&RQMXQWRGH3ULQFtSLRVSDUDD3URWHomRGH7RGDVDV 3HVVRDV6XMHLWDVD4XDOTXHUIRUPDGH'HWHQomRRX 3ULVmR 'RFGDV1Do}HV8QLGDVQ>@GHGHGH]HPEURGH $$VVHPEOpLD*HUDO /HPEUDQGRDVXD5HVROXomRGHGH'H]HPEURGHOFRQILDYDjD &RPLVVmRDWDUHIDGHHODERUDURSURMHWR GH&RQMXQWR3ULQFtSLRVSDUDD3URWHomRGH7RGDVDV3HVVRDV6XMHLWDVD4XDOTXHUIRUPDGH'HWHQomRRX3ULVmRH GHFLGLDLQVWLWXLUXP*UXSRGH7UDEDOKRDEHUWRHVVHILP 7RPDQGRFRQKHFLPHQWRGRUHODWyULRGR*UXSRGH7UDEDOKRTXHUHXQLXGXUDQWHDVHVVmRGD$VVHPEOpLD*HUDOH FRPSOHWRXDHODERUDomRGRSURMHWRGH&RQMXQWRGH3ULQFtSLRVSDUDD3URWHomRGH7RGDVDV3HVVRDV6XMHLWDVD 4XDOTXHU)RUPDGH'HWHQomRRX3ULVmR &RQVLGHUDQGRTXHR*UXSRGH7UDEDOKRGHFLGLXVXEPHWHURWH[WRGRSURMHWRGH&RQMXQWRGH3ULQFtSLRVjD &RPLVVmR SDUDFRQVLGHUDomRDGRomR &RQYHQFLGDGHTXHDDGRomRGRSURMHWRGR&RQMXQWRGH3ULQFtSLRVUHSUHVHQWDULDXPDLPSRUWDQWHFRQWULEXLomRSDUDD SURWHomRGRVGLUHLWRVGRKRPHP &RQVLGHUDQGRDQHFHVVLGDGHGHDVVHJXUDUXPDDPSODGLYXOJDomRGRWH[WRGR&RQMXQWRGH3ULQFtSLRV $SURYDR&RQMXQWRGH3ULQFtSLRVSDUDD3URWHomRGH7RGDV3HVVRDV6XMHLWDVD4XDOTXHU)RUPDGH'HWHQomRRX 3ULVmRFXMRWH[WRILJXUDHPDQH[RjSUHVHQWH5HVROXomR ([SULPHRVHXUHFRQKHFLPHQWRDR*UXSRGH7UDEDOKRUHODWLYRDR3URMHWRGH&RQMXQWRGH3ULQFtSLRVSDUDD3URWHomR GH7RGDVDV3HVVRDV6XMHLWDVD4XDOTXHU)RUPDGH'HWHQomRRX3ULVmRSHODVXDLPSRUWDQWHFRQWULEXLomRSDUDD HODERUDomRGR&RQMXQWRGH3ULQFtSLRV 6ROLFLWDDR6HFUHWiULR*HUDOTXHLQIRUPHRV(VWDGRVPHPEURVGDV 1Do}HV8QLGDVRXRVPHPEURVGH$JrQFLDV(VSHFLDOL]DGDVGDDGRomRGR&RQMXQWRGH3ULQFtSLRV 6ROLFLWDYLYDPHQWHRGHVHQYROYLPHQWRGHWRGRVRVHVIRUoRVGHIRUPDDTXHR&RQMXQWRGH3ULQFtSLRVVHMD XQLYHUVDOPHQWHFRQKHFLGRHUHVSHLWDGR D 6HVVmRSOHQiULD GH'H]HPEURGH $1(;2 &RQMXQWRGH3ULQFtSLRVSDUDD3URWHomRGH7RGDVDV3HVVRDV6XMHLWDVD4XDOTXHU)RUPDGH'HWHQomRRX3ULVmR ÆPELWRGR&RQMXQWRGH3ULQFtSLRV 2VSUHVHQWHV3ULQFtSLRVDSOLFDPVHSDUDDSURWHomRGHWRGDVDVSHVVRDVVXMHLWDVDTXDOTXHUIRUPDGHGHWHQomRRX SULVmR 7HUPLQRORJLD 3DUDHIHLWRVGR&RQMXQWRGH3ULQFtSLRV DFDSWXUDGHVLJQDRDWRGHGHWHUXPLQGLYtGXRSRUVXVSHLWDGDSUiWLFDGHLQIUDomRRXSRUDWRGHXPDDXWRULGDGH ESHVVRDGHWLGDGHVLJQDDSHVVRDSULYDGDGHVXDOLEHUGDGHH[FHWRVHRWLYHUVLGRHPFRQVHTrQFLDGHFRQGHQDomR SHODSUiWLFDGHXPDLQIUDomR FSHVVRDSUHVDGHVLJQDDSHVVRDSULYDGDGDVXDOLEHUGDGHFRQVHTrQFLDGHFRQGHQDomRSHODSUiWLFDGHXPD LQIUDomR GGHWHQomRGHVLJQDDFRQGLomRGDVSHVVRDVGHWLGDVQRVDFLPDUHIHULGRV HSULVmRGHVLJQDDFRQGLomRGDVSHVVRDVSUHVDVQRVWHUPRVDFLPDUHIHULGRV I$H[SUHVVmRDXWRULGDGHMXGLFLiULDRXRXWUDDXWRULGDGHGHVLJQDDXWRULGDGHMXGLFLiULDRXRXWUDDXWRULGDGH HVWDEHOHFLGDQRVWHUPRVFXMRHVWDWXWRHPDQGDWRRIHUHoDPDVPDLVVyOLGDVJDUDQWLDVGHFRPSHWrQFLDLPSDUFLDOLGDGHH LQGHSHQGrQFLD 35,1&Ë3,2 $SHVVRDVXMHLWDDTXDOTXHUIRUPDGHGHWHQomRRXSULVmRGHYHVHUWUDWDGDFRPKXPDQLGDGHHFRPUHVSHLWRGD GLJQLGDGHLQHUHQWHDRVHUKXPDQR 35,1&Ë3,2 $FDSWXUDGHWHQomRRXSULVmRVyGHYHPVHUDSOLFDGDVHPHVWULWDFRQIRUPLGDGHFRPGLVSRVLo}HVOHJDLVHSHODV DXWRULGDGHVFRPSHWHQWHVRXSHVVRDVDXWRUL]DGDVSDUDHVVHHIHLWR 35,1&Ë3,2 1RFDVRGHVXMHLomRGHXPDSHVVRDDTXDOTXHUIRUPDGHGHWHQomRRXSULVmRQHQKXPDUHVWULomRRXGHUURJDomRSRGH VHUDGPLWLGDDRVGLUHLWRVGRKRPHPUHFRQKHFLGRVRXHPYLJRUQXP(VWDGRDRDEULJRGHOHLVFRQYHQo}HVUHJXODPHQWRV RXFRVWXPHVVRERSUHWH[WRGHTXHRSUHVHQWH&RQMXQWRGH3ULQFtSLRVQmRUHFRQKHFHHVVHVGLUHLWRVRXRVUHFRQKHFH HPPHQRUJUDX 35,1&Ë3,2 $VIRUPDVGHGHWHQomRRXSULVmRHDVPHGLGDVTXHDIHWHPRVGLUHLWRVGRKRPHPGDSHVVRDVXMHLWDDTXDOTXHUIRUPD GHGHWHQomRRXSULVmRGHYHPVHUGHFLGLGDVSRUXPDDXWRULGDGHMXGLFLiULDRXRXWUDDXWRULGDGHRXHVWDUVXMHLWDVDVXD HIHWLYDILVFDOL]DomR 35,1&Ë3,2 2VSUHVHQWHVSULQFtSLRVDSOLFDPVHDWRGDVDVSHVVRDVTXHVHHQFRQWUHPQRWHUULWyULRGHXPGHWHUPLQDGR(VWDGR VHPGLVFULPLQDomRDOJXPDLQGHSHQGHQWHPHQWHGHTXDOTXHUFRQVLGHUDomRGHUDoDFRUVH[ROtQJXDUHOLJLmRRX FRQYLFo}HVUHOLJLRVDVRSLQL}HVSROtWLFDVRXWUDVRULJHPQDFLRQDOpWQLFDRXVRFLDOIRUWXQDQDVFLPHQWRRXGHTXDOTXHU RXWUDVLWXDomR $VPHGLGDVDSOLFDGDVDRDEULJRGDOHLHH[FOXVLYDPHQWHGHVWLQDGDVDSURWHJHURVGLUHLWRVHDFRQGLomRHVSHFLDOGD PXOKHUHVSHFLDOPHQWHGDPXOKHUJUiYLGDHGDPmHFRPFULDQoDVGHWHQUDLGDGHGDVFULDQoDVGRVDGROHVFHQWHVH LGRVRVGRHQWHVRXGHILFLHQWHVmRFRQVLGHUDGDVPHGLGDVGLVFULPLQDWyULDV$QHFHVVLGDGHGHWDLVPHGLGDVEHPFRPRD VXDDSOLFDomRSRGHUmRVHPSUHVHUREMHWRGHUHDSUHFLDomRSRUSDUWHGHXPDDXWRULGDGHMXGLFLiULDRXRXWUDDXWRULGDGH 35,1&Ë3,2 1HQKXPDSHVVRDVXMHLWDDTXDOTXHUIRUPDGHGHWHQomRRXSULVmRVHUiVXEPHWLGDDWRUWXUDRXDSHQDVRXWUDWDPHQWRV FUXpLVGHVXPDQRVRXGHJUDGDQWHV1HQKXPDFLUFXQVWkQFLDVHMDHODTXDOIRUSRGHUiVHULQYRFDGDSDUDMXVWLILFDUD WRUWXUDRXRXWUDVSHQDVRXWUDWDPHQWRVFUXpLVGHVXPDQRVRXGHJUDGDQWHV 35,1&Ë3,2 2V(VWDGRVGHYHPSURLELUSRUOHLRVDWRVFRQWUiULRVDRVGLUHLWRVHGHYHUHVHQXQFLDGRVQRVSUHVHQWHV3ULQFtSLRV SUHYHUVDQo}HVDGHTXDGDVSDUDWDLVDWRVHLQYHVWLJDUGHIRUPDLPSDUFLDODVTXHL[DVDSUHVHQWDGDV 2VIXQFLRQiULRVFRPUD]}HVSDUDFUHUTXHRFRUUHXRXHVWiLPLQHQWHXPDYLRODomRGRSUHVHQWH&RQMXQWRGH3ULQFtSLRV GHYHPFRPXQLFDUHVVHIDWRDRVVHXVVXSHULRUHVHVHQGRQHFHVViULRDRXWUDVDXWRULGDGHVRXLQVWkQFLDVFRPSHWHQWHV GHFRQWUROHRXGHUHFXUVR 4XDOTXHURXWUDSHVVRDFRPPRWLYRVSDUDFUHUTXHRFRUUHXRXHVWDLPLQHQWHDYLRODomRGRSUHVHQWH&RQMXQWRGH 3ULQFtSLRVWHPGLUHLWRDFRPXQLFDUHVVHIDWRDRVVXSHULRUHVGRVIXQFLRQiULRVHQYROYLGRVEHPFRPRDRXWUDV DXWRULGDGHVRXLQVWkQFLDVFRPSHWHQWHV 35,1&Ë3,2 $SHVVRDGHWLGDGHYHEHQHILFLDUGHXPWUDWDPHQWRDGHTXDGRjVXDFRQGLomRGHSHVVRDFRQGHQDGD'HVWDIRUPD VHPSUHTXHSRVVtYHOVHUiVHSDUDGDGDVSHVVRDVSUHVDV 35,1&Ë3,2 $VDXWRULGDGHVTXHFDSWXUHPXPDSHVVRDPDQWHQKDPQDGHWLGDRXLQYHVWLJXHPRFDVR GHYHPH[HUFHUHVWULWDPHQWHRVSRGHUHVFRQIHULGRVSRUOHLVHQGRRH[HUFtFLRGHWDLVSRGHUHVSDVVtYHOGHUHFXUVR SHUDQWHXPDDXWRULGDGHMXGLFLiULDRXRXWUDDXWRULGDGH 35,1&Ë3,2 $SHVVRDFDSWXUDGDGHYHVHULQIRUPDGDQRPRPHQWRGDFDSWXUDGRVPRWLYRVGHVWDHSURQWDPHQWHQRWLILFDGDGDV DFXVDo}HVFRQWUDVLIRUPXODGDV 1LQJXpPVHUiPDQWLGRHPGHWHQomRVHPWHUDSRVVLELOLGDGHHIHWLYDGHVHURXYLGRSURQWDPHQWHSRUXPDDXWRULGDGH MXGLFLiULDRXRXWUDDXWRULGDGH$SHVVRDGHWLGDWHPRGLUHLWRGHVHGHIHQGHURXGHVHUDVVLVWLGDSRUXPDGYRJDGRQRV WHUPRVGDOHL $SHVVRDGHWLGDHRVHXDGYRJDGRVHRKRXYHUGHYHPUHFHEHUQRWLILFDomRSURQWDHFRPSOHWDGDRUGHPGH GHWHQomREHPFRPRGRVVHXVIXQGDPHQWRV $DXWRULGDGHMXGLFLiULDRXRXWUDDXWRULGDGHGHYHPWHUSRGHUHVSDUDDSUHFLDUVHWDOVHMXVWLILFDUDPDQXWHQomRGD GHWHQomR 35,1&Ë3,2 6HUmRGHYLGDPHQWHUHJLVWUDGRV D$VUD]}HVGDFDSWXUD ERPRPHQWRGDFDSWXUDRPRPHQWRHPTXHDSHVVRDFDSWXUDGDIRLFRQGX]LGDDXPORFDOGHGHWHQomRHRGDVXD SULPHLUDFRPSDUHFLDSHUDQWHXPDDXWRULGDGHMXGLFLiULDRXRXWUDDXWRULGDGH F$LGHQWLGDGHGRVIXQFLRQiULRVHQFDUUHJDGRVGHID]HUFXPSULUDOHLTXHKDMDPLQWHUYLQGR G,QGLFDo}HVSUHFLVDVVREUHRORFDOGHGHWHQomR (VWDVLQIRUPDo}HVGHYHPVHUFRPXQLFDGDVjSHVVRDGHWLGDRXDRVHXDGYRJDGRVHKRXYHUQRVWHUPRVSUHVFULWRV SHODOHL 35,1&Ë3,2 $VDXWRULGDGHVUHVSRQViYHLVSHODFDSWXUDGHWHQomRRXSULVmRGHXPDSHVVRDUHVSHFWLYDPHQWHQRPRPHQWRGD FDSWXUDHQRLQLFLRGDGHWHQomRRXGDSULVmRRXSRXFRGHSRLVSUHVWHOKHLQIRUPDomRRXH[SOLFDomRVREUHRVVHXV GLUHLWRVHVREUHRPRGRGHRVH[HUFHU 35,1&Ë3,2 $SHVVRDTXHQmRFRPSUHHQGDRXQmRIDOHVXILFLHQWHPHQWHEHPDOtQJXDXWLOL]DGDSHODVDXWRULGDGHVUHVSRQViYHLVSHOD VXDFDSWXUDGHWHQomRRXSULVmRWHPRGLUHLWRGHUHFHEHUVHPGHPRUDQXPDOtQJXDTXHHQWHQGDDLQIRUPDomR PHQFLRQDGDQRVSULQFtSLRVQRQRHHGHEHQHILFLDUGDDVVLVWrQFLDVHQHFHVViULRJUDWXLWDGHXP LQWpUSUHWHQRkPELWRGRSURFHVVRMXGLFLDOVXEVHTHQWHjVXDFDSWXUD 35,1&Ë3,2 6HPSUHMXt]RGDVH[FHo}HVSUHYLVWDVQRQGR3ULQFtSLRHQRQGR3ULQFtSLRDFRPXQLFDomRGDSHVVRD GHWLGDRXSUHVDFRPRPXQGRH[WHULRUQRPHDGDPHQWHFRPDVXDIDPtOLDRXFRPRVHXDGYRJDGRQmRSRGHVHUQHJDGD SRUPDLVGRTXHDOJXQVGLDV 35,1&Ë3,2 ,PHGLDWDPHQWHDSyVDFDSWXUDHDSyVFDGDWUDQVIHUrQFLDGHXPORFDOGHGHWHQomRRXGHSULVmRSDUDRXWURDSHVVRD GHWLGDRXSUHVDSRGHUiDYLVDURXUHTXHUHUjDXWRULGDGHFRPSHWHQWHTXHDYLVHRVPHPEURVGDVXDIDPtOLDRXRXWUDV SHVVRDVSRUVLGHVLJQDGDVVHIRUHVVHRFDVRGDVXDFDSWXUDGHWHQomRRXSULVmRRXGDVXDWUDQVIHUrQFLDHGRORFDO HPTXHVHHQFRQWUDGHWLGD 1RFDVRGHXPHVWUDQJHLURHVWHVHUiLJXDOPHQWHLQIRUPDGRVHPGHPRUDGRVHXGLUHLWRGHFRPXQLFDUSRUPHLRV DGHTXDGRVFRPXPSRVWRFRQVXODURXDPLVVmRGLSORPiWLFDGR(VWDGRGHTXHVHMDQDFLRQDORXTXHSRURXWURPRWLYR HVWHMDKDELOLWDGDDUHFHEHUWDOFRPXQLFDomRjOX]GRGLUHLWRLQWHUQDFLRQDORXFRPRUHSUHVHQWDQWHGDRUJDQL]DomR LQWHUQDFLRQDOFRPSHWHQWHQRFDVRGHXPUHIXJLDGRRXGHXPDSHVVRDTXHSRUTXDOTXHURPRWLYRVHHQFRQWUHVRED SURWHomRGHXUQDRUJDQL]DomRLQWHUJRYHUQDPHQWDO 1RFDVRGHXPPHQRURXGHSHVVRDLQFDSD]GHFRPSUHHQGHURVVHXVGLUHLWRVDDXWRULGDGHFRPSHWHQWHGHYHSRU VXDSUySULDLQLFLDWLYDSUHFHGHUjFRPXQLFDomRPHQFLRQDGDQRSUHVHQWHSULQFtSLR'HYHHPHVSHFLDOSURFXUDUDYLVDURV SDLVRXRVUHSUHVHQWDQWHVOHJDLV $VFRPXQLFDo}HVPHQFLRQDGDVQRSUHVHQWHSULQFtSLRGHYHPVHUIHLWDVRXDXWRUL]DGDVVHPGHPRUDÈDXWRULGDGH FRPSHWHQWHSRGHQRHQWDQWRDWUDVDUDFRPXQLFDomRSRUXPSHUtRGRUD]RiYHOVHDVVLPRH[LJLUHPQHFHVVLGDGHV H[FHSFLRQDLVGDLQYHVWLJDomR 35,1&Ë3,2 $SHVVRDGHWLGDSRGHEHQHILFLDUGDDVVLVWrQFLDGHXPDGYRJDGR$DXWRULGDGHFRPSHWHQWHGHYHLQIRUPiODGHVVH GLUHLWRSURQWDPHQWHDSyVDVXDFDSWXUDHSURSRUFLRQDUOKHPHLRVDGHTXDGRVSDUDRVHXH[HUFtFLR $SHVVRDGHWLGDTXHQmRWHQKDDGYRJDGRGDVXDHVFROKDWHPGLUHLWRDTXHXPDDXWRULGDGHMXGLFLiULDRXRXWUD DXWRULGDGHOKHGHVLJQHPXPGHIHQVRURILFLRVRVHPSUHTXHRLQWHUHVVHGDMXVWLoDRH[LJLUHDWtWXORJUDWXLWRQRFDVRGH LQVXILFLrQFLDGHPHLRVSDUDRUHPXQHUDU 35,1&Ë3,2 $SHVVRDGHWLGDRXSUHVDWHPGLUHLWRDFRPXQLFDUFRPRVHXDGYRJDGRHDFRQVXOWiOR ÈSHVVRDGHWLGDRXSUHVDGHYHGLVSRUGRWHPSRHGDVIDFLOLGDGHVQHFHVViULDVSDUDFRQVXOWDURVHXDGYRJDGR 2GLUHLWRGHDSHVVRDGHWLGDRXSUHVDVHUYLVLWDGDSHORVHXDGYRJDGRFRQVXOWDUHGHFRPXQLFDUFRPHOHVHPGHPRUD QHPFHQVXUDHHPUHJLPHGHDEVROXWDFRQILGHQFLDOLGDGHQmRSRGHVHUREMHWRGHVXVSHQVmRRXUHVWULomRVDOYRHP FLUFXQVWkQFLDVH[FHSFLRQDLVHVSHFLILFDGDVSRUOHLRXSRUUHJXODPHQWRVDGRWDGRVQRVWHUPRVGDOHLTXHXPDDXWRULGDGH MXGLFLiULDRXRXWUDDXWRULGDGHRFRQVLGHUHPLQGLVSHQViYHOSDUDPDQWHUDVHJXUDQoDHDERDRUGHP $VHQWUHYLVWDVHQWUHDSHVVRDGHWLGDRXSUHVDHRVHXDGYRJDGRSRGHPRFRUUHUiYLVWDPDVQmRHPFRQGLo}HVGH VHUHPRXYLGDVSHORIXQFLRQiULRHQFDUUHJDGRGHID]HUFXPSULUDOHL $VFRPXQLFDo}HVHQWUHXPDSHVVRDGHWLGDRXSUHVDHRVHXDGYRJDGRPHQFLRQDGDVQRSUHVHQWHSULQFtSLRQmR SRGHPVHUDGPLWLGDVFRPRSURYDFRQWUDDSHVVRDGHWLGDRXSUHVDVDOYRVHUHVSHLWDUHPDXPDLQIUDomRFRQWtQXDRX SUHPHGLWDGD 35,1&Ë3,2 $SHVVRDGHWLGDRXSUHVDWHPRGLUHLWRGHUHFHEHUYLVLWDVQRPHDGDPHQWHGRVPHPEURVGHVXDIDPtOLDHGHVH FRUUHVSRQGHUQRPHDGDPHQWHFRPHOHVHGHYHGLVSRUGHRSRUWXQLGDGHVDGHTXDGDVSDUDFRPXQLFDUFRPRPXQGR H[WHULRUVHPSUHMXt]RGDVFRQGLo}HVHUHVWULo}HVUD]RiYHLVSUHYLVWDVSRUOHLRXSRUUHJXODPHQWRDGRWDGRVQRVWHUPRV GDOHL 35,1&Ë3,2 6HDSHVVRDGHWLGDRXSUHVDRVROLFLWDUpVHSRVVtYHOFRORFDGDQXPORFDOGHGHWHQomRRXSULVmRUHODWLYDPHQWHSUy[LPR GRVHXORFDOGHUHVLGrQFLDKDELWXDO 35,1&Ë3,2 eSURLELGRDEXVDUGDVLWXDomRGDSHVVRDGHWLGDRXSUHVDSDUDDFRDJLUDFRQIHVVDUDLQFULPLQDUVHSRUTXDOTXHU RXWURPRGRRXDWHVWHPXQKDUFRQWUDRXWUDSHVVRD 1HQKXPDSHVVRDGHWLGDSRGHVHUVXEPHWLGDGXUDQWHRLQWHUURJDWyULRDYLROrQFLDDPHDoDVRXPpWRGRVGH LQWHUURJDWyULRVXVFHWtYHLVGHFRPSURPHWHUDVXDFDSDFLGDGHGHGHFLVmRRXGHGLVFHUQLPHQWR 35,1&Ë3,2 1HQKXPDSHVVRDGHWLGDRXSUHVDSRGHDLQGDTXHFRPRVHXFRQVHQWLPHQWRVHUVXEPHWLGDDH[SHULrQFLDVPpGLFDVRX FLHQWtILFDVVXVFHWtYHLVGHSUHMXGLFDUDVXDVD~GH 35,1&Ë3,2 $GXUDomRGHTXDOTXHULQWHUURJDWyULRDTXHVHMDVXMHLWDDSHVVRDGHWLGDRXSUHVDHGRVLQWHUYDORVHQWUHRV LQWHUURJDWyULRVEHPFRPRDLGHQWLGDGHGRVIXQFLRQiULRVTXHRVFRQGX]LUHPHGHRXWURVLQGLYtGXRVSUHVHQWHVGHYHPVHU UHJLVWUDGDVHDXWHQWLFDGDVQRVWHUPRVSUHVFULWRVQDOHL $SHVVRDGHWLGDRXSUHVDRXRVHXDGYRJDGRTXDQGRDOHLRSUHYLUGHYHPWHUDFHVVRjVLQIRUPDo}HVPHQFLRQDGDV QRQGRSUHVHQWHSULQFtSLR 35,1&Ë3,2 $SHVVRDGHWLGDRXSUHVDGHYHEHQHILFLDUGHXPH[DPHPpGLFRDGHTXDGRHPSUD]RWmREUHYHTXDQWRSRVVtYHODSyVR VHXLQJUHVVRQRORFDOGHGHWHQomRRXSULVmRSRVWHULRUPHQWHGHYHEHQHILFLDUFXLGDGRVHWUDWDPHQWRVPpGLFRVVHPSUH TXHWDOVHPRVWUHQHFHVViULR(VVHVFXLGDGRVHWUDWDPHQWRVVmRJUDWXLWRV 35,1&Ë3,2 $SHVVRDGHWLGDRXSUHVDRXRVHXDGYRJDGRWrPVHPSUHMXt]RGDVFRQGLo}HVUD]RDYHOPHQWHQHFHVViULDVSDUD DVVHJXUDUDPDQXWHQomRGDVHJXUDQoDHGDERDRUGHPQRORFDOGHGHWHQomRRXGHSULVmRRGLUHLWRGHVROLFLWDUj DXWRULGDGHMXGLFLiULDRXDRXWUDDXWRULGDGHXPVHJXQGRH[DPHPHGLFRRXRSLQLmRPpGLFD 35,1&Ë3,2 2IDWRGHDSHVVRDGHWLGDRXSUHVDVHUVXEPHWLGDDXPH[DPHPpGLFRRQRPHGRPpGLFRHGRVUHVXOWDGRVGRUHIHULGR H[DPHGHYHPVHUGHYLGDPHQWHUHJLVWUDGRV2DFHVVRDHVVHVUHJLVWURVGHYHVHUJDUDQWLGRVHQGRRQRVWHUPRVGDV QRUPDVSHUWLQHQWHVGRGLUHLWRLQWHUQR 35,1&Ë3,2 $LQREVHUYkQFLDGHVWHV3ULQFtSLRVQDREWHQomRGHSURYDVGHYHVHUWRPDGDHPFRQVLGHUDomRQDGHWHUPLQDomRGD DGPLVVLELOLGDGHGHVVDVSURYDVFRQWUDDSHVVRDGHWLGDRXSUHVD 35,1&Ë3,2 $SHVVRDGHWLGDRXSUHVDWHPGLUHLWRDREWHUGHQWURGROLPLWHGRVUHFXUVRVGLVSRQtYHLVVHSURYLHUHPGHIXQGRV S~EOLFRVXPDTXDQWLGDGHUD]RiYHOGHPDWHULDOHGXFDWLYRFXOWXUDOHLQIRUPDWLYRVHPSUHMXt]RGDVFRQGLo}HV UD]RDYHOPHQWHQHFHVViULDVSDUDDVVHJXUDUDPDQXWHQomRGDVHJXUDQoDHGDERDRUGHPQRORFDOGHGHWHQomRRXGH SULVmR 35,1&Ë3,2 $ILPGHDVVHJXUDUDHVWULWDREVHUYkQFLDGDVOHLVHUHJXODPHQWRVSHUWLQHQWHVRVOXJDUHVGHGHWHQomRGHYHPVHU LQVSHFLRQDGRVUHJXODUPHQWHSRUSHVVRDVTXDOLILFDGDVHH[SHULHQWHVQRPHDGDVSRUXPDDXWRULGDGHFRPSHWHQWH GLIHUHQWHGDDXWRULGDGHGLUHWDPHQWHHQFDUUHJDGDGDDGPLQLVWUDomRGRORFDOGHGHWHQomRRXGHSULVmRHUHVSRQViYHLV SHUDQWHHOD $SHVVRDGHWLGDRXSUHVDWHPRGLUHLWRGHFRPXQLFDUOLYUHPHQWHHHPUHJLPHGHDEVROXWDFRQILGHQFLDOLGDGHFRPDV SHVVRDVTXHLQVSHFLRQDPRVOXJDUHVGHGHWHQomRRXGHSULVmRQRVWHUPRVGRQVHPSUHMXt]RGDVFRQGLo}HV UD]RDYHOPHQWHQHFHVViULDVSDUDDVVHJXUDUDPDQXWHQomRGDVHJXUDQoDHGDERDRUGHPQRVUHIHULGRVOXJDUHV 35,1&Ë3,2 2VWLSRVGHFRPSRUWDPHQWRGDSHVVRDGHWLGDRXSUHVDTXHFRQVWLWXDPLQIUDo}HVGLVFLSOLQDUHVGXUDQWHDGHWHQomRRX SULVmRRWLSRHDGXUDomRGDVVDQo}HVGLVFLSOLQDUHVDSOLFiYHLVHDVDXWRULGDGHVFRPFRPSHWrQFLDSDUDLPSRUHVVDV VDQo}HVGHYHPVHUHVSHFLILFDGRVSRUOHLRXSRUUHJXODPHQWRVDGRWDGRVQRVWHUPRVGDOHLHGHYLGDPHQWHSXEOLFDGRV $SHVVRDGHWLGDRXSUHVDWHPRGLUHLWRGHVHURXYLGDDQWHVGHFRQWUDHODVHUHPWRPDGDVPHGLGDVGLVFLSOLQDUHV7HP RGLUHLWRGHLPSXJQDUHVWDVPHGLGDVSHUDQWHDXWRULGDGHVXSHULRU 35,1&Ë3,2 $VDXWRULGDGHVFRPSHWHQWHVGHYHPJDUDQWLUTXDQGRQHFHVViULRHjOX]GRGLUHLWRLQWHUQRDVVLVWrQFLDDRVIDPLOLDUHVD FDUJRGDSHVVRDGHWLGDRXSUHVDQRPHDGDPHQWHPHQRUHVHGHYHPDVVHJXUDUHPHVSHFLDLVFRQGLo}HVDJXDUGDGRV PHQRUHVGHL[DGRVVHPYLJLOkQFLD 35,1&Ë3,2 $SHVVRDGHWLGDRXRVHXDGYRJDGRWrPRGLUHLWRGHHPTXDOTXHUPRPHQWRLQWHUSRUUHFXUVRQRVWHUPRVGRGLUHLWR LQWHUQRSHUDQWHXPDDXWRULGDGHMXGLFLiULDRXDRXWUDDXWRULGDGHSDUDLPSXJQDUDOHJDOLGDGHGDVXDGHWHQomRHREWHU VHPGHPRUDDVXDOLEHUWDomRQRFDVRGHDTXHODVHULOHJDO 2SURFHVVRSUHYLVWRQRQGHYHVHUVLPSOHVHUiSLGRHJUDWXLWRSDUDRTXHQmRGLVSRQKDGHPHLRVVXILFLHQWHV$ DXWRULGDGHUHVSRQViYHOSHODGHWHQomRGHYHDSUHVHQWDUVHPGHPRUDUD]RiYHODSHVVRDGHWLGDjDXWRULGDGHSHUDQWHD TXDORUHFXUVRIRLLQWHUSRVWR 35,1&Ë3,2 $SHVVRDGHWLGDRXSUHVDRXRVHXDGYRJDGRWrPRGLUHLWRGHDSUHVHQWDUXPSHGLGRRXTXHL[DUHODWLYRVDRVHX WUDWDPHQWRQRPHDGDPHQWHQRFDVRGHWRUWXUDRXGHWUDWDPHQWRVFUXpLVGHVXPDQRVRXGHJUDGDQWHVSHUDQWHDV DXWRULGDGHVUHVSRQViYHLVSHODDGPLQLVWUDomRGRORFDOGHGHWHQomRHDDXWRULGDGHVVXSHULRUHVHVHQHFHVViULRSDUD DXWRULGDGHVFRPSHWHQWHVGHFRQWUROHRXGHUHFXUVR 1RFDVRGHDSHVVRDGHWLGDRXSUHVDRXRVHXDGYRJDGRQmRSRGHUHPH[HUFHURVGLUHLWRVSUHYLVWRVQRQGR SUHVHQWHSULQFtSLRHVWHVSRGHUmRVHUH[HUFLGRVSRUXPPHPEURGDIDPtOLDGDSHVVRDGHWLGDRXSUHVDRXSRUTXDOTXHU RXWUDSHVVRDTXHWHQKDFRQKHFLPHQWRGRFDVR 2FDUiWHUFRQILGHQFLDOGRSHGLGRRXGDTXHL[DpPDQWLGRVHRUHTXHUHQWHRVROLFLWDU 2SHGLGRRXTXHL[DGHYHPVHUH[DPLQDGRVSURQWDPHQWHHUHVSRQGLGRVVHPGHPRUDLQMXVWLILFDGD1RFDVRGH LQGHIHULPHQWRGRSHGLGRRXGDTXHL[DRXHPFDVRGHGHPRUDH[FHVVLYDRUHTXHUHQWHWHPRGLUHLWRGHDSUHVHQWDUR SHGLGRRXTXHL[DSHUDQWHDXWRULGDGHMXGLFLiULDFRPSHWHQWHRXRXWUDDXWRULGDGH$SHVVRDGHWLGDRXSUHVDRXR UHTXHUHQWHQRVWHUPRVGRQQmRGHYHPVRIUHUSUHMXt]RVSHORIDWRGHWHUHPDSUHVHQWDGRXPSHGLGRRXTXHL[D 35,1&Ë3,2 6HXPDSHVVRDGHWLGDRXSUHVDPRUUHURXGHVDSDUHFHUGXUDQWHDGHWHQomRRXSULVmRDDXWRULGDGHMXGLFLiULDRXRXWUD DXWRULGDGHGHWHUPLQDUiDUHDOL]DomRGHXPDLQYHVWLJDomRVREUHDVFDXVDVGDPRUWHRXGRGHVDSDUHFLPHQWR RILFLRVDPHQWHRXDSHGLGRGHXPPHPEURGDIDPtOLDGHVVDSHVVRDRXGHTXDOTXHURXWUDSHVVRDTXHWHQKD FRQKHFLPHQWRGRFDVR4XDQGRDVFLUFXQVWkQFLDVRMXVWLILFDUHPVHUiLQVWDXUDGRXPLQTXpULWRVHJXLQGRLGrQWLFRV WHUPRVSURFHVVXDLVVHDPRUWHRXRGHVDSDUHFLPHQWRRFRUUHUHPSRXFRGHSRLVGHWHUPLQDGDDGHWHQomRRXSULVmRÈV FRQFOXV}HVRXRUHODWyULRGDLQYHVWLJDomRVHUmRSRVWRVDGLVSRVLomRGHTXHPRVROLFLWDUVDOYRVHHVVHSHGLGR FRPSURPHWHUXPDLQVWUXomRFULPLQDOHPFXUVR 35,1&Ë3,2 2VGDQRVVRIULGRVSRUDWRVRXRPLVV}HVGHXPIXQFLRQiULRS~EOLFRTXHVHPRVWUHPFRQWUiULRVDRVGLUHLWRVSUHYLVWRV QXPGRVSUHVHQWHVSULQFtSLRVVHUmRSDVVtYHLVGHLQGHQL]DomRQRVWHUPRVGDVQRUPDVGHGLUHLWRLQWHUQRDSOLFiYHLVHP PDWpULDGHUHVSRQVDELOLGDGH $VLQIRUPDo}HVUHJLVWUDGDVQRVWHUPRVGRVSUHVHQWHVSULQFtSLRVGHYHPHVWDUGLVSRQtYHLVGHKDUPRQLDFRPRGLUHLWR LQWHUQRDSOLFiYHOSDUDHIHLWRGHSHGLGRVGHLQGHQL]DomRDSUHVHQWDGRVQRVWHUPRVGRSUHVHQWHSULQFtSLR 35,1&Ë3,2 ÈSHVVRDGHWLGDVXVSHLWDRXDFXVDGDGDSUiWLFDGHLQIUDomRSHQDOSUHVXPHVHLQRFHQWHGHYHQGRVHUWUDWDGDFRPR WDODWpTXHDVXDFXOSDELOLGDGHWHQKDVLGROHJDOPHQWHHVWDEHOHFLGDQRGHFXUVRGHXPSURFHVVRS~EOLFRHPTXHWHQKD JR]DGRGHWRGDVDVJDUDQWLDVQHFHVViULDVjVXDGHIHVD 6yVHGHYHSURFHGHUjFDSWXUDRXGHWHQomRGDSHVVRDDVVLPVXVSHLWDRXDFXVDGDDJXDUGDQGRDDEHUWXUDGD LQVWUXomRHMXOJDPHQWRTXDQGRRUHTXHLUDPQHFHVVLGDGHVGDDGPLQLVWUDomRGDMXVWLoDSHORVPRWLYRVQDVFRQGLo}HVH VHJXQGRRSURFHVVRSUHVFULWRVSRUOHLeSURLELGRLPSRUDHVVDSHVVRDUHVWULo}HVTXHQmRVHMDPHVWULWDPHQWH QHFHVViULDVSDUDRVILQVGDGHWHQomRSDUDHYLWDUTXHGLILFXOWHDLQVWUXomRRXDDGPLQLVWUDomRGDMXVWLoDRXSDUDPDQWHU DVHJXUDQoDHDERDRUGHPQRORFDOGHGHWHQomR 35,1&Ë3,2 $SHVVRDVGHWLGDSHODSUiWLFDGHXPDLQIUDomRSHQDOGHYHVHUSUHVHQWHDXPDDXWRULGDGHMXGLFLiULDRXRXWUDDXWRULGDGH SUHYLVWDSRUOHLSURQWDPHQWHDSyVVXDFDSWXUD(VVDDXWRULGDGHGHFLGLUiVHPGHPRUDGDOHJDOLGDGHHQHFHVVLGDGHGD GHWHQomR1LQJXpPSRGHVHUPDQWLGRHPGHWHQomRDJXDUGDQGRDDEHUWXUDGDLQVWUXomRRXMXOJDPHQWRVDOYRSRURUGHP HVFULWDGHUHIHULGDDXWRULGDGH$SHVVRDGHWLGDTXDQGRSUHVHQWHDHVVDDXWRULGDGHWHPRGLUHLWRGHID]HUXPD GHFODUDomRVREUHDIRUPDFRPRIRLWUDWDGDHQTXDQWRGHWHQomR 35,1&Ë3,2 $SHVVRDGHWLGDSHODSUiWLFDGHLQIUDomRSHQDOWHPRGLUHLWRGHVHUMXOJDGDHPSUD]RUD]RiYHORXGHDJXDUGDU MXOJDPHQWRHPOLEHUGDGH 35,1&Ë3,2 6DOYRHPFLUFXQVWkQFLDVHVSHFLDLVSUHYLVWDVSRUOHLDSHVVRDGHWLGDSHODSUiWLFDGHLQIUDomRSHQDOWHPGLUHLWRDPHQRV TXHXPDDXWRULGDGHMXGLFLiULDRXRXWUDDXWRULGDGHGHFLGDPGHRXWURPRGRQRLQWHUHVVHGDDGPLQLVWUDomRGDMXVWLoDD DJXDUGDUMXOJDPHQWRHPOLEHUGDGHVXMHLWDjVFRQGLo}HVLPSRVWDVSRUOHL(VVDDXWRULGDGHPDQWHUiHPDSUHFLDomRD TXHVWmRGDQHFHVVLGDGHGHGHWHQomR &OiXVXOD*HUDO 1HQKXPDGLVSRVLomRGRSUHVHQWHFRQMXQWRGH3ULQFtSLRVVHUiLQWHUSUHWDGDQRVHQWLGRGHUHVWULQJLURXGHUURJDUDOJXP GRVGLUHLWRVGHILQLGRVSHOR3DFWR,QWHUQDFLRQDOVREUHRV'LUHLWRV&LYLVH3ROtWLFRV
Download
