You are on page 1of 79

MAKING MODERN LIVING POSSIBLE

UniLynx Indoor/Outdoor
Manual de Referência

ULX 1800i • ULX 1800o


ULX 3000i • ULX 3000o
ULX 3600i • ULX 3600o
ULX 5400i • ULX 5400o

SOLAR INVERTERS
ËQGLFH

ËQGLFH

,QWURGXomR 
,QWURGXomR 
9HUVmRGR6RIWZDUH 
+LVWyULFRGR0DQXDO 
/LWHUDWXUD'LVSRQtYHO 
&RPR8WLOL]DU(VWH0DQXDO 
'HVLJQDo}HV$SOLFDGDV $YLVR$WHQomR1RWD 
,QIRUPDo}HVGH6HJXUDQoD,PSRUWDQWHV 
5HJUDV*HUDLVGH6HJXUDQoDSDUD7UDEDOKDUFRP(TXLSDPHQWR(OpFWULFR 
'LPHQVLRQDPHQWRGR6LVWHPD 
,QWHUUXSWRU&& 

'HVFULomR7pFQLFDGRV,QYHUVRUHV 
(VWUXWXUDGRV,QYHUVRUHV 
'HVLJQ0HFkQLFR 
*HVWmR7pUPLFD 
'HVLJQ(OpFWULFRH6LVWHPDVGH%DUUDPHQWR 
5HGXomRGH3RWrQFLDH/LPLWDomRGH3RWrQFLDGH(QWUDGD 

'HVFULomRGD)XQomR 
'HILQLomRGR0RGRGH2SHUDomR 
(FUmGH0RGRGH2SHUDomR 
/LJDomRj5HGH 
)RUQHFHU3RWrQFLDj5HGH 
'HVOLJDUGD5HGH 
0RQLWRUL]DomRGD5HGHH3URWHFomRFRQWUD'LYLVmRGD5HGH 

6HJXUDQoD)XQFLRQDO(16 
&RPR)XQFLRQDD6HJXUDQoD)XQFLRQDO)XQFLRQDOLGDGH(16 
6HJXUDQoD)XQFLRQDO'HILQLo}HV(16 

,QWHUIDFH+RPHP0iTXLQD 
8QLGDGHGH(FUm,QWHJUDGR 
%RW}HV 
1DYHJDUQR0HQXGR(FUm 
0pWRGRGH,QWURGXomRSDUD6HOHFomRGH,WHP 
0pWRGRGH,QWURGXomRSDUD3DODYUDVSDVVH 
$OWHUDomR$XWRPiWLFDGH)XQomRGR(FUm 
(VWUXWXUDGH0HQX 
'HVFULomRGDV)XQo}HVGR(FUm 

/B 
ËQGLFH

9LVWDJHUDOGD6HFomR$GR0HQX 
9LVWDJHUDOGD6HFomRGH0HQX% 
9LVWDJHUDOGD6HFomR&GR0HQX 

'HILQLo}HVGR,QYHUVRU 
'HILQLo}HVGR,QYHUVRU 
'HILQLo}HVGH3DtV 

&RQILJXUDomRGR6LVWHPD)9 
&RQILJXUDomRGR6LVWHPD)9 
)XQFLRQDPHQWRGH6WULQJ,QGHSHQGHQWH 
)XQFLRQDPHQWRGHVWULQJHPSDUDOHOR 
&RQILJXUDomR)9 
7HVWHGH&RQILJXUDomR)9 

,QVWDODomRH$UUDQTXH 
,QVWDODomRH$UUDQTXH 
6HTXrQFLDGH,QVWDODomR 
'HVHPEDODUH9HULILFDUR&RQWH~GR 
(VFROKHUR/RFDOGH,QVWDODomR 
(VSHFLILFDomRGR$PELHQWHGH,QVWDODomRQR,QWHULRU 
(VSHFLILFDomRGR$PELHQWHGH,QVWDODomRQR([WHULRU 
'LPHQV}HVH3DGU}HVGH,QVWDODomR 
0RQWDJHPGR,QYHUVRU 
9LVWDJHUDOGR,QYHUVRU 
/LJDomRGH6WULQJV 
/LJDomRGH6WULQJV&RQILJXUDomR,QGLYLGXDO3UHGHILQLomR 
/LJDomRGH6WULQJV&RQILJXUDomRHP3DUDOHOR 
7HVWHGH&RQILJXUDomR)9 
0RGRGH&RQILJXUDomR)9 
3RUTXHp,PSRUWDQWH5HGX]LUR9DORU92&QR0RGR0HVWUH(VFUDYR" 
5HTXLVLWRVGR&DER&$ 
$QiOLVHGD5HGH 
/LJDomRj5HGH&$ 
$XWRWHVWHGR,QYHUVRU$SHQDVHP,WiOLD 
$UUDQTXH 
/LVWDGHYHULILFDomRGD,QVWDODomR 

6HUYLoRH5HSDUDomR 
6HJXUDQoDGXUDQWHR6HUYLoRH5HSDUDomR 
&RPR$EULU)HFKDUD8QLGDGHGH,QWHULRU 
&RPR$EULU)HFKDUD8QLGDGHGH([WHULRU 

 /B 
ËQGLFH

'HWHFomRGH$YDULDV 
5HVROXomRGHSUREOHPDV 
(YHQWRV 
0HQVDJHQVGH(YHQWRGR,QYHUVRU 
$FomR&RUUHFWLYD 
&RPR8WLOL]DUD)HUUDPHQWDGH6HUYLoR 
0DQXWHQomR 
/LPSH]DGRSDLQHOHOpFWULFR 
/LPSDUR'LVVLSDGRUGH&DORU 
/LPSDUD9HQWRLQKD([WHUQD([WHULRU 

'DGRV7pFQLFRV 
(VSHFLILFDo}HV*HUDLV 
(VSHFLILFDo}HVSDUD,QYHUVRUHV 
1RUPDV 
(VSHFLILFDomRGR0yGXOR&&GHPpGLDWHQVmR 
(VSHFLILFDomRGR0yGXOR&&GHDOWDWHQVmR 
(ILFLrQFLDFRPHVHP0HVWUH(VFUDYR 

$SURYDo}HVH&HUWLILFDo}HV 
&RQIRUPLGDGH 
'HFODUDomRGH&RQIRUPLGDGH&( 
6HJXUDQoD)XQFLRQDO 9'( 
'HFODUDomRGH&RQIRUPLGDGH9'(: 
'HFODUDomRGH&RQIRUPLGDGH(VSDQKD 'HFUHWR5HDO5' 
'HFODUDomRGH&RQIRUPLGDGH,WiOLD '. 
'HFODUDomRGH&RQIRUPLGDGH*UpFLD 

/B 
,QWURGXomR

  ,QWURGXomR

 ,QWURGXomR
(VWHPDQXDOGHVFUHYH'DQIRVVLQYHUVRUHV8/;LR8/;LR8/;LR
H8/;LR(VWHVSURGXWRVHVWmRHQWUHRVLQYHUVRUHVWHFQRORJLFDPHQWHPDLVDYDQoDGRV
HHILFLHQWHVQRPHUFDGRHIRUDPFRQFHELGRVSDUDJDUDQWLUXPDIRQWHGHDOLPHQWDomRHVWiYHOGX
UDQWHPXLWRVDQRV
2LQYHUVRU8/;pXPLQYHUVRUEDVHDGRQXPWUDQVIRUPDGRUFRPLVRODPHQWRJDOYkQLFR

9DULDQWHVGR,QYHUVRU

,OXVWUDomR8/;*DPDGH,QWHULRUHV

,OXVWUDomR8/;*DPDGH([WHULRUHV

 /B 
,QWURGXomR

,QYHUVRUHV8QL/\Q[
$QRVVDJDPDGHLQYHUVRUHVPRQRIiVLFRVFREUHHN:HPYHUV}HVGHDOWDWHQVmRHPpGLDWHQVmR 
HWDPEpPHVWiGLVSRQtYHOHPGXDVYHUV}HVGHDUPiULR2VLQYHUVRUHVGHLQWHULRUHVWrPXPDUPiULR,32V
LQYHUVRUHVGHH[WHULRUHVWrPXPDUPiULR,3HVmRUHVLVWHQWHVjFKXYDQHYHHSRHLUD
         
$UPiULR,3 7LSR 3RWrQFLD $UPiULR 0pGLD$OWD (FUm,QWH &RPXQLFD ,QWHUUXS &RQHFWR
Pi[LPD LQWHULRUHV 7HQVmR JUDGR omR56 WRUGH UHV
&$ H[WHULRUHV FDUJD&&
8/;  L 09 ,'  && 0&
8/;  L 09 ,'  && 0&
8/;  L 09 ,'  && 0&
8/;  L 09 ,'  && 0&
8/;  L +9 ,'  && 0&
8/;  L +9 ,'  && 0&
8/;  L +9 ,'  && 0&
8/;  L +9 ,'  && 0&
         
$UPiULR,3 7LSR 3RWrQFLD $UPiULR 0pGLD$OWD (FUm,QWH &RPXQLFD ,QWHUUXS &RQHFWR
Pi[LPD LQWHULRUHV 7HQVmR JUDGR omR56 WRUGH UHV
&$ H[WHULRUHV FDUJD&&
8/;  R 09 ,'  && 0&
8/;  R 09 ,'  && 0&
8/;  R 09 ,'  && 0&
8/;  R 09 ,'  && 0&
8/;  R +9 ,'  && 0&
8/;  R +9 ,'  && 0&
8/;  R +9 ,'  && 0&
8/;  R +9 ,'  && 0&

/B 
,QWURGXomR

 9HUVmRGR6RIWZDUH
 8/;,QYHUVRU
'DQIRVV0DQXDOGH5HIHUrQFLD
9HUVmRGH6RIWZDUH
(VWHPDQXDOGHUHIHUrQFLDSRGHVHUXVDGR
SDUDWRGRVRVLQYHUVRUHV'DQIRVV8/;
FRPDYHUVmRGHVRIWZDUH
6RIWZDUH(16
6HPDQD

 +LVWyULFRGR0DQXDO
(VWDpDWHUFHLUDYHUVmRGR'DQIRVV8/;0DQXDOGH5HIHUrQFLD

 /LWHUDWXUD'LVSRQtYHO
(VWiGLVSRQtYHODVHJXLQWHOLWHUDWXUDSDUDRVLQYHUVRUHV'DQIRVV8/;

‡ 'DQIRVV0DQXDOGH5HIHUrQFLD
‡ 'DQIRVV0DQXDOGR8WLOL]DGRUSDUD,QWHULRUHV/;;PDQXDOPXOWLOtQJXH
‡ 'DQIRVV0DQXDOGH,QVWDODomRHP,QWHULRUHV/;;PDQXDOPXOWLOtQJXH
‡ 'DQIRVV0DQXDOGR8WLOL]DGRUSDUD([WHULRUHV/;;PDQXDOPXOWLOtQJXH
‡ 'DQIRVV0DQXDOGH,QVWDODomRHP,QWHULRUHV/;;PDQXDOPXOWLOtQJXH
‡ 'DQIRVV0DQXDOGH$XWRWHVWH
‡ )HUUDPHQWDGH6HUYLoR0DQXDO
;; YHUVmRGRPDQXDO

 &RPR8WLOL]DU(VWH0DQXDO
/HLDDVLQVWUXo}HVGHVHJXUDQoDQHVWHPDQXDOSULPHLUR$RORQJRGRPDQXDOSDUWHVHGRSULQFtSLR
TXHROHLWRUHVWiIDPLOLDUL]DGRFRPLQVWDODo}HV&$H&&HFRQKHFHDVUHJUDVHUHJXODPHQWRVVREUH
HTXLSDPHQWRHOpFWULFRHVREUHDOLJDomRjUHGHS~EOLFDGH&$eHVSHFLDOPHQWHLPSRUWDQWHHVWDU
IDPLOLDUL]DGRFRPDVUHJUDVJHUDLVGHVHJXUDQoDDRWUDEDOKDUFRPHTXLSDPHQWRHOpFWULFR

 'HVLJQDo}HV$SOLFDGDV $YLVR$WHQomR1RWD


$RORQJRGRPDQXDOVmRDSUHVHQWDGDVLQIRUPDo}HVLPSRUWDQWHVDQtYHLVGLIHUHQWHVGHSHQGHQGR
GRFDUiFWHUGDVLQIRUPDo}HVWDOFRPRPRVWUDGRDTXL

,QIRUPDo}HVGHVHJXUDQoDLPSRUWDQWHVSDUDDVHJXUDQoDKXPDQD$YLRODomRGH
DYLVRVSRGHUHVXOWDUHPIHULPHQWRVSDUDSHVVRDVRXQDPRUWH

,QIRUPDo}HVLPSRUWDQWHVSDUDDSURWHFomRGHEHQV$YLRODomRGHVWHWLSRGHLQIRU
PDomRSRGHFDXVDUGDQRVHSHUGDGHEHQV

 /B 
,QWURGXomR

1RWD
,QIRUPDo}HV~WHLVDGLFLRQDLVRX6XJHVW}HVH7UXTXHVVREUHDVVXQWRVHVSHFtILFRV

 ,QIRUPDo}HVGH6HJXUDQoD,PSRUWDQWHV
/HLDDQWHVGHLQVWDODURSHUDURXHIHFWXDUDPDQXWHQomRGRLQYHUVRU

$QWHVGDLQVWDODomR
9HULILTXHVHRLQYHUVRURXDHPEDODJHPHVWmRGDQLILFDGRV(PFDVRGHG~YLGDFRQ
WDFWHRIRUQHFHGRUDQWHVGHLQVWDODURLQYHUVRU9HULILTXHDVWHQV}HVGRVPyGXORV
VRODUHVHFHUWLILTXHVHGHTXHHVWmRGHQWURGRVOLPLWHVGDVHVSHFLILFDo}HVGRLQYHUVRU
'DQIRVVDQWHVGHRVOLJDUDRLQYHUVRU FRQVXOWHDVHFomR³/LJDomRGH6WULQJV´ 
,QVWDODomR
6ySHVVRDOFRPDGHYLGDIRUPDomRHDXWRUL]DGRIDPLOLDUL]DGRFRPDVQRUPDVGH
HOHFWULFLGDGHORFDLVSRGHLQVWDODURLQYHUVRU3DUDDPHOKRUVHJXUDQoDVLJDRVSDV
VRVGHVFULWRVQHVWHPDQXDO5HFRUGHVHGHTXHRLQYHUVRUWHPGRLVODGRVTXHWUDQV
SRUWDPWHQVmRDHQWUDGD)9HDUHGH&$
'HVOLJDURLQYHUVRU
'HVOLJXHVHPSUHDOLQKD&$SULPHLUR(PVHJXLGDGHVOLJXHDVOLQKDV)91RWHTXH
RLQYHUVRUSRGHDLQGDWHUFDUJDFRPWHQV}HVPXLWRDOWDVDQtYHLVSHULJRVRVPHVPR
GHSRLVGHGHVOLJDGRGDUHGHUHGHHOpFWULFDHGRVPyGXORVVRODUHV(VSHUHSHORPH
QRVPLQDQWHVGHSURVVHJXLUGHSRLVGHWHUGHVOLJDGRGDUHGHHGRVSDLQpLV)9
2SHUDURLQYHUVRU
$QWHVGHOLJDUDUHGH&$DRLQYHUVRUFHUWLILTXHVHGHTXHDFREHUWXUDGHLQVWDODomR
HVWiQRYDPHQWHPRQWDGD2LQYHUVRUQmRGHYHVHUDEHUWRHQTXDQWRHVWLYHUHPIXQ
FLRQDPHQWR
0DQXWHQomRHPRGLILFDomR
6yRSHVVRDODXWRUL]DGRSRGHUHSDUDURXPRGLILFDURLQYHUVRU3DUDDVVHJXUDUDPDLRU
VHJXUDQoDSDUDRXWLOL]DGRUHSDUDRDPELHQWHVyGHYHPVHUXWLOL]DGDVSHoDVVR
EUHVVHOHQWHVGLVSRQtYHLVQRIRUQHFHGRU
3DUkPHWURVGHVHJXUDQoDIXQFLRQDLV
$VDOWHUDo}HVQmRDXWRUL]DGDVDRVSDUkPHWURVGHVHJXUDQoDIXQFLRQDLVSRGHPFDX
VDUIHULPHQWRVRXDFLGHQWHVHQYROYHQGRSHVVRDVRXRLQYHUVRU$OpPGLVVROHYDUmR
DRFDQFHODPHQWRGHWRGRVRVFHUWLILFDGRVGHDSURYDomRGHRSHUDomRGRLQYHUVRU2V
LQYHUVRUHV 'DQIRVV QD JDPD 8/; VmR WRGRV GHVLJQDGRV GH DFRUGR FRP D QRUPD
DOHPm9'( )HYHUHLURGH 
6HIRUHPXWLOL]DGDVSHoDVVREUHVVHOHQWHVQmRRULJLQDLVRFXPSULPHQWRGDVGLUHFWLYDV
&(UHODWLYDPHQWHjVHJXUDQoDHOpFWULFD(0&HVHJXUDQoDGDPiTXLQDQmRVmRJD
UDQWLGDV

 5HJUDV*HUDLVGH6HJXUDQoDSDUD7UDEDOKDUFRP
(TXLSDPHQWR(OpFWULFR
7RGDVDVSHVVRDVTXHLQVWDOHPHIHFWXHPDPDQXWHQomRRXUHSDUDomRGHLQYHUVRUHVGHYHPWHU
IRUPDomRHH[SHULrQFLDQDVUHJUDVJHUDLVGHVHJXUDQoDDVHUHPREVHUYDGDVDRWUDEDOKDUFRP
HTXLSDPHQWRHOpFWULFR

2SHVVRDOGHLQVWDODomRHUHSDUDomRWDPEpPGHYHVHUIDPLOLDUL]DGRFRPRVUHTXLVLWRVUHJUDVH
UHJXODPHQWRVORFDLVEHPFRPRFRPRVUHTXLVLWRVGHVHJXUDQoD

/B 
,QWURGXomR

3DUDGDUXPDGLUHFWLYDJHUDOGDVSUHFDXo}HVGHVHJXUDQoDVmRUHSHWLGDVDEDL[RFLQFRUHJUDVEHP
 FRQKHFLGDVHDFHLWHVQDJHQHUDOLGDGH$OLVWDQmRGHYHVHUFRQVLGHUDGDFRPSOHWD

$SHVVRDTXHWUDEDOKDUHPHTXLSDPHQWRHOpFWULFRpUHVSRQViYHOSHODVHJXUDQoDGH
SHVVRDVHSURSULHGDGH
'HVFRQH[mR
'HVOLJXHWRGRVRVFDERVTXHIRUQHFHPWHQVmRDRORFDOGHWUDEDOKRDQWHVGHFRPHoDU
TXDOTXHUWUDEDOKR7HQKDHPDWHQomRTXHDIDOWDGHWHQVmRQmRpJDUDQWLDGHTXH
IRLIHLWDDGHVFRQH[mR
3URWHFomRFRQWUDUHOLJDomR
,PSHoDTXHRVLVWHPDVHUHOLJXHPDUFDQGRIHFKDQGRRXWUDQFDQGRDiUHDGHWUD
EDOKR$UHOLJDomRQmRLQWHQFLRQDOSRGHFDXVDUDFLGHQWHVJUDYHV
9HULILFDUTXHRVLVWHPDQmRWHPWHQVmR
'HWHUPLQDUFRQFOXVLYDPHQWHFRPXPGLVSRVLWLYRGHWHVWHGHWHQVmRTXHRVLVWHPD
QmRWHPWHQVmR9HULILFDUWRGRVRVWHUPLQDLVSDUDJDUDQWLUTXHRVLVWHPDQmRWHP
WHQVmR HPFDGDFRQGXWRULQGLYLGXDO 
/LJDomRjWHUUDHFXUWRFLUFXLWR
2VVLVWHPDVFRPXPDWHQVmRQRPLQDOVXSHULRUD9WrPGHVHUOLJDGRVjWHUUD
HHTXLSDGRVFRPGLVSRVLWLYRGHFXUWRFLUFXLWR&RORTXHRFRQGXWRUGHWHUUDHDSRQWH
GHFXUWRFLUFXLWRGHPRGRDHVWDUHPYLVtYHLVGRORFDOGHWUDEDOKR
&XEUD RV FRPSRQHQWHV WUDQVSRUWDGRUHV GH WHQVmR DGMDFHQWHV H LPSHoD
TXHDVSHVVRDVWHQKDPDFHVVRDRVPHVPRV
&XEUDWRGRVRVFRPSRQHQWHVGRVLVWHPDTXHWUDQVSRUWHPWHQVmRHTXHRSRVVDP
IHULUGXUDQWHRWUDEDOKR&HUWLILTXHVHGHTXHDViUHDVGHSHULJRHVWmRFODUDPHQWH
DVVLQDODGDV

 'LPHQVLRQDPHQWRGR6LVWHPD

$RGLPHQVLRQDUXPVLVWHPDIRWRYROWDLFRGHYHVHJDUDQWLUTXHDWHQVmRGHFLUFXLWR
DEHUWRGRVWULQJ)9QXQFDH[FHGHDWHQVmRPi[LPDGHHQWUDGDSHUPLVVtYHOGH
9&& PyGXOR&&09 H9&& PyGXOR&&+9 UHVSHFWLYDPHQWH$WHQVmRGH
FLUFXLWRDEHUWRGRVWULQJ)9GXUDQWHRIXQFLRQDPHQWRHPSDUDOHORpGH9 Py
GXOR 09  H  9 PyGXOR +9  UHVSHFWLYDPHQWH 7HQV}HV PDLV HOHYDGDV SRGHP
FDXVDUGDQRVSHUPDQHQWHVDRLQYHUVRU

1D(XURSDDWHQVmRGHFLUFXLWRDEHUWRGRVWULQJ)9pFDOFXODGDQRUPDOPHQWHjWHPSHUDWXUDGR
PyGXORGH
±ƒ&RX±ƒ&GHSHQGHQGRGRORFDO

$VHOHFomRGDVDtGDGHVWULQJ)9GHYHVHUEDVHDGDQDXWLOL]DomRySWLPDGRFDSLWDOLQYHVWLGRHP
FRPSDUDomRFRPDSURGXomRDQXDOGHHQHUJLDHVSHUDGDGRVLVWHPD(VWDRSWLPL]DomRGHSHQGH
GHFRQGLo}HVFOLPDWpULFDVORFDLVHGHYHVHUFRQVLGHUDGDSDUDFDGDFDVRLQGLYLGXDO

2LQYHUVRULQFOXLXPGLVSRVLWLYRGHOLPLWDomRGHSRWrQFLDGHHQWUDGDTXHPDQWpPDXWRPDWLFDPHQWH
DSRWrQFLDDQtYHLVVHJXURVSDUDRLQYHUVRU$OLPLWDomRGHSHQGHVREUHWXGRGDVWHPSHUDWXUDV
LQWHUQDHGRDPELHQWH$OLPLWDomRpFDOFXODGDFRQWLQXDPHQWHHGHYHSHUPLWLUVHPSUHDSURGXomR
GRPi[LPRSRVVtYHOGHHQHUJLD

8WLOL]HDIHUUDPHQWDIRUQHFLGDSRU'DQIRVVDRGLPHQVLRQDUXPVLVWHPDIRWRYROWDLFR

 /B 
,QWURGXomR

 ,QWHUUXSWRU&&

2LQYHUVRUIRLHTXLSDGRFRPXPLQWHUUXSWRU&&SDUDGHVOLJDUDDOLPHQWDomR)9HPVHJXUDQoD

6ySHVVRDOFRPDGHYLGDIRUPDomRHDXWRUL]DGRIDPLOLDUL]DGRFRPDVQRUPDVGH
HOHFWULFLGDGHORFDLVSRGHHIHFWXDUWUDEDOKRVGHPDQXWHQomRQRLQYHUVRU$QWHVGH
DEULURLQYHUVRU!
 'HVOLJDUDUHGH&$
 'HVOLJDUDFRUUHQWH&&
 5HPRYHURVFDERV&$H&&

 3DUDGHVOLJDUWRGDVDVIRQWHVGHDOLPHQWDomRGRVSDLQpLV)9URGHRLQWHUUXSWRU&&SDUD
2)) 2
 3DUDOLJDUDIRQWHGHDOLPHQWDomRGRSDLQHO)9URGHRLQWHUUXSWRU&&SDUD21 ,

3DUDDVVHJXUDUDIXQFLRQDOLGDGHGRLQWHUUXSWRU&&WRGRVRVLQWHUUXSWRUHVGHYHPVHUOLJDGRVH
GHVOLJDGRV URGDQGRGH]YH]HVRVLQWHUUXSWRUHVSDUDDVSRVLo}HVGHOLJDUHGHVOLJDU XPDYH]SRU
DQRSDUDOLPSDURVFRQWDFWRV

,QWHULRU ([WHULRU

,OXVWUDomR,QYHUVRUSDUD,QWHULRU

,OXVWUDomR,QYHUVRUSDUD([WHULRU

/B 
'HVFULomR7pFQLFDGRV,QYHUVRUHV

 'HVFULomR7pFQLFDGRV,QYHUVRUHV

  (VWUXWXUDGRV,QYHUVRUHV
2VLQYHUVRUHV'DQIRVVSDUDH[WHULRUHLQWHULRURIHUHFHPXPDYDVWDJDPDGHFRPELQDo}HVGHLQ
YHUVRUHV

‡ 9HUV}HVGHKDELWDomR,QWHULRU,3([WHULRU,3
‡ ,QWHUYDORVGHWHQVmRGHHQWUDGD+909
‡ 7DPDQKRPyGXORGHHQWUDGDGHN:PyGXORVGHHQWUDGDGHN:PyGXORV
GHHQWUDGDGHN:
,QYHUVRUSDUD,QWHULRU
$YLVWDH[SDQGLGDGRLQYHUVRU8/;LPRVWUDDVSDUWHVSULQFLSDLVGRLQYHUVRU$HVWUXWXUDGRV
LQYHUVRUHV8/;LLHLpLGrQWLFDH[FHSWRSHORWDPDQKRGRDUPiULRRQ~PHURGH
FLUFXLWRVLPSUHVVRVHRQ~PHURGHHQWUDGDV)9

,OXVWUDomR9LVWDH[SDQGLGDGRLQYHUVRU8/;L

 /B 
'HVFULomR7pFQLFDGRV,QYHUVRUHV

3RV1ž 3HoDV 'HVFULomR


8/;L
  'LVVLSDGRU
  7DPSDVXSHULRU
  7DPSDLQIHULRU
  &LUFXLWRLPSUHVVR&&&& SODFDHP8/;LSODFDVHP8/;LLSODFDVHP

 
8/;L
&LUFXLWRLPSUHVVR&&&$

  3ODFDGHEDVHGHFREHUWXUDGDLQVWDODomR
  &REHUWXUDIURQWDO
  &REHUWXUDGDLQVWDODomR
  (VWUXWXUDGHPRQWDJHPQDSDUHGHFRPPHFDQLVPRGHEORTXHLR
  &RQHFWRUPXOWLFRQWDFWRGHHQWUDGD&&HiUYRUHGHFDERV0&
  &RQHFWRUPXOWLFRQWDFWRGHHQWUDGD&&HiUYRUHGHFDERV0&
  (VWUXWXUDGRHFUm/&'
  0yGXOR56
  &REHUWXUDGRPyGXOR56
  0RQWDJHPHPSRQWH0HVWUH(VFUDYR
  &RQHFWRU5-SDUD56
  &RQHFWRU&$
  ,QWHUUXSWRU&&
  &DVTXLOKRGRLQWHUUXSWRU&&
  %RWmRGRLQWHUUXSWRU&&

7DEHOD8/;L/LVWDGH3DUWHV3ULQFLSDLV

,QYHUVRUSDUD([WHULRU
$YLVWDH[SDQGLGDGRLQYHUVRU8/;RPRVWUDDVSDUWHVSULQFLSDLVGRLQYHUVRU$HVWUXWXUDGRV
LQYHUVRUHV8/;RRHRpLGrQWLFDH[FHSWRSHORWDPDQKRGRJDELQHWHRQ~PHUR
GHFLUFXLWRVLPSUHVVRVHRQ~PHURGHHQWUDGDV)9

,OXVWUDomR9LVWDH[SDQGLGDGH8/;R

/B 
'HVFULomR7pFQLFDGRV,QYHUVRUHV

3RV1ž 3HoDV8/;R 'HVFULomR


  'LVVLSDGRU
  -XQWDWUDVHLUD
  3ODFDGHYHQWRLQKDLQWHUQD
  6XSRUWHGHPRQWDJHPQDSDUHGHFRPPHFDQLVPRGHEORTXHLR
  0yGXOR&&&$
 



0yGXOR&&&&
0yGXORGHHFUm
  &REHUWXUDIURQWDO
  9HQWRLQKDLQWHUQD
  3DUDIXVRVIURQWDLV
  6XSRUWHGHPRQWDJHPSDUDPyGXOR56
  &DL[DGDYHQWRLQKDH[WHUQD
  ,QWHUUXSWRU&&
  9HQWRLQKDH[WHUQD
  *UHOKDSDUDYHQWRLQKDH[WHUQD
  7HUPLQDOGHOLJDomR0HVWUH(VFUDYR
  3DVVDILRVYHGDQWHGRLQWHUUXSWRU&&
  -XQWDIURQWDO
  %RWmRGRLQWHUUXSWRU&&
  6XSRUWHVGHPRQWDJHPGRHFUm
  -XQWDGRHFUm
  1yGHEXFKLP56
  )LFKD0&)9PDLV
  0yGXOR56
  &RQHFWRU&$
  %XFKLP56
  )LFKD0&)9PHQRV

7DEHOD8/;R/LVWDGH3HoDV3ULQFLSDLV

 'HVLJQ0HFkQLFR
2VSULQFtSLRVGHRULHQWDomRVXEMDFHQWHVDRGHVLJQGRLQYHUVRUPHFkQLFRVmRDVHJXUDQoDILDELOL
GDGHHIDFLOLGDGHGHXWLOL]DomR3DUDJDUDQWLUXPDLQVWDODomRUiSLGDHIiFLORVXSRUWHGHSDUHGH
WHPGHVHUPRQWDGRVHSDUDGDPHQWH2LQYHUVRUSRGHHQWmRVHUFRORFDGRIDFLOPHQWHQDSDUHGHH
EORTXHDGRHPSRVLomR

 7LSRGHLQYHUVRU

,QWHULRU ([WHULRU

$FHVVRjLQIRUPDomR (FUm/&'LQWHJUDGR (FUm/&'LQWHJUDGR

/LJDo}HV)9 /LJDo}HV)9QRFDQWRLQIHULRUGLUHLWR /LJDo}HV)9QRFDQWRLQIHULRUGLUHLWR


3DUDDFRQILJXUDomRHUHSDUDomRGR0HVWUH 3DUDDFRQILJXUDomRHUHSDUDomRGR0HVWUH
$EHUWXUDGRLQYHUVRU
(VFUDYR (VFUDYR
&RQHFWRUHV5- QRFDQWRLQIHULRUGLUHLWR QRFDQWRLQIHULRUHVTXHUGR
$RFRQILJXUDURLQYHUVRUGHH[WHULRUSDUD0HVWUH(VFUDYRDVVHJXUHVHGHTXHDFREHUWXUDHVWiEHPPRQWDGDHSDUDJDUDQWLU
DYHGDomR
1RWD7RGDVDVSHoDVPHWiOLFDVGRLQYHUVRUVmROLJDGDVjWHUUDDWUDYpVGHFDERVVHSDUDGRVRXDWUDYpVGDHVWUXWXUDPH
FkQLFD

 *HVWmR7pUPLFD

1RWD
$ILDELOLGDGHHYLGD~WLOGRLQYHUVRUSRGHPVHUPHOKRUDGDVPRQWDQGRRLQYHUVRUQXPORFDOFRP
WHPSHUDWXUDV DPELHQWH EDL[DV 1mR FRORTXH R LQYHUVRU HP ORFDLV IHFKDGRV VHP YHQWLODomR
GLUHFWDPHQWHVREDOX]VRODURXHPORFDLVTXHDTXHoDPGXUDQWHRGLD VyWmRVHWF 1DJHQH
UDOLGDGHDWD[DGHDYDULDVGRVFRPSRQHQWHVHOHFWUyQLFRVGXSOLFDFDGDYH]TXHDWHPSHUDWXUD
GHIXQFLRQDPHQWRDXPHQWDƒ&

7RGRVRVHTXLSDPHQWRHOHFWUyQLFRVGHSRWrQFLDJHUDPFDORUUHVLGXDOTXHGHYHVHUFRQWURODGRH
UHPRYLGRSDUDHYLWDUGDQRVQRLQYHUVRUHSDUDREWHUXPDHOHYDGDILDELOLGDGHHXPDORQJDYLGD
~WLO

 /B 
'HVFULomR7pFQLFDGRV,QYHUVRUHV

2FRQFHLWRGHJHVWmRWpUPLFDGDJDPDGHLQYHUVRUHVSDUDLQWHULRUEDVHLDVHQRDUUHIHFLPHQWR
SDVVLYRSRUFRQYHFomRHYHQWLODomRQDWXUDO$SODFDGHEDVHGRLQYHUVRUIRLFRQFHELGDFRPRGLV
VLSDGRUGHYDORUTXHUHPRYHRFDORUJHUDGRSHORVVHPLFRQGXWRUHVGHSRWrQFLDQRVPyGXORVGH
SRWrQFLDLQWHJUDGRV2FDORUUHVLGXDOGRVFRPSRQHQWHVPDJQpWLFRVpDIDVWDGRSRUPHLRGHYHQ
WLODomRQDWXUDODWUDYpVGDVUDQKXUDVQDVSDUWHVVXSHULRUHLQIHULRUGRDUPiULR

3DUDRVLQYHUVRUHVGHLQWHULRUHH[WHULRUDWHPSHUDWXUDGRPyGXORGHSRWrQFLDLQWHJUDGRQRFRQ
YHUVRU&&&$pPHGLGDSDUDSURWHJHURVFRPSRQHQWHVHOHFWUyQLFRVGHVREUHDTXHFLPHQWR6HD
WHPSHUDWXUDH[FHGHURVOLPLWHVRLQYHUVRUUHGX]DSRWrQFLDGHHQWUDGDSDUDPDQWHUDWHPSHUDWXUD
DXPQtYHOVHJXUR

2FRQFHLWRGHJHVWmRWpUPLFDGDJDPDGHLQYHUVRUHVGHH[WHULRUEDVHLDVHQRDUUHIHFLPHQWRIRU
oDGRDWUDYpVGHGXDVYHQWRLQKDV$SODFDGHEDVHGRLQYHUVRUIRLFRQFHELGDFRPRGLVVLSDGRUGH
YDORU TXH UHPRYH R FDORU JHUDGR SHORV VHPLFRQGXWRUHV GH SRWrQFLD QRV PyGXORV GH SRWrQFLD
LQWHJUDGRV2FDORUUHVLGXDOGRVFRPSRQHQWHVpIRUoDGRSDUDIRUDGDFDUFDoDDWUDYpVGDYHQWRLQKD
LQWHUQDHSDUDIRUDGRHOHPHQWRGHUHIULJHUDomRDWUDYpVGDYHQWRLQKDH[WHUQD$VYHQWRLQKDVVmR
FRQWURODGDVHOHFWURQLFDPHQWHHVyHVWmRDFWLYDVTXDQGRQHFHVViULR

 'HVLJQ(OpFWULFRH6LVWHPDVGH%DUUDPHQWR
$LOXVWUDomRPRVWUDRLQYHUVRU8/;LRFRPHQWUDGDV)9HVHJXLGRUHVGHSRQWRGH
IXQFLRQDPHQWRySWLPR 0337 8/;LR8/;LRH8/;LRWrPGH
VLJQVVLPLODUHVPDVDSHQDVHPyGXORV&&UHVSHFWLYDPHQWH2VVHJXLQWHVPyGXORVVWDQGDUG
VmRGHILQLGRVQDSODWDIRUPDGRSURGXWR
‡ 0yGXORLQYHUVRU&&&$
‡ 0yGXORFRQYHUVRU&&&&
‡ 0yGXORGHHFUmLQWHUQR
‡ ,QWHUIDFH56

(VWHVPyGXORVVWDQGDUGVmRXVDGRVSDUDWRGRVRVLQYHUVRUHVQDJDPDGHSURGXWRV2VPyGXORV
VmROLJDGRVFRPGRLVVLVWHPDVGHEDUUDPHQWRVWDQGDUG
‡ 8PEDUUDPHQWRGHSRWrQFLDTXHWUDQVSRUWDGRIOX[RGHHQHUJLD
‡ 8P EDUUDPHQWR GH FRPXQLFDomR GLJLWDO EDUUDPHQWR &$1  TXH WUDQVSRUWD R IOX[R GH
GDGRV

2VVLVWHPDVGHEDUUDPHQWRHRVPyGXORVWrPLQWHUIDFHVVWDQGDUGRTXHWRUQDRFRQFHLWRPXLWR
IOH[tYHO7DQWRREDUUDPHQWRGHHQHUJLDFRPRREDUUDPHQWRGHFRPXQLFDomRVmRDEHUWRVFRP
FRQHFWRUHV DGLFLRQDLV GLVSRQtYHLV 2 EDUUDPHQWR GH FRPXQLFDomR XVD HVWD OLJDomR H[WUD FRPR
OLJDomRGHVHUYLoRTXHSRGHVHUOLJDGDDXPFRPSXWDGRUSDUDUHVROXomRGHSUREOHPDVDYDQoDGD
HPRQLWRUL]DomR2LQYHUVRUFRPXQLFDH[WHUQDPHQWHDWUDYpVGRVPHLRVGHFRPXQLFDomRDEDL[R
‡ (FUmLQWHUQRHWHFODGR YHUVmRFRPHFUm
‡ ,QWHUIDFH56

/B 
'HVFULomR7pFQLFDGRV,QYHUVRUHV

,OXVWUDomR'HVLJQ(OpFWULFRGR,QYHUVRU9HUVmRFRP(FUm

 5HGXomRGH3RWrQFLDH/LPLWDomRGH3RWrQFLDGH
(QWUDGD
2REMHFWLYRGDIXQomRGHUHGXomRGHSRWrQFLDpSURWHJHURLQYHUVRUGHVREUHFDUJDVHGHVWUXLomR
2PRGRGHUHGXomRGHSRWrQFLDSRGHVHUDFFLRQDGRSRUXPGRVVHJXLQWHVIDFWRUHV

‡ &RUUHQWH)9PDLVHOHYDGDTXHDFRUUHQWHQRPLQDO
‡ 3RWrQFLD)9PDLVHOHYDGDTXHDSRWrQFLDGHHQWUDGDQRPLQDO
‡ 7HPSHUDWXUDQRPyGXORGHSRWrQFLDRXFLUFXLWRLPSUHVVRDFLPDGRYDORUOLPLWH
‡ 7HQVmRPpGLDGDUHGH&$PDLVHOHYDGDTXHROLPLWHSHUPLWLGR

1DVTXDWURVLWXDo}HVDFLPDRPyGXOR&&&&PXGDSDUDRPRGRGHUHGXomRGHSRWrQFLD$WHP
SHUDWXUDGRPyGXORGHSRWrQFLDpPRQLWRUL]DGDSRUXPVHQVRUGHWHPSHUDWXUDLQFRUSRUDGRQR
PyGXOR&&&$(PFDVRGHWHPSHUDWXUDVDPELHQWHHOHYDGDVDUHGXomRGHSRWrQFLDSURWHJHR
LQYHUVRUGHVREUHFDUJDWpUPLFD

3RGHVHUGHILQLGRXPOLPLWHGHWHQVmRPpGLDGDUHGHGHPLQXWRVSHODHPSUHVDIRUQHFHGRUD
FRQIRUPHGHVFULWRQDQRUPDDOHPmGH6HJXUDQoD)XQFLRQDO9'((VWHSDUkPHWURSRGHVHU
GHILQLGRSRUPHLRGH)HUUDPHQWDGH6HUYLoR$SUHGHILQLomRp9GHDFRUGRFRPDOLVWDGHSDtVHV
6HDWHQVmRPpGLDGDUHGHPHGLGDDRORQJRGHPLQXWRVDWLQJLUHVWHOLPLWHRLQYHUVRUFRPHoD
DUHGX]LUSDUDVHPDQWHUQDUHGH

2 PRGR GH UHGXomR GH SRWrQFLD UHGX] D SRWrQFLD GH VDtGD GR LQYHUVRU PXGDQGR R SRQWR GH
IXQFLRQDPHQWRSDUDXPDWHQVmRPDLVHOHYDGDQDFDUDFWHUtVWLFDGRPyGXOR)94XDQGRRVYDORUHV
GHWHQVmRVmRHOHYDGRVDFRUUHQWHGHHQWUDGDpPDLVEDL[DHDSRWrQFLDGHHQWUDGDpUHGX]LGD
SDUDXPYDORUVHJXUR2LQYHUVRUFRQWLQXDDIXQFLRQDUDSRWrQFLDUHGX]LGDDWpTXHDVFRQGLo}HV
GHVREUHFDUJDSRWHQFLDLVFHVVHPGHH[LVWLU$IXQomRGHUHGXomRGHSRWrQFLDpGLQkPLFDDUH
GXomRGHSRWrQFLDpDGDSWDGDFRQWLQXDPHQWHjFRQGLomRGHVREUHFDUJDHDSRWrQFLDGHHQWUDGD
VypUHGX]LGDRVXILFLHQWHSDUDSURWHJHURLQYHUVRU'HVWHPRGRRLQYHUVRUIRUQHFHVHPSUHWDQWD
SRWrQFLDTXDQWRpSRVVtYHOjUHGHPHVPRHPVLWXDomRGHVREUHFDUJD

 /B 
'HVFULomRGD)XQomR

 'HVFULomRGD)XQomR

 'HILQLomRGR0RGRGH2SHUDomR
2LQYHUVRUWHPTXDWURPRGRVGHIXQFLRQDPHQWRVWDQGDUG

0RGRGHHVSHUD
1RPRGRGHHVSHUDRLQYHUVRUHVWiSURQWRSDUDVHUOLJDGRQRPRGRGHOLJDomR&RPRYDULiYHOGH
GHFLVmRpXWLOL]DGDDWHQVmRGHHQWUDGDGRJHUDGRU)96HDWHQVmRGHHQWUDGDH[FHGHUXPYDORU
QRPLQDOSUHGHILQLGRRLQYHUVRUSDVVDGH³HVSHUD´SDUD³OLJDomR´RXFRQWLQXRQRPRGRGHRSHUDomR
³2))´VHDWHQVmRGH)9GHVFHU

0RGRGHOLJDomR
'HSRLVGHUHDOL]DURVWHVWHVGRVLVWHPDTXHYHULILFDPVHWRGDVDVFRQGLo}HVGHOLJDomRIRUDP
FXPSULGDVRLQYHUVRUSDVVDGRPRGRGHHVSHUDSDUDRPRGRGHOLJDomR'XUDQWHRWHPSRGH
DFWLYDomRHVSHFLILFDGRRLQYHUVRUFRQWLQXDDWHVWDURVYDORUHVGRVLVWHPDHOLJDVHRLQYHUVRUj
UHGHVHRVWHVWHVGRVLVWHPDHVWLYHUHP2.2WHPSRGHDFWLYDomRPtQLPRpHVSHFLILFDGRSHOR
IRUQHFHGRUHDVDXWRULGDGHVHSRGHYDULDUFRQIRUPHDUHJLmR

0RGRGHUHGH
1HVWHPRGRRLQYHUVRUpOLJDGRjUHGHHIRUQHFHHQHUJLDjUHGH2LQYHUVRUVypGHVOLJDGRGD
UHGHHPFDVRGHFRQGLo}HVDQRUPDLVGDUHGHRXVHDSRWrQFLD)9QmRHVWLYHUGLVSRQtYHO
0RGRGHFRQILJXUDomR)9
'HSRLVGHFRQFOXLURPRGRGHOLJDomRDFDEODJHPGRPyGXOR)9pWHVWDGDDXWRPDWLFDPHQWHSDUD
GHWHFWDUVHTXDOTXHUXPDGDVHQWUDGDV&&VmROLJDGDVHPFRQILJXUDomRGHVWULQJSDUDOHOR6H
HVWLYHUHPRVPyGXORV&&VmRH[HFXWDGRVDXWRPDWLFDPHQWHHPPRGRGHFRQILJXUDomRGHVWULQJ
SDUDOHOR 0HVWUH(VFUDYR 

'HVFDUUHJDUWHPSHUDWXUD
6HRHFUmDSUHVHQWDU '577(03 RLQYHUVRUHVWiDGHVFDUUHJDUGHYLGRDWHPSHUDWXUDVHOHYDGDV
'HVFDUUHJDUUHGH
6HRHFUmDSUHVHQWDU '57*5,' RLQYHUVRUHVWiDGHVFDUUHJDUGHYLGRDHOHYDGDWHQVmRQDUHGH

'HVOLJDGR
6HQmRHVWLYHUGLVSRQtYHOSRWrQFLD)9RLQYHUVRUDJXDUGDPLQXWRV YDORUHVSHFLILFDGR DQWHV
GHGHVOLJDU1HVWHPRGRDIRQWHGHDOLPHQWDomRSDUDWRGRVRVSURFHVVDGRUHVpGHVOLJDGDSDUD
FRQVHUYDUHQHUJLD(VWHpRPRGRQRUPDOGHQRLWH

 (FUmGH0RGRGH2SHUDomR
$RSUHPLU(6&QRHFUmLQWHJUDGRRLQYHUVRUSRGHVHUUHOLJDGRPDQXDOPHQWH1RPRGRGHHVSHUD
RLQYHUVRUHVWiSURQWRSDUDVHUOLJDGRQRPRGRGHOLJDomR(VWDIXQomRHVWiGLVSRQtYHOSDUDSHU
PLWLUDXWLOL]DomRGRHFUmWDPEpPGHQRLWH,VWRSHUPLWHTXHRSURSULHWiULRYHULILTXHRVYDORUHVGH
SURGXomRGHHQHUJLDDUPD]HQDGRVQDPHPyULDGRHFUmPHVPRTXHQmRHVWHMDGLVSRQtYHOHQHUJLD
VRODUSDUDDOLPHQWDURLQYHUVRU
$SyVPLQXWRVVHPDFWLYLGDGHQRWHFODGRRLQYHUVRUUHJUHVVDQRYDPHQWHDRPRGRGHVOLJDGR

 /LJDomRj5HGH
2IXQFLRQDPHQWRGRLQYHUVRUpFRPSOHWDPHQWHDXWRPiWLFRHRLQYHUVRUGHWHFWDDXWRPDWLFDPHQWH
TXDQGRDOLJDomRjUHGHpSRVVtYHO

/B 
'HVFULomRGD)XQomR

2LQYHUVRUIXQFLRQDGDVHJXLQWHIRUPDTXDQGRVHOLJDjUHGH

 4XDQGRHVWiGLVSRQtYHOHQHUJLDVRODUQRVWHUPLQDLVGHHQWUDGD&&RVPyGXORV&&VmR
DFWLYDGRVHFRPHoDPDIXQFLRQDU
 2VPyGXORV&&FRPHoDPDFDUUHJDUREDUUDPHQWR&&D9
 2VPyGXORV&$UHFHEHPSRWrQFLDGREDUUDPHQWR&&HFRPHoDPDIXQFLRQDU2VPyGXORV

 
&$SDVVDPHQWmRSDUDRPRGRGHHVSHUD
6HDWHQVmRGHHQWUDGD&&H[FHGHU909H9+9RPyGXOR&&SHUPLWHRIXQ
FLRQDPHQWRGDUHGHDWUDYpVGREDUUDPHQWR&$1
 2PyGXOR&$YHULILFDVHDVFRQGLo}HVGDUHGHHVWmR2.HHIHFWXDXPWHVWHDXWRPiWLFR
GHIXQomR(16
 2PyGXOR&$PRQLWRUL]DDVFRQGLo}HVGDUHGHGXUDQWHVHJXQGRVHHPVHJXLGDOLJD
VHjUHGH&$

 )RUQHFHU3RWrQFLDj5HGH
$SyVDOLJDomRjUHGHRVPyGXORV&&HQWUDPHPPRGR0337HFRQWURODPDWHQVmRGHHQWUDGD
SDUDDOFDQoDUDWUDQVIHUrQFLDGHSRWrQFLDPi[LPD'XUDQWHDOLJDomRjUHGHWRGRVRVSDUkPHWURV
GRLQYHUVRUHGDUHGHVmRPRQLWRUL]DGRV

 'HVOLJDUGD5HGH
6HDUDGLDomRVRODUIRULQVXILFLHQWHSDUDJHUDUHQHUJLDSDUDDUHGH TXDQGRRFRQVXPRGHHQHUJLD
LQWHUQRGRLQYHUVRUpPDLVRXPHQRVLJXDOjSRWrQFLD)9GLVSRQtYHO RLQYHUVRUGHVOLJDVHGDUHGH
HHQWUDHPPRGRGHHVSHUD2LQYHUVRUFRQWLQXDDPRQLWRUL]DUDSRWrQFLD)9GLVSRQtYHO6HD
SRWrQFLD)9YROWDUDILFDUGLVSRQtYHOQRHVSDoRGHPLQXWRVpLQLFLDGRXPQRYRSURFHGLPHQWR
GHOLJDomRjUHGH6HQmRHVWLYHUGLVSRQtYHOSRWrQFLD)9DSyVPLQXWRVRLQYHUVRUSDVVDSDUD
RPRGR2))SDUDSRXSDUHQHUJLD0HVPRHPPRGR2))DSRWrQFLD)9GLVSRQtYHOpPRQLWRUL]DGD
HVHSRVVtYHORSURFHGLPHQWRGHOLJDomRjUHGHpLQLFLDGR

 0RQLWRUL]DomRGD5HGHH3URWHFomRFRQWUD'LYLVmR
GD5HGH
3DUDVDOYDJXDUGDUDVSHVVRDVTXHWUDEDOKDPQRVFDERVGHWHQVmR&$QRLQYHUVRUHQRVFLUFXLWRV
GRPpVWLFRVRLQYHUVRUGHVOLJDVHHPFDVRGHFRQGLo}HVDQRUPDLVRXGHIDOKDVQDUHGH2LQYHUVRU
PRQLWRUL]DFRQWLQXDPHQWHDWHQVmRHIUHTXrQFLDGDUHGHDWUDYpVGHXPFLUFXLWRGHFRQWURORLQ
WHUQR(VWHGHWHFWDTXDLVTXHUFRQGLo}HVDQRUPDLVRXIDOKDVQDUHGH$VFRQGLo}HVDQRUPDLVLQF
OXHPVREUHWHQVmRVXEWHQVmRVREUHIUHTXrQFLDVXEIUHTXrQFLDQDUHGHHDOWHUDo}HVGHLPSHGkQFLD
GDUHGH DOWHUDo}HVGHLPSHGkQFLDGDUHGHVyHVWmRGLVSRQtYHLVFRPRPyGXOR(16DFWLYDGRHHP
GHWHUPLQDGRVSDtVHV$OHPDQKD)UDQoD6XLoDH3RUWXJDO 2LQYHUVRUGHVOLJDVHLPHGLDWDPHQWH
HGHVOLJDVHGDUHGHVHRFRUUHUTXDOTXHUXPDGDVFRQGLo}HVDFLPDLQGLFDGDV7RGDVDVFRQGLo}HV
GHSHQGHPGRSDtVHHVWmRLQWHJUDGDVQRLQYHUVRUSDUDGLYHUVRVSDtVHV2VSDUkPHWURVVmRGHIL
QLGRVQRLQYHUVRUTXDQGRVHHVFROKHDGHILQLomRGRSDtV

 /B 
6HJXUDQoD)XQFLRQDO(16

 6HJXUDQoD)XQFLRQDO(16

 &RPR)XQFLRQDD6HJXUDQoD)XQFLRQDO)XQFLRQD
OLGDGH(16
(VWHFDStWXORGHVFUHYHDIXQomRGH6HJXUDQoD)XQFLRQDO (16 TXHHVWiLQWHJUDGDQRLQYHUVRUQR
FLUFXLWRLPSUHVVR&&&$$IXQFLRQDOLGDGHGHVHJXUDQoDIXQFLRQDOpGHILQLGDQDQRUPD'6,(16
6HJXLGDPHQWHHVWDIXQFLRQDOLGDGHGHVHJXUDQoDIXQFLRQDOWDPEpPpGHVFULWDFRPR(16 
$IXQomR(16HVWiDFWLYDGDSRUSUHGHILQLomRPDVOLJDGDGHDFRUGRFRPDOLVWDGHSDtVHV&RQWXGR
SRGHVHUGHVDFWLYDGDPDQXDOPHQWHVHQHFHVViULR$IXQomR(16pXPPpWRGRGHGHVFRQH[mR
VHJXUDTXHpXVDGRSDUDGHVOLJDURLQYHUVRUGDUHGHFDVRDOLJDomRjUHGHVHMDLQWHUURPSLGD(VWD
IXQomRGHVHJXUDQoDpLPSOHPHQWDGDGHDFRUGRFRPRVUHTXLVLWRVGH',19'( )HYH
UHLURGH  $OHPDQKD 

$YLJLOkQFLD(16GDUHGHpFRPSRVWDSRUGXDVXQLGDGHVGHPRQLWRUL]DomRLQGHSHQGHQWHVFDGD
XPDFRPXPGLVSRVLWLYRFRPXWDGRULQGHSHQGHQWHIRUPDQGRDVVLPXPVLVWHPDGHGHVFRQH[mR
UHGXQGDQWHHLQIDOtYHO

0RQLWRUL]DomR,QGHSHQGHQWH
$VGXDVXQLGDGHVGHPRQLWRUL]DomRLQGHSHQGHQWHVWURFDPLQIRUPDo}HVVREUHRVYDORUHVPRQLWR
UL]DGRV6HDVXQLGDGHVQmRFRQFRUGDUHPTXDOTXHUXPDGDVXQLGDGHVDFFLRQDRGLVSRVLWLYRFR
PXWDGRUUHPRYHQGRDOLJDomRjUHGHQXPHVSDoRGHWHPSRGHILQLGR

0HGLomRGH)UHTXrQFLDHGH7HQVmR
$IUHTXrQFLDHDWHQVmRVmRPRQLWRUL]DGDVHDVXQLGDGHVGHPRQLWRUL]DomRJDUDQWHPTXHRLQ
YHUVRUVHGHVOLJDGDUHGHTXDQGRpUHJLVWDGDXPDIUHTXrQFLDGHPDVLDGRDOWDRXEDL[DRXTXDQGR
pUHJLVWDGDXPDWHQVmRGHPDVLDGRDOWDRXEDL[D2VOLPLWHVGHIUHTXrQFLDHWHQVmRVmRGHILQLo}HV
GHSHQGHQWHVGRSDtVQRLQWHULRUGRLQYHUVRUHQmRSRGHPVHUDOWHUDGRV QDWDEHODGHGHILQLo}HV
GHSDtVVmRDSUHVHQWDGRVRVYDORUHVHVSHFtILFRVSDUDFDGDSDtVHPSDUWLFXODU 

,PSXOVR(160HGLomRGH,PSHGkQFLD
2LPSXOVR(16pXVDGRSDUDPRQLWRUL]DUDLPSHGkQFLDGDUHGHHJDUDQWHTXHRLQYHUVRUVHGHVOLJD
GDUHGHTXDQGRpUHJLVWDGDXPDDOWHUDomRGHPDVLDGRJUDQGHGRSDVVRGHLPSHGkQFLDGDUHGH
(VWHOLPLWHGHDOWHUDomRGHSDVVR VDOWRGHLPSHGkQFLD SRGHVHUDOWHUDGRQRPHQX&GRHFUmRX
XVDQGRD)HUUDPHQWDGH6HUYLoR
$FWLYDURXGHVDFWLYDUR,PSXOVR(16pXPDGHILQLomRGHSHQGHQWHGRSDtVGHQWURGRLQYHUVRUH
QmRSRGHVHUDOWHUDGD QDWDEHODGHGHILQLo}HVGRSDtVpLQGLFDGRVHRLPSXOVR(16HVWiDFWLYDGR
RXGHVDFWLYDGDSDUDFDGDSDtVHPSDUWLFXODU 

$)XQFLRQDOLGDGH(16
2HVWDGR(16TXHpDSUHVHQWDGRQRPHQX&GRHFUmHQDSiJLQDGRVHSDUDGRU$YDQoDGRGD
)HUUDPHQWDGH6HUYLoRpDSHQDVXPHVWDGRSDUDUHFRQKHFHUVHRPyGXOR(16HVWiDFWLYRRXQmR
GHSHQGHQGR GD GHILQLomR GR MXPSHU QR FLUFXLWR &$ HP +: RX GD SUHVHQoD GR PyGXOR (16
QRXWUDVYHUV}HV 
6HRHVWDGR(16IRUGHVDFWLYDGR DWUDYpVGRHFUmRXGD)HUUDPHQWDGH6HUYLoR RMXPSHU(16
QRFLUFXLWR&$WDPEpPQHFHVVLWDGHVHUPRYLGRFDVRFRQWUiULRRLQYHUVRUQmRVHOLJDjUHGH
0RYHURMXPSHUHGHVDFWLYDURHVWDGR(16GHVDFWLYDFRPSOHWDPHQWHDIXQFLRQDOLGDGH(16 VHR
LPSXOVR(16IRUGHVDFWLYDGRSDUDRSDtVDFWXDO 
3RUSUHGHILQLomRRHVWDGR(16pDFWLYDGRHRMXPSHU(16pPRQWDGRQRLQYHUVRU,QWHUQDFLRQDO

/B 
6HJXUDQoD)XQFLRQDO(16

2SURFHVVDGRUGHVHJXUDQoDIXQFLRQDOUHFHEHRVOLPLWHVGHUHGH(16SDUDWRGRVRVSDtVHVDSDUWLU
GRSURFHVVDGRUSULQFLSDOGRLQYHUVRULPHGLDWDPHQWHDSyVDVHOHFomRGRSDtV,VWRVLJQLILFDTXHRV
OLPLWHVGHGHVFRQH[mRGDUHGHVHJXHPXPDGHILQLomRHVSHFtILFDSDUDRSDtVHPSDUWLFXODU

$QWHVTXHRLQYHUVRUVHSRVVDOLJDUjUHGHDIUHTXrQFLDGDUHGHHDWHQVmRGDUHGHWrPGHVHU
PRQLWRUL]DGDVGXUDQWHPDLVGHVHJXQGRV1HVWHSHUtRGRGHWHPSRRVGRLVSDUkPHWURVWrPGH
VHUPDQWHUGHQWURGRLQWHUYDORHVSHFLILFDGR

6HRFRUUHUXPDIDOKDQRVLVWHPD(16DFWXDORLQYHUVRUGHVOLJDVHGDUHGH2LQYHUVRUpGHVOLJDGR
SHUPDQHQWHPHQWHDWpTXHVHMDIHLWDRXWUDWHQWDWLYDGHOLJDomR

1RWD
6HRHVWDGR(16IRUGHVDFWLYDGR DWUDYpVGRHFUmRXGD)HUUDPHQWDGH6HUYLoR RMXPSHU(16
QRFLUFXLWR&$WDPEpPWHPGHVHUPRYLGRFDVRFRQWUiULRRLQYHUVRUQmRVHOLJDjUHGH

 6HJXUDQoD)XQFLRQDO'HILQLo}HV(16
$V GHILQLo}HV (16 VmR DSUHVHQWDGDV H DOWHUDGDV QR PHQX & GR HFUm LQWHJUDGR QR LQYHUVRU RX
DWUDYpVGD)HUUDPHQWDGH6HUYLoR

$OWHUDURSDVVRGHLPSHGkQFLDGDUHGH
$IXQomR(16GHVOLJDLPHGLDWDPHQWHRLQYHUVRUGDUHGHTXDQGRpUHJLVWDGDXPDDOWHUDomRQR
SDVVRGHLPSHGkQFLDGDUHGH9'(GHWHUPLQDDGHVFRQH[mRVHRFRUUHUXPDDOWHUDomR
GHSDVVRVXSHULRUDRKP2OLPLWHGHDOWHUDomRGHSDVVRGHLPSHGkQFLDSRGHVHUDMXVWDGRSDUD
YDORUHVHQWUHRKPHRKP

$FWLYDU'HVDFWLYDU(16
4XDQGRXPLQYHUVRUpIRUQHFLGR(16HVWiDFWLYDGRSRUSUHGHILQLomR1RPHQX(16DIXQomR(16
SRGHVHUGHILQLGDSDUDRHVWDGRµ'HVDFWLYDGR¶$RGHVDFWLYDUDIXQomR(16OHPEUHVHGHGHVDF
WLYDUGHVOLJDUDIXQFLRQDOLGDGH(16PDQXDOPHQWHQRFLUFXLWR&$

$OWHUDU DV GHILQLo}HV (16 SRGH


DIHFWDUDVHJXUDQoDGRVLVWHPD
$V DOWHUDo}HV Vy GHYHP VHU
HIHFWXDGDVSRUSHVVRDOFRPIRU
PDomR H H[SHULrQFLD 7HQKD R
FXLGDGRGHUHVSHLWDUDVUHJUDVH
UHJXODPHQWRVGDHPSUHVDS~EOL
,OXVWUDomR(162))
FDORFDOVREUHDVGHILQLo}HV(16

,OXVWUDomR(1621

/HPEUHVHVHPSUHGHFRORFDURMXPSHUQDKRUL]RQWDOGHSRLVGHGHVDFWLYDUDIXQomR
(166HRMXPSHUQmRIRUFRORFDGRQDKRUL]RQWDORLQYHUVRUQmRDUUDQFD
5HVSHLWHRVUHTXLVLWRVGHVHJXUDQoDHVLJDDVLQVWUXo}HVQRFDStWXOR6HUYLoRH5H
SDUDomRDRDEULURLQYHUVRU

 /B 
,QWHUIDFH+RPHP0iTXLQD

 ,QWHUIDFH+RPHP0iTXLQD

 8QLGDGHGH(FUm,QWHJUDGR
$WUDYpVGRHFUmLQWHJUDGRQDIUHQWHGRLQYHUVRURXWLOL]DGRUWHPDFHVVRDWRGDVDVLQIRUPDo}HV
VREUHRVLVWHPD)9HVREUHRLQYHUVRU$XQLGDGHGHHFUmFRPXQLFDFRPRLQYHUVRUDWUDYpVGHXP
FDERGHEDUUDPHQWR&$12HFUmWHP[FDUDFWHUHVSDUDDSUHVHQWDUYDORUHVHPHQVDJHQVQXPD
HVWUXWXUDGHPHQX2HFUmHVWiHTXLSDGDFRPLOXPLQDomRGHIXQGR$FLPDGRHFUm/&'HQFRQ
WUDPVHQRYH/('VYHUGHVHXP/('YHUPHOKR$OpPGLVVRDXQLGDGHGHHFUmWHPTXDWURWHFODV
SDUDQDYHJDUQRPHQXGRHFUmYLGHLOXVWUDomRDEDL[R4XDQGRRLQYHUVRUHVWiDIXQFLRQDUVmR
DSUHVHQWDGRVGLYHUVRVYDORUHVRSHUDFLRQDLVHSDUkPHWURVGHGHILQLo}HVQR/&'4XDQGRRLQYHUVRU
HVWiQRPRGR2)) GHQRLWH RLQYHUVRUSRGHVHUDFWLYDGRSUHPLQGRRERWmRGDHVTXHUGD (6&  
(VWDIXQomRSHUPLWHDRGRQRGDFDVDYHULILFDURVYDORUHVGHSURGXomRVRODUDUPD]HQDGRVQDPH
PyULDGRHFUmPHVPRTXHQmRKDMDHQHUJLDVRODUSDUDDOLPHQWDURLQYHUVRUFRQIRUPHGHVFULWR
DEDL[R

7ROHUkQFLDGRHFUm
2VSDUkPHWURVDSUHVHQWDGRVQRHFUmUHIHUHP
VHDWHQV}HVHFRUUHQWHVPHGLGDVLQWHUQDPHQ
WH 2V SDUkPHWURV DSUHVHQWDGRV GHVYLDPVH
GRVYDORUHVPi[LPRVDWpSRUFHQWR

1D iUHD GH PHGLomR LQIHULRU SRU H[HPSOR


TXDQGRDUDGLDomRVRODUHVWLYHUPXLWREDL[D 
RGHVYLRSRGHVHUWmRHOHYDGRTXDQWR:
HDPSHUHV 8/;L 

,OXVWUDomR(FUm

/B 
,QWHUIDFH+RPHP0iTXLQD

 %RW}HV
2VTXDWURERW}HVWrPDVVHJXLQWHVIXQo}HV

(6& 5HWURFHGHXPSDVVRVREHXPSDVVRQDHVWUXWXUDGRPHQX
θ

▲ 3DUDFLPD 5HWURFHGHSDUDRPHQXDQWHULRUGRHFUm
▼ 3DUDEDL[R $YDQoDUSDUDRPHQXVHJXLQWHGRHFUm
OK (QWHU 1RYRQtYHOGHPHQXRXDOWHUDomRGHGHILQLo}HV

 1DYHJDUQR0HQXGR(FUm

 0XLWDVYH]HVDIRUPDPDLVIiFLOGHDSUHQGHUFRPRDVFRLVDVIXQFLRQDPpH[SHULPHQWiODV)DoD
RFRPRHFUm([SHULPHQWH1mRpSRVVtYHOID]HUDOJRHUUDGRQRHFUmSRLVDVIXQo}HVTXHDOWHUDP
GHILQLo}HVHVWmRSURWHJLGDVSRUXPDSDODYUDSDVVH2HFUmUHJUHVVDVHPSUHSDUDDIXQomRGHHFUm
SUHGHILQLGDQDVHFomRGHPHQX$VHQmRKRXYHUDFWLYLGDGHGRWHFODGRGXUDQWHPLQXWRV

$SUy[LPDIXQomRGHHFUmQRQtYHOGHPHQXDFWXDOpDSUHVHQWDGDSUHPLQGR▼6HDIXQomRGH
HFUmDFWXDOIRUD~OWLPDpDSUHVHQWDGDDSULPHLUDIXQomRGRHFUm

$IXQomRGHHFUmDQWHULRUQRQtYHOGHPHQXDFWXDOpDSUHVHQWDGRSUHPLQGR▲6HDIXQomRGH
HFUmDFWXDOIRUDSULPHLUDpDSUHVHQWDGDD~OWLPDIXQomRGRHFUm

$IXQomRGHHFUmLPHGLDWDPHQWHDEDL[RGDIXQomRGHHFUmDFWXDOQDKLHUDUTXLDGHPHQXpDSUH
VHQWDGDSUHPLQGR2.

$IXQomRGHHFUmLPHGLDWDPHQWHDFLPDGDIXQomRGHHFUmDFWXDOQDKLHUDUTXLDGHPHQXpDSUH
VHQWDGDSUHPLQGR 
θ

$SHQDVQRQtYHOQDVHFomRGHPHQX$$SULPHLUDIXQomRGHHFUmQRQtYHOQDVHFomRGHPHQX
%pDSUHVHQWDGDSUHPLQGR2.GXUDQWHSHORPHQRVVHJXQGRV

$SHQDVQRQtYHOQDVHFomRGHPHQX%$SULPHLUDIXQomRGHHFUmQRQtYHOQDVHFomRGHPHQX
&pDSUHVHQWDGDSUHPLQGR2.GXUDQWHSHORPHQRVVHJXQGRV

$SHQDVQRQtYHOQDVHFomRGHPHQX%$SULPHLUDIXQomRGHHFUmQRQtYHOQDVHFomRGHPHQX
$pDSUHVHQWDGDSUHPLQGR 
θ

 0pWRGRGH,QWURGXomRSDUD6HOHFomRGH,WHP
4XDQGRVHSULPH2.RLWHPVHOHFFLRQDGRQRHFUmFRPHoDDSLVFDU

4XDQGR▼pSUHPLGRRLWHPDSLVFDUpVXEVWLWXtGRSHORLWHPVHOHFFLRQiYHOVHJXLQWHTXHWDPEpP
ILFDDSLVFDU SDVVDJHPGR~OWLPRLWHPVHOHFFLRQiYHOSDUDRSULPHLUR 

4XDQGR▲pSUHPLGRRLWHPDSLVFDUpVXEVWLWXtGRSHORLWHPVHOHFFLRQiYHODQWHULRUTXHWDPEpP
ILFDDSLVFDU SDVVDJHPGRSULPHLURLWHPVHOHFFLRQiYHOSDUDR~OWLPR 

4XDQGRVHSULPH2.DVHOHFomRpFRQILUPDGDHRLWHPSiUDGHSLVFDU

4XDQGR pSUHPLGRRLWHPSiUDGHSLVFDUHDVHOHFomRRULJLQDOpUHVWDXUDGD
θ

 /B 
,QWHUIDFH+RPHP0iTXLQD

 0pWRGRGH,QWURGXomRSDUD3DODYUDVSDVVH
4XDQGRVHSULPH2.RGtJLWRjGLUHLWDGRGtJLWRDSLVFDUWDPEpPFRPHoDDSLVFDU4XDQGRVH
SULPH2.HRGtJLWRPDLVjGLUHLWDHVWiDSLVFDUDLQWURGXomRGDSDODYUDSDVVHpFRQILUPDGD6H
IRULQWURGX]LGDXPDSDODYUDSDVVHLQFRUUHFWDRGtJLWRPDLVjHVTXHUGDFRPHoDDSLVFDU6HIRU
LQWURGX]LGDDSDODYUDSDVVHFRUUHFWDpDSUHVHQWDGRRSULPHLURHFUmGRPHQX&SURWHJLGRSRU
SDODYUDSDVVH

4XDQGR▼pSUHPLGRpDSUHVHQWDGRRGtJLWRVHJXLQWH SDVVDJHPGHD 

4XDQGR▲pSUHPLGRpDSUHVHQWDGRRGtJLWRDQWHULRU SDVVDJHPGHD 

4XDQGR pSUHPLGRRGtJLWRSiUDGHSLVFDUHVmRDSUHVHQWDGRVWRGRVRV]HURV pSRVVtYHO 


θ

LQWURGX]LUXPDSDODYUDSDVVHQRYD 

 $OWHUDomR$XWRPiWLFDGH)XQomRGR(FUm
1DVHFomR$GRPHQXRHFUmFRQWLQXDDDSUHVHQWDUD~OWLPDIXQomRGHHFUmHVFROKLGDSHORXWLOL
]DGRU

1RPHQX%RHFUmPXGDDXWRPDWLFDPHQWHSDUDRPHQX$VHQmRKRXYHUDFWLYLGDGHGRWHFODGR
GXUDQWHPLQXWRV

6HRLQYHUVRUHVWLYHUIRUDGDUHGHHQmRIRUHPSUHVVLRQDGDVTXDLVTXHUWHFODVGXUDQWHXPGHWHU
PLQDGRQ~PHURGHVHJXQGRVRHFUmPXGDDXWRPDWLFDPHQWHSDUDRPRGRGHRSHUDomRGRHFUm

6HRLQYHUVRUHVWLYHUQDUHGHHQmRWLYHUKDYLGRDFWLYLGDGHGRWHFODGRGXUDQWHPLQXWRVRHFUm
PXGDDXWRPDWLFDPHQWHSDUDRPRGRGHSURGXomRGHKRMHGRHFUm4XDQGRRWHVWHGHFRQILJX
UDomRVHLQLFLDHWHUPLQDRHFUmPXGDWHPSRUDULDPHQWHSDUDRPHQX%SDUDDSUHVHQWDURHVWDGR
GRWHVWHGHFRQILJXUDomR)9

6HRLQYHUVRUIRUGHVOLJDGRGDUHGHGHYLGRDXPDIDOKDR/('YHUPHOKRFRPHoDDSLVFDUHRHFUm
PXGDDXWRPDWLFDPHQWHSDUDRPHQX%RQGHpDSUHVHQWDGRRHYHQWR

1RPHQX%pSRVVtYHODOWHUDURLGLRPDGRHFUm,VWRQmRDIHFWDDVRXWUDVGHILQLo}HV2LGLRPDGR
HFUmpLQGHSHQGHQWHGDVGHILQLo}HVGRSDtV'LYHUVRVSDUkPHWURVSRGHPVHUDOWHUDGRVQRHFUm
LQWHJUDGR7RGDVDVGHILQLo}HVTXHDIHFWDPRGHVHPSHQKRUHJXODPHQWRVGDVDXWRULGDGHVHVH
JXUDQoDVmRUHFROKLGDVQDVHFomRGRPHQX&

2DFHVVRjVHFomR&UHTXHUXPDSDODYUDSDVVH6ySHVVRDODXWRUL]DGRFRPDGHYLGDIRUPDomRH
H[SHULrQFLD GHYH WHU DFHVVR FRP DV SDODYUDVSDVVH &RQVXOWH D VHFomR VREUH D LQWURGXomR GD
SDODYUDSDVVH&RQVXOWHRFDStWXORVREUHHFUmVVHFomR&SDUDREWHUXPDH[SOLFDomRGHWDOKDGD
GRVSDUkPHWURVTXHSRGHPVHUDOWHUDGRVHGHILQLGRVQDVHFomRGHPHQX&

 (VWUXWXUDGH0HQX
 'HVFULomRGDV)XQo}HVGR(FUm
1HVWDVXEVHFomRVmRDSUHVHQWDGRVRVPHQXVGRHFUm

/B 
,QWHUIDFH+RPHP0iTXLQD

2WH[WRH[DFWRHPFDGDHFUmpDSUHVHQWDGRQDFROXQDGDHVTXHUGD1RWHTXHpSRVVtYHOSHUFRUUHU
RVHFUmVSDUDFLPDHSDUDEDL[R2PHQXWDPEpPWHPXPDIXQomRGHDQHODPHQWRGR~OWLPRLWHP
SDUDRSULPHLUR

&DGDHFUmpFRPSRVWRSRUGXDVOLQKDV(PJHUDODOLQKDVXSHULRULQGLFDRTXHpPRVWUDGRHD
OLQKDLQIHULRULQGLFDRYDORUHDXQLGDGHGHPHGLGD1DFROXQDjGLUHLWDpH[SOLFDGRRFRQWH~GRGR
HFUm1DOJXQVFDVRVSRGHPVHUHQFRQWUDGDVLQIRUPDo}HVDGLFLRQDLVQRXWURVFDStWXORV

1RWD
$VPHGLo}HVIRUQHFLGDVSHORFRQWDGRUGHHQHUJLDLQFRUSRUDGRQRLQYHUVRUVmRDSHQDVLQGLFD
WLYDV 8VH XP FRQWDGRU GH HQHUJLD FDOLEUDGR GH XPD HPSUHVD S~EOLFD FDVR TXHLUD VDEHU D
TXDQWLGDGHH[DFWDGHHQHUJLDSURGX]LGD
 $VLQIRUPDo}HVQRHFUmVmRRUJDQL]DGDVQXPDHVWUXWXUDGHPHQXGLYLGLGDHPWUrVVHFo}HV$%
H&

6HFomR$
&RQWpPLQIRUPDo}HVVREUHRLQYHUVRUHRGHVHPSHQKRGRVLVWHPD)9

6HFomR%
$SUHVHQWDWRGRVRVYDORUHVGHPHGLomRHGHILQLo}HVGRXWLOL]DGRU

6HFomR&
&RQWpPGHILQLo}HVGHLQYHUVRUHSDUkPHWURVGRVLWHORFDOHHVWiSURWHJLGDFRPSDODYUDSDVVH

eSRVVtYHOYHUXPDYLVWDJHUDOGDHVWUXWXUDGHPHQXHGDVLQIRUPDo}HVFRQWLGDVQRPHQXQDV
VHJXLQWHVWDEHODV

 9LVWDJHUDOGD6HFomR$GR0HQX
$WDEHODDEDL[RGiXPDYLVWDJHUDOGDHVWUXWXUDGRPHQX2VYDORUHVDSUHVHQWDGRVGHVWLQDPVH
DSHQDVDVHUYLUGHH[HPSORGRVWH[WRVGRGLVSOD\2WH[WRGHGLVSOD\ DSUHVHQWDGRQDSULPHLUD
FROXQD )XQo}HV GR 'LVSOD\  GLYLGHVH HP  OLQKDV FRP  FDUDFWHUHV GLVSRQtYHLV SRU OLQKD $
GLYLVmRGHOLQKDpLOXVWUDGDFRPRVtPEROR_

(VWUXWXUDGH0HQX$

)XQo}HVGR'LVSOD\ 'HVFULomR

2XWSXWSRZHU_: 3RWrQFLDGHVDtGDGHFRUUHQWHHPZDWWV
8WLOL]H)HUUDPHQWDGH6HUYLoRSDUDLQWURGX]LURQRPHGRLQYHUVRU6HRQRPHGR
,QYHUWHUQDPH_
LQYHUVRUIRULQGHILQLGRHVWHPHQXpLJQRUDGR
7RWDOSURGXFWLRQ_N:K 3URGXomRWRWDOGHHQHUJLDHPN:KGHVGHRSULPHLURDUUDQTXHGRLQYHUVRU
7HPSRWRWDOGHRSHUDomR WHPSROLJDGR DSUHVHQWDGRHPKRUDVPLQXWRVHVHJXQ
7RWDORSHUDWLQJWLPH_KPV
GRV
3URGXFWLRQWRGD\_:K 3URGXomRGHHQHUJLDKRMHHP:K

*RWRPHQX% 3DVVDSDUDRQtYHOGHPHQX%DRSUHPLU2.

7DEHOD9LVWDJHUDOGD6HFomR$GR0HQX

 /B 
,QWHUIDFH+RPHP0iTXLQD

 9LVWDJHUDOGD6HFomRGH0HQX%
$WDEHODDEDL[RGiXPDYLVWDJHUDOGDHVWUXWXUDGRPHQX2VGRLVQtYHLVGHPHQXVmRLQGLFDGRV
FODUDPHQWHSRUXPDVHWDVHJXLGDGHXPVXEPHQX2VYDORUHVDSUHVHQWDGRVGHVWLQDPVHDSHQDV
DVHUYLUGHH[HPSORGRVWH[WRVGRGLVSOD\

2WH[WRGHGLVSOD\ DSUHVHQWDGRQDSULPHLUDFROXQD)XQo}HVGR'LVSOD\ GLYLGHVHHPOLQKDV


FRPFDUDFWHUHVGLVSRQtYHLVSRUOLQKD$GLYLVmRGHOLQKDpLOXVWUDGDFRPRVtPEROR_

(VWUXWXUDGH0HQX%

)XQo}HVGR'LVSOD\ 'HVFULomR
$SUHVHQWDRDFWXDOPRGRGHRSHUDomRGRLQYHUVRU&RQVXOWHDVGHILQLo}HV
2SHUDWLRQPRGH_67$1'%<
GRPRGRGHRSHUDomRQRFDStWXOR
39FRQILJXUDWLRQ_,'/(
$SUHVHQWDRHVWDGRGRWHVWHGHFRQILJXUDomR)9DXWRPiWLFRHRVUHVXOWD
GRVGHWHFWDGRV

6HRLQYHUVRUQmRHVWLYHUOLJDGRjUHGHSRUFDXVDGHXPDIDOKDR/('
(YHQWR0RG_(16)/&+'&$&
YHUPHOKRFRPHoDDSLVFDUHRPRWLYRGDIDOKDpDSUHVHQWDGRDTXL
/DQJXDJH_(1*/,6+ 9LVXDOL]HHHVFROKDRLGLRPDGRGLVSOD\1mRDIHFWDDVRXWUDVGHILQLo}HV

*ULGYROWDJH_9 $SUHVHQWDDDFWXDOWHQVmR&$GDUHGH

*ULGFXUUHQW_$ $SUHVHQWDRDFWXDOIOX[RGHFRUUHQWHSDUDDUHGH

*ULGIUHTXHQF\_+] $SUHVHQWDDDFWXDOIUHTXrQFLDGDUHGH

*ULGLPSHGDQFH_RKP $SUHVHQWDDDFWXDOLPSHGkQFLDGDUHGH

39YROWDJH_3UHVV2.WRYLHZ 3ULPD2.SDUDDFHGHUDRVXEPHQXGHYDORUHVUHJLVWDGRV
ඛ 6XEPHQX

39YROWDJHQR_9 7HQVmRDFWXDOQDHQWUDGD)9 SRVLomRVXSHULRUQRLQYHUVRU 

39YROWDJHQR_9 7HQVmRDFWXDOQDHQWUDGD)9 VHJXQGDSRVLomRQRLQYHUVRU 

39YROWDJHQR_9 7HQVmRDFWXDOQDHQWUDGD)9 WHUFHLUDSRVLomRQRLQYHUVRU 

39FXUUHQW_35(662.WRYLHZ 3ULPD2.SDUDDFHGHUDRVXEPHQXGHYDORUHVUHJLVWDGRV
ඛ 6XEPHQX

39FXUUHQWQR_$ &RUUHQWHDFWXDOQDHQWUDGD)9 SRVLomRVXSHULRUQRLQYHUVRU 

39FXUUHQWQR_$ &RUUHQWHDFWXDOQDHQWUDGD)9 VHJXQGDSRVLomRQRLQYHUVRU 

39FXUUHQWQR_$ &RUUHQWHDFWXDOQDHQWUDGD)9 WHUFHLUDSRVLomRQRLQYHUVRU 

0D[LPXPYDOXHV_3UHVV2.WRYLHZ 3ULPD2.SDUDDFHGHUDRVXEPHQXGHYDORUHVUHJLVWDGRV
ඛ 6XEPHQX
9DORUHVPi[LPRVUHJLVWDGRVQDVDtGD&$GHVGHD~OWLPDUHSRVLomRGDPH
$&RXW:_$9
PyULDGRYDORUPi[LPR
9DORUHVPi[LPRVUHJLVWDGRVQDHQWUDGD&&GHVGHD~OWLPDUHSRVLomRGD
'&LQ: _$9
PHPyULDGRYDORUPi[LPR
9DORUHVPi[LPRVUHJLVWDGRVQDHQWUDGD&& GHVGHD~OWLPDUHSRVLomRGD
'&LQ: _$9
PHPyULDGRYDORUPi[LPR
9DORUHVPi[LPRVUHJLVWDGRVQDHQWUDGD&& GHVGHD~OWLPDUHSRVLomRGD
'&LQ: _$9
PHPyULDGRYDORUPi[LPR

7DEHOD9LVWDJHUDOGD(VWUXWXUDGH0HQX%

2VPHQXV)9H)9VmRDSUHVHQWDGRVDSHQDVHPLQYHUVRUHVHTXLSDGRVFRPGXDVRXWUrVHQWUDGDV

/B 
,QWHUIDFH+RPHP0iTXLQD

(VWUXWXUDGH0HQX%&RQWLQXDomR

)XQo}HVGR'LVSOD\ 'HVFULomR

0D[LPXPYDOXHV_3UHVV2.WRYLHZ 3ULPD2.SDUDDFHGHUDRVXEPHQXGHYDORUHVUHJLVWDGRV

6XEPHQX

9DORUHVPi[LPRVUHJLVWDGRVQDVDtGD&$GHVGHD~OWLPDUHSRVLomRGDPH
$&RXW:_$9
PyULDGRYDORUPi[LPR
9DORUHVPi[LPRVUHJLVWDGRVQDHQWUDGD&&GHVGHD~OWLPDUHSRVLomRGD
'&LQ: _$9
PHPyULDGRYDORUPi[LPR
9DORUHVPi[LPRVUHJLVWDGRVQDHQWUDGD&& GHVGHD~OWLPDUHSRVLomRGD
'&LQ: _$9
PHPyULDGRYDORUPi[LPR
9DORUHVPi[LPRVUHJLVWDGRVQDHQWUDGD&& GHVGHD~OWLPDUHSRVLomRGD
'&LQ: _$9
PHPyULDGRYDORUPi[LPR


'HVFDUUHJDPHQWR7RWDOGH7HPSHUDWXUD$SUHVHQWDRWRWDOGDTXDQWLGDGH
7RWDOGUW7HPS3UHVV2.WRYLHZ GHWHPSRGXUDQWHRTXDORLQYHUVRUGHVFDUUHJRXGHYLGRDWHPSHUDWXUD
HOHYDGD

6XEPHQX

'HVFDUUHJDPHQWRGHWHPSHUDWXUD&&$SUHVHQWDDTXDQWLGDGHGHWHPSR
'&GHUDWHWHPS_KP
TXHRLQYHUVRUGHVFDUUHJRXGHYLGRDWHPSHUDWXUDHOHYDGD
&& 'HVFDUUHJDPHQWRGHWHPSHUDWXUD$SUHVHQWDDTXDQWLGDGHGHWHP
'&GHUDWHWHPS_KP
SRTXHRLQYHUVRUGHVFDUUHJRXGHYLGRDWHPSHUDWXUDHOHYDGD
&& 'HVFDUUHJDPHQWRGHWHPSHUDWXUD$SUHVHQWDDTXDQWLGDGHGHWHP
'&GHUDWHWHPS_KP
SRTXHRLQYHUVRUGHVFDUUHJRXGHYLGRDWHPSHUDWXUDHOHYDGD

'HVFDUUHJDPHQWR7RWDOGD5HGH$SUHVHQWDDTXDQWLGDGHGHWHPSRTXH
7RWDOGUW*ULG_KPLQ
LQYHUVRUGHVFDUUHJRXGHYLGRDFRQGLo}HVLQVWiYHLVGDUHGH
7HPSRDQWHVGRLQYHUVRUSDVVDUSDUDPRGR
2))
TXDQGRQmRHVWiGLVSR
3RZHUGRZQWLPH_VHFRQGV
QtYHOHQHUJLDVRODU

&RGHQXPEHUV_35(662.WRYLHZ 3ULPD2.SDUDDFHGHUDRVXEPHQXGHYDORUHVUHJLVWDGRV

6XEPHQX

,QYHUWHUFRGHQR_ ,QGLFDRFyGLJRGHSURGXWRGRLQYHUVRU

$&FRGHQXPEHU_& ,QGLFDRFyGLJRGHSURGXWRGRPyGXOR&$

'&FRGHQXPEHU_& ,QGLFDRFyGLJRGHSURGXWRGRPyGXOR&&

'&FRGHQXPEHU_& ,QGLFDRFyGLJRGHSURGXWRGRPyGXOR&& 

'&FRGHQXPEHU_& ,QGLFDRFyGLJRGHSURGXWRGRPyGXOR&& 

6HULDOQXPEHUV_3UHVV2.WRYLHZ 3ULPD2.SDUDSDVVDUSDUDRVXEPHQXGHYDORUHVUHJLVWDGRV

6XEPHQX

,QYHUWHU61_ ,QGLFDRQ~PHURGHVpULHGRLQYHUVRU

$&61_& ,QGLFDRQ~PHURGHVpULHGRPyGXOR&$

'&61_& ,QGLFDRQ~PHURGHVpULHGRPyGXOR&&

'&61_& ,QGLFDRQ~PHURGHVpULHGRPyGXOR&& 

'&61_& ,QGLFDRQ~PHURGHVpULHGRPyGXOR&& 

7DEHOD9LVWDJHUDOGD(VWUXWXUDGH0HQX%

2VPHQXV&&H&&VmRDSUHVHQWDGRVDSHQDVHPLQYHUVRUHVHTXLSDGRVFRPGXDVRXWUrVHQWUDGDV
2VYDORUHVPi[LPRVSDUDDSRWrQFLD)9SRGHPDWLQJLUPDLVGH:HPLQYHUVRUHVHPTXHDVHQWUDGDVHVWHMDPOLJDGDV
HPSDUDOHOR,VWRpQRUPDO

 /B 
,QWHUIDFH+RPHP0iTXLQD

 9LVWDJHUDOGD6HFomR&GR0HQX

$VGHILQLo}HVVyGHYHPVHUDOWHUDGDVGHDFRUGRFRPDVUHJUDVHUHJXODPHQWRVGH
ILQLGRVSHODVHPSUHVDVS~EOLFDVFRPDXWRULGDGHUHJXODGRUDVREUHDLQVWDODomR$V
SHVVRDVTXHWHQWHPDOWHUDUDVGHILQLo}HVGHYHPHVWDUIDPLOLDUL]DGDVFRPDVUHJUDV
HUHJXODPHQWRVDFWXDLVHVHQHFHVViULRGHYHPREWHUDSURYDomRGDVDXWRULGDGHV
UHOHYDQWHV

$VHFomR&GRPHQXSRGHVHUDFHGLGDSUHPLQGRµ2.¶GXUDQWHSHORPHQRVVHJXQGRVHQTXDQWR
HVWLYHUQRQtYHOGDVHFomR%eQHFHVViULRLQWURGX]LUXPDSDODYUDSDVVHDQWHVGRSULPHLURHFUm
GDVHFomR&GRPHQXVHUDSUHVHQWDGR

2WH[WRGHHFUm DSUHVHQWDGRQDSULPHLUDFROXQD)XQo}HVGRHFUm GLYLGHVHHPOLQKDVFRP


FDUDFWHUHVGLVSRQtYHLVSRUOLQKD$GLYLVmRGHOLQKDpLOXVWUDGDFRPRVtPEROR_ 

/B 
,QWHUIDFH+RPHP0iTXLQD


(VWUXWXUDGH0HQX&

)XQo}HVGR(FUm 'HVFULomR

(QWHUSDVVZRUG_ ,QWURGX]DDSDODYUDSDVVHFRUUHFWDGHGtJLWRVHSULPD2.

6KRZHYHQWORJ_3UHVV2.WRYLHZ 0RVWUDRUHJLVWRGHHYHQWRVDFWXDO3ULPD2.SDUDSDVVDUSDUDRVXEPHQX
ඛ 6XEPHQX
(FUmGRSULPHLURHYHQWR&RQVXOWHRFDStWXORGHUHVROXomRGHSUREOHPDVSDUD
8*5,'_KPV
REWHUGHWDOKHV3ULPD2.SDUDDFHGHUDRHFUmGRVHJXQGRUHJLVWRGHHYHQWR
(FUmGRVHJXQGRHYHQWR&RQVXOWHRFDStWXORGHUHVROXomRGHSUREOHPDVSDUD
ൺ*5,''&$&_
REWHUGHWDOKHV

'HOHWH(YHQW/RJ_.HHS2.SUHVVHG (OLPLQDRUHJLVWRGHHYHQWRDFWXDO
9LVXDOL]DUHDOWHUDUDGHILQLomRGRSDtV&DGDGHILQLomRGHSDtVWHPXPFRQ
&RXQWU\_81,7('.,1*'20
MXQWRGHSDUkPHWURVGLIHUHQWH

 $YJ9ROW/LPLW_9 7HQVmRPpGLDPi[LPDPHGLGDQRV~OWLPRVPLQXWRV

0D[JULGYROW_9 9LVXDOL]DUHDOWHUDUROLPLWHGHWHQVmRPi[LPRGDUHGH

0LQJULGYROW_9 9LVXDOL]DUHDOWHUDUROLPLWHGHWHQVmRPtQLPRGDUHGH

0D[JULGIUHT_+] 9LVXDOL]DUHDOWHUDUROLPLWHGHIUHTXrQFLDPi[LPRGDUHGH

0LQJULGIUHT_+] 9LVXDOL]DUHDOWHUDUROLPLWHGHIUHTXrQFLDPtQLPRGDUHGH
9LVXDOL]DUHDOWHUDURDWUDVRGHOLJDomRjUHGHDSyVDVFRQGLo}HVGHOLJDomR
&RQQHFWWLPH_VHFRQGV
jUHGHVHUHPDWLQJLGDV
$FWLYDUHGHVDFWLYDUDIXQomR(164XDQGRRFLUFXLWR(16pGHVOLJDGRGHYH
(16VWDWH_(1$%/('
VHUUHPRYLGRGRLQYHUVRU
6HOHFFLRQHDFRQILJXUDomR0HVWUH(VFUDYR&RQILJXUDURVFDERVGHHQWUDGD
0DVWHU6ODYH_$872'(7(&7
)9HPFRQIRUPLGDGH
*ULGLPSVWHS_RKP 9LVXDOL]DUHDOWHUDUROLPLWHGHSDVVRGHLPSHGkQFLD

5HVHWPD[YDOXHV_.HHS2.SUHVVHG (OLPLQDURUHJLVWRGHYDORUPi[LPR

'&LQSXWVRXUFH_2.6HOHFWPRGXOH 3ULPD2.SDUDDFHGHUDRVXEPHQX
ඛ 6XEPHQX

'&LQSXWVRXUFH_39 $OWHUQDUHQWUH)217('($/,0(17$d­2)9H&&SDUDWHVWH

'&LQSXWVRXUFH_39 $OWHUQDUHQWUH)217('($/,0(17$d­2)9H&&SDUDWHVWH 

'&LQSXWVRXUFH_39 $OWHUQDUHQWUH)217('($/,0(17$d­2)9H&&SDUDWHVWH 

6:YHUVLRQV_3UHVV2.WRYLHZ 3ULPD2.SDUDDFHGHUDRVXEPHQX
ඛ 6XEPHQX 

$&6:YHUVLRQ_ ,QGLFDDYHUVmRDFWXDOGRVRIWZDUHGRPyGXOR&$

'&6:YHUVLRQ_ ,QGLFDDYHUVmRDFWXDOGRVRIWZDUHGRPyGXOR&&

'&6:YHUVLRQ_ ,QGLFDRQ~PHURGHVpULHGRPyGXOR&& 

'&6:YHUVLRQ_ ,QGLFDDYHUVmRDFWXDOGRVRIWZDUHGRPyGXOR&& 

'LVSOD\6:YHU_ ,QGLFDDYHUVmRGRVRIWZDUHGRHFUmLQWHJUDGR

3RZHUOLPLWV_3UHVV2. 3ULPD2.SDUDDFHGHUDRVXEPHQX
ඛ 6XEPHQX 

$&SRZHUOLPLW_: 9LVXDOL]DUHDOWHUDUROLPLWHGHSRWrQFLDGHVDtGD&$

'&SRZHUOLPLW_: 9LVXDOL]DUHDOWHUDUROLPLWHGHSRWrQFLDGHHQWUDGD&&

'&SRZHUOLPLW_: 9LVXDOL]DUHDOWHUDUROLPLWHGHSRWrQFLDGHHQWUDGD&& 

'&SRZHUOLPLW_: 9LVXDOL]DUHDOWHUDUROLPLWHGHSRWrQFLDGHHQWUDGD&& 

'&EXVYROWDJH_3UHVV2.WRYLHZ 7HQVmRGREDUUDPHQWR&&PHGLGDSHORFLUFXLWRLPSUHVVRLQGLYLGXDO

'&EXVYOW $& _9 7HQVmRGREDUUDPHQWR&&PHGLGDSHORFLUFXLWR&$

'&EXVYOW '& _9 7HQVmRGREDUUDPHQWR&&PHGLGDSHORFLUFXLWR&&

'&EXVYOW '& _9 7HQVmRGREDUUDPHQWR&&PHGLGDSHORFLUFXLWR&&

'&EXVYOW '& _9 7HQVmRGREDUUDPHQWR&&PHGLGDSHORFLUFXLWR&&

(DUWKIDXOWFKHFN_(1$%/(' $FWLYDUGHVDFWLYDULQGLFDomRGHIDOKDjWHUUD LQGLFDGRFRPRXPHYHQWR

7DEHOD9LVWDJHUDOGD(VWUXWXUDGH0HQX&
 /B 
,QWHUIDFH+RPHP0iTXLQD

 6ySRGHPVHUDOWHUDGRVSRUPHLRGH)HUUDPHQWDGH6HUYLoR&RQVXOWHR)HUUDPHQWDGH6HUYLoR0DQXDO
 2VPHQXV&&H&&VmRVyDSUHVHQWDGRVHPLQYHUVRUHVHTXLSDGRVFRPHVWHVPyGXORV

/B 
'HILQLo}HVGR,QYHUVRU

 'HILQLo}HVGR,QYHUVRU

 'HILQLo}HVGR,QYHUVRU
eSRVVtYHODOWHUDUGLYHUVRVSDUkPHWURVTXHDIHFWDPRGHVHPSHQKRRVUHJXODPHQWRVGDVDXWRUL
GDGHVHDVHJXUDQoD6yRSHVVRDODXWRUL]DGRFRPDGHYLGDIRUPDomRHH[SHULrQFLDGHYHSRGHU
ID]HULVVR$VVLPRDFHVVRHVWiSURWHJLGRFRPSDODYUDVSDVVH2VSDUkPHWURVSRGHPVHUPRGL
ILFDGRVXVDQGRD)HUUDPHQWDGH6HUYLoRRXDVHFomRGHPHQX&GRHFUmLQWHJUDGR&RQVXOWHR
PDQXDOVHSDUDGRSDUDD)HUUDPHQWDGH6HUYLoR&RQVXOWHRFDStWXORVREUHHFUmVVHFomR&SDUD
REWHUXPDH[SOLFDomRGHWDOKDGDGRVSDUkPHWURVTXHSRGHPVHUDOWHUDGRVHGHILQLGRVQDVHFomR
GHPHQX&&RQVXOWHWDPEpPDVHFomRVREUHDLQWURGXomRGHSDODYUDSDVVH1RPHQX%GRHFUm
LQWHJUDGRpSRVVtYHODOWHUDURLGLRPDGRHFUm,VWRQmRDIHFWDDVRXWUDVGHILQLo}HV2LGLRPDGR
HFUmpLQGHSHQGHQWHGDVGHILQLo}HVGRSDtV


 'HILQLo}HVGH3DtV
$VGHILQLo}HVGHSDtVVmRXPDFROHFomRGHYDORUHVGHSDUkPHWURVHVSHFtILFRVGHGHWHUPLQDGRSDtV
RXUHJLmR$WDEHODGHGHILQLo}HVHVSHFtILFDVGHSDtVSDUDFDGDSDtV WDOFRPRRVOLPLWHVGHUHGH
HWF VmRDUPD]HQDGDVQRLQYHUVRUTXDQGRHVWHpIDEULFDGR
$RVHOHFFLRQDUXPSDtVRLQYHUVRUDGDSWDVHDXWRPDWLFDPHQWHDVGHILQLo}HVGHSDtVGHVVHSDtV
RXUHJLmRHVSHFtILFRV

'HYLGRjVQRYDVH[LJrQFLDVGHILQLGDVHP9'(MiQmRpSRVVtYHODOWHUDUDVGHILQLo}HVGH
SDtVGRLQYHUVRUSRUPHLRGRPHQX&GRHFUm3DUDDOWHUDUDVGHILQLo}HVGHSDtVRXSDUkPHWURV
HVSHFtILFRVGRSDtVGHYHVHUXVDGDD)HUUDPHQWDGH6HUYLoR
2VSDUkPHWURVTXHDJRUDSRGHPVHUDOWHUDGRVSRUPHLRGD)HUUDPHQWDGH6HUYLoRVmRDSHQDV
‡ )UHTXrQFLDPi[LPDGDUHGH
‡ )UHTXrQFLDPtQLPDGDUHGH
‡ 7HQVmRPi[LPDGDUHGH
‡ 7HQVmRPtQLPDGDUHGH
‡ 3DVVRGHLPSHGkQFLDPi[LPRGDUHGH
‡ 7HPSRGHOLJDomR
‡ (VWDGR(16
‡ 3DtV

1RWD
$VVLPTXHXPSDtVWLYHUVLGRHVFROKLGRQmRpSHUPLWLGRDOWHUDURSDtVRXTXDOTXHUXPDGDV
GHILQLo}HVDSUHVHQWDGDVDFLPDVHPDDSURYDomRRILFLDOGDHPSUHVDS~EOLFDGHIRUQHFLPHQWR

 /B 
'HILQLo}HVGR,QYHUVRU

2VSDtVHVDEDL[RIRUDPWRGRVDSURYDGRVHFHUWLILFDGRVSDUDDRSHUDomRGRLQYHUVRUHVmRPR
VWUDGRVFRPRVSULQFLSDLVSDUkPHWURVGHGHILQLomRGRSDtV

3DtV /LPLWH 7HQVmR 7HQVmR )UHT )UHT 0t /LPLWH 0HGL 'HWHFomRGH &yGLJR 7HPSR
0pGLR 0tQLPD 0i[LPD 0i[LPD QLPD GH 3R omRGH )DOKDGH5H GH3DtV GH /L
GH 7HQ >9@ >9@ >+]@ >+]@ WrQFLD ,PSH GH JDomR
VmR>9@ 0i[LPR GkQFLD >V@
>:@ GD5H
GH
ÈXVWULD       6LP 21 $7 
%pOJLFD       1mR 21 %( 
5HS       1mR 2)) &= 
&KHFD
'LQDPDU       1mR 2)) '. 
FD
)UDQoD       6LP 21 )5 
$OHPDQ       6LP 2)) '( 
KD
*UpFLD       1mR 2)) *5 
,WiOLD       1mR 2)) ,7 
/X[HP       1mR 2)) /8 


EXUJR
0DOWD       1mR 2)) 07 
+RODQGD       1mR 2)) 1/ 
3RUWXJDO       6LP 2)) 37 
(VSDQKD       6LP 21 (6 
6XpFLD       1mR 2)) 6( 
6XLoD       6LP 2)) &+ 
7XUTXLD       1mR 2)) 75 

7DEHOD'HVFULomR*HUDOGDV'HILQLo}HVGR3DtV

/B 
&RQILJXUDomRGR6LVWHPD)9

 &RQILJXUDomRGR6LVWHPD)9

 &RQILJXUDomRGR6LVWHPD)9
$JDPDGHSURGXWRVGHLQYHUVRU'DQIRVVLQFOXLRVVHJXLQWHVLQYHUVRUHV8/;LRVmR
LQYHUVRUHVGHVWULQJ~QLFR8/;LR8/;LRH8/;LRVmRLQYHUVRUHV
FRPHQWUDGDVP~OWLSODVGHVWULQJVHSRGHPVHUFRQILJXUDGRVSDUDRSHUDomRGHVWULQJLQGHSHQGHQWH
RXRSHUDomRGHVWULQJHPSDUDOHORFRP0HVWUH(VFUDYR6HRVVWULQJVGHXPDLQVWDODomRIRUHP
GLIHUHQWHVRXDSUHVHQWDUHPFRQGLo}HVGHIXQFLRQDPHQWRGLIHUHQWHVTXHUGHYLGRDXPDRULHQWDomR
GLIHUHQWHRXUDGLDomRVRODUGXUDQWHRGLDRXGXUDQWHXPDQRDRSHUDomRLQGHSHQGHQWHSRGHWUD]HU
DPHOKRUSURGXomRGHHQHUJLD6HRVVWULQJVIRUHPLGrQWLFRVHDSUHVHQWDUHPVHPSUHFRQGLo}HV
GHIXQFLRQDPHQWRVLPLODUHVXPDFRQILJXUDomRHPSDUDOHORSRGHWUD]HUDPHOKRUSURGXomRGH
HQHUJLD

 )XQFLRQDPHQWRGH6WULQJ,QGHSHQGHQWH
 1DFRQILJXUDomRGHVWULQJLQGLYLGXDOWRGRVRVVWULQJVGHPyGXORVVRODUHVVmROLJDGRVHUHJXODGRV
LQGHSHQGHQWHPHQWH'HVWDIRUPDVWULQJVGHGLIHUHQWHVWDPDQKRVWLSRVRULHQWDomRHkQJXORQR
WHOKDGRSRGHPVHUOLJDGRVHFRQWURODGRVSDUDJHUDURPi[LPRGHSRWrQFLDSDUDDUHGH3DUDWDO
FDGDPyGXOR&&GRLQYHUVRUWHPXPVHJXLGRUGHSRQWRGHIXQFLRQDPHQWRySWLPRLQGHSHQGHQWH
2VFDERVGHFXUWRFLUFXLWR0HVWUH(VFUDYRQmRVmRLQVWDODGRVQDFRQILJXUDomRGHVWULQJLQGLYLGXDO
2IXQFLRQDPHQWRGHVWULQJLQGHSHQGHQWHpDSUHVHQWDGRQDLOXVWUDomRDEDL[R7RGDVDVHQWUDGDV
&&VmROLJDGDVLQGLYLGXDOPHQWHDVWULQJV)9VHSDUDGRV2VVWULQJV)9SRGHPWHUXPQ~PHURGL
IHUHQWHGHPyGXORV)9XVDUWLSRVGLIHUHQWHVGHPyGXORV)9RXWHUXPDRULHQWDomRHkQJXORSDUD
R6ROGLIHUHQWH&DGDPyGXORGHHQWUDGD&&WHPXPVHJXLGRU033LQGHSHQGHQWHSDUDRFRQWUROR
HRSWLPL]DomRGDVDtGDGRVWULQJ)96HXPVWULQJVHGHVOLJDUGHYLGRDUDGLDomRVRODULQVXILFLHQWH
RXDDYDULDRVRXWURVVWULQJVFRQWLQXDPDJHUDUHQHUJLDPD[LPL]DQGRDVVLPDSURGXomRWRWDOGH
HQHUJLD&DGDVWULQJHVWiOLJDGRDGRLVFRQHFWRUHVPXOWLFRQWDFWR

,OXVWUDomR  ([HPSOR GH VLVWHPD XVDQGR 8/;


LR

 )XQFLRQDPHQWRGHVWULQJHPSDUDOHOR
6HWRGRVRVVWULQJVOLJDGRVDXPLQYHUVRUIRUHPLGrQWLFRVSRGHPVHUOLJDGRVHPSDUDOHOR1HVWD
FRQILJXUDomRWRGRVRVPyGXOR&&IXQFLRQDPFRPRXPPyGXORGHHQWUDGDFRPDSHQDVXPVH
JXLGRU033$OLJDomRpHIHFWXDGDSRUPHLRGRVFDERVGHFXUWRFLUFXLWR0HVWUH(VFUDYR$SHQDV
RVPyGXORV&&QHFHVViULRVSDUDOLGDUFRPDHQHUJLDGHHQWUDGDHVWmRDFWLYRV(PSHUtRGRVFRP

 /B 
&RQILJXUDomRGR6LVWHPD)9

SRXFDUDGLDomRVRODUDSHQDVHVWiDFWLYRXPPyGXOR&&HDVSHUGDVGHHQHUJLDVmRHYLWDGDVQRV
RXWURVGRLV'HVWDIRUPDDHILFLrQFLDGRLQYHUVRUpDXPHQWDGDFRPUDGLDomREDL[DPD[LPL]DQGR
DSURGXomRWRWDOGHHQHUJLD'HPDQKmTXDQGRDUDGLDomRVRODUDXPHQWDHVWiDFWLYRDSHQDVXP
PyGXOR&&2VPyGXORVDGLFLRQDLVVmRDFWLYDGRVDXWRPDWLFDPHQWHTXDQGRDSRWrQFLDGHVDtGDR
WRUQDQHFHVViULR6HDUDGLDomRGHVFHUDEDL[RGHGHWHUPLQDGRQtYHOXPRXGRLVPyGXORVVmR
GHVOLJDGRVQRYDPHQWH4XDQGRGLYHUVRVPyGXORVGHHQWUDGDIXQFLRQDPHPSDUDOHORRVHJXL
PHQWR GH SRQWR GH IXQFLRQDPHQWR ySWLPR p FRQWURODGR SHOR SULPHLUR PyGXOR TXH FRPHoRX D
IXQFLRQDURXVHMDRPHVWUH2EDUUDPHQWRGHFRPXQLFDomRLQWHUQDWUDQVIHUHHQWmRRSRQWRGH
IXQFLRQDPHQWRSDUDRVRXWURVPyGXORVGHHQWUDGD&&$FDEODJHPGHXPFRQILJXUDomRGHVWULQJ
HPSDUDOHORpDSUHVHQWDGDQDLOXVWUDomR2VFDERVIRUQHFLGRVSDUDXPDOLJDomRHPSDUDOHORWrP
GHVHULQVWDODGRVDQWHVGHOLJDURVFDERV)92VEORFRVGHWHUPLQDLVVHUYHPFRPRFDEODJHPHP
SDUDOHORDOLJDURVVWULQJVVRODUHV2VVWULQJVVRODUHVVmROLJDGRVDRLQYHUVRUSRUPHLRGHXPGRLV
RXWUrVFRQMXQWRVGHFRQHFWRUHV0XOWL&RQWDFWR7HQKDFXLGDGRSDUDTXHDPERVRVFDERVILTXHP
EHP LQVHULGRV H DSHUWDGRV QR EORFR GH WHUPLQDLV 6H IRU OLJDGR XP JUDQGH VWULQJ DR LQYHUVRU
8/;LXPFRQMXQWRGHFRQHFWRUHV0XOWL&RQWDFWRSRGHQmRVHUVXILFLHQWHSDUDWUDQVSRUWDUD
FRUUHQWHGRVPyGXORV)9SDUDRLQYHUVRU

,OXVWUDomR&RQILJXUDomRGH6WULQJHP3DUDOHOR

 &RQILJXUDomR)9
$ROLJDUjUHGHpHIHFWXDGRXPWHVWHDXWRPiWLFRGDFDEODJHPGRPyGXOR)9SHORLQYHUVRU(VWH
WHVWHpHIHFWXDGRSDUDGHWHUPLQDUDFRQILJXUDomRGDFDEODJHPGRVPyGXORVeHVWDEHOHFLGRVHRV
PyGXORVVmROLJDGRVHPFRQILJXUDomRGHVWULQJLQGLYLGXDORXHPFRQILJXUDomRGHVWULQJHPSDUDOHOR
HRLQYHUVRUpFRQILJXUDGRDXWRPDWLFDPHQWHHPFRQIRUPLGDGH

2WHVWHIXQFLRQDDFWLYDQGRDVHQWUDGDVXPDDXPD2WHVWHGHPRUDPLQXWRVHRLQYHUVRU
FRQWLQXDDSURGX]LUHQHUJLD

3DUD8/;LRGHPyGXORV&&WrPGHVHUHQHUJL]DGRVSDUDTXHRWHVWHVHMDUHDOL]DGR
6HQmRHVWLYHUGLVSRQtYHOHQHUJLD)9VXILFLHQWHSDUDHQHUJL]DUPyGXORVRWHVWHpDGLDGRDWpTXH
HVWHMDGLVSRQtYHOHQHUJLD)9VXILFLHQWHSDUDTXHRVHJXQGRPyGXOR&&VHMDOLJDGR

3DUDLQYHUVRUHVFRPHFUmRUHVXOWDGRGRWHVWHSRGHVHUOLGRQRPHQX%QRPHQXGRHFUmGD
&RQILJXUDomR)9$TXDQGRGDFRQFOXVmRGRWHVWHRHFUmDSUHVHQWDDXWRPDWLFDPHQWHDFRQILJX

/B 
&RQILJXUDomRGR6LVWHPD)9

UDomR)9GHWHFWDGDFRQWXGRVyVHRVERW}HVQRHFUmQmRWLYHUHPVLGRXWLOL]DGRVQRV~OWLPRV
PLQXWRV

DC3

DC2 DC2

+ +

DC1 DC1 DC1

On Grid Test end

,OXVWUDomR7HVWHGH&RQILJXUDomR)9

 7HVWHGH&RQILJXUDomR)9
2HFUmDSUHVHQWDRHVWDGRGRWHVWH$SULPHLUDOLQKDLQGLFDTXHLVWRGL]UHVSHLWRjFRQILJXUDomR
 )9HDVHJXQGDOLQKDLQGLFDHPTXHHVWDGRHVWiRWHVWHRXTXHFRQILJXUDomRIRLGHWHFWDGD

PV configuration
INDIVIDUAL

2FDPSRGRHVWDGRSRGHDSUHVHQWDURVHJXLQWH

7H[WRGR(FUm 'HVFULomR
,'/( 2WHVWHGHFRQILJXUDomR)9DLQGDQmRIRLUHDOL]DGR$SUHVHQWDGRDQWHVGRLQYHUVRUVHUOLJDGR
jUHGH
2)) 2WHVWHGHFRQILJXUDomR)9HVWiGHVDFWLYDGR$SOLFDVHD8/;LRHDLQYHUVRUHVHP
TXHRWHVWHHVWHMDGHVDFWLYDGR
:$,7,1* 2WHVWHGHFRQILJXUDomR)9HVWiSURQWRDVHUUHDOL]DGRPDVVyHVWiGLVSRQtYHOUDGLDomRVRODU
SDUDXPDHQWUDGD)9 $SOLFDVHD8/;LRRLQYHUVRUVySRGHGHWHUPLQDUDFRQIL
JXUDomRGRVWUrVPyGXORVVHHVWLYHUHPGRLVDIXQFLRQDU 
39$872'(7(&7,1* 2WHVWHGHFRQILJXUDomR)9HVWiDVHUHIHFWXDGR$LQGDQmRKiUHVXOWDGR
,1',9,'8$/ 2VPyGXORV)9HVWmROLJDGRVHPFRQILJXUDomRGHVWULQJLQGLYLGXDO
3$5$//(/ $FRQILJXUDomR)9WHUPLQRXFRQFOXLQGRTXHDVHQWUDGDV&&H&&HVWmROLJDGDVHPFRQIL
JXUDomRGHVWULQJHPSDUDOHOR
3$5$//(/ $FRQILJXUDomR)9WHUPLQRXFRQFOXLQGRTXHDVHQWUDGDV&&H&&HVWmROLJDGDVHPFRQIL
JXUDomRGHVWULQJHPSDUDOHOR
3$5$//(/ $FRQILJXUDomR)9WHUPLQRXFRQFOXLQGRTXHDVHQWUDGDV&&H&&HVWmROLJDGDVHPFRQIL
JXUDomRGHVWULQJHPSDUDOHOR
3$5$//(/ $FRQILJXUDomR)9WHUPLQRXFRQFOXLQGRTXHDVHQWUDGDV&&&&H&&HVWmROLJDGDVHP
FRQILJXUDomRGHVWULQJHPSDUDOHOR

7DEHOD7H[WRGRFDPSRGHHVWDGRGRWHVWHGHFRQILJXUDomR)9

³3$5$//(/´VypSHUPLWLGRSDUDRVLQYHUVRUHV8/;LRH8/;LR³3$
5$//(/´³3$5$//(/´H³3$5$//(/´QmRVmRSHUPLWLGRVSDUDRLQYHUVRU8/;L
R

 /B 
,QVWDODomRH$UUDQTXH

 ,QVWDODomRH$UUDQTXH

$LQVWDODomRHOLJDomRHOpFWULFDjUHGHGHYHVHUHIHFWXDGDSRUSHVVRDODXWRUL]DGRH
FRPDGHYLGDIRUPDomR

 ,QVWDODomRH$UUDQTXH
(VWHFDStWXORGHVFUHYHDLQVWDODomRHDUUDQTXHGRLQYHUVRU2VDYLVRVSUHFDXo}HVHRXWUDVLQGL
FDo}HV LPSRUWDQWHV TXH GHYHP VHU UHVSHLWDGRV DQWHV H GXUDQWH D LQVWDODomR H DUUDQTXH VmR
DSUHVHQWDGRVQHVWHFDStWXORHWDPEpPQR&DStWXORQDVHFomRVREUH,QIRUPDo}HVGH6HJXUDQoD
,PSRUWDQWHV

9HULILTXHVHPSUHRVUHTXLVLWRVORFDLVHDVVHJXUHVHGHTXHRLQYHUVRUpLQVWDODGRHRSHUDGRGH
DFRUGRFRPHVWHVUHTXLVLWRV

 6HTXrQFLDGH,QVWDODomR
 /HLDRPDQXDOHSUHVWHHVSHFLDODWHQomRjVHFomRVREUHDVHJXUDQoD
 ,QVWDOHRLQYHUVRUGHDFRUGRFRPR&DStWXOR

 ,QVWDOH&$FRQVXOWHDVHFomRVREUH&$HP/LJDomR&$
 ,QVWDOH)95HFRUGHVHTXHpQHFHVViULRREORFRGHWHUPLQDLVHPFDVRGHOLJDomRSDUDOHOD
FRQVXOWHDVHFomR/LJDomRGH6WULQJV FRQVXOWHWDPEpP&RPR$EULUR,QYHUVRU 
 /LJXHD&$QRLQWHUUXSWRUGDUHGHHOpFWULFD
 'HILQDRLGLRPDHRSDtVFRQIRUPHIRUVROLFLWDGRQRHFUm
 /LJXHR)9OLJDQGRRLQWHUUXSWRU&&
 2LQYHUVRUHVWiSURQWRDIXQFLRQDU

 'HVHPEDODUH9HULILFDUR&RQWH~GR
2VLQYHUVRUHVVmRYHULILFDGRVFXLGDGRVDPHQWHDQWHVGDH[SHGLomR&RQWXGRSRGHPRFRUUHUGDQRV
GXUDQWHRWUDQVSRUWH$VVLPYHULILTXHDHPEDODJHPHRLQYHUVRUDQWHVGDLQVWDODomRHFRQWDFWH
RWUDQVSRUWDGRUHPFDVRGHGDQRV9HULILTXHWDPEpPVHRFRQWH~GRGDHPEDODJHPFRUUHVSRQGH
jQRWDGHWUDQVSRUWHHjVXDHQFRPHQGD

 (VFROKHUR/RFDOGH,QVWDODomR

1RWD
$SURGXomRGHHQHUJLDPDLVHOHYDGDHDYLGD~WLOPDLVORQJDFRQVHJXHPVHHYLWDQGRLQVWDODU
RLQYHUVRUHPDPELHQWHVTXHQWHV$WHPSHUDWXUDVDPELHQWHVHOHYDGDVRLQYHUVRUSURWHJHVH
FRQWUDRVREUHDTXHFLPHQWRUHGX]LQGRDSURGXomRGHHQHUJLD

2LQYHUVRUIRLFRQFHELGRSDUDXWLOL]DomRHPLQWHULRUH[WHULRUHPRQWDJHPHPSDUHGH6LJDHVWDV
GLUHFWLYDVDRHVFROKHUXPORFDOGHLQVWDODomRDGHTXDGR
‡ 8WLOL]HXPDSDUHGHVXILFLHQWHPHQWHSODQDHILUPDSDUDVXSRUWDURSHVRGRLQYHUVRU

/B 
,QVWDODomRH$UUDQTXH

‡ 1mRLQVWDOHRLQYHUVRUHPVXSHUItFLHVLQIODPiYHLV PDGHLUDRXVHPHOKDQWHV RXSHUWRGH


PDWHULDLVLQIODPiYHLV
‡ &HUWLILTXHVHGHTXHRHVSDoRGHLQVWDODomRpVXILFLHQWHPHQWHYHQWLODGRSDUDUHPRYHU
FDORUUHVLGXDOGRLQYHUVRU
‡ 1mRLQVWDOHRLQYHUVRUHPHVSDoRVTXHDTXHoDPGXUDQWHRGLD
‡ 5HVSHLWHDWHPSHUDWXUDDPELHQWHPi[LPDSHUPLVVtYHOSDUDRLQYHUVRU
‡ 2LQYHUVRUGHYHVHUPRQWDGRQXPDSDUHGHSDUDJDUDQWLUXPIOX[RGHDUDGHTXDGRSDUD
RHOHPHQWRGHUHIULJHUDomRQDSDUWHGHWUiVGRLQYHUVRU6HQmRIRUSRVVtYHOPRQWDUR
LQYHUVRUQXPDSDUHGHHVWHGHYHVHUIL[DGRDXPDSODFDTXHWHQKDSHORPHQRVRPHVPR
WDPDQKRTXHRLQYHUVRU

(VSHFtILFRSDUDLQWHULRUHV
‡ ,QVWDOHRLQYHUVRUGHLQWHULRUQXPORFDOVHFR

(VSHFtILFRSDUDH[WHULRUHV
‡ 1mRLQVWDOHRLQYHUVRUHPDPELHQWHVRQGHSRHLUDVSDOKDRXRXWURVVyOLGRVQRDUSRVVDP
EORTXHDUDVYHQWRLQKDVGRLQYHUVRU
‡ 1mRLQVWDOHRLQYHUVRUVREDOX]VRODUGLUHFWD SHULJRGHVREUHDTXHFLPHQWR 

 (VSHFLILFDomRGR$PELHQWHGH,QVWDODomRQR,QWHULRU

$SHVDUGRLQYHUVRUHVWDUFRQILJXUDGRSDUDXWLOL]DomRHPLQWHULRUHVWDOSHUPLWHPXLWDVYDULDo}HV
QRDPELHQWHGHLQWHULRU0XLWDVYH]HVLVWRFDXVDPDOHQWHQGLGRVHGLILFXOGDGHVDGHWHUPLQDUVH
XPORFDOGHLQVWDODomRHVSHFtILFRpDGHTXDGRSDUDRSURGXWR
3DUD DMXGDU R LQVWDODGRU D VHOHFFLRQDU ORFDLV DGHTXDGRV D QRUPD LQWHUQDFLRQDO ,(& 
³&ODVVLILFDomRGHFRQGLo}HVDPELHQWDLV´HVSHFLILFDGLYHUVDVFODVVHVDPELHQWDLVTXHSRGHPVHU
XVDGDVSDUDXPDHVSHFLILFDomRH[DFWDGRDPELHQWHDGHTXDGRSDUDRLQYHUVRU
8PDPELHQWHDGHTXDGRSDUDRVLQYHUVRUHVpHVSHFLILFDGRQDFODVVHDPELHQWDO,(GHDFRUGR
FRP,(&2VLWHQVVHJXLQWHVVmRHVSHFLILFDGRVPDLVGHWDOKDGDPHQWHQRFDStWXOR 'DGRV
7pFQLFRV
‡ 0RQWDJHPHPLQWHULRUHV
‡ ,QWHUYDORGHWHPSHUDWXUD±ƒ&WRƒ& SRWrQFLDQRPLQDO±ƒ&WRƒ&
‡ +XPLGDGHVHPFRQGHQVDomR
‡ *DELQHWH,36HPVDOSLFRVGHiJXD
‡ 9LEUDomR*

(VWDHVSHFLILFDomRDPELHQWDODSOLFDVHDORFDLVFRPR2ILFLQDVFDYHVJDUDJHQVDUPD]pQVSDUD
PiTXLQDVDJUtFRODV VHPSURGXomRSHFXiULD IiEULFDVHWF

3UpUHTXLVLWRV
‡ 7RGRVRVORFDLVWrPGHWHUSHORPHQRVXPWHOKDGRHTXDWURSDUHGHV
‡ 3URWHFomRFRQWUDLQIOXrQFLDVFOLPDWpULFDVGLUHFWDV FKXYDQHYRHLURQHYHVROYHQWR
‡ &RQGLo}HVGHKXPLGDGHVHPFRQGHQVDomR
‡ 6HPDOWHUDo}HVGHWHPSHUDWXUDGHPDLVGHƒ&PLQXWR
‡ 3URWHFomRFRQWUDDUHLDHSy
‡ 3URWHFomRFRQWUDiJXD
‡ 0RYLPHQWRGRDULQIHULRUDV
‡ 3URWHFomRFRQWUDSUHFLSLWDomROHYDGDSHORYHQWR FKXYDQHYRHLURQHYHJUDQL]R

 /B 
,QVWDODomRH$UUDQTXH

(PFDVRGHG~YLGDVREUHVHXPORFDOGHLQVWDODomRpDGHTXDGRSDUDRLQYHUVRUFRQWDFWHRVHX
IRUQHFHGRU

 (VSHFLILFDomRGR$PELHQWHGH,QVWDODomRQR([WHULRU
$SHVDUGRLQYHUVRUVHUFRQFHELGRSDUDLQVWDODomRHPH[WHULRUHVSRGHPVHUHQFRQWUDGRVDPELHQ
WHVGHH[WHULRUHVPXLWRGLYHUVRV0XLWDVYH]HVLVWRFDXVDPDOHQWHQGLGRVHGLILFXOGDGHVDGHWHU
PLQDUVHXPORFDOGHLQVWDODomRHVSHFtILFRpDGHTXDGRSDUDRSURGXWR

3DUDREWHUDX[tOLRDHVFROKHUORFDLVDGHTXDGRVDQRUPDLQWHUQDFLRQDO,(&µ&ODVVLILFDomR
GH&RQGLo}HV$PELHQWDLV3DUWH6HFomR&RQILJXUDomR(VWDFLRQiULDHP/RFDLV1mR3URWHJLGRV¶
GHILQHGLYHUVDVFODVVHVDPELHQWDLVTXHSRGHPDMXGDUDGHWHUPLQDUXPDHVSHFLILFDomRH[DFWDGR
DPELHQWHDGHTXDGRSDUDRLQYHUVRU

,QGLFDXPDPELHQWHDGHTXDGRSDUDLQYHUVRUHVGHH[WHULRUHV8/;MXQWDPHQWHFRPDFRPELQDomR
GHFODVVHDPELHQWDO,(FRQIRUPH,(&,(pXPDFRPELQDomRGDVVHJXLQWHVFODVVHV
DPELHQWDLV.===%&60

(VWDFRPELQDomRSRGHVHUXVDGDSDUDORFDLVVHPHOKDQWHVjVHJXLQWHGHVFULomRµ,(DSOLFDVHD
ORFDLVTXHSHUWHQFHPDRJUXSRPRGHUDGRGHFOLPDVGHH[WHULRUHVTXHVmRH[SRVWRVDSHQDVD
PRYLPHQWRFRQVLGHUiYHOGRDUHQYROYHQWHVDOSLFRVGHiJXDERORUHVURHGRUHVDWDTXHVGHDQL
PDLVTXHQmRWpUPLWDVXPJUDXQRUPDOGHSROXLomRDUHLDHSRHLUDWDOFRPRHPiUHDVUXUDLVH
XUEDQDVFRPDFWLYLGDGHFRPHUFLDOHXPYROXPHPRGHUDGRGHWUkQVLWRH[FHSWRHPiUHDVFRVWHLUDV 
PDVTXHSRGHPVHUVXMHLWDVDFKRTXHVFDXVDGRVSRULPSDFWRVRXEDWLGDVORFDLV¶

$HVSHFLILFDomRDFLPDPHQFLRQDGDDSOLFDVHjVHVSHFLILFDo}HVFRQWLGDVQRVGDGRVWpFQLFRV2V
LWHQVVHJXLQWHVVmRHVSHFLILFDGRVPDLVGHWDOKDGDPHQWHQRFDStWXOR'DGRV7pFQLFRV
‡ 1HQKXPDOX]VRODUGLUHFWD
‡ /LPLWHVGHWHPSHUDWXUDƒ&Dƒ& SRWrQFLDQRPLQDOƒ&Dƒ&
‡ *DELQHWH,3
‡ 9LEUDomR*

/B 
,QVWDODomRH$UUDQTXH

 'LPHQV}HVH3DGU}HVGH,QVWDODomR
3DUDSHUPLWLUYHQWLODomRVXILFLHQWHGHYHPVHUUHVSHLWDGDVDVGLVWkQFLDVQHFHVViULDVGRFKmRHGR
WHFWRHGHRXWURVREMHFWRV$VGLVWkQFLDVPtQLPDVSRGHPVHUYLVWDVQDLOXVWUDomRDEDL[R3DUD
IDFLOLWDUDLQVWDODomRVmRPRVWUDGDVDVGLVWkQFLDVGRLQYHUVRUHGRVXSRUWHGDSDUHGH

,QWHULRU

,OXVWUDomR'LVWkQFLDVGH,QVWDODomR

 /B 
,QVWDODomRH$UUDQTXH

([WHULRU


,OXVWUDomR'LVWkQFLDVGH,QVWDODomR

 'LPHQV}HVH3DGU}HVGH,QVWDODomR*UDQGHV,QVWDODo}HV
6HIRUHPFRORFDGRVGLYHUVRVLQYHUVRUHVSHUWRXPGRRXWURLQVWDOHRVLQYHUVRUHVFRPDVGLVWkQFLDV
SUHYLDPHQWHGHWHUPLQDGDVHGLVWULEXDRVLQYHUVRUHVQDSDUHGHQXPSDGUmRTXHSHUPLWDRIOX[R
GHDUOLYUHGRGLVVLSDGRUGHFDORUGRVLQYHUVRUHV8VHRSDGUmRPRVWUDGRQDLOXVWUDomRDEDL[RRX
XPVHPHOKDQWH$VGLVWkQFLDVGHPRQWDJHPGRLQYHUVRUMiPHQFLRQDGDVWrPGHVHUUHVSHLWDGDV

/B 
,QVWDODomRH$UUDQTXH

,QWHULRU

,OXVWUDomR3DGU}HVGH,QVWDODomR

([WHULRU

,OXVWUDomR3DGU}HVGH,QVWDODomR

 /B 
,QVWDODomRH$UUDQTXH

'HWHUPLQHVHRORFDOGHLQVWDODomRHVWiHTXLSDGRFRPYHQWLODomRVXILFLHQWHFDSD]GH
OLGDUFRPRFDORUUHVLGXDOGHGLYHUVRVLQYHUVRUHV$VWHPSHUDWXUDVDPELHQWHHOHYDGDV
DIHFWDPDYLGDHILDELOLGDGHGRLQYHUVRUEHPFRPRDSURGXomRGHHQHUJLD

1RWD
$PRQWDJHPLQFOLQDGDQmRpSHUPLWLGD

 0RQWDJHPGR,QYHUVRU
2LQYHUVRUSRGHVHUPRQWDGRQRVHXVXSRUWHQDSDUHGHVHPXVDUTXDLVTXHUIHUUDPHQWDV YLGH
LOXVWUDomRDEDL[R 2VXSRUWHGHSDUHGHpIL[DGRjSDUHGHFRPTXDWURSDUDIXVRVFRPXPGLkPHWUR
Pi[LPRGHPP6HOHFFLRQHRWLSRGHSDUDIXVRHDVGLPHQV}HVDGHTXDGDVSDUDRPDWHULDOGD
SDUHGHHSDUDRWDPDQKRGRLQYHUVRU

&HUWLILTXHVH GH TXH D FRQVWUXomR GD SDUHGH R WLSR GH SDUDIXVR H DV EXFKDV VmR FDSD]HV GH
VXSRUWDUFRPVHJXUDQoDRSHVRGRLQYHUVRUHGRVXSRUWHGHSDUHGH2SHVR LQFOXLQGRRVXSRUWH
GHSDUHGH HDVGLPHQV}HVGRLQYHUVRUVmRRVVHJXLQWHV

,QWHULRU

7LSRGHLQYHUVRU 3HVRNJ 'LPHQV}HV&[/[$PP
8/;L NJ îî
8/;LL NJ îî
8/;L NJ îî
7DEHOD3HVRH'LPHQV}HVGR,QYHUVRU,QWHULRU

([WHULRU

7LSRGHLQYHUVRU 3HVRNJ 'LPHQV}HV&[/[$PP


8/;R NJ îî
8/;RR NJ îî
8/;R NJ îî
7DEHOD3HVRH'LPHQV}HVGR,QYHUVRU([WHULRU

2VXSRUWHGHSDUHGHPDQWpPRLQYHUVRUQROXJDUSRUPHLRGHXPDPRODGHEORTXHLR

,OXVWUDomR6XSRUWHGHSDUHGHGRLQYHUVRU

/B 
,QVWDODomRH$UUDQTXH

0RQWHRVXSRUWHGHSDUHGHVHJXLQGRRSURFHGLPHQWRGHVFULWRDEDL[R
 0DUTXHDVSRVLo}HVGRVXSRUWHGHSDUHGHUHVSHLWDQGRDVGLVWkQFLDVLQGLFDGDVSUHYLD
PHQWH
 0DQWHQKD R VXSRUWH GH SDUHGH QD SDUHGH PDQWHQGR RV ODGRV YHUWLFDLV H PDUTXH DV
SRVLo}HVGRVSDUDIXVRV
 5HPRYDRVXSRUWHGHSDUHGHHIDoDRVEXUDFRV
 0DQWHQKDRVXSRUWHGHSDUHGHHPSRVLomRHLQVLUDWRGRVRVSDUDIXVRVVHPDSHUWDUPXLWR
 $OLQKHRVODGRVYHUWLFDOPHQWHHDSHUWHRVSDUDIXVRV

0RQWHRLQYHUVRUQRVXSRUWHGHSDUHGHVHJXLQGRDVLQVWUXo}HVDEDL[R YLGHILJXUD 
 $OLQKHRODGRHVTXHUGRGRVXSRUWHGHSDUHGHFRPDTXDUWDUDQKXUDGDFREHUWXUDGHWRSR
HGHL[HRLQYHUVRUHQFRVWDUDRVXSRUWHGHSDUHGH
 0RYD D H[WUHPLGDGH LQIHULRU GR LQYHUVRU QD GLUHFomR GD SDUHGH DWp TXH DV DOHWDV GH
UHIULJHUDomRHVWHMDPDIDVWDGDVGDSDUHGH
 )DoDGHVOL]DURLQYHUVRUSDUDFLPDDWpTXHHQFDL[HQDVUDQKXUDVGHFLPDGRVXSRUWHGH
SDUHGHHGHVoDRLQYHUVRUDWpTXHUHSRXVHQDVUDQKXUDVGRVXSRUWHGHSDUHGH
 (PSXUUHRIXQGRGRLQYHUVRUFRQWUDDSDUHGHDWpTXHDPRODGHIHFKRHQFDL[HQRVtWLR
 9HULILTXHVHRLQYHUVRUHVWiEHPIL[RQRVXSRUWHGHSDUHGH

 ,QWHULRU ([WHULRU

,OXVWUDomR3URFHGLPHQWRGHPRQWDJHPGRLQ
,OXVWUDomR3URFHGLPHQWRGHPRQWDJHPGRLQ YHUVRUQDSDUHGH
YHUVRUQDSDUHGH

3DUDUHPRYHURLQYHUVRUGRVXSRUWHGHSDUHGHVLJDDVLQVWUXo}HVDEDL[R YHMDDVLOXVWUDo}HV 
 ,QWURGX]DXPDFKDYHGHSDUDIXVRVRXVLPLODUQDUDQKXUDODWHUDOGRVXSRUWHGHSDUHGH
FRQIRUPHPRVWUDGRQDLOXVWUDomRDEDL[R
 0RYDDFKDYHGHSDUDIXVRVSDUDFLPDHQTXDQWRDIDVWDRLQYHUVRUGDSDUHGHDWpTXHD
PRODGHIHFKRVHVROWH
 $IDVWHRIXQGRGRLQYHUVRUGDSDUHGH
 )DoDGHVOL]DURLQYHUVRUSDUDFLPDDWpTXHGHVHQFDL[HGRVXSRUWHGHSDUHGHHUHPRYD
RGDSDUHGH

 /B 
,QVWDODomRH$UUDQTXH

,QWHULRU

,OXVWUDomR  3URFHGLPHQWR GH UHPRomR GR LQ


YHUVRU

,OXVWUDomR  3URFHGLPHQWR GH UHPRomR GR LQ


YHUVRU

([WHULRU

,OXVWUDomR3URFHGLPHQWRGHUHPRomRGRLQ
YHUVRU

/B 
,QVWDODomRH$UUDQTXH

 9LVWDJHUDOGR,QYHUVRU
ÈUHDGH/LJDomR
 /LJDomR&$
 56
 /LJDomR)9
 ,QWHUUXSWRU&& LQWHUUXSWRUGHFDUJD)9

 ,OXVWUDomR9LVWDJHUDOGR,QYHUVRU,QWHULRUHV

,OXVWUDomR9LVWDJHUDOGR,QYHUVRU([WHULRUHV

 /B 
,QVWDODomRH$UUDQTXH

 /LJDomRGH6WULQJV
2VSDLQpLV)9HVWmROLJDGRVjILFKD)9   0XOWL&RQWDFWR QDSDUWHLQIHULRUGRLQYHUVRU2VPy
GXORV)9VySRGHPVHUOLJDGRVXWLOL]DQGRFRQHFWRUHV0XOWL&RQWDFWR

,OXVWUDomR,QYHUVRUSDUD([WHULRU

,OXVWUDomR,QYHUVRUSDUD,QWHULRU

&HUWLILTXHVHGHTXHDWHQVmRGRFLUFXLWRDEHUWRGRPyGXOR)9QXQFDH[FHGHDWHQVmR
GHHQWUDGDPi[LPDHVSHFLILFDGDSDUDRLQYHUVRU9HULILTXHDHVSHFLILFDomRGDWHQVmR
GRFLUFXLWRDEHUWRQDWHPSHUDWXUDGHRSHUDomRPDLVEDL[DGRPyGXOR)9
0HoDDWHQVmRGRFLUFXLWRDEHUWRjWHPSHUDWXUDDFWXDOHFRPSDUHFRPDHVSHFLIL
FDomR$WHQVmRGHHQWUDGDH[FHVVLYDSRGHGDQLILFDURLQYHUVRUSHUPDQHQWHPHQWH
$WHQVmRGRFLUFXLWRDEHUWRGRVWULQJ)9GRLQYHUVRU'DQIRVV8/;GXUDQWHRIXQFLR
QDPHQWRGRVWULQJLQGLYLGXDOpQRPi[LPR9 PyGXOR09 H9 PyGXOR+9
UHVSHFWLYDPHQWH$WHQVmRGRFLUFXLWRDEHUWRGRVWULQJ)9GRLQYHUVRU'DQIRVV8/;
GXUDQWHRIXQFLRQDPHQWRGRVWULQJHPSDUDOHORpGH9 PyGXOR09 HGH
9 PyGXOR+9 UHVSHFWLYDPHQWH

$SHUWHRVSDUDIXVRVGDIUHQWHSDUDJDUDQWLUDOLJDomR3(DGHTXDGD
2VGRLVSDUDIXVRVGDIUHQWHVmRDOLJDomR3(jWDPSDIURQWDO&HUWLILTXHVHGHTXH
DPERVHVWmRPRQWDGRVHDSHUWDGRVFRPRELQiULRHVSHFLILFDGR

1RWD
&HUWLILTXHVHGHTXHRVFDERV)9GRVSDLQpLVVRODUHVHVWmROLJDGRVDRLQYHUVRUFRPDSRODULGDGH
FRUUHFWD2LQYHUVRUQmRVHUiGDQLILFDGRPDVQmRJHUDUiHQHUJLDDWpTXHDSRODULGDGHVHMD
FRUULJLGD$WHQVmRPi[LPDGHHQWUDGDFRQIRUPHGHILQLGDQDVHVSHFLILFDo}HVVHUiVXSHULRUj
WHQVmRGHFLUFXLWRDEHUWRGD&RQGLomRGH7HVWH6WDQGDUG 6WDQGDUG7HVW&RQGLWLRQ67& SDUD
RVPyGXORVPDWUL])9PXOWLSOLFDGDSRUXPIDFWRUGH7HQKDHPDWHQomRTXHRVPyGXORV
GHILOPHILQRSRGHPSURGX]LUXPDWHQVmRHVDtGDGHFRUUHQWHPDLVHOHYDGDVDQWHVGDGHJUD
GDomRLQLFLDOHDVVHJXUHVHGHTXH82&67&[ื80$;LQYWDPEpPpYiOLGRQHVWHFDVR

/B 
,QVWDODomRH$UUDQTXH

2VFRQHFWRUHV0&QmRVmR,3$LQWUXVmRGHKXPLGDGHSRGHRFRUUHUQDVVHJXLQ
WHVVLWXDo}HV
 2LQYHUVRUHVWiHPRSHUDomR0HVWUH(VFUDYRHVyHVWiDVHUXWLOL]DGDXPD
HQWUDGD)91HVWHFDVRDVRXWUDVHQWUDGDVQmRHVWmROLJDGDVD)9H
HVWmRDEHUWDVDLQWUXVmR
 1HPWRGDVDVHQWUDGDV)9HVWmROLJDGDV
 2VFRQHFWRUHV)9QmRHVWmRFRORFDGRVSRUH[HPSORHPFDVRGHGHVFR
QH[mRGHSDUWHVGHXPDLQVWDODomR)9GXUDQWHXPSHUtRGRGHWHPSRSUR
ORQJDGR
(PVLWXDo}HVHPTXHRVFRQHFWRUHV)9QmRHVWmRFRORFDGRVGHYHVHUPRQWDGDXPD
WDPSD LQFOXtGDQRkPELWRGRIRUQHFLPHQWR 7RGRVRVLQYHUVRUHV0&VmRIRUQHFL
GRVFRPWDPSDVQDVHQWUDGDVH'XUDQWHDLQVWDODomRDVWDPSDVGDVHQWUDGDV
TXHGHYHPVHUXVDGDVVmRGHLWDGDVIRUD

 /LJDomRGH6WULQJV&RQILJXUDomR,QGLYLGXDO3UHGHILQLomR
&RQILJXUDomR,QGLYLGXDO
$FRQILJXUDomR,QGLYLGXDOpDSUHGHILQLomRGHIiEULFD$FRQILJXUDomRLQGLYLGXDOpXWLOL]DGDTXDQGR
RVSDLQpLV)9WrPkQJXORVRXRULHQWDo}HVGLIHUHQWHVRXVmRGHWLSRVGLIHUHQWHV1mRpQHFHVViULR
DEULURLQYHUVRU

 ,QWHULRU ([WHULRU

,OXVWUDomR&RQILJXUDomRGH6WULQJ,QGLYLGXDO ,OXVWUDomR&RQILJXUDomRGH6WULQJ,QGLYLGXDO
,QWHULRU

 /B 
,QVWDODomRH$UUDQTXH

 /LJDomRGH6WULQJV&RQILJXUDomRHP3DUDOHOR
&RQILJXUDomRHP3DUDOHOR
$FRQILJXUDomRHPSDUDOHORpXWLOL]DGDTXDQGRWRGRVRVSDLQpLV)9VmRLGrQWLFRVHPWHUPRVGH
WLSRHLQVWDODomRGRVLVWHPD&RQVXOWHRFDStWXORVREUH6HUYLoRH5HSDUDo}HVSDUDREWHULQIRUPD
o}HVVREUHFRPRDEULURLQYHUVRU

,QWHULRU ([WHULRU

,OXVWUDomR&RQILJXUDomRGH6WULQJHP3DUD
OHOR,QWHULRU
,OXVWUDomR&RQILJXUDomRGH6WULQJHP3DUD
OHOR 
&HUWLILTXHVHGHTXHRVVWULQJVDOLJDUHPSDUDOHORWrPHVSHFLILFDo}HVGHWHQVmRH
FRUUHQWHLGrQWLFDV&DVRFRQWUiULRRVLVWHPDQmRIXQFLRQDUiFRUUHFWDPHQWHHSRGH
VHUGDQLILFDGR

$ROLJDUDVHQWUDGDV)9HPSDUDOHORQmRH[FHGDROLPLWHPi[LPRGHFRUUHQWHSDUD
RFRQHFWRUHFDER)92H[FHVVRGHFRUUHQWHSRGHFDXVDUVREUHDTXHFLPHQWRHGD
QLILFDUSHUPDQHQWHPHQWHRFRQHFWRU

1RWHTXHDFRUUHQWHPi[LPDGHHQWUDGDDWUDYpVGHFDGDFRQHFWRU0XOWLFRQWDFWRp
DPSHUHV

 7HVWHGH&RQILJXUDomR)9
2LQYHUVRUUHDOL]DXPWHVWHGHFRQILJXUDomR)9DXWRPiWLFDLPHGLDWDPHQWHDSyVDOLJDomRjUHGH
'XUDQWHHVWHWHVWHpGHWHUPLQDGDDFRQILJXUDomRGRVPyGXORV)92HVWDGRGRWHVWHHRUHVXOWDGR
HQFRQWUDPVHQRPHQX%QRHFUm

1RWD
2LQYHUVRUIXQFLRQDVHPSUHGHDFRUGRFRPDFRQILJXUDomRGRVPyGXORV)9

 0RGRGH&RQILJXUDomR)9
0HVWUH(VFUDYRHVWiGHILQLGRGHIiEULFDSDUDDGHWHFomRDXWRPiWLFD4XDQGRRLQYHUVRUpOLJDGR
jIRQWHGHDOLPHQWDomRUHDOL]DDXWRPDWLFDPHQWHXPDYHULILFDomRGDFDEODJHPGRPyGXOR)9
(VWDYHULILFDomRGHWHUPLQDDFRQILJXUDomRGDFDEODJHPGRVPyGXORV

/B 
,QVWDODomRH$UUDQTXH

eHVWDEHOHFLGRVHRVPyGXORVVmROLJDGRVHPFRQILJXUDomRGHVWULQJLQGLYLGXDORXHPFRQILJXUDomR
GHVWULQJHPSDUDOHORHRLQYHUVRUpFRQILJXUDGRDXWRPDWLFDPHQWHHPFRQIRUPLGDGH
$YHULILFDomRDFWLYDFDGDPyGXOR&&jYH]

'HPRUDPLQXWRVHRLQYHUVRUFRQWLQXDDSURGX]LUHQHUJLDDRPHVPRWHPSR

 3RUTXHp,PSRUWDQWH5HGX]LUR9DORU92&QR0RGR0HVWUH
(VFUDYR"
92&VLJQLILFDWHQVmRGHFLUFXLWRDEHUWRD±ƒ&(PGHWHUPLQDGDVFLUFXQVWkQFLDVXPPyGXOR&&
OLGDFRPWRGDDSRWrQFLDDWpN:QRPRGR0HVWUH(VFUDYR
(VWDVLWXDomRQRUPDOPHQWHVXUJHGXUDQWHRVSULPHLURVVHJXQGRVDSyVRGHVDSDUHFLPHQWRGHXPD
QXYHPHGXUDDWpTXHRVPyGXORVHVFUDYRVWHQKDPDUUDQFDGR LVWRGHPRUDVHJXQGRV 
'XUDQWHHVWHSHUtRGRRPyGXORPHVWUHWHPGHOLPLWDUDSRWrQFLDDN:DXPHQWDQGRDWHQVmR
SDUDXPYDORUSUy[LPRGH92&)LVLFDPHQWHRPyGXOR&&QmRpFDSD]GHDXPHQWDUDWHQVmRSDUD
PDLVGH9 PyGXORV09 RX9 PyGXORV+9 
8PQtYHOGHWHQVmRGH9 PyGXORV09 RX9 PyGXORV+9 QmRpGHVWUXWLYRSDUD
RLQYHUVRUPDVQRIXQFLRQDPHQWR0HVWUH(VFUDYRRLQYHUVRUSRGHGLVSDUDUVH92&IRUGHPDVLDGR
DOWR

 5HTXLVLWRVGR&DER&$

5HTXLVLWRVGR&DER&$

$RGLPHQVLRQDURVFDERV&$UHFRPHQGDVHXPDSHUGDWRWDOGHQRPi[LPRHQWUHRVLQYHUVRUHV
HRFRQWDGRUGHHQHUJLD2VGLkPHWURVGRVFDERVHVSHFLILFDGRVDEDL[RVmRUHFRPHQGDGRVSDUD
FDERVFRPFRPSULPHQWRDWpP

(VSHFLILFDomR 7LSRGH,QYHUVRU 7LSRGHLQYHUVRU 7LSRGHLQYHUVRU


8/;L 8/;LL 8/;L
$RVHOHFFLRQDURFDERSDUDDLQVWDODomR&$DVVHJXUHVHGHTXHFXPSUHRVUHJXODPHQWRVORFDLVHQDFLRQDLV
5HTXLVLWRVPtQLPRVUHFR FDERFRPLVRODPHQWRGXSOR FDERFRPLVRODPHQWRGXS FDERFRPLVRODPHQWR
PHQGDGRVSDUDRFDER !PPDSURYDGRSDUD ORGH!PPDSURYD GXSORGH!PP
FDERUHYHVWLGRD39& XVRGRPpVWLFR GRSDUDXVRGRPpVWLFR DSURYDGRSDUDXVRGR
PpVWLFR
8VRHPLQWHULRUHV ุ>9@ ุ>9@ ุ>9@
,QWHUYDORGHWHPSHUDWXUD ƒ& ƒ& ƒ&
,QWHUYDORDPSOLDGRGH ƒ& ƒ& ƒ&
WHPSHUDWXUD
,QWHULRUHV໅Pi[ PP PP PP
7DEHOD,QWHULRU5HTXLVLWRVGR&DER&$

8WLOL]DomRQRH[WHULRURXDRDUOLYUHUHVLVWHQWHjVLQWHPSpULHV
(VSHFLILFDomR 7LSRGHLQYHUVRU 7LSRGHLQYHUVRU 7LSRGHLQYHUVRU
8/;R 8/;RR 8/;R
$RVHOHFFLRQDURFDERSDUDDLQVWDODomR&$DVVHJXUHVHGHTXHFXPSUHRVUHJXODPHQWRVORFDLVHQDFLRQDLV
5HTXLVLWRVPtQLPRVUHFRPHQ +51)*PP +51)*PP +51)*
GDGRVGRVFDERV PP
&DERUHYHVWLGR LVRODPHQWRGH
ERUUDFKD
8WLOL]DomRDRDUOLYUH ุ>9@ ุ>9@ ุ>9@
,QWHUYDORGHWHPSHUDWXUD ƒ& ƒ& ƒ&
([WHULRUHV໅Pi[ PP PP PP
7DEHOD([WHULRU5HTXLVLWRVGR&DER&$

6HOHFomRGRWLSRGHFDER
3DUDJDUDQWLUDHOHYDGDHILFLrQFLDGRVLVWHPDpLPSRUWDQWHHVFROKHURWLSRGHFDERFRUUHFWR8P
FDERFRPXPSHTXHQRGLkPHWURGHFRQGXWRUDXPHQWDDVSHUGDV

 /B 
,QVWDODomRH$UUDQTXH

5HVLVWrQFLDGHFREUHSDUDFDERVFRPFRQGXWRUIOH[tYHODƒ& FODVVH 

(VSHFLILFDomR 7LSRGHLQYHUVRU 7LSRGHLQYHUVRU 7LSRGHLQYHUVRU


8/;LR 8/;LR 8/;LR
8/;LR
5&REUH RKPNP RKPNP RKPNP
&RQYHUWLGRSDUDFDERGH RKP RKP RKP
P
7DEHOD7LSRGH&DER&$

3HUGDVGHFRQGXWRU3HUGDVHVWLPDGDVHPZDWW SRUPGHFDERDOPDGHIDVHHQHXWUD 

(VSHFLILFDomR 7LSRGHLQYHUVRU 7LSRGHLQYHUVRU 7LSRGHLQYHUVRU


8/;LR 8/;LR 8/;LR
8/;LR
&RUUHQWH&$ $ $ $
3HUGDDRXVDUXPFDERGH
: : :
PP
3HUGDDRXVDUXPFDERGH
: : :
PP
3HUGDDRXVDUXPFDERGH
: : :
PP
7DEHOD3HUGDGH&DER&$HP:DWW

3HUGDVHVWLPDGDVHPSHUFHQWDJHPGDSRWrQFLDPi[LPD SRUPGHFDERDOPDGHIDVHHQHX
WUD  
(VSHFLILFDomR 7LSRGHLQYHUVRU 7LSRGHLQYHUVRU 7LSRGHLQYHUVRU
8/;LR 8/;LR 8/;LR
8/;LR
&RUUHQWH&$ $ $ $
3HUGDDRXVDUXPFDERGH
  
PP
3HUGDDRXVDUXPFDERGH
  
PP
3HUGDDRXVDUXPFDERGH
  
PP
7DEHOD3HUGDGR&DER&$HP

)yUPXODVSDUDFDOFXODUDUHVLVWrQFLDGRFDER
5HVLVWrQFLDGRFDER FDERGHLGDHUHWRUQR

 ľ  Ǐ ľ
5 >Ÿ@ RX 5 >Ÿ@
lj $ $

$'LkPHWURGRFRQGXWRUHPPPt
,'HQVLGDGHGDFRUUHQWHHP$ $PSHUH
ľ&RPSULPHQWRVLPSOHVGRFDERHPP
lj &DSD FDSDFLGDGHGHFRQGXomRHPPŸPPt±UHFtSURFDGDUHVLVWrQFLDHVSHFtILFD 5y
Ǐ 5y UHVLVWrQFLDHVSHFtILFDHPŸPPtP SDUDFREUH&X 

)XVtYHLV
2REMHFWLYRSULQFLSDOGRIXVtYHOpSURWHJHUDLQVWDODomRFRQWUDFXUWRFLUFXLWRV5HFRPHQGDVHD
XWLOL]DomRGHXPIXVtYHOOHQWRGHFODVVH&$RVHOHFFLRQDURIXVtYHOSDUDDLQVWDODomR&$DVVHJXUH
VHGHTXHHVWHFXPSUHRVUHJXODPHQWRVORFDLVHQDFLRQDLV

/B 
,QVWDODomRH$UUDQTXH

(VSHFLILFDomR 7LSRGHLQYHUVRU 7LSRGHLQYHUVRU 7LSRGHLQYHUVRU


8/;LR 8/;LR 8/;LR
8/;LR
)XVtYHO &RUUHQWH $ $ $
7HQVmR 9 9 9
7DEHOD)XVtYHLVUHFRPHQGDGRV

 $QiOLVHGD5HGH
3DUDUHGHVPXLWRIUDFDVRXSDUDVLVWHPDVTXHWHQKDPORQJDVGLVWkQFLDVHQWUHRLQYHUVRUHRSRQWR
GHOLJDomRSRGHVHUEHQpILFRDXPHQWDUROLPLWH705GRLQYHUVRU2OLPLWH705SRGHVHUDMXVWDGR
QRPHQX&TXHUDWUDYpVGRHFUmRXXVDQGRD)HUUDPHQWDGH6HUYLoR2DMXVWHpPXLWRLPSRUWDQWH
SDUDHYLWDUDGHVFDUJDRXGHVFRQH[mRFDXVDGDVSRUTXHGDVGHWHQVmR

6HIRUQHFHVViULDXPDDOWHUDomRGHWHQVmRpQHFHVViULRFRQWDFWDURUHYHQGHGRUGRLQYHUVRURXD
OLQKDGHDSRLRWHOHIyQLFR7DOWHPGHVHUDSURYDGRSHORIRUQHFHGRUGHHOHFWULFLGDGH SURSULHWiULR
GDUHGH 

 7HQVmRPpGLDGDUHGHPHGLGDGXUDQWHPLQXWRV 705 

 /LJDomRj5HGH&$
 &HUWLILTXHVHGHTXHDUHGH&$ 2LQYHUVRUGHYHVHUOLJDGRDXP
HVWi GHVOLJDGD QR GLVMXQWRU GD FRQHFWRUGHWHUUDSDUDHYLWDUIH
UHGH HOpFWULFD DQWHV GH OLJDU R ULPHQWRVDRXWLOL]DGRU
FDERGDUHGHHOpFWULFD

$OLJDomRjUHGH&$pHVWDEHOHFLGDFRPXPFRQHFWRU&$2FRQHFWRUHQFRQWUDVHQRH[WHULRUGR
JDELQHWH  

,QWHULRU ([WHULRU

,OXVWUDomR([WHULRU

,OXVWUDomR,QWHULRU

2FDER&$pOLJDGRFRQIRUPHLQGLFDGRQDVLOXVWUDo}HV
‡ 3ULPHLURIDoDGHVOL]DURSDUDIXVRGHSUHVVmRHDDUUXHODYHGDQWHVREUHRFDER
‡ /LJXHDVDOPDVLQGLYLGXDLVDRHQFDL[HGDVEXFKDVILODSRUILOD

 /B 
,QVWDODomRH$UUDQTXH

 /LJXHRFRQGXWRUGHWHUUD3(DRWHUPLQDOHPSDUDIXVRFRPRVtPERORGHOLJDomR
jWHUUD
 /LJXHRFRQGXWRU]HUR1DRWHUPLQDOHPSDUDIXVR
 /LJXHDIDVH/DRWHUPLQDOHPSDUDIXVR/
‡ 9HULILTXHVHDVDOPDVHVWmROLJDGDVFRUUHFWDPHQWH
‡ )DoDGHVOL]DUDWDPSDVREUHRHQFDL[HGDEXFKDDWpTXHDOLQJXHWDGHIHFKRHVWHMDQD
SRVLomRFRUUHFWD
‡ (PVHJXLGDIDoDGHVOL]DUDDUUXHODYHGDQWHQDWDPSDHDSDUDIXVHRSDUDIXVRGHSUHVVmR

,OXVWUDomR&DER&$

&RQGXWRUGHVHFomRUHFWDQJXODUGRFDERGHUHGH&$

; PP
2VSDUDIXVRVGHPRQWDJHPGRFDERGHYHPVHUDSHUWDGRVFRPD1P

/B 
,QVWDODomRH$UUDQTXH

8VHDSHQDVFDERVFRPFRQGXWRUIOH[tYHO

 $XWRWHVWHGR,QYHUVRU$SHQDVHP,WiOLD
eSRVVtYHOLQLFLDOL]DUXPWHVWHDXWRPiWLFRGRLQYHUVRUXWLOL]DQGRR6RIWZDUHGH$XWRWHVWHGR,Q
YHUVRU/HLDRPDQXDOGR$XWRWHVWHDQWHVGHLQLFLDOL]DURVRIWZDUH2VRIWZDUHHRPDQXDOHVWmR
GLVSRQtYHLVJUDWXLWDPHQWHFRQWDFWHRVHXIRUQHFHGRUSDUDREWHUPDLVLQIRUPDo}HV2VRIWZDUHp
XWLOL]DGRHPFRQMXQWRFRPXPFRQYHUVRU56SDUD86%SDUDDFRPXQLFDomRHQWUHRLQYHUVRUH
R3&(VVHFRQYHUVRUSRGHVHUDGTXLULGRHPTXDOTXHUORMDGHHTXLSDPHQWRVLQIRUPiWLFRV

 $UUDQTXH

1RWD
(VWHLQYHUVRUpLQWHUQDFLRQDO2LQYHUVRUQmRWHPGHILQLo}HVGHSDtVHVSHFLILFDGDV$QWHVGHWDO
VHUUHDOL]DGRQmRIXQFLRQDUi

 9HULILTXHVHWRGDVDVOLJDo}HVWrPDSRODULGDGHFRUUHFWDHVHRVFDERVHVWmREHPIL[RV/LJXHD
UHGH&$2HFUmSHGHTXHVHMDGHILQLGRR,GLRPD /DQJXDJH 

/LJXHDVOLQKDV&$H)92HFUmDSUHVHQWD³/DQJXDJH´ LGLRPD 

3ULPDµ ▼¶SDUDSHUFRUUHURVLGLRPDV6HOHF
FLRQH R LGLRPD SUHPLQGR µ2.¶ 2 HFUm DSUH
VHQWD ³3DtV´ QR LGLRPD VHOHFFLRQDGR SUHYLD
PHQWH

,OXVWUDomR,GLRPD

3ULPD µ ▼ ¶ SDUD SHUFRUUHU D OLVWD GH SDtVHV


6HOHFFLRQHRSDtVHPTXHRLQYHUVRUHVWiLQ
VWDODGR$VHOHFomRpIHLWDSUHPLQGRµ2.¶$V
GHILQLo}HVSDUDRSDtVVHOHFFLRQDGRIRUDPDF
WLYDGDVHRLQYHUVRUHVWiSURQWRDHQHUJL]DUD
,OXVWUDomR3DtV UHGH&$

2LQYHUVRUDUUDQFDDXWRPDWLFDPHQWHVHHVWLYHUGLVSRQtYHOUDGLDomRVRODUVXILFLHQWH2DUUDQTXH
GHPRUDDOJXQVPLQXWRV'XUDQWHHVWHSHUtRGRRLQYHUVRUUHDOL]DUiXPDXWRWHVWH

2LQYHUVRUVyHVWDUiFRQIRUPHDVQRUPDVORFDLVHQDFLRQDLVVHWLYHUVLGRVHOHFFLRQDGR
RSDtVFRUUHFWR6HIRUVHOHFFLRQDGRXPSDtVGLIHUHQWHGDTXHOHHPTXHRLQYHUVRU
HVWiLQVWDODGRDVFRQVHTXrQFLDVSRGHPVHUJUDYHV

 /B 
,QVWDODomRH$UUDQTXH

 /LVWDGHYHULILFDomRGD,QVWDODomR
1ž 3RQWRGHYHULILFDomR 9HULILFDU
 0RQWDJHPGRLQYHUVRU 
 9HULILTXHVHRORFDOGHLQVWDODomRHVWiGHDFRUGRFRPDVHVSHFLILFDo}HVGRLQYHUVRU 
 9HULILTXHTXHDVGLVWkQFLDVGHPRQWDJHPHVWmRFRUUHFWDV 
 9HULILTXHVHRLQYHUVRUHVWiPRQWDGRHPVHJXUDQoDQRVXSRUWHGHSDUHGH 
  
 /LJDURLQYHUVRU 
 9HULILTXHVHDWHQVmRGRFLUFXLWRDEHUWRGRVWULQJ)9GXUDQWHRIXQFLRQDPHQWRGRVWULQJLQGLYLGXDO 
pLQIHULRUD9 PyGXOR09 HLQIHULRUD9 PyGXOR+9 UHVSHFWLYDPHQWHHTXHpLQIHULRUD
9 PyGXOR09 H9 PyGXOR+9 UHVSHFWLYDPHQWHGXUDQWH0HVWUH(VFUDYR$VVHJXUHVH
GHTXHMiHVSDoRVXILFLHQWHSDUDXPDXPHQWRGHWHQVmRDWHPSHUDWXUDVPDLVEDL[DV
 9HULILTXHVHDFDEODJHPLQGLYLGXDORXSDUDOHODIRLFRORFDGDFRUUHFWDPHQWH 
 &HUWLILTXHVHGHTXHWRGRVRVFDERVHVWmRjSRODULGDGHFRUUHFWD 
 9HULILTXHRDSHUWRGRVFDERVHSURWHFWRUHV 
 9HULILTXHVHWRGRVRVFDERVGHOLJDomRjWHUUD 3( HVWmROLJDGRV 
 9HULILTXHVHDFREHUWXUDIURQWDOHDFREHUWXUDGDLQVWDODomRHVWmRIHFKDGDVHIL[DV 
  
 2SHUDURLQYHUVRU 
 /LJDUDOLQKD&$DRGLVMXQWRUGDUHGHHOpFWULFD&$ 
 9HULILTXHVHH[LVWHUDGLDomRVRODUVXILFLHQWHSDUDDDOLPHQWDomRGHHQHUJLDQRUPDO 
 0RQLWRUL]HRSURJUHVVRGHOLJDomRjUHGHREVHUYDQGRRV/('V 
 9HULILTXHVHRLQYHUVRUVHOLJDjUHGH 
 9HULILTXHVHRLQYHUVRUIRUQHFHHQHUJLDFRPRHVSHUDGR 
 9HULILTXHVHDGHILQLomRGHSDtVGRLQYHUVRUHVWiFRUUHFWD 
 9HULILTXHVHDVGHILQLo}HV0HVWUH(VFUDYRHVWmRFRUUHFWDV 
 6HRLQYHUVRUQmRIXQFLRQDUFRUUHFWDPHQWHFRQVXOWHRFDStWXORUHODWLYRD6HUYLoRH5HSDUDo}HV 


7DEHOD/LVWDGHYHULILFDomR

/B 
6HUYLoRH5HSDUDomR

 6HUYLoRH5HSDUDomR

 6HJXUDQoDGXUDQWHR6HUYLoRH5HSDUDomR

'HVOLJXHDOLQKD&$SULPHLUR
$QWHVGHGHVOLJDURVPyGXORV)9GRODGR&&GRLQYHUVRUDUHGH&$GHYHVHUGHVOL
JDGD2LQYHUVRUQXQFDGHYHVHUGHVOLJDGRGRVPyGXORV)9TXDQGRHVWiDIRUQHFHU
HQHUJLDjUHGH

2LQYHUVRUVyGHYHVHUDEHUWRSRUSHVVRDOTXDOLILFDGRSDUDUHSDUDomR
2LQYHUVRUSRGHFRQWLQXDUFDUUHJDGRFRPWHQV}HVSHULJRVDVPHVPRTXDQGRHVWi
GHVOLJDGRGRVPyGXORV)9HGDUHGH0HoDDWHQVmRGREDUUDPHQWR&&TXHGHYH
VHULQIHULRUD9DQWHVGHFRPHoDUDWUDEDOKDUQRVLVWHPDHOHFWUyQLFRGHQWURGR
DUPiULR

$QWHVGHHIHFWXDUVHUYLoRDRVLQYHUVRUHVOHLDDV,QIRUPDo}HVGH6HJXUDQoD,PSRUWDQWHVQR&D
StWXOR

 &RPR$EULU)HFKDUD8QLGDGHGH,QWHULRU
6LJDRVSDVVRVDEDL[RSDUDDEULURLQYHUVRU
  'HVDSDUDIXVH R SDUDIXVR QR LQWHU
UXSWRU&&HUHPRYDRERWmR
 'HVDSDUDIXVHRVSDUDIXVRVTXHVH
JXUDPDFREHUWXUDQRORFDO
 3X[HDFREHUWXUDSDUDFLPD
 ,QFOLQHSX[HSDUDFLPDHDIDVWHGR
LQYHUVRU
 'HVOLJXHRFDERGHWHUUDDQWHVGHUH
PRYHUDFREHUWXUDGRVFDERV

6LJDRSURFHGLPHQWRDEDL[RSDUDIHFKDURLQ
YHUVRU
 6LJDRVSDVVRVDFLPDSHODRUGHPLQ
YHUVD
,OXVWUDomR&RPR$EULUD8QLGDGHGH,QWHULRU

,PSRUWDQWH7HQKDHPDWHQomRRVHJXLQWH
 &DVR D FREHUWXUD GH FDER WHQKD VLGR GHVPRQWDGD SDUD D LQVWDODomR RX
FRQILJXUDomRRFDERGHWHUUDGHYHVHULQVHULGRQRYDPHQWHQDWRPDGDGR
FDER
 $ FREHUWXUD GR FDER GHYH VHU DSDUDIXVDGD FRPSOHWDPHQWH VH WLYHU VLGR
GHVPRQWDGD

 /B 
6HUYLoRH5HSDUDomR

$SOLTXH1PGHWRUTXHDRVGRLVSDUDIXVRV

/B 
6HUYLoRH5HSDUDomR

 &RPR$EULU)HFKDUD8QLGDGHGH([WHULRU

,OXVWUDomR&RPR$EULU

,OXVWUDomR&RPR$EULU

,OXVWUDomR&RPR$EULU

1RWD$VVHJXUHVHGHTXHGHVOLJDRFDERGRHFUmDQWHVGHUHPRYHUDFREHUWXUDIURQWDO

 /B 
6HUYLoRH5HSDUDomR

6LJDRVSDVVRVDEDL[RSDUDDEULURLQYHUVRU
 2VSDUDIXVRVQDFREHUWXUDIURQWDOVmRFKDPDGRV7RU[HWrPGHVHUGHVDSDUDIXVDGRV
 
 $IDVWHDFREHUWXUDGDSDUWHLQIHULRUGRLQYHUVRU  
 $VVHJXUHVHGHTXHGHVOLJDRFDERGRHFUmDQWHVGHUHPRYHUFRPSOHWDPHQWHDFREHUWXUD
IURQWDO  
 )DoDGHVOL]DUHOHYDQWHSDUDGHVHQFDL[DUDFREHUWXUD  
6LJDRSURFHGLPHQWRDEDL[RSDUDIHFKDURLQYHUVRU
 $FREHUWXUDIURQWDOGHYHVHUHQFDL[DGDQDVGREUDGLoDVQDSDUWHVXSHULRUHHPSXUUDGD
DWpILFDUQRORFDOFRUUHFWR

$SOLTXH1PDRVSDUDIXVRV

/HPEUHVHGHUHOLJDURFDERGRHFUm

$SHUWHRVSDUDIXVRVGDIUHQWHSDUDJDUDQWLUDOLJDomR3(DGHTXDGD
2VGRLVSDUDIXVRVGDIUHQWHVmRDOLJDomR3(jWDPSDIURQWDO&HUWLILTXHVHGHTXH
DPERVHVWmRPRQWDGRVHDSHUWDGRVFRPRELQiULRHVSHFLILFDGR


 'HWHFomRGH$YDULDV
1HVWHFDStWXORRWHUPR
HYHQWR
GHVFUHYHWRGRVDVFRQGLo}HVTXHLPSHGHPTXHRLQYHUVRUIXQ
FLRQHFRUUHFWDPHQWH

8PHYHQWRSRGHRFRUUHUHPTXDOTXHUSDUWHGRVLVWHPD UHGHPyGXORV)9FDERVHFRQHFWRUHV
LQYHUVRU HQmRLQGLFDDXWRPDWLFDPHQWHXPDDYDULDGRLQYHUVRU

1RWD
7HQKDHPDWHQomRRVHJXLQWH
 2LQYHUVRUWHPXPDIXQomRGHDXWRSURWHFomR
 2VHYHQWRVVmRUHJLVWDGRVQXPUHJLVWRGHHYHQWRV
 2LQYHUVRUWHQWDUHOLJDUTXDQGRWRGDVDVFRQGLo}HVHVWLYHUHP2.
 2LQYHUVRUSRGHSDVVDUSDUDXPDSRVLomREORTXHDGDVHIRUUHJLVWDGRXPHUURUHOD
FLRQDGDFRPDVHJXUDQoDIXQFLRQDO(VWHSRVLomREORTXHDGDVHUiUHYRJDGDQRHQFHU
UDPHQWRGH)9FDGDQRLWH

 5HVROXomRGHSUREOHPDV
6HRVHXVLVWHPDVRODUQmRHVWLYHUDIXQFLRQDUFRUUHFWDPHQWHVLJDRVSDVVRVQRJXLDGHUHVROXomR
GHSUREOHPDVDQWHVGHSHGLUDVVLVWrQFLD2JXLDGHUHVROXomRGHSUREOHPDVIRLFRQFHELGRSDUD
YHULILFDURVSUREOHPDVPDLVFRPXQVTXHHPPXLWRVFDVRVSRGHPVHUUHVROYLGRVSHORSURSULHWiULR

/B 
6HUYLoRH5HSDUDomR

8VHHVWDOLVWDGHYHULILFDomRVHWLYHUSUREOHPDVFRPRVHXVLVWHPD)9

 9HULILTXHRHYHQWRQRPHQX%RXQRV/('V8PHYHQWRpLQGLFDGRSHOR/('YHUPHOKRD
SLVFDU
 9HULILTXHVHDWHQVmRGDUHGH&$VHHQFRQWUDQRLQWHUYDORQRUPDO FRQVXOWHDVHFomRGH
PHQX%GRHFUm 
 &DVRFRQWUiULRYHULILTXHVHRVIXVtYHLV&$HVWmR2.VHRLQWHUUXSWRUGHLVRODPHQWR&$
HVWiOLJDGRHVHDUHGH&$HVWiGLVSRQtYHO6HQmRKRXYHUUHGH&$QDVXDFDVDRLQYHUVRU
GHVOLJDVHDXWRPDWLFDPHQWHSRUPRWLYRVGHVHJXUDQoD4XDQGRDUHGH&$HVWLYHUDFHV
VtYHO QRYDPHQWH R LQYHUVRU OLJDVH DXWRPDWLFDPHQWH j UHGH TXDQGR KRXYHU UDGLDomR
VRODUVXILFLHQWH9HULILTXHVHDUHGHHVWiOLJDGDDGHTXDGDPHQWHDRLQYHUVRUHVHDUHGH
HVWiSURQWDSDUDIXQFLRQDU
 9HULILTXHDVWHQV}HV)9QRHFUmRXXVDQGRXPPXOWtPHWUR$VWHQV}HV)9WrPGHVHU
VXSHULRUHVD9 PyGXOR09 H9 PyGXOR+9 SDUDTXHRLQYHUVRUDUUDQTXH6H
DWHQVmR)9IRUGHPDVLDGREDL[D
 9HULILTXHVHH[LVWHUDGLDomRVRODUVXILFLHQWHSDUDJHUDUHQHUJLD
 9HULILTXHVHH[LVWHPVRPEUDVHFDERVOLJDo}HVVROWRVQRVLVWHPD)9
 6HRVSRQWRVDFLPDLQGLFDGRVHVWLYHUHP2.HVSHUHPLQXWRVSDUDGHVFREULUVHDIDOKD
pSHUPDQHQWH
 6HRVYDORUHVGHFRUUHQWHDOWHUQDGDUHGHQmRHVWLYHUHPGHQWURGRVYDORUHVGROLPLDU
FRQWDFWHDHPSUHVDS~EOLFDSDUDVROLFLWDUDVVLVWrQFLDWpFQLFD
 6HRVLVWHPD)9FRQWLQXDUVHPIRUQHFHUFRUUHQWHjUHGHYHULILTXHDWHQVmRFRUUHQWHH

 SRWrQFLDGRPyGXOR)9HWDPEpPDWHQVmRFRUUHQWHHSRWrQFLDGDUHGHQRPHQX%RX
XVDQGRXPPXOWtPHWUR
 6HDWHQVmR)9DLQGDIRUGHPDVLDGREDL[DRXLQVWiYHOFKDPHRVXSRUWHGHVHUYLoR

1RWD
5HFRUGHVHTXHVySHVVRDOFRPIRUPDomRHDXWRUL]DomRIDPLOLDUL]DGRFRPVLVWHPDVHOpFWULFRV
HTXHVW}HVGHVHJXUDQoDSRGHWUDEDOKDUQRVLQYHUVRUHVHHPLQVWDODo}HVHOpFWULFDV

 (YHQWRV
(PVHJXLGDRWHUPR
HYHQWR
GHVFUHYHWRGDVDVFLUFXQVWkQFLDVTXHLPSHGHPTXHRLQYHUVRUIXQ
FLRQHQRUPDOPHQWH
8PHYHQWRGHDYDULDSRGHRFRUUHUHPWRGDVDVSDUWHVGRVLVWHPD IRQWHGHDOLPHQWDomRPyGXORV
)9FDERVHFRQHFWRUHVLQYHUVRUHV HQmRpQHFHVVDULDPHQWHLQGLFDGRUGHXPDDYDULDGRLQYHUVRU

1RWD
6HQmRIRUIRUQHFLGDHQHUJLDjUHGHSHORVLVWHPD)9YHULILTXHDVWHQV}HVFRUUHQWHVHVDtGDV
QR VLVWHPD )9 H D WHQVmR H FRUUHQWH GD IRQWH GH DOLPHQWDomR &$ XVDQGR D )HUUDPHQWD GH
6HUYLoR

8PDIDOKDSHUPDQHQWHGHILQHVHSRUXPHYHQWRTXHHVWHSUHVHQWHSRUPDLVGHPLQXWRV

$VUHSDUDo}HVVmRQHFHVViULDVDSHQDVTXDQGRRLQYHUVRUQmRFRQVHJXHIRUQHFHUFRUUHQWHjUHGH
&$FRQWLQXDPHQWH$PDLRULDGDVDYDULDVVmRLQWHUPLWHQWHVHRVLVWHPDGHYHSRULVVRVHUPRQL
WRUL]DGRGXUDQWHDOJXPWHPSRDQWHVGHVROLFLWDUUHSDUDo}HVSRLVDPHQVDJHPGHDYDULDSRGH
GHVDSDUHFHU
6HDDYDULDIRUSHUPDQHQWHVLJDHVWDVLQVWUXo}HV
 9HULILTXHR~OWLPRHYHQWRUHJLVWDGRQRUHJLVWRGHHYHQWRV

 /B 
6HUYLoRH5HSDUDomR

 &RQVXOWHDWDEHODHGHVFXEUDTXDOpRPRWLYRSDUDDDYDULDHFRPRDFRUULJLU
 &RQWDFWHDVHPSUHVDVGHVHUYLoRVUHOHYDQWHVHLQIRUPHDVGDDYDULDHGrOKHVDGHVFULomR
GRUHJLVWRGHHYHQWRV

1RWD
2LQYHUVRUQmRGLVWLQJXHHQWUHWLSRVGHHYHQWRGHDYDULDGLIHUHQWHVHDVFRQVHTXrQFLDVGHWDLV
HYHQWRV 2 UHJLVWR GH HYHQWRV FRQWpP WDQWR DYDULDV WHPSRUiULDV TXH QmR H[LJHP TXDOTXHU
DFomRRXUHSDUDomRFRPRWDPEpPDYDULDVJUDYHVTXHH[LJHPVXSRUWHGHUHSDUDomR

 0HQVDJHQVGH(YHQWRGR,QYHUVRU
2LQYHUVRUUHJLVWDWRGRVRVHYHQWRVGHDYDULDQDPHPyULDLQWHUQDHDSUHVHQWDPHQVDJHQVGH
DYDULDGHWDOKDGDVQRHFUmLQWHJUDGR0XLWRVWLSRVGHDYDULDHVWmRSUHGHILQLGRVHVHUmRDSUHVHQ
WDGRVHPWH[WR2LQYHUVRUJXDUGD ± DYDULDVQXPUHJLVWRGHHYHQWRV6HRUHJLVWRGH
HYHQWRVHVWLYHUFKHLRRVHYHQWRVDQWLJRVQRUHJLVWRVmRVXEVWLWXtGRVSHORVPDLVUHFHQWHV

8PUHJLVWRGHHYHQWRVFKHLRQmRLQGLFDDXWRPDWLFDPHQWHSUREOHPDVJUDYHVFRPRLQYHUVRU0XLWR
SURYDYHOPHQWHXPUHJLVWRGHHYHQWRVFKHLRUHVXOWDGHSHUWXUEDo}HVRFDVLRQDLVHDOHDWyULDVQD
UHGH2UHJLVWRGHHYHQWRVSRGHVHUYLVWRQDVHFomRGHPHQX&GRHFUm&DGDHYHQWRDUPD]HQDGR
QRUHJLVWRGHHYHQWRVWHPGRLVHFUmV2SULPHLURHFUmGRUHJLVWRGHHYHQWRVpDSUHVHQWDGRDSyV
RSRQWRGHPHQXµ0RVWUDUUHJLVWRGHHYHQWRV¶WHUVLGRVHOHFFLRQDGRHDSyVSUHPLU2.2VHJXQGR
HFUmGHUHJLVWRGHHYHQWRVpDSUHVHQWDGRDSyVSUHPLU2.QRYDPHQWH$VLQIRUPDo}HVDSUHVHQ
WDGDVQRVGRLVHFUmVpH[SOLFDGDDEDL[R

3ULPHLURHFUm 

6HJXQGRHFUm

2WH[WRGHHFUmGLYLGHVHHPOLQKDVFRPFDUDFWHUHVGLVSRQtYHLVSRUOLQKD

8*5,' pRWH[WRGRHYHQWRXPWH[WREUHYHTXHGHVFUHYHDDYDULD6HRLQYHUVRUUHSRUWDUXP
Q~PHURGH,'GHDYDULDQRHFUmHPYH]GHXPWH[WRQmRIRLSUHGHILQLGRTXDOTXHUWH[WRGHHYHQWR
SDUDHVVHQ~PHURGH,'GHDYDULDHPSDUWLFXODU(VWHSRGHUiVHURFDVRVHRVRIWZDUHGRHFUmIRU
PDLVDQWLJRTXHRVRIWZDUHGRLQYHUVRU

pRQ~PHURGRUHJLVWRGHHYHQWRVXPQ~PHURHQWUHH$SULPHLUDDYDULDUHJLVWDGDWHP
RQ~PHURDVHJXQGDRQ~PHURHDVVLPVXFHVVLYDPHQWH4XDQGRRUHJLVWRGHHYHQWRVHVWi
FKHLR R Q~PHUR GH HYHQWR PDLV DQWLJR p VREUHJUDYDGR 'HYLGR j IRUPD FRPR RV VXFHVVLYRV
HYHQWRVGRPHVPRWLSRVmRWUDWDGRVDVDYDULDVJHUDOPHQWHQmRDSDUHFHPHPRUGHPFURQROyJLFD
QRUHJLVWRGHHYHQWRV2PRWLYRSDUDWDOSRGHVHUYLVWRQDGHVFULomRGDµ&RQWDJHPGHHYHQWRV¶
DEDL[R

KPVpDKRUDDTXHRHYHQWRRFRUUHXRXVHMDRWHPSRWRWDOGHIXQFLRQDPHQWR
HPKRUDVPLQXWRVHVHJXQGRV QRPRPHQWRHPTXHRFRUUHXRHYHQWR

/B 
6HUYLoRH5HSDUDomR

*5,' pRPRGRGHIXQFLRQDPHQWRRXVHMDRPRGRHPTXHRPyGXOR &&&&&&RX&$


TXHSURGX]RHYHQWRHVWDYDTXDQGRRHYHQWRRFRUUHX

'&$&pDGHVLJQDomRGRPyGXORRXVHMDLGHQWLILFDRPyGXORTXHFDXVRXRHYHQWR &&&&
&&RX&$ 

pRYDORUGRHYHQWRRXVHMDRYDORUPHGLGRTXHFDXVRXDDYDULD2YDORUpDSUHVHQWDGRVHP
TXDOTXHUSRQWRGHFLPDOHXQLGDGHTXHVHFRPSUHHQGHPSHORFRQWH[WR

  p D FRQWDJHP GR HYHQWR RX VHMD R Q~PHUR GH YH]HV TXH XP HYHQWR GH GHWHUPLQDGR WLSR
RFRUUHX 'RLV HYHQWRV VmR GR PHVPR WLSR VH µ7H[WR GR HYHQWR¶ RX µ,' GR (YHQWR¶  µ0RGR GH
IXQFLRQDPHQWR¶Hµ'HVLJQDomRGRPyGXOR¶IRUHPWRGRVLGrQWLFRV

2VHYHQWRVGRPHVPRWLSRVmRUHJLVWDGRVVHSDUDGDPHQWH RXVHMDpDWULEXtGRXPQ~PHURGH
HYHQWRHQWUHHDFDGDXP DWpTXHWHQKDPVLGRUHJLVWDGRVTXDWURHYHQWRVGRPHVPRWLSR
QRHVSDoRGHXPDKRUD7RGRVRVHYHQWRVVXEVHTXHQWHVGHVVHWLSRTXHRFRUUDPQRHVSDoRGH
XPDKRUDGRSULPHLURHYHQWRID]HPFRPTXHDµ&RQWDJHPGRHYHQWR¶GRžHYHQWRVHMDDXPHQWDGD
SRUXP RXVHMDQmRVmRDWULEXtGRVQ~PHURVGHHYHQWRQRYRVDHYHQWRVGHVVHWLSR $µ+RUDD
TXHRHYHQWRRFRUUHX¶GRžHYHQWRVHUiDFWXDOL]DGDFRPDKRUDGHIXQFLRQDPHQWRDFWXDOGHFDGD
YH]TXHµ&RQWDJHPGHHYHQWR¶IRUDXPHQWDGD

6HWLYHUSDVVDGRPDLVGHXPDKRUDGHVGHTXHRFRUUHXR~OWLPRHYHQWRQXPDVpULHGHHYHQWRV
LGrQWLFRVpDWULEXtGRXPQ~PHURGHHYHQWRQRYR
,VWRWDPEpPVLJQLILFDTXHRWHPSRPi[LPRHQWUHHYHQWRVQXPDVpULHGHHYHQWRVLGrQWLFRVUHJLV
WDGRVFRPDPHVPDHWLTXHWDpGHXPDKRUD

5HJLVWRGHHYHQWRV
7RGRVRV,'VGHHYHQWRVTXHSRGHPVHUUHSRUWDGRVDRHFUmSHORLQYHUVRUVmRFRQKHFLGRVSHOR
HFUmHDVVLPHVFULWRVFRPRXPWH[WRGHHYHQWR DRFRQWUiULRGHDSHQDVR,'GHHYHQWR 2VWH[WRV
GHHYHQWRSUHGHILQLGRVSRGHPVHUFRQVXOWDGRVQDVHJXLQWHWDEHOD

 /B 
6HUYLoRH5HSDUDomR

7H[WRGRHYHQWR 'HVFULomR 2ULJHPGD $FomRHPFDVRGH


IDOKD IDOKDSHUPDQHQWH
8 $OLPHQWDomRLQWHUQDIRUDGRVOLPLWHV ,QYHUVRU 5HSDUHRLQYHUVRU
8 $OLPHQWDomRLQWHUQDIRUDGRVOLPLWHV ,QYHUVRU 5HSDUHRLQYHUVRU
8 $OLPHQWDomRLQWHUQDIRUDGRVOLPLWHV ,QYHUVRU 5HSDUHRLQYHUVRU
8)9 7HQVmRGHHQWUDGDGHVWULQJGH)9GHPD 6LVWHPD)9 6ROLFLWHDDVVLVWrQFLDWpFQLFDGHXPIRUQH
VLDGRHOHYDGD FHGRUGHVLVWHPDV)9
8618%%(5 7HQVmRGRDPRUWHFHGRUGHPDVLDGRHOHYD ,QYHUVRU 5HSDUHRLQYHUVRU
GD
8'&%86 7HQVmRGREDUUDPHQWR&&GHPDVLDGRHOH ,QYHUVRU 5HSDUHRLQYHUVRU
YDGD
8*5,' 7HQVmRGDUHGH&$IRUDGRVYDORUHVGHOL 5HGH&$ (PFDVRGHUHSHWLomRGDRFRUUrQFLD6ROLFLWH
PLDU PDLVHOHYDGDRXPDLVEDL[DTXHD DVVLVWrQFLDWpFQLFDGDHPSUHVDS~EOLFD
GHILQLomR
)*5,' )UHTXrQFLDGDUHGHIRUDGRVOLPLWHV IRUD 5HGH&$ (PFDVRGHUHSHWLomRGDRFRUUrQFLD6ROLFLWH
GDVGHILQLo}HV DVVLVWrQFLDWpFQLFDGDHPSUHVDS~EOLFD
,30&855(17 2FRQWH~GR&&QDFRUUHQWH&$pGHPD ,QYHUVRU 5HSDUHRLQYHUVRU
VLDGRHOHYDGR
(16 (UUR(16 5HGH&$ (PFDVRGHUHSHWLomRGDRFRUUrQFLD6ROLFLWH
DVVLVWrQFLDWpFQLFDGDHPSUHVDS~EOLFD
(165$0 (UURGDPHPyULD(16 ,QYHUVRU 5HSDUHRLQYHUVRU
(16)/&+.60 (UURGDPHPyULDIODVKGHSRLVGRDXWRWHV ,QYHUVRU 5HSDUHRLQYHUVRU
WH
(16(3&+.60 (UURGDPHPyULD(3520GHSRLVGRDXWR ,QYHUVRU 5HSDUHRLQYHUVRU
WHVWH
+:75,3 'HVDUPHGHKDUGZDUH±FRUUHQWHGHPD ,QYHUVRU 5HSDUHRLQYHUVRU
VLDGRHOHYDGD
7(03+,*+ 7HPSHUDWXUDQRPyGXORGHSRWrQFLDLQWH $PELHQWH 9HULILTXHVHRLQYHUVRUHVWiFREHUWR
JUDGRGHPDVLDGRHOHYDGD 9HULILTXHVHRDUIOXLOLYUHPHQWHDWUDYpVGR
GLVVLSDGRUGHFDORUGRLQYHUVRU/LPSHRGLV
VLSDGRUGHFDORU
9HULILTXHVHDWHPSHUDWXUDDPELHQWHHVWi
GHQWURGRVOLPLWHV
(3503$5/,0 9HULILFDomRGHYDOLGDGHGDVGHILQLo}HVGH ,QYHUVRU 6ROLFLWHXPDUHSDUDomRSDUDYHULILFDUDVGH
WHQVmRGHUHGHHGHIUHTXrQFLD'HILQL ILQLo}HVGRLQYHUVRU
o}HVGHPDVLDGRDIDVWDGDVGRVYDORUHVGH

(16&20(55
WHQVmRGDUHGHHGHIUHTXrQFLD
(UURQDFRPXQLFDomRFRPSODFD(16 ,QYHUVRU 5HSDUHRLQYHUVRU 
(16LPSHGLDQFH 3DVVRGHLPSHGkQFLDGDUHGHPDLVHOHYD 5HGH&$ (PFDVRGHUHSHWLomRGDRFRUUrQFLD6ROLFLWH
GRTXHROLPLWH DVVLVWrQFLDWpFQLFDGDHPSUHVDS~EOLFD
39²&21),*²(55 (UURGHWHFWDGRSHORWHVWHGHFRQILJXUDomR 6LVWHPD)9 9HULILTXHRVFDERVQRVSDLQpLV)9'XDVHQ
)9 WUDGDV&&HVWmROLJDGDVHPFRQILJXUDomRGH
VWULQJHPSDUDOHORXPDQmRHVWi

1mRUHJLVWDGRQRUHJLVWRGHHYHQWRVR/('YHUPHOKRQmRSLVFD
7H[WRGRHYHQWR 'HVFULomR 2ULJHPGD $FomRHPFDVRGH
IDOKD IDOKDSHUPDQHQWH
($57+)$8/7 (YHQWRDFWXDODSUHVHQWDGRHPPRGRGH 6LVWHPD)9 )DOKDGHWHUUDYHULILTXHDOLJDomRjWHUUDGR
UHGH VLVWHPD)9SDUDHYLWDUGDQLILFDURVSDLQpLV
)96ROLFLWHDVVLVWrQFLDWpFQLFDGRIRUQHFH
GRURXLQVWDODGRUGRVLVWHPD)9

7DEHOD5HJLVWRGH(YHQWRVGR,QYHUVRU

 $FomR&RUUHFWLYD
1DWDEHODDFLPDVmRLQGLFDGDVDRULJHPGDVDYDULDVUHJLVWDGDVSHORLQYHUVRUHDVDFo}HVUHFR
PHQGDGDV
$DFomRFRUUHFWLYDGLYLGHVHHPWUrVJUXSRSRUPRWLYRGDDYDULD

$YDULDVGRVLVWHPD)9!
‡ &RQWDFWHRIRUQHFHGRUGRVLVWHPD)9RXGRVPyGXOR)9

$YDULDVGDUHGH&$
‡ &RQWDFWHDVHPSUHVDVS~EOLFDVHPFDVRGHDYDULDSHUPDQHQWHRXUHSHWLGDSDUDREWHU
LQIRUPDo}HVVREUHDFo}HVFRUUHFWLYDV

$YDULDVGRLQYHUVRU
‡ &RQWDFWHRIRUQHFHGRUGRLQYHUVRU

/B 
6HUYLoRH5HSDUDomR

 &RPR8WLOL]DUD)HUUDPHQWDGH6HUYLoR
3DUDIDFLOLWDUDGHWHFomRGHDYDULDVHVWiGLVSRQtYHOXPDIHUUDPHQWDGHVHUYLoRGH3&)HUUDPHQWD
GH6HUYLoRFRUUHQXP3&QRUPDOpOLJDGDDRLQYHUVRUHpOLJDGDDRLQYHUVRUDSDUWLUGRH[WHULRUSRU
PHLRGH56 SRGHVHUQHFHVViULRXPFDERDGDSWDGRU5686% 

)HUUDPHQWDGH6HUYLoRpDGHTXDGDSDUD
‡ 0RQLWRUL]DomRRQOLQHGRHVWDGRGRLQYHUVRUHYDORUHVGHPHGLomR
‡ $QDOLVDUGDGRVGRUHJLVWRGHDYDULDV
‡ $OWHUDUGHILQLo}HVGRLQYHUVRU
‡ *XDUGDUHLPSULPLUGDGRVGRLQYHUVRUSDUDGRFXPHQWDomR
&RQVXOWHR0DQXDOGH8WLOL]DGRUVHSDUDGRGD)HUUDPHQWDGH6HUYLoR

 0DQXWHQomR
1RUPDOPHQWHRVLQYHUVRUHVQmRQHFHVVLWDPGHPDQXWHQomRRXFDOLEUDomR&RQWXGRGHYHVHJD
UDQWLUTXHDUHIULJHUDomRQmRpREVWUXtGDHTXHRLQYHUVRUpPDQWLGRVHPSUHVHFR

3DUDDVVHJXUDUDIXQFLRQDOLGDGHGRLQWHUUXSWRU&&WRGRVRVLQWHUUXSWRUHVGHYHPVHUOLJDGRVH
GHVOLJDGRV URGDQGRGH]YH]HVRVLQWHUUXSWRUHVSDUDDVSRVLo}HVGHOLJDUHGHVOLJDU XPDYH]SRU
DQRSDUDOLPSDURVFRQWDFWRV

 6HRLQYHUVRUGHLQWHULRUHVVHPROKDUVHTXHRLPHGLDWDPHQWH2VOtTXLGRVSRGHPFRQWHUVXE
VWkQFLDVTXHFRUURHPRVVLVWHPDVHOHFWUyQLFRV

 /LPSH]DGRSDLQHOHOpFWULFR
/LPSHRLQYHUVRUHRHFUmLQWHJUDGRFRPXPSDQRPDFLR1mRXWLOL]HSURGXWRVTXtPLFRVDJUHVVLYRV
VROYHQWHVGHOLPSH]DRXGHWHUJHQWHVIRUWHVSDUDOLPSDURLQYHUVRU

 /LPSDUR'LVVLSDGRUGH&DORU
3DUDDVVHJXUDURIXQFLRQDPHQWRFRUUHFWRHXPDORQJDYLGDDRLQYHUVRUpHVVHQFLDOTXHRDUFLUFXOH
OLYUHPHQWHHPWRUQRGRGLVVLSDGRUGHFDORUHQDSDUWHGHWUiVGRLQYHUVRU

6H D FLUFXODomR GR DU IRU REVWUXtGD SRU H[HPSOR SRU Sy HVWH WHP GH VHU UHPRYLGR /LPSH R
GLVVLSDGRUGHFDORUFRPXPSDQRPDFLRRXXPDHVFRYD1mRXWLOL]HSURGXWRVTXtPLFRVDJUHVVLYRV
VROYHQWHVGHOLPSH]DRXGHWHUJHQWHVIRUWHVSDUDOLPSDURLQYHUVRU

2GLVVLSDGRUGHFDORUSRGHDWLQJLUWHPSHUDWXUDVVXSHULRUHVDƒ&GXUDQWHDRSH
UDomR7RFDUHPFRPSRQHQWHVDHVWDWHPSHUDWXUDSRGHFDXVDUIHULPHQWRVJUDYHV

 /LPSDUD9HQWRLQKD([WHUQD([WHULRU
3DUDDVVHJXUDURIXQFLRQDPHQWRDGHTXDGRHXPDYLGDORQJDGRLQYHUVRUpHVVHQFLDOTXHDFLU
FXODomRGHDUOLYUHHPUHGRUGDYHQWRLQKDQmRVHMDREVWUXtGD6HDFLUFXODomRGRDUIRUREVWUXtGD
SRUH[HPSORSRUSyHVWHWHPGHVHUUHPRYLGR/LPSHRGLVVLSDGRUGHFDORUFRPDUFRPSULPLGR
1mRXWLOL]HSURGXWRVTXtPLFRVDJUHVVLYRVVROYHQWHVGHOLPSH]DRXGHWHUJHQWHVIRUWHVSDUDOLPSDU
RLQYHUVRU

 /B 
'DGRV7pFQLFRV

 'DGRV7pFQLFRV

 (VSHFLILFDo}HV*HUDLV
3DUkPHWUR &RQGLomR (VSHFLILFDomR
,QYHUVRUSDUD,QWHULRU
8*5,' 7HQVmRGDUHGH&$  9&$
)*5,' )UHTXrQFLDGDUHGH&$ 'HILQLo}HV+] +=
70$; 7HPSHUDWXUDPi[LPDGH  ƒ&DPELHQWH
RSHUDomR
70,1 7HPSHUDWXUDPtQLPDGH  ƒ&DPELHQWH
RSHUDomR
7120 7HPSHUDWXUDQRPLQDOGH 3RWrQFLDQRPLQDO ืƒ&DPELHQWH
RSHUDomR
 +XPLGDGHUHODWLYD  VHPFRQGHQVDomR
 &ODVVLILFDomRGRJDELQHWH  ,3
 5XtGRDF~VWLFR 6:/ G%$
3) )DFWRUGHSRWrQFLD 3! 
,7+' 'LVWRUomRKDUPyQLFDWRWDO 3120 
 &ODVVHGHVHJXUDQoD ,QYHUVRUFRPSOHWR &ODVVH,
 &ODVVHGHLVRODPHQWRJDOYk ,QWHUIDFHGHFRPXQLFDomR &ODVVH,,
QLFR
 3URWHFomRFRQWUDVREUHWHQ 0RGRFRPXP N9
VmRGHHQWUDGD
 3URWHFomRFRQWUDGLYLVmRGD  -DQHOD8)
UHGH
 (16GHGHWHFomRGHGLYLVmR  ³(16´VHJXQGR9'(
GDUHGH
3XOVRGHLPSHGkQFLD
 /LPLWDomRGHPLQXWRV  6HJXQGR(1


WHQVmRGHUHGH&$PpGLD
 3URWHFomRFRQWUDLQYHUVmR  ,QWHJUDGD
GHSRODULGDGH
 &DWHJRULDGHVREUHWHQVmR 6HJXQGR,(& ,,,
 *UDXGHSROXLomR 6HJXQGR,(& 
 ,QWHUUXSWRU&&  ,QWHJUDGRVHJXQGR9'(
 ,VRODPHQWRJDOYkQLFR ,QYHUVRU 7UDQVIRUPDGRUFRPLVRODPHQWRJDO
YkQLFR
7DEHOD(VSHFLILFDo}HV,QWHULRU

/B 
'DGRV7pFQLFRV

3DUkPHWUR &RQGLomR (VSHFLILFDomR


,QYHUVRUSDUD([WHULRU
8*5,' 7HQVmRGDUHGH&$  9&$
)*5,' )UHTXrQFLDGDUHGH&$ 'HILQLo}HV+] +]
70$; 7HPSHUDWXUDPi[LPDGHRSH  ƒ&DPELHQWH
UDomR
70,1 7HPSHUDWXUDPtQLPDGHRSHUD  ƒ&DPELHQWH
omR
7120 7HPSHUDWXUDQRPLQDOGHRSH 3RWrQFLDQRPLQDO ืƒ&DPELHQWH
UDomR
 +XPLGDGHUHODWLYD  
 &ODVVLILFDomRGRJDELQHWH  ,3
 5XtGRDF~VWLFR 6:/ G%$
3) )DFWRUGHSRWrQFLD 3! 
,7+' 'LVWRUomRKDUPyQLFDWRWDO 3120 
 &ODVVHGHVHJXUDQoD ,QYHUVRUFRPSOHWR &ODVVH,
 &ODVVHGHLVRODPHQWRJDOYkQLFR ,QWHUIDFHGH &ODVVH,,
FRPXQLFDomR
 3URWHFomRFRQWUDVREUHWHQVmR 0RGRFRPXP N9
GHHQWUDGD
 3URWHFomRFRQWUDGLYLVmRGDUH  -DQHOD8)
GH
 (16GHGHWHFomRGHGLYLVmRGD  ³(16´VHJXQGR9'(
UHGH
3XOVRGHLPSHGkQFLD
 /LPLWDomRGHPLQXWRVWHQVmR  6HJXQGR(1
GHUHGH&$PpGLD
 3URWHFomRFRQWUDLQYHUVmRGH  ,QWHJUDGD
SRODULGDGH
 &DWHJRULDGHVREUHWHQVmR 6HJXQGR,(& ,,,
 *UDXGHSROXLomR 6HJXQGR,(& 
 ,QWHUUXSWRU&&  ,QWHJUDGRVHJXQGR9'(
 ,VRODPHQWRJDOYkQLFR ,QYHUVRU 7UDQVIRUPDGRUFRPLVRODPHQWRJDOYk
QLFR
7DEHOD(VSHFLILFDo}HV([WHULRU


 /B 
'DGRV7pFQLFRV

 (VSHFLILFDo}HVSDUD,QYHUVRUHV
3DUkPHWUR 8/;L 8/;L 8/;L 8/;L
(QWUDGD    
3RWrQFLDQRPLQDOGHHQWUDGD&& : : : :
3RWrQFLDPi[LPD&& : : : :
3RWrQFLDPi[LPD)9UHFRPHQGDGDHP67& :S :S :S :S
&DSDFLGDGHGHDUUDQTXH :
&RQVXPRGHHQHUJLD PRGRGHVOLJDGR :
&RQVXPRGHHQHUJLD PXGRGHHVSHUD :
,QWHUYDORGHWHQVmRGHHQWUDGD YHUVmRGHPp 9
GLDWHQVmR
,QWHUYDORGHWHQVmRGHHQWUDGD YHUVmRGHDOWD 9
WHQVmR
7HQVmRGHDUUDQTXHGHHQWUDGD WHQVmRPpGLD 99
DOWD
,QWHUYDORPi[LPRGHWHQVmRGHHQWUDGD Pp 99
GLDDOWDWHQVmR
&RQILJXUDomRGHVWULQJLQGLYLGXDOGHLQWHUYDOR 99
Pi[LPRGHWHQVmRGHHQWUDGD WHQVmRPpGLD
DOWD
&RQILJXUDomRGHVWULQJHPSDUDOHORGHLQWHUYDOR 99
Pi[LPRGHWHQVmRGHHQWUDGD WHQVmRPpGLD
DOWD
&RUUHQWHPi[LPDGHHQWUDGDDƒ& YHUVmRGH $ [$ [$ [$
PpGLDWHQVmR
&RUUHQWHPi[LPDGHHQWUDGDDƒ& YHUVmRGH $ [$ [$ [$
DOWDWHQVmR
5DVWUHDGRUHV033LQGHSHQGHQWHV    
6DtGD    
3RWrQFLDQRPLQDOGHVDtGDDƒ& : : : :
3RWrQFLDPi[LPDGHVDtGD GHSHQGHQWHGH : : : 
WHPSHUDWXUD :
&RUUHQWHGHVDtGDQRPLQDO
&RUUHQWHPi[LPDGHVDtGD
$
$
$
$
$
$
$
$ 
(ILFLrQFLDPi[LPD    
(ILFLrQFLDHXURSHLD0HVWUH(VFUDYR    
3HVR LQFOVXSRUWHGHSDUHGH NJ NJ NJ NJ
'LPHQV}HV&[/[$PP LQFOVXSRUWHGHSDUH îî îî îî îî
GH   
7DEHOD(VSHFLILFDomRSDUD,QYHUVRUHV8/;

 'HSHQGHGDVGHILQLo}HVGRSDtVDMXVWiYHO
 3DUDVLVWHPDVIL[RVHPFRQGLo}HVVHPLySWLPDV
&RPFRQILJXUDomRGHVWULQJHPSDUDOHORUHVSHLWHPi[LPR$SRUHQWUDGD)9

/B 
'DGRV7pFQLFRV

3DUkPHWUR 8/;R 8/;R 8/;R 8/;R


(QWUDGD    
3RWrQFLDQRPLQDOGHHQWUDGD&& : : : :
3RWrQFLDPi[LPD&& : : : :
3RWrQFLDPi[LPD)9UHFRPHQGDGDHP :S :S :S :S
67& :S
&DSDFLGDGHGHDUUDQTXH :
&RQVXPRGHHQHUJLD PRGRGHVOLJDGR :
&RQVXPRGHHQHUJLD PXGRGHHVSHUD :
,QWHUYDORGHWHQVmRGHHQWUDGD PpGLD 9
WHQVmR
,QWHUYDORGHWHQVmRGHHQWUDGD DOWDWHQ 9
VmR
7HQVmRGHDUUDQTXHGHHQWUDGD WHQVmR 99
PpGLDDOWD
,QWHUYDORPi[LPRGHWHQVmRGHHQWUDGD 99
PpGLDDOWDWHQVmR
,QWHUYDORPi[LPRGHWHQVmRGHHQWUDGD 99
PpGLDDOWDWHQVmR
&RQILJXUDomRGHVWULQJLQGLYLGXDO
,QWHUYDORPi[LPRGHWHQVmRGHHQWUDGD 99
PpGLDDOWDWHQVmR
&RQILJXUDomRGHVWULQJHPSDUDOHOR
(QWUDGDPi[GHFRUUHQWHDƒ& PpGLD $ [$ [$ [$
WHQVmR
(QWUDGDPi[GHFRUUHQWHDƒ& DOWD $ [$ [$ [$
WHQVmR
5DVWUHDGRUHV033LQGHSHQGHQWHV    
6DtGD    
3RWrQFLDGHVDtGDQRPLQDO : : : :
3RWrQFLDPi[LPDGHVDtGD GHSHQGHQWH : : : :
GHWHPSHUDWXUD
&RUUHQWHGHVDtGDQRPLQDO $ $ $ $$
&RUUHQWHPi[LPDGHVDtGD $ $ $ $
(ILFLrQFLDPi[LPD    
 (ILFLrQFLDHXURSHLD0HVWUH(VFUDYR
3HVR LQFOVXSRUWHGHSDUHGH

NJ

NJ

NJ

NJ
'LPHQV}HV&[/[$PP LQFOVXSRUWHGH îî îî îî îî
SDUHGH    
7DEHOD(VSHFLILFDomRSDUD,QYHUVRUHV8/;

 'HSHQGHGDVGHILQLo}HVGRSDtVDMXVWiYHO
 'HSHQGHGDGHILQLomRGRSDtV
 3DUDVLVWHPDVIL[RVHPFRQGLo}HVVHPLySWLPDV
&RPFRQILJXUDomRGHVWULQJHPSDUDOHORUHVSHLWHPi[LPR$SRUHQWUDGD)9

 /B 
'DGRV7pFQLFRV

 1RUPDV
3DUkPHWUR 1RUPD (VSHFLILFDomR
,QYHUVRUSDUD,QWHULRU
'LUHFWLYDV8( FRQIRUPLGDGH&( 'LUHFWLYDV  
&((/9'
&(((0&
&((&(
&ODVVLILFDomRGRJDELQHWH (1  ,3
(PLVVmRGHFRUUHQWHKDUPyQLFDQD (1  &ODVVH$
UHGHSULQFLSDO
,PXQLGDGH(0& (1 ,QG~VWULD 1RUPDVJHQpULFDV
(1 5HVLGHQFLDO
(1 ,QG~VWULD
(1,(& (6'
(1,(& &DPSRV(0GHDOWDIUHTXrQ
(1,(& FLD
(1,(& 5DMDGD
(1,(& 3LFR
(19 5)&0
(1,(& &DPSRV(0GHDOWDIUHTXrQ
FLD
4XHEUDVLQWHUUXSo}HV
(PLVVmR(0& (1 5HVLGHQFLDO 1RUPDVJHQpULFDV
(1 5HVLGHQFLDO
 (1 ,QG~VWULD 
 (1 5DGLDGR&RQGX]LGR *UXSRFODVVH%
(1 5DGLDGR&RQGX]LGR *UXSRFODVVH%
(1 'RPpVWLFR
1RUPDGHVHJXUDQoD (1  ,3
7HVWHGHLVRODPHQWR (1  &ODVVH$
(VSHFtILFRGH)9
/LJDomRjUHGH $OHPDQKD 9'( 6HJXUDQoDIXQFLRQDO 

7DEHOD1RUPDV,QWHULRU

3DUkPHWUR 1RUPD (VSHFLILFDomR


,QYHUVRUSDUD([WHULRU
'LUHFWLYDV8( FRQIRUPLGDGH&( 'LUHFWLYDV
&((/9'
&(((0&
 

&((&(
&ODVVLILFDomRGRJDELQHWH (1  ,3
(PLVVmRGHFRUUHQWHKDUPyQLFDQD (1  &ODVVH$
UHGHSULQFLSDO
,PXQLGDGH(0& (1 ,QG~VWULD 1RUPDVJHQpULFDV
(1 5HVLGHQFLDO
(1 ,QG~VWULD
(1,(&  (6'
(1,(& &DPSRV(0GHDOWDIUHTXrQ
(1,(& FLD
(1,(& 5DMDGD
(1,(& 3LFR
(19 5)&0
(1,(& &DPSRV(0GHDOWDIUHTXrQ
FLD
4XHEUDVLQWHUUXSo}HV
(PLVVmR(0& (1 5HVLGHQFLDO 1RUPDVJHQpULFDV
(1 5HVLGHQFLDO
 (1 ,QG~VWULD 
 (1 5DGLDGR&RQGX]LGR *UXSRFODVVH%
(1 5DGLDGR&RQGX]LGR *UXSRFODVVH%
(1 'RPpVWLFR
1RUPDGHVHJXUDQoD (1  ,3
7HVWHGHLVRODPHQWR (1  &ODVVH$
(VSHFtILFRGH)9
/LJDomRjUHGH $OHPDQKD 9'( 6HJXUDQoDIXQFLRQDO 

7DEHOD1RUPDV([WHULRU

/B 
'DGRV7pFQLFRV

 (VSHFLILFDomRGR0yGXOR&&GHPpGLDWHQVmR
3DUkPHWUR (VSHFLILFDomR
3120'& 3RWrQFLDQRPLQDO&& :
3120$& 3RWrQFLDQRPLQDO&$ :
30$; 3RWrQFLDPi[LPD)9 :
8033 ,QWHUYDORGHWHQVmRGHHQWUDGD LQWHUYDOR033 9&&
9GFPLQ 7HQVmRGHHQWUDGDPtQLPD 9
80$; 7HQVmRGHHQWUDGDPi[LPD 9&& SDUDOHOR9&&
,0$;L (QWUDGDPi[LPDGHFRUUHQWHSRUHQWUDGD $

7DEHOD(VSHFLILFDomRGHPpGLDWHQVmR

3DUDLQYHUVRUHVFRPYiULRVPyGXORV&&R෤GDSRWrQFLDQRPLQDO&&QmRSRGHH[FHGHUDSRWrQFLDQRPLQDO
GHHQWUDGD&&

 ,OXVWUDomR'HILQLomRGHFXUYD8,0yGXOR&&&&GHPpGLDWHQVmR

 (VSHFLILFDomRGR0yGXOR&&GHDOWDWHQVmR
3DUkPHWUR (VSHFLILFDomR
3120'& 3RWrQFLDQRPLQDO&& :
3120$& 3RWrQFLDQRPLQDO&$ :
30$; 3RWrQFLDPi[LPD)9 :
8033 ,QWHUYDORGHWHQVmRGHHQWUDGD LQWHUYDOR033 9&&
9GFPLQ 7HQVmRGHHQWUDGDPtQLPD 9
80$; 7HQVmRGHHQWUDGDPi[LPD 9&& SDUDOHOR9&&
,0$;L (QWUDGDPi[LPDGHFRUUHQWHSRUHQWUDGD $

7DEHOD(VSHFLILFDomRGHDOWDWHQVmR

3DUDLQYHUVRUHVFRPYiULRVPyGXORV&&R෤GDSRWrQFLDQRPLQDO&&QmRSRGHH[FHGHUDSRWrQFLDQRPLQDO
GHHQWUDGD&&

 /B 
'DGRV7pFQLFRV

,OXVWUDomR'HILQLDRGHFXUYD8,0yGXOR&&&&GHDOWDWHQVmR

 (ILFLrQFLDFRPHVHP0HVWUH(VFUDYR



,OXVWUDomR8/;LR09+9

/B 
'DGRV7pFQLFRV

,OXVWUDomR8/;LR09+98/;LR09+9

100

Normal operation
95

90


Efficiency %

85

80

75

70
0 0.5 1.0 1.5
AC power [kW]
,OXVWUDomR8/;LR09+9

 /B 
$SURYDo}HVH&HUWLILFDo}HV

 $SURYDo}HVH&HUWLILFDo}HV

 &RQIRUPLGDGH

0DUFD&((VWDPDUFDFHUWLILFDDFRQIRUPLGDGHGRHTXLSDPHQWRFRPRV
UHJXODPHQWRV DSOLFiYHLV GH DFRUGR FRP DV GLUHFWLYDV &( H
&(



/B 
$SURYDo}HVH&HUWLILFDo}HV

 'HFODUDomRGH&RQIRUPLGDGH&(



 /B 
$SURYDo}HVH&HUWLILFDo}HV

 6HJXUDQoD)XQFLRQDO 9'(



/B 
$SURYDo}HVH&HUWLILFDo}HV

 'HFODUDomRGH&RQIRUPLGDGH9'(:



 /B 
$SURYDo}HVH&HUWLILFDo}HV

 'HFODUDomRGH&RQIRUPLGDGH(VSDQKD 'HFUHWR


5HDO5'



/B 
$SURYDo}HVH&HUWLILFDo}HV

 'HFODUDomRGH&RQIRUPLGDGH,WiOLD '.



 /B 
$SURYDo}HVH&HUWLILFDo}HV



/B 
$SURYDo}HVH&HUWLILFDo}HV

 'HFODUDomRGH&RQIRUPLGDGH*UpFLD



 /B 
$SURYDo}HVH&HUWLILFDo}HV



/B 
Danfoss Solar Inverters A/S
Ulsnaes 1
DK-6300 Graasten
Denmark
Tel: +45 7488 1300
Fax: +45 7488 1301
E-mail: solar-inverters@danfoss.com
www.solar-inverters.danfoss.com

Danfoss can accept no responsibility for possible errors in catalogues, brochures and other printed material. Danfoss reserves the right to alter its products without notice. This also applies to products
already on order provided that such alterations can be made without subsequential changes being necessary in specifications already agreed.
All trademarks in this material are property of the respective companies. Danfoss and the Danfoss logotype are trademarks of Danfoss A/S. All rights reserved.
Rev. date 2010-04-21 Lit. No. L00410308-03_08

You might also like