&21752/('((67248('(0$7e5,$635,0$6
)81d­2'2&21752/('((67248(
$ IXQomR GR &RQWUROH GH (VWRTXH p PD[LPL]DU R HIHLWR OXEULILFDQWH QR IHHGEDFN
GHYHQGDVQmRUHDOL]DGDVDMXGDQGRQRDMXVWHGRSODQHMDPHQWRGHSURGXomR
$DGPLQLVWUDomRGRFRQWUROHGHHVWRTXHGHYHPLQLPL]DURFDSLWDOWRWDOLQYHVWLGR
HP HVWRTXHV SRLV HOH p FDUR H DXPHQWD FRQWLQXDPHQWH XPD YH] TXH R FXVWR
ILQDQFHLUR WDPEpP VH HOHYD 8PD HPSUHVD QmR SRGHUi WUDEDOKDU VHP HVWRTXH SRLV
VXD IXQomR DPRUWHFHGRUD HQWUH YiULRV HVWiJLRV GH SURGXomR YDL DWp D YHQGD ILQDO GR
SURGXWR
6RPHQWH DOJXPDV PDWpULDVSULPDV WrP D YDQWDJHP GH HVWRFDU HP UD]mR GD
LQIOXrQFLD GD HQWUHJD GR IRUQHFHGRU 2XWUDV PDWpULDVSULPDV HVSHFLDLV R IRUQHFHGRU
SUHFLVDGHYiULRVGLDVSDUDSURGX]LOD
2 FRQWUROH GH HVWRTXH p GH VXPD LPSRUWkQFLD SDUD D HPSUHVD VHQGR TXH
FRQWURODVHRVGHVSHUGtFLRVGHVYLRVDSXUDVHYDORUHVSDUDILQVGHDQiOLVHEHPFRPR
DSXUDRGHPDVLDGRLQYHVWLPHQWRRTXDOSUHMXGLFDRFDSLWDOGHJLUR
4XDQWR PDLRU p R LQYHVWLPHQWR WDPEpP PDLRU p D FDSDFLGDGH H D
UHVSRQVDELOLGDGHGHFDGDVHWRUGDHPSUHVD
2V REMHWLYRV GRV GHSDUWDPHQWRV GH FRPSUDV GH SURGXomR GH YHQGDV H
ILQDQFHLUR GHYHUi VHU FRQFLOLDGR SHOD DGPLQLVWUDomR GH FRQWUROH GH HVWRTXHV VHP
SUHMXGLFDU D RSHUDFLRQDOLGDGH GD HPSUHVD $ UHVSRQVDELOLGDGH GD GLYLVmR GH HVWRTXHV
Mi p DQWLJD RV PDWHULDLV FDHP VREUH R DOPR[DULIH TXH ]HOD SHODV UHSRVLo}HV
QHFHVViULDV
1DDGPLQLVWUDomRPRGHUQDDUHVSRQVDELOLGDGHGRVHVWRTXHVILFDVREXPD~QLFD
SHVVRD 2V GHSDUWDPHQWRV WUDGLFLRQDLV ILFDP OLYUHV GHVWD UHVSRQVDELOLGDGH H SRGHP
GHGLFDUVHjVXDIXQomRSULPiULD
2%-(7,92'2&21752/('((67248(
2 REMHWLYR GR FRQWUROH GH HVWRTXH p RWLPL]DU R LQYHVWLPHQWR HP HVWRTXH
DXPHQWDQGR R XVR GRV PHLRV LQWHUQRV GD HPSUHVD GLPLQXLQGR DV QHFHVVLGDGHV GH
FDSLWDOLQYHVWLGR
2 HVWRTXH GR SURGXWR DFDEDGR PDWpULDSULPD H PDWHULDO HP SURFHVVR QmR
VHUmR YLVWRV FRPR LQGHSHQGHQWHV 7RGDV DV GHFLV}HV WRPDGDV VREUH XP GRV WLSRV GH
HVWRTXH LQIOXHQFLDUmR RV RXWURV WLSRV ¬V YH]HV DFDEDP VH HVTXHFHQGR GHVVD UHJUD
QDVHVWUXWXUDVGHRUJDQL]DomRPDLVWUDGLFLRQDLVHFRQVHUYDGRUDV
2 FRQWUROH GH HVWRTXH WHP WDPEpP R REMHWLYR GH SODQHMDU FRQWURODU H
UHSODQHMDURPDWHULDODUPD]HQDGRQDHPSUHVD
32/Ë7,&$'((67248(
$ DGPLQLVWUDomR JHUDO GD HPSUHVD GHYHUi GHWHUPLQDU DR GHSDUWDPHQWR GH
FRQWUROH GH HVWRTXH R SURJUDPD GH REMHWLYRV D VHUHP DWLQJLGRV LVWR p HVWDEHOHFH
FHUWRVSDGU}HVTXHVLUYDPGHJXLDVDRVSURJUDPDGRUHVHFRQWURODGRUHVHWDPEpPGH
FULWpULRVSDUDPHGLURGHVHQYROYLPHQWRGRGHSDUWDPHQWR
(VWDVSROtWLFDVVmRGLUHWUL]HVTXHGHPDQHLUDJHUDOVmRDVVHJXLQWHV
0HWDVGHHPSUHVDVTXDQGRKiWHPSRGHHQWUHJDGRVSURGXWRVDRFOLHQWH
E'HILQLomRGRQ~PHURGHGHSyVLWRVGHDOPR[DULIDGRVHGDOLVWDGHPDWHULDLVDVHUHP
HVWRFDGRVQHOH
1
F$WpTXHQtYHOGHYHUmRIOXWXDURVHVWRTXHVSDUDDWHQGHUXPDDOWDRXEDL[DGHPDQGD
RXXPDDOWHUDomRGHFRQVXPR
G $V GHILQLo}HV GDV SROtWLFDV VmR PXLWR LPSRUWDQWHV DR ERP IXQFLRQDPHQWR GD
DGPLQLVWUDomRGHHVWRTXHV*
35,1&Ë3,26%È6,&263$5$2&21752/('((67248(6
3DUD VH RUJDQL]DU XP VHWRU GH FRQWUROH GH HVWRTXH LQLFLDOPHQWH GHYHUHPRV
GHVFUHYHUVXDVSULQFLSDLVIXQo}HV
'HWHUPLQDURTXHGHYHSHUPDQHFHUHPHVWRTXH1~PHURGHLWHQV
'HWHUPLQDUTXDQGRVHGHYHUHDEDVWHFHURHVWRTXH3ULRULGDGH
'HWHUPLQDUDTXDQWLGDGHGHHVWRTXHTXHVHUiQHFHVViULRSDUDXPSHUtRGRSUp
GHWHUPLQDGR
$FLRQDURGHSDUWDPHQWRGHFRPSUDVSDUDH[HFXWDUDDTXLVLomRGHHVWRTXH
5HFHEHU DUPD]HQDU H DWHQGHU RV PDWHULDLV HVWRFDGRV GH DFRUGR FRP DV
QHFHVVLGDGHV
&RQWURODU R HVWRTXH HP WHUPRV GH TXDQWLGDGH H YDORU H IRUQHFHU LQIRUPDo}HV
VREUHVXDSRVLomR
0DQWHU LQYHQWiULRV SHULyGLFRV SDUD DYDOLDomR GDV TXDQWLGDGHV H HVWDGRV GRV
PDWHULDLVHVWRFDGRV
,GHQWLILFDUHUHWLUDUGRHVWRTXHRVLWHQVGDQLILFDGRV
([LVWHP GHWHUPLQDGRV DVSHFWRV TXH GHYHP VHU HVSHFLILFDGRV DQWHV GH VH
PRQWDUXPVLVWHPDGHFRQWUROHGHHVWRTXH
8PGHOHVUHIHUHVHDRVGLIHUHQWHVWLSRVGHHVWRTXHVH[LVWHQWHVHPXPDIiEULFD
2V SULQFLSDLV WLSRV HQFRQWUDGRV HP XPD HPSUHVD LQGXVWULDO VmR PDWpULDSULPD
SURGXWRHPSURFHVVRSURGXWRDFDEDGRHSHoDVGHPDQXWHQomR
053
,1752'8d­2
e PXLWR IiFLO FRQIXQGLUVH DR WHQWDU HQWHQGHU R TXH p 053 +i GXDV GHILQLo}HV
GLIHUHQWHV PDV UHODFLRQDGDV GH 053 HQWUHWDQWR FRPSDUWLOKDP GR PHVPR WHPD ±
HODVDX[LOLDPDVHPSUHVDVDSODQHMDUHFRQWURODUVXDVQHFHVVLGDGHVGHUHFXUVRVFRPR
DSRLR GH VLVWHPDV LQIRUPDWL]DGRV 053 WDQWR SRGH VLJQLILFDU R SODQHMDPHQWR GDV
QHFHVVLGDGHVGHPDWHULDLVFRPRRSODQHMDPHQWRGRVUHFXUVRVGHPDQXIDWXUD&RPR
WHPSR HVVH FRQFHLWR GHVHQYROYHXVH GH XP IRFR QD JHVWmR GH RSHUDo}HV TXH
DX[LOLDYD R SODQHMDPHQWR H FRQWUROH GDV QHFHVVLGDGHV GH PDWHULDLV SDUD VH WRUQDU
DWXDOPHQWH XP VLVWHPD FRUSRUDWLYR TXH DSRLD R SODQHMDPHQWR GH WRGDV DV
QHFHVVLGDGHV GH UHFXUVRV GR QHJyFLR (VVH PpWRGR p XVDGR HP HPSUHVDV GH
PDQXIDWXUD
HPERUD
KDMD
DOJXQV
FDVRV
GH
DSOLFDomR
HP
DPELHQWHV
QmR
PDQXIDWXUHLURV
248(e053"
2 053 RULJLQDO GDWD GRV DQRV TXDQGR DV OHWUDV TXHULDP GL]HU 0DWHULDO
5HTXLUHPHQWV3ODQQLQJDJRUDFKDPDGRGH0538PRX053,2053,SHUPLWHTXHDV
HPSUHVDV FDOFXOHP TXDQWRV PDWHULDLV GH GHWHUPLQDGR WLSR VmR QHFHVViULRV H HP TXH
PRPHQWR 3DUD ID]HU LVVR HOH XWLOL]D RV SHGLGRV HP FDUWHLUD DVVLP FRPR XPD
SUHYLVmRSDUDRVSHGLGRVTXHDHPSUHVDDFKDTXHLUiUHFHEHU2053YHULILFDHQWmR
2
WRGRV RV LQJUHGLHQWHV RX FRPSRQHQWHV TXH VmR QHFHVViULRV SDUD FRPSOHWDU HVVHV
SHGLGRVJDUDQWLQGRTXHVHMDPSURYLGHQFLDGRVDWHPSR$QH[R,;
e XP VLVWHPD TXH DMXGD DV HPSUHVDV D ID]HUHP FiOFXORV GH YROXPH H WHPSR
VLPLODUHV D HVVHV PDV QXPD HVFDOD H JUDX GH FRPSOH[LGDGH PXLWR PDLRUHV $Wp RV
DQRV DV HPSUHVDV VHPSUH WLYHUDP TXH H[HFXWDU HVVHV FiOFXORV PDQXDOPHQWH GH
PRGR D JDUDQWLU TXH WHULDP GLVSRQtYHLV RV PDWHULDLV FHUWRV QRV PRPHQWRV
QHFHVViULRV (QWUHWDQWR FRP R DGYHQWR GRV FRPSXWDGRUHV H D DSOLFDomR GH VHX XVR
QDV HPSUHVDV D SDUWLU GRV DQRV VXUJLX D RSRUWXQLGDGH GH VH H[HFXWDUHP HVVHV
FiOFXORVGHWDOKDGRVHGHPRUDGRVFRPRDX[tOLRGHXPFRPSXWDGRUGHIRUPDUiSLGDH
UHODWLYDPHQWHIiFLO
'XUDQWH RV DQRV H R VLVWHPD H R FRQFHLWR GR SODQHMDPHQWR GDV
QHFHVVLGDGHV GH PDWHULDLV H[SDQGLUDP H IRUDP LQWHJUDGRV D RXWUDV SDUWHV GD
HPSUHVD (VWD YHUVmR DPSOLDGD GR 053 p FRQKHFLGD DWXDOPHQWH FRPR SODQHMDPHQWR
GRV UHFXUVRV GH PDQXIDWXUD 0DQXIDFWXULQJ 5HVRXUVH 3ODQQLQJ RX 053 ,, 2 053 ,,
SHUPLWH TXH DV HPSUHVDV DYDOLHP DV DSOLFDo}HV GD IXWXUD GHPDQGD QDV iUHDV
ILQDQFHLUDVHGHHQJHQKDULDDVVLPFRPRDQDOLVHPDVDSOLFDo}HVTXDQWRjQHFHVVLGDGH
GH PDWHULDLV 2OLYHU :LJKW TXH MXQWDPHQWH FRP -RVHSK 2UOLFN\ p FRQVLGHUDGR R SDL
GR 053 PRGHUQR GHVFUHYHX R SODQHMDPHQWR GRV UHFXUVRV GH PDQXIDWXUD FRPR XP
SODQR JOREDO SDUD D HPSUHVD 8WLOL]DQGR R H[HPSOR GH XPD IHVWD SRGHPVH YHULILFDU
DV GLYHUVDV LPSOLFDo}HV GD GHPDQGD IXWXUD 9RFr SRGH TXHUHU REWHU XP VLVWHPD GH
VRP PDLV IRUWH FRQVHJXLQGR HPSUHVWDGR GH XP DPLJR DOJXPDVFDL[DVGHVRPYRFr
WHUi TXH SODQHMDU SDUD JDUDQWLU TXH QR PRPHQWR GH PRQWDU D IHVWD R HTXLSDPHQWR
DGLFLRQDO HVWHMD GLVSRQtYHO H YRFrVDELDRTXHID]HUFRPHOH'HIRUPDVLPLODUDIHVWD
WHPLPSOLFDo}HVILQDQFHLUDV9RFrSRGHWHUTXHFRQVHJXLUXPDXPHQWRGHVHXFKHTXH
HVSHFLDO FRP VHX JHUHQWH RX WHPSRUDULDPHQWH DPSOLDU R OLPLWH GR VHX FDUWmR GH
FUpGLWR1RYDPHQWHLVWRSRGHUHTXHUHUDOJXPSODQHMDPHQWRDQWHFLSDGRHPWHUPRVGH
DOJXQV WHOHIRQHPDV DVVLP FRPR XP FiOFXOR SUpYLR GR TXDQWR LUi FXVWDU VXD IHVWD H
FRQVHTXHQWHPHQWH GH TXDQWR FUpGLWR H[WUD YRFr QHFHVVLWD 7DQWR DV DSOLFDo}HV HP
WHUPRV GH ILQDQoDV FRPR GH HTXLSDPHQWRV SRGHP YDULDU FDVR YRFr DXPHQWH R
Q~PHUR GH FRQYLGDGRV GH SDUD 'H IRUPD VLPLODU VH SRVWHUJDU D IHVWD SRU XP
PrVWRGDVVXDVGHFLV}HVLUmRPXGDU
(PSUHVDV GH PDQXIDWXUD SRGHP IDEULFDU H YHQGHU GLIHUHQWHV YDULDo}HV GH
SURGXWRV ILQDLV SDUD FHQWHQDV GH FOLHQWHV UHJXODUHV DVVLP FRPR SDUD FHQWHQDV GH
FOLHQWHV TXH Vy FRPSUDP RFDVLRQDOPHQWH 0XLWRV GHVVHV FOLHQWHV SRGHP YDULDU VXD
GHPDQGD SHORV SURGXWRV $V DSOLFDo}HV GLVVR VmR VLPLODUHV DV GH SUHSDUDU IHVWDV
QXPD VHPDQD QD SUy[LPD QD VHJXLQWH WRGDV SDUD GLIHUHQWHV JUXSRV GH
FRQYLGDGRV FRP GLIHUHQWHV QHFHVVLGDGHV TXH PXGDP FRQVWDQWHPHQWH GH LGpLD VREUH
R TXH TXHUHP FRPHU H EHEHU 3DUD JDUDQWLU TXH D FRPLGD H D EHELGD FHUWDV HVWHMDP
GLVSRQtYHLV QD IHVWD FHUWD QR PRPHQWR FRUUHWR H TXH GLQKHLUR QmR VHMD
GHVSHUGLoDGRV p QHFHVViULR SODQHMDPHQWR H FRQWUROH QmR DSHQDV GH PDWHULDLV PDV
WDPEpPGHGLQKHLURSHVVRDVHHTXLSDPHQWRV2053,,DMXGDDVHPSUHVDVDSODQHMDU
HVWDVGHFLV}HVFRPDQWHFHGrQFLD
2 SODQHMDPHQWR GH QHFHVVLGDGHV GH PDWHULDLV FRQWLQXD VHQGR R FRUDomR GH
TXDOTXHUVLVWHPD053,RX,,
48(e1(&(66È5,23$5$87,/,=$52053,"
3DUD H[HFXWDU RV FiOFXORV GH TXDQWLGDGH GH WHPSR GHVFULWR RV VLVWHPDV GH
SODQHMDPHQWR GDV QHFHVVLGDGHV GH PDWHULDLV 053 , QRUPDOPHQWH UHTXHU TXH D
HPSUHVD PDQWHQKD FHUWRV GDGRV HP DUTXLYRV GH FRPSXWDGRU RV TXDLV TXDQGR R
SURJUDPD 053 , p URGDGR SRGHP VHU YHULILFDGRV H DWXDOL]DGRV 3DUD TXH VH SRVVD
FRPSUHHQGHU D FRPSOH[LGDGH GH XP VLVWHPD 053 p QHFHVViULR TXH VH HQWHQGDP
HVWHVUHJLVWURVHDUTXLYRVGHFRPSXWDGRU
3
2 DQH[R PRVWUD DV LQIRUPDo}HV QHFHVViULDV SDUD SURFHVVDU R 053 , DVVLP
FRPRDOJXQVGHVHXVUHVXOWDGRV$QH[R,;
&RPHoDQGR QD SDUWH VXSHULRU GR DQH[R DV SULPHLUDV HQWUDGDV SDUD R
SODQHMDPHQWR GDV QHFHVVLGDGHV GH PDWHULDLV VmR RV SHGLGRV GH FOLHQWHV H D SURYLVmR
GH GHPDQGD $ SULPHLUD UHIHUHVH D SHGLGRV ILUPHV SURJUDPDGRV SDUD DOJXP
PRPHQWR GR IXWXUR HQTXDQWR D VHJXQGD FRQVLVWH HP HVWLPDWLYDV UHDOLVWDV GD
TXDQWLGDGHHPRPHQWRGHSHGLGRVIXWXURV2053H[HFXWDVHXVFiOFXORVFRPEDVHQD
FRPELQDomR GHVVHV GRLV FRPSRQHQWHV GH GHPDQGD IXWXUD 7RGDV DV GHPDLV
QHFHVVLGDGHV FDOFXODGDV QHVWH SURFHVVR VmR GHULYDGDV H GHSHQGHQWHV GHVVDV
GHPDQGDV 3RU FDXVD GLVVR R 053 p FRPR XP VLVWHPD GH GHPDQGD GHSHQGHQWH $
GHPDQGD GHSHQGHQWH p DTXHOD TXH p GHULYDGD GH DOJXPD RXWUD GHFLVmR WRPDGD
GHQWUR GD HPSUHVD HQTXDQWR RV VLVWHPDV GH GHPDQGD LQGHSHQGHQWH VmR DTXHOHV
DGHTXDGRVSDUDRVFDVRVHPTXHDGHPDQGDHVWiIRUDGRFRQWUROHGDHPSUHVD
*(67­2'$'(0$1'$
$
JHVWmR
GD
FDUWHLUD
GH
SHGLGRV
H
GD
SUHYLVmR
GH
YHQGDV
WRPDGD
FRQMXQWDPHQWH p GHQRPLQDGD JHVWmR GD GHPDQGD (VWD HQJORED XP FRQMXQWR GH
SURFHVVRV TXH ID]HP D LQWHUIDFH GD HPSUHVD FRP VHX PHUFDGR FRQVXPLGRU
'HSHQGHQGR GR QHJyFLR HVVHV SURFHVVRV SRGHP LQFOXLU R FDGDVWUDPHQWR GH SHGLGRV
D SUHYLVmR GH YHQGDV D SURPHVVD GH HQWUHJD R VHUYLoR DR FOLHQWH H D GLVWULEXLomR
ItVLFD 3RU H[HPSOR VH YRFr FRORFD XP SHGLGR HP XPD HPSUHVD GH YHQGDV SRU
FDWiORJRHWHOHIRQDXPDVHPDQDGHSRLVSDUDYHULILFDUSRUTXHpTXHVXDVFRPSUDVQmR
IRUDP HQWUHJXHV SURYDYHOPHQWH VHUi DWHQGLGR SRU XP RSHUDGRU GH WHOHPDUNHWLQJ
(VVH RSHUDGRU ROKDQGR XPD WHOD GH FRPSXWDGRU SRGH DFHVVDU RV GHWDOKHV GH VHX
SHGLGRHVSHFtILFRHGL]HURSRUTXrGHWHURFRUULGRXPDWUDVRQDHQWUHJD
$WHQFLRVDPHQWHHOHGHYHVHUFDSD]GHOKHSURPHWHUXPDQRYDGDWDGDHQWUHJD
GH VXD HQFRPHQGD DVVLP FRPR LQIRUPDUOKH TXDO PRGR VHUi XWLOL]DGR $ LQWHUDomR
FRP FOLHQWHV H DV QHFHVVLGDGHV UHVXOWDQWHV GHVWD LQWHUDomR GLVSDUDP XPD FDGHLD GH
QHFHVVLGDGHVGHSURFHVVRV3DUDVDWLVID]HUDRFOLHQWHRLWHPWHPTXHVHUFROHWDGRGH
XP DUPD]pP /RJR GHWHUPLQDGR RSHUDGRU GHYH UHFHEHU DV LQIRUPDo}HV DGHTXDGDV
SDUDID]HULVVRHXPPHQVDJHLURGHYHVHUDORFDGRSDUDXPPRPHQWRHVSHFtILFReGH
YLWDO LPSRUWkQFLD SDUD D JHVWmR GH RSHUDo}HV TXH D LQIRUPDomR GH GHPDQGD HVWHMD
GLVSRQtYHOHVHMDFRPXQLFDGDHILFD]PHQWHGHPRGRTXHRVSODQHMDPHQWRVSRVVDPVHU
IHLWRVHRVUHFXUVRVRUJDQL]DGRV
&$57(,5$'(3(','26
$ IXQomR GH YHQGDV QD PDLRULD GDV HPSUHVDV QRUPDOPHQWH JHUHQFLD XPD
FDUWHLUD GH SHGLGRV GLQkPLFD H PXWDQWH FRPSRVWD SRU SHGLGRV FRQILUPDGRV GH
FOLHQWHV (VVD FDUWHLUD GH SHGLGRV SRGH VHU XP UHJLVWUR HP SDSHO QXPD HPSUHVD
SHTXHQDPDVWHQGHDFRQVLVWLUHPXPDUTXLYRGHFRPSXWDGRUHPHPSUHVDVPpGLDVH
JUDQGHV 1RUPDOPHQWH HVVD FDUWHLUD GH SHGLGRV FRQWHUi LQIRUPDo}HV VREUH FDGD
SHGLGR GH XP FOLHQWH 3DUD R SURFHVVR GH FiOFXOR GDV QHFHVVLGDGHV GH PDWHULDLV GR
053,VmRGHSDUWLFXODULQWHUHVVHRVUHJLVWURVGRTXHH[DWDPHQWHFDGDFOLHQWHSHGLX
HPTXHTXDQWLGDGHHHPTXHPRPHQWR
$/7(5$d®(61263(','26'(9(1'$
2V SHGLGRV GH YHQGD QRUPDOPHQWH UHSUHVHQWDP XP FRPSURPHWLPHQWR
FRQWUDWXDO SRU SDUWH GR FOLHQWH (QWUHWDQWR GHSHQGHQGR GR QHJyFLR HP TXH XPD
4
HPSUHVD HVWHMD HVWH FRPSURPHWLPHQWR SRGH QmR VHU WmR ILUPH FRPR SRVVD SDUHFHU
2VFOLHQWHVSRGHPPXGDUGHLGpLDVREUHRTXHQHFHVVLWDPPHVPRGHSRLVGHWHUIHLWR
VHXV SHGLGRV (OHV SRGHP UHTXHUHU XPD TXDQWLGDGH PDLRU RX PHQRU GH XP LWHP
HVSHFtILFR RX PXGDU D GDWD QHFHVViULD SDUD D HQWUHJD GR PDWHULDO (P YLUWXGH GD
IOH[LELOLGDGHHRVHUYLoRDRFOLHQWHHVWDUHPWRUQDQGRVHIDWRUHVFRPSHWLWLYRVFDGDYH]
PDLVLPSRUWDQWHVDOWHUDo}HVGDVQHFHVVLGDGHVHVWmRVHWRUQDQGRFDUDFWHUtVWLFDVFDGD
YH] PDLV FRPXQV QD PDLRULD GDV HPSUHVDV 6H RV FOLHQWHV HVWmR FRPSUDQGR EHQV
LQGXVWULDLV FRPR FRPSRQHQWHV SRGH VHU TXH VHXV SUySULRV FOLHQWHV VHMDP D FDXVDGD
PXGDQoD GH QHFHVVLGDGHV &RQVLGHUDQGR TXH DOJXQV GRV FOLHQWHV SRVVDP VROLFLWDU
PXGDQoDVHPVHXVSHGLGRVQmRXPDYH]PDVYiULDVPHVPRGHSRLVTXHRSHGLGRIRL
VROLFLWDGRILFDHYLGHQWHTXHDJHVWmRGDFDUWHLUDGHSHGLGRVpXPSURFHVVRGLQkPLFRH
FRPSOH[R
$V RUJDQL]Do}HV GHYHP GHFLGLU TXDQWR j IOH[LELOLGDGH TXH LUmR SHUPLWLU DRV
FOLHQWHV H HP TXH JUDX VHXV FOLHQWHV GHYHUmR DUFDU FRP DV FRQVHTrQFLDV GDV
PXGDQoDVTXHVROLFLWDUHP$VGHFLV}HVVREUHDIRUPDGHIOH[LELOLGDGHpSHUPLWLGRDRV
FOLHQWHV TXH WrP LPSDFWR HQRUPH VREUH DV RSHUDo}HV GR QHJyFLR FRPR XP WRGR H
VREUH RV FiOFXORV GDV QHFHVVLGDGHV GHWDOKDGDV GH PDWHULDLV HP UHFXUVRV 1HP WRGDV
DV RSHUDo}HV WrP R PHVPR JUDX GH YLVLELOLGDGH HP WHUPRV GR FRQKHFLPHQWR GRV
SHGLGRVGHFOLHQWHV
(P HPSUHVDV GH PDQXIDWXUD RV FOLHQWHV HVWmR VH WRUQDQGR FDGD YH] PDLV
UHOXWDQWHV HP FRPSURPHWHUVH ILUPHPHQWH H FRP PXLWD DQWHFHGrQFLD FRP RV
GHWDOKHV GRV SHGLGRV GH VHXV FRPSRQHQWHV HVSHFtILFRV HP YLUWXGH GDV FRQVWDQWHV
PXGDQoDV QR DPELHQWH FRPSHWLWLYR $OpP GLVVR QD PHGLGD HP TXH D YHORFLGDGH GH
HQWUHJDVHWRUQDFDGDYH]PDLVLPSRUWDQWHHPYLUWXGHGRIRUQHFLPHQWR-XVWLQ7LPH
p SRVVtYHO TXH QR PRPHQWR HP TXH RV SHGLGRV ILUPHV VHMDP UHFHELGRV QmR KDMD
WHPSR VXILFLHQWH SDUD FRPSUDU RV PDWHULDLV QHFHVViULRV H[HFXWDU RV SURFHVVRV GH
PDQXIDWXUDQHVVHVPDWHULDLVHHQWmRHQWUHJDURSURGXWRDRFOLHQWH(QTXDQWRPXLWDV
HPSUHVDV GH PDQXIDWXUD HVWmR VH HVIRUoDQGR EDVWDQWH SDUD UHGX]LU R WHPSR GH
UHVSRVWD j GHPDQGD GRV FOLHQWHV PXLWDV DLQGD QmR FKHJDUDP DR HVWiJLR GH VHUHP
FDSD]HVGHUHVSRQGHU-XVWLQ7LPHDRVVHXVSHGLGRV
&RQVHTXHQWHPHQWH SRU WRGDV HVVDV UD]}HV PXLWDV HPSUHVDV WrP TXH SUHYHU
VXDV QHFHVVLGDGHV IXWXUDV GH PRGR D DVVHJXUDU TXH DV PDWpULDVSULPDV HVWHMDP
GLVSRQtYHLVSDUDTXHSRVVDPLQLFLDUVHXVSUySULRVSURFHVVRVXPDYH]TXHXPSHGLGR
VHMDUHFHELGR
35(9,6­2'('(0$1'$
4XDOTXHU TXH VHMD R JUDX GH VRILVWLFDomR GR SURFHVVR GH SUHYLVmR QXPD
HPSUHVDpVHPSUHGLItFLOXWLOL]DUGDGRVKLVWyULFRVSDUDSUHYHUIXWXUDVWHQGrQFLDVFLFOR
RX VD]RQDOLGDGHV 'LULJLU XPD HPSUHVD TXH XWLOL]D SUHYLV}HV EDVHDGDV QR SDVVDGR
SRGH VHU FRPSDUDGR D GLULJLU XP FDUUR ROKDQGR DSHQDV SDUD R HVSHOKR UHWURYLVRU
$SHVDUGDVGLILFXOGDGHVPXLWDVHPSUHVDVQmRWrPDOWHUQDWLYDSRUWDQWRGHYHPID]HU
SUHYLV}HV
&20%,1$1'23(','26(35(9,6®(6
$ FRPELQDomR GH SHGLGRV UHDOL]DGRV H SHGLGRV SUHYLVWRV p XWLOL]DGD SDUD
UHSUHVHQWDUDGHPDQGDHPPXLWDVHPSUHVDVeLPSRUWDQWHTXHDSUHYLVmRXVDGDSDUD
R SODQHMDPHQWR GD SURGXomR QmR VHMD XP REMHWLYR GH YHQGDV TXH SRGH VHU
HVWDEHOHFLGR GH IRUPD RWLPLVWD D PRWLYDU R HVIRUoR GHVVDV YHQGDV $LQGD TXH PXLWDV
HPSUHVDV XWLOL]HP WDLV REMHWLYRV D SUHYLVmR GHYH VHU DOJR GLIHUHQWH (OD GHYH VHU D
PHOKRUHVWLPDWLYDHPGDGRPRPHQWRGDTXLORTXHGHIRUPDUD]RiYHOpHVSHUDGRTXH
5
DFRQWHoD 8PD GDV PDLV LPSRUWDQWHV FDUDFWHUtVWLFDV GD JHVWmR GD GHPDQGD HVWi
HYLGHQWH TXDQWR PDLV YRFr ROKD SDUD R IXWXUR PHQRV FHUWH]D Ki D UHVSHLWR GD
GHPDQGD
$PDLRULDGDVHPSUHVDVWrPDFXUWRSUD]RFRQKHFLPHQWRVREUHDGHPDQGDHP
WHUPRV GH SHGLGRV LQGLYLGXDLV (QWUHWDQWR SRXFRV FOLHQWHV FRORFDP SHGLGRV PXLWR
DGLDQWH QR IXWXUR 3DUD UHIOHWLU D SRVVtYHO GHPDQGD XPD SUHYLVmR p DGLFLRQDGD FRP
EDVH HP GDGRV KLVWyULFRV H HP LQIRUPDo}HV GR PHUFDGR REWLGDV D SDUWLU GRV
YHQGHGRUHV GH FDPSR ¬ PHGLGD TXH RV SHGLGRV VmR UHFHELGRV R HOHPHQWR GH
SUHYLVmR GR SHUILO GH GHPDQGD GHYH VHU UHGX]LGR GDQGR D LPSUHVVmR GH TXH HVWD
SUHYLVmRHVWiVHQGRFRQVXPLGDDRORQJRGRWHPSRSHORVSHGLGRVILUPHV
'LIHUHQWHV WLSRV GH HPSUHVDV WrP VHX SUySULR SHUILO HP WHUPRV GH PL[ GH
SHGLGRVILUPHVMiHPFDUWHLUDHSHGLGRVSUHYLVWRV8PDHPSUHVDTXHWUDEDOKDFRQWUD
SHGLGR FRPR XPD JUiILFD FRPHUFLDO WHQGH D WHU PDLRU YLVLELOLGDGH GH VHXV SHGLGRV
ILUPHVDRORQJRGRWHPSRHPUHODomRDTXHODVTXHSURGX]HPSDUDHVWRTXHFRPRXP
IDEULFDQWH GH EHQV GH FRQVXPR GXUiYHLV (PSUHVDV TXH WUDEDOKDP WRWDOPHQWH VRE
HQFRPHQGD QmR FRPSUDP D PDLRULD GH VXDV PDWpULDVSULPDV DWp TXH UHFHEHP XP
SHGLGR ILUPH GR FOLHQWH 2XWUDV QmR Vy SRGHP DUULVFDU D FRPSUDU PDWHULDLV FRPR
WDPEpP QmR SRGHP HVWDEHOHFHU PHLRV SDUD FRQWUDWDomR GH PmRGHREUD RX
HTXLSDPHQWRV +i DOJXPDV HPSUHVDV TXH WrP PXLWR SRXFD FHUWH]D D UHVSHLWR GRV
VHXV SHGLGRV QR PRPHQWR HP TXH WRPDP D PDLRULD GH VXDV GHFLV}HV 3RU H[HPSOR
DV HGLWRUDV GH MRUQDLV GLVWULEXHP VHXV H[HPSODUHV jV EDQFDV QXP VLVWHPD GH
FRQVLJQDomR LVWR p D GHPDQGDUHDOVyOKHpHYLGHQWHDRILQDOGRGLDTXDQGRSRGHP
FDOFXODUTXDQWRVMRUQDLVIRUDPUHDOPHQWHYHQGLGRV
0XLWDV ILUPDV WrP TXH RSHUDU FRP XPD FRPELQDomR YDULiYHO GH SHGLGRV ILUPHV
H SUHYLV}HV 'LIHUHQWHV WLSRV GH HPSUHVDV WrP GLIHUHQWHV JUDXV GH FHUWH]D VREUH VXD
GHPDQGD QR PRPHQWR HP TXH WRPDP GHFLV}HV GH SODQHMDPHQWR H FRQWUROH GD
SURGXomRVHQGRTXHHVWDFHUWH]DSRGHYDULDUDRORQJRGRWHPSRQXPDSHUVSHFWLYDGH
SODQHMDPHQWR H FRQWUROH 2 UHVXOWDGR GD DWLYLGDGH GD JHVWmR GD GHPDQGD p XPD
SUHGLomR VREUH R IXWXUR HP WHUPRV GH TXH RVFOLHQWHVLUmRFRPSUDU(VWDLQIRUPDomR
VHMD IRUPDGD SRU SHGLGRV ILUPHV SUHYLV}HV RX XPD FRPELQDomR GH DPERV p D IRQWH
PDLVLPSRUWDQWHSDUDRSURJUDPDPHVWUHGHSURGXomR
352*5$0$0(675('(352'8d­2
2 SURJUDPDPHVWUH GH SURGXomR 036 ± 0DVWHU 3URGXFWLRQ 6FKHGXOH p D IDVH
PDLV LPSRUWDQWH GR SODQHMDPHQWR H FRQWUROH GH XPD HPSUHVD FRQVWLWXLQGRVH QD
SULQFLSDOHQWUDGDSDUDRSODQHMDPHQWRGDVQHFHVVLGDGHVGHPDWHULDLV
20361$0$18)$785$
1D PDQXIDWXUD R 036 FRQWpP XPD GHFODUDomR GD TXDQWLGDGH H PRPHQWR HP
TXH RV SURGXWRV ILQDLV GHYHP VHU SURGX]LGRV HVVH SURJUDPD GLUHFLRQD WRGD D
RSHUDomR HP WHUPRV GR TXH p PRQWDGR PDQXIDWXUDGR H FRPSUDGR e D EDVH GR
SODQHMDPHQWR GH XWLOL]DomR GH PmRGHREUD H HTXLSDPHQWRV H GHWHUPLQD R
DSURYLVLRQDPHQWRGHPDWHULDLVHFDSLWDO
2036(06(59,d26
2036WDPEpPSRGHVHUXWLOL]DGRHPHPSUHVDVGHVHUYLoRV3RUH[HPSORQXP
KRVSLWDO Ki XP SURJUDPDPHVWUH TXH LQGLFD TXDLV FLUXUJLDV HVWmR SODQHMDGDV H SDUD
TXDQGR (OH GLUHFLRQD R DSURYLVLRQDPHQWR GH PDWHULDLV SDUD DV FLUXUJLDV DVVLP FRPR
GHLQVWUXPHQWRVVDQJXHHDFHVVyULRV7DPEpPGLULJHDSURJUDPDomRGHSHVVRDOSDUD
DVFLUXUJLDVLQFOXLQGRDQHVWHVLVWDVHQIHUPHLUDVHFLUXUJL}HV
6
)217(6'(,1)250$d®(63$5$2036
e LPSRUWDQWH TXH WRGDV DV IRQWHV GH GHPDQGD VHMDP FRQVLGHUDGDV TXDQGR R
SURJUDPDPHVWUH GH SURGXomR p JHUDGR 6mR JHUDOPHQWH RV SHTXHQRV SHGLGRV GH
~OWLPD KRUD TXH JHUDP GLVW~UELRV HP WRGR R VLVWHPD GH SODQHMDPHQWR GH XPD
HPSUHVD
([HPSOR HPSUHVDV LUPmV SRGHP WRPDU HPSUHVWDGR DOJXQV FRPSRQHQWHV VHP
SUpYLRDYLVR 6H WDLV SUiWLFDV VmR SHUPLWLGDV RVVLVWHPDVGHSODQHMDPHQWRHFRQWUROH
SUHFLVDFRQVLGHUiODV
5(*,6752'2352*5$0$0(675('(352'8d­2
2 SURJUDPDPHVWUH GH SURGXomR p FRQVWLWXtGR GH UHJLVWURV FRP HVFDOD GH
WHPSR TXH FRQWpP SDUD FDGD SURGXWR ILQDO DV LQIRUPDo}HV GH GHPDQGD H HVWRTXH
GLVSRQtYHODWXDO8VDQGRHVWDLQIRUPDomRRHVWRTXHGLVSRQtYHOpSURMHWDGRjIUHQWHQR
WHPSR 4XDQGR QmR Ki HVWRTXH VXILFLHQWH SDUD VDWLVID]HU j GHPDQGD IXWXUD
TXDQWLGDGHVGHSHGLGRVVmRLQVHULGDVQDOLQKDGRSURJUDPDPHVWUH
(;(03/2'(35È7,&$58,01$352*5$0$d­20(675(
,QIHOL]PHQWH PXLWDV HPSUHVDV DFHLWDP WRGRV RV SHGLGRV GH FOLHQWHV H WHQWDP
DWHQGrORV +i GXDV SRVVLELOLGDGHV DTXL $ SULPHLUD p TXH D SURGXomR IDOKD HP
DWHQGHU QmR FRQVHJXH PDQXIDWXUDU RV SURGXWRV IUXVWUDQGR VHX FOLHQWH $ VHJXQGDp
TXHGHDOJXPDIRUPDDHPSUHVDVHPSUHFRQVHJXHGDUXPDVROXomR,VWRLQGLFDTXH
VHXVLVWHPDGHSODQHMDPHQWRHVWiFDUUHJDQGRFDSDFLGDGHHPH[FHVVRRXIROJDVTXH
QmR VmR SHUFHELGDV QR SURFHVVR 053 $PERV RV FHQiULRV UHSUHVHQWDP SUiWLFDV UXLQV
QDJHVWmRGHVLVWHPD053
$OJXPDV HPSUHVDV TXH XVDP HVVH VLVWHPD DLQGD WUDWDP HUUDGDPHQWH R
SURJUDPDPHVWUH GH SURGXomR FRPR XP REMHWLYR HP YH] GH XP SODQR +i H[HPSORV
GH SURJUDPDGRUHV PHVWUHV GH SURGXomR TXH SURJUDPDP GH] SRU FHQWR D PDLV QD
HVSHUDQoD GH TXH VHX SURJUDPD VHMD DWHQGLGR $V LPSOLFDo}HV GH XP SURJUDPD
PHVWUH QmR UHDOtVWLFR VmR HQRUPHV 6H HVWH p VXSHUHVWLPDGR HP GH] SRU FHQWR GH]
SRUFHQWRDPDLVGHPDWHULDOpDSURYLVLRQDGRHGH]SRUFHQWRDPDLVGHPmRGHREUD
VmRSURJUDPDGRV
$/,67$'(0$7(5,$,6
2SURJUDPDPHVWUHGLULJHRUHVWDQWHGRSURFHVVR0537HQGRHVWDEHOHFLGRHVWH
QtYHO GH SURJUDPDomR R 053 H[HFXWD RV FiOFXORV SDUD GHWHUPLQDU D TXDQWLGDGH H R
PRPHQWR GDV QHFHVVLGDGHV GH PRQWDJHQV VXEPRQWDJHQV H PDWHULDLV GH PRGR D
DWHQGHURSURJUDPD
3URJUDPDVGHSODQHMDPHQWRGHQHFHVVLGDGHVGHPDWHULDLVSUHFLVDPYHULILFDURV
FRPSRQHQWHV RX LQJUHGLHQWHV GH FDGD LWHP D VHU IDEULFDGR 8PD OLVWD GH PDWHULDLV
PRVWUD TXDLV H TXDQWRV LWHQV VmR QHFHVViULRV SDUD IDEULFDU RX PRQWDU RXWURV LWHQV
,QLFLDOPHQWHpPDLVIiFLOSHQVDUVREUHLVVRFRPRXPDHVWUXWXUDGHSURGXWRV
&$5$&7(5Ë67,&$6,03257$17(6'2053
+i YiULDV FDUDFWHUtVWLFDV GHVWD HVWUXWXUD GH SURWHomR H GR 053 HP JHUDO TXH
GHYHPVHUQRWDGDVQHVWHPRPHQWR
4XDQWLGDGHVP~OWLSODVGHDOJXQVLWHQVVmRQHFHVViULDVLVVRVLJQLILFDTXHR053
GHYH FRQKHFHU D TXDQWLGDGH QHFHVViULD GH FDGD LWHP SDUD VHU FDSD] GH
PXOWLSOLFDUSHODVQHFHVVLGDGHV
7
8P PHVPR LWHP SRGH VHU XWLOL]DGR HP GLIHUHQWHV SDUWHV GD HVWUXWXUD GH
SURGXWR
$HVWUXWXUDGHSURGXWRSiUDTXDQGRHODFKHJDDRVLWHQVTXHQmRVmRIDEULFDGRV
SHODHPSUHVD
5(*,67526'((67248(
2 DUTXLYR GH OLVWDV GH PDWHULDLV IRUQHFH DR 053 HQWmR D EDVH GH GDGRV GRV
LQJUHGLHQWHV RX HVWUXWXUD GRV SURGXWRV (P YH] GH VLPSOHVPHQWH WRPDU HVVHV
LQJUHGLHQWHV H PXOWLSOLFiORV SHOD GHPDQGD GH PRGR D GHWHUPLQDU DV QHFHVVLGDGHV
WRWDLVGHPDWHULDLVR053UHFRQKHFHTXHDOJXQVGRVLWHQVQHFHVViULRVSRGHPMiHVWDU
HP HVWRTXH (VVH HVWRTXH SRGH HVWDU QD IRUPD GH SURGXWRV ILQDLV HVWRTXH HP
SURFHVVR RX PDWpULDSULPD 9HULILFDU TXDQWR HVWRTXH Ki GLVSRQtYHO GH FDGD SURGXWR
ILQDOVXEPRQWDJHQVHFRPSRQHQWHV3DUDTXHVHSRVVDFDOFXODURTXHpFKDPDGRGH
QHFHVVLGDGHOtTXLGDDTXDQWLGDGHH[WUDQHFHVViULDSDVVDMXQWDPHQWHFRPRHVWRTXHD
DWHQGHU j GHPDQGD 3DUD ID]HU LVVR R 053 UHTXHU TXH VHMDP PDQWLGRV UHJLVWURV GH
HVWRTXH
+iWUrVDUTXLYRVSULQFLSDLVQRVLVWHPD053TXHDSRLDPDJHVWmRGRVHVWRTXHV
6mRHOHV
2DUTXLYRGHLWHQV
2DUTXLYRGHWUDQVDo}HV
2DUTXLYRGHORFDLV
$548,92'(,7(16
$ FKDYH SDUD WRGRV RV UHJLVWURV GH HVWRTXH p QRUPDOPHQWH R FyGLJR GR LWHP
&DGD LWHP XWLOL]DGR HP XPD HPSUHVD GH PDQXIDWXUD GHYH VHU LGHQWLILFDGR SRU XPD
FRGLILFDomRSDGUmRGHPRGRTXHQmRKDMDFRQIXVmRHQWUHDVSHVVRDVTXHFRPSUDPR
LWHP HDTXHODVTXHRIRUQHFHPRXDLQGDTXHPRXWLOL]DQRSURFHVVRGHPDQXIDWXUD
$ PDLRULD GDV HPSUHVDV GH PDQXIDWXUD SRUWDQWR HVWDEHOHFH XP Q~PHUR SDUD FDGD
LWHP 2V FyGLJRV GH LWHQV SRGHP VHU WRWDOPHQWH QXPpULFRV RX SRGHP VHU
FRPELQDo}HV
DOIDQXPpULFDV
GH
OHWUDV
H
Q~PHURV
$OJXPDV
HPSUHVDV
DFKDP
FRQYHQLHQWH XWLOL]DU PQHP{QLFRV TXH DMXGDP RV XVXiULRV D LGHQWLILFDU TXDO LWHP p
UHSUHVHQWDGR SRU XP FyGLJR HVSHFtILFR 6LVWHPDV FRPSOH[RV GH QXPHUDomR FRP
YHULILFDomR FUX]DGD VmR QRUPDOPHQWH DGRWDGRV SDUD SUHYHQLU HUURV FRPR WURFDU GRLV
GtJLWRV1~PHURVGHFDUW}HVGHFUpGLWRXVDPHVVHWLSRGHYHULILFDomRFUX]DGD
$OpPGRFyGLJRRDUTXLYRGHLWHQVFRQWpPWRGRVRVGDGRVHVWiYHLVGHXPLWHP
1RUPDOPHQWH HOH SRGH VHU YLVWR FRP XPD WHOD GH FRPSXWDGRU FRP FDPSRV TXH
LQFOXHP D GHVFULomR GR LWHP VXD XQLGDGH GH PHGLGD H VHX FXVWRSDGUmR e
LQWHUHVVDQWH QRWDU TXH R /HDG WLPH GH FRPSUD RX SURGXomR GR LWHP p QRUPDOPHQWH
WUDWDGRFRPRXPGDGRIL[RSHORIDWRUGHHVWDUORFDOL]DGRQXPDUTXLYRGHLWHQV0XLWDV
HPSUHVDV IDOKDP QR PRQLWRUDPHQWR DGHTXDGR GR /HDG WLPH GH XP LWHP (OH SRGH
YDULDU HQWUH IRUQHFHGRUHV H PXGDU GHSHQGHQGR GD pSRFD GR DQR H GH DFRUGR FRP DV
FRQGLo}HVGRPHUFDGRIRUQHFHGRU
&RQWXGR DOJXPDV HPSUHVDV DLQGD HUUDP D IDYRU GD VHJXUDQoD DVVXPLQGR R
Pi[LPR /HDG WLPH SRVVLYHOPHQWH HVSHUDGR ,VWR VLJQLILFD TXH D GLVFUHSkQFLD HQWUH D
/HDGWLPHUHDOHDR/HDGWLPHGHSODQHMDPHQWRSRGHVHUEDVWDQWHJUDQGHHPDOJXPDV
HPSUHVDVGHPDQXIDWXUD
$548,926'(75$16$d®(6
3DUD OHYDU HP FRQWD RV QtYHLV GH HVWRTXH R 053 SUHFLVD FRQKHFHU WDLV QtYHLV
SDUDFDGDLWHP2DUTXLYRGHWUDQVDo}HVUHJLVWUDDVHQWUDGDVHDVVDtGDVGRHVWRTXH
8
DOpP GR EDODQoR D FDGD PRYLPHQWDomR 1R SDVVDGR HVVDV WUDQVDo}HV HUDP
LQIRUPDGDV DR VLVWHPD GXUDQWH D QRLWH RX D LQWHUYDORV SHULyGLFRV LVWR FDXVDYD
SUREOHPDV SRLV DV LQIRUPDo}HV GR VLVWHPD HVWDYD VHPSUH GHIDVDGD GD UHDOLGDGH 2V
VLVWHPDV 053 DWXDLV DWXDOL]DP VHXV HVWRTXHV HP WHPSR UHDO ,VWR VLJQLILFD TXH R
DUTXLYRGHWUDQVDo}HVpDWXDOL]DGRQRPRPHQWRHPTXHRFRUUHXPDHQWUDGDRXVDtGD
GHPDWHULDO3RUWDQWRWHPLPSOLFDo}HVTXDQWRDRQ~PHURGHWHUPLQDLVGHFRPSXWDGRU
QHFHVViULRVSDUDDRSHUDomRVXDORFDOL]DomRDOpPGRQ~PHURGHSHVVRDVTXHGHYHP
VHU WUHLQDGDV SDUD XWLOL]iORV 2V EHQHItFLRV GR SURFHVVDPHQWR HP WHPSR UHDO
HQWUHWDQWR XOWUDSDVVDP GH ORQJH TXDOTXHU FXVWR DGLFLRQDO GH HTXLSDPHQWR H
WUHLQDPHQWR
$548,92'(/2&$,6
2V DUPD]pQV RX SRQWRV GH HVWRFDJHP QD SURGXomR SUHFLVDP VHU JHUHQFLDGRV
$OJXQV DUPD]pQV RSHUDP QXP VLVWHPD GH ORFDOL]DomR IL[D GH PRGR TXH FDGD LWHP
HVSHFtILFR SRVVD VHPSUH VHU ORFDOL]DGR HP GHWHUPLQDGR ORFDO (QWUHWDQWR HPSUHVDV
TXH RSHUDP FRP XPD IDL[D ODUJD H PXWiYHO GH LWHQV GH HVWRTXH FRQVLGHUDP HVWH
VLVWHPD LQHILFLHQWH (P YH] GLVVR HODV RSHUDP FRP VLVWHPD GH ORFDOL]DomR DOHDWyULR
QR TXDO RV LWHQV VmR ORFDOL]DGRV QR HVSDoR GLVSRQtYHO PDLV SUy[LPR 8P VLVWHPD GH
ORFDOL]DomR DOHDWyULD UHTXHU FRQWUROH FXLGDGRVR Mi TXH XP PHVPR LWHP SRGH HVWDU
ORFDOL]DGRHPGLIHUHQWHVSRQWRVQXPPHVPRPRPHQWR$OpPGHVHUHPPDLVHILFLHQWHV
QDXWLOL]DomRGRHVSDoRHVWHVVLVWHPDVWRUQDPPDLVIiFLOJDUDQWLUDURWDWLYLGDGHItVLFD
GR HVWRTXH IDFLOLWDQGR DVVLP D LPSOHPHQWDomR GH XP VLVWHPD SULPHLUR TXH HQWUD
SULPHLUR TXH VDL 4XDQGR R FRPSXWDGRU JHUD DV OLVWDV GH FROHWD LQVWUXLQGR RV
RSHUDGRUHV GRV DUPD]pQV PHFkQLFRV RX KXPDQRV D FROHWDU RV LWHQV GR HVWRTXH HOH
SRGHJDUDQWLUTXHLWHQVPDLVYHOKRVVHMDPFROHWDGRVSULPHLUR
$&8,'$'('265(*,67526'((67248(
$VVLP FRPR QD JHVWmR GDV OLVWDV GH PDWHULDLV p FUtWLFR SDUD XP VLVWHPD 053
TXH RV UHJLVWURV GH HVWRTXH HVWHMDP SUHFLVRV H DWXDOL]DGRV 2V HUURV RFRUUHP H R
HVWRTXH SRGH VHU GHVYLDGR RX SHUHFHU GH PRGR TXH RV UHJLVWURV GHVWHV QXQFD LUmR
UHIOHWLU H[DWDPHQWH R TXH Ki ILVLFDPHQWH HP HVWRTXH QXPD HPSUHVD (P YLUWXGH
GLVVRFRQWUROHVURWDWLYRVGHLQYHQWiULR&5,VmRH[HFXWDGRVHPPXLWDVHPSUHVDV
2 &5, FRQVLVWH HP YHULILFDU VH D ORFDOL]DomR H R QtYHO ItVLFR GH HVWRTXH GH
GHWHUPLQDGR LWHP FRLQFLGHP FRP R UHJLVWUR QR FRPSXWDGRU 4XDQGR XPD GLIHUHQoD p
HQFRQWUDGDRUHJLVWURGRFRPSXWDGRUpDWXDOL]DGRSDUDUHIOHWLUDUHDOLGDGHeFRPRR
WUDEDOKRGHSLQWDUXPDSRQWHPXLWRORQJDHPTXHWmRORJRRVHUYLoRpWHUPLQDGRMi
p KRUD GH FRPHoDU QRYDPHQWH $QWHV TXH R FRQWUROH URWDWLYR GH LQYHQWiULR HVWLYHVVH
EHP HVWDEHOHFLGR QDV HPSUHVDV R HVWRTXH HUD YHULILFDGR DQXDOPHQWH GH PRGR D VH
DGHTXDU DRV SURFHGLPHQWRV FRQWiEHLV ,VWR VLJQLILFD TXH SDUWLFXODUPHQWH SUy[LPR GR
ILQDO GR DQR HUDP IUHTHQWHV DV RFRUUrQFLDV GH VH HQFRQWUDUHP ORFDLV GH
DUPD]HQDJHQV YD]LRV HQTXDQWR R FRPSXWDGRU LQVWUXtD RV RSHUDGRUHV D QHOHV
FROHWDUHP PDWHULDLV SDUD D SURGXomR $V LPSOLFDo}HV GD IDOWD GH DFXLGDGH GRV
UHJLVWURV GH HVWRTXHV VmR IDOWDV GH PDWHULDO TXH OHYDP D UHSURJUDPDo}HV GD
SURGXomR UHVXOWDQGR LQHILFLrQFLDV H SRVVLYHOPHQWH HP IDOKDV QD VDWLVIDomR GH XP
SHGLGRGHFOLHQWH
&È/&8/2053
$WpDTXLH[DPLQDPRVWRGDVDVLQIRUPDo}HVQHFHVViULDVSDUDLQGLFDURSURFHVVR
GH SODQHMDPHQWR (PERUD HVVDV LQIRUPDo}HV VHMDP XP SUpUHTXLVLWR QHFHVViULR DR
9
053 QmR VmR R FRUDomR GR SURFHGLPHQWR 1D YHUGDGH R 053 p XP SURFHVVR
VLVWHPiWLFR GH WRPDU HVVDV LQIRUPDo}HV GH SODQHMDPHQWR H FDOFXODU D TXDQWLGDGH H R
PRPHQWRGDVQHFHVVLGDGHVTXHLUmRVDWLVID]HUjGHPDQGD
352&(662'(&È/&8/2'$61(&(66,'$'(6/Ë48,'$6
2 053 WRPD R SURJUDPDPHVWUH GH SURGXomR R SURJUDPD GH SURGXomR
SODQHMDGR SDUD FDGD SURGXWR ILQDO H H[SORGH HVWH SURJUDPD DWUDYpV GD OLVWD GH
PDWHULDLV GH QtYHO ~QLFR YHULILFDQGR TXDQWDV VXEPRQWDJHQV H FRPSRQHQWHV VmR
QHFHVViULRV $QWHV GH GHVFHU SDUD R SUy[LPR QtYHO GD HVWUXWXUD GR SURGXWR R 053
YHULILFD TXDQWR GRV PDWHULDLV QHFHVViULRV Mi HVWmR GLVSRQtYHLV HP HVWRTXH (OH JHUD
HQWmR DV RUGHQV GH WUDEDOKR RX UHTXLVLo}HV SDUD DV QHFHVVLGDGHV OtTXLGDV GRV LWHQV
TXH VHUmR IHLWRV QD IiEULFD (VVDV QHFHVVLGDGHV OtTXLGDV IRUPDP HQWmR R SURJUDPD
TXH VHUi H[SORGLGR DWUDYpV GD OLVWD GH PDWHULDLV GH QtYHO ~QLFR SDUD R SUy[LPR QtYHO
DEDL[RQDHVWUXWXUD
1RYDPHQWH R HVWRTXH GLVSRQtYHO GHVVHV LWHQV p YHULILFDGR RUGHQV GH WUDEDOKR
VmRJHUDGDVSDUDDVQHFHVVLGDGHVOtTXLGDVGRVLWHQVTXHVHUmRIHLWRVQDIiEULFDVHQGR
WDPEpP JHUDGDV DV RUGHQV GH FRPSUD SDUD DV QHFHVVLGDGHV OtTXLGDV GRV LWHQV TXH
VHUmR DGTXLULGRV GH IRUQHFHGRUHV (VWH SURFHVVR FRQWLQXD DWp TXH VH VHJXH DR QtYHO
PDLVEDL[RGDHVWUXWXUDGRSURGXWR
352*5$0$d­23$5$75È6
$OpP GH FDOFXODU D TXDQWLGDGH GH PDWHULDLV QHFHVViULRV R 053 WDPEpP
FRQVLGHUDTXDQGRFDGDXPGHVVHVFRPSRQHQWHVpQHFHVViULRLVWRpRVPRPHQWRVGD
SURJUDPDomR GH PDWHULDLV (OH ID] LVWR DWUDYpV GH XP SURFHVVR GHQRPLQDGR
SURJUDPDomRSDUDWUiVTXHOHYDHPFRQWDRV/HDGWLPHGHFDGDQtYHOGHPRQWDJHP
0DVWDPEpPH[LVWHDOJXQVLWHQVTXHVySRGHPVHUDGTXLULGRVHPWDPDQKRVGH
ORWHVPtQLPRV(PYLUWXGHGRWHPSRHGRFXVWRHQYROYLGRHPSUHSDUDUXPDPiTXLQD
SRGH VHU TXH VH FRQVLGHUH HILFLHQWH XWLOL]iOD DSHQDV VH IRU SDUD XP WDPDQKR GH ORWH
UD]RiYHO 'H IRUPD VLPLODU DOJXQV LWHQV FRPSUDGRV VmR DGTXLULGRV HP HPEDODJHQV
IHFKDGDVHPTXDQWLGDGHVWDLVTXHSHUPLWDTXHVHFRQVLJDXPGHVFRQWRPHVPRTXH
GHVVD IRUPD VH HVWHMD FRPSUDQGR PDLV TXH R QHFHVViULR 2XWUD UD]mR SDUD TXH
DOJXPDVHPSUHVDVSURGX]DPRXFRPSUHPPDLVGRTXHHOHVQHFHVVLWDPQRPRPHQWR
pREWHUXPDPDUJHPGHVHJXUDQoDSDUDRFDVRGHYDULDo}HVQmRSODQHMDGDVWDQWRQD
GHPDQGDFRPRQRIRUQHFLPHQWR
053'(&,&/2)(&+$'2
4XDQGRR053IRLRULJLQDOPHQWHXWLOL]DGRQDPDQXIDWXUDRVSODQRVGHPDWHULDLV
HUDP HPLWLGRV QR LQtFLR GD VHPDQD VHQGR R SODQHMDPHQWR FRPSOHWDPHQWH UHIHLWR QD
SUy[LPD VHPDQD TXDQGR HQWmR HUD HPLWLGR QRYR FRQMXQWR GH SODQRV (VWH SURFHVVR
HUDUHSHWLGRVHPDQDOPHQWHPDVQmRKDYLDXPFLFORGHUHDOLPHQWDomRSDUDGL]HUVHR
SODQR HUD DWLQJtYHO H VH WLQKD UHDOPHQWH VLGR DWLQJLGR 2V VLVWHPDV 053 TXH
LQLFLDOPHQWH LQFOXtUDP FLFORV GH UHDOLPHQWDomR ILFDUDP FRQKHFLGRV FRPR 053 GH FLFOR
IHFKDGR
2 IHFKDPHQWR GR FLFOR GH SODQHMDPHQWR HP VLVWHPDV GH 053 HQYROYH D
FRQIURQWDomR GRV SODQRV GH SURGXomR FRQWUD RV UHFXUVRV GLVSRQtYHLV 3RUWDQWR D
FDSDFLGDGH p YHULILFDGD DR ORQJR GH WRGR R SURFHVVR H FDVR RV SODQRV SURSRVWRV QmR
VHMDP YDULiYHLV HP TXDOTXHU QtYHO HOHV VmR UHYLVDGRV 7RGRV RV VLVWHPDV 053
10
PHVPRV RV PDLV VLPSOHV VmR VLVWHPDV GH FLFOR IHFKDGR (OHV XWLOL]DP WUrV URWLQDV GH
SODQHMDPHQWRSDUDFRQIURQWDURVSODQRVGHSURGXomRFRQWUDRVUHFXUVRVSURGXWLYRV
3ODQRVGHQHFHVVLGDGHVGHUHFXUVRV
3ODQRVGHFDSDFLGDGHJURVVRPRGR
3ODQRVGHQHFHVVLGDGHVGHFDSDFLGDGH
3/$12'(1(&(66,'$'(6'(5(&85626
2V SODQRV GH QHFHVVLGDGHV GH UHFXUVRV VmR SODQRV HVWiWLFRV TXH HQYROYHP D
DQiOLVH GR IXWXUR GH ORQJR SUD]R GH IRUPD D SUHYHU DV QHFHVVLGDGHV GH JUDQGHV
SDUWHV HVWUXWXUDLV GD XQLGDGH SURGXWLYD FRPR R Q~PHUR D ORFDOL]DomR H R WDPDQKR
GHQRYDVXQLGDGHV&RPRHOHVFRQVWLWXHPWHQWDWLYDVGHYLDELOL]DUDSURGXomRQRORQJR
SUD]RDWUDYpVGDREWHQomRGRVUHFXUVRVQHFHVViULRVVmRDOJXPDVYH]HVFKDPDGRVGH
SODQRV GH FDSDFLGDGH LQILQLWD GDGR TXH DVVXPHP XPD KDELOLGDGH TXDVH LQILQLWD GH
HVWDEHOHFHU GDGRV VREUH RV QtYHLV GH SURGXomR FDVR D GHPDQGD JDUDQWD VXD
QHFHVVLGDGH
3/$126'(&$3$&,'$'($*5266202'2
5&&3±528*+&87&$3$&,7<3/$16
1R PpGLR H FXUWR SUD]R RV SURJUDPDV PHVWUHV GH SURGXomR GHYHP XWLOL]DU D
FDSDFLGDGH GLVSRQtYHO 2 FLFOR GH UHDOLPHQWDomR QHVWH QtYHO FRQIURQWD R 036VRPHQWH
FRQWUD RV JDUJDORV H UHFXUVRVFKDYHV VH R 036 QmR p YLiYHO HOH GHYH VHU DMXVWDGR
/RJRGLIHUHQWHPHQWHGRSODQRGHQHFHVVLGDGHVGHUHFXUVRVRVSODQRVGHFDSDFLGDGH
JURVVR PRGR VmR SODQRV GH FDSDFLGDGH ILQLWD SRUTXH GHYHP RSHUDU FRP FHUWDV
UHVWULo}HV
3/$126'(1(&(66,'$'(6'(&$3$&,'$'(
&53±&$3$&,7<5(48(5,0(1763/$16
1XPD EDVH GLiULD DV RUGHQV GH WUDEDOKR TXH GHYHP VHU HPLWLGDV SHOR 053
QRUPDOPHQWH WHP XP HIHLWR YDULiYHO VREUH D FDUJD GH HTXLSDPHQWRV HVSHFtILFRV RX
WUDEDOKDGRUHVLQGLYLGXDLV2&53SURMHWDHVWDFDUJDSHULyGLFDjIUHQWH(OHpXPSODQR
GHFDSDFLGDGHLQILQLWDFRQWXGRQmROHYDHPFRQWDDVUHVWULo}HVGHFDSDFLGDGHGHFDGD
PiTXLQDRXFHQWURGHWUDEDOKR&DVRHVWDFDUJDVHMDRVFLODQWHHODSRGHVHUVXDYL]DGD
DWUDYpV GR UHSODQHMDPHQWR FRP FDSDFLGDGH ILQLWD RX DWUDYpV GD DORFDomR WHPSRUiULD
GHUHFXUVRVDRVHWRU
2VLVWHPD053GHFLFORIHFKDGRSRGHVHUGHVHQYROYLGRGHPRGRDJHUDUSODQRV
GHFXUWtVVLPRSUD]R
0$18)$&785,1*5(6285&(3/$11,1*053,,
2 053 , HUD HVVHQFLDOPHQWH YROWDGR SDUD R SODQHMDPHQWR H FRQWUROH GD
SURGXomRHHVWRTXHVHPHPSUHVDVGHPDQXIDWXUD(QWUHWDQWRRVFRQFHLWRVWrPVLGR
HVWHQGLGRV D RXWUDV iUHDV GD HPSUHVD (VWH FRQFHLWR HVWHQGLGR IRL GHQRPLQDGR SRU
2OLYHU:LJKWXPGRVSDLVGR053H053,,
³8P
SODQR
JOREDO
SDUD
R
SODQHMDPHQWR
H
PRQLWRUDPHQWR GH WRGRV RV UHFXUVRV GH XPD
11
HPSUHVD GH PDQXIDWXUD PDQXIDWXUD PDUNHWLQJ
ILQDQoDV H HQJHQKDULD 7HFQLFDPHQWH HOH HQYROYH
D XWLOL]DomR GR VLVWHPD 053 GH FLFOR IHFKDGR SDUD
JHUDU Q~PHURV ILQDQFHLURV´ :LJKW DSXG 6ODFN
&KDPEHUV+DUODQGHWDOS
6HP RV VLVWHPDV LQWHJUDGRV 053 ,, EDVHV GH GDGRV VHSDUDGDV VmR PDQWLGDV
SRU GLIHUHQWHV IXQo}HV GD HPSUHVD 3RU H[HPSOR XPD HVWUXWXUD GH SURGXWR RX OLVWD
GH PDWHULDLV p PDQWLGD WDQWR QD HQJHQKDULD TXDQWR QD JHVWmR GH PDWHULDLV 4XDQGR
VXUJHP PXGDQoDV GH HQJHQKDULD QR SURMHWR GRV SURGXWRV DPEDV DV EDVHV GH GDGRV
SUHFLVDPVHUDWXDOL]DGDVeGLItFLOPDQWHUDVGXDVEDVHVFRPSOHWDPHQWHLGrQWLFDVHDV
GLVFUHSkQFLDV HQWUH HODV JHUDP SUREOHPDV RV TXDLV QmR VmR QRWDGRV DWp TXH XP
IXQFLRQiULR UHFHED R IRUQHFLPHQWR GH SHoDV HUUDGDV SDUD PDQXIDWXUDU R SURGXWR 'H
IRUPDVLPLODUDVLQIRUPDo}HVGHFXVWRGDViUHDVGHILQDQoDVHFRQWDELOLGDGHDVTXDLV
VmR XWLOL]DGDV SDUD H[HFXWDU DWLYLGDGHV GH FRQWDELOLGDGH JHUHQFLDO FRPR DQiOLVHV GH
YDULkQFLD FRQWUD FXVWRVSDGUmR SUHFLVDP VHU UHFRQFLOLDGDV FRP DV PXGDQoDV
RFRUULGDV HP TXDOTXHU RXWUD SDUWH GD HPSUHVD FRPR PXGDQoDV QRV SURFHVVRV GH
PDQXWHQomRRXSURFHVVDPHQWRGHHVWRTXHV
2 053 ,, p EDVHDGR HP XP VLVWHPD LQWHJUDGR FRQWHQGR XPD EDVH GH GDGRV
TXH p DFHVVDGD H XWLOL]DGD SRU WRGD D HPSUHVD GH DFRUGR FRP DV QHFHVVLGDGHV
IXQFLRQDLV LQGLYLGXDLV (QWUHWDQWR DSHVDU GH VXD GHSHQGrQFLD GH WHFQRORJLDV GH
LQIRUPDomR TXH SHUPLWDP WDOLQWHJUDomRR053,,DLQGDGHSHQGHGDVSHVVRDVSDUDD
WRPDGDGHGHFLV}HV/HY\GHVFUHYHXLVWREHP
³$Wp TXH SRVVDPRV SURYHU D JHQXtQD LQWHOLJrQFLD
DUWLILFLDO
QmR
Ki
PDQHLUD
SHOD
TXDO
XP
FRPSXWDGRU SRVVD RWLPL]DU D PLUtDGH GH YDULiYHLV
GD
PDQXIDWXUD H VXEVWLWXLU D LQWHOLJrQFLD D
LQWXLomR H R FRQKHFLPHQWR ORFDO GR SHVVRDO GH
IiEULFD´ /HY\ DSXG 6ODFN &KDPEHUV +DUODQG HW
DOS
(P RXWUDV SDODYUDV R IHFKDPHQWR GR FLFOR HP VLVWHPDV 053 DLQGD GHSHQGH
IRUWHPHQWHGHSHVVRDVSDUDWRPDUGHFLV}HVHDo}HVFRUUHWLYDVQXPDEDVHGHPLQXWRD
PLQXWR
&86726'26(67248(6
4XDOTXHU WLSR GH DUPD]HQDPHQWR GH PDWpULDSULPD JHUD GHWHUPLQDGRV FXVWRV
TXHVmR
-XURV
'HSUHFLDomR
$OXJXHO
(TXLSDPHQWRVGHPDQXWHQomR
'HWHULRUDomR
2EVROHVFrQFLD
12
6HJXURV
6DOiULRV
&RQVHUYDomR
(VWHVFXVWRVSRGHPVHUGLYLGLGRVHPPRGDOLGDGHV
&XVWRVGHFDSLWDOMXURVGHSUHFLDomR
&XVWRVFRPSHVVRDOVDOiULRVHQFDUJRVVRFLDLV
&XVWRVGHHGLILFDomRDOXJXHOLPSRVWRVOX]HFRQVHUYDomR
&XVWRVGHPDQXWHQomRGHWHULRUDomRREVROHVFrQFLDHHTXLSDPHQWRV
+i GXDV YDULiYHLV TXH HOHYDP HVWHV FXVWRV DV TXDLV VmR D TXDQWLGDGH HP
HVWRTXHHRWHPSRGHSHUPDQrQFLDHPHVWRTXH
(OHYDGDV TXDQWLGDGHV GH PDWpULDSULPD HP HVWRTXH VRPHQWH SRGHUmR VHU
PRYLPHQWDGDV FRP D XWLOL]DomR GH XP PDLRU Q~PHUR GH IXQFLRQiULRV RX HQWmR FRP
PDLRUXVRGHHTXLSDPHQWRVGHPRYLPHQWDomR&RPLVVRUHVXOWDUiQDHOHYDomRGHVWHV
FXVWRV DVVLP TXDQGR Ki XP PHQRU YROXPH GH PDWpULDSULPD HP HVWRTXH RV FXVWRV
VHUmR GLPLQXtGRV HVWHV FXVWRV UHODFLRQDGRV SRGHP VHU FKDPDGRV GH FXVWRV GH
DUPD]HQDJHP (VVHV VmR FDOFXODGRV EDVHDGR QR HVWRTXH PpGLR H JHUDOPHQWH
LQGLFDGRVHPSRUFHQWDJHPGRYDORUHPHVWRTXHFRPLVVRRVFXVWRVGHDUPD]HQDJHP
VmR SURSRUFLRQDLV j TXDQWLGDGH H R WHPSR TXH XPD PDWpULDSULPD SHUPDQHFH HP
HVWRTXH
35(9,6­23$5$26(67248(6
7RGDDWHRULDGRVHVWRTXHVpSDXWDGDQDSUHYLVmRGRFRQVXPRGHPDWHULDO
$SUHYLVmRGHFRQVXPRGHWHUPLQDHVWDVHVWLPDWLYDVIXWXUDVGRVSURGXWRVTXHD
HPSUHVDFRPHUFLDOL]D
$VVLP GHWHUPLQD TXDLV SURGXWRV TXDQWR H TXDQGR VHUmR YHQGLGRV $ SUHYLVmR
SRVVXLFDUDFWHUtVWLFDVEiVLFDVTXHVmR
3RQWRGHSDUWLGDGHWRGRSODQHMDPHQWRHPSUHVDULDO
1mRFRQVLVWHXPDPHWDGHYHQGDV
6XDSUHYLVmRGHYHVHUFRPSDWtYHOFRPRFXVWRGHREWrOD
+i LQIRUPDo}HV EiVLFDV QD SUHYLVmR GRV HVWRTXHV TXH VH GLYLGHP HP GXDV
FDWHJRULDV TXDQWLWDWLYDV H TXDOLWDWLYDV HVWDV SHUPLWHP GHFLGLU TXDLV VHUmR DV
GLPHQV}HVHDGLVWULEXLomRQRWHPSRGDGHPDQGDGRVSURGXWRVDFDEDGRV
4XDQWLWDWLYDV
D(YROXomRGDVYHQGDVQRSDVVDGR
E9DULiYHLVFXMDHYROXomRHH[SOLFDomRHVWmROLJDGDVGLUHWDPHQWHjVYHQGDV
F 9DULiYHLV GH IiFLO SUHYLVmR UHODWLYDPHQWH OLJDGDV jV YHQGDV SRSXODo}HV
UHQGD31%
G,QIOXrQFLDGDSURSDJDQGD
4XDOLWDWLYDV
D2SLQLmRGRVJHUHQWHV
E2SLQLmRGRVYHQGHGRUHV
F2SLQLmRGRVFRPSUDGRUHV
G3HVTXLVDGHPHUFDGR
13
1R FRPSRUWDPHQWR GLQkPLFR GR SURFHVVR H[LVWHP DV WpFQLFDV GH SUHYLVmR GR
FRQVXPRTXHVHFODVVLILFDPHPWUrVJUXSRV
3URMHomR DGPLWHVH TXH R IXWXUR VHUiDUHSHWLomRGRSDVVDGRRXDVYHQGDVVH
HOHYDUmRFRPRWHPSRDVVLPHVWHJUXSRpGHQDWXUH]DTXDQWLWDWLYD
([SOLFDomR SURFXUDVH H[SOLFDU DV YHQGDV GR SDVVDGR PHGLDQWH OHLV TXH
UHODFLRQHP DV PHVPDV FRP RXWUDV YDULiYHLV FXMD HYROXomR p FRQKHFLGD RX
SUHYLVtYHO6mRDSOLFDo}HVGHWpFQLFDVGHUHJUHVVmRHFRUUHODomR
3UHGLOHomR IXQFLRQiULRV H FRQKHFHGRUHV GH IDWRUHV LQIOXHQWHV QDV YHQGDV H QR
PHUFDGRHVWDEHOHFHPDHYROXomRGDVYHQGDVIXWXUDV
7DPEpP H[LVWHP DOJXQV IDWRUHV TXH SRGHP DOWHUDU R FRPSRUWDPHQWR GR
FRQVXPRHLQIOXHQFLDUQDSUHYLVmRSDUDRVHVWRTXHV
,QIOXrQFLDVSROtWLFDV
,QIOXrQFLDVFRQMXQWXUDLV
,QIOXrQFLDVVD]RQDLV
$OWHUDo}HVQRFRPSRUWDPHQWRGRVFOLHQWHV
,QRYDo}HVWpFQLFDV
7LSRVUHWLUDGRVGDOLQKDGHSURGXomR
$OWHUDomRGDSURGXomR
3UHoRVFRPSHWLWLYRVGRVFRQFRUUHQWHV
7(032'(5(326,d­2
2 WHPSR GH UHSRVLomR p XPD GDV LQIRUPDo}HV EiVLFDV QHFHVViULDV SDUD VH
FDOFXODURHVWRTXHPtQLPR
2 WHPSR GH UHSRVLomR FRQVLVWH QR WHPSR JDVWR GHVGH D DYHULJXDomR GH TXH R
HVWRTXH QHFHVVLWD VHU UHSRVWR DWp D HQWUHJD HIHWLYD GR PDWHULDO QR DOPR[DULIDGR GD
HPSUHVD
$VVLPHVWHWHPSRSRGHVHUGLYLGLGRHPWUrVSDUWHV
(PLVVmRGRSHGLGRWHPSRTXHOHYDGHVGHDHPLVVmRGRSHGLGRGHFRPSUDDWp
HOHFKHJDUDRIRUQHFHGRU
3UHSDUDomRGRSHGLGRWHPSRTXHOHYDRIRUQHFHGRUSDUDIDEULFDURVSURGXWRV
DWpGHL[iORVHPFRQGLo}HVGHVHUHPWUDQVSRUWDGRV
7UDQVSRUWH WHPSR TXH OHYD GD VDtGD GR IRUQHFHGRU DWp R UHFHELPHQWR GRV
PDWHULDLVSHODHPSUHVD
(P UHODomR j VXD LPSRUWkQFLD R WHPSR GH UHSRVLomR GHYH VHU GHWHUPLQDGR GR
PRGR PDLV UHDOLVWD SRVVtYHO SRLV DV YDULDo}HV SRGHP DOWHUDU WRGD D HVWUXWXUD GRV
VLVWHPDVGHHVWRTXHV
(67248(0Ë1,02
2 HVWRTXH PtQLPR RX WDPEpP FKDPDGR HVWRTXH GH VHJXUDQoD GHWHUPLQD D
TXDQWLGDGH PtQLPD TXH H[LVWH QR HVWRTXH GHVWLQDGD D FREULU HYHQWXDLV DWUDVRV QR
14
VXSULPHQWR H REMHWLYDQGR D JDUDQWLD GR IXQFLRQDPHQWR HILFLHQWH GR SURFHVVR
SURGXWLYRVHPRULVFRGHIDOWDV
(QWUH DV FDXVDV TXH RFDVLRQDYDP HVWDV IDOWDV SRGHVH FLWDU DV VHJXLQWHV
RVFLODo}HVQRFRQVXPRRVFLODo}HVQDVpSRFDVGHDTXLVLomRRXVHMDDWUDVRQRWHPSR
GH UHSRVLomR YDULDomR QD TXDQWLGDGH TXDQGR R FRQWUROH GH TXDQWLGDGH UHMHLWD XP
ORWHHGLIHUHQoDVGHLQYHQWiULR
$ LPSRUWkQFLD GR HVWRTXH PtQLPR p D FKDYH SDUD R DGHTXDGR HVWDEHOHFLPHQWR
GRSRQWRGHSHGLGR
,GHDOPHQWH R HVWRTXH PtQLPR SRGHULD VHU WmR DOWR TXH MDPDLV KDYHULD SDUD
WRGDVDVILQDOLGDGHVSUiWLFDVRFDVLmRGHIDOWDGHPDWHULDO
(QWUHWDQWR GHVGH TXH D TXDQWLGDGH GH PDWHULDO UHSUHVHQWDGD FRPR PDUJHP
GH VHJXUDQoD QmR VHMD XVDGD H WRUQDVH XPD SDUWH SHUPDQHQWH GR HVWRTXH D
DUPD]HQDJHP H RV RXWURV FXVWRV VHUmR HOHYDGRV $R FRQWUiULR VH HVWDEHOHFHU XPD
PDUJHP GH VHJXUDQoD GHPDVLDGR EDL[D DFDUUHWDULD FXVWR GH UXSWXUD TXH VmR RV
FXVWRVGHQmRSRVVXLURVPDWHULDLVGLVSRQtYHLVTXDQGRQHFHVViULRVLVWRpDSHUGDGH
YHQGDVSDUDOLVDomRGDSURGXomRHGHVSHVDVSDUDDSUHVVDUHQWUHJDV
(VWDEHOHFHU XPD PDUJHP GH VHJXUDQoD RX HVWRTXH PtQLPR p XP ULVFR TXH D
HPSUHVDDVVXPHQDRFRUUrQFLDGDIDOWDGHHVWRTXH
$ GHWHUPLQDomR GR HVWRTXH PtQLPR SRGH VHU IHLWD DWUDYpV GH IL[DomR GH
GHWHUPLQDGDSURMHomRPtQLPDHVWLPDGDQRFRQVXPRHFiOFXORFRPEDVHHVWDWtVWLFD
1HVWHV FDVRV SDUWHVH GR SUHVVXSRVWR GH TXH GHYH VHU DWHQGLGDXPDSDUWHGR
FRQVXPRLVWRpTXHVHMDDOFDQoDGRRJUDXGHDWHQGLPHQWRDGHTXDGRHGHILQLGR
(VVH JUDX GH DWHQGLPHQWR QDGD PDLV p TXH D UHODomR HQWUH D TXDQWLGDGH
QHFHVVLWDGDHTXDQWLGDGHDWHQGLGD
(67248(0È;,02
2HVWRTXHPi[LPRpLJXDODVRPDGRHVWRTXHPtQLPRHGRORWHGHFRPSUD
2ORWHGHFRPSUDSRGHUiVHUHFRQ{PLFRRXQmR
(P FRQGLo}HV QRUPDLV GH HTXLOtEULR HQWUH D FRPSUD H R FRQVXPR R HVWRTXH
RVFLODUiHQWUHRVYDORUHVPi[LPRHPtQLPR
2 HVWRTXH Pi[LPR p XPD IXQomR QR ORWH GH FRPSUD H GR HVWRTXH PtQLPR H
HYLGHQWHPHQWHYDULDUiWRGDVDVYH]HVHPTXHXPDRXGXDVSDUFHODVDFLPDYDULDUHP
2 HVWRTXH Pi[LPR VRIUHUi WDPEpP OLPLWDo}HV GH RUGHP ItVLFD FRPR HVSDoR SDUD
DUPD]HQDPHQWR e SRVVtYHO DLQGD GLPLQXLU WDQWR R WDPDQKR GR ORWH FRPR R GH
HVWRTXHPtQLPRTXDQGRDIDOWDGHFDSLWDOWRUQDVHPDLRU
e SUHIHUtYHO GLPLQXLU R WDPDQKR GR ORWH H GLPLQXLU R HVWRTXH PtQLPR D ILP GH
HYLWDUDSDUDOLVDomRGDSURGXomRSRUIDOWDGHHVWRTXH
&859$$%&'$60$7e5,$635,0$6
$ PDLV LPSRUWDQWH WpFQLFD SDUD DGPLQLVWUDU RV HVWRTXHV p D FKDPDGD DQiOLVH
$%&$QH[R;,
$IRUPDSUiWLFDGDDSOLFDomRGHDQiOLVH$%&REWrPVHSRURUGHQDomRGRVLWHQV
HPIXQomRGRVHXYDORUUHODWLYR
$ WpFQLFD $%& p D ~QLFD TXH WUiV UHVXOWDGRV LPHGLDWLVWDV HP IDVH GD VXD
VLPSOLFLGDGHGHDSOLFDomR
8PDYH]TXHFRQVHJXHVHRUGHQDUWRGRVRVLWHQVSHORVHXYDORUUHODWLYRSDVVD
VHDFODVVLILFiORVHPWUrVJUXSRVFKDPDGRV$%H&FRQIRUPHH[HPSORDVHJXLU
&ODVVH $ QHVWH JUXSR LQFOXHPVH WRGRV RV LWHQV GH YDORU HOHYDGR H SRUWDQWR
VmRRVTXHUHTXHUHPPDLRUFXLGDGRSRUSDUWHGRDGPLQLVWUDGRUGHPDWpULDSULPD
15
&ODVVH%LQFOXHPVHRVLWHQVGHYDORULQWHUPHGLDWLYRVH
&ODVVH&PDQWpPVHRVLWHQVGHPHQRVYDORUUHODWLYR
$VVLPGLYLGHVHRLQYHQWiULRHPWUrVFODVVHV
&ODVVH$TXHUHTXHUFRQWUROHULJRURVR
&ODVVH%TXHUHTXHUXPFRQWUROHPHQRVULJRURVR
&ODVVH&TXHUHTXHUXPFRQWUROHDSHQDVURWLQHLUR
6H D FODVVH $ UHSUHVHQWD QRYH SRU FHQWR GRV LWHQV LVWR p WUH]H LWHQV HOD SRGH
UHSUHVHQWDUVHVVHQWDSRUFHQWRGRFDSLWDOLQYHVWLGRHPHVWRTXH
$FODVVH%UHSUHVHQWDWULQWDHXPSRUFHQWRGRWRWDOGRVLWHQVLVWRpTXDUHQWD
HWUrVLWHQVFRUUHVSRQGHPDYLQWHHFLQFRSRUFHQWRGRFDSLWDO
$FODVVH&UHSUHVHQWDSRUWDQWRVHVVHQWDSRUFHQWRGRVLWHQVRXVHMDRLWHQWDH
TXDWURLWHQVHYDLFRUUHVSRQGHUDTXLQ]HSRUFHQWRGRYDORUHPSDWDGRHPHVWRTXH
6RPDQGRVH RV LWHQV GDV FODVVHV $ H % LVWR p WUH]H PDLV TXDUHQWD H WUrV p
LJXDODFLQTHQWDHVHLVYHULILFDVHTXHLVWRUHSUHVHQWDUiRLWHQWDHFLQFRSRUFHQWRGR
WRWDOGRLQYHVWLPHQWRHPHVWRTXH
3RUWDQWR XP FRQWUROH DFHQWXDGR H HILFLHQWH VREUH RV TXDUHQWD SRU FHQWR GRV
LWHQV VLJQLILFDUi FRQWURODU EHP RLWHQWD H FLQFR SRU FHQWR GRV LQYHVWLPHQWRV HP
HVWRTXH
527$7,9,'$'('$60$7e5,$635,0$6
$ URWDWLYLGDGH RX JLUR GR HVWRTXH p XPD UHODomR H[LVWHQWH HQWUH R FRQVXPR
DQXDOHRHVWRTXHPpGLRGRSURGXWR
$URWDWLYLGDGHpH[SUHVVDQRLQYHUVRGHXQLGDGHGHWHPSRRXHPYH]HVLVWRp
YH]HVSRUGLDRXSRUPrVRXSRUDQR
2 tQGLFH GH JLUR SRGH WDPEpP VHU REWLGR DWUDYpV GH YDORUHV PRQHWiULRV GH
FXVWRVRXGHYHQGD
2 JUDQGH PpULWR GR tQGLFH GH URWDWLYLGDGH GR HVWRTXH p TXH HOH UHSUHVHQWD XP
SDUkPHWUR IiFLO SDUD D FRPSDUDomR GR HVWRTXH HQWUH HPSUHVDV GR PHVPR UDPR GH
DWLYLGDGHHHQWUHFODVVHVGHPDWHULDOGRHVWRTXH
3DUD ILQV GH FRQWUROH GHYHVH GHWHUPLQDU D WD[D GH URWDWLYLGDGH DGHTXDGD j
HPSUHVD H HQWmR FRPSUiOD FRP D WD[D UHDOeEDVWDQWHUHFRPHQGiYHODRGHWHUPLQDU
R SDGUmR GH URWDWLYLGDGH HVWDEHOHFHU XP tQGLFH SDUD FDGD JUXSR GH PDWHULDLV TXH
FRUUHVSRQGDDXPDPHVPDIDL[DGHSUHoRRXFRQVXPR
16
Download

1. funco do controle de estoque 2. objetivo do controle de estoque 3