&$3Ë78/2

$50$=(1$0(172'()587$6(+257$/,d$6

-XDUH]GH6RXVDH6LOYD
)HUQDQGR/XL])LQJHU
3DXOR&pVDU&RUUrD

,1752'8d­2
$SHVDU GD LQH[LVWrQFLD GH HVWDWtVWLFDV RILFLDLV R GHVSHUGtFLR GH IUXWDV H
KRUWDOLoDVQR%UDVLOpHVWLPDGRHPPDLVGHGDSURGXomRRXVHMDPDLVGH
PLOK}HV GH WRQHODGDV (QTXDQWR HVVD SHUGD VXSHUD D SURGXomR WRWDO GH PXLWRV
SDtVHVGD$PpULFD/DWLQDPDLVGHGDSRSXODomREUDVLOHLUDQmRWHPDFHVVRD
QHQKXPWLSRGHIUXWDRXKRUWDOLoD
7DQWR HP TXDOLGDGH FRPR HP TXDQWLGDGH DV SHUGDV GRV SURGXWRV
KRUWLIUXWtFRODVRFRUUHPHQWUHDFROKHLWDH R FRQVXPR $ PDJQLWXGH GD SHUGD GH
IUXWDV DSyV D FROKHLWD p HVWLPDGD HQWUH  H  HP SDtVHV GHVHQYROYLGRV
FKHJDQGR D  QRV SDtVHV HP GHVHQYROYLPHQWR GHSHQGHQGR GR SURGXWR
'LYHUVRV DXWRUHV HQIDWL]DP TXH Ki QHFHVVLGDGH GH VH UHDOL]DUHP OHYDQWDPHQWRV
SUHFLVRV SDUD HVWLPDU D H[WHQVmR GDV SHUGDV GH SHUHFtYHLV HP QtYHO JOREDO H DV
SULQFLSDLVFDXVDVGHSHUGDVQDGLIHUHQWHVUHJL}HVGRJORER$SHVDUGRV HVIRUoRV
UHDOL]DGRV QR VHQWLGR GH UHGX]LU HVVDV SHUGDV XP UHVXOWDGR IDYRUiYHO Vy VHUi
DOFDQoDGR TXDQGR JUDQGH PDLRULD GRV UHVSRQViYHLV SHOD SURGXomR SHOR
WUDQVSRUWHSHODDUPD]HQDJHPHSHODGLVWULEXLomRFRQKHFHURVIDWRUHVELROyJLFRV
H DPELHQWDLV HQYROYLGRV QD GHWHULRUDomR H XWLOL]DU WpFQLFDV SyVFROKHLWD TXH
SHUPLWDPPDQWHUDTXDOLGDGHSRUXPWHPSRPDLVSURORQJDGR
)UXWDV LQ QDWXUD KRUWDOLoDV H SODQWDV RUQDPHQWDLV SHUHFtYHLV VmR
FRPSRVWDV SRU WHFLGRV YLYRV VXMHLWRV D PRGLILFDo}HV FRQWtQXDV DSyV D FROKHLWD
(PERUD DOJXPDVGHVWDVPRGLILFDo}HVVHMDPGHVHMiYHLV VRE R SRQWR GH YLVWD GR
FRQVXPLGRUDPDLRULDQmRRp&RPRDOJXPDVGHVVDVDOWHUDo}HVQmRSRGHPVHU
LQWHUURPSLGDV GHSRLV GH LQLFLDGDV HVIRUoR GHYHUi VHU IHLWR GHQWUR GH FHUWRV
OLPLWHV QD WHQWDWLYD GH GLPLQXtODV SDUD JDUDQWLU R DXPHQWR GR WHPSR GH
DUPD]HQDJHP
$FROKHLWDGHIUXWRVHKRUWDOLoDVLQWHUURPSHRVXSULPHQWRGHiJXDSDUDR
yUJmRYHJHWDOHDVVLPDSHUGDGHiJXDVXEVHTHQWHSRUWUDQVSLUDomRGHWHUPLQD
HP JUDQGH SDUWH DV SHUGDV TXDQWLWDWLYDV H TXDOLWDWLYDV GHVWHV SURGXWRV 2
PXUFKDPHQWR H HQUXJDPHQWR GH IUXWRV H KRUWDOLoDV VmR RV VLQWRPDV LQLFLDLV GD
H[FHVVLYD SHUGD GH iJXD D TXDO SRGH RFRUUHU HP SRXFDV KRUDV RX GLDV
GHSHQGHQGRGRSURGXWRHGDVFRQGLo}HVGHWHPSHUDWXUDH XPLGDGH GRDU $OpP
GLVVRKiHVWtPXORjGHWHULRUDomRGRVSURGXWRVHPYLUWXGHGRDXPHQWRGDWD[DGH
DOJXPDV UHDo}HV GH RULJHP SUHGRPLQDQWHPHQWH FDWDEyOLFD FRPR HOHYDomR GD
SURGXomRGHHWLOHQRHGHJUDGDomRGHFORURILOD
'LIHUHQFLDQGR OLJHLUDPHQWH GRV JUmRV RV SURGXWRV SHUHFtYHLV WrP DV


&DStWXOR$UPD]HQDJHPGH)UXWDVH+RUWDOLoDV

TXDOLGDGHV FRPHUFLDLV UHGX]LGDV H SRGHP VRIUHU PXLWDV DOWHUDo}HV ILVLROyJLFDV

PRWLYDGDVSRUGDQRVPHFkQLFRV
1HVWH FDStWXOR R IULR VHUi DERUGDGR FRPR XPD GDV WpFQLFDV XWLOL]DGDV
SDUDGLPLQXLUDVSHUGDVSyVFROKHLWD

&216,'(5$d®(6*(5$,6
$SyV D FROKHLWD RV IUXWRV PDQWrP PXLWRV GRV SURFHVVRV YLWDLV
SUHGRPLQDQWHV QR PRPHQWR DQWHULRU j FROKHLWD SULQFLSDOPHQWH D UHVSLUDomR
'LYHUVDV PXGDQoDV RFRUUHP QD HVWUXWXUD H FRPSRVLomR GD SDUHGH GDV FpOXODV
UHVXOWDQGRHPDPROHFLPHQWRGRIUXWR3RUH[HPSORDPXGDQoDQDFRUGDFDVFD
GR IUXWR GHFRUUHQWH GD GHVWUXLomR GD FORURILOD Gi OXJDU DRV SLJPHQWRV
FDURWHQyLGHV YHUPHOKR H DPDUHOR HQTXDQWR D UHGXomR QR WHRU GH DPLGR p
DFRPSDQKDGD SHOR DXPHQWR QR WHRU GH Do~FDU $OJXQV FRPSRVWRV YROiWHLV
SURGX]LGRV FRQIHUHP DRV IUXWRV VDERU H DURPD 2 HWLOHQR XP GRV FRPSRVWRV
YROiWHLV HQFRQWUDGRV QD PDLRULD GRV IUXWRV HP FHUWRV HVWiGLRV GR
GHVHQYROYLPHQWR DR DWLQJLU XPD FRQFHQWUDomR VXILFLHQWH LQGX] R
DPDGXUHFLPHQWR TXH UHVXOWDUi HP DXPHQWR GH VXD SURGXomR DFHOHUDQGR R
SURFHVVRGHVHQHVFrQFLDGRVWHFLGRV
8PD GDV OHLV IXQGDPHQWDLV GD TXtPLFD p TXH D WD[D GDV UHDo}HV p
FRQWURODGDSHODWHPSHUDWXUD(VVDWD[DSUDWLFDPHQWHGREUDSDUDFDGDDXPHQWRGH
R& 2 WHUPR 4 p FRQKHFLGR FRPR ³4XRFLHQWH GH 7HPSHUDWXUD H SRGH VHU
UHSUHVHQWDGRSHODHTXDomR

§ 5 ·
 W   W

4 ¨¨ ¸ HT
© 5 ¹̧
HPTXH
4  TXRFLHQWH GH WHPSHUDWXUD SDUD FDGD LQFUHPHQWR GH
 R& SDUD D PDLRULD GRV IUXWRV p GH
DSUR[LPDGDPHQWH
5 WD[DGHUHVSLUDomRjWHPSHUDWXUDWH
5 WD[DGHUHVSLUDomRjWHPSHUDWXUDWR&

'LYHUVDV HQ]LPDV HQYROYLGDV QRV SURFHVVRV GH UHVSLUDomR H GH

DPDGXUHFLPHQWRGRVIUXWRVVmRWDPEpPDIHWDGDVSHODWHPSHUDWXUD'HVVDIRUPD
R FRQWUROH GD WHPSHUDWXUD SRU PHLR GD UHIULJHUDomR p R PHLR PDLV HIHWLYR SDUD
SURORQJDUDYLGDFRPHUFLDOGRVIUXWRV
(PJHUDORVIUXWRVDSUHVHQWDPGLIHUHQoDVHPVXDVFDUDFWHUtVWLFDVGXUDQWH
DDUPD]HQDJHP(VVDVGLIHUHQoDVGHSHQGHPGDHVWDomRGHFUHVFLPHQWRWD[DGH
UHVSLUDomRTXDQWLGDGHGHHWLOHQROLEHUDGRHGHIDWRUHVJHQpWLFRV

5(63,5$d­2
$UHVSLUDomRWHPVLGRFRQVLGHUDGDRtQGLFHPDLVDGHTXDGRSDUDH[SUHVVDU
DDWLYLGDGHILVLROyJLFDHWDPEpPRSRWHQFLDOGHDUPD]HQDPHQWRGHSHUHFtYHLV$
 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV
&DStWXOR $UPD]HQDPHQWRGHIUXWDVHKRUWDOLoDV

HQHUJLDREWLGDGDR[LGDomR GH FRPSRVWRV RUJkQLFRV SULQFLSDOPHQWH Do~FDUHV p

XWLOL]DGD QD VtQWHVH GH QRYDV VXEVWkQFLDV 8PD IyUPXOD VLPSOLILFDGD GD
UHVSLUDomRSRGHVHUHVFULWDFRPR

& + 2 2 &2 +2&$/25

2 SURFHVVR p RSRVWR j IRWRVVtQWHVH QD TXDO R &2 p FRQVXPLGR SHODV

SODQWDV SDUD VtQWHVH GH Do~FDUHV H OLEHUDomR GH 2 $ UHVSLUDomR SRUWDQWR
HQYROYH D GHFRPSRVLomR R[LGDWLYD GH FRQVWLWXLQWHV RUJkQLFRV H SHUGD GDV
UHVHUYDV DOLPHQWDUHV DPLGR iFLGRV RUJkQLFRV H Do~FDUHV $V PXGDQoDV
GHFRUUHQWHVGRPHWDEROLVPRRFDVLRQDPSULQFLSDOPHQWH
 VHQHVFrQFLDDFHOHUDGDHPIXQomRGDH[DXVWmRGDVUHVHUYDV
 SHUGDGRYDORUGRSURGXWRFRPRDOLPHQWRHQHUJpWLFRHYLWDPtQLFR
 UHGXomRGDVFDUDFWHUtVWLFDVGHTXDOLGDGHFRPRRVDERUH
 SHUGDGHPDWpULDIUHVFD

$ TXDQWLILFDomR GR FDORU OLEHUDGR p PXLWR LPSRUWDQWH SDUD D HVWLPDWLYD

GDV QHFHVVLGDGHV GH UHIULJHUDomR H YHQWLODomR $ TXDOLGDGH GRV SHUHFtYHLV
PHGLGD SHOR VHX HVWiGLR GH PDWXUDomR GHSHQGH GR FRQWUROH DGHTXDGR GD WD[D
UHVSLUDWyULDHGDGLVVLSDomRGRFDORUSRULQWHUPpGLRGRIULR
'XUDQWH D UHVSLUDomR RFRUUHP WURFDV JDVRVDV FRP R DU DPELHQWH VHQGR
OLEHUDGR R &2 H FRQVXPLGR 2 6H R QtYHO GH 2 IRU EDL[R D FRPEXVWmR VHUi
LQFRPSOHWD H IRUPDUi VXESURGXWRV WDLV FRPR iOFRRLV H DOGHtGRV TXH FRQIHUHP
VDERUDQRUPDODRVIUXWRV$TXDQWLGDGHGH2 QHFHVViULDSDUDHYLWDUDRFRUUrQFLD
GDIHUPHQWDomRDQDHUyELFDpGHWHUPLQDGDSHODWHPSHUDWXUDWD[DGHUHVSLUDomRH
VHQVLELOLGDGH GRV WHFLGRV D EDL[DV FRQFHQWUDo}HV GH 2 'HVVH PRGR D
HPEDODJHPGRVIUXWRVHKRUWDOLoDVQmRGHYHVHUIHLWDFRPPDWHULDOLPSHUPHiYHO
VDFRV SOiVWLFRV SHUIXUDGRV RX QmRSHUIXUDGRV TXH SHUPLWDP WURFDV GRV JDVHV
UHVSLUDWyULRVSRGHPVHUXVDGRVFRPRHPEDODJHQVGHVWLQDGDVDRFRQVXPLGRU6RE
WHPSHUDWXUD GH DUPD]HQDPHQWR HP IULR R OLPLWH LQIHULRU GH 2 SDUD D PDLRULD
GRV IUXWRV p GH FHUFD GH  7HRUHV GH 2 LQIHULRUHV DRV YDORUHV QRUPDLV GD
DWPRVIHUDLQLEHPDUHVSLUDomRSURGXomRHDomRGRHWLOHQRHFRQVHTHQWHPHQWH
RDPDGXUHFLPHQWRGRVIUXWRV
2DUPD]HQDPHQWRFRPDWPRVIHUDFRQWURODGDHPTXHRWHRUQRUPDOGH2
pUHGX]LGRHDFRQFHQWUDomRGH&2 DXPHQWDDWpQtYHLVWROHUiYHLVSRGHVHUXVDGR
SDUD SURORQJDU R SHUtRGR GH DUPD]HQDPHQWR GH DOJXQV IUXWRV SULQFLSDOPHQWH
PDomV
$VWD[DVGHUHVSLUDomRVmRQRUPDOPHQWHH[SUHVVDVHPPJGH&2 SRUNJ
GH IUXWR SRU KRUD (P PXLWRV FDVRV SRGHP WDPEpP VHU H[SUHVVDV HP 8QLGDGH
7pUPLFDJHUDGDSRUWRQHODGDGHSURGXWRGXUDQWHKRUDV'HPRGRJHUDOWRGRV
RVSURGXWRVSRVVXHPEDL[DWD[DGHUHVSLUDomRHPR&$7DEHODPRVWUDDWD[D
UHVSLUDWyULD SURGXomRGH FDORUGHGLIHUHQWHVSURGXWRVHPYiULDVWHPSHUDWXUDV
(PERUD D WD[D YDULH SDUD R PHVPR IUXWR RV PHVPRV FXOWLYDUHV H HVWiGLRV GH
PDWXUDomR HOD WHQGH D VHU PDLV FRQVWDQWH HQWUH  H R& TXH p D IDL[D GH
WHPSHUDWXUD HP TXH RV IUXWRV VmR PDQWLGRV DUPD]HQDGRV SRU PDLRU SHUtRGR GH

6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV 
&DStWXOR$UPD]HQDJHPGH)UXWDVH+RUWDOLoDV

WHPSRHFRPRPtQLPRGHUHGXomRQDTXDOLGDGH
8PD UHIULJHUDomR UiSLGD UHGX] D DWLYLGDGH PHWDEyOLFD FRQWUROD R
HQYHOKHFLPHQWR H p SRUWDQWR GHVHMDGD SDUD FRQVHUYDomR GRV IUXWRV PDLV
SHUHFtYHLV ,QYHUVDPHQWH XPD DUPD]HQDJHP VRE DOWDV WHPSHUDWXUDV DSUHVHQWD
FRPR FRQVHTrQFLDV PDLV VpULDV R UiSLGR FUHVFLPHQWR GH RUJDQLVPRV
LQIHFFLRVRVD DFHOHUDomRGRDPDGXUHFLPHQWRDSHUGDGD FRU YHUGH H D UHGXomR
QR SHUtRGR GH FRPHUFLDOL]DomR $VVLP D WHPSHUDWXUD GH DUPD]HQDPHQWR DIHWD
WDQWRDWD[DGHUHVSLUDomRFRPRWDPEpPRWHPSRWRWDOGHDUPD]HQDJHP
'HDFRUGRFRPRSDGUmRGHUHVSLUDomRRVIUXWRVVmRFODVVLILFDGRVHP
D )UXWRV GH UHVSLUDomR FOLPDWpULFD VmR RV TXH DSUHVHQWDP DXPHQWR
UHSHQWLQR GD UHVSLUDomR PHGLGD SHOD HYROXomR GR JiV FDUE{QLFR H SURGXomR GH
HWLOHQR FRP R DPDGXUHFLPHQWR GRV IUXWRV $ RFRUUrQFLD GHVWH IHQ{PHQR p
REVHUYDGDHPIUXWRVFROKLGRVRXQmRTXDQGRMiHVWmRILVLRORJLFDPHQWHPDGXURV
([HPSORVDEDFDWHDPHL[DEDQDQDPDomPDPmRPDQJDSrUDHSrVVHJR
E )UXWRV GH UHVSLUDomR QmRFOLPDWpULFD VmR RV TXH DSUHVHQWDP
SRXFDVPXGDQoDVILVLROyJLFDVDSyVDFROKHLWDHWD[DVFRQVWDQWHVRXGHFUHVFHQWHV
GH UHVSLUDomR GXUDQWH R FUHVFLPHQWR H D SyVFROKHLWD LQGHSHQGHQWHPHQWH GR
HVWiGLRGHGHVHQYROYLPHQWRHPTXHIRUDPFROKLGRV(VWHVIUXWRVVyDPDGXUHFHP
HQTXDQWRHVWmROLJDGRVjSODQWD([HPSORVDEDFD[LFHUHMDILJROLPmRODUDQMD
PHOmRPRUDQJRXYDHWF

352'8d­2'((7,/(12(6(86()(,726
6DEHVH Ki PXLWR TXH DV SHUDV DPDGXUHFHP HP ORFDLV IHFKDGRV QD
SUHVHQoDGHIXPDoD$ODUDQMDSRGHILFDUDPDUHODGDPHGLDQWHRXVRGHIXPDoDGH
TXHLPDGRUHVDTXHURVHQHRXH[DXVWmRGHPRWRUHVDJDVROLQDHPVDODVHVSHFLDLV
,VWRVHGHYHDRHIHLWRGRHWLOHQRH[LVWHQWHQDIXPDoD2HWLOHQR&+pXPJiV
LQRGRURSURGX]LGRSHODFRPEXVWmRSDUFLDOGHFRPEXVWtYHLVIyVVHLVRXSURGX]LGR
SHORVIUXWRVHSHODVSODQWDV
3HTXHQD TXDQWLGDGH GH HWLOHQR p VXILFLHQWH SDUD SURYRFDU FHUWRV HIHLWRV
ILVLROyJLFRVFRPRROLPmRWRUQDVHDPDUHORFRPDSSPGHHWLOHQRH
D EDQDQD DPDGXUHFH FRP  D  SSP $OJXQV HIHLWRV SUHMXGLFLDLV FRPR R
DPDGXUHFLPHQWR SUHPDWXUR R GHVIROKDPHQWR H R DPROHFLPHQWR GDV KRUWDOLoDV
VmRWDPEpPFDXVDGRVSHODSUHVHQoDGRHWLOHQR(VWHVHIHLWRVSRGHPVHULQLELGRV
SRUPHLRGHDOJXQVSURFHVVRVHQWUHRVTXDLV
 PDQXWHQomRGRSURGXWRHPEDL[DFRQFHQWUDomRGH2
 DXPHQWRGDFRQFHQWUDomRGH&2H
 FRQWUROHGDWHPSHUDWXUDHQWUHHR&RXDFLPDGHR&
(VWDVFRQGLo}HVPRVWUDPDLPSRUWkQFLDGHXPDDWPRVIHUDFRQWURODGDQR
DUPD]HQDPHQWR (P GHWHUPLQDGRV FDVRV Ki JUDQGH LQWHUHVVH HP SXULILFDU R DU
SDUDDUPD]HQDPHQWRD IULRUHPRYHQGRRHWLOHQRHRXWURVYROiWHLV HP DPELHQWH
FXMD WHPSHUDWXUD SHUPLWH DR HWLOHQR VHU ILVLRORJLFDPHQWH DWLYR (P JHUDO RV
IUXWRVFOLPDWpULFRV 7DEHOD  WrPWD[DVPDLVDOWDVGH SURGXomRH FRQFHQWUDomR
LQWHUQDGHHWLOHQR

 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV
&DStWXOR $UPD]HQDPHQWRGHIUXWDVHKRUWDOLoDV

7DEHOD  ± 7D[DV GH SURGXomR GH FDORU SRU SURGXWR DUPD]HQDGR D YiULDV
WHPSHUDWXUDV

3URGXWR .FDOSRUWRQHODGDSRUKRUDV
R&
    
$EDFDWH     
    
%DQDQD     
    
/DUDQMD     
    
/LPmR     
    
0Dom     
    
0DPmR     
    
0DQJD     
    
0RUDQJR     
    
3rUD     
    
3rVVHJR     
    
8YD     
    
$OIDFH     
    
%DWDWD     
    
&HQRXUD     
    
7RPDWH     
    
NFDO N- EWX
DGDSWDGRGH86'$+DQGERRN

$UD]mRHQWUHDFRQFHQWUDomRLQWHUQDHDWD[DGHSURGXomRGHHWLOHQRpH[SUHVVD
HP PLFUROLWUR SRU TXLOR GH IUXWD H HVWi HQWUH  H  3RU H[HPSOR D PDom
FXMD FRQFHQWUDomR LQWHUQD p GH  SSP SURGX] HWLOHQR j WD[D GH 
PLFUROLWURVNJKRUDHVXDUD]mRpGH

6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV 
&DStWXOR$UPD]HQDJHPGH)UXWDVH+RUWDOLoDV

$7DEHODPRVWUDRHIHLWRGDFRQFHQWUDomRGHHWLOHQRQRDPELHQWHSDUD
GLIHUHQWHVHVSpFLHVGHIUXWRV

7DEHOD±&RQFHQWUDomRLQWHUQDGHHWLOHQRHPYiULRVWLSRVGHIUXWDV

3URGXWRV &RQFHQWUDomRLQWHUQDHPSSP
0Dom ±
$EDFDWH ±
%DQDQD ±
/LPmR ±
/LPD ±
0DQJD ±
3rVVHJR ±
3rUD 
$EDFD[L ±

7DEHOD±5HVSRVWD GH DOJXQVSURGXWRV j FRQFHQWUDomR GH HWLOHQR QRDPELHQWH

GHDUPD]HQDPHQWR

3URGXWR &RQFHQWUDomRGHHWLOHQR (IHLWR

SSP
$EDFDWH  $PDGXUHFLPHQWR
%DQDQD ± $PDGXUHFLPHQWR
0DQJD ± $PDGXUHFLPHQWR

0DLRUHVSHUtRGRVGHDUPD]HQDPHQWRWrPVLGRFRQVHJXLGRVSHOD UHGXomR
GDSUHVVmRDWPRVIpULFDGRORFDOGHDUPD]HQDJHP(VWHSURFHVVRDXPHQWDDWD[D
GHWUDQVIHUrQFLDGHHWLOHQRSDUDDDWPRVIHUDH[WHUQDUHGX]LQGRVXDFRQFHQWUDomR
HGLPLQXLQGRRQtYHOGH2 QRVIUXWRV
2 QtYHO GH HWLOHQR QRUPDOPHQWH HQFRQWUDGR QR DPELHQWH p LQIHULRU D
 SSP H IHOL]PHQWH HVWi DEDL[R GD FRQFHQWUDomR TXH SURYRFDULD HIHLWRV
ILVLROyJLFRV $OWDV FRQFHQWUDo}HV GH HWLOHQR QD SUHVHQoD GH R[LJrQLR DOpP GH
SURYRFDUHP GLVW~UELRV ILVLROyJLFRV VmR WDPEpP H[SORVLYDV &RPR SURGX]HP
HWLOHQR H RXWURV JDVHV Wy[LFRV DV PiTXLQDV GH FRPEXVWmR LQWHUQD GHYHP VHU
HYLWDGDV HP ORFDLV GH DUPD]HQDJHP GH SHUHFtYHLV $ SUiWLFD OHYD WDPEpP D
HYLWDURDUPD]HQDPHQWRGHPHUFDGRULDVVXVFHWtYHLVDRVHIHLWRVGRHWLOHQRIORUHV
FHQRXUD DOIDFH H RXWURV MXQWDPHQWH FRP IUXWDV TXH SURGX]HP HVWH JiV HP
JUDQGHTXDQWLGDGHFRPRSRUH[HPSORSrUDVHPDomV

9,'$'2)5872

&UHVFLPHQWRH'HVHQYROYLPHQWR
$ YLGD GH XP IUXWR FRPHoD FRP D IHUWLOL]DomR GR yYXOR GXUDQWH R
IORUHVFLPHQWR 3RXFRV GLDV DSyV D SROLQL]DomR H IHUWLOL]DomR R IUXWR FUHVFH

 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV
&DStWXOR $UPD]HQDPHQWRGHIUXWDVHKRUWDOLoDV

UDSLGDPHQWH FRPSHWLQGR SRU QXWULHQWHV FRP DV RXWUDV SDUWHV GD SODQWD $
IHUWLOL]DomR QmR p VHPSUH QHFHVViULD SDUD R GHVHQYROYLPHQWR GR IUXWR 6HP D
IHUWLOL]DomRRIUXWRWHUiSRXFDVVHPHQWHVRXVHUiSDUWHQRFiUSLFR FRPREDQDQD
DEDFD[LILJRVXYDVHRXWURV
2 IUXWR p IRUPDGR SRU XP SURFHVVR GH UiSLGD GLYLVmR FHOXODU TXH HP
DOJXQV FDVRV SRGH GXUDU YiULDV VHPDQDV $SyV HVVH SHUtRGR LQLFLDVH R
FUHVFLPHQWRGDVFpOXODVMiFRQVWLWXtGDVIRUPDQGRDSROSDGRIUXWR0XLWRVIUXWRV
FRPRPDomSrUDHDPHL[DGHQWUHRXWURVWrPXPDWD[DUD]RDYHOPHQWHFRQVWDQWH
GH FUHVFLPHQWR H FRQVHTHQWHPHQWH DXPHQWDP HP WDPDQKR PHVPR DSyV
DWLQJLUHP D PDWXUDomR ILVLROyJLFD (VWH IDWR MXVWLILFD D UHFRPHQGDomR GH QmR
FROKHU R SURGXWR SUHFRFHPHQWH RX VHMD DQWHV TXH HOH DWLQMD R WDPDQKR LGHDO
&DVR RV IUXWRV VHMDP FROKLGRV PXLWR SUHFRFHPHQWH SRGHUi QmR RFRUUHU
DPDGXUHFLPHQWR GRV IUXWRV FOLPDWpULFRV H TXDOLGDGH RUJDQROpSWLFD LQIHULRU SDUD
RVIUXWRVQmRFOLPDWpULFRV

0DWXUDomR
3DUD XWLOL]DU DGHTXDGDPHQWH R DUPD]HQDPHQWR HP IULR p QHFHVViULR
FRPSUHHQGHURVLJQLILFDGRGRWHUPRPDGXURHD LPSRUWkQFLDGDGHWHUPLQDomR
GD PDWXULGDGH GDV IUXWDV $ PDWXULGDGH ILVLROyJLFD SRGH VHU GHILQLGD FRPR R
SRQWR HP TXH R IUXWR Mi DWLQJLX XP HVWiGLR GH GHVHQYROYLPHQWR TXH SHUPLWH R
PDQXVHLR DGHTXDGR GXUDQWH D FROKHLWD H SyVFROKHLWD LQFOXLQGR R
DPDGXUHFLPHQWR SRU HWLOHQR VHP TXH KDMD DOWHUDomR GD TXDOLGDGH PtQLPD
H[LJLGDSHORFRQVXPLGRU8PH[HPSORPXLWRFRPXPpRFDVRGHDOJXPDVIUXWDV
HPJHUDODVFOLPDWpULFDVFRPRSRUH[HPSORDEDQDQDTXHHPERUDSRVVXLQGR
PDWXULGDGH DGHTXDGD j FROKHLWD DLQGD DSUHVHQWD D FRU YHUGH $ TXDOLGDGH
FRPHVWtYHOQHVVHHVWiGLRGHPDWXUDomRHQWUHWDQWRHVWi ORQJHGH VHUyWLPD SDUD
FRQVXPRDRQDWXUDORXSDUDGHWHUPLQDGRVSURFHVVRVLQGXVWULDLV7RGDYLDSDUDD
JUDQGH PDLRULD GDV KRUWDOLoDV D PDWXUDomR yWLPD SDUD FROKHLWD FRLQFLGH FRP D
TXDOLGDGHFRPHVWtYHOyWLPD
0XLWDVSHVTXLVDVWrPVLGRIHLWDVSDUDHVWXGDUDFRPSRVLomRGRVIUXWRVHP
GLIHUHQWHVHVWiGLRVGHGHVHQYROYLPHQWRSRLVGXUDQWHHVVDIDVHRFRUUHPPXLWDV
WUDQVIRUPDo}HV ItVLFDV H TXtPLFDV LQGLFDQGR D TXDOLGDGH GR IUXWR H R
FRPSRUWDPHQWR SyVFROKHLWD 'HQWUH DV PDLV LPSRUWDQWHV WUDQVIRUPDo}HV TXH
RFRUUHPQR~OWLPRHVWiGLRGHPDWXUDomRHVWmR
 LQFUHPHQWRGRDo~FDU
 GHFUpVFLPRGHDFLGH]
 GHFUpVFLPRGRWHRUGHDPLGRPDomVSrUDVHEDQDQDV
 DXPHQWRGDTXDQWLGDGHGHyOHRFRFRHDEDFDWH
 GHVHQYROYLPHQWRGHYROiWHLVTXHFRQWULEXHPSDUDRVDERUHDURPD
 IRUPDomRGHSLJPHQWRVQDFDVFDHSROSD
 LQFUHPHQWRGRiFLGRDVFyUELFRVHJXLGRSRUGHFUpVFLPR
 DFUpVFLPRHPFDURWHQRH
 D FDVFD GH PXLWRV IUXWRV TXDQGR PDGXURV GHVHQYROYH FHUD GDQGR
EULOKRHSURWHomRFRQWUDDSHUGDGHXPLGDGH

6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV 
&DStWXOR$UPD]HQDJHPGH)UXWDVH+RUWDOLoDV

0XLWDV FDUDFWHUtVWLFDV RX SURSULHGDGHV GRV IUXWRV WrP VLGR XVDGDV FRPR
tQGLFHGHFROKHLWDHSDGURQL]DomRSDUDFRPHUFLDOL]DomR$OJXQVH[HPSORVVmRD
UD]mRHQWUHDo~FDUHiFLGRSDUDIUXWDVFtWULFDVTXDQWLGDGHGHyOHRSDUDDEDFDWHV
HTXDQWLGDGHGHDo~FDUSDUDXYDV

$PDGXUHFLPHQWR
'HVHQYROYLPHQWR PDWXUDomR DPDGXUHFLPHQWR H HQYHOKHFLPHQWR VmR
IDVHV QD YLGD GR IUXWR 'HVHQYROYLPHQWR LQFOXL PDWXUDomR TXH FRUUHVSRQGH DR
~OWLPRHVWiGLRGHGHVHQYROYLPHQWRHPTXHRIUXWRDWLQJHRWDPDQKRPi[LPRHD
TXDOLGDGH yWLPD SDUD DOLPHQWDomR 2 DPDGXUHFLPHQWR p R SURFHVVR WHUPLQDO GH
PDWXUDomRTXDQGRRIUXWRGHVHQYROYHVDERUWH[WXUDHDURPD(QWUHWDQWRDOJXQV
IUXWRV QmR DPDGXUHFHP FRQYHQLHQWHPHQWH HQTXDQWR SUHVRV jV SODQWDV FRPR R
DEDFDWH D SrUD H D PDQJD (VWH SUREOHPD VHJXQGR DOJXQV SHVTXLVDGRUHV WHP
VLGRUHODFLRQDGRDRHWLOHQRHjVXDDomRFRPRKRUP{QLRGRDPDGXUHFLPHQWRRXD
VXEVWkQFLDVDQWDJ{QLFDVjDomRGRHWLOHQR

6HQHVFrQFLD
'HILQHVHVHQHVFrQFLDRXHQYHOKHFLPHQWRFRPRRSHUtRGRVXEVHTHQWHDR
GHVHQYROYLPHQWR GR IUXWR GXUDQWH R TXDO R FUHVFLPHQWR IRL SDUDOLVDGR H R
SURFHVVRGHHQYHOKHFLPHQWRVXEVWLWXLRDPDGXUHFLPHQWRSRGHQGRRFRUUHUDQWHV
RX DSyV D FROKHLWD $FUHGLWDVH TXH QD UHVSLUDomR FOLPDWpULFD RFRUUH XP V~ELWR
LQFUHPHQWRQDOLEHUDomRGH&2PDUFDQGRRFRPHoRGRHQYHOKHFLPHQWR
&RPRRHWLOHQRSRGHHVWLPXODUXPIUXWRDLQLFLDUDVHQHVFrQFLDDFUHGLWD
VH TXH IUXWRV MRYHQV SRGHP FRQWHU XP LQLELGRU GH HWLOHQR RX D LQVHQVLELOLGDGH
GRVWHFLGRVHYLWDVXDDomRFRPRKRUP{QLRHVWLPXODQWHGDVHQHVFrQFLD

3(5'$'(È*8$
2IUXWRSHUGHiJXDGLPLQXLQGRVHXYROXPHGXUDQWHRVSHUtRGRVTXHQWHV
H VHFRV GR GLD PDV VH DLQGD HVWLYHU SUHVR j iUYRUH UHFXSHUDUi D XPLGDGH
GXUDQWHDQRLWH'HSRLVGDFROKHLWDRSURFHVVRGHWUDQVSLUDomR FRQWLQXDSRUpP
QmR Ki FRPR UHFXSHUDU D iJXD (VVH IHQ{PHQR ID] FRP TXH DV FRQGLo}HV
LQDGHTXDGDV GH WUDQVSRUWH H GH DUPD]HQDJHP DIHWHP VHULDPHQWH R YDORU
HFRQ{PLFR GR IUXWR HVSHFLDOPHQWH VH IRU YHQGLGR FRP EDVH QR SHVR 3DUD
FRPSHQVDUDOJXPD SHUGD GHSHVRGHYLGDjSHUGDGHiJXDQmRDOWHUDQGRR SHVR
FRPHUFLDOPtQLPRH[LJLGRSRUFDL[DRSURGXWRUGHYHUiFRORFDUPDLRUTXDQWLGDGH
GHIUXWDVHPFDGDFDL[D
&RPRDJUDQGHPDLRULDGRVSURGXWRVSHUHFtYHLVFRQWpPGHDGH
iJXD H VXD XPLGDGH UHODWLYD QRV HVSDoRV LQWHUFHOXODUHV p SUy[LPD D  R
YDSRUG
iJXDWHQGHDHVFDSDUGRVWHFLGRVGRVIUXWRVSDUDRPHLRDPELHQWHFRPR
RFRUUH QR DUPD]HQDPHQWR GH JUmRV PXLWR ~PLGRV 8PD WUDQVSLUDomR H[FHVVLYD
SRGH FRPSURPHWHU VHULDPHQWH D DSDUrQFLD GDV IUXWDV WRUQDQGRDV HQUXJDGDV H
FRPFRORUDomRRSDFD$SHUGDGHiJXDWDPEpPDIHWDDILUPH]DGRVIUXWRVHGDV
KRUWDOLoDV RV TXDLV VH DSUHVHQWDP IOiFLGRV PROHV RX PXUFKRV UHGX]LQGR
VXEVWDQFLDOPHQWHVHXYDORUFRPHUFLDOSULQFLSDOPHQWHSDUDFRQVXPRDRQDWXUDO
2 SHVR SHUGLGR GXUDQWH R DUPD]HQDPHQWR GHSHQGHUi GHQWUH RXWURV

 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV
&DStWXOR $UPD]HQDPHQWRGHIUXWDVHKRUWDOLoDV

IDWRUHVGRWLSRWDPDQKRFRPSRVLomRHVWUXWXUDHWHPSHUDWXUDGRIUXWRHDLQGD
GD WHPSHUDWXUD XPLGDGH UHODWLYD H YHORFLGDGH GR DU GH DUPD]HQDPHQWR $
7DEHODPRVWUDDSHUGDDSUR[LPDGDGHSHVRSDUDDOJXPDVIUXWDVHPFRQGLo}HV
UHFRPHQGDGDVGHDUPD]HQDJHP
&RPRRVIUXWRVFRPPDLRUWHPSHUDWXUDWHQGHPDSHUGHUPDLVXPLGDGHp
UHJUD SUiWLFD UHVIULiORV UDSLGDPHQWH XVDQGR DOWD YHORFLGDGH GR DU GH
UHVIULDPHQWR iJXD IULD RX JHOR H DUPD]HQiORV FRP R DU D XPD YHORFLGDGH
VXILFLHQWH SDUD PDQWHU D WHPSHUDWXUD XQLIRUPH &RPR YLVWR DQWHULRUPHQWH H j
VHPHOKDQoDGRTXHRFRUUH HPDUPD]HQDPHQWRGH JUmRV FDStWXOR   4XDOLGDGH
GRV *UmRV R IUXWR WDPEpP SHUGH iJXD TXDQGR D SUHVVmR GH YDSRU GH VXD
XPLGDGHLQWHUQDpPDLRUTXHDSUHVVmRGHYDSRUGRDUDPELHQWH&RPRDOJXPDV
VXEVWkQFLDVHVWmRGLVVROYLGDVQDiJXDGRVIUXWRVDSUHVVmRGHYDSRUGHVVHVIUXWRV
HVWiHQWUHHGDSUHVVmRGHVDWXUDomR $WpFHUWRSRQWRHVWHIDWRSHUPLWH
TXHRVIUXWRVVHMDPDUPD]HQDGRVHPXPLGDGHVUHODWLYDVLQIHULRUHVD
3DUDDPDomIRLHQFRQWUDGDSHUGDGHXPLGDGHDXPDWD[DGHDSHQDV
HPFRPSDUDomR FRPDPHVPDiUHD H[SRVWD GH HYDSRUDomR GD iJXD OLYUH1HVWH
FDVRFRPRHPRXWURVIUXWRVDJUDQGHSHUGDGHSHVRRFRUUHSRUPHLRGHTXHEUDV
HDEHUWXUDVQDFXWtFXODGDFDVFD

7DEHOD  ± 3HUGD GH SHVR  GH DOJXQV WLSRV GH IUXWDV HP FRQGLo}HV GH
WHPSHUDWXUDHXPLGDGHSDUDPDLRUYLGDSyVFROKHLWD

3URGXWR $UPD]HQDPHQWR 7HPSHUDWXUD 8PLGDGH 3HUGD

VHPDQDV R& 5HODWLYD GHSHVR
 
$EDFDWH
$QWLOKDQD   ± 
*XDWHPDOHQVH    
$EDFD[LYHUGH    
%DQDQD    
*RLDED    
0Dom    
0DPmR    
0DQJD    

$V SHUGDV GH PDWpULD IUHVFD HP GLYHUVRV IUXWRV VmR H[SUHVVDV HP
SHUFHQWDJHPSRUGLDSRUPLOtPHWURGHGpILFLWQDSUHVVmRGHYDSRUGLIHUHQoDVQDV
SUHVV}HV GH YDSRU 4XDQGR GLPLQXL D XPLGDGH D SHUGD GH PDWpULD IUHVFD SRU
PLOtPHWUR GH GpILFLW GH SUHVVmR GH YDSRU GHFUHVFH H VHPSUH WHQGH D GHFUHVFHU
FRP R WHPSR ,VWR LQGLFD TXH QR SURFHVVR GH SHUGD GH XPLGDGH DV FpOXODV
VXSHUILFLDLV VH WRUQDP VHFDV H DJHP FRPR XPD EDUUHLUD SDUD D WUDQVSLUDomR
&RPRQRFDVRGHRXWURVSURGXWRVDJUtFRODVQHPWRGDSHUGDGHSHVRGRVIUXWRVp
GHYLGDDSHQDVjSHUGDGH iJXDSRLV D UHVSLUDomR FRQWULEXL FRP XPD ERD SDUWH
3RUH[HPSORUHVSLUDQGRPJGH&2NJKHPDUPD]HQDPHQWRUHIULJHUDGRHP

6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV 
&DStWXOR$UPD]HQDJHPGH)UXWDVH+RUWDOLoDV

WHPSHUDWXUDHQWUHHR&DPDomSHUGHULDDSHQDVGHVHXSHVRRULJLQDOHP
 GLDV 1R SURFHVVR GH UHVSLUDomR D iJXD IRUPDGD WRUQDVH SDUWH GR WHRU GH
iJXD GDV FpOXODV SRGHQGR VHU XVDGD QD KLGUyOLVH GR DPLGR RX GH RXWUDV
VXEVWkQFLDVFDXVDQGRSHUGDGHPDWpULDVHFD
$ SHUGD GH iJXD SRGH WHU HIHLWRV VREUH D GHWHULRUDomR SyVFROKHLWD GH
DOJXQV IUXWRV 3RU H[HPSOR D PDom GHVHQYROYH PHQRV IHULPHQWRV TXDQGR
PDQWLGD HP EDL[DV XPLGDGHV QDV TXDLV D SHUGD GH iJXD p DOWD $VVLP D
XWLOL]DomR GH EDL[DV XPLGDGHV WHP VLGR GHIHQGLGD SRU VH UHFRQKHFHU TXH DOWDV
XPLGDGHV UHODWLYDV IDYRUHFHP R GHVHQYROYLPHQWR GH PLFURUJDQLVPRV 1R
HQWDQWRTXDQGRWUDWDGRVFRPIXQJLFLGDRVIUXWRVVDGLRVSRGHPVHUDUPD]HQDGRV
HPWHPSHUDWXUDSUy[LPDDR&HXPLGDGHUHODWLYDGH
6H D WHPSHUDWXUD DPELHQWH YDULDU H D XPLGDGH UHODWLYD IRU DOWD KDYHUi
FRQGHQVDomRGHiJXDVREUHRIUXWRSRGHQGRFDXVDUWULQFDQDFDVFDHIDYRUHFHUR
GHVHQYROYLPHQWR GH PLFURUJDQLVPRV &RPR R FDORU SURGX]LGR SHOD UHVSLUDomR
DOpP GH DIHWDU D SHUGD GH XPLGDGH p WDPEpP UHVSRQViYHO SHOR DXPHQWR GH
WHPSHUDWXUD GRV IUXWRV QR FHQWUR GDV FDL[DV D SHUGD GH XPLGDGH QRV IUXWRV
FRQWLQXDPHVPRTXDQGRDXPLGDGHUHODWLYDGRDUIRUGH

&216,'(5$d®(635È7,&$6
3DUD UHWDUGDU D SHUGD GH XPLGDGH RV SURGXWRV SHUHFtYHLV GHYHP VHU
UDSLGDPHQWH UHVIULDGRV DWp SUy[LPR GD WHPSHUDWXUD GH DUPD]HQDJHP 3RU VHU
UiSLGR H QmR HYDSRUDU XPLGDGH GXUDQWH R SURFHVVR R KLGURUHVIULDPHQWR p XP
PpWRGRLGHDOHHFRQ{PLFR6HRPHLRUHIULJHUDQWHIRURDUIULRDVFDL[DVGHYHUmR
VHUDUUDQMDGDVGHPRGRTXHVHXPRYLPHQWRGHDUIULRVHMDKRPRJrQHRDRORQJR
GH WRGDV DV SLOKDV 6HQGR JHUDOPHQWH VHFDV DV FDL[DV GH HPEDODJHP DEVRUYHP
XPLGDGH SURYHQLHQWH GRV IUXWRV H GR DU 3DUD FRQWRUQDU HVWH SUREOHPD H
FRPSHQVDU D TXDQWLGDGH GH iJXD UHWLUDGD SHODV FDL[DV H VXSHUItFLHV LQWHUQDV GR
DUPD]pP H SUHYHQLU SHUGD H[FHVVLYD GH XPLGDGH SHORV SURGXWRV GHYH VHU
DGLFLRQDGDXPLGDGHDRDUFLUFXODQWHQDFkPDUDGHDUPD]HQDJHP
1D FRPHUFLDOL]DomR GRV IUXWRV HPEDODJHQV SURWHWRUDV FRPR R SOiVWLFR
HVWmRVHQGR XVDGDVSDUD UHWDUGDU D SHUGD GH XPLGDGH (QWUHWDQWR j VHPHOKDQoD
GH JUmRV H VHPHQWHV QD DUPD]HQDJHP GH SURGXWRV KRUWLIUXWtFRODV FRP EDL[RV
WHRUHVGHXPLGDGHFRPRDPrQGRDVIUXWRVVHFRVHFHERODpGHVHMiYHOPDQWHUD
XPLGDGH HP WRUQR GH  SDUD GLILFXOWDU RX HYLWDU R FUHVFLPHQWR GH IXQJRV
TXH DOpP GH FDXVDU PXGDQoDV QDV SURSULHGDGHV ItVLFDV H TXtPLFDV GHVVHV
SURGXWRVSRGHPSURGX]LUWR[LQDVDOWDPHQWHLQGHVHMiYHLVjDOLPHQWDomRKXPDQD
RX DQLPDO EDL[DV WHPSHUDWXUDV GD VXSHUItFLH GH UHVIULDPHQWR H HPEDODJHQV
SURWHWRUDVVmRQHFHVViULDVSDUDHYLWDUUHXPHGHFLPHQWR

',67Ò5%,26),6,2/Ï*,&26

'LVW~UELR'HYLGRDR&RQJHODPHQWR
2 FRQJHODPHQWR GDQLILFD RV SURGXWRV SHUHFtYHLV GHVWUXLQGR DV FpOXODV
DSyV D IRUPDomR GH FULVWDLV GH JHOR 'DQLILFDGD RX PRUWD D FpOXOD SHUGH VXD

 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV
&DStWXOR $UPD]HQDPHQWRGHIUXWDVHKRUWDOLoDV

UHVLVWrQFLD j LQIHFomR PLFURELDQD H D ULJLGH] QRUPDO $V WHPSHUDWXUDV GH

FRQJHODPHQWRGHDOJXPDVIUXWDVWURSLFDLVVmRDSUHVHQWDGDVQD7DEHOD

7DEHOD±7HPSHUDWXUDGHFRQJHODPHQWRGHDOJXQVIUXWRVWURSLFDLV

3URGXWR 7HPSHUDWXUDR&

$EDFDWH 
$EDFD[L 
%DQDQD 
&RFR 
0DPmR 
0DQJD 

'LVW~UELR'HYLGRDR)ULR
$OJXQV SHUHFtYHLV SULQFLSDOPHQWH GH FOLPD WURSLFDO VmR GDQLILFDGRV
TXDQGR VXEPHWLGRV D EDL[DV WHPSHUDWXUDV GXUDQWH R DUPD]HQDPHQWR
'LIHUHQWHPHQWH GR FDVR DQWHULRU R GDQR p FDXVDGR SRU WHPSHUDWXUD DFLPD GR
SRQWR GH FRQJHODPHQWR SRUpP DEDL[R GDTXHOD DSURSULDGD SDUD R
DUPD]HQDPHQWR $ RFRUUrQFLD GHVVHV GDQRV p H[SOLFDGD SHOD UHGXomR QD
SURGXomR GH FHUWRV FRPSRQHQWHV HVVHQFLDLV RX SHOR DXPHQWR QD SURGXomR GH
DOJXPSURGXWRWy[LFRFRPRRHWDQRO$VXVFHSWLELOLGDGHDHVVHVGDQRVYDULDSDUD
GLIHUHQWHV HVSpFLHV H FXOWLYDUHV $ EDQDQD SRU H[HPSOR FXMD WHPSHUDWXUD GH
DUPD]HQDPHQWRpVXSHULRUDR&pH[WUHPDPHQWHVHQVtYHOHSRGHVHUGDQLILFDGD
HPSRXFDVKRUDVGHH[SRVLomRDWHPSHUDWXUDVLQIHULRUHVDHVWD
$ SHUPDQrQFLD QXPD WHPSHUDWXUD LQWHUPHGLiULD SRU DOJXP WHPSR DQWHV
GR DUPD]HQDPHQWR UHGX] RV GDQRV HP FLWURV SrVVHJR PDom H EDWDWDGRFH
)UXWRV LPDWXURV VmR JHUDOPHQWH PDLV VXVFHWtYHLV DR IULR GR TXH RV IUXWRV
PDGXURV 8P PHLR SDUD FRQWRUQDU HVVH SUREOHPD RX GLPLQXLU RV VLQWRPDV
FDXVDGRV SHOR IULR FRQVLVWH QD DUPD]HQDJHP HP FRQGLo}HV GH DWPRVIHUD
PRGLILFDGD RX FRQWURODGD 2 DFRQGLFLRQDPHQWR GH KRUWDOLoDV FRPR SLPHQWmR H
TXLDER HP ILOPHV GH SROLHWLOHQR RX 39& UHGX] R DSDUHFLPHQWR GH VLQWRPDV GH
LQM~ULDFDXVDGDSHORIULR
2 GDQR FDXVDGR SHOR IULR p LQIOXHQFLDGR SHOR HVWiGLR PHWDEyOLFR GR
SHUHFtYHO )RL REVHUYDGR TXH DV PDomV VmR PDLVGDQLILFDGDVTXDQGR H[SRVWDV D
EDL[DV WHPSHUDWXUDV H HVWmR QR SLFR GD UHVSLUDomR FOLPDWpULFD Mi DV EDQDQDV
TXDQGRHVWmRQRHVWiGLRHPTXHVmRQRUPDOPHQWHFROKLGDV
1mRp IiFLOFRQVWDWDU UDSLGDPHQWH R GDQR FDXVDGR SHOR IULR 1D PDLRULD
GDV YH]HV HOH Vy p SHUFHELGR TXDQGR R SURGXWR Mi UHWLUDGR GD FkPDUD GH
DUPD]HQDJHP VRIUH OHYH DTXHFLPHQWR 2 HVFXUHFLPHQWR GRV WHFLGRV H DV
GHVFRORUDo}HV VmR D LQGLFDomR YLVtYHO GR GDQR &RPR UHVXOWDGR ILQDO DV iUHDV
GDQLILFDGDVVmRIDFLOPHQWHLQYDGLGDVSRUPLFURUJDQLVPRVTXHFDXVDPDSRGULGmR
GR IUXWR 2XWURV VLQWRPDV GH GDQR FDXVDGR SHOR IULR VmR SHTXHQDV GHSUHVV}HV
DPROHFLPHQWR UHGX]LGR RX HVFXUHFLPHQWR GD FDVFD H QR HQYROWyULR GD SROSD
DPDGXUHFLPHQWRLQDGHTXDGRHHPPXLWRVFDVRVIDOWDGHVDERU7DEHOD

6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV 
&DStWXOR$UPD]HQDJHPGH)UXWDVH+RUWDOLoDV

7DEHOD  ± 6LQWRPDV GRV GDQRV FDXVDGRV SHOR IULR DFLPD GD WHPSHUDWXUD GH
FRQJHODPHQWRSDUDDVIUXWDVPDLVFRPXQV
3URGXWR 7HPSHUDWXUD 6LQWRPD
PtQLPD
6XMHLWRDGDQRV
R&
$EDFDWH  3ROSDGHFRUPDUURPDFLQ]HQWDGD
%DQDQD  &DVFD VHP EULOKR DPDGXUHFLPHQWR
GHILFLHQWH
/DUDQMD  3HTXHQDV GHSUHVV}HV QD FDVFD
PDQFKDVHVFXUDV
/LPmR  3HTXHQDVGHSUHVV}HVQDFDVFD
0Dom  (VFXUHFLPHQWR LQWHUQR VHFDJHP
DPROHFLPHQWRGDSDUWHH[WHUQD
0DPmR  3HTXHQDV GHSUHVV}HV QD FDVFD H
GHILFLrQFLDQRDPDGXUHFLPHQWR
0DQJD  'HVFRORUDomR GD FDVFD H
DPDGXUHFLPHQWRGHVXQLIRUPH
$GDSWDGRGH86'$+DQGERRN

',67Ò5%,26&$86$'263(/$&Æ0$5$

8PLGDGH5HODWLYD
&RPRFRPHQWDGRDQWHULRUPHQWHQHVWHFDStWXORDXPLGDGHUHODWLYDGRDU
WHPHIHLWR GLUHWR VREUH D FRQVHUYDomR GDV TXDOLGDGHV FRPHUFLDLV GRV SHUHFtYHLV
DUPD]HQDGRVHPXPDFkPDUDIULJRUtILFD6HDXPLGDGHUHODWLYDIRUPXLWREDL[D
SURYDYHOPHQWH RFRUUHUi PXUFKDPHQWR H HQUXJDPHQWR TXDQGR PXLWR DOWD LUi
IDYRUHFHU R GHVHQYROYLPHQWR GH PLFURUJDQLVPRV H LQGX]LUi R HQUDL]DPHQWR
SULQFLSDOPHQWH HP FHEROD H DOKR FDStWXOR  ± 6HFDJHP H $UPD]HQDJHP GH
3URGXWRV$JUtFRODV&RPRDSUHVHQWDGRQD7DEHODXPLGDGHVUHODWLYDVHQWUH
HVmRUHFRPHQGDGDVSDUDDPDLRULDGDVIUXWDVHKRUWDOLoDVRDOKRHD FHEROD
HQWUHWDQWRGHYHPVHUDUPD]HQDGRVHPFkPDUDVFRPXPLGDGHUHODWLYDHPWRUQR
GHD

&RQFHQWUDomRGH2
8PD FRQFHQWUDomR PtQLPD GH R[LJrQLR p QHFHVViULD SDUD SURPRYHU D
UHVSLUDomR QRUPDO GXUDQWH R DUPD]HQDPHQWR $EDL[R GHVVH QtYHO RFRUUH
UHVSLUDomR DQDHUyELFD FRP FRQFRPLWDQWH SURGXomR GH iOFRRO H DFHWDOGHtGR RV
TXDLV GHVWURHP DV FpOXODV TXDQGR QmR UHPRYLGRV LPHGLDWDPHQWH $ IDOWD GH
R[LJrQLR QD DWPRVIHUD GH DUPD]HQDPHQWR SRGH WDPEpP FDXVDU R
GHVHQYROYLPHQWR GH VLQWRPDV VLPLODUHV DRV UHVXOWDQWHV GRV GLVW~UELRV FDXVDGRV
SHOR IULR HPERUD FRP D IDOWD GH R[LJrQLR R HVFXUHFLPHQWR VHMD
FDUDFWHULVWLFDPHQWHHQFRQWUDGRQRVWHFLGRVPDLVLQWHUQRV

 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV
&DStWXOR $UPD]HQDPHQWRGHIUXWDVHKRUWDOLoDV

$ 7DEHOD  PRVWUD RV QtYHLV PtQLPRV GH 2 SDUD R DUPD]HQDPHQWR GH

GLIHUHQWHSURGXWRVKRUWtFRODV

7DEHOD&ODVVLILFDomRGRVKRUWtFRODVTXDQWRjWROHUkQFLDDEDL[DFRQFHQWUDomR
GH2

0tQLPRGH2 WROHUDGR 3URGXWR



 1R]HVHIUXWRVVHFRV

 $OJXQV FXOWLYDUHV GH PDom H SrUD EUyFROLV DOKR H

FHEROD

 0DLRULD GRV FXOWLYDUHV GH PDoD H SrUD NLZL

QHFWDULQD SrVVHJR DPHL[D PRUDQJR DEDFD[L
PHOmR FDQWDORXSH PLOKRGRFH IHLMmRGHYDJHP
DOIDFHUHSROKRFRXYHIORUHFRXYHGHEUX[HODV

 $EDFDWHWRPDWHSLPHQWmRSHSLQRHDOFDFKRIUD

 )UXWRV FtWULFRV HUYLOKD DVSDUJR EDWDWDGRFH H

EDWDWD
$GDSWDGRGH.DGHU .H

&RQFHQWUDomRGH&2
2VSHUHFtYHLVSRGHPVRIUHUGLVW~UELRVILVLROyJLFRVQDSUHVHQoDGHJUDQGH
TXDQWLGDGH GH &2 QD FkPDUD GH DUPD]HQDPHQWR $OWRV QtYHLV GHVWH JiV QD
DWPRVIHUDID]HPFRPTXHDTXDQWLGDGHGLVVROYLGDQDFpOXODRXFRPELQDGDFRP
RXWURV FRQVWLWXLQWHV WDPEpPDXPHQWH (VVH DFUpVFLPR QD FRQFHQWUDomR GH &2
GHQWUR GDV FpOXODV SURYRFD DOJXPDV PXGDQoDV ILVLROyJLFDV $VVLP IUXWRV H
KRUWDOLoDVWROHUDPQtYHLVPi[LPRVGH&2FRPRPRVWUDD7DEHOD

&RQFHQWUDomRGH(WLOHQR
(PERUD D DFHOHUDomR QR GHVHQYROYLPHQWR GRV IUXWRV LQGX]LGD SHOR
HWLOHQRVHMDFRQVLGHUDGDEHQpILFDLQTXHVWLRQDYHOPHQWHHODWRUQDVHPDOpILFDDR
UHVXOWDU HP VHQHVFrQFLD SUHFRFH GRV WHFLGRV YHJHWDWLYRV 3DUD D PDLRULD GDV
KRUWDOLoDV R HIHLWR GR HWLOHQR p TXDVH VHPSUH SUHMXGLFLDO 3RUWDQWR QmR p
UHFRPHQGiYHO DUPD]HQDU SURGXWRV VHQVtYHLV DR HWLOHQR SRU PDLV GH DOJXPDV
KRUDVMXQWDPHQWHFRPSURGXWRVTXHOLEHUDPHVVHFRPSRVWRFRPRPDomPHOmRH
RXWURV2DUPD]HQDPHQWRGHSURGXWRVGDQLILFDGRVPHFDQLFDPHQWHWDPEpPGHYH
VHU HYLWDGR XPD YH] TXH DV LQIHFo}HV H LQM~ULDV SRGHP DXPHQWDU
VXEVWDQFLDOPHQWH D SURGXomR GH HWLOHQR FDXVDQGR D PDWXUDomR GDV KRUWDOLoDV H
GRVIUXWRVRXDVHQHVFrQFLDGHVHXVWHFLGRV
$ DP{QLD p XP JiV Wy[LFR XVDGRFRPR UHIULJHUDQWH HP PXLWRV VLVWHPDV

6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV 
&DStWXOR$UPD]HQDJHPGH)UXWDVH+RUWDOLoDV

GH UHIULJHUDomR 6H KRXYHU YD]DPHQWR H D FRQFHQWUDomR GHVWH JiV QD FkPDUD
H[FHGHU D  DV KRUWDOLoDV DUPD]HQDGDV SRGHUmR VHU VHULDPHQWH GDQLILFDGDV
HPPHQRVGHXPDKRUD

7DEHOD&ODVVLILFDomRGRVKRUWtFRODVTXDQWRjWROHUkQFLDDDOWDFRQFHQWUDomRGH
&2

0i[LPRGH 3URGXWR
&2
WROHUDGR

 0Dom *ROGHQ 'HOLFLRXV SrUD XYD WRPDWH SLPHQWmR
DOIDFHDOFDFKRIUDHEDWDWDGRFH

 0DLRULD GRV FXOWLYDUHV GH PDom SrVVHJR QHFWDULQD DPHL[D

ODUDQMD DEDFDWH EDQDQD PDQJD PDPmR NLZL HUYLOKD
EHULQMHODFRXYHIORUUHSROKRFRXYHGHEUX[HODVHFHQRXUD

3RPHOR OLPmR OLPD DEDFD[L SHSLQR TXLDER DVSDUJR

 EUyFROLVVDOVDDLSRFHERODGHIROKDFHERODDOKRHEDWDWD

 0RUDQJR FHUHMD ILJR PHOmR FDQWDORXSH PLOKRGRFH

FRJXPHORHHVSLQDIUH
$GDSWDGRGH.DGHU .H

'LVW~UELRV3URYRFDGRVSHOD/X]
4XDQGRDFHERODRXDEDWDWDpH[SRVWDjOX]DQWHVRXGHSRLVGDFROKHLWD
DFORURILODGHVHQYROYHVHQDVFDPDGDVVXSHUILFLDLV$TXDQWLGDGHSURGX]LGDGHVWH
SLJPHQWR p IXQomR GD LQWHQVLGDGH H TXDOLGDGH GD OX] GXUDomR GD H[SRVLomR H
PDWXULGDGH GRV EXOERV RX WXEpUFXORV 2 Q~PHUR H D LQWHQVLGDGH GH OkPSDGDV
IOXRUHVFHQWHV QRV PRGHUQRV VXSHUPHUFDGRV WrP DXPHQWDGR D RFRUUrQFLD GH
FRORUDomR HVYHUGHDGD GHVVHV SURGXWRV GXUDQWH D FRPHUFLDOL]DomR 1R FDVR GD
EDWDWDDFRUYHUGHpXPSUREOHPDVpULRSRUTXHDIHWDQmRVRPHQWHDDSDUrQFLDH
D TXDOLGDGH FRPR WDPEpP UHODFLRQDVH j IRUPDomR GH XP FRPSRVWR DPDUJR H
Wy[LFRDVRODQLQD

75$7$0(172635e$50$=(1$*(0

/LPSH]D
3DUD HYLWDU GDQRV H D SUHVHQoD GH DJHQWHV SDWRJrQLFRV H IDFLOLWDU D
YHQWLODomR p QHFHVViULR TXH WRGDV DV SDUWtFXODV GH WHUUD SHGUDV H RV UHVWRV GH
SODQWDV VHMDP HOLPLQDGRV DQWHV GR DUPD]HQDPHQWR HVSHFLDOPHQWH TXDQGR VH
SUHWHQGHDUPD]HQDURSURGXWRDJUDQHO

 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV
&DStWXOR $UPD]HQDPHQWRGHIUXWDVHKRUWDOLoDV

&ODVVLILFDomRSRU7LSRH4XDOLGDGH
2 SURGXWR GHYH VHU FODVVLILFDGR SDUD HQTXDGUDPHQWR HP WLSRV H
XQLIRUPLGDGHGRVORWHV3URGXWRVGDQLILFDGRVLQIHVWDGRVHHPIDVHGHPDWXUDomR
DYDQoDGDVHQHVFrQFLDGHYHPVHUHOLPLQDGRVSRLVSHUGHPiJXDFRPIDFLOLGDGH
HVmRIDFLOPHQWHLQYDGLGRVSHORV DJHQWHVSDWRJrQLFRV SUHVHQWHV FRQYHUWHQGRVH
HPIRQWHGHLQIHFomRSDUDRVSURGXWRVVDGLRV

7UDWDPHQWRV3URILOiWLFRV
$PDLRULDGDVSHUGDVSyVFROKHLWDUHVXOWDGDLQYDVmRHGHFRPSRVLomRGR
SURGXWR SRU PLFURUJDQLVPRV 2V GDQRV ItVLFRV GHYLGRV DR PDQHMR LQDGHTXDGR
SUHGLVS}HP R SURGXWR DR DWDTXH GH DJHQWHV SDWROyJLFRV GHQWUH RV TXDLV
RUGLQDULDPHQWH RV IXQJRV VmR RV SULQFLSDLV 2 FRQWUROH p SRVVtYHO PHGLDQWH D
DSOLFDomRGHIXQJLFLGDVHPGRVHVQmRILWRWy[LFDV
2VGHVLQIHWDQWHVFORUDGRVVmR~WHLVTXDQGRDSOLFDGRVQDiJXDGHODYDJHP
RX UHVIULDPHQWR PDV VmR SRXFR HILFLHQWHV SRUTXH R PDWHULDO DWLYR FRPELQD
IDFLOPHQWH FRP TXDOTXHU PDWHULDO RUJkQLFR GLPLQXLQGR UDSLGDPHQWH VXD
HILFiFLD 3DUD XP UHVXOWDGR VDWLVIDWyULR p HVVHQFLDO TXH RV SURGXWRV TXtPLFRV
VHMDP ULJRURVDPHQWH VHOHFLRQDGRV H DSURYDGRV DQWHV GH VHUHP XVDGRV DSyV D
FROKHLWD H TXH VXD DSOLFDomR VLJD ULJRURVDPHQWH DV LQVWUXo}HV GR IDEULFDQWH H
VHMD RULHQWDGD SRU XP WpFQLFR HVSHFLDOL]DGR e LPSRUWDQWH YHULILFDU TXH QHP
VHPSUHDDSOLFDomRGHSURGXWRVTXtPLFRVpQHFHVViULDYLVWRTXHD DWPRVIHUDGD
FkPDUD GH UHVIULDPHQWR QHP VHPSUH p SURStFLD DR GHVHQYROYLPHQWR GH
PLFURUJDQLVPRV

5HFREULPHQWRGD6XSHUItFLH
3DUD DOJXQV PHUFDGRV p FRPXP DSOLFDU UHFREULPHQWRV VXSHUILFLDLV
HVSHFLDOPHQWH FHUD D FHUWDV IUXWDV H KRUWDOLoDV FRPR SRU H[HPSOR SHSLQR
WRPDWH SLPHQWmR PDom DEDFDWH H FtWULFRV D ILP GH UHGX]LU D SHUGD GH iJXD H
PHOKRUDU D DSDUrQFLD GD VXSHUItFLH $ TXDQWLGDGH GH FHUD DSOLFDGD p PXLWR
SHTXHQD H GHVWLQDVH SULQFLSDOPHQWH D VXEVWLWXLU D SUySULD FHUD QDWXUDO GR
SURGXWR TXH IRL UHWLUDGD GXUDQWH D ODYDJHP H OLPSH]D *HUDOPHQWH GH RULJHP
YHJHWDOHVWDVFHUDVSRGHPVHUYLUWDPEpPFRPRPHLRSDUDLQFRUSRUDUIXQJLFLGDV

3UpUHVIULDPHQWR
(VVHQFLDOSDUDDPDLRULDGRVSURGXWRVSHUHFtYHLVRSUpUHVIULDPHQWR p D
UiSLGD UHPRomR GR FDORU DQWHV TXH R SURGXWR VHMD WUDQVSRUWDGR DUPD]HQDGR RX
OHYDGRDRSURFHVVDPHQWR
8PD YH] QD FkPDUD D IULR R SURGXWR LUUDGLDUi SDUD R DPELHQWH R
GHQRPLQDGRFDORUGHFDPSR H WDPEpP R FDORUOLEHUDGR GXUDQWHR SURFHVVR GH
UHVSLUDomR $VVLP HQTXDQWR R SURGXWR QmR DWLQJLU D WHPSHUDWXUD yWLPD GH
DUPD]HQDPHQWRDUHVSLUDomRQmRHVWDUiFRQWURODGDDSHUGDGHiJXDVHHOHYDUiH
R WHPSR Pi[LPR GH DUPD]HQDPHQWR VHUi GLPLQXtGR 2 FDORU OLEHUDGR SHOR
SURGXWR SDVVDUi SDUD R DU H GDt VHUi WUDQVIHULGR SDUD R HYDSRUDGRU TXH R
HOLPLQDUiQRFLFORQRUPDOGHUHIULJHUDomRTXHVHUiDERUGDGRPDLVDGLDQWHQHVWH
FDStWXOR

6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV 
&DStWXOR$UPD]HQDJHPGH)UXWDVH+RUWDOLoDV

2WHPSRQHFHVViULRSDUDDOFDQoDUDWHPSHUDWXUDyWLPDGHDUPD]HQDPHQWR
WHPSR GH UHVIULDPHQWR GHSHQGHUi GD FDSDFLGDGH WRWDO GH UHIULJHUDomR GR
HTXLSDPHQWRHGDYHORFLGDGHFRPTXHRDUSDVVDSHORHYDSRUDGRUHSHORSURGXWR
2PRYLPHQWRUiSLGRGHDUVREUHRSURGXWRDXPHQWDDSHUGDGHiJXDHpSRULVWR
TXH QD PDLRULD GDV FkPDUDV UHIULJHUDGDV SDUD DUPD]HQDPHQWR SURORQJDGR D
FLUFXODomRGHDUpPRGHUDGDDILPGHPDQWHUDSHUGDGHSHVRPtQLPD
&RPR D UHGXomR GD WHPSHUDWXUD SDUD FULDU HVWDV FRQGLo}HV VHUi OHQWD R
ULWPRGDUHVSLUDomRWDPEpPVHUiUHGX]LGROHQWDPHQWH8VXDOPHQWHRVDUPD]pQV
SURMHWDGRV SDUD PDQWHU XP SURGXWR VRE UHIULJHUDomR QmR WrP FDSDFLGDGH SDUD
UHVIULiORHPLQWHUYDORGHWHPSRVXILFLHQWHPHQWHVHJXUR$ILPGHVXSHUDUHVWHV
SUREOHPDV YiULRV PpWRGRV GH SUpUHVIULDPHQWR YrP VHQGR HPSUHJDGRV SDUD
UHVIULDU UDSLGDPHQWH R SURGXWR DQWHV TXH HOH VHMD LQWURGX]LGR QD FkPDUD
UHIULJHUDGD SDUD DUPD]HQDPHQWR SURORQJDGR $VVLP R SUpUHVIULDPHQWR SDUD D
DUPD]HQDJHP JHUDOPHQWH p XPD RSHUDomR VHSDUDGD TXH UHTXHU HTXLSDPHQWRV
HVSHFLDLV (PERUD R SULQFLSDO SURSyVLWR GR SUpUHVIULDPHQWR VHMD UHGX]LU D
WHPSHUDWXUD GR SURGXWR DQWHV GR DUPD]HQDPHQWR HOH p WDPEpP XP PpWRGR
HIHWLYR SDUD UHWDUGDU D SHUGD GH XPLGDGH H RV GDQRV DSDUHQWHV 2V IDWRUHV TXH
GHWHUPLQDPDWD[DGHSUpUHVIULDPHQWRVmR
 WHPSHUDWXUDVLQLFLDOHILQDOGRSURGXWR
 WHPSHUDWXUDHSURSULHGDGHVGRPHLRUHIULJHUDQWH
 DFHVVLELOLGDGHGRSURGXWRUDRPHLRUHIULJHUDQWH
 WDPDQKRIRUPDHiUHDHVSHFtILFDGRSURGXWR
 SURSULHGDGHVWpUPLFDVGDIUXWDFRPRFDORU HVSHFtILFRFRQGXWLYLGDGH
WpUPLFDHUHVLVWrQFLDGDVXSHUItFLHjWUDQVIHUrQFLDGHFDORUH
 YROXPHHYHORFLGDGHGRPHLRUHIULJHUDQWH

$ 7DEHOD  DSUHVHQWD RV YDORUHV GH WHPSHUDWXUD H XPLGDGH UHODWLYD

UHFRPHQGDGRVSDUDDUPD]HQDPHQWRDIULRRWHPSRPi[LPRGHDUPD]HQDPHQWRH
GHSUpUHVIULDPHQWRHRFDORUHVSHFtILFRGHYiULRVSURGXWRV

3UpUHVIULDPHQWRHPFkPDUDV
eRPpWRGRPDLVDQWLJRHFRQYHQFLRQDOGHSUpUHVIULDPHQWRGHSHUHFtYHLV
&RQVLVWH QD H[SRVLomR GR SURGXWR DR IULR HP XPD FkPDUD UHIULJHUDGD FRP
GLVWULEXLomR XQLIRUPH GR DU $OpP GH UHTXHUHU LQVWDODo}HV VLPSOHV R
UHVIULDPHQWRHPFkPDUDVSHUPLWHTXHRSURGXWRVHMDSUpUHVIULDGRHDUPD]HQDGR
QR PHVPR ORFDO HYLWDQGR R H[FHVVR GH PDQXVHLR $ SULQFLSDO OLPLWDomR GHVWH
SURFHVVRpRORQJRSHUtRGRH[LJLGRSDUD RFRPSOHWRUHVIULDPHQWR IDYRUHFHQGR
DVVLPDGHWHULRUDomRGHSURGXWRVPDLVVHQVtYHLV

3UpUHVIULDPHQWRFRPDUIRUoDGR
&RQVLVWHQDSDVVDJHPGHXPIOX[RGHDUIULRGLUHWDPHQWHVREUHRSURGXWR
1HVWH FDVR R YROXPH GH DU GHWHUPLQDUi D YHORFLGDGH GR SUpUHVIULDPHQWR
*HUDOPHQWHRWHPSRFRQVXPLGRQRSURFHVVR pGHDGRWHPSRH[LJLGR
TXDQGRVHXWLOL]DPFkPDUDVUHIULJHUDGDV3DUDHYLWDUTXHRIOX[RFRQWtQXRGHDU

 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV
&DStWXOR $UPD]HQDPHQWRGHIUXWDVHKRUWDOLoDV

SURYRTXH SHUGD VLJQLILFDWLYD GH SHVR GR SURGXWR R DPELHQWH GHYH SHUPDQHFHU
VHPSUHVDWXUDGRFRPiJXD

7DEHOD  ± 7HPSHUDWXUD H XPLGDGH UHODWLYD WHPSR GH DUPD]HQDJHP WHPSR GH

SUpUHVIULDPHQWRHFDORUHVSHFtILFRGHDOJXQVSURGXWRVSHUHFtYHLV

3URGXWR 7HPSHUDWXUD 8PLGDGH 7HPSR 5HVIULDPHQ &DORU

R& 5HODWLYD GH WR (VSHFtILFR
 $UPD] KRUD .FDONJ
&
 R 

$EDFDWH   GLDV  

$EDFD[L   GLDV  
%DQDQD   GLDV  
)LJR   GLDV  
*RLDED   GLDV  
/DUDQMD   PHVHV 
/LPmR   PHVHV  
0DQJD   GLDV  
0DPmR   GLDV  
0Dom   PHVHV  
0RUDQJR   GLDV  
8YD   PHVHV  
$OIDFH   GLDV  
$OKR   PHVHV  
%HWHUUDED   PHVHV  
%DWDWD   PHVHV  
&HEROD   PHVHV  
&HQRXUD   PHVHV  
3HSLQR   GLDV  
7RPDWH   GLDV  
$GDSWDGRGH86'$+DQGERRNH'RVVDW57

3UpUHVIULDPHQWRFRPiJXD
(VWHSURFHVVRXWLOL]DDiJXDIULDHPPRYLPHQWRHHPFRQWDWRGLUHWRFRPR
SURGXWR 1mR RFRUUH UHPRomRGH XPLGDGH GR SURGXWR H HP DOJXQV FDVRVSRGH
KDYHUUHVWDEHOHFLPHQWRGRVWHFLGRVOLJHLUDPHQWHDIHWDGRVSHODDXVrQFLDGHiJXD
3DUDJDUDQWLUDHILFLrQFLDGRPpWRGRpUHFRPHQGiYHOTXHDiJXDHVFRUUD
VREUHDPDLRUVXSHUItFLHSRVVtYHOGRSURGXWRHVHMDWmRIULDTXDQWRSRVVtYHOVHP
GDQLILFDURSURGXWR
2 SUpUHVIULDPHQWR FRP iJXD SRGH VHU IHLWR WDPEpP SRU LPHUVmR PDV
DSUHVHQWDPHQRVHILFLrQFLDGRTXHSRUDVSHUVmRGHYLGRjGLILFXOGDGHHPPDQWHU
XP PRYLPHQWR DGHTXDGR GD iJXD H GR SURGXWR $ SULQFLSDO OLPLWDomR GD
DVSHUVmRpTXHDDOWXUDGDTXHGDGDiJXDSRGHFDXVDUGDQRVSULQFLSDOPHQWHQR
FDVRGHKRUWDOLoDVIROKRVDV

6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV 
&DStWXOR$UPD]HQDJHPGH)UXWDVH+RUWDOLoDV

3UpUHVIULDPHQWRDYiFXR
2 SUpUHVIULDPHQWR D YiFXR FRQVLVWH QR XVR GH XPD FkPDUD GH DoR RX
DXWRFODYH KHUPHWLFDPHQWH IHFKDGD %DVHLDVH QR SULQFtSLR VHJXQGR R TXDO HP
SUHVV}HV UHGX]LGDV D WHPSHUDWXUD GR SRQWR GH HEXOLomR GD iJXD GLPLQXL $
HQHUJLDQHFHVViULDjHYDSRUDomRGDiJXDpUHWLUDGDGRSURGXWRID]HQGRFRPTXH
HOH UHVIULH $V YDQWDJHQV GHVWH PpWRGR HVWmR UHODFLRQDGDV j YHORFLGDGH H
XQLIRUPLGDGH GR SUpUHVIULDPHQWR (QWUHWDQWR p UHFRPHQGDGR DSHQDV SDUD
SURGXWRV TXH DSUHVHQWDP JUDQGH UHODomR HQWUH D VXSHUItFLH H D PDVVD DOIDFH
FRXYHRXVLPLODUHV3DUDPLQLPL]DURXPHVPRHOLPLQDURSUREOHPDGDSHUGDGH
SHVRUHFRPHQGDVHRXPHGHFLPHQWRGRSURGXWRDQWHVRXGXUDQWHRSURFHVVRGH
SUpUHVIULDPHQWR

(PEDODJHPHPJHOR
(VWHPpWRGROLPLWDVHDRVSURGXWRVTXHUHTXHUHPXPUHVIULDPHQWRUiSLGR
HWROHUDPRFRQWDWRGLUHWRFRPRJHOR6XDVSULQFLSDLVOLPLWDo}HVVmRRDOWRFXVWR
GDVHPEDODJHQVjSURYDG
iJXDSDUDRWUDQVSRUWHHDUHGXomRGRSHVROtTXLGRGR
SURGXWRSRUHPEDODJHP

&REHUWXUDGHJHOR
8VXDOPHQWH XWLOL]DGR SDUD VXSOHPHQWDU D UHIULJHUDomR PHFkQLFD GRV
YHtFXORV GH WUDQVSRUWH HVWH PpWRGR FRQVLVWH HP FRORFDU XPD FDPDGD GH JHOR
ILQDPHQWHPRtGRVREUHDFDUJD

5HIULJHUDomRPHFkQLFD
2V UHIULJHUDGRUHV PHFkQLFRV VmR HVSHFLILFDGRV HP WRQHODGDV GH
UHIULJHUDomR SRU GLD 8PD WRQHODGD GH UHIULJHUDomR VLJQLILFD D TXDQWLGDGH GH
FDORUUHTXHULGRSDUDGHUUHWHUXPDWRQHODGDGHJHORDR&HHTXLYDOHDNFDO
N-RX%78
$TXDQWLGDGHGHUHIULJHUDomRUHTXHULGDSDUDUHVIULDUXPSURGXWRGHSHQGH
GRFDORUHVSHFtILFRGDVWHPSHUDWXUDVLQLFLDOHILQDOGRFDORUGHUHVSLUDomRHGD
TXDQWLGDGHHPSHVRGRPDWHULDODVHUUHVIULDGR
'H DFRUGRFRP R WHRU GH iJXD R FDORU HVSHFtILFR GDV IUXWDV YDULD HQWUH
 NFDONJ R& SDUD R DEDFDWH H  NFDONJ R& SDUD R PDPmR $ 7DEHOD 
PRVWUDDFRPSDUDomRHQWUHRVPpWRGRVXVDGRVHPSUpUHVIULDPHQWRGHSURGXWRV
SHUHFtYHLV

 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV
&DStWXOR $UPD]HQDPHQWRGHIUXWDVHKRUWDOLoDV

7DEHOD±&RPSDUDomRHQWUHRVPpWRGRVGHSUpUHVIULDPHQWR

9DULiYHO 6LVWHPDGHUHVIULDPHQWR &kPDUDUHVIULDPHQWRH

DUPD]HQDJHP
DiJXD DYiFXR FRPIULR FRPDU
FRQYHQFLRQDO ~PLGR
7HPSR DPLQ DPLQ KRUDV DKRUDV
&DUJD VLPSOHV VLPSOHV HVSHFLDO HVSHFLDO
3HUGDGH QHQKXPD SHTXHQD PRGHUDGD PtQLPD
SHVR
3HULJR SURSDJDomRGH &RQJHODPHQWR FRQJHODPHQWR QHQKXP
SDUD GRHQoDV GRSURGXWR GRSURGXWR
RSURGXWR
&RQVXPR DOWR DOWR PRGHUDGR DOWR
HQHUJLD

$50$=(1$*(05()5,*(5$'$
3URGXWRV FRPR PDom XYD SrUD OLPmR EHWHUUDED DOKR FHEROD PDPmR
PDQJD H RXWURV SRGHP VHU DUPD]HQDGRV VRE UHIULJHUDomR SRU SHUtRGRV
SURORQJDGRV VHPDQDV RX PHVHV 'HYLGR j VD]RQDOLGDGH GD SURGXomR D
DUPD]HQDJHP UHIULJHUDGD GHVWHV SURGXWRV YHP VH WRUQDQGR XPD SUiWLFD TXDVH
LPSUHVFLQGtYHO DR VLVWHPD GH GLVWULEXLomR GH DOLPHQWRV QRV JUDQGHV FHQWURV
$OpP GLVVR D FRPHUFLDOL]DomR H[SRUWDomRLPSRUWDomR GH IUXWDV Vy p SRVVtYHO
SRUPHLRGHXPVLVWHPDGHWUDQVSRUWHDSURSULDGRHGDUHIULJHUDomR

3ULQFtSLRVGH5HIULJHUDomR
$ UHIULJHUDomR FULD XPD VXSHUItFLH IULD TXH DEVRUYH FDORU SRU FRQGXomR
FRQYHFomRRXUDGLDomR$IRQWHGHUHIULJHUDomRFRQYHQFLRQDOpXPUHIULJHUDQWH
TXHDEVRUYHFDORUDRSDVVDUGHOtTXLGRDYDSRU$DP{QLDpR UHIULJHUDQWHPDLV
FRPXPHPJUDQGHVLQVWDODo}HVSRLVQmRpFDUDYDSRUL]DVHDEDL[DVSUHVV}HVH
DEVRUYHJUDQGHTXDQWLGDGHGHFDORUFHUFDGHNFDONJVREYDSRUL]DomR1R
HQWDQWRSRGHUiFDXVDUGDQRVDRSURGXWRHPFDVRGHYD]DPHQWRSRLVpFRUURVLYD
TXDQGR FRPELQDGD FRP D iJXD H[SORVLYD HP FHUWDV FRQFHQWUDo}HV H Wy[LFD DR
KRPHP 3RU HVVDV UD]}HV )UHRQ RX )UHRQ VmR VXEVWLWXWRV GD DP{QLD HP
LQVWDODo}HVGHSHTXHQRHPpGLRSRUWH(VVHVFRPSRVWRV IOXRUFDUERQDGRV &)&
QmR VmR Wy[LFRV QHP LQIODPiYHLV ([LVWH SRUpP XPD SUHRFXSDomR PXQGLDO
TXDQWR j GHVWUXLomR GD FDPDGD GH R]{QLR SHOR &)& PRWLYDQGR D SURLELomR GH
VHX XVR 1D )LJXUD  p DSUHVHQWDGR R HVTXHPD VLPSOLILFDGR GH XP FLFOR GH
UHIULJHUDomRSRUFRPSUHVVmR
2 UHIULJHUDQWH HQWUD QR FRPSUHVVRU HP EDL[D SUHVVmR FRPR YDSRU
VXSHUDTXHFLGR 'HL[DQGR R FRPSUHVVRU HQWUD QR FRQGHQVDGRU FRPR YDSRU HP
SUHVVmRHOHYDGDRQGHDFRQGHQVDomRGRUHIULJHUDQWHRFRUUHSHODWUDQVIHUrQFLDGH
VHX FDORU SDUD D iJXD GH UHIULJHUDomR RX SDUD R PHLR DPELHQWH 2 UHIULJHUDQWH

6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV 
&DStWXOR$UPD]HQDJHPGH)UXWDVH+RUWDOLoDV

GHL[DHQWmRRFRQGHQVDGRUFRPROtTXLGRDXPDSUHVVmRHOHYDGD(VWDSUHVVmRp
UHGX]LGDDRIOXLUSHODYiOYXODGHH[SDQVmRUHVXOWDQGRHPHYDSRUDomRLQVWDQWkQHD
GHSDUWHGROtTXLGR2OtTXLGRUHVWDQWHDJRUDHPEDL[DSUHVVmRpYDSRUL]DGRQR
HYDSRUDGRUFRPRUHVXOWDGRGDWUDQVIHUrQFLDGHFDORUGDFkPDUDHGRSURGXWRTXH
HVWi VHQGR UHIULJHUDGR (VVH YDSRU DTXHFLGR UHWRUQD HQWmR SDUD R FRPSUHVVRU
FRPSOHWDQGRRFLFOR

)LJXUD±(VTXHPDGHXPVLVWHPDGHUHIULJHUDomRSRUFRPSUHVVmR

&RPSRQHQWHVGR6LVWHPDGH5HIULJHUDomR
2 HTXLSDPHQWR XVDGR HP DUPD]HQDPHQWR UHIULJHUDGR FRQVWD GH
HYDSRUDGRU FRPSUHVVRU FRQGHQVDGRU YHQWLODGRU YiOYXODV H PHGLGRUHV 3DUD
TXHRVLVWHPDIXQFLRQHFRUUHWDHHFRQRPLFDPHQWHWRGRVRVFRPSRQHQWHVGHYHP
VHUFRPSDWtYHLVHPWDPDQKRHFDSDFLGDGH
D (YDSRUDGRU Ki YiULRV DQRV RV HYDSRUDGRUHV RX UHVIULDGRUHV HP
FRQVWUXo}HV SDUD DUPD]HQDPHQWR GH SHUHFtYHLV FRQVLVWLDP GH XPD VLPSOHV
VHUSHQWLQDRXWXERVPRQWDGRVQDVSDUHGHVRXQRWHWRGDVFkPDUDV2DUFLUFXODYD
SRU FRQYHFomR QDWXUDO $VVLP RV SURGXWRV SUy[LPRV DR SLVR JHUDOPHQWH
FRQJHODYDP H DTXHOHV SUy[LPRV DR WHWR SHUPDQHFLDP DTXHFLGRV +RMH D
DUPD]HQDJHP GHSHQGH GH YHQWLODGRUHV SDUD FLUFXODU R DU XQLIRUPL]DU D
WHPSHUDWXUDHDXPHQWDUDWD[DGHWUDQVIHUrQFLDGHFDORU
E&RQGHQVDGRUpRFRPSRQHQWHQRTXDORFDORUSURYHQLHQWHGDFkPDUD
GH DUPD]HQDJHP p UHMHLWDGR 2V FRQGHQVDGRUHV FRP iJXD IULD VmR XVXDLV QRV
JUDQGHVVLVWHPDV (P GHFRUUrQFLD GH VXD FUHVFHQWH HVFDVVH] DV iJXDVGH WRUUHV
GH UHVIULDPHQWR ODJRV RX FRQGHQVDGRUHV HYDSRUDWLYRV VmR UHFLUFXODGDV 2V
FRQGHQVDGRUHVD DU VmR FRPXPHQWH XWLOL]DGRV HP SHTXHQDVLQVWDODo}HV $OJXQV
FRQGHQVDGRUHV VHPHOKDQWHV DRV HYDSRUDGRUHV FRQVLVWHP GH ILQDV VHUSHQWLQDV
UHVIULDGDV SRU DU RX iJXD 2XWURV PDLV FRPSOH[RV VmR IHLWRV GH WXERV GXSORV
RQGHFLUFXODiJXDIULDHPXPWXERHRUHIULJHUDQWHQRRXWUR

 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV
&DStWXOR $UPD]HQDPHQWRGHIUXWDVHKRUWDOLoDV

F &RPSUHVVRU HP JHUDO HP VLVWHPDV GH UHIULJHUDomR VmR HPSUHJDGRV

WUrV WLSRV GH FRPSUHVVRUHV R FtFOLFR FLOLQGUR H SLVWmR R URWDWLYR H R URWDWLYR
KHOLFRLGDO2FRPSUHVVRUFtFOLFRpRPDLVFRPXP$FDSDFLGDGHGHUHIULJHUDomR
GH XP FRPSUHVVRU p HVSHFLILFDGD HP WRQHODGDVSDGUmR RX VHMD  NJIFP
TXDQGR RSHUD j SUHVVmR QD FDEHoD H  NJIFP j SUHVVmR GH VXFomR $
FDSDFLGDGHGRFRPSUHVVRUEDVHLDVHQRGHVORFDPHQWRGRYROXPHGRSLVWmRHQD
YHORFLGDGH GH RSHUDomR H DXPHQWD FRP R IXQFLRQDPHQWR HP DOWDV SUHVV}HV GH
VXFomRHEDL[DVSUHVV}HVQDFDEHoD
1RDUPD]HQDPHQWRGHSHUHFtYHLVKiXPDpSRFDGH DOWDH RXWUDGH EDL[D
GHPDQGDGHUHIULJHUDomR3RUWDQWRRFRPSUHVVRUGHYHVHUHVFROKLGRGHPRGR D
DWHQGHU D FDUJD Pi[LPD GH UHIULJHUDomR H SRVVXLU XP VLVWHPD GH UHGXomR GH
FDSDFLGDGH 'HSRLV TXH R SURGXWR p UHIULJHUDGR DWp DWLQJLU D WHPSHUDWXUD GH
DUPD]HQDPHQWR D Pi[LPD FDSDFLGDGH GR UHIULJHUDGRU WRUQDVH GHVQHFHVViULD
(P DOJXPDV LQVWDODo}HV YiULRV FRPSUHVVRUHV VmR XVDGRV H QHVWH FDVR XP
PHQRU Q~PHUR FRQWLQXDUi IXQFLRQDQGR ORJR GHSRLV TXH D FDUJD Pi[LPD IRU
DOFDQoDGD

&216758d­2'(&Æ0$5$6
1DV FkPDUDV RX QRV DUPD]pQV UHIULJHUDGRV FRPXPHQWH DV SDUHGHV VmR
FRQVWUXtGDVHPEORFRVGHFDUYmRRXGHFRQFUHWRHVSHFLDOUHIRUoDGRVHRSLVRHP
FRQFUHWRFRPXPFRPLVRODPHQWR*HUDOPHQWHVmRHVWUXWXUDVGHSDYLPHQWR~QLFR
SDUDIDFLOLWDUR XVR GH HPSLOKDGHLUDV H R PDQXVHLR GDV FDL[DV e UHFRPHQGiYHO
TXH R SLVR WHQKD FDSDFLGDGH SDUD VXSRUWDU FDUJD PtQLPD GH  NJFP H VHMD
LPSHUPHiYHOjXPLGDGHHQTXDQWRRLVRODPHQWRXVDGRGHYHVXSRUWDURGHVJDVWH
GDVXSHUItFLHGHFRQFUHWR2VODGRVDTXHFLGRVGDVSDUHGHVHRIRUURVmRFREHUWRV
FRP XPD FDPDGD FRQWtQXD H LPSHUPHiYHO TXH VH HVWHQGH DWp R HQFRQWUR GD
SDUHGH FRP R SLVR*HUDOPHQWH R IRUUR GR WHWR WHP XP HVSDoR YHQWLODGR H XP
DFDEDPHQWRLQWHULRUFRPXPHQWHGHSOiVWLFRVRERLVRODQWH
$FDPDGDLPSHUPHiYHOSRGHFRPSRURPDWHULDOLVRODQWHRXVHUDSOLFDGD
VREUHRODGRDTXHFLGRGDHVWUXWXUD2VPDWHULDLVXVDGRVFRPHVWDILQDOLGDGHVmRR
DVIDOWRDUHVLQDRUHYHVWLPHQWRGHSROtPHURVHRXWURV(P JHUDO VmRXWLOL]DGDV
GXDV WpFQLFDV SDUD R LVRODPHQWR HP DUPD]pQV UHIULJHUDGRV XPD HPSUHJD
PDWHULDOLVRODQWHFRPDOWDSHUPHDELOLGDGHDRYDSRUFRPRILEUDGHYLGURHILEUD
GHURFKDHRXWUDHPSUHJDLVRODQWHUHODWLYDPHQWHLPSHUPHiYHODRYDSRUGHiJXD
FRPRRSROLHWLOHQRHSROLXUHWDQR$HVFROKDGRLVRODQWHGHSHQGHGHVHXFXVWRGD
GLVSRQLELOLGDGH GH PmRGHREUD HVSHFLDOL]DGD H GD TXDOLGDGH GH LVRODPHQWR
GHVHMDGDQRDUPD]pP
2LVRODPHQWRGDVSDUHGHVHGRIRUURSRGHVHUIHLWRFRPSDLQpLVLVRODGRV
SUpIDEULFDGRV 2 LVRODPHQWR GHQWUR GRV SDLQpLV GHYH VHU FRPSOHWDPHQWH
LPSHUPHiYHODRYDSRUHDVMXQWDVHQWUHHOHVGHYHPVHUFRODGDV$FRQVWUXomRHP
SDLQHLVDSUHVHQWDYDQWDJHQVFRPRFRQWUROHGHTXDOLGDGHUDSLGH]GHFRQVWUXomRH
IDFLOLGDGHSDUDDXPHQWDURWDPDQKRGRVDUPD]pQV
$ FLUFXODomR GR DU p QHFHVViULD SDUD UHVIULDU R SURGXWR j WHPSHUDWXUD
GHVHMDGD H PDQWrOR XQLIRUPH HP WRGRV RV SRQWRV GD FkPDUD H DR ORQJR GR
SHUtRGRGHDUPD]HQDJHP&RPRUHJUDJHUDODFLUFXODomRGHDUGHQWURGDFkPDUD

6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV 
&DStWXOR$UPD]HQDJHPGH)UXWDVH+RUWDOLoDV

GHYHHVWDUHQWUHHPWRQHODGDGHUHIULJHUDomR(VWDFDSDFLGDGHpSUHYLVWD
SDUDXPDGLIHUHQoDGHR &HQWUHDVWHPSHUDWXUDVGRDUTXHVDLHTXHHQWUDQR
UHIULJHUDGRU GXUDQWH R UHVIULDPHQWR 'XUDQWH R DUPD]HQDPHQWR SURSULDPHQWH
GLWRHVVDGLIHUHQoDGHYHHVWDUHPWRUQRGHR&3RUTXHVW}HVWHUPRGLQkPLFDVR
SURGXWR QR DUPD]HQDPHQWR QXQFD VH WRUQD WmR IULR TXDQWR R DU GD FkPDUD
4XDQGRXPDXQLGDGHGRSURGXWRDUPD]HQDGRHVWLYHUWRWDOPHQWH HQYROYLGDSHOR
DU DPELHQWH GD FkPDUD VXD WHPSHUDWXUD HVWDUi DSUR[LPDGDPHQWH R& PDLV
TXHQWHTXHRDU3RUWDQWRRRSHUDGRUGHYHHVWDUDWHQWRjWHPSHUDWXUDGRSURGXWR
HQXQFDFRQILDUDSHQDVQDVFRQGLo}HVGRDU

8PLGDGH
3DUDPDQWHUDXPLGDGHGHVHMiYHOQR DUPD]HQDPHQWR DIULR p QHFHVViULR
RSHUDU R HYDSRUDGRU R PDLV SUy[LPR SRVVtYHO GD WHPSHUDWXUD GD FkPDUD
$UPD]pQV EHP LVRODGRV RX KHUPpWLFRV UHGX]HP D FDUJD GH FDORU LPSRVWD DR
HYDSRUDGRU SHUPLWLQGR TXH HVWH IXQFLRQH D WHPSHUDWXUDV SUy[LPDV jTXHODV GD
FkPDUD ,VWR PLQLPL]D D FRQGHQVDomR GH XPLGDGH VREUH DV VXSHUItFLHV IULDV GR
HYDSRUDGRU

$UPD]pQV5HYHVWLGRV
8P PpWRGR SDUD UHVROYHU R SUREOHPD GH EDL[D XPLGDGH HP DUPD]pQV
UHIULJHUDGRVFRQVLVWH HPFRQVWUXLUXPDSDUHGH GXSOD1HVWH WLSRGHDUPD]pPR
FDORU FRQGX]LGR DWUDYpV GR SLVR GDV SDUHGHV H GR IRUUR p LQWHUFHSWDGR H
UHPRYLGR SHOR VLVWHPD GH UHIULJHUDomR DQWHV GH DOFDQoDU R HVSDoR GH
DUPD]HQDJHP 3LVR SDUHGHV H IRUUR DJHP FRPR VXSHUItFLHV GH UHVIULDPHQWR
8PLGDGHV SUy[LPDV D  VmR PDQWLGDV QHVWH WLSR GH DUPD]pP FXMD
FRQVWUXomRpPDLVFDUDGRTXHDVFRQVWUXo}HVFRQYHQFLRQDLV

9HQWLODomR
$ YHQWLODomR QRUPDOPHQWH XVDGD SDUD SURPRYHU D PRYLPHQWDomR GR DU
GHQWUR GR DUPD]pP SRGH HP DOJXQV FDVRV VHU XWLOL]DGD SDUD UHPRYHU JDVHV
LQGHVHMiYHLV GR DPELHQWH FRPR DFRQWHFH QD H[DXVWmR GR HWLOHQR QR
DUPD]HQDPHQWR GH OLPmR H GR 62 XWLOL]DGR FRPR IXPLJDQWH QR
DUPD]HQDPHQWRGHXYD

'(7(50,1$d­2'(&$5*$7e50,&$
$V SULQFLSDLV IRQWHV GH FDORU TXH FRPS}HP RV FiOFXORV HQHUJpWLFRV QR
HVWDEHOHFLPHQWR GD FDSDFLGDGH H WDPDQKR GRV HTXLSDPHQWRV QHFHVViULRV D XPD
FkPDUDIULJRUtILFDVmR
 FDORUTXHHQWUDQDFkPDUDSRUFRQGXomRDWUDYpVGDVSDUHGHVLVRODGDV
 FDORUTXHSHQHWUDQDFkPDUDSRUUDGLDomRGLUHWDDWUDYpVGHYLGURRX
RXWURVPDWHULDLVWUDQVSDUHQWHV
 FDORUGRDUH[WHULRUDEHUWXUDGHSRUWDV
 FDORUGRSURGXWRTXDQGRVXDWHPSHUDWXUDHVWiVHQGRUHGX]LGD
 FDORURULXQGRGHSHVVRDVTXHRFXSDPRHVSDoRUHIULJHUDGR
 FDORU SURYHQLHQWH GH TXDOTXHU HTXLSDPHQWR JHUDGRU GH FDORU

 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV
&DStWXOR $UPD]HQDPHQWRGHIUXWDVHKRUWDOLoDV

ORFDOL]DGRQRLQWHULRUGDFkPDUDFDORUDGLFLRQDOH

 FDORUGHYLGRjUHVSLUDomRGRSURGXWR

7HPSRGH)XQFLRQDPHQWRGR(TXLSDPHQWR
(PERUDDFDSDFLGDGHGRVHTXLSDPHQWRVGHUHIULJHUDomRQRUPDOPHQWHVHMD
H[SUHVVD HP 7RQHODGDV GH 5HIULJHUDomR  %78K RX  NFDOK  
WRQHODGD GH UHIULJHUDomR D FDSDFLGDGH GH UHIULJHUDomR SRGH VHU GHWHUPLQDGD
SHOD UD]mR HQWUH D FDUJD WRWDO GR HTXLSDPHQWR SDUD R SHUtRGR GH  KRUDV H R
WHPSRGHIXQFLRQDPHQWRGHVHMDGRGXUDQWHDVKRUDVHTXDomR

&DSDFLGDGH &DUJDWpUPLFDWRWDO7HPSRGHIXQFLRQDPHQWR HT

3DUDSRVVLELOLWDURUHPDQHMDPHQWRGDFDUJDWpUPLFDRV HTXLSDPHQWRVGH
UHIULJHUDomR QmR GHYHP VHU SURMHWDGRV SDUD IXQFLRQDU FRQWLQXDPHQWH ,VWR
SRUTXHDRSDVVDUSHODVHUSHQWLQDGRHYDSRUDGRUQRUPDOPHQWHRYDSRUG¶iJXDGR
DU FRQGHQVD H TXDQGR D WHPSHUDWXUD GD VHUSHQWLQD FKHJD D OLPLWHV DEDL[R GR
SRQWRGHFRQJHODPHQWRDV JRWtFXODVGHiJXDFRQJHODPHPWRUQRGDVHUSHQWLQD
&RP R GHFRUUHU GR WHPSR GH IXQFLRQDPHQWR HVVH FRQJHODPHQWR DFXPXODVH H
GLPLQXL D HILFLrQFLD GR VLVWHPD GH UHIULJHUDomR H[LJLQGR GHVFRQJHODPHQWR GR
HYDSRUDGRU 6H D WHPSHUDWXUD GD FkPDUD HVWLYHU DFLPD GH R& HVVH
GHVFRQJHODPHQWR SRGH WHU FLFOR OLYUH RX VHMD R SUySULR FDORU GD FkPDUD
GHVFRQJHODDiJXDGRHYDSRUDGRUHVWDQGRHVWHGHVDWLYDGR(QWUHWDQWRTXDQGRD
WHPSHUDWXUD GD FkPDUD HVWi DEDL[R GH R& R FLFOR OLYUH p GLILFXOWDGR SRGHQGR
FRPSURPHWHURSURGXWRDUPD]HQDGR1HVWHFDVRHPSUHJDVHRGHVFRQJHODPHQWR
VXSOHPHQWDU RX VHMD D VXSHUItFLH GD VHUSHQWLQD p DTXHFLGD DUWLILFLDOPHQWH FRP
UHVLVWrQFLD HOpWULFD iJXD RX FRP R DU TXHQWH GR VLVWHPD GH UHIULJHUDomR GR
FRPSUHVVRU,QGHSHQGHQWHPHQWHGRPpWRGRXVDGRRGHJHORUHTXHUGHWHUPLQDGR
WHPSRHPTXHRHIHLWRGDUHIULJHUDomRFHVVDSRVVLELOLWDQGRRGHVFRQJHODPHQWR
GD VHUSHQWLQD $ iJXD SURYHQLHQWH GR GHJHOR p GUHQDGD GR HYDSRUDGRU SHODV
WXEXODo}HVH[LVWHQWHVHPWRGDDFkPDUDIULJRUtILFD
1RGHVFRQJHODPHQWRHPFLFOROLYUHRWHPSRGHIXQFLRQDPHQWRPi[LPR
GRV HYDSRUDGRUHV GXUDQWH DV  KRUDV p GH  KRUDV 3DUD R GHVFRQJHODPHQWR
FRPDTXHFLPHQWRDUWLILFLDORWHPSRGHIXQFLRQDPHQWRGHFDGDHYDSRUDGRUYDULD
HQWUHHKRUDVSRUGLD

&iOFXORGD&DUJD7pUPLFD
3DUDVLPSOLILFDomRGRVFiOFXORVDFDUJDWpUPLFDWRWDOGHXPDXQLGDGHGH
UHIULJHUDomR VHUi DTXL GLYLGLGD HP YiULDV FDUJDV LQGLYLGXDLV GH DFRUGR FRP
FDGDSURMHWRFRQIRUPHHVWDEHOHFLGRDQWHULRUPHQWH$VSULQFLSDLVIRQWHVGHFDORU
TXH FRPSRUmR D FDUJD WpUPLFD WRWDO GH XPD XQLGDGH GH UHIULJHUDomR SDUD
DUPD]HQDJHP GH SURGXWRV DJUtFRODV GH UiSLGD SHUHFLELOLGDGH VmR DSUHVHQWDGDV
PDLVGHWDOKDGDPHQWHDVHJXLU
D&DUJDWpUPLFDSURYHQLHQWHGDVSDUHGHVH[LVWHVHPSUHXPIOX[RGH
FDORU GLUHFLRQDGR SDUD R LQWHULRU GDV FkPDUDV IULJRUtILFDV SURYRFDGR SHOR
JUDGLHQWH GH WHPSHUDWXUD HQWUH R LQWHULRU H R H[WHULRU GR DPELHQWH UHIULJHUDGR

6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV 
&DStWXOR$UPD]HQDJHPGH)UXWDVH+RUWDOLoDV

TXHpDPHQL]DGRSHORPDWHULDOLVRODQWHGHUHYHVWLPHQWRGDVSDUHGHV0HVPRQD
SUHVHQoD GH XPD FDPDGD LVRODQWH DGHTXDGD R FDORU HPDQDGR GDV SDUHGHV
UHSUHVHQWDDPDLRUSDUWHGDFDUJDWpUPLFDWRWDOGHXPDXQLGDGHIULJRUtILFD
E &DUJD WpUPLFD GHYLGR D PXGDQoDV GH DU TXDQGR R DU H[WHULRU
SHQHWUDQRLQWHULRUGDVFkPDUDVIULJRUtILFDVSHODDEHUWXUDGHSRUWDVHSRUIHQGDV
H[LVWHQWHVRFDORUGHVVHDUGHYHVHUUHPRYLGRSDUDTXHDVFRQGLo}HVLQWHUQDVGH
WHPSHUDWXUD H XPLGDGH UHODWLYD VH PDQWHQKDP SUy[LPDV GR LGHDO (VVH FDORU
UHPRYLGR p GHQRPLQDGR FDUJD WpUPLFD GH WURFD GH DU TXH PXLWDV YH]HV SRGH
RFRUUHUSRUPHLRGHYHQWLODomRYLVDQGRDRXWURVREMHWLYRV$FDUJDGHYHQWLODomR
UHIHUHVHjVFDUJDVWpUPLFDVRULXQGDVGRDUH[WHULRUHGDYHQWLODomRQHFHVViULDj
UHQRYDomR GR DU DPELHQWH HP FRQIRUPLGDGH FRP DV H[LJrQFLDV GR SURGXWR
DUPD]HQDGR
$ FDUJD GH LQILOWUDomR TXH GHYH VHU UHGX]LGD DR PtQLPR UHIHUHVH jV
FDUJDV WpUPLFDV RULXQGDV GR DU TXH SHQHWUD DWUDYpV GDV IUHVWDV H GD DEHUWXUD GH
SRUWDV QR DPELHQWH UHIULJHUDGR $LQGD TXH D GLVSHUVmR GR DU QmR WHQKD HIHLWR
VLJQLILFDWLYR VREUH D FDUJD GH UHIULJHUDomR R YDSRU GH iJXD TXH FRQGHQVD QDV
IHQGDVHIUHTHQWHPHQWHVHWUDQVIRUPDHPJHORpLQGHVHMiYHOHGHYHVHUHYLWDGR
3DUDUHGX]LUDGLVSHUVmRGRDUDOpPGHSRUWDVHMXQWDVEHPDOLQKDGDVHDMXVWDGDV
HGRIHFKDPHQWRFXLGDGRVRGHRXWUDVDEHUWXUDVQDVSDUHGHVFRVWXPDVHDTXHFHU
R SHUtPHWUR GD SRUWD FRP XPD UHVLVWrQFLD HOpWULFD PDQWHQGR VXD WHPSHUDWXUD
PDLRUTXHDWHPSHUDWXUDGRDUH[WHULRUHYLWDQGRVHDVVLPDFRQGHQVDomRGRDUH
IRUPDomRGHJHOR
F &DUJD WpUPLFD GHYLGD DR SURGXWR D FDUJD GHYLGD DR SURGXWR p
IRUPDGD SHOR FDORU FRUUHVSRQGHQWH j GLIHUHQoD HQWUH D WHPSHUDWXUD GR SURGXWR
DQWHV GH HQWUDU SDUD R DUPD]HQDPHQWR H DTXHOD FRQVLGHUDGD LGHDO SDUD PDLRU
WHPSRGHHVWRFDJHP1RFDVRGHSURGXWRVFRQJHODGRVRFDORUODWHQWHUHPRYLGRp
FRQVLGHUDGRSDUWHGDFDUJDGHYLGDDRSURGXWR1RFDVRGHSURGXWRVDJUtFRODVR
FDORUGH UHVSLUDomRRX FDORUYLWDOGHYHREULJDWRULDPHQWHVHUFRPSXWDGRSDUDR
FiOFXOR GD FDUJD WpUPLFD WRWDO (P DOJXQV FDVRV D FDUJD GHYLGD DR SURGXWR p
LQVLJQLILFDQWHSRUpPHPFHUWDVFLUFXQVWkQFLDVHODUHSUHVHQWDTXDVHDWRWDOLGDGH
GD FDUJD WpUPLFD GR VLVWHPD 1R FDVR HP TXH R SURGXWR p SUpUHVIULDGR j
WHPSHUDWXUD GH DUPD]HQDPHQWR DQWHV GH VHU FRORFDGR QD FkPDUD GH
DUPD]HQDPHQWRVRPHQWHDFDUJDGHYLGDjUHVSLUDomRGRSURGXWRVHIRURFDVR
GHYH VHU FRQVLGHUDGD &DVR FRQWUiULR D TXDQWLGDGH GH FDORU D VHU UHPRYLGD GR
SURGXWR SDUD UHGX]LU VXD WHPSHUDWXUD REULJDWRULDPHQWH GHYHUi VHU FRPSXWDGD
FRPRSDUWHGDFDUJDWRWDO
G &DUJDV DGLFLRQDLV HPERUD UHODWLYDPHQWH SHTXHQDV DV FDUJDV
DGLFLRQDLVRXVXSOHPHQWDUHVUHIHUHPVHDRFDORUJHUDGRSRUSHVVRDVWUDEDOKDQGR
LQWHUQDPHQWH QD FkPDUD OkPSDGDV PRWRUHV HOpWULFRV GH YHQWLODomR H TXDLVTXHU
RXWURVHTXLSDPHQWRVXVDGRVGHQWURGRHVSDoRUHIULJHUDGR

&DUJDGH&DORU&HGLGRSHODV3DUHGHV
2 IOX[R GH FDORU DWUDYpV GDV SDUHGHV GD FkPDUD IULJRUtILFD SRGH VHU
HVWLPDGRSHODVHJXLQWHHTXDomR

 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV
&DStWXOR $UPD]HQDPHQWRGHIUXWDVHKRUWDOLoDV

4 $8 '7 HT

HPTXH
4 IOX[RGHFDORUDWUDYpVGDSDUHGHNFDOKRUD
$ iUHDH[WHUQDGDVSDUHGHVP
'7 GLIHUHQFLDOGHWHPSHUDWXUDDWUDYpVGDVSDUHGHVR&H
8  FRHILFLHQWH JOREDO GH WUDQVPLVVmR GH FDORU
NFDOKPR&

2FRHILFLHQWHJOREDOGHWUDQVPLVVmRGHFDORU8pDPHGLGDGRIOX[RGH
FDORU TXH SDVVDUi DWUDYpV GH XPD XQLGDGH GH iUHD GH SDUHGHV WHWR H SLVR TXH
VHSDUDP RV DPELHQWHV LQWHUQR H H[WHUQR GD FkPDUD GH UHIULJHUDomR SDUD FDGD
JUDXGHGLIHUHQoDGHWHPSHUDWXUD2YDORUGH8GHYHVHURPHQRUSRVVtYHO3DUD
LVWRRVPDWHULDLVHPSUHJDGRVQDFRQVWUXomRGDVFkPDUDVIULJRUtILFDVGHYHPVHU
ERQVLVRODQWHVWpUPLFRVHDSUHVHQWDUXPFXVWRTXHQmRLQYLDELOL]HRSURMHWR

'HWHUPLQDomRGRIDWRU8
2 FRHILFLHQWH JOREDO GH WUDQVPLVVmR GH FDORU 8 SRGH VHU GHWHUPLQDGR
SHODVHJXLQWHHTXDomR

 [ [ N 
8        HT
I  N N  NQ IR

HPTXH
I FRHILFLHQWHGHFRQYHFomRGDSDUHGHLQWHUQDGRSLVRRX
WHWR
IR FRHILFLHQWHGHFRQYHFomRGDSDUHGHH[WHUQDGRSLVRRX
WHWR
[ HVSHVVXUDGHFDGDFRPSRQHQWHGDSDUHGHH
NL FRQGXWLYLGDGHWpUPLFDGHFDGDFRPSRQHQWHGDSDUHGH

$V FRQGXWkQFLDV GDV VXSHUItFLHV SDUD YHORFLGDGHV PpGLDV GR YHQWR VmR
GDGDVQD7DEHOD

'LIHUHQoDGHWHPSHUDWXUDVREUHDVSDUHGHVGHXPDFkPDUD
$ WHPSHUDWXUD LQWHUQD GH SURMHWR GH XPD FkPDUD IULJRUtILFD GHSHQGH
EDVLFDPHQWH GR WLSR GH SURGXWR H GR WHPSR GH DUPD]HQDJHP 7DEHOD  $
WHPSHUDWXUDH[WHUQDGHSURMHWRGHSHQGHGDORFDOL]DomRGRIULJRUtILFR
3DUD DV SDUHGHV H RV WHWRV ORFDOL]DGRV GHQWUR GH XPD FRQVWUXomR DV
WHPSHUDWXUDV GH SURMHWR H[WHUQDV jV SDUHGHV IULDV VmR WRPDGDV FRPR VHQGR DV
WHPSHUDWXUDV LQWHUQDV GD FRQVWUXomR 4XDQGR DV SDUHGHV GH DUPD]HQDJHP VmR
H[SRVWDV DR DU DWPRVIpULFR D WHPSHUDWXUD H[WHUQD GH SURMHWR p D WHPSHUDWXUD
PpGLD GD UHJLmR LQFOXLQGR XPD PDUJHP SDUD YDULDo}HV QRUPDLV GXUDQWH XP
SHUtRGRGHKRUDV

6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV 
&DStWXOR$UPD]HQDJHPGH)UXWDVH+RUWDOLoDV

'LIHUHQoDGHWHPSHUDWXUDHQWUHWHWRVHSLVRV
2WUDWDPHQWRSDUDWHWRVpRPHVPRGDGRjVSDUHGHV2PHVPRWUDWDPHQWR
SRGH VHU GDGR DR SLVR TXDQGR HVWH QmR HVWi IL[DGR GLUHWDPHQWH VREUH R VROR
4XDQGRRSLVRGDFkPDUDIULJRUtILFDpIL[DGRGLUHWDPHQWHQXPDSUDQFKDVREUHR
VROR DOJXPD SUHFDXomR GHYH VHU WRPDGD SDUD HYLWDU D VDtGD H R HYHQWXDO
FRQJHODPHQWR GH iJXD VXEWHUUkQHD VRE R SLVR GD FkPDUD 'XWRV GH DU TXHQWH
UHVLVWrQFLDV HOpWULFDV VHUSHQWLQDV SDUD FLUFXODomR GH VDOPRXUD RX VROXo}HV
DQWLFRQJHODQWHV VmR DUWLItFLRV HPSUHJDGRV SDUD PDQWHU D WHPSHUDWXUD GR VROR
DFLPDGRSRQWRGHFRQJHODPHQWR

7DEHOD±&RQGXWLYLGDGHWpUPLFDGRVSULQFLSDLVPDWHULDLVXVDGRVQDFRQVWUXomR
GHFkPDUDVSDUDDUPD]HQDJHPDIULR

0DWHULDO &RQGXWLYLGDGH &RQGXWkQFLD

WpUPLFDN WpUPLFD&
NFDOPFP KR& NFDOPKR&
7LMRORFRPXP 
$UJDPDVVD 
&RQFUHWRDJUHJDGRGHDUHLD 
%ORFRGHFRQFUHWR
$JUHJDGRGHDUHLDFP 
$JUHJDGRGHDUHLDFP 
/DMRWDDUJLODYD]DGDFP 
3LQKR 
0DGHLUDFRPSHQVDGDFP 
&REHUWXUDGHURORGHDOIDOWR 
0DQWDGHILEUDGHYLGUR 
3ODFDGHFRUWLoD 
/mPLQHUDO 
$USDUDGR 
$UHPPRYLPHQWRNPK 
$UHPPRYLPHQWRNPK 

(IHLWRVGHUDGLDomRVRODU
$ UDGLDomR VRODU SRGH SURYRFDU DFUpVFLPRV QD WHPSHUDWXUD GD SDUWH
H[WHUQDGDVSDUHGHVHGRVWHWRVGDVFkPDUDVIULJRUtILFDVVXSHULRUHVjWHPSHUDWXUD
GR DU DPELHQWH $ 7DEHOD  PRVWUD R GHFUpVFLPR HP JUDXV TXH GHYH VHU
DGLFLRQDGR j WHPSHUDWXUD GR DU H[WHULRU HP IXQomR GR SRVLFLRQDPHQWR
JHRJUiILFRGDVSDUHGHV
D&iOFXORGDFDUJDGHWURFDGHDU
4XDQGR D TXDQWLGDGH GH DU TXH HQWUD QR DPELHQWH UHIULJHUDGR p
FRQKHFLGD D FDUJD GH WURFD GH DU SRGH VHU SHUIHLWDPHQWH GHWHUPLQDGD SHOD
VHJXLQWHHTXDomR

 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV
&DStWXOR $UPD]HQDPHQWRGHIUXWDVHKRUWDOLoDV

FS P  K R  KL  HT
HPTXH
FS FDUJDGHWURFDGHDUNFDOGLD
P PDVVDGHDUTXHHQWUDQDFkPDUDNJGLD
KR HQWDOSLDGRDUH[WHUQRNFDONJH
KL HQWDOSLDGRDULQWHUQRNFDONJ

&RPR p GLItFLOGHWHFWDU D TXDQWLGDGH GH DU TXH YDL SHQHWUDU QXP HVSDoR
UHIULJHUDGRGXUDQWHKRUDVD7DEHODPRVWUDRQ~PHURDSUR[LPDGRGHWURFDV
GHDUGXUDQWHKRUDVSDUDYiULRVWDPDQKRVGHFkPDUDVIULJRUtILFDVRVYDORUHV
VmRGDGRVSDUDXVRPpGLR
8620e',2LQFOXHPLQVWDODo}HVQmRVXMHLWDVDWHPSHUDWXUDVH[WUHPDV
TXDQGR D TXDQWLGDGH GH SURGXWR JXDUGDGR QR UHIULJHUDGRU p QRUPDO ([HPSOR
UHIULJHUDGRUHVGHFRQIHLWDULDVHFOXEHV
862 3(6$'2 LQFOXL LQVWDODo}HV FRPR DTXHODV GH PHUFDGRV
PRYLPHQWDGRV FR]LQKDV GH KRWpLV H UHVWDXUDQWHV TXDQGR SHUtRGRV GH JUDQGH
PRYLPHQWRHVWDEHOHFHPFDUJDVSHVDGDVVREUHRVUHIULJHUDGRUHVHTXDQGRJUDQGHV
TXDQWLGDGHVGHDOLPHQWRVTXHQWHVVmRDUPD]HQDGDV

7DEHOD±7ROHUkQFLDSDUDDUDGLDomRVRODUR&DVHUHPDFUHVFLGRVjGLIHUHQoD
QRUPDOGHWHPSHUDWXUD

7LSRGH6XSHUItFLH 3DUHGHV 7HOKDGR3ODQR

LOXPLQDGDV
1HJUDVRXPXLWRHVFXUDV  
0HLRWRPRXFODUDV  
%UDQFDV  

7DEHOD± 0pGLDGHWURFDVGHDUHPKRUDVSDUDFkPDUDVGHDUPD]HQDPHQWR
GHYLGRDDEHUWXUDGHSRUWDVHLQILOWUDo}HVGHDU

9ROXPH 7URFDVGHDUSRUKRUDV 7URFDVGHDUSRUKRUDV

P
$FLPDGHR& $EDL[RGHR&
  
  
  
  
  
  

E&iOFXORGDFDUJDGHSURGXWRHHPEDODJHP
7RGRSURGXWRFRORFDGRHPFkPDUDIULJRUtILFDFXMDWHPSHUDWXUDHVWiDFLPD
GDWHPSHUDWXUDGHDUPD]HQDJHPFHGHUiFDORUDRHVSDoRUHIULJHUDGRDWpDWLQJLUR

6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV 
&DStWXOR$UPD]HQDJHPGH)UXWDVH+RUWDOLoDV

HTXLOtEULR WpUPLFR 2 FDORU RULXQGR GR SURGXWR p FDOFXODGR SHOD VHJXLQWH

HTXDomR

US PF'7 KRUDV GLDHT

HPTXH
US TXDQWLGDGHGHFDORUNFDOGLD
P PDVVDGRSURGXWRNJK
F FDORUHVSHFtILFRGRSURGXWR DFLPDGRSRQWRGH
FRQJHODPHQWRNFDONJR&H
'7  GLIHUHQFLDO GH WHPSHUDWXUD HQWUH SURGXWR H
FkPDUDR&

$ HTXDomR  IRUQHFH D TXDQWLGDGH GH FDORU UHWLUDGD GR SURGXWR HP 

KRUDVHSRGHVHUDVVLPH[SUHVVD

PF'7 KRUDV
US HT
7UG

HPTXH
7UG WHPSRGHUHVIULDPHQWRGHVHMDGRKRUDV

9HORFLGDGHGHUHVIULDPHQWR
1RFDVRGHFkPDUDVGHSUpUHVIULDPHQWRDFDUJDWpUPLFDpPDLVHOHYDGD
QRLQtFLRGRUHVIULDPHQWR(PFRQVHTrQFLDGDJUDQGHGLIHUHQoDGHWHPSHUDWXUD
HQWUH R SURGXWR H R DU GH UHIULJHUDomR D YHORFLGDGH GH UHVIULDPHQWR H D FDUJD
WpUPLFDGHYLGDDRSURGXWRWHQGHPDVHFRQFHQWUDUQD IDVHLQLFLDOGRSHUtRGRGH
UHVIULDPHQWR &RPR D VHOHomR GR HTXLSDPHQWR EDVHLDVH QD KLSyWHVH GH TXH D
FDUJDGRSURGXWRpGLVWULEXtGDLJXDOPHQWHHPWRGRRSHUtRGRGHUHVIULDPHQWRR
HTXLSDPHQWRVHOHFLRQDGRQmRWHUiFDSDFLGDGHWpUPLFDSDUDUHWLUDURFDORUGXUDQWH
RV HVWiJLRV LQLFLDLV GH UHVIULDPHQWR TXDQGR D FDUJD WpUPLFD GHYLGD DR SURGXWR
HVWDUi QR SLFR FDORU GH FDPSR H FDORU GH UHVSLUDomR 3DUD FRPSHQVDU D
GLVWULEXLomR GHVLJXDO GD FDUJD WpUPLFD XP IDWRU GH UHJLPH GH UHVIULDPHQWR
HTXLYDOHQWHDSDUDIUXWDV H  SDUD KRUWDOLoDVGHYHUi VHULQWURGX]LGR QRV
FiOFXORV &RPR UHVXOWDGR R HTXLSDPHQWR IULJRUtILFR WHUi FDSDFLGDGH PDLRU H
VXILFLHQWHSDUDPDQWHUDYHORFLGDGHGHUHVIULDPHQWRFRQVWDQWHPHVPRQRLQtFLR
GRUHVIULDPHQWR
$HTXDomRSDUDDFDUJDWpUPLFDGHYLGDDRSURGXWRTXDQGRVHXVDRIDWRU
GHUHVIULDPHQWRp
PF'7 KRUDV
US HT
WU IU
HPTXH
WU WHPSRGHUHVIULDPHQWRKRUDVH
IU IDWRUGHUHJLPHDGLPHQVLRQDO

 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV
&DStWXOR $UPD]HQDPHQWRGHIUXWDVHKRUWDOLoDV

4XDQGR DV FkPDUDV Mi UHFHEHP RV SURGXWRV SUpUHVIULDGRV QmR p

QHFHVViULRXVDURUHIHULGRIDWRU1RFDVRHPTXHRSURGXWRGHYHVHUFRQJHODGRH
DUPD]HQDGRDWHPSHUDWXUDVDEDL[RGHR&jFDUJDWpUPLFDGRVGRLVSHUtRGRVGH
UHVIULDPHQWR DFLPD GH R& H DEDL[R GH R& GHYH VHU DFUHVFHQWDGD D FDUJD
GHYLGD DR FRQJHODPHQWR FDORU ODWHQWH GH VROLGLILFDomR $ FDUJD GR SURGXWR
UHVXOWDQWHDSHQDVGRFRQJHODPHQWRpGDGDSHODHTXDomR

4 PKLI HT

HPTXH
P PDVVDGHSURGXWRNJH
KLI  FDORU ODWHQWH GH VROLGLILFDomR GR SURGXWR
NFDONJ

&DORUGHUHVSLUDomR
&RPR H[SOLFDGR DQWHULRUPHQWH DV IUXWDV H KRUWDOLoDV FRQWLQXDP D
H[SHULPHQWDU PXGDQoDV GXUDQWH R DUPD]HQDPHQWR $ PDLV LPSRUWDQWH GHVVDV
PXGDQoDVpSURGX]LGDSHODUHVSLUDomRTXDQGRHVVHVSURGXWRVVmRDUPD]HQDGRVD
XPDWHPSHUDWXUDDFLPDGDWHPSHUDWXUDGHFRQJHODPHQWR$7DEHOD IRUQHFH R
FDORUGHUHVSLUDomRGHDOJXQVSURGXWRVTXHGHYHUiVHULQFOXtGRQDFDUJDGHFDORU
GHYLGDDRSURGXWR
(PEDODJHQV
4XDQGR XP SURGXWR p DUPD]HQDGR HP UHFLSLHQWHV FRPR R OHLWH HP
SDFRWH RX JDUUDID RYRV HP HQJUDGDGRV H IUXWDV HP FHVWDV RX FDL[DV GHYHVH
FRPSXWDU R FDORU RULXQGR GRV PDWHULDLV SDUD GLPLQXLU VXD WHPSHUDWXUD GH
DUPD]HQDJHP

F&iOFXORGHFDUJDPLVWD
$V OX]HV FRQWULEXHP FRP  NFDO:DWW   N-:DWW 2V PRWRUHV
FRQWULEXHP FRP FDUJD WpUPLFD HTXLYDOHQWH D  NFDOKRUDKS H DV SHVVRDV
WUDEDOKDQGRFRPDSUR[LPDGDPHQWHNFDOKRUD

G)DWRUGHVHJXUDQoD
4XDQGR D FDUJD WpUPLFD p HVWLPDGD SRU PpWRGRV SUHFLVRV WRUQDVH
GHVQHFHVViULR R HPSUHJR GRIDWRU GH VHJXUDQoDSRUpP TXDQGR HOD p FDOFXODGD
SRUPpWRGRVUiSLGRVFRPXPHQWHDGLFLRQDVHDGDFDUJDWRWDOFRPRIDWRU
GHVHJXUDQoD

([HPSORGH$SOLFDomR
2H[HPSORDVHJXLU HDVGHILQLo}HVDSUHVHQWDGDVDQWHULRUPHQWHPRVWUDP
RV IDWRUHV D VHUHP FRQVLGHUDGRV QD GHWHUPLQDomR GD FDUJD GH UHIULJHUDomR SDUD
XPDFkPDUDGHDUPD]HQDPHQWRDIULRSDUDSURGXWRVDJUtFRODV

6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV 
&DStWXOR$UPD]HQDJHPGH)UXWDVH+RUWDOLoDV

3URGXWR3rUDWHPSHUDWXUDGHDUPD]HQDPHQWRR&
'LPHQV}HVGDFkPDUD [[P
6XSHUItFLHH[WHUQD
LQFOXLQGRRSLVR P
'LPHQV}HVGRLQWHULRUGDFkPDUD [[P
9ROXPHLQWHUQRGDFkPDUD P
,VRODPHQWRGHPP . NFDOPPPR&
FRPSROLXUHWDQR 8 NFDOKUPR&
&RQGLo}HVGHFROKHLWD R&H85
7HPSHUDWXUDGRSURGXWR R&
FRQGLo}HVGHDUPD]HQDPHQWR R&H85
&DSDFLGDGHGDFkPDUD FDL[DVFRPNJFDL[D
&DSDFLGDGHWRWDO NJGHSrUD
3HVRGDFDL[DNJ !SHVRWRWDO NJ
)OX[RGHFDUJD FDL[DVRXNJGLD
GLDVSDUDHQFKHUDFkPDUD
7D[DGHUHVIULDPHQWR GHSDUDR&QRSULPHLURGLDHGH
SDUDR&QRVHJXQGRGLD
7URFDGHDUGHYLGRjDEHUWXUDGD WURFDVGLD
SRUWDGXUDQWHDUHIULJHUDomR
7URFDGHDUGHYLGRjDEHUWXUDGD WURFDVGLD
SRUWDGXUDQWHRDUPD]HQDPHQWR
&DORUHVSHFtILFRGDSrUD NFDONJR&
&DORUHVSHFtILFRGDFDL[D NFDONJR&
GHFDORUSGLPLQXLUDWHPSHUDWXUD
GRDUGHR&H85SDUD±R&
NFDOP
&DUJDGHFDORUSGLPLQXLUD
WHPSHUDWXUDGRDUGHR&H
85SDUD±R& NFDOP
&DUJDVGLYHUVDVQDFkPDUD
LOXPLQDomR :KUKU
YHQWLODGRU +3 :
FDUUHJDGHLUDVKRUDV NFDOKUFDUUHJDGHLUD
KRPHQVKRUDV NFDOKUKRPHP

6ROXomR

$ &DUJD GH UHIULJHUDomR GXUDQWH R UHVIULDPHQWR H HQFKLPHQWR GD

FkPDUDNFDOGLD

'LIHUHQoDGHWHPSHUDWXUD'7  R&

&DUJDGHWUDQVPLVVmRGHFDORUQDFkPDUD
FF FRHIGHWUDQVPLVVmRDUHD'WKRUDV
 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV
&DStWXOR $UPD]HQDPHQWRGHIUXWDVHKRUWDOLoDV

FF NFDOP R&KP R&KGLD

&DUJDGHWUDQVPLVVmRGHFDORUQDFkPDUDNFDOGLD

&DUJDGHWURFDGHDUGHYLGRjDEHUWXUDGHSRUWD
FS FDUJDGHFDORUYROXPHWURFDGHDU
FS NFDOPPWURFDVGLD
&DUJDGHYLGDjDEHUWXUDGDSRUWD NFDOGLD

&DUJDGHYLGDDRSURGXWR
5HVIULDPHQWRGRSURGXWRHGDVFDL[DV
3ULPHLURGLD
US SHVRGRSURGXWRFDORUHVSHFtILFR '7 R&
US NJGLDNFDONJR&R&
5HVIULDPHQWRGRSURGXWR NFDOGLD
UF SHVRGDFDL[DFDORUHVSHFtILFRGDFDL[D'7 R&
UF NJGLDNFDONJR&R&
5HVIULDPHQWRGDVFDL[DV NFDOGLD

6HJXQGRGLD
US SHVRGRSURGXWRFDORUHVSHFtILFR'7 R&
US NJGLDNFDONJR&R&
5HVIULDPHQWRGRSURGXWR NFDOGLD
UF SHVRGDFDL[DFDORUHVSHFtILFRGDFDL[D'7 R&
UF NJGLDNFDONJR&R&
5HVIULDPHQWRGDVFDL[DV NFDOGLD

&$5*$727$/'(5(6)5,$0(172NFDOGLD

%&DORUGHUHVSLUDomRGXUDQWHRUHVIULDPHQWRFDORUYLWDO

3ULPHLURGLDWHPSHUDWXUDPpGLD  R&

WD[DGHUHVSLUDomR#NFDOWGLD7DEHOD
FUU WD[DGHUHVSLUDomRSHVRGRSURGXWR
FUU NFDOWGLDW
&DORUGHUHVSLUDomR NFDOGLD

6HJXQGRGLDWHPSHUDWXUDPpGLD  R&

WD[DGHUHVSLUDomR#NFDOWGLD7DEHOD
FUU NFDOWGLDW
&DORUGHUHVSLUDomR NFDOGLD

$FXPXODGRQDFkPDUDDQWHVGHFRPSOHWDURUHVIULDPHQWR
SHVRWRWDOGHIUXWDVNJ
GLDVGHFDUUHJDPHQWR[NJGLD NJ

6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV 
&DStWXOR$UPD]HQDJHPGH)UXWDVH+RUWDOLoDV

NJNJ NJRXW
WD[DGHUHVSLUDomRGDSrUDDR& NFDOWGLD
FUU NFDOWGLDW
$FXPXODGRDQWHVGRUHVIULDPHQWRNFDOGLD

&$5*$727$/'(5(63,5$d­2Pi[LPDNFDOGLD

&DUJDVGHFDORUGLYHUVDVQDFkPDUD
LOXPLQDomR :KKNFDO:KKGLD
,OXPLQDomRNFDOGLD
YHQWLODGRU KSNFDOKKSKGLD
9HQWLODGRUNFDOGLD
FDUUHJDGHLUD NFDOKKGLD
&DUUHJDGHLUDNFDOGLD
KRPHQVWUDEDOKDQGR NFDOK
+RPHQVWUDEDOKDQGR NFDOGLD

&$5*$727$/'(',9(5626NFDOGLD

&DUJDWRWDOGHFDORUGXUDQWHRUHVIULDPHQWR
FDUJDGHWUDQVPLVVmRGHFDORUGDFkPDUDNFDOGLD
FDUJDGHYLGDjDEHUWXUDGHSRUWDNFDOGLD
FDUJDWRWDOGHUHVIULDPHQWRNFDOGLD
FDUJDWRWDOGHUHVSLUDomRNFDOGLD
FDUJDWRWDOGHGLYHUVRVNFDOGLD

727$/ NFDOGLD
DGLFLRQDOGHVHJXUDQoD NFDOGLD
727$/'(5()5,*(5$d­25(48(5,'$NFDOGLD

$VVXPLQGR TXH R HTXLSDPHQWR GH UHIULJHUDomR LUi RSHUDU  KRUDV SRU
GLD
NFDOGLDKGLD NFDOK
8PDWRQHODGDGHUHIULJHUDomRDEVRUYHNFDOKEWXK
 NFDOK NFDOKW GH UHIULJHUDomR ! WRQHODGDV GH
UHIULJHUDomR
$VWGHUHIULJHUDomR FDSDFLGDGHPi[LPD

& &DUJDGXUDQWHDRSHUDomRQRUPDOGHHVWRFDJHP
PpGLDGRDPELHQWHH[WHUQRR&H85
WHPSHUDWXUDGHHVWRFDJHPR&
'W  R&

7UDQVPLVVmRGHFDORUGDFkPDUD
FF NFDOPR&KGLDPR&K

 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV
&DStWXOR $UPD]HQDPHQWRGHIUXWDVHKRUWDOLoDV

&DUJDGHWUDQVPLVVmRGHFDORUGDFkPDUDNFDOGLD

&DUJDGHWURFDGHDUGHYLGRjDEHUWXUDGHSRUWD
FS NFDOPWURFDPGLD
&DUJDGHYLGDjDEHUWXUDGHSRUWDNFDOGLD

&DUJDGHYLGDDRSURGXWRUHVSLUDomR
WD[DGHUHVSLUDomRGDSrUDDR& !NFDOWGLD
FUU NFDOWGLDW
&DUJDWRWDOGHUHVSLUDomRNFDOGLD

&DUJDVGHFDORUGLYHUVDVQDFkPDUD
LOXPLQDomR :KKNFDO:KKGLD
,OXPLQDomRNFDOGLD

YHQWLODGRU KSNFDOKKGLD

9HQWLODGRUNFDOGLD
KRPHQVWUDEDOKDQGR NFDOKRPKKGLD
+RPHQVWUDEDOKDQGR NFDOGLD

&$5*$727$/'(',9(5626NFDOGLD

&DUJDWRWDOGXUDQWHHVWRFDJHP
FDUJDGHWUDQVPLVVmRGHFDORUGDFkPDUDNFDOGLD
FDUJDGHYLGDjDEHUWXUDGHSRUWDNFDOGLD
FDUJDWRWDOGHUHVSLUDomRNFDOGLD
FDUJDWRWDOGHGLYHUVRVNFDOGLD

727$/NFDOGLD
DGLFLRQDOGHVHJXUDQoD NFDOGLD

5()5,*(5$d­25(48(5,'$NFDOGLD

$VVXPLQGR TXH R HTXLSDPHQWR GH UHIULJHUDomR LUi RSHUDU  KRUDV SRU
GLD
NFDOGLDKGLD NFDOK
8PDWRQHODGDGHUHIULJHUDomRDEVRUYHNFDOK
NFDOKNFDOK WRQHODGDVGHUHIULJHUDomR

$FDSDFLGDGHRSHUDFLRQDOGRHTXLSDPHQWRGHUHIULJHUDomRHPFRQGLo}HV
QRUPDLVGHHVWRFDJHPpGHWRQHODGDVGHUHIULJHUDomR$VVLPGHYHVHDGRWDU
XPVLVWHPDTXHDWHQGDWGHUHIULJHUDomRQRVGLDVGHFDUUHJDPHQWRHWGH
UHIULJHUDomR SDUD D HVWRFDJHP 3RU JDUDQWLD p UHFRPHQGiYHO DGRWDU GXDV
XQLGDGHVTXHVRPDGDVIRUQHoDPWGHUHIULJHUDomRLVWRpXPDGHTXHVy
IXQFLRQDUiGXUDQWHRFDUUHJDPHQWRHRXWUDGHSDUDRVGRLVSHUtRGRV

6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV 
&DStWXOR$UPD]HQDJHPGH)UXWDVH+RUWDOLoDV

/,7(5$785$&2168/7$'$

 %5$6,/ )UXWDV EUDVLOHLUDV  ([SRUWDomR 0LQLVWpULR GD $JULFXOWXUD

&2'(9$6)%UDVtOLDS
 '266$7 5- 0DQXDO GHUHIULJHUDomR 9RO  +HPXV /LYUDULD (G /WGD
6mR3DXORS
 )$20DQXDOSDUDHOPHMRUDPLHQWRGHOPDQHMRSRVFRVHFKDGHIUXWDV\
KRUWDOL]DV  3DUWH ,, 6HULH 7HFQRORJLD 3RVFRFKHWD  6DQWLDJR &KLOH
S
 ,7$/)UXWDV7URSLFDLV%DQDQD6HFUHWDULDGD$JULFXOWXUD6mR3DXOR
&DPSLQDVS
 .$'(5 $$  .( ' &RQWUROOHG DWPRVSKHUHV ,Q 3$8// 5(
$5067521* -: HG ,QVHFW SHVWV DQG IUHVK KRUWLFXOWXUDO
SURGXFWV WUHDWPHQWV DQG UHVSRQVHV :DOOLQJIRUG &$%
,QWHUQDWLRQDOS
 5<$// $ /  3(17=(5 : 7 +DQGOLQJ WUDQVSRUWDWLRQ DQG
VWRUDJH RI IUXLWV DQG YHJHWDEOHV :HVWSRUW &RQQHFWLFXW 7KH $9,
3XEOLVKLQJ&RPSDQ\,1&
 8'(// 0 )DFWRUV DQG HTXLSPHQW IRU WKH GHVLJQ RU WKH
UHIULJHUDWLRQ V\VWHP ,Q 7+( 327$72 6725$*( '(6,*1
&216758&7,21 +$1'/,1* $1' (19,5210(17$/
&21752/0LFKLJDQ%)&$5*,/SS
 86'$ 7KHFRPPHUFLDOVWRUDJH RIIUXLWV YHJHWDEOHV DQG IRUHVW DQG
QXUVHU\VWRFNV+DQGERRN:DVKLQJWRQS
 :,/621(%5HIULJHUDWLRQUHTXLUHPHQWVIRUWKHHDUO\KDUYHVWDQG
WKH H[WHQGHG VHDVRQ ,Q 7+( 327$72 6725$*( '(6,*1
&216758&7,21 +$1'/,1* $1' (19,5210(17$/
&21752/0LFKLJDQ%)&$5*,/SS
 :,//6 5 0&*/$6621 5 *5$+$0 '  -2<&( ' 3RVW
KDUYHVW ± ,Q LQWURGXFWLRQ WR WKH SK\VLRORJ\ DQG KDQGOLQJ RI IUXLW
YHJHWDEOHV  RUQDPHQWDOV &$% ,QWHUQDWLRQDO :DOOLQJIRUG 
S

 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV