEHUWXUDGRVSDLQpLVGRSULPHLURSDYLPHQWR
VXSRUWDQGRXPSDYLPHQWRWHOKDGRHIRUUR 3ULPHLURSDYLPHQWRGHXPDUHVLGrQFLDGHGRLV
SDYLPHQWRVFRPYLJDHVWUXWXUDOFHQWUDO 
$oR03D

1RWD DV YHUJDV SRGHP VHU FRQVWUXtGDV SRU SHUILV , RX &DL[D FRP
SRVWRV SRU  SHUILV 8HFRQIRUPH ILJXUDV  H 





5HIHUrQFLDV
%LEOLRJUiILFDV



5HIHUrQFLDVELEOLRJUiILFDV 
$662&,$d2%5$6,/(,5$'(1250$67e&
1,&$61%5&DUJDVSDUDRFiOFXOR
GHHVWUXWXUDVGHHGLILFDo}HV$%175LRGH-D
QHLUR
1%53URMHWRH([HFXomRGH(VWUX
WXUDVGH$oRHP(GLItFLRV 0pWRGRVGRV(VWDGRV
/LPLWHV  3URFHGLPHQWR$%17 5LRGH -DQHLUR

1%5)RUoDVGHYLGDVDRYHQWRHP
HGLILFDo}HV$%175LRGH-DQHLUR
1%5'LPHQVLRQDPHQWRGHHVWUX
WXUDVGHDoRFRQVWLWXtGDVSRUSHUILVIRUPDGRVD
IULR3URFHGLPHQWR$%175LRGH-DQHLUR
1%53HUILVHVWUXWXUDLVGHDoRIRU
PDGRVDIULR3DGURQL]DomR$%175LRGH-D
QHLUR
1%53HUILVGHDoRIRUPDGRVDIULR
FRP UHYHVWLPHQWR PHWiOLFR SDUD SDLQpLV
UHWLFXODGRVHPHGLILFDo}HV5HTXLVLWRVJHUDLV
$%175LRGH-DQHLUR
$0(5,&$1,521$1'67((/,167,787(&ROG
IRUPHG VWHHO GHVLJQ PDQXDO  3$57 9
6SHFLILFDWLRQIRUWKHGHVLJQRIFROGIRUPHGVWHHO
VWUXFWXUDO PHPEHUV $,6, :DVKLQJWRQ 
(GLWLRQ
$0(5,&$1,521$1'67((/,167,787($1'
&$1$',$167$1'$5'6$662&,$7,211RUWK
DPHULFDQ VSHFLILFDWLRQ IRU WKH GHVLJQ RI FROG
IRUPHGVWHHOVWUXFWXUDOPHPEHUV$,6,DQG&6$
(GLWLRQ
%(9,/$48$5(VWXGRFRPSDUDWLYRGHGHVHP
SHQKRHVWUXWXUDOGHSUpGLRVHVWUXWXUDGRVHPSHU
ILV IRUPDGRV D IULR VHJXQGR RV VLVWHPDV
DSRUWLFDGRH/LJKW6WHHO)UDPLQJ'LVVHUWDomRGH
PHVWUDGR&XUVRGH3yV*UDGXDomRHP(QJH
QKDULDGH(VWUXWXUDV(VFRODGH(QJHQKDULD8QL
YHUVLGDGH)HGHUDOGH0LQDV*HUDLVRXWXEURGH




&$,;$ 6LVWHPD FRQVWUXWLYR HP SDLQpLV


UHWLFXODGRVHVWUXWXUDGRVFRPSHUILVGHDoRIRU
PDGRVDIULRFRPUHYHVWLPHQWRPHWiOLFR /LJKW
6WHHO)UDPLQJ 5HTXLVLWRVPtQLPRVSDUDILQDQ
FLDPHQWRSHOD&DL[D&DL[D(FRQ{PLFD)HGHUDO

)5(,7$6$ 0 6 &5$672 5 & 0 6WHHO
)UDPLQJ$UTXLWHWXUD 0DQXDOGH&RQVWUXomRHP
$oR 5LRGH-DQHLUR&%&$
&,6(5 3$5$)8626 ( 325&$6 
(VSHFLILFDomRGHSURGXWR3DUDIXVRVSDUD6WHHO
)UDPH&,6(5UHYLVmR'RFXPHQWRUH
FHELGRYLDHPDLO
(852&2'('HVLJQRIVWHHOVWUXFWXUHV
3DUW*HQHUDO5XOHV6XSSOHPHQWDU\UXOHVIRU
FROGIRUPHGWKLQJDXJHPHPEHUVDQGVKHHWLQJ
(QY)HEUXDU\
),5(%2$5'&20(63/7'$6XSHUERDUG
&DWiORJR7pFQLFR
*$51(5& -*XLD GRFRQVWUXWRU HPVWHHO
IUDPLQJ7UDGXomRGH6LGQHL3DODWQLN'LVSRQtYHO
HPKWWSZZZFEFDLEVRUJEU$FHVVRHP0DU
oRS
,167,7872'(3(648,6$67(&12/*,&$6
 3DUHGHV GH JHVVR DFDUWRQDGR  )DEULFDQWH
.QDXI5HIHUrQFLD7pFQLFD,371R (PLVVmR
0DLR9DOLGDGH$EULOGH
,167,7872'(3(648,6$67(&12/*,&$6
5HODWyULRGH(QVDLR1R (QVDLRV
'LYHUVRV &OLHQWH &,6(5  &LD ,QGXVWULDO +
&DUORV6FKQHLGHU6mR3DXORGHQRYHPEUR
GH
0$6,6$3DLQHO(VWUXWXUDO26%&DWiORJRHOH
WU{QLFRGHUHFRPHQGDo}HVSUiWLFDV
1(:  =($/$1' 67$1'$5'6  $61=6
  &ROGIRUPHG VWHHO VWUXFWXUHV
$XVWUDOLDQ1HZ=HDODQG6WDQGDUG
1257+ $0(5,&$1 67((/ )5$0,1*

$//,$1&(  D   6KHDU :DOO 'HVLJQ *XLGH 


3XEOLFDWLRQ5*1$6)$$,6,
1257+ $0(5,&$1 67((/ )5$0,1*
$//,$1&( E   3UHVFULSWLYH PHWKRG IRU
UHVLGHQWLDO FROGIRUPHG VWHHO IUDPLQJ 1$6)$
2FWREHU
1257+ $0(5,&$1 67((/ )5$0,1*
$//,$1&( F /RZULVHUHVLGHQWLDOFRQVWUXFWLRQ
'HWDLOV1$6)$0DUFK
7+( 67((/ &216758&7,21 ,167,787( 
%XLOGLQJGHVLJQXVLQJFROGIRUPHGVWHHOVHFWLRQV
 &RQVWUXFWLRQ GHWDLOLQJ DQG SUDFWLFH 6&,
3XEOLFDWLRQ3
7,$1< 6 :$1* - DQG /87 - 5DFNLQJ
VWUHQJWKDQGVWLIIQHVVRIFROGIRUPHGVWHHOZDOO
IUDPHV ,Q -RXUQDO RI &RQVWUXFWLRQDO 6WHHO
5HVHDUFK  SS
<8::&ROGIRUPHGVWHHOGHVLJQ-RKQ:LOH\
6RQV,QF7KLUG(GLWLRQ



You might also like