$QH[R,,,
5HTXLVLWRV0tQLPRV3DUDD3UHVWDomRGRV6HUYLoRV
ËQGLFH
(VWUXWXUDItVLFD(TXLSDPHQWRVGH*DUDJHQV (VSHFLILFDomRGH5HIHUrQFLDGDV*DUDJHQV &RPSRVLomRGDVÈUHDVGH*DUDJHP (TXLSDPHQWRV6LVWHPDV,QIRUPDWL]DGRVH5HGHGH&RPXQLFDomRGH
'DGRV (VSHFLILFDomRGHÐQLEXV ([LJrQFLDV/HJDLVSDUDRVÐQLEXVGR7UDQVSRUWH&ROHWLYR 5HTXLVLWRV0tQLPRV &DUDFWHUtVWLFDVGRV9HtFXORVSRU7LSRGH6HUYLoR 2XWUDV([LJrQFLDV5HODFLRQDGDVDRV9HtFXORV (VSHFLILFDo}HV0tQLPDVGD3UHVWDomRGR6HUYLoR 3DUkPHWURVH&RQFHLWRV 0HWRGRORJLDGH'LPHQVLRQDPHQWRGH/LQKD $OWHUDomRGH,WLQHUiULRV &ULDomRRX$OWHUDomRGH/LQKDV 4XDQWLWDWLYRV0tQLPRVSDUDR6,7%XV 4XDQWLWDWLYRV5HODFLRQDGRVj&HQWUDOGH6XSHUYLVmRH)LVFDOL]DomR 4XDQWLWDWLYRV5HODFLRQDGRVDRV0yGXORVGR6,7%XV 4XDQWLWDWLYRV5HODFLRQDGRVDR3HUtRGRGH7UDQVLomR (VWUXWXUDItVLFD(TXLSDPHQWRVGH*DUDJHQV
1HVWH LWHP VHUmR DSUHVHQWDGRV D HVWUXWXUD ItVLFD PtQLPD H DOJXQV GRV
SULQFLSDLV HTXLSDPHQWRV H UHVSHFWLYRV TXDQWLWDWLYRV D VHUHP GLVSRQLELOL]DGRV
QDVJDUDJHQV
(VSHFLILFDomRGH5HIHUrQFLDGDV*DUDJHQV
D JDUDJHP H SiWLRV GH HVWDFLRQDPHQWR TXH FRPSRUWHP DIURWD QHFHVViULD j
RSHUDomRGHFDGD576
E SDYLPHQWDomR GH WRGD D iUHD GD JDUDJHP VHQGR R SiWLR UHYHVWLGR FRP
EORFRVGHFRQFUHWRLQWHUWUDYDGRVSDUDOHOHStSHGRDVIDOWRRXFRQFUHWR
F RILFLQDVGRWLSRDEHUWDFRPYDODVGHPDQXWHQomR
G HVFULWyULRFRPSDGUmRGHDFDEDPHQWRFRPXPSDUDFRQVWUXo}HVFRPHUFLDLV
H iUHD GH UHFHSomR RX JXDULWD FRP IHFKDPHQWR DWUDYpV GH SRUWmR RX
FDQFHOD
I SURMHWRV H LQVWDODo}HV HP FRQIRUPLGDGH FRP DV SRVWXUDV H
UHJXODPHQWDo}HVPXQLFLSDLVHVSHFLDOPHQWHR&yGLJRGH2EUDVHD/HLGH
8VRGR6ROR
J REHGLrQFLDjOHJLVODomRDPELHQWDOGRPXQLFtSLRGH%HOR+RUL]RQWH
K ROHLDXWHHDVLQVWDODo}HVGDVJDUDJHQVGHYHPWHUWUDWDPHQWRDGHTXDGRGH
PRGRDHYLWDUWUDQVWRUQRVGHUXtGRJDVHVHGHMHWRVjViUHDVFLUFXQYL]LQKDV
L VH D HPSUHVD WLYHU PDLV GH XPD JDUDJHPSiWLR GH HVWDFLRQDPHQWR WRGRV
GHYHUmR VHU GRWDGRV GH HVWUXWXUD GH ODYDJHP GH YHtFXORV ERPED GH
DEDVWHFLPHQWR H VLVWHPD GH FROHWD H WUDQVPLVVmR GH GDGRV UHODWLYRV DR
6,7%XV FRQIRUPH RV SUpUHTXLVLWRV SUHYLVWRV QR $QH[R 9,,, H
5(*8/$0(172'266(59,d26
&RPSRVLomRGDVÈUHDVGH*DUDJHP
$V JDUDJHQV GHYHUmR VHU GLPHQVLRQDGDV FRQVLGHUDQGR D TXDQWLGDGH GH
YHtFXORVHRVGLYHUVRVVHWRUHVTXHDVFRPS}HPGHQWUHHOHV
7DEHOD
(67$&,21$0(172'($8720Ï9(,6
È5($6
È5($'((6&5,7Ï5,26
),;$6
GRLVSDYLPHQWRV
/$9$'25'(Ð1,%86
2),&,1$($/02;$5,)$'2
9$5,È9(,6
È5($'((67$&,21$0(172'(Ð1,%86
SRUYHtFXOR
&,5&8/$d­2(85%$1,602
È5($3$5$,03/$17$&$2'$(658785$'26,7%XV
(TXLSDPHQWRV6LVWHPDV,QIRUPDWL]DGRVH5HGHGH&RPXQLFDomRGH
'DGRV
$V
&21&(66,21$5,$6
GHYHUmR
SRVVXLU
HVWUXWXUD
QHFHVViULD
GH
HTXLSDPHQWRVPDTXLQiULRHIHUUDPHQWDOXWLOL]DGRVQDVJDUDJHQVSDUD
D 6HUYLoRVGH0DQXWHQomR
E 6HUYLoRV$GPLQLVWUDWLYRVHGH*HVWmR
F 2SHUDomRHFRQWUROH
7RGDV DV JDUDJHQV GHYHUmR LPSODQWDU RV VLVWHPDV LQIRUPDWL]DGRV H GH
FRPXQLFDomRGHGDGRVGR6,7%XVTXHDWHQGDPDVIXQFLRQDOLGDGHVGHVFULWDV
QR$QH[R9,,,HQR5(*8/$0(172'266(59,d26FRQIRUPHTXDQWLWDWLYRV
PtQLPRVDSUHVHQWDGRVQRLWHPGHVWHDQH[R
(VSHFLILFDomRGHÐQLEXV
1HVWHLWHPVHUmRDSUHVHQWDGDVDVFDUDFWHUtVWLFDVJHUDLVGRVYHtFXORVDVHUHP
DGPLWLGRVQDSUHVWDomRGRVVHUYLoRVGHWUDQVSRUWHHRVSULQFLSDLVDWHQGLPHQWRV
jVOHJLVODo}HVYLJHQWHV
([LJrQFLDV/HJDLVSDUDRVÐQLEXVGR7UDQVSRUWH&ROHWLYR
D $WHQGLPHQWR DR &7% ± &yGLJR GH 7UkQVLWR %UDVLOHLUR H 5HVROXo}HV GR
&2175$1±&RQVHOKR1DFLRQDO7UkQVLWR
E $WHQGLPHQWR jV 5HVROXo}HV GR &210(752 ± &RQVHOKR 1DFLRQDO GH
0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO
F $WHQGLPHQWRj/HJLVODomRDPELHQWDO±&21$1$
G $WHQGLPHQWRj/HJLVODomRGH$FHVVLELOLGDGHLQFOXLQGRSDUWLFXODUPHQWHDV
1RUPDV7pFQLFDVGD$%17
H $WHQGLPHQWRDRV0DQXDLVH5HJXODPHQWRVGD%+75$16
I 'HVFDUJD SRVLFLRQDGD SDUD FLPD FRQIRUPH /HL 0XQLFLSDO GH GH
MXQKRGH
J $WHQGLPHQWRDV1RUPDVH/HJLVODo}HVTXHWUDWDPGHUHVHUYDVGHHVSDoRH
DVVHQWRV
K $WHQGLPHQWR jV GHPDLV OHJLVODo}HV SHUWLQHQWHV D YHtFXORV GH WUDQVSRUWH
S~EOLFR
5HTXLVLWRV0tQLPRV
$ VHJXLU VmR DSUHVHQWDGRV DOJXQV UHTXLVLWRV PtQLPRV UHODFLRQDGDV jV
FDUDFWHUtVWLFDV GRV YHtFXORV D VHUHP XWLOL]DGRV QD SUHVWDomR GRV VHUYLoRV GH
WUDQVSRUWHFROHWLYR
D WRGRV RV YHtFXORV GHYHUmR VHU HTXLSDGRV FRP HTXLSDPHQWRV H VLVWHPDV
HOHWU{QLFRV QHFHVViULRV DR SOHQR IXQFLRQDPHQWR GR 6,7%XV FRQIRUPH
HVSHFLILFDo}HV FRQWLGDV QHVWH (GLWDO H QR 5(*8/$0(172 '26
6(59,d26
E UROHWDKRPRORJDGDSHOD%+75$16
F WDFyJUDIRHOHWU{QLFRGLJLWDO
G EDQFRVHVWRIDGRV
H GLVSRVLWLYRSDUDUHERTXHQDSDUWHGLDQWHLUD
I SDLQHOWUDVHLUROLVRTXHSRVVLELOLWHDIL[DomRGHDGHVLYRV
J SQHXUDGLDO
K SRUWDGRODGRHVTXHUGRQDVOLQKDVHPTXHRHPEDUTXHHGHVHPEDUTXHIRU
MXQWR DR FDQWHLUR FHQWUDO 3DUD HVWH DFHVVR WDPEpP GHYHUmR VHU SUHYLVWDV
DV FRQGLo}HV GH DFHVVLELOLGDGH SDUD SHVVRDV FRP GHILFLrQFLD RX FRP
PRELOLGDGHUHGX]LGD
L GHJUDXDGLFLRQDOQDSRUWDGLDQWHLUDDFLRQDGRMXQWDPHQWHFRPDDEHUWXUDGD
SRUWDFRPRREMHWLYRGHUHGX]LUDDOWXUDGRSULPHLURGHJUDXDRFKmR
M DEDIDGRUHVGHUXtGRQDVVDtGDVGHDUGRVIUHLRVHGDVSRUWDVQRVYHtFXORV
QRYRV
N OHLDXWH LQWHUQR H H[WHUQR FRQIRUPH 0DQXDLV GH 3DGURQL]DomR 9LVXDO GH
ÐQLEXVHPLWLGRVSHOD%+75$16HGLVSRQLELOL]DGRjV&21&(66,21È5,$6
QDDVVLQDWXUDGRVFRQWUDWRV
O 3UHGLVSRVLomR SDUD LQVWDODomR GH HTXLSDPHQWRV HOHWU{QLFRV FRQIRUPH
HVSHFLILFDomRYLJHQWHjpSRFD
3DUD PHOKRULDV QR DWHQGLPHQWR GDV QRUPDV GH DFHVVLELOLGDGH D %+75$16
SRGHUi H[LJLU LQVWDODomR GH UDPSD QDV SRUWDV SDUD DORQJDPHQWR GR SLVR GR
YHtFXORDWpRSDVVHLR
&DUDFWHUtVWLFDVGRV9HtFXORVSRU7LSRGH6HUYLoR
1RTXDGURDEDL[RVmRDSUHVHQWDGRVRVUHTXLVLWRVPtQLPRVGHHQTXDGUDPHQWR
GDIURWDDRWLSRGHVHUYLoRLQGLFDQGRWDPEpPDVFDUDFWHUtVWLFDVGRVYHtFXORV
7LSRGH6HUYLoR 7LSRGH9HtFXOR
3HVR
9mR/LYUH0tQLPR
1ž0tQLPRGH
5HIHUHQFLDOW
GDV3RUWDV
3RUWDV
DWRQ
FP
SRQWDV
DWRQ
FP
SRUWDV
DWRQ
FP
RXSRUWDV
RQHODGDV
7URQFDO
%L$UWLFXODGR
(VWUXWXUDQWH
$UWLFXODGR
/RQJRRX3HVDGR
'LDPHWUDO
/RQJR3HVDGR
5DGLDO6HPL
RX0pGLR
H[SUHVVR
3HULPHWUDO
$OLPHQWDGRURX
3HVDGR0pGLR
&LUFXODU/RFDO
RX/HYH
&LUFXODUÈUHD
3HVDGR
DWRQ
FP
SRQWDV
/HYH
DWRQ
FP
RXSRUWDV
&HQWUDO
9LODVH)DYHODV
±2VYDORUHVUHODWLYRVDRSHVRGHFDGDWLSRGHYHtFXORSRGHUmRYDULDUFRQIRUPHD
HYROXomRWHFQROyJLFDGRV{QLEXVSDUDWUDQVSRUWHXUEDQR
± 2V YHtFXORV FRP SRUWD ORFDOL]DGD GR ODGR HVTXHUGR PDQWHUmR R Q~PHUR GH
SRUWDVGRODGRGLUHLWR
7RGRVRVYHtFXORVSRGHUmRWHUPRWRUHVFHQWUDOWUDVHLURRXGLDQWHLURH[FHWRRV
YHtFXORV TXH WLYHUHP LQVWDODGD D VHJXQGD UROHWD TXH GHYHUmR WHU
REULJDWRULDPHQWHPRWRUWUDVHLURRXFHQWUDO
2XWUDV([LJrQFLDV5HODFLRQDGDVDRV9HtFXORV
,GDGH0pGLDGRV9HtFXORV
x $ IURWD GH FDGD &21&(66,21È5,$ GHYHUi SRVVXLU LGDGH PpGLD
Pi[LPD GH DQRV H PHVHV RX D LGDGH PHGLD GH VXD SURSRVWD
WpFQLFD
x 6HUiDGPLWLGDXPDYDULDomRDFLPDGDLGDGHPHGLDGHDWpGR]HPHVHV
SRUXPSHUtRGRPi[LPRGHVHLVPHVHVDFDGDWUrVDQRVGRSUD]RGH
YLJrQFLDGR&2175$72
x (VWD
WROHUkQFLD
QmR
LPSOLFDUD
HP
SHQDOLGDGHV
SDUD
D
&21&(66,21È5,$
x $ LGDGH PpGLD GD IURWD TXH FRPS}H FDGD OLQKD SRGHUi YDULDU QR
Pi[LPR HP DQR HP UHODomR D LGDGH PpGLD IURWD GD
&21&(66,21È5,$
x 2VYHtFXORVDUWLFXODGRVHELDUWLFXODGRVSRGHUmRWHUDWpDQRVGHXVR
HQmRVHUmRFRPSXWDGRVQRFiOFXORGDYLGD~WLOPpGLDGRFRQWUDWR
x 2V YHtFXORV OHYHV WHUmR YLGD ~WLO GH QR Pi[LPR DQRV H QmR VHUmR
FRPSXWDGRVQRFiOFXORGDYLGD~WLOPpGLDGRFRQWUDWR
x 2VGHPDLVYHtFXORVWHUmRYLGD~WLOGHDQRV
x 1mRVHUiSHUPLWLGRRUHHQFDUURoDPHQWRGRVYHtFXORV
x 3DUD R FiOFXOR GD LGDGH PpGLD VHUi FRQVLGHUDGR R DQR GH IDEULFDomR
GDFDUURFHULD
6XEVWLWXLomRGH9HtFXORV
x $ &21&(66,21È5,$ DR SUHWHQGHU UHDOL]DU D VXEVWLWXLomR GH XP
YHtFXOR GHYHUi FRQVXOWDU D %+75$16 LQGLFDQGR R YHtFXOR D VHU
VXEVWLWXtGR H DV FDUDFWHUtVWLFDV GR YHtFXOR VXEVWLWXWR FDEHQGR j
%+75$16DYDOLDUVH R YHtFXOR DWHQGHDVQRUPDVUHJXODPHQWDUHVHD
OHJLVODomRSHUWLQHQWH
9HtFXORVFRP&RQWUDWRGH)LQDQFLDPHQWRRX/HDVLQJ
x $ &21&(66,21È5,$ GHYHUi DQH[DU WRGRV RV FRQWUDWRV SDUD D
VROLFLWDomRGHLQFOXVmRGRYHtFXORQRVLVWHPD
'RFXPHQWDomRGRV9HtFXORV
x &5/9DWXDOL]DGR
x 6HJXURREULJDWyULR
x 6HJXURGH5HVSRQVDELOLGDGH&LYLO
x 1RWDVILVFDLVGHFKDVVLVHFDUURoDULDV
/LFHQFLDPHQWR(PSODFDPHQWR
x 7RGRVRVYHtFXORVGHYHUmRVHUOLFHQFLDGRVHHPSODFDGRVQR0XQLFtSLR
GH%HOR+RUL]RQWH
8VRGH&RPEXVWtYHLV
x $%+75$16SRGHUiH[LJLURXVRGHFRPEXVWtYHLVPHQRVSROXHQWHVRX
GHYHtFXORVTXHXWLOL]HPWHFQRORJLDPDLVOLPSD
(VSHFLILFDo}HV0tQLPDVGD3UHVWDomRGR6HUYLoR
(VWDEHOHFHPVH QHVWH LWHP RV SDUkPHWURV RSHUDFLRQDLV H RV VHXV FRQFHLWRV
QHFHVViULRVjHVSHFLILFDomRRXDRGLPHQVLRQDPHQWRGHXPDOLQKDGH{QLEXVH
RVSURFHGLPHQWRVDVHUHPREVHUYDGRVSHODV&21&(66,21È5,$6TXDQGRGD
SURSRVLomR GH DOWHUDomR GH OLQKDV H[LVWHQWHV RX GH FULDomR GH QRYRV
DWHQGLPHQWRV
5HFRPHQGDVH D WtWXOR GH RULHQWDomR D PHWRGRORJLD D VHU DGRWDGD QR
GLPHQVLRQDPHQWR GDV OLQKDV SRGHQGR HQWUHWDQWR DV &21&(66,21È5,$6
DSUHVHQWDU TXDOTXHU RXWUD TXH DSUHVHQWH PDLRU HFRQRPLFLGDGH PDLV
UDFLRQDOLGDGH H PHOKRU FRPSDWLELOLGDGH FRP D TXDOLGDGH SUHWHQGLGD SDUD D
SUHVWDomRGRV6(59,d26QRWRGRRXHPSDUWH
3DUDRVHIHLWRVGHVWHDQH[RFRQVLGHUDPVHFRPRVLQ{QLPRVHHTXLYDOHQWHVRV
WHUPRV
D HVSHFLILFDomRUHHVSHFLILFDomRRXGLPHQVLRQDPHQWRGHOLQKDVRXVHUYLoRV
E DWHQGLPHQWRRXVXEOLQKD
F WHPSR GH YLDJHP RX WHPSR GH FLFOR QmR VH FRQVLGHUD R WHPSR GH
WHUPLQDO
3DUkPHWURVH&RQFHLWRV
'HPDQGD0DQLIHVWD
'HILQHVHFRPRGHPDQGDPDQLIHVWDRQ~PHURGHXVXiULRVTXHMiVHXWLOL]DP
GR VLVWHPD GH WUDQVSRUWH HP XP GDGR SHUtRGR GH WHPSR 6H R VLVWHPD QmR
FRQVHJXH DWHQGHU HPEDUFDU D WRGRV RV XVXiULRV GHVHMRVRV GH VH
GHVORFDUHPHPFHUWDYLDJHPRXKRUiULRFDUDFWHUL]DVHDVLWXDomRGHGHPDQGD
UHSULPLGD
$SXUDomRGD'HPDQGD
$ GHPDQGD SRGH VHU DSXUDGD SRU XP SURFHVVR FRQWtQXR GH FRQWUROH GH
SDVVDJHLURV YDOLGDGRUHV UROHWDV VHQVRUHV GH HPEDUTXH H GHVHPEDUTXH
GHQWUH RXWURV RX QD IDOWD RX LPSRVVLELOLGDGH GHVVHV SRU SHVTXLVDV
VLVWHPiWLFDV
9DULDomR7HPSRUDOGD'HPDQGDVD]RQDOLGDGH
$YDULDomRRXFRPSRUWDPHQWRWHPSRUDOGDGHPDQGDSRGHVHUHIHULUDSHUtRGRV
GHWHPSRGLVWLQWRVFRPDVVHJXLQWHVGHQRPLQDo}HVHYROXomRDQXDOIOXWXDomR
PHQVDO IOXWXDomR VHPDQDO IOXWXDomR GLiULD IOXWXDomR KRUiULD H IOX[R GH
SDVVDJHLURVSRUPLQXWR
'HPDQGD7UDQVSRUWDGD
e R YDORU GD GHPDQGD DFUHVFLGR GR Q~PHUR GH 868È5,26 TXH YLDMDP VHP
SDJDU D WDULID DV JUDWXLGDGHV OHJDLV H DV HYDV}HV (VVH DFUpVFLPR p
QRUPDOPHQWHUHSUHVHQWDGRSRUXPtQGLFHtQGLFHGHJUDWXLGDGHDSOLFDGRVREUH
D GHPDQGD DSXUDGD $V JUDWXLGDGHV H HYDV}HV VmR PHGLGDV SRU PHLR GH
SHVTXLVDVHPEDUFDGDVHIHWXDGDVQDVOLQKDVTXHFRPS}HPRV6(59,d26
3DUD DV OLQKDV TXH VHUYHP jV (67$d®(6 '( ,17(*5$d­2 GHYHUi VHU
FRPSXWDGRWDPEpPRQ~PHURGHSDVVDJHLURVTXHIL]HUDPWUDQVERUGR
3HUtRGRVGH3LFR
6mRRVKRUiULRVGRGLDHPTXHRFRUUHPRVPDLRUHVYROXPHVGHSDVVDJHLURVD
VHUHP WUDQVSRUWDGRV H[LJLQGR PDLRU DORFDomR GH UHFXUVRV YLDJHQV H IURWD
SDUDVHXDWHQGLPHQWR3DUDRVHIHLWRVGHVWH(GLWDORVSHUtRGRVFRQVLGHUDGRV
VmRRVVHJXLQWHV
'LD~WLO'8
)DL[DV+RUiULDV'8
,QtFLR)LP
3HUtRGR
1RWXUQR
)RUD3LFR
3LFR
)RUD3LFR
3LFR
)RUD3LFR
>3DUDP2SHU/LFLWDomR@3DU$GLWLYR
6iEDGR6$%
)DL[DV+RUiULDV6È%
,QtFLR)LP
3HUtRGR
1RWXUQR
)RUD3LFR
3LFR
)RUD3LFR
>3DUDP2SHU/LFLWDomR@3DU$GLWLYR
'RPLQJR'20
)DL[DV+RUiULDV'20
,QtFLR)LP
3HUtRGR
1RWXUQR
)RUD3LFR
>3DUDP2SHU/LFLWDomR@3DU$GLWLYR
2VSHUtRGRVDFLPDUHSUHVHQWDPDPpGLDGRVSHUtRGRVGHRFRUUrQFLDHQWUHRV
GLYHUVRV VHUYLoRV 5HVVDOWDVH TXH FDGD DWHQGLPHQWR RX /,1+$ SRVVXL
FDUDFWHUtVWLFDV
RSHUDFLRQDLV
SUySULDV
SRGHQGR
DSUHVHQWDU
SHUtRGRV
FDUDFWHUtVWLFRV GH PDLRU RX PHQRU GXUDomR TXDQGR FRPSDUDGRV FRP RV
SHUtRGRV LOXVWUDGRV DFLPD 'HVWD IRUPD D %+75$16 SRGHUi UHJXODPHQWDU
KRUiULRV GH LQtFLR H ILP GDV IDL[DV KRUiULDV GH SLFR FRP REMHWLYR GH DMXVWDU D
RIHUWDjGHPDQGD
2EVHUYDomR&RQVLGHUDVHRVKRUiULRVGHSDUWLGDGR32172'(&21752/(
SDUDDGHTXDUXPDYLDJHPDXPDGHWHUPLQDGDIDL[DKRUiULD
ÈUHDÒWLORXÈUHD/LYUHGH0RYLPHQWDomRGH3DVVDJHLURV
&RQVLGHUDVH FRPR iUHD ~WLO WRGD D iUHD GH FRUUHGRU DR ORQJR GR YHtFXOR
SDVVtYHO GH VHU RFXSDGD SHORV SDVVDJHLURV HP Sp ([FOXHPVH DV iUHDV GDV
HVFDGDV D iUHD GH UROHWD D iUHD D VHU RFXSDGD SHORV SpV GRV SDVVDJHLURV
DVVHQWDGRV H D iUHDIURQWDOD SDUWLU GR DQWHSDUR GH SURWHomR GR PRWRULVWD$
iUHD GHVWLQDGD j FDGHLUD GH URGDV p FRPSXWDGD WDPEpP FRPR iUHD ~WLO
SDVVtYHOGHRFXSDomRQDLQH[LVWrQFLDGHVWHWLSRGHXVXiULR
(VTXHPDWLFDPHQWH
7D[DGH2FXSDomR
eRQ~PHURGHSDVVDJHLURVSRUPHWURTXDGUDGRTXHVHDGPLWHYLDMDUHPSpQD
iUHD~WLOGRYHtFXORVHQGRYDULiYHODRORQJRGRVSHUtRGRVGHRSHUDomRGHXPD
OLQKD3DUDRVREMHWLYRVGHVWHHGLWDORVYDORUHVPi[LPRVDGPLWLGRVVmR
7D[DGH2FXSDomR0i[LPD
3LFR
3DVVPð
)RUD3LFR
>3DUDP2SHU/LFLWDomR@3DU$GLWLYR
1RWXUQR
&DSDFLGDGH1RPLQDOGR9HtFXOR&1
e HVWLSXODGD FRPR R Q~PHUR Pi[LPR GH SDVVDJHLURV TXH SRGHUmR VHU
VLPXOWDQHDPHQWHWUDQVSRUWDGRVHPXPYHtFXORSDGUmRGDOLQKDHPFRQGLo}HV
OLPLWHV GH FRQIRUWR QRV SHUtRGRV GH SLFR e H[SUHVVD SHOR Q~PHUR GH
DVVHQWRVHSRUXPDWD[DGHRFXSDomRPi[LPDGDiUHD~WLO
&1 $VVW[ÈUHD~WLO
RQGH
&1 FDSDFLGDGHQRPLQDOGRYHtFXOR
$VV Q~PHURGHDVVHQWRVGLVSRQtYHLV
W WD[DGHRFXSDomRPi[LPD
3DUDRFDGDVWURGRVYHtFXORVSRUOLQKDDHPSUHVDGHYHUiLQIRUPDUSDUDFDGD
XP GHOHV HQWUH RXWURV GDGRV R Q~PHUR GH DVVHQWRV DV iUHDV ~WHLV DQWHV H
GHSRLVGDUROHWDHDiUHDUHVHUYDGDjFDGHLUDGHURGDV
2FXSDomRGR7UHFKR
e R Q~PHUR GH SDVVDJHLURV TXH VH HQFRQWUDP QR YHtFXOR QR WUHFKR
FRQVLGHUDGR HP JHUDO HQWUH GRLV 321726 '( (0%$548( (
'(6(0%$548(FRQVHFXWLYRVGXUDQWHDUHDOL]DomRGHXPDYLDJHP
2FXSDomR&UtWLFDGD9LDJHP2WF
eDPi[LPDRFXSDomRRFRUULGDDRORQJRGDYLDJHPFXMRWUHFKRpGHQRPLQDGR
GHWUHFKRFUtWLFR
ËQGLFHGH2FXSDomRSRU&DSDFLGDGH
'HILQHVH FRP ËQGLFH GH 2FXSDomR SRU FDSDFLGDGH ,RSF D UD]mR HQWUH D
RFXSDomRFUtWLFDGDOLQKDHDFDSDFLGDGHQRPLQDOGHWUDQVSRUWHGRYHtFXOR
GDGRSHODH[SUHVVmR
,R S F 2 7 F & 1
2 tQGLFH GH RFXSDomR SRU FDSDFLGDGH ,RSF p XWLOL]DGR SDUD DSXUDomR H
PRQLWRUDPHQWR GDV FRQGLo}HV RSHUDFLRQDLV GD /,1+$ UHSUHVHQWDQGR D
GLVSRQLELOLGDGHGHDVVHQWRHRQtYHOFRQIRUWRRIHUWDGR
0HWRGRORJLDGHGLPHQVLRQDPHQWRGH/,1+$
2SURGXWRSULQFLSDOGRGLPHQVLRQDPHQWRGHXPD/,1+$GH{QLEXVpRTXDGUR
GH
KRUiULRV
2
SURFHVVR
SUHIHUHQFLDOPHQWH
FRPSXWDFLRQDO
GH
GLPHQVLRQDPHQWRGHYHUiVHHPEDVDUQR0pWRGRGR)OX[RGH3DVVDJHLURVSRU
0LQXWR 4XDQGR QD IDOWD GH GDGRV RX HP VLWXDo}HV GH HVWXGRV H[SHGLWRV R
0pWRGRGDV)DL[DV+RUiULDVSRGHUiVHUXWLOL]DGR
$ %+75$16 D VHX FULWpULR SRGHUi DFHLWDU RXWUDV PHWRGRORJLDV TXH
DSUHVHQWHP PDLRU DFXUiFLD RX TXH PHOKRU VH DGHTHP D XPD VLWXDomR
HVSHFtILFD UHVVDOYDQGR D REULJDWRULHGDGH GH DWHQGHU DR TXHVLWR GH HQYLR
HOHWU{QLFRGRVTXDGURVGHKRUiULRVSURGX]LGRV
)OX[R0pGLRGH3DVVDJHLURV
e D UD]mR HQWUH R Q~PHUR GH SDVVDJHLURV GH XPD YLDJHP TXDOTXHU H R
LQWHUYDORGHWHPSRHQWUHHVWDYLDJHPHDYLDJHPDQWHFHGHQWH
'LPHQVLRQDPHQWRGH/,1+$6
e D DGHTXDomR GD RIHUWD GH WUDQVSRUWHV SRU {QLEXV j GHPDQGD H[LVWHQWH HP
GHWHUPLQDGR LQWHUYDOR GH WHPSR VRE FRQGLo}HV RSHUDFLRQDLV HVSHFtILFDV
FRQWUDWXDLVHH[SUHVVDHPQ~PHURGHYLDJHQVSRUVHQWLGRGHDWHQGLPHQWR
7HPSRGH9LDJHP
e R WHPSRH[SUHVVR HP PLQXWRVQHFHVViULRSDUDTXHRYHtFXORVHGHVORTXH
GDRULJHPGDYLDJHPDRVHXGHVWLQRILQDO
ËQGLFHGH5HQRYDomR
'HILQHVH ËQGLFH GH 5HQRYDomR RX )DWRU GH 5RWDWLYLGDGH )U N ,U HWF D
UHODomR HQWUH R WRWDO GH SDVVDJHLURV WUDQVSRUWDGRV QD YLDJHP H RFXSDomR
FUtWLFDGDPHVPDGDGDSHODH[SUHVVmR
,U 3W2WF
RQGH
,U tQGLFHGHUHQRYDomR
3W SDVVDJHLURVWUDQVSRUWDGRVQDYLDJHP
2WF RFXSDomRFUtWLFDGDYLDJHP
'HPDQGDGH3URMHWR
eRYROXPHGHSDVVDJHLURVDVHUFRQVLGHUDGRQRGLPHQVLRQDPHQWRGD/,1+$
HTXLYDOHQWHjGHPDQGDWUDQVSRUWDGDGLYLGDSHORtQGLFHGHUHQRYDomR
,QWHUYDORV0i[LPRVKHDGZD\Pi[LPR
2 UHVXOWDGR GR GLPHQVLRQDPHQWR Q~PHUR GH YLDJHQV SRU IDL[D KRUiULD
DFDUUHWDUiLQWHUYDORVHQWUHDVYLDJHQVTXHQmRSRGHUmRXOWUDSDVVDURVYDORUHV
DEDL[RSRUWLSRGHVHUYLoR
,QWHUYDORV0i[LPRV7LSRGH6HUYLoRPLQXWRV
6HUYLoRV
7URQFDO
&LUFXODU
6HPLH[SUHVVR$OLPHQWDGRU
'LDPHWUDO3HULPHWUDO5DGLDO
>3DUDP2SHU/LFLWDomR@3DU$GLWLYR
3LFR
3HUtRGR
)RUD3LFR
1RWXUQR
6XERUGLQDGRjV
QHFHVVLGDGHV
2ULJHPGRV'DGRV
2V GDGRVEiVLFRV SDUDDQiOLVH GH RFXSDomR HPSHQKRGHIURWDDSXUDomRGH
tQGLFHV RSHUDFLRQDLV PRQLWRUDPHQWR H FiOFXOR GR WHPSR GH YLDJHP
UHHVSHFLILFDomR GH XPD OLQKD H RXWURV GDGRV UHODWLYRV D XPD OLQKD VHUmR
DSXUDGRV FRQVLGHUDQGR D PpGLD GRV FLQFR SULPHLURV GLDV ~WHLV GR PrV
H[FOXtGRV DTXHOHV DGMDFHQWHV D GLDV DWtSLFRV IHULDGRV HYHQWRV HWF TXH
DIHWHPRFRPSRUWDPHQWRHDPRYLPHQWDomRGHSDVVDJHLURV
4XDGURVGH+RUiULRVHP3HUtRGRVGH%DL[D'HPDQGD
$V &21&(66,21È5,$6 SRGHUmR DOWHUDU RV 4XDGURV GH +RUiULRV DWHQGHQGR
DRV QtYHLV GH VHUYLoR HVWDEHOHFLGRV 7$;$ '( 2&83$d­2 ,QWHUYDORV
0i[LPRV &DPLQKDPHQWR D Sp GHQWUH RXWURV H RV SUD]RV H SURFHGLPHQWRV
SDUDFDGDVWUDPHQWRHLQIRUPDomRDRV868È5,26
1RV SHUtRGRVGHIpULDVHRXGLDV GH EDL[DGHGHPDQGD ± 'LD $WtSLFRSRUH[
GLD ~WLO HQWUH IHULDGR H ILP GH VHPDQD RV TXDGURV GH KRUiULRV SURSRVWRV
GHYHUmR DWHQGHU DV PHVPDV FRQGLFLRQDQWHV GR SDUiJUDIR DFLPD DOpP GRV
VHJXLQWHVOLPLWDGRUHV
x RVTXDGURVGHKRUiULRVGHIpULDVH'LDV$WtSLFRVSRGHUmRVHUUHGX]LGRV
HP DWp YLQWH SRU FHQWR GRV TXDGURV GH KRUiULRV YLJHQWHV DWp
HQWmRSDUDDTXHOHVPHVPRVWLSRVGHGLDV
x D UHGXomR QD RIHUWD GRV VHUYLoRV Q~PHUR GH YLDJHQV QmR SRGHUi
H[FHGHUDGDUHGXomRGDGHPDQGDQ~PHURGHSDVVDJHLURVSDUD
FDGD IDL[D KRUiULD H WLSR GH GLD RX VHMD SDUD FDGD GH UHGXomR GH
GHPDQGDSRGHUiVHUUHGX]LGRDWpQDRIHUWDȱȱȱ
$OWHUDomRGH,WLQHUiULRV
2V LWLQHUiULRV QRV EDLUURV SRGHUmR VHU DOWHUDGRV PHGLDQWH SURSRVWD
SUHYLDPHQWH HQWUHJXH D %+75$16 REHGHFHQGR jV QRUPDV SUD]RV H IOX[RV
HVWDEHOHFLGRV SHOD %+75$16 QR 5(*8/$0(172 '26 6(59,d26 H
DWHQGHQGRDVVHJXLQWHVQHFHVVLGDGHV
,JDUDQWLUDDFHVVLELOLGDGHUHVSHLWDQGRDGLVWkQFLDPi[LPDQRSODQRGH
PHWURVGHFDPLQKDPHQWRDSpSHORXVXiULR
3DUDFDPLQKDGDVHPDFOLYHVFRQVLGHUDUDUHGXomRGDH[WHQVmRHPIXQomRGD
GHFOLYLGDGHFRQIRUPHJUiILFRDEDL[R
5DPSD
'LVWkQFLD(TXLYDOHQWH&DPLQKDGDHP5DPSD
0HWURV
,,2VLWLQHUiULRVGHYHUmRREHGHFHUSUHIHUHQFLDOPHQWHDPHQRUGLVWkQFLDHQWUH
VHXVGHVWLQRVILQDLV
±,WLQHUiULRVQDÈUHD&HQWUDO
2V LWLQHUiULRV QD ÈUHD &HQWUDO GHOLPLWDGRV SHOD $Y GR &RQWRUQR VRPHQWH
SRGHUmR VHU DOWHUDGRV PHGLDQWH DSURYDomR GD %+75$16 OHYDQGRVH HP
FRQVLGHUDomR RV SDUkPHWURV RSHUDFLRQDLV H RXWURV WDLV FRPR FDSDFLGDGH GD
YLD FDSDFLGDGH GH RSHUDomR GRV 321726 '( (0%$548( (
'(6(0%$548( UHJL}HV GH JUDQGH PRYLPHQWDomR GH {QLEXV FRPR D iUHD
KRVSLWDODUHQWUHRXWURV
&ULDomRRX$OWHUDomRGH/LQKDV
$V &21&(66,21È5,$6 SRGHUmR SURSRU D FULDomR GHVPHPEUDPHQWR RX
IXVmR GH OLQKDV DSUHVHQWDQGR R HVWXGR GH YLDELOLGDGH WpFQLFD FRQIRUPH
FRQGLo}HVHVWDEHOHFLGDVQHVWH(GLWDOHQR5(*8/$0(172'266(59,d26
$V&21&(66,21È5,$6SRGHUmRSURSRUDH[WLQomRGHOLQKDVDSUHVHQWDQGRR
HVWXGR GH YLDELOLGDGH WpFQLFD FRQIRUPH 5(*8/$0(172 '26 6(59,d26
LQGLFDQGR D RXWUD OLQKD TXH DEVRUYHUi R DWHQGLPHQWR H GHWDOKDPHQWR GD
SURSRVWDSDUDRQRYRVHUYLoR
([SDQVmRGRV6HUYLoRV
$ RIHUWD GHYHUi VH DGHTXDU DR FUHVFLPHQWR GD GHPDQGD HP FRQIRUPLGDGH
FRP RV FULWpULRV QtYHLV GH VHUYLoR H FRQGLFLRQDQWHV HVWDEHOHFLGRV QHVWH
(',7$/HQR5(*8/$0(17R'266(59,d26FRQVLGHUDQGRGRLVDVSHFWRV
, FUHVFLPHQWR GD GHPDQGD GHFRUUHQWH GR FUHVFLPHQWR GD SRSXODomR FRP
EDVH QRV GDGRV H[LVWHQWHV D RIHUWD GHYHUi VHU DMXVWDGD j QRYD GHPDQGD
REHGHFLGRVWRGRVRVFULWpULRVHVWLSXODGRVQR(',7$/
,, FUHVFLPHQWR SRQWXDO GD GHPDQGD FRPR FRQVHTrQFLD GD H[SDQVmR
XUEDQD FDUDFWHUL]DGR SRU QRYRV SyORV JHUDGRUHV FRPR HPSUHHQGLPHQWRV
FRPHUFLDLV LQGXVWULDLV VHUYLoRV GH HGXFDomR VD~GHFRQMXQWRV KDELWDFLRQDLV
XQLGDGHVS~EOLFDVRXSULYDGDVGHVHUYLoRVFUHVFLPHQWRGRVDGHQVDPHQWRVGH
Q~FOHRV KDELWDFLRQDLV D RIHUWD GHYHUi VHU SUHFHGLGD GH XP OHYDQWDPHQWR GR
SRWHQFLDOGDGHPDQGDSDUDDGHWHUPLQDomRGHXPDWHQGLPHQWRSUHOLPLQDUFXMD
PRQLWRUDomR HPEDVDUi D RIHUWD GHILQLWLYD GHQWUR GRV SDGU}HV HVWDEHOHFLGRV
QHVWH(',7$/TXDQWRDRVVHXVQtYHLVGHVHUYLoRLQWHUYDORVQtYHOGHFRQIRUWR
GLVWkQFLDGHFDPLQKDGDGHQWUHRXWURV
±/,1+$6TXHRSHUDPHPPDLVGHXPD576
4XDQGR IRUHP FULDGDV OLQKDV TXH RSHUDP HP PDLV GH XPD UHGH HVWDV OLQKDV
GHYHPVHUFRPSDUWLOKDGDVHQWUHDV&21&(66,21È5,$6HQYROYLGDV
4XDQWLWDWLYRVPtQLPRVSDUDR6,7%XV
$V &21&(66,21È5,$6 DWUDYpV GR &216Ï5&,2 23(5$&,21$/ GHYHUmR
IRUQHFHU WRGD D HVWUXWXUD HTXLSDPHQWRV VRIWZDUHV WUHLQDPHQWRV H GHPDLV
LWHQVQHFHVViULRVDRIXQFLRQDPHQWRGR6,7%XV
1R352-(7235(/,0,1$5HQR352-(72),1$/GHYHUmRVHUDSUHVHQWDGRV
RV TXDQWLWDWLYRV H HVSHFLILFDomR WpFQLFD GH FDGD HTXLSDPHQWR VLVWHPD H
VRIWZDUHTXHFRPS}HFDGDXPGRVDPELHQWHVSULQFLSDLV
x &HQWUDOGH6XSHUYLVmRH)LVFDOL]DomRGD%+75$16
x 6%(
x 6$2
x 6,8
x *HUDomRGH&UpGLWRV(OHWU{QLFRV
x &HQWUDOGH2SHUDomRGR&RQVyUFLR2SHUDFLRQDO
x &HQWUDLVGH2SHUDomRGDV&RQFHVVLRQiULDV
x (VWUXWXUDGH*DUDJHQV
x (VWUXWXUDGH'LVWULEXLomRH&RPHUFLDOL]DomRGH&DUW}HVH&UpGLWRV
(OHWU{QLFRV
x (VWUXWXUDGH$WHQGLPHQWRDR8VXiULR
x (VWUXWXUD(PEDUFDGD
x (VWUXWXUDQRV3RQWRVGH3DUDGDH(VWDo}HV
x &DUW}HV,QWHOLJHQWHV
x 5HGHVGH&RPXQLFDo}HVHQWUHRVDPELHQWHV
2V TXDGURV DSUHVHQWDGRV D VHJXLU DSUHVHQWDP DOJXQV GRV SULQFLSDLV
HTXLSDPHQWRV TXH FRQVWLWXL R 6,7%XV HP VHXV PyGXORV H RV UHVSHFWLYRV
TXDQWLWDWLYRVPtQLPRV
4XDQWLWDWLYRV5HODFLRQDGRVj&HQWUDOGH6XSHUYLVmRH)LVFDOL]DomR
x (VWDo}HVGH7UDEDOKRQD%+75$16
6%(6LVWHPDGH%LOKHWDJHP(OHWU{QLFD
XQ
(VWDo}HVGH7UDEDOKR
6$2±6LVWHPDGH$SRLRD2SHUDomR
XQ
LQVWDODGDVQD%+75$16
6,86LVWHPD,QIRUPDomRDR8VXiULR
XQ
x 6HUYLGRUHVLPSUHVVRUDVVRIWZDUHVSUySULRVHGHWHUFHLURVHGHPDLVLWHQV
GH LQIRUPiWLFD GHYHUmR VHU GLPHQVLRQDGRV H GLVSRQLELOL]DGRV GH IRUPD D
DWHQGHU DRV UHTXLVLWRV GRV 352-(726 35(/,0,1$5 H ),1$/ DR
5(*8/$0(172'266(59,d26HjVDWULEXLo}HVGD%+75$16
4XDQWLWDWLYRV5HODFLRQDGRVDRV0yGXORVGR6,7%XV
±6%(
9DORUHVSRU
8QLGDGHGH
8QLYHUVRGR3URMHWR
5HIHUrQFLD
6LVWHPDGH%LOKHWDJHP(OHWU{QLFD
VLVWHPD 7RGRVRVYHtFXORVJDUDJHQV
7UDQVLWyULR
HGHPDLVDPELHQWHV
&RQMXQWRGHJHUDomRGHFUpGLWRV
FM
FMQD%+75$16
&RQMXQWRSDUDFDUW}HVGHGLVWULEXLomR
FM
FMFHQWUDOL]DGRRXFMSRU
SRVWRGHYHQGDHVSHFLDO
&RQMXQWRSDUDFDSWXUDGHLPDJHQV
FMSRVWRGH FM
FkPDUDLPSUHVVRUDFRPSXWDGRUHWF YHQGDHVSHFLDO
&RQMXQWRGHVLVWHPDVGHJDUDJHP
FMJDUDJHPPtQLPRGHFMJDUDJHQV
KDUGZDUHHVRIWZDUH
RXSiWLRVGHHVWDFLRQDPHQWR
DGLFLRQDLV
&DUW}HVLQWHOLJHQWHVSDUDVLWEXV
&DUW}HVLQWHOLJHQWHVSDUDLGRVRV
9DOLGDGRUHPEDUFDGRFRPHTXLSDPHQWR
XQSRUWD GDIURWD
GHWUDQVPLVVmRHDUPD]HQDPHQWR
GH
HPEDUTXHYHLF
žYDOLGDGRUHPEDUFDGRFRPHTXLSDPHQWR XQYHLF GDIURWD
GHWUDQVPLVVmRHDUPD]HQDPHQWR
5ROHWDHOHWURPHFkQLFD
XQ
XQOLQKDGHEORTXHLRQDV
HVWDo}HVEKEXV
DUROHWDSDUDDJLOL]DomRGHHPEDUTXH
XQYHLF GDIURWD
6HQVRUGHUROHWDRXUROHWDHOHWURPHFkQLFD XQYHtFXOR GDIURWDUROHWDVGH
VRORGDVHVWDo}HVGH
LQWHJUDomR
5HFROKHGRUDXWRPiWLFRGHFDUWmRQDV
XQUROHWD LQVWDODGRHPWRGDVDV
HVWDo}HVGHLQWHJUDomR
HVWDo}HVGHLQWHJUDomR
7HUPLQDOGHYHQGDJXLFKrV
XQSRVWR QRVSRVWRVGHYHQGDV
HVSHFLDOGH HVSHFLDLV
YHQGD
7HUPLQDOGHFRQVXOWDDXWRDWHQGLPHQWR XQSRVWR QRVSRVWRVGHYHQGDV
HVSHFLDLVHSRVWRVHVWDomR
3RVWRGHYHQGDVHVSHFLDLV
XQ
TXDWURQDiUHDFHQWUDOH
GXDVSRUUWV
0yGXORGHYHQGDHPEDUFDGRFDUJDD
XQYHLF GDIURWD
ERUGRHUHFDUJDIL[DDXWRPiWLFD
326HTXLSDPHQWRGHYHQGDSRUWiWLO
YLGHREV HVSDOKDGRVSHODFLGDGH
7HUPLQDOGHDXWRDWHQGLPHQWRSDUDYHQGD YLGHREV HVSDOKDGRVSHODFLGDGH
GHFDUW}HVHFDUJDUHFDUJDGHFUpGLWRV
0yGXORGR6,7%XV6%(
&RQVLGHUDo}HV
$V HVSHFLILFDo}HV H GHWDOKDPHQWR GRV HTXLSDPHQWRV HVWmR DSUHVHQWDGRV
QR$QH[R9,,,HQR5(*8/$0(172'26,7%XV
2 TXDQWLWDWLYR GH FDUW}HV p XPD UHIHUrQFLD H GHYHUi DWHQGHU j GHPDQGD
GRV 868È5,26 2 &216Ï5&,2 23(5$&,21$/ GHYHUi PDQWHU GXUDQWH
WRGD D YLJrQFLD GRV &2175$726 HVWRTXH GH FDUW}HV VXILFLHQWHV j
GHPDQGD
$V UHVHUYDV WpFQLFDV GHYHUmR VHU GLPHQVLRQDGDV GH IRUPD D DWHQGHU RV
QtYHLV GH VHUYLoR SUHYLVWRV QR $QH[R 9,,, H QR 5(*8/$0(172 '26
6(59,d26
7RGRV RV DPELHQWH GHYHUmR SRVVXLU QREUHDNV GLPHQVLRQDGRV GH DFRUGR
FRPRTXDQWLWDWLYRGHHTXLSDPHQWRVHDVHYHULGDGHGRVVHUYLoRV
2VTXDQWLWDWLYRVGHYHtFXORVTXHSRVVXLUmRUROHWDHRXžYDOLGDGRUOHLWRUD
GHSHQGHUmRGDHYROXomRHUHHVWUXWXUDomRGRV6(59,d26HDFRQWHFHUiGH
IRUPD JUDGDWLYD 2 TXDQWLWDWLYR GH WULQWD SRU FHQWR FRUUHVSRQGH DRV
YHtFXORV FRP ž YDOLGDGRUOHLWRUD SDUD DJLOL]DomR GH HPEDUTXH H WDULIDomR
SRUVHomR
2V HTXLSDPHQWRV SRUWiWHLV GH YHQGDV 326 H GH DXWRDWHQGLPHQWR
GHYHUmRVHUGLPHQVLRQDGRVHDSUHVHQWDGRVQRV352-(72635(/,0,1$5
H),1$/GHDFRUGRFRPDHVWUXWXUDGHFRPHUFLDOL]DomRSURSRVWD
$V &21&(66,21È5,$6 DWUDYpV GR &216Ï5&,2 23(5$&,21$/
GHYHUmR GLVSRQLELOL]DU H RSHUDU XP 6LVWHPD GH %LOKHWDJHP (OHWU{QLFD
GXUDQWH R SHUtRGR FRPSUHHQGLGR HQWUH R LQtFLR GD SUHVWDomR GRV
6(59,d26 H R LQtFLR GH RSHUDomR GR 6,7%XV $V UHJUDV GH WUDQVLomR
GHYHUmRVHUDSUHVHQWDGDVQR352-(7235(/,0,1$5H352-(72),1$/
H GHYHUmR FRQVLGHUDU WRGDV DV IXQFLRQDOLGDGHV H[LVWHQWHV HP HVSHFLDO DV
SROtWLFDV WDULIiULDV YLJHQWHV H RV FUpGLWRV HOHWU{QLFRV HP XVR 7DLV UHJUDV
GHYHP FRQVLGHUDU DLQGD XPD WUDQVLomR VHP WUDQVWRUQRV RSHUDFLRQDLV RX
ILQDQFHLURV
2VTXDQWLWDWLYRVGHFDUW}HVSDUDLGRVRVGHYHUmRVHUGLVSRQLELOL]DGRVHPDWp
WULQWD GLDV GR LQtFLR GD RSHUDomR GRV 6(59,d26 EHP FRPR D
DGHTXDomR GDV UHVSHFWLYDV IXQFLRQDOLGDGHV QR 6LVWHPD GH %LOKHWDJHP
(OHWU{QLFDSDUDRLQtFLRGRVSURFHGLPHQWRVGHFDGDVWUDPHQWR
6$2
9DORUHVSRU
8QLGDGHGH
5HIHUrQFLD
7DFyJUDIRHOHWU{QLFRGLJLWDO
XQYHLF
8QLGDGHOyJLFDFHQWUDOHPEDUFDGD
XQYHLF
'LVSRVLWLYRGHORFDOL]DomRSRUVDWpOLWH
XQYHLF
'LVSRVLWLYRV
GH
ORFDOL]DomR XQYHLF
VXSOHPHQWDUHV
6LVWHPD GH FRPXQLFDomR SULPiULR FMYHLF
:0$1
6LVWHPD GH FRPXQLFDomR VHFXQGiULR FMYHLF
:/$1
0LFURIRQHGHYLJLOkQFLD
XQYHLF
%RWmRGHHPHUJrQFLD
XQYHLF
7HUPLQDOGHGDGRV
XQYHLF
&RQWDGRUGHSDVVDJHLURV
FMSRUWDYHLF
6HQVRU
GH
IXQFLRQDPHQWR XQYHLF
PHFkQLFRHOHWU{QLFR
6HQVRUGHGHVORFDPHQWR
XQYHLF
6LVWHPDGHiXGLR
FMYHLF
&kPHUDVGLJLWDLVHPEDUFDGDV
XQSRUWDYHLF
*UDYDGRUGHLPDJHQVHPEDUFDGDV
XQYHLF
&kPDUDV GLJLWDLV HP (VWDo}HV GH
,QWHJUDomR
XQSODIDIRUPD
±6,8
0yGXORGR6,7%XV6$2
8QLYHUVRGR3URMHWR
GDIURWD
GDIURWD
GDIURWD
GDIURWD
GDIURWD
GDIURWD
GDIURWD
GDIURWD
GDIURWD
GDIURWD
GDIURWD
GDIURWD
GDIURWD
GDIURWD
GDIURWD
GDV(VWDo}HVGH
,QWHJUDomR
9DORUHVSRU
8QLGDGHGH
8QLYHUVRGR3URMHWR
5HIHUrQFLD
3DLQHORXGLVSOD\GHPHQVDJHQVYDULiYHLV
GD)URWD
LQWHUQR
XQSRUWDYHLF
3DLQHORXGLVSOD\GHPHQVDJHQVYDULiYHLV XQYHLF
GDIURWDDGPLWLGR
H[WHUQROHWUHLURHOHWU{QLFR
SDUDRVYHtFXORVXVDGRV
GDIURWDVRPHQWH
3DLQHORXGLVSOD\GHPHQVDJHPYDULiYHLV XQYHLF
H[WHUQROHWUHLURHOHWU{QLFR
YHtFXORVQRYRV
3DLQHORXGLVSOD\GHPHQVDJHQVYDULiYHLV XQDEULJR 3RQWRVGHHPEDUTXH
QRVSRQWRVGHHPEDUTXHHGHVHPEDUTXH
HGHVHPEDUTXH
FRP FDSDFLGDGH GH YHLFXODU D SUHYLVmR
GH FKHJDGD VLPXOWkQHD GH QR PtQLPR OLQKDV TXH H[HFXWDP RSHUDomR GH
HPEDUTXHHGHVHPEDUTXHQHVVHSRQWR
8QLGDGH OyJLFD FHQWUDO QRV SRQWRV GH XQSDLQHO 3RQWRVGHHPEDUTXHH
HPEDUTXHHGHVHPEDUTXH
GHVHPEDUTXH
6LVWHPD GH FRPXQLFDomR SULPiULRFMSRQWRGH 3RQWRVGHHPEDUTXH
HGHVHPEDUTXH
:0$1
HPEDUTXHH
GHVHPEDUTXH
6LVWHPD GH FRPXQLFDomR VHFXQGiULRFMSRQWRGH 3RQWRVGHHPEDUTXH
HGHVHPEDUTXH
:/$1
HPEDUTXHH
GHVHPEDUTXH
6LVWHPDGHiXGLRGDGRVHRXYtGHR
FMSRQWRGH 3RQWRVGHHPEDUTXH
HPEDUTXHH
HGHVHPEDUTXH
GHVHPEDUTXH
0yGXORGR6,7%XV6,8
4XDQWLWDWLYRV5HODFLRQDGRVDR3HUtRGRGH7UDQVLomR
6LVWHPDGH%LOKHWDJHP(OHWU{QLFD7UDQVLWyULR
1R SHUtRGR FRPSUHHQGLGR HQWUH D DVVLQDWXUD GRV &2175$726 H R LQtFLR GH
RSHUDomR GR 6,7%XV DV &21&(66,21È5,$6 DWUDYpV GR &216Ï5&,2
23(5$&,21$/ GHYHUmR PDQWHU XP 6LVWHPD GH %LOKHWDJHP (OHWU{QLFD FRP
WRGDV DV IXQFLRQDOLGDGHV H[LVWHQWHV HP HVSHFLDO DTXHODV UHODFLRQDGDV jV
SROtWLFDV WDULIiULDV YLJHQWHV H PDQXWHQomR GR SRGHU GH XVR GRV FUpGLWRV
HOHWU{QLFRV HP SRGHU GRV 868È5,26 'HYHUi VHU PDQWLGR XP 6%( FRP
YDOLGDGRUHV HP WRGRV RV YHtFXORV HVWUXWXUD GH JDUDJHQV 6LVWHPD &HQWUDO
3RVWRVGH9HQGDVHGHPDLVHOHPHQWRVHSURFHVVRVTXHFRQVWLWXLRDWXDO6%(
JDUDQWLQGR TXH R DWXDO VLVWHPD GH ELOKHWDJHP QD VRIUD QHQKXP SUREOHPD GH
GHVFRQWLQXLGDGH
'HYHUmR VHU SUHYLVWDV DLQGD D GLVSRQLELOL]DomR GRV &DUW}HV GH ,GRVRV SDUD
LQtFLR GRV SURFHGLPHQWRV GH FDGDVWUDPHQWR HP DWH GLDV GR LQtFLR GH
RSHUDomR GRV &2175$726 H IXQFLRQDOLGDGHV GH SROtWLFDV GH LQWHJUDomR
WHPSRUDO GLIHUHQFLDGDV SRU WLSR GH GLD SDUD QRYD UHGH GH WUDQVSRUWHV DRV
GRPLQJRV
3URMHWR3LORWRȱ
'HYHUi VHU GLPHQVLRQDGR EXVFDQGR DWHQGHU jV IXQFLRQDOLGDGHV EiVLFDV GR
6,8 FRQIRUPH SUHYLVWR QR $QH[R 9,,, GHVWH (',7$/ H QR 5(*8/$0(172
'266(59,d26
x 4XDQWLGDGHGHYHtFXORVSDUD3URMHWR3LORWR/,1+$RXFRQMXQWRGH/,1+$6
FRPFHUFDGHYHtFXORV
x 4XDQWLGDGHGH3RQWRVGH3DUDGDSRQWRV
x (VWUXWXUD
GH
0RQLWRUDPHQWR
HVWUXWXUD
QD
%+75$16
H
DFRPSDQKDPHQWRUHPRWRSHOR&216Ï5&,223(5$&,21$/
$V IXQFLRQDOLGDGHV HTXLSDPHQWRV H VRIWZDUHV QHFHVViULRV SDUD D UHDOL]DomR
GR 352-(72 3,/272 GHYHUmR FRQVWDU GRV 352-(726 35(/,0,1$5 H
),1$/