You are on page 1of 6

(VFROD

7HVWH

'L]RTXHHQWHQGHVSRUWUiILFRGHHVFUDYRV

'HILQHDFXOWXUDomR

,GHQWLILFDDVSULQFLSDLVIRUPDVGHSHQHWUDomRSRUWXJXHVDQDFRVWDDIULFDQD

&RPHQWDDVHJXLQWHDILUPDomR

$GHVFREHUWDGRFDPLQKRPDUtWLPRSDUDDËQGLDUHYROXFLRQRXDHFRQRPLDPXQGLDO

&RPSOHWDRHVTXHPD

'20Ë1,2'2,03e5,232578*8Ç6'225,(17(
9LFHUHLV 3ROtWLFDV
 'RPtQLRGRVPDUHV
 

4XDQWRPDLVIRUWDOH]DVWLYHUGHVPDLVIDOKRVHUiYRVVRSRGHUWRGDDQRVVDIRUoD
VHMDQRPDUSRUTXHVHQHOHQmRIRUPRVSRGHURVRVWXGRORJRVHUiFRQWUDQyV>@
(QTXDQWRQRPDUIRUGHVSRGHURVRWHUHLVDËQGLDSRUYRVVDHVHLVWRQmRWLYHUGHVQR
PDUSRXFRYRVSUHVWDUiIRUWDOH]DVHPWHUUD

&DUWDGH')UDQFLVFRGH$OPHLGDD'0DQXHO,

1mRSRGHUHLVUHLQDUVREUHXPWHUULWyULRWmRH[WHQVRFRPRDËQGLDFRORFDQGRR
YRVVRSRGHUVLPSOHVPHQWHQRPDU1mRFRQVWUXLUIRUWDOH]DVpSUHFLVDPHQWHRTXHRV
0RXURVGHVWHSDtVGHVHMDPYHUYRVID]HUSRUTXHVDEHPTXHWRGRRGRPtQLR
IXQGDGRDSHQDVQRPDUQmRSRGHSHUVLVWLU

&DUWDGH$IRQVRGH$OEXTXHUTXHD'0DQXHO,

'LVWLQJXHDVSROtWLFDVGRVYLFHUHLVGDËQGLDDSDUWLUGRVGRFXPHQWRV

7RGDDQRVVDIRUoDVHMDQRPDU'HVLVWDPRVGHQRVDSURSULDUGDWHUUD>@&RP
DVQRVVDVHVTXDGUDVWHUHPRVVHJXURRPDUHSURWHJLGRVRVLQGtJHQDVHPFXMRR
QRPHUHLQDUHPRVGHIDFWRVREUHDËQGLD>@,PSRQKDPRVSHVDGRVWULEXWRV
H[DJHUHPRVRSUHoRGDVOLFHQoDVSDUDDVQDXVGRVPRXURVQDYHJDUHPQRVPDUHVGD
ËQGLDHLVVRDVH[SXOVDUiDVQRVVDVDUPDGDVGDUmRFRUVRDRVFRQWUDEDQGRV1mRp
PDOGHFHUWRTXHWHQKDPRVDOJXPDVIRUWDOH]DVDRORQJRGDVFRVWDVPDVVRPHQWH
SDUDSURWHJHUDVIHLWRULDVGHXPJROSHGHPmRSRUTXHDYHUGDGHLUDVHJXUDQoD
GHODVHVWDUiQDDPL]DGHGRVUDMiVLQGtJHQDVSRUQyVFRORFDGRVQRVVHXVWURQRVSRU
QRVVDVDUPDGDVDSRLDGRVHGHIHQGLGRV>@

&DUWDGH')UDQFLVFRGH$OPHLGDDRUHL'0DQXHO,

1RGRFXPHQWR')UDQFLVFRGH$OPHLGDSURS}HDRUHL'0DQXHODOJXQVPHLRVSDUD
DVVHJXUDURPRQRSyOLRSRUWXJXrVQR2ULHQWH,GHQWLILFDRVWUDQVFUHYHQGRDV
IUDVHVGRGRFXPHQWR

$VLGHLDVGH$IRQVRGH$OEXTXHUTXHVREUHDGRPLQDomRSRUWXJXHVDQR2ULHQWH
GLIHULDPGDVGH')UDQFLVFRGH$OPHLGD([SOLFD

'HVFUHYHRSURFHVVRGHDFXOWXUDomRQRFRQWH[WRFRPRVSRYRVDVLiWLFRV

&DUDFWHUL]DDRFXSDomRHVSDQKRODQRFRQWLQHQWHDPHULFDQR

,QIHUHDVDFo}HVLPSRUWDQWHVGHVHQYROYLGDVSHORVPLVVLRQiULRVHQWUHDV
SRSXODo}HVORFDLVGRVQRYRVFRQWLQHQWHVGHVFREHUWRV

'L]RTXHHQWHQGHVSRUPLVVLRQDomR

([SOLFDRSURFHVVRGHDFXOWXUDomRGRVDPHUtQGLRV

5HODFLRQDRVHOHPHQWRVGDFROXQDGDHVTXHUGDFRPRVGDGLUHLWD
$$QRGDGHVFREHUWDRILFLDOGR%UDVLO 

%0RQDUFDUHVSRQViYHOSHODFRORQL]DomRGR (VFUDYRVDIULFDQRV
%UDVLO

&5HFXUVRVQDWXUDLVH[SORUDGRVQR%UDVLO '-RmR,,,

'0mRGHREUDSULQFLSDOGR%UDVLO 3DXEUDVLOWDEDFRDo~FDU
DOJRGmR

,QGLFDDVULTXH]DVHFRQyPLFDVH[SORUDGDVSHORV3RUWXJXHVHVQR%UDVLO

&DUDFWHUL]DJHQHULFDPHQWHRVSRYRVGDÈIULFD1HJUDQRVpFXOR;9

'HVFUHYHDVUHODo}HVFRPHUFLDLVHQWUH3RUWXJXHVHVH$IULFDQRV
0HQFLRQDRVSULQFLSDLVLQGLFDGRUHVGHDFXOWXUDomRQDVUHODo}HVHQWUH
3RUWXJXHVHVH$IULFDQRV

&RPSOHWDRHVTXHPD

$YDOLDDVFRQVHTXrQFLDVGDVGHVFREHUWDVPDUtWLPDV
(VFROD

5HVSRVWDV6XJHVW}HVGHFRUUHFomR7HVWH

5HVSRVWD
&RPpUFLRGHQHJURVTXHHUDPFRPSUDGRVRXDSULVLRQDGRVHPÈIULFDHYHQGLGRV
FRPRHVFUDYRVQD$PpULFDSDUDPmRGHREUDQDDJULFXOWXUDHQDVPLQDV

5HVSRVWD
5HVXOWDGRGRFRQWDFWRGLUHFWRHFRQWtQXRGHXPJUXSRFXOWXUDOFRPRXWURGLIHUHQWH
HPTXHDVLQIOXrQFLDVUHFtSURFDVOHYDPDPXGDQoDV1RUPDOPHQWHpRJUXSRGH
FXOWXUDLQIHULRUTXHPDLVLQIOXrQFLDVUHFHEHGRRXWUR

5HVSRVWD
&RQTXLVWDVQR1RUWHGHÈIULFDIHLWRULDV

5HVSRVWD
$GHVFREHUWDGRFDPLQKRPDUtWLPRSDUDDËQGLDOLJRXGLUHFWDPHQWHSHODSULPHLUD
YH]D(XURSDDR2ULHQWHVHPRFRPpUFLRSDVVDUSHORVLQWHUPHGLiULRVPXoXOPDQRV
)RLGHFLVLYDSDUDDIRUPDomRGDURWDGR&DERURWDGHWUDQVSRUWHGDVULTXH]DV
FRORQLDLVSDUDD(XURSDVREUHWXGRDVHVSHFLDULDVGR2ULHQWHRIHUHFHQGRjHFRQRPLD
PXQGLDOREHQHItFLRGHJUDQGHVULTXH]DVSURYHQLHQWHVGRFRPpUFLRFRORQLDO

5HVSRVWD
')UDQFLVFRGH$OPHLGD

'$IRQVRGH$OEXTXHUTXHFRQTXLVWDGHXPLPSpULRWHUUHVWUH

5HVSRVWD
')UDQFLVFRGH$OPHLGDGRPLQDURRFHDQRËQGLFRHRVSRQWRVHVWUDWpJLFRVGDFRVWD
RULHQWDODIULFDQDHGRJROIR3pUVLFRHVWDEHOHFHQGRQDËQGLDIHLWRULDVSDUDRWUiILFR
GDVHVSHFLDULDV

$IRQVRGH$OEXTXHUTXHFRQTXLVWDUQR2ULHQWHXPYDVWRLPSpULRGRPLQDQGRFRP
JHQWHVHDUPDVRVSULQFLSDLVOXJDUHVGHVVHQHJyFLR

5HVSRVWD
7RGDDQRVVDIRUoDVHMDQRPDU'HVLVWDPRVGHQRVDSURSULDUGDWHUUD
LPSRQKDPRVSHVDGRVWULEXWRVDVQRVVDVDUPDGDVGDUmRFRUVRDRVFRQWUDEDQGRV
WHQKDPRVDOJXPDVIRUWDOH]DVDRORQJRGDVFRVWDVDPL]DGHGRVUDMiVLQGtJHQDVSRU
QyVFRORFDGRVQRVVHXVWURQRVSRUQRVVDVDUPDGDVDSRLDGRVHGHIHQGLGRV

5HVSRVWD
')UDQFLVFRGH$OPHLGDGHIHQVRUGRGRPtQLRGRRFHDQRËQGLFRHSRQWRV
HVWUDWpJLFRVGDFRVWDRULHQWDODIULFDQDHGRJROIR3pUVLFR

$IRQVRGH$OEXTXHUTXHFRQTXLVWDGHXPYDVWRLPSpULRWHUUHVWUHQR2ULHQWH
GRPLQDQGRRVSULQFLSDLVOXJDUHVGHQHJyFLR

5HVSRVWD
0LVVLRQDomRSRUWXJXHVDQDÈVLDHPERUDFRPSRXFRVUHVXOWDGRVGDGRHVVDV
FLYLOL]Do}HVVHUHPEDVWDQWHDQWLJDVHGHVHQYROYLGDVFRPUDt]HVFXOWXUDLVDUWtVWLFDVH
UHOLJLRVDVPXLWRSURIXQGDV

5HVSRVWD
2FXSDomRSHODYLDPLOLWDUGDGDDVXSHULRULGDGHPLOLWDUGD(VSDQKDHPUHODomRDRV
SRYRVRXFLYLOL]Do}HVDtHQFRQWUDGDV0DVVDFUHVGHLQGtJHQDVHGHVWUXLomRGDVVXDV
FLYLOL]Do}HVSHORV(VSDQKyLV

5HVSRVWD
([SDQVmRGDIpFULVWmLQVWUXomRHSURWHFomRVRFLDOGDVSRSXODo}HVLQGtJHQDV

5HVSRVWD
3UHJDomRGDGRXWULQDFULVWmFRPRSURSyVLWRGHHYDQJHOL]DomRGDVSRSXODo}HV

5HVSRVWD
)XVmRGHUDoDVUHVXOWDQGRDPHVWLoDJHPHDYDULHGDGHpWQLFDPDQXWHQomRGD
OLEHUGDGHGRVtQGLRVHDFomRHYDQJHOL]DGRUDHSURWHFWRUDGRVPLVVLRQiULRVVREUH
HVVHVSRYRV)RUWHDFXOWXUDomRGHVWHVSRYRVDQtYHOUHOLJLRVRXUEDQtVWLFRHDUWtVWLFR

5HVSRVWD
$

%

&

'

5HVSRVWD
3DXEUDVLOFDFDXFDIpDo~FDU

5HVSRVWD
'pELOGHQVLGDGHGHPRJUiILFDSRXFRVUHLQRVRUJDQL]DGRVSRLVDPDLRULDGDV
SRSXODo}HVLQGtJHQDVYLYLDHPSOHQRUHJLPHWULEDOVHPLQRPDGLVPRDVSULQFLSDLV
DFWLYLGDGHVHFRQyPLFDVHUDPDFDoDDSHVFDDSDVWRUtFLDHXPDDJULFXOWXUD
SULPLWLYD

5HVSRVWD
&RQWDFWRVFRPHUFLDLVMXQWRjFRVWDSRXFRDSRXFRDVWURFDVFRPHUFLDLVTXHVH
UHDOL]DYDPQRLQWHULRUIRUDPDWUDtGDVSDUDDFRVWDSURSRUFLRQDQGRPDLRUFRQWDFWR
FRPDVSRSXODo}HVLQGtJHQDV&RPpUFLRGHHVFUDYRVHVSHFLDULDVRXURHPDUILP
HUDPRVSULQFLSDLVSURGXWRVFRPGHVWLQRDRVPHUFDGRVSRUWXJXHVHVHHPWURFDRV
3RUWXJXHVHVOHYDPSDUDÈIULFDTXLQTXLOKDULDVSDQRVHWULJR

5HVSRVWD
,QIOXrQFLDVDIULFDQDVPLVFLJHQDomRUDFLDODUWHSRSXODUP~VLFD

,QIOXrQFLDVHXURSHLDVUHOLJLmROtQJXDHWpFQLFDV

5HVSRVWD
/tQJXD

1tYHOXUEDQtVWLFRHDUWtVWLFR
PLOKRPDtVIHLMmREDWDWD

5HVSRVWD
3ROtWLFDV)RUPDomRGRVLPSpULRVFRORQLDLVHIRUWDOHFLPHQWRGRSRGHULRGDVSRWrQFLDV
FRORQLDLVFRQIOLWRVHQWUHDVSRWrQFLDVFRORQLDLVKDYHQGRDVXSUHPDFLDGD(XURSD
VREUHRVRXWURVFRQWLQHQWHVUHIRUoRGDFHQWUDOL]DomRGRSRGHUUHDO

(FRQyPLFDV0XGDQoDGRHL[RGRFRPpUFLRPXQGLDOGR0HGLWHUUkQHRSDUDR
$WOkQWLFRLQtFLRGDHUDGRFDSLWDOLVPRUHYROXomRGRVSUHoRVGHFDGrQFLDGD
DJULFXOWXUDJUDQGHTXDQWLGDGHGHSURGXWRVRULHQWDLVDIULFDQRVHGD$PpULFD

6RFLDLV'HFDGrQFLDGDDULVWRFUDFLDIXQGLiULDHQULTXHFLPHQWRGDEXUJXHVLD
FRPHUFLDOHILQDQFHLUDOLEHUWDomRGHILQLWLYDGRVVHUYRVIHXGDLV

&LHQWtILFRFXOWXUDLV&RQKHFLPHQWRGRJORERWHUUHVWUHQRYDPHQWDOLGDGHPDLV
DEHUWDIRUPDomRGRHVStULWRFLHQWtILFREDVHDGRQDH[SHULrQFLDH[SDQVmRGDVOtQJXDV
HXURSHLDVHVHXHQULTXHFLPHQWR

5HOLJLRVDV([SDQVmRGR&ULVWLDQLVPRVXSUHPDFLDGDUHOLJLmRFULVWmVREUHR,VOmR

You might also like