Professional Documents
Culture Documents
Icc424hf 1pt
Icc424hf 1pt
,&&+)37SGI
2SHUDomRH0DQXWHQomR
&LOLQGURYLEUDWyULR
&&+)
0RWRU
&XPPLQV46%
1~PHURGHVpULH
6
[$
7UDGXØÔRGDVLQVWUXØæHVRULJLQDLV
6XMHLWRDPRGLILFDo}HV
,PSUHVVRQD6XpFLD
ËQGLFH
,QWURGXØÔR
$PÒTXLQD
)LQDOLGDGH
6ÞPERORVGHDGYHUWÛQFLD
,QIRUPDØæHVGHVHJXUDQØD
*HUDO
0DUFD&(H'HFODUDØÔRGHFRQIRUPLGDGH
6HJXUDQØD,QVWUXØæHVJHUDLV
6HJXUDQØDGXUDQWHDRSHUDØÔR
,QFOLQDØÔR
&RQGXØÔRMXQWRDEHLUDGDV
6HJXUDQØD $FHVVäULRV
$UFRQGLFLRQDGR
5HERUGHDGRUDFRPSDFWDGRUD
/X]HVGHWUDEDOKR;ÚQRQ
,QVWUXØæHVHVSHFLDLV
/XEULILFDQWHVQRUPDLVHRXWURVäOHRVHOÞTXLGRVUHFRPHQGDGRV
7HPSHUDWXUDVDPELHQWHVHOHYDGDVVXSHULRUHVD¡&
7HPSHUDWXUDDPELHQWHPDLVEDL[DULVFRGHFRQJHODØÔR
7HPSHUDWXUDV
/LPSH]DFRPMDFWRGHDOWDSUHVVÔR
([WLQØÔRGHLQFÛQGLR
(VWUXWXUDSURWHFWRUDFRQWUDFDSRWDPHQWR 5ROO2YHU3URWHFWLYH
6WUXFWXUH5236 FDELQDFRPDSURYDØÔR5236
0DQXVHDPHQWRGDEDWHULD
/LJDØÔRGLUHFWD 9
(VSHFLILFDØæHV7ÚFQLFDV
9LEUDØæHV/XJDUGRRSHUDGRU
1ÞYHOVRQRUR
6LVWHPDHOÚFWULFR
,&&+)37SGI
'LPHQVæHVYLVWDODWHUDO
'LPHQVæHVYLVWDGHFLPD
3HVRHFDSDFLGDGHV
&DSDFLGDGHGHWUDEDOKR
*HUDO
6LVWHPDKLGUÒXOLFR
$UFRQGLFLRQDGR 2SFLRQDO
%LQÒULRGHDSHUWR
'HVFULØÔRGDPÒTXLQD
,GHQWLILFDØÔR
1ëPHURGHLGHQWLILFDØÔRGRSURGXWRQRFKDVVLV
&KDSDGDPÒTXLQD
([SOLFDØÔRGRQëPHURGHVÚULH3,1
3ODFDVGRPRWRU
$XWRFRODQWHV
/RFDOL]DØÔRDXWRFRODQWHV
$XWRFRODQWHVGHVHJXUDQØD
$XWRFRODQWHVGHLQIRUPDØÔR
,QVWUXPHQWRV&RPDQGRV
.RQWUROOSDQHORFKUHJODJH
'HVFULØÔRGDVIXQØæHV
([SOLFDØæHVGRYLVRU
,QVWUXPHQWRVHFRPDQGRVFDELQD
'HVFULØÔRGDVIXQØæHVGRVLQVWUXPHQWRVHFRPDQGRVQDFDELQD
8WLOL]DURVFRPDQGRVQDFDELQD
'HVHPEDFLDGRU
$TXHFLPHQWR
$&$&&
6LVWHPDHOÚFWULFR
)XVÞYHLV
,&&+)37SGI
)XVÞYHLVQDFDELQD
2SHUDØÔR
$QWHVGRDUUDQTXH
,QWHUUXSWRUSULQFLSDO/LJDU
3DLQHOGHFRPDQGRVDMXVWHV
$VVHQWRGRRSHUDGRU$MXVWH
$VVHQWRGRRSHUDGRUFRQIRUWR$MXVWHV
7UDYÔRGHHVWDFLRQDPHQWR9HULILFDU
9LVRU&RQWUROR
,QWHUORFN
3RVLØÔRGRRSHUDGRU
9LVLELOLGDGH
$UUDQTXH
$UUDQTXHGRPRWRU'LHVHO
$SUHVHQWDØÔRGXUDQWHDDFWLYDØÔRGDVHOHFØÔRDWUDYÚVGRFRQMXQWRGH
ERWæHV
&RQGXØÔR
2SHUDØÔRGRFLOLQGUR
&LOLQGURFRPPXGDQØDGHYHORFLGDGHVQRSRWHQFLäPHWUR
&LOLQGURFRPPXGDQØDGHYHORFLGDGHVQRLQWHUUXSWRUGH
SRVLØæHV LQWHUUXSWRUGDSRVLØÔRGDVPXGDQØDV
%ORTXHLR3DUDJHPGHHPHUJÛQFLD7UDYÔRGHHVWDFLRQDPHQWR
9HULILFDU
'LUHFØÔRSLYRWDQWH $FHVVäULR
5HERUGDU $FHVVäULR
9LEUDØÔR
9LEUDØÔR0DQXDO$XWRPÒWLFD
9LEUDØÔRPDQXDO/LJDØÔR
$PSOLWXGHIUHTXÛQFLD&RPXWDØÔR
7UDYDJHP3DUDJHP
7UDYDJHPQRUPDO
,&&+)37SGI
7UDYDJHPGHHPHUJÛQFLD
'HVOLJDURPRWRU
(VWDFLRQDPHQWR
%ORTXHLRGRVURORV
,QWHUUXSWRUSULQFLSDO
(VWDFLRQDPHQWRGHORQJDGXUDØÔR
0RWRU
%DWHULD
)LOWURGRDUWXERGHHVFDSH
6LVWHPDGHÒJXD
'HSäVLWRGHFRPEXVWÞYHO
5HVHUYDWäULRKLGUÒXOLFR
&REHUWXUDVORQDROHDGD
&LOLQGURGDGLUHFØÔRGREUDGLØDVHWF
'LYHUVRV
(OHYDØÔR
7UDQFDUDDUWLFXODØÔRGDGLUHFØÔR
(OHYDØÔRGRFLOLQGUR
(OHYDURFLOLQGURFRPRPDFDFR
'HVWUDQFDUDDUWLFXODØÔR
5HERTXH6DOYDPHQWR
5HERFDUSRUGLVWÓQFLDVFXUWDVFRPRPRWRUDWUDEDOKDU
5HERFDUSRUGLVWÓQFLDVFXUWDVFRPRPRWRUSDUDGR
5HERTXHGRFLOLQGUR
2OKDOGHUHERTXH
&LOLQGURSUHSDUDGRSDUDWUDQVSRUWH
,QVWUXØæHVGHRSHUDØÔR5HVXPR
0DQXWHQØÔRSUHYHQWLYD
,QVSHFØÔRGHDFHLWDØÔRHHQWUHJD
*DUDQWLD
,&&+)37SGI
0DQXWHQØÔR/XEULILFDQWHVHVÞPERORV
6ÞPERORVGHPDQXWHQØÔR
0DQXWHQØÔR3URJUDPDGHPDQXWHQØÔR
3RQWRVGHUHYLVÔRHLQVSHFØÔR
*HUDO
&DGDKRUDVGHRSHUDØÔR 'LDULDPHQWH
$SäVDV35,0(,5$6KRUDVGHRSHUDØÔR
&DGDKRUDVGHRSHUDØÔR 6HPDQDOPHQWH
&DGDKRUDVGHRSHUDØÔR 0HQVDOPHQWH
&DGDKRUDVGHRSHUDØÔR 7ULPHVWUDOPHQWH
&DGDKRUDVGHRSHUDØÔR &DGDVHLVPHVHV
&DGDKRUDVGHRSHUDØÔR $QXDOPHQWH
0DQXWHQØÔRK
0RWRU'LHVHO9HULILFDUQÞYHOGRäOHR
1ÞYHOGHOÞTXLGRGHUHIULJHUDØÔR9HULILFDØÔR
'HSäVLWRGRFRPEXVWÞYHO(QFKLPHQWR
5HVHUYDWäULRGRäOHRKLGUÒXOLFR9HULILFDØÔRGRQÞYHOGRäOHR
'HSäVLWRGHÒJXDSDGUÔR(QFKLPHQWR
6LVWHPDSXOYHUL]DGRU5ROR
9HULILFDU
/LPSDURSUÚILOWUR
6LVWHPDGHSXOYHUL]DØÔR5ROR
/LPSH]DGRERFDOSXOYHUL]DGRU
3XOYHUL]DØÔRGHHPHUJÛQFLD $FHVVäULR %RPEDH[WUDQRVLVWHPDGH
ERPEDJHP
5DVSDGHLUDVHOÒVWLFDV
9HULILFDU
5DVSDGHLUDV
'HILQLØÔR$MXVWH
0DQXWHQØÔRK
9HULILFDØÔRGR
)LOWURGRDU0XGHRILOWURGHDUSULQFLSDO
,&&+)37SGI
)LOWURGHVHJXUDQØD0XGDU
)LOWURGHDU
ಥ/LPSDU
7UDQVPLVVÔRGRUROR9HULILFDØÔRGRQÞYHOGRäOHR
)LOWURGHFRPEXVWÞYHO'UHQDU
$UFRQGLFLRQDGR $FHVVäULR
9HULILFDU
$UFRQGLFLRQDGR $FHVVäULR
/LPSH]D
0DQXWHQØÔRK
5DGLDGRUGRäOHRKLGUÒXOLFR
9HULILFDUಥ/LPSDU
$UFRQGLFLRQDGR $FHVVäULR
9HULILFDU
%DWHULD
9HULILFDUHVWDGR
5HERUGHDGRUD $FHVVäULR
/XEULILFDU
0DQXWHQØÔRK
0RWRU'LHVHO
0XGDURäOHR
0RWRU
6XEVWLWXLURILOWURGHäOHR
2ILOWURGHFRPEXVWÞYHOGRPRWRUVXEVWLWXLØÔROLPSH]D
5RORಥQÞYHOGRäOHR
9HULILFDUಥHQFKLPHQWR
0DQFDOGHSLYRW $FHVVäULR /XEULILFDU
0DQFDOGRDVVHQWRಥ/XEULILFDU
(OHPHQWRVGHERUUDFKDHSDUDIXVRVGHIL[DØÔR
9HULILFDU
7DPSDGRUHVHUYDWäULRKLGUÒXOLFR9HULILFDU
0DQXWHQØÔRK
)LOWURGHDU0XGDU
)LOWURGHVHJXUDQØD0XGDU
,&&+)37SGI
)LOWURGRäOHRKLGUÒXOLFR
0XGDU
5RORಥ0XGDUäOHR
7UDQVPLVVÔRGRUROR0XGDUäOHR
7UDQVPLVVÔRGRUROR9HULILFDØÔRGRQÞYHOGRäOHR
&DELQD
)LOWURGHDUSXUR6XEVWLWXLU
0DQXWHQØÔRK
5HVHUYDWäULRKLGUÒXOLFR
0XGDUäOHR
'HSäVLWRGHFRPEXVWÞYHO
/LPSDU
6LVWHPDGHLUULJDØÔR
'UHQDU
'HSäVLWRGHÒJXD/LPSDU
$UWLFXODØÔRGDGLUHFØÔR9HULILFDU
$UFRQGLFLRQDGR $FHVVäULR
,QVSHFFLRQDU
$UFRQGLFLRQDGR $FHVVäULR
)LOWURGHGUHQDJHP9HULILFDU
,&&+)37SGI
,&&+)37SGI
,QWURGXomR
,QWURGXomR
$PiTXLQD
'\QDSDF&&+)ÚXPFLOLQGURYLEUDWäULRHP
WDQGHPFRPDXWRSURSXOVÔRQDFODVVHGDV
WRQHODGDVPÚWULFDVHLQFOXLURORVFRPODUJXUDGH
PP$PÒTXLQDHVWÒHTXLSDGDFRPSURSXOVÔR
WUDYæHVYLEUDØÔRHWHPSRUL]DGRUSDUDSXOYHUL]DGRUHV
GHÒJXDHPDPERVRVURORV
$&&+)WDPEÚPHVWÒGLVSRQÞYHOQRPRGHORFRP
TXDWURURGDVGHERUUDFKDHPYH]GRURORGHDØR
*UDØDVDXPDDPSODYDULHGDGHGHGLIHUHQWHV
GHILQLØæHVGHSRWÛQFLDGRPRWRUSODWDIRUPDVGR
RSHUDGRUSRVVLELOLGDGHVHRSØæHVGHFRQWURORD
PÒTXLQDHVWÒGLVSRQÞYHOQXPJUDQGHQëPHURGH
FRQILJXUDØæHVGLIHUHQWHV
)LQDOLGDGH
$&&+)IRLHVSHFLDOPHQWHFRQFHELGDSDUDVHU
XWLOL]DGDSDUDFDPDGDVILQDVHHVSHVVDVGHDVIDOWRQR
TXHVHUHIHUHDDPSOLWXGHVGHYLEUDØÔRGXSODTXHVH
HQFRQWUDPRSWLPL]DGDVSDUDHVWHILP7DPEÚPÚ
SRVVÞYHOFRPSDFWDUPDWHULDOGHVRORJUDQXODUFRPR
DUHLDHJUDYLOKD
6tPERORVGHDGYHUWrQFLD
$9,62,QGLFDSHULJRRXSURFHGLPHQWRSHULJRVR
TXHSRGHFDXVDUIHULPHQWRVSRWHQFLDOPHQWH
IDWDLVRXJUDYHVFDVRRDYLVRVHMDLJQRUDGR
$7(1¸´2,QGLFDSHULJRRXSURFHGLPHQWR
SHULJRVRTXHSRGHOHYDUDGDQRVQDPÒTXLQD
RXDRXWURVSUHMXÞ]RVPDWHULDLVQRFDVRGR
DYLVRVHULJQRUDGR
,QIRUPDo}HVGHVHJXUDQoD
5HFRPHQGDVHTXHSHORPHQRVVHMDGDGD
IRUPDomRDVRSHUDGRUHVVREUHRPDQXVHDPHQWR
HPDQXWHQomRGLiULDGDPiTXLQDGHDFRUGRFRP
RPDQXDOGHLQVWUXo}HV
1mRVmRSHUPLWLGRVSDVVDJHLURVQDPiTXLQDHR
RSHUDGRUGHYHSHUPDQHFHUVHQWDGRHQTXDQWR
RSHUDUDPiTXLQD
,&&+)37SGI
,QWURGXomR
2PDQXDOGHVHJXUDQoDTXHDFRPSDQKDD
PiTXLQDGHYHVHUOLGRSRUFDGDRSHUDGRUGR
FLOLQGUR6LJDVHPSUHDVLQVWUXo}HVGH
VHJXUDQoD1mRUHWLUHRPDQXDOGRFLOLQGUR
5HFRPHQGDVHDRRSHUDGRUDOHLWXUDPLQXFLRVD
GDVLQVWUXo}HVGHVHJXUDQoDFRQWLGDVQHVWH
PDQXDO6LJDVHPSUHDVLQVWUXo}HVGH
VHJXUDQoD&HUWLILTXHVHTXHHVWHPDQXDOHVWi
VHPSUHQXPOXJDUIDFLOPHQWHDFHVVtYHO
/HLDRPDQXDOQDVXDWRWDOLGDGHDQWHVGHS{UD
PiTXLQDDIXQFLRQDUHDQWHVGHGDULQtFLRD
TXDOTXHUWUDEDOKRGHPDQXWHQomR
6HSRUTXDOTXHUUD]mRVHWLYHUSHUGLGRRX
GDQLILFDGRRVPDQXDLVGHLQVWUXo}HVRXFDVR
HVWHMDPLOHJtYHLVGHYHVHSURFHGHU
LPHGLDWDPHQWHjUHVSHFWLYDVXEVWLWXLomR
$VVHJXUHXPDERDYHQWLODomR H[WUDFomRGHDU
SRUYHQWRLQKD TXDQGRRPRWRUIXQFLRQDUHP
HVSDoRVLQWHULRUHV
*HUDO
(VWHPDQXDOFRQWÚPLQVWUXØæHVSDUDDRSHUDØÔRH
PDQXWHQØÔRGDPÒTXLQD
ºLPSRUWDQWHFXLGDUGDPÒTXLQDFRUUHFWDPHQWHSDUD
REWHURPÒ[LPRGHGHVHPSHQKR
$PÒTXLQDGHYHVHUPDQWLGDOLPSDGHIRUPDD
HYHQWXDLVIXJDVHSDUDIXVRVHOLJDØæHVVROWDV
SRGHUHPVHUGHVFREHUWRVRPDLVFHGRSRVVÞYHO
,QVSHFFLRQHDPÒTXLQDGLDULDPHQWHDQWHVGR
SULPHLURDUUDQTXH)DØDXPDLQVSHFØÔRHPUHGRUGD
PÒTXLQDSDUDYHUVHKÒIXJDVRXRXWUDVDYDULDV
9HULILTXHRVRORVREDPÒTXLQDºPDLVIÒFLOGHWHFWDU
DVIXJDVQRVRORGRTXHQDSUäSULDPÒTXLQD
3(16(120(,2$0%,(17(1ÔRFRQWDPLQH
RPHLRDPELHQWHFRPäOHRFRPEXVWÞYHOH
RXWUDVVXEVWÓQFLDVSUHMXGLFLDLV(QWUHJXH
VHPSUHRVILOWURVXVDGRVäOHRGUHQDGRH
HYHQWXDLVUHVWRVGHFRPEXVWÞYHOSDUDVHUHP
FRUUHFWDPHQWHHOLPLQDGRVGHIRUPDHFROäJLFD
(VWHPDQXDOFRQWÚPLQVWUXØæHVGHPDQXWHQØÔR
SHULäGLFDQRUPDOPHQWHHIHFWXDGDSHORRSHUDGRU
,&&+)37SGI
,QWURGXomR
1RPDQXDOGRPRWRUGRIDEULFDQWHHVWÔR
GLVSRQÞYHLVPDLVLQVWUXØæHVUHIHUHQWHVDR
PRWRU
0DUFD&(H'HFODUDomRGHFRQIRUPLGDGH
$SOLFÒYHODWRGDVDVPÒTXLQDVLGHQWLILFDGDVFRPD
PDUFD(8((&
(VWDPÒTXLQDSRVVXLDPDUFD&((VWDPDUFDLQGLFD
TXHQRPRPHQWRGDHQWUHJDDPÒTXLQDHVWÒHP
FRQIRUPLGDGHFRPDVGLUHFWUL]HVEÒVLFDVGH
VHJXUDQØDHVDëGHDSOLFÒYHLVÑPÒTXLQDHP
FRQIRUPLGDGHFRPDGLUHFWLYDVREUHPDTXLQDULD
(&HTXHWDPEÚPHVWÒHPFRQIRUPLGDGH
FRPRXWUDVGLUHFWUL]HVDSOLFÒYHLVDHVWDPÒTXLQD
ºHQWUHJXHXPD'HFODUDØÔRGHFRQIRUPLGDGHFRP
HVWDPÒTXLQDTXHHVSHFLILFDDVGLUHFWLYDVH
VXSOHPHQWRVDSOLFÒYHLVDVVLPFRPRDVQRUPDV
KDUPRQL]DGDVHRXWURVUHJXODPHQWRVDSOLFÒYHLV
,&&+)37SGI
,QWURGXomR
,&&+)37SGI
6HJXUDQoD,QVWUXo}HVJHUDLV
6HJXUDQoD,QVWUXo}HVJHUDLV
/HUWDPEpPR0DQXDOGH6HJXUDQoD
2RSHUDGRUWHPTXHHVWDUEHPIDPLOLDUL]DGRFRPRFRQWH~GRGDVHFomR
23(5$d2DQWHVGHS{URFLOLQGURDIXQFLRQDU
$VVHJXUHVHGHTXHWRGDVDVLQVWUXo}HVGDVHFomR0$187(1d2IRUDP
VHJXLGDV
6RPHQWHRSHUDGRUHVTXDOLILFDGRVHRXH[SHULHQWHVGHYHUmRRSHUDUFRPR
FLOLQGUR1mRSHUPLWDSDVVDJHLURVQRFLOLQGUR(PWRGRVRVWLSRVGH
RSHUDomRPDQWHQKDVHVHQWDGRQRDVVHQWRGRRSHUDGRU
1mRRSHUHQXQFDFRPDPiTXLQDFDVRHVWDQHFHVVLWHGHDMXVWHVRX
UHSDUDo}HV
0RQWHHGHVPRQWHDPiTXLQDDSHQDVTXDQGRHVWDHVWLYHUSDUDGD8WLOL]HDV
SHJDVHFRUULP}HVGHVWLQDGRVDHVVHHIHLWR$RPRQWDURXGHVPRQWDUD
PiTXLQDXWLOL]HVHPSUHRFRQWDFWRHPWUrVSRQWRV DPERVRVSpVHXPD
PmRRXXPSpHDPEDVDVPmRVHPFRQWDFWRFRPDPiTXLQD 1XQFDVDOWH
SDUDGHVFHUGDPiTXLQD
$RRSHUDUHPSLVRLQVHJXURGHYHVHPSUHXVDUDV(VWUXWXUDV3URWHFWRUDV
&RQWUD&DSRWDPHQWR 5236 5ROO2YHU3URWHFWLYH6WUXFWXUHV
&RQGX]DGHYDJDUHPFXUYDVSURQXQFLDGDV
(YLWHRSHUDUWUDQVYHUVDOPHQWHHPGHFOLYHV&RQGX]DDGLUHLWRSDUDFLPDRX
SDUDEDL[R
$RRSHUDUFRPDPiTXLQDMXQWRDEXUDFRVYDODVRXEHUPDVDVVHJXUHVHGH
TXHSHORPHQRVGDODUJXUDGRURORDVVHQWDVREUHPDWHULDOMiFRPSDFWDGR
VXSHUItFLHVyOLGD
$VVHJXUHVHGHTXHQmRKiREVWiFXORVQDGLUHFomRGHPDUFKDWDQWRQRVROR
FRPRjIUHQWHSRUWUiVRXSRUFLPDGRFLOLQGUR
&RQGX]DFRPFXLGDGRHVSHFLDODRRSHUDUHPWHUUHQRLUUHJXODU
8WLOL]HRHTXLSDPHQWRGHVHJXUDQoDGLVSRQtYHO1DVPiTXLQDVHTXLSDGDV
FRP5236GHYHVHXVDURFLQWRGHVHJXUDQoD
0DQWHQKDRFLOLQGUROLPSR5HPRYDLPHGLDWDPHQWHTXDOTXHUWLSRGHVXMLGDGH
RXJRUGXUDVDFXPXODGRQDSODWDIRUPDGRRSHUDGRU0DQWHQKDWRGRVRV
DXWRFRODQWHVHOHWUHLURVOLPSRVHOHJtYHLV
0HGLGDVGHVHJXUDQoDDQWHVGHDEDVWHFHUFRPEXVWtYHO
3DUDURPRWRU
1mRIXPDU
1mRSHUPLWLUFKDPDDEHUWDQDVLPHGLDo}HVGDPiTXLQD
3DUDHYLWDUIDtVFDVOLJXHRGLVSRVLWLYRGHHQFKLPHQWRjWHUUDHQFRVWDQGRR
DRERFDOGRGHSyVLWR
,&&+)37SGI
6HJXUDQoD,QVWUXo}HVJHUDLV
$QWHVGHUHSDUDomRRXVHUYLoR
&RORTXHFDOoRVVRERVURORVURGDVHVREDOkPLQDQLYHODGRUD
6HQHFHVViULRDSOLTXHDWUDQFDGDDUWLFXODomRFHQWUDO
1mRPRGLILTXHDPiTXLQDHPQHQKXPVHQWLGRTXHSRVVDDIHFWDUD
VHJXUDQoDGDPHVPD4XDOTXHUPRGLILFDomRQDPiTXLQDUHTXHUDSURYDomR
SUpYLDSRUHVFULWRGD'\QDSDF
(YLWHXVDUDPiTXLQDDQWHVGRyOHRKLGUiXOLFRWHUDWLQJLGRDWHPSHUDWXUD
QRUPDOGHWUDEDOKR$GLVWkQFLDGHWUDYDJHPSRGHWRUQDUVHPDLRUTXDQGRR
yOHRHVWiIULR&RQVXOWHDVLQVWUXo}HVQDVHFomR3$5$*(0
3DUDVXDSUySULDSURWHFomRXVHVHPSUH
FDSDFHWH
ERWDVGHWUDEDOKRFRPELTXHLUDVHPDoR
SURWHFWRUHVDXULFXODUHV
YHVWXiULRUHIOHFWRUFDVDFRGHDOWDYLVLELOLGDGH
OXYDVGHWUDEDOKR
,&&+)37SGI
6HJXUDQoDGXUDQWHDRSHUDomR
6HJXUDQoDGXUDQWHDRSHUDomR
(YLWHTXHDVSHVVRDVHQWUHPRXSHUPDQHoDPQD
iUHDGHSHULJRLVWRpDXPDGLVWkQFLDGHSHOR
PHQRVP SpV HPWRGDVDVGLUHFo}HVD
SDUWLUGDVPiTXLQDVHPIXQFLRQDPHQWR
2RSHUDGRUSRGHSHUPLWLUTXHXPDSHVVRD
SHUPDQHoDQDiUHDGHSHULJRPDVGHYHWHUWRGR
RFXLGDGRDRXWLOL]DUDPiTXLQDID]HQGRR
DSHQDVTXDQGRDSHVVRDHVWiYLVtYHORXGHSRLV
GHOKHWHUGDGRLQVWUXo}HVFODUDVVREUHRORFDO
RQGHYDLHVWDU
,QFOLQDomR
(VWHÓQJXORIRLPHGLGRHPEDVHSODQDHGXUDFRPD
PÒTXLQDSDUDGD
2ÓQJXORGDGLUHFØÔRÚFRPDVYLEUDØæHV
GHVOLJDGDVHWRGRVRVGHSäVLWRVFKHLRV
1ÔRVHHVTXHØDTXHSLVRLQVWÒYHORGLULJLUGD
PÒTXLQDDDSOLFDØÔRGDYLEUDØÔRDYHORFLGDGHGD
PÒTXLQDQRVRORHDHOHYDØÔRGRFHQWURGHJUDYLGDGH
SRGHPID]HUFRPTXHDPÒTXLQDVHYROWHPHVPR
QXPDLQFOLQDØÔRLQIHULRUÑDTXLLQGLFDGD
(PFDVRGHHYDFXDomRGHHPHUJrQFLDGDFDELQD
VROWHRPDUWHORORFDOL]DGRQRSLODUWUDVHLURGRODGR
0i[RX GLUHLWRHTXHEUHDVMDQHODVGHDEHUWXUDGRODGR
)LJ2SHUDomRHPGHFOLYHV
GLUHLWR
$RRSHUDUHPGHFOLYHVRXEDVHLQVWiYHO
UHFRPHQGDVHVHPSUHRXVRGH5236 (VWUXWXUD
SURWHFWRUDFRQWUDFDSRWDPHQWR RXGHXPDFDELQD
FRPDSURYDomR5236
(YLWHVHPSUHTXHSRVVtYHOFRQGX]LU
WUDQVYHUVDOPHQWHHPGHFOLYHV4XDQGRHP
GHFOLYHVRSHUHGHSUHIHUrQFLDSDUDFLPDHSDUD
EDL[R
,&&+)37SGI
6HJXUDQoDGXUDQWHDRSHUDomR
&RQGXomRMXQWRDEHLUDGDV
$RFRQGX]LUVREUHEHLUDGDVSHORPHQRVGD
ODUJXUDGRVURORVWÛPTXHDVVHQWDUHPSLVRFRP
FDSDFLGDGHGHFDUJDWRWDO
$RXWLOL]DUDGLUHFomRSLYRWDQWHDSHQDVXP
GRVURORVSRGHHQFRQWUDUVHQDSRVLomR
PRVWUDGDQDILJXUDGHYHQGRRRXWURURORWHU
FRQWDFWRWRWDOFRPDEDVH
)LJ3RVLFLRQDPHQWRGRVURORVDR 1mRVHHVTXHoDTXHRFHQWURGHJUDYLGDGHGD
RSHUDUMXQWRDEHLUDGDV PiTXLQDVHGHVORFDSDUDIRUDDRPDQREUDUD
'LUHFomRSLYRWDQWH GLUHFomR3RUH[RFHQWURGHJUDYLGDGHGD
PiTXLQDGHVORFDVHSDUDDGLUHLWDTXDQGRVH
YROWDDGLUHFomRSDUDDHVTXHUGD
,&&+)37SGI
6HJXUDQoD $FHVVyULRV
6HJXUDQoD $FHVVyULRV
$UFRQGLFLRQDGR
2VLVWHPDFRQWpPDJHQWHUHIULJHUDQWHVRE
SUHVVmReSURLELGROLEHUWDUDJHQWHVUHIULJHUDQWHV
SDUDDDWPRVIHUD
2VWUDEDOKRVQRFLUFXLWRGHUHIULJHUDomRVy
GHYHUmRVHUHIHFWXDGRVSRUILUPDVDXWRUL]DGDV
2VLVWHPDGHUHIULJHUDomRHVWiVRESUHVVmR2
PDQXVHDPHQWRLQFRUUHFWRSRGHSURYRFDUJUDYHV
GDQRVSHVVRDLV1mRVROWHRXGHVDSHUWHDV
OLJDo}HVGDVPDQJXHLUDV
)LJ$UFRQGLFLRQDGR $&&
2VLVWHPDWHPTXHVHUQRYDPHQWHFKHLRFRPXP
UHIULJHUDQWHDSURYDGRSRUSHVVRDODXWRUL]DGRH
VHPSUHTXHQHFHVVÒULR&RQVXOWHRDXWRFRODQWH
ORFDOL]DGRQDLQVWDODØÔRRXSUä[LPRGHVWD
5HERUGHDGRUDFRPSDFWDGRUD
1RGHFRUUHUGRWUDEDOKRRRSHUDGRUGHYH
FHUWLILFDUVHGHTXHQmRH[LVWHPSHVVRDVQDiUHD
GHWUDEDOKR
$UHERUGHDGRUDpFRPSRVWDSRUFRPSRQHQWHV
URWDWLYRVH[LVWLQGRULVFRGHHVPDJDPHQWR
$IHUUDPHQWDWHPVHPSUHGHYROWDUÑSRVLØÔRGH
WUDQVSRUWH SRVLØÔRHOHYDGD GHSRLVGHVHU
XWLOL]DGD
)LJ5HERUGHDGRUDFRPSDFWDGRUD
3RVLomRGHWUDQVSRUWH
3RVLomRGHWUDEDOKR
6XSRUWHSDUDURGDGH 6HDUHERUGHDGRUDHUHVSHFWLYDVSHoDVIRU
UHERUGHDGRUDFRPSDFWDGRUD GHVPRQWDGDFHUWLILTXHVHGHTXHpFRORFDGDQD
SRVLomRGHOLEHUWDomRHTXHpFRORFDGDHP
UHSRXVRQRFKmR
,&&+)37SGI
6HJXUDQoD $FHVVyULRV
/X]HVGHWUDEDOKR;pQRQ
$WHQomRDOWDWHQVmR
$VOX]HVGHWUDEDOKRGRWLSR;ÚQRQWÛPXPDIRQWHGH
DOWDWHQVÔRVHFXQGÒULD
4XDLVTXHUSURFHGLPHQWRVGHDVVLVWÛQFLDQD
LOXPLQDØÔRVäGHYHPVHUUHDOL]DGRVSRUXP
HOHFWULFLVWDDXWRUL]DGRHFRPDWHQVÔRSULQFLSDO
GHVOLJDGD
&RQWDFWHXPUHYHQGHGRU'\QDSDF
)LJXUD,OXPLQDomRGH[pQRQQDFDELQD
$WHQomRUHVtGXRSHULJRVRSDUDRDPELHQWH
$VOX]HVGHWUDEDOKRGRWLSR;ÚQRQLQFOXHPXPD
OÓPSDGDGHGHVFDUJDTXHFRQWÚPPHUFëULR +J
8PDOÓPSDGDFRPGHIHLWRÚFRQVLGHUDGDXPUHVÞGXR
SHULJRVRHGHYHVHUHOLPLQDGDGHDFRUGRFRPDV
GLUHFWLYDVORFDLV
,&&+)37SGI
,QVWUXo}HVHVSHFLDLV
,QVWUXo}HVHVSHFLDLV
/XEULILFDQWHVQRUPDLVHRXWURVyOHRVH
OtTXLGRVUHFRPHQGDGRV
$QWHVGHVDLUGDIÒEULFDRVVLVWHPDVHFRPSRQHQWHV
VÔRFKHLRVFRPRVäOHRVLQGLFDGRVQDVHVSHFLILFDØæHV
GHOXEULILFDQWHV(VWHVäOHRVSRGHPVHUXVDGRVD
WHPSHUDWXUDVDPELHQWHVHQWUH¡&H¡&
3DUDRäOHRELRKLGUÒXOLFRDWHPSHUDWXUD
PÒ[LPDÚGH¡&
7HPSHUDWXUDVDPELHQWHVHOHYDGDVVXSHULRUHV
D&
$RRSHUDUDPÒTXLQDDWHPSHUDWXUDVDPELHQWHVPDLV
HOHYDGDVPDVQÔRVXSHULRUHVD«&DSOLFDPVHDV
VHJXLQWHVUHFRPHQGDØæHV
2PRWRU'LHVHODJXHQWDHVWDWHPSHUDWXUDFRPäOHR
QRUPDO0DVQRVGHPDLVFRPSRQHQWHVGHYHPVHU
XVDGRVRVVHJXLQWHVäOHRV
6LVWHPDKLGUÒXOLFRäOHRPLQHUDO6KHOO7HOOXV7RX
HTXLYDOHQWH
7HPSHUDWXUDDPELHQWHPDLVEDL[DULVFRGH
FRQJHODomR
&HUWLILTXHVHGHTXHRVLVWHPDGHLUULJDØÔRHVWÒ
YD]LRVHPÒJXD SXOYHUL]DGRUPDQJXHLUDV
GHSäVLWR V RXTXHIRLDGLFLRQDGRDQWLFRQJHODQWH
SDUDHYLWDUTXHRVLVWHPDFRQJHOH
$PDQJXHLUDGHVDÞGDGRGHSäVLWRFHQWUDOSRGHVHU
GHVOLJDGDHDH[WUHPLGDGHFRORFDGDQXPUHFLSLHQWH
FRPDQWLFRQJHODQWHSDUDRID]HUSDVVDUDWUDYÚVGD
ERPEDILOWUR
7HPSHUDWXUDV
$VWHPSHUDWXUDVOLPLWHVÔRYÒOLGDVSDUDFLOLQGURVGH
VÚULH
2VFLOLQGURVPXQLGRVFRPHTXLSDPHQWRVXSOHPHQWDU
WDOFRPRHTXLSDPHQWRGHLQVRQRUL]DØÔRSRGHPH[LJLU
DWHQØÔRHVSHFLDOTXDQGRDWHPSHUDWXUDVPDLVDOWDV
,&&+)37SGI
,QVWUXo}HVHVSHFLDLV
/LPSH]DFRPMDFWRGHDOWDSUHVVmR
1ÔRGLULJLURMDFWRGLUHFWDPHQWHFRQWUDFRPSRQHQWHV
HOÚFWULFRV
1ÔRXWLOL]HOLPSH]DFRPMDFWRGHDOWDSUHVVÔRQR
SDLQHOGHLQVWUXPHQWRVYLVRU
2&RQWURORHOÚFWULFRGHSURSXOVÔRHDFDL[DGR
FRPSXWDGRUQÔRSRGHPVHUODYDGRVFRPOLPSH]D
GHMDFWRGHDOWDSUHVVÔRHDFLPDWXGRQÔRSRGH
VHUXWLOL]DGDÒJXD/LPSHRVFRPXPSDQRVHFR
1ÔRGHYHVHUXWLOL]DGRGHWHUJHQWHTXHSRVVD
GHVWUXLUDVSDUWHVHOÚFWULFDVRXTXHVHMDFRQGXWRU
&RORTXHXPVDFRGHSOÒVWLFRVREUHRWDPSÔRGR
GHSäVLWRHYHGHFRPXPHOÒVWLFR$VVLPLPSHGHVH
TXHDÒJXDVRESUHVVÔRDWUDYHVVHRRULIÞFLRGHUHVSLUR
GRWDPSÔR,VVRSRGHULDSURYRFDUPDXIXQFLRQDPHQWR
SRUH[RHQWXSLPHQWRGRVILOWURV
$RODYDUDPÒTXLQDQÔRVHGHYHGLULJLURMDFWR
GDÒJXDGLUHFWDPHQWHFRQWUDDVWDPSDVGRV
GHSäVLWRV,VWRÚHVSHFLDOPHQWHLPSRUWDQWH
TXDQGRVHXWLOL]DMDFWRGHDOWDSUHVVÔR
([WLQomRGHLQFrQGLR
(PFDVRGHLQFÛQGLRQDPÒTXLQDXVHXPH[WLQWRU
FODVVH$%(GHSä
7DPEÚPÚSRVVÞYHOXVDUXPH[WLQWRUFODVVH%(GH
&2
(VWUXWXUDSURWHFWRUDFRQWUDFDSRWDPHQWR 5ROO
2YHU3URWHFWLYH6WUXFWXUH5236 FDELQD
FRPDSURYDomR5236
6HRFLOLQGURHVWLYHUHTXLSDGRFRPXPD
HVWUXWXUDSURWHFWRUDFRQWUDFDSRWDPHQWR 5236
RXFDELQDFRPDSURYDomR5236 QXQFDHIHFWXDU
VROGDJHQVRXIXURVQRDUFRRXFDELQD
1XQFDUHSDUDUXPDUFR5236RXXPDFDELQD
7rPTXHVHUVXEVWLWXtGRVSRUXPQRYRDUFRRX
FDELQD
,&&+)37SGI
,QVWUXo}HVHVSHFLDLV
0DQXVHDPHQWRGDEDWHULD
$RGHVPRQWDUDVEDWHULDVGHVOLJXHVHPSUH
SULPHLURRFDERQHJDWLYR
$RPRQWDUDVEDWHULDVOLJXHVHPSUHSULPHLURR
FDERSRVLWLYR
(OLPLQHDVEDWHULDVYHOKDVGHIRUPDQÔR
SUHMXGLFLDOSDUDRDPELHQWH$VEDWHULDV
FRQWÛPFKXPERWä[LFR
1ÔRXWLOL]HQXQFDFDUJDUÒSLGDSDUDFDUUHJDUD
EDWHULD,VVRSRGHULDUHGX]LUDYLGDëWLOGD
EDWHULD
/LJDomRGLUHFWD 9
1mROLJXHRFDERQHJDWLYRDRSyORQHJDWLYRQD
EDWHULDGHVFDUUHJDGD8PDIDtVFDSRGHULD
SURYRFDUDFRPEXVWmRGDPLVWXUDJDVRVDGH
R[LJpQLRHKLGURJpQLRIRUPDGDHPUHGRUGD
EDWHULD
9HULILTXHVHDEDWHULDXWLOL]DGDSDUDDOLJDomR
GLUHFWDSRVVXLDPHVPDWHQVmRGHTXHD
EDWHULDGHVFDUUHJDGD
'HVOLJXHDLJQLØÔRHWRGRRHTXLSDPHQWRDOLPHQWDGR
SRUFRUUHQWH'HVOLJXHRPRWRUGDPÒTXLQDTXHHVWLYHU
9 DIRUQHFHUDDOLPHQWDØÔRSDUDDOLJDØÔRGLUHFWD
2VFDERVGHOLJDomRGLUHFWDWrPGHWHU9
9 (PSULPHLUROXJDUOLJXHRSäORSRVLWLYR GDEDWHULD
DX[LOLDUDRSäORSRVLWLYRGDEDWHULDGHVFDUUHJDGD
9 (PVHJXLGDOLJXHRSäORQHJDWLYR GDEDWHULD
DX[LOLDUDSRUH[HPSORXPSDUDIXVR RXRROKDOGH
HOHYDØÔRQDPÒTXLQDFRPDEDWHULDGHVFDUUHJDGD
3RQKDRPRWRUDWUDEDOKDUQDPÒTXLQDTXHLUÒ
IRUQHFHUDDOLPHQWDØÔR'HL[HRPRWRUWUDEDOKDU
)LJ/LJDomRGLUHFWD GXUDQWHDOJXPWHPSR$JRUDWHQWHDRXWUDPÒTXLQD
'HVOLJXHRVFDERVSHODRUGHPLQYHUVD
,&&+)37SGI
,QVWUXo}HVHVSHFLDLV
,&&+)37SGI
(VSHFLILFDo}HV7pFQLFDV
(VSHFLILFDo}HV7pFQLFDV
9LEUDo}HV/XJDUGRRSHUDGRU
,62
2VQtYHLVGHYLEUDomRVmRPHGLGRVHPFRQIRUPLGDGHFRPRFLFORRSHUDFLRQDOGHVFULWRQD
GLUHFWLYDHXURSHLD&(UHODWLYDDPiTXLQDVHTXLSDGDVSDUDRPHUFDGRHXURSHX
FRPDYLEUDomROLJDGDHPPDWHULDLVSROLPpULFRVVXDYHVHFRPRDVVHQWRGRRSHUDGRUQD
SRVLomRGHWUDQVSRUWH
$VYLEUDØæHVPHGLGDVQRFRUSRWRWDOVLWXDUDPVHDEDL[RGRYDORUGHDFØÔRGHPV£
FRQIRUPHHVSHFLILFDGRQDGLUHFWLYD&( 2OLPLWHÚPV£
$VYLEUDØæHVPHGLGDVQDPÔREUDØRWDPEÚPVHVLWXDUDPDEDL[RGRYDORUGHDFØÔRGHPV£
HVSHFLILFDGRQDPHVPDGLUHFWLYD 2OLPLWHÚPV£
1tYHOVRQRUR
2QtYHOVRQRURpPHGLGRHPFRQIRUPLGDGHFRPRFLFORRSHUDFLRQDOGHVFULWRQD
GLUHFWLYDHXURSHLD&(UHODWLYDDPiTXLQDVHTXLSDGDVSDUDRPHUFDGR
HXURSHXHPPDWHULDLVSROLPpULFRVVXDYHVFRPDYLEUDomROLJDGDHFRPR
DVVHQWRGRRSHUDGRUQDSRVLomRGHWUDQVSRUWH
'XUDQWHDRSHUDomRQRUPDOSRGHPRFRUUHUGHVYLRVGRVYDORUHVUHIHULGRVGHSHQGHQGR
GDVFRQGLo}HVHVSHFtILFDVGHWUDEDOKR
6LVWHPDHOpFWULFR
$VPiTXLQDVIRUDPWHVWDGDVTXDQWRj
FRPSDWLELOLGDGHHOHFWURPDJQpWLFDHP
FRQIRUPLGDGHFRPDQRUPD(1
0iTXLQDVGHFRQVWUXomR
,&&+)37SGI
(VSHFLILFDo}HV7pFQLFDV
'LPHQV}HVYLVWDODWHUDO
+
K
'
$
6
/
'LPHQVæHV PP SRO
$
'
K
+
/
6
,&&+)37SGI
(VSHFLILFDo}HV7pFQLFDV
'LPHQV}HVYLVWDGHFLPD
5
0
0
5
'LPHQVæHV PP SRO
0
0
5&RPURORVRIIVHW
5&RPURORVRIIVHW
56HPURORVRIIVHW
56HPURORVRIIVHW
:
3HVRHFDSDFLGDGHV
3HVR
3HVRGHWUDEDOKRVHP NJ OEV
5236
3HVRGHWUDEDOKRFRP NJ OEV
5236 (1
3HVRGHWUDEDOKRFRP NJ OEV
FDELQD
,&&+)37SGI
(VSHFLILFDo}HV7pFQLFDV
&DSDFLGDGHVGH
OtTXLGRV
'HSäVLWRGHFRPEXVWÞYHO OLWURV JDO
'HSäVLWR V GHÒJXD
FHQWUDO OLWURV JDO
&DSDFLGDGHGHWUDEDOKR
'DGRVGHFRPSDFWDomR
&DUJDOLQHDUHVWÒWLFDIURQWH NJFP SOL
&DUJDOLQHDUHVWÒWLFDDWUÒV NJFP SOL
$PSOLWXGHDOWD PP SRO
$PSOLWXGHEDL[D PP SRO
$PSOLWXGHEDL[D &( PP SRO
)UHTXÛQFLDVGDVYLEUDØæHV +] YSP
DPSOLWXGHDOWD
)UHTXÛQFLDVGDVYLEUDØæHV +] YSP
DPSOLWXGHDOWD &(
)UHTXÛQFLDVGDVYLEUDØæHV +] YSP
DPSOLWXGHEDL[D
)UHTXÛQFLDVGDVYLEUDØæHV +] YSP
DPSOLWXGHEDL[D &(
)RUØDFHQWUÞIXJDDPSOLWXGH N1 OEI
DOWD
)RUØDFHQWUÞIXJDDPSOLWXGH N1 OEI
DOWD &(
)RUØDFHQWUÞIXJDDPSOLWXGH N1 OEI
EDL[D
)RUØDFHQWUÞIXJDDPSOLWXGH N1 OEI
EDL[D &(
1RWD$IUHTXrQFLDpPHGLGDDURWDo}HV
VXSHULRUHV$DPSOLWXGHpPHGLGDFRPRYDORUUHDO
HQmRQRPLQDO
3URSXOVmR
*DPDGHYHORFLGDGH NPK PSK
&DSDFLGDGHDVFHQVLRQDO
WHäULFD
,&&+)37SGI
(VSHFLILFDo}HV7pFQLFDV
*HUDO
0RWRU
)DEULFDQWH0RGHOR &XPPLQV46%
3RWÛQFLD 6$(- N: KS
5HJLPHGRURWDØÔRGRPRWRU USP
6LVWHPDHOpFWULFR
%DWHULD 9 [9$K
$OWHUQDGRU 9$
)XVÞYHLV 9HUFDSÞWXOR6LVWHPDHOÚFWULFRIXVÞYHLV
6LVWHPDKLGUiXOLFR
,&&+)37SGI
(VSHFLILFDo}HV7pFQLFDV
$UFRQGLFLRQDGR 2SFLRQDO
2VLVWHPDGHVFULWRQHVWHPDQXDOÚGRWLSR$&&
$XWRPDWLF&OLPDWH&RQWURO$UFRQGLFLRQDGR RX
VHMDWUDWDVHGHXPVLVWHPDTXHPDQWÚPD
WHPSHUDWXUDGHILQLGDQDFDELQDGHVGHTXHDVMDQHODV
HDVSRUWDVSHUPDQHØDPIHFKDGDV
'HVLJQDØÔRGROÞTXLGRGHUHIULJHUDØÔR+)&5$
3HVRGROÞTXLGRGHUHIULJHUDØÔRTXDQGRFKHLR
JUDPDV OLEUDV
,&&+)37SGI
(VSHFLILFDo}HV7pFQLFDV
%LQiULRGHDSHUWR
%LQÒULRGHDSHUWRHP1P OEIIW SDUDSDUDIXVRV
OXEULILFDGRVRXVHFRVXWLOL]DQGRFKDYHGLQDPRPÚWULFD
5RVFDPpWULFDQRUPDOJDOYDQL]DGDSROLGD I]E
&/$66('(5(6,67Ç1&,$
0URVFD 6HFR 6HFR 6HFR
/XEULILFDGR /XEULILFDGR /XEULILFDGR
0
0
0
0
0
0
0
0
0
0
5RVFDPpWULFDQRUPDOWUDWDGDFRP]LQFR
'DFURPHW*(20(7
&/$66('(5(6,67Ç1&,$
0URVFD 6HFR 6HFR
/XEULILFDGR /XEULILFDGR
0
0
0
0
0
0
0
0
0
0
,&&+)37SGI
(VSHFLILFDo}HV7pFQLFDV
,&&+)37SGI
'HVFULomRGDPiTXLQD
'HVFULomRGDPiTXLQD
,GHQWLILFDomR
1~PHURGHLGHQWLILFDomRGRSURGXWRQR
FKDVVLV
23,1 1ëPHURGHLGHQWLILFDØÔRGRSURGXWR HVWÒ
JUDYDGRQDHTXLQDQRODGRGLUHLWRGRFKDVVLVGLDQWHLUR
)LJ3,1&KDVVLVIURQWDO
&KDSDGDPiTXLQD
$FKDSDGDPÒTXLQD HVWÒIL[DQRODGRHVTXHUGRGR
FKDVVLVGLDQWHLURMXQWRÑDUWLFXODØÔRFHQWUDO
1DFKDSDHVWÒSDWHQWHHQWUHRXWUDVLQGLFDØæHVR
QRPHHHQGHUHØRGRIDEULFDQWHWLSRGHPÒTXLQD3,1
ಯ3URGXFW,GHQWLILFDWLRQ1XPEHUಯ QëPHURGHVÚULH
SHVRGHWUDEDOKRSRWÛQFLDGRPRWRUHDQRGHIDEULFR
1DOJXQVFDVRVQÔRH[LVWHPDUFD&(
)LJ3ODWDIRUPDGRRSHUDGRU
&KDSDGDPiTXLQD
$RHQFRPHQGDUSHoDVPHQFLRQHR3,1GD
PiTXLQD
,&&+)37SGI
'HVFULomRGDPiTXLQD
([SOLFDomRGRQ~PHURGHVpULH3,1
9 $ $ )DEULFDQWH
$ % & ' ( ) % )DPÞOLD0RGHOR
& &DUWDGHYHULILFDØÔR
' 6HPFäGLJR
( 8QLGDGHGHSURGXØÔR
) 1ëPHURGHVÚULH
%(H)VÔRQRUPDOPHQWHXWLOL]DGRVSDUDLQIRUPDØæHV
HSDUDHQFRPHQGDVGHSHØDVVREUHVVHOHQWHV
3ODFDVGRPRWRU
$SODFDGRPRWRU HVWÒDIL[DGDQRODGRHVTXHUGRGR
PRWRUVREDERPEDGHLQMHFØÔR5HWLUHDWDPSD
PHWÒOLFDVREUHRODGRHVTXHUGRGRFRPSDUWLPHQWRGR
PRWRUSDUDWHUDFHVVRÑSODFD
$SODFDPRVWUDRWLSRGRPRWRURQëPHURGHVÚULHH
DVHVSHFLILFDØæHVGRPRWRU$RHQFRPHQGDUSHØDV
PHQFLRQHRQëPHURGHVÚULHGRPRWRU&RQVXOWH
WDPEÚPRPDQXDOGRPRWRU
)LJ0RWRU
3ODFDGHWLSR
,&&+)37SGI
'HVFULomRGDPiTXLQD
$XWRFRODQWHV
/RFDOL]DomRDXWRFRODQWHV
)LJ/RFDOL]DomRDXWRFRODQWHVHOHWUHLURV
,&&+)37SGI
'HVFULomRGDPiTXLQD
$XWRFRODQWHVGHVHJXUDQoD
&HUWLILFDUVHVHPSUHGHTXHWRGRVRVDXWRFRODQWHVGH
VHJXUDQØDHVWÔRFRPSOHWDPHQWHOHJÞYHLVHUHWLUDUD
VXMLGDGHRXHQFRPHQGDUDXWRFRODQWHVQRYRVFDVRRV
DXWRFRODQWHVILTXHPLOHJÞYHLV8WLOL]DURQëPHURGH
SHØDLQGLFDGRHPFDGDDXWRFRODQWH
$YLVR=RQDGHHVPDJDPHQWRDUWLFXODomR
FHQWUDOUROR
0DQWHQKDVHDXPDGLVWkQFLDVHJXUDGHVWD]RQD
'XDV]RQDVGHHVPDJDPHQWRHPPiTXLQDVFRPGLUHFomR
SLYRWDQWH
$YLVR3HoDVURWDWLYDVGRPRWRU
0DQWHQKDDVPmRVDXPDGLVWkQFLDVHJXUDGD
]RQDGHSHULJR
$YLVR6XSHUILFLHVTXHQWHVQRFRPSDUWLPHQWRGR
PRWRU
0DQWHQKDDVPmRVDXPDGLVWkQFLDVHJXUDGD
]RQDGHSHULJR
$YLVR/LEHUWDomRGRVWUDY}HV
1mRDFWLYHRGLVSRVLWLYRGHOLEHUWDomRGRVWUDY}HV
VHPSULPHLURWHUOLGREHPRFDStWXORVREUH
UHERTXH
3HULJRGHOHV}HVSRUHVPDJDPHQWR
$YLVR0DQXDOGHLQVWUXo}HV
,QFLWDPHQWRDRRSHUDGRUSDUDTXHOHLDDV
LQVWUXo}HVGHVHJXUDQoDRSHUDomRHPDQXWHQomR
DQWHVGHXWLOL]DUDPiTXLQD
,&&+)37SGI
'HVFULomRGDPiTXLQD
$YLVR5HERUGHDGRUD DFHVVyULR
$YLVRSDUDSHoDVURWDWLYDV
0DQWHQKDVHDXPDGLVWkQFLDVHJXUDGHVWD]RQD
$YLVR)HFKR
'XUDQWHHOHYDomRDDUWLFXODomRFHQWUDOWHPTXH
HVWDUEORTXHDGD
&RQVXOWDURPDQXDOGHLQVWUXo}HV
$YLVR*iVWy[LFR DFHVVyULR$&&
&RQVXOWHRPDQXDOGHLQVWUXo}HV
$YLVR*iVGHDUUDQTXH
1mRVHGHYHXWLOL]DUJiVGHDUUDQTXH
,&&+)37SGI
'HVFULomRGDPiTXLQD
$XWRFRODQWHVGHLQIRUPDomR
1tYHOGRHIHLWRDF~VWLFR
,&&+)37SGI
'HVFULomRGDPiTXLQD
,QVWUXPHQWRV&RPDQGRV
.RQWUROOSDQHORFKUHJODJH
)LJ3DLQHOGHFRPDQGR
,QWHUUXSWRUGHDUUDQTXH 9LEUDØÔRURORWUDVHLUR 7UDYÔRGHHVWDFLRQDPHQWR
&RPDQGRGHDYDQØRHUHFXR 0RGRGHWUDEDOKR RIIVHWH /X]HVGHDGYHUWÛQFLD
YLEUDØÔRDFWLYDGRVHDUUDQTXH
HSDUDJHPDXWRPÒWLFRV
DFWLYDGRV
2IIVHWHVTXHUGDGLUHLWD &*ಥDSHQDVQDGLUHFØÔRGR /X]URWDWLYD
URORGLDQWHLUR
9LEUDØÔROLJDUGHVOLJDU 3XOYHUL]DGRUPDQXDO (VSDOKDGRUGHJUDYLOKD QÔR
SDUDDYHUVÔRFRPEL
3XOYHUL]DGRUGHHPHUJÛQFLD $XPHQWDUSXOYHUL]DØÔR %RWÔRGHSRVLØÔRGDV
/LJDGRHQTXDQWRRERWÔR WHPSRUL]DGRU PXGDQØDV
HVWLYHUSUHPLGR
&RQMXQWRGHERWæHV 3XOYHUL]DGRUDXWR &$$ 5HERUGHDGRUD6XELU'HVFHU
,QGLFDGRUGHDGYHUWÛQFLDFHQWUDO 'LPLQXLUSXOYHUL]DØÔR 5HERUGHDGRUDSXOYHUL]DØÔR
WHPSRUL]DGRU
3LVFDV /X]GHWUDEDOKR /X]HVQDVH[WUHPLGDGHVGR
UROR
,QGLFDGRUGRVPÒ[LPRV %X]LQD 9LVRU
$PSOLWXGHDOWD 3DUDJHPGHHPHUJÛQFLD %RWæHVGHIXQØÔR XQLGDGHV
9LEUDØÔRURORGLDQWHLUR /LPLWDGRUGHYHORFLGDGH 3XOYHUL]DØÔRWDQTXHGH
HPXOVÔR FRPEL
&RQWURORDXWRPÒWLFRGH 5HJXODGRUGDURWDØÔRPRWRU $MXVWHGHDOWXUDSDLQHOGH
YLEUDØÔR &$9 'LHVHO FRPDQGRV
2SFLRQDO
,&&+)37SGI
'HVFULomRGDPiTXLQD
)XQØæHV
3LVFDV
/X]HVGHHVWUDGD
0Ò[LPRV0ÚGLRV
/X]HVGHHVWDFLRQDPHQWR
%X]LQD
)LJXUD,QWHUUXSWRUGRYRODQWHGH
GLUHFomR DFHVVyULR
'HVFULomRGDVIXQo}HV
7RGRVRVLQVWUXPHQWRVHFRPDQGRVHOÚFWULFRVUHFHEHP
DOLPHQWDØÔR
2PRWRUGHDUUDQTXHÚDFWLYDGR
$UUDQTXH5RGHDFKDYHGHDUUDQTXHSDUDDGLUHLWD
DWpRYLVRUVH,/80,1$5HDJXDUGHDWpDLPDJHPGR
FLOLQGURDSUHVHQWDGRVH$3$*$5HPXGDUSDUDD
LPDJHPGHHVWDGR
&RPDQGRGHDYDQØRUHFXR 2FRPDQGRGHDYDQoRUHFXRWHPGHVHHQFRQWUDUQD
SRVLomRGHSRQWRPRUWRDQWHVGHFRORFDURPRWRU
'LHVHODWUDEDOKDURPRWRUQmRDUUDQFDVHR
FRPDQGRVHHQFRQWUDUQRXWUDSRVLomR
$GLUHFØÔRGHPDUFKDHDYHORFLGDGHGRFLOLQGURVÔR
FRQWURODGDVDWUDYÚVGRFRPDQGRGHDYDQØRUHFXR6HD
DODYDQFDIRUGHVORFDGDSDUDDIUHQWHRFLOLQGURDYDQØD
VHDDODYDQFDIRUGHVORFDGDSDUDWUÒVRFLOLQGURUHFXD
$YHORFLGDGHGRFLOLQGURÚSURSRUFLRQDOÑGLVWÓQFLDHQWUH
DDODYDQFDHRSRQWRPRUWR4XDQWRPDLVDIDVWDGDGR
SRQWRPRUWRPDLRUÚDYHORFLGDGHSDUDDIUHQWHRXSDUD
WUÒV
2IIVHWHVTXHUGDGLUHLWD 2ERWÔRGRODGRHVTXHUGRGHVORFDRURORWUDVHLURSDUDD
HVTXHUGDHRERWÔRGRODGRGLUHLWRGHVORFDRSDUDD
GLUHLWD
3DUDUHSRUQDSRVLØÔRLQLFLDOXWLOL]HRVERWæHVDWÚTXHR
VÞPERORGR0RGRGHWUDEDOKRVHDFHQGDFRQWLQXDPHQWH
LQWHUPLWHQWHHPRIIVHW
9LEUDØÔROLJDUGHVOLJDU $SULPHLUDSUHVVÔRLUÒLQLFLDUDVYLEUDØæHVDVHJXQGD
SUHVVÔRLUÒSDUÒODV
3XOYHUL]DGRUGHHPHUJÛQFLD 3XOYHUL]DØÔRGHHPHUJÛQFLDGHDPERVRVURORV
3UHVVLRQHRERWÔRSDUDREWHUXPIOX[RWRWDOQDERPED
GHSXOYHUL]DØÔR
&RQMXQWRGHERWæHV
,&&+)37SGI
'HVFULomRGDPiTXLQD
6HOHFWRUGHDPSOLWXGHDPSOLWXGH $DFWLYDØÔRUHVXOWDQXPDDPSOLWXGHDOWD
DOWD
9LEUDØÔRURORGLDQWHLUR $FWLYDØÔRGDYLEUDØÔRQRURORGLDQWHLUR
6HQHQKXPDGDVIXQØæHV H HVWLYHUHP
181&$DFWLYDURLQWHUUXSWRU DFWLYDGDVQÔRRFRUUHUÒTXDOTXHUYLEUDØÔRQRVURORV
TXDQGRRLQWHUUXSWRU HVWLYHU
DFWLYDGR
&RQWURORDXWRPÒWLFRGHYLEUDØÔR $RDFWLYDUHVWDIXQØÔRDVYLEUDØæHVVHUÔR
&$9 DXWRPDWLFDPHQWHOLJDGDVHGHVOLJDGDVTXDQGRD
DODYDQFDGRFRPDQGRGHDYDQØRUHFXRÚGHVORFDGDGD
SRVLØÔRGHSRQWRPRUWRHRFLOLQGURDWLQJHXPD
YHORFLGDGHSUHGHILQLGD
9LEUDØÔRURORWUDVHLUR $FWLYDØÔRGDYLEUDØÔRQRURORWUDVHLUR
6HQHQKXPDGDVIXQØæHV H HVWLYHUHP
181&$DFWLYDURLQWHUUXSWRU DFWLYDGDVQÔRRFRUUHUÒTXDOTXHUYLEUDØÔRQRVURORV
TXDQGRRLQWHUUXSWRU HVWLYHU
DFWLYDGR
0RGRGHWUDEDOKR RIIVHWHYLEUDØÔR $TXDQGRGDDFWLYDØÔRWDQWRDYLEUDØÔRFRPRD
DFWLYDGRVHDUUDQTXHHSDUDJHP GHVORFDØÔR RIIVHW VÔRSRVVÞYHLV2FLOLQGURDUUDQFD
DXWRPÒWLFRVDFWLYDGRV VHPSUHQDSRVLØÔRGHWUDQVSRUWH FRPHVWDIXQØÔR
GHVHQJDWDGD
3XOYHUL]DGRUPDQXDO 3XOYHUL]DØÔRFRQWÞQXDHPDPERVRVURORV
$XPHQWDUSXOYHUL]DØÔR &DGDSUHVVÔRGRERWÔRUHVXOWDQXPDXPHQWRGRYROXPH
WHPSRUL]DGRU GDÒJXDGHSXOYHUL]DØÔRQRVURORV
3XOYHUL]DØÔRDXWRPÒWLFD $RDFWLYDUHVWDIXQØÔRDÒJXDGHSXOYHUL]DØÔRVHUÒ
DXWRPDWLFDPHQWHOLJDGDHGHVOLJDGDTXDQGRDDODYDQFD
GRFRPDQGRGHDYDQØRUHFXRÚGHVORFDGDGDSRVLØÔR
GHSRQWRPRUWR
'LPLQXLUSXOYHUL]DØÔR &DGDSUHVVÔRGRERWÔRUHVXOWDQXPDUHGXØÔRGR
WHPSRUL]DGRU YROXPHGDÒJXDGHSXOYHUL]DØÔRQRVURORV
/X]HVGHWUDEDOKR $RDFWLYDUHVWDIXQØÔRDVOX]HVGHWUDEDOKR
DFHQGHPVH
,&&+)37SGI
'HVFULomRGDPiTXLQD
3DUDJHPGHHPHUJÛQFLD 7UDYDRFLOLQGURHGHVOLJDRPRWRU$DOLPHQWDØÔRGHVOLJD
4XDQGRVHS}HRFLOLQGURDWUDEDOKDURGLVSRVLWLYR
GHSDUDJHPGHHPHUJrQFLDWHPTXHHVWDULQDFWLYR
PDVRWUDYmRGHHVWDFLRQDPHQWRWHPTXHHVWDU
DSOLFDGR
/LPLWDGRUGHYHORFLGDGH /LPLWDØÔRGDYHORFLGDGHPÒ[LPDGDPÒTXLQD D
YHORFLGDGHPÒ[LPDÚREWLGDFRPDGHIOH[ÔRWRWDOGR
FRPDQGRDYDQØRUHFXR &RORTXHRERWÔRQDSRVLØÔR
QHFHVVÒULDHOHLDDYHORFLGDGHQRYLVRU
&RPDQGRDVURWDØæHVPRWRU ,QWHUUXSWRUGHWUÛVSRVLØæHVSDUDUDOHQWLYHORFLGDGH
LQWHUPÚGLDHYHORFLGDGHGHWUDEDOKR
2FRPDQGRWHPGHHVWDUQDSRVLomRGHUDOHQWLSDUD
S{UDPiTXLQDDWUDEDOKDU2PRWRUGLHVHOEDL[DDLQGD
PDLVDVURWDØæHVGXUDQWHRUDOHQWLPDLVGRTXH
DSUR[LPDGDPHQWHVHJXQGRVVHRFRPDQGRGH
DYDQØRUHFXRVHHQFRQWUDUQDSRVLØÔRGHSRQWRPRUWR
6HDDODYDQFDGRFRPDQGRGHDYDQØRUHFXRIRU
GHVORFDGDGDSRVLØÔRGHSRQWRPRUWRDYHORFLGDGHVHUÒ
QRYDPHQWHDXPHQWDGDSDUDDYHORFLGDGHGHILQLGD
7UDYÔRGHHVWDFLRQDPHQWR 4XDQGRSUHVVLRQDGRRWUDYÔRGHHVWDFLRQDPHQWRÚ
DFWLYDGR
3DUDOLEHUWDURVWUDYæHVGHVOL]HDSDUWHYHUPHOKDSDUD
WUÒV QDVXDGLUHFØÔR HDOWHUHDSRVLØÔRGDDODYDQFD
2WUDYmRGHHVWDFLRQDPHQWRWHPGHHVWDUDFWLYDGR
SDUDDPiTXLQDFRPHoDUDIXQFLRQDU
/X]HVGHDGYHUWÛQFLD 3UHVVLRQHRERWÔRSDUDDFWLYDUDOX]GHDGYHUWÛQFLD
/X]URWDWLYD 3UHVVLRQHRERWÔRSDUDDFWLYDUDOX]URWDWLYD
(VSDOKDGRUGHJUDYLOKD $FWLYDURHVSDOKDGRUGHJUDYLOKD(VSDOKDGRUD
0DQXDO$XWRPÒWLFD &&
%RWÔRGHSRVLØÔRGDVPXGDQØDV 3RVLØÔR8WLOL]DGDSDUDREWHUXPDFDSDFLGDGHPÒ[LPD
GHQLYHODPHQWRDRFRPSDFWDUSRUPHLRGHYLEUDØÔR
3RVLØÔR3RVLØÔRQRUPDO
3RVLØÔR8WLOL]DGDSDUDPÒ[LPDYHORFLGDGHGH
WUDQVSRUWHRXFRPSUHVVÔRHVWÒWLFDDDOWDYHORFLGDGH
VHPYLEUDØÔR
,&&+)37SGI
'HVFULomRGDPiTXLQD
/X]HVQDVH[WUHPLGDGHVGRUROR 3UHVVLRQHRERWÔRSDUDDFWLYDUDVOX]HVGDV
H[WUHPLGDGHVGRUROR
3XOYHUL]DGRUURGDFRPEL 3UHVVLRQHRERWÔRSDUDDFWLYDURSXOYHUL]DGRUGH
HPXOVÔRSDUDURGDVFRPEL
([SOLFDo}HVGRYLVRU
4XDQGRDFKDYHGHLJQLØÔRÚDFWLYDGDSDUDDSRVLØÔR
,ÚDSUHVHQWDGRRHFUÔLQLFLDOQRYLVRU(VWHHFUÔÚ
DSUHVHQWDGRGXUDQWHDOJXQVVHJXQGRVHPXGDSDUDR
HFUÔGHHVWDGR
)LJ(FUmLQLFLDO
,&&+)37SGI
'HVFULomRGDPiTXLQD
2GLJUDPDGHHVWDGRDSUHVHQWDLQIRUPDØæHVVREUHR
QÞYHOGHFRPEXVWÞYHOQÞYHOGHÒJXDQRGHSäVLWRGRV
SXOYHUL]DGRUHVKRUDVPÒTXLQDHQÞYHOGHWHQVÔR2V
QÞYHLVGHÒJXDHFRPEXVWÞYHOVÔRHVSHFLILFDGRVHP
SHUFHQWDJHP
2HFUÔGHHVWDGRILFDDFWLYRDWÚRPRWRU'LHVHO
DUUDQFDUHDVHOHFØÔRGRHFUÔDFWLYRÚUHDOL]DGD
DWUDYÚVGRVERWæHVGHIXQØÔRSRUEDL[RGRYLVRU
)LJ(FUmGHHVWDGR
6HRPRWRUIRUFRORFDGRDWUDEDOKDUDQWHVVHSURFHGHU
DXPDVHOHFØÔRGRHFUÔDFWLYRRYLVRULUÒPXGDUSDUD
RHFUÔSULQFLSDO
(VWHHFUÔDSUHVHQWDXPDYLVÔRJHUDOHPDQWÚPVH
GXUDQWHRWUDEDOKR
$YHORFLGDGHÚDSUHVHQWDGDQDSDUWHFHQWUDOGRHFUÔ
$YHORFLGDGHGRPRWRUIUHTXÛQFLDGDYLEUDØÔRSDUD
)LJ(FUmSULQFLSDO RDYDQØRHUHFXR 2SØÔR ERPEDGDLQGLFDGRU
LPSDFWäPHWUR 2SØÔR WHPSHUDWXUDGRDVIDOWR
2SØÔR VÔRDSUHVHQWDGRVQRVFDQWRV
ºDSUHVHQWDGRXPFDPSRGHPHQXTXDQGRVHSULPH
XPGRVERWæHVGHVHOHFØÔRGHPHQX2FDPSRÚ
YLVÞYHOHQTXDQWRRERWÔRÚVHOHFFLRQDGRHHPVHJXLGD
DSDJDVHºQRYDPHQWHDFWLYDGRTXDQGRVHSULPHXP
GRVERWæHVGHVHOHFØÔRGHPHQX
)LJ(FUmSULQFLSDOFRPRVERW}HVGH
VHOHFomRGHPHQX
,&&+)37SGI
'HVFULomRGDPiTXLQD
%RWæHVGHSHUFRUUHUVHOHFØÔRSDUD
HVFROKHUHQWUHDVIXQØæHVGLVSRQÞYHLV
%RWÔRGHUHJLVWRGHDODUPHSDUD
DSUHVHQWDUXPDODUPHGHDYDULDGRPRWRU
%RWÔRGHVHOHFØÔRGHGHILQLØæHVPHQX
TXHDEUHRPHQXSULQFLSDO$VGHILQLØæHV
SRGHPVHUDOWHUDGDVQRPHQXSULQFLSDO
%RWÔRSDUDVDLUUHJUHVVDUUHFXDSDVVR
GHFDGDYH]6HSUHPLURERWÔR DSUR[
VHJ RPHQXSULQFLSDOÚQRYDPHQWH
DSUHVHQWDGR
(VWHYLVRUDSUHVHQWDDWHPSHUDWXUDGRäOHRGRPRWRU
SDUWHVXSHULRUGRYLVRU HGRIOXLGRKLGUÒXOLFR SDUWH
LQIHULRUGRYLVRU 2VYDORUHVVÔRDSUHVHQWDGRVHP
JUDXV&HOVLXVRX)DKUHQKHLWGHSHQGHQGRGDRSØÔR
GRVLVWHPDGHXQLGDGHV
7DPEÚPSRGHDSDUHFHUXPDLQGLFDØÔRUHIHUHQWHÑ
WHPSHUDWXUDGRDVIDOWRTXDQGRWHPLQVWDODGDQD
PÒTXLQDDRSØÔRGRPHGLGRUGHWHPSHUDWXUDGR
DVIDOWR(VWÔRGLVSRQÞYHLVPDLVLQIRUPDØæHVSDUDHVWD
)LJ(FUmGHWHPSHUDWXUD RSØÔRQRPDQXDOGRVDFHVVäULRV
)LJ(FUmGDWHPSHUDWXUDGRDVIDOWR
([HPSORGRFDPSRGH
PHQX
,&&+)37SGI
'HVFULomRGDPiTXLQD
(FUÔSULQFLSDO
$VGHILQLØæHVSRGHPVHUDOWHUDGDVQRHFUÔSULQFLSDO
2RSHUDGRUSRGHRSWDUHQWUHXQLGDGHVPÚWULFDVRX
LPSHULDLVGHILQLUDDFWLYDØÔRGHVDFWLYDØÔRGRVRPGR
DODUPHHDOWHUDUDOX]FRQWUDVWHGRYLVRU$OÚPGLVVRÚ
SRVVÞYHOFRQVXOWDUDYHUVÔRGRVRIWZDUHLQVWDODGR2
PHQXGHDVVLVWÛQFLDSDUDFDOLEUDØÔRWDPEÚPSRGH
VHUVHOHFFLRQDGR DSHQDVSDUDSHVVRDOGHDVVLVWÛQFLD
WÚFQLFDHVSHFLDOL]DGRÚQHFHVVÒULDXPD
SDODYUDSDVVH
,&&+)37SGI
'HVFULomRGDPiTXLQD
,QVWUXPHQWRVHFRPDQGRVFDELQD
5ÒGLR&'
)LJ7HFWRGDFDELQDIUHQWH
)LJ3LODUWUDVHLURGDGLUHLWD
0DUWHORSDUDDVDtGDGH
HPHUJrQFLD
,&&+)37SGI
'HVFULomRGDPiTXLQD
'HVFULomRGDVIXQo}HVGRVLQVWUXPHQWRVH
FRPDQGRVQDFDELQD
5HFLUFXODØÔRGRDUGDFDELQDLQWHUUXSWRU $RSUHPLUDSDUWHVXSHULRUDEUHRDPRUWHFHGRUGH
DUSDUDTXHFRPHFHDHQWUDUDUIUHVFRQDFDELQD
$RSUHPLUDSDUWHLQIHULRUIHFKDRDPRUWHFHGRUGH
PRGRDTXHRDUUHFLUFXOHGHQWURGDFDELQD
/LPSDYLGURVGLDQWHLURVLQWHUUXSWRU 3ULPDHROLPSDSÒUDEULVDVGLDQWHLURHQWUDHP
IXQFLRQDPHQWR
(VJXLFKRVGRVYLGURVGLDQWHLURVH 3ULPDDH[WUHPLGDGHVXSHULRUSDUDDFWLYDURV
WUDVHLURVLQWHUUXSWRU HVJXLFKRVGRSÒUDEULVDVGLDQWHLUR
3ULPDDH[WUHPLGDGHLQIHULRUSDUDDFWLYDURV
HVJXLFKRVGRSÒUDEULVDVWUDVHLUR
/LPSDYLGURVWUDVHLURVLQWHUUXSWRU 3ULPDHROLPSDSÒUDEULVDVWUDVHLURHQWUDHP
IXQFLRQDPHQWR
&DL[DGHIXVÞYHLV &RQWÚPIXVÞYHLVGRVLVWHPDHOÚFWULFRQDFDELQD
%RFDOGHGHVHPEDFLDPHQWR *LUDURERFDOSDUDGLUHFFLRQDURIOX[RGRDU
0DUWHORSDUDVDÞGDGHHPHUJÛQFLD (PFDVRGHVDÞGDGHHPHUJÛQFLDGDFDELQDVROWHR
PDUWHORHTXHEUHDVMDQHODVGHDEHUWXUDGRODGR
GLUHLWR
,&&+)37SGI
'HVFULomRGDPiTXLQD
8WLOL]DURVFRPDQGRVQDFDELQD
'HVHPEDFLDGRU
3DUDHOLPLQDUGHIRUPDUÒSLGDRJHORRXDKXPLGDGH
FHUWLILTXHVHGHTXHDSHQDVHVWHMDPDEHUWRVRVERFDLV
GLDQWHLURHWUDVHLUR
/LJXHRLQGLFDGRUGRDTXHFLPHQWRHGDYHQWRLQKD H
QRPÒ[LPR
$MXVWHRERFDOGHIRUPDDTXHRDUVDLDQDGLUHFØÔRGD
MDQHODSDUDHOLPLQDURJHORRXDKXPLGDGH
$TXHFLPHQWR
6HDFDELQDHVWLYHUIULDDEUDRERFDOLQIHULRUQDV
FROXQDVIURQWDLVHRVERFDLVFHQWUDLVSRUFLPDGRV
FRPDQGRVGRDTXHFLPHQWRHGDYHQWRLQKD
&RORTXHRDTXHFLPHQWRHDYHQWRLQKDQDYHORFLGDGH
PÒ[LPD
4XDQGRDWHPSHUDWXUDGHVHMDGDIRUDWLQJLGDDEUDRV
UHVWDQWHVERFDLVHVHQHFHVVÒULRGLPLQXDD
YHORFLGDGHGRDTXHFLPHQWRHGDYHQWRLQKD
$&$&&
127$'XUDQWHDXWLOL]DØÔRGR$&$&&WRGDVDV
MDQHODVGHYHPVHUIHFKDGDVSDUDTXHRVLVWHPD
IXQFLRQHGHIRUPDHILFD]
3DUDUHGX]LUUDSLGDPHQWHDWHPSHUDWXUDGDFDELQD
DMXVWHDVVHJXLQWHVGHILQLØæHVQRSDLQHOGHFRQWUROR
/LJXHR$&$&& HGHILQDRDUSXUR SDUDD
SRVLØÔRPDLVEDL[DSDUDGHVOLJDUDYÒOYXODGHDUSXUR
'HILQDRLQGLFDGRUGHDTXHFLPHQWR SDUDRPÞQLPR
HDXPHQWHDYHORFLGDGHGDYHQWRLQKD 0DQWHQKD
DSHQDVRVERFDLVVXSHULRUHVFHQWUDLVGRWHFWRDEHUWRV
4XDQGRDWHPSHUDWXUDWLYHUGHVFLGRSDUDXPQÞYHO
FRQIRUWÒYHODMXVWHDWHPSHUDWXUDQHFHVVÒULDQR
LQGLFDGRUGHDTXHFLPHQWR HUHGX]DDYHORFLGDGH
GDYHQWRLQKD
$JRUDDEUDRVUHVWDQWHVERFDLVQRWHFWRSDUDDWLQJLU
XPDWHPSHUDWXUDFRQIRUWÒYHOQDFDELQD
5HSRQKDRERWÔRGHDUSXUR QDSRVLØÔRVXSHULRU
SDUDREWHUDUSXUR
,&&+)37SGI
'HVFULomRGDPiTXLQD
6LVWHPDHOpFWULFR
$FDL[DGHFRPDQGRVSULQFLSDOGDPÒTXLQD HVWÒ
ORFDOL]DGDQDSDUWHGHWUÒVDSODWDIRUPDGRRSHUDGRU
([LVWHXPDWDPSDGHSOÒVWLFRSRUFLPDGDFDL[DGH
GLVWULEXLØÔRHGRVIXVÞYHLV
1DWDPSDGHSOÒVWLFRHVWÒGLVSRQÞYHOXPDWRPDGDGH
9
)LJ&HQWUDOHOpFWULFDSULQFLSDO
3RVWRGHFRPDQGR (&8
)XVtYHLV
5HOpSULQFLSDO
2VIXVÞYHLVQRFRPSDUWLPHQWRGRPRWRUHVWÔR
FRORFDGRVMXQWRDRLQWHUUXSWRUSULQFLSDOGDEDWHULD
2FLOLQGURHVWÒHTXLSDGRFRPXPVLVWHPDHOÚFWULFRGH
9HDOWHUQDGRU&$
2SDLQHOGRVIXVÞYHLVSULQFLSDLVHVWÒFRORFDGRDWUÒVGD
SRUWDGRODGRHVTXHUGRGRFRPSDUWLPHQWRGRPRWRU
2VIXVÞYHLVHQFRQWUDPVHSHODRUGHPLQGLFDGDHP
EDL[RFRPHØDQGRMXQWRÑFKDSD
) (&8GRPRWRU $
)LJ3DLQHOGRVIXVtYHLVSULQFLSDLV
,QWHUUXSWRUGDEDWHULD
5HOpGHSUpDTXHFLPHQWR $
)XVtYHO ) $
5HOpGHDUUDQTXH $
)XVtYHLV )))
7RPDGDGH9
,&&+)37SGI
'HVFULomRGDPiTXLQD
)XVtYHLV
$ILJXUDPRVWUDDSRVLØÔRGRVIXVÞYHLV
$WDEHODVHJXLQWHDSUHVHQWDDDPSHUDJHPHIXQØÔR
GRVIXVÞYHLV7RGRVRVIXVÞYHLVVÔRGRWLSRGHSHUQRV
FKDWRV
)LJ&DL[DGHIXVtYHLV
&DL[DGHIXVtYHLV )
5HOÚSULQFLSDO ) $ *UXSRGHDOLPHQWDØÔR(&8SULQFLSDO ) $
)XVtYHLVQDFDELQD
2VLVWHPDHOÚFWULFRGDFDELQDWHPFDL[DGHIXVÞYHLV
SUäSULDVLWXDGDQDSDUWHGLDQWHLUDGRODGRGLUHLWRQR
WHFWRGDFDELQD
)LJ&DL[DGHIXVtYHLVQRWHFWRGD
FDELQD ) $ILJXUDDSUHVHQWDDDPSHUDJHPHIXQØÔRGRV
IXVÞYHLV
,OXPLQDØÔRLQWHULRU $
&'5ÒGLR $ 7RGRVRVIXVÞYHLVVÔRGRWLSRGHSHUQRVFKDWRV
&RQGHQVDGRU$& $
9HQWRLQKDGDFDELQD $
3ÒUDEULVDVHVJXLFKRVIUHQWH $
3ÒUDEULVDVHVJXLFKRVWUÒV $
5HVHUYD
5HVHUYD
,&&+)37SGI
'HVFULomRGDPiTXLQD
,&&+)37SGI
2SHUDomR
2SHUDomR
$QWHVGRDUUDQTXH
,QWHUUXSWRUSULQFLSDO/LJDU
1ÔRVHHVTXHØDGHH[HFXWDUDPDQXWHQØÔRGLÒULD
&RQVXOWHDVLQVWUXØæHVGHPDQXWHQØÔR
2LQWHUUXSWRUSULQFLSDOGDEDWHULDHQFRQWUDVHQR
FRPSDUWLPHQWRGRPRWRU&RORTXHDFKDYH QD
SRVLØÔRGHOLJDGR2FLOLQGURLQWHLURWHPHQWÔR
DOLPHQWDØÔRHOÚFWULFD
6HRLQWHUUXSWRUSULQFLSDOGDEDWHULDHVWLYHUWDSDGR
DWDPSDGRPRWRUWHPGHVHUGHVEORTXHDGD
GXUDQWHDRSHUDomRSDUDTXHVHMDSRVVtYHO
)LJXUD3RUWDGRPRWRUHVTXHUGD DOFDQoDURLQWHUUXSWRUQXPDVLWXDomRGH
,QWHUUXSWRUGDEDWHULD HPHUJrQFLD
3DLQHOGHFRPDQGRVDMXVWHV
2SRVWRGHFRPDQGRWHPWUÛVRSØæHVGHUHJXODØÔR
GHVORFDØÔRWUDQVYHUVDOURWDØÔRHLQFOLQDØÔRGR
YRODQWHGDGLUHFØÔR
$GHVORFDØÔRWUDQVYHUVDOWRUQDVHSRVVÞYHOSX[DQGRD
DODYDQFDLQWHUQD SDUDFLPD2IUHLRGHGHVORFDØÔR
WUDQVYHUVDOHVWDUÒHQWÔROLEHUWR
$URWDØÔRWRUQDVHSRVVÞYHOSX[DQGRDDODYDQFD
H[WHUQD SDUDFLPD
$QWHVGHFRPHØDUDWUDEDOKDUFRPDPÒTXLQD
YHULILTXHVHDXQLGDGHGHFRQWURORVHHQFRQWUDQD
)LJ3RVLomRGRRSHUDGRU SRVLØÔRFRUUHFWD
$ODYDQFDGHIL[DomRGHVORFDomR
WUDQVYHUVDO $LQFOLQDØÔRGRYRODQWHGDGLUHFØÔRSRGHVHUDMXVWDGD
$ODYDQFDGHIL[DomRURWDomR OLEHUWDQGRDDODYDQFDGHIL[DØÔR )L[HQRYDPHQWH
$ODYDQFDGHIL[DomRLQFOLQDomR
GRYRODQWHGDGLUHFomR QDQRYDSRVLØÔR
3DUDDMXVWDURDVVHQWRGRRSHUDGRUFRQVXOWHDVHFØÔR
VREUHDUHJXODØÔREÒVLFDFRQIRUWRGRDVVHQWR
$MXVWHWRGDVDVGHILQLo}HVTXDQGRDPiTXLQD
HVWLYHUSDUDGD
$QWHVGHFRPHoDUDWUDEDOKDUYHULILTXHVHPSUH
VHRDVVHQWRHVWiWUDYDGR
,&&+)37SGI
2SHUDomR
$VVHQWRGRRSHUDGRU$MXVWH
$MXVWHRDVVHQWRGHIRUPDDWHUVHXPDSRVLØÔR
FäPRGDHIÒFLODFHVVRDRVFRPDQGRVGHPDQREUD
2DVVHQWRSRGHVHUDMXVWDGRGDVHJXLQWHIRUPD
$MXVWHORQJLWXGLQDO
$MXVWHGRSHVR
³QJXORGRHQFRVWR
)LJ$VVHQWRGRRSHUDGRU
&RQMXQWRGHEORTXHLR$MXVWH
ORQJLWXGLQDO
$MXVWHGRSHVR $QWHVGHFRPHoDUDWUDEDOKDUYHULILTXHVHPSUH
ÆQJXORGRHQFRVWR VHRDVVHQWRHVWiWUDYDGR
&LQWRGHVHJXUDQoD
1XQFDVHHVTXHoDGHXWLOL]DURFLQWRGHVHJXUDQoD
$VVHQWRGRRSHUDGRUFRQIRUWR$MXVWHV
$MXVWHRDVVHQWRGHIRUPDDWHUVHXPDSRVLØÔR
FäPRGDHIÒFLODFHVVRDRVFRPDQGRVGHPDQREUD
2DVVHQWRWHPDVVHJXLQWHVSRVVLELOLGDGHVGHDMXVWH
$MXVWHORQJLWXGLQDO
$MXVWHGHDOWXUD
,QFOLQDØÔRGRDVVHQWR
,QFOLQDØÔRGRHQFRVWR
,QFOLQDØÔRGRVDSRLRVGRVEUDØRV
$MXVWHGRDSRLRORPEDU
$QWHVGHFRPHoDUDWUDEDOKDUYHULILTXHVHPSUH
)LJ$VVHQWRGRRSHUDGRU VHRDVVHQWRHVWiWUDYDGR
0DQtSXORDMXVWHORQJLWXGLQDO
0DoDQHWDDMXVWHGDDOWXUD
0DoDQHWDLQFOLQDomRGRDVVHQWR
0DoDQHWDLQFOLQDomRGRHQFRVWR
0DoDQHWDLQFOLQDomRGRVDSRLRV
GRVEUDoRV
0DoDQHWDDMXVWHGRDSRLRORPEDU
,&&+)37SGI
2SHUDomR
7UDYmRGHHVWDFLRQDPHQWR9HULILFDU
9HULILTXHVHRERWmRGRWUDYmRGHHVWDFLRQDPHQWR
HVWiUHDOPHQWHQDSRVLomRSUHPLGD6HRWUDYmR
GHHVWDFLRQDPHQWRQmRHVWLYHUDSOLFDGRRFLOLQGUR
SRGHFRPHoDUDURODUDRS{URPRWRUHP
IXQFLRQDPHQWRHPSODQRLQFOLQDGR
2WUDYÔRÚVHPSUHDFWLYDGRQDSRVLØÔRGHSRQWR
PRUWR DXWRPÒWLFRVHJ
)LJ3DLQHOGHFRPDQGR
&RPDQGRGRWUDYmRGH 2WUDYÔRGHHVWDFLRQDPHQWRWHPTXHVHUDFWLYDGR
HVWDFLRQDPHQWR SDUDSåURPRWRUDWUDEDOKDU
9LVRU&RQWUROR
0DQWHQKDVHVHQWDGRHPWRGDVDVRSHUDØæHV
5RGHDDFKDYHGHLJQLØÔR SDUDDSRVLØÔR,HÚ
DSUHVHQWDGRRHFUÔLQLFLDOQRYLVRU
)LJ3DLQHOGHFRPDQGRV
&KDYHGHLJQLomR
(FUmGHHVWDGR
9HULILTXHVHRYROWÞPHWUR LQGLFDSHORPHQRV
YROWVHVHRVQÞYHLVGHFRPEXVWÞYHO HÒJXD
LQGLFDPXPYDORUSHUFHQWXDO
2FRQWDKRUDV UHJLVWDHLQGLFDDTXDQWLGDGHWRWDO
GHKRUDVTXHRPRWRUWUDEDOKRX
)LJ(FUmGHHVWDGR
1tYHOGHFRPEXVWtYHO
1tYHOGHiJXD
&RQWDKRUDV
9ROWtPHWUR
,&&+)37SGI
2SHUDomR
,QWHUORFN
2FLOLQGURHVWÒHTXLSDGRFRP,QWHUORFN
0RWRUGLHVHOFRPFRUWHGHDFFLRQDPHQWRDSäV
VHJXQGRVVHRRSHUDGRUGHL[DUREDQFRGRFRQGXWRU
TXDQGRDPÒTXLQDHVWÒDDYDQØDUUHFXDU
6HRFRPDQGRHVWLYHUHPSRQWRPRUWRTXDQGRR
RSHUDGRUVHOHYDQWDGLVSDUDXPVLQDOVRQRURTXHVä
SÒUDGHSRLVGHVHDFWLYDURWUDYÔRGHHVWDFLRQDPHQWR
6HRWUDYÔRGHHVWDFLRQDPHQWRHVWLYHUDFWLYDGRR
PRWRU'LHVHOQÔRSÒUD
2PRWRUGLHVHOGHVOLJDVHLPHGLDWDPHQWHVHSRU
TXDOTXHUUD]ÔRRFRPDQGRGHDYDQØRUHFXRIRU
PRYLGRGDSRVLØÔRGHSRQWRPRUWRTXDQGRRRSHUDGRU
QÔRHVWÒVHQWDGRQRVHXOXJDUHTXDQGRRERWÔRGR
WUDYÔRGHHVWDFLRQDPHQWRQÔRWLYHUVLGRDFWLYDGR
0DQWHQKDVHVHQWDGRHPWRGDVDVRSHUDo}HV
,&&+)37SGI
2SHUDomR
3RVLomRGRRSHUDGRU
6HH[LVWLUXPD5236 HVWUXWXUDSURWHFWRUDFRQWUD
FDSRWDPHQWR RXFDELQDPRQWDGDQRFLOLQGURXVH
VHPSUHRFLQWRGHVHJXUDQØD H[LVWHQWHMXQWDPHQWH
FRPXPFDSDFHWHSURWHFWRU
6XEVWLWXDVHPSUHRFLQWRGHVHJXUDQoD SRU
XPQRYRVHHVWLYHUJDVWRRXVHWLYHUVLGR
VXEPHWLGRDJUDQGHHVIRUoR
2VFRUULPæHVGHVHJXUDQØD HPUHGRUGD
FDELQDVÔRDMXVWÒYHLVWDQWRQDSRVLØÔRLQWHUQD
)LJ3RVLomRGRRSHUDGRU FRPRQDH[WHUQD5HFROKDRVFRUULPæHVGH
&LQWRGHVHJXUDQoD VHJXUDQØDDRRSHUDUMXQWRDSDUHGHVRXRXWURV
&RUULP}HVGHVHJXUDQoD REVWÒFXORVODWHUDLVHTXDQGRRFLOLQGURWLYHUTXH
0DQtSXORGHEORTXHLR VHUWUDQVSRUWDGR
(OHPHQWRGHERUUDFKD
3URWHFomRFRQWUDHVFRUUHJDPHQWR
/LEHUWHRPDQÞSXOR DMXVWHHWUDYHRVFRUULPæHVQD
SRVLØÔRGHVHMDGD
9HULILTXHVHRVHOHPHQWRVGHERUUDFKD GD
SODWDIRUPDHVWÔRLQWDFWRV6HRVHOHPHQWRV
HVWLYHUHPJDVWRVDFRPRGLGDGHÚDIHFWDGD
QHJDWLYDPHQWH
&HUWLILTXHVHGHTXHDVSURWHFo}HVFRQWUD
HVFRUUHJDPHQWR GDSODWDIRUPDHVWmRHPERP
HVWDGR3URFHGDjVXDVXEVWLWXLomRQRFDVRGHMi
QmRRIHUHFHUHPERDDGHUrQFLD
1RFDVRGHDPiTXLQDHVWDUHTXLSDGDFRPFDELQD
FHUWLILTXHVHGHTXHWHPDSRUWDIHFKDGDTXDQGR
HPGHVORFDomR
9LVLELOLGDGH
$QWHVGRDUUDQTXHFHUWLILTXHVHGHTXHREWÚPD
YLVLELOLGDGHSHUIHLWDWDQWRSDUDDIUHQWHFRPRSDUDWUÒV
7RGRVRVYLGURVGDFDELQDGHYHUÔRHVWDUOLPSRVHRV
UHWURYLVRUHVDMXVWDGRVSDUDERDYLVLELOLGDGHÑ
UHWDJXDUGD
)LJ9LVLELOLGDGH
,&&+)37SGI
2SHUDomR
$UUDQTXH
$UUDQTXHGRPRWRU'LHVHO
9HULILTXHVHDSDUDJHPGHHPHUJÛQFLDHVWÒGHVOLJDGD
HVHRWUDYÔRGHHVWDFLRQDPHQWRHVWÒDFWLYDGR
&RORTXHRFRPDQGRGHDYDQØRUHFXR QDSRVLØÔR
GHSRQWRPRUWRHFRORTXHRFRPDQGRGDURWDØÔRGR
PRWRU QDSRVLØÔRGHUDOHQWL
2PRWRUGLHVHOVäSRGHDUUDQFDUFRPRFRPDQGR
QHVWDSRVLØÔR
5RGHDDFKDYHGHLJQLØÔR GLUHFWDPHQWHSDUDD
SRVLØÔR,HHPVHJXLGDURGHRFRPXWDGRUGH
)LJ3DLQHOGHFRPDQGRV DUUDQTXHFRPSOHPHQWDUPHQWHSDUDDGLUHLWD9ROWHD
&RPDQGRGHDYDQoRUHFXR FRORFDUHP,DVVLPTXHRPRWRUSHJDU
5HJXODGRUGDURWDomR
&KDYHGHLJQLomR
1ÔRDFFLRQHGHPDVLDGRWHPSRRPRWRUGH
DUUDQTXH PÒ[VHJXQGRV 6HRPRWRUQÔR
SHJDUDJXDUGHDOJXQVLQVWDQWHVDQWHVGHWHQWDU
QRYDPHQWH
$TXHØDRPRWRUDOJXQVPLQXWRVQRUDOHQWLRXPDLV
DOJXPWHPSRVHDWHPSHUDWXUDDPELHQWHIRULQIHULRUD
«&
*DUDQWDXPERPDUHMDPHQWR H[WUDFomRGHDU
TXDQGRRPRWRUIXQFLRQDUHPHVSDoRVFHUUDGRV
([LVWHULVFRGHFRQWDPLQDomRGHPRQy[LGRGH
FDUERQR
'XUDQWHRDTXHFLPHQWRGRPRWRUYHULILTXHVHRV
QÞYHLVGHFRPEXVWÞYHOHÒJXDVÔRFRUUHFWDPHQWH
DSUHVHQWDGRVHVHDWHQVÔRFRUUHVSRQGHDQR
PÞQLPR9
)LJXUD9LVRU,PDJHPGHHVWDGR
,&&+)37SGI
2SHUDomR
$RDUUDQFDUHFRQGX]LUFRPDPiTXLQDHPIULRR
TXHLPSOLFDyOHRKLGUiXOLFRIULRDVGLVWkQFLDVGH
WUDYDJHPVmRPDLVORQJDVGRTXHTXDQGRRyOHR
WLYHUDWLQJLGRDWHPSHUDWXUDQRUPDOGHWUDEDOKR
2FLOLQGURDUUDQFDVHPSUHQDSRVLØÔRGH
7UDQVSRUWHVHPTXHVHMDSRVVÞYHOXWLOL]DUDV
IXQFLRQDOLGDGHVGHRIIVHWYLEUDØÔRRX
SXOYHUL]DØÔR
6HDPiTXLQDHRVURORVVHHQFRQWUDUHPQRPRGR
GHRIIVHWFRPXWHSDUDRPRGRGHWUDEDOKRH
UHLQLFLHDQWHVGHFDUUHJDUDPiTXLQDQXPFDPLmR
7DOpLQGLFDGRSRUXPDYLVRQRYLVRU
$SUHVHQWDomRGXUDQWHDDFWLYDomRGDVHOHFomR
DWUDYpVGRFRQMXQWRGHERW}HV
2VÞPERORGHHVWDFLRQDPHQWRÚDSUHVHQWDGRTXDQGRRWUDYÔR
GHHVWDFLRQDPHQWRÚDFWLYDGR
3RVLØÔRGHWUDEDOKRRIIVHWYLEUDØÔRHSXOYHUL]DØÔR
SRVVÞYHLV2VÞPERORILFDLQWHUPLWHQWHQRPRGRGH
RIIVHWQRPRGRQHXWUR UHSRURIIVHW RVÞPERORILFD
FRQVWDQWHPHQWHDFHVR
$PSOLWXGHDOWD
9LEUDØÔRQRURORGLDQWHLURH
WUDVHLUR
,QGLFDØÔRGHDODUPHSRUH[HPSORQÞYHO
GHäOHREDL[RHWF
,&&+)37SGI
2SHUDomR
&RQGXomR
2SHUDomRGRFLOLQGUR
(PFDVRDOJXPGHYHUiDPiTXLQDVHUDIDVWDGDGR
VROR2RSHUDGRUGHYHPDQWHUVHVHQWDGRQRVHX
DVVHQWRGXUDQWHWRGRVRVWLSRVGHRSHUDomR
$FWLYHDURWDØÔRGHWUDEDOKR +,
9HULILTXHRIXQFLRQDPHQWRGDGLUHFØÔRJLUDQGRR
YRODQWHXPDYH]SDUDDGLUHLWDHXPDYH]SDUDD
HVTXHUGDFRPRFLOLQGURSDUDGR
$RFRPSULPLUDVIDOWRQÔRVHHVTXHØDGHOLJDUR
VLVWHPDSXOYHUL]DGRU DOW
9HULILTXHVHDViUHDVGHWUDEDOKRHPIUHQWHHDWUiV
GDPiTXLQDHVWmRGHVLPSHGLGDV
)LJ3DLQHOGHFRPDQGRV
5HJXODGRUGDURWDomRGHWUDEDOKR
3XOYHUL]DGRUPDQXDO
3XOYHUL]DGRUDXWRPiWLFR
6ROWHRERWmRGRWUDYmRGHHVWDFLRQDPHQWR
GHVOL]DQGRREORTXHLRYHUPHOKRQRERWmRSDUDWUiV
HDOWHUDQGRDSRVLomRGDDODYDQFD/HPEUHVHTXH
DPiTXLQDSRGHFRPHoDUDURODUQRFDVRGHVH
HQFRQWUDUQXPGHFOLYH
&LOLQGURFRPPXGDQoDGHYHORFLGDGHVQR
SRWHQFLyPHWUR
)LJ3DLQHOGHFRPDQGRV $FWLYHRERWÔRSDUDDFHGHUDRPRGRGHWUDEDOKR
7UDYmRGHHVWDFLRQDPHQWR
&RPDQGRGHDYDQoRUHFXR &RORTXHRFRPDQGRGDURWDØÔRGRPRWRU QXPD
&RPDQGRGDURWDomRGRPRWRU
0RGRGHWUDEDOKR SRVLØÔRDGHTXDGDNPK PSK
$SRVLØÔRGDVPXGDQØDVGRFLOLQGURÚLQGLFDGDQR
FHQWURGRYHORFÞPHWUR6HOHFFLRQHD
PXGDQØDYHORFLGDGHSDUDDWDUHID
OHQWR
UÒSLGR
,&&+)37SGI
2SHUDomR
'HVORTXHFXLGDGRVDPHQWHRFRPDQGRGH
DYDQØRUHFXR SDUDDIUHQWHRXSDUDWUÒV
GHSHQGHQGRGRVHQWLGRHPTXHGHVHMDUFRQGX]LU
$YHORFLGDGHDXPHQWDFRQVRDQWHDDODYDQFDÚ
DIDVWDGDGRSRQWRPRUWR
)LJXUD2YLVRUPRVWUDDVHOHFomRQR
PHLR WDUWDUXJDRXFRHOKR
&LOLQGURFRPPXGDQoDGHYHORFLGDGHVQR
LQWHUUXSWRUGHSRVLo}HV LQWHUUXSWRUGDSRVLomR
GDVPXGDQoDV
3RVLØÔR8WLOL]DGDSDUDFDSDFLGDGHPÒ[LPDGH
VXELGDHPSODQRLQFOLQDGRGXUDQWHDFRPSDFWDØÔR
FRPYLEUDØÔR
3RVLØÔR3RVLØÔRQRUPDO
3RVLØÔR8WLOL]DGDSDUDPÒ[LPDYHORFLGDGHGH
WUDQVSRUWHRXSDUDDSODLQDPHQWRVXDYHÑPÒ[LPD
YHORFLGDGHVHPYLEUDØÔR
'HVORTXHFXLGDGRVDPHQWHRFRPDQGRGH
)LJ3DLQHOGHFRPDQGRV DYDQØRUHFXR SDUDDIUHQWHRXSDUDWUÒV
,QWHUUXSWRUGHSRVLomRGDV GHSHQGHQGRGRVHQWLGRHPTXHGHVHMDUFRQGX]LU
PXGDQoDV
&RPDQGRGHDYDQoRUHFXR $YHORFLGDGHDXPHQWDFRQVRDQWHRFRPDQGRÚ
DIDVWDGRGRSRQWRPRUWR
$YHORFLGDGHGHYHVHUVHPSUHUHJXODGDDWUDYÚV
GRFRPDQGRGHDYDQØRUHFXRQXQFDDOWHUDQGRR
UHJLPHGHURWDØÔRGRPRWRU
9HULILTXHVHRWUDYmRGHHPHUJrQFLDHVWiD
IXQFLRQDUSUHPLQGRRERWmR FRPRFLOLQGURHP
DYDQoR/(172
,&&+)37SGI
2SHUDomR
%ORTXHLR3DUDJHPGHHPHUJrQFLD7UDYmRGH
HVWDFLRQDPHQWR9HULILFDU
2EORTXHLRDSDUDJHPGHHPHUJrQFLDHRWUDYmRGH
HVWDFLRQDPHQWRWrPGHVHUYHULILFDGRVGLDULDPHQWH
DQWHVGRIXQFLRQDPHQWR8PDYHULILFDomRGR
IXQFLRQDPHQWRGREORTXHLRHGDSDUDJHPGH
HPHUJrQFLDUHTXHUHPXPUHLQtFLR
$IXQomRGHEORTXHLRpYHULILFDGDSHORRSHUDGRUTXH
WHPGHVHOHYDQWDUGRDVVHQWRTXDQGRRFLOLQGURHVWiD
URGDUPXLWROHQWDPHQWHSDUDDIUHQWHWUiV 9HULILTXH
HPDPEDVDVGLUHFo}HV $JDUUHVHDRYRODQWHH
SUHSDUHVHSDUDXPDWUDYDJHPEUXVFD$FHQGHVHXP
DYLVRHDSyVVHJXQGRVRPRWRUpGHVOLJDGRHRV
WUDY}HVVmRDFWLYDGRV
9HULILTXHRIXQFLRQDPHQWRGDWUDYDJHPGHHPHUJrQFLD
SUHPLGRRERWmRGHSDUDJHPGHHPHUJrQFLDTXDQGRR
FLOLQGURDYDQoDUUHFXDUOHQWDPHQWH 9HULILTXHHP
DPEDVDVGLUHFo}HV $JDUUHVHDRYRODQWHH
SUHSDUHVHSDUDXPDWUDYDJHPEUXVFD2PRWRU
GHVOLJDVHHRVWUDY}HVVmRDFWLYDGRV
9HULILTXHRIXQFLRQDPHQWRGRWUDYmRGH
HVWDFLRQDPHQWRDFWLYDQGRRERWmRGRWUDYmRGH
HVWDFLRQDPHQWRTXDQGRRFLOLQGURDYDQoDUUHFXDU
PXLWROHQWDPHQWH 9HULILTXHHPDPEDVDVGLUHFo}HV
$JDUUHVHDRYRODQWHHSUHSDUHVHSDUDXPDWUDYDJHP
EUXVFDTXDQGRRVWUDY}HVVmRDFWLYDGRV2PRWRUQmR
VHGHVOLJD
,&&+)37SGI
2SHUDomR
'LUHFomRSLYRWDQWH $FHVVyULR
$PÒTXLQDWHPGHHVWDUQDSRVLØÔRGHIXQFLRQDPHQWR
SDUDDFWLYDUDGLUHFØÔRSLYRWDQWH8WLOL]HRVGRLV
ERWæHVIURQWDLV QRFRPDQGRGHDYDQØRUHFXRSDUD
RSHUDUDGLUHFØÔRSLYRWDQWH
3DUDYROWDUDFRORFDURURORWUDVHLURQDSRVLØÔRQHXWUD
DMXVWHRVERWæHV DWÚTXHRYLVRU LQGLTXHTXHD
PÒTXLQDDOLQKRXRVURORV
2VÞPERORSDUDRPRGRGHWUDEDOKRILFD
FRQVWDQWHPHQWHDFHVRQDSRVLØÔRQHXWUD URORV
)LJ&RPDQGRGHDYDQoRUHFXR DOLQKDGRV
2IIVHWGDGLUHFomR
6HIRUDSUHVHQWDGDXPDLQGLFDØÔRGHDYDULDQRYLVRU
RXVHREHVRXURFRPHØDUDVRDUSDUHLPHGLDWDPHQWH
RFLOLQGURQXPORFDOVHJXURHGHVOLJXHRPRWRU'LHVHO
/RFDOL]HHVROXFLRQHDFDXVDGDDYDULD FRQVXOWH
WDPEÚPRPDQXDOGHPDQXWHQØÔRRPDQXDOGH
UHVROXØÔRGHSUREOHPDVRXPDQXDOGRPRWRU
)LJXUD9LVRU
5HERUGDU $FHVVyULR
$PÒTXLQDWHPGHHVWDUDIXQFLRQDUSDUDDFWLYDUD
UHERUGHDGRUDFRPSDFWDGRUD
4XDQGRDPÒTXLQDHVWÒQDSRVLØÔRGHWUDEDOKRHR
LQWHUUXSWRU ÚSUHPLGRQDVXDSDUWHLQIHULRUD
UHERUGHDGRUDFRPSDFWDGRUDGHVFHDWÚÑVXSHUIÞFLHGH
DVIDOWRSRUPHLRGHXPFLOLQGURKLGUÒXOLFR3DUDUHSRU
DIHUUDPHQWDQDSRVLØÔRRULJLQDOSULPDDSDUWH
VXSHULRUGRLQWHUUXSWRUSDUDOHYDQWDUD
UHERUGHDGRUDFRPSDFWDGRUD
$IHUUDPHQWDWDPEÚPSRGHVHUOHYDQWDGDVHD
)LJXUD&RPXWDGRU PÒTXLQDHVWLYHUQDSRVLØÔRGHWUDQVSRUWH
5HERUGHDGRUDFRPSDFWDGRUD
FLPDEDL[R 8PDYÒOYXODGHGHVFDUJDLPSHGHDVREUHFDUJDGR
3XOYHUL]DGRU VLVWHPDKLGUÒXOLFR
UHERUGHDGRUDFRPSDFWDGRUD
3DUDHYLWDUTXHRDVIDOWRVHSHJXHÑ
UHERUGHDGRUDFRPSDFWDGRUDRRSHUDGRUGHYHXVDUR
VLVWHPDGHSXOYHUL]DØÔRVHSDUDGR2VLVWHPDÚ
RSHUDGRSRUPHLRGHXPLQWHUUXSWRU $ÒJXDÚ
DEDVWHFLGDQRUHVHUYDWäULRSULQFLSDOHÚDPHVPDTXH
VHXVDQRVLVWHPDGHSXOYHUL]DØÔRQRUPDO
,&&+)37SGI
2SHUDomR
2RSHUDGRUSRGHHVFROKHUHQWUHGXDVIHUUDPHQWDVD
UHERUGHDGRUDRXDFRPSDFWDGRUD1DILJXUDD
UHERUGHDGRUD HVWÒPRQWDGDQDSRVLØÔRGH
WUDEDOKR$FRPSDFWDGRUD SRGHIDFLOPHQWHWURFDU
GHOXJDUFRPDUHERUGHDGRUDVROWDQGRVHSDUDHVVH
ILPDXQLÔRDSDUDIXVDGD
)LJ0XGDQoDGHIHUUDPHQWD
&RPSDFWDGRUD
5HERUGHDGRUD
8QLmRDSDUDIXVDGD
6XSRUWHSDUDURGDGH
UHERUGHDGRUDFRPSDFWDGRUD
9LEUDomR
9LEUDomR0DQXDO$XWRPiWLFD
&RPRERWÔR VHOHFFLRQDVHD
DFWLYDØÔRGHVDFWLYDØÔRGDYLEUDØÔRDXWRPÒWLFDRX
PDQXDO
1DSRVLØÔRPDQXDORRSHUDGRUWHPTXHDFWLYDUD
YLEUDØÔRDWUDYÚVGRLQWHUUXSWRU QRFRPDQGRGH
DYDQØRUHFXR
1DSRVLØÔRDXWRPÒWLFD &$9 DYLEUDØÔRÚDFWLYDGD
TXDQGRDYHORFLGDGHSUHGHILQLGDÚDWLQJLGD$
YLEUDØÔRÚDXWRPDWLFDPHQWHGHVDFWLYDGDTXDQGRD
)LJXUD3DLQHOGHFRPDQGRV YHORFLGDGHPÞQLPDSUHGHILQLGDÚDWLQJLGD
&RQWURORDXWRPiWLFRGDYLEUDomR
&$9 $DFWLYDØÔRGDYLEUDØÔRSHODSULPHLUDYH]EHPFRPR
,QWHUUXSWRUYLEUDomROLJDUGHVOLJDU DGHVDFWLYDØÔRGDYLEUDØÔRDXWRPÒWLFDVÔR
6HOHFWRUGHYHORFLGDGH UHDOL]DGDVFRPRLQWHUUXSWRU QRFRPDQGRGH
DYDQØRUHFXR
/HPEUHVHTXHDYLEUDomRVySRGHVHUDFWLYDGD
TXDQGRDSRVLomRGHWUDEDOKRHVWiDFWLYDGDH
TXDQGRRVHOHFWRUGHYHORFLGDGH SDUDRPRWRU
HVWiQDSRVLomRDOWD +,
,&&+)37SGI
2SHUDomR
9LEUDomRPDQXDO/LJDomR
1XQFDDFWLYHDYLEUDØÔRFRPDPÒTXLQDSDUDGD
(VWDDFØÔRSRGHUÒGDQLILFDUWDQWRDVXSHUIÞFLH
FRPRDPÒTXLQD
2DFRSODUHGHVDFRSODUGDYLEUDØÔRÚIHLWRFRPR
LQWHUUXSWRU QDSDUWHGDIUHQWHGRFRPDQGRGH
DYDQØRUHFXR
'HVOLJXHVHPSUHDYLEUDØÔRDQWHVGRFLOLQGURSDUDU
FRPSOHWDPHQWH
)LJ&RPDQGRGHDYDQoRUHFXR
9LEUDomR/LJDU'HVOLJDU $EDL[DDPSOLWXGHDOWDIUHTXÛQFLDREWÚPVHRV
PHOKRUHVUHVXOWDGRVQDFRPSUHVVÔRGHFDPDGDVILQDV
GHDVIDOWRDWÚDSUR[LPDGDPHQWHPP SROHJDGDV
GHHVSHVVXUD
$PSOLWXGHIUHTXrQFLD&RPXWDomR
$FRPXWDØÔRGHDPSOLWXGHQÔRSRGHVHU
HIHFWXDGDFRPDYLEUDØÔRDIXQFLRQDU
'HVOLJXHDYLEUDØÔRHDJXDUGHDWÚHVWDWHU
FHVVDGRFRPSOHWDPHQWHDQWHVGHHIHFWXDUD
FRPXWDØÔRGHDPSOLWXGH
$RSUHPLURERWÔR REWÚPVHDDPSOLWXGHHOHYDGD
2VERWæHV H VÔRXWLOL]DGRVSDUDDFWLYDUDV
YLEUDØæHVQRURORGLDQWHLURRXQRWUDVHLURRXHP
DPERV
)LJ3DLQHOGHFRPDQGRV YLEUDØÔRQRURORGLDQWHLUR
$PSOLWXGHDOWD
9LEUDomRQRURORGLDQWHLUR YLEUDØÔRQRURORWUDVHLUR
9LEUDomRQRURORWUDVHLUR
7UDYDJHP3DUDJHP
7UDYDJHPQRUPDO
3ULPDRLQWHUUXSWRU SDUDGHVOLJDUDYLEUDØÔR
3DUHRFLOLQGURSRQGRRFRPDQGRGHDYDQØRUHFXR
HPSRQWRPRUWR
3ULPDVHPSUHRERWÔRGRWUDYÔRGHHVWDFLRQDPHQWR
DQWHVGHVDLUGDSODWDIRUPDGRRSHUDGRU
$RDUUDQFDUHFRQGX]LUFRPDPiTXLQDHPIULRR
TXHLPSOLFDyOHRKLGUiXOLFRIULRDVGLVWkQFLDVGH
WUDYDJHPVmRPDLVORQJDVGRTXHTXDQGRRyOHR
WLYHUDWLQJLGRDWHPSHUDWXUDQRUPDOGHWUDEDOKR
)LJ3DLQHOGHFRPDQGRV
,QWHUUXSWRUYLEUDomROLJDUGHVOLJDU
&RPDQGRGHDYDQoRUHFXR
%RWmRGRWUDYmRGH
HVWDFLRQDPHQWR
,&&+)37SGI
2SHUDomR
7UDYDJHPGHHPHUJrQFLD
$WUDYDJHPÚQRUPDOPHQWHHIHFWXDGDFRPRFRPDQGR
GHDYDQØRUHFXR4XDQGRHVWHFRPDQGRÚOHYDGR
SDUDDSRVLØÔRGHSRQWRPRUWRDWUDQVPLVVÔR
KLGURVWÒWLFDUHWDUGDHDEUDQGDRFLOLQGUR
2WUDYÔRPXOWLGLVFRH[LVWHQWHQDWUDQVPLVVÔRGHFDGD
URORIXQFLRQDFRPRXPWUDYÔRDRHVWDFLRQDU$FWLYDGR
FRPRFRPDQGRGRWUDYÔRGHHVWDFLRQDPHQWR QD
SRVLØÔRGRODGRGLUHLWR
3DUDSURFHGHUDXPDWUDYDJHPGHHPHUJrQFLD
)LJ3DLQHOGHFRPDQGRV SULPDRERWmRGHSDUDJHPGHHPHUJrQFLD
7UDYDJHPGHHPHUJrQFLD DJDUUHVHDRYRODQWHHSUHSDUHVHSDUDXPD
7UDYmRGHHVWDFLRQDPHQWR
WUDYDJHPEUXVFD2PRWRUSiUD
2PRWRU'LHVHOLUÒSDUDUHWHUÒTXHVHUQRYDPHQWH
SRVWRDWUDEDOKDU
$SäVXPDWUDYDJHPGHHPHUJÛQFLDRFRPDQGRGH
DYDQØRUHFXRWHPTXHVHUFRORFDGRHPSRQWRPRUWR
6HDDODYDQFDGHFRPDQGRIRUGHVORFDGDUDSLGDPHQWH
SDUDDIUHQWHSDUDWUÒV QDGLUHFØÔRSDUDDOÚPGD
SRVLØÔRGHSRQWRPRUWRRVLVWHPDPXGDSDUDRPRGR
GHUDPSDGHHPHUJÛQFLDSRUH[HPSORHPFDVRGH
SÓQLFRSDUDHQFXUWDUDGLVWÓQFLDGHWUDYDJHP2
PRGRGHUDPSDGHHPHUJÛQFLDÚPXLWRPDLV
UHSHQWLQRTXHDLQFOLQDØÔRQDSRVLØÔRGHWUDQVSRUWH
$FWLYHQRYDPHQWHRPRGRGHWUDEDOKRGHVORFDQGRD
DODYDQFDGHFRPDQGRSDUDDSRVLØÔRGHSRQWRPRUWR
'HVOLJDURPRWRU
&RORTXHRFRPDQGRGDURWDØÔRGRPRWRUQDSRVLØÔR
GHUDOHQWLHGHL[HRPRWRUDIXQFLRQDUGXUDQWHDOJXQV
PLQXWRVQRUDOHQWLSDUDDUUHIHFHU
9HULILTXHRYLVRUSDUDYHUVHKÒDOJXPDLQGLFDØÔRGH
DYDULD'HVOLJXHWRGDVDVOX]HVHRXWUDVIXQØæHV
HOÚFWULFDV
5RGHRLQWHUUXSWRUGHDUUDQTXH SDUDDHVTXHUGD
SDUDDSRVLØÔRGHGHVOLJDGR
(QFDL[HHSUHQGDDFREHUWXUDGRSDLQHOGH
LQVWUXPHQWRVVREUHRYLVRUHDSDUWHVXSHULRUGDFDL[D
)LJ3DLQHOGHFRPDQGRV GHFRPDQGRV QRVFLOLQGURVVHPFDELQD
9LVRU
&KDYHGHLJQLomR
,&&+)37SGI
2SHUDomR
(VWDFLRQDPHQWR
%ORTXHLRGRVURORV
1mRDEDQGRQHQXQFDDPiTXLQDFRPRPRWRU
'LHVHOHPIXQFLRQDPHQWRVHPSULPHLURWHU
DFWLYDGRRWUDYmRGHHVWDFLRQDPHQWR
$VVHJXUHVHGHTXHRFLOLQGURHVWiHVWDFLRQDGR
FRPVHJXUDQoDHTXHQmRFRQVWLWXLSHULJRRXWUDV
SHVVRDVTXHSDVVHPQRORFDO&DOFHRVURORV
TXDQGRHVWDFLRQDUHPGHFOLYH
)LJ3RVLFLRQDPHQWR
&DOoRVGHWUDYDJHP 1R,QYHUQRQÔRVHHVTXHØDGRULVFRGH
FRQJHODØÔR(VYD]LHRVGHSäVLWRVGHÒJXD
ERPEDVHWXEDJHQV
,QWHUUXSWRUSULQFLSDO
1RILQDOGRWXUQRGHWUDEDOKRGHVOLJXHRLQWHUUXSWRU
SULQFLSDOGDEDWHULD HUHWLUHDFKDYH
,VVRLPSHGLUÒTXHDEDWHULDVHGHVFDUUHJXHH
GLILFXOWDUÒRRDUUDQTXHHFRQGXØÔRGDPÒTXLQDD
SHVVRDVQÔRDXWRUL]DGDV)HFKHDVSRUWDVWDPSDVGH
VHUYLØRÑFKDYH
)LJXUD3RUWDGRPRWRUHVTXHUGD
,QWHUUXSWRUGDEDWHULD
,&&+)37SGI
2SHUDomR
,&&+)37SGI
(VWDFLRQDPHQWRGHORQJDGXUDomR
(VWDFLRQDPHQWRGHORQJDGXUDomR
3DUDXPSHUÞRGRGHHVWDFLRQDPHQWRGHORQJD
GXUDØÔR VXSHULRUDXPPÛV GHYHUÔRVHU
VHJXLGDVDVVHJXLQWHVLQVWUXØæHV
)LJ3URWHFØÔRGRFLOLQGURFRQWUDDVLQWHPSÚULHV
$QWHVGHSåUDPÒTXLQDQRYDPHQWHDWUDEDOKDURV
SRQWRVPDUFDGRVFRPXPDVWHULVFR GHYHUÔRVHUVHU
QRYDPHQWHFRORFDGRVQRHVWDGRDQWHVGR
HVWDFLRQDPHQWR
/DYHDPÒTXLQDHUHWRTXHRDFDEDPHQWRGDSLQWXUD
)LJ3URWHFomRGRFLOLQGURFRQWUDDV SDUDHYLWDUDIHUUXJHP
LQWHPSpULHV
7UDWHDVSHØDVH[SRVWDVFRPDJHQWHDQWLIHUUXJHP
OXEULILTXHEHPDPÒTXLQDHDSOLTXHPDVVDOXEULILFDQWH
QDVVXSHUIÞFLHVQÔRSLQWDGDV
0RWRU
&RQVXOWHDVLQVWUXØæHVGRIDEULFDQWHQRPDQXDOGR
PRWRUTXHDFRPSDQKDRFLOLQGUR
%DWHULD
'HVPRQWHDEDWHULDRXEDWHULDVGRFLOLQGUROLPSHD
SDUWHH[WHULRUHGÛOKHFDUJDGHFRQVHUYDØÔRXPDYH]
SRUPÛV
)LOWURGRDUWXERGHHVFDSH
&XEUDRILOWURGRDU FRQVXOWH&DGDKRUDVGH
RSHUDØÔRH&DGDKRUDVGHRSHUDØÔR RXD
UHVSHFWLYDDEHUWXUDGHDGPLVVÔRFRPSOÒVWLFRRXILWD
JRPDGD9HGHWDPEÚPDDEHUWXUDGRWXERGHHVFDSH
,VWRGHYHVHUIHLWRSDUDLPSHGLUDHQWUDGDGH
KXPLGDGHQRPRWRU
6LVWHPDGHiJXD
(VYD]LHWRGDDÒJXDGRGHSäVLWRHGHWRGDVDV
PDQJXHLUDV(VYD]LHDFDL[DGRILOWURHDERPEDGH
ÒJXD5HWLUHWRGRVRVERFDLVSXOYHUL]DGRUHV
&RQVXOWHDVVHFØæHVGHPDQXWHQØÔRSDUD6LVWHPD
GHÒJXDGUHQDJHP
'HSyVLWRGHFRPEXVWtYHO
(QFKDWRWDOPHQWHRGHSäVLWRGHFRPEXVWÞYHOGH
PDQHLUDDLPSHGLUTXHVHIRUPHFRQGHQVDØÔR
,&&+)37SGI
(VWDFLRQDPHQWRGHORQJDGXUDomR
5HVHUYDWyULRKLGUiXOLFR
(QFKDRUHVHUYDWäULRKLGUÒXOLFRDWÚÑPDUFDGHQÞYHO
VXSHULRU FRQVXOWH&DGDKRUDVGHRSHUDØÔR
&REHUWXUDVORQDROHDGD
&RORTXHDFREHUWXUDGRVLQVWUXPHQWRVVREUHRSDLQHO
GHLQVWUXPHQWRV
&XEUDRFLOLQGURLQWHLURFRPXPDORQDSURWHFWRUD$
ORQDGHYHVHUPDQWLGDXPSRXFRDFLPDGRVROR
$UPD]HQHVHSRVVÞYHODPÒTXLQDHPHVSDØRLQWHULRU
HGHSUHIHUÛQFLDQXPORFDOFRPWHPSHUDWXUD
FRQVWDQWH
&LOLQGURGDGLUHFomRGREUDGLoDVHWF
/XEULILTXHDKDVWHGRÛPERORGRFLOLQGURGDGLUHFØÔR
FRPPDVVDOXEULILFDQWHSDUDFRQVHUYDØÔR
/XEULILTXHWDPEÚPDVGREUDGLØDVGDVSRUWDVGR
FRPSDUWLPHQWRGRPRWRUHGDFDELQD
,&&+)37SGI
'LYHUVRV
'LYHUVRV
(OHYDomR
7UDQFDUDDUWLFXODomRGDGLUHFomR
$QWHVGHHOHYDUDPiTXLQDWUDQTXHDDUWLFXODomR
GDGLUHFomRSDUDLPSHGLUTXHHVWDVHWRUoD
UHSHQWLQDPHQWH
5RGHRYRODQWHGHIRUPDDTXHDRFLOLQGURILTXHD
GLUHLWRSDUDDIUHQWH
3ULPDRERWÔRGRWUDYÔRGHHVWDFLRQDPHQWRHGHVOLJXH
DPÒTXLQD
&RORTXHRVEORTXHLRVQDVELHODVGRFLOLQGURJXLDH
EORTXHLH
)LJXUD$UWLFXODomRQDSRVLomR
EORTXHDGD
&DYLOKDGHVHJXUDQoD
%ORTXHLR
3HVRYHUOHWUHLURGH
HOHYDØÔRQRFLOLQGUR
(OHYDomRGRFLOLQGUR
2SHVRPi[LPRGDPiTXLQDSRGHVHUOLGRQR
OHWUHLURGHHOHYDomR &RQVXOWHWDPEpPDV
(VSHFLILFDo}HVWpFQLFDV
2HTXLSDPHQWRGHHOHYDØÔRWDLVFRPRFRUUHQWHV
FDERVGHDØROLQJDVHJDQFKRVGHHOHYDØÔR
GHYHPHVWDUGLPHQVLRQDGRVGHIRUPDDFXPSULU
FRPRVUHJXODPHQWRVGHVHJXUDQØDUHOHYDQWHV
SDUDDHOHYDØÔRGRHTXLSDPHQWR
1mRSHUPDQHoDVREDPiTXLQDQHPSUy[LPRGD
PHVPDHVWDQGRHVWDLoDGD$VVHJXUHVHGHTXHRV
JDQFKRVGHHOHYDomRHVWmRILUPHVQDVVXDV
SRVLo}HV
)LJ&LOLQGURSUHSDUDGRSDUDVHU
HOHYDGR
/HWUHLURGHHOHYDomR
,&&+)37SGI
'LYHUVRV
3HVRYHUOHWUHLURGHHOHYDØÔRQRFLOLQGUR
(OHYDURFLOLQGURFRPRPDFDFR
2SHVRPi[LPRGDPiTXLQDSRGHVHUOLGRQR
OHWUHLURGHHOHYDomR &RQVXOWHWDPEpPDV
(VSHFLILFDo}HVWpFQLFDV
$VGLPHQVæHVGRGLVSRVLWLYRGHHOHYDØÔRFRPR
RPDFDFR RXHTXLYDOHQWHGHYHPHVWDUHP
FRQIRUPLGDGHFRPDVLQGLFDGDVQRV
UHJXODPHQWRVGHVHJXUDQØDUHIHUHQWHVDRV
GLVSRVLWLYRVGHHOHYDØÔR
1mRVHSRQKDSRUEDL[RGHXPDFDUJDHOHYDGD
&HUWLILTXHVHGHTXHRGLVSRVLWLYRGHHOHYDomRHVWi
EHPSUHVRQROXJDUHQXPDVXSHUItFLHQLYHODGDH
HVWiYHO
)LJXUD&LOLQGURHOHYDGRFRPRPDFDFR
/HWUHLURGHHOHYDomR
0DFDFR $PÒTXLQDVySRGHVHUHOHYDGDFRPXPPDFDFRRX
0DUFD DOJRVHPHOKDQWHFRORFDGRGHDFRUGRFRPDVPDUFDV
$HVWUXWXUDÚUHIRUØDGDQHVWHVORFDLVGHIRUPDD
VXSRUWDUDWHQVÔR6HOHYDQWDUHPTXDOTXHURXWUR
SRQWRSRGHUHVXOWDUHPGDQRVQDPÒTXLQDRXHP
IHULPHQWRVSHVVRDLV
'HVWUDQFDUDDUWLFXODomR
1ÔRVHHVTXHØDGHGHVWUDQFDUDDUWLFXODØÔRGD
GLUHFØÔRDQWHVGHFRPHØDUDRSHUDØÔR
'HVSURWHMDHUHWLUHRVGLVSRVLWLYRVGHEORTXHLRH
FRORTXHRVQRORFDOGHDUPD]HQDPHQWR
)LJXUD$UWLFXODomRQDSRVLomRDEHUWD
%ORTXHLR
5HERTXH6DOYDPHQWR
2FLOLQGURSRGHVHUGHVORFDGRDWÚPHWURVGH
DFRUGRFRPDVLQVWUXØæHVVHJXLQWHV
,&&+)37SGI
'LYHUVRV
5HERFDUSRUGLVWkQFLDVFXUWDVFRPRPRWRUD
WUDEDOKDU
$FWLYHRFRPDQGRGRWUDYmRGHHVWDFLRQDPHQWRH
SDUHWHPSRUDULDPHQWHRPRWRU'LHVHO&RPR
PHGLGDGHVHJXUDQoDSDUDTXHRFLOLQGURQmRUROH
FDOFHRVURORV
$EUDDSRUWDHVTXHUGDGRFRPSDUWLPHQWRGRPRWRUGH
IRUPDDWHUDFHVVRÑERPEDGHSURSXOVÔR
'HVDSHUWHDPEDVDVYÒOYXODVGHUHERTXH SRUFDV
$KH[DJRQDLVGRPHLR WUÛVYROWDVSDUDDHVTXHUGD
HQTXDQWRVXVWÚPDYÒOYXODPXOWLIXQØÔR SRUFDV
KH[DJRQDLVLQIHULRUHV $VYÒOYXODVHQFRQWUDPVHQR
IXQGRGDERPEDGHSURSXOVÔR
)LJ%RPEDGHSURSXOVmR
9iOYXODGHUHERTXH
9iOYXODGHPXOWLIXQomR 'HSRLVGHOLEHUWDUDSRUFDKH[DJRQDO $ DSHUWHR
SDUDIXVRGHDMXVWH % DWÚWRFDUQRSLQR & HURGH
PDLV®YROWD$YÒOYXODHVWÒDJRUDDEHUWD
3DUDVDLUGDSRVLØÔRGHGHULYDØÔRGHVDSHUWHR
SDUDIXVRGHDMXVWH % DWÚSDUDUHEORTXHLHQRYDPHQWH
DYÒOYXODFRPDSRUFDKH[DJRQDO $
3RQKDRPRWRU'LHVHODWUDEDOKDUHGHL[HRDRUDOHQWL
'HVDFWLYHRFRPDQGRGRWUDYÔRGHHVWDFLRQDPHQWRH
FRORTXHRFRPDQGRGHDYDQØRUHFXRQDSRVLØÔRGH
DYDQØRRXUHFXR6HDDODYDQFDGRFRPDQGRVH
HQFRQWUDUQDSRVLØÔRGHSRQWRPRUWRRVWUDYæHVQRV
PRWRUHVKLGUÒXOLFRVVÔRDFWLYDGRV
)LJXUD9iOYXODGHUHERTXH 2FLOLQGURSRGHDJRUDVHUUHERFDGRHDWÚGLULJLGRVHR
VLVWHPDGHGLUHFØÔRHVWLYHUDIXQFLRQDU
5HERFDUSRUGLVWkQFLDVFXUWDVFRPRPRWRU
SDUDGR
5HERTXHGHFLOLQGURVFRPEL
&RPRPHGLGDGHVHJXUDQoDFDOFHRVURORVSRLVD
PiTXLQDSRGHFRPHoDUDPRYHUVHTXDQGRRV
WUDY}HVIRUHPOLEHUWDGRVKLGUDXOLFDPHQWH
'HVDSHUWHDPEDVDVYÒOYXODVGHUHERTXHFRQIRUPH
GHVFULWRDQWHULRUPHQWH
$ERPEDGHOLEHUWDØÔRGRVWUDYæHVHVWÒFRORFDGD
DWUÒVGDSRUWDHVTXHUGDGRFRPSDUWLPHQWRGRPRWRU
)LJ9iOYXODGHOLEHUWDomRGRVWUDY}HV &HUWLILTXHVHTXHDYÒOYXOD HVWÒIHFKDGDSDUDWDO
9iOYXOD
0DQtSXORGDERPED DSHUWHFRPRERWÔR SDUDDGLUHLWD%RPEHLHFRPR
%RWmR PDQÞSXORGDERPED DWÚTXHRVWUDYæHVILTXHP
OLEHUWRV
&HUWLILTXHVHGHTXHDYÒOYXODÚUHSRVWDQDSRVLØÔR
DEHUWDGHSRLVGHFRQFOXÞGRRUHERTXH,VWRÚIHLWR
,&&+)37SGI
'LYHUVRV
URGDQGRRERWÔRSDUDDHVTXHUGDDWÚÑDWLQJLUD
SRVLØÔRWRWDOPHQWHSDUDIRUD
5HERTXHGRFLOLQGUR
$TXDQGRRUHERTXHVDOYDPHQWRRFLOLQGURWHP
TXHVHUWUDYDGRSHORYHtFXORGHUHERTXH8VH
VHPSUHDEDUUDGHUHERTXHSRLVRFLOLQGURQmRWHP
QHQKXPDFDSDFLGDGHGHWUDYDJHP
2FLOLQGURWHPTXHVHUUHERFDGROHQWDPHQWH
PÒ[NPK HDSHQDVGLVWÓQFLDVFXUWDV PÒ[
P
$TXDQGRGRUHERTXHVDOYDPHQWRGHXPDPÒTXLQDRV
GLVSRVLWLYRVGHUHERTXHWÛPTXHVHUOLJDGRVHP
DPERVRVRULIÞFLRVGHHOHYDØÔRQRGLDJUDPD
$FDUJDQÔRHVWÒGLYLGLGDXQLIRUPHPHQWHHQWUHRVGRLV
SHUQRV
$VIRUØDVGHWUDFØÔRGHYHPDFWXDUQRVHQWLGR
)LJ5HERTXH
ORQJLWXGLQDOGDPÒTXLQDFRQIRUPHPRVWUDGRQDILJXUD
&RQVXOWHDWDEHODHPEDL[RSDUDVDEHUDIRUØDGH
WUDFØÔRSHUPLWLGD
0RGHOR N1 OEI
&&+)&&+)
&&+)&&+)
,QYHUWDDVPHGLGDVGHUHERTXHHIHFWXDGDVÑ
ERPEDKLGUÒXOLFDHRXPRWRU
2OKDOGHUHERTXH
2FLOLQGURSRGHHVWDUHTXLSDGRFRPROKDOGHUHERTXH
2ROKDOGHUHERTXHQÔRVHGHVWLQDDVHUXWLOL]DGRSDUD
UHERTXHVDOYDPHQWR2ROKDOGHUHERTXHGHVWLQDVH
DSHQDVDSX[DUREMHFWRVTXHSHVHPQRPÒ[LPR
NJ OLEUDV
)LJ2OKDOGHUHERTXH
,&&+)37SGI
'LYHUVRV
&LOLQGURSUHSDUDGRSDUDWUDQVSRUWH
$QWHVGHLoDPHQWRRXWUDQVSRUWHEORTXHLHD
DUWLFXODomRGDGLUHFomR6LJDDVLQVWUXo}HVQDV
VHFo}HVUHVSHFWLYDV
$SOLTXHRWUDYÔRGHHVWDFLRQDPHQWR
&HUWLILTXHVHGHTXHDPÒTXLQDHVWÒHPSRQWRPRUWR
LVWRÚTXHRVURORVHVWÔRDOLQKDGRV
&DOFHRVURORVFRPFDOØRVGHWUDYDJHP TXH
GHYHUÔRHVWDUIL[RVDRYHÞFXORGHWUDQVSRUWH2FDOØR
WHPGHWHUXPÓQJXORGH¡HXPDDOWXUDPÞQLPDGH
FP SROHJDGDV 2VURORVWÛPGHWHUFDOØRV
WDQWRÑIUHQWHFRPRDWUÒV
)LJ3RVLFLRQDPHQWR &RORTXHDSRLRVVRERTXDGURGRUROR SDUDHYLWDU
&DOoRVGHWUDYDJHP VREUHFDUUHJDUDVXVSHQVÔRGHERUUDFKDGRUROR
$SRLRV
&LQWDV TXDQGRHVWHIRUSUHVRFRPFDERVHVWLFDGRUHV
%ORTXHLHDPÒTXLQDFRPRLQGLFDGRQDILJXUD
3UHQGDRFLOLQGURFRPFRUUHLDVQRVTXDWURFDQWRV2V
SRQWRVGHIL[DØÔRVÔRDSUHVHQWDGRVQRVDXWRFRODQWHV
&RORTXHDVFRUUHLDVHPSDUHVVLPÚWULFRVFUX]DQGRVH
HQWUHVL
&HUWLILTXHVHGHTXHDVFRUUHLDVRVEORFRVHRV
GLVSRVLWLYRVGHIL[DØÔRQRYHÞFXORGHWUDQVSRUWH
VÔRDSURYDGRVHWÛPDWHQVÔRGHWUDYDJHP
QHFHVVÒULD9HULILTXHDLQWHUYDORVUHJXODUHVVHDV
FRUUHLDVQÔRWÛPIROJD
1ÔRVHHVTXHØDGHYROWDUDFRORFDUDDUWLFXODØÔR
GDGLUHFØÔRQDSRVLØÔRGHVWUDQFDGDDQWHVGH
GDUQRYDPHQWHRDUUDQTXHÑPÒTXLQD
,&&+)37SGI
,QVWUXo}HVGHRSHUDomR5HVXPR
,&&+)37SGI
,QVWUXo}HVGHRSHUDomR5HVXPR
,QVWUXo}HVGHRSHUDomR5HVXPR
6LJDDV1250$6'(6(*85$1d$HVSHFLILFDGDVQR0DQXDOGHVHJXUDQoD
$VVHJXUHVHGHTXHWRGDVDVLQVWUXØæHVQDVHFØÔR0$187(1¸´2IRUDP
VHJXLGDV
/LJXHRLQWHUUXSWRUGDEDWHULD
3RQKDRFRPDQGRGHDYDQØRUHFXRHP32172025726HQWHVHQREDQFR
$SOLTXHRWUDYÔRGHHVWDFLRQDPHQWR
'HVDFWLYHDSDUDJHPGHHPHUJÛQFLD2FLOLQGURDUUDQFDVHPSUHQDSRVLØÔRGH
WUDQVSRUWH
&RORTXHRFRPDQGRGDURWDØÔRGRPRWRUQDSRVLØÔRGHUDOHQWL
3RQKDRPRWRUDWUDEDOKDUHGHL[HRDTXHFHU
&RORTXHRFRPDQGRGDURWDØÔRGRPRWRUQDSRVLØÔRGHWUDEDOKR
'HVHQJDWHRWUDYÔRGHHVWDFLRQDPHQWR
&RQGX]DRFLOLQGUR8WLOL]HFRPFXLGDGRRFRPDQGRGHDYDQoRUHFXR
9HULILTXHRVWUDY}HV7RPHHPFRQVLGHUDomRTXHDGLVWkQFLDGHWUDYDJHPp
PDLRUVHRyOHRKLGUiXOLFRHVWLYHUIULR
&RORTXHRERWÔRGRPRGRGDSRVLØÔRGHWUDQVSRUWHWUDEDOKRQDSRVLØÔRGH
WUDEDOKR
8VHDYLEUDØÔRDSHQDVTXDQGRRFLOLQGURHVWLYHUHPPRYLPHQWR
&HUWLILTXHVHGHTXHRVURORVVÔREHPSXOYHUL]DGRVFRPÒJXDTXDQGRQHFHVVÒULR
(0&$62'(3(5,*2
3UHVVLRQHR%272'(75$9$*(0'((0(5*Ç1&,$
$JDUUHVHDRYRODQWH
3UHSDUHVHSDUDXPDSDUDJHPEUXVFD
4XDQGRHVWDFLRQDU
$FWLYHRWUDYÔRGHHVWDFLRQDPHQWR
'HVOLJXHRPRWRUHEORTXHLHRVURORVVHRFLOLQGURHVWLYHUQXPDVXSHUIÞFLH
LQFOLQDGD
4XDQGRHOHYDU&RQVXOWHDVHFØÔRUHOHYDQWHQR0DQXDOGH,QVWUXØæHV
4XDQGRUHERFDU&RQVXOWHDVHFØÔRUHOHYDQWHQR0DQXDOGH,QVWUXØæHV
,&&+)37SGI
,QVWUXo}HVGHRSHUDomR5HVXPR
4XDQGRWUDQVSRUWDU&RQVXOWHDVHFØÔRUHOHYDQWHQR0DQXDOGH,QVWUXØæHV
4XDQGRUHERFDUVDOYDPHQWR&RQVXOWHDVHFØÔRUHOHYDQWHQR0DQXDOGH
,QVWUXØæHV
,&&+)37SGI
0DQXWHQomRSUHYHQWLYD
0DQXWHQomRSUHYHQWLYD
ºQHFHVVÒULDXPDPDQXWHQØÔRFRPSOHWDSDUDTXHD
PÒTXLQDIXQFLRQHVDWLVIDWRULDPHQWHHFRPRPÞQLPR
FXVWRSRVVÞYHO
$VHFØÔR0DQXWHQØÔRLQFOXLDPDQXWHQØÔRSHULäGLFD
TXHWHPGHVHUUHDOL]DGDQDPÒTXLQD
2VLQWHUYDORVGHPDQXWHQØÔRUHFRPHQGDGRV
DVVXPHPTXHDPÒTXLQDÚXWLOL]DGDQXPDPELHQWHH
HPFRQGLØæHVGHWUDEDOKRQRUPDLV
,QVSHFomRGHDFHLWDomRHHQWUHJD
$PÒTXLQDÚWHVWDGDHDMXVWDGDDQWHVGHVDLUGD
IÒEULFD
±FKHJDGDDQWHVGHVHUHQWUHJXHDRFOLHQWHGHYHVHU
UHDOL]DGDXPDLQVSHFØÔRGHHQWUHJDGHDFRUGRFRPD
OLVWDGHYHULILFDØÔRQRGRFXPHQWRGHJDUDQWLD
4XDLVTXHUGDQRVGHWUDQVSRUWHWÛPGHVHU
LPHGLDWDPHQWHDSUHVHQWDGRVÑHPSUHVDGHWUDQVSRUWH
*DUDQWLD
$JDUDQWLDVäÚYÒOLGDVHWLYHUVLGRUHDOL]DGDD
LQVSHFØÔRGHHQWUHJDHVWLSXODGDHDLQVSHFØÔRGH
DVVLVWÛQFLDVHSDUDGDGHDFRUGRFRPRGRFXPHQWRGH
JDUDQWLDHTXDQGRDPÒTXLQDWLYHUVLGRUHJLVWDGDSDUD
VHUXWLOL]DGDDRDEULJRGDJDUDQWLD
$JDUDQWLDQÔRÚYÒOLGDVHWLYHUHPVLGRSURYRFDGRV
GDQRVSRUDVVLVWÛQFLDLQDGHTXDGDXWLOL]DØÔR
LQFRUUHFWDGDPÒTXLQDXWLOL]DØÔRGHOXEULILFDQWHVH
IOXLGRVKLGUÒXOLFRVGLIHUHQWHVGRVHVSHFLILFDGRVQR
PDQXDORXVHWLYHUHPVLGRIHLWRVRXWURVDMXVWHVVHPD
DXWRUL]DØÔRQHFHVVÒULD
,&&+)37SGI
0DQXWHQomRSUHYHQWLYD
,&&+)37SGI
0DQXWHQomR/XEULILFDQWHVHVtPERORV
0DQXWHQomR/XEULILFDQWHVHVtPERORV
&DSDFLGDGHVGH
OtTXLGRV
5ROR
5ROR OLWURV TWV
7UDQVPLVVÔRGRUROR OLWURV TWV
'HSäVLWRKLGUÒXOLFR OLWURV TWV
0RWRU'LHVHO
äOHR OLWURV TWV
OÞTXLGRGHUHIULJHUDØÔR OLWURV TWV
VHPFDELQD
OÞTXLGRGHUHIULJHUDØÔR OLWURV TWV
FRPFDELQD
8WLOL]HVHPSUHOXEULILFDQWHVGHDOWDTXDOLGDGH
QDVTXDQWLGDGHVUHFRPHQGDGDV2H[FHVVRGH
PDVVDOXEULILFDQWHVRXGHäOHRSRGHPFDVXDU
VREUHDTXHFLPHQWRUHVXOWDQGRHPGHVJDVWH
SUHPDWXUR
$RRSHUDUDWHPSHUDWXUDVDPELHQWHV
H[WUHPDPHQWHDOWDVRXEDL[DVWHPVHTXH
XVDURXWURVFRPEXVWÞYHLVHOXEULILFDQWHV
&RQVXOWDUFDSÞWXOR,QVWUXØæHVHVSHFLDLVRX
FRQWDFWDU'\QDSDF
,&&+)37SGI
0DQXWHQomR/XEULILFDQWHVHVtPERORV
Ï/(2'(52/2 7HPSDPELHQWH¡&¡&
0RELO6+&
0$66$/8%5,),&$17( 6KHOO5HWLQD[/;RXHTXLYDOHQWH
&20%867Ë9(/ 9HUPDQXDOGHLQVWUXØæHVGRPRWRU
6tPERORVGHPDQXWHQomR
0RWRUQÞYHOGRäOHR )LOWURGHDU
0RWRUILOWURGHäOHR %DWHULD
5HVHUYDWäULRGRäOHRKLGUÒXOLFRQÞYHO 3XOYHUL]DGRU
ÄOHRKLGUÒXOLFRILOWUR ²JXDSDUDRVSXOYHUL]DGRUHV
5RORQÞYHOGRäOHR 5HFLFOÒYHO
ÄOHRSDUDOXEULILFDØÔR )LOWURGHFRPEXVWÞYHO
1ÞYHOGHUHIULJHUDQWH 0RWRUGDERPEDQÞYHOGRäOHR
3UHVVÔRGHDU 3XOYHUL]DGRUSQHXV
,&&+)37SGI
0DQXWHQomR3URJUDPDGHPDQXWHQomR
0DQXWHQomR3URJUDPDGHPDQXWHQomR
3RQWRVGHUHYLVmRHLQVSHFomR
)LJ3RQWRVGHUHYLVmRHLQVSHFomR
,&&+)37SGI
0DQXWHQomR3URJUDPDGHPDQXWHQomR
*HUDO
$VPHGLGDVGHPDQXWHQØÔRSHULäGLFDVGHYHPVHU
HIHFWXDGDVHPSULPHLUROXJDUGHDFRUGRFRPR
QëPHURGHKRUDVHVSHFLILFDGR(PVHJXQGROXJDU
SHORSHUÞRGRLQGLFDGRLVWRÚGLDULDPHQWH
VHPDQDOPHQWHHWF
5HPRYDVHPSUHWRGDDVXMLGDGHH[WHUQDDQWHV
GHDEDVWHFHURXDRFRQWURODURQÞYHOGHäOHRVH
FRPEXVWÞYHOHWDPEÚPDROXEULILFDUFRP
PDVVDRXäOHR
3DUDRPRWRUGHYHVHVHJXLUWDPEÚPDV
LQVWUXØæHVGRIDEULFDQWHTXHVHHQFRQWUDPQR
PDQXDOGRPRWRU
&DGDKRUDVGHRSHUDomR 'LDULDPHQWH
&RQVXOWHRFRQWHëGRSDUDORFDOL]DURQëPHURGD
SÒJLQDGDVVHFØæHVUHIHULGDV
,&&+)37SGI
0DQXWHQomR3URJUDPDGHPDQXWHQomR
$SyVDV35,0(,5$6KRUDVGHRSHUDomR
&RQVXOWHRFRQWHëGRSDUDORFDOL]DURQëPHURGD
SÒJLQDGDVVHFØæHVUHIHULGDV
&DGDKRUDVGHRSHUDomR 6HPDQDOPHQWH
&RQVXOWHRFRQWHëGRSDUDORFDOL]DURQëPHURGD
SÒJLQDGDVVHFØæHVUHIHULGDV
&DGDKRUDVGHRSHUDomR 0HQVDOPHQWH
&RQVXOWHRFRQWHëGRSDUDORFDOL]DURQëPHURGD
SÒJLQDGDVVHFØæHVUHIHULGDV
,&&+)37SGI
0DQXWHQomR3URJUDPDGHPDQXWHQomR
&DGDKRUDVGHRSHUDomR 7ULPHVWUDOPHQWH
&RQVXOWHRFRQWHëGRSDUDORFDOL]DURQëPHURGD
SÒJLQDGDVVHFØæHVUHIHULGDV
&DGDKRUDVGHRSHUDomR &DGDVHLV
PHVHV
&RQVXOWHRFRQWHëGRSDUDORFDOL]DURQëPHURGD
SÒJLQDGDVVHFØæHVUHIHULGDV
,&&+)37SGI
0DQXWHQomR3URJUDPDGHPDQXWHQomR
&DGDKRUDVGHRSHUDomR $QXDOPHQWH
&RQVXOWHRFRQWHëGRSDUDORFDOL]DURQëPHURGD
SÒJLQDGDVVHFØæHVUHIHULGDV
,&&+)37SGI
0DQXWHQomR3URJUDPDGHPDQXWHQomR
,&&+)37SGI
0DQXWHQomRK
0DQXWHQomRK
(VWDFLRQHRFLOLQGURQXPDVXSHUItFLHQLYHODGD
2PRWRUGHYHVHUGHVOLJDGRHRWUDYmRGH
HVWDFLRQDPHQWRGHYHVHUDFWLYDGRTXDQGR
YHULILFDURXDMXVWDURFLOLQGURVDOYR
HVSHFLILFDomRHPFRQWUiULR
*DUDQWDXPERPDUHMDPHQWR H[WUDFomRGHDU
TXDQGRRPRWRUIXQFLRQDUHPHVSDoRV
FHUUDGRV3HULJRGHHQYHQHQDPHQWRFRP
PRQy[LGRGHFDUERQR
0RWRU'LHVHO9HULILFDUQtYHOGRyOHR
7HPVHDFHVVRÑYDUHWDSHODSRUWDGLUHLWDGR
FRPSDUWLPHQWRGRPRWRU
7HQKDFXLGDGRFRPDVSHoDVTXHQWHVGRPRWRUH
UDGLDGRUDRUHWLUDUDYDUHWDGRyOHR3HULJRGH
TXHLPDGXUD
$YDUHWDHQFRQWUDVHQRODGRLQIHULRUQDSDUWHGLDQWHLUD
GRPRWRU
3X[HDYDUHWDSDUDIRUD HYHULILTXHVHRQÞYHOGR
äOHRVHHQFRQWUDHQWUHDVPDUFDVGHQÞYHOVXSHULRUH
LQIHULRU
)LJ&RPSDUWLPHQWRGRPRWRU
9DUHWD 3DUDPDLVLQIRUPDØÔRFRQVXOWHRPDQXDOGH
7DPSmRGHHQFKLPHQWRGHyOHR
LQVWUXØæHVGRPRWRU
,&&+)37SGI
0DQXWHQomRK
1tYHOGHOtTXLGRGHUHIULJHUDomR9HULILFDomR
9HULILTXHVHRQÞYHOGROÞTXLGRGHUHIULJHUDØÔRVH
HQFRQWUDHQWUHDVPDUFDVPÒ[HPÞQ
7HQKDRPi[LPRFXLGDGRQRFDVRGHVHU
QHFHVViULRDEULURWDPSmRGHHQFKLPHQWRTXDQGR
RPRWRUHVWLYHUTXHQWH8VHOXYDVHyFXORVGH
SURWHFomR
$RSURFHGHUDRHQFKLPHQWRXWLOL]HOÞTXLGRGH
UHIULJHUDØÔRFRPSRVWRGHGHÒJXDHGH
DQWLFRQJHODQWH&RQVXOWHDHVSHFLILFDØÔRGH
)LJ7DQTXHGHH[SDQVmR
OXEULILFDQWHVGHVWHPDQXDOHRPDQXDOGRPRWRU
7DPSmRGHHQFKLPHQWR 0XGHROÞTXLGRGHUHIULJHUDØÔRHODYHRVLVWHPDD
0DUFDVGHQtYHO FDGDGRLVDQRV9HULILTXHWDPEÚPVHRDUFLUFXOD
OLYUHPHQWHDWUDYÚVGRUHVHUYDWäULR
'HSyVLWRGRFRPEXVWtYHO(QFKLPHQWR
1XQFDPHWDFRPEXVWtYHOFRPRPRWRUD
WUDEDOKDU1mRIXPHHHYLWHGHUUDPDU
FRPEXVWtYHO
2WXERGHHQFKLPHQWRHDWDPSDGRGHSäVLWR
HQFRQWUDPVHQRODGRHVTXHUGRGRFKDVVLVIURQWDO
$WHVWHRGHSäVLWRGHFRPEXVWÞYHOGLDULDPHQWHDQWHV
)LJ'HSyVLWRGRFRPEXVWtYHO GHLQLFLDURWUDEDOKRRXHQFKDRGHSäVLWRTXDQGRR
7DPSDGRGHSyVLWR WUDEDOKRHVWLYHUFRQFOXÞGR'HVDSHUWHHUHPRYDD
7XERGHHQFKLPHQWR WDPSDGRGHSäVLWR HDWHVWHDWÚÑH[WUHPLGDGH
LQIHULRUGRWXERGHHQFKLPHQWR
2GHSäVLWRWHPFDSDFLGDGHSDUDOLWURV
JDOæHV GHFRPEXVWÞYHO3DUDLQIRUPDØÔRVREUHD
TXDOLGDGHGRFRPEXVWÞYHOFRQVXOWHRPDQXDOGRPRWRU
,&&+)37SGI
0DQXWHQomRK
5HVHUYDWyULRGRyOHRKLGUiXOLFR9HULILFDomR
GRQtYHOGRyOHR
3RVLFLRQHRFLOLQGURQXPDVXSHUIÞFLHSODQDHYHULILTXH
DWUDYÚVGRYLVRUGHQÞYHO VHRQÞYHOGRäOHRVH
HQFRQWUDHQWUHDVPDUFDVGHPÒ[HPÞQ6HRQÞYHO
HVWLYHUGHPDVLDGREDL[RDGLFLRQHäOHRKLGUÒXOLFRGH
DFRUGRFRPDVHVSHFLILFDØæHVGHOXEULILFDQWHV
)LJXUD5HVHUYDWyULRKLGUiXOLFR
9LVRUGHQtYHOGRyOHR
7DPSmRGHHQFKLPHQWR
'HSyVLWRGHiJXDSDGUmR(QFKLPHQWR
2WDPSÔRGHHQFKLPHQWRHQFRQWUDVHQRODGR
HVTXHUGRWUDVHLURQRFKDVVLVIURQWDO
$PÒTXLQDWDPEÚPSRGHVHUIL[DFRPRHQFKLPHQWR
GHDPERVODGRV
4XDQGRHQFKHUDPÒTXLQDUDSLGDPHQWHFRPGXDV
WXEDJHQVGHHQFKLPHQWRGHVDSHUWHDWDPSDGR
GHSäVLWRSHORODGRFRQWUÒULRDRGRHQFKLPHQWRSDUD
YHQWLODURUHVHUYDWäULRGHÒJXD
'HVDSHUWHHUHPRYDDWDPSDGRGHSäVLWR H
HQFKDFRPÒJXDOLPSD1ÔRUHWLUHRFRDGRU
)LJXUD'HSyVLWRGHiJXDSDGUmR
7DPSDGRGHSyVLWR
,&&+)37SGI
0DQXWHQomRK
6LVWHPDSXOYHUL]DGRU5ROR
9HULILFDU
3RQKDRVLVWHPDGHSXOYHUL]DØÔRDIXQFLRQDUH
YHULILTXHVHKÒERFDLV HQWXSLGRV6HQHFHVVÒULR
OLPSHRVERFDLVHQWXSLGRVEHPFRPRRSUÚILOWURMXQWR
ÑERPEDGDÒJXD &RQVXOWHDVHFØÔRVHJXLQWH
)LJXUD5RORGLDQWHLUR
%RFDO
/LPSDURSUpILOWUR
3DUDOLPSDURSUÚILOWUR DEUDDWRUQHLUDGH
GUHQDJHP QRILOWURHGHL[HDVXMLGDGHVDLU
6HQHFHVVÒULRIHFKHDWRUQHLUD HOLPSHRILOWURHD
FDL[DGRILOWUR9HULILTXHVHDMXQWDGHERUUDFKDGD
FDL[DGRILOWURHVWÒLQWDFWD
$SäVDYHULILFDØÔRHOLPSH]DUHSRQKDRV
FRPSRQHQWHVHLQLFLHRVLVWHPDSDUDYHULILFDUVHHVWÒ
DIXQFLRQDU
([LVWHXPDWRUQHLUDGHGUHQDJHP QRHVSDØRSDUD
RVLVWHPDGHERPEDJHP2GHSäVLWRHRVLVWHPDGH
ERPEDJHPSRGHPVHUGUHQDGRVDWUDYÚVGHVWD
WRUQHLUD
)LJXUD6LVWHPDGHERPEDJHPODGR ºSRVVÞYHOLQVWDODUXPDERPEDH[WUD QRFDVRGD
GLUHLWRGRFKDVVLVIURQWDO ERPEDGHÒJXDSDGUÔRGHL[DUGHIXQFLRQDU&RQVXOWH
3UpILOWUR DVHFØÔRVREUHDSXOYHUL]DØÔRGHHPHUJÛQFLD
7RUQHLUDGHIHFKDPHQWR
7RUQHLUDGHGUHQDJHPILOWUR
%RPEDGDiJXD 3DUDGUHQDUWRWDOPHQWHRVLVWHPDGHSXOYHUL]DØÔR
7RUQHLUDGHGUHQDJHP FRQVXOWHDVHFØÔR6LVWHPDGHLUULJDØÔR'UHQDU
%RPEDH[WUD DFHVVyULR KRUDV
,&&+)37SGI
0DQXWHQomRK
6LVWHPDGHSXOYHUL]DomR5ROR
/LPSH]DGRERFDOSXOYHUL]DGRU
'HVPRQWHPDQXDOPHQWHRERFDOHQWXSLGR
6RSUHSHORERFDOHRILOWURILQR FRPDUFRPSULPLGR
(PDOWHUQDWLYDPRQWHDVSHØDVGHVXEVWLWXLØÔRH
OLPSHPDLVWDUGHDVHQWXSLGDV
%RFDO &RU PP OPLQ JDOPLQ
EDU SVL
)LJXUD%RFDO 3DGUÔR DPDUHOR
&DVTXLOKRERFDOILOWUR
(PEDODJHP 2SØÔR D]XO
2SØÔR YHUPHOKR
2SØÔR FDVWDQKR
$SäVDYHULILFDØÔRHHYHQWXDOOLPSH]DSRQKDR
VLVWHPDDWUDEDOKDUHYHULILTXHRIXQFLRQDPHQWR
8VHyFXORVGHSURWHFomRDRWUDEDOKDUFRPDU
FRPSULPLGR
3XOYHUL]DomRGHHPHUJrQFLD $FHVVyULR
%RPEDH[WUDQRVLVWHPDGHERPEDJHP
6HDERPEDGHÒJXDSDUDUDERPEDH[WUDLUÒ
DVVHJXUDURIXQFLRQDPHQWRGRVLVWHPDGH
SXOYHUL]DØÔR
/LJXHRFDERHOÚFWULFRHDVPDQJXHLUDVGHÒJXDÑ
ERPEDH[WUDHPYH]GDERPEDSDGUÔR
$VPDQJXHLUDVGDÒJXDVÔROLJDGDVÑERPEDFRP
XQLæHVUÒSLGDVSDUDVLPSOLILFDUDGUHQDJHPHTXDQGR
DSURSULDGRDVXEVWLWXLØÔRSDUDXPDERPEDGH
UHVHUYD RSØÔR
)LJXUD3DLQHOQRODGRGLUHLWRGR
FKDVVLVIURQWDO
%RPEDH[WUD
,&&+)37SGI
0DQXWHQomRK
5DVSDGHLUDVHOiVWLFDV
9HULILFDU
9HULILTXHVHDVUDVSDGHLUDVHVWÔRLQWDFWDV
/LEHUWDUFRPREUDØR
'HVDSHUWDQGRRVSDUDIXVRV SRGHVHDMXVWDUD
OÓPLQDGDUDVSDGHLUDSDUDFLPDRXSDUDEDL[R
)LJXUD5DVSDGHLUDVH[WHULRUHV
%UDoRGHOLEHUWDomR
/kPLQDGHUDVSDGHLUD
3DUDIXVRGHDMXVWH
3RGHPDFXPXODUVHUHVWRVGHDVIDOWRQDUDVSDGHLUD
DIHFWDQGRDSUHVVÔRGHFRQWDFWR/LPSHVHQHFHVVÒULR
4XDQGRHPFRQGXØÔRGHWUDQVSRUWHDV
UDVSDGHLUDVGHYHUÔRVHUDIDVWDGDVGRVURORV
)LJXUD5DVSDGHLUDVLQWHULRUHV
%UDoRGHOLEHUWDomR
3HJDGHHOHYDomR
5DVSDGHLUDV
'HILQLomR$MXVWH
6ROWHDXQLGDGHGHUHWHQØÔR GRVXSRUWHGD
UDVSDGHLUDHGHVDSHUWHRSDUDIXVRGHDMXVWH SDUD
VROWDU
(PSXUUHRVXSRUWHGDUDVSDGHLUDSDUDGHQWURHDSHUWH
$MXVWHRSDUDIXVR GHPRGRDTXHDOÓPLQDGD
UDVSDGHLUDILTXHDDSUR[LPDGDPHQWHPP SRO
GRURORQRPHVPRODGRGRSDUDIXVR
$MXVWHRVXSRUWHGDUDVSDGHLUDSDUDGHQWURRXSDUD
IRUDQRODGRRSRVWRGHIRUPDDILFDUXPDIROJDLJXDO
HQWUHHOÓPLQDHRURORGDUDVSDGHLUDHDSHUWHD
XQLGDGHGHUHWHQØÔR
PP
SRO
,&&+)37SGI
0DQXWHQomRK
2SDUDIXVRGHDMXVWH ÚDMXVWDGRDWÚDOÓPLQDGD
UDVSDGHLUDWHUXPDIROJDGHDSUR[LPDGDPHQWHPP
SRO HPUHODØÔRDRFLOLQGURRXDWÚILFDUVROWD
HQFRVWDGDDRFLOLQGURDWRGRRFRPSULPHQWR
$SHUWHDFRQWUDSRUFD
)LJXUD'HILQLomRGDUDVSDGHLUD
8QLGDGHGHUHWHQomR
3DUDIXVRGHDMXVWH
&RQWUDSRUFD
,&&+)37SGI
0DQXWHQomRK
,&&+)37SGI
0DQXWHQomRK
0DQXWHQomRK
(VWDFLRQHRFLOLQGURQXPDVXSHUItFLHQLYHODGD
2PRWRUGHYHVHUGHVOLJDGRHRWUDYmRGH
HVWDFLRQDPHQWRGHYHVHUDFWLYDGRTXDQGR
YHULILFDURXDMXVWDURFLOLQGURVDOYR
HVSHFLILFDomRHPFRQWUiULR
*DUDQWDXPERPDUHMDPHQWR H[WUDFomRGHDU
TXDQGRRPRWRUIXQFLRQDUHPHVSDoRV
FHUUDGRV3HULJRGHHQYHQHQDPHQWRFRP
PRQy[LGRGHFDUERQR
9HULILFDomRGR
)LOWURGRDU0XGHRILOWURGHDUSULQFLSDO
6XEVWLWXDRHOHPHQWRSULQFLSDOGRILOWURGRDU
TXDQGRDOÓPSDGDGHDYLVRDFHQGHUQRSDLQHOGH
LQVWUXPHQWRVHVWDQGRRPRWRUDIXQFLRQDUDR
PÒ[LPR
6ROWHRVFOLSV UHWLUHHPVHJXLGDDWDPSD H
H[WUDLDRILOWURSULQFLSDO
1ÔRUHWLUHRILOWURGHVHJXUDQØD
6HIRUQHFHVVÒULROLPSHRILOWURGHDUFRQVXOWHD
VHFØÔR)LOWURGHDU/LPSH]D
4XDQGRVXEVWLWXLURILOWURSULQFLSDO LQVLUDXPQRYR
ILOWURHYROWHDLQVWDODURILOWURGHDUSHODRUGHPLQYHUVD
)LJ)LOWURGRDU 9HULILTXHRHVWDGRGDYÒOYXODGHSRHLUD VXEVWLWXD
&OLSV
7DPSD VHQHFHVVÒULR
)LOWURSULQFLSDO
)LOWURGHVHJXUDQoD 4XDQGRUHLQVWDODUDWDPSDFHUWLILTXHVHGHTXHD
&DL[DGRILOWUR YÒOYXODGHSRHLUDHVWÒYLUDGDSDUDEDL[R
9iOYXODGHSRHLUD
,&&+)37SGI
0DQXWHQomRK
)LOWURGHVHJXUDQoD0XGDU
6XEVWLWXDRILOWURGHVHJXUDQØDSRUXPQRYRDFDGD
WHUFHLUDVXEVWLWXLØÔRGRILOWURSULQFLSDO
2ILOWURGHVHJXUDQØDQÔRSRGHVHUOLPSR
3DUDVXEVWLWXLURILOWURGHVHJXUDQØD SX[HRILOWUR
YHOKRSDUDIRUDGRVXSRUWHFRORTXHXPILOWURQRYRH
PRQWHGHQRYRRFRQMXQWRSRURUGHPLQYHUVD
6HIRUQHFHVVÒULROLPSHRILOWURGHDUFRQVXOWHD
VHFØÔR)LOWURGHDU/LPSH]D
)LJ)LOWURGRDU
)LOWURGHVHJXUDQoD
)LOWURGHDU
±/LPSDU
/LPSHRLQWHULRUGDWDPSD HGDFDL[DGRILOWUR
&RQVXOWHDLOXVWUDØÔRDQWHULRU
/LPSHDPERVRVODGRVGRWXERGHVDÞGD
/LPSHWDPEÚPDPEDVDVVXSHUIÞFLHVGRWXERGH
VDÞGD&RQVXOWHDILJXUDDGMDFHQWH
9HULILTXHVHDVEUDØDGHLUDVGRVWXERVHQWUHD
FDL[DGRILOWURHRWXERGHDGPLVVÔRHVWÔR
DSHUWDGDVHVHRVWXERVHVWÔRLQWDFWRV9HULILTXH
DWXEDJHPWRGDDWÚDRPRWRU
([WUHPLGDGH ([WUHPLGDGHH[WHUQD
LQWHUQDGRWXERGH GRWXERGHVDÞGD
VDÞGD
,&&+)37SGI
0DQXWHQomRK
7UDQVPLVVmRGRUROR9HULILFDomRGRQtYHOGR
yOHR
/LPSHHPUHGRUGREXMÔRGHQÞYHO HGHVDSHUWHHP
VHJXLGDREXMÔR
9HULILTXHVHRQÞYHOGRäOHRDOFDQØDDWÚÑHVTXLQD
LQIHULRUGDDEHUWXUDGREXMÔR
6HRQÞYHOHVWLYHUEDL[RHQFKDFRPäOHRDWÚDRQÞYHO
FRUUHFWR8VHäOHRGHWUDQVPLVVÔR&RQVXOWHD
HVSHFLILFDØÔRGHOXEULILFDQWHV
3RGHVHUQHFHVVÒULRUHPRYHURVHQVRUGHYHORFLGDGH
GXUDQWHRHQFKLPHQWRGRURORGLDQWHLUR
/LPSHHPRQWHQRYDPHQWHRVEXMæHV
)LJ9HULILFDomRGRQtYHOGRyOHR
WUDQVPLVVmRGRUROR
%XMmRGHQtYHO
%XMmRGHHQFKLPHQWR
)LOWURGHFRPEXVWtYHO'UHQDU
'HVDSHUWHREXMÔRGHGUHQDJHP QDSDUWHLQIHULRU
GRILOWUR
&RPDDMXGDGDERPEDDX[LOLDUPDQXDODVVHJXUHD
UHPRØÔRGHWRGRVRVVHGLPHQWRV&RQVXOWHRPDQXDO
GHPDQXWHQØÔR&XPPLQV
$VVLPTXHFRPHØDUDVDLUDSHQDVFRPEXVWÞYHOOLPSR
IHFKHQRYDPHQWHREXMÔRGHGUHQDJHP
)LJXUD)LOWURGHFRPEXVWtYHO
%XMmRGHGUHQDJHP
%RPEDPDQXDO
,&&+)37SGI
0DQXWHQomRK
$UFRQGLFLRQDGR $FHVVyULR
9HULILFDU
(VWDFLRQHRFLOLQGURQXPSDYLPHQWRSODQR
FRORTXHFDOoRVVREDURGDVHSUHVVLRQHR
FRPDQGRGRWUDYmRGHHVWDFLRQDPHQWR
&RPDXQLGDGHHPIXQFLRQDPHQWRHFRPDDMXGDGR
YLVRU YHULILTXHVHQÔRKÒEROKDVYLVÞYHLVQRILOWUR
GHVHFDJHP
3UHVVLRQHVHPSUHRFRPDQGRGRWUDYmRGH
HVWDFLRQDPHQWR
2ILOWURHQFRQWUDVHQDSDUWHVXSHULRUGDSDUWHWUDVHLUD
GRWHFWRGDFDELQD6HKRXYHUEROKDVYLVÞYHLVQRYLVRU
VLJQLILFDTXHRQÞYHOGHOÞTXLGRGHUHIULJHUDØÔRHVWÒ
GHPDVLDGREDL[R3DUHDXQLGDGHSDUDHYLWDURULVFR
GHGDQRV(QFKDFRPDJHQWHUHIULJHUDQWH
)LJ)LOWURGHVHFDJHP
9LVRU
6XSRUWHGRILOWUR
$UFRQGLFLRQDGR $FHVVyULR
/LPSH]D
4XDQGRVHYHULILFDUXPDSHUGDDFHQWXDGDGD
FDSDFLGDGHGHUHIULJHUDØÔROLPSHRHOHPHQWRGR
FRQGHQVDGRU ORFDOL]DGRQDH[WUHPLGDGHWUDVHLUDGR
WHFWRGDFDELQD
)LJ&DELQD
(OHPHQWRGRFRQGHQVDGRU
,&&+)37SGI
0DQXWHQomRK
0DQXWHQomRK
(VWDFLRQHRFLOLQGURQXPDVXSHUItFLHQLYHODGD
2PRWRUGHYHVHUGHVOLJDGRHRWUDYmRGH
HVWDFLRQDPHQWRGHYHVHUDFWLYDGRTXDQGR
YHULILFDURXDMXVWDURFLOLQGURVDOYR
HVSHFLILFDomRHPFRQWUiULR
*DUDQWDXPERPDUHMDPHQWR H[WUDFomRGHDU
TXDQGRRPRWRUIXQFLRQDUHPHVSDoRV
FHUUDGRV3HULJRGHHQYHQHQDPHQWRFRP
PRQy[LGRGHFDUERQR
5DGLDGRUGRyOHRKLGUiXOLFR
9HULILFDU±/LPSDU
2VUDGLDGRUHVGHÒJXDHGHäOHRKLGUÒXOLFRSRGHPVHU
DFHGLGRVFRPDJUHOKDGRUDGLDGRU UHPRYLGD
9HULILTXHVHRDUSDVVDVHPLPSHGLPHQWRDWUDYÚVGR
UDGLDGRU8PUDGLDGRUVXMRSRGHVHUOLPSRFRPDU
FRPSULPLGRRXODYDGRFRPMDFWRGHÒJXDDDOWD
SUHVVÔR
7RPHHVSHFLDODWHQØÔRDRXWLOL]DUMDFWRGHDOWD
SUHVVÔR1ÔRPDQWHQKDRERFDOGRMDFWRGHÒJXD
GHPDVLDGRSUä[LPRGRUDGLDGRU
)LJXUD5DGLDGRU
5DGLDGRUGRDUGHUHFDUJD
5DGLDGRUGHiJXD
5DGLDGRUGRyOHRKLGUiXOLFR 8VHyFXORVSURWHFWRUHVDRWUDEDOKDUFRPDU
*UHOKDGRUDGLDGRU
FRPSULPLGRRXODYDJHPjSUHVVmR
,&&+)37SGI
0DQXWHQomRK
$UFRQGLFLRQDGR $FHVVyULR
9HULILFDU
,QVSHFFLRQHDVPDQJXHLUDVHOLJDØæHVGRDJHQWH
UHIULJHUDQWHHFHUWLILTXHVHGHTXHQÔRKÒVLQDOGH
SHOÞFXODGHäOHRRTXHSRGHULDLQGLFDUIXJDGRDJHQWH
UHIULJHUDQWH
)LJ$UFRQGLFLRQDGR
0DQJXHLUDVGRUHIULJHUDQWH
(OHPHQWRGRFRQGHQVDGRU
%DWHULD
9HULILFDUHVWDGR
$VEDWHULDVHVWÔRVHODGDVHQÔRQHFHVVLWDPGH
TXDOTXHUWLSRGHSURFHGLPHQWRGHPDQXWHQØÔR
1XQFDXVHFKDPDDEHUWDDRYHULILFDURQtYHOGH
HOHFWUyOLWR4XDQGRRDOWHUQDGRUHVWiDFDUUHJDU
IRUPDVHJiVH[SORVLYRQDEDWHULD
)LJXUD%DWHULDV
$RGHVPRQWDUDEDWHULDGHVOLJXHVHPSUH
SULPHLURRFDERQHJDWLYR$RPRQWDUDEDWHULD
OLJXHVHPSUHSULPHLURRFDERSRVLWLYR
2VWHUPLQDLVGRVFDERVWÛPTXHHVWDUFRUUHFWDPHQWH
DSHUWDGRVHOLPSRV2VWHUPLQDLVGHFDERVFRUURÞGRV
GHYHUÔRVHUOLPSRVHEHVXQWDGRVFRPYDVHOLQD
DOFDOLQD
/LPSHDSDUWHVXSHULRUGDEDWHULD
,&&+)37SGI
0DQXWHQomRK
5HERUGHDGRUD $FHVVyULR
/XEULILFDU
&RQVXOWHDVHFomRGHRSHUDomRSDUDPDLV
LQIRUPDo}HVVREUHFRPRWUDEDOKDUFRPD
UHERUGHDGRUD
/XEULILTXHRVGRLVSRQWRVLQGLFDGRVQDILJXUD
$OXEULILFDØÔRGHYHUÒVHUIHLWDFRPPDVVDOXEULILFDQWH
FRQVXOWHDVHVSHFLILFDØæHVGHOXEULILFDQWHV
/XEULILTXHWRGRVRVSRQWRVGHDUWLFXODØÔRFRP
)LJXUD'RLVSRQWRVGHOXEULILFDomR ERPEDGDVGDERPEDGHPDVVD
SDUDDUHERUGHDGRUD
,&&+)37SGI
0DQXWHQomRK
,&&+)37SGI
0DQXWHQomRK
0DQXWHQomRK
(VWDFLRQHRFLOLQGURQXPDVXSHUItFLHQLYHODGD
2PRWRUGHYHVHUGHVOLJDGRHRWUDYmRGH
HVWDFLRQDPHQWRGHYHVHUDFWLYDGRTXDQGR
YHULILFDURXDMXVWDURFLOLQGURVDOYR
HVSHFLILFDomRHPFRQWUiULR
*DUDQWDXPERPDUHMDPHQWR H[WUDFomRGHDU
TXDQGRRPRWRUIXQFLRQDUHPHVSDoRV
FHUUDGRV3HULJRGHHQYHQHQDPHQWRFRP
PRQy[LGRGHFDUERQR
0RWRU'LHVHO
0XGDURyOHR
2EXMÔRGHGUHQDJHPGRäOHRGRPRWRUHVWÒ
ORFDOL]DGRSRUEDL[RGRFKDVVLVWUDVHLURQRODGRGLUHLWR
GDPÒTXLQD3DUDDFHGHUDREXMÔRGHGUHQDJHP
UHWLUHSULPHLURREXMÔRGHERUUDFKDQDSDUWHLQIHULRUGR
FKDVVLV
'UHQHRäOHRHQTXDQWRRPRWRUHVWÒTXHQWH&RORTXH
XPUHFLSLHQWHFRPXPDFDSDFLGDGHPÞQLPDGH
OLWURV TWV SRUEDL[RGRVEXMæHVGHGUHQDJHP
7RPHH[WUHPRFXLGDGRDRGUHQDURyOHRGRPRWRU
8VHOXYDVHyFXORVGHSURWHFomR
'HVDSHUWHREXMÔRGHGUHQDJHP 'HL[HRäOHRWRGR
HVFRUUHUSDUDIRUDHPRQWHQRYDPHQWHREXMÔR
)LJXUD3DUWHLQIHULRUGRFKDVVLV
(QWUHJXHRäOHRGUHQDGRSDUDVHUFRUUHFWDPHQWH
WUDVHLUR HOLPLQDGRGHIRUPDHFROäJLFD
'UHQDJHPGRyOHRGRPRWRU
'LHVHO
(QFKDFRPäOHRQRYR3DUDLQIRUPDØÔRVREUHD
TXDOLGDGHFRUUHFWDGRäOHRFRQVXOWHDVHVSHFLILFDØæHV
GHOXEULILFDQWHVRXRPDQXDOGHLQVWUXØæHVGRPRWRU
(QFKDVHJXQGRRYROXPHQHFHVVÒULRGHäOHRGH
PRWRU&RQVXOWHDVHVSHFLILFDØæHVWÚFQLFDVDQWHVGH
FRORFDUDPÒTXLQDDWUDEDOKDU'HL[HRPRWRUD
IXQFLRQDUGXUDQWHDOJXQVPLQXWRVQRUDOHQWLHHP
VHJXLGDGHVOLJXHRPRWRU
9HULILTXHQDYDUHWDGHQÞYHOVHRPRWRUWHPRQÞYHO
FRUUHFWRGHäOHR3DUDGHWDOKHVFRQVXOWHRPDQXDOGR
,&&+)37SGI
0DQXWHQomRK
PRWRU$WHVWHFRPäOHRVHQHFHVVÒULRDWÚÑPDUFDQD
YDUHWD
0RWRU
6XEVWLWXLURILOWURGHyOHR
2ILOWURGRäOHR HVWÒORFDOL]DGRQDSDUWHGHWUÒVGR
PRWRUHSRGHVHUIDFLOPHQWHDFHGLGRUHPRYHQGRR
SDLQHOGHVHUYLØRQRODGRGLUHLWRHQWUHRFKDVVLV
WUDVHLURHRUROR
&RQVXOWHRPDQXDOGRPRWRUSDUDREWHULQIRUPDØÔR
VREUHDVXEVWLWXLØÔRGRILOWUR
)LJXUD&RPSDUWLPHQWRGRPRWRUODGR
GLUHLWR
)LOWURGRyOHR
3DLQHOGHVHUYLoR
2ILOWURGHFRPEXVWtYHOGRPRWRU
VXEVWLWXLomROLPSH]D
2ILOWURGHFRPEXVWÞYHOHQFRQWUDVHQRODGRHVTXHUGR
GRFRPSDUWLPHQWRGRPRWRU
'HVDSHUWHDSDUWHLQIHULRUHGUHQHDÒJXDH[LVWHQWHH
HPVHJXLGDYROWHDFRORFDUDXQLGDGHGRILOWUR
)LJXUD&RPSDUWLPHQWRGRPRWRUODGR
HVTXHUGR
3UpILOWUR
9ROWHDFRORFDURILOWURGHFRPEXVWÞYHOORFDOL]DGRQR
ODGRGLUHLWRGRFRPSDUWLPHQWRGRPRWRU
3RQKDRPRWRUDWUDEDOKDUHYHULILTXHVHRILOWURYHGD
EHP
)LJXUD&RPSDUWLPHQWRGRPRWRUODGR
GLUHLWR
)LOWURGHFRPEXVWtYHO
,&&+)37SGI
0DQXWHQomRK
5ROR±QtYHOGRyOHR
9HULILFDU±HQFKLPHQWR
&RORTXHDPÒTXLQDFRPREXMÔRGHHQFKLPHQWR
SDUDFLPD EXMÔRJUDQGH QRSRQWRPÒ[LPRGH
URWDØÔR
/LPSHHPUHGRUGREXMÔRGHQÞYHO HUHPRYDR
EXMÔRSHTXHQR
9HULILTXHVHRQÞYHOGRäOHRVHHQFRQWUDQD
H[WUHPLGDGHLQIHULRUGDDEHUWXUD6HRQÞYHOHVWLYHU
EDL[RPHWDäOHRDWÚDRQÞYHOFRUUHFWR8VHRäOHR
LQGLFDGRQDVHVSHFLILFDØæHVGHOXEULILFDQWHV
6HREXMÔRGHHQFKLPHQWRWLYHUVLGRUHPRYLGRUHWLUH
)LJ5RORODGRGDYLEUDomR HYHQWXDLVUHVWRVGHPHWDOGRUHVSHFWLYRÞPDQ
%XMmRGHHQFKLPHQWR 9HULILTXHVHDVMXQWDVGRVEXMæHVHVWÔRLQWDFWDV&DVR
%XMmRGHQtYHO FRQWUÒULRVXEVWLWXDSRUQRYDV
0RQWHQRYDPHQWHRVEXMæHVHFRQGX]DXPSHTXHQR
WUDMHFWRSDUDYHULILFDUDYHGDØÔRGRVEXMæHV
&RPDERPEDGHOXEULILFDØÔRDSOLTXHFLQFR
ERPEDGDVGHPDVVDHPFDGDFRSRGHOXEULILFDØÔR
8VHPDVVDOXEULILFDQWHFRQIRUPHLQGLFDGRQDV
HVSHFLILFDØæHVGHOXEULILFDQWHV
)LJ5RORWUDVHLUR
&RSRVGHOXEULILFDomR[
,&&+)37SGI
0DQXWHQomRK
0DQFDOGRDVVHQWR±/XEULILFDU
1ÔRVHHVTXHØDTXHDFRUUHQWHÚXPDSHØDGH
LPSRUWÓQFLDYLWDOQDGLUHFØÔR
5HWLUHDWDPSD SDUDWHUDFHVVRDRFRSRGH
OXEULILFDØÔR /XEULILTXHRPDQFDOGHURWDØÔRGR
DVVHQWRGRRSHUDGRUFRPWUÛVERPEDGDVGDERPED
GHOXEULILFDØÔRPDQXDO
/XEULILTXHWDPEÚPDVFDOKDVGHGHVOL]DPHQWRGR
DVVHQWR FRPPDVVDOXEULILFDQWH
/LPSHHOXEULILTXHFRPPDVVDDFRUUHQWH HQWUHR
DVVHQWRHDFROXQDGDGLUHFØÔR
)LJXUD0DQFDOGRDVVHQWR
&RSRGHOXEULILFDomR 6HDFRUUHQWHHVWLYHUIROJDGDMXQWRÑURGDGHQWDGD
5RGDGHQWDGD GHVDSHUWHRVSDUDIXVRV HGHVORTXHDFROXQDGD
&RUUHQWHGDGLUHFomR GLUHFØÔRSDUDDIUHQWH$SHUWHRVSDUDIXVRVHYHULILTXH
3DUDIXVRGHDMXVWH
7DPSD VHDFRUUHQWHILFRXFRUUHFWDPHQWHHVWLFDGD
&DOKDVGHGHVOL]DPHQWR
0DUFDomR 1ÔRFRORTXHDFRUUHLDGHPDVLDGDPHQWHVREWHQVÔR
'HYHUÒVHUSRVVÞYHOPRYHUDFRUUHLDFHUFDGHPP
SROHJDGDV SDUDRODGRFRPRGHGR
LQGLFDGRUSROHJDUQDPDUFDØÔR QDHVWUXWXUDGR
DVVHQWR(QFDL[HREORTXHLRGDFRUUHLDHPEDL[R
6HDPXGDQØDGHSRVLØÔRGRDVVHQWRFRPHØDUD
VHUGLIÞFLOOXEULILTXHFRPPDLVIUHTXÛQFLDGRTXH
DDTXLLQGLFDGD
(OHPHQWRVGHERUUDFKDHSDUDIXVRVGHIL[DomR
9HULILFDU
9HULILTXHWRGRVRVHOHPHQWRVGHERUUDFKD
6XEVWLWXDWRGRVRVHOHPHQWRVVHRXPDLVGH
GRQëPHURGHXPGRVODGRVGRURORWLYHUJUHWDVFRP
PDLVGHDPPGHSURIXQGLGDGH
8VHDOÓPLQDGXPDIDFDRXRXWURREMHFWRDILDGRSDUD
DX[LOLDUDYHULILFDØÔR
9HULILTXHWDPEÚPVHRVSDUDIXVRVGHIL[DØÔR HVWÔR
DSHUWDGRV
)LJ5RORODGRGDYLEUDomR
(OHPHQWRGHERUUDFKD
3DUDIXVRVGHIL[DomR
,&&+)37SGI
0DQXWHQomRK
7DPSDGRUHVHUYDWyULRKLGUiXOLFR9HULILFDU
$FHGDÑSDUWHVXSHULRUGDPÒTXLQDSDUDDOFDQØDUD
WDPSDGRGHSäVLWRDSDUWLUGRODGRHVTXHUGRGD
PÒTXLQD
'HVDSHUWHDWDPSDGRUHVHUYDWäULRHYHULILTXHVHHVWÒ
REVWUXÞGD2DUWHPTXHSRGHUSDVVDUOLYUHPHQWH
DWUDYÚVGRWDPSÔRHPDPERVRVVHQWLGRV
6HHVWLYHUHQWXSLGRHPDOJXPGRVVHQWLGRVODYHR
)LJXUD/DGRHVTXHUGRGLDQWHLURGR ILOWURFRPXPSRXFRGHJDVäOHRHVRSUHFRPDU
FKDVVLVWUDVHLUR FRPSULPLGRDWÚREWHUSDVVDJHPRXVXEVWLWXDDWDPSD
7DPSDGRGHSyVLWR
SRUXPDQRYD
8VHyFXORVGHSURWHFomRDRWUDEDOKDUFRPDU
FRPSULPLGR
,&&+)37SGI
0DQXWHQomRK
,&&+)37SGI
0DQXWHQomRK
0DQXWHQomRK
(VWDFLRQHRFLOLQGURQXPDVXSHUItFLHQLYHODGD
2PRWRUGHYHVHUGHVOLJDGRHRWUDYmRGH
HVWDFLRQDPHQWRGHYHVHUDFWLYDGRTXDQGR
YHULILFDURXDMXVWDURFLOLQGURVDOYR
HVSHFLILFDomRHPFRQWUiULR
*DUDQWDXPERPDUHMDPHQWR H[WUDFomRGHDU
TXDQGRRPRWRUIXQFLRQDUHPHVSDoRV
FHUUDGRV3HULJRGHHQYHQHQDPHQWRFRP
PRQy[LGRGHFDUERQR
)LOWURGHDU0XGDU
0XGHRILOWURSULQFLSDO GRILOWURGRDUPHVPRTXH
DLQGDQÔRWHQKDVLGROLPSRYH]HV3DUDPXGDQØDGH
ILOWURFRQVXOWH&DGDKRUDVGHRSHUDØÔR
6HRILOWURQÔRIRUPXGDGRTXDQGRHVWLYHU
REVWUXÞGRRPRWRUSHUGHUÒSRWÛQFLDHRHVFDSH
)LJ)LOWURGRDU GHLWDUÒIXPRQHJUR([LVWHWDPEÚPJUDQGHULVFR
)LOWURSULQFLSDO GHGDQRVQRPRWRU
)LOWURGHVHJXUDQoD0XGDU
6XEVWLWXDRILOWURGHVHJXUDQØDSRUXPQRYRDFDGD
VXEVWLWXLØÔRRXOLPSH]DGRILOWURSULQFLSDO
2ILOWURGHVHJXUDQØDQÔRSRGHVHUOLPSR
3DUDVXEVWLWXLURILOWURGHVHJXUDQØD SX[HRILOWUR
YHOKRSDUDIRUDGRVXSRUWHFRORTXHXPILOWURQRYRH
PRQWHGHQRYRRFRQMXQWRSRURUGHPLQYHUVD
)LJ)LOWURGRDU
)LOWURGHVHJXUDQoD
,&&+)37SGI
0DQXWHQomRK
)LOWURGRyOHRKLGUiXOLFR
0XGDU
5HWLUHRILOWUR HHQWUHJXHSDUDVHUHOLPLQDGR
HPFRQMXQWRFRPUHVÞGXRVHVSHFLDLV2ILOWURÚGH
WLSRGHVFDUWÒYHOHQÔRSRGHVHUOLPSR
/LPSHFXLGDGRVDPHQWHDVXSHUIÞFLHGHYHGDØÔRGR
VXSRUWHGRILOWUR
$SOLTXHXPDFDPDGDILQDGHäOHRKLGUÒXOLFROLPSRQD
MXQWDGHERUUDFKDGRQRYRILOWUR
(QURVTXHRILOWURÑPÔRSULPHLURDWÚDMXQWDGRILOWUR
HQFRVWDUDRVXSRUWHGRILOWUR$SHUWHHPVHJXLGDPDLV
PHLDYROWD
)LJXUD&RPSDUWLPHQWRGRPRWRUODGR
HVTXHUGR
)LOWURGRyOHRKLGUiXOLFR
9HULILTXHRQÞYHOGHäOHRKLGUÒXOLFRQRYLVRUGHQÞYHO
HDWHVWHVHQHFHVVÒULR&RQVXOWHDVHFØÔRಮ&DGD
KRUDVGHRSHUDØÔRಯSDUDPDLVLQIRUPDØæHV
3RQKDRPRWRUDWUDEDOKDUHYHULILTXHVHYHGDEHPHP
UHGRUGRILOWUR
)LJXUD5HVHUYDWyULRGRyOHRKLGUiXOLFR
7DPSDGRUHVHUYDWyULR
9LVRUGHQtYHO
,&&+)37SGI
0DQXWHQomRK
5ROR±0XGDUyOHR
7RPHH[WUHPRFXLGDGRDRGUHQDURyOHR8VHOXYDV
HyFXORVGHSURWHFomR
&RORTXHDPÒTXLQDFRPREXMÔRGHGUHQDJHP R
EXMÔRJUDQGHQDSRVLØÔRGHURWDØÔRPDLVEDL[D
&RORTXHXPUHFLSLHQWHFRPXPDFDSDFLGDGHPÞQLPD
GHOLWURVSRUEDL[RGREXMÔRGHGUHQDJHP
3DUDHQFKLPHQWRGHäOHRFRQVXOWH&DGDKRUDVGH
RSHUDØÔR
7UDQVPLVVmRGRUROR0XGDUyOHR
(VWDFLRQDUDPÒTXLQDHPVXSHUIÞFLHSODQD
/LPSHHGHVDSHUWHRVEXMæHV HYD]HRäOHRSDUD
XPUHFLSLHQWHDGHTXDGRFRPXPDFDSDFLGDGHGH
OLWURVDSUR[LPDGDPHQWH
)LJ7UDQVPLVVmRGRUROR
)LJ7UDQVPLVVmRGRUROR
%XMmRGHHVYD]LDPHQWR
%XMmRGHYHQWLODomR
,&&+)37SGI
0DQXWHQomRK
7UDQVPLVVmRGRUROR9HULILFDomRGRQtYHOGR
yOHR
'HVORTXHDPÒTXLQDDWÚTXHRVRULIÞFLRVGH
LQVSHFØÔRHQFKLPHQWRHVWHMDPQDSRVLØÔRFRUUHFWD
SDUDHQFKLPHQWR
)LJ7UDQVPLVVmRGR
UROR
(QFKDVHJXQGRRYROXPHQHFHVVÒULRGHäOHRQRYR
)LJ9HULILFDomRGRQtYHOGRyOHR &RQVXOWHDHVSHFLILFDØæHVWÚFQLFDV8VHäOHRGH
WUDQVPLVVmRGRUROR WUDQVPLVVÔR&RQVXOWHDHVSHFLILFDØÔRGHOXEULILFDQWHV
%XMmRGHQtYHO
%XMmRGHHQFKLPHQWR 9HULILTXHVHRQÞYHOGRäOHRDOFDQØDDWÚÑHVTXLQD
LQIHULRUGDDEHUWXUDGREXMÔR
/LPSHHPRQWHQRYDPHQWHRVEXMæHV
&DELQD
)LOWURGHDUSXUR6XEVWLWXLU
([LVWHXPILOWURGHDUSXUR FRORFDGRQDSDUWHGD
IUHQWHGDFDELQD
5HWLUHDFREHUWXUDSURWHFWRUD
'HVDSHUWHRVSDUDIXVRV HUHWLUHRVXSRUWH
FRPSOHWR5HPRYDRFDUWXFKRGRILOWURHVXEVWLWXDSRU
XPILOWURQRYR
6HDPÒTXLQDWUDEDOKDUHPDPELHQWHVSRHLUHQWRV
SRGHVHUQHFHVVÒULRPXGDURILOWURFRPPDLV
IUHTXÛQFLD
)LJXUD&DELQDIUHQWH
)LOWURGHDUSXUR [
3DUDIXVR [
,&&+)37SGI
0DQXWHQomRK
0DQXWHQomRK
(VWDFLRQHRFLOLQGURQXPDVXSHUItFLHQLYHODGD
2PRWRUGHYHVHUGHVOLJDGRHRWUDYmRGH
HVWDFLRQDPHQWRGHYHVHUDFWLYDGRTXDQGR
YHULILFDURXDMXVWDURFLOLQGURVDOYR
HVSHFLILFDomRHPFRQWUiULR
*DUDQWDXPERPDUHMDPHQWR H[WUDFomRGHDU
TXDQGRRPRWRUIXQFLRQDUHPHVSDoRV
FHUUDGRV3HULJRGHHQYHQHQDPHQWRFRP
PRQy[LGRGHFDUERQR
5HVHUYDWyULRKLGUiXOLFR
0XGDUyOHR
7RPHH[WUHPRFXLGDGRDRGUHQDURyOHR
KLGUiXOLFR8VHOXYDVHyFXORVGHSURWHFomR
$EUDRFRPSDUWLPHQWRGRPRWRUGRODGRHVTXHUGR2
EXMÔRGHGUHQDJHPYÒOYXODHQFRQWUDVHQDÒUHDSRU
EDL[RGRUHVHUYDWäULRGRäOHRKLGUÒXOLFR
&RORTXHXPUHFLSLHQWHFRPXPDFDSDFLGDGHPÞQLPD
GHOLWURV JDO SRUEDL[RGRFRPSDUWLPHQWRGR
PRWRU
)LJXUD&RPSDUWLPHQWRGRPRWRUSRU
EDL[RGRUHVHUYDWyULRGHyOHR 9HULILTXHDYÒOYXOD HVWÒIHFKDGD
KLGUiXOLFR DWUDYpVGRODGRHVTXHUGR
'UHQDJHPGRyOHR 'HVDSHUWHREXMÔRGHGUHQDJHPGRäOHR HOLJXH
5HVHUYDWyULRGRyOHRKLGUiXOLFR
9iOYXOD XPDPDQJXHLUDGHGUHQDJHPDSDUWLUGR
FRPSDUWLPHQWRGRPRWRU
$EUDDYÒOYXOD HGHL[HRäOHRWRGRHVFRUUHUSDUD
IRUD5HSRQKDRIXQFLRQDPHQWRIHFKDQGRDYÒOYXODH
YROWDQGRDFRORFDUREXMÔR
(QWUHJXHRäOHRGUHQDGRSDUDVHU
FRUUHFWDPHQWHHOLPLQDGRGHIRUPDHFROäJLFD
(QFKDFRPäOHRKLGUÒXOLFRQRYR&RQVXOWHDV
HVSHFLILFDØæHVGHOXEULILFDQWHVSDUDPDLVLQIRUPDØæHV
VREUHDTXDOLGDGH
0XGHRILOWURKLGUÒXOLFR&RQVXOWHDVHFØÔR
0DQXWHQØÔRKRUDV
3RQKDRPRWRUDWUDEDOKDUHH[SHULPHQWHDVGLIHUHQWHV
,&&+)37SGI
0DQXWHQomRK
IXQØæHVKLGUÒXOLFDV9HULILTXHRQÞYHOGHäOHRQR
UHVHUYDWäULRHVHQHFHVVÒULRHQFKDPDLV
'HSyVLWRGHFRPEXVWtYHO
/LPSDU
$IRUPDPDLVIÒFLOGHOLPSDURGHSäVLWRÚTXDQGRHVWH
HVWÒTXDVHYD]LR
2EXMÔRGHGUHQDJHPHQFRQWUDVHSRUEDL[RGRODGR
HVTXHUGRGRFKDVVLVIURQWDO
$OWHUQDWLYDPHQWHHVYD]LHRGHSäVLWRFRPXPDERPED
DGHTXDGDSRUH[HPSORXPDERPEDGHGUHQDJHPGR
äOHRSDUDVROWDUTXDLVTXHUVHGLPHQWRVSUHVRVQR
IXQGR
5HFROKDRFRPEXVWÞYHOHUHVÞGXRVQXPUHFLSLHQWH
HHQWUHJXHSDUDVHUHPFRUUHFWDPHQWHHOLPLQDGRV
)LJ'HSyVLWRGRFRPEXVWtYHO GHIRUPDHFROäJLFD
%RPEDGHGUHQDJHPGRyOHR
&XLGDGRFRPRULVFRGHLQFrQGLRDRPDQXVHDU
FRPEXVWtYHO
6LVWHPDGHLUULJDomR
'UHQDU
/HPEUHVHGRSHULJRGHFRQJHODØÔRQR,QYHUQR
(VYD]LHRVGHSäVLWRVERPEDVILOWURVHWXEDJHQV
RXPLVWXUHXPDDJHQWHDQWLFRQJHODQWHQDÒJXD
([LVWHXPDWRUQHLUDGHGUHQDJHP QRHVSDØRSDUD
RVLVWHPDGHERPEDJHPQRGHSäVLWRGHÒJXDFHQWUDO
2GHSäVLWRHDVSDUWHVGRVLVWHPDGHERPEDJHP
SRGHPVHUGUHQDGRVDWUDYÚVGHVWDWRUQHLUD
$VPDQJXHLUDVGDÒJXDVÔROLJDGDVÑERPEDFRP
)LJXUD6LVWHPDGHERPEDJHP
XQLæHVUÒSLGDV SDUDVLPSOLILFDUDGUHQDJHPH
&DL[DGRILOWUR TXDQGRDSURSULDGRDVXEVWLWXLØÔRSDUDXPDERPED
7RUQHLUDGHGUHQDJHP GHUHVHUYD RSØÔR
7RUQHLUDGHIHFKDPHQWR
8QL}HVUiSLGDV
$PDQJXHLUDGHVDÞGDGRGHSäVLWRFHQWUDOSRGHVHU
GHVOLJDGDHDH[WUHPLGDGHFRORFDGDQXPUHFLSLHQWH
FRPDQWLFRQJHODQWHSDUDRID]HUSDVVDUDWUDYÚVGD
ERPEDILOWUR
,&&+)37SGI
0DQXWHQomRK
'HSyVLWRGHiJXD/LPSDU
/DYHRVGHSäVLWRVFRPÒJXDDGLFLRQDQGRXPSRXFR
GHGHWHUJHQWHDSURSULDGRSDUDVXSHUIÞFLHVGHSOÒVWLFR
)HFKHDWRUQHLUDGHGUHQDJHP HQFKDFRPÒJXDH
YHULILTXHVHKÒIXJDV
2VGHSäVLWRVGDÒJXDVÔRGHSOÒVWLFR
SROLHWLOHQR HVÔRUHFLFOÒYHLV
)LJXUD'HSyVLWRGHiJXD
%XMmRGHGUHQDJHP
$UWLFXODomRGDGLUHFomR9HULILFDU
9HULILTXHVHKÒGDQRVRXIHQGDVQDDUWLFXODØÔRGD
GLUHFØÔR
9HULILTXHHDSHUWHRVSDUDIXVRVGHVDSHUWDGRV
9HULILTXHWDPEÚPHYHQWXDLVHPSHUUDPHQWRVHIROJDV
QDDUWLFXODØÔRGDGLUHFØÔR
)LJ$UWLFXODomRGDGLUHFomR
,&&+)37SGI
0DQXWHQomRK
$UFRQGLFLRQDGR $FHVVyULR
,QVSHFFLRQDU
ºQHFHVVÒULRHIHFWXDUUHJXODUPHQWHLQVSHFØæHVH
PDQXWHQØÔRSDUDDVVHJXUDUXPIXQFLRQDPHQWR
VDWLVIDWäULRDORQJRSUD]R
&RPDDMXGDGHDUFRPSULPLGROLPSHDSRHLUDGR
HOHPHQWRGRFRQGHQVDGRU 6RSUHGHFLPDSDUD
EDL[R
6HRMDFWRGHDUFRPSULPLGRIRUGHPDVLDGRIRUWH
SRGHGDQLILFDUDVDOHWDVGRHOHPHQWR
)LJXUD&DELQD
(OHPHQWRGRFRQGHQVDGRU
)LOWURGHVHFDJHP 8VHyFXORVGHSURWHFomRDRWUDEDOKDUFRPDU
FRPSULPLGR
,QVSHFFLRQHDIL[DØÔRGRHOHPHQWRGRFRQGHQVDGRU
,QVSHFFLRQHDVPDQJXHLUDVGRVLVWHPDGHIRUPDD
QÔRURØDUHPHPQDGD9HULILTXHVHDGUHQDJHPGD
XQLGDGHGHUHIULJHUDØÔRQÔRHVWÒREVWUXÞGDGHIRUPD
DLPSHGLUDDFXPXODØÔRGHFRQGHQVDØÔRGHQWURGD
XQLGDGH
$UFRQGLFLRQDGR $FHVVyULR
)LOWURGHGUHQDJHP9HULILFDU
&RPDXQLGDGHHPIXQFLRQDPHQWRHFRPDDMXGDGR
YLVRU YHULILTXHVHQÔRKÒEROKDVYLVÞYHLVQRILOWUR
GHVHFDJHP
(VWDFLRQHRFLOLQGURQXPSDYLPHQWRSODQR
FRORTXHFDOoRVVREDURGDVHSUHVVLRQHR
FRPDQGRGRWUDYmRGHHVWDFLRQDPHQWR
)LJXUD)LOWURGHVHFDJHP
9LVRU 2ILOWURHQFRQWUDVHQDSDUWHVXSHULRUGDSDUWHWUDVHLUD
6XSRUWHGRILOWUR GRWHFWRGDFDELQD
6HH[LVWLUHPEROKDVYLVÞYHLVDWUDYÚVGRYLVRUVLJQLILFD
TXHRQÞYHOGHDJHQWHUHIULJHUDQWHHVWÒGHPDVLDGR
EDL[R3DUHDXQLGDGHSDUDHYLWDURULVFRGHGDQRV
(QFKDFRPDJHQWHUHIULJHUDQWH
2VWUDEDOKRVQRFLUFXLWRGHUHIULJHUDomRVy
GHYHUmRVHUHIHFWXDGRVSRUILUPDVDXWRUL]DGDV
,&&+)37SGI
'\QDSDF&RPSDFWLRQ(TXLSPHQW$%
%R[6(.DUOVNURQD6ZHGHQ
'\QDSDF&RPSDFWLRQ(TXLSPHQW$%
%R[6(.DUOVNURQD6ZHGHQ