You are on page 1of 30

)UHVDGRUPHFkQLFR

'LVFRFRPHVWULDV
'LVFRFRPHVWULDV

'LVFRFRPHVWULDV

‹6(1$,63

7UDEDOKRHODERUDGRSHOD'LYLVmRGH0DWHULDO'LGiWLFRGD'LUHWRULDGH7HFQRORJLD(GXFDFLRQDOGR6(1$,
63

(ODERUDGRU 5DXO&DOORUL
'LJLWDOL]DomR 81,&207HUFHLUL]DomRGHVHUYLoRV/WGD

D
6G 6(1$,63'0''LVFRFRPHVWULDV3RU5DXO&DOORULL HG6mR3DXOR
 6pULH0HWyGLFD2FXSDFLRQDO)UHVDGRU0HFkQLFR 

)UHVDGRUPHFkQLFR'LVFRFRPHVWULDV,W,,V


&'8,%,&7

6(1$, 6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
'HSDUWDPHQWR5HJLRQDOGH6mR3DXOR
$Y3DXOLVWD&HUTXHLUD&HVDU
6mR3DXOR±63
&(3

7HOHIRQH ;; 


7HOHID[ ;; 
6(1$,RQOLQH 

(PDLO VHQDL#VSVHQDLEU
+RPHSDJH KWWSZZZVSVHQDLEU

6(1$,63,175$1(7
'LVFRFRPHVWULDV

6XPiULR

,QWURGXomR 
&RQMXQWRGLYLVRU GLYLVRUXQLYHUVDO 
&RQMXQWRGLYLVRU WLSRVGHPRQWDJHPGHSHoDV 
$SDUHOKRFRQWRUQDGRUVXDVIHUUDPHQWDVHSRUWDIHUUDPHQWDV 
&RQVWUXLUUDQKXUDVUHWDVFRPFRQWRUQDGRUQDIUHVDGRUD 
'LVFRFRPHVWULDV 
3ODQRGHWUDEDOKR 

6(1$,63,175$1(7
'LVFRFRPHVWULDV

6(1$,63,175$1(7
'LVFRFRPHVWULDV

,QWURGXomR

(VWXGDQGRHVWDXQLGDGHGHLQVWUXomRYRFrYDLDSUHQGHUDFRQVWUXLUUDQKXUDVUHWDV
FRPFRQWRUQDGRUQDIUHVDGRUD

9RFrWHUiLQIRUPDo}HVVREUH
• &RQMXQWRGLYLVRUGLYLVRUGLIHUHQFLDO
• 7LSRVGHPRQWDJHPGHSHoDVGHFRQMXQWRGLYLVRU

3DUDUHDOL]DUDWDUHIDGLVFRFRPHVWULDVYRFrH[HFXWDUiDOpPGDVRSHUDo}HVTXHMi
FRQKHFHDVHJXLQWHRSHUDomRQRYD
• &RQVWUXLUUDQKXUDVUHWDVFRPFRQWRUQDGRUQDIUHVDGRUD

6(1$,63,175$1(7 
'LVFRFRPHVWULDV

 6(1$,63,175$1(7
'LVFRFRPHVWULDV

&RQMXQWRGLYLVRU GLYLVRU
XQLYHUVDO

&DEHoRWHGLYLVRUXQLYHUVDO

eXVDGRSDUDH[HFXWDUWRGDVDVIRUPDVSRVVtYHLVGHGLYLV}HVeXPDFHVVyULRPXLWR
SUHFLVRHYHUViWLO3UHQGHDSHoDHPXPGHVHXVH[WUHPRVQDSODFDXQLYHUVDORX
HQWUHSRQWDVHpSRVVtYHOSRUPHLRGHXPWUHPGHHQJUHQDJHQVDGHTXDGRGLYLGLUH
ID]HUJLUDUDSHoDHPFRQH[mRFRPRPRYLPHQWRGDPHVDTXHSHUPLWHIUHVDUFRUWHV
KHOLFRLGDLVRXHPHVSLUDO

&RQVWLWXLomR

2GLYLVRUXQLYHUVDOSRGHYDULDUHPVXDIRUPDSRUpPVHXSULQFtSLRGHIXQFLRQDPHQWRp
RPHVPRSRUWDQWRLJXDODWRGRVGLYLVRUHVXQLYHUVDLV3RGHVHFRQVLGHUDU
HVWUXWXUDOPHQWHFRQVWLWXtGRGHGXDVSDUWHV
• %DVH
• &RUSRRULHQWiYHO

6(1$,63,175$1(7 
'LVFRFRPHVWULDV

%DVH
eXPDFDL[DGHIHURIXQGLGRTXHVHIL[DQDPHVDGDIUHVDGRUD6HXREMHWLYRSULQFLSDOp
VHUYLUGHVXSRUWHGRFRUSRRULHQWiYHO/HYDXPDHVFDODGHUHIHUrQFLDTXHSHUPLWH
FRQWURODUDLQFOLQDomRTXHVHTXHUGDUDRFRUSRRULHQWiYHO

&RUSRRULHQWiYHO
eXPDFDUFDoDTXHWHPGRLVH[WUHPRVFLOtQGULFRVVDOLHQWHVHVWHVDSRLDPVHQDEDVH
GRGLYLVRUHSHUPLWHPRULHQWDUHLQFOLQDURHL[RSULQFLSDODXPGHWHUPLQDGRkQJXORHP
UHODomRjVXSHUItFLHGDPHVD(PVHXLQWHULRUFRQWpPRFRQMXQWRGHyUJmRV ILJXUD
DEDL[R TXHpDSDUWHPDLVLPSRUWDQWHGRGLYLVRUHTXHSHUPLWHGDUjSHoDRV
PRYLPHQWRVQHFHVViULRVSDUDID]HUTXDOTXHUQ~PHURGHGLYLV}HVSRGHQGRDSOLFDUVH
RVVHJXLQWHVPpWRGRV
• 'LYLVmRGLUHWD
• 'LYLVmRLQGLUHWD
• 'LYLVmRDQJXODU
• 'LYLVmRGLIHUHQFLDO

&DGHLDFLQHPiWLFD

&RPRSULQFtSLRXQLYHUVDOQD ILJXUDDFLPD LQGLFDVHRPHFDQLVPRTXHS}HHP


PRYLPHQWRRPDWHULDOSDUDREWHUDVGLYLV}HVRXDVFXUYDVDFRQVWUXLU

 6(1$,63,175$1(7
'LVFRFRPHVWULDV

)XQFLRQDPHQWR

2HL[RSULQFLSDO F TXHSUHQGHDSHoDHVWiXQLGRFRPDFRURD ' FXMRVGHQWHVVmR


KHOLFRLGDLVHSRGHWHURXGHQWHV(VWDFRURDpDFLRQDGDSHORSDUDIXVRVHPILP
( 2PRYLPHQWRpREWLGRID]HQGRVHJLUDUDPDQLYHOD ) FXMRH[WUHPRWHUPLQDFRP
XPDSRQWDTXHSHQHWUDQXPGRVIXURVGRGLVFRGLYLVRU - 


$UHODomRPDLVFRPXPGRVGLYLVRUHVp ,VWRVLJQLILFDTXHFDGDYROWDVGD

PDQLYHODFRUUHVSRQGHDXPDYROWDGDSHoD

9DQWDJHQV

2FDEHoRWHGLYLVRUXQLYHUVDODOpPGHVHUYLUFRPRDFHVVyULRSDUDDPRQWDJHPGH
SHoDVLQFOLQDVHSDUDIDFLOLWDUDIUHVDJHPHPkQJXORHSHUPLWLUID]HUTXDOTXHUQ~PHUR
GHGLYLV}HVSRGHVHUXWLOL]DGRFRPRGLYLVRUVLPSOHV3DUDHVVHILPWHPPRQWDGDVREUH
RHL[RSULQFLSDOXPDSODFDGLYLVRUDTXHSHUPLWHRSHUDUGLUHWDPHQWHGHVDFRSODQGRVH
SUHYLDPHQWHRSDUDIXVRVHPILPGDFRURD

&RQVHUYDomR

6HQGRRFDEHoRWHGLYLVRUXQLYHUVDOXPGRVDFHVVyULRVPDLVGHOLFDGRVHLPSRUWDQWHV
GDIUHVDGRUDPHUHFHXPFXLGDGRHVSHFLDOGXUDQWHHDSyVRVHXXVR
,VWRVLJQLILFDTXHGHYHVHUWUDQVSRUWDGRHXWLOL]DGRFRPFXLGDGRHYLWDQGRJROSHVH
PDQWHQGRRSHUPDQHQWHPHQWHOLPSRHOXEULILFDGR

5HVXPR

1RFDEHoRWHGLYLVRUXQLYHUVDOSRGHVHID]HUTXDOTXHUQ~PHURGHGLYLV}HVDSOLFDQGR
VHJXQGRRFDVRRVVHJXLQWHVPpWRGRV
• 'LUHWR
• ,QGLUHWR
• $QJXODU
• 'LIHUHQFLDO

6(1$,63,175$1(7 
'LVFRFRPHVWULDV

3RGHJLUDUDFRSODGRDRIXVRGDPHVDSDUDSHUPLWLUFRUWHVKHOLFRLGDLVHHPHVSLUDO

%DVH

(L[RSULQFLSDO

3DUWHVSULQFLSDLV &RURDGHRXGHQWHV
&RUSRGHVPRQWiYHO
3DUDIXVRVHPILP XPDRX
PDLVHQWUDGDV

 6(1$,63,175$1(7
'LVFRFRPHVWULDV

&RQMXQWRGLYLVRU WLSRVGH
PRQWDJHQVGHSHoDV

$PRQWDJHPGHSHoDVVREUHRFDEHoRWHGLYLVRUSHUPLWHID]HUQDIUHVDGRUDFHUWDV
RSHUDo}HVTXHGHRXWURPRGRQmRVHULDSRVVtYHORXUHVXOWDULDPHPRSHUDo}HV
FRPSOH[DV

$OJXQVGHVVHVFDVRVVmR
• &RQVHJXLUTXHDSHoDJLUHDXPDYHORFLGDGHUHODFLRQDGDHVLPXOWkQHDDR
GHVORFDPHQWRGDPHVD IUHVDJHPGHURGDVGHQWDGDVKHOLFRLGDLVEURFDVSDUDIXVRV
VHPILPFDPHVHPHVSLUDO 
• )D]HUGLYLV}HVGLVWULEXLGDVUHJXODUPHQWHQDSHULIHULDGHXPDSHoD DQpLV
JUDGXDGRVURGDVGHQWDGDV 
• )UHVDJHPGHSHoDVHPkQJXOR URGDVGHQWDGDVF{QLFDV

&ODVVLILFDomR

$VPRQWDJHQVTXHSHUPLWHPIUHVDUSHoDVQRFDEHoRWHGLYLVRUSRGHPDJUXSDUVH
EDVLFDPHQWHHPWUrV
• 0RQWDJHPQDSODFDXQLYHUVDORXGLUHWDPHQWHQRHL[RSULQFLSDO
• 0RQWDJHPHQWUHSRQWDV
• 0RQWDJHPQDSODFDHSRQWDDVTXDLVFRUUHVSRQGHPDPRQWDJHQVWtSLFDVGHWRUQR

$PHVPDGLVSRVLomRGDH[WUHPLGDGHGR
HL[RSULQFLSDOGRFDEHoRWHGLYLVRUHGR
WRUQR ILJXUDDRODGR FRPRWDPEpPRV
PHVPRVHOHPHQWRVHPSUHJDGRV SODFD
SRQWRGHFHQWURFRQWUDSRQWDDUUDVWDGRU
SHUPLWHPHIHWXDUDVPRQWDJHQVHP
IRUPDVLPLODU

6(1$,63,175$1(7 
'LVFRFRPHVWULDV

&DUDFWHUtVWLFDVHHPSUHJR

0RQWDJHPHPEDODQoR

eRTXHVHID]XVDQGRVRPHQWHRFDEHoRWHGLYLVRUFRPDSODFDPRQWDGDRXXP
PDQGULOFRPHVSLJDF{QLFD



5HFRUUHVHDHVWDVPRQWDJHQVTXDQGRSHODVFRQGLo}HVGHWUDEDOKRRXSHODIRUPDH
GLPHQV}HVGDSHoDI{UDPDQHLUDPDLVFRQYHQLHQWHGHIL[iODHGHSHUPLWLUDDomRGD
IHUUDPHQWD

3UHFDXo}HV
4XDQGRVHYDLXVLQDUXPDSHoDPRQWDGDQDSODFDXQLYHUVDOGHYHVHYHULILFDUVXD
FHQWUDJHPSRUTXHDVFDVWDQKDVGDSODFDDVVLPFRPRRPHFDQLVPRTXHDVDFLRQD
HVWmRVXMHLWRVDRGHVJDVWHHSRUHVWHPRWLYRQHPVHPSUHFHQWUDPEHPDSHoD2

 6(1$,63,175$1(7
'LVFRFRPHVWULDV

DSHUWRGDSODFDGHYHVHUGDGRGHDFRUGRFRPRWLSRGDSHoDWDOTXHQmRKDMDGDQRVH
GHIRUPDDHYLWDUTXHVHVROWHRXTXHDIHUUDPHQWDDWLQMDDSODFD

8PDSHUWRH[FHVVLYRSRGHGDQLILFDURPHFDQLVPRGDSODFD

1HVWHWLSRGHPRQWDJHPGHYHVHREVHUYDUDVHJXLQWHUHODomRW”GSDUDDSDUWH
GDSHoDTXHILFDHPEDODQoR4XDQGRQmRIRUSRVVtYHOPDQWHUHVVDUHODomRDSHoD
GHYHUiVHUPRQWDGDFRPDSRLRHPDPERVRVH[WUHPRV

0RQWDJHPHQWUHSRQWDV

3DUDHVWDVPRQWDJHQVXVDVHDFRQWUDSRQWDHRFDEHoRWHGLYLVRUHPFXMRHL[R
SULQFLSDOFRORFDVHRSRQWRGHFHQWUR

+iGXDVIRUPDVGLIHUHQWHVGHPRQWDJHQVHQWUHSRQWDV
• $PRQWDJHPGDSHoDGLUHWDPHQWHHQWUHSRQWDVH
• $PRQWDJHPGHSHoDVVREUHPDQGULVFRORFDGDVHQWUHSRQWDV



6(1$,63,175$1(7 
'LVFRFRPHVWULDV

$PEDVDVPRQWDJHQVSHUPLWHPXPDFHQWUDJHPUiSLGDHVHJXUDGHSHoDVSRGHPVHU
UHWLUDGDVHUHFRORFDGDVVHPSHUGHUSRULVVRVXDFRQFHQWULFLGDGH$VSHoDVTXHVH
PRQWDPVREUHPDQGULVVmRDTXHODVTXHOHYDPXPIXURFHQWUDOXVLQDGRFRPRURGDV
GHQWDGDVHDQpLVRVTXDLVSRVWHULRUPHQWHVHUmRFRORFDGRVHPHL[RVUD]mRSHODTXDO
pLPSRUWDQWHFRQVHUYDUDFRQFHQWULFLGDGHHQWUHRIXURFHQWUDOHDVXSHUItFLHH[WHUQD

$URWDomRGDVSHoDVHPDPERVRVFDVRVVHID]PHGLDQWHDPRQWDJHPGRDUUDVWDGRU

0RQWDJHPGDSODFDHSRQWD

(VWHWLSRGHPRQWDJHPpRPDLVLQGLFDGRTXDQGRKiQHFHVVLGDGHGHGDUSDVVHVIRUWHV
QDVSHoDVWRGDYLDDFHQWUDJHPTXHVHREWpPQmRpWmRSUHFLVDFRPRDTXHVH
FRQVHJXHPRQWDQGRDSHoDHQWUHSRQWDV

+iRFDVL}HVTXHpDVROXomRPDLVFRQYHQLHQWHSULQFLSDOPHQWHTXDQGRQmRKiHVSDoR
VXILFLHQWHSDUDVHUFRORFDGRRDUUDVWDGRUHDOpPGLVVRpPDLVF{PRGRSUHQGHUDSHoD
QDSODFD

 6(1$,63,175$1(7
'LVFRFRPHVWULDV

3UHFDXo}HV
4XDQGRDSHoDTXHVHPRQWDHQWUHSRQWDVRXSODFDHSRQWDpPXLWRFRPSULGDH
GHOJDGDFRQYpPFRORFDUOKHXPWHUFHLURDSRLR ILJXUDDEDL[R SDUDHYLWDUTXHIOH[LRQH
(PFHUWRVFDVRVSRGHVHXVDUXPGXSORDSRLRDGLFLRQDO ILJXUDDEDL[R (PDPERVRV
FDVRVUHFRPHQGDVHRXVRGHPDFDFRV


7HUFHLURDSRLR $SRLRDGLFLRQDO

6(1$,63,175$1(7 
'LVFRFRPHVWULDV

 6(1$,63,175$1(7
'LVFRFRPHVWULDV

$SDUHOKRFRQWRUQDGRUVXDV
IHUUDPHQWDVHSRUWD
IHUUDPHQWDV

eXPDFHVVyULRGDIUHVDGRUDXQLYHUVDO&RQVWDGHXPFRUSRGHIHUURIXQGLGRTXHVH
PRQWDQDIDFHYHUWLFDOGRFRUSRGDIUHVDGRUDDFRSODGRSRUPHLRGHXPHL[R
LQWHUPHGLiULRDRHL[RSULQFLSDOGDPiTXLQD

3RVVXLXPVLVWHPDGHJXLDVSULVPiWLFDVSRURQGHGHVOL]DRSRUWDIHUUDPHQWDFRP
PRYLPHQWRUHWLOtQHRDOWHUQDWLYR8WLOL]DVHQDDEHUWXUDGHUDVJRVGHFKDYHWDVUDQKXUDV
HPDQpLVGHQWHVLQWHUQRVHFRQWRUQRVHPJHUDOHSDUDSHUILODUIXURV

6(1$,63,175$1(7 
'LVFRFRPHVWULDV

1RPHQFODWXUD
 3RUWDIHUUDPHQWD
 (L[RGHELHOD
 %LHOD
 *XLDVGHDMXVWH
 (L[RH[FrQWULFR
 9RODQWH GLVFRPDQLYHOD
 (L[RGRDSDUHOKR

)XQFLRQDPHQWR

2PRYLPHQWRGRDSDUHOKRFRQWRUQDGRUpWUDQVPLWLGRSHORHL[RSULQFLSDOGDIUHVDGRUD
DWUDYpVGRHL[RLQWHUPHGLiULRHRPRYLPHQWRGRSRUWDIHUUDPHQWDpGDGRSRUXP
VLVWHPDGHELHODPDQLYHODTXHWUDQVIRUPDRPRYLPHQWRURWDWLYRHPUHWLOtQHR
DOWHUQDWLYR

$UHJXODJHPGRSHUFXUVRpGDGDDWUDYpVGRHL[RH[FrQWULFR ILJ TXHGLVS}HGHXP


PHFDQLVPRTXHSHUPLWHDSUR[LPiORRXDIDVWiORGRFHQWURGRGLVFRPDQLYHOD4XDQWR
PDLVSUy[LPRGRFHQWURHVWLYHUPHQRUVHUiRSHUFXUVRGRSRUWDIHUUDPHQWD

3RUWDIHUUDPHQWD

6mRDFHVVyULRVFRQVWUXtGRVGHDoRHPIRUPDFLOtQGULFDRXTXDGUDGDTXHWrPHPXPGH
VHXVH[WUHPRVXPIXURRQGHVHDORMDDIHUUDPHQWDIL[DGDSRUXPSDUDIXVR



 6(1$,63,175$1(7
'LVFRFRPHVWULDV

)HUUDPHQWDV

$VIHUUDPHQWDVXWLOL]DGDVQRDSDUHOKRFRQWRUQDGRUVmRGHDoRUiSLGRIUHTHQWHPHQWH
SDUDHFRQRPL]DUPDWHULDOVHHPSUHJDPSODTXHWDVVROGDGDVDXPDEDUUDGHDoR
1HVWHVFDVRVQmRVHXWLOL]DRSRUWDIHUUDPHQWDV$VSODTXHWDVVROGDGDVSRGHPVHUGH
FDUERQHWRPHWiOLFRVHWLYHUPRVTXHWUDEDOKDUPHWDLVGXURVRXWHQD]HV1HVWHVFDVRV
RkQJXORGHVDtGD ∝ pQHJDWLYR DWpž

$VIRUPDVGDVIHUUDPHQWDVYDULDPFRQIRUPHSHUILOGDUDQKXUDRXRFRQWRUQRTXHVH
GHVHMDID]HU$VLOXVWUDo}HVPRVWUDPIHUUDPHQWDVGHIRUPDVXVXDOPHQWHHPSUHJDGDV
QDVRILFLQDV

&RQGLo}HVGHXVR

2DSDUHOKRFRQWRUQDGRUSDUDHVWDUHPFRQGLo}HVGHXVRpQHFHVViULRTXHWHQKDDV
JXLDVSULVPiWLFDVEHPDMXVWDGDVOLYUHVGHVXOFRVRXUHEDUEDVHRVSDUDIXVRVGH
IL[DomRGRSRUWDIHUUDPHQWDVHPERPHVWDGR

&RQVHUYDomR

2DSDUHOKRFRQWRUQDGRUGHYHVHUOXEULILFDGRSHULRGLFDPHQWH'HYHVHUHWLUDURSRUWD
IHUUDPHQWDGHSRLVGHVHUXVDGRSDUDHYLWDUTXHRSDUDIXVRHRSRUWDIHUUDPHQWD
SHUPDQHoDPVREWHQVmR'HYHVHOLPSDUFXLGDGRVDPHQWHDVVXSHUItFLHVGHDSRLRDV
JXLDVSULVPiWLFDVHWDPEpPRFRQHGRHL[RLQWHUPHGLiULR'HSRLVGHVHUXVDGR
UHFRPHQGDVHOLPSDUHDSOLFDUXPDSHOtFXODGHyOHRRXJUD[DSDUDHYLWDUDR[LGDomR
'HYHVHUJXDUGDGRHPOXJDUDSURSULDGRHLVHQWRGHSy

6(1$,63,175$1(7 
'LVFRFRPHVWULDV

 6(1$,63,175$1(7
'LVFRFRPHVWULDV

&RQVWUXLUUDQKXUDVUHWDVFRP
FRQWRUQDGRUQDIUHVDGRUD

eSURGX]LUUDQKXUDVUHWDVQDVXSHUItFLHLQWHUQDRXH[WHUQDGRPDWHULDOSRUPHLRGH
DFHVVyULRGDIUHVDGRUDFKDPDGR³FRQWRUQDGRU´



(VWDRSHUDomRpIHLWDQDIUHVDGRUDHPFDVRVGHSHoDVLVRODGDVRXTXDQGRVHWUDWDUGH
SHTXHQDVTXDQWLGDGHV

$SOLFDVHQDFRQVWUXomRGHOXYDVHHL[RVHVWULDGRVUDVJRVGHFKDYHWDLQWHUQRVURGDV
GHQWDGDVLQWHUQDVHSHUILVFRPELQDGRV

3URFHVVRGHH[HFXomR

RSDVVR±0RQWHRDSDUHOKRFRQWRUQDGRU
D ,QWURGX]DRHL[RLQWHUPHGLiULRQRHL[RSULQFLSDOGDIUHVDGRUD

2EVHUYDomR
2VFRQHVGRHL[RLQWHUPHGLiULRHGRHL[RSULQFLSDOGHYHPHVWDUEHPOLPSRV

E $SHUWHRHL[RLQWHUPHGLiULRSRUPHLRGRWLUDQWH

6(1$,63,175$1(7 
'LVFRFRPHVWULDV

F 6LWXHRDSDUHOKRFRQWRUQDGRUGHPRGRTXHHQFDL[HVREUHRHL[RLQWHUPHGLiULR
G )L[HRSRUPHLRGRVSDUDIXVRV
H 9HULILTXHRIXQFLRQDPHQWR

RSDVVR±0RQWHDSHoDHFHQWUHD

RSDVVR±0RQWHRSRUWDIHUUDPHQWDHDIHUUDPHQWD

RSDVVR±5HJXOHRFXUVRGRFRQWRUQDGRU

D 'HVDSHUWHRSLQRGDELHOD
E 6LWXHRSLQRGDELHODDXPDGLVWkQFLDGRFHQWURLJXDOjPHWDGHGRFXUVRGHVHMDGR
FXUVR
QRFRQWRUQDGRU U  

F )L[HRSLQRGDELHOD
G 9HULILTXHRFXUVRGRFRQWRUQDGRU
H 6LWXHRFXUVRHPUHODomRDSHoD

3UHFDXomR
$QWHVGHSRUDPiTXLQDHPPRYLPHQWRFRPSURYHVHDIHUUDPHQWDID]VHXSHUFXUVR
OLYUHPHQWH

RSDVVR±&RORTXHDIHUUDPHQWDHPSRVLomRGHFRUWH

 6(1$,63,175$1(7
'LVFRFRPHVWULDV

2SDVVR±6HOHFLRQHHUHJXOHDUSPSDUDREWHURQ~PHURGHJROSHVSRUPLQXWR

RSDVVR±'HVEDVWHDUDQKXUD
D 3RQKDDPiTXLQDHPIXQFLRQDPHQWRHIDoDFRQWDWRGDIHUUDPHQWDFRPDVXSHUItFLH
TXHVHYDLXVLQDU
E 7RPHUHIHUrQFLDQRDQHOJUDGXDGR
F 3HQHWUHOHQWDPHQWHFRPDYDQoRPDQXDODWpDSURIXQGLGDGH
G 'rWDQWRVSDVVHVTXDQWRVVHMDPQHFHVViULRVGHL[DQGRVREUHPHGLGDSDUDR
DFDEDPHQWR

2EVHUYDomR
(PFDVRVGHUDQKXUDVODUJDVXVHXPDIHUUDPHQWDPDLVHVWUHLWDHGHVORTXHDSHoD
ODWHUDOPHQWHSDUDREWHUDPHGLGDGHVHMDGD

RSDVVR±7HUPLQHDUDQKXUD
D 7URTXHDIHUUDPHQWD

2EVHUYDomR
7URTXHRXDILHDPHVPDIHUUDPHQWDFDGDYH]TXHVHMDQHFHVViULR

E 5HSLWDRRSDVVRDWpFRQVHJXLUDVGLPHQV}HVILQDLV
F )DoDDYHULILFDomR

6(1$,63,175$1(7 
'LVFRFRPHVWULDV

 6(1$,63,175$1(7
5()(5Ç1&,$
1R 23(5$d®(6129$6(7(&12/2*,$
)2 ),7
 )5 &RQVWUXLUUDQKXUDVUHWDVFRPFRQWRUQDGRUQDIUHVDGRUD
  &RQMXQWRGLYLVRU GLYLVRUXQLYHUVDO
  &RQMXQWRGLYLVRU WLSRVGHPRQWDJHQVGHSHoDV
$SDUHOKRFRQWRUQDGRUVXDVIHUUDPHQWDVHSRUWD
 
IHUUDPHQWD

  'LVFR 3DUD)7 $oR±ò´[PP


R
1 4XDQW
'HQRPLQDo}HVHREVHUYDo}HV 0DWHULDOHGLPHQV}HV
3HoD
7$5()$ 7Ë78/2 81,'$'(
PP
352-(d­2

 'LVFRFRPHVWULDV (6&$/$

'$7$

25,*(0 48$/,),&$d­2 )2/+$

&)3 )5(6$'250(&Æ1,&2 


1R 7e&1,&$'(75$%$/+2 )(55$0(17$6

$OXQR 1R0DWU 2FXSDomR


7DUHID'LVFRFRPHVWULDV
4XDOLILFDomR)UHVDGRUPHFkQLFR
3/$12'(75$%$/+2


7UHLQDPHQWR2FXSDFLRQDO(VSHFLDOL]DomR

)UHVDGRUPHFkQLFR
%ORFRIUHVDGR
3ULVPDUHWDQJXODU
&DOoRHP³9´
5pJXDFRPIXURVHUHEDL[RV
&DOoRSDUDOHOR
(L[RFRPFKDYHWDVHSHUILVTXDGUDGRHVH[WDYDGR
%ORFRIUHVDGRFRPUDQKXUDV
'LVFRFRPHVWULDV
%DVHFRPUDQKXUDHUHEDL[R
0DQGULOGHVFHQWUiYHO
&UHPDOKHLUD
/XYDGHDFRSODPHQWR
(VPHULOKDGRUDPDQXDO HQJUHQDJHQV
(QJUHQDJHPGHQWHGHVHUUD
(QJUHQDJHPKHOLFRLGDO
(VPHULOKDGRUDPDQXDO
(L[RH[FrQWULFR FDPH
3DUDIXVRVHPILP
&RURD
(QJUHQDJHPF{QLFD
7DUHIDVGHUHIRUoR

You might also like