6HWHPEUR
6HWHPEUR
HPEUR
2ULHQWDo}HVH3URFHGLPHQWRVSDUDR
2ULHQWDo}HVH3URFHGLPHQWRVSDUDR
0DQXVHLRH$UPD]HQDJHPGHÎOHR'LHVHO%
0DQXVHLRH$UPD]HQDJHPGHÎOHR'LHVHO%
&RPDFULDomRGR3URJUDPD1DFLRQDOGH3URGXomRH8VRGH%LRGLHVHO
HP H D DSURYDomR GD /HL GH GH MDQHLUR GH R
JRYHUQR EUDVLOHLUR LQWURGX]LX R ELRGLHVHO QD PDWUL] HQHUJpWLFD
QDFLRQDO
'HVGH ƒ GH MDQHLUR GH WRGR R yOHR GLHVHO YHLFXODU
FRPHUFLDOL]DGR DR FRQVXPLGRU ILQDO SRVVXL GH ELRGLHVHO (VVD
PLVWXUD p GHQRPLQDGD ÎOHR 'LHVHO % H DVVLP FRPR R FRPEXVWtYHO
IyVVLO UHTXHU FXLGDGRV QR VHX PDQXVHLR GH IRUPD D JDUDQWLU D
PDQXWHQomR GD VXD TXDOLGDGH DR ORQJR GH WRGD D FDGHLD GH
DEDVWHFLPHQWR²GHVGHDSURGXomRDWpRFRQVXPLGRUILQDO
(VWH IROKHWR YLVD WUD]HU RULHQWDo}HV VREUH RV SURFHGLPHQWRV D VHUHP
DSOLFDGRVQR PDQXVHLR WUDQVSRUWH HDUPD]HQDJHPGH ÎOHR'LHVHO %
5HSUHVHQWDQWHVGHJRYHUQRPHUFDGRHDFDGHPLDSDUWLFLSDUDPGHVXD
HODERUDomR GH IRUPD D FRQIHULUOKH FRQILDELOLGDGH H YLDELOLGDGH
SUiWLFDQRVHXDWHQGLPHQWR
(PPHLRDHVVHSURFHVVRGHFRQKHFLPHQWRHDSUHQGL]DJHPDFHUFDGR
QRYRFRPEXVWtYHOpPXLWRLPSRUWDQWHTXHHVWDQmRVHMDD~QLFDIRQWH
GH LQIRUPDo}HV DGRWDGD SHOR PHUFDGR VHQGR QHFHVViULD D EXVFD
FRQWtQXDGDVPHOKRUHVSUiWLFDVHPUHODomRDRWHPD'DPHVPDIRUPD
ID]VH QHFHVViULR UHVVDOWDU TXH D DGRomR GDV RULHQWDo}HV SUHVHQWHV
QHVVH IROKHWR SRVVXL FDUiWHU YROXQWiULR QmR VHQGR DOYR GH Do}HV GH
ILVFDOL]DomRGD$13
$JrQFLD1DFLRQDOGR3HWUyOHR*iV1DWXUDOH%LRFRPEXVWtYHLV$13
2ULHQWDo}HVH3URFHGLPHQWRVSDUDR0DQXVHLRH$UPD]HQDJHPGHÎOHR'LHVHO%
2ULHQWDo}HVH3URFHGLPHQWRVSDUDR
2ULHQWDo}HVH3URFHGLPHQWRVSDUDR
SDUDR0DQXVHLRH
$UPD]HQDJHPGHÎOHR'LHVHO%
$UPD]HQDJHPGHÎOHR'LHVHO%
eIXQGDPHQWDOTXHWRGDDFDGHLDGHDEDVWHFLPHQWRDWHQWHSDUDRIDWRGH
TXH RV FXLGDGRV LQHUHQWHV DR PDQXVHLR H DR DUPD]HQDPHQWR GR yOHR
GLHVHO $ GH yOHR GLHVHO GH SHWUyOHR VHMDP LQFRUSRUDGRV QD VXD
WRWDOLGDGH DR yOHR GLHVHO % $GLFLRQDOPHQWH GHYHVH VDOLHQWDU TXH D
DTXLVLomR H XVR GD QRUPD $%17 1%5 ID]VH LPSUHVFLQGtYHO
FRQVLGHUDQGR TXH HVWDEHOHFH RV UHTXLVLWRV H SURFHGLPHQWRV SDUD R
DUPD]HQDPHQWR WUDQVSRUWH DEDVWHFLPHQWR H FRQWUROH GH TXDOLGDGH GH
ELRGLHVHOHRXPLVWXUDyOHRGLHVHOELRGLHVHO
$ DGRomR H HIHWLYD DSOLFDomR GD UHIHULGD QRUPD SHORV DJHQWHV GR
PHUFDGR p LQGLVSHQViYHO SDUD JDUDQWLU D TXDOLGDGH GR FRPEXVWtYHO
PLQLPL]DQGR
D
FRQWDPLQDomR
SRU
LPSXUH]DV
GHJUDGDomR
PLFURELROyJLFD R[LGDWLYD H D IRUPDomR GH ERUUD e SULPRUGLDO DLQGD
TXHRELRGLHVHOUHFHELGRSDUDDUHDOL]DomRGDPLVWXUDFRPRyOHRGLHVHO
$ HVWHMD GHQWUR GD HVSHFLILFDomR HVWDEHOHFLGD SHOD $JrQFLD 1DFLRQDO GR
3HWUyOHR*iV1DWXUDOH%LRFRPEXVWtYHLV
$JrQFLD1DFLRQDOGR3HWUyOHR*iV1DWXUDOH%LRFRPEXVWtYHLV$13
2ULHQWDo}HVH3URFHGLPHQWRVSDUDR0DQXVHLRH$UPD]HQDJHPGHÎOHR'LHVHO%
3DUWH8P2TXHSUHFLVRVDEHUVREUHHVWRFDJHPHWUDQVSRUWH"
• 2 yOHR GLHVHO % GHYH VHU HVWRFDGR SUHIHULYHOPHQWH SHOR SUD]R GH
DWpXPPrV
• 2 FRPEXVWtYHO HVWRFDGR SRU SHUtRGR VXSHULRU FRQVLGHUDQGR VXDV
FRQGLo}HV GH DUPD]HQDJHP SRGH GHWHULRUDUVH DSUHVHQWDQGR
IRUPDomRGHPDWHULDOLQVRO~YHO
• $ SUHVHQoD GH PDWHULDO LQVRO~YHO QR FRPEXVWtYHO SRGH OHYDU j
REVWUXomRGHILOWURV HLQMHWRUHVDOpPGHIDYRUHFHUDIRUPDomR GH
GHSyVLWRVQRVLVWHPDGHFRPEXVWmRHDRFRUUrQFLDGHFRUURVmR
• 2V WDQTXHV XWLOL]DGRV QD DUPD]HQDJHP GHYHP DSUHVHQWDUVH
OLPSRV VHFRV H SURWHJLGRV GH OX] H WHPSHUDWXUDV H[WUHPDV
%XVFDVH FRP LVVR HYLWDU D R[LGDomR GR FRPEXVWtYHO RX D
LQFRUSRUDomRGHFRQWDPLQDQWHV
• 2 DUPD]HQDPHQWR SRGH RFRUUHU HP WDQTXHV VXEWHUUkQHRV RX
DpUHRV GHYHQGR VHU REVHUYDGD D WHPSHUDWXUD j TXDO R
FRPEXVWtYHOVHUiVXEPHWLGR
• 'HYHVH HYLWDU D H[SRVLomR GR yOHR GLHVHO % D VXEVWkQFLDV
LQFRPSDWtYHLV EXVFDQGRVH GHVWD IRUPD PLQLPL]DU D VXD
GHJUDGDomR
• 7DPEpP GHYH VHU HYLWDGR R FRQWDGR GR yOHR GLHVHO % FRP
PDWHULDLV LQFRPSDWtYHLV FRPR FHUWRV WLSRV GH HODVW{PHURV H
PHWDLVGHIRUPDDPLQLPL]DUDLQFRUSRUDomRGHFRQWDPLQDQWHVDR
FRPEXVWtYHO
• 2ELRGLHVHOHVXDVPLVWXUDVFRPyOHRGLHVHO$SRGHUmRDSUHVHQWDU
IRUPDomR GH VHGLPHQWRV GHFRUUHQWHV GH UHDo}HV GH R[LGDomR
TXDQGR HP FRQWDWR FRP PDWHULDLV D EDVH GH FREUH FKXPER
WLWkQLR ]LQFR DoRV UHYHVWLGRV EURQ]H H ODW}HV 3RUWDQWR R XVR
GHVVHV PHWDLV GHYH VHU HYLWDGR WDQWR QR WUDQVSRUWH FRPR QR
DUPD]HQDPHQWRGRUHIHULGRFRPEXVWtYHO
• 2 ELRGLHVHO p FRPSDWtYHO FRP DoR FDUERQR DoR LQR[LGiYHO H
DOXPtQLR
$JrQFLD1DFLRQDOGR3HWUyOHR*iV1DWXUDOH%LRFRPEXVWtYHLV$13
2ULHQWDo}HVH3URFHGLPHQWRVSDUDR0DQXVHLRH$UPD]HQDJHPGHÎOHR'LHVHO%
• $SyV D ODYDJHP GH WDQTXHV WXEXODo}HV ERPEDV H ILOWURV R yOHR
GLHVHO % GHYH VHU FLUFXODGR SRU WRGR R VLVWHPD HP YROXPH
DGHTXDGR SDUD FDUUHDU UHVtGXRV UHPDQHVFHQWHV (P VHJXLGD
GHYHVH GUHQDU WRGR HVVH YROXPH GH IRUPD D SUHSDUDU R WDQTXH
SDUDRUHFHELPHQWRGRSURGXWR
• 2 ELRGLHVHO SRGH GLVVROYHU IHUUXJHP H RXWUDV LPSXUH]DV
SURYHQLHQWHV GH WDQTXHV GH DUPD]HQDJHP H WUDQVSRUWH H DSHVDU
GRVHIHLWRVGHVWHVFRQWDPLQDQWHVVHUHPPHQRUHVQRyOHRGLHVHO%
SHOR VHX EDL[R WHRU GH ELRGLHVHO ID]VH QHFHVViULD D FKHFDJHP
GRVILOWURVSHULRGLFDPHQWHGHIRUPDDLQLELUVXDREVWUXomR
• $ SUHVHQoD GH DU QRV WDQTXHV GH DUPD]HQDJHP SRGH IDYRUHFHU D
R[LGDomR GR FRPEXVWtYHO 3RUWDQWR FRPR PHGLGD SUHYHQWLYD p
LPSRUWDQWH PDQWHU RV WDQTXHV QR OLPLWH Pi[LPR SHUPLWLGR
UHGX]LQGR DVVLP D TXDQWLGDGH GH DU HP FRQWDWR FRP R
FRPEXVWtYHO
• e PXLWR LPSRUWDQWH JDUDQWLU D FRQWtQXD UHQRYDomR GR FRQWH~GR
GRVWDQTXHVGHHVWRFDJHPSDUDOLPLWDUDSUHVHQoDGHFRPEXVWtYHO
HQYHOKHFLGR
• $ GUHQDJHP GH SURGXWR UHPDQHVFHQWH QR IXQGR GR WDQTXH GH
DUPD]HQDJHP SDUD D UHWLUDGD GH iJXD PDWHULDO PLFURELROyJLFR
RXRXWUDVLPSXUH]DVGHYHVHUIHLWDVHPDQDOPHQWH
$JrQFLD1DFLRQDOGR3HWUyOHR*iV1DWXUDOH%LRFRPEXVWtYHLV$13
2ULHQWDo}HVH3URFHGLPHQWRVSDUDR0DQXVHLRH$UPD]HQDJHPGHÎOHR'LHVHO%
3DUWH'RLV²&RPRSUHYHQLUDDEVRUomRGHiJXDSHORELRGLHVHO
2 ELRGLHVHO SRU VXD QDWXUH]D TXtPLFD SRVVXL FHUWR JUDX GH
KLJURVFRSLFLGDGH (VVD FDUDFWHUtVWLFD WHQGH D IDYRUHFHU D LQFRUSRUDomR
GHiJXDDRSURGXWRRTXHGHYHVHUGHILQLWLYDPHQWHHYLWDGR
4XDQGR R ELRGLHVHO p PLVWXUDGR DR yOHR GLHVHO $ D iJXD GLVVROYLGD QR
SULPHLUR SRGH SDVVDU SDUD D IDVH OLYUH $ SUHVHQoD GH iJXD OLYUH SRGH
IDYRUHFHUDIRUPDomRGHGHSyVLWRVWDQWRGHFRUUHQWHVGDERUUDTXtPLFD
TXDQGR GR FUHVFLPHQWR PLFURELDQR GH EDFWpULDV H IXQJRV SRGHQGR
SURYRFDURHQWXSLPHQWRGHILOWURVHFRUURVmRPHWiOLFD
3RUWDQWR DOJXPDV PHGLGDV SUHYHQWLYDV GHYHP VHU LQFRUSRUDGDV DR
PDQXVHLRGRFRPEXVWtYHO
• &KHFDU VH RV WDQTXHV H FRPSDUWLPHQWRV GH DUPD]HQDPHQWR H
WUDQVSRUWH HVWmR LVHQWRV GH iJXD DQWHV GR DEDVWHFLPHQWR FRP R
yOHRGLHVHO%
• &KHFDU SHULRGLFDPHQWH D SUHVHQoD GH iJXD SULQFLSDOPHQWH QR
IXQGRGRVWDQTXHV
• 6HPSUH TXH SRVVtYHO PDQWHU RV WDQTXHV GH DUPD]HQDPHQWR QD
FDSDFLGDGH Pi[LPD SHUPLWLGD SDUD PLQLPL]DU D SUHVHQoD GH
R[LJrQLRHYDSRUG·iJXD
• 'UHQDUHTXLSDPHQWRVHYHtFXORVTXHQmRVHUmRXVDGRVSRUORQJRV
SHUtRGRVGHIRUPDDVHHYLWDURDF~PXORGHiJXDHDGHWHULRUDomR
GRFRPEXVWtYHO
• $QDOLVDU IUHTXHQWHPHQWH DPRVWUD GH VHX FRPEXVWtYHO SDUD
YHULILFDU
VXD
TXDOLGDGH
EHP
FRPR
D
SUHVHQoD
GH
PLFURRUJDQLVPRVFRQWDPLQDQWHV
$JrQFLD1DFLRQDOGR3HWUyOHR*iV1DWXUDOH%LRFRPEXVWtYHLV$13