TRELIÇAS TIPO STEEL JOIST
Transcrição
TRELIÇAS TIPO STEEL JOIST
75(/,d$67,3267((/-2,67 6pULH³ 0DQXDOGH&RQVWUXomRHP$oR´ • • • • • • • • • • • • • *DOS}HVSDUD8VRV*HUDLV /LJDo}HVHP(VWUXWXUDV0HWiOLFDV (GLItFLRVGH3HTXHQR3RUWH(VWUXWXUDGRVHP$oR $OYHQDULDV 3DLQpLVGH9HGDomR 5HVLVWrQFLDDR)RJRGDV(VWUXWXUDVGH$oR 7UDWDPHQWRGH6XSHUItFLHH3LQWXUD 7UDQVSRUWHH0RQWDJHP 6WHHO)UDPLQJ$UTXLWHWXUD ,QWHUIDFHV$oR&RQFUHWR 6WHHO)UDPLQJ(QJHQKDULD 3RQWHVH9LDGXWRVHP9LJDV0LVWDV 7UHOLoDV7LSR6WHHO-RLVW )/È9,2&255($'$/$0%(57 0$5&(/2%5,62/$3,1+(,52 75(/,d$67,3267((/-2,67 ,167,7872%5$6,/(,52'(6,'(585*,$ &(1752%5$6,/(,52'$&216758d2(0$d2 5,2'(-$1(,52 © ,167,7872%5$6,/(,52'(6,'(585*,$&(1752%5$6,/(,52'$ &216758d2(0$d2 1HQKXPDSDUWHGHVWDSXEOLFDomRSRGHVHUUHSURGX]LGDSRUTXDLVTXHUPHLRVHPDSUpYLDDXWRUL]DomRGHVWD (QWLGDGH )LFKDFDWDORJUiILFDSUHSDUDGDSHOR&HQWURGH,QIRUPDo}HVGR,%6&%&$ 'W '¶$ODPEHUW)OiYLR&RUUHD 7UHOLoDVWLSRVWHHO-RLVW)OiYLR&RUUHD'¶$ODPEHUW0DUFHOR%ULVROD3LQKHLUR 5LRGH-DQHLUR,%6&%&$ SFP²6pULH0DQXDOGH&RQVWUXomRHP$oR ,QFOXL&'5RP ,6%1 6WHHO-RLVW7UHOLoDV,7tWXORVVpULH,,3LQKHLUR0DUFHOR%ULVROD &'8 ,QVWLWXWR%UDVLOHLURGH6LGHUXUJLD&HQWUR%UDVLOHLURGD&RQVWUXomRHP$oR $Y5LR%UDQFRR $QGDU 5LRGH-DQHLUR5- HPDLO FEFD#LEVRUJEU VLWHZZZFEFDLEVRUJEU 680È5,2 &DStWXOR 'HILQLomRHKLVWyULFR &DStWXOR 9DQWDJHQVQRXVRGHMRLVWVSDGURQL]DGRV &DStWXOR 0DWHULDLVXWLOL]DGRV $oR 'XSOR8ODPLQDGR &DQWRQHLUDV 7ODPLQDGR 7HOHWURVROGDGR 3HUILVIRUPDGRVDIULRWLSR8 7XERVFLUFXODUHV 7XERVTXDGUDGRV &DStWXOR 3UHPLVVDVHQRUPDVXWLOL]DGDV 1RUPDVXWLOL]DGDV 3UHPLVVDVGHSURMHWR (VTXHPDHVWUXWXUDO *HRPHWULDGRV-RLVWV -RLVWSDUDFREHUWXUDV±7LSR/HYH -RLVWSDUDFREHUWXUDVHDSRLRGHODMHV±7LSR $SRLRV 7UDYDPHQWRV ,QVWDODomR 7LSR /LJDomRGRVWUDYDPHQWRV $QFRUDJHPGRVWUDYDPHQWRV 6LVWHPDVGHWUDYDPHQWRV (VSDoDPHQWRGRVWUDYDPHQWRV 7ROHUkQFLDVGHIDEULFDomR 7UDYDPHQWRVQHFHVViULRVSDUD-RLVW 'HWDOKHVFRQVWUXWLYRV 7LSRVGHFDUUHJDPHQWR 8QLIRUPHPHQWHGLVWULEXtGRV&8' &DUJDVFRQFHQWUDGDV &DStWXOR $EHUWXUDSDUDGXWRV &DStWXOR 'HIRUPDo}HV/LPLWH &DStWXOR 3URMHWDQGR-RLVWV±H[HPSORVGHXWLOL]DomR 3HUILVODPLQDGRVWLSR8 &DQWRQHLUDVODPLQDGDV 3HUILO7ODPLQDGR 3HUILO7HOHWURVROGDGR 3HUILO8IRUPDGRDIULR 3HUILVWXEXODUHV±FLUFXODUHVHTXDGUDGRV $SUHVHQWDomR 2 &%&$±&HQWUR%UDVLOHLURGD&RQVWUXomRHP$oR WHPDVDWLVIDomRGHRIHUHFHUDRVSURILVVLRQDLV GDFRQVWUXomRHPDoRRGpFLPRWHUFHLURPDQXDOGHXPDVpULHFXMRREMHWLYRpDGLVVHPLQDomRGH LQIRUPDo}HVWpFQLFDVHPHOKRUHVSUiWLFDV (VWHPDQXDOWHPFRPRIRFRDVWUHOLoDVSODQDVGRWLSRVWHHOMRLVWGHEDQ]RVSDUDOHORVGHVWDFDQGR VXDXWLOL]DomRDVGLIHUHQWHVHVSHFLILFDo}HVSDGURQL]DomRGHYmRVDOWXUDVHPRGXODomRGRV MRLVWV VHPSUHYLVDQGRRVPHOKRUHVUHVXOWDGRVQDUHODomRHQWUHSHVRHUHTXLVLWRVGRSURMHWR 3RGHQGRVHUXWLOL]DGDVHPVLVWHPDVHVWUXWXUDLVGHFREHUWXUDVIHFKDPHQWRVODWHUDLVHSDYLPHQWRVGH HGLILFDo}HVHPJHUDODVWUHOLoDVSDGURQL]DGDVWLSR VWHHOMRLVW RIHUHFHPGLYHUVRVEHQHItFLRV2EDL[R SHVRGDVWUHOLoDVUHTXHUSLODUHVPDLVHVEHOWRVHIXQGDo}HVFRPPHQRUHVFDUJDV$UDSLGH]DIDFLOLGDGH QDPRQWDJHPHPDLRUIOH[LELOLGDGHGR OD\RXW GDHGLILFDomRSHUPLWHPJDQKRVGHSURGXWLYLGDGHQD REUD2XVRGHDoRGHDOWDUHVLVWrQFLDDPSOLDRVEHQHItFLRVFLWDGRVGHIRUPDVLJQLILFDWLYD 2PDQXDOLQFOXLXP&'520FRQWHQGRWDEHODVSDUDRGLPHQVLRQDPHQWRXWLOL]DQGRRVGLIHUHQWHVWLSRV GHSHUILVH[LVWHQWHVQRPHUFDGRVHMDPHOHVODPLQDGRVVROGDGRVHOHWURVROGDGRVIRUPDGRVDIULR RXWXEXODUHVGHVHomRFLUFXODURXTXDGUDGD3RUVHUXPPDQXDOSUiWLFRWRUQDVHXPDIHUUDPHQWD LPSRUWDQWHSDUDDTXHOHVTXHSUHWHQGHPXWLOL]DURVLVWHPDGHWUHOLoDVWLSR VWHHOMRLVW HPVHXVSURMHWRV 7UDWDVHGHXPDSXEOLFDomRGHUHIHUrQFLDSDUDVHUXWLOL]DGDH[FOXVLYDPHQWHFRPRRULHQWDomRH LQIRUPDomRVREUHSUiWLFDVHWpFQLFDVFRQVDJUDGDVQRPHUFDGR5HVVDOWDPRVTXHDDSOLFDomRHP SURMHWRVGRVFRQFHLWRVDTXLLQWURGX]LGRVUHTXHUDDQiOLVHHDHVSHFLILFDomRUDWLILFDGDVSRUSURILVVLRQDO TXDOLILFDGR &HQWURGLQkPLFRGHVHUYLoRVFDSDFLWDGRSDUDFRQGX]LUXPDSROtWLFDGHSURPRomRGRXVRGRDoRQD FRQVWUXomRFRPIRFRH[FOXVLYDPHQWHWpFQLFRR &%&$ HVWiVHJXURGHTXHHVWHPDQXDOHQTXDGUDVH QRREMHWLYRGHFRQWULEXLUSDUDDGLIXVmRGHFRPSHWrQFLDWpFQLFDHHPSUHVDULDOQR3DtV &DStWXOR 'HILQLomRHKLVWyULFR 'HILQLomRHKLVWyULFR $GHQRPLQDomR-RLVWpODUJDPHQWHXWLOL]D GDQRV(VWDGRV8QLGRVGD$PpULFD (8$SDUD HVSHFLILFDUWUHOLoDVSODQDV (VWDWHFQRORJLDpXWLOL]DGDKiPXLWRWHPSR HPWRGRRPXQGRSRUpPIRLQRUPDOL]DGDVRED IRUPDGHXPFyGLJRWpFQLFRSHODD YH]QRDQR GHTXDQGRIRLFRQVWLWXtGRR6WHHO-RLVW ,QVWLWXWH6-,(VVDRUJDQL]DomRFRPSRVWDSRU IDEULFDQWHVGHHVWUXWXUDVGHDoRWHPFRPRSULQ FLSDOIXQomRSDGURQL]DUSURGXWRVHTXDOLILFDU IDEULFDQWHVGHMRLVWVDWUDYpVGRGHVHQYROYLPHQ WRGHWHFQRORJLDGHFiOFXORSURMHWRIDEULFDomR HPRQWDJHP (VWHPDQXDOWHPSRUILQDOLGDGHIRUQHFHU XPDLQWURGXomRjSDGURQL]DomRQRXVRGRVLV WHPDGHWUHOLoDVSODQDVGHEDQ]RVSDUDOHORVQR %UDVLO 3ULQFLSDLVDSOLFDo}HV $HVFROKDGRVSHUILVXWLOL]DGRVQRVFiOFX ORVYHUFDStWXORWHYHFRPRFULWpULRVGHVHOH omRDTXHOHVFRPXPHQWHHQFRQWUDGRVHPQRV VRPHUFDGR3URFXURXVHSDGURQL]DUYmRVDOWX UDV H PRGXODo}HV GRV -RLVWV SDUD SHUPLWLU HTXDOL]DomRGHUHVXOWDGRVSRUpPDSHVDUGDV PDLVGHDQiOLVHVSDUWLFXODUHVVHULDLP SRVVtYHOYDUUHUWRGDVDVSRVVLELOLGDGHVYLVDQGR RWLPL]DomRGHSHVRV • &RQVWUXomRFLYLO R &REHUWXUDVGHVXSHUPHUFDGRV R &REHUWXUDVGHJDOS}HVLQGXVWULDLV R &REHUWXUDVGHHVWDEHOHFLPHQWRV FRPHUFLDLV R &REHUWXUDVSDUDHVWiGLRVJLQiVLRV SUDoDVHVSRUWLYDVHPJHUDOHWF R )HFKDPHQWRVODWHUDLV R 9LJDVGHSLVRSDUDDSRLRGHODMH 2VFiOFXORVGRVMRLVWVIRUDPUHDOL]DGRVWHQ GRHPYLVWDDVYHUV}HVPDLVDWXDOL]DGDVGDQRU PDDPHULFDQD$,6&±HQRUPDEUDVLOHL UD1%5SRUpPGHYHPVHUXWLOL]D GRVFRPFULWpULRSRUSURILVVLRQDLVTXDOLILFDGRV SRLVVHJXLQGRWHQGrQFLDLQWHUQDFLRQDOVmRDSUH VHQWDGRVYDORUHVGHFiOFXORQR3URFHVVRGH7HQ V}HV $GPLVVtYHLV $6' ± $OORZDEOH 6WUHVV 'HVLJQHGRV(VWDGRV/LPLWHVÒOWLPRV/5)' ±/RDGDQG5HVLVWDQFH)DFWRU'HVLJQ&RPR QRYLGDGH WDPEpP VmR FRORFDGRV YDORUHV GH FiOFXORTXHUHSUHVHQWDPRHVWDGROLPLWHGHXWLOL ]DomRUHIHUHQWHjGHIRUPDomR 'DWDVVLJQLILFDWLYDVQR GHVHQYROYLPHQWRGD 7HFQRORJLD-RLVW±(8$ ±)XQGDomRGR6-, ±&ULDomRGDD WDEHODGHFDUJDV ±,QFUHPHQWRGHYLJDVSDUDDWp PHWURV ±1RYDVWDEHODVGHFDUJDSDUDDoRV FRPOLPLWHGHHVFRDPHQWRGH03D ±1RYDVWDEHODVGHFDUJDSDUDDoRV FRP OLPLWH GH HVFRDPHQWR GH 03D $670$ ±1RYDVWDEHODVGHFDUJDSDUDDoRV FRPOLPLWHGHHVFRDPHQWRHQWUHH 03D ±'HVHQYROYLPHQWRGHXQLILFDomR GHHVSHFLILFDo}HVFRPR$,6& ±,QFUHPHQWRGHYLJDVSDUDDWp PHWURVHGHVHQYROYLPHQWRGHQRYDVVpUL HV &DStWXOR 9DQWDJHQVQRXVRGHMRLVWV SDGURQL]DGRV 9DQWDJHQVQRXVRGHMRLVWVSDGURQL]DGRV 2VMRLVWVWrPVXDPDLRUHILFLrQFLDTXDQGR XWLOL]DGRVHPVLVWHPDVHVWUXWXUDLVGHFREHUWXUD IHFKDPHQWRV ODWHUDLV H SDYLPHQWRV GH HGLILFDo}HVHPJHUDODSUHVHQWDQGRDVVHJXLQ WHVYDQWDJHQV • • • • • • • (ILFLrQFLD GR DoR GH DOWD UHVLVWrQFLD $670$ $670$$670$ %DL[RSHVRGDVHVWUXWXUDVIUXWRGHXPD HILFLHQWH UHODomR HQWUH SHVR SUySULR [ VREUHFDUJD R TXH RFDVLRQD PHQRUHV FROXQDVHIXQGDo}HV 9HORFLGDGHHIDFLOLGDGHGHPRQWDJHP $XPHQWRGDVGLPHQV}HVGDFRQVWUXomR FRPUHGXomRGRQ~PHURGHFROXQDVH DXPHQWR GH IOH[LELOLGDGH GR OD\RXW GD HGLILFDomR 2WLPL]DomRGRSpGLUHLWRGDHGLILFDomR FRQVHJXLGD SHOD SDVVDJHP GH GXWRV DWUDYpVGRVLVWHPDWUHOLoDGRGDMRLVW (PSLVRVGHFRQFUHWRDUPDGRTXDQGR FRPELQDGDVFRPIRUPDODMHRXVWHHOGHFN HOLPLQDPFRPSOHWDPHQWHDXWLOL]DomRGH HVFRUDPHQWR 3RGHPVHUDSOLFDGDVQRVPDLVYDULDGRV VLVWHPDVHVWUXWXUDLVVHMDPPHWiOLFRVRX PLVWRVGHFRQFUHWRRXDOYHQDULD &DStWXOR 0DWHULDLVXWLOL]DGRV 0DWHULDLVXWLOL]DGRV $oR 'XSOR8ODPLQDGR 1HVWHPDQXDOHVWmRUHSUHVHQWDGRVRVSHUILVGH XVR QRUPDO GH QRVVR PHUFDGR WDQWR RV ODPLQDGRVFDQWRQHLUDVSHUILVWLSR8H,FRPR WDPEpP RV FRQIRUPDGRV D IULR GH FKDSD FDQWRQHLUDVSHUILVWLSR83DUDWDQWRVmRHOD ERUDGDV WDEHODV HVSHFtILFDV SDUD FDGD VHJ PHQWR$QRUPDEUDVLOHLUDSHUWLQHQWHjFODVVLIL FDomRGRVWLSRVGHDoRpD$%171%5 1D)LJXUDYHULILFDVHDVHomRWUDQVYHU VDO WtSLFD GRV EDQ]RV XWLOL]DQGRVH GXSOR 8 ODPLQDGR 7LSRVGH$oR 1DVWDEHODVGHSUpGLPHQVLRQDPHQWRXWL OL]RXVHFRPRSUHPLVVDDPHVPDELWRODSDUDRV EDQ]RVVXSHULRUHLQIHULRU $670 $670$ 1%5 /(03D 1%5&) $670$ $670*5 $670$ 1%5* 1%54 1%5 &)5 $670$ 2EV$oRV GH TXDOLILFDomR FRPHUFLDO H VHP TXDOLILFDomR HVWUXWXUDO H[HPSOR 6$( QmRVHUmRFRQWHPSODGRVQHVWHPDQXDO 1D7DEHODVmRLQGLFDGDVDVFDUDFWHUtVWL FDVJHRPpWULFDVSDUDGLYHUVRVWLSRVGHSHUILV GXSOR8ODPLQDGREDQ]RLQIHULRUEDQ]RVXSHUL RURXGLDJRQDLVHPRQWDQWHV $'27$026 PP EPLQ 3HUILVXWLOL]DGRV±7DEHOD5HVXPR $WDEHODDVHJXLULQGLFDRVWLSRVGHSHUILV XWLOL]DGRVQDFRPSRVLomRGHVWHPDQXDODVVLP FRPRGRVDoRVFRQVLGHUDGRVQRVFiOFXORV )LJXUD 6HomR WUDQVYHUVDO WtSLFD SDUD RV EDQ]RV 7DEHOD±&DUDFWHUtVWLFDVJHRPpWULFDVSHUILVGXSOR8ODPLQDGR &DQWRQHLUDV 1D)LJXUDYHULILFDVHDVHomRWUDQVYHUVDOWtSLFDGRVEDQ]RVXWLOL]DQGRVHFDQWRQHLUDV 1D7DEHODVmRLQGLFDGDVDVFDUDFWHUtVWLFDVJHRPpWULFDVSDUDGLYHUVRVWLSRVGHFDQWRQHLUDV GXSODVEDQ]RLQIHULRUEDQ]RVXSHULRURXGLDJRQDLVHPRQWDQWHV 1DVWDEHODVGHSUpGLPHQVLRQDPHQWRXWLOL]RXVHFRPRSUHPLVVDDPHVPDELWRODSDUDRVEDQ]RV VXSHULRUHLQIHULRU WI WI )LJXUD 6HomR WUDQVYHUVDO WtSLFD SDUD RV EDQ]RV 7DEHOD±&DUDFWHUtVWLFDVJHRPpWULFDVFDQWRQHLUDVGXSODVLVRODGDV 2EV 2 YDORU U PtQ FRUUHVSRQGH DR UDLR GH JLUR GR SHUILO FDQWRQHLUD VLPSOHV 0DWHULDLVXWLOL]DGRV 7/DPLQDGR 1D)LJXUDYHULILFDVHDVHomRWUDQVYHUVDOWtSLFDGRVEDQ]RVXWLOL]DQGRVH7ODPLQDGRGHULYDGR GRSHUILO: 1D7DEHOD VmR LQGLFDGDVDV FDUDFWHUtVWLFDVJHRPpWULFDV SDUDGLYHUVRV WLSRVGH SHUILV7 ODPLQDGREDQ]RLQIHULRUEDQ]RVXSHULRU3DUDGLDJRQDLVHPRQWDQWHVUHFRPHQGDVHRXVRGHSHUILV GRWLSR@>/RX/ 1DVWDEHODVGHSUpGLPHQVLRQDPHQWRXWLOL]RXVHFRPRSUHPLVVDDPHVPDELWRODSDUDRVEDQ]RV VXSHULRUHLQIHULRU DOWXUDGRSHUILO )LJXUD 6HomR WUDQVYHUVDO WtSLFD SDUD RV EDQ]RV 7DEHOD±&DUDFWHUtVWLFDVJHRPpWULFDVSHUILV7ODPLQDGR 7HOHWURVROGDGR 1D)LJXUDYHULILFDVHDVHomRWUDQVYHUVDOWtSLFDGRVEDQ]RVXWLOL]DQGRVH7HOHWURVROGDGR GHULYDGRGRSHUILO,HOHWURVROGDGR 1%5 1D7DEHODVmRLQGLFDGDVDVFDUDFWHUtVWLFDVJHRPpWULFDVSDUDGLYHUVRVWLSRVGHSHUILV7HOHWUR VROGDGREDQ]RLQIHULRUEDQ]RVXSHULRU3DUDGLDJRQDLVHPRQWDQWHVUHFRPHQGDVHRXVRGHSHUILV GRWLSR@>/RX/ 1DVWDEHODVGHSUpGLPHQVLRQDPHQWRXWLOL]RXVHFRPRSUHPLVVDDPHVPDELWRODSDUDRVEDQ]RV VXSHULRUHLQIHULRU DOWXUDGRSHUILO )LJXUD 6HomR WUDQVYHUVDO WtSLFD SDUD RV EDQ]RV 7DEHOD±&DUDFWHUtVWLFDVJHRPpWULFDVSHUILV7HOHWURVROGDGR 0DWHULDLVXWLOL]DGRV 3HUILVIRUPDGRVDIULRWLSR8 1D)LJXUDYHULILFDVHDVHomRWUDQVYHUVDOWtSLFDGRVEDQ]RVXWLOL]DQGRVHSHUILVWLSR8IRUPD GRVDIULR 1%5 1D7DEHODVmRLQGLFDGDVDVFDUDFWHUtVWLFDVJHRPpWULFDVSDUDGLYHUVRVWLSRVGHSHUILVWLSR8 IRUPDGRVDIULREDQ]RLQIHULRUEDQ]RVXSHULRU3DUDGLDJRQDLVHPRQWDQWHVUHFRPHQGDVHRXVRGH SHUILVGRWLSR@>RX/ 1DVWDEHODVGHSUpGLPHQVLRQDPHQWRXWLOL]RXVHFRPRSUHPLVVDDPHVPDELWRODSDUDRVEDQ]RV VXSHULRUHLQIHULRU DOWXUDGRSHUILO )LJXUD 6HomR WUDQVYHUVDO WtSLFD SDUD RV EDQ]RV ± HL[RV GH UHIHUrQFLD 7DEHOD±&DUDFWHUtVWLFDVJHRPpWULFDVSHUILVIRUPDGRDIULRWLSR8 7XERV&LUFXODUHV 1D)LJXUDYHULILFDVHDVHomRWUDQVYHUVDOWtSLFDGRVEDQ]RVXWLOL]DQGRVHWXERVFLUFXODUHV 1D7DEHODVmRLQGLFDGDVDVFDUDFWHUtVWLFDVJHRPpWULFDVSDUDGLYHUVRVWLSRVGHSHUILVWLSR WXERFLUFXODUVHPFRVWXUD 1DVWDEHODVGHSUpGLPHQVLRQDPHQWRXWLOL]RXVHFRPRSUHPLVVDDPHVPDELWRODSDUDRV EDQ]RVVXSHULRUHLQIHULRU )LJXUD 6HomR WUDQVYHUVDO WtSLFD SDUD RV EDQ]RV ± HL[RV GH UHIHUrQFLD 7DEHOD±&DUDFWHUtVWLFDVJHRPpWULFDVSHUILVWXEXODUHVFLUFXODUHV 0DWHULDLVXWLOL]DGRV 7XERVTXDGUDGRV 1D)LJXUDYHULILFDVHDVHomRWUDQVYHUVDOWtSLFDGRVEDQ]RVXWLOL]DQGRVHWXERVTXDGUDGRV 1D7DEHODVmRLQGLFDGDVDVFDUDFWHUtVWLFDVJHRPpWULFDVSDUDGLYHUVRVWLSRVGHSHUILVWLSR WXERTXDGUDGRVHPFRVWXUD 1DVWDEHODVGHSUpGLPHQVLRQDPHQWRXWLOL]RXVHFRPRSUHPLVVDDPHVPDELWRODSDUDRVEDQ]RV VXSHULRUHLQIHULRU )LJXUD 6HomR WUDQVYHUVDO WtSLFD SDUD RV EDQ]RV ± HL[RV GH UHIHUrQFLD 7DEHOD±&DUDFWHUtVWLFDVJHRPpWULFDVSHUILVWXEXODUHVTXDGUDGRV 7DEHOD$3ODQLOKDUHVXPR(TXLYDOrQFLDGHSHUILVSDUDFRPSRVLomRGHMRLVWV &DStWXOR 3UHPLVVDVHQRUPDV XWLOL]DGDV 3UHPLVVDVHQRUPDVXWLOL]DGDV 1RUPDVXWLOL]DGDV 1DHODERUDomRGHVWHPDQXDORVMRLVWVIRUDPSURMHWDGRVXWLOL]DQGRVHDVVHJXLQWHVQRUPDVWpF QLFDV 1RUPDVEUDVLOHLUDV±$%17 Â 1%53URMHWRH([HFXomRGH(VWUXWXUDVGH$oRGH(GLItFLRV Â 1%5±3HUILV(VWUXWXUDLVGHDoRIRUPDGRVDIULR3DGURQL]DomR Â 1%5'LPHQVLRQDPHQWRGHHVWUXWXUDVGHDoRFRQVWLWXtGDVSRUSHUILVIRUPDGRVj IULR Â 1%53HUILVHVWUXWXUDLVVROGDGRVSRUDOWDIUHTXrQFLDHOHWURIXVmR±5HTXLVLWRV± 3HUILV,+H7 1RUPDVLQWHUQDFLRQDLV Â $,6&±WK (',7,21±/5)'H$6' Â 6-,±67((/-2,67,167,787(± Â &,6&±&DQDGLDQ,QVWLWXWHRI6WHHO&RQVWUXFWLRQ 127$ $VLQIRUPDo}HVSUHVHQWHVQHVWHPDQXDOWpFQLFRQmRGHYHPVHUXWLOL]DGDVVHPDYHULILFDomRRX YDOLGDomRGHXPSURILVVLRQDOKDELOLWDGR 3UHPLVVDVGHSURMHWR (VTXHPD(VWUXWXUDO $VHVWUXWXUDVGRVMRLVWVIRUDPGLPHQVLRQDGDVFRPRYLJDVWUHOLoDGDVFRQVLGHUDQGRVHFRPR VLPSOHVPHQWHDSRLDGDVFDUUHJDGDVXQLIRUPHPHQWHVXSRUWDQGRWHOKDGRVIHFKDPHQWRVODWHUDLVH SLVRV 'HYLGRDRWLSRGHFDUUHJDPHQWRDGRWDGRXQLIRUPHPHQWHGLVWULEXtGRFRQVLGHURXVHRVEDQ]RV VXSHULRUHV )OH[RFRPSULPLGRV LJXDODQGRVHRSHUILOGREDQ]RVXSHULRUHLQIHULRUSDUDWHUPRVOLQKD QHXWUDFHQWUDGD $VGLDJRQDLVHPRQWDQWHVSRGHUmRVHUHVFROKLGRVFDVRDFDVRHPIXQomRGRWLSRGHFDUUHJD PHQWRHGLVWULEXLomRGHHVIRUoRVFRPRDX[tOLRGDVWDEHODVGHGLPHQVLRQDPHQWRGHSHoDVFRPSULPL GDV *HRPHWULDGRVMRLVWV -RLVWSDUDFREHUWXUDV±7LSR/HYH 'LPHQV}HVGHUHIHUrQFLD 9DULDomRGHYmROLYUH 9DULDomRGHDOWXUD P/P P+P )LJXUD ± *HRPHWULD 3DGUmR WLSR -RLVWSDUDFREHUWXUDVHDSRLRGHODMHV±7LSR -RLVWVFRQVWLWXtGRSRUEDQ]RVSDUDOHORVPRQWDQWHVHGLDJRQDLVSUHSDUDGDVSDUDVXSRUWDUFDUJDV XQLIRUPHPHQWHGLVWULEXtGDV 3RGHPVHUXWLOL]DGRVFRPRVXSRUWHGHODMHVWHVRXUDVSULQFLSDLVRXYLJDVPHVWUDV 'LPHQV}HVGHUHIHUrQFLD 9DULDomRGHYmROLYUH 9DULDomRGHDOWXUD P/P P+P )LJXUD ± *HRPHWULD3DGUmR ±7LSR 3UHPLVVDVHQRUPDVXWLOL]DGDV )LJXUD ± ,VRPpWULFD (VTXHPiWLFD ± 0yGXOR 3DGUmR $SRLRV )LJXUD ± 7LSRV *HQpULFRV GH$SRLRV 7UDYDPHQWRV 2VWUDYDPHQWRVVmRHOHPHQWRVSRVLFLRQDGRVWUDQVYHUVDOPHQWHDRVMRLVWVHWrPFRPRIXQomR SURYHUDHVWUXWXUDGHHVWDELOLGDGHODWHUDOWDQWRQDPRQWDJHPFRPRQRWUDEDOKRQRUPDODVVLPFRPR OLPLWDU R FRPSULPHQWR GH IODPEDJHP /E\ GRV EDQ]RV 2V WUDYDPHQWRV QmR WrP D IXQomR GRV FRQWUDYHQWDPHQWRV ,QVWDODomR 7RGRVRVWUDYDPHQWRVGHYHPVHUFRORFDGRVDQWHVGRFDUUHJDPHQWRGDHVWUXWXUD 7LSR $7UDYDPHQWR+RUL]RQWDO )RUPDGRSRUXPDOLQKDFRQWtQXDLQWHUOLJDQGRRVEDQ]RVVXSHULRUHVRXRVEDQ]RVLQIHULRUHVDRV MRLVWVDGMDFHQWHV2tQGLFHGHHVEHOWH]OLPLWHGHYHUiVHURXVHMD./E\U\ )LJXUD ± (VTXHPD 7tSLFR GR 7UDYDPHQWR +RUL]RQWDO )LJXUD ± ,VRPpWULFD (VTXHPiWLFD GR 7UDYDPHQWR +RUL]RQWDO 3UHPLVVDVHQRUPDVXWLOL]DGDV )LJXUD ±$QFRUDJHP GR7UDYDPHQWR +RUL]RQWDO HP$OYHQDULD RX &RQFUHWR (/(0(1725Ë*,'2,1'(6/2&È9(/ )LJXUD ± ,VRPpWULFD (VTXHPiWLFD GR 7UDYDPHQWR +RUL]RQWDO HP (OHPHQWR 5tJLGR )LJXUD ±$QFRUDJHP GR7UDYDPHQWR HP 9LJD 0HWiOLFD )LJXUD ± ,VRPpWULFD (VTXHPiWLFD GR 7UDYDPHQWR +RUL]RQWDO HP 9LJD 0HWiOLFD 2EV 1HVWHFDVRGHWUDYDPHQWRYHULILFDUDLQGHVORFDELOLGDGHODWHUDOGDYLJDPHWiOLFDQDVDEDVVXSH ULRUHLQIHULRU([HPSOR/DMHGHFRQFUHWRFRQWUDYHQWRSDLQpLVKRUL]RQWDLVUtJLGRVHWF 127$± 20È;,02(63$d$0(1723$5$75$9$0(172+25,=217$/'26-2,676e'$'2 1$67$%(/$6'(&$5*$6&20$'(6,*1$d2/E\ 7DEHOD0i[LPRHVSDoDPHQWRHQWUHMRLVWVSDUDWUDYDPHQWRKRUL]RQWDOPP % LWRODVGDV&DQWRQHLUDVSDUD7UDYDPHQWR+RUL]RQWDO /; /; /; /; /; /; /; %7UDYDPHQWR'LDJRQDO±PyGXORUtJLGR 6mRDTXHOHVFRQVWLWXtGRVSRUFDQWRQHLUDVLQWHUOLJDQGRREDQ]RLQIHULRUGHXPDMRLVWDREDQ]R VXSHULRUGDVMRLVWVDGMDFHQWHVHDVVLPSRUGLDQWH 2tQGLFHGHHVEHOWH]Pi[LPRSDUDRHOHPHQWRGRWUDYDPHQWRpVHQGR/RFRPSULPHQWR GDSHoD 7RGDVDVGLDJRQDLVGHYHPVHUOLJDGDVSRUSDUDIXVRRXVROGDQDVMRLVWV 3UHPLVVDVHQRUPDVXWLOL]DGDV )LJXUD (VTXHPD 7tSLFR GR 7UDYDPHQWR HP 'LDJRQDO )LJXUD ± ,VRPpWULFD (VTXHPiWLFD GR 7UDYDPHQWR 'LDJRQDO 5tJLGR 7DEHOD0i[LPR(VSDoDPHQWRHQWUH-RLVWVSDUD7UDYDPHQWRHP'LDJRQDO /LJDomRGRV7UDYDPHQWRV 7UDYDPHQWRVQHFHVViULRVSDUD-RLVW $VOLJDo}HVGRVWUDYDPHQWRVVHMDPKRUL]RQWDLV VHMDPGLDJRQDLVQRVEDQ]RVGHYHUmRWHUXPDD UHVLVWrQFLDPtQLPDD[LDOGH.1NJI D (P WRGDV DV WDEHODV GH FDUJD HVWmR LQGLFDGDV DV GLVWkQFLDV Pi[LPDV SDUD WUDYDPHQWR GR EDQ]R FRPSULPLGR GDV -RLVWV /E\ $QFRUDJHPGRV7UDYDPHQWRV &DGDOLQKDGHWUDYDPHQWRGHYHVHUDGHTXDGD PHQWHDQFRUDGDQDVGXDVH[WUHPLGDGHVMXQWR jHVWUXWXUDSULQFLSDOGRHGLItFLR&DVRQmRVHMD SRVVtYHORVWUDYDPHQWRVHPGLDJRQDORXKRUL ]RQWDO GHYHP FRQWHPSODU PyGXORV HP FRQWUDYHQWDPHQWRLQGHVORFiYHLVILJXUDVD 6LVWHPDVGH7UDYDPHQWRV 2VVLVWHPDVGHWUDYDPHQWRVLQFOXLQGRGLPHQ V}HVGDVSHoDVHWRGRVRVGHWDOKHVQHFHVViUL RVGHYHPVHUPRVWUDGRVQRVGHVHQKRV 6HXPHVSHFtILFRVLVWHPDGHWUDYDPHQWRIRUQH FHVViULRSHORSURMHWRRVGHVHQKRVGHYHPFRQ WHUWRGDVDVLQIRUPDo}HVQHFHVViULDVSDUDID EULFDomRHPRQWDJHP E1RVFDVRVRQGHRFRUUHUHPFRPSUHVVmRQR EDQ]RLQIHULRUH[HPSOR±HIHLWRGHVXFomRGR YHQWR XPD OLQKD GH WUDYDPHQWR GHYHUi VHU SRVLFLRQDGDQRSULPHLURH~OWLPRQyGREDQ]R LQIHULRUDOpPGRVQRUPDLVFRQIRUPHD F3DUDHVWDELOL]DomRODWHUDOGREDQ]RLQIHULRU SRGHVHXWLOL]DURVLVWHPDGHPmRVIUDQFHVDV $TXDQWLGDGHGHOLQKDVGHPmRVIUDQFHVDVSRGH VHUVHOHFLRQDGDSHODWDEHODDEDL[R 7DEHOD0i[LPR&RPSULPHQWRGD0mR)UDQ FHVD/.%PP %,72/$6'$6&$1721(,5$63$5$ 75$9$0(172+25,=217$/ /; /; /; /; /; /; /; (VSDoDPHQWRGRV7UDYDPHQWRV 7DQWRRVWUDYDPHQWRVHPGLDJRQDOFRPRRVKR UL]RQWDLVGHYHUmRHVWDUHVSDoDGRVGHIRUPDD FRQWHPSODUDVFRQGLo}HVGHIODPEDJHPHHVWD ELOLGDGHGRVEDQ]RV 2FRPSULPHQWRVHPWUDYDPHQWR/E\SDUDRV EDQ]RVGHYHUiVHUOLPLWDGRHP D3DUDEDQ]RVIOH[RFRPSULPLGRV U\ E3DUDEDQ]RVWUDFLRQDGRV U\ U\ 5DLRGH*LUDomRHP\ 7ROHUkQFLDVGH)DEULFDomR D$WROHUkQFLDQDIDEULFDomRGRVMRLVWVGDDOWXUD QRPLQDOSDUDDDOWXUDUHDOpGHQRPi[LPR PP E3DUDGHPDLVOLPLWHVDWHQGHUDRGHWHUPLQDGR SHOD1%5 )LJXUD ± 0mR )UDQFHVD SDUD 7UDYDPHQWR GH -RLVW 3UHPLVVDVHQRUPDVXWLOL]DGDV 'HWDOKHV&RQVWUXWLYRV 1HVWHPDQXDORVMRLVWVIRUDPDQDOLVDGRVFRPRYLJDVELDSRLDGDVGHWHUPLQDQGRUHDo}HVYHUWLFDLVH KRUL]RQWDLVQRVDSRLRV 0XLWRVVmRRVGHWDOKHVGHDSRLRGHMRLVWVTXHSRGHPVHUXVDGRV&RPRSRQWRGHSDUWLGDGHYHVH ID]HUXPDFULWHULRVDDQiOLVHGRVHVIRUoRVHQYROYLGRVSDUDGLPHQVLRQDPHQWRGDOLJDomRGHDSRLR YHULILFDomRGDFRPSDWLELOLGDGHFRPRHOHPHQWRTXHLUiVXSRUWDUDFDUJDYLJDPHWiOLFDYLJDGHFRQ FUHWRSLODUPHWiOLFRSLODUGHFRQFUHWRDOYHQDULDDUPDGDHWFHILQDOPHQWHRGLPHQVLRQDPHQWRVH JXQGRFULWpULRVQRUPDOL]DGRVGDVFKDSDVFKXPEDGRUHVRXSDUDIXVRVWHQVmRGHFRQWDWRHWF 2VMRLVWVVmRHVWUXWXUDVGHDoRHSRUWDQWRGHYHPVHPSUHVHUHVSHFLILFDGRVHDQDOLVDGRVSRUSURILV VLRQDLVTXDOLILFDGRV $WtWXORGHRULHQWDomRIRUQHFHPRVDVHJXLUGHWDOKHVTXHSRGHPVHUXWLOL]DGRVSDUDDSRLRGRVMRLVWV )LJXUD ± (VTXHPD ,QGLFDWLYR GR$SRLR7tSLFR GH -RLVWVREUH 9LJD 0HVWUD 3UHPLVVDVHQRUPDVXWLOL]DGDV 3UHPLVVDVHQRUPDVXWLOL]DGDV 3UHPLVVDVHQRUPDVXWLOL]DGDV 3UHPLVVDVHQRUPDVXWLOL]DGDV WHOKDV ±&DUJDV&RQFHQWUDGDV 3DUDDVVLWXDo}HVGHFDUJDVFRQFHQWUDGDVRVMRLVWVSRGHUmRVHUFDUUHJDGRVHPWRGRVRVQyVGR EDQ]RVXSHULRURXVRPHQWHQRVQyVGRVPRQWDQWHVRXGDVGLDJRQDLVYHUILJXUDDEDL[R&XLGDGR HVSHFLDOGHYHVHUWRPDGRSDUDRFDVRGHFDUJDVFRQFHQWUDGDVPXLWRHVSDoDGDVYLJDPHVWUDUHFH EHQGRSRXFRVHHVSDoDGRVMRLVWVSRLVKDYHUiDQHFHVVLGDGHGHWUDYDPHQWRGRVEDQ]RVFRQIRUPH FDStWXORDOpPGDYHULILFDomRGDVGLDJRQDLVRXPRQWDQWHVTXHUHFHEHPDVFDUJDV )LJXUD ± &DUUHJDPHQWRV 3RVVtYHLV QDV -RLVWV 3UHPLVVDVHQRUPDVXWLOL]DGDV 2QGH 3Q T[H 2QGH3Q &DUJDFRQFHQWUDGD.1 T FDUJDDGPLVVtYHOGLVWULEXtGD.1P H 3(D3(FRQIRUPHILJXUD 3( &RPSULPHQWRSDLQHOH[WHUQRP 7DEHOD&DUJDV3HUPDQHQWHV1RUPDOPHQWHDGRWDGDVHP3URMHWR &RQFUHWR FHOXODU *HVVR DFDUWRQDGR GU\ ZDOO P ð Pð &DStWXOR $EHUWXUDSDUDGXWRV $EHUWXUDSDUDGXWRV 2VMRLVWVSRUVHUHPHVWUXWXUDVWUHOLoDGDVSHUPLWHPDSDVVDJHPGHGXWRVFRQIRUPHGLPHQV}HVDEDL [RGLVFULPLQDGDV 7DEHOD5HVXPR±3DVVDJHPGH'XWRV &DStWXOR 'HIRUPDo}HVOLPLWH 'HIRUPDo}HVOLPLWH 7RGDVDVQRUPDVWpFQLFDVRIHUHFHPUHFRPHQGDo}HVSDUDOLPLWDomRGDGHIRUPDomRPi[LPDGHWUD EDOKR1DWDEHODVmRPRVWUDGRVRVYDORUHVPi[LPRVGHGHIRUPDomRYHUWLFDOSDUDXVRQRUPDO 7DEHOD'HIRUPDUmRYHUWLFDOPi[LPD &DStWXOR 3URMHWDQGR-RLVWV H[HPSORVGHXWLOL]DomR 3URMHWDQGR-RLVWVH[HPSORVGHXWLOL]DomR 3HUILVODPLQDGRVWLSR8 D'DGRVGH3URMHWR &RPSULPHQWRGR-RLVW $SOLFDomR 'LVWkQFLDHQWUH-RLVW 'HIRUPDomR/LPLWH $OWXUDPi[LPDGRMRLVW &DUJDVSHUPDQHQWHV 6REUHFDUJDGHXWLOL]DomR &DUJDYHQWR / P &REHUWXUDVUtJLGDV % P ΔOLP / KPD[ PP 4SHUP .1P 4VRE .1P 4Z .1P E(VFROKDGR-RLVWSHODWDEHOD±WDEHOD&'520$SrQGLFH$ 3HUILV/DPLQDGRVWLSR8 E3RQGHUDomRGHFDUJDV±PpWRGR/5)' 3HUPDQHQWHVVREUHFDUJDV 3HUP6F [[[[ 3HUPDQHQWHVYHQWRVXFomR 3HUP9VF [[±[[ 3HUPDQHQWHVYHQWRSUHVVmR 3HUP9SU [[[[ 3HUPDQHQWHVVREUHFDUJDVYHQWRSUHVVmR 3HUP6F9SU [[[[[[[ 3DUDYHULILFDomRGDVGHIRUPDo}HV 3HUP6F [[ 6F [ F5RWHLURGHFiOFXORSDUDFRPSURYDomRGRVUHVXOWDGRV F&DUDFWHUtVWLFDVJHRPpWULFDVGRMRLVWHVFROKLGR 'DGRVGREDQ]RVXSHULRUHLQIHULRUWDEHOD±)\ 03D .1P .1P .1P .1P .1P 3HUILO8[[PP 0DVVDHVWLPDGDGRMRLVW NJP ÈUHDGREDQ]RVXSHULRU EDQ]RLQIHULRU .1P $J FP 0RPHQWRUHVLVWHQWHSHUILOGREDQ]R 5DLRGHJLURHL[RORFDO[[ 5DLRGHJLURHL[RORFDO\\ 5DLRGHJLURPtQLPRSHUILOVLPSOHV :8 FP U[ FP U\ FPSDUDE PP UPtQ FP 'DGRVGREDQ]RVXSHULRUHLQIHULRUWDEHOD&'520$SrQGLFH$ ,QpUFLDGDYLJDMRLVW 0RPHQWRUHVLVWHQWH9LJD-RLVW ,MRLVW FP :MRLVW FPñ F(VTXHPDHVWUXWXUDO F'HWHUPLQDomRGRVHVIRUoRVH[WHUQRVUHDWLYRV 4DWXDQWH .1P 5D 5E [ .1 F'HWHUPLQDomRGRVHVIRUoRVLQWHUQRVGHGLPHQVLRQDPHQWRGRVEDQ]RV 0Pi[JOREDO [ .1P 3URMHWDQGR-RLVWVH[HPSORVGHXWLOL]DomR 0Pi[ORFDO [A .1P &RPHQWiULR ±0Pi[ORFDOp RPRPHQWRIOHWRU TXHRFRUUHGHYLGRDDSOLFDomRGHFDUJDXQLIRU PHPHQWHGLVWULEXtGDQREDQ]RVXSHULRUGRMRLVW $OPDEW [ ! ( )\ ( 03D )\ 03D 4V ±[EW[ ( )\ 4V )H [ = π ( ⎛ ./[ ⎞ ⎜⎜ ⎟⎟ U ⎝ [ ⎠ [ )H \P = π ( ⎛ ./\ ⎞ ⎟ ⎜ ⎜ U ⎟ ⎝ \ ⎠ \P 2YDORUGHGLPHQVLRQDPHQWRVHUi )H\ 03D F'LPHQVLRQDPHQWRGRVEDQ]RV 6H)H![4[)\HQWmR 4[)\ F&RPSUHVVmR )FU[ =4[)H[ [)\ /E[PP /E\PP ./[U[ ./\U\ ./PtQUPtQ )FU\ 03D ⎛ ./\ ⎞ ⎛ ./PtQ ⎞ ⎛./ ⎞ ⎟ +⎜ ⎜ ⎟ = ⎜ ⎟ ⎝ U ⎠ \P ⎝ U\ ⎠ \ ⎝ UPtQ ⎠ 0RPHQWRUHVLVWHQWH 0UHV )FU[:[JOREDO [/5)' 0UHV .1P/5)' &RPHQWiULR ±DGRWDPRVSDUDHIHLWRGHFiOFXOR D GLVWkQFLD HQWUH FRQHFWRUHV GH OLJDomR GDV FDQWRQHLUDV FPRXVHMDRtQGLFHGH HVEHOWH]GRSHUILOVLPSOHV./PLQUPtQOLPLWD GRD 3RUWDQWR ,5 .1P 2N UHODomRHQWUHPRPHQWRDWXDQWHHDGPLVVtYHO &)OH[mRORFDOQREDQ]R ./UP &RPHQWiULR±(PUD]mRGDIOH[mRRFRUUHUQR EDQ]RVXSHULRUHQWUHPRQWDQWHVWHPRVTXHR HVWDGROLPLWHGHIODPEDJHPODWHUDOSRUWRUomR QmRLUiRFRUUHU/E/S 2%6tQGLFHGHHVEHOWH]PRGLILFDGRFRQVLGH UDQGRSHUILOFRPSRVWRSRU3HO 0Q )FU [[:[ORFDO 0Q .1P 5HODomRODUJXUDHVSHVVXUDGHSHUILVWLSR8 3RUWDQWR ,5 2N UHODomR HQWUH PRPHQWR ORFDO DWXDQWH H DGPLVVtYHO 0HVDEW ! ( )\ QmRFRPSDFWR 4[)\ )FU\ = 4[)H\ [)\ )LQDOPHQWHWHPRVTXH ,5,5 2. ',$*21$,6 3HUILO3HO[[VLPSOHV F'LPHQVLRQDPHQWRGDVGLDJRQDLV7DEHOD &'520$SrQGLFH$ 0217$17(6 3HUILO3HO[[VLPSOHV 3UHPLVVDDGRWDPRVQHVWHH[HPSORSHUILVSD GURQL]DGRVSDUDDVGLDJRQDLV P 'LDJRQDLV / PP 3DW [ .1 'DWDEHODGHFDSDFLGDGHDFRPSUHVVmRWLUDPRV TXHRSHUILOPDLVDGHTXDGRp3HO[[ VLPSOHV 0DVVD NJP W W 3HVRHVWLPDGR±WDEHOD$SrQGLFH$&'520 [ NJ2. F'LPHQVLRQDPHQWRGRVPRQWDQWHV± 7DEHOD$SrQGLFH$&'520 3UHPLVVDDGRWDPRVQHVWHH[HPSORSHUILVSD GURQL]DGRVSDUDRVPRQWDQWHV 0RQWDQWHV / PP &RPHQWiULR ± $ FRPSRVLomR JHRPpWULFD GR MRLVWSURSRUFLRQDTXHRVPRQWDQWHVWHQKDPD IXQomRGHWUDYDPHQWRVHPFDUJDUHDOSRUWDQWR FRPRFULWpULRDGRWDUHPRV 3PRQWDQWHV 5D [ .1 'DWDEHODGHFDSDFLGDGHjFRPSUHVVmRWLUDPRV TXHRSHUILOPDLVDGHTXDGRp3HO[[ VLPSOHV 0DVVD NJP &21&/862 %$1=2683(5,25 3HUILOGXSOR3HO[[ %$1=2,1)(5,25 3HUILOGXSOR3HO[[ 3URMHWDQGR-RLVWVH[HPSORVGHXWLOL]DomR 3URMHWDQGR-RLVWVH[HPSORVGHXWLOL]DomR 3URMHWDQGR-RLVWVH[HPSORVGHXWLOL]DomR &DQWRQHLUDV/DPLQDGDV D'DGRVGH3URMHWR &RPSULPHQWRGR-RLVW $OWXUDPi[LPDGRMRLVW &DUJDQHFHVViULD 'HIRUPDomR/LPLWH / P KPD[ PP 4QHF .1P ΔOLP / E(VFROKDGR-RLVWSHODWDEHOD±WDEHODFDQWRQHLUDV&'520$SrQGLFH% 3HUILO/[[[[PP-RLVW 0DVVDHVWLPDGDGRMRLVW NJP F5RWHLURGHFiOFXORSDUDFRPSURYDomRGRVUHVXOWDGRV F&DUDFWHUtVWLFDVJHRPpWULFDVGRMRLVWHVFROKLGRWDEHOD 'DGRVGRVEDQ]RVLQIHULRUHVXSHULRU7DEHOD ÈUHDGREDQ]RVXSHULRU EDQ]RLQIHULRU 5DLRGHJLURHL[RORFDO[[ 5DLRGHJLURHL[RORFDO\\ 5DLRGHJLURPtQLPRSHUILOVLPSOHV $J FPð U[ FP U\ FP UPLQ FP 'DGRVGDYLJDMRLVW7DEHOD$SrQGLFH%&'520 ,QpUFLDGDYLJDMRLVW 0RPHQWRUHVLVWHQWHSHUILOVLPSOHV F(VTXHPDHVWUXWXUDO ,MRLVW FP :/ FPñ F 'HWHUPLQDomR GRV HVIRUoRV H[WHUQRV UHDWLYRV 4DWXDQWH .1P 5D 5E [ .1 F 'HWHUPLQDomR GRV HVIRUoRV LQWHUQRV GH GLPHQVLRQDPHQWRGRVEDQ]RV 0PD[JOREDO [ .1P 3 PD[ 3 PD[ .1 F'LPHQVLRQDPHQWRGRVEDQ]RV F&RPSUHVVmR /E[PP /E\PP ./[U[ ./\U\ ./PLQUPLQ ⎛ ./\ ⎞ ⎛ ./PtQ ⎞ ⎛./ ⎞ ⎟ +⎜ ⎜ ⎟ = ⎜ ⎟ ⎝ U ⎠ \P ⎝ U\ ⎠ \ ⎝ UPtQ ⎠ &RPHQWiULR ± DGRWDPRVSDUDHIHLWRGHFiOFXOR D GLVWkQFLD HQWUH FRQHFWRUHV GH OLJDomR GDV FDQWRQHLUDV[FP FPRXVHMDR tQGLFHGHHVEHOWH]GRSHUILOVLPSOHV./PLQ UPtQOLPLWDGRD ./U\P 2%6tQGLFHGHHVEHOWH]PRGLILFDGRFRQVLGH UDQGRSHUILOFRPSRVWRSRUFDQWRQHLUDV 5HODomRODUJXUDHVSHVVXUDGDVFDQWRQHLUDV EW ! ( )\ 0PD[ORFDO [ .1P &RPHQWiULR ±0Pi[ORFDOp RPRPHQWRIOHWRU TXHRFRUUHGHYLGRjDSOLFDomRGHFDUJDXQLIRU PHPHQWHGLVWULEXtGDQREDQ]RVXSHULRUGRMRLVW ( 03D )\ 03D 4V ±[EW[ ( )\ 4V )H [ = π ( ⎛ ./[ ⎞ ⎜⎜ ⎟⎟ ⎝ U[ ⎠ [ )H \P = π ( ⎛ ./\ ⎞ ⎟ ⎜ ⎜ U ⎟ ⎝ \ ⎠ \P )H[ 03D )H\P 03D 6H)H![4[)\HQWmR 3URMHWDQGR-RLVWVH[HPSORVGHXWLOL]DomR 4[)\ )H[ )FU[ =4[ [)\ 4[)\ )H\ )FU\ = 4[ [)\ )FU[ 03D )FU\ 03D )RUoDGHFRPSUHVVmRUHVLVWHQWH 3Q[ [$6' 3Q[ 1RX.1 3Q\ [$6' 3Q\ 1RX.1 $GRWDPRV3Q .1 3RUWDQWR ,5 2N UHODomRHQWUHFDUJDDWXDQWHHDGPLVVtYHO & )OH[mR &RPHQWiULR±(PUD]mRGDIOH[mRRFRUUHUQR EDQ]RVXSHULRUHQWUHPRQWDQWHVWHPRVTXHR HVWDGROLPLWHGHIODPEDJHPODWHUDOSRUWRUomR QmRLUiRFRUUHU/E/S 0Q )FU [:[ORFDO 0Q .1P 3RUWDQWR,5 2N UHODomR HQWUH PRPHQWR ORFDO DWXDQWH H DGPLVVtYHO )LQDOPHQWHWHPRVTXH,5,5 RN F'LPHQVLRQDPHQWRGDVGLDJRQDLV 7DEHOD$SrQGLFH% 3UHPLVVDDGRWDPRVQHVWHH[HPSORSHUILVSD GURQL]DGRVSDUDDVGLDJRQDLV F'LPHQVLRQDPHQWRGRVPRQWDQWHV7DEHOD $SrQGLFH%&'520 0RQWDQWHV / PP 3UHPLVVDDGRWDPRVQHVWHH[HPSORSHUILVSD GURQL]DGRVSDUDRVPRQWDQWHV &RPHQWiULR ± $ FRPSRVLomR JHRPpWULFD GR MRLVWSURSRUFLRQDTXHRVPRQWDQWHVWHQKDPD IXQomRGHWUDYDPHQWRVHPFDUJDUHDOSRUWDQWR FRPRFULWpULRDGRWDUHPRV 3PRQWDQWHV 5D [ .1 'DWDEHODGHFDSDFLGDGHDFRPSUHVVmRWLUDPRV TXHRSHUILOPDLVDGHTXDGRp/ó´[ó´[ 0DVVD NJP &21&/862 %$1=2683(5,25 3HUILO/[[ %$1=2,1)(5,25 3HUILO/[[ ',$*21$,6 3HUILO/[[ 0217$17(6 3HUILO/ó´[ó´[ P W W 'LDJRQDLV / PP 3DW [ .1 'DWDEHODGHFDSDFLGDGHDFRPSUHVVmRWLUDPRV TXHRSHUILOPDLVDGHTXDGRp/[[ 0DVVD NJP 3HVRHVWLPDGR±WDEHOD$SrQGLFH% [ NJ 3URMHWDQGR-RLVWVH[HPSORVGHXWLOL]DomR 3URMHWDQGR-RLVWVH[HPSORVGHXWLOL]DomR 3HUILO7/DPLQDGR D'DGRVGH3URMHWR &RPSULPHQWRGR-RLVW / P $OWXUDPi[LPDGRMRLVW KPi[ PP %DQ]RV :7[ )OHFKDDGPLVVtYHO / 'HWHUPLQDUDPi[LPDFDUJDFRQFHQWUDGD3 E3UHPLVVDVJHRPpWULFDVHHVWUXWXUDLV 'DGRVJHRPpWULFRVGRSHUILOLVRODGRGREDQ]RVXSHULRUHLQIHULRU7DEHOD ÈUHDGREDQ]RVXSHULRU EDQ]RLQIHULRU 5DLRGHJLURHL[RORFDO[[ 5DLRGHJLURHL[RORFDO\\ $J FPð U[ FP U\ FP 'DGRVJHRPpWULFRVGDYLJD-RLVW7DEHOD&'520$SrQGLFH& 0DVVDHVWLPDGDGRMRLVW ,QpUFLDGDYLJDMRLVW 0RPHQWRUHVLVWHQWH 0 NJP ,MRLVW FP :/ FPñ DGPLVVtYHO 2%6 7UDYDPHQWRVODWHUDLVQRVEDQ]RVLQIHULRUHLQIHULRUDFDGDPP F5RWHLURGHFiOFXOR F'HWHUPLQDomRGRPRPHQWRPi[LPRUHVLV WHQWH 0DVG [ .1P 0GHI [ .1P &RPHQWiULR ±0 DVG 0RPHQWRIOHWRUDGPLVVtYHOSDUDFDUJD XQLIRUPHQWHGLVWULEXtGDSHORPpWRGRGDV7HQV}HV DGPLVVtYHLV ±0 GHI 0RPHQWRIOHWRUDGPLVVtYHOSDUDGHIRU PDomRHOiVWLFD ' / 6DEHPRVTXH0 DVG SDUDFDUJDFRQFHQWUDGD QRPHLRYmRpLJXDO 0DVG 3 × / 3RUWDQWR GHRQGHWLUDPRVTXH 3DVG .1 3DUD YHULILFDomR GH 3 PD[ SDUD GHIRUPDomR HOiVWLFDGH/ )OHFKDPi[LPDSDUDSHVRSUySULRFXG ΔSS [4SS [/[([,MRLVW ΔSS FP )OHFKDPi[LPDSDUDFDUJDFRQFHQWUDGD Δ3 3[/ [([,MRLVW/ 3GHI .1 &RQFOXVmRDGRWDPRVFRPRPi[LPDFDUJD 3 .1 PRVSHUILO7 'LDJRQDLV / PP 3DW [[ .1 'DWDEHODGHFDSDFLGDGHDFRPSUHVVmRWL UDPRVTXHRSHUILOPDLVDGHTXDGRp:7; 0DVVD NJP F'LPHQVLRQDPHQWRGRVPRQWDQWHV± 7DEHOD$SrQGLFH& &'520 3UHPLVVDDGRWDPRVQHVWHH[HPSORSHUILVSD GURQL]DGRVSDUDRVPRQWDQWHV 3RGHULDP VHU DGRWDGRV FRPR PRQWDQWHV FDQWRQHLUDVSRUpPDWtWXORGHH[HPSORXWLOL]DUH PRVSHUILO7 0RQWDQWHV / PP &RPHQWiULR ± $ FRPSRVLomR JHRPpWULFD GR MRLVWSURSRUFLRQDTXHRVPRQWDQWHVWHQKDPD IXQomRGHWUDYDPHQWRVHPFDUJDUHDODPHQRV GRPRPHQWRGHDSOLFDomRGDFDUJDSRUWDQWR DGRWDUHPRV FRPR FDUJD DWXDQWH SDUD GLPHQVLRQHQWR3 3PRQWDQWHV .1 'DWDEHOD$SrQGLFH&GHFDSDFLGDGHD FRPSUHVVmRWLUDPRVTXHRSHUILOPDLVDGHTXD GRp:7; 0DVVD NJP &21&/862 %$1=2683(5,25 3HUILO:7[ %$1=2,1)(5,25 3HUILO:7[ ',$*21$,6 3HUILO:7; 0217$17(6 3HUILO:7; P W W 3UHPLVVD$GRWDPRVQHVWHH[HPSORSHUILVSD GURQL]DGRVSDUDDVGLDJRQDLV 3RGHULDP VHU DGRWDGDV FRPR GLDJRQDLV FDQWRQHLUDVSRUpPDWtWXORGHH[HPSORXWLOL]DUH 3URMHWDQGR-RLVWVH[HPSORVGHXWLOL]DomR 3URMHWDQGR-RLVWVH[HPSORVGHXWLOL]DomR 3HUILO7(OHWURVROGDGR D'DGRVGH3URMHWR &RPSULPHQWRGR-RLVW $OWXUDPi[LPDGRMRLVW 6REUHFDUJDQHFHVViULD 'HIRUPDomR/LPLWH /DMHHVSHVVXUDFP 'LVWkQFLDHQWUH-RLVWV / P KPi[ OLYUH 4QHF .1P 'OLP / 0DVVD .1P % P E(VFROKDGR-RLVW 'HWHUPLQDomRGDFDUJDDWXDQWHQRMRLVW /DMH 6REUHFDUJD [ .1P [ .1P &DUJDGHGLPHQVLRQDPHQWR$6'WHQV}HVDGPLVVtYHLV .1P 'D7DEHOD$SrQGLFH')\ 03D 3HUILO9(7;-RLVW+ PP 0DVVDHVWLPDGDGRMRLVW NJP F5RWHLURGHFiOFXORSDUDFRPSURYDomRGRVUHVXOWDGRV F&DUDFWHUtVWLFDVJHRPpWULFDVGR-RLVWHVFROKLGR 'DGRVGRVEDQ]RVVXSHULRUHLQIHULRUWDEHOD ÈUHDGREDQ]RVXSHULRU EDQ]RLQIHULRU 0RPHQWR5HVLVWHQWH 5DLRGHJLURHL[RORFDO[[ 5DLRGHJLURHL[RORFDO\\ $J FPð : FPñ U[ FP U\ FP 'DGRVJHRPpWULFRVGDYLJD-RLVW7DEHOD$SrQGLFH' &'520 0DVVDHVWLPDGDGRMRLVW ,QpUFLDGDYLJDMRLVW 0RPHQWRUHVLVWHQWH 0 NJP ,MRLVW FP :7 FPñ F(VTXHPDHVWUXWXUDO F'HWHUPLQDomRGRVHVIRUoRVH[WHUQRVUHDWLYRV 4DWXDQWH .1P FDUJDWRWDOFRPSHVRSUySULRGRMRLVW 5D 5E [ .1 F'HWHUPLQDomRGRVHVIRUoRVLQWHUQRVGHGLPHQVLRQDPHQWRGRVEDQ]RV 0Pi[JOREDO [ .1P 3 Pi[ 3 Pi[ .1 0Pi[ORFDO [ .1P &RPHQWiULR ±0PD[ORFDOp RPRPHQWRIOHWRU TXHRFRUUHGHYLGRDDSOLFDomRGHFDUJDXQLIRUPHPHQ WHGLVWULEXtGDQREDQ]RVXSHULRUGRMRLVW F'LPHQVLRQDPHQWRGRVEDQ]RV F&RPSUHVVmR /E[PP ./[U[ /E\PP ./\U\ 3URMHWDQGR-RLVWVH[HPSORVGHXWLOL]DomR 5HODomRODUJXUDHVSHVVXUD3HUILO7 GW ! ( )\ ( 03D 4V )\ 03D π∗ F'LPHQVLRQDPHQWRGDVGLDJRQDLV 7DEHOD$SrQGLFH' &'520 'LDJRQDLV / PP 3DW [ .1 'DWDEHODGHFDSDFLGDGHDFRPSUHVVmRWLUDPRV TXHRSHUILOPDLVDGHTXDGRp9(7[ 0DVVD NJP π∗ 3UHPLVVDDGRWDPRVQHVWHH[HPSORSHUILVSD GURQL]DGRVSDUDDVGLDJRQDLV $GRWDPRV)H\ SRUVHUPDLVGHVIDYRUiYHO )H\ 03D 6H)H![4[)\HQWmR 4[)\ )FU[ =4[ )H[ [)\ 4[)\ )H\ )FU\ =4[ [)\ )FU\ 03D )FU] 0SD )FU 03D )RUoDGHFRPSUHVVmRUHVLVWHQWH 3Q\ [$6' 3Q\ 1RX.1 $GRWDPRV3Q .1! 3RUWDQWR,5 2N UHODomRHQWUHFDUJDDWXDQWHHDGPLVVtYHO F)OH[mR &RPHQWiULR±(PUD]mRGDIOH[mRRFRUUHUQR EDQ]RVXSHULRUHQWUHPRQWDQWHVWHPRVTXHR HVWDGROLPLWHGHIODPEDJHPODWHUDOSRUWRUomR QmRLUiRFRUUHU/E/S 0Q )FU [:[ORFDO 0Q .1P 3RUWDQWR,5 2N UHODomR HQWUH PRPHQWR ORFDO DWXDQWH H DGPLVVtYHO )LQDOPHQWHWHPRVTXH,5,5 2N 3RGHULDP VHU DGRWDGRV FRPR GLDJRQDLV FDQWRQHLUDVSRUpPDWtWXORGHH[HPSORXWLOL]DUH PRVSHUILO7 F'LPHQVLRQDPHQWRGRVPRQWDQWHV 7DEHOD$SrQGLFH' &'520 0RQWDQWHV / PP 3UHPLVVDDGRWDPRVQHVWHH[HPSORSHUILVSD GURQL]DGRVSDUDRVPRQWDQWHV 3RGHULDP VHU DGRWDGRV FRPR PRQWDQWHV FDQWRQHLUDVSRUpPDWtWXORGHH[HPSORXWLOL]DUH PRVSHUILO7 &RPHQWiULR ± $ FRPSRVLomR JHRPpWULFD GR MRLVWSURSRUFLRQDTXHRVPRQWDQWHVWHQKDPD IXQomRGHWUDYDPHQWRVHPFDUJDUHDOSRUWDQWR FRPRFULWpULRDGRWDUHPRV 3PRQWDQWHV 5D [ .1 'DWDEHODGHFDSDFLGDGHDFRPSUHVVmRWLUDPRV TXHRSHUILOPDLVDGHTXDGRp9(7[ 0DVVD NJP &21&/862 %$1=2683(5,25 3HUILO9(7[ %$1=2,1)(5,25 3HUILO9(7; ',$*21$,6 3HUILO9(7[ 0217$17(6 3HUILO9(7[ P W W 3HVRHVWLPDGR±7DEHOD$SrQGLFH' &'520 [ NJ 3HUILO8IRUPDGRDIULR D'DGRVGH3URMHWR &RPSULPHQWRGR-RLVW $OWXUDPi[LPDGRMRLVW 6REUHFDUJDQHFHVViULD 'HIRUPDomR/LPLWH 7HOKDGR 'LVWkQFLDHQWUH-RLVWV / P KPD[ PP 4QHF .1Pð 'OLP / 0DVVD .1Pð % P 3URMHWDQGR-RLVWVH[HPSORVGHXWLOL]DomR E(VFROKDGR-RLVWSHODWDEHOD± 'HWHUPLQDomRGDFDUJDDWXDQWHQRMRLVW &REHUWXUD 6REUHFDUJD [ .1P [ .1P &DUJDGHGLPHQVLRQDPHQWR$6'WHQV}HVDGPLVVtYHLV .1P 7DEHOD $SrQGLFH( &'520 )\ 03D 3HUILO8[[-RLVW+ PP 0DVVDHVWLPDGDGRMRLVW NJP DGPLVVtYHO F5RWHLURGHFiOFXORSDUDFRPSURYDomRGRVUHVXOWDGRV F&DUDFWHUtVWLFDVJHRPpWULFDVGR-RLVWHVFROKLGR 'DGRVGRVEDQ]RVVXSHULRUHLQIHULRU7DEHOD ÈUHDGREDQ]RVXSHULRU EDQ]RLQIHULRU 5DLRGHJLURHL[RORFDO[[ 5DLRGHJLURHL[RORFDO\\ $J FPð U[ FP U\ FP 'DGRVJHRPpWULFRVGDYLJD-RLVW7DEHOD$SrQGLFH' &'520 0DVVDHVWLPDGDGRMRLVW ,QpUFLDGDYLJDMRLVW 0RPHQWRUHVLVWHQWH F(VTXHPDHVWUXWXUDO 0 NJP ,MRLVW FP :7 FPñ F 'HWHUPLQDomR GRV HVIRUoRV H[WHUQRV UHDWLYRV 4DWXDQWH .1P FDUJDWRWDOFRPSHVRSUySULRGRMRLVW 5D 5E [ .1 F 'HWHUPLQDomR GRV HVIRUoRV LQWHUQRV GH GLPHQVLRQDPHQWRGRVEDQ]RV 0PD[JOREDO [ .1P 3RUWDQWR 1VFG [ 0SD! 2.,5 F'LPHQVLRQDPHQWRGDVGLDJRQDLV7DEHOD $SrQGLFH( &'520 'LDJRQDLV / PP 3DW [ .1 'DWDEHODGHFDSDFLGDGHDFRPSUHVVmRWLUDPRV TXHRSHUILOPDLVDGHTXDGRp8[[VRO GDGRQDVDEDV 0DVVD [ NJP 3UHPLVVDDGRWDPRVQHVWHH[HPSORSHUILVSD GURQL]DGRVSDUDDVGLDJRQDLV 3RGHULDP VHU DGRWDGRV FRPR GLDJRQDLV FDQWRQHLUDVSRUpPDWtWXORGHH[HPSOR XWLOL]DUHPRVSHUILO8 F'LPHQVLRQDPHQWRGRVPRQWDQWHV 7DEHOD$SrQGLFH( &'520 0RQWDQWHV / PP 1 PD[ .1FPð 0PD[ORFDO [ .1P &RPHQWiULR ±0Pi[ORFDOp RPRPHQWRIOHWRU TXHRFRUUHGHYLGRDDSOLFDomRGHFDUJDXQLIRU PHPHQWHGLVWULEXtGDQREDQ]RVXSHULRUGRMRLVW 1Pi[ .1FP 11 .1FP 03D Pi[LPDWHQVmRGHFRPSUHVVmRQRVSHUILVGRV EDQ]RV F9HULILFDomRGRVEDQ]RV 7HQVmRPi[LPDDGPLVVtYHO 1VFG U [)\$6'RX 1VFG U [)\/5)' U +R &RPHQWiULR ± $ FRPSRVLomR JHRPpWULFD GR MRLVWSURSRUFLRQDTXHRVPRQWDQWHVWHQKDPD IXQomRGHWUDYDPHQWRVHPFDUJDUHDOSRUWDQWR FRPRFULWpULRDGRWDUHPRV 3PRQWDQWHV 5D [ .1 'DWDEHODGHFDSDFLGDGHDFRPSUHVVmRWLUDPRV TXHRSHUILOPDLVDGHTXDGRp8[[ 0DVVD [ NJP 3UHPLVVDDGRWDPRVQHVWHH[HPSORSHUILVSD GURQL]DGRVSDUDRVPRQWDQWHV 3RGHULDP VHU DGRWDGRV FRPR PRQWDQWHV FDQWRQHLUDVSRUpPDWtWXORGHH[HPSOR XWLOL]DUH PRVSHUILO8 &21&/862 %$1=2683(5,25 %$1=2,1)(5,25 ',$*21$,6 0217$17(6 3HUILO8[[ 3HUILO8;; 3HUILO8[[ 3HUILO8[[ 3URMHWDQGR-RLVWVH[HPSORVGHXWLOL]DomR P W 3HVRHVWLPDGR±7DEHOD$SrQGLFH( &'520 [ NJ 3URMHWDQGR-RLVWVH[HPSORVGHXWLOL]DomR 3HUILV7XEXODUHV&LUFXODUHVH4XDGUDGRV D'DGRVGH3URMHWR &RPSULPHQWRGR-RLVW $SOLFDomR 'LVWkQFLDHQWUH-RLVW 'HIRUPDomR/LPLWH $OWXUDPi[LPDGRMRLVW &DUJDVSHUPDQHQWHV 6REUHFDUJDGHXWLOL]DomR 6REUHFDUJDDFLGHQWDLV / P &REHUWXUDIOH[tYHLV % P 'OLP / KPD[ PP 4SHUP .1P 4VREXW .1P 4VREDF .1P E(VFROKDGR-RLVWSHODWDEHOD±$SrQGLFHV(H) &'520 E3RQGHUDomRGHFDUJDV±PpWRGR/5)' 3HUPDQHQWHVVREUHFDUJDV 3HUP6F [[[[ .1P 3DUDYHULILFDomRGDVGHIRUPDo}HV 3HUP6F [[ 6F [ .1P .1P D +LSyWHVH-RLVWFRPSRVWRSRUSHUILVWXEXODUHVGHVHomRFLUFXODU 3HUILOGRVEDQ]RV I [PP 0DVVDHVWLPDGDGRMRLVW NJP DGPLVVtYHO F5RWHLURGHFiOFXORSDUDFRPSURYDomRGRVUHVXOWDGRV F&DUDFWHUtVWLFDVJHRPpWULFDVGR-RLVWHVFROKLGR 'DGRVGREDQ]RVXSHULRUHLQIHULRU7DEHOD ÈUHDGREDQ]RVXSHULRU EDQ]RLQIHULRU 0RPHQWRUHVLVWHQWHSHUILOGREDQ]R 5DLRGHJLUR $J FPð : FP U FP 'DGRVGREDQ]RVXSHULRUHLQIHULRU7DEHOD$SrQGLFH$ &'520 ,QpUFLDGDYLJDMRLVW DSrQGLFH% 0RPHQWRUHVLVWHQWH9LJD-RLVW ,MRLVW FP :MRLVW FPñ 3URMHWDQGR-RLVWVH[HPSORVGHXWLOL]DomR F(VTXHPDHVWUXWXUDO F'HWHUPLQDomRGRVHVIRUoRVH[WHUQRVUHDWLYRV 4DWXDQWH .1P 5D 5E [ .1 F'HWHUPLQDomRGRVHVIRUoRVLQWHUQRVGHGLPHQVLRQDPHQWRGRVEDQ]RV 0Pi[JOREDO [ .1P 0Pi[ORFDO [A .1P &RPHQWiULR ±0Pi[ORFDOp RPRPHQWRIOHWRU TXHRFRUUHGHYLGRDDSOLFDomRGHFDUJDXQLIRUPHPHQ WHGLVWULEXtGDQREDQ]RVXSHULRUGRMRLVW 3RUWDQWR,5 2N UHODomR HQWUH PRPHQWR ORFDO DWXDQWH H DGPLVVtYHO F'LPHQVLRQDPHQWRGRVEDQ]RV F &RPSUHVVmR /E[PP ./[U[ /E\PP ./\U\ 5HODomRODUJXUDHVSHVVXUDGHSHUILVWXEXODUHV VHomRFLUFXODU 0HVDGW [ ()\ FRPSDFWR ( 03D )\ 03D )H [ = π ( )H \P = ⎛ ./[ ⎞ ⎜⎜ ⎟⎟ U ⎝ [ ⎠ [ π ( [)\ 'LDJRQDLV / PP 3DW [ .1 'DWDEHODGHFDSDFLGDGHDFRPSUHVVmRWLUDPRV TXHRSHUILOPDLVDGHTXDGRpWXER7%[ 0DVVD NJP F'LPHQVLRQDPHQWRGRVPRQWDQWHV± 7DEHOD$SrQGLFH) &'520 0RQWDQWHV 6H)H![4[)\HQWmR )FU[ =4[ F'LPHQVLRQDPHQWRGDVGLDJRQDLV7DEHOD $SrQGLFH) &'520 3UHPLVVDDGRWDPRVQHVWHH[HPSORSHUILVSD GURQL]DGRVSDUDDVGLDJRQDLV ⎛ ./\ ⎞ ⎟ ⎜ ⎜ U ⎟ ⎝ \ ⎠ \P 2YDORUGHGLPHQVLRQDPHQWRVHUi )H\ 03D 4[)\ )H[ )LQDOPHQWHWHPRVTXH,5,5 2N 4[)\ )H\ )FU\ = 4[ [)\ )FU\ 03D 0RPHQWRUHVLVWHQWH 0UHV )FU[:[JOREDO[/5)' 0UHV .1P/5)' 3RUWDQWR ,5 .1P 2N UHODomRHQWUHPRPHQWRDWXDQWHHDGPLVVtYHO F )OH[mRORFDOQREDQ]R &RPHQWiULR±(PUD]mRGDIOH[mRRFRUUHUQR EDQ]RVXSHULRUHQWUHPRQWDQWHVWHPRVTXHR HVWDGROLPLWHGHIODPEDJHPODWHUDOSRUWRUomR QmRLUiRFRUUHU/E/S / PP &RPHQWiULR ± $ FRPSRVLomR JHRPpWULFD GR MRLVWSURSRUFLRQDTXHRVPRQWDQWHVWHQKDPD IXQomRGHWUDYDPHQWRVHPFDUJDUHDOSRUWDQWR FRPRFULWpULRDGRWDUHPRV 3PRQWDQWHV 5D [ .1 'DWDEHODGHFDSDFLGDGHDFRPSUHVVmRWLUDPRV TXHRSHUILOPDLVDGHTXDGRpWXER7%[ 0DVVD NJP 3UHPLVVDDGRWDPRVQHVWHH[HPSORSHUILVSD GURQL]DGRVSDUDRVPRQWDQWHV &21&/862 %$1=2683(5,25 %$1=2,1)(5,25 ',$*21$,6 0217$17(6 3HUILO7%[ 3HUILO7%[ 3HUILO7%; 3HUILO7%; 0Q )FU[[:[ORFDO 0Q .1P 3URMHWDQGR-RLVWVH[HPSORVGHXWLOL]DomR P W W 3HVRHVWLPDGR±WDEHOD$SrQGLFH$ &'520 [ NJ2. 3URMHWDQGR-RLVWVH[HPSORVGHXWLOL]DomR D +LSyWHVH-RLVWFRPSRVWRSRUSHUILVWXEXODUHVGHVHomRTXDGUDGD 3HUILOGRVEDQ]RV±>@[[PP 0DVVDHVWLPDGDGRMRLVW NJP DGPLVVtYHO G5RWHLURGHFiOFXORSDUDFRPSURYDomRGRVUHVXOWDGRV G&DUDFWHUtVWLFDVJHRPpWULFDVGR-RLVWHVFROKLGR 'DGRVGREDQ]RVXSHULRUHLQIHULRU7DEHOD ÈUHDGREDQ]RVXSHULRU EDQ]RLQIHULRU 0RPHQWRUHVLVWHQWHSHUILOGREDQ]R 5DLRGHJLUR $J FPð : FPñ U FP 'DGRVGREDQ]RVXSHULRUHLQIHULRU7DEHOD&'520$SrQGLFH* ,QpUFLDGDYLJDMRLVW 0RPHQWRUHVLVWHQWH9LJD-RLVW ,MRLVW FP :MRLVW FPñ G'HWHUPLQDomRGRVHVIRUoRVH[WHUQRVUHDWLYRV 4DWXDQWH .1P 5D 5E [ .1 G'HWHUPLQDomRGRVHVIRUoRVLQWHUQRVGHGLPHQVLRQDPHQWRGRVEDQ]RV 0PD[JOREDO [ .1P 0Pi[ORFDO [ .1P 3URMHWDQGR-RLVWVH[HPSORVGHXWLOL]DomR &RPHQWiULR ±0Pi[ORFDOp RPRPHQWRIOHWRU TXHRFRUUHGHYLGRjDSOLFDomRGDFDUJDXQLIRU PHPHQWHGLVWULEXtGDQREDQ]RVXSHULRUGRMRLVW 4[)\ )FU[ =4[)H[ [)\ 4[)\ )FU\ = 4[)H\ [)\ )FU 03D 0RPHQWRUHVLVWHQWH 0UHV )FU[:[JOREDO[/5)' 0UHV .1P/5)' 3RUWDQWR ,5 .1P 2N UHODomRHQWUHPRPHQWRDWXDQWHHDGPLVVtYHO &)OH[mRORFDOQREDQ]R &RPHQWiULR±(PUD]mRGDIOH[mRRFRUUHUQR EDQ]RVXSHULRUHQWUHPRQWDQWHVWHPRVTXHR HVWDGROLPLWHGHIODPEDJHPODWHUDOSRUWRUomR QmRLUiRFRUUHU/E/S G'LPHQVLRQDPHQWRGRVEDQ]RV G&RPSUHVVmR /E[PP /E\PP ./[U[ ./\U\ 0Q )FU[[:[ORFDO 0Q .1P 5HODomRODUJXUDHVSHVVXUDGHSHUILVWXEXODUHV VHomRTXDGUDGD 3RUWDQWR ,5 2N UHODomR HQWUH PRPHQWR ORFDO DWXDQWH H DGPLVVtYHO 0HVDGW [ [ )LQDOPHQWHWHPRVTXH,5,5 2N ( )\ FRPSDFWR F'LPHQVLRQDPHQWRGDVGLDJRQDLV7DEHOD $SrQGLFH* ( 03D )\ 03D )H [ = π ( ⎛ ./[ ⎞ ⎜⎜ ⎟⎟ ⎝ U[ ⎠ [ )H \P = π ( 2YDORUGHGLPHQVLRQDPHQWRVHUi )H 03D 6H)H![4[)\HQWmR ⎛ ./\ ⎞ ⎟ ⎜ ⎜ U ⎟ ⎝ \ ⎠ \P 'LDJRQDLV / PP 3DW [ .1 'DWDEHODGHFDSDFLGDGHjFRPSUHVVmRWLUDPRV TXHRSHUILOPDLVDGHTXDGRpWXER74[[ 0DVVD NJP 3UHPLVVDDGRWDPRVQHVWHH[HPSORSHUILVSD GURQL]DGRVSDUDDVGLDJRQDLV F'LPHQVLRQDPHQWRGRVPRQWDQWHV±7DEHOD $SrQGLFH* 0RQWDQWHV / PP &RPHQWiULR ± $ FRPSRVLomR JHRPpWULFD GR MRLVWSURSRUFLRQDTXHRVPRQWDQWHVWHQKDPD IXQomRGHWUDYDPHQWRVHPFDUJDUHDOSRUWDQWR FRPRFULWpULRDGRWDUHPRV 3PRQWDQWHV 5D [ .1 'DWDEHODGHFDSDFLGDGHjFRPSUHVVmRWLUDPRV TXH R SHUILO PDLV DGHTXDGR p R WXER 74;; 0DVVD NJP 3UHPLVVDDGRWDPRVQHVWHH[HPSORSHUILVSD GURQL]DGRVSDUDRVPRQWDQWHV &21&/862 %$1=2683(5,25 %$1=2,1)(5,25 ',$*21$,6 0217$17(6 3HUILO74;; 3HUILO74;; 3HUILO74;; 3HUILO74;; P W W 3HVRHVWLPDGR±WDEHOD$SrQGLFH$ [ NJ2. 2%6 ,03257$17( (P WRGRV RV H[HPSORV IRFDPRVDVDQiOLVHVQRGLPHQVLRQDPHQWRGDV EDUUDVFRQVWLWXLQWHVGRVMRLVWVSRUpPDSRLRVH OLJDo}HVGHYHUmRVHUSURMHWDGRVFRQIRUPHUH TXLVLWRVGD1%5 3URMHWDQGR-RLVWVH[HPSORVGHXWLOL]DomR
Documentos relacionados
Manual_SF Arquitetura.indd
$SHVDUGR/6)VHUXPVLVWHPDFRQVWUXWLYREDVWDQWHHPSUHJDGRHPSDtVHVRQGHDFRQVWUX omRFLYLOpSUHGRPLQDQWHPHQWHLQGXVWULDOL]DGDQR%UDVLORQGHSUHYDOHFHRPpWRGRDUWHVDQDODLQGD pSRXFRFRQK...
Leia maisPONTES E VIADUTOS EM VIGAS MISTAS
WUXomRFLYLOHVWHPDQXDORGpFLPRVHJXQGRGHXPDVpULHUHODFLRQDGDjFRQVWUXomRHPDoR $FRQVWUXomRGHSRQWHVHYLDGXWRVXWLOL]DYiULRVWLSRVGHPDWHULDLVQDVXDFRQFHSomR$HVFROKDGR PDWHUL...
Leia mais