81,9(56,'$'()('(5$/'2&($5È

,167,7872'(&8/785$($57(

0$12(/$/9(6'$6,/9$

)(50(17$d­21$785$/±&21+(&(1'22/(9$,1(68$$3/,&$d­2

&20(5&,$/120(5&$'2'()257$/(=$

)257$/(=$

0$12(/$/9(6'$6,/9$

)(50(17$d­21$785$/±&21+(&(1'22/(9$,1(68$$3/,&$d­2

&20(5&,$/120(5&$'2'()257$/(=$

7UDEDOKR GH &RQFOXVmR GH &XUVRDSUHVHQWDGR j 8QLYHUVLGDGH )HGHUDO GR&HDUi ± 8)& FRPR UHTXLVLWR SDUFLDO jREWHQomR GR WtWXOR GH %DFKDUHO HP*DVWURQRPLD

2ULHQWDGRUD3URID0D0DWXVDLOD$UDJmR0DFHGR

)257$/(=$

'DGRV,QWHUQDFLRQDLVGH&DWDORJDomRQD3XEOLFDomR8QLYHUVLGDGH)HGHUDOGR&HDUi

%LEOLRWHFD8QLYHUVLWiULD

*HUDGDDXWRPDWLFDPHQWHSHORPyGXOR&DWDORJPHGLDQWHRVGDGRVIRUQHFLGRVSHORDXWRU

6I 6LOYD0DQRHO$OYHVGD

)HUPHQWDomRQDWXUDOFRQKHFHQGRROHYDLQHVXDDSOLFDomRFRPHUFLDOQRPHUFDGRGH)RUWDOH]D0DQRHO$OYHVGD6LOYD±

ILO

7UDEDOKRGH&RQFOXVmRGH&XUVRJUDGXDomR±8QLYHUVLGDGH)HGHUDOGR&HDUi,QVWLWXWRGHFXOWXUDH$UWH&XUVRGH*DVWURQRPLD)RUWDOH]D

2ULHQWDomR3URID0D0DWXVDLOD$UDJmR0DFHGR

SDQLILFDomRIHUPHQWDomRQDWXUDOOHYDLQPHUFDGRIRUWDOH]D,7tWXOR

&''

0$12(/$/9(6'$6,/9$

)(50(17$d­21$785$/±&21+(&(1'22/(9$,1(68$$3/,&$d­2

&20(5&,$/120(5&$'2'()257$/(=$

7UDEDOKR GH &RQFOXVmR GH &XUVRDSUHVHQWDGR j 8QLYHUVLGDGH )HGHUDO GR&HDUi FRPR UHTXLVLWR SDUFLDO SDUDREWHQomR GR WtWXOR GH %DFKDUHO HP*DVWURQRPLD

$SURYDGDHP

%$1&$(;$0,1$'25$

3URID0D0DWXVDLOD$UDJmR0DFHGR

8QLYHUVLGDGH)HGHUDOGR&HDUi8)&

3URID'UD$OHVVDQGUD3LQKHLURGH*yHV&DUQHLUR

8QLYHUVLGDGH)HGHUDOGR&HDUi8)&

3URI0H5RGULJR9LULDWR$UDXMR

8QLYHUVLGDGH)HGHUDOGR&HDUi8)&

5(6802

2 SmR p FRQVLGHUDGR R PDLV DQWLJR DOLPHQWR SURFHVVDGR VHQGR FRQVXPLGRURWLQHLUDPHQWHHPSUDWLFDPHQWHWRGRRPXQGR$IHUPHQWDomRpXPGRVIDWRUHVPDLVLPSRUWDQWHVSDUDDJUHJDUTXDOLGDGHVFRPRDURPDVDERUHWH[WXUDDRSmR$LQGDQDDQWLJXLGDGHIRL GHVFREHUWDSRUDFDVRSHORVHJtSFLRVTXDQGRXPDSRUomRGHIDULQKDPLVWXUDGDFRPiJXDIRL GHL[DGDH[SRVWDDRDUHVVDYHLRDVHH[SDQGLUSHODDomRGRVIXQJRVHEDFWpULDVH[LVWHQWHVQRPHLRDPELHQWHTXH VHLQVWDODUDPQDPDVVDSDUDVHDOLPHQWDUWUDQVIRUPDQGRRDo~FDUDOLFRQWLGRHPiOFRROHJHUDQGRJDVHVTXHFRQWLGRVSHODUHGHGHJO~WHQSURYRFDPRFUHVFLPHQWRDOWHUDQGRDWH[WXUDHDJUHJDQGRDURPDHVDERU(VVHSURFHVVRGHIHUPHQWDomRGLWRQDWXUDOSHUGXURXDWpRVpFXOR;,;TXDQGRRIUDQFrV/RXLV3DVWHXUGHVFREULXDDomRGRVPLFURUJDQLVPRVYLYRVDSDUWLUGDHVSpFLHGH IXQJR 6DFFKDURP\FHV FHUHYLVLDH QR SURFHVVR GH IHUPHQWDomR IDYRUHFHQGR DSURGXomR FRPHUFLDO GR IHUPHQWR ELROyJLFR XWLOL]DGR DWp KRMH $ DOWD FRQFHQWUDomRGHVVDOHYHGXUDDFHOHURXHSDGURQL]RX RSURFHVVRGHIHUPHQWDomRID]HQGRFRPTXHRIHUPHQWRQDWXUDOFDtVVHHPGHVXVRQRPHUFDGRGDSDQLILFDomRHPFXUWRHVSDoRGHWHPSRILFDQGRHVVHUHVWULWRDSDGHLURVDUWHVDQDLVRXHVWDEHOHFLPHQWRVHVSHFLDOL]DGRVQDSURGXomRGHSmHVU~VWLFRV FRQKHFLGRVFRPRDUWHVDQDLV1DV~OWLPDVGpFDGDVQDEXVFD SHOD UHWRPDGD GH SURGXWRV QDWXUDLV H RUJkQLFRV QD DOLPHQWDomR R XVR GRIHUPHQWR QDWXUDO FRQKHFLGR SRU OHYDLQ GHQWUH RXWUDV GHQRPLQDoHV WHP FUHVFLGRGHYLGRDRVEHQHItFLRVVHQVRULDLVTXHWUD]DRSmRTXHVH WUDGX]HPHPWH[WXUDVDERUHDURPDDJUDGiYHLVDRSDODGDU$OpPGHDSUHVHQWDUDVFDUDFWHUtVWLFDVHYDQWDJHQVGR OHYDLQHPUHODomRDRIHUPHQWRELROyJLFRFRPHUFLDODSHVTXLVDEXVFDHYLGHQFLDUVXDXWLOL]DomRQRPHUFDGRGDSDQLILFDomRGH)RUWDOH]DEXVFDQGRFRQKHFHUDUHGHGHHVWDEHOHFLPHQWRV TXH Mi ID]HP XVR HP HVFDOD LQGXVWULDO $WUDYpV GH FRQVXOWD DMRUQDLV UHYLVWDV VLWHV HVSHFLDOL]DGRV H YLVLWD DRV SULQFLSDLV HVWDEHOHFLPHQWRV TXHDGRWDPR OHYDLQQDSURGXomRGHSmHVRUHVXOWDGRGDSHVTXLVDHYLGHQFLDTXHQmRREVWDQWHRDXPHQWRGDSURFXUDSRUSURGXWRVQDWXUDLVDOLDGRDRVEHQHItFLRVDGYLQGRVGR XVR GR OHYDLQ HP IDFH GR IHUPHQWR ELROyJLFR FRPHUFLDO D SDUWLFLSDomR GRVHVWDEHOHFLPHQWRVTXHRIHUHFHPSmHVSURGX]LGRVFRPRXVRGDIHUPHQWDomRQDWXUDODLQGD WHP SRXFD VLJQLILFkQFLD HP IDFH GR FRQWLQJHQWH SRSXODFLRQDO $V SDGDULDVDUWHVDQDLVYLDGHUHJUDHVWmRFRQFHQWUDGDVQDVFKDPDGDViUHDVQREUHVGDFLGDGHGH)RUWDOH]DHSHUFHEHVHTXHSRUVHWUDWDUGHXPSURGXWRTXHGHPDQGDPXLWRWHPSRHP VHX IDEULFR VHX SUHoR VH HOHYD FRQVLGHUDYHOPHQWH WRUQDQGRR XP SURGXWRGHVWLQDGRjXPDSDUFHODGDSRSXODomRFRPPDLRUSRGHUDTXLVLWLYR

3DODYUDVFKDYHSDQLILFDomRIHUPHQWDomRQDWXUDOOHYDLQPHUFDGRIRUWDOH]D

$%675$&7

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

.H\ZRUGVEDNLQJQDWXUDOIHUPHQWDWLRQOHYDLQPDUNHWIRUWDOH]D

680È5,2

,1752'8d­2«««««««««««««««««««««««

2%-(7,926«««««««««««««««««««

2EMHWLYRJHUDO

2EMHWLYRVHVSHFtILFRV

0(72'2/2*,$

',6&866­2(5(68/7$'26

(YROXomRKLVWyULFDGDIHUPHQWDomR«««««««««««««

2SURFHVVRGHSDQLILFDomR±LQJUHGLHQWHVEiVLFRV

$IDULQKD«««««««««««««««««««««««

$iJXD«««««««««««««««««««««««

2VDO

2IHUPHQWR

3URFHVVRGHIHUPHQWDomRELROyJLFD«««««««««

)HUPHQWRELROyJLFRFRPHUFLDO

)HUPHQWR1DWXUDO

2OHYDLQ

3URFHVVRGHFULDomRHPDQXWHQomRGROHYDLQ

3URSULHGDGHVDWULEXtGDVDROHYDLQ

2XVRGROHYDLQQRPHUFDGRGDSDQLILFDomRFHDUHQVH

0HWRGRORJLD

5HVXOWDGRV

&RQFOXVmRHDQiOLVH

&216,'(5$d®(6),1$,6««««««««««««««««

5()(5Ç1&,$6««««««««««««««««««««««

$1(;2

ϴ

,1752'8d­2

2 SmR XP GRV DOLPHQWRV PDLV FRQVXPLGRV HP WRGR R PXQGR p

FRQVLGHUDGR R SURFHVVDGRPDLV DQWLJR 7UDGLFLRQDOPHQWH RULJLQDVH GD IDULQKD GH

WULJRVHQGRSURYiYHOTXHVXUJLXQR2ULHQWH0pGLRRQGHRFHUHDOpFXOWLYDGRGHVGHD

$QWLJXLGDGH2SURFHVVRGHIDEULFDomRFRQVLVWLDQDPRDJHPJURVVHLUDGRVJUmRVHR

DFUpVFLPR GH iJXD IRUPDQGR XPD PDVVD TXH HUD OHYDGD D DVVDU &$89$,1

<281*

6XSHVHTXHDGHVFREHUWDGDIHUPHQWDomRRFRUUHXSRUDFDVRTXDQGRXP

SHGDoR GHPDVVD IRL HVTXHFLGR D FpX DEHUWR H DFDERX LQRFXODGR SRU EDFWpULDV H

OHYHGXUDVH[LVWHQWHVQRDPELHQWH UHVXOWDQGR LQLFLDOPHQWHQD IHUPHQWDomRDOFRyOLFD

TXH HYROXLX SDUD D IHUPHQWDomR iFLGD TXH DOWHURX D FRQVLVWrQFLD GHVVD PDVVD

DXPHQWDQGR VHX YROXPH $R GHVFREULUHP TXH D HVVD PDVVD OHYHGDGD DR VHU

PLVWXUDGD D XPDPDVVD IUHVFD GHVWLQDGD D IDEULFDU SmR RFRUULD XPDPHOKRULD QR

SURFHVVR GH IDEULFR GR SmR RV HJtSFLRV WHULDP LQFRUSRUDGR HVVD WpFQLFD GH

IHUPHQWDomRQDSURGXomRGHSmHVTXHIRLDPSODPHQWHHVWLPXODGDSHODLQYHQomRGH

IRUQRV IHFKDGRV WHQGR SHUGXUDGR DWpPHDGRV GR VpFXOR ;,; &$1(//$5$:/6

2 IHUPHQWR ELROyJLFR FRPHUFLDO SDVVRX D VHU GHVHQYROYLGR D SDUWLU GR

VpFXOR;,;JUDoDVDRVHVWXGRVGH/RXLV3DVWHXUTXHUHYHODUDPDDomRRUJkQLFDGRV

DJHQWHV IHUPHQWDGRUHV HVSHFLDOPHQWH D HVSpFLH GH IXQJR 6DFFKDURP\FHV

FHUHYLVLDHIDYRUHFHQGRDSURGXomRHPODUJDHVFDODHGLVVHPLQDomRSHORPXQGR

,PSXOVLRQDGRSHORVUHVXOWDGRVGRVHVWXGRVGH3DVWHXUMiUHIHULGRVRXVR

GR IHUPHQWR ELROyJLFR FRPHUFLDO IRL UDSLGDPHQWH LQFRUSRUDGR DR SURFHVVR GD

SDQLILFDomRWHQGRVXDSURGXomRLQGXVWULDOHPODUJDHVFDODIDYRUHFLGRRDWHQGLPHQWR

GDFUHVFHQWHGHPDQGDDFDUUHWDQGRDVXEVWLWXLomRSDXODWLQDGDIHUPHQWDomRQDWXUDO

TXHILFRXUHVWULWDDUHGX]LGRQ~PHURGHXVXiULRV1RV~OWLPRVDQRVDYDORUL]DomRGRV

SURGXWRV DUWHVDQDLV H R FUHVFHQWH HVWtPXOR j FXOWXUD GR FRQVXPR GH SURGXWRV

RUJkQLFRVYrPWUD]HQGRXPUHWRUQRjXWLOL]DomRGHIHUPHQWRQDWXUDOQDSDQLILFDomR

&$0$5*2

ϵ

1HVVHFRQWH[WRRSUHVHQWHHVWXGRWHPFRPREDVHFRQKHFHUROHYDLQHP

VHXVDVSHFWRVTXHSRVVDPUHVXOWDUHPYDQWDJHQVHPUHODomRDRIHUPHQWRELROyJLFR

FRPHUFLDO EHP FRPR R JUDX GH XWLOL]DomR GHVVH IHUPHQWR QDWXUDO QRPHUFDGR GD

SDQLILFDomR FRPHUFLDO GD FLGDGH GH )RUWDOH]D FRP IRFR QD TXDQWLGDGH GH

HVWDEHOHFLPHQWRVTXHMiDGRWDPWDOPpWRGRQDSURGXomRGHSmHV

2LQWHUHVVHQRWHPDDGYpPGDVDOHJDGDVYDQWDJHQVGRIHUPHQWRQDWXUDO

TXH VH WUDGX]HP HP VDERU H DURPD DJUDGiYHLV WH[WXUD LQWHUQD PDFLD H FURVWDV

FURFDQWHVDOpPGHPDLRUGLJHVWLELOLGDGHHGRSUD]RGHGXUDomRGRSmRSURGX]LGRHP

IDFHGRELROyJLFRFRPHUFLDO

'Dt TXHVWLRQDVH D HIHWLYLGDGH GHVVDV YDQWDJHQV H D YLDELOLGDGH GH

DWHQGHUjGHPDQGDDWXDOGHSmHVQDFLGDGHGH)RUWDOH]DPHGLDQWHRDGRomRGRXVR

GRIHUPHQWRQDWXUDOHPHVFDODLQGXVWULDO

(QWHQGHVHTXHRPpWRGRQDWXUDOGHIHUPHQWDomRIRLXWLOL]DGRSRUVpFXORV

WHQGRSURSRUFLRQDGRXPIDWRUGHGHVHQYROYLPHQWRGDSDQLILFDomRHPWRGRRPXQGR

(VVHPpWRGR WHYH VXD HYROXomR RIXVFDGD SHOD IHUPHQWDomR ELROyJLFD FRPHUFLDO D

SDUWLUGRVpFXOR;,;HHPHVWDGRFUHVFHQWHDWpRVGLDVGHKRMHPRWLYRGHVVDSHVTXLVD

RQGH SURFXUDVH FRQKHFHU R XVR GR OHYDLQ QD SURGXomR FRPHUFLDO QD FLGDGH GH

)RUWDOH]DDOLQKDGDjWHQGrQFLDHPWRGRRPXQGRVHVXDUHWRPDGDQDIDEULFDomRGH

SmHV

2%-(7,926

2V REMHWLYRV GR HVWXGR IRUDP WUDoDGRV D SDUWLU GDV FRQVLGHUDoHV

DSUHVHQWDGDV H HVWmR HVSHFLILFDGRV GH IRUPD D FRQVROLGDU XP LQVWUXPHQWR GH

SHVTXLVDVREUHROHYDLQHVHXXVRTXHSRVVDIDFLOLWDURHQWHQGLPHQWRGHVVHPHLRGH

IHUPHQWDomRSDUDSmHVODUJDPHQWHXWLOL]DGRQRSDVVDGRUHOHJDGRDRGHVXVRDSyVR

DGYHQWRGRIHUPHQWRELROyJLFRFRPHUFLDO

1HVVHVHQWLGRDHVWUXWXUDGRWUDEDOKRFRQWHPSODGDGRVVREUHDHYROXomR

KLVWyULFDGDSDQLILFDomRRSURFHVVRGHIDEULFDomRGRSmRGDGRVFRQFHLWXDLVVREUH

IHUPHQWDomR WLSRVGH IHUPHQWRVXWLOL]DGRVQDSDQLILFDomRSDUWLFXODULGDGHVVREUHR

ϭϬ

OHYDLQ DEUDQJHQGR FRPSRVLomR IRUPD GH XWLOL]DomR PDQXWHQomR H HIHLWRV

GHFRUUHQWHV GH VXD XWLOL]DomR EHP FRPR R JUDX GH XWLOL]DomR GHVVH IHUPHQWR QR

PHUFDGRGH)RUWDOH]D

2EMHWLYR*HUDO

&RQKHFHUROHYDLQQRTXHWDQJHjVFDUDFWHUtVWLFDVPpWRGRGHSURGXomR

YDQWDJHQVHGHVYDQWDJHQVHPFRPSDUDomRFRPRIHUPHQWRELROyJLFRFRPHUFLDOXVR

QDIDEULFDomRGHSmHVHVXDXWLOL]DomRQRPHUFDGRGDSDQLILFDomRFRPHUFLDOQDFLGDGH

GH)RUWDOH]D

2EMHWLYRVHVSHFtILFRV

&RQFHLWXDUR OHYDLQHGHVFUHYHUVHXSURFHVVRGHFULDomRPDQXWHQomR

UHQRYDomRHXWLOL]DomR

(YLGHQFLDU DV YDQWDJHQV H GHVYDQWDJHQV GR XVR GR OHYDLQ HP

FRPSDUDomRFRPRPpWRGRTXHVHXWLOL]DGRIHUPHQWRELROyJLFRFRPHUFLDOWHQGRSRU

SDUkPHWURV GH TXDOLGDGH DV FDUDFWHUtVWLFDV VHQVRULDLV GH VDERU DURPD H WH[WXUD

IHUPHQWDomR

$SUHVHQWDU DV FDUDFWHUtVWLFDV GR SmR SURGX]LGR SHOR PpWRGR GH

IHUPHQWDomRQDWXUDOSHORXVRGROHYDLQ

'LPHQVLRQDU R XVR GR OHYDLQ QD SDQLILFDomR FRPHUFLDO QD FLGDGH GH

)RUWDOH]D

0(72'2/2*,$

$ PHWRGRORJLD XWLOL]DGD EDVHLDVH HP SHVTXLVD EiVLFD SXUD TXH QD

GHILQLomR GH /DNDWRV S ³SURFXUD R SURJUHVVR FLHQWtILFR D DPSOLDomR GH

FRQKHFLPHQWRVWHyULFRVVHPDSUHRFXSDomRGHXWLOL]iORVQDSUiWLFD´

7UDWDVHGHXPDUHYLVmRELEOLRJUiILFDFDOFDGDQDWHPiWLFDGHSURGXomRGH

SmHVDUWHVDQDLVVXEVLGLDGDSRUSHVTXLVDTXDOLWDWLYDHH[SORUDWyULDGRPHUFDGRGD

3DQLILFDomRGH)RUWDOH]DDWUDYpVGH MRUQDLV UHYLVWDVVLWHVHVSHFLDOL]DGRVHGDGRV

FROHWDGRVGLUHWDPHQWHQDVORMDVGHSDQLILFDomRDUWHVDQDO

ϭϭ

',6&866­2(5(68/7$'26

2SmRHVWiSUHVHQWHQRVKiELWRVDOLPHQWDUHVHPWRGRRPXQGRHSHUPHLD

DKLVWyULDGDKXPDQLGDGHUHVXOWDQGRGHXPSURFHVVRTXHVHGHVHQYROYHXDRORQJR

GHPLOrQLRVWUDWDQGRVHGHXPDKHUDQoDDQFHVWUDOFRQVWUXtGDSRUJUHJRVHJtSFLRV

KHEUHXVLEpULFRVHXURSHXVHRXWUDVFLYLOL]DoHVTXHGHDOJXPDIRUPDFRQWULEXtUDP

SDUDDIRUPDomRGRDOLPHQWRFRPRVHDSUHVHQWDQDDWXDOLGDGH&$1(//$5$:/6

(YROXomRKLVWyULFDGDIHUPHQWDomR

,QLFLDOPHQWHQDDQWLJD0HVRSRWkPLDRSmRHUD UHVXOWDGRGHXPD WULWXUD

U~VWLFDGHJUmRVPLVWXUDGRVjiJXDVHFDGRVDRVROHDVVDGRVHPEUDVDHPIRUPDGH

SDQTXHFD$WULEXLVHDRVHJtSFLRVDGHVFREHUWDGDIHUPHQWDomRDWUDYpVGDVXSRVWD

H[SRVLomRDFpXDEHUWRGHXPSHGDoRGHPDVVDFRPSRVWDGHIDULQKDDFUHVFLGDGH

iJXDGRTXHUHVXOWRXDLQRFXODomRGHEDFWpULDVHOHYHGXUDVSUHVHQWHVQRDPELHQWH

R TXH DFDUUHWRX XPD IHUPHQWDomR DOFyROLFD TXH HYROXLX SDUD IHUPHQWDomR iFLGD

SURYRFDQGRRDXPHQWRGRYROXPHGDPDVVD&$1(//$5$:/6

2 SURFHVVR GH IHUPHQWDomR QD IDEULFDomR GH SmHV Mi p FRQKHFLGR H

XWLOL]DGR Ki DSUR[LPDGDPHQWH VHLV PLO DQRV TXDQGR RV HJtSFLRV GHVFREULUDP H

GRPLQDUDPD WpFQLFD GH SURGX]LU GHVHQYROYHU H HPSUHJDU R IHUPHQWR QR SUHSDUR

PHGLDQWHDFUpVFLPRGHXPDSRUomROHYHGDGDJXDUGDQGRSDUWHGHVWDSDUDPDQWHUD

SURGXomRGRIHUPHQWRSDUDSURGXoHVIXWXUDV&$89$,1<281*

1D 5RPD DQWLJD SRU YROWD GH D & D SURGXomR GH SmR OHYHGDGR

DVVXPLXWDPDQKDLPSRUWkQFLDTXHHQVHMRXRVXUJLPHQWRGHPRHGRUHVFLUFXODUHVTXH

VHUYLUDPGHEDVHSDUDTXDOTXHUSURFHVVRGHPRDJHPDWpRDGYHQWRGD5HYROXomR

,QGXVWULDO3RUYROWDGRDQRD&SHODLQWHUYHQomRGRVHJtSFLRVRSmRGHL[RXGH

VHU XP DOLPHQWR U~VWLFR H SDVVRX D VHU HODERUDGR D SDUWLU GH JUmRV WULWXUDGRV HP

PRLQKRVGHSHGUDVFRQGX]LQGRVXDIDEULFDomRDRFDPSRGDDUWHTXDQGRSDVVDUDP

DVHUSURGX]LGRVSmHVHPYDULDGRV IRUPDWRVSDGURQL]DGRVVHQGRTXHFDGD IRUPD

ϭϮ

H[SUHVVDYDXPDPDQLIHVWDomRDUWtVWLFDDH[HPSORGRSmRHPIRUPDGHFRQHTXHHUD

GHGLFDGRDRVGHXVHV&$1(//$5$:/6

1RSHUtRGRGD,GDGH0pGLDFRPDH[SDQVmRGDVYLODVHFLGDGHVKRXYH

DXPHQWRGDWURFDGHPHUFDGRULDVHGDtVXUJLXDQHFHVVLGDGHGHLQYHVWLUQDSURGXomR

FRPHUFLDOGHSmHVMXVWLILFDQGRDFULDomRGHDVVRFLDoHVGHSDGHLURVTXHSURWHJLDP

RLQWHUHVVHGHVHXVDVVRFLDGRVHUHJXODYDFDUDFWHUtVWLFDVHSUHoRGRSmR&$1(//$

5$:/6

$SUHGRPLQkQFLDGRXVRGDIHUPHQWDomRQDWXUDOQDSDQLILFDomRSHUGXURX

DWp R VpFXOR ;,; TXDQGR RV IHUPHQWRV FRPHUFLDLV SDVVDUDP D VHU XWLOL]DGRV H

SURGX]LGRVHPODUJDHVFDODLQGXVWULDOHPGHFRUUrQFLDGHHVWXGRVGHVHQYROYLGRVSHOR

IUDQFrV /RXLV 3DVWHXU TXH UHYHORX D DomR GH RUJDQLVPRV YLYRV QR SURFHVVR GD

IDEULFDomR GH SmR R TXH IDYRUHFHX R DXPHQWR GD FDSDFLGDGH GH SURGXomR H GR

FRQWUROHGHTXDOLGDGH&$89$,1<281*

2 VpFXOR ;,; IRL PDUFDGR SHORV HIHLWRV GD 5HYROXomR ,QGXVWULDO TXH

SURYRFRX JUDQGH r[RGR UXUDO GRV WUDEDOKDGRUHV GDV QRYDV LQG~VWULDV UHGX]LQGR D

FDSDFLGDGH GH SURGXomR GH DOLPHQWRV H DXPHQWDQGR D GHPDQGD SDUD DWHQGHU j

QHFHVVLGDGH GH FRPLGD QHVVHV DJORPHUDGRV XUEDQRV GR TXH UHVXOWRX D IRPH H

FRQVHTXHQWHPHQWH R SmR SDVVRX D VHU PXLWR FRQVXPLGR SRU VHU FRQVLGHUDGR

DOLPHQWRHVVHQFLDOHGHIiFLOSURGXomR&$1(//$5$:/6

$SDUWLUGDtLPSXOVLRQDGRSHORFUHVFHQWHDXPHQWRGDGHPDQGDGHJrQHURV

DOLPHQWtFLRVHPIDFHGRDFHOHUDGRFUHVFLPHQWRSRSXODFLRQDOQDVJUDQGHVFLGDGHVR

XVRGRIHUPHQWR LQGXVWULDOIRLUDSLGDPHQWHLQFRUSRUDGRDRSURFHVVRGDSDQLILFDomR

VXEVWLWXLQGRSDXODWLQDPHQWHDIHUPHQWDomRQDWXUDO&$0$5*2

1HVVHVHQWLGR&DPDUJRSH[SUHVVDFRPSURSULHGDGHRDYDQoR

GDIHUPHQWDomRLQGXVWULDOHPGHWULPHQWRGDIHUPHQWDomRQDWXUDOTXDQGRGL]

$ IHUPHQWDomR QDWXUDO OHQWD H FDSULFKRVD QXP FHUWRPRPHQWR WRUQRXVHLQFRQYHQLHQWHSDUDRVKRUiULRVDSHUWDGRVGRFRWLGLDQRPRGHUQR$WpTXHRPpWRGRDQWLJRYLURXPDLVH[FHomRGRTXHUHJUDSDGHFHQGRH[DJHUHPRVGHXPDLPDJHPS~EOLFDDVVRFLDGDDSHQDVDSDGHLURVIUDQFHVHVWUDGLFLRQDOLVWDV

ϭϯ

1R GHFRUUHU GR VpFXOR ;; D H[HPSORV GH RXWUDV iUHDV D SDQLILFDomR

SDVVRX SRU JUDQGHV WUDQVIRUPDoHV QR VHQWLGR GD DXWRPDWL]DomR GR SURFHVVR GH

IDEULFDomR YLVDQGR DR DXPHQWR GD SURGXomR H EDUDWHDPHQWR GR SUHoR )RUDP

LQVWDODGRVIRUQRVPRYLGRVDJiVTXHHOHYDUDPRVQtYHLVGHTXDQWLGDGHHTXDOLGDGH

HPUHODoHVDRVDQWLJRVIRUQRVDOHQKD1D,QJODWHUUDIRLLQWURGX]LGRXPSURFHVVRGH

PLVWXUD H[WUHPDPHQWH UiSLGD TXH DEUHYLD R WHPSR GH IHUPHQWDomR H GLPLQXL

FRQVLGHUDYHOPHQWHR WHPSRGHSURGXomRRTXHVHGLVVHPLQRXSDUDRXWURVSDtVHV

VHQGRRPDLVXWLOL]DGRQRVGLDVDWXDLV&$1(//$5$:/6S

23URFHVVRGHSDQLILFDomR±LQJUHGLHQWHVEiVLFRV

'H IRUPDREMHWLYD R SmR FRQVLVWH QXPDPLVWXUD GH IDULQKD iJXD VDO H

IHUPHQWRTXHVmRFRQVLGHUDGRVRVLQJUHGLHQWHVEiVLFRVSRGHQGRKDYHURDFUpVFLPR

GHRXWURVLQJUHGLHQWHVGLWRVHQULTXHFHGRUHVDH[HPSORGHRYRVDo~FDUHVSHFLDULDV

JRUGXUDVHRXWURVjHVFROKDGRSDQLILFDGRU$PLVWXUDFRQYHUWLGDHPIRUPDGHSDVWD

RXPDVVDpVXEPHWLGDVRYD IHUPHQWDomRPRGHODJHPHFRFomR1DSDQLILFDomRD

IHUPHQWDomRFRQVLVWHQRSURFHVVRGHID]HUDPDVVDVHH[SDQGLUSHODLQFRUSRUDomRGH

PDWHULDOTXtPLFRRXELROyJLFRTXHSURGX]DJiVFDUERGLy[LGRTXHpDSULVLRQDGRQDV

FDGHLDVGHJO~WHQSURSRUFLRQDQGRYROXPHDRSURGXWR&$1(//$5$:/6

'H DFRUGR FRP&DXYDLQ <RXQJ DLQGD TXH GHVGH R LQtFLR WHQKD

FRPR REMHWLYR FRQYHUWHU D IDULQKD HP XP DOLPHQWR SDODWiYHO RV SURFHVVRV GH

SDQLILFDomR HYROXtUDP DR ORQJR GR WHPSR H SRGHP VHU HVWUXWXUDGRV HP GLYHUVDV

HWDSDV VHTXHQFLDGDV 7DO VHTXrQFLD WHP LQtFLR QD PLVWXUD GH VHXV LQJUHGLHQWHV

FRQVLGHUDGRV EiVLFRV TXH VmR IDULQKD iJXD VDO H IHUPHQWR QDV SURSRUoHV

DGHTXDGDVHPERUDKDMDWLSRVGHSmHVTXHGLVSHQVHPIHUPHQWDomR$PLVWXUDH[LJH

DRPHVPRWHPSRDKLGUDWDomRHRDPDVVDPHQWRSRUYLJRURVDDomRPHFkQLFDTXH

LPSOLFDUiQRGHVSUHQGLPHQWRGRDPLGRHDUHDomRGDVSURWHtQDVJOXWHQLQDHJOLDGLQD

TXHFRPSHPRJO~WHQTXHHPFRQWDWRFRPRVFRPSRQHQWHVOtTXLGRVGDPDVVDVH

FRPELQDP QXPD UHDomR HP FDGHLD GD TXDO UHVXOWD XPD VXEVWkQFLD HOiVWLFD H

UHVLVWHQWHFRQKHFLGDSRUJO~WHQGHL[DQGRDPDVVDDSWDjUHWHQomRGRVJDVHVJHUDGRV

QDIHUPHQWDomR&$89$,1<281*

ϭϰ

6HJXQGR&DQHOOD5DZOVH[LVWHPGRLVSULQFLSDLVPpWRGRVGHPLVWXUD

RPpWRGRGLUHWRHRPpWRGRLQGLUHWR2TXHGHILQHFDGDXPGHOHVpRWLSRGHIHUPHQWR

XWLOL]DGRVHQGRTXHQRPpWRGRGLUHWRWRGRVRVLQJUHGLHQWHVVmRPLVWXUDGRVHPSDVVR

~QLFRSUHYLDPHQWHjIHUPHQWDomRDRSDVVRTXHQRPpWRGRLQGLUHWRDPLVWXUDRFRUUH

HPGRLVHVWiJLRVVHQGRDSULPHLUDLGHQWLILFDGDSHORSUpIHUPHQWROHYDLQVHJXLGDGD

PLVWXUDGRVGHPDLVLQJUHGLHQWHVGDPDVVD

,QGHSHQGHQWHGRPpWRGRDGRWDGRRSURFHVVRGHIDEULFDomRGHSmHVGHYH

FRQWDUFRPXPDHWDSDGHGHVFDQVRTXDQGRRFRUUHUiRUHOD[DPHQWRGRJO~WHQTXHVH

FDUDFWHUL]D FRPR XPD VpULH GH UHDoHV FRPSOH[DV H LQWHUOLJDGDV SHODV TXDLV

PLFURUJDQLVPRV VH DOLPHQWDP GR Do~FDU SUHVHQWH QR DPLGR SURGX]LQGR iOFRRO H

JDVHV2FDUERGLy[LGR UHVXOWDQWH GHVSUHQGHUiHVHUiFRQWLGRSHOD UHGHGHJO~WHQ

GHVHQYROYLGR QD HWDSD DQWHULRU DJRUD IRUWDOHFLGD SHOR UHOD[DPHQWR GD PDVVD

DFDUUHWDQGR D H[SDQVmR PDLV HOiVWLFD 6mR FDUDFWHUtVWLFDV ItVLFDV GD PDVVD

FRQVLGHUDGDVLQWHUHVVDQWHVQDSDQLILFDomRUHVLVWrQFLDDGHIRUPDomRH[WHQVLELOLGDGH

HODVWLFLGDGHHYLVFRVLGDGH&$89$,1<281*

'HDFRUGRFRP&pVDUHWDO

³2V LQJUHGLHQWHVPDLV XWLOL]DGRV QD IDEULFDomR GH XP SmR FRPXP H VXDVUHVSHFWLYDVIXQoHVVmRIDULQKDGHWULJRSRLVRJO~WHQGDIDULQKDFRQIHUHDRSmRDHODVWLFLGDGHHDFDSDFLGDGHGHVHH[SDQGLUFRPRJiVIRUPDGRGXUDQWHDIHUPHQWDomRRVDOTXHDOpPGHFRQIHULUVDERUHDURPDDRSmRPRGLILFDRJO~WHQ GHL[DQGRR PDLV HOiVWLFR D iJXD UHVSRQViYHO SHOD GLVWULEXLomRXQLIRUPH GRV LQJUHGLHQWHV QD PDVVD H SHOD KLGUDWDomR GD IDULQKDGHVHPSHQKDQGRIXQoHVLPSRUWDQWHVQDIHUPHQWDomRHODVWLFLGDGHGRJO~WHQFRQVLVWrQFLD GD PDVVD WH[WXUD H PDFLH] GR SmR H R IHUPHQWR ELROyJLFRFRPSRVWRSRUOHYHGXUDVUHVSRQViYHOSHODIHUPHQWDomR´

7DPEpPSDUD&DXYDLQ<RXQJ RV LQJUHGLHQWHVHVVHQFLDLVSDUDD

SURGXomRGHSmRVmRIDULQKDHiJXDTXHWrPLQIOXrQFLDQDWH[WXUDHPDFLH]DOpPGR

VDOTXHGiVDERUHIRUWDOHFHDUHGHGHJO~WHQHGRIHUPHQWRTXHSURSLFLDDH[SDQVmR

GDPDVVDJHUDOPHQWHFRPSRVWRSRUPLFURUJDQLVPRVDH[HPSORGDHVSpFLHGHIXQJR

6DFFKDURP\FHVFHUHYLVLDH

3DUDVXEVLGLDURHPEDVDPHQWRGRHVWXGRID]VH LPSRUWDQWHHVFODUHFHUD

IXQomRHRVHIHLWRVGRXVRGHFDGDXPGRVLQJUHGLHQWHVEiVLFRVjOX]GRTXHHQVLQD

&DQHOD5DZOV

ϭϱ

$IDULQKD

3ULQFLSDOLQJUHGLHQWHQDSURGXomRGHPDVVDVGHSDQLILFDomRpUHVSRQViYHO

SHODHVWUXWXUDGRSURGXWRILQDOVHQGRDIDULQKDGHWULJRDPDLVXWLOL]DGDHPUD]mRGD

SUHVHQoDGRJO~WHQUHVSRQViYHOSRUFRQIHULUHODVWLFLGDGHHIOH[LELOLGDGHGHVHMDGDVDR

SmR$ IDULQKDp ULFDHP ILEUDV WHQGRHPVXD FRPSRVLomRiJXDDPLGRPLQHUDLV

JRUGXUDHSURWHtQDSRGHQGRDSUHVHQWDUYDULDomRQDSURSRUomRGHVVHVHOHPHQWRVHP

IXQomRGDVFRQGLoHVGHFXOWLYRDH[HPSORGRWULJRFXOWLYDGRHPUHJLHV~PLGDVTXH

DSUHVHQWD PDLRU WHRU GH iJXD 2 DPLGR FRQVWLWXL DSUR[LPDGDPHQWH GD

FRPSRVLomRGDIDULQKDGHWULJR&$1(//$5$:/6

$ IDULQKD LQGLFDGD QR XVR GD SDQLILFDomR GHYH VHU ULFD HP SURWHtQDV

IRUPDGRUDVGHJO~WHQSDUDTXHDPDVVDDGTXLULDERDFRQVLVWrQFLDVHQGR LQGLFDGD

XPDIDULQKDHVSHFLDOGRWLSRIRUWHFXMDFRPSRVLomRGHYHFRQWHUHQWUHD

GHSURWHtQDVDGHFDUERLGUDWRVGHOLStGHRVHPHQRVGHFLQ]DV

$48,12

1DFRPSRVLomRGDIDULQKDHQFRQWUDVHSUHVHQWHXPDFDGHLDGHHQ]LPDV

GHQRPLQDGDGLiVWDVHTXHSRGHDJLUQDDWLYDomRGRIHUPHQWRHSURPRYHDTXHEUDGH

SDUWHGRDPLGR(VWHIRUQHFHDo~FDUSDUDRIHUPHQWRHDMXGDQDIRUPDomRGDHVWUXWXUD

GDPDVVDSHODDJOXWLQDomRGHVXDVSDUWtFXODVTXDQGRHQWUDPHPFRQWDWRFRPDiJXD

1DFRFomRGDPDVVDR DPLGRVH FRQYHUWHHPJHODWLQD ID]HQGRR JO~WHQVH ILUPDU

&$1(//$5$:/6

2 JO~WHQ p R UHVXOWDGR GD FRPELQDomR GH GXDV SURWHtQDV ± JOXWHQLQD H

JOLDGLQDTXHHPFRQWDWRFRPDiJXDHVREDomRGHLQWHQVDPRYLPHQWDomRPHFkQLFD

VHGHVSUHQGHPGRDPLGRH IRUPDPXPPDWHULDOHOiVWLFRGRWDGRGHFDSDFLGDGHGH

DSULVLRQDURVJDVHVSURGX]LGRVGXUDQWHRSURFHVVRGHIHUPHQWDomR IDYRUHFHQGRR

FUHVFLPHQWR GD PDVVD TXH VH H[SDQGH SDUD FRQWHU DV EROKDV GH JiV GDt D

LPSRUWkQFLDGRWULJRQDSDQLILFDomRMiTXHpR~QLFRFHUHDOTXHFRQWpPDVSURWHtQDV

TXHIRUPDPRJO~WHQHPSURSRUomRHOHYDGD&$1(//$5$:/6

ϭϲ

1D SDQLILFDomR R DPLGR WHP IXQGDPHQWDO LPSRUWkQFLD Mi TXH p IRQWH

SULQFLSDOGRVDo~FDUHVRULJLQDGRVGHVXDTXHEUDRTXHRFRUUHSHODDomRGDVHQ]LPDV

DPLODVHV WRUQDQGRR R VXEVWUDWR SDUD DOLPHQWDomR GDV OHYHGXUDV GXUDQWH D

IHUPHQWDomR$48,12

$OJXQVIDWRUHVDIHWDPDIRUPDomRGDFDGHLDGHJO~WHQFRPRDTXDQWLGDGH

HRWLSRGHJRUGXUDLQFRUSRUDGRjPDVVDDTXDQWLGDGHHDWHPSHUDWXUDGHiJXDHD

PDQLSXODomR GD PLVWXUD UHVVDOWDQGR TXH TXDQWR PDLV PDQLSXODGD PDLRU VHUi D

IRUPDomRGHJO~WHQ&$1(//$5$:/6

$iJXD

,QJUHGLHQWHEiVLFRQRSURFHVVRGHSDQLILFDomRTXHWHPDIXQomRGHKLGUDWDU

D IDULQKD XPLGLILFDQGR RV JUkQXORV GH DPLGR H SURWHtQDV TXH VH WUDQVIRUPDPHP

JO~WHQDWXDQGRFRPRDJHQWHGHOLJDomRGRDPLGRSHODIRUPDomRGDFDGHLDGHJO~WHQ

UHVXOWDQGRQDIRUPDomRGHXPDPDVVDFRHVD&$1(//$5$:/6

$ GRVDJHP GH iJXD QDPDVVD p GHWHUPLQDQWH QD FRQVLVWrQFLD GR SmR

FRQWULEXLQGR SDUD PDFLH] H WH[WXUD GR SURGXWR $VVLP p FRQVLGHUDGD LQVXILFLHQWH

TXDQGRQmRSURPRYHDKLGUDWDomRSOHQDGRJO~WHQHQmRGHVHQYROYHDHODVWLFLGDGH

DGHTXDGD-iHPH[FHVVRUHVXOWDHPXPDPDVVDJUXGHQWDFRPSRXFDUHVLVWrQFLDj

H[SDQVmRSURYRFDGDSHODIHUPHQWDomR$48,12

1RPHVPRVHQWLGR&DPDUJRFRQVLGHUDDiJXDFRPRLQJUHGLHQWHGH

JUDQGH LPSRUWkQFLD Mi TXH p D UHVSRQViYHO SHOD DUTXLWHWXUD GR SmR VHQGR TXH D

TXDQWLGDGHGHiJXDXWLOL]DGDQDPDVVDLUiGHWHUPLQDUDOHYH]DWDPDQKRGRVDOYpRORV

HFURFkQFLDGDFDVFD

$ TXDOLGDGH GD iJXD WHP JUDQGH LPSRUWkQFLD QD HODERUDomR GDPDVVD

SRGHQGRVHUIDWRULVRODGRGHGLIHUHQFLDomRQRUHVXOWDGRILQDOHPUD]mRGDPDLRURX

PHQRUSUHVHQoDGHVDLVHPVXDFRPSRVLomR(QTXDQWRDiJXDH[FHVVLYDPHQWHGXUD

DVVLPQRPHDGDDTXHODTXHWHPWHRUGHFiWLRQVFiOFLRPDJQpVLRHIHUURVXSHULRUD

PJOSRGHDFDUUHWDUDSHUGDGHHODVWLFLGDGHGDPDVVDDiJXDH[WUHPDPHQWH

ϭϳ

PDFLDFRPWHRUDEDL[RGHPJOUHGX]RVHXSRGHUGHFRHVmR&$1(//$5$:/6

2XWURIDWRUUHOHYDQWHQDSDQLILFDomRpDWHPSHUDWXUDGDiJXDTXHGHYHVHU

DMXVWDGDDILPGHHVWDUHPQtYHODGHTXDGRDRILQDOGREDWLPHQWRQRLQWHUYDORGHD

R&$48,12

$OpPGHPHURGLOXHQWH DiJXD WHP IXQGDPHQWDO LPSRUWkQFLDQRSURGXWR

ILQDOKDYHQGRDQHFHVVLGDGHGHHVFROKDGDiJXDFRQVLGHUDGDPDLVDSURSULDGDTXH

GHYH VHU SXUD GH GXUH]D PpGLD H OHYHPHQWH iFLGD FRP S+ QmR VXSHULRU D

&$1(//$5$:/6

2VDO

$OpPGHGDUVDERUjPDVVDRVDOGHVHPSHQKDRXWUDVIXQoHVQRSURFHVVR

GHIDEULFDomRGHSmHVSRGHQGRVHUIDWRULQLELGRUGRSURFHVVRGHIHUPHQWDomREHP

FRPRWHULQIOXrQFLDH[SOtFLWDQDIRUPDomRGHFURVWDPDLVJURVVD2WHUPRVDOGHVLJQD

VXEVWkQFLDV UHVXOWDQWHV GD UHDomR GH iOFDOL FRP XPiFLGR H DSOLFDVH D LQ~PHURV

FRPSRVWRVTXtPLFRVHPERUDVHMDRUGLQDULDPHQWHXWLOL]DGRSDUD LGHQWLILFDURFORUHWR

GHVyGLRTXHpODUJDPHQWHXWLOL]DGRQRSUHSDURGHDOLPHQWRVFRPDILQDOLGDGHSUHFtSXD

GHUHDOoDURVDERU&$1(//$5$:/6

1DSDQLILFDomRJHUDOPHQWHDTXDQWLGDGHGHVDOHPSUHJDGDJLUDHPWRUQR

GHGRSHVRGD IDULQKD WHQGRD IXQomRGH UHDOoDURVDERUHDOpPGRVFULWpULRV

JXVWDWLYRVFRQWULEXLSDUDDKDUPRQLDGDPDVVDMiTXHDWXDQDIRUPDomRGDHVWUXWXUD

GHJO~WHQGDQGROKH IRUoDHGHL[DQGRDPDLVILUPHSDUDDXPHQWDUDFDSDFLGDGHGH

UHWHURVJDVHVSURGX]LGRVGXUDQWHRSURFHVVRGHIHUPHQWDomR&$0$5*2

(PUD]mRGRVHXHIHLWRGHUHWDUGDUDDomRGRIHUPHQWRRVDOQmRSRGHVHU

XWLOL]DGRHPH[FHVVRQDPDVVDGHSmRVRESHQDGH UHGX]LUR YROXPH ,VVRRFRUUH

SRUTXHRVDOLQFHQWLYDDSHUGDGHiJXDQRSURFHVVRGHRVPRVHSHORTXDORIHUPHQWR

DEVRUYHQXWULHQWHVDR WHPSRHPTXH OLEHUDHQ]LPDV UHWDUGDQGRD UHSURGXomRGRV

DJHQWHVIHUPHQWDGRUHV&$1(//$5$:/6

ϭϴ

2IHUPHQWR

&RPRHQVLQD&DQHOOD5DOZVS³IHUPHQWDUpID]HUFUHVFHUD

PDVVDSHORXVRGHPDWHULDOTXtPLFRHRXELROyJLFRTXHSURGX]DJiVFDUERGLy[LGR´

2 IHUPHQWR WtSLFR SRGH VHU GHILQLGR FRPR D FXOWXUD GH PLFURUJDQLVPRV

VDSUyWURIRV XQLFHOXODUHV 6DFFKDURP\FHV FHUHYLVLDH TXH WrP D FDSDFLGDGH GH

PHWDEROL]DUFDUERLGUDWRVGHVHQFDGHDQGRUHSURGXomRDVVH[XDGDHPVHTXrQFLD1D

SDQLILFDomRRIHUPHQWRDOLPHQWDVHGRDo~FDUFRQWLGRQRDPLGRPHWDEROL]DQGRHP

iOFRRO H JiV &2 JHUDGR SHODV SUySULDV VREUDV GR IHUPHQWR GHVHQYROYHQGR R

FDUERGLy[LGRJiVQHFHVViULRDH[SXOVmRGRSURGXWRTXHDJLUiQDH[SDQVmRGDPDVVD

&$1(//$5$:/6

2 SURFHVVR GH IHUPHQWDomR QD IDEULFDomR GH SmHV Mi p FRQKHFLGR H

XWLOL]DGR Ki DSUR[LPDGDPHQWH VHLV PLO DQRV TXDQGR RV HJtSFLRV GHVFREULUDP H

GRPLQDUDPD WpFQLFD GH SURGX]LU GHVHQYROYHU H HPSUHJDU R IHUPHQWR QR SUHSDUR

PHGLDQWHDFUpVFLPRGHXPDSRUomROHYHGDGDJXDUGDQGRSDUWHGHVWDSDUDPDQWHUD

SURGXomRGRIHUPHQWRSDUDSURGXoHVIXWXUDV&$89$,1<281*

$VOHYHGXUDVVmRXWLOL]DGDVHPGLYHUVRVSURGXWRVSURSRUFLRQDQGROKHVD

KDELOLGDGH GH VH H[SDQGLU DWUDYpV GH VHXV DJHQWHV H[SDQVRUHV TXH SRGHP VHU

FRPELQDGRV GH DFRUGR FRP R SURGXWR D VHU IDEULFDGR VHQGR TXH QD SDQLILFDomR

XWLOL]DVHGD IHUPHQWDomRDOFyROLFDDQDHUyELFDHIHWLYDGDSHODDomRGRVDJHQWHVQR

Do~FDUSUHVHQWHQDPDVVD&$1(//$5$:/6

3URFHVVRGHIHUPHQWDomRELROyJLFD

7UDWDVHGDHWDSDHPTXHDPDVVDpGHL[DGDHPGHVFDQVRGXUDQWHDTXDO

RFRUUHXPDVpULHGHUHDoHVFRPSOH[DVHLQWHUOLJDGDVTXHVHWUDGX]QDWUDQVIRUPDomR

GRDo~FDUSHODDomRGDVEDFWpULDVH OHYHGXUDVTXHIRUPDPRIHUPHQWRDOLDGDVjV

HQ]LPDV UHVXOWDQGR HP JiV FDUEQLFR H iOFRRO 2 GLy[LGR GH FDUERQR UHWLGR QDV

FpOXODV GD SURWHLFDV DV ID] FUHVFHUHP RFDVLRQDQGR D H[SDQVmR GD PDVVD

'HVFREHUWD DFLGHQWDOPHQWH Ki PLOKDUHV GH DQRV FRPR VH VXSH D IHUPHQWDomR

DWUDYpV GR SURFHVVR QDWXUDO TXH RFRUULD HVSRQWDQHDPHQWH D SDUWLU GH EDFWpULDV H

ϭϵ

OHYHGXUDVSUHVHQWHVQRPDLRDPELHQWHDJUXSDGDVHPFROQLDVHPDPELHQWHSURStFLR

jEDVHGHIDULQKDHiJXDPDQWHYHVHHPXVRSRUXPORQJRSHUtRGRVyYLQGRVRIUHU

JUDQGH WUDQVIRUPDomR QR VpFXOR ;,; D SDUWLU GH HVWXGRV GH /RXLV 3DVWHXU TXH

HYLGHQFLDYDPDDomRGHPLFURUJDQLVPRVSURSLFLDQGRRGHVHQYROYLPHQWRGHFXOWXUDV

GH DJHQWHV IHUPHQWDGRUHV EDVLFDPHQWH D OHYHGXUD 6DFFKDURP\FHV FHUHYLVLDH

SHUPLWLQGR DFHOHUDU R SURFHVVR GH IHUPHQWDomR UHYROXFLRQDQGR D LQG~VWULD GD

SDQLILFDomR H IDYRUHFHQGR R DWHQGLPHQWR GD GHPDQGD FUHVFHQWH GH DOLPHQWRV

PRWLYDGDSHORFUHVFLPHQWRSRSXODFLRQDO&$89$,1<281*

$H[SDQVmRGDVPDVVDVSHODIRUPDomRGHJDVHVSRGHRFRUUHUDWUDYpVGH

SURFHVVRVGLVWLQWRVGH IHUPHQWDomRSRGHQGRVHU OHYHGXUDGHQDWXUH]DTXtPLFDRX

ELROyJLFD VHQGR TXH R SUHVHQWH HVWXGR WHP HQIRTXH SULQFLSDO QD IHUPHQWDomR

ELROyJLFD QD PRGDOLGDGH GLWD QDWXUDO RX VHOYDJHP 1D SURGXomR GH SmHV D

IHUPHQWDomRDSDUWLUGRIHUPHQWRELROyJLFRFRPHUFLDOpPDLVDWLYDRTXHOKHFRQIHUH

HIHLWRVIDYRUiYHLVFRPRDomRUiSLGDHXQLIRUPLGDGHQRSURGXWRILQDO1RHQWDQWRHP

VHXGHVIDYRURSmRWHPEDL[DDFLGH]DOpPGHVDERUHDURPDFDUDFWHUtVWLFRVGHIDULQKD

GHWULJR-iRIHUPHQWRELROyJLFRQDWXUDOUHVXOWDGDFXOWXUDSULPiULDFRPSRVWDSRUXPD

SRSXODomRKHWHURJrQHDGHEDFWpULDVOiWLFDVHOHYHGXUDVSUHVHQWHVQRPHLRDPELHQWH

GHVHQYROYLGDHPPLVWXUDGHIDULQKDHiJXDSRUIHUPHQWDomRHVSRQWkQHDRXLQLFLDGD

DWUDYpVGDDGLomRGHFXOWXUD&$1(//$5$:/6

)HUPHQWRELROyJLFRFRPHUFLDO

7UDWDVHGRSURFHVVRGHIHUPHQWDomRHPTXHXPDFROQLDGHRUJDQLVPRV

YLYRVHPFRQWDWRFRPIDULQKDHiJXDDWLYDPDSURGXomRGHJDVHVTXHFRQWULEXHP

SDUD R FUHVFLPHQWR GD PDVVD &RPR HQVLQD &DQHOOD5DZOV S

³)HUPHQWDomRELROyJLFDpDFRQYHUVmRGHDo~FDUHVHPiOFRROHHPJiVFDUERGLy[LGR

SHODDomRGHIXQJRVPROGHVHEDFWpULDVSUHVHQWHVQRPHLRDPELHQWH´

$LQGDTXHMiYHQKDVHQGRXWLOL]DGRRSURFHVVRGHIHUPHQWDomRQDWXUDOSHOD

DomRGHPLFURUJDQLVPRVKiPXLWRVpFXORVQDSURGXomRGHDOLPHQWRVIRLVRPHQWHSRU

YROWDGHTXH/RXLV3DVWHXUHPVHXVWUDEDOKRVVREUHRVSURFHVVRVIHUPHQWDWLYRV

FRPSURYRXFLHQWLILFDPHQWHDDWLYLGDGHGHVVHVVHUHVPLFURVFySLFRV&$6752

ϮϬ

$ SDUWLU GR DYDQoR FLHQWtILFR DWUDYpV GRV HVWXGRV GH /RXLV 3DVWHXU QR

VpFXOR;9,,,IRLUHYHODGDDLPSRUWkQFLDGDVOHYHGXUDVQDIHUPHQWDomRHYLGHQFLDQGR

TXHPDLVTXHXPPHURSURFHVVRTXtPLFRHVVDpUHVXOWDGRGHXPSURFHVVRRUJkQLFR

7DOGHVFREHUWDUHYROXFLRQRXDSURGXomRGHSURGXWRVIHUPHQWDGRVDEULQGRHVSDoR

SDUD D SURGXomR FRPHUFLDO GH IHUPHQWR ELROyJLFR HP PHDGRV GR VpFXOR ;,;

&$1(//$5$:/6

$WXDOPHQWHR IHUPHQWRELROyJLFRpSURGX]LGRFRPHUFLDOL]DGRHXWLOL]DGR

HPODUJDHVFDODDSUHVHQWDQGRVHVREDVIRUPDVGHIHUPHQWRIUHVFRFRPSULPLGRHP

EORFR IHUPHQWR DWLYR VHFR H IHUPHQWR LQVWDQWkQHR VHFR e FRPSRVWR SRU

6DFKDURPLFHVFHUHYLVDHRX6&HUHYLDVHTXHVLJQLILFDIXQJRVTXHFRPHPDo~FDU

6XDVFpOXODVSRVVXHPHQ]LPDVTXHDMXGDPDWUDQVIRUPDURDPLGRGRSmRHPDo~FDU

SDUDTXHHVWHSRVVDVHUPHWDEROL]DGRSDUDYLYHUHVHPXOWLSOLFDU&$6752

(PTXDOTXHUIRUPDTXHVHDSUHVHQWHRIHUPHQWRELROyJLFRRSURFHVVRWHP

LQtFLR ORJR DSyV VHU LQFRUSRUDGR j PLVWXUD VHQGR TXH SDUD HIHLWRV WpFQLFRV D

FRQWDJHPGR SHUtRGR GH IHUPHQWDomRp LQLFLDGD TXDQGR DPDVVDp GHL[DGDSDUD

GHVFDQVRDSyVDHWDSDGHPLVWXUD&$1(//$5$:/6

)HUPHQWRQDWXUDO

2IHUPHQWRQDWXUDOpGHILQLGRSRU&$1(//$5$:/6FRPR³FXOWXUD

IHUPHQWDGD EDVHDGD HP EDFWpULDV H IHUPHQWDGRUHV TXH VmR HQFRQWUDGRV QD

DWPRVIHUD´ WDPEpP FRQKHFLGR SRU RXWURV WHUPRV FRPR SkWH IHUPHQWpH PmH

PRWKHUPDGUHELDQFDVWDUWHUPDVVDD]HGDSRROLVK6RXUGRXJKELJDOHYDLQHFKHI

TXHGHVLJQDPJHQHULFDPHQWHRVSUpIHUPHQWRV´

3DUD6WUDZEULGJHSDIHUPHQWDomRQDWXUDOp³XPDFRPELQDomR

GH OHYHGXUDV QDWXUDLV H EDFWpULDV EHQpILFDV SURGXWRUDV GH iFLGR OiFWLFR TXH VH

GHVHQYROYHPTXDQGRYRFrIRUQHFHIDULQKDXPLGDGHHFDORUFRQGLoHVQHFHVViULDV

SDUDDIHUPHQWDomR´

1mRREVWDQWH WUDWDUVHGHXPSURFHVVR OHQWRH FRPSOH[RTXHGLILFXOWD D

SDGURQL]DomR GR SURGXWR D IHUPHQWDomR QDWXUDO SURGX] SmHVPDLV iFLGRV TXH VH

Ϯϭ

FDUDFWHUL]DPSRUWH[WXUDVDERUHDURPDDJUDGiYHLVDOpPGHWHUHPHQYHOKHFLPHQWR

UHWDUGDGR HPDLRU UHVLVWrQFLD j FRQWDPLQDomR SRU ERORUHV H EDFWpULDV &$1(//$

5$:/6

(PERUD WRGDV VHMDPGR JrQHURSUpIHUPHQWR DV HVSpFLHV LGHQWLILFDGDV

SHORVWHUPRVDFLPDJXDUGDPVXWLVGLIHUHQoDVHQWUHVL3RUH[HPSORRWHUPRIUDQFrV

SkWHIHUPHQWpHVHWUDGX]SRUPDVVDIHUPHQWDGDRXPDVVDDQWLJDHUHSUHVHQWDVREUD

RXUHVHUYDGHXPDPDVVDSURQWDFRQWHQGRWRGRVRVLQJUHGLHQWHVGDPDVVDILQDO2

WHUPR ELJD GH RULJHP LWDOLDQD LGHQWLILFD D IRUPD JHQpULFD GRV SUpIHUPHQWRV

SRGHQGRDSUHVHQWDUVHHPWH[WXUDFRQVLVWHQWHRXOtTXLGDFRQWHQGRIDULQKDiJXDH

XPDSHTXHQDSRUomRGHIHUPHQWRFRPHUFLDO3RROLVKpXPWHUPRTXHLGHQWLILFDRSUp

IHUPHQWRGHRULJHPSRORQHVDODUJDPHQWHXWLOL]DGRQDÈXVWULDFDUDFWHUL]DQGRRSmR

YLHQHQVH GH VDERU PHQRV iFLGR TXH R SmR IHUPHQWDGR FRP R OHYDLQ RX SkWH

IHUPHQWpH R TXHR IH] WmRFRQVXPLGRQD(XURSDH SRVWHULRUPHQWHSDUD WRGRR

PXQGR&$1(//$5$:/6

2OHYDLQ

7HPDSULQFLSDOGRHVWXGRRIHUPHQWRQDWXUDOWHPVXDRULJHPDSDUWLUGD

DomR GH PLFURUJDQLVPRV SUHVHQWHV QD DWPRVIHUD TXH VH DOLPHQWDP GR Do~FDU

FRQWLGRVHPGLYHUVDVVXEVWkQFLDVYHJHWDLVDH[HPSORGRWULJRUHVXOWDQGRGDGLJHVWmR

JDVHVHiFLGRV LPSRUWDQWHVQRFUHVFLPHQWRGDPDVVDGHSmRDJUHJDQGRWDPEpP

XPVDERUSHFXOLDU&$0$5*2

2ULJLQiULRGD)UDQoDROHYDLQpDFXOWXUDSUHSDUDGDjEDVHGHIDULQKDGH

WULJRHiJXDPLVWXUDGDVHPIRUPDGHSDVWDOLYUHGHRXWURVLQJUHGLHQWHVFRPRVDOH

RXWURVDGLWLYRVPDQWLGDHPDPELHQWHSURStFLRHSRUSHUtRGRGHWHPSRVXILFLHQWHSDUD

RGHVHQYROYLPHQWRGHFROQLDVGHEDFWpULDV OiWLFDVH OHYHGXUDVSUHVHQWHVQRPHLR

DPELHQWH2SURFHVVRGHIHUPHQWDomRSHOROHYDLQFRQIHUHDFDSDFLGDGHGHH[SDQGLU

DPDVVDDOpPGHIRUQHFHUFDUDFWHUtVWLFDVFRPRVDERUWH[WXUDHDURPD&$1(//$

5$:/6

2OHYDLQpFRQVWLWXtGRDSDUWLUGHGLYHUVRVWLSRVGHOHYHGXUDVHEDFWpULDV

TXHDJHPHPFRQMXQWRGLJHULQGROHQWDPHQWHRDPLGRGR WULJRJHUDQGRDOpPGRV

ϮϮ

JDVHV QHFHVViULRV SDUD R FUHVFLPHQWR GR SmR RV JDVHV DFpWLFR H OiWLFR TXH

FRQWULEXHPSDUDRGHVHQYROYLPHQWRGRVDERUSHFXOLDUH OLEHUDQGRHQ]LPDVFRPRD

ILWDVHTXHWRUQDPRSURGXWRPDLVGLJHVWLYR&$0$5*2

7UDWDVH QD GHILQLomR GH 3DULV GH ³XP HFRVVLVWHPD FRPSOH[R

FRPSRVWR SULQFLSDOPHQWH GH OHYHGXUDV JrQHUR 6DFFKDURP\FHV H &DQGLGD H

EDFWpULDVJrQHUR/DFWREDFLOOXVEDFWpULDVGRiFLGROiWLFR´

$ IHUPHQWDomR QDWXUDO RFRUUH GH IRUPD OHQWD H JUDGXDO H[LJLQGR XP

SURFHVVRULJRURVRQDIRUPDomRGDVFROQLDVGHOHYHGXUDVDWpDFKDPDGDPDWXUDomR

TXHRFRUUHTXDQGRRSUpIHUPHQWRDSUHVHQWDVHFUHVFLGRFRPOHYHGHFOtQLRQRFHQWUR

GDPDVVDTXHGHYHWHUDURPDDJUDGiYHOHOHYHPHQWHD]HGRSDUDTXHVHMDSRVVtYHO

DXIHULU RV EHQHItFLRV HVSHUDGRV DSRUWH GH VDERU H DURPD WH[WXUD GLIHUHQFLDGD

GLJHVWLELOLGDGHHGXUDELOLGDGH&$1(//$5$:/6

$VVLPFRPRROHYDLQRIHUPHQWRELROyJLFRLQGXVWULDOWDPEpPpHODERUDGR

DSDUWLUGHOHYHGXUDVPDVVHGLIHUHQFLDGDTXHOHHPUD]mRGDDOWDFRQFHQWUDomRGH

XPD~QLFDOHYHGXUDD$KDURP\FHVFHUHYLVLDHTXHDFHOHUDDJHUDomRGHJDVHVHID]R

SmRFUHVFHUHPFXUWRHVSDoRGHWHPSRFRPSURPHWHQGRRDSRUWHGHVDERUDRSURGXWR

ILQDO&$0$5*2

2SURFHVVRGHFULDomRHPDQXWHQomRGROHYDLQ

3DUD&DPDUJR RSURFHVVRGHFULDUR IHUPHQWRQDWXUDO SRGH VHU

LQLFLDGR FRP IDULQKD H iJXD DSHQDV KDYHQGR IyUPXODV TXH LQGLFDP IUXWDV FRPR

PDom XYD DEDFD[L RX DWp PHVPR R Do~FDU QD FRPSRVLomR )D]VH QHFHVViULR

HVWLPXODUDIRUPDomRGDFROQLDGHEDFWpULDVHOHYHGXUDVSUpH[LVWHQWHVQRDUDWUDYpV

GDFULDomRGHXPDPELHQWHSURStFLRjVREUHYLYrQFLDHSOHQRGHVHQYROYLPHQWRGHVVHV

PLFURUJDQLVPRV R TXH LQFOXL WHPSHUDWXUD FRQVLGHUDGD LGHDO HQWUH R &

DGPLWLQGRVH DPELHQWHV PDLV IULRV HPERUD KDMD R UHWDUGDPHQWR GR SURFHVVR GH

PDWXUDomRGRIHUPHQWR

1RPHVPRVHQWLGR3DULVUHFRPHQGDTXHDFULDomRGHXPIHUPHQWR

QDWXUDO GHYH WHU LQtFLR D SDUWLU GD PLVWXUD GH IDULQKD H iJXD D VHU PDQWLGD HP

Ϯϯ

WHPSHUDWXUD DPELHQWH GH PRGR D IDYRUHFHU j VHOHomR GH PLFURUJDQLVPRV TXH

FRPSRUmRRIHUPHQWR

2XWHQVtOLRTXHVHUYLUiGHGHSyVLWRSRGHVHUXPDWLJHODRXSRWHHGHYHVHU

JXDUGDGRHPORFDOFRPSRXFDOX]HVHPDLQFLGrQFLDGLUHWDGHUDLRVVRODUHVOLYUHGH

XPLGDGHHFDORUH[FHVVLYRVHFREHUWRFRPSDQROLPSRTXHSURWHMDDPLVWXUDFRQWLGD

QR LQYyOXFUR DR WHPSR HP TXH SHUPLWH PDQWHU R[LJHQDomR FRQWtQXD 1RV GRLV

SULPHLURVGLDVpUHFRPHQGiYHOTXHDiJXDVHMDVXEVWLWXtGDSRUVXFRGHDEDFD[L Mi

TXHHVWH IXQFLRQDFRPR LQLELGRUQDWXUDOGHEDFWpULDV LQGHVHMiYHLVFRPRDVGR WLSR

OHXFRQRVWRFR TXH SRGHP LPSHGLU R GHVHQYROYLPHQWR GR IHUPHQWR &$0$5*2

$FDGDSHUtRGRGHKRUDVDPLVWXUDGHYHVHUDFUHVFLGDGHIDULQKDHiJXD

FRPRREMHWLYRGHDOLPHQWDURVPLFURUJDQLVPRVLQFHQWLYDQGRRGHVHQYROYLPHQWRGR

IHUPHQWR DWp DWLQJLU D PDWXUDomR TXH SRGH DOFDQoDU R SHUtRGR GH XPD VHPDQD

675$:%5,'*(

$WLQJLGDDPDWXULGDGHRIHUPHQWRDGTXLUHXPDDSDUrQFLDLQIODGDWH[WXUD

DHUDGDHHVSRQMRVDLQGLFDQGRTXHHVWiSOHQDPHQWHDWLYDGRSRUWDQWRSURQWRSDUDVHU

XWLOL]DGRQDIDEULFDomRGHSmHV7UDWDQGRVHGHXPDFROQLDGHVHUHVYLYRVROHYDLQ

H[LJH ULJRURVRV FXLGDGRV SDUD VH PDQWHU DWLYR GH DFRUGR FRP DV FRQGLoHV GR

DPELHQWHHPTXHVHUiDUPD]HQDGRSRGHQGRPDQWHUVHSRUWHPSRLQGHILQLGRVHIRU

DOLPHQWDGRGHDFRUGRFRPDURWLQDGHFRQVHUYDomRDSURSULDGD&$0$5*2

(P WRGDV DV IDVHV GH FULDomR PDQXWHQomR H UHQRYDomR GR OHYDLQ D

WHPSHUDWXUD p XP IDWRU LPSRUWDQWH SDUD DGTXLULU D TXDOLGDGH GHVHMDGD QR TXH VH

UHIHUH DR WHRU GH DFLGH] GR IHUPHQWR 6DEHQGRVH TXH R IULR SURPRYH R

GHVHQYROYLPHQWRGHiFLGRHRFDORUHVWLPXODDSURGXomRGHiFLGROiFWLFRGHYHKDYHU

XPFRQWUROHGDWHPSHUDWXUDSDUDTXHKDMDDSUHVHQoDHTXLOLEUDGDGHVVHViFLGRV1R

LQWHUYDORHQWUHHJUDXVpPDLVLQWHQVDDSURGXomRGHiFLGRDFpWLFRHPTXDQWRD

WHPSHUDWXUDDFLPDGHJUDXVDFHOHUDDSURGXomRGHiFLGROiFWLFR3$5,6

2 SURFHVVR GH UHYLJRUDPHQWR FRQVLVWH HP GHVWDFDU XPD SRUomR GR

IHUPHQWRHPIDVHGHSOHQDPDWXUDomRPLVWXUDQGRDFRPIDULQKDHiJXDVHQGRXPD

Ϯϰ

SDUWHGHIHUPHQWRSDUDGXDVGHiJXDHWUrVGHIDULQKD3RUH[HPSORSDUDJGH

IHUPHQWRPDGXURGHYHVHDFUHVFHQWDUJGHiJXDPOHJGHIDULQKDGH

WULJR2VLQJUHGLHQWHVGHYHPVHUPH[LGRVDWpDXQLILFDomRHKLGUDWDomRGDIDULQKD

PDQWLGDDQRYDPLVWXUDQDVFRQGLoHVSURStFLDVDRQRYRFLFORGHIHUPHQWDomRGH

DSUR[LPDGDPHQWH KRUDV TXDQGR R IHUPHQWR DWLQJLUi VXD SOHQLWXGH H SRGH VHU

XWLOL]DGRSDUDDIDEULFDomRGHSmRRXYROWDUDRDUPD]HQDPHQWR&$0$5*2

$JXDUGDHDUPD]HQDPHQWRGROHYDLQGHYHREHGHFHUFULWHULRVDPHQWHjV

FRQGLoHV TXH DVVHJXUHP D VREUHYLYrQFLD GRV VHXV FRPSRQHQWHV &DVR VHMD

PDQWLGR HP WHPSHUDWXUD DPELHQWH R UHYLJRUDPHQWR GHYH VHU GLiULR VHQGR

UHFRPHQGiYHO VRPHQWH TXDQGR RFRUUD D SDQLILFDomR FRP D PHVPD IUHTXrQFLD

675$:%5,'*(

1RHQWDQWRVHRXVRGRIHUPHQWRQDIDEULFDomRGHSmHVIRUHVSRUiGLFR

UHFRPHQGDVHTXHRPHVPRVHMDPDQWLGRQDJHODGHLUDMiTXHDEDL[DWHPSHUDWXUD

LQLEHDUHSURGXomRHUHWDUGDDVDWXUDomRGDFROQLDGHPLFURUJDQLVPRVTXHFRPSHP

R OHYDLQ VHQGR TXH QHVVH FDVR R UHYLJRUDPHQWR GHYH RFRUUHU VHPDQDOPHQWH

DGPLWLQGRVH DGLDPHQWR GR SUD]R TXH SRGH DOFDQoDU DWp XPPrV VHPSUHMXt]R j

VREUHYLYrQFLD

7DPEpPpDGPLWLGDDFRQVHUYDomRVREFRQJHODPHQWRHPIUHH]HUTXDQGR

RXVRGRIHUPHQWRQDSDQLILFDomRIRULPSUHYLVWRRXHPVLWXDoHVTXHLPSRVVLELOLWHP

R UHYLJRUDPHQWRHPSUD]RVFXUWRV6RE FRQJHODPHQWRR OHYDLQ VREUHYLYHSRUXP

SHUtRGRGHGLDVHPHVWDGRGHKLEHUQDomRGHYHQGRVHUGHL[DGRj WHPSHUDWXUD

DPELHQWHDWpRFRPSOHWRGHVFRQJHODPHQWRDQWHVGHVHU OHYDGRDRUHYLJRUDPHQWR

SURFHVVRTXHSRGHVHUPDLVGHPRUDGRHPYLUWXGHGRORQJRSHUtRGRGHLQDWLYLGDGHGR

IHUPHQWR675$:%5,'*(&$0$5*2

&RPR HQVLQD &DQHOOD5DZOV VHPSUH TXH IRU XWLOL]DGR SDUD D

SUHSDUDomRGHSmHVRIHUPHQWRGHYHHVWDUUHYLJRUDGRDWUDYpVGDDOLPHQWDomRFRP

iJXDHIDULQKDSDUDTXHSRVVDH[HUFHUSOHQDPHQWHVHXSRGHUGHIHUPHQWDomR

Ϯϱ

3URSULHGDGHVDWULEXtGDVDROHYDLQ

3DUD &DXYDLQ HPERUD QmR KDMD FRPR GHVYHQFLOKDUVH GD

VXEMHWLYLGDGH D DWLYLGDGH GH DYDOLDomR GD TXDOLGDGH GR SmR GHYH DGRWDU FULWpULRV

REMHWLYRV TXH SHUPLWDP WUDoDU XP SDGUmR TXH VLUYD GH EDVH GH FRPSDUDomR

HQYROYHQGR HVVHQFLDOPHQWH DV FDWHJRULDV GH FDUDFWHUtVWLFDV LQWHUQDV H H[WHUQDV

TXDOLGDGHGDWH[WXUDHDVSHFWRVVHQVRULDLVTXHDEUDQJHPDURPDHVDERU

&RQIRUPH &DQHOOD5DZOV DR IHUPHQWR QDWXUDO FUHGLWDPVH

YDQWDJHQVTXHVHUHYHODPQDHVWUXWXUDGDPDVVDTXHVHDSUHVHQWDPDLVFRQVLVWHQWH

HP UD]mR GD DFLGH] GHFRUUHQWH GD PRGDOLGDGH GH IHUPHQWDomR TXH IRUWDOHFH D

HVWUXWXUDGHJO~WHQ

$ DomR OHQWD GR IHUPHQWR SURSRUFLRQD DRV SmHV FURVWDV FURFDQWHV H

HVSHVVDV PLRORV GHQVRV H OHYHV DR PHVPR WHPSR H XP VDERU GLIHUHQFLDGR

&$0$5*2

1R WRFDQWHDRDURPDHVDERU VmRVXWLVGHOLFDGRV OHYHPHQWHD]HGRVH

GXUDGRXURQDERFDFRQVHTXrQFLDGDDomRGRViFLGRVRUJkQLFRVHHVWHUyLVSURGX]LGRV

QDWXUDOPHQWHSHORVSUpIHUPHQWRV&$1(//$5$:/6

(PERUDDDFLGH]VHMDXPDFDUDFWHUtVWLFDLQHUHQWHDRVSmHVSURGX]LGRVSHOR

OHYDLQGHYHVHHYLWDUVHXH[FHVVRQRIHUPHQWRRTXHFRQVWLWXLXPDDomRFRPSOH[D

FRQVLGHUDQGRVHTXHRWHRUGHDFLGH]UHVXOWDGDFRPELQDomRKDUPRQLRVDGHiFLGRV

OiFWLFRVHDFpWLFRV3RULVVRID]VHLPSRUWDQWHRFRQWUROHGDWHPSHUDWXUDMiTXHRIULR

IDYRUHFHDSURGXomRGHiFLGRDFpWLFRHQTXDQWRRFDORUHVWLPXODDIRUPDomRGRiFLGR

OiFWLFR3$5,6

-i D WH[WXUD p LQIOXHQFLDGD H IDYRUHFLGD SHOR FRQWUROH GH S+ HPEDL[RV

SDWDPDUHVHSHODLQLELomRGDDomRHQ]LPiWLFD2XWUDFDUDFWHUtVWLFDLQIOXHQFLDGDSHOD

DFLGH]H UHIOH[RGREDL[RS+pTXH RVSURGXWRVIDEULFDGRVFRPIHUPHQWRQDWXUDO

DSUHVHQWDPPHOKRUHVFRQGLoHVGHDUPD]HQDJHPMiTXHWrPPDLRUGXUDELOLGDGH

UHIOHWLQGRQDTXDOLGDGHILQDOGRSURGXWR&$1(//$5$:/6

Ϯϲ

1RPHVPRVHQWLGR&DPDUJRSDVVHJXUDTXHRIHUPHQWRQDWXUDO

³FULDILOHVFRPFURVWDVFURFDQWHVHHVSHVVDVPLRORVGHQVRVHPERUDOHYHVHVDERUHV

LQWULJDQWHVQRVTXDLVVHUHYHODPQRWDVGHPHOQR]HVHRXWUDVFRLVDVTXHSDUHFHP

WHUVHIL[DGRDOLSRUPDJLD´

$LQGDHPGHIHVDGR IHUPHQWRQDWXUDOQDSDQLILFDomR6WUDZEULGJH

DILUPDTXH³+iERDVUD]HVSDUDYRFrID]HURIHUPHQWRQDWXUDO$OpPGHDFUHVFHQWDU

XPVDERUFDUDFWHUtVWLFRDRSmRHOHSHUPLWHTXHYRFrXWLOL]HGLIHUHQWHVJUmRV±FHQWHLR

SRUH[HPSORDOJRTXHVHULDLQYLiYHOFRPRIHUPHQWRFRPHUFLDO´675$:%5,'*(

(P GHVIDYRU GR OHYDLQ SRGHVH DUJXPHQWDU TXH D LPSRVVLELOLGDGH GH

JDUDQWLUDSDGURQL]DomRGRSURGXWRRSURFHVVROHQWRHFRPSOH[RHRVFXLGDGRVFRP

RSURFHVVRGHSURGXomRHTXLSDPHQWRVHLQVXPRVVmRIDWRUHVTXHDFDUUHWDPFXVWRV

DRSURGXWRILQDOHTXHSRGHPLQYLDELOL]DUDXWLOL]DomRPDVVLILFDGDGHVVHIHUPHQWRQD

LQG~VWULDGDSDQLILFDomR*8,0$5­(6

2XVRGROHYDLQQRFRPpUFLRGDSDQLILFDomRGH)RUWDOH]D

3HUFHEHU DSDUWLFLSDomRGRPpWRGRGHIHUPHQWDomRQDWXUDOQDLQG~VWULDGD

SDQLILFDomRGH)RUWDOH]DDVVXPHUHOHYDGDLPSRUWkQFLDQRSUHVHQWHHVWXGRMiTXHR

DVVXQWRLQWHJUDVHXSUySULRWHPD

0HWRGRORJLD

$PHWRGRORJLDSDUDGHVHQYROYLPHQWRGRHVWXGRHPYLVWDGD LQH[LVWrQFLD

GHHVWXGRVFLHQWtILFRVTXHFRQVROLGHPGDGRVUHODWLYRVDRVHVWDEHOHFLPHQWRVTXH Mi

YHQKDP DGRWDQGR D IHUPHQWDomR QDWXUDO QR VHX SURFHVVR GH SURGXomR GH SmHV

EDVHLDVHHPXPDSHVTXLVDTXDOLWDWLYDGHVHQYROYLGDMXQWRVjVHQWLGDGHVTXHUHJXODP

RXUHSUHVHQWDPRVHWRUHDVHPSUHVDVSURGXWRUDVGHSmHVDUWHVDQDLVYLVDQGRIRUPDU

XPHQWHQGLPHQWRVREUHRQtYHOGHSDUWLFLSDomRGRPHUFDGRGDFDSLWDOFHDUHQVHFRP

HVVDPRGDOLGDGHGHIDEULFRGHSmRWLSR³IHUPHQWDomRQDWXUDO´

Ϯϳ

3DUDDOFDQoDUDVLQIRUPDoHVDWLQHQWHVjUHGHGHSDGDULDVDUWHVDQDLVGD

FLGDGH GH )RUWDOH]D IRL UHDOL]DGD XPD SHVTXLVD H[SORUDWyULD TXDOLWDWLYD DWUDYpV GH

YLVLWDV DRV HVWDEHOHFLPHQWRV HQWUHYLVWDV FRP RV SURSULHWiULRV H FROHWD GH GDGRV

GLYXOJDGRVHPVLWHVHVSHFLDOL]DGRVHRXWURVYHtFXORVGHFRPXQLFDomRFRPRMRUQDLVH

UHYLVWDV

5HVXOWDGRV

2 PHUFDGR GD SDQLILFDomR HP )RUWDOH]D PRVWUDVH DOLQKDGR FRP D

WHQGrQFLD GH UHWRPDGD GR XVR GR IHUPHQWR QDWXUDO Mi FRQWDQGR FRP DOJXPDV

XQLGDGHV GDV FKDPDGDV SDGDULDV DUWHVDQDLV TXH HP UHJUD WrP QR OHYDLQ VHX

SULQFLSDO DWUDWLYR YLVDQGR FRQTXLVWDU XPD FOLHQWHOD TXH VH PRVWUD LQWHUHVVDGD HP

FRQVXPLUSURGXWRVQDWXUDLV

7HQGRFRPRSRQWRGHSDUWLGD D UHODomRGRVSULQFLSDLVHVWDEHOHFLPHQWRV

DGHSWRV GR XVR GR OHYDLQ REWLGD MXQWR j $VVRFLDomR &HDUHQVH GD ,QG~VWULD GH

3DQLILFDomR±$&,3DSHVTXLVDEXVFRXUDWLILFDUHVVDLQIRUPDomRDWUDYpVGHYLVLWDVD

HVVHV HVWDEHOHFLPHQWRV 2 URO GH HVWDEHOHFLPHQWRV WUD] RV QRPHV GDV SULQFLSDLV

SDGDULDVDUWHVDQDLVVHGLDGDVQDFLGDGHGH)RUWDOH]D*UmR'¶$OLQR3kLQH3DQLILFDomR

$UWHVDQDO1LPHV3mHV$UWHVDQDLV'DQLHO¶V%DNHU\1HLYD7HUFHLUR6SHFLDOH3mHV

$UWHVDQDLV5RVPDULQR3mHV$UWHVDQDLV

6HPDSUHRFXSDomRGHDSRQWDURUROWD[DWLYRGHSDQLILFDGRUHVXVXiULRVGH

OHYDLQ QR IDEULFR GH SmHV GHQWUH RV SULQFLSDLV QD FLGDGH GH )RUWDOH]D SRGHP VHU

FLWDGRV

1HLYD7HUFHLUR3mHV$UWHVDQDLVH9LQKRV±DSDXOLVWD1HLYD7HUFHLURIRL

XPDGDVSULPHLUDVDLQYHVWLUQRPHUFDGRFHDUHQVHGDSDQLILFDomRjEDVHGHIHUPHQWR

QDWXUDO WHQGR GLYHUVLILFDGR RV SURGXWRV GH VHX HVWDEHOHFLPHQWR SDUD UHIHLoHV H

YLQKRVFRQWXGRDLQGDIRUQHFHSmHVIDEULFDGRVFRPRXVRGROHYDLQ2XWUDFRQWULEXLomR

GH1HLYDjSDQLILFDomRDUWHVDQDOIRLRODQoDPHQWRGROLYUR³9ROWDPRVSRUTXHWHPSmR´

TXH WUD] VXD KLVWyULD GH YLGD WUDoDQGR VXD MRUQDGD GH HPSUHHQGHGRULVPR FRPR

SDGHLUDQDFDSLWDOFHDUHQVH

Ϯϴ

1vPHV3mHV$UWHVDQDLVRQRPHUHPHWHjFLGDGHIUDQFHVDRQGHQDVFHX

1LFRODV(OGDURYILOKRGHSDLUXVVRHPmHIUDQFHVDTXHYHLRSDUDR%UDVLOHVHIL[DGR

HP)RUWDOH]D3LORWRGHDYLDomRFRPHoRXDID]HUSmHVFDVHLURVHGHFLGLXGHGLFDUVH

j SDQLILFDomR FRPR QHJyFLR WHQGR YROWDGR j )UDQoD SDUD HVWXGDU SDQLILFDomR

$WXDOPHQWHHVWiHVWDEHOHFLGRQDFLGDGHGH(XVpELRRQGHSURGX]SmHV WUDGLFLRQDLV

U~VWLFRVGHFDVFDFURFDQWHHPLRORDOYHRODGRjEDVHGHOHYDLQOtTXLGRSURGX]LGRFRP

PDomRUJkQLFDHIDULQKD7$SURGXomRLQFOXLEDJXHWHSmRGHQR]HVSmRGHEDFRQ

EULRFKHHSmRLQWHJUDOTXHWrPFRPREDVHDVIDULQKDVIUDQFHVDV77H7GR

PRLQKR)RULFKHUSURGXWRVTXHSRGHPVHUDGTXLULGRVVREHQFRPHQGDSRUWHOHIRQHRX

UHGHVVRFLDLVHGLUHWDPHQWHQRUHVWDXUDQWH0DLVRQ3OXPHDRVILQDLVGHVHPDQD

'DQLHO¶V%DNHU\ ±D FDVD ILFD ORFDOL]DGDQR&HQWURGH)RUWDOH]Dj5XD

'UDJmRGR0DUVHQGRFRPDQGDGDSHORSDUDLEDQR'DQLHO$TXLQRGH2OLYHLUDTXHYHLR

SDUD)RUWDOH]DDLQGDMRYHPWHQGRWUDEDOKDGRQDFR]LQKDGR+RWHO$OSHVWUHQRSHUtRGR

HP TXH UHVLGLX HP *UDPDGR TXDQGR WHYH R SULPHLUR FRQWDWR FRP D FXOWXUD GH

IDEULFDomRGHSmHVFRPIHUPHQWDomRQDWXUDO,QLFLRXHPDSURGXomRTXHGHSmHV

SDUD KDPEXUJXHU SmHV GH OHLWH SmHV GH EDWDWD DXVWUDOLDQR EDJHO H EULRFKH

PDQWHQGRDSURGXomRGHSmHVHVSHFLDLVSDUDUHVWDXUDQWHVDOpPGDOLQKDjEDVHGH

IHUPHQWDomRQDWXUDOFRP OHYDLQRULJLQiULRGHFHYDGDSURGX]LQGR WDPEpPEDJXHWH

SmHVLWDOLDQRVSmHVLQWHJUDXVSmRWRUWDQRHSmRVXtFRHQWUHRXWURV6HXVSURGXWRV

HVWmR GLVSRQtYHLV HP GLYHUVRV UHVWDXUDQWHV FRPR /¶ UHVWDXUDQWH (O &KDQFKR

+DPEXUJXHULD%XUJJUDI%XOOV%HHU+RXVH'RQ%XUJHUV)RRG7UXFNH%XUJXHUDPD

)RRG 7UXFN HP )RUWDOH]D DOpP GR $PHULFDQ %XUJXHU HP 3DUDFXUX 7DPEpP p

SRVVtYHO HQFRPHQGDURX DGTXLULORV GLUHWDPHQWH QD IHLUD RUJDQL]DGDSRU'DQLHO QR

PHUFDGLQKR9)/

*UmR '¶$OLQR R QRPH GD SDGDULD YHP GD MXQomR GRV WHUPRV *UmR

DVVRFLDGR DR WULJR H $OLQR TXH p XPD PLVWXUD GH WHPSHURV H WRUQRXVH PDUFD

UHJLVWUDGDGDFDVDTXHLQLFLRXVXDVDWLYLGDGHVHPLQLFLDOPHQWHDWHQGHQGRVRE

HQFRPHQGDGHSmHVERORVHVDOJDGRV2DXPHQWRGDGHPDQGDPRWLYRXDPLJUDomR

SDUDORFDOPDLVDPSORFRPHVSDoRSDUDDWHQGLPHQWRDRS~EOLFRHSURGXomRGHWRGDD

OLQKDGHSmHVU~VWLFRVHLQWHJUDLVFRPRXVRGHIDULQKDRUJkQLFDHIHUPHQWDomRjEDVH

GHOHYDLQ$WXDOPHQWHRDWHQGLPHQWRSRGHVHUIHLWRGLUHWDPHQWHQDORMDRXDWUDYpVGDV

UHGHVVRFLDLV

Ϯϵ

3kLQH±HPSUHVDVRERFRPDQGDGRPLQHLUR7KLDJR/LPDHGDUXVVD,ULQD

&KXSUXQRYDTXH VH HVWDEHOHFHUDPHP)RUWDOH]D7KLDJRHVWXGRXJDVWURQRPLD HP

%DUFHORQD WHQGRDSDQLILFDomRGHVSHUWDGRVXDDWHQomR$3kLQHSURGX]SmHVSHOR

SURFHVVRWUDGLFLRQDOjEDVHGHIHUPHQWDomRQDWXUDOFRPLQJUHGLHQWHVGHTXDOLGDGH

FRPRDVIDULQKDVLPSRUWDGDVGD)UDQoDSURGX]LGDVFRPWULJRVFHUWLILFDGRVFRPVHOR

GH &XOWXUD 6XVWHQWiYHO &RQWURODGD 6HXV SURGXWRV VmR HQFRQWUDGRV HP GLYHUVRV

UHVWDXUDQWHVGDFLGDGHGH)RUWDOH]DFRPR8KXX+DSS\/LNH)UHG/XFFLH%LVWURj

9LQDOpPGDYHQGDGLUHWDQDORMDVLWXDGDQREDLUUR9DUMRWDTXHWDPEpPSUHVWDVHUYLoR

GH HQWUHJD HPGRPLFtOLR(P UHODomRDRHVPHURQD HVFROKD GD WpFQLFDPpWRGR H

LQVXPRVXWLOL]DGRVQDSURGXomRGDVXDORMD7KLDJRH[SUHVVDVH³2UHVXOWDGRpXP

SmRPDLVFXLGDGRFRPPXLWRPDLVVDERUHDOWDPHQWHVDXGiYHOFRPRWRGRDOLPHQWR

GHYHVHU´

(DFUHVFHQWDUHIHULQGRVHDRVVHXVSmHV

6mR WRWDOPHQWH OLYUHV GHPHOKRUDGRUHV RX TXDOTXHU DGLomR GH TXtPLFDV8VDPRV EOHQGV GH EUDQFDV LQWHJUDLV DOpP GH DOJXQV JUmRV DQFHVWUDLVFRPRHVSHOWDHVDUUDFHQRVHPSUHREVHUYDQGRDIRUoDHDSHUVRQDOLGDGHGRWULJR3RUTXHQyVTXHUHPRVGHVHQYROYHURPHOKRUSURGXWRHSDUDLVVRSUHFLVDPRV GRV PHOKRUHV LQVXPRV 1RVVR VRQKR p WUD]HU R PXQGR GDSDQLILFDomRSDUD)RUWDOH]D

1RVHQWLGRGHSURPRYHURGHVHQYROYLPHQWRGDSDQLILFDomRjEDVHGROHYDLQ

HP)RUWDOH]DD3kLQHPLQLVWUDRILFLQDVGH3DQLILFDomR$UWHVDQDODRVViEDGRVQDV

TXDLVVmRSURGX]LGRVRVLWHQVGRFDUGiSLRGDFDVDDH[HPSORGRSmRGHOHLWHHGD

EDJXHWH

'H DFRUGR FRP LQIRUPDomR GR VyFLR GD 3kLQH p SUD[H HQWUH RV

SDQLILFDGRUHVGH)RUWDOH]DDDGRomRGRSURFHVVRPLVWRGHIHUPHQWDomRDWUDYpVGR

TXDORXVRGROHYDLQpDVVRFLDGRDRIHUPHQWRELROyJLFRHPEDL[RSHUFHQWXDOQRLQWXLWR

GH DQWHFLSDU R SHUtRGR GH IHUPHQWDomR VHP FRPSURPHWHU RV EHQHItFLRV TXH VH

SUHWHQGH REWHU GD IHUPHQWDomR QDWXUDO 1R HQWHQGLPHQWR GH 3DULV HVVH

SURFHGLPHQWR GH DGLFLRQDU IHUPHQWR ELROyJLFR FRPHUFLDO p WROHUDGR GHVGHTXHQmR

XOWUDSDVVH GR SHVR GD IDULQKD SDUD TXH SRVVD VHU FRQVLGHUDGR SmR FRP

IHUPHQWDomRQDWXUDO

ϯϬ

1RWRFDQWHDRSUHoRIRLUHDOL]DGDFRQVXOWDHQWUHSDQLILFDGRUHVQRVHQWLGR

GHDSXUDURSUHoRGDEDJXHWHHGRSmRLWDOLDQRGRLVSURGXWRVEiVLFRVGDSDQLILFDomR

FRP R REMHWLYR GH GHWHFWDU GLVSDULGDGH VLJQLILFDWLYD HQWUH RV YDORUHV GRV SURGXWRV

IDEULFDGRVDWUDYpVGR OHYDLQSHODVSDGDULDVDUWHVDQDLVHRVSURGX]LGRVSHODVGLWDV

³SDGDULDVFRQYHQFLRQDLV´jEDVHGRIHUPHQWRELROyJLFR

2UHVXOWDGRGHVVDFRQVXOWDHVWiHYLGHQFLDGRQRTXDGURDEDL[R

YhZKKDWZd/sKWZK^WZKhdK^WZ/^Zd^E/^

'hd;WƌĞĕŽƉŽƌŬŐͿ

WK/d>/EK;WƌĞĕŽƉŽƌŬŐͿ

W/E;ůĞǀĂŝŶͿ ϮϴϱϬ ϮϱϬϬ'ZK>/EK;ůĞǀĂŝŶͿ ϮϳϴϬ ϮϳϴϬE/D^;ůĞǀĂŝŶͿ ϮϱϵϬ ϮϵϵϬWZ/^KEsE/KE/^WKZdh'>/ ϭϮϵϬ ϭϴϰϬW> ϯϭϵϵ ϯϰϵϵ>/d>/ ϮϵϵϬ ϯϴϬϬDWMZ/KKWK ϮϯϵϬ ϮϵϵϬDKEdZ>K ϮϳϮϱ ϯϯϵϬWKZd/d>/ ϭϯϮϬ ϮϬϴϵ

&RQFOXVmRHDQiOLVH

&RQFOXtGRRWUDEDOKRGHFROHWDGHLQIRUPDoHVVREUHDVSDQLILFDGRUDVTXH

DGRWDPROHYDLQQDIDEULFDomRGHVHXVSmHVSHUFHEHVHTXHWRGDVHVWmRORFDOL]DGDV

RXWrPVXDEDVHGHFOLHQWHVHPiUHDVGLWDVQREUHVGDFLGDGHGH)RUWDOH]DFRPRSRGH

VHUREVHUYDGRQR$QH[RKDELWDGDVSHODSDUFHODGDSRSXODomRGHWHQWRUDGHPDLRU

SRGHUDTXLVLWLYR

$ DPELHQWDomR ItVLFD FRPR REVHUYDGR HP WRGDV DV ORMDV YLVLWDGDV p

FDUDFWHUL]DGD SHOD OHLDXWH TXH EXVFD D VRILVWLFDomR FRP LOXPLQDomR UHTXLQWDGD H

PyYHLVTXHIDYRUHFHPDH[SRVLomRGRVSURGXWRVHPIXQomRGHIRUPDWRVHGLVSRVLomR

QRDPELHQWH

(PWRGRVRVHVWDEHOHFLPHQWRVYLVLWDGRVFRQVLGHUDQGRVHDGLPHQVmRGR

HVSDoR ItVLFR GHVWLQDGR DR DWHQGLPHQWR D LPSUHVVmR LQLFLDO p TXH WUDWDVH GH XP

DPELHQWHYROWDGRSDUDUHFHEHUXPQ~PHURUHGX]LGRGHFOLHQWHV

ϯϭ

'HQWUH D UHGH GH SURGXWRUHV GH SmHV j EDVH GH IHUPHQWDomR QDWXUDO

YLVLWDGRV WRGRV DILUPDUDPTXH VH XWLOL]DPGH IDULQKDV LPSRUWDGDV RX HVSHFLDLV QD

IDEULFDomRGHVHXVSURGXWRV

/HYDQGRVHHPFRQWDRFXVWRDJUHJDGRDRVSURGXWRVIDEULFDGRVFRPRXVR

GHIHUPHQWDomRQDWXUDOTXHDOpPGDFRPSOH[LGDGHGRSURFHVVRVmRSURGX]LGRVFRP

LQVXPRVGHFRPSURYDGDTXDOLGDGHHRIHUWDGRVjFOLHQWHODHPDPELHQWHVGLIHUHQFLDGRV

QRVDVSHFWRVGHDPELHQWDomRVRILVWLFDGDHTXLSDPHQWRVGHSURGXomRDGHTXDGRVH

LQVXPRV GH HOHYDGD TXDOLGDGH LQIHUHVH TXH R SUHoR ILQDO GRV SmHV DUWHVDQDLV

VXSHUDPRYDORUPpGLRFREUDGRSHORVSmHVGHIDULQKDVFRPXQVQDUHGHGHSDGDULDV

TXHVHXWLOL]DPGRIHUPHQWRELROyJLFRFRPHUFLDOGHDomRUiSLGDHDGRWDPRSURFHVVR

PHFDQL]DGRGHIDEULFDomR1RHQWDQWRQRWRFDQWHDRSUHoRQmRKiLQGLFDWLYRGHTXH

HVVHVHMDXPIDWRUGHUHMHLomRDRSmRSURGX]LGRFRPOHYDLQMiTXHVHVLWXDQDPpGLD

GRYDORUFREUDGRSHODVSDGDULDVTXHVHXWLOL]DPGRIHUPHQWRELROyJLFRFRPHUFLDO2V

SDQLILFDGRUHVTXHDGRWDPR OHYDLQ IRUDPXQkQLPHVHPDILUPDUTXHRSURFHVVRGH

IHUPHQWDomRQDWXUDOQmRFRQVWLWXLVHIDWRUTXHHQFDUHFHRSmRHDWULEXHPDRVLQVXPRV

XWLOL]DGRVHYHQWXDOGLVSDULGDGHGHSUHoRVHPUHODomRjVGHPDLVSDGDULDV

&RQVLGHUDQGRTXHDUHGHGHSDGDULDVTXHDGRWDPRIHUPHQWRQDWXUDOQR

IDEULFRGHSmHVHP)RUWDOH]DHQFRQWUDVHLQVWDODGDHPVXDTXDVHWRWDOLGDGHHPiUHDV

FRQVLGHUDGDV ³QREUH´ FRPR RV EDLUURV $OGHRWD H 0HLUHOHV HPERUD QmR KDMD

PHQVXUDomR SUHFLVD LQIHUHVH TXH VHXV SURGXWRV VmR GHVWLQDGRV H FRQVXPLGRV

PDMRULWDULDPHQWHSHODVSHVVRDVUHVLGHQWHVQRVEDLUURVHPTXHHVWmRORFDOL]DGDVDV

SDGDULDVDUWHVDQDLV

$ SHVTXLVD WDPEpP LQGLFD TXH p VLJQLILFDWLYD D SDUWLFLSDomR GH KRWpLV

SRXVDGDV UHVWDXUDQWHV H RXWURV HVWDEHOHFLPHQWRV FRP YLpV WXUtVWLFR GHQWUH RV

DTXHOHVTXHFRPSHPDFOLHQWHODGDVSDGDULDVDUWHVDQDLVRTXHUHIRUoDRFRQFHLWR

GH TXH RV SURGXWRV IDEULFDGRV FRP IHUPHQWR QDWXUDO WrP VHJPHQWDomR UHVWULWD

HVSHFLDOPHQWHFRQVXPLGRUHVFRPPDLRUSRGHUDTXLVLWLYRFRPRRJUDQGHQ~PHURGH

WXULVWDVTXHVHXWLOL]DPGHVVHHVWDEHOHFLPHQWRVPHQFLRQDGRV

ϯϮ

)LQDOPHQWHPHUHFHDWHQomRRTXHIRLDILUPDGRSRUXPGRVSURSULHWiULRV

GRVHVWDEHOHFLPHQWRVSHVTXLVDGRVTXHDILUPDTXH WRGRVRVGHPDLVSURGXWRUHVGH

SmHV DUWHVDQDLV HVWDEHOHFLGRV QR PHUFDGR GH )RUWDOH]D ID]HP XVR GR IHUPHQWR

ELROyJLFRFRPHUFLDODVVRFLDGRDROHYDLQHPSHUFHQWXDOGHSHORPHQRVXPSRU

FHQWR DR TXH GHQRPLQRX GH ³WpFQLFD PLVWD GH IHUPHQWDomR¶ FRP R REMHWLYR GH

DEUHYLDU R SHUtRGR GH GHVFDQVR GD PDVVD GHVWLQDGR j IHUPHQWDomR H REWHU

SDGURQL]DomRGRSURGXWRILQDO

&216,'(5$d®(6),1$,6

$RILQDOGRHVWXGRSRGHVHFRQFOXLUTXHRXVRGROHYDLQWUD]LQHJDYHOPHQWH

FDUDFWHUtVWLFDV VHQVRULDLV GHVHMDGDV DR SmR WUDGX]LGDV SRU DURPD VDERUH WH[WXUD

DJUDGiYHLVDRVFRPHQVDLV$OpPGLVVRRVSmHVIHLWRVjIDVHGRIHUPHQWRQDWXUDOWrP

PDLRUSUD]RGHYDOLGDGHSHUPLWLQGRRHVWRTXHSRUSHUtRGRVPDLRUHVQDVSUDWHOHLUDV

R TXH FRQVWLWXL IDWRU D VHU HVWLPXODGR HQWUH RV SURGXWRUHV GH SmHV DUWHVDQDLV QR

PHUFDGRGH)RUWDOH]D

1R HQWDQWR R SURFHVVR GH IHUPHQWDomR QDWXUDO p GH ORQJD GXUDomR H

UHODWLYDFRPSOH[LGDGHQmRVHQGRSRVVtYHOJDUDQWLUDSDGURQL]DomRGRVSURGXWRVR

TXHFRQVWLWXLGHVYDQWDJHPQDSURGXomRHPHVFDODLQGXVWULDOMiTXHHVWDH[LJHUDSLGH]

SDUDDWHQGHUjGHPDQGDGRVFRQVXPLGRUHV

%DVHDGR QRV GDGRV GD SHVTXLVD R PHUFDGR GD FKDPDGD SDQLILFDomR

DUWHVDQDOGH)RUWDOH]DDSUHVHQWDVHYROWDGRSDUDXPVHJPHQWRIRUPDGRSRUWXULVWDV

KDELWDQWHVRXIUHTXHQWDGRUHVGHiUHDGHOLPLWDGDFRQVLGHUDGD³QREUH´HDILFLRQDGRV

SRUSURGXWRVQDWXUDLVHRUJkQLFRV

$LQGD TXH UHYHVWLGRV GH IDWRUHV TXH DJUHJDP TXDOLGDGH FRPR LQVXPRV

VHOHFLRQDGRV HTXLSDPHQWRV DGHTXDGRV H WpFQLFDV UtJLGDV GH SURGXomR RV SmHV

DUWHVDQDLVWHQGHPDVHUYLVWRVFRPRSURGXWRVGLIHUHQFLDGRVDSHQDVSHORSUHoRPDLV

HOHYDGRRTXHQmR ILFRXHYLGHQFLDGRQDSHVTXLVD$VVLPDSDUWLFLSDomRGR OHYDLQ

FRPRPpWRGRGHIHUPHQWDomRGHSmHVQRPHUFDGRGH)RUWDOH]DSRGHVHUFRQVLGHUDGD

LUULVyULDHPERUDSHUFHEDVHDOLQKDPHQWRFRPDWHQGrQFLDPXQGLDOGHUHWRPDGDGHVVH

PpWRGRPLOHQDUGHID]HUSmR

ϯϯ

5()(5Ç1&,$6

$48,12 9DQHVVD &XNLHU GH (VWXGR GD HVWUXWXUD GH SmHV HODERUDGRV D SDUWLU GHGLIHUHQWHV SURFHVVRV IHUPHQWDWLYRV 'LVVHUWDomR PHVWUDGR )DFXOGDGH GH &LrQFLDV)DUPDFrXWLFDVGD8QLYHUVLGDGHGH6mR3DXOR6mR3DXOR

&$-$=(,5$6$ULDQH)HUPHQWDFDRQDWXUDOWUD]PDLVDURPDFRUHVDERUDPDVVDVHSDHVYHMDFRPRIXQFLRQD7ULEXQDGR&HDUi&RWLGLDQRVHWKWWSWULEXQDGRFHDUDXROFRPEUQRWLFLDVFRWLGLDQRIHUPHQWDFDRQDWXUDOWUD]PDLVDURPDFRUHVDERUDPDVVDVHSDHVYHMDFRPRIXQFLRQDDFHVVRHP

&$0$5*2/XL]$PpULFR3mR1RVVRUHFHLWDVFDVHLUDVFRPIHUPHQWRQDWXUDOHG6mR3DXOR6HQDF6mR3DXOR3DQHOLQKD

&$1(//$5$:/66DQGUD3mRDUWHHFLrQFLDHG6mR3DXOR6HQDF

&$67520DULD+HOHQD0060$5&(/,120DUOHQH6)HUPHQWRVTXtPLFRVELROyJLFRVHQDWXUDLV6%57±6HUYLoR%UDVLOHLURGH5HVSRVWDV7pFQLFDV,QVWLWXWRGH7HFQRORJLDGR3DUDQi±7(&3$5

&e6$5$OGDUDGD6LOYDHWDO(/$%25$d­2'(3­26(0*/Ò7(15HYLVWD&HUHVYROQ~PPDU]RDEULOSS8QLYHUVLGDGH)HGHUDOGH9LoRVD9LFRVD%UDVLO'LVSRQtYHOHPKWWSZZZUHGDO\FRUJDUWLFXORRD"LG ,661;DFHVVRHP

*8,0$5­(6$QQiOLD'XDUWH*XLPDUmHV2/,9(,5$6LUODQ\5RGULJXHVGH6,/9$9HUD0DUJDULGDGD/(9$,1/HYDLQSDQLILFDomRSURFHVVRGHIHUPHQWDomRDUWLJRDSUHVHQWDGR)DFXOGDGH)DPHVS6mR3DXOR

/$.$726(YD0DULD0$5&21,0DULQDGH$QGUDGH7pFQLFDVGH3HVTXLVDHG6mR3DXOR$WODV

027$5REVRQ1DVFLPHQWRGD,QWURGXomRj0HWRGRORJLDGD3HVTXLVD&LHQWtILFD5HFLIH

3$5,6(ORUD'XOHYDLQDXSDLQ$SSURFKHDQWKURSRORJLTXHGHO¶XVDJHGXOHYDLQGDQVODIDEULFDWLRQGXSDLQ)HUPHQWRDSmR$ERUGDJHPDQWURSROyJLFDGRXVRGRIHUPHQWRQDIDEULFDomRGRSmR8053DULV

3$55$),/+2'RPLQJRV6$1726-RmR$OPHLGD0HWRGRORJLD&LHQWtILFDHG6mR3DXOR&HQJDJH/HDUQLQJ

35$&,$12,YRQLOGR7XGRVREUHSmHV23RYR0XLWR3UD]HUDJRKWWSVZZZRSRYRFRPEUMRUQDOFROXQDVPXLWRSUD]HUWXGRVREUHSDHVKWPODFHVVRHP

6$//(6'DQLHOHWDO$VPHOKRUHVSDGDULDVGH)RUWDOH]D9HMDQRYKWWSVYHMDDEULOFRPEUHQWUHWHQLPHQWRDVPHOKRUHVSDGDULDVGHIRUWDOH]D DFHVVR HP

675$:%5,'*('LFNH-DPHV)HLWRHP&DVD3mHVH)HUPHQWRV7UDGXomRGH/DXUD6FKLFKYDUJHU6mR3DXOR3XEOLIROKD

KWWSFRQKHFHQGRRFHDUDFRPEUHVWDEHOHFLPHQWRVJUDRGDOLQRSDGDULDDUWHVDQDODFHVVRHP

ϯϰ

$1(;2

0$3$ &217(1'2 $ ,1',&$d­2 '26 35,1&,3$,6 (67$%(/(&,0(172 '(

)257$/(=$48($'27$02/(9$,11$352'8d­2'(3­(6

KWWSVZZZJRRJOHFRPPDSVVHDUFKSDGDULDVDUWHVDQDLV#]