You are on page 1of 10

&RS\ULJKW‹E\/HRQDUGR&RVWDGH3DXOD-DFLQWR1HOVRQGH0LUDQGD

&RXWLQKR 0DUFR$XUpOLR1XQHVGD6LOYHLUD u]-mbŒ-7ou;vĹ


'LUHWRUD5HVSRQViYHO$OLQH*RVWLQVNL
-1bm|o;Ѵvom7;bu-m7-o†ঞm_o
(GLWRU5HVSRQViYHO,VUDHO9LOHOD
&DSDH'LDJUDPDomR&DUOD%RWWRGH%DUURV ;om-u7oov|-7;-†Ѵ-
-u1o†u࣐Ѵbo†m;v7-"bѴˆ;bu-
&RQVHOKR(GLWRULDO
$OGDF\5DFKLG&RXWLQKR 8)35
5 $OH[DQGUH0RUDLVGD5RVD 8)6&H81,9$/,
$OLQH*RVWLQVNL 8)6& $QGUp.DUDP7ULQGDGH ,0('56
$QW{QLR*DYD]]RQL 812(6& $XJXVWR-RELPGR$PDUDO 38&56
$XU\/RSHV-U 38&56 &ODXGLR(GXDUGR5HJLVGH)LJXHLUHGRH6LOYD (60(6&
(GXDUGR/DP\ 8)6&  -DFLQWR1HOVRQGH0LUDQGD&RXWLQKR 8)35
5
-XDQ&DUORV9H]]XOOD ,0$337 -XDUH]7DYDUHV 8(5-  $ 
-XOLR&HVDU0DUFHOLQR-U 81,68/ /XLV&DUORV&DQFHOOLHUGH2OLYR 8)6&
0DUFR$XUpOLR0DUUDIRQ 8(5- 0iUFLR6WDIIHQ ,0('56  &"$ࠎ! ! ""
2UODQGR&HOVRGD6LOYD1HWR 8)6&
5XEHQV55&DVDUD ,%0(&5-
3DXOR0DUFLR&UX]
] 81,9$/,
5XL&XQKD0DUWLQV &RLPEUD37
 !"
6pUJLR5LFDUGR)HUQDQGHVGH$TXLQR ,0(' 7KLDJR00LQDJp 81(6$5- " ! ""$ !
'$'26,17(51$&,21$,6'(&$7$/2*$d­21$38%/,&$d­2 &,3 ľ ‫ "" ! !""ܬ‬
3DXOD/HRQDUGR&RVWDGH
$! !" $‫ܬ‬Ş
0HQWDOLGDGHLQTXLVLWyULDHSURFHVVRSHQDOQR%UDVLODQDLVGRFRQJUHVVRLQWHUQDFLRQDO³GLiOR
JRVVREUHSURFHVVRSHQDOHQWUH%UDVLOH,WiOLD´YROXPH$QQD&DUROLQD3HUHLUD&HVDULQR
)DUDFR/DP\>HWDO@RUJDQL]DGRUHV/HRQDUGR&RVWDGH3DXOD-DFLQWR1HOVRQGH0LUDQGD
&RXWLQKRH0DUFR$XUpOLR1XQHVGD6LOYHLUD (& Ɛ
HG±)ORULDQySROLV(PSyULRGR'LUHLWR
S
,6%1
(VWXGRVGH3URFHVVR3HQDO'LUHLWR,QWHUQDFLRQDO%UDVLO,7tWXOR
&'8
 XHUPHLRRXSURFHVVRLQFOXVLYHTXDQWRjV
eSURLELGDDUHSURGXomRWRWDORXSDUFLDOSRUTXDOT
FDUDFWHUtVWLFDVJUi¿FDVHRXHGLWRULDLV
$YLRODomRGHGLUHLWRVDXWRUDLVFRQVWLWXLFULPH &yGLJR3HQDODUWH††/HLQƒGH
 VXMHLWDQGRVHjEXVFDHDSUHHQVmRHLQGHQL]Do}HVGLYHUVDV /HLQƒ 
7RGRVRVGLUHLWRVGHVWDHGLomRUHVHUYDGRVj(PSyULRGR'LUHLWR(GLWRUD

7RGRVRVGLUHLWRVGHVWDHGLomRUHVHUYDGRVj(PSyULRGR'LUHLWR
5XD6DQWD/X]LD±VDOD
&(3±7ULQGDGH±)ORULDQySROLV6&
ZZZHPSRULRGRGLUHLWRFRPEU
HGLWRUD#HPSRULRGRGLUHLWRFRPEU )ORULDQySROLV
,PSUHVVRQR%UDVLO 
3ULQWHGLQ%UD]LO
&$3,78/2
2SURMHWR&DUQHOXWWLQDUHIRUPDGR&yGLJRGH
3URFHVVR3HQDOLWDOLDQRHRFRQWUDGLWyULRQHFHVViULR
DRMXVWRSURFHVVR -rझ|†ѴoƐ
*LRYDQL)UD]mR'HOOD9LOOD                                  
 $$ ! &"$ !
&$3,78/2 "&"$҄  &  ƐŖ
&RQWUDGLWyULRH3URFHVVR3HQDO'HPRFUiWLFR
-DFLQWR1HOVRQGH0LUDQGD&RXWLQKR
/HDQGUR*RUQLFNL1XQHV                                   

&$3,78/2 4XDQGR &DUQHOXWWL HVFUHYHX HP  XP VDJJLRR TXH DFDERX


$VKHUDQoDVGRSURFHVVRSHQDOLWDOLDQRQR%UDVLOGD VHWRUQDQGRPXLWRFRQKHFLGR²0HWWHUHLOSXEEOLFRPLQLVWHURDOVXR
7*3DRDVVHVVRUGHMXL]HRHQJRGRSDUDDSXQLomR
/HRQDUGR&RVWDGH3DXOD                                    
SRVWRWLQKDSUHVHQWHHVWDUFRORFDQGRVREDVOX]HVXPDGDVPDLV
SUREOHPiWLFDVFKDJDVGRGLUHLWRSURFHVVXDOSHQDOLWDOLDQRHQHP
SRGHULDVXSRUTXHQHPVHXWH[WRHQHPQLQJXpPFRQVHJXLULD²
DWpKRMH²XPDQWLELyWLFRHÀFD]SDUDDFXUD
(P  &DUQHOXWWL SXEOLFRX VHX 'LDORJKL FRQ )UDQFHVFR ²

2SUHVHQWHHQVDLRIRLSXEOLFDGRQR%ROHWLPGR,%&&ULPQžGHMXOKR

 3URIHVVRU 7LWXODU GH 'LUHLWR 3URFHVVXDO 3HQDO QD )DFXOGDGH GH 'LUHLWR GD
8QLYHUVLGDGH )HGHUDO GR 3DUDQi (VSHFLDOLVWD HP )LORVRILD GR 'LUHLWR 38&35 
0HVWUH 8)35 'RXWRU 8QLYHUVLWjGHJOL6WXGLGL5RPD ³/D6DSLHQ]D³ ´
´ &RRUGHQDGRU
GR1~FOHRGH'LUHLWRH3VLFDQiOLVHGR33*'8)35$GYRJDGR3URFXUDGRUGR(VWDGR
GR 3DUDQi &RQVHOKHLUR )HGHUDO GD 2UGHP GRV$GYRJDGRV GR %UDVLO SHOR 3DUDQi
0HPEURGD&RPLVVmR([WHUQDGH
 -XULVWDV GR 6HQDGR )HGHUDO TXH HODERURX R DQWHSURMHWR GH &33 KRMH 3URMHWR Qž
3/6
 &$51(/877, )UDQFHVFR 0HWWHUH LO SXEEOLFR PLQLVWHUR DO VXR SRVWR ,Q 5LYLVWD GL
GLULWWRSURFHVVXDOH3DGRYD&HGDP9ROXPH9,,,3DUWH,
 &$51(7877, ) 0HWWHUH FLW S  ³³6H F¶q XQD ILJXUD DPELJXD QHO SURFHVVR
FLYLOH H SHQDOH q LO SXEEOLFR PLQLVWHUR 4XDQGR FRPLQFLDL D RFFXSDUPHQH
X QHL SULPL
WHQWDWLYL GL VLVWHPD]LRQH GHO GLULWWR SURFHVVXDOH OD VXD DPELJXLWjj PL KD FROSLWR D WDO
VHJQRGDIDUPLYHQLUHLQPHQWHODTXDGUDWXUDGHOFLUFRORQRQqFRPHTXDGUDUHXQFLUFROR
FRVWUXLUH XPD SDUWH LPSDU]LDOH"´ ´ ³³6H H[LVWH XPD ILJXUD DPEtJXD QR SURFHVVR FLYLO H
SHQDOpRPLQLVWpULRS~EOLFR4XDQGRFRPHFHLGHOHPHDFXSDUQDVSULPHLUDVWHQWDWLYDV
GHVLVWHPDWL]DomRGRGLUHLWRSURFHVVXDODVXDDPELJXLGDGHPHWRFRXD WDOSRQWRGHPH
ID]HUYLUjFDEHoDDTXDGUDWXUDGRFtUFRORQmRpTXDGUDUXPFtUFXORFRQVWUXLUXPDSDUWH
´
LPSDFLDO"´±WUDGXomROLYUH± 
 &$51(/877,)0HWWHUUHFLWS2DXWRUDTXLUHFODPDH[LVWLUPXLWDFRQIXVmRQD
³
³FLrQFLDGRSURFHVVRSHQDO ´
´SDUDTXHR03HQFRQWUHRVHXOXJDU(LVVRSRUTXH DOJXQVR
FRORFDPHQWUHDV SDUWHVGDQGROKHSRGHUHVTXHVmRSUySULRVGDVSDUWHV QDWXUDLVHRXWURV
RFRORFDPHQWUHRVPDJLVWUDGRVGDQGROKHGHYHUHVTXHQmRFRQYpPjVXDIXQomRWXGR
T
VHP OHYDU HP FRQVLGHUDomR D UDWLR GLVWLQJXHQGL SDUD GDt FRQFOXLU ³³3HUFLz PHWWHUH LO
SXEEOLFR PLQLVWHUR DO VXR SRVWR q YHUDPHQWH XQD WUD OH QHFHVVLWj XUJHQWL GHOOD ULIRUPD
SURFHVVXDOH´ ´ ³3RULVWRFRORFDURPLQLVWpULRS~EOLFRQRVHXOXJDU
³ U pYHUGDGHLUDPHQWHXPD
´
GDVQHFHVVLGDGHVXUJHQWHVGDUHIRUPDSURFHVVXDO´±WUDGXomROLYUH± 
 &$51(/877,)'LDORJKLFRQ)UDQFHVFR5RPD7XPPLQHOOLS
-rझ|†ѴoƖ
! $! &$$! !
ࠎ  ! "" 
$ $! $ࠎ!
  ""‫"&!ܬ‬$! ""
*LRYDQL)UD]mR'HOOD9LOOD

(P UHYLVLWD DRV WH[WRV SURGX]LGRV QR HQFRQWUR LWDOLDQR TXH


GHXRULJHPjREUD/LQFRQVFLR,QTXLVLWyULRFKDPDDWHQomRSDUDR
%UDVLODDWXDOLGDGHGDVGLVFXVV}HVDSUHVHQWDGDVSULQFLSDOPHQWH
SHORIDWRGHVHYLYHUFRWLGLDQDPHQWHRLQFRQVFLHQWHLQTXLVLWyULR
QDSUiWLFDGRSURFHVVRSHQDOEUDVLOHLUR
2 WH[WR GH 2OLYLHUR 0$==$ WUDWD GR SURMHWR GH DOWHUDomR
GR&yGLJRGH3URFHVVR3HQDO,WDOLDQRHODERUDGRSRU)UDQFHVFR
&$51(/877,QDGpFDGDGHHGRPRGHORGHLQYHVWLJDomR
SUHOLPLQDUGHSDUWH
,QIRUPDTXHHPYHLRjWRQDRSULPHLURSURMHWRRUJkQLFR
GH UHIRUPD GR SURFHVVR SHQDO LWDOLDQR GH PDWUL] LQTXLVLWyULD
&yGLJR 5RFFR 
R DWUDYpV GR ¶3URMHWR &DUQHOXWWL·
· SULQFLSDO DXWRU
GRSURMHWR
1RHQVDLRGH0$==$VDOLHQWDPVHWUrVSRQWRVSULQFLSDLV´D
VLQJXODULGDGHGRPpWRGRGHUHGDomRGRSURMHWRDRULJLQDOLGDGH
GRV FRQWH~GRV FRP SDUWLFXODU UHIHULPHQWR j LQYHVWLJDomR
 0HVWUDQGRHP'LUHLWRSHOD8QLYHUVLGDGH)HGHUDO GR3DUDQi3yV*UDGXDGRHP'LUHLWR
3URFHVVXDO &LYLO H HP 'LUHLWR &RQWHPSRUkQHR %DFKDUHO HP 'LUHLWR SHOD 3RQWLItFLD
8QLYHUVLGDGH&DWyOLFDGR3DUDQi$GYRJDGR
 0$==$2OLYLHUR/¶LOOXVLRQHDFXVDWyULD&DUQHOXWWLHLOPRGHORGHOO¶LQFKLHVWDSUHOLPLQDUH
GLSDUWH,Q*$5/$7,/RUHGDQD/¶LQFRQVFLRLQTXLVLWRULRO¶HUHGLWjGHO&RGLFH5RFFR
QHOODFXOWXUDSURFHVVXDOSHQDOLVWLFDLWDOLDQD0LODQR*LXIIUHS
ƐѶѵ  $   &"$ࠎ! ! "" !"҃(ĺƐ ( !,‫( ܮ‬ ƐѶƕ

SUHOLPLQDUGHSDUWHHDLQÁXrQFLDTXHDDUTXLWHWXUDSURFHVVXDO 2VSDUWLFLSDQWHVHUDPDHOLWHGRSURFHVVRSHQDOLWDOLDQRHQWUH
GHOLQHDGD QR ¶HVERoR· WHYH VREUH D HVFROKD GR OHJLVODGRU RVTXDLVHVWDYDP*LURODPR%(//$9,67$*LRYDQL&2162
UHSXEOLFDQR OHYDGD j FRQFOXVmR VRPHQWH FRP D HQWUDGD HP )UDQFR &25'(52 *LXVHSSH '( /8&$ $OIUHGR '(
YLJRUGR&yGLJRGHµ 0$56,&2*DHWDQR)26&+,1,*LDQ'RPHQLFR3,6$3,$
1R SUHVHQWH WH[WR LUi VH UHWUDoDU RV SDVVRV WRPDGRV SRU *LXOLDQR9$66$/,
0$==$ HQIRFDQGR D FDUDFWHUtVWLFD GH TXH R UHVSHLWR DR +i TXH VH FRQVLGHUDU DLQGD R SDSHO FHQWUDO H[HUFLGR SRU
SULQFtSLR GR FRQWUDGLWyULR GHYH VHU XP HOHPHQWR FKDYH
D QD &$51(/877, QHVWH SURMHWR SRLV QHVWD IDVH Mi HVWDYDD PDLV
FRQTXLVWDGHXPSURFHVVRSHQDOGHPRFUiWLFR SUHRFXSDGR FRP R SURFHVVR SHQDO GR TXH DTXHOH SULPHLUR
&$51(/877, SURIHVVRU GH PDWpULD FLYLOLVWD 7DQWR TXH XP
‫ݽ‬$ ! &$$!! ! DQRDQWHVGRSURMHWRHPKDYLDODQoDGRVXDREUD3ULQFLSL
! ""  &"$ࠎ!ĺ GHO SURFHVVR SHQDOH TXH GHYHULD UHSUHVHQWDU D EDVH GDV GLVFXVV}HV
1RWH[WRGH0$==$VHLQLFLDDVLQWHUORFXo}HVVREUHRPpWRGR D VHUHP UHDOL]DGDV QD UHIRUPD GR &yGLJR 5RFFR EHP FRPR R
XVDGRSRU&$51(/877,QDHODERUDomRGRSURMHWRGHUHIRUPD DSHUIHLoRDPHQWR H HP DOJXQV FDVRV D VXSHUDomR GDV LGHLDV Mi
GR &yGLJR 5RFFR ,QIRUPD TXH HP  IRL FRQYRFDGR XP H[SUHVVDV QD REUD /H]LRQL VXO SURFHVVR SHQDOH HP TXDWUR YROXPHV
Q~PHURUHVWULWRGHMXULVWDVUHSUHVHQWDQWHVGDVWUrVWUDGLFLRQDLV ODQoDGRVHQWUH
FDWHJRULDV DGYRJDGRVPDJLVWUDGRVHSURIHVVRUHVXQLYHUVLWiULRV  &RQIRUPH DÀUPD 0$==$ &$51(/877, KDYLD SUHSDUDGR
SHOR&HQWURGH&XOWXUDH&LYLOLGDGHGD)XQGDomR *LRUJLR&LQL R WHUUHQR SDUD D PXGDQoD QRUPDWLYD QD yWLFD GD ¶WHRULD ~WLO·
GH 9HQH]D LQVWLWXLomR SUHVLGLGD SRU &$51(/877, D ÀP &$51(/877,LQWURGX]LDRVWUDEDOKRVGRSURMHWROHPEUDQGRD
GHGLVFXWLUDQHFHVVLGDGHGHXPDSURIXQGDUHYLVmRGR&yGLJR QHFHVVLGDGHGHDEDQGRQDURPpWRGRSRVLWLYRGHGLVWLQomRHQWUH
5RFFR SRU LQWHUPpGLR GH VHPLQiULRV GH HVWXGR ¶HP IRUPD D FLrQFLD GR GLUHLWR H D SROtWLFD OHJLVODWLYD HP TXH D SULPHLUD
GLDORJDGD· TXH JDUDQWHP DLQGD KRMH XPD OHLWXUD IDVFLQDQWH GD VHRFXSDGRRUGHQDPHQWRMXUtGLFR¶FRPRRp·HDVHJXQGDGH
TXDO WUDQVSDUHFH LQWDFWD D WHQVmR LGHDO RX PHVPR D SDL[mR ¶FRPRGHYHVHU·
VREUHRDEDQGRQRGRPpWRGRLQTXLVLWyULRGRSUHFHGHQWHUHJLPH
&$51(/877,DÀUPDYDTXHRMXULVWDWHPRGHYHUGHLQGLFDU
WRWDOLWiULRHPIDYRUGHXPSURFHVVRSHQDOPRGHUQR
DHVWUDGDjSROtWLFDOHJLVODWLYDHSRULVVRJDUDQWHDSUHVHQoDQD
1DDEHUWXUDGRVWUDEDOKRVDÀUPDQGRDLPSRUWkQFLDGHGLVFXWLU &RQYHQomR 9HQH]LDQD GR 0LQLVWUR GH *UDoD H -XVWLoD *XLGR
RWHPDQDUUD&$51(/877, TXH´RSUREOHPDSHQDOHVWiDFLPD *21(//$ DFRPSDQKDGR GH VHX FKHIH GH JDELQHWH %UXQR
GRSUREOHPDFLYLOHRSUREOHPDGRSURFHVVRSHQDOpDLQGDPDLV /,*825,$SUHVHQoDGR0LQLVWURWHPRFRQGmRGHVHQVLELOL]DU
DOWRHPDLVGLItFLOTXHDTXHOHGRGLUHLWRSHQDOVXEVWDQFLDOµ RPXQGRSROtWLFRGDQHFHVVLGDGHGHVHUHHVFUHYHUR&yGLJRGH
 ,ELGHPS
 7UDGXomROLYUHGH LOSUREOHPDSHQDOHqLQFLPDDOSUREOHPDGHODFLYLOLWjHLOSUREOHPD '( /8&$ *LXVHSSH 3ULPPL SUREOHPL GHOD UHIRUPD GHO SURFHVVR SHQDOH 9HQH]LD
GHOSURFHVVRSHQDOHqDQFKHSLDOWRHSLGLIILFLOHFKHTXHORGHOGLULWWRSHQDOHVRVWDQ]LDOH
O 6DQVRQLS
ƐѶѶ  $   &"$ࠎ! ! "" !"҃(ĺƐ ( !,‫( ܮ‬ ƐѶƖ

3URFHVVR3HQDO GRLQRYDGRU3URMHWRGH&yGLJRTXHGHIDWRHODERURXGLUHWDH
'H IDWR QR DQR GH  IRL LQVWLWXtGD XPD &RPLVVmR SHOR SHVVRDOPHQWH
0LQLVWUR *21(//$ SDUD IRUPXODU QR SUD]R GH XP DQR 0$==$FRQVLGHUDDLQGDTXHIH]PXLWDGLIHUHQoDDH[SHULrQFLD
XP SURMHWR GH UHIRUPD GR &yGLJR GH 3URFHVVR 3HQDO VRE D SURÀVVLRQDO GH &$51(/877, HP HVSHFLDO SRUTXH IRL
SUHVLGrQFLDGH&$51(/877, PDUFDGRSURIXQGDPHQWHSHORFDVRGH*LRYDQQL )(1$52/,
2VWUDEDOKRVGD&RPLVVmRVHH[DXULUDPHPWUrVVHVV}HVDSHQDV FRQVLGHUDGRRSULPHLURFDVRPLGLiWLFRPRGHUQRRTXDORFXSRX
GH IHYHUHLUR D VHWHPEUR GH  $TXHOH PpWRGR GLDOpWLFR DVSULPHLUDVSiJLQDVGRVMRUQDLVSRUDQRVHTXHIRLMXOJDGRHP
TXH KDYLD FDUDFWHUL]DGR D &RQYHQomR 9HQH]LDQD IRL ORJR MXQKRGHSRXFRVPHVHVDQWHVGD&RQYHQomRGH9HQH]D
DEDQGRQDGRHRSUySULR&$51(/877,DVVXPLXDPLVVmRGH
UHGLJLURSURMHWRVR]LQKR ! $ &(! ""
&$51(/877, DSUHVHQWRX DOJXPDV H[SOLFDo}HV VREUH R
 &"$ࠎ!Ĺ( "$‫ܮ‬
SRUTXrWHUUHGLJLGRRSURMHWRHPVROLGmRVHQGRHODVRFXUWR ! ! !$  ! & !‫ ܮ‬
HVSDoR GH WHPSR SDUD HQWUHJD GR SURMHWR H TXH XP FyGLJR  $!    "  & $ĺ
SURFHVVXDOGHYHWHUXQLGDGHGHHVWLORFRPRUHTXLVLWRHVVHQFLDO 3HOD LPSRVWDomR JHUDO GR WUDEDOKR &$51(/877, UHFODPRX
3DUD 0$==$ SDUD DOpP GDV UD]}HV IRUQHFLGDV SHOR SUySULR DOJXQV SULQFtSLRV TXH PDUFDUDP XPD FODUD UXSWXUD FRP R
&$51(/877,DIRUWHSHUVRQDOLGDGHGHOHHDRULJLQDOLGDGHGD SDVVDGR$QHFHVVLGDGHGHDGHTXDomRGDOHJLVODomRSURFHVVXDO
VXDLGHLDGHUHIRUPDGHYHPWHUSHVDGRLQGXELWDYHOPHQWH SHQDOFRPDVJDUDQWLDVLPSRVWDVSHOD&RQVWLWXLomR,WDOLDQDGH
'DTXHOHSURMHWRIHLWRQDVROLGmR&$51(/877,DSUHVHQWRXD HFRPD&RQYHQomR(XURSHLDGRV'LUHLWRVGR+RPHP
*LXOLDQR 9$66$//, HD *DHWDQR )26&+,1,HGDVFUtWLFDVH &$51(/877,DÀUPRXTXHVHULDSUHFLVRUHIXQGDURSURFHVVR
REVHUYDo}HVIHLWDVSHORVGRLVFKHJRXVHDXPVHJXQGRHVTXHPD SHQDO HP ´XPD UHIRUPD QRV PROGHV DFXVDWyULRV TXH GH IDWR
SDUDVHUDSUHVHQWDGRDR0LQLVWUR JDUDQWLVVHPYDORUHVIXQGDPHQWDLVFRPRRGLUHLWRGHGHIHVDHR
FRQWUDGLWyULRQDIRUPDomRGDSURYDµSDUDRPHOKRUDPHQWR
&RPR H[DOWD 0$==$ D SHFXOLDULGDGH H SURYDYHOPHQWH D
GD OHJLVODomR QmR SRUTXH HVWD PXGDQoD UHSUHVHQWDVVH XP
LUUHSHWLELOLGDGHGRPpWRGRUHIRUPDGRUVHGHYHDGRLVDVSHFWRV
SHUIHLWR H FULVWDOLQR WHFQLFLVPR MXUtGLFR PDV SDUD UHDOL]DU DV
GD LPHQVD HVWDWXUD GR MXULVWD )UDQFHVFR &$51(/877,
FDUDFWHUtVWLFDVGR¶SURFHVVRMXVWR·GHOLQHDGRSHOD&RQVWLWXLomR
SULPHLURSRUHVWDUDSUR[LPDGRGRVHVWXGRVGHSURFHVVRSHQDO
HSHOD&RQYHQomRGH5RPD
FRPDV¶/Lo}HV·HRV¶3ULQFtSLRV·HGHSRLVSRUWHUVHQVLELOL]DGRD
SROtWLFDGDQHFHVVLGDGHGHUHIRUPDGR&yGLJRGH3URFHVVR3HQDO $SHUFHSomRGH&$51(/877,SDUDDVQHFHVViULDVPXGDQoDV
FRP DV &RQYHQo}HV 9HQH]LDQDV GH  FXOPLQDQGR DVVLP GRSURFHVVRSHQDOIH]GHOHXPSUHFXUVRUSRLVQDTXHODpSRFD
FRP VXD QRPHDomR j SUHVLGrQFLD GD &RPLVVmR GH HODERUDomR
 0$==$2OLYLHUR /¶LOOXVLRQH 2SFLWS
ƐƖƏ  $   &"$ࠎ! ! "" !"҃(ĺƐ ( !,‫( ܮ‬ ƐƖƐ

DLQGDQmRKDYLDDH[DWDQRomRGDSHUVSHFWLYDFRQVWLWXFLRQDOH HP GHWULPHQWR GR VLJLOR DLQGD DVVHJXUDGR SRU XPD GLVFLSOLQD
HXURSHLDDVHUHPHQTXDGUDGDVQDVTXHVW}HVGRSURFHVVRSHQDO GR VHJUHGR LQWHUQR SDUWLFXODUPHQWH UHVWULWLYR RX HQWmR VH
$ UHOHYkQFLD GRV YDORUHV HQYROYLGRV QD GLVFLSOLQD IH] FRP DVVHJXUDRVLJLORGDIDVHLQYHVWLJDWLYDHSDUDJDUDQWLUDIRUPDomR
TXH QmR GHYD VHU FRQVLGHUDGD XPD PHUD UHJXODPHQWDomR GRV GDSURYDHPFRQWUDGLWyULRGHYHVHFRORFDUXPDEDUUHLUDHQWUH
PHFDQLVPRVSURFHGLPHQWDLV DIDVHSUHOLPLQDUHDIDVHGHÀQLWLYDLQWHUGLWDQGRRDFHVVRGR
6HJXQGR 0$==$ R SRQWR GH LQRYDomR GR SURMHWR MXL]GHFRQKHFHUDTXLORTXHpIHLWRQDIDVHSUHOLPLQDU
&$51(/877, p SULQFLSDOPHQWH D UHIRUPD GD LQYHVWLJDomR $ FRORFDomR QR SURMHWR GH &$51(/877, VREUH R VLJLOR GD
SUHOLPLQDU 1RV SURFHVVRV GH PDWUL] LQTXLVLWyULD DV PDLV IDVH GH LQYHVWLJDomR SUHOLPLQDU H QHFHVVLGDGH GH JDUDQWLU R
JUDYHV GLVIXQo}HV DSDUHFHP SURSULDPHQWH QHVWD IDVH SRLV p FRQWUDGLWyULRQDIDVHSURFHVVXDOGHMXOJDPHQWRYLQKDH[SRVWD
FDUDFWHUL]DGD SRU XP WHPSR VHPSUH PDLV GLODWDGR SRU XPD MXVWDPHQWHSHORVGHEDWHVVXUJLGRVQD&RQYHQomRGH7DLV
QRWiYHO FRQIXQGLELOLGDGH GR SURFHGLPHQWR H VREUHWXGR ´GD GHEDWHVVXUJLUDPSULQFLSDOPHQWHSHORIDWRGHTXHSRXFRVDQRV
IDOWDGRFRQWUDGLWyULRQRPRPHQWRJHQpWLFRGDSURYDµ DQWHV HP  R &yGLJR 5RFFR
R KDYLD VRIULGR XPD UHIRUPD
0$==$ HVFODUHFH Dt XP GRV SRQWRV IXQGDPHQWDLV GRV OHJLVODWLYDSDUFLDO FKDPDGDSRUPXLWRVGHULIRUPHWWD 
SUREOHPDVGRVLVWHPDLQTXLVLWyULRDFRQWDPLQDomRGDIDVHGH 0XLWRVMXULVWDVGDpSRFDYLQKDPTXHVWLRQDQGRVHDVJDUDQWLDV
MXOJDPHQWR JLXGL]LR
R SHODKLSHUWURÀDGDLQYHVWLJDomRSUHOLPLQDU SURFHVVXDLVWUD]LGDVFRPDUHIRUPDGHYHULDPVHUSOHQDVDÀP
PHVPR QRV FDVRV HP TXH IRVVH RSWDGR SHOD QRYD DTXLVLomR GHDWLQJLUWDQWRDIDVHSUHOLPLQDUTXDQWRDIDVHSURFHVVXDO
GDSURYDQDSUHVHQoDGRMXL]SRLVHVWDDFDEDULDSRUVHWRUQDU $GLVFLSOLQDGRVHJUHGRVHGLVWLQJXHHQWUHRVHJUHGRLQWHUQRHR
XPD¶GHSULPHQWH·HSRUYH]HV¶IDOVDUHSHWLomR·GDTXLORTXHMiIRL VHJUHGRH[WHUQR2VHJUHGRH[WHUQRVHULDDTXHOHTXHUHVWULQJLULD
UHFROKLGRSHORMXL]LQVWUXWRURXSHOR0LQLVWpULR3~EOLFRVHPD DVLQIRUPDo}HVGRS~EOLFRH[WHUQRTXHQmRpSDUWHQRSURFHVVR
SUHVHQoDGDGHIHVDRXGRFRQWUDGLWyULR&$51(/877,DÀUPRX (QTXDQWR TXH R VHJUHGR LQWHUQR GL]LD UHVSHLWR jV SDUWHV HP
LQFOXVLYHTXHVHRMXL]VHDSHJDUjTXLORTXHIRLSURGX]LGRQD HVSHFLDO DR DFXVDGR H VHX GHIHQVRU *LURODPR %(//$9,67$
SULPHLUD IDVH PHVPR TXH R DFXVDGR RX WHVWHPXQKD GLJD QD HUDXPGRVMXULVWDVTXHGHIHQGLDDHOLPLQDomRRXDWHQXDomRGR
IDVHGHMXOJDPHQWRDOJRGLYHUVRGDTXLORTXHIRLGLWRDQWHVDLQGD FRQVLGHUDGRVHJUHGRLQWHUQR
DVVLPFRORFDPDLRUYDORUDRTXHIRLSURGX]LGRSUHOLPLQDUPHQWH
WRUQDQGR R FRQWUDGLWyULR GD DXGLrQFLD ´XPD ÀFomR SDUD QmR $VGLVFXVV}HVVHGDYDPSHORIDWRGHD ULIRUPHWWDWHUJDUDQWLGR
D
GL]HUXPD]RPEDULDGDMXVWLoDµ DSUHVHQoDGRDGYRJDGRQRLQWHUURJDWyULRGRDFXVDGRQDIDVH

2 GLOHPD TXH H[LVWH QR FDVR p GH LQWURGX]LU QD IDVH GH  1R %UDVLO &287,1+2 DVVLP Mi VH SRVLFLRQRX GHVGH D VXD WHVH SURSRQGR R ODFUH GR
LQTXpULWRSROLFLDOQDIDVHSURFHVVXDO&287,1+2-DFLQWR1HOVRQGH0LUDQGD /HVLJHQ]LD
LQYHVWLJDomR DV JDUDQWLDV GR FRQWUDGLWyULR H GD DPSOD GHIHVD GLJDUDQWLDGHLGLULWWLGHOODGLIHVDQHOQRXYRSURFHVVRSHQDOHEUDVLOLDQR5RPD
I7HVH GRXWRUHPGLUHLWR ±6FXRODGL6SHFLDOL]]D]LRQHLQ'LULWWR3HQDOHH&ULPLQRORJLD
 ,GHP ³
8QLYHUVLWj'HJOL6WXGLGL5RPD³/D6DSLHQ]D ´
 ³
³  TXHVWRYXROGLUHFKHLOFRQWUDGGLWWRULRDOO¶XGLHQ]DqQLHQWHDOWURFKHXPDILQ]LRQHSHU  '(/8&$*LXVHSSH 3ULPPL2SFLWS
´
QRQGLUHXPDEHIIDGHODJLXVWL]LD´'(/8&$*LXVHSSH 3ULPPL2SFLWS  ,ELGHPS
ƐƖƑ  $   &"$ࠎ! ! "" !"҃(ĺƐ ( !,‫( ܮ‬ ƐƖƒ

SUHOLPLQDU (QWmR R DGYRJDGR GHYHULD WHU DFHVVR D WRGRV RV QHVWHFDVRDDEVROYLomRQmRID]RXWUDFRLVDVHQmR GHWHVWHPXQKDU


HOHPHQWRV GH LQYHVWLJDomR RX DSHQDV SRGHULD SDUWLFLSDU GR XPHUURMXGLFLiULR
LQWHUURJDWyULR"2DGYRJDGRGHYHULDQRLQWHUURJDWyULRGDIDVH 3DUWLQGRGDQRomRGHTXHRSURFHVVRpSHQDQDVFHDLGHLDGH
SUHOLPLQDUÀFDULQHUWHRXSRGHULDIRUPXODUTXHVWLRQDPHQWRV" XPDIDVHSUHOLPLQDUTXHVLUYDSDUDSUHYHQLURSURFHVVDPHQWR
2VWHPDVQmRHUDPSDFtÀFRVHQWUHRVMXULVWDVMXVWDPHQWHSHOR LQ~WLOHGDQRVRDRDFXVDGRHVREUHWXGRjTXHOHVLQRFHQWHV
IDWRGHWHUHPYLYLGRWDQWRVDQRVVREDpJLGHGR&yGLJR 5RFFR
'HVWDUWH&$51(/877,LQGLFDTXH´DLQYHVWLJDomRSUHOLPLQDU
SXURHHVWDUHPLQVHULGRVQXPDPHQWDOLGDGHLQTXLVLWyULD
VHJXQGRDOyJLFDGRSURMHWRSHUWHQFHjDomRQmRjMXULVGLomRµ
'HVGH HVWH SRQWR GH YLVWD *LXOLDQR 9$66$//, DGRWDYD R SRLV R WLWXODU GD DomR SHQDO GHYH DQWHV GH DJLU WRPDU DV
HQWHQGLPHQWR GH TXH HUD QHFHVViULD XPD UHIRUPD WRWDO GR SUHFDXo}HVQHFHVViULDVSDUDHYLWDUDo}HVLQIXQGDGDV
&yGLJR5RFFRGHHTXHXPDUHIRUPDSDUFLDOQmREDVWDULD U
'HVWH PRGR R 0LQLVWpULR 3~EOLFR VHULD FKDPDGR D H[HUFLWDU
SDUDFRQWHURVSUREOHPDVDÀUPDQGRTXH´HPPLQKDRSLQLmR
XPD DomR SHQDO HP FRQFUHWR DSHQDV DR ÀQDO GD LQYHVWLJDomR
RSULQFLSDOGHIHLWRGDUHIRUPDGHpMXVWDPHQWHGHWHUVLGR
SUHOLPLQDUHVRPHQWHTXDQGRIRVVHSRVVtYHOIRUPXODUXPMXt]R
IHLWDXPDUHIRUPDVRPHQWHSDUFLDOµ
GHSUREDELOLGDGHGDH[LVWrQFLDGRIDWRFULPLQRVR
3RULVVR0$==$DÀUPDTXH&$51(/877,FRPSUHHQGHQGR
1DHVWUXWXUDGR3URMHWR &DUQHOXWWLDVXVSHLWDGHXPFULPHID]LD
L
TXHDLQYHVWLJDomRSUHOLPLQDUHUDFDXVDSULPiULDGRVPDOHVGR
DSDUHFHUDLPSXWDomRSUHOLPLQDU DUW DSUREDELOLGDGHGH
SURFHVVRSHQDOVDELDTXHHVWDQmRSRGHULDVHUUHIRUPDGDPDV
XPFULPHGHWHUPLQDYDRH[HUFtFLRGDDomRSHQDOSHODLPSXWDomR
TXHGHYHULDVHUUDGLFDOPHQWHVXEVWLWXtGDSRUXPQRYRVLVWHPD
GHÀQLWLYDHDSDVVDJHPjIDVHSURFHVVXDO DUWH HD
$VVLPRHVERoRGH&$51(/877,VXJHULDDVXEVWLWXLomRGH FHUWH]DGRFULPHLPSOLFDYDHPVHQWHQoDFRQGHQDWyULD
XPDIDVHSUHOLPLQDUGHLQVWUXomR O·LVWUX]LRQH HIDVHSURFHVVXDO
H
$VVLP DSUHVHQWRXVH XPD OtTXLGD VHSDUDomR HQWUH DV IDVHV
GH MXOJDPHQWR JLXGL]LR
R  SRU XPD IDVH GH LQYHVWLJDomR
RXVHMDDLQYHVWLJDomRSUHOLPLQDUVHUYLULDXQLFDPHQWHSDUDR
SUHOLPLQDU O·LQFKLHVWD SUHOLPLQDUH 
H SRLV MXVWLÀFDYD VXD IXQomR
0LQLVWpULR 3~EOLFR DUUHFDGDU PDWHULDO SUREDWyULR QHFHVViULR
QmR WDQWR LQVWUXWyULD TXDQWR SUHSDUDWyULD RX VHMD HVWD IDVH
SDUD IXQGDPHQWDU D LPSXWDomR TXH IDULD DR MXt]R SRU
SUHOLPLQDUQmRGHYHULDVHUYLUSDUDFRQGHQDUPDVVLPSDUDD
LQWHUPpGLR GD DomR SHQDO $R PDWHULDO REWLGR VH DWULEXLULD
REWHQomRGHHOHPHQWRVSDUDGHFLGLUVHRFDVRGHYHULD RXQmR
D FDUDFWHUtVWLFD GH DEVROXWD LUUHOHYkQFLD SURFHVVXDO SRLV R
VHUSURFHVVDGRHPMXt]R
MXOJDGRUVRPHQWHSRGHULDID]HUXVRGDTXLORTXHIRLSURGX]LGR
3DUD&$51(/877, TXDQGRXPLQRFHQWHpSURFHVVDGRHOHMi QDLQYHVWLJDomRSUHOLPLQDUVHKRXYHVVHXP´ÀOWURSXULÀFDGRU
VRIUHXPDSHQDLQMXVWDVySHORIDWRGHUHVSRQGHUDRSURFHVVRH GRFRQWUDGLWyULRµ
 7UDGXomROLYUHGHDPLRDYYLVRLOGLIHWWRSULQFLSDOHGHOODULIRUPDGHOqFDVRPDL
SURSULRTXHOORGLHVVHUHVWDWDXQDULIRUPDVROWDQWRSDU]LDOH,ELGHPS  &$51(/877,)UDQFHVFR$VPLVpULDVGRSURFHVVR SHQDO(GWLUDJHP&DPSLQDV
 &$51(/877,)UDQFHVFR /Lo}HVVREUHRSURFHVVRSHQDOY&DPSLQDV%RRNVHOOHU 5XVVHO(GLWRUHVS
S  0$==$2OLYLHUR/¶LOOXVLRQH 2SFLWS
ƐƖƓ  $   &"$ࠎ! ! "" !"҃(ĺƐ ( !,‫( ܮ‬ ƐƖƔ

$LQYHVWLJDomRSUHOLPLQDUVHULDFDUDFWHUL]DGDSHODOLEHUGDGHGDV RVFDVRVGHFRQGHQDomRVHPFRODERUDomRGRDFXVDGR
IRUPDV PHVPR SDUD D GRFXPHQWDomR KDYHQGR HQWUHWDQWR D $VDOHJDo}HVGH&$51(/877,DHVVHSURSyVLWRYLQKDPGHVGH
SURLELomRDR0LQLVWpULR3~EOLFRGHH[LELURVGRFXPHQWRVQDIDVH DV ¶/H]LRQL VXO SURFHVVR SHQDOH· HQWUH  H SRVWHULRUPHQWH
SURFHVVXDO D ÀP GH UHSUHVHQWDU DV GHFODUDo}HV RUDLV IHLWDV QR HPRXWURVWH[WRVFRPR¶$SURSRVLWRGLWRUWXUD
¶ ·GH¶'LULWWR
FXUVRGDLQYHVWLJDomRSUHOLPLQDU GHOO·LPSXWDWRDJOLHVSHULPHQWLVXOVXRFRUSR·GHHDLQGDQRWH[WR
(VVDUHJUDGHSURLELomRIRLIHLWDSDUD´JDUDQWLURFRQWUDGLWyULR GRV¶3ULQFLSLGHOSURFHVVRSHQDOH·GH·
QD IRUPDomR GDV SURYDV VREUH DV TXDLV R MXL] IXQGD VHX 6HJXQGR0$==$SDUDMXVWLÀFDUDPXGDQoDGHRSLQLmRVHULDR
FRQYHQFLPHQWRµ FDVRGHTXH&$51(/877,KRXYHVVHWLUDGRDVYHVWHVGHMXULVWDH
$H[FHomRDHVWDUHJUDHUDTXDQGRIRVVHLPSRVVtYHODSUHVHQoD YHVWLGRDVGHOHJLVODGRUFRPFRQVLGHUDo}HVSROLWLFRSUDJPiWLFDV
GR GHFODUDQWH QD LQVWUXomR SURFHVVXDO TXDQGR R 0LQLVWpULR HPGHVIDYRUGHVHXVSHQVDPHQWRVWHyULFRFLHQWtÀFRV
3~EOLFRSRGHULDDSUHVHQWDUDVGHFODUDo}HVIHLWDVQDLQYHVWLJDomR 3RGHULD VH KLSRWHWL]DU XPD FROLJDomR LQWHUQD GD &RPLVVmR
SUHOLPLQDU OHPEUDQGR TXH HVWD UHJUD VH DSOLFDYD VRPHQWH DR TXH SRU LQWHUPpGLR GD LQWHUYHQomR GH DOJXP RXWUR PHPEUR
LQWHUURJDWyULRGRDFXVDGR FRPXPDYLVmRPDLVDYDQoDGDVREUHRWHPDÀ]HVVHFRPTXH
1HVWH3URMHWRRDFXVDGRHUDREULJDGRDVHID]HUSUHVHQWHPDV RSUySULR&$51(/877,PXGDVVHGHRSLQLmRSRLVQmRVHULD
QmRHUDREULJDGRDUHVSRQGHU SHQViYHO TXH XPD GHFLVmR KHWHURGR[D DRV SHQVDPHQWRV GR
6REUH HVWH SRQWR 0$==$ DÀUPD KDYHU XPD FRQWUDGLomR SUHVLGHQWHGD&RPLVVmRVHULDWRPDGDVHPVHXFRQVHQWLPHQWR
LQVDQiYHOQDGRXWULQDFDUQHOXWWLDQDHQWUHDREULJDomRGRDFXVDGR
D 3DUDDOpPGDKLSyWHVHYHQWLODGDSRU0$==$KiTXHVHFRQVLGHUDU
HP IDODU D YHUGDGH  H HQWUH R H[SOtFLWR UHFRQKHFLPHQWR GD

RFRQWDWRGH&$51(/877,FRPDVTXHVW}HVÀORVyÀFDVVREUH
IDFXOGDGHGHRDFXVDGRQmRUHVSRQGHUHPVHGHGHLQWHUURJDWyULR D ´YHUGDGHµ +(,'(**(5  SRVWHULRUPHQWH UHWUDWDGD QR
QRDUWLJRGR3URMHWR WH[WR¶YHULWjGXEELRFHUWH]D·SXEOLFDGRQRDQRGHTXDQGR
$ÀUPD SRLV TXH &$51(/877, KDYLD SURSRVWR D WHVH GD &$51(/877,DÀUPRXTXHGHL[RXGHDFUHGLWDUQRFRQFHLWRGH
QDWXUH]DPHGLFLQDOGDSHQDHGDREULJDomRGHIDODUDYHUGDGH ¶YHUGDGH·SDUDRSURFHVVRFRQWUDULDQGRWRGRVRVVHXVWUDEDOKRV
SHORVLPSXWDGRVLQFOXVLYHVDQFLRQDQGRFRPDJUDYDQWHHVSHFLDO DQWHULRUHVQRVTXDLVGLVFRUULDVREUHRWHPD
2 IDWR GH H[SUHVVDU D SRVVLELOLGDGH GH GLUHLWR DR VLOrQFLR
 ,ELGHPS GHPRQVWUDRFDUiWHUPRGHUQRHJDUDQWLVWDGR3URMHWR &DUQHOXWWLL
 &DUQHOXWWLDRGLVFRUUHUVREUHDREULJDomRGHIDODUDYHUGDGH
L H[S{VVXDVFRQFHSo}HVVREUH
D WRUWXUD H DV FUtWLFDV IHLWDV D HOD 6HJXQGR HOH QR FDUiWHU WpFQLFR D WRUWXUD FRQVHJXH FDSD]GHWUDoDURVFDPLQKRVGDVIXWXUDVHVFROKDVOHJLVODWLYDV
H[WUDLU DV UHVSRVWDV GR WRUWXUDGR PDV HVWDV UHVSRVWDV SRGHP QmR VHUHP YHUGDGHLUDV H
GHRXWURODGRQRFDUiWHUPRUDODFUtWLFDHUDGHTXHRWRUWXUDGRWHPQRVHXGLUHLWRGH
T
SHUVRQDOLGDGHDHVFROKDGHQmRH[SRUVHXVVHJUHGRV &DUQHOXWWLDILUPRXTXHDVFUtWLFDV
L  &$51(/877, )UDQFHVFR 9HULWj GXEELR FHUWH]D ,Q 5LYLVWD GH GLULWWR SURFHVVXDOH
GHYHP VH PDQWHU QR SODQR WpFQLFR H QmR DR SODQR PRUDO SRLV VH KRXYHVVH XP PRGR 3DGRYD Y ;; S   3DUD PHOKRU HOXFLGDomR GD TXHVWmR GD µYHUGDGH¶ YHU
GHFRHUomRTXHRIHUHFHVVHDJDUDQWLDGHH[WUDLUVRPHQWHDYHUGDGHVHPRFDVLRQDUGDQRV &287,1+2 -DFLQWR 1HOVRQ GH 0LUDQGD *ORVDV DR YHUGDGH G~YLGD H FHUWH]D GH
VLJQLILFDWLYRVDRFRUSRGRLQTXLULGRQHQKXPPRWLYRKDYHULDSDUDTXHQmRIRVVHDGRWDGR )UDQFHVFR &DUQHOXWWL SDUD RV RSHUDGRUHV GR GLUHLWR ,Q $QXiULR ,EHUR$PHULFDQR GH
WDOPpWRGR&$51(/877,)UDQFHVFR/Lo}HV 2SFLW S 'LUHLWRV+XPDQRV  5LRGH-DQHLUR/XPHQ-XULVS
ƐƖѵ  $   &"$ࠎ! ! "" !"҃(ĺƐ ( !,‫( ܮ‬ ƐƖƕ

"  & "$! !


 !$ ! FRPR 3LHWUR 1892/21( TXH TXHULD PDQWHU D LQVWUXomR
  ! !  ࠎ  ƐƖѶƖĺ
O·LVWUX]LRQH DLQGDTXHHQULTXHFLGDFRPRFRQWUDGLWyULR
H

3ULPHLUDPHQWHSHODHWLPRORJLDGDVSDODYUDV LQFKLHVWDWHPRULJHP
D (QWUHWDQWRRVLGHDLVDFXVDWyULRVGHOLQHDGRVSRU&$51(/877,
GDSDODYUDODWLQD LQTXDHUHUHTXHYrPGRLQTXLULUHTXHSDUDQyV IRUDP FRQÀUPDGRV WDQWR QRV GHEDWHV GRXWULQDLV TXDQWR
SRGHULDVHUWUDGX]LGRFRPRLQTXpULWR-iDSDODYUDLQGDJLQHWHP QDV HVFROKDV OHJLVODWLYDV GH PRGR TXH WRGRV RV SURMHWRV GH
RULJHPGDSDODYUDODWLQDLQGDJRLQGDJLQLVTXHSRGHULDVLJQLÀFDU UHIRUPDLQWHJUDOGR&yGLJR5RFFRWLYHUDPVHPSUHFRPRSRQWR
R
LQYHVWLJDomR GH UHIHUrQFLD D VXEVWLWXLomR GD LQVWUXomR O·LVWUX]LRQH 
H SHOD
LQYHVWLJDomRSUHOLPLQDU O·LQFKLHVWD 
D
5HVVDOWDVHTXHDPEDVDVH[SUHVV}HVVmRVLQ{QLPDVQRVHQWLGR W
GHH[SUHVVDUDIDVHSUHOLPLQDUH[LVWHQWHQRSURFHVVRSHQDORX $PHQRUDSUR[LPDomRGRDUTXpWLSRFDUQHOXWWLDQRÀFRXGLVSRVWD
R
VHMD D IDVH LQYHVWLJDWLYD H[LVWHQWH DQWHV GR FDVR SHQDO VHU QRSURMHWRSUHOLPLQDUGHGHFRUUHQWHGD/HLGHOHJDGDGH
OHYDGRDMXt]R GHDEULOGHHPTXHRMXL]LQVWUXWRUSRGHULDLQWHUYLUQD
LQYHVWLJDomR
$VVLP0$==$OHFLRQDDUHVSHLWRGDKHUHGLWDULHGDGHQDVFLGD
GR3URMHWR &DUQHOXWWL$ÀUPDTXHR3URMHWRLQVSLUDGRQDPDWUL]
L 'H RXWUR ODGR D PDLRU DSUR[LPDomR RFRUUHX FRP R SURMHWR
GHSURFHVVRDQJORDPHULFDQDGHWLSRDFXVDWyULRQmRWHYHXP SUHOLPLQDU GH  GHFRUUHQWH GD /HL GHOHJDGD Qž  GH 
FUHVFLPHQWRSDUODPHQWDUWDOYH]SHODPRUWHGH&$51(/877, GHIHYHUHLURGHVHQGRTXHQRWH[WRGR&yGLJRGH
HP D LQVWUXomR O·LVWUX]LRQH 
H p UHWLUDGD SDUD GDU OXJDU j DWLYLGDGH
LQYHVWLJDWLYDGR0LQLVWpULR3~EOLFRFRPDVHSDUDomRGDVIDVHV
3RU LVVR IDODVH HQWmR GD ¶LOXVmR DFXVDWyULD· GH SDXVDU R LPSRVWDVSHORVDUWLJRVHGR&33LWDOLDQR
IpUUHR VLVWHPD LQVWUXWyULR GR &yGLJR 5RFFR TXH H[LVWLX QXP
EUHYH HVSDoR GH WHPSR (QWUHWDQWR D VHPHQWH QDVFLGD FRP &RPHVWDUHOHLWXUDGRSURMHWR &DUQHOXWWLGHVHSHUFHEH
L
&$51(/877, LQÁXHQFLDULD SURIXQGDPHQWH R FDPLQKR GR TXH D SURSRVWD IRL UHYROXFLRQiULD H WDOYH] SRU HVWH PRWLYR
QDVFLPHQWRGRDWXDO&yGLJRGH3URFHVVRSHQDO,WDOLDQR ODUJDPHQWH LQFRPSUHHQGLGD SUHFHGHQGR HP FHUFD GH WULQWD
DQRV DV OLQKDV GH XP SURFHVVR SHQDO DFXVDWyULR QD ,WiOLD
6HJXQGR0$==$XPDSDVVDJHPIXQGDPHQWDOIRLD&RQYHQomR TXH DOpP GH H[WLUSDU DV VRPEULDV WUDGLo}HV LQTXLVLWyULDV GR
GHGLFDGD D ¶(QULFR 'H 1LFROD· HP  SDUD IRUPDU FULWpULRV &yGLJR 5RFFR PHOKRU DVVHJXUDULD SRU PHLR GD JDUDQWLD GR
GLUHWLYRV GH XPD UHIRUPD GR SURFHVVR SHQDO /i D LGHLD GD FRQWUDGLWyULRQRPRPHQWRGHSURGXomRGDSURYDHGRGLUHLWR
LQYHVWLJDomR LQFKLHVWD 
D SUHOLPLQDU IRL UHODQoDGD H UHÀQDGD GH DPSOD GHIHVD R UHVSHLWR DRV FkQRQHV FRQVWLWXFLRQDLV GR
SRU )UDQFR &25'(52 TXH IRL GH HQFRQWUR FRP JHQWH
 1892/21( 3LHWUR /LVWUXWWRULD SHQDOH ,Q &ULWHUL GLUHWWLYL SHU XPD UHIRUPD GHO
SURFHVVRSHQDOH0LODQR*LXIIUqS+iWDPEpPRIDWRGHTXH1XYRORQH
 &287,1+2-DFLQWR1HOVRQGH0LUDQGD$OLGHHRFRQWH~GRGRSURFHVVRSHQDO&XULWLED KDYLDHQYLDGRXPDFDUWDSDUDRVPHPEURVGDFRPLVVmRGRSURMHWR&DUQHOXWWLQDTXDO
-XUXi KDYLD GHVHVWUXWXUDGR D VLVWHPiWLFD DSUHVHQWDGD QR SURMHWR 9$66$//, *LXOLDQR
 &25'(52 )UDQFR /LQHH GL XP SURFHVVR DFFXVDWRULR ,Q &ULWHUL GLUHWWLYL SHU XPD ,QWURGX]LRQH ,Q *$5/$7, /RUHGDQD /¶LQFRQVFLR LQTXLVLWRULR O¶HUHGLWj GHO &RGLFH
UHIRUPD GHOSURFHVVRSHQDOH0LODQR*LXIIUqS 5RFFRQHOODFXOWXUDSURFHVVXDOSHQDOLVWLFDLWDOLDQD0LODQR*LXIIUHS
ƐƖѶ  $   &"$ࠎ! ! "" !"҃(ĺƐ

¶MXVWRSURFHVVR·
1R%UDVLOHVWDQGRDLQGDHPYLJRUR&yGLJRGH3URFHVVR3HQDO
GH  IUXWR GH XP GHFUHWROHL GH RULJHP DXWRULWiULD TXH -rझ|†ѴoƐƏ
WHYH SRU PRGHOR MXVWDPHQWH R &yGLJR 5RFFR R GH  DLQGD $! $ࠎ! ! ""
TXHFRPGLYHUVDVDOWHUDo}HVOHJLVODWLYDVRSHUDGDVHPUHIRUPDV   !‫ܬ‬$
SDUFLDLVPRVWUDVHYHHPHQWHDQHFHVVLGDGHGDPXGDQoDJOREDO /HDQGUR*RUQLFNL1XQHV
GR&yGLJRGH3URFHVVR3HQDOSDUDTXHVHDWHQGDDRVSULQFtSLRV
FRQVDJUDGRVQD&RQVWLWXLomRHPHVSHFLDOGRFRQWUDGLWyULRTXH $! &‫ܮ‬
GHYHVHUSOHQRHHIHWLYR
2 SUHVHQWH HQVDLR WHP SRU SUHRFXSDomR FHQWUDO R SULQFtSLR
2SURFHVVREUDVLOHLURQmRVHUiGHPRFUiWLFRQXQFDVHKRXYHUHP FRQVWLWXFLRQDO GR FRQWUDGLWyULR HP XPD HVWUXWXUD SURFHVVXDO SHQDO
HQJRGRVHDUWLPDQKDVSDUDPDQLSXODURFRQWUDGLWyULRID]HQGR FRQGL]HQWHFRPR(VWDGR'HPRFUiWLFRGH'LUHLWRRQGHR SURFHVVR
FRPTXHSURYDVLQTXLVLWRULDLVVHMDPXWLOL]DGDVSDUDFRQGHQDURV VHMDYLVWRFRPRXPLQVWUXPHQWRPRGHUQRSDUDDUHVROXomRGH
DFXVDGRV FDVRV SHQDLV H RQGH D JDUDQWLD GRV GLUHLWRV IXQGDPHQWDLV GH
$ SDU GD KLVWyULD RFRUULGD QD ,WiOLD QR %UDVLO WDPEpP D WRGRV RV HQYROYLGRV VHMD R VHX ÀP WHOHROyJLFR FRP GHVWDTXH j
SURPXOJDomRGHXP&yGLJRGH3URFHVVR3HQDOEDVHDGRQXP OLEHUGDGHLQGLYLGXDO REMHWRSULPiULRGHWXWHOD 
O
VLVWHPD DFXVDWyULR VHUi R SULPHLUR SDVVR SDUD VH FRQVHJXLU 1HVVHVSULPHLURVDQRVGRVpFXOR;;,pHYLGHQWHDSUROLIHUDomR
VXSHUDUDPHQWDOLGDGHLQTXLVLWyULDLQVHULGDKiPXLWRWHPSR GH GLVFXUVRV EpOLFRV
V FRUUHODFLRQDGRV j GHÀQLomR GH LQLPLJRV
Q  IDWR TXH FRUUyL H GHJHQHUD R SURMHWR GH
XQSHUVRQHQ 

GHPRFUDWL]DomR GDV UHODo}HV GH SRGHU QR SURFHVVR SHQDO


FXOPLQDQGR HP UHWURFHVVRV QD FRQWHQomR H UHGXomR GD
SHUVSHFWLYD LQTXLVLWRULDO GH UHVROXomR GRV FDVRV SHQDLV FRP
JUDYHVSUHMXt]RVjOLEHUGDGHLQGLYLGXDO
$ HSLVWHPRORJLDJDUDQWLVWD²DWUHODGDjOLPLWDomRGRSRGHUSXQLWLYR
D
 'RXWRUDQGRH0HVWUHHP'LUHLWRGR(VWDGRSHOD8QLYHUVLGDGH)HGHUDOGR3DUDQi 8)35 
(VSHFLDOLVWD HP 'LUHLWR 3HQDO SHOD 8QLYHUVLGDGH GH 6DODPDQFD 86$/  3URIHVVRU GH
'LUHLWR 3HQDO H &ULPLQRORJLD 0HPEUR GR 1~FOHR GH 'LUHLWR H 3VLFDQiOLVH GR 33*'
8)35$GYRJDGR
 $FDWHJRULDGH XQSHUVRQHQ QmRSHVVRDV pFHQWUDOQR'LUHLWR3HQDOGR,QLPLJRGHVHQYROYLGR
SRU-DNREV7UDWDVHGHXP'LUHLWR3HQDOTXHEXVFDSULYLOHJLDUDVHJXUDQoDHPGHWULPHQWR
GDOLEHUGDGH2'LUHLWR3HQDOVHGLYLGLULDHPD 'LUHLWR3HQDOFRPJDUDQWLDVSDUDRFLGDGmR
O
E 'LUHLWR3HQDOVHPJDUDQWLDVSDUDRLQLPLJR1R'LUHLWR3HQDOGR,QLPLJRKiXPDOyJLFDGH
JXHUUDFRQWUDRVWHUURULVWDVRVPDILRVRVHRVH[FOXtGRVVRFLDLVTXHFRPSRULDPXPDFODVVH
GH LQGLYtGXRV QmR FRQILiYHLV H SRU LVVR QmRSHVVRDV 9HU -$.2%6 *QWHU &$1&,2
0(/,È0DQXHO'LUHLWR3HQDOGRLQLPLJRQRo}HVFUtWLFDVHG7UDG$QGUp/XtV&DOOHJDUL
H1HUHX-RVp*LDFRPROOL3RUWR$OHJUH/LYUDULDGR$GYRJDGR

You might also like