81,9(56,'$'('(%5$6Ë/,$
)$&8/'$'('(7(&12/2*,$
'(3$57$0(172'((1*(1+$5,$)/25(67$/
5(&83(5$d­2'(0$7$6'(*$/(5,$(0
35235,('$'(6585$,6'2
',675,72)('(5$/((172512
526$1$3,1+(,525(=(1'(
25,(17$'25&$5/26('8$5'2/$=$5,1,'$)216(&$
',66(57$d­2'(0(675$'2(0&,Ç1&,$6)/25(67$,6
38%/,&$d­2()/0$
%5$6Ë/,$')$%5,/
81,9(56,'$'('(%5$6Ë/,$
)$&8/'$'('(7(&12/2*,$
'(3$57$0(172'((1*(1+$5,$)/25(67$/
5(&83(5$d­2'(0$7$6'(*$/(5,$(035235,('$'(6
'2',675,72)('(5$/((172512
526$1$3,1+(,525(=(1'(
',66(57$d­2
'(
0(675$'2
68%0(7,'$
$2
'(3$57$0(172 '( (1*(1+$5,$ )/25(67$/ '$
)$&8/'$'( '( 7(&12/2*,$ '$ 81,9(56,'$'( '(
%5$6Ë/,$&2023$57('265(48,6,7261(&(66È5,263$5$
$ 2%7(1d­2 '2 *5$8 '( 0(675( (0 &,Ç1&,$6
)/25(67$,6
$3529$'$325
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&DUORV(GXDUGR/D]DULQLGD)RQVHFD3K'(PEUDSD6HGH
2ULHQWDGRU
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
-HDQLQH0DULD)HOILOL)DJJ3K'()/8Q%
([DPLQDGRUD,QWHUQD
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3KLOLSSH3RPLHU/D\UDUJXHV'U0LQLVWpULRGR0HLR$PELHQWH
([DPLQDGRU([WHUQR
%5$6Ë/,$± ')'($%5,/'(
LL
),&+$&$7$/2*5È),&$
5(=(1'(526$1$3,1+(,52
5HFXSHUDomRGH0DWDVGH*DOHULDHPSURSULHGDGHVUXUDLVGR'LVWULWR)HGHUDOH(QWRUQR
SPP()/)78Q%0HVWUH&LrQFLDV)ORUHVWDLV'LVVHUWDomRGH
0HVWUDGR± 8QLYHUVLGDGHGH%UDVtOLD)DFXOGDGHGH7HFQRORJLD
'HSDUWDPHQWRGH(QJHQKDULD)ORUHVWDO
5HFXSHUDomRGH0DWDVGH*DOHULD
(GXFDomR$PELHQWDO
,()/)78Q%
3ODQWLRVH[SHULPHQWDLV
,,7tWXOR6pULH
5()(5Ç1&,$%,%/,2*5È),&$
5(=(1'( 53 5HFXSHUDomR GH 0DWDV GH *DOHULD HP SURSULHGDGHV UXUDLV GR
'LVWULWR )HGHUDO H (QWRUQR 'LVVHUWDomR GH 0HVWUDGR 3XEOLFDomR ()/0$
'HSDUWDPHQWRGH(QJHQKDULD)ORUHVWDO8QLYHUVLGDGHGH%UDVtOLD%UDVtOLD')S
&(66­2'(',5(,72
120('$$8725$526$1$3,1+(,525(=(1'(
7Ë78/2'$',66(57$d­25HFXSHUDomRGH0DWDVGH*DOHULDHPSURSULHGDGHVUXUDLV
GR'LVWULWR)HGHUDOH(QWRUQR
*5$80HVWUH
$12
eFRQFHGLGDj8QLYHUVLGDGHGH%UDVtOLDSHUPLVVmRSDUDUHSURGX]LUFySLDVGHVWDGLVVHUWDomR
GHPHVWUDGRHSDUDHPSUHVWDURXYHQGHUWDLVFySLDVVRPHQWHSDUDSURSyVLWRVDFDGrPLFRVH
FLHQWtILFRV$DXWRUDUHVHUYDRXWURVGLUHLWRVHSXEOLFDomRHQHQKXPDSDUWHGHVWDGLVVHUWDomR
GHPHVWUDGRSRGHVHUUHSURGX]LGDVHPDXWRUL]DomRSRUHVFULWRGDDXWRUD
BBBBBBBBBBBBBBBBBBBBBBBBBBB
5RVDQD3LQKHLUR5H]HQGH
USLQ]HQGH#KRWPDLOFRP
LLL
'(',&$7Ï5,$
¬2OLYHLUD0ÈXUHDLQPHPyULD/XFLDQR5RVkQJHOD
HLUPm]LQKDV)RFRODULQDVH$QD/XL]DTXH
SHORHPSHQKRHPYHQFHUHVVHVGLItFHLVPRPHQWRV
SHORH[HPSORGHUHVLJQDomRHIRUoDHQTXDQWRGRHQWH
SHODVXSHUDomRGHVXDVOLPLWDo}HV
SHODGHWHUPLQDomRHPVHJXLUVXDPLVVmRHVRQKRV
SRUVXDDOHJULDGHFULDQoD
HQVLQDPPHSHOR$PRURTXmRIDQWiVWLFRp
7(5H6(5)DPtOLD
LY
$*5$'(&,0(1726
$RVSURGXWRUHVUXUDLVTXHGLVSRQLELOL]DUDPVHXSUHFLRVRWHPSRDEULQGRVXDVSURSULHGDGHV
SDUDQRVUHFHEHUHFRQILGHQFLDUVXDVOXWDVGLILFXOGDGHVHYLWyULDV
$R /D]DULQL RULHQWDGRU H DPLJR SHOD SDFLrQFLD H LQFHQWLYR 6XD FRQGXWD H VXFHVVR
SURILVVLRQDOVmRSDUDPLPXPH[HPSORDVHUVHJXLGR
¬ WRGD HTXLSH GR ODERUDWyULR GH ELRORJLD YHJHWDO HP HVSHFLDO DR WpFQLFR -RmR %DWLVWD
%ROD SHOR LPHQVR DX[tOLR QD SHVTXLVD GH FDPSR H SHODV QRVVDV ORQJDV H ILORVyILFDV
FRQYHUVDV TXH PXLWR HQULTXHFHUDP PLQKD SHUFHSomR VREUH PLP H VREUH WDQWDV RXWUDV
FRLVDV
$RV DOXQRV GR FXUVR GH (QJHQKDULD)ORUHVWDO$UWXU%UXQR )DEtROD)HUQDQGD*DEULHOD
/tYLD /XL] 0iUFLR 5DTXHO 5REHUW 6DUD H 9LYLDQ SHOR DX[tOLR QD DSOLFDomR GRV
TXHVWLRQiULRV$SUHVHQoDGHYRFrVDOpPGHHQULTXHFHGRUDIRLPXLWRSUD]HURVD
¬V DPLJDV &ODXGLQKD H .DUHQ SHOD FRQWULEXLomR QD HODERUDomR GRV TXHVWLRQiULRV H DR
DPLJR&DPLORTXHLQLFLRXRWUDEDOKRFRPRVSODQWLRVGHUHFXSHUDomR
$RVSURIHVVRUHVGRGHSDUWDPHQWRGH(QJHQKDULD)ORUHVWDOHPHVSHFLDO$OED-RVp5REHUWR
%LOO H -HDQLQH TXH VHPSUH VH PRVWUDUDP GLVSRVWRV D DMXGDU $SUHQGL PXLWR FRP WRGRV
YRFrV
$R 'U -RVp )HOLSH 5LEHLUR FRRUGHQDGRU GR SURMHWR ³&RQVHUYDomR H 0DQHMR GD
%LRGLYHUVLGDGHGR%LRPD&HUUDGR´SHORDSRLRORJtVWLFRHILQDQFHLURSDUDDUHDOL]DomRGHVWH
WUDEDOKR
¬ )DELDQD *yLV PLQKD RULHQWDGRUD SHOD (PEUDSD SHOD OHLWXUD FUtWLFD H HQULTXHFHGRUDV
VXJHVW}HVSDUDDPHOKRULDGRWUDEDOKR
$R 3KLOLSSH /D\UDUJXHV 6X]DQD 3iGXD H -RVp &DUORV 6RX]D6LOYD SHODV YDOLRVDV GLFDV H
VXJHVW}HV
$R :HOOLQJWRQ SHOD IRUPDWDomR GD GLVVHUWDomR DR -DLPH H 5RVkQJHOD SHODV FRUUHo}HV
RUWRJUiILFDVHDR/HRHDR+XGVRQSHORDX[tOLRFRPPDSDVHLOXVWUDo}HVGRWUDEDOKR
$RV IXQFLRQiULRVGR 'HSDUWDPHQWR -RYLWD$QD(GHUO\0DXURH -XUDFLSHODSDFLrQFLD H
DPL]DGH
Y
$RV FROHJDV GR PHVWUDGR HP HVSHFLDO $UPLQGD $QD 3DXOD 2 $QQD 3DXOD $QGUHD
&ODXGLQKD &ULVWLQD ) /DPSHU /XFLDQD / 1D]DUHWK 0D[ 9LWRU SHODV LQWHQVDV WURFDV
FRPSDUWLOKDQGRDVGRUHVHDVGHOtFLDVGHVVHSHUtRGR
¬ *UDoD ,DUD 0DLUD H $OH[TXHPH FRQFHGHUDP ³VXD FDVD´ ID]HQGRPH VHQWLU HP FDVD
3HODDPL]DGHFRQILDQoDDSRLRHGHOLFLRVDVFRQYHUVDVUHJDGDVDYLQKR
$RVDPLJRVPDLVSUy[LPRV1DQHH$UL-DQLQHH5DID*RUGR+HORXLVH-X&DXV)ODYLQKD
H $QW{QLR )ODYRFD H )DEUtFLR 5HJL H -XQLQKR SHOR FDULQKR H PRPHQWRV GHOLFLRVDPHQWH
IHOL]HVTXHGHVIUXWDPRVMXQWRVWRUQDQGRDYLGDPDLVEHODHDJUDGiYHO
$RV DPLJRV GH *RLkQLD H 6DPSD 1LHJD 6DUDX TXH PHVPR GLVWDQWHV VHPSUH VH
PDQWLYHUDPFRPSDQKHLURVPHHQYLDQGR³ERDVHQHUJLDV´TXHFHUWDPHQWH FRQWULEXtUDPSUD
TXHHXFRQFOXtVVHPDLVHVWHWUDEDOKR
¬&RRUGHQDGRULDGH$SHUIHLoRDPHQWRGH(QVLQR6XSHULRU&$3(6SHODEROVDFRQFHGLGD
GXUDQWHPHVHVGHUHDOL]DomRGHVWHHVWXGR
¬³/X]'LYLQD´SRUPHJXLDUHHVWDUDRPHXODGRHPWRGRVRVPRPHQWRVGHPLQKDYLGD
$ WRGRV TXH QmR HVWmR FLWDGRV DTXL PDV TXH FHUWDPHQWH WrP VXD FRQWULEXLomR SDUD D
FRQFUHWL]DomRGHVWHWUDEDOKR$JUDGHFHUpSRXFRSRLVVRXRTXHYLYRHYLYLFRPFDGDXPD
GHODV3DODYUDVQXQFDVHUmRVXILFLHQWHV
PDVILFDDTXLPHX³0XLWtVVLPRREULJDGDDWRGRV´
YL
5(6802
5(&83(5$d­2'( 0$7$6 '( *$/(5,$ (0 35235,('$'(6585$,6'2
',675,72)('(5$/((172512
$XWRU5RVDQD3LQKHLUR5H]HQGH
&DUORV(GXDUGR/D]DULQLGD)RQVHFD
3URJUDPDGH3yVJUDGXDomRHP&LrQFLDV)ORUHVWDLV
%UDVtOLDDEULOGH
2 VXFHVVR QD UHFXSHUDomR GH 0DWDV GH *DOHULD SRGH VHU H[SUHVVR SRU XPD IXQomR GD
VRPDWyULDGHDVSHFWRVWpFQLFRELROyJLFRVDVSHFWRVDPELHQWDLVHDVSHFWRVVRFLRHFRQ{PLFRV
>IUHFXSHUDomR IDVSHFWRVWpFQLFRELROyJLFRVIDVSHFWRVDPELHQWDLVIDVSHFWRV
VRFLRHFRQ{PLFRV@ 8PWRWDOGHSURSULHGDGHV DRORQJRGHGLIHUHQWHVFXUVRVG¶iJXD
IRLPRQLWRUDGRGHSRLVGHHDQRVGHSODQWLRQDUHJLmRFHQWUDOGR&HUUDGREUDVLOHLUR2
HVWDEHOHFLPHQWRGHHVSpFLHVIORUHVWDLVIRLDYDOLDGRHPGLIHUHQWHVDPELHQWHVHSUiWLFDVGH
PDQHMR SyVSODQWLR $ DWLWXGH GH FXLGDGR H R FRPSURPHWLPHQWR GRV SURGXWRUHV FRP DV
0DWDV GH *DOHULD H FRP RV SODQWLRV GH UHFXSHUDomR WDPEpP IRUDP DQDOLVDGDV 7pFQLFDV
PXOWLYDULDGDV DQiOLVH GH DJUXSDPHQWR ± $QiOLVH GH &OXVWHU H DQiOLVH GH FRRUGHQDGDV
SULQFLSDLV ± 3&2 IRUDP DSOLFDGDV SDUD VHOHFLRQDU DOJXPDV YDULiYHLV UHODFLRQDGDV DRV
DVSHFWRV WpFQLFRELROyJLFRV DPELHQWDO H VRFLRHFRQ{PLFR TXH PDLV FRQWULEXtUDP SDUD
H[SOLFDURHVWDEHOHFLPHQWRGDVHVSpFLHVHPFDPSRHRVIDWRUHVTXHHVWmRUHODFLRQDGRVDR
VXFHVVR HPSURJUDPDVGHUHFXSHUDomRGHiUHDVGHJUDGDGDVGH0DWDVGH*DOHULD(VSpFLHV
FRPERPHVWDEHOHFLPHQWRHFRQVHTHQWHPHQWHPDLVLQGLFDGDVSDUDLQLFLDUXPSODQWLRGH
UHFXSHUDomR
VmR
$QDGHQDQWKHUD
PDFURFDUSD
DQJLFRSUHWR
(QWHURORELXP
FRQWRUWLVLOLTXXP WDPERULO 5DSDQHD JXLDQHQVLV FDSRURURFD 7DSLULUD JXLDQHQVLV 3DX
SRPER H ,QJDDIILQVLQJi7DLVHVSpFLHVDSUHVHQWDUDPERPFUHVFLPHQWRHVREUHYLYrQFLD
PHVPR VHPWUDWRV FXOWXUDLV SyVSODQWLR(VSpFLHVFRP FUHVFLPHQWR OHQWR PDVERDVWD[DV
GH VREUHYLYrQFLD IRUDP *HQLSD DPHULFDQD MHQLSDSR +\PHQDHD FRXUEDULO MDWREiGD
PDWD H &RSDLIHUD ODQJVGRUIILL FRSDtED (VVDV HVSpFLHV WLYHUDP PHOKRUHV tQGLFHV GH
HVWDEHOHFLPHQWR TXDQGR HP DPELHQWH RQGH RFRUUHX WUDWR FXOWXUDO PDLV LQWHQVR FRPR
SUHSDUR GR VROR DUDU HRX JUDGHDU R VROR QD FDPDGD VXSHUILFLDO SDUD UHDOL]DU R SODQWLR
FRURDPHQWRFRPEDWHjIRUPLJDLVRODPHQWRGDiUHD HLUULJDomR8PWRWDOGHYDULiYHLV
HQWUHDVOHYDQWDGDVVmRPDLVVLJQLILFDWLYDVQDH[SOLFDomRGD³IXQomRUHFXSHUDomR´6mR
HODV SUHSDUR VROR FRURDPHQWR DGXEDomR LUULJDomR FRPEDWH j IRUPLJD URoDJHP
LVRODPHQWR GD iUHD SDUWLFLSDomR QDV Do}HV GH HGXFDomR DPELHQWDO WHU UHFHELGR
LQIRUPDo}HVHPFDPSRRFRUUrQFLDRXFULDomRGHJDGRXVR DWXDOGRVROR
YLL
$%675$&7
5(&/$0$7,212) *$//(5< )25(67 9(*(7$7,21,1 )$50(5¶6/$1'
,1%5$=,/,$1)('(5$/',675,&7$1'$5($6$5281'
$XWKRU5RVDQD3LQKHLUR5H]HQGH
&DUORV(GXDUGR/D]DULQLGD)RQVHFD
3URJUDPDGH3yVJUDGXDomRHP&LrQFLDV)ORUHVWDLV
%UDVtOLDDSULORI
6XFFHVV LQ UHFODPDWLRQ RI *DOOHU\ )RUHVW YHJHWDWLRQ PD\ EH H[SUHVVHG E\ D IXQFWLRQ RI
WHFKQLFDO DQG ELRORJLFDO DVSHFWV HQYLURQPHQWDO DVSHFWV DQG VRFLDO HFRQRPLFV DVSHFWV >I
UHFODPDWLRQ I WHFKQLFDOELRORJLFDO DVSHFWV I HQYLURQPHQWDO DVSHFWV I VRFLDO
HFRQRPLFV¶DVSHFWV@$WRWDORIDUHDVDORQJGLIIHUHQWULYHUVKDYHEHHQHYDOXDWHGDQG
\HDUVDIWHUUHFODPDWLRQSODQWLQJLQ&HQWUDO6DYDQQDVDUHDVRI%UD]LO(VWDEOLVKPHQWRI
IRUHVW VSHFLHV KDV EHHQ HYDOXDWHG IRU GLIIHUHQW HQYLURQPHQWV DQG GLIIHUHQW W\SHV RI DIWHU
SODQWLQJ PDQDJHPHQW )DUPHU¶V FDUH DWWLWXGH DQG FRPPLWPHQW ZLWK WKH *DOOHU\ )RUHVW
YHJHWDWLRQ DQG 5HFODPDWLRQ SURFHVV KDYH EHHQ HYDOXDWHG DV ZHOO 0XOWLYDULDWH DQDO\VHV
&OXVWHU $QDO\VHV DQG 3&2 ZDV XVHG WR VHOHFW YDULDEOHV UHODWHG WR WHFKQLFDOELRORJLFDO
DVSHFWVHQYLURQPHQWDODVSHFWVDQG VRFLDOHFRQRPLFV¶ DVSHFWV WKDWFRXOG EHVW H[SODLQ WKH
VSHFLHV HVWDEOLVKPHQW LQ WKH ILHOG LH WKDW FRXOG EHWWHU FRQWULEXWHG WR WKH VXFFHVV RI D
UHFODPDWLRQ *DOOHU\ )RUHVW SURJUDP 7KH VSHFLHV ZLWK JRRG HVWDEOLVKPHQW DQG
FRQVHTXHQWO\ PRUH VXLWDEOH WR EH XVHG LQ UHFODPDWLRQ¶V SODQWLQJV ZHUH $QDGHQDQWKHUD
PDFURFDUSDDQJLFRSUHWR(QWHURORELXPFRQWRUWLVLOLTXXPWDPERULO5DSDQHDJXLDQHQVLV
FDSRURURFD 7DSLULUD JXLDQHQVLV SDX SRPER H ,QJD DIILQV LQJi 7KHVH VSHFLHV KDG
JRRGVXUYLYDODQGGHYHORSPHQWQRPDWWHUWKHPDQDJHPHQWW\SH6SHFLHVZLWKVORZJURZWK
EXW JRRG VXUYLYDOUDWHV ZHUH *HQLSD DPHULFDQD MHQLSDSR+\PHQDHD FRXUEDULO MDWREi
GDPDWDH&RSDLIHUDODQJVGRUIILL FRSDtED7KHVHVSHFLHVKDGEHWWHUGHYHORSPHQWXQGHU
PRUH LQWHQVLYH PDQDJHPHQW VXFK DV VRLO SUHSDUDWLRQ SORXJK DQGRU UHYROYLQJ RI
VXSHUILFLDO VRLO ZHHGLQJ DURXQG WKH VHHGOLQJ DQW¶V FRQWURO DUHDV¶ SURWHFWLRQ DQG
LUULJDWLRQ$ WRWDORI YDULDEOHV DPRQJ EHWWHUH[SODLQHGWKH ³UHFODPDWLRQ IXQFWLRQ´
7KH\ ZHUH VRLO¶V SUHSDUDWLRQ ZHHGLQJ IHUWLOL]DWLRQ LUULJDWLRQ DQW¶V FRQWURO DUHD
SURWHFWLRQ E\ IHQFLQJ LQYROYHPHQW LQ HQYLURQPHQWDO HGXFDWLRQ DFWLYLWLHV UHFHLYHG
LQVWUXFWLRQVRQSODQWLQJSUDFWLFHVDQLPDOUDLVLQJLQQHDUE\DUHDVDQGUHDO ODQG¶VXWLOLW\
YLLL
680È5,2
/,67$6'(7$%(/$6[L
/,67$'(),*85$6[LL
/,67$'($1(;26 [LLL
,1752'8d­2
+,3Ï7(6(6 5()(5(1&,$/7(Ï5,&2
5(&83(5$d­2'(È5($6'(*5$'$'$6(0$0%,(17(65,3È5,26
68&(66­21$785$/;68&(66­26,/9,&8/785$/
5(*(1(5$d­21$785$/ $60$7$6'(*$/(5,$12&217(;72'2%,20$&(55$'2
(&2/2*,$(6758785$',1Æ0,&$()/25Ë67,&$'$60$7$6'(
*$/(5,$12%5$6,/&(175$/
(FRORJLD
(VWUXWXUD 'LQkPLFD
)ORUtVWLFD ('8&$d­2$0%,(17$/ 2VSUHVVXSRVWRVGH(GXFDomR$PELHQWDOH(QYROYLPHQWR&RPXQLWiULRTXH
IXQGDPHQWDUDPDVDo}HVGRVXESURMHWR³&DUDFWHUL]DomRH5HFXSHUDomRGD
%LRGLYHUVLGDGHGDV0DWDVGH*DOHULDGR%LRPD&HUUDGR´ $VDo}HVGH(GXFDomR$PELHQWDOUHDOL]DGDVSHORVXESURMHWR³&DUDFWHUL]DomRH
5HFXSHUDomRGD%LRGLYHUVLGDGHGDV0DWDVGH*DOHULDGR%LRPD&HUUDGR´
0$7(5,$/(0e72'26
&$5$&7(5,=$d­2'$È5($'((678'2 5LR-DUGLP7$%
&yUUHJR%XULWL9HUPHOKR%95
&yUUHJRV2ODULDHËQGLRV%5= 5LR%DQGHLULQKD)6$
&yUUHJR6REUDGLQKR60/
/(9$17$0(172'('$'26 23ODQWLR
0RQLWRUDPHQWRGRVSODQWLRVGHSRLVGHHDQRV
(VWDEHOHFLPHQWRGDVHVSpFLHVUHODomR³VREUHYLYrQFLD[DOWXUD´
3URMHomRGHFRSD
5HJHQHUDomRQDWXUDO L[
(ODERUDomRHDSOLFDomRGRTXHVWLRQiULR $1È/,6('26'$'26 $VSHFWRV7pFQLFRELROyJLFRVGD5HFXSHUDomR $VSHFWRV6RFLRHFRQ{PLFRVGD5HFXSHUDomR
5HFXSHUDomRGHÈUHDV'HJUDGDGDVGH0DWDVGH*DOHULDHP)XQomRGRV
$VSHFWRV7pFQLFRELROyJLFRV$PELHQWDLVH6RFLRHFRQ{PLFRV 5(68/7$'26(',6&866­2 $63(&7267e&1,&2%,2/Ï*,&261$5(&83(5$d­2'(È5($6
'(*5$'$'$6'$60$7$6'(*$/(5,$ (VWDEHOHFLPHQWRJHUDOGDVHVSpFLHV 3URMHomRGH&RSD
&RPSRUWDPHQWRGDVHVSpFLHVFRPPHOKRUHVtQGLFHVGHHVWDEHOHFLPHQWRQDV
GLIHUHQWHVSURSULHGDGHV 5HJHQHUDomR1DWXUDO (VWDEHOHFLPHQWRGDVHVSpFLHVUHODomRVREUHYLYrQFLD[DOWXUD $63(&72662&,2(&21Ð0,&261$5(&83(5$d­2'(È5($6'(
0$7$6'(*$/(5,$
$QiOLVHGHDWLWXGHHFXLGDGRFRPDV0DWDVGH*DOHULD 5HVXOWDGRVGDVHQWUHYLVWDVFRPRVSURGXWRUHV
5(&83(5$d­2'(È5($6'(*5$'$'$6'$60$7$6'(*$/(5,$
(0)81d­2'($63(&7267e&1,&2%,2/Ï*,&26$0%,(17$,6(
62&,2(&21Ð0,&26 &RPSRUWDPHQWRGDVHVSpFLHVQDViUHDVTXHDSUHVHQWDUDPPHOKRUHVtQGLFHVGH
HVWDEHOHFLPHQWR
&RPSRUWDPHQWRGDVHVSpFLHVQDViUHDVFRPEDL[RHVWDEHOHFLPHQWR &21&/86®(6 5(&20(1'$d®(6
5()(5Ç1&,$6%,%/,2*5$),$6 $1(;26 [
/,67$6'(7$%(/$6
7DEHOD (VSpFLHVXWLOL]DGDVSDUD DUHFXSHUDomRGDV0DWDVGH*DOHULDGR'LVWULWR
)HGHUDOH(QWRUQR
7DEHOD 6LWXDomRGDV0DWDVGH*DOHULDQDVGLIHUHQWHVORFDOLGDGHV
7DEHOD 1~PHURGHSURSULHWiULRVTXHUHVSRQGHUDPDRVTXHVWLRQiULRVHPFDGD
ORFDOLGDGH 7DEHOD $VVXQWRVDERUGDGRVQRTXHVWLRQiULRGLYLGLGRVHPFDWHJRULDV 7DEHOD 9DULiYHLVFRQVLGHUDGDVHYDORUHVGDHVFDODGH/LNHUWSDUDFDGDDVSHFWRVGD
IXQomRUHFXSHUDomR 7DEHOD 9DORUHVPpGLRVGHVREUHYLYrQFLDHDOWXUDFPQDVSURSULHGDGHV
PRQLWRUDGDV
7DEHOD 6REUHYLYrQFLD6REH$OWXUDFPPpGLDVDRVDQRVGDVHVSpFLHV
SODQWDGDVHP 7DEHOD 6REUHYLYrQFLD6REH$OWXUDFPPpGLDVDRVDQRVGDVHVSpFLHV
SODQWDGDVHP 7DEHOD &RPSDUDomRHQWUHUHFLSLHQWHVWXEHWHHVDFR SOiVWLFRQRHVWDEHOHFLPHQWRGDV
HVSpFLHVSODQWDGDVHP 7DEHOD &RPSDUDomRHQWUHUHFLSLHQWHVWXEHWHHVDFRSOiVWLFRQRHVWDEHOHFLPHQWRGDV
HVSpFLHVSODQWDGDVHP 7DEHOD 3URMHomRGHFRSDGDVHVSpFLHVQDVPHOKRUHViUHDV 7DEHOD $JUXSDPHQWRHLQGLFDGRUDGLWLYRGHDWLWXGHGHFXLGDGRFRPDV0DWDVGH
*DOHULDHFRPRVSODQWLRV
7DEHOD $OIDGH&URQEDFKSDUDRLQGLFDGRUDGLWLYRGHDWLWXGHHFRPSRUWDPHQWRGH
FXLGDGRFRPDVPDWDV 7DEHOD 9DORUHVGDHVFDODGH/LNHUWSDUDFDGDDVSHFWRGDIXQomRUHFXSHUDomR
7DEHOD $QiOLVHGRDOIDGH&URQEDFKSDUDYDULiYHLVGHVWDFDGDVSDUDD³IXQomR
UHFXSHUDomR´ 7DEHOD $QiOLVHGHFRRUGHQDGDSULQFLSDO3&2SDUDDVYDULiYHLVGHVWDFDGDVSHOR
DOIDGH&URQEDFKSDUDDVSURSULHGDGHVFRQVLGHUDGDVQDDQiOLVH
[L
/,67$'(),*85$6
)LJXUD /RFDOL]DomRGDViUHDVRQGHIRUDPUHDOL]DGRVSODQWLRVGHUHFXSHUDomRGH0DWDV
GH*DOHULDQRVDQRVGHH
)LJXUD 0RGHORGHGLVWULEXLomRGDVPXGDVHPFDPSRSDUDHVSpFLHVSLRQHLUDV3
VHFXQGiULDV6HFOtPD[&HPDQpLVKH[DJRQDLVFRPHVSpFLHV
)LJXUD 0HGLGDGHSURMHomRGDFRSD
)LJXUD 'LVSHUVmRGDVHVSpFLHVDRVDQRVSODQWLR
)LJXUD 'LVSHUVmRGDVHVSpFLHVDRVDQRV SODQWLR
)LJXUD &RPSRUWDPHQWRGDVHVSpFLHVTXHDSUHVHQWDUDPPHOKRUHVWD[DVGH
FUHVFLPHQWRQDVGLIHUHQWHVSURSULHGDGHV )LJXUD *UiILFRJHUDOGHGLVSHUVmRGDVSURSULHGDGHVTXDQWRjPpGLDGRVGDGRV
UHODFLRQDGRVDRFUHVFLPHQWRHPDOWXUDFPHVREUHYLYrQFLD
)LJXUD 6REUHYLYrQFLDH$OWXUDFPPpGLDVQDVSURSULHGDGHVSODQWDGDVHP
)LJXUD 6REUHYLYrQFLDH$OWXUDFPPpGLDVQDVSURSULHGDGHVSODQWDGDVHP
)LJXUD 'HQGURJUDPDTXHLOXVWUDDGLVWkQFLDGHVLPLODULGDGHHQWUHRVSURSULHWiULRV
HQWUHYLVWDGRV )LJXUD 'HQGURJUDPDTXHLOXVWUDDGLVWkQFLDHXFOLGLDQDHQWUHDVSURSULHGDGHV
)LJXUD 'LVSHUVmRGDVSURSULHGDGHVFRPEDVHQDVYDULiYHLVGHVWDFDGDVSHORDOID
GH&URQEDFK )LJXUD 9LVWDJHUDOGDSURSULHGDGH7DEFRPWUDWRVFXOWXUDLVFRQWtQXRV
)LJXUD 9LVWDJHUDOGDSURSULHGDGH%5=FRPWUDWRVFXOWXUDLVVREUHiUHDRQGHDQWHV
H[LVWLDFXOWXUDGHKRUWDOLoDV
)LJXUD 9LVWDJHUDOGDSURSULHGDGH7$%VHPWUDWRVFXOWXUDLVPDVVREUHiUHDRQGH
DQWHVH[LVWLDFXOWXUDGHKRUWDOLoDV )LJXUD 9LVWDJHUDOGDSURSULHGDGH%5=FRPWUDWRVFXOWXUDLVVRPHQWHQRSULPHLUR
DQRVREUHiUHDGHFXOWXUD )LJXUD 'LVSHUVmRGDVHVSpFLHVTXDQWRDRGHVHQYROYLPHQWRHPDOWXUDFPH
VREUHYLYrQFLDQDVGR]HSURSULHGDGHVTXHDSUHVHQWDUDPtQGLFHVGHHVWDEHOHFLPHQWR
)LJXUD 9LVWDJHUDOGDSURSULHGDGH7$% )LJXUD 9LVWDJHUDOGDSURSULHGDGH60/FRPWUDWRVFXOWXUDLVLQWHQVLYRV )LJXUD 'LVSHUVmRGDVHVSpFLHVTXDQWRDRGHVHQYROYLPHQWRHPDOWXUDFPH
VREUHYLYrQFLDQDVSURSULHGDGHVGH7DEDWLQJDH6REUDGLQKRGRV0HORV
SODQWDGDVHPHPRQLWRUDGDVGHVGHRSODQWLR
)LJXUD 9LVWDJHUDOGDSURSULHGDGH%5=VHPWUDWRVFXOWXUDLVSyVSODQWLR )LJXUD 9LVWDJHUDOGDSURSULHGDGH%5=VHPWUDWRVFXOWXUDLVSyVSODQWLR )LJXUD 9LVWDJHUDOGDSURSULHGDGH7$%HPiUHDSDVWRUHDGDSRUJDGR )LJXUD 9LVWDJHUDOGDSURSULHGDGH%5=FRPRFRUUrQFLDGHIRJR )LJXUD 'LVSHUVmRGDVHVSpFLHVTXDQWRDRGHVHQYROYLPHQWRHPDOWXUDFPH
VREUHYLYrQFLDVQDVGR]HSURSULHGDGHVTXHDSUHVHQWDUDPEDL[RHVWDEHOHFLPHQWR [LL
/,67$'($1(;26
$1(;2$ 48(67,21È5,2'($9$/,$d­2'263/$17,26'(0$7$'(
*$/(5,$5($/,=$'2612')((172512 $1(;2% (63e&,(6(05(*(1(5$d­21$785$/1$6È5($6 [LLL
,1752'8d­2
$V Do}HV DQWUySLFDV LQWHQVDV WrP SUHMXGLFDGR VREUHPDQHLUD DV 0DWDV GH *DOHULD SHOD
UHWLUDGDLQGLVFULPLQDGDGHPDGHLUDDLPSODQWDomRGHJUDQGHVHPSUHHQGLPHQWRVRXPHVPR
FXOWXUDV DJUtFRODV GHVRUGHQDGDV HQWUH RXWUDV LQWHUIHUrQFLDV (P FXUWR SUD]R D UHWLUDGD
GHVVDVPDWDVDFHQWXDRHVFRDPHQWRGDiJXDGDFKXYDVREUHRVRORDIHWDQGRVXDVFRQGLo}HV
TXtPLFDV H ItVLFDV WRUQDQGRD LPSUySULD SDUD R FRQVXPR (P PpGLR H ORQJR SUD]RV R
DVVRUHDPHQWRGLPLQXLROHLWRGRULRSRGHQGRRFDVLRQDURWUDQVERUGDPHQWRGHVXDViJXDVH
DGLPLQXLomRGDYLGD~WLOGDVEDUUDJHQV%HUWRQL0DUWLQV5HDWWRHWDO
$V 0DWDV GH *DOHULD VmR IRUPDo}HV IORUHVWDLV TXH DFRPSDQKDP RV ULDFKRV GH SHTXHQR
SRUWH H FyUUHJRV IRUPDQGR FRUUHGRUHV IHFKDGRV VREUH R FXUVR G¶iJXD 5LEHLUR :DOWHU
6mR LPSRUWDQWHV UHSRVLWyULRV GD ELRGLYHUVLGDGH DOpP GH IXQFLRQDUHP FRPR
FRUUHGRUHV VHJXLGR XP SDGUmR GHQGUtWLFR DR ORQJR GD GUHQDJHP GRV ULRV SRGHQGR
DXPHQWDU R WDPDQKR HIHWLYR GH iUHDV GH UHVHUYDV IORUHVWDO SHOD GLVSRQLELOLGDGH GH
LQWHUFkPELR HQWUH RV LQGLYtGXRV XPD YH] TXH IXQFLRQDP FRPR XPD H[WHQVD PDOKD SRU
WRGD D 5HJLmR GR &HUUDGR 6LOYD -~QLRU )HOILOL 2OLYHLUD)LOKR 5DWWHU 7DLVIRUPDo}HVGHVWDFDPVHSHODULTXH]DGLYHUVLGDGHJHQpWLFDHVmRIXQGDPHQWDLVSDUDR
HFRVVLVWHPD UHJLRQDO SRLV VH UHODFLRQDP FRP D PDQXWHQomR GR HTXLOtEULR HFROyJLFR QDV
EDFLDV KLGURJUiILFDV )HOILOL HW DO (ODV SURWHJHP RV FXUVRV G¶iJXD FRQWUD R
DVVRUHDPHQWRFDXVDGRSHODHURVmRODPLQDUHSHODViJXDVGHHVFRDPHQWRIRUQHFHPDEULJR
H DOLPHQWR SDUD SHL[HV DYHV H RXWURV DQLPDLV VLOYHVWUHV H DMXGDP D PDQWHU R HTXLOtEULR
WpUPLFRGDiJXD *RXGLQJ1DYHHWDO0RQWDJHWDO5H]HQGHHWDO
)RQVHFDHWDO
$V0DWDVGH*DOHULDGR'LVWULWR)HGHUDOMiIRUDPDOWHUDGDVHPHD PDQXWHQomRGD
iJXD QDUHJLmRMiHVWiFRPSURPHWLGD9HJHWDomR'HVVHPRGRDQHFHVVLGDGH GH
UHFXSHUDomR GHVVHV DPELHQWHV DGYpP GD QHFHVVLGDGH GH UHWHQomR GR VROR FRQWHQomR GD
HURVmRFRQVHUYDomRGDiJXD PDQXWHQomRGDELRGLYHUVLGDGHHGDEHOH]DFrQLFD$SURSRVWD
GH UHFXSHUDomR GH iUHDV GHJUDGDGDV SUHYr D DFHOHUDomR GR SURFHVVR GH SURWHomR GR VROR
FRPDUHWRPDGDGDFREHUWXUDYHJHWDOQDWLYD)HOILOLHWDO
(QWUHWDQWR D UHVWDXUDomR GH DPELHQWHV GHJUDGDGRV IXQGDPHQWDVH HP FRQKHFLPHQWRV
GLYHUVRVSULQFLSDOPHQWHQRTXHVHUHIHUHjUHFRQVWLWXLomRGDHVWUXWXUDGDFRPXQLGDGHGD
GLQkPLFDGDVHVSpFLHVHGDIXQomRGRHFRVVLVWHPD(QWHQGHUDHFRORJLDGDUHVWDXUDomRGH
XPDPELHQWHQDWXUDOVHJXQGR-RUGDQHWDO SHUSDVVDSRUGRLVSURFHVVRVGLVWLQWRV
PDVLQWHUOLJDGRV2SULPHLURUHODFLRQDGRDRFRQKHFLPHQWRGDHVWUXWXUD GRHFRVVLVWHPDH
VXD UHVWDXUDomR ItVLFD H R VHJXQGR SHOR GHVHQYROYLPHQWR GD WpFQLFD GH UHLQWURGXomR GH
HVSpFLHV 2 FRQKHFLPHQWR GD GLQkPLFD GH DPELHQWHV QDWXUDLV EHP FRPR GH DPELHQWH
DQWURSL]DGRV p SUHPLVVD SDUD R GHVHQYROYLPHQWR GH PRGHORV GH UHFXSHUDomR TXH
SRVWHULRUPHQWHVHUmRH[WUDSRODGRVDRVHFRVVLVWHPDVGHJUDGDGRV
$FRQVHUYDomRHUHFXSHUDomRGHDPELHQWHVIORUHVWDLVVmRSURFHVVRVOHQWRVTXHSUHVVXS}HP
R HQWHQGLPHQWR GH IDWRUHV FRPR VREUHYLYrQFLD R FUHVFLPHQWR H R FRPSRUWDPHQWR GDV
HVSpFLHV H GR VHX SURFHVVR GH UHJHQHUDomR D FRPSUHHQVmR GD GLQkPLFD GRV EDQFRV GH
VHPHQWHV RX EDQFRV GH SOkQWXODV SRGHQGR GHVHQFDGHDU SURFHVVRV UHJHQHUDWLYRV D
REVHUYDomRGHUHPDQHVFHQWHVIORUHVWDLVSUy[LPRVjViUHDVGHJUDGDGDVTXHSRVVDPIDFLOLWDU
D GLVVHPLQDomR GH VHPHQWHV QDV iUHDV LPSDFWDGD HQWUH RXWURV IDWRUHV 7RGDV HVVDV
REVHUYDo}HV SRVVLELOLWDP DXPHQWDU R FRQKHFLPHQWR GLVSRQtYHO VREUH DV HVSpFLHV GH
RFRUUrQFLD QHVVDV PDWDV H PD[LPL]DU R VXFHVVR GHVVDV TXDQGR XWLOL]DGDV QR LQWXLWR GH
UHVWDXUDUiUHDVIORUHVWDLVSHUWXUEDGDV
$ GLQkPLFD GDV FRPXQLGDGHV YHJHWDLV SRGH VHU PDQLSXODGD GXUDQWH R SURFHVVR GH
UHFXSHUDomR YLVDQGRD PHOKRUDU R HVWDEHOHFLPHQWR GDV HVSpFLHV SDUD DFHOHUDU R ULWPR GD
VXFHVVmRHDXPHQWDUDGLYHUVLGDGHELROyJLFD5HGHQWHHWDO3DUDLVVRpQHFHVViULR
FRQKHFHU R FRPSRUWDPHQWR GDV HVSpFLHV GH PRGR D SURMHWDU PRGHORV YLiYHLV SDUD D
UHFXSHUDomRHPDQHMRGRVHFRVVLVWHPDVGHJUDGDGRV
1DWHQWDWLYDGHDWHQGHUHVVDGHPDQGDD(PEUDSD&HUUDGRVLQLFLRXHPRVXESURMHWR
³&RQVHUYDomRH5HFXSHUDomRGD%LRGLYHUVLGDGHGDV0DWDVGH*DOHULDGR'LVWULWR)HGHUDOH
(QWRUQR´2SURJUDPDIRLGHVHQYROYLGRFRPRLQWXLWRGHJHUDU FRQKHFLPHQWRVYROWDGRVj
SURGXomR GH PXGDV EHP FRPR j GHILQLomR GH HVSpFLHV H WpFQLFDV DRV SODQWLRV GH
UHFXSHUDomRGHiUHDVGHJUDGDGDVGH0DWDGH*DOHULD5LEHLURHWDO
3RUWDQWRVmRPXLWRVRVDVSHFWRVTXHLQIOXHQFLDPXPSURJUDPDGHUHFXSHUDomRHPiUHDVGH
0DWDVGH*DOHULD$OJXQVGHVVHVDVSHFWRVSRGHPVHUUHSUHVHQWDGRVSHODVHJXLQWHIXQomR
I UHFXSHUDomR I DVSHFWRV WpFQLFRELROyJLFRV I DVSHFWRV DPELHQWDLV IDVSHFWRV
VRFLRHFRQ{PLFRV
2V DVSHFWRV WpFQLFRV HVWmR UHODFLRQDGRV FRP WRGD D HVWUDWpJLD XWLOL]DGD QR SURFHVVR GH
FROHWD GH VHPHQWHV SURGXomR GH PXGDV PRGHOR GH UHYHJHWDomR SUiWLFDV GH SUHSDUR GR
VROR SDUD SODQWLR EHP FRPR DV SUiWLFDV VLOYLFXOWXUDLV SyVSODQWLR FRPEDWH j IRUPLJD
FDSLQDDGXEDomRLUULJDomRHWF1R DVSHFWRELROyJLFR VmRFRQVLGHUDGDVDVFDUDFWHUtVWLFDV
LQWUtQVHFDVGDHVSpFLHFRPRDSODVWLFLGDGHDGDSWDWLYDHQWUHDHVSpFLHTXDQGRHPDPELHQWHV
DQWURSL]DGRV H HP DPELHQWHV QDWXUDLV UHIOHWLQGR GLUHWDPHQWH R HVWDEHOHFLPHQWR GDV
HVSpFLHVQHVVDVFRQGLo}HV1RTXHVHUHIHUHDRVDVSHFWRVDPELHQWDLV VmRFRQVLGHUDGDVDV
FDUDFWHUtVWLFDVGRVRORWLSRXPLGDGHHWH[WXUDRFOLPDRKLVWyULFRGHRFXSDomRGDiUHDR
QtYHOGHGHJUDGDomRHQWUHRXWURVSUHVHQoDGHSURSiJXORVFRQGLo}HVSDUDRFRUUrQFLD GH
FKXYD GH VHPHQWHV SURSLFLDQGR D IRUPDomR GRV EDQFRV GH VHPHQWHV H GH SOkQWXODV HWF
4XDQWR DR DVSHFWR VRFLRHFRQ{PLFR SRGHP VHU UHODFLRQDGRV R JUDX GH HVFRODULGDGH H R
FRPSURPHWLPHQWR FRP SODQWLR SRU SDUWH GR GRQR GD WHUUD D VHU UHFXSHUDGD FRQGLomR
HFRQ{PLFD SDUD SURFHGHU jV SUiWLFDV VLOYLFXOWXUDLV SUp H SyVSODQWLR HQYROYLPHQWR VRFLDO
MXQWRjFRPXQLGDGHWHPSRTXHGHWpPDSURSULHGDGHGDWHUUDYLVmRVREUHRDPELHQWHHXVR
RUGHQDGRGRVUHFXUVRVQDWXUDLVHWF
2 SUHVHQWH HVWXGR IRL UHDOL]DGR QDV SURSULHGDGHV RQGH RFRUUHUDP HVVHV SODQWLRV GH
UHFXSHUDomRFRPRVREMHWLYRGH
D LGHQWLILFDUTXDLVDVHVSpFLHVVmRPDLVLQGLFDGDVSDUDSODQWLRV HPiUHDVGHJUDGDGDVGH
0DWDVGH*DOHULD
E H GLVFXWLU D UHODomR H[LVWHQWH HQWUH RV DVSHFWRV WpFQLFRELROyJLFRV DPELHQWDO H
VRFLRHFRQ{PLFR VHOHFLRQDGRV SDUD HVWH HVWXGR H TXH LQIOXHQFLDUDP QR VXFHVVR GR
HVWDEHOHFLPHQWRGRVSODQWLRVGHUHFXSHUDomR
1R TXH VH UHIHUH DR DVSHFWR VRFLRHFRQ{PLFR REVHUYDVH HP HVSHFLDO D LQIOXrQFLD GDV
Do}HVGH(GXFDomR$PELHQWDO QRVXFHVVRGHVVHVSODQWLRV
+,3Ï7(6(6
2VXFHVVRGRVSODQWLRVGHUHFXSHUDomRGH0DWDVGH*DOHULDpGHSHQGHQWHGHXPVRPDWyULR
GH DVSHFWRV WpFQLFRELROyJLFRV DPELHQWDLV H VRFLRHFRQ{PLFRV VHQGR TXH DOJXQV GHOHV
DIHWDPPDLVHVVHSURFHVVRTXHRXWURV
5()(5(1&,$/7(Ï5,&2
5(&83(5$d­2'(È5($6'(*5$'$'$6(0$0%,(17(65,3È5,26
$UHFXSHUDomRGHiUHDVGHJUDGDGDVHPDPELHQWHULSiULRVpFRPSOH[DHVXDGLILFXOGDGHGH
LPSOHPHQWDomR YDULD GH ORFDO SDUD ORFDO )HUUHLUD ,VVR SRUTXH D FDSDFLGDGH GH
DXWRUHQRYDomR GH XP DPELHQWH p DIHWDGD SHOR JUDX GH GHJUDGDomR H GHSHQGH GH IDWRUHV
FRPR HVWUXWXUD LQLFLDO H FRPSRVLomR GDV HVSpFLHV FDUDFWHUtVWLFDV GR VROR GR FOLPD
FRPSOH[LGDGHHUHVLOLrQFLDGRVSURFHVVRVEiVLFRVGRHFRVVLVWHPDFRPRIOX[RGHHQHUJLD
RVFLFORVELRJHRTXtPLFRVDLQWHQVLGDGHKLVWyULFRHSHUVLVWrQFLDGHGLVW~UELRVHQWUHRXWURV
DVSHFWRV2XVHMDWDLVIDWRUHVLQLEHPRXUHWDUGDPRVSURFHVVRVGHVXFHVVmRQDWXUDO3LFNHWW
:KLWH /XJR &DLUQV &DUSDQH]]L HW DO 'HVVH PRGR D
UHFXSHUDomRGHDPELHQWHVIORUHVWDOWHQGHD VHUPDLVOHQWDHPiUHDVTXHDQWHVGRDEDQGRQR
IRUDPH[SORUDGDVGHPDQHLUDLQWHQVLYDHSURORQJDGD*XDULJXDWD2VWDUWDJ
0LQLPL]DURVLPSDFWRVDGYLQGRVGRXVRH[SORUDWyULRGRVUHFXUVRVQDWXUDLVSUDWLFDGRSHOR
VHUKXPDQRpRREMHWLYRGDVLQLFLDWLYDVSDUDUHFXSHUDomRGHDPELHQWHVGHJUDGDGRV'HVVH
PRGR D SDODYUD ³UHFXSHUDomR´ IRL XVDGD QHVWH HVWXGR SRU VH WUDWDU GH XP WHUPR PDLV
JHQpULFR VHQGR XWLOL]DGR SHOD SUySULD &RQVWLWXLomR GR %UDVLO GH H SRU FRPSRU XP
WHUPR TXH EXVFD R UHVJDWH GH XPD RX PDLV IXQo}HV GR HFRVVLVWHPD 9LDQD ³5HFXSHUDomR´pDTXLDSOLFDGRSDUDDPELHQWHVTXHDSUHVHQWDPGHVGHEDL[DLQWHQVLGDGHGH
SHUWXUEDomR DWp DTXHOHV FXMDV SHUWXUEDo}HV VHULDP LUUHYHUVtYHLV FDVR QmR KRXYHVVH
LQWHUYHQomRDQWUySLFD)RQVHFDHWDO
5RGULJXHV *DQGROIL GHILQLUDP XPD QRPHQFODWXUD EDVHDGD QD LQWHQVLGDGH GH
SHUWXUEDomRHQRVREMHWLYRVSUHWHQGLGRVFRPDUHFXSHUDomRUHVWDXUDomR³VWULFWRVHQVX´
VLJQLILFDQGR D YROWD FRPSOHWD GH DPELHQWHV SRXTXtVVLPR SHUWXUEDGRV jV FRQGLo}HV
RULJLQDLVHPHVPRDVVLPFRPUHPRWDSRVVLELOLGDGHGHVHU DOFDQoDGDUHVWDXUDomR³ODWR
VHQVX´ SDUD DPELHQWHV FRP EDL[D LQWHQVLGDGH GH SHUWXUEDomR H FRQVHTHQWHPHQWH FRP
ERD UHVLOLrQFLD PDV TXH QmR UHWRUQDULDP H[DWDPHQWH j FRQGLomR RULJLQDO UHDELOLWDomR
SDUDSHUWXUEDo}HVLUUHYHUVtYHLVFDVRQmRKDMDLQWHUYHQomRDQWUySLFDHIHWLYDHUHGHILQLomR
RX UHGHVWLQDomR UHODFLRQDGD DR XVR GLVWLQWR GD iUHD VHP YtQFXOR FRP R HFRVVLVWHPD
RULJLQDO &RQVLGHUDQGR HVVH HQIRTXH R WHUPR µUHFXSHUDomR¶ XWLOL]DGR QHVWH HVWXGR
UHVWULQJHVH EDVLFDPHQWH j UHDELOLWDomR H j UHVWDXUDomR ³ODWR VHQVX´ $ LQWURGXomR GH
HVSpFLHVSUHIHUHQFLDOPHQWHQDWLYDVIRLFRQVLGHUDGDVHMDHPDPELHQWHVFRPDOWRRXEDL[R
tQGLFHGHSHUWXUEDomR FXMDIXQomRIRLDX[LOLDUDQDWXUH]DSDUDTXHRDPELHQWHYROWDVVHR
PDLVSUy[LPRSRVVtYHODRTXHHUDDQWHVGRVLPSDFWRV
3UiWLFDV YROWDGDV j UHFXSHUDomR GH DPELHQWHV GHJUDGDGRV HQYROYHP EDVLFDPHQWH TXDWUR
HVWUDWpJLDVSURWHomRGHiUHDVLPSHGLQGRRXPLQLPL]DQGRDRFRUUrQFLDGHIRJRDomRGH
FDoDGRUHV UHWLUDGD GH PDGHLUD DomR GH SROXHQWHV SURGXWRV Wy[LFRV RX RXWUDV IRUPDV GH
GLVW~UELRVDQWUySLFRVPDQHMR GHiUHDV SDUD HVWtPXOR GD UHJHQHUDomR QDWXUDO GH HVSpFLHV
SUHVHQWHV QD iUHD RX DGYLQGDV GR HQWRUQR DWLYLGDGHV GH HQULTXHFLPHQWR D SDUWLU
SODQWDo}HV QR FDVR GH DXVrQFLD GH EDQFR GH VHPHQWHV HRX IRQWH GH VHPHQWHV RX SDUD D
UHLQWURGXomR GH HVSpFLHV ORFDOPHQWH H[WLQWDV H UHIORUHVWDPHQWR 7DLV HVWUDWpJLDV WrP
FRPRREMHWLYRSULPRUGLDOIDFLOLWDUDFHOHUDUHGLUHFLRQDURVSURFHVVRVVXFHVVLRQDLVQDWXUDLV
DXPHQWDU DSURGXWLYLGDGHELROyJLFDUHGX]LURSURFHVVRGHHURVmRDXPHQWDUDIHUWLOLGDGHH
R FRQWUROH ELyWLFR VREUH RV IOX[RV ELRJHRTXtPLFRV GHQWUR GR HFRVVLVWHPD 3DUURWD /XJR HW DO 0HQGRQoD HW DO <X HW DO $LGH HW DO .RUSHODLQHQHWDO5RGULJXHV*DQGROIL$VKWRQHWDO
6HJXQGR %DUQHWW %DNHU D HVFROKD GR PpWRGR GH UHFXSHUDomR PDLV YLiYHOGHYH
OHYDUHPFRQVLGHUDomRRVREMHWLYRVGRHPSUHHQGLPHQWRDVFDUDFWHUtVWLFDVGRORFDORFXVWR
GDLPSODQWDomRHRUHWRUQRHFRQ{PLFRTXHRVLVWHPDSRUYHQWXUDSRVVDRIHUHFHU7RXPH\
.RUVWLDQ FRQVLGHUDP DLQGD TXH FDGD PpWRGR IXQFLRQD VRE XP FRQMXQWR GH
FRQGLo}HV SDUWLFXODUHV 3RLV VHJXQGR HVVHV DXWRUHV R UHVXOWDGR EHPVXFHGLGR HP
GHWHUPLQDGD iUHD QHP VHPSUH SRGH VHU UHSOLFDGR SDUD RXWUDV H GLILFLOPHQWH p SRVVtYHO
UHSURGX]LU HVVDV FRQGLo}HV HP RXWUD pSRFD RX ORFDOLGDGH 6RPHQWH XPD FULWHULRVD
DYDOLDomRGDVFRQGLo}HVORFDLVDVHUHPUHFXSHUDGDVpTXHGHWHUPLQDUiTXDORPRGHORPDLV
DSURSULDGRDVHUDGRWDGR
6HJXQGR )RQVHFD HW DO QmR H[LVWH XP PRGHOR ~QLFR WDPSRXFR LQGLFDo}HV
HVSHFtILFDV SDUD D UHFXSHUDomR GH iUHDV GHJUDGDGDV GH 0DWDV GH *DOHULD 9iULRV IDWRUHV
SRGHP DIHWDU R VXFHVVR GD UHFXSHUDomR WDLV FRPR WLSR GH VROR GHFOLYLGDGH JUDX GH
SHUWXUEDomRRXGHJUDGDomRGRVRORHGREDQFRGHVHPHQWHVGLVSRQLELOLGDGHGHQXWULHQWHV
HVSpFLHV DGDSWDGDV jV FRQGLo}HV HVSHFtILFDV GLVSRQLELOLGDGH GH SURSiJXORV GLVSHUVRUHV
VLPELRQWHVLQWHUIHUrQFLD DQWUySLFDEHPFRPRR FRPSURPHWLPHQWRGRVSURGXWRUHVFRPD
UHFXSHUDomR SULQFLSDOPHQWH FRP DV SUiWLFDV GH PDQHMR QHFHVViULDV j VXD PDQXWHQomR
3DUD D FRQGXomR WpFQLFD GH SURJUDPDV GH UHFXSHUDomR p SUHFLVR WHU XP FRQKHFLPHQWR
PtQLPRVREUHDOJXQVSULQFtSLRVHFROyJLFRVEiVLFRVHGHSUiWLFDVVLOYLFXOWXUDLVYROWDGDVDR
SODQWLRGHHVSpFLHVQDWLYDVDOpPGHXPDERDFDSDFLWDomRHH[SHULrQFLDGHFDPSR)RQVHFD
HW DO 2XWUR DVSHFWRLPSRUWDQWHSDUDR VXFHVVR GD FRQVHUYDomR H UHFXSHUDomRGDV
0DWDVGH*DOHULDpRHQWHQGLPHQWRHFXPSULPHQWRGDVOHLVHDGLVSRQLELOLGDGHGHSROtWLFDV
S~EOLFDVYROWDGDVDHVVHVILQV
68&(66­21$785$/;68&(66­26,/9,&8/785$/
$ VXFHVVmR VXEVWLWXLomR GH HVSpFLHV YHJHWDLV QR WHPSR 0F&RRN p XP SURFHVVR
GLQkPLFR H FRQWtQXR DIHWDGR SRU YiULRV IDWRUHV TXH GLUHFLRQDP H VmR SULPRUGLDLV QD
HVWUXWXUDomR H GLQkPLFD GDV FRPXQLGDGHV YHJHWDLV $OYDUH]%X\OOD *DUFtD%DUULRV
$V DOWHUDo}HV TXH RFRUUHP DR ORQJR GR WHPSR VmR UHVXOWDQWHV GDV GLIHUHQoDV
LQWUtQVHFDV GR FLFOR GH YLGD GDV HVSpFLHV H GDV VXDV UHVSRVWDV jV FRQGLo}HV ELyWLFDV H
DELyWLFDV H[LVWHQWHV 'HVVH PRGR R SURFHVVR VXFHVVLRQDO SRGH VHU OHQWR GHYLGR j EDL[D
FRQFHQWUDomR GH QXWULHQWHV GLVSRQtYHLV j DXVrQFLD GH SURSiJXORV H HP FHUWRV FDVRV
DX[LOLDGRSHODHVFDVVH]GHGLVSHUVRUHV%D]]D]3LFNHWW
$ GLQkPLFD GH IORUHVWDV WURSLFDLV SURYpPGRV GLIHUHQWHV QLFKRV GH UHJHQHUDomR &ODUN &ODUN 'HQVORZ *UXEE 6PLWK QRV TXDLV DV HVSpFLHV WrP VH
HVSHFLDGR HYLWDQGR FRPSHWLomR GLUHWD 'HQVORZ :KLWPRUH VHQGR
UHVSRQViYHLVWDPEpP SHODKHWHURJHQHLGDGHHVSDFLDOHWHPSRUDOHSHODULTXH]DGDIORUD
'LYHUVDV FDUDFWHUtVWLFDV VmR XWLOL]DGDV SDUD FODVVLILFDU DV HVSpFLHV HP JUXSRV HFROyJLFRV
VXFHVVLRQDLVFRPRGRUPrQFLDWLSRGHGLVSHUVmRGHVHPHQWHVHIUXWRVWD[DGHFUHVFLPHQWR
WDPDQKRH ORQJHYLGDGHGRVLQGLYtGXRVHQWUHRXWUDV3RUpPXPDFDUDFWHUtVWLFDFRPXPjV
YiULDV FODVVLILFDo}HV H[LVWHQWHV p D TXDQWLGDGH GH OX] UHTXHULGD QDV GLIHUHQWHV IDVHV GH
GHVHQYROYLPHQWR GDV HVSpFLHV .DJH\DPD &DVWUR 7DO GLQkPLFD p GHILQLGD SRU
:KLWPRUHDSDUWLUGDVFDUDFWHUtVWLFDVHHVWUDWpJLDVDGDSWDGDVSHODVHVSpFLHV$VVLP
HVSpFLHV DUEXVWLYDV H DUEyUHDV SLRQHLUDV RX GHSHQGHQWHV GD OX] :KLWPRUH RX
LQWROHUDQWHV j VRPEUD +DUWVKRUQ SURGX]HP JUDQGHV TXDQWLGDGHV GH VHPHQWHV
SHTXHQDVTXHIDFLOPHQWHVmRLQFRUSRUDGDVDREDQFRGHVHPHQWHVHSHUPDQHFHPYLiYHLVSRU
ORQJRWHPSR
(VSpFLHVSLRQHLUDVGHYLGDORQJDGHSHQGHPLQWHQVDPHQWHGHOXPLQRVLGDGHGHVHQYROYHQGR
VH HP FODUHLUDV RX iUHDV DEHUWDV GH ERUGDGXUD GH PDWD 5RGULJXHV *DQGROIL $SUHVHQWDPFUHVFLPHQWRUiSLGRSURGX]LQGRSUHFRFHPHQWHJUDQGHTXDQWLGDGHGHVHPHQWHV
SHTXHQDVGLVSHUVDVSHORYHQWRRXDQLPDLVQRUPDOPHQWHFRPGRUPrQFLDHRFRUUrQFLDGH
XPJUDQGHQ~PHURGHLQGLYtGXRVFRPXPSHTXHQRQ~PHURGHHVSpFLHV
$V VHFXQGiULDV JHUPLQDP HP SOHQR VRO RX QD VRPEUD H FUHVFHP SUHIHUHQFLDOPHQWH HP
FODUHLUDV DEHUWDV QDV IORUHVWDV 5RGULJXHV *DQGROIL (VVDV HVSpFLHV VmR
FRQVLGHUDGDVFRPRLQWHUPHGLiULDVHQWUHSLRQHLUDVHFOLPi[LFDV6XDVVHPHQWHVJHUPLQDPD
VRPEUDPDVQHFHVVLWDPGHOX]SDUDRGHVHQYROYLPHQWRGDVSOkQWXODV2FRUUHPQDIORUHVWD
WURSLFDOFRPJUDQGHQ~PHURGHHVSpFLHVPDVFRPXPSHTXHQRQ~PHURGHLQGLYtGXRVSRU
iUHD+DUWVKRUQ
-i DV HVSpFLHV WURSLFDLV FOLPi[LFDV WDUGLDV RX WROHUDQWHV j VRPEUD GHVHQYROYHVH VRE
FRQGLo}HV GH VRPEUD OHYH RX GHQVD 5RGULJXHV *DQGROIL 3URGX]HP VHPHQWHV
DQXDOPHQWH RX DWp PHQRV IUHTHQWHPHQWH QRUPDOPHQWH QmR SRVVXHP FDSDFLGDGH GH
GRUPrQFLD H UDUDPHQWH VmR HQFRQWUDGDV QR EDQFR GH VHPHQWHV HVWDQGR DVVRFLDGDV DR
EDQFRWUDQVLWyULR2WDPDQKRGDVHPHQWHLPSOLFDPHQRUSURGXomRHQHFHVVLGDGHGHPDLRU
TXDQWLGDGHGHiJXDGLVSRQtYHOSDUDDJHUPLQDomR+DUSHU
$FODVVLILFDomRGDVHVSpFLHVQXPDRXQRXWUDFDWHJRULDpGLItFLOMiTXHGXUDQWHDVIDVHVGH
GHVHQYROYLPHQWR R LQGLYtGXR SRGH SDVVDU SRU HWDSDVTXHGLIHUHP HFROyJLFD ILVLROyJLFD H
PRUIRORJLFDPHQWH &ODUN &ODUN DOpP GR JUDX GH WROHUkQFLD RX QmR j VRPEUD
PRVWUDUXPFRQWtQXRHQWUHDVHVSpFLHV'HQVORZ(PUHJL}HVWURSLFDLVSDUHFHTXHD
HVWUDWpJLD GH JHUPLQDomR UiSLGD p D PDLV IUHTHQWH SDUD HVSpFLHV DUEyUHDV VHFXQGiULDV H
FOLPi[LFDV GHYLGR j EDL[D YLDELOLGDGH H j IDOWD GH PHFDQLVPRV GH GRUPrQFLD *DUZRRG
*zPH]3DPSD HW DO HP VHXV HVWXGRV HP iUHDV QDWXUDLV REVHUYRX TXH DOJXPDV
HVSpFLHVQmRVHHQTXDGUDPHPXP~QLFRJUXSRVXFHVVLRQDODRORQJRGHWRGDVDVIDVHVGH
GHVHQYROYLPHQWR,VVRSRGHHVWDUDVVRFLDGRVHJXQGRRVDXWRUHVDGHWHUPLQDGDVVLWXDo}HV
GHPDQHMRHDOWHUDo}HVGRDPELHQWHQDWXUDORXPHVPRHVWDUOLJDGDjYDULDELOLGDGHJHQpWLFD
LQHUHQWH D FDGD HVSpFLH TXH HP GHWHUPLQDGDV SRSXODo}HV RX HFyWLSRV SRGH DSUHVHQWDU
PDLRU IUHTrQFLD GH JHQHV IDYRUiYHLV j PDLRU SODVWLFLGDGH HP UHVSRVWD jV GLIHUHQWHV
FRQGLo}HVDPELHQWDLV
&RPSUHHQGHVH SRU SODVWLFLGDGH D SURSULHGDGH TXH DOJXPDV HVSpFLHV DSUHVHQWDP GH
DGTXLULUHP GHWHUPLQDGD IRUPD SODVWLFLGDGH IHQRWtSLFD RX GH DGDSWDUHPVH SODVWLFLGDGH
DGDSWDWLYD DRV HIHLWRV GH XP GLVW~UELR RX HVWUHVVH .DPDGD HW DO 4XDQGR VREUH
HIHLWRGHHVWUHVVHKtGULFRYDULDo}HVH[WUHPDVGHVRORXVRPEUDRXGDEDL[DGLVSRQLELOLGDGH
GH QXWULHQWHV DV HVSpFLHV SRGHP PRVWUDU DOWHUDo}HV GRV DVSHFWRV PRUIROyJLFRV H
ILVLROyJLFRV
1HVVH FRQWH[WR p TXH .DJH\DPD *DQGDUD FULDUDP XP VLVWHPD GH FODVVLILFDomR
TXH LQFOXL D ³VXFHVVmR DQWUySLFD´ H D ³VXFHVVmR VHFXQGiULD´ SDUD GLIHUHQFLDU RV JUXSRV
HFROyJLFRV VLOYLFXOWXUDLV 'HVVH PRGR HQWHQGHVH SRU VXFHVVmR VHFXQGiULD DTXHOD TXH
RFRUUHHPIRUPDo}HVGHFODUHLUDVQDIORUHVWDSULPiULDHDVXFHVVmRDQWUySLFDFRPRDTXHOD
TXH RFRUUH HP iUHDV GHJUDGDV VHMD SRU GHVPDWDPHQWR IRJR DJULFXOWXUD PLQHUDomR RX
RXWURV WLSRV GH LQWHUIHUrQFLD GLUHWD RX LQGLUHWD GR KRPHP $ VXFHVVmR QHVVDV iUHDV p
GLIHUHQFLDGD GD TXH RFRUUH QDWXUDOPHQWH QRV HFRVVLVWHPDV IORUHVWDLV SRLV VHJXQGR RV
DXWRUHV DOJXPDV HVSpFLHV QR LQtFLR GD VXFHVVmR QDWXUDO SRGHP DSUHVHQWDU PXGDQoD GH
KiELWRTXDQWRHPVLWXDo}HVDQWURSL]DGDV
2 FRPSRUWDPHQWR GDV HVSpFLHV SODQWDGDV HP iUHDV DQWURSL]DGDV HVWDEHOHFHUi XP QRYR
SURFHVVR GH VXFHVVmR GHQRPLQDGR VXFHVVmR VLOYLFXOWXUDO ,VVR RFRUUH HP IXQomR GD
SODVWLFLGDGH DGDSWDWLYD GDV HVSpFLHV EHP FRPR GDV FDUDFWHUtVWLFDV DWXDLV GR DPELHQWH
ItVLFRHGiILFDVWRSRJUiILFDVHFOLPiWLFDVGDiUHD%DUERVD1HVVHVORFDLVHVSpFLHV
TXHQmRVmRWLSLFDPHQWHSLRQHLUDVHPIORUHVWDVSULPiULDVSRGHPID]HURSDSHOGHSLRQHLUDV
HPiUHDVDQWUySLFDV.DJH\DPD*DQGDUD6HQGRDVVLPRTXHVHGHVFUHYHQHVWH
HVWXGR QmR p XP SURFHVVR GH VXFHVVmR QDWXUDO H VLP D FDSDFLGDGH GH DGDSWDomR GDV
HVSpFLHV SODQWDGDV D SDUWLU GDV Do}HV DQWUySLFDV RFRUULGDV HP 0DWDV GH *DOHULD 2
FRPSRUWDPHQWRGHVVDVHVSpFLHVGHWHUPLQDUiDVXFHVVmRVLOYLFXOWXUDO
3DUDRGHVHQYROYLPHQWRGHPRGHORVGHSODQWLRGHUHFXSHUDomRDFODVVLILFDomRGDVHVSpFLHV
GHYHHQYROYHUWDPEpPRVHXFRPSRUWDPHQWRVLOYLFXOWXUDODOpPGRHFROyJLFR.DJH\DPD
*DQGDUD 'LDQWH GR H[SRVWR R HQWHQGLPHQWR GD VXFHVVmR VLOYLFXOWXUDO p
LPSRUWDQWHHVXDXWLOL]DomRHPPRGHORVGHUHFXSHUDomRpXPDWHQWDWLYDGHSURSRUFLRQDUjV
HVSpFLHVSODQWDGDVFRQGLo}HV VLPLODUHVjTXHODVTXHRFRUUHP QDWXUDOPHQWH QD PDWD$OpP
GLVVR R HVWDEHOHFLPHQWR GHILQLWLYR GHVVDV HVSpFLHV SRGH FULDU FRQGLo}HV SDUD TXH RXWUDV
WDPEpPVHHVWDEHOHoDPGDQGRVHTrQFLDjVXFHVVmRIORUHVWDO)RQVHFDHWDO
5(*(1(5$d­21$785$/
$V IORUHVWDV WURSLFDLV VmR PXLWR GLQkPLFDV H RV SURFHVVRV GH DEHUWXUD H UHJHQHUDomR GH
FODUHLUDV LQIOXHQFLDP DOWDPHQWH D HYROXomR GDV SODQWDV 1HVVH FRQWH[WR D UHJHQHUDomR
IORUHVWDOFRPHoDFRPDGLVVHPLQDomRGHVHPHQWHHPXPORFDOIDYRUiYHOjJHUPLQDomR$
VHPHQWH GLVSHUVD WHP GH VHU YLiYHOH GHYH HQFRQWUDU OX] XPLGDGH H WHPSHUDWXUD LGHDLV j
JHUPLQDomR 7RGRV HVVHV IDWRUHV MXQWDPHQWH FRP D UHODomR GH GLVSRQLELOLGDGH GH
QXWULHQWHV H DWDTXH SRU KHUELYRULD FRQWURODP R HVWDEHOHFLPHQWR R FUHVFLPHQWR H D
UHSURGXomR H VmR GHWHUPLQDQWHV QD DORFDomR GH ELRPDVVD H QD FDSDFLGDGH DGDSWDWLYD
SODVWLFLGDGHGDVPHVPDV*yPH]3DPSDHWDO
1DV IORUHVWDV R SURFHVVR GH UHJHQHUDomR p UHJXODGR SHOD IRUPDomR GH FODUHLUDV GH YiULRV
WDPDQKRV RV TXDLV GHWHUPLQDP XP JUDGLHQWH FRPSOH[R GH FRQGLo}HV PLFURFOLPiWLFDV
*yPH]3DPSD HW DO 1HVVH JUDGLHQWH FDGD HVSpFLH GH FDGD IRUPD GH YLGD
HQFRQWUDDIDL[DHFRILVLROyJLFDLGHDOHSRGHFXPSULUVHXFLFORGHYLGD-DUGLPHWDO
3RUVXDYH]HPDPELHQWHVDQWURSL]DGRVDUHJHQHUDomRGHSHQGHUiSULPHLUDPHQWHGHFHVVDU
DVDo}HVDQWUySLFDVGHJUDGDQWHVQDiUHDHFRQVHTHQWHPHQWHGRVUHPDQHVFHQWHVIORUHVWDLV
SUy[LPRV H GD H[LVWrQFLD GH EDQFRV GH VHPHQWHV RX GH SOkQWXODV TXH SRGHUmR UHLQLFLDU D
VXFHVVmRQHVVHVORFDLV
2EDQFRGHVHPHQWHVQRVRORDEULJDEDVLFDPHQWHVHPHQWHVGHHVSpFLHVSLRQHLUDVHFRQVWLWXL
IDWRUHVVHQFLDOSDUDTXHKDMDUHJHQHUDomRQDSULPHLUDIDVHGHRFXSDomRGHXPDFODUHLUDRX
iUHDLPSDFWDGD-iREDQFRGHSOkQWXODVWHPPHQRUUHVLVWrQFLDDGLVW~UELRVTXHREDQFRGH
VHPHQWHVHFRQVWLWXLEDVLFDPHQWHGHHVSpFLHVQmRSLRQHLUDVVRERGRVVHO 3DUDTXHKDMDD
UHJHQHUDomR GH HVSpFLHVQmR SLRQHLUDVpQHFHVViULR j H[LVWrQFLD GH IRQWH GH VHPHQWHVHP
iUHDVSUy[LPDVDVVLPFRPRDPDQXWHQomRGRVVHXVDJHQWHVGHGLVSHUVmR.DJH\DPDHWDO
'HVVH PRGR HP IXQomR GR SRWHQFLDO GH UHJHQHUDomR QDWXUDO GH XPD GHWHUPLQDGD iUHD
SRGHVHGHILQLUDVSULRULGDGHVGDVDo}HVQDUHFRPSRVLomR'HTXDOTXHUPRGRRSODQWLRGH
HVSpFLHVSLRQHLUDVRXQmRSLRQHLUDVGHYHIRUQHFHUPDWHULDOEiVLFRSDUDDVXFHVVmRYLVDQGR
DFRODERUDUSDUDDFHOHUDURSURFHVVRGHUHFXSHUDomRGDViUHDVGHJUDGDV.DJH\DPDHWDO
2SURFHVVRGHUHJHQHUDomRQDIORUHVWDHQYROYHUHFUXWDPHQWRHFUHVFLPHQWRGHXPJUDQGH
Q~PHURGHHVSpFLHVTXHSRGHPVHGLIHUHQFLDUQDVVXDVHVWUDWpJLDVGHYLGDHHPVXDSUySULD
IXQomR HFROyJLFD QD UHJHQHUDomR 2X VHMD IORUHVWDV HP UHJHQHUDomR DX[LOLDP QR
HVWDEHOHFLPHQWR GD IHUWLOLGDGH GR VROR GRV UHJLPHV KLGUROyJLFRV H GD GLYHUVLGDGH GH
HVSpFLHVYHJHWDLVHDQLPDLV1HSVWDGHWDO
'HDFRUGRFRP1RJXHLUDHWDODFREHUWXUDIORUHVWDODWXDFRPRLPSRUWDQWHDJHQWH
DFHOHUDGRU GD UHFXSHUDomR GR VROR SULQFLSDOPHQWH HP IXQomR GD GHSRVLomR GH UHVtGXRV
YHJHWDLV IRQWH GH PDWpULD RUJkQLFD &RP D GHSRVLomR GH VHPHQWHV Ki XPD UiSLGD
UHJHQHUDomRGDYHJHWDomRQDWLYDSRVVLELOLWDQGRDUHDELOLWDomRGRHFRVVLVWHPDSHODDWUDomR
GH SROLQL]DGRUHV H GLVSHUVRUHV TXH LUmR SURPRYHU D GLYHUVLGDGH ELROyJLFD ORFDO &RP R
SDVVDU GR WHPSR HVVH VLVWHPD GHYHUi VHU JUDGDWLYDPHQWH LQFUHPHQWDGR WRUQDQGR R
SRYRDPHQWRDXWRVXVWHQWiYHOHUHVWDXUDQGRDYHJHWDomRHVRORGHVVDViUHDVDOWHUDGDVVHMD
SRUIDWRUHVQDWXUDLVDEHUWXUDGHFODUHLUDVRXDQWUySLFRVGHVPDWDPHQWRIRJRHWF
6HJXQGR &DUYDOKR D UHJHQHUDomR QDWXUDO p D EDVH SDUD D VREUHYLYrQFLD H
GHVHQYROYLPHQWR GR HFRVVLVWHPD IORUHVWDO (VWXGiOD SRVVLELOLWD R FRQKHFLPHQWR GDV
UHODo}HVHQWUHDVHVSpFLHVHGDTXDQWLGDGHGHVVDVQDIRUPDomRGRHVWRTXHGDIORUHVWDEHP
FRPR VXDV GLPHQV}HV H GLVWULEXLomR QD FRPXQLGDGH YHJHWDO $VVLP SRGHPRV REWHU
LQIRUPDo}HV TXH QRV SHUPLWDP HVWDEHOHFHU SUHYLV}HV VREUH R FRPSRUWDPHQWR H R
GHVHQYROYLPHQWR GD IORUHVWD QR IXWXUR 1HVVH FRQWH[WR R SODQWLR GH PXGDV HP iUHDV
GHJUDGDGDVFRQVWLWXLRSDVVRLQLFLDOSDUDRUHVWDEHOHFLPHQWRGDGLQkPLFDGHVVHVDPELHQWHV
SRLVVHPLQLPL]DGRRLPSDFWRRDPELHQWHWHQGHDVHUUHQRYDGRFRPRHVWDEHOHFLPHQWRGH
QRYDVPXGDVDGYLQGDVGRSURFHVVRGHUHJHQHUDomRQDWXUDO
$60$7$6'(*$/(5,$12&217(;72'2%,20$&(55$'2
2 &HUUDGR p R VHJXQGR PDLRU ELRPD GR SDtV HP iUHD VXSHUDGR DSHQDV SHOD )ORUHVWD
$PD]{QLFD6XDiUHDFRUUHVSRQGHDGRWHUULWyULREUDVLOHLUR6DQR$OPHLGD
HQWUHWDQWRHVWXGRVGH0DQWRYDQL3HUHLUDXVDQGRLPDJHQVGHVDWpOLWHLQGLFDUDP
TXH GR &HUUDGR HVWi SHUWXUEDGR RX DOWDPHQWH PRGLILFDGR 1RV HVWXGRV GH 'LDV
HVVHYDORUVREHSDUDDGYLQGRGDVDo}HVKXPDQDVREUHWXGRGDDJULFXOWXUDRX
SHFXiULD'HVVHPRGRUHVWDPVRPHQWHFHUFDGHGDYHJHWDomRHPHVWDGRUHODWLYDPHQWH
LQWDFWR
$V SRXFDV iUHDV UHPDQHVFHQWHV GHYHP VHU FRQVLGHUDGDV SDUD D LPSOHPHQWDomR GH iUHDV
SURWHJLGDVSRLVGR&HUUDGRHQFRQWUDVHRILFLDOPHQWHHP8QLGDGHVGH&RQVHUYDomR
)HGHUDO GH XVR LQGLUHWR 3DUTXHV H 5HVHUYDV 2 YDORU GLPLQXL SDUD VH IRUHP
UHWLUDGDVDViUHDVGHVXSHUSRVLomRFRPRVWHUULWyULRVLQGtJHQDV%XVFKEDFKHU
$V SULQFLSDLV DPHDoDV j ELRGLYHUVLGDGH GR &HUUDGR HVWmR UHODFLRQDGDV SULQFLSDOPHQWH D
WUrV DWLYLGDGHV HFRQ{PLFDV %XVFKEDFKHU D PRQRFXOWXUD LQWHQVLYD GH JUmRV
SULQFLSDOPHQWH D VRMD PLO .P R LQYHVWLPHQWR HP LQIUDHVWUXWXUD FRPR KLGURYLDV
URGRYLDV H HVWUDGDV GH IHUUR Mi RFDVLRQDUDP D DEHUWXUD GH PLOK}HV GH KHFWDUHV GH
&HUUDGRDWpHDSHFXiULDH[WHQVLYDGHEDL[DWHFQRORJLDHPSDVWRVFXOWLYDGRVPLO
.PHSDVWRVQDWXUDLVPLO.P
$OpPGHVVDVWUrVSUiWLFDVTXHVHFRQVWLWXHPRPHLRGRPLQDQWHGHXVRHRFXSDomRGRVROR
QD5HJLmRGR&HUUDGRSUiWLFDVFRPRJDULPSRPLQHUDomRFRUWHVH[SORUDWyULRVGHPDGHLUD
SDUD D SURGXomR GH FDUYmR YHJHWDO D H[SORUDomR H[WUDWLYLVWD GH VXESURGXWRV WHP
FRQWULEXtGR SDUD D WUDQVIRUPDomR GD SDLVDJHP QDWXUDO GR &HUUDGR 1D H[SORUDomR
H[WUDWLYLVWDGHVWDFDPVHDVIORUHVHSODQWDVSDUDRDUWHVDQDWRIUXWRVFRPHVWtYHLVVHPHQWHV
H FDVFDV GH DOJXPDV HVSpFLHV FRP SURSULHGDGHV PHGLFLQDLV 6DQR $OPHLGD $
RFXSDomRKXPDQDDSDUWLUGDH[SDQVmRXUEDQDFRPDLQVWDODomRGHPRUDGLDVFRQVWUXomRGH
HVWUDGDVHXVLQDVKLGUHOpWULFDVWDPEpPWUDQVIRUPDPR&HUUDGRHPIUDJPHQWRVFRPSRVWRV
SRULOKDVLQVHULGDVHPXPD PDWUL]DQWURSL]DGDTXHLQIOXHQFLDVLJQLILFDWLYDPHQWHQDSHUGD
GHVXDELRGLYHUVLGDGH.OLQNHWDO.OLQNHWDO%XVFKEDFKHU 5H]HQGH
$GLYHUVLGDGHGHVVHELRPDpDWULEXtGDDJUDQGHYDULHGDGHILWRILVLRQ{PLFDTXHpFRPSRVWD
GH IRUPDo}HV IORUHVWDLV VDYkQLFDV H FDPSHVWUHV 5LEHLUR :DOWHU 6HJXQGR R
VLVWHPD GH FODVVLILFDomR SURSRVWR SRU 5LEHLUR :DOWHU DV IRUPDo}HV IORUHVWDLV
FRPSUHHQGHPD0DWD&LOLDUD0DWDGH*DOHULDD0DWD6HFDHR&HUUDGmR$VIRUPDo}HV
VDYkQLFDV VmR FRPSRVWDV SHOR &HUUDGR 'HQVR &HUUDGR 7tSLFR &HUUDGR 5DOR &HUUDGR
5XSHVWUH 3DUTXH &HUUDGR 3DOPHLUDO H 9HUHGD -i DV IRUPDo}HV FDPSHVWUHV HQJOREDP R
&DPSR6XMR&DPSRUXSHVWUHH&DPSR/LPSR5LEHLUR:DOWHU
(QWUHDVILWRILVLRQRPLDVDFLPDGHVFULWDVHVWHHVWXGRWHPFRPRIRFRDV0DWDVGH*DOHULD
IRUPDo}HV IORUHVWDLV TXH DFRPSDQKDP SHTXHQRV FXUVRV G
iJXD QR 3ODQDOWR &HQWUDO
EUDVLOHLUR IRUPDQGR SHTXHQDV JDOHULDV TXH VH HQFRQWUDP HQFUDYDGDV QR IXQGR GH YDOHV
HRXQDVFDEHFHLUDVGHGUHQDJHP5LEHLUR:DOWHU2FXSDPDSUR[LPDGDPHQWH
GDiUHDGR&HUUDGRHUHSUHVHQWDPGDVHVSpFLHVOHQKRVDV
$ ILVLRQRPLD p SHUHQLIyOLD SUDWLFDPHQWH QmR DSUHVHQWDQGR FDGXFLIROLD GXUDQWH D HVWDomR
VHFD*HUDOPHQWHpFLUFXQGDGDSRUIDL[DVGHYHJHWDomRQmRIORUHVWDOHPDPEDVjVPDUJHQV
KDYHQGR XPD WUDQVLomR EUXVFD FRP IRUPDo}HV VDYkQLFDV H FRP RV FDPSRV $GHPDLV D
WUDQVLomR p TXDVH LPSHUFHSWtYHO TXDQGR RFRUUH FRP 0DWDV 6HFDV RX PHVPR FRP
&HUUDG}HVHPERUDHVVDVVLWXDo}HVVHMDPUDUDV(QWUHWDQWRTXDQGRVHOHYDHPFRQVLGHUDomR
DVSHFWRVIORUtVWLFRVHHVWUXWXUDLVpSRVVtYHOGLIHUHQFLiODV5LEHLUR:DOWHU
$DOWXUDPpGLDGDViUYRUHVYDULDHQWUHHPHWURVHDVXSHUSRVLomRGDVFRSDVIRUQHFH
FREHUWXUD DUEyUHD GH D $ XPLGDGH UHODWLYD p DOWD QR VHX LQWHULRU PHVPR QD
pSRFD VHFD MXOKR H DJRVWR $ SUHVHQoD GH SHTXHQRV VDSRSHPDVRX VDOLrQFLDV QDV UDt]HV
GDViUYRUHVpIUHTHQWH SULQFLSDOPHQWHQRVORFDLVPDLV~PLGRVRQGHWDPEpPpFRPXPD
SUHVHQoD GH JUDQGH Q~PHUR GH HVSpFLHV HStILWDV SULQFLSDOPHQWH 2UFKLGDFHDH HP
TXDQWLGDGH PXLWR VXSHULRU j TXH RFRUUH QDV GHPDLV IRUPDo}HV IORUHVWDLV GR &HUUDGR
5LEHLUR:DOWHU
$V 0DWDV GH *DOHULD VmR DVVRFLDGDV D XPD JUDQGH YDULHGDGH GH VRORV 2V VRORV PDLV
RFRUUHQWHV QHVWD PDWDV VHJXQGR D QRYD FODVVLILFDomR GH VROR (PEUDSD VmR RV
*OHLVVRORV +LGURPyUILFRV H 1HRVVROR )O~YLFR $OXYLDLV SRGHQGR RFRUUHU DLQGD
$UJLVVRORV 3RG]yOLFRV /DWRVVRORV 1HRVVROR 4XDUW]DUrQLFR $UHLDV TXDUW]RVDV HQWUH
RXWURV 6HJXQGR 5HDWWR HW DO RV VRORV GH RFRUUrQFLD HP 0DWDV GH *DOHULD QR
'LVWULWR )HGHUDO HVWmR UHSUHVHQWDGRV HP XPD HVFDOD UHJLRQDO SRU *OHLVVRORV
LQGLVFULPLQDGRV iOLFRV H DOJXQV DOXPtQLFRV È PHGLGD TXH VH DXPHQWD R QtYHO GH
GHWDOKDPHQWR HP XP OHYDQWDPHQWR GH VROR DPSOLDVH HVVD HVFDOD H D YDULDELOLGDGH GH
FODVVHVGHVRORVWDPEpPDXPHQWD
'HVVH PRGR RV *OHLVVRORV VmR GHWDOKDGRV HP *OHLVVROR 0HOkQLFR *OHL +~PLFR H
*OHLVVROR +iSOLFR *OHL 3RXFR +~PLFR UHSUHVHQWDQGR GHVVHV VRORV FRPR iOLFRV
$SDUHFHP WDPEpP DV FODVVHV $UJLVVROR 9HUPHOKR$PDUHOR 3RG]yOLFR 9HUPHOKR
$PDUHOR iOLFR UHSUHVHQWDQGR GHVVD FODVVH $UJLVVROR 9HUPHOKR 3RG]yOLFR
9HUPHOKR(VFXUR GLVWUyILFR HP 1D FODVVLILFDomR GRV /DWRVVRORV VRE 0DWDV GH
*DOHULD UHJLVWUDUDPVH DV FODVVHV /DWRVVROR 9HUPHOKR$PDUHOR iOLFR H /DWRVVROR
9HUPHOKR(VFXURGLVWUyILFR2V1HRVVROR)O~YLFRDSUHVHQWDUDPVHFRPiOLFRVH
GLVWUyILFRV2V&DPELVVRORVHQFRQWUDGRVQHVVDILVLRQRPLDVmRJHUDOPHQWHGLVWUyILFRV-iDV
FODVVHV *OHLVVROR 0HOkQLFR /DWRVVROR 9HUPHOKR$PDUHOR H $UJLVVROR 9HUPHOKR
DSUHVHQWDP WHRUHV HOHYDGRV GH PDWpULD RUJkQLFD QR KRUL]RQWH $ YDULDQGR HQWUH H
R$UJLVVROR9HUPHOKRH1HRVVROR)O~YLFRWHRUHVLQWHUPHGLiULRVHQWUHHH
&DPELVVROR H *OHLVVROR +iSOLFR LQIHULRUHV YDULDQGR HQWUH H 5HDWWR HW DO
$SHVDUGHVHUHPFRQVLGHUDGDViUHDVGHSUHVHUYDomRSHUPDQHQWHSHOR&yGLJR)ORUHVWDO/HL
GHDV0DWDVGH*DOHULDQR'LVWULWR)HGHUDOH(QWRUQRHVWmRVRIUHQGRXP
SURFHVVR FRQWtQXR GH GHJUDGDomR $VVDG HW DO 9HJHWDomR 8PD
FDUDFWHUtVWLFD GDV 0DWDV GH *DOHULD TXH FRQWULEXL j H[SORUDomR GHYHVH DR IDWR GH FHUWRV
SURGXWRUHV VHJXQGR 6DQWRV HW DO DWULEXtUHP D HVVHV ORFDLV PDLRU XPLGDGH H
IHUWLOLGDGH GHYLGRDRV DOWRVWHRUHVGH PDWpULDRUJkQLFD DFXPXODGDQHFHVVLWDQGR DVVLP GH
PHQRUHVJDVWRVFRPFRUUHWLYRVHDGXERVTXtPLFRV6FKLDYLQL(VVDDPHDoDjV0DWDV
GH*DOHULDJHURXD QHFHVVLGDGHGHDPSOLDomRGRFRQKHFLPHQWRWpFQLFRFLHQWtILFRH[LVWHQWH
YLVDQGRDGHILQLUPRGHORVGHFRQVHUYDomRHUHFXSHUDomRGHVXDELRGLYHUVLGDGHTXHSRVVDP
RULHQWDURGHOLQHDPHQWRGHSROtWLFDVS~EOLFDVSDUDDFRQVHUYDomRHPDQHMRUDFLRQDOGHVHXV
UHFXUVRV6HJXQGR2OLYHLUD)LOKR5DWWHUTXDOTXHUSROtWLFDYROWDGDjFRQVHUYDomR
GD ELRGLYHUVLGDGH QR %UDVLO GHYH GDU DOWD SULRULGDGH j SURWHomR GDV 0DWDV GH *DOHULD H
&LOLDU
(&2/2*,$ (6758785$ ',1Æ0,&$ ( )/25Ë67,&$ '$6 0$7$6 '(
*$/(5,$12%5$6,/&(175$/
2VHVWXGRVUHODFLRQDGRVjV0DWDVGH*DOHULDDYDQoDUDPHQRUPHPHQWHQRV~OWLPRVDQRVR
TXHSHUPLWLXDRVSHVTXLVDGRUHVGDiUHDHVWDEHOHFHUHPLQIHUrQFLDVVREUHDHFRORJLDLQWHU
UHODomR HQWUH RV RUJDQLVPRV DQLPDLV SODQWDV H PLFURRUJDQLVPRV QR VLVWHPD D
HVWUXWXUDGLQkPLFD H D IORUtVWLFDGHVVDVPDWDV $OJXPDVGDVLQIRUPDo}HVMi FRQVROLGDGDV
VREUHRVIDWRUHVDFLPDGHVFULWRVVmRDSUHVHQWDGDVDVHJXLU
(FRORJLD
$GLVSRQLELOLGDGHGHOX]HGHiJXDRUHJLPHGHWHPSHUDWXUDHDVFRQGLo}HVHGiILFDVVmRRV
SULQFLSDLVHOHPHQWRVQRPHLRDPELHQWHTXHLQIOXHQFLDPRGHVHQYROYLPHQWRGDYHJHWDomR
(QWUH HVVHV IDWRUHV D OX] p YLWDO SDUD R FUHVFLPHQWR GDV SODQWDV 6HJXQGR )HOILOL HW DO
XPSHTXHQRDXPHQWRQDLQWHQVLGDGHOXPLQRVDGHYLGRjIRUPDomRGHXPDSHTXHQD
FODUHLUD SRGHWHU HIHLWRV FRQVLGHUiYHLVQR FUHVFLPHQWR H QR GHVHQYROYLPHQWR GH SOkQWXODV
QRVXEERVTXHGDIORUHVWD'HVWDPDQHLUDHVSHUDVHTXHDVHVSpFLHVIORUHVWDLVGHVVDVPDWDV
WHQKDP FDSDFLGDGH GH DFOLPDWDomR IUHQWH jV PXGDQoDV QR DPELHQWH OXPLQRVR (VVDV
FDUDFWHUtVWLFDV DVVRFLDGDV DRV DMXVWHV QD HVWUXWXUD GD IROKD H QD PRUIRORJLD GD FRSD VmR
FUtWLFDVSDUDGHILQLUDFDSDFLGDGHGHGHWHUPLQDGDVHVSpFLHVUHJHQHUDUHPVHQDWXUDOPHQWHH
GHRFXSDUHPRVGLIHUHQWHVDPELHQWHVGD0DWDGH*DOHULD
2XWURIDWRULPSRUWDQWHDVHUFRQVLGHUDGRpTXHWDLVPDWDVRFRUUHPHPWUDQVLomRTXDQWRDR
VROR H RV JUDGLHQWHV GH XPLGDGH2OLYHLUD)LOKR HW DO(VVH JUDGLHQWH GH XPLGDGH
LQIOXHQFLD R WLSR GH YHJHWDomR TXH LUi GRPLQDU HP GHWHUPLQDGD iUHD LQGLFDQGR HVSpFLHV
DGDSWDGDV WROHUDQWHV RX LQGLIHUHQWHV D VRORV HQFKDUFDGRV RX VXMHLWRV D LQXQGDo}HV
WHPSRUiULDV $ UHODomR HQWUH RFRUUrQFLD GH LQXQGDo}HV H FRPSRVLomR IORUtVWLFD IRL
H[SORUDGD QRV HVWXGRV GH 6FKLDYLQL :DOWHU H )HUUHLUD $
GLVWULEXLomRGDVHVSpFLHVHPUHODomRDRVUHJLPHVGHLQXQGDomRREVHUYDGRVQHVVHVHVWXGRVp
HYLGrQFLDGRTXDQWRDFRPSRVLomRIORUtVWLFDGRVDPELHQWHVULEHLULQKRVHVWiLQWULQVHFDPHQWH
UHODFLRQDGD j KLVWyULD GH LQXQGDo}HV DJUHJDomR H HURVmR FDXVDGD SHOR FXUVR GH iJXD
6HJXQGR 5LEHLUR :DOWHU D FRPSRVLomR IORUtVWLFD H FDUDFWHUtVWLFDV DPELHQWDLV
FRPRWRSRJUDILDHYDULDomRDQXDOQDSURIXQGLGDGHGROHQoROIUHiWLFR FRP FRQVHTrQFLDV
GLUHWDV QD GUHQDJHP GR VROR ID]HP FRP TXH DV 0DWDV GH *DOHULD VH GLIHUHQFLHP QRV
VXEWLSRV QmR,QXQGiYHO H ,QXQGiYHO :DOWHU 5LEHLUR 5LEHLUR :DOWHU
$V0DWDVGH*DOHULDDSUHVHQWDPXPDPELHQWHEDVWDQWHKHWHURJrQHRFRPHOHYDGRQ~PHUR
GH HVSpFLHV R TXH UHIOHWH QXP tQGLFH GH GLYHUVLGDGH VXSHULRU DR HQFRQWUDGR HP RXWUDV
IRUPDo}HVIORUHVWDLV5H]HQGH$VFRQGLo}HVORFDLVIDYRUHFHPRHVWDEHOHFLPHQWRGH
XPD YHJHWDomR SRU PHLR GH HVSpFLHV SUHIHUHQFLDLV TXH QRUPDOPHQWH H[LEHP DPSOD
GRPLQkQFLDORFDO(VVHWLSRGHYHJHWDomRSRVVXLPDLVGHXPDFHQWHQDGHHVSpFLHVDUEyUHDV
SRU KHFWDUH FRP EDL[D GHQVLGDGH SRU KHFWDUH SDUD D PDLRULD GDV HVSpFLHV (VVD
YDULDELOLGDGH p DFRPSDQKDGD GH LQWHQVD UHODomR GD YHJHWDomR FRP LQVHWRV SiVVDURV H
PDPtIHURVUHVSRQViYHLVSHORWUDQVSRUWHGHSyOHQHGHVHPHQWHV
6LOYD -~QLRU HW DO HP HVWXGRV QDV iUHDV GH 0DWDV GH *DOHULD QR 'LVWULWR )HGHUDO
REVHUYDUDP TXH iUHDV SODQDV SRVVXHP PDWDV PDLV ODUJDV FRPR UHVXOWDGR GH JUDGLHQWHV
PDLVH[WHQVRVHQWUHVXDVPDUJHQVH D GLYLVDFRPRR &HUUDGR7DLVFRQGLo}HVJHUDPXPD
PDLRU YDULHGDGH GH KDELWDWV TXH SRVVLELOLWDP R HVWDEHOHFLPHQWR GH JUDQGH Q~PHUR GH
HVSpFLHV(PFRQWUDSDUWLGDUHOHYRVPDLVHQFDL[DGRVUHVXOWDPHPPDWDVJHUDOPHQWHPDLV
HVWUHLWDVHVWDEHOHFHQGRXPDFRPXQLGDGHPDLVUHVWULWDQRPHQRUHVSDoRGLVSRQtYHOSDUDD
FRORQL]DomR (VVDV YDULDo}HV WRSRJUiILFDV SURGX]HP DPELHQWHV SHFXOLDUHV HP FDGD ORFDO
FRP R FRQVHTHQWH HVWDEHOHFLPHQWR GH FRPXQLGDGHV IORULVWLFDPHQWH PHQRV VLPLODUHV
'HVVHPRGRRUHOHYRDVILWRILVLRQRPLDVDGMDFHQWHVHRKLVWyULFRGHSHUWXUEDomRHPLJXDO
FRQGLomR GH IHUWLOLGDGH GR VROR WDPEpP VmR GHWHUPLQDQWHV GD GLVWULEXLomR HVSDFLDO GDV
HVSpFLHVQDV0DWDVGH*DOHULDV6DPSDLRHWDO
(P RXWUR HVWXGR 6LOYD -~QLRU GHPRQVWURX TXH RV P GH iUHD GH SURWHomR GDV
0DWDVGH*DOHULDHVWDEHOHFLGRVDRVFXUVRVG¶iJXDTXHWrPPHQRVGHPGHODUJXUD/HL
GH )RQWHZZZVHQDGRJRYEUOHJLVODomREUDVLOHLUDQmRVmRVXILFLHQWHV
SDUDDSURWHomRGHWRGDDFRPSOH[LGDGHIORUtVWLFDHHVWUXWXUDO'HVVHPRGRRDXWRUFRQFOXL
TXHDOHJLVODomRQmRpHIHWLYDQDSURWHomRGHWRGDDGLYHUVLGDGHDPELHQWDODOLHQFRQWUDGD
VXJHULQGR TXH VH EXVTXHP DOWHUQDWLYDV SDUD D SURWHomR LQWHJUDO GHVVDV PDWDV FRPR
HVWUDWpJLDSDUDDFRQVHUYDomRHPHOKRULDGDTXDOLGDGHGHYLGDHPQRVVRSDtV
2 WUDEDOKR GH 6SDURYHN HW DO FRUURERUDP FRP D REVHUYDomR DQWHULRU 2V DXWRUHV
GHVHQYROYHUDPSULQFtSLRVGHDomRTXHXVDPGDGRVGLVSRQtYHLVHPPDSDVWRSRJUiILFRVGH
XVR GR VROR H GH GDGRV DPELHQWDLV GH EDVHV TXDQWLWDWLYDVH JHRUUHIHUHQFLDGDV GH PRGR D
HVWDEHOHFHU XPD iUHD GH IORUHVWD ULSiULD DGHTXDGD TXH IXQFLRQH FRPR ILOWUR ELROyJLFR H
DLQGDSUHVHUYHRVUHFXUVRVIORUHVWDLVHDELRGLYHUVLGDGH6LPXODo}HVUHDOL]DGDVQD5HJLmR
6XGHVWHGR%UDVLOHYLGHQFLDUDPDQHFHVVLGDGHGHXPDiUHDPtQLPDGHPGHPDWD
1R TXH VH UHIHUH j FLFODJHP GH QXWULHQWHV QDV 0DWDV GH *DOHULD Mi IRUDP LGHQWLILFDGRV
DOJXQV SURFHVVRVGH WUDQVIHUrQFLD LPSRUWDQWHVH H[FOXVLYRVGHVVH VLVWHPD2 SULPHLURp D
HQWUDGDGHVHGLPHQWRVDSDUWLUGDViUHDVDGMDFHQWHVWUDQVSRUWDGRVSHODViJXDVGDFKXYDRX
GR ULR VHQGR UHWLGRV SHOD IDL[D IORUHVWDO TXH DWXD FRPR ILOWUR EHP FRPR D HQWUDGD GH
QXWULHQWHV WDPEpP SHODV SDUWHV PDLV HOHYDGDV SDUD D IDL[D FLOLDU 2V QtYHLV GH PDWpULD
RUJkQLFDQRVRORJHUDOPHQWHGHFOLQDPDRORQJRGHJUDGLHQWHVGHVGHDOWDVDEDL[DVDOWLWXGHV
+DUULGDVDQ REVHUYRX D SDUWLU GH DPRVWUDJHQV VXSHUILFLDLV FP TXH
DSUR[LPDGDPHQWH WRQHODGDV GH PDWpULD RUJkQLFD p DFXPXODGD SRU DQR QDV 0DWDV GH
*DOHULD WRQKD 'HVVH PRGR RV QXWULHQWHV GLVVROYLGRV QD VROXomR GR VROR VmR
WUDQVSRUWDGRV SHODSHUFRODomRGDiJXD
(VVHV VmR DOJXQV GRV SULQFLSDLV PHFDQLVPRV GH FRQVHUYDomR GH QXWULHQWHV QHVWDV
PDWDV JUDQGH ELRPDVVD GH UDt]HV TXH DXPHQWD D iUHD VXSHUILFLDO RQGH RV QXWULHQWHV
SRGHP VHU PDLV IRUWHPHQWH DGVRUYLGRV FRQFHQWUDomR GH UDt]HV SUy[LPDV j VXSHUItFLH
SDUD TXH HVVDV SRVVDP DEVRUYHU RV QXWULHQWHV DQWHV TXH HOHV SHUFROHP QR VROR RQGH VmR
UHWLGRVDSHQDVSRUWURFDHSRUWDQWRVmRPDLVVXVFHSWtYHLVjOL[LYLDomRHVWHLUDVGHEULyILWDV
OLTXHQV PXVJRV EURPpOLDV VDPDPEDLDV H RXWUDV HStILWDV IUHTHQWHPHQWH RFRUUHP QRV
JDOKRV GDV iUYRUHV RQGH DV UDt]HV DGYHQWtFLDV SHQHWUDP HVVDV HVWHLUDV H DSDUHQWHPHQWH
DEVRUYHP QXWULHQWHV PLFRUUL]DV RX DVVRFLDo}HV VLPELyWLFDV HQWUH UDt]HV H IXQJRV
PLFRUUt]LFRV VmR LPSRUWDQWHV SDUD D QXWULomR PLQHUDO GDV iUYRUHV WROHUkQFLD D VRORV
iFLGRV H[LJrQFLD GH QXWULHQWHV UHODWLYDPHQWH EDL[DV DR ORQJR WHPSR GH YLGD RX
DEVRUomRGHQXWULHQWHVDOpPGDQHFHVVLGDGHLPHGLDWDGXUDQWHDVHVWDo}HVFRPDEXQGkQFLDH
D HVWRFDJHP GHVVHV SDUD VHUHP XWLOL]DGRV GXUDQWH VXD HVFDVVH] SUHVHQoD GH IROKDV
UHODWLYDPHQWH JURVVDV H FRULiFHDV TXH SRVVXHP YLGD FXUWD UHGX]HP D QHFHVVLGDGH GH
UHSRVLomRGHQXWULHQWHVTXDQGRHODVVmRGHVSUHQGLGDVRXFRQVXPLGDVSRUKHUEtYRURV$OpP
GH RXWURV IDWRUHV TXH WDPEpP SRGHP HVWDU DX[LOLDQGR QD FLFODJHP GH QXWULHQWHV GHQWUR
GHVVDVPDWDV*yPH] 3RPSD5LFNOHIV
(VWUXWXUD
$V 0DWDV GH *DOHULD RFXSDP DSUR[LPDGDPHQWH GD iUHD GR &HUUDGR H SRVVXHP
DSUR[LPDGDPHQWH GDV HVSpFLHV iUYRUHV VHJXQGR )HOILOL HW DO 7DLV
DXWRUHVDILUPDPTXHDV0DWDVGH*DOHULDHPVRORVEHPGUHQDGRVJHUDOPHQWHFRQWrPHQWUH
HHVSpFLHVOHQKRVDVKDFRPGLkPHWURLJXDORXVXSHULRUDFP'$3•FP
UHVXOWDQGRHPtQGLFHVGHGLYHUVLGDGHTXHYDULDPGHDQDWVLQG
2Q~PHURGHiUYRUHVSRUHVSpFLHQmRpKRPRJrQHRYLVWRTXHDVHVSpFLHVPDLVDEXQGDQWHV
DSUHVHQWDP PDLV GR TXH GR Q~PHUR WRWDO HQFRQWUDGR HP XPD PDWD 8PD HVSpFLH
DEXQGDQWHFRQWpPHPJHUDOGHDiUYRUHVFRPGLkPHWURVXSHULRUDFPSRUKHFWDUH
HQTXDQWRRQ~PHURWRWDOGHLQGLYtGXRVGHVVHSRUWHILFDHPWRUQRGHDiUYRUHVKD
SHUID]HQGRDSUR[LPDGDPHQWHDGRtQGLFHGHYDORUGHLPSRUWkQFLD,9,QHVVDV
PDWDV 3RU VXD YH] DV HVSpFLHV UDUDV FRQWrP HP JHUDO GH D iUYRUHV UHSUHVHQWDQGR
DSHQDV GRV LQGLYtGXRV2X VHMDFHUFD GH GDVHVSpFLHVFRQWrP PDLV GD PHWDGH
GRV LQGLYtGXRV H GD iUHD EDVDO HP FDGD ORFDO $V PDWDV LQXQGiYHLV DSUHVHQWDP
SUHGRPLQDQWHPHQWHPDLViUYRUHV ILQDVGR TXH DV PDWDVHP VRORV EHPGUHQDGRV DOpPGD
GRPLQkQFLD GR %XULWL 0DXULWLD IOH[XRVD H GH RXWUDV SDOPHLUDV 5LEHLUR 6LOYD
-~QLRUHWDO)HOILOLHWDO
$ HVWUXWXUD GDV 0DWDV GH *DOHULD p IRUPDGD SRU XP HVWUDWR DUEyUHR FRPSRVWR GH SRXFDV
HVSpFLHV HPHUJHQWHV TXH SRGHP DWLQJLU FHUFD GH D P GH DOWXUD H[HPSORV
&DOOLVWKHQH PDMRU ,WDSL~QD /DPDQRQLD WRPHQWRVD /DPDQRQLD &RSDLIHUD ODQJVGRUIILL
3DXG¶yOHRJUDQGHTXDQWLGDGHGHHVSpFLHVIRUPDGRUDVGHGRVVHOTXHQDPDLRULDDWLQJH
GHDPGHDOWXUDH[HPSORV$PRLRXDJXLDQHQVLV$PRLRXD 0HWURGRUHDVWLSXODULV
&DSXWXYD ;\ORSLD VHULFHD 3LQGDtEDSUHWD H XP Q~PHUR UHODWLYDPHQWH PHQRU GH
HVSpFLHV GH SHTXHQR SRUWH FRP DOWXUDV LQIHULRUHV D P H[HPSORV &KHLORFOLQLXP
FRJQDWXP%DFXSDULGDPDWD0D\WHQXVDOWHUQRLGHV &DIH]LQKR$VHVSpFLHVDUEXVWLYDV
HKHUEiFHDVHVWmRHPPHQRUTXDQWLGDGHTXHQDVILVLRQRPLDVGH&HUUDGRFRPXPQ~PHUR
YDULDQGRHQWUHHHVSpFLHV)HOILOLHWDO $UHODomRHQWUHiUYRUHVMRYHQVHPXGDVIRLHVWXGDGDSRU)HOILOLEQRVOHYDQWDPHQWR
QD $3$ *DPD H &DEHoD GH 9HDGR ') GHPRQVWUDQGR TXH D FDGD LQGLYtGXRV VmR
MRYHQVHpDGXOWR(QTXDQWRRVHVWXGRVUHDOL]DGRVSRU3LQWR+D\SDUDD
UHJLmR GR 9pX GH 1RLYD QD &KDSDGD GRV *XLPDUmHV 07 HYLGHQFLDUDP TXH D FDGD LQGLYtGXRV VmR MRYHQVH p DGXOWR 7DLV YDORUHVYDULDPFRQVLGHUDYHOPHQWH GH
PDWD SDUD PDWD HQWUHWDQWR TXDQGR D HVWUXWXUD SRSXODFLRQDO p FDUDFWHUL]DGD QD IRUPD GH
XP³-´LQYHUWLGRVLJQLILFDTXHDFRPXQLGDGHHVWiHPHTXLOtEULRDSUHVHQWDQGRXPDJUDQGH
FRQFHQWUDomRGRVLQGLYtGXRVQDVSULPHLUDVFODVVHVHFRPDOWDVWD[DVGHUHFUXWDPHQWR
'LQkPLFD
&RPSUHHQGHUDGLQkPLFDGDV0DWDVGH*DOHULDHRVIDWRUHVH[WHUQRVTXHDVLQIOXHQFLDPp
IXQGDPHQWDO SDUD VXEVLGLDU SUiWLFDV GH PDQHMR H UHFXSHUDomR DPELHQWDO 2V SULQFLSDLV
IDWRUHVTXHLQIOXHQFLDPDGLQkPLFDVmRDEDL[RGHVFULWRV
2V IDWRUHV HGiILFRV UHODFLRQDGRV DR WLSR GH VROR IHUWLOLGDGH H WHRU GH XPLGDGH SRGHP
LQWHUIHULUQDGLVWULEXLomRGDVHVSpFLHV5LEHLURHWDO6LOYD-~QLRU)HOILOL
D6HQGRTXHDXPLGDGHWDPEpPpGHWHUPLQDQWHQDHVWUXWXUDGDFRPXQLGDGHFRPR
IRL DSUHVHQWDGR DQWHULRUPHQWH $ XPLGDGH p UHODFLRQDGD j WH[WXUD GR VROR TXH GHWHUPLQD
VXD FDSDFLGDGH GH DUPD]HQDU iJXD H D SUHFLSLWDomR 'HVVH PRGR D GLVWULEXLomR GD
SUHFLSLWDomR DR ORQJR GR DQR SRGH UHIOHWLU QRV DQRV VHJXLQWHV QDV FRQGLo}HV FOLPiWLFDV
RFRUUHQWHVHPGHWHUPLQDGRDQR
$VHVSpFLHVGHDPELHQWHVIORUHVWDLVVRIUHPPHQRVFRPDLQVWDELOLGDGHFOLPiWLFD*RXYHLD
)HOILOL FRQVWDWDUDPTXH D SDUWLUGH HVWXGRV IHQROyJLFRVRV HYHQWRVUHSURGXWLYRV
RFRUUHP PDLV EHPGLVWULEXtGRVDR ORQJR GRDQRQDV PDWDVGR TXH HP DPELHQWHVFRPR R
&HUUDGR 4XDQWR j GLVWULEXLomR GDV HVSpFLHV D WUDQVLomR FRP RXWURV ELRPDV RX
ILWRILVLRQRPLDV p XP IDWRU LPSRUWDQWH Mi TXH DV 0DWDV GH *DOHULD SRGHP DSUHVHQWDU
SDGU}HV VHPHOKDQWHV D RXWUDV IRUPDo}HV )ORUHVWD $PD]{QLFD )ORUHVWD $WOkQWLFD H
&DDWLQJD RX VHUHP OLPLWDGDV SRU WDLV ILWRILVLRQRPLDV 2OLYHLUD )LOKR 5DWWHU $ SHUWXUEDomR QDV 0DWDV GH *DOHULD QmR LPSOLFD QR DSDUHFLPHQWR RX QmR GH HVSpFLHV
LQGLFD VLP TXH DV FRQGLo}HV GR KDELWDW IRUDP PRGLILFDGDV LQIOXHQFLDQGR R SDGUmR GH
RFXSDomR GDV HVSpFLHV QD FRPXQLGDGH 6RX]D $ SUHVHQoD GH JUDPtQHDV
VDPDPEDLDV HVSpFLHVGRJrQHUR3WHULGLXP HEDPEXVJHUDOPHQWHUHFREUHPRVVRORVGH
0DWDVGH*DOHULDGHJUDGDGDVRTXHSUHMXGLFDPRHVWDEHOHFLPHQWRGDVHVSpFLHVOHQKRVDVQD
IDVHLQLFLDOGHVXFHVVmR)HOILOL$SUHVHQoDGHSLRQHLUDVHPQ~PHURUHGX]LGRLQGLFD
ERP HVWDGR GH FRQVHUYDomR GDV PDWDV 1RUPDOPHQWH PDWDV EHP FRQVHUYDGDV WHQGHP D
DSUHVHQWDU XPD SURSRUomR GH HVSpFLHV SLRQHLUDV QD RUGHP GH DSUR[LPDGDPHQWH
)HOILOL
2 IRJR SRU H[HPSOR p XPD SHUWXUEDomR DV 0DWDV GH *DOHULD TXH SRGH RFDVLRQDU DWp D
H[WLQomR GH HVSpFLHV TXDQGR R HYHQWR WHQGH D RFRUUHU IUHTHQWHPHQWH 2 IRJR YLQGR GD
YHJHWDomRVDYkQLFDFLUFXQYL]LQKDWHQGH DSHQHWUDU DSHQDVQDVERUGDVGD 0DWDGH *DOHULD
QmRDWLQJLQGRDViUHDVPDLV~PLGDVHVRPEUHDGDV3RUpPFRPDIUHTHQWHUHFRUUrQFLDGR
IRJR PXLWDV FODUHLUDV VmR DEHUWDV R PDWHULDO FRPEXVWtYHO VH DFXPXOD GHYLGR j ELRPDVVD
GDVLQYDVRUDVHDFDGDQRYDTXHLPDGDRDPELHQWHYDLILFDQGRFDGDYH]PDLVDEHUWRHVHFR
IRUPDQGR XP PRVDLFR FRP DV iUHDV GH GRVVHO IHFKDGR )HOILOL $ WHQGrQFLD GH
DOJXPDV HVSpFLHV VH FRQFHQWUDUHP HP GHWHUPLQDGRV VtWLRV QR LQWHULRU GD PDWD VHJXQGR
.HOPDQHWDO HVWDULDUHODFLRQDGDjVHQVLELOLGDGHDRIRJR
)HOILOLHWDOGHVWDFDPTXHRFUHVFLPHQWRPpGLRSDUDiUYRUHVDGXOWDVHVWiQDRUGHP
GH FP DWp FP DQR HP GLkPHWUR GHSHQGHQGR GD HVSpFLH H GD FRQGLomR HP TXH VH
HQFRQWUDP (P FRQGLo}HV QDWXUDLV TXDQGR D FRPSHWLomR p SHTXHQD DOJXPDV SODQWDV
MRYHQV FUHVFHP HQWUH FP H PDQR H[HPSORV $QGLUD SDQLFXODWD $QJHOLP
$SXOHLD OHLRFDUSD *DUDSD &DORSK\OOXP EUDVLOLHQVH /DQGLP &DULQLDQD HVWUHOOHQVLV
-HTXLWLEi &RSDLIHUD ODQJVGRUIILL 3DXG¶yOHR +\PHQDHD VWLOERFDUSD -DWREiGDPDWD
,QJD DOED ,QJi 3RXWHULD UDPLIORUD &XULROD 4XDOHD GLFKRWRPD -DFDUp 7DSLULUD
JXLDQHQVLV3DXSRPER7HUPLQDOLDEUDVLOLHQVLV6HWHFRSDV9LURODVHELIHUD8FX~ED
3RUWDQWR YiULDV HVSpFLHV GH 0DWDV GH *DOHULD WrP SRWHQFLDO SDUD FUHVFHU UDSLGDPHQWH
TXDQGR OLEHUDGD GD LQWHQVD FRPSHWLomR TXH FDUDFWHUL]D R DPELHQWH GH RFRUUrQFLD QDWXUDO
2V SDGU}HV GH FUHVFLPHQWR GLIHUHP HQWUH DV HVSpFLHV PXLWDV LQYHVWHP HP FUHVFLPHQWR
UDGLFXODU HGLDPpWULFD QRVSULPHLURVGRLVDQRVGHSRLVGD JHUPLQDomR HVyHQWmRFUHVFHP
PDLVUDSLGDPHQWHHPDOWXUD)HOILOL
$VWD[DVGHPRUWDOLGDGHHUHFUXWDPHQWRVmRGDRUGHPGHDQRHRFRUUHPSURYDYHOPHQWH
GHYLGR DRV HVWUHVVHV PDLV LQWHQVRV VRIULGRV SRU VHUHP IRUPDo}HV HVWUHLWDV H
FRQVHTHQWHPHQWH HVWDUHP PDLV H[SRVWDV D YHQWRV HQFKHQWHV TXHLPDGDV HWF (P ODUJDV
IRUPDo}HVFRQWtQXDVFRPRD$PD]{QLDHVVDVWD[DVILFDPQDRUGHPGHHPiUHDVQmR
SHUWXUEDGDV)HOILOL
3RU XP ODGR QR TXH VH UHIHUH j HVWDELOLGDGH UHODFLRQDQGR WHPSR GH UHQRYDomR GDV
IORUHVWDVWURSLFDLVHVVDVQmRDSUHVHQWDPPDLVGHDQR GHPRUWDOLGDGH3RURXWURODGR
DV0DWDVGH*DOHULDDSUHVHQWDPXPYDORUVXSHULRUDRV
)ORUtVWLFD
$VFRPXQLGDGHVGH0DWDGH*DOHULDQmRVmRIRUPDo}HVKRPRJrQHDVHDLGHQWLILFDomRGH
PLFURKDELWDWV p XPD IHUUDPHQWD IXQGDPHQWDO SDUD R HQWHQGLPHQWR GHVVH HFRVVLVWHPD
6FKLDYLQL 'HVVH PRGR D SDUWLU GD FRPSRVLomR IORUtVWLFD H GDV FDUDFWHUtVWLFDV
DPELHQWDLV FRPR WRSRJUDILD H YDULDomR DQXDO QD SURIXQGLGDGH GR OHQoRO IUHiWLFR FRP
FRQVHTrQFLDV GLUHWDV QD GUHQDJHP GR VROR DV 0DWDV GH *DOHULD SRGHP DSUHVHQWDU RV
VXEWLSRVQmR,QXQGiYHOH,QXQGiYHO:DOWHU5LEHLUR:DOWHU
&DGD XP GHVVHV VXEWLSRV DSUHVHQWD XPD FRPSRVLomR IORUtVWLFD HVSHFtILFD DLQGD TXH
DOJXPDV HVSpFLHV SRVVDP VHU HQFRQWUDGDV LQGLVWLQWDPHQWH WDQWR HP XP TXDQWR HP RXWUR
VXEWLSR 6mR H[HPSORV GH HVSpFLHV GH VRORV ~PLGRV $VSLGRVSHUPD VXELQFDQXP
*XDWDPEX ,QJD DOED ,QJi &DORSK\OOXP EUDVLOLHQVH /DQGLP 3RXWHULD UDPLIORUD
&XULROD 6DODFLD HOOLSWLFD %DFXSDULGDPDWD 7DODXPD RYDWD 3LQKDGREUHMR 7DSXUD
DPD]RQLFD 7DSXUDH ;\ORSLDHPDUJLQDWD 3LQGDtEDGREUHMR
(P VRORV EHP GUHQDGRV p SRVVtYHO REVHUYDU $VWURQLXP IUD[LQLIROLXP *RQoDOR$OYHV
$QDGHQDQWKHUD FROXEULQD $QJLFREUDQFR %DXKLQLD UXID 8QKDGHYDFD &RSDLIHUD
ODQJVGRUIILL 3DXG¶yOHR 'LRVSLURV KLVSLGD 2OKRGHERL *XHWWDUGD YLEXUQLRLGHV
9HOXGLQKR 5RXSDOD EUDVLOLHQVHV &DUQHGHYDFD +\PHQDHD FRXUEDULO -DWREiGD
PDWD +\PHQDHD VWLERFDUSD -DWREiGR&HUUDGR 7HUPLQDOLD EUDVLOLHQVLV $PDUHOLQKR
5DSDQHD JXLDQHQVLV &DSRURURFD $VSLGRVSHUPD VXELQFDQXP 0\UDFURGXRQ XUXQGHXYD
$URHLUD ,QJD DOED 5RXSDOD PRQWDQD &DUQHDVVDGD H 9RFK\VLD WXFDQRUXP 3DXGH
WXFDQR
6mR HVSpFLHV H[FOXVLYDV GH DPELHQWHV LQXQGiYHLV RX RFRUUHQWHV QDV SRUo}HV ~PLGDV GH
PDWDV EHP GUHQDGDV &DORSK\OOXP EUDVLOLHQVH H 7DODXPD RYDWD 6mR SODQWDV LQGLIHUHQWHV
DRV QtYHLV GH LQXQGDomR GR VROR (PPRWXP QLWHQV &DUYDOKR 3URWLXP KHSWDSK\OOXP
$OPHFHJXHLUD 3V\FKRWULD FDUWKDJHQHQVLV 3LFD]X 6FKHIIOHUD PRURWRWRQL 0RURWRWy
6W\UD[ FDPSRUXP )UXWDGRSRPER 6\PSORFRV QLWHQV *XDQDQGL 7DSLULUD JXLDQHQVLV
3DXSRPERH9LURODVHELIHUD 8FX~EDHQWUHRXWUDV6RX]D5H]HQGHHWDO
5LEHLURHWDO6LOYD-~QLRUH)HOILOLD
'DVHVSpFLHVDUEyUHDVPDLVFRPXQVQDV0DWDVGH*DOHULDGR'LVWULWR)HGHUDO6LOYD-U
HW DO GHVWDFDPVH &KHLORFOLQLXP FRJQDWXP %DFXSDUL &RSDLIHUD ODQJVGRUIILL
3DXG
yOHR(PPRWXPQLWHQV 6REUH0DWD\EDJXLDQHQVLV0DWDtED7DSLULUDJXLDQHQVLV
3DXSRPER 7DSXUD DPD]{QLFD 7DSXUD H 9LUROD VHELIHUD 8FX~ED FRQVLGHUDQGRDV
FRPRDVPDLVDEXQGDQWHV
1D FODVVLILFDomR VXFHVVLRQDO GDV HVSpFLHV GH 0DWDV GH *DOHULD )HOILOL 6DOJDGRHWDOH0D]]HLHWDOUHDOL]DUDPHVWXGRVGHFUHVFLPHQWRLQLFLDOHP
YLYHLUR H FRQVLGHUDP HVSpFLHV SLRQHLUDV ,QJD DOED H =DQWKR[\OXP UKRLIROLXP SRU VHUHP
FRORQL]DGRUDVGHPDWDVHSRUDSUHVHQWDUHPSODVWLFLGDGHTXDQWRjOXPLQRVLGDGHFRPRQmR
SLRQHLUDV HP FRQGLomR LQWHUPHGLiULD GH OX] 2UPRVLD VWLSXODULV 7HQWR H FRP DPSOD
GLVWULEXLomR +\PHQDHDFRXUEDULO H&RSDLIHUDODQJVGRUIILL7DLVDXWRUHVGLYHUJHPHQWUHVL
QRTXHVHUHIHUHjFODVVLILFDomRGHDOJXPDVGHVVDVHVSpFLHVQRVUHVSHFWLYRVJUXSRVDFLPD
GHVFULWRV (VVD GLYHUJrQFLD VHJXQGR &RUUHLD HW DO SRGH HVWDU DVVRFLDGD D
GLIHUHQoDV PHWRGROyJLFDV DSOLFDGDV HP GLIHUHQWHV WUDEDOKRV EHP FRPR SHOD SODVWLFLGDGH
IHQRWtSLFDGDVHVSpFLHV
1DFRPSDUDomRGDIORUDDUEyUHDGH0DWDVGH*DOHULDGR'LVWULWR)HGHUDOSHUWHQFHQWHVj
PHVPD PLFUREDFLD 6LOYD -U HW DO UHVXOWDUDP HP tQGLFHV GH VLPLODULGDGH GH
6„UHQVHQ YDULDQGR GH D H FRQFOXtUDP TXH PHQRU GLVWkQFLD HQWUH PDWDV QmR
VLJQLILFDPDLRUVLPLODULGDGH'DVHVSpFLHVOLVWDGDVHVVHVPHVPRVDXWRUHVHQFRQWUDUDP
TXHRFRUUHUDPHQWUHXPDHVHLVGDVORFDOLGDGHVRXVHMDVmRFODVVLILFDGDVFRPR
³UDUDV´ 6HVVHQWD HVSpFLHV IRUDP HQFRQWUDGDV HQWUH VHWH H GR]H PDWDV VHQGR
FRQVLGHUDGDV ³RFDVLRQDLV´ )RUDP FRQVLGHUDGDV ³FRPXQV´ HVSpFLHV TXH RFRUUHUDP
HQWUHWUH]HHGH]RLWRPDWDVHDSHQDVGXDVHVSpFLHVFRQVLGHUDGDV³DEXQGDQWHV´SRU
HVWDUHP SUHVHQWHV HP PDLV GH GH]RLWR GDV 0DWDV GH *DOHULD HVWXGDGDV 7DSLULUD
JXLDQHQVLV IRLj~QLFDHVSpFLHDPRVWUDGDQDVORFDOLGDGHVLQGLFDQGRDVVLPVXDJUDQGH
DGDSWDomR DRV GLIHUHQWHV DPELHQWHV GH RFRUUrQFLD LQGLFDQGR LQGLIHUHQoD TXDQWR DR
DPELHQWH
$V0DWDVGH*DOHULDGRV&yUUHJRV0RQMROR7DTXDUDH3LWRFRORFDOL]DGRVQD5HVHUYDGR
,%*( 'LVWULWR )HGHUDO DSUHVHQWDUDP KHWHURJHQHLGDGH H XPD IRUWH DVVRFLDomR HQWUH D
GLVWULEXLomR GDV HVSpFLHV H R UHJLPH GR VROR &RQWXGR DSHQDV GXDV HVSpFLHV &RSDLIHUD
ODQJVGRUIILL WHP DPSOD GLVWULEXLomR PDV p PDLV DEXQGDQWH HP ORFDLV VHFRV H 7DSLULUD
JXLDQHQVLVRFRUUHUDPQDVWUrV0DWDVFRPDOWRVYDORUHVGHLPSRUWkQFLD6LOYD-U
('8&$d­2$0%,(17$/
$(GXFDomR$PELHQWDO($EHPFRPRDTXHVWmRDPELHQWDOFRPHoRXDJDQKDUGHVWDTXH
D SDUWLU GDV GpFDGDV GH H IDFH DRV SUREOHPDV DGYLQGRV GR XVR GHVRUGHQDGR GRV
UHFXUVRV QDWXUDLV 6XD HODERUDomR H GLVFXVVmR WrP SDVVDGR SRU GLYHUVDV FRQIHUrQFLDV H
HQFRQWURV LQWHUQDFLRQDLV H QDFLRQDLV D ILP GH HVWDEHOHFHU SULQFtSLRV REMHWLYRV JHUDLV H
HVWUDWpJLDV GH FRPR HVVD WHPiWLFD GHYH VHU LPSODQWDGD QR kPELWR IRUPDO H QmR IRUPDO
6DQWRV5XIILQR
2FRQFHLWRGH(GXFDomR$PELHQWDOYHPHYROXLQGRDRORQJRRWHPSR(PUHDOL]RX
VH HP 5RPD XPD UHXQLmR GH SHVTXLVDGRUHV GRV SDtVHV GHVHQYROYLGRV SDUD GLVFXWLU R
FRQVXPR H D UHVHUYD GH UHFXUVRV QDWXUDLV 5HLJRWD $V FRQFOXV}HV GHVVD UHXQLmR
GHQRPLQDGD ³&OXEH GH 5RPD´ HYLGHQFLDUDP D QHFHVVLGDGH GH VH EXVFDU PHLRV SDUD D
FRQVHUYDomRGRVUHFXUVRVHFRQWURODURFUHVFLPHQWRGDSRSXODomRDOpPGHVHLQYHVWLUQXPD
PXGDQoDUDGLFDOGHPHQWDOLGDGHGHFRQVXPRHSURFULDomR'HVVHPRGRRFRQFHLWRLQLFLDO
GD ($ EDVHRXVH QXPD YLVmR UHODFLRQDGD j SUHVHUYDomR GRV UHFXUVRV QDWXUDLV H GRV
VLVWHPDVGHYLGD*D\IRUG'RULDQ
$GHILQLomRPDLVGLIXQGLGDGH(GXFDomR$PELHQWDOQRHQWDQWRIRLIRUPXODGDHP
GXUDQWHD&RQIHUrQFLDGH7ELOLVLFRPRVHQGR
XPSURFHVVRGHUHFRQKHFLPHQWRGHYDORUHV HFODVVLILFDomRGHFRQFHLWRV
REMHWLYDQGRRGHVHQYROYLPHQWRGDVKDELOLGDGHVHPRGLILFDQGRDVDWLWXGHV
HP UHODomR DR PHLR SDUD HQWHQGHU H DSUHFLDU DV LQWHU UHODo}HV HQWUH RV
VHUHV KXPDQRV VXDV FXOWXUDV H VHXV PHLRV ELRItVLFRV (VWi UHODFLRQDGD
FRP D SUiWLFD GDV WRPDGDV GH GHFLVmR H D pWLFD TXH FRQGX]HP SDUD D
PHOKRULDGDTXDOLGDGHGHYLGD ,%$0$
2EVHUYDVH TXH DV GHILQLo}HV PDLV UHFHQWHV DFHQWXDP D QHFHVVLGDGH GH FRQVLGHUDU RV
DVSHFWRV TXH LQFOXHP D TXDOLGDGH GH YLGD KXPDQD H GRV GHPDLV VHUHV YLYRV VRE XPD
DERUGDJHP LQWHJUDGRUD H KROtVWLFD 'LDV $ ($ p FRQVLGHUDGD XP SURFHVVR
GLQkPLFR FXMR REMHWLYR p GHVHQYROYHU KDELOLGDGHV H PXGDQoDV GH DWLWXGH HP UHODomR jV
TXHVW}HVDPELHQWDLV,%$0$
6HJXQGR6DWR6DQWRVVRPHQWHQDGpFDGDGHDSURGXomRFLHQWtILFDEUDVLOHLUD
QDiUHDGD($IRUWDOHFHXVHFRPRVXUJLPHQWRGHLQ~PHUDVSXEOLFDo}HVSRGHQGRGHVWDFDU
RV WUDEDOKRV GH 5HLJRWD 7UDMEHU 0DQ]RFKL &DVFLQR HW DO 'LDV
1RDOHWDO /D\UDUJXHV 6DQWRV6DWR7UDMEHU&RVWD
3HGULQL 3KLOLSSL-UHW DO 6RUUHQWLQR HQWUH RXWURV 6HJXQGR RV
DXWRUHVDWpHQWmRD($EUDVLOHLUDHUDPDUFDGDSHODLQH[LVWrQFLDGHXPUHIHUHQFLDOWHyULFR
DGHTXDGRYLVWRTXHDPDLRULDGHVXDVSXEOLFDo}HVHUDWUDGXomRGDVREUDVHVWUDQJHLUDV
&RPRIRUWDOHFLPHQWRGD($GLYHUVRVDXWRUHVWrPWHQWDGRGHILQLUVHXVSULQFLSDLVREMHWLYRV
6DWR 'HVVHV 6P\WK FODVVLILFRX RV REMHWLYRV GD ($ HP LWHQV
6HQVLELOL]DomR DPELHQWDO SURFHVVR GH DOHUWD SHUFHEHU R DPELHQWH H VXD LPSRUWkQFLD
&RPSUHHQVmRDPELHQWDO FRQKHFHURVFRPSRQHQWHVFRQFHLWRVHPHFDQLVPRVTXHUHJHP
RVHFRVVLVWHPDV5HVSRQVDELOLGDGHDPELHQWDO RVHUKXPDQRSDVVDDUHFRQKHFHUVHFRPR
SURWDJRQLVWD H UHVSRQViYHO SRU GHWHUPLQDU H JDUDQWLU D PDQXWHQomR GR SODQHWD
&RPSHWrQFLDDPELHQWDO DYDOLDUHDJLUHIHWLYDPHQWHQRDPELHQWHXVDQGRFRHUHQWHPHQWH
VHXVUHFXUVRV&LGDGDQLDDPELHQWDO FDSDFLGDGHGHSDUWLFLSDUDWLYDPHQWHUHVJDWDQGRRV
GLUHLWRVHSURPRYHQGRXPQRYRSHQVDUTXHFRQFLOLHQDWXUH]DHVRFLHGDGH
6HJXQGR6RUUHQWLQRDVDo}HVGH(GXFDomR$PELHQWDOQR%UDVLOWHPFRPRREMHWLYR
FRQWULEXLU SDUD D FRQVHUYDomR GD ELRGLYHUVLGDGH SDUD D DXWRUHDOL]DomR LQGLYLGXDO H
FRPXQLWiULDHSDUDDDXWRJHVWmRSROtWLFDHHFRQ{PLFDDSDUWLUGHSURFHVVRVHGXFDWLYRVTXH
SURPRYDPDPHOKRULDDPELHQWDOHDTXDOLGDGHGHYLGD7DLVDo}HVSRVVLELOLWDPEHQHILFLDU
WDQWR D UHDOLGDGH VRFLDO TXDQWR D HFROyJLFD D SDUWLU GR LQVWDQWH TXH IXQFLRQD FRPR
IHUUDPHQWDGHWUDQVIRUPDomRDRHQYROYHUDVFRPXQLGDGHVHPSURFHVVRVSDUWLFLSDWLYRVTXH
UHVXOWHPHPSUiWLFDVVRFLDLVWUDQVIRUPDGRUDV
$V PHWRGRORJLDV H HVWUDWpJLDV GH DomR HP (GXFDomR $PELHQWDO VmR PXLWR YDULDGDV
(QWUHWDQWR SDUD 3KLOLSSL -U 3HOLFLRQL p SUHFLVR DJUHJDU D WHRULD FRP DOJXP
DVSHFWROLJDGRjUHDOLGDGHGDTXHODFRPXQLGDGHFRPRVDQHDPHQWRVD~GHS~EOLFDSUiWLFDV
DJUtFRODV VXVWHQWiYHLV HWF 'HVVH PRGR SULRUL]DVH DV PHOKRUHV HVWUDWpJLDV SDUD D
PRELOL]DomRGDSRSXODomRFRPRWHPD$ILQDOWRGDSUiWLFDHGXFDWLYDHQYROYHXPDWHRULD
TXHVHEDVHLDQXPDFRQFHSomRGHKRPHPHGHPXQGR
6mRH[HPSORVGHHVWUDWpJLDVDGRWDGDVQRVSURJUDPDVGHHGXFDomRDVUHXQL}HVSDOHVWUDVH
DWLYLGDGHVSDUWLFLSDWLYDVTXHXVDPWpFQLFDVGHGLQkPLFDVGHJUXSR'LHW]7DPDLR
0LOLWmR 0LOLWmR %5$6,/ *RQoDOYHV 3HUSpWXR 9LOD )DOFmR
GD SHVTXLVDDomR %DUELHU 7KLROOHQW GRV GLDJQyVWLFRV
UXUDLV SDUWLFLSDWLYRV &KDPEHUV GD HGXFDomR JOREDO 6HOE\ 3LNH 6HOE\HQWUHRXWUDVWpFQLFDV
2V SUHVVXSRVWRV GH (GXFDomR $PELHQWDO H (QYROYLPHQWR &RPXQLWiULR TXH
IXQGDPHQWDUDP DV Do}HV GR VXESURMHWR ³&DUDFWHUL]DomR H 5HFXSHUDomR GD
%LRGLYHUVLGDGHGDV0DWDVGH*DOHULDGR%LRPD&HUUDGR´
$V iUHDV UXUDLV SUHFLVDP VHU SUHVHUYDGDV H LVVR Vy VHUi SRVVtYHO D SDUWLU GD DGRomR GH
HVWUDWpJLDV TXH EXVTXHP D SURPRomR GH SUiWLFDV DJURSHFXiULDV EDVHDGDV HP PDQHMR
UDFLRQDO GRV UHFXUVRV QDWXUDLV 4XLULQR HW DO 6HJXQGR RV DXWRUHV D H[HFXomR GH
SURJUDPDVHSURMHWRVUHODFLRQDGRVj(GXFDomR$PELHQWDORX$JURDPELHQWDOGHYHVHEDVHDU
HP WUrV DVSHFWRV IXQGDPHQWDLV GD UHODomR HQWUH DJURSHFXiULD H PHLR DPELHQWH D
SUHVHUYDomR DPELHQWDO FRP DGHTXDomR GH WpFQLFDV DJURSHFXiULDV jV QRYDV GHPDQGDV
VRFLDLVDGHIHVDGDLPDJHPGRSDtVHGHVHXDJURQHJyFLRHDPHOKRULDGRIDWRUKXPDQR
'HVVHPRGRDVDo}HVHGXFDWLYDVGHYHULDPVHULPSOHPHQWDGDVGHPRGRDFULDUSHUVSHFWLYD
GH YDORUHV DWLWXGHV H R KiELWR GH FRPSRUWDPHQWRV IDYRUiYHLV 7DLV FRPSRUWDPHQWRV
SUHVVXS}HPDUHDOL]DomRGHWUHLQDPHQWRVHVSHFtILFRVTXHSHUPLWDPDLQWURGXomRGHQRYDV
WpFQLFDVQDSURGXomRVXVWHQWiYHO$VVLPIRUWLILFDVHDFDSDFLGDGHGDVRUJDQL]Do}HVVRFLDLV
HGHSHVTXLVDVDJURSHFXiULDVDLQFUHPHQWDUHPDSURGXomRGHFRQKHFLPHQWRHWHFQRORJLDV
SDUD DWHQGHU DV QHFHVVLGDGHV GD VXVWHQWDELOLGDGH HP WRGD VXD DPSOLWXGH 8PD VRFLHGDGH
HFRORJLFDPHQWH YLiYHO QmR SRGH GHL[DU GH VHU HFRORJLFDPHQWH HGXFDGD 4XLULQR HW DO
'LDQWH GRV IDWRUHV DFLPD GHVFULWRV SDUD D FRQVWUXomR GH HVSDoRV GH GHFLVmR FROHWLYD
UHVSHLWDQGR WDPEpPRV GLUHLWRV LQGLYLGXDLV D SDUWLFLSDomR PRVWUDVH FRPRHL[R FRQGXWRU
QD EXVFD GH VRFLHGDGHV PDLV GHPRFUiWLFDV H FRQVHTHQWHPHQWH PDLV VXVWHQWiYHLV
2OLYHLUD (QWUHWDQWR SDUD XPD SDUWLFLSDomR HIHWLYD 6RUUHQWLQR GHVFUHYH
FLQFR FRQGLo}HV HVVHQFLDLV D SULPHLUD UHIHUHVH D XPD LQIUDHVWUXWXUD EiVLFD TXH SHUPLWD
DTXHOD FRPXQLGDGH WHU DFHVVR j SDUWLFLSDomR 6LJQLILFD RIHUHFHU FRQGLo}HV SDUD TXH XPD
SHVVRD SRU H[HPSOR VH GHVORTXH SDUD XPD UHXQLmR $ VHJXQGD H WHUFHLUD FRQGLo}HV VH
FRPSOHPHQWDP SRLV p QHFHVViULR TXH KDMD GLIXVmR GH LQIRUPDomR H TXH DV GLYHUVDV
SRVLo}HVDUHVSHLWRGRDVVXQWRHPTXHVWmRVXVFLWHPDXWRPDWLFDPHQWHHVSDoRVGHORFXomR
RQGH DV SHVVRDV SRVVDP GLDORJDU VREUH R WHPD $ TXDUWD FRQGLomR HQJORED D WRPDGD GH
GHFLVmRVHQGRQHFHVViULDjSDUWLFLSDomRGHWRGRV'HYHVHFULDUPHFDQLVPRVHPTXHFDGD
XPSRVVDDVVXPLUVHXSDSHOGHPRGRDFRQWULEXLUSDUDDUHVROXomRGDVTXHVW}HVOHYDQWDGDV
$~OWLPDFRQGLomR pRSHUWHQFLPHQWRSRLVVHJXQGR6RUUHQWLQRQmRKiSDUWLFLSDomR
VHPFRPSURPLVVR6HJXQGRRDXWRUGHQDGDDGLDQWDRVDVSHFWRVDQWHULRUHVVHDSHVVRDQmR
HVWLYHU SURIXQGDPHQWH HQYROYLGD FRP DV GHFLV}HV HP UHODomR jV TXHVW}HV DPELHQWDLV
VHQWLQGRVHSDUWHLQWHJUDQWHGRORFDOGHVXDFRPXQLGDGHHGRSODQHWD
7HQGR FODUDV DV FRQGLo}HV EiVLFDV j SDUWLFLSDomR YDOH UHVVDOWDU TXH D LGHQWLILFDomR GDV
GHPDQGDV FROHWLYDV DGYLQGDV GHVVHV SURFHVVRV SDUWLFLSDWLYRV QmR SRGH RFRUUHU DSHQDV
YLVDQGR j UHVROXomR GH SUREOHPDV FRQFUHWRV 1R FDVR HVSHFtILFR GHVWH HVWXGR D
UHFXSHUDomR GDV 0DWDV GH *DOHULD GR 'LVWULWR )HGHUDO H (QWRUQR 'HYHVH WDPEpP
LQFHQWLYDU
RV
GHVHQYROYLPHQWRV
DXW{QRPRV
DXWRFRQILDQWHV
H
SULQFLSDOPHQWH
GHVHQFDGHDGRUHV GH XP SURFHVVR UHIOH[LYR VREUH D UHDOLGDGH HP TXH DTXHOH JUXSR VRFLDO
HVWiLQVHULGR%RUGD
&RPHVVHLQWXLWRDSHVTXLVDDomRWHPVLGREDVWDQWHXWLOL]DGDHPSURJUDPDVGHHGXFDomR
SDUD R HQYROYLPHQWR FRPXQLWiULR WHQGR VXD RULJHP HP DPELHQWHV UXUDLV SRU VHU XPD
IHUUDPHQWDGHFRPSUHHQVmRHH[SOLFDomRGDUHDOLGDGHGRVJUXSRVVRFLDLVSRUHOHVPHVPRV
FRP R LQWXLWR GH PHOKRUiOD e XPD LQYHVWLJDomR TXH WHP FRPR REMHWLYR UHVSRQGHU D
QHFHVVLGDGHV HVSHFtILFDV GH WUDQVIRUPDomR GHVVD UHDOLGDGH e GHILQLGD SHORV SUySULRV
HQYROYLGRVQDDomRHGHYHSHUPLWLUDJHUDomRGHFRQKHFLPHQWRVSUiWLFRVQHFHVViULRVSDUD
VHDOFDQoDUjVPXGDQoDVGHVHMDGDV3RUWDQWRFRQVLVWHQXPPpWRGRTXDOLWDWLYRTXHEXVFDR
VLJQLILFDGR PDLV SURIXQGR GD UHDOLGDGH D FDGD PRPHQWR %DUELHU 7KLROOHQW
7DO IHUUDPHQWD p GHVHQYROYLGD HP WUrV HWDSDV GLVWLQWDV VHJXQGR %DUELHU GHVFULomR GR FRPSRUWDPHQWR YHUEDO RX QmR YHUEDO GDV FRPXQLGDGHV RX VHMD
LGHQWLILFDomR GRV SUREOHPDV RUJDQL]DomR GRV GDGRV OHYDQGR HP FRQVLGHUDomR DV
LQIRUPDo}HVPDLVH[SUHVVLYDVGDTXLORTXHRSHVTXLVDGRUIDFLOLWDGRUGHVHMDFRPSUHHQGHU
DLQWHUSUHWDomRGRVGDGRVRTXHVHULDRFRQIURQWRHQWUHDVSHUJXQWDVGRIDFLOLWDGRUHDV
UHVSRVWDV GDGDV SHOD FRPXQLGDGH (VVH TXHVWLRQDPHQWR GDV HVWUXWXUDV VRFLDLV HVWDEHOHFH
XPDQRYDSUiWLFDFRQFUHWDGHDQiOLVHGRVJUXSRVGRPRGRDWRUQiORVVXMHLWRVHQmRREMHWRV
GDDomRVRFLDO
,GHQWLILFDGRV RV SUREOHPDV HVVD FRPXQLGDGH p VHQVLELOL]DGD D SDUWLFLSDU DWLYDPHQWH H
FRQWULEXLU SDUD D UHDOL]DomR GDV PXGDQoDV QHFHVViULDV j PHOKRULD GD TXDOLGDGH GH YLGD
QHVVDORFDOLGDGH$SDUWLFLSDomRPRVWUDVHDVVLPRHL[RFRQGXWRUPDLVDSURSULDGRSDUDD
EXVFDGHPDLRUGHPRFUDFLDHVXVWHQWDELOLGDGHGRSURFHVVRGHPXGDQoDVXJHULGR2OLYHLUD
$VDo}HVGH(GXFDomR$PELHQWDOUHDOL]DGDVSHORVXESURMHWR³&DUDFWHUL]DomRH
5HFXSHUDomRGD%LRGLYHUVLGDGHGDV0DWDVGH*DOHULDGR%LRPD&HUUDGR´
,QLFLRXVH HP DEULO GH FRQFRPLWDQWHPHQWH DR WUDEDOKR GH SUHSDUDomR DRV SODQWLRV
Do}HV SRQWXDLV GH (GXFDomR $PELHQWDO GHILQLGDV HP IXQomR GRV GLIHUHQWHV VHJPHQWRV
HQYROYLGRV SURIHVVRUHV GDV UHGHV S~EOLFD H SDUWLFXODU GH HQVLQR DOXQRV GRV HQVLQRV
IXQGDPHQWDO PpGLR H VXSHULRU TXH UHVLGLDP SUy[LPRV RX QDV iUHDV GH SODQWLRV H RV
SURGXWRUHV UXUDLV 5H]HQGH HW DO 7RPRXVH R FXLGDGR GH XWLOL]DU OLQJXDJHP
DSURSULDGDDFDGDWLSRGHS~EOLFRFRPPDWHULDOVLPSOHVEDVLFDPHQWHLOXVWUDWLYRHTXHIRL
VHQGR PRGLILFDGR H DSULPRUDGR D FDGD QRYR HYHQWR VHJXQGR VXJHVW}HV GRV SUySULRV
SDUWLFLSDQWHV
DSURIHVVRUHV
8P GRV SRQWRVFKDYH GR WUDEDOKR GH (GXFDomR $PELHQWDO IRL LQFOXLU D SDUWLFLSDomR H R
HQYROYLPHQWR GH SURIHVVRUHV GH HVFRODV SUy[LPDV jV iUHDV GRV SODQWLRV 2
³HPSRGHUDPHQWR´GHXVHWDPEpPYLDHVFRODDRVILOKRVGRVSURGXWRUHVTXHVHUmRDQRYD
JHUDomRDXWLOL]DUDWHUUD
$V Do}HV SDUD HQYROYLPHQWR GRV SURIHVVRUHV WLYHUDP FRPR REMHWLYR PRELOL]iORV SDUD D
WUDQVPLVVmR GRV FRQKHFLPHQWRV EiVLFRV D UHVSHLWR GDV TXHVW}HV DPELHQWDLV H GHVSHUWiORV
SDUD R SDSHO GH DJHQWHV VHQVLELOL]DGRUHV GHVVH SURFHVVR $ FRQVROLGDomR GRV FRQFHLWRV
DPELHQWDLVGHSHQGHXVREUHPDQHLUDGRHQYROYLPHQWRGRVSURIHVVRUHVEHPFRPRGHVXDV
Do}HVHVWLPXODQGRRVDOXQRVDDVVXPLUHPSRVWXUDVTXHSUHVHUYDVVHPRDPELHQWHFRPRXP
WRGR
2HQYROYLPHQWRGRVSURIHVVRUHVHDOXQRVGDVHVFRODVVHOHFLRQDGDV(VFROD&ODVVH,QFUD
H ,QFUD %UD]OkQGLD ') (VFROD &ODVVH %DUUD $OWD H &HQWUR (GXFDFLRQDO 9iU]HDV 7DEDWLQJD ') &ROpJLR $JUtFROD GH 3ODQDOWLQD ') H (VFROD $JUtFROD GH )RUPRVD *2
RFRUUHXSHORFRQWDWRGLUHWRFRP5HJLRQDLVGH(QVLQRGR'LVWULWR)HGHUDOHUHXQL}HVFRPDV
6HFUHWDULDV 0XQLFLSDO GH (QVLQR H GH $JULFXOWXUD 3HFXiULD H 0HLR $PELHQWH H FRP RV
GLUHWRUHVGHHVFRODVGDVUHGHVS~EOLFDVPXQLFLSDOHVWDGXDLVHSDUWLFXODUHVGR0XQLFtSLRGH
)RUPRVD*2
3URIHULUDPVHSDOHVWUDVHUHDOL]DUDPVHVHPLQiULRVSDUDSURIHVVRUHVHFXUVRVSDUD
SURIHVVRUHV2VFXUVRVWLYHUDPDGXUDomRGHKRUDVHIRUDPDERUGDGRVFRQFHLWRVGLYHUVRV
FRPRR&HUUDGRDV0DWDGH*DOHULDHDOWHUQDWLYDVSDUDVHWUDEDOKDULQWHUGLVFLSOLQDUPHQWH
LQFRUSRUDQGRD(GXFDomR$PELHQWDOQRHQVLQRFRPRXPWRGR
2V VHPLQiULRV WLYHUDP FRPR REMHWLYR HVFODUHFHU RV SURIHVVRUHV R TXH HUD R VXESURMHWR H
WUDQVPLWLU QRo}HV GH (GXFDomR $PELHQWDO 7UDWRXVH GRV VHJXLQWHV WHPDV R TXH p
(GXFDomR $PELHQWDO H VHX FRQWH[WR KLVWyULFR D LPSRUWkQFLD ELROyJLFD GDV 0DWDV GH
*DOHULD H[SOLFDo}HV VREUH R VXESURMHWR LPSRUWkQFLD GD LQWHUGLVFLSOLQDULGDGH QRV
FRQWH~GRVHVFRODUHVHRHQYROYLPHQWRGRVDOXQRVQHVVDLQLFLDWLYD
$ YLVmR GRV SURIHVVRUHV VREUH D($ IRL DYHULJXDGD SRUTXHVWLRQiULRV DSOLFDGRV HP 2EVHUYRXVHTXHD(GXFDomR$PELHQWDODLQGDQmRHUDLQFRUSRUDGDHPPXLWDVHVFRODVHP
JUDQGH SDUWH SHOR GHVFRQKHFLPHQWR TXH RV HGXFDGRUHV WLQKDP VREUH R DVVXQWR 2V
SURIHVVRUHVDILUPDUDPTXHFRQVLGHUDYDPD($XPDDERUGDJHPDLQGDQRYDHTXHVHQWLDP
GLILFXOGDGHV HP HQFRQWUDU PDWHULDO GH DSRLR jV DXODV H OLPLWDo}HV HP WUDEDOKDU
LQWHUGLVFLSOLQDUPHQWHSHODIDOWDGHXQLmRHQWUHRVSURIHVVRUHVDGLUHomRHRVSUySULRVSDLV
GRVDOXQRV
EDOXQRV
$RHQYROYHURVDOXQRVPXLWDVYH]HVILOKRVGRVSURGXWRUHVEXVFRXVHDSUHVHQWDUFRQFHLWRV
H SRVWXUDV SDUD XP PHOKRU HQWHQGLPHQWR GD TXHVWmR DPELHQWDO 9DORUL]DQGR RV DOXQRV
SURFXURXVHYDORUL]DUDSRVVLELOLGDGHGHXPIXWXURPHOKRUTXHSRGHULDVHFRQFUHWL]DUSHOD
DomRGHOHV
3URIHULUDPVHSDOHVWUDVDRVDOXQRVVREUHRVXESURMHWRHDLPSRUWkQFLDELROyJLFDGDV0DWDV
GH *DOHULD &RPR FRPSOHPHQWDomR DWLYLGDGHV SUiWLFDV IRUDP UHDOL]DGDV VREUH FROHWDV GH
VHPHQWHV SUHSDUR GH PXGDV H SODQWLRV GHPRQVWUDWLYRV QDV HVFRODV 2V DOXQRV GR HQVLQR
PpGLR SDUWLFLSDUDP GH FXUVRV GH FROHWD GH VHPHQWHV H SURGXomR GH PXGDV H YLVLWDV DR
YLYHLURGD(PEUDSD&HUUDGRV
5HDOL]DUDPVHSDOHVWUDVVREUHDGLQkPLFDGDPDWDHDLPSRUWkQFLDGHVXDFRQVHUYDomRD
DOXQRV VHQGR GH iUHDV UXUDLV H GH iUHDV XUEDQDV H PLQLVWUDUDPVH FXUVRV
VREUHFROHWDGHVHPHQWHVHSURGXomRGHHVSpFLHVQDWLYDVGH0DWDVGH*DOHULDDDOXQRV
$V DWLYLGDGHV GH (GXFDomR $PELHQWDO GHVSHUWDUDP JUDQGH LQWHUHVVH GRV DOXQRV SRLV
SHUPLWLX TXH VDtVVHP GD ³URWLQD´ GD VDOD GH DXOD 2 VLPSOHV IDWR GH ILFDUHP QR SiWLR
HPEDL[R GH iUYRUHV DVVLVWLUHP D ILOPHV HGXFDWLYRV RX UHDOL]DUHP DWLYLGDGHV SUiWLFDV
IDYRUHFHXDDSUHQGL]DJHPDDVVLPLODomRGHFRQFHLWRVHQRYDVSRVWXUDV
2V DOXQRV GD iUHD UXUDO IRUDP PDLV SDUWLFLSDWLYRV SRLV DSUHVHQWDUDP VXJHVW}HV H
SHUPDQHFHUDP DWHQWRV jV TXHVW}HV DPELHQWDLV SHOD FRQYLYrQFLD GLUHWD FRP R PHLR
DPELHQWHMiRVGDiUHDXUEDQDHQFDQWDUDPVHFRPRIDWRGHDSUHQGHUDSODQWDUXPDYH]
TXHHVVDSUiWLFDSRVVLELOLWRXOKHVYLYHQFLDUXPSRXFRDVTXHVW}HVDPELHQWDLV2EVHUYRXVH
TXHTXHVW}HVVREUHHFRQRPLDGHUHFXUVRViJXDHHQHUJLDKLJLHQHHOL[RMiVmRWUDEDOKDGDV
QDV HVFRODV 2 UHIRUoR GHVVHV FRQFHLWRV GHVSHUWRX DLQGD PDLV j YRQWDGH GH PHOKRUDU VXD
HVFRODHVXDFRPXQLGDGH5H]HQGHHWDO
2VDOXQRVGR(QVLQR0pGLRSDUWLFLSDUDPGRVFXUVRVVREUHFROHWDGHVHPHQWHVSURGXomRGH
PXGDV H YLVLWDV DR YLYHLUR GD (PEUDSD &HUUDGRV (VVHV HP VXD PDLRULD SDUWLFLSDUDP
DWLYDPHQWH SHUJXQWDQGR H FRQWDQGR VXDV REVHUYDo}HV VREUH RV SUREOHPDV DPELHQWDLV
'HVWDFDVHDSDUWLFLSDomRGRVDOXQRVGRVFXUVRVWpFQLFRVTXHVHLQWHUHVVDUDPWDPEpPSHOD
UHFXSHUDomR H FRQVHUYDomR GH iUHDV FRPR DOWHUQDWLYD GH DWXDomR R SURILVVLRQDO $TXHOHV
TXHIL]HUDPRVFXUVRVDMXGDUDPQDSUHSDUDomRGDVPXGDVHQRVSODQWLRVMXQWDPHQWHFRPRV
PHPEURVGDHTXLSHWpFQLFDGHSODQWLRGD(PEUDSD&HUUDGR
FSURGXWRUHVUXUDLV
$VDo}HVGH(GXFDomR$PELHQWDOIRUDPSULRULWDULDPHQWHYROWDGDVDRVSURGXWRUHVUXUDLVH
WLYHUDP FRPR REMHWLYR HQFRUDMDU RV SURGXWRUHV D SDUWLFLSDUHP QRV SURFHVVRV GH
FRQVHUYDomR H UHFXSHUDomR GH VXDV 0DWDV GH *DOHULD $ LQWHQomR GR WUDEDOKR IRL
GHVHQFDGHDU D VHQVLELOL]DomR FRPSUHHQVmR H UHVSRQVDELOLGDGH DPELHQWDO FRP RV
SODQWLRVGHUHFXSHUDomR
$VHVWUDWpJLDVXWLOL]DGDVSDUDRHQYROYLPHQWRGRVSURGXWRUHVUXUDLVLQLFLDUDPVHDSDUWLUGR
FRQWDWR FRP DV LQVWLWXLo}HV UHVSRQViYHLV SHOR WUDEDOKR GH H[WHQVmR UXUDO QDV ORFDOLGDGHV
PDLVHVSHFLILFDGDPHQWHHVFULWyULRVGD(PDWHU')HD 6HFUHWDULDGD$JULFXOWXUD3HFXiULDH
0HLR$PELHQWHGR0XQLFtSLRGH)RUPRVD*2(PSDUFHULDHVWDEHOHFHXVHXPSURJUDPD
FRPXPTXHFRQWRXFRPDFRODERUDomRGRVWpFQLFRVGHWDLVLQVWLWXLo}HV
5HDOL]DUDPVHHQFRQWURVHPFDGDXPDGDVORFDOLGDGHVDSURYHLWDGRVRVGLDVHPTXHHVVDV
LQVWLWXLo}HVH[HFXWDYDPDWLYLGDGHVQDVFRPXQLGDGHV8WLOL]DUDPVHUHFXUVRVGHPXOWLPtGLD
HSURFXURXWUDQVPLWLUSRUPHLRGHSDOHVWUDVHFXUVRVFRQFHLWRVEiVLFRVGHHFRORJLDFLFOR
KLGUROyJLFR H IXQo}HV ELROyJLFDV GDV 0DWDV GH *DOHULD GH FRQVHUYDomR DPELHQWDO GH
SURGXomR DJUtFROD VXVWHQWDGD TXDOLGDGH GH YLGD YLQFXODGD j TXDOLGDGH DPELHQWDO H
DVSHFWRV OHJDLV YROWDGRV jV iUHDV GH SUHVHUYDomR SHUPDQHQWH (P WDLV HQFRQWURV IRUDP
HPSUHJDGRVIXQGDPHQWRVGDSHVTXLVDDomRFRPRDHVFXWDVHQVtYHOSDUDFRQKHFHUPHOKRU
DUHDOLGDGHGHVVDVFRPXQLGDGHV
'HSRLV GRV HQFRQWURV HUDP DJHQGDGDV YLVLWDV jV SURSULHGDGHV SDUD TXH RV SURGXWRUHV
DX[LOLDVVHP D HTXLSH WpFQLFD GH VRFLRHFRQRPLD UHVSRQGHQGR DRV TXHVWLRQiULRV TXH
IXQGDPHQWDUDPDVSHVTXLVDVGH³DQiOLVHVRFLRHFRQ{PLFDGDLQWHUDomRHQWUHDVRFLHGDGHHD
0DWDGH*DOHULD´6DQWRVHWDO&RQFRPLWDQWHPHQWHDHTXLSHWpFQLFDGHH[WHQVmR
UXUDO DFRPSDQKRX DV YLVLWDV LGHQWLILFDQGR FDUDFWHUL]DQGR H PHGLQGR DV iUHDV D VHUHP
SODQWDGDV H UHDOL]RX DWLYLGDGHV LQ ORFR RULHQWDQGR RV SURGXWRUHV TXH QmR FRPSDUHFHUDP
DRVGLIHUHQWHVHQFRQWURVUHDOL]DGRV
$SHVDUGDUHVLVWrQFLDLQLFLDOHGHSRLVGDUHDOL]DomRGDVDWLYLGDGHVSRQWXDLVGH(GXFDomRH
([WHQVmR $PELHQWDO REWHYHVH R HQYROYLPHQWR GH SURGXWRUHV 7DO IDWR IRL
VLJQLILFDWLYR SRLV QR DQR GH TXDQGR DV Do}HV QHVWDV FRPXQLGDGHV IRUDP YROWDGDV
DSHQDV j ([WHQVmR $PELHQWDO VRPHQWH SURGXWRUHV VHQVLELOL]DUDPVH H HQYROYHUDPVH
FRPDVDWLYLGDGHVGHUHFXSHUDomRDPELHQWDO
2EVHUYRXVH HP WRGDV DV iUHDV TXH DV Do}HV GH (GXFDomR $PELHQWDO DEULUDP XP FDQDO
LPSRUWDQWH SDUD TXH RV SURGXWRUHV H[WHUQDVVHP VXDV RSLQL}HV H SDUWLFLSDVVHP PDLV
HIHWLYDPHQWHGDVTXHVW}HVDPELHQWDLVTXHRVDIHWDYDPPDLVGLUHWDPHQWH9HULILFRXVHXPD
PXGDQoD QDV RSLQL}HV H QRV GLVFXUVRV UHODWDGRV SHORV OHYDQWDPHQWRV UHDOL]DGRV H SHOR
TXHVWLRQiULRDSOLFDGRQRVHVWXGRVGRFRPSRQHQWHVRFLRHFRQ{PLFRGRVXESURMHWR5H]HQGH
HWDO
+RXYHRHQYROYLPHQWRGDFRPXQLGDGHQDVROXomRGRVSUREOHPDVDPELHQWDLVORFDLVDSHVDU
GR FXUWR HVSDoR GH WHPSR SDUD R GHVHQYROYLPHQWR GDV Do}HV GHVFULWDV $ YLQFXODomR GD
LQIRUPDomR WpFQLFD GH UHFXSHUDomR HP FRQMXQWR FRP D (GXFDomR $PELHQWDO UHVXOWRX QD
PDLRU VHQVLELOL]DomR GRV SURGXWRUHV UXUDLV 2V SULQFLSDLV SUREOHPDV GD FRPXQLGDGH
SXGHUDPVHUGLVFXWLGRVQRVHQFRQWURVQRVTXDLVRVSURGXWRUHVH[SXVHUDPVHXVSUREOHPDV
DQVHLRVHIUXVWUDo}HV2TXHQmRVHS{GHVHUUHVROYLGRFRPXQLWDULDPHQWHIRLHQFDPLQKDGR
DRVyUJmRVGHILVFDOL]DomRGDV UHVSHFWLYDVORFDOLGDGHV
(P DOJXQV FDVRV HOHV VH RUJDQL]DUDP SDUD D UHDOL]DomR GH Do}HV SUiWLFDV IRUPDQGR
DVVRFLDo}HV H PRELOL]DQGR D FRPXQLGDGH GHVSHUWDQGR R VHQVR GH UHVSRQVDELOLGDGH SHOD
UHFXSHUDomR GDV iUHDV GHJUDGDGDV 2V SURGXWRUHV PRVWUDUDPVH LQWHUHVVDGRV HP
FRPSUHHQGHU FRPR D PDWD HVWDULD DX[LOLDQGR QD PDQXWHQomR GRV UHFXUVRV KtGULFRV SRLV
WHPLDPDSHUGDGHVVHUHFXUVRHPVXDVSURSULHGDGHV$SDUHQWHPHQWHHVVHIRLRPRWLYRTXH
PDLVVHQVLELOL]RXRVSURGXWRUHVDSDUWLFLSDUHPGRSURJUDPDGHUHFXSHUDomRGDV0DWDVGH
*DOHULD
&RPRRDVSHFWRVRFLRHFRQ{PLFRLQIOXrQFLDQRVXFHVVRGHXPSURJUDPDGHUHFXSHUDomRD
(GXFDomR $PELHQWDO IRL LQFRUSRUDGD QR VXESURMHWR QD WHQWDWLYD GH GHVSHUWDU QR S~EOLFR
HQYROYLGRVREUHWXGRQRVSURSULHWiULRVRFRPSURPHWLPHQWR FRPRVSODQWLRV3DUWLQGRGR
SUHVVXSRVWR GH TXH R FXLGDGR YHP FRP R FRQKHFLPHQWR GD LPSRUWkQFLD GDV 0DWDV GH
*DOHULDHGRDSUHQGL]DGRGHHVWUDWpJLDVTXHSRVVDPJDUDQWLUDPDQXWHQomRGHVVHVUHFXUVRV
DVDo}HVGH($GHVHQYROYLGDVWLYHUDPFRPRPHWDDVHQVLELOL]DomRSDUDXPDPXGDQoDGH
DWLWXGHQHVWDGLUHomR
0$7(5,$/(0e72'26
&$5$&7(5,=$d­2'$È5($'((678'2
$iUHDGHHVWXGRFRPSUHHQGHIUDJPHQWRVGHJUDGDGRVGH0DWDVGH*DOHULDORFDOL]DGRV
QR')H*2RQGHIRUDPUHDOL]DGRVSODQWLRVGHUHFXSHUDomR QRVDQRVGHHVRE
D UHVSRQVDELOLGDGH GH SHVTXLVDGRUHV GD (PEUDSD &HUUDGRV QR kPELWR GR VXESURMHWR
³&RQVHUYDomR H UHFXSHUDomR GD ELRGLYHUVLGDGH HP 0DWD GH *DOHULD GR ELRPD &HUUDGR´
GHVHQYROYLGRHPSDUFHULDFRPDV8QLYHUVLGDGHVGH%UDVtOLD 8Q%')HGH8EHUOkQGLD
8)80*5LEHLURHWDO2VXESURMHWRFRQWHPSORXRXWUDViUHDVDOpPGHVVDVPDV
HVVDViUHDVIRUDPGHVFRQVLGHUDGDVGHYLGRDRVSURGXWRUHVWHUHPUHFHELGRRXFRPSUDGRDV
PXGDVHUHDOL]DGRRVSODQWLRVGHPRGRDOHDWyULRHPVXDVSURSULHGDGHV'HVVHPRGRVHP
XPSODQWLRGHOLQHDGRQmRIRLSRVVtYHODYDOLDURGHVHQYROYLPHQWRGDVHVSpFLHVQDVGHPDLV
ORFDOLGDGHV
2V SODQWLRV HVWXGDGRV HVWmR DVVLP GLVWULEXtGRV QR 1~FOHR 5XUDO GH 7DEDWLQJD
ORFDOL]DGDjVPDUJHQVGR5LR-DUGLPHP3ODQDOWLQD')7$%jVPDUJHQVGR&yUUHJR
6REUDGLQKRWDPEpPSUy[LPRD3ODQDOWLQD60/HP%UD]OkQGLD')MXQWRDR&yUUHJR
2ODULD H GRV ËQGLRV %5= QR 1~FOHR 5XUDO GR %XULWL 9HUPHOKR %95 MXQWR DR
FyUUHJR GH PHVPR QRPH H jV PDUJHQV GR 5LR %DQGHLULQKDV HP )RUPRVD *2 )6$
)LJXUD $V SURSULHGDGHV IRUDP QXPHUDGDV GH D DQWHFHGLGDV GD VLJOD GD
ORFDOLGDGHRQGHRFRUUHXRSODQWLRHRVFURTXLVGHFDGDXPDGHODVSRGHVHUREVHUYDGRHP
DQH[R
R
5L
/DJRD
%RQLWD
GR
WH
$OWD
5LE
%UD]OkQGLD')&yUUHJRV2OiULDHËQGLRV
7DEDWLQJD')5LR-DUGLP
)RUPRVD*25LR%DQGHLULQKDV
&yU(VWUHLWR
5L R
9HOKD
3RQ
'HVF
RE HUWR
&yU%XULWL
9HUPHOKR
6DLD
5LR
5LR
LP
UG
-D
% DUWR
ORPH
X
5 LE
PD
3 DUD
QRi
5LR
W UH
([
6REUDGLQK
R
6mR
5HSUHVDGR
'HVFREHUWR
/DJRD
)HLD
5LR
X
SD
LSL
3LU
E
5HSUHVD
6WD0DULD
5L
&yU2OiULD
&yUGRV,QGLRV
5LR
7RUWR
5L WD
WR
E
6D
QWD
&yUUHJR
%DQGHLULQKD
3UH
GR
5L R
5L
5L E
6DOLQDV
5L
R
V
0DUDQKmR
5LR
GD
6DO
GD
OP D
5LR
3D
&RPXQLGDGHGR%XULWL9HUPHOKR&yUUHJR%XULWL9HUPHOKR
3ODQDOWLQD')&yUUHJR6REUDGLQKR
)LJXUD /RFDOL]DomRGDViUHDVRQGHIRUDPUHDOL]DGRVSODQWLRVGHUHFXSHUDomRGH0DWDV
GH*DOHULDQRVDQRVGHH
2 FOLPD GDV iUHDV VHJXQGR HVFDOD GH .|SSHQ p GR WLSR 7URSLFDO $Z WHPSHUDWXUD GRV
PHVHVPDLVIULRVpVXSHULRUDž&HDSUHVHQWDFRWDVDOWLPpWULFDVDEDL[RGHPQR
&yUUHJR2ODULDHGRVËQGLRVQR5LR-DUGLPHQR1~FOHR5XUDOGR%XULWL9HUPHOKR
7URSLFDOGH DOWLWXGH&ZD PrVPDLVIULRUHJLVWUDWHPSHUDWXUDVLQIHULRUHVDž&HPpGLD
VXSHULRU D ž& QRV PHVHV PDLV TXHQWHV H FRWDV GH DOWLWXGH HQWUH H P QR
5LEHLUmR6REUDGLQKRH5LR%DQGHLULQKD &2'(3/$1$VFKXYDVFDUDFWHUL]DP
VH FRPR GH JUDQGH LQWHQVLGDGH H GH FXUWD GXUDomR GLVWULEXtGDV LUUHJXODUPHQWH FRP
SUHFLSLWDomRSOXYLRPpWULFDDQXDOH[FHGHQGRRVPP$XPLGDGHUHODWLYDGRDUVRIUH
VHQVtYHO TXHGD QRV PHVHV GH DEULO D VHWHPEUR HP UHODomR jV PpGLDV DQXDLV 1HVVH
SHUtRGRDSUHFLSLWDomRDQXDOILFDHPWRUQRGHHDXPLGDGHUHODWLYDGRDUFKHJDDDWLQJLU
QtYHLVLQIHULRUHVD
2SURJUDPDGHUHFXSHUDomRGH0DWDVGH *DOHULDWHYHLQtFLRGHSRLVGDFDUDFWHUL]DomRGDV
SURSULHGDGHV H GD DQiOLVH GH FDGD VLWXDomR ORFDO $V DWLYLGDGHV GH UHFXSHUDomR IRUDP
GHILQLGDVHGHWDOKDGDVHPFRPXPDFRUGRFRPRVSURSULHWiULRVVHQGRTXHRIRUQHFLPHQWR
GH PXGDV DV WpFQLFDV GH SODQWLR H SDUWH GD PmRGHREUD SDUD R SODQWLR IRUDP GH
UHVSRQVDELOLGDGHGD(PEUDSD(QTXDQWRRSUHSDURGRVRORRFRPEDWHjVIRUPLJDVDRXWUD
SDUWH GD PmRGHREUD SDUD R SODQWLR H R PDQHMR GD iUHD IRL GH UHVSRQVDELOLGDGH GRV
SURSULHWiULRV
1D PDLRULD GDV iUHDV XVRXVH DRV SODQWLRV HVSpFLHV QDWLYDV GH 0DWDV GH *DOHULD (P
DOJXPDVSURSULHGDGHVHD SHGLGRGRSURSULHWiULRD(PEUDSDGHFLGLXLQWURGX]LUHVSpFLHVGH
RXWUDV ILWRILVLRQRPLDV H ELRPDV FRP R REMHWLYR GH REVHUYDU VHX FRPSRUWDPHQWR QR
SURFHVVR GH UHFXSHUDomR )RQVHFD HW DO $V HVSpFLHV H[yWLFDV DYDOLDGDV IRUDP
(VSRQMLQKD$FDFLDIDUQHVLDQD3DXIHUURMXFi&DHVDOSLQLDIHUUHD-DFDUDQGiGDEDtDRX
&DEL~QD'DOEHUJLDQLJUD&DSLWmRGRPDWR(U\WKULQDIXVFD3DXGHMDQJDGD2FKURPD
S\UDPLGDOH0RJQR6ZLHWQLDPDFURSK\OODH,SrDPDUHOR 7DEHEXLDVHUUDWLIROLD
1D 7DEHOD HQFRQWUDPVH DV HVSpFLHV XWLOL]DGDV QRV SODQWLRV GH UHFXSHUDomR VHJXLGDV
GDV H[LJrQFLDV GH OXPLQRVLGDGH IHUWLOLGDGH H XPLGDGH REVHUYDGDV HP HVWXGRV
ILWRVVRFLROyJLFRVGHDPELHQWHVQDWXUDLV$LQFOXVmRGHVWDVHVSpFLHVQRVSODQWLRVREMHWLYRX
WHVWDU D SODVWLFLGDGH DGDSWDWLYD GHVWDV HVSpFLHV TXDQGR HP FRQGLo}HV GLIHUHQWHV GDV
HQFRQWUDGDVHPDPELHQWHVQDWXUDLVQmRDOWHUDGRV
$V PXGDV IRUDP SURGX]LGDV QR YLYHLUR GD (PEUDSD &HUUDGRV 3ODQDOWLQD ') FREHUWR
FRP WHOD WLSR VRPEULWH FRP GH VRPEUHDPHQWR HP VDFRV GH SROLHWLOHQR SUHWR
VDQIRQDGR FRP FP GH DOWXUD FP GH ODUJXUD H PP GH HVSHVVXUD H WXEHWHV GH
SOiVWLFRUtJLGRFRPFPGHDOWXUDHFPGHGLkPHWURLQWHUQR2VXEVWUDWRXWLOL]DGR
SDUDRVDFRGHSROLHWLOHQRIRLFRPSRVWRGHVXEVRORGH/DWRVVROR9HUPHOKR(VFXURDUHLDH
HVWHUFR ERYLQR FXUWLGR QD SURSRUomR GH DFUHVFLGR GH NJ GH DGXER TXtPLFR QD
IyUPXOD13.SRUPGDPLVWXUD$RVWXEHWHVRVXEVWUDWRFRQVLVWLXHPXPDPLVWXUD
GH OLWURV GH WHUUD GH VXEVROR /DWRVVROR 9HUPHOKR(VFXUR OLWURVGH HVWHUFR ERYLQR
FXUWLGROLWURVGHFDUYmRPRtGRJGHFDOFiULRJGHFORUHWRGHSRWiVVLRHJGH
VXSHUIRVIDWR$VPXGDVIRUDPOHYDGDVSDUDRFDPSRGHSRLVGHILFDUHPQRYLYHLURSRUXP
SHUtRGRGHDPHVHVHWHUHPDOFDQoDGRDOWXUDPpGLDHQWUHHFP
,QLFLDOPHQWHIRLIHLWRFRPEDWHjVIRUPLJDVFRUWDGHLUDV$WWD VSHPWRGDVDVSURSULHGDGHV
2SUHSDURGRVRORIRLUHDOL]DGRGHDFRUGRFRPDGLVSRQLELOLGDGHGRSURSULHWiULR&RQVWRX
FRQIRUPH R FDVR GH DSHQDVXPD FDSLQD QXP UDLR GH D FP QR ORFDO GH SODQWLR GDV
PXGDV FRURDPHQWR DOpP GDV SUiWLFDV GH FDODJHP QD FRYD RX HP WRGD D iUHD D
TXDQWLGDGHYDULRXGHDWRQKDGHDFRUGRFRPRWDPDQKRGDiUHDRXPHVPRUHDOL]DGR
SUiWLFDV GH DUDomR HRX JUDGDJHP UHYROYLPHQWR GD FDPDGD VXSHUILFLDO FP GR VROR
FRPDX[tOLRGHPDTXLQiULRDJUtFROD
(PDOJXPDVSURSULHGDGHVIRLIHLWDDURoDGDPDQXDOVHOHWLYDHOLPLQDQGRDVJUDPtQHDVGH
JUDQGH SRUWH FRPR R &DSLPHOHIDQWH 3HQQLVHWXP SXUSXUHXP . 6FKXPDFK HYLWDQGR D
HOLPLQDomRGHLQGLYtGXRVGHHVSpFLHVDUEXVWLYDVRXDUEyUHDVMiHPUHJHQHUDomRQDiUHD1D
PDLRULDGRVFDVRVIH]VHRFRURDPHQWRSDUDTXHDVPXGDVGRSODQWLRQmRIRVVHPVXIRFDGDV
H QmR WLYHVVHP VHX GHVHQYROYLPHQWR FRPSURPHWLGR SHOD FRPSHWLomR SULQFLSDOPHQWH GH
JUDPtQHDV H[yWLFDV FRPR DV %UDTXLiULDV %UDFKLDULD VSS R &DSLPJRUGXUD 0HOLQLV
PLQXWLIORUD %HDXYHR&DSLPDQGURSyJRQ$QGURSRJRQJD\DQXV .XQWK$VFRYDVIRUDP
DEHUWDV PDQXDOPHQWH FRP DV VHJXLQWHV GLPHQV}HV [[ FP SDUD PXGDV SURGX]LGDV
HPVDFRVGHSROLHWLOHQRH[[FPSDUDDTXHODVSURGX]LGDVHPWXEHWHV(PWRGDVDV
SURSULHGDGHV DV FRYDV IRUDP DGXEDGDV GXUDQWH R SODQWLR FRP J GH VXSHUIRVIDWR
VLPSOHV
7DEHOD (VSpFLHVXWLOL]DGDVSDUDDUHFXSHUDomRGDV0DWDVGH*DOHULDGR'LVWULWR)HGHUDOH(QWRUQR
1RPHFLHQWtILFR
6LJOD
1RPHFRPXP
)DPtOLD
$FDFLDIDUQHVLDQD O:LOOG
$F
(VSRQMLQKD
/HJXPLQRVDH)DEDFHDH
$QDGHQDQWKHUDFROXEULQD 9HOO%UHQDQ
$G
$QJLFREUDQFR
/HJXPLQRVDH)DEDFHDH
$QJLFRGRFHUUDGR
/HJXPLQRVDH)DEDFHDH
$HJLSKLODFXVSLGDWD0DUW
$H
3DXGHWDPDQFRRX7DPDQTXHLUR
$QDGHQDQWKHUDPDFURFDUSD %HQWK%UHQDQ
$P
$QGLUDSDQLFXODWD %HQWK
$S
$QJHOLP9DWDUpDRX0DWDEDUDWD
$VSLGRVSHUPDVXELQFDQXP 0DUW
$V
*XDWDPEX
$QDGHUDQWKHUDIDOFDWD %HQWK6SHJ
$SXOHLDOHLRFDUSD 9RJ0DFEU
$VWURQLXPIUD[LQLIROLXP 6FKRWW
$]DGLUDFKWDLQGLFD $-XVV
$W
$O
$I
$L
%DXKLQLDUXID %RQJDUG6WHXG
%U
%URVLPXPJDXGLFKDXGLL 7UpF %J
9HUEHQDFHDH
$QJLFRSUHWR
/HJXPLQRVDH)DEDFHDH
*DUDSD
&P
)DOVR3DXEUDVLO
6RODQDFHDH
&OXVLDFUXLYD &DPEVVS&UXLYD
&F
&HERODEUDYD
&RSDLIHUDODQJVGRUIILL 'HVI
&RUGLDWULFKRWRPD 9HOO$UUDEH[6WHXG
'DOEHUJLDPLVFRORELXP %HQWK
'DOEHUJLDQLJUD )UDQ]$OOHQ
'LORGHQGURQELSLQQDWXP 5DGON
3DXG
yOHRRXFRSDtED
/HJXPLQRVDH)DEDFHDH
'P
-DFDUDQGiGRFHUUDGR
/HJXPLQRVDH)DEDFHDH
0DULD SREUHRX0DPRQDSREUH
6DSLQGDFHDH
'E
H[FOXVLYDQmRLQXQGiYHO
VRO
LQGLIHUHQWH
SUHIHUHQFLDOQmRLQXQGiYHO
VRORGLVWUyILFR
QmRLQXQGiYHO
VRO
0HOLDFHDH
&O
'Q
VRORPHVRWUyILFR
VRPEUDSDUFLDO
&HGUR
)UHL-RUJH
-DFDUDQGiGDEDtDRX&DEL~QD
VRO
VRORGLVWUyILFR
VRORGLVWUyILFR
VRORGLVWUyILFR
H[FOXVLYDQmRLQXQGiYHO
QmRLQXQGiYHO
QmRLQXQGiYHO
QmRLQXQGiYHO
H[FOXVLYDLQXQGiYHO
LQGLIHUHQWH
LQGLIHUHQWHDRSDGUmRGHGUHQDJHP
VRPEUDSDUFLDO
VRORPHVRWUyILFR
SUHIHUHQFLDOLQXQGiYHO
VRO
VRORPHVRWUyILFR
SUHIHUHQFLDOQmRLQXQGiYHO
LQGLIHUHQWH
H[FOXVLYDQmRLQXQGiYHO
VRORGLVWUyILFR
QmRLQXQGiYHO
VRPEUDSDUFLDO
VRO
LQGLIHUHQWH
VRORPHVRWUyILFR
&OXVLDFHDH
VRPEUDSDUFLDO
%RUDJLQDFHDH
VRO
VRORPHVRWUyILFR
VRO
VRORPHVRWUyILFR
/HJXPLQRVDH)DEDFHDH
QmRLQXQGiYHO
VRO
/HF\WKLGDFHDH
*XWWLIHUDH
H[FOXVLYDQmRLQXQGiYHO
SUHIHUHQFLDOQmRLQXQGiYHO
-HTXLWLEi
/DQGLP
VRORGLVWUyILFR
H[FOXVLYDLQXQGiYHO
LQGLIHUHQWH
/HJXPLQRVDH)DEDFHDH
%RPEDFDFHDH
&W
VRO
3DXIHUURMXFi
3DLQHLUD
&K
H[FOXVLYDQmRLQXQGiYHO
VRORGLVWUyILFR
&HVWUXPPHJDSK\OOXP 'XQDO
&KRULVLDVSHFLRVD 6W+LO
VRORPHVRWUyILFR
VRORPHVRWUyILFR
VRO
/HJXPLQRVDH)DEDFHDH
VRO
VRO
VRORGLVWUyILFR
0HOLDFHDH
&DQDItVWXODRXFDVVLDItVWXOD
&G
H[FOXVLYDQmRLQXQGiYHO
VRORGLVWUyILFR
VRO
&DQMHUDQDRX&DEUDOHD
&V
&HGUHOODILVVLOLV 9HOO
VRORPHVRWUyILFR
0RUDFHDH
/HJXPLQRVDH)DEDFHDH
&DVVLDIHUUXJLQHD6FKUDG'&6FKUDGH['&
VRO
VRO
VRPEUDSDUFLDO
8QKDGHYDFD
&E
&H
QmRLQXQGiYHO
0HOLDFHDH
$QDFDUGLDFHDH
&DORSK\OOXPEUDVLOLHQVH &DPE
&DULQLDQDHVWUHOOHQVLV 5DGGL.W]H
VRORPHVRWUyILFR
VRPEUDSDUFLDO
&D
&I
VRO
$SRF\QDFHDH
&DEUDOHDFDQMHUDQD 9HOO0DUW
&DHVDOSLQLDIHUUHD 0DUW([7XO
8PLGDGH
VRPEUDSDUFLDO
*RQoDORDOYHV
0DPDFDGHOD
)HUWLOLGDGH
/HJXPLQRVDH)DEDFHDH
/HJXPLQRVDH)DEDFHDH
6LPDPRPRRX6DQWD%iUEDUD
([LJrQFLD
/XPLQRVD
VRO
VRO
VRO
VRORPHVRWUyILFR
VRORPHVRWUyILFR
SUHIHUHQFLDOQmRLQXQGiYHO
H[FOXVLYDLQXQGiYHO
SUHIHUHQFLDOLQXQGiYHO
H[FOXVLYDQmRLQXQGiYHO
H[FOXVLYDQmRLQXQGiYHO
H[FOXVLYDQmRLQXQGiYHO
7DEHOD± &RQWLQXDomR
1RPHFLHQWtILFR
([LJrQFLD
/XPLQRVD
6LJOD
1RPHFRPXP
)DPtOLD
'K
2OKRGHERL
(EHQDFHDH
(F
7DPERULOGDPDWDRXRUHOKDGHQHJUR
/HJXPLQRVDH)DEDFHDH
(X
3DOPLWHLURRX-XoDUD
3DOPDH
*O
$UDoiGDPDWD
0\UWDFHDH
+F
-DWREiGDPDWD
/HJXPLQRVDH)DEDFHDH
VRPEUDSDUFLDO
-DFDUDQGDEUDVLOLDQD /DP3HUV
-E
-DFDUDQGiRX&DURED
%LJQRQLDFHDH
VRO
/XHKHDJUDQGLIORUD0DUW=XFF /S
$oRLWD FDYDOR
'LRVS\URVKLVSLGD$'&YDUKtVSLGD
(PPRWXPQLWHQV%HQWK0LHUV
(QWHURORELXPFRQWRUWLVLOLTXXP 9HOO0RU
(XJHQLDG\VHQWHULFD '&
(XWHUSHHGXOLV 0DUW
(P
(G
*HQLSDDPHULFDQD /
*D
*XHWWDUGDYLEXUQLRLGHV &KDP6FKOHFKW
*Y
,QJDDIILQV '&7'3HQQYHUD:LOGVVS
,D
*RPLGHVLDOLQGHQLDQD 2%HUJ
+\PHQDHDFRXUEDULO /YDUVWLOERFDUSD+D\QH/HH/DQJ
/LFDQLDWRPHQWRVD %HQWK)ULWVFK
0DUJDULWDULDQRELOLV /)
0\UDFURGUXRQXUXQGHXYD )U$OOHP
2FKURPDS\UDPLGDOH &DY([/DP8UE
2FRWHDDHJLSK\OOD 0HLVVQ0H]
2UPRVLDVWLSXODULV 'XFNH
3DFKLUDDTXDWLFD $XEO
3ODWK\PHQLDUHWLFXODWD %HQWK
VRO
VRORPHVRWUyILFR
H[FOXVLYDQmRLQXQGiYHO
VRPEUD
VRORPHVRWUyILFR
VRO
VRORGLVWUyILFR
VRO
VRO
5XELDFHDH
VRPEUDSDUFLDO
5XELDFHDH
VRPEUD
/HJXPLQRVDH)DEDFHDH
VRORPHVRWUyILFR
QmRLQXQGiYHO
/HJXPLQRVDH)DEDFHDH
VRPEUDSDUFLDO
3U
9LQKiWLFR
0LPRVDFHDH
VRPEUDSDUFLDO
,PELULoX
%RPEDFDFHDH
VRO
&DSRURURFDEUDQFD
0\ULVWLFDFHDH
4XDOHDGLFKRWRPD 0DUW:DUP
4G
3O
5J
0XQJXED
%RPEDFDFHDH
*XDSHYDRX&XULROD
6DSRWDFHDH
-DFDUp
9RFK\VLDFHDH
H[FOXVLYDQmRLQXQGiYHO
SUHIHUHQFLDOQmRLQXQGiYHO
7HQWRRX2UPRVLD
3D
/DXUDFHDH
LQGLIHUHQWH
VRORGLVWUyILFR
2V
/RXUR
QmRLQXQGiYHO
H[FOXVLYDQmRLQXQGiYHO
VRO
VRPEUDSDUFLDO
$R
LQGLIHUHQWH
H[FOXVLYDQmRLQXQGiYHO
%RPEDFDFHDH
$QDFDUGLDFHDH
SUHIHUHQFLDOQmRLQXQGiYHO
VRORPHVRWUyILFR
3DXGHMDQJDGD
$URHLUD
VRORPHVRWUyILFR
VRO
2S
0X
6DSLQGDFHDH
QmRLQXQGiYHO
H[FOXVLYDLQXQGiYHO
LQGLIHUHQWHDRSDGUmRGHGUHQDJHP
(XSKRUELDFHDH
7LQJXt
VRORGLVWUyILFR
SUHIHUHQFLDOQmRLQXQGiYHO
VRORGLVWUyILFR
0DUJDULWiULD
7LOLDFHDH
VRORGLVWUyILFR
VRO
0Q
3R
5DSDQHDJXLDQHQVLV $XEO
,QJi
SUHIHUHQFLDOQmRLQXQGiYHO
/HJXPLQRVDH)DEDFHDH
3RXWHULDUDPLIORUD5DGON
3VHXGRERPED[ORQJLIORUXP 0DUW=XFF$5RE\QV 9HOXGLQKR
VRORGLVWUyILFR
3DXIHUUR
0S
-HQLSDSR
0\UWDFHDH
VRPEUD
&KU\VREDODQDFHDH
0D
0DJRQLDSXEHVFHQV 6W+LO
&DJDLWD
,FDFLQDFHDH
8PLGDGH
)DULQKDVHFDRXRLWL
/W
0DFKDHULXPDFXOHDWXP 5DGGL
&DUYDOKR
)HUWLOLGDGH
VRO
LQGLIHUHQWH
LQGLIHUHQWH
H[FOXVLYDQmRLQXQGiYHO
QmRLQXQGiYHO
VRPEUDSDUFLDO
VRORPHVRWUyILFR
VRO
VRORPHVRWUyILFR
SUHIHUHQFLDOQmRLQXQGiYHO
VRORGLVWUyILFR
SUHIHUHQFLDOLQXQGiYHO
VRO
VRO
VRO
VRPEUDSDUFLDO
VRO
VRO
VRORPHVRWUyILFR
VRORGLVWUyILFR
VRORGLVWUyILFR
VRORGLVWUyILFR
VRORGLVWUyILFR
QmRLQXQGiYHO
SUHIHUHQFLDOLQXQGiYHO
QmRLQXQGiYHO
SUHIHUHQFLDOLQXQGiYHO
QmRLQXQGiYHO
SUHIHUHQFLDOLQXQGiYHO
VRORGLVWUyILFR
SUHIHUHQFLDOQmRLQXQGiYHO
VRORGLVWUyILFR
SUHIHUHQFLDOQmRLQXQGiYHO
VRORGLVWUyILFR
H[FOXVLYDLQXQGiYHO
7DEHOD± &RQWLQXDomR
1RPHFLHQWtILFR
6DODFLDHOOLSWLFD 0DUW*'RQ
6FKL]RORELXPSDUDK\ED 9HOO%ODNH
1RPHFRPXP
)DPtOLD
6H
%DFXSDULGDPDWD
+LSSRFUDWHDFHDH
VRPEUDSDUFLDO
6Y
0DWDFDFKRUUR
6LPDURXEDFHDH
VRO
*XDSXUXYX
/HJXPLQRVDH)DEDFHDH
6O
&DMD]LQKRRX&DMiGD0DWD
$QDFDUGLDFHDH
6F
/DUDQMLQKD
6ZLHWQLDPDFURSK\OOD .LQJ9HOO
6P
0RJQR
7DEHEXLDiXUHD0DUW%XU
7K
6LPDURXEDYHUVFLFRORU 6W+LO
6SRQGLDOXWHD /
6WHUFXOLDVWULDWD 6W+LOHW1DXG 6ZDUW]LDREODWD &RZDQ
6R
7DEHEXLDRFKUDFHD&KDP6WDQGO
7DEHEXLDVHUUDWLIROLD 9DKO1LFK
7DODXPDRYDWD 6W+LO
6S
6V
6W\UD[FDPSRUXP 3RKO
7F
7DOLVLDHGXOLV 5DGON
7DOLVLDHVFXOHDWD 6W+LO5DGON
7V
7R
7H
7W
3DXUHL
VRPEUDSDUFLDO
VRORPHVRWUyILFR
0HOLDFHDH
VRO
VRORGLVWUyILFR
H[FOXVLYDQmRLQXQGiYHO
VRORGLVWUyILFR
QmRLQXQGiYHO
H[FOXVLYDQmRLQXQGiYHO
$QDFDUGLDFHDH
VRPEUDSDUFLDO
LQGLIHUHQWH
LQGLIHUHQWHDRSDGUmRGHGUHQDJHP
&RPEUHWDFHDH
VRPEUDSDUFLDO
VRORGLVWUyILFR
SUHIHUHQFLDOQmRLQXQGiYHO
3LWRPED
0DJQROLDFHDH
6DSLQGDFHDH
6DSLQGDFHDH
7DSXUD
'LFKDSHODWDFHDH
7RFRFD
0HODVWRPDWDFHDH
8FX~ED
0\ULVWLFDFHDH
$QQRQDFHDH
3DXGHWXFDQR
;H
3LPHQWDGHPDFDFR
7RWDO
HVSpFLHV
0DPLQKDGHSRUFD
3RO\JRQDFHDH
9RFK\VLDFHDH
5XWDFHDH
VRPEUDSDUFLDO
VRPEUDSDUFLDO
VRO
VRORPHVRWUyILFR
QmRLQXQGiYHO
VRORPHVRWUyILFR
%LJQRQLDFHDH
VRPEUDSDUFLDO
QmRLQXQGiYHO
H[FOXVLYDLQXQGiYHO
VRO
3LWRPEDGDPDWD
;\ORSLDHPDUJLQDWD 0DUW
=U
6W\UDFDFHDH
VRORGLVWUyILFR
SUHIHUHQFLDOLQXQGiYHO
3DXMH~
=DQWKR[\OXPUKRLIROLXP /DP
VRORPHVRWUyILFR
VRO
VRORPHVRWUyILFR
7U
9W
VRO
6WHUFXOLDFHDH
SUHIHUHQFLDOLQXQGiYHO
VRPEUDSDUFLDO
7ULSODULVDPHULFDQD 5+6FKRPE
9RFK\VLDWXFDQRUXP 6SUHQJ0DUW
QmRLQXQGiYHO
VRORPHVRWUyILFR
%LJQRQLDFHDH
,SrDPDUHOR
3LQKDGREUHMRRX$WDEUDYD
&DVWDQKHLUDRX6HWHFRSDV
9V
VRORGLVWUyILFR
VRO
VRPEUDSDUFLDO
7E
9LURODVHELIHUD $XEO
SUHIHUHQFLDOLQXQGiYHOVROR
~PLGR
%LJQRQLDFHDH
7HUPLQDOLDEUDVLOLHQVLV &DPE
7I
VRORGLVWUyILFR
,Sr]LQKR
,SrFDUDtED
3DXSRPER
7RFRFDIRUPLFDULD 0DUW
8PLGDGH
/HJXPLQRVDH)DEDFHDH
7J
7D
)HUWLOLGDGH
%UD~QD
7DSLULUDJXLDQHQVLV $XEO
7DSXUDDPD]RQLFD 3RSS(QGOYDUDPD]RQLFD
([LJrQFLD
/XPLQRVD
6LJOD
VRORGLVWUyILFR
VRORGLVWUyILFR
VRORPHVRWUyILFR
VRPEUDSDUFLDO
VRORGLVWUyILFR
VRPEUDSDUFLDO
VRORGLVWUyILFR
VRPEUDSDUFLDO
VRPEUDSDUFLDO
VRO
VRO
VRO
VRORPHVRWUyILFR
VRORGLVWUyILFR
VRORGLVWUyILFR
VRORPHVRWUyILFR
LQGLIHUHQWH
QmRLQXQGiYHO
QmRLQXQGiYHO
H[FOXVLYDLQXQGiYHO
H[FOXVLYDQmRLQXQGiYHO
SUHIHUHQFLDOLQXQGiYHO
SUHIHUHQFLDOQmRLQXQGiYHO
SUHIHUHQFLDOLQXQGiYHO
SUHIHUHQFLDOQmRLQXQGiYHO
SUHIHUHQFLDOLQXQGiYHO
H[FOXVLYDLQXQGiYHO
SUHIHUHQFLDOQmRLQXQGiYHO
$GDSWDGRGH)HOILOLHWDO)RQVHFDHWDO&RUUHLDHWDO5HGHGHVHPHQWHVGR&HUUDGRZZZVHPHQWHVGRFHUUDGRELREU
(VSpFLHH[yWLFDDRELRPD&HUUDGR(VSpFLHGHRFRUUrQFLDHP0DWD&LOLDU(VSpFLHGHRFRUUrQFLDHP0DWD6HFD(VSpFLHGHRFRUUrQFLDHP&HUUDGR(VSpFLHGHRFRUUrQFLDHP&HUUDGmR
6RORGLVWUyILFRVRORHPTXHDSRUFHQWDJHPGHVDWXUDomRGHEDVHVpLQI HULRUDQRKRUL]RQWH% ± EDL[DIHUWLOLGDGHHDOXPtQLRQXORRXEDL[RVRORPHVRWUyILFRVRORHPTXHDSRUFHQWDJHPGHVDWXUDomRGHEDVHVp
DSUR[LPDGDPHQWH± VLWXDomRGHIHUWLOLGDGHPHGLDQDVRORHXWUyILFRVRORTXHDSUHVHQWDVDWXUDomRGHEDVHVPHQRU TXHQRKRUL]RQWH%± QRUPDOPHQWHGHDOWDIHUWLOLGDGH
5LR-DUGLP7$%
$%DFLDGR5LR-DUGLPpDSULQFLSDOWULEXWiULDGDPDUJHPGLUHLWDGR5LR3UHWRSHUWHQFHQWH
j %DFLD GR 6mR )UDQFLVFR 6HJXQGR 5HDWWR HW DO D SDUWLU GH PDSHDPHQWR
VHPLGHWDOKDGRHPHVFDODDV0DWDVGH*DOHULDGDUHJLmRVmRFODVVLILFDGDVHPQmR
LQXQGiYHLV H LGHQWLILFDVH EDVLFDPHQWH D RFRUUrQFLD GRV $UJLVVRORV 9HUPHOKR $9
3RG]yOLFRV9HUPHOKR(VFXURGLVWUyILFRFRPRFRUUrQFLD GHFRUUHVSRQGHQWHD
.P$UJLVVRORV9HUPHOKR$PDUHOR3RG]yOLFR9HUPHOKR$PDUHORD.P
H *OHLVVROR 0HOkQLFR *0 *OHL +~PLFR D .P 2V VRORV $9 H *0 VmR
iOLFRVFRPYDORUHVPpGLRVHVDWXUDomRSRUDOXPtQLRHPWRUQRGH
0DUWLQV HW DO GHWDOKDUDP D HVSHFLILFDomR GRV VRORV GD UHJLmR TXDQWR DV VXDV
PDUJHQV1DPDUJHPGLUHLWDGRVGLYHUVRVWULEXWiULRVGDEDFLDGRPLQDPUDPSDVOLQHDUHV
RQGH VH HQFRQWUDP /DWRVVRORV TXH WUDQVLFLRQDPSDUD$UJLVVRORV 3RG]yOLFR H *OHLVVRORV
6RORV+LGURPyUILFRVDRORQJRGDVGUHQDJHQV1DPDUJHPHVTXHUGDDGHFOLYLGDGHpPDLV
DFHQWXDGD H R UHOHYR PDLV PRYLPHQWDGR DSUHVHQWDQGR VRORV UDVRV HVSHFLDOPHQWH
&DPELVVRORVFRQFUHFLRQiULRVRXPHVPR$UJLVVRORV7DOVLPHWULDGHGUHQDJHPVHJXQGRRV
DXWRUHV FRQGLFLRQD DV IRUPDV GH XVR GH VROR YLVWR TXH RV VRORV PDLV HVSHVVRV VmR
RFXSDGRV SULQFLSDOPHQWH SHOD DJULFXOWXUD DQXDO H LUULJDGD HQTXDQWR RV PDLV UDVRV SHODV
SDVWDJHQVHPVXDPDLRULDGHJUDGDGDV'HVVHPRGRRVSURSULHWiULRVGDPDUJHPHVTXHUGD
GD EDFLD XWLOL]DP FRP PDLRU LQWHQVLGDGH D iUHD GDV 0DWDV GH *DOHULD SURPRYHQGR
FRQWtQXR GHVPDWDPHQWR H GHJUDGDomR GLUHWD GHVWD ILVLRQRPLD $OpP GLVVR D DJULFXOWXUD
LUULJDGDHLQWHQVLYDGHJUDGDGHIRUPDLQGLUHWDHVVDIRUPDomRTXDQGRGLPLQXLRVUHFXUVRV
KtGULFRVHDXPHQWDD VHGLPHQWDomRQRVFDQDLVGHGUHQDJHP
1R5LR-DUGLPDVSURSULHGDGHVVmRGHWDPDQKRPpGLRGHKDFRQFHQWUDQGRDWLYLGDGHV
GH SURGXomR GH JUmRV H GH SHFXiULD PLVWD RX GH OHLWH $V iUHDV GH 0DWDV GH *DOHULD
FRPSUHHQGHPHPPpGLDKDSRUSURSULHGDGH 7DEHOD7RGDVFRP DOJXPWLSRGH
LPSDFWRVHMDSHODUHWLUDGDWRWDORXSDUFLDOGDViUYRUHVSHODSUHVHQoDGHJDGRHGHRXWUDV
FULDo}HV SDVWDQGR QR ORFDO H SHOD SUHVHQoD GH JUDPtQHDV LQYDVRUDV 'DV SURSULHGDGHV
PRQLWRUDGDV DV JUDPtQHDV H[yWLFDV PDLV FRPXQV VmR %UDTXLiULD %UDFKLDULD VSS
&DSLPDQGURSyJRQ $QGURSRJRQ JD\DQXV .XQWK &DSLPJRUGXUD 0HOLQLV PLQXWLIORUD
%HDXY (VWLORVDQWHV 6W\ORVDQWKHV VS H &DSLPHOHIDQWH 3HQQLVHWXP SXUSXUHXP .
6FKXPDFKQDSURSRUomRGHUHVSHFWLYDPHQWH
$UHJLmRGR-DUGLPIRLjiUHDRQGHRFRUUHXRPDLRUQ~PHURGHSODQWLRV2VSURSULHWiULRV
TXHL[DYDPVH GD GLPLQXLomR GR QtYHO GR ULR H SULQFLSDOPHQWH DTXHOHV TXH PRUDYDP QDV
VXDVSURSULHGDGHVGHPRQVWUDUDPUHDOLQWHUHVVHQRSURJUDPDGHUHFXSHUDomR (QWUHWDQWRR
WUDEDOKR GH PRELOL]DomR IRL SUHMXGLFDGR SHOR IDWR GH JUDQGH SDUWH GRV SURGXWRUHV QmR
PRUDUHP QDV SURSULHGDGHV RX WHUHP DUUHQGDGR DV WHUUDV D WHUFHLURV R TXH GLILFXOWRX R
DFRPSDQKDPHQWRHFXLGDGRPDLVLQWHQVRGRVSODQWLRV
&yUUHJR%XULWL9HUPHOKR%95
2&yUUHJR%XULWL9HUPHOKRpWULEXWiULRGR5LR3UHWRHDVWUH]HSURSULHGDGHVPRQLWRUDGDV
SRVVXHP XPD iUHD PpGLD GH KD H WrP D ROHULFXOWXUD H D IUXWLFXOWXUD FRPR SULQFLSDLV
DWLYLGDGHV$ViUHDVGH0DWDVGH*DOHULDFRPSUHHQGHPHPPpGLD KDSRUSURSULHGDGH
7DEHOD2VIUDJPHQWRVUHPDQHVFHQWHVDSUHVHQWDPHPPpGLDDSHQDVPGHODUJXUD
VRE *OHLVVRORV 6RORV +LGURPyUILFRV RX /DWRVVRORV 9HUPHOKR H HQFRQWUDPVH DOWHUDGRV
SHOD SUHVHQoD GDV VHJXLQWHV JUDPtQHDV H[yWLFDV %UDTXLiULD %UDFKLDULD VSS &DSLP
JRUGXUD 0HOLQLV PLQXWLIORUD %HDXY &DSLPHOHIDQWH 3HQQLVHWXP SXUSXUHXP .
6FKXPDFK H (VWLORVDQWHV 6W\ORVDQWKHV VS QD SURSRUomR GH UHVSHFWLYDPHQWH
21~FOHR5XUDOGR%XULWL9HUPHOKRLQLFLDOPHQWHQmRID]LD SDUWHGRSURMHWRHQWUHWDQWRRV
SURGXWRUHV GHYLGR j HVFDVVH] GH iJXD SDUD LUULJDomR GH VXDV FXOWXUDV SURFXUDUDP D
(PEUDSD SRU PHLR GR HVFULWyULR ORFDO GD (PDWHU') VROLFLWDQGR TXH RV LQFOXtVVHP QDV
DWLYLGDGHV GH UHFXSHUDomR DPELHQWDO 'HSRLV GD LQFOXVmR GD iUHD QR VXESURMHWR WRGRV RV
SURGXWRUHV HQYROYHUDPVH QR SURFHVVR SDUWLFLSDQGR GDV SDOHVWUDV H FXUVRV RIHUHFLGRV
IDFLOLWDQGRDVDWLYLGDGHVGHH[WHQVmRHDJLQGRDWLYDPHQWHQRVSODQWLRVGHUHFXSHUDomRGDV
0DWDVGH*DOHULDHPVXDVSURSULHGDGHV
&yUUHJRV2ODULDHËQGLRV%5=
$%DFLDGR&yUUHJR2ODULDHGR&yUUHJRGRVËQGLRVpWULEXWiULDGR5LR'HVFREHUWR5HDWWR
HWDOPDSHDUDPHVVDEDFLDHPHVFDODHLGHQWLILFDUDPTXHDVFODVVHV
GHVRORVmRUHSUHVHQWDGDV EDVLFDPHQWH SRU *OHLVVROR0HOkQLFR *0 *OHL +~PLFRFRP
RFRUUrQFLDGHGDiUHDGDEDFLDUHSUHVHQWDQGRNPSRU*OHLVVROR+iSOLFR *;
*OHL 3RXFR +~PLFR FRP 1HRVVROR )O~YLFR 6RORV $OXYLDLV R $UJLVVROR
9HUPHOKR$PDUHOR3RG]yOLFR9HUPHOKR$PDUHORFRPNPHR&DPELVVROR
FRPNP
1RV &yUUHJRV 2ODULD H ËQGLR DV SURSULHGDGHV SRVVXHP WDPDQKR PpGLD GH KD H WrP D
ROHULFXOWXUDHDIUXWLFXOWXUDFRPRVXDVSULQFLSDLVDWLYLGDGHVHFRQ{PLFDV$ViUHDVGH0DWDV
GH *DOHULD DSUHVHQWDP IUDJPHQWRV FRP KD HP PpGLD SRU SURSULHGDGH 7DEHOD (PDOJXPDVSURSULHGDGHVRVIUDJPHQWRVQmRFKHJDPQHPDPGHODUJXUDHH[LVWHDOWD
RFRUUrQFLDGHJUDPtQHDVH[yWLFDVWDLVFRPR%UDTXLiULD%UDFKLDULDVSS &DSLPJRUGXUD
0HOLQLV PLQXWLIORUD %HDXY &DSLPHOHIDQWH 3HQQLVHWXP SXUSXUHXP . 6FKXPDFK H
(VWLORVDQWHV6W\ORVDQWKHVVSS QDSURSRUomRGHUHVSHFWLYDPHQWH
2WUDEDOKRGHHQYROYLPHQWRGRVSURGXWRUHVQHVWDORFDOLGDGHIRLIDYRUHFLGRSHORDSRLRGR
SURGXWRU GD iUHD %5= TXH DX[LOLRX D (PDWHU QD RUJDQL]DomR GDV UHXQL}HV 2 IDWR GD
PDLRULD GRV SURGXWRUHV PRUDUHP HP VXDV iUHDV IH] FRP TXH HVVHV VH HPSHQKDVVHP QRV
FXLGDGRVFRPRVSODQWLRV
7DEHOD 6LWXDomRGDV0DWDVGH*DOHULDQDVGLIHUHQWHVORFDOLGDGHV
/RFDOLGDGH
5LR&yUUHJR
%XULWL9HUPHOKR%95
&yUUHJR%XULWL9HUPHOKR
%UD]OkQGLD%5=
&yUUHJRV2ODULDHGRVËQGLRV
7DEDWLQJD 7$%
5LR-DUGLP
)RUPRVD )6$
5LR%DQGHLULQKD
3ODQDOWLQD 60/
&yUUHJR6REUDGLQKR
7RWDO
$PSOLDGRGH6DQWRVHWDO 1žGH
SURSULHGDGHV
YLVLWDGDV
ÈUHDPpGLDGDV
ÈUHDPpGLD
SURSULHGDGHV
GHJUDGDGDKD
KD
ÈUHDGHPDWD
GHJUDGDGD
ÈUHDPpGLDGH
PDWDKD
1žGH
SURSULHGDGHV
SODQWDGDV
1žGH
SURSULHGDGHV
PRQLWRUDGDV
5LR%DQGHLULQKD)6$
2 5LR %DQGHLULQKD p WULEXWiULR GR 5LR 3UHWR 1HVWDVEDFLDV DV SURSULHGDGHV VmR JUDQGHV
DFLPDGHKDHWrPFRPRDWLYLGDGHSULQFLSDOjSHFXiULDGHFRUWHHDSURGXomRGHJUmRV
$V0DWDVGH*DOHULDFRPSUHHQGHPXPDiUHDPpGLDGHKDSRUSURSULHGDGH7DEHOD
$VWUrVSURSULHGDGHVPRQLWRUDGDVDSUHVHQWDPVHVREVRORV+LGURPyUILFRVFRPDOJXPWLSR
GH LPSDFWR VHMD SHOD UHWLUDGD GH WRGDV RX DOJXPDV iUYRUHV SHOD SUHVHQoD GR JDGR H GH
RXWURV DQLPDLV SDVWDQGR QR ORFDO H SHOD SUHVHQoD GH JUDPtQHDV LQYDVRUDV $V JUDPtQHDV
H[yWLFDV PDLV FRPXQV VmR R &DSLPDQGURSyJRQ $QGURSRJRQ JD\DQXV .XQWK H D
%UDTXLiULD%UDFKLDULDVSS
$PRWLYDomRHRHQYROYLPHQWRQRVSODQWLRVOHYDUDPRVSURGXWRUHVDFULDUHPD³$VVRFLDomR
GRV3URGXWRUHVGR&yUUHJR%DQGHLULQKD´$DVVRFLDomRWHYHFRPRREMHWLYRXQLUIRUoDVSDUD
DOFDQoDUHPUHSUHVHQWDWLYLGDGHSROtWLFDHPLQLFLDWLYDVFRPRDUHDORFDomRGDVHVWUDGDVUXUDLV
HRHQYROYLPHQWRGRyUJmRUHVSRQViYHOSHODFDSWDomRGHiJXDQDVTXHVW}HVGHFRQVHUYDomR
H UHFXSHUDomR DPELHQWDO GD PLFUREDFLD 'XUDQWH R PRQLWRUDPHQWR GDV SURSULHGDGHV HP
FRQVWDWRXVHTXHDDVVRFLDomRFRQWLQXDYDHPSOHQRIXQFLRQDPHQWR
&yUUHJR6REUDGLQKR60/
2 &yUUHJR 6REUDGLQKR p WULEXWiULR GR 5LR 3UHWR (VVD EDFLD FRPSUHHQGH DSHQDV XPD
SURSULHGDGH60/TXHIRLGLYLGLGDHPVXEiUHDVQXPWRWDOGHKD SODQWDGRVVRE
VRORV /DWRVVROR 9HUPHOKR 6RX]D 2 SURSULHWiULR SURFXURX D (PEUDSD SDUD REWHU
LQIRUPDo}HV VREUH SODQWLRV GH UHFXSHUDomR H IRL FRQYLGDGR D SDUWLFLSDU GR VXESURMHWR
FRQVWLWXLQGRVHHVVDFRPRDSULPHLUDiUHDDVHUSODQWDGDHPWRGRRSURJUDPD
$ VXEiUHD FRPSUHHQGH D SULPHLUD SRUomR GR WHUUHQR QR VHQWLGR 2HVWH /HVWH H
RFRUUHUDP WUDWRV FXOWXUDLV SyVSODQWLR $SUHVHQWD DSHQDV P GH ODUJXUD GH YHJHWDomR
UHPDQHVFHQWH QDVPDUJHQV GR FyUUHJR 3DUD R SODQWLR KRXYH JUDGHDPHQWR H FRUUHomR GR
VRORFRPDSOLFDomRGHFDOFiULRWRQKD$SUR[LPDGDPHQWHXPDQRGRSODQWLRUHDOL]RX
VH D LQWURGXomR GDV VHJXLQWHV HVSpFLHV JUDPD (VPHUDOGD =R\VLD MDSRQLFD 6WHXG
-DSRQHVD =R\]XD PDWUHOOD 6WHXG %DWDWDLV 3DVSDOXP QRWDWXP )OXJJH H REVHUYRXVH
UHJHQHUDomRGHDVVDSHL[H 9HUQRQLDVS
1D VXEiUHD D YHJHWDomR UHPDQHVFHQWH p LQH[LVWHQWH GHYLGR j HURVmR QD PDUJHP GR
FyUUHJR HQWUHWDQWR D iUHD IRL WRPDGD SRU %UDTXLiULD %UDFKLDULD GHFXPEHQV 7DPEpP
QHVVHORFDOSURFHGHXD DSOLFDomRGHFDOFiULR WRQKDSDUDFRUUHomRGR VRORSRUpPQmR
KRXYH LQFRUSRUDomR /RJR GHSRLV GR SODQWLR R SURSULHWiULR UHDOL]RX DWLYLGDGHV DJUtFRODV
FRPR SODQWLR LQWHUFDODU GH PLOKR H DURHLUD 0\UDFURGXRQ XUXQGHXYD )U $OOHP FRPR
WDPEpPRUHSODQWLRGDVHVSpFLHVTXHPRUUHUDP
$V VXEiUHDV H DSUHVHQWDP YHJHWDomR UHPDQHVFHQWH FRP DSUR[LPDGDPHQWH P GH
ODUJXUDDSDUWLUGDPDUJHPGRULEHLUmRSRUWRGDDH[WHQVmRGHVWDV$VXEiUHDHQFRQWUDYD
VH GHJUDGDGD FRP RFRUUrQFLD GH UHJHQHUDomR GH 9HUQRQLD VS $VVDSHL[H H %UDTXLiULD
%UDFKLDULD GHFXPEHQV $ VXEiUHD DSUHVHQWDYDVH FREHUWD SRU %UDTXLiULD %UDFKLDULD
GHFXPEHQVQmRGHJUDGDGDSRUWHUVLGRFXOWLYDGDSRXFRVPHVHVDQWHVGRSODQWLRHVWDQGR
FRPSOHWDPHQWH GHVHQYROYLGD H FREULQGR LJXDOPHQWH WRGR R VROR $PEDV DV iUHDV IRUDP
FHUFDGDVHQmRKRXYHWUDWRVFXOWXUDLVSyVSODQWLR
/(9$17$0(172'('$'26
23ODQWLR
$V iUHDV DRV SODQWLRV GH UHFXSHUDomR GH 0DWDV GH *DOHULD IRUDP HVFROKLGDV D SDUWLU GR
WDPDQKRH GR WLSR GH DWLYLGDGHDJURSHFXiULD SUHGRPLQDQWH QD ORFDOLGDGH )RQVHFD HW DO
2VSODQWLRVRFRUUHUDPQRLQtFLRGRSHUtRGRGHFKXYDVHQWUHRVPHVHVGHRXWXEURH
GH]HPEUR GRV DQRV GH H 2 PRGHOREiVLFR XWLOL]DGRIRL R VXFHVVLRQDOFRP DV
SODQWDVGLVSRVWDVHPDQpLVKH[DJRQDLVFRPHHVSpFLHVQRVHVSDoDPHQWRGH
[RX[PFRQIRUPH)RQVHFDHWDO 1HVVHPRGHOR)LJXUDDVHVSpFLHV
VmRFRORFDGDVVLVWHPDWLFDPHQWHQRYpUWLFHHQRFHQWURGHFDGDKH[iJRQRVHJXQGRRJUXSR
VXFHVVLRQDOPDQWHQGRFRQVWDQWHVXDSRVLomRHPUHODomRjRXWUDDRORQJRGDiUHDSODQWDGD
)RQVHFDHWDO 6
‡
3
‡
3
‡
3
‡
3
‡
3
‡
3
‡
3
‡
3
‡
3
‡
3
6
‡
&
6
6
&
‡
3
‡
3
‡
3
‡
3
‡
3
‡
6
‡
6
‡
&
‡
6
‡
6
3
‡
‡
6
‡
&
‡
6
‡
6
‡
&
‡
3
‡
3
‡
3
‡
3
‡
3
3
‡
‡
3
‡
3
‡
3
‡
3
‡
3
‡
3
‡
3
‡
3
‡
3
‡
3
6
‡
‡
3
‡
3
‡
3
‡
3
‡
3
‡
6
‡
6
‡
&
‡
6
‡
6
3
‡
‡
6
‡
&
‡
6
‡
6
‡
&
‡
3
‡
3
‡
3
‡
3
‡
3
3
‡
‡
3
‡
3
‡
3
‡
3
‡
3
‡
3
‡
3
‡
3
‡
3
‡
3
6
‡
‡
3
‡
3
‡
3
‡
3
‡
3
‡
6
‡
6
‡
&
‡
6
‡
6
3
‡
‡
6
‡
&
‡
6
‡
6
‡
&
6
‡
3
‡
3
‡
3
‡
3
‡
3
3
‡
‡
‡
‡
‡
‡
)LJXUD 0RGHORGHGLVWULEXLomRGDVPXGDVHPFDPSRSDUDHVSpFLHVSLRQHLUDV3
VHFXQGiULDV6HFOtPD[&HPDQpLVKH[DJRQDLVFRPHVSpFLHV
2VQ~PHURVUHIHUHPDVGLIHUHQWHVHVSpFLHV
(VVD GLVSRVLomR SURSRUFLRQD ERP FRQWUROH GD YDULDomR DPELHQWDO PHOKRU GLVWULEXLomR
HVSDFLDOGRVJUXSRVVXFHVVLRQDLVDOpPGHIDFLOLWDUDLGHQWLILFDomRGDVSODQWDVQRFDPSRQDV
DYDOLDo}HV GH VHXHVWDEHOHFLPHQWR 'HVVD IRUPD SRGHVH FRQKHFHU R FRPSRUWDPHQWR GDV
HVSpFLHV UHODFLRQDGR jV YDULDo}HV HVSDFLDLV VHMD WUDQVYHUVDOPHQWH HRX ORQJLWXGLQDOPHQWH
DR FXUVR G¶iJXD )DVRXODV )DVRXOD 2V HIHLWRV GD DVVRFLDomR GH HVSpFLHV GH
GLIHUHQWHVJUXSRVVXFHVVLRQDLVWDPEpPSRGHPVHUDYDOLDGRVQHVVHPRGHOR)RQVHFDHWDO
$V DOWHUQDWLYDV QD GLVWULEXLomR GDV HVSpFLHV GRV GLIHUHQWHV JUXSRV VXFHVVLRQDLV
SRGHPVHUQXPHURVDVTXDQGRVHXWLOL]DDGLVSRVLomRHPDQpLVKH[DJRQDLV
$SHVDU GH HP WRGRV RV SODQWLRV WHUHP VLGR DGRWDGRV R PRGHOR GH DQpLV KH[DJRQDLV DV
HVSpFLHV QmRVmRDV PHVPDVHP FDGD SURSULHGDGH$ GLVWULEXLomRIRL UHDOL]DGDGH DFRUGR
FRP D GLVSRQLELOLGDGH GDV PXGDV TXH VH WLQKD QD pSRFD GD UHDOL]DomR GR SODQWLR 1R
SULPHLUR DQR IRUDP SODQWDGDV DSUR[LPDGDPHQWH PXGDV KD HP SURSULHGDGHV jV PDUJHQV GR 5LR %DQGHLULQKD HP )RUPRVD*2 5LR -DUGLP H &yUUHJR
6REUDGLQKRQR')(PSODQWDUDPVHDSUR[LPDGDPHQWHPXGDVKDHP
SURSULHGDGHV jV PDUJHQV GR 5LR %DQGHLULQKD HP )RUPRVD*2 H &yUUHJRV %XULWL
9HUPHOKR6REUDGLQKR-DUGLPH2ODULDQR')2XWURVSODQWLRVIRUDPIHLWRVQRV&yUUHJRV
&DSmR]LQKR,SrH5LDFKR)XQGRWRWDOL]DQGRPXGDVHPKD)RQVHFDHWDO 'HSRLVGHVVHVSODQWLRVDYDOLDo}HVGHVREUHYLYrQFLDDOWXUDGDSODQWDHGLkPHWURGRFDXOHD
DOWXUDGRVROR'$6IRUDPIHLWDVGHHPPHVHVQRVSULPHLURVGRLVDQRVGRVXESURMHWR
0RQLWRUDPHQWRGRVSODQWLRVGHSRLVGHHDQRV
$V SURSULHGDGHV IRUDP PRQLWRUDGDV DIHULQGRVH D VREUHYLYrQFLD H R FUHVFLPHQWR HP
DOWXUD GRV LQGLYtGXRV SODQWDGRV $ FLUFXQIHUrQFLD GR FDXOH j DOWXUD GR SHLWR &$3 IRL
PHGLGDQDVSURSULHGDGHVFRPPHOKRUHVtQGLFHVGHHVWDEHOHFLPHQWR
$ DOWXUDIRL DIHULGD FRP UpJXD PLOLPHWUDGD SDUWLQGRVH GR QtYHOGR VROR DWp D SDUWH PDLV
DOWD GD SODQWD $ &$3 PHGLGD D P GR VROR IRL UHDOL]DGR FRP ILWD PpWULFD H VHXV
YDORUHVIRUDPFRQYHUWLGRVHPGLkPHWURGRFDXOHjDOWXUDGRSHLWR'$3
)RUDP DFUHVFHQWDGDV DR WUDEDOKR GH 6RX]D DV WDEHODV GRV YDORUHV PpGLRV GD
VREUHYLYrQFLDFUHVFLPHQWRPpGLRHGHVYLRSDGUmR UHIHUHQWHVDRVDQRV GDVHVSpFLHVQDV
SURSULHGDGHV 60/ H 7$% 7DLV iUHDV GHVWDFDPVH SHOR ERP GHVHQYROYLPHQWR H
IRUDP PRQLWRUDGDV GHVGH R LQtFLR HQFRQWUDQGRVH GLYLGLGDV HP VXEiUHDV GH DFRUGR FRP
GLIHUHQWHV HVWUDWpJLDV GH SODQWLR H WUDWRV FXOWXUDLV DGRWDGRV 1D 60/ DOpP GRV GDGRV
DFLPDWDPEpPVHDIHULXjFLUFXQIHUrQFLDDDOWXUDGRFROR&$&FRQYHUWLGDHPGLkPHWURj
DOWXUDGRFROR'$&
(VWDEHOHFLPHQWRGDVHVSpFLHVUHODomR³VREUHYLYrQFLD[DOWXUD´
2³ERPHVWDEHOHFLPHQWRGDVHVSpFLHV´pDTXLHQWHQGLGRFRPRDUHODomRHQWUH³FUHVFLPHQWR
HP DOWXUD´ H ³VREUHYLYrQFLD GDV HVSpFLHV´ PpGLD RX VHMD TXDQWR PDLRUHV DV WD[DV GH
FUHVFLPHQWRHPDOWXUDHVREUHYLYrQFLDPHOKRUIRLRUHVXOWDGRGRSODQWLR
3DUDHVWDEHOHFHUDUHODomR³VREUHYLYrQFLD[DOWXUD´DVSURSULHGDGHVIRUDPGLVWULEXtGDVHP
XPJUiILFRGHGLVSHUVmRTXDQWRjVPpGLDVGRFRPSRUWDPHQWRGHWRGDVDVHVSpFLHV2IRFR
GD DQiOLVH p XPD YLVmR JHUDO GR HVWDEHOHFLPHQWR QDV iUHDV H QmR GDV HVSpFLHV HP VL
,QGHSHQGHQWH GH XPD HVSpFLH WHU FUHVFLGR PDLV TXH D RXWUD GH PRGR JHUDO REVHUYRXVH
FRPRDPDLRULDGDVHVSpFLHVVHFRPSRUWRXQDViUHDV
'HVVHPRGRIRLSRVVtYHOHVWDEHOHFHUTXDWURJUXSRVGHSURSULHGDGHV
•
PXLWR ERP ,9 DTXHODV SURSULHGDGHV RQGH RV LQGLYtGXRV FUHVFHUDP PXLWR H
•
ERP ,,,SURSULHGDGHVRQGHRVLQGLYtGXRVFUHVFHUDPSRXFRHVREUHYLYHUDPPXLWR
•
UXLP ,,FRQGLomRRQGHRVLQGLYtGXRVFUHVFHUDPPXLWRHVREUHYLYHUDPSRXFRH
•
PXLWRUXLP , SURSULHGDGHVRQGH RV LQGLYtGXRV FUHVFHUDP SRXFRH VREUHYLYHUDP
VREUHYLYHUDPPXLWR
SRXFR
$WULEXtUDPVH YDORUHV GH D SDUD DV SURSULHGDGHV GH DFRUGR FRP VXD ORFDOL]DomR HP
FDGDXPGRVJUXSRV
3URMHomRGHFRSD
$SURMHomRGDFRSD )LJXUDIRL DIHULGDFRP ILWDPpWULFDVHJXQGR%ULVFRHQDV
SURSULHGDGHV RQGH D VREUHYLYrQFLD IRL PDLRU TXH H VRPHQWH QRV LQGLYtGXRV TXH
KDYLDPDOFDQoDGRSHORPHQRVPGHDOWXUD&$3LJXDORXVXSHULRUDFPRX'$3GH
FP RX VXSHULRU (VVD UD]mR IRL HVWDEHOHFLGD FRP R LQWXLWR GH FRQKHFHU PHOKRU D
HVWUXWXUDGHVVHVLQGLYtGXRVDUEyUHRVHPFDPSRSRLVQHPVHPSUHRFUHVFLPHQWRHPDOWXUD
UHSUHVHQWD ERD IRUPDomR GH FRSD 2EVHUYDQGR GHVVH PRGR VH RV LQGLYtGXRV TXH
DSUHVHQWDP UiSLGR FUHVFLPHQWR HP DOWXUD WDPEpP SRGHP VHU LQGLFDGRV FRPR HVSpFLHV
VRPEUHDGRUDV $V PHOKRUHV iUHDV HQJOREDUDP SURSULHGDGHV FXMDV FDUDFWHUtVWLFDV GRV
SODQWLRVHFXLGDGRVGRVSURSULHWiULRVSHUPLWLUmRXPDFRPSDQKDPHQWRIXWXUR
)LJXUD 0HGLGDGHSURMHomRGDFRSD
5HJHQHUDomRQDWXUDO
1DV SURSULHGDGHV PRQLWRUDGDV WDPEpP IRUDP OLVWDGDV WRGDV DV HVSpFLHV TXH VH
HQFRQWUDYDPUHJHQHUDQGRQDiUHDGRSODQWLRLQGHSHQGHQWHGRVHXWDPDQKR$SHVDUGHQmR
WHU VLGR UHDOL]DGR XP OHYDQWDPHQWR VLVWHPiWLFR QHP FROHWD GH PDWHULDO ERWkQLFR SDUD
SRVWHULRULGHQWLILFDomRHP+HUEiULRHVVDOLVWDJHPFRQVWLWXLXPLQGLFDWLYRGDGLQkPLFDHGR
UHFUXWDPHQWRGHQRYRVLQGLYtGXRVSRWHQFLDLVSDUDDUHFXSHUDomRGHVVDViUHDV
(ODERUDomRHDSOLFDomRGRTXHVWLRQiULR
1DLPSODQWDomRGRVXESURMHWR³&RQVHUYDomRHUHFXSHUDomRGDELRGLYHUVLGDGHGDV0DWDVGH
*DOHULDGRELRPD&HUUDGR´5LEHLURHWDODHTXLSHGHVRFLRHFRQRPLDUHDOL]RXXPD
FDUDFWHUL]DomR GDV FRPXQLGDGHV HQYROYLGDV QRV SODQWLRV D SDUWLU GD DSOLFDomR GH XP
TXHVWLRQiULR DPRVWUDO HP TXH DSHQDV DOJXQV SURGXWRUHV UHVSRQGHUDP DR SULPHLUR
TXHVWLRQiULR6DQWRVHWDO
1HVWDGLVVHUWDomRRTXHVWLRQiULRVHJXLXRPRGHORSURSRVWRSRU'LWWFXMRREMHWLYR
IRL LGHQWLILFDU D LPSUHVVmR GD FRPXQLGDGH VREUH R SURMHWR HYLGHQFLDQGR RV SRQWRV
SRVLWLYRVQHJDWLYRVDVFUtWLFDVHVXJHVW}HV$GRWRXVHRPRGHORVHPLHVWUXWXUDGRSRUTXH
DVSHUJXQWDVDOpPGHSHUPLWLUHPDWULEXLo}HVGHYDORUHVQXPpULFDVjVUHVSRVWDVSHUPLWLUDP
DH[SRVLomRGHRSLQL}HVHGHSRLPHQWRVSRUSDUWHGRVHQWUHYLVWDGRV$QH[R$
$V TXHVW}HV HODERUDGDV SHOD HTXLSH GH VRFLRHFRQRPLD QR TXH VH UHIHUH j FDUDFWHUL]DomR
GHVVDV FRPXQLGDGHV IRUDP UHSHWLGDV SDUD REVHUYDU VH KRXYH PXGDQoDV QD VLWXDomR GRV
SURSULHWiULRV H SDUD TXH WRGRV WLYHVVHP VHXV GDGRV DUPD]HQDGRV QR EDQFR GH GDGRV GR
VXESURMHWR$OJXPDVGHVWDVTXHVW}HVQmRIRUDPDQDOLVDGDVQHVWHHVWXGR
2 GLIHUHQFLDO GR HVWXGR IRL LQFOXLU DR TXHVWLRQiULR TXHVW}HV UHODFLRQDGDV DRV WUDWRV
FXOWXUDLVSRUH[HPSORFRURDPHQWRHFRPEDWHjIRUPLJDFXSLQVQDWHQWDWLYDGHLGHQWLILFDU
TXDLVSURFHGLPHQWRVWpFQLFRVIRUDPRXQmRH[HFXWDGRVSHORVSURSULHWiULRV$OpPGLVVRDV
SHUJXQWDV YLVDUDP D HVWDEHOHFHU XPD UHODomR HQWUH D SRVWXUD DGRWDGD SHORV SURSULHWiULRV
TXH SDUWLFLSDUDP GDV DWLYLGDGHV GH HQYROYLPHQWR H D (GXFDomR $PELHQWDO H R
GHVHQYROYLPHQWRGDVHVSpFLHVHPFDGDSURSULHGDGH
2TXHVWLRQiULRDVVLPTXHHODERUDGRIRLWHVWDGRHP7DEDWLQJDQDVSURSULHGDGHVRQGHRV
SODQWLRV QmR IRUDP VLVWHPDWLFDPHQWH LPSODQWDGRV $MXVWHV IRUDP IHLWRV H HP VHJXLGD
SURFHGHXVH j HQWUHYLVWD FRP RV GRQRV GDV SURSULHGDGHV RQGH RFRUUHP RV SODQWLRV GH
UHFXSHUDomRGDV0DWDVGH*DOHULDQRDQRGHH&RPRREMHWLYRGHPLQLPL]DUR
YLpVDGYLQGRGRFRQWDWRGDSHVTXLVDGRUDFRPRVSURSULHWiULRVDOXQRVGRFXUVRGH&LrQFLDV
)ORUHVWDLVGD8Q%IRUDPGHYLGDPHQWHWUHLQDGRVHRULHQWDGRVSDUDSURFHGHUWDLVHQWUHYLVWDV
3ULPHLUDPHQWH D SURSULHGDGH HUD YLVLWDGD H PDUFDYDVH FRP R SURSULHWiULR R PHOKRU GLD
SDUD SURFHGHU DR PRQLWRUDPHQWR 1HVVH SULPHLUR FRQWDWR H QDV GHPDLV YLVLWDV SDUD R
PRQLWRUDPHQWR HP JHUDO RV SURSULHWiULRV DFRPSDQKDYDPR WUDEDOKR H QHVVH FRQWH[WR DV
SHUJXQWDV FRP UHODomR DR SURJUDPD GH UHFXSHUDomR HUDP IHLWDV LQIRUPDOPHQWH SHOD
SHVTXLVDGRUD$VRSLQL}HVSUpYLDVHUDPDQRWDGDVHVRPHQWHDRILQDOGRPRQLWRUDPHQWRRX
TXDQGR RV SURGXWRUHV WLQKDP GLVSRQLELOLGDGH GH WHPSR RV DOXQRV LDP D SURSULHGDGH H
DSOLFDYDP RV TXHVWLRQiULRV 'XUDQWH D WDEXODomR GRV TXHVWLRQiULRV IRUDP FRPSDUDGDV jV
UHVSRVWDVGDGDVLQIRUPDOPHQWHFRPDVUHVSRQGLGDVDRVDOXQRVTXHIL]HUDPDVHQWUHYLVWDV
2 TXHVWLRQiULR IRL DSOLFDGR HP SURSULHWiULRV LVVR SRUTXH QmRIRUDP FRQVLGHUDGDVQDV
HQWUHYLVWDVDTXHODVSURSULHGDGHVTXHIRUDPYHQGLGDVGHSRLVGRSODQWLRTXHRVGRQRVQmR
TXLVHUDP UHVSRQGHU DR TXHVWLRQiULR RX TXH IRUDP DUUHQGDGDV H RV GRQRV UDUDPHQWH
HQFRQWUDYDPVH QD SURSULHGDGH 7DEHOD $V SHUJXQWDV GHSRLV GH WDEXODGDV IRUDP
VXEVtGLRSDUDDVDQiOLVHVGHDWLWXGHHGDIXQomRUHFXSHUDomRFRPRVHUmRGHVFULWDVDVHJXLU
7DEHOD 1~PHURGHSURSULHWiULRVTXHUHVSRQGHUDPDRVTXHVWLRQiULRVHPFDGDORFDOLGDGH
/RFDOLGDGH
5LR&yUUHJR
3URSULHGDGHV
PRQLWRUDGDV
3URSULHGDGHV
YHQGLGDV
3URSULHGDGHV
DUUHQGDGDV
7DEDWLQJD
5LR-DUGLP
6REUDGLQKR
&yUUHJR6REUDGLQKR
%XULWL9HUPHOKR
&yUUHJR%XULWL9HUPHOKR
%UD]OkQGLD
&yUUHJRV2ODULDH&yUUHJR
GRVËQGLRV
)RUPRVD
5LR%DQGHLULQKD
7RWDO
3URSULHGDGHV
3URSULHWiULRV
SRVVtYHLVGH 1mRTXLVHUHP
QmR
VHUHP
UHVSRQGHU
HQFRQWUDGRV
HQWUHYLVWDGDV
3URSULHWiULRV
HQWUHYLVWDGRV
(QWUHYLVWDGRV
0pGLDWRWDO
$1È/,6('26'$'26
$VSHFWRV7pFQLFRELROyJLFRVGD5HFXSHUDomR
$VYDULiYHLVVREUHYLYrQFLDDOWXUDGLkPHWURjDOWXUDGRFROR'$&GLkPHWURjDOWXUDGR
SHLWR '$3 IRUDP DQDOLVDGDV D SDUWLU GH HVWDWtVWLFD GHVFULWLYD 3LPHQWHO *RPHV 3ULPHLUDPHQWHDYDOLRXVHDVREUHYLYrQFLDPpGLDHPWRGDVDVSURSULHGDGHV6HJXLGDPHQWH
DQDOLVRXVH D VREUHYLYrQFLD H D DOWXUD GH WRGDV DV HVSpFLHV GLYLGLGDV SHOR DQR GH SODQWLR
HSHODFDUDFWHUtVWLFDHFROyJLFDQDWLYDRXH[yWLFDjUHJLmRGRELRPD&HUUDGR
$VHVSpFLHVIRUDPDYDOLDGDVDLQGDTXDQWRDRUHFLSLHQWHWXEHWHHVDFRGHSROLHWLOHQRHP
DPERVRVDQRVGHSODQWLR
'HYLGR D JUDQGH YDULDomR GRV GDGRV VHMD SHOR SHUtRGR GH SODQWLR SHOD GLIHUHQoD QD
GLVSRVLomR GDV PXGDV QR FDPSR RX SHORV WUDWRV FXOWXUDLV UHDOL]DGRV RX QmR SHORV
SURSULHWiULRVRSWRXVHSRUUHDOL]DDDQiOLVHHVWDWtVWLFDGHVFULWLYDGRVGDGRV8PDHVWDWtVWLFD
SDUDPpWULFD PHVPR WUDQVIRUPDQGR RV GDGRV FDXVDULD XPD GLVWRUomR GHVVHV QmR VHQGR
VLJQLILFDWLYDQDH[SOLFDomRGHVXDYDULDomR
(P WRGDV DV DQiOLVHV FLWDGDV DQWHULRUPHQWH RV UHVXOWDGRV IRUDP H[SUHVVRV HP WDEHODV
FRQWHQGR Q~PHUR GH LQGLYtGXRV SODQWDGRV Q~PHUR GH LQGLYtGXRV YLYRV VREUHYLYrQFLD
PpGLDQRSHUtRGRPpGLDHGHVYLRSDGUmRGDDOWXUDHGRGLkPHWUR
$VHVSpFLHVFRPEDL[RGHVHQYROYLPHQWRIRUDPDYDOLDGDVTXDQWRjVREUHYLYrQFLDHDDOWXUD
-iDVPHOKRUHVHVSpFLHVIRUDPDYDOLDGDVTXDQWRjVREUHYLYrQFLDDOWXUD'$3HSURMHomRGH
FRSD H VHXV UHVXOWDGRV H[SUHVVRV HP WDEHODV GHPRQVWUDWLYDV H JUiILFDV GH GLVSHUVmR QRV
UHVSHFWLYRV DQRV GH SODQWLR ( SRU ILP SURFHGHXVH j OLVWDJHP GDV HVSpFLHV TXH IRUDP
REVHUYDGDVUHJHQHUDQGRQDWXUDOPHQWHHPFDGDSURSULHGDGH
$VSHFWRV6RFLRHFRQ{PLFRVGD5HFXSHUDomR
&RQVLGHURXVH SDUD HVVD DQiOLVH SURSULHGDGHV RQGH RV SURSULHWiULRV UHVSRQGHUDP
DRVTXHVWLRQiULRVHRXWUDVSHORVERQVUHVXOWDGRVHPVREUHYLYrQFLDHDOWXUD$VUHVSRVWDV
DGYLQGDVGRTXHVWLRQiULRHUDPIXQGDPHQWDLVSDUDDUHDOL]DomRGHVWDVDQiOLVHVSRULVVRRV
GDGRV UHODFLRQDGRV D HVVDV VHLV SURSULHGDGHV IRUDP UHWLUDGRV GRV SULPHLURV TXHVWLRQiULRV
DSOLFDGRVQDViUHDVTXDQGRGRLQtFLRGRVXESURMHWR6DQWRVHWDO
$VLQIRUPDo}HVTXDOLWDWLYDVHTXDQWLWDWLYDVGRVTXHVWLRQiULRVIRUDP DYDOLDGDVSURFXUDQGR
VHHVWDEHOHFHUXPDUHODomRHQWUHDVTXHVW}HVOHYDQWDGDVHDDWLWXGHGRVLQGLYtGXRVGLDQWHGR
REMHWRVRFLDOHPHVWXGR6FKHDIIHUHWDO&KL]]RWWL3HWU]HONDHWDO'LWW
3HUHLUD
2VDWULEXWRVTXDOLWDWLYRVSRGHPUHFHEHUUyWXORVQXPpULFRVGHILQLGRVSHORSHVTXLVDGRUTXH
DSRLDGRHPVHXFRQKHFLPHQWRGRREMHWRHVWDEHOHFHSUHPLVVDVGHUHODomR3HUHLUD
1HVVH FDVR D YDULiYHO ³FRPSRUWDPHQWR GH FRQVHUYDomR´ GHILQLGD SRU 0F'RZHOO HW DO
FRPR D DomR SRVLWLYD WRPDGD HP UHODomR D HFRVVLVWHPDV QDWXUDLV IRL XVDGR SDUD
HVVH HVWXGR R WHUPR ³DWLWXGH GH FXLGDGR´ $WULEXtUDPVH YDORUHV QXPpULFRV DV YDULiYHLV
VHOHFLRQDGDVSDUDH[SOLFDUD³DWLWXGHGHFXLGDGR´GRVSURGXWRUHVFRPDV0DWDVGH*DOHULD
HPVXDVSURSULHGDGHV
$VTXHVW}HVIRUDPDJUXSDGDVHPRLWRFDWHJRULDVSDUDIDFLOLWDUDDQiOLVHGDVTXHVW}HVTXH
FRPSXVHUDPRTXHVWLRQiULR7DEHODFRQIRUPHDGRWDGRSRU'LWW
7DEHOD $VVXQWRVDERUGDGRVQRTXHVWLRQiULRGLYLGLGRVHPFDWHJRULDV
&DWHJRULD
$VVXQWR
3HUJXQWDV
% 3URGXomRHUHQGD
7LSRVGHXVRGRVRORQDSURSULHGDGH
5HQGD
H
%XVFDLQIRUPDomRWpFQLFD
$VVLVWHSURJUDPDVUXUDLVQD79
2XYHSURJUDPDVUXUDLVQR5iGLR
H
&RQKHFLPHQWRGDVOHLVGHSURWHomRGDVIORUHVWDV
5HVHUYDOHJDO
H
$ &DUDFWHUL]DomRGD
SURSULHGDGHHSURGXWRU
& 8VRGRV5HFXUVRV1DWXUDLV
' %XVFDGH,QIRUPDo}HV
( &XLGDGRHSUHRFXSDomR
DPELHQWDO
) /HJLVODomR$PELHQWDO
* 3DUWLFLSDomRGR3URMHWRH
&XLGDGRVFRPRSODQWLR
,GDGHGRSURSULHWiULR
'HSHQGHQWHV
(VFRODULGDGH
7HPSRGHYLYrQFLDQD]RQDUXUDO
1~PHURGHSHVVRDVHGHJHUDomRGHIDPtOLD
HQYROYLGDVQDVDWLYLGDGHVGDSURSULHGDGH
&DEHoDOKR
H
$SURYHLWDPHQWRUHQWiYHOGDPDWD
3URSHQVmRDVXEVWLWXLUDPDWD
H
,PSRUWkQFLDGD0DWDQD3URSULHGDGH
(IHLWRVGDDXVrQFLDGDPDWDQDiJXDGRVHXULR
FyUUHJR
H
3DUWLFLSDomRQRSURMHWR
0DQXWHQomRGR3ODQWLRUHDOL]DQGRRVWUDWRV
FXOWXUDLV
'LILFXOGDGHVSDUDDPDQXWHQomRGRSODQWLR
7DEHOD± &RQWLQXDomR
&DWHJRULD
+ 3RQWRGHYLVWRVREUHR
3URMHWR
$GDSWDGR'LWW
$VVXQWR
&RQWULEXLomRQDUHFXSHUDomRGDVPDWDVGDUHJLmR
([SHFWDWLYDVFRPUHODomRDRSODQWLR
,QWHUHVVHHPHQULTXHFHURSODQWLR
,PSRUWkQFLDGDPDWD
,PSRUWkQFLDGRVDQLPDLVVLOYHVWUHV
,PSRUWkQFLDGDiJXD
3URFHGLPHQWRDGHTXDQGRSDUDDPDQXWHQomRGRV
UHFXUVRVKtGULFRV
3DUWLFLSDomRQDVUHXQL}HVSDOHVWUDVGRSURMHWR
2TXHIRLDVVLPLODGRHXWLOL]DGR
3HUJXQWDV
'HVWDVYLQWHHVHWHSHUJXQWDVVHWHIRUDPHODERUDGDVSDUDDYDOLDUHFRPSDUDURVSURGXWRUHV
TXDQWR jV VXD DWLWXGH GH FXLGDGR FRP RV SODQWLRV GH UHFXSHUDomR GH 0DWDV GH *DOHULD
SHUJXQWDV$VVXPHVHTXHDVUHVSRVWDVGHVVDVSHUJXQWDVUHIOHWHP
Do}HVHRXSUHGLVSRVLo}HVHPUHODomRDRFXLGDGRHFRQVHUYDomRGRVSODQWLRVHGDV0DWDV
GH*DOHULD
(VWDV TXHVW}HV EXVFDP LGHQWLILFDU R FRPSRUWDPHQWR GRV SURGXWRUHV TXDQWR DV VHJXLQWHV
TXHVW}HV XVDPVH RX WHP LQWHUHVVH HP XWLOL]DU D iUHD GD PDWD WHQGR YLVmR GH VXD
LPSRUWkQFLD H GD QHFHVVLGDGH GH SURWHomR GHVWDV iUHDV SHUJXQWD GHPRQVWUDVH
UHFRQKHFHU D LPSRUWkQFLD DPELHQWDO GD PDWD DSUHVHQWDQGR FRHUrQFLD FRP D UHVSRVWD
DQWHULRUSHUJXQWDWHPVHQRomRGRVSUREOHPDVDGYLQGRVFRPDUHWLUDGD GDPDWDHVH
D UHVSRVWD p FRHUHQWH FRP DV UHVSRVWDV DQWHULRUHV SHUJXQWD VH D SDUWLFLSDomR QR
SURMHWR VH GHX HP IXQomR GHVVD YLVmR GH FXLGDGR H VH RV PRWLYRV GHPRQVWUDP UHDO
SUHRFXSDomR FRP D TXHVWmR DPELHQWDO SHUJXQWD VH VXDV DWLWXGHV HP UHODomR j PDWD
LQFRUSRUDP D YLVmR GH IXWXUR HVWi DJLQGR GH PRGR TXH VXD PDWD LUi UHDOPHQWH VH
UHVWDEHOHFHU FRP R SDVVDU GR WHPSR SHUJXQWD LPSRUWkQFLD GD PDWD SDUD R
SURSULHWiULR SHUJXQWDDGRomRGHSUiWLFDVFRQVHUYDFLRQLVWDV HPVXDVSURSULHGDGHV
SHUJXQWD$VGHPDLVSHUJXQWDVYLVDYDPDLQYHVWLJDUDRSLQLmRGRVSURGXWRUHVTXDQWR
DRV SODQWLRV EHP FRPR OHYDQWDU RV PRWLYRV GH YDULDomR QD DWLWXGH H FRPSRUWDPHQWR
GHVVHVSURGXWRUHV
&RQYHUWHUDPVHDVUHVSRVWDVGDGDVDVSHUJXQWDVHPGDGRVTXDQWLWDWLYRVREHGHFHQGRVH
jV SUHPLVVDV GH DWULEXLomR GH YDORUHV QXPpULFRV XVDGRV QD ³HVFDOD GH FLQFR SRQWRV GH
/LNHUW´ 7DEHOD 3HOD HVFDOD GH /LNHUW p SRVVtYHO REVHUYDU WUrV SURSULHGDGHV
UHFRQKHFHU D RSRVLomR HQWUH FRQWUiULRV UHFRQKHFHU JUDGLHQWHV H UHFRQKHFHU VLWXDo}HV
LQWHUPHGLiULDV3HUHLUD
3DUDTXHRVID]HQGHLURVSXGHVVHPVHUFRPSDUDGRVUHODWLYDPHQWHDXPDHVFDODGHDWLWXGHV
GH FXLGDGR FULRXVH XP LQGLFDGRU DGLWLYR TXH FRQVLVWH QD VRPD GDV SRQWXDo}HV GDV
UHVSRVWDV UHIHUHQWHV jV VHWH SHUJXQWDV VHOHFLRQDGDV $SHVDU GDV DERUGDJHQV GLVWLQWDV H
HVSHFtILFDVGHFDGDSHUJXQWDpQHFHVViULRTXHHODVPDQWHQKDPXPQtYHOGHFRUUHODomREHP
HVWDEHOHFLGR HQWUH VL SDUD TXH KDMD FRQVLVWrQFLD RX FRQILDELOLGDGH QR LQGLFDGRU 3HUHLUD
(VVDFRQVLVWrQFLDRXFRQILDELOLGDGHIRLDIHULGDSHORDOIDGH&URQEDFK
$QiOLVHGH$JUXSDPHQWR&OXVWHU$QDO\VH RX$QiOLVHGH &OXVWHU
$ DQiOLVH GH DJUXSDPHQWR WHP FRPR SURSyVLWR FODVVLILFDU RV YDORUHV GH XPD PDWUL] GH
GDGRV VRE HVWXGR HP JUXSRV GLVFUHWRV e XWLOL]DGD TXDQGR VH GHVHMD H[SORUDU DV
VLPLODULGDGHVHQWUHLQGLYtGXRVRXHQWUHYDULiYHLVGHILQLQGRRVHPJUXSRV
6HJXQGR 'DYLV RV GLYHUVRV PpWRGRV SDUD DQiOLVH GH DJUXSDPHQWR SRGHP VHU
HQTXDGUDGRV HP TXDWUR WLSRV JHUDLV PpWRGR GH SDUWLomR PpWRGR FRP RULJHP DUELWUiULD
PpWRGR SRU VLPLODULGDGH P~WXD PpWRGRV SRU DJUXSDPHQWRV KLHUiUTXLFRV (VWH HVWXGR
IXQGDPHQWRXVH QR PpWRGR SRU DJUXSDPHQWRV KLHUiUTXLFRV HP TXH D SDUWLU GD PDWUL]
LQLFLDO GH GDGRV REWpPVH XPD PDWUL] VLPpWULFD GH VLPLODULGDGH QHVVH FDVR REWLGD SHOD
PHGLGDGHGLVWkQFLDHXFOLGLDQDHLQLFLDVHDGHWHFomRGHSDUHVGHFDVRVFRP DPDLVDOWD
VLPLODULGDGHRXPDLVEDL[DGLVWkQFLDGHPRGRTXHFDGDFLFORGHDJUXSDPHQWRREHGHoDD
XPDRUGHPVXFHVVLYDQRVHQWLGRGRGHFUpVFLPRGHVLPLODULGDGH4XDQWRPHQRUjGLVWkQFLD
HQWUHDViUHDVWDQWRPDLRUpDVLPLODULGDGHHQWUHHODV
3DUDIRUPDURVDJUXSDPHQWRVIRLDGRWDGRRPpWRGRGHYDULkQFLDPtQLPD RXPpWRGRGH
:DUG¶V 1R PpWRGR GH DJUXSDPHQWR SHOD YDULkQFLD PtQLPD R HQIRTXH p VREUH D
YDULDELOLGDGH TXH H[LVWH GHQWUR GH FDGD FDVR H RV DJUXSDPHQWRV VmR HIHWXDGRV DR VH
GHWHUPLQDU TXH SDUHV GH FDVRV TXDQGR WRPDGRV HP FRQMXQWR DSUHVHQWDP R PHQRU
DFUpVFLPRGHYDULDELOLGDGH1HVVHPpWRGRXPJUXSRpUHXQLGRDRXWURSURSRUFLRQDQGRR
PHQRUDXPHQWR GD YDULkQFLD LQWUDJUXSR $ YDULkQFLD LQWUDJUXSRp FDOFXODGDSDUDWRGDVDV
DOWHUQDWLYDV GH DJORPHUDomR VHQGR UHSUHVHQWDGD QR GHQGURJUDPD DTXHOD TXH PHOKRU
SURSRUFLRQDDPHQRUYDULkQFLD-RQJPDQHWDO9DOHQWLP
$ DQiOLVH GR TXHVWLRQiULR FRQVLVWLX QD FRQVWUXomR GH XPD PDWUL] HXFOLGLDQD HQWUH DV VHWH
TXHVW}HVHODERUDGDV$SDUWLUGDPDWUL]RVGDGRVTXDQWLWDWLYRVUHIHUHQWHVjVUHVSRVWDVGDV
VHWHSHUJXQWDVIRUDPDJUXSDGRVDQiOLVHGH&OXVWHU$UHSUHVHQWDomRJUiILFDGRUHVXOWDGR
ILQDO GRV DJUXSDPHQWRV IRL H[SUHVVD D SDUWLU GH XP GHQGURJUDPD IRUPDGR SHODV
VHPHOKDQoDVHQWUHDVUHVSRVWDVGRVSURGXWRUHV2QtYHOGHDJUXSDPHQWRFRQVLGHUDGRSDUDD
LQWHUSUHWDomRGRGHQGURJUDPDIRLDTXHOHHVWDEHOHFLGRDSDUWLUGRFRUWHQRYDORUPHGLDQR
GRV JUXSRV IRUPDGRV 1HVVH QtYHO R Q~PHUR GH SDUWLo}HV IRUPRX JUXSRV EDVHDGRV QXP
FRQMXQWREiVLFRGHFDUDFWHUtVWLFDVTXHPHOKRURVGLIHUHQFLDUDPHQWUHHOHV$IRUPDomRGH
XP Q~PHUR PDLRU GH JUXSRV HQWUDULD QXP JUDX GH GHWDOKDPHQWR WDO TXH QmR VH ID]LD
QHFHVViULR QHVWH HVWXGR 2 SURJUDPD 6WDWLVWLFD IRL XWLOL]DGR QD FRQIHFomR GRV
GHQGURJUDPDV
ËQGLFHGH&RQILDELOLGDGH$OIDGH&URQEDFK
2 DOID GH &URQEDFK IRL XWLOL]DGR SDUD WHVWDU D FRQILDELOLGDGH GD PDWUL] H GR
LQGLFDGRU DGLWLYR TXDQWLILFDQGR D FRQILDELOLGDGH GRV YDORUHV TXH VXPDUL]DP DV YDULiYHLV
1mR VH WUDWD GH XP WHVWH HVWDWtVWLFR PDV VLP XP FRHILFLHQWH GH FRQVLVWrQFLD RX
FRQILDELOLGDGH GRV GDGRV DQDOLVDGRV 2 DOID EDVHLDVH QD UHODomR HQWUH DV FRYDULkQFLDV H
YDULkQFLDVLQWHUQDVGDVPHGLGDV4XDQWRPDLVDVYDULiYHLVHQWUHDVPHGLGDVGRIHQ{PHQR
VXSHUDU DV YDULDo}HV LQWHUQDV GDV YDULiYHLV LQGLYLGXDLV PHOKRU VHUi R LQGLFDGRU $OpP
GLVVR TXDQWR PDLRU IRU R Q~PHUR GH YDULiYHLV FRPSRQGR R LQGLFDGRU WDQWR PHOKRU HOH
VHUi2FRHILFLHQWHDVVXPHYDORUHVHQWUHHSDUWLQGRGDSUHPLVVDGHTXHDVFRUUHODo}HV
HQWUH RV LWHQV VmR SRVLWLYDV 4XDQWR PDLV SUy[LPR GH PDLRU p D FRQVLVWrQFLD H D
FRQILDELOLGDGHGRLQGLFDGRU3HUHLUD2FiOFXORGR. GH&URQEDFKIRLUHDOL]DGRSHOR
SURJUDPD 6366 GH )UXGH VHJXLQGR LQVWUXo}HV GH *OLHP *OLHP H
6DQWRV
5HJUHVVmR0~OWLSOD
(ILQDOPHQWHFRPRLQWXLWRGHLQYHVWLJDUSRVVtYHLVPRWLYRVTXHDMXGDPDFRPSUHHQGHUDV
YDULDo}HV HQFRQWUDGDV QD DWLWXGH GH FXLGDGR XPD DQiOLVH GH UHJUHVVmR P~OWLSOD IRL
DSOLFDGD $ UHJUHVVmR P~OWLSOD FRQVLVWH HP HODERUDU XP PRGHOR TXH SHUPLWH H[SOLFDU D
PDLRUSDUWHGD YDULDomRGH<RXVHMDGLPLQXLURPi[LPRRHUURGDHVWLPDWLYDeDULJRU
TXDOTXHU DERUGDJHP DQDOtWLFD TXH FRQVLGHUH R FRPSRUWDPHQWR GH PXLWDV YDULiYHLV
VLPXOWDQHDPHQWH 3HUHLUD &RQVLGHURXVH FRPR YDULiYHO GHSHQGHQWH R LQGLFDGRU
DGLWLYR Mi FDOFXODGR H FRPR YDULiYHLV LQGHSHQGHQWHV R QtYHO GH HVFRODULGDGH GR
SURSULHWiULRWHPSRGHPRUDGLDQDSURSULHGDGHGLVSRQLELOLGDGHGHUHFXUVRILQDQFHLURSDUD
LQYHVWLUQRVFXLGDGRVLGDGHHVHEXVFDRXQmRLQIRUPDo}HVVREUHDGRomRGHSUiWLFDVPDLV
VXVWHQWiYHLV
5HFXSHUDomR GH ÈUHDV 'HJUDGDGDV GH 0DWDV GH *DOHULD HP )XQomR GRV
$VSHFWRV7pFQLFRELROyJLFRV$PELHQWDLVH6RFLRHFRQ{PLFRV
1RVHVWXGRVGHHFRVVLVWHPDVRVSHVTXLVDGRUHVHQIUHQWDPXPDPXOWLSOLFLGDGHGHYDULiYHLV
ELyWLFDVHDELyWLFDVOLJDGDVSRUFRPSOH[DUHGHGHLQWHUUHODo}HVTXHUHJHRIXQFLRQDPHQWR
GHVVHV 9DOHQWLP 9LVDQGR D WHVWDU R VXFHVVR GD UHFXSHUDomR QDV iUHDV HVWXGDGDV
DQiOLVHV PXOWLYDULDGDV &OXVWHU $QDO\VHV H 3&2 IRUDP UHDOL]DGDV FRP R REMHWLYR GH
LGHQWLILFDU QRV GLIHUHQWHV DVSHFWRV GD IXQomR GH UHFXSHUDomR HVWXGDGD I UHFXSHUDomR
DTXHOHVTXHPDLVFRQWULEXtUDPSDUDVHXVXFHVVR
2VXFHVVRGDUHFXSHUDomRUHSUHVHQWDGDQDIXQomR IUHFXSHUDomR I DVSHFWRVWpFQLFR
ELROyJLFRV I DVSHFWRV DPELHQWDLV IDVSHFWRV VRFLRHFRQ{PLFRV IRL DQDOLVDGR
DWULEXLQGR YDORUHV HVSHFtILFRV D FDGD XP GHVVHV DVSHFWRV WDPEpP XVDQGR D ³HVFDOD GH
FLQFRSRQWRVGH/LNHUW´3HUHLUD'HVVHPRGRDViUHDVFRPPDLRUHVYDORUHVVHULDP
DTXHODV TXH WLYHUDP PHOKRUHV UHVXOWDGRV HP VREUHYLYrQFLD H DOWXUD QRV SODQWLRV $V
YDULiYHLVFRQVLGHUDGDVQRVGLIHUHQWHVDVSHFWRVSRGHPVHUREVHUYDGDVQDWDEHODDEDL[R
7DEHOD 9DULiYHLVFRQVLGHUDGDVHYDORUHVGDHVFDODGH/LNHUWSDUDFDGDDVSHFWRVGDIXQomRUHFXSHUDomR
(VFDODGH/LNHUW
9DULiYHLV
$VSHFWR7pFQLFR %LROyJLFR
5HODomRVREUHYLYrQFLD[DOWXUD
08,72%20
%20
58,0
&RURDPHQWR
QmRIH] 08,7258,0
IH]VyQRLQtFLR 58,0
ID]DWXDOPHQWH %20
IH]VyQRLQtFLR 58,0
ID]DWXDOPHQWH %20
3UHSDURVROR
$GXEDomR
,UULJDomR
&RPEDWHDIRUPLJD
5RoDJHP
,VRODPHQWRGDiUHD
2FRUUrQFLDIRJR
5HJHQHUDomR
QmRIH]± 58,0
QmRIH] 08,7258,0
QmRIH] 08,7258,0
QmRIH] 08,7258,0
QmRIH] 08,7258,0
QmRIH]± 58,0
VLP± 58,0
DWpVSS± 08,7258,0
VLP %20
IH]VyQRLQtFLR 58,0
IH]VyQRLQtFLR 58,0
IH]VyQRLQtFLR 58,0
VLP %20
ID]DWXDOPHQWH %20
ID] DWXDOPHQWH %20
ID]DWXDOPHQWH %20
$VSHFWR$PELHQWDO
QmR %20
DWpVSS58,0
B
B
B
B
B
B
B
B
B
B
B
DWpVSS%20
$VSHFWR6RFLRHFRQ{PLFR
08,7258,0
B
5HFXUVRILQDQFHLUR
QmR± 58,0
VLP %20
B
B
%XVFDLQIRUPDomR
QmR± 58,0
VLP %20
B
B
$o}HV($
,QIRUPDomRHPFDPSR
2QGHPRUD
1tYHOGHHVFRODULGDGH
,GDGH
*DGRQDiUHD
8VRDWXDOGRVROR
QmR± 58,0
QmR± 58,0
QmRPRUDQDSURSULHGDGH
08,7258,0
IXQGDPHQWDO± %20
PDLVGH± 58,0
VLP± 58,0
QmRXVDSDUDSODQWLR %20
VLP %20
VLP %20
B
B
YDLFRPIUHTXrQFLDD
SURSULHGDGH 58,0
PRUDQDSURSULHGDGH
%20
DWp %20
DWp 08,72%20
PpGLR 08,72%20
QmR %20
ODYRXUD %20
VXSHULRU Ï7,02
B
B
B
B
DWp Ï7,02
B
KRUWLFXOWXUDHRXIUXWLFXOWXUD 08,72%20
)RL FRQVLGHUDGR SUHSDUR GH VROR D DomR GR SURSULHWiULR GH DUDU HRX JUDGHDU R VROR QD
FDPDGD VXSHUILFLDO D FP SDUD UHDOL]DU R SODQWLR RX RV ORFDLV RQGH DV iUHDV DQWHV
HUDPXWLOL]DGDVSDUDFXOWLYRHGHSRLVGHUHWLUDGDGDFXOWXUDRFRUUHUDPRVSODQWLRV
$VHJXLUREVHUYRXVHDUHDOL]DomRGHWUDWRVFXOWXUDLVFRPRFRURDPHQWRXPDFDSLQDQXP
UDLRGHDFPSUy[LPRGDPXGDDGXEDomRTXDQGRGHSRLVGRSODQWLRRSURSULHWiULR
DFUHVFHQWRX SRU FRQWD SUySULD DGXER TXtPLFR QD IyUPXOD 13. RX FDOFiULR
LUULJDomR FRPEDWH j IRUPLJD URoDJHP H LVRODPHQWR GD iUHD SDUD HYLWDU SDVWRUHLR GH
DQLPDLVRXHQWUDGDKXPDQD
1R DVSHFWR UHFXUVR ILQDQFHLUR IRL FRQVLGHUDGR D GLVSRQLELOLGDGH GR SURSULHWiULR SDUD
LQYHVWLU HP WUDWRV FXOWXUDLV H DTXLVLomR GH PXGDV SDUD SODQWLR RX UHSODQWLR $V GHPDLV
YDULiYHLV FRQVLGHUDGDV LQFOXHP D SDUWLFLSDomR GRV SURSULHWiULRV QDV Do}HV GH (GXFDomR
$PELHQWDOGRVXESURMHWRDDWLWXGHGHEXVFDULQIRUPDo}HVWpFQLFDVVREUHRPHLRUXUDOSRU
H[HPSORWpFQLFDVGHFRPRSURGX]LUPDLVHPHOKRULQIRUPDo}HVVREUHDGRomRGHSUiWLFDV
PDLV VXVWHQWiYHLV FRPR SODQWLR GLUHWR SODQWLR FRQVRUFLDGR HWF PRUDU RX QmR QD
SURSULHGDGH JUDX GH HVFRODULGDGH RFRUUrQFLD RX FULDomR GH JDGR QDV SURSULHGDGHVH XVR
DWXDO GR VROR HVWDEHOHFLGR SHOD H[LVWrQFLD GH SODQWLR GH ODYRXUDV HRX KRUWLFXOWXUD HRX
IUXWLFXOWXUD
$QiOLVHGH$JUXSDPHQWR&OXVWHU$QDO\VH RX$QiOLVHGH &OXVWHU
3ULPHLUDPHQWH UHDOL]RXVH XPD DQiOLVH GH DJUXSDPHQWR FRP R REMHWLYR GH UHXQLU DV
SURSULHGDGHV GH DFRUGR FRP RV GLIHUHQWHV DVSHFWRV GD IXQomR UHFXSHUDomR SUDWLFDGDV RX
QmRSHORVSURGXWRUHV2VUHVXOWDGRIRLH[SUHVVRQDIRUPDGHXPGHQGURJUDPDDSDUWLUGR
SURJUDPD6WDWLVWLFD
ËQGLFHGH&RQILDELOLGDGH$OIDGH&URQEDFK
&RPEDVHQRVYDORUHVDWULEXtGRVDFDGDXPGRVDVSHFWRVGDIXQomRUHFXSHUDomRUHDOL]RXVH
RFDOFXORGRDOIDGH&URQEDFK8VRXVHRDOIDSDUDWHVWDUDFRQVLVWrQFLDGD³IXQomR
UHFXSHUDomR´ H GHVWDFDU SHOD DQiOLVH DTXHOHV TXH PDLV FRQWULEXtUDP SDUD R VXFHVVR GR
SURJUDPDGHUHFXSHUDomR2SURJUDPD6366GH)UXGHIRLXWLOL]DGRSDUDFDOFXODU
R. GH&URQEDFKVHJXLQGRLQVWUXo}HVGH*OLHP*OLHPH6DQWRV
$QiOLVHGH&RRUGHQDGDV3ULQFLSDLV3&2
$RUGHQDomRpXPFRQMXQWRGHWpFQLFDVSHORVTXDLVRVREMHWRVVmRSRVLFLRQDGRVHPUHODomR
D XP RX PDLV HL[RV GH WDO PDQHLUD TXH VXDV SRVLo}HV UHODWLYDV DRV HL[RV H HQWUH HOHV
SURSRUFLRQHP R Pi[LPR GH LQIRUPDo}HV VREUH VXDV VHPHOKDQoDV 7HP FRPR SULQFtSLR
VLPSOLILFDUFRQGHQVDUHUHSUHVHQWDUVLQWHWLFDPHQWHYDVWRVFRQMXQWRVGHGDGRVQDHVSHUDQoD
GHTXHDVLQWHUUHODo}HVSRVVDPHPHUJLU9DOHQWLQ
$ DQiOLVH GH FRPSRQHQWHVSULQFLSDLV 3&$ H D DQiOLVH GH FRRUGHQDGDVSULQFLSDLV 3&2
VmR PpWRGRV GH RUGHQDomR TXH VH EDVHLDP QXPD PDWUL] GH VHPHOKDQoD FRUUHODomR
YDULkQFLDFRYDULkQFLD GLVVLPLODULGDGH RX VLPLODULGDGH H XP FRQMXQWR GH HL[RV
FRPSRQHQWHVRXIDWRUHVSHUSHQGLFXODUHV/HZLQVRKQ3UDGR
$ 3&$ p IHLWD D SDUWLU GH GDGRV TXDQWLWDWLYRV H p LQGLFDGD SDUD FRQMXQWRV GH PHGLGDV
FRUUHODFLRQDGDV OLQHDUPHQWH TXH SRGHP VHU UHGX]LGDV D SRXFDV YDULiYHLV VLQWpWLFDV
GHQRPLQDGDV FRPSRQHQWHV SULQFLSDLV 2V FRHILFLHQWHV GRV HL[RV VmR FDOFXODGRV SHORV
DXWRYHWRUHV GD PDWUL] GH FRYDULkQFLDV RX GH FRUUHODo}HV HQWUH DV PHGLGDV 2 UHVXOWDGR p
FRPELQDo}HV OLQHDUHV GDV PHGLGDV RULJLQDLV H[WUDtGDV GH PRGR TXH D SULPHLUD GHODV
H[SOLTXH D PDLRUSDUWH GD YDULkQFLD D VHJXQGD GHODVH[SOLTXH D PDLRUSDUWH GD YDULkQFLD
TXH QmR HVWHMD FRUUHODFLRQDGD FRP D SULPHLUD H DVVLP SRU GLDQWH 4XDQWR PDLRU D
FRUUHODomR HQWUH DV PHGLGDV PDLRU VHUi D SDUFHOD GH YDULDomR H[SOLFDGD SHORV SULPHLURV
HL[RV2VFRHILFLHQWHVGDVYDULiYHLVRXVHXVSHVRVVmRXVDGRVSDUDLQWHUSUHWDURVHL[RVHR
VLQDOGRV SHVRV LQGLFD VH D FRUUHODomR HQWUH DV PHGLGDVp SRVLWLYD RX QHJDWLYD 4XDQGRD
PDLRU SDUWH GD YDULDomR p H[SOLFDGD SRU SRXFRV FRPSRQHQWHV LGHDOPHQWH RV GRLV
SULPHLURV RV REMHWRV SRGHP VHU UHSUHVHQWDGRV FRPR SRQWRV HP XP HVSDoR FDUWHVLDQR
FXMRVHL[RVVmRRVFRPSRQHQWHVHDVFRRUGHQDGDVmRRVHVFRUHV1HVVHVFDVRVpSRVVtYHO
YLVXDOL]DUDVUHODo}HVPXOWLYDULDGDVHQWUHRVREMHWRVHPXPHVSDoRGHSRXFDVGLPHQV}HV
VHP SHUGD LPSRUWDQWH GH LQIRUPDomR 3LHORX 0DQO\ /HZLQVRKQ 3UDGR
-iD3&2pXPDJHQHUDOL]DomRGD3&$HPTXHRVDXWRYDORUHVVmRH[WUDtGRVGHXPDPDWUL]
GHVLPLODULGDGHRXGLVVLPLODULGDGHHDPDWUL]GHFRUUHODomRQmRSDUDPpWULFDpHVWDEHOHFLGD
D SDUWLU GH 6SHDUPDQ 7HU %UDDN 6PLODXHU -RJPDQ HW DO $ SULQFLSDO
YDQWDJHP p TXH HVVD WpFQLFDSRGH VHU DSOLFDGD TXDQGRDV UHODo}HV HQWUH DV YDULiYHLV QmR
VmR OLQHDUHV H QmR VmR QHFHVViULDV DV PHGLGDV RULJLQDLV PDV DSHQDV D PDWUL] GH
VLPLODULGDGHTXHSRGHPLQFOXVLYHVHJXLUHVFDOD DUELWUiULDGHVGHTXH RUGHQDGD H[HPSOR
PXLWR EDL[R EDL[R PpGLRDOWRPXLWR DOWR 1RUPDOPHQWH p DSOLFDGD FRPSOHPHQWDUPHQWH
DRVPpWRGRVGHDJUXSDPHQWR
2UHVXOWDGRGDVPHOKRUHVYDULiYHOHYLGHQFLDGRSHORLQGLFDGRUIRLXWLOL]DGRQDDQiOLVHGH
FRRUGHQDGDV SULQFLSDLV 3&2 $ DQiOLVH WHYH FRPR REMHWLYR FRUURERUDU DV REVHUYDo}HV
UHDOL]DGDVSHODDQiOLVHGHDJUXSDPHQWRYHULILFDQGRVHRVJUXSRVIRUPDGRVSHOR&OXVWHU VH
PDQWHULDPRXQmRSHOD3&22SURJUDPD3&25'IRU:LQGRZVIRLXWLOL]DGR
SDUDHVVDDQiOLVH
5(68/7$'26(',6&866­2
$63(&726 7e&1,&2%,2/Ï*,&26 1$ 5(&83(5$d­2 '( È5($6
'(*5$'$'$6'$60$7$6'(*$/(5,$
(VWDEHOHFLPHQWRJHUDOGDVHVSpFLHV
'DV SURSULHGDGHV DSUHVHQWDUDP PRUWDOLGDGH WRWDO GDV HVSpFLHV FRPR SRGH VHU
REVHUYDGRQD 7DEHOD (P GDVSURSULHGDGHV1 D VREUHYLYrQFLD ILFRX DFLPD
GRV(QTXDQWRHP1 SHUPDQHFHUDPFRPYDORUHVLQIHULRUHVD
7DEHOD 9DORUHVPpGLRVGHVREUHYLYrQFLDHDOWXUDFPQDVSURSULHGDGHV
PRQLWRUDGDV
3DUFHOD
7$%%
%5=%
7$%%
7$%%
7$%$%
%5=%
%5=%
%5=
7$%%
7$%%
%5=
%5=
%5=
1L
1
6RE
$OWXUDFP
“
“
“
“
“
“
“
“
“
“
“
“
“
3DUFHOD
7$%
60/$%
%5=%
%5=
%5=%
7$%$%
)6$$
7$%%
%95
%59%
7$%
%5=
%95
7$%
7$%
7$%
%95
%95
%5=
%5=
%95
%95
7$%
%5=
7$%
7$%
7$%
)6$
7$%
7$%$
7$%
%5=
%5=$
%5=
7$%
7$%
7$%
%5=
%95
%95
7$%
%95
7$%
7$%
7$%
%95
1L
7DEHOD &RQWLQXDomR
1
6RE
$OWXUDFP
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
3DUFHOD
%5=
%5=
7$%
%5=
%5=$
7$%
7$%
7$%
7$%$
7$%
%95
%5=
7$%
7$%
7$%
7$%
7$%
7$%
7$%
%5=$
%5=
%5=$
%5=
%5=
7$%
7$%
7$%
%5=$
)6$
7RWDO
1L
7DEHOD &RQWLQXDomR
1
6RE
$OWXUDFP
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
7$% 7DEDWLQJD5LR-DUGLP
%95 %XULWL9HUPHOKR&yUUHJR%XULWL9HUPHOKR
%5= %UD]OkQGLD&yUUHJR2ODULDHGRVËQGLRV
)6$ )RUPRVD5LR%DQGHLULQKD
60/± 6REUDGLQKR5LEHLUmR6REUDGLQKR
1L Q~PHURGHLQGLYtGXRVSODQWDGRV
1 Q~PHURGHLQGLYtGXRVYLYRV
6RE VREUHYLYrQFLDPpGLDHPSHUFHQWDJHP
$OWFP DOWXUDPpGLDHPFHQWtPHWURV
$ SODQWLRUHDOL]DGRHP
% SURSULHGDGHVVHOHFLRQDGDVSDUDDFRPSDQKDPHQWRPDLVGHWDOKDGRGRGHVHQYROYLPHQWRGDVHVSpFLHV
2EVHUYRXVHDOWDYDULDomR HPVREUHYLYrQFLDGDVHVSpFLHV1RSODQWLRGH RVtQGLFHV
YDULDUDP GH SDUD R %DFXSDULGDPDWD 6DODFLD HOOLSWLFD D SHOR ,SrDPDUHOR
7DEHEXLD VHUUDWLIROLD 'DV HVSpFLHV SODQWDGDV PRUUHUDP H DSUHVHQWDP
VREUHYLYrQFLD DFLPD GH 7DEHOD $V HVSpFLHV TXH PHOKRU VH GHVHQYROYHUDP
QHVVH DQR LQGHSHQGHQWHV GD IRUPD GH SODQWLR H GRV WUDWRV FXOWXUDLV SyVSODQWLR IRUDP
7DEHEXLD VHUUDWLIROLD 9DKO 1LFK +\PHQDHD FRXUEDULO / YDU -DFDUDQGD EUDVLOLDQD ODP 3HUV 3RXWHULD UDPLIORUD 0DUW 5DGON 6ZDUW]LDREODWD &RZDQ*HQLSDDPHULFDQD /&DULQLDQDHVWUHOOHQVLV
5DGGL.W]H7DSLULUDJXLDQHQVLV $XEO$QDGHQDQWKHUDPDFURFDUSD
%HQWK%UHQDQH5DSDQHDJXLDQHQVLV $XEO
'HVWDFDUDPVH TXDQWR DR FUHVFLPHQWR HP DOWXUD PpGLD 7DEHEXLD VHUUDWLIROLD 9DKO
1LFK FP $QDGHQDQWKHUD PDFURFDUSD %HQWK %UHQDQ FP &DHVDOSLQLD
IHUUHD 0DUW([7XOFP6ZDUW]LDREODWD &RZDQFP3RXWHULDUDPLIORUD 0DUW
5DGON FP 5DSDQHD JXLDQHQVLV $XEO FP 7DSLULUD JXLDQHQVLV $XEO FP -DFDUDQGD EUDVLOLDQD ODP 3HUV FP *HQLSD DPHULFDQD / FP
+\PHQDHDFRXUEDULO /YDUFP
'HVVH PRGR DV HVSpFLHV SRGHP VHU DJUXSDGDV HP HVSpFLHV FRP DOWD VREUHYLYrQFLD H
FUHVFLPHQWRUiSLGRFRPR7DEHEXLDVHUUDWLIROLDHVSpFLHH[yWLFDTXHVHHVWDEHOHFHXEHPQD
3 VRE VROR SUHSDUDGR DGXEDGR H LUULJDGR -DFDUDQGD EUDVLOLDQD 3RXWHULD UDPLIORUD
6ZDUW]LD REODWD 7DSLULUD JXLDQHQVLV 5DSDQHD JXLDQHQVLV H $QDGHQDQWKHUD PDFURFDUSD
HVSpFLH FRP EDL[D VREUHYLYrQFLD H FUHVFLPHQWR UiSLGR $QDGHQDQWKHUD IDOFDWD H
&DHVDOSLQLD IHUUHD HVSpFLHV FRP DOWD VREUHYLYrQFLD H FUHVFLPHQWR OHQWR +\PHQDHD
FRXUEDULO*HQLSDDPHULFDQDH &DULQLDQDHVWUHOOHQVLVDVGHPDLVHVSpFLHVDSUHVHQWDPEDL[D
VREUHYLYrQFLDEDL[DHFUHVFLPHQWROHQWR)LJXUD
7DEHOD 6REUHYLYrQFLD6REH$OWXUDFPPpGLDVDRVDQRVGDVHVSpFLHV
SODQWDGDVHP
1RPH&LHQWtILFR
7DEHEXLDVHUUDWLIROLD 9DKO1LFK
+\PHQDHDFRXUEDULO /YDUVWLOERFDUSD
-DFDUDQGDEUDVLOLDQD ODP3HUV
3RXWHULDUDPLIORUD 5DGON
6ZDUW]LDREODWD &RZDQ
*HQLSDDPHULFDQD /
&DULQLDQDHVWUHOOHQVLV 5DGGL.W]H
7DSLULUDJXLDQHQVLV $XEO
$QDGHQDQWKHUDPDFURFDUSD %HQWK%UHQDQ
6LJOD
7V
+F
-E
3W
6R
*D
&H
7J
$P
1L
1
6RE
$OWXUD
PpGLDFP
“
“
“
“
“
“
“
“
“
7DEHOD &RQWLQXDomR
1RPH&LHQWtILFR
5DSDQHDJXLDQHQVLV $XEO
$QDGHQDQWKHUDIDOFDWD %HQWK6SHJ
6SRQGLDOXWHD /
3DFKLUDDTXDWLFD $XEO
$]DGLUDFKWDLQGLFD
&RSDLIHUDODQJVGRUIILL 'HVI
,QJDDIILQV '&7'3HQQ
0\UDFURGURXQXUXQGHXYD )U$OOHP
&DHVDOSLQLDIHUUHD 0DUW([7XO
*RPLGHVLDOLQGHQLDQD 2%HUJ
$VWURQLXPIUD[LQLIROLXP 6FKRWW
7HUPLQDOLDEUDVLOLHQVLV &DPE
(QWHURORELXPFRQWRUWLVLOLTXXP 9HOO0RU
&KRULVLDVSHFLRVD 6W+LO
;\ORSLDHPDUJLQDWD 0DUW
*XHWWDUGDYLEXUQLRLGHV &KDP6FKOWGO
&OXVLDFUXLYD &DPE
'LRVS\URVKLVSLGD $'&
3VHXGRERPED[ORQJLIORUXP 0DUW=XFF
6DODFLDHOOLSWLFD 0DUW*'RQ
(XWHUSHHGXOLV 0DUW
&DVVLDIHUUXJLQHD 6FKDUDGHU'&
$SXOHLDOHLRFDUSD 9RJ0DFEU
&HGUHOODILVVLOLV 9HOO
&HVWUXPPHJDSK\OOXP 'XQDO
&RUGLDWULFKRWRPD 9HOO$UUDE
'LORGHQGURQELSLQDWXP 5DGON
(XJHQLDG\VHQWHULFD '&
0DJRQLDSXEHVFHQV 6W+LO
/LFDQLDWRPHQWRVD %HQWK)ULWVFK
2UPRVLDVWLSXODULV 'XFNH
6FKL]RORELXPSDUDK\ED 9HOO%ODNH
6W\UD[FDPSRUXP 3RKO
6ZLHWQLDPDFURSK\OOD .LQJ
7DODXPDRYDWD 6W+LO
7DOLVLDHGXOLV 5DGON
7DSXUDDPD]RQLFD 3RSS(QGO
9LURODVHELIHUD $XEO
9RFK\VLDS\UDPLGDOLV 0DUW
7RWDO
1L Q~PHURGHLQGLYtGXRVSODQWDGRV
1 Q~PHURGHLQGLYtGXRVYLYRV
6RE 6REUHYLYrQFLD0pGLD
(VSpFLHH[yWLFDDR%LRPD&HUUDGR
6LJOD
5J
$W
6O
3D
$L
&O
,D
0X
&I
*O
$I
7E
(F
&K
;H
*Y
&F
'K
3O
6H
(X
&V
$O
&G
&P
&W
'E
(G
0S
/W
2V
6S
6F
6P
7R
7H
7D
9V
9W
1L
1
6RE
$OWXUD
PpGLDFP
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
6LOYHLUD HQFRQWURX FRPSRUWDPHQWR VHPHOKDQWH SDUD $QDGHQDQWKHUDPDFURFDUSD H
7DSLULUDJXLDQHQVLV QDVDYDOLDo}HVGHDQRVGHSODQWLRVHP0DWDV&LOLDUHV2VtQGLFHVGH
VREUHYLYrQFLDHQWUHWDQWRIRUDPEHPVXSHULRUHVDRVSODQWLRVGH*HQLSDDPHULFDQD ±
&RSDLIHUDODQJVGRUIILL &KRULVLDVSHFLRVD $QDGHQDQWKHUDPDFURFDUSD
&HQWURORELXP WRPHQWRVXP (QWHURORELXP FRQWRUWLVLOLTXXP 7DSLULUDJXLDQHQVLV &HGUHODILVVLOLV &DORSK\OOXP EUDVLOLHQVH 6REUHYLYrQFLD ,,,
&H
6O
+F
*D
$L 3D
0X
&O ,D
$I *O *Y (F
3O
&F 'K
7E
;H (X 6H
&K
,
,9
3R
-E
7J
$W
7V 6R 5J
$P
&I $OWXUDFP
,,
)LJXUD 'LVSHUVmRGDVHVSpFLHVDRVDQRVSODQWLR
7DEHEXLD VHUUDWLIROLD 9DKO 1LFK 7V +\PHQDHD FRXUEDULO / YDU VWLOERFDUSD +F -DFDUDQGD EUDVLOLDQD ODP
3HUV -E 3RXWHULD UDPLIORUD 5DGON 3R 6ZDUW]LD REODWD &RZDQ 6R *HQLSD DPHULFDQD / *D &DULQLDQD
HVWUHOOHQVLV 5DGGL .W]H &H 7DSLULUD JXLDQHQVLV $XEO 7J $QDGHQDQWKHUD PDFURFDUSD %HQWK %UHQDQ $P
5DSDQHDJXLDQHQVLV $XEO 5J $QDGHQDQWKHUD IDOFDWD %HQWK 6SHJ $W 6SRQGLD OXWHD / 6O3DFKLUDDTXDWLFD
$XEO 3D $]DGLUDFKWD LQGLFD $L &RSDLIHUD ODQJVGRUIILL 'HVI &O ,QJD DIILQV '& 7' 3HQQ ,D
0\UDFURGURXQXUXQGHXYD )U$OOHP 0X&DHVDOSLQLDIHUUHD 0DUW([7XO &I*RPLGHVLDOLQGHQLDQD 2%HUJ *O
$VWURQLXPIUD[LQLIROLXP 6FKRWW $I7HUPLQDOLDEUDVLOLHQVLV &DPE 7E(QWHURORELXPFRQWRUWLVLOLTXXP 9HOO0RU
(F &KRULVLD VSHFLRVD 6W +LO &K ;\ORSLD HPDUJLQDWD 0DUW ;H *XHWWDUGD YLEXUQLRLGHV &KDP 6FKOWGO *Y
&OXVLD FUXLYD &DPE &F 'LRVS\URV KLVSLGD $'& 'K 3VHXGRERPED[ ORQJLIORUXP 0DUW =XFF 3O 6DODFLD
HOOLSWLFD 0DUW *'RQ 6H (XWHUSH HGXOLV 0DUW (X &DVVLD IHUUXJLQHD 6FKDUDGHU '& &V $SXOHLD OHLRFDUSD
9RJ0DFEU $O&HGUHOODILVVLOLV 9HOO &G&HVWUXPPHJDSK\OOXP 'XQDO &P&RUGLDWULFKRWRPD 9HOO$UUDE
&W 'LORGHQGURQ ELSLQDWXP 5DGON 'E(XJHQLD G\VHQWHULFD '& (G 0DJRQLD SXEHVFHQV 6W +LO 0S/LFDQLD
WRPHQWRVD %HQWK )ULWVFK /W 2UPRVLD VWLSXODULV 'XFNH 2V 6FKL]RORELXP SDUDK\ED 9HOO %ODNH 6S 6W\UD[
FDPSRUXP 3RKO 6F6ZLHWQLDPDFURSK\OOD .LQJ 6P7DODXPDRYDWD 6W+LO 7R7DOLVLDHGXOLV 5DGON 7H7DSXUD
DPD]RQLFD 3RSS(QGO 7D9LURODVHELIHUD $XEO 9V9RFK\VLDS\UDPLGDOLV 0DUW 9W
1RSODQWLRGH DVHVSpFLHVTXHPHOKRUVHGHVHQYROYHUDPLQGHSHQGHQWHVGDIRUPDGH
SODQWLR H GRV WUDWRV FXOWXUDLV SyVSODQWLR IRUDP 7DEHEXLD RFKUDFHD &KDP 6WDQGO
(QWHURORELXPFRQWRUWLVLOLTXXP9HOO0RURQJ*HQLSDDPHULFDQD/
,QJD DIILQV '& 7' 3HQQ $QDGHQDQWKHUD PDFURFDUSD %HQWK
%UHQDQ $QDGHQDQWKHUD FROXEULQD 9HOO %UHQDQ 7DSLULUD
JXLDQHQVLV $XEO 'DOEHUJLD QLJUD )UD] $OOHQ H +\PHQDHD
FRXUEDULO / YDU 7DEHOD 'DV HVSpFLHV SODQWDGDV PRUUHUDP LQGLYtGXRVDSUHVHQWDUDPVREUHYLYrQFLDDFLPDGHHDOWXUDDFLPDGHFP
$ DQDOLVDQGR R GHVHPSHQKR GDV HVSpFLHV TXDQWR DR FUHVFLPHQWR HP DOWXUD PpGLD
GHVWDFDPVH $QDGHQDQWKHUD FROXEULQD 9HOO %UHQDQ FP 7DSLULUD JXLDQHQVLV
$XEO FP 'DOEHUJLD QLJUD )UD] $OOHQ FP 7DEHEXLD RFKUDFHD &KDP
6WDQGO FP 0DFKDHULXP DFXOHDWXP 5DGGL FP $QDGHQDQWKHUD PDFURFDUSD
%HQWK%UHQDQFP,QJDDIILQV'&7'3HQQFP6LPDURXEDYHUVFLFRORU
6W +LO FP (QWHURORELXP FRQWRUWLVLOLTXXP 9HOO 0RURQJ FP H (XWHUSH
HGXOLV 0DUW FP (VWXGRV GH 'XULJDQ 6LOYHLUD GHVWDFDUDP SHOD DOWD
VREUHYLYrQFLD FREHUWXUD H FUHVFLPHQWR 7DSLULUD JXLDQHQVLV VREUHY P GH
DOW SURM DRV DQRV $QDGHQDQWKHUD FROXEULQD VREUHY P GH DOW H
GHSURMDRVDQRV
'HVVH PRGR DV HVSpFLHV SRGHP VHU DJUXSDGDV HP HVSpFLHV FRP DOWD VREUHYLYrQFLD H
FUHVFLPHQWRUiSLGRFRPR7DEHEXLDRFKUDFHD(QWHURORELXPFRQWRUWLVLOLTXXP,QJDDIILQV
$QDGHQDQWKHUD PDFURFDUSD 'DOEHUJLD QLJUD $QDGHQDQWKHUD FROXEULQD 7DSLULUD
JXLDQHQVLV HVSpFLH FRP EDL[D VREUHYLYrQFLD H FUHVFLPHQWR UiSLGR 6W\UD[ FDPSRUXP
(XWHUSH HGXOLV 6LPDURXED YHUVFLFRORU 0DFKDHULXP DFXOHDWXP HVSpFLHV FRP DOWD
VREUHYLYrQFLDHFUHVFLPHQWROHQWR+\PHQDHDFRXUEDULO H*HQLSDDPHULFDQDH DVGHPDLV
HVSpFLHVDSUHVHQWDPEDL[DVREUHYLYrQFLDEDL[DHFUHVFLPHQWROHQWR )LJXUD
7K
,,,
,9
(F
*D
+F
$P
,D
&E
*Y
5J 6F
7U 7D
$I
2S
7I
0X
6H
2V
7H &O
6Y
7V 7W
$O &H %U
6V
&V
&W
(X
7R
3O
'K 6P
,
$OWXUDFP
7J
'Q
$F
0D
,,
)LJXUD 'LVSHUVmRGDVHVSpFLHV DRVDQRVSODQWLR
7DEHEXLDRFKUDFHD&KDP6WDQGO 7K(QWHURORELXPFRQWRUWLVLOLTXXP 9HOO0RU (F*HQLSDDPHULFDQD / *D
,QJDDIILQV '&7'3HQQ ,D$QDGHQDQWKHUDPDFURFDUSD %HQWK%UHQDQ $P$QDGHQDQWKHUDFROXEULQD 9HOO
%UHQDQ $G 7DSLULUD JXLDQHQVLV $XEO 7J 'DOEHUJLD QLJUD )UDQ] $OOHQ 'Q +\PHQDHD FRXUEDULO / YDU
VWLOERFDUSD +F5DSDQHDJXLDQHQVLV $XEO 5J$VWURQLXPIUD[LQLIROLXP 6FKRWW $I6W\UD[FDPSRUXP 3RKO 6F
6LPDURXED YHUVFLFRORU 6W +LO 6Y 2FKURPD S\UDPLGDOH &DY ([ /DP 8UE 2S 7DOLVLD HVFXOHDWD 6W +LO
5DGON 7W 0\UDFURGUXRQ XUXQGHXYD )U $OOHP 0X &DULQLDQD HVWUHOOHQVLV 5DGGL .W]H &H &RSDLIHUD
ODQJVGRUIILL 'HVI &O2UPRVLDVWLSXODULV 'XFNH 2V7ULSODULVDPHULFDQD 5+6FKRPE 7U*XHWWDUGDYLEXUQLRLGHV
&KDP6FKOWGO *Y&DORSK\OOXPEUDVLOLHQVH &DPE &E7DSXUDDPD]RQLFD 3RSS(QGO 7D%DXKLQLDUXID
%RQJDUG6WHXG %U7RFRFDIRUPLFDULD 0DUW 7I7DODXPDRYDWD 6W+LO 7R$SXOHLDOHLRFDUSD 9RJ0DFEU
$O0DFKDHULXPDFXOHDWXP 5DGGL 0D$FDFLDIDUQHVLDQD,:LOOG $F6ZLHWQLDPDFURSK\OOD .LQJ 6P6WHUFXOLD
VWULDWD 6W+LOHW1DXG 6V7DEHEXLDFDUDLED0DUW%XU 7V7DOLVLDHGXOLV 5DGON 7H'LRVS\URVKLVSLGD $'&
'K3VHXGRERPED[ORQJLIORUXP 0DUW=XFF 3O&RUGLDWULFKRWRPD 9HOO$UUDE &W(XWHUSHHGXOLV 0DUW (X
6DODFLD HOOLSWLFD 0DUW *'RQ 6H $HJLSKLOD FXVSLGDWD 0DUW $H $QGLUD SDQLFXODWD %HQWK 6SHJ $S
$VSLGRVSHUPDVXELQFDQXP 0DUW $V%URVLPXP JDXGLFKDXGLL 7UHFXO %J&DEUDOHDFDQMHUDQD 9HOO 0DUW &D
&HVWUXPPHJDSK\OOXP 'XQDO &P&OXVLDFUXLYD &DPE &F'DOEHUJLDPLVFRORELXP %HQWK 'P(PPRWXPQLWHQV
%HQWK0LHUV (P*RPLGHVLDOLQGHQLDQD 2%HUJ *O/XHKHDSDQLFXODWD 0DUW=XFF /S0DJRQLDSXEHVFHQV
6W+LO 0S0DUJDULWDULDQRELOLV /I 0Q2FRWHDJXLDQHQVLV $XEO 2J3ODWK\PHQLDUHWLFXODWD %HQWK 3U4XDOHD
GLFKRWRPD 0DUW:DUP 4G6SRQGLDOXWHD / 6O9RFK\VLDS\UDPLGDOLV 0DUW 9W;\ORSLDHPDUJLQDWD 0DUW ;H
=DQWKR[\OXPUKRLIROLXP /DP =U
7DEHOD 6REUHYLYrQFLD6REH$OWXUDFPPpGLDVDRVDQRVGDVHVSpFLHV
SODQWDGDVHP
1RPH&LHQWtILFR
6LJOD
7DOLVLDHVFXOHDWD 6W+LO5DGON
0\UDFURGUXRQXUXQGHXYD )U$OOHP
&DULQLDQDHVWUHOOHQVLV 5DGGL.W]H
&RSDLIHUDODQJVGRUIILL 'HVI
2UPRVLDVWLSXODULV 'XFNH
7ULSODULVDPHULFDQD 5+6FKRPE
*XHWWDUGDYLEXUQLRLGHV &KDP6FKOWGO
&DORSK\OOXPEUDVLOLHQVH &DPE
7DSXUDDPD]RQLFD 3RSS(QGO
%DXKLQLDUXID %RQJDUG6WHXG
7RFRFDIRUPLFDULD 0DUW
7DODXPDRYDWD 6W+LO
$SXOHLDOHLRFDUSD 9RJ0DFEU
0DFKDHULXPDFXOHDWXP 5DGGL
$FDFLDIDUQHVLDQD,:LOOG
6ZLHWQLDPDFURSK\OOD .LQJ
6WHUFXOLDVWULDWD 6W+LOHW1DXG
7DEHEXLDFDUDLED0DUW%XU
7DOLVLDHGXOLV 5DGON
'LRVS\URVKLVSLGD $'&
3VHXGRERPED[ORQJLIORUXP 0DUW=XFF
&RUGLDWULFKRWRPD 9HOO$UUDE
(XWHUSHHGXOLV 0DUW
6DODFLDHOOLSWLFD 0DUW*'RQ
$HJLSKLODFXVSLGDWD 0DUW
$QGLUDSDQLFXODWD %HQWK6SHJ
$VSLGRVSHUPDVXELQFDQXP 0DUW
%URVLPXPJDXGLFKDXGLL7UHFXO
&DEUDOHDFDQMHUDQD 9HOO0DUW
&HVWUXPPHJDSK\OOXP 'XQDO
&OXVLDFUXLYD &DPE
7W
0X
&H
&O
2V
7U
*Y
&E
7D
%U
7I
7R
$O
0D
$F
6P
6V
7V
7H
'K
3O
&W
(X
6H
$H
$S
$V
%J
&D
&P
&F
7DEHEXLDRFKUDFHD&KDP6WDQGO
(QWHURORELXPFRQWRUWLVLOLTXXP 9HOO0RU
*HQLSDDPHULFDQD /
,QJDDIILQV '&7'3HQQ
$QDGHQDQWKHUDPDFURFDUSD %HQWK%UHQDQ
$QDGHQDQWKHUDFROXEULQD 9HOO%UHQDQ
7DSLULUDJXLDQHQVLV $XEO
'DOEHUJLDQLJUD)UDQ]$OOHQ
+\PHQDHDFRXUEDULO /YDUVWLOERFDUSD
5DSDQHDJXLDQHQVLV $XEO
$VWURQLXPIUD[LQLIROLXP 6FKRWW
6W\UD[FDPSRUXP 3RKO
6LPDURXEDYHUVFLFRORU 6W+LO
2FKURPDS\UDPLGDOH &DY([/DP8UE
7K
(F
*D
,D
$P
$G
7J
'Q
+F
5J
$I
6F
6Y
2S
1L
1
6RE
$OWXUD
PpGLDFP
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“ “
“
“
“
“
7DEHOD± &RQWLQXDomR
1RPH&LHQWtILFR
'DOEHUJLDPLVFRORELXP %HQWK
(PPRWXPQLWHQV%HQWK0LHUV
*RPLGHVLDOLQGHQLDQD 2%HUJ
/XHKHDSDQLFXODWD 0DUW=XFF
0DJRQLDSXEHVFHQV 6W+LO
0DUJDULWDULDQRELOLV /I
2FRWHDJXLDQHQVLV $XEO
3ODWK\PHQLDUHWLFXODWD %HQWK
4XDOHDGLFKRWRPD 0DUW:DUP
6SRQGLDOXWHD /
9RFK\VLDS\UDPLGDOLV 0DUW
;\ORSLDHPDUJLQDWD 0DUW
=DQWKR[\OXP UKRLIROLXP /DP
6LJOD
1L
1
6RE
$OWXUD
PpGLDFP
“
'P
(P
*O
/S
0S
0Q
2J
3U
4G
6O
9W
;H
=U
7RWDO
1L Q~PHURGHLQGLYtGXRVSODQWDGRV
1 Q~PHURGHLQGLYtGXRVYLYRV
6RE 6REUHYLYrQFLD0pGLD
(VSpFLHH[yWLFDDR%LRPD&HUUDGR
“
“
“
“
“
“
“
“
“
“
“
“
“
1RTXHVHUHIHUHDRUHFLSLHQWHXWLOL]DGRSDUDDSURGXomRGDVPXGDVDVHVSpFLHVHPWXEHWH
QmRVHDGDSWDUDPDVFRQGLo}HVGHSODQWLRSRVVLYHOPHQWHSRUQmRWHUHPVLGRGHYLGDPHQWH
HQGXUHFLGDVDQWHVGHLUSDUDRFDPSR'DVSODQWDGDVHPQHQKXPLQGLYtGXRHQFRQWUD
VHYLYRHPFDPSR'HPRGRJHUDORVDFRGHSROLHWLOHQRDSUHVHQWRXPHOKRUHVtQGLFHVSRLV
GDVHVSpFLHVSODQWDGDVHPWXEHWHQRDQRGHDSHQDVVREUHYLYHUDP9HMD7DEHODV
H
7DEHOD &RPSDUDomRHQWUHUHFLSLHQWHVWXEHWHHVDFRSOiVWLFRQRHVWDEHOHFLPHQWRGDV
HVSpFLHVSODQWDGDVHP
1RPH&LHQWtILFR
5DSDQHDJXLDQHQVLV $XEO
&RSDLIHUDODQJVGRUIILL 'HVI
1L
1
6DODFLDHOOLSWLFD 0DUW*'RQ
7RWDO
*RPLGHVLDOLQGHQLDQD 2%HUJ
7XEHWH
6RE
$OWXUD
FP
“
1L
1
6DFR
6RE
$OWXUD
FP
“
“
“
“
“
“
“
“
“
7DEHOD &RPSDUDomRHQWUHUHFLSLHQWHVWXEHWHHVDFRSOiVWLFRQRHVWDEHOHFLPHQWRGDV
HVSpFLHVSODQWDGDVHP
1RPH&LHQWtILFR
1L
1
,QJDDIILQV '&7'3HQQ
6W\UD[FDPSRUXP 3RKO
$VWURQLXPIUD[LQLIROLXP 6FKRWW
,QJDDOED 6::LOOG
6WHUFXOLDVWULDWD 6W+LOHW1DXG
&OXVLDFUXLYD &DPE
3VHXGRERPED[ORQJLIORUXP
0DUW=XFF
;\ORSLDHPDUJLQDWD 0DUW
7RWDO
1L Q~PHURGHLQGLYtGXRVSODQWDGRV
6RE Q~PHURGHLQGLYtGXRVYLYRV
6RE 6REUHYLYrQFLD0pGLD
7XEHWH
6RE
“
“
$OWXUD
FP
$OWXUD
FP
“
“
“
“
“
“
“
“
6RE
“
1
“
1L
6DFR
“
“
“
“
“
“
(PFRQGLo}HVQDWXUDLVTXDQGRDFRPSHWLomRp SHTXHQDDOJXPDVSODQWDVMRYHQVFUHVFHP
HQWUH FP H PHWURDQR 3RUWDQWR YiULDV HVSpFLHV GH 0DWDV GH *DOHULD WrP SRWHQFLDO
SDUD FUHVFHU UDSLGDPHQWH TXDQGR OLEHUDGD GD LQWHQVD FRPSHWLomR TXH FDUDFWHUL]D R
DPELHQWH GH RFRUUrQFLD QDWXUDO )HOILOL HW DO (QWUHWDQWR PHVPR VHP D LQWHQVD
FRPSHWLomR DFLPD GHVFULWD R LQFUHPHQWR DQXDO PpGLR SDUD DV HVSpFLHV YDULRX GH D
FP FRQIRUPH 6RX]D 1DV HVSpFLHV TXH DSUHVHQWDUDP PDLRUHV tQGLFHV GH
FUHVFLPHQWR HP DOWXUD PpGLD R LQFUHPHQWR PpGLR DQR HP DOWXUD IRL GH 7DEHEXLD
VHUUDWLIROLD 9DKO 1LFK FP DQR $QDGHQDQWKHUD PDFURFDUSD %HQWK %UHQDQ
FP DQR &DHVDOSLQLD IHUUHD 0DUW ([ 7XO FP DQR 6ZDUW]LD REODWD &RZDQ
FPDQR3RXWHULDUDPLIORUD 5DGONFPDQR5DSDQHDJXLDQHQVLV $XEOFP
DQR7DSLULUDJXLDQHQVLV $XEOFPDQR -DFDUDQGDEUDVLOLDQD ODP3HUVFP
DQR *HQLSDDPHULFDQD /FPDQR+\PHQDHDFRXUEDULO /YDUFPDQR
$ PRUWDOLGDGH WRWDO GH DOJXPDV HVSpFLHV GRV SODQWLRV GH H SRGH HVWDU
UHODFLRQDGD D VXDV FDUDFWHUtVWLFDV ILWRVVRFLROyJLFDV 6HJXQGR )HOILOL H $VSLGRVSHUPDVXELQFDQXP6DODFLDHOOLSWLFD7DSXUDDPD]{QLFD9LURODVHELIHUD H ;\ORSLD
HPDUJLQDWD VmR FDUDFWHUtVWLFDV GH VRORV ~PLGRV 2UPRVLD VWLSXODULV p XPD HVSpFLH QmR
SLRQHLUD TXH QHFHVVLWD GH FRQGLomR LQWHUPHGLiULD GH OX] 3RU VXD YH] $QDGHQDQWKHUD
FROXEULQD (QWHURORELXPFRQWRUWLVLOLTXXP&RSDLIHUD ODQJVGRUIILL +\PHQDHD FRXUEDULO H
7DSLULUD JXLDQHQVLV PDQWLYHUDP D DOWD SODVWLFLGDGH DGDSWDWLYD IUHQWH jV GLYHUVLGDGHV
HQFRQWUDGDVQRFDPSR6RX]D
2 GHVHPSHQKR VLOYLFXOWXUDO GH HVSpFLHV HP SODQWLRV GH UHFXSHUDomR GH PRGR JHUDO p
EDVWDQWH YDULDGR VHJXQGR %DUERVD HW DO (P VHXV HVWXGRV R DXWRU REVHUYRX
LQFUHPHQWRPHQVDOHPDOWXUDGHDPHGDGRVREWLGRVSDVVDGRVPHVHVGHSODQWLR
$PRUWDOLGDGHREVHUYDGDQHVVHHVWXGRMiHUDDOWDRVFLODQGRHQWUHHSDUDDV
HVSpFLHVTXHXWLOL]RX
6LOYHLUDFRPSDUDQGRRVUHVXOWDGRV GHXPSURJUDPDGHUHFXSHUDomRDRVPHVHVH
DRVDQRVYHULILFRXTXHUHVXOWDGRVREWLGRVHPDYDOLDo}HVPXLWRSUHOLPLQDUHVWHQGHPD
VH DOWHUDU VLJQLILFDWLYDPHQWH FRP R GHFRUUHU GR WHPSR 2 LQFUHPHQWR HP DOWXUD WHQGH D
UHGX]LUVH QR GHFRUUHU GR WHPSR H D PpGLD DQXDO HVWHYH HQWUH P H P SDUD DV
HVSpFLHVQDWLYDV6HJXQGRRDXWRUDYDOLDo}HVGHSODQWLRVMRYHQVSRGHPOHYDUDFRQFOXV}HV
HTXLYRFDGDVVREUHRGHVHPSHQKRGDVHVSpFLHV
3URMHomRGH&RSD
)RL SRVVtYHO UHDOL]DU D PHGLGD GH SURMHomR GH FRSD VHJXLQGR R PpWRGR SURSRVWR HP SURSULHGDGHV7$%7$%7$%7$%7$%7$%7$%7$%
7$%%95%95%5=%5=%5=60/
2EVHUYHQD7DEHODDSURMHomRGHFRSDGDVHVSpFLHVQHVWDViUHDV
$QDGHQDQWKHUD FROXEULQD DSUHVHQWRX UiSLGR FUHVFLPHQWR SRUpP VHXV JDOKRV HVWDYDP
HVSDUVRV H FRP SRXFD IROKDJHP *HQLSD DPHULFDQD FUHVFHX PRGHUDGDPHQWH PDV QmR
FKHJRXDIRUPDUFRSDJHUDOPHQWHDSUHVHQWRXDSHQDVDOJXQVUDPRVFRPODUJDVIROKDVPDV
HVFDVVDV$PEDVQmRVmR LQGLFDGDVFRPRHVSpFLHVVRPEUHDGRUDVPDVVLPFRORQL]DGRUDV
$QDGHQDQWKHUD PDFURFDUSD (QWHURORELXP FRQWRUWLVLOLTXXP ,QJi DIILQV &DHVDOSLQLD
IHUUHD 7DEHEXLD VHUUDWLIROLD 7DSLULUD JXLDQHQVLV DSUHVHQWDUDP UiSLGR FUHVFLPHQWR HP
DOWXUD H FRQVLGHUiYHO IRUPDomR GH FRSD VHQGR TXH DV IROKDJHQV QmR VmR DGHQVDGDV QmR
SURMHWDQGR XPD VRPEUD SHUIHLWD QR VROR $SHVDU GLVVR VmR LQGLFDGDV FRPR SLRQHLUDV HP
SODQWLRV KHWHURJrQHRV 6HJXQGR &DUSDQH]]L HW DO SODQWLRV TXH FRQFHQWUDP PDLRU
Q~PHUR GH SLRQHLUDV SRGHP HQFRUDMDU R SURFHVVR GH VXFHVVmR H IXQFLRQDU PDLV
UDSLGDPHQWHQRSURFHVVRGHUHVWDXUDomRGDGLQkPLFDGDHVWUXWXUDIORUtVWLFDGDGLYHUVLGDGH
DQLPDOHVXDVUHODo}HV
1R HVWXGR GH 6LOYD -~QLRU R (QWHURORELXPFRQWRUWLVLOLTXXP Mi KDYLD GHPRQVWUDGR
UiSLGRFUHVFLPHQWRHUHFREULPHQWRGDViUHDVHPSHUtRGRVGHDDQRV
&RSDLIHUD ODQJVGRUIILL H +\PHQDHD FRXUEDULO QD PDWD QDWXUDO DSUHVHQWDP FRSDV
VRPEUHDGRUDV EHP GHVHQYROYLGDV 1HVVH HVWiJLR GR SODQWLR WDLV HVSpFLHV DSUHVHQWDP
UDPRVPDLVHVSDoRVHFRPSRXFDVIROKDV
$V GHPDLV HVSpFLHV DSUHVHQWDP FUHVFLPHQWR PRGHUDGR H FRSDV PHGLDQDV VHQGR PDLV
LQGLFDGDVFRPRHVSpFLHVFRORQL]DGRUDVTXHVRPEUHDGRUDV
7DEHOD 3URMHomRGHFRSDGDVHVSpFLHVQDVPHOKRUHViUHDV
1RPH&LHQWtILFR
$QDGHQDQWKHUDFROXEULQD 9HOO
%UHQDQ
$QDGHQDQWKHUDPDFURFDUSD %HQWK
%UHQDQ
$VWURQLXPIUD[LQLIROLXP 6FKRWW
0\UDFURGUXRQXUXQGHXYD )U$OOHP
&DHVDOSLQLDIHUUHD 0DUW([7XO
&DULQLDQDHVWUHOOHQVLV 5DGGL.W]H
&RSDLIHUDODQJVGRUIILL 'HVI
'DOEHUJLDQLJUD )UDQ]$OOHQ
(QWHURORELXPFRQWRUWLVLOLTXXP
9HOO0RURQJ
*HQLSDDPHULFDQD /
,QJDDIILQV '&7'3HQQ
+\PHQDHDFRXUEDULO /YDU
2UPRVLDVWLSXODULV 'XFNH
3RXWHULDUDPLIORUD 5DGON
5DSDQHDJXLDQHQVLV $XEO
6ZDUW]LDREODWD &RZDQ
7DEHEXLDVHUUDWLIROLD 9DKO1LFK
7DODXPDRYDWD 6W+LO
7DOLVLDHGXOLV 5DGON
7DSLULUDJXLDQHQVLV $XEO
7RWDO
1
1W
1 $OWXUDFP
'LkPFP
“ “ 3URMHomR
FP
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“ “ “ “ “ “ “ “ “ “ “
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
&RPSRUWDPHQWR GDV HVSpFLHV FRP PHOKRUHV tQGLFHV GH HVWDEHOHFLPHQWR QDV
GLIHUHQWHVSURSULHGDGHV
$VHVSpFLHVIRUDPIDYRUHFLGDVHYLGHQFLDQGRPHOKRUHVtQGLFHVGHHVWDEHOHFLPHQWRTXDQGR
HPSURSULHGDGHVRQGHRFRUUHXWUDWRFXOWXUDOPDLVLQWHQVRFRPRSUHSDURGRVRORDUDUHRX
JUDGHDU R VROR QD FDPDGD VXSHUILFLDO SDUD UHDOL]DU R SODQWLR FRURDPHQWR FRPEDWH j
IRUPLJDLVRODPHQWRGDiUHD HLUULJDomR7DLVSURSULHGDGHVHQFRQWUDPVHQRVTXDGUDQWHV,,,
H,9FRPRSRGHPVHUREVHUYDGRVQD)LJXUD
$QDGHQDQWKHUDFROXEULQD 9HOO%UHQDQ
$QJLFREUDQFR
7$%
)6$
%5=
%5=
7$%
7$%
%5= 7$%
7$%
)6$
7$%
%5= 7$%
7$%
)6$
)6$
7$%
%5=
)6$
%5=
%5=%5=
%5=
6RE U HY LYrQFLD 6 RE UHYL YrQFL D 7$%
7$%
$OWXUDFP
$VWURQLXPIUD[LQLIROLXP 6FKRWW
*RQoDORDOYHV
$OWXUDFP
&DHVDOSLQLDIHUUHD 0DUW([7XO
3DXIHUURMXFi
6R E UHYL Y rQ F LD 6REUHYLYrQFLD $QDGHQDQWKHUDPDFURFDUSD %HQWK%UHQDQ
$QJLFRSUHWR
%5=
7$% 7$%
%5=
%5=
7$%
%5=
7$%
7$%
7$%
7$%
%5=
7$%
7$%
7$%7$%
7$%
%5=
7$%
7$%
60/
60/
%5=
$OWXUDFP
%5=
$OWXUDFP
)LJXUD &RPSRUWDPHQWRGDVHVSpFLHVTXHDSUHVHQWDUDPPHOKRUHVWD[DVGH
FUHVFLPHQWRQDVGLIHUHQWHVSURSULHGDGHV
&DULQLDQDHVWUHOOHQVLV5DGGL.W]H
-HTXLWLEi
6REUHYLYrQFLD 6REUHYLYHQFLD %5=
7$%
7$%
)6$
)6$
)6$
7$% %5=
7$% )6$
7$%
%5= )6$
7$%%5=
7$%
%5=
%5=
7$% %5=%5=
%5= 7$% )6$
%5= 7$%
)6$
7$%
&RSDLIHUDODQJVGRUIILL 'HVI
3DXG
yOHR
$OWXUDFP
%5=
7$%
%95
)6$%
)6$
7$%
%95
7$% 60/
%5=
7$%
)6$(
7$% 7$% )6$
)6$' )6$
%5= 7$% )6$&
7$% %95
60/%5=
7$%
7$% 7$%
7$% %5=
%95
)6$ %5=
%5=
7$%
$OWXUDFP
(QWHURORELXPFRQWRUWLVLOLTXXP 9HOO0RURQJ
7DPERULOGDPDWD
6REUHYLYrQFLD 'DOEHUJLDQLJUD )UDQ]$OOHQ
-DFDUDQGiGDEDtD
6REUHYLYrQFLD $OWXUDFP
*HQLSDDPHULFDQD /
-HQLSDSR
7$%
7$%
7$%
7$%
60/
7$%
7$%
7$%
7$%
7$%
7$%
7$% 7$%
7$%
7$%7$%
60/
7$%
7$% %5=
)6$$
7$% 7$%
7$%
7$%
%95 7$%
7$% 7$%
%95
7$%
7$% )6$%
7$% 7$%
7$%
%95
7$%
7$%
%95
%95
7$% %95 %5=
7$%
%5=
%5=
%95
)6$
%5=
)6$
$OWXUDFP
)6$'
)6$$
60/
7$%
7$%
)6$
)6$(
7$%
)6$
%95
7$% 7$%
7$%
+\PHQDHDFRXUEDULO /YDU
-DWREiGDPDWD
)6$&
6REUHYLYrQFLD 7$%
7$% %5=
7$%
7$% %5=
7$%
7$% %5=
7$%
7$%
%5= %5=
7$% )6$
)6$7$%
7$%
%95
%5=
7$% 7$% 60/
%5= %95
7$%
60/
7$%
7$%
7$%
7$%
60/
%95
$OWXUDFP
0\UDFURGUXRQXUXQGHXYD )U$OOHP
$URHLUD
6REUHYLYrQFLD )LJXUD &RQWLQXDomR
3RXWHULDUDPLIORUD 0DUW5DGON
*XDSHYD
6REUHYLYrQFLD 6REUHYLYrQFLD 2UPRVLDVWLSXODULV 'XFNH
7HQWR
$OWXUDFP
$OWXUDFP
5DSDQHDJXLDQHQVLV $XEO
&DSRURURFDEUDQFD
7$%
7$%
)6$
7$%
6REUHYLYrQFLD 7$%
7$%
7$%
60/
%5=
7$%
7$% 7$%
7$%
7$%
7$%
7$% 7$%
7$%
7$%
7$%
7$%
7$%
7$% 7$%
7$%
7$%
)6$
7$%
$OWXUDFP
7DODXPDRYDWD 6W+LO
3LQKDGREUHMR
7DEHEXLDVHUUDWLIROLD 9DKO1LFK
,SrDPDUHOR
7DOLVLDHGXOLV 5DGON
3LWRPEDGDPDWD
7DSLULUDJXLDQHQVLV$XEO
3DXSRPER
6REUHYL YrQFLD 6REUHYLYrQFLD %5= %95
%95
$OWXUDFP
%95
7$%
7$%
7$%
7$%
%95
7$%
)6$
7$%
%5=
%95
)6$ )6$$
%5=
%95
60/
7$%
%5=
7$%
7$% %5=
7$%
%5=
7$% 7$%
%95
7$%
)6$% 7$%
)6$&
%95
7$%
7$%
7$% %95
7$%
%5=
%5=
7$% %5=
%5=
7$%
)LJXUD &RQWLQXDomR
%95
$OWXUDFP
7$% 7DEDWLQJD5LR-DUGLP%95 %XULWL9HUPHOKR&yUUHJR%XULWL9HUPHOKR%5= %UD]OkQGLD&yUUHJR2ODULDH
GRVËQGLRV)6$ )RUPRVD5LR%DQGHLULQKD60/ 6REUDGLQKR 5LEHLUmR6REUDGLQKR
5HJHQHUDomR1DWXUDO
2EVHUYRXVH QRV ORFDLV TXH UHDOL]DUDP RV WUDWRV FXOWXUDLV QRV SULPHLURV DQRV H GHSRLV DV
iUHDV SHUPDQHFHUDP FHUFDGDV VHP HQWUDGD GH DQLPDLV XP PDLRU Q~PHUR GH HVSpFLHV
HQFRQWUDPVHUHJHQHUDQGR$VHVSpFLHVTXHVHHQFRQWUDUDPUHJHQHUDQGRQDWXUDOPHQWHHP
WRGDVDVSURSULHGDGHVSRGHPVHUREVHUYDGDVQR$QH[R%
(VWDEHOHFLPHQWRGDVHVSpFLHVUHODomRVREUHYLYrQFLD[DOWXUD
(P SURSULHGDGHV RV LQGLYtGXRV FUHVFHUDP PXLWR H VREUHYLYHUDP PXLWR
DSUHVHQWDQGR 08,72 %20 HVWDEHOHFLPHQWR HP iUHDV RV LQGLYtGXRV
FUHVFHUDP SRXFR H VREUHYLYHUDP PXLWR GHPRQVWUDQGR %20 HVWDEHOHFLPHQWR HP R HVWDEHOHFLPHQWR IRL 58,0 SRLV RV LQGLYtGXRV FUHVFHP PXLWR H VREUHYLYHP
SRXFRHRHVWDEHOHFLPHQWRIRLFRQVLGHUDGR08,7258,0HPSURSULHGDGHV
RQGH RV LQGLYtGXRV FUHVFHUDP SRXFR H VREUHYLYHUDP SRXFR (VVH UHVXOWDGR IRL XWLOL]DGR
SDUDFRPSRUDDQiOLVHGD³IXQomRUHFXSHUDomR´FRPRVHUiGHPRQVWUDGRDGLDQWH2EVHUYHR
JUiILFRJHUDOGHGLVSHUVmRGDVSURSULHGDGHV)LJXUDHQRVGLIHUHQWHVDQRV)LJXUDV
HORJRDEDL[R
6REUHYLYrQFLD 7$%
,,,
%5=
,9
7$%
7$%
7$% %5=
%5=
7$%
%5=
%5=
)6$
%95
%5=
7$%
7$%
%5=
%95 %95
7$% 7$%
%95 %95
%5=
%95
%95
7$%7$%
%5=
7$%
%5=
%5=
7$%
7$% 7$%
7$%
7$%
7$%
%5=
%95
7$%
7$%
%5= 7$%
%95
7$%
,
$OWXUDFP
,,
7$%
60/
%95
%95
)LJXUD *UiILFRJHUDOGHGLVSHUVmRGDVSURSULHGDGHVTXDQWRjPpGLDGRVGDGRV
UHODFLRQDGRVDRFUHVFLPHQWRHPDOWXUDFPHVREUHYLYrQFLD
6REUHYLYrQFLD ,,,
,9
60/
)6$ 7$%
7$%
7$%
%5=
7$%
%5=
%5=
,
%5=
%5=
$OWXUDFP
,,
6REUHYLYrQFLD )LJXUD 6REUHYLYrQFLDH$OWXUDFPPpGLDVQDVSURSULHGDGHVSODQWDGDVHP
,,,
,9
,
,,
)LJXUD 6REUHYLYrQFLDH$OWXUDFPPpGLDVQDVSURSULHGDGHVSODQWDGDVHP
$63(&726 62&,2(&21Ð0,&26 1$ 5(&83(5$d­2 '( È5($6 '(
0$7$6 '(*$/(5,$
$QiOLVHGHDWLWXGHHFXLGDGRFRPDV0DWDVGH*DOHULD
'RV SURSULHWiULRV TXH SDUWLFLSDUDP GR SURMHWR GH UHFXSHUDomR GDV 0DWDV GH *DOHULD
IRUDPHQWUHYLVWDGRVQR%XULWL9HUPHOKRHP%UD]OkQGLDHP
7DEDWLQJDHP)RUPRVDHSURSULHWiULRHP6REUDGLQKRWRWDOL]DQGRXPD
PpGLD GH UHIHUHQWH DR WRWDO GH SURSULHWiULRV 2V GHPDLV QmR UHVSRQGHUDP RV
TXHVWLRQiULRV SDUWH SRUTXH VXDV WHUUDV IRUDP DUUHQGDGDV SDUD WHUFHLURV RX YHQGLGDV RX
PHVPRTXDQGRQmRIRUDPHQFRQWUDGRVRXVHQHJDUDPDUHVSRQGHU7DEHOD
2 UHVXOWDGRGD DQiOLVHGH DJUXSDPHQWR p LOXVWUDGR QD )LJXUD HP TXH RV SURSULHWiULRV
VmR UHXQLGRV GH DFRUGR FRP D VLPLODULGDGH HXFOLGLDQD GRV VHXV GDGRV GH DWLWXGH H GH
FRPSRUWDPHQWR
'HQGURJUDPDGDVSURSULHGDGHV
0HWRGRGH:DUG
'LVWkQFLD(XFOLGLDQD
9DORUHVSDUDDJUXSDPHQWR
%95
%5=
%5=
%5=
3)6$
7$%
%5=
7$%
%5=
%5=
%5=
7$%
7$%
7$%
7$%
%95
%5=
%95
7$%
%5=
%5=
%95
%5=
7$%
%5=
7$%
%95
7$%
7$%
7$%
%95
)6$
%5=
%5=
%95
7$%
7$%
7$%
7$%
%5=
%5=
%5=
%5=
7$%
%95
%5=
7$%
60/
%5=
%59
7$%
)LJXUD 'HQGURJUDPDTXHLOXVWUDDGLVWkQFLDGHVLPLODULGDGHHQWUHRVSURSULHWiULRV
HQWUHYLVWDGRV
2 GHQGURJUDPD LOXVWUD EDVLFDPHQWH GRLV JUDQGHV JUXSRV HP UHODomR j DWLWXGH H
FRPSRUWDPHQWRGHFXLGDGRFRPDVPDWDV
2 SULPHLURJUXSR FRP XPD YLVmR PDLV VLPSOLVWD HP UHODomR jV SUiWLFDVTXH SRGHPVHU
DSOLFDGDVSDUDVHJDUDQWLURVUHFXUVRVQDWXUDLV(VVHVHVXEGLYLGLXHPTXDWURRSULPHLUR
VXEJUXSR p FRPSRVWR SHODV SURSULHGDGHV %95 DWp %5= RQGH VHXV SURSULHWiULRV
JHUDOPHQWH QmR VH UHVSRQVDELOL]DUDP SHOR SODQWLR $GHPDLV DWULEXHP D UHVSRQVDELOLGDGH
GR FXLGDGR FRP R DPELHQWH DR JRYHUQR j VRFLHGDGH HP JHUDO (VVHV SURSULHWiULRV
SDUWLFLSDUDP GR SODQWLR SRUTXH DSUHVHQWDYDP SUREOHPDV FRP D OHL H GHYHULDP HVWDU
UHFXSHUDQGRHVVDViUHDVRXSRUTXHIRUDPVROLFLWDGRVDSDUWLFLSDU
$V SURSULHGDGHV 7$% DWp 7$% VHJXQGR VXEJUXSR DSUHVHQWDUDP XPD YLVmR XP
SRXFR PHOKRU VREUH D LPSRUWkQFLD GD PDWD LQFOXLQGR DOpP GD iJXD DVSHFWRV OLJDGRV j
SURWHomRGRVRORHGDIDXQD
2 WHUFHLUR VXEJUXSR %95 DWp %5= UHVROYHX SDUWLFLSDU EDVLFDPHQWH SRU VH
SUHRFXSDUFRPRDPELHQWH7RGRVFLWDUDPSHORPHQRVXPDSUiWLFDTXHWHQWDPDGRWDUSDUD
JDUDQWLURVUHFXUVRVQDWXUDLVQRIXWXUR
-iDV7$%DWp7$%TXDUWRVXEJUXSRDOpPGRVDVSHFWRVUHODFLRQDGRVDRVXEJUXSR
DQWHULRU DFUHGLWDP TXH RV FXLGDGRV TXH YrP UHDOL]DQGR QDV iUHDV FRQWULEXtUDP SDUD D
UHFXSHUDomRGHVXDViUHDV
2VHJXQGRJUXSR FRPSUHHQGHRVSURSULHWiULRVTXHDSUHVHQWDUDPDVPHOKRUHVYLV}HVVREUH
D PDWD H VXEGLYLGLXVH HP JUXSRV R SULPHLUR VXEJUXSR FRPSUHHQGH DV SURSULHGDGHV
%95DWp%5=RQGHRVSURSULHWiULRVSDUWLFLSDUDPGRSURMHWRSHORGHVHMRGHPHOKRUDU
VXDVSURSULHGDGHVHPDQWHUDiJXD(VVHVWHQWDPDGRWDUSUiWLFDVDOWHUQDWLYDVQRPRGRTXH
SURGX]HP H DSUHVHQWDUDP DV PHOKRUHV LGpLDV TXDQWR j PDQXWHQomR GRV UHFXUVRV SDUD DV
JHUDo}HVIXWXUDV1R VHJXQGRVXEJUXSR%5=DWp7$%DFRQFHSomRGDPDWDDLQGD
HVWi EDVLFDPHQWH DVVRFLDGD j PDQXWHQomR GRV UHFXUVRV KtGULFRV QmR FLWDQGR RV GHPDLV
IDWRUHV
$GLYLVmRGRVDJUXSDPHQWRVQmRUHIOHWLXRVUHVXOWDGRVGDVPHOKRUHVSURSULHGDGHVQRTXHVH
UHIHUH j VREUHYLYrQFLD H FUHVFLPHQWR HP DOWXUD ,VVR SRUTXH PXLWDV YH]HV DSHVDU GH WHU
XPDyWLPDYLVmRVREUHDQHFHVVLGDGHGHFXLGDUGDVPDWDVRSURSULHWiULRQmRSRGHUHDOL]DU
RV WUDWRV FXOWXUDLV %5= %5= %5= 7$% %95 6RPHQWH DV
SURSULHGDGHV 7$% 7$% 7$% %5= %5= 60/ %5=
DSUHVHQWDUDPDOWRVtQGLFHVGHDWLWXGHHFRPSRUWDPHQWRGHFXLGDGRFRPDVPDWDVHYDORUHV
DFLPDGHGHVREUHYLYrQFLDHGHDOWXUD
1D7DEHODLQGLFDPVHRVYDORUHVGHFDGDUHVSRVWDRDJUXSDPHQWRFRUUHVSRQGHQWHHR
YDORU FDOFXODGR SDUD R LQGLFDGRU DGLWLYR GH DWLWXGHV GH FXLGDGR 2EVHUYDVH TXH VmR
SUy[LPRVRVYDORUHVGRtQGLFHDGLWLYRSDUDFDGDJUXSRVHSDUDGRSHORGHQGURJUDPDRTXH
PRVWUDFRQVLVWrQFLDQDGLYLVmRGRVJUXSRV
2VUHVXOWDGRVREWLGRVQRFiOFXORGRFRHILFLHQWH$OIDGH&URQEDFKSDUDRLQGLFDGRUDWLWXGH
GHFXLGDGRFRPDVPDWDVVmRDSUHVHQWDGRVQDWDEHODDFLPD$VDEUHYLDo}HVFRUUHVSRQGHP
UHVSHFWLYDPHQWHjVSHUJXQWDV3HUXVDYDPVHRXWLQKDPLQWHUHVVHHPXWLOL]DUDiUHDGD
PDWDWHQGRYLVmRGHVXDLPSRUWkQFLDHGDQHFHVVLGDGHGHSURWHomRGHVWDViUHDV SHUJXQWD
GR TXHVWLRQiULR GHPRQVWUDYDVH UHFRQKHFLPHQWR GD LPSRUWkQFLD DPELHQWDO GD iUHD
DSUHVHQWDQGR FRHUrQFLD FRP D UHVSRVWD DQWHULRU SHUJXQWD WLQKDVH QRomR GRV
SUREOHPDV DGYLQGRV FRP D UHWLUDGD GD PDWD H VH D UHVSRVWD HUD FRHUHQWH FRP DV
UHVSRVWDVDQWHULRUHV SHUJXQWDVHDSDUWLFLSDomRQRSURMHWR VHGHXHPIXQomRGHVVD
YLVmR GH FXLGDGR H VH RV PRWLYRV GHPRQVWUDYDP UHDO SUHRFXSDomR FRP D TXHVWmR
DPELHQWDO SHUJXQWD VH VXDV DWLWXGHV FRP UHODomR j PDWD LQFRUSRUDYDP D YLVmR GH
IXWXUR H VH HVWDYDP DJLQGR GH PRGR TXH VXD PDWD LULD UHDOPHQWH VH UHVWDEHOHFHU FRP R
SDVVDUGRWHPSR SHUJXQWDLPSRUWkQFLDGDPDWDSDUDR SURSULHWiULR SHUJXQWDH
DGRomRGHSUiWLFDVFRQVHUYDFLRQLVWDV HPVXDVSURSULHGDGHV SHUJXQWD
$VVXPHVH TXH HVVDV SHUJXQWDV UHIOLWDP D YLVmR TXH R SURSULHWiULR WHP GD PDWD H
FRQVHTHQWHPHQWH VHMD GHWHUPLQDQWH QD IRUPD FRPR HOHV HVWmR FXLGDQGR GHVWDV
7HRULFDPHQWH FRQKHFHQGR D LPSRUWkQFLD GD PDWD RV SURSULHWiULRV WHQGHULDP D XP PDLRU
FXLGDGRFRPHVVDYHJHWDomRIDWRHVVHTXHHVWDEHOHFHDLPSRUWkQFLDDPELHQWDOGDiUHD 3HU FRPRYDULiYHOUHVSRVWD
$OIDGHLQGLFDXPQtYHOVDWLVIDWyULRGHFRUUHODomRGDVYDULiYHLVTXHIRUDPHVFROKLGDV
SDUDFRPSRURLQGLFDGRUTXHHVWiUHSUHVHQWDQGRGRXQLYHUVRGHSRVVtYHLVLQGLFDGRUHV
TXHVmRFRQVWLWXtGRVSHORPHVPRQ~PHURGHYDULiYHLV3DGURQL]DQGRVHRVGDGRVRYDORU
GRFRHILFLHQWHDXPHQWDSDUD
7DEHOD $JUXSDPHQWRHLQGLFDGRUDGLWLYRGHDWLWXGHGHFXLGDGRFRPDV0DWDVGH
*DOHULDHFRPRVSODQWLRV
,QWHUHVVH
HPXVDU
DPDWD
6DEHD
LPSRUWkQFLD
DPELHQWDO
GDPDWD
3UREOHPDV
FRPDUHWLUDGD
GDPDWD
3DUWLFLSDomR
QRSURMHWR
R VXEJUXSR
R JUXSR
R VXEJUXSR
R VXEJUXSR
R VXEJUXSR
R JUXSR
R VXEJUXSR
R VXEJUXSR
3DUFHOD
$QiOLVH$WLWXGHH&XLGDGR
7$% 7DEDWLQJD5LR-DUGLP
%95 %XULWL9HUPHOKR&yUUHJR%XULWL9HUPHOKR
%5= %UD]OkQGLD&yUUHJR2ODULDHGRVËQGLRV
)6$ )RUPRVD5LR%DQGHLULQKD
60/ 6REUDGLQKR5LEHLUmR6REUDGLQKR
9LVmRGH
IXWXUR
ËQGLFH
,PSRUWkQFLD
$GRomRGH
$GLWLYR
GDPDWDSDUD
SUiWLFDV
RSURGXWRU FRQVHUYDFLRQLVWDV 6RPD
$ PpGLD GR LQGLFDGRU DGLWLYR GH DWLWXGHV H FRPSRUWDPHQWR p GH 2EVHUYDVH QD
7DEHOD TXH D PDLRU FRQWULEXLomR YHP GDV ³QRomR GRV SUREOHPDV DGYLQGRV FRP D
UHWLUDGD GD PDWD 3HU´ H ³RV PRWLYRV SHOR TXDLV SDUWLFLSRX GR SURMHWR 3HU´
FXMDV H[FOXV}HV FDXVDULDP DV PDLRUHV UHGXo}HV QD PpGLD ([FOXLQGRVH 3HU D PpGLD
VHULD GH H H[FOXLQGRVH 3HU HOD VHULD GH ,VVR MXVWLILFD D SDUWLFLSDomR GRV
SURGXWRUHV QR SURJUDPD GH UHFXSHUDomR $ GLPLQXLomR GD iJXD RX D SRVVLELOLGDGH GD
PHVPDDFDEDUFRQWULEXLXSDUDTXHRVSURGXWRUHVLQWHJUDVVHPRSURJUDPDGHUHFXSHUDomR
GDV0DWDVGH*DOHULD
7DEHOD $OIDGH&URQEDFKSDUDRLQGLFDGRUDGLWLYRGHDWLWXGHHFRPSRUWDPHQWRGH
FXLGDGRFRPDVPDWDV
9DULkQFLD
'HVYLR
3DGUmR
0pGLDGH
FRUUHODomR
LQWHU
YDULiYHLV
$OIDGH
&URQEDFK
$OID
3DGURQL]DGR
1
0pGLD
9DULiYHLV
0pGLDVHD
YDULiYHOp
GHVSUH]DGD
9LVmRGHIXWXUR 3HU
3UiWLFDVFRQVHUYDFLRQLVWDV 3HU
1RomRGRVSUREOHPDV 3HU
,PSRUWkQFLDGDPDWDSDUDR
SURGXWRU 3HU
,PSRUWkQFLDDPELHQWDO 3HU
SDUWLFLSDomRQRSURMHWR 3HU
LQWHUHVVHHPXWLOL]DUDiUHD 3HU
9DULkQFLDVH
D
YDULiYHOp
GHVSUH]DGD
&RUUHODomR
FRUULJLGD
HQWUH
YDULiYHOH
,QGLFDGRU
&RUUHODomR
P~OWLSODDR
TXDGUDGR
5
$OIDVHD
YDULiYHO
p
GHVSUH]DGD
$GHPDLV DV YDULiYHLV ³LPSRUWkQFLD GD PDWD SDUD R SURGXWR 3HU´ H ³YLVmR GH
IXWXUR 3HU´ VmRDVTXHSRVVXHPPDLRUYDULDELOLGDGHQRVGDGRVRXVHMDVXDVH[FOXV}HV
FDXVDULDPDVPDLRUHV UHGXo}HVQDYDULkQFLD(VVDYDULkQFLDGHYHVHDRIDWRGHDSHQDVXP
SHTXHQR JUXSR WHU FRQVHJXLGR YLVXDOL]DU D 0DWD GH *DOHULD GHQWUR GH XP FRQWH[WR GH
ELRGLYHUVLGDGH RX VHMD IXQFLRQDQGR FRPR XP UHI~JLR j IDXQD RX HVWDQGR UHODFLRQDGD j
SURWHomRGRVRORSRUH[HPSOR&RQVHTHQWHPHQWHDSHQDVHVVHV FRQFHEHP RIDWRGHTXH
VXDSUHVHUYDomRSUHVVXS}HDGRomRGHSUiWLFDVFRQVHUYDFLRQLVWDVHPXGDQoDGHDWLWXGHFRP
RDPELHQWH2UHGX]LGRQ~PHURGHSURGXWRUHVTXHSDUWLFLSDUDPGHWRGDVDV Do}HVGH($
SRGHWHUFRUURERUDGRSDUDTXHHVVDVLGpLDVQmRVHMDPFRPSDUWLOKDGDVSRUWRGRVRV
SURGXWRUHV
1RHQWDQWRDH[FOXVmRGDVPHVPDVQmRVHMXVWLILFDFRQVLGHUDQGRVHTXHMXQWDPHQWHFRP
3HU H 3HU HODV DSUHVHQWDP DOWDV FRUUHODo}HV FRP R LQGLFDGRU ILQDO FRPSDUDQGRVH
FRPDVGHPDLVYDULiYHLV2VYDORUHVGHFRUUHODomRDSUHVHQWDGRVQDWDEHODSDUDHVVDVTXDWUR
YDULiYHLV HYLGHQFLDP D LPSRUWkQFLD GH VH OHYDU HP FRQVLGHUDomR HP WUDEDOKRV
VHPHOKDQWHV Do}HV GH ($ TXH HQYROYDP R PDLRU Q~PHUR SRVVtYHO GH SDUWLFLSDQWHV GH
PRGRDHVWDEHOHFHUXP SURJUDPDPDLVDUWLFXODGR FRPDUHDOLGDGHGHVWD FRPXQLGDGHXP
SURJUDPDTXHFRQVLJDGHVSHUWiORVSDUDXPDYLVmRPDLVLQWHJUDGRUDGRDPELHQWHOHYDQGR
HPFRQVLGHUDomRDLPSRUWkQFLDGDELRGLYHUVLGDGHHTXHVHFRQVLJD HVWDEHOHFHU XPDDomR
HIHWLYDPHQWHFRPXQLWiULDHPTXHRVGLYHUVRVSURGXWRUHVVHDMXGHPPXWXDPHQWH
$VDo}HVGHUHFXSHUDomRGHiUHDVGHJUDGDGDVVHJXQGR/DQL5HVHQGHSUHFLVDP
VHU QD HVFDOD GH LQWHUHVVH GR DJULFXOWRU 3DUD LVVR WDLV DXWRUHV VXJHUHP PDLRU rQIDVH QD
SDUWLFLSDomRGRDJULFXOWRUHPYH]GHHVWDEHOHFHUVRPHQWHDo}HVSXQLWLYDVRSRGHUS~EOLFR
SRGHULDHVWLPXODUDYHQGDGLUHWDGHSURGXWRVQXPVLVWHPDGHFRRSHUDWLYDVVXSHUYLVLRQDGDV
SHOR SRGHU PXQLFLSDO TXH D KLVWyULD H D FXOWXUD ORFDO SXGHVVH VHU YDORUL]DGD FRPSRQGR
WH[WRVHMRJRVSHUWLQHQWHVTXHVHULDPXWLOL]DGRVHPDo}HVGH($GHVGHDHVFRODHOHPHQWDU
TXH RV SDJDU DJULFXOWRU IRVVHPEHQHILFLDGRV FRP SDJDPHQWRV RX GLPLQXLomR GRV WULEXWRV
DRVHGHL[DUiUHDHPUHVHUYDHFXLGDUHPGHODVLQFOXVLYHHQULTXHFHQGRDVTXHRPXQLFtSLR
SXGHVVHILQDQFLDURVLQVXPRVjVSUiWLFDVGHFRQWUROHDGHJUDGDomRDGHTXDGDDFDGDFDVR
TXH RV PXQLFtSLRV SRVVDP VHU ]RQHDGRV XVDQGR FKDYHV VLPSOLILFDGDV GH LGHQWLILFDomR GH
DPELHQWHV SUHIHUHQFLDOPHQWH HGXFDQGR SDUD R XVR PHQRV GHJUDGDQWH H DV iUHDV FRP
GHJUDGDomR H[FHVVLYD SRGHULDP VHU JHUHQFLDGDV SHOD VRFLHGDGH ORFDO FRQWDQGR LQFOXVLYH
FRPRHQYROYLPHQWRGRVJUXSRVHVFRODUHVORFDLV
1D ~OWLPD FROXQD GD 7DEHOD UHYHODVH DV DOWHUDo}HV TXH R $OID GH &URQEDFK VRIUHULD
GLDQWHGDVH[FOXV}HVGHFDGDXPDGDVYDULiYHLV$UHWLUDGDGHQHQKXPDYDULiYHOPHOKRUDULD
R YDORU GR DOID UHSUHVHQWDQGR ERD FRQVLVWrQFLD LQWHUQD GR LQGLFDGRUTXH SRGH VHU
PDQWLGR QD IRUPD FRPR IRL WHVWDGR 5HVXPLQGR R YDORU REWLGR QR FiOFXOR GR $OID GH
&URQEDFKp VDWLVIDWyULRDVYDULiYHLVHVFROKLGDVPRVWUDPVHDSURSULDGDVHHQFRQWUDVHXPD
ERD FRQVLVWrQFLD RX FRQILDELOLGDGH QR LQGLFDGRU DGLWLYR GH DWLWXGHV H FRPSRUWDPHQWR GH
FXLGDGRFRPDV0DWDVGH*DOHULD
1DDQiOLVHGHUHJUHVVmRP~OWLSODHPTXHVHEXVFDPH[SOLFDo}HVSDUDDYDULDomRQRYDORU
GR LQGLFDGRU GH DWLWXGHV H GH FRPSRUWDPHQWR YDULiYHO GHSHQGHQWH R FRHILFLHQWH GH
GHWHUPLQDomR P~OWLSOD 5 GR PRGHOR HVWXGDGR IRL GH H VXD VLJQLILFkQFLD DOWD
) S 7RGDV DV YDULiYHLV LQGHSHQGHQWHV WDPEpP IRUDP DOWDPHQWH
VLJQLILFDWLYDV FRP YDORUHV GH S $VVLP p SRVVtYHO LQIHULU TXH DV DWLWXGHV GRV
SURSULHWiULRVQRFXLGDGRRXQmRGHVXDV0DWDVGH*DOHULDSRGHHVWDUUHODFLRQDGDDRQtYHO
GH HVFRODULGDGH DR WHPSR GH PRUDGLD QD SURSULHGDGH j GLVSRQLELOLGDGH GH UHFXUVR
ILQDQFHLURSDUDLQYHVWLUQRVFXLGDGRVFRPRSODQWLRLGDGHHRIDWRGHEXVFDULQIRUPDo}HV
VREUHSUiWLFDVPDLVVXVWHQWiYHLV
5HVXOWDGRVGDVHQWUHYLVWDVFRPRVSURGXWRUHV
&DUDFWHUL]DomRGDSURSULHGDGHHSURGXWRU
$QWHV GD LPSOHPHQWDomR GR SURMHWR DOJXQV SURSULHWiULRV IRUDP HQWUHYLVWDGRV GH PRGR D
FRPSUHHQGHU R SHUILO GHVVHVQDVUHVSHFWLYDV iUHDV(QWUHWDQWR QHPWRGRV RV SURSULHWiULRV
HQWUHYLVWDGRVHP6DQWRVHWDOLQWHJUDUDPRSURMHWR
'HVVH PRGR RV UHVXOWDGRV DTXL DSUHVHQWDGRV QmR GLIHUHP VLJQLILFDWLYDPHQWH GRV
DSUHVHQWDGRV SRU 6DQWRV HW DO PDV VmR H[FOXVLYDPHQWH UHODFLRQDGRV DRV
SURSULHWiULRVRQGHHPVXDVSURSULHGDGHVRFRUUHUDPRVSODQWLRVGHUHFXSHUDomR
(QWUH RV SURSULHWiULRV HQWUHYLVWDGRV VmR GH RULJHP UXUDO HQTXDQWR GH RULJHP
XUEDQDVHQGRTXHVXDPDLRULDQDVFHXIRUDGR'LVWULWR)HGHUDOHVHX(QWRUQR2IDWRGHD
PDLRULDGRVSURGXWRUHVVHUGD5HJLmR6XO1RUGHVWHH6XGHVWHVHJXQGR6DQWRVHWDO UHSUHVHQWDDIDOWDGHUDt]HVFXOWXUDLVYLQFXODGDVDRDPELHQWH&HUUDGR$IDOWDGHVVHYtQFXOR
GHDFRUGRFRPRVDXWRUHVVHULDGHWHUPLQDQWHQRPRGRFRPRRVSURGXWRUHVXVDPHRFXSDP
VXDViUHDVVHPVHSUHRFXSDUHPFRPR&HUUDGRHVHXVUHFXUVRV
$GHPDLV WDLV SURGXWRUHVMi HVWmRQD UHJLmRHP PpGLDD PDLVGH DQRV VHQGR TXH SURSULHWiULRVUHVLGHPQDSURSULHGDGHHHVWmRQHVVHVORFDLVDSHORPHQRVDQRV2
TXHSRGHWHUFRQWULEXtGRSDUDXPDPXGDQoDGHDomRFRPRDPELHQWHQHVVHVORFDLVMiTXH
QmRSHQVDPHPUHWRUQDUDVVXDVUHJL}HVGHRULJHP
2VKRPHQVVmRUHVSRQViYHLVSHODVDWLYLGDGHVDJUtFRODVHHQFRQWUDVHHPVXDPDLRULD
HQWUH RV H DQRV GH LGDGH $ PDLRULD Vy FRPSOHWRX D SULPHLUD IDVH GR HQVLQR
IXQGDPHQWDO$VPXOKHUHVEDVLFDPHQWHFXLGDPGRVDID]HUHVGDFDVD
3URGXomRHUHQGD
1R%XULWL9HUPHOKRDVSULQFLSDLVDWLYLGDGHVHFRQ{PLFDVVmRDROHULFXOWXUDHD IUXWLFXOWXUD
LUULJDGD RQGH D PDLRULD GD SURGXomR p FRPHUFLDOL]DGD QD &($6$') YLD DVVRFLDomR GH
SHTXHQRVSURGXWRUHV$DVVRFLDomRSRVVXLXPFDPLQKmRTXHID]RIUHWHGDSURGXomRHDWXD
LQWHUPHGLDQGRDVYHQGDV$FRPXQLGDGHpEHPXQLGDMiTXHWRGRVRVSURSULHWiULRVUHVLGHP
QDVVXDVWHUUDVHWHPDDVVRFLDomRFRPRLQWHJUDGRUDSDUDDPHOKRULDGDFRPXQLGDGH
1D &RPXQLGDGH GR &yUUHJR 2ODULD H &yUUHJR GRV ËQGLRV WDPEpP SUHGRPLQDP D
ROHULFXOWXUD H D IUXWLFXOWXUD LUULJDGD %RD SDUWH GD SURGXomR WDPEpP p FRPHUFLDOL]DGD QR
&($6$')0RUDPQDSURSULHGDGHSURGXWRUHVUHSUHVHQWDQGRGRWRWDO
1D &RPXQLGDGH GR 5LR -DUGLP DV DWLYLGDGHV VmR GLYHUVLILFDGDV H EDVLFDPHQWH
FRQGLFLRQDGDV SHOR UHOHYR GD UHJLmR 6DQWRV HW DO $ SHFXiULD PLVWD RX GH OHLWH
RFRUUHRQGHSUHGRPLQDPVRORVUDVRVHXPDYHJHWDomRQDWXUDOGH&DPSRRX&DPSR6XMR
Mi RQGH R UHOHYR p PDLV SODQWR RFRUUH SUHGRPtQLR GR SODQWLR GH JUmRV H HP DPERV RV
ODGRVDIUXWLFXOWXUDHDROHULFXOWXUDWDPEpPVmRSUDWLFDGDVHPPHQRUHVFDOD5HVLGHPQDV
SURSULHGDGHVSURGXWRUHV
-iQR5LR%DQGHLULQKDVSUHGRPLQDPDSHFXiULDPLVWDHDFXOWXUDGHJUmRV2VSURSULHWiULRV
QmRUHVLGHPQRORFDO$VSURSULHGDGHVVmRFRQVLGHUDUDViUHDVGHOD]HURXXPDRXWUDIRQWH
GHLQYHVWLPHQWR
$UHQGDGRVSURGXWRUHVpEDL[DSRLVHQFRQWUDPVHUHFHEHQGRDWpVDOiULRV2VLWHQV
DOLPHQWDUHVHPVXDPDLRULDVmRIRUQHFLGRVSHODVDWLYLGDGHVDJUtFRODVRTXHPLQLPL]DRV
SUREOHPDV DGYLQGRV GD EDL[D UHQGD 'HVVH PRGR RV UHFXUVRV SDUD D PDQXWHQomR GH XP
ERP QtYHO WHFQROyJLFR GD DWLYLGDGH GH SURGXomR VmR SUDWLFDPHQWH LQH[LVWHQWHV 6RPHQWH
GRV SURGXWRUHV VH SURQXQFLDUDP SRVVXLQGR DOJXP UHFXUVR SDUD LQYHVWLU QRV WUDWRV
FXOWXUDLV HQRVFXLGDGRVQHFHVViULRVDPDQXWHQomRGRVSODQWLRV
6DQWRVHWDO HYLGHQFLRXTXHDVHVWUDWpJLDVSDUDRHQYROYLPHQWRGRVSURGXWRUHVQD
UHFXSHUDomRHSUHVHUYDomRGDV0DWDVGH*DOHULDGHYHULDPVHUGLIHUHQFLDGDVSHORWDPDQKR
GDV SURSULHGDGHV 1DV SHTXHQDV SURSULHGDGHV RQGH D UHQGD p EDL[D Ki QHFHVVLGDGH GH
FRPSHQVDURSURGXWRUSDUDSURFHGHUjFRQVHUYDomRHRXUHFXSHUDomRSRUPDLVFRQVFLHQWH
TXHRSURGXWRUVHMD2PHVPRQmRRFRUUHQDVPpGLDVHJUDQGHVSURSULHGDGHVRQGHDUHQGD
pPHOKRU1HVVHFDVR RHVSDoRSURGXWLYRpVXILFLHQWHHUHQWiYHOREDVWDQWHSDUDFRPSHQVDU
DSHUGDGDiUHD~WLOSDUDDH[SORUDomR
$V SURSRVWDV GH PDQHMR GHVVDV PDWDV FRP ILQV HFRQ{PLFRV GHYHP DWHQGHU D GXDV
FRQGLo}HVVHJXQGR5RGULJXHV*DQGROIL6mRHODVVHUHPSUHJDGDVHPSHTXHQDV
SURSULHGDGHVGHVGHTXHDViUHDVDJUtFRODVGLVSRQtYHLVQmRVHMDPVXILFLHQWHPHQWHFDSD]HV
GH SURSLFLDU XPD VXVWHQWDELOLGDGH HFRQ{PLFD H TXDQGR HPSUHJDGRV VLVWHPDV
DJURIORUHVWDLVFRPRHVWUDWpJLDGHLPSODQWDomRHRXUHVWDXUDomRHFROyJLFD-i SDUD'DYLGH
%RWHOKRDIRUPDPDLVHILFLHQWHGHUHFXSHUDURXPDQWHUDViUHDVGHSUHVHUYDomR
SHUPDQHQWHVHULDYDORUL]DQGRDVHUHPXQHUDQGRRVSURGXWRUHVTXHDGRWDVVHPSUiWLFDVTXH
YLVDVVHPjFRQVHUYDomRSDUDDVIXWXUDVJHUDo}HV
8PDDOWHUQDWLYDVHULDDGHTXHRSURFHVVRGHUHFXSHUDomRVHLQLFLDVVHQRVSULPHLURVP
MXQWRjPDUJHPGRPDQDQFLDOGHiJXD1RWUHFKRUHVWDQWHRVRXWURVPHWURVSRGHULDVHU
XWLOL]DGRSDUDSUiWLFDVTXHSHUPLWLVVHPDRSURSULHWiULRLQYHVWLURVOXFURVQDPDQXWHQomRGR
SULPHLUR WUHFKR H SRVWHULRUPHQWH UHVWDEHOHFHU WRGD D iUHD GH PDWD )HOILOL HW DO VXJHUHPTXHRVUHPDQHVFHQWHVVHMDPPDQHMDGRVFRPILQVFRPHUFLDLVGHPRGRVXVWHQWDGR
3UiWLFDV FRP D FRQVWUXomR GH YLYHLURV QDWXUDLV HP FRQGLo}HV GH PLFURFOLPD LJXDO DR GD
PDWDSDUDSODQWDVRUQDPHQWDLV FRPR VDPDPEDLDV DYHQFDV SDOPHLUDV H RUTXtGHDV 2XWUD
SRVVLELOLGDGHVHULDDH[SORUDomRGHSODQWDVPHGLFLQDLVSDXyOHR &RSDLIHUDODQJVGRUIILL
MDWREi +\PHQDHD VSS SDUD SURYHU yOHRV HVVHQFLDLV H VHLYD XVR SODQWDV DURPiWLFDV
DOPpFHJD 3URWLXPVSSFRPRIRQWHGHUHVLQDVSDUDIDEULFDomRGHLQFHQVRVHSHUIXPHVH
IUXWtIHUDV EXULWL 0DXULWLD IOH[XRVD MDWREi +\PHQDHD VSS DUDoi 3VLGLXP VSS H
PDUPHODGD $OLEHUWLDVSSFRPRSURGXWRUDVGHDOLPHQWRFRPRRSDOPLWREUDQFR (XWHUSH
HGXOLVSDUDRVHUKXPDQRHDQLPDLVVLOYHVWUHV
8VRGRV5HFXUVRV1DWXUDLV
$ UHWLUDGD GD PDWD GHXVH SRU LQWHLUR HP ORFDLV RQGH RFRUUH j SURGXomR GH KRUWDOLoDV H
SDUFLDOPHQWH QR FDVR GD SHFXiULD 6DQWRV HW DO %DVLFDPHQWH QmR H[LVWH
DSURYHLWDPHQWRFRPHUFLDOGDVPDWDVHRVUHFXUVRVH[SORUDGRVHVWHQGHPVHDXWLOL]DomRGD
iJXDHGRXVRGDWHUUDSDUDDXPHQWDURHVSDoRSURGXWLYR
$SHQDV SURSULHWiULRV DOHJDUDP ID]HU XVR GRV IUDJPHQWRV GH PDWD VHMD SDUD
DSLFXOWXUDSURGXWRUHVSDUDUHWLUDGDGHPDGHLUDSDUDGLYHUVRVILQVFRPRDFRQIHFomRGH
FDER GH HQ[DGD SURGXWRUHV RX FULDomR GH JDGR SURGXWRU 'H DFRUGR FRP WDLV
SURGXWRUHV LVVR QmR UHSUHVHQWD XPD SUiWLFD FRPHUFLDO H VHX XVR UHVWULQJHVH D EHQHItFLR
SUySULR 3RU VXD YH] H[LVWH LQWHUHVVH SRU SDUWH GH DOJXQV SURGXWRUHV 7$% 7$%
7$% HP PRQWDU XQLGDGHV GHPRQVWUDWLYDV HP VXDV SURSULHGDGHV GHYLGR DRV ERQV
UHVXOWDGRV GH VHXV SODQWLRV 7DLV iUHDV VHUYLULDP GH LQFHQWLYR H PRGHOR SDUD RXWURV
SURGXWRUHV TXH GHVHMHP UHFXSHUDU VXDV PDWDV EHP FRPR SDUD DV HVFRODV TXH SRGHULDP
XWLOL]DUWDLVORFDLVSDUDSUiWLFDVGH(GXFDomR$PELHQWDO
2EVHUYRXVHTXHRVSURGXWRUHVQmRYrHPDViUHDVGH0DWDGH*DOHULDFRPRSRWHQFLDOGH
OD]HU RX ID]HP TXDOTXHU RXWUR XVR GHVVHV ORFDLV $ LQLFLDWLYD GH PRQWDU DV XQLGDGHV
GHPRQVWUDWLYDV FRQWULEXLULD SDUD ID]HU XVR GR SRWHQFLDO HGXFDFLRQDO GHVWDV iUHDV 3DUD
'DYLGHHWDO DV 0DWDVGH*DOHULDHRVSUySULRVSURMHWRVGHUHFXSHUDomRSRVVXHP
XP LQFUtYHO SRWHQFLDO HGXFDFLRQDO TXDQGR HVWDEHOHFLGDV SUiWLFDV GH HGXFDomR DPELHQWDO
UHODFLRQDGDV DR UHFRQKHFLPHQWR GDV IRUPDo}HV H HVSpFLHV FLOLDUHV DR SURFHVVR GH
SURGXomR GH PXGDV H GD UHDOL]DomR GH SODQWLRV FRPXQLWiULRV GR SRWHQFLDO PHGLFLQDO H
DOLPHQWtFLR GHVWDV iUHDV RX PHVPR FRPR iUHDV GH OD]HU TXH VmR WmR FDUHQWHV QDV
FRPXQLGDGHVDWXDLV
1RTXHVHUHIHUHjSURSHQVmRHPVXEVWLWXLUDYHJHWDomRSURSULHWiULRVVmRFRQWUD
R XVR GHVWDViUHDV H UHVSRQGHUDPTXH R LGHDOp TXH SHUPDQHoDP SURWHJLGDV $RV GHPDLV
SURSULHWiULRVVHIRVVHSRVVtYHOJRVWDULDPGHXWLOL]iODVQDVHJXLQWHSURSRUomRKRUWD
SRPDUHSDVWDJHPHSURGXWRUJRVWDULDGHXVDUSDUDSLVFLFXOWXUD
3DUD GRV SURSULHWiULRV D iUHD GH PDWD p UHDOPHQWH PDLV IpUWLO TXH RXWUDV iUHDV GD
SURSULHGDGH ,VVR VH GHYH VHJXQGR HOHV DR VRPEUHDPHQWR GR VROR D PDLRU XPLGDGH H
PDLRU SUR[LPLGDGH GR FXUVR G¶iJXD H SHOR IDWR GDV IROKDV SURSLFLDUHP D UHFLFODJHP GRV
QXWULHQWHV
%XVFDGH,QIRUPDo}HV
2V SURGXWRUHV HP JHUDO SRVVXHP R KiELWR GH FRQVXOWDU HPSUHVDV S~EOLFDV QD EXVFD GH
LQIRUPDo}HV )RL FLWDGR SRU WRGRV RV HQWUHYLVWDGRV HP HVSHFLDO D (0$7(5 7DLV
FRQVXOWDVWrPFRPRREMHWLYRDGTXLULUQRYDVWpFQLFDVGHSURGXomRGRVHQWUHYLVWDGRV
HVFODUHFHU G~YLGDV VREUH SURGXomR H EXVFDU DOWHUQDWLYDV GH UHQGD HRX SURGXomR
$ WHOHYLVmR DRV SURGXWRUHV WHP XP JUDQGH SDSHO FRPR IRQWH GH LQIRUPDomR 2
*ORER5XUDOIRLFLWDGRSRUWRGRVRVHQWUHYLVWDGRVFRPRRSURJUDPDTXHDVVLVWHPSDUDVH
PDQWHUHP DWXDOL]DGRV MXQWDPHQWH FRP R 'LiULR 5XUDO &DQDO 5XUDO H *ORER (FRORJLD
WDPEpPPHQFLRQDGRVHPPHQRUHVFDOD
$LQIRUPDomRHVFULWDpXWLOL]DGDDSHQDVSRUGRVSURGXWRUHVTXHOrHPSXEOLFDo}HVGR
VHWRU DJURSHFXiULR RX FLUFXODUHV WpFQLFDV RIHUHFLGDV SHOD SUySULD (0$7(5 RX HPSUHVDV
SDUWLFXODUHV TXH YHQGHP SURGXWRV DJUtFRODV 1HQKXP SURGXWRU GHFODURX RXYLU UiGLR FRP
REMHWLYRGHREWHULQIRUPDo}HVVREUHRVHWRUUXUDO
2 PHLR UXUDO WHP XP SDSHO HVWUDWpJLFR GR GHVHQYROYLPHQWR EUDVLOHLUR 2 SUySULR
FUHVFLPHQWR XUEDQR UHFHQWH DXPHQWD D GHPDQGD SRU QRYRV SURGXWRV H QRYRV VHUYLoRV
YLQGRVGRPHLRUXUDO2GHVDILRFRQVLVWHHPGRWDUDVSRSXODo}HVYLYHQGRQDViUHDVUXUDLV
GDVSUHUURJDWLYDVQHFHVViULDVDTXHVHMDPHODVDVSURWDJRQLVWDVFHQWUDLVGDFRQVWUXomRGRV
QRYRVWHUULWyULRV$EUDPRYD\
&RP HVVH LQWXLWR R VHUYLoR GH H[WHQVmR EUDVLOHLUR VXUJLX HP HVSHFLDO D (0$7(5 SDUD
FRQWULEXLU FRP D GLIXVmR GD LQIRUPDomR H GH QRYDV WHFQRORJLDV SDUD R DXPHQWR GD
SURGXomR SURGXWLYLGDGH UHQGD OtTXLGD H EHPHVWDU GD IDPtOLD UXUDO VHP DJUHVVmR DR
DPELHQWHD SDUWLU GH PpWRGRV HGXFDWLYRV4XHGD (QWUHWDQWR RV WpFQLFRV FDUHFHP
GHIRUPDomRHVSHFLDOL]DGDSDUDHVVHILPGHPRGRDVXSULUDVG~YLGDVHFXULRVLGDGHVGHVVHV
SURGXWRUHV
2VWpFQLFRVGRVHVFULWyULRVGD(PDWHUHPFDGDiUHDHVFROKLGDDMXGDUDPQDGLYXOJDomRGR
SURMHWR PDV IDOWRX HVWDEHOHFHU XPD SDUFHULD SDUD XP WUDEDOKR FRQMXQWR HQWUH DV
LQVWLWXLo}HV (VVD XQLmR GH IRUoDV HQWUH (PEUDSD H (PDWHU IRL VXJHULGD SRU PXLWRV
SURSULHWiULRV SDUD TXH RFRUUHVVH XP DFRPSDQKDPHQWR PDLV VLVWHPiWLFR H PHOKRU
RULHQWDomRTXDQWRDRVFXLGDGRVQHFHVViULRVDRVSODQWLRV
(QWUHRVGLOHPDVSURYRFDGRVSHODVWUDQVIRUPDo}HVQDILQDOLGDGHLQVWLWXFLRQDOGD(PEUDSD
QHQKXP RXWUR DOFDQoRX PDLRU HYLGrQFLD TXH D UHODomR GLIXVmR [ H[WHQVmR 6FKORWWIHOGW
3DUDRDXWRURIRUWDOHFLPHQWRGDVIXQo}HVHJHUrQFLDVQD6HGHHQDV8QLGDGHVVHGi
H[HUFLWDQGRRVSULQFtSLRVPHWRGROyJLFRVGH³SHVTXLVDHGHVHQYROYLPHQWR´(VVDVIXQo}HV
PDQWHULDP D SDUWLU GH PHFDQLVPRV D VHU GHILQLGRV D FRHUrQFLD HQWUH DV SHVTXLVDV
UHDOL]DGDV H DV GHPDQGDV GRV XVXiULRV H GD VRFLHGDGH ,VVR LQFOXLULD D GHILQLomR GH
SULRULGDGHV H D IRUPDomR GH HTXLSHV LQWHUGLVFLSOLQDUHV SDUD D JHUDomR GHVHQYROYLPHQWR
WHVWH YDOLGDomR DYDOLDomR VRFLRHFRQ{PLFD H WUDQVIHUrQFLD GH WHFQRORJLD HP HQIRTXH
VLVWrPLFRHSDUWLFLSDWLYRGHQWURHIRUDGDXQLGDGH
1HVVH FRQWH[WR DV Do}HV GH ($ UHDOL]DGDV SHOR SURMHWR HP IRUDP YLVWDV SHOD
(PEUDSD&HUUDGRVFRPRXPSULPHLURSDVVRQRDSUHQGL]DGRSDUDLQWHJUDUDVFRPXQLGDGHV
FRPDWHPiWLFDGHUHFXSHUDomRGH0DWDVGH*DOHULD$LQVWLWXLomRGHVFREULXDLPSRUWkQFLD
GHVVDDERUGDJHPSDUDDOFDQoDUUHVXOWDGRVPDLVHIHWLYRVHPVXDVDo}HVQDVFRPXQLGDGHV(
SRGHVHSHUFHEHUDLQGDTXHRHQWHQGLPHQWRGDVIXQo}HVELROyJLFDVGHHFRORJLDDSOLFDGDH
GHSURGXomRVXVWHQWDGD SRGHPIDYRUHFHU RHQWHQGLPHQWRGDQHFHVVLGDGH GHVH YLYHUFRP
TXDOLGDGHHHPDPELHQWHVHFRORJLFDPHQWHHTXLOLEUDGRV5H]HQGHHWDO
&XLGDGRHSUHRFXSDomRDPELHQWDO
7RGRV IRUDP XQkQLPHV QR TXH VH UHIHUH j LPSRUWkQFLD GDV 0DWDV GH *DOHULD (QWUH RV
SULQFLSDLVIDWRUHVGHSURWHomRHVWmRDQHFHVVLGDGHGHPDQWHUDiJXDDWUDLUDQLPDLV
FRQVHUYDURVRORHYLWDUHURVmRHRDVVRUHDPHQWRGRVULRV(VVDLPSRUWkQFLD
HVWiUHODFLRQDGDjSUHVHUYDomRGDiJXDGRVULRVHPDQDQFLDLVSDUDGRVHQWUHYLVWDGRV
VHJXLGR GH SURWHJHU VROR H HYLWDU HURVmR DWUDLU RX IXQFLRQDU FRPR UHI~JLR SDUD
IDXQDDX[LOLDUQDPDQXWHQomRGDTXDOLGDGHGRDU RXPHVPRSRUVXDEHOH]D
FrQLFD
4XDQWR DRV DQLPDLV VLOYHVWUHV VXD LPSRUWkQFLD HVWi DVVRFLDGD j EHOH]D HP HVSHFLDO DR
FDQWRGRVSiVVDURVHD KDUPRQLDTXHWUD]HPSDUDRDPELHQWHDRFRQWUROHELROyJLFR
SULQFLSDOPHQWH RV SiVVDURV FRPHQGR RV LQVHWRV QD GLVVHPLQDomR GDV VHPHQWHV
HSRUVHU³YLGD´HDMXGDUDPDQWHURHTXLOtEULRGRDPELHQWH
$LPSRUWkQFLDGDiJXDDRVHQWUHYLVWDGRVUHODFLRQDVHjPDQXWHQomRGDYLGDDDR
SUHSDUR GD DOLPHQWDomR FR]LQKDU H SURGXomR GH DOLPHQWRV LUULJDomR H KLJLHQH
2 SURFHGLPHQWR PDLV DGHTXDGR SDUD JDUDQWLU D iJXD LQFOXL PDQWHU DV PDWDV QmR
SROXLU RV PDQDQFLDLV UHFXSHUDU DV PDWDV GH EHLUD GH ULR UHFXSHUDU iUHDV
GHJUDGDGDV SODQWDU iUYRUHV DGRWDU SUiWLFDV FRQVHUYDFLRQLVWDV FRPR SODQWLR
GLUHWRSURGXomRRUJkQLFDHDJURVVLOYLFXOWXUDDOpPGHSUHVHUYDURVROR
FRQWURODUR XVRGDiJXDQDVEDFLDVHYLWDURXVRLQWHQVLYRGHDJURWy[LFRV
$VTXHVW}HVGHVVHLWHPSRGHPSDUHFHUUHSHWLWLYDVRXyEYLDVPDVIRUDPHODERUDGDVFRPR
LQWXLWRGHLQVWLJDURVSURSULHWiULRVDH[SRUVXDVLGpLDVVREUHHVVHVWHPDV7DLVSURSULHWiULRV
HPVXDPDLRULDQmRWLYHUDPRSRUWXQLGDGHGHHVWXGRRXGHDSUHQGHUDSHQVDPRDPELHQWH
FRPRXPWRGRDQDOLVDQGRDVLQWHUUHODo}HVHQWUHFDGDXPGHVHXVHOHPHQWRV'HVVHPRGR
RV HQWUHYLVWDGRUHV IRUDP RULHQWDGRV D ID]HU GD DSOLFDomR GR TXHVWLRQiULR XP HVSDoR GH
LQIRUPDomR H HPEDVDPHQWR QD FRPSUHHQVmR GHVWDV LQWHUUHODo}HV 3ULPHLUDPHQWH D
UHVSRVWD GR SURSULHWiULR HUD DQRWDGD H VH HOHV GHPRQVWUDVVHP LQWHUHVVH D GLVFXVVmR GH
FDGDTXHVWmRHUDDSURIXQGDGDHVFODUHFHQGRDVG~YLGDVTXHSRUYHQWXUDVXUJLUDP
$VDo}HVGH($ UHDOL]DGDVHPDX[LOLDUDPRVSURSULHWiULRVDPXGDUHPGHYLVmRSRLV
IRL SRVVtYHO REVHUYDU XP GLVFXUVR GLIHUHQWH GH SUHVHUYDomR GHVGH R LQtFLR GR SURMHWR 2
Q~PHUR GH TXH SHUFHELDP D LPSRUWkQFLD GD 0DWD SDUD D PDQXWHQomR GRV UHFXUVRV
KtGULFRVREVHUYDGRVSRU6DQWRVHWDODXPHQWRXSDUDHQWUHRVHQWUHYLVWDGRV
'HVVHV DFUHGLWDP TXH D DXVrQFLD GD PDWD SRGH GLPLQXLU D TXDQWLGDGH GH iJXD GRV
PDQDQFLDLVRXPHVPRDFDEDU
'HSRLV GRV SODQWLRV RFRUUHUDP RXWUDV Do}HV DUWLFXODGDV SHODV LQVWLWXLo}HV ORFDLV RV
HVFULWyULRVGD(0$7(5HD6HFUHWiULDGH0HLR$PELHQWHGH)RUPRVD*2GDVGLIHUHQWHV
iUHDV TXH YrP FRQWULEXLQGR SDUD HVVD PXGDQoD GH PHQWDOLGDGH 2XWUR IDWRU SRGH VHU
DWULEXtGRDRHIHLWRHOQLxRGHGLPLQXLQGRDVFKXYDVH GHVHQFDGHDQGRRDSDJmR
UDFLRQDPHQWR GR FRQVXPR GH HQHUJLD HOpWULFD HP WRGR R SDtV HP $ SDUWLU GR
RFRUULGR LQ~PHURV SURJUDPDV GH 79 H FRPHUFLDLV KRMH HQIRFDPD TXHVWmR DPELHQWDOHP
VXDSURJUDPDomRHRVFRQFHLWRVDPELHQWDLVDRPHQRVMiHVWmRVHQGRRXYLGRVSRUWRGRV2
TXHIRLSRVVtYHOREVHUYDUSHODUHVSRVWDGRVSURSULHWiULRVpTXHHOHVWrPLQWHUHVVHHPID]HU
DOJRPDVQmRVDEHPFRPRHQHPWHPLQFHQWLYRRXDX[tOLRSDUDWDO
.DJH\DPD*DQGDUDDILUPDPTXHDLPSODQWDomRGHSURJUDPDVGHUHFXSHUDomRH
PHVPR D FRQVHUYDomR GRV DLQGD H[LVWHQWHV SDVVDP SRU XP SURFHVVR PDLV DPSOR GH
YDORUDomR GHVVHV HFRVVLVWHPDV WDQWR GH VHX YDORU LQGLUHWR PDQXWHQomR GD TXDOLGDGH H
SURGXomRGHiJXDFRQWUROHGH HURVmRPDQXWHQomRHSURGXWRVGD IORUHVWDSULQFLSDOPHQWH
RVQmRPDGHLUHLURVIUXWROiWH[UHVLQDVSDOPLWRHUYDVPHGLFLQDLVHDURPiWLFDVPHOHWF
$SRVVLELOLGDGHGHXPDUHFXSHUDomRSHORVHXYDORULQGLUHWRHDXWLOL]DomRGHSURGXWRVQmR
PDGHLUHLURV LUi WUD]HU XP FRQVLGHUiYHO LQFHQWLYR j UHVWDXUDomR SULQFLSDOPHQWH HP iUHDV
DJUtFRODV e LPSUHVFLQGtYHO TXH R SURSULHWiULR UXUDO QmR YLVXDOL]DVVH DV iUHDV GH
SUHVHUYDomR SHUPDQHQWH $33V FRPR iUHDV SHUGLGDV RX LQDSURYHLWiYHLV GH XPD
SURSULHGDGH H VLP iUHDV TXH HVWmR SURGX]LQGR iJXD FDUERQR XPLGDGH GR DU HWF HP
FRQGLo}HVGH JHUDU XP PLFURFOLPD IDYRUiYHOjV RXWUDVSURGXo}HV QD PHVPD SURSULHGDGH
'DYLGH%RWHOKR
/HJLVODomR$PELHQWDO
$SHQDV GRV SURGXWRUHV DILUPDUDP QmR FRQKHFHUHP DV OHLV GH SURWHomR HP VXDV
SURSULHGDGHV (QWUHWDQWR VH FRQIXQGLUDP QD H[SOLFDomR GDV OHLV H VRPHQWH UHVSRQGHUDPFRUUHWDHVHJXUDPHQWHVREUHHVVDVTXHVW}HV(PJHUDOIDOWDLQIRUPDomRVREUH
D OHJLVODomR SRLV RV HQWUHYLVWDGRV FRQIXQGHP UHVHUYD OHJDO H iUHD GH SUHVHUYDomR
SHUPDQHQWHTXDQGRQmRDVFRQVLGHUDPDPHVPDFRLVD
$ TXDOLGDGH DPELHQWDO QR PHLR UXUDO GHYH LQFOXLU UHVSRQVDELOLGDGHV P~WXDV HQWUH
SURSULHWiULRV H LQVWLWXLo}HV TXH DWXDP MXQWR D HVVDV FRPXQLGDGHV FRQFUHWL]DQGRVH HP
Do}HV H SROtWLFDV LQWHJUDGRUDV TXH WRUQHP R GHVHQYROYLPHQWR KXPDQR H UHJLRQDO FRPR
DOJRS~EOLFR0DODJRGL
3DUD5LFDVDUHFXSHUDomRGH0DWDV&LOLDUHV0DWDVGH*DOHULDpXPSURFHVVRPXLWR
PDLV SROtWLFR TXH WHFQROyJLFR 6HJXQGR D DXWRUD LQIRUPDo}HV H FRQKHFLPHQWR FLHQWtILFR
SDUD LQLFLDU WDLV SURFHVVRV Mi VmR FRQKHFLGRV 2 TXH IDOWD QD UHDOLGDGH p D GHILQLomR GH
SROtWLFDVS~EOLFDVHPTXHDYDULiYHODPELHQWDOIRVVHFRQVLGHUDGDHPWRGRVRVSURFHVVRVGH
SODQHMDPHQWR $OpP GLVVR DV Do}HV SXQLWLYDV TXH FDEHP DR SRGHU S~EOLFR GHYHULDP VHU
H[HUFLGDV FRP PDLV VHYHULGDGH H DV PXOWDV DSOLFDGDV QHVVHV FDVRV VHUHP UHYHVWLGDV DRV
SURJUDPDVGHUHFXSHUDomR
2XWUR DVSHFWR QmR PHQRV LPSRUWDQWH VHJXQGR D DXWRUD p R FXPSULPHQWR GDV OHLV
DPELHQWDLVQRSURFHVVRGHFRQFHVVmRGHHPSUpVWLPRVSHORVEDQFRVRILFLDLVHSULYDGRV6H
HVVDH[LJrQFLDIRVVHIHLWDHVHXFXPSULPHQWRILVFDOL]DGRVHJXUDPHQWHMiWHUtDPRVPXLWRV
DYDQoRV SRLV QmR VHULD SHOR IDWR GH QmR PDLV SRGHU XVDU D IDL[D GH SURWHomR GRV FXUVRV
G¶iJXDTXHERDSDUWHGRVSURSULHWiULRVUXUDLVGHL[DULDPGHFRQWUDLUHVVHVHPSUpVWLPRV
9DOH FRPSOHPHQWDU TXH R SURFHVVR GH DVVLVWrQFLD WpFQLFD WUHLQDPHQWR H ILVFDOL]DomR GH
SRGHU S~EOLFR H[HUFLGR SHOD (0$7(5 H RXWUDV DJHQFLDV p RXWUR FDPLQKR DLQGD
SUDWLFDPHQWHGHVFRQKHFLGR$LQWHJUDomRGHVVHVyUJmRVDGRWDQGRSRVWXUDVFRPXQVIUHQWH
DRXVRGRVUHFXUVRVQDWXUDLVVRPDULDDRH[SHGLHQWHDQWHULRUHDPSOLDULDDVSRVVLELOLGDGHV
GH r[LWR 2 WUDEDOKR HGXFDWLYR HQWUHWDQWR QmR GHYH FRQWHPSODU VRPHQWH RV SURGXWRUHV H
WpFQLFRV GD iUHD PDV SRGHULD VH HVWHQGHU jV VHFUHWiULDV GH HGXFDomR FRP SURJUDPDV
RILFLDLV TXH WUDWDVVHPGHVVHVDVVXQWRV SULQFLSDOPHQWH QDVHVFRODVGDV iUHDV UXUDLV ( QDV
iUHDV RQGH D XWLOL]DomR GDV PDUJHQV IRVVH FRQGLomR GH VREUHYLYrQFLD HVVHV yUJmRV
GHYHULDP UHDOL]DU WUDEDOKRV GH DVVLVWrQFLD WpFQLFD FDSD] GH PLQLPL]DU RV LPSDFWRV H
FRQFLOLDUDSUHVHUYDomRFRPRH[HUFtFLRSDUFLDOGHVWDVDWLYLGDGHV5LFDV
3DUWLFLSDomRGR3URMHWRH&XLGDGRVFRPRSODQWLR
1mR SDUWLFLSDUDP GDV UHXQL}HV GR SURMHWR SURSULHWiULRV 'HVVHV UHFHEHUDP
LQIRUPDo}HVQDVSURSULHGDGHVVHMDGXUDQWHDUHDOL]DomRGRVSODQWLRVVHMDGXUDQWHDVYLVLWDV
GH PRQLWRUDPHQWR 2V RXWURV SDUWLFLSDUDP GDVUHXQL}HV HQWUHWDQWR SURSULHWiULRV
DOHJDUDPQmRWHUHPUHFHELGRQHQKXPDRULHQWDomRRXPHVPRGLVVHUDPTXHRVFDVHLURVQmR
RVKDYLDPGLWR QDGDRXTXHQmRIRUDPLQIRUPDGRVVREUHDVUHXQL}HV2VTXHSDUWLFLSDUDP
GRVHQFRQWURVHPJHUDOGL]HPWHUDSUHQGLGRPXLWDFRLVDPDVQmRFRQVHJXHPH[SOLFDUHP
GHWDOKHVRTXHRXXWLOL]DURVWHUPRVDPELHQWDLVDGHTXDGDPHQWH
$V Do}HV GH ($ UHDOL]DGDV HP IRUDP SRQWXDLV H QHQKXPD HVWUDWpJLD IRL XWLOL]DGD
FRPREMHWLYRGHYHULILFDUVHWDLVDo}HVWLQKDPGHDOJXPPRGRFRQWULEXtGRSDUDPHOKRULD
GD YLVmR GRV SURSULHWiULRV VREUHRV UHFXUVRV QDWXUDLV HVSHFLDOPHQWH DV 0DWDVGH *DOHULD
5H]HQGHHWDOMiKDYLDPGHPRQVWUDGRTXHpGLItFLOHVWDEHOHFHUUHVXOWDGRVFRQFUHWRV
RXPHVPRLQGLFDGRUHVGHPXGDQoDVGHFRQGXWDFRPDWLYLGDGHVUHDOL]DGDVHPSRXFRPDLV
GHXPDQR(QWUHWDQWRWDLVDXWRUHVREVHUYDUDPXPDPXGDQoDQRGLVFXUVRGRVSURGXWRUHV
HP UHODomR DRV UHFXUVRV QDWXUDLV GHSRLV GDV Do}HV $V Do}HV GH ($ FRQWULEXtUDP DRV
UHVXOWDGRV DWXDLV GRV SODQWLRV XPD YH] TXH HQWUH DV YDULiYHLV FRQVLGHUDGDV QD ³IXQomR
UHFXSHUDomR´ WDQWR DV UHXQL}HV GH ($ TXDQWR R WUDEDOKR GH RULHQWDomR HP FDPSR
PDQWLYHUDPVH HQWUH RV DVSHFWRV PDLV LPSRUWDQWHV D VHUHP FRQVLGHUDGDV SDUD R ERP
HVWDEHOHFLPHQWRGDVHVSpFLHVHPFDPSR
2UHVXOWDGRGHVVHTXHVWLRQiULRHYLGHQFLRXTXHFRQKHFLPHQWRVREUHRPHLRDPELHQWHH[LVWH
PDV RV SURGXWRUHV DLQGD VH VHQWHP GHVDPSDUDGRV (P JHUDO QmR SRGHP FRPSURPHWHU D
SURGXomR IRQWH GH VXDV UHQGDV SDUD FXLGDUHP GRV SODQWLRV RX QmR SRVVXHP UHFXUVR
ILQDQFHLURSDUDLQYHVWLUQRVHXFXLGDGRRXQDDGRomRGHSUiWLFDVFRQVHUYDFLRQLVWDVHPVXDV
SURSULHGDGHV
&HUWDPHQWH DV Do}HV GH ($ SRGHULDP WHUVLGR PDLVEHP DUWLFXODGDV GH PRGR D HQYROYHU
WRGD D FRPXQLGDGH 1R HQWDQWR REVHUYRXVH TXH RV SURSULHWiULRV TXH PRUDP QDV
SURSULHGDGHV HP JHUDO HVWmR PDLV VDWLVIHLWRV FRP RV SODQWLRV H EXVFDUDP FXLGDU H
DFRPSDQKDURVWpFQLFRVTXDQGRQRVPRQLWRUDPHQWRVGRVSODQWLRV
2V LGHDOL]DGRUHV H FRRUGHQDGRUHV GH SURJUDPDV GH UHFXSHUDomR GH iUHDV GHJUDGDGDV
HQIUHQWDP R GHVDILR GH PLQLPL]DU EXVFDU RX UHYHUWHU D DWXDO FULVH DPELHQWDO 'H DFRUGR
FRP 0DODJRGL HVVHV XWLOL]DP D ($ FRP R LQWXLWR GH VXEVWLWXLU XPD IRUPD GH
FRQKHFLPHQWRFRQVLGHUDGDLQDGHTXDGDDPELHQWDOPHQWHSRURXWUDTXHMXOJDPVHUDFRUUHWD
6HMD SHOD VHGXomR FRPR R WUDEDOKR GRV H[WHQVLRQLVWDV DJURSHFXiULRV D VHUYLoR GD
UHYROXomR YHUGH VHMD SHOD FRHUomR IUHQWH D GLVSRVLWLYRV OHJDLV HVVHV QmR FRQVHJXHP
FRPSUHHQGHU TXH D QDWXUH]D GR SURFHVVR GH FRQKHFHU GDV SHVVRDV QmR VH UHVXPH j
WUDQVPLVVmRGHLQIRUPDomR
1HVVH FRQWH[WR Do}HV GHVWD QDWXUH]D GHYHP IRUWDOHFHU D YLVmR FUtWLFD GDV SHVVRDV VXD
FDSDFLGDGH GH OHLWXUD GRV FRQWH[WRV VHX SUD]HU QD FRQVHUYDomR GH VXD FXOWXUD H VXD
SDUWLFLSDomR SROtWLFD ORFDO H UHJLRQDO 6y DVVLP SURJUDPDV GHVVD QDWXUH]D SRGHP VXUWLU
UHVXOWDGRV SRVLWLYRV TXH VH H[SUHVVDUDP QmR VRPHQWH QR GHVHQYROYLPHQWR H
HVWDEHOHFLPHQWRGDVHVSpFLHVPDVQDPXGDQoDGHSRVWXUDHPHOKRULDGDTXDOLGDGHGHYLGD
GDVFRPXQLGDGHVHQYROYLGDV0DODJRGL
$SDUWLFLSDomRGRSURMHWRVHGHXSDUDGRVSURGXWRUHVHPIXQomRGHSUREOHPDVFRPD
OHLRXGHYLGRjSURFXUDGRVWpFQLFRVGD(PEUDSDTXHDSDUHFHUDPGL]HQGRTXHWLQKDTXHWHU
D PDWD TXH WHULDP TXH SODQWDU SDUD SRUTXH QmR WLQKD D PDWD QD SURSULHGDGH RX
TXHULDPUHID]HURTXHIRLGHVWUXtGRRVGHPDLVTXHULDPPDQWHUPLQKDiJXDWLQKDP
LQWHUHVVH QD SUHVHUYDomR DPELHQWDO DFKDUDP D LQLFLDWLYD LQWHUHVVDQWH SRLV VHPSUH
EXVFDUDPFXLGDUGDQDWXUH]D
$ PDQXWHQomR GRV SODQWLRV IRL IHLWD QR LQtFLR H HVWi VHQGR IHLWD DWXDOPHQWH SRU GRV
SURSULHWiULRV )RUDP SUiWLFDV DGRWDGDV FRURDPHQWR QmR IH] IH] QR SULPHLUR
DQRHDLQGDID]LUULJDomR QmRIH]IH]QRSULPHLURDQRHDLQGDID]
FRPEDWH j IRUPLJD QmR IH] IH] QR SULPHLUR DQR H DLQGD ID]
URoDGDFDSLQDHQWUHDVOLQKDV QmRIH]IH]QRSULPHLURDQRHDLQGDID]
DGXEDomRFREHUWXUD QmRIH]IH]QRSULPHLURDQRHDLQGDID]
2V GHPDLV SURSULHWiULRV DILUPDUDP QmRWHU WLGR WHPSR RX UHFXUVR SDUD FXLGDUGRV
SODQWLRV6HQGRTXHDVPDLRUHVGLILFXOGDGHVHQFRQWUDGDVSDUDFXLGDUGRVSODQWLRVUHIHUHP
VHDFRPEDWHUIRUPLJDUHDOL]DUFRURDPHQWRID]HUDFHUFDLQYHVWLUHP
PmRGHREUDSDUDFXLGDURXUHDOL]DUDLUULJDomR
1HVVHFRQWH[WRRDFRPSDQKDPHQWRHPRQLWRUDPHQWRGHSODQWLRVGHUHFXSHUDomRGHiUHDV
GHJUDGDGDV QmR Vy VRE R DVSHFWR WpFQLFR PDV VREUHWXGR VRFLDO p IXQGDPHQWDO QD
GHILQLomRGHPRGHORVYLiYHLVSDUDDUHFXSHUDomRDPELHQWDO1DFRPSUHHQVmRGH FRPRDV
FRPXQLGDGHV YrHP RV SODQWLRV H FRPR HVWmR FXLGDQGR RX QmR GHVVHV SRGH HVWDU R
GLIHUHQFLDO SDUD LPSODQWDomR GH SROtWLFDV S~EOLFDV YLiYHLV UHODFLRQDGDV jV TXHVW}HV
FRQVHUYDFLRQLVWDVHSUHVHUYDFLRQLVWDVHPQRVVRSDtV
2V SURJUDPDV GH UHFXSHUDomR WrP HQFRQWUDGR GLILFXOGDGHV SDUD DOFDQoDU SOHQR VXFHVVR
GHYLGR D OLPLWDo}HV WpFQLFDV H PXLWDV YH]HV IDOWD GH HVFODUHFLPHQWR H PRWLYDomR GD
VRFLHGDGH $ LPSRUWkQFLD GH VH PDQWHU RX UHFXSHUDU DV iUHDV GH FREHUWXUD IORUHVWDO p
LQGLVFXWtYHO (QWUHWDQWRR GHVDILR HVWi HP HQFRQWUDUWpFQLFDVDGHTXDGDV GH UHYHJHWDomR H
VXSHUDU DV EDUUHLUDV FXOWXUDLV H VRFLRHFRQ{PLFDV TXH LPSHGHP TXH VH SURPRYD j
UHFXSHUDomRGH0DWDVGH*DOHULDHPODUJDHVFDOD 'DYLGHHWDO
5(&83(5$d­2 '( È5($6 '(*5$'$'$6 '$6 0$7$6 '( *$/(5,$
(0 )81d­2 '( $63(&726 7e&1,&2%,2/Ï*,&26 $0%,(17$,6 (
62&,2(&21Ð0,&26
2V YDORUHV PpGLRV GH VREUHYLYrQFLD H DOWXUD SRU SURSULHGDGH FRPSXVHUDP R ³tQGLFH GH
HVWDEHOHFLPHQWR GRV SODQWLRV´ GLYLGLQGR DV SURSULHGDGHV HP JUXSRV DTXHOH RQGH RV
LQGLYtGXRV FUHVFHUDP PXLWR H VREUHYLYHUDP PXLWR SURSULHGDGHV RQGH RV LQGLYtGXRV
FUHVFHUDP SRXFR H VREUHYLYHUDP PXLWR RQGH RV LQGLYtGXRV FUHVFHUDP PXLWR H
VREUHYLYHUDPSRXFRHRJUXSRRQGHRVLQGLYtGXRVFUHVFHUDPSRXFRHVREUHYLYHUDPSRXFR
'HVVHPRGRDVSURSULHGDGHVIRUDPDJUXSDGDV)LJXUDGHDFRUGRFRPDVYDULiYHLV
TXHFRPS}HPDIXQomRUHFXSHUDomR$PDWUL]GHGDGRVFRPRVYDORUHVSRUUHVSRVWDEHP
FRPRDVRPDGDVYDULiYHLVSRGHVHUREVHUYDGDQD7DEHOD
'HQGURJUPDGDVSURSULHGDGHV
0pWRGRGH:DUG
'LVWkQFLD(XFOLGLDQD
9DORUHVSDUDDJUXSDPHQWR
%5=
60/
%5=
%5=
7$%
%95
%95
%95
7$%
%5=
7$%
7$%
7$%
7$%
%5=
%5=
7$%
7$%
7$%
7$%
7$%
%5=
%95
%95
%5=
%5=
%95
7$%
7$%
7$%
7$%
7$%
7$%
)6$
%5=
%5=
%5=
%5=
%5=
%5=
%95
7$%
7$%
7$%
7$%
7$%
%5=
%95
%95
%5=
%5=
%5=
7$%
)6$
%5=
%5=
7$%
)LJXUD 'HQGURJUDPDTXHLOXVWUDDGLVWkQFLDHXFOLGLDQDHQWUHDVSURSULHGDGHV
$GLYLVmRGRGHQGURJUDPDDSDUWLUGHVXDPHGLDQDDSUHVHQWRXJUXSRVGLVWLQWRV
$ SULPHLUDGLYLVmR DEUDQJH D %5$= DWp D 7$% H FDUDFWHUL]DVH SHORV SURGXWRUHV
FXMDV iUHDV GH PDWD HUDP XWLOL]DGDV SDUD FXOWXUDV GH KRUWDOLoDV RX HVWDYDP RFXSDGDV SRU
SDVWR 3DUD D UHDOL]DomR GRV SODQWLRV R VROR IRL DUDGR RX JUDGHDGR $V HVSpFLHV QHVWDV
SURSULHGDGHVDSUHVHQWDUDPRVPHOKRUHVtQGLFHVGHVREUHYLYrQFLDHFUHVFLPHQWRHPDOWXUD
2V WUDWRV FXOWXUDLV IRUDP UHDOL]DGRV QR SULPHLUR DQR H GRV SURSULHWiULRV GHVVH JUXSR
FRQWLQXDP UHDOL]DQGR DOJXPD SUiWLFD FRPR FRURDPHQWR H FRPEDWH j IRUPLJD $V iUHDV
HQFRQWUDPVH FHUFDGDV H VHP D LQWHUIHUrQFLD GH DQLPDLV SDVWDQGR *UDQGH SDUWH GRV
SURSULHWiULRV PRUD QDV iUHDV H SDUWLFLSDUDP GDV UHXQL}HV GR SURJUDPD GH (GXFDomR
$PELHQWDODOpPGHWHUHPUHFHELGRWRGDVDVLQVWUXo}HVHPFDPSR
$ VHJXQGD GLYLVmR FRPSUHHQGH DV SURSULHGDGHV %5= DWp 7$% RQGH QmR KRXYH
SUHSDUR GR VROR QmR IRUDP UHDOL]DGRV RV WUDWRV FXOWXUDLV LQLFLDLV H KDYLD RFRUUrQFLD GH
DQLPDLV SDVWDQGR QD iUHD $OpP GLVVR RV SURGXWRUHV QmR SDUWLFLSDUDP GDV Do}HV GH ($
QHP UHFHEHUDP RULHQWDomR HP FDPSR VREUH R SODQWLR (P 7$% %5= 7$%
7$%H7$%RVtQGLFHVGHVREUHYLYrQFLDILFDUDPHPWRUQRGRVHDVFRQGLo}HV
GRV SODQWLRV VmR UD]RiYHLV *UDQGHV SDUWHV GDV HVSpFLHV SODQWDGDV QHVVDV FRQGLo}HV
FRQWLQXDPYLYDVPDVFRPGHVHQYROYLPHQWROHQWRQmRXOWUDSDVVDQGRRVFPGHDOWXUDj
H[FHomR GH 7$% H %5= /RFDLV RQGH R JDGR IRL VROWR ORJR GH LQtFLR WRGDV DV
HVSpFLHVPRUUHUDP3RXDSUHVHQWDPSRXTXtVVLPRVLQGLYtGXRVYLYRV7$%
1DGLYLVmRVHJXLQWHGHVGH%5=DWp7$%RVLQGLYtGXRVHVWmREDVLFDPHQWHQRž,H
ž,,TXDGUDQWHRXVHMDFUHVFHUDPPDVQmRVREUHYLYHUDPDFLPDGDOLQKDGHFRUWH
GH VREUHYLYrQFLD HVWDEHOHFLGRV D SDUWLU GD PpGLD JHUDO GH WRGDV DV SURSULHGDGHV 2V
SURSULHWiULRVGHVVH JUXSR HPVXDPDLRULDPDQWpPDiUHDFHUFDGDFXOWLYDPODYRXUDQmR
IL]HUDPRVWUDWRVLQLFLDLVQmRSUHSDUDUDPRVRORQmRSDUWLFLSDUDPGDVDo}HVGH($HQHP
UHFHEHUDPRULHQWDo}HVQRSODQWLR
$TXDUWDGLYLVmR YDLGH)6$DWp7$%HFRPSUHHQGHDVSURSULHGDGHVFXMDVHVSpFLHV
HVWmRHQWUHRVTXDGUDQWHV,,,H,9(PGDVSURSULHGDGHVRFRUUHUDPSUiWLFDVGHSUHSDUR
GR VROR IRUDP UHDOL]DGRV RV WUDWRV LQLFLDLV H GHSRLV DV iUHDV IRUDP LVRODGDV 2V
SURSULHWiULRVQmRSDUWLFLSDomRGDVUHXQL}HVGH($PDVIRUDPLQVWUXtGRVHPFDPSR
$~OWLPDGLYLVmRGH%5=DWp 7$%HQJOREDDVSURSULHGDGHVTXHWLYHUDPRV SLRUHV
tQGLFHV GH GHVHQYROYLPHQWR GRV SODQWLRV VXD PDLRULD DORFDGD QR TXDGUDQWH 2V
SURSULHWiULRV QmR WLYHUDP UHFXUVRV SDUD ID]HUHP RV WUDWRV FXOWXUDLV (P DOJXPDV iUHDV RV
SURSULHWiULRV DWp IL]HUDP RV WUDWRV LQLFLDLV PDV RFRUUHX IRJR HP GDV SURSULHGDGHV
GHVVH JUXSR $OJXQV UHFHEHUDP LQVWUXomR HP FDPSR PDV D PDLRULD QmR SDUWLFLSRX GDV
Do}HVGH(GXFDomR$PELHQWDO
7DEHOD 9DORUHVGDHVFDODGH/LNHUWSDUDFDGDDVSHFWRGDIXQomRUHFXSHUDomR
 GLYLVmR
 GLYLVmR
 GLYLVmR
3URSULH
GDGHV
$VSHFWRV
DPELHQWDLV
$VSHFWRVWpFQLFRELROyJLFRV
5HODomR
VREUHY[
DOWXUD
3UHSDUR
GRVROR
&RURDPHQWR
$GXEDomR
,UULJDomR
&RPEDWH
jIRUPLJD
5RoDJHP
,VRODPHQWR
)RJR
5HJHQHUDomR
$VSHFWRVVRFLRHFRQ{PLFRV
5HFXUVR
ILQDQFHLUR
$o}HV($
(VWDU
LQIRUPDGR
%5=
60/
%5=
%5=
7$%
%95
%95
%95
7$%
PERP
PERP
PERP
ERP
ERP
PERP
PERP
PERP
PERP
ERP
ERP
ERP
ERP
UXLP
ERP
UXLP
UXLP
ERP
ERP
ERP
UXLP
PUXLP
ERP
PUXLP
PUXLP
UXLP
UXLP
ERP
UXLP
UXLP
ERP
ERP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
UXLP
UXLP
ERP
ERP
ERP
PUXLP
PUXLP
PUXLP
ERP
UXLP
UXLP
ERP
ERP
ERP
ERP
ERP
ERP
PUXLP
ERP
UXLP
PUXLP
PUXLP
ERP
ERP
PUXLP
UXLP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
PUXLP
UXLP
UXLP
PUXLP
PUXLP
PUXLP
UXLP
PUXLP
UXLP
UXLP
ERP
UXLP
UXLP
ERP
UXLP
UXLP
UXLP
UXLP
UXLP
ERP
ERP
ERP
ERP
UXLP
ERP
ERP
UXLP
ERP
ERP
ERP
ERP
ERP
UXLP
ERP
ERP
ERP
%5=
7$%
7$%
7$%
7$%
%5=
%5=
7$%
7$%
%5=
7$%
7$%
ERP
ERP
PERP
ERP
ERP
PUXLP
UXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
UXLP
UXLP
UXLP
UXLP
UXLP
ERP
UXLP
UXLP
UXLP
UXLP
UXLP
UXLP
UXLP
PUXLP
ERP
UXLP
UXLP
PUXLP
PUXLP
UXLP
UXLP
UXLP
PUXLP
PUXLP
UXLP
PUXLP
PUXLP
PUXLP
UXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
UXLP
PUXLP
ERP
UXLP
UXLP
PUXLP
PUXLP
UXLP
PUXLP
UXLP
PUXLP
UXLP
UXLP
PUXLP
ERP
UXLP
UXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
ERP
UXLP
ERP
UXLP
UXLP
ERP
UXLP
UXLP
UXLP
UXLP
UXLP
UXLP
ERP
ERP
ERP
ERP
ERP
UXLP
UXLP
UXLP
ERP
UXLP
UXLP
ERP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
ERP
UXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
UXLP
UXLP
ERP
UXLP
ERP
ERP
UXLP
ERP
UXLP
ERP
ERP
ERP
UXLP
UXLP
ERP
ERP
ERP
UXLP
UXLP
UXLP
UXLP
ERP
UXLP
UXLP
UXLP
UXLP
ERP
ERP
ERP
ERP
UXLP
ERP
ERP
ERP
ERP
ERP
%5=
%95
%95
%5=
%5=
%95
7$%
7$%
7$%
7$%
7$%
7$%
PUXLP
PUXLP
UXLP
PUXLP
PUXLP
UXLP
UXLP
PUXLP
PUXLP
UXLP
PUXLP
UXLP
ERP
UXLP
UXLP
UXLP
UXLP
UXLP
UXLP
UXLP
UXLP
UXLP
UXLP
UXLP
ERP
PUXLP
UXLP
UXLP
ERP
ERP
UXLP
ERP
UXLP
UXLP
PUXLP
PUXLP
ERP
PUXLP
UXLP
PUXLP
ERP
UXLP
UXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
ERP
ERP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
ERP
ERP
UXLP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
PUXLP
PUXLP
PUXLP
PUXLP
UXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
UXLP
UXLP
ERP
UXLP
ERP
ERP
ERP
UXLP
ERP
ERP
UXLP
ERP
ERP
ERP
ERP
UXLP
UXLP
ERP
UXLP
ERP
ERP
ERP
ERP
ERP
PUXLP
UXLP
UXLP
UXLP
UXLP
PUXLP
PUXLP
PUXLP
UXLP
PUXLP
PUXLP
PUXLP
UXLP
ERP
UXLP
UXLP
UXLP
UXLP
UXLP
ERP
UXLP
UXLP
UXLP
UXLP
UXLP
UXLP
UXLP
UXLP
UXLP
UXLP
ERP
UXLP
UXLP
UXLP
UXLP
ERP
ERP
ERP
UXLP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
UXLP
7DEHOD &RQWLQXDomR
 GLYLVmR
3URSULH
GDGHV
 GLYLVmR
)6$
%5=
%5=
%5=
%5=
%5=
%5=
%95
7$%
7$%
7$%
7$%
7$%
%5=
%95
%95
%5=
%5=
%5=
7$%
)6$
%5=
%5=
7$%
$VSHFWRV
DPELHQWDLV
$VSHFWRVWpFQLFRELROyJLFRV
5HODomR
VREUHY[
DOWXUD
UXLP
UXLP
ERP
ERP
UXLP
PERP
PERP
PERP
PERP
ERP
ERP
ERP
ERP
UXLP
UXLP
UXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
3UHSDUR
GRVROR
&RURDPHQWR
UXLP
UXLP
ERP
ERP
ERP
ERP
ERP
UXLP
ERP
ERP
ERP
UXLP
UXLP
UXLP
UXLP
UXLP
UXLP
UXLP
UXLP
UXLP
UXLP
UXLP
UXLP
UXLP
UXLP
PUXLP
PUXLP
PUXLP
PUXLP
UXLP
PUXLP
PUXLP
PUXLP
UXLP
PUXLP
UXLP
PUXLP
PUXLP
PUXLP
UXLP
UXLP
UXLP
PUXLP
PUXLP
UXLP
PUXLP
UXLP
PUXLP
$GXEDomR
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
UXLP
PUXLP
PUXLP
PUXLP
PUXLP
UXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
,UULJDomR
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
UXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
&RPEDWH
jIRUPLJD
5RoDJHP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
ERP
UXLP
PUXLP
PUXLP
PUXLP
UXLP
UXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
UXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
UXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
UXLP
PUXLP
,VRODPHQWR
ERP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
UXLP
UXLP
UXLP
UXLP
)RJR
ERP
UXLP
ERP
UXLP
ERP
ERP
UXLP
ERP
ERP
ERP
ERP
ERP
ERP
UXLP
ERP
ERP
UXLP
UXLP
ERP
ERP
UXLP
UXLP
UXLP
ERP
5HJHQHUDomR
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
UXLP
PUXLP
PUXLP
ERP
UXLP
ERP
UXLP
ERP
PUXLP
UXLP
UXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
PUXLP
$VSHFWRVVRFLRHFRQ{PLFRV
5HFXUVR
ILQDQFHLUR
ERP
ERP
UXLP
UXLP
UXLP
UXLP
UXLP
UXLP
UXLP
UXLP
ERP
UXLP
UXLP
UXLP
UXLP
UXLP
UXLP
UXLP
UXLP
UXLP
UXLP
UXLP
UXLP
UXLP
$o}HV($
ERP
UXLP
UXLP
ERP
ERP
UXLP
UXLP
UXLP
UXLP
UXLP
UXLP
UXLP
UXLP
ERP
ERP
ERP
ERP
UXLP
ERP
ERP
ERP
UXLP
UXLP
UXLP
(VWDU
LQIRUPDGR
ERP
ERP
UXLP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
ERP
$SULPHLUDDQiOLVHFRQVLGHUDQGRWRGDVDVYDULiYHLVJHURXXPDOIDGHRXVHMDGD
YDULkQFLDHQWUHDVTXHVW}HVSRGHVHUH[SOLFDGDSHODIXQomR2DOIDUHSUHVHQWDDFRQVLVWrQFLD
LQWHUQD HQWUH RV LQGLFDGRUHV H VHJXQGR 1XPDOO\ Vy VmR FRQVLGHUDGRV DFHLWiYHLV
YDORUHV DFLPD GH (QWUHWDQWR *HRUJH 0DOOHU\ HVWDEHOHFHUDP D VHJXLQWH
SUHPLVVD SDUD LQWHUSUHWDomR GRV UHVXOWDGRV GR DOID YDORUHV PDLRUHV TXH VmR
MXVWLILFiYHLV TXDQGR RV LWHQV DSUHVHQWDP FRQVLVWrQFLD LQWHUQD SDUWLOKDGD SRU YDULkQFLDV
VLPLODUHV2XVHMDREVHUYDQGRQDWDEHODGRUHVXOWDGRGRDOIDVHQD~OWLPDFROXQDYDORUGR
DOID VH D YDULiYHO IRU UHWLUDGD RV YDORUHV VH PDQWLYHUHP SUy[LPRV LVVR UHSUHVHQWD FHUWD
FRQVLVWrQFLDGRtQGLFHSDUDDTXHOHVYDORUHVHVWDEHOHFLGRV3RUVXDYH]RVDXWRUHVWDPEpP
GHL[DP FODUR TXH j PHGLGD TXH RV YDORUHV DXPHQWDP PHOKRU VHUi R LQGLFDGRU GH
FRQVLVWrQFLD6mRLQDFHLWiYHLVYDORUHVLQIHULRUHVDHVmRFRQVLGHUDGRVPDLRUHVTXH
VmRDFHLWiYHLVPDLRUHVTXHVmRERQVHPDLRUHVTXHVmRH[FHOHQWHV
$ DQiOLVH GR DOID IRL UHIHLWD DWp VH DOFDQoDU XP FRQMXQWR GH YDULiYHLV TXH PHOKRU
UHSUHVHQWDVVHDIXQomR'HVVHPRGRRPHOKRUUHVXOWDGRIRLUHSUHVHQWDGRSRUYDULiYHLV
FRPDOIDGHFRPRSRGHVHUREVHUYDGRQD7DEHOD
$PpGLDGDVUHVSRVWDVSDUD FDGDXPDGDVYDULiYHLVIRLGH$VYDULiYHLVLGHQWLILFDGDV
VHPRVWUDUDPFRQVLVWHQWHVYLVWRTXHDVPpGLDVVHJXQGDFROXQDPDQWLYHUDPYDORUHVPXLWR
SUy[LPRV QmR DSUHVHQWDQGR QHQKXPD YDULiYHO TXH DR VHU UHWLUDGD GR PRGHOR SXGHVVH
DOWHUDUVLJQLILFDWLYDPHQWHVHXVYDORUHV
$~OWLPDFROXQDUHYHODDVDOWHUDo}HVTXHRDOIDGH&URQEDFKVRIUHULDGLDQWHGDVH[FOXV}HV
GHFDGDXPDGDVYDULiYHLV2EVHUYDVHTXHDH[FOXVmRGHQHQKXPDYDULiYHODXPHQWDULDR
YDORUGRDOID2IDWRGHQmRRFRUUHUPHOKRUDFRPDUHWLUDGDGDVYDULiYHLVGHDFRUGR
FRP3HUHLUDLQGLFDERDFRQVLVWrQFLDLQWHUQDGRLQGLFDGRUTXHSRGHVHUPDQWLGRQD
IRUPDFRPRIRLWHVWDGR
'HVVH PRGR DV YDULiYHLV TXH PDLV FRQWULEXtUDP SDUD R VXFHVVR GRV SODQWLRV GH
UHFXSHUDomRGDV0DWDVGH*DOHULDHVWXGDGDVIRUDPSUHSDURVRORFRURDPHQWRDGXEDomR
LUULJDomR FRPEDWH j IRUPLJD URoDJHP LVRODPHQWR GD iUHD SDUWLFLSDomR QDV Do}HV GH
(GXFDomR $PELHQWDO GR VXESURMHWR WHU UHFHELGR LQIRUPDo}HV HP FDPSR RFRUUrQFLD RX
FULDomRGHJDGRXVR DWXDOGRVROR VHQGRTXHD UHODomRVREUHYLYrQFLD HDOWXUDVPpGLDV
SRU SURSULHGDGH p D YDULiYHO UHVSRVWD GD IXQomR $V TXH WLYHUDP PHQRV HIHLWR IRUDP
RFRUUrQFLD GH IRJR SUHVHQoD GH UHJHQHUDomR QDWXUDO QD iUHD GLVSRQLELOLGDGH GH UHFXUVR
ILQDQFHLURSDUDLQYHVWLUQRVFXLGDGRVFRPRSODQWLRRIDWRGHPRUDURXQmRQDSURSULHGDGH
RQtYHOGHHVFRODULGDGHHDLGDGHGRVSURSULHWiULRV
7DEHOD $QiOLVHGRDOIDGH&URQEDFKSDUDYDULiYHLVGHVWDFDGDVSDUDD³IXQomR
UHFXSHUDomR´
1
0pGLD
9DULiYHLV
0pGLDVHD
9DULiYHOp
GHVSUH]DGD
5HODomR
VREUHYLYrQFLD;DOWXUD
3UHSDURGRVROR
&RURDPHQWR
$GXEDomR
,UULJDomR
&RPEDWHjIRUPLJD
5RoDJHP
,VRODPHQWRGDiUHD
$o}HV($
,QIRUPDo}HVHPFDPSR
&ULDomRGHJDGR
8VRGRVROR
9DULkQFLD
'HVYLR 3DGUmR
9DULkQFLDVHD
YDULiYHOp
GHVSUH]DGD
0pGLDGH
FRUUHODomR
LQWHUYDULiYHLV
$OIDGH
&URQEDFK
&RUUHODomR
FRUULJLGDHQWUH
YDULiYHOH
LQGLFDGRU
&RUUHODomR
P~OWLSOD
$RTXDGUDGR
5
$OID
SDGURQL]DGR
$OIDVHD
YDULiYHOp
GHVSUH]DGD
$V YDULiYHLV VmR XPD HYLGrQFLD GD QHFHVVLGDGH GH FXLGDGRV IUHQWH DV SULQFLSDLV
OLPLWDo}HV HRX LPSDFWRV TXH RFRUUHP TXDQGR GD LPSODQWDomR GH SURJUDPDV GH
UHFXSHUDomR2EVHUYRXVHTXHQDVSURSULHGDGHVRQGHRVRORIRLSUHSDUDGRDQWHVGRSODQWLR
DSUHVHQWDUDP PHOKRUHV UHVXOWDGRV QR HVWDEHOHFLPHQWR GDV SODQWDV $ 7$% SRU
H[HPSORVySUHSDURXRWHUUHQRHUHDOL]RXRVWUDWRVFXOWXUDLVQRSULPHLURDQRHKRMHpXPD
GDVPHOKRUHViUHDV$OpPGLVVRDVSUiWLFDV GHLUULJDomRQRSHUtRGRGDVHFDSHORPHQRV
XPD RX GXDV YH]HV SRU VHPDQD H FRPEDWH D IRUPLJDV FRUWDGHLUDV IDYRUHFHUDP
VLJQLILFDWLYDPHQWHQRHVWDEHOHFLPHQWRGD7$%H60/
$VIRUPLJDVVmRFRQVLGHUDGDVDVSULQFLSDLVSUDJDVIORUHVWDLVHVmRUHVSRQViYHLVSRUFDXVDU
RVPDLRUHVGDQRVQDIDVHLQLFLDOGHFUHVFLPHQWRGDVPXGDVGHSRLVGRSODQWLR3RUWDQWRR
FRPEDWHGHYHVHUIHLWRDQWHV HVHQHFHVViULRGXUDQWHHGHSRLVGRSODQWLRREHGHFHQGRjOHL
TXHGHWHUPLQDDQHFHVVLGDGHGRUHFHLWXiULRDJURQ{PLFR'DYLGHHWDO
2XWUR GHVWDTXH D QHFHVVLGDGH GRV WUDWRV FXOWXUDLV UHIHUHVH j FRPSHWLomR SRU SODQWDV
LQYDVRUDVJHUDOPHQWHJUDPtQHDVH[yWLFDV1DIDVHLQLFLDOGHHVWDEHOHFLPHQWRGDVHVSpFLHV
DVHVSpFLHVLQYDVRUDVSRGHPFRPSURPHWHURVXFHVVRGRVSURJUDPDVGHUHYHJHWDomRXPD
YH]TXHFRPSHWHPFRPOX]iJXDQXWULHQWHVH&2'DYLGHHWDO'HVVHPRGRR
FRQWUROH GHVWDV HVSpFLHV SRGH VHU UHDOL]DGR D SDUWLU GH PDQHMR SUHYHQWLYR H RX SRU
PpWRGRV FXOWXUDLV ELROyJLFRV ItVLFRV PHFkQLFRV H TXtPLFRV 7RGDV HVVDV HVWUDWpJLDV
SRGHPIXQFLRQDUHILFLHQWHPHQWHGHVGH TXH HPSUHJDGRGH IRUPD FRUUHWD $ SUiWLFD PDLV
DGHTXDGDGHYHOHYDUHP FRQVLGHUDomRDV FDUDFWHUtVWLFDVORFDLVFRPSRVLomR GD SRSXODomR
GDV SODQWDV GDQLQKDV JUDX GH LQIHVWDomR GLVSRQLELOLGDGH GH PmRGHREUD H GH
LPSOHPHQWRVQtYHOVRFLRFXOWXUDOGRSURGXWRUHRVFXVWRVRSHUDFLRQDLV2FRQWUROHTXtPLFR
p PDLV HILFLHQWH HQWUHWDQWR QHFHVVLWD GH PmRGHREUD HVSHFLDOL]DGD GH PRGR D HYLWDU
DOJXPGHVHTXLOtEULRHFROyJLFR*HOPLQL2FXLGDGRFRPDSUROLIHUDomRGDVHVSpFLHV
H[yWLFDVWDPEpPHYLWDRXWURJUDQGHLPSDFWRVREUHRVSODQWLRVTXHpDRFRUUrQFLDGHIRJR
$FHLURV GHYHP VHU FRQVWUXtGRV QD GLYLVD GD iUHD UHIORUHVWDGD FRP D SDVWDJHP FRP R
REMHWLYRGHHYLWiORV
2XWURSUREOHPDFOiVVLFRMiREVHUYDGRSRU6RX]DIRLRLPSDFWRGRSDVWRUHLR0XLWDV
GDVSURSULHGDGHVTXHVHHQFRQWUDPHQWUHRTXDGUDQWH,H,,EDL[RFUHVFLPHQWRHPDOWXUDH
EDL[RVtQGLFHVGHVREUHYLYrQFLDVmRDTXHODVHPTXHRSURSULHWiULRQDpSRFDGDVHFDIH]
XVRGRSDVWRUHLRSRUKDYHUJUDPtQHDVDOWDVQHVVDViUHDV0HVPRWHQGRSDVVDQGRHDQRV
RLPSDFWRGRJDGRDLQGDpJUDQGHVREUHHVVDViUHDV,VVRUHIRUoDDQHFHVVLGDGHGHPDQWHU
DV iUHDV LVRODGDV SRU XP PDLRU SHUtRGR GH WHPSR GH PRGR D HYLWDU TXH HVVHV DQLPDLV
GDQLILTXHPjVPXGDVSHODKHUELYRULDRXSHORSLVRWHLRRXPHVPRTXHLPSHoDPRSURFHVVR
GHUHJHQHUDomRQDWXUDO
$DQiOLVHSHORDOIDQmRH[FOXLDLPSRUWkQFLDGRVGHPDLVDVSHFWRVDSHQDVHYLGrQFLDDTXHOHV
TXH PHOKRU UHSUHVHQWDPD VLWXDomR DWXDO GRV SODQWLRV $ VHOHomR GHVVDV SHOR DOID GH
&URQEDFK p XP LQGLFDWLYR GH DVSHFWRV LPSRUWDQWHV D VHUHP FRQVLGHUDGRV TXDQGR QD
LPSOHPHQWDomRGHQRYRVSURJUDPDVGHUHFXSHUDomRGH0DWDVGH*DOHULD
$ DQiOLVH GH FRRUGHQDGDV SULQFLSDLV 3&2 IRL UHDOL]D FRP RV GDGRV UHIHUHQWHV DV YDULiYHLV 7DO DQiOLVH WHYH FRPR REMHWLYR GHVFUHYHU D HVWUXWXUD GR FRQMXQWR GRV GDGRV
FRPSDUDWLYDPHQWHjFRQIRUPLGDGHLOXVWUDGDSHORGHQGURJUDPDFRPDVYDULiYHLV
2EWLYHUDPVHHL[RVUHSUHVHQWDWLYRVVHQGRTXHRVGRLVSULPHLURVVmRUHVSRQViYHLVSRU
GDH[SOLFDomRGDYDULDomRLQWHUQDGRVGDGRVFRQIRUPH7DEHODDEDL[R2HL[RHVWi
PDLV UHODFLRQDGRDR HVWDEHOHFLPHQWR GDV HVSpFLHV QDV SURSULHGDGHVH R HL[R DRV WUDWRV
FXOWXUDLVSyVSODQWLR2UHVXOWDGRSRGHVHUREVHUYDGRQD)LJXUD
7DEHOD $QiOLVHGHFRRUGHQDGDSULQFLSDO3&2SDUDDVYDULiYHLVGHVWDFDGDVSHOR
DOIDGH&URQEDFKSDUDDVSURSULHGDGHVFRQVLGHUDGDVQD DQiOLVH
(L[R
$XWRYDORU
9DULkQFLD
9DULkQFLD
DFXPXODGD
9DULkQFLDGR$XWRYDORU
1R JUXSR , SLQN HVWmR DV SURSULHGDGHV FRP PHOKRUHV UHVXOWDGRV HP VREUHYLYrQFLD H
DOWXUD 5HDOL]DUDPSUHSDUR GRVROR H FRUUHVSRQGHPDV PHVPDVSURSULHGDGHVGD SULPHLUD
GLYLVmR GD DQiOLVHGH DJUXSDPHQWR)LJXUD 2 JUXSR,, D]XOHVFXURFRPSUHHQGH DV
SURSULHGDGHVFRPGHVHQYROYLPHQWRUD]RiYHOSRUQmRWHUHPVLGRUHDOL]DGRVWRGRVRVWUDWRV
LQLFLDLV 0HVFODP SURSULHGDGHV GD ž H ž GLYLVmR GR &OXVWHU 2 JUXSR ,,, YHUGH
FRUUHVSRQGH jV SURSULHGDGHVFRP ERQV UHVXOWDGRV HP GHVHQYROYLPHQWRH TXH FRQWLQXDP
UHDOL]DQGR RV WUDWRV FXOWXUDLV H TXH LQWHJUDP D  GLYLVmR GR &OXVWHU 1R JUXSR ,9
YHUPHOKR HVWmR DV SURSULHGDGHV FRP SLRUHV UHVXOWDGRV HP VREUHYLYrQFLD H DOWXUD ž
GLYLVmR GD DQiOLVH GH DJUXSDPHQWR VHQGR TXH QDV SDUFHODV )6$ %5= 7$%
7$%DVREUHYLYrQFLDIRL]HUR7DLVSURSULHWiULRVQmRUHDOL]DUDPRVWUDWRVFXOWXUDLVHKi
RFRUUrQFLDGHDQLPDLVSDVWDQGRQDViUHDV3RUILPDVSURSULHGDGHVTXHLQWHJUDPRJUXSR9
SUHWR VmR DTXHODV RQGH RFRUUHUDP RV WUDWRV LQLFLDLV Vy TXH D SUHVHQoD GH DQLPDLV QDV
iUHDV IH] FRP TXH DV HVSpFLHV DSUHVHQWHP ERP tQGLFH GH VREUHYLYrQFLD PDV
GHVHQYROYLPHQWROHQWR$VHPHOKDQoDQDFRQIRUPDomRGRVJUXSRVpXPLQGLFDWLYRGHTXH
DVYDULiYHLVFRQWULEXtUDPVLJQLILFDWLYDPHQWHQDGLYLVmRGRVJUXSRV
)LJXUD 'LVSHUVmRGDVSURSULHGDGHVFRPEDVHQDVYDULiYHLVGHVWDFDGDVSHORDOID
GH&URQEDFK
6HJXQGR5RGULJXHV*DQGROILR XVRGHLQGLFDGRUHVGHDYDOLDomRHPRQLWRUDPHQWR
GH iUHDV GHJUDGDV WHP VLGR GLVFXWLGRV QD OLWHUDWXUD $QGHUVH -DQ]HQ 0DQWRYDQL HWF HQWUHWDQWRD GLYHUVLGDGHGH VLWXDo}HVH DPELHQWHVTXH QHFHVVLWDP
VHUHP UHFXSHUDGRV LQYLDELOL]DP R HVWDEHOHFLPHQWR GH FULWpULRV RX LQGLFDGRUHV GH XVR
XQLYHUVDO
&RPSRUWDPHQWRGDVHVSpFLHVQDViUHDVTXHDSUHVHQWDUDPPHOKRUHVtQGLFHVGH
HVWDEHOHFLPHQWR
1DV SURSULHGDGHV FRP PHOKRUHV UHVXOWDGRV HP HVWDEHOHFLPHQWR 7$% %5=
7$% 7$% 7$% 7$% %5= %5= 7$% %5= %95
%95 RV WUDWRV FXOWXUDLV FRURDPHQWR FRPEDWH j IRUPLJD H URoDGD IRUDP UHDOL]DGRV
QRVSULPHLURVDQRVHFRQWLQXDUDPVHQGRH[HFXWDGRVQDPDLRULDGHVWDVSURSULHGDGHV(P
SURSULHGDGHV 7$% 7$% 7$% %95 %95 %5= %5= RV
SODQWLRV IRUDP UHDOL]DGRV HP ORFDLV RQGH DQWHV H[LVWLDP FXOWXUDV GH KRUWDOLoDV HRX
IUXWLFXOWXUDFRP WUDWRVFXOWXUDLVPDLVLQWHQVLYRVR TXH SRGHWHU FRQWULEXtGR SDUD R ERP
GHVHPSHQKR GD UHFXSHUDomR2EVHUYH QDV )LJXUDV H YLVWD JHUDO GDV
SURSULHGDGHV7$% %5=7$%H %5=UHVSHFWLYDPHQWH H QD)LJXUD RV
JUiILFRVFRPRFRPSRUWDPHQWRGDVHVSpFLHV
3RUpP PHVPR KDYHQGR WUDWRV FXOWXUDLV SyVSODQWLR (XWHUSH HGXOLV 6DODFLD HOOLSWLFD
&DORSK\OOXP EUDVLOLHQVH &RUGLD WULFKRWRPD &DULQLDQD HVWUHOOHQVLV 2UPRVLD VWLSXODULV
7DODXPD RYDWD 7DOLVLD HVFXOHQWD $SXOHLD OHLRFDUSD 6ZLHWQLD PDFURSK\OOD 6WHUFXOLD
VWULDWD H 7RFRFD IRUPLFDULD DSUHVHQWDUDP VREUHYLYrQFLD &RPR HVVDV HVSpFLHV VmR
SUHIHUHQFLDOPHQWHGH DPELHQWHVLQXQGiYHLVH VRPEUHDGRV7DEHOD QmR DSUHVHQWDUDP
SODVWLFLGDGH DGDSWDWLYD QmR VHQGR LQGLFDGDV HP FRQGLomR GH SODQWLRV D SOHQR VRO H VHP
LUULJDomR (QWUHWDQWR WDLV SUiWLFDV IDYRUHFHUDP R HVWDEHOHFLPHQWR GH (QWHURORELXP
FRQWRUWLVLOLTXXP 7DSLULUD JXLDQHQVLV $QDGHQDQWKHUD PDFURFDUSD $QDGHQDQWKHUD
FROXEULQD+\PHQDHDFRXUEDULO5DSDQHDJXLDQHQVLV*HQLSDDPHULFDQD'DOEHUJLDQLJUD
H,QJDDIILQV
)RWR5RVDQD5H]HQGH
)RWR5RVDQD5H]HQGH
)LJXUD 9LVWDJHUDOGDSURSULHGDGH7DEFRPWUDWRVFXOWXUDLVFRQWtQXRV
)LJXUD 9LVWDJHUDOGDSURSULHGDGH%5=FRPWUDWRVFXOWXUDLVVREUHiUHDRQGHDQWHV
H[LVWLDFXOWXUDGHKRUWDOLoDV
)RWR5RVDQD5H]HQGH
)RWR5RVDQD5H]HQGH
)LJXUD 9LVWDJHUDOGDSURSULHGDGH7$%VHPWUDWRVFXOWXUDLVPDVVREUHiUHDRQGH
DQWHVH[LVWLDFXOWXUDGHKRUWDOLoDV
)LJXUD 9LVWDJHUDOGDSURSULHGDGH%5=FRPWUDWRVFXOWXUDLVVRPHQWHQRSULPHLUR
DQRVREUHiUHDGHFXOWXUD
7DEDWLQJD SURSULHGDGH WUDWRVQRžDQR
LVRODGDHVREiUHDGHKRUWD
+F
*D
7J
$I
6P
$P
6REUHYLYrQFLD 6REUHYLYrQFLD +F
6Y
$OWXUDFP
7J
7I
*D
$P
'Q
$I
$OWXUDFP
*D
+F
&O
7J
5J
(F
$P
2V
6P
0X
6REUHYLYrQFLD 6REUHYLYrQFLD 7DEDWLQJD SURSULHGDGH SODQWDGDS HORSURSULHWiULR
iJXD FULDGRXUR
(F
*D +F 5J
$P
&O
'Q
$OWXUDFP
7J
2V
0X &E
6V
6P
$OWXUDFP
7DEDWLQJD SURSULHGDGH VREVRORGH FXOWXUDHVHP
LVRODPHQWR *D
6REUHYLYrQFLD 6REUHYLYrQFLD +F
&O
$OWXUDFP
7J
5J
6H
$OWXUDFP
)LJXUD 'LVSHUVmRGDVHVSpFLHVTXDQWRDRGHVHQYROYLPHQWRHPDOWXUDFPH
VREUHYLYrQFLDQDVGR]HSURSULHGDGHVTXHDSUHVHQWDUDPtQGLFHVGHHVWDEHOHFLPHQWR
6REUHYLYrQFLD %UD]OkQGLD SURSULHGDGH WUDWRVžDQRLVRODGD
RFRUUrQFLDGHIRJR
$F
(F
$I
7J
&H
$OWXUDFP
)LJXUD &RQWLQXDomR
$QDGHQDQWKHUD FROXEULQD 9HOO %UHQDQ $F $QDGHQDQWKHUD PDFURFDUSD %HQWK %UHQDQ $P $VWURQLXP
IUD[LQLIROLXP 6FKRWW $I %DXKLQLD UXID %RQJDUG 6WHXG %U &DORSK\OOXP EUDVLOLHQVH &DPE &E &DULQLDQD
HVWUHOOHQVLV 5DGGL.W]H &H&RSDLIHUDODQJVGRUIILL 'HVI &O&RUGLDWULFKRWRPD 9HOO$UUDE &W'DOEHUJLDQLJUD
)UDQ]$OOHQ 'Q'LRVS\URVKLVSLGD$'& 'K(QWHURORELXP FRQWRUWLVLOLTXXP 9HOO0RU (F(XWHUSHHGXOLV
0DUW (X*HQLSDDPHULFDQD / *D+\PHQDHDFRXUEDULO /YDUVWLOERFDUSD +F,QJDDIILQV '&7'3HQQ9HUD
,D 0\UDFURGUXRQ XUXQGHXYD )U $OOHP 0X 2UPRVLD VWLSXODULV 'XFNH 2V 5DSDQHD JXLDQHQVLV $XEO 5J
6DODFLD HOOLSWLFD 0DUW * 'RQ 6H 6LPDURXED YHUVFLFRORU 6W +LO 6Y 6WHUFXOLD VWULDWD 6W +LO HW 1DXG 6V
6W\UD[FDPSRUXP 3RKO 6F6ZLHWQLDPDFURSK\OOD .LQJ 6P7DODXPDRYDWD 6W+LO 7R7DOLVLDHGXOLV 5DGON 7H 7DOLVLD HVFXOHDWD 6W +LO 5DGON 7W 7DSLULUD JXLDQHQVLV $XEO 7J 7RFRFD IRUPLFDULD 0DUW 7I 7ULSODULV
DPHULFDQD 5+6FKRPE 7D
6RX]DGHVWDFRXDVSURSULHGDGHV60/H7$%DPEDVSODQWDGDVHPSHOD
LPSRUWkQFLDGRVWUDWRVFXOWXUDLVLQLFLDLVHGRSUHSDUR GRVROR)LJXUDVH$60/
IRL GLYLGLGD HP VXEiUHDV FRPR GHVFULWR HP PDWHULDO H PpWRGRV $ VREUHYLYrQFLD
PpGLDGDViUHDVILFRXHPWRUQRGH(QWUHWDQWRFRQVLGHUDQGRDSHQDVDÈUHDRQGH
RVWUDWRVIRUDPLQWHQVDPHQWHUHDOL]DGRVDVREUHYLYrQFLDIRLGH-iD7$%GLYLGLX
VHHPVXEiUHDV(PWRGDVRFRUUHUDPWUDWRVFXOWXUDLVQRSULPHLURDQRGHVVHPRGRRIDWR
GHRVRORWHUVLGRRXQmRSUHSDUDGRLQIOXHQFLRXQRGHVHQYROYLPHQWRGDVHVSpFLHV7DSLULUD
JXLDQHQVLV GHVHQYROYHVHPHOKRUVRERVRORVHPSUHSDURSRUVXDYH]5DSDQHDJXLDQHQVLV
H 'DOEHUJLD QLJUD QmR VH DGDSWDUDPD WDLV FRQGLo}HV2UPRVLD VWLOXODULV 6SRGLD OXWHD H
6ZLHWQLD PDFURSK\OOD PDQWLYHUDP VXD FDUDFWHUtVWLFD QDWXUDO GH QHFHVVLGDGH GH VRPEUD
7DEHOD H QmR VH GHVHQYROYHUDP EHP QR SODQWLR HP SOHQR VRO H LQGHSHQGHQWH GR
SUHSDURRXQmRGRVRORYHU)LJXUD
&RPSDUDWLYDPHQWH D RXWUDV 0DWDV GH *DOHULD RV LQGLYtGXRV SODQWDGRV DSUHVHQWDUDP
UHGX]LGDDOWXUDHiUHDEDVDO2SODQWLRQmRDFHOHURXRSURFHVVRGHUHFXSHUDomRGDFREHUWXUD
IORUHVWDOQDPDLRULDGDVSURSULHGDGHVDSUR[LPDGDPHQWH(QWUHWDQWRQHVVDViUHDV
MiH[LVWHPJUDQGHQ~PHURGHHVSpFLHVHPSURFHVVRGHUHJHQHUDomRHDViUHDVMiFRPHoDUDP
DDGTXLULUXPDHVWUXWXUDGHPDWDSURSULDPHQWHGLWD
)RWR5RVDQD5H]HQGH
)RWR-RmR%DWLVWDGRV6DQWRV
)LJXUD 9LVWDJHUDOGDSURSULHGDGH7$%
)LJXUD± 9LVWDJHUDOGDSURSULHGDGH60/FRPWUDWRVFXOWXUDLVLQWHQVLYRV
7DEDWLQJDSURSULHGDGHWUDWRVžDQR
VREiUHDGHFXOWLYRVHPLVRODPHQWR
6REUHYLYrQFLD FP
&O
6V $I
+F
7J
'Q
5J
,D
2V
3R
$P
(F
*D
6REUHYLYrQFLD 6REUDGLQKRSURSULHGDGHVXEiUHD$SUHSDURVROR
LUULJDomRWUDWRVFRQWLQXRV
6R
$OWXUD
7V
$P
7J
5J
6H
&I
*H
&O
&F
$OWXUDFP
7DEDWLQJDSURSULHGDGHWUDWRVžDQR
LVRODGDVREiUHDGHFXOWXUD
6REUHYLYrQFLD *D
7J
+F
2V
&O
5J
'Q
(F
$P
&V
$OWXUDFP
6REUDGLQKRSURSULHGDGHVXEiUHD$H$VRE
EUDTXLiULDGHJUDGDGDVHPWUDWRV
7DEDWLQJDSURSULHGDGHWUDWRVžDQRHLVRODGD
(F
*D
6REUHYLYrQFLD &E
+F
7J
$P
5J
$OWXUDFP
)LJXUD 'LVSHUVmRGDVHVSpFLHVTXDQWRDRGHVHQYROYLPHQWRHPDOWXUDFPH
VREUHYLYrQFLDQDVSURSULHGDGHVGH7DEDWLQJDH6REUDGLQKRGRV0HORV
SODQWDGDVHPHPRQLWRUDGDVGHVGHRSODQWLR
$QDGHQDQWKHUD PDFURFDUSD %HQWK%UHQDQ $P$VWURQLXP IUD[LQLIROLXP 6FKRWW $I &DHVDOSLQLD IHUUHD 0DUW([
7XO &I&DORSK\OOXPEUDVLOLHQVH &DPE &E&OXVLDFUXLYD &DPE &F&RSDLIHUDODQJVGRUIILL 'HVI &O'DOEHUJLD
QLJUD )UDQ] $OOHQ 'Q (QWHURORELXP FRQWRUWLVLOLTXXP 9HOO 0RU (F (XWHUSH HGXOLV 0DUW (X *HQLSD
DPHULFDQD / *D+\PHQDHDFRXUEDULO /YDUVWLOERFDUSD +F,QJDDIILQV '&7'3HQQ9HUD ,D0\UDFURGUXRQ
XUXQGHXYD )U$OOHP 8P2UPRVLDVWLSXODULV 'XFNH 2V3RXWHULDUDPLIORUD 5DGON 3y5DSDQHDJXLDQHQVLV $XEO
5J6DODFLDHOOLSWLFD 0DUW*'RQ 6H6SRQGLDOXWHD / 6O6WHUFXOLDVWULDWD 6W+LOHW1DXG 6V6ZDUW]LDREODWD
&RZDQ 6R6ZLHWQLDPDFURSK\OOD .LQJ 6P7DEHEXLDVHUUDWLIROLD 9DKO1LFK 7V7DSLULUDJXLDQHQVLV $XEO
7J
&RPSRUWDPHQWRGDVHVSpFLHVQDViUHDVFRPEDL[RHVWDEHOHFLPHQWR
1DVSURSULHGDGHVFRPEDL[RHVWDEHOHFLPHQWR7$%7$%7$%%5=%5=
%5= 7$% %5= %5= %5= %5= H %5= JHUDOPHQWH QmR
RFRUUHUDPWUDWRVFXOWXUDLV)LJXUDVHRXIRUDPXWLOL]DGDVSDUDSDVWRUHLR)LJXUD
HHP%5=%5=%5=KRXYHRFRUUrQFLDGHIRJR)LJXUD 2XVR
GDV iUHDV SDUD SDVWRUHLR SRU KDYHU JUDPtQHDV DOWDV QR SHUtRGR FRQWULEXLX SDUD HVVH
UHVXOWDGRSRLVPXLWDVPXGDVIRUDPFRPLGDVRX SLVRWHDGDVDQWHVPHVPR GHFRPSOHWDUHP
XPDQR6RX]D
0HVPR IUHQWH D HVVD DGYHUVLGDGH DSUHVHQWDUDP PDLRU SODVWLFLGDGH DGDSWDWLYD
$QDGHQDQWKHUD PDFURFDUSD $SXOHLD OHLRFDUSD $VWURQLXP IUD[LQLIROLXP %DXKLQLD UXID
&DULQLDQD HVWUHOOHQVLV 'DOEHUJLD QLJUD (QWHURORELXP FRQWRUWLVLOLTXXP *HQLSD
DPHULFDQD +\PHQDHD FRXUEDULO ,QJD DIILQV 5DSDQHD JXLDQHQVLV H 7DSLULUD JXLDQHQVLV
SRLVUHJLVWUDUDP tQGLFHVUHODWLYDPHQWHERQVGHHVWDEHOHFLPHQWR YHU)LJXUD
2 FRPSRUWDPHQWR GHVVDV HVSpFLHV DSUHVHQWDQGR FUHVFLPHQWR UHGX]LGR PDV DOJXPD
VREUHYLYrQFLD PHVPR HP FRQGLo}HV DGYHUVDV p XPD FDUDFWHUtVWLFD LPSRUWDQWH SDUD D
VHOHomRGHHVSpFLHVHPSODQWLRVGHUHFXSHUDomR7DLVHVSpFLHVVHJXQGR&{UUHD&DUGRVR
SRVVLELOLWDPRUHFREULPHQWRGRVRORHRDXPHQWRGDGLYHUVLGDGHRXRHVWtPXORDR
DSDUHFLPHQWR GD IDXQD DXPHQWDQGR D UHVLOLrQFLD DPELHQWDO H IDYRUHFHQGR R SURFHVVR
VXFHVVLRQDOGDViUHDVHPTXHVWmR
)RWR5RVDQD5H]HQGH
)RWR5RVDQD5H]HQGH
)LJXUD 9LVWDJHUDOGDSURSULHGDGH%5=VHPWUDWRVFXOWXUDLVSyVSODQWLR
)LJXUD 9LVWDJHUDOGDSURSULHGDGH%5=VHPWUDWRVFXOWXUDLVSyVSODQWLR
)RWR5RVDQD5H]HQGH
)RWR5RVDQD5H]HQGH
)LJXUD 9LVWDJHUDOGD SURSULHGDGH7$%HPiUHDSDVWRUHDGDSRUJDGR
)LJXUD 9LVWDJHUDOGDSURSULHGDGH%5=FRPRFRUUrQFLDGHIRJR
7DEDWLQJDSURSULHGDGHSDVWRUHDGDSHORJDGR
7DEDWLQJDSURSULHGDGHSDVWRUHDGDSHORJDGR
6REUHYLYrQFLD 6REUHYLYrQFLD *D
%U +F
2V
(F
,D
7J
$I $P
5J
&H
*D
$I
+F
$OWXUDFP
,D
(F
$P
$O
&H
7J
'Q
$OWXUDFP
7DEDWLQJDSURSULHGDGHSDVWRUHDGDSHORJDGR
*D
7J
$OWXUDFP
%UD]OkQGLD SURSULHGDGH VHPWUDWRVFXOWXUDLV
6REUHYLYrQFLD 6REUHYLYrQFLD $P
+F
(X
7J
$OWXUDFP
)LJXUD 'LVSHUVmRGDVHVSpFLHVTXDQWRDRGHVHQYROYLPHQWRHPDOWXUDFPH
VREUHYLYrQFLDVQDVGR]HSURSULHGDGHVTXHDSUHVHQWDUDPEDL[RHVWDEHOHFLPHQWR
%UD]OkQGLDSURSULHGDGHRFRUUHXIRJR
6REUHYLYrQFLD 6REUHYLYrQFLD +F
$P
$OWXUDFP
*D 7J
%UD]OkQGLDSURSULHGDGHVHPWUDWRFXOWXUDO
&F
&I 'K
$OWXUDFP
6REUHYLYrQFLD 6REUHYLYrQFLD 7J
%UD]OkQGLDSURSULHGDGHVHPWUDWRFXOWXUDO
(F
*D
3O *D $P
,D
+F
$I
*D
$OWXUDFP
&H
(F
7J
$F
&O 7D
$OWXUDFP
%UD]OkQGLDSURSULHGDGHVHPWUDWRFXOWXUDO
)LJXUD &RQWLQXDomR
$QDGHQDQWKHUDPDFURFDUSD %HQWK%UHQDQ $P$VWURQLXPIUD[LQLIROLXP 6FKRWW $I%DXKLQLDUXID %U&DULQLDQD
HVWUHOOHQVLV &H&DHVDOSLQLDIHUUHD 0DUW([7XO &I&DORSK\OOXPEUDVLOLHQVH &DPE &E&OXVLDFUXLYD &DPE &F
&RSDLIHUD ODQJVGRUIILL 'HVI &O 'DOEHUJLD QLJUD )UDQ]$OOHQ 'Q(QWHURORELXP FRQWRUWLVLOLTXXP 9HOO0RU
(F (XWHUSH HGXOLV 0DUW (X *HQLSD DPHULFDQD / *D+\PHQDHD FRXUEDULO / YDU VWLOERFDUSD +F ,QJD DIILQV
'& 7' 3HQQ 9HUD ,D 0\UDFURGUXRQ XUXQGHXYD )U $OOHP 8P 2UPRVLD VWLSXODULV 'XFNH 2V
3VHXGRERPED[ ORQJLIORUXP 3O 3RXWHULD UDPLIORUD 5DGON 3R 5DSDQHD JXLDQHQVLV $XEO 5J 6DODFLD HOOLSWLFD
0DUW*'RQ 6H6SRQGLDOXWHD / 6O6WHUFXOLDVWULDWD 6W+LOHW1DXG 6V6ZDUW]LDREODWD &RZDQ 6R6ZLHWQLD
PDFURSK\OOD .LQJ 6P7DODXPDRYDWD 7R 7DEHEXLD VHUUDWLIROLD 9DKO 1LFK 7V7DSLULUD JXLDQHQVLV $XEO
7J
&21&/86®(6
$VHVSpFLHVFRPPDLRUHVtQGLFHVGHHVWDEHOHFLPHQWRSRUWDQWRPDLVLQGLFDGDVSDUDLQLFLDU
XP SODQWLR GH UHFXSHUDomR IRUDP $QDGHQDQWKHUD PDFURFDUSD DQJLFRSUHWR
(QWHURORELXP FRQWRUWLVLOLTXXP WDPERULO 5DSDQHD JXLDQHQVLV FDSRURURFD 7DSLULUD
JXLDQHQVLV SDXSRPER H ,QJD DIILQV LQJi PHVPR VHP WUDWRV FXOWXUDLV SyVSODQWLR
(VSpFLHV TXH DSUHVHQWDUDP FUHVFLPHQWR OHQWR PDV ERD VREUHYLYrQFLD IRUDP *HQLSD
DPHULFDQD MHQLSDSR +\PHQDHD FRXUEDULO MDWREiGDPDWD H &RSDLIHUD ODQJVGRUIILL
FRSDtED 7DLV HVSpFLHV HYLGHQFLDUDP PHOKRUHV tQGLFHV GH HVWDEHOHFLPHQWR TXDQGR HP
DPELHQWHV RQGH RFRUUHX WUDWR FXOWXUDO PDLV LQWHQVR FRPR SUHSDUR GR VROR FRURDPHQWR
FRPEDWHjIRUPLJDLVRODPHQWRGDiUHD HLUULJDomR
6REFRQGLo}HVGHHVWUHVVHSRUSDVWRUHLRIRJRRXDXVrQFLDGHWUDWRVFXOWXUDLVDVVHJXLQWHV
HVSpFLHVDSUHVHQWDUDPtQGLFHVUD]RiYHLVGH HVWDEHOHFLPHQWRLQGLFDQGRDVVLPSODVWLFLGDGH
DGDSWDWLYD DV FRQGLo}HV GH GHJUDGDomR $QDGHQDQWKHUD PDFURFDUSD DQJLFRSUHWR
$SXOHLDOHLRFDUSDJDUDSD$VWURQLXPIUD[LQLIROLXPJRQoDORDOYHV%DXKLQLDUXIDXQKD
GHYDFD &DULQLDQD HVWUHOOHQVLV MHTXLWLEi 'DOEHUJLD QLJUD MDFDUDQGiGDEDtD
(QWHURORELXP FRQWRUWLVLOLTXXP WDPERULO *HQLSD DPHULFDQD MHQLSDSR +\PHQDHD
FRXUEDULOMDWREiGDPDWD,QJDDIILQVLQJi5DSDQHDJXLDQHQVLVFDSRURURFDH7DSLULUD
JXLDQHQVLVSDXSRPER
7UDWRV FXOWXUDLV EiVLFRV FRPR FRURDPHQWR FRPEDWH j IRUPLJD URoDJHP DGXEDomR H
LUULJDomR IDYRUHFHUDP R GHVHQYROYLPHQWR GH (QWHURORELXP FRQWRUWLVLOLTXXP WDPERULO
7DSLULUD
JXLDQHQVLV
SDXSRPER
$QDGHQDQWKHUD FROXEULQD
$QDGHQDQWKHUD
PDFURFDUSD
DQJLFRSUHWR
DQJLFREUDQFR +\PHQDHD FRXUEDULO MDWREiGDPDWD
5DSDQHD JXLDQHQVLV FDSRURURFD *HQLSD DPHULFDQD MHQLSDSR 'DOEHUJLD QLJUD
MDFDUDQGiGDEDtD H ,QJD DIILQV LQJi 2EVHUYRXVH DLQGDTXHD UHJHQHUDomRQDWXUDOIRL
IDYRUHFLGDQDViUHDVRQGHIRUDPUHDOL]DGRVRVWUDWRVFXOWXUDLVQRVSULPHLURVDQRVHRQGHDV
iUHDVSHUPDQHFHUDPFHUFDGDV
2VDVSHFWRVTXHIRUDPPDLVGHWHUPLQDQWHVQRVXFHVVRGDUHFXSHUDomRHPiUHDVGH0DWDV
GH*DOHULD HQRHVWDEHOHFLPHQWRGDVSODQWDVHPFDPSRIRUDPSUHSDURVRORFRURDPHQWR
DGXEDomR LUULJDomR FRPEDWH j IRUPLJD URoDJHP LVRODPHQWR GD iUHD SDUWLFLSDomR QDV
Do}HVGH(GXFDomR$PELHQWDOWHUUHFHELGRLQIRUPDo}HVHPFDPSRRFRUUrQFLDRXFULDomR
GHJDGRXVRDWXDOGRVROR
7DLVLQGLFDo}HVFRQILUPDPDKLSyWHVHLQLFLDOGHVWHWUDEDOKRYLVWR TXH DSHVDUGHWRGRVRV
DVSHFWRVFRQWULEXtUHPSDUDRUHVXOWDGRGRVSODQWLRVQHVWHHVWXGRRVDVSHFWRVDPELHQWDLV
TXDLV VHMDP RFRUUrQFLD GH IRJR H SUHVHQoD GH UHJHQHUDomR QDWXUDO EHP FRPR SRVVXLU
UHFXUVR ILQDQFHLUR SDUD LQYHVWLU QR SODQWLR EXVFDU LQIRUPDo}HV PRUDU RX QmR QD
SURSULHGDGH R QtYHO GH HVFRODULGDGH H D LGDGH QmR LQIOXHQFLDUDP VLJQLILFDWLYDPHQWH QR
HVWDEHOHFLPHQWRGRV SODQWLRV$ VHOHomRGHVVDV YDULiYHLV p XP LQGLFDWLYR GH DVSHFWRV
LPSRUWDQWH D VHUHP FRQVLGHUDGRV TXDQGR QD LPSOHPHQWDomR GH QRYRV SURJUDPDV GH
UHFXSHUDomRGH0DWDVGH*DOHULD
eLPSRUWDQWHFRQVLGHUDUHPIXWXURVWUDEDOKRVGHVWDQDWXUH]DTXHDVDo}HVGH($GHYHP
HQYROYHURPDLRUQ~PHURSRVVtYHOGHSDUWLFLSDQWHVGDVORFDOLGDGHVHQYROYLGDVGHPRGRD
HVWDEHOHFHUXP SURJUDPDPDLV DUWLFXODGRFRP HVVD UHDOLGDGH8P SURJUDPDTXH FRQVLJD
GHVSHUWiORV SDUD XPD YLVmR PDLV LQWHJUDGRUD GR DPELHQWH OHYDQGR HP FRQVLGHUDomR D
LPSRUWkQFLD GD ELRGLYHUVLGDGH H TXH VH FRQVLJD HVWDEHOHFHU XPD DomR HIHWLYDPHQWH
FRPXQLWiULDRQGHRVGLYHUVRVSURGXWRUHVVHDMXGHPPXWXDPHQWH
2 UHVXOWDGR GD DQiOLVH GR TXHVWLRQiULR GHPRQVWURX TXH FRQKHFLPHQWR VREUH R PHLR
DPELHQWHH[LVWHPDVRVSURGXWRUHVDLQGDVHVHQWHPGHVDPSDUDGRV(PJHUDOQmR SRGHP
FRPSURPHWHUDSURGXomRIRQWHGHVXDVUHQGDVSDUDFXLGDUHPGRVSODQWLRVRXQmRSRVVXHP
UHFXUVRILQDQFHLURSDUDLQYHVWLUQRVHXFXLGDGRRXQDDGRomRGHSUiWLFDVFRQVHUYDFLRQLVWDV
HPVXDVSURSULHGDGHV
5(&20(1'$d®(6
¬OX]GRVUHVXOWDGRVREWLGRVHDSDUWLUGDH[SHULrQFLDDGTXLULGDQHVWHHVWXGRUHFRPHQGD
VH
•
DSURIXQGDUHVWH HVWXGRLQLFLDQGRDUHFXSHUDomRHPRXWUDViUHDVFRPDXWLOL]DomR
•
QRYRV PRGHORV GHYHP VHU SHQVDGRV GH PRGR D JHUDU DOJXP UHWRUQR HFRQ{PLFR
GDVHVSpFLHVDTXLVXJHULGDVWHVWDQGRHPRXWURVPRGHORV
HPSUHJRGH VLVWHPDVDJURIORUHVWDLVSRU H[HPSOR H TXH SHUPLWD DR SURSULHWiULR
LQYHVWLURVOXFURVQDPDQXWHQomRGRVSUySULRVWUHFKRV
•
UHDOL]DU R HVWXGR VLVWHPiWLFR GD UHJHQHUDomR QDWXUDO QHVVDV iUHDV GH PRGR D
•
HVWDEHOHFHUSROtWLFDVS~EOLFDVGHLQFHQWLYRDRXVRUDFLRQDOGDViUHDVULEHLULQKDVHj
DFRPSDQKDUDGLQkPLFDGHUHFRQVWLWXLomRGRVWUHFKRVSODQWDGRV
UHFXSHUDomRGDViUHDVGHJUDGDGDVGH0DWDVGH*DOHULDGHPRGRTXHRVSURGXWRUHV
SRVVDP VHU FRPSHQVDGRV HRX UHPXQHUDGRV SDUD SURFHGHU j FRQVHUYDomR HRX
UHFXSHUDomRRXPHVPRDX[LOLDUFRPUHFXUVRVHRULHQWDomRRLQtFLRGHVVDVDo}HV
•
D JHUDomR GH QRYDV SROtWLFDV SRGHQGR LQFOXLU D FULDomR GH LQVWUXPHQWRV GH
LQFHQWLYR HFRQ{PLFR ,&06 YHUGH SRU H[HPSOR TXH YDORUL]DVVH SRU PHLR GH
E{QXVRXGHVFRQWRVRVSURGXWRUHVTXHHVWmRUHDOL]DQGRDUHFXSHUDomRGHVXDV0DWDV
GH*DOHULDHDFULDomRGHPHFDQLVPRVTXHSHQDOL]HDTXHOHVTXHHVWmRGHVWUXLQGRDV
PDWDVRXPHQRVJRYHUQRVORFDLVTXHQmRSURPRYDPSURJUDPDVGHUHFXSHUDomRQDV
iUHDV ULEHLULQKDV RQGH DV PXOWDV DSOLFDGDV QHVVHV FDVRV VHULDP UHYHVWLGDV DRV
SUySULRVSURJUDPDVGHUHFXSHUDomR
•
PRQWDU XQLGDGHV GHPRQVWUDWLYDV HP FRQFRPLWkQFLD DR GHVHMR GH DOJXQV
SURGXWRUHVQDVSURSULHGDGHVFRPERQVUHVXOWDGRVGHPRGRDLQFHQWLYDUHVHUYLUGH
PRGHOR DRXWURVSURGXWRUHVTXHGHVHMHPUHFXSHUDUVXDVPDWDVEHPFRPRSDUDDV
HVFRODVTXHSRGHULDPXWLOL]DUWDLVORFDLVSDUDSUiWLFDVGH(GXFDomR$PELHQWDO
5()(5Ç1&,$6%,%/,2*5$),$6
$%5$029$< 5 2 FDSLWDO VRFLDO GRV WHUULWyULRV UHSHQVDQGR R GHVHQYROYLPHQWR UXUDO ,Q
6(0,1È5,262%5($5()250$$*5È5,$('(6(192/9,0(1726867(17È9(/
)RUWDOH]D *RYHUQR GR (VWDGR GR &HDUi H 0LQLVWpULR H[WUDRUGLQiULR GH 3ROtWLFD )XQGLiULD
S$SRVWLOD
$,'( 7 0 =,00(50$1 - . +(55(5$ / 526$5,2 0 6(55$12 0 )RUHVW
UHFRYHU\ LQ DEDQGRQHG WURSLFDO SDVWXUH LQ 3XHUWR 5LFR )RUHVW (FRORJ\ DQG 0DQDJHPHQW
$PVWHUGDPYQS
$/7,(5, 0 $ $JURHFRORJ\ WKH VFLHQFH RI QDWXUDO UHVRXUFH PDQDJHPHQW IRU SRRU IDUPHUV LQ
PDUJLQDO HQYLURQPHQWV $JULFXOWXUH(FRV\VWHPVDQG(QYLURQPHQW $PVWHUGDQ Y S $/9$5(=%8<//$ ( 5 *$5&Ë$%$55,26 5 6HHG DQG IRUHVW G\QDPLFV D WKHRULFDO
IUDPHZRUN DQG DQ H[DPSOH IURP WKH QHRWURSLFV $PHULFDQ1DWXUDOLVW &KLJDJR Y Q S
$1'(56(1 $ 1 $QWV DV LQGLFDWRUV RI UHVWRUDWLRQ VXFFHVV UHODWLRQVKLS ZLWK VRLO PLFURELDO
ELRPDVVLQWKH$XVWUDOLDQ6HDVRQDO7URSLFV(FRORJ\5HVWRUDWLRQ(FRORJ\0DOGHQYQS
$6+721 16*81$7,//(.( &966,1*+$.80$5$%03*81$7,//(.( ,
$ 8 1 5HVWRUDWLRQ SDWKZD\V IRU UDLQ IRUHVW LQ VRXWKZHVW 6UL /DQND D UHYLHZ RI FRQFHSWV DQG
PRGHOV)RUHVW(FRORJ\DQG0DQDJHPHQW$PVWHUGDPYQS
$66$'('6$12((0(,5(//(60/6,/9$)$0025(,5$/0$&('2
- 5(6&. ' 9 6 .(5 - & &+$*$6 & GD 6 &$59$/+2 -Ò1,25 9 &
&DUDFWHUL]DomR DPELHQWDO GD PLFUREDFLD GR &yUUHJR 7DTXDUD ') 3ODQDOWLQD (PEUDSD
&3$&S(PEUDSD&3$&'RFXPHQWRV
%$5%,(5 5 $ HVFXWD VHQVtYHO QD DERUGDJHP WUDQVYHUVDO ,Q %$5%26$ - * 2UJ
0XOWLUHIHUHQFLDOLGDGHQDV&LrQFLDVHQD(GXFDomR6mR&DUORV('8)6&$5S
%$5%,(55$SHVTXLVDDomRQDLQVWLWXLomRHGXFDWLYD5LRGH-DQHLUR-RUJH=DKDU
S
%$5%,(55/DUHFKHUFKHDFWLRQ3DULV(FRQ{PLFDS
%$5%26$ / 0 &RQVLGHUDo}HV JHUDLV H PRGHORV GH UHFXSHUDomR GH IRUPDo}HV FLOLDUHV ,Q
52'5,*8(6 55/(,7­2 ),/+2 +GH)0DWDVFLOLDUHVFRQVHUYDomRHUHFXSHUDomR6mR
3DXOR(G8QLYHUVLGDGHGH6mR3DXOR)DSHVSS
%$5%26$ / 0 $63(57, / 0 %(',1(//, & %$5%26$ - 0 =(,*/(5 7 ,
(VWXGRVVREUH RHVWDEHOHFLPHQWRHGHVHQYROYLPHQWRGHHVSpFLHVFRP DPSODRFRUUrQFLDHPPDWDV
FLOLDUHV5HYLVWDGR,QVWLWXWR)ORUHVWDO 6mR3DXORYS
%$51(77-3%$.(5-%5HJHQHUDWLRQPHWKRGV,Q'85<($0/'28*+(57< 3
0(G)RUHVWUHJHQHUDWLRQPDQXDO'RUGUHFKW.OXYHU$FDGHPLFS
%$==$=)$3,&.(7767$3K\VLRORJLFDOHFRORJ\RIWURSLFDOVXFFHVVLRQDFRPSDUDWLYH
UHYLHZ$QQXDO5HYLHZRI(FRORJ\DQG6\VWHPDWLFV&DOLIyUQLDYS
%(5721, - ( $ 0$57,16 ) 5 &RPSRVLomR IORUtVWLFD GH XPD IORUHVWD ULSiULD QD 5HVHUYD
(VWDGXDOGH3RUWR)HUUHLUD$FWD%RWkQLFD%UDVtOLFD6mR3DXORYQS
%25'$ 2 ) $VSHFWRVWHyULFRV GDSHVTXLVDSDUWLFLSDQWHFRQVLGHUDo}HVVREUH RVLJQLILFDGRHR
SDSHOGDFLrQFLDQDSDUWLFLSDomRSRSXODU,Q%5$1'­2&52UJ3HVTXLVD3DUWLFLSDQWH6mR
3DXOR%UDVLOLHQVH
%5$6,/0LQLVWpULRGD(GXFDomR6HFUHWDULDGH(GXFDomR)XQGDPHQWDO.LWSDUkPHWURVHPDomR
PHLRDPELHQWHQDHVFROD%UDVtOLD
%5$6,/ 0LQLVWpULR GR 0HLR $PELHQWH GRV 5HFXUVRV +tGULFRV H GD $PD]{QLD /HJDO $o}HV
SULRULWiULDVSDUD D FRQVHUYDomRGD ELRGLYHUVLGDGHGR &HUUDGRH 3DQWDQDO %UDVtOLD 9HQWXUD
&RPXQLFDomRH&XOWXUDS
%5,6&2( & % 0DQXDO GH HQVD\RV GH FDPSR FRQ DUEROHV GH XVRV P~OWLSOHV 0RUULOWRQ
:LQURFN ,QWHUQDWLRQDO ,QVWLWXWH IRU $JULFXOWXUDO 'HYHORSPHQW S 6HULH GH OD 5HG GH
,QYHVWLJiFLRQVREUH$UEROHVGH8VRV0~OWLSORV0DQXDO
%86&+%$&+(5 5 &RRUG ([SDQVmR DJUtFROD H SHUGD GD ELRGLYHUVLGDGH QR &HUUDGR
RULJHQVKLVWyULFDVHRSDSHOGRFRPpUFLRLQWHUQDFLRQDO%UDVtOLD::)%UDVLOS
&$,516 - 5HVWRUDWLRQ UHFODPDWLRQ DQG UHJHQHUDWLRQ RI GHJUDGHG RU GHVWUR\HG HFRV\VWHPV ,Q
628/e 0 5 (G &RQVHUYDWLRQELRORJ\ WKH VFLHQFH RI VFDUFLW\ DQG GLYHUVLW\ 6XQGHUODQG
6LQDXHU$VVRFLDWHVS
&$53$1(==, $ $ &267$ / * 6 .$*(<$0$ 3 < &$6752 & ) $ )XQo}HV
P~OWLSODV GDV IORUHVWDV FRQVHUYDomR H UHFXSHUDomR GR PHLR DPELHQWH ,Q &21*5(662
)/25(67$/%5$6,/(,52&DPSRVGR-RUGmR$QDLV 6mR3DXOR6%66%()
S
&$59$/+2 $ 5 $YDOLDomR GD TXDOLGDGH GH iJXD H GD LQWHUDomR HQWUH R HFRVVLVWHPD
DTXiWLFRHRHFRVVLVWHPDWHUUHVWUHHPGRLVDIOXHQWHVGRULR-DFDUp *XDo~QR$3$
I'LVVHUWDomR0HVWUDGR8QLYHUVLGDGHGH6mR3DXOR6mR&DUORV
&$59$/+2 , 0RYLPHQWRV VRFLDLV H SROtWLFDV GH PHLR DPELHQWH $ HGXFDomR DPELHQWDO RQGH
ILFD",Q6255(17,12 075$-%(55%5$*$7&DGHUQRVGR,,,)yUXPGHHGXFDomR
DPELHQWDO 6mR3DXOR*DLDS
&$59$/+2-23$QiOLVHHVWUXWXUDOGDUHJHQHUDomRQDWXUDOHPIORUHVWDWURSLFDOGHQVDQD
UHJLmRGR 7DSDMyVQR (VWDGRGR3DUi &XULWLED 8)35 I 'LVVHUWDomR 0HVWUDGR ±
8QLYHUVLGDGH)HGHUDOGR3DUDQi&XULWLED
&$6&,12 ) -$&2%, 3 2/,9(,5$ -) 2UJ (GXFDomR PHLR DPELHQWH H FLGDGDQLD
UHIOH[}HVHH[SHULrQFLDV 6mR3DXOR60$&($0S
&+$0%(56 5 5XUDO DSSUDLVDO UDSLG UHOD[HG DQG SDUWLFLSDWRU\ 6XVVH[ +HOS ,QVWLWXWH RI
'HYHORSPHQW6WXGLHV'LVFXVVLRQSDSHUS
&+$0%(56 5 7KH RULJLQV DQG SUDFWLFHRI SDUWLFLSDWRU\ UXUDO DSSUDLVDO :RUOG'HYHORSPHQW
2[IRUGYQS
&+,==277,$3HVTXLVDHPFLrQFLDVKXPDQDVHVRFLDLVHG6mR3DXOR&RUWH]S
&/$5. ' $ &/$5. ' % $QiOLVLV GH OD UHJHQHUDFLyQ GH iUEROHV GHOGRVVHO HQ ERVTXH P\
K~PHGRWURSLFDODVSHFWRVWHyULFRV\SUiWLFRV5HYLVWDGH%LRORJLD7URSLFDO&RVWD5LFDYS
6XSOHPHQWR
&2'(3/$1$WODVGR'LVWULWR)HGHUDOHG%UDVtOLD*')
&255Ç$ 56 &$5'262 ) % ) (VSpFLHV WHVWDGDV QDUHYHJHWDomRGHiUHDVGHJUDGDGDV,Q
&255Ç$ 5 6 0(/2 ),/+2 % 2UJ (FRORJLD H UHFXSHUDomRGH iUHDV GHJUDGDGDVQR
&HUUDGR%UDVtOLD3DUDOHORS&ROHomR5pJLR0RQWDQR&DPSHVWULV
&255(,$ - 5 +$5,'$66$1 0 5($772 $ 0$57,16 ( 6 :$/7(5 % 0 7
,QIOXrQFLDGHIDWRUHVHGiILFRVQDGLVWULEXLomRGHHVSpFLHVDUEyUHDVHP0DWDVGH*DOHULDQDUHJLmR
GR &HUUDGRXPDUHYLVmR ,Q 5,%(,52 - ) )216(&$ & ( / 6286$6,/9$- &(G
&HUUDGRFDUDFWHUL]DomRHUHFXSHUDomRGH0DWDVGH*DOHULD3ODQDOWLQD (PEUDSD&HUUDGRV
S
&521%$&+/-&RHIILFLHQWDOSKDDQGWKHLQWHUQDOVWUXFWXUHRIWHVWV3V\FKRPHWULND%DOWLPRUH
YS
'$9,'( $ & %27(/+2 6 $ $QiOLVH FUtWLFD GRV SURJUDPDV GH UHFRPSRVLomR GH PDWDV
FLOLDUHV HP 0LQDV *HUDLV ,Q 6,03Ï6,2 0$7$ &,/,$5 &,Ç1&,$ ( 7(&12/2*,$ %HOR+RUL]RQWH0*$QDLV /DYUDV&(0,*8)/$S± '$9,'( $ & )(55(,5$ 5 $ )$5,$ - 05 %27(/+2 6 $ 5HVWDXUDomR GH PDWDV
FLOLDUHV ,QIRUPH$JURSHFXiULR%HOR+RUL]RQWHYQSQRYGH]
'$9,6-6WDWLVWLFVDQGGDWDDQDO\VLVLQJHRORJ\HG1HZ<RUN:LOH\S
'(16/2: - 6 *DS SDUWLWLRQLQJ DPRQJ WURSLFDO UDLQIRUHVW WUHHV /DZUHQFH %LRWURSLFD
:DVKLQJWRQYS6XSOHPHQWR
'(16/2: -67URSLFDOUDLQIRUHVWJDSVDQGWUHHVSHFLHVGLYHUVLW\ $QQXDO5HYLHZRI(FRORJ\
DQG6\VWHPDWLFV &DOLIyUQLDYS
',$6 % ) 6 &RQVHUYDomR GD QDWXUH]D QR &HUUDGR ,Q 3,172 0 1 2UJ &HUUDGR
FDUDFWHUL]DomRRFXSDomRHSHUVSHFWLYDV%UDVtOLD(GLWRUD8Q%S
',$6*)(GXFDomR$PELHQWDOSULQFtSLRVHSUiWLFDVHG6mR3DXOR*DLD/WGDS
',(7=/$7$0$,2,&RRUG$SUHQGDID]HQGRDSRLRDRVFXUVRVGHHGXFDomRDPELHQWDO
%UDVtOLD::)%UDVLOS
',77 (+ 'LDJQyVWLFRGDFRQVHUYDomRHGDVDPHDoDVDIUDJPHQWRVIORUHVWDLVQR3RQWDOGR
3DUDQDSDQHPD I 'LVVHUWDomR 0HVWUDGR HP &LrQFLDV $PELHQWDLV ± 8QLYHUVLGDGH GH
6mR3DXOR6mR3DXOR
'85,*$1* 6,/9(,5$(55HFRPSRVLomRGD0DWD&LOLDUHPGRPtQLRGH&HUUDGR6FLHQWLD
)RUHVWDOLV3LUDFLFDEDQSGH]
(0%5$3$ &HQWUR GH 3HVTXLVD $JURSHFXiULD GRV &HUUDGRV (PEUDSD&HUUDGRVHD UHJLmRGR
FHUUDGRLQIRUPDo}HVEiVLFDVHGDGRVHVWDWtVWLFRV3ODQDOWLQDS
(0%5$3$&HQWUR1DFLRQDOGH3HVTXLVDGH6ROR 6LVWHPDEUDVLOHLURGHFODVVLILFDomRGHVRORV
%UDVtOLD(PEUDSD3URGXomRGH,QIRUPDomR5LRGH-DQHLUR(PEUDSD6RORVS
)$5,$ - 0 5 &RPSRUWDPHQWRGH HVSpFLHVIORUHVWDLVHP GLIHUHQWHV VtWLRV H DGXEDo}HVGH
SODQWLRI'LVVHUWDomR0HVWUDGR 8)/$/DYUDV
)$628/$6 $ & )$628/$ 9 $ +RQH\FRPE VHOHFWLRQGHVLJQV 3ODQW%UHHGLQJ5HYLHZV
1HZ<RUNYS
)$628/$6 $ 3ULQFLSOHV DQG PHWKRGVRI 3ODQW%UHHGLQJ 3XEOLFDWLRQ Qž 'HSDUWPHQW RI
*HQHWLFVDQG3ODQW%UHHGLQJ$ULVWRWHOLDQ8QLYHUVLW\RI7KHVVDORQLNL7KHVVDORQLNL*UHHFH
)$628/$6$&7KHKRQH\FRPEPHWKRGRORJ\RISODQWEUHHGLQJ 7KHVVDORQLNL*UHHFH
)(/),/,-0)5$1&2$&)$** &:628=$6,/9$-&'HVHQYROYLPHQWRLQLFLDO
GHHVSpFLHVGD0DWDVGH*DOHULD,15,%(,52-))216(&$&(/6286$6,/9$-&
(G&HUUDGRFDUDFWHUL]DomRHUHFXSHUDomRGH0DWDVGH*DOHULD3ODQDOWLQD(PEUDSD&HUUDGRV
S
)(/),/,-0&UHVFLPHQWRUHFUXWDPHQWRHPRUWDOLGDGHQDV0DWDVGH*DOHULDGR3ODQDOWR&HQWUDO
7ySLFRVDWXDLVHP%RWkQLFD %UDVtOLD6%%S
)(/),/,-0'HWHUPLQDomRGRVSDGU}HVGHGLVWULEXLomRGHHVSpFLHVHPXPD0DWDGH*DOHULDQR
%UDVLO &HQWUDO FRP D XWLOL]DomR GH WpFQLFDVGH DQiOLVHPXOWLYDULDGD %ROHWLP+HUEiULR(]HFKLDV
3DXOR+HULQJHU%UDVtOLDYS
)(/),/,-0'LDPHWHUDQGKHLJKWGLVWULEXWLRQVLQDJDOOHU\IRUHVWWUHHFRPPXQLW\DQG VRPHRI
LWV PDLQ VSHFLHV LQ FHQWUDO %UD]LO RYHU D VL[\HDU SHULRG 5HYLVWD %UDVLOHLUD GH
%RWkQLFD6mR3DXORYQSGH]
)(/),/,-0'LYHUVLW\VWUXFWXUHDQGG\QDPLFVRIDJDOOHU\IRUHVWLQ&HQWUDO%UD]LO 9HJHWDWLR
+RODQGDYSD
)(/),/,-0*URZWKUHFUXLWPHQWDQGPRUWDOLW\LQWKH*DPDJDOOHU\IRUHVWLQFHQWUDO%UD]LORYHU
DVL[\HDUSHULRG-RXUQDORI7URSLFDO(FRORJ\1HZ<RUNYSE
)(/),/, - 0 6WUXFWXUH DQG G\QDPLFV RI D JDOOHU\ IRUHVW LQ &HQWUDO %UD]LO I
7KHVLV3K' 8QLYHUVLW\RI2[IRUG2[IRUG
)(/),/, -0)$** &:6,/9$-&62/,9(,5$(&/3,172-556,/9$
-Ò1,25 0 & 5$026 . 0 2 3ODQWDV GD $3$ *DPD H &DEHoD GH 9HDGR HVSpFLHV
HFRVVLVWHPDV H UHFXSHUDomR %UDVtOLD 8QLYHUVLGDGH GH %UDVtOLD 'HSDUWDPHQWR GH (QJHQKDULD
)ORUHVWDOS
)(/),/,-05,%(,52-))$**&:0$&+$'2-:%5HFXSHUDomRGH0DWDVGH
*DOHULD3ODQDOWLQD(PEUDSD&HUUDGRVS'RFXPHQWRV
)(55(,5$ - 1 *HUPLQDomRH FUHVFLPHQWRLQLFLDOGH SOkQWXODVGH 3LSWDGHQLD JRQRDFDQWKD
0DUWH9RFK\VLDWXFDQRUXP 0DUWVRELQXQGDomRHPGLIHUHQWHVQtYHLVGHOXPLQRVLGDGH
I'LVVHUWDomR0HVWUDGR 8QLYHUVLGDGHGH%UDVtOLD%UDVtOLD
)(55(,5$ 5 $ (VWXGR GD 6HPHDGXUD GLUHWD YLVDQGR j LPSODQWDomR GH 0DWDV &LOLDUHV
I7HVH'RXWRUDGR 8QLYHUVLGDGH)HGHUDOGH/DYUDV/DYUDV
)216(&$ & ( / 5,%(,52 - ) 628=$ & & 5(=(1'( 5 3 %$/%,12 9 .
5HFXSHUDomRGDYHJHWDomRGH0DWDVGH*DOHULDHVWXGRV GHFDVRQR'LVWULWR)HGHUDOHHQWRUQR
,Q5,%(,52-))216(&$&(/6286$6,/9$-&(G&HUUDGRFDUDFWHUL]DomRH
UHFXSHUDomRGH0DWDVGH*DOHULD3ODQDOWLQD(PEUDSD&HUUDGRVS
)58'(1$JXLGHWR63663&/RQGRQ0F0LOODQ(GXFDWLRQ/WGS
*$5:22' 1 & 7URSLFDO VRLO VHHG EDQNV D UHYLHZ ,Q /(&. 0 $ 3$5.(5 9 7
6,036215/(FRORJ\RIVRLOVHHGEDQNV6DQ'LHJR$FDGHPLF3UHVVS
*$<)25' & '25,$1 & 3ODQQLQJ DQG HYDOXDWLRQ RI HQYLURQPHQWDO HGXFDWLRQ LQ WKH
VFKRROFXUULFXOXP5HDGLQJ8QLYHUVLW\RI5HDGLQJ
*(/0,1,*$ +HUELFLGDVLQGLFDo}HVEiVLFDV&DPSLQDV)XQGDomR&DUJLOOS
*(25*( ' 0$//(5< 3 6366 IRU:LQGRZV VWHS E\ VWHS D VLPSOH JXLGH DQG UHIHUHQFH
XSGDWHWK HG%RVWRQ$OO\Q%DFRQ
*/,(0 - $ */,(0 5 5 &DOFXODWLQJ LQWHUSUHWLQJ DQG UHSRUWLQJ &URQEDFK¶V $OSKD
UHOLDELOLW\ FRHIILFLHQW IRU /LQNHUW7\SH 6FDOH 'LVSRQtYHO HP KWWSZZZDOXPQL
RVXRUJPLGZHVWPLGZHVWSDSHUV*OLHP*OLHP'RQHSGI! $FHVVR HP PDU
*Ï0(=3$03$ $ :+,025( 7& +$'/(< 0 (G 5DLQ IRUHVW UHJHQHUDWLRQ DQG
PDQDJHPHQW3DULV81(6&20$%S
*21d$/9(6$03(53e7826&'LQkPLFDVGHJUXSRVQDIRUPDomRGHOLGHUDQoDV5LR
GH-DQHLUR'3$S
*28',1* 0 7KH ILVKHV DQG IRUHVW 8QLYHUVLW\ RI &DOLIRUQLD 3UHVV /RV $QJHOHV &$ S
*289(,$*3)(/),/,-0)HQRORJLDGHFRPXQLGDGHV GH0DWDVGH*DOHULDHGH&HUUDGRQR
'LVWULWR)HGHUDO5HYLVWDÈUYRUH9LoRVD0*YQ
*58%% 3 7KH PDLQWDQFH RI VSHFLHVULFKHQHVV LQ SODQW FRPPXQLWLHV WKH LPSRUWDQFH RI
UHJHQHUDWLRQQLFKH%LRORJLFDO5HYLHZV 1HZ<RUNYS
*8$5,*8$7$ 0 5 267(57$* 5 1HRWURSLFDO VHFRQGDU\ )RUHVW VXFFHVVLRQ FKDQJHV LQ
VWUXFWXUDODQGIXQFWLRQDOFKDUDFWHULVWLFV)RUHVW(FRORJ\DQG0DQDJHPHQW$PVWHUGDPY
QS
+$5,'$6$106RORVGHPDWDVGHJDOHULDHQXWULomRPLQHUDOGHHVSpFLHVDUEyUHDVHPFRQGLo}HV
QDWXUDLV,Q5,%(,52-)(G&HUUDGRPDWDGHJDOHULD3ODQDOWLQD(PEUDSD &3$&S
+$53(5-/3RSXODWLRQELRORJ\RISODQWV/RQGRQ$FDGHPLF3UHVVS
+$576+251*61HRWURSLFDOIRUHVWG\QDPLFV%LRWURSLFD:DVKLQJWRQYS
6XSOHPHQWR
,%$0$(GXFDomRDPELHQWDODVJUDQGHVRULHQWDo}HVGD&RQIHUrQFLDGH7LELOLVL%UDVLOLD
S&ROHomRPHLRDPELHQWH6pULHHVWXGRV(GXFDomR$PELHQWDO(GLomRHVSHFLDO
-$16(1 $ 7HUUHVWULDO LQYHUWHEUDWH FRPPXQLW\ VWUXFWXUH DV DQ LQGLFDWRU RI WKH VXFFHVV RI D
WURSLFDOUDLIRUHVWUHVWRUDWLRQSURMHFW5HVWRUDWLRQ(FRORJ\0DOGHQYQS
-$5',0)&6628=$$/6,/9$$)%$55261)6,/9$(0$&+$'2&&
'LQkPLFDGDYHJHWDomRDUEyUHDFRP'$3PHQRUTXHFPFRPSDUDomRHQWUHJUXSRVIXQFLRQDLVH
HFRILVLROyJLFRVQD(VWDomR([SHULPHQWDOGH6LOYLFXOWXUD7URSLFDOGR,13$0DQDXV$0%ROHWLP
)&$3%HOpPQMXOGH]S
-21*0$1 5 + * 7(5 %5$$. & - ) 721*(5(1 2 ) 5 'DWD DQDO\VLV LQ
FRPPXQLW\DQGODQGVFDSHHFRORJ\&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVVS
-25'$1 ,,, : 5 *,/3,1 0 ( $%(5 / ' (G 5HVWRUDWLRQ HFRORJ\ D V\QWKHWLF
DSSURDFKWRHFRORJLFDOUHVHDUFK1HZ<RUN&DPEULGJH8QLYHUVLW\S
.$*(<$0$3<5HFRPSRVLomRGDYHJHWDomRFRPHVSpFLHVDUEyUHDVQDWLYDVHPUHVHUYDWyULRGH
XVLQDVKLGUHOpWULFDVGD&(636pULH7pFQLFD,3() 3LUDFLFDEDYQS
.$*(<$0$ 3 < &$6752 & ) $ &$53$1(==, $ $ ,PSODQWDomR GH PDWDV FLOLDUHV
HVWUDWpJLDVSDUDDX[LOLDUDVXFHVVmRVHFXQGiULD,Q6,03Ï6,262%5(0$7$&,/,$56mR
3DXOR63$QDLV &DPSLQDV)XQGDomR&DUJLOOS
.$*(<$0$3<&$6752&)GH$6XFHVVmRVHFXQGiULDHVWUXWXUDJHQpWLFDHSODQWDo}HV
GHHVSpFLHVDUEyUHDVQDWLYDV,3()3LUDFLFDEDQS
.$*(<$0$ 3<*$1'$5$)%5HFXSHUDomRGHiUHDVFLOLDUHV,Q 52'5,*8(6 55
/(,7­2),/+2+GH)0DWDVFLOLDUHVFRQVHUYDomRHUHFXSHUDomR6mR3DXOR8QLYHUVLGDGHGH
6mR3DXOR)DSHVSS
.$0$'$7&$6$/,9:'),1*(5)/)857$'2053ODVWLFLGDGHIHQRWtSLFDGH
FDUDFWHUHV PRUIROyJLFRV HP DFHVVR GH PDQMHULFmR 2FLPXP EDVLOLFXP / ,6+6 $FWD
+RUWLFXOWXUDH Q 'LVSRQtYHO HP KWWSZZZDFWDKRUWRUJERRNVBKWP!
$FHVVRHPPDU
.(//0$1 0 7$&.$%(55< 5 %52.$: 1 0($9( - 7URSLFDO JDOOHU\ IRUHVW
1DWLRQDO*HRJUDSKLF5HVHDUFK([SORUDWLRQ /RFDOY QS
.(//0$1 0 7$&.$%(55< 5 5,** / 6WUXFWXUH DQG IXQFWLRQ LQ WZR WURSLFDO JDOOHU\
IRUHVW FRPPXQLWLHV LPSOLFDWLRQV IRU IRUHVW FRQVHUYDWLRQ LQ IUDJPHQWHG V\VWHPV -RXUQDO RI
$SSOLHG(FRORJ\2[IRUGQS
.(17 0&2.(539HJHWDWLRQGHVFULSWLRQDQDO\VLV/RQGRQ%HOKDYHQS
./,1.&$0$&('25+08(//(5&&'HJUmRHPJUmRR&HUUDGRSHUGHHVSDoR
%UDVtOLD)XQGR0XQGLDOSDUDD1DWXUH]D:RUOG:LOGOLIH)XQG± ::)S
./,1.&$025(,5$$*62/%5,*27(FRORJLFDOLPSDFWRIDJULFXOWXUDOGHYHORSPHQW
LQ WKH EUD]LOLDQ &HUUDGRV ,Q <281* 0 ' 62/%5,* 2 7 (G 7KH ZRUOG¶V VDYDQQDV
HFRQRPLF GULYLQJ IRUFHV HFRORJLFDO FRQVWUDLQWV DQG SROLF\ RSWLRQV IRU VXVWDLQDEOH ODQG XVH
/RQGRQ3DUWKHQRQS
.253(/$,1(1 + $'-(56 * .886,3$/2 - 185<$172 . 276$02 $
3URILWDELOLW\ RI UHKDELOLWDWLRQ RI RYHUORJJHG GLSWHURFDUS IRUHVW D FDVH VWXG\ IURP 6RXWK
.DOLPDQWDQ ,QGRQHVLD )RUHVW (FRORJ\ DQG 0DQDJHPHQW $PVWHUGDP Y Q S /$1,-/5(6(1'(05HIOH[}HVVREUHDVFDXVDVGDGHJUDGDomRDPELHQWDO,Q(1&21752
3$5$$&216(59$d­2'$1$785(=$$QDLV 9LoRVD&HQWUR0LQHLURSDUD&RQVHUYDomR
GD1DWXUH]D8)9S /$<5$548(633$UHVROXomRGHSUREOHPDVDPELHQWDLVORFDLVGHYHVHUXPWHPDJHUDGRURX
DWLYLGDGH ILP GD HGXFDomR DPELHQWDO" ,Q 5(,*27$ 0 2UJ 9HUGH FRWLGLDQR R PHLR
DPELHQWHHPGLVFXVVmR5LRGH-DQHLUR'3$S
/(:,162+1 7 0 35$'2 3 , . / 2 XVR GH DQiOLVHV PXOWLYDULDGDV HFROyJLFDV HP
HVWXGRV DPELHQWDLV LQWHUGLVFLSOLQDUHV 'LVSRQtYHO HP KWWSQHSDPXQLFDPSEU
SXEOLFDFRHVPDWHULDOFDGHUQRSGI !$FHVVRHPMDQ
/,0$+19$/()5GR6,48(,5$-2&85,1&UHVFLPHQWRLQLFLDOHPFDPSRGHVHWH
HVSpFLHV DUEyUHDV QDWLYDV HP UHVSRVWD j DGXEDomR PLQHUDO FRP 13. &LrQFLDH DJURWHFQRORJLD
/DYUDVYQSDEUMXQ
/8*2 $ ( 7KH IXWXUH RI WKH IRUHVW HFRV\VWHP UHKDELOLWDWLRQ LQ WKH WURSLFV (QYLURQPHQW
:DVKLQJWRQYS
/8*2 $(3$5527 -$%52:16/RVVLVVSHFLHVFDXVHGE\WURSLFDOGHIRUHVWDWLRQDQG
WKHLUUHFRYHU\WKURXJKPDQDJHPHQW$PELR6WRFNKROP YQS
0$*$/+­(6 & 6 )(55(,5$ 5 0 $ ÈUHDV GH SUHVHUYDomR SHUPDQHQWH HP XPD
PLFUREDFLD,QIRUPHDJURSHFXiULR%HOR+RUL]RQWHYQSQRYGH]
0$/$*2',0$6(VWXGRVVREUHXPSURJUDPDGHUHIORUHVWDPHQWRFLOLDUVXEVtGLRVSDUDD
UHODomRHQWUHH[WHQVmRUXUDOHHGXFDomRDPELHQWDOI'LVVHUWDomR0HVWUDGR± (6$/4
3LUDFLFDED
0$1/<%)-0XOWLYDULDWHVWDWLVWLFDOPHWKRGVDSULPHUWKHG/RQGRQ&KDSPDQ+DOO
0$1729$1, - ( 3(5(,5$ $ (VWLPDWLYD GD LQWHJULGDGH GD FREHUWXUD YHJHWDO GH
&HUUDGRDWUDYpVGHGDGRV70/DQGVDW6mR-RVpGRV&DPSRV,13(
0$1729$1, : 5HFXSHUDomR H PRQLWRUDPHQWR GH HFRVVLVWHPDV HVFDOD GH DERUGDJHP ,Q
6,03Ï6,2 '( (&266,67(0$6 %5$6,/(,526 ÈJXDV GH /LQGyLD $QDLV 6mR
3DXOR$FDGHPLDGH&LrQFLDGR(VWDGRGH6mR3DXORS3XEOLFDomR$&,(3
0$57,16(65($772$&255(,$-5)DWRUHVDPELHQWDLVTXHFRQWURODPDVSDLVDJHQV
GDV 0DWDV GH *DOHULD QR ELRPD &HUUDGR H[HPSORV H KLSyWHVHV ,Q 5,%(,52 - ) 6286$
6,/9$ -&(G&HUUDGRFDUDFWHUL]DomRHUHFXSHUDomRGH0DWDVGH*DOHULD%UDVtOLD(PEUDSD
&HUUDGRVS
0$==(, / - 6286$6,/9$ - & )(/),/, - 0 5(=(1'( $ 9 )5$1&2 $ &
&UHVFLPHQWR GH SOkQWXODV GH +\PHQDHD FRXUEDULO / YDU VWLOERFDUSD +D\QH /HH /DQJ HP
YLYHLUR%ROHWLPGR+HUEiULR(]HFKLDV3DXOR+HULQJHU%UDVtOLD YS
0F&22. / - 8QGHUVWDQGLQJ HFRORJLFDO FRPPXQLW\ VXFFHVVLRQ FDXVDO PRGHOV DQG WKHRULHV D
UHYLHZ9HJHWDWLR7KH+DJXHYS
0F'2:(//&63$5.65*5,1'/(<-02//(3HUVXDGLQJWKHODQGRZQHUWRFRQVHUYH
QDWXUDO HFRV\VWHPV WKURXJK HIIHFWLYH FRPPXQLFDWLRQ -RXUQDORI (QYLURQPHQWDO0DQDJHPHQW
1HZ<RUNYS
0(1'(66&RPSDUDomRHQWUHRVHVWUDWRVDUEyUHRHGHUHJHQHUDomRQD0DWDGH*DOHULDGD
HVWDomRHFROyJLFDGR3DQJD8EHUOkQGLD0* I'LVVHUWDomR0HVWUDGR 8QLYHUVLGDGH
)HGHUDOGH8EHUOkQGLD
0(1'21d$553$8/,&63--3203e,$6/(QULTXHFLPHQWRGHIORUHVWDVVHFXQGiULDV
DIHWDGDVSRUSROXLomRHP&XEDWmR63%UDVLO,Q6,03Ï6,21$&,21$/'(5(&83(5$d­2
'( È5($6 '(*5$'$'$6 )R] GR ,JXDoX $QDLV &XULWLED )83() S 0(66,1$5((ODERUDomRHLPSODQWDomRGHXPPRGHORGHUHFRPSRVLomRFLOLDUjVPDUJHQV
GDUHSUHVDGR/RER,WLUDSLQD63I'LVVHUWDomR0HVWUDGR± (VFRODGH(QJHQKDULD
GH6mR&DUORV8QLYHUVLGDGHGH6mR3DXOR6mR&DUORV
0,/,7­2 $ 0,/,7­2 5 -RJRV GLQkPLFDV H YLYrQFLDV JUXSDLV FRPR GHVHQYROYHU VXD
PHOKRUWpFQLFDHPDWLYLGDGHVJUXSDLV5LRGH-DQHLUR4XDOLW\0DUNS
0217$*/)$60,7+:6%$55(//$:3(75(5(-Ò1,250$LQIOXrQFLDHDV
UHODo}HVGDVPDWDVFLOLDUHVQDFRPXQLGDGHGHSHL[HVGR(VWDGRGH6mR3DXOR 5HYLVWD%UDVLOHLUD
GH(FRORJLD 5LR&ODUR63YQS
1$,0$1 5 - '(&$036 + 7KH HFRORJ\ RI LQWHUIDFHV ULSDULDQ ]RQHV $QQXDO 5HYLHZ RI
(FRORJ\DQG6\VWHPDWLFV 3DOR$OWRQS
1$9( $ * 52'5,*8(6 5 5 *$1'2/), 6 3ODQHMDPHQWR H UHFXSHUDomR DPELHQWDO GD
)D]HQGD 6mR 3HGUR GD 0DWD 0XQLFtSLR GH 5LROkQGLD 63 ,Q 6,03Ï6,2 1$&,21$/ '(
5(&83(5$d­2 '( È5($6 '(*5$'$'$6 2XUR 3UHWR 0* $QDLV &XULWLED
6RFLHGDGH%UDVLOHLUDGH5HFXSHUDomRGHÈUHDV'HJUDGDGDV± 62%5$'(S
1(367$' ' 8+/ & 6(55­2 ( $ 6 6XUPRXQWLQJ EDUULHUV WR )RUHVW UHJHQHUDWLRQ LQ
DEDQGRQHG KLJKO\ GHJUDGHG SDVWXUH D FDVH VWXG\ IURP 3DUDJRPLQDV 3DUi %UD]LO ,Q
$1'(5621 $ (G $OWHUQDWLYHV WR GHIRUHVWDWLRQ VWHSV WRZDUGV VXVWDLQDEOH XVH RI WKH
$PD]RQUDLQIRUHVW1HZ<RUN&ROXPELD8QLYHUVLW\3UHVVS
12$/ ) 2 5(,*27$ 0 %$5&(/26 9 + GH / 2UJ 7HQGrQFLDV GD HGXFDomR
DPELHQWDOEUDVLOHLUD6DQWD&UX]GR6XO('81,6&S
12*8(,5$ -Ò1,25 / 5 *21d$/9(6 - / 0 $/9(6 $ - & $6725,12 $
32**,$1,)5HVWDXUDomRGDYHJHWDomRHGRVRORGHXPDiUHDGHYiU]HDH0DWD&LOLDUDWLQJLGDV
SRU YD]DPHQWR GH yOHR FRPEXVWtYHO QD 3HWUREUiV ,Q 6,03Ï6,2 1$&,21$/ '(
5(&83(5$d­2 '( È5($6 '(*5$'$'$6 %OXPHQDX 6& 6LOYLFXOWXUD
DPELHQWDO DQDLV &XULWLED 6RFLHGDGH %UDVLOHLUD GH 5HFXSHUDomR GH ÈUHDV 'HJUDGDGDV ±
62%5$'(
1811$//<-&3V\FKRPHWULFWKHRU\HG1HZ<RUN0F*5DZ+LOO
2/,9(,5$ ),/+2 $ 7 5$77(5 - $ 3DGU}HV IORUtVWLFRV GD PDWDV FLOLDUHV GD UHJLmR GR
&HUUDGR H D HYROXomR GDV SDLVDJHQV GR %UDVLO &HQWUDO GXUDQWH R TXDWHUQiULR WDUGLR ,Q
52'5,*8(6 55/(,7­2 ),/+2 +GH)0DWDVFLOLDUHVFRQVHUYDomRHUHFXSHUDomR6mR
3DXOR8QLYHUVLGDGHGH6mR3DXOR)DSHVSS
2/,9(,5$ 9* (GXFDomRDPELHQWDOHPDQHMRGH UHFXUVRVQDWXUDLVHPiUHDVGHSURWHomR
DPELHQWDORFDVRGRVH[WUDWRUHVGHVDPDPEDLDVGDLOKDFRPSULGD 6mR3DXORI
'LVVHUWDomR0HVWUDGR± 8QLYHUVLGDGHGH6mR3DXOR(6$/43LUDFLFDED
2/,9(,5$),/+2$75$77(5-$$VWXG\RIWKHRULJLQRIFHQWUDO%UD]LOLDQIRUHVWVE\WKH
DQDO\VLVRISODQWVSHFLHVGLVWULEXWLRQSDWWHUQV(GLQEXUJK-RXUQDORI%RWDQ\(GLQEXUJYQ
S
2/,9(,5$),/+2 $ 7 5$77(5 - $ 6+(3+(5' * - )ORULVWLF FRPSRVLWLRQ DQG
FRPPXQLW\ VWUXFWXUH RI D &HQWUDO %UD]LOLDQ *DOOHU\ )RUHVW )ORUD -HQD Y Q S 3$5527$-$6HFRQGDU\IRUHVWUHJHQHUDWLRQRQGHJUDGHGWURSLFDOODQGVWKHUROHRISODQWDWLRQV
DV IRVWHU HFRV\VWHPV ,Q /,(7+ + /2+0$11 0 (G 5HVWRUDWLRQ RI WURSLFDO IRUHVW
HFRV\VWHPV 7KH+DTXH.OHZHU$FDGHPLFS
3('5,1, $ * (GXFDomR DPELHQWDO UHIOH[}HV H SUiWLFDV FRQWHPSRUkQHDV HG 3HWURSyOLV
9R]HVS
3('5,1,$*2FRQWUDWRVRFLDOGDFLrQFLDXQLQGRVDEHUHVHPHGXFDomRDPELHQWDO3HWURSyOLV
9R]HVS
3(5(,5$-&5$QiOLVHGHGDGRVTXDOLWDWLYRVHVWUDWpJLDVPHWRGROyJLFDVSDUDDV FLrQFLDVGD
VD~GHKXPDQDHVRFLDOHG6mR3DXOR(GXVSS
3(5(,5$- (6 %5$6,/(,52 $&0)(/),/, - 06,/9$ - $(ODERUDomRGHXPD
WDEHOD GH YROXPH FRPHUFLDO SDUD D PDWD FLOLDU GR *DPD ') FRP R XVR GR WHOHUHODVFySLR GH
%LWWHUOLFK,Q&21*5(662 )/25(67$/(67$'8$/ 1RYD3UDWD56 $QDLV1RYD
3UDWD3UHIHLWXUD0XQLFLSDOS
3(75(=(/.$ 3 .256&+,1* 3 0$/,$ - )DUPHUV
DWWLWXGHV DQG EHKDYLRU WRZDUGV
VXVWDLQDEOHDJULFXOWXUH 7KH-RXUQDORI(QYLURQPHQWDO(GXFDWLRQ:DVKLQJWRQYQS
3+,/,33, -Ò1,25 $ &2,0%5$ - $ $ 3(/,&,21, 0 & ) (GXFDomR DPELHQWDO GR
SDVVDGRHGRSUHVHQWHSDUDDOFDQoDUDVXVWHQWDELOLGDGH,Q3+,/,33,-Ò1,25$3(/,&,21,0
&)(G(GXFDomRDPELHQWDOGHVHQYROYLPHQWRGHFXUVRVHSURMHWRV6mR3DXOR8636LJQXV
S
3+,/,33,-Ò1,25$3(/,&,21,0&) (GXFDomRDPELHQWDOGHVHQYROYLPHQWRGHFXUVRVH
SURMHWRVHG6mR3DXOR6LJQXVS
3,&.(7767$:+,7(367KHHFRORJ\RIQDWXUDOGLVWXUEDQFHDQGSDWFKG\QDPLFV6DQ
'LHJR$FDGHPLF3UHVVS
3,(/28 (&7KHLQWHUSUHWDWLRQRIHFRORJLFDOGDWDDSULPHURQFODVVLILFDWLRQDQGRUGLQDWLRQ
1HZ<RUN-RKQ:LOH\S
3,.(*6(/%<'(GXFDomRJOREDODSUHQGL]DGRJOREDO6mR3DXOR7H[WRQRYRY
3,.( * 6(/%< ' (GXFDomR JOREDO R SURIHVVRU JOREDO R FXUUtFXOR JOREDO 6mR 3DXOR
7H[WRQRYRY
3,0(17(/ *20(6 ) $ HVWDWtVWLFD PRGHUQD QD SHVTXLVD DJURSHFXiULD HG 3LUDFLFDED
3272)26S
3,172-55+$<-'9'LQkPLFDGRFRPSRUWDPHQWR DUEyUHRGHXPDIORUHVWDGH9DOHQR
%UDVLO &HQWUDO ,Q &21*5(662 /$7,12 $0(5,&$12 '( (&2/2*,$ $QDLV 66
-XMX\$UJHQWLQDORXW
32**,$1,)(VWUXWXUDIXQFLRQDPHQWRHFODVVLILFDomRGDVIORUHVWDVLPSOLFDo}HVHFROyJLFDVGDV
IORUHVWDVSODQWDGDV'RFXPHQWRV)ORUHVWDLV3LUDFLFDEDYSVHW
48('$ 2 $ H[WHQVmR UXUDO QR %UDVLO GD DQXQFLDomR DR PLODJUH GD PRGHUQL]DomR DJUtFROD
863(6$/47HVHGH'RXWRUDGR
48,5,12 7 5 ,5,$6 / - 0 :5,*+7 - 7 & ,PSDFWRVDJURDPELHQWDLVSHUVSHFWLYDV
SUREOHPDVHSULRULGDGHV6mR3DXOR(GJDUG%OXFKHUS
5$9(1 3 + (9(57 5 ) (,&++251 6 ( %LRORJLDYHJHWDO 5LR GH-DQHLUR *XDQDEDUD
.RRJDQS 5($772$63(5$67&255(,$-50$57,16(6%/2,6( */)6,/9$$
9 /HYDQWDPHQWR VHPLGHWDOKDGR GH VRORV GD %DFLD GR &yUUHJR 2ODULD ') 3ODQDOWLQD
(PEUDSD&HUUDGRVS5HODWyULRFRQFOXtGR
5($772 $ 63(5$ 6 7 &255(,$ - 5 0$57,16 ( 6 0,/+20(1 $ 6RORV GH
RFRUUrQFLDHPGXDViUHDVGHVRE0DWDVGH*DOHULDQR'LVWULWR)HGHUDODVSHFWRVSHGROyJLFRVXPD
DERUGDJHPTXtPLFDHItVLFRKtGULFD,Q5,%(,52-))216(&$&(/6286$6,/9$-
& (G &HUUDGR FDUDFWHUL]DomR H UHFXSHUDomR GH PDWDV GH JDOHULD 3ODQDOWLQD (PEUDSD
&HUUDGRVS
5($772$63(5$67&255(,$-50,/+20(0 $6 &DUDFWHUL]DomRGRVVRORVH
VXD DVVRFLDomR FRP DV ILWRILVLRQRPLDV HP XPD EDFLD KLGURJUiILFD DVSHFWRV SHGROyJLFRV H
TXtPLFRV3ODQDOWLQD (PEUDSD&HUUDGRVS(PEUDSD&HUUDGRV%ROHWLPGH3HVTXLVD
5('(17( ( ) 0&/(1'21 7 '(38,7 - ( 0DQLSXODWLRQ RI YHJHWDWLRQ FRPPXQLW\
G\QDPLFV IRU GHJUDGHG ODQG UHKDELOLWDWLRQ ,Q 6,03Ï6,2 %5$6,/(,52 '( 3(648,6$
)/25(67$/Y%HOR+RUL]RQWH$QDLV%HOR+RUL]RQWH6,)8)9S
5(,*27$ 0 2 TXH p HGXFDomR DPELHQWDO 6mR 3DXOR %UDVLOLHQVH S &ROHomR
3ULPHLURV3DVVRV
5(=(1'($9'LYHUVLGDGHHVWUXWXUDGLQkPLFDHSURJQRVHGRFUHVFLPHQWRGHXP&HUUDGR
6WULFWR VHQVX VXEPHWLGR D GLIHUHQWHV GLVW~UELRV SRU GHVPDWDPHQWR I 7HVH
'RXWRUDGR 8QLYHUVLGDGH)HGHUDOGR3DUDQi&XULWLED
5(=(1'($9,PSRUWkQFLDGDV0DWDVGH*DOHULDPDQXWHQomRHUHFXSHUDomR,Q5,%(,52-
)(G&HUUDGRPDWDVGHJDOHULD3ODQDOWLQD(PEUDSD&3$&S
5(=(1'( $ 9 )(/),/, - 0 6,/9$ 3 ( 1 6,/9$ -Ò1,25 0 & 6,/9$ 0 $
&RPSDUDWLRQRIJDOOHU\IRUHVWVRQZHOOGUDLQHGVRLOVRQWKH9HDGHLURV3ODWHDX[*RLiV%UD]LO,Q
,17(51$7,21$/ 6<0326,8021 $66(660(17 $1'021,725,1* 2))25(676 ,1
7523,&$/ '5< 5(*,216 :,7+ 63(&,$/ 5()(5(1&( 72 *$//(5< )25(676
3URFHHGLQJV%UDVtOLD8Q%S
5(=(1'(53)216(&$&(/%$/%,12 9.628=$&& $VPDWDVGHJDOHULDH
VXD LPSRUWkQFLD ELROyJLFD 3ODQDOWLQD (PEUDSD &HUUDGRV (PEUDSD &HUUDGRV *XLD
7pFQLFRGR3URGXWRU5XUDO
5(=(1'(53)216(&$&(/628=$&&%$/%,129.(GXFDomRDPELHQWDOQD
FRQVHUYDomR H UHFXSHUDomR GH PDWD GH JDOHULD ,Q 5,%(,52 - ) 6286$6,/9$ - & (G
&HUUDGR FDUDFWHUL]DomRHUHFXSHUDomRGHPDWDVGHJDOHULD3ODQDOWLQD(PEUDSD&HUUDGRVS
5(=(1'( 5 3 3$'8$ 6 0 )216(&$ & ( / 628=$ & & (GXFDomR DPELHQWDO H
SDUWLFLSDomRHVWUDWpJLDVSDUD DSUHVHUYDomRHSDUD DFRQVHUYDomRDPELHQWDO,Q &$0$5*2 $
$*8,$5 / 0 6 0(,5(/(6 0 / (G &HUUDGR HFRORJLD H FDUDFWHUL]DomR 3ODQDOWLQD
(PEUDSD&HUUDGRVS
5,%(,52-)(G&HUUDGRPDWDVGHJDOHULD3ODQDOWLQD(PEUDSD&3$& S
5,%(,52 - ) )216(&$ & ( / 6286$6,/9$ - & (G &HUUDGR FDUDFWHUL]DomR H
UHFXSHUDomRGHPDWDVGHJDOHULD 3ODQDOWLQD(PEUDSD&HUUDGRVS
5,%(,52 - ) :$/7(5 % 0 7 $V PDWDV GH JDOHULD QR FRQWH[WR GR ELRPD &HUUDGR ,Q
5,%(,52 - ) )216(&$ & ( / 6286$6,/9$ - & (G &HUUDGR FDUDFWHUL]DomR H
UHFXSHUDomRGHPDWDVGHJDOHULD3ODQDOWLQD(PEUDSD&HUUDGRVS
5,%(,52 - ) :$/7(5 % 0 7 )216(&$ &(/ (FRVVLVWHPDV GH PDWDV FLOLDUHV ,Q
6,03Ï6,2 0$7$ &,/,$5 &,Ç1&,$ ( 7(&12/2*,$ %HOR +RUL]RQWH 0* $QDLV
/DYUDV&(0,*8)/$S
5,%(,52 -) :$/7(5 %07 )LWRVVRFLRORJLD GR ELRPD &HUUDGR ,Q 6$12 60
$/0(,'$63HG&HUUDGR DPELHQWHHIORUD3ODQDOWLQD(0%5$3$&3$&S
5,&$60''HVWUXLomRHUHFXSHUDomRGHPDWDVFLOLDUHVH[HPSORGDIDOWDGHVHULHGDGHGRSRGHU
S~EOLFR,Q6,03Ï6,20$7$&,/,$5&,Ç1&,$(7(&12/2*,$%HOR+RUL]RQWH0*
$QDLV/DYUDV&(0,*8)/$S
5,&./()65($HFRQRPLDGDQDWXUH]D5LRGH-DQHLUR*XDQDEDUD.RRJDQS
52'5,*8(6 5 5 *$1'2/), 6 5HFRPSRVLomR GH )ORUHVWDV 1DWLYDV 3ULQFtSLRV *HUDLV H
6XEVtGLRV 3DUD 8PD 'HILQLomR 0HWRGROyJLFD 5HY %UDV +RUW 2UQ %UDVLO Y Q S 52'5,*8(6 5 5 *$1'2/), 6 &RQFHLWRV WHQGrQFLDV H Do}HV SDUD D UHFXSHUDomR GH
IORUHVWDVFLOLDUHV,Q52'5,*8(655/(,7­2),/+2+GH)0DWDVFLOLDUHVFRQVHUYDomR
HUHFXSHUDomR6mR3DXOR8QLYHUVLGDGHGH6mR3DXOR)DSHVSS 6$/*$'20$65(=(1'($9)(/),/,-0+,/*%(57$&))5$1&2$&
6286$6,/9$ - & &UHVFLPHQWR H UHSDUWLomR GH ELRPDVVD HP SOkQWXODV GH &RSDLIHUD
ODQJVGRUIILL 'HVI VXEPHWLGDV D GLIHUHQWHV QtYHLV GH VRPEUHDPHQWR HP YLYHLUR %UDVLO)ORUHVWDO
%UDVtOLDQS
6$/*$'20$65(=(1'($96286$6,/9$-&)(/),/,-0+,/*%(57$
& ) )5$1&2 $ & &UHVFLPHQWR LQLFLDO GH =DQWKR[\OXP UKRLIROLXP /DP HP GLIHUHQWHV
FRQGLo}HVGHVRPEUHDPHQWR%ROHWLPGR+HUEiULR(]HFKLDV3DXOR+HULQJHU%UDVtOLDYS
6$/9$'25 - / * 2/,9(,5$ 6 &RPSRUWDPHQWR GH HVSpFLHV YHJHWDLV QDWLYDV HP VRORV
SHULRGLFDPHQWH ~PLGRVHGHEDL[DIHUWLOLGDGH 6pULH7pFQLFDGR,3()3LUDFLFDEDYQS
6$03$,2 $ % :$/7(5 % 0 7 )(/),/, - 0 'LYHUVLGDGH H GLVWULEXLomR GH HVSpFLHV
DUEyUHDV HP GXDV 0DWDV GH *DOHULD QD PLFUR%DFLD GR 5LDFKR )XQGR 'LVWULWR )HGHUDO $FWD
%RWDQLFD%UDVLOLFD%UDVtOLDYQS
6$12 6 0 $/0(,'$ 6 3 (G &HUUDGR DPELHQWH H IORUD 3ODQDOWLQD(PEUDSD &3$&
S
6$1726 - ( 6$72 0 $ FRQWULEXLomRGD HGXFDomRDPELHQWDOD HVSHUDQoDGH 3DQGRUD
6mR&DUORV5L0D
6$1726 - 5 $ &URQEDFK¶V $OSKD D WRRO IRU DVVHVVLQJ WKH UHOLDELOLW\ RI VFDOHV -RXUQDO RI
([WHQVLRQ Y Q 'LVSRQtYHO HP KWWSZZZMRHRUJMRHDSULOWWKWPO!
$FHVVRHPGH]
6$1726 1$6+2))0$11 -5226(9(/7 $&+$9(6 )7)216(&$ &(/
628=$&&%$/%,129 .$QiOLVHVRFLRHFRQ{PLFDGDLQWHUDomRHQWUHDVRFLHGDGHHDPDWD
GH*DOHULDLPSOLFDo}HVSDUDDIRUPXODomRGHSROtWLFDVS~EOLFDV,Q5,%(,52-))216(&$&
(/GD6286$6,/9$-&(G&HUUDGRFDUDFWHUL]DomRHUHFXSHUDomRGHPDWDVGHJDOHULD
3ODQDOWLQD(PEUDSD&HUUDGRVS.
6$1726 6 $ 0 58)),12 3 + 3 3URSRVWD GR SURJUDPD GH HGXFDomR DPELHQWDO ,Q
6&+,(/ ' 0$6&$5(1+$6 6 9$/(,5$6 1 6$1726 6 $ 0 (G 2 HVWXGR GH
EDFLDVKLGURJUiILFDVXPDHVWUDWpJLDSDUD DHGXFDomRDPELHQWDOHG6mR&DUORV5L0DS
6$720(GXFDomRDPELHQWDO6mR&DUORV5L0DS
6$72 0 6$1726 - ( 7HQGrQFLDV QDV SHVTXLVDV HP HGXFDomRDPELHQWDO ,Q 12$/ ) 2
%$5&(/269+/2UJ(GXFDomRDPELHQWDO HFLGDGDQLDFHQiULRVEUDVLOHLURV6DQWD&UX]
GR6XO('81,6&S
6&+,$9,1, , (QYLURQPHQWDO FKDUDFWHUL]DWLRQ DQG JURXSV RI VSHFLHV LQ JDOOHU\ IRUHVWV ,Q
,17(51$7,21$/ 6<0326,80 21 $66(660(17 $1'021,725,1* 2))25(676 ,1
7523,&$/ '5< 5(*,216 :,7+ 63(&,$/ 5()(5(1&( 72 *$//(5< )25(676 %UDVtOLD')3URFHHGLQJV%UDVtOLD8QLYHUVLW\RI%UDVLOLDS
6&+,$9,1,,(VWUXWXUDGDVFRPXQLGDGHVDUEyUHDVGHPDWDGHJDOHULDGD(VWDomR(FROyJLFD
GR3DQJD8EHUOkQGLD0* I7HVH'RXWRUDGR ,QVWLWXWRGH%LRORJLD8QLYHUVLGDGH
(VWDGXDOGH&DPSLQDV&DPSLQDV
6&+,$9,1,,5(6(1'(-&)$48,12)*'LQkPLFDGHSRSXODo}HVGHHVSpFLHVDUEyUHDV
GH PDWDV GH JDOHULD H PDWD PHVyILOD QD PDUJHP GR 5LEHLUmR 3DQJD 0* ,Q 5,%(,52 - )
)216(&$&(/6286$6,/9$-&(G&HUUDGRFDUDFWHUL]DomRHUHFXSHUDomRGHPDWDV
GHJDOHULD3ODQDOWLQD(PEUDSD&HUUDGRVS
6&+/277)(/'7&%'LIXVmRGHWHFQRORJLDHH[WHQVmRUXUDOQD(PEUDSDUHIOH[}HVFRQFHLWXDLV
HSUiWLFDV&DGHUQRVGH&LrQFLDH7HFQRORJLD%UDVtOLDYQS
6(/%<'*OREDOHGXFDWLRQWRZDUGD4XDQWXP0RGHORI(QYLURQPHQWDO(GXFDWLRQ&DQDGLDQ
-RXUQDORI(QYLURQPHQWDO(GXFDWLRQ7RURQWR YS
6+($))(55/0(1'(1+$//:277 /(OHPHQWDU\VXUYH\VDPSOLQJHG/RQGRQ
'X[EXU\S
6,/9$-Ò1,250&&RPSDUDomRHQWUH0DWDVGH*DOHULDQR'LVWULWR)HGHUDOHD(IHWLYLGDGHGR
&yGLJR)ORUHVWDQDSURWHomRGHVXDGLYHUVLGDGHDUEyUHD$FWD%RWkQLFD%UDVtOLFD%UDVtOLDY
QS
6,/9$ -Ò1,25 0&&RPXQLGDGHVGHiUYRUHV HVXD UHODomR FRPRVVRORVQD0DWDGR3LWRFR
5HVHUYD(FROyJLFDGR,%*(%UDVtOLD')5HYLVWDÈUYRUH 9LoRVD0*QS
6,/9$ -Ò1,25 0 & 7UHH FRPPXQLWLHV RI WKH *DOOHU\ )RUHVWV RI WKH ,%*( (FRORJLFDO
5HVHUYH')%UD]LOI7KHVLV3K' 8QLYHUVLW\RI(GLQEXUJ(GLQEXUJ
6,/9$ -Ò1,25 0 & )(/),/, - 0 $ YHJHWDomR GD (VWDomR (FROyJLFD GH ÈJXDV
(PHQGDGDV%UDVtOLD6(0$7(&,(0$S
6,/9$-Ò1,250&6,/9$3(1)(/),/,-0)ORUDOHQKRVDGDVPDWDVGHJDOHULDGR
%UDVLO&HQWUDO%ROHWLPGR+HUEiULR(]HFKLDV3DXOR+HULQJHU%UDVtOLDYS
6,/9$-Ò1,250&)(/),/,-06,/9$3(15(=(1'($9$QiOLVHIORUtVWLFDGH
PDWDV GH JDOHULD QR 'LVWULWR )HGHUDO ,Q 5,%(,52 - ) (G &HUUDGR PDWDV GH JDOHULD
3ODQDOWLQD(PEUDSD&HUUDGRVS
6,/9$-Ò1,250&)(/),/,-0:$/7(5%0712*8(,5$3(5(=(1'($
9025$,6521Ï%5(*$0**$QiOLVHGDIORUDDUEyUHDGHPDWDVGHJDOHULDQR'LVWULWR
)HGHUDO OHYDQWDPHQWRV ,Q 5,%(,52 - ) 6286$6,/9$ - & (G &HUUDGR
FDUDFWHUL]DomRHUHFXSHUDomRGHPDWDVGHJDOHULD3ODQDOWLQD(PEUDSD&HUUDGRVS
6,/9(,5$ ( 5 5HFXSHUDomRGD PDWD FLOLDU GR &yUUHJR 7DUXPm 7DUXPm 63 DVSHFWRV
HVWUXWXUDLV IORUtVWLFRV H DPELHQWDLV GH TXDWUR GLIHUHQWHV PRGHORV IORUHVWDLV GH] DQRV GHSRLV GR
SODQWLRI'LVVHUWDo}D0HVWUDGR± 8636mR&DUORV
60,7+$35XHVSRVWDVGHKLHUEDVGHOVRWRERVTXHWURSLFDODFODURVRFDVLRQDGRVSRUODFDtGDGH
iUEROHV&RVWD5LFD5HYLVWDGH%LRORJLD7URSLFDO6DQ-RVHYS6XSOHPHQWR
60<7+-&(QYLURQPHQWDOHGXFDWLRQDYLHZRIDFKDQJLQJVFHQH(QYLURQPHQWDO(GXFDWLRQ
5HVHDUFK6WHUOLQJ6YQS
6255(17,12 0 &ULVH DPELHQWDO H HGXFDomR ,Q 48,17$6 - 6 2UJ 3HQVDQGR H
SUDWLFDQGRDHGXFDomRDPELHQWDOQDJHVWmRGRPHLRDPELHQWH%UDVtOLD,%$0$S
6255(17,12 0 'HVHQYROYLPHQWR VXVWHQWiYHO H SDUWLFLSDomR DOJXPDV UHIOH[}HV HP YR] DOWD
,Q /285(,52 &)%/$<5$5*8(6 33&$6752 562UJ(GXFDomRDPELHQWDO
UHSHQVDQGRRHVSDoRGHFLGDGDQLD6mR3DXOR&RUWH]S
6255(17,120(GXFDomRDPELHQWDOHXQLYHUVLGDGH,Q%$5%26$ &5GD&62UJ $
WHPiWLFDDPELHQWDOHD SOXUDOLGDGHGRFLFORGHVHPLQiULRVGR1(3$0 &DPSLQDV 8QLFDPS
1(3$07H[WRV1(3$0'LYXOJDomR$FDGrPLFD
628=$&&(VWDEHOHFLPHQWRHFUHVFLPHQWRLQLFLDOGHHVSpFLHVHPSODQWLRVGHUHFXSHUDomRGH
PDWDV GH JDOHULD GR 'LVWULWR )HGHUDO I 'LVVHUWDomR 0HVWUDGR ± 'HSDUWDPHQWR GH
(QJHQKDULD)ORUHVWDO8QLYHUVLGDGHGH%UDVtOLD%UDVtOLD
628=$ / % * $YDOLDomRGR HIHLWR GR HQWRUQRQD LQWHJULGDGHHFROyJLFDGH XPDPDWDGH
JDOHULDLQXQGiYHOQR 'LVWULWR)HGHUDO I 'LVVHUWDomR 0HVWUDGR ± 8QLYHUVLGDGH GH
%UDVtOLD%UDVtOLD
63$5.6564XDOLW\FRQWUROZLWKPXOWLYDULDWHGDWD$XVWUDOLDQ-RXUQDORI6WDWLVWLFV&DQEHUUD
YQS
63$529(.*5$1,(5,6%/*$661(5$0$5,$,&GH6&+18*(6$1726
5) -28%(57 $$FRQFHSWXDOIUDPHZRUN IRUWKHGHILQLWLRQRIWKHRSWLPDOZLGWKRIULSDULDQ
IRUHVWV$JULFXOWXUH (FRV\VWHPVDQG(QYLURQPHQW$PVWHUGDQYS
7(5%5$$.&-)60,/$8(53&DQRFRUHIHUHQFHPDQXDODQGXVHU¶VJXLGHWR&DQRFR
IRU:LQGRZV VRIWZDUHIRU&DQRQLFDO&RPPXQLW\2UGLQDWLRQYHUVLRQ:DJHQLQJHQ&HQWUHIRU
%LRPHWU\
7+,2//(1700HWRGRORJLDGDSHVTXLVDDomR6mR3DXOR&RUWH]HGS
7280(<-:.2567,$1 &)1DWXUDOYHUVXVDUWLILFLDOUHJHQHUDWLRQ,Q7280(<-:
.2567,$1 & ) 6HHGLQJ DQG SODQWLQJWKH SUDFWLFHRI )RUHVWU\ 1HZ <RUN -RKQ :LOH\ 6RQVS
75$-%(5 5 &267$ / $YDOLDQGRDHGXFDomRDPELHQWDOQR%UDVLOPDWHULDLVDXGLRYLVXDLV
6mR3DXOR)XQGDomR3HLUySROLV,QVLWXWR(FRDUSDUDD&LGDGDQLDS
75$-%(550$1=2&+,/+2UJ$YDOLDQGRDHGXFDomRDPELHQWDOQR%UDVLOPDWHULDLV
LPSUHVVRV6mR3DXOR*DLDS
81(6&2/DHGXFDFLyQDPELHQWDOODVJUDQGHVRULHQWDFLRQHVGHODFRQIHUHQFLDGH7ELOLVL3DULV
218
9$/(17,0-/(FRORJLDQXPpULFDXPDLQWURGXomRjDQiOLVHPXOWLYDULDGDGHGDGRVHFROyJLFRV
5LRGH-DQHLUR,QWHUFLrQFLDS
9$1'(5+$9(5(1%3:,//,$16 -(3$7,6621 0/+$8*+ -55HVWRUDWLQJ
WKH HFRORJLFDO LQWHJULW\ RI SXEOLF ODQGV -RXUQDO RI 6RLO DQG :DWHU &RQVHUYDWLRQ $QNHQ\
MXO\DXJS
9(*(7$d­2 QR 'LVWULWR )HGHUDO WHPSR H HVSDoR XPD DYDOLDomR PXOWLWHPSRUDO GD SHUGD GH
FREHUWXUDYHJHWDOQR')HGDGLYHUVLGDGHIORULVWLFDGDUHVHUYDELRVIHUDGR&HUUDGR IDVH,%UDVtOLD
81(6&2S
9,$1$ 9 0 %LRORJLD H PDQHMR GH IUDJPHQWRV GH IORUHVWDV QDWXUDLV ,Q &21*5(662
)/25(67$/%5$6,/(,526mR3DXOR$QDLV 6mR3DXOR6%6S
9,$1$90(QYROYLPHQWRVXVWHQWiYHOHFRQVHUYDomRGDVIORUHVWDVEUDVLOHLUDV,Q',(*8(6$
&9,$1$902UJ&RPXQLGDGHVWUDGLFLRQDLVHPDQHMRGRVUHFXUVRVQDWXUDLVGD0DWD
$WOkQWLFD 6mR3DXOR183$8%S
9,/$ 0 )$/&­2 3 )RFDOL]DomRGH MRJRV HP 7' 5LR GH -DQHLUR 4XDOLW\ 0DUN S
:$/7(5 % 0 7 'LVWULEXLomR HVSDFLDO GH HVSpFLHV SHUHQHV HP XPD PDWD GH JDOHULD
LQXQGiYHOGR'LVWULWR)HGHUDO IORUtVWLFDHILWRVVRFLRORJLDI'LVVHUWDomR0HVWUDGR
8QLYHUVLGDGHGH%UDVtOLD%UDVtOLD
:$/7(5 % 0 7 5,%(,52 - ) 6SDWLDO IORULVWLF SDWWHUQV LQ JDOOHU\ )RUHVW LQ WKH &HUUDGR
5HJLRQ%UD]LO,Q,17(51$7,21$/6<0326,8021$66(660(17$1'021,725,1*
2) )25(676 ,1 7523,&$/ '5< 5(*,216 :,7+ 63(&,$/ 5()(5(1&( 72 *$//(5<
)25(676%UDVtOLD')3URFHHGLQJV %UDVtOLD8QLYHUVLW\RI%UDVtOLDS
:+,7025(7&$QLQWURGXFWLRQWRWURSLFDOUDLQIRUHVW2[IRUG&ODUHQGRQS
<8=<:$1*=++(6<5HKDELOLWDWLRQRIHURGHGWURSLFDOFRDVWDOODQGLQ*XDQJGRQJ
&KLQD -RXUQDO RI 7URSLFDO )RUHVW 6FLHQFH .XDOD /XPSXU Y Q S $1(;26
$1(;2$ 48(67,21È5,2'($9$/,$d­2'26 3/$17,26'(
0$7$'(*$/(5,$5($/,=$'2612')((172512
³$YDOLDomR6yFLR $PELHQWDOGRV3ODQWLRVGH5HFXSHUDomRGH0DWDVGH*DOHULD´
>@2ODULDËQGLRV%UD]OkQGLD') >@ -DUGLP1~FOHR5XUDOGH7DEDWLQJD')
>@%DQGHLULQKD)RUPRVD*2
>@%XULWL9HUPHOKR1~FOHR5XUDOGR%XULWL9HUPHOKR')
>@6REUDGLQKRGRV0HORV3ODQDOWLQD')
'DWDGDHQWUHYLVWD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
1°GD&KiFDUD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
1RPHGRHQWUHYLVWDGRU BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$ &DUDFWHUL]DomRGD3URSULHGDGHHGR3URGXWRU
1RPHGRSURSULHWiULRD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
7HOHIRQHSDUDFRQWDWR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
(VWDGRFLYLO BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
1žGHILOKRV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
1žGHGHSHQGHQWHV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
GDGRVTXDQWLWDWLYRV DWpSHVVRDV DWULEXLUYDORUGHD SHVVRDV YDORUPDLVGH
SHVVRDV YDORU
(VFRODULGDGH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
GDGRV TXDQWLWDWLYRV YDORU DWULEXtGR SDUD TXHP WHP QR Pi[LPR HQVLQR IXQGDPHQWDO
YDORU SDUD TXH WHP QR Pi[LPR HQVLQR PpGLR YDORU SDUD TXHP WHP PDLV TXH HQVLQR
PpGLR
3URILVVmRRFXSDomRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'DWDGH1DVFLPHQWR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
,GDGHBBBBBBBBBBB
4XDOVXDRULJHP"
>@ UXUDO
>@XUEDQR
GDGRVTXDQWLWDWLYRV YDORUSDUDXUEDQRYDORUSDUDUXUDO
2QGHQDVFHX"FLGDGHHVWDGR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
GDGRV TXDQWLWDWLYRV YDORU DWULEXtGR SDUD TXHP QmR QDVFHX QR ') H HQWRUQR YDORU DWULEXtGRSDUDTXHPQDVFHXQR')HHQWRUQR
4XDQWRWHPSRPRUDQR')"DQRV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
4XDQWRWHPSRPRUDQDSURSULHGDGH"DQRV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
GDGRTXDQWLWDWLYRYDORUSDUDTXHPQXQFDPRURXQDSURSULHGDGHYDORUSDUDTXHPMi
PRURXDWpDQRVYDORUSDUDTXHPMiPRURXPDLVGHDQRV
4XDQWRVPHPEURVGDIDPtOLDHVWmRHQYROYLGRVQRVWUDEDOKRVQDSURSULHGDGH"BBBBBBBBBBBBBBBB
GDGRTXDQWLWDWLYR Q~PHURGHSHVVRDV
>@3URSULHWiULR&KHIHGDIDPtOLD
>@(VSRVD
>@)LOKRVDV4XDQWRVDV" BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
>@2XWURV4XHP" BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&RPRDVWDUHIDVVmRGLYLGLGDVRXRUJDQL]DGDV"
([SOLTXH
3URSULHWiULR&KHIHGDIDPtOLD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
(VSRVDBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)LOKRVDV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
2XWURV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
QmRIRUDPDWULEXtGRVYDORUHVTXDQWLWDWLYRVjVUHVSRVWDVGHVVDSHUJXQWD
% 3URGXomRH5HQGD
4XDLVVmRRVWLSRVGHXVRGRVRORQDSURSULHGDGH"4XDQWRRXKDFDGDXPGHOHVUHSUHVHQWDGD
iUHDWRWDOGDSURSULHGDGH"
4XDODiUHDWRWDO"BBBBBBBBBBKD
GDGRTXDQWLWDWLYR YDORUHPKD
3DVWDJHP
BBBBBBBBBBBBBBBB
5HVHUYDOHJDO
BBBBBBBBBBBBBBBB
ÈUHDGHODYRXUD
BBBBBBBBBBBBBBBB
0DWDGHEHLUDGHULR
BBBBBBBBBBBBBBBB
GDGRTXDQWLWDWLYR YDORUHP
6HWLYHUiUHDLPSUySULDQmRVHUYHSDUDDJULFXOWXUDRXSDVWRH[SOLFDUSRUTXrQmRVHUYH
QmRIRUDPDWULEXtGRVYDORUHVTXDQWLWDWLYRVjVUHVSRVWDVGHVVDSHUJXQWD
4XDODUHQGDIDPLOLDUPHQVDO"5 BBBBBBBBBBBBBBBBBBBB
VDOiULRPtQLPR60 5
>@DWp5DWpò60
>@5D5PDLVGHòD60
>@5D5PDLVGHD60
>@5D5PDLVGHD60
>@5D5PDLVGHD60
>@5D5PDLVGHD60
>@5D5PDLVGHD60
>@5RXPDLVPDLVGH60
GDGRV TXDQWLWDWLYRV YDORU SDUD TXHP UHFHEH DWp GRLV VDOiULRV YDORU DWULEXtGR SDUD
TXHPUHFHEHGHDWpVDOiULRVYDORUSDUDTXHPUHFHEHPDLVGHVDOiULRV
& 8VRGRV5HFXUVRV1DWXUDLV
([LVWHDOJXP³DSURYHLWDPHQWRFRPHUFLDO´GDIORUHVWDQDSURSULHGDGH"
>@1mR
> @6LP4XDLVWLSRVGHDSURYHLWDPHQWR"
>@FDUQHGHFDoD
>@FDERGHHQ[DGD
>@DSLFXOWXUD
>@PRXUmR
>@PDGHLUDSDUDFRQVWUXomRHRXOHQKD
>@FROHWDGHVHPHQWHV
>@PDGHLUDSDUDDUWHVDQDWR
>@SURGXomRGHPXGDVHRXYLYHLUR
>@FROHWDGHIORUHV
6HXVDDiUHDWHPYLVmRGDLPSRUWkQFLDHGDQHFHVVLGDGHGHSURWHomRGHVVDViUHDV"
GDGRTXDQWLWDWLYR YDORUSDUDUHVSRVWDV³VLP´HYDORUSDUDUHVSRVWDV³QmR´
4XDQWRUHSUHVHQWDQDUHQGDGDSURSULHGDGH"
GDGRTXDQWLWDWLYR SRUFHQWDJHPGDUHQGD
5BBBBBBBBBBBBBBBBBBBBBBB
4XHRXWURVXVRVYRFrID]GDPDWD"([SOLTXH
QmRIRUDPDWULEXtGRVYDORUHVTXDQWLWDWLYRVjVUHVSRVWDVGHVVDSHUJXQWD
6HDPDWDGDEHLUDGRULRQmRH[LVWLVVHDiUHDSRGHULDHVWDUVHQGRXVDGDSDUDDOJXPDDWLYLGDGH
TXHSURSRUFLRQDVVHUHQGD"([SOLTXH TXHWLSRGHXVR
>@1mR
>@6LP4XDODWLYLGDGH"
>@KRUWD
>@SRPDU
>@SDVWDJHP
>@SLVFLFXOWXUD
>@DJULFXOWXUD
>@RXWURV(VSHFLILTXH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
GDGR TXDQWLWDWLYR YDORU ³´ DWULEXtGR SDUD UHVSRVWDV VLP H RQGH PDLV GH LWHP IRL
PDUFDGRYDORU³´DWULEXtGRSDUDUHVSRVWDVVLP HRQGHDSHQDVLWHPIRLPDUFDGRYDORU³´
DWULEXtGRSDUDUHVSRVWDVQmR
9RFrDFKDTXHDiUHDGHPDWDpPDLVIpUWLOTXHDVRXWUDViUHDVGHVXDSURSULHGDGH"
>@6LP
>@1mR
QmRIRUDPDWULEXtGRVYDORUHVTXDQWLWDWLYRVjVUHVSRVWDVGHVVDSHUJXQWD
3RUTXr"
' %XVFDGH,QIRUPDo}HV
9RFrFRQVXOWDRXSURFXUDWpFQLFRVGHHPSUHVDVGHDVVLVWrQFLDWpFQLFDRXSHVTXLVD"
>@1mR
>@6LP4XDOLQVWLWXLomRpFRQVXOWDGDFRPPDLVIUHTrQFLD"
>@$JrQFLD5XUDO
>@6HFUHWDULDGH0HLR$PELHQWH
>@(PEUDSD
>@(PSUHVD3DUWLFXODU(VSHFLILTXH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
>@2XWURV(VSHFLILTXH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
GDGRVTXDQWLWDWLYRV YDORUDWULEXtGRSDUDUHVSRVWD³QmR´YDORUDWULEXtGRSDUDUHVSRVWD
³VLP´
3DUDTXHILPFRQVXOWDRXSURFXUDHVVHVWpFQLFRV
>@DGTXLULUQRYDVWpFQLFDVGHSURGXomR
>@HVFODUHFHUG~YLGDVVREUHSURGXomR
>@EXVFDUDOWHUQDWLYDVGHUHQGDHRXSURGXomR
>@RXWURV(VSHFLILTXHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
QmRIRUDPDWULEXtGRVYDORUHVTXDQWLWDWLYRVjVUHVSRVWDVGHVVDSHUJXQWD
&RPRVHPDQWpPLQIRUPDGRVREUHDVFRLVDVGRFDPSR"
>@DVVLVWHWHOHYLVmR4XDLVSURJUDPDV" BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
>@RXYHUiGLR4XDLVSURJUDPDV" BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
>@ OrUHYLVWDV4XDLVUHYLVWDV" BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
QmRIRUDPDWULEXtGRVYDORUHVTXDQWLWDWLYRVjVUHVSRVWDVGHVVDSHUJXQWD
7HPDFHVVRDRXWUDVIRQWHVGHLQIRUPDomR"
>@1mR
>@6LP4XDLVIRQWHV"
>@ UHYLVWDVWpFQLFDV
>@ OLYURV
>@ IROKHWRV
>@FDUWLOKDV
>@ LQIRUPDWLYRV
>@FLUFXODUWpFQLFDGD$JHQFLD5XUDORX(PEUDSD
>@RXWURV(VSHFLILTXHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
GDGRV TXDQWLWDWLYRV YDORU SDUD UHVSRQGHX DWp LWHQV YDORU DWULEXtGR SDUD TXHP
UHVSRQGHXGHDWpLWHQVYDORUSDUDTXHPUHVSRQGHXPDLVGHLWHQV
( &XLGDGRH3UHRFXSDomR$PELHQWDO
2D6UDDFKDLPSRUWDQWHjSUHVHQoDGDPDWDGHEHLUDGHULRHPVXDSURSULHGDGH"
>@1mR
>@6LP([SOLTXHSRUTXr"
>@QmRVHLUHVSRQGHU
>@PDQWHUDiJXD
>@DWUDLUDQLPDLV
>@FRQVHUYDURVRORHYLWDUHURVmRHYLWDUDVVRUHDPHQWRGRULR
>@RXWUR(VSHFLILTXH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
GDGR TXDQWLWDWLYR YDORU ³´ DWULEXtGR SDUD UHVSRVWDV QmR YDORU ³´ DWULEXtGR SDUD
UHVSRVWDV VLP H RQGH DSHQDV LWHP IRLPDUFDGR YDORU ³´ DWULEXtGR SDUD UHVSRVWDV VLP H
RQGHPDLVGHLWHPIRLPDUFDGR
5HFRQKHFHDLPSRUWkQFLDGDiUHD"(VWiFRHUHQWHFRPDUHVSRVWDDQWHULRU"
6HDPDWDGDEHLUDGRULRQmRH[LVWLVVHRTXHRDVUDDFKDTXHDFRQWHFHULDFRPDiJXDGR
VHXULRFyUUHJR"
>@QmRVHLUHVSRQGHU
>@QmRDFRQWHFHULDQDGD
>@GLPLQXLULD
>@SRGHULDDWpDFDEDU
>@RXWURV(VSHFLILTXHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
GDGRV TXDQWLWDWLYRV YDORU ³´ SDUD TXHP UHVSRQGHX DR ž RX DR ž LWHP YDORU ³´
DWULEXtGRSDUDTXHPUHVSRQGHXDRžYDORU³´SDUDTXHPUHVSRQGHXDRžLWHPHRXWURV
1RomR GRV SUREOHPDV DGYLQGRV FRP D UHWLUDGD GD PDWD" $ UHVSRVWD IRL FRHUHQWH FRP D RSLQLmR
DSUHVHQWDGDQDTXHVWmR"
) /HJLVODomR$PELHQWDO
2VHQKRUFRQKHFHDVOHLVGHSURWHomRGDVIORUHVWDVTXHVHDSOLFDPDVXDSURSULHGDGH"
>@1mR
>@6LP4XDLVRVHQKRUFRQKHFH"
>@FyGLJRIORUHVWD iUHDGHSUHVHUYDomRSHUPDQHQWHHUHVHUYDOHJDO
>@ OHLGHUHFXUVRVKtGULFRV
>@ OHLGHFULPHVDPELHQWDLV
>@RXWURV(VSHFLILTXHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
GDGRTXDQWLWDWLYR YDORUSDUDDTXHOHVTXHQmR FRQKHFLDPQDGDVREUHOHLVYDORUSDUD
DTXHOHVTXHPHQFLRQDUDPDSHQDVRVGHUHVHUYDOHJDOHYDORUSDUDDTXHOHVTXHDOpPGD
UHVHUYDOHJDO WDPEpP PHQFLRQDUDP DV iUHDV GH SUHVHUYDomRSHUPDQHQWH H OHL GRV UHFXUVRV
KtGULFRV
6DEHRTXHVLJQLILFDD iUHDGHSUHVHUYDomRSHUPDQHQWHHPVXDSURSULHGDGH"
>@1mR
>@6LP([SOLTXH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
QmRIRUDPDWULEXtGRVYDORUHVTXDQWLWDWLYRVjVUHVSRVWDVGHVVDSHUJXQWD
* 3DUWLFLSDomRGR3URMHWRH&XLGDGRVFRPRSODQWLR
3RUTXHUHVROYHXSDUWLFLSDUGRSURJUDPDGHUHFXSHUDomR"
>@SUREOHPDVFRPDOHLDSDUHFHUDPGL]HQGRTXHWLQKD TXH WHUDPDWDTXHWtQKDPRVTXHSODQWDU
>@QmRWLQKDDPDWDQDSURSULHGDGHUHID]HURTXHIRLGHVWUXtGR
>@TXHURPDQWHUPLQKDiJXDLQWHUHVVHQDSUHVHUYDomRDPELHQWDO DFKRXDLQLFLDWLYDLQWHUHVVDQWH
SRLVVHPSUHTXLVFXLGDUGDQDWXUH]D
>@RXWURV(VSHFLILTXHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
GDGRVTXDQWLWDWLYRV YDORU³´SDUDUHVSRQGHXDRžLWHPYDORU³´DWULEXtGRSDUDTXHP
UHVSRQGHXDRžLWHPYDORU³´DWULEXtGRSDUDTXHPUHVSRQGHXDRžLWHPRXRXWURV
6HRPRWLYRGHPRQVWUDUHDOSUHRFXSDomRFRPDTXHVWmRDPELHQWDO
2$6UDHVWiID]HQGRDPDQXWHQomRGRSODQWLR"
>@6LP3RUTXr" BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
>@1mR3RUTXr" BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
GDGRTXDQWLWDWLYR YDORU SDUD UHVSRVWDV ³QmR´ H YDORU SDUD UHVSRVWDV ³IH]´ H YDORU SDUD TXHPFRQWLQXDID]HQGR
&XLGDGRFRPRSODQWLR
4XDLVGRVSURFHGLPHQWRVDEDL[RIRUDPUHDOL]DGRV"
&RURDPHQWRLQGLYLGXDO>@QmRIH]>@IH]QRžDQR>@ ID]FRQWLQXDPHQWHBBBBBB)UHT
,UULJDomR>@ QmRIH]>@ IH]QRžDQR>@ID]FRQWLQXDPHQWHBBBBBB)UHT
&RPEDWHjIRUPLJD>@QmRIH]>@ IH]QRžDQR>@ID]FRQWLQXDPHQWHBBBBBB)UHT
5RoDGDFDSLQDHQWUHDVOLQKDV>@ QmRIH]>@ IH]QRžDQR>@ID]FRQWLQXDPHQWHBBBBBB)UHT
$GXEDomRFREHUWXUD>@QmRIH]>@ IH]QRžDQR>@ ID]FRQWLQXDPHQWHBBBBBB)UHT
2XWUDVSUiWLFDV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
GDGRTXDQWLWDWLYR YDORUSDUDTXHPUHVSRQGHX³´LWHP YDORUSDUDTXHPUHVSRQGHX
³´LWHQVHYDORUSDUDTXHPUHVSRQGHXPDLVGH³´LWHQV
4XDLV DV PDLRUHV GLILFXOGDGHV SDUD D PDQXWHQomR GRV SODQWLRV GH UHFXSHUDomR GD 0DWDV GH
*DOHULD"
>@ ID]HUDFHUFD
>@ UHDOL]DUFRURDPHQWR
>@PmRGHREUDSDUDFXLGDU
>@ UHDOL]DUDDGXEDomR
>@FRPEDWHUIRUPLJD
>@ LUULJDU
>@RXWURV(VSHFLILTXHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
(VWLPHRVJDVWRVFRPRSODQWLRBBBBBBBBBB5DQR
GDGRTXDQWLWDWLYR YDORU SDUDTXHPUHVSRQGHX³´LWHP YDORUSDUDTXHPUHVSRQGHX
³´LWHQVHYDORUSDUDTXHPUHVSRQGHXPDLVGH³´LWHQV
+ 3RQWRGH9LVWDVREUHRSODQWLR
$FKDTXHRVHXSODQWLRYDLFRQWULEXLUSDUDDUHFXSHUDomRGHVXDPDWDGDEHLUDGRULR"
>@1mR 3RUTXr" BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
>@6LP3RUTXr" BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
GDGR TXDQWLWDWLYR YDORU DWULEXtGR SDUD UHVSRVWDV ³QmR´ H YDORU DWULEXtGR SDUD
UHVSRVWDV³VLP´
2UHVXOWDGRGRSODQWLRFRUUHVSRQGHXDRTXHR6UDHVSHUDYD"
>@1mR3RUTXr" BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
>@6LP3RUTXr" BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
GDGR TXDQWLWDWLYR YDORU DWULEXtGR SDUD UHVSRVWDV ³QmR´ H YDORU DWULEXtGR SDUD
UHVSRVWDV³VLP´
2TXHWHYHGHERPQRVSODQWLRV([SOLTXH
>@ UHFHEHUDVPXGDV
>@RULHQWDomRWpFQLFDGD(PEUDSD
>@RXWURV(VSHFLILTXHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
QmRIRUDPDWULEXtGRVYDORUHVTXDQWLWDWLYRVjVUHVSRVWDVGHVVDSHUJXQWD
2TXHQmRIRLERPQRVSODQWLRV([SOLTXH
>@TXDOLGDGHGDVPXGDV
>@PRUWHGHPXLWDVPXGDV
>@ IDOWDGHRULHQWDomRWpFQLFD
>@SODQWLRHPWHPSRLPSUySULR
>@RXWURV(VSHFLILTXHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
QmRIRUDPDWULEXtGRVYDORUHVTXDQWLWDWLYRVjVUHVSRVWDVGHVVDSHUJXQWD
6HRD6UDUHFHEHVVHXPDRXWUDTXDQWLGDGHGHPXGDVQDWLYDVSDUDHQULTXHFHURSODQWLRWHULD
LQWHUHVVHHPSODQWiODV"
>@6LP
>@1mR
3RUTXr"
QmRIRUDPDWULEXtGRVYDORUHVTXDQWLWDWLYRVjVUHVSRVWDVGHVVDSHUJXQWD
(VHWLYHVVHTXHSURGX]LUDVPXGDVQDWLYDVSDUDHQULTXHFHURSODQWLR"
>@6LP
>@1mR
3RUTXr"
QmRIRUDPDWULEXtGRVYDORUHVTXDQWLWDWLYRVjVUHVSRVWDVGHVVDSHUJXQWD
(VHWLYHVVHTXHFRPSUDUDVPXGDVQDWLYDVSDUDHQULTXHFHURSODQWLR"
>@6LP
>@1mR
3RUTXr"
QmRIRUDPDWULEXtGRVYDORUHVTXDQWLWDWLYRVjVUHVSRVWDVGHVVDSHUJXQWD
'HTXHPRD6UDDFKDTXHGHYHULDVHUDUHVSRQVDELOLGDGHGH UHFXSHUDUDViUHDVGH0DWDVGH
*DOHULD"
>@ž QmRVHL
>@ž JRYHUQRIHGHUDO
>@ž JRYHUQRHVWDGXDO
>@ž JRYHUQRPXQLFLSDORXORFDO
>@ž SUySULRSURGXWRURXTXHPGHVWUXLX
>@ž RUJDQL]DomRFRPXQLWiULDSURGXWRUHVDMXGDGRVSHORJRYHUQR
>@RXWURV(VSHFLILTXHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
GDGR TXDQWLWDWLYR YDORU ³´ SDUD TXHP UHVSRQGHX DR ž ž RX ž RX ž LWHQV YDORU ³´
SDUDTXHPUHVSRQGHXDRžLWHPYDORU³´SDUDTXHPUHVSRQGHXDRžRXRXWURV
9LVmRGHUHVSRQVDELOLGDGHSHVVRDOHGHJUXSR
3DUDR6UDTXDODSULQFLSDOLPSRUWkQFLDGDPDWD"
>@PDQXWHQomRGDTXDOLGDGHGRDU
>@DWUDLUUHI~JLRSDUDIDXQD
>@SUHVHUYDomRGDiJXDULRPDQDQFLDLV
>@SURWHJHUVRORHYLWDUHURVmR
>@QmRVHL
>@RXWURV(VSHFLILTXHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
GDGRTXDQWLWDWLYR YDORU³´SDUDTXHPUHVSRQGHXLWHPYDORU³´SDUDTXHPUHVSRQGHX
LWHQVYDORU³´SDUDTXHPUHVSRQGHXRXPDLVLWHQV
3DUDRVHQKRUTXDODSULQFLSDOLPSRUWkQFLDGRVDQLPDLVVLOYHVWUHV"
>@pYLGD
>@EHOH]DFDQWRKDUPRQLDSDUDRDPELHQWH
>@FRQWUROHELROyJLFRFRPHULQVHWRVSiVVDURV
>@GLVWULEXLUVHPHQWHV
>@QmRVHL
>@RXWURV(VSHFLILTXHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
QmRIRUDPDWULEXtGRVYDORUHVTXDQWLWDWLYRVjVUHVSRVWDVGHVVDSHUJXQWD
3DUDRVHQKRUTXDODSULQFLSDOLPSRUWkQFLDGDiJXD"
>@pYLGDWXGR
>@FRQVHUYDomRGDQDWXUH]D
>@ SUHSDUDUDOLPHQWDomRFR]LQKDU
>@PDWDUDVHGHDQLPDLVHRXSHVVRDV
>@ SURGX]LUDOLPHQWRV
>@QmRVHL
>@RXWURV(VSHFLILTXHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
QmRIRUDPDWULEXtGRVYDORUHVTXDQWLWDWLYRVjVUHVSRVWDVGHVVDSHUJXQWD
3DUDRVHQKRUTXDOGHYHULDVHURSURFHGLPHQWRPDLVDGHTXDGRSDUDJDUDQWLUiJXDSDUDR6UD
VXDIDPtOLDHVXDVJHUDo}HVIXWXUDV"
>@ UHFXSHUDUDVPDWDVGHEHLUDGHULR
>@SODQWDUiUYRUHV
>@ UHFXSHUDUiUHDVGHJUDGDGDV
>@ PDQWHUDVPDWDV
>@QmRSROXLURVPDQDQFLDLV
>@SURWHJHUQDVFHQWHV
>@XVRUDFLRQDOGRVUHFXUVRVHYLWDUGHVSHUGtFLR >@QmRVHL
>@ DGRWDUSUiWLFDFRQVHUYDFLRQLVWDVSODQWLRGLUHWRDJURVVLOYLFXOWXUDSURGXomRRUJkQLFD
>@RXWURV(VSHFLILTXHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
GDGRTXDQWLWDWLYR YDORU³´SDUDTXHPUHVSRQGHXLWHPYDORU³´SDUDTXHPUHVSRQGHX
LWHQVYDORU³´SDUDTXHPUHVSRQGHXRXPDLVLWHQV
6HRSURFHGLPHQWRpFRHUHQWHFRPDYLVmRGHUHVSRQVDELOLGDGHSHVVRDOHGHJUXSR
2$6UDSDUWLFLSRXTXHDOJXPDUHXQLmRSDOHVWUDUHDOL]DGDSHOD(TXLSHWpFQLFDGD(PEUDSD
H[SOLFDQGRVREUHRSURMHWR³0DWDGH*DOHULD´"
>@1mR
>@6LP
GDGR TXDQWLWDWLYR YDORU DWULEXtGR SDUD UHVSRVWDV ³QmR´ H YDORU DWULEXtGR SDUD
UHVSRVWDV³VLP´
([SOLTXH
2$6UDOHPEUDDOJXPDFRLVDGHVVDDVUHXQLmR}HV"([SOLTXH
QmRIRUDPDWULEXtGRVYDORUHVTXDQWLWDWLYRVjVUHVSRVWDVGHVVDSHUJXQWD
5HFHEHXYLVLWDVGDHTXLSHWpFQLFDGD(PEUDSD"
>@1mR
>@6LP
&RPTXHIUHTrQFLD"BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
GDGR TXDQWLWDWLYR YDORU DWULEXtGR SDUD UHVSRVWDV ³QmR´ H YDORU DWULEXtGR SDUD
UHVSRVWDV³VLP´
5HFHEHX RULHQWDo}HV GXUDQWH DV YLVLWDV TXDQWR DRV FXLGDGRV QHFHVViULRV SDUD D PDQXWHQomR GRV
SODQWLRV"
>@1mR
>@6LP
GDGR TXDQWLWDWLYR YDORU DWULEXtGR SDUD UHVSRVWDV ³QmR´ H YDORU DWULEXtGR SDUD
UHVSRVWDV³VLP´
$VRULHQWDo}HVUHFHELGDVTXDQWRDRVFXLGDGRVQHFHVViULRVSDUDDPDQXWHQomRGRVSODQWLRVIRUDP
>@6XILFLHQWHV
>@,QVXILFLHQWHV
([SOLTXH
GDGRTXDQWLWDWLYR YDORUDWULEXtGRSDUDUHVSRVWDV³LQVXILFLHQWH´HYDORUDWULEXtGRSDUD
UHVSRVWDV³VXILFLHQWH´
8WLOL]RX QD SUiWLFD DOJXPD GDV LQIRUPDo}HV UHFHELGDV VHMD QD SURSULHGDGH RX DGYLQGD GDV
SDOHVWUDVSHODHTXLSHGD(PEUDSD"
>@1mR
>@6LP
GDGR TXDQWLWDWLYR YDORU DWULEXtGR SDUD UHVSRVWDV ³QmR´ H YDORU DWULEXtGR SDUD
UHVSRVWDV³VLP´
2TXr" BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3DUDTXr" BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
7HP DOJR TXH JRVWDULD GH DFUHVFHQWDU VREUH R SURMHWR RX D HQWUHYLVWD" (VSDoR SDUD R
SURSULHWiULRDID]HUDOJXPFRPHQWiULRTXHDFKDUSHUWLQHQWH
QmRIRUDPDWULEXtGRVYDORUHVTXDQWLWDWLYRVjVUHVSRVWDVGHVVDSHUJXQWD
$1(;2 % (63e&,(6 (0 5(*(1(5$d­2 1$785$/ 1$6 È5($6
1RPH&RPXP
$FDFLDVS
$FK\URFOLQH
VDWXUHRLGHV
$FRVPLXPGDV\FDUSXP
$FURFRPLDDFXOHDWH
$HJLSKLODVS
$OLEHUWLDVS
$QDFDUGLXPVS
$QDGHQDQWKHUD
FROXEULQD
$QDGHQDQWKHUDIDOFDWD
$QDGHQDQWKHUDVS
$QGLUDVS
$QGURSRJRQVS
$QQRQDVSS
$SHLEDWLERXUERX
$SXOHLDOHLRFDUSD
$SXOHLDVS
$VWURQLXPVS
%DQLVWHULRSVLVVS
%DXKLQLDVS
%RZGLFKLDYLUJLOLRLGHV
%RZGLFKLDVS
%UDFKLDULDGHFXPEHQV
%URVLPXP
JDXGLFKDXGLL
%\UVRQLPDVS
&DMDQXVFDMDQ
&DOLDQGUDVSS
&DU\RFDUEUDVLOLHQVH
&DVHDULDUXJRVD
&DVHDULD6LOYHVWUH
&DVHDULDVS
&DVVLDGHVYRFNLL
&DVVLDUXJRVD
&DVVLDVS
&HFURSLDVS
&KHLORFOLQLXP
VDWXUHRLGHV
&LFKRULXPVSS
&LVVDPSHORVVS
&RQQDUXVUHJQHOOL
&RSDLIHUDODQJVGRUILL
1RPH&LHQWtILFR
)DPtOLD
&yGLJR
&DSRHLUmR
&RPSRVLWHDH
$FK\
(VSLQKHLUR
$FRVPLXP
0DFD~ED
3DXGHWDPDQFR
0DUPHODGD
&DMX
$QJLFREUDQFR
$QJLFR3UHWR
$QJLFRGHHVSLQKR
0DWDEDUDWD
$QGURSyJRQ
$UDWLFXP
3HQWHGHPDFDFR
*DUDSD
(VFRUUHJDPDFDFR
$URHLUD
&LSy
8QKDGH9DFD
6XFXSLUD3UHWD
6XFXSLUD
%UDTXLiULD
0DPDFDGHOD
0XULFL
)HLMmRJXDQGX
$QJLTXLQKR
3HTXL
&DIpEUDYR
2OKRGH3RPER
)UXWRGHXUXEX
&DVVLD
)HGHJmR
&DVVLD
(PED~ED
&KHLURFOLQLXP
/HJXPLQRVDH0LPRVRLGHDH
/HJXPLQRVDH3DSLOLRLGHDH
3DOPDH
9HUEHQDFHDH
5XELDFHDH
$QDFDUGLDFHDH
0LPRVRLGHDH
0LPRVRLGHDH
0LPRVRLGHDH
/HJXPLQRVDH3DSLOLRLGHDH
*UDPLQHDH
$QQRQDFHDH
7LOLDFHDH
/HJXPLQRVDH
&DHVDOSLQRLGHDH
/HJXPLQRVDH
&DHVDOSLQRLGHDH
$QDFDUGLDFHDH
0DOSLJKLDFHDH
/HJXPLQRVDH
&DHVDOSLQRLGHDH
/HJXPLQRVDH3DSLOLRLGHDH
/HJXPLQRVDH3DSLOLRLGHDH
*UDPLQHDH
0RUDFHDH
0DOSLJKLDFHDH
/HJXPLQRVDH3DSLOLRLGHDH
0LPRVRLGHDH
&DU\RFDUDFHDH
)ODFRXUWLDFHDH
)ODFRXUWLDFHDH
)ODFRXUWLDFHDH
/HJXPLQRVDH
&DHVDOSLQLRLGHDH
/HJXPLQRVDH
&DHVDOSLQLRLGHDH
/HJXPLQRVDH
&DHVDOSLQLRLGHDH
(XSKRUELDFHDH
+LSSRFUDWHDFHDH
$OPLUmRGRFDPSR &RPSRVLWHDH
2UHOKDGHRQoD
(XSKRUELDFHDH
&RQDUXV
(XSKRUELDFHDH
/HJXPLQRVDH
&RSDtED
&DHVDOSLQRLGHDH
$FDF
)UHTrQFLD )UHTrQFL
$EVROXWD D5HODWLYD
$FRG
$FUD
$HJV
$OLE
$QDV
$QGI
$QGV
$UDV
$JRQ
$QQV
$SHW
$SHV
$QGF
$SHO
$WUV
%VLV
%KLV
%URJ
%RZY
%RZV
%UDG
%\UV
&DMD
&DOL
&DU\
&UXJ
&VLO
&ULV
&VVU
&VVG
&VVS
&FUV
&KLF
&SHO
&UHJ
&KVD
&ODQ
1RPH&RPXP
&RUGLDVS
&URQDUXVVS
&URWRQDQWLVLILOLWLFR
&URWXQVSS
&XUDWHOOD$PHULFDQD
&XUFXPDVS
&\ELVWD[
DQWLV\SKLOLFLWD
&\QRGRQVS
&\SHUXVVSS
'DOEHUJLD
PLVFRORELXP
'DOEHUJLDVS
'DYLOODHOOLSWLFD
'HVPRGLXPVS
'LG\PRSDQD[VS
'LPRUSKDQGUDPROOLV
'LPRUSKDQGUDVS
'LRVS\URVVS
'XJXHWLDIXUIXUDFHD
'XJXHWLDVSS
(FKLQRODHQDLQIOH[D
(PPRWXPQLWHQV
(QWHURORELXPVS
(TXLVHQWXPVS
(UHPDQWKXV
JORPHUXODWXV
(ULRWKHFDVS
(U\WKUR[\OXPVS
(XJHQLDG\VHQWHULFD
*RPLGHVLDOLQGHQLDQD
*RPLGHVLDVS
*XDGXDVSS
*XDUHDJXLGRQLD
*XD]XPDXOPLIROLD
*XHWWDUGDVSS
+LELVFXVVS
+LUWHOODJODQGXORVD
+LUWHOODJUDQXORVH
+\PHQDHDFRXUEDULO
+\SDUUKHQLDUXID
,QJDDOED
,QJDVS
-DFDUDQGDFDURED
.LHOPH\HUDFRULDFHD
.LHOPH\HUDVS
.LHOPH\HUDVSHFLRVD
/DIRHQVLDSDFDUL
/DXUDFHDV
/LFDQLDWRPHQWRVD
1RPH&LHQWtILFR
)DPtOLD
&yGLJR
,SrYHUGH
%LJQRQLDFHDH
&\DQ
)UHL-RUJH
&URQDUR
&URWRQ
&URWRQ
/L[HLUD
$oDIUmRGREUHMR
&LQRGRQ
&LSHUiUHDV
-DFDUDQGi
-DFDUDQGi
/L[HLULQKD
0DUPHODGDGH
FDYDOR
0DQGLRFmR
)DYHLUD
)DYHLUD
2OKRGHERL
$UDWLFXP
$UDWLFXP
)OH[LQKD
&DUYDOKR
7DPERULO
)ORURUQDPHQWDO
&RUDomRGHQHJUR
(PELUXoX
&DWXDED
&DJDLWD
$UDoiGDPDWD
$UDoi
%DPEX]LQKR
7D~YD
$UDWLFXPEUDYR
$ODPDQGD
%RVWDGH5DWR
%RVWLQKDGH5DWR
-DWREi
&DSLPHOHIDQWHRX
MDUDJXi
,QJi
,QJi
-DFDUDQGi
3DXVDQWR
3DXVDQWR
3DXVDQWR
'HGDGHLUD
/DXUiFHD
$URHLULQKD
%RUDJLQDFHDH
(XSKRUELDFHDH
(XSKRUELDFHDH
(XSKRUELDFHDH
'LOOHQHDFHDH
&\SHUDFHDH
0LPRVRLGHDH
0LPRVRLGHDH
'LOOHQHDFHDH
5XELDFHDH
$UDOLDFHDH
0LPRVRLGHDH
0LPRVRLGHDH
(EHQDFHDH
$QQRQDFHDH
$QQRQDFHDH
*UDPLQHDH
,FDFLQDFHDH
0LPRVRLGHDH
(TXLVHWDFHDH
&RPSRVLWHDH
%RPEDFDFHDH
(U\WKUR[\ODFHDH
0\WDFHDH
0\UWDFHDH
0\UWDFHDH
/DELDWDH
0HOLDFHDH
6WHUFXOLDFHDH
5XELDFHDH
0HODVWRPDWDFHDH
&KU\VREDODQDFHDH
&KU\VREDODQDFHDH
/HJXPLQRVDH
&DHVDOSLQRLGHDH
*UDPLQHDH
/HJXPLQRVDH0LPRVRLGHDH
/HJXPLQRVDH0LPRVRLGHDH
%LJQRQLDFHDH
*XWWLIHUDH
*XWWLIHUDH
*XWWLIHUDH
/\WKUDFHDH
0HODVWRPDWDFHDH
$QDFDUGLDFHDH
&GLV
&UXV
&DQW
&WXQ
&DPH
&XUF
&DSL
&SHX
'DOP
'DOV
'DYH
'HVV
'LGV
'LPP
'LPV
'S\U
'XJI
'XJV
(FLQ
(PQL
(QWV
(TXV
(UJO
)UHTrQFLD )UHTrQFL
$EVROXWD D5HODWLYD
(ULV
(U\V
(XG\
*RPO
*RPV
*XDG
*XJL
*XD]
*HWW
+LEV
+JOD
+JUD
+\UX
+\FR
,QJD
,QJV
-DFE
.LHF
.LHV
.LHS
/DSD
/DXU
/LWR
1RPH&RPXP
/LWKUDHDPROOHRLGHV
0DFKDHULXPRSDFXP
0DFKDHULXP
VFOHUR[\ORQ
0DFKDHULXPVS
0DJRQLDSXEHVFHQV
0DSURXQHDJXLDQHQVLV
0DWD\EDJXLDQHQVLV
0DXULWLDIOH[XRVD
0HODVWRPDWiFHDV
0HOLQLVPLQXWLIORUD
0LFRQLDVSS
0\UFLDVS
2FRWHDVS
2UPRVLDDUERUHD
2XUDWHDVS
3DULQDULVS
3DVSDOXPQRWDWXP
)OXJJH
3DVSDOXPVS
3LORFDUSXVVSS
3LSHUVS
3LSWRFDUSKD
URWXQGLIROLD
3LSWRFDUSKDVSS
3ODWK\PHQLDUHWLFXODWD
3RXWHULDUDPLIORUD
3RXWHULDVS
3URWLXPEUDVLOLHQVH
3URWLXPVS
3VHXGRERPED[VSS
3VLGLXPJXDMDYD
3VLGLXPVS
3WHULGLXPDTXLOLQXP
3WHURGRQVS
4XDOHDGLFKRWRPD
4XDOHDJUDQGLIORUD
4XDOHDPXOWLIORUD
4XDOHDSDUGD
4XDOHDSDUYLIORUD
4XDOHDVS
5DELGHDEUDTXLSRGD
5DSDQHDVS
5K\QFKRVSRUXVVS
5LFKHULDVS
5LFLQXVFRPPXQLV
5RXSDOD0RQWDQD
5XGJHDVSS
5XGJHDYLUEXUQLRLGHV
6DELFHDEUDVLOLHQVLV
6DODFLDFUDVVLIORUD
6FKL]DFK\ULXPVS
1RPH&LHQWtILFR
)DPtOLD
&yGLJR
3DXIHUUR
3DSLOLRQDFHDH
0DF[
$URHLULQKD
3DXIHUUR
3DXIHUUR
7LQJXt
7UDSLi
2OKRGHFRWLD
%XULWL
0HODVWRPDWiFHDV
0HORVR
0HODVWRPDWiFHDV
7LQJHOLQJXD
/RXUR
7HQWR
&DEHORGRQHJUR
)UXWRGHHPD
*UDPDEDWDWDLV
&DSLPQDWLYR
-DERUDQGL
)DOVRMDERUDQGL
&RUDomRGHQHJUR
&RUDomRGHQHJUR
9LQKiWLFR
&XULROD
*UmRGHJDOR
$OPpFHJD
%UpX
3DLQHLUD
*RLDED
*RLDEHLUD
6DPDPEDLDQDWLYD
6XFXSLUD
-DFDUp
3DXWHUUDIROKD
JUDQGH
3DXWHUUDIROKDOLVD
3DXWHUUD
3DXWHUUD
3DXWHUUD
&LJDQD
3RURURFD
&DSLP QDYDOKD
-DFDEUDYD
0DPRQD
&DUQHGHYDFD
'RXUDGLQKR
%XJUH
6DQJXHGH&ULVWR
%DFXSDUL
$QDFDUGLDFHDH
3DSLOLRQDFHDH
3DSLOLRQDFHDH
6DSLQGDFHDH
(XSKRUELDFHDH
6DSLQGDFHDH
3DOPDH
0HODVWRPDWDFHDH
*UDPLQHDH
0HODVWRPDWDFHDH
0\WDFHDH
/DXUDFHDH
3DSLOLRQRLGHDH
2FKDQDFHDH
5XWDFHDH
*UDPLQHDH
*UDPLQHDH
5XWDFHDH
3LSHUDFHDH
&RPSRVLWHDH
&RPSRVLWHDH
0LPRVRLGHDH
6DSRWDFHDH
6DSRWDFHDH
%XUVHUDFHDH
%XUVHUDFHDH
%RPEDFDFHDH
0\UWDFHDH
0\UWDFHDH
/HJXPLQRVDH3DSLOLRLGHDH
9RFK\VLDFHDH
9RFK\VLDFHDH
9RFK\VLDFHDH
9RFK\VLDFHDH
9RFK\VLDFHDH
9RFK\VLDFHDH
0\UVLQDFHDH
*UDPLQHDH
3URWHDFHDH
5XELDFHDH
5XELDFHDH
5XELDFHDH
+LSSRFUDWHDFHDH
/LWP
0DFR
)UHTrQFLD )UHTrQFL
$EVROXWD D5HODWLYD
0DFV
0DSX
0JXL
0WD\
0IOH
0WFH
0PIO
0LFV
0\UV
2FRV
2UDU
2XUV
3DUL
3DVS
3LOV
3LSV
3LVS
3OUH
3RXU
3RXV
3URE
3URV
3VHV
3VLJ
3VLV
3WHD
3WHG
4GLF
4PXO
4SDG
4SDY
4XVS
5DEU
5DSV
&QDY
5LFV
5LFR
5RPR
5XGV
5XGY
6DEU
6DFU
6FKL
3DVQ
3LUR
4JUD
1RPH&RPXP
6FOHURORELXPSDQ
LFXODWXP
6FOHURORELXPVS
6HUMDQLDHUHFWD
6HUMDQLDVSS
6KHIOHUDVSS
6LPDURXEDVS
6LPDURXEDYHUVLFRORU
6LSDUXPDJXLDQHQVLV
6LSDUXPDVS
6PLOD[JXLDQHQVLV
6PLOD[MDSLFDQJD
6PLOD[VS
6RODQXPVS
6WDFK\WDUSKHWDJHUYDR
6WU\FKQRVVS
6WU\SKQRGHQGURQVS
6W\ORVDQWKHVVS
6W\UD[VS
6\DJUXVVS
6\]\JLXPFXPLQL
7DEHEXLDVS
7DODXPDRYDWD
7DSLULUDJXLDQHQVLV
7HUPLQDOLDVS
7LERXFKLQDVS
7RFRFDIRUPLFDOLD
7RFR\HQD)RUPRVD
7UDFK\SRJRQ
PDFURJORVVXV
7UHPEOH\DVS
9HUQRQLDVS
9LURODVHELIHUD
9LVPLDVS
9RFK\VLDSLUDPLGDOLV
9RFK\VLDVS
9RFK\VLDWXFDQRUXP
;\ORSLDVS
;\ORSLDDURPDWLFD
=DQWKR[\OXP
UKRLIROLXP
=DQWKR[\OXP
ULHGHOLDQXP
=DQWUR[\OXPVSS
=HLKHUDVS
=R\VLDMDSRQLFD6WHXG
=R\]XDPDWUHOOD
7RWDOGHHVSpFLHV
1RPH&LHQWtILFR
)DPtOLD
&yGLJR
&DUYRHLUR
&DHVDOSLQLFHDH
6FOS
7UDTXLSyJRQ
*UDPLQHDH
7FPD
&DUYRHLUR
0DWDSHL[H
7LPEy
0DWDFDFKRUUR
0DWDFDFKRUUR
&DSLWLX
&DSLWLX
-DSHFDQJD
-DSHFDQJD
7UHSDGHLUD
/REHLUD
*HUYmR
&LSyTXLQD
%DUEDWLPmR
(VWLORVDQWHV
3LQGDtED
3DOPHLUD
-DPEROmR
,Sr
3LQKDGREUHMR
3DX3RPER
&DSLWmR
4XDUHVPHLUD
7RFRFD
-HQLSDSREUDYR
0HODVWRPDWiFHDV
$VVD3HL[H
9LUROD
/DFUH
&DPEDUi
*RPHLUD
3DXGHWXFDQR
3LPHQWDGH
PDFDFR
3LPHQWDGH
PDFDFR
0DPLQKD
&DHVDOSLQLFHDH
6DSLQGDFHDH
6DSLQGDFHDH
6LPDUXEDFHDH
6LPDUXEDFHDH
0RQLPLDFHDH
0RQLPLDFHDH
6PLODFDFHDH
6PLODFDFHDH
6PLODFDFHDH
6RODQDFHDH
9HUEHQDFHDH
9HUEHQDFHDH
0LPRVRLGHDH
*UDPLQHDH
$QQRQDFHDH
3DOPDH
0\UWDFHDH
%LJQRQLDFHDH
0DJQROLDFHDH
$QDFDUGLDFHDH
&RPEUHWDFHDH
0HODVWRPDWDFHDH
0HODVWRPDWDFHDH
0HODVWRPDWDFHDH
0HODVWRPDWDFHDH
&RPSRVLWHDH
0LULVWLFDFHDH
*XWWLIHUDH
9RFK\VLDFHDH
9RFK\VLDFHDH
9RFK\VLDFHDH
3LSHUDFHDH
3LSHUDFHDH
5XWDFHDH
0DPLQKDGHSRUFD 5XWDFHDH
0DPLQKD
%ROVDGH3DVWRU
*UDPD(VPHUDOGD
*UDPDMDSRQHVD
5XWDFHDH
5XWDFHDH
*UDPLQHDH
*UDPLQHDH
)UHTrQFLD )UHTrQFL
$EVROXWD D5HODWLYD
6FOV
6HUH
6HUV
6IOH
6LPV
6LPY
6LSJ
6LSV
6PLJ
6PLM
6PLV
6ROV
6WJH
6W\V
6WU\
6WHV
6WU[
6\DJ
6]FX
7DEV
7DOR
7DOJ
7HUV
7LEV
7RIR
7\IU
7EOH
9HUV
9LVH
9LVP
9RSL
9RVS
9RWX
;SDU
;\OR
=DUK
=DUL
=DVS
=HLK
=R\M
=R\P