Relatório de Gestão e Contas

Transcrição

Relatório de Gestão e Contas
2011
5HODWyULRGH*HVWmRH&RQWDV
6DQWD&DVDGD0LVHULFyUGLDGH/LVERD5HODWyULR*HVWmRH&RQWDV
y
1ŶĚŝĐĞ
ÏUJmRV(VWDWXWiULRV
2UJDQRJUDPD
,QWURGXomR
(QTXDGUDPHQWR(FRQyPLFRH6RFLDO
'HSDUWDPHQWRGH$omR6RFLDOH6D~GH
'HSDUWDPHQWRGD4XDOLGDGHH,QRYDomR
'HSDUWDPHQWRGH(PSUHHQGHGRULVPRH(FRQRPLD6RFLDO
'HSDUWDPHQWRGH*HVWmR,PRELOLiULDH3DWULPyQLR
'HSDUWDPHQWRGH-RJRV
6HFUHWDULD*HUDO
+RVSLWDO2UWRSpGLFRGH6DQW¶$QD
&HQWURGH0HGLFLQDH5HDELOLWDomRGR$OFRLWmR
(VFROD6XSHULRUGH6D~GHGR$OFRLWmR
6HUYLoRV,QVWUXPHQWDLV
'LUHomR)LQDQFHLUD
'LUHomRGH5HFXUVRV+XPDQRV
'LUHomRGH$SURYLVLRQDPHQWR
'LUHomRGH*HVWmRGH,QVWDODo}HVH(TXLSDPHQWRV
'LUHomRGH6LVWHPDVH7HFQRORJLDVGH,QIRUPDomR
*DELQHWHGH$XGLWRULD,QWHUQD
*DELQHWH-XUtGLFR
*DELQHWHGH(VWXGRVH3ODQHDPHQWR
*DELQHWHGH2UJDQL]DomRH0pWRGRV
*DELQHWHSDUDRV$VVXQWRVGRV)XQGRV([WHUQRV
5HFXUVRV
5HFXUVRV+XPDQRV
&217$6
3URSRVWDGH$SOLFDomRGH5HVXOWDGRV
'HPRQVWUDo}HV ILQDQFHLUDV 'HSDUWDPHQWRV GH $omR 6RFLDO H 6D~GH 4XDOLGDGH H ,QRYDomR
(PSUHHQGHGRULVPR H (FRQRPLD 6RFLDO *HVWmR ,PRELOLiULD H 3DWULPyQLR 6HUYLoRV ,QVWUXPHQWDLV
+RVSLWDO2UWRSpGLFRGH6DQW¶$QD&HQWURGH0HGLFLQDGH5HDELOLWDomRGR$OFRLWmRH(VFROD6XSHULRU
GH6D~GHGR$OFRLWmR
'HPRQVWUDo}HV)LQDQFHLUDV±'HSDUWDPHQWRGH-RJRV
y
$EUHYLDWXUDV
y
ÏUJmRV(VWDWXWiULRV
(PGHGH]HPEURGH
D/E/^dZK
D^WZKsKZ
3HGUR0LJXHOGH6DQWDQD/RSHV±3URYHGRU
)HUQDQGR(GXDUGR&DEUDO3DHVGH6RXVD$IRQVR±9LFH3URYHGRU
0DULD+HOHQD3DVVRV5RVD/RSHVGD&RVWD±9RJDOGD0HVD
5LWD,VDEHO0RUDLV7RPD]9DODGDV3HUHLUD0DUTXHV±9RJDOGD0HVD
3DXOR6pUJLR5RVD0DWHXV&DODGR±9RJDOGD0HVD
KE^h>d KE^>,K/E^d/dh/KE>
3HGUR0LJXHOGH6DQWDQD/RSHV±3URYHGRUGD6DQWD&DVDGD0LVHULFyUGLDGH/LVERD
'HROLQGD 0DULD 3LFDGR ± HP UHSUHVHQWDomR GR 0LQLVWpULR GD 6ROLGDULHGDGH H GD 6HJXUDQoD
6RFLDO
/XtVD0DULDGRV6DQWRV+HQULTXHV/HLWH±HPUHSUHVHQWDomRGR0LQLVWpULRGD6ROLGDULHGDGHH
GD6HJXUDQoD6RFLDO
/XtV0DQXHOGH3DLYD*RPHV&XQKD5LEHLUR±HPUHSUHVHQWDomRGR0LQLVWpULRGD6D~GH
0DUFHOR $OIUHGR *RGLQKR 5HEDQGD ± HP UHSUHVHQWDomR GR 0LQLVWpULR GD (FRQRPLD H GR
(PSUHJR
-RUJH%UXQRGD6LOYD%DUERVD*DVSDU±HPUHSUHVHQWDomRGDiUHDJRYHUQDPHQWDOTXHWXWHOD
DDGPLQLVWUDomRORFDO
3HGUR$QWyQLR-RVp%UDFRXUW3HVWDQDGH9DVFRQFHORV±HPUHSUHVHQWDomRGD,UPDQGDGHGD
0LVHULFyUGLDHGH6mR5RTXHGH/LVERD
0DULD GH -HVXV 6LP}HV %DUURVR 6RDUHV ± HOHPHQWR GH UHFRQKHFLGR PpULWR GHVLJQDGR SHOR
3URYHGRU
3DGUH9tWRU-RVp0HOtFLDV/RSHV±HOHPHQWRGHUHFRQKHFLGRPpULWRGHVLJQDGRSHOR3URYHGRU
&DUORV (XJpQLR 5DSRVR *RXYHLD 3LQWR ± HOHPHQWR GH UHFRQKHFLGR PpULWR GHVLJQDGR SHOR
3URYHGRU
y
KE^>,K:K'K^
3HGUR0LJXHOGH6DQWDQD/RSHV±3URYHGRUGD6DQWD&DVDGD0LVHULFyUGLDGH/LVERD
7LDJR )LOLSH *DUULGR 3HVVRD )LOKR ± HP UHSUHVHQWDomR GR 0LQLVWpULR GD 6ROLGDULHGDGH H GD
6HJXUDQoD6RFLDO
0DULD-RDTXLQD,VLGRURGRV6DQWRV&RQFUXWD±HPUHSUHVHQWDomRGR0LQLVWpULRGDV)LQDQoDV
1HO]D 0DULD $OYHV 9DUJDV )ORUrQFLR ± HP UHSUHVHQWDomR GR 0LQLVWpULR GD $GPLQLVWUDomR
,QWHUQD
-RmR&DUYDOKRGDV1HYHV±HPUHSUHVHQWDomRGR0LQLVWpULRGD6D~GH
3HGUR 7LDJR 'DQWDV 0DFKDGR GD &XQKD ± HP UHSUHVHQWDomR GR 0LQLVWpULR GD (GXFDomR H
&LrQFLD
0DULD )HUQDQGD 6RDUHV 5HEHOR +HLWRU ± HP UHSUHVHQWDomR GD 6HFUHWDULD GH (VWDGR GD
&XOWXUD
$XJXVWR)RQWHV%DJDQKD±HPUHSUHVHQWDomRGDiUHDJRYHUQDPHQWDOTXHWXWHODRGHVSRUWR
$QD 6RILD 1DEDLV GH &DUYDOKR %HUQDUGR GRV 6DQWRV ± HP UHSUHVHQWDomR GD iUHD
JRYHUQDPHQWDOTXHWXWHODRFRPpUFLRHRWXULVPR
&/^>/K
KE^>,Kh/dKZ/
-RVp+HQULTXH5RGULJXHV3RODFR±3UHVLGHQWHHPUHSUHVHQWDomRGR0LQLVWpULRGDV)LQDQoDV
-RVp $XJXVWR $QWXQHV *DVSDU ± HP UHSUHVHQWDomR GR 0LQLVWpULR GD 6ROLGDULHGDGH H GD
6HJXUDQoD6RFLDO
-RDTXLP0DQXHOGD6LOYD1HYHV±5HYLVRU2ILFLDOGH&RQWDVQRPHDGRSHODWXWHOD
y
2UJDQRJUDPD
y
y
,QWURGXomR
2 UHODWyULR GH JHVWmR H DV FRQWDV GH TXH DJRUD VH DSUHVHQWDP UHODWDP DV DWLYLGDGHV
GHVHQYROYLGDVVREDUHVSRQVDELOLGDGHGHGXDVHTXLSDVGLULJHQWHVGLVWLQWDV
$ DWXDO 0HVD HPSRVVDGD D GH 6HWHPEUR PDQWHYHVH ILHO j 0LVVmR GHVWD RUJDQL]DomR SHQWD
FHQWHQiULDQmRREVWDQWHDVDOWHUDo}HVQDHVWUDWpJLDGHLQWHUYHQomRGHILQLGDVRXDGHILQLU
$QDOLVDQGR R HQTXDGUDPHQWR H[WHUQR D FULVH HFRQyPLFD TXH DIHWRX H YDL FRQWLQXDU D DIHWDU R SDtV
ODQoD D WRGRV GHVDILRV P~OWLSORV H FRPSOH[RV TXH REULJDP D UHVSRVWDV LQWHOLJHQWHV H FULDWLYDV $
UHQWDELOL]DomR GH UHFXUVRV H D VROLGDULHGDGH WRUQDPVH UHVSRQVDELOLGDGH LQGLYLGXDO H FROHWLYD &LHQWH
GHVWD UHDOLGDGH D 0HVD GHFLGLX GHVGHR LQtFLRGR VHX PDQGDWR GDURULHQWDo}HV QR VHQWLGR GD 6DQWD
&DVDGD0LVHULFyUGLDGH/LVERDVHSDXWDUDWRGRVRVQtYHLVSRUFULWpULRVGHDXVWHULGDGHHSRXSDQoD
(VWD&DVDSHODGLYHUVLGDGHGHLQWHUYHQo}HVTXHSURPRYHFDUUHJDHPVLPHVPDXPDRSRUWXQLGDGHGH
FRQJUHJDUHVIRUoRVHUHFXUVRVQXPDDomRFRQYHUJHQWHDREHPGDSHVVRD$FRPSOHPHQWDULGDGHGDV
LQWHUYHQo}HV H DV VLQHUJLDV FULDGDV FRQVWLWXHP R IDWRU GLVWLQWLYR GR WUDEDOKR HP SDUFHULD TXHU VHMD
LQWHUQD TXHU H[WHUQD HYLWDQGR LQWHUYHQo}HV UHGXQGDQWHV GHVSURYLGDV GH PDLVYDOLDV H JDVWRV GH
LQWHUYHQomRGHVQHFHVViULRV
$VVLPTXHHVWD0HVDLQLFLRXIXQo}HVKRXYHTXHFXLGDUGDH[SOLFLWDomRGRVWHUPRVGHUHODFLRQDPHQWR
FRP R (VWDGR D SURSyVLWR GD QDWXUH]D MXUtGLFD GD 6&0/ SHVVRD FROHFWLYD GH GLUHLWR SULYDGR 8P
GHVSDFKR LQWHUSUHWDWLYR GDV QRUPDV GH (QTXDGUDPHQWR 2UoDPHQWDO FRQILUPRX R TXH WHP GH VHU
yEYLRRUHJLPHMXUtGLFR±ILQDQFHLURGD6DQWD&DVD
$QtYHOLQWHUQRRDQRGHILFDPDUFDGRSHODFHGrQFLDj6&0/DSDUWLUGHPDLRGHGH
HVWDEHOHFLPHQWRV LQWHJUDGRV GR ,QVWLWXWR GD 6HJXUDQoD 6RFLDO ,3 &RP UHVSRVWDV QDV iUHDV GD
LQIkQFLD H MXYHQWXGH LGRVRV H GHILFLrQFLD DOJXPDV GH kPELWR GLVWULWDO H QDFLRQDO HVWHV
HVWDEHOHFLPHQWRV YLHUDP H[SDQGLU D DomR GD 6&0/ TXHU DR QtYHO GD LQWHUYHQomR TXHU DR QtYHO
JHRJUiILFR
1HVWHDQRVmRGHUHDOoDUSRUXPODGRDDEHUWXUDGR³3ULQFLSH]LQKR´XPDFUHFKHGXSODQR&HQWURGH
/LVERD FRP XP WRWDO GH OXJDUHV H SRU RXWUR D DSOLFDomR GR 3ODQR GH (PHUJrQFLD 6RFLDO 3(6
ODQoDGR SHOR *RYHUQR QD VHTXrQFLD GD YXOQHUDELOLGDGH GD VLWXDomR VRFLRHFRQyPLFD GR SDtV TXH
SHUPLWLXDXPHQWDUDFDSDFLGDGHGHUHVSRVWDVRFLDOQHVWDiUHDGHLQWHUYHQomR
(P0DLRIRLDVVLQDGRR$FRUGRGH&RRSHUDomRHQWUHD$GPLQLVWUDomR5HJLRQDOGH6D~GHGH/LVERDH
9DOHGR7HMRHD6DQWD&DVDGD0LVHULFyUGLDGH/LVERDTXHYLVDDVVHJXUDUFXLGDGRVGHVD~GHD
XWHQWHVVHPPpGLFRGHIDPtOLDDWULEXtGR
y
$LQGD QR kPELWR GRV FXLGDGRV GH VD~GH UHILUDVH R HVIRUoR QD GLYHUVLILFDomR GDV HVSHFLDOLGDGHV
GLVSRQLELOL]DGDVjFRPXQLGDGHSHOR+RVSLWDO2UWRSpGLFRGH6DQW¶$QDEHPFRPRDGHILQLomRGHQRYDV
UHJUDVHFLUFXLWRVGHUHIHUHQFLDomRKRVSLWDODUHPYLUWXGHGR$FRUGRGH&RODERUDomRRXWRUJDGRFRPD
$GPLQLVWUDomR 5HJLRQDO GH 6D~GH GH /LVERD H 9DOH GR 7HMR $56/97 H R &HQWUR GH 0HGLFLQD H
5HDELOLWDomRGR$OFRLWmR
2 $QR (XURSHX GR 9ROXQWDULDGR FHOHEUDGR HP LPSULPLX XPD GLQkPLFD QRYD D HVWD DWLYLGDGH
FRP HVSHFLDO GHVWDTXH SDUD R YROXQWDULDGR HPSUHVDULDO PDWHULDOL]DGR QD LQLFLDWLYD ³5HSDUDU´ TXH
SURPRYHXLQWHUYHQo}HVGHPDQXWHQomRHUHSDUDomRQRVGRPLFtOLRVGHYiULRVLGRVRV
5HILUDPVHDLQGDDVLQLFLDWLYDVQRkPELWRGRHPSUHHQGHGRULVPRHGDHFRQRPLDVRFLDOFRPGHVWDTXH
SDUD R ODQoDPHQWR GD HGLomR GR 3URJUDPD GH $SRLR DR (PSUHHQGHGRU H D FRQVROLGDomR GH XPD
UHGHGHSDUFHULDVTXHSHUPLWLXSURPRYHULQLFLDWLYDVTXHSRVLFLRQDPD6&0/FRPRXPLPSRUWDQWHDWRU
QRGRPtQLRGDLQRYDomRVRFLDO
5HOHYDQWH DLQGD R HVIRUoR QD PDQXWHQomR H FRQVHUYDomR GR SDWULPyQLR SURFXUDQGR JDUDQWLU D
TXDOLGDGHHVHJXUDQoDGRVHGLItFLRV
,PSRUWDDLQGDUHIHULUDDWLYLGDGHGHVHQYROYLGDQDiUHDGD&XOWXUDSURSRUFLRQDQGRj&LGDGHDRVVHXV
KDELWDQWHVHPHVSHFLDODRVQRVVRVXWHQWHVHDRVVHXVYLVLWDQWHVDIUXLomRGHXPSDWULPyQLRFXOWXUDO
HDUWtVWLFR~QLFR
)D]HQGRPHPyULDTXHDPLVVmRGD6DQWD&DVDpDSRLDUDSRSXODomRPDLVGHVSURWHJLGDGDFLGDGHGH
/LVERD R TXH QR DWXDO FRQWH[WR GR 3DtV LPSOLFD PDLRUHV UHVSRQVDELOLGDGHV H VHQGR IXQGDPHQWDO
GHVHPSHQKiODV DVVHJXUDQGR D VXVWHQWDELOLGDGH HFRQyPLFRILQDQFHLUD D TXH DFUHVFHP UD]}HV GH
JHVWmR H GH IXQFLRQDOLGDGH D 0HVD GHOLEHURX TXH QmR VHUmR WUDQVIHULGRV RV 6HUYLoRV GD 0LVHULFyUGLD
GH/LVERDSDUDRLPyYHOVLWRQD$Y-RVp0DOKRDDHP/LVERD
8PDSDODYUDGHDJUDGHFLPHQWRDWRGRVRVTXHFRODERUDPQHVWD&DXVDGHVHMDQGRTXHPDQWHQKDPH
LQIXQGDPD(VSHUDQoDHPWRGRVDTXHOHVTXHDQRVVDDomRWRFD&DGDYH]PDLVSHVVRDVHVSHUDPPDLV
GD6DQWD&DVDGD0LVHULFyUGLDGH/LVERD
23URYHGRU
3HGUR6DQWDQD/RSHV
y
(QTXDGUDPHQWR(FRQyPLFRH6RFLDO
(PDVVLVWLXVHDXPDGHVDFHOHUDomRGDHFRQRPLDPXQGLDORFUHVFLPHQWRILFRXDEDL[R
GR HVSHUDGR H R GHVHPSUHJR FRQWLQXRX HP DOWD FRP UHQRYDGDV SUHRFXSDo}HV ILQDQFHLUDV
QRVSDtVHVSHULIpULFRVGDiUHDGRHXUR
(VWHIRLXPDQRPDUFDGRSRUSUHRFXSDo}HVGHFUHVFLPHQWRGRGpILFHS~EOLFRHGRQtYHOGD
GtYLGDH[WHUQD2VUHFHLRVFRQGX]LUDPDXPDFULVHGHFRQILDQoDGRVDJHQWHVHFRQyPLFRVHj
UHGXomR GH QRWDo}HV ILQDQFHLUDV GHYLGR DR DXPHQWR GR ULVFR GDV GtYLGDV VREHUDQDV GRV
SDtVHV SHULIpULFRV GD iUHD GR HXUR FULDQGR IRUWH LQVWDELOLGDGH QRV PHUFDGRV ILQDQFHLURV
LQWHUQDFLRQDLV H SUHVV}HV QR VHQWLGR GD VXELGD GRV MXURV GRV HPSUpVWLPRV H GD
LPSOHPHQWDomRGHPHGLGDVGHDXVWHULGDGHFRPRREMHWLYRGHUHGX]LURGpILFHS~EOLFR(VWDV
PHGLGDVDOLDGDVDWD[DVHOHYDGDVGHGHVHPSUHJRUHGX]LUDPDSURFXUDGRPpVWLFDDIHWDQGRR
FUHVFLPHQWRHFRQyPLFRGHVGHRILQDOGH
2 DQR GH ILFRX PDUFDGR SHOR SHGLGR HP DEULO GH DVVLVWrQFLD ILQDQFHLUD GR (VWDGR
SRUWXJXrV MXQWR GR )XQGR 0RQHWiULR ,QWHUQDFLRQDO H GD 8QLmR (XURSHLD DWUDYpV GD
IRUPDOL]DomR GH XP 3URJUDPD GH $VVLVWrQFLD (FRQyPLFD H )LQDQFHLUD RQGH R *RYHUQR GH
3RUWXJDO VH FRPSURPHWHX D DGRWDU PHGLGDV GH DMXVWDPHQWR GRV GHVHTXLOtEULRV
PDFURHFRQyPLFRVHVWUXWXUDLV
/ŶĚŝĐĂĚŽƌĞƐ
W/
WƌŽĐƵƌĂ/ŶƚĞƌŶĂ
ŽŶƐƵŵŽƉƌŝǀĂĚŽ͕;ĂͿ
ŽŶƐƵŵŽWƷďůŝĐŽ;ďͿ
/ŶǀĞƐƚŝŵĞŶƚŽ͕;ĐͿ
ǆƉŽƌƚĂĕƁĞƐ͕;ĚͿ
/ŵƉŽƌƚĂĕƁĞƐ͕;ĞͿ
dĂǆĂĚĞƐĞŵƉƌĞŐŽ͕й
/ŶĨůĂĕĆŽ͕/W͕й
4XDGUR3RUWXJDO±,QGLFDGRUHVGH&RQMXQWXUD
ŶŽϮϬϬϵ
ŶŽϮϬϭϬ
ŶŽϮϬϭϭ
ϭǑdƌŝŵϭϭ
ϮǑdƌŝŵϭϭ
ϯǑdƌŝŵϭϭ
ϰǑdƌŝŵϭϭ
ͲϮ͕ϵ
Ͳϯ͕ϯ
ͲϮ͕ϯ
ϰ͕ϳ
Ͳϭϯ͕Ϯ
ͲϭϬ͕ϵ
ͲϭϬ͕Ϭ
ϵ͕ϱ
ͲϬ͕ϴ
ϭ͕ϰ
Ϭ͕ϴ
Ϯ͕ϭ
Ϭ͕ϵ
Ͳϯ͕ϲ
ϴ͕ϴ
ϱ͕ϰ
ϭϬ͕ϴ
ϭ͕ϰ
Ͳϭ͕ϲ
Ͳϱ͕ϳ
Ͳϯ͕ϵ
Ͳϯ͕ϵ
Ͳϭϰ͕Ϭ
ϳ͕ϰ
Ͳϱ͕ϱ
ϭϮ͕ϳ
ϯ͕ϳ
ͲϬ͕ϲ
Ͳϯ͕ϯ
ͲϮ͕ϯ
Ͳϯ͕ϴ
Ͳϲ͕ϭ
ϴ͕ϰ
Ͳϭ͕ϭ
ϭϮ͕ϰ
ϯ͕ϳ
Ͳϭ͕ϭ
Ͳϱ͕Ϯ
Ͳϯ͕ϯ
Ͳϰ͕ϱ
ͲϭϮ͕ϯ
ϴ͕ϴ
Ͳϰ͕ϯ
ϭϮ͕ϭ
ϯ͕ϳ
Ͳϭ͕ϵ
Ͳϰ͕ϵ
Ͳϯ͕ϰ
Ͳϭ͕ϰ
Ͳϭϯ͕ϲ
ϲ͕ϳ
ͲϮ͕ϳ
ϭϮ͕ϰ
ϯ͕Ϯ
ͲϮ͕ϴ
Ͳϵ͕ϱ
Ͳϲ͕ϱ
Ͳϱ͕ϳ
ͲϮϰ͕ϯ
ϱ͕ϴ
Ͳϭϯ͕ϱ
ϭϰ͕Ϭ
ϯ͕ϵ
)RQWH ,1( ± &RQWDV 1DFLRQDLV 7ULPHVWUDLV ± 0DUoR 7D[D GHVHPSUHJR ,1( (VWDWtVWLFDV GR (PSUHJR ± )HYHUHLUR ,QIODomR,1(ËQGLFHGH3UHoRVQR&RQVXPLGRU±0DUoR
D'HVSHVDVGH&RQVXPR)LQDOGDV)DPtOLDV5HVLGHQWHVHGDV,6)/6),QVWLWXLo}HV6HP)LQV/XFUDWLYRVDR6HUYLoRGDV)DPtOLDV
YDULDomRKRPyORJD
E'HVSHVDVGH&RQVXPR)LQDOGDV$GPLQLVWUDo}HV3~EOLFDVYDULDomRKRPyORJD
F,QGLFDGRUGH)RUPDomR%UXWDGH&DSLWDO)L[RYDULDomRKRPyORJD
G([SRUWDo}HVGHPHUFDGRULDV)2%TXHLQFOXLFRQVXPRILQDOGHIDPtOLDVQmRUHVLGHQWHVQRWHUULWyULRHFRQyPLFRYDULDomRKRPyORJD
H,PSRUWDo}HVGHPHUFDGRULDV)2%TXHLQFOXLFRQVXPRILQDOGHIDPtOLDVUHVLGHQWHVIRUDGRWHUULWyULRHFRQyPLFRYDULDomR
KRPyORJD
y
(P3RUWXJDOGHDFRUGRFRPDV&RQWDV1DFLRQDLV7ULPHVWUDLVR3,%3URGXWR,QWHUQR%UXWR
GLPLQXLX HP YROXPH HP DSyV R DXPHQWR GH REVHUYDGR HP $
UHGXomR GR 3,% IRL GHWHUPLQDGD SHOR FRPSRUWDPHQWR GD 3URFXUD ,QWHUQD TXH UHJLVWRX XP
FRQWULEXWRQHJDWLYRGHHPGHYLGRjGLPLQXLomRGDV'HVSHVDVGH&RQVXPR)LQDO
GDV)DPtOLDVHGR,QYHVWLPHQWR2&RQVXPR3ULYDGRGHVDFHOHURXDRORQJR
GHWRGRRDQRGHFRPHVSHFLDOGHVWDTXHSDUDRVLJQLILFDWLYRDJUDYDPHQWRRFRUULGRQR
~OWLPR WULPHVWUH GH TXH UHYHOD DV GLILFXOGDGHV FUHVFHQWHV GDV 'HVSHVDV GH
&RQVXPR)LQDOGDV)DPtOLDV
2LQGLFDGRUGH,QYHVWLPHQWRQDVFRPSRQHQWHVGHFRQVWUXomRPiTXLQDVHHTXLSDPHQWRVH
PDWHULDOGHWUDQVSRUWHDSUHVHQWRXXPDJUDYDPHQWRPDLVSURQXQFLDGRDSDUWLUGRVHJXQGR
WULPHVWUHGRDQRSUHFHGHQWHWHUPLQDQGRFRPXPDTXHEUDGH
$VH[SRUWDo}HVGHPHUFDGRULDVTXHDXPHQWDUDPHPDSyVRDXPHQWRGH
QRDQRDQWHULRUDSUHVHQWDUDPXPLPSRUWDQWHFUHVFLPHQWRGXUDQWHRSULPHLURVHPHVWUHGH
HP PpGLD PDV GHVDFHOHUDUDP QR VHPHVWUH VHJXLQWH HP PpGLD $V
,PSRUWDo}HV GH %HQV H 6HUYLoRV DSUHVHQWDUDP XPD VLJQLILFDWLYD UHGXomR HP HP YROXPH DSyV R DXPHQWR GH YHULILFDGR HP $ GLPLQXLomR GDV ,PSRUWDo}HV
IRLPDLVHYLGHQWHQRWULPHVWUHGH
'H DFRUGR FRP R LQTXpULWR DR HPSUHJR D WD[D GH GHVHPSUHJR DXPHQWRX SDUD QR
~OWLPRWULPHVWUHGHSULQFLSDOPHQWHQRVHFWRUGD&RQVWUXomRH2EUDV3~EOLFDV
$HYROXomRGHSUHoRVHPWHUPRVGHYDULDomRKRPyORJDGRtQGLFHGHSUHoRQRFRQVXPLGRU
VLWXRXVH QRV HP HP WHQGR FRQWULEXtGR SDUD HVWH UHVXOWDGR R
FUHVFLPHQWRDFHQWXDGRGRVSUHoRVGRVSURGXWRVHQHUJpWLFRVRDXPHQWRGDWD[DGH,9$GH
SDUD HP MDQHLUR GH R DXPHQWR GR SUHoR GRV WUDQVSRUWHV HP DJRVWR GH
H R DJUDYDPHQWR GD WD[D GH ,9$ TXH LQFLGH VREUH D HOHWULFLGDGH H R JiV QDWXUDO GH
SDUDHPRXWXEURGH
$ DWXDO FRQMXQWXUD HFRQyPLFD UHIOHWHVH QDV FRQGLo}HV GH YLGD GDV IDPtOLDV SRUWXJXHVDV
FRPH[SUHVVmRPDLVHYLGHQWHDRQtYHOGRHPSUHJRHGRDSRLRVRFLDO
(PSUHJR
y
2V YDORUHV GR HPSUHJR HP 3RUWXJDO WUDGX]HP D FULVHHFRQyPLFD TXH R SDtV DWUDYHVVD 1R
WULPHVWUH GH R Q~PHUR GH HPSUHJDGRV HP 3RUWXJDO FLIUDYDVH HP PLO R
TXHUHSUHVHQWDXPGHFUpVFLPRGHIDFHDRPHVPRSHUtRGRGHHGHIDFHD
2V KRPHQV IRUDP PDLV DWLQJLGRV SRU HVWD VLWXDomR GR TXH DV PXOKHUHV FRP XPD
YDULDomRGHIDFHDHQWUHR77
4XDGUR7D[DGHGHVHPSUHJRSRUORFDOGHUHVLGrQFLD
/RFDOGH
7
7
7
7
7
7
7
7
3RUWXJDO
/LVERD187,,
UHVLGrQFLD
)RQWH,1(,QTXpULWRDR(PSUHJR
2 Q~PHUR GH GHVHPSUHJDGRV HP 3RUWXJDO FRQWLQXD D DXPHQWDU QR WULPHVWUH GH FRQWDELOL]DUDPVHPLORTXHWUDGX]XPDXPHQWRGHIDFHDLJXDOSHUtRGRGRDQR
DQWHULRU $ SURJUHVVLYD H[WHQVmR GR GHVHPSUHJR p YLVtYHO SHOR DXPHQWR GR QtYHO GH
KDELOLWDo}HVGDSRSXODomRGHVHPSUHJDGDQRWULPHVWUHGHRVGHVHPSUHJDGRVFRP
R HQVLQR VHFXQGiULR FRPSOHWR UHSUHVHQWDYDP GR WRWDO Mi QR WULPHVWUH GH XOWUDSDVVDYDPRV
1R GLVWULWR GH /LVERD R Q~PHUR GH GHVHPSUHJDGRV DXPHQWRX IDFH DR WULPHVWUH
KRPyORJR GH $ WD[D GH GHVHPSUHJR DWLQJLX RV QR GLVWULWR VHQGR VXSHULRU
HQWUHRVKRPHQV
3UHVWDo}HV6RFLDLV
(P GH]HPEUR GH H[LVWLDP FHUFD GH PLO WLWXODUHV GH DERQR GH IDPtOLD HP
3RUWXJDOGRVTXDLVUHVLGHQWHVQDiUHDGD*UDQGH/LVERD$DOWHUDomRGDVUHJUDVGH
DWULEXLomR GHVWD SUHVWDomR VRFLDO FRQGX]LX D XPD GLPLQXLomR VLJQLILFDWLYD GR Q~PHUR GH
EHQHILFLiULRV TXH VH PDQWpP 3HOR FRQWUiULR QR GRPtQLR GD ERQLILFDomR SRU GHILFLrQFLD GH
FULDQoDV H MRYHQV YHULILFRXVH XP DXPHQWR GH GR Q~PHUR GH EHQHILFLiULRV HQWUH
H
$ SHQVmR GH YHOKLFH p D SUHVWDomR VRFLDO FRP PDLRU Q~PHUR GH EHQHILFLiULRV HP 3RUWXJDO
GHVGH(PGH]HPEURGHGRVWLWXODUHVUHVLGLDPQD]RQDGH/LVERD1876
,,
y
$SyV XP SHUtRGR GH H[SDQVmR GR 5HQGLPHQWR 6RFLDO GH ,QVHUomR QRV GRLV ~OWLPRV DQRV
DVVLVWLXVHjVXDUHWUDomRHPFRQVHTXrQFLDGDVDOWHUDo}HVLQWURGX]LGDVQDDWULEXLomRGHVWH
VXEVtGLR (P GH]HPEUR GH H[LVWLDP PLO EHQHILFLiULRV FRP SURFHVVDPHQWR HP
3RUWXJDOGRVTXDLVQRFHQWURGLVWULWDOGH/LVERD
6D~GH
'HVGH RV UHFXUVRV HP VD~GH WrP YLQGR D GLPLQXLU TXHU D QtYHO QDFLRQDO TXHU
FRQFHOKLR HQWUH H R Q~PHUR GH KRVSLWDLV HP /LVERD GLPLQXLX 3HOR
FRQWUiULR R UiFLR GH SURILVVLRQDLV SRU KDELWDQWH WHP YLQGR D DXPHQWDU H p QR FRQFHOKR GH
/LVERD TXH DOFDQoD R YDORU PDLV HOHYDGR D QtYHO QDFLRQDO PpGLFRV KDELWDQWHV H
HQIHUPHLURVKDELWDQWHV
(P MXQKR GH D 5HGH 1DFLRQDO GH &XLGDGRV &RQWLQXDGRV ,QWHJUDGRV 51&&, WLQKD
XPD FDSDFLGDGH GH FDPDV R TXH WUDGX] XP DXPHQWR GH IDFH DR ILQDO GH
(P WHUPRV GH WLSRORJLD RV FXLGDGRV SDOLDWLYRV VmR DTXHOHV HP TXH VH YHULILFD XPD
PDLRU ODFXQD FRP DSHQDV FDPDV SDUD R WHUULWyULR QDFLRQDO $ WLSRORJLD GH ORQJD
'XUDomR H 0DQXWHQomR FRP FDPDV FRQWLQXD D UHSUHVHQWDU GR WRWDO GH FDPDV
H[LVWHQWHVQD51&&,
3REUH]D
'HDFRUGRFRPDVHVWLPDWLYDVHPDWD[DGHULVFRGHSREUH]DHP3RUWXJDOVLWXDYDVH
HP(VWHYDORUPpGLRHVFRQGHUHDOLGDGHVHHYROXo}HVGLVWLQWDVFRQVRDQWHRJUXSRHP
DQiOLVH HQWUH DV PXOKHUHV H RV LGRVRV HPERUD DSUHVHQWHP DLQGD WD[DV OLJHLUDPHQWH
VXSHULRUHV j PpGLD HYLGHQFLDVH XPD WHQGrQFLD SDUD D GLPLQXLomR GHVWH LQGLFDGRU -i D
WD[D GH ULVFR GH SREUH]D GRV GHVHPSUHJDGRV GDV IDPtOLDV PRQRSDUHQWDLV H GDTXHODV
FRPSRVWDV SRU DGXOWRV H RX PDLV FULDQoDVXOWUDSDVVD R GREUR GD PpGLD QDFLRQDO H QR
FDVR GRV GHVHPSUHJDGRV WHP YLQGR D DXPHQWDU GH IRUPD FRQWtQXD GHVGH 3DUD DV
IDPtOLDVFRP
ϭ
ĞĐƌĞƚŽͲ>ĞŝŶǑϳϬĞWŽƌƚĂƌŝĂŶǑϱϵϴͬϮϬϭϬ͕ĂŵďŽƐĚŽDŝŶŝƐƚĠƌŝŽĚŽdƌĂďĂůŚŽĞĚĂ^ŽůŝĚĂƌŝĞĚĂĚĞ^ŽĐŝĂů͘
y
FULDQoDV D FDUJR HVWH ULVFR p DFUHVFLGR SHOR YROXPH GH GHVSHVDV TXH VH HVWLPD HP PDLV
HXURVPrVIDFHjVUHVWDQWHVIDPtOLDV
$ FRQMXQWXUD GH FULVH HFRQyPLFD UHIOHWHVH WDPEpP QD SHUVSHWLYD GRV LQGLYtGXRV VREUH D
VXDVLWXDomR$SDUWLUGHDXPHQWRXGHIRUPDVLJQLILFDWLYDRQ~PHURGHLQTXLULGRVTXH
FRQVLGHUDTXHDVLWXDomRILQDQFHLUDGRDJUHJDGRIDPLOLDUSLRURXQRV~OWLPRVPHVHV
'HPRJUDILD
'H DFRUGR FRP RV &HQVRV D SRSXODomR GD FLGDGH GH /LVERD GLPLQXLX QD ~OWLPD
GpFDGD (VWD UHGXomR DIHWRX WRGRV DV IDL[DV HWiULDV j H[FHomR GDV FULDQoDV H MRYHQV DWp
DRVDQRVJUXSRHPTXHVHYHULILFRXXPDXPHQWRGHQRPHVPRSHUtRGR(VWHYDORU
SHUPLWH DOJXP RWLPLVPR VREUH R UHMXYHQHVFLPHQWR GD SRSXODomR OLVERHWD HP HVSHFLDO
TXDQGR VH REVHUYD D HYROXomR GR Q~PHUR GH MRYHQV UHVLGHQWHV QR FRQFHOKR TXH GLPLQXLX
4XDGUR3RSXODomRUHVLGHQWHQRFRQFHOKRGH/LVERDSRUJUXSRHWiULR
DQRV
DQRV
DQRV
HDQRV
7RWDO
*UXSRVHWiULRV
)RQWH,1((VWLPDWLYDV$QXDLVGD3RSXODomR5HVLGHQWHH&HQVRVH
(P RV LGRVRV UHSUHVHQWDYDP GD SRSXODomR SRUWXJXHVD $ SHUFHQWDJHP GH
LQGLYtGXRV DFLPD GRV DQRV WHP YLQGR D DXPHQWDU GH IRUPD FRQVWDQWH R tQGLFH GH
HQYHOKHFLPHQWRHP3RUWXJDOVXELXGHHPSDUDHP-iQR
Ϯ
^ĞŐƵŶĚŽĚĂĚŽƐĚŽ/ŶƋƵĠƌŝƚŽăƐĞƐƉĞƐĂƐĚĂƐ&ĂŵşůŝĂƐϮϬϭϬͬϮϬϭϭ͕ƌĞĂůŝǌĂĚŽƉĞůŽ/E͘
y
FRQFHOKRGH/LVERDHDSHVDUGHRVYDORUHVVHUHPVXSHULRUHVYHULILFDVHDWHQGrQFLDLQYHUVD
HDSURSRUomRGHLGRVRVQRWRWDOGDSRSXODomRWHPVHPDQWLGRHVWiYHOGHVGH
'HQWUR GD FLGDGH D VLWXDomR GDV IUHJXHVLDV QmR VH DSUHVHQWD KRPRJpQHD (P D
SURSRUomR GH LGRVRV HUD LQIHULRU D DSHQDV HP 1R HQWDQWR D VXD HYROXomR IRL
GLVWLQWDQDVTXHVHVLWXDPQD]RQDQRUWHGDFLGDGHUHJLVWRXVHXPDXPHQWRMiQDVTXHVH
VLWXDP QD %DL[D FRUUHVSRQGHX D XPD GLPLQXLomR VLJQLILFDWLYD GR VHX SHVR R TXH DSRQWD
SDUDXPDUHQRYDomRGDSRSXODomRUHVLGHQWH
$FLGDGHGH/LVERDHYLGHQFLDVHDLQGDSHODSURSRUomRGHLGRVRVDYLYHULVRODGRV'HDFRUGR
FRP RV &HQVRV GRV LGRVRV OLVERHWDV YLYLDP VR]LQKRV XP YDORU OLJHLUDPHQWH
VXSHULRU DR UHJLVWDGR D QtYHO QDFLRQDO 7DPEpP DTXL HQFRQWUDPRV GLIHUHQoDV j
PHGLGDTXHQRVPRYLPHQWDPRVQDFLGDGHHPIUHJXHVLDVGDV]RQDVVXOHRFLGHQWDOPDLV
GH GRV LGRVRV YLYHP VyV QD ]RQD QRUWH SHOR FRQWUiULR RV LGRVRV LVRODGRV QmR
XOWUDSDVVDPRVHPIUHJXHVLDV
(QWUH H DVVLVWLXVH D XPD GLPLQXLomR SURJUHVVLYD GD GLPHQVmR GRV DJUHJDGRV
IDPLOLDUHV R Q~PHUR GH IDPtOLDV XQLSHVVRDLV DXPHQWRX H RV FDVDLV VHP ILOKRV
UHJLVWDUDP XP DXPHQWR GH $ HVWDV MXQWDPVH DLQGD DV IDPtOLDV PRQRSDUHQWDLV
TXH QR PHVPR SHUtRGR DXPHQWDUDP -i HP GDV IDPtOLDV SRUWXJXHVDV
HUDP FRQVWLWXtGDV SRU SHVVRD VHQGR HVWD VLWXDomR PDLV H[SUHVVLYD QD FLGDGH GH /LVERD
FRPGDVIDPtOLDVXQLSHVVRDLV
(QWUH H R QtYHO GH KDELOLWDo}HV HVFRODUHV GRV SRUWXJXHVHV DXPHQWRX GH IRUPD
VLJQLILFDWLYDDSHUFHQWDJHPGHLQGLYtGXRVFRPQtYHOGHLQVWUXomRDSDUWLUGRFLFORVXELX
SS VHQGR R HQVLQR VXSHULRU DTXHOH HP TXH VH UHJLVWRX R SULQFLSDO DXPHQWR -i QR
FRQFHOKR GH /LVERD DVVLVWLXVH D XPD VXELGD GH SS GD SRSXODomR UHVLGHQWH FRP R
HQVLQRVXSHULRUSDUDRTXHSRGHFRQWULEXLUDPDLRURIHUWDGHVWHQtYHOGHHQVLQRQDFLGDGH
$DSRVWDQDVTXDOLILFDo}HVSURILVVLRQDLVWHPVLGRXPDFRQVWDQWHDRORQJRGRV~OWLPRVDQRV
HQWUH GH]HPEUR GH H GH]HPEUR GH R Q~PHUR GH DEUDQJLGRV SRU PHGLGDV GH
$OFkQWDUD0HUFrV6mR-RmR GH'HXV 6mR9LFHQWHGH)RUD6DQWR &RQGHVWiYHO 6DQWD
(QJUiFLD6DQWR(VWHYmRH6mR0LJXHO
&DUQLGH&KDUQHFDH/XPLDU
y
IRUPDomR SURILVVLRQDO DXPHQWRX (P RXWXEUR GH FHUFD GH PLO LQGLYtGXRV
IUHTXHQWDUDP Do}HV GH IRUPDomR XP YDORU TXH ILFRX DTXpP GD PHWD GHILQLGD SDUD R
SHUtRGR 'HVWHV HQFRQWUDYDPVH GHVHPSUHJDGRV H SHUWHQFLDP j GHOHJDomR
GH/LVERDH9DOHGR7HMR
y
y
2 'HSDUWDPHQWR GH $omR 6RFLDO H 6D~GH '$66 JHUH GH IRUPD LQWHJUDGD RV VHUYLoRV H
HVWDEHOHFLPHQWRV GH DomR VRFLDO H GH VD~GH SURPRYHQGR D DXWRQRPLD H LQFOXVmR VRFLDO
QRPHDGDPHQWH DWUDYpV GD SUHVWDomR GH FXLGDGRV GH VD~GH H GR DSRLR jV VHJXLQWHV iUHDV
GH LQWHUYHQomR ,QIkQFLD H MXYHQWXGH 3RSXODomR LGRVD 3HVVRDV SRUWDGRUDV GH GHILFLrQFLD
)DPtOLDHFRPXQLGDGH
$OLQKDGR FRP RV REMHWLYRV HVWUDWpJLFRV HVWDEHOHFLGRV SHOD 0HVD GD 6DQWD &DVD GD
0LVHULFyUGLD GH /LVERD 6&0/ R '$66 GHX FRQWLQXLGDGH j LQWHUYHQomR LQWHJUDGD GH DomR
VRFLDOHVD~GHQRVHQWLGRGHSURSRUFLRQDUXPDUHVSRVWDGHTXDOLGDGHHPDLVHILFD]
$WUDYpV GD VXD UHGH GH (VWDEHOHFLPHQWRV GH ,QIkQFLD IRL JDUDQWLGD D UHVSRVWD jV
QHFHVVLGDGHV GDV IDPtOLDV TXH UHVLGHP QDV IUHJXHVLDV GD VXD iUHD GH LQWHUYHQomR
SULRUL]DQGR D DGPLVVmR GH FULDQoDV HP VLWXDomR GH SHULJR HRX PDLV GHVIDYRUHFLGDV TXH
QHFHVVLWDP GH XP DSRLR DFUHVFLGR IDFH j VLWXDomR GH YXOQHUDELOLGDGH DSUHVHQWDGD SHODV
VXDV IDPtOLDV 1R kPELWR GD &UHFKH Ki D VDOLHQWDU GXDV VLWXDo}HV FRP LPSOLFDo}HV
UHOHYDQWHVWUDGX]LGDVQRVDFUpVFLPRVGRVSULQFLSDLVLQGLFDGRUHVGHDWLYLGDGHVIDFHD
SRUXPODGRDDEHUWXUDGR³3ULQFLSH]LQKR´XPDFUHFKHGXSODFRPXPWRWDOGHOXJDUHV
SRU RXWUR R 3ODQR GH (PHUJrQFLD 6RFLDO 3(6 ODQoDGR SHOR *RYHUQR QD VHTXrQFLD GD
YXOQHUDELOLGDGHGDVLWXDomRVRFLRHFRQyPLFDGRSDtVTXHSHUPLWLXDXPHQWDUDFDSDFLGDGHGH
UHVSRVWD VRFLDO QHVWD iUHD GH LQWHUYHQomR VHP XP DXPHQWR VLJQLILFDWLYR HP WHUPRV GH
FXVWRVHIHWLYRV
1R $FROKLPHQWR ,QVWLWXFLRQDO GH FULDQoDV H MRYHQV GHVWDFDVH XPD WD[D GH
GHVLQVWLWXFLRQDOL]DomR GH H XPD WD[D GH VXFHVVR HVFRODU GH GRV MRYHQV TXH
IUHTXHQWDPRVLVWHPDGHHQVLQRVXSHUDQGRDVPHWDVGHILQLGDVSDUDRDQRHPDQiOLVH
7HQGR HP FRQWD D IUDJLOLGDGH H YXOQHUDELOLGDGH GRV FRQWH[WRV IDPLOLDUHV GDV FULDQoDV
VLQDOL]DGDVHDFRPSDQKDGDVSHODV(TXLSDVGH$FRPSDQKDPHQWRGH)DPtOLDVFRP&ULDQoDVH
-RYHQV HP 5LVFR ($)&-5 XPD GDV YHUWHQWHV GRV SODQRV GH LQWHUYHQomR GHVWDV (TXLSDV
FRQVLVWLX QD LPSOHPHQWDomR GH SURMHWRV GH GHVHQYROYLPHQWR GH FRPSHWrQFLDV TXH
DEUDQJHUDPGRWRWDOGDVIDPtOLDVDFRPSDQKDGDV
1R$WHQGLPHQWR6RFLDOFRQWLQXDDYHULILFDUVHXPYROXPHHOHYDGRGHDWHQGLPHQWRVSRUDQR
H R DFUpVFLPR GR Q~PHUR GH DSRLRV H YHUEDV DWULEXtGDV DWUDYpV GH VXEVtGLRV PHQVDLV H
HYHQWXDLV(VWHFRQWH[WRUHIOHWHRDXPHQWRGDFRPSOH[LGDGHHDJUDYDPHQWR
y
GH DOJXPDV VLWXDo}HV VRFLRHFRQyPLFDV VREUHWXGR SRU UHGXomR HRX FDQFHODPHQWR GDV
SUHVWDo}HV H DSRLRV VRFLDLV SDUD DOpP GDV SUREOHPiWLFDV HPHUJHQWHV UHVXOWDQWHV GD DWXDO
FRQMXQWXUDHFRQyPLFDHVRFLDO$SDUWLFLSDomRGD6&0/QD5HGH6RFLDOIRLGHPRQVWUDWLYDGD
VXD YRQWDGH GH SRWHQFLDU D JHVWmR H UHQWDELOL]DomR GH UHFXUVRV 1HVWH kPELWR IRUDP
FRQVWLWXtGDVVHLVQRYDV&RPLVV}HV6RFLDLVGH)UHJXHVLD
2'$66QRTXHUHVSHLWDjVXDDWXDomRHPVD~GHGHXFRQWLQXLGDGHjLPSOHPHQWDomRGRV
FULWpULRVUHGHILQLGRVGDSRSXODomRDOYRGRVVHUYLoRVGH6D~GHGH3UR[LPLGDGHGD6&0/(VWD
UHGHILQLomR WHYH FRPR FRQVHTXrQFLD XPD GLPLQXLomR GR Q~PHUR GH XWHQWHV XPD YH] TXH
WrP YLQGR VHU H[SXUJDGRV GR VLVWHPD RV FLGDGmRV TXH QmR VH HQTXDGUDP QRV QRYRV
FULWpULRV
(PPDLRIRLDVVLQDGRR$FRUGRGH&RRSHUDomRHQWUHD$GPLQLVWUDomR5HJLRQDOGH6D~GHGH
/LVERDH9DOHGR7HMRHD6DQWD&DVDGD0LVHULFyUGLDGH/LVERD±8QLGDGHGH6D~GH6DQWD
&DVDGH7HOKHLUDVTXHYLVDDVVHJXUDUFXLGDGRVGHVD~GHDXWHQWHVLQVFULWRVQR$&(6
$JUXSDPHQWRGH&HQWURVGH6D~GH/LVERD1RUWHVHPPpGLFRGHIDPtOLDDWULEXtGR
(P VHWHPEUR IRL DVVLQDGR R 3URWRFROR GH &RRSHUDomR HQWUH $GPLQLVWUDomR 5HJLRQDO GH
6D~GH GH /LVERD H 9DOH GR 7HMR ,3 H D 6&0/ R TXDO HVWDEHOHFH SUHFHLWRV SDUD D
DGPLQLVWUDomR GH YDFLQDV GR 3URJUDPD 1DFLRQDO GH 9DFLQDomR HP ,QVWLWXLo}HV IRUD GRV
$&(6FRPDILQDOLGDGHGDFREHUWXUDYDFLQDOGDSRSXODomRDOYRGD6&0/
)RUDP HIHWXDGDV DV REUDV QD 8QLGDGH GH 6D~GH 'U -RVp 'RPLQJRV %DUUHLUR FRP YLVWD j
WUDQVIHUrQFLD GR &$*5* SDUD HVWD 8QLGDGH GH 6D~GH FRP YLVWD DR DSURYHLWDPHQWR GH
VLQHUJLDVHUHGXomRGHFXVWRVGHIXQFLRQDPHQWR
,QLFLDUDPVH RV WUDEDOKRV SDUD D DEHUWXUD GH XPD 8QLGDGH GH &XLGDGRV &RQWLQXDGRV FRP
FDSDFLGDGH SDUD FDPDV (VWD UHVSRVWD VRFLDO YLVD PHOKRUDU D TXDOLGDGH GH YLGD GDV
SHVVRDV HP VLWXDomR GH GHSHQGrQFLD DWUDYpV GD SUHVWDomR GH FXLGDGRV FRQWLQXDGRV GH
VD~GHHDSRLRVRFLDO
1DiUHDGHDSRLRDLGRVRVVXEOLQKDVHDWHQGrQFLDGHDXPHQWRQRQGHXWHQWHVDSRLDGRV
SHORV&HQWURVGH'LDH6HUYLoRVGH$SRLR'RPLFLOLiULR2HQYHOKHFLPHQWRGDSRSXODomRHP
SDUWLFXODU QD FLGDGH GH /LVERD H D ERD LPDJHP TXH D FRPXQLGDGH WHP GRV VHUYLoRV
SUHVWDGRVSHORVHVWDEHOHFLPHQWRV6&0/MXVWLILFDPDWHQGrQFLD
y
$LQGD QR kPELWR GR DSRLR DRV LGRVRV R &HQWUR GH $YDOLDomR *HULiWULFR H GH 5HFXUVRV
*HURQWROyJLFRV &$*5* GHX FRQWLQXLGDGH j VXD DWLYLGDGH FHQWUDGD QD DYDOLDomR GRV
XWHQWHV LGRVRV QDV VXDV GLYHUVDV YHUWHQWHV ItVLFD SVLFROyJLFD H VRFLDO DWUDYpV GDV
$YDOLDo}HV )XQFLRQDLV H GH &OtQLFD ,QWHJUDGD FRQVXEVWDQFLDGD QR 5HODWyULR )LQDO ,QWHJUDGR
GRXWHQWH
1D iUHD GR HQYHOKHFLPHQWR H GRV LGRVRV GHXVH FRQWLQXLGDGH j PDQXWHQomR H DPSOLDomR
SURJUHVVLYD GD EDVH GH GDGRV GH LQIRUPDomR JHRUUHIHUHQFLDGD SURFXUDQGR DLQGD LQRYDU
FRPDDSRVWDQRGHVHQYROYLPHQWRHDSHUIHLoRDPHQWRGHXP:HEVLJSLORWR
$ 'LUHomR GH (PHUJrQFLD GH $SRLR j ,QVHUomR ',($, FRQWLQXRX D JDUDQWLU DV UHVSRVWDV
VRFLDLV DGHTXDGDV jV SUREOHPiWLFDV GRV S~EOLFRV PDLV YXOQHUiYHLV PRELOL]DQGR
RSRUWXQLGDGHVGHLQFOXVmRVRFLDODWUDYpVGRLQYHVWLPHQWRQRIRUWDOHFLPHQWRGDDXWRHILFiFLD
HGDUHGHGHVXSRUWHVRFLDO
$'LUHomRGH$SRLRj,QVHUomRH%HPHVWDU',$,%(QRGHVHQYROYLPHQWRGDVXDDWLYLGDGH
FRQWLQXRXDDVVHJXUDUDSURPRomRGDTXDOLGDGHGHYLGDHDLQWHJUDomRQDFRPXQLGDGHGRV
LQGLYtGXRV FRP 9,+6,'$ TXH VH HQFRQWUDP HP VLWXDomR VRFLDO IDPLOLDU H HFRQyPLFD
SUHFiULDHGHJUDQGHLVRODPHQWR
$ iUHD GH (GXFDomR)RUPDomR FRQWLQXRX D GHVHQYROYHU XPD DWLYLGDGH IXQGDPHQWDO SDUD R
GHVHQYROYLPHQWR GH FRPSHWrQFLDV H FDSDFLGDGHV GH SHVVRDV FRP EDL[DV TXDOLILFDo}HV
HVFRODUHV H SURILVVLRQDLV SHUPLWLQGR SRWHQFLDU D VXD LQWHJUDomR VRFLDO H SURILVVLRQDO
,PSRUWDUHIHULUTXHDWD[DGHDEDQGRQRHVFRODUVHVLWXRXQRVHTXHDSHUFHQWDJHP
GHIRUPDQGRVHPSURFHVVRV59&&HQFDPLQKDGRVSHOD$omR6RFLDOIRLGHVXSHUDQGRRV
REMHWLYRVGHILQLGRVSDUD
5HVSRQGHQGR DRV GHVDILRV GD HILFLrQFLD H PHOKRULD GR GHVHPSHQKR SURILVVLRQDO GHXVH
FRQWLQXLGDGHjVVHVV}HVGHVXSHUYLVmRWpFQLFDQDViUHDVGH$SRLRjV)DPtOLDVFRP0HQRUHV
HP 5LVFR $SRLR 'RPLFLOLiULR 0XOKHUHV H &ULDQoDV 9LWLPDV GH 9LROrQFLD $SRLR 7pFQLFR DR
7ULEXQDOGH/LVERDH$WHQGLPHQWR6RFLDOSURFXUDQGRVHFULDUFRQGLo}HVIDFLOLWDGRUDVGHXP
FOLPD GH PRWLYDomR H UHDOL]DomR SURILVVLRQDO DVVHQWH QXP PDLRU HQYROYLPHQWR H
FRUHVSRQVDELOL]DomR
2DQRGHIRLR$QR(XURSHXGR9ROXQWDULDGR1HVWHkPELWRGHVWDFDVHDLPSOLFDomRGH
YiULRVHVWDEHOHFLPHQWRVGHLGRVRVQDDWLYLGDGH³5HSDUDo}HV6ROLGiULDV´TXHUHFRUUHQGRDR
YROXQWDULDGRHPSUHVDULDOSURPRYHXLQWHUYHQo}HVGHPDQXWHQomRH
y
UHSDUDomR QRV GRPLFtOLRV GH YiULRV LGRVRV WHQGR VLGR DOFDQoDGDV PHOKRULDV VLJQLILFDWLYDV
QDVVXDVFRQGLo}HVGHKDELWDELOLGDGHPRELOLGDGHHKLJLHQHKDELWDFLRQDO
&RPDDSOLFDomRGR'HFUHWR/HLQGHGHMDQHLURTXHGHILQHRUHJLPHOHJDOGD
FHGrQFLD GRV HVWDEHOHFLPHQWRV LQWHJUDGRV GR ,QVWLWXWR GD 6HJXUDQoD 6RFLDO ,3 VLWXDGRV
QR GLVWULWR GH /LVERD j 6DQWD &DVD GD 0LVHULFyUGLD GH /LVERD SDVVDUDP D LQWHJUDU HVWD
,QVWLWXLomR D SDUWLU GH PDLR GH GH IRUPD IDVHDGD PDLV HVWDEHOHFLPHQWRV QDV
iUHDVGDLQIkQFLDHMXYHQWXGHLGRVRVHGHILFLrQFLD'HVWDIRUPDD6&0/DODUJRXDVXDDomR
QDV iUHDV HP TXH Mi LQWHUYLQKD EHP FRPR D QtYHO JHRJUiILFR GDGR TXH DOJXPDV GDV
UHVSRVWDVLQWHJUDGDVVmRGHkPELWRGLVWULWDOHQDFLRQDO
,1)Æ1&,$(-89(178'(
2EMHWLYR $VVHJXUDU DDXWRQRPLD HLQFOXVmRVRFLDODWUDYpVGDSUHVWDomRGHFXLGDGRVGH
VD~GHHGRDSRLRQDVGLIHUHQWHViUHDVGHLQWHUYHQomRVRFLDO
$VVHJXUDURIXQFLRQDPHQWRGDUHGHGHHVWDEHOHFLPHQWRVGHLQIkQFLD&UHFKHYLVDQGRR
DFROKLPHQWRHHGXFDomRGHOXJDUHV
$EULUQRYDV&UHFKHV23ULQFLSH]LQKROXJDUHV
$WUDYpV GD VXD UHGH GH (VWDEHOHFLPHQWRV GH ,QIkQFLD FUHFKH D 6&0/ FRQWLQXRX D
UHVSRQGHUjVQHFHVVLGDGHVGHDFROKLPHQWRGDVIDPtOLDVVRFLDOPHQWHPDLVGHVIDYRUHFLGDVGD
FLGDGHGH/LVERDDVVXPLQGRXPSDSHOIXQGDPHQWDOQDSUHYHQomRSUHFRFHGH VLWXDo}HVGH
ULVFR
2 FRQMXQWR GH HVWDEHOHFLPHQWRV GD 6&0/ GLVSRQLELOL]RX XP WRWDO GH OXJDUHV HP
FUHFKH WHQGRVH UHJLVWDGR XP DXPHQWR VLJQLILFDWLYR GD FDSDFLGDGH SODQHDGD TXH VH
WUDGX]LXQXPDFUpVFLPRGHOXJDUHVFRUUHVSRQGHQGRDXPDWD[DGHUHDOL]DomRGH
H D XPD YDULDomR SRVLWLYD GH IDFH DR DQR (VWH UHVXOWDGR GHFRUUH
IXQGDPHQWDOPHQWH GR 3ODQR GH (PHUJrQFLD 6RFLDO 3(6 LPSOHPHQWDGR D SDUWLU GR DQR
OHWLYR
4XDGUR&UHFKH
y
1RJOREDOGDV&UHFKHVGD6&0/IRUDPDEUDQJLGDVXPWRWDOGHFULDQoDVDRORQJRGR
DQR WHQGRVH UHJLVWDGR XP Q~PHUR PpGLR GH YDJDV RFXSDGDV GH R TXH
FRUUHVSRQGHDXPDWD[DGHUHDOL]DomRGHIDFHDRREMHWLYRGHUHDOL]DomRGHILQLGRSDUD
$ GLIHUHQoD YHULILFDGD HQWUH D FDSDFLGDGH LQVWDODGD H R Q~PHUR GH YDJDV RFXSDGDV QXP
WRWDOGHPHQRVOXJDUHVMXVWLILFDVHSHORVVHJXLQWHVIDWRUHVLQtFLRGDLPSOHPHQWDomRGR
3(6 VRPHQWH QR ~OWLPR WULPHVWUH WUDQVLWDQGR D VXD FRQFOXVmR SDUD DXPHQWR GD
RIHUWDH[WHUQDGHOXJDUHVSRUYLDGR3(6SDUDDIDL[DHWiULDGRVGRLVDQRVFRPFRQVHTXHQWH
GLPLQXLomR GD SURFXUD QHVWD IDL[D DWUDVR QR IRUQHFLPHQWR GH HTXLSDPHQWR QHFHVViULR
FDPDV FDWUHV PHVDV GH DFRUGR FRP RV DXPHQWRV DWUiV LGHQWLILFDGRV DGLDPHQWR GD
DEHUWXUD GD &UHFKH GR 3ULQFLSH]LQKR SUHYLVWD SDUD VHWHPEUR H FRQFUHWL]DGD DSHQDV HP
RXWXEUR JUDQGH URWDWLYLGDGH GH XWHQWHV GHYLGR D DOWHUDo}HV LPSUHYLVWDV GD VXD VLWXDomR
VyFLRIDPLOLDUPXGDQoDGHUHVLGrQFLDHGHVLWXDomRODERUDO
3HORVHJXQGRDQRFRQVHFXWLYRYHULILFRXVHXPDUHGXomRVLJQLILFDWLYDGHFULDQoDVHPOLVWDGH
HVSHUD PHQRV PDLV DFHQWXDGD QD IDL[D HWiULD GRV DQRV VLWXDomR WUDQVYHUVDO D
WRGDV DV ',$6/ DSHVDU GH XPD LQVXILFLHQWH FREHUWXUD HP DOJXPDV IUHJXHVLDV $PHL[RHLUD
&KDUQHFD/XPLDU%HDWR
1R kPELWR GD DWLYLGDGH GHVHQYROYLGD GH VDOLHQWDU DLQGD R DXPHQWR GH OXJDUHV FRP D
DEHUWXUDGD&UHFKHR3ULQFLSH]LQKRPDLVOXJDUHVTXHRSUHYLVWRHDUHDOL]DomRGHREUDV
GH FRQVHUYDomR H UHSDUDomR H R UHIRUoR GDV GRWDo}HV GH SHVVRDO DX[LOLDU HP DOJXQV
HVWDEHOHFLPHQWRV )RUDP DLQGD DSURYDGRV RV 5HJXODPHQWRV H 2UJDQRJUDPDV H
XQLIRUPL]DGRV RV SURFHGLPHQWRV QRUPDWLYRV H UHVSHWLYRV LQVWUXPHQWRV DSOLFDomR GR 3ODQR
GH 'HVHQYROYLPHQWR ,QGLYLGXDO H UHDOL]DomR GRV FRQWUDWRV HQWUH DV FUHFKHV H RV
UHSUHVHQWDQWHVGDVFULDQoDVDWUDYpVGDLPSOHPHQWDomRGRVSURFHVVRVGHUHDOL]DomRQHVWD
y
5HVSRVWD 6RFLDO 'HVWDFDVH DLQGD R DODUJDPHQWR GR WUDEDOKR GH SDUFHULD FRP HQWLGDGHV
H[WHUQDVSHUWHQFHQWHVjFRPXQLGDGHHGXFDWLYD
$VVHJXUDU RIXQFLRQDPHQWRGDUHGHGH HVWDEHOHFLPHQWRVGHLQIkQFLD&UHFKH)DPLOLDU
YLVDQGRRDFROKLPHQWRHHGXFDomRGHOXJDUHV
$ UHVSRVWD VRFLDO GH FUHFKH IDPLOLDU UHJLVWRX XPD WD[D GH UHDOL]DomR GH QR TXH
UHVSHLWD j VXD FDSDFLGDGH QD VHTXrQFLD GD WUDQVIHUrQFLD GH DPDV GR &HQWUR ,QIDQWLO
6DQWRV R 1RYR HVWDEHOHFLPHQWR LQWHJUDGR GR ,66 SDUD D &UHFKH )DPLOLDU GR &$, 9DOH
)XQGmR,
$SHVDUGRDFUpVFLPRGDFDSDFLGDGHJOREDOTXHFRQWULEXLXSDUDDYDULDomRSRVLWLYDGDWD[D
GHRFXSDomRIDFHDRDQRDQWHULRUSHUVLVWHPHPDOJXPDV]RQDVGDFLGDGHGLILFXOGDGHVQR
SURFHVVRGHUHFUXWDPHQWRHVHOHomRGHDPDVWHQGRVLGRHVWHRIDWRUSULQFLSDOSDUDDWD[D
GHUHDOL]DomRGHGRQGHYDJDVRFXSDGDV
2Q~PHURGHXWHQWHVGLIHUHQWHVUHJLVWRXXPDXPHQWRGHIDFHDH[SOLFDGRSHOD
URWDWLYLGDGH GH FULDQoDV GHFRUUHQWH GD DOWHUDomR GH UHVLGrQFLD H VLWXDomR ODERUDO GDV
IDPtOLDVFRPHVSHFLDOLQFLGrQFLDQD',$6/1RUWH
$DWLYLGDGHGHVHQYROYLGDSHODVFUHFKHVIDPLOLDUHVGHPRQVWUDDLQGDXPDFODUDGLPLQXLomR
QDOLVWDGHHVSHUDHP
4XDGUR&UHFKH)DPLOLDU
1R GHVHQYROYLPHQWR GD DWLYLGDGH GHVWD UHVSRVWD GHXVH FRQWLQXLGDGH j TXDOLILFDomR GR
WUDEDOKR GDV DPDV DWUDYpV GH XP SURFHVVR FRQWtQXR GH IRUPDomR TXHU HP FRQWH[WR GH
WUDEDOKRTXHUHPFRQWH[WRGHVDODYLVDQGRDSURPRomRHDWXDOL]DomRGHFRQKHFLPHQWRVQDV
GLIHUHQWHViUHDVGHLQWHUYHQomRVRFLRSHGDJyJLFDHFXOWXUDO
y
$ UHDOL]DomR GR (QFRQWUR GH &UHFKHV )DPLOLDUHV GD 6&0/ D DSURYDomR GR 0RGHOR GH
)RUPDomR GH $PDV D GLYXOJDomR GRV UHVXOWDGRV GR SURMHWR GH ,QYHVWLJDomR$omR
GHVHQYROYLGR SHOR ,63$ ³$ 3URPRomR GRV &XLGDGRV 3UHVWDGRV jV &ULDQoDV H 6XDV )DPtOLDV´
QR kPELWR GD TXDOLILFDomR GD VXSHUYLVmR GRV HGXFDGRUHV TXH HQTXDGUDP D UHVSRVWD VRFLDO
GH &UHFKH )DPLOLDU H D DSURYDomR GRV 5HJXODPHQWRV GDV &UHFKHV )DPLOLDUHV IRUDP HQWUH
RXWURV IDWRUHV UHOHYDQWHV SDUD D YDORUL]DomR FUHVFHQWH TXH HVWD UHVSRVWD VRFLDO DVVXPH
FRPRDFROKLPHQWRDOWHUQDWLYRGHTXDOLGDGHSDUDFULDQoDVGHLQIkQFLD
$VVHJXUDU R IXQFLRQDPHQWR GD UHGH GH HVWDEHOHFLPHQWRV GH LQIkQFLD YLVDQGR R
DFROKLPHQWRHHGXFDomRGHOXJDUHV
$ UHGH GH HVWDEHOHFLPHQWRV GH ,QIkQFLD GD 6&0/ p DWXDOPHQWH FRQVWLWXtGD SRU MDUGLQVGHLQIkQFLD FRP FDSDFLGDGH GH OXJDUHV (VWHV VHUYLoRV SUHVWDP XPD UHVSRVWD
GLUHFLRQDGD SDUD R GHVHQYROYLPHQWR JOREDO ItVLFR HPRFLRQDO LQWHOHFWXDO H LQWHJUDomR
VRFLDO GDV FULDQoDV DFRPSDQKDGDV SULRUL]DQGR D DGPLVVmR GH VLWXDo}HV TXH DSUHVHQWDP
PDLRUYXOQHUDELOLGDGHVRFLDO
2 DXPHQWR GD RIHUWD GD UHGH S~EOLFD GD (GXFDomR 3Up(VFRODU QD FLGDGH GH /LVERD H D
LQH[LVWrQFLD GH OLVWD GH HVSHUD WRUQRX SRVVtYHO HQFHUUDU D SDUWLU GH 6HWHPEUR R 3DUTXH
,QIDQWLOGDV1HFHVVLGDGHVHXPDVDODGR-DUGLPGH,QIkQFLDGR&$,'U'RPLQJRV%DUUHLURR
TXHVHWUDGX]LXQXPDUHGXomRGHOXJDUHV
4XDGUR-DUGLPGH,QIkQFLD
$V FULDQoDV TXH IUHTXHQWDP RV MDUGLQVGHLQIkQFLD GD 6&0/ SHUWHQFHP PDLRULWDULDPHQWH j
IDL[DHWiULDGRVDQRVGDGRDUHGHS~EOLFDGH(GXFDomR3Up (VFRODUQDFLGDGHGH/LVERD
DLQGDQmRWHUFDSDFLGDGHGHLQWHJUDomRGHVWDVFULDQoDV
y
6mRGHGHVWDFDUHQWUHRXWURVIDWRUHVUHOHYDQWHVGDDWLYLGDGHGHVHQYROYLGDSHORVMDUGLQVGH
LQIkQFLD D DSURYDomR GRV 5HJXODPHQWRV H GRV 2UJDQRJUDPDV D FRQFOXVmR GDV REUDV GR
3DUTXH ,QIDQWLO 6DQWD &DWDULQD H D VXD FRQVHTXHQWH UHLQVWDODomR H R LQYHVWLPHQWR QR
WUDEDOKRLQWHJUDGRFRPHVWDEHOHFLPHQWRVLQWHUQRV HSDUFHULDVHVWDEHOHFLGDVFRP HQWLGDGHV
H[WHUQDV
$FROKHU FULDQoDV H MRYHQV QR SHUtRGR GH HQFHUUDPHQWR GRV HVWDEHOHFLPHQWRV GH PRGR D
DVVHJXUDU j IDPtOLD H j FULDQoDMRYHP XP VXSRUWH DGHTXDGR QR PrV GH DJRVWR FULDQoDVDEUDQJLGDV
$WUDYpV GR VHX 3URJUDPD ³$SRLDU HP $JRVWR´ D 6&0/ SURPRYHX DWLYLGDGHV O~GLFR
SHGDJyJLFDV TXH GHFRUUHUDP GXUDQWH R PrV GH DJRVWR DEUDQJHQGR XP WRWDO GH FULDQoDV SURYHQLHQWHV QD VXD PDLRULD GH &UHFKHV H -DUGLQV GH ,QIkQFLD GD 6&0/ (VWD
UHVSRVWDDOWHUQDWLYDGHDFROKLPHQWRGLXUQRSURFXUDDVVHJXUDUXPDUHGHGHVXSRUWHVRFLDOjV
FULDQoDVHIDPtOLDVHPVLWXDomRGHULVFRYXOQHUDELOLGDGHVRFLDOQRSHUtRGRGHHQFHUUDPHQWR
GRVHVWDEHOHFLPHQWRVGHLQIkQFLD
'HVHQYROYHU DWLYLGDGHV GH DQLPDomR VRFLRFXOWXUDO H UHFUHDWLYDV SDUD MRYHQV YLVDQGR D
IRUPDomR H GHVHQYROYLPHQWR GH YDORUHV SDUD D FLGDGDQLD H SRWHQFLDQGR D VXD LQVHUomR
(GXFDWLYDH3URILVVLRQDOOXJDUHV
1RV HVSDoRV GH DQLPDomR VRFLRFXOWXUDO H UHFUHDWLYD FRP FDSDFLGDGH JOREDO SDUD DGROHVFHQWHV H MRYHQV HP UHJLPH GH URWDWLYLGDGH IRL GHVHQYROYLGD XPD LQWHUYHQomR
HVWUXWXUDGDHPDWLYLGDGHVGLYHUVLILFDGDVLQGRDRHQFRQWURGDVH[SHFWDWLYDVHQHFHVVLGDGHV
GRV MRYHQV GH PRGR D FRQWULEXLU SDUD D PLQLPL]DomR GH IDWRUHV TXH SRWHQFLDP HQWUH
RXWURV FRPSRUWDPHQWRV H DWLWXGHV GH ULVFR GLILFXOGDGHV GH DSUHQGL]DJHP LQVXFHVVR
DEVHQWLVPR H DEDQGRQR HVFRODU 1R SHUtRGR HP DQiOLVH IRUDP DEUDQJLGRV XWHQWHV
FRUUHVSRQGHQGRDXPDWD[DGHUHDOL]DomRGH
y
4XDGUR$QLPDomR6yFLR(GXFDWLYD
$VVHJXUDU R IXQFLRQDPHQWR GH UHVSRVWDV DWtSLFDV 3URMHWR KRUD H %DE\ 6LWWLQJ FULDQoDVDEUDQJLGDVH3URMHWR3pDQWH3pDFROKLPHQWRGLXUQRGHFULDQoDVHPULVFR
2 SURMHWR ³ +RUD´ IRL SUHYLVWR SDUD IXQFLRQDU QR &36 GD $OWD GH /LVERD QR VHQWLGR GH
UHVSRQGHU D QHFHVVLGDGHV GH IDPtOLDV FXMD DWLYLGDGHODERUDO VH GHVHQUROD HP KRUiULRV TXH
RVHVWDEHOHFLPHQWRVGHLQIkQFLDQmRSUDWLFDP3HORIDFWRGR(VWDEHOHFLPHQWRWHUXPDFUHFKH
HP SURFHVVR GH &HUWLILFDomR R '4, FRQVLGHURX TXH D H[LVWrQFLD GH PDLV XWHQWHV H
FRODERUDGRUHVQRPHVPRHVSDoRRULJLQDULDVREUHORWDomRFRORFDQGRHPFDXVDD&HUWLILFDomR
SRUUD]}HVGHVHJXUDQoDRTXHMXVWLILFDDQmRFRQFUHWL]DomRGRSURMHWR
&RPRPHVPRREMHWLYRRSURMHWR³%DE\6LWWLQJ6RFLDO´HQTXDGUDGRSHOR&$,'U'RPLQJRV
%DUUHLUR WHQGRVH UHYHODGR XPD UHVSRVWD FRP PDLVYDOLDV VLJQLILFDWLYDV SDUD DV IDPtOLDV
DXPHQWRXDVXDFDSDFLGDGHWHQGRFRQWDGRFRPEDE\VLWWHUVHPH[HUFtFLRTXHSUHVWDUDP
VHUYLoRVGLYHUVLILFDGRVHFRPSOHPHQWDUHVGHDSRLRDIDPtOLDVVHPUHGHVRFLDOGHVXSRUWH
'XUDQWHRDQRGHIRLJDUDQWLGRRDSRLRDXPDPpGLDGHFULDQoDVGRVPHVHVDRV
DQRV
2 SURMHWR ³3p DQWH 3p´ FRQVWLWXL XPD UHVSRVWD GR $WHQGLPHQWR 6RFLDO GD ',$6/ 1RUWH D
IXQFLRQDU QXPD VDOD DGDSWDGD QR &36 $OWD GH /LVERD TXH DVVHJXUD XPD LQWHUYHQomR
VRFLRHGXFDWLYD GH FDUiFWHU SUHFRFH SUHYHQWLYR PXOWLGLVFLSOLQDU H VLVWHPiWLFR MXQWR GH
IDPtOLDVFRPFULDQoDVHPVLWXDomRGHULVFRGRVDRVDQRV(PIRUDPDEUDQJLGDV
FULDQoDVFRUUHVSRQGHQGRDXPDFUpVFLPRGHIDFHD
$VVHJXUDU R IXQFLRQDPHQWR GD &DVD GH $FROKLPHQWR D 0XOKHUHV 9tWLPDV GH 9LROrQFLD PXOKHUHVHFULDQoDV
y
$ &DVD GH $SRLR 0DULD /DPDV &$0/ FRP FDSDFLGDGH SDUD DFROKHU PXOKHUHV H FULDQoDV RIHUHFH $FROKLPHQWR 7HPSRUiULR HRX GH (PHUJrQFLD D 0XOKHUHV 9tWLPDV GH
9LROrQFLD 'RPpVWLFD FRP RX VHP ILOKRV TXH VH HQFRQWUDP QXPD VLWXDomR GH YLWLPL]DomR
VHQGRJDUDQWLGDDFRQILGHQFLDOLGDGHGDPRUDGDSRUUD]}HVGHVHJXUDQoD
(VWHHVWDEHOHFLPHQWRDOpPGHRIHUHFHUSURWHomRItVLFDHSVLFROyJLFDjVYtWLPDVSURPRYHR
GHVHQYROYLPHQWR GH FRPSHWrQFLDV SHVVRDLV SURILVVLRQDLV H VRFLDLV FULDQGR DV FRQGLo}HV
QHFHVViULDVSDUDDUHRUJDQL]DomRGDVVXDVYLGDVGHIRUPDDXWyQRPDHDLQWHJUDomRIDPLOLDU
VRFLDOHSURILVVLRQDOHPFRRSHUDomRFRP RV VHUYLoRVGHDomRVRFLDOORFDOH RXWURV VHUYLoRV
GD6&0/
1R DQR GH IRUDP DFROKLGRV XWHQWHV GLIHUHQWHV QR FRQMXQWR GDV YDOrQFLDV GH
(PHUJrQFLD7HPSRUiULR REVHUYDQGRVH XPD WD[D GH UHDOL]DomR JOREDO UHODWLYDPHQWH DR
SODQHDGRGH
1R $FROKLPHQWR GH (PHUJrQFLD FRP FDSDFLGDGH SDUD DFROKHU PXOKHU H FULDQoD VmR
DFROKLGDVPXOKHUHVFRPRXVHPILOKRVTXHSRUXPDUD]mRV~ELWDLQVHULGDQRFRQWH[WRGD
YLROrQFLDGRPpVWLFDVHHQFRQWUHPVHPORFDOGHGRUPLGD$UHVSRVWD pOLPLWDGDDRSHUtRGR
Pi[LPR GH KRUDV H QmR REHGHFH D SUpYLD DYDOLDomR GLDJQyVWLFD (P QHVWD
YDOrQFLD IRUDP DFROKLGRV XWHQWHV YHULILFDQGRVH XPD WD[D GH UHDOL]DomR GH 2
WHPSR PpGLR GH SHUPDQrQFLD QD &DVD IRL GH GLDV R TXH UHPHWH SDUD D GLILFXOGDGH GH
HQFRQWUDU UHVSRVWDV DOWHUQDWLYDV GH HQFDPLQKDPHQWR GHQWUR RX IRUD GD FLGDGH TXH
VDOYDJXDUGHPDVHJXUDQoDHSURWHomRGDVPXOKHUHVYtWLPDVGHYLROrQFLD
1R$FROKLPHQWR7HPSRUiULRFRPFDSDFLGDGHSDUDDFROKHUPXOKHUHVHFULDQoDVD&DVD
0DULD/DPDV,H,,DSRLRXXWHQWHVVHQGRDWD[DGHH[HFXomRGH2PHQRUQ~PHUR
GH XWHQWHV DSRLDGRV QHVWD YDOrQFLD SRGHUi VHU MXVWLILFDGR SHOD WUDQVIHUrQFLD GH PXOKHUHV
DFROKLGDV HP HPHUJrQFLD SDUD FDVDV GH DEULJR IRUD GH /LVERD GHYLGR DR HOHYDGR JUDX GH
ULVFR H QHFHVVLGDGH GH SURWHomR HIHWLYD H TXH QmR WUDQVLWDUDP SDUD R $FROKLPHQWR
7HPSRUiULR2WHPSRPpGLRGHHVWDGLDQD&DVDIRLGHGLDVSHUtRGRLQIHULRUDRYHULILFDGR
QRDQRDQWHULRUGLDV
$VVHJXUDU R IXQFLRQDPHQWR GR &HQWUR GH $FROKLPHQWR 7HPSRUiULR SDUD PXOKHUHV FRP
FULDQoDVPXOKHUHVHFULDQoDV&$70$([WHQVmR
$ ([WHQVmR GR &HQWUR GH $ORMDPHQWR 7HPSRUiULR 0mH '¶ ÈJXD &$70$ FRP FDSDFLGDGH
SDUDDFROKHUPXOKHUHVHFULDQoDVYLVDSURSRUFLRQDUDORMDPHQWRDPXOKHUHVFRPILOKRV
HPVLWXDomRGHYXOQHUDELOLGDGHVRFLRHFRQyPLFDSURFXUDQGRDSRLDUQDVXD
y
UHRUJDQL]DomR IDPLOLDU H FRQVHTXHQWH DXWRQRPL]DomR (VWH VHUYLoR IXQFLRQD K SRU GLD
GLDV SRU DQR SURSRUFLRQDQGR SDUD DOpP GR DORMDPHQWR DOLPHQWDomR H DSRLR
SVLFRVVRFLDO
&RQVLGHUDQGR R VHX SHUtRGR GH IXQFLRQDPHQWR H GDGDV DV FDUDFWHUtVWLFDV GD SUySULD
UHVSRVWD SURPRYHVH D SDUWLFLSDomR DWLYD GDV PXOKHUHV QDV GLQkPLFDV H URWLQDV GD FDVD
FRP R REMHWLYR GH UHIRUoDU H GHVHQYROYHU FRPSHWrQFLDV SHVVRDLV H VRFLDLV EHP FRPR D
UHGHILQLomRGRSURMHWRGHYLGDQRPHDGDPHQWHDQtYHOKDELWDFLRQDOHSURILVVLRQDO
(PYHULILFRXVHXPQPpGLRGHXWHQWHVFRUUHVSRQGHQGRDXPDWD[DGHH[HFXomR
GH)RUDPDGPLWLGRVXWHQWHVWHQGRDIUHTXrQFLDPpGLDGLiULDVLGRGHXWHQWHVH
RWHPSRPpGLRGHHVWDGLDGHGLDV
,QWHUYLU MXQWR GH IDPtOLDV YLVDQGR R GHVHQYROYLPHQWR H D PRELOL]DomR GH FRPSHWrQFLDV
SHVVRDLVVRFLDLVHSDUHQWDLV&$)6$)&%RDYLVWD6$)&KDUQHFD
$VVHJXUDU R IXQFLRQDPHQWR GH HTXLSDV HVWUXWXUDGDV GH HVWXGR H DFRPSDQKDPHQWR GH
FULDQoDVHMRYHQVHP ULVFR H VXDVIDPtOLDVDWLQJLQGRQRILQDOGRDQR IDPtOLDVH
FULDQoDV
$V (TXLSDV GH $SRLR D )DPtOLDV FRP &ULDQoDV H -RYHQV HP ULVFR ($)&-5 VmR HTXLSDV
PXOWLGLVFLSOLQDUHV LQWHJUDGDV QDV ',$6/ TXH D SDU GR $WHQGLPHQWR 6RFLDO LQWHUYrP QD
SURPRomR H SURWHomR GH FULDQoDV H MRYHQV HP SHULJR DR SULPHLUR QtYHO GR VLVWHPD GH
SURWHomR FRPR HQWLGDGHV FRP FRPSHWrQFLD HP PDWpULD GH LQIkQFLD H MXYHQWXGH
3ULRULWDULDPHQWHHVWmRGHVWLQDGDVDLQWHUYLUSDUDDFRPSDQKDUDVVLWXDo}HVFRPSURFHVVRQD
&RPLVVmR GH 3URWHomR RX QR 7ULEXQDO H DVVHJXUDU RV DWRV PDWHULDLV GH H[HFXomR GDV
PHGLGDV DSOLFDGDV HP PHLR QDWXUDO GH YLGD TXDQGR D H[HFXomR GD PHGLGD p GD
FRPSHWrQFLDGD6&0/
(P DV ($)&-5 HP IXQFLRQDPHQWR DVVHJXUDUDP R DFRPSDQKDPHQWR GH IDPtOLDV H FULDQoDV H MRYHQV HP SHULJR R TXH SHUPLWLX H[FHGHU R REMHWLYR IL[DGR
GHIDPtOLDVHGHFULDQoDVMRYHQV
y
4XDGUR&ULDQoDVH-RYHQVHP5LVFR
2 DFRPSDQKDPHQWR GH IDPtOLDV FRP PHQRUHV HP ULVFR p LJXDOPHQWH GHVHQYROYLGR SHOR
$WHQGLPHQWR 6RFLDO WHQGR VLGR DFRPSDQKDGDV QHVWH kPELWR XP WRWDO GH IDPtOLDV H
FULDQoDVRTXHUHSUHVHQWDHUHVSHWLYDPHQWHGRWRWDOGHFULDQoDVHMRYHQV
DFRPSDQKDGRVQHVWDYDOrQFLDSHOD0LVHULFyUGLDGH/LVERD
1RFRQMXQWRGDV($)&-5HGR$WHQGLPHQWR6RFLDORQ~PHURGHFDVRVFRQFOXtGRVFRPr[LWR
UHJLVWRXXPDWD[DGHUHDOL]DomRGHHDXPHQWRXIDFHD
(P UHODomR jV WLSRORJLDV GH VLWXDo}HV GH SHULJR FRQVWDWDVH TXH DV VLWXDo}HV VLQDOL]DGDV
VmR PXOWLSUREOHPiWLFDV $ QHJOLJrQFLD FRQWLQXD D DSUHVHQWDU D PDLRU SUHYDOrQFLD VHJXLGD SRU RUGHP GHFUHVFHQWH GDV VLWXDo}HV GH PDXVWUDWRV ItVLFRV H SVLFROyJLFRV
DEDQGRQRHVFRODUFRQGXWDVGHVYLDQWHVH[HUFtFLRDEXVLYRGHDXWRULGDGHHDEDQGRQR
'DV IDPtOLDV DFRPSDQKDGDV SHODV ($)&-5 IRUDP LQWHJUDGDV HP SURMHWRV GH
GHVHQYROYLPHQWR GH FRPSHWrQFLDV VXSHUDQGR ODUJDPHQWH R REMHWLYR GH HVWDEHOHFLGR
FRPRPHWD
$SRLDU R WUDEDOKR GDV &RPLVV}HV GH 3URWHomR GH &ULDQoDV H -RYHQV H IRPHQWDU D
DUWLFXODomR TXHU FRP RV UHFXUVRV ORFDLV TXHU FRP R 7ULEXQDO GH )DPtOLD H 0HQRUHV GH /[
YLVDQGRDPDLRUHILFiFLDQRkPELWRGDSURPRomRHSURWHomRGDVFULDQoDVHMRYHQV
(P D 6&0/ PDQWHYH D VXD UHSUHVHQWDomR QDV TXDWUR &RPLVV}HV GH 3URWHomR GH
&ULDQoDVH-RYHQVGH/LVERDHUHIRUoRXWHFQLFDPHQWHDVUHVSHWLYDVFRPLVV}HVUHVWULWDVFRP
XPWpFQLFRHPWHPSRLQWHJUDOHPUHJLPHGHFRRSWDomR
)RLDVVHJXUDGRRDSRLRWpFQLFRVRFLDOHMXUtGLFRVROLFLWDGRSHORVUHSUHVHQWDQWHVHWpFQLFRV
FRRSWDGRVQDV&RPLVV}HVDWUDYpVGR1~FOHRGH$SRLR7pFQLFR1$7
y
$ GH MXOKR GH IRL DVVLQDGR XP 3URWRFROR GH&RRSHUDomR FRP D &RPLVVmR 1DFLRQDO
GDV &ULDQoDV H -RYHQV HP 5LVFR H D 6RFLHGDGH 3RUWXJXHVD GH 7HUDSLD )DPLOLDU WHQGR HP
YLVWD ³SURPRYHU Do}HV GH FRRSHUDomR FRQMXQWDV GH VHQVLELOL]DomR IRUPDomR DYDOLDomR
LQYHVWLJDomRDVVHVVRULDGLVVHPLQDomRHSUHVWDomRGHVHUYLoRVjFRPXQLGDGHQDViUHDVHP
TXHDV VXDVFRPSHWrQFLDVHHVSHFLDOL]Do}HVSUySULDVVHFRPSOHPHQWHPQRTXHUHVSHLWDj
SURPRomRHSURWHomRGRVGLUHLWRVGDVFULDQoDVHMRYHQVHVXDVIDPtOLDV´
$PDLRULDGDVVROLFLWDo}HVMXGLFLDLVIRUDPSURYHQLHQWHVGR7ULEXQDOGH)DPtOLDH0HQRUHVGH
/LVERD 7)0/ WHQGR DV HTXLSDV H VHUYLoRV GDV ',$6/ H GD ',$',- UHVSRQGLGR GH IRUPD
DGHTXDGDHGHQWURGRVSUD]RVHVWDEHOHFLGRV
&RODERUDU HSUHVWDU$SRLR7pFQLFR($77/DR 7)0/QDVGHFLV}HVUHIHUHQWHVDVLWXDo}HVGH
PHQRUHVHPSHULJRGR&RQFHOKRGH/LVERD±SURFHVVRV
$($77/(TXLSDGH$SRLR7pFQLFRDR 7ULEXQDOGH/LVERD pXPD HTXLSDPXOWLGLVFLSOLQDUGH
DVVHVVRULDDR7ULEXQDOGH)DPtOLDH0HQRUHVGH/LVERD7)0/TXHLQWHUYpPQRkPELWRGRV
SURFHVVRVGHSURPRomRHSURWHomRMXGLFLDLVDRDEULJRGR'HFUHWR/HLQ%HSRU
IRUoD GR 3URWRFROR GH &RRSHUDomR FHOHEUDGR HP GH MXOKR GH HQWUH D 6&0/ H R
,QVWLWXWRGH6ROLGDULHGDGHH6HJXUDQoD6RFLDO
1R kPELWR GDV VXDV FRPSHWrQFLDV D ($77/ LQWHUYpP SRU VROLFLWDomR GR 7)0/ SUHVWDQGR
DSRLR WpFQLFR jV GHFLV}HV GR 7ULEXQDO DWUDYpV GD HODERUDomR GH UHODWyULRV H LQIRUPDo}HV
VRFLDLV GD LQWHUYHQomR QDV GLOLJrQFLDV LQVWUXWyULDV DXGLrQFLDV FRQIHUrQFLDV H GHEDWHV
MXGLFLDLV H GR DFRPSDQKDPHQWR GD H[HFXomR GDV PHGLGDV GH SURPRomR H GH SURWHomR
DSOLFDGDV TXHU HP PHLR QDWXUDO GH YLGD TXHU HP UHJLPH GH FRORFDomR 2 FDUiFWHU GH
XUJrQFLD GH XP Q~PHUR HOHYDGR GH QRWLILFDo}HV MXGLFLDLV HVSHFLDOPHQWH SDUD
DFRPSDQKDPHQWRGDH[HFXomRGHPDQGDWRVGHFRQGXomRWRUQDHVSHFLDOPHQWHFRPSOH[DD
LQWHUYHQomRGDHTXLSD
(PD($77/UHFHEHXSHGLGRVGHDSRLRWpFQLFRPDLVGRTXHHP2
Q~PHUR GH SURFHVVRV FRP DFRPSDQKDPHQWR UHJLVWRX XPD WD[D GH UHDOL]DomR GH H
XPDFUpVFLPRGHIDFHDRDQRDQWHULRU
6DOLHQWDVH TXH IDFH D VH UHJLVWRX XP DXPHQWR GH QR Q GH SURFHVVRV
DUTXLYDGRVQDVHTXrQFLDGHGHFLVmRMXGLFLDO
y
4XDGUR(TXLSDGH$SRLR7pFQLFRDR7ULEXQDOGH/LVERD
1R kPELWR GD DWLYLGDGH GHVHQYROYLGD SHOD HTXLSD GHVWDFDVH D UHDOL]DomR GH UHXQL}HV GH
WUDEDOKRSHULyGLFDVFRPR&RRUGHQDGRU±3URFXUDGRUGR7)0/WHQGRHPYLVWDHIHWXDUXPD
DYDOLDomRFRQWtQXDGRGHVHPSHQKRGD ($77/HFULDUQRYDV HVWUDWpJLDVHSURFHGLPHQWRVGH
IRUPDDDSHUIHLoRDUDDVVHVVRULDDR7ULEXQDO
3URPRYHUDo}HVGHIRUPDomRHPVD~GHDRVFXLGDGRUHVGHFULDQoDVGDLQIkQFLDLQWHJUDGRV
HP&UHFKHH&UHFKH)DPLOLDU
)RUDP SURPRYLGDV SHODV 8QLGDGHV GH 6D~GH Do}HV GH IRUPDomR HP VD~GH DRV FXLGDGRUHV
GH FULDQoDV GD LQIkQFLD LQWHJUDGDV HP &UHFKH H &UHFKH )DPLOLDU QRPHDGDPHQWH DV
VHJXLQWHV 3DLV j FRQYHUVD ³3UHYHQomR URGRYLiULD H SURWHomR VRODU´ 3UHYHQomR GD
WUDQVPLVVmR GH LQIHo}HV 0DQXVHDPHQWR GH 3URGXWRV %LROyJLFRV +LJLHQH 2UDO QD
LQIkQFLD5DVWUHLRGHFULDQoDVH HQVLQRD FXLGDGRUHVH³3UHYHQomRGHDFLGHQWHV HPFDVD
QDSUDLDHQDUXD´
3UHVWDU&XLGDGRVGH6D~GHHSURPRYHUD(GXFDomRSDUDD6D~GHjSRSXODomRDOYRUHVLGHQWH
QDVIUHJXHVLDVGHDWXDomRGDV866&
$6&0/DWUDYpVGDVXD'LUHomRGH6D~GHGH3UR[LPLGDGH',63SURVVHJXLXGXUDQWHRDQR
GH D SUHVWDomR GH FXLGDGRV GH VD~GH j SRSXODomR PDLV GHVIDYRUHFLGD GD FLGDGH GH
/LVERDDEUDQJHQGRGHIRUPDJOREDOHLQWHJUDGDWRGRRFLFORGHYLGDGRLQGLYtGXR
$ ',63 DVVHJXURX j SRSXODomR DOYR GD 6&0/ D SUHVWDomR GH &XLGDGRV GH 6D~GH 3ULPiULRV
QDVYDOrQFLDVGH3ODQHDPHQWR)DPLOLDU6D~GH0DWHUQD6D~GH,QIDQWLO$GROHVFHQWH6D~GH
GR $GXOWR,GRVR D SUHVWDomR GH &XLGDGRV 'LIHUHQFLDGRV FRP D LQWHJUDomR GH
HVSHFLDOLGDGHVPpGLFRFLU~UJLFDVFRPHVSHFLDOUHOHYkQFLDSDUDD6D~GH2UDO(VWRPDWRORJLD
H R $SRLR 'RPLFLOLiULR QDV YHUWHQWHV FXUDWLYDH SUHYHQWLYD DEUDQJHQGR RV (TXLSDPHQWRV
GD6&0/,366/DUHV3DUWLFXODUHVHGRPLFtOLRV
y
&RP XPD UHGH GH (TXLSDPHQWRV FRQVWLWXtGD SRU VHLV 8QLGDGHV GH 6D~GH 6DQWD &DVD
866&V WUrV ([WHQV}HV GH 6D~GH XPD 8QLGDGH GH FXLGDGRV ELRSVLFRVRFLDLV H GXDV
8QLGDGHV0yYHLVGH6D~GHDDWXDomRGD',63YLVRXDSURPRomRGDVD~GHHDSUHYHQomRH
WUDWDPHQWRGDGRHQoDSULYLOHJLDQGRDHGXFDomRSDUDDVD~GHHPDUWLFXODomRFRPGLYHUVRV
6HUYLoRVGD6&0/HQRH[WHULRUFRPYiULDVHQWLGDGHVSHUWHQFHQWHVDR6HUYLoR1DFLRQDOGH
6D~GH
,QWHUQDPHQWHHQRVHQWLGRGHJDUDQWLUXPDPDLRUDFHVVLELOLGDGHDRVFXLGDGRVGHVD~GHD
DWLYLGDGH IRL GHVHQYROYLGD HP HVWUHLWD DUWLFXODomR FRP D 'LUHomR GH $omR 6RFLDO H RXWURV
6HUYLoRVGH6D~GHGD6&0/GHVLJQDGDPHQWHR+RVSLWDO2UWRSpGLFRGH6DQW¶$QDHR&HQWUR
GH0HGLFLQDH5HDELOLWDomRGR$OFRLWmR
1RILQDOGHD([LVWrQFLD)LQDOGH8WHQWHVIRLGHXWHQWHVLQVFULWRVQDV8QLGDGHV
GD',63
)RUDP UHDOL]DGDV FRQVXOWDV PpGLFDV GDV TXDLV HP DPEXODWyULR H QR
GRPLFtOLR FRUUHVSRQGHQGR D WD[DV GH UHDOL]DomR IDFH DR SODQHDGR GH H GH UHVSHWLYDPHQWH
)RUDP HIHWXDGRV DWRV GH HQIHUPDJHP H FRQVXOWDV GH SVLFRORJLD
UHSUHVHQWDQGRWD[DVGHUHDOL]DomRGHHUHVSHWLYDPHQWHIDFHDRSODQHDGR
ϱ
8QLGDGHVGH6D~GH6DQWD&DVD%GR$UPDGRU%GD%RDYLVWD%3DGUH&UX]7HOKHLUDV&DVWHOR'U-RVp'RPLQJRV%DUUHLURH
9DOHGH$OFkQWDUD7DSDGD
([WHQV}HVGHVD~GH7HOKHLUDV7DSDGDH1DWiOLD&RUUHLD
8QLGDGH:0DLV
y
4XDGUR&XLGDGRVGH6D~GH
1R TXH UHVSHLWD D FRQVXOWDV PpGLFDV H GRPLFtOLRV GH HQIHUPDJHP YHULILFDVH TXH D
H[HFXomRDRQtYHOGDV8QLGDGHVGD',63ILFRXDTXpPGRSODQHDGR(VWDVLWXDomRMXVWLILFDVH
SHOD DOWHUDomR HP GR PRGR GH UHJLVWR GD DWLYLGDGH PpGLFD H GH HQIHUPDJHP
GHVHQYROYLGDHPDSRLRGRPLFLOLiULRQRVHTXLSDPHQWRVGD6&0/TXHSDVVRXDVHUHIHWXDGR
HPQGHKRUDVHQmRGHFRQVXOWDVGLIHULQGRGRFULWpULRGHUHJLVWRDGRWDGRQR3ODQR$VVLP
SDUDDOpPGRQGHFRQVXOWDVGHYHPVHUFRQVLGHUDGDVKRUDVPpGLFDVHKRUDV
GHHQIHUPDJHPSUHVWDGDVSHODV866&¶VHPHTXLSDPHQWRVGD6&0/GXUDQWHRDQRGH
(IHWXDU5DVWUHLRGR&DQFURGR&RORGRÒWHURGHDFRUGRFRPR3URWRFRORHVWDEHOHFLGRFRPR
$&6HR,32
(PSURVVHJXLXR5DVWUHLRGR&DQFURGR&RORGRÒWHURHPWRGDVDV866&¶VGHDFRUGR
FRPR3URWRFRORHVWDEHOHFLGRFRPR$OWR&RPLVVDULDGRGD6D~GHHR,QVWLWXWR3RUWXJXrVGH
2QFRORJLD
3URPRYHU D YLJLOkQFLD GH VD~GH GD SRSXODomR GD 4XLQWD GR /DYUDGR XWLOL]DQGR HVWUDWpJLDV
GHSUR[LPLGDGH
1RkPELWRGRSURMHWRFRPXQLWiULRTXHWHPYLQGRDVHUGHVHQYROYLGRQD4XLQWDGR/DYUDGR
IRLGDGDFRQWLQXLGDGHjLQWHUYHQomRGHSUR[LPLGDGHFRPRREMHWLYRGHPRWLYDUDSRSXODomR
SDUD D YLJLOkQFLD GH VD~GH LQFHQWLYDQGR R DXWRFXLGDGR H SURPRYHQGR KiELWRV GH YLGD
VDXGiYHO(VWDDomRDWUDYpVGHXPDHVWUXWXUDLQIRUPDO8QLGDGH0yYHOGH6D~GHSHUPLWLX
XPDFHVVRIDFLOLWDGRDFXLGDGRVGHVD~GHTXHUQD6&0/TXHUQRH[WHULRUGHVLJQDGDPHQWH
QRVFXLGDGRVGHVD~GH3ULPiULRVQD8QLGDGHGH6D~GHGR
y
$UPDGRU 3HUPLWLX DLQGD R UHHQFDPLQKDPHQWR SDUD R &HQWUR GH $SRLR 6RFLDO GRV $QMRV
&$6$
3URPRYHUDWUDYpVGRV5RWHLURVGH6D~GHSDUD,PLJUDQWHVDDFHVVLELOLGDGHDRVUHFXUVRV
GH VD~GH GLVSRQtYHLV SURFXUDQGR GRWDU DV FRPXQLGDGHV LPLJUDQWHV GD LQIRUPDomR H GR
FRQKHFLPHQWRQHFHVViULRVSDUDTXHDGRWHPHVWLORVGHYLGDVDXGiYHLV
7HQGR SRU EDVH R 5HODWyULR ³2 (VWDGR GD $UWH HP 3RUWXJDO´ HODERUDGR SHOR &HQWUR GH
(VWXGRV *HRJUiILFRV 8/ QR kPELWR GD 5HGH 0,*+($/7+1(7 ± ,QIRUPDWLRQ 1HWZRUN RQ
*RRG SUDFWLFH LQ +HDOWK &DUH 0LJUDQWV DQG 0LQRULWLHV LQ (XURSH H RV GDGRV HVWDWtVWLFRV GR
6HUYLoRGH(VWUDQJHLURVH)URQWHLUDV6()TXHUHDOoDPDLPSRUWkQFLDGDDFHVVLELOLGDGHDRV
FXLGDGRV GH VD~GH SRU SDUWH GD SRSXODomR LPLJUDQWH IRL FRQFHELGR R SURMHWR 5RWHLURV GH
6D~GHSDUD,PLJUDQWHV
2 3URMHWR p FRILQDQFLDGR SHOR $OWR &RPLVVDULDGR GD 6D~GH WHP FRPR SDUFHLURV D 6DQWD
&DVDGD0LVHULFyUGLDGH/LVERDD&kPDUD0XQLFLSDOGH/LVERD&0/HR$OWR&RPLVVDULDGR
SDUD D ,PLJUDomR H 'LiORJR ,QWHU&XOWXUDO $&,', H YLVD SURPRYHU D SUR[LPLGDGH H D
DFHVVLELOLGDGH GD SRSXODomR LPLJUDQWH PDLV GHVIDYRUHFLGD DRV UHFXUVRV GH VD~GH H VRFLDLV
GLVSRQtYHLVQRWHUULWyULRHPTXH YLYHPWUDEDOKDPRXFLUFXODPDWLYDUDUHGH HDLQWHUDomR
HQWUH SDUFHLURV ORFDLV LQWHUYHQLHQWHV QD iUHD GD VD~GH IRPHQWDU XP FOLPD GH FRQILDQoD
HQWUH RV SDUFHLURV ORFDLV H DV FRPXQLGDGHV LPLJUDQWHV H DLQGD GHVHQYROYHU Do}HV GH
SURPRomRGDVD~GHHSURWHomRGDGRHQoD
$HVWUDWpJLDSDUDDLPSOHPHQWDomRGRV5RWHLURVGH6D~GHFRQWRXFRPXPDDomRFRQFHUWDGD
HQWUHD$omR6RFLDOHD6D~GHGD6&0/
(VWH SURMHWR FRP LQtFLR HP H GXUDomR GH DQRV IRL FRQFOXtGR QR PrV GH PDLR GH
FRPDUHDOL]DomRGRV~OWLPRVTXDWUR5RWHLURV,QIHo}HV6H[XDOPHQWH7UDQVPLVVtYHLV
6D~GH GD 0XOKHU 6D~GH ,QIDQWLO H 6D~GH 5HVSLUDWyULD TXH GHFRUUHUDP QD ]RQD GR (L[R
%DL[D$Y$OPLUDQWH5HLVHQYROYHQGRIUHJXHVLDVHWRWDOL]DQGRSHVVRDV
5HDOL]DU XP HVWXGR GH DQiOLVH H SURVSHWLYD GD RIHUWD H SURFXUD GD YDOrQFLD GH FUHFKH QD
FLGDGHGH/LVERD
2 *DELQHWH GH ,QYHVWLJDomR H 0RQLWRUL]DomR *,0 UHDOL]RX XP HVWXGR GH DQiOLVH H
SURVSHWLYDGDRIHUWDHGDSURFXUDGDYDOrQFLDGHFUHFKHQDFLGDGHGH/LVERDFRPYLVWDDR
DSRLRjWRPDGDGHGHFLVmRSDUDR3ODQRGH&RPUHFXUVRDIHUUDPHQWDVGH
y
DQiOLVH JHRJUiILFD 6,* R HVWXGR WHYH FRPR REMHWLYR JHUDO FDUDFWHUL]DU D VLWXDomR GR
FRQFHOKRGH/LVERDQRTXHFRQFHUQHjSURFXUDDWXDOHSRWHQFLDO
2EMHWLYR5HGX]LURWHPSRGHHVSHUDQDHVSHFLDOLGDGHGH(VWRPDWRORJLDSDUDXPWHPSR
Pi[LPRGHHVSHUDLJXDODGLDV
)RUDP GHVHQYROYLGRV HVIRUoRV QD RWLPL]DomR GRV UHFXUVRV GLVSRQtYHLV H PRQLWRUL]DGDV DV
PDUFDo}HVGHFRQVXOWDVSDUDRFXPSULPHQWRGRREMHWLYRWHQGRVLGRSRVVtYHODWLQJLUQRILQDO
GRDQRXPWHPSRGHHVSHUDGHDSHQDVGLDV
2EMHWLYR $WLQJLU XPD WD[D GH GH GHVLQVWLWXFLRQDOL]DomR GH FULDQoDV H MRYHQV HP
DFROKLPHQWR
$FROKHU H $SRLDU R GHVHQYROYLPHQWR VRFLDO H HGXFDWLYR GH FULDQoDV H MRYHQV HP ODUHV
&$27H5HVLGrQFLD$XWRQRPL]DomRH3Up$XWRQRPL]DomRGD6&0/',$',-
H$6,
1D VDOYDJXDUGD GR VXSHULRU LQWHUHVVH GD FULDQoD YLVDQGR D VXD SURWHomR H SURPRomR GRV
VHXVGLUHLWRVFRQIRUPHRSULQFtSLRRULHQWDGRUTXHUHJHDVDo}HVGHVHQYROYLGDVSHOD6&0/D
DWLYLGDGHGD',$',-FHQWURXVHQDSUHVWDomRGHXPVHUYLoRGHDFROKLPHQWRGHTXDOLGDGH
$',$',-LQWHJUD&$27/DUHV5HVLGrQFLDVGH3UpDXWRQRPL]DomRH5HVLGrQFLDVGH
$XWRQRPL]DomRHDVVHJXURXRDFROKLPHQWRHGHVHQYROYLPHQWRVRFLRHGXFDWLYRDFULDQoDV
H MRYHQV DVVXPLQGR D VXD HGXFDomR SDUD D FLGDGDQLD H GHVLQVWLWXFLRQDOL]DomR HP WHPSR
~WLO
)RLDVVHJXUDGDDUHVSRVWDDWRGRVRVSHGLGRVGHDFROKLPHQWRLQVWLWXFLRQDOGHFULDQoDVGRV
DRVDQRVTXHIRUDPHIHWXDGRVGHQWURGRkPELWRGHLQWHUYHQomRGD6&0/EHPFRPRDRV
SHGLGRVGHVLWXDo}HVGHHPHUJrQFLDDWpDRVDQRVGHDFRUGRFRPRSURWRFRORGRVLVWHPD
GHDFROKLPHQWRGHHPHUJrQFLDQDFLGDGHGH/LVERD
'DV FULDQoDV H MRYHQV DGPLWLGRV QR DQR IRUDP DGPLWLGDV QR kPELWR GH XP
SURFHGLPHQWR GH XUJrQFLD 9HULILFDUDPVH UHDGPLVV}HV GDV TXDLV SRU LQVXFHVVR QD
FRQFUHWL]DomR GR SURMHWR GH YLGD H DV UHVWDQWHV PDLRULWDULDPHQWH SRU LQFDSDFLGDGH GD
IDPtOLDSDUDRH[HUFtFLRGDVIXQo}HVSDUHQWDLV
y
4XDGUR3HGLGRVGH$FROKLPHQWR,QVWLWXFLRQDO
2V PRWLYRV SDUD R DFROKLPHQWR LQVWLWXFLRQDO FRQWLQXDP D UHYHODU FRQWH[WRV IDPLOLDUHV
GHVHVWUXWXUDQWHVHGHVHVWUXWXUDGRVFRPDFXPXODomRGHULVFRVSVLFRVVRFLDLV
(PD',$',-PDQWHYHDHVSHFLDOL]DomRGDDGPLVVmRQRV&$27FRPDFROKLPHQWRV
JDUDQWLQGRDTXDOLGDGHGHUHVSRVWDHDPpGLDGHWHPSRGHSHUPDQrQFLDLGHDOGHPHVHV
2QPpGLRGHFULDQoDVDFROKLGDVIRLGHFRPXPDWD[DGHUHDOL]DomRGHVHQGRD
IUHTXrQFLDPpGLDGLiULDGHFULDQoDV.
4XDGUR8WHQWHVSRUUHFXUVR
y
1RV /DUHV IRL DSRLDGD H DFROKLGD XPD PpGLD GH FULDQoDV FRUUHVSRQGHQGR D XPD
WD[DGHUHDOL]DomRGH
1R VHQWLGR GH SHUPLWLU D PRELOLGDGH LQWHUQD GDV FULDQoDV IRUDP UHHVWUXWXUDGRV ODUHV SDUD RV HQFDPLQKDPHQWRV GR &$27 GH 6WD -RDQD H SDUD DFROKHUHP UDSD]HV FRP
SHUVSHWLYDGHDXWRQRPL]DomRDSDUWLUGHXPDFROKLPHQWRSURORQJDGR
1DVUHVLGrQFLDVGHSUpDXWRQRPL]DomRIRUDPDFROKLGRVMRYHQVRTXHVHWUDGX]QXPD
WD[DGHUHDOL]DomRGH
$VUHVLGrQFLDVGHDXWRQRPL]DomRDFROKHUDPXPDPpGLDGHMRYHQVFRPXPDWD[DGH
UHDOL]DomRGH1RILQDOGHGRVMRYHQVTXHVHHQFRQWUDYDPQDVUHVLGrQFLDVGH
DXWRQRPL]DomRWLQKDPHQWUHHDQRVHWLQKDPLGDGHVXSHULRUDDQRV
'DV FULDQoDV H MRYHQV DFROKLGRV YHULILFDUDPVH VDtGDV FRP SURMHWRV GH YLGD
FRQFUHWL]DGRV GRV TXDLV FRUUHVSRQGHP D LQWHJUDomR HP PHLR QDWXUDO GH YLGD 1R
HQWDQWR GDGR TXH VH YHULILFRX R UHWRUQR GH FULDQoDV DR DFROKLPHQWR LQVWLWXFLRQDO SRU
LQVXFHVVRQRSURFHVVRGHDGRomRVyIRUDPFRQVLGHUDGRVFRQFUHWL]DGRV3URMHWRVGH9LGD
UHVXOWDQGRXPDWD[DGHGHVLQVWLWXFLRQDOL]DomRGHVXSHULRUjPHWDGHILQLGD
$ YDORUL]DomR GR SURFHVVR HGXFDWLYRSURILVVLRQDO FRQGLomR IXQGDPHQWDO SDUD D FRQVWUXomR
GH SHUFXUVRV GH YLGD LQFOXVRV UHSUHVHQWRX XPD YHUWHQWH LPSRUWDQWH QD LQWHUYHQomR
GHVHQYROYLGD(PIUHTXHQWDUDPRVLVWHPDGHHQVLQRFULDQoDVHMRYHQVGRVTXDLV
WUDQVLWDUDPGHDQRWUDGX]LQGRVHQXPDWD[DGHVXFHVVRHVFRODUGHVXSHULRUDRV
HVWDEHOHFLGRVFRPRREMHWLYR
'HVHQYROYHU R UHFXUVR D )DPtOLDV GH $FROKLPHQWR GH &ULDQoDV FRPR DOWHUQDWLYD j
LQVWLWXFLRQDOL]DomRGHFULDQoDVFULDQoDVDFROKLGDV
1R kPELWR GD FRPSHWrQFLD FRQIHULGD j 6&0/ SHOR '/ Q GH SURVVHJXLX D
FDPSDQKDGHGLYXOJDomRGRUHFXUVRHIRUDPUHDOL]DGRVHQFRQWURVLQIRUPDWLYRV
'RV FRQWDFWRV UHFHELGRV DSHQDV GRV LQGLYtGXRV HVWDYDP GHQWUR GRV FULWpULRV
GHILQLGRV$SHVDUGRHVIRUoRGHGLYXOJDomRD~QLFDIDPtOLDH[LVWHQWHHPEROVDGHIDPtOLDVGH
DFROKLPHQWRGHVLVWLXGRSURFHVVR
y
3URPRYHUDDGRomRGHFULDQoDVHPVLWXDomRGHDGRWDELOLGDGHHVWXGDUDYDOLDUHVHOHFLRQDU
IDPtOLDV FDQGLGDWDV j DGRomR UHDOL]DU IRUPDomR SDUHQWDO DR ORQJR GH WRGR R SURFHVVR GH
DGRomRDFRPSDQKDUHDYDOLDUDLQWHJUDomRGHFULDQoDVHIDPtOLDVQRSHUtRGRGHSUpDGRomR
6HUYLoRGH$GRomR
2 6HUYLoR GH $GRomR WHP SRU PLVVmR SURPRYHU D IDPtOLD DGRWLYD FRPR PHLR DIHWLYR
DFROKHGRULQWHJUDGRUHUHSDUDGRUSDUDDVFULDQoDVSULYDGDVGHPHLRIDPLOLDU
(PFRPDHQWUDGDHPIXQFLRQDPHQWRGD2ULHQWDomR7pFQLFDQGR,QVWLWXWR
GD 6HJXUDQoD 6RFLDO RV 6HUYLoRV GH $GRomR GHL[DUDP GH LQWHJUDU SULRULWDULDPHQWH DV
FULDQoDV TXH OKHV VmR VLQDOL]DGDV HP IDPtOLDV SRU VL LQVFULWDV H VHOHFLRQDGDV GHL[DQGR R
WHPSR H R PRGR GD H[HFXomR GD ,QWHJUDomR HP 3Up$GRomR GH GHSHQGHU H[FOXVLYDPHQWH
GDVHTXLSDVWpFQLFDVGD6&0/SDVVDQGRHVWDFRPSHWrQFLDSDUDDVHTXLSDVWpFQLFDVGHWRGR
R SDtV (VWDV DOWHUDo}HV WLYHUDP UHIOH[RV QRV UHVXOWDGRV REWLGRV SHOD HTXLSD GR 6HUYLoR GH
$GRomRGD6&0/
4XDGUR6HUYLoRGH$GRomR
&RP D LQWHJUDomR HP GD ³)RUPDomR $´ TXH LQWHJUD R 3ODQR 1DFLRQDO GH )RUPDomR
SDUD D $GRomR FRP R REMHWLYR GH LQIRUPDU RV LQWHUHVVDGRV VREUH R SURFHVVR GH DGRomR
WHPVH YLQGR D YHULILFDU XPD GLPLQXLomR GR Q~PHUR GH FDQGLGDWRV LQVFULWRV (VWD VLWXDomR
SRGHVHUMXVWLILFDGDSHORSURYiYHOHIHLWRGLVVXDVRUGDIRUPDomRDRFRQIURQWDURVFDQGLGDWRV
FRPRFDUiFWHUH[LJHQWHGRSURMHWRGHDGRomR
(P LQVFUHYHUDPVH IDPtOLDV SDUD DGRomR FDVDLV H VLQJXODUHV IRUDP
DYDOLDGDV IDPtOLDV H VHOHFLRQDGDV 1R WRWDO IRUDP DUTXLYDGRV SURFHVVRV
FRUUHVSRQGHQWHV D WUDQVIHUrQFLDV GHVHUo}HV H GHVLVWrQFLDV 1R ILQDO GR DQR GH HQFRQWUDYDPVH VHOHFLRQDGDV SDUD DGRWDU H HP OLVWD GH HVSHUD QR 6HUYLoR GH $GRomR GD
6&0/FDQGLGDWXUDVFDVDLVHVLQJXODUHV$PDLRULDGDVIDPtOLDVWHP
y
SUHIHUrQFLDSRUFULDQoDVEUDQFDVRXFRPIHQyWLSREUDQFRVHPSUHIHUrQFLDGHVH[RDWpDRV
DQRV GH LGDGH $V FULDQoDV GRHQWHV GHILFLHQWHV FRP LGDGH VXSHULRU D DQRV GLILFLOPHQWH
HQFRQWUDPUHVSRVWDIDPLOLDUDGRWLYD
(PIRUDPVLQDOL]DGDVFULDQoDVDR6HUYLoRGH$GRomR'HVWDVIRUDPVLQDOL]DGDV
FRP GHFLVmR GH DGRWDELOLGDGH H DSHQDV FRP &RQVHQWLPHQWR 3UpYLR SDUD D DGRomR
SRGHQGRYLUDFRQYHUWHUVHHPGHFLVmRGHDGRWDELOLGDGH'RWRWDOGHFULDQoDVVLQDOL]DGDVHP
IRUDPQR SHOD ',$',- SRU RXWURV HTXLSDPHQWRV GD 6&0 SHORV &HQWURV
'LVWULWDLVHSURYHQLHQWHGD*XLQp
)RUDPLQWHJUDGDVFULDQoDVHPSUpDGRomRFRUUHVSRQGHQGRDXPDWD[DGHUHDOL]DomRGH
'RWRWDOGHFULDQoDVLQWHJUDGDVVDtUDPGRVHTXLSDPHQWRVGD',$',-VmR
UDSD]HV WLQKDP DWp DQRV GH LGDGH VmR EUDQFDV GH IHQyWLSR H QmR
DSUHVHQWDYDPSUREOHPDVGHVD~GH
'DVFULDQoDVVHPUHVSRVWDIDPLOLDUGRVMRYHQVFRPSURMHWRGHDGRomRFRPSOHWDUmR
DQRV GH LGDGH HP ,PSRUWD UHIHULU TXH DV FULDQoDV VHP UHVSRVWD IDPLOLDU WrP XP
WHPSR PpGLR GH LQVWLWXFLRQDOL]DomR GH DQRV H XP WHPSR PpGLR GH HVSHUD SRU XPD
IDPtOLDDGRWLYDGHDQRV
(P R 6HUYLoR GH $GRomR IRL QRWLILFDGR GH GHFLV}HV GH DGRomR SOHQD XP YDORU
LQIHULRUDDQRVDQWHULRUHVFRPWHQGrQFLDSDUDGLPLQXLomRSRUYLDGDVDOWHUDo}HVLQWURGX]LGDV
SHOR,66,3HHPUHVXOWDGRGDVFULDQoDVVHUHPDGRWDGDVIRUDGH/LVERD
$WXDOPHQWH H[LVWHP TXDWUR WLSRV GH IRUPDomR UHDOL]DGRV HP FDGD DQR WUrV GRV TXDLV
LQWHJUDP R 3ODQR 1DFLRQDO GH )RUPDomR H WrP FDUiWHU REULJDWyULR ± 6HVV}HV $ % H & $
VHVVmR $ p SUpYLD j DSUHVHQWDomR GH FDQGLGDWXUD H WHP XP FDUiFWHU HVVHQFLDOPHQWH
LQIRUPDWLYR D VHVVmR % GHFRUUH GXUDQWH R HVWXGR GRV FDQGLGDWRV H GHVWLQDVH D WUDEDOKDU
DVSHWRV HVSHFtILFRV OLJDGRV jV FULDQoDV FRP SURMHWR GH DGRomR H VXDV QHFHVVLGDGHV D
VHVVmR & p HVVHQFLDOPHQWH SUiWLFD H YLYHQFLDO GHVWLQDGD D WUDEDOKDU D FRPXQLFDomR H R
FUHVFLPHQWRQRFRQWH[WRGDIDPtOLDDGRWLYD
2V TXDWUR PyGXORV IRUDP UHDOL]DGRV HP VHVV}HV DEUDQJHUDP IRUPDQGRV H
DSUHVHQWDUDPXPJUDXGHSDUWLFLSDomRHOHYDGRVXSHULRUDQDVHVVmR&HGHQD
VHVVmR%
y
$VVXQomRHPSDUFHULDGDLQWHUYHQomRSUHFRFHQDFLGDGHGH/LVERD
(P D (TXLSD GH &RRUGHQDomR 'LVWULWDO GH /LVERD QmR VH UHXQLX QmR WHQGR
SURVVHJXLGR RV HVIRUoRV SDUD FRQVWLWXLomR GD (TXLSD /RFDO GH ,QWHUYHQomR 3UHFRFH GRV
2OLYDLV
5HDOL]DUR,,&RQJUHVVR,QWHUQDFLRQDOGH$GRomR6HUYLoRGH$GRo}HV
2 ,, &RQJUHVVR ,QWHUQDFLRQDO GH $GRomR IRL UHDOL]DGR HP SDUFHULD FRP R ,66 ,3 H FRP D
$VVRFLDomR &UHVFHU 6HU QRV GLDV H GH QRYHPEUR QDV )XQGDo}HV 2ULHQWH H
&DORXVWH *XOEHQNLDQ VRE R WHPD )DPtOLD H $GRomR &RQVWUXomR GD ,GHQWLGDGH 2 HYHQWR
FRQWRX FRP D SDUWLFLSDomR GH RUDGRUHV H FLHQWLVWDVQDFLRQDLV H LQWHUQDFLRQDLV RULXQGRV GH
YiULDViUHDVFRPSOHPHQWDUHVGRVDEHUQHVWDPDWpULDHVSHFtILFD
$32,2$3(662$6,'26$6
$VVHJXUDURDSRLRGLXUQRDLGRVRVLVRODGRVHPDOLPHQWDomRHDWLYLGDGHVRFXSDFLRQDLVHGH
FRPEDWHjVROLGmR±OXJDUHVUHGH&HQWURVGH'LD
(P EHQHILFLDUDP GDV GLYHUVDV DWLYLGDGHV SURPRYLGDV SHORV &HQWURV GH 'LD GD
6&0/ SHVVRDV GLIHUHQWHV 1R TXH UHVSHLWD j FDSDFLGDGH GHVWD UHVSRVWD D WD[D GH
UHDOL]DomRDWLQJHRV
2 WUDEDOKR GH DUWLFXODomR H SUR[LPLGDGH FRP RXWURV VHUYLoRV GD 6&0/ FRP RV SDUFHLURV
H[WHUQRV H FRP YROXQWiULRV H HVWDJLiULRV SHUPLWLUDP D UHQWDELOL]DomR GH UHFXUVRV H XPD
SUHVWDomRGHVHUYLoRVPDLVGLIHUHQFLDGDHDSHODWLYD
y
4XDGUR&HQWURGH'LD
1R WLSR GH DWLYLGDGHV H VHUYLoRV SUHVWDGRV DRV XWHQWHV VDOLHQWDPVH D $QLPDomR
6RFLRFXOWXUDOR$OPRoRQR5HIHLWyULRHRV&XLGDGRV3HVVRDLV
0DQWHYHVH HP YLJRU R 3URWRFROR HQWUH D 6&0/ H R *LQiVLR &OXEH 3RUWXJXrV TXH YLVD
GLQDPL]DU D SDUWLFLSDomR QD FRPXQLGDGH GH IRUPD D SURSRUFLRQDU DRV LGRVRV QRYRV
FRQWDFWRV VRFLDLV IDFLOLWDQGR D VXD LQWHJUDomR VRFLDO H SUHVHUYDQGR HRX HVWLPXODQGR D VXD
DXWRFRQILDQoD)RUDPDEUDQJLGRVSDUWLFLSDQWHVGH&HQWURVGH'LD
$VVHJXUDURDFROKLPHQWRUHVLGHQFLDOGHSHVVRDVLGRVDVDWUDYpVGDVUHVSRVWDV/DU
OXJDUHV OXJDU GH HPHUJrQFLD 5HVLGrQFLD 7HPSRUiULD OXJDUHV H 5HVLGrQFLD
$VVLVWLGDOXJDUHV
$ODUJDUDUHVSRVWD/DUGH,GRVRVDPDLVXWHQWHVDWUDYpVGDDEHUWXUDGHXPD5HVLGrQFLD
FRPFDSDFLGDGHSDUDOXJDUHVQDIUHJXHVLDGH$OYDODGH/DU6DQWD-RDQD3ULQFHVD
2V /DUHV GD 6&0/ VmR HVWUXWXUDV UHVLGHQFLDLV GH XWLOL]DomR SHUPDQHQWH SDUD LGRVRV HP
VLWXDomR GH GHSHQGrQFLD LVRODPHQWR H YXOQHUDELOLGDGH VRFLRHFRQyPLFD 2V FXLGDGRV
SUHVWDGRV FRPSUHHQGHP D RWLPL]DomR GDV FRQGLo}HV GH VD~GH SDUWLFLSDomR H VHJXUDQoD
SURPRYHQGRREHPHVWDUHDTXDOLGDGHGHYLGDGRVUHVLGHQWHV
1RGHVHQYROYLPHQWRGDVXDDWLYLGDGHSDUDDOpPGRVSURILVVLRQDLVTXHFRPS}HPDVHTXLSDV
SHUPDQHQWHV GRV HVWDEHOHFLPHQWRV 'LUHWRUHV 0RQLWRUHV 7HUDSHXWDV 2FXSDFLRQDLV H
3VLFyORJRV (QFDUUHJDGRV GH 6HWRU $MXGDQWHV GH /DU H &HQWUR GH 'LD H $X[LOLDUHV HVWmR
DLQGD DIHWRV XP FRQMXQWR GH 7pFQLFRV GD iUHD GD VD~GH GHVLJQDGDPHQWH 0pGLFRV
(QIHUPHLURV)LVLRWHUDSHXWDH0DVVDJLVWDV
y
4XDGUR$FROKLPHQWR5HVLGHQFLDO
'HYLGR D DWUDVR QDV REUDV QmR VH FRQFUHWL]RX D DEHUWXUD GR /DU 6DQWD -RDQD 3ULQFHVD
SUHYLVWDSDUDRWULPHVWUHGHLQYLDELOL]DQGRDLQWHJUDomRSODQHDGDGRV/DUHV0DULD
$X[LOLDGRUDH16UGRV$QMRV$UHGXomRGRQ~PHURGHOXJDUHVQHVWDYDOrQFLDIDFHDRDQR
DQWHULRUGHYHVHjDOWHUDomRGDFDSDFLGDGHGR/DU6mR-RmRGH'HXVGD$6,GHSDUD
OXJDUHVHjUHGXomRSUHYLVWDGHOXJDUQR/DU0DULD$X[LOLDGRUD(PRQPpGLRGH
XWHQWHV DEUDQJLGRV SRU HVWD UHVSRVWD IRL GH $ OLVWD GH HVSHUD FRQWLQXD HOHYDGD SHVVRDVDSHVDUGRGHFUpVFLPRGHIDFHDRDQRDQWHULRU
$ 6&0/ WHP XPD 5HVLGrQFLD 7HPSRUiULD LQWHJUDGD QR &HQWUR 6RFLDO 3ROLYDOHQWH GH 6
&ULVWyYmR H 6 /RXUHQoR FRP FDSDFLGDGH SDUD XWHQWHV H GRLV OXJDUHV WHPSRUiULRV QD
5HVLGrQFLD GH ,GRVRV GH &DPSROLGH (VWD UHVSRVWD GHVWLQDVH D SURSRUFLRQDU DFROKLPHQWR
UHVLGHQFLDODSHVVRDVDGXOWDVHPVLWXDomRGHGHSHQGrQFLDRXFXMDVLWXDomRDSUHVHQWHXPD
SUREOHPiWLFDSVLFRVVRFLDOTXHQmRSHUPLWDRXWURWLSRGHUHVSRVWDSRUXPSHUtRGRGHWHPSR
OLPLWDGRPHVHVQRPi[LPR(PIRUDPDSRLDGRVXWHQWHVGLIHUHQWHVGRVTXDLV
QD 5HVLGrQFLD 7HPSRUiULD GH 6mR &ULVWyYmR H 6mR /RXUHQoR H QD 5HVLGrQFLD GH
&DPSROLGH
$ 5HVLGrQFLD $VVLVWLGD &DUORV GD 0DLD FRP FDSDFLGDGH SDUD OXJDUHV SURSRUFLRQD
DORMDPHQWR D VHQLRUHV TXH DSHVDU GH DXWyQRPRV QRV DWRV GD YLGD GLiULD H SRGHUHP
SHUPDQHFHUQR VHXPHLRQDWXUDOGH YLGDDSUHVHQWDPSUREOHPDVKDELWDFLRQDLVH VRFLDLV$
5HVLGrQFLD SHUPLWH XP QRYR PRGHOR GH LQWHJUDomR H VRFLDOL]DomR YLVWR TXH DV DWLYLGDGHV
GLiULDVVmRSDUWLOKDGDVH[LVWLQGRXPDLQWHUDomRHQWUHRVUHVLGHQWHVQRSODQR
y
VRFLDO H DIHWLYR FRP R LQWXLWR GH FULDU XPD UHGH UHODFLRQDO DOWHUQDWLYD RX FRPSOHPHQWDU j
IDPtOLD(PIRLSUHVWDGRDSRLRUHVLGHQFLDODXWHQWHVQHVWDUHVSRVWD
$VVHJXUDU R DSRLR GH $omR 6RFLDO D SHVVRDV FRP GHSHQGrQFLD QR VHX GRPLFtOLR DWUDYpV GR
6HUYLoRGH$SRLR'RPLFLOLiULRSHVVRDV
5HLQVWDODomRGR6$'GH6-RmRSHUPLWLQGRDXPHQWDUDFDSDFLGDGHHPPDLVOXJDUHV
2 6HUYLoR GH $SRLR 'RPLFLOLiULR FRQWLQXD D VHU XPD UHVSRVWD VRFLDO SULRULWiULD QD 6&0/
YLVDQGRJDUDQWLUDVDWLVIDomRGDVQHFHVVLGDGHVELRSVLFRVVRFLDLVHREHPHVWDUGRVXWHQWHV
UHVSHLWDQGR D VXD YRQWDGH GH SHUPDQrQFLD QR VHX GRPLFtOLR H HYLWDQGRUHWDUGDQGR D VXD
LQVWLWXFLRQDOL]DomR (VWH VHUYLoR WHP WDPEpP FRPR REMHWLYR FRPEDWHU D H[FOXVmR H R
LVRODPHQWR VRFLDO GDV SHVVRDV LGRVDV HRX GHSHQGHQWHV TXH QmR SRVVXHP UHODFLRQDPHQWR
IDPLOLDUHRXUHGHLQIRUPDOGHVXSRUWHSURPRYHQGRDWLYLGDGHVGLYHUVLILFDGDVQRGRPLFtOLRH
IRPHQWDQGRXPDUHODomRSUy[LPDHQWUHVHUYLoRXWHQWHHIDPtOLDFXLGDGRU
$ QmR UHLQVWDODomR GR 6$' GH 6 -RmR LPSRVVLELOLWRX R DXPHQWR GD VXD FDSDFLGDGH HP OXJDUHV 1R HQWDQWR D FDSDFLGDGH JOREDO GHVWD UHVSRVWD UHJLVWRX XP DFUpVFLPR GH OXJDUHVIDFHDUHVXOWDQWHGRDXPHQWRGDFDSDFLGDGHQR6$'GR%DLUURGD)ODPHQJD
8VXIUXtUDP GHVWD UHVSRVWD VRFLDO XWHQWHV GLIHUHQWHV R TXH VH WUDGX] QXPD WD[D GH
UHDOL]DomR GH H QXPD YDULDomR DEVROXWD IDFH D GH PDLV XWHQWHV DSRLDGRV
'HVDOLHQWDUDLQGDXPDUHGXomRGHQDOLVWDGHHVSHUD
4XDGUR6HUYLoRGH$SRLR'RPLFLOLiULR
2V SULQFLSDLV VHUYLoRV SUHVWDGRV DRV XWHQWHV FRQWLQXDP D VHU R DSRLR DR QtYHO GD KLJLHQH
SHVVRDOHUHIHLo}HVWUDQVSRUWDGDVDRGRPLFtOLR
y
3DUD DOpP GRV UHFXUVRV DWUiV UHIHULGRV RV XWHQWHVEHQHILFLDUDP DLQGD GD RIHUWD GH DOJXQV
VHUYLoRV H SURMHWRV HVSHFtILFRV LPSOHPHQWDGRV SHOD 6&0/ QD iUHD GR $SRLR 'RPLFLOLiULR
QRPHDGDPHQWHR3URMHWR3DUWLOKDUHDDWLYLGDGH5HSDUDo}HV6ROLGiULDV
2 3URMHWR 3DUWLOKDU FRP LQtFLR HP MXOKR GH DWUDYpV GH XP 3URWRFROR GH &RODERUDomR
HQWUH D 6DQWD &DVD GD 0LVHULFyUGLD GH /LVERD D )XQGDomR 3RUWXJDO 7HOHFRP H D 37
&RPXQLFDo}HV WHP FRPR REMHWLYR R FRPEDWH j VROLGmR DR LVRODPHQWR H j LQIRH[FOXVmR
DWUDYpV GD GLVSRQLELOL]DomR H GLIXVmR GDV QRYDV WHFQRORJLDV GH LQIRUPDomR H FRPXQLFDomR
SDUDVHQLRUHV(PIRUDPGLVWULEXtGRVFRPSXWDGRUHVSRUXWHQWHVGRV6$'GDV
',$6/
$ DWLYLGDGH ³5HSDUDo}HV 6ROLGiULDV´ SURPRYHX LQWHUYHQo}HV GH PDQXWHQomR H UHSDUDomR
QRV GRPLFtOLRV GH YiULRV LGRVRV UHFRUUHQGR DR YROXQWDULDGR HPSUHVDULDO $V LQWHUYHQo}HV
DEUDQJHUDP HVVHQFLDOPHQWH SLQWXUDV UHSDUDo}HV GH PRELOLiULR SDYLPHQWRV UHVROXomR GH
SUREOHPDV HOpWULFRV H GH FDQDOL]DomR DOpP GR DSRLR QD RUJDQL]DomR H OLPSH]D GDV
KDELWDo}HV $ DYDOLDomR GHVWH SURMHWR p PXLWR VDWLVIDWyULD XPD YH] TXH RV REMHWLYRV IRUDP
FXPSULGRV QD VXD JHQHUDOLGDGH WHQGR VLGR DOFDQoDGDV PHOKRULDV VLJQLILFDWLYDV GDV
FRQGLo}HVGHKDELWDELOLGDGHPRELOLGDGHHKLJLHQHGRVLGRVRV
$VVHJXUDURDSRLRDSHVVRDVFRPGHSHQGrQFLDHFRPQHFHVVLGDGHVGHDSRLRVRFLDOHGH
VD~GHDWUDYpVGR$SRLR'RPLFLOLiULR,QWHJUDGR
$ODUJDUDUHVSRVWDGH$SRLR'RPLFLOLiULR,QWHJUDGRDPDLVXWHQWHV
26HUYLoRGH$SRLR'RPLFLOLiULR,QWHJUDGR6$',WHPFRPRREMHWLYRDVVHJXUDUDVDWLVIDomR
GDV QHFHVVLGDGHV GRV XWHQWHV QR GRPLFtOLR FRP EDVH QD DUWLFXODomR H FRPSOHPHQWDULGDGH
HQWUHDViUHDVVRFLDOHGHVD~GHUHIRUoDQGRRDFHVVRGRVXWHQWHVDFXLGDGRVLQWHJUDGRVGH
DomRVRFLDOHVD~GHHXPDPDLRUDGHTXDomRGRSODQRGHFXLGDGRVLQGLYLGXDLV
(VWHVHUYLoRIRLDODUJDGRDR &HQWURGH'LDGR $OWRGR3LQDFRQIRUPH SODQHDGRHDR &HQWUR
6RFLDO &RPXQLWiULR GR %DLUUR GD )ODPHQJD H[WUDSODQR WHQGR SURSRUFLRQDGR XP
DFUpVFLPRIDFHDR3ODQRGHXWHQWHVGLIHUHQWHVDSRLDGRVHP6$',RTXHSHUPLWLXTXH
R WRWDO GH XWHQWHV DEUDQJLGRV SRU HVWD UHVSRVWD FRUUHVSRQGD D GR WRWDO GH XWHQWHV
GLIHUHQWHVGH6$'
2 DODUJDPHQWR GR 6$', FRQWULEXLX VLJQLILFDWLYDPHQWH SDUD XPD HYROXomR SRVLWLYD QRV
LQGLFDGRUHVGHDWLYLGDGHUHODWLYRVjVYLVLWDVHUHDYDOLDo}HV2HOHYDGRQ~PHURGHYLVLWDV
y
GRVSURILVVLRQDLVGDVD~GHUHIOHWHXPQ~PHURVLJQLILFDWLYRGHVLWXDo}HVDFRPSDQKDGDVFRP
QHFHVVLGDGH GH FXLGDGRV GH VD~GH UHJXODUHV $ WD[D GH UHDOL]DomR GH DSHQDV UHODWLYDPHQWH DR Q~PHUR GH XWHQWHV UHDYDOLDGRV MXVWLILFDVH SHOD HQWUDGD PDVVLYD GH
XWHQWHV QR WULPHVWUH GR WRWDO GH XWHQWHV DGPLWLGRV QR DQR TXH DSHQDV VHUmR
UHDYDOLDGRVQRWULPHVWUHGH
4XDGUR6$',
$VVHJXUDUDUHVSRVWDHP)DPtOLDVGH$FROKLPHQWRSDUDSHVVRDVLGRVDVHRXFRPGHILFLrQFLD
&RPRREMHWLYRGHGDUFXPSULPHQWRDRUHJLPHMXUtGLFRGRDFROKLPHQWRIDPLOLDUGHSHVVRDV
LGRVDVHGHSHVVRDVDGXOWDVFRPGHILFLrQFLDUHJXODGRSHOR'HFUHWR/HLQGHGH
2XWXEURD6&0/SURFHGHXjVXDUHJXODPHQWDomRLQWHUQDHODQoRXHPHYiULDV
FDPSDQKDVGHGLYXOJDomRSXEOLFLWDomRGHVWDUHVSRVWDVRFLDOQDFLGDGHGH/LVERD
'DGRTXHQmRIRLIRUPDOL]DGDTXDOTXHUFDQGLGDWXUDGHIDPtOLDVSDUDDFROKLPHQWRGHSHVVRDV
LGRVDVRXFRPGHILFLrQFLDD0HVDGHOLEHURXHPGHDEULOGRDQRHPFXUVR'0Q
DFHVVDomRGHVWHSURMHWR
$VVHJXUDUDDWLYLGDGHGDV(TXLSDVGH$SRLRD,GRVRVTXHDYDOLDPDVVLWXDo}HVVLQDOL]DGDV
UHIHUHQWHVDLGRVRVFRPQHFHVVLGDGHGHDFRPSDQKDPHQWRHQFDPLQKDPHQWR
(P PDQWLYHUDPVH HP IXQFLRQDPHQWR DV TXDWUR (TXLSDV GH $SRLR D ,GRVRV
FRQVWLWXtGDV SRU $VVLVWHQWHV 6RFLDLV 3VLFyORJRV H 7HUDSHXWDV 2FXSDFLRQDLV $ DYDOLDomR
PXOWLGLVFLSOLQDU GDV YiULDV VLWXDo}HV H R DSRLR SUHVWDGR DR $WHQGLPHQWR 6RFLDO WHP
SURPRYLGRXPDFRPSDQKDPHQWRLQWHJUDGRUHVXOWDQGRQXPDUHVSRVWDDGDSWDGDHFHQWUDGD
QDVQHFHVVLGDGHVGHFDGDFDVR
y
2 Q~PHUR GH VLWXDo}HV QRYDV H GH VLQDOL]Do}HV UHJLVWRX DXPHQWRV GH H UHVSHWLYDPHQWH GHVWDFDQGRVH R Q GH VLQDOL]Do}HV SHOR $WHQGLPHQWR 6RFLDO H SHORV
+RVSLWDLV
2 Q~PHUR GH DYDOLDo}HV H GH Do}HV GH IRUPDomR D FXLGDGRUHV LQIRUPDLV WLYHUDP WD[DV GH
UHDOL]DomRGHHUHVSHWLYDPHQWH
4XDGUR(TXLSDGH$SRLRD,GRVRV
3UHVWDUDSRLRDRVXWHQWHVGH6$'DWUDYpVGRVHUYLoRGHWHOHDVVLVWrQFLD&RQWDFW&HQWHU
2 3URMHWR 7HOHDVVLVWrQFLD 'LDORJDU SDUD FRPEDWHU D VROLGmR WHP FRPR REMHWLYR SULPRUGLDO
FRPEDWHURLVRODPHQWRGHLGRVRVHSHVVRDVHPVLWXDomRGHGHSHQGrQFLDXWHQWHVGR6HUYLoR
GH $SRLR 'RPLFLOLiULR GD 6&0/ DWUDYpV GH HVFXWD DWLYD LQIRUPDomR DFRPSDQKDPHQWR GH
IRUPDDUWLFXODGDFRPRV6HUYLoRVGH$omR6RFLDO/RFDOHVLQDOL]DomRGHVLWXDo}HVGHULVFRRX
HPHUJrQFLDFRPRGHYLGRHQFDPLQKDPHQWRSDUDDVHQWLGDGHVFRPSHWHQWHV.
3DUDHVWHHIHLWRR&RQWDFW&HQWHUGR'HSDUWDPHQWRGH-RJRVGD6&0/DODUJRXRVHXkPELWR
j$omR6RFLDO)XQFLRQDQGRGLDVSRU VHPDQDGLDVSRUDQRHWHQGRXPDWHQGLPHQWR
GH K GLiULDV HVWH SURMHWR SHUPLWH XPD LQWHUYHQomR DWHPSDGD GDV VLWXDo}HV VLQDOL]DGDV
SRVVLELOLWDQGRXPDPHOKRULDDRQtYHOGDTXDOLGDGHGDSUHVWDomRGRVHUYLoR
26HUYLoRGH7HOHDVVLVWrQFLDUHFHEHXFKDPDGDVHGHVGHRVHXLQtFLRDWpDRILQDOGH
DSRLRXXWHQWHVGLIHUHQWHVRTXHFRUUHVSRQGHDXPDWD[DGHUHDOL]DomRGH
WHQGRHPFRQWDTXHRREMHWLYRHUDDEUDQJHUXWHQWHV
$VVHJXUDUDDWLYLGDGHGHXP%DQFRGH$MXGDV7pFQLFDV
y
2 6HUYLoR GH 3URGXWRV GH $SRLR H[ %DQFR GH $MXGDV 7pFQLFDV FHQWUDOL]D D JHVWmR GRV
3URGXWRV GH $SRLR VHQGR UHVSRQViYHO SHOR VHX HPSUpVWLPR SULRULWDULDPHQWH DRV XWHQWHV
GRV 6HUYLoRV GH $SRLR 'RPLFLOLiULR H D RXWURV XWHQWHV GD 6&0/ HP VLWXDomR GH FDUrQFLD
VRFLRHFRQyPLFD H GH GHSHQGrQFLDLQFDSDFLGDGH DFRPSDQKDGRV SHOD $omR 6RFLDO HRX
6D~GH
2 Q~PHUR GH XWHQWHV DSRLDGRV H R Q~PHUR GH 3URGXWRV GH $SRLR FHGLGRV WrP YLQGR D WHU
XPFUHVFLPHQWRFRQWtQXRGHVGHDFULDomRGHVWDUHVSRVWDRTXHFRQWULEXLSDUDDVHOHYDGDV
WD[DVGHUHDOL]DomRGHVWHVLQGLFDGRUHVHUHVSHWLYDPHQWH
2V 3URGXWRV GH $SRLR PDLV VROLFLWDGRV IRUDP RV GH DJLOL]DomR GD PRELOLGDGH VHJXLGRVGRVGHFRQIRUWRHSRVLFLRQDPHQWRHGRVGHKLJLHQH
4XDGUR%DQFRGH$MXGDV7pFQLFDV
$VVHJXUDU D DWLYLGDGH GR 2EVHUYDWyULR GR (QYHOKHFLPHQWR LQFOXL DSOLFDomR GR 6LVWHPD GH
,QIRUPDomR*HRJUiILFR
1R kPELWR GD DWLYLGDGH GR 2EVHUYDWyULR GR (QYHOKHFLPHQWR IRL GDGR VHJXLPHQWR j
DWLYLGDGH GH HVWUXWXUDomR H DSHUIHLoRDPHQWR GH LQVWUXPHQWRV GH VLVWHPDWL]DomR GH
LQIRUPDomRHGHSURGXomRGHFRQKHFLPHQWRVREUHRIHQyPHQRGRHQYHOKHFLPHQWRQDFLGDGH
GH/LVERDWHQGRVLGRGHVHQYROYLGRR (VWXGRGH&DUDFWHUL]DomRGD2IHUWD HGD3URFXUDGDV
5HVSRVWDVGH,GRVRV&HQWURGH'LD&HQWURGH&RQYtYLRH$SRLR'RPLFLOLiULR
)RL DLQGD GDGD FRQWLQXLGDGH j H[SORUDomR GD SRWHQFLDOLGDGH GR 6LVWHPD GH /RFDOL]DomR H
$YDOLDomR GH 9XOQHUDELOLGDGH GH 8WHQWHV ,GRVRV QR VHQWLGR GH SHUPLWLU R DSRLR D XWHQWHV
LGRVRV PDLV YXOQHUiYHLV HP VLWXDo}HV GH HPHUJrQFLD )RUDP GLYXOJDGDV GDV 1HZVOHWWHU¶VSURGX]LGDV
y
(IHWXDU VHVV}HV GH (GXFDomR SDUD D 6D~GH DRV XWHQWHV H FXLGDGRUHV IRUPDLV H LQIRUPDLV
SDUD D PHOKRULD GRV FXLGDGRV SUHVWDGRV H GD TXDOLGDGH GH YLGD GRV XWHQWHV QR kPELWR GR
6$',
)RUDPUHDOL]DGDVSHODV8QLGDGHVGH6D~GH6DQWD&DVDGLYHUVDVVHVV}HVGH(GXFDomRSDUDD
6D~GHSDUDFXLGDGRUHVIRUPDLVHLQIRUPDLVQRVHQWLGRGHPHOKRUDUDTXDOLGDGHGHYLGDGRV
XWHQWHV GH 6$', GHVLJQDGDPHQWH ³&XLGDGRV GH 6D~GH DR ,GRVR $MXGDQWHV )DPLOLDUHV´
³3UHYHQomRGH'RHQoDV&DUGLRYDVFXODUHV´³'LDEHWHV´³2LGRVRDFDPDGR´H³3UHYHQomRGH
DFLGHQWHV´
3UHVWDUFXLGDGRVGHVD~GHHP/DUHVH(TXLSDPHQWRVGD6&0/
)RUDPSUHVWDGDVSHOD866&¶VKRUDVGHDSRLRDGLYHUVRV(TXLSDPHQWRVGR'$66GDV
TXDLVKRUDVPpGLFDVHKRUDVGHHQIHUPDJHP
,QVWDODUXPD8QLGDGHGH&XLGDGRV&RQWLQXDGRV±$OGHLDGR-XVR
(P LQLFLDUDPVH RV WUDEDOKRV SDUD D DEHUWXUD GH XPD 8QLGDGH GH &XLGDGRV
&RQWLQXDGRV FRP FDSDFLGDGH SDUD FDPDV &RQYDOHVFHQoD ± /RQJD 'XUDomR 0pGLD'XUDomR
(VWD UHVSRVWD VRFLDO YLVD PHOKRUDU D TXDOLGDGH GH YLGD GDV SHVVRDV HP VLWXDomR GH
GHSHQGrQFLDDWUDYpVGDSUHVWDomRGHFXLGDGRVFRQWLQXDGRVGHVD~GHHDSRLRVRFLDO
,PSOHPHQWDUDFRQVXOWDGH'LDEHWRORJLDHUHVSHWLYRVLVWHPDGHFXLGDGRVGHDSRLR
)RLLPSOHPHQWDGDDFRQVXOWDGH'LDEHWRORJLDHUHVSHWLYRVLVWHPDGHFXLGDGRVGHDSRLRQDV
866&¶VGR%DLUUR3DGUH&UX]7HOKHLUDVH'U-RVp'RPLQJRV%DUUHLUR
2EMHWLYR$XPHQWDURQ~PHURGHXWHQWHVQR&$*5*HPGLPLQXLQGRRFXVWRPpGLR
SRUXWHQWH
5HIRUoDU
D
SUiWLFD
VLVWHPiWLFD
GH
UHIHUHQFLDomR
GH
XWHQWHV
GDV
866&¶V
H
(TXLSDPHQWRV6HUYLoRV GH $SRLR D ,GRVRV DR &$*5* SRWHQFLDQGR R LQFUHPHQWR GR Q GH
XWHQWHVLQVFULWRVQR&HQWUR
y
&RPRHVWUXWXUDGHVD~GHSUHVWDGRUDGHFXLGDGRVDRLGRVRR&HQWURGH$YDOLDomR*HULiWULFD
H 5HFXUVRV *HURQWROyJLFRV &$*5* GHX FRQWLQXLGDGH j LGHQWLILFDomR H FDUDFWHUL]DomR GD
VLWXDomRGRV VHXVXWHQWHVLGRVRVQDV VXDVGLYHUVDV YHUWHQWHVItVLFD SVLFROyJLFDH VRFLDO
DWUDYpVGDV$YDOLDo}HV)XQFLRQDLV*OREDLVHGH&OtQLFD,QWHJUDGD
$SDUWLUGRWUDEDOKRFRQMXQWRGHVHQYROYLGRHQWUHDHTXLSDGH$YDOLDomR)XQFLRQDO*OREDOHR
PpGLFR UHVSRQViYHO SHOD $YDOLDomR &OtQLFD ,QWHJUDGD p HODERUDGR XP 5HODWyULR )LQDO
,QWHJUDGR5),SHUPLWLQGRXPDDQiOLVHPDLVFRPSOHWDGDVQHFHVVLGDGHVJOREDLVGRLGRVR
4XDGUR$WLYLGDGHGR&$*5*
(P LQVFUHYHUDPVH QR &$*5* XWHQWHV H IRUDP UHDOL]DGDV $YDOLDo}HV
)XQFLRQDLV *OREDLV FRUUHVSRQGHQGR D H GRV YDORUHV SODQHDGRV SDUD UHVSHWLYDPHQWH $SHVDU GD GLPLQXLomR JOREDO GD DWLYLGDGH GR &HQWUR UHDOL]DUDPVH FRQVXOWDV GH PHGLFLQD LQWHUQD H FRQVXOWDV GH HVSHFLDOLGDGH WUDGX]LQGRVH
QXPDWD[DGHH[HFXomRGHIDFHDRSODQHDGR
5HDOL]DUDPVH 0HLRV &RPSOHPHQWDUHV GH 'LDJQyVWLFR H IRUDP SURGX]LGRV 5HODWyULRV )LQDLV ,QWHJUDGRV YDORUHV LQIHULRUHV DRV YHULILFDGRV QR DQR DQWHULRU MXVWLILFDGRV
SULQFLSDOPHQWH SHOD GLPLQXLomR GR Q GH XWHQWHV LQVFULWRV QR &HQWUR (VWH IDFWR FRQWULEXLX
SDUD TXH HVWH 2EMHWLYR 2SHUDFLRQDO QmR IRVVH DWLQJLGR FRQVLGHUDQGR TXH RV FXVWRV GH
IXQFLRQDPHQWR GR &HQWUR VH PDQWrP PHQVDOPHQWH LQGHSHQGHQWHPHQWH GR Q GH LGRVRV
DYDOLDGRV D GLPLQXLomR GR FXVWR PpGLR SRU XWHQWH Vy VHULD SRVVtYHOPHGLDQWH DXPHQWR GR
QGHXWHQWHVLQVFULWRV
,PSRUWD UHIHULU TXH R Q~PHUR GH XWHQWHV LQVFULWRV QR &HQWUR GHSHQGH GH YiULRV IDWRUHV
DOJXQV DOKHLRV j DWXDomR GR SUySULR &HQWUR YLVWR TXH D UHIHUHQFLDomR GRV LGRVRV p IHLWD
SHORV(VWDEHOHFLPHQWRV6RFLDLVHSHODV8QLGDGHVGH6D~GH6DQWD&DVDHDDFHLWDomRH
y
LQWHUHVVHGRXWHQWHQDDYDOLDomRDHIHWXDUSUHQGHVHFRPXPFRQMXQWRGHPRWLYRVGHVGHD
LQIRUPDomR TXH OKH p WUDQVPLWLGD SHORV SURILVVLRQDLV GH VD~GH H GH DomR VRFLDO DWp jV
LQGLFDo}HVGRVHXPpGLFRGHIDPtOLDSDVVDQGRSHODDFHVVLELOLGDGHHPWHUPRVGHWUDQVSRUWH
1R VHQWLGR GD SURPRomR GR 6HUYLoR R &$*5* GHVHQYROYHX DR ORQJR GH GLYHUVRV
FRQWDFWRV FRP YLVWD j VHQVLELOL]DomR GR XWHQWH GRV PpGLFRV GH &OtQLFD *HUDO H GRV
SURILVVLRQDLVGH$omR6RFLDOSDUDDLPSRUWkQFLDGRWUDEDOKRHIHWXDGRQR&HQWUR
$LQGDQHVWDOLQKDGHSURPRomRGR&$*5* FRPRIRUPDGHSRWHQFLDUDVXDDWLYLGDGHHQR
VHQWLGR GH IDFLOLWDU D LGD GRV XWHQWHV EHQHILFLiULRV GH &HQWUR GH 'LD H $SRLR 'RPLFLOLiULR
PDQWHYHVHDDOWHUDomRGHKRUiULRHIHWXDGDHPFRPDH[LVWrQFLDGHXPSHUtRGRPDLV
WDUGLRKSDUDDUHDOL]DomRGDV$YDOLDo}HV)XQFLRQDLV*OREDLVHGH&OtQLFD,QWHJUDGD
3URFXUDQGRFRPEDWHUDQmRFRPSDUrQFLDGRVXWHQWHVjVFRQVXOWDVIRLGDGDFRQWLQXLGDGHDR
HQYLR SRU HPDLO GR IRUPXOiULR GH PDUFDomR GH FRQVXOWDV DRV WpFQLFRV GRV HTXLSDPHQWRV
VRFLDLV TXH HQFDPLQKDP RV LGRVRV H UHIRUoDGR R FRQWDFWR WHOHIyQLFR FRP RV XWHQWHV
UHOHPEUDQGR DV GDWDV GDV FRQVXOWDV H VHQVLELOL]DQGRRV SDUD D LPSRUWkQFLD GD VXD
UHDOL]DomR
2EMHWLYR $XPHQWDU HP R Q~PHUR GH 5HODWyULRV )LQDLV ,QWHJUDGRV SURGX]LGRV QR
&$*5*
,QFUHPHQWDU D 3URGXomR GH 5HODWyULRV )LQDLV ,QWHJUDGRV DRV XWHQWHV HP DYDOLDomR QR
&$*5*
(ODERUDU R 5HODWyULR )LQDO ,QWHJUDGR GRV XWHQWHV DYDOLDGRV QR &$*5* QR SUD]R
VXSHULRUPHQWHGHWHUPLQDGR
(PIRUDPUHDOL]DGRV5HODWyULRV)LQDLV,QWHJUDGRV5),DRVXWHQWHVDYDOLDGRVQR
&$*5*QmRVHDWLQJLQGRRVSODQHDGRVSDUDRLQFUHPHQWRGHIDFHD
$ HODERUDomR GRV 5), GHSHQGH GD ILQDOL]DomR GR 5HODWyULR )LQDO GD $YDOLDomR )XQFLRQDO
*OREDO UHDOL]DGR QR SUySULR GLD GD LQVFULomR H GR 5HODWyULR )LQDO GH 0HGLFLQD ,QWHUQD
DSHQDV H[HTXtYHO GHSRLV GDV FRQVXOWDV GH HVSHFLDOLGDGH UHTXHULGDV 3DUD R FXPSULPHQWR
GHVWH2EMHWLYR2SHUDFLRQDOWRUQDVHQHFHVViULDDLPSOHPHQWDomRGHFLUFXLWRVTXHSHUPLWDP
DUHGXomRGRWHPSRPpGLRGHSHUPDQrQFLDGRXWHQWHQRVLVWHPDWHPSRTXH
y
GHFRUUH HQWUHDGDWDGHLQVFULomRGRXWHQWHDWpjUHDOL]DomRGR5HODWyULR)LQDOGH0HGLFLQD
,QWHUQD GH PHVHV SDUD DSHQDV XP PrV R DXPHQWR GD FDSDFLGDGH LQVWDODGD GDV
FRQVXOWDVH[LVWHQWHVHPSDUWLFXODUDVGH0HGLFLQD,QWHUQDHDFRQWUDWDomRGHPpGLFRVSDUD
UHDOL]DUDVFRQVXOWDVGHHVSHFLDOLGDGHHPIDOWD
1mR REVWDQWH R 2EMHWLYR 2SHUDFLRQDO QmR WHU VLGR DWLQJLGR D WRWDOLGDGH GRV 5), IRUDP
HODERUDGRVGHQWURGHXPSUD]RPpGLRGHGLDVLQIHULRUDRSUD]RGHWHUPLQDGRGHGLDV
$32,2 $ 3(662$6 126 '20,Ë1,26 )81&,21$/ &2*1,7,92 ( 62&,$/ ( $
3(662$6&20'(),&,Ç1&,$
3UHVWDU$FROKLPHQWR5HVLGHQFLDOFXLGDGRVGHVD~GHFXLGDGRVSVLFRVVRFLDLVHGHUHDELOLWDomR
±2EUD6RFLDOGR3RXVDO
$ 2EUD 6RFLDO GR 3RXVDO p XP HVWDEHOHFLPHQWR YRFDFLRQDGR H[FOXVLYDPHQWH SDUD R
DFROKLPHQWRUHVLGHQFLDOGHSHVVRDVSRUWDGRUDVGHGHILFLrQFLDFRPLGDGHLJXDORXVXSHULRUD
DQRV H SDWRORJLDV GR IRUR QHXUROyJLFR SDUDOLVLD FHUHEUDO H DQR[LD FHUHEUDO SUHVWDQGR
FXLGDGRVGHVD~GHFXLGDGRVSVLFRVVRFLDLVHGHUHDELOLWDomRDXPDSRSXODomRKHWHURJpQHD
HPWHUPRVHWiULRVJpQHURSURYHQLrQFLDHLQFDSDFLGDGHV
&RP XPD FDSDFLGDGH JOREDO SDUD UHVLGHQWHV IRL SUHVWDGR DSRLR D XPD PpGLD GH XWHQWHVFRUUHVSRQGHQGRDXPDWD[DGHUHDOL]DomRGH
4XDGUR2EUD6RFLDOGR3RXVDO
$V IDL[DV HWiULDV GRV UHVLGHQWHV GD 2EUD 6RFLDO GR 3RXVDO VmR EDVWDQWH KHWHURJpQHDV
DSUHVHQWDQGRDPDLRULDLGDGHVFRPSUHHQGLGDVHQWUHRVHDQRV
'R WRWDO GH UHVLGHQWHV DSUHVHQWDP XP HOHYDGR JUDX GH GHSHQGrQFLD WHP
QHFHVVLGDGHGHDSRLRSDUDDUHDOL]DomRGHWDUHIDVGDYLGDGLiULDHHQFRQWUDPVH
y
HP HVWDGR GH WRWDO GHSHQGrQFLD 'RV UHVWDQWHV DSHQDV VH EDVWDP D VL SUySULRV (P
WHUPRVGHWLSRORJLDVGHGHILFLrQFLDVmRSRUWDGRUHVGHPXOWLGHILFLrQFLD
(P HVWUHLWD FRODERUDomR FRP R &05 $OFRLWmR WrP VLGR GHVHQYROYLGDV LQWHUYHQo}HV
FRQFHUWDGDVHPPRPHQWRVGHFRQVXOWDVSDUDRHVWXGRHDFRPSDQKDPHQWRGHVROXo}HVGH
SRVLFLRQDPHQWR H PRELOLGDGH FRP YLVWD j DGHTXDomR H DGDSWDomR GH DMXGDV WpFQLFDV GH
VROXo}HVHVSHFtILFDVHGHVLVWHPDVDOWHUQDWLYRVGHFRPXQLFDomR
1R
kPELWR
GD
DWLYLGDGH
RFXSDFLRQDO
GHVWDFDPVH
DWLYLGDGHV
3VLFRSHGDJyJLFDV
QRPHDGDPHQWH (VFROD ± UHVLGHQWHV 0XVLFRWHUDSLD 0RYLPHQWR H 'DQoD ± &LQRWHUDSLD DWLYLGDGHV 6yFLR RFXSDFLRQDLV WUDEDOKRV PDQXDLV H RILFLQDLV DWHOLHU GH
FHUkPLFD DWLYLGDGHV GH FXOLQiULD EDU H R ED]DU SDVVHLRV FROyQLDV GH IpULDV IHFKDGDV
DWLYLGDGHVGHKRUWDSHGDJyJLFDHMDUGLQDJHP
$V DWLYLGDGHV GH +LGURJLQiVWLFD R HVSDoR %ULQFROkQGLD D VDOD 6QRH]HOHQ H R GHVSRUWR
DGDSWDGRQRPHDGDPHQWHR%RFFLDFRQWLQXDUDPDWHUUHOHYkQFLDQRVFXLGDGRVDRVXWHQWHV
DRQtYHOGDGLPHQVmRWHUDSrXWLFDHGHOD]HU
)RLGDGDFRQWLQXLGDGHDRVFXLGDGRVWHUDSrXWLFRVHP7HUDSLDGD)DODFXMDDWXDomRLQFLGLXQD
$OLPHQWDomR $UWLFXODomR 9HUEDO &DSDFLGDGH 5HVSLUDWyULD &DSDFLGDGHV &RJQLWLYDV
&RPXQLFDomR'LILFXOGDGHVQR&iOFXOR/HLWXUDH(VFULWD/LQJXDJHP0RWULFLGDGH2URIDFLDO
3RVWXUD5HOD[DPHQWRH9R]
$ 2EUD 6RFLDO GR 3RXVDO WHP SURPRYLGR H LQFHQWLYDGR R FRQWDFWR IDPLOLDU GRV
UHVLGHQWHVPDQWLYHUDPFRQWDFWRUHJXODUFRPDVXDUHGHIDPLOLDUHDSHQDVQmRWLYHUDP
TXDOTXHU FRQWDFWR H WHP SURFXUDGR D LQWHJUDomR GRV XWHQWHV QD FRPXQLGDGH DWUDYpV GH
SDUFHULDVORFDLVHSDUWLFLSDomRHPGLYHUVDVLQLFLDWLYDV
$7(1',0(17262&,$/('(6(192/9,0(172&2081,7È5,2
$VVHJXUDU R IXQFLRQDPHQWR GH $WHOLHUV HVWUXWXUDGRV GH DWLYLGDGHV RFXSDFLRQDLV H
WHUDSrXWLFDV&$6$H&$66%GHGLFDGRVjSRSXODomRHPVLWXDomRGHH[FOXVmRVRFLDOJUDYH
y
2V$WHOLHUV2FXSDFLRQDLVGR&HQWURGH$SRLR6RFLDOGRV$QMRV&$6$HGR&HQWURGH$SRLR
6RFLDO6%HQWR&$66%DVVHQWDPHPSURJUDPDVHVWUXWXUDGRVGHDWLYLGDGHVGHVWLQDGRVD
DSRLDU SHVVRDV DGXOWDV FRP SHUFXUVR GH VHP DEULJR YLVDQGR UHIRUoDU H SURPRYHU DV
FRPSHWrQFLDV SHVVRDLV H VRFLDLV DWUDYpV GH XP SURFHVVR GH FDSDFLWDomR H SDUWLFLSDomR GR
LQGLYtGXRQDFRQVWUXomRGRVHXSURMHWRGHYLGDHGDVXDDXWRQRPLD
(PIUHTXHQWDUDPRVDWHOLHUVRFXSDFLRQDLVXWHQWHVGLIHUHQWHVQR&$6$H
QR&$66%FRUUHVSRQGHQGRDXPDFUpVFLPRGHIDFHDRDQRDQWHULRUHDXPDWD[DGH
UHDOL]DomRGH
4XDGUR$WHOLHUV2FXSDFLRQDLV
$SHVDU GR DFUpVFLPR YHULILFDGR QR Q~PHUR GH XWHQWHV VDtGRV DV FRORFDo}HV SURILVVLRQDLV
WLYHUDPXPGHFUpVFLPRGHIDFHD(VWHIDFWRILFRXDGHYHUVHjDOWHUDomRJUDGXDO
GR SHUILO GRV XWHQWHV DSRLDGRV SHOR &$6$ QD VHTXrQFLD GD RULHQWDomR GDGD DRV VHUYLoRV
SDUD HQFDPLQKDPHQWR SDUD RXWUDV UHVSRVWDV GH SHVVRDV FRP PDLRUHV SHUVSHWLYDV GH
HPSUHJDELOLGDGH
$VVHJXUDURIXQFLRQDPHQWRGHXP&HQWURGH $SRLRD,QGLYtGXRV,VRODGRVDEUDQJHQGR
XWHQWHV',$6/6XO
2 &HQWUR GH $SRLR D ,QGLYtGXRV ,VRODGRV &$,, UHVXOWD GD UHLQVWDODomR GH XPD (TXLSD
HVSHFtILFDGR$WHQGLPHQWR6RFLDOTXHWUDEDOKDYDH[FOXVLYDPHQWHFRPSRSXODomRVHPDEULJR
RXFRPGRPLFtOLRLQVWiYHOWHQGRVLGRFULDGRFRPRUHVSRVWDDRSHUILOGDVSUREOHPiWLFDVTXH
LQFLGHPQDSRSXODomRUHVLGHQWHQDiUHDGHLQWHUYHQomRGD',$6/6XO
2&HQWURSURFXUDJDUDQWLUDLPSOHPHQWDomRGHXPDPHWRGRORJLDGHLQWHUYHQomRSROLYDOHQWH
H FHQWUDGD QDV QHFHVVLGDGHV GRV XWHQWHV JDUDQWLQGR R GHVHQYROYLPHQWR GH VHUYLoRV H
DWLYLGDGHVDODUJDGDVHPXOWLIDFHWDGDV
y
(P R &$,, DSRLRX XWHQWHV GLIHUHQWHV H UHDOL]RX DWHQGLPHQWRV $ WD[D GH
H[HFXomR GH p MXVWLILFDGD SHOD DWXDOL]DomR GR Q~PHUR GH SURFHVVRV DWLYRV DSyV
UHDYDOLDomRGDVVLWXDo}HVHPDFRPSDQKDPHQWRQRLQtFLRGH
4XDGUR&HQWURGH$SRLRD,QGLYtGXRV,VRODGRV
$ PXGDQoD GD (TXLSD SDUD XP HVSDoR SUySULR IDFLOLWDGRU GH XP DWHQGLPHQWR PDLV
SHUVRQDOL]DGR H D DIHWDomR SDUFLDO GH XP 3VLTXLDWUD GD 8QLGDGH 6D~GH 'RPLQJRV %DUUHLUR
SDUDDSRLRQRGLDJQyVWLFRGHSDWRORJLDVHQDGHILQLomRGH3ODQRVGH,QWHUYHQomRSHUPLWLUDP
XPDPHOKRULDVLJQLILFDWLYDQDTXDOLGDGHGRVHUYLoRSUHVWDGRDRVXWHQWHV
$VVHJXUDU R DFROKLPHQWR QRWXUQR GH SHVVRDV HP VLWXDomR GH HPHUJrQFLD H SHVVRDV VHP
DEULJRHPSURFHVVRGHDFRPSDQKDPHQWRVRFLDOHFRPSODQRVGHLQVHUomRGHILQLGRV&$70$
H$QMRVSHVVRDV
2V &HQWURV GH $FROKLPHQWR 1RWXUQR SURSRUFLRQDP DORMDPHQWR GH HPHUJrQFLD RX
WHPSRUiULRQRSHUtRGRGDQRLWHDLQGLYtGXRVTXHVHHQFRQWUHPHPVLWXDomRGHVHPDEULJR
SURPRYHQGRDVXDSDUWLFLSDomRHHQYROYLPHQWRQRSURFHVVRGHUHLQVHUomRVRFLDO
(P QRV GRLV &HQWURV GH $FROKLPHQWR &HQWUR GH $FROKLPHQWR 1RWXUQR GRV $QMRV H
&HQWURGH$ORMDPHQWR7HPSRUiULR0mH'¶ÈJXDIRUDPHIHWXDGDVDGPLVV}HV
(QWHQGHVHSRUDORMDPHQWRGHHPHUJrQFLDDTXHOHTXHGHFRUUHGHXPDFRQWHFLPHQWRV~ELWR
SRUPRWLYRVRFDVLRQDLVRXGHULVFRVRFLDOJUDYHHPTXHDSHVVRDVHHQFRQWUHGHVSURYLGDGH
PHLRVSDUDID]HUIDFHGHIRUPDLPHGLDWDjVVXDVQHFHVVLGDGHVGHDORMDPHQWR
(P R &$70$ DSRLRX XPD PpGLD GH XWHQWHV HP DORMDPHQWR GH HPHUJrQFLD
FRUUHVSRQGHQGR D XPD WD[D GH UHDOL]DomR IDFH DR SODQHDGR GH 2 GHFUpVFLPR GH
XWHQWHVDSRLDGRVILFRXDGHYHUVHDXPPDLRUQ~PHURGHVLWXDo}HVVLQDOL]DGDV
y
HQFDPLQKDGDVSDUDRXWUDUHVSRVWDVRFLDOVHPQHFHVVLGDGHGHSHUQRLWD2WHPSRPpGLRGH
HVWDGLD IRL GH GLDV UHIOHWLQGR D QHFHVVLGDGH GH SURORQJDU D SHUPDQrQFLD GH HPHUJrQFLD
SDUDDOpPGRGHILQLGRQR5HJXODPHQWR,QWHUQRGHYLGRjHVFDVVH]GHUHVSRVWDVDOWHUQDWLYDV
4XDGUR&$70$$FROKLPHQWRGH(PHUJrQFLD
2 DORMDPHQWR WHPSRUiULR YLVD UHVSRQGHU SULRULWDULDPHQWH jV QHFHVVLGDGHV GH DORMDPHQWR
SURSRUFLRQDQGR
DLQGD
KLJLHQH
GLiULD
H
DOLPHQWDomR
SHTXHQRDOPRoR
H
FHLD
VDOYDJXDUGDQGRDVQHFHVVLGDGHVEiVLFDVGHVXEVLVWrQFLD
(P RQ~PHURPpGLRGHXWHQWHVTXHEHQHILFLRXGRDORMDPHQWR WHPSRUiULRIRLGH
FRUUHVSRQGHQGRDXPDWD[DGHUHDOL]DomRIDFHDRSODQHDGRGH'HVDOLHQWDURDXPHQWR
FRQVLGHUiYHO GR WHPSR PpGLR GH HVWDGLD QR &$6$ IDFH D H D EDL[D WD[D GH
UHDOL]DomR IDFH DR SODQHDGR R TXH HYLGHQFLD D QHFHVVLGDGH GH SURORQJDPHQWR GD
SHUPDQrQFLDGRVXWHQWHVSRUGLILFXOGDGHVGHLQWHJUDomRSURILVVLRQDO
4XDGUR&$70$H&$6$$FROKLPHQWR7HPSRUiULR
$VVHJXUDU R $SRLR DOLPHQWDU j SRSXODomR PDLV FDUHQFLDGD GD FLGDGH GH /LVERD 5HIHLWyULR
6RFLDOGR&$6$
2&HQWURGH$SRLR6RFLDOGRV$QMRV&$6$RIHUHFHUHVSRVWDVGHSULPHLUDOLQKDDWUDYpVGR
UHIHLWyULRHGDSUHVWDomRGHFXLGDGRVGHKLJLHQHHFRQIRUWRDUWLFXODGRFRPRXWUDV
y
UHVSRVWDV WDLV FRPR D LQWHJUDomR HP DWHOLHUV R DFHVVR D FXLGDGRV GH VD~GH DWUDYpV GR
JDELQHWHPpGLFRRXRDORMDPHQWRWHPSRUiULRDWUDYpVGR&HQWURGH$FROKLPHQWR1RWXUQR
25HIHLWyULR6RFLDOGR&$6$JDUDQWHDVQHFHVVLGDGHVEiVLFDVGHDOLPHQWDomRDXPDIDL[DGD
SRSXODomR FDUHQFLDGD GH /LVERD DWUDYpV GR IRUQHFLPHQWR GH DOPRoRV H MDQWDUHV GLDV
SRUDQR
(P IRUQHFHX UHIHLo}HV D SHVVRDV FRUUHVSRQGHQGR D XPD WD[D GH UHDOL]DomR GH
$ GLPLQXLomR GR Q~PHUR GH XWHQWHV TXH GLDULDPHQWH XVXIUXHP GR UHIHLWyULR H R
FRQVHTXHQWH GHFUpVFLPR GR Q~PHUR GH UHIHLo}HV VHUYLGDV IDFH D GHYHVH DR
WUDEDOKRGHVHQYROYLGRSHOR$WHQGLPHQWR$FRPSDQKDPHQWR6RFLDOTXHHQFDPLQKDSDUDHVWD
UHVSRVWD
VRFLDO
DSHQDV
SHVVRDV
VHPDEULJR
RX
FRP
SUREOHPDV
JUDYHV
GH
DOFRROLVPRWR[LFRGHSHQGrQFLD HQFRQWUDQGR UHVSRVWDV DOWHUQDWLYDV jV QHFHVVLGDGHV EiVLFDV
GHDOLPHQWDomRSDUDRVUHVWDQWHVXWHQWHV.
4XDGUR5HIHLWyULR6RFLDO
1RkPELWRGR3ODQRGH(PHUJrQFLD6RFLDO3(6DSDUWLUGRGLDGHMXOKRIRLSURORQJDGR
DWp jV KRUDV R KRUiULR GH IXQFLRQDPHQWR GR &HQWUR GH $SRLR 6RFLDO GRV $QMRV $SyV
DQiOLVH TXDQWLWDWLYD H TXDOLWDWLYD HIHWXDGD HP VHWHPEUR YHULILFRXVH TXH QmR H[LVWLD
QHFHVVLGDGH GHVWH SURORQJDPHQWR GDGR TXH QmR WHYH LQIOXrQFLD TXHU QR Q~PHUR TXHU QD
WLSRORJLDGHXWHQWHVDEUDQJLGRVSHORTXHVHUHWRPRXRKRUiULRGDVKjVK
4XDGUR3UHVWDomRGH&XLGDGRVGH+LJLHQH3HVVRDO
y
2DXPHQWRGDGLVSRQLELOL]DomRGRVVHUYLoRVGH&XLGDGRVGH+LJLHQH3HVVRDOH)RUQHFLPHQWR
GH 5RXSD SRU RXWURV HTXLSDPHQWRV VRFLDLV GD 6&0/ QD FLGDGH QRPHDGDPHQWH DWUDYpV GD
UHGHGH&HQWURVGH'LDMXVWLILFDDVEDL[DVWD[DVGHUHDOL]DomRGRQGHXWHQWHVGLIHUHQWHV
XWLOL]DGRUHV GHVWHV VHUYLoRV H FRQVHTXHQWHPHQWH R GHFUpVFLPR VLJQLILFDWLYR GR Q GH
VHUYLoRVSUHVWDGRVIDFHD
1R *DELQHWH 0pGLFR R Q PpGLR GH XWHQWHV DWHQGLGRV IRL GH H UHDOL]DUDPVH FRQVXOWDV GH SVLTXLDWULD FRUUHVSRQGHQGR D WD[DV GH UHDOL]DomR GH H UHVSHWLYDPHQWH (VWD VLWXDomR UHVXOWDGRGHFUpVFLPRVLJQLILFDWLYRGRQGHXWHQWHV
IDFHDRDQRDQWHULRU
2QDWHQGLPHQWRV HP FXLGDGRVGH HQIHUPDJHPUHJLVWRXXPFUHVFLPHQWRGHDSHVDU
GD H[SUHVVLYD GLPLQXLomR GR Q PpGLR XWHQWHV $V WD[DV GH UHDOL]DomR DWLQJLUDP
HUHVSHWLYDPHQWH
$RQtYHOGDSUHYHQomRHSURPRomRGDVD~GHDWUDYpVGDDUWLFXODomRHWUDEDOKRFRQMXQWRFRP
R&HQWURGH'LDJQyVWLFR3QHXPRQROyJLFRGD$ODPHGDHFRPR&HQWURGH6D~GHGD3HQKDGH
)UDQoD IRUDP HQFDPLQKDGDV SDUD UDVWUHLR SHVVRDV UHSUHVHQWDQGR XPD WD[D GH
UHDOL]DomRGH
$WUDYpVGRDFRPSDQKDPHQWRPpGLFRIRUDPUHDOL]DGRVHQFDPLQKDPHQWRVSDUD6HUYLoRV
GH6D~GHGD&RPXQLGDGHRTXHFRQVWLWXLXPDXPHQWRGHHPUHODomRD
y
4XDGUR*DELQHWH0pGLFR
$VVHJXUDU R DSRLR D SHVVRDV LQIHWDGDV FRP 9,+6,'$ DWUDYpV GH XPD UHGH GH VHUYLoRV
GHVLJQDGDPHQWH
3UHVWDomR
GH
FXLGDGRV
GRPLFLOLiULRV
$FROKLPHQWR
UHVLGHQFLDO
$FRPSDQKDPHQWR H 9LJLOkQFLD 7HUDSrXWLFD &HQWUR GH 'LD $SDUWDPHQWRV $VVLVWLGRV
7HUDSHXWLFDPHQWH
$'LUHomRGH$SRLRj,QVHUomRH%HP(VWDU',$,%(pRVHUYLoRGD6DQWD&DVDTXHWHPSRU
PLVVmRSURFHGHUjJHVWmRGDVUHVSRVWDVQRkPELWRGR9,+6,'$
(P GHX FRQWLQXLGDGH jV VXDV DWLYLGDGHV GH SURPRomR GD TXDOLGDGH GH YLGD H
LQWHJUDomRQDFRPXQLGDGHGRVGRHQWHVSRUWDGRUHVGRYtUXVGDVLGDUHVLGHQWHVQDFLGDGHGH
/LVERD TXH VH HQFRQWUHP HP VLWXDomR VRFLDO IDPLOLDU H HFRQyPLFD SUHFiULD WHQGR
FRQWLQXDGR D DUWLFXODU FRP VHUYLoRV H RUJDQLVPRV H[WHUQRV j 6&0/ QRPHDGDPHQWH
+RVSLWDLV&HQWURVGH6D~GH&HQWURVGH'LDJQyVWLFRH7HUDSrXWLFD&HQWURVGH$WHQGLPHQWR
D7R[LFRGHSHQGHQWHVH&HQWURGH$WHQGLPHQWRD$OFRyOLFRV
y
4XDGUR$SRLRj,QVHUomRH%HP(VWDU
6HUYLoRGH$SRLR'RPLFLOLiULR
2DSRLRGRPLFLOLiULRDVVHJXUDDSUHVWDomRGHFXLGDGRVLQGLYLGXDOL]DGRVHSHUVRQDOL]DGRVQR
GRPLFtOLRGRVXWHQWHVLQIHWDGRVHDIHWDGRVSHOR9,+6,'$FRQWULEXLQGRSDUDDPHOKRULDGD
TXDOLGDGH GH YLGD GR LQGLYtGXR H UHVSHWLYDV IDPtOLDV DVVHJXUDQGR FXLGDGRV GH KLJLHQH H
FRQIRUWRHYLWDQGRLQWHUQDPHQWRVKRVSLWDODUHVIUHTXHQWHVHUHWDUGDQGRDLQVWLWXFLRQDOL]DomR
GRVXWHQWHV
(PIRUDPDSRLDGRVQRYRVXWHQWHVHXWHQWHVGLIHUHQWHVRTXHFRUUHVSRQGHD
XPDWD[DGHUHDOL]DomRGHIDFHDRSODQHDGRHDXPDYDULDomRSRVLWLYDIDFHDGH
&HQWURGH'LD
y
2 &HQWUR GH 'LD GR &HQWUR GH 6DQWD 0DULD 0DGDOHQD FRQVWLWXL XPD UHVSRVWD VRFLDO TXH
LQWHJUD XP FRQMXQWR GH VHUYLoRV H DWLYLGDGHV FRP YLVWD j VDWLVIDomR GDV QHFHVVLGDGHV
EiVLFDV H j DGHVmR WHUDSrXWLFD PRWLYDQGR RV XWHQWHV D GHVFREULU LQWHUHVVHV GHVHQYROYHU
FRPSHWrQFLDVHDXWRQRPLDFRPYLVWDjVXDLQFOXVmRVRFLDOHEHPHVWDU
'XUDQWH R DQR GH SURSRUFLRQRX DSRLR D SHVVRDV FRP XPD IUHTXrQFLD PpGLD
GLiULDGHXWHQWHVSDUDXPDFDSDFLGDGHGH 'HYLGRjLPSRVVLELOLGDGHGD UHLQVWDODomR
HP GR &HQWUR GH 'LD GR &HQWUR GH 6DQWD 0DULD 0DGDOHQD QmR VH FRQFUHWL]RX R
DXPHQWR GD FDSDFLGDGH HP OXJDUHV FRQIRUPH SODQHDGR (VWH DXPHQWR FRQWLQXD D VHU
QHFHVViULRGHPRGRDUHVSRQGHUjVVROLFLWDo}HVTXHUGRVXWHQWHVGRFHQWURGHGLDTXHUGRV
XWHQWHV GRV $SDUWDPHQWRV 7HUDSHXWLFDPHQWH $VVLVWLGRV FXMD LQWHJUDomR QD UHVSRVWD GH
FHQWURGHGLDpSULRUL]DGD
$SRLR5HVLGHQFLDO
2 DSRLR UHVLGHQFLDO WHP FRPR REMHWLYR RUJDQL]DU H GHVHQYROYHU D DVVLVWrQFLD D LQGLYtGXRV
HRX IDPtOLDV FRP 6,'$ GHVLQWHJUDGRV GR VHX PHLR VRFLDO H IDPLOLDU FRP EDL[RV
UHQGLPHQWRVHFRPGLILFXOGDGHVHPVDWLVID]HUDVVXDVQHFHVVLGDGHVEiVLFDV
2 DSRLR UHVLGHQFLDO p SUHVWDGR DWUDYpV GD 5HVLGrQFLD GH 6DQWD 5LWD GH &iVVLD H GD
5HVLGrQFLD 0DGUH 7HUHVD GH &DOFXWi (P DV UHVLGrQFLDV DFROKHUDP H DSRLDUDP XWHQWHVGLIHUHQWHVDWLQJLQGRXPDWD[DGHUHDOL]DomRGHHXPDFUpVFLPRGHIDFH
D
$SDUWDPHQWRV7HUDSHXWLFDPHQWH$VVLVWLGRV
(VWDUHVSRVWDVRFLDOFRQVWLWXtGDSRUDSDUWDPHQWRVHVWiYRFDFLRQDGDSDUDRDFROKLPHQWR
WHPSRUiULR GH LQGLYtGXRV LQGHSHQGHQWHV RX FRP GHSHQGrQFLD SDUFLDOSDUD D UHDOL]DomR GDV
VXDV DWLYLGDGHV GH YLGD GLiULD H VD~GH TXH VH HQFRQWUDP HP VLWXDomR GH URWXUD IDPLOLDU
HRXGHVIDYRUHFLPHQWRVRFLRHFRQyPLFR
(P IRUDP DSRLDGRV XWHQWHV GLIHUHQWHV UHJLVWDQGR XPD WD[D GH UHDOL]DomR GH
HXPDYDULDomRSRVLWLYDGHIDFHD9HULILFRXVHDLQWHJUDomRGHQRYRV
XWHQWHV
$FRPSDQKDPHQWRH9LJLOkQFLD7HUDSrXWLFD
y
2 $FRPSDQKDPHQWR QD $GHVmR 7HUDSrXWLFD JDUDQWH R IRUQHFLPHQWR GH PHGLFDomR H D
YLJLOkQFLD HVSHFLILFDPHQWH QD SUHYHQomR H WUDWDPHQWR GDV GRHQoDV RSRUWXQLVWDV HP
DUWLFXODomR FRP RV VHUYLoRV FOtQLFRV H VRFLDLV FRPR IRUPD GH SURPRYHU D VD~GH H D
TXDOLGDGH GH YLGD GRV XWHQWHV (P UHDOL]DUDPVH DWHQGLPHQWRV GH
$FRPSDQKDPHQWRH9LJLOkQFLD7HUDSrXWLFDDXPWRWDOGHXWHQWHV
1DV &RQVXOWDV GH $GHVmR R Q GH DWHQGLPHQWRV H R Q GH XWHQWHV DWHQGLGRV FUHVFHUDP
HUHVSHWLYDPHQWHIDFHDFRPWD[DVGHUHDOL]DomRDFLPDGRV
$7RPD2EVHUYDGDTXHWHPFRPRREMHWLYRRDFRPSDQKDPHQWRGRFXPSULPHQWRGHDGHVmR
DR SODQR WHUDSrXWLFR DFRPSDQKRX XWHQWHV GLIHUHQWHV WHQGRVH UHDOL]DGR DWHQGLPHQWRVHLQWHJUDGRQRYRVXWHQWHV
'XUDQWHRDQRHPDQiOLVHD',$,%(FRQWLQXRXDGHVHQYROYHUDo}HVHFXUVRVGHLQIRUPDomR
VHQVLELOL]DomRHIRUPDomR)RLUHDOL]DGRXPWRWDOGHDo}HVGHIRUPDomRLQIRUPDomR
GHIRUPDomRHGHLQIRUPDomR
3DUFHULDV
(P HVWUHLWD DUWLFXODomR FRP YiULRV VHUYLoRV D ',$,%( GHVHQYROYH D VXD LQWHUYHQomR FRP
XPD UHGH GH SDUFHULDV GH PRGR D JDUDQWLU DV PHOKRUHV UHVSRVWDV DRV XWHQWHV 'XUDQWH R
DQR GH GHVWDFDPVH DV SDUFHULDV QRV 5RWHLURV GH 6D~GH 0DWHUQR,QIDQWLO D
FRODERUDomR FRP D &RRUGHQDomR 1DFLRQDO GH /XWD &RQWUD D 6LGD SDUD R 3ODQR 1DFLRQDO GH
6D~GH R 3URWRFROR FRP R +RVSLWDO ' (VWHIkQLD SDUD R DFRPSDQKDPHQWR GH
MRYHQV LQIHWDGRV H DIHWDGRV D FRODERUDomR FRP D 8QLGDGH GH &LGDGDQLD H 3URPRomR GR
YROXQWDULDGR QR kPELWR GR ³$QR (XURSHX GR 9ROXQWDULDGR´ H D DUWLFXODomR FRP D 'LUHomR
*HUDOGH5HLQVHUomR6RFLDOQDDFHLWDomRGHXWHQWHVSDUDFXPSULPHQWRGHKRUDVHPWUDEDOKR
FRPXQLWiULR
$VVHJXUDU R IXQFLRQDPHQWR GH XP 3URJUDPD GH UHLQVHUomR VRFLDO GH H[UHFOXVRV DGXOWRV
SUHSDUDQGRHDSRLDQGRDVXDDXWRQRPL]DomR&DVDGH7UDQVLomROXJDUHV
$ &DVD GH 7UDQVLomR SHUPLWH DFROKHU WHPSRUDULDPHQWH UHFOXVRV HP FRQGLo}HV GH SRGHU
EHQHILFLDUGHOLEHUGDGHFRQGLFLRQDORXHPWHUPRGHSHQDFRPYLVWDjVXDUHLQVHUomRVRFLDO
SUHSDUDQGRHDSRLDQGRDVXDDXWRQRPL]DomR
y
&RP XPD FDSDFLGDGH SODQHDGD H UHDOL]DGD GH OXJDUHV GXUDQWH R DQR GH HVWD
UHVSRVWDVRFLDODFROKHXQRYRVXWHQWHVWHQGRVLGRVLQDOL]DGDVDYDOLDGDVVLWXDo}HV2Q
PpGLRGHXWHQWHVIRLGHUHJLVWDQGRXPDWD[DGHUHDOL]DomRGHIDFHDRSODQHDGR
2WHPSRPpGLRGHSHUPDQrQFLDQD&DVDIRLGHPHVHVPDLVTXHHPHPHQRV
TXHRSUHYLVWR
4XDGUR&DVDGH7UDQVLomR
$VVHJXUDU R $WHQGLPHQWR 6RFLDO H GH (PHUJrQFLD GD FLGDGH GH /LVERD SURFHGHQGR DR
GLDJQyVWLFR GDV VLWXDo}HV GH YXOQHUDELOLGDGH H SURPRYHQGR D LQVHUomR VRFLDO PRELOL]DQGR
RV GLIHUHQWHV UHFXUVRV GLVSRQtYHLV GHVLJQDGDPHQWH 56, FRP SURFHVVRV DWLYRV
SURFHVVRV DWLYRV H DWHQGLPHQWRV HP $WHQGLPHQWR 6RFLDO H DWHQGLPHQWRVGH(PHUJrQFLD
$WHQGLPHQWR6RFLDO
2$WHQGLPHQWR6RFLDOpXPDUHVSRVWDGHVHQYROYLGDQRVVHUYLoRVGH$omR6RFLDOGHVWLQDGDD
DSRLDU LQGLYtGXRV H IDPtOLDV QD SUHYHQomR HRX UHSDUDomR GH SUREOHPDV JHUDGRV RX
JHUDGRUHV GH VLWXDo}HV GH H[FOXVmR VRFLDO $VVHQWD QXPD UHODomR GH UHFLSURFLGDGH
HVWDEHOHFLGD HQWUH R WpFQLFR H R XWHQWH WHQGR HP YLVWD D SURPRomR GH FRQGLo}HV
IDFLOLWDGRUDV GH EHPHVWDU H TXDOLGDGH GH YLGD QRPHDGDPHQWH DWUDYpV GD QHJRFLDomR H
FRQWUDWXDOL]DomRGHXPSODQRGHLQVHUomRVRFLDO
1R ILQDO GH H[LVWLDP SURFHVVRV DWLYRV FRP XPD WD[D GH H[HFXomR GH IDFH DR SODQHDGR $ GLPLQXLomR IDFH D ILFRX D GHYHUVH D XP SURFHVVR GH YDOLGDomR
GRV SURFHVVRV H[LVWHQWHV HIHWXDGR DR ORQJR GR DQR FRP SULQFLSDO LQFLGrQFLD QR
WULPHVWUH
2 Q WRWDO GH DWHQGLPHQWRV IRL VXSHULRU DR SODQHDGR HP SDUWLFXODU RV DWHQGLPHQWRV HP
JDELQHWH (VWH DXPHQWR GD SURFXUD GR VHUYLoR DVVLP FRPR GRV DSRLRV SHFXQLiULRV
SUHVWDGRVLQGLFLDRDXPHQWRGDFRPSOH[LGDGHHDJUDYDPHQWRGRFRQWH[WR
y
VRFLRHFRQyPLFR RQGH VH GHVWDFD D UHGXomR HRX FDQFHODPHQWR GDV SUHVWDo}HV H DSRLRV
VRFLDLVHRDXPHQWRGDWD[DGHGHVHPSUHJR
4XDGUR$WHQGLPHQWR6RFLDO
(P WHUPRV GH GLYLVmR WHUULWRULDO GRV 6HUYLoRV D ',$6/ 6XO DSUHVHQWD R PDLRU Q~PHUR GH
DWHQGLPHQWRV H SURFHVVRV DWLYRV H D ',$6/ 2ULHQWDO R PDLRU Q GH SURFHVVRV FRP
DWHQGLPHQWR
(P IRL HODERUDGR R SULPHLUR 0DQXDO GR $WHQGLPHQWR $FRPSDQKDPHQWR 6RFLDO GD
6&0/ (VWH GRFXPHQWR FRQVWLWXLVH FRPR XPD PDLVYDOLD SDUD RV WpFQLFRV TXH WUDEDOKDP
QHVWDiUHDYLVWRTXHH[SOLFLWDDHVWUXWXUDRVSULQFtSLRVRULHQWDGRUHVRVSURFHGLPHQWRVHRV
FLUFXLWRV GH DUWLFXODomR YLVDQGR D XQLIRUPL]DomR GH SUiWLFDV HQWUH RV YiULRV VHUYLoRV TXH
GLVSRQLELOL]DPHVWDUHVSRVWD
5HQGLPHQWR6RFLDOGH,QVHUomR
e XPD PHGLGD GH SROtWLFD VRFLDO GH FRPEDWH j SREUH]D WHQGR FRPR SULQFLSDO REMHWLYR
DVVHJXUDU DRV FLGDGmRV H DRV VHXV DJUHJDGRV IDPLOLDUHV UHFXUVRV TXH FRQWULEXDP SDUD D
VDWLVIDomR GDV VXDV QHFHVVLGDGHV PtQLPDV $VVRFLDGD D HVWD SUHVWDomR R SURJUDPD GH
LQVHUomR H UHVSHWLYR DFRUGR SUHVVXS}H D SURJUHVVLYD LQVHUomR VRFLDO ODERUDO H FRPXQLWiULD
GRVEHQHILFLiULRV
(P YHULILFDVHXPGHFUpVFLPRDRQtYHOGRQ~PHURGHSURFHVVRVDWLYRV HGH DFRUGRV
GHLQVHUomRDVVLQDGRVIDFHDRTXHFRQWULEXLSDUDTXHDVWD[DVGHUHDOL]DomRIDFHDR
SODQHDGRVHMDPLQIHULRUHVD(VWDGLPLQXLomRGHFRUUHGDVDOWHUDo}HVLQWURGX]LGDVSHOR
'HFUHWR/HL GH MXQKR TXH GHWHUPLQD D MXQomR GH YiULRV SURFHVVRV DWLYRV
UHIHUHQWHV D HOHPHQWRV GRV PHVPRV DJUHJDGRV IDPLOLDUHV QXP SURFHVVR ~QLFR H LPS}H
PDLRUULJRUQRDFHVVRDHVWDPHGLGD
y
4XDGUR5HQGLPHQWR6RFLDOGH,QVHUomR
'XUDQWH R DQR GH IRL LPSOHPHQWDGR R 0RGHOR 5HIHUHQFLDO GH )XQFLRQDPHQWR GRV
1~FOHRV /RFDLV GH ,QVHUomR FRP D HODERUDomR H DSURYDomR GR 5HJXODPHQWR ,QWHUQR
LGHQWLILFDQGRDVDWULEXLo}HVHIXQo}HVHVSHFtILFDVGHFDGDVHFWRUHDFRQVWLWXLomRGRGRVVLHU
GHDFROKLPHQWRSDUDDVQRYDVHQWLGDGHV
$WHQGLPHQWRGH(PHUJrQFLD
$ 'LUHomR GH (PHUJrQFLD H $SRLR j ,QVHUomR ',($, DWUDYpV GR 6HUYLoR GH (PHUJrQFLD
6RFLDO 6(6 ID] R $WHQGLPHQWR GH (PHUJrQFLD HVSHFLDOPHQWH YRFDFLRQDGR SDUD R
DWHQGLPHQWRDFRPSDQKDPHQWR GH LQGLYtGXRV HRX IDPtOLDV VHPDEULJR HRX FRP GRPLFtOLR
LQVWiYHO QD FLGDGH GH /LVERD TXH UHFRUUHP SRU VXD LQLFLDWLYD RX SRU HQFDPLQKDPHQWR GH
RXWURV 6HUYLoRV,QVWLWXLo}HV $VVHJXUD DLQGD R DWHQGLPHQWR HQFDPLQKDPHQWR H DSRLR D
LQGLYtGXRV QDFLRQDLV H HVWUDQJHLURV HP WUkQVLWR QD FLGDGH TXH SRU VH HQFRQWUDUHP HP
VLWXDomRGHFDUrQFLDRFDVLRQDOVHYHHPLPSHGLGRVGHDVVHJXUDURVHXUHJUHVVRDRORFDOGH
RULJHP
$LQWHUYHQomRGR6(6pGHSULPHLUDOLQKDHDVVHQWDQRVXSULPHQWRGHQHFHVVLGDGHVEiVLFDV
GHVLJQDGDPHQWH DOLPHQWDomR FXLGDGRV GH VD~GH H JDUDQWLD GH DFHVVR D GLUHLWRV GH
FLGDGDQLDQRPHDGDPHQWHDGRFXPHQWDomRHSUHVWDo}HVVRFLDLVGHGLUHLWRHQWUHDVTXDLVR
56,SHQV}HVGHUHIRUPDLQYDOLGH]HVXEVLVWrQFLD
(P IRUDP HIHWXDGRV DWHQGLPHQWRV VRFLDLV D XWHQWHV GLIHUHQWHV R TXH
FRUUHVSRQGHDXPDWD[DGHH[HFXomRGH'RWRWDOGHXWHQWHVTXHUHFRUUHUDPDR6(6
IL]HUDPQRSHODSULPHLUDYH]
y
4XDGUR$WHQGLPHQWRGH(PHUJrQFLD
(P D ',($, DVVHJXURX D SDUWLFLSDomR QR 3ODQR GH &RQWLQJrQFLD SDUD D 3RSXODomR
6HP$EULJRSHUDQWH2QGDVGH)ULRDWUDYpVGRTXDOIRUDPDSRLDGDVSHVVRDVWHQGRVLGR
HQFDPLQKDGDVSDUDUHVSRVWDVGHDORMDPHQWR5HVXOWRXGHVWDLQWHUYHQomRDVDtGDHIHWLYD
GHSHVVRDVGDUXD
2V DSRLRV DR QtYHO GD VD~GH SHUPLWLUDP DEUDQJHU SHVVRDV FRP &UHGHQFLDO GH
(PHUJrQFLD IDFH D SDUD DFHVVR JUDWXLWR D PHGLFDPHQWRV H SDUD
FRQVXOWDVGHHVSHFLDOLGDGH
3UHVWDo}HV3HFXQLiULDV
$ 6&0/ DVVXPH QR kPELWR GR VLVWHPD GH DSRLR VRFLDO QD FLGDGH GH /LVERD D
UHVSRQVDELOLGDGH SHOD DWULEXLomR GH SUHVWDo}HV SHFXQLiULDV D LQGLYtGXRV HRX IDPtOLDV HP
VLWXDomR GH FDUrQFLD HFRQyPLFD H FRPSURYDGD IUDJLOLGDGH VRFLDO FRPR VHMDP
LQGLYtGXRVIDPtOLDV FRP GLILFXOGDGHV GH VXEVLVWrQFLD SHVVRDV LGRVDV HRX GHSHQGHQWHV
WR[LFRGHSHQGHQWHV LQFOXLQGR DOFRyOLFRV FRP SURJUDPD GH WUDWDPHQWR HP FRPXQLGDGH
WHUDSrXWLFD H UHVSHWLYDV IDPtOLDV UHTXHUHQWHV GH DVLOR H UHIXJLDGRV HP SURFHVVR GH
LQWHJUDomR H SHVVRDV SRUWDGRUDV GH GHILFLrQFLD FRP QHFHVVLGDGH GH DFROKLPHQWR
LQVWLWXFLRQDO
3UHVWDo}HV3HFXQLiULDV0HQVDLV
(PDYHUEDWRWDODWULEXtGDHPVXEVtGLRVPHQVDLVIRLGH¼UHYHODQGRXP
LQFUHPHQWR GH IDFH DR DQR DQWHULRU 9HULILFRXVH WDPEpP XP DXPHQWR GH QR
Q~PHURWRWDOGHVXEVtGLRVFRQFHGLGRV
&RPSDUDQGRFRPRRUoDPHQWRSUHYLVWRYHULILFDVHTXHDH[HFXomRRUoDPHQWDOILFRXDTXpP
GR SUHYLVWR HP 5HJLVWDUDPVH WRGDYLD UXEULFDV RUoDPHQWDLV TXH XOWUDSDVVDUDP RV
SODIRQGVGHRUoDPHQWRDSURYDGRVGHHQWUHDVTXDLVVHGHVWDFDP³3HVVRDVFRP'HILFLrQFLD´
³5HTXHUHQWHVGH$VLOR´H³5HIXJLDGRV´
y
4XDGUR6XEVtGLRV0HQVDLV
&RPSDUDQGR FRP D H[HFXomR RUoDPHQWDO GH QDV ILQDOLGDGHV ,QIkQFLD H )DPtOLD H
$GXOWRVYHULILFRXVHXPDXPHQWRQDVU~EULFDV³FULDQoDVHMRYHQVHPPHLRQDWXUDOGHYLGD´
³IDPtOLDV´³SHVVRDVLVRODGDV´H³SHVVRDVLGRVDV´RTXDO
VHILFRXDGHYHUjFRPSOH[LGDGHHGHWHULRUDomRGHDOJXPDVVLWXDo}HVGHFRUUHQWHQmRVyGR
DJUDYDPHQWR GD VLWXDomR VRFLRHFRQyPLFD FRP FRQVHTXrQFLDV HP SHVVRDV HP LGDGH DWLYD
GHVHPSUHJR HQTXDQWR IDWRU GHWHUPLQDQWH FRPR WDPEpP GH DOWHUDo}HV QRV FULWpULRV GH
DWULEXLomR GH EHQHItFLRV VRFLDLV VREUHWXGR QR TXH UHVSHLWD j FHVVDomR GRV DSRLRV
FRPSOHPHQWDUHVQRkPELWRGR56,2VVXEVtGLRVFRPDILQDOLGDGH³DSRLRDLGRVRVHP/DUHV´
WrPPDQWLGRXPDWHQGrQFLDGHFUHVFLPHQWRDXPHQWRGHIDFHDRDQRDQWHULRUQRYDORU
WRWDO DWULEXtGR PLOKDUHV GH HXURV H GH QR Q~PHUR GH VXEVtGLRV DWULEXtGRV
VXEVtGLRV
2 DSRLR D *UXSRV (VSHFtILFRV UHSUHVHQWRX GR WRWDO GD YHUED DWULEXtGD HP HP
VXEVtGLRVPHQVDLVFRPDVSHVVRDVFRPGHILFLrQFLDHRVWR[LFRGHSHQGHQWHVDDSUHVHQWDUHP
VHFRPRRVJUXSRVFRPPDLRUSHVRUHODWLYRQHVWDFDWHJRULDHUHVSHWLYDPHQWH
)DFH D GH UHIHULU TXH RV VXEVtGLRV DWULEXtGRV D LPLJUDQWHV QmR REVWDQWH WHUHP
GLPLQXtGR HP WHUPRV GH Q DSUHVHQWDP XP DFUpVFLPR QR YDORU GHYLGR DR
LQFUHPHQWR GR YDORU PpGLR SRU VXEVtGLR 2 YDORU GRV DSRLRV SUHVWDGRV D ³SHVVRDV
FRP GHILFLrQFLD´ UHJLVWRX XP DXPHQWR GH MXVWLILFDGR SHOR LQFUHPHQWR GR Q~PHUR GH
VXEVtGLRV H SHOR DFUpVFLPR GR JDVWR PpGLR SRU VXEVtGLR DWULEXtGR $V
YHUEDV FRQFHGLGDV D ³WR[LFRGHSHQGHQWHV´ GLPLQXtUDP H DV DWULEXtGDV D ³DOFRyOLFRV´
DXPHQWDUDP
y
3UHVWDo}HV3HFXQLiULDV(YHQWXDLV
2V VXEVtGLRV HYHQWXDLV VmR SUHVWDo}HV SHFXQLiULDV SRQWXDLV DWULEXtGDV D IDPtOLDV RX D
LQGLYtGXRVLVRODGRVHPVLWXDo}HVGHHPHUJrQFLDRXFDUrQFLDJUDYH
2PRQWDQWHGHDSRLRVHYHQWXDLVFRQFHGLGRHPDVFHQGHXDPLOKDUHVGH(XURV
YDORUTXH WUDGX]XPLQFUHPHQWRGHIDFHDRVYDORUHVGH
4XDGUR6XEVtGLRV(YHQWXDLV
(P RV ³UHIXJLDGRV´ H ³UHTXHUHQWHV GH DVLOR´ SDVVDUDP D WHU D PDLRU H[SUHVVmR QR
FRQMXQWR GRV VXEVtGLRV DWULEXtGRV LQYHUWHQGR D SRVLomR FRP DV ³DMXGDV
WpFQLFDVSURGXWRV GH DSRLR´ TXH SDVVDUDP SDUD VHJXQGR OXJDU FRP XP SHVR UHODWLYR GH
(VWD ~OWLPD U~EULFD GLPLQXLX IDFH D GHYLGR DR GHFUpVFLPR GR PRQWDQWH
GLVSRQLELOL]DGRSHOD6HJXUDQoD6RFLDOSDUDHVWHWLSRGH$SRLRVWHQGRILFDGRSRU UHVSRQGHU
XPQ~PHURVLJQLILFDWLYRGHSHGLGRV
3UHVWDo}HVHP(VSpFLH
$VSUHVWDo}HV HP HVSpFLHHQJOREDPRDFHVVR DEHQHItFLRVGHVD~GHDWUDYpVGDDWULEXLomR
GH &DUWmR GH 6D~GH R DORMDPHQWR HP SHQV}HV FRP RX VHP DOLPHQWDomR H R DSRLR j
UHDOL]DomRGHVHUYLoRVI~QHEUHV
(P IRUDP DEUDQJLGDV SHVVRDV SRU HVWH WLSR GH DSRLRV UHJLVWDQGRVH XP
DXPHQWRGHFRPSDUDWLYDPHQWHD
y
4XDGUR(YROXomRGDV3UHVWDo}HVHP(VSpFLH$WULEXtGDV
$ DWULEXLomR GH FDUW}HV GH VD~GH SHUPLWH R DFHVVR GRV XWHQWHV D FRQVXOWDV PpGLFDV H GH
HQIHUPDJHP DWUDYpV GDV 8QLGDGHV /RFDLV GH 6D~GH GD 6&0/ H HP VLWXDo}HV H[FHFLRQDLV
DR DFHVVR JUDWXLWR D PHGLFDPHQWRV FRPSDUWLFLSDGRV SHOR 616 DVVXPLQGR D 0LVHULFyUGLD R
SDJDPHQWR GD SDUWH QmR FRPSDUWLFLSDGD 1R ILQDO GH R Q~PHUR WRWDO GH FDUW}HV GH
VD~GH YiOLGRV DVFHQGLD DRV WHQGRVH YHULILFDGR XP DFUpVFLPR GH FDUW}HVUHODWLYDPHQWHDRDQRDQWHULRU(VWHIDFWRGHYHVHSULQFLSDOPHQWHjVUHJXODUL]Do}HV
GDVVLWXDo}HVGRVXWHQWHVTXHWLQKDPDFRPSDQKDPHQWRGHVD~GHPDVQmRWLQKDPDWULEXtGR
RUHVSHWLYRFDUWmR
2 DORMDPHQWR HP SHQV}HV DVVXPH FDUiFWHU WUDQVLWyULR XPD YH] TXH R REMHWLYR GR DSRLR
SUHVWDGR SDVVD SRU LQWHUYLU GH IRUPD D FULDU PHFDQLVPRV HVWiYHLV GH LQVHUomR VRFLDO GRV
LQGLYtGXRVTXHVHHQFRQWUDPVHPDOWHUQDWLYDKDELWDFLRQDO2Q~PHURGHXWHQWHVDEUDQJLGRV
GLPLQXLXHRQ~PHURGHGRUPLGDVIDFWRMXVWLILFDGRSRUXPDPDLRUUDFLRQDOLGDGH
QD XWLOL]DomR GHVWH UHFXUVR DVVRFLDGR D XPD PDLRU DGHTXDELOLGDGH GH RXWUDV UHVSRVWDV
LQWHUQDVj6&0/$GLPLQXLomRGHJDVWRVQmRDFRPSDQKRXDGHVFLGDGRQ~PHURGH
GRUPLGDV GHYLGR DR DXPHQWR GR FXVWR GD GLiULD YHULILFDGD HP 6HWHPEUR GH DXPHQWRGR,9$HPSS
$6&0/WHPWDPEpPFRPRPLVVmRJDUDQWLUDVFRQGLo}HVGHGLJQLGDGHQDPRUWHGDVSHVVRDV
PDLV YXOQHUiYHLV GH DFRUGR FRP RV YDORUHV HVSLULWXDLV GH FDGD SHVVRD H DVVHJXUDU D
UHDOL]DomR GRV VHUYLoRV I~QHEUHV (PERUD R Q~PHUR GH IXQHUDLV UHDOL]DGRV HP WHQKD
FUHVFLGRDSHQDVYHULILFDVHXPLQFUHPHQWRGHQRYDORUPpGLRSRUIXQHUDOGHYLGR
DRDXPHQWRGR,9$HGRFXVWRGDSUHVWDomRGHVHUYLoRV
y
$SRLDU R GHVHQYROYLPHQWR GH FRPXQLGDGHV XUEDQDV PDUJLQDOL]DGDV FRP SDUWLFXODU
LQFLGrQFLD GH SUREOHPiWLFDV VRFLDLV GH H[FOXVmR VRFLDO SURPRYHQGR LQLFLDWLYDV H GLQkPLFDV
GHGHVHQYROYLPHQWRORFDO3URMHWRVGHLQWHUYHQomRORFDO
'H IRUPD D LQYHUWHU RV SURFHVVRV JHUDGRUHV GH SREUH]D H GH H[FOXVmR HP WHUULWyULRV
XUEDQRV HVSHFtILFRV D 6&0/ WHP YLQGR D GHVHQYROYHU PRGHORV GH LQWHUYHQomR SURMHWRV H
DWLYLGDGHV FRPR SURPRWRUD RX LQWHJUDQGR LQLFLDWLYDV GH RXWURV DWRUHV $ LQWHUYHQomR QR
kPELWRGRGHVHQYROYLPHQWRORFDOWHPH[LJLGRDFRQVWUXomRGHSURMHWRVLQWHJUDGRVDVVHQWHV
QXPD YLVmR HVWUDWpJLFD GH WUDEDOKR HP UHGH SDUWLFLSDomR RWLPL]DomR H PRELOL]DomR GH
UHFXUVRVHQGyJHQRVHH[yJHQRV.
4XDGUR3URMHWRVGH,QWHUYHQomR/RFDO
(P YHULILFDUDPVH WD[DV GH UHDOL]DomR GH TXDQWR DR Q~PHUR GH VHUYLoRV GH
DSRLR FRPXQLWiULR H DR Q~PHUR GH ]RQDV GH LQWHUYHQomR 2 Q~PHUR PpGLR GH XWHQWHV
UHJLVWDXPDWD[DGHUHDOL]DomRGHVLWXDQGRVHRQ~PHURWRWDOGHSDUFHLURVHRQ~PHUR
GHUHVSRVWDVFULDGDVQRVHUHVSHWLYDPHQWH
1D =RQD 1RUWH GLVWLQJXHVH R WUDEDOKR GHVHQYROYLGR SHOR 3URMHWR GH 'HVHQYROYLPHQWR
&RPXQLWiULR GD $PHL[RHLUD 3'&$ QR kPELWR GR 3URJUDPD GH 'HVHQYROYLPHQWR
&RPXQLWiULR 8UEDQR ± .¶&,'$'( DR DEULJR GR DFRUGR GH SDUFHULD HQWUH D 6&0/ H D
)XQGDomR$JD.KDQ)$.0DQWHYHVHFRPRDOYRGHLQWHUYHQomRDSRSXODomRUHVLGHQWHQD
IUHJXHVLD GD $PHL[RHLUD SDUWLFXODUPHQWH DV EROVDV GH SRSXODomR PDLV YXOQHUiYHO
FRQFHQWUDGDVQmRVyQDViUHDVGHUHDORMDPHQWRVRFLDOPDVWDPEpPQRVEDLUURVGD7RUULQKD
*UDIDQLOH$OWRGR&KDSHOHLURQDVYLODVGDV*DOLQKHLUDVHQD]RQDKLVWyULFDGDIUHJXHVLD
(PHVWHSURMHWRGHVHQYROYHXXPFRQMXQWRYDVWRGHDWLYLGDGHVGHTXHVHGHVWDFDP
R 1~FOHR (PSUHHQGHGRU /LJDWH FXMDV Do}HV HQYROYHUDP SHVVRDV H PRELOL]DUDP D
FRODERUDomR YROXQWiULD GH HQWLGDGHV R (VSDoR &LGDGDQLD GH DSRLR D UHVSRVWDV GH
VXSRUWHDRFLGDGmRHjFRPXQLGDGHYLVDQGRDLQIRUPDomRFDSDFLWDomRH
y
UHIRUoR GH FRPSHWrQFLDV WHQGR HQYROYLGR SHVVRDV EHQHILFLiULDV GDV GLYHUVDV Do}HV
GHVHQYROYLGDVR(VSDoR'LJLWDOTXHSURFXUDSURPRYHUHIDFLOLWDUDDSUR[LPDomRGR FLGDGmR
j VRFLHGDGH GD LQIRUPDomR HQTXDQWR HVWUDWpJLD GH LQFOXVmR VRFLDO WHQGR EHQHILFLDGR GDV
Do}HVSURPRYLGDVSHVVRDV
1D=RQD2ULHQWDOR7UDEDOKR&RPXQLWiULRHVWiLQWHJUDGRHP&HQWURVFRPRXWUDVYDOrQFLDV
&HQWURGH'HVHQYROYLPHQWR&RPXQLWiULRGR%DLUURGRV/yLRV&HQWUR6RFLDO&RPXQLWiULRGR
%DLUURGD)ODPHQJDH&HQWURGH3URPRomR6RFLDOGD352'$&RXUHVXOWDGDLQWHJUDomRGRV
WpFQLFRV GR $WHQGLPHQWR QDV GLQkPLFDV ORFDLV GH SDUFHULD GH TXH p H[HPSOR R (VSDoR
6DEHUHV H D 5HGH /DUDQMHLUDV 0DFKDGR (P IRL GDGD FRQWLQXLGDGH DRV REMHWLYRV
GHILQLGRVHP VHQGRGHGHVWDFDURV VHJXLQWHVSURMHWRV ,QWHUFkPELR,QWHUQDFLRQDOGH
-RYHQV &RQVHOKR 0DUYLOHQVH SURPRYLGR SHOD -XQWD GH )UHJXHVLD GH 0DUYLOD 3DUFHULDV QR
SURMHWR %,3=,3 %DQFR GR 7HPSR +RUD GD 7URFD /DYDQGDULD 6RFLDO 6HUYLoR GH $SRLR j
&RPXQLGDGH%DQFRGH5RXSD'RPpVWLFDH3HTXHQR0RELOLiULR&ULDomRGHXPD$VVRFLDomR
,QWHUJHUDFLRQDO 3DUFHULD QR SURMHWR GH 9ROXQWDULDGR ,QWHUJHUDFLRQDO GH 3UR[LPLGDGH QXPD
SDUFHULDGD6&0/FRPD$VKRNDDRQtYHOGDIRUPDomRHPHPSUHHQGHGRULVPRMRYHPHDSRLR
DSURMHWRV
1D]RQD6XO2ULHQWDOD(TXLSDGH,QWHUYHQomR&RPXQLWiULDSDUDR9DOHGH&KHODV(,&GHX
FRQWLQXLGDGH j LPSOHPHQWDomR GR 3URJUDPD GH 'HVHQYROYLPHQWR &RPXQLWiULR 8UEDQR ±
.¶&,'$'( QRV PLFUR WHUULWyULRV UHSDUWLGRV SHODV IUHJXHVLDV GH 6mR -RmR H %HDWR HP
EDLUURV RQGH UHVLGH PDLRULWDULDPHQWH SRSXODomR GR DQWLJR %DLUUR GD &XUUDOHLUD 'XUDQWH R
DQR GH D DWLYLGDGH GD (,& IRL HVWUXWXUDGD HP GLPHQV}HV )RUWDOHFLPHQWR GDV
2UJDQL]Do}HVGH%DVH/RFDODWUDYpVGDUHFRQVWLWXLomRGHJUXSRVIRUPDLVRXLQIRUPDLVGH
PRUDGRUHVGDGLQDPL]DomRGRDVVRFLDWLYLVPRGHVSRUWLYRORFDOHGRGHVHQYROYLPHQWRGHXP
SODQR GH FDSDFLWDomR GH RUJDQL]Do}HV GH EDVH ORFDO 5HIRUoR GD 5HGH GH 3DUFHLURV
DWUDYpVGRVSURMHWRV5HGHGH3DUFHULDVH6LVWHPDGH,QIRUPDomR*HRJUiILFD&RPXQLWiULR
)RUPDomR3DUHQWDODWUDYpVGRUHLQtFLRGDV6HVV}HVVHPDQDLVSDUDD,QWHUYHQomR3UHFRFHQD
3ULPHLUD,QIkQFLD(GXFDomRDWUDYpVGDFRQWLQXLGDGHGHLPSOHPHQWDomRGHDXODVGH-XGR
QD&UHFKH0LVVmR1RVVD6HQKRUDH(VFROD(%'XDUWH3DFKHFRHGDLQWHJUDomRGR.&LGDGH
QRUHVSHWLYRyUJmRGH*HVWmR(VFRODU
$VVHJXUDURIXQFLRQDPHQWRGHXPDHTXLSDGHUXDSURPRYHQGRDDSUR[LPDomRGRVVHUYLoRV
jVSHVVRDVHPVLWXDomRJUDYHGHH[FOXVmRVRFLDO
y
$(TXLSDGH5XDGHVHQYROYHXPFRQMXQWRGHDWLYLGDGHVGLULJLGDVD3HVVRDV6HP$EULJRQD
UXDRIHUHFHQGRXPDWHQGLPHQWRGHOLQKDFRPRREMHWLYRGDVXDDGHVmRHHQYROYLPHQWR
QXP SURFHVVR FRQGXFHQWH j VDtGD GD VLWXDomR GH VHPDEULJR $WUDYpV GR HVWDEHOHFLPHQWR
GXPD UHODomR GLDORJDQWH H SRWHQFLDGRUD GD FRQILDQoD SURFXUD FRQKHFHU D VXD VLWXDomR H
PRWLYDU HVWD SRSXODomR SDUD XP DWHQGLPHQWR GH OLQKD QRPHDGDPHQWH SDUD
DWHQGLPHQWRV LQGLYLGXDLV HRX VHVV}HV VHPDQDLV GH DSRLR *UXSR $EHUWR GR 6HUYLoR GH
(PHUJrQFLD6RFLDO
'XUDQWH D (TXLSD HVWDEHOHFHX FRQWDWRV WD[D GH UHDOL]DomR GH QDV
DERUGDJHQVGHUXDUHDOL]DGDVGXDVYH]HVSRUVHPDQDWHQGRVLGRFRQWDWDGDVSHVVRDV
TXH VH HQFRQWUDYDP QD UXD H HIHWXDGR R DFRPSDQKDPHQWR SVLFRVVRFLDO D SHVVRDV
9HULILFRXVHXPGHFUpVFLPRQRQ~PHURGHHQFDPLQKDPHQWRVUHDOL]DGRVEHPFRPR
QRQ~PHURGHSHVVRDVTXHVDtUDPGDUXD
2 IDFWR GDV WD[DV GH UHDOL]DomR GD (TXLSD GH 5XD ILFDUHP DTXpP GR SODQHDGR ILFRX D
GHYHUVHQmRVyDXPDPDLRUDUWLFXODomRHQWUHDVGLIHUHQWHV(TXLSDVGH5XDTXHLQWHUYrP
QD FLGDGH R TXH SHUPLWH XPD PHOKRU GLVWULEXLomR GRV FDVRV H D UHGXomR GR Q~PHUR GH
XWHQWHVSRUHTXLSDFRPRWDPEpPDRDXPHQWRGRWHPSRSRUSHVVRDDERUGDGD
4XDGUR(TXLSDGH5XD
'XUDQWH R DQR GH VDtUDP GD UXD SHVVRDV R TXH FRUUHVSRQGH D XPD WD[D GH
UHDOL]DomRGHIDFHDRREMHWLYRHVWLSXODGRSHVVRDV
'H UHIHULU TXH QD VHTXrQFLD GD SDUWLFLSDomR GD ',($, QR 3ODQR GH &RQWLQJrQFLD SDUD D
3RSXODomR6HP$EULJRSHUDQWH2QGDVGH)ULRVDtUDPGDUXDPDLVSHVVRDV
y
$VVHJXUDUR$SRLR&RPXQLWiULRDSHVVRDVHPVLWXDomRGHH[FOXVmRVRFLDO$MXGD$OLPHQWDU
DSHVVRDV
26HUYLoRGH$SRLR&RPXQLWiULRD)DPtOLDVHP6LWXDomRGH([FOXVmR6RFLDOFRQVLVWHQRDSRLR
DR QtYHO GD VDWLVIDomR GDV QHFHVVLGDGHV EiVLFDV VXVWHQWDGR SRU XP SODQR GH LQWHUYHQomR
DGHTXDGR jV QHFHVVLGDGHV GDV IDPtOLDVLQGLYtGXRV $EUDQJH SUHVWDo}HV FRPR DOLPHQWDomR
VHUYLoR GH EDQKRV WUDWDPHQWR GH URXSD H LQWHJUDomR HP $WLYLGDGHV 2FXSDFLRQDLV
GHVHQYROYLGDV QR HVWDEHOHFLPHQWR (VWH WLSR GH DSRLR LQWHJUDGR HP UHVSRVWDV ORFDLV VXUJH
FRPR IRUPD GH HYLWDU D GHVLQVHUomR VRFLDO GRV LQGLYtGXRV FRQVWLWXLQGR XP UHFXUVR
DOWHUQDWLYRDUHVSRVWDVGHVORFDOL]DGDVGRWHUULWyULRGHSHUWHQoDGHTXHpH[HPSORR&HQWUR
GH$SRLR6RFLDOGRV$QMRV&$6$
1R 7ULPHVWUH GH HVWH WLSR GH DSRLR IRL LPSOHPHQWDGR QR &HQWUR GH 'LD GD 3HQD
DXPHQWDGRDVVLPRQ~PHURGHHVWDEHOHFLPHQWRVFRPHVWDUHVSRVWDHRQ~PHURGHXWHQWHV
DEUDQJLGRVDPERVFRPWD[DVGHUHDOL]DomRDFLPDGRV
4XDGUR$SRLR&RPXQLWiULR
(P UHJLVWRXVH XP DXPHQWR QRV SULQFLSDLV LQGLFDGRUHV GH DWLYLGDGH GHYLGR DR
FUHVFHQWH Q~PHUR GH LQGLYtGXRV H IDPtOLDV TXH YLUDP RV VHXV UHQGLPHQWRV UHGX]LGRV TXHU
SRUVLWXDo}HVGHGHVHPSUHJRHHQGLYLGDPHQWRTXHUSRUVLWXDo}HVGHUHGXomRGRYDORUGDV
SUHVWDo}HVVRFLDLV
$VVHJXUDUDUHDOL]DomR GHDWLYLGDGHVGHIpULDV FRPXWHQWHVGHGLYHUVDVYDOrQFLDVGD',$6
QRPHDGDPHQWHDWUDYpVGD&ROyQLDGH)pULDVGH6-XOLmRGD(ULFHLUD
3DUDFRQFUHWL]DomRGHDWLYLGDGHVGHIpULDVD6&0/UHFRUUHj&ROyQLDGH)pULDVGH6mR-XOLmR
GD(ULFHLUDHDXQLGDGHVKRWHOHLUDVH[WHUQDV
*OREDOPHQWH DV DWLYLGDGHV GH IpULDV GH DEUDQJHUDP PHQRV XWHQWHV GLIHUHQWHV
TXHHPVHQGRDiUHDGD,QIkQFLDH-XYHQWXGHDTXHODTXHUHJLVWRXXPDGLPLQXLomR
y
PDLV DFHQWXDGD (VWD VLWXDomR UHVXOWD GD GLPLQXLomR GD IDL[D HWiULD GDV FULDQoDV
DGPLWLGDV QD UHVSRVWD VRFLDO GH -DUGLP GH ,QIkQFLD H GD QmR SDUWLFLSDomR GR &HQWUR
0XOWLFXOWXUDO
$ GLPLQXLomR GD SDUWLFLSDomR GH XWHQWHV QD iUHD GRV ,GRVRV p UHIOH[R GR DJUDYDPHQWR GR
VHX JUDX GH GHSHQGrQFLD SULQFLSDOPHQWH QDV UHVSRVWDV VRFLDLV GH &HQWUR GH 'LD 6$' H
5HVLGrQFLD7HPSRUiULD
4XDGUR$WLYLGDGHVGH)pULDV
1RVSDVVHLRVHQDDWLYLGDGHGHIpULDVDEHUWDSDUWLFLSDUDPPDLRULWDULDPHQWHFULDQoDVMRYHQV
UHSUHVHQWDQGR H UHVSHWLYDPHQWH GR WRWDO GH XWHQWHV DEUDQJLGRV 1D DWLYLGDGH
GH IpULDV IL[DV SDUWLFLSDUDP PDLV LGRVRV UHSUHVHQWDQGR GDV SDUWLFLSDo}HV QHVWD
PRGDOLGDGH
$ &ROyQLD GH )pULDV GH 6 -XOLmR GD (ULFHLUD p XP HTXLSDPHQWR GD 0LVHULFyUGLD GH /LVERD
HVSHFLDOPHQWHYRFDFLRQDGRSDUDD UHDOL]DomRGHDWLYLGDGHVGHIpULDVGRVXWHQWHVGD6&0/
HVWDQGR LJXDOPHQWH DEHUWR D XWLOL]DGRUHV H[WHUQRV QD PRGDOLGDGH GH DFDQWRQDPHQWR (P
QD PRGDOLGDGH GH &ROyQLD )HFKDGD SDUWLFLSDUDP XWHQWHV GD 6&0/ PDLV GR
TXH HP $ PRGDOLGDGH GH $FDQWRQDPHQWR$FDPSDPHQWR DEUDQJHX XWLOL]DGRUHV
H[WHUQRV HP DFDPSDPHQWR H HP DFDQWRQDPHQWR WHQGR UHJLVWDGR XP DXPHQWR
VLJQLILFDWLYRSDUWLFLSDQWHVIDFHD1DVFROyQLDVDEHUWDVSDVVHLRVSDUWLFLSDUDP
XWHQWHV
3URPRYHU R GHVHQYROYLPHQWR GD FDSDFLWDomR SHVVRDO H GDV FRPSHWrQFLDV SDUHQWDLV GH XP
JUXSRGHPXOKHUHVFLJDQDV3URMHWR5RPL
(P R &HQWUR 0XOWLFXOWXUDO FRQWLQXRX D DSRLDU R GHVHQYROYLPHQWR GH FRPSHWrQFLDV
SHVVRDLV H IXQFLRQDLV GH PXOKHUHV GH HWQLD FLJDQD WHQGR VLGR HVWUXWXUDGRV JUXSRV GH PXOKHUHVFRPDGXUDomRGHXPWULPHVWUHDEUDQJHQGRGHVWHPRGRIRUPDQGDVGXUDQWHR
DQR GH 2 Q~PHUR GH FHUWLILFDo}HV HP FRPSHWrQFLDV EiVLFDV HP WHFQRORJLDV GD
LQIRUPDomRHFRPXQLFDomRDXPHQWRXGHSDUD
y
'XUDQWH R DQR GH HVWH SURMHWR FRQWRX FRP D SDUWLFLSDomR GH DOJXPDV HQWLGDGHV
H[WHUQDV QRPHDGDPHQWH D 0RGDWH[ &HQWUR GH )RUPDomR 3URILVVLRQDO GD ,QG~VWULD 7r[WLO
9HVWXiULR&RQIHomRH/DQLItFLRVHD$1-$)$VVRFLDomR1DFLRQDOSDUDD$omR)DPLOLDU
0DQWLYHUDPVHDVSDUFHULDVHDUWLFXODo}HVFRPRXWURVVHUYLoRVGD6&0/HQFDPLQKDPHQWR
LQWHUFkPELRGLYXOJDomRHH[SRVLomRGH³SURGXWRV´HH[SHULrQFLDVGHVLJQDGDPHQWHFRPDV
',$6/ H UHVSHWLYRV HVWDEHOHFLPHQWRV HQWUH RV TXDLV VH GHVWDFD R &HQWUR GH
'HVHQYROYLPHQWR&RPXQLWiULRGD$PHL[RHLUDQRkPELWRGR3URJUDPD.&LGDGH
$VVHJXUDU R $SRLR DR &LGDGmR DWUDYpV GH DWHQGLPHQWR LQGLYLGXDOL]DGR HVFODUHFLGR
LQIRUPDWLYRHGHRULHQWDomRHQFDPLQKDPHQWR±SHGLGRVGHLQIRUPDomR
2
$SRLR
DR
&LGDGmR
SUHVWD
XP
VHUYLoR
GH
QDWXUH]D
LQIRUPDWLYD
H
GH
RULHQWDomRHQFDPLQKDPHQWR QD iUHD GD $omR 6RFLDO IDFLOLWDGRU GD DFHVVLELOLGDGH GRV
FLGDGmRV DRV VHXV GLUHLWRV VRFLDLV DVVHJXUDGRV SRU VHUYLoRV GD 6&0/ H SHODV GLYHUVDV
HQWLGDGHV FRP UHVSRQVDELOLGDGHV QHVVH kPELWR $ VXD DWLYLGDGH GHVHQYROYHVH DWUDYpV GH
XPDWHQGLPHQWRSHUVRQDOL]DGRSRUYLDWHOHIyQLFDHVFULWDRXDWHQGLPHQWRSUHVHQFLDO
(PIRUDPUHJLVWDGRVSHGLGRVGHLQIRUPDomRGRVTXDLVIRUDPIHLWRV
YLDWHOHIRQHSRUHPDLOSUHVHQFLDOPHQWHHSRUHVFULWR
$ PDLRULD GRV RItFLRV UHVSRQGLGRV SHOR $SRLR DR &LGDGmR UHPHWH SDUD D FRQWHVWDomR GH
GHFLV}HVGD$omR6RFLDO/RFDOHSDUDDFRQFHVVmRGHDSRLRVRXDGPLVVmRHPHTXLSDPHQWRV
GHLQIkQFLD
2VSHGLGRVGHLQIRUPDomRPDLVIUHTXHQWHVUHODFLRQDUDPVHFRP(VWDEHOHFLPHQWRV6HUYLoRV
SDUD ,GRVRV LQIRUPDo}HV JHUDLV H $FROKLPHQWR )DPLOLDU SDUD ,GRVRV HRX
3HVVRDV$GXOWDVFRP'HILFLrQFLD
2 $SRLR DR &LGDGmR SURFHGHX DLQGD DR UHJLVWR H DQiOLVH HVWDWtVWLFD GDV RFRUUrQFLDV GR
SURFHVVRGHUHFODPDo}HVHPFRQIRUPLGDGHFRPR'HFUHWR/HLQGHFRP
DVDOWHUDo}HVLQWURGX]LGDVSHORV'HFUHWRV/HLQVGHGH1RYHPEURH
GHWHQGRVHUHJLVWDGRUHFODPDo}HVPHQRVGRTXHDVUHJLVWDGDVHP
7RGDV IRUDP FRQVLGHUDGRV LPSURFHGHQWHV SHOD HQWLGDGH UHJXODGRUD GR VHFWRU
GHVLJQDGDPHQWHR,QVWLWXWRGH6HJXUDQoD6RFLDO
y
$VVHJXUDUDSDUWLFLSDomRQDFRRUGHQDomRGD5HGH6RFLDODRQtYHOGD&RPLVVmR7ULSDUWLGD H
GD&RPLVVmR([HFXWLYDHDVVHJXUDUDSDUWLFLSDomRQRV1~FOHRV([HFXWLYRVHQRV*UXSRVGH
7UDEDOKR
1R kPELWR GD 5HGH 6RFLDO GH /LVERD R DQR GH IRL PDUFDGR HVVHQFLDOPHQWH SHOD
ILQDOL]DomRHQHJRFLDomRLQWHUQDGD3URSRVWDGH3ODQRGH'HVHQYROYLPHQWR6RFLDO3'6
2V 3'6 VmR LQVWUXPHQWRV IXQGDPHQWDLV GH SODQHDPHQWR H GH GHILQLomR FRQMXQWD H
QHJRFLDGDGHREMHWLYRVSULRULWiULRVSDUDDSURPRomRGR'HVHQYROYLPHQWR6RFLDO/RFDO1HVWD
OLQKD H GH DFRUGR FRP RV SURFHVVRV SDUWLFLSDWLYRV LQHUHQWHV jV PHWRGRORJLDV GH WUDEDOKR
HP UHGH IRUDP UHDOL]DGDV HP MDQHLUR VHVV}HV GH WUDEDOKR FRP DV &6)&6,)
SDUWLFLSDUDP HQWLGDGHV SDUFHLUDV QR kPELWR GDFRQVWUXomR GD $JHQGD (VWUDWpJLFD TXH
ID]SDUWHLQWHJUDQWHGD3URSRVWDGH3'6
1D6HVVmR3OHQiULDGR&RQFHOKR/RFDOGH$omR6RFLDOGH/LVERD&/$6/[UHDOL]DGDHP
MXOKR GH IRL DSUHVHQWDGD D 3URSRVWD GH 3'6 TXH ILFRX HP DSUHFLDomR GRV SDUFHLURV
DWpVHWHPEURHDJXDUGDDJHQGDPHQWRGHQRYDVHVVmRSOHQiULDSDUDDDSUHFLDomRILQDO
$LQGD DR QtYHO GR SODQHDPHQWR HVWUDWpJLFR H QDV iUHDV GH LQWHUYHQomR VHOHFLRQDGDV SHOR
3OHQiULR D 5HGH WHP FRQVWUXtGRV RV VHXV WUrV 3ODQRV HPERUD HP HVWiGLRV GLIHUHQWHV 3URSRVWD GH 3ODQR GH ,QWHUYHQomR SDUD D ÈUHD GR (QYHOKHFLPHQWR HVWD SURSRVWD YLVD D
UHRUJDQL]DomRGDUHGHGHUHVSRVWDVDUHQWDELOL]DomRGRVUHFXUVRVHDLGHQWLILFDomRGHQRYDV
UHVSRVWDVDGHTXDGDVjVQHFHVVLGDGHVORFDLV(PMDQHLURGHIRLVXEPHWLGDDDSUHFLDomR
GRV SDUFHLURV GD 5HGH HP VHVV}HV GH WUDEDOKR SDUWLFLSDGDV SRU LQVWLWXLo}HV TXH
GHVHQYROYHP LQWHUYHQomR QHVWD iUHD &RQWLQXD D DJXDUGDU DJHQGDPHQWR SDUD 3OHQiULR 3URSRVWD GR *UXSR GH 7UDEDOKR GD ÈUHD GDV &ULDQoDV HQFRQWUDVH HP IRUPDWR GH
GRFXPHQWR ± 3ROLF\ 0DNHU LQWHJUDQGR DV PHGLGDV 'LUHLWR DR 7HPSR GH 6HU &ULDQoD H
$WLYLGDGHV GH (QULTXHFLPHQWR &XUULFXODU H 'LUHLWR j 'HQXQFLD0HGLDomR H 0HFDQLVPRV GH
'HQ~QFLD H $EHUWXUD GR (VSDoR (VFROD (VWi FRQFOXtGD DJXDUGDQGR DSUHFLDomR SHOD
&RPLVVmR7ULSDUWLGD3ODWDIRUPD3HVVRD6HP$EULJRWHPYLQGRDGHVHQYROYHUDo}HVHP
SDUFHULD FRP YLVWD j RSHUDFLRQDOL]DomR GR 3ODQR GD &LGDGH SDUD D 3HVVRD 6HP $EULJR H j
FRQVWLWXLomR GR 13,6$ 1~FOHR GH 3ODQHDPHQWR ,QWHUYHQomR 6HP $EULJR GH DFRUGR FRP D
(VWUDWpJLD1DFLRQDOSDUD,QWHJUDomRGH3HVVRDV6HP$EULJR
$R QtYHO WHUULWRULDO H[LVWHP &RPLVV}HV 6RFLDLV GH )UHJXHVLD H &RPLVVmR 6RFLDO ,QWHU
)UHJXHVLDVWHQGRVLGRFRQVWLWXtGDVHPDV&6)GH6WD,VDEHOH6-RmR',$6/
y
6XO $PHL[RHLUD ',$6/ 1RUWH &DPSROLGH H $MXGD ',$6/ &HQWUR2FLGHQWDO H %HDWR
',$6/2ULHQWDO
('8&$d2)250$d2(&21+(&,0(172
2EMHWLYR 5HGX]LU SDUD D WD[D GH DEDQGRQR GH IRUPDQGRV HP SHUFXUVRV GH
(GXFDomR)RUPDomRH&HUWLILFDomR
$ LQWHUYHQomR QD iUHD GD (GXFDomR )RUPDomR H &HUWLILFDomR RSHUDFLRQDOL]DGD SHORV WUrV
&HQWURV GH )RUPDomR GD 6&0/ ± $OGHLD GH 6DQWD ,VDEHO &HQWUR 0XOWLFXOWXUDO H &HQWUR GH
(GXFDomR )RUPDomR H &HUWLILFDomR ± GHVHQYROYH SURJUDPDV HVSHFtILFRV GH FRPEDWH j
SREUH]D H H[FOXVmR VRFLDO GLULJLGRV D MRYHQV H DGXOWRV TXH VH HQFRQWUDP HP ULVFR RX
DIDVWDGRVGRPHUFDGRGHWUDEDOKR
$ LQWHUYHQomR DWXD VREUH DV FRQGLo}HV GH HPSUHJDELOLGDGH DWUDYpV GR UHIRUoR GDV
FRPSHWrQFLDVSHVVRDLVVRFLDLVHQtYHLVGHTXDOLILFDo}HVHVFRODUHVHSURILVVLRQDLVSUHYHQLQGR
RDEDQGRQRHVFRODUSUHFRFHFRQWUDULDQGRRLQVXFHVVRHVFRODUHSURPRYHQGRDIRUPDomRDR
ORQJRGDYLGDHDLQVHUomRSURILVVLRQDO
$WUDYpV GDV GLYHUVDV PRGDOLGDGHV GH IRUPDomR GHVHQYROYLGDV HP SHORV &HQWURV GH
)RUPDomR H SHOR &HQWUR 1RYDV 2SRUWXQLGDGHV IRUDP DEUDQJLGRV IRUPDQGRV WHQGR
VLGRDWULEXtGDVQRPHVPRSHUtRGRFHUWLILFDo}HVHVFRODUHVRXGXSODVFHUWLILFDo}HV
&RQVLGHUDQGR D LPSRUWkQFLD GD DYDOLDomR FRPR LQVWUXPHQWR GH PRQLWRUL]DomR GD
LQWHUYHQomRIRLFRQFOXtGRQRLQtFLRGHR(VWXGRGH$YDOLDomRGR,PSDFWRGD)RUPDomR
3URILVVLRQDO UHDOL]DGD QD 6&0/ HP WHUPRV GD 3URPRomR GD (PSUHJDELOLGDGH H GD ,QVHUomR
6RFLDO
$RIHUWDIRUPDWLYDGHVHQYROYLGDSHOD6&0/pHPSDUWHFRILQDQFLDGDSHOR,()3QRkPELWRGR
DFRUGR GH &RRSHUDomR FHOHEUDGR D GH 2XWXEUR GH &HQWUR )RUPDomR GD $6, H
SHOR 4XDGUR GH 5HIHUrQFLD (VWUDWpJLFR 1DFLRQDO 45(132+3 ± &()& ()$ (VFRODU
)RUPDomR0RGXODU&HUWLILFDGD6HU
$ 6&0/ HQTXDQWR HQWLGDGH IRUPDGRUD GHVHQYROYH DV VHJXLQWHV SDUFHULDV ,()3 $6,
&HQWURGH)RUPDomR3URILVVLRQDOGH6LQWUD$6,,QFOXL$14&HQWURGH)RUPDomR
y
3URILVVLRQDO GH /LVERD SDUD R 6HFWRU 7HUFLiULR &()& 3URJUDPD SDUD D ,QFOXVmR H
&LGDGDQLD3URJUDPD ,QWHJUDGR GH (GXFDomR H )RUPDomR &0) $JUXSDPHQWR GH (VFRODV
0DUTXHVD GH $ORUQD &()& (VFROD 0DUTXrV GH 3RPEDO &()& (VFROD %iVLFD ± 47
0DUURFRV&0)
4XDGUR$WLYLGDGHIRUPDWLYD
'HVLVWLUDPGDIRUPDomRIRUPDQGRVRTXHVHWUDGX]QXPDWD[DGHDEDQGRQRGH
VXSHUDQGRDPHWDGHGHILQLGDFRPRREMHWLYR
'RVIRUPDQGRVTXHIUHTXHQWDUDPRVGLYHUVRV&HQWURVGH)RUPDomRGD6&0/
IRUPDQGRVIRUDPHQFDPLQKDGRVSHOD$omR6RFLDO/RFDOVXSHUDQGRRREMHWLYR
HVWDEHOHFLGRSDUD
4XDOLILFDUHFHUWLILFDUHVFRODUHSURILVVLRQDOPHQWHMRYHQVIRUPDQGRVQtYHLV,H,,HDQR
GHHVFRODULGDGH$6,IRUPDQGRV
$ RIHUWD IRUPDWLYD GR &HQWUR GH )RUPDomR 3URILVVLRQDO GD $OGHLD GH 6DQWD ,VDEHO LQWHJUD
FXUVRV GH HGXFDomR H IRUPDomR GH QtYHO , H ,, TXH DR DEULJR GR 'HVSDFKR 1RUPDWLYR
Q GH GH 6HWHPEUR FRQIHUHP D HTXLYDOrQFLD HVFRODU DR H DQRV GH
HVFRODULGDGH H DR QtYHO , H ,, (8 GH IRUPDomR SURILVVLRQDO (VWDV Do}HV GH IRUPDomR
RUJDQL]DGDVHPDo}HVHFXUVRV IRUDPIUHTXHQWDGDVSRUIRUPDQGRVWHQGRDVGH
QtYHO,VLGRILQDOL]DGDVSRUIRUPDQGRVHDVGHQtYHO,,SRUIRUPDQGRVHVWHV
y
~OWLPRVWHQGRREWLGRDGXSODFHUWLILFDomR$WD[DGHDEDQGRQRIRLGHWHQGRRQtYHO,,
UHSUHVHQWDGRGRVDEDQGRQRVFRQWUDRVGRDQRDQWHULRU
4XDGUR)RUPDomR$6,
'RVIRUPDQGRVTXHFRQFOXtUDPDVDo}HVGHQtYHO,,ILFDUDPFRORFDGRVHPHPSUHJRV
GRV TXDLV QD VXD iUHD GD IRUPDomR YHULILFDQGRVH XPD HYROXomR SRVLWLYD GD WD[D GH
LQWHJUDomRVRFLRSURILVVLRQDOHPUHODomRDRDQRDQWHULRUSDUD
2SURFHVVRGHVHOHomR HQYROYHXXPWRWDOGHFDQGLGDWRVWHQGRVLGRFRQFOXtGRSRU
FDQGLGDWRV GRV TXDLV IRUDP DGPLWLGRV QmR UHXQLDP FRQGLo}HV SDUD DGPLVVmR $
VLWXDomRGHGHVLVWrQFLDQRSURFHVVRGHVHOHomRFRQWLQXDDUHIOHWLUDGLILFXOGDGHGHDGDSWDomR
GRV IRUPDQGRV D XP FRQWH[WR GH IRUPDomR H[LJHQWH TXH HVWDEHOHFH SRU XP ODGR D
DTXLVLomR GH UHJUDV GH FRQGXWD VRFLDO D TXH PXLWRV QmR HVWmR KDELWXDGRV H SRU RXWUR D
DTXLVLomR GH FRQKHFLPHQWRV WpFQLFRV H HVFRODUHV SDUD D TXDO p QHFHVViULD XPD
SUHGLVSRVLomRSDUDDDSUHQGL]DJHP
4XDOLILFDU H FHUWLILFDU HVFRODU H SURILVVLRQDOPHQWH MRYHQV FRP GLILFXOGDGHV GH DGDSWDomR
HVFRODU H VRFLDO GH GLIHUHQWHV HWQLDV RX FXOWXUDV &HQWUR 0XOWLFXOWXUDO GH )RUPDomR IRUPDQGRV
2 &HQWUR 0XOWLFXOWXUDO &0 LQWHUYpP QD iUHD GD (GXFDomR )RUPDomR H &HUWLILFDomR GH
MRYHQV GH DPERV RV VH[RV GRV DRV DQRV &RP XPD RIHUWD IRUPDWLYD YDULDGD R &0
FRQWLQXRX HP D DSRVWDU HP FXUVRV FRP HTXLYDOrQFLD DR DQR GH HVFRODULGDGH H
LQLFLRXSHODSULPHLUDYH]XPFXUVRFRPHTXLYDOrQFLDDRDQRGHHVFRODULGDGH
y
1RkPELWRGD(GXFDomR)RUPDomRIRUDPGHVHQYROYLGRVRVFXUVRVGH&R]LQKDH,QVWDODomRH
2SHUDomR GH 6LVWHPDV ,QIRUPiWLFRV WHQGR VLGR PLQLVWUDGRV QD PHGLGD 3,() RV FXUVRV GH
3DVWHODULDH&DUSLQWHLURGH/LPSRV&RPHTXLYDOrQFLDDRDQRIRLPLQLVWUDGRRFXUVRGH
,QVWDODomRH0DQXWHQomRGH6LVWHPDV,QIRUPiWLFRV
7HQGR HP YLVWD R WUDEDOKR GH FRPSHWrQFLDV SHVVRDLV VRFLDLV H HPSUHHQGHGRUDV R &0
RIHUHFHDLQGDIRUPDomRQmRFHUWLILFDGDQRPHDGDPHQWHD3Up3URILVVLRQDOL]DomRHR3URMHWR
5RPLGHVWLQDGRDPXOKHUHVFLJDQDVHWHPHPFXUVRGRLVSURMHWRV3URMHWR<H3URMHWRGH
(GXFDomRSDUDR(PSUHHQGHGRULVPR
4XDGUR&HQWUR0XOWLFXOWXUDOGH)RUPDomR
'RWRWDOGHIRUPDQGRVIUHTXHQWDUDPDIRUPDomRFHUWLILFDGD(GXFDomR)RUPDomRH
3,()HDIRUPDomRQmRFHUWLILFDGD3UpSURILVVLRQDOL]DomRH3URMHWR
y
5RPL 'H UHIHULU TXH IRUPDQGRV FRQFOXtUDP FRP r[LWR R VHX SHUFXUVR IRUPDWLYR
DWLQJLQGRDGXSODFHUWLILFDomRHVFRODUHRILFLQDO
1R SHUFXUVR IRUPDWLYR GH (GXFDomR)RUPDomR UHJLVWRXVH XP DXPHQWR GD FDSDFLGDGH
GHYLGRDRGHVHQYROYLPHQWRGRFXUVRGHQtYHO,9QDiUHDGDLQIRUPiWLFD)UHTXHQWDUDPHVWH
WLSR GH IRUPDomR IRUPDQGRV GHVLVWLUDP H FRQFOXtUDP FRP r[LWR GRV TXDLV REWLYHUDPFRORFDomRSURILVVLRQDO
)UHTXHQWDUDP D 0HGLGD 3,() &RPSRQHQWH 2ILFLQDO IRUPDQGRV GHVLVWLUDP H
FRQFOXtUDPFRPr[LWRGRVTXDLVREWLYHUDPFRORFDomRSURILVVLRQDO)DFHDpGH
UHDOoDU R VLJQLILFDWLYR GHFUpVFLPR UHJLVWDGR QD WD[D GH DEDQGRQR GH SDUD TXH
FRQWULEXLXSDUDRDXPHQWRH[SUHVVLYRGRQGHFRQFOXV}HVFRPr[LWRHGRQGH
FRORFDo}HVSURILVVLRQDLV
&RQFOXtUDPDIRUPDomRQmRFHUWLILFDGDIRUPDQGRVGRVTXDLVGD3Up3URILVVLRQDOL]DomR
TXHWUDQVLWDUDPSDUDDPHGLGD3,()HGR3URMHWR5RPL
'HVHQYROYHUDHVWUDWpJLDGHHGXFDomRIRUPDomRGHDGXOWRVFRPRPHLRHIHWLYRGHSURPRomR
GD HPSUHJDELOLGDGH DWUDYpV GD FHUWLILFDomR HVFRODU H SURILVVLRQDO GH DGXOWRV FXUVRV ()$
QtYHO,,IRUPDQGRVH()$B%(VFRODUIRUPDQGRV&()&2),3
'HVGHD2),3WHPYLQGRDGHVHQYROYHUFXUVRVGH(GXFDomRH)RUPDomRGH$GXOWRV
()$ GH QtYHO EiVLFR HP TXDWUR iUHDV $JHQWH HP *HULDWULD $FRPSDQKDQWH GH &ULDQoDV
&DEHOHLUHLURD H &R]LQKHLURD (P D 2),3 DODUJRX HVWD RIHUWD DR QtYHO VHFXQGiULR GH
HGXFDomR WHQGR LQLFLDGR XP FXUVR ()$ GH GXSOD FHUWLILFDomR QD iUHD GH 7pFQLFR GH $omR
(GXFDWLYD67LSR$
'HVGH D 2),3 LQWHJUD DLQGD XP FXUVR ()$ % (VFRODU H[FOXVLYDPHQWH HVFRODU
SURFXUDQGR IDFLOLWDU R DFHVVR D IRUPDomR SURILVVLRQDO RX PHVPR j HPSUHJDELOLGDGH GLUHWD
GDU UHVSRVWD D QHFHVVLGDGHV GH IRUPDomR LGHQWLILFDGDV HP FRQWH[WR GH 59& DXPHQWDU D
TXDOLILFDomRGDVSHVVRDVHSRWHQFLDUDVXDFDSDFLWDomRHDXWRQRPLD
(PHVWLYHUDPHPIXQFLRQDPHQWRDo}HVGHIRUPDomRGLVWULEXtGDVSRUSHUFXUVRV
GLVWLQWRVIRUPDomRHVFRODU()$%FXUVRV()$%DFRPSDQKDQWHGHFULDQoDVFDEHOHLUHLUR
FR]LQKHLURHDJHQWHHPJHULDWULDH1tYHO6HFXQGiULRWpFQLFRGHDomRHGXFDWLYD
4XDGUR&XUVRV()$%%H6HFXQGiULR
y
$ PRGDOLGDGH ()$ % UHSUHVHQWRX SDUD RV IRUPDQGRV TXH FRQFOXtUDP FRP GXSOD
FHUWLILFDomR XPD RSRUWXQLGDGH UHDO GH SURJUHVVmR HVFRODU DR QtYHO GR FLFOR GR (QVLQR
%iVLFR DQR H XPD TXDOLILFDomR SURILVVLRQDO GH QtYHO UHFRQKHFLGD SHOR PHUFDGR GH
HPSUHJR
,PSRUWD UHIHULU TXH GRV IRUPDQGRV TXH IUHTXHQWDUDP DV Do}HV ()$ DSHQDV IRUPDQGRVQmRREWLYHUDPDGXSODFHUWLILFDomRILFDQGRFRPFHUWLILFDo}HVSDUFLDLV
'R WRWDO GH IRUPDQGRV TXH IUHTXHQWDUDP R FXUVR ()$ % (VFRODU FRQFOXtUDP FRP
r[LWRUHVXOWDGREDVWDQWHVDWLVIDWyULRFRQVLGHUDQGRTXHVHWUDWDGHXPDSRSXODomRFRPPDLV
GLILFXOGDGHVVRFLDLVDVVRFLDGDV
'RVIRUPDQGRVTXHFRQFOXtUDPDIRUPDomR()$%REWLYHUDPHPSUHJRGRVTXDLV
QDVXDiUHDGHIRUPDomR
'HVHQYROYHU Do}HV GH )RUPDomR 0RGXODU &HUWLILFDGD IRUPDQGRV H )RUPDomR 0RGXODU
QmR&HUWLILFDGDIRUPDQGRV&()&2),3
$V Do}HV GH FXUWD GXUDomR QDV YHUWHQWHV GH )RUPDomR 0RGXODU &HUWLILFDGD )0& H
)RUPDomR 0RGXODU 1mR &HUWLILFDGD )01& IRUDP GHVHQYROYLGDV VHJXQGR R 0RGHOR *HUDO
Do}HVLVRODGDVHR0RGHOR,QWHJUDUSHUFXUVRVLQWHJUDQGRYiULRVPyGXORV
$)RUPDomR 0RGXODU&HUWLILFDGDWHPVLGRFRQYHUWLGDHPDOJXPDVVLWXDo}HV HP)RUPDomR
0RGXODU1mR&HUWLILFDGDSRU VHYHULILFDUTXHDPDLRULDGRVLQVFULWRVQmRGHWpP RSHUILOGH
FRPSHWrQFLDVEiVLFDVFRPSDWtYHOFRPDRUJDQL]DomRHFDUDFWHUtVWLFDV
y
GD )RUPDomR 0RGXODU &HUWLILFDGD (VWH SURFHGLPHQWR SURFXUD UHIRUoDU R WUHLQR GH
FRPSHWrQFLDV SDUD DTXHOHV FXMR SHUILO GH HQWUDGD HVWi DTXpP GDV competências formais e
garantir uma oferta enquadrável no 6LVWHPD1DFLRQDOGH4XDOLILFDo}HVTXHSRVVLELOLWHDREWHQomR
GHXPDHTXLYDOrQFLDHVFRODUGH1tYHO%%RX%
4XDGUR)RUPDomR0RGXODU
(P IRUDP GHVHQYROYLGDV Do}HV ILQDQFLDGDV QR kPELWR GR 323+ HQYROYHQGR
IRUPDQGRV7HQGRHPFRQWDTXHSHODQDWXUH]DGHVWDIRUPDomRDPHVPDSHVVRDSRGH
IUHTXHQWDU HP VLPXOWkQHR RX QXP FXUWR HVSDoR GH WHPSR YiULRV PyGXORV RV IRUPDQGRVFRUUHVSRQGHPDLQGLYtGXRVGLIHUHQWHV
$)0&UHSUHVHQWDGDDWLYLGDGHIRUPDWLYD)UHTXHQWDUDPD)0&IRUPDQGRVWHQGR
FRQFOXtGRFRPDSURYHLWDPHQWRHGHVLVWLGR
$ )01& IRL IUHTXHQWDGD SRU IRUPDQGRV FRQFOXtUDP FRP DSURYHLWDPHQWR H
GHVLVWLUDP2HOHYDGRQGHGHVLVWrQFLDVGHYHVH HVVHQFLDOPHQWH DLQFRPSDWLELOLGDGHV
KRUiULDVHQWUHIRUPDomRHSURILVVmRHDSUREOHPDVGHVD~GH
y
$OIDEHWL]DomR
1R kPELWR GR UHIRUoR H DTXLVLomR GH FRPSHWrQFLDV EiVLFDV FRP YLVWD j SURPRomR GH XPD
SDUWLFLSDomR DWLYD GRV DGXOWRV HP GLIHUHQWHV FRQWH[WRV GD VXD YLGD TXRWLGLDQD UHDOL]DUDP
VH Do}HV GH DOIDEHWL]DomR HP SDUFHULD FRP D (VFROD 0DUTXHVD GH $ORUQD (VWDV Do}HV
GHFRUUHUDPDWpDRILQDOGRDQROHWLYRQRkPELWRGRHQVLQRH[WUDHVFRODUSDVVDQGR
DSDUWLUGRDQROHWLYRHPFXUVRDIXQFLRQDUQRTXDGURGR3URJUDPDGH)RUPDomR
HP&RPSHWrQFLDV%iVLFDV
1DVHTXrQFLDGDVXVSHQVmRGRSURJUDPDGHIRUPDomRMiKRPRORJDGRDQtYHOGR0LQLVWpULR
GD (GXFDomR H D FRQVHTXHQWH QmR FRORFDomR GH SURIHVVRUHV QmR IRL SRVVtYHO PDQWHU HP
IXQFLRQDPHQWRJUXSRVGHIRUPDomRFRQIRUPHSODQHDGRWHQGRLQLFLDGRDSHQDVJUXSRMi
QR ~OWLPR WULPHVWUH GR DQR (VWD VLWXDomR MXVWLILFD DV EDL[DV WD[DV GH UHDOL]DomR IDFH DRV
REMHWLYRVSODQHDGRV
4XDGUR$o}HVGH$OIDEHWL]DomR)RUPDomRHP&RPSHWrQFLDV%iVLFDV
(PIRUDPUHDOL]DGDVDo}HVQRkPELWRGRHQVLQRH[WUDHVFRODUHQRkPELWRGR
3URJUDPDGH)RUPDomRHP&RPSHWrQFLDV%iVLFDV1RWRWDOGDVDo}HVIRUDPDEUDQJLGRV
IRUPDQGRVGRVTXDLVFRQFOXLXFRPr[LWRHGHVLVWLUDP
$SRLDU D LQVHUomR VRFLDO GH SHVVRDV HP VLWXDomR GH H[FOXVmR SURPRYHQGR R
GHVHQYROYLPHQWR GDV VXDV FRPSHWrQFLDV SHVVRDLV VRFLDLV H HVFRODUHV DWUDYpV GH XP
SURJUDPDGHIRUPDomREDVH&()&6HUDGXOWRV
2 SURMHWR 6HU HQTXDQWR SHUFXUVR GH HGXFDomRIRUPDomR GLULJHVH D SHVVRDV FRP
SDUWLFXODUHVGLILFXOGDGHVGHLQVHUomRVRFLRSURILVVLRQDO2SHUFXUVRSHGDJyJLFRWHPDGXUDomR
GHPHVHVFRQWHPSODRUHIRUoRGHFRPSHWrQFLDVHVFRODUHVHHQIDWL]DRGHVHQYROYLPHQWR
SHVVRDO H VRFLDO 2V IRUPDQGRV WrP DLQGD D RSRUWXQLGDGH GH UHDOL]DU XP HVWiJLR HP
FRQWH[WR UHDOGHWUDEDOKRWHQGR HPYLVWDDGHILQLomRGHXPDHVWUDWpJLDLQGLYLGXDOL]DGDGH
DERUGDJHPHSUHSDUDomRSDUDDLQVHUomRVRFLRSURILVVLRQDO
y
4XDGUR3URMHWR6HU
(PIRUDPFRQFOXtGDVDVDo}HVLQLFLDGDVHPHGLomRHIRLGDGRLQtFLRDPDLV
Do}HVHGLomR
$VDo}HVGHIRUPDomRUHDOL]DGDVDEUDQJHUDPIRUPDQGRVHIRUDPGDGDVKRUDVGH
IRUPDomR R TXH FRUUHVSRQGH D WD[DV GH UHDOL]DomR IDFH DR SODQHDGR GH H UHVSHWLYDPHQWH &RQFOXtUDP D IRUPDomR IRUPDQGRV GHVLVWLUDP H FRQWLQXDP HP
IRUPDomR
$DYDOLDomRGRV UHVXOWDGRVGDDomR HQTXDQWRSURMHWRH RHVWXGRGH)RORZXS
UHDOL]DGR D H[IRUPDQGRV FRPSURYDUDP D DGHTXDELOLGDGH GR PRGHOR IRUPDWLYR DR SHUILO
QHFHVVLGDGHVHH[SHFWDWLYDVGRS~EOLFRDOYR
$SRLDU H SURPRYHU D H[SHULrQFLD GD ,1&/8, (PSUHVD GH ,QVHUomR GH 7UDEDOKR TXH
IXQFLRQDQGR GH DFRUGR FRP PRGHORV GH JHVWmR HPSUHVDULDO DSRLD R GHVHQYROYLPHQWR GD
DXWRQRPLD GH FRPSHWrQFLDV SHVVRDLV VRFLDLV H SURILVVLRQDLV H D FRQVROLGDomR GH
FRQKHFLPHQWRV$6,
$DWLYLGDGHGD,1&/8,HVWiHVWUXWXUDGDHPWUrViUHDVGLVWLQWDV(OHWULFLGDGHGH(GLILFDo}HV
3LQWXUDGH&RQVWUXomR&LYLOH5HVWDXUR-DUGLQDJHPH(VSDoRV9HUGHV7HPFRPRREMHWLYRR
IXQFLRQDPHQWR QR PHUFDGR GH WUDEDOKR SUHVWDQGR VHUYLoRV D ,QVWLWXLo}HV (PSUHVDV
3DUWLFXODUHV H D VHUYLoRV GD 6&0/ &DGD iUHD SURILVVLRQDO WHP DIHWRV SRVWRV GH WUDEDOKR
SDUD MRYHQV HP SURFHVVR GH SURILVVLRQDOL]DomR H LQVHUomR VyFLRODERUDO WRWDOL]DQGR SRVWRVGHWUDEDOKRFULDGRV
(P D IDWXUDomR WRWDO GD HPSUHVD IRL GH ¼ FRPSDUDWLYDPHQWH D
$ iUHD GD MDUGLQDJHP H HVSDoRV YHUGHV FRQWLQXD D VHU D PDLV VROLFLWDGD H D
UHSUHVHQWDUDPDLRUTXDQWLGDGHGHWUDEDOKRVHIHWXDGRVHYROXPHGHIDWXUDomR$iUHDGD
y
HOHWULFLGDGH GH HGLILFDo}HV p D TXH WHP PHQRV SURFXUD H DSUHVHQWD R PHQRU YROXPH GH
IDWXUDomR
'HVHQYROYHU R 6HUYLoR GH ,QIRUPDomR H 2ULHQWDomR QD iUHD GD (GXFDomR H )RUPDomR GH
$GXOWRV&()&&12H2),3
$DWLYLGDGHGR)URQW2IILFHWHPSRUREMHWLYRRDFROKLPHQWRWULDJHPHHQFDPLQKDPHQWRGH
DGXOWRVTXHVHGLULJHPDR&()&SDUDSURFHVVR59&&RXRIHUWDIRUPDWLYDGHDFRUGRFRPRV
VHXVLQWHUHVVHVHSHUILOGHFRPSHWrQFLDV
4XDGUR)URQW2IILFH
(PYHULILFDUDPVHVLQDOL]Do}HVWUDGX]LQGRVHQXPDWD[DGHUHDOL]DomRGH
WHQGRDV sinalizações da Ação Social Local representado 89% do total.
)RUDP DWHQGLGRV H HQFDPLQKDGRV FDQGLGDWRV FRUUHVSRQGHQGR D XPD WD[D GH
UHDOL]DomR GH 'R WRWDO GH HQFDPLQKDPHQWRV IRUDP SDUD UHVSRVWDV IRUPDWLYDV
GD6&0/
5HFRQKHFHU YDOLGDU H FHUWLILFDU DV FRPSHWrQFLDV DGTXLULGDV DR ORQJR GD YLGD DWUDYpV GR
&()&&12SHVVRDVHPSURFHVVRHFHUWLILFDo}HV
1R &HQWUR GH 1RYDV 2SRUWXQLGDGHV &12 VmR UHFRQKHFLGDV YDOLGDGDV H FHUWLILFDGDV DV
FRPSHWrQFLDV DGTXLULGDV DR ORQJR GD YLGD 2 59&& WHP YLQGR D UHJLVWDU XPD GLPLQXLomR
TXHUGDSURFXUDTXHUGHFDQGLGDWRVFRPSHUILODGHTXDGRDRSURFHVVR9HULILFDVHFRQWXGR
XPQ~PHURVLJQLILFDWLYRGHSHVVRDVHQFDPLQKDGDVSHOD$omR6RFLDOFRPSHUFXUVRIRUPDWLYR
GHILQLGR QD DWLYLGDGH GLDJQyVWLFD GHVHQYROYLGD QR kPELWR GD RULHQWDomR HVFRODU H
SURILVVLRQDO
y
4XDGUR&12
(P WHUPRV JOREDLV IRUDP DFRPSDQKDGRV QR &12 IRUPDQGRV GRV TXDLV WLQKDP
SHUFXUVR GH TXDOLILFDomR GHILQLGR H HQFRQWUDYDPVH HP 3URFHVVR 59&& )RUDP
DWULEXtGDVFHUWLILFDo}HVVHQGRWRWDLVHSDUFLDLV
$VVHJXUDURIXQFLRQDPHQWRGHVDODVGHFRPSXWDGRUHVLQWHJUDGDVHPHVWDEHOHFLPHQWRVH
DEHUWDV j FRPXQLGDGH SURSRUFLRQDQGR RSRUWXQLGDGHV GH FRQWDFWR H IDPLOLDUL]DomR GH
S~EOLFRV PDLV GHVIDYRUHFLGRV FRP DV QRYDV WHFQRORJLDV GH LQIRUPDomR H GH FRPXQLFDomR
([3URMHFWR&OLTXH6ROLGiULR
1RkPELWRGRGHVHQYROYLPHQWRSHVVRDOHGDHPSUHJDELOLGDGHGHS~EOLFRVGHVIDYRUHFLGRVR
FRQWDFWRFRPDVWHFQRORJLDVGHLQIRUPDomRWHPXPSDSHOSUHYHQWLYRHQTXDQWRHVWUDWpJLDGH
FRHVmRVRFLDOHGHFRPEDWHjLQIRH[FOXVmR
2V (VSDoRV GH ,QFOXVmR 'LJLWDO ([3URMHFWR &OLTXH 6ROLGiULR UHSUHVHQWDP XPD PDLVYDOLD
SDUD RV VHXV XWLOL]DGRUHV D SURFXUD QmR VH OLPLWD j IRUPDomR H FHUWLILFDomR HP
FRPSHWrQFLDV EiVLFDV HP WHFQRORJLDV GH LQIRUPDomR SDVVDQGR LJXDOPHQWH SHOR DSRLR D
QtYHO HVFRODU SURFXUD GH HPSUHJR HRX IRUPDomR SURILVVLRQDO H[HUFtFLR GH GHYHUHV GH
FLGDGDQLDHSHVTXLVDVSDUDQHFHVVLGDGHVHLQWHUHVVHVLQGLYLGXDLV
4XDGUR(VSDoRVGH,QFOXVmR'LJLWDO
y
2VHVSDoRVHPIXQFLRQDPHQWRIRUDPXWLOL]DGRVSRUSHVVRDVQ~PHURTXHWHPYLQGR
DGLPLQXLUGHYLGRjFUHVFHQWHDFHVVLELOLGDGHDWHFQRORJLDVGDLQIRUPDomRHFRPXQLFDomR1R
HQWDQWRRVLQGLFDGRUHVUHODFLRQDGRVFRPDDWLYLGDGHIRUPDWLYDHPSDUWLFXODURYROXPHGH
IRUPDomRVXSHUDUDPODUJDPHQWHRSODQHDGRUHIOHWLQGRDDSRVWDQDYHUWHQWHGDIRUPDomRH
FHUWLILFDomRGHFRPSHWrQFLDV
)RUDP OHFLRQDGDV KRUDV GH IRUPDomR R YROXPH GH IRUPDomR IRL GH KRUDV H
IRUDPDWULEXtGRVFHUWLILFDGRV
2EMHWLYR 5HTXDOLILFDU DV 5HVSRVWDV 6RFLDLV LPSOHPHQWDQGR SURFHVVRV H DGRWDQGR
PHGLGDVFRQGXFHQWHVjHILFiFLDHTXDOLGDGHGRVHUYLoRSUHVWDGR
&RQVWUXLULQVWDODo}HVGHILQLWLYDVGHVWLQDGDVDRV&XUVRVGH5HVWDXUDomR&ROHWLYD&R]LQKHLUR
HGH(PSUHJDGRGH0HVD±$6,
)RL REWLGR ROLFHQFLDPHQWR SRU SDUWH GD &kPDUD 0XQLFLSDO GH 6LQWUD SDUD D FRQVWUXomR GDV
LQVWDODo}HV HQFRQWUDQGRVH HP HODERUDomR SDUD SRVWHULRU REWHQomR GH OLFHQFLDPHQWR RV
SURMHWRV GH (VSHFLDOLGDGH ÈJXDV (OHWULFLGDGH H (VJRWRV $ H[HFXomR GD REUD IRL LQFOXtGD
QR3ODQRH2UoDPHQWRSDUD
(VWDFRQVWUXomRSDUDDOpPGHUHVSRQGHUDRV UHTXLVLWRVOHJDLVSDUDHVWHWLSRGHDWLYLGDGHV
IRUPDWLYDV SHUPLWLUi DXPHQWDU H GLYHUVLILFDU D RIHUWD IRUPDWLYD GD 6&0/ DEHUWXUD GH XP
QRYRFXUVRGH(PSUHJDGRGH0HVDHUHVSRQGHUjSURFXUDHLQWHUHVVHVGRVFDQGLGDWRV
5(25*$1,=$d2(0(/+25,$'(352&(6626,17(5126(,1)5$(6758785$6
2EMHWLYR$VVHJXUDUGLVSRVLWLYRVGHPRQLWRUL]DomRVLVWHPiWLFDHQTXDQWRLQVWUXPHQWRVGH
DSRLRjWRPDGDGHGHFLVmRHPGRV(TXLSDPHQWRVVHUYLoRVGR'$66
1RkPELWRGDVDWULEXLo}HVGHFRQFHomR HGHVHQYROYLPHQWRGHVLVWHPDVGHPRQLWRUL]DomR H
DYDOLDomR GD LQWHUYHQomR QDV iUHDV SULRULWiULDV GD $omR 6RFLDO H 6D~GH R *DELQHWH GH
,QYHVWLJDomR H 0RQLWRUL]DomR *,0 DVVHJXURX D FRQWLQXLGDGH GH GLVSRVLWLYRV GH
PRQLWRUL]DomR HP GLYHUVDV iUHDV FRP WHPSRUDOLGDGHV GH UHSRUWH H JUDX GH SURIXQGLGDGH
GLVWLQWRV1RGHFXUVRGRSHUtRGRHPDQiOLVHIRUDPPHOKRUDGRVDOJXQVGRV
y
GLVSRVLWLYRVH[LVWHQWHVQRPHDGDPHQWHRGHPRQLWRUL]DomRGRSHUILOGRVXWHQWHVGDSURFXUD
HGDDWLYLGDGHGR$WHQGLPHQWR6RFLDOEHPFRPRLPSOHPHQWDGRVQRYRVGLVSRVLWLYRVYLVDQGR
RFRQKHFLPHQWRHRXDFRPSDQKDPHQWRGDDWLYLGDGHGHVHUYLoRVHRXGRSHUILOGHXWHQWHV
1R VHQWLGR GD SURGXomR GH FRQKHFLPHQWR ~WLO j WRPDGD GH GHFLVmR IRUDP HIHWXDGRV HVWXGRV GH FDUDFWHUL]DomR QDV iUHDV GR DWHQGLPHQWR VRFLDO H GD RIHUWD H SURFXUD GH
UHVSRVWDVSDUDLGRVRVFHQWURGHGLDFHQWURGHFRQYtYLRHDSRLRGRPLFLOLiULR
2EMHWLYR 5HTXDOLILFDU DV 5HVSRVWDV 6RFLDLV LPSOHPHQWDQGR SURFHVVRV H DGRWDQGR
PHGLGDVFRQGXFHQWHVjHILFiFLDHTXDOLGDGHGRVHUYLoRSUHVWDGR
*DUDQWLU 6XSHUYLVmR 7pFQLFD jV $VVLVWHQWHV 6RFLDLV TXH JDUDQWHP R $WHQGLPHQWR QDV 'LUHo}HVGH$omR6RFLDO/RFDO
*DUDQWLU D 6XSHUYLVmR 7pFQLFD GH (TXLSDV GH $SRLR D )DPtOLDV FRP &ULDQoDV H -RYHQV HP
5LVFR$SRLR'RPLFLOLiULR6HUYLoRGH$GRomR($77/H',$',-
&RP R REMHWLYR GH TXDOLILFDU D LQWHUYHQomR PHOKRUDU DV PHWRGRORJLDV H DV HVWUDWpJLDV GH
LQWHUYHQomR VRFLDO EHP FRPR GDU UHVSRVWD j QHFHVVLGDGH GH H[LVWrQFLD GH PRPHQWRV
RUJDQL]DGRV H UHJXODUHV GH WURFD GHEDWH H UHIOH[mR VREUH DV SUiWLFDV SURILVVLRQDLV IDFH j
FRPSOH[LGDGHGDVVLWXDo}HVDFRPSDQKDGDVIRLDVVHJXUDGDD6XSHUYLVmR7pFQLFDQDiUHDGD
$omR6RFLDODRDEULJRGRVVHJXLQWHV3URWRFRORV
•
3URWRFRORGH&RRSHUDomRHQWUHD$VVRFLDomRGH3URILVVLRQDLVGH6HUYLoR6RFLDOR&HQWUR
GH (VWXGRV GH 6HUYLoR 6RFLDO H 6RFLRORJLD GD 8QLYHUVLGDGH &DWyOLFD H D 6DQWD &DVD GD
0LVHULFyUGLDGH/LVERDGDQGRFRQWLQXLGDGHjVXSHUYLVmRWpFQLFDDRV$VVLVWHQWHV6RFLDLV
GR$WHQGLPHQWR6RFLDO
•
3URWRFROR HQWUH D 6&0/ H D $VVRFLDomR GH $SRLR j 9tWLPD $3$9 TXH DVVHJXURX D
VXSHUYLVmR WpFQLFD DRV WpFQLFRV GDV 'LUHo}HV GH $omR 6RFLDO /RFDO YLVDQGR D GLVFXVVmR
GHFDVRVHGHILQLomRGHHVWUDWpJLDVGHLQWHUYHQomREHPFRPRDIRUPDomRHVSHFLDOL]DGD
DRV WpFQLFRV GR $WHQGLPHQWR 6RFLDO GDV (TXLSDV H GRV (VWDEHOHFLPHQWRV GH DSRLR D
LGRVRV DEUDQJHQGR DV iUHDV GD YLROrQFLD GRPpVWLFD YLROrQFLD FRQWUD SHVVRDV LGRVDV H
YLROrQFLDFRQWUDFULDQoDV
•
3URWRFRORFHOHEUDGRHQWUHD6&0/HD&2)$&8QLYHUVLGDGH/XVyIRQDDWUDYpVGRTXDOIRL
GDGD FRQWLQXLGDGH j VXSHUYLVmR WpFQLFD jV (TXLSDV GH $SRLR D )DPtOLDV FRP &ULDQoDV H
-RYHQVHP5LVFRj($77/j(TXLSDGDV&DVDVGH$SRLRjV0XOKHUHV
9LWLPDVGH9LROrQFLDEHPFRPRjV&RRUGHQDGRUDVGRV6HUYLoRVGH$SRLR'RPLFLOLiULR
y
$RORQJRGRDQRUHDOL]DUDPVHVHVV}HVGLULJLGDVjVGLYHUVDViUHDVGHLQWHUYHQomR
$VVHJXUDU QR kPELWR GR 6LVWHPD GH *HVWmR GD 4XDOLGDGH D FRQWLQXLGDGH GD
LPSOHPHQWDomRGRVSURFHVVRVGHUHDOL]DomRQDUHVSRVWDVRFLDOGH&UHFKH
)RL GDGD FRQWLQXLGDGH j LPSOHPHQWDomR GRV SURFHVVRV GH UHDOL]DomR QD UHVSRVWD VRFLDO
&UHFKH DWUDYpV GH GLYHUVDV Do}HV GH DFRPSDQKDPHQWR FRQVXOWRULD H DSRLR WpFQLFR
SURPRYLGDV H UHDOL]DGDV SHOD ',$61$7 WpFQLFRV GH (GXFDomR H '4, 1HVWH kPELWR IRL
HODERUDGD H SXEOLFDGD XPD OLVWD GDV ³3HUJXQWDV PDLV IUHTXHQWHV´ YLVDQGR D XQLIRUPL]DomR
GHSURFHGLPHQWRV
(QWUHRXWUDVDWLYLGDGHVHIHWXDUDPVHDo}HVGHIRUPDomRVREUHRVSURFHVVRVGHUHDOL]DomRH
VREUH R 6LVWHPD GH *HVWmR GD 4XDOLGDGH DEUDQJHQGR WRGRV RV FRODERUDGRUHV GDV HTXLSDV
HGXFDWLYDV GRV HVWDEHOHFLPHQWRV GH LQIkQFLD H Do}HV HVSHFtILFDV VREUH 3URMHWR (GXFDWLYR
3URMHWRV3HGDJyJLFRVH$XGLWRULD
)RUDP DSURYDGRV RV PRGHORV GH UHJXODPHQWR H UHVSHWLYRV RUJDQRJUDPDV SDUD DV WUrV
UHVSRVWDV VRFLDLV GH LQIkQFLD UHDOL]DUDPVH RV SULPHLURV LQTXpULWRV GH DYDOLDomR GH
VDWLVIDomRGDVIDPtOLDVHLQLFLRXVHRVLVWHPDGHPRQLWRUL]DomRHPHGLomRGRGHVHPSHQKRH
HILFiFLDGRVSURFHVVRVGHUHDOL]DomRQDVFUHFKHVGRJUXSRSLORWR
,PSOHPHQWDUPHGLGDVGHLPSDFWRQRSURFHVVRGHJHVWmRGR'$66
1RkPELWRGDVVXDVDWULEXLo}HVR *DELQHWHGH$SRLRj*HVWmRSDUD DOpPGHGDUUHVSRVWD
jV GLYHUVDV VROLFLWDo}HV GH DQiOLVH SDUHFHUHV H SHGLGRV GH LQIRUPDomR SRU SDUWH GD
$GPLQLVWUDomR GR 'HSDUWDPHQWR GHVHQYROYHX DV VHJXLQWHV DWLYLGDGHV &RRUGHQDomR HP
DUWLFXODomR FRP DV 'LUHo}HV6HUYLoRV TXH LQWHJUDP R '$66 GRV WUDEDOKRV FRQGXFHQWHV j
HODERUDomR H FRQVROLGDomR GR 3ODQR GH $WLYLGDGHV H 2UoDPHQWR GR '$66
$FRPSDQKDPHQWR H FRQVROLGDomR GD H[HFXomR WULPHVWUDO GR 3ODQR GH $WLYLGDGHV GR
'$66 $QiOLVH GD ([HFXomR 2UoDPHQWDO GR '$66 &RQVWUXomR HP FRODERUDomR FRP RV
'HSDUWDPHQWRV6HUYLoRVHQYROYLGRVGRV48$54XDGURVGH$YDOLDomRH5HVSRQVDELOL]DomR
GD ',$6 ',63 H &$*5* (ODERUDomR H FRQVROLGDomR HP DUWLFXODomR FRP DV
'LUHo}HV6HUYLoRVTXHLQWHJUDPR'$66GR5HODWyULRGH$WLYLGDGHVGR'HSDUWDPHQWR
4XDOLILFDU5HTXDOLILFDU(TXLSDPHQWRV6HUYLoRVGH$omR6RFLDO(TXLSDPHQWRV6HUYLoRV
y
'DV REUDV GH 4XDOLILFDomR5HTXDOLILFDomR SUHYLVWDV QR 3ODQR HP HTXLSDPHQWRV GH
DGPLQLVWUDomR GLUHWD IRL FRQFOXtGD D UHPRGHODomR GR &HQWUR GH $FROKLPHQWR 1RWXUQR H D
UHTXDOLILFDomRGDFR]LQKDGR&HQWURGH$SRLR6RFLDOGRV$QMRVDUHLQVWDODomRGR&HQWURGH
'LDGD3HQDHDUHTXDOLILFDomRGRHVSDoRH[WHULRUGR3DUTXH,QIDQWLOGH6DQWD&DWDULQD
(QFRQWUDPVH HP SURFHVVR DGPLQLVWUDWLYR SUpYLR DR LQtFLR GDV REUDV DV UHTXDOLILFDo}HV GR
&HQWUR 6RFLDO GH 6 %RDYHQWXUD GD 2EUD 6RFLDO GR 3RXVDO H GR 6HUYLoR GH (PHUJrQFLD
6RFLDOHD5HLQVWDODomRGR&HQWUR6DQWD0DULD0DGDOHQD
7UDQVLWDPSDUDDVREUDVGHUHTXDOLILFDomRGD&UHFKHGD(VWUHODGRHVSDoRH[WHULRUGR
&$27 6DQWD -RDQD H GR ,QVWLWXWR GH 6 3HGUR GH $OFkQWDUD H DV REUDV GH FRQVHUYDomR H
UHQRYDomRGR/DU5DLQKD6DQWD
2EMHWLYR$WLQJLUXPJUDXGHVDWLVIDomRGRVXWHQWHVTXHVHHQTXDGUDPQDSRSXODomR
DOYR GD ',63 LJXDO RX VXSHULRU D GH UHVSRVWDV 6DWLVIHLWR0XLWR 6DWLVIHLWR HP WRGD
VXDWUDMHWyULDGHVGHRDWHQGLPHQWRDGPLQLVWUDWLYRDWpjSUHVWDomRGHFXLGDGRVGHVD~GH
)RLUHDOL]DGRXP,QTXpULWRSDUD$YDOLDomRGR*UDXGH6DWLVIDomRGRV8WHQWHV3RSXODomRDOYR
GD 6D~GH GH 3UR[LPLGDGH WHQGR GDV UHVSRVWDV FRUUHVSRQGLGR D 6DWLVIHLWR0XLWR
6DWLVIHLWR
2EMHWLYR ,PSOHPHQWDU 6LVWHPDV GH ,QIRUPDomR TXH SHUPLWDP D PRQLWRUL]DomR GD
DWLYLGDGHHDREWHQomRGHLQIRUPDomRGHDSRLRjJHVWmR
,PSOHPHQWDUXP6LVWHPDGH,QIRUPDomR,QWHJUDGRGD$omR6RFLDO
$ LQWURGXomR GH VLVWHPDV GH LQIRUPDomR TXH SHUPLWDP XPD FRUUHWD H ILGHGLJQD
PRQLWRUL]DomRGDDWLYLGDGHGDDomRVRFLDOWHPYLQGRDVHUXPDGDVSULRULGDGHVGD'LUHomR
GH$omR6RFLDOUD]mRSHODTXDOHVWD'LUHomRDVVXPLXQXPDSULPHLUDIDVHDUHVSRQVDELOLGDGH
GHVWHSURFHVVRSRVWHULRUPHQWHDWULEXtGDj',67,
(PSDUDDOpPGRWUDEDOKRFRQMXQWRQDVDSOLFDo}HVSUHYLDPHQWHLPSOHPHQWDGDVGDV
TXDLV VH GHVWDFD D 0yGXOR GH 6XEVtGLRV 0HQVDLV H (YHQWXDLV D ',$6 FRODERURX QR
GHVHQYROYLPHQWRGDVVHJXLQWHVDSOLFDo}HV6,&$6$6LVWHPDGH,QIRUPDomRSDUDJHVWmR
GD DWLYLGDGH GR &HQWUR 6RFLDO GRV $QMRV 6$', SULPHLUD EDVH GH GDGRV SDUWLOKDGD SHOD
$omR6RFLDOH6D~GHQRkPELWRGR$SRLR'RPLFLOLiULR,QWHJUDGR%DVHGH'DGRVSDUDDSRLR
j JHVWmR H DFRPSDQKDPHQWR GR %DQFR GH $MXGDV 7pFQLFDV %DVH GH 'DGRV SDUD DSRLR j
JHVWmR H DFRPSDQKDPHQWR GD DWLYLGDGH GD (GXFDomR)RUPDomR 0yGXOR GH &ULDQoDV H
-RYHQVHP5LVFR
y
,PSOHPHQWDUXP:(%6,*SDUDDiUHDGRHQYHOKHFLPHQWR
1R TXDGUR GD FRQVROLGDomR GR 6LVWHPD GH ,QIRUPDomR *HRJUiILFD GHXVH FRQWLQXLGDGH DR
GHVHQYROYLPHQWR GR :HE6,* 3LORWR GR '$66 SDUD D ÈUHD GR (QYHOKHFLPHQWR XPD
SODWDIRUPD WHFQROyJLFD DVVHQWH HP VLVWHPDV GH LQIRUPDomR JHRJUiILFD TXH IXQFLRQD HP
WHFQRORJLDGHUHGHLQWHUQHWHLQWUDQHW
6mRREMHWLYRVGHVWDDSOLFDomRSHUPLWLUDXPFRQMXQWRPDLVYDVWRGHXWLOL]DGRUHVDXWRQRPLD
UHODWLYDPHQWH j UHDOL]DomR GH LQTXLULo}HV GH EDVH HVSDFLDO H j SURGXomR GH FDUWRJUDILD
VLPSOLILFDGDXPDYLVmRDEUDQJHQWHGDDWLYLGDGHGR'$66QDiUHDGRHQYHOKHFLPHQWRHXPD
PHOKRULD GR FRQKHFLPHQWR VREUH D iUHD GH HQYROYrQFLD GRV HTXLSDPHQWRVVHUYLoRV GD
6&0/
,PSOHPHQWDUXP6LVWHPDGH,QIRUPDomR*OREDOH,QWHJUDGRSDUDD*HVWmRGRV&XLGDGRVGH
6D~GH
(VWi HP FXUVR R SURFHVVR SDUD LPSOHPHQWDomR GH XP 6LVWHPD GH ,QIRUPDomR *OREDO H
,QWHJUDGRSDUDD*HVWmRGRV&XLGDGRVGH6D~GHSUHYHQGRVHDVXDWRWDOFRQFUHWL]DomRHP
',98/*$d2(35202d2'$$7,9,'$'((,0$*(0
'HVHQYROYHUDWLYLGDGHVGHGLYXOJDomRHSURPRomRGDLPDJHP(VSDoR6DQWD&DVD
2(VSDoR6DQWD&DVD(6&WHPFRPRREMHWLYRGLYXOJDURWUDEDOKRUHDOL]DGRSHOD6&0/QRV
VHXVYiULRVGRPtQLRVGHLQWHUYHQomRHGLQDPL]DUDWLYLGDGHVGHkPELWRVRFLRFXOWXUDO2(6&
LQWHJUD XPD ORMD VRFLDO GH PRVWUD H YHQGD GH WUDEDOKRV H[HFXWDGRV QRV HTXLSDPHQWRV
VRFLDLV GD 6&0/ H GH GLYXOJDomR GH SXEOLFDo}HV GD 6&0/ H DUWLJRV GH PHUFKDQGLVLQJ GR
0XVHXGH65RTXHSURFHGHQGRDLQGDjSURPRomRHYHQGDGRV-RJRV6RFLDLV
2UJDQL]DHGLQDPL]DHYHQWRVGHFDUL]FXOWXUDOHGHSURPRomRGDVD~GHWDLVFRPRLQLFLDWLYDV
GHQDWXUH]DIRUPDWLYDHLQIRUPDWLYDFRPWHPDVGHUHOHYDQWHLQWHUHVVHSDUDSURILVVLRQDLVH
S~EOLFRHPJHUDODSDUGRGHVHQYROYLPHQWRGHLQLFLDWLYDVFRPDSDUWLFLSDomRGRVXWHQWHVGD
6&0/
y
$ DWLYLGDGH GHVHQYROYLGD VXSHURX RV REMHWLYRV SODQHDGRV FRP YLVLWDQWHV H HYHQWRV UHDOL]DGRV FRUUHVSRQGHQGR D WD[DV GH UHDOL]DomR GH H UHVSHWLYDPHQWH
2 YROXPH GH UHFHLWDV WRWDO IRL GH ¼ YHULILFDQGRVH XP DXPHQWR GH UHODWLYDPHQWH D $ YHQGD GH MRJR FRQWULEXLX FRP SDUD R WRWDO GH UHFHLWDV
UHDOL]DGDV
4XDGUR$WLYLGDGHGR(VSDoR6DQWD&DVD
'R WRWDO GH HYHQWRV UHDOL]DGRV GRV TXDLV H[SRVLo}HV H HQFRQWURV GHVWDFDVH R
SURMHWR ³9HU GH 3HUWR´ TXH LQWHJURX H[SRVLo}HV GH WUDEDOKRV IRWRJUDILDV DWLYLGDGHV GH
DQLPDomR H SDOHVWUDV TXH FRQWULEXtUDP SDUD D GLYXOJDomR GD DWLYLGDGH GH YiULRV
HTXLSDPHQWRV VRFLDLV GD iUHD GH LGRVRV XP Q VLJQLILFDWLYR GH H[SRVLo}HV ZRUNVKRSV H
SDOHVWUDVUHODFLRQDGRVFRPR$QR(XURSHXGR9ROXQWDULDGRHRSURMHWR³/XVRIRQLDGD0RGD´
TXHHQYROYHXFHUFDGHSHVVRDV
,PSRUWDUHDOoDURLPSRUWDQWHFRQWULEXWRGR9ROXQWDULDGRQR(VSDoR6DQWD&DVDTXHUHJLVWRX
XPWRWDOGHKRUDVUHDOL]DGDVSRUYROXQWiULRV
2XWUDV$o}HV
(VWiJLRV
$ 6&0/ FRQVWLWXL XP UHFXUVR LPSRUWDQWH SDUD GLYHUVRV (VWDEHOHFLPHQWRV GH (QVLQR DR
SHUPLWLU D UHDOL]DomR GH HVWiJLRV QRV VHXV GLYHUVRV 6HUYLoRV H (VWDEHOHFLPHQWRV $
,QWHJUDomRGHHVWiJLRVGDiUHDGRHQVLQRVXSHULRUHGRHQVLQRWpFQLFRSURILVVLRQDO
FRQVWLWXL XP GHVDILR SHUPDQHQWH SDUD D ,QVWLWXLomR DR FRQIURQWDU D VXD SUiWLFD FRP R
FRQKHFLPHQWRWHyULFRFRQVWLWXLQGRXPDPDLVYDOLDSDUDWRGRVRVHQYROYLGRVQRSURFHVVR
y
1RkPELWRGD$omR6RFLDOIRLSURSRUFLRQDGDDUHDOL]DomRGHHVWiJLRVHPFRQWH[WRUHDOGH
WUDEDOKRDSHVVRDV'RWRWDOGHHVWiJLRVIRUDPFRQFHGLGRVDWpFQLFRVVXSHULRUHV
DV iUHDV GH 6HUYLoR 6RFLDO H GH (GXFDomR GH ,QIkQFLD IRUDP DV TXH UHJLVWDUDP XP PDLRU
Q~PHURFRPHHVWiJLRVFRQFHGLGRVUHVSHWLYDPHQWHVHJXLGDVGD3VLFRORJLDFRPH
(QIHUPDJHP FRP 'RV HVWiJLRV WpFQLFR SURILVVLRQDLV GHVWDTXH SDUD DV iUHDV
$FRPSDQKDQWHGH&ULDQoDVH7pFQLFRGH$SRLRj,QIkQFLD
$ LQWHJUDomR GR &HQWUR GH 5HDELOLWDomR GH 3DUDOLVLD &HUHEUDO &DORXVWH *XOEHQNLDQ GR ,66
SHUPLWLXXPDXPHQWRGRQ~PHURGHHVWiJLRVFRQFHGLGRVQDiUHDGDVD~GH
&RODERUDomRHP(VWXGRV3URMHWRVGH,QYHVWLJDomR$FDGpPLFRV
(P FRQWLQXRX D YHULILFDUVH D IRUPDOL]DomR GH SHGLGRV GH FRODERUDomR SDUD R
GHVHQYROYLPHQWRGHSHVTXLVDVVREUHWXGRQRkPELWRGH0HVWUDGRVH'RXWRUDPHQWRVWHQGR
VLGR DXWRUL]DGRV SHGLGRV GH FRODERUDomR HP iUHDV GLVWLQWDV GHVLJQDGDPHQWH 3URWHomR
GH&ULDQoDVH-RYHQV6D~GH(PHUJrQFLD6RFLDO(FRQRPLD6RFLDOH3ROtWLFDV3~EOLFDV
$OJXQV GRV WUDEDOKRV ILQDLV IRUDP HQYLDGRV j 6&0/ H HQFRQWUDPVH GLVSRQtYHLV SDUD
FRQVXOWD QR &HQWUR GH 'RFXPHQWDomR ³3DUHQWDOLGDGH HP )DPtOLDV 0XOWLSUREOHPiWLFDV
&RPR RV 7pFQLFRV D $YDOLDP´ ³0DXV 7UDWRV QD ,QIkQFLD H 5HODomR FRP D 0HPyULD $IHWLYD
1HJDWLYDH3RVLWLYD´³(ILFiFLDH'HVHPSHQKR2UJDQL]DFLRQDOQR&RQWH[WRGR7HUFHLUR6HFWRU
± (VWXGR FRPSDUDWLYR HQWUH HVWDEHOHFLPHQWRV GH HGXFDomR SUpHVFRODU GR WHUFHLUR VHFWRU
S~EOLFRVHSULYDGRVFRPILQVOXFUDWLYRV´
(67$%(/(&,0(1726,17(*5$'26'2,66(05(*,0('(&('Ç1&,$
3HOD DSOLFDomR GR 'HFUHWR/HL Q GH GH -DQHLUR TXH GHILQH R UHJLPH OHJDO GD
FHGrQFLD GRV HVWDEHOHFLPHQWRV LQWHJUDGRV GR ,QVWLWXWR GD 6HJXUDQoD 6RFLDO ,3 VLWXDGRV
QRGLVWULWRGH/LVERDj6DQWD&DVDGD0LVHULFyUGLDGH/LVERDSDVVDUDPDLQWHJUDUD6&0/
DSDUWLUGH0DLRGHGHIRUPDIDVHDGDPDLVHVWDEHOHFLPHQWRVQDViUHDVGDLQIkQFLD
HMXYHQWXGHLGRVRVHGHILFLrQFLD
&RP HVWD LQWHJUDomR D 6&0/ SDUD DOpP GH DODUJDU D VXD DomR QDV iUHDV HP TXH Mi
LQWHUYLQKDDODUJRXRkPELWRJHRJUiILFRGDGRTXHDOJXPDVGDVUHVSRVWDVLQWHJUDGDVVmRGH
QtYHOGLVWULWDOHQDFLRQDO
$SRLRj)DPtOLD,QIkQFLDH-XYHQWXGH
y
&UHFKH&UHFKH)DPLOLDUH-DUGLPGHLQIkQFLD
)RUDP LQWHJUDGRV HVWDEHOHFLPHQWRV FRP UHVSRVWDV VRFLDLV GH H LQIkQFLD TXDWUR
ORFDOL]DGRV QD FLGDGH GH /LVERD GRLV QR FRQFHOKR GH &DVFDLV H XP HP 2GLYHODV (VWHV
HVWDEHOHFLPHQWRV GLVSRQLELOL]DP XP WRWDO GH OXJDUHV QDV &UHFKHV &UHFKHV
)DPLOLDUHV H -DUGLQVGH,QIkQFLD WHQGR VLGR DEUDQJLGRV QR FRQMXQWR GDV YDOrQFLDV XWHQWHVGLIHUHQWHV
4XDGURH,QIkQFLD
$SHVDUGHDRDEULJRGR3ODQRGH(PHUJrQFLD6RFLDO3(6WHUDXPHQWDGRHPOXJDUHVD
FDSDFLGDGH LQVWDODGD HP &UHFKH GRV HVWDEHOHFLPHQWRV LQWHJUDGRV GR ,66 YHULILFDVH XPD
VLJQLILFDWLYD OLVWD GH HVSHUD QHVWD YDOrQFLD (P &UHFKH )DPLOLDU D OLVWD GH HVSHUD p
WDPEpPHOHYDGDHQTXDQWRQR-DUGLPGH,QIkQFLDpTXDVHLQH[LVWHQWHFRPDSHQDV
VLWXDo}HV
&RP D LQWHJUDomR GHVWHV HVWDEHOHFLPHQWRV QD 6&0/ UHDOoDPVH FRPR IDWRUHV SRVLWLYRV
UHOHYDQWHV
•
$FRQWUDWDomRGHXQLGDGHVGHSHVVRDOHGXFDWLYRHPIDOWDFRPYLVWDDDGHTXDUDGRWDomR
GRV(VWDEHOHFLPHQWRVjVQHFHVVLGDGHVGD5HVSRVWD6RFLDO
•
$ DIHWDomR SDUFLDO GH WpFQLFRV SDUD DV (TXLSDV ,QWHUGLVFLSOLQDUHV GH DSRLR DRV
(VWDEHOHFLPHQWRV$VVLVWHQWH6RFLDO7pFQLFDGH(GXFDomRH3VLFyORJD
y
•
$DOWHUDomRGRV5HJXODPHQWRV,QWHUQRVGHDFRUGRFRPRPRGHORDGRWDGRQRVUHVWDQWHV
(VWDEHOHFLPHQWRVGH,QIkQFLDGD6&0/
•
$LPSOHPHQWDomRGRVFULWpULRVGHVHOHomRHPYLJRUQD6&0/SDUDDHQWUDGDGHFULDQoDV
HDLQWURGXomRGRVSURFHGLPHQWRVHIRUPXOiULRVXWLOL]DGRVQRVSURFHVVRVGHUHDOL]DomR
•
2LQtFLRGHREUDVGHUHTXDOLILFDomRGDVLQVWDODo}HVHDUHQRYDomRGHDOJXPPRELOLiULRH
PDWHULDOGHVDGHTXDGRHHPHVWDGRGHGHWHULRUDomRQR&HQWUR,QIDQWLO6DQWRVR1RYR
$ DXVrQFLD GH HTXLSDPHQWR LQIRUPiWLFR DWXDOL]DGR FRP OLJDomR HP UHGH j 6&0/ R HVWDGR
GH GHJUDGDomR GH DOJXPDV LQVWDODo}HV H HTXLSDPHQWRV H D DOLPHQWDomR GHVDGHTXDGD
IRUQHFLGD jV FULDQoDV HP UHJLPH GH FRRN FKLOO QR &HQWUR ,QIDQWLO 6DQWRV R 1RYR IRUDP
DOJXQVGRVIDWRUHVFRQGLFLRQDQWHVDRGHVHQYROYLPHQWRGDDWLYLGDGH
(TXLSDPHQWRV6RFLDLVGH$FROKLPHQWRD&ULDQoDVH-RYHQV
$ 6&0/ SDVVRX D LQWHJUDU PDLV HTXLSDPHQWRV VRFLDLV GH DFROKLPHQWR D FULDQoDV H
MRYHQV &DVDV GH $FROKLPHQWR GH (PHUJrQFLD &$( &HQWURV GH $FROKLPHQWR
7HPSRUiULR&$7/DUHVGH,QIkQFLDH-XYHQWXGHH$SDUWDPHQWRVGH$XWRQRPL]DomR
y
4XDGUR$FROKLPHQWRD&ULDQoDVH-RYHQV
1R FRQMXQWR GDV YDOrQFLDV R Q PpGLR GH FULDQoDV H MRYHQV DFROKLGRV IRL GH HP
&$7HP/DUHHP$SDUWDPHQWRVGH$XWRQRPL]DomR
$R ORQJR GR DQR IRUDP DFROKLGDV FULDQoDV H MRYHQV GLIHUHQWHV HP &$( HP
&$7 HP /DU H HP $SDUWDPHQWRV GH $XWRQRPL]DomR VHQGR DGPLVV}HV GR
SUySULRDQR
9HULILFDUDPVH VDtGDV GDV TXDLV FRUUHVSRQGHUDP D FULDQoDV H MRYHQV FRP R VHX
3URMHWRGH9LGDHP0HLR1DWXUDOGH9LGDFRQFUHWL]DGR
1R ILQDO GH RV WUrV &$( DFROKLDP XP WRWDO GH FULDQoDV H MRYHQV GH DPERV RV
VH[RV FRP SUHGRPLQkQFLD SDUD DGROHVFHQWHV H MRYHQV GR VH[R PDVFXOLQR 2 WHPSR GH
SHUPDQrQFLDYDULRXHQWUHHPHVHVPpGLDGHPDVLDGRHOHYDGDSDUDHVWDPRGDOLGDGHGH
DFROKLPHQWRFXMDSHUPDQrQFLDQmRGHYHVHUVXSHULRUDGLDV
2V GRLV &$7 DFROKLDP FULDQoDV H MRYHQV GH DPERV RV VH[RV FRP SUHGRPtQLR GR VH[R
PDVFXOLQRGLIHULQGRVLJQLILFDWLYDPHQWHDPpGLDGDVLGDGHVHQWUHRVGRLV&HQWURVVLWXDQGR
VHQXPGHOHVQRVHQRRXWURQRVDQRV2WHPSRPpGLRGHSHUPDQrQFLD
y
PHVHVIRLHOHYDGRFRQVLGHUDQGRTXHRDFROKLPHQWRWHPSRUiULRQmRGHYHVHUVXSHULRUD
PHVHV
2VGRLVODUHVDFROKLDPMRYHQVGHDPERVRVVH[RVFRPLGDGHVFRPSUHHQGLGDVHQWUHRV
H RV DQRV VHQGR D PpGLD GHLGDGHV DQRV HOHYDGD 1XP GRV ODUHV YHULILFDVH XPD
JUDQGH GLVSDULGDGH GH LGDGHV HQWUH DV SHVVRDV DFROKLGDV FULDQoDV MRYHQV H DGXOWRV 2
WHPSR PpGLR GH SHUPDQrQFLD PHVHV p HOHYDGR DILJXUDQGRVH FRPR DFROKLPHQWR GH
ORQJDGXUDomR
2V $SDUWDPHQWRV GH $XWRQRPL]DomR DFROKLDP MRYHQV FRP LGDGHV HQWUH RV H RV DQRVVHQGRRWHPSRPpGLRGHSHUPDQrQFLDGHPHVHV
$R ORQJR GR DQR D ',$',- GHVHQYROYHX GLYHUVDV Do}HV HQYROYHQGR RV HTXLSDPHQWRV GR
,66GDVTXDLVVHGHVWDFDP
•
&ULDomRHLPSOHPHQWDomRGRUHJLVWRHPRQLWRUL]DomRGHLQGLFDGRUHVGHFDUDFWHUL]DomRGD
SRSXODomRDFROKLGDHPDUFKDSURFHVVXDO
•
$YDOLDomRFDVXtVWLFDGDSRSXODomRDFROKLGDQRV&$(HFRQVHTXHQWHSURSRVWDHH[HFXomR
GH HQFDPLQKDPHQWRV GH DFRUGR FRP R GLDJQyVWLFR GDV VLWXDo}HV 'H DFRUGR FRP R
3URMHWR GH 9LGD IRL SURSRVWR H H[HFXWDGR R HQFDPLQKDPHQWR GH VLWXDo}HV SDUD RV
UHFXUVRVGDUHGHGLVWULWDORTXHSHUPLWLXRGHVFRQJHVWLRQDPHQWRGRVHTXLSDPHQWRV
•
$YDOLDomRMXUtGLFDGDSRSXODomRDFROKLGDQRVHTXLSDPHQWRVFXMRSUpGLDJQyVWLFRUHYHORX
LQGtFLRVPHQRVVXVWHQWiYHLVODUGD/X]ODUGDV0DUpVHUHVLGrQFLDVGHDXWRQRPL]DomR
WHQGRVHUHJXODUL]DGRGLYHUVDVVLWXDo}HVGHVLJQDGDPHQWHFRQFUHWL]Do}HVGH3URMHWRGH
9LGD H UHHQFDPLQKDPHQWR GH UHVLGHQWHV $ DYDOLDomR HVWUXWXUDO H FDVXtVWLFD GR ODU GD
/X] FRQGX]LX j SURSRVWD GD VXD UHLQVWDODomR HQFDPLQKDPHQWR GRV MRYHQV DGXOWRV H
UHJXODUL]DomRWXWHODUGHVWDVVLWXDo}HV
•
(ODERUDomR GH XPD SURSRVWD GH UHHTXDFLRQDPHQWR GR 6LVWHPD GH $FROKLPHQWR GH
(PHUJrQFLD PHGLDQWH DYDOLDomR GH VLWXDo}HV GH VREUHORWDomR GRV HTXLSDPHQWRV
QRPHDGDPHQWH GRV &$( WHPSRV HOHYDGRV GH SHUPDQrQFLD H DGXOWHUDo}HV GDV
DGPLVV}HV QRPHDGDPHQWH DGPLVVmR GH VLWXDo}HV QmR FRQVXEVWDQFLDQGR SHULJR
LPLQHQWH
y
•
(ODERUDomR GH XPD SURSRVWD GH KDUPRQL]DomR GH SURFHGLPHQWRV GDV UHVLGrQFLDV GH
DXWRQRPL]DomR GH DFRUGR FRP UHJXODPHQWR H SURFHGLPHQWRV HP YLJRU SDUD HVWDV
UHVSRVWDVFRPSUHYLVmRRUoDPHQWDOSDUDDVXDH[HFXomRHP
•
5HDOL]DomRGRHVWXGRGDGRWDomRGHSHVVRDOGHWRGRVRVHTXLSDPHQWRVHVFDODVHWXUQRV
GHDFRUGRFRPDOHJLVODomRHPYLJRU
•
+DUPRQL]DomR GRV SURFHGLPHQWRV DR QtYHO DGPLQLVWUDWLYR ILQDQFHLUR FRPXQLFDo}HV
H[WHUQDVILFKHLURGHXWHQWHVDERQRVGHIDPtOLDEHQHItFLRVGHVD~GHH)XQGRV)L[RV
•
/HYDQWDPHQWRGHQHFHVVLGDGHVGHREUDVFRPLQWHUYHQomRQDVPDLVHPHUJHQWHV
•
5HHVWUXWXUDomRGDIURWDDXWRPyYHOHUHYLVmRGDGRWDomRGHPRWRULVWDV
•
(VWDELOL]DomR HP VHWHPEUR GH GD SRSXODomR DFROKLGD QRV &$( GH DFRUGR FRP D
VXD FDSDFLGDGH QXPD PRELOLGDGH GH D R TXH YLDELOL]RX QRYDV DGPLVV}HV QR
~OWLPRWULPHVWUHGRDQR
(QFRQWUDVHHPFXUVRDDYDOLDomRGR6LVWHPDGH$FROKLPHQWRGH(PHUJrQFLDTXHWHPFRPR
SUHPLVVDV DV DGPLVV}HVVDtGDV H R SDSHO GD UHGH GLVWULWDO D SHUWLQrQFLD GD H[LVWrQFLD GRV
&$(FRPIXQFLRQDPHQWRVLPLODUDRV&$7HGRV&$7FRPIXQFLRQDPHQWRVLPLODUDRVODUHVGH
LQIkQFLD H MXYHQWXGH H D QHFHVVLGDGH GH ODUHV GH LQIkQFLD H MXYHQWXGH HP /LVERD SDUD
UDSD]HVFRPLGDGHDFLPDGRVDQRV
$SRLRD3HVVRDV,GRVDV
(P QRV HTXLSDPHQWRVVHUYLoRV GH DSRLR D SHVVRDV LGRVDV IRUDP DFROKLGRV XWHQWHV GLIHUHQWHV QD YDOrQFLD GH &HQWUR GH 'LD R Q PpGLR GH XWHQWHV HP $FROKLPHQWR
5HVLGHQFLDOIRLGHHIRUDPDSRLDGRVXWHQWHVGLIHUHQWHVHPDSRLRGRPLFLOLiULR
7HQGR VLGR LQWHJUDGRV &HQWURV GH 'LD GR ,66 HVWD UHVSRVWD VRFLDO IRL HQFHUUDGD QR
WULPHVWUHQR5HFROKLPHQWRGD(QFDUQDomRGDGRDPHVPDQmRWHULPSDFWRQDVQHFHVVLGDGHV
GDFRPXQLGDGHHQYROYHQWH2VXWHQWHVTXHDLQGDIUHTXHQWDYDPR&HQWURIRUDPWUDQVIHULGRV
SDUDR&HQWURGH'LDGD3HQDORFDOL]DGRQDPHVPDIUHJXHVLD
$LQGD QR kPELWR GRV SRGHUHV GH JHVWmR GD 6&0/ H GD DYDOLDomR WpFQLFD HP FXUVR DRV
(VWDEHOHFLPHQWRV ,QWHJUDGRV GR ,66 ,3 IRUDP DOWHUDGDV DV FDSDFLGDGHV GDV YDOrQFLDV /DU
GH ,GRVRV H GR 3URJUDPD GH $SRLR 7HPSRUiULR D )DPtOLDV GR /DU GH 2GLYHODV
UHVSHWLYDPHQWHGHSDUDHGHSDUDXWHQWHV
y
4XDGUR,GRVRV
&RPDLQWHJUDomRQD6&0/RVHTXLSDPHQWRVGHLGRVRVGR,66WrPEHQHILFLDGRGHDOJXPDV
PHOKRULDV WDLV FRPR R UHIRUoR GDV XQLGDGHV GH SHVVRDO H D UHDOL]DomR GH REUDV GH
UHSDUDomR H FRQVHUYDomR 1R HQWDQWR H[LVWHP DLQGD FRQVWUDQJLPHQWRV UHOHYDQWHV WDLV
FRPR LQVXILFLrQFLDV D QtYHO GH UHFXUVRV KXPDQRV GHVDWXDOL]DomR HRX LQVXILFLrQFLD GH
HTXLSDPHQWR LQIRUPiWLFR GLILFXOGDGHV QR DFHVVR jV DSOLFDo}HV LQIRUPiWLFDV GD 6&0/
H[LVWrQFLD GH EHQV HP PDX HVWDGR GH FRQVHUYDomR H QHFHVVLGDGH GH UHSDUDomR GDV
LQVWDODo}HV
'HILFLrQFLD
1D iUHD GD 'HILFLrQFLD IRUDP LQWHJUDGRV FLQFR HVWDEHOHFLPHQWRV R &HQWUR GH 3DUDOLVLD
&HUHEUDO &DORXVWH *XOEHQNLDQ SDUDOLVLD FHUHEUDO H RXWUDV VLWXDo}HV QHXURPRWRUDV R
&HQWURGH5HDELOLWDomRGH1RVVD6HQKRUDGRV$QMRVGHILFLrQFLDYLVXDOR,QVWLWXWR0pGLFR
3HGDJyJLFR GD &RQGHVVD GH 5LOYDV PXOWLGHILFLrQFLD R /DU %UDQFR 5RGULJXHV GHILFLrQFLD
YLVXDOHR&HQWUR5HVLGHQFLDO$UFRËULVGHILFLrQFLDFRJQLWLYD
$ DWLYLGDGH GHVHQYROYLGD QHVWHV HVWDEHOHFLPHQWRV HQTXDGUD DV UHVSRVWDV VRFLDLV /DU
5HVLGHQFLDO H &HQWUR GH $WLYLGDGHV 2FXSDFLRQDLV R DWHQGLPHQWR HVSHFLDOL]DGR GH
5HDELOLWDomRHPDPEXODWyULRHHPODUUHVLGHQFLDOHD,QWHUYHQomR3UHFRFH
y
2V HVWDEHOHFLPHQWRV GD iUHD GD GHILFLrQFLD YLVXDO H D UHDELOLWDomR HP DPEXODWyULR VmR GH
kPELWR QDFLRQDO $ UHVSRVWD DVVHJXUDGD DWUDYpV GH FHQWUR GH DWLYLGDGHV RFXSDFLRQDLV H GH
ODU UHVLGHQFLDO PXOWLGHILFLrQFLD H GHILFLrQFLD FRJQLWLYD H D LQWHUYHQomR SUHFRFH VmR GH
kPELWR GLVWULWDO ([FHomR SDUD D LQWHUYHQomR SUHFRFH DVVHJXUDGD SHOR &HQWUR ,QIDQWLO GH
2GLYHODVTXHWHPkPELWRFRQFHOKLR
4XDGUR'HILFLrQFLD
(P DSRLDUDPVH XWHQWHV HP 5HDELOLWDomR HP DSRLR DPEXODWyULR H HP
DSRLRUHVLGHQFLDOHP/DU5HVLGHQFLDOHHP$WLYLGDGHV2FXSDFLRQDLV
$ DQiOLVH GRV UHODWyULRV GH DWLYLGDGH GRV FLQFR HVWDEHOHFLPHQWRV H GR &HQWUR ,QIDQWLO GH
2GLYHODVQDYDOrQFLDGDLQWHUYHQomRSUHFRFHSHUPLWHLGHQWLILFDUYiULRVFRQVWUDQJLPHQWRVj
DWLYLGDGH GHVHQYROYLGD PDLRULWDULDPHQWH D QtYHO GH UHFXUVRV KXPDQRV IRUPDomR
SURILVVLRQDO FRQGLo}HV GDV LQVWDODo}HV QHFHVVLGDGH GH REUDV GH UHSDUDomR PDQXWHQomR H
DGDSWDomR H FRQGLo}HV GH IXQFLRQDPHQWR DXVrQFLD GH WUDQVSRUWH SDUD DSRLR jV
GHVORFDo}HVGHUHVLGHQWHVDFXLGDGRVGHVD~GHHSDUDHQWUHJDGHH[SHGLHQWHGHVJDVWHGH
LQIUDHVWUXWXUDV H GH PDWHULDO WHUDSrXWLFR OXGRSHGDJyJLFR H SURGXWRV GH DSRLR
GHVDWXDOL]DomR H LQVXILFLrQFLD GR PDWHULDO LQIRUPiWLFR QmR OLJDomR j UHGH GD 6&0/ SDUD
PRQLWRUL]DomRHWUDWDPHQWRGHLQGLFDGRUHVUHOHYDQWHVSDUDDDWLYLGDGHGHVHQYROYLGD
y
&RP D LQWHJUDomR GHVWHV HTXLSDPHQWRV QD 6&0/ p SRVVtYHO YHULILFDU GHVGH Mi YDQWDJHQV
WDLV FRPR D DUWLFXODomR FRP DV UHGHV ORFDLV GH SDUFHLURV QD iUHD GD VD~GH GD IRUPDomR
SURILVVLRQDODXWDUTXLDVHFHQWURVGHHPSUHJRDSRVVLELOLGDGHGHLQYHVWLUHPiUHDVGHDSRLR
HDWLYLGDGHVH[WUDFXUULFXODUHVWUDQVYHUVDLVDRSURFHVVRGHUHDELOLWDomRDLPSOHPHQWDomRGH
PRGHORVGHWUDEDOKRSOXULGLVFLSOLQDUHDSRLRGHHVWiJLRVFXUULFXODUHVHPDUWLFXODomRFRPDV
UHVSHWLYDVHVFRODVHXQLYHUVLGDGHV
$WLYLGDGHVGH)pULDV
(P IRUDP GHVHQYROYLGDV DWLYLGDGHV GH IpULDV SHORV (VWDEHOHFLPHQWRV GR ,66
LQWHJUDGRV QD 6&0/ HP UHJLPH GH FHGrQFLD DEUDQJHQGR XWHQWHV GLIHUHQWHV QDV WUrV
PRGDOLGDGHV
4XDGUR$WLYLGDGHVGH)pULDV
2V SDVVHLRV IRUDP UHDOL]DGRV PDLRULWDULDPHQWH SRU FULDQoDV H MRYHQV VHQGR HVWD D
~QLFD PRGDOLGDGH HP TXH SDUWLFLSDUDP $ FROyQLD GH IpULDV IHFKDGD DEUDQJHX
PDLRULWDULDPHQWH LGRVRV H QD PRGDOLGDGH GH FROyQLD IpULDV DEHUWD DSHQDV
SDUWLFLSDUDPXWHQWHVGDFRPXQLGDGHHVHUYLoRVHVSHFtILFRViUHDGDGHILFLrQFLD
1DVDWLYLGDGHVGHIpULDVGHVHQYROYLGDVQD&ROyQLDGH)pULDVGH6-XOLmRGD(ULFHLUDIRUDP
DEUDQJLGRVXWHQWHVGRV&HQWURVGH$FROKLPHQWR7HPSRUiULR)UDQFLVFD/LQGRVRH&DVDGD
)RQWH
y
1RV WHUPRV GRV (VWDWXWRV GD 6DQWD &DVD GD 0LVHULFyUGLD GH /LVERD D PLVVmR GR
'HSDUWDPHQWRGD4XDOLGDGHH,QRYDomR'4,pSURPRYHUDSRLDUHUHDOL]DULQLFLDWLYDVTXH
YLVHPDLQRYDomRDTXDOLGDGHHDVHJXUDQoDQDSUHVWDomRGHDWLYLGDGHVQRPHDGDPHQWHD
VHJXUDQoDHVD~GHQRWUDEDOKRHDVHJXUDQoDGHSHVVRDVHEHQVHGHVHQYROYHUHDSRLDUD
DWLYLGDGHGHYROXQWDULDGR
2EMHWLYR $XPHQWDU HP R Q~PHUR GH LQLFLDWLYDV GH GLYXOJDomR GR YROXQWDULDGR QD
6&0/HHPRQ~PHURGHYROXQWiULRVFDQGLGDWRV
3ULQFLSDLV5HVXOWDGRV2EWLGRV
Ì *HVWmRHDFRPSDQKDPHQWRGDDomRYROXQWiULD
$RORQJRGHLQVFUHYHUDPVHSHODSULPHLUDYH]FRPRFDQGLGDWRVDYROXQWiULRVGD6DQWD
&DVD GD 0LVHULFyUGLD GH /LVERD SHVVRDV R TXH FRUUHVSRQGH D XPD YDULDomR GH IDFHDRSODQHDGR
'XUDQWH R DQR R Q~PHUR GH YROXQWiULRV DWLYRV DVFHQGHX D YROXQWiULRV R TXH
FRUUHVSRQGH D XPD YDULDomR GH IDFH DR SODQHDGR $R ORQJR GR DQR QRYRV
YROXQWiULRVLQLFLDUDPDWLYLGDGHHDGH'H]HPEURGHFDQGLGDWRVDYROXQWiULRV
DJXDUGDYDPFRORFDomR
4XDGUR9ROXQWiULRV
,QGLFDGRUHVGH$WLYLGDGH
ÜHDO
¨5HDO
3ODQ
3ODQHDGR
&DQGLGDWRVLQVFULWRVQR
9ROXQWDULDGR
9ROXQWiULRV$FWLYRV
1RYRV9ROXQWiULRVTXHLQLF LDUDP
DWLYLGDGH
&DQGLGDWRVD9ROXQWiULRVD
DJXDUGDUF RORFDomR
y
6H FRQWDELOL]DUPRV RV YROXQWiULRV TXH DR DEULJR GR YROXQWDULDGR HPSUHVDULDO
FRODERUDUDP FRP D 6&0/ HVWDUHPRV D IDODU GH XP WRWDO GH YROXQWiULRV TXH VH
MXQWDP DRV YROXQWiULRV LQGLYLGXDLV TXH QDV GLIHUHQWHV PRGDOLGDGHV SDUWLFLSDUDP HP
Do}HVGHYROXQWDULDGR
1R TXH GL] UHVSHLWR DR SHUILO GH YROXQWiULRV TXH QR PRPHQWR DWXDO H[HUFHP DWLYLGDGH
YROXQWiULD QD 6&0/ VmR PXOKHUHV VmR OLFHQFLDGRV VmR DWLYRV
SURILVVLRQDOPHQWHHWHPHQWUHRVHRVDQRV
$QDOLVDQGR D GLVWULEXLomR GRV YROXQWiULRV SHORV VHUYLoRV H HVWDEHOHFLPHQWRV RQGH
H[HUFHPDVXDDWLYLGDGHYHULILFDVHTXHDODUJDPDLRULDGHVHQYROYHDVXDDWLYLGDGH
QRkPELWRGD$omR6RFLDO
*UiILFR'LVWULEXLomRGRV9ROXQWiULRV
$FomR6RFLDO
6D~GH
&XOWXUD
*HVWmRGR9ROXQWDULDGR
1R GRPtQLR GD $omR 6RFLDO FRQWLQXD D SUHYDOHFHU R YROXQWDULDGR FRP FULDQoDV HPERUD
WHQKDYLQGRDDXPHQWDUVLJQLILFDWLYDPHQWHRQ~PHURGHYROXQWiULRVFRPLGRVRV1RDSRLRD
JUXSRV HVSHFtILFRV FRPR SHVVRDV FRP LQFDSDFLGDGHGHILFLrQFLD H SHVVRDV FRP 9,+6,'$
YHULILFDPVH DOJXPDV GLILFXOGDGHV HP PRELOL]DU YROXQWiULRV SDUD WUDEDOKDU FRP HVWHV
JUXSRV
y
4XDGUR'LVWULEXLomRGRV9ROXQWiULRV±$omR6RFLDO
$FmR6RFLDO%HQHILFLiULRV
1GH9ROXQWiULRV
GH9ROXQWiULRV
&ULDQoDVH-RYHQV
3HVVRDV,GRVDV
3HVVRDVFRP,QFDSDFLGDGH'HILFLrQFLD
2XWURV
8WHQWHVGR$FROKLPHQWR6RFLDO$FRQVHOKDPHQWRMXUtGLFR
3HVVRDVFRP9,+6,'$
(GXFDomR)RUPDomRGH$GXOWRV
3HVVRDV6HP$EULJR
7RWDO
5HODWLYDPHQWHDRJUXSRGHYROXQWiULRVTXHDSRLDPSHVVRDVLGRVDVH[HUFHP
DVXDDWLYLGDGHQRGRPLFtOLRGRVEHQHILFLiULRV'HVWHVDSRLDPSHVVRDVFRPRXPDLV
DQRVGHLGDGHTXHVHHQFRQWUDPHPVLWXDomRGHSDUWLFXODUVROLGmRRXLVRODPHQWRVHPDSRLR
GH TXDOTXHU RUJDQL]DomR QR kPELWR GR 3URJUDPD 0DLV 9ROXQWDULDGR 0HQRV 6ROLGmR
LQLFLDWLYDFRRUGHQDGDSHOD6DQWD&DVDGD0LVHULFyUGLDGH/LVERDHUHDOL]DGDHPSDUFHULDFRP
DV 'HOHJDo}HV GH /LVERD GD $VVRFLDomR &RUDomR $PDUHOR H GD &UX] 9HUPHOKD 3RUWXJXHVD
(P R FRQMXQWR GRV WUrV SDUFHLURV WHYH HP PpGLD YROXQWiULRV HP DWLYLGDGH H LGRVRVDSRLDGRV
7DPEpP D SDUFHULD FRP R &HQWUR 1DFLRQDO GH &XOWXUD DWUDYpV GR SURMHWR GH YROXQWDULDGR
³2VQyVHRVODoRV´DEHUWRDWRGDVDVSHVVRDVTXHTXHLUDPXWLOL]DURVHXWHPSROLYUHSDUDR
GHVHQYROYLPHQWR GH SURMHWRV H Do}HV GH YROXQWDULDGR GH kPELWR FXOWXUDO WHP SHUPLWLGR
LGHQWLILFDUHHQTXDGUDUYROXQWiULRVSDUDRVFHQWURVGHGLDGD6DQWD&DVDGD0LVHULFyUGLDGH
/LVERD
1RkPELWRGR$WHQGLPHQWR$FRQVHOKDPHQWRH(QFDPLQKDPHQWRQDÈUHD-XUtGLFDHP
IRUDP UHDOL]DGRV DWHQGLPHQWRV D SHVVRDV HQFDPLQKDGDV SHODV 'LUHo}HV GH $omR 6RFLDO
/RFDODVVHJXUDGRVSRUYROXQWiULRVFRPIRUPDomRQDiUHDMXUtGLFD
5HDOL]DUDPVH Do}HV GH IRUPDomR LQLFLDO SDUD YROXQWiULRV Do}HV GH IRUPDomR
HVSHFtILFD QRPHDGDPHQWH SURPRYLGD SHOR &HQWUR GH 0HGLFLQD GH 5HDELOLWDomR GR $OFRLWmR
SHOR +RVSLWDO GH 6DQW¶$QD H SHOD 'LUHomR GH $FROKLPHQWR H 'HVHQYROYLPHQWR GH ,QIkQFLD H
-XYHQWXGH3URPRYHUDPVHHQFRQWURVGHSDUWLOKDHUHIOH[mRFRPDSDUWLFLSDomRGRVWpFQLFRV
TXHHQTXDGUDPORFDOPHQWHRVYROXQWiULRVDVVLPFRPRDUHDOL]DomRGHZRUNVKRSVWHPiWLFRV
QRPHDGDPHQWHQRkPELWRGR'LD$EHUWRDRV9ROXQWiULRV
y
Ì 5HODo}HVGHSDUFHULDHYROXQWDULDGRRUJDQL]DFLRQDO
2VSDUFHLURVGR3URJUDPD0DLV9ROXQWDULDGR0HQRV6ROLGmR6DQWD&DVDGD0LVHULFyUGLDGH
/LVERD$VVRFLDomR&RUDomR$PDUHORH&UX]9HUPHOKD3RUWXJXHVDLQLFLDUDPXPWUDEDOKRGH
GLDJQyVWLFRHUHIOH[mRQRVHQWLGRGHUHSHQVDUHVWUDWpJLDVHDHYHQWXDODOWHUDomRGRDFRUGR
GH SDUFHULD 1HVVH kPELWR UHDOL]DUDPVH FRQWDFWRV FRP R JUXSR WpFQLFR GD 5HGH 6RFLDO
DOJXPDV MXQWDV GH IUHJXHVLD (QWUHDMXGD H D VXD OLJDomR DRV FHQWURV VRFLDLV SDURTXLDLV
%DQFR GH 9ROXQWDULDGR GD &0/ 3URMHWR 0DLV 3UR[LPLGDGH 0HOKRU 9LGD )UHJXHVLD GH 6mR
1LFRODX FRP R REMHWLYR GH PDSHDU QD FLGDGH WRGDV DV UHVSRVWDV GH YROXQWDULDGR FRP
LGRVRV QR GRPLFtOLR H D SDUWLU GHVVH GLDJQyVWLFR UHSHQVDU RV PROGHV HP TXH HVWH
SURJUDPDQDVXDJpQHVHIRLGHVHQKDGR
1RkPELWRGR9ROXQWDULDGR(PSUHVDULDOXPDGLPHQVmRGRYROXQWDULDGRTXHJDQKRXHVSHFLDO
H[SUHVVmRQDLQVWLWXLomRQHVWHDQRUHDOL]DUDPVHDo}HVTXHFRQWDUDPFRPDSDUWLFLSDomR
GHHPSUHVDVHQYROYHQGRXPWRWDOGHYROXQWiULRV
4XDGUR9ROXQWDULDGR(PSUHVDULDO
$omR
5HDELOLWDomRGHHVSDoRVH[WHULRUHV
5HSDUDU ± $omR GH 9ROXQWDULDGR GH
5HSDUDo}HV6ROLGiULDV
8PGLDQR-DUGLPGH,QIkQFLD
8PGLDQR&HQWURGH'LD
2UJDQL]DomR
&RQWH[WR
&HQWUR GH )RUPDomR 3URILVVLRQDO $OGHLD
*UXSR%URGKHLP
GH6DQWD,VDEHO
$XFKDQ 'HOWD &DIpV ('3 *DOS
(QHUJLD (XUHVW *UXSR %URGKHLP +
7HFQLF0RQWHSLR6&0/6HUYLOXVD
,QVWLWXWRGH*HVWmR)LQDQFHLUDGR)XQGR
6RFLDO(XURSHX
,QVWLWXWRGH*HVWmR)LQDQFHLUDGR)XQGR
6RFLDO(XURSHX
%HQHILFLDomRGHFDVDVGHXWHQWHVGR
6HUYLoRGH$SRLR'RPLFLOLiULRGD6&0/
-DUGLPGH,QIkQFLDGDV)XUQDV
&HQWURGH'LDGR%HDWR
&HQWUR GH $FROKLPHQWR GH &ULDQoDV
5HDELOLWDomRHUHPRGHODomRGRHVSDoR
*UXSR,PSUHVD6,&(VSHUDQoD
8PGLDQR-DUGLPGH,QIkQFLD
)1$&3RUWXJDO
&HQWURGH3URPRomR6RFLDOGD352'$&
*DOS(QHUJLD
',$6/¶6$WHQGLPHQWR6RFLDO
2IHUWD GH &DED]HV GH 1DWDO D
IDPtOLDVFDUHQFLDGDVXWHQWHVGD6&0/
&HLDGH1DWDO&RPXQLWiULD
(38/
,GDDRWHDWURHVSHWiFXORGH1DWDO
37
1GH9ROXQWiULRV
&DVDGD)RQWH
8WHQWHV GRV EDLUURV &DVDO GRV
0DFKDGRVH4XLQWDGDV/DUDQMHLUDV
$FRPSDQKDPHQWRGHFULDQoDVGRV/DUHV
GD6&0/
3DUD DOpP GDV UHIHULGDV RUJDQL]Do}HV LQLFLDUDPVH FRQWDFWRV FRP RXWUDV HPSUHVDV H
RUJDQL]Do}HV WDLV FRPR D (*25 D 0LFKDHO 3DJH RV 6HUYLoRV 6RFLDLV GD $GPLQLVWUDomR
3~EOLFDHR*UXSR'HVSRUWLYR3DUODPHQWDUGD$VVHPEOHLDGD5HS~EOLFDQRVHQWLGRGH
y
IRUWDOHFHU UHODo}HV GH SDUFHULD WHQGHQWHV j SURPRomR GH Do}HV FRQMXQWDV GH YROXQWDULDGR
RUJDQL]DFLRQDO ( FRP XP FDUiFWHU PDLV UHJXODU H PHQRV SRQWXDO PRELOL]DQGR R
YROXQWDULDGRGHFRPSHWrQFLDVGRVFRODERUDGRUHVGHHPSUHVDVFRPRD*DOS(QHUJLDD('3
R*UXSR%URGKHLPRXD'HOWD
Ì 'LYXOJDomRH6HQVLELOL]DomRSDUDR9ROXQWDULDGR
1R TXH UHVSHLWD j GLYXOJDomR H VHQVLELOL]DomR SDUD R 9ROXQWDULDGR UHDOL]DUDPVH Do}HV
GH GLYXOJDomR H[WHUQD QDFLRQDLV H LQWHUQDFLRQDLV SURPRYLGDV SRU GLIHUHQWHV DWRUHV
&RPLVVmR 1DFLRQDO GR $QR (XURSHX GR 9ROXQWDULDGR $(9 $XWDUTXLDV /LVERD
$PDGRUD3DOPHOD2GLYHODV(PSUHVDV,QVWLWXWRGD6HJXUDQoD6RFLDO6HFUHWDULD*HUDOGR
0LQLVWpULR GD 6ROLGDULHGDGH H GD 6HJXUDQoD 6RFLDO 5HXQL}HV GH SDUFHULD WUDQVQDFLRQDO
3RUWXJDO (VSDQKD 5HLQR 8QLGR H $OHPDQKD (VFRODV H )DFXOGDGHV &HQWUR (GXFDWLYR
5HSRUWDJHQV QD FRPXQLFDomR VRFLDO *UXSRV &RPXQLWiULRV H LQWHULQVWLWXFLRQDLV )HLUD GR
'HVHQYROYLPHQWR 6XVWHQWiYHO *UHHQIHVW 8QLYHUVLGDGH GH 9HUmR &UX] 9HUPHOKD
3RUWXJXHVDH&RPXQLFDomR6RFLDO
0XLWDV GHVWDV Do}HV SDUD DOpP GD GLYXOJDomR FRQWULEXtUDP SDUD XPD SDUWLOKD PDLV
DODUJDGDGHH[SHULrQFLDVGH9ROXQWDULDGRSHUPLWLQGRSDUWLFLSDUDWLYDPHQWHHP HVSDoRVGH
UHIOH[mR VREUH DV SUiWLFDV GR 9ROXQWDULDGR H GDU D FRQKHFHU ERDV SUiWLFDV H H[SHULrQFLDV
LQRYDGRUDV
Ì 3ODQRGH,QLFLDWLYDVGD6DQWD&DVDGD0LVHULFyUGLDGH/LVERDQRkPELWRGR$QR(XURSHX
GR9ROXQWDULDGR$(9
7HQGRHPFRQVLGHUDomRDLPSRUWkQFLDGHTXHR9ROXQWDULDGRVHUHYHVWHSDUDDSURVVHFXomR
GRV ILQV GD 6&0/ RV VHXV REMHWLYRV H LQVWLWXtGR R DQR GH FRPR $QR (XURSHX GR
9ROXQWDULDGRHFRQKHFLGRVRVVHXVGHVtJQLRVD6DQWD&DVDGD0LVHULFyUGLDGH/LVERDGHILQLX
XPSURJUDPDHVSHFtILFRGHDo}HVDUHDOL]DUQRkPELWRGHVWDFRPHPRUDomRFRPDDPELomR
GHGDUXPFRQWULEXWRLPSRUWDQWHSDUDRFXPSULPHQWRGRVREMHWLYRVGDSDUWLFLSDomRQDFLRQDO
QR$(9
(PERUDDRORQJRGHWRGR RDQRVHWHQKDPSURSRUFLRQDGRGLYHUVRV PRPHQWRVGH HQFRQWUR
GHYROXQWiULRVSRUYLDGRFRQMXQWRGHLQLFLDWLYDVTXHVHIRUDPSURPRYHQGRKiDGHVWDFDU
SHOD VXD UHOHYkQFLD H FDUiWHU LQpGLWR QD LQVWLWXLomR D UHDOL]DomR GR 'LD $EHUWR GD 6&0/ D
WRGRVRVVHXVYROXQWiULRVQRGLDGH1RYHPEURLQLFLDWLYDTXHDWUDYpVGDUHDOL]DomRGH
YiULRV ZRUNVKRSV H GD YLVLWD FRQMXQWD D DOJXQV GRV HVSDoRV PDLV HPEOHPiWLFRV GR
&RPSOH[RGH6mR5RTXHSURPRYHXXPDPDLRUDSUR[LPDomRGRV
y
YROXQWiULRVjRUJDQL]DomRIDFLOLWDQGRDUHIOH[mRHDSDUWLOKDGHH[SHULrQFLDVHIRUWDOHFHQGR
RVHQWLGRGHFROHWLYR
$VDo}HVUHDOL]DGDVHQFRQWUDPVHOLVWDGDVDEDL[R
4XDGUR$o}HVUHDOL]DGDVGR3ODQRGH,QLFLDWLYDVGD6&0/QRkPELWRGR$QR(XURSHXGR
9ROXQWDULDGR
2EMHWLYRGR$(9HPTXHD
$omR
DomRVHLQVHULX
2EMHWLYR³&ULDUXPDPELHQWHSURStFLR
DRYROXQWDULDGRQD8(³
2EMHWLYR³'DUPHLRVjVRUJDQL]Do}HV
YROXQWiULDVHPHOKRUDUDTXDOLGDGH
GRYROXQWDULDGR´
2EMHWLYR³5HFRPSHQVDUH
UHFRQKHFHURWUDEDOKRYROXQWiULR´
2EMHWLYR³6HQVLELOL]DUDVSHVVRDV
SDUDRYDORUHDLPSRUWkQFLDGR
YROXQWDULDGR´
−
$omRGH9ROXQWDULDGRHPSUHVDULDO³5(3$5$5´
−
&RQIHUrQFLDGR&HQWURGH0HGLFLQDGH5HDELOLWDomRGR$OFRLWmRVREUH9ROXQWDULDGR
−
6HPLQiULRVREUH%RDV3UiWLFDVGH9ROXQWDULDGR
−
&ULDomRGR3URMHWRGH9ROXQWDULDGR³0DLV9ROXQWDULDGR0DLV6$Ò'(´
−
&LFORGHSDOHVWUDVVREUHR9ROXQWDULDGRGD6&0/
−
$omRGHKRPHQDJHPDRVYROXQWiULRVGD6&0/TXHFXPSUDPDQRVGH9ROXQWDULDGR
−
'RFXPHQWiULR,QVWLWXFLRQDOVREUHR9ROXQWDULDGRQD6&0/
−
$omR³9DPRVFRQVWUXLUXPOLYUR´
−
(QFRQWURVGHYROXQWiULRVGD6&0/'LD$EHUWR
−
,,,6HPLQiULRGH,QRYDomRH(PSUHHQGHGRULVPR6RFLDO³&LGDGDQLDH5HVSRQVDELOLGDGH6RFLDO´
−
,,3UpPLR0LFURILOPHVSDUD0DFURFDXVDV
−
&RQFXUVRGH)RWRJUDILD&LGDGH6ROLGiULDVREUHRWHPD³9ROXQWDULDGR´
−
5HYLVWD&LGDGH6ROLGiULD³9ROXQWDULDGR´
−
([WUDomRGH/RWDULD&OiVVLFDGHGLFDGDDR$QR(XURSHXGR9ROXQWDULDGR
−
([SRVLomRVREUHR9ROXQWDULDGRGD6&0/
−
³2FRQWULEXWRGRYROXQWDULDGRHPDWLYLGDGHVVRFLRFXOWXUDLVMXQWRGHXWHQWHVGD6&0/´
2EMHWLYR$VVHJXUDUDH[LVWrQFLDPDQXWHQomRHRSHUDFLRQDOLGDGHGRVHTXLSDPHQWRVGH
VHJXUDQoDHPGDVLQVWDODo}HV
Ì 0DQXWHQomRHRSHUDFLRQDOLGDGHGHHTXLSDPHQWRVGHVHJXUDQoD
1DVXDPDLRULDDVPDQXWHQo}HVSUHYHQWLYDVGHVHQYROYHUDPVHDWUDYpVGRFRQWUDWRJHUDOGD
VHJXUDQoDTXHD6&0/PDQWpPFRPDHPSUHVDSUHVWDGRUDGHVWHVHUYLoRRXHQWmR
y
UHFRUUHQGRDRXWURVSUHVWDGRUHVGHVHUYLoRVSDUDDUHDOL]DomRGHLQWHUYHQo}HVSRQWXDLVQRV
HTXLSDPHQWRV QmR DEUDQJLGRV SHOR UHIHULGR FRQWUDWR 'HVWD IRUPD FRQVHJXLXVH XPD
DEUDQJrQFLDWRWDOHHILFD]GHPDQXWHQomRSUHYHQWLYDDRVHTXLSDPHQWRV
$ WDEHOD VHJXLQWH DSUHVHQWD R WLSR H Q~PHUR GH HTXLSDPHQWRV DRV TXDLV IRL UHDOL]DGD
PDQXWHQomRSUHYHQWLYDGXUDQWH
4XDGUR,QWHUYHQo}HVGHPDQXWHQomRSUHYHQWLYDHIHWXDGDV
6,67(0$'('(7(d®2$8720É7,&$
6,67(0$$8720É7,&2'('(7(d®2
'(,17586®26'$,
'(,1&È1',26$',
&,5&8,72)(&+$'2'(79&&79
$R QtYHO GD PDQXWHQomR FRUUHWLYD IRUDP VROLFLWDGDV LQWHUYHQo}HV GH UHSDUDomR GH
HTXLSDPHQWRVGLVSHUVRVSHODVGLYHUVDVLQVWDODo}HVGD6&0/
Ì /LFHQFLDPHQWRGHHTXLSDPHQWRVMXQWRGHDXWRULGDGHVH[WHUQDV
$ H[SORUDomR GH HTXLSDPHQWRV GH VHJXUDQoD DFDUUHWD GLYHUVDV YH]HV R FRUUHWR
OLFHQFLDPHQWR GRV VLVWHPDV 2 WUDEDOKR GHVHQYROYLGR QHVWH kPELWR FRPSUHHQGHX R
OLFHQFLDPHQWR MXQWR GD $XWRULGDGH 1DFLRQDO GH 3URWHomR GH 'DGRV GRV VLVWHPDV GH
YLGHRYLJLOkQFLD LQVWDODGRV GLUHWDPHQWH VRE FRRUGHQDomR GR '4, RX QR kPELWR GH REUDV
UHDOL]DGDV SHOD 'LUHomR GH *HVWmR GH ,QVWDODo}HV H (TXLSDPHQWRV ¬ VHPHOKDQoD GHVWHV
VLVWHPDVWDPEpPRVHTXLSDPHQWRVGHDODUPHTXHUHFRUUDPDVLUHQHVH[WHULRUHVQHFHVVLWDP
GH OLFHQFLDPHQWR WHQGR HVWH VLGR UHDOL]DGR SDUD WRGDV DV QRYDV LQVWDODo}HV MXQWR GD
DXWRULGDGHFRPSHWHQWHSDUDRHIHLWRD3ROtFLDGH6HJXUDQoD3~EOLFD
Ì ,QVWDODomRGHQRYRVHTXLSDPHQWRVGHVHJXUDQoD
)DFH jV GLYHUVDV H VXFHVVLYDV VROLFLWDo}HV EHP FRPR D LPSHULRVDV DOWHUDo}HV SRU DYDULDV
VXEVWLWXLomRGHHTXLSDPHQWRVREVROHWRVRXSURWHomRGHSHVVRDVHEHQVIRUDPLQVWDODGRV
QRYRVVLVWHPDV
$ LQWHJUDomR QD 6&0/ GRV HVWDEHOHFLPHQWRV GR ,QVWLWXWR GD 6HJXUDQoD 6RFLDO ,66
VLJQLILFRXXPDFUpVFLPRGHVLVWHPDVGHVHJXUDQoDVLVWHPDVDXWRPiWLFRVGHGHWHomRGH
LQFrQGLRHLQWUXVmRSDUDPRQLWRUL]DU
y
Ì 9LJLOkQFLD+XPDQD
3DUD D FRPSRQHQWH GD VHJXUDQoD ItVLFD PDQWHYHVH D JHVWmR WpFQLFD GR FRQWUDWR GH
SUHVWDomRGHVHUYLoRVTXHD6&0/WHPFRPHPSUHVDSUHVWDGRUDGHVWHVHUYLoRHPUHJLPHGH
RXWVRXUFLQJ FRUUHVSRQGHQGR HVWD DRV VHUYLoRV GH YLJLOkQFLD DIHWD D LQVWDODo}HV H SRVWRV GLVSHUVRV SHOD iUHD JHRJUiILFD GH DWXDomR GD 6&0/ (VWmR DTXL LQFOXtGRV RV
HVWDEHOHFLPHQWRVGR,QVWLWXWRGD6HJXUDQoD6RFLDO
$YHULILFDomRGDHILFiFLDHPRQLWRUL]DomRGRVVHUYLoRVSUHVWDGRVpYHULILFDGDSHULRGLFDPHQWH
DWUDYpV GH LQTXpULWRV GH VDWLVIDomR UHDOL]DGRV DRV UHVSRQViYHLV SHODV LQVWDODo}HV RQGH R
VHUYLoR p SUHVWDGR (VWH FRQWUROR p UHDOL]DGR HP FRQMXQWR FRP D HPSUHVD SUHVWDGRUD GR
VHUYLoR H FRQVLVWH QR SUHHQFKLPHQWR WULPHVWUDO SRU SRVWR GH YLJLOkQFLD GRV UHIHULGRV
GRFXPHQWRV $Wp j SUHVHQWH GDWD IRUDP UHDOL]DGRV LQTXpULWRV VHQGR TXH GHSRLV GD
GHYLGD DQiOLVH IRL QHFHVViULR HP GLYHUVRV FDVRV DMXVWDU PpWRGRV SUiWLFDV H KRUiULRV GD
SUHVWDomR GRV VHUYLoRV $ DYDOLDomR PpGLD REWLGD GD VDWLVIDomR FRP RV VHUYLoRV p GH QXPDHVFDODGHLQVXILFLHQWHDPXLWRERP
Ì 0DQXWHQomRGRV0HLRVGH,QWHUYHQomR
0DQWHYHVH HP D LQVSHomR H PDQXWHQomR RX UHSRVLomR LQWHJUDO GR SDUTXH GH
H[WLQWRUHVERFDVGHLQFrQGLRHFDUUHWpLVGHDFRUGRFRPDQRUPD13FRPYLVWD
j FREHUWXUD GD WRWDOLGDGH GRV QRVVRV HVWDEHOHFLPHQWRV )RUDP YHULILFDGRVVXEVWLWXtGRV
H[WLQWRUHVHYHULILFDGRVFDUUHWpLV
2EMHWLYR $ODUJDU R kPELWR GR 6LVWHPD GH *HVWmR GD 4XDOLGDGH GD 6&0/ HP
FRQIRUPLGDGH FRP RV UHTXLVLWRV GDV QRUPDV H UHIHUHQFLDLV GH 4XDOLGDGH ,62 H
UHIHUHQFLDLVGR,66DXPFRQMXQWRSLORWRGHHVWDEHOHFLPHQWRVGHUHVSRVWDVRFLDO
$ SULPHLUD IDVH GH LPSOHPHQWDomR GR SURMHWR DEUDQJHX DV UHVSRVWDV VRFLDLV ³&UHFKH´ H
³&HQWUR GH 'LD´ QXP FRQMXQWR SLORWR GH RLWR FUHFKHV H RLWR FHQWURV GH GLD &RQWXGR R
SURMHWR SUHYr D DSOLFDELOLGDGH GRV SURFHVVRV FRPXQV TXH HQYROYHP RV VHUYLoRV
LQVWUXPHQWDLV D WRGRV RV HVWDEHOHFLPHQWRV GD PHVPD WLSRORJLD FDQGLGDWXUD DGPLVVmR
SODQR GH GHVHQYROYLPHQWR LQGLYLGXDO SODQHDPHQWR H UHDOL]DomR GH DWLYLGDGHV JHVWmR GH
UHFXUVRVKXPDQRVDTXLVLomRGHEHQVHVHUYLoRVHWF1DSHUVSHWLYDGHDODUJDURVLVWHPDj
UHVSRVWD ³(VWUXWXUD 5HVLGHQFLDO SDUD ,GRVRV´ QR GHFRUUHU GH HIHWXRXVH R
OHYDQWDPHQWRLQLFLDOGHUHTXLVLWRV
y
Ì 0DQXDOGD4XDOLGDGHH3ROtWLFDGD4XDOLGDGH
2 DQR GH LQLFLRXVH FRP D FRPSLODomR H DQiOLVH GDV SURSRVWDV H FRPHQWiULRV GRV
GLYHUVRV GHSDUWDPHQWRV H VHUYLoRV j SURSRVWD GH 0DQXDO GD 4XDOLGDGH GD 6DQWD &DVD GD
0LVHULFyUGLDGH/LVERDHQWUHJXHSDUDDSUHFLDomRHP'H]HPEURGH
(P -XQKR GH IRL DSURYDGR R 0DQXDO GD 4XDOLGDGH H D 3ROtWLFD GD 4XDOLGDGH GD
LQVWLWXLomR
Ì $YDOLDomRGDVDWLVIDomRGRFOLHQWH
1HVWHSHUtRGRIRLGHILQLGDXPDHTXLSDGHWUDEDOKRFRPHOHPHQWRVGR'4,'LUHomRGH$omR
6RFLDO1~FOHR GH $VVHVVRULD H $SRLR 7pFQLFR H *DELQHWH GH (VWXGRV H 3ODQHDPHQWR SDUD D
HODERUDomRGRTXHVWLRQiULRGHDYDOLDomRGHVDWLVIDomRHPFUHFKHV'HDFRUGRFRPDDQiOLVH
GRV GDGRV REWLGRV YHULILFRXVH XPD DGHVmR GH FHUFDGH GRV FOLHQWHV 2V UHVXOWDGRV
IRUDP VXEGLYLGLGRV SHODV TXDWUR GLPHQV}HV GD TXDOLGDGH DERUGDGDV QR TXHVWLRQiULR
4XDOLGDGH GD ,QWHUDomR 4XDOLGDGH GD ,QIUDHVWUXWXUD 4XDOLGDGH GD 5HDOL]DomR H 4XDOLGDGH
*OREDO H HP WHUPRV JOREDLV D PpGLD DOFDQoDGD QDV GLIHUHQWHV GLPHQV}HV GD TXDOLGDGH
DQDOLVDGDVIRLVXSHULRUDUHVXOWDGREDVWDQWHSRVLWLYR
Ì $XGLWRULDV
3DUDDYDOLDURHVWDGRGDLPSOHPHQWDomRGR6*4GD6&0/LQLFLRXVHHPFRQWH[WRIRUPDWLYR
XP FRQMXQWR GH DXGLWRULDV LQWHUQDV DR JUXSR SLORWR GD UHVSRVWD VRFLDO FUHFKH EHP FRPR
DXGLWRULDV LQWHUQDV DRV VHUYLoRV LQVWUXPHQWDLV 'LUHomR GH $SURYLVLRQDPHQWR H 'LUHomR GH
5HFXUVRV+XPDQRV1HVWHkPELWRIRUDPWDPEpPHIHWXDGDVHPSDUFHULDFRPD'LUHomRGH
$SURYLVLRQDPHQWR YLVLWDV GH GLDJQyVWLFR jV FR]LQKDV GR JUXSR SLORWR GD UHVSRVWD VRFLDO
FUHFKHFRPRREMHWLYRGHREVHUYDUDVERDVSUiWLFDVGHVHJXUDQoDDOLPHQWDU
'R WRWDO GH DXGLWRULDV SUHYLVWDV DRV HVWDEHOHFLPHQWRV VRFLDLV H DRV VHUYLoRV
LQVWUXPHQWDLVIRUDPUHDOL]DGDVDSHQDVQmRWHQGRVLGRSRVVtYHOUHDOL]DUDVUHVWDQWHVDWp
DR ILQDO GR DQR GH SRU PRWLYRV TXH VH SUHQGHP FRP DOWHUDo}HV RUJDQL]DFLRQDLV H
UHGHILQLomRGHSULRULGDGHV
Ì (VWUXWXUD5HVLGHQFLDOSDUD,GRVRV
5HODWLYDPHQWH j QRYD UHVSRVWD VRFLDO IRL DQDOLVDGRR ³0DQXDO GH 3URFHGLPHQWRV /DUHV GH
,GRVRVGH$GPLQLVWUDomR'LUHWD´HODERUDGRSHOD'LUHomRGH$omR6RFLDOjOX]GRV
y
UHTXLVLWRV GRV PDQXDLV GH UHIHUrQFLD GR ,QVWLWXWR GH 6HJXUDQoD 6RFLDO H DYDOLDGD D VXD
DGHTXDomRHLQWHJUDomRQR6LVWHPDGH*HVWmRGD4XDOLGDGHGD6&0/
3DUDOHODPHQWHGXUDQWHRVPHVHVGH-XOKRH$JRVWRUHDOL]DUDPVHYLVLWDVGHGLDJQyVWLFRjV
³(VWUXWXUDV 5HVLGHQFLDLV SDUD ,GRVRV´ LQVHULGDV QR kPELWR GR SURMHWRSLORWR $V YLVLWDV
WLYHUDPFRPRREMHWLYR HIHWXDUROHYDQWDPHQWRGDVLWXDomRjGDWDIDFHDRVUHTXLVLWRVGRV
0DQXDLV GH $YDOLDomR GD 4XDOLGDGH GR ,QVWLWXWR GH 6HJXUDQoD 6RFLDO EHP FRPR DYDOLDU R
JUDXGHLPSOHPHQWDomRGRUHIHULGR0DQXDOGH3URFHGLPHQWRVHODERUDGRSHOD',$6
Ì 'LYXOJDomRLQWHUQD
&RQVLGHUDQGR
D
LPSUHVFLQGLELOLGDGH
GH
WRGRV
RV
'HSDUWDPHQWRV
6HUYLoRV
H
(VWDEHOHFLPHQWRVHQYROYLGRVQRSURFHVVRGHFHUWLILFDomRWHUHPDFHVVRDRVGRFXPHQWRVTXH
FRPS}HPR0DQXDOGD4XDOLGDGHGD6&0/IRLFULDGDQD,QWUDQHWGD6&0/QDiUHDGHGLFDGD
HVSHFLILFDPHQWHDR6LVWHPDGH *HVWmRGD4XDOLGDGHXPHVSDoRSUySULRSDUDR0DQXDOGD
4XDOLGDGHEHPFRPRXPHVSDoRRQGHVHGLYXOJDD3ROtWLFDGD4XDOLGDGH
2EMHWLYR5HDOL]DUFLQFRSURMHWRVLQLFLDWLYDVQRkPELWRGDLQRYDomRVRFLDO
2V REMHWLYRV H DV PHWDV HVWDEHOHFLGRV SHOR '4, QR kPELWR GD ,QRYDomR 6RFLDO IRUDP
JHQHULFDPHQWH VXSHUDGDV WHQGR VLGR UHDOL]DGDV GH] LQLFLDWLYDV GH LQRYDomR VRFLDO D PHWD
HVWDEHOHFLGD HUD GH FLQFR H HVWDEHOHFLGDV SDUFHULDV FRP FLQFR HQWLGDGHV SDUD D
FRQFUHWL]DomRGHWUrVSURMHWRVLQRYDGRUHVQRPHVPRGRPtQLR
Ì (VWUDWpJLDGH,QRYDomR6RFLDOGD6&0/
1R kPELWR GD HVWUDWpJLD GH LQRYDomR VRFLDO GD 6&0/ IRUDP UHDOL]DGDV DV VHJXLQWHV
LQLFLDWLYDV
•
•
,,,6HPLQiULRGH,QRYDomRH(PSUHHQGHGRULVPR6RFLDO
3UpPLR0LFURILOPHVSDUD0DFURFDXVDV±HGLomRGH
•
3URMHWR³&RP0DLV&XLGDGR´
•
3URMHWR³$FWLRQIRU$JH´
•
3URMHWR'R6RPHWKLQJSW
•
3URMHWR3DUDWLVHQmRIDOWDUHV
•
•
•
3URMHWR,GRVRV#7,&
3URMHWR(9$,,±([FOXVmRGH9DORU$FUHVFHQWDGR
$OLDQoD(VWUDWpJLFDFRPD$6+2.$
•
3URMHWR5HSDUDU±$omRGH9ROXQWDULDGRGH5HSDUDo}HV6ROLGiULDV
y
Ì
,,,6HPLQiULRGH,QRYDomRH(PSUHHQGHGRULVPR6RFLDO³2YROXQWDULDGRHD
UHVSRQVDELOLGDGHVRFLDOQDFRQVWUXomRGHXPDQRYDFLGDGDQLD´
2,,,6HPLQiULRGH,QRYDomRH(PSUHHQGHGRULVPR6RFLDOIRLSURPRYLGRSHOR'4,QRGLDGH
MXOKRQR$XGLWyULRGD)XQGDomR&DORXVWH*XOEHQNLDQHWHYHFRPRWHPD³2YROXQWDULDGRH
DUHVSRQVDELOLGDGHVRFLDOQDFRQVWUXomRGHXPDQRYDFLGDGDQLD
1HVWD VXD WHUFHLUD HGLomR DFHLWDQGR R UHSWR ODQoDGR SHOR $QR (XURSHX GR 9ROXQWDULDGR R
SURJUDPDGHWUDEDOKRVFHQWURXVHQDUHIOH[mRHQRGHEDWHVREUHRSDSHOGRYROXQWDULDGRH
GD UHVSRQVDELOLGDGH VRFLDO GDV HPSUHVDV QD FRQVWUXomR GH XPD VRFLHGDGH PDLV VROLGiULD H
PDLVVXVWHQWiYHOEHPFRPRVREUHDLPSRUWkQFLDGHUHSHQVDUPRVHUHQRYDUPRVRVPRGHORV
GH YROXQWDULDGR H GH SDUWLFLSDomR VRFLDO GDV HPSUHVDV IDFH DRV GHVDILRV TXH VH FRORFDP
KRMHjVRFLHGDGHFRQWHPSRUkQHD
2 ,,, 6,(6 FRQWRX FRP D SDUWLFLSDomR GH SUHVWLJLDGRV RUDGRUHV QDFLRQDLV H HVWUDQJHLURV H
FRPDSUHVHQoDGHPDLVGHSDUWLFLSDQWHV'HDFRUGRFRPRVGDGRVREWLGRVDSDUWLUGR
TXHVWLRQiULR GH DYDOLDomR GR HYHQWR GLVWULEXtGR R VHPLQiULR PHUHFHX GD JHQHUDOLGDGH GRV
SDUWLFLSDQWHVXPDTXDOLILFDomRGH³ERP´HGHXPDUHOHYDQWHSHUFHQWDJHPGRVPHVPRVGH
³PXLWRERP´
Ì 3UpPLR0LFURILOPHVSDUD0DFURFDXVDV
3HORVHJXQGRDQRFRQVHFXWLYRIRLODQoDGRR 3UpPLR0LFURILOPHVSDUD 0DFURFDXVDV3UpPLR
00&$86$6 LQLFLDWLYDTXH UHVXOWD GH XPD SDUFHULD HQWUH D 6DQWD &DVD GD 0LVHULFyUGLD GH
/LVERD6&0/R&OXEH3RUWXJXrVGH$UWHVH,GHLDV&3$,HR3RUWDO6DSRSW
(QTXDGUDGDQDHVWUDWpJLDGHLQRYDomRVRFLDOGD6&0/HQHVWDVXDVHJXQGDHGLomRQR$QR
(XURSHX GR 9ROXQWDULDGR HVWD DWLYLGDGH WHYH FRPR SULQFLSDO REMHWLYR PRELOL]DU MRYHQV
DUWLVWDV HQWUH RV H DQRV GH LGDGH SDUD XPD SDUWLFLSDomR VROLGiULD H DWLYD QD
VRFLHGDGHLQFHQWLYDQGRHSUHPLDQGRRGHVHQYROYLPHQWRGHSURMHWRVFULDWLYRVLQRYDGRUHVQD
iUHD GR YtGHR GLJLWDO PHGLDQWH D FRQFHomR H SURGXomR GH PLFURILOPHV FRP D GXUDomR
Pi[LPDGHPLQXWRVGHGLFDGRVDRWHPD³9ROXQWDULDGRH&LGDGDQLD´
&RXEHj6&0/DFRRUGHQDomRGHWRGRRSURMHWRTXHGHFRUUHXGHGHDEULODGHMXQKR
HRSHUDFLRQDOPHQWHDSUHSDUDomRGREULHILQJHGRUHJXODPHQWREHPFRPRDWULDJHPGRV
YtGHRVTXDQWRjVXDHOHJLELOLGDGHSDUDRFRQFXUVR
y
'DV FDQGLGDWXUDV DSUHVHQWDGDV IRUDP DSURYDGRV D FRQFXUVR PLFURILOPHV 2 M~UL GHFLGLX
DWULEXLURSUpPLRHDVPHQo}HVKRQURVDVDRVVHJXLQWHVFRQFRUUHQWHV
•
3UpPLR7tWXORGR0LFURILOPH³9HUSDUD&UHU´$XWRU)UHGHULFR*RPHV
•
0HQo}HV+RQURVDV7tWXORVGRV0LFURILOPHV³/HPEUHWH´$XWRUD)LOLSD%HODH
³'HVFXOSDV´$XWRUÈOYDUR6LOYHLUD
2V SUpPLRV H PHQo}HV KRQURVDV IRUDP HQWUHJXHV QR GLD GH -XOKR QXPD FHULPyQLD
LQWHJUDGDQR,,,6HPLQiULRGH,QRYDomRH(PSUHHQGHGRULVPR6RFLDO
2 EDODQoR ILQDO GHVWD LQLFLDWLYD p EDVWDQWH SRVLWLYR VHQGR GH UHDOoDU D TXDOLGDGH PpGLD
HOHYDGD GRV WUDEDOKRV D FRQFXUVR R TXH LQGLFRX XPD UHIOH[mR FULDWLYD H HPSHQKDGD SRU
SDUWHGRVFDQGLGDWRVVREUHRYROXQWDULDGRHFLGDGDQLDDWLYD
'XUDQWHRSHUtRGR HP TXHRVPLFURILOPHVHVWLYHUDPGLVSRQtYHLVSDUDYRWDomRSHORS~EOLFR
RVPHVPRVIRUDPYLVLRQDGRVYH]HVHUHFHEHUDPXPWRWDOGHYRWRV
Ì 3URMHWR&RP0DLV&XLGDGR_3DUFHULDFRPD)XQGDomR0DSIUH
(P2XWXEURGHIRLFHOHEUDGRXPSURWRFRORGHSDUFHULDHQWUHD)XQGDomR0$3)5(HD
6&0/ QR kPELWR GR SURMHWR 0DLV &XLGDGR 3UHYHQomR GH ULVFRV GRPpVWLFRV HQWUH LGRVRV
SURPRYLGRSHOD)XQGDomR0DSIUHRTXDOWHPFRPRREMHWLYRVFRQWULEXLUSDUDDSUHYHQomRGH
DFLGHQWHV HVWLPXODU D DGRomR GH KiELWRV GH YLGD PDLV VDXGiYHLV H LQIRUPDU D SRSXODomR
LGRVD VREUH TXDLV RV FXLGDGRV D WHU FRP D VD~GH SDUD TXH R FRUSR UHVSRQGD GD PHOKRU
PDQHLUDSRVVtYHOHPFDVRGHDFLGHQWH
'DQGR FRQWLQXLGDGH DR WUDEDOKR LQLFLDGR QR DQR DQWHULRU HP IRUDP UHDOL]DGDV GH]
Do}HVGHIRUPDomRWHyULFDHSUiWLFDSDUDWpFQLFRVGD6&0/WpFQLFRVGHDSRLRGRPLFLOLiULR
WHUDSHXWDVRFXSDFLRQDLVSVLFyORJRVHDQLPDGRUHVVRFLRFXOWXUDLV
2FRQWULEXWRGD6&0/UHYHORXVHLJXDOPHQWHIXQGDPHQWDOQDYDOLGDomRWpFQLFDGRVUHFXUVRV
LQIRUPDWLYRV H IRUPDWLYRV GHFRUUHQWHV GHVWH SURMHWR WDLV FRPR RV GRLV JXLDV GLVSRQtYHLV ±
XPSDUDLGRVRVIDPLOLDUHVHRXWURSDUDSURILVVLRQDLVXP&'520HDSiJLQDGH,QWHUQHW
ZZZFRPPDLVFXLGDGRFRPSW
,JXDOPHQWHHQDVHTXrQFLDGRVVNHWFKHVGHDFLGHQWHVGRPpVWLFRVDSUHVHQWDGRVHPDOJXQV
GRV&HQWURVGH'LDGD6&0/HPQHVWHDQRD)XQGDomR0DSIUHHD6&0/
y
GHFLGLUDP UHIRUoDU D LQLFLDWLYD WHQGR D )XQGDomR FRQWUDWDGR D FRPSDQKLD GH WHDWUR $
*DUDJHPSDUDFRQFHEHUHHQFHQDUXPDSHoDGHWHDWURTXHLOXVWUDVVHGHIRUPDH[SHULHQFLDO
HDSHODWLYDDVVLWXDo}HVGHULVFRHGHDFLGHQWHGRPpVWLFR
2 UHVXOWDGR IRL D UHDOL]DomR GH GRLV HVSHWiFXORV QRV GLDV H GH QRYHPEUR QR &HQWUR
&XOWXUDOGD0DODSRVWDDOXJDGRSHOD6&0/TXHFRQWDUDPFRPDSUHVHQoDGHXWHQWHV
GH&HQWURVGH'LDGD6&0/
Ì 3URMHWR$FWLRQIRU$JH_3DUFHULDFRPD([SHULPHQWD
2 3URMHWR $FWLRQ IRU $JH p XPD LQLFLDWLYD H XPD LGHLD RULJLQDO GD 5R\DO 6RFLHW\ IRU
(QFRXUDJHPHQW RI $UWV 0DQXIDFWXUH DQG &RPPHUFH GR 5HLQR 8QLGR 56$ GHVHQYROYLGD
HP 3RUWXJDO SHOD ([SHULPHQWD H TXH YLVD H[SORUDU R SDSHO GR GHVLJQ IDFH DRV FRPSOH[RV
GHVDILRVTXHQRVFRORFDRIHQyPHQRGRHQYHOKHFLPHQWR
$ VXD VHJXQGD HGLomR GH TXH D 6&0/ IRL SDUFHLUD ILQDQFHLUD H HVWUDWpJLFD IRL ODQoDGD QR
GLD GH QRYHPEUR GH H WHYH FRPR SULQFLSDLV REMHWLYRV FRQVROLGDU XPD UHGH SDUD R
GHVLJQVRFLDOHDLQWHUJHUDFLRQDOLGDGHHP3RUWXJDOPRELOL]DUDOXQRVHHVFRODVVXSHULRUHVGH
GHVLJQ SDUD DV SUREOHPiWLFDV GH FDUL] VRFLDO GHVHQYROYHU SURMHWRV LQWHUJHUDFLRQDLV
LQRYDGRUHV SDUD VROXFLRQDU GHVDILRV FRQFUHWRV SURGX]LU UHIHUHQFLDLV GH ERDV SUiWLFDV
LQWHUQDFLRQDLV QD iUHD GD LQWHUJHUDFLRQDOLGDGH H UHDOL]DU XP SURMHWR GH FDUiFWHU
LQWHUQDFLRQDO FHQWUDGR QD iUHD GR GHVLJQ VRFLDO SDUD D LQWHUJHUDFLRQDOLGDGH DWUDYpV GD
SURPRomRGHSURMHWRVGHDOXQRVGHGHVLJQGHWRGRRSDtV
3DUD DOpP GR VXEVtGLR ILQDQFHLUR DWULEXtGR DR SURMHWR D 6&0/ HVWHYH UHSUHVHQWDGD QD VXD
FRPLVVmRGHDFRPSDQKDPHQWRFRPLVVmRGHSHULWRVHM~UL
1RGLDGHIHYHUHLURGHIRUDPDQXQFLDGRVRVSURMHWRVILQDOLVWDVHVFROKLGRVHQWUH
FDQGLGDWXUDVRULXQGDVGHLQVWLWXLo}HVGRHQVLQRVXSHULRUGHWRGRRSDtVHODERUDGDVSRU
DOXQRVGHFXUVRVQDiUHDGRGHVLJQHGDDUTXLWHWXUDQRkPELWRGRVHXSODQRFXUULFXODU
GHHVWXGRV
2V SURMHWRV HVFROKLGRV SHOR M~UL GHVWDFDPVH SHOR VHX SRWHQFLDO GH YLDELOL]DomR H GH
LQRYDomR GLYLGLQGRVH QDV VHJXLQWHV WLSRORJLDV SURGXWRWHFQRORJLD DomR FRPXQLWiULD
LQWHUYHQo}HVRXVLWHVSHFLILFVHVLVWHPDVRXVHUYLoRV
(QWUH0DUoRH6HWHPEURGHFRUUHXXPDIDVHGHGHVHQYROYLPHQWRHLPSOHPHQWDomRSLORWRGRV
SURMHWRVHPTXHRVDOXQRVWLYHUDPjVXDGLVSRVLomRXPDYHUEDILQDQFHLUDEHP
y
FRPR WXWRULD 1RV GLDV H GH VHWHPEUR GHFRUUHX QD )XQGDomR &DORXVWH *XOEHQNLDQ R
~OWLPR GRV ZRUNVKRSV SUHYLVWRV QD WXWRULD GHVWLQDGR D SUHSDUDU FRP RV DOXQRV RV VHXV
SLWFKVSDUDR3LWFK'D\UHDOL]DGRQRGLDGHVHWHPEURHTXHWHYHFRPRREMHWLYRIDFLOLWDUD
DSUHVHQWDomRGRVSURMHWRVILQDOLVWDVDSRWHQFLDLVLQYHVWLGRUHVSDUFHLURVHRXFOLHQWHV
1RGLDGHRXWXEURIRLDSUHVHQWDGRRGRFXPHQWiULR$FWLRQIRU$JH³$3URFLVVmRDLQGDYDL
QR DGUR´ QR DXGLWyULR GD )XQGDomR &DORXVWH *XOEHQNLDQ TXH IRL SUHFHGLGR SHOD
LQDXJXUDomR GD H[SRVLomR GRV SURMHWRV QR kPELWR GD %LHQDO ([SHULPHQWD 'HVLJQ $
H[SRVLomR HVWHYH DEHUWD DR S~EOLFR DWp DR GLD GH QRYHPEUR GH H IRL YLVLWDGD SRU
PDLVGHSHVVRDV
Ì 3URMHWR'R6RPHWKLQJSW_3DUFHULDFRPD7(6(±$VVRFLDomRSDUDR'HVHQYROYLPHQWR
'XUDQWH R SULPHLUR WULPHVWUH GH IRL SUHSDUDGD H GLVSRQLELOL]DGD QD SODWDIRUPD RQOLQH
KWWSZZZGRVRPHWKLQJSW LQIRUPDomR VREUH R YROXQWDULDGR GD 6&0/ H VREUH DV
RSRUWXQLGDGHV GH YROXQWDULDGR H[LVWHQWHV QD QRVVD LQVWLWXLomR WHQGR HP FRQVLGHUDomR R
WDUJHW H R REMHWLYR GR SURMHWR MRYHQV GRV DRV DQRV 1HVVD VHTXrQFLD Mi IRUDP
UHFHELGDVHQWUHWDQWRGLYHUVDVFDQGLGDWXUDV1RVHJXQGRVHPHVWUHIRLSURPRYLGDDSULPHLUD
HGLomRQDFLRQDOGRV3UpPLRV'R6RPHWKLQJ
Ì 3URMHWR³3DUDWLVHQmRIDOWDUHV´_3DUFHULDFRP)XQGDomR%HQILFD
1R ILQDO GH GH]HPEUR GH DWUDYpV GR '4, D 6&0/ HVWDEHOHFHX XPD SDUFHULD FRP D
)XQGDomR %HQILFD SDUD D UHDOL]DomR GR SURMHWR ³3DUD 7L VH 1mR )DOWDUHV´ &RP XPD
PHWRGRORJLD LQRYDGRUD HVWH SURMHWR REMHWLYD D FDSDFLWDomR H R FRPEDWH DR DEVHQWLVPR
DEDQGRQRHLQVXFHVVRHVFRODUGHFULDQoDVHMRYHQVHPULVFR
2SURWRFRORHVWDEHOHFLGRHQWUHD6&0/HD)XQGDomR%HQILFDWHYHFRPRSURSyVLWRGHILQLURV
WHUPRVGDFRODERUDomRDSURVVHJXLUQDLPSOHPHQWDomRHGHVHQYROYLPHQWRGRSURMHWRQXPD
QRYDiUHDJHRJUiILFDGH/LVERDRWHUULWyULRHGXFDWLYRGR$JUXSDPHQWRGH(VFRODVGH3HGUR
GH6DQWDUpPDEUDQJHQGRR%DLUURGD%RDYLVWD
2DUUDQTXHGRSURMHWRDFRQWHFHXQRLQtFLRGHPDUoRGHFRPWUrVJUXSRVGHFULDQoDVH
MRYHQV QXP WRWDO GH HOHPHQWRV GR WRWDOGR $JUXSDPHQWR GH (VFRODV GH 3HGUR
GH6DQWDUpPGRVTXDLVFXPSULUDPHIHWLYDPHQWHRFRPSURPLVVR
y
DVVXPLGR H FRQFOXtUDP DV DWLYLGDGHV SODQHDGDV QRPHDGDPHQWH DV GH -RUQDOLVPR 6DELDV
4XH"7,&H'HVSRUWR)XWVDO
$RSHUDFLRQDOL]DomRGDDomRHQYROYHXGLUHWDPHQWHDHTXLSDGHWpFQLFRVGR6HUYLoRGH$SRLR
j )DPtOLD H &RPXQLGDGH 6$)& GR &HQWUR 6RFLDO 3ROLYDOHQWH GR %DLUUR %RDYLVWD GD 6&0/
TXHUHDOL]RXDLGHQWLILFDomRGRVMRYHQVHFRORFRXHPSUiWLFDDVPHOKRUHVVROXo}HVWHQGRHP
YLVWDRVXFHVVRGRSURMHWR(VWDFRRSHUDomRUHYHORXVHXPLPSRUWDQWHIDWRUGHVXFHVVRQR
SURMHWRHGHDXPHQWRGRVVHXVLPSDFWRVQDFRPXQLGDGH
$DYDOLDomRTXHWDQWRDHTXLSDRSHUDFLRQDOGR³3DUD7L6H1mR)DOWDUHV´FRPRDHTXLSDGR
6$)& IL]HUDP GD LPSOHPHQWDomR GR SURMHWR QR $JUXSDPHQWR GH (VFRODV GH 3HGUR GH
6DQWDUpP p IUDQFDPHQWH SRVLWLYD QR TXH VH UHIHUH DR FXPSULPHQWR GRV VHXV REMHWLYRV
*OREDOPHQWH QR FRQMXQWR GRV DOXQRV SDUWLFLSDQWHV QR SURMHWR UHJLVWDUDPVH HYROXo}HV
PXLWRVLJQLILFDWLYDVDRQtYHOGRDSURYHLWDPHQWRHVFRODUGDDVVLGXLGDGHHGRFRPSRUWDPHQWR
FRPPHOKRULDVDRQtYHOGDDXWRHVWLPDGDPRWLYDomRHGDVUHODo}HVLQWHUSHVVRDLV
Ì 3URMHWR,GRVRV#7,&_3DUFHULDFRP)XQGDomR9RGDIRQH
1RLQtFLRGHFRPHoRXDRSHUDFLRQDOL]DomRGHXPDSDUFHULDHVWDEHOHFLGDHQWUHD6&0/
H D )XQGDomR 9RGDIRQH QR kPELWR GR SURMHWR ³,GRVRV#7,& LQLFLDWLYD TXH WHP FRPR
REMHWLYRSULQFLSDOUHWLUDUGRLVRODPHQWRDVSHVVRDVLGRVDVDWUDYpVGDSURPRomRGRXVRGDV
QRYDV WHFQRORJLDV GH LQIRUPDomR MXQWR GHVWD SRSXODomR GH IRUPD D SRWHQFLDU D VXD
VRFLDELOLGDGHHLQWHJUDomR
5HDOL]DGRHPFRODERUDomRFRPD$3(&±$VVRFLDomR3URPRWRUDGH(QVLQRGRV&HJRVHFRP
R ,QVWLWXWR $QWyQLR )HOLFLDQR GH &DVWLOKR H PLQLVWUDGR SRU IRUPDGRUHV FHJRV H DPEOtRSHV
GHVWHV GRLV RUJDQLVPRV HVWH SURMHWR OHYRX D IRUPDomR HP 7HFQRORJLDV GH ,QIRUPDomR H
&RPXQLFDomRDRVLGRVRVXWHQWHVGH&HQWURVGH'LDHGH/DUHVGD6&0/
Ì 3URMHWR(9$±([FOXVmRGH9DORU$FUHVFHQWDGR
2 SURMHWR GH DUWH VRFLDO (9$ ([FOXVmR GH 9DORU $FUHVFHQWDGR p XPD LQLFLDWLYD SURPRYLGD
SHOR 3URJUDPD (VFROKDV HP SDUFHULD FRP R &OXEH 3RUWXJXrV GH $UWHV H ,GHLDV DR TXDO
LQFXPEHDVXDRSHUDFLRQDOL]DomR
)D] SDUWH GD VXD PHWRGRORJLD D LPSOHPHQWDomR QR WHUUHQR ± /LVERD GH GLYHUVDV
UHVLGrQFLDVGHFULDomRDUWtVWLFDFRPGXUDomRPtQLPDGHPHVHVMXQWRDFRPXQLGDGHV
y
VRFLDOPHQWH H[FOXtGDV SDUD GHVHQYROYLPHQWR GH SURMHWRV DUWtVWLFRV HP FRQH[mR FRP RV
LQGLYtGXRVTXHLQWHJUDPHVVDVFRPXQLGDGHV
&RQVLGHUDQGR R kPELWR GR (9$ GH DUWH H GHVLJQ VRFLDO D 6DQWD &DVD GD 0LVHULFyUGLD GH
/LVERDWRUQRXVHSDUFHLUDGHVWDLQLFLDWLYDDODUJDQGRDVPDWpULDVGHWUDEDOKRHOHLWDVSDUDD
VXD VHJXQGD HGLomR jV WHPiWLFDV GR HQYHOKHFLPHQWR H GR LVRODPHQWR DWUDYpV GR
HQYROYLPHQWRGHXPGRVVHXVHTXLSDPHQWRVVRFLDLVFRPYDOrQFLDGHFHQWURGHGLDHVHUYLoR
GH DSRLR GRPLFLOLiULR R &HQWUR 6RFLDO GD 6p FRPR 5HVLGrQFLD $UWtVWLFD 7DO VLJQLILFRX
UHFHEHUXPGRVDUWLVWDVHQYROYLGRV&RQVWDQoD6DUDLYDTXHHPHVWUHLWDFRODERUDomRFRPRV
XWHQWHVHRPHLRFLUFXQGDQWHGHVHQYROYHXDtHSDUDDTXHOHS~EOLFRRVHXSURMHWRGHDUWH
VRFLDO
Ì $OLDQoD(VWUDWpJLFDFRPD$6+2.$
$GHDEULOGHD6DQWD&DVDGD0LVHULFyUGLDGH/LVERDHD$VKRND±(PSUHHQGHGRUHV
6RFLDLV HVWDEHOHFHUDP XPD $OLDQoD (VWUDWpJLFD SDUD R SHUtRGR D TXDO IRL
SUHSDUDGD FRQMXQWDPHQWH SHOR 'HSDUWDPHQWR GD 4XDOLGDGH H ,QRYDomR H SHOR
$ $VKRND p XPD RUJDQL]DomR PXQGLDO VHP ILQV OXFUDWLYRV SLRQHLUD QR FDPSR GD LQRYDomR
VRFLDO WUDEDOKR H DSRLR DRV HPSUHHQGHGRUHV VRFLDLV ± SHVVRDV FRP LGHLDV FULDWLYDV H
LQRYDGRUDVFDSD]HVGHSURYRFDUWUDQVIRUPDo}HVFRPDPSORLPSDFWRVRFLDO
2 WUDEDOKR UHDOL]DGR SHOR '4, QR kPELWR GD GLQDPL]DomR GD SDUFHULD FRQVLVWLX
HVVHQFLDOPHQWH QD HODERUDomR H RSHUDFLRQDOL]DomR GR 3ODQR GH &RPXQLFDomR H 0DUNHWLQJ
GD$OLDQoD
Ì 5(3$5$5±$omRGH9ROXQWDULDGRGH5HSDUDo}HV6ROLGiULDV
1RkPELWRGDVFHOHEUDo}HVQDFLRQDLVGR$QR(XURSHXGR9ROXQWDULDGRHGR,,,6HPLQiULRGD
,QRYDomR H (PSUHHQGHGRULVPR 6RFLDO D 6DQWD &DVD GD 0LVHULFyUGLD GH /LVERD DWUDYpV GR
'HSDUWDPHQWR GH 4XDOLGDGH H ,QRYDomR OHYRX D FDER D $omR 5(3$5$5 ± LQLFLDWLYD
LQRYDGRUDGHYROXQWDULDGRHPSUHVDULDOTXHGHFRUUHXHQWUHGHMXQKRHGHMXOKRHWHYH
FRPRILQDOLGDGHPHOKRUDUDVFRQGLo}HVGHKDELWDELOLGDGHGHXPFRQMXQWRGHSHVVRDVLGRVDV
XWHQWHV GR VHUYLoR GH DSRLR GRPLFLOLiULR GD 6&0/ DWUDYpV GD UHDOL]DomR GH SHTXHQDV
EHQHILFLDo}HVHUHSDUDo}HVQDVVXDVFDVDV
y
3UHWHQGHXVHLJXDOPHQWHFRPRODQoDPHQWRGHVWHSURMHWRUHIRUoDUDQRWRULHGDGHGD6&0/
QR GRPtQLR GD LQRYDomR VRFLDO MXQWR GRV PHGLD HPSUHVDV H HPSUHViULRV DV DVVRFLDo}HV
VHFWRULDLVHPSUHVDULDLVJRYHUQRHLQVWLWXLo}HVS~EOLFDVHRS~EOLFRHPJHUDO
(QYROYHQGR HPSUHVDV H SDUFHULDV 6DLU GD &DVFD &RQVXOWRULD HP 'HVHQYROYLPHQWR
6XVWHQWiYHO*UDFH*UXSRGH5HIOH[mRH$SRLRj&LGDGDQLD(PSUHVDULDOH$UTXLWHWRV6HP
)URQWHLUDV ± 3RUWXJDO D LQLFLDWLYD EHQHILFLRX FDVDV H XWHQWHV Q~PHUR TXH
XOWUDSDVVRXRREMHWLYRLQLFLDOTXHHUDGHLQWHUYHQFLRQDUKDELWDo}HV
$ LQLFLDWLYD IRL FRQFUHWL]DGD DWUDYpV GH YROXQWDULDGR HPSUHVDULDO UHDOL]DGR SRU HTXLSDV GH
WUDEDOKDGRUHVYROXQWiULRVGHGLIHUHQWHVQtYHLVKLHUiUTXLFRVHiUHDVIXQFLRQDLVGDVHPSUHVDV
TXH D 6DQWD &DVD GD 0LVHULFyUGLD GH /LVERD FRQYLGRX D DGHULU j LQLFLDWLYD QR kPELWR GDV
VXDVHVWUDWpJLDVGHUHVSRQVDELOLGDGHVRFLDO
3DUD DOpP GH GLVSRQLELOL]DUHP R WHPSR GRV VHXV FRODERUDGRUHV TXH IRUDP YROXQWiULRV GD
5(3$5$5 GXUDQWH XP GLD HVWDV RUJDQL]Do}HV DGHUHQWHV VXSRUWDUDP LJXDOPHQWH RV FXVWRV
LQHUHQWHV jV LQWHUYHQo}HV GDV FDVDV DSDGULQKDGDV QRPHDGDPHQWH WUDEDOKRV
SUHSDUDWyULRVHPDWHULDLV
2 LQYHVWLPHQWR GDV HPSUHVDV DGHUHQWHV QD $omR 5(3$5$5 DVFHQGHX D PDLV GH PLO
HXURV YDORU FRUUHVSRQGHQWH DRV FXVWRV HQYROYLGRV QRV WUDEDOKRV SUHSDUDWyULRV H PDWHULDLV
QHFHVViULRV SDUD DV LQWHUYHQo}HV R TXH VH WUDGX] HP XP FXVWR PpGLR SRU FDVD GH
DSUR[LPDGDPHQWHHXURV$FUHVFHPDHVWHYDORULQYHVWLGRDVFHUFDGHKRUDVGH
WUDEDOKRHTXLYDOHQGRDXPGLDGHWUDEDOKRGHKRUDVSRUFDGDYROXQWiULRHLPSRVVtYHLVGH
TXDQWLILFDU GLVSRQLELOL]DGDV SHODV HPSUHVDV H FXPSULGDV SHORV YROXQWiULRV TXH
SDUWLFLSDUDPQDDomR
$FREHUWXUDUHDOL]DGDSHORVPHGLDVREUHD5(3$5$5IRLH[WUHPDPHQWHSRVLWLYDTXHUDQtYHO
GRYROXPHGHQRWtFLDVYHLFXODGDVHGREX]]PHGLiWLFRJHUDGRHPWRUQRGDLQLFLDWLYDFRPRD
QtYHO GR FRQWH~GR QRWLFLRVR VHPSUH IDYRUiYHO j DomR 2 UHWRUQR VREUH R LQYHVWLPHQWR GH
PHGLD GHVWH SURMHWR XOWUDSDVVRX RV ¼ QmR HVWDQGR LQFOXtGDV QHVWH YDORU DOJXPDV
SHoDV GH FRPXQLFDomR TXH QmR IRUDP SDVVtYHLV GH PRQLWRUL]DomR GHVLJQDGDPHQWH SHoDV
WHOHYLVLYDVTXHIRUDPGLIXQGLGDVHPPDLVGHXPEORFRQRWLFLRVREORJXHVHWDONVKRZV
$SyV D FRQFOXVmR GD LQLFLDWLYD SURFHGHXVH j VXD DYDOLDomR TXDOLWDWLYD MXQWR GRV GLYHUVRV
S~EOLFRVLQWHUYHQLHQWHV ±XWHQWHV6&0/HPSUHVDVDGHUHQWHVYROXQWiULRVVHUYLoRGHDSRLR
GRPLFLOLiULRHHTXLSDWpFQLFDGD6&0/)RUDPUHFHELGDVUHVSRVWDVDR
y
TXHVWLRQiULR HQYLDGR DRV YROXQWiULRV R TXH FRUUHVSRQGH D XPD DPRVWUD GH UHODWLYDPHQWH DR Q~PHUR WRWDO GH YROXQWiULRV SDUWLFLSDQWHV GHVWDFDQGR TXH HP
UHVSRVWDjTXHVWmR³&DVRDVXDHPSUHVDYROWDVVHDSDUWLFLSDUQXPDIXWXUDHGLomRGD$omR
5HSDUDU YROWDULD D LQVFUHYHUVH FRPR YROXQWiULR"´ D WRWDOLGDGH GRV LQTXLULGRV UHVSRQGHX
VLP
2EMHWLYR *DUDQWLU R DSRLR WpFQLFR j SROtWLFD GH UHTXDOLILFDomR GDV LQVWDODo}HV DIHWDV j
DWLYLGDGHGD6&0/
Ì 5HHVWUXWXUDomRUHDELOLWDomRGHHGLItFLRVHLPSOHPHQWDomRGHVHUYLoRV
2 '4, HPLWLX VHPSUH TXH VROLFLWDGR SDUD WDO H GHQWUR GR VHX kPELWR IXQFLRQDO SDUHFHUHV
UHODWLYRV jV LQWHUYHQo}HV GH UHHVWUXWXUDomR UHDELOLWDomR GH HGLItFLRV H LPSOHPHQWDomR GH
VHUYLoRV0DLVFRQFUHWDPHQWHRVSDUHFHUHVHPLWLGRVSHOR'4,UHSRUWDUDPjFRPSRQHQWHGH
SURWHomRFRQWUDLQFrQGLRVHJXUDQoDQRPHDGDPHQWHFRQWUDLQWUXVmRHFRQWURORGHDFHVVRV
H GH DYDOLDomR GR FXPSULPHQWR GDV UHFRPHQGDo}HV WpFQLFDV SDUD HTXLSDPHQWRV VRFLDLV
HODERUDGDV SHOR ,QVWLWXWR GD 6HJXUDQoD 6RFLDO EHP FRPR QD YHULILFDomR GD FRUUHWD
DSOLFDomR GRV UHTXLVLWRV OHJDLV IDFH j DGHTXDomR HVSiFLRIXQFLRQDO GRV HGLItFLRV RQGH VH
SUHVWDDUHVSRVWDVRFLDO
1HVWD YHUWHQWH PHQFLRQDVH R DFRPSDQKDPHQWR GR SURFHVVR GR QRYR HGLItFLR GH
HTXLSDPHQWRSDUD&HQWURGH'LD5HVLGrQFLDV$VVLVWLGDVH&UHFKHQR%DLUUR3DGUH&UX]HGD
5HLQVWDODomR GR &HQWUR 6DQWD 0DULD 0DGDOHQD 0DQWHYHVH DLQGD D FRODERUDomR FRP R
'HSDUWDPHQWR GH *HVWmR ,PRELOLiULD H 3DWULPyQLR SDUD DFRPSDQKDPHQWR H SDUHFHU GDV
REUDV DWXDOPHQWH HP FXUVR QR /DU GH 6DQWD -RDQD D 3ULQFHVD H QD 8QLGDGH GH &XLGDGRV
&RQWLQXDGRVGD$OGHLDGR-XVR
3DUD DOpP GD UHVSRVWD DRV SDUHFHUHV VROLFLWDGRV QRPHDGDPHQWH SHOD 'LUHomR GH $omR
6RFLDOGHFRUUHXRDFRPSDQKDPHQWRGDHODERUDomRGHSURMHWRVHDH[HFXomRHIHWLYDGHREUD
SDUD LQVWDODomR GH QRYRV VLVWHPDV LQWHJUDGRV GH VHJXUDQoD HP HGLItFLRV VRE JHVWmR GD
6&0/ QRPHDGDPHQWH R &HQWUR GH 3URPRomR 6RFLDO GD 352'$& HP HVWUHLWD FRODERUDomR
FRPD'LUHomRGH*HVWmRGH,QVWDODo}HVH(TXLSDPHQWRVR&HQWURGH$FROKLPHQWR,QIDQWLO
GR9DOH)XQGmR,,HPREUDHHPSURMHWRR&HQWUR6RFLDO3ROLYDOHQWH%DLUURGDV)XUQDV
$Wp DR ILQDO GH IRUDP FRQFOXtGRV SDUHFHUHV R TXH VH WUDGX] QXPD WD[D GH
H[HFXomRGHIDFHjPHWDGHILQLGD
y
Ì 5HTXDOLILFDomRGHHGLItFLRVLQWHJUDGRVQRkPELWR6*4
1R kPELWR GD LPSOHPHQWDomR GR 6LVWHPD GH *HVWmR GD 4XDOLGDGH GD 6&0/ YHULILFRXVH D
LQH[LVWrQFLDGHGRFXPHQWDomRDRQtYHOGDVHJXUDQoDGRHGLILFDGRVREJHVWmRGD6DQWD&DVD
1HVWHVHQWLGRIRUDPUHDOL]DGDVDXGLWRULDVGHVHJXUDQoDFRQWUDULVFRGHLQFrQGLRGHPRGRD
YHULILFDU DV FDUDFWHUtVWLFDV FRQVWUXWLYDV GRV HGLItFLRV H VXD DGHTXDomR FRP D OHJLVODomR
FRQWUDULVFRVGHLQFrQGLR
3RU HVWH PRWLYR IRL LQLFLDGR R SURFHVVR GH HODERUDomR GH 3URMHWRV GH 6HJXUDQoD &RQWUD
,QFrQGLRSDUDHQWUHJDQD$XWRULGDGH1DFLRQDOGH3URWHomR&LYLODSyVDLPSOHPHQWDomRGDV
DOWHUDo}HVSURSRVWDV
$WpDRILQDOGRDQRIRUDPHQWUHJXHVUHODWyULRVGHDXGLWRULD1DFRQWLQXLGDGHGRPHVPR
SURFHVVRIRUDPHQWUHJXHV3URMHWRVGH6HJXUDQoD&RQWUD5LVFRGH,QFrQGLR(QFRQWUDPVH
HPGHVHQYROYLPHQWRRXWURVSURMHWRV
,JXDOPHQWHVRESURSRVWDGR'4,HIHWXDUDPVHLQWHUYHQo}HVQRkPELWRGDPHOKRULDGRV
VLVWHPDV GH VHJXUDQoD TXH GHFRUUHUDP GH QmR FRQIRUPLGDGHV GHWHWDGDV SHODV DXGLWRULDV
QRV HVWDEHOHFLPHQWRV LQWHJUDGRV QR kPELWR GR 6*4 QRPHDGDPHQWH D PHOKRULD GRV
VLVWHPDVGHGHWHomRGHLQFrQGLR
Ì 5HTXDOLILFDomRGDVFR]LQKDVGD6&0/
1R VHJXLPHQWR GR SURMHWR GH UHTXDOLILFDomR GDV FR]LQKDV GD 6&0/ LQLFLDGR HP QR
SUHVHQWHDQRIRUDPDFRPSDQKDGDVDVREUDVGHUHTXDOLILFDomRGDVFR]LQKDVGR&HQWUR6RFLDO
GH6mR%RDYHQWXUDHGR&HQWURGH$FROKLPHQWR6RFLDOGRV$QMRVHSUHSDUDGRRFRQFXUVRGH
DGMXGLFDomRGHREUDRSURFHVVRGR&HQWURGH3URPRomR6RFLDOGD352'$&
Ì $GHTXDomRGRHGLILFDGRGD6DQWD&DVDDRVUHTXLVLWRVGD/HJLVODomRQRUPD13(1,62
HGRVUHIHUHQFLDLVGR,QVWLWXWRGD6HJXUDQoD6RFLDO
1R GHFRUUHU GHVWH DQR SURFHGHXVH j FRQWLQXLGDGH GRV WUDEDOKRV GH FRPSLODomR GD
LQIRUPDomR UHFROKLGD SHORV UHODWyULRV GH GLDJQyVWLFR GD DGHTXDomR GR HGLILFDGR GD 6DQWD
&DVD DRV UHTXLVLWRV GD OHJLVODomR QRUPD 13 (1 ,62 H GRV UHIHUHQFLDLV GR
,QVWLWXWRGD6HJXUDQoD6RFLDO5HFRPHQGDo}HV7pFQLFDVSDUD(TXLSDPHQWRV6RFLDLVFRPR
REMHWLYRGHUHDOL]DUXPDWULDJHPGDV³QmRFRQIRUPLGDGHV´HQFRQWUDGDVIDFHjVXDIDFLOLGDGH
GHUHVROXomRHDRVVHUYLoRVHQYROYLGRVSDUDSRVWHULRUDUWLFXODomRFRPRVPHVPRV
2EMHWLYR 5HDOL]DU LQLFLDWLYDSURMHWR QR kPELWR GD UHVSRQVDELOLGDGH VRFLDO QD iUHD GR
DPELHQWH
y
Ì
(ILFLrQFLD(QHUJpWLFD
1R GRPtQLR GD HILFLrQFLD HQHUJpWLFD IRL FRRUGHQDGD SHOR '4, D DSUHVHQWDomR GH XPD
FDQGLGDWXUDGDVLQVWDODo}HVGD2EUD6RFLDOGR3RXVDODR3URJUDPDGH)LQDQFLDPHQWR45(1
TXHYLVDYDDFRPSDUWLFLSDomRILQDQFHLUDSDUDDLPSOHPHQWDomRGHHTXLSDPHQWRVHVLVWHPDV
TXH SURPRYDP D HILFLrQFLD HQHUJpWLFD GH HGLItFLRV $ FDQGLGDWXUD DR SURJUDPD SHUPLWLX
DVVHJXUDU GR ILQDQFLDPHQWR GR LQYHVWLPHQWR WRWDO HOHJtYHO FRP R YDORU JOREDO GH
¼ 2V QHFHVViULRV SURMHWRV GH H[HFXomR GDV HVSHFLDOLGDGHV IRUDP HQWUHJXHV
SHORVSURMHWLVWDVHP'H]HPEUR
Ì
*HVWmRGH5HVtGXRV
,QLFLRXVHHPXPSULPHLURWUDEDOKRDLQGDHPEULRQiULRGHSUHSDUDomRGHXPSODQRGH
JHVWmR GH UHVtGXRV GD 6&0/ FRP R OHYDQWDPHQWR UHODWLYR DRV UHVtGXRV SHULJRVRV
GHVLJQDGDPHQWH KRVSLWDODUHV H UHVtGXRV QmR XUEDQRV SURGX]LGRV SHOD LQVWLWXLomR H HP
SDUWLFXODUDDYDOLDomRGRVSURFHGLPHQWRVMiLPSOHPHQWDGRVSDUDDUHVSHWLYDJHVWmR
23URJUDPDGH5HFROKDH5HFLFODJHPGH3DSHOIRLODQoDGRQRGLDGHVHWHPEURHFRQVLVWLX
QDGLVWULEXLomRGHFRQWHQWRUHVSDUDSDSHOHP]RQDVGR&RQMXQWRGH65RTXHH]RQDV
QR 'HSDUWDPHQWR GH -RJRV FRPSOHPHQWDGD FRP XPD DomR GH FRPXQLFDomR SDUD
VHQVLELOL]DomRLQWHUQD
$RORQJRGRWULPHVWUHGHH[HFXomRGRSURMHWRIRUDPUHFROKLGRVHUHFLFODGRVTXLORV
GH FDUWmR H TXLORV GH SDSHO TXH VH WUDGX]LUDP QXPD UHFHLWD SDUD D LQVWLWXLomR QR
PRQWDQWHGH¼
2EMHWLYR5HGX]LUHPRQ~PHURGHDFLGHQWHVGHWUDEDOKRHHPVHUYLoRRFRUULGRVHP
,QVWDODo}HVGD6&0/HGRVTXDLVUHVXOWHEDL[DVXSHULRUDGLDV
1RDQRGHIRUDPGHVHQYROYLGDVQRkPELWRGD6HJXUDQoDH6D~GHQR7UDEDOKR667
XPFRQMXQWRGHDWLYLGDGHVFRPRREMHWLYRGHDVVHJXUDUSRUSDUWHGD6&0/RFXPSULPHQWR
GRVUHTXLVLWRVOHJDLVHVWDEHOHFLGRVHDVDOYDJXDUGDGDVFRQGLo}HVGHVD~GHHVHJXUDQoDGH
WRGRVRVVHXVFRODERUDGRUHV
Ì
$YDOLDomRGH5LVFRV3URILVVLRQDLV
&RP EDVH QD PHWRGRORJLD GH ,GHQWLILFDomR GH 3HULJRV H $YDOLDomR GH 5LVFRV GHVHQYROYLGD
IRUDPFXPSULGRVRVSURFHVVRVGHDYDOLDomRGRVULVFRVSURILVVLRQDLVDTXHHVWmRH[SRVWRVRV
WUDEDOKDGRUHV GD 6&0/ QRPHDGDPHQWH DWUDYpV GD DYDOLDomR GRV ORFDLV GH WUDEDOKR H GD
y
UHDOL]DomRGHSURSRVWDVFRQFUHWDVGHPHGLGDVGHDGHTXDomRSDUDHOLPLQDURXUHGX]LUHVVHV
ULVFRVDWpQtYHLVHVWDEHOHFLGRVFRPRDFHLWiYHLV
0DQWHYHVH D LQFLGrQFLD SULRULWiULD DRV HVWDEHOHFLPHQWRV UHVLGHQFLDLV H FRPR UHVXOWDGR
IRUDPDYDOLDGRVHVWDEHOHFLPHQWRVHVHUYLoRVDEUDQJHQGRFRODERUDGRUHV
Ì
6D~GHQR7UDEDOKR
'XUDQWH R DQR GH IRUDP UHDOL]DGRV H[DPHV DRV FRODERUDGRUHV GD 6&0/ WHQGR
SRU EDVH RV SURWRFRORV HVWDEHOHFLGRV PDLV H[DPHV TXH RV UHDOL]DGRV HP
DWLQJLQGRXPDSHUFHQWDJHPGH GRV FRODERUDGRUHVFRP RV H[DPHV HPGLDH
GDQGRVH DVVLP FXPSULPHQWR DR HVWLSXODGR QR &yGLJR GR 7UDEDOKR H GHPDLV OHJLVODomR
DSOLFiYHO
'H QRWDU TXH GRV FRODERUDGRUHV DYDOLDUDP RV VHUYLoRV GH 0HGLFLQD GR 7UDEDOKR FRP
XPQtYHOGHVDWLVIDomRLJXDORXVXSHULRUDERP
4XDGUR&RQVXOWDVH([DPHVGH0HGLFLQDGR7UDEDOKRUHDOL]DGRVHP
7,32'((;$0(
6(59,d26
'-
&(175$,6
+26$
&05$
(66$
727$/
$GPLVVmR
3HULyGLFR
2FDVLRQDO
7RWDLV
$LQGDQRkPELWRGDSUHYHQomRGDVD~GHHDEVHQWLVPRIRLQRYDPHQWHRUJDQL]DGRRSODQRGH
YDFLQDomR FRQWUD D *ULSH 6D]RQDO (P FRODERUDomR FRP D 'LUHomR GH 6D~GH GH
3UR[LPLGDGHIRUDPYDFLQDGRVJUDWXLWDPHQWHFRODERUDGRUHV
Ì
,PSOHPHQWDomRGH3ODQRVGH6HJXUDQoDFRQWUD,QFrQGLR
5HODWLYDPHQWHjVHJXUDQoDFRQWUDRVULVFRVGHLQFrQGLRPDQWHYHVHDFDGrQFLDQRVHQWLGR
GD LPSOHPHQWDomR GDV PHGLGDV GH DXWRSURWHomR QD WRWDOLGDGH GRV HVWDEHOHFLPHQWRV GD
6&0/ )RUDP FRQFOXtGRV QRYRV HVWDEHOHFLPHQWRV HP FRP D UHDOL]DomR GRV
UHVSHWLYRV3ODQRVGH3UHYHQomRH(PHUJrQFLD)RUPDomRH6LPXODFURVFRPRV%RPEHLURV
3DUDOHODPHQWH UHDOL]DUDPVH RXWURV ([HUFtFLRV j (VFDOD 5HDO H 6LPXODFURV HP
HVWDEHOHFLPHQWRV TXH Mi KDYLDP YLVWR RV VHXV 3ODQRV GH 6HJXUDQoD &RQWUD ,QFrQGLR
LPSOHPHQWDGRVHPHTXHSRULPSHUDWLYROHJDOH[LJHPXPDSHULRGLFLGDGHDQXDOSDUD
DUHDOL]DomRUHSHWLomRGRVPHVPRV
y
$ LPSOHPHQWDomR REULJDWyULD GDV PHGLGDV GH $XWRSURWHomR UHIHUHQWHV D LQVWDODo}HV FDUHFH
GH XPD DQiOLVH H YDOLGDomR WpFQLFD FRUUHVSRQGHQWH j VXD 8WLOL]DomR 7LSR H UHVSHWLYD
&DWHJRULD GH 5LVFR (P GRV HVWDEHOHFLPHQWRV GD 6&0/ UHFHEHUDP R SDUHFHU
IDYRUiYHOGD$13&&'26GH/LVERD
Ì
$FLGHQWHVGH7UDEDOKR
2V DFLGHQWHV GH WUDEDOKR VmR R LQGLFDGRU GH UHIHUrQFLD H R SULQFLSDO SURSyVLWR GD DWXDomR
GRV VHUYLoRV LQWHUQRV QR kPELWR GD 6HJXUDQoD QR 7UDEDOKR $ FDUDFWHUL]DomR H DQiOLVH GH
WRGRV RV DFLGHQWHV GH WUDEDOKR H HP VHUYLoR VmR HVVHQFLDLV SDUD TXH VH SRVVD DWXDU QDV
YiULDV FDXVDV TXH HVWLYHUDP QD RULJHP GHVVHV DFLGHQWHV FRP YLVWD j SUHYHQomR
QRPHDGDPHQWHGHUHFRUUrQFLDV
(P IRUDP SDUWLFLSDGRV XP WRWDO GH DFLGHQWHV GH WUDEDOKR H HP VHUYLoR TXH
RULJLQDUDP GLDV GH DXVrQFLD UHODWLYDV D EDL[D VXSHULRU D GLDV 'HVWHV RFRUUHUDPHP,QVWDODo}HV6HUYLoRVGD6&0/
'R WRWDO GH DFLGHQWHV GH WUDEDOKR UHSRUWDGRV HP ,QVWDODo}HV6HUYLoRV GD 6&0/ GHUDP RULJHPDLQFDSDFLGDGHVWHPSRUiULDVFRPEDL[DVXSHULRUDGLDVSHUID]HQGRHVWDV
GLDVGHEDL[D
4XDGUR1GHDFLGHQWHVGHWUDEDOKRHHPVHUYLoRSDUWLFLSDGRVHPSRUORFDOGH
RFRUUrQFLD
/2&$/'2$&,'(17(
,1&,'È1&,$
',$6%$,;$
(VWDEHOHFLPHQWR6HUYLoRGD6&0/
9LDS~EOLFD
&DVDGH8WHQWH$PD
2XWURV
7RWDO
4XDGUR1GHDFLGHQWHVGHWUDEDOKRHHPVHUYLoRSDUWLFLSDGRV
HPSRUIRUPDGRDFLGHQWH
)250$'2$&,'(17(
,1&,'È1&,$
4XHGDDRQtYHO
',$6%$,;$
y
(VIRUoRV([FHVVLYRV(QWRUVH
&KRTXH3DQFDGDGHREMHWR
2XWURV
7RWDO
2EMHWLYR 3URPRYHU D H[HFXomR GH Do}HV GH VHQVLELOL]DomR H IRUPDomR SDUD RV
WUDEDOKDGRUHV GD 6&0/ QDV iUHDV GH 6+67 VHJXUDQoD GH SHVVRDV H EHQV TXDOLGDGH
DPELHQWHHVHJXUDQoDHKLJLHQHDOLPHQWDU
Ì
)RUPDomRQRkPELWRGDLPSOHPHQWDomRGR6*4
1RkPELWRGRSURMHWRGHLPSOHPHQWDomRGRVLVWHPDGHJHVWmRGDTXDOLGDGHGD6DQWD&DVD
GD0LVHULFyUGLDGH/LVERDIRUDP UHDOL]DGDVGXUDQWH RDQRGHDo}HVGHIRUPDomR
3URFHVVRV GH 5HDOL]DomR &UHFKH $XGLWRUHV ,QWHUQRV *HQHUDOLGDGHV GR 6LVWHPD GH *HVWmR
GD4XDOLGDGHGD6&0/&XVWRVGD4XDOLGDGHH)HUUDPHQWDVGD4XDOLGDGH
Ì
)RUPDomRHP6+67
1R kPELWR GD 6HJXUDQoD H 6D~GH QR 7UDEDOKR GHFRUUHQWH GD QHFHVVLGDGH GH DGRomR GH
PHGLGDVGHDXWRSURWHomRQRFRQMXQWRGHHVWDEHOHFLPHQWRVHOHLWRVSDUDLPSOHPHQWDomRGRV
SODQRVGHVHJXUDQoDFRQWUDLQFrQGLRVHPHGLItFLRVUHDOL]DUDPVHQRDQRGHDo}HV
GHIRUPDomRGRFXUVR³6HQVLELOL]DomRSDUD R 3ODQRGH6HJXUDQoD´ HDo}HVGHIRUPDomR
GR FXUVR ³$WXDomR GH (TXLSDV GH (PHUJrQFLD ± 3ODQR GH 6HJXUDQoD´ $ UHVSHWLYD WD[D GH
UHDOL]DomRDWLQJLX
3DUDRXQLYHUVRWRWDOGRVHVWDEHOHFLPHQWRVDEUDQJLGRVDFLPDRQ~PHURGHDo}HVUHDOL]DGDV
DEDUFRXFRODERUDGRUHV
'HFRUUHQWH GR HVWDEHOHFLGR QR REMHWLYR RSHUDFLRQDO IRL HODERUDGR XP 3ODQR GH $omR
YLVDQGRDSUREOHPiWLFDGDLQFLGrQFLDGH$FLGHQWHVGH7UDEDOKRSRUHVIRUoRVH[FHVVLYRVTXH
FXOPLQDP QR GHVHQYROYLPHQWR GH OHV}HV P~VFXORHVTXHOpWLFDV 1HVWH VHQWLGR GH 0DLR D
6HWHPEURGRFRUUHQWHDQRIRUDPGHVHQYROYLGDVDo}HVGHIRUPDomRGRFXUVR³3UHYHQomR
GH$FLGHQWHVGH7UDEDOKROHV}HVP~VFXORHVTXHOpWLFDVHPFRQWH[WRUHDOGH
WUDEDOKR ± &RODERUDGRUHV´ GHVWLQDGR DRV HVWDEHOHFLPHQWRV GD YDOrQFLD GH ODU $ WD[D GH
UHDOL]DomRIDFHDRSODQHDGRIRLGH
y
3DUDDOpPGDVDo}HVGHIRUPDomRGHVHQYROYLGDVGHIRUPDGLUHWDSHOR'4,DEDL[RGHVFULWDV
IRUDPDLQGDSURPRYLGDVHP HPDUWLFXODomR FRPD8QLGDGHGH )RUPDomRGD'LUHomR
GH 5HFXUVRV +XPDQRV XP FRQMXQWR YDVWR GH Do}HV GH IRUPDomR GHVLJQDGDPHQWH QDV
iUHDVGHVHJXUDQoDHVD~GHQRWUDEDOKRVHJXUDQoDHKLJLHQHDOLPHQWDUXWLOL]DomRGHPHLRV
GHLQWHUYHQomRFRQWUDLQFrQGLRHSULPHLURVVRFRUURV
$ FRQWtQXD DSRVWD H LQYHVWLPHQWR HP IRUPDomR QHVWDV GLYHUVDV iUHDV WHP FRQWULEXtGR
GHFLVLYDPHQWHSDUDRUHIRUoRGDFXOWXUDGHVHJXUDQoDQD6&0/HFRQVHTXHQWHPHOKRULDGDV
FRQGLo}HVGHVHJXUDQoDGRVQRVVRVWUDEDOKDGRUHVHXWHQWHV
y
$ PLVVmR GR 'HSDUWDPHQWR GH (PSUHHQGHGRULVPR H (FRQRPLD 6RFLDO '((6 p D GH
SURPRYHU GLYXOJDU H DSRLDU D FULDomR H R GHVHQYROYLPHQWR GH LQLFLDWLYDV QR kPELWR GR
HPSUHHQGHGRULVPRHGDHFRQRPLDVRFLDO
2EMHWLYR)RPHQWDUDLPSOHPHQWDomRVXVWHQWDGDGHLQLFLDWLYDVGHHPSUHHQGHGRULVPR
1DVDo}HVTXHFRQFRUUHPSDUDHVWHREMHWLYRHQTXDGUDPVHDVDo}HV GHFRPXQLFDomR HGH
GLYXOJDomRGR3URJUDPDGH$SRLRDR(PSUHHQGHGRUDFULDomRHRDFRPSDQKDPHQWRGHXP
VLVWHPDGHPRQLWRUL]DomRGHUHVXOWDGRVRDFRPSDQKDPHQWRHDFRQVROLGDomRGDVSDUFHULDV
H[WHUQDV GH FDSDFLWDomR WpFQLFD GLDJQyVWLFR GH FDQGLGDWRV DYDOLDomR GH FRPSHWrQFLDV
HPSUHHQGHGRUDV IRUPDomR DSRLR j HODERUDomR GR SODQR GH QHJyFLRV H VHVV}HV GH
IDFLOLWDomR H GH DFRPSDQKDPHQWR LQGLYLGXDO D UHFHomR H DYDOLDomR GDV FDQGLGDWXUDV H D
LGHQWLILFDomR GH QRYDV RSRUWXQLGDGHV H SDUFHLURV (QTXDGUDPVH DLQGD DV Do}HV
UHODFLRQDGDV FRP R PRGHOR GH ILQDQFLDPHQWR H D LPSOHPHQWDomR GH XP VLVWHPD GH
LQIRUPDomRHJHVWmRGRVSURFHVVRVGHILQDQFLDPHQWR
1HVWHkPELWRIRUDPGHVHQYROYLGDVDVVHJXLQWHVDWLYLGDGHV
D 'LYXOJDomRHFRQWDFWRFRPSRWHQFLDLVGHVWLQDWiULRV
E /DQoDPHQWRGDHGLomRGR3URJUDPDGH$SRLRDR(PSUHHQGHGRUUHJLVWRVGH
FDQGLGDWXUDV DR SURJUDPD VXEPHWLGDV SHOR SRUWDO HQFDPLQKDGDV SHOR
3URJUDPD GH 3URPRomR GH (PSUHHQGHGRUHV 6RFLDLV HQFDPLQKDGDV SRU VHUYLoRV
LQWHUQRV H UHVXOWDQWHV GH IOX[R HVSRQWkQHR QR &OXEH GH (PSUHJDELOLGDGH H GH
(PSUHHQGHGRULVPR6RFLDO
F 5HDOL]DomR GH GLDJQyVWLFRV GRV FDQGLGDWRV GRV TXDLV UHVXOWDUDP HQFDPLQKDPHQWRVSDUDR3URJUDPDGH$SRLRDR(PSUHHQGHGRU
G ([HFXomRGHVHVV}HVFROHWLYDVGHDYDOLDomRGHFRPSHWrQFLDVHPSUHHQGHGRUDV
H 6HOHomRGHFDQGLGDWRVSDUDDVWXUPDVGHIRUPDomRWHQGRDWXUPDLQLFLDGRD
GHVHWHPEURHD~OWLPDDGHGH]HPEUR
I ,QtFLR GD IDVH ,9 GH DFRPSDQKDPHQWR GRV SURPRWRUHV QD HODERUDomR GR 3ODQR GH
1HJyFLRV
J 3ODQHDPHQWRGHZRUNVKRSVWHPiWLFRVFRPSOHPHQWDUHVjIRUPDomRDWHUHPOXJDU
QRWULPHVWUHGH
y
K 5HXQL}HVVHPDQDLVGHSURJUHVVRGDHTXLSDGHSURMHWRGR'((6FRPR,6&7($8'$;
SDUDDFRPSDQKDPHQWRGRSURJUDPD
L &HOHEUDomRGR3URWRFRORFRPR0RQWHSLR*HUDODGHMXQKRWHQGRQRGHFXUVRGRV
WUDEDOKRVVLGRUHDOL]DGRR³0DQXDOGR7XWRUGH3UR[LPLGDGH´HRHQFDPLQKDPHQWRGH
FDQGLGDWRVSDUDDSRLRjHODERUDomRGR3ODQRGH1HJyFLR
M (QYLRGHSURMHWRVGHSURPRWRUHVSDUDDQiOLVHGHULVFRILQDQFHLUR
4XDGUR5HVXOWDGRVREWLGRV
3ODQHDGR
5HDOL]DGR
¨3ODQ
5HDO
1UGHSHVVRDVHQFDPLQKDGDVSDUD&DSDFLWDomRH(ODERUDomRGH3ODQRGH
1HJyFLR
1UGHSURFHVVRVDSURYDGRVHHQFDPLQKDGRVSDUDILQDQFLDPHQWREDQFiULR
1UGHSHVVRDVDFRPSDQKDGDVQDIDVHSyVLPSOHPHQWDomRGRQHJyFLR
2EMHWLYR
3URWRFRORFRPEDQFRVHVRFLHGDGHSRUWXJXHVDGHJDUDQWLDP~WXD$SRLRDR
(PSUHHQGHGRU
2V YDORUHV LQGLFDGRV SDUD R 3ODQR GH FRUUHVSRQGHP D XPD SUHYLVmR HIHWXDGD SDUD R
SHUtRGRGHMDQHLURDGH]HPEURGH'HUHIHULUFRQWXGRTXHDVDWLYLGDGHVGR3URJUDPD
GH$SRLRDR(PSUHHQGHGRUDSHQDVVHLQLFLDUDPHPMXQKRWHQGRRSURWRFRORFRPDHQWLGDGH
EDQFiULDVLGRDVVLQDGRDGHMXQKRUD]mRSHODTXDORVYDORUHVLQGLFDGRVFRUUHVSRQGHPD
XPDH[HFXomRUHDOL]DGDDSHQDVDSDUWLUGHVVHPrV 1HVWHFRQWH[WR IRLSRVVtYHODSURYDU
SURMHWRVSDUDILQDQFLDPHQWREDQFiULRHSURMHWRVHPDFRPSDQKDPHQWRSyVLPSOHPHQWDomR
GRQHJyFLR'DGRTXHHVWHVSURFHGLPHQWRVVmRUHDOL]DGRVQRILQDOGRSHUFXUVRGR3URJUDPD
GH $SRLR DR (PSUHHQGHGRU 3$( R DWUDVR GH PHVHV QD VXD LPSOHPHQWDomR OHYRX j
LPSRVVLELOLGDGHGHFXPSULUDVPHWDVIL[DGDV
3DUFHLURV
,6&7($8'$;H0RQWHSLR*HUDO
2EMHWLYR 3URPRYHU D WURFD GH H[SHULrQFLDV H D SDUWLOKD GH FRQKHFLPHQWRV D QtYHO
LQWHUQDFLRQDO
y
$V Do}HV SUHYLVWDV HP 3ODQR SDUD HVWH REMHWLYR LQFOXtDP D DVVLQDWXUD GR SURWRFROR GH
SDUFHULD FRP D $6+2.$ R HVWXGR GRV PHFDQLVPRV SDUD SURPRomR GRV SURMHWRV GH
(PSUHHQGHGRULVPR D GHILQLomR GRV PROGHV GH IXQFLRQDPHQWR GR DSRLR DRV
HPSUHHQGHGRUHVVRFLDLVDVHOHomRHFDSDFLWDomRGRVHPSUHHQGHGRUHVVRFLDLVDDEUDQJHUD
UHDOL]DomR GR 6HPLQiULR GH PRELOL]DomR GH (PSUHHQGHGRUHV 6RFLDLV D GLYXOJDomR GR
SURJUDPDFRPD$6+2.$DUHDOL]DomRGD&RQIHUrQFLD,QWHUQDFLRQDOGH(FRQRPLD6RFLDOR
HVWDEHOHFLPHQWRGHSURWRFRORVFRPSDUFHLURVSDUDR3URJUDPDGH&RRSHUDomR,QWHUQDFLRQDO
HDSUHSDUDomRGRSURJUDPDGHIRUPDomRHGDVDo}HVGHFRRSHUDomRLQWHUQDFLRQDO
3DUDDOFDQoDUHVWHREMHWLYRSHUVSHWLYRXVHRHVWDEHOHFLPHQWRGHSDUFHULDFRPD$6+2.$H
DUHDOL]DomRGHXPDFRQIHUrQFLDLQWHUQDFLRQDOGH(PSUHHQGHGRULVPR6RFLDO
$ SDUFHULD FRP D $VKRND RUJDQL]DomR QmR JRYHUQDPHQWDO GH GLPHQVmR PXQGLDO IRL
PDWHULDOL]DGD DWUDYpV GR SURJUDPD -RYHQV &KDQJHPDNHUV GR SURMHWR /tGHUHV -RYHQV
&KDQJHPDNHUVHGR)yUXP
2 SURJUDPD -RYHQV &KDQJHPDNHUV p XPD LQLFLDWLYD TXH YLVD LPSXOVLRQDU R
HPSUHHQGHGRULVPRMRYHPIDFLOLWDQGRRDFHVVRDUHFXUVRVKXPDQRVPDWHULDLVHILQDQFHLURV
SDUDIRUWDOHFHUHGDUYLVLELOLGDGHDRSRWHQFLDOGRVMRYHQVQDPHOKRULDGDVXDUHDOLGDGH3DUD
D6&0/DJUDQGHPDLVYDOLDpDREWHQomRGHFRQKHFLPHQWRQDiUHDGRHPSUHHQGHGRULVPR
MRYHP D SDUWLOKD GH H[SHULrQFLDV LQWHUQDFLRQDLV FRP XPD GDV PDLV FRQFHLWXDGDV
RUJDQL]Do}HV D QtYHO PXQGLDO H D OLJDomR D XPD UHGH LQWHUQDFLRQDO GH FRQWDFWRV H GH ERDV
SUiWLFDV $V LQLFLDWLYDV D LPSOHPHQWDU QR PHLR ORFDO UHJLRQDO H JOREDO HQYROYHP
HPSUHHQGHGRUHV MRYHQV H DGXOWRV RUJDQL]Do}HV VRFLDLV HPSUHVDV H RXWUDV LQVWLWXLo}HV
HPSHQKDGDV HP FULDU PXGDQoDV VRFLDLV GXUDGRXUDV 3HUPLWH LJXDOPHQWH DRV MRYHQV
LQWHJUDUHPXPDUHGHGHFRQWDFWRVHH[SHULrQFLDVDOpPGDVIURQWHLUDVGDVXDFRPXQLGDGH
2 SURJUDPD -RYHQV &KDQJHPDNHUV DSRLRX HP XP FRQMXQWR GH MRYHQV
HPSUHHQGHGRUHVRULXQGRVGRVYiULRVFHQWURVFRPXQLWiULRVGD6&0/HGHRXWUDVLQVWLWXLo}HV
FRQJpQHUHV GRV GLVWULWRV GH /LVERD H 6HW~EDOFRP LGDGHV FRPSUHHQGLGDV HQWUH RV H RV
DQRV RUJDQL]DGRV HP HTXLSDV FRQVWLWXtGDV SRU D HOHPHQWRV (P FRODERUDomR FRP
HVWDV HTXLSDV GH MRYHQV HQFRQWUDPVH IDFLOLWDGRUHV YROXQWiULRV HVWXGDQWHV GRV FXUVRV
GH(FRQRPLDHGH*HVWmRGD1RYD%XVLQHVV6FKRROTXHID]HPRDFRPSDQKDPHQWRGXUDQWH
DSUHSDUDomRHLPSOHPHQWDomRGRV3ODQRVGH$omR
2:RUNVKRSGHQRPLQDGR³6RQKD)D]ÚHDOL]RXVHQRGLDGHQRYHPEURDEUDQJHQGRPDLV
GH MRYHQV QXP WRWDO GH SURMHWRV D QtYHOQDFLRQDO VHQGR FLQFR GHOHV ILQDQFLDGRV SHOD
y
6DQWD &DVD GD 0LVHULFyUGLD GH /LVERD H TXDWUR SHOD )XQGDomR &DORXVWH *XOEHQNLDQ (VWi
SURJUDPDGDDDSUHVHQWDomRGHVWHVSURMHWRVQXP3DLQHODUHDOL]DUGXUDQWHRPrVGHMDQHLUR
GH3DUDWRGRVRVSURMHWRVVHOHFLRQDGRVHVWiSUHYLVWRXPILQDQFLDPHQWRPi[LPRSRU
SURMHWR GH HXURV D XWLOL]DU QD LPSOHPHQWDomR GR SUySULR SURMHWR (VWHV VHUmR
DFRPSDQKDGRV SHORV UHVSHWLYRV FRRUGHQDGRUHV FRP R DSRLR GR '((6 H DFRPSDQKDPHQWR
GD$6+2.$GXUDQWHXPDQR
2 SURMHWR /tGHUHV -RYHQV &KDQJHPDNHUV SDVVD SHOD VHOHomR GH MRYHQV OtGHUHV TXH Mi
SDUWLFLSDUDP HP SURMHWRV GH HPSUHHQGHGRULVPR VRFLDO H SRVVXHP H[SHULrQFLD QD
FRQFUHWL]DomRGHPXGDQoDVRFLDO
6XERUGLQDGRDROHPD³RVMRYHQVWrPSRGHUSDUDPXGDURPXQGR´GHFRUUHXQRVGLDVH
GH VHWHPEUR QR ,1$7(/ GH 2HLUDV XP (QFRQWUR ,QWHUQDFLRQDO GH /tGHUHV -RYHQV
&KDQJHPDNHUV/-&UHXQLQGRMRYHQVHXURSHXVFRPLGDGHVFRPSUHHQGLGDVHQWUHRV
HRVDQRV$DYDOLDomRGRPHVPRIRLSRVLWLYDHVWDQGRHVWHJUXSRDWUDEDOKDUQRVHQWLGR
GH WUDoDU DV SULPHLUDV OLQKDV HVWUDWpJLFDV SDUD SRWHQFLDU D FULDomR GH XP HFRVVLVWHPD TXH
IDYRUHFHUiRHQYROYLPHQWRGRVMRYHQV3RUWXJXHVHVHPSURMHWRVGHWUDQVIRUPDomRVRFLDO
2 JUXSR GH MRYHQV 3RUWXJXHVHV FULRX R ³ 7KLQN DQG 'R 7KDQN´ 3RUWXJXrV HQFRQWUDQGRVH
GHPRPHQWRDGHVHQYROYHUSURMHWRVGHHPSUHHQGHGRULVPRVRFLDOQDVPDLVYDULDGDViUHDV
FXOWXUDDUWHVGHVHQYROYLPHQWRPRELOL]DomRVRFLDOHWF
2 REMHWLYR GD LQLFLDWLYD GR )yUXP p DSUHVHQWDU VROXo}HV LQRYDGRUDV SDUD SUREOHPDV
FRQFUHWRV H[LVWHQWHV HP 3RUWXJDO H DLQGD WUDQVPLWLU H SDUWLOKDU FRQKHFLPHQWR H LQVSLUDomR
FRPDVRUJDQL]Do}HVORFDLVSRVVLELOLWDQGROKHVDFRQFUHWL]DomRGHSURMHWRVVXVWHQWiYHLV
3DUD IRL GHVLJQDGD D WHPiWLFD ³(PSUHJR H ,QFOXVmR´ H SHUVSHWLYDGD D UHDOL]DomR GR
HYHQWR )yUXP (PSUHHQGH 3RUWXJDO 2 SURFHVVR GH LPSOHPHQWDomR GR )yUXP (PSUHHQGH
3RUWXJDOFRPHoDQRHQYROYLPHQWRGHGLYHUVDVRUJDQL]Do}HVVRFLDLVHPSUHVDVDFDGpPLFRVH
HVSHFLDOLVWDV QDV iUHDV GD HPSUHJDELOLGDGH H LQFOXVmR VRFLDO FRP YLVWD D LGHQWLILFDU DV
SULQFLSDLV EDUUHLUDV H DV VROXo}HV TXH FRQWULEXDP SDUD D VXD UHVROXomR 3RU XP ODGR
LGHQWLILFDPVHDVLGHLDVHSURMHWRVLQRYDGRUHVDWUDYpVGRVWUDEDOKRV
GHVHQYROYLGRV SHORV JUXSRV WHPiWLFRV H SHORV )HOORZV GD UHGH LQWHUQDFLRQDO GD $6+2.$
SDVVtYHLV GH WUD]HU PDLV YDOLDV SDUD RV GHVDILRV LGHQWLILFDGRV SDUD 3RUWXJDO SRU RXWUR
HIHWXDVHDOLJDomRGHVVDVSRWHQFLDLVVROXo}HVHGHVVHVHPSUHHQGHGRUHVVRFLDLVjVSHVVRDV
y
HRUJDQL]Do}HVSRUWXJXHVDVLQWHUHVVDGDVHPLPSOHPHQWDUVROXo}HVLQRYDGRUDVHGHLPSDFWR
SDUDSUREOHPDVFRQFUHWRV
(PIRUDPFULDGRVQHVWHkPELWRJUXSRVGHWUDEDOKRVFRPDVVHJXLQWHVWHPiWLFDV±L
-RYHQV SULPHLUD RSRUWXQLGDGH LL 'HVHPSUHJDGRV GH ORQJD GXUDomR XPD VHJXQGD
RSRUWXQLGDGHHLLL(PSUHVDVDVSHVVRDVFRPRRSRUWXQLGDGHV'XUDQWHRVPHVHVGHPDLRH
MXQKRIRUDP HIHWXDGDV UHXQL}HVSUHSDUDWyULDVFRPD$6+2.$ HFRP GLYHUVRVHVSHFLDOLVWDV
SDUDSUHSDUDomRGDPHWRGRORJLDGR)yUXP'HRXWXEURDGH]HPEURIRUDPUHDOL]DGDVYiULDV
UHXQL}HV FRP RV JUXSRV GH WUDEDOKR IRUPDGRV SHORV FRRUGHQDGRUHV SURIHVVRUHV
XQLYHUVLWiULRV HPSUHVDV H RUJDQL]Do}HV VRFLDLV 2 )yUXP IRL WUDQVIHULGR SDUD IHYHUHLUR GH
3RU RULHQWDomR VXSHULRU IRL GHFLGLGR SURFHGHU DR FDQFHODPHQWR GD UHDOL]DomR SUHYLVWD GH
XPD&RQIHUrQFLD,QWHUQDFLRQDOGH(PSUHHQGHGRULVPR6RFLDO
3ODQHDGR
5HDOL]DGR
¨3ODQ
5HDO
5HDOL]DomRGRSURWRFRORGHFRRSHUDomRFRPD$VKRNDQGHGLDVDSDUWLUGH
GH-DQHLUR
1GHMRYHQVQRVZRUNVKRSVGR3URJUDPD-RYHQV&KDQJHPDNHUV
1GHMRYHQVVHOHFLRQDGRVGR3URJUDPD/tGHUHV-RYHQV&KDQJHPDNHUV
2EMHWLYR
2EMHWLYR2SHUDFLRQDOL]DomRGR'HSDUWDPHQWRGH(PSUHHQGHGRULVPRH(FRQRPLD6RFLDO
$VDo}HVSUHYLVWDVHP3ODQRSDUDHVWHREMHWLYRLQFOXtDPDLQVWDODomRItVLFDDGPLQLVWUDWLYDH
LQIRUPiWLFDGR&OXEHGD(PSUHJDELOLGDGHHGR(PSUHHQGHGRUDFRQVWLWXLomRHIRUPDomRGD
HTXLSD GR &OXEH GD (PSUHJDELOLGDGH H GR (PSUHHQGHGRU D GLYXOJDomR GRV VHUYLoRV
GLVSRQLELOL]DGRVQR&OXEHGD(PSUHJDELOLGDGHRGHVHQYROYLPHQWRGHPyGXORV
GR6LVWHPDGH,QIRUPDomRH*HVWmRGH(PSUHHQGHGRULVPRH(FRQRPLD6RFLDO6,*((6HD
IRUPDomRGRVFRODERUDGRUHVQRJHUDO
y
3DUD R GHVHQYROYLPHQWR GRV SURMHWRV H Do}HV GR '((6 VREUHWXGR DTXHOHV HP TXH Ki
UHODomR FRP RV XWHQWHV H RUJDQL]Do}HV IRL FRQVLGHUDGR QHFHVViULR FULDU XP 6LVWHPD GH
,QIRUPDomR H *HVWmR GH (PSUHHQGHGRULVPR H (FRQRPLD 6RFLDO 6,*((6 GH IRUPD D
JDUDQWLU R UHJLVWR GRV HOHPHQWRV UHODWLYRV j H[HFXomR GH WRGDV DV DWLYLGDGHV (P IRUDP GHVHQYROYLGRV RV PyGXORV JHUDLV H RV UHODWLYRV DRV SURJUDPDV GH $SRLR DR
(PSUHHQGHGRU H /DWLWXGH HP IDVH GH FRQFOXVmR H GHILQLGR R LQtFLR GRV PyGXORV SDUD RV
SURJUDPDV 3URPRomR GH (PSUHHQGHGRUHV 6RFLDLV H )RUPDomR GH /tGHUHV /RFDLV GH
(FRQRPLD6RFLDO
&RPRREMHWLYRGHGLYXOJDURVSURJUDPDVHDWLYLGDGHVGR'((6HHPSDUWLFXODUSRVVLELOLWDUD
DSUHVHQWDomR GH FDQGLGDWXUDV YLD :HE DR 3URJUDPD $SRLR DR (PSUHHQGHGRU IRL FULDGR R
3RUWDO
GH
(PSUHHQGHGRULVPR
6RFLDO
HP
IXQFLRQDPHQWR
QR
ORFDO
KWWSVDQWDFDVDHPSUHHQGHVFPOSW
)RL DLQGD ODQoDGR FRQFXUVR SDUD DSUHVHQWDomR GH SURSRVWDV YLVDQGR R GHVHQYROYLPHQWR
FULDWLYRGHXPDGHQRPLQDomRFRPXPQRPLQDWLYDHILJXUDWLYDSDUDRFRQMXQWRGHOLQKDVGH
VHUYLoRGHVHQYROYLGDVSHOR'((6IDFLOLWDQGRDLGHQWLILFDomRSUySULD2FRQWUDWRIRLDVVLQDGR
D GH MXOKR H D SURSRVWD FULDWLYD IRL DSURYDGD HQFRQWUDQGRVH R SURFHVVR HP IDVH GH
GHVHQYROYLPHQWR
$ FRQVWLWXLomR GR &OXEH GD (PSUHJDELOLGDGH H GR (PSUHHQGHGRULVPR IRL IXQGDPHQWDO
HQTXDQWR LQVWUXPHQWR GH RSHUDFLRQDOL]DomR GR '((6 GDGR TXH FRQVWLWXL R IURQWRIILFH GH
DWHQGLPHQWRGHXWHQWHVHGHRUJDQL]Do}HVVRFLDLV
2DWHQGLPHQWRDRVXWHQWHVQR&OXEHGD(PSUHJDELOLGDGHHGR(PSUHHQGHGRULVPRDEUDQJH
JHQHULFDPHQWH UHJLVWR GLDJQyVWLFR DYDOLDomR GDV FRPSHWrQFLDV GH HPSUHJDELOLGDGH H
HPSUHHQGHGRUDV IRUPDomR DSRLR QD HODERUDomR GR SODQR GH QHJyFLR IRUPDomR HP
WpFQLFDV GH SURFXUD DWLYD GH HPSUHJR SURFXUD DVVLVWLGD GH HPSUHJR H TXDOLILFDomR
DFRPSDQKDPHQWRHFRQVXOWRULDEDVHDGDQDPHWRGRORJLDGHPHQWRULDLQGLYLGXDO
2 &OXEH IRL LQVWDODGR QR DQGDU GR SUpGLR VLWR QD $Y 'HIHQVRUHV GH &KDYHV Q HP
/LVERD H GHVGH R VHX LQtFLR D GH MXQKR GH IRUDP UHJLVWDGRV HP VLVWHPD XWHQWHVSURYHQLHQWHVGDGLYXOJDomRHIHWXDGDQRSRUWDOVHQGRRVUHVWDQWHV
UHVXOWDGR GH HQFDPLQKDPHQWRV SHORV VHUYLoRV LQWHUQRV SURJUDPDV GH HPSUHHQGHGRULVPR
VRFLDOHFRQWDFWRVHVSRQWkQHRV
y
2EMHWLYR
3ODQHDGR
5HDOL]DGR
¨3ODQ
5HDO
1UGHDWHQGLPHQWRVQR&OXEHGD(PSUHJDELOLGDGH3$(H/DWLWXGH
1UGHSHVVRDVHQFDPLQKDGDVSDUDRVSURJUDPDVGHHPSUHJDELOLGDGHHGH
HPSUHHQGHGRULVPR
1UGHSHVVRDVHQFDPLQKDGDVSDUDDo}HVGHIRUPDomRQDiUHDGD
HPSUHJDELOLGDGHHGRHPSUHHQGHGRULVPR
(VWHQ~PHURLQFOXLGLDJQyVWLFRVHDWHQGLPHQWRVVXEVHTXHQWHVFRPRPHVPRFDQGLGDWRHHQWUHY LVWDVGHDY DOLDomRGHFRPSHWrQFLDVHPSUHHQGHGRUDV
(VWHQ~PHURLQFOXLHQFDPLQKDPHQWRSDUDRV3URJUDPDVGH$SRLRDR(PSUHHQGHGRUGH3URPRomRGH(PSUHHQGHGRUHV6RFLDLV7UDGLomR/DWLWXGH
-RY HQV&KDQJHPDNHUV/tGHUHV-RY HQV&KDQJHPDNHUVH<RXQJ$XGD[ (VWHQ~PHURLQFOXLHQFDPLQKDPHQWRSDUDDo}HVGHIRUPDomRLQWHJUDGDVQRV3URJUDPDVGH$SRLRDR(PSUHHQGHGRUGH/tGHUHV/RFDLVGH
(PSUHHQGHGRULVPR6RFLDO7UDGLomR/DWLWXGHH/tGHUHV-RY HQV&KDQJHPDNHUV-RY HQV&KDQJHPDNHUVH<RXQJ$8GD[ 2EMHWLYR3URPRYHUDJHQWHVHUHGHVGHHPSUHHQGHGRULVPRHHFRQRPLDVRFLDO
3DUDDWLQJLUHVWHREMHWLYRIRLSURJUDPDGDDH[HFXomRGHXP&LFORGH:RUNVKRSVHDFULDomR
GHXP3UpPLRGH,QRYDomRHGH(PSUHHQGHGRULVPR6RFLDO
(VWDYDSURJUDPDGDDUHDOL]DomRGRV:RUNVKRSVHVXDGLYXOJDomRRVTXDLVRFRUUHUDPFRP
DVVHJXLQWHVWHPiWLFDVL(PSUHHQGHGRULVPR6RFLDOH,QFOXVLYRHP/LVERDFRPDSDUFHULD
GD&kPDUD0XQLFLSDOGH/LVERDLL(PSUHJRH,QFOXVmR6RFLDOHP3RUWXJDOFRPDSDUFHULD
GD $VKRND LLL ,QVWUXPHQWRV GH $SRLR DR (PSUHHQGHGRULVPR 6RFLDO LY $SUHVHQWDomR
-RYHQV&KDQJHPDNHUVHP3RUWXJDOFRPDSDUFHULDGD$6+2.$
2 '((6 DSUHVHQWRX FRPXQLFDo}HV HP GLYHUVRV HYHQWRV QR kPELWR GD HPSUHJDELOLGDGH
HPSUHHQGHGRULVPR H HFRQRPLD VRFLDO FRQWULEXLQGR GHVWH PRGR SDUD SXEOLFLWDU HVWD QRYD
iUHDGHLQWHUYHQomRGD6&0/
)RL DLQGD SURJUDPDGD D FULDomR GH XP SUpPLR GH LQRYDomR H HPSUHHQGHGRULVPR HP
DUWLFXODomR FRP R '4, SHUVSHWLYDQGRVH R VHX ODQoDPHQWR DWUDYpV GH GLYXOJDomR
FRQVWLWXLomRGRM~ULYDOLGDomRGRVSURMHWRVDSUHVHQWDGRVUHDOL]DomRGRHYHQWRGHDWULEXLomR
GR3UpPLRHSRUILPSUHSDUDomRHODQoDPHQWRGDVXDHGLomR
$SHVDU GR VHX UHJXODPHQWR WHU VLGR DSURYDGR D VHTXrQFLD GHVWH SURMHWR DJXDUGD
RULHQWDomRVXSHULRU
y
4XDGUR5HVXOWDGRV2EMHWLYRV
2EMHWLYR
3ODQHDGR
5HDOL]DGR
¨3ODQ
5HDO
(QWUHJDGR3UpPLRGH(PSUHHQGHGRULVPRHGLomRQGHGLDVDSDUWLUGHGH
-DQHLUR
5HDOL]DomRGR&LFORGH:RUNVKRSV
2EMHWLYR &ULDU H LQWHJUDU LQLFLDWLYDV GH HPSUHJDELOLGDGH H HPSUHHQGHGRULVPR GH EDVH
ORFDO
3DUDDWLQJLUHVWHREMHWLYRSHUVSHWLYRXVHDFULDomRHLQVWDODomRGRVHVSDoRVGHLQIRUPDomR
GR SURJUDPD GH 3URPRomR GH (PSUHHQGHGRUHV 6RFLDLV 3(6 EHP FRPR D VHOHomR GRV
FDQGLGDWRV SDUD DV Do}HV GH IRUPDomR GR 3URJUDPD GH )RUPDomR GH /tGHUHV /RFDLV GH
(FRQRPLD6ROLGiULD//(6
2SURJUDPDGH3URPRomRGH(PSUHHQGHGRUHV6RFLDLV3(6SUHWHQGHGHVHQYROYHUMXQWRGDV
FRPXQLGDGHVPDLVGHVIDYRUHFLGDVGDFLGDGHGH/LVERDXPFRQMXQWRGHUHVSRVWDVVRFLDLVGH
EDVH ORFDO YLVDQGR D SURPRomR GD LQFOXVmR VRFLDO H SURILVVLRQDO GDV SHVVRDV TXH VH
HQFRQWUDPHPVLWXDomRGHH[FOXVmRSHUDQWHRPHUFDGRGHWUDEDOKR$PHWRGRORJLDXWLOL]DGD
WHP TXDWUR IDVHV FRQVHFXWLYDV FRP UHFXUVR D DERUGDJHQV ³%RWWRPXS´ H PHWRGRORJLDV GH
FDSDFLWDomR H SDUWLFLSDWLYDV GHVLJQDGDPHQWH D $SUHQGL]DJHP ,QWHUSDUHV H R $SUHQGHU
)D]HQGR H LQFOXL :RUNVKRSV )RUPDomR HP /LGHUDQoD H (PSUHHQGHGRULVPR 6RFLDO H
'HVHQYROYLPHQWRHLPSOHPHQWDomRGH3ODQRVGH$omR/RFDO
2SURJUDPDSURS}HFULDUOLQKDVGHVHUYLoRLQWHJUDGDVGHDSRLRDRHPSUHHQGHGRULVPRVRFLDO
H j LQFOXVmR VRFLRSURILVVLRQDO D FRQFUHWL]DU DWUDYpV GH SURMHWRV FRPSOHPHQWDUHV FRPR R
//(6 IRUPDomR GH /tGHUHV /RFDLV GH (PSUHHQGHGRULVPR H (FRQRPLD 6RFLDO $SRLR DR
(PSUHHQGHGRUH/DWLWXGH
3RU VHU D SULPHLUD LQFXUVmR QD iUHD GR HPSUHHQGHGRULVPR VRFLDO GD 6&0/ R SURJUDPD
FRPHoRXQXPDSULPHLUDIDVHFRPIUHJXHVLDV$MXGDH$OFkQWDUD1HVWDSULPHLUDIDVHH
QDVHTXrQFLDGHYiULRVZRUNVKRSVHHQWUHYLVWDVGHGLDJQyVWLFRHVHOHomRIRLDEUDQJLGRXP
XQLYHUVR GH SHVVRDV )RUDP HIHWXDGRV GLDJQyVWLFRV FRP RV VHJXLQWHV UHVXOWDGRV
SHVVRDV HQFDPLQKDGDVSDUDR 3URJUDPD //(6SDUD R3URJUDPD/DWLWXGHHSDUDR
3URJUDPD3$(
y
1DLPSOHPHQWDomRGR3URJUDPD3(6IRUDPUHDOL]DGDVUHXQL}HVFRPDVMXQWDVGHIUHJXHVLD
H UHXQL}HV WpFQLFDV FRP DV SULQFLSDLV LQVWLWXLo}HV FRP LQWHUYHQomR QDV ]RQDV DEUDQJLGDV
QXPWRWDOGHHIRLGLIXQGLGRRSURJUDPDMXQWRGDSRSXODomRDWUDYpVGDGLVWULEXLomRGH
IROKHWRV H FDUWD]HV HP Do}HV GH UXD HVWDEHOHFLPHQWRV FRPHUFLDLV H RXWUDV ]RQDV GH IRUWH
DIOXrQFLD LQFOXLQGR HYHQWRV FRP QRWRULHGDGH QRV EDLUURV 0DUFKD GD $MXGD H $UUDLDO GH
6DQWR$PDURHQWUHRXWURV
8PD IDVH GHVWH SURJUDPD IRL LQLFLDGD HP $JRVWR DEUDQJHQGR DV IUHJXHVLDV GH 6 -RmR
%HDWR$OWR3LQDH3HQKDGH)UDQoDFRPDPHVPDDERUGDJHPGDIDVHDQWHULRU'H6HWHPEUR
D 2XWXEUR GHFRUUHUDP RV ZRUNVKRSV FRP DV YiULDV HQWLGDGHV H RUJDQL]Do}HV TXH RSHUDP
HPFDGDXPDGDVIUHJXHVLDVDVVLPFRPRRVZRUNVKRSVGHHVFODUHFLPHQWRjSRSXODomRHP
JHUDOWHQKRVLGRDEUDQJLGRXPXQLYHUVRGHSHVVRDV)RUDPHIHWXDGRVGLDJQyVWLFRV
FRPRVVHJXLQWHVUHVXOWDGRVSHVVRDVHQFDPLQKDGDVSDUDR3URJUDPD/tGHUHV/RFDLVGH
(PSUHHQGHGRULVPR H (FRQRPLD 6RFLDO //(6 SDUD R 3URJUDPD /DWLWXGH H SDUD R
3URJUDPD3$(
2 3URJUDPD GH )RUPDomR GRV /tGHUHV /RFDLV GH (PSUHHQGHGRULVPR H (FRQRPLD 6RFLDO
//((6 YLVD SURPRYHU XPD IRUPDomR GLQkPLFD H LQWHUDWLYD FHQWUDGD QD DTXLVLomR GH
FRPSHWrQFLDVHQDPRWLYDomRSDUDDDomRLQIHULGDDSDUWLUGDLGHQWLILFDomRGHQHFHVVLGDGHV
H DVSLUDo}HV LGHQWLILFDGDV HP IDVHV DQWHULRUHV H EDVHDGD QD LPSOHPHQWDomR SDUDOHOD
DSUHQGHU ID]HQGR H DSUHQGL]DJHP LQWHUSDUHV 2 SURJUDPD GH IRUPDomR DSUHVHQWD XPD
FDUJD KRUiULD GH KRUDV FRP YiULRV PyGXORV FRQFHSWXDOL]DGRV D SDUWLU GR
UHODFLRQDPHQWR LQWHUSHVVRDO H GD WUDQVPLVVmR H LPSOHPHQWDomR GH LGHLDV $V SHVVRDV TXH
IUHTXHQWDPHVWDIRUPDomRVmRVHOHFLRQDGDVDWUDYpVGR3URJUDPD3(6
2 SULPHLUR FLFOR GH IRUPDomR GHVWLQDGR jV SHVVRDV TXH SDUWLFLSDUDP QD SULPHLUD IDVH GR
SURMHWR$OFkQWDUDH$MXGDLQLFLRXVHDGHVHWHPEURHWHUPLQRXDGHRXWXEUR&RQWRX
FRPSDUWLFLSDQWHVHGHXRULJHPDGRLV*UXSRVGH$omR/RFDO*$/6HPHQWLQKD%DLUUR
GR&DVDOLQKRGD$MXGDH8QLmR$OYLWR9HOKR&RPRSULPHLUR*$/SUHWHQGHVHGHVHQYROYHU
DWLYLGDGHVSHGDJyJLFDVHO~GLFDVSDUDFULDQoDVHMRYHQVEHPFRPRSRWHQFLDURLQWHUFkPELR
GHVDEHUHVHQWUHDSRSXODomRVpQLRUHRVPDLVMRYHQV
2VHJXQGR*$/WHPSRUREMHWLYRRIHUHFHUVHUYLoRVGHHQWUHJDDRGRPLFtOLRHPFRQMXQWRFRP
XPDORMDGHFRPpUFLRWUDGLFLRQDOEHPFRPRFULDUXPSRVWRVRFLDOFRPDo}HVSDUDMRYHQVj
SURFXUDGHHPSUHJRHDSRLRjSRSXODomRVpQLRU2DFRPSDQKDPHQWRDRGHVHQYROYLPHQWRH
jLPSOHPHQWDomRGHVWHVSODQRVWHPXPDGXUDomRSUHYLVWDGHPHVHV
y
$IRUPDomRSDUDDVSHVVRDVTXHLQWHJUDUDPDVHJXQGDIDVHGRSURMHWR$OWR3LQD6-RmR
%HDWRH3HQKDGH)UDQoDLQLFLRXVHDGHQRYHPEURWHQGRWHUPLQDGRDGHGH]HPEUR
2VUHVSHWLYRVSODQRVGH$omR/RFDOVHUmRLPSOHPHQWDGRVHP
4XDGUR5HVXOWDGRV2EWLGRV
2EMHWLYR
1~PHURGH)RUPDQGRV//(6
3ODQHDGR
5HDOL]DGR
¨3ODQ
5HDO
3DUFHLURV
,6&7($8'$; ',$6 'LUHomR GD $omR 6RFLDO H -XQWDV GH )UHJXHVLDV GRV ORFDLV
LQWHUYHQFLRQDGRV$OFkQWDUD$MXGD6mR-RmR$OWRGR3LQD%HDWRH3HQKDGH)UDQoD
2EMHWLYR3URPRYHUDTXDOLILFDomRHYDORUL]DomRGDVSURILVV}HVWUDGLFLRQDLV
1DV Do}HV TXH FRQFRUUHP SDUD HVWH REMHWLYR HQTXDGUDPVH R ODQoDPHQWR GH FRQFXUVR GH
GHVLJQ SDUD HODERUDomR GH NLW GH DSRLR (QJUD[DGRUHV H IDUGDPHQWR &DXWHOHLURV H
(QJUD[DGRUHV D DWULEXLomR GH SUpPLRV GH GHVLJQ D HODERUDomR GH FRQWH~GRV H PDWHULDLV
SHGDJyJLFRV SDUD IRUPDomR R HVWDEHOHFLPHQWR GH SDUFHULDV D GLYXOJDomR GR 3URJUDPD
7UDGLomR ± 9DORUL]DomR GDV 3URILVV}HV 7UDGLFLRQDLV ± (QJUD[DGRUHV H &DXWHOHLURV H D
UHDOL]DomRGHDo}HVGHIRUPDomRHDYDOLDomR
2 3URJUDPD 7UDGLomR 9DORUL]DomR GH 3URILVV}HV 7UDGLFLRQDLV YLVD UHFRQILJXUDU VLWXDo}HV
ODERUDLV GH DXWRHPSUHJR HP DOJXQV FDVRV PDUJLQDOL]DGDV RX SHUFHFLRQDGDV FRPR WDO
7UDWDVHGHXPSURMHWRGHHPSUHHQGHGRULVPRVRFLDODXWRQRPL]DomRGLJQLILFDomRJHUDomR
GH YDORU VRFLDO H HFRQyPLFR GRV HPSUHHQGHGRUHV DSRLDGRV DWUDYpV GD GLVSRQLELOL]DomR GH
NLWVQRUPDOL]DGRVGHWUDEDOKR
1RFDVRGDSURILVVmRGH(QJUD[DGRUIRUDPSRWHQFLDGRVRVVDEHUHVHDILJXUDFDULVPiWLFDGR
(QJUD[DGRU 3URILVVLRQDO RX 0HVWUH (QJUD[DGRU DWUDYpV GH XPD PHWRGRORJLD SDUWLFLSDGD
SURWDJRQL]DGDQRV³(QFRQWURVGRV(QJUD[DGRUHVGH/LVERDÚHDOL]DGRVHPPDLRGH
$ SDUWLFLSDomR GHVWHV SURILVVLRQDLV IRL IXQGDPHQWDO SDUD D HODERUDomR GR PRGHOR GH
TXDOLGDGHEDVHDGRQRVHVWXGRVUHDOL]DGRVSHOR,6&7(GRPDQXDOSHGDJyJLFRHGRFyGLJR
y
GH FRQGXWD GD SURILVVmR TXHU PHGLDQWH D VXD LQWHJUDomR FRPR PRQLWRUHV GD IRUPDomR
TXHUDLQGDQRGHVHQYROYLPHQWRGHHVStULWRGRJUXSRSURILVVLRQDO3DUDDFULDomRGRVNLWVIRL
SURPRYLGR XP SURFHVVR GH LQRYDomR TXH HQYROYHX FHUFD GH DOXQRV GH OLFHQFLDWXUD H
PHVWUDGR GR ,$'( R TXDO UHVXOWRX QR SURMHWR ILQDOLVWD GH GHVLJQ IDEULFDGR HQWUH MXOKR H
QRYHPEURGH
)RLSURPRYLGDXPDFDPSDQKDGHPDUNHWLQJFRPRDSRLRGR,$'(,GHDV5HYROXWLRQLQLFLDGD
QRHYHQWRGHODQoDPHQWRS~EOLFRFRPFHUFDGHSHVVRDVQRRSHQGD\GD/;)DFWRU\QR
GLD GH QRYHPEUR SDUD R TXDO IRUDP FULDGRV XPD H[SRVLomR GH IRWRJUDILD H XP
GRFXPHQWiULRVREUHDSURILVVmR$FDPSDQKDGHPDUNHWLQJWHYHPDLVGHUHIHUrQFLDVQRV
PHGLDHQWUHHQWUHYLVWDVHDUWLJRVQRVSULQFLSDLVPHLRVGHFRPXQLFDomRVRFLDO
(PIRLSRVVtYHODSRLDUPHVWUHVHQJUD[DGRUHVHGHVHPSUHJDGRVQDUHJXODUL]DomR
RX QD WUDQVLomR SDUD D YLGD DWLYD DWUDYpV GH DSRLRV SHFXQLiULRV EROVD GH IRUPDomR SDUD
FLQFR PHVHV DSRLRV QmR SHFXQLiULRV GH IRUPDomR H GH FDSDFLWDomR EHP FRPR GH QRYRV
HTXLSDPHQWRV HQWUH RV TXDLV D FDL[D GH HQJUD[DGRU FRP GHVLJQ RULJLQDO GR ,$'( H
UHVWDQWHVHTXLSDPHQWRVFDGHLUDGRFOLHQWHFKDSpXGHVRODYHQWDOWUROOH\GHWUDQVSRUWHH
WDSHWH GH H[WHULRU 2V HQJUD[DGRUHV FRQWDP DLQGD FRP SUHoRV PDLV EDL[RV QR IRUQHFHGRU
GHPDWHULDLVWUDGLFLRQDLVSRUWXJXHVHVD&$6$)255$
)RL DSRLDGR XP WRWDO GH IRUPDQGRV QDV VHVV}HV GH SUHSDUDomR GR SURMHWR GH TXH
UHVXOWDUDP IRUPDQGRV FHUWLILFDGRV FRP VLWXDomR UHJXODUL]DGD FRPR HPSUHHQGHGRUHV
LQGLYLGXDLV )RL WDPEpP UHDOL]DGD )RUPDomR 2Q -RE H Do}HV GH PHQWRULD 2V HQJUD[DGRUHV IRUDP LPSODQWDGRV HP QRYRV ORFDLV GH UXD MXQWR jV SULQFLSDLV SDVWHODULDV GD
FLGDGHHDXPDHVWDomRGHFRPERLRVQHJRFLDGRVFRPHVVHVSDUFHLURVGHORFDOL]DomR(VWiD
VHU QHJRFLDGD FRP JUDQGHV HPSUHVDV QDFLRQDLV D LPSOHPHQWDomR GH XP VHUYLoR VHPDQDO
DRGRPLFtOLRHPSUHVDULDOQRVSULQFLSDLVHGLItFLRVGHHVFULWyULRVGHVVDVHPSUHVDV
1R FDVR GD SURILVVmR &DXWHOHLUR R 3URJUDPD 7UDGLomR 9DORUL]DomR GH 3URILVV}HV
7UDGLFLRQDLV SUHWHQGHX UHSRVLFLRQDU HVWD DQWLJD SURILVVmR GLJQLILFDQGRD H GDQGROKH XP
HQTXDGUDPHQWR PDLV DGHTXDGR jV QHFHVVLGDGHV UHDLV GRV GLDV GH KRMH &RP HVWH SURMHWR
SUHWHQGHVH UHFXSHUDU XP SRXFR GR ³FKDUPH´ SHUGLGR SRU HVWHV SURILVVLRQDLV GRWDQGRRV
GH XP FRQMXQWR GH FRPSHWrQFLDV H FRQGLo}HV TXH OKHV SHUPLWDP H[HUFHU D VXD DWLYLGDGH
SURILVVLRQDOGHIRUPDPDLVGLJQDHPDLVDSHODWLYDSDUDRVVHXVSRWHQFLDLVFOLHQWHV
(VWDQGR R SURMHWR DLQGD HP IDVH GH FRQVWUXomR DV DWLYLGDGHV GHVHQYROYLGDV DWp DR
PRPHQWR SUHQGHPVH FRP D DQiOLVH GH YLDELOLGDGH GLDJQyVWLFR GD UHDOLGDGH VRFLDO H
y
OHYDQWDPHQWR GH QHFHVVLGDGHV )RUDP LJXDOPHQWH UHDOL]DGDV DOJXPDV UHXQL}HV
H[SORUDWyULDVFRPHQWLGDGHVHSDUFHLURVFRPYLVWDDGHVHQKDUHFRQVWUXLURSURMHWR2SODQR
LQLFLDOGRSURMHWRFRQFHELGRHPIRLWRWDOPHQWHUHYLVWRHPMXOKRGHIDFHjDQiOLVH
GHVHQYROYLGD H SUHVVXSRVWRV GHILQLGRV SHOR '((6 SDUD YLDELOLGDGH GD LQWHUYHQomR FRP
HYHQWXDOHVWDEHOHFLPHQWRGHSDUFHLUDVRSHUDFLRQDLV2SURMHWRIRLDSUHVHQWDGRjH['LUHomR
GH 0DUNHWLQJ SDUD R HVWDEHOHFLPHQWR GH XPD FRRSHUDomR QHVWD iUHD GH LQWHUYHQomR
DJXDUGDQGRVHUHVSRVWD
2EMHWLYR
1~PHURGH)RUPDQGRV3URJUDPD7UDGLomR(QJUD[DGRUHV
3ODQHDGR
5HDOL]DGR
¨3ODQ
5HDO
2VIRUPDQGRVHVWmRGLY LGLGRVHVSHFLILFDPHQWHHP(QJUD[ DGRUHVMiH[ LVWHQWHVHFDQGLGDWRVDQRY RVHQJUD[ DGRUHV
3DUFHLURV
,6&7($8'$;$VVRFLDomR&$,6,$'(,QVWLWXWRGH$UWHV'HVLJQH0DUNHWLQJ,QVWLWXWRGH
6HJXUDQoD6RFLDO,66,3
2EMHWLYR)RPHQWDURHPSUHJR
3DUDDOFDQoDU HVWH REMHWLYRSHUVSHWLYRXVH R HVWDEHOHFLPHQWRGHSURWRFRORVFRPSDUFHLURV
SDUDR3URJUDPD/DWLWXGHHDFULDomRGHOLQKDVGHVHUYLoRHVXDGLYXOJDomR
2 3URJUDPD /DWLWXGH FRQVWLWXLVH FRPR XP SURJUDPD GH DSRLR j HPSUHJDELOLGDGH H
TXDOLILFDomRHGHVWLQDVHDWRGRVDTXHOHVSDUDTXHPDVLWXDomRGHGHVHPSUHJRVHFRQILJXUD
FRPR XPD FRQGLomR GH H[FOXVmR VRFLDO 1HVWH VHQWLGR R SURJUDPD /DWLWXGH RUJDQL]D XPD
OLQKD GH VHUYLoR FHQWUDGD QDV QHFHVVLGDGHV GR LQGLYtGXR HP VLWXDomR GH GHVHPSUHJR RX
SUHFDULHGDGHODERUDOSURFXUDQGRXPDSHUVRQDOL]DomRGRSURFHVVRFRPFRQWUDWXDOL]DomRGH
REMHWLYRV TXH DFHQWXDP R SDSHO GR SUySULR FRPR DJHQWH DWLYR QD SURFXUD GH XPD VROXomR
GHLQFOXVmRVRFLRSURILVVLRQDO
2V FDQGLGDWRV HQFDPLQKDGRV SDUD R 3URJUDPD /DWLWXGH GHYHP UHDOL]DU D $YDOLDomR GH
(PSUHJDELOLGDGH RQGH VmR UHFROKLGDV LQIRUPDo}HV H DFRUGDGDV FRP R EHQHILFLiULR DV
LQWHUYHQo}HV D GHVHQYROYHU &DSDFLWDomR HP (PSUHJDELOLGDGH H 3URFXUD $VVLVWLGD GH
y
(PSUHJR H GH 4XDOLILFDomR 1R kPELWR GD 3URFXUD $VVLVWLGD GH (PSUHJR GLVSRQLELOL]DVH
IRUPDomR FDSDFLWDomR HP HPSUHJDELOLGDGH DVVLP FRPR XP FRQMXQWR GH VHVV}HV GH
PHQWRULD LQGLYLGXDO GH PRGR D GHVHQYROYHU R SRUWIROLR FXUULFXODU H D SURFXUD DWLYD GD
VROXomR GH LQFOXVmR PDLV IDYRUiYHO 1D 3URFXUD $VVLVWLGD GH 4XDOLILFDomR DV Do}HV D
GHVHQYROYHU YLVDP HP SDUWLFXODU HQFRQWUDU R WLSR GH IRUPDomR DGHTXDGD SDUD D PHOKRULD
GDVKDELOLWDo}HVHVFRODUHVHSURILVVLRQDLV
(PIRLFULDGDDPHWRGRORJLDRSHUDFLRQDOHDHVSHFLILFDomRWpFQLFDGDVIXQFLRQDOLGDGHV
LQHUHQWHV DR /DWLWXGH H LQLFLDGR R UHVSHWLYR GHVHQYROYLPHQWR QR 6,*((6 )RL HODERUDGR H
DSUHVHQWDGRRUHJXODPHQWRGRSURJUDPDSDUDDSURYDomRGD0HVD23URJUDPD/DWLWXGHQmR
IRLLPSOHPHQWDGRGHIRUPDJHQHUDOL]DGDDJXDUGDQGRVHDSURYDomRVXSHULRU
$V OLQKDV GH VHUYLoR GR 3URJUDPD /DWLWXGH IRUDP WHVWDGDV QXPD DomR SLORWR FRP XP
FRQMXQWR GH XWHQWHV 3DUD SHUVSHWLYDVH D SOHQD DWLYLGDGH GR 3URJUDPD FRP
UHFXUVR SDUD DOpP GD HTXLSD WpFQLFD LQWHUQD D XPD VHJXQGD HTXLSD GH IRUPDGRUHV
H[WHUQRVEROVDGHIRUPDGRUHVGR/DWLWXGH
2EMHWLYR
3ODQHDGR
5HDOL]DGR
¨3ODQ
5HDO
1~PHURGHSHVVRDVHQFDPLQKDGDV/DWLWXGH
(VWHREMHWLYRQmRIRLDWLQJLGRGDGRTXHDLQGDQmRIRLDSURYDGRRUHJXODPHQWRGRSURJUDPD
QmRSHUPLWLQGRDVVLPDGLYXOJDomRGRVHUYLoRQHPDUHDOL]DomRGDVDo}HVSODQHDGDV
2EMHWLYR $OFDQoDU XP QtYHO HOHYDGR GH VDWLVIDomR GH XWHQWHV H SDUWLFLSDQWHV GDV
DWLYLGDGHVGR'HSDUWDPHQWRGH(PSUHHQGHGRULVPRH(FRQRPLD6RFLDO
3DUD D FRQFUHWL]DomR GHVWH REMHWLYR IRL FULDGD XPD ILFKD GH DYDOLDomR GD VDWLVIDomR GR
EHQHILFLiULRGRVGLYHUVRVSURJUDPDVHPTXHIRLDYDOLDGRRQtYHOGHVDWLVIDomRQXPDHVFDOD
GHDFRUUHVSRQGHQGRRDRPtQLPRHRDRPi[LPR
2 UHVXOWDGR DSUHVHQWDGR GHULYD GR JUDX GH VDWLVIDomR GRV XWHQWHV FDOFXODGR GH IRUPD
SRQGHUDGD3DUD RUHVXOWDGRDSXUDGRFRQWULEXtUDPRVIRUPDQGRVGR3URJUDPDGH$SRLRDR
y
(PSUHHQGHGRU HP RV IRUPDQGRV GR 3URJUDPD GH )RUPDomR GRV /tGHUHV /RFDLV GH
(PSUHHQGHGRULVPR 6RFLDO HP RV IRUPDQGRV GR 3URMHWR 7UDGLomR ± (QJUD[DGRUHV HP
HRVXWHQWHVGRDomRSLORWRGR3URJUDPD/DWLWXGHFRP
4XDGUR5HVXOWDGRV2EMHWLYRV
2EMHWLYR
3ODQHDGR
5HDOL]DGR
¨3ODQ
5HDO
1tYHOGHVDWLVIDomR8WHQWHV)RUPDQGRVGRVGLYHUVRV3URJUDPDV'((6
$WLYLGDGHVQmR,QVFULWDVHP3ODQR
(PSUHHQGHGRULVPR-RYHP
$IRUPDomR)LUVW6WHS<RXQJ$XGD[pXPDIRUPDomRGLQkPLFDHSHGDJyJLFDTXHWHPFRPR
SULQFLSDOREMHWLYRGHVSHUWDURHVStULWRHPSUHHQGHGRUGRVMRYHQVHQWUHRVHRVDQRV
(P IUHTXHQWDUDP HVWD IRUPDomR MRYHQV SURYHQLHQWHV GRV YiULRV &HQWURV GH
'HVHQYROYLPHQWR&RPXQLWiULRGD6&0/
(VWH SURJUDPD LQFOXL VHVV}HV GH WHDPEXLOGLQJ WpFQLFDV GH DSUHVHQWDomR VHVV}HV GH
HPSUHHQGHGRULVPR H FULDomR GH YDORU PDUNHWLQJ LQWURGXomR jV ILQDQoDV HVWUXWXUDomR GH
XPSODQRGHQHJyFLRVHYLVLWDDXPDLQFXEDGRUDGHHPSUHVDV(QYROYHRVMRYHQVHDVVXDV
IDPtOLDV GDQGROKHV D FRQKHFHU QRYDV RUJDQL]Do}HV DFDGpPLFDV H HPSUHVDULDLV H
SRVVLELOLWDQGROKHV QRYRV FRQWDFWRV EHP FRPR D RSRUWXQLGDGH GH DSUHVHQWDU RV WUDEDOKRV
UHDOL]DGRVSODQRGHQHJyFLRDLQYHVWLGRUHVFRQYLGDGRV
3DUD H GDGD D DYDOLDomR SRVLWLYD TXH RV MRYHQV IL]HUDP GD VXD SDUWLFLSDomR QD
IRUPDomRHVWiSUHYLVWRDODUJDUDPHVPDDXPPDLRUQ~PHURGHMRYHQV
3DUFHLURV
2SDUFHLURHVWUDWpJLFRpR,6&7(DWUDYpVGD<RXQJ$XGD[H83$-(
3UHYHQomRGR6REUHHQGLYLGDPHQWRH$SRLRDR6REUHHQGLYLGDGR
y
2 3URWRFROR GH &RRSHUDomR HQWUH D 6&0/ H D $VVRFLDomR 3RUWXJXHVD SDUD D 'HIHVD GR
&RQVXPLGRU ± '(&2 IRL FHOHEUDGR D GH PDUoR GH H GLVWULEXtGR DR '((6 HP
VHWHPEURGHSDUDDFRPSDQKDPHQWRGDVXDH[HFXomR
(VWHSURWRFRORWHPFRPRILPFRRSHUDUQDiUHDGDOLWHUDFLDILQDQFHLUDHSUHYHQomRGRVREUH
HQGLYLGDPHQWR3DUDWDOVHUiGHVHQYROYLGDXPDFDPSDQKDQDFLRQDOGHVHQVLELOL]DomRSDUDD
3UHYHQomRGR6REUHHQGLYLGDPHQWRH$SRLRDR6REUHHQGLYLGDGRFRPDGXUDomRGHDQR
1R kPELWR GHVWH SURWRFROR D '(&2 FRPSURPHWHXVH D GHVHQYROYHU YiULDV Do}HV GH
VHQVLELOL]DomR H IRUPDomR LQFOXLQGR DOJXPDV GHVWLQDGDV DRV FRODERUDGRUHV GD 6&0/ EHP
FRPR D DSUHVHQWDU RV UHVXOWDGRV GD DWLYLGDGH GHVHQYROYLGD HP GRLV UHODWyULRV R SULPHLUR
DSyVPHVHVVREUHDH[HFXomRGDFDPSDQKDHRVHJXQGRQRILQDOGDPHVPD3RUVHXODGR
D 6&0/ FRPSURPHWHXVH D GDU R DSRLR WpFQLFR TXH VH UHYHODU QHFHVViULR D DYDOLDU DV
DWLYLGDGHVGHVHQYROYLGDVHDHIHWXDUXPDFRPSDUWLFLSDomRILQDQFHLUD
6HJXQGR R 5HODWyULR ,QWHUFDODU Mi HQWUHJXH SHOD '(&2 IRUDP UHDOL]DGDV Do}HV DWp
ILQDOGHDJRVWRGHGHXPWRWDOGHDo}HVSUHYLVWDV$WpDRILQDOGDFDPSDQKDHQR
kPELWRGR3URWRFRORVHUmRUHDOL]DGDVDVUHVWDQWHVDo}HVLQFOXLQGRDVTXHVHGHVWLQDPDRV
FRODERUDGRUHV GD 6&0/ FRQWDQGR R '((6 SDUD R HIHLWR FRP D FRODERUDomR GD 'LUHomR GH
5HFXUVRV+XPDQRV',5+
y
$0LVVmRGR'HSDUWDPHQWRGH*HVWmR,PRELOLiULDH3DWULPyQLR'*,3pDGPLQLVWUDUHJHULU
RSDWULPyQLRLPRELOLiULRGD6&0/FRPYLVWDjVXDUHQWDELOL]DomRHYDORUL]DomR
2EMHWLYR &RQVWLWXLU XPD ³EROVD GH IRJRVIUDo}HV´ SDUD UHDORMDPHQWRV FRP YLVWD D
SRVVLELOLWDUDSURVVHFXomRGDSROtWLFDGHUHDELOLWDomRHYDORUL]DomRGRSDWULPyQLRLPRELOLiULR
3DUDDOFDQoDUHVWHREMHWLYRSHUVSHWLYRXVHEHQHILFLDUIRJRVIUDo}HVSDUDUHDORMDPHQWRVH
DGTXLULUSHUPXWDUIRJRVIUDo}HVLPyYHLV
3ULQFLSDLVUHVXOWDGRVREWLGRV
$WXDOPHQWH D ³EROVD GH IRJRVIUDo}HV´ SDUD UHDORMDPHQWRV p FRQVWLWXtGD SRU IUDo}HV
VHQGRDWD[DGHUHDOL]DomRGHVWHREMHWLYRGH
/ŶĚŝĐĂĚŽƌ
E͘ǑĚĞĨŽŐŽƐ ͬĨƌĂĐĕƁĞƐ Ă ĨĞĐƚŽƐ ăďŽů Ɛ Ă
DĞƚĂ
ZĞƐƵůƚĂĚŽ
dĂǆĂĚĞ
ƌĞĂůŝǌĂĕĆŽ
;йͿ
ϮϬ
ϱ
Ϯϱй
$VIUDo}HVFRQVWLWXLQWHVGHVWDEROVDVmRDVVHJXLQWHV
• $Y$OPLUDQWH5HLV'72/LVERD
•
7UDYHVVDGH6DQWD7HUHVD5&(64/LVERD
•
5XD$OPLUDQWH5HLV6DFDYpP
•
5XD&DSLWmHVGH$EULO'72/LVERD
•
5XD&DSLWmHVGH$EULO'72/LVERD
3DUFHLURV
•
',*,(
•
,1&/8,$6,
y
2EMHWLYR $IHWDU 3UpGLRV)UDo}HV GH 5HQGLPHQWR D 3URMHWRV GH ,QRYDomR 6RFLDO HRX
(PSUHHQGHGRULVPR
$HVWUDWpJLDGHDWXDomRSODQHDGDFRQVLVWLXHPSURFHGHUjLGHQWLILFDomRGHSUpGLRVIUDo}HV
DGHTXDGRVjVLQLFLDWLYDVDSURPRYHU
3URFHGHXVHjLGHQWLILFDomRQHJRFLDomRHDUUHQGDPHQWRGHXPDIUDomRHVFULWyULRVVLWDQD
$Y 'HIHQVRUHV GH &KDYHV DQGDU FRP YLVWD j LQVWDODomR GR ³&OXEH GD
(PSUHJDELOLGDGHHGR(PSUHHQGHGRULVPR´MiDEHUWRHDIXQFLRQDU
/ŶĚŝĐĂĚŽƌ
DĞƚĂ
ZĞƐƵůƚĂĚŽ
dĂǆĂĚĞ
;йͿ
Ϯ
ϭ
ϱϬй
E͘ǑĚĞ ƉƌĠ Ěŝ ŽƐ Ă ĨĞ ĐƚŽƐ Ă ƉƌŽũĞĐƚŽƐ ĚĞ
/ŶŽǀĂ ĕĆ Ž^ŽĐŝĂ ů Ğ ͬŽƵ
ŵƉƌĞĞŶĚĞ ĚŽƌŝ Ɛ ŵŽ
3DUFHLURV
•
'((6
•
'4,
2EMHWLYR $XWRPDWL]DU DV UHQGDV D SDJDU H UHGHILQLomR GR PRGHOR GH &RQWDELOLGDGH
$QDOtWLFDFXVWRVUHFHLWDVSRULPyYHO
2SUHVHQWHREMHWLYRUHVXOWDGDVHTXrQFLDGRSURMHWRGHLPSOHPHQWDomRGRPyGXOR6$35HDO
(VWDWH)OH[LEOH0DQDJHPHQW(VWHSURMHWRWHYHLQtFLRHPQRYHPEURGHHIRLFRQFOXtGR
HQWUDGDHPSURGXomRQRILQDOGHPDUoRGH
2SURMHWRUHVXOWRXGRSURFHVVRGHHYROXomRWHFQROyJLFDDRQtYHOGRVVLVWHPDVGHLQIRUPDomR
GR'*,3GRWDQGRHVWH'HSDUWDPHQWRGHXPDIHUUDPHQWDGHWUDEDOKRTXHSHUPLWHJHULUGH
XPDIRUPDFHQWUDOL]DGDWRGRVRVSURFHVVRVGHQHJyFLRQRPHDGDPHQWH
•
&DGDVWUR,PRELOLiULR
•
%HQHPHUrQFLDV
•
5HQGDVH,QTXLOLQRV5HQGDVD5HFHEHU
y
•
$YDOLDo}HV
•
3URFHVVRV-XUtGLFRV
•
5HFODPDo}HVH$WHQGLPHQWRV
2VGDGRVGRDQWHULRUVLVWHPDGHLQIRUPDomR6,3±6LVWHPDGH ,QIRUPDomRGR3DWULPyQLR
IRUDPYDOLGDGRVHPLJUDGRVSDUDHVWDQRYDSODWDIRUPD
$UHDOL]DomRGHVWHQRYRREMHWLYRGHDXWRPDWL]DUDVUHQGDVDSDJDUHUHGHILQLomRGRPRGHOR
GH &RQWDELOLGDGH $QDOtWLFD FXVWRVUHFHLWDV SRU LPyYHO SHUPLWLUi DQDOLVDU D UHQWDELOLGDGH
GHWDOKDGD SRU HGLItFLR YLVWR TXH HVVD LQIRUPDomR p HVVHQFLDO QD JHVWmR GH XP SDUTXH
LPRELOLiULR YDVWR 2 VLVWHPD SHUPLWLUi TXH WRGRV RV SURFHVVRV UHODFLRQDGRV FRP LPyYHLV
LPSXWHP RV VHXV YDORUHV DR LPyYHO FRUUHVSRQGHQWH 'H VHJXLGD HOH LUi VHU UHSDUWLGR GR
HGLItFLR SDUD RV FHQWURV GH FXVWR TXH R XWLOL]DP RX SDUD R SUySULR '*,3 FRQGX]LQGR j
LQIRUPDomRTXHVHGLVS}HKRMH
'HVWDIRUPDR'*,3HD6DQWD&DVDSDVVDUmRDWHUDSHUFHomRGRELQyPLRFXVWRVUHFHLWDV
SDUDFDGDSUpGLRIUDomR
3DUD DOpP GLVVR VHUmR LPSOHPHQWDGDV RXWUDV IXQFLRQDOLGDGHV GR PyGXOR 6$3 5(); TXH
WRUQDUmRDVROXomRPDLVVyOLGDHDXWRPDWL]DGD
•
5HQGDVD3DJDU±DXWRPDWL]DomRGDVUHODo}HVHQWUHD6&0/H³VHQKRULRV´GHLPyYHLV
TXHXWLOL]DYLDDUUHQGDPHQWRRXRXWURFRQWUDWRGHVGHRSDJDPHQWRGHUHQGDVDWp
DRVSURFHVVRVGHUHVFLVmR
•
&RQWUDWRV,QWHUQRV±YDORUL]DomRGDRFXSDomRGRVLPyYHLVJHULGRVSHOR'*,3SRU
RXWURV³VHUYLoRV´GD6&0/
•
,PyYHLV9DJRV±LPSXWDomRGR³FXVWRGHRSRUWXQLGDGH´SRULPyYHLVFRPFRQGLo}HV
GHVHUHPDUUHQGDGRVVHHQFRQWUDUHPYDJRV
2SUHVHQWHREMHWLYRVHUiFRQFUHWL]DGRDWUDYpVGR'HVHQYROYLPHQWRHP6$35();H6$3
&2
$IXQFLRQDOLGDGHGDVUHQGDVDSDJDUMiVHHQFRQWUDHPSURGXomRWHQGRMiVLGRSURFHVVDGDV
DVUHQGDVHPVHWHPEURSHOR'*,3'HVWHPRGRR'*,3SDVVDDFRQWURODU
y
WRWDOPHQWHHPVLVWHPDPDLVXPGRVVHXVSURFHVVRVGHQHJyFLRFRPRMiDFRQWHFHSDUDDV
UHQGDVDUHFHEHU
$VUHVWDQWHVIXQFLRQDOLGDGHVUHIHUHQWHVDRV&RQWUDWRV,QWHUQRVH,PyYHLV9DJRVHQFRQWUDP
VH GLVSRQtYHLV HP DPELHQWH GH 4XDOLGDGH H 7HVWHV SDUD VH DIHULU GD VXD FRUUHWD
LPSOHPHQWDomRHSRVWHULRUSDVVDJHPjIDVHGHSURGXomR
3RU GLILFXOGDGHV GH RULJHP WpFQLFD D HQWUDGD HP SURGXomR GDV IXQFLRQDOLGDGHV
GHVHQYROYLGDVUHODWLYDVjLQWHJUDomRFRPRPyGXORGHFRPSUDV6$3650HjGLVWULEXLomR
GH FXVWRV JHUDLV GR HGLItFLR iJXD OX] DPRUWL]Do}HV HWF &RQWUDWRV ,QWHUQRV ,PyYHLV
9DJRV&XVWRGH2SRUWXQLGDGHDFDERXSRUQmRDFRQWHFHUHPWHQGRVLGRDGLDGDSDUD
IHYHUHLURGH
3DUFHLURV
•
',)',$H',67,±3DUWLFLSDomRQRSURMHWRGH,PSOHPHQWDomR6$35();H6$3&2
3URMHWRGH5HGHILQLomRGHPRGHORDQDOtWLFRSDUDUHVSRVWDDUHTXLVLWRV'*,3
HVWDQGRSUHVHQWHVHPGLYHUVDVUHXQL}HVHPTXHSUHVWDUDPRVHXFRQWULEXWRQD
HODERUDomRHSRVWHULRUDSURYDomRGR%XVLQHVV%OXH3ULQW
•
129$%$6(±(PSUHVDDGMXGLFDGDUHVSRQViYHOSHORGHVHQYROYLPHQWRH
LPSOHPHQWDomRGRUHIHULGRSURMHWR
2EMHWLYR&RRUGHQDURSURFHVVRGHWUDQVIHUrQFLDGHVHUYLoRVSDUD$Y-RVp0DOKRD
3DUD R DQR GH R '*,3 SODQHRX FRRUGHQDU R SURMHWR GH WUDQVIHUrQFLD GH VHUYLoRV
LQVWDODGRVQRHGLItFLRVHGHGD6&0/SDUDRVHGLItFLRVVLWRVQD$Y-RVp0DOKRD
$WHQGHQGR j LPSRUWkQFLD H jV LPSOLFDo}HV GD SURMHWDGD WUDQVIHUrQFLD SDUD D $Y -RVp
0DOKRDHUHXQLGDVDVLQIRUPDo}HVQHFHVViULDVD0HVDHPILQDLVGHGH]HPEURGHFLGLXTXH
HVWDWUDQVIHUrQFLDQmRVHLULDFRQFUHWL]DUWHQGRRSURMHWRVLGRDEDQGRQDGR
3DUFHLURV
•
7RGDVDV'LUHo}HVTXHGHIRUPDGLUHWDHRXLQGLUHWDVHWrPGHSURQXQFLDUVREUHR
SURFHVVRPHUHFHQGRGHVWDTXHD',*,(D',$R'4,HD',67,
y
2EMHWLYR 'HILQLU H LPSOHPHQWDU XPD SROLWLFD GH JHVWmR GH LPyYHLV DWHQGHQGR j VXD
ORFDOL]DomRGLPHQVmRXVRVHRXLQWHUHVVHHFRQyPLFR
3DUDDOFDQoDUHVWHREMHWLYRIRUDPSODQHDGDVDVVHJXLQWHVDo}HV
•
,GHQWLILFDomRFDWHJRUL]DomRGRVLPyYHLVHJUDXGHSULRULGDGHGHLQWHUYHQomR
•
,GHQWLILFDomR$SURYDomRGHXP5HJXODPHQWRGH$OLHQDomRGH,PyYHLV
•
,PSOHPHQWDomRGHSDUFHULDVHIRUPDVDOWHUQDWLYDVGHJHVWmR)XQGR,QYHVWLPHQWR
,PRELOLiULR6RFLHGDGHVGH,QYHVWLPHQWR,PRELOLiULR$UUHQGDPHQWRVDORQJRSUD]R
&RQVLGHUDQGR R Q~PHUR GH SURMHWRV HP FXUVR H TXH VH HQFRQWUDYDP HP IDVH GH
DSUHFLDomRDSURYDomR SHODV UHVSHWLYDV HQWLGDGHV DGPLQLVWUDWLYDV OLFHQFLDGRUDV FRP
GHVWDTXHSDUDD&kPDUD0XQLFLSDOGH/LVERD&0/FRPHoRXVHSUHFLVDPHQWHSRUDQDOLVDU
D YLDELOLGDGH HFRQyPLFRILQDQFHLUD GRV PHVPRV QXP FHQiULR GH UHVWULo}HV RUoDPHQWDLV H
GH FRQMXQWXUD HFRQyPLFD DGYHUVD FRP YLVWD D VHOHFLRQDU RV TXH VHUmR RX QmR GH DYDQoDU
SDUDREUDV
'D DQiOLVH HIHWXDGD D SURMHWRVLPyYHLV FRQFOXLXVH TXH D JUDQGH PDLRULD GRV SURMHWRV
QmRVHUHYHODHFRQyPLFRHILQDQFHLUDPHQWHYLiYHOSHORTXHKDYHUiQHFHVVLGDGHGHSURFHGHU
jVXDUHYLVmRDOWHUDomR
(QFRQWUDVHHPDSUHFLDomRVXSHULRUXPDPLQXWDGH5HJXODPHQWRGH$OLHQDomRGH,PyYHLV
3DUFHLURV
•
',*,(
2EMHWLYR$XPHQWDUHPRYROXPHGHUHFHLWDVGR'*,3
3DUDDOFDQoDUHVWHREMHWLYRSODQHDUDPVHDVVHJXLQWHVDo}HV
•
%HQHILFLDUIRJRVIUDo}HVFRPYLVWDDRVHXDUUHQGDPHQWR
•
$UUHQGDPHQWRGH'HYROXWRV
•
$OLHQDomRGH,PyYHLV
y
4XDGUR5HFHLWDV
(YROXomR+RP yORJD
9DULDomR
'HVLJQDomR
5HDO$QXDO
5HQGDV3URFHVVDGDV/tTXLGDV
+HUDQoDV/HJDGRV'RDo}HVRX
'RQDWLY RV
5HDO$QXDO
55
9DULDomR55½
¼
¼
¼
¼
¼
¼
¼
¼
¼
¼
¼
¼
2XWURV5HQGLPHQWRVFRLPDVHRXWUDV
SHQDOLGDGHVMXURVGLY LGHQGRVHRXWURV
UHQGLPHQWRVVLPLODUHV
7RWDO
)RQWH',)
1RSHUtRGRHPDQiOLVHYHULILFDVHXPDXPHQWRQRYDORUGDV³5HQGDV3URFHVVDGDV/tTXLGDV´
3DUD R PHVPR SHUtRGR RFRUUH XP GHFUpVFLPR QR YDORU SURYHQLHQWH GH ³+HUDQoDV
/HJDGRV 'RDo}HV RX 'RQDWLYRV´ H QRV ³2XWURV 5HQGLPHQWRV´ &XPSUH
HVFODUHFHU TXH IRL XP DQR DWtSLFR HP WHUPRV GRV UHQGLPHQWRV SURYHQLHQWHV GH
³+HUDQoDV /HJDGRV 'RDo}HV RX 'RQDWLYRV´ QRPHDGDPHQWH SHOR HIHLWR GD GLPHQVmR GD
+HUDQoDGD%HQHPpULWD³'HOPLUD0DomV´
'R SRQWR GH YLVWD GD H[HFXomR RUoDPHQWDO YHULILFDVH HP H QR TXH VH UHIHUH D
³5HQGLPHQWRV´ XPD WD[D GH H[HFXomR GH 2 IDFWR GH D SHUFHQWDJHP GH H[HFXomR
UHODWLYDPHQWH DRV *DVWRV VH HQFRQWUDU LQIODFLRQDGDp H[SOLFDGR SHOR DEDQGRQR GR 2EMHWLYR
2SHUDFLRQDO&RRUGHQDURSURFHVVRGHWUDQVIHUrQFLDGHVHUYLoRVSDUD$Y-RVp0DOKRDH
FRQVHTXHQWH SURYLVmR FRQVWLWXtGD SDUD HIHLWRV GH GHVYDORUL]DomR GRV HGLItFLRV VLWRV QD $Y
-RVp0DOKRDDHP/LVERD
4XDGUR([HFXomR2UoDPHQWDO
5HFXUVRV)LQDQFHLURV
*DVWRV
3ODQHDGR
([HFXWDGR
GH([HFXomR
¼
¼
¼
¼
,QYHVWLPHQWRV
¼
¼
5HQGLPHQWRV
¼
¼
*DVWRVF?3HVVRDO
)RQWH',)
2EMHWLYR'HILQLUHLPSOHPHQWDUXPPRGHORGHJHVWmRSDUDDV³SURSULHGDGHVU~VWLFDV´GD
6&0/FRPYLVWDjVXDUHTXDOLILFDomRYDORUL]DomRHUHQWDELOL]DomR
3DUDDOFDQoDUHVWHREMHWLYRDVDo}HVSODQHDGDVIRUDPDVVHJXLQWHV
y
•
'HILQLomRGRPRGHORMXUtGLFRDGPLQLVWUDWLYRDDGRWDUHVXDLPSOHPHQWDomR
•
1HJRFLDomRHIRUPDOL]DomRGHFRQWUDWRVGHSDUFHULDV
•
,GHQWLILFDomRHFDWHJRUL]DomRGDVSURSULHGDGHVU~VWLFDV
•
5HJLVWRFDGDVWURGHWRGDVDVSURSULHGDGHVU~VWLFDV
•
$QiOLVHGRVDUUHQGDPHQWRVH[LVWHQWHV
3URFHGHXVHjLGHQWLILFDomRGHWRGRVRVSUpGLRVU~VWLFRVVLWXDGRVQR$OWR$OHQWHMR=RQDGH
3RUWDOHJUH GH IRUPD D DYHULJXDU GDV VXDV SRWHQFLDOLGDGHV QRV GRPtQLRV DJURIORUHVWDLV H
IORUHVWDLV
'XP WRWDO GH SURSULHGDGHV U~VWLFDV YLVWRULDGDV SURFHGHXVH j VXD FDWHJRUL]DomR FRP
YLVWDjDGRomRGHXPPRGHORHFRQyPLFRGHH[SORUDomRGLYLGLGRQDVVHJXLQWHVFDWHJRULDV
•
$UUHQGDPHQWRUXUDOFRPUHYLVmRGHUHQGDHFDWHJRUL]DomRGHLQYHVWLPHQWRVSHOR
UHQGHLURPHGLDQWHDFRUGRFRPD6&0/
•
5HVROXomRGHDUUHQGDPHQWRUXUDOHH[SORUDomRGLUHWDSHOD6&0/DWUDYpVGH
LQYHVWLPHQWRVIORUHVWDLVFRILQDQFLDGRVSHOR3URJUDPD3URGHU$omR±
5HDUERUL]DomRFRPVREUHLURV
•
0DQXWHQomRGHSURSULHGDGHVFRPDUUHQGDPHQWRVUXUDLVPDVFRPiUHDVDGHILQLU
SDUDH[SORUDomRIORUHVWDOQDTXHODVVLWXDo}HVHPTXHSUHGRPLQDPDVFXOWXUDVPLVWDV
GHSRYRDPHQWRVGHSLQKHLURVEUDYRVFRPPRQWDGRDJURVLOYRSDVWRULO
•
3DUFHULDHRXDUUHQGDPHQWRIORUHVWDODQHJRFLDUFRPHPSUHVDVWUDQVIRUPDGRUDVGH
SURGXWRVFRPRULJHPQRHXFDOLSWRHQRSLQKHLURSDUDSDVWDGHSDSHOHVHXV
GHULYDGRV
•
$OLHQDomRGHSDWULPyQLRU~VWLFRVHPYLDELOLGDGHHFRQyPLFD
'HVWDV SURSULHGDGHV YHULILFRXVH TXH SHOR PHQRV WrP SRWHQFLDOLGDGHV SDUD D VROXomR
GH PRGHORV GH H[SORUDomR GLUHWD FRP SRYRDPHQWRV GH VREUHLURV H PLVWD GH FDUL] DJUR
IORUHVWDO
/ŶĚŝĐĂĚŽƌ
E͘ǑĚĞWƌŽƉƌŝ ĞĚĂ ĚĞƐ ZƷƐ ƚŝ ĐĂ Ɛ /ĚĞŶƚŝ Ĩŝ ĐĂĚĂ Ɛ
DĞƚĂ
ZĞƐƵůƚĂĚŽ
dĂǆĂĚĞ
ƌĞĂůŝǌĂĕĆŽ;йͿ
ϭϮ
ϭϰ
ϭϭϳй
y
3DUDDOpPGLVVRSURFHGHXVHjYHQGDGHPDGHLUDGHHXFDOLSWRHPSURSULHGDGHVU~VWLFDV
GHQRPLQDGDV&RXUHOD)RQWHGRV2VVRV9DOHGR0DJUHH&RXWRGD$SLODWDVLWRVQDIUHJXHVLD
GH*iIHWHFRQFHOKRGR&UDWRWHQGRVHREWLGRXPDUHFHLWDWRWDOGH¼
,JXDOPHQWH IRL IHLWR XP OHYDQWDPHQWR GH SURGXomR GH FRUWLoD HVWLPDGD LQFOXLQGR HVWDGR
ILWRVVDQLWiULR QDV SURSULHGDGHV DQWHULRUPHQWH UHIHULGDV TXH QRV SHUPLWLUDP ID]HU KDVWDV S~EOLFDV GH YHQGD GH FRUWLoD PDV SRU LQH[LVWrQFLD GH SURSRVWDV GH SUHoRDUURED
LJXDO DR SUHoREDVH OHYDUDP D TXH D 6&0/ QmR FRORFDVVH HVWH SURGXWR QR PHUFDGR
FRUWLFHLURGDFDPSDQKDGH
)LQDOPHQWH IRL SHGLGR D HPSUHVDV GH DYDOLDomR LPRELOLiULD D IL[DomR GH YDORUHV GH UHQGDV
DJUtFRODVSDUDXPFRQMXQWRGHSURSULHGDGHVU~VWLFDVFXMR~QLFRPRGHORUHQWiYHOGHJHVWmR
pRGRDUUHQGDPHQWRUXUDO
2EMHWLYR ([HFXWDU 3URJUDPDV )XQFLRQDLV FRP YLVWD j HODERUDomR GH 3URMHWRV
$UTXLWHWXUDSDUDDUHDELOLWDomRGHIUDo}HVHSUpGLRV
•
'LDJQRVWLFDUDVLWXDomRDWXDOGHIRJRVIUDo}HVFRPYLVWDDRDSXUDPHQWRGRVHX
SRWHQFLDOGHYDORUL]DomRHUHVSHWLYRVSURJUDPDVIXQFLRQDLV
•
'LDJQRVWLFDUDVLWXDomRDWXDOGHSUpGLRVFRPYLVWDDRDSXUDPHQWRGRVHX
SRWHQFLDOGHYDORUL]DomRHUHVSHWLYRVSURJUDPDVIXQFLRQDLV
&RQIRUPH Mi DQWHULRUPHQWH UHIHULGR FRPHoRXVH SRU DQDOLVDU D YLDELOLGDGH HFRQyPLFR
ILQDQFHLUDGRVSURMHWRVTXHVHHQFRQWUDPHPIDVHGHDSUHFLDomRDSURYDomRSHODVHQWLGDGHV
DGPLQLVWUDWLYDVOLFHQFLDGRUDV
'D DQiOLVH HIHWXDGD D SURMHWRV FRQFOXLXVH TXH D JUDQGH PDLRULD GRV SURMHWRV QmR VH
UHYHODHFRQyPLFRHILQDQFHLUDPHQWHYLiYHOSHORTXHKDYHUiQHFHVVLGDGHGHSURFHGHUjVXD
UHYLVmRDOWHUDomR
2EMHWLYR 'LQDPL]DU D FDSWDomR GH KHUDQoDV OHJDGRV H GRDo}HV DWUDYpV GR
GHVHQYROYLPHQWRGHDo}HVLQLFLDWLYDVGHIXQGUDLVLQJHGHSUR[LPLGDGH
y
•
&DGHUQRV&ROHo}HVRV%HQHPpULWRVGD6&0/
)RUDPODQoDGRVOLYURV(QULTXH0DQWHUR%HODUG$QGUpH*HRUJHWWH&QXGGH
&ODXGLQD&KDPLoR'LQRUDK&DVWUR3LQD(PEDL[DGRU-RmR3HTXLWR(VWDLQLFLDWLYDp
UHDOL]DGDHPSDUFHLUDFRPR&HQWUR(GLWRULDO
•
3UpPLRV'HOPLUD0DomV
)RLSXEOLFDGRQDLPSUHVVDHVFULWDVLWHS~EOLFRGD6&0/HLQWUDQHWGD6&0/R$YLVR
GH$EHUWXUDGRV3UpPLRV(VWDLQLFLDWLYDpUHDOL]DGDHPSDUFHLUDFRPR&HQWUR
(GLWRULDO
•
([SRVLomRQR(VSDoR0LVHULFyUGLD&RPSOH[RGH65RTXH³%HQHPHUrQFLDV±&DGD
KLVWyULD8PDSDUWLOKD´(QFRQWUDVHWRWDOPHQWHSUHSDUDGDHVWDQGRDLQDXJXUDomR
PDUFDGDSDUDRGLDGHIHYHUHLURGH(VWDLQLFLDWLYDpUHDOL]DGDHPSDUFHLUD
FRPD8QLGDGHGH&RPXQLFDomRH,PDJHP
•
3DUFHULDFRPR0XVHX1DFLRQDOGH$UWH$QWLJDQDUHDOL]DomRGDH[SRVLomR&ROHomR
&DVWUR3LQD
/ŶĚŝĐĂĚŽƌ
E͘ǑĚĞĐĕƁĞƐ ͬ/Ŷŝ Đŝ Ă ƚŝ ǀĂ Ɛ ƌĞĂ ů ŝ ǌĂ ĚĂ Ɛ
DĞƚĂ
ZĞƐƵůƚĂĚŽ
dĂǆĂĚĞ
ƌĞĂůŝǌĂĕĆŽ;йͿ
Ϯ
ϰ
ϮϬϬй
3DUFHLURV
• &HQWUR(GLWRULDO&(
• 8QLGDGHGH&RPXQLFDomRH,PDJHP8&,
2EMHWLYR ,PSOHPHQWDU XP PRGHOR GH PDQXWHQomR SUHYHQWLYDFXUDWLYD GH FRQVWUXomR
FLYLOHGHJHVWmROLPSH]DGDVSDUWHVFRPXQVQRV³SUpGLRVGHUHQGLPHQWR´GD6&0/
•
&RQWUDWDomRGH(PSUHVDSDUDOLPSH]DGDVSDUWHVFRPXQVGH3UpGLRVGH5HQGLPHQWR
•
&RQWUDWDomRGH(PSUHVDSDUDPDQXWHQomRGHFRQVWUXomRFLYLO
y
3URFHGHXVHjFRQWUDWDomRGHXPDHPSUHVDTXHDVVHJXUDDOLPSH]DGDVSDUWHVFRPXQVGH
3UpGLRVGH5HQGLPHQWR
$RQtYHOGD³PDQXWHQomRGHFRQVWUXomRFLYLO´SURFHGHXVHjHODERUDomRGHXP&DGHUQRGH
(QFDUJRV TXH DLQGD VH HQFRQWUD HP DQiOLVHUHYLVmR FRP YLVWD DR SRVWHULRU LQtFLR GR
SURFHVVRGHFRQWUDWDomR
3DUFHLURV
•
',$
2EMHWLYR 5HVSRQGHU D GDV VROLFLWDo}HV GRV VHUYLoRV UHODWLYDV D QHFHVVLGDGHV GH
HVSDoRVLPyYHLV
•
5HVSRQGHUjVQHFHVVLGDGHVVROLFLWDGDVGHHVSDoRVLPyYHLV
o
(TXLSDPHQWR6RFLDO%DLUUR3DGUH&UX]&UHFKH5HVLGrQFLDV$VVLVWLGDV
&HQWURGH'LDH$SRLR'RPLFLOLiULR
o
&HQWURGH'LDGR$OWRGR/XPLDU
o
&$090±&HQWURGH$SRLRD0XOKHUHV9tWLPDVGH9LROrQFLD
o
6HUYLoRGH$SRLR'RPLFLOLiULRGH6-RmR5HLQVWDODomRGR6$'6-RmR
o
'HSDUWDPHQWR$omR6RFLDOH6D~GH'LY8QLGDGHGH&XLGDGRV&RQWLQXDGRV
8&&GD$OGHLDGR-XVR
o
&UHFKH-DUGLPGD(VWUHOD5HTXDOLILFDomRH5HLQVWDODomR7HPSRUiULDGR
(VWDEHOHFLPHQWR(VWUHOD'$66
o
'HSDUWDPHQWR-RJRV'HOHJDomRGR3RUWR
o
&HQWUR6DQWD0DULD0DGDOHQD5HTXDOLILFDomRGR&HQWURGH'LD
o
9LVLWDVHSURVSHomRDRPHUFDGR
$8QLGDGHGH&XLGDGRV&RQWLQXDGRV8&&VLWDQD$OGHLDGR-XVR&DVFDLVHQFRQWUDVHHP
REUDV FRP SUD]R GH H[HFXomRHQWUHJD HVWLPDGR SDUD R ILQDO GD SULPHLUD TXLQ]HQD GH
MDQHLURGH
y
1R TXH VH UHIHUH j UHLQVWDODomR GR &HQWUR 6DQWD 0DULD 0DGDOHQD SURFHGHXVH j
LGHQWLILFDomRYLVLWDHDQiOLVHGHYiULRVLPyYHLVHQFRQWUDQGRVHXPTXHUHXQLXRFRQVHQVR
GD',$6',$,%(HGR'4,HPIDVHGHQHJRFLDomRSDUDDTXLVLomRRXDUUHQGDPHQWR
&RP YLVWD j UHLQVWDODomR GR 6$' GH 6 -RmR SURFHGHXVH j DIHWDomR GD IUDomR
FRUUHVSRQGHQWHDRQ&GD3UDoD$LUHVGH2UQHODVHP/LVERD
$ UHLQVWDODomR GD 'HOHJDomR GR 3RUWR GR 'HSDUWDPHQWR GH -RJRV '- ILFRX VXVSHQVD SRU
IRUoD GR SURMHWR GH FULDomR GR ³SyOR ORJtVWLFR´ GR '- QR $UPD]pP ³ÆPEDU´ VLWR QR 3ULRU
9HOKRHP/RXUHVHQWUHWDQWRDGTXLULGRSHOD6&0/
3DUFHLURV
•
•
',$6
'4,
2EMHWLYR0RQLWRUL]DUDVDWLVIDomRGRVSDUWLFLSDQWHVHPDo}HVGHIRUPDomRHP6$35HDO
(VWDWHHVFDODGHD
3DUD DOFDQoDU HVWH REMHWLYR SURFHGHXVH j GHILQLomR GR SURJUDPD GH IRUPDomR WHQGR D
IRUPDomRVLGRPLQLVWUDGDSRUHOHPHQWRVGD1RYDEDVH
$V Do}HV GH IRUPDomR UHDOL]DGDV GXUDQWH 0DUoR GH LQFLGLUDP VREUH RV GLYHUVRV
PyGXORVLPSOHPHQWDGRVHP6$35HDO(VWDWH);QRPHDGDPHQWH
•
&DGDVWUR
•
*HVWmRGH&RQWUDWRV
•
3URFHVVRVGH5HFODPDomR$WHQGLPHQWR
•
*HVWmRGH$OHUWDV
•
*HVWmRGH(QWLGDGHV
•
3URFHVVRV-XUtGLFRV
•
3URFHVVRVGH%HQHPHUrQFLDV
•
3URFHVVRVGH$YDOLDomR
y
3RVWHULRUPHQWHIRUDPUHDOL]DGRVTXHVWLRQiULRVFRPSHUJXQWDVFDGDFXMDVUHVSRVWDVVH
WUDGX]HP QXP JUDX GH VDWLVIDomR GH VHQGR D FRQGLomR GH ³6DWLVIHLWR´ LJXDO RX
VXSHULRUDFRPRVHSRGHYHULILFDUQRVHJXLQWHTXDGUR
/ŶĚŝĐĂĚŽƌ
DĞƚĂ
;йͿ
'ƌĂƵĚĞƐĂƚŝƐĨĂĕĆŽĚŽƐĐŽůĂďŽƌĂĚŽƌĞƐ
ϳϱй
dĂǆĂĚĞ
ZĞƐƵůƚĂĚŽ
;йͿ
;йͿ
ϴϲй
ϭϭϰй
3DUFHLURV
•
129$%$6(
±
(PSUHVD
DGMXGLFDGD
UHVSRQViYHO
SHOR
GHVHQYROYLPHQWR
H
LPSOHPHQWDomRGR6$35HDO(VWDWH
•
',67,±3DUWLFLSDomRDRQtYHOGHVXSRUWHGHVLVWHPDV6$3HSDUWLFLSDomRQRVWHVWHV
GHDFHLWDomRGRVGLYHUVRVPyGXORV
y
'HSDUWDPHQWRGH-RJRV
2 'HSDUWDPHQWR GH -RJRV WHP SRU REMHWLYR DGPLQLVWUDU H JHULU D H[SORUDomR GRV -RJRV
6RFLDLV GR (VWDGR HP UHJLPH GH H[FOXVLYLGDGH SDUD WRGR R WHUULWyULR QDFLRQDO EHP FRPR
SURFHGHU j GLVWULEXLomR GRV UHVSHWLYRV UHVXOWDGRV OtTXLGRV QRV WHUPRV GD OHJLVODomR
DSOLFiYHO
'XUDQWH R DQR GH IRL GHVHQYROYLGR XP FRQMXQWR GH SURMHWRV DOJXQV GHFRUUHQWHV GRV
REMHWLYRVIL[DGRVQRDQRDQWHULRUHRXWURVDFRPSDQKDQGRRVREMHWLYRVGHPD[LPL]DomRGRV
UHVXOWDGRV GH H[SORUDomR H GD HILFLrQFLD GH SURFHGLPHQWRV H UHFXUVRV TXH YLVDYDP
HVVHQFLDOPHQWHRDXPHQWRGHUHFHLWDVDWUDYpVGDGLQDPL]DomRGDVSROtWLFDVFRPHUFLDLVHGH
PDUNHWLQJEHPFRPRDYDORUL]DomRHUHFRQKHFLPHQWRGHWRGRRWUDEDOKRGHVHQYROYLGRSHOD
PDUFD-RJRV6DQWD&DVD
&RPDDOWHUDomRDSDUWLUGHGHPDUoRGRDQWHULRUPRGHORGH7RWRORWRLQGLYLGXDOL]DQGR
RVMRJRVDWUDYpVGDLQWURGXomRGHXPVHJXQGRVRUWHLRWRGDVDVTXDUWDVIHLUDVSUHWHQGHXVH
UHMXYHQHVFHU XP SURGXWR FRP DQRV GH KLVWyULD ILGHOL]DQGR RV DSRVWDGRUHV DWXDLV H
SURFXUDQGRDODUJDUDEDVHGHDSRVWDGRUHVGHVWHMRJRQDFLRQDO
2XWUR GRV SURMHWRV SUHYLVWRV H OHYDGR D FDER QR PrV GH PDLR FRQVLVWLX QD DOWHUDomR GR
PRGHORGHH[SORUDomRGR(XURPLOK}HVQDVHTXrQFLDGHXPFRQMXQWRGHPHGLGDVDGRWDGDV
SHORV QRYH SDtVHV SDUWLFLSDQWHV QR &RQFXUVR $V UHIHULGDV DOWHUDo}HV LQWURGX]LUDP XP
VHJXQGRFRQFXUVRDUHDOL]DUjVWHUoDVIHLUDVHRDXPHQWRGRQ~PHURGHHVWUHODVFRPTXH
R DSRVWDGRU SDVVRX D HIHWXDU RV VHXV SURJQyVWLFRV HVWUHODV (VWDV FDUDFWHUtVWLFDV
SHUPLWLUDPDXPHQWDURVFLFORVGHMDFNSRWHFRQVHTXHQWHPHQWHRVHXYDORU
(PUHDOoDPRVDLQGDDFRPHPRUDomRGRVDQRVGR7RWRERODPDUFRDVVLQDOiYHOQD
KLVWyULD GRV -RJRV 6RFLDLV QR QRVVR SDtV HIHPpULGH DFRPSDQKDGD SRU XPD FDPSDQKD GH
SXEOLFLGDGH H FRPXQLFDomR HVSHFtILFDV EHP FRPR SHOD UHDOL]DomR GH XPD H[SRVLomR
GHGLFDGD D GDU D FRQKHFHU DR SXEOLFR HP JHUDO R HVSyOLR H D KLVWyULD GR SULPHLUR MRJR GH
DSRVWDVP~WXDVHP3RUWXJDO
2 DQR GH SDXWRXVH WDPEpP SHOD DSRVWD QD FRQWLQXLGDGH GD SROtWLFD FRPHUFLDO GH
GLQDPL]DomR H[SDQVmR H UHQRYDomR GD UHGH GH PHGLDGRUHV HQFHWDGD HP &RPR
FRQVHTXrQFLDGHVWDSROtWLFDDUHGHGHPHGLDGRUHVWHYHXPFUHVFLPHQWRGHIDFHD
y
PHGLDGRUHV'HDVVLQDODUDLQGDTXHSHODSULPHLUDYH]IRLLPSOHPHQWDGRXP
SODQR GH LQFHQWLYRV HP HVSpFLH SDUD D UHGH GH PHGLDGRUHV DWULEXtGR HP IXQomR GR
FXPSULPHQWRGRVREMHWLYRVGHILQLGRVQRSODQRGHQHJyFLR
'HVWDFDVH DLQGD R IRUWH FUHVFLPHQWR TXH VH FRQWLQXRX D YHULILFDU QD /RWDULD ,QVWDQWkQHD
VXVWHQWDGR DWUDYpV GD GLQDPL]DomR FRPHUFLDO GRV SRQWRV GH YHQGD H GD GLYHUVLILFDomR GH
RIHUWDGHMRJRV
$WUDYpV GR 6LVWHPD GH *HVWmR GD 6HJXUDQoD GD ,QIRUPDomR 6*6, LQWURGX]LUDPVH
PHOKRULDV DR QtYHO GR VXSRUWH jV DWLYLGDGHV FRUUHQWHV H SURMHWRV GD 2UJDQL]DomR H IRL
SRVVtYHO FRQFUHWL]DU XPD XWLOL]DomR UHJXODU H FDGD YH] PDLV VLVWHPiWLFD GH WRGDV DV
IHUUDPHQWDVGLVSRQLELOL]DGDVSRUDTXHOHVLVWHPD
1RTXDGURGDSROtWLFDGHMRJRDGLQKHLURGHILQLGDSHOR(VWDGRDSURIXQGRXVHQHVWHSHUtRGR
DHVWUDWpJLDGHFRPEDWHDRMRJRLOHJDODVVHQWHHPGRLVSLODUHVIXQGDPHQWDLV
9
RSULPHLURUHSUHVVLYRSULYLOHJLDQGRRFRPEDWHjVIRUPDVPDLVDJUHVVLYDVGHSURPRomR
GD RIHUWD GH MRJR D GLQKHLUR QRPHDGDPHQWH GD TXH p IHLWD DWUDYpV GD LQWHUQHW H GDV
WHOHFRPXQLFDo}HV TXH SHODV VXDV FDUDFWHUtVWLFDV IRPHQWD R MRJR H[FHVVLYR SURPRYH D
HYDVmR ILVFDO D IUDXGH R EUDQTXHDPHQWR GH FDSLWDLV H RXWUDV DWLYLGDGHV FULPLQRVDV
DOWDPHQWH OHVLYDV GD RUGHP S~EOLFD GR SDWULPyQLR GDV IDPtOLDV H GRV LQWHUHVVHV GR
(VWDGR
9
RVHJXQGRPRGHUDGRUFDQDOL]DQGRDSURFXUDLOHJDOGHMRJRVDGLQKHLURSDUDXPDQRYD
RIHUWDOHJDOTXHSHUPLWDSUHYHQLURVJDVWRVH[FHVVLYRVGRVDSRVWDGRUHVTXHUDWUDYpVGD
LQWURGXomR GH PHFDQLVPRV GH DXWROLPLWDomR H GH DXWRH[FOXVmR TXHU GD IL[DomR GH
PHFDQLVPRVGHOLPLWDomRRXGHH[FOXVmRQRVWHUPRVGHILQLGRVSHODOHL
$VVLP QR TXH FRQFHUQH DR SULPHLUR SLODU H SDUD DOpP GDV Do}HV TXRWLGLDQDV QR kPELWR
FRQWUDRUGHQDFLRQDOR'HSDUWDPHQWRGH-RJRVGD6&0/WHPYLQGRDH[HFXWDUDVVHQWHQoDV
HQWUHWDQWRSURIHULGDVSHORVWULEXQDLVQRkPELWRGRVSURFHVVRVHPFXUVRFRQWUDDSURPRomR
LOHJDO GH MRJR D GLQKHLUR &XPSUH DVVLQDODU TXH IRUDP LQWHQVLILFDGDV DV Do}HV GH
FRRUGHQDomR FRP DV GLIHUHQWHV DXWRULGDGHV QDFLRQDLV D TXHP HVWmR FRPHWLGDV IXQo}HV
QHVWDiUHD
y
-i QR TXH UHVSHLWD DR VHJXQGR SLODU QR SHUtRGR HP DSUHoR IRUDP HPSUHHQGLGDV P~OWLSODV
Do}HV WHQGR HP YLVWD UHIRUoDU D RIHUWD UHVSRQViYHO GH MRJR D GLQKHLUR LVWR p GRV MRJRV
VRFLDLVGR(VWDGR
•
)RL SUHSDUDGD H FRQFUHWL]DGD D UHRUJDQL]DomR GR 'HSDUWDPHQWR GH -RJRV
FRQIHULQGROKHPDLRUDJLOLGDGHHRULHQWDQGRRSDUDRVUHVXOWDGRV
•
)RUDPLQLFLDGRVRVWUDEDOKRVQHFHVViULRVjPRGHUQL]DomRGRVMRJRVVRFLDLVH[LVWHQWHV
H j H[SORUDomR GRV TXH YLHUHP D VHU FULDGRV SHOR (VWDGR SDUD FDQDOL]DU D SURFXUD
H[LVWHQWHGHMRJRVLOHJDLVSDUDXPDQRYDRIHUWDUHJXODGDHUHVSRQViYHO
•
)RUDP DSURYDGRV RV SURFHGLPHQWRV QHFHVViULRV j DTXLVLomR GH HVWXGRV VREUH R
PHUFDGR GH MRJR D GLQKHLUR GD RIHUWD RQOLQH GH MRJRV D GLQKHLUR H GD RIHUWD GH
DSRVWDVDGLQKHLURVREUHHYHQWRVGHVSRUWLYRV
•
)RUDP UHWRPDGDV DV LQLFLDWLYDV GH FRRSHUDomR ELODWHUDO H PXOWLODWHUDO FRP RV
RSHUDGRUHV GH ORWDULDV H DSRVWDV GH (VWDGR QR VHQWLGR GH UHIRUoDU D UHVSHWLYD
FDSDFLGDGH GH RIHUWD UHVSRQViYHO GH MRJR D GLQKHLUR 5HILUDVH D WtWXOR PHUDPHQWH
H[HPSOLILFDWLYR R DFRUGR REWLGR HQWUH DV ORWDULDV HXURSHLDV TXH SDUWLFLSDP QR
(XURPLOK}HVQRVHQWLGRGHIL[DUXPYDORUPi[LPRSDUDRSULPHLURSUpPLRGHVWHMRJR
•
)RL UHIRUoDGR R DFRPSDQKDPHQWR GDV HQWLGDGHV UHVSRQViYHLV SHOD H[SORUDomR GRV
MRJRVVRFLDLVQRVSDtVHVGHH[SUHVVmRSRUWXJXHVDHPHVSHFLDOQDVTXHD6&0/WHP
SDUWLFLSDomRVRFLDO
$QiOLVHGDH[SORUDomRGRV-RJRV6RFLDLV
$ SUHVHQWH DQiOLVH SUHWHQGH HYLGHQFLDU D VLWXDomR HFRQyPLFRILQDQFHLUD GR 'HSDUWDPHQWR
GH-RJRVGD6DQWD&DVDGD0LVHULFyUGLDGH/LVERDHP
6mRGHVDOLHQWDUDVVHJXLQWHVDOWHUDo}HVOHJLVODWLYDV
• 3RUWDULDQGHGHIHYHUHLUR±DOWHUDRVUHJXODPHQWRVGR-RNHU7RWRORWR
7RWRERODH(XURPLOK}HVVDOLHQWDQGRVH
-
$XPHQWR GR SUHoR GD DSRVWD GR 7RWREROD GH HXURV SDUD HXURV R SUHoR
QmRHUDDOWHUDGRGHVGH
y
-
$ DOWHUDomR GRV PRQWDQWHV GRV SUpPLRV D GLVSRQLELOL]DU DRV MRJDGRUHV DSyV D
UHDOL]DomRGRVUHVSHWLYRVVRUWHLRVFRQVHQWLQGRXPDPDLRUFHOHULGDGHQRSDJDPHQWR
GRVSUpPLRVGHYDORULQIHULRUDPLOHXURV
• 3RUWDULD Q GH GH PDUoR ± DSURYD R QRYR 5HJXODPHQWR GR 7RWRORWR
PHUHFHQGRHVSHFLDOGHVWDTXH
-
$LQWURGXomRGHXPDFDWHJRULDHVSHFLDOGHSUpPLRVGHQRPLQDGD³1~PHURGD6RUWH´
-
$SDVVDJHPGRVHJXQGRVRUWHLRSDUDDTXDUWDIHLUD
-
1RVMDFNSRW¶VRPRQWDQWHGHVWLQDGRDRSUpPLRDFUHVFHDRVRUWHLRLPHGLDWDPHQWH
VHJXLQWH
-
$XPHQWR GR SUHoR GD DSRVWD GH HXURV SDUD HXURV R SUHoR QmR HUD
DOWHUDGRGHVGH
• 'HFUHWR/HL Q GH GH PDUoR ± DOWHUD GLYHUVRV GLSORPDV VHQGR GH
HYLGHQFLDU
-
$ SHUPLVVmR GH GRLV VRUWHLRV VHPDQDLV QR (XURPLOK}HV WHQGR LQLFLDGR HP PDLR R
VHJXQGRVRUWHLRjWHUoDIHLUD
-
$DOWHUDomRGDSHUFHQWDJHPGHSDUDDGHGX]LUDRVUHQGLPHQWRVEUXWRV
SDUD D FRQVWLWXLomR GR IXQGR SDUD SDJDPHQWR GH SUpPLRV GR (XURPLOK}HV H R VHX
PRQWDQWHPi[LPRGHPLOHXURVSDUDPLOHXURV
-
$ PRGLILFDomR GR IXQFLRQDPHQWR GR IXQGR TXH JDUDQWH GH HXURV SDUD R
SUpPLRGR7RWRORWRSDVVDQGRHVWHIXQGRDDVVHJXUDUWDPEpPRSDJDPHQWRGRV
SUpPLRVGHXPDFDWHJRULDHVSHFLDOGHQRPLQDGD³1~PHURGD6RUWH´
-
D UHDIHFWDomR GRV UHVXOWDGRV GH H[SORUDomR GRV -RJRV 6RFLDLV SHODV HQWLGDGHV
EHQHILFLiULDV
5HVXOWDGRV
y
;ŵŝůĞƵƌŽƐͿ
ϮϬϭϭ
ZĞŶĚŝŵĞŶƚŽƐŽƉĞƌĂĐŝŽŶĂŝƐ
'ĂƐƚŽƐŽƉĞƌĂĐŝŽŶĂŝƐ
ϮϬϭϬ
Δ sĂůŽƌ
Δ
Δ й
ϲϭϭ͘ϯϮϱ
ϱϭϭ͘ϴϲϴ
ϵϵ͘ϰϱϳ
ϭϵ͕ϰй
ϵϬ͘Ϯϵϵ
ϴϬ͘ϰϭϰ
ϵ͘ϴϴϱ
ϭϮ͕ϯй
/d
ϱϮϰ͘ϳϮϴ
ϰϯϰ͘ϱϴϵ
ϵϬ͘ϭϯϵ
ϮϬ͕ϳй
ZĞƐƵůƚĂĚŽŽƉĞƌĂĐŝŽŶĂů
ϱϮϭ͘ϬϮϲ
ϰϯϭ͘ϰϱϰ
ϴϵ͘ϱϳϮ
ϮϬ͕ϴй
ZĞƐƵůƚĂĚŽĨŝŶĂŶĐĞŝƌŽ
ZĞƐƵůƚĂĚŽůşƋƵŝĚŽĚŽƉĞƌşŽĚŽ
DĂƌŐĞŵ/d
DĂƌŐĞŵŽƉĞƌĂĐŝŽŶĂů
DĂƌŐĞŵůşƋƵŝĚĂ
ϰ͘ϵϯϯ
ϭ͘ϵϰϴ
Ϯ͘ϵϴϱ
ϭϱϯ͕Ϯй
ϱϮϱ͘ϵϱϵ
ϰϯϯ͘ϰϬϮ
ϵϮ͘ϱϱϳ
Ϯϭ͕ϰй
ϯϭ͕ϵй
ϯϭ͕ϳй
ϯϮ͕Ϭй
ϯϭ͕ϰй
ϯϭ͕Ϯй
ϯϭ͕ϰй
Ϭ͕ϱƉ͘Ɖ͘
Ϭ͕ϱƉ͘Ɖ͘
Ϭ͕ϳƉ͘Ɖ͘
ƐŵĂƌŐĞŶƐŝŶĐŝĚĞŵƐŽďƌĞŽƐƌĞŶĚŝŵĞŶƚŽƐďƌƵƚŽƐĚŽƐ:ŽŐŽƐ^ŽĐŝĂŝƐ
(P R UHVXOWDGR OtTXLGR DOFDQoDGR IRL GH PLO HXURV UHSUHVHQWDQGR XP
FUHVFLPHQWRGHIDFHD
2VSULQFLSDLVLQGLFDGRUHVSRUMRJR
dŽƚŽďŽůĂ
dŽƚŽůŽƚŽ
:ŽŬĞƌ
ƵƌŽŵŝůŚƁĞƐ
>ŽƚĂƌŝĂ
EĂĐŝŽŶĂů
>ŽƚĂƌŝĂ
/ŶƐƚĂŶƚąŶĞĂ
dŽƚĂů
dŽƚĂůĚŽƐƌĞŶĚŝŵĞŶƚŽƐ
ϯ͘ϯϭϬ
ϲϵ͘ϯϳϰ
Ϯϱ͘ϱϬϯ
ϰϰϵ͘ϭϲϴ
ϭϱ͘ϯϱϵ
ϱϰ͘Ϯϰϳ
ϲϭϲ͘ϵϲϭ
dŽƚĂůĚŽƐŐĂƐƚŽƐ
Ϯ͘ϭϴϲ
ϵ͘ϴϴϳ
ϰ͘ϭϳϲ
ϱϬ͘ϳϰϰ
ϳ͘ϯϵϱ
ϭϲ͘ϲϭϱ
ϵϭ͘ϬϬϮ
Ϯϭ͘ϯϮϳ
ϯϵϴ͘ϰϮϰ
ϳ͘ϵϲϰ
ϯϳ͘ϲϯϮ
ϱϮϱ͘ϵϱϵ
ϭ͘ϭϮϰ
ϱϵ͘ϰϴϳ
&ƵŶĚŽƌĞŶŽǀĂĕĆŽĚŽĞƋƵŝƉĂŵĞŶƚŽ
ϭϲϭ
Ϯ͘ϭϰϳ
ZĞƐƵůƚĂĚŽĚŝƐƚƌŝďƵşĚŽĂŽƐĞŶĞĨŝĐŝĄƌŝŽƐ
ϵϲϯ
ϱϳ͘ϯϰϬ
Ͳ
Ϯϭ͘ϯϮϳ
ϱϭϳ
ϯϵϳ͘ϵϬϳ
Ͳ
ϳ͘ϵϲϰ
Ͳ
ϯϳ͘ϲϯϮ
Ϯ͘ϴϮϱ
ϱϮϯ͘ϭϯϰ
5HQGLPHQWRV
2V UHQGLPHQWRV UHJLVWDUDP XP DFUpVFLPR GH RX VHMD PDLV PLO HXURV
UHODWLYDPHQWH D (VWH FUHVFLPHQWR GHFRUUH HVVHQFLDOPHQWH GR DXPHQWR GRV
UHQGLPHQWRV OtTXLGRV GRV -RJRV 6RFLDLV TXH UHSUHVHQWDP GD WRWDOLGDGH GRV
UHQGLPHQWRV
y
ϮϬϭϭ
ZĞŶĚŝŵĞŶƚŽƐďƌƵƚŽƐĚŽƐ:ŽŐŽƐ^ŽĐŝĂŝƐ
dŽƚŽďŽůĂ
dŽƚŽůŽƚŽ
:ŽŬĞƌ
>ŽƚĂƌŝĂůĄƐƐŝĐĂ
>ŽƚĂƌŝĂWŽƉƵůĂƌ
>ŽƚĂƌŝĂ/ŶƐƚĂŶƚąŶĞĂ
WƌĠŵŝŽƐ
ZĞŵ͘ŵĞĚŝĂĚŽƌĞƐƉĂŐĂƐƉͬũŽŐĂĚŽƌĞƐ
/ŵƉŽƐƚŽĚŽ^ĞůŽƐͬũŽŐŽ
ZĞŶĚŝŵĞŶƚŽƐůşƋƵŝĚŽƐĚŽƐ:ŽŐŽƐ^ŽĐŝĂŝƐ
WƌĠŵŝŽƐĐĂĚƵĐĂĚŽƐ
ZĞŐ͘ĂŵŽƌƚ͘ŽŶͲůŝŶĞ
:ƵƌŽƐŽďƚŝĚŽƐ
ZĞƐƚĂŶƚĞƐƌĞŶĚŝŵĞŶƚŽƐ
dŽƚĂůĚŽƐƌĞŶĚŝŵĞŶƚŽƐ
Δ sĂůŽƌ
Δ
ϮϬϭϬ
Δ й
ϭ͘ϲϰϮ͘ϱϬϳ
ϭϭ͘Ϭϵϱ
ϭϵϱ͘ϲϲϵ
ϳϭ͘ϵϵϭ
ϭ͘Ϭϱϵ͘ϵϴϮ
ϲϰ͘ϳϮϲ
ϯϭ͘ϴϱϭ
ϮϬϳ͘ϭϵϯ
Ͳϴϳϳ͘ϬϮϳ
ͲϭϬϭ͘ϭϬϬ
ͲϳϬ͘ϳϭϮ
ϱϵϯ͘ϲϲϴ
ϭϱ͘ϭϴϴ
ϲϰϲ
ϱ͘ϲϯϲ
ϭ͘ϴϮϯ
ϭ͘ϯϴϮ͘ϯϬϮ
ϭϬ͘ϰϮϳ
ϭϵϮ͘ϴϬϴ
ϴϴ͘ϴϯϭ
ϴϴϯ͘Ϯϵϴ
ϲϴ͘ϱϱϵ
ϯϮ͘ϴϮϭ
ϭϬϱ͘ϱϱϳ
Ͳϳϰϭ͘ϳϱϰ
Ͳϴϰ͘ϳϲϴ
Ͳϱϵ͘ϭϴϵ
ϰϵϲ͘ϱϵϬ
ϭϰ͘Ϯϳϲ
ϲϰϮ
Ϯ͘Ϯϳϳ
ϯϱϵ
ϮϲϬ͘ϮϬϲ
ϲϲϳ
Ϯ͘ϴϲϭ
Ͳϭϲ͘ϴϰϬ
ϭϳϲ͘ϲϴϱ
Ͳϯ͘ϴϯϯ
ͲϵϳϬ
ϭϬϭ͘ϲϯϲ
Ͳϭϯϱ͘Ϯϳϯ
Ͳϭϲ͘ϯϯϮ
Ͳϭϭ͘ϱϮϯ
ϵϳ͘Ϭϳϴ
ϵϭϮ
ϰ
ϯ͘ϯϱϵ
ϭ͘ϰϲϯ
ϭϴ͕ϴй
ϲ͕ϰй
ϭ͕ϱй
Ͳϭϵ͕Ϭй
ϮϬ͕Ϭй
Ͳϱ͕ϲй
Ͳϯ͕Ϭй
ϵϲ͕ϯй
ϭϴ͕Ϯй
ϭϵ͕ϯй
ϭϵ͕ϱй
ϭϵ͕ϱй
ϲ͕ϰй
Ϭ͕ϲй
ϭϰϳ͕ϲй
ϰϬϳ͕ϰй
ϲϭϲ͘ϵϲϭ
ϱϭϰ͘ϭϰϱ
ϭϬϮ͘ϴϭϳ
ϮϬ͕Ϭй
*UiILFR5HSDUWLomRGRVUHQGLPHQWRVEUXWRVGRVMRJRV6RFLDLV
2V UHQGLPHQWRV EUXWRV DWLQJLUDP PLO HXURV DSUHVHQWDQGR XP FUHVFLPHQWR GH
IDFHD2LQFUHPHQWRYHULILFDGRUHVXOWDHVVHQFLDOPHQWHGDVGLYHUVDVDOWHUDo}HV
HIHWXDGDVDRPRGHORGHH[SORUDomRGRVMRJRV
(PPDUoRFRQFOXLXVHRSURMHWR³6HSDUDomRGR7RWRORWR/RWR´TXHFRPSUHHQGHX
y
-
0XGDQoDQRPRGHORWpFQLFRGHH[SORUDomRGRMRJRFRPDOWHUDo}HVQDPDWUL]GRMRJR
GHSDUDTXHSHUPLWLXDXPHQWDURVFLFORVGHMDFNSRW¶V
-
1RYDVFDWHJRULDVGHSUpPLRVFRPGHVWDTXHSDUDRQ~PHURGDVRUWH
-
,QWURGXomRGRVHJXQGRVRUWHLRjTXDUWDIHLUD
5HFRQKHFHVHFRQWXGRTXHH[LVWHPULVFRVDVVRFLDGRVjVPXGDQoDVLQWURGX]LGDVQRPRGHOR
GR MRJR GHVLJQDGDPHQWH DV FRP LPSDFWR QDV SUREDELOLGDGHV GH DFHUWR QDV GLIHUHQWHV
FDWHJRULDVGHSUpPLRVTXHDFRQILUPDUHPVHSRGHUmRH[LJLUDSHUIHLoRDPHQWRVXOWHULRUHV
(P PDLR UHDOL]DUDPVH PXGDQoDV QR (XURPLOK}HV FRPD LQWURGXomR GR VHJXQGR VRUWHLR j
WHUoDIHLUD D FULDomR GH XPD FDWHJRULD GH SUpPLRV DFHUWR HP Q~PHURV H D
DOWHUDomR GD PDWUL] SDVVDQGR GH SDUD HVWUHODV 1RV FRQFXUVRV VHJXLQWHV j
FRQFUHWL]DomR GHVWH SURMHWR DOFDQoRXVH XP FUHVFLPHQWR GRV UHQGLPHQWRV GHVWH MRJR GH
IDFHDRVFRQFXUVRVKRPyORJRVGRDQRDQWHULRU
&RQWULEXtUDPWDPEpPSDUDHVWLPXODUDVYHQGDVGR(XURPLOK}HVDRFRUUrQFLDGHGRLVFLFORV
ORQJRV GH MDFNSRW¶V VHQGR XP GH MDFNSRW¶V FRQVHFXWLYRV TXH WHUPLQRX FRP XP
SUpPLR GH PLOK}HV H R RXWUR GH MDFNSRW¶V FRQVHFXWLYRV TXH WHUPLQRX FRP XP
SUpPLRGHPLOK}HVGHHXURV7DOFRPRUHIHULGRUHODWLYDPHQWHDR7RWRORWRDVPXGDQoDV
LQWURGX]LGDVQRPRGHORGHVLJQDGDPHQWHDVFRPLPSDFWRQDVSUREDELOLGDGHVGHDFHUWRQDV
GLIHUHQWHVFDWHJRULDVGHSUpPLRVTXHSRGHUmRH[LJLUDSHUIHLoRDPHQWRVXOWHULRUHV
&RQWLQXDDYHULILFDUVHTXHR(XURPLOK}HVpRMRJRFRPPDLRUSHVRQRVUHQGLPHQWRVEUXWRV
WHQGRDSUHVHQWDGRXPFUHVFLPHQWRGHIDFHDRDQRDQWHULRUFRQWULEXLQGR
DVVLPGHFLVLYDPHQWHSDUDRGHVHPSHQKRJOREDOGRV-RJRV6RFLDLV
6mR DLQGD GH GHVWDFDU RV UHQGLPHQWRV EUXWRV GD /RWDULD ,QVWDQWkQHD TXH UHJLVWDUDP XP
FUHVFLPHQWR GH IDFH D FRUUHVSRQGHQGR D GR WRWDO GRV UHQGLPHQWRV
EUXWRV
2ERPGHVHPSHQKRGD/RWDULD,QVWDQWkQHDGHFRUUHGH
• ,QFUHPHQWRGRSD\RXWOtTXLGR
• )RUWHLQYHVWLPHQWRSXEOLFLWiULRHLQWHUYHQo}HVDRQtYHOGRUHEUDQGLQJ
y
• 'HILQLomR H HQWUDGD HP IXQFLRQDPHQWR GDV DOWHUDo}HV GH VRIWZDUH QHFHVViULDV j
LQWURGXomR GD OLQKD GH GLVWULEXLomR UHVXOWDQGR QXP DXPHQWR GD FDSDFLGDGH SURGXWLYD
REWHQGRXPDUHVSRVWDPDLVDGHTXDGDDRFUHVFLPHQWRGHHQFRPHQGDVGHVWHMRJR
*DVWRV
4XDGUR*DVWRV
ϮϬϭϭ
ƵƐƚŽŵĞƌĐ͘ǀĞŶĚŝĚĂƐĞŵĂƚ͘ĐŽŶƐƵŵŝĚĂƐ
Δ sĂůŽƌ
Δ
ϮϬϭϬ
Δ й
ϱ͘ϵϴϰ
ϰ͘ϲϲϯ
ϭ͘ϯϮϬ
Ϯϴ͕ϯй
&ŽƌŶĞĐŝŵĞŶƚŽƐĞƐĞƌǀŝĕŽƐĞǆƚĞƌŶŽƐ
ϱϴ͘ϭϴϯ
ϱϵ͘ϭϯϯ
ͲϵϱϬ
Ͳϭ͕ϲй
'ĂƐƚŽƐĐŽŵƉĞƐƐŽĂů
ϭϬ͘Ϯϴϵ
ϳ͘Ϯϭϰ
ϯ͘Ϭϳϱ
ϰϮ͕ϲй
ϯ͘ϳϬϯ
ϯ͘ϭϯϱ
ϱϲϳ
ϭϴ͕ϭй
ϭϬ͘ϯϱϴ
ϰ͘ϲϵϲ
ϱ͘ϲϲϯ
ϭϮϬ͕ϲй
ϳϬϯ
ϯϮϴ
ϯϳϰ
ϭϭϰ͕ϭй
ϭ͘ϳϴϮ
ϭ͘ϱϳϮ
ϮϭϬ
ϭϯ͕ϰй
ϵϭ͘ϬϬϮ
ϴϬ͘ϳϰϯ
ϭϬ͘ϮϲϬ
ϭϮ͕ϳй
'ĂƐƚŽƐĚĞĚĞƉƌĞĐŝĂĕĆŽĞĂŵŽƌƚŝǌĂĕĆŽ
WƌŽǀŝƐƁĞƐĚŽƉĞƌşŽĚŽ
'ĂƐƚŽƐĞƉĞƌĚĂƐĚĞĨŝŶĂŶĐŝĂŵĞŶƚŽ
ZĞƐƚĂŶƚĞƐŐĂƐƚŽƐĞƉĞƌĚĂƐ
dŽƚĂůĚŽƐŐĂƐƚŽƐ
2 &XVWR GDV PHUFDGRULDV YHQGLGDV H GDV PDWpULDV FRQVXPLGDV UHJLVWRX XP DFUpVFLPR GH
PLO HXURV IDFH DR DQR DQWHULRU HVWH DFUpVFLPR GHYHVH HVVHQFLDOPHQWH DR
DXPHQWR GR FRQVXPR GH ELOKHWHV GH /RWDULD ,QVWDQWkQHD TXH DFRPSDQKD D WHQGrQFLD GH
HYROXomR GRV UHQGLPHQWRV EUXWRV H DLQGD DR DXPHQWR GR FRQVXPR GH SDSHO WpUPLFR H GH
ELOKHWHVGH$SRVWDV0~WXDVSHORDFUpVFLPRGHVRUWHLRVVHPDQDLV
2V )RUQHFLPHQWRV H VHUYLoRV H[WHUQRV UHJLVWDUDP XP GHFUpVFLPR GH VXSRUWDGR
HVVHQFLDOPHQWHSHODGLPLQXLomRQRVJDVWRVHPSXEOLFLGDGHHSURSDJDQGD
y
4XDGUR)RUQHFLPHQWRH6HUYLoRV([WHUQRV
ϮϬϭϭ
ϮϬϭϬ
Δ sĂůŽƌ
Δ
Δ й
dƌĂďĂůŚŽƐĞƐƉĞĐŝĂůŝǌĂĚŽƐ
ϰ͘ϵϰϱ
ϯ͘ϵϭϰ
ϭ͘Ϭϯϭ
Ϯϲ͕ϰй
WƵďůŝĐŝĚĂĚĞĞƉƌŽƉĂŐĂŶĚĂ
Ϯϯ͘ϲϮϮ
Ϯϳ͘ϱϭϮ
Ͳϯ͘ϴϵϬ
Ͳϭϰ͕ϭй
KƵƚƌĂƐĐŽŵŝƐƐƁĞƐ
Ϯ͘ϯϭϰ
ϭ͘Ϯϲϵ
ϭ͘Ϭϰϰ
ϴϮ͕ϯй
ŽŶƐĞƌǀĂĕĆŽĞƌĞƉĂƌĂĕĆŽ
ϲ͘ϮϲϮ
ϲ͘ϭϬϱ
ϭϱϳ
Ϯ͕ϲй
dƌĂŶƐƉŽƌƚĞĚĞďĞŶƐĞǀĂůŽƌĞƐ
Ϯ͘ϭϬϰ
ϭ͘ϲϱϮ
ϰϱϯ
Ϯϳ͕ϰй
ZĞŶĚĂƐĞĂůƵŐƵĞƌĞƐ
ϭ͘ϮϳϬ
ϭ͘ϰϳϳ
ͲϮϬϲ
Ͳϭϰ͕Ϭй
ŽŵƵŶŝĐĂĕĆŽ
ϴ͘Ϯϱϲ
ϳ͘ϵϬϴ
ϯϰϵ
ϰ͕ϰй
ĐŽƌĚŽƉƌĞƐƚĂĕĆŽĚĞƐĞƌǀŝĕŽƐ
ϱ͘ϲϭϬ
ϱ͘ϲϬϯ
ϳ
Ϭ͕ϭй
ZĞƐƚĂŶƚĞƐĨŽƌŶĞĐŝŵĞŶƚŽƐĞƐĞƌǀŝĕŽƐ
ϯ͘ϴϬϬ
ϯ͘ϲϵϱ
ϭϬϱ
Ϯ͕ϴй
ϱϴ͘ϭϴϯ
ϱϵ͘ϭϯϯ
ͲϵϱϬ
Ͳϭ͕ϲй
dŽƚĂůĚŽƐĨŽƌŶĞĐŝŵĞŶƚŽƐĞƐĞƌǀ͘ĞǆƚĞƌŶŽƐ
$YHUEDGDSXEOLFLGDGHHSURSDJDQGDUHSUHVHQWDQGRGRWRWDOGRV)RUQHFLPHQWRVH
6HUYLoRV([WHUQRVUHJLVWDDVHJXLQWHGLVWULEXLomRSRUMRJR
4XDGUR3XEOLFLGDGHH3URSDJDQGD
ϮϬϭϭ
Δ sĂůŽƌ
Δ
ϮϬϭϬ
Δ й
dŽƚŽďŽůĂ
ϭ͘ϰϵϯ
ϰϯϳ
ϭ͘Ϭϱϱ
Ϯϰϭ͕ϱй
dŽƚŽůŽƚŽ
ϰ͘ϯϰϵ
ϯ͘Ϭϰϳ
ϭ͘ϯϬϮ
ϰϮ͕ϳй
:ŽŬĞƌ
ϭ͘ϳϰϱ
ϭ͘ϲϵϯ
ϱϭ
ϯ͕Ϭй
ϴ͘ϵϮϱ
ϭϭ͘ϳϵϲ
ͲϮ͘ϴϳϭ
ͲϮϰ͕ϯй
>ŽƚĂƌŝĂEĂĐŝŽŶĂů
Ϯ͘ϵϳϵ
ϱ͘ϱϲϭ
ͲϮ͘ϱϴϮ
Ͳϰϲ͕ϰй
>ŽƚĂƌŝĂ/ŶƐƚĂŶƚąŶĞĂ
ϰ͘ϭϯϮ
ϰ͘ϵϳϴ
Ͳϴϰϲ
Ͳϭϳ͕Ϭй
Ϯϯ͘ϲϮϮ
Ϯϳ͘ϱϭϮ
Ͳϯ͘ϴϵϬ
Ͳϭϰ͕ϭй
dŽƚĂůĚĂƉƵďůŝĐŝĚĂĚĞĞƉƌŽƉĂŐĂŶĚĂ
2 DFUpVFLPR GH PLO HXURV HP UHODomR DR DQR DQWHULRU QD UXEULFD GH
7UDEDOKRV HVSHFLDOL]DGRV UHVXOWD HVVHQFLDOPHQWH GRV SURMHWRV ³,PSOHPHQWDomR GR
VRUWHLRGR(XURPLOK}HV´³6HSDUDomR7RWRORWR/RWR´H³1RYDVIXQFLRQDOLGDGHVGRWHUPLQDO´
$V FRPLVV}HV DWULEXtGDV DRV PHGLDGRUHV GD /RWDULD ,QVWDQWkQHD SHOR SDJDPHQWR GH
SUpPLRVTXHUHJLVWDUDPXPDXPHQWRGHIDFHDRSHUtRGRKRPyORJRGRDQRDQWHULRU
UHSUHVHQWDPVREUHGHSUpPLRVSDJRVSHORVPHGLDGRUHV2DFUpVFLPRYHULILFDGRIDFHDR
SHUtRGRKRPyORJRUHVXOWDGRLQFUHPHQWRGDVYHQGDVGHVWHMRJR
2 DXPHQWR QD UXEULFD GH *DVWRV FRP R SHVVRDO IDFH DR DQR DQWHULRU GHYHVH
HVVHQFLDOPHQWHDRDFUpVFLPRGHFRODERUDGRUHVHDRUHFRQKHFLPHQWRGHSHUGDV
y
DWXDULDLV H GRV UHQGLPHQWRV HVSHUDGRV GR IXQGR GH SHQV}HV GHGX]LGRV GH HQFDUJRV FRP
VHUYLoRV FRUUHQWHV H MXURV RV TXDLV SURGX]HP XP LPSDFWR HP UHVXOWDGRV GH PLO
HXURVQRDQRGH
4XDGUR*DVWRVFRP3HVVRDO
ϮϬϭϭ
Δ sĂůŽƌ
Δ
ϮϬϭϬ
Δ й
ZĞŵƵŶĞƌĂĕƁĞƐ
ϳ͘ϱϬϲ
ϳ͘Ϭϴϰ
ϰϮϮ
ϲ͕Ϭй
&ƵŶĚŽĚĞWĞŶƐƁĞƐ
ϭ͘Ϭϲϵ
Ͳϭ͘ϰϭϬ
Ϯ͘ϰϳϵ
Ͳϭϳϱ͕ϴй
ŶĐĂƌŐŽƐƐŽďƌĞƌĞŵƵŶĞƌĂĕƁĞƐ
ϭ͘ϰϮϱ
ϭ͘ϯϯϭ
ϵϰ
ϳ͕Ϭй
ZĞƐƚĂŶƚĞƐŐĂƐƚŽƐĐŽŵƉĞƐƐŽĂů
ϮϵϬ
ϮϭϬ
ϴϬ
ϯϴ͕Ϯй
dŽƚĂůĚŽƐŐĂƐƚŽƐĐŽŵŽƉĞƐƐŽĂů
ϭϬ͘Ϯϴϵ
ϳ͘Ϯϭϰ
ϯ͘Ϭϳϱ
ϰϮ͕ϲй
2 DXPHQWR GH PLO HXURV HP 3URYLV}HV GR SHUtRGR IDFH DR DQR DQWHULRU
GHFRUUHGDDOWHUDomRGDOHJLVODomRTXHUHJXODPHQWDRIXQGRSDUDSDJDPHQWRGHSUpPLRVGR
(XURPLOK}HV 2 'HFUHWR/HL Q GH GH PDUoR DOWHUD D SHUFHQWDJHP GH SDUDDGHGX]LUjVYHQGDVSDUDDFRQVWLWXLomRGRIXQGRSDUDSDJDPHQWRGHSUpPLRVGR
(XURPLOK}HVHRVHXPRQWDQWHPi[LPRGHPLOHXURVSDUDPLOHXURV
,QYHVWLPHQWRV
(PRYDORUGRV,QYHVWLPHQWRVDWLQJLXRVPLOHXURVVHQGRTXHGHVVHYDORU
IRLLQYHVWLGRHPHTXLSDPHQWRLQIRUPiWLFR
4XDGUR,QYHVWLPHQWRV
ϮϬϭϭ
ƚŝǀŽƐĨŝǆŽƐƚĂŶŐşǀĞŝƐ
ϮϬϭϬ
ϯ͘ϯϭϮ
ϭϰϯ
ϯϱϲ
ϲϳ
Ϯ͘ϲϰϲ
ϰ
Ͳ^ŝŶĂůĠƚŝĐĂ
ϭϳϴ
Ϭ
ͲZĞƐƚĂŶƚĞƐĂƚŝǀŽƐĨŝǆŽƐƚĂŶŐşǀĞŝƐ
ϭϯϮ
ϳϮ
ƚŝǀŽƐŝŶƚĂŶŐşǀĞŝƐ
Ϯϴϳ
ϮϲϬ
Ͳ^ŽĨƚǁĂƌĞ
Ϯϴϳ
ϮϲϬ
ϯ͘ϱϵϵ
ϰϬϯ
ͲƋƵŝƉĂŵĞŶƚŽďĄƐŝĐŽ
ͲƋƵŝƉĂŵĞŶƚŽŝŶĨŽƌŵĄƚŝĐŽ
dKd>
y
1R TXDGUR DEDL[R DSUHVHQWDVH RV SURMHWRV H Do}HV TXH WLYHUDP H[HFXomR HP GHVWDFDQGRVHRSURMHWRGH5HQRYDomRGRVLVWHPDRQOLQHQRPRQWDQWHGHPLOHXURV
4XDGUR,QYHVWLPHQWRHP3URMHWRV
ĕƁĞƐĚĞƌĞƋƵĂůŝĨŝĐĂĕĆŽͬƐƵďƐƚŝƚƵŝĕĆŽͬĂĐƌĠƐĐŝŵŽ
ϳϱϯ
/ŵƉůĞŵĞŶƚĂĕĆŽĚŽĂŵďŝĞŶƚĞĚĞĐŽŶƚƌŽůŽĚĞƋƵĂůŝĚĂĚĞĞƚĞƐƚĞƐ
Ϯϱ
/ŵƉůĞŵĞŶƚĂƌƵŵƐŝƐƚĞŵĂĚĞŝŶĨŽƌŵĂĕĆŽĚĞŐĞƐƚĆŽƉĂƌĂĂĄƌĞĂĐŽŵĞƌĐŝĂů
ƌŝĂĕĆŽĞƌĞŶŽǀĂĕĆŽƉĞĕĂƐĚĞƐŝŶĂůĠƚŝĐĂ
ZĞŶŽǀĂĕĆŽĚŽƐŝƐƚĞŵĂŽŶͲůŝŶĞ
ϭϭϳ
ϱϵ
Ϯ͘ϰϴϬ
/ŵƉůĞŵĞŶƚĂĕĆŽĚŽϮǑƐŽƌƚĞŝŽĚŽƵƌŽŵŝůŚƁĞƐ
ϱ
ĞƐŵĂƚĞƌŝĂůŝǌĂĕĆŽĚĂ>ŽƚĂƌŝĂEĂĐŝŽŶĂů
ϳϰ
^ƵďƐƚŝƚƵŝƌd/ƐƵƉŽƌƚĞĂŽŽŶƚĂĐƚĞŶƚĞƌ
ϴϲ
dŽƚĂů
ϯ͘ϱϵϵ
$QiOLVHILQDQFHLUDHSDWULPRQLDO
1RSHUtRGRHPDQiOLVHRDWLYRGR'HSDUWDPHQWRGH-RJRVVLWXRXVHHPPLOHXURV
HYLGHQFLDQGRXPDFUpVFLPRGHPLOGHHXURVUHODWLYDPHQWHD
4XDGUR%DODQoR
ĂůĂŶĕŽ
ϯϭͬϭϮͬϮϬϭϭ
ƚŝǀŽŶĆŽĐŽƌƌĞŶƚĞ
ϯϭͬϭϮͬϮϬϭϬ
Δ й
ϭϬϰϰϴϵ
ϴϰϰϵϴ
Ϯϯ͕ϳй
ƚŝǀŽĐŽƌƌĞŶƚĞ
ϭϳϵ͘ϵϳϮ
ϭϱϭ͘Ϯϭϱ
ϭϵ͕Ϭй
dŽƚĂůĚŽĂƚŝǀŽ
Ϯϴϰ͘ϰϲϮ
Ϯϯϱ͘ϳϭϯ
ϮϬ͕ϳй
ĂƉŝƚĂůƉƌſƉƌŝŽ
ϰϴ͘ϬϳϬ
ϰϱ͘ϴϵϭ
ϰ͕ϳй
WĂƐƐŝǀŽŶĆŽĐŽƌƌĞŶƚĞ
ϱϯ͘Ϯϴϴ
ϯϱ͘ϲϲϰ
ϰϵ͕ϰй
ϭϴϯϭϬϰ
ϭϱϰϭϱϵ
ϭϴ͕ϴй
Ϯϴϰ͘ϰϲϮ
Ϯϯϱ͘ϳϭϯ
ϮϬ͕ϳй
WĂƐƐŝǀŽĐŽƌƌĞŶƚĞ
dŽƚĂůĚŽĐĂƉŝƚĂůƉƌſƉƌŝŽĞĚŽƉĂƐƐŝǀŽ
2 DWLYR QmR FRUUHQWH WHYH XP LQFUHPHQWR GH UHODWLYDPHQWH DR DQR DQWHULRU HP
UHVXOWDGRGH
• $XPHQWR GRV DWLYRV IL[RV WDQJtYHLV GHFRUUHQWH GR SURMHWR ³5HQRYDomR GR VLVWHPD RQ
OLQH´
y
• 3ODQR GH SDJDPHQWR DFRUGDGR FRP R PHGLDGRU &DVD GD 6RUWH UHODWLYR j /RWDULD
1DFLRQDOHPYLUWXGHGDH[LVWrQFLDGHXPDGtYLGDHPTXHSDUWHGRUHFHELPHQWRVHHVSHUD
TXHYHQKDDRFRUUHUHPGDWDSRVWHULRUDXPDQR
• $FUpVFLPR GRV RXWURV DWLYRV ILQDQFHLURV HP FRQVHTXrQFLD GD FRQVWLWXLomRUHIRUoR GRV
IXQGRVSDUDUHFODPDo}HVHSDJDPHQWRVGHSUpPLRVHSDUDUHQRYDomRGHHTXLSDPHQWRH
PDWHULDO
5HODWLYDPHQWH DR DWLYR FRUUHQWH YHULILFDVH XP DXPHQWR GH IDFH D MXVWLILFDGR
SHOR
• $XPHQWRGHQRVDOGRGRVPHGLDGRUHVHPYLUWXGHGRDFUpVFLPRQRVUHQGLPHQWRV
EUXWRVGRV-RJRV6RFLDLV
• $XPHQWRQDVRXWUDVFRQWDVDUHFHEHUGHFRUUHQWHGH
-
'LYHUVDVHVSHFLDOL]Do}HVGDVTXDLVVHGHVWDFDDGRVMXURVDUHFHEHUGRVIXQGRVSDUD
UHFODPDo}HVHSDJDPHQWRVGHSUpPLRVHSDUDUHQRYDomRGHHTXLSDPHQWRHPDWHULDO
-
$FUpVFLPRGRVVDOGRVQDVFRQWDV FRUUHQWHV'HIDXOW,QVXUDQFH H3ULPDU\,QVXUDQFH
UHODFLRQDGDV FRP D DWXDOL]DomR GRV PRQWDQWHV HP YLUWXGH GD HQWUDGD HP
IXQFLRQDPHQWRGRVRUWHLRGR(XURPLOK}HV
• HDFUpVFLPRHPFDL[DHGHSyVLWRVEDQFiULRV
2&DSLWDOSUySULRFUHVFHXIDFHDRDQRDQWHULRUGHYHQGRVHjFRQVWLWXLomRHUHSRVLomR
SHODXWLOL]DomRGRIXQGRUHQRYDomRGHHTXLSDPHQWRHPDWHULDOQRYDORUGHPLOHXURV
DWHQXDGR SHOD UHJXODUL]DomR GDV DPRUWL]Do}HV H GHSUHFLDo}HV GR HTXLSDPHQWR RQOLQH QR
YDORUGHPLOHXURV
2SDVVLYRQmRFRUUHQWHDSUHVHQWDXPDFUpVFLPRGH UHODWLYDPHQWHDRDQRDQWHULRU
MXVWLILFDGRSRU
• $FUpVFLPR GH QDV SURYLV}HV SDUD SDJDPHQWR GH SUpPLRV GHFRUUHQWH
HVVHQFLDOPHQWHGDDOWHUDomRGDOHJLVODomRTXHUHJXODPHQWDRIXQGRSDUDSDJDPHQWRGH
SUpPLRV GR (XURPLOK}HV 'HFUHWR/HL Q GH GH PDUoR TXH DOWHUD D
SHUFHQWDJHPGHSDUDDGHGX]LUjVYHQGDV
• 0DLVPLOHXURVQRVSUpPLRVDSDJDUHPYLUWXGHGRDXPHQWRGRIXQGRTXHJDUDQWH
RYDORUPtQLPRGHPLOHXURVSDUDR SUpPLR HDVVHJXUDTXDQGRQHFHVViULR R
y
GLUHLWR DR SDJDPHQWR GRV SUpPLRV GD FDWHJRULD HVSHFLDO GH SUpPLRV GHQRPLQDGD
©1~PHURGD6RUWHª
(P UHODomR DR SDVVLYR FRUUHQWH UHJLVWDVH XP DXPHQWR GH IDFH D (VWH
DXPHQWRUHVXOWDGH
• &UHVFLPHQWR GH QRV SUpPLRV D DSDJDU GHFRUUHQWH GD DFXPXODomR GH YDORUHV
UHIHUHQWHV D MDFNSRW¶V FRQVHFXWLYRV VHQGR GH GHVWDFDU RV MDFNSRW¶V GR 7RWRORWR TXH
WUDQVLWDUDPSDUD
• $FUpVFLPRGHQDVRXWUDVFRQWDVDSDJDUGHYLGRHVVHQFLDOPHQWHDRVVDOGRVGDV
FRQWDV FRUUHQWH FRP RV EHQHILFLiULRV GRV -RJRV 6RFLDLV GHFRUUHQWH GR DXPHQWR QRV
UHVXOWDGRVDGLVWULEXLU
• $XPHQWR GH QRV GLIHULPHQWRV SHOR FUHVFLPHQWR GRV UHQGLPHQWRV D UHFRQKHFHU
UHODWLYRVjVYHQGDVDQWHFLSDGDVGRV-RJRV6RFLDLV
'HVHJXLGDDSUHVHQWDVHRVSULQFLSDLVUiFLRVILQDQFHLURV
4XDGUR5iFLRVILQDQFHLURV
ϯϭͬϭϮͬϮϬϭϭ
ϯϭͬϭϮͬϮϬϭϬ
^dZhdhZ&/EE/Z
ƵƚŽŶŽŵŝĂĨŝŶĂŶĐĞŝƌĂ;ĂƉŝƚĂůƉƌſƉƌŝŽͬƚŝǀŽƚŽƚĂůͿ
Ϭ͕ϭϳ
Ϭ͕ϭϵ
^ŽůǀĂďŝůŝĚĂĚĞƚŽƚĂů;ƚŝǀŽƚŽƚĂůͬWĂƐƐŝǀŽƚŽƚĂůͿ
ϭ͕ϮϬ
ϭ͕Ϯϰ
ƐƚƌƵƚƵƌĂĚŽĞŶĚŝǀŝĚĂŵĞŶƚŽ;WĂƐƐŝǀŽĐŽƌƌĞŶƚĞͬWĂƐƐŝǀŽƚŽƚĂůͿ
Ϭ͕ϳϳ
Ϭ͕ϴϭ
Ϭ͕ϵϴ
Ϭ͕ϵϴ
>/Yh/
>ŝƋƵŝĚĞǌŐĞƌĂů;ƚŝǀŽĐŽƌƌĞŶƚĞͬWĂƐƐŝǀŽĐŽƌƌĞŶƚĞͿ
'LVWULEXLomRGRV5HVXOWDGRVSHORV%HQHILFLiULRVGRV-RJRV6RFLDLV
2UHVXOWDGRGR'HSDUWDPHQWRGH-RJRVDWLQJLXRYDORUGHPLOHXURVUHSUHVHQWDQGR
XPDFUpVFLPRGHPLOHXURVUHODWLYDPHQWHDRDQRDQWHULRU
2 UHVXOWDGR GR 'HSDUWDPHQWR GH -RJRV GR SHUtRGR YDL VHQGR DQWHFLSDGDPHQWH GLVWULEXtGR
SHORV GLYHUVRV EHQHILFLiULRV FRP EDVH QRV UHVXOWDGRV PHQVDLV VHJXQGR DV SHUFHQWDJHQV
FRQVWDQWHV QR 'HFUHWR/HL Q GH GH PDUoR DOWHUDGR SHORV 'HFUHWR/HL Q
y
GHGHPDUoRH'HFUHWR/HLQGHGHRXWXEUR'HUHIHULUDLQGDD
3RUWDULD Q H D 3RUWDULD Q DPEDV GH GH MDQHLUR TXH UHJXODPHQWDP D
UHSDUWLomRGDVYHUEDVGHVWLQDGDVj3UHVLGrQFLDGR&RQVHOKRGH0LQLVWURVHDR0LQLVWpULRGD
6D~GH UHVSHWLYDPHQWH $Wp jV GLVWULEXLo}HV DQWHFLSDGDV PHQVDLV GH RXWXEUR GH RV
UHVXOWDGRVIRUDPGLVWULEXtGRVGHDFRUGRFRPR'HFUHWR/HLQGHGHPDUoR
$V GLVWULEXLo}HV UHIHUHQWHV D QRYHPEUR H GH]HPEUR GH IRUDP GH DFRUGR FRP R
SUHYLVWR QR 'HFUHWR/HL Q GH GH RXWXEUR UHJXODPHQWDGR SHODV 3RUWDULD Q
H3RUWDULDQDPEDVGHGHMDQHLUR
$UHODomRGHEHQHILFLiULRVpDFRQVWDQWHQRTXDGURVHJXLQWH
y
4XDGUR'LVWULEXLomRSHORV%HQHILFLiULRV
ϭϭ͘ϳϭϰ͘ϰϱϲ
Zŝ Ɛ ĐŽƐ Ɛ ŽĐŝ Ă ŝ Ɛ
ϭ͘ϱϭϰ͘ϲϯϭ
ϭ͘Ϯϱϱ͘ϭϮϬ
WŽů ŝ Đŝ Ă ŵĞ ŶƚŽĚĞ Ɛ ƉĞ ƚĄ ĐƵů ŽƐ Ğ Ɛ ƉŽƌƚŝ ǀŽƐ
ϯ͘ϰϴϯ͘ϲϱϭ
Ϯ͘ϵϮϴ͘ϲϭϰ
ϭϭ͘ϱϭϭ͘ϭϵϲ
ϯϮ͘ϴϭϬ͘ϯϬϵ ;Ă Ϳ
ϯϮ͘ϲϯϯ͘ϭϮϴ
/ ŶƐ ƚŝ ƚƵƚŽWŽƌƚƵŐƵġ Ɛ ĚĂ :ƵǀĞ ŶƚƵĚĞ ;Ă ƚŝ ǀŝ ĚĂ ĚĞ Ɛ Ğ ŝ ŶĨƌĂ Ğ Ɛ ƚƌƵƚƵƌĂ Ɛ ũƵǀĞ Ŷŝ Ɛ Ϳ
ϲ͘ϯϬϵ͘ϲϳϱ ;Ă Ϳ
ϲ͘Ϯϳϱ͘ϲϬϭ
/ ŶƐ ƚŝ ƚƵƚŽĚŽĞƐ ƉŽƌƚŽĚĞ WŽƌƚƵŐĂ ů ;& ƵƚĞďŽů Ϳ
Ϯ͘ϯϭϯ͘ϱϰϳ ;Ă Ϳ
Ϯ͘ϱϭϬ͘Ϯϰϭ
&ƵŶĚŽĚĞ &ŽŵĞ ŶƚŽƵů ƚƵƌĂ ů
Ϯ͘ϵϰϴ͘ϰϯϮ ;ďͿ
Ͳ
/ ŶƐ ƚŝ ƚƵƚŽWŽƌƚƵŐƵġ Ɛ ĚŽĞ Ɛ ƉŽƌƚŽĞ :ƵǀĞ ŶƚƵĚĞ
ϳ͘ϴϳϰ͘ϴϱϱ ;ďͿ
Ͳ
ϰϮϭ͘ϲϴϳ ;ďͿ
Ͳ
ϭϰ͘ϳϮϮ͘ϱϳϱ ;Ă Ϳ
ϵ͘ϮϬϰ͘Ϯϭϲ
/ ŶƐ ƚŝ ƚƵƚŽĚŽĞƐ ƉŽƌƚŽĚĞ WŽƌƚƵŐĂ ů ; ƚŝ ǀŝ ĚĂĚĞƐĞƐ ƉŽƌƚŝ ǀĂƐͿ
WƌĞƐŝĚġŶĐŝĂĚŽŽŶƐĞůŚŽĚĞDŝŶŝƐƚƌŽƐ
ϮϬϭϬ
ϭϯ͘ϵϴϱ͘Ϭϵϯ
/ ŶƐ ƚŝ ƚƵƚŽĚĞ 'Ğ Ɛ ƚĆ ŽĚĂ dĞ Ɛ ŽƵƌĂ ƌŝ Ă Ğ ĚŽƌĠ Ěŝ ƚŽWƷďů ŝ ĐŽ
'Ă ďŝ ŶĞ ƚĞ ĚĂ ^Ğ ĐƌĞ ƚĄ ƌŝ Ă ĚĞ Ɛ ƚĂ ĚŽĚŽƐ Ɛ Ɛ ƵŶƚŽƐ WĂ ƌů Ă ŵĞ ŶƚĂ ƌĞ Ɛ Ğ ĚĂ / ŐƵĂ ů ĚĂ ĚĞ
&ƵŶĚŽĚĞ &ŽŵĞ ŶƚŽƵů ƚƵƌĂ ů
DŝŶŝƐƚĠƌŝŽĚĂ^ŽůŝĚĂƌŝĞĚĂĚĞĞ^ĞŐƵƌĂŶĕĂ^ŽĐŝĂů
;ĞƵƌŽƐͿ
ϮϬϭϭ
Ɛ Ɛ ŽĐŝ Ă ĕĆ ŽĚĞ ŽŵďĞ ŝ ƌŽƐ sŽů ƵŶƚĄ ƌŝ ŽƐ /ŶƚĞƌŶĂ
DŝŶŝƐƚĠƌŝŽĚĂ
ĚŵŝŶŝƐƚƌĂĕĆŽ
ĞŶĞĨŝĐŝĄƌŝŽƐ
/ '&^^;Ğ Ɛ Ğ Ŷǀ͘ƉƌŽŐƌĂ ŵĂ Ɛ ͕ŵĞ Ěŝ ĚĂ Ɛ Ğ ƉƌŽũĞƚŽƐ Ă ƉŽŝ ŽͲ͘^ŽĐŝ Ă ů Ϳ
ϱϰ͘ϮϮϭ͘ϭϯϵ ;Ă Ϳ
ϱϰ͘ϯϴϴ͘ϱϰϲ
/ '&^^;ŽďĞ ƌƚƵƌĂ ĚĞ Ɛ ƉĞ Ɛ Ă Ɛ ĚĞ / ^^ĐŽŵĕĆ Ž^ŽĐŝ Ă ů Ϳ
ϯϴ͘ϳϴϯ͘ϰϲϴ ;Ă Ϳ
ϯϴ͘ϵϬϴ͘ϳϮϵ
/ '&^^;ƉŽŝ ŽƉĂ ƌĂ ĕĆ Ž^ŽĐŝ Ă ů &^^Ͳ/ W^^Ϳ
ϭϭ͘ϲϵϯ͘ϵϯϭ ;Ă Ϳ
/ '&^^;WƌĞ ǀĞ ŶĕĆ Ž͕ƌĞ Ă ďŝ ů ŝ ƚĂ ĕĆ ŽĞ Ă ƉŽŝ ŽĂ ĚĞ Ĩ͘ŐƌĂ ǀĞ Ɛ Ğ ƉƌŽĨƵŶĚŽƐ Ϳ
ϭϬ͘ϰϯϭ͘ϵϵϲ ;Ă Ϳ
ϭϬ͘ϰϱϵ͘ϯϯϲ
/ '&^^;ŽŵďĂ ƚĞ ă ƉŽďƌĞ ǌĂ Ğ Ğ ǆĐů ƵƐ Ć ŽƐ ŽĐŝ Ă ů Ϳ
ϵ͘ϱϵϬ͘ϳϬϲ ;Ă Ϳ
ϵ͘ϲϮϮ͘ϱϴϵ
/ '&^^;WƌŽũĞ ƚŽƐ Ğ Ɛ ƉĞ Đŝ Ă ŝ Ɛ ĚĞ Ă ƉŽŝ ŽĂ Đƌŝ Ă ŶĕĂ Ɛ ĐĂ ƌĞ ŶĐŝ Ă ĚĂ Ɛ Ğ Ğ ŵƌŝ Ɛ ĐŽͿ
ϳ͘ϭϬϴ͘ϵϬϬ ;Ă Ϳ
ϳ͘ϭϭϮ͘ϯϰϴ
/ '&^^;WƌŽũĞ ƚŽƐ Ğ Ă ĕƁĞ Ɛ ĚĞ Ă Ƶǆŝ ů ŝ ŽĂ ŝ ĚŽƐ ŽƐ ĐĂ ƌĞ ŶĐŝ Ă ĚŽƐ Ϳ
ϳ͘ϭϭϮ͘ϯϰϴ
/ '&^^;DĞ Ěŝ ĚĂ Ɛ Ğ ƉƌŽũĞƚŽĚĞ Ă ƉŽŝ Žă ĨĂ ŵşů ŝ Ă Ğ ă Đƌŝ Ă ŶĕĂ Ϳ
ϭ͘Ϯϲϭ͘ϵϯϱ
ϭ͘Ϯϱϱ͘ϭϮϬ
/ ŶƐ ƚŝ ƚƵƚŽĚĞ 'ĞƐ ƚĆ Ž&ŝ ŶĂ ŶĐĞ ŝ ƌĂ ĚĂ ^Ğ ŐƵƌĂ ŶĕĂ ^ŽĐŝ Ă ů
/ Ed>;dƵƌŝ Ɛ ŵŽƐ ŽĐŝ Ă ů Ğ Ɛ Ġ Ŷŝ Žƌ͕ŽƌŐĂ Ŷŝ ǌĂ ĕĆ ŽĚĞ ƚĞ ŵƉŽƐ ů ŝ ǀƌĞ Ɛ Ϳ
Dŝ Ŷŝ Ɛ ƚĠ ƌŝ ŽĚĂ ^Ă ƷĚĞ Ϯϴ͘Ϭϳϰ͘ϱϯϭ ;Ă Ϳ
ϲ͘ϬϬϴ͘Ϭϯϲ ;ďͿ
Ͳ
ϱ͘ϬϮϬ͘ϰϴϭ
ϱ͘Ϭϰϴ͘ϳϳϬ
ϰ͘ϭϴϯ͘ϳϯϰ
WƌŽũĞ ƚŽƐ Ğ Ɛ ƉĞ Đŝ Ă ŝ Ɛ ĚĞ Ɛ ƚŝ ŶĂ ĚŽƐ Ă Ğ Ɛ ƚƵĚĂ ŶƚĞ Ɛ ĚŽĞ ŶƐ ŝ ŶŽƐ Ğ ĐƵŶĚĄ ƌŝ Ž
Ϯ͘ϰϳϯ͘ϴϵϳ
Ϯ͘Ϭϵϭ͘ϴϲϳ
/ ŶƐ ƚŝ ƚƵƚŽĚĞ Ğ Ɛ ƉŽƌƚŽĚĂ DĂ ĚĞ ŝ ƌĂ ;ƉŽŝ ŽĂ ŽĚĞ Ɛ ƉŽƌƚŽĞ Ɛ ĐŽů Ă ƌĞ ƌĞ Ɛ ƉĞ ƚŝ ǀĂ Ɛ ŝ ŶĨƌĂ Ğ Ɛ ƚƌƵƚƵƌĂ Ɛ Ϳ
ϭ͘ϬϬϵ͘ϳϱϰ
ϴϯϲ͘ϳϰϳ
/ ŶƐ ƚŝ ƚƵƚŽĚĞ Ğ Ɛ ƉŽƌƚŽĚŽƐ ĕŽƌĞ Ɛ ;ƉŽŝ ŽĂ ŽĚĞ Ɛ ƉŽƌƚŽĞ Ɛ ĐŽů Ă ƌĞ ƌĞƐ ƉĞ ƚŝ ǀĂ Ɛ ŝ ŶĨƌĂ Ğ Ɛ ƚƌƵƚƵƌĂ Ɛ Ϳ
ϭ͘ϬϬϵ͘ϳϱϰ
ϴϯϲ͘ϳϰϳ
ϭϰϬ͘ϭϱϯ͘ϴϱϲ
ϭϭϳ͘ϭϰϰ͘ϱϲϭ
ϱϬϰ͘ϴϳϳ͘ϬϬϯ
ϰϭϴ͘ϯϳϯ͘ϰϯϮ
ϰ͘ϯϰϬ͘ϵϱϴ
ϰ͘ϱϰϰ͘ϯϳϭ
ŝġŶĐŝĂ
Ğ Ɛ ƉŽƌƚŽĞ Ɛ ĐŽů Ă ƌ
DŝŶŝƐƚĠƌŝŽ
ϲϵ͘ϰϰϵ͘ϵϵϬ
ĚƵĐĂĕĆŽĞ
ϴϯ͘ϬϬϭ͘ϳϳϵ
^Ă ŶƚĂ Ă Ɛ Ă ĚĂ Dŝ Ɛ Ğ ƌŝ ĐſƌĚŝ Ă ĚĞ >ŝ Ɛ ďŽĂ ^ƵďƚŽƚĂůĚŽƐZĞƐƵůƚĂĚŽƐĂŝƐƚƌŝďƵŝƌ
Ğ ŶƚƌŽĚĞ DĞĚŝ Đŝ ŶĂ ĚĞZĞ Ă ďŝ ů ŝ ƚĂ ĕĆ ŽĚŽů ĐŽŝ ƚĆ Ž
^Ă ŶƚĂ Ă Ɛ Ă ĚĂ Dŝ Ɛ Ğ ƌŝ ĐſƌĚŝ Ă ĚĞ >ŝ Ɛ ďŽĂ ϭϯ͘ϵϭϱ͘ϴϰϱ ;ĐͿ
dKd/^
ϱϮϯ͘ϭϯϯ͘ϴϬϲ
ϭϬ͘Ϯϭϭ͘ϵϱϲ
ϰϯϯ͘ϭϮϵ͘ϳϱϵ
;ĂͿsĂůŽƌĞƐĂƚƌŝďƵşĚŽƐĚĞũĂŶĞŝƌŽĂŽƵƚƵďƌŽ͕ĐŽŶĨŽƌŵĞĞĐƌĞƚŽͲ>ĞŝŶ͘ǑϰϰͬϮϬϭϭ͕ĚĞϮϰŵĂƌĕŽ͘
;ďͿsĂůŽƌĞƐĂƚƌŝďƵşĚŽƐĞŵŶŽǀĞŵďƌŽĞĚĞǌĞŵďƌŽ͕ĐŽŶĨŽƌŵĞĞĐƌĞƚŽͲ>ĞŝŶ͘ǑϭϬϲͬϮϬϭϭ͕ĚĞϮϭŽƵƚƵďƌŽ͘
;ĐͿƐƚĆŽŝŶĐůƵşĚŽƐŶĞƐƚĞŵŽŶƚĂŶƚĞŽƐƉƌĠŵŝŽƐĐĂĚƵĐĂĚŽƐĚĂ>ŽƚĂƌŝĂEĂĐŝŽŶĂůĞĚŽƵƌŽŵŝůŚƁĞƐ;ϭϮ͘ϲϳϬŵŝůĚĞĞƵƌŽƐͿ͕ϰ͕ϳйĚŽZĞƐƵůƚĂĚŽĚĂ>ŽƚĂƌŝĂEĂĐŝŽŶĂůĞ
Ϭ͕ϮϮϱйĚŽĐĂƉŝƚĂůĞŵŝƚŝĚŽĚĞƐƚĂƐ>ŽƚĂƌŝĂƐ;ϭ͘ϭϲϰŵŝůĚĞĞƵƌŽƐͿĞŽŝŵĂƐͲ>ĞŝŶ͘ǑϯϬͬϮϬϬϲ;ϴϭŵŝůĞƵƌŽƐͿ͘
y
y
y
6HFUHWDULD*HUDO
$ 6HFUHWDULD*HUDO 6* DVVHJXUD DSRLR WpFQLFR H DGPLQLVWUDWLYR DRV yUJmRV GH
DGPLQLVWUDomR H DRV GHSDUWDPHQWRV H VHUYLoRV GD 6DQWD &DVD GD 0LVHULFyUGLD GH /LVERD
6&0/ SDUWLFXODUPHQWH QRV GRPtQLRV GD GRFXPHQWDomR H LQIRUPDomR GD FRPXQLFDomR H
UHODo}HV S~EOLFDV H GD GLYXOJDomR GH FRQKHFLPHQWRV WpFQLFRFLHQWtILFRV 3RU RXWUR ODGR
SURPRYHHFRRUGHQDDDomRFXOWXUDOGD6&0/
2V UHVXOWDGRV DSUHVHQWDGRV QHVWH UHODWyULR SDUD RV TXDLV FRQWULEXtUDP GH IRUPD
FRPSHWHQWH H GHGLFDGD WRGRV RV FRODERUDGRUHV GD 6* HYLGHQFLDP DV SULQFLSDLV OLQKDV
HVWUDWpJLFDV GH DWXDomR XP IRUWH GLQDPLVPR H D SUHRFXSDomR GH UHQWDELOL]DU RV UHFXUVRV
H[LVWHQWHV(YLGHQFLDPWDPEpPDLPSRUWkQFLDGDVSDUFHULDVHVWDEHOHFLGDVFRPRUJDQLVPRV
GR (VWDGR LQVWLWXLo}HV GH HQVLQR IXQGDo}HV DVVRFLDo}HV PXVHXV ELEOLRWHFDV H RXWUDV
HQWLGDGHVQDFLRQDLVHLQWHUQDFLRQDLVHGDDWLYLGDGHGRVYROXQWiULRVGDiUHDGD&XOWXUD
1RFRQWH[WRGDDOWHUDomRGDFRPSRVLomRGD0HVDGD6&0/RDSRLRWpFQLFRHDGPLQLVWUDWLYR
DR 3URYHGRU H j 0HVD DVVXPLX HVSHFLDO UHOHYkQFLD QR TXDGUR GDV DWULEXLo}HV GD 6*
QRPHDGDPHQWHDWUDYpVGDUHFROKDFHQWUDOL]DomRHVLVWHPDWL]DomRGDLQIRUPDomRVROLFLWDGD
)RL DVVHJXUDGD D SUHSDUDomR GD DJHQGD R VHFUHWDULDGR H D HODERUDomR GDV DWDV GDV UHXQL}HV GD 0HVD DVVLP FRPR D GLYXOJDomR GDV GHOLEHUDo}HV GD 0HVD $ 6*
FRRUGHQRXWDPEpPRVSURFHVVRVUHVSHLWDQWHVjSDUWLFLSDomRHUHSUHVHQWDomRGD6&0/HP
yUJmRVVRFLDLVDVVHJXUDGDVSHORVPHPEURVGD0HVD
1R kPELWR GD FRRUGHQDomR IXQFLRQDO GD ,JUHMD GH 6mR 5RTXH IRL SURSRUFLRQDGR DSRLR j
DWLYLGDGH GR 5HLWRU H &DSHOmR GD 0LVHULFyUGLD GH /LVERD 5HY 3DGUH 5DIDHO 0RUmR 6- H
DVVHJXUDGDDDUWLFXODomRFRPD,UPDQGDGHGD0LVHULFyUGLDHGH6mR5RTXHGH/LVERD
$WLYLGDGH'HVHQYROYLGD
2EMHWLYR6DWLVID]HUQRSUD]RPi[LPRGHGLDV~WHLVRVSHGLGRVGLULJLGRVj6HFUHWiULD
*HUDOQRH[HUFtFLRGDVIXQo}HVGH2ILFLDO3~EOLFR
2 SUD]R PpGLR GH UHVSRVWD DRV SHGLGRV GH H[SHGLomR GH FHUWLILFDGRV FHUWLG}HV S~EOLFDV
IRUPDVHRXWURVGRFXPHQWRVDQiORJRVUHODWLYRVDUHJLVWRVHGRFXPHQWRVDUTXLYDGRVQD
y
6&0/HGHUHFRQKHFLPHQWRGDDVVLQDWXUDGHUHSUHVHQWDQWHVGD,QVWLWXLomRQHVVDTXDOLGDGH
IRLGHGLD~WLO
1R kPELWR GD LQWHUYHQomR HP DFRUGRVSURWRFRORV H HP FRQWUDWRV RXWRUJDGRV SHOD 6&0/
FRPSHWH j 6* YHULILFDU D UHJXODULGDGH MXUtGLFRIRUPDO H DV FRQGLo}HV SDUD D UHVSHWLYD
RXWRUJD 1HVWH FDVR R SUD]R GH UHVSRVWD HVWi FRQGLFLRQDGR DR HQYLR GD GRFXPHQWDomR
LQGLVSHQViYHO SDUD VH SURFHGHU D HVVD YHULILFDomR H j GLVSRQLELOLGDGH GDV HQWLGDGHV
RXWRUJDQWHV(PPpGLDORJRTXHUHXQLGDVDVQHFHVViULDVFRQGLo}HVSURFHGHXVHjRXWRUJD
GRVDFRUGRVSURWRFRORVHGRVFRQWUDWRVHQYLDGRVj6*QRSUD]RPi[LPRGHGLDV~WHLV
4XDGUR3HGLGRVGLULJLGRVj6HFUHWiULD*HUDOQRH[HUFtFLRGDVIXQo}HVGH2ILFLDO
3~EOLFR
1GHUHFRQKHFLPHQWRGHDVVLQDWXUDV
1GHDWRVMXUtGLFRVH[WUDMXGLFLDLVHGHFRQWUDWRVHPTXHLQWHUYpPR6HFUHWiULR*HUDO
1GHFHUWLILFDGRVFHUWLG}HVS~EOLFDVIRUPDVHRXWURVGRFXPHQWRVDQiORJRVUHODWLYRV
DUHJLVWRVHGRFXPHQWRVDUTXLYDGRVQD6&0/
2EMHWLYR,PSOHPHQWDUHGHVHQYROYHUXPVLVWHPDGHJHVWmRGHGRFXPHQWRVHOHWUyQLFRV±
3ULPHLUD IDVH DWp GH GH]HPEUR GH 3UHSDUDomR GR DPELHQWH WpFQLFR H
RUJDQL]DFLRQDO
$JHVWmRGRFXPHQWDOpXPDIXQomRWUDQVYHUVDOTXHHQYROYHWRGDDRUJDQL]DomRDIHWDQGRRV
VHXVSURFHGLPHQWRV2VLVWHPDGHJHVWmRGHGRFXPHQWRVHOHWUyQLFRVRXVLVWHPDGHJHVWmR
GRFXPHQWDO FRQVLGHUD RV GRFXPHQWRV GHVGH RV VHUYLoRV SURGXWRUHV DWp DR DUTXLYR
GHILQLWLYR FDVR DTXHOHV QmR WHQKDP VLGR REMHWR GH HOLPLQDomR WHUPLQDGR R VHX SUD]R GH
FRQVHUYDomR DGPLQLVWUDWLYD 3UHWHQGHVH TXH R VLVWHPD D LPSOHPHQWDU H D GHVHQYROYHU
DVVHJXUHRDFHVVRHDSUHVHUYDomRGRVGRFXPHQWRVHOHWUyQLFRVJDUDQWLQGRDDXWHQWLFLGDGH
ILGHGLJQLGDGH H LQWHJULGDGH DR ORQJR GR VHX FLFOR GH YLGD 3UHWHQGHVH WDPEpP TXH VHMD
RULHQWDGR SDUD D PRGHUQL]DomR DGPLQLVWUDWLYD H D JHVWmR GH TXDOLGDGH $ SUHSDUDomR GR
DPELHQWH WpFQLFR H RUJDQL]DFLRQDO FRQVWLWXLX SRU LVVR D SULPHLUD IDVH ± H HVVHQFLDO ± GR
SURMHWR
y
&RPRFRQVWDGRVUHODWyULRVGRSURMHWRHIHWXDGDDDYDOLDomRWpFQLFDGR,QIR&OLS([TXHILFRX
FRQFOXtGDDQWHVGRWHUPRGRSUD]RHVWDEHOHFLGRIRLLGHQWLILFDGDDQHFHVVLGDGHGHLQWURGX]LU
PHOKRULDVHPDOJXPDVGDVIXQFLRQDOLGDGHVGRVLVWHPDTXHIRUDPVROLFLWDGDVjHPSUHVDTXH
R IRUQHFHX H TXH FRQGLFLRQDP R VHX DODUJDPHQWR D WRGD D ,QVWLWXLomR $ SURSRVWD
DSUHVHQWDGD SHOD HPSUHVD H UHVSHWLYR RUoDPHQWR HVWmR D VHU UHDYDOLDGRV SHOD HTXLSD GH
SURMHWR 'H DFRUGR FRP R SUHYLVWR SURFHGHXVH j HODERUDomR GR SODQR GH FODVVLILFDomR
GRFXPHQWDO SDUD RV UHVWDQWHV GHSDUWDPHQWRV H VHUYLoRV GD 6&0/ H j HODERUDomR GDV
HVSHFLILFDo}HVWpFQLFDVSDUDRFDGHUQRGHHQFDUJRVGRSURFHGLPHQWRDTXLVLWLYRDODQoDUHP
2TXDGURVHJXLQWHDSUHVHQWDRVGDGRVGRV~OWLPRVWUrVDQRVUHODWLYRVjUHFHomR UHJLVWR H
H[SHGLomR GH FRUUHVSRQGrQFLD HQWUDGD H VDtGD GD 6HGH GD 6&0/ DWLYLGDGH TXH p
DVVHJXUDGDSHOR1~FOHRGH([SHGLHQWH*HUDO
4XDGUR5HFHomRHUHJLVWRHH[SHGLomRGHFRUUHVSRQGrQFLDQD6HGHGD6&0/
1GHGRFXPHQWRVUHJLVWDGRV,QIRFOLSH[
1GRFXPHQWRVGLJLWDOL]DGRVHUHJLVWDGRV:RUNIORZGHIDWXUDomR
1GHGRFXPHQWRVH[SHGLGRV
2EMHWLYR9DORUL]DUDELEOLRWHFDHRDUTXLYRGD6&0/
)RL FRQFOXtGD D UHLQVWDODomR GR $UTXLYR +LVWyULFR QD 6HGH GD 6&0/ QR &RQMXQWR GH 6mR
5RTXH FRP D FRQVHTXHQWH OLEHUWDomR HP MXQKR GRV HVSDoRV DQWHULRUPHQWH RFXSDGRV QD
$Y ' &DUORV , FDYH 2 SURFHVVR DEUDQJHX D GHVFULomR DYDOLDomR H[SXUJR H
UHDFRQGLFLRQDPHQWR GD GRFXPHQWDomR GH DUTXLYR TXH IRL WUDQVIHULGD SRVVLELOLWDQGR D
DGHTXDGD SUHVHUYDomR GD GRFXPHQWDomR FRP YDORU KLVWyULFR HRX DGPLQLVWUDWLYR H R IiFLO
DFHVVR j WRWDOLGDGH GR DFHUYR 5HJLVWDVH D PHQomR SRVLWLYD FRQVWDQWH GR UHODWyULR GH
$XJXVWLQ/HUPDGD%ULWLVK6WDQGDUG,QVWLWXWLRQ%6,QRkPELWRGDDXGLWRULDGHFHUWLILFDomR
GR 6LVWHPD GH 6HJXUDQoD GD ,QIRUPDomR GRV -RJRV 6DQWD &DVD UHDOL]DGD HP MXOKR
UHODWLYDPHQWH jV H[FHFLRQDLV FRQGLo}HV GH VHJXUDQoD H DR WUDEDOKR WpFQLFR GR $UTXLYR
+LVWyULFR
$WHQGHQGRDTXHDVDWXDLViUHDVGRVGHSyVLWRVQmRSHUPLWHPDFRQGLFLRQDUDWRWDOLGDGHGD
GRFXPHQWDomRjJXDUGDGR$UTXLYR+LVWyULFRHFRQWLQXDUDUHFHEHUFRPUHJXODULGDGH
y
D GRFXPHQWDomR TXH RV VHUYLoRV SUHWHQGHP WUDQVIHULU IRL DXWRUL]DGD SDUD R HIHLWR D
XWLOL]DomRGDFDYHGRSUpGLRGD3UDoD$LUHVGH2UQHODV$H&HP/LVERD
1R kPELWR GR SURFHVVR GH UHLQVWDODomR GR $UTXLYR +LVWyULFR IRL LJXDOPHQWH FRQFOXtGD D
WUDQVIHUrQFLD SDUD R &HQWUR GH 'RFXPHQWDomR H ,QIRUPDomR GDV REUDV ELEOLRJUiILFDV GR
VpFXOR ;; TXH VH HQFRQWUDYDP QR $UTXLYR +LVWyULFR DVVLP FRPR R UHVSHWLYR WUDWDPHQWR
ELEOLRJUiILFR )RL DLQGD HIHWXDGR R WUDWDPHQWR DUTXLYtVWLFR GD FROHomR IRWRJUiILFD GD 6&0/
HPVXSRUWHDQDOyJLFRjJXDUGDGD6*
3URVVHJXLX D LWLQHUkQFLD GH REUDV GR &HQWUR GH 'RFXPHQWDomR H ,QIRUPDomR MXQWR GRV
HTXLSDPHQWRV GH DomR VRFLDO H VD~GH GD 6&0/ FRP R REMHWLYR GH GLYXOJDU H IDFLOLWDU R
DFHVVR DR DFHUYR (VWLYHUDP HQYROYLGRV FRODERUDGRUHV H IRUDP GLVSRQLELOL]DGDV REUDV)RLDVVHJXUDGRRDSRLRDRVXWLOL]DGRUHVGD%LEOLRWHFDGR&RQKHFLPHQWR2Q/LQHTXH
D 6&0/ GLVSRQLELOL]D QR kPELWR GR SURWRFROR TXH FHOHEURX FRP D )XQGDomR SDUD D
&RPSXWDomR&LHQWtILFD1DFLRQDOSDUDRWULpQLR
2 TXDGUR VHJXLQWH HYLGHQFLD D DWLYLGDGH UHDOL]DGD H R FUHVFLPHQWR GR Q~PHUR GH
XWLOL]DGRUHVGR$UTXLYR+LVWyULFRHGR&HQWURGH'RFXPHQWDomR H,QIRUPDomRHGRQ~PHUR
GHGRFXPHQWRVHREUDVFRQVXOWDGRV
4XDGUR$FHVVRDIXQGRVGRFXPHQWDLVHELEOLRJUiILFRV
1GHPHWURVOLQHDUHVGHGRFXPHQWDomRDYDOLDGRVHWUDQVIHULGRV
1GHGRFXPHQWRVGLJLWDOL]DGRV
QD
QD
1GHREUDVFDWDORJDGDV
1GHGRFXPHQWRVPLFURILOPDGRV
QD
QD
1GHXWLOL]DGRUHVGR$UTXLYR+LVWyULFR
1GHGRFXPHQWRVGR&HQWURGH'RFXPHQWDomRH,QIRUPDomRFRQVXOWDGRV
1GHDFHVVRVDEDVHGHGDGRVELEOLRJUiILFDVHMXUtGLFDVRQOLQH
1GHUHJLVWRVLQWURGX]LGRVHPEDVHVGHGDGRVGR$UTXLYR+LVWyULFR
1GHPHWURVOLQHDUHVGHGRFXPHQWDomRHOLPLQDGDSHOR$UTXLYR+LVWyULFR
1GHXWLOL]DGRUHVGR&HQWURGH'RFXPHQWDomRH,QIRUPDomR
1GHSURFHVVRVHOLYURVUHTXLVLWDGRVDR$UTXLYR+LVWyULFR
1GHPHWURVOLQHDUHVGHGRFXPHQWDomRGHVFULWDHDFRQGLFLRQDGDGR$UTXLYR+LVWyULFR
1 GH PHWURV OLQHDUHV GH GRFXPHQWDomR GHVFULWD H DFRQGLFLRQDGD GR $UTXLYR
,QWHUPpGLR
3ODQHDGR 5HVXOWDGR
y
1RV WHUPRV GR SURWRFROR FHOHEUDGR HP GH]HPEUR GH IRL HODERUDGR H DSURYDGR SHOD
6&0/ SHOD 3URYtQFLD 3RUWXJXHVD GD &RPSDQKLD GH -HVXV H SHOD %URWpULD ± $VVRFLDomR
&XOWXUDO H &LHQWtILFD R SURJUDPD IXQFLRQDO SDUD LQVWDODomR GD 5HYLVWD %URWpULD H GD VXD
%LEOLRWHFDQR&RQMXQWRGH6mR5RTXHTXHYLVDYDORUL]DURDUTXLYRHDELEOLRWHFDGD6&0/
WRUQDU PDLV DFHVVtYHO R DFHUYR GD %URWpULD H SURSRUFLRQDU PHOKRUHV FRQGLo}HV SDUD R
GHVHQYROYLPHQWRSHOD6&0/HSHOD&RPSDQKLDGH-HVXVGHDWLYLGDGHVHGXFDWLYDVHFXOWXUDLV
GLQkPLFDVQXPDGLPHQVmRGHYHUGDGHLURVHUYLoRFXOWXUDO$6*DFRPSDQKRXDHODERUDomR
GRSURMHWRGHDUTXLWHWXUDTXHIRLOLFHQFLDGRHPHGRVSURMHWRVGDVHVSHFLDOLGDGHV
2EMHWLYR 'LYXOJDU D DWLYLGDGH H R SDWULPyQLR GD 6&0/ DWUDYpV GD H[HFXomR GR 3ODQR
&XOWXUDOSDUD
2SODQRGHDomRSDUDDiUHD&XOWXUDO±TXHDEUDQJHXRVGRPtQLRVGRHVWXGRHLQYHVWLJDomR
GD LQYHQWDULDomR GRV HYHQWRV FXOWXUDLV GDV HGLo}HV H GD DomR HGXFDWLYD ± REHGHFHX jV
VHJXLQWHV OLQKDV HVWUDWpJLFDV DODUJDU D SURJUDPDomR HGXFDWLYD FRP YLVWD D FDSWDU H
ILGHOL]DU S~EOLFRV UHIRUoDU D YLVLELOLGDGH GD RIHUWD FXOWXUDO GD 6&0/ FRQVROLGDU D OLQKD
HGLWRULDO GD 6&0/ H DXPHQWDU D GLYXOJDomR H GLVWULEXLomR GDV SXEOLFDo}HV GD ,QVWLWXLomR
SURPRYHUDLQYHVWLJDomRHRHVWXGRVREUHRSDWULPyQLRKLVWyULFRDUWtVWLFRHELEOLRJUiILFRGD
6&0/
(VWXGRHLQYHVWLJDomR
3URVVHJXLUDPRVVHJXLQWHVHVWXGRVHVWXGRKLVWyULFRHDUWtVWLFRVREUHD&DSHODGH6mR-RmR
%DSWLVWDGD,JUHMDGH6mR5RTXHHVXDVFROHo}HVHVWXGRKLVWyULFRVREUHDSURYHQLrQFLDGR
SDWULPyQLR GD 6&0/ FRP YDORU KLVWyULFR H DUWtVWLFR HVWXGR GDV FRQGLo}HVDPELHQWH GRV
HVSDoRV FXOWXUDLV GD 6&0/ HVWXGRV FRQGXFHQWHV j FDWDORJDomR GDV REUDV ELEOLRJUiILFDV GR
VpF ;; H j LQYHQWDULDomR GD GRFXPHQWDomR GR $UTXLYR +LVWyULFR 3RU RXWUR ODGR IRUDP
GHVHQYROYLGRVHVWXGRVFRQGXFHQWHVjHODERUDomRGHFDWiORJRVELEOLRJUiILFRVVREUHRVWHPDV
³9ROXQWDULDGR´ H ³)DPtOLD´ H j HODERUDomR GH XP 0DQXDO GH 3URFHGLPHQWRV GH &DWDORJDomR
GH0RQRJUDILDVQRVRIWZDUH³%LEOLREDVH´
,QYHQWDULDomR
)RL FRQFOXtGD D GLJLWDOL]DomR H LQWURGXomR GRV GDGRV UHIHUHQWHV DR LQYHQWiULR GD FROHomR
5RGULJXHV$OYHVGHVHQKRVHSLQWXUDVQR6LVWHPD,QIRUPiWLFRGH,QYHQWDULDomRH
y
*HVWmR GH &ROHo}HV H 3DWULPyQLR $UTXLWHWyQLFR ,Q 3DWULPRQLXP 3UHPLXP DVVLP FRPR R
LQYHQWiULRItVLFRGDVREUDVDUWtVWLFDVGHVHQKRVWHODVHDFHUYRGRFXPHQWDOTXHLQWHJUDPR
OHJDGR GH (GXDUGR &RUUrD GH 6i 3URFHGHXVH WDPEpP j VLVWHPDWL]DomR H RUGHQDomR GR
DFHUYR IRWRJUiILFR UHIHUHQWH j FROHomR GH UHQGDV GD &DSHOD GH 6mR -RmR %DSWLVWD H GDV
UHVSHWLYDV ILFKDV GH LQYHQWiULR PDQXDLV 3URVVHJXLX D GHVFULomR GH GRFXPHQWDomR GH
DUTXLYRFRPLQWURGXomRGHUHJLVWRVQDVEDVHVGHGDGRV
(YHQWRV&XOWXUDLV
¾
([SRVLo}HV
0HB[HQGRQR%D~FRPDSUHVHQWDomRGHXPFRQMXQWRGHSLQWXUDVGRDUWLVWDSOiVWLFROXVR
DXVWUDOLDQR /XtV *HUDOGHV FRORFDGDV HP GLiORJR FRP D SRHVLD GR SRHWD FDERYHUGLDQR
)LOLQWR (OtVLR QR OLYUR 0HB[HQGR QR %D~ ± YDVFXOKDQGR R 8 HP SDUFHULD FRP D HGLWRUD
/HWUDV9iULDV3DWHQWHDRS~EOLFRQR0XVHXGH6mR5RTXHHPDEULOHPDLR
8XQQLYYHHUVVHHQHW GH $QGUp 6LHU LQWHJUDGD QR &LFOR GH $UWH &RQWHPSRUkQHD HP 6mR
5RTXH±3HUFHo}HVGR6DJUDGRTXHDERUGRXRWHPDGDFULDomRGR8QLYHUVRFRPUHFXUVR
DQRYDVWHFQRORJLDV3DWHQWHDRS~EOLFRQR0XVHXGH6mR5RTXHHPMXQKRHMXOKR
(;(5&Ë&,2 ,9 ³0XVHX GH 6mR 5RTXH´ FRP DSUHVHQWDomR GH XP FRQMXQWR GH SHoDV
FRQFHELGDVDSDUWLUGDVFROHo}HVGR0XVHXGH6mR5RTXHSRUDOXQRVGR&XUVR$YDQoDGR
GH$UWHV3OiVWLFDVGD1H[WDUW±&HQWURGH)RUPDomR$UWtVWLFDQRkPELWRGHXPDFRUGRGH
FRRSHUDomR3DWHQWHDRS~EOLFRQR(VSDoR6DQWD&DVDHPMXOKR
6,'(/,1(6 &2/(&d®(6 3(662$,6 (0 ,167,78,d®(6 ,1(63(5$'$6 LQWHJUDGD QD
%LHQDO ,QWHUQDFLRQDO 86(/(66 ± (;3(5,0(17$'(6,*1 3DWHQWH DR S~EOLFR QR 0XVHX GH
6mR5RTXHGHVHWHPEURDQRYHPEUR
'HDFRUGRFRPRSODQRGHURWDWLYLGDGHDQXDOIRLUHQRYDGDDYLWULQDGHWr[WHLVGR1~FOHRGD
&DSHODGH6mR-RmR%DSWLVWDGR0XVHXGH6mR5RTXHFRPDDSUHVHQWDomRGRVSDUDPHQWRV
YHUPHOKRHYHUGHIHVWLYRHSUHWRTXRWLGLDQRSHUPLWLQGRXPFRQKHFLPHQWRPDLVYDVWRGHVWD
FROHomRHDFDXWHODUDVXDFRQVHUYDomR
2 UHFRQKHFLPHQWR GD LPSRUWkQFLD GR DFHUYR PXVHROyJLFR GD 6&0/ QR FRQWH[WR QDFLRQDO H
PXQGLDOIRLWHVWHPXQKDGRSHODSDUWLFLSDomRQDVVHJXLQWHVH[SRVLo}HV
3LQWXUD GH ORV 5HLQRV ,GHQWLGDGHV &RPSDUWLGDV QR 3DOiFLR 5HDO GH 0DGULG GH GH
RXWXEUR GH D GH MDQHLUR GH )RL FHGLGD D SLQWXUD ³$GRUDomR GRV 0DJRV´
,QY3LQGDDXWRULDGH%HQWR&RHOKRGD6LOYHLUD
y
3ULPLWLYRV3RUWXJXHVHV2VpFXORGH1XQR*RQoDOYHVQR0XVHX1DFLRQDOGH
$UWH$QWLJD/LVERDGHGHQRYHPEURDGHIHYHUHLURGH)RUDPFHGLGDV
DV SLQWXUDV ³&XUD 0LUDFXORVD GR &DUGHDO H UHFRQKHFLPHQWR GR PLODJUH SHOR 3DSD´ ,QY
3LQH³3ULVmRHPRUWHEHDWtILFDGH6mR5RTXH´,QY3LQ
$UWH 1DPEDQ ± *XHUUHLURV 0HUFDGRUHV H 0LVVLRQiULRV QR -DSmR GD ,GDGH 0RGHUQD QR
0XVHXGR2ULHQWH/LVERDGHGHGH]HPEURGHDGHPDLRGH)RLFHGLGR
R³FRIUHUHOLFiULR1DPEDP´,QY5O
+XPRUQD%DQGD'HVHQKDGD$PDGRUD %'QR)yUXP /XLVGH&DP}HVGD$PDGRUD
GH GH RXWXEUR D GH QRYHPEUR )RUDP FHGLGRV GHVHQKRV GH 5LFDUGR 1HWR ,QY 5$
HGH)HUQDQGHV6LOYD,QY5$
¾
&RQFHUWRV

&RQFHUWRFRPHPRUDWLYRGR$QLYHUViULRGR0XVHXGH6mR5RTXHQD,JUHMDGH6mR
5RTXHSHOR&RUR3RO\SKRQLD6FKROD&DQWRUXPMDQHLUR

&RQFHUWR GD 3ULPDYHUD SHOR &RUDO 5DLQKD ' /HRQRU QR &RQMXQWR GH 6mR 5RTXH
PDUoR

&RQFHUWR FRPHPRUDWLYR GR 'LD ,QWHUQDFLRQDO GRV 0RQXPHQWRV H 6tWLRV QR &ODXVWUR GR
0XVHX GH 6mR 5RTXH DOXVLYR j WHPiWLFD GD ÈJXD LQWHUSUHWDGR SRU 0LVR (QVHPEOH
DEULO

&LFORGHÏUJmRHP6mR5RTXHFRPFRQFHUWRVQD,JUHMDGH6mR5RTXHDEULOHPDLR

&ODXVWURIRQLDFRPFRQFHUWRVQR&ODXVWURGR0XVHXGH6mR5RTXHPDLR

7HPSRUDGD 0~VLFD HP 6mR 5RTXH (GLomR FRP FRQFHUWRV QD ,JUHMD GH 6mR
5RTXH QD ,JUHMD GR ,QVWLWXWR GH 6 3HGUR GH $OFkQWDUD QR 0XVHX GH 6mR 5RTXH H QR
(VSDoR 6DQWD &DVD QRYHPEUR (VWD HGLomR GD 7HPSRUDGD EHQHILFLRX GD SDUWLFLSDomR
JUDWXLWD GH HVFRODV GH P~VLFD H GR SDWURFtQLRDSRLR GH LQVWLWXLo}HV HPSUHVD H PHLRV
SXEOLFLWiULRV

&RQFHUWR7H'HXPHP6mR5RTXHHPSDUFHULDFRPD)XQGDomR&DORXVWH*XOEHQNLDQHD
5iGLRH7HOHYLVmRGH3RUWXJDO6$GH]HPEUR
$6*DSRLRXDUHDOL]DomRQD,JUHMDGH6mR5RTXHGRFRQFHUWRGHyUJmRLQWHJUDGRQR;,,,
)HVWLYDO ,QWHUQDFLRQDO GH ÏUJmR GH /LVERD SURPRYLGR SHOD -XYHQWXGH 0XVLFDO 3RUWXJXHVD
PDUoR H GH GRLV FRQFHUWRV SURPRYLGRV SHOD $GLGD &XOWXUDO GR ,QVWLWXW )UDQoDLV GX
3RUWXJDOJUXSR0DvWULVHGH&ROPDUMXQKRHSHOR&RURGH-HVXV&ROOHJHGH2[IRUGMXOKR
¾
2XWUDVDo}HVGHGLYXOJDomR

/DQoDPHQWR GDV VHJXLQWHV SXEOLFDo}HV GD 6&0/ ¬ GHVFREHUWD GR $UTXLYR 5RWHLUR GD
9LVLWD DR $UTXLYR +LVWyULFR GD 6DQWD &DVD GD 0LVHULFyUGLD GH /LVERD GH PDUoR $
y
$UWHGR/LYURQD0LVHULFyUGLDGH/LVERDRV&LPpOLRVGD6DQWD&DVD±HGLomRGH
PDUoR
2V $QLPDLV QD /LQJXDJHP 3RUWXJXHVD SRU 'HOPLUD 0DomV GH DEULO 2 6iELR GD
7RUUH±5RWHLURGR0XVHXGH6mR5RTXHGHPDUoR+RVSLWDO2UWRSpGLFRGH6DQW¶$QD
±6DXGDGHVGR)XWXUR+HUyLV,PSURYiYHLVGHPDLR0XVHXGH6mR5RTXH±5HOtTXLDV
GD $UWH H GD +LVWyULD GH MXQKR 'LQRUDK GH &DVWUR 3LQD GH VHWHPEUR
(PEDL[DGRU 3HTXLWR GH QRYHPEUR 3HVVRDV *UDQGHV HP 6tWLRV 3HTXHQRV GH
QRYHPEUR-RYHQV1RVVRIXWXUR1RVVDFRQVWUXomRGHGH]HPEUR

5HDOL]DomR GD SDOHVWUD 3DWULPyQLR &XOWXUDO H 9ROXQWDULDGR ± 9DORUHV GH &LYLOL]DomR H GH
,GHQWLGDGHQRkPELWRGR&LFORGH3DOHVWUDVGR9ROXQWDULDGRGD6&0/QR(VSDoR6DQWR
&DVDMXQKR

'HVHQYROYLPHQWR GH FRQWH~GRV VREUH R SDWULPyQLR KLVWyULFR H DUWtVWLFR GD 6&0/ SDUD
GLYXOJDomR QR %ROHWLP GD 5HGH 3RUWXJXHVD GH 0XVHXV QD $JHQGD &XOWXUDO GD &kPDUD
0XQLFLSDOGH/LVERDQR*ROGHQ%RRNQR&,7,0DSQR%HVW*XLGHHQR)ROORZ0H/LVERD

3DUWLFLSDomR QR )HVWLYDO GRV 2FHDQRV 0XVHXV j 1RLWH SURPRYLGR SHOD $VVRFLDomR GH
7XULVPRGH3RUWXJDOHSHOD&kPDUD0XQLFLSDOGH/LVERDHGHDJRVWR

$SUHVHQWDomRQR0XVHXGH6mR5RTXHGDREUD7KHVDXUXV3DXSHUXPGH3HGUR(VSDQR
SURPRYLGDSHOD6RFLHGDGH3RUWXJXHVDGH0HGLFLQD,QWHUQD

3DOHVWUDQR0XVHXGH6mR5RTXHGHGLFDGDj&XOWXUDH7UDGLomR-DSRQHVDVSURPRYLGD
SHOD(PEDL[DGDGR-DSmRGHRXWXEUR

(ODERUDomRGHDUWLJRVVREUHDDomRFXOWXUDOGD6&0/SXEOLFDGRVQD&LGDGH6ROLGiULD±
5HYLVWDGD6DQWD&DVDGD0LVHULFyUGLDGH/LVERD

5HDOL]DomRGHDo}HVHFDPSDQKDVGHGLYXOJDomRGR0XVHXGH6mR5RTXHGDVTXDLV
VH GHVWDFD D GLVSRQLELOL]DomR GR SURJUDPD WULPHVWUDO HP HQFDUWH FRP R MRUQDO ³
([SUHVVR´
(GLo}HV

1HQGD&LGDGH6ROLGiULD±5HYLVWDGD6DQWD&DVDGD0LVHULFyUGLDGH/LVERD
VREUHRVWHPDV5H+DELOLWDU±&RQVWUXLUR3UHVHQWHH9ROXQWDULDGR±5HVSRQVDELOLGDGH
6RFLDO

'LQRUDK &DVWUR 3LQD H (PEDL[DGRU 3HTXLWR YROXPHV H GD &ROHomR %HQHPpULWRV GD
6&0/

$UWH2ULHQWDOQDV&ROHo}HVGR0XVHXGH6mR5RTXHYHUVmRLQJOHVD
y

2V$QLPDLVQD/LQJXDJHP3RUWXJXHVDSRU'HOPLUD0DomVEHQHPpULWDGD6&0/7HVHGH
/LFHQFLDWXUDUHYLVWDHDXPHQWDGD

&DWiORJRGDH[SRVLomR'LQRUDK&DVWUR3LQDHPSDUFHULDFRPR0XVHX1DFLRQDOGH$UWH
$QWLJD

&DWiORJRGDH[SRVLomR³8XQLYYHUVVHHQHW´GH$QGUp6LHU

$QR (XURSHX GR 9ROXQWDULDGR &RQWULEXWRV %LEOLRJUiILFRV QR kPELWR GR SURMHWR
5('7(66 ± 5HGH GH &RRSHUDomR H &RQKHFLPHQWR QD ÈUHD GR 7UDEDOKR (PSUHJR H
6ROLGDULHGDGH6RFLDO

&DWiORJR%LEOLRJUiILFRGR&HQWURGH'RFXPHQWDomRH,QIRUPDomRVREUHRWHPD)DPtOLD

-RYHQV1RVVRIXWXUR1RVVDFRQVWUXomR

3HVVRDV*UDQGHVHP6tWLRV3HTXHQRV

%URFKXUD3UpPLRV1XQHV&RUUHD9HUGDGHVGH)DULDUHHGLomRDWXDOL]DGD
$omR(GXFDWLYD
$ RIHUWD FXOWXUDO H HGXFDWLYD GD 6&0/ IRL H[WUDRUGLQDULDPHQWH DODUJDGD SURSRUFLRQDQGR R
HQYROYLPHQWRHDSDUWLFLSDomRDWLYDGHGLIHUHQWHVVHJPHQWRVGHS~EOLFR
)RLGDGDFRQWLQXLGDGHjPRQLWRUL]DomRGH
9LVLWDV JXLDGDV GH FDUiFWHU JHUDO j ,JUHMD H DR 0XVHX GH 6mR 5RTXH GLULJLGDV D JUXSRV
HVFRODUHV DVVRFLDo}HV FXOWXUDLV XQLYHUVLGDGHV GH WHUFHLUD LGDGH H RXWURV JUXSRV
RUJDQL]DGRV
9LVLWDV JXLDGDV j ,JUHMD H DR 0XVHX GH 6mR 5RTXH HP GLIHUHQWHV LGLRPDV SRUWXJXrV
LQJOrVIUDQFrVHFDVWHOKDQRGHTXLQWDIHLUDDGRPLQJR
9LVLWDVMRJRQRkPELWRGRSURMHWRHGXFDWLYR+iDQLPDLVQR0XVHX"GLULJLGRDFULDQoDVGR
SUpHVFRODU
9LVLWDVMRJR QR kPELWR GR SURMHWR HGXFDWLYR 9DPRV FRQKHFHU D &DSHOD GH 6mR -RmR
%DSWLVWDGLULJLGRDFULDQoDVGRHFLFORGRHQVLQREiVLFR
$WHOLrV GH DUWH $ %ULQFDU &RQVWUXLPRV R 3DVVDGR DR ViEDGR GLULJLGRV D FULDQoDV GRV DRVDQRVGHLGDGHHIDPtOLDV
9LVLWDVJXLDGDVQRkPELWRGRSURMHWRHGXFDWLYR9DPRVFRQKHFHUR2ULHQWHHP6mR5RTXH
GLULJLGDVDFULDQoDVGRFLFORGRHQVLQREiVLFR
6LPXOWDQHDPHQWHIRUDPGHVHQYROYLGRVRVVHJXLQWHVSURMHWRVLQRYDGRUHV

$o}HV GH IRUPDomR GLULJLGDV D JXLDVLQWpUSUHWHV QDFLRQDLV H D SURILVVLRQDLV GH
LQIRUPDomRWXUtVWLFD

6HVV}HVGHDFROKLPHQWRGLULJLGDVDDJHQWHVGHYLDJHQV
y

8PD3HoD8P0rVYLVLWDVJXLDGDVWHPiWLFDVFRPDSUHVHQWDomRWRGDVDVTXDUWDVIHLUDV
GHFDGD PrVGHXPDSHoDGRDFHUYRGR0XVHXGH6mR5RTXHTXH VHGHVWDFDSHORVHX
YDORUKLVWyULFRHDUWtVWLFR

6DQWRV &RQ9LGD YLVLWDV JXLDGDV WHPiWLFDV FRP DSUHVHQWDomR PHQVDOPHQWH H HP GLDV
FRPHPRUDWLYRVGDYLGDREUDHLFRQRJUDILDGHXP6DQWRUHFRUUHQGRDSHoDVGHSLQWXUD
HVFXOWXUDHUHOLFiULRVTXHLQWHJUDPRSDWULPyQLRDUWtVWLFRGD6&0/

&LFORGHZRUNVKRSVWHPiWLFRVGLULJLGRVDRS~EOLFRDGXOWRHLQIDQWLOQRkPELWRGR&LFORGH
$UWH &RQWHPSRUkQHD HP 6mR 5RTXH 3HUFHo}HV GR 6DJUDGR SHOR DUWLVWD SURJUDPDGRU
$QGUp6LHUDXWRUGDH[SRVLomR8XQQLLYYHHUUVVHHQHW

9LHLUDHP6mR5RTXHPDLRDMXOKRFLFORGHYLVLWDVJXLDGDVGUDPDWL]DGDVUHDOL]DGDVD
SDUWLU GH H[FHUWRV GH VHUP}HV GR 3DGUH $QWyQLR 9LHLUD )RUDP DSUHVHQWDGDV SHOR
HQFHQDGRU )UDQFLVFR %UiV GUDPDWL]Do}HV WHDWUDLV YRODQWHV QRV HVSDoRV GR 0XVHX H
GD,JUHMDGH6mR5RTXH

&HOHEUDomR GR 7DQDEDWD QR FODXVWUR GR 0XVHX GH 6mR 5RTXH GH MXOKR HP
FRODERUDomRFRPD$VVRFLDomR/XVR1LSyQLFDHD(PEDL[DGDGR-DSmRFRPRREMHWLYRGH
DSUR[LPDUDFRPXQLGDGHMDSRQHVDGR0XVHXGH6mR5RTXH

3DUWLFLSDomR QR ,, ,QWHUQDWLRQDO 8UEDQ 6NHWFKLQJ 6\PSRVLXP D GH MXOKR TXH
WHYH FRPR FHQWUR QHYUiOJLFR D )DFXOGDGH GH %HODV $UWHV GD 8QLYHUVLGDGH GH /LVERD 2
0XVHXGH6mR5RTXHDFROKHXZRUNVKRSVGHGHVHQKR

3DUWLFLSDomR QDV -RUQDGDV (XURSHLDV GR 3DWULPyQLR GHGLFDGDV DR WHPD 3DWULPyQLR H
3DLVDJHP 8UEDQD DWUDYpV GD UHDOL]DomR GR FLFOR GH YLVLWDV JXLDGDV $ ,JUHMD H R %DLUUR
$OWRGH6mR5RTXHDGHVHWHPEUR

3DUWLFLSDomRQRFLFORGHYLVLWDVWHPiWLFDVSURPRYLGDVSHOD&kPDUD0XQLFLSDOGH/LVERDH
UHDOL]DGDVSHORVWpFQLFRVGR0XVHXGH6mR5RTXHGHGLFDGDVDRWHPDGD0~VLFD

$IULFDQGR ± $ &XOWXUD $IULFDQD QR 0XVHX GH 6mR 5RTXH GH VHWHPEUR D GH
RXWXEUR GHGLFDGR j FXOWXUD DIULFDQD GRV 3DtVHV GH /tQJXD 2ILFLDO 3RUWXJXHVD TXH
LQFOXLXXPFLFORGHFLQHPDGRFXPHQWDOWHDWURSRHVLDP~VLFDJDVWURQRPLDZRUNVKRSV
SDUDDGXOWRVHSDUDFULDQoDVHXPGHEDWH

3DUWLFLSDomR QD )HVWD QR &KLDGR SURPRYLGD SHOR &HQWUR 1DFLRQDO GH &XOWXUD FRP D
UHDOL]DomR GH XP LWLQHUiULR SHOR SDWULPyQLR GD 6&0/ QD ]RQD GR &KLDGR%DLUUR $OWR HGHRXWXEUR

1DWDO HP 6mR 5RTXH FLFOR GH YLVLWDV JXLDGDV WHPiWLFDV VHJXLGDV GH ZRUNVKRSV GH
RULJDPLGLULJLGDVDILOKRVGHWUDEDOKDGRUHVGD6&0/GH]HPEUR

&LFOR GH YLVLWDV WHPiWLFDV GHGLFDGDV DR WHPD GD QDWLYLGDGH GLULJLGDV DR S~EOLFR DGXOWR
GH]HPEUR

6HU$UTXLYLVWDSRUXPGLDFLFORGHYLVLWDVJXLDGDVWHPiWLFDVDR$UTXLYR+LVWyULFR
y

2 /LYUR ± 8PD -DQHOD SDUD R 0XQGR SURMHWR GLULJLGR D FULDQoDV GRV DRV DQRV GH
LGDGHTXHIUHTXHQWDPR$EULJR,QIDQWLOHR3DUTXH ,QIDQWLOGH6DQWD&DWDULQDGD6&0/
)RUDPHODERUDGRVGRLVOLYURV)ORUHVWD±RSiVVDURHDSULQFHVDH$OLPHQWDomR6DXGiYHO
±([WUDRUGLQiULR1mRpXPDIORUVmRWRPDWHV

9DPRV &RQVWUXLU XP /LYUR TXH HQYROYHX MRYHQV H HPSUHHQGHGRUHV DGXOWRV )RUDP
HODERUDGRV GRLV OLYURV -RYHQV 1RVVR IXWXUR 1RVVD FRQVWUXomR H 3HVVRDV *UDQGHV HP
6tWLRV3HTXHQRV

$FRPSDQKDPHQWR GR SURMHWR 6H[WDV 0iJLFDV QR 2ULHQWH QR 0XVHX GR 2ULHQWH HP
SDUFHULD FRP R &HQWUR 1DFLRQDO GH &XOWXUD TXH HQYROYHX HTXLSDPHQWRV GH LQIkQFLD
GD6&0/
)RLDVVHJXUDGDDUHDOL]DomRQR0XVHXGH6mR5RTXHQR$UTXLYR+LVWyULFRHQD8QLGDGHGH
&RPXQLFDomRH,PDJHPGHHVWiJLRVFXUULFXODUHVHH[WUDFXUULFXODUHVGHDOXQRVGR&XUVR
6XSHULRU GH /LFHQFLDWXUD HP 7XULVPR GR &XUVR GH 3yV*UDGXDomR HP 7RXU *XLGLQJ GR
0HVWUDGRHP&LrQFLDVGD,QIRUPDomRH'RFXPHQWDomRGR&XUVRGH7pFQLFR0XOWLPpGLDHGR
&XUVR GH &LQHPD 9tGHR H &RPXQLFDomR 0XOWLPpGLD QR kPELWR GH SURWRFRORV FHOHEUDGRV
FRP RV VHJXLQWHV HVWDEHOHFLPHQWRV GH HQVLQR &2'(3$ &HQWUR GH 2ULHQWDomR H
'RFXPHQWDomR GH (QVLQR 3DUWLFXODU 6$ HQWLGDGH WLWXODU GR ,13 ,QVWLWXWR 6XSHULRU GH
1RYDV 3URILVV}HV 8QLYHUVLGDGH 1RYD GH /LVERD)DFXOGDGH GH &LrQFLD H 7HFQRORJLD H
)DFXOGDGH GH &LrQFLDV 6RFLDLV H +XPDQDV &2)$& ± &RRSHUDWLYD GH )RUPDomR H $QLPDomR
&XOWXUDO &5/ HQWLGDGH WLWXODU GD 8QLYHUVLGDGH /XVyIRQD GH +XPDQLGDGHV H 7HFQRORJLDV
(GXUXPRV±(GXFDomR/GD
y
4XDGUR3ODQR&XOWXUDO
QD
1GHYLVLWDVJXLDGDVZRUNVKRSVHDWHOLHUHPHVSDoRVFXOWXUDLVGD6&0/
QD
1GHSDUWLFLSDQWHVQRVHYHQWRVFXOWXUDLVHPHVSDoRVGRSDWULPyQLRGD6&0/
QD
QD
1GHHYHQWRVFXOWXUDLVHPHVSDoRVGRSDWULPyQLRGD6&0/H[HFXWDGRV
1GHSXEOLFDo}HVYHQGLGDVRIHUHFLGDVSHUPXWDGDV
1GHYLVLWDQWHVGR0XVHXGH65RTXH
1GHSURMHWRVHGXFDWLYRVHFXOWXUDLV
1GHSDUWLFLSDQWHVHPSURMHWRVHGXFDWLYRVHFXOWXUDLV
3ODQHDGR 5HVXOWDGR
5HJLVWDVH D DWULEXLomR SHOR 7XULVPR GH 3RUWXJDO HP IHYHUHLUR GH GH XPD 0HQomR
+RQURVD QD FDWHJRULD GH ³5HTXDOLILFDomR ± SURMHWR S~ELFR´ DR SURMHWR GH UHPRGHODomR GR
0XVHX GH 6mR 5RTXH SRU FRQVWLWXLU XP FRQWULEXWR SDUD D YDORUL]DomR GR SDWULPyQLR
KLVWyULFRDUTXLWHWyQLFRHFXOWXUDOGDFLGDGHGH/LVERD
5HJLVWDVH WDPEpP D DWULEXLomR SHOD $VVRFLDomR 3RUWXJXHVD GH 0XVHRORJLD $320 DR
0XVHX GH 6mR 5RTXH HP GH]HPEUR GH GRV VHJXLQWHV 3UpPLRV $320 3UpPLR
,QFRUSRUDomRFRPRFRIUHUHOLFiULRGH6mR)UDQFLVFR;DYLHUREUDPDLRUGDRXULYHVDULDLQGR
SRUWXJXHVD GR VpFXOR ;9,, LQFRUSRUDGR QR SDWULPyQLR DUWtVWLFR GD 6&0/ H QR DFHUYR GR
0XVHXGH6mR5RTXHSRUGRDomRGD%HQHPpULWD7HUHVDGH0HQGLDGH&DVWUR1RYD*RDH
H[SRVWR DR S~EOLFR QR Q~FOHR GH DUWH RULHQWDO GR PXVHX 3UpPLR 0HOKRU &DWiORJR FRP R
FDWiORJR$UWH2ULHQWDOQDV&ROHo}HVGR0XVHXGH6mR5RTXHHGLWDGRHPOtQJXDSRUWXJXHVD
HLQJOHVD
2EMHWLYR 'DU FRQWLQXLGDGH j SROtWLFD GH FRQVHUYDomR H UHVWDXUR GRV EHQV FXOWXUDLV
SURPRYHQGRDVLQWHUYHQo}HVFRQVWDQWHVGR3ODQRSDUD
1RkPELWRGDFRQVHUYDomRSUHYHQWLYDIRUDP UHDOL]DGDVDVVHJXLQWHVDo}HV HODERUDomRGR
3ODQR GH &RQVHUYDomR 3UHYHQWLYD GR 0XVHX H ,JUHMD GH 6mR 5RTXH PRQLWRUL]DomR GRV
DJHQWHV SROXHQWHV QR LQWHULRU GR 0XVHX GH 6mR 5RTXH H LPSOHPHQWDomR GH PHGLGDV
SUHYHQWLYDVPRQLWRUL]DomRGHLQIHVWDo}HVDWLYDVQRIRUURGRWHWRGD,JUHMDGH6mR5RTXHH
QRV GHSyVLWRV GR $UTXLYR +LVWyULFR PRQLWRUL]DomR GRV QtYHLV GH WHPSHUDWXUD H KXPLGDGH
UHODWLYD QRV HVSDoRV FXOWXUDLV GD 6&0/ DYDOLDomR GR HVWDGR GH FRQVHUYDomR GD VpULH
GRFXPHQWDO³VLQDLVGHH[SRVWRV´IRUDPDYDOLDGRVGRFXPHQWRV
y
SUHVHUYDomR GH GRFXPHQWDomR DWUDYpV GH Do}HV GH KLJLHQL]DomR GRFXPHQWRV H
WUDWDPHQWRGHHQFDGHUQDo}HVH[HPSODUHV
&RPRDSRLRHFRRUGHQDomRGR3URI'RXWRU(QJ/XtV(OLDV&DVDQRYDVYROXQWiULRGD6&0/
IRLUHDOL]DGDHPPDLRXPDFRQIHUrQFLDGHGLFDGDDRWHPD$VXVWHQWDELOLGDGHFOLPiWLFDHP
HVSDoRV FXOWXUDLV SHOR 3URI 6WHIDQ 0LFKDOVNL GR &DQDGLDQ &RQVHUYDWLRQ ,QVWLWXWH H SHOR
3URI 'RXWRU 9DVFR 3HL[RWR GH )UHLWDV GD )DFXOGDGH GH (QJHQKDULD GD 8QLYHUVLGDGH GR
3RUWR TXH WHYH XPD DGHVmR PXLWR VLJQLILFDWLYD QD TXDO IRUDP DSUHVHQWDGDV DV FRQGLo}HV
DPELHQWHGRVHVSDoRVFXOWXUDLVGD6&0/
3RU RXWUR ODGR GH DFRUGR FRP R SODQHDGR IRUDP UHDOL]DGRV WUDEDOKRV GH FRQVHUYDomR H
UHVWDXURQDVVHJXLQWHVSHoDVGRSDWULPyQLRLQWHJUDGRPyYHOHGRFXPHQWDOGD6&0/

(OHPHQWRV SpWUHRV PHWDLV H PRVDLFRV GD &DSHOD GH 6mR -RmR %DSWLVWD H GHJUDX
VXSHGkQHR GHVWD FDSHOD PDUFKHWDULD HP PDGHLUDV SUHFLRVDV PDUILP H PHWDO HP
SDUFHULDFRPR,QVWLWXWRGRV0XVHXVHGD&RQVHUYDomR,3FRQFOXLQGRVHDEHQHILFLDomR
GD WRWDOLGDGH GDV FDSHODV GD ,JUHMD GH 6mR 5RTXH 1R kPELWR GH SURWRFROR FHOHEUDGR
FRPD(48,9$/(17(6DVVRFLDomRFXOWXUDOHVWDDVVRFLDomRHVWiDUHDOL]DUXPFRUSRGH
IRWRJUDILDVGHDXWRUVREUHDVGLIHUHQWHVIDVHVGRUHVWDXUR

3LQWXUD PXUDO GDV SDUHGHV H WHWR GR 6DOmR 1REUH GR&HQWUR GH 'LD GD 6p HP SDUFHULD
FRPD(VFROD3URILVVLRQDOGH5HFXSHUDomRGR3DWULPyQLRGH6LQWUD

(VFXOWXUDHYHVWHVGD©1RVVD6HQKRUDGD%RD0RUWHªVpF;9,,",QYGDYLWULQD
GRUHWiEXORGD&DSHODGH1RVVD6HQKRUDGD3LHGDGHGD,JUHMDGH6mR5RTXHIURQWDLVGH
DOWDUHPVHGDSUDWDHRXURVpF;9,,,QY07FRUWLQDRULHQWDO&KLQDVpF;9,,
,QY07

GRFXPHQWRVKLVWyULFRV

0DQXWHQomRGHSHoDVGHRXULYHVDULDGDH[SRVLomRSHUPDQHQWHGR0XVHXGH6mR5RTXH
1DVHTXrQFLDGHLQILOWUDomRGHiJXDGHULYDGDGRVLVWHPDGH$9$&GR0XVHXGH6mR5RTXH
IRUDP LQWHUYHQFLRQDGDV DV SLQWXUDV ³5HWUDWR GH ' -RmR ,,,´ VpF ;9, ,QY 3,1 ³5HWUDWRGH'RQD&DWDULQDGHÈXVWULD´VpF;9,,QY3,1³5HWUDWRGH6DQWR,QiFLRGH
/R\ROD´VpF;9,,,QY3,1³6mR)UDQFLVFRGH%RUMD´F,QY3,1
y
2EMHWLYR3URPRYHUDLGHQWLGDGHHDLPDJHPGD6&0/DWUDYpVGDH[HFXomRGR3ODQRGH
&RPXQLFDomRSDUD
23ODQRGH&RPXQLFDomRSDUDFRQWHPSODYDDo}HVQRVGRPtQLRVGDFRPXQLFDomR
GDV UHODo}HV S~EOLFDV GR GHVLJQ GH FRPXQLFDomR H GR DXGLRYLVXDO H PXOWLPpGLD )RUDP
UHDOL]DGDVDo}HVVHPDFUpVFLPRGHFXVWRV
1RV GRPtQLRV GD FRPXQLFDomR GDV UHODo}HV S~EOLFDV H GR GHVLJQ GH FRPXQLFDomR
VDOLHQWDPVHDVVHJXLQWHVDo}HV
2UJDQL]DomR GD SDUWLFLSDomR GD 6&0/ QDV FRPHPRUDo}HV GR 'LD 1DFLRQDO GDV
0LVHULFyUGLDV
2UJDQL]DomRHH[HFXomRGR3URJUDPDGDV&RPHPRUDo}HVGR$QLYHUViULRGD6&0/
HPTXHSDUWLFLSDUDPFHUFDGHSHVVRDV
2UJDQL]DomR GDV )HVWLYLGDGHV GH 1DWDO GD 6&0/ HQYROYHQGR FHUFD GH FRODERUDGRUHVXWHQWHVUHIRUPDGRVHYROXQWiULRV
3DUWLFLSDomRQRSURFHVVRGHDFROKLPHQWRGHQRYRVFRODERUDGRUHVGD6&0/
2UJDQL]DomRGRVSURFHVVRVGHDWULEXLomRGR3UpPLR1XQHV&RUUrD9HUGDGHVGH)DULDHP
FXPSULPHQWR GR HQFDUJR WHVWDPHQWiULR GH (QULTXH 0DQWHUR %pODUG H GR 3UpPLR
0RELOLGDGHQRkPELWRGRSURWRFRORFHOHEUDGRFRPD2UGHPGRV$UTXLWHWRVUHIHUHQWHVD
2UJDQL]DomRGD([SRVLomR%LEOLRJUiILFD6D~GH3DWHQWHDRS~EOLFRQR(VSDoR0LVHULFyUGLD
QD (VFROD 6XSHULRU GH 6D~GH GR $OFRLWmR QR &HQWUR GH 0HGLFLQD GH 5HDELOLWDomR GR
$OFRLWmRHQR+RVSLWDO2UWRSpGLFRGH6DQW¶$QD
2UJDQL]DomR GD ([SRVLomR $QRV &05$ ± ([SHULrQFLD (VSHFLDOL]DomR ([FHOrQFLD
3DWHQWH DR S~EOLFR QR (VSDoR 0LVHULFyUGLD H QR &HQWUR GH 0HGLFLQD GH 5HDELOLWDomR GR
$OFRLWmR
2UJDQL]DomRGD([SRVLomR9ROXQWDULDGRQD6DQWD&DVDGD0LVHULFyUGLDGH/LVERD3DWHQWH
DRS~EOLFRQR(VSDoR0LVHULFyUGLDQR0LQLVWpULRGR7UDEDOKRHGD6ROLGDULHGDGH6RFLDOH
QR&HQWURGH0HGLFLQDGH5HDELOLWDomRGR$OFRLWmR
$SRLR QD RUJDQL]DomR GH DWLYLGDGHV SURPRYLGDV SHORV GHSDUWDPHQWRV H VHUYLoRV GD
6&0/HRXSRUHQWLGDGHVH[WHUQDV
,QWURGXomRHJHVWmRGHFRQWH~GRVGHFDUiFWHULQVWLWXFLRQDOQD,QWUDQHWHQD,QWHUQHW
$WXDOL]DomRSHUPDQHQWHGRVFRQWH~GRVGD79,QWHUQDGD6&0/
&RQFHomRJUiILFDGHPDWHULDLVGHFRPXQLFDomRHGLYXOJDomR
,PSOHPHQWDomRGHVLQDOpWLFDH[WHULRUHPHTXLSDPHQWRVGD6&0/
y
2TXDGURVHJXLQWHHYLGHQFLDRVLQGLFDGRUHVGHUHDOL]DomRGRV~OWLPRVDQRVQRGRPtQLRGD
SURGXomRDXGLRYLVXDOHPXOWLPpGLDVREUHDDWLYLGDGHHRSDWULPyQLRGD6&0/
4XDGUR3URGXomRGHPDWHULDODXGLRYLVXDOHPXOWLPpGLD
1GHUHSRUWDJHQVIRWRJUiILFDV
QD
1GHUHFROKDVHHGLo}HVGHLPDJHQVGHYtGHR
1GHWUDWDPHQWRVGLJLWDLVGHLPDJHQV
1GHSURGXo}HVPXOWLPpGLD
1GHDSRLRVWpFQLFRV
±,QFOXLRVGDGRVGD79,QWHUQD
)RUDPUHDOL]DGRVRVVHJXLQWHVSURMHWRVLQRYDGRUHV
•
&RQFHomR RUJDQL]DomR H UHDOL]DomR GR 'LD $EHUWR GD 0LVHULFyUGLD GH /LVERD HP
FRODERUDomRFRPR'HSDUWDPHQWRGH-RJRVHR'HSDUWDPHQWRGD4XDOLGDGHH,QRYDomR
•
&RQFHomR H LPSOHPHQWDomR GH XPD &DPSDQKD GH 5HFROKD H 5HFLFODJHP GR 3DSHO QD
6HGH GD 6&0/ H QDV LQVWDODo}HV GR 'HSDUWDPHQWR GH -RJRV HP FRODERUDomR FRP R
•
&ULDomR GH XP VLWH QDV UHGHV VRFLDLV H FRORFDomR RQOLQH GH YtGHRV UHDOL]DGRV SHOD
8QLGDGHGH&RPXQLFDomRH,PDJHPQRkPELWRGDSDUWLFLSDomRGRV-RJRV6DQWD&DVDQD
9ROWDD3RUWXJDOHP%LFLFOHWDHQRV)HVWLYDLVGH9HUmR
2EMHWLYR $ODUJDU R DFHVVR GD SRSXODomR DSRLDGD SHOD 6&0/ DRV EHQV FXOWXUDLV GD
,QVWLWXLomR GHVHQYROYHQGR VHWH SURMHWRV FXOWXUDLV HVSHFtILFRV HP DUWLFXODomR FRP R
'HSDUWDPHQWRGH$omR6RFLDOH6D~GH'$66
7HQGR SUHVHQWH TXH D FXOWXUD p XP LPSRUWDQWH LQVWUXPHQWR GH GHVHQYROYLPHQWR SHVVRDO H
GH FRHVmR VRFLDO IRL GHVHQYROYLGR XP FRQMXQWR GH SURMHWRV FXOWXUDLV HVSHFtILFRV MXQWR GRV
XWHQWHV GH HTXLSDPHQWRV GH DomR VRFLDO H VD~GH GD 6&0/ H UHDOL]DGRV LQTXpULWRV SDUD
DYDOLDomRGDVDWLVIDomRGRVHTXLSDPHQWRVHGRVSDUWLFLSDQWHV
y
4XDGUR$FHVVRGDSRSXODomRDSRLDGDSHOD6&0/DRVEHQVFXOWXUDLVGD,QVWLWXLomR
1~PHURGHSURMHWRVFXOWXUDLVGHVHQYROYLGRV
1~PHURGHHTXLSDPHQWRVGR'$66HQYROYLGRVQRVSURMHWRV
3HUFHQWDJHP GH UHVSRVWDV D LQTXpULWR FRP JUDX GH VDWLVIDomR GRV
6HUYLoRV(TXLSDPHQWRVGR'$66LJXDORXVXSHULRUDHVFDODGHD
3HUFHQWDJHPGHUHVSRVWDVDLQTXpULWRFRPJUDXGHVDWLVIDomRGRVXWLOL]DGRUHV
LJXDORXVXSHULRUDHVFDODGHD
3ODQHDGR 5HVXOWDGR
QD
QD
QD
QD
y
2 +RVSLWDO 2UWRSpGLFR GH 6DQW¶$QD GRUDYDQWH GHVLJQDGR SRU +26$ WHP FRPR 0LVVmR
FRQWULEXLUGHIRUPDHILFLHQWHSDUDDSURPRomRGDVD~GHGDSRSXODomRUHVSRQGHQGRjVVXDV
QHFHVVLGDGHV DWUDYpV GD SUHVWDomR GH XP FRQMXQWR GLYHUVLILFDGR GH FXLGDGRV TXH VH
FDUDFWHUL]D SHOR HOHYDGR QtYHO GH TXDOLGDGH SHOD IDFLOLGDGH QR DFHVVR H SHOD UHVSRVWD HP
WHPSR~WLO/RFDOL]DGRQD3DUHGHHVWH+RVSLWDOSUHVWDDVVLVWrQFLDDXWHQWHVGHWRGRR3DtV
VHUYLQGRPDLRULWDULDPHQWHGRHQWHVRULJLQiULRVGRVFRQFHOKRVGH&DVFDLV2HLUDVH/LVERD
$R ORQJR GR DQR GH SURFXURXVH PDQWHU D OLQKDGH FRQWLQXLGDGH TXH VH WHP YLQGR D
DGRWDU GHVGH R DQR GH 1D VHTXrQFLD GRV H[HUFtFLRV DQWHULRUHV D HVWUDWpJLD
JHVWLRQiULDGR+26$FHQWURXVHQDVVHJXLQWHVSULRULGDGHV
9
&RQVROLGDomR GD GLVFLSOLQD RUoDPHQWDO DVVHQWH QR DXPHQWR GRV 5HQGLPHQWRV H QD
UDFLRQDOL]DomRGRV*DVWRV
9
5DFLRQDOL]DomRGRWRWDOGH(IHWLYRVHJDQKRVGHSURGXWLYLGDGH
9
'LYHUVLILFDomRGDDWLYLGDGHFOtQLFDFRPRIDWRUGHVXSRUWHjSUySULD(VSHFLDOLGDGHGH
2UWRSHGLD
9
5HYLVmRGRV$FRUGRVH&RQYHQo}HVH[LVWHQWHVHHVWDEHOHFLPHQWRGHQRYDVSDUFHULDV
9
&ULWHULRVR 3ODQR GH ,QYHVWLPHQWRV IRFDOL]DGR QR DXPHQWR GDV FRQGLo}HV GH
VHJXUDQoDFOtQLFD
6RE HVWDV OLQKDV GH RULHQWDomR IRL SRVVtYHO DOFDQoDU XP EDODQoR SRVLWLYR QRV UHVXOWDGRV
JOREDLVGRH[HUFtFLR
'HVVHV UHVXOWDGRV GHVWDFDPVH R DXPHQWR GH IDFH D QR Q~PHUR GH FRQVXOWDV
H[WHUQDV SRVVtYHO JUDoDV j GLYHUVLILFDomR GDV HVSHFLDOLGDGHV 7DPEpP RV UHVWDQWHV
LQGLFDGRUHV GH DWLYLGDGH DVVLVWHQFLDO FRPR VHMDP R Q~PHUR GH 'RHQWHV 6DtGRV R Q~PHUR
GH &LUXUJLDV UHDOL]DGDV D 'HPRUD 0pGLD D 7D[D GH 2FXSDomR RX R Q~PHUR GH $WRV GH
(QIHUPDJHPUHYHODUDPXPDPHOKRULDSDUDDTXDOFRQWULEXtUDPRV3URJUDPDVGH3URGXomR
$GLFLRQDO H R QRYR PRGHOR GH FRQWUDWXDOL]DomR GD 3URGXomR QD VHTXrQFLD GR SURFHVVR GH
LPSOHPHQWDomRGDQRYD2UJDQL]DomR&OtQLFD
y
4XDGUR,QGLFDGRUHVGH$WLYLGDGH
5HDOL]DGR
3ODQHDGR
5HDOL]DGR
¨UHDO
¨5HDO
3ODQ
,QWHUQDPHQWR
/RWDomR
'RHQWHV6DtGRV
'LDVGH,QWHUQDPHQWR
'LDVGH,QWHUQDPHQWR'RHQWHV6DtGRV
'HPRUD0pGLD
7D[DGH2FXSDomR
&RQVXOWDV([WHUQDV
&RQVXOWDV0pGLFDVWRWDO
&RQVXOWDV0pGLFDVV
$WRVGH(QIHUPDJHPFRQVXOWDV
WUDWDPHQWRV
$WLYLGDGH&LU~UJLFD
&LUXUJLDV&RQYHQFLRQDLV
&LUXUJLDV$PEXODWyULR
7D[DGH2FXSDomRGR%ORFR2SHUDWyULR
0&'7
1~PHURGH0&'
1~PHURGH7UDWDPHQWRVGH0)5
4XDOLGDGH
1GH5HFODPDo}HV
7D[DGH0RUWDOLGDGH
Ϭ͕ϭƉ͘Ɖ͘
ͲϬ͕ϮƉ͘Ɖ͘ 'DGRV+26$(VWDWtVWLFD7UDWDPHQWR+26$*$7
$ H[FHomR UHJLVWRXVH QD 0HGLFLQD )tVLFD H GH 5HDELOLWDomR 0)5 FRP R GHFUpVFLPR GD
DWLYLGDGH QD 7HUDSLD 2FXSDFLRQDO SRU FRQVWUDQJLPHQWRV UHODFLRQDGRV FRP D DXVrQFLD GH
IXQFLRQiULRV H QRV 0HLRV &RPSOHPHQWDUHV GH 'LDJQyVWLFR 0&' FXMR GHFUpVFLPR QD
5DGLRORJLD &RQYHQFLRQDO SRGHUi HVWDU UHODFLRQDGR FRP DV DOWHUDo}HV OHJLVODWLYDV
LQWURGX]LGDVDRQtYHOGRVSURFHGLPHQWRVGDSUHVFULomRHOHWUyQLFDGH0HLRV&RPSOHPHQWDUHV
GH'LDJQyVWLFRH7HUDSrXWLFDRVTXDLVSURGX]LUDPHIHLWRVDVHWHPEURGH
$SHVDU GH RV UHVXOWDGRV JOREDLV DOFDQoDGRV WHUHP VLGR SRVLWLYRV R DQR GH UHYHORX
DOJXPDV QRYDV SUREOHPiWLFDV VXVFHWtYHLV GH FRQGLFLRQDUHP D DWLYLGDGH GR +26$ QXP
IXWXUR SUy[LPR QRPHDGDPHQWH DOWHUDo}HV QR UHODFLRQDPHQWR GDV (QWLGDGHV GR 6HUYLoR
1DFLRQDO GH 6D~GH FRP DV (QWLGDGHV &RQYHQFLRQDGDV H D &ODVVLILFDomR GR +RVSLWDO
2UWRSpGLFRGH6DQW$QDFRPR0RQXPHQWRGH,QWHUHVVH3~EOLFR
1R TXH GL] UHVSHLWR DR SULPHLUR DVSHWR VHUi SUXGHQWH SUHYHU XPD GLPLQXLomR GRV XWHQWHV
FRPRULJHPQR6HUYLoR1DFLRQDOGH6D~GHEHPFRPRXPDXPHQWRGRVHQFDUJRV
y
FRP RV VLVWHPDV GH LQIRUPDomR H GH JHVWmR SRU IRUPD D UHVSRQGHU D WRGRV RV QRYRV H
FUHVFHQWHV FULWpULRV GH IDWXUDomR H UHJLVWR GH DWRV FOtQLFRV (P UHODomR j VHJXQGD
SUREOHPiWLFD WRUQDVH SULRULWiULR HQFRQWUDU XPD VROXomR TXH PLQLPL]H R LPSDFWR GR
SURFHVVRGHFODVVLILFDomRGR+26$FRPRPRQXPHQWRGHLQWHUHVVHS~EOLFRQDVXDDWLYLGDGH
FRUUHQWH HQFRQWUDQGRVH R *DELQHWH -XUtGLFR GD 6&0/ D HVWXGDU D VLWXDomR H GDGD D
UHOHYkQFLDGDPDWpULD
$QiOLVH GRV UHVXOWDGRV DOFDQoDGRV H GRV GHVYLRV YHULILFDGRV HP UHODomR DR 3ODQR
2EMHWLYR $VVHJXUDU DV FRQGLo}HV RSHUDFLRQDLV SDUD R GHVHQYROYLPHQWR GD DWLYLGDGH
DVVLVWHQFLDODRVXWHQWHVGR+26$
7HP R +RVSLWDO 2UWRSpGLFR GH 6DQW¶$QD YLQGR D GHVHQYROYHU XPD SOXUDOLGDGH GHLQLFLDWLYDV
SDUD D GLYHUVLILFDomR GD VXD DWLYLGDGH (VWD GLYHUVLILFDomR DVVHQWD WDQWR QD SURFXUD GH
QRYDVSDUFHULDVHFHOHEUDomRGHQRYRVDFRUGRVFRPRQDUHGHILQLomRGDVFRQGLo}HVYLJHQWHV
HPFRQWUDWRVMiFHOHEUDGRVFRPRQRDODUJDPHQWRGDVDWLYLGDGHVGHSUHVWDomRGHFXLGDGRV
GHTXHGLVS}H
(VWDV PHGLGDV WrP FRPR REMHWLYRV HQWUH RXWURV D GLYHUVLILFDomR GDV IRQWHV GH
ILQDQFLDPHQWR D UHQWDELOL]DomR GRV GLIHUHQWHV WLSRV GH PHLRV GH TXH GLVS}H R LQFUHPHQWR
GD DWLYLGDGH H D FRPSOHPHQWDULGDGH GH FXLGDGRV (P VXPD D PHOKRULD GRV UiFLRV GH
HILFLrQFLDHSURGXWLYLGDGHFRPYLVWDDDOFDQoDUDVXVWHQWDELOLGDGHHFRQyPLFDHILQDQFHLUDGD
,QVWLWXLomR
'H XP PRGR JHUDO HVWD IRL XPD RSomR JHVWLRQiULD TXH VH YHULILFRX H[SUHVVD QD WD[D GH
H[HFXomRRUoDPHQWDOFRPR5HVXOWDGR/tTXLGRQHJDWLYRFHUFDGHDEDL[RGRSODQHDGR
y
9DULDomR
53
2EMHWLYR
3ODQR
5HDO
5HDOL]DomRGHFLUXUJLDV
5HDOL]DomRGH&RQVXOWDV([WHUQDV
5HDOL]DomRGH0HLRV&RPSOHPHQWDUHV
GH'LDJQyVWLFR
5HDOL]DomRGHWUDWDPHQWRVGH0HGLFLQD
)tVLFDHGH5HDELOLWDomR
5HDOL]DomRGHSURFHGLPHQWRVGH)ROORZ
XSHGH&RQVXOWDVGH(QIHUPDJHP
H
H
H
5HVXOWDGR/tTXLGR
'DGRV+26$(VWDWtVWLFD7UDWDPHQWR+26$*$7
2EMHWLYR*DUDQWLUDPDQXWHQomRHUHFXSHUDomRGDVLQIUDHVWUXWXUDVHGRVHTXLSDPHQWRV
GR+26$
$ DXVrQFLD SURORQJDGD GH LQYHVWLPHQWR FRQGX]LX D XPD VLWXDomR HP TXH R SDUTXH
WHFQROyJLFR GR +26$ DSUHVHQWD QtYHLV GH IDOrQFLD WpFQLFD H GHILFLrQFLDV RSHUDFLRQDLV TXH
WHQGHP D QmR VHU DGPLVVtYHLV HP WHUPRV GH VHJXUDQoD FOtQLFD (VWH 2EMHWLYR 2SHUDFLRQDO
DJUXSDDVVLPXPFRQMXQWRGHLQWHUYHQo}HVTXHYLVDPTXDVHH[FOXVLYDPHQWHDPHOKRULD
GDVFRQGLo}HVGHSUHVWDomRFOtQLFDHRVVHXVUHVSHWLYRVQtYHLVGHVHJXUDQoD
&RPDMiUHIHULGDFODVVLILFDomRGR+26$FRPR0RQXPHQWRGH,QWHUHVVH3~EOLFRDH[HFXomR
GDV Do}HV SODQHDGDV ILFRX SURIXQGDPHQWH FRQGLFLRQDGD WHQGR KDYLGR XPD VXVSHQVmR GRV
SURMHWRV DLQGD QmR LQLFLDGRV HQTXDQWR VH DJXDUGD SRU XPD UHVROXomR TXH VDOYDJXDUGH D
FDSDFLGDGH GR +26$6&0/ SDUD JDUDQWLU DV QRUPDV GH VHJXUDQoD H TXDOLGDGH QD VXD
SUiWLFDGDDWLYLGDGHKRVSLWDODU
3HUDQWH HVWD DOWHUDomR GR FRQWH[WR QmR SUHYLVWD HP VHGH GH SODQHDPHQWR KRXYH XP
UHGLUHFFLRQDPHQWR GDV SULRULGDGHV QHVWH REMHWLYR SURFXUDQGRVH DQWHV XPD PDLRU
FRQFHQWUDomR QR DFRPSDQKDPHQWR GD HODERUDomR GRV HVWXGRV H SURMHWRV GH YiULDV Do}HV
SODQHDGDVQRPHDGDPHQWHQDTXHOHVFXMDILQDOLGDGHVHUiDGHUHDOL]DUDOWHUDo}HVItVLFDVGRV
HVSDoRVPHOKRUDUDHUJRQRPLDHVSiFLRIXQFLRQDOHGHVHJXUDQoD
4XDGUR([HFXomRGH3URMHWRV
y
3URMHWRV
%HQHILFLDUHPHOKRUDUDVFRQGLo}HVGHDFROKLPHQWRGRVXWHQWHVQDV
iUHDVGH,QWHUQDPHQWR&RQVXOWD([WHUQDHGHUHDOL]DomRGH0HLRV
&RPSOHPHQWDUHVGH'LDJQyVWLFRH7HUDSrXWLFD
2UoDPHQWR
,QYHVWLPHQWR
([HFXomR
7D[DGH
([HFXomR
&RQWLQXDURUHDSHWUHFKDPHQWRHUHQRYDomRGHHTXLSDPHQWRV
DIHFWRVjSUHVWDomRGHFXLGDGRVGHVD~GHHPHVSHFLDOQRV6HUYLoR
GH,QWHUQDPHQWR
5HFXSHUDUD&HQWUDO7pUPLFDFRQFOXVmR
5HDOL]DULQWHUYHQo}HVJHUDLVSDUDFRQVHUYDomRHUHTXDOLILFDomRGH
iUHDVH[WHULRUHVHLQWHULRUHVGR+26$HUHQRYDomRGH
HTXLSDPHQWRVHPRELOLiULRGHJUDGDGRV
6XEVWLWXLUDDFWXDOFLVWHUQDGHiJXDGR+26$GHIRUPDDTXHVHMD
SRVVtYHOPDQWHUDUHVHUYDGHiJXDQDVFRQGLo}HVGHDVVHSVLD
H[LJLGDVQDVXQLGDGHVKRVSLWDODUHV
7 RWDO
'DGRV6$37UDWDPHQWR+26$*$7
2EMHWLYR3URPRYHUDLPSOHPHQWDomRGHERDVSUiWLFDVFRPYLVWDDPHOKRUDUDTXDOLGDGH
GRVHUYLoRSUHVWDGRHUHQWDELOL]DomRGDVDWLYLGDGHVWpFQLFDVHFLU~UJLFDVGR+26$
3DUDTXHSRVVDFRQWLQXDUDGLIHUHQFLDUVHQDSUHVWDomRGHFXLGDGRVR+26$WHPSURFXUDGR
LPSOHPHQWDU XP FRQMXQWR GH ERDV SUiWLFDV H GH UHRUJDQL]Do}HV LQWHUQDV GH PRGR D
DFRPSDQKDUHSRUYH]HVDQWHFLSDUVHjFRQVWDQWHHYROXomRTXHPDUFDSHUPDQHQWHPHQWH
DDWLYLGDGHHP6D~GH
$WUDYpV GD PDQXWHQomR GD FRQWLQXLGDGH GRV SURFHGLPHQWRV GH LPSOHPHQWDomR GH ERDV
SUiWLFDV IRL SRVVtYHO PHOKRUDU D HILFiFLD QD XWLOL]DomR GRV UHFXUVRV H DR PHVPR WHPSR
FRQWULEXLU SDUD D VXVWHQWDELOLGDGH HFRQyPLFD $ LPSOHPHQWDomR GH ERDV SUiWLFDV SRU
H[HPSOR SHORV (QIHUPHLURV GH 5HDELOLWDomR DRV GRHQWHV LQWHUQDGRV FRQWULEXLX SDUD D
UHGXomRGRQ~PHURGHFRPSOLFDo}HVSDUDDGLPLQXLomRGRVJDVWRVSDUDDUHGXomRGRVGLDV
GHLQWHUQDPHQWRHDFLPDGHWXGRSDUDDVDWLVIDomRGRVXWHQWHVHSURILVVLRQDLV,JXDOPHQWH
LPSRUWDQWH IRL D FRQWLQXLGDGH GR REMHWLYR GH DSHUIHLoRDPHQWR GRV SURFHGLPHQWRV LQWHUQRV
SDUDUHJLVWRHIDWXUDomRGRVVHUYLoRVSUHVWDGRV
2XWUR H[HPSOR LPSOHPHQWDGR GL] UHVSHLWR j DOWHUDomR GD SROtWLFD GH DTXLVLomR H SUHVFULomR
GH DQWLELyWLFRV $VVLP DR ORQJR GH SURFXURXVH DGTXLULU PHGLFDPHQWRV FRP LJXDO
HIHWLYLGDGHHVHJXUDQoDHPERUDDSUHoRVPDLVEDL[RVHGHXVHFRQWLQXLGDGHjHODERUDomR
GHSURWRFRORVWHUDSrXWLFRVSDUDVLWXDo}HVFOtQLFDVPDLVIUHTXHQWHVQR+26$
y
•
(PHVWUHLWDDUWLFXODomRFRPRSURFHVVRGHUHRUJDQL]DomRFOtQLFDD8QLGDGHGH2UWRSHGLD
*HULiWULFDIRLLQWHJUDGDQR6HUYLoR ,GH2UWRSHGLDTXHIXQFLRQDDWXDOPHQWHQDDQWLJD
(QIHUPDULD ,9 GR +26$ (P IRUDP UHDOL]DGDV FLUXUJLDV H H[FOXLQGRVH D
DWLYLGDGHFLU~UJLFDGRV3URJUDPDVGH3URGXomR$GLFLRQDOHFRQVXOWDVH[WHUQDV
•
(QFRQWUDVHHPIXQFLRQDPHQWRGHVGHRLQtFLRGHRQRYRPRGHORGHRUJDQL]DomR
JHVWmRHFRQWUDWXDOL]DomRLQWHUQDGHSURGXomRKRVSLWDODUSRU6HUYLoR
•
)RL DGLDGR SDUD R SURMHWR GH DEHUWXUD GH XP QRYR 6HUYLoR GH ,QWHUQDPHQWR QmR
DIHWRjDWLYLGDGH2UWR7UDXPDWROyJLFD
•
)RUDP UHDOL]DGDV Do}HV GH IRUPDomR QD iUHD FOtQLFD Do}HV GH IRUPDomR SDUD RV
JUXSRVGHHQIHUPDJHPHDo}HVGHIRUPDomRSDUDDX[LOLDUHVGHDomRPpGLFDDo}HV
GH IRUPDomR SDUD YROXQWiULRV FRQVRDQWH DV QHFHVVLGDGHV LGHQWLILFDGDV 5HDOL]DUDPVH
DLQGDDo}HVGHIRUPDomRFRPDSOLFDomRSUiWLFDGHWpFQLFDVQDiUHDGD(QIHUPDJHP
GH5HDELOLWDomRGLUHFLRQDGDSDUD(QIHUPHLURV(VSHFLDOLVWDVH*HQHUDOLVWDVHDo}HVGH
IRUPDomRQRkPELWRGRSURMHWR3DGU}HVGH4XDOLGDGHGRV&XLGDGRVGH(QIHUPDJHP
$OpP GDV Do}HV SUHYLVWDV QR 3ODQR GH $WLYLGDGHV SDUD SDUD LPSOHPHQWDomR GH ERDV
SUiWLFDV TXH SURPRYDP D TXDOLGDGH H D PDLRU VXVWHQWDELOLGDGH GD DWLYLGDGH GR +26$
GHVWDFDPVHDLQGD
1RTXDGURFOtQLFRIDUPDFROyJLFRHGHFXLGDGRVGHHQIHUPDJHP

2 GHVHQYROYLPHQWR GH WUDEDOKRV GH LQYHVWLJDomR QR kPELWR GRV 3DGU}HV GH 4XDOLGDGH
GRV &XLGDGRV GH (QIHUPDJHP FRPR IRL R FDVR GRV WUDEDOKRV HIHWXDGRV QR GHVSLVWH
SUHFRFHGDVLQIHo}HVXULQiULDVGRVXWHQWHVVXEPHWLGRVD$UWURSODVWLD7RWDOGR-RHOKRHD
$UWURSODVWLD7RWDOGD$QFDHQDLGHQWLILFDomRGDLQFLGrQFLDGRDSDUHFLPHQWRGDVIOLFWHQDV
QRVXWHQWHVVXEPHWLGRVWDPEpPD$UWURSODVWLD7RWDOGR-RHOKRHD$UWURSODVWLD7RWDOGD
$QFDHVWHHPIDVHGHFROKHLWDHDQiOLVHHVWDWtVWLFDGRVGDGRV

$XWLOL]DomRGR0pWRGRGH(QIHUPHLUR5HVSRQViYHORXGH5HIHUrQFLDRTXDOFRQIHUHDR
HQIHUPHLUR D UHVSRQVDELOLGDGH SHOR SODQHDPHQWR GRV FXLGDGRV D SUHVWDU DRV GRHQWHV
TXHOKHHVWmRDWULEXtGRVGXUDQWHDVXDSHUPDQrQFLDQR+RVSLWDO(VWDPHWRGRORJLDHVWi
FRPSOHWDPHQWHLPSOHPHQWDGDHSHUPLWHXPDSUHVWDomRGHFXLGDGRVLQGLYLGXDOL]DGRVH
SHUVRQDOL]DGRVDRVXWHQWHV

$ UHDOL]DomR GH YiULDV ³DXGLWRULDV´ DRV UHJLVWRV GH (QIHUPDJHP LGHQWLILFDQGRVH
PHFDQLVPRV GH PHOKRULD SHUPDQHQWH TXH SHUPLWDP SUHVHUYDU D FRQWLQXLGDGH GH
FXLGDGRV H FRQWULEXLU SDUD D PHOKRULD GD TXDOLGDGH ± GHVWDFDQGRVH R REMHWLYR GH
LPSOHPHQWDU QRYRV LQVWUXPHQWRV GH UHJLVWR GH HQIHUPDJHP LQIRUPDWL]DGRV H HP
OLQJXDJHPFODVVLILFDGD
y

1R kPELWR GD &RPLVVmR GH &RQWUROR GH ,QIHomR H GDGR D UHOHYkQFLD FOtQLFD H LPSDFWR
HFRQyPLFR GDV LQIHo}HV KRVSLWDODUHV D HODERUDomR SHORV 6HUYLoRV )DUPDFrXWLFRV GH
XPDDQiOLVHHVWXGRGDVLQIHo}HVVXUJLGDVHPFRPRREMHWLYRGHPHOKRUSUHYHQLU
GHWHWDUHFRQWURODUDVLQIHo}HVDRORQJRGHHDQRVVXEVHTXHQWHV

$ UHDOL]DomR GH XP HVWXGR QmR LQWHUYHQFLRQDO GH GLPHQVmR LQWHUQDFLRQDO TXH YLVD
DYDOLDU D HILFiFLD H VHJXUDQoD GH ;DUHOWR H DYDOLDU RV UHVXOWDGRV REWLGRV
FRPSDUDWLYDPHQWHjVWHUDSLDV±SDGUmRQDSUHYHQomRGRWURPERHPEROLVPRYHQRVR

$ UHDOL]DomR GH H[HUFtFLRV TXRWLGLDQRV GH )DUPDFRYLJLOkQFLD TXH YLVDP UDVWUHDU H
LGHQWLILFDUSRWHQFLDLVPHGLFDPHQWRVTXHVHMDPDOYRGH$OHUWDVHPLWLGRVSHOR,1)$50('
EHP FRPR QR VHQWLGR LQYHUVR R HVWXGR GH VXVSHLWDV GH UHDo}HV DGYHUVDV GH
PHGLFDPHQWRVGHIRUPDDSURFHGHUjVGHYLGDVQRWLILFDo}HVDR,1)$50('

$ HODERUDomR GH 3URWRFRORV H ,QIRUPDo}HV 7HUDSrXWLFDV TXH IRUDP DSUHVHQWDGRV H
VXEPHWLGRVDDSUHFLDomRQDVUHXQL}HVGD&RPLVVmRGH)DUPiFLDH7HUDSrXWLFD

$ UHDOL]DomR GH XP HVWXGR SHVTXLVD SHORV 6HUYLoRV )DUPDFrXWLFRV HP FRODERUDomR
FRP D 8QLGDGH GH *HULDWULD GR +26$ VREUH R WLSR GH WHVWHV XVDGRV QR GLDJQyVWLFR
SUHFRFHGDGHVQXWULomRULVFRGHGHVQXWULomRQRVVHXVGRHQWHVLQWHUQDGRVHWHQGRVLGR
SURSRVWR TXH IRVVH DXWRUL]DGD H LPSOHPHQWDGD FRPR SURFHGLPHQWR QD DGPLVVmR QR
KRVSLWDO D UHDOL]DomR GR ³,QTXpULWR 0LQL 1XWULWLRQDO $VVHVVPHQW 01$´ 'DQGR
FRQWLQXLGDGHDRSURMHWRIRLMiHODERUDGRXPSURWRFRORVREUHVXSOHPHQWDomRRUDOHXP
JXLDSURFHGLPHQWRDVHJXLUHPFDVRVGHHVWXGRV
1RkPELWRIRUPDWLYRGHVWDFDVH

$ UHDOL]DomR GH XPD UHXQLmR FOtQLFD WpFQLFRFLU~UJLFD TXH LQFOXLX GXDV VHVV}HV
FLU~UJLFDV GHVHQYROYLGDV SHOR FLUXUJLmR DOHPmR 'U &KULVWLDQ .RWKQ\ FRP WUDQVPLVVmR
HPVLVWHPDGHYLGHRFRQIHUrQFLDDSDUWLUGR%ORFR2SHUDWyULRGR+26$HTXHFRQVWLWXLX
XPD PDLVYDOLD SDUD D IRUPDomR FRQWtQXD H GLIHUHQFLDomR GR FRUSR FOtQLFR H GH
HQIHUPDJHPGR+26$

$ UHDOL]DomR GR ,, &RQJUHVVR GH 2UWRSHGLD GH *HULiWULFD GR +26$ FRP PDLV GH LQVFULo}HVRQGHIRUDPGHEDWLGDVDVP~OWLSODVTXHVW}HVTXHVHSUHQGHPFRPD
DERUGDJHPFLU~UJLFDRUWRSpGLFDDFLGDGmRVFRPLGDGHSRUYH]HVVXSHULRUDDQRVH
UHVSHWLYDUHDELOLWDomRSyVRSHUDWyULD

$UHDOL]DomRGR&XUVRGH6XSRUWH,PHGLDWRGH9LGD3DUD(QIHUPHLURV
2EMHWLYR 'HVHQYROYHU H DSHUIHLoRDU R 6LVWHPD GH ,QIRUPDomR H &RPXQLFDomR FRP RV
XWHQWHV
y
2GHVHQYROYLPHQWRGDFRPXQLFDomRFRPRVXWHQWHVWRUQDVHFDGDYH]PDLVXPLPSHUDWLYR
SDUD D DWLYLGDGH GR +RVSLWDO 3RU XP ODGR SDUD DSUHVHQWDU R +26$ QXPD UHDOLGDGH GH
SUHVWDomR GH FXLGDGRV GH VD~GH FDGD YH] PDLV FRPSHWLWLYD SHUPLWLQGR DR XWHQWH DFHGHU
DRV VHUYLoRV GR +RVSLWDO GH IRUPD PDLV GLUHWD ± DWUDYpV GH PDUFDo}HV H RXWURV FRQWDFWRV
RQOLQH3RURXWURODGRSDUDJHULUPDLVHILFD]PHQWHRVFXVWRVGHIXQFLRQDPHQWRDRPHVPR
WHPSRTXHVHPHOKRUDDTXDOLGDGHGRDWHQGLPHQWRDRH[WHULRU
$ GLVSRQLELOL]DomR DRV XWHQWHV GH XPD SiJLQD GH ,QWHUQHW SUySULD GR +26$ IRL
UHFDOHQGDUL]DGDSDUDWHQGRVLGRGDGDSULRULGDGHDRXWURVSURMHWRVLQDGLiYHLVHQWUHRV
TXDLVVHGHVWDFDPDSUHSDUDomRGR+RVSLWDOSDUDRSURFHVVRGHLPSOHPHQWDomRGR6LVWHPD
GH 3UHVFULomR (OHWUyQLFD GH DFRUGR FRP DV QRUPDV JRYHUQDPHQWDLV R DFRPSDQKDPHQWR
GD ILQDOL]DomR GR SURFHVVR GH LPSOHPHQWDomR GD DSOLFDomR :HE*'+ HP FDXVD D
H[SRUWDomRPLJUDomR GRV GDGRV GD DQWHULRU DSOLFDomR SDUD D QRYD YHUVmR RX R
DFRPSDQKDPHQWRQDVLQWHUYHQo}HVQRVLVWHPDGHLQIRUPDomR0HGWUDFNSRUIRUoDGDVQRYDV
H[LJrQFLDVGDV(QWLGDGHVFOLHQWHVHPPDWpULDGHIDWXUDomR
2EMHWLYR5HIRUoDUDOLJDomRFRPRVFRODERUDGRUHVHDFRPXQLGDGH
2 +26$ SURFXUD GHVHQYROYHU XPD SROtWLFD GH HVWUHLWD OLJDomR TXHU FRP RV VHXV
FRODERUDGRUHVTXHUFRPDFRPXQLGDGHHPTXHVHLQVHUH1DSHUVHFXomRGHVWDSROtWLFDWrP
VLGRGHVHQYROYLGDVDRORQJRGRVDQRVGLYHUVDVDo}HVHSURJUDPDo}HVTXHDEUHPDVSRUWDV
GHVWH +RVSLWDO 2UWRSpGLFR j FRPXQLGDGH H[WHULRU H TXH SURFXUDP UHFRQKHFHU R FRQWULEXWR
GRVFRODERUDGRUHVTXHDMXGDUDPDID]HUVXDFHQWHQiULDKLVWyULD
(P R $QLYHUViULR GR +26$ IRL GHGLFDGR DR UHFRQKHFLPHQWR S~EOLFR GD
&RPXQLGDGH UHVLGHQWH GH ,UPmV GD &RQJUHJDomR 'RPLQLFDQD GH 6DQWD &DWDULQD GH 6HQD
SHOD RFDVLmR GD FHOHEUDomR GR &HQWHQiULR GD VXD SUHVHQoD LQLQWHUUXSWD QHVWH +RVSLWDO 'R
3URJUDPD GDV &RPHPRUDo}HV IL]HUDP SDUWH DV &RQIHUrQFLDV DOXVLYDV DR &HQWHQiULR GD
&RQJUHJDomRQR+26$D&HOHEUDomR(XFDUtVWLFDSUHVLGLGDSHOR%LVSR$X[LOLDUGH/LVERDHD
FHULPyQLDGHErQomRGD(VWiWXDGH6DQW¶$QD
y
(P FRODERUDomR FRP R &HQWUR (GLWRULDO GD 6&0/ R +26$ DVVLQDORX DLQGD HP PDLR GH
R ODQoDPHQWR GD HGLomR GRV &DGHUQRV 6ROLGiULRV ©6DXGDGHV GR IXWXUR +HUyLV
LPSURYiYHLVªGHGLFDGDDHVWH+RVSLWDO2UWRSpGLFR
2+26$DWUDYpVGRSHVVRDOGH(QIHUPDJHPFRODERURXDLQGDFRPD-XQWDGH)UHJXHVLDGH
4XHLMDV QD UHDOL]DomR GH XP 5DVWUHLR GH 2VWHRSRURVH QR TXDO IRUDP HIHWXDGRV UDVWUHLRV H UHVSHWLYRV HQVLQRV GH HGXFDomR SDUD D VD~GH WHQGR VLGR HQFDPLQKDGDV SHVVRDVSDUDR0pGLFRGH)DPtOLD
3RU VHU XPD ,QVWLWXLomR FRP UHVSRQVDELOLGDGHV GH IRUPDomR H HQVLQR R +26$ FRODERURX
FRP GLIHUHQWHV ,QVWLWXLo}HV GR (QVLQR 6XSHULRU GLVSRQLELOL]DQGR FLQFR YDJDV SDUD R
,QWHUQDWR GH 2UWRSHGLD UHFHEHQGR HVWXGDQWHV GR &XUVR GH /LFHQFLDWXUD HP
(QIHUPDJHPQRkPELWRGRGHVHQYROYLPHQWRGHHQVLQRVFOtQLFRVHP2UWRWUDXPDWRORJLDH
HVWXGDQWHVGR&XUVRGH3yVJUDGXDomR HP(QIHUPDJHPGH5HDELOLWDomR2ULHQWRXDLQGDH
DWUDYpV GRV VHXV 6HUYLoRV )DUPDFrXWLFRV GRLV HVWiJLRV GH SUpOLFHQFLDWXUD QR kPELWR GD
FRODERUDomRFRPD)DFXOGDGHGH)DUPiFLDGH/LVERD
2EMHWLYR)RPHQWDURUHIRUoRGDFXOWXUDRUJDQL]DFLRQDOFRPYLVWDDXPDPDLRUHILFLrQFLD
HFRHVmRGD,QVWLWXLomR
&RP HVWH REMHWLYR SURFXUDPVH DSHUIHLoRDU RV FDQDLV LQWHUQRV GH FRPXQLFDomR H
LQIRUPDomRGHIRUPDDHQYROYHUWRGRVRVFRODERUDGRUHVQRVREMHWLYRVILQDLVGR+26$
$ SULQFLSDO DomR SUHYLVWD QR SODQR GH $WLYLGDGHV SDUD IRL D LPSOHPHQWDomR GH XPD
UHGHGHLQWUDQHWGR+26$HQTXDQWRIHUUDPHQWDDGLFLRQDOTXHSHUPLWLUiDJLOL]DUHPHOKRUDU
SURFHGLPHQWRVH[LVWHQWHVGDPHVPDIRUPDTXHLUiIXQFLRQDUFRPRXPHOHPHQWRIDFLOLWDGRU
QD FRPXQLFDomR HQWUH RV VHXV FRODERUDGRUHV 3RU UD]}HV Mi H[SRVWDV HVWD DomR IRL DGLDGD
SDUD
7RGRV HVWHV REMHWLYRV RULHQWDUDP D DomR GR +26$ DR ORQJR GR DQR GH 3DUD D VXD
FRQVHFXomR H VLQWHWL]DQGR R H[SRVWR DR ORQJR GR SUHVHQWH 5HODWyULR IRUDP DVVXPLGDV DV
VHJXLQWHVHVWUDWpJLDVIXQGDPHQWDLV
•
$ LPSOHPHQWDomR GH 3URJUDPDV GH 3URGXomR $GLFLRQDO QDV iUHDV DQDWyPLFDV GR
2PEUR$QFD-RHOKR3pHQD2UWRSHGLD*HULiWULFDGHIRUPDDLQFUHPHQWDUDDWLYLGDGH
FLU~UJLFDGR+RVSLWDOGLPLQXLUDVOLVWDVGHHVSHUDHDXPHQWDURYROXPHGHIDWXUDomR
•
$FRQVROLGDomRGDLPSOHPHQWDomRGDQRYDRUJDQL]DomRFOtQLFD
y
•
$FRQWLQXDomRGDDSRVWDQDGLYXOJDomRGR+RVSLWDOGDVVXDVHVSHFLDOLGDGHVHVHUYLoRV
GLVSRQLELOL]DGRV QDV iUHDV JHRJUiILFDV GH &DVFDLV 2HLUDV H 6LQWUD VREUHWXGR FRP R
REMHWLYR GH VH DXPHQWDU R Q~PHUR GH &RQVXOWDV ([WHUQDV UHDOL]DGDV EHP FRPR GH
0HLRV&RPSOHPHQWDUHVGH'LDJQyVWLFRH7HUDSrXWLFD
•
2GHVHQYROYLPHQWRGHXPDSROtWLFDGHFRPXQLFDomRPDLVDWLYDHQWUHR+26$HRVVHXV
XWHQWHVDWUDYpVGH606HYLDHPDLO
•
$ PDQXWHQomR GD FDPSDQKD GH SUHoRV SURPRFLRQDLV SDUD RXWUDV HVSHFLDOLGDGHV TXH
QmR2UWRSHGLDGHPRGRDDODUJDUDDWLYLGDGHGHVHQYROYLGDSHOR+RVSLWDOGHDXPHQWDU
D VXD UHVSRVWD jV QHFHVVLGDGHV GRV XWHQWHV GD UHJLmR H GH SURPRYHU XPD PDLRU
DFHVVLELOLGDGHSRUSDUWHGRVPDLVFDUHQFLDGRV
•
2 FRQWtQXR GHVHQYROYLPHQWR GH VLVWHPDV GH PRQLWRUL]DomR GD DWLYLGDGH H GRV
UHVXOWDGRVGHPRGRDWRPDUHPVHDVDGHTXDGDVPHGLGDVHPWHPSR~WLOTXHSRVVDP
SURPRYHUDTXDOLGDGHHDHILFLrQFLD
•
$ DSRVWD FRQWtQXD QR PHOKRUDPHQWR GDV IXQFLRQDOLGDGHV GR VLVWHPD GH JHVWmR GH
GRHQWHV 0HGWUDN FRPR YLD SDUD D PRGHUQL]DomR H PHOKRULD GD LQIRUPDomR FOtQLFD
GLVSRQtYHOUHJLVWRVHIHWXDGRVHIDWXUDomRHPLWLGD
•
2 HVIRUoR FRQWLQXDGR GH LQYHVWLPHQWR QD UHPRGHODomRUHQRYDomR GH LQVWDODo}HV H
HTXLSDPHQWRVGLUHWDPHQWHYRFDFLRQDGRVSDUDDSUHVWDomRFOtQLFD
(VWDV PHGLGDV DVVRFLDGDV D XPD FRQWtQXD DSRVWD QR DSHUIHLoRDPHQWR GH FLUFXLWRV H
SURFHGLPHQWRV LQWHUQRV SHUPLWLUDP R FXPSULPHQWR GDV PHWDV JOREDLV D TXH R +26$ VH
SURS{VSDUDRDQRGHGHVWDFDQGRVHDPHOKRULDJOREDOGDDWLYLGDGHDVVLVWHQFLDOHP
SDUDOHORFRPXPDGLPLQXLomRGRGpILFHHPFHUFDGHIDFHDRH[HUFtFLRDQWHULRU
y
&HQWURGH0HGLFLQDH5HDELOLWDomRGR$OFRLWmR
2 DQR GH IRL XP DQR GH HVWDELOL]DomR SDUD R &HQWUR GH 0HGLFLQD GH 5HDELOLWDomR GH
$OFRLWmR &05$ HP YLUWXGH GR $FRUGR GH &RODERUDomR RXWRUJDGR DLQGD HP FRP D
$GPLQLVWUDomR5HJLRQDOGH6D~GHGH/LVERDH9DOHGR7HMR$56/97
$SyV D VXD HQWUDGD HP YLJRU DJRVWR R DFHVVR GRV XWHQWHV GHVWD 5HJLmR GH 6D~GH
HTXLYDOHQWHDGRVXWHQWHVGR&05$FRQKHFHXXPDSURIXQGDDOWHUDomRGHILQLomRGH
QRYDVUHJUDVHQRYRVFLUFXLWRVGHUHIHUHQFLDomRKRVSLWDODUFODULILFDQGRDVUHJUDVGHDFHVVR
DR &05$ SRU HVWHV 8WHQWHV &RQVHTXrQFLD GHVWH QRYR IRUPDOLVPR IRL QDWXUDOPHQWH XP
DFUpVFLPR VLJQLILFDWLYR GR YROXPH GRV SURFHGLPHQWRV DGPLQLVWUDWLYRV DR QtYHO GD
UHIHUHQFLDomRGDLQIRUPDomRGHUHWRUQRHGRVUHJLVWRVHPVXSRUWHItVLFRHLQIRUPiWLFR
1RHQWDQWRHVWH$FRUGRjVHPHOKDQoDGRVXFHGLGRHPWHYHFRPRFRQVHTXrQFLDXP
GHFUpVFLPRGRQ~PHURGHFRQVXOWDVIDFHDRSUHYLVWRXPDYH]TXHSULYLOHJLDDDVVLVWrQFLDD
XWHQWHVQXPDIDVHSyVDJXGDGDGRHQoDHHPUHJLPHGHLQWHUQDPHQWR
1HVWHVHQWLGRRDFHVVRDRWUDWDPHQWRDPEXODWyULRpUHVWULQJLGRDRVXWHQWHV$GXOWRVFRPR
3HGLiWULFRV TXH QXQFD WHQKDP SDVVDGR SRU XP HSLVyGLR GH LQWHUQDPHQWR WHQGR FRPR
FRQVHTXrQFLDDGLPLQXLomRGRQ~PHURGHXWHQWHVDVVLVWLGRVHPDPEXODWyULR
(VWD VLWXDomR WHYH HVSHFLDO LPSDFWR QR 6HUYLoR GH 5HDELOLWDomR 3HGLiWULFD H GH
'HVHQYROYLPHQWR 653' ± 6HUYLoR EHP FRPR QR $PEXODWyULR GH $GXOWRV SRUTXDQWR D
PDLRULD GRV VHXV XWHQWHV DOpP GH WHUHP FRPR ~QLFD HQWLGDGH ILQDQFHLUD UHVSRQViYHO R
616 VmR SRUWDGRUHV GH SDWRORJLDV TXH SRGHP QmR H[LJLU D SDVVDJHP SRU XP HSLVyGLR GH
LQWHUQDPHQWR
3DUD XOWUDSDVVDU HVWD VLWXDomR SHQDOL]DGRUD GRV XWHQWHV HP LGDGH SHGLiWULFD H IDPtOLDV IRL
RXWRUJDGD XPD $GHQGD DEULO GH TXH YHLR JDUDQWLU H DVVHJXUDU D FRQWLQXLGDGH GRV
SURJUDPDVGHUHDELOLWDomRWHUDSrXWLFDDXWHQWHVHPLGDGHSHGLiWULFDGD$56/97HPUHJLPH
DPEXODWyULR
$SHVDU GR FHQiULR VXSUD GHVFULWR D DWLYLGDGH GHVHQYROYLGD SHOR &05$ HP FRPSDUDWLYDPHQWHFRPRSHUtRGRKRPyORJRDSUHVHQWRXDVVHJXLQWHVYDULDo}HV
y
$XPHQWR GR Q~PHUR GH GRHQWHV VDtGRV H GR Q~PHUR GH GLDV GH LQWHUQDPHQWR FRP
XPDXPHQWRGHSSGDWD[DGHRFXSDomRHPHHP
'LPLQXLomR JOREDO Q~PHUR GH FRQVXOWDV HPERUD FRP XP DXPHQWR GH QR
Q~PHURGHSULPHLUDVFRQVXOWDVHPHHP
$XPHQWR JOREDO GR Q~PHUR GH DWRV WHUDSrXWLFRV HP H HP
$XPHQWRJOREDOGRQ~PHURGHPHLRVFRPSOHPHQWDUHVGHGLDJQyVWLFR
3ODQHDGR
ÜHDO
¨5HDO
3ODQ
,QWHUQDPHQWR
/RWDomR
1U'RHQWHV6DtGRV
ϭϭƉ͘Ɖ͘
ͲϰƉ͘Ɖ͘
1U'LDV,QWHUQDPHQWR
7D[D2FXSDomR
1U&RQVXOWDV([WHUQDV
&RQVXOWDV0)57RWDO
V&RQVXOWDV
V&RQVXOWDVH6XEVHTXHQWHV
&RQVXOWRUHV2XWUDVHVSHFLDOLGDGHV
1U&RQVXOWDV([WHUQDVQmRPpGLFDV
1U([DPHV'LDJQyVWLFR
1U$WRV0pGLFRV7HUDSrXWLFRV
1U2XWURV$WRV7HUDSrXWLFRV
1U$WRV7HUDSrXWLFRV
$ DFHQWXDGD GLPLQXLomR GR Q~PHUR GH DWRV PpGLFRV UHDOL]DGRV IDFH D H IDFH DR SODQHDGR SDUD GHYHVH DR IDFWR GR $FRUGR RXWRUJDGR FRP D $56/97
SULYLOHJLDURLQWHUQDPHQWR
¬ VHPHOKDQoD GR RFRUULGR HP DQRV WUDQVDWRV IRUDP DLQGD GHVHQYROYLGRV QRYRV $FRUGRV
FRPGLYHUVDVHQWLGDGHV
y
•
&kPDUD 0XQLFLSDO GH &DVFDLV ± 1R kPELWR GR DSRLR D FULDQoDV FRP QHFHVVLGDGHV
HGXFDWLYDVHVSHFLDLV&ULDomRGR%DQFRGH$MXGDV7pFQLFR3HGDJyJLFDV%$73
•
6LQGLFDWR1DFLRQDOGRV4XDGURVH7pFQLFRV%DQFiULRV6$0648$'5266HUYLoRGH
$VVLVWrQFLD0pGLFR6RFLDO
•
,QVWLWXWRGH6HJXURVGH3RUWXJDO
•
&RPSDQKLDGH6HJXURV$;$3RUWXJDO
2 DQR GH ILFD WDPEpP PDUFDGR SHOD UHTXDOLILFDomR GH LQVWDODo}HV YRFDFLRQDGDV
GLUHWDPHQWH SDUD D SUHVWDomR GH FXLGDGRV WDLV FRPR D 7HUDSLD 2FXSDFLRQDO 2EUD Mi
UHDOL]DGDRSLVR$REUDHPFXUVR
7HQGRHPYLVWDDHYROXomRFRQWtQXDGD2UJDQL]DomRWRUQDQGRDPDLVHILFD]HUDFLRQDOHVWi
HP FXUVR D ,QIRUPDWL]DomR GR SURFHVVR FOtQLFR EHP FRPR VH PDQWpP R SURFHVVR GH
%HQFKPDUNLQJ&OtQLFRLQLFLDGRHPILQDLVGH
2 %HQFKPDUNLQJ &OtQLFR WHP SHUPLWLGR DR &HQWUR GH 0HGLFLQD GH 5HDELOLWDomR GH $OFRLWmR
GRFXPHQWDU R TXH VmR ERDV SUiWLFDV DWUDYpV GD FRPSDUDomR GRV UHVXOWDGRV REWLGRV FRP
RXWUDV ,QVWLWXLo}HV GH UHQRPH QD iUHD GD 0HGLFLQD )tVLFD H 5HDELOLWDomR 0)5
SRVVLELOLWDQGRDVVLPDDSUR[LPDomRGR&05$DRVVWDQGDUWVGD0)5QRPHDGDPHQWHQRTXH
WRFD j GLPLQXLomR GD 'HPRUD 0pGLD (VWH IDFWR p GHYHUDV LPSRUWDQWH SDUD R &05$ SRLV
FRPDFHOHEUDomRGR$FRUGRFRPD$56/97IRUDPGHILQLGRVSDUDRVGLIHUHQWHVHSLVyGLRVGH
LQWHUQDPHQWRSRUSDWRORJLDOLPLDUHVVXSHULRUHV
$WXDOPHQWH R &05$ GLVS}H GH XPD EDVH GH GDGRV FRP WRGRV RV HSLVyGLRV GHVGH SHUPLWLQGRDVVLPDSURGXomRGHFRQKHFLPHQWRFLHQWtILFR
$QiOLVH GRV UHVXOWDGRV DOFDQoDGRV H GRV GHVYLRV YHULILFDGRV HP UHODomR DR 3ODQR
2EMHWLYR 'HVHQYROYHU SURFHGLPHQWRV DGHTXDGRV SDUD D (ODERUDomR GH QRYR
5HJXODPHQWR,QWHUQR
25HJXODPHQWRGR&05$DWXDOPHQWHHPYLJRUHVWiGHVDWXDOL]DGRSRUTXDQWRQmRUHIOHWHD
HVWUXWXUDRUJDQL]DWLYDGR&HQWUR1HVWHVHQWLGRIRLLQWHQomRGR&RQVHOKR'LUHWLYRUHIOHWLUH
SRQGHUDU VREUH D RUJDQL]DomR YHUVXV IXQFLRQDPHQWR GR &HQWUR GHILQLQGR OLQKDV
RULHQWDGRUDV GH IRUPD D FRQVROLGDU R FRQVWUXFWR GD UH HODERUDomR GR 5HJXODPHQWR
,QWHUQR
y
&RP D DWXDOL]DomR GR 5HJXODPHQWR ,QWHUQR SUHWHQGHVH GHILQLU FODUDPHQWH DV UHJUDV GH
IXQFLRQDPHQWR GRV GLYHUVRV yUJmRV H VHUYLoRV GR &HQWUR SRVVLELOLWDQGR WDPEpP D
GHILQLomRGHXPDSROtWLFDHVWUDWpJLFDTXHDVVHJXUHDFRQFUHWL]DomRHILFD]HHILFLHQWHGDVXD
PLVVmRQDSUHVWDomRGHFXLGDGRVGHVD~GHEHPFRPRQDSDUWLFLSDomRGDTXDVHWRWDOLGDGH
GDV VXDV XQLGDGHV IXQFLRQDLV HP DWLYLGDGHV GH HQVLQR XQLYHUVLWiULR SUp H SyV JUDGXDGR H
HPDWLYLGDGHVGHLQYHVWLJDomR
$VVLPHODERURXVHXPDSDUWHFRQVLGHUiYHOGR5HJXODPHQWRFRQWXGRHGHYLGRjRSomRGH
DOJXPDV GHFLV}HV HVWUDWpJLFDV IDFH DRV FRQVWUDQJLPHQWRV GHFRUUHQWHV GD GLPLQXLomR GRV
XWHQWHV HP DPEXODWyULR IRL GHFLVmR GR &RQVHOKR 'LUHWLYR UHIOHWLU VREUH TXDO R PHOKRU
IRUPDWRRUJkQLFRDDGRWDU
'HVWH PRGR FUrVH HVWDU HP FRQGLo}HV GH FRQVROLGDU H ILQDOL]DU R UHJXODPHQWR RX VHMD
UHJXODU D HVWUXWXUD RUJkQLFD GR &05$ H VXEPHWHU j 0HVD GD 6&0/ SDUD VXD DSURYDomR
GXUDQWHRSULPHLURVHPHVWUHGH
2EMHWLYR 'HVHQFDGHDU RV SURFHGLPHQWRV DGHTXDGRV H FRQGXFHQWHV DR SURFHVVR GH
DFUHGLWDomRGR&05$
1mR IRL SRVVtYHO FRQFUHWL]DU QD VXD SOHQLWXGH HVWH REMHWLYR 3RUpP DOJXPDV GDV Do}HV
LQVFULWDV SDUD D FRQFUHWL]DomR GHVWH REMHWLYR IRUDP HIHWLYDPHQWH UHDOL]DGDV WDO FRPR VH
SRGHREVHUYDUQDWDEHODVHJXLQWH
$VVLPGDVWULQWDHGXDVDo}HVSODQHDGDVRVUHVXOWDGRVREWLGRVIRUDPRVVHJXLQWHV
$o}HV
5HDOL]DGDV
$o}HV3DUFLDOPHQWH
5HDOL]DGDV
$o}HV
6XVSHQVDV
$o}HV
$EDQGRQDGDV
$o}HVFRP
UHFXSHUDomR
FRQGLFLRQDGDSHOR
H[WHULRU
y
2EMHWLYR$GRWDUPHGLGDVWHQGRHPYLVWDDXPHQWDUHPDVUHFHLWDVSURYHQLHQWHVGDV
SDUFHULDVSURWRFRORVMiH[LVWHQWHVFRPR&05$HP
(VWH REMHWLYR SUHVVXSXQKD HQWUH RXWUDV DWLYLGDGHV PHOKRUDU D JHVWmR GRV DWLYRV
IL[RVLPRELOL]DGRSHORTXHIRUDPHPSUHHQGLGDVDo}HVTXHFXOPLQDUDPFRPDHODERUDomRGR
0DQXDOGH3URFHGLPHQWRVFRQGXFHQWHDERDVSUiWLFDV
)DFHDRH[SRVWR HVWH REMHWLYRQmRIRLFRQFUHWL]DGRQDVXDWRWDOLGDGHXPDYH]TXHDIDVH
GHDSURYDomRGRQRYRUHJXODPHQWRGR&HQWURWUDQVLWRXSDUD
2EMHWLYR$QJDULDUUHQHJRFLDUQRYRVDFRUGRVFRP6HJXUDGRUDVH6XEVLVWHPDVGHVD~GH
$R ORQJR GH SURFXURXVH DODUJDU D UHGH GH FRODERUDomR H R ³NQRZKRZ´ GR &HQWUR
DWUDYpV GR HVWDEHOHFLPHQWR GH QRYDV SDUFHULDV FRP RUJDQL]Do}HV TXH VmR UHFRQKHFLGDV
WDQWRQRSODQRQDFLRQDOFRPRQRSODQRLQWHUQDFLRQDO
(P IRUDP UHDOL]DGDV TXDWUR 3DUFHULDV FRP R &HQWUR GH 0HGLFLQD GH 5HDELOLWDomR GH
$OFRLWmR&05$
$ VDEHU &kPDUD 0XQLFLSDO GH &DVFDLV ,QVWLWXWR GH 6HJXURV GH 3RUWXJDO $;$ 3RUWXJDO H
6$06 4XDGURV VHQGR TXH HVWHV 2UJDQLVPRV GHVHQYROYHP DV VXDV DWLYLGDGHV GLiULDV QR
VHWRUS~EOLFRHQRVHWRUSULYDGRUHVSHWLYDPHQWH
2EMHWLYR$XPHQWDUHPDDWLYLGDGHQDVGLYHUVDViUHDVGHLQWHUYHQomRGR&05$
$DWLYLGDGHDVVLVWHQFLDOGR&05$HPIRLIRUWHPHQWHLQIOXHQFLDGDSHODVQRYDVUHJUDVH
QRYRV FLUFXLWRV GH UHIHUHQFLDomR KRVSLWDODU TXH YLHUDP FODULILFDU DV UHJUDV GH DFHVVR DR
&05$SHORV8WHQWHVGD$GPLQLVWUDomR5HJLRQDOGH6D~GHGH/LVERDH9DOHGR7HMR
$SHVDUGHVWH$FRUGRGH&RODERUDomRSULYLOHJLDUDDVVLVWrQFLDDXWHQWHVQXPDIDVHSyVDJXGD
GD GRHQoD H HP UHJLPH GH LQWHUQDPHQWR WHQGR FRPR FRQVHTXrQFLD XPD HYHQWXDO
GLPLQXLomRGRQ~PHURGHXWHQWHVDVVLVWLGRVHPDPEXODWyULRDDWLYLGDGHGHVHQYROYLGD
SHOR&05$HPFRPSDUDWLYDPHQWHFRPRSHUtRGRKRPyORJRDSUHVHQWRXXPDYDULDomR
SRVLWLYDQRVLQGLFDGRUHV
y
D GH LQWHUQDPHQWR QRPHDGDPHQWH Q~PHUR GH GRHQWHV VDtGRV Q~PHUR GH GLDV GH
LQWHUQDPHQWRHGDWD[DGHRFXSDomR
E Q~PHURGHSULPHLUDVFRQVXOWDV
F Q~PHURGHDWRVWHUDSrXWLFRV
G RXQ~PHURGHPHLRVFRPSOHPHQWDUHVGHGLDJQyVWLFR
¬VHPHOKDQoDGRVREMHWLYRVDQWHULRUHVHWDPEpPHVWHQmRHVWDYDSUHYLVWRQR48$5
GHFRQWXGRDVXDPRQRWRUL]DomRHYLGrQFLDRVSULQFLSDLVUHVXOWDGRVREWLGRV
'H HQWUH D DWLYLGDGH GHVHQYROYLGD QR &HQWUR VDOLHQWDVH TXH H GH DFRUGR FRP R TXDGUR
LQIUDHYLGHQFLDVHXPDHYROXomRVXSHULRUjPHWDHVWDEHOHFLGDQRREMHWLYR
&RQVXOWDVGH0)5V&RQVXOWDV
&RQVXOWDVGH(QIHUPDJHP
&RQVXOWDGH3VLFRORJLD
&RQVXOWDGH'LHWpWLFD
0HLRV&RPSOHPHQWDUHVGH'LDJQyVWLFR
&HQWURGH0RELOLGDGH
3URYDVGH)XQomR5HVSLUDWyULD
/DERUDWyULRGH0DUFKD
,PDJLRORJLD
(FR
(OHFWURFDUGLRJUDPD
$WRV7HUDSrXWLFRV
)LVLRWHUDSLD
7HUDSLD2FXSDFLRQDO
7HUDSLDGD)DOD
$WLYLGDGHVGD9LGD'LiULD
2UWRSURWHVLD
$WRVGH(QIHUPDJHP
Δ5HDO
5HDO
2EMHWLYR0HOKRUDUDTXDOLGDGHJOREDOGRDWHQGLPHQWRH[HFXWDQGRSHORPHQRVGRV
SURMHWRVGHREUDV
&RP R REMHWLYR SULPRUGLDO GH VH JDUDQWLU TXH RV HTXLSDPHQWRV H LQVWDODo}HV GR &HQWUR
WHQKDPXPIXQFLRQDPHQWRVHJXURHHILFLHQWHPHOKRUDQGRDVXDILDELOLGDGHH
GXUDELOLGDGH H FRQVHTXHQWHPHQWH PHOKRUDQGR D TXDOLGDGH JOREDO GR DWHQGLPHQWR IRUDP
SUHYLVWDVYiULDVDo}HVQR3ODQRGH2EUDV
y
1R UHVSHLWDQWH D HVWH REMHWLYR QR TXDO HVWDYDP LQVFULWDV FDWRU]H REUDV D UHDOL]DU
FRQVWDWDVHTXHIRUDPDSHQDVH[HFXWDGDVGH]GDVREUDVSUHYLVWDVRTXHDSRQWDSDUD
XPDWD[DGHUHDOL]DomRGH
e GH UHOHYDU TXH R QmR FXPSULPHQWR QD VXD WRWDOLGDGH GR SODQR GH REUDV SUHYLVWDV SDUD
VHILFRXDGHYHUDFRQVWUDQJLPHQWRVH[WHUQRV
1RHQWDQWRDSUD]UHIHULUTXHIRUDPH[HFXWDGDVQDWRWDOLGDGHGH]DVVHWHHPSUHLWDGDV
VHWHQmRSUHYLVWDVQRSODQRDILPGHGDUUHVSRVWDDQHFHVVLGDGHVTXHDRORQJRGRDQRGH
IRUDPVXUJLQGRHjVTXDLVVHWRUQRXSUHPHQWHGDUUHVROXomRLPHGLDWD
2EMHWLYR'HVHQYROYHUR3URMHWRGH,QIRUPDWL]DomRGR3URFHVVR&OtQLFR
&RPR IRL UHIHULGR QD LQWURGXomR D HYROXomR FRQWtQXD GD 2UJDQL]DomR GH PRGR D WRUQDOD
PDLVHILFD]HUDFLRQDOpXPDGDVOLQKDVRULHQWDGRUHVGR&HQWUR1HVWHVHQWLGRHVWmRDVHU
GHVHQYROYLGDV GLYHUVDV Do}HV RQGH VH LQFOXL R GHVHQYROYLPHQWR GR SURMHWR GH
,QIRUPDWL]DomRGRSURFHVVRFOtQLFR
1RkPELWRGHVWHREMHWLYRIRUDPPRQLWRUL]DGRVWRGRVRVSHGLGRVGD'LUHomRGH6LVWHPDVGH
,QIRUPDomR H SURFHGHXVH j DQiOLVH H HODERUDomR GH UHVSRVWDV SHOR TXH IRL R PHVPR
FXPSULGR
2EMHWLYR'HVHQYROYHURSURFHVVRGH%HQFKPDUNLQJ&OtQLFR
&RPR IRL Mi PHQFLRQDGR R SURFHVVR GH %HQFKPDUNLQJ &OtQLFR WHP SHUPLWLGR DR &HQWUR GH
0HGLFLQD GH 5HDELOLWDomR GH $OFRLWmR GHVHQYROYHU XP HVIRUoR RULHQWDGR SDUD D PHOKRULD
FRQWtQXD GRV FXLGDGRV SUHVWDGRV H SDUD D SHUVHFXomR GRV SDGU}HV GH H[FHOrQFLD TXH
SHUPLWHP DR &05$ FRQWLQXDU D VHU XPD UHIHUrQFLD QR kPELWR GH 0HGLFLQD )tVLFD H
5HDELOLWDomR
y
1R kPELWR GR DFRUGR RXWRUJDGR FRP D ,$6,67 HQWLGDGH UHVSRQViYHO SHOD UHDOL]DomR GR
HVWXGR GH %HQFKPDUNLQJ IRUDP FRQWUDWXDOL]DGRV GRLV SHUtRGRV GLVWLQWRV SDUD HQWUHJD GH
GDGRVLQIRUPDo}HV
0RPHQWR UHIHUHQWH D LQIRUPDomR UHODWLYD DR VHPHVWUH HP TXH R &05$ VH
FRQVWLWXLXQDREULJDomRGHIRUQHFHUHVVHVGDGRVDWpDRILQDOGRPrVGHVHWHPEUR
0RPHQWR UHIHUHQWH D LQIRUPDomR UHODWLYD DR DQR WUDQVDWR HP TXH R &05$ VH
FRQVWLWXLX QD REULJDomR GH IRUQHFHU HVVHV GDGRV DWp DR LQtFLR GR PrV GH PDUoR GR
DQRVHJXLQWHQRFDVR
(P DPEDV DV VLWXDo}HV RV SUD]RV IRUDP FXPSULGRV SHOR &05$ VHQGR TXH VH FRQVHJXLX
LQFOXVLYDPHQWH DQWHFLSDU D HQWUHJD GRV GDGRV DQXDLV HP GRLV PHVHV RX VHMD D HQWUHJD
HIHWLYRXVHHPMDQHLURGH
2EMHWLYR 3URSRUFLRQDU D GRV FRODERUDGRUHV Do}HV GH IRUPDomR TXH SURPRYDP R
GHVHQYROYLPHQWRTXDOLILFDomRSURILVVLRQDOHUHVSHWLYDVFRPSHWrQFLDV
$ SURPRomR GR GHVHQYROYLPHQWRTXDOLILFDomR SURILVVLRQDO H GDV FRPSHWrQFLDV GRV
FRODERUDGRUHV GR &HQWUR p IXQGDPHQWDO SDUD VH DVVHJXUDU D TXDOLGDGH GD VXD DWLYLGDGH
TXRWLGLDQD
$ FRPSOHPHQWDU D IRUPDomR FRQWtQXD GRV FRODERUDGRUHV R &05$ Gi UHVSRVWD D
QHFHVVLGDGHVGHIRUPDomRGHDWLYRVDWUDYpVGDVYiULDV'LUHo}HV7pFQLFDVDVDEHU'LUHomR
&OtQLFD 'LUHomR GH (QIHUPDJHP H 'LUHomR 7HUDSrXWLFD QR kPELWR GD IRUPDomR LQWHUQD
LQVWLWXFLRQDOFRQIRUPHDSURYDGRHP&RQVHOKR'LUHWLYRDTXDQGRGDDSUHVHQWDomRGRV3ODQRV
GH)RUPDomR
3DUWLFLSDUDP HP Do}HV GH IRUPDomR FHUWLILFDGDV FRODERUDGRUHV R TXH FRUUHVSRQGH D
FHUFDGH
$ FRPSOHPHQWDU HVWD IRUPDomR R &05$ DLQGD SURSRUFLRQRX DWUDYpV GDV YiULDV 'LUHo}HV
7pFQLFDV 'LUHomR &OtQLFD 'LUHomR GH (QIHUPDJHP H 'LUHomR 7HUDSrXWLFD IRUPDomR D FRODERUDGRUHVRTXHSHUID]XPWRWDOGHFRODERUDGRUHV
'HDFRUGRFRP RLQGLFDGRUGHPHGLGDSUHYLDVHSURPRYHURGHVHQYROYLPHQWRTXDOLILFDomR
SURILVVLRQDO D XPD WD[D GH GRV FRODERUDGRUHV 2UD GH DFRUGR FRP R H[SRVWR IRL
y
DOFDQoDGRRUHVXOWDGRGHSHORTXHRREMHWLYRWHYHXPDWD[DGHUHDOL]DomRGH
DSUHVHQWDGRXPGHVYLRSRVLWLYRGHIDFHDRSODQHDGR
2EMHWLYR$WLQJLUHPRLWRLQGLFDGRUHVGRHVWXGRGH%HQFKPDUNLQJGHUHVXOWDGRV
LJXDLVRXVXSHULRUHVDR*UXSRGH5HIHUrQFLD
8PD GDV JUDQGHV SUHRFXSDo}HV GR &05$ IRL HQXPHUDU PRQLWRUL]DU H DYDOLDU LQGLFDGRUHV
DVVLVWHQFLDLVTXHHYLGHQFLHPDTXDOLGDGHGRVFXLGDGRVSUHVWDGRVDRQtYHOGDSUiWLFDFOtQLFD
$VVLPVHQGRRVLQGLFDGRUHVVHOHFLRQDGRVIRUDP
•
ÒOFHUDVGHSUHVVmR
•
(SLVyGLRVFRPTXHGDV
•
ËQGLFHGHGHPRUDPpGLDDMXVWDGD
•
&RPSOLFDo}HVUHVSLUDWyULDV
•
ËQGLFHGHUHDGPLVV}HVDMXVWDGDVDWpGLDV
•
7HPSRGHHVSHUDSDUDFRQVXOWDVHLQWHUQDPHQWR
•
ËQGLFHGHPHGLGDGHLQGHSHQGrQFLDIXQFLRQDO0,)FRJQLWLYDDMXVWDGD
•
ËQGLFHGHPHGLGDGHLQGHSHQGrQFLDIXQFLRQDO0,)PRWRUDDMXVWDGD
$QWHVPHVPRGHVHSURFHGHUjDQiOLVHGRVUHVXOWDGRVREWLGRVIDFHDR*UXSRGH5HIHUrQFLD
Ki TXH ID]HU DOJXPDV FRQVLGHUDo}HV TXH IL]HUDP FRP TXH D WD[D GH UHDOL]DomR ILFDVVH
DTXpPGRSUHWHQGLGR
9
5HODWLYDPHQWH jV FRPSOLFDo}HV UHVSLUDWyULDV QmR H[LVWHP GDGRV GR *UXSR GH
5HIHUrQFLDSHORTXHDFRPSDUDomRHQWUHDV,QVWLWXLo}HVSDUWLFLSDQWHVQmRpSRVVtYHO
WHQGRVLGRRPHVPRUHWLUDGRGRHVWXGRGH%HQFKPDUNLQJSRUTXDQWRDSyVUHXQLmRGR
*UXSR GH 7UDEDOKR HP PDLR GH SRLV FRQFOXLXVH TXH QmR VHULD XP LQGLFDGRU
YiOLGRSDUDDIHULUGDTXDOLGDGHSRUTXDQWRWHQGRR8WHQWHDOWDPpGLFDQDWXUDOPHQWH
QmRDSUHVHQWDUiFRPSOLFDo}HVUHVSLUDWyULDV
9
7HPSRV GH HVSHUD SDUD FRQVXOWD H LQWHUQDPHQWR QmR p DLQGD SRVVtYHO DR &05$
PRQLWRUL]DUHVVHVWHPSRVXPDYH]TXHRVGDGRVQmRHVWmRGLVSRQtYHLV
9
4XDQGRDQDOLVDPRV RV UHVXOWDGRVREWLGRVSHOR&05$QRTXHGL]UHVSHLWRjVÒOFHUDV
GH 3UHVVmR FRQVWDWDVH TXH DSUHVHQWDPRV YDORUHV VXSHULRUHV DR GR *UXSR GH
5HIHUrQFLDYV
y
5HODWLYDPHQWHDHVWHYDORULQIHULPRVHGHFRUUHQWHGDQRVVDSUiWLFDTXHHOHILFRXHQYLHVDGR
SHOR IDFWR GH VH UHJLVWDUHP DGPLVV}HV GH XWHQWHV HP UHJLPH GH ,QWHUQDPHQWR QR &05$
SDUDSRVWHULRUFLUXUJLDD~OFHUDVGHSUHVVmRQR+RVSLWDO2UWRSpGLFRGH6DQW$QD&RQWXGR
GDGR KDYHU HVWD VHQVLELOLGDGH HVWH LQGLFDGRU YDL VHU DOYR GH UHIOH[mR H PRQRWRUL]DomR
VLVWHPiWLFD GH IRUPD D VH SRGHU FRQWURODU RV YDORUHV GH IRUPD ULJRURVD H ILGHGLJQD 2
&05$ FRQVHJXLX DSUHVHQWDU PHOKRUHV UHVXOWDGRV TXH R *UXSR GH 5HIHUrQFLD QR ËQGLFH GH
GHPRUDPpGLDDMXVWDGDSDUDR&05$HSDUDR*UXSRGH5HIHUrQFLD$VVLPVH
R YDORU GH UHIHUrQFLD p ORJR XP YDORU LJXDO D VLJQLILFD TXH D GHPRUD PpGLD
REVHUYDGDpLQIHULRUjHVSHUDGDHP
1HVWHLQGLFDGRUVmRGHVHMiYHLVYDORUHVREVHUYDGRVLJXDLVRXLQIHULRUHVDRYDORUHVSHUDGR
&RQWXGRWHQGRSRUEDVHD~OWLPDDSUHVHQWDomRGHUHVXOWDGRVGRHVWXGRGHEHQFKPDUNLQJ
SRGHPRVDLQGDFRQVWDWDUTXHRVUHVXOWDGRVREWLGRVSHOR&HQWURVmRVXSHULRUHVDR*UXSRGH
5HIHUrQFLDQRVVHJXLQWHVLQGLFDGRUHV
4XDGUR,QGLFDGRUHVGH%HQFKPDUNLQJ
,QGLFDGRUHVGH%HQFKPDUNLQJ
dĂǆĂĚĞŵŽƌƚĂůŝĚĂĚĞ
dĂǆĂĚĞĞƉŝƐſĚŝŽƐĐŽŵĐŽŵƉůŝĐĂĕĆŽ
ĞŵŽƌĂŵĠĚŝĂĚĂZĞĂďŝůŝƚĂĕĆŽŽďƐĞƌǀĂĚĂ
1ŶĚŝĐĞĚĞĚĞŵŽƌĂŵĠĚŝĂĂũƵƐƚĂĚĂ
ůƚĂƐĐŽŵŝŶƚĞƌƌƵƉĕĆŽŶŽƉƌŽŐƌĂŵĂ
ƚĞƌĂƉġƵƚŝĐŽ
&05$
*UXSRGH
5HIHUrQFLD
Ϭй
ϭϳ͕ϭй
ϲϭ
Ϭ͕ϴϴϳ
Ϭ͕ϮϬй
ϯϬ͕ϳй
ϳϱ
ϭ
ϱ͕ϯϬй
ϯϯй
y
$ (VFROD 6XSHULRU GH 6D~GH GR $OFRLWmR SURVVHJXLX D RUJDQL]DomR GH FLFORV GH HVWXGRV
YLVDQGRDDWULEXLomRGHOLFHQFLDWXUDVHPHVWUDGRVQRPHDGDPHQWHQDViUHDVGDILVLRWHUDSLD
WHUDSLD GD IDOD H WHUDSLD RFXSDFLRQDO &RQWULEXLX DLQGD QmR Vy SDUD D SURPRomR GD
IRUPDomR FRQWtQXD DWLYLGDGHV GH LQYHVWLJDomR H GHVHQYROYLPHQWR PDV WDPEpP SDUD D
SUHVWDomR GH VHUYLoRV GH DSRLR j FRPXQLGDGH FRQILJXUDQGR D (66$ FRPR XP DJHQWH GH
PHOKRULDGRQtYHOGHVD~GHGDSRSXODomR
(P IUHTXHQWDUDP D (66$ DR QtYHO GD IRUPDomR EiVLFD DOXQRV UHSUHVHQWDQGR
XPDWD[DGHRFXSDomRGHPHQRVSSTXHHP)RUDPDLQGDUHDOL]DGDVDo}HV
GH IRUPDomR SyVJUDGXDGD TXH VH WUDGX]LUDP QXP DFUpVFLPR GH QR Q~PHUR GH
IRUPDQGRVIDFHD5HDOL]DUDPVHDo}HVGHIRUPDomRFRQWLQXDPDLVTXHHP
HPTXHSDUWLFLSDUDPIRUPDQGRV
4XDGUR,QGLFDGRUHVGH$WLYLGDGHGD(66$
$QROHWLYR
$QROHWLYR
$QROHWLYR
)RUPDomR%iVLFD
1GH&XUVRV
7RWDOGH)RUPDQGRV
7D[DGH2FXSDomR
7D[DGH6XFHVVR
)RUPDomR3yV*UDGXDGD
1GH$o}HV
7RWDOGH)RUPDQGRV
)RUPDomR&RQWLQXD
1GH$o}HV
7RWDOGH)RUPDQGRV
y
2EMHWLYR*DUDQWLURSUHHQFKLPHQWRGHGDV9DJDVDXWRUL]DGDVSHOR0&7(6
&RQIRUPHWHPRVYLQGRDUHIHULUHPDQWHULRUHVUHODWyULRVDRIHUWDIRUPDWLYDDQtYHOQDFLRQDO
QHVWDV iUHDV WHP DXPHQWDGR H[SRQHQFLDOPHQWH IUXWR GR DSDUHFLPHQWR GH QRYRV &XUVRV H
(VFRODVPRUPHQWHDRQtYHOGRHQVLQRS~EOLFRID]HQGRGLPLQXLURQ~PHURGHFDQGLGDWXUDVj
(66$QRkPELWRQDFLRQDO
1RHQWDQWRQRSUHVHQWHDQROHWLYRDVYDJDVDXWRUL]DGDVj(66$SHOR0LQLVWpULR
GR(QVLQR6XSHULRUIRUDPSUHHQFKLGDVJOREDOPHQWHDSHUWHQFHQGRDVYDJDVHPIDOWD
DR &XUVR GH 7HUDSLD GD )DOD -i RV &XUVRV GH )LVLRWHUDSLD H GH 7HUDSLD 2FXSDFLRQDO IRUDP
RFXSDGRVDSHORTXHSRUHVVDUD]mRQmRSXGHPRVFRUUHVSRQGHUDRVYiULRVSHGLGRV
GHWUDQVIHUrQFLDTXHQRVFKHJDUDPGHDOXQRVGHRXWUDVHVFRODVFRQFRUUHQWHV
'XUDQWH R SHUtRGR HP DSUHFLDomR GHFRUUHUDP FRP QRUPDOLGDGH DV DWLYLGDGHV OHWLYDV
UHODWLYDPHQWH jV /LFHQFLDWXUDV H 0HVWUDGRV HP )LVLRWHUDSLD 7HUDSLD 2FXSDFLRQDO H 7HUDSLD
GD )DOD JDUDQWLQGRVH R FXPSULPHQWR ULJRURVR GRV 3ODQRV GH (VWXGR XPD YH] TXH GHOHV
GHSHQGHDLPDJHPGHFUHGLELOLGDGHLQWHUQDHH[WHUQD
(P RV JDVWRV WRWDLV FRP D )RUPDomR %iVLFD DWLQJLUDP R PRQWDQWH GH PLOKDUHV GH HXURV UHSUHVHQWDQGR XP DXPHQWR GH PLOKDUHV GH HXURV IDFH DR DQR
DQWHULRU2FXVWRSRUDOXQRIRLGHHXURVDQXDLV
)RUPDomR&RQWtQXDH3yV*UDGXDGD
2DQRGHWHYHXPSHTXHQRLQFUHPHQWRHPDo}HVGHIRUPDomRFRQWtQXDFRQVLGHUDQGR
TXH RV WUrV 'HSDUWDPHQWRV HVWLYHUDP D HQYROYLGRV H HPSHQKDGRV QmR Vy QD
LPSOHPHQWDomR GRV 0HVWUDGRV SUySULRV GD (66$ PDV WDPEpP QD OHFLRQDomR H DSRLR
FLHQWtILFRSHGDJyJLFR ³ LQ ORFR ³ GD SDUWH ILQDO GDV OLFHQFLDWXUDV HP 7HUDSLD 2FXSDFLRQDO H
)LVLRWHUDSLDGR,6&,6$±0DSXWR±0RoDPELTXH
$LQGD DVVLP IRL SRVVtYHO FRQFUHWL]DU DV VHJXLQWHV Do}HV FRP UHWRUQR ILQDQFHLUR DR QtYHO GD
IRUPDomRFRQWtQXDHSyVJUDGXDGD
•
'HSDUWDPHQWRGH)LVLRWHUDSLD
&RQFOXVmRGR&XUVRGH0HVWUDGRHP5HDELOLWDomR1HXUROyJLFD(VSHFLDOLGDGHSDUD
)LVLRWHUDSHXWDV ,QLFLR HP 2XWXEUR GD (GLomR GR 0HVWUDGR HP )LVLRWHUDSLD H
FRQWLQXDomR GDV H (GLo}HV &RQJUHVVR GD (13+( 0yGXOR VREUH
³,QFRQWLQrQFLD8ULQiULD³
y
•
'HSDUWDPHQWRGH7HUDSLDGD)DOD
,QtFLRHP2XWXEURGD(GLomRGR0HVWUDGRHP7HUDSLDGD)DODHFRQWLQXDomRGD
(GLomR:RUNVKRSVHP³$WWHQWLRQDOQHWZRUNVLQKLELWRU\SURFHVVHVLQGHYHORSPHQWDO
VWXWWHULQJ DVVHVVPHQW HYDOXDWLRQ GLDJQRVLV ³ HP ³$YDOLDomR IXQFLRQDO SRU
YLGHRIOXRURVFRSLD GD GHJOXWLomR QDV GLVIDJLDV RURIDUtQJHDV´ HP ³/D H[SORUDFLyQ \
WUDWDPHQWR GH ODV $70´ HP ³5HDOLGDGH GD IRUPDomR H H[HUFtFLR GR 7) QD %pOJLFD ±
(VWXGRGHFDVRVHPYR]´HHP³$SUHQGL]DJHPGDOHLWXUD´
•
'HSDUWDPHQWRGH7HUDSLD2FXSDFLRQDO
&RQWLQXDomRGD(GLomRGR0HVWUDGRHP7HUDSLD2FXSDFLRQDO
2VJDVWRVWRWDLVFRPDIRUPDomRSyVJUDGXDGDH FRQWtQXDDWLQJLUDPRPRQWDQWHGH
PLOKDUHV GH HXURV UHSUHVHQWDQGR XP DXPHQWR GH PLOKDUHV GH HXURV IDFH DR DQR
DQWHULRU
&RQVLGHUDQGRTXHR&RQJUHVVRGD(13+(FRQWULEXLXFRPPLOKDUHVGHHXURVSDUDHVWH
WRWDOHQWmRRFXVWRSRUDOXQRGDIRUPDomRSyVJUDGXDGDIRLGHHXURVDQXDLV
2EMHWLYR 2EWHU XP JUDX GH VDWLVIDomR GH %20 RX 08,72 %20 HP PDLV GH GRV
DOXQRVTXHUHVSRQGDPDRLQTXpULWR
2 LQTXpULWR IRL ODQoDGR MXQWR GRV DOXQRV LQVFULWRV QR DQR OHWLYR GH WHQGR
REWLGRXPDWD[DGHUHVSRVWDGHDOXQRV(PWRGDVDVXQLGDGHVFXUULFXODUHVQXP
WRWDO GH IRL VROLFLWDGR DRV DOXQRV TXH FODVVLILFDVVHP DILUPDo}HV UHODWLYDPHQWH DR
VHUYLoR SUHVWDGR SHOD (VFROD $ HVFDOD GH FRQFRUGkQFLD XWLOL]RX FLQFR SRQWRV GH GLVFRUGR
FRPSOHWDPHQWHDFRQFRUGRWRWDOPHQWH$VVLPFRQFRUGDUDPFRPDVDILUPDo}HV
QmR GLVFRUGDUDP QHP FRQFRUGDUDP H FRQFRUGDUDP WRWDOPHQWH 3HORV UHVXOWDGRV
REWLGRVFRQFOXLVHTXHRJUDXGHVDWLVIDomRGRVDOXQRVH[FHGHRREMHWLYRHVWDEHOHFLGR
2EMHWLYR*DUDQWLURFXPSULPHQWRGHGDV+RUDV3URJUDPDGDVSDUDRV3URIHVVRUHV
(P R Q~PHUR GH KRUDV UHDOL]DGDV SHORV 3URIHVVRUHV SDUD JDUDQWLU RV 3ODQRV GH
)RUPDomR SDUD D /LFHQFLDWXUD SHUIL]HUDP KRUDV R TXH UHSUHVHQWD GDV KRUDV
LQLFLDOPHQWHSURJUDPDGDVHXPDYDULDomRHPUHODomRjPHWDGHSS
2EMHWLYR$XPHQWDUDWD[DGHVXFHVVRSURJUHVVmRDQXDOGRVDOXQRVSDUD
y
$ WD[D GH DSURYHLWDPHQWR JOREDO GH XOWUDSDVVRX HP SS D PHWD HVWDEHOHFLGD
DFUHVFHDHVWHIDFWRTXHGRVDOXQRVTXHWHUPLQDUDPD/LFHQFLDWXUDIL]HUDPQRHP
DQRVVLQDOGRHPSHQKDPHQWRTXHUGRFRUSRGRFHQWHTXHUGRVGLVFHQWHV
2EMHWLYR0HOKRUDUHPR5HVXOWDGR)LQDQFHLURGDDWLYLGDGH
(PR5HVXOWDGR/tTXLGRGRH[HUFtFLRIRLGHPLOKDUHVGHHXURVQHJDWLYRVYDORU
TXH UHSUHVHQWDQGR XPD TXHEUD GH QRV UHVXOWDGRV p FRPSOHWDPHQWH FRQWUiULR jV
H[SHWDWLYDV FULDGDV FRP D LQWURGXomR GRV 0HVWUDGRV SUySULRV $V GLIHUHQWHV (GLo}HV GRV
0HVWUDGRV HP IXQFLRQDPHQWR WrP RSHUDGR DR QtYHO GRV OLPLWHV PtQLPRV GH DOXQRV
SUHMXGLFDQGRVHULDPHQWHD5HQWDELOLGDGHGHVWDVDo}HVHRLPSDFWRHVSHUDGRQRV5HVXOWDGRV
JOREDLVGD(VFROD
$GLPLQXLomRGRQ~PHURGHDOXQRVSHORQmRSUHHQFKLPHQWRGHYDJDVHPDQRVDQWHULRUHVH
SHODV YDJDV TXH QmR IRUDP SUHHQFKLGDV QR &XUVR GH 7HUDSLD GD )DOD QR FRUUHQWH DQR
OHWLYRGHFRQWULEXLXGHIRUPDGHFLVLYDSDUDTXHDWUDYpVGH DOJXPDVGHVLVWrQFLDV
QDIUHTXrQFLDGDIRUPDomREiVLFDDVUHFHLWDVGHSURSLQDVWHQKDPSUDWLFDPHQWHHVWDJQDGR
FRPXPDFUpVFLPRGH DSHQDVPLOKDUHVGHHXURV-iDVLQVFULo}HVHPDWUtFXODVWLYHUDP
XP PHOKRU FRPSRUWDPHQWR PDLV PLOKDUHV GH HXURV SRU LQIOXrQFLD GRV DOXQRV GDV
QRYDV(GLo}HVGRV0HVWUDGRVSUySULRVGD(66$
e DOLiV QD )RUPDomR 3yV*UDGXDGD TXH UHVVDOWDP RV PHOKRUHV UHVXOWDGRV Mi TXH RV
5HQGLPHQWRVFUHVFHUDPPLOKDUHVGHHXURV7DOUHVXOWDGRDFDEDQRHQWDQWR
SRU VHU LQVXILFLHQWH QD PHGLGD HP TXH HVWDV IRUPDo}HV DSHVDU VH WHUHP VLGR FRQFHELGDV
SDUD VHUHP OXFUDWLYDV HVWmR D IXQFLRQDU SRXFD DFLPD GRV OLPLWHV PtQLPRV GH DOXQRV SHOR
TXHDFDEDPSRUWHUSRXFRLPSDFWRILQDQFHLURJOREDO
$ HVWUXWXUD GRV JDVWRV WHYH XP FRPSRUWDPHQWR DJUDYDGR XPD YH] TXH JOREDOPHQWH
FUHVFHX PLOKDUHV GH HXURV R TXH VLJQLILFRX XPD YDULDomR QHJDWLYD GH HP
UHODomRD(VWHFUHVFLPHQWRFDEHTXDVHH[FOXVLYDPHQWHDRV)RUQHFLPHQWRVH6HUYLoRV
([WHUQRV TXH FRQWULEXtUDP FRP PLOKDUHV GH HXURV PDLV TXH HP H
DLQGD R DXPHQWR GRV JDVWRV FRP 3HVVRDO HP PLOKDUHV GH HXURV PDLV TXH HP
2XWUDVDWLYLGDGHVGHVHQYROYLGDV
0RGHUQL]DomRH(TXLSDPHQWRV
y
3URVVHJXLX R SURFHVVR GH LQIRUPDWL]DomR GRV SURFHGLPHQWRV GH *HVWmR $FDGpPLFD
SUHYHQGRVH TXH R PHVPR HQWUH HP IXQFLRQDPHQWR FRP D WRWDOLGDGH GDV IXQFLRQDOLGDGHV
RSHUDFLRQDLVQRVHPHVWUHDQROHWLYR
3URFHGHXVHjUHPRGHODomRGDUHGHHVWUXWXUDGDGDLQIRUPiWLFDGD(66$HIRUDPDGTXLULGRV
QRYRV FRPSXWDGRUHV SDUD DV 6DODV GH $OXQRV %LEOLRWHFD H DOJXQV VHUYLoRV 3URFHGHXVH j
UHPRGHODomREHQHILFLDomRGD&R]LQKDGR%DU
)RUDP DGTXLULGRV GLYHUVRV HTXLSDPHQWRV ODERUDWRULDLV GH 3HVTXLVD H ,QYHVWLJDomR SDUD
WRGRV RV 'HSDUWDPHQWRV DWXDOL]DQGRVH H HQULTXHFHQGRVH DVVLP SHGDJyJLFD H
FLHQWLILFDPHQWHD(VFROD
(VWH HVIRUoRGHPRGHUQL]DomRLPSOLFRXXPLQYHVWLPHQWRGHPLOKDUHVGHHXURVPDLV
PLOKDUHVGHHXURVTXHHP
5HIRUoRGH4XDOLILFDomR$FDGpPLFDGRV'RFHQWHV
(PREWLYHUDPR*UDXGH'RXWRUGRLVGRFHQWHVHFLQFRHQFRQWUDPVHDSURVVHJXLURV
UHVSHWLYRV SURJUDPDV GH GRXWRUDPHQWR R TXH UHYHOD D WHQGrQFLD GH IRUWH YDORUL]DomR
DFDGpPLFDGRFRUSRGRFHQWHSUySULRGD(66$
3DUD DOpP GRV GRFHQWHV LQWHUQRV H[LVWHP FRODERUDGRUHV H[WHUQRV HP UHJLPH GH
SUHVWDomRGHVHUYLoRGRFHQWHRQGHVHLQFOXHPGRFHQWHVFRPRJUDXGH0HVWUHHFRP
RJUDXGH'RXWRU
3RU ~OWLPR HP UHJLPH GH FRQWUDWDomR SDUFLDO DR QtYHO OHWLYR H SDUD HIHLWRV GH
SUHHQFKLPHQWR GRV UiFLRV DFDGpPLFRV HQFRQWUDPVH R 'LUHFWRU H RV 3UHVLGHQWHV GR
&RQVHOKR7pFQLFR&LHQWtILFRHGD&RPLVVmRGH&UHGLWDomRGD(66$WRGRVHOHVGHWHQWRUHVGR
JUDXGH'RXWRU
0RELOLGDGHH,QWHUFkPELR1DFLRQDOH,QWHUQDFLRQDOGH$OXQRVH3URIHVVRUHV
(5$6086
1RkPELWRGHVWH3URJUDPD&RPXQLWiULRD(66$SRVVXLGRUDGD&DUWD8QLYHUVLWiULD(UDVPXV
PDQWHYH ³DFRUGRV ELODWHUDLV´ FRP 8QLYHUVLGDGHV GH SDtVHV %pOJLFD 'LQDPDUFD
(VSDQKD )LQOkQGLD +RODQGD /HWyQLD 1RUXHJD 3ROyQLD H 5HLQR 8QLGR FRP YLVWD DR
SURFHVVRGHPRELOLGDGHDFDGpPLFDUHFtSURFD
$VVLP QR GHFXUVR GH IL]HUDP PRELOLGDGH HP YiULRV 3DtVHV (XURSHXV QR kPELWR GR
3URJUDPD (5$6086 DOXQRV GD (66$ VHQGR GR FXUVR GH 7HUDSLD 2FXSDFLRQDO H GR
y
FXUVR GH 7HUDSLD GD )DOD 7UrV GRFHQWHV XP GH FDGD 'HSDUWDPHQWR GD (66$ WLYHUDP
LJXDOPHQWHDRSRUWXQLGDGHGHOHFLRQDUHPHVFRODVHXURSHLDVDRDEULJRGHVWHSURJUDPD
)RUDP UHFHELGRV QD (66$ QR kPELWR GR PHVPR SURJUDPD XP WRWDO GH DOXQRV GR
FXUVR GH )LVLRWHUDSLD GR FXUVR GH 7HUDSLD 2FXSDFLRQDO H GR FXUVR GH 7HUDSLD GD )DOD
)RUDPUHFHELGRVGRFHQWHVXPGH(VSDQKDHRXWURGD%pOJLFD
&RRSHUDomRFRP,6&,6$
1RkPELWRGR3URWRFRORFHOHEUDGRHQWUHD6&0/HR,QVWLWXWR6XSHULRUGH&LrQFLDVGD6D~GH
0DSXWR ,6&,6$ PDQWHYHVH QR GHFXUVR GH D FRODERUDomR OHWLYD FLHQWtILFD
SHGDJyJLFD H WpFQLFD FRP DTXHOH ,QVWLWXWR 0RoDPELFDQR GH kPELWR QDFLRQDO QR
GHVHQYROYLPHQWRGRVFXUVRVGHOLFHQFLDWXUDHP7HUDSLD2FXSDFLRQDOH)LVLRWHUDSLD
1HVWH TXDGUR HP MXQKR GH IRUDP HQWUHJXHV HP FHULPyQLD RILFLDO RV GLSORPDV GH
OLFHQFLDWXUD DRV SULPHLURV OLFHQFLDGRV HP 7HUDSLD 2FXSDFLRQDO H HP MXQKR GH VHUmRHQWUHJXHVRVGLSORPDVGHOLFHQFLDWXUDDRVSULPHLURVOLFHQFLDGRVHP)LVLRWHUDSLD
3RGH DVVLP D 6&0/(66$ RUJXOKDUVH GH WHU GDGR XP FRQWULEXWR YLWDOSDUD R QDVFLPHQWR
GHVWDVSURILVV}HVQHVWHSDtVOXVyIRQR
(QWUHWDQWRLQLFLDUDPVHQRYRVSURMHWRVGHIRUPDomRDFLWDU
9 /DQoDPHQWRGDLPSOHPHQWDomRGD/LFHQFLDWXUDHP7HUDSLDGD)DOD
9 (VWiJLRV SDUD GRFrQFLD D UHDOL]DU HP 3RUWXJDO SHORV PHOKRUHV OLFHQFLDGRV HP
7HUDSLD2FXSDFLRQDOH)LVLRWHUDSLD
9 &XUVR GH 3yV*UDGXDomR HP +,96,'$ HQJOREDQGR 6D~GH H $omR 6RFLDO FRP
SRVVLELOLGDGH GH HYROXomR SDUD 0HVWUDGR FRQVLGHUDQGR R IODJHOR TXH HVWD GRHQoD
UHSUHVHQWDHP0RoDPELTXH
9 &RQVXOWDGRULD SDUD D SODQLILFDomR H RUJDQL]DomR GH XPD /LFHQFLDWXUD HP 6HUYLoR
6RFLDOHEHPDVVLPDRSURFHVVRGHFUHGLWDomRGRVDWXDLVWpFQLFRVGH$omR6RFLDOGH
QtYHOPpGLRDWUDYpVGHXP3URJUDPDGH7UDQVLomR$FDGpPLFD
9 3yV*UDGXDomR HP *HVWmR 3HGDJyJLFD FRP HYROXomR SDUD 0HVWUDGR GHVWLQDGR DRV
&RRUGHQDGRUHVGRVGLIHUHQWHV&XUVRVGH6D~GHPLQLVWUDGRVQR,6&,6$
'H VDOLHQWDU R HVIRUoR ILQDQFHLUR GD 6&0/(66$ QHVWD DWLYLGDGH TXHHP DWLQJLX RV
PLOKDUHVGHHXURVHPJDVWRVGLUHWRV
/LJDomRj&RPXQLGDGH
y
1RVHQWLGRGHGLYXOJDURVVHXV FXUVRVMXQWRGRVSRWHQFLDLVFDQGLGDWRVD(66$UHDOL]RX
YLVLWDV D (VFRODV &ROpJLRV H ([WHUQDWRV GR (QVLQR 6HFXQGiULR H UHFHEHX QDV VXDV
LQVWDODo}HV DOXQRV H SURIHVVRUHV QR kPELWRGR GHVLJQDGR SURMHWR ³(VFROD $EHUWD ´
3DUWLFLSRX DLQGD HP )HLUDV H GLYHUVRV (YHQWRV GH RUGHP VRFLRFXOWXUDO GLUHFLRQDGRV j
GLYXOJDomRGD(66$MXQWRGRVSRWHQFLDLVFDQGLGDWRVDR(QVLQR6XSHULRU
$R QtYHO GD SUHSDUDomR GR SURMHWR ³(VFROD $EHUWD´ SDUD IRUDP HQYLDGRV QR ILQDO GH
RItFLRVFRQYLWHHPDLVGHXPDFHQWHQDGH³PDLOV´SDUDHVWDEHOHFLPHQWRVS~EOLFRV
HSULYDGRVGHHQVLQRVHFXQGiULR
'DVYiULDVDWLYLGDGHVSURVVHJXLGDVSHORVWUrV'HSDUWDPHQWRVVmRGHGHVWDFDU
•
&RODERUDomR FRP D ³$GPLQLVWUDomR &HQWUDO GR 6LVWHPD GH 6D~GH´ &RQVXOWRULD QR
kPELWRGDFODVVLILFDomRGHGRHQWHVSRUQtYHLVGHFRPSOH[LGDGHXWLOL]DQGRD&,)
•
3URMHWR³(GXFDomR3RVWXUDOH7UDQVSRUWHGH0RFKLODV´QRkPELWRGDLQWHUYHQomRHP
6D~GH(VFRODU(PSDUFHULDFRPD(VFROD%iVLFD0DWLOGH5RVD$UD~MRGD3DUHGH
$EUDQJHXDOXQRVGRDQRQRWRWDOGHKRUDV(QYROYHXDOXQRVHGRFHQWHVGD
(66$'HSDUWDPHQWRGH)LVLRWHUDSLD
•
3URMHWR ³$YyV HP 0RYLPHQWR´ GH LQWHUYHQomR QD SUHYHQomR GH TXHGDV QXP JUXSR
GH LGRVRV (P SDUFHULD FRP D RUJDQL]DomR ³0pGLFRV GR 0XQGR´ QR %DLUUR GD
3LFKHOHLUDHP/LVERD(QYROYHXDOXQRVGR~OWLPRDQRGHFXUVRWHQGRVLGRRUJDQL]DGR
HLPSOHPHQWDGRSRUXPGRFHQWHGD(66$'HSDUWDPHQWRGH)LVLRWHUDSLD
•
3URMHWR³2ILFLQD6RFLDO´GHLQWHUYHQomRMXQWRGHPXQtFLSHVFXMRGRPLFtOLRIRLDOYRGH
REUDVSURPRWRUDVGHDFHVVLELOLGDGH'DLQLFLDWLYDGR'HSDUWDPHQWRGH$omR6RFLDOGD
&kPDUD0XQLFLSDOGH&DVFDLV8PGRFHQWHGD(66$SUHVWRXFRQVXOWDGRULDWpFQLFDDR
SURMHWR'HSDUWDPHQWRGH)LVLRWHUDSLD
•
³3ODQR GH 3URPRomR GH $FHVVLELOLGDGH GH &DVFDLV´ HP SDUFHULD FRP R SHORXUR GD
³3URWHomR&LYLOH$FHVVLELOLGDGHSDUDWRGRV´&HQWUDGRQDLGHQWLILFDomRGDVEDUUHLUDVj
DFHVVLELOLGDGHTXHGLILFXOWDPWRGRVRVGLDVRDFHVVRHXWLOL]DomRGRVHVSDoRVSHORV
FLGDGmRV HVVHQFLDOPHQWH DTXHOHV FRP PRELOLGDGH UHGX]LGD )RL SUHVWDGD
FRQVXOWDGRULDSRUXPGRFHQWHGD(66$'HSDUWDPHQWRGH)LVLRWHUDSLD
•
$YDOLDomR GD DFHVVLELOLGDGH GRV DXWRFDUURV H GR SHUFXUVR HIHWXDGR SHODV FDUUHLUDV
H 3DUWLFLSDomR GH DOXQRV FRP FRRUGHQDomR GH XP GRFHQWH )RL
HQWUHJXH R UHODWyULR j &kPDUD 0XQLFLSDO GH &DVFDLV j 'LYLVmR GH 7UkQVLWR GHVWH
FRQFHOKR'HSDUWDPHQWRGH7HUDSLD2FXSDFLRQDO
•
³&DVFDLV $WLYR´ SURPRYLGR SHOD &kPDUD 0XQLFLSDO GH &DVFDLV FRP DWLYLGDGHV FRPR
DV³0DQKmVGR3DUHGmR´HDSRLRGHILVLRWHUDSLDDSURYDVGHVSRUWLYDV3DUWLFLSDomRGH
DOXQRVFRPFRRUGHQDomRGHXPGRFHQWH'HSDUWDPHQWRGH)LVLRWHUDSLD
y
•
³$YDOLDomRGDVIXQo}HVFRPXQLFDWLYDVHGDGHJOXWLomR´&RODERUDomRFRPD8QLmRGDV
0LVHULFyUGLDV 3RUWXJXHVDV &XLGDGRV &RQWLQXDGRV SDUD D HODERUDomR GH XP
GRFXPHQWR GH DYDOLDomR GDV IXQo}HV FRPXQLFDWLYDV H GD GHJOXWLomR D LQWHJUDU QR
SURFHVVRLQGLYLGXDOGRGRHQWH3DUWLFLSDomRGHGRLVGRFHQWHVGD(66$'HSDUWDPHQWR
GH7HUDSLDGD)DOD
•
³5DVWUHLRGH/LQJXDJHPH)DOD´QR$JUXSDPHQWRGH(VFRODVGH$OPHLGD*DUUHWWHP
$OIUDJLGH ± 3DUWLFLSDomR GH DOXQRV GD (66$ FRRUGHQDGRV SRU XP GRFHQWH
'HSDUWDPHQWR GH 7HUDSLD GD )DOD QR TXDO IRUDP GHVHQYROYLGDV DV VHJXLQWHV
WDUHIDV
9
$SOLFDomRGHSURYDVGHOLQJXDJHPHGHIDODDFULDQoDVGRHQVLQRSUpHVFRODU
HGRDQRGRFLFORFRPDSDUWLFLSDomRGHTXDWURDOXQDVGHDQRQRkPELWR
GDXQLGDGHFXUULFXODU(VWiJLR,,
9
(ODERUDomR GRV UHODWyULRV FDUDFWHUL]DGRUHV GRV UHVXOWDGRV GH FDGD XPD GDV
FULDQoDVUDVWUHDGDV
9
5HXQL}HVFRPRV(QFDUUHJDGRVGH(GXFDomRSDUDHVFODUHFLPHQWRGDVG~YLGDV
9
5HXQL}HV FRP RV GRFHQWHV HGXFDGRUHV GH LQIkQFLD H SURIHVVRUHV GH FLFOR
SDUD DSUHVHQWDomR GD PHWRGRORJLD GR UDVWUHLR H HVFODUHFLPHQWR GRV UHVXOWDGRV
REWLGRV
9
&DUDWHUL]DomR GRV QtYHLV IXQFLRQDLV H FRJQLWLYRV GRV LGRVRV UHVLGHQWHV HP GRLV
ODUHVGD6DQWD&DVDGD0LVHULFyUGLDGH&DVFDLV±3DUWLFLSDomRGHXPGRFHQWHGD
(66$'HSDUWDPHQWRGH7HUDSLDGD)DOD
9
³3URJUDPD 0DUp 9LYD ± 7LUDO{´ UHDOL]DGR HP DUWLFXODomR FRP D &(5&,&$
3DUWLFLSDomR GH DOXQRV FRP FRRUGHQDomR GH GRLV GRFHQWHV GD (66$
'HSDUWDPHQWRGH7HUDSLD2FXSDFLRQDO
9
³3URMHWR©.RUSXV)RUP¶$UWªGR,QVWLWXWR1DFLRQDOGH5HDELOLWDomRLQWHJUDGR
6XESURJUDPD SDUD WRGRV FRP D SDUWLFLSDomR GH DOXQRV GD (66$ SRU
LQLFLDWLYDGD&(5&,2HLUDVHPFRODERUDomRFRPR&XUVRGH7HUDSLD2FXSDFLRQDO
3URMHWRVGH,QYHVWLJDomR
1R'HSDUWDPHQWRGH7HUDSLD2FXSDFLRQDOIRUDPGHVHQYROYLGDVDVVHJXLQWHVWHVHV
y
³$ VRFLDOL]DomR QDV LQVWLWXLo}HV 8QLYHUVLWiULDV DV DWLWXGHV H RV FRPSRUWDPHQWRV KDELWXDLV
GHHVWXGRHDVFRQGXWDVDQWLVVRFLDLV´SDUDDSUHVHQWDomRGD7HVH'RXWRUDOQD8QLYHUVLGDGH
GD&RUXQKD)L]HUDPSDUWHGDDPRVWUDWRGRVRVDOXQRVGD(66$
³3URFHVVDPHQWR VHQVRULDOQDV FULDQoDV TXH VH HQFRQWUDP QDV LQVWLWXLo}HV GH DFROKLPHQWR´
SDUD DSUHVHQWDomR GD 7HVH 'RXWRUDO QD 8QLYHUVLGDGH GD &RUXQKD (VWXGR UHDOL]DGR QRV
&HQWURVGH$FROKLPHQWRGD6&0/
1R'HSDUWDPHQWRGH7HUDSLDGD)DODIRLGHVHQYROYLGRRSURMHWRGHLQYHVWLJDomR³&RQVWUXomR
H QRUPDOL]DomR GH XP WHVWH GH DYDOLDomR GD OLQJXDJHP QD FULDQoD HP LGDGH HVFRODU ±
3URYDVGH/LQJXDJHP±,GDGHHVFRODU3/,(´
1R'HSDUWDPHQWRGH)LVLRWHUDSLDGHVHQYROYHXVHRSURMHWRGH,QYHVWLJDomR31)&KL±3RU
IDYRU QmR FDLD SDUFHULD GD (66$ 'HSDUWDPHQWR GH )LVLRWHUDSLD FRP D )LVLRSUD[LV
GHVHQYROYLGR SRU SURILVVLRQDLVOLFHQFLDGRV ILVLRWHUDSHXWDV HQIHUPHLURV H QXWULFLRQLVWDV QD
,OKD 7HUFHLUD ± $oRUHV SURMHWR TXH FRQWD FRP R DSRLR GR UHVSHWLYR *RYHUQR 5HJLRQDO $
(66$ SDUWLFLSD QD FRRUGHQDomR FLHQWtILFD GR SURMHWR WHQGR D UHVSHWLYD LPSOHPHQWDomR QR
WHUUHQRSHUPLWLGRDHPSUHJDELOLGDGHGHUHFpPOLFHQFLDGRVHP)LVLRWHUDSLDGD(66$
&RPXQLFDo}HV&RQIHUrQFLDVHP&RQJUHVVRVRX(QFRQWURVGHËQGROH&LHQWtILFD
'XUDQWH R DQR GH IRUDP SXEOLFDGRV $UWLJRV HP 5HYLVWDV LQWHUQDFLRQDLV H HP
5HYLVWDV QDFLRQDLV 'H UHIHULU DLQGD D DSUHVHQWDomR GH FRPXQLFDo}HV VHQGR FRPXQLFDo}HVRUDLVHSRVWHUVGDVTXDLVIRUDPUHDOL]DGDVHPFRQWH[WRLQWHUQDFLRQDO
y
y
y
'LUHomR)LQDQFHLUD
$ 'LUHomR )LQDQFHLUD ',) WHP FRPR PLVVmR SUHVWDU VHUYLoRV SURILVVLRQDLV DR XQLYHUVR
6&0/ DVVHJXUDQGR R VHX FRQWUROR H JHVWmR ILQDQFHLUDV H GLVSRQLELOL]DQGR LQIRUPDomR
DWHPSDGD H GH TXDOLGDGH SDUD VXSRUWH j GHFLVmR &RPSHWH DVVLP R SODQHDPHQWR
RUJDQL]DomR H FRQWUROR GRV VLVWHPDV FRQWDELOtVWLFRILQDQFHLURV QR kPELWR GD FRQWDELOLGDGH
GD JHVWmR RUoDPHQWDO JHVWmR GH FXVWRV SODQHDPHQWR H JHVWmR GH DWLYRV ILQDQFHLURV H
WHVRXUDULD
$ 'LUHomR )LQDQFHLUD LPSOHPHQWRX QR GHFRUUHU GR DQR GH XP FRQMXQWR GHLGHLDV TXH
SHUPLWLUDPXPDPDLRUHILFLrQFLDQRPHDGDPHQWH
¾ &REUDQoD GDV UHQGDV DWUDYpV GR VLVWHPD GH GpELWRV GLUHWRV TXH VH LQLFLRX QR PrV GH
QRYHPEUR GHFRUUHQWH GD LPSOHPHQWDomR GR PyGXOR 5HDO (VWDWH SDUD R SURFHVVDPHQWR
GDVUHQGDVHPVXEVWLWXLomRGR9$;
¾ ,PSOHPHQWDomR GH XP FURQRJUDPD GH IHFKR DODUJDGR D WRGR R XQLYHUVR 6&0/ 6&
+26$&05$(66$H'-UHIHUHQWHjFRQWDELOLGDGHDQDOtWLFD
¾ (ODERUDomRGHUHODWyULRV25$&/(FRPSUpPLRVHUHPXQHUDo}HVHQWUHGDWDVUHIHUHQWHDR
-RJR6RFLDO/RWDULD1DFLRQDOHPFRODERUDomRFRPD',67,
¾ 5HRUJDQL]DomRGHFRQWDVUHODWLYDVDRV$WLYRV)LQDQFHLURV
)RUDP LQWURGX]LGRV QR 5HODWyULR PHQVDO GH ,QGLFDGRUHV TXH RSRUWXQDPHQWH GLVSRQLELOL]D
LQIRUPDomRGRGHVHPSHQKRHFRQyPLFRILQDQFHLUDGD6&0/QRYRVLQGLFDGRUHVGHTXDOLGDGH
HJHVWmR
2 HQFHUUDPHQWR LQWHUFDODU GH FRQWDV UHSRUWDGR j GDWD GH GH VHWHPEUR H[LJLX JUDQGH
HQYROYLPHQWRGRVFRODERUDGRUHVGD',)TXHHPDUWLFXODomRFRPRVGLYHUVRV'HSDUWDPHQWRV
H6HUYLoRVGD6&0/FRQVHJXLUDPFXPSULURSUD]ROHJDOSDUDHQWUHJDQR7ULEXQDOGH&RQWDV
GR5HODWyULRH&RQWDVLQWHUFDODU
1D VHTXrQFLD GD LQWHJUDomR GRV (VWDEHOHFLPHQWRV FHGLGRV SHOR ,QVWLWXWR GD 6HJXUDQoD
6RFLDO,3QD6&0/FRQIRUPH'HFUHWR/HLQGHGHMDQHLURD',)SURFHGHX
HPPDLRjHODERUDomRGR2UoDPHQWRVXSOHPHQWDUGD6DQWD&DVDSDUD
y
&RP D LQWHJUDomR GR 2UoDPHQWR GD 6&0/ QR 2UoDPHQWR *HUDO GR (VWDGR GH D ',)
QHFHVVLWRX GH DQWHFLSDU R FDOHQGiULR GH HODERUDomR GR RUoDPHQWR SDUD H SURFHGHU j
FRQYHUVmR GR PHVPR SDUD D FODVVLILFDomR HFRQyPLFD GDV UHFHLWDV H GHVSHVDV S~EOLFDV QD
yWLFD GH FDL[D GH IRUPD D LQWURGX]LU R RUoDPHQWR QR 6LVWHPD GH ,QIRUPDomR GH *HVWmR
2UoDPHQWDO6,*2GD'LUHomR*HUDOGR2UoDPHQWR
$ UHQGLELOLGDGH GDV $SOLFDo}HV )LQDQFHLUDV VXSHURX VLJQLILFDWLYDPHQWH DV WD[DV (XULERU QR
0HUFDGR 0RQHWiULR ,QWHUEDQFiULR SDUD TXDOTXHU SUD]R WHQGR VLGR PDQWLGD XPD SROtWLFD
FRQVHUYDGRUD QD JHVWmR GRV DWLYRV DGHTXDGD DR SHUILO GH LQYHVWLPHQWR GD 6&0/ H WHQGR
VHPSUHHPFRQWDRELQyPLRUHQWDELOLGDGHULVFR
1HVWDiUHDGHFRPSHWrQFLDVFRQFOXLXVHDUHYLVmRGR3URWRFRORGR$FRUGRHQWUHD6&0/HD
$VVRFLDomR3RUWXJXHVDGH%DQFRVQRTXHVHUHIHUHDRFUpGLWRGRVFRQFXUVRVHSDJDPHQWRV
GHSUpPLRVGDV$SRVWDV0~WXDV
3URFHGHXVH DLQGD MXQWR GR JHVWRU OtGHU GR )XQGR GH 3HQV}HV GD 6&0/ &DL[D *HUDO GH
'HSyVLWRV j UHYLVmR GD SROtWLFD GH LQYHVWLPHQWR GR UHIHULGR )XQGR UHHVWUXWXUDomR GD
FRPSRVLomRGDFDUWHLUDGHWtWXORV
1RkPELWRGDLPSOHPHQWDomRGRSURMHWRPRGHOR&,3&RDFKLQJ,QYHVWLPHQWRH3ULRULGDGH
DWUDYpVGRTXDOSUHWHQGHVHLQVSLUDUDLQRYDomRHFULDWLYLGDGHHQWUHRVFRODERUDGRUHVGD',)
IRUDP HODERUDGRV DOJXQV WUDEDOKRV TXH IRUDP DSUHVHQWDGRV QR IyUXP GH LQRYDomR H
FULDWLYLGDGHQRPHDGDPHQWH
¾ ,PSOHPHQWDomRGRPRGHOR&,3
¾ 3DUWLOKDGH6DEHUHV
¾ 9ROXQWDULDGRGD',)
¾ &XUVREiVLFRGH&RQWDELOLGDGH
¾ ,PSOHPHQWDomRGD³+RUD9HUGH´QD',)
¾ 0RQLWRUL]DomRGR:RUNIORZ
¾ $WHQGLPHQWRDIRUQHFHGRUHVDUWLFXODomRFRPR&RQWDFW&HQWHUGR'-
¾ (VSHFLDOL]DomRPHQVDOGRVJDVWRV
¾ (VFDODGHDWHQGLPHQWRURWDWLYLGDGHGDVWDUHIDVGHUHFHomRGHH[SHGLHQWH
¾ )DWXUDomRGR-RJRDRVPHGLDGRUHVQRYROD\RXWGRVUHFLERV
y
$LQGD QR kPELWR GHVWH SURMHWR p GH UHIHULU TXH D DSRVWD QD PRELOLGDGH LQWHUQD SHVVRD
FHUWDOXJDU FHUWR GHPRQVWURX XP DFUpVFLPR QD VDWLVIDomR SHVVRDO H SURGXWLYLGDGH GRV
FRODERUDGRUHV
'LUHomRGH5HFXUVRV+XPDQRV
$ 'LUHomR GH 5HFXUVRV +XPDQRV ',5+ WHP SRU PLVVmR SURPRYHU QR UHVSHLWR SHOR
HQTXDGUDPHQWR OHJDO H ODERUDO HP YLJRU H SHODV RULHQWDo}HV HVWUDWpJLFDV GHILQLGDV R
GHVHQYROYLPHQWR GH SROtWLFDV GH SURFHGLPHQWRV GH SHUFXUVRV H GH FRPSHWrQFLDV
SURILVVLRQDLV DVVHJXUDQGR D PRQLWRUL]DomR GH SURFHVVRV H UHVXOWDGRV EHP FRPR R
FRQWULEXWR SDUD R GHVHQYROYLPHQWR RUJDQL]DFLRQDO HVWUDWpJLFR H GRV FRODERUDGRUHV GD
6&0/
1HVWH FRQWH[WR D DWLYLGDGH GD ',5+ IRL SDXWDGD QR DQR GH SRU GXDV OLQKDV GH
RULHQWDomR TXH HQTXDGUDUDP RV REMHWLYRV GD 'LUHomR L D PHOKRULD FRQWtQXD GR QtYHO GH
VHUYLoR FRP HQIRTXH QRV WHPSRV GH UHVSRVWD H QD HILFLrQFLD QRV SURFHVVRV H QD
LQWHUORFXomR FRP RV 6HUYLoRV 'HSDUWDPHQWRV LL D FRQVROLGDomR GH SURFHVVRV H SUiWLFDV
DVVRFLDGRVDRGHVHQYROYLPHQWRGHFRQWH[WRVHFRPSHWrQFLDVSURILVVLRQDLVQRPHDGDPHQWH
DIRUPDomR RULHQWDGDSHORVUHIHUHQFLDLVGR&DWiORJRDHODERUDomRGH PDSDVGHKRUiULRVH
GH GRWDo}HV GH SHVVRDO H R HQULTXHFLPHQWR GD LQIRUPDomR GH JHVWmR GLVSRQLELOL]DGD DRV
YiULRVQtYHLVGHGHFLVmR
5HDOL]DomRGRVREMHWLYRV
2EMHWLYR$XPHQWDUDHILFiFLDGRVHUYLoRLQWHUQRSUHVWDGRSHOD',5+
$',5+DXPHQWRXDFDSDFLGDGHGH UHVSRVWD HD HILFiFLDGDPHVPD (PPpGLDGRV
SHGLGRVGLULJLGRVj'LUHomRREWLYHUDPUHVSRVWDHPDSUR[LPDGDPHQWHGLDV2&HQWURGH
$WHQGLPHQWRIXQFLRQRXGXUDQWHWRGRRDQRGHJDUDQWLQGRRDWHQGLPHQWRGHOLQKD
QDViUHDVGDVUHPXQHUDo}HVHDVVLGXLGDGH
2EMHWLYR 0DQWHU D WD[D GH FREHUWXUD GR LQYHVWLPHQWR HP IRUPDomR DVVHJXUDQGR
SDWDPDUHVEDVHGHTXDOLILFDomRSRUUHIHUrQFLDDRFDWiORJR
(PFRQFOXtUDPDo}HVGHIRUPDomRGHFRODERUDGRUHV7RGRVRVFRQWH~GRVGDV
Do}HV UHDOL]DGDV FRP XPD GXUDomR VXSHULRU D K IRUDP FRQVWUXtGRV GH DFRUGR FRP
UHIHUHQFLDLVGHIRUPDomRGHFRUUHQWHVGRVUHIHUHQFLDLVGHFRPSHWrQFLDV
y
1HVWH GRPtQLR D DWLYLGDGH GD ',5+ FHQWURXVH QD H[HFXomR GR 3ODQR GH )RUPDomR
HQTXDGUDGR SHOD GRWDomR RUoDPHQWDO DSURYDGD SDUD H HODERUDGR FRP EDVH QDV
QHFHVVLGDGHVLGHQWLILFDGDVSHORVVHUYLoRVHKLHUDUTXL]DGDVVHOHFLRQDQGRDVSULRULGDGHVSHOD
8)'',5+HPFRODERUDomRFRPRVVHUYLoRV
1XPHVIRUoRGHFXPSULPHQWRGR HVWDEHOHFLGROHJDOPHQWHHPPDWpULDGHKRUDVIRUPDomR
WUDEDOKDGRUHGRVUHTXLVLWRVOHJDLVHPPDWpULDGHVHJXUDQoDHKLJLHQHVHJXUDQoDDOLPHQWDU
HSURFHGLPHQWRVGHWUDEDOKRQRVVHUYLoRVVRFLDLVHGHVD~GHIRLFRQIHULGDDWpDRPRPHQWR
SULRULGDGHDRVVHJXLQWHVS~EOLFRVHiUHDV
D&RODERUDGRUHVFRPPHQRUWD[DGHFREHUWXUDHPDQRVDQWHULRUHV
E3URILVVLRQDLVGRGLUHWR
F ¬ IRUPDomR FRQWtQXD GH HVSHFLDOL]DomR H UHFLFODJHP GH SURILVVLRQDLV HP IXQomR
FKDYH GRV VHUYLoRV SUHVWDGRV SHOD 6DQWD &DVD $omR 6RFLDO H 6D~GH H GD VXD
SULQFLSDOiUHDGHQHJyFLRRV-RJRV6RFLDLVGR(VWDGR
'HVWDFDPVHQHVWHFRQWH[WRSHODVXDH[SUHVVmR HPWHUPRVGH FRODERUDGRUHV HQYROYLGRV
WUDQVYHUVDOLGDGHRXSHUWLQrQFLDSDUDRGHVHQYROYLPHQWRGHTXDOLILFDo}HVFKDYHQD6&0/DV
VHJXLQWHVWUrVLQWHUYHQo}HV
D 2V FXUVRV QD iUHD GR GHVHQYROYLPHQWR SHVVRDO QRPHDGDPHQWH R ³DWHQGLPHQWR
PXOWLFDQDOÝiULRVVHUYLoRVHR³WHDPEXLOGLQJ´'-
E2FLFORGHIRUPDomRHPJHVWmRSDUDGLUHWRUHVGHHTXLSDPHQWRVVRFLDLVH8QLGDGHV
GH6D~GHTXHLQFOXLMiRVGLULJHQWHVGRVHVWDEHOHFLPHQWRVFHGLGRVSHOR,66
F$IRUPDomRLQLFLDOGHDMXGDQWHVIDPLOLDUHV
G2LQYHVWLPHQWRHPIRUPDomRIHLWRQDiUHDGD+LJLHQHH6HJXUDQoDQR7UDEDOKR
2EMHWLYR$VVHJXUDUDHILFiFLDGDDQiOLVHHFRQWURORGRSODQRHGRRUoDPHQWRGHSHVVRDO
HDUHOHYkQFLDHRSRUWXQLGDGHGDLQIRUPDomRGHJHVWmR5+
3DUD R SURVVHJXLPHQWR GHVWH REMHWLYR VmR GH HYLGHQFLDU DV Do}HV LPSOHPHQWDGDV QRV
VHJXLQWHVGRPtQLRV
D
3URFHGLPHQWRVUHIRUoDGRVGHFRQWURORQRSURFHVVDPHQWRGHUHPXQHUDo}HV³YDOLGDomRROKRV´
y
E &RQWUROR PHQVDO GR RUoDPHQWR GH SHVVRDO D SDUWLU GD DQiOLVH GD LQIRUPDomR
HQYLDGD SHOD ',) H GD PRQLWRUL]DomR LQWHUQD VXSRUWDGD QXPD UHRUJDQL]DomR GH
UHJLVWRVGHHQWUDGDGHSHGLGRVGRVPRYLPHQWRVGHDGPLVV}HVHFHVVDo}HV
F(QYLRWULPHVWUDOGHLQGLFDGRUHV5+j0HVDH'LUHWRUHVGHSULPHLUDOLQKD
G (QYLR PHQVDO GH LQGLFDGRUHV DRV &HQWURV GH 5HVSRQVDELOLGDGH 2UoDPHQWDO
H[LVWHQWHV QD 6&0/ FRP LQIRUPDomR GHWDOKDGD GR PDSD GH SHVVRDO DEVHQWLVPR H
WUDEDOKRVXSOHPHQWDUH[WUDRUGLQiULRQRUHVSHWLYRVHUYLoR
2V LQGLFDGRUHV GH 5+ GLVSRQLELOL]DGRV PHQVDOPHQWH DRV &HQWURV GH 5HVSRQVDELOLGDGH
DVVXPLUDP QD SHUVSHWLYD GRV XWLOL]DGRUHV XP LPSDFWR VLJQLILFDWLYR GRV UHVSRQGHQWHV DR LQTXpULWR ODQoDGR GRV TXHVWLRQiULRV HQYLDGRV UHIHULUDP FRPR
VDWLVIDWyULRRXPXLWRVDWLVIDWyULRRLPSDFWRGRVLQGLFDGRUHVQDJHVWmRGRVHUYLoR
2EMHWLYR $XPHQWDU D UHOHYkQFLD GR DSRLR SUHVWDGR DRV VHUYLoRV GHVHQYROYHQGR
FRQKHFLPHQWRHSURFHGLPHQWRVQD',5+
$ DVVHVVRULD WpFQLFD DR GHVHQYROYLPHQWR GRV SURFHVVRV GH JHVWmR GH 5+ H GRV
SURFHGLPHQWRVDHOHVDVVRFLDGRVWHPFRQVWLWXtGRXPHL[RGHWUDEDOKRPXLWRLPSRUWDQWHGD
',5+HUHFRQKHFLGRFRPRSHUWLQHQWHSHORVVHUYLoRV
3DUD D FRQFUHWL]DomR GHVWH REMHWLYR UHDOL]DUDPVH WUrV FLFORV GH IRUPDomR GLULJLGRV DRV
WpFQLFRV GD ',5+ FXMRV WHPDV LQFLGLUDP VREUH 50RELOLGDGH IRUPDomR H WHPSRV GH
WUDEDOKR
2EMHWLYR (ODERUDU SURSRVWDV GH VXSRUWH j PRELOLGDGH LQWHUQD TXH YDORUL]HP R
DOLQKDPHQWRIXQomRSHUILOGRFRODERUDGRU
)RL HODERUDGD D SULPHLUD YHUVmR GR GRFXPHQWR 1RUPDV UHJXODGRUDV SDUD D PRELOLGDGH
LQWHUQD TXH VH HQFRQWUD SDUD YDOLGDomR ,QGHSHQGHQWHPHQWH GR HQTXDGUDPHQWR OHJDO HP
YLJRU H DSOLFDGR HVWH UHIHUHQFLDO SHUPLWLUi GH IRUPD PDLV HILFD] LQIRUPDU VHUYLoRV H
FRODERUDGRUHVIXQFLRQDQGRFRPRSODWDIRUPD GHFRPXQLFDomR HGHWUDEDOKRQXPFRQWH[WR
GHQHFHVViULDFRQWHQomRGHFXVWRVHPHOKRULDGDHILFLrQFLDLQWHUQD
2EMHWLYR3URPRYHUDTXDOLGDGHHDXWLOL]DomRGR6*$'FRPRLQVWUXPHQWRGHJHVWmRHGH
FRPXQLFDomR
y
1R VHQWLGR GH FXPSULU R REMHWLYR GHILQLGR DV SULQFLSDLV Do}HV GHVHQYROYLGDV FHQWUDUDPVH
HPVtQWHVHQRVHJXLQWH
D &RQFOXLU HP WHPSR RSRUWXQR R SURFHVVR GH DYDOLDomR GH GHVHPSHQKR UHODWLYR DR
DQRGHJDUDQWLQGRRFXPSULPHQWRGRUHJXODPHQWRHPYLJRUHDKDUPRQL]DomR
GH SURFHGLPHQWRV QD FRQGXomR GDV UHXQL}HV GDV 6HFo}HV $XWyQRPDV QDV TXDLV VH
HIHWXDPDVSURSRVWDVGHGHOLEHUDomRVREUHDYDOLDo}HVVLWXDo}HVGHQmRDYDOLDomRH
UHFODPDo}HV
E $VVHJXUDUDLQIRUPDomRHFRPXQLFDomRFRPRVVHUYLoRVGLULJHQWHVHDYDOLDGRUHVQR
VHQWLGRGHJDUDQWLUDILQDOL]DomRGHSURFHVVRVGHDYDOLDomRGHHDGHILQLomRGH
REMHWLYRVSDUD
F 6LVWHPDWL]DURFRQMXQWRGHTXHVW}HVVREUHR6*$'TXHUHVXOWDUDPQRPHDGDPHQWH
GDUHIOH[mRWUDQVPLWLGDHSURSRVWDVHIHWXDGDVSRUDOJXQVGLULJHQWHVQRTXHUHVSHLWD
HPSDUWLFXODUjVHVFDODVGHDYDOLDomRTXRWDVHDWULEXLomRGHSUpPLRV
G ,GHQWLILFDU H DQDOLVDU DV SURSRVWDV HP QHJRFLDomR H D SURGXomR GH QRUPDV H
OHJLVODomR UHODWLYDV j DYDOLDomR GH GHVHPSHQKR GH FDUUHLUDV HVSHFtILFDV GR 5&7)3
QRPHDGDPHQWH GRFHQWHV PpGLFRV H HQIHUPHLURV FRP R REMHWLYR GH JDUDQWLU D
DUWLFXODomRFRPR6*$'HGHLGHQWLILFDUHYHQWXDLVDMXVWDPHQWRVDLQWURGX]LU
$WLYLGDGHVQmRSUHYLVWDVHPSODQR
&RP D DSURYDomR GR RUoDPHQWR GH (VWDGR SDUD UHVXOWRX D QHFHVVLGDGH GH FRQIHULU
SULRULGDGH D DVSHWRV QmR SUHYLVWRV HP SODQR REULJDQGR j GHVORFDomR GH HVIRUoRV H WHPSR
SDUD DWLYLGDGHV QmR SURJUDPDGDV H FRQVHTXHQWHPHQWH DR DGLDPHQWR GH DOJXPDV
DWLYLGDGHV SUHYLVWDV HP 3ODQR DWUDYpV GD ',5+ 'H HQWUH HVVDV DWLYLGDGHV QmR SUHYLVWDV
GHVWDFDVH DR QtYHO GR SURFHVVDPHQWR GH UHPXQHUDo}HV D QHFHVVLGDGH GH DVVHJXUDU R
FXPSULPHQWRGRGLVSRVWRHPPDWpULDGHUHGXo}HVUHPXQHUDWyULDVSDUDRTXDGURUHVLGXDOGH
WUDEDOKDGRUHV GR 5HJLPH GH &RQWUDWR GH 7UDEDOKR HP )XQo}HV 3~EOLFDV 3DUDOHODPHQWH H
FRP D FHGrQFLD GH XP FRQMXQWR GH HTXLSDPHQWRV GR ,66 ,3 j 6&0/ IRL QHFHVViULR
DVVHJXUDURHQTXDGUDPHQWRGRVUHVSHWLYRVFRODERUDGRUHVEHPFRPRRDOLQKDPHQWRGHVWHV
FRP DV SROtWLFDV H SURFHGLPHQWRV GH JHVWmR 5+ GD 6&0/ QR UHVSHLWR SHOR FRQWUDWR GH
JHVWmRFHOHEUDGRHGHFUHWROHLTXHRHQTXDGUD
(VWDV GXDV VLWXDo}HV FRP GHVWDTXH SDUD D FHGrQFLD GH HTXLSDPHQWRV H GRV
WUDEDOKDGRUHVDHOHVDIHWRVGHWHUPLQRXQRVHQWLGRGHVHUDVVHJXUDGDFRHUrQFLDLQWHUQDQR
WUDWDPHQWRGRVFRODERUDGRUHVHVHUYLoRVDVVHJXLQWHVGLQkPLFDV
y
•
5HRUJDQL]DomRGHSULRULGDGHVDRQtYHOGDGHILQLomRGHQtYHLVGHVHUYLoRHPPDWpULD
GHWHPSRVHFLUFXLWRVGHUHVSRVWDDRFRODERUDGRUEHPFRPRDRQtYHOGDVDo}HVGH
LQIRUPDomR IRUPDomR HP PDWpULD GH DYDOLDomR GH GHVHPSHQKR WHQGR VLGR
FRQIHULGDSULRULGDGHDRVVHUYLoRVHGLULJHQWHVGR,66,3
•
8P UHIRUoR GR WHPSR H UHFXUVRV DIHWRV DR UHFUXWDPHQWR H VHOHomR GH
FRODERUDGRUHV QR VHQWLGR GH GRWDU RV HTXLSDPHQWRV FHGLGRV GR PtQLPR GH
FRQGLo}HVGHIXQFLRQDPHQWR
•
$ UHDOL]DomR GH Do}HV GH IRUPDomR QmR SUHYLVWDV HP JHVWmR SDUD RV GLULJHQWHV
GRVHTXLSDPHQWRVGR,66,3
•
5HRULHQWDomR GH SULRULGDGHV HP PDWpULD GH HODERUDomR GH KRUiULRV PDSDV GH
KRUiULRVHGRWDo}HVWHQGRVLGRFRQIHULGDSULRULGDGHDRVHTXLSDPHQWRVFHGLGRVHP
GHWULPHQWR GRV VHUYLoRV FHQWUDLV GD 6&0/ QRV TXDLV VH LQLFLRX HVWH WUDEDOKR
DSHQDVQRILQDOGH
•
6REUHFDUJDGHWUDEDOKRQRDSRLRMXUtGLFRQRVHFWRUGDFRQWUDWDomRQDLQIRUPDomR
GH JHVWmR H QR SURFHVVDPHQWR GH YHQFLPHQWRV XPD YH] TXH D 6&0/ SDVVRX D
GLVSRU GH XP VHJXQGR TXDGUR GH WUDEDOKDGRUHV HP 5HJLPH GH &RQWUDWR GH
7UDEDOKRHP)XQo}HV3~EOLFDV
$V VLWXDo}HV GHVFULWDV SUHMXGLFDUDP R WLPLQJ GH DSUHVHQWDomR GH QRYRV SURMHWRV H
LQLFLDWLYDV SUHYLVWDV HP 48$5 QRPHDGDPHQWH QR GRPtQLR GR DWHQGLPHQWR GD PRELOLGDGH
LQWHUQDHGDDVVHVVRULDWpFQLFDDRVVHUYLoRVHPPDWpULDGHJHVWmRDGPLQLVWUDWLYD5+WHQGR
QRHQWDQWRVLGRDVVHJXUDGDDFRHUrQFLDPtQLPDGHSURFHGLPHQWRVHPWRGDVDV8QLGDGHVH
iUHDVGD',5+EHPFRPRDLQWHJUDomRGHFHUFDGHQRYRVWUDEDOKDGRUHV
'LUHomRGH$SURYLVLRQDPHQWR
$'LUHomRGH$SURYLVLRQDPHQWR',$WHPFRPRPLVVmRDVVHJXUDURIRUQHFLPHQWRGHEHQVH
VHUYLoRVDWRGDDHVWUXWXUDRUJkQLFDGD6DQWD&DVDGD0LVHULFyUGLDGH/LVERD6&0/
2EMHWLYR,PSOHPHQWDUSURFHVVRVGHPRGHUQL]DomRGDDWLYLGDGHFRPYLVWDDDXPHQWDU
RGHVHPSHQKRGD',$
1RkPELWRGHVWHREMHWLYRIRUDPLPSOHPHQWDGRVRVSURFHVVRVGHHODERUDomRHPRQLWRUL]DomR
GR3ODQR$QXDOGH&RPSUDVHRV*DVWRVPpGLRVSRUXQLGDGHGHFRQVXPR
y
SDUD FDWHJRULDV GH EHQVVHUYLoRV HQFRQWUDVH SDUFLDOPHQWH UHDOL]DGR R 5HODWyULR GH
DYDOLDomR FRQWUDWRV 2 FDWiORJR HOHWUyQLFR SDUD GXDV FDWHJRULDV GH EHQV GH FRQVXPR
FRUUHQWHQmRWHQGRVLGRSRVVtYHOODQoDURSURFHGLPHQWRFRQFXUVDOWUDQVLWDSDUD
2EMHWLYR5HQWDELOL]DURVUHFXUVRVILQDQFHLURVHSDWULPRQLDLVDWUDYpVGDRSHUDFLRQDOL]DomR
GHPHGLGDVGHSRXSDQoDHIHWLYDV
1R kPELWR GHVWH REMHWLYR IRUDP LPSOHPHQWDGDV FRP VXFHVVR DV PHGLGDV GH DWXDOL]DomR H
XQLIRUPL]DomRGRFDWiORJRGHEHQVHVHUYLoRVGHSRXSDQoDGH&RPEXVWtYHOQDGLVWULEXLomR
GH EHQV GH DUPD]pP H DLQGD D UHGXomR GRV WHPSRV GH FDUJD GRV SURGXWRV GH KLJLHQH H
FRQIRUWR
$LQGD QmR IRL SRVVtYHO FRQFUHWL]DU D DomR GH UHFRUUHU PDLRULWDULDPHQWH DR SURFHGLPHQWR
DTXLVLWLYRFRQFXUVRS~EOLFRSHORTXHWUDQVLWDSDUD
$&HQWUDOL]DomRH4XDOLILFDomRGR3yOR/RJtVWLFRGD',$DJXDUGDDFRQFOXVmRGRSURMHWRSDUD
ODQoDPHQWRGRSHGLGRGHDEHUWXUDGRSURFHGLPHQWR
2EMHWLYR'HVPDWHULDOL]DomRGHSURFHVVRVGHVXSRUWHGDDWLYLGDGH
)RUDP GHVPDWHULDOL]DGRV FRP VXFHVVR RV SURFHVVRV GH UHTXLVLomR GH FRPSUDV HOHWUyQLFD H
GH UHTXLVLomR GH WUDQVSRUWH YLD LQWUDQHW (QFRQWUDPVH DLQGD HP H[HFXomR RV IRUPXOiULRV
RQOLQHGHFRQWURORGHFRQWUDWRVHGHDYDOLDomRGHIRUQHFHGRUHV
2EMHWLYR 3URPRYHU D FHUWLILFDomR HP &RPSUDV JDUDQWLU GH FRODERUDGRUHV
FHUWLILFDGRV
'HYLGRDDOWHUDo}HVLQWHUQDVQmRVHFRQVLGHURXRSRUWXQRDH[HFXomRGHVWHREMHWLYR
2EMHWLYR$WLQJLUXPQtYHOGHVDWLVIDomRGRVFOLHQWHVQmRLQIHULRUDPHGLGRDWUDYpVGH
LQTXpULWRFRPFODVVLILFDomRGHD
2 DQR GH FRQVWLWXLVH FRPR R DQR HP TXH D ',$ XWLOL]RX HVWH LQVWUXPHQWR SDUD
DYDOLDomRGRVVHUYLoRV$WD[DGHUHVSRVWDGRVVHUYLoRVLQTXLULGRVIRLGH2SWRXVHSRU
XPD HVFDOD GH DYDOLDomR FRPSRVWD SRU QtYHLV PXLWRLQVDWLVIDWyULR ,QVDWLVIDWyULR
6DWLVIDWyULR %RP 0XLWRERP ([FHOHQWH
y
$ DSUHFLDomR JOREDO HIHWXDGD SHORV VHUYLoRV GHPRQVWUD TXH D PDLRULD GRV VHUYLoRV HVWi
PXLWRVDWLVIHLWDFRPR VHUYLoRSUHVWDGRSHOD',$QRkPELWRGDVVXDV DWULEXLo}HVXPDYH]
TXHDPpGLDJOREDOVHVLWXDHP%20
'LUHomRGH*HVWmRGH,QVWDODo}HVH(TXLSDPHQWRV
$'LUHomRGH *HVWmRGH,QVWDODo}HVH (TXLSDPHQWRV',*,( pXPVHUYLoRLQVWUXPHQWDOGD
6DQWD &DVD GD 0LVHULFyUGLD GH /LVERD TXH WHP FRPR REMHWLYR R SODQHDPHQWR H JHVWmR GH
REUDVHDPDQXWHQomRGHLQVWDODo}HVHHTXLSDPHQWRV
(P )HYHUHLUR GH D 0HVD HVWDEHOHFHX R QRYR 5HJXODPHQWR 2UJkQLFR GD ',*,( TXH
UHGHILQLX RV REMHWLYRV DWULEXLo}HV VHUYLoRV H FRPSHWrQFLDV GD 'LUHomR $VVLP D ',*,( p
DWXDOPHQWH FRPSRVWD SHOD 8QLGDGH GH (VWXGRV H 3URMHWRV 8(3 SHOD 8QLGDGH GH
&RQVWUXomRH)LVFDOL]DomR8&)SHOD8QLGDGHGH0DQXWHQomRH&RQVHUYDomR80&HSHOR
1~FOHRGH$SRLR7pFQLFRH$GPLQLVWUDWLYR1$7$
$R ORQJR GR DQR GH D ',*,( HODERURX D SUHSDUDomR WpFQLFD RX UHDOL]RX XP WRWDO GH
SURFHVVRVDTXLVLWLYRV
4XDGUR3URFHGLPHQWRV$TXLVLWLYRV
WZK/DEdK^ϮϬϭϭ
WƌĞƉĂƌĂĚŽƐ
ũƵƐƚĞƐŝƌĞĐƚŽƐ^ŝŵƉůŝĨŝĐĂĚŽƐ
ũƵƐƚĞƐŝƌĞĐƚŽƐ
dKd>
ĚũƵĚŝĐĂĚŽƐ
sĂůŽƌĚũƵĚŝĐĂĕĆŽ
ϭ͘Ϭϴϯ
ϭ͘Ϭϴϯ ϴϳϰ͘ϭϬϰ͕ϮϳΦ
ϲϰ
ϰϲ ϭ͘ϬϵϬ͘ϴϴϱ͕ϴϯΦ
ϭ͘ϭϰϳ
ϭ͘ϭϮϵ ϭ͘ϵϲϰ͘ϵϵϬ͕ϭϬΦ
8QLGDGHGH(VWXGRVH3URMHWRV8(3
$ 8(3 QR kPELWR GDV VXDV FRPSHWrQFLDV SURPRYH D HODERUDomR GH HVWXGRV H SURMHWRV
DWUDYpV GD UHDOL]DomR GH SURFHGLPHQWRV SDUD D IRUPDomR GH FRQWUDWRV GH SUHVWDomR GH
VHUYLoRV DFRPSDQKD H FRRUGHQD R GHVHQYROYLPHQWR GRV SURMHWRV DGMXGLFDGRV LQFOXLQGR
WRGR R SURFHVVR GH OLFHQFLDPHQWR FRUUHVSRQGHQWH H HIHWXD SURFHGLPHQWRV FRQGXFHQWHV j
UHDOL]DomRGHFRQWUDWRVGHHPSUHLWDGDUHIHUHQWHVDRVSURMHWRVFRQFOXtGRV
$ DWLYLGDGH GD 8(3 QR DQR GH LQFLGLX IXQGDPHQWDOPHQWH VREUH D FRQWLQXDomR GD
UHTXDOLILFDomRGRSDWULPyQLRLPRELOLiULRDIHWRjDWLYLGDGHHDUHDELOLWDomRGHHGLItFLRVDIHWRV
DUHQGLPHQWRHPFHUFDGHSURFHVVRV
y
&RP HVVH REMHWLYR D 8(3 GHX FRQWLQXLGDGH DR GHVHQYROYLPHQWR GH SURMHWRV GH
UHTXDOLILFDomR UHIHUHQWHV D SUpGLRV GH UHQGLPHQWR H GH UHODWLYRV D SDWULPyQLR DIHWR j
DWLYLGDGHTXHWUDQVLWDUDPGRVDQRVDQWHULRUHV3DUDOHODPHQWHSURPRYHXDHODERUDomRGH
QRYRV SURMHWRV WHQGR FRQFUHWL]DGR DGMXGLFDo}HV GH QRYRV SURMHWRV GH UHTXDOLILFDomR GR
SDWULPyQLRDIHWRjDWLYLGDGHQRPHDGDPHQWHHP(TXLSDPHQWRV6RFLDLV6HUYLoRVH6D~GH
'RV SURMHWRV GHVHQYROYLGRV QD iUHD GR SDWULPyQLR DIHWR j DWLYLGDGH H TXH VH PDQWpP HP
FRQWLQXLGDGHVDOLHQWDPVHDWtWXORH[HPSOLILFDWLYR
5HTXDOLILFDomRGRVHGLItFLRVDIHWRVD(TXLSDPHQWRV6RFLDLVTXHSURYHPGHDQRVDQWHULRUHVD
•
&UHFKHGD(VWUHODHPOLFHQFLDPHQWRQD&0/
•
&HQWURGH$FROKLPHQWR,QIDQWLO9tWRU0DQXHOSURSRVWRSDUDDEHUWXUDGH
SURFHGLPHQWR
•
&HQWURGH'LD6mR%RDYHQWXUDSDUDLQLFLRGHREUD
5HPRGHODomREHQHILFLDomRHDPSOLDomRGHHVSDoRVGRV6HUYLoRV
•
&R]LQKDH]RQDVDGMDFHQWHVGD2EUD6RFLDOGR3RXVDOSURSRVWDSDUDDEHUWXUDGH
SURFHGLPHQWR
•
(66$(VSDoRVGRUHIHLWyULRHELEOLRWHFDSURSRVWDSDUDDEHUWXUDGHSURFHGLPHQWR
(P IRUDP HQWUHJXHV QRYRV SURFHVVRV GH OLFHQFLDPHQWR QDV HQWLGDGHV
DGPLQLVWUDWLYDV UHVSRQViYHLV SHOD VXD DSUHFLDomR FRUUHVSRQGHQWHV D SURFHVVRV DIHWRV j
DWLYLGDGH
$R ORQJR GR DQR GH IRUDP DSURYDGRV SHODV &kPDUDV 0XQLFLSDLV XP WRWDO GH SURFHVVRVVHQGRDIHWRVjDWLYLGDGHQRPHDGDPHQWHDHTXLSDPHQWRV6RFLDLVH6D~GHH
UHIHUHQWHV D UHTXDOLILFDomR GR SDWULPyQLR DIHWR D SUpGLRV GH UHQGLPHQWR 'HVWHV SURFHVVRV
GHVWDFDPVHDOJXQVGDiUHDDIHWDjDWLYLGDGH
•
&DOoDGDGD7DSDGDQD
•
5XD0DQXHO)HUUHLUDGH$QGUDGH%HQILFD/LVERD*DUDJHPH&HQWURGH/RJtVWLFD
GD',$HPSURFHGLPHQWR
'RVSURFHVVRVDIHWRVDRVSUpGLRVGHUHQGLPHQWRGHVWDFDPVHRVVHJXLQWHV
•
&DOoDGDGR)RUWH
•
&DOoDGDGH6DQWDQD
y
•
5XD6LOYDGH&DUYDOKR
•
5XDGD3UDWD
•
5XD0DULD
$ GH GH]HPEUR GH HQFRQWUDYDPVH SURFHVVRV HP DSUHFLDomR QD HQWLGDGH
OLFHQFLDGRUD VHQGR FRUUHVSRQGHQWHV D HGLItFLRV DIHWRV j DWLYLGDGH H FRUUHVSRQGHQWHV D
HGLItFLRVGHUHQGLPHQWR
'XUDQWH R DQR GH QD iUHD DIHWD DR SDWULPyQLR GH UHQGLPHQWR IRUDP FRQFOXtGRV SURMHWRV 'RV SURMHWRV FRQFOXtGRV IRUDP SURSRVWRV HQWUH RXWURV SURFHGLPHQWRV SDUD D
FRQWUDWDomR GDV UHVSHWLYDV HPSUHLWDGDV DR DEULJR GR &yGLJR GRV &RQWUDWRV 3~EOLFRV SDUD
H[HFXomRGDVREUDVQRVSUpGLRVGHUHQGLPHQWRHQWUHRXWURV
•
&DOoDGDGR)RUWH/LVERD
•
/DUJRGD*UDoD/LVERD
•
&DOoDGDGH6DQWDQD/LVERD
•
5XDGD3UDWDWRUQHMDQGRSDUD5XDGD9LWyULD/LVERD
•
5XD0DULDH/LVERD
•
5XD9DOHGH6DQWR$QWyQLR/LVERD
'RVSURMHWRVFRQFOXtGRVIRUDPSURSRVWRVHQWUHRXWURVSURFHGLPHQWRVSDUDDFRQWUDWDomR
GDVUHVSHWLYDVHPSUHLWDGDVDRDEULJRGR&yGLJRGRV&RQWUDWRV3~EOLFRVSDUDH[HFXomRGDV
REUDVQRV(TXLSDPHQWRHQWUHRXWURV
•
&$,'RPLQJRV%DUUHLUR/DUJRGD0LWUD/LVERD
•
&$,9LFWRU0DQXHO/LVERD
•
(66$(VSDoRV5HIHLWyULRH%LEOLRWHFD$OFRLWmR
•
352'$&$UUDQMRV([WHULRUHV/LVERD
•
&63%DLUURGDV)XUQDV
y
8QLGDGHGH&RQVWUXomRH)LVFDOL]DomR8&)
$8&)LQLFLRXDVXDDWLYLGDGHHPDEULOGHQDVHTXrQFLDGDUHHVWUXWXUDomRRUJkQLFDGD
',*,( H DV VXDV FRPSHWrQFLDV IRFDPVH HVVHQFLDOPHQWH QD JHVWmR FRRUGHQDomR H
DFRPSDQKDPHQWRGHHPSUHLWDGDV
&RPRFRQVHTXrQFLDGDUHHVWUXWXUDomRKRXYHDQHFHVVLGDGHGHLPSOHPHQWDUSURFHGLPHQWRV
DGHTXDGRV j RWLPL]DomR GRV UHFXUVRV H PHOKRULD GD HILFLrQFLD 3DUD R HIHLWR IRL
GHVHQYROYLGRXPDUTXLYRGLJLWDOSDUDIDFLOLWDUDFRQVXOWDHUHSURGXomR GRVGRFXPHQWRVSRU
SDUWH GH WRGRV RV FRODERUDGRUHV IRUDP HODERUDGDV PLQXWDV GH GRFXPHQWRV SDUD
QRUPDOL]DomR GRV SURFHGLPHQWRV H IRLLPSOHPHQWDGR XP VLVWHPD GH UHJLVWR H FRQWUROR GRV
GDGRVUHIHUHQWHVjVHPSUHLWDGDVHSUHVWDo}HVGHVHUYLoRVDFRPSDQKDGDVSRUHVWD8QLGDGH
1RTXHVHUHIHUHDRVLVWHPDGHUHJLVWRHFRQWURORGRVGDGRVLPSRUWDVDOLHQWDUTXHVHWUDWD
GH XP VLVWHPD EiVLFR SDUD D FRPSOH[LGDGH H GLYHUVLGDGH GR WUDEDOKR GHVHQYROYLGR QmR
VHQGR R PDLV DGHTXDGR WHQGR HP FRQVLGHUDomR WRGDV DV H[LJrQFLDV OHJDLV D TXH HVWD
8QLGDGHGHYHUiGDUUHVSRVWD&RQWXGRpR~QLFRVLVWHPDTXHD8QLGDGHGLVS}HSDUDJHUDU
RV LQGLFDGRUHV FXMRV UHVXOWDGRV QHP VHPSUH FRUUHVSRQGHP H[DWDPHQWH DR WUDEDOKR
GHVHQYROYLGRREULJDQGRDXPDYHULILFDomRPDQXDOVXVFHWtYHOGHHUUR
$DWLYLGDGHGD8&)QRDQRGHLQFLGLXVREUHDUHTXDOLILFDomRGRSDWULPyQLRLPRELOLiULR
DIHWRjDWLYLGDGHGHDomRVRFLDOVD~GHVHUYLoRVHUHQGLPHQWRQXPWRWDOGHREUDV
&RP HVVH REMHWLYR D 8&) GHX FRQWLQXLGDGH DR GHVHQYROYLPHQWR GH REUDV TXH
WUDQVLWDUDP GR DQR DQWHULRU H SURPRYHX D H[HFXomR GH REUDV QRYDV WHQGR VLGR
DGMXGLFDGDV
'DV REUDV LQWHUYHQFLRQDGDV DR ORQJR GR DQR IRUDP UHFHFLRQDGDV SURYLVRULDPHQWH HP
TXH FRUUHVSRQGHP D LQWHUYHQo}HV HP SDWULPyQLR LPRELOLiULR DIHWR j DWLYLGDGH GH DomR
VRFLDOVD~GHHVHUYLoRVHFRUUHVSRQGHPDHGLItFLRVDIHWRVDUHQGLPHQWR
1D iUHD GR SDWULPyQLR DIHWR j DWLYLGDGH GH DomR VRFLDO VD~GH H VHUYLoRV GHVWDFDPVH DV
VHJXLQWHVLQWHUYHQo}HV
•
$GDSWDomRGDVIXWXUDVLQVWDODo}HVGR&HQWURGH'LD1RVVD6UGD3HQDVLWRQR3DoR
GD5DLQKDDHP/LVERD
y
•
5HPRGHODomRGDFR]LQKDFHQWUDOGR&HQWURGH$SRLR6RFLDOGRV$QMRVVLWRQD$Y
$OPLUDQWH5HLVHP/LVERD
•
5HTXDOLILFDomRGRIRJRVLWRQD5XD4XLQWDGRV2XULYHV/RWH5&&HP/LVERD
•
5HFXSHUDomRHUHTXDOLILFDomRGRVHVSDoRVH[WHULRUHVGR3DUTXH,QIDQWLOGH6DQWD
&DWDULQDVLWRQR3iWLRGRV7DQRHLURV&DOoDGDGR&RPEURHP/LVERD
•
$GDSWDomRD³&UHFKHGR3ULQFLSH]LQKR´GRHGLItFLRVLWRQD3UDoDGR3UtQFLSH5HDOD
HP/LVERD
5HODWLYDPHQWH DR SDWULPyQLR FODVVLILFDGR FRPR 0RQXPHQWR 1DFLRQDO LPSRUWD VXEOLQKDU DV
REUDVGHFRQVHUYDomRHUHVWDXURHIHWXDGDVQD,JUHMDGH6mR5RTXHGHVLJQDGDPHQWH
•
5HFXSHUDomRHOLPSH]DGDIDFKDGDSULQFLSDO,JUHMDGH6mR5RTXH
•
&RQVHUYDomRHUHVWDXURGDFREHUWXUDGD6DFULVWLDGD,JUHMDGH6mR5RTXH
1RTXHVHUHIHUHDRSDWULPyQLRDIHWRDR5HQGLPHQWRHYLGHQFLDPVHDVREUDV
•
&RQVHUYDomRHEHQHILFLDomRGDV]RQDVFRPXQVGRHGLItFLRVLWRQD$Y$OPLUDQWH5HLV
WRUQHMDQGRSDUDD5XDGRV$QMRVD)QD)UHJXHVLDGRV$QMRVHP/LVERD
•
5HTXDOLILFDomRHUHDELOLWDomRGRHGLItFLRVLWRQD5XD(GXDUGR&RHOKRDQD
)UHJXHVLDGDV0HUFrVHP/LVERD
'DDWLYLGDGHGHVHQYROYLGDHPWUDQVLWDPSDUDRDQRREUDVHPFXUVRHPTXH
VmR UHIHUHQWHV D HGLItFLRV DIHWRV j DWLYLGDGH H FRUUHVSRQGHQWHV D HGLItFLRV GH
UHQGLPHQWR 3DUDOHODPHQWH DR ORQJR GR DQR D 8&) SURPRYHX D HODERUDomR GH OHYDQWDPHQWRVHVWXGRVSURMHWRV HIHWXRX DXWRV GH YLVWRULD H HPLWLX SDUHFHUHV
WpFQLFRV
8QLGDGHGH0DQXWHQomRH&RQVHUYDomR80&
$80&LQLFLRXDVXDDWLYLGDGHFRPR8QLGDGHHP$EULOGHQRkPELWRGDUHHVWUXWXUDomR
RUJkQLFDGD',*,(
'RV SHGLGRV GH UHSDUDomRFRQVHUYDomR IRUPXODGRV SHORV 6HUYLoRV (TXLSDPHQWRV
6RFLDLVH'*,3IRUDPVROXFLRQDGRVDWUDYpVGR1~FOHRGH&RQVHUYDomRFRPUHFXUVRD
PHLRVSUySULRVSHVVRDORSHUiULRGD6&0/
y
)RUDP DLQGD FRQFOXtGDV PDLV LQWHUYHQo}HV GH UHSDUDomRFRQVHUYDomR DWUDYpV GH
HPSUHVDVGHRXWVRXUFLQJ
&RPYLVWDjUHDOL]DomRGH2EUDVGH&RQVHUYDomR0DQXWHQomRIRUDPHODERUDGRVSURMHWRV
HRXOHYDQWDPHQWRVTXHSHUPLWLUDPRODQoDPHQWRGHSURFHGLPHQWRVDTXLVLWLYRV
)RUDP HIHWXDGDV 2EUDV GH &RQVHUYDomR0DQXWHQomR QD JHQHUDOLGDGH GRV (TXLSDPHQWRV
6RFLDLVH6HUYLoRVGDVTXDLVVHGHVWDFDPDVVHJXLQWHV
•
&RQMXQWRGH65RTXH&DOoDGDGD*OyULD5HDELOLWDomRGH&REHUWXUDVH
)DFKDGDV
•
&RQMXQWRGH65RTXH&DOoDGDGD*OyULD5HDELOLWDomRGH&REHUWXUDVH
)DFKDGDV
•
&RQMXQWRGH65RTXH5HPRGHODomRGRVLVWHPDGH$9$&GD3URYHGRULD
•
&RQMXQWRGH65RTXH,PSOHPHQWDomRGH$9$&QDiUHDGRV'HSyVLWRVGR$UTXLYR
+LVWyULFR
•
&OLPDWL]DomRGR&$,'U'RPLQJRV%DUUHLUR
•
0RQWDJHPGHVLVWHPDGHH[DXVWmRHLQVXIODomRQD&R]LQKDGR&HQWURGH$SRLR6RFLDO
GRV$QMRV
•
&RQMXQWRGH65RTXH&RQVHUYDomRHEHQHILFLDomRGHJDELQHWHVHFRUUHGRUHVGD
'$66
•
&RQMXQWRGH65RTXH5HPRGHODomRHEHQHILFLDomRGDVLQVWDODo}HVGR1~FOHRGH
([SHGLHQWH*HUDO
•
&RQMXQWRGH65RTXH&RQVHUYDomRHEHQHILFLDomRGDFREHUWXUDGD6DODGH6HVV}HV
GD3URYHGRULD
1R 3DWULPyQLR GH 5HQGLPHQWR IRUDP UHDOL]DGDV 2EUDV GH &RQVHUYDomR5HDELOLWDomR HP
DOJXQVSUpGLRVGRVTXDLVVHGHVWDFDP
•
$YHQLGD(VWDGRV8QLGRVGD$PpULFD
•
3UDoDGDV)ORUHV
•
5XD%DUmRGH6DEURVD
•
$YHQLGD$OPLUDQWH5HLV5XD$QWHURGH4XHQWDO%
•
&DOoDGDGR/DYUD$
'H UHIHULU SRU ILP TXH IRUDP DLQGD UHDOL]DGDV DV 0DQXWHQo}HV 3UHYHQWLYDV SUHYLVWDV HP
&HQWUDLV 7pUPLFDV &HQWUDLV +LGURSUHVVRUDV H +LGURSQHXPiWLFDV 6LVWHPDV GH $9$&
$TXHFLPHQWR 9HQWLODomR H $U &RQGLFLRQDGR +RWWHV H ([DXVWRUHV (OHYDGRUHV H
3ODWDIRUPDV(OHYDWyULDVH&HQWUDLV7HOHIyQLFDV
([HFXomR2UoDPHQWDO
y
(PRVJDVWRVWRWDLVGHIXQFLRQDPHQWRLPSXWDGRVj',*,(DWLQJLUDP¼
FRUUHVSRQGHQGR D XP DXPHQWR GH ¼ HP UHODomR DR DQR DQWHULRU YHULILFDGR
VREUHWXGR QD UXEULFD )RUQHFLPHQWRV H 6HUYLoRV ([WHUQRV TXH DWLQJH XP SHVR GH QR
WRWDO GRV JDVWRV 1HVWH kPELWR DV UXEULFDV PDLV VLJQLILFDWLYDV VmR DV UHODWLYDV D 6HUYLoRV
7pFQLFRV (VWXGRV H 3URMHWRV &RQVHUYDomR H 5HSDUDomR GH (GLItFLRV $IHWRV j $WLYLGDGH H D
&RQVHUYDomRGH2XWURV%HQVTXHDVFHQGHUDPDXPWRWDOGH¼
1R DQR GH R RUoDPHQWR GH LQYHVWLPHQWR GD ',*,( DVFHQGHX D ¼
UHJLVWDQGRXPDH[HFXomRGH¼
2VOLPLWHVjH[HFXomRSUHQGHPVHVREUHWXGRFRPFRQVWUDQJLPHQWRVH[WHUQRVUHODFLRQDGRV
FRP SURFHVVRV GH OLFHQFLDPHQWR GH REUDV FXMRV SUD]RV GH DSURYDomR SHODV HQWLGDGHV
OLFHQFLDGRUDV H[FHGHUDP R H[SHFWiYHO H LQWHUQRV TXH VH SUHQGHP FRP R GHFXUVR H
DGMXGLFDomR GRV SURFHGLPHQWRV DTXLVLWLYRV TXH QmR SHUPLWLUDP UHDOL]DomR ILQDQFHLUD GH
YiULRVSURMHWRVUHOHYDQWHVGHQWURGRVSUD]RVSUHYLVWRV
'LUHomRGH6LVWHPDVH7HFQRORJLDVGH,QIRUPDomR
$ 'LUHomR GH 6LVWHPDV H 7HFQRORJLDV GH ,QIRUPDomR ',67, p XP VHUYLoR LQVWUXPHQWDO GD
6DQWD &DVD GD 0LVHULFyUGLD GH /LVERD 6&0/ TXH WHP FRPR PLVVmR R HVWXGR FRQFHomR
FRQGXomRH[HFXomRHDYDOLDomRGHWRGRVRVVLVWHPDVGHLQIRUPDomRGDVGLIHUHQWHViUHDVGD
6&0/EHPFRPRDVXDDWXDOL]DomRWHFQROyJLFD
2 QRYR 5HJXODPHQWR 2UJkQLFR GD ',67, DSURYDGR HP 0DUoR GH GHILQH TXH D ',67,
SDVVDDFRPSUHHQGHURVVHJXLQWHVVHUYLoRV
D8QLGDGHGH3ODQHDPHQWRGH6LVWHPDVGH,QIRUPDomRH*HVWmRGH5HFXUVRV
E8QLGDGHGH*HVWmRGH,QIUDHVWUXWXUDTXHLQWHJUD
L1~FOHRGH*HVWmRGH5HGHVH&RPXQLFDo}HV
LL1~FOHRGH$GPLQLVWUDomRGH6LVWHPDVH%DVHGH'DGRV
LLL1~FOHRGH2SHUDomRGH6LVWHPDV
F8QLGDGHGH*HVWmRGH$SOLFDo}HVTXHLQWHJUD
L1~FOHRGH4XDOLGDGHH7HVWHV
G8QLGDGHGH6HUYLoRDR&OLHQWHTXHLQWHJUD
L1~FOHRGH$SRLRDR&OLHQWH±+HOS'HVN
H*DELQHWHGH6HJXUDQoDH0RQLWRUL]DomR
I*DELQHWHGH$XGLWRULD,QIRUPiWLFD
y
2EMHWLYR 2SHUDFLRQDO ,PSOHPHQWDU GH IRUPD WUDQVYHUVDO j 6&0/ XPD VROXomR GH
&RQWLQXLGDGHGH1HJyFLR
$o}HVD'HVHQYROYHU
D $GDSWDomRGDUHGHGHGDGRVjVQHFHVVLGDGHVGDDWLYLGDGHGD6&0/±3URMHWR
$
E ,PSOHPHQWDUUHGXQGkQFLDGHIXQFLRQDPHQWRHPFHQWURGHGDGRVDOWHUQDWLYR±
3URMHWR$
F ,PSOHPHQWDULQIUDHVWUXWXUDUHGXQGDQWHGHDUPD]HQDPHQWRGHGDGRV±3URMHWR
$
2HVWXGRWpFQLFRQHFHVViULRjFRQFUHWL]DomRGRVSURMHWRV$H$IRLFRQFOXtGR
QR VHJXQGR WULPHVWUH GR DQR WHQGR GDGR RULJHP D GRLV SURFHVVRV GH DTXLVLomR (VWHV
HVWmR GHVGH HVVD RFDVLmR QD 'LUHomR GH $SURYLVLRQDPHQWRV ',$ D FXPSULU R QHFHVViULR
SURFHVVRGHDXWRUL]DomRFRQVXOWDHDGMXGLFDomR
3RVWHULRUPHQWHQR~OWLPRWULPHVWUHGRDQRIRUDPIXQGLGRVQXP~QLFRSURMHWRWHQGRDVXD
H[HFXomR VLGRDSURYDGDSHOD0HVDGD6&0/ 2SURMHWRGHX RULJHPD XP&RQFXUVR3~EOLFR
,QWHUQDFLRQDOHVWDQGRQHVWDIDVHDGHFRUUHURSUD]RSDUDDDSUHVHQWDomRGHSURSRVWDV
2 HTXLSDPHQWR HP DTXLVLomR QHVWHV GRLV SURFHVVRV FRUUHVSRQGH D VHUYLGRUHV H DR
HTXLSDPHQWRFHQWUDOGHDUPD]HQDPHQWRGHGDGRVVWRUDJHFHQWUDO
4XDQWRDRSURMHWR$R HVWXGRWpFQLFR IRLWDPEpPWHUPLQDGRQRVHJXQGRWULPHVWUH
GR DQR WHQGR GDGR RULJHP D SURFHVVRV GH DTXLVLomR GLIHUHQWHV (VWHV SURFHVVRV IRUDP
WHUPLQDGRVHRHTXLSDPHQWRLQVWDODGR
2 HTXLSDPHQWR HP FDXVD QHVWHV SURFHVVRV p GH VHJXUDQoD H VZLWFKLQJ WHQGR ILFDGR
WRWDOPHQWHRSHUDFLRQDO
2EMHWLYR2SHUDFLRQDO$OLQKDURVVLVWHPDVGHLQIRUPDomRGD6&0/FRPDHVWUDWpJLDGRV
'HSDUWDPHQWRV
$o}HVD'HVHQYROYHU
D )DVHGRSURFHVVRGH(ODERUDomR*HVWmRH$FRPSDQKDPHQWRGRSODQRH
RUoDPHQWRGD6&0/±3URMHWR$
y
E *HVWmRGR6HUYLoRGH6XSRUWHH5HQRYDomR7HFQROyJLFD±3URMHWR$
$IDVHGRSURFHVVRGHHODERUDomRJHVWmRHDFRPSDQKDPHQWRGRSODQRHRUoDPHQWRGD
6&0/FRQVLVWLXHP
•
,QFRUSRUDomRQRPRGHORGRSODQRGHDWLYLGDGHVGRRUoDPHQWRGHFRQWLQXLGDGHGH
QHFHVVLGDGHVHDOJXQVPHOKRUDPHQWRVQRSURFHVVR
•
$ODUJDPHQWRGD6ROXomRGH*HVWmRGH3URMHWRVj6&0/SDUDDFRPSDQKDPHQWRGRV
SURMHWRVGHLQYHVWLPHQWR
•
&RQVROLGDomRHLQWHJUDomRFRP6$3HRXWURVUHSRVLWyULRVQDWLYRVGHLQIRUPDomRGH
VXSRUWH
&RP HVWH SURMHWR SUHWHQGLDVH FRQFOXLU XPD IDVH IXQGDPHQWDO QD HYROXomR GR FRQWUROR GH
JHVWmR VXVWHQWDGR FRP UHFXUVRV D LQIRUPDomR FDGD YH] PDLV FRHUHQWH FRQVLVWHQWH H
FRQVROLGDGR GD UHDOLGDGH GD 6&0/ SHUPLWLQGR XPD YLVmR JOREDO GR RUoDPHQWR H GD VXD
H[HFXomRItVLFD
'HVWH PRGR D 6&0/ ILFDULD PXQLGD GH XPD SODWDIRUPD JOREDO GH RUoDPHQWDomR H
DFRPSDQKDPHQWRGDVXDH[HFXomR
2EMHWLYR2SHUDFLRQDO2WLPL]DUDDFUHGLWDomRGRVVLVWHPDVHVROXo}HVHPWHPSRHFRP
TXDOLGDGH
$o}HVD'HVHQYROYHU
•
*HVWmRGD3ODWDIRUPD6$3±3URMHWR$
•
$UTXLYR,QIRUPiWLFRGD6&0/±3URMHWR$
•
$XGLWRULDV,QIRUPiWLFDVB±3URMHWR$
•
$XGLWRULDV,QIRUPiWLFDV±3URMHWR$
•
&RQVXOWRULDj,PSOHPHQWDomRGH3URMHWRV±3URMHWR$
•
*HVWmRGH3URMHWRV'DVKERDUGH$SRLRDR302±3URMHWR$
•
3ROtWLFDGH6HJXUDQoD,QIRUPiWLFDB±3URMHWR$
2SURMHWR*HVWmRGD3ODWDIRUPD6$3$QmRIRLUHDOL]DGR
y
1R kPELWR GR SURMHWR GR $UTXLYR ,QIRUPiWLFR GD 6&0/ $ IRUDP HODERUDGDV DV
HVSHFLILFDo}HVIXQFLRQDLVQmRVHUHJLVWDQGRPDLVHYROXomR)RLGHFLGLGRQRILQDOGRDQRGH
TXHHVWHSURMHWRSDVVDYDDGHSHQGHUGDPLJUDomRGDYHUVmRGDSODWDIRUPD6KDUHSRLQW
LQVWDODGDQD',67,SDUDDSODWDIRUPDYHUVmR6KDUHSRLQW
(PHVWHSURMHWRSDVVRXDLQWHJUDURSUySULRSURMHWRGDUHIHULGDPLJUDomRGHL[DQGRGH
HVWDUVRED UHVSRQVDELOLGDGHGR *DELQHWHGH6HJXUDQoD H$XGLWRULD,QIRUPiWLFD*DELQHWH
GH6HJXUDQoDH0RQLWRUL]DomR
1R TXH VH UHIHUH D DXGLWRULDVLQIRUPiWLFDV RV SURMHWRV $XGLWRULDV ,QIRUPiWLFDV B
$H$XGLWRULDV,QIRUPiWLFDV$LQLFLDOPHQWHDSURYDGRVIRUDPIXQGLGRVH
GHUDPRULJHPDRQRYRSURMHWR$XGLWRULDV,QIRUPiWLFDV$1HVWHkPELWRIRLFRQFOXtGD
DDXGLWRULDGHLQWUXVmRDR3-0&
2 SURMHWR &RQVXOWRULD j ,PSOHPHQWDomR GH 3URMHWRV $ YLVRX D XQLIRUPL]DomR H
FRQWURORGDVDGMXGLFDo}HVGHFRQVXOWRULDLQIRUPiWLFD2SURMHWRIRLWHUPLQDGR
$RQtYHOGDJHVWmRGHSURMHWRVSUHWHQGHXVHFRPRSURMHWR*HVWmRGH3URMHWRV'DVKERDUG
H$SRLRDR302$DFULDomRGHYiULRV'DVKERDUGVSDUDPRQLWRUL]DomRHFRQWURORGR
JUDXGHH[HFXomRGRVSURMHWRVGDVYiULDViUHDVGD6&0/
&RP D H[HFXomR GD IDVH GR SODQR H RUoDPHQWR HVWH SURMHWR IRL DGLDGR XPD YH] TXH
GHYHULDVHUGHILQLGRLQLFLDOPHQWHRPRGHORGHJHVWmRGHSURMHWRV
4XDQWRDRSURMHWR3ROtWLFDGH6HJXUDQoD,QIRUPiWLFD$IRLGHVHQYROYLGRHDSURYDGR
R SURFHGLPHQWR GH VHJXUDQoD D DSOLFDU H D HVWHQGHU DV ERDV SUiWLFDV D WRGRV RV VHUYLoRV
XWLOL]DGRUHV GD 6&0/ )RL LJXDOPHQWH GHVHQYROYLGD XPD SROtWLFD GH VHJXUDQoD D QtYHO GDV
WHFQRORJLDVGHLQIRUPDomR
2XWUDVDWLYLGDGHVGHVHQYROYLGDV
3DUDDOpPGRVREMHWLYRVHUHVSHWLYDVDo}HVDFLPDGHVFULWDVIRUDPLJXDOPHQWHUHDOL]DGDVQR
SHUtRGR REMHWR LQ~PHUDV DWLYLGDGHV QR kPELWR GD PLVVmR GD ',67, GHVWDFDQGRVH DV
VHJXLQWHV
$ 8QLGDGH GH *HVWmR GH 4XDOLGDGH H 7HVWHV 8*47 H SRVWHULRUPHQWH R 1~FOHR GH
4XDOLGDGH H 7HVWHV 147 UHDOL]RX FHUFD WHVWHV D DWXDOL]Do}HV H PHOKRUDPHQWRV GH
VRIWZDUH1RkPELWRGDVXDPLVVmRRJUXSR8*47147OHYRXLJXDOPHQWHDFDER
y
GLYHUVDV Do}HV GH VXSRUWH j SURGXomR UHVROXomR GH SUREOHPDV UHSRUWDGRV SHOR 1~FOHR GH
2SHUDomR GH 6LVWHPDV 126 UHVSRVWD jV VROLFLWDo}HV HIHWXDGDV SHOR 1~FOHR GH $SRLR DR
&OLHQWH1$&EHPFRPRFRQILJXUDo}HVGHDPELHQWHV
2 *DELQHWH GH 6HJXUDQoD H $XGLWRULD ,QIRUPiWLFD *6$, SRVWHULRUPHQWH *DELQHWH GH
6HJXUDQoD H 0RQLWRUL]DomR *60 GHVHQYROYHX R SURMHWR GH DXWHQWLFDomR IRUWH HQFULSWDomR GD LQIRUPDomR HP VXSRUWHV PyYHLV QR kPELWR GR 6LVWHPD GH *HVWmR GD
6HJXUDQoDGD,QIRUPDomR6*6,±&HUWLILFDomR,62:/$
$8QLGDGHGH*HVWmRGH$SOLFDo}HV8*$SUHVWRXFRODERUDomRWpFQLFDHJHVWmRGHSURMHWR
HP SURMHWRV GH GLIHUHQWHV 'HSDUWDPHQWRV 6HUYLoRV GD 6&0/ UHVSRQGHX D PDLV GH
SHGLGRVGHVXSRUWHFRPHVSHFLDOSUHGRPLQkQFLDQRVLVWHPD6$3
$ 8QLGDGH GH *HVWmR GH ,QIUDHVWUXWXUD 8*, JDUDQWLX R IXQFLRQDPHQWR GRV GLYHUVRV
VLVWHPDV GH LQIRUPDomR GD 6&0/ FRP XPD GLVSRQLELOLGDGH JOREDO GH VDOLHQWDQGRVH
RV VLVWHPDV GH VXSRUWH DR -RJR 6RFLDO TXH WLYHUDP XPD GLVSRQLELOLGDGH JOREDO VXSHULRU D
*DELQHWHGH$XGLWRULD,QWHUQD
&RPSHWH DR *DELQHWH GH $XGLWRULD ,QWHUQD *$, FRPR 6HUYLoR LQVWUXPHQWDO GH DSRLR
WpFQLFRHFRQVXOWRULDGRVyUJmRVGHDGPLQLVWUDomRGD6&0/DUHVSRQVDELOLGDGHGH]HODUSHOD
VDOYDJXDUGDGRVDWLYRVHSHODXWLOL]DomRHFRQyPLFDHHILFLHQWHGRVUHFXUVRVGD,QVWLWXLomR
1RDQRGHDDWLYLGDGHGR*$,IRLFRQGLFLRQDGDSHODDIHWDomRGR*DELQHWHDRSURFHVVR
GH WUDQVLomR GRV (VWDEHOHFLPHQWRV ,QWHJUDGRV GR ,66,3 SDUD D 6&0/ R TXH HP FRQMXQWR
FRPVROLFLWDo}HVGHDo}HVGHFDUiFWHUH[WUDSODQRHD'LUHomRGR3URMHWR0RGHUQL]DUDSDU
FRP QRYDV RULHQWDo}HV HVWUDWpJLFDV QR ~OWLPR WULPHVWUH GR DQR LPSOLFDUDP GHVYLRV QD
H[HFXomRRSHUDFLRQDOGR*DELQHWH
2*DELQHWHGH$XGLWRULD,QWHUQDGXUDQWHRDQRGHDSUHVHQWRXRVHJXLQWHTXDGURGH
H[HFXomRGRVVHXVREMHWLYRVRSHUDFLRQDLVGHILQLGRVHPVHGHGH3ODQR
2EMHWLYR $QDOLVDU D SHUIRUPDQFH GRV 6HUYLoRV SRU YLD GH DXGLWRULDV (FRQyPLFDVGH
*HVWmRDOLFHUoDGDVHPYHWRUHVGH(FRQRPLD(ILFiFLDH(ILFLrQFLDQXPDyWLFDGH
DFUHVFHQWDUYDORUHWHQGRSRUEDVHSULQFtSLRVGHVXVWHQWDELOLGDGHGH&RUSRUDWH*RYHUQDQFH
y
2 *$, QR VHX 3ODQR SDUD FRQWHPSRUL]RX XPD DXGLWRULD UHODFLRQDGD FRP HVWH
REMHWLYR WHQGR D PHVPD VLGR SDUFLDOPHQWH UHDOL]DGD IUXWR GH QRYDV RULHQWDo}HV
HVWUDWpJLFDVTXHGHULYDUDPQDQHFHVVLGDGHGHUHDORFDomRGHUHFXUVRVQRXWUDVDo}HV
2EMHWLYR,PSOHPHQWDUPHGLGDVPpWRGRVHSURFHGLPHQWRVLQWHUQRVTXHYLVHPRWLPL]DU
DSURGXWLYLGDGHGR*$,
1HVWH VHQWLGR D SDU GD PRQLWRUL]DomR GR SURJUDPD GH (FRQRPDWR GHVHQYROYLGR
LQWHUQDPHQWHTXHYLVDDVVHJXUDUJDQKRVDFUHVFLGRVGHUDFLRQDOL]DomRGHFXVWRVQRSHUtRGR
HPDSUHoRIRUDPWDPEpPDWXDOL]DGRVYiULRVYHWRUHVUHODWLYRVDR0DQXDOGH3URFHGLPHQWRV
GR *DELQHWH )RL DLQGD GHVHQYROYLGD XPD DomR LQRYDGRUD UHODWLYD j (FRHILFLrQFLD QD VXD
YHUWHQWHDPELHQWDOFRQVXEVWDQFLDGDHPLQVWUXPHQWRVHPRGHORVQRVHQWLGRGDVXDHIHWLYD
LPSOHPHQWDomRQDDWLYLGDGHRSHUDFLRQDOGR*$,
2EMHWLYR $IHULU D RUJDQL]DomR H IXQFLRQDPHQWR GRV GLIHUHQWHV VHUYLoRV DWUDYpV GD
DYDOLDomRGR6LVWHPDGH&RQWUROR,QWHUQRLQVWLWXtGRHQTXDGUDGRHPSULQFtSLRVGH*HVWmRH
&RQWURORGR5LVFR
7HQGRHPYLVWDRFXPSULPHQWRGHVWHREMHWLYRIRUDPDYDOLDGRVHH[DPLQDGRVDDGHTXDomR
HH[HTXLELOLGDGHGRVVLVWHPDVHSURFHGLPHQWRVGHFRQWURORLQWHUQRHPWUrVDo}HVHVSHFtILFDV
UHDOL]DGDV SRU HVWH *DELQHWH $GLFLRQDOPHQWH HP GRFXPHQWRV SUySULRV IRL GHVHQYROYLGDD
FRPSRQHQWHGH*HVWmRHFRQWURORGRULVFR
2EMHWLYR (IHWXDU PRQLWRUL]Do}HV H DYDOLDU R JUDX GH LPSOHPHQWDomR H GH HILFiFLD GDV
UHFRPHQGDo}HVDSURYDGDVHPDXGLWRULDVDQWHULRUHV
(VWHREMHWLYRIRLWRWDOPHQWHUHDOL]DGRSRUYLDGHXPDDomRGHXPIROORZXSj$XGLWRULDDRV
VXEVtGLRVGHkPELWRVRFLDOHGHXPIROORZXSj$XGLWRULDDR6HUYLoRGH$GRomR
2EMHWLYR $YDOLDU GD TXDOLGDGH GRV VHUYLoRV SUHVWDGRV DRV FOLHQWHV YHULILFDQGR RV
PpWRGRV H SURFHGLPHQWRV LQVWLWXtGRV H R ULJRURVR FXPSULPHQWR GDV GLVSRVLo}HV OHJDLV H
UHJXODPHQWDUHV
y
9LVDQGR R FXPSULPHQWR GHVWH REMHWLYR IRUDP UHDOL]DGDV GXDV Do}HV DPEDV DYDOLDQGR
VLPXOWDQHDPHQWH DV GXDV YDULiYHLV EDVH GHVWH REMHWLYR RV PpWRGRV H SURFHGLPHQWRV
LQVWLWXtGRVHRULJRURVRFXPSULPHQWRGDVGLVSRVLo}HVOHJDLVHUHJXODPHQWDUHV
2EMHWLYR0RQLWRUL]DUHDYDOLDURJUDXGHVDWLVIDomRGRVFOLHQWHVLQWHUQRV
6HQGR XP LQGLFDGRU GLQkPLFR H FRUUHODFLRQDGR FRP DV Do}HV GHVHQYROYLGDV R PHVPR
HQFRQWUDVH HP OLQKD FRP D H[HFXomR GHVWH *DELQHWH $VVLP GRV FOLHQWHV LQWHUQRV
FRQVLGHUDPFRPR%RPRWUDEDOKRGHVHQYROYLGRSHOR*DELQHWH
*DELQHWH-XUtGLFR
2 *DELQHWH -XUtGLFR DGLDQWH DEUHYLDGDPHQWH GHVLJQDGR SRU *- p XP VHUYLoR LQVWUXPHQWDO
GHQDWXUH]DIXQGDPHQWDOPHQWHFRQVXOWLYDGD6DQWD&DVDGD0LVHULFyUGLDGH/LVERD6&0/
TXH WHP SRU REMHWLYR R DSRLR WpFQLFRMXUtGLFR GRV yUJmRV GH DGPLQLVWUDomR H VHUYLoRV GD
LQVWLWXLomREHPFRPRRDFRPSDQKDPHQWRHFRRUGHQDomRGRUHVSHWLYRFRQWHQFLRVR
2EMHWLYR$VVHJXUDUFRPUHFXUVRVLQWHUQRVGRFRQWHQFLRVR
2 SDWURFtQLR GD 6DQWD &DVD HP SURFHVVRV MXGLFLDLV FRQILDGRV DR *- IRL DVVHJXUDGR SRU
TXDWURMXULVWDVDGYRJDGRVQHOHVHLQFOXLQGRR'LUHFWRUHR6XE'LUHFWRUGR*DELQHWH1HVWD
PDWpULDGHVWDFDVHRDJUDYDPHQWRGRYROXPHDFXPXODGRGHSURFHVVRVGHDQRVDQWHULRUHV
VLWXDomRTXHDGYpPGDPRURVLGDGHUHJLVWDGDQRDQGDPHQWRGRVSURFHVVRVQRVWULEXQDLVH
GDH[LJrQFLDGRFXPSULPHQWRGRVSUD]RVMXGLFLDLVDTXHFRPRpHYLGHQWHR*-pDOKHLR
3DUDOHODPHQWHDOJXQVSURFHVVRVMXGLFLDLVVmRFRPHWLGRVDDGYRJDGRVH[WHUQRVVRFLHGDGHV
GH DGYRJDGRV FXMD DUWLFXODomR FRRUGHQDomR H DFRPSDQKDPHQWR p HIHWXDGD SHOR *- D
TXHP FDEH QHVWD PDWpULD D UHVSRQVDELOLGDGH GH DSRLDU UHJXODU H FRRUGHQDU
HILFLHQWHPHQWH R WUDEDOKR SRU DTXHOHV GHVHQYROYLGR TXHU DQDOLVDQGR H HVWXGDQGR
SUHYLDPHQWHDVTXHVW}HVDQWHVGHUHPHWHURVSURFHVVRVDRVDGYRJDGRVTXHULQVWUXLQGRRV
FRPWRGDDGRFXPHQWDomRQHFHVViULDjSURSRVLWXUDGDVDo}HVTXHUDLQGDPDQWHQGRFRP
RVDGYRJDGRVXPFRQWDFWRSHUPDQHQWHGHIRUPDDSHUPLWLUHIDFLOLWDU
SURItFXDV WURFDV GH LPSUHVV}HV QR VHQWLGR GH PHOKRU VH GHIHQGHUHP RV LQWHUHVVHV GD
,QVWLWXLomR
y
7HQGR HP YLVWD R REMHWLYR GH GHQWUR GR SRVVtYHO LQWHQVLILFDU D FRQILDQoD GRV SURFHVVRV D
DGYRJDGRVWUDEDOKDGRUHVGD6&0/WrPYLQGRDUHGX]LUVHDDWULEXLomRGHQRYRVSURFHVVRV
DDGYRJDGRVH[WHUQRV
$ QtYHO GR FRQWHQFLRVR ODERUDO p GH VDOLHQWDU D UHDOL]DomR GH DFRUGRV TXH HYLWDUDP D
UHLQWHJUDomRGHH[WUDEDOKDGRUHVHPSURFHVVRVMXGLFLDLVFRPHOHYDGDSUREDELOLGDGHGHr[LWR
SDUDRVH[WUDEDOKDGRUHVOLWLJDQWHV
4XDGUR&RQWHQFLRVR
ϮϬϭϬ
WůĂŶĞĂĚŽ
ϮϬϭϭ
ϮϬϭϭ
ϵϲ
ϵϲ
ϭϰϯ
EǑĚĞEŽǀŽƐƉƌŽĐĞƐƐŽƐ
ϳϯ
ϳϯ
ϲϮ
EǑĚĞWƌŽĐĞƐƐŽƐƚŝǀŽƐ
ϭϭϭ
ϭϭϭ
ϭϱϬ
Ϯϭ
Ϯϭ
Ϯϲ
ZĞƐƵůƚĂĚŽƐŽďƚŝĚŽƐͲKďũĞƚŝǀŽϭ
WƌŽĐĞƐƐŽƐĐŽŶĨŝĂĚŽƐĞĂĐŽŵƉĂŶŚĂĚŽƐƉĞůŽ'ĂďŝŶĞƚĞ:ƵƌşĚŝĐŽ
WƌŽĐĞƐƐŽƐũƵĚŝĐŝĂŝƐĐŽŶĨŝĂĚŽƐĂŽĞǆƚĞƌŝŽƌĂĐŽŵƉĂŶŚĂĚŽƐĞ
ĐŽŽƌĚĞŶĂĚŽƐƉĞůŽ'ĂďŝŶĞƚĞ:ƵƌşĚŝĐŽ
ϳ
ϳ
ϳ
Ϯϯ
Ϯϯ
Ϯϰ
2EMHWLYR ,QWHQWDU SURFHVVRV MXGLFLDLV FRP YLVWD j UHVROXomR GH FRQWUDWRV GH
DUUHQGDPHQWRHjVROXomRGHOLWtJLRVFRPDUUHQGDWiULRV
&RPR FRQWULEXLomR SDUD DVVHJXUDU D VXVWHQWDELOLGDGH (FRQyPLFD H )LQDQFHLUD GD 6&0/ R
*DELQHWH-XUtGLFRSURFHGHXjWHQWDWLYDH[WUDMXGLFLDOGHVROXomRGRVOLWtJLRVH[LVWHQWHVFRPRV
DUUHQGDWiULRVHLQWHQWRXGLYHUVRVSURFHVVRVMXGLFLDLVFRPYLVWDjUHVROXomRGHFRQWUDWRVGH
DUUHQGDPHQWRHPVLWXDomRLUUHJXODUHGHLQFXPSULPHQWRSHORVDUUHQGDWiULRV
'XUDQWH R DQR GH R *DELQHWH -XUtGLFR LQWHUYHLR HP FHUFD GH QRYRV SURFHVVRV
MXGLFLDLV HQFRQWUDQGRVH Mi DOJXQV FRQFOXtGRV FRP VHQWHQoDV IDYRUiYHLV QRPHDGDPHQWH
QD iUHD GR FRQWHQFLRVR ODERUDO $LQGD QHVWH kPELWR R *- LPSXJQRX MXGLFLDOPHQWH D
FREUDQoD SHOD &kPDUD 0XQLFLSDO GH /LVERD GH WD[DV XUEDQtVWLFDV HP SURFHVVRV TXH Mi
DWLQJLUDPDVODUJDVGH]HQDVQmRWHQGRDLQGDKDYLGRTXDOTXHUVHQWHQoD
2EMHWLYR *DUDQWLU D DQiOLVH GD YLDELOLGDGH GH UHFXSHUDomR GH GtYLGDV UHODWLYDV D
(VWDEHOHFLPHQWRV+RVSLWDODUHV
y
&RPR FRQWULEXLomR SDUD R FXPSULPHQWR GR REMHWLYR HVWUDWpJLFR GD ,QVWLWXLomR UHODWLYR j
SURPRomRGHLQLFLDWLYDVTXHSHUPLWDPSRWHQFLDUDUHQGLELOL]DomRGRSDWULPyQLRILQDQFHLURR
*DELQHWH -XUtGLFR SURPRYHX D FREUDQoD H[WUDMXGLFLDO GH GtYLGDV GH SURFHVVRV UHODWLYRV D
IDOWD GH SDJDPHQWR GH IDWXUDV UHVSHLWDQWHV D SUHVWDomR GH FXLGDGRV GH VD~GH SHORV VHXV
KRVSLWDLV ± +26$ H &05$ EHP FRPR j FREUDQoD MXGLFLDO PHOKRU GHPRQVWUDGR QR TXDGUR
VHJXLQWH
4XDGUR5HFXSHUDomRGHGtYLGDV
ϮϬϭϬ
WůĂŶĞĂĚŽ
ϮϬϭϭ
ϮϬϭϭ
ϯϳ
ϯϳ
ϯϯ
ϴ
ϴ
ϴ
ϯϰ
ϯϰ
ϯϰ
ϳ
ϳ
ϯϲ
Ϯ
Ϯ
ϱϴ
ϯ
ϯ
ϰϵ
ZĞƐƵůƚĂĚŽƐŽďƚŝĚŽƐͲKďũĞƚŝǀŽϯ
WƌŽĐĞƐƐŽƐĚĞĐŽďƌĂŶĕĂĚĞĚşǀŝĚĂƐĚŽ,K^ĞĚŽDZ
WƌŽĐĞƐƐŽƐĚĞĐŽďƌĂŶĕĂĚĞĚşǀŝĚĂƐĞǆƚƌĂũƵĚŝĐŝĂůĚŽ,K^ĞĚŽDZ
3RUpP DOJXQV SURFHVVRV HQWUDGRV GXUDQWH R SHUtRGR GH UHIHUrQFLD QR *DELQHWH -XUtGLFR
PRVWUDPVHSUHVFULWRVVLWXDomRDTXHpDOKHLRR*-HVWDQGRDLQGDDDJXDUGDUVHDOJXPDV
UHVSRVWDVSDUDDSXUDPHQWRGHYDORUHVTXHWHUmRGHVHUFRQVLGHUDGRVLQFREUiYHLV
3DUDDOpPGDSUHVFULomRDVVLVWHVHLJXDOPHQWHDVLWXDo}HVHPTXHD6DQWD&DVDQmRWHP
FRPR SURYDU R FUpGLWR H[LVWHQWH QmR H[LVWLQGR IDWXUDV FRUUHVSRQGHQWHV DRV VHUYLoRV GH
VD~GHHIHWLYDPHQWHSUHVWDGRV
2EMHWLYR$VVHJXUDUR$SRLR7pFQLFR-XUtGLFRDRVÏUJmRVGH$GPLQLVWUDomRHVHUYLoRVGD
,QVWLWXLomRQXPSUD]RPHGLGRGHGLDVjVVROLFLWDo}HV
2 FXPSULPHQWR GHVWH REMHWLYR IRL LQWHJUDOPHQWH FRQVHJXLGR WHQGR R *DELQHWH -XUtGLFR
SURFHGLGR j HODERUDomR GH SDUHFHUHV HVWXGRV LQIRUPDo}HV LQVWUXomR GH SURFHVVRV GH
LQTXpULWRLQVWUXomRGHSURFHVVRVGLVFLSOLQDUHV(VTXHPDWLFDPHQWHYHULILFDVHTXHTXDQWRD
HVWHREMHWLYRTXHDDWLYLGDGHGR*DELQHWH-XUtGLFRVHGHVHQYROYHXGDVHJXLQWHIRUPD
4XDGUR$SRLR7pFQLFR-XUtGLFR
ZĞƐƵůƚĂĚŽƐŽďƚŝĚŽƐͲŽďũĞƚŝǀŽϰ
EǑĚĞƉĂƌĞĐĞƌĞƐũƵƌşĚŝĐŽƐ͕ĞƐƚƵĚŽƐ͕ƉƌŽũĞƚŽƐĚĞĚŝƉůŽŵĂƐůĞŐĂŝƐ͕
ƌĞŐƵůĂŵĞŶƚŽƐĞŽƵƚƌŽƐĐŽŶĐůƵşĚŽƐ
WƌŽĐĞƐƐŽƐĚĞŝŶƋƵĠƌŝƚŽ͕ĂǀĞƌŝŐƵĂĕƁĞƐĞĚŝƐĐŝƉůŝŶĂƌĞƐŝŶƐƚƌƵşĚŽƐ
WůĂŶĞĂĚŽ
ϮϬϭϭ
ϮϬϭϬ
ϮϬϭϭ
ϯϳ
ϯϳ
ϮϮϭ
ϴ
ϴ
ϰϮ
y
EǑĚĞƉĂƌƚŝĐŝƉĂĕƁĞƐĞŵƉƌŽĐĞƐƐŽƐĚĞĂƋƵŝƐŝĕĆŽĚĞďĞŶƐĞƐĞƌǀŝĕŽƐĞĚĞ
ĞŵƉƌĞŝƚĂĚĂƐ
*DELQHWHGH(VWXGRVH3ODQHDPHQWR
ϯϰ
ϯϰ
ϲϮ
ϳ
ϳ
Ϯϳ
Ϯ
Ϯ
ϳ
2*DELQHWHGH(VWXGRVH3ODQHDPHQWR*(3WHPSRUPLVVmRDSRLDUD0HVDQDGHILQLomRGR
SODQHDPHQWR HVWUDWpJLFR H RSHUDFLRQDO EHP FRPR QD SURGXomR GH LQIRUPDomR GH JHVWmR
IXQGDPHQWDOjHILFD]SURVVHFXomRGRVILQVHVWDWXWiULRVGD6&0/
2EMHWLYR$VVHJXUDUVLVWHPDWLFDPHQWHRGHVHQYROYLPHQWRGDVDQiOLVHVGHQHFHVVLGDGHVH
GLQkPLFDVVRFLDLVLQWHUQDVHH[WHUQDVFRPRVXSRUWHjDQWHFLSDomRHLQRYDomR
1RkPELWRGHVWHREMHWLYRIRUDPHODERUDGRVRVUHODWyULRVGH³$QiOLVHGR$PELHQWH(FRQyPLFR
H6RFLDO([WHUQR´HGH³$QiOLVHGR$PELHQWH,QWHUQRÚHODWLYRVDRDQRGH)LFRXDLQGD
FRQFOXtGD D UHFROKD GH LQIRUPDomR SDUD D DWXDOL]DomR GDV VpULHV ORQJDV GDV HVWDWtVWLFDV
VRFLDLVTXHVHFRQVXEVWDQFLDUDPHPUHODWyULR
2EMHWLYR *DUDQWLUDSRLRWpFQLFRjIRUPXODomRGHSROtWLFDVHREMHWLYRVGD6&0/ 2 *(3 FRRUGHQRX D UHFROKD GH GDGRV DQXDLV GRV HTXLSDPHQWRV H UHVSRVWDV VRFLDLV
DWXDOL]RXHYDOLGRXLQIRUPDo}HVGD&DUWD6RFLDOGHDFRUGRFRPRFDOHQGiULRHRULHQWDo}HVGR
0666 (ODERURX UHODWyULR GH DWXDOL]DomR DQXDO H GD HYROXomR GDV UHVSRVWDV VRFLDLV
H[LVWHQWHV QD FLGDGH GH /LVERD LQFOXLQGR HTXLSDPHQWRV VRFLDLV H YDOrQFLDV HGXFDomR SUp
HVFRODU H VD~GH FRP GDGRV HQYLDGRV SHOR 0666 UHODWLYRV DR DQR FLYLO DQWHULRU $WXDOL]RX
VLVWHPDWLFDPHQWH D %DVH GH 'DGRV JDUDQWLQGR R UHJLVWR GRV HVWDEHOHFLPHQWRV H YDOrQFLDV
GH DGPLQLVWUDomR GLUHWD GD 6&0/ $SRLRX RV VHUYLoRV QD YDOLGDomR GRV LQGLFDGRUHV GH
DWLYLGDGH
(P UHDOL]RXVH R HVWXGR VREUH ³(TXLSDPHQWRV 6RFLDLV ,66,3 ± 7UDQVIHULGRV SDUD D
6&0/(VWXGR&RPSDUDWLYRSRU(TXLSDPHQWRH5HVSRVWD6RFLDO´HSDUWLFLSRXQDHODERUDomR
GRRUoDPHQWRVXSOHPHQWDUGRVHTXLSDPHQWRV,66WUDQVIHULGRVSDUDD6&0/
&RRUGHQRXRVWUDEDOKRVGHHODERUDomRGR3ODQRGH$WLYLGDGHVGD6&0/WHQGRRGRFXPHQWR
ILQDOVLGRDSUHVHQWDGRj7XWHODQRVSUD]RVLQVWLWXFLRQDLV
y
2EMHWLYR $VVHJXUDU D SDUWLFLSDomR HP JUXSRV GH WUDEDOKR HP SDUFHULD FRP RXWUDV
HQWLGDGHVHIRUQHFHUUHVSRVWDVDSHGLGRVGHRXWURVRUJDQLVPRVRXVHUYLoRVLQWHUQRV
1R kPELWR GHVWH REMHWLYR SDUWLFLSRX QDV VHVV}HV GH WUDEDOKR GR *UXSR GH 'LDJQyVWLFR GD
5HGH 6RFLDO FRP FRQWULEXWRV HQTXDGUDGRV QD UHVSHWLYD WHPiWLFD 5HVSRQGHX D LQTXpULWRV
LQVWLWXFLRQDLVQRPHDGDPHQWH ,1(±,QTXpULWRGRV(VSHWiFXORVDR9LYRH0&76±,QTXpULWR
DR3RWHQFLDO&LHQWtILFRH7HFQROyJLFR1DFLRQDO
(IHWXRXDLQGDRWUDWDPHQWRGRVGDGRVGR*,0VREUHEHQHILFLiULRVGRVVXEVtGLRVPHQVDLVH
HYHQWXDLV SDUD R 2EVHUYDWyULR GD 3REUH]D GH /LVERD &RQFOXLXVH R HVWXGR VREUH R S~EOLFR
GR0XVHXGH65RTXH3DUWLFLSRXQRJUXSRGHWUDEDOKRGRVLVWHPDGHTXDOLGDGH6&0/FRP
R '4, H D ',$6 WHQGR UHDOL]DGR R LQTXpULWR GH DYDOLDomR GD VDWLVIDomR GRV XWHQWHV GH
FUHFKHVRWUDWDPHQWRGHGDGRVHRUHODWyULR
2EMHWLYR (ODERUDUUHODWyULRVGHDWLYLGDGHV
&RRUGHQRXDHODERUDomRGR5HODWyULRGH*HVWmRGD6&0/DDSUHVHQWDUj7XWHODQRVSUD]RV
LQVWLWXFLRQDLV H GRV 5HODWyULRV GH DQiOLVH TXDOLWDWLYD H TXDQWLWDWLYD GH $FRPSDQKDPHQWR
WULPHVWUDO GDV DWLYLGDGHV GD 6&0/ (ODERURX DLQGD R 5HODWyULR ,QWHUFDODU GH $WLYLGDGHV QD
VHTXrQFLDGDDOWHUDomR GD0HVDRFRUULGDD GHVHWHPEUR (VWi HP FXUVR RHVWXGRVREUH
FXVWRGHYDOrQFLDSRUXWHQWHHGRVVHUYLoRV
2EMHWLYR 0HOKRUDU RV VLVWHPDV GH 3ODQHDPHQWR H &RQWUROR FRQWULEXLQGR SDUD R
GHVHQYROYLPHQWR GH VROXo}HV LQIRUPiWLFDV TXH IDFLOLWHP D UHFROKD H WUDWDPHQWR GD
LQIRUPDomR
&RRUGHQRX R GHVHQYROYLPHQWR GD IDVH GR SURFHVVR GH HODERUDomR JHVWmR H
DFRPSDQKDPHQWRGRVSURMHWRVHDo}HVGR3ODQRHGR2UoDPHQWRGD6&0/HPFRQMXQWRFRP
D',67,HRXWURVVHUYLoRVXWLOL]DGRUHV&RRUGHQRXRGHVHQYROYLPHQWRGDXWLOL]DomRGR6$3
660SDUDRWUDWDPHQWRGR48$5
2EMHWLYR&RQWULEXLUSDUDDPHOKRULDGRVLQVWUXPHQWRVGHDYDOLDomRGHGHVHPSHQKRGRV
VHUYLoRV
(IHWXRXDDYDOLDomR48$5GHQWURGRVSUD]RVFRPDHODERUDomRGRUHVSHWLYRUHODWyULR
&RRUGHQRX H DSRLRX D HODERUDomR GRV 48$5 GRV 6HUYLoRV QRPHDGDPHQWH D UHYLVmR
LQWHUFDODUQRILQDOGRWULPHVWUHEHPFRPRDHODERUDomRGRV48$5
y
*DELQHWHGH2UJDQL]DomRH0pWRGRV
$PLVVmRGR*DELQHWHGH2UJDQL]DomRH0pWRGRV*20pUHDOL]DUHVWXGRVFRPRLQWXLWRGH
DSHUIHLoRDU R PRGHOR RUJDQL]DFLRQDO H GH UDFLRQDOL]DU RV PpWRGRV H RV SURFHGLPHQWRV HP
YLJRUQD,QVWLWXLomR
2EMHWLYR0HOKRUDURVFRQWH~GRVHRVIOX[RVGHLQIRUPDomRQRPHDGDPHQWHDWUDYpVGD
HODERUDomRGH0DQXDLVGH3URFHGLPHQWRV
'XUDQWH R DQR GH R *20 FRODERURX QD HODERUDomR GRV 0DQXDLV GH 3URFHGLPHQWRV
SDUD RV /DUHV GH ,GRVRV GH $GPLQLVWUDomR 'LUHWD GD 6&0/ SDUD R $SDGULQKDPHQWR &LYLO
SDUD D 8QLGDGH :0DLV SDUD R $WHQGLPHQWR$FRPSDQKDPHQWR 6RFLDO SDUD R 6HUYLoR GH
7HOHDVVLVWrQFLDHQR0DQXDOGH3URFHVVRV&KDYHGRV&HQWURVGH$FROKLPHQWR7HPSRUiULRH
/DUHVGH,QIkQFLDH-XYHQWXGHGD'LUHomRGH,QIkQFLDH-XYHQWXGH
2EMHWLYR 'HVHQYROYHU R 5HSRVLWyULR GH ,QIRUPDomR GH FDUiFWHU RUJDQL]DFLRQDO DWUDYpV
GD,QWUDQHWLQIRUPDomRDRQtYHOGDOLQKDGRV'HSDUWDPHQWRV6HUYLoRV
(IHWXRXVH D PDQXWHQomR GR 5HSRVLWyULR GH ,QIRUPDomR 2UJDQL]DFLRQDO WHQGR VLGR
VXVSHQVR R VHX GHVHQYROYLPHQWR WHQGR HP FRQWD D QRPHDomR GH QRYD $GPLQLVWUDomR GD
6&0/UHGLVWULEXLomRGHSHORXURVHQRPHDomRGHQRYRVGLULJHQWHVGHHOLQKD
2EMHWLYR*DUDQWLUDPDQXWHQomRGRV6LVWHPDVGH,QIRUPDomRGH&HQWURVGH&XVWR
*DUDQWLXVHD*HVWmRGDV%DVHVGH'DGRVGH&HQWURVGH&XVWRGHDFRUGRFRPDUHDOLGDGH
RUJDQL]DFLRQDO GD 6&0/ H DV QHFHVVLGDGHV GRV VHUYLoRV 2UDFOH 6$3 5+ H 9$; WHQGRVH
SURFHGLGR j GHILQLomR GD HVWUXWXUD GH FyGLJRV GH &HQWUR GH &XVWR SDUD RV (TXLSDPHQWRV
FHGLGRV SHOR ,QVWLWXWR GH 6HJXUDQoD 6RFLDO )RUDP UDFLRQDOL]DGRV DR ORQJR GR DQR FHQWURV GH FXVWR 'HVHQYROYHXVH DLQGD XPD HVWUDWpJLD MXQWR GRV VHUYLoRV GH
FRQVFLHQFLDOL]DomR SDUD D JHVWmR GRV FHQWURV GH FXVWR H TXDQGR SRVVtYHO SURPRYHU D
H[WLQomRGRPi[LPRGHFHQWURVGHFXVWRVSRVVtYHLVGHIRUPDDPHOKRUDUD
LQIRUPDomR GH *HVWmR 1HVWH kPELWR VDOLHQWDVH R WUDEDOKR FRP D ',$6 H D ',5+ WHQGR
QHVWDV'LUHo}HVSRUVHQVLELOL]DomRGR*20VLGRH[WLQWRVPDLVGHFHQWURVGHFXVWR
2EMHWLYR 3URPRYHU D PHOKRULD GRV PpWRGRV H SURFHVVRV GH WUDEDOKR FRP YLVWD DR
GHVHQYROYLPHQWRTXDOLWDWLYRGDSUHVWDomRRUJDQL]DFLRQDOGRVVHUYLoRVGD6&0/
y
1HVWHkPELWRIRUDPHPLWLGRVSDUHFHUHVVREUHUHJXODPHQWRV$VVHJXURXVHDHODERUDomR
GH0RGHORVGH5HJXODPHQWRLQWHUQRQRPHDGDPHQWHGRV(VWDEHOHFLPHQWRVGH,QIkQFLDGDV
UHVSRVWDVVRFLDLVGH&UHFKH&UHFKH)DPLOLDUH-DUGLPGH,QIkQFLDeGHVDOLHQWDUDLQGDQR
kPELWR GD UHHVWUXWXUDomR GRV GHSDUWDPHQWRV GH $omR 6RFLDO H 6D~GH '$66 H GH -RJRV
'-HHODERUDomRGRVUHJXODPHQWRVRUJkQLFRVHGRVUHVSHWLYRV2UJDQRJUDPDV
3RU RXWUR ODGR IRUDP GHVHQKDGRV PRGHORV GH RUJDQRJUDPDV HP FRQIRUPLGDGH FRP R
6LVWHPD GH *HVWmR GD 4XDOLGDGH UHIHUHQWHV D WRGRV RV HVWDEHOHFLPHQWRV VRFLDLV DIHWRV jV
'LUHo}HVGH$omR6RFLDO/RFDO
$LQGDQRkPELWRGHVWHREMHWLYRVHSURFHGHXjUDFLRQDOL]DomRHQRUPDOL]DomRGHIRUPXOiULRV
XWLOL]DGRVSRUGLYHUVRV'HSDUWDPHQWRVH6HUYLoRVGD6&0/IRUPXOiULRVVXSHUDQGRHP
PDLV GH R REMHWLYR IL[DGR SDUD R DQR H SURFHGHXVH j VXD GLVSRQLELOL]DomR HP
IRUPDWRVHGLWiYHLVHDFHVVtYHLVDRSUHHQFKLPHQWRHOHWUyQLFRIDFLOLWDQGRRSUHHQFKLPHQWRH
DJLOL]DQGRSURFHGLPHQWRV
2XWUDVDWLYLGDGHV
D 3DUWLFLSDomR QR *UXSR GH 7UDEDOKR FRQVWLWXtGR FRP EDVH QD 'HOLEHUDomR GH 0HVD
GH GH GH]HPEUR GH TXH WHYH D VHX FDUJR D UHYLVmR GDV 1RUPDV
5HJXODGRUDV GRV )XQGRV )L[RV H GR 5HJXODPHQWR GH &RPSDUWLFLSDo}HV GH
8WHQWHV)DPtOLDV SHOD 8WLOL]DomR GH &RPSDUWLFLSDo}HV GH 8WHQWHV)DPtOLDV SHOD
8WLOL]DomRGH6HUYLoRV(TXLSDPHQWRV6RFLDLVGD6&0/
E 3DUWLFLSDomR QD (TXLSD GH 7UDEDOKR VREUH D *HVWmR GH 'RFXPHQWRV (OHWUyQLFRV GD
6&0/VLVWHPD,1)2&/,3(;
F 3DUHFHUVREUHR*XLDSDUDR'LDJQyVWLFRQD,QWHUYHQomR6RFLDO
G $ DYDOLDomR WULPHVWUDO GD VDWLVIDomR GRV FOLHQWHV LQWHUQRV j DWXDomR GR *20 YHLR D
UHYHODU XP UHVXOWDGR PXLWR SRVLWLYR WHQGR VXSHUDGR TXHU R REMHWLYR DQXDO
TXHUDDYDOLDomRREWLGDQRDQRGH
*DELQHWHSDUDRV$VVXQWRVGRV)XQGRV([WHUQRV
2 *DELQHWH SDUD RV $VVXQWRV GRV )XQGRV ([WHUQRV DVVXPHVH FRPR LQVWUXPHQWDO
UHODWLYDPHQWH DRV VHUYLoRV RSHUDFLRQDLV GD 6&0/ SHOR TXH WRGR R VHX GHVHPSHQKR p
HVWUXWXUDGR FRQVLGHUDQGR D HVWUDWpJLD GHILQLGD H DV QHFHVVLGDGHV UHDLV GRV VHUYLoRV
HQYROYLGRV
y
1HVWH HQTXDGUDPHQWR HP FRQVHJXLXVH PDQWHU R ILQDQFLDPHQWR UHODWLYDPHQWH j
PDLRULDGRVSURMHWRV HPFXUVR$WUDLXVHDSRLRILQDQFHLURQRkPELWRGR45(14XDGURGH
5HIHUrQFLD (VWUDWpJLFD 1DFLRQDO SDUD UHVSRVWDV GH FDSDFLWDomR H IRUPDomR SURILVVLRQDO
GLULJLGDV D DWLYRV H D GHVHPSUHJDGRV GHVWDFDQGRVH R 3URJUDPD 2SHUDFLRQDO 327(1&,$/
+80$12 323+ TXH DSRLRX R IXQFLRQDPHQWR GR &HQWUR GH 5HFRQKHFLPHQWR 9DOLGDomR H
&HUWLILFDomR GH &RPSHWrQFLDV DJRUD DODUJDGR DR QtYHO VHFXQGiULR H Do}HV GH IRUPDomR
PRGXODUHV FHUWLILFDGDV EHP FRPR Do}HV GH IRUPDomR SDUD D LQFOXVmR GD UHVSRQVDELOLGDGH
GR&HQWURGH(GXFDomR)RUPDomRH&HUWLILFDomR6DQWD&DVD
)RLLJXDOPHQWHPDQWLGRRUHFXUVRDR,()3HPERUDFRPXPDUHGXomRGHHPUHODomRDR
RUoDPHQWR GR DQR DQWHULRU SDUD ILQDQFLDPHQWR GRV FXUVRV GHVHQYROYLGRV QR &HQWUR GH
)RUPDomR3URILVVLRQDOGD$OGHLDGH6DQWD,VDEHOHGHDOJXQVFXUVRVGH(GXFDomRH)RUPDomR
GH $GXOWRV SURPRYLGRV SHOD ÈUHD GH 2ULHQWDomR )RUPDomR H ,QVHUomR 3URILVVLRQDO 2),3
)RLSRUILPUHQRYDGRRILQDQFLDPHQWRUHODWLYRjHPSUHVDGHLQVHUomRVRFLDO,1&/8,
0DQWHYHVH R SURMHWR HQTXDGUDGR QRV DSRLRV ILQDQFHLURV GR $OWR &RPLVVDULDGR GD 6D~GH
5RWHLURV SDUD WRGRV RV ,PLJUDQWHV TXH HQWURX QR VHX ~OWLPR DQR GH H[HFXomR H WHUPLQRX
(VWXGRGH$YDOLDomRGRLPSDFWRGDIRUPDomRSURILVVLRQDOQDSURPRomRGDHPSUHJDELOLGDGH
HGDLQVHUomRVRFLDOILQDQFLDGRSHOR32$7)6(45(1
1RkPELWRGR325/,6%2$6XVWHQWDELOLGDGH7HUULWRULDOIRLDSURYDGRXPSURMHWRQD0HGLGD
(QHUJLDYLVDQGRDHILFLrQFLDHQHUJpWLFDGD2EUD6RFLDOGR3RXVDO7DPEpPQRTXDGURGHVWH
3URJUDPDPDVQRkPELWRGD0HGLGD3ROtWLFDGH&LGDGHV±SDUFHULDGHUHJHQHUDomRXUEDQD
IRUDP DFRPSDQKDGDV ILQDQFHLUDPHQWH Do}HV FRILQDQFLDGDV H GHVHQYROYLGDV SHOR &HQWUR
6RFLDO3ROLYDOHQWHGR%DLUURGD%RDYLVWD
$LQGDSDUDD2EUD6RFLDOGR3RXVDOIRLFRQVHJXLGRXPGRQDWLYRQRGRPtQLRGD&RPXQLFDomR
$XPHQWDWLYD DWULEXtGR SHOD )XQGDomR 37 SDUD DTXLVLomR H LQVWDODomR GH HTXLSDPHQWRV
HVSHFtILFRV
)RUDPDFRPSDQKDGRVGRLVSURMHWRVFRILQDQFLDGRVSHOR352'(5FRPYLVWDDIORUHVWDomRGDV
WHUUDVDJUtFRODVGD+HUGDGHGR0RQWHGH&LPD
)RL DSUHVHQWDGR MXQWR GR ,()3 XP SHGLGR GH ILQDQFLDPHQWR GLULJLGR j SRSXODomR FRP
GHILFLrQFLD WHQGR HP YLVWD D IRUPDomR GDTXHOHV TXH XVXIUXLQGR XP JUDX GH DXWRQRPLD
VXILFLHQWHHVWmRHPFRQGLo}HVSDUDVHLQWHJUDUHPQRPHUFDGRGHWUDEDOKRSURWHJLGR
$FRPSDQKiPRVLJXDOPHQWHRGHVHQYROYLPHQWRGHGRLVHVWiJLRVSURILVVLRQDLVDGHFRUUHUQR
&05$HDSRLDGRVSHOR,()3QRTXDGURGR3URJUDPD0HGLGD(VWiJLRV3URILVVLRQDLV
y
(P FRQFOXVmR R YDORU WRWDO GH ILQDQFLDPHQWR DSURYDGR SDUD IRL GH HXURV
y
5HFXUVRV
y
5HFXUVRV+XPDQRV
,QGLFDGRUHVHHVWDWtVWLFDVGHSHVVRDO
2V TXDGURV VHJXLQWHV VLVWHPDWL]DP LQGLFDGRUHV TXH SRVVLELOLWDP XPD YLVmR GD HVWUXWXUD H
GDHYROXomRGRFDSLWDOKXPDQRGDLQVWLWXLomRDRORQJRGRV~OWLPRVDQRV
(VWUXWXUDHHYROXomRGRQ~PHURGHWUDEDOKDGRUHVSRUWLSRGHYtQFXOR
$ GH GH]HPEUR GH D 6DQWD &DVD GD 0LVHULFyUGLD GH /LVERD 6&0/ FRQWDYD FRP
WUDEDOKDGRUHV DR VHUYLoR VHQGR WUDEDOKDGRUHV FRP &RQWUDWR ,QGLYLGXDO GH
7UDEDOKR H WUDEDOKDGRUHV HP 5HJLPH GH &RQWUDWR GH 7UDEDOKR HP )XQo}HV
3~EOLFDVGRVTXDLVGRTXDGURGR,66,3
2VWUDEDOKDGRUHVH[WHUQRVHP5HJLPHGH&RPLVVmRGH6HUYLoRHHP5HJLPHGH&HGrQFLD
GH,QWHUHVVH3~EOLFRUHSUHVHQWDYDPGRWRWDO
1RFRQMXQWRGHWUDEDOKDGRUHVLQWHUQRVHH[WHUQRVH[HUFLDPHPGHGH]HPEURGH
IXQo}HVQRkPELWRGHXP&RQWUDWRGH&RPLVVmRGH6HUYLoR
4XDGUR(YROXomRGH(IHWLYRV
()(&7,926
&RQWUDWRGH7UDEDOKRHP)XQo}HV3~EOLFDV4XDGUR5HVLGXDO
6&0/
&RQWUDWRGH7UDEDOKRHP)XQo}HV3~EOLFDV,66
&RQWUDWR,QGLYLGXDOGH7UDEDOKR
6XEWRWDO
(;7(5126
&RPLVVmRGH6HUYLoRHUHTXLVLomRQD6&0/
727$/
)217(6LVWHPD,QWHJUDGRGH*HVWmR±6$3
9DULDomR
2 HIHWLYR FUHVFHX HP UHODomR D VLWXDomR TXH VH GHYH IXQGDPHQWDOPHQWH j
FHGrQFLDGRVHVWDEHOHFLPHQWRVGR,66,3QRkPELWRGRFRQWUDWRGHJHVWmRFHOHEUDGRDR
DEULJRGR'/QGHGHMDQHLUR
2V WUDEDOKDGRUHV RULXQGRV GR ,66 UHSUHVHQWDYDP QR ILQDO GH GR WRWDO GH
WUDEDOKDGRUHV GD FDVD 1R VHX FRQMXQWR H FRQVLGHUDQGR RV UHIRUoRV GH GRWDomR UHDOL]DGRV
GHVGH PDLR DWp GH]HPEUR RV WUDEDOKDGRUHV DR VHUYLoR QRV HTXLSDPHQWRV FHGLGRV
UHSUHVHQWDPFRODERUDGRUHVGRWRWDOGHWUDEDOKDGRUHVGDFDVD
y
3DUDDOpPGRQ~PHURGHHIHWLYRVDQWHULRUPHQWHUHIHULGRHQFRQWUDYDPVHDFRODERUDUFRPD
6DQWD&DVDGD0LVHULFyUGLDGH/LVERD6&0/HPGHGH]HPEURGHSUHVWDGRUHV
GHVHUYLoRV
4XDGUR3UHVWDGRUHVGH6HUYLoRV
3UHVWDGRUHVGH6HUYLoR
127$1mRHVWmRFRQWHPSODGRVRV3UHVWDGRUHVGH6HUYLoRj+RUD
)RQWH6LVWHPD,QWHJUDGRGH*HVWmR±6$3
9DULDomR
'HVWHV SUHVWDGRUHV GH VHUYLoR FHUFD GH FRUUHVSRQGHP D $MXGDQWHV )DPLOLDUHV
H $PDV%DE\VLWWHUV SURILVVLRQDLV FXMD DWLYLGDGH HVWi HQTXDGUDGD QR '/
GHGHDEULOHQR'/GHGHPDLRHTXHSUHVWDPVHUYLoRVQDiUHDGD
$FmR6RFLDO
'LVWULEXLomRHHYROXomRSRU6HUYLoRV
$QDOLVDQGRDGLVWULEXLomRGRVWUDEDOKDGRUHVSHODVGLVWLQWDViUHDVGD6&0/YHULILFD
VH TXH R 'HSDUWDPHQWR GH $FmR 6RFLDO H 6D~GH FRUUHVSRQGH DSUR[LPDGDPHQWH D GD WRWDOLGDGH GR HIHWLYR GD 6DQWD &DVD GD 0LVHULFyUGLD GH /LVERD DVVXPLQGR XPD
UHSUHVHQWDWLYLGDGHSUHGRPLQDQWHQRTXHUHVSHLWDjGRWDomRGHFRODERUDGRUHV
*UiILFR'LVWULEXLomR3HUFHQWXDOGRV&RODERUDGRUHVSHOD(VWUXWXUD
'
'*,3
'4,
(66$
'((6
$'0*$%6*6,
&05
+26$
'$66
4XDGUR'LVWULEXLomRH(YROXomRSRU6HUYLoRV
y
^ĞƌǀŝĕŽƐ
ϮϬϬϵ
ϮϬϭϬ
ϮϬϭϭ
^^Ͳ/^
Ϯ͘ϭϮϴ
Ϯ͘ϭϰϯ
Ϯ͘ϭϳϬ
^^Ͳ/^Ͳ/^^
Ϯϳ
ϲϯϯ
^^Ͳ/^W
Ϯϱϴ
^^ͲĞŶƚƌĂŝƐ
Ϯϱϵ
Ϯϲϯ
ϰ
Ϯϯ
Ϯϱ
Ϯϰ
Ͳϭ
,K^
Ϯϴϴ
Ϯϴϱ
Ϯϴϯ
ͲϮ
DZ
ϱϭϱ
ϱϬϯ
ϱϬϭ
ͲϮ
:
Ϯϱϱ
Ϯϲϳ
Ϯϳϱ
ϴ
'/W
ϯϯ
ϯϲ
ϯϰ
ͲϮ
^^
ϱϮ
ϱϯ
ϱϭ
ͲϮ
Y/
ϭϴ
ϮϮ
Ϯϯ
ϭ
^
ϱ
ϴ
ϭϲ
ϴ
Dͬ'ͬ^'ͬ^/
dKd>
sĂƌŝĂĕĆŽ
ϮϬϭϭͬϮϬϭϬ
ϱϯϮ
ϱϯϯ
ϱϯϰ
ϰ͘ϭϬϳ
ϰ͘ϭϯϰ
ϰ͘ϴϬϳ
ϭ
ϲϳϯ )RQWH6LVWHPD,QWHJUDGRGH*HVWmR±6$3
1RV 'HSDUWDPHQWRV H QRV GHPDLV 6HUYLoRV 2SHUDFLRQDLV GD 6&0/ +26$ &05$ H (66$
HVWDYDP DR VHUYLoR HP GH]HPEUR GH WUDEDOKDGRUHV QD 6HFUHWDULD
*HUDOHQRV6HUYLoRV,QVWUXPHQWDLVLQFOXLQGRRV*DELQHWHVWUDEDOKDGRUHV
&RQVLGHUDQGR TXH R +26$ H R &05$ SRVVXHP VHUYLoRV LQVWUXPHQWDLV SUySULRV H TXH D
6HFUHWDULD*HUDO GHVHQYROYH LQWHUYHQo}HV RSHUDFLRQDLV QRPHDGDPHQWH QR kPELWR FXOWXUDO
SRGHPRV FDOFXODU DLQGD TXH FRP OLPLWDo}HV GHFRUUHQWHV GD QmR OLQHDULGDGH GRV
SUHVVXSRVWRVDVVXPLGRVXPUiFLRGHVHUYLoRLQWHUQRDIHULGRSHOR³QGHWUDEDOKDGRUHVQRV
6HUYLoRV ,QVWUXPHQWDLV H *DELQHWHV Q GH WUDEDOKDGRUHV QRV 'HSDUWDPHQWRV 6* H (66$
´(VWHUiFLRTXHQRVLQGLFDRQ~PHURGHWUDEDOKDGRUHVQRV6HUYLoRV,QVWUXPHQWDLVSRU
FDGD WUDEDOKDGRUHV GRV 6HUYLoRV 2SHUDFLRQDLV VLWXRXVH HP HP WHQGR
GHFUHVFLGR VLJQLILFDWLYDPHQWH HP UHODomR D R TXH DSRQWD SDUD XPD PHOKRULD
QDHILFLrQFLDGDHVWUXWXUDGHSUHVWDomRGHVHUYLoRVLQWHUQRVVREUHWXGRVHFRQVLGHUDUPRVDV
UHVSRVWDVTXHIRUDPDVVHJXUDGDVDRVHVWDEHOHFLPHQWRVFHGLGRV(PHVWHUiFLRIRLGH
$VGLIHUHQoDVQDGLVWULEXLomRGRVUHFXUVRVKXPDQRVQDVXQLGDGHVRUJkQLFDVTXHLQWHJUDPR
JUXSR GRV 6HUYLoRV ,QVWUXPHQWDLV H 6HFUHWDULD*HUDO QmR VmR QD VXD JOREDOLGDGH PXLWR
VLJQLILFDWLYDV
4XDGUR'LVWULEXLomR6HFUHWDULD*HUDO6HUYLoRV,QVWUXPHQWDLVH*DELQHWHV
y
'LVWULEXLomR6HUYLoRV,QVWUXPHQWDLVH6HFUHWDULD*HUDO
6HFUHWDULDJHUDO6*
6XEWRWDO
'LUHFomR)LQDQFHLUD',)
'LU5HF+XPDQRV',5+
'LUHFomRGH$SURYLVLRQDPHQWR',$
'LUHFomR*HVWmR,QVWDODo}HV(TXLSDPHQWRV',*,(
'LUHFomR6LVWHPDV7HFQRORJLDV,QIRUPDomR',67,
6XEWRWDO
*DELQHWHGH,PSUHQVD*,
*DELQHWHGH2UJDQL]DomRH0pWRGRV*20
*DELQHWHGH$SRLRDRV)XQGRV([WHUQRV*$)(
*DELQHWHGH(VWXGRVH3ODQHDPHQWR*(3
*DELQHWHGH$XGLWRULD,QWHUQD*$,
*DELQHWH-XUtGLFR*-
6XEWRWDO
727$/
9DULDomR
1RWD,(VWHVGDGRVQmRLQFOXHPRVFRODERUDGRUHVGD$GPLQLVWUDomR
1RWD,,2VGDGRVUHIHUHQWHVj'LUHomRGH5HFXUVRV+XPDQRVQmRLQFOXHPRVFRODERUDGRUHVHP&RORFDo}HVGH3HVVRDO
'LVWULEXLomRHHYROXomRSRU*UXSR3URILVVLRQDO
4XDGUR'LVWULEXLomRHHYROXomRSRUJUXSRSURILVVLRQDO
'LVWULEXLomRHHYROXomRSRUJUXSRSURILVVLRQDO
9DULDomR
'LULJHQWH
'LUHFWRU(VWDEHOHFLPHQWR
&KHILD'LUHWD
7pFQLFR6XSHULRU
7pFQLFR
7pFQLFR3URILVVLRQDO
$GPLQLVWUDWLYR
2SHUiULR
$X[LOLDU
727$/
127$$GLVWULEXLomRSRU*UXSR3URILVVLRQDOQmRLQFOXLÏUJmRV*HVWRUHVFRODERUDGRUHV
1HVWHV*UXSRV3URILVVLRQDLVLQFOXHPVHWRGRVRVFRODERUDGRUHVHP&RPLVVmRGH6HUYLoRFRPH[FHomRGH$VVHVVRUHVH
6HFUHWiULDVHDLQGDRV&KHIHVGH6HFomRHGH6HUYLoRV*HUDLVGHFDUUHLUD
$FHQWXDQGRVH D WHQGrQFLD Mi YHULILFDGD GHVGH UHIRUoDGD SHOD FHGrQFLD GRV
HVWDEHOHFLPHQWRV ,66 ,3 R Q~PHUR GH GLULJHQWHV H FKHILDV UHJLVWRX XP FUHVFLPHQWR GH
HQWUH H PXLWR LQIHULRU DR YHULILFDGR QR Q~PHUR WRWDO GH WUDEDOKDGRUHV
&RQVHTXHQWHPHQWH HP YHULILFRXVH XPD SURSRUomR PpGLD GH WUDEDOKDGRUHVSRUGLULJHQWHFKHILDTXHUHIOHWHXPDXPHQWRIDFHDH
y
2 JUXSR SURILVVLRQDO PDLV TXDOLILFDGR ³WpFQLFRV H WpFQLFRV VXSHULRUHV´ DSUHVHQWDYD HP
XP SHVR UHODWLYR GH WHQGR D VXD H[SUHVVmR GLPLQXtGR OLJHLUDPHQWH HP
UHODomRD
$GPLVV}HVH6DtGDV
(P R UiFLR ³HQWUDGDV VDtGDV´ GXSOLFRX H VLWXRXVH QR YDORU IDFWR UHODFLRQDGR
FRPDWUDQVLomRGRVHVWDEHOHFLPHQWRVHUHVSHWLYRVWUDEDOKDGRUHVGR,66,3
9LQKD D YHULILFDUVH QRV ~OWLPRV DQRV XPD HVWDELOLGDGH QR UiFLR ³HQWUDGDV VDtGDV´ HPHHP±WUDGX]LQGRDUHSRVLomRGHFRODERUDGRUHVDVVRFLDGDDXPDDSRVWD
QD FRQWHQomR GH GHVSHVDV H QD UHRUJDQL]DomR GH WUDEDOKR 6H UHWLUDUPRV R HIHLWR ,66 j
WRWDOLGDGHGRVPRYLPHQWRVHVWHUiFLRPDQWpPVHWDPEpPHP
4XDGUR6DtGDVH$GPLVV}HV7LSR&RQWUDWR
6DtGDV0RWLYR
$SRVHQWDomR
5HIRUPD9HOKLFH,QYDOLGH]
&HVVDomR&RQW7UDEDOKR
/LFHQoDVYHQFLPHQWR
2XWUDV
7RWDO
$GPLVV}HV7LSR&RQWUDWR
&RPLVVmRGH6HUYLoR
&RQWUDWR7UDEDOKR
5HJUHVVRGH/LFHQoD5HTXLVLomR
&RQW$GPLQLVWUDWLYR3URYLPHQWR
5HTXLVLomR
7RWDO
1RWDV$VDGPLVV}HVFODVVLILFDGDVFRPR&RPLVVmRGH6HUYLoRVmRUHIHUHQWHVDHQWUDGDVGHTXDGURVH[WHUQRV
GLUHWDPHQWHSDUDXPFDUJRHPUHJLPHGHFRPLVVmRGHVHUYLoR
4XDGUR3HVR,66QDV6DtGDVH$GPLVV}HVHP
6DtGDV0RWLYR
$SRVHQWDomR
5HIRUPD9HOKLFH,QYDOLGH]
&HVVDomR&RQW7UDEDOKR
,66
$GPLVV}HV7LSR&RQWUDWR
&RPLVVmRGH6HUYLoR
&RQWUDWR7UDEDOKR
5HTXLVLomR
,66
/LFHQoDVYHQFLPHQWR
5HJUHVVRGH/LFHQoD5HTXLVLomR
2XWUDV
&RQW$GPLQLVWUDWLYR3URYLPHQWR
7RWDO
7RWDO
&DUDFWHUL]DomRGHPRJUiILFDGRVDWLYRV
'LVWULEXLomRSRU*pQHUR
y
$ GLVWULEXLomR GH WUDEDOKDGRUHV SRU JpQHUR WUDGX] QRV ~OWLPRV DQRV D PDQXWHQomR GD
SURSRUomRGHPXOKHUHVSRUFDGDKRPHPRUiFLRIHPLQLQRPDVFXOLQRpQRVHPH
HGHHPDFHQWXDQGRVHOLJHLUDPHQWHRSHVRGDDWLYLGDGHGHVHQYROYLGDSRU
PXOKHUHV
*UiILFR'LVWULEXLomRSRU*pQHUR
,ŽŵĞŶƐ
Ϯϯй
DƵůŚĞƌĞƐ
ϳϳй
'LVWULEXLomRSRU(VFDOmR(WiULR
$ 6DQWD &DVD GD 0LVHULFyUGLD GH /LVERD UHYHOD XPD HVWUXWXUD HWiULD UHODWLYDPHQWH
HQYHOKHFLGD H HVWD VLWXDomR QmR VH DOWHURX VLJQLILFDWLYDPHQWH QRV ~OWLPRV DQRV $ LGDGH
PpGLDGRVWUDEDOKDGRUHVVLWXDVHQRVDQRVUHIOHWLQGRXPOLJHLURDXPHQWRIDFHD
H 3DUD R DXPHQWR GD LGDGH PpGLD HQWUH H FRQWULEXL
VLJQLILFDWLYDPHQWH D LGDGH PpGLD HOHYDGD GRV WUDEDOKDGRUHV GRV HVWDEHOHFLPHQWRV GR ,66
,3LQWHJUDGRVQD6&0/
(VWDDILUPDomRVDLUHIRUoDGDTXDQGRVHFRQVWDWDXPGHFUpVFLPRIDFHDGHQR
Q~PHUR GH WUDEDOKDGRUHV FRP LGDGH DWp DRV DQRV 2 JUXSR HWiULR FRP PDLRU
UHSUHVHQWDomR p R GRV DQRV FRP FHUFD GH GR WRWDO GH FRODERUDGRUHV ORJR
VHJXLGRGRHVFDOmRFRP
*UiILFR'LVWULEXLomRSRU(VFDO}HV(WiULRV
y
ϳϳϬ
ϲϴϯ
ϲϯϬ
ϳϱϰ
ϲϮϬ
ϴϬϬ
ϳϬϬ
ϱϱϲ
ϲϬϬ
ϰϰϳ
ϱϬϬ
ϰϬϬ
ϯϬϬ
ϮϮϭ
ϮϬϬ
ϵϴ
Ϯϴ
ƚĠĂŽƐ ϮϱĂϮϵ ϯϬĂϯϰ ϯϱĂϯϵ ϰϬĂϰϰ ϰϱĂϰϵ ϱϬĂϱϰ ϱϱĂϱϵ ϲϬĂϲϰ ϲϱĞ
ϮϱĂŶŽƐ
ŵĂŝƐ
ϭϬϬ
Ϭ
*UiILFR'LVWULEXLomRSRU(VFDO}HVGH$QWLJXLGDGH
ϴϮϲ
ϳϵϬ
ϵϬϬ
ϳϱϲ
ϲϴϳ
ϴϬϬ
ϲϲϱ
ϳϬϬ
ϲϬϬ
ϰϲϱ
ϱϬϬ
ϯϴϬ
ϰϬϬ
ϯϬϬ
ϭϮϳ
ϭϭϭ
ϮϬϬ
ϭϬϬ
ϬĂϮ
ŶŽƐ
ϯĂϱ
ŶŽƐ
ϲĂϭϬ
ŶŽƐ
ϭϭĂϭϱ
ŶŽƐ
ϭϲĂϮϬ
ĂŶŽƐ
ϮϭĂϮϱ
ŶŽƐ
ϮϲĂϯϬ
ŶŽƐ
ϯϭĂϯϱ ϯϲŶŽƐĞ
ŶŽƐ
ŵĂŝƐ
Ϭ
1R TXH UHVSHLWD j DQWLJXLGDGH D GLVWULEXLomR SRU HVFDO}HV UHYHOD XPD DQWLJXLGDGH PpGLD
HOHYDGD DQRV HVWDQGR DSUR[LPDGDPHQWH GRV WUDEDOKDGRUHV Ki RX PDLV
DQRVDRVHUYLoRQDRUJDQL]DomR
6H QmR WLYHUPRV HP FRQWD RV FRODERUDGRUHV WUDQVLWDGRV GR ,66 ,3 D DQWLJXLGDGH PpGLD
GRVFRODERUDGRUHV6&0/VLWXDVHQRVDQRV(VWDVLWXDomRQmRVHWHPDOWHUDGR
VXEVWDQFLDOPHQWH QRV ~OWLPRV DQRV FRQWLQXDQGR D GHVWDFDUVH R SHVR TXH DVVXPH R
y
HVFDOmR GH DQWLJXLGDGH IDFWR TXH VH UHODFLRQD IXQGDPHQWDOPHQWH FRP FRQWUDWDo}HV
RFRUULGDVSDUDSURMHWRVHVXEVWLWXLo}HV6HDVVRFLDUPRVRVGDGRVGDHVWUXWXUDHWiULDHGRV
HVFDO}HV
GH
DQWLJXLGDGH
SRGHPRV
FRQFOXLU
TXH
DV
DGPLVV}HV
QmR
IRUDP
SUHGRPLQDQWHPHQWHGHWUDEDOKDGRUHVPDLVMRYHQV
$EVHQWLVPR
$WD[DPpGLDGHDEVHQWLVPRGD6DQWD&DVDVLWXRXVHQRVWHQGRVRIULGRXPDXPHQWR
GH SS UHODWLYDPHQWH D (VWDPRV QD SUHVHQoD GH XPD UHDOLGDGH TXH DWUDYHVVD
PXLWDVRUJDQL]Do}HVGDVRFLHGDGHSRUWXJXHVDHTXHQD6&0/pWDPEpPH[SUHVVLYD
5HVXOWDHPERDPHGLGDGDH[SUHVVmRGDSRSXODomRWUDEDOKDGRUDIHPLQLQDDTXDODVVXPH
PDLRULWDULDPHQWHRVFXVWRVGDVDXVrQFLDVSRUSDUHQWDOLGDGHHDVVLVWrQFLDjIDPtOLD
2DEVHQWLVPRQRVHVWDEHOHFLPHQWRVGR,66FRUUHVSRQGHDGRWRWDOUHJLVWDGRQD6&0/
YDORUPDLVH[SUHVVLYRTXHRSHVRUHODWLYRQDHVWUXWXUDGHSHVVRDOGRVFRODERUDGRUHVTXHR
RULJLQDP
4XDGUR7D[DGH$EVHQWLVPR
9DULDomR
7D[DGHDEVHQWLVPR
SS
$WD[DGHDEVHQWLVPRGHIRLDWXDOL]DGD
'HFRPSRQGR D WD[D DSUHVHQWDGD LGHQWLILFDPVH RV SULQFLSDLV VHJXLQWHV PRWLYRV SDUD RV
GLDVGHDXVrQFLD
•
•
•
•
SRUDFLGHQWHGHWUDEDOKRHP
SRUGRHQoDHP
SRUDVVLVWrQFLDjIDPtOLDHP
SRUSDUHQWDOLGDGHHP
3DUD DOpP GD GRHQoD H GD SDUHQWDOLGDGH DVVXPHP SDUWLFXODU UHOHYkQFLD QDV LPSOLFDo}HV
TXHSRGHUiWHUQDVPHGLGDVLQWHUQDVDSURVVHJXLUDVDXVrQFLDVSRUPRWLYRGHDFLGHQWHGH
WUDEDOKRTXHFRQKHFHUDPXPDXPHQWRIDFHD
2VGLDVSHUGLGRVSRUJUHYHGLPLQXtUDPHPVLWXDQGRVHQRVGLDV(VWDVDXVrQFLDV
GL]HPUHVSHLWRDVLWXDo}HVGHJUHYHHGHPDLRGHRXWXEURHGHQRYHPEURGH
4XDGUR'LDVGH*UHYH
'LDVGH*UHYH
9DULDomR
y
1GHGLDV
2QGHGLDVGHDXVrQFLDGHYLGRDJUHYHHPIRLDWXDOL]DGR
$FLGHQWHVGH7UDEDOKR
1R TXH UHVSHLWD j VLQLVWUDOLGDGH ODERUDO QD 6DQWD &DVD RV DFLGHQWHV GH WUDEDOKR
UHJLVWDGRVUHSUHVHQWDUDPXPDFUpVFLPRGHGHDFLGHQWHVUHODWLYDPHQWHD
(VWD VLWXDomR HQFRQWUD WUDGXomR QR FUHVFLPHQWR GR DEVHQWLVPR SRU PRWLYR GH DFLGHQWH GH
WUDEDOKRHFRQILJXUDVHFRPRXPDUHDOLGDGHTXHXUJHDFRPSDQKDUHDOWHUDU
4XDGUR$FLGHQWHVGH7UDEDOKR
$FLGHQWHVGH7UDEDOKR
7RWDOGH$FLGHQWHV
1GH$FLGHQWHVFRP%DL[D
1GH'LDVGH7UDEDOKR3HUGLGRV
9DULDomR
)RQWH'HSDUWDPHQWRGH4XDOLGDGHH,QRYDomR±8QLGDGHGH6D~GH+LJLHQHH6HJXUDQoD7UDEDOKR
1mRLQFOXtGRVRVDFLGHQWHVRFRUULGRVFRPWUDEDOKDGRUHVGR,66
7UDEDOKRVXSOHPHQWDU
2 YROXPH GH KRUDV GH WUDEDOKR VXSOHPHQWDU H[WUDRUGLQiULR QmR VRIUHX JUDQGHV RVFLODo}HV
HQWUH H 2 DXPHQWR YHULILFDGR HP GH KRUDV GH WUDEDOKR VXSOHPHQWDU
H[WUDRUGLQiULRUHODWLYDPHQWHDpIRUWHPHQWHH[SOLFDGRSHODVKRUDVGHWUDEDOKR
VXSOHPHQWDUH[WUDRUGLQiULR YHULILFDGDV QRV HVWDEHOHFLPHQWRV GR ,66 ,3 XPD YH] TXH
HVWDV FRUUHVSRQGH D GDV KRUDV UHDOL]DGDV QR 'HSDUWDPHQWR GH $FmR 6RFLDO H GH
IRUPDJOREDODGHWRGDD6&0/
(VWDVLWXDomRWHQGHUiDGLPLQXLUGHLPSRUWkQFLDUHODWLYDXPDYH]TXHDVLWXDomRHP
UHIOHWLX D RUJDQL]DomR GH WUDEDOKR TXH YLJRUDYD QRV UHIHULGRV HTXLSDPHQWRV KHUGDGD SHOD
6&0/HQDTXDORWUDEDOKRVXSOHPHQWDUHUDXWLOL]DGDFRPIRUPDVLVWHPiWLFDGHFROPDWDomR
GHODFXQDVGHSHVVRDO
4XDGUR+RUDVGH7UDEDOKR6XSOHPHQWDU7UDEDOKR([WUDRUGLQiULR
+RUDVGH7UDEDOKR6XSOHPHQWDU
9DULDomR
y
(PGLDV~WHLV
(PGLDVGHGHVFDQVR
REULJDWyULRFRPSOHPHQWDUIHULDGRV
4XDGUR3DJDPHQWRGH+RUDV([WUDRUGLQiULDVSRU'HSDUWDPHQWR6HUYLoRHP
'LDÓWLO
'LD'HVFDQVR
727$/
'$66'HSDUWDPHQWRGH$omR6RFLDOH6D~GH
¼
¼
¼
'-'HSDUWDPHQWRGH-RJRV
¼
¼
¼
'*,3'HSDUWDPHQWRGH*HVWmR,PRELOLiULDH3DWULPyQLR
¼
¼
¼
'4,'HSDUWDPHQWRGH4XDOLGDGHH,QRYDomR
¼
¼
¼
¼
¼
¼
+26$+RVSLWDO2UWRSpGLFRGH6DQW
$QD
¼
¼
¼
&05&HQWURGH0HGLFLQDH5HDELOLWDomRGR$OFRLWmR
¼
¼
¼
¼
¼
¼
¼
¼
¼
½
½
½
'((6'HSDUWDPHQWRGH(PSUHHQGHGRULVPRH(FRQRPLD6RFLDO
(66$(VFROD6XSHULRUGH6D~GHGR$OFRLWmR
$GPLQLVWUDomR6HFUHWDULD*HUDO*DELQHWHV6HUYLoRV,QVWUXPHQWDLV
727$/
2 YDORU JOREDO RUoDPHQWDGR SDUD SDUD D UHDOL]DomR GH WUDEDOKR VXSOHPHQWDU
H[WUDRUGLQiULRIRLGH¼MiLQFOXLQGRRRUoDPHQWRVXSOHPHQWDUHODERUDGRSDUD
R,66,3
&RQVLGHUDQGR RV YDORUHV HIHWLYDPHQWH SDJRV HP YHULILFDVH TXH JOREDOPHQWH QR
FRQMXQWR GD 6&0/ VH ILFRX DTXpP GR RUoDPHQWR HYLGHQFLDQGR R HVIRUoR UHDOL]DGR SHOR
GLULJHQWHV H IRUWHPHQWH LPSXOVLRQDGR SHOD ',5+ QR VHQWLGR GD UHGXomR GH WUDEDOKR
VXSOHPHQWDU H[WUDRUGLQiULR $ILJXUDVH FRQWXGR UHOHYDQWH D FRQWLQXDomR GDV PHGLGDV HP
FXUVR QRPHDGDPHQWH DR QtYHO GD UHRUJDQL]DomR GH KRUiULRV H GH WUDEDOKR SDUD UHGX]LU D
H[SUHVVmRGHVWDUXEULFDRUoDPHQWDO
'LVFLSOLQD
1RDQRGHIRUDPLQVWDXUDGRVTXDUHQWDHTXDWURSURFHVVRVGLVFLSOLQDUHV
'HVWHVSURFHVVRVRLWRFRQWLQXDPHPDEHUWRYLQWHHWUrVIRUDPDUTXLYDGRVHWUH]H
WHUPLQDUDP FRP D DSOLFDomR GH SHQDV GRLV GHOHV FRP GHVSHGLPHQWR 7UDQVLWRX
y
DLQGDXPSURFHVVRGHTXHWHUPLQRXHPSHQDGHVXVSHQVmR
4XDGUR3URFHVVRV'LVFLSOLQDUHV
'LVFLSOLQD
13URF
3HQDV
'HVSHGLPHQWR
'HPLVVmR
$SRV&RPSXOVLYD
6XVSHQVmR
0XOWD
6DQomR3HFXQLiULD
5HSUHHQVmR
3HUGDGHGLDVGH)pULDV
7RWDO
6D~GH2FXSDFLRQDO+LJLHQHH6HJXUDQoDQR7UDEDOKR
4XDGUR([DPHV0pGLFRV
([DPHV
,QLFLDLV
3HULyGLFRV
2FDVLRQDLV
7RWDO
9DULDomR
)RQWH'HSDUWDPHQWRGH4XDOLGDGHH,QRYDomR±8QLGDGHGH6D~GH+LJLHQHH6HJXUDQoD7UDEDOKR
1R ILQDO GH D WD[D GH FREHUWXUD GH H[DPHV GH PHGLFLQD QR WUDEDOKR VLWXDYDVH QRV
2Q~PHURGHH[DPHVTXDVHGXSOLFRXVLWXDQGRVHHPHPHH[DPHVHP
$SHVDU GHVWH FUHVFLPHQWR D WD[D GH FREHUWXUD DSUHVHQWD XP GHFUpVFLPR
UHODWLYDPHQWH j YHULILFDGD HP (VWH GHFUpVFLPR SUHQGHVH FRP D LQFOXVmR
GRV WUDEDOKDGRUHV GRV HVWDEHOHFLPHQWRV GR ,66 ,3 H DLQGD FRP RV QRYRV SURWRFRORV GH
H[DPHVHDSHULRGLFLGDGHGRVPHVPRVGHFRUUHQWHVGRFRQWUDWRHVWDEHOHFLGRDGHMXOKR
GHSRUPHVHVTXHGHILQHSDUDYiULDVFDWHJRULDVSURILVVLRQDLViUHDGDHGXFDomR
HPSDUWLFXODUXPDSHULRGLFLGDGHDQXDO
$SRLR6RFLDO
y
$ 6&0/ GLVSRQLELOL]RX ¼ HP EHQHItFLRV VRFLDLV DRV VHXV WUDEDOKDGRUHV 'HVWH
PRQWDQWHUHIHUHPVHDVXEVtGLRVGHSURWHomRLQIDQWLOjSULPHLUDLQIkQFLDFRQFHGLGRVD
DSUR[LPDGDPHQWH FULDQoDV HP LGDGH SUpHVFRODU D VXEVtGLRV GH DSRLR jV VLWXDo}HV GH FRPSURYDGD FDUrQFLD GH PHLRV TXH VROLFLWDUDP DX[tOLR j 'LUHomR GH 5HFXUVRV
+XPDQRVHDRVUHIRUPDGRVTXHDXIHUHPRFRPSOHPHQWRGHSHQVmRPtQLPD
4XDGUR%HQHItFLRV
%HQHItFLRV
1
9DORU
1
9DORU
1
9DU
9DORU
1
9DORU
6XEVQmR5HHPEROViYHLV
6XEV5HHPEROViYHLV
6XEVGH&RPSO0HGLFDPHQWRV
6XEVGH3URWHomR,QIDQWLO
6XEV)UHT(QVLQR%iVLFR
6XEVGH)RUPDomR
&RPSOHPHQWDU
&RPSOHPHQWRGH3HQVmR0tQLPD
7RWDO
9DORUPpGLR
)217(6LVWHPD,QWHJUDGRGH*HVWmR±6$3H'LUHomRGH5HFXUVRV+XPDQRV1~FOHRGH3ROtWLFDVGH5+H$SRLR
6RFLDO
1R VHX FRQMXQWR IRUDP FRQFHGLGRV PDLV VXEVtGLRV DSRLRV TXH HP TXH VH
GHYHPIXQGDPHQWDOPHQWHDRDXPHQWRGRQ~PHURGHVXEVtGLRVGHSURWHomRLQIDQWLO
VLWXDomRTXHWUDGX]XPDXPHQWRGRQ~PHURGHWUDEDOKDGRUHVTXHSRVVXHPRVUHTXLVLWRVH
FRQGLo}HVGHDFHVVRDHVWHVEHQHItFLRV
1R TXH UHVSHLWD DRV VXEVtGLRV QmR UHHPEROViYHLV DWULEXtGRV HP IXQomR GH FULWpULRV
HVWDEHOHFLGRV QXP FRQWH[WR GH VLWXDo}HV GH FRPSURYDGD FDUrQFLD FRQVWDWRXVH TXH D
GRHQoDDVVRFLDGDDXPDLQFDSDFLGDGHGHID]HUIDFHDGHVSHVDVFRPYHQFLPHQWRUHGX]LGR
EHP FRPR R HQGLYLGDPHQWR H DV VLWXDo}HV GH GLYyUFLR IRUDP RV SULQFLSDLV IDWRUHV TXH
GLWDUDPDSURFXUDHDDWULEXLomRGHVXEVtGLRVQmRUHHPEROViYHLV
&DUUHLUDV
1XPDQRGHFRQJHODPHQWRVDODULDOSDUDRVWUDEDOKDGRUHVGRUHJLPHGHFRQWUDWRGHWUDEDOKR
HP IXQo}HV S~EOLFDV GLWDGR SHOR 2UoDPHQWR GH (VWDGR SDUD QmR IRL ODQoDGR R
y
SURFHVVRDQXDOGHSURJUHVV}HVSURPRo}HVDOWHUDo}HVGHQtYHOUHPXQHUDWyULRHDWULEXLomR
GH SUpPLRV GH GHVHPSHQKR SDUD RV WUDEDOKDGRUHV GR FRQWUDWR LQGLYLGXDO GH WUDEDOKR
FRQVDJUDGRQRVHQTXDGUDPHQWRVODERUDLVHPYLJRU
'HVWHPRGRDVSURPRo}HVRFRUULGDVHPGL]HPUHVSHLWRDFRQFXUVRVGH(QIHUPHLURV
(VSHFLDOLVWDVGHFRUUHQWHGRVHXUHJXODPHQWRGHFDUUHLUDVHD~QLFDSURJUHVVmRRFRUULGDHP
GL] UHVSHLWR j HYROXomR QD FDUUHLUD GH XP ,QWHUQR HP &RQWUDWR $GPLQLVWUDWLYR GH
3URYLPHQWR
)RUDPDLQGDUHJLVWDGDVQRGHFRUUHUGHUHJXODUL]Do}HVFRPHIHLWRVDDQRVDQWHULRUHV
SURJUHVV}HV 'HVWDV FRP HIHLWRV D QDV FDUUHLUDV GH (QIHUPDJHP (GXFDomR
GH,QIkQFLD&RQWUDWRV$GPLQLVWUDWLYRVGH3URYLPHQWRFRPHIHLWRVDQDFDUUHLUDGH
(QIHUPDJHPHFRPHIHLWRVDQXP&RQWUDWR$GPLQLVWUDWLYRGH3URYLPHQWR
1mRIRUDPDWULEXtGRVSUpPLRVGHGHVHPSHQKR
4XDGUR&DUUHLUDV
&DUUHLUDV3URPRo}HVH3URJUHVV}HV
9DULDomR
3URPRo}HV4XDGUR5HVLGXDOGD)XQomR3~EOLFD
3URJUHVV}HV4XDGUR5HVLGXDOGD)XQomR3~EOLFD
3URPRo}HV&RQWUDWR,QGLYLGXDOGH7UDEDOKR
3URJUHVV}HV&RQWUDWR,QGLYLGXDOGH7UDEDOKR
7RWDO
)RUPDomR
4XDGUR)RUPDomR
7RWDO
)RUPDomR,QWHUQDH
13DUWLFLSDQWHV 1$o}HV
1+RUDV
([WHUQD
,QWHUQD
([WHUQD1DFLRQDO
([WHUQD(VWUDQJHLUR
([WHUQD6XE7RWDO
7RWDO
½
½
¼
1+RUDV
&XVWRHXURV
¼
½
½
½
&XVWRHXURV
1
$o}HV
½
y
1
3DUWLFLSDQWHV
)RUPDomR',5+
,QWHUQD
([WHUQD1DFLRQDO
1
1
3DUWLFLSDQWHV $o}HV
1+RUDV
1+RUDV
&XVWRHXURV
½
½
¼
¼
([WHUQD(VWUDQJHLUR
([WHUQD6XE7RWDO
7RWDO
1
1
&XVWRHXURV
3DUWLFLSDQWHV $o}HV
¼
½
½
¼
½
½
)RUPDomR([FHWR
',5+
1
1+RUDV
3DUWLFLSDQWHV $o}HV
1
&XVWR
HXURV
1
1
3DUWLFLSDQWHV $o}HV +RUDV
1
&XVWR
HXURV
,QWHUQD
½
½
([WHUQD1DFLRQDO
¼
¼
([WHUQD(VWUDQJHLUR
¼
([WHUQD6XE7RWDO
½
½
½
½
7RWDO
¼
)217(6LVWHPD,QWHJUDGRGH*HVWmR±6$3&05$±GDGRVGLVSRQLELOL]DGRVSHORVUHVSHWLYR6HUYLoR1mRLQFOXLIRUPDomRUHDOL]DGD
SHOR+26$
1RWDV
)RUPDomR WRWDO IRUPDomR LQWHUQD RUJDQL]DGD LQWHUQDPHQWH FRP RX VHP UHFXUVR D HQWLGDGHV H[WHUQDV H H[WHUQD
DXWRIRUPDomRHIRUPDomRQmRRUJDQL]DGDLQWHUQDPHQWH
)RUPDomR',5+ IRUPDomRLQWHUQDRUJDQL]DGDSHOD',5+HIRUPDomRH[WHUQDYDOLGDGDHDXWRUL]DGDQRkPELWRGRRUoDPHQWR
FRQWURODGRSHOD',5+HGLULJLGDDTXDOTXHU6HUYLoR'HSDUWDPHQWRGD6&0/
)RUPDomR H[FHWR ',5+ IRUPDomR LQWHUQD RUJDQL]DGD SRU 6HUYLoRV GD 6&0/ QRPHDGDPHQWH R &05$ H IRUPDomR H[WHUQD
DXWRIRUPDomRHRXWUDILQDQFLDGDSHORVUHVSHWLYRVRUoDPHQWRV
2VGDGRVQmRLQFOXHPDVKRUDVDVVRFLDGDVDRVHVWDWXWRVGHWUDEDOKDGRUHVWXGDQWH
(P H QR FRQMXQWR GRV 'HSDUWDPHQWRV H 6HUYLoRV GD 6&0/ UHJLVWDUDPVH SDUWLFLSDo}HVHPDo}HVGHIRUPDomRDTXHFRUUHVSRQGHXDXPYROXPHGHKRUDV
GHIRUPDomRHXPLQYHVWLPHQWRWRWDOSRUSDUWHGD6&0/GH¼
&RPSDUDWLYDPHQWH D UHDOL]RXVH PHQRV IRUPDomR VLWXDomR TXH VH GHYH
IXQGDPHQWDOPHQWH D GRLV IDWRUHV D FRQFOXVmR HP GH XP FRQMXQWR GH SURMHWRV
WUDQVYHUVDLV QmR UHSHWLGRV HP H TXH HQYROYHUDP XPD JUDQGH SHUFHQWDJHP GH
FRODERUDGRUHV QRPHDGDPHQWH KLJLHQH H VHJXUDQoD DOLPHQWDU KLJLHQH H VHJXUDQoD QR
WUDEDOKR DYDOLDomR GH GHVHPSHQKR SDUD DYDOLDGRV FLFOR GH IRUPDomR SDUD GLULJHQWHV GD
$omR 6RFLDO H GD 6D~GH E PXGDQoD GH FLFOR QD DGPLQLVWUDomR TXH SURYRFRX TXHU DQWHV
TXHUGHSRLVHQDWXUDOPHQWHDOJXPDUHWUDomRQDDSUHVHQWDomRGHSURSRVWDHQDH[HFXomR
GHDo}HV
$ GLVWULEXLomR GH SDUWLFLSDQWHV H YROXPH GH IRUPDomR WRWDO SRU 'HSDUWDPHQWR 6HUYLoR GD
6&0/ DSUHVHQWDGD QR TXDGUR VHJXLQWH DFRPSDQKD D HVWUXWXUD GH GLVWULEXLomR GRV
FRODERUDGRUHVFIJUiILFRGLVWULEXLomRSHUFHQWXDOGRVFRODERUDGRUHVSHODHVWUXWXUD
y
4XDGUR)RUPDomRSRU6HUYLoR
(VWUXWXUD
13DUWLFLSDQWHV
9ROXPH
$'0
&05
'$66
'((6
'*,3
'-
'4,
(66$
*$%
+26$
6*
6,',$
6,',)
6,',*,(
6,',5+
6,',67,
7RWDO
&RQVLGHUDQGRXPXQLYHUVRGHWUDEDOKDGRUHVWRWDOHPGHGH]HPEURVHP+26$H
,66UHJLVWDUDPVHHPHHPPpGLDKRUDVGHIRUPDomRFRODERUDGRUFRPXP
LQYHVWLPHQWRGH¼FRODERUDGRU
&RQVLGHUDQGR R Q~PHUR GH FRODERUDGRUHV TXH SDUWLFLSDUDP HP SHOR PHQRV XPD DomR GH
IRUPDomRLQWHUQDREWLYHPRVXPtQGLFHGHSDUWLFLSDomRGH
$IRUPDomRUHDOL]DGDHPLQFLGLXHPiUHDV&1$()&ODVVLILFDomR1DFLRQDOGDViUHDV
GH (GXFDomR H )RUPDomR H DWLQJLX XPD FREHUWXUD VLJQLILFDWLYD SRU JUXSR SURILVVLRQDO H
FDWHJRULD
6H FDOFXODUPRV RV PHVPRV UiFLRV SDUD R Q~PHUR WRWDO GH HIHWLYRV GD 6&0/ VHP SUHVWDGRUHV GH VHUYLoR REWHPRV YDORUHV
PpGLRVGHKRUDVGHIRUPDomRFRODERUDGRUHXPLQYHVWLPHQWRGH¼FRODERUDGRU
ËQGLFHGHSDUWLFLSDomR GHFRODERUDGRUHVGRVGHSDUWDPHQWRV HVHUYLoRVH[FOXLQGR+26$&05$H,66TXHFRQFOXtUDPSHOR
PHQRVXPDDomRGHIRUPDomRHPFHUWLILFDGDSURPRYLGDRXRUJDQL]DGDFRPDSDUWLFLSDomRGD',5+
y
'HVHQYROYHUDPVH SURMHWRV IRUPDWLYRV j PHGLGD GDV QHFHVVLGDGHV LGHQWLILFDGDV FRP
FRQWH~GRVRUJDQL]DGRVHRULHQWDGRVSDUDRGHVHQYROYLPHQWRGHFRPSHWrQFLDVQDVVHJXLQWHV
iUHDV 'HVHQYROYLPHQWR 3HVVRDO )RUPDomR GH (GXFDGRUHV GH ,QIkQFLD )RUPDomR GH
)RUPDGRUHV $UWHVDQDWR /tQJXDV H /LWHUDWXUD 0DWHUQD /tQJXDV (VWUDQJHLUDV 3VLFRORJLD
0DUNHWLQJH3XEOLFLGDGH&RQWDELOLGDGHH)LVFDOLGDGH*HVWmR H$GPLQLVWUDomR6HFUHWDULDGR
H 7UDEDOKR $GPLQLVWUDWLYR (QTXDGUDPHQWR QD 2UJDQL]DomR ,QIRUPiWLFD (OHWULFLGDGH H
(QHUJLD $UTXLWHWXUD H &RQVWUXomR (QIHUPDJHP 6HUYLoRV GH 7UDQVSRUWH 3URWHomR GH
3HVVRDVH%HQV3URWHomRGRDPELHQWHH6HJXUDQoDH+LJLHQHQR7UDEDOKR
'H HQWUH HVWDV iUHDV GH UHDOoDU DV Do}HV GH 7HDP %XLOGLQJ +LJLHQH H 6HJXUDQoD QR
7UDEDOKR$o}HVGH)RUPDomRGLULJLGDVD0RWRULVWDVH R&LFORGH(VWXGRVSDUDRV'LUHWRUHV
GRV (TXLSDPHQWRV 6RFLDLV TXH SRWHQFLRX D LQWHJUDomR GRV QRYRV 'LUHWRUHV GRV
HTXLSDPHQWRVGR,66,3
y
y
&217$6
y
y
6&0/'$66'4,'((6'*,3
6HUYLoRV,QVWUXPHQWDLV+26$&05$H(66$
3URSRVWDGH$SOLFDomRGH5HVXOWDGRV
&RQVLGHUDQGR TXH D 6DQWD &DVD GD 0LVHULFyUGLD GH /LVERD HQFHUURX DV FRQWDV UHODWLYDV DR
H[HUFtFLRGHFRP5HVXOWDGRV/tTXLGRVQHJDWLYRVQRPRQWDQWHGH(XURV
&RQVLGHUDQGRTXHQRVWHUPRVGDDOtQHDFGRQGDV5HVROXomRQGR7ULEXQDOGH
&RQWDV GHYHUi FRQVWDU GR UHODWyULR GH JHVWmR D IRUPD FRPR GHYHUi VHU DSOLFDGR DTXHOH
UHVXOWDGR
3URS}HVHTXHRUHIHULGR5HVXOWDGR/tTXLGRGDVFRQWDVGRH[HUFtFLRGHVHMDLQWHJUDGR
QDFRQWD³5HVXOWDGRV7UDQVLWDGRV´
A MESA da SCML,
(Pedro Miguel de Santana Lopes, Provedor)
(Fernando Eduardo Cabral Paes de Sousa Afonso, Vice-Provedor)
(Maria Helena Passos Rosa Lopes da Costa, Vogal)
(Rita Isabel Morais Tomaz Valadas Pereira Marques, Vogal)
(Paulo Sérgio Rosa Mateus Calado, Vogal)
y
'HPRQVWUDo}HV ILQDQFHLUDV 'HSDUWDPHQWRV GH $omR 6RFLDO H 6D~GH
4XDOLGDGH H ,QRYDomR (PSUHHQGHGRULVPR H (FRQRPLD 6RFLDO *HVWmR
,PRELOLiULDH3DWULPyQLR6HUYLoRV,QVWUXPHQWDLV+RVSLWDO2UWRSpGLFRGH
6DQW¶$QD &HQWUR GH 0HGLFLQD GH 5HDELOLWDomR GR $OFRLWmR H (VFROD
6XSHULRUGH6D~GHGR$OFRLWmR
y
%DODQoR
;Ğ ƵƌŽƐ Ϳ
ϯϭĚĞĚĞǌĞŵďƌŽ
EŽƚĂ
ϮϬϭϭ
ϮϬϭϬ
ƚŝǀŽ
EĆŽĐŽƌƌĞŶƚĞ
ƚŝ ǀŽƐ Ĩŝ ǆŽƐ ƚĂ ŶŐşǀĞ ŝ Ɛ
ϲ
ϭϮϯ͘ϯϬϬ͘ϭϮϰ
ϭϱϯ͘ϳϱϳ͘ϰϵϱ
WƌŽƉƌŝ Ğ ĚĂ ĚĞ Ɛ ĚĞ ŝ ŶǀĞ Ɛ ƚŝ ŵĞ ŶƚŽ
ϳ
ϭϬϮ͘ϵϮϯ͘ϯϬϰ
ϴϮ͘ϱϯϴ͘ϰϱϬ
ƚŝ ǀŽƐ ŝ ŶƚĂ ŶŐşǀĞ ŝ Ɛ
ϴ
ϭ͘ϭϴϮ͘ϰϵϲ
ϭ͘ϮϮϳ͘ϯϵϰ
ƚŝ ǀŽƐ ďŝ Žů ſŐŝ ĐŽƐ
ϵ
ϵϰϬ͘ϳϱϳ
ϴϬϮ͘ϰϰϲ
ϭϬ
ϱϬ͘ϲϮϯ͘ϵϰϮ
ϱϰ͘ϮϮϴ͘ϳϯϮ
WĂ ƌƚŝ Đŝ ƉĂ ĕƁĞ Ɛ Ĩŝ ŶĂ ŶĐĞ ŝ ƌĂ Ɛ ͲŵĠ ƚŽĚŽĞ ƋƵŝ ǀĂ ů ġ ŶĐŝ Ă ƉĂ ƚƌŝ ŵŽŶŝ Ă ů
WĂ ƌƚŝ Đŝ ƉĂ ĕƁĞ Ɛ Ĩŝ ŶĂ ŶĐĞ ŝ ƌĂ Ɛ ͲŽƵƚƌŽƐ ŵĠƚŽĚŽƐ
ϭϭ
ϭ͘ϬϱϬ͘ϲϵϮ
ϭ͘ϮϮϰ͘ϬϬϭ
KƵƚƌŽƐ Ă ƚŝ ǀŽƐ Ĩŝ ŶĂ ŶĐĞ ŝ ƌŽƐ
ϯϯ
ϭ͘ϬϬϬ͘ϬϬϬ
Ϯϴϭ͘ϬϮϭ͘ϯϭϱ
ϭ͘ϬϬϬ͘ϬϬϬ
Ϯϵϰ͘ϳϳϴ͘ϱϭϴ
ϭϮ
ϭ͘ϬϬϱ͘ϵϱϭ
ϵϭϬ͘ϰϭϴ
ϵ
ϰ͘ϭϭϱ
ϯ͘ϵϯϲ
ϭϯ
ϵ͘ϭϵϵ͘ϵϬϮ
ϭϬ͘Ϭϯϴ͘ϭϴϯ
ŽƌƌĞŶƚĞ
/ ŶǀĞ ŶƚĄ ƌŝ ŽƐ
ƚŝ ǀŽƐ ďŝ Žů ſŐŝ ĐŽƐ
ů ŝ Ğ ŶƚĞ Ɛ
Ěŝ Ă ŶƚĂ ŵĞ ŶƚŽƐ Ă ĨŽƌŶĞ ĐĞ ĚŽƌĞ Ɛ
ϮϮ
ϴϳϴ͘ϰϭϯ
ϭϬϰ͘ϵϳϮ
Ɛ ƚĂ ĚŽĞ ŽƵƚƌŽƐ Ğ ŶƚĞ Ɛ ƉƷďů ŝ ĐŽƐ
ϭϰ
ϭ͘Ϭϳϰ͘ϵϴϴ
ϳϭϬ͘ϵϴϮ
KƵƚƌĂ Ɛ ĐŽŶƚĂ Ɛ Ă ƌĞ ĐĞ ďĞ ƌ
ϭϱ
ϰϭ͘Ϭϭϯ͘ϲϵϭ
ϯϳ͘Ϯϱϲ͘Ϭϳϭ
ŝ ĨĞ ƌŝ ŵĞ ŶƚŽƐ
ϭϲ
ϭϮϭ͘ϰϴϳ
ϲϲ͘ϵϳϲ
Ă ŝ ǆĂ Ğ ĚĞ ƉſƐ ŝ ƚŽƐ ďĂ ŶĐĄ ƌŝ ŽƐ
ϰ
ϭϱϮ͘ϳϱϵ͘ϰϳϭ
ϯϱ͘ϬϬϰ͘ϵϯϰ
KƵƚƌŽƐ Ă ƚŝ ǀŽƐ Ĩŝ ŶĂ ŶĐĞ ŝ ƌŽƐ
ϰ
ϳϮ͘ϰϲϭ͘ϲϭϯ
Ϯϳϴ͘ϱϭϵ͘ϲϯϭ
ϭϳϵ͘Ϭϱϳ͘ϭϲϱ
Ϯϲϯ͘ϭϱϯ͘ϲϯϲ
ϱϱϵ͘ϱϰϬ͘ϵϰϲ
ϱϱϳ͘ϵϯϮ͘ϭϱϯ
ĂƉŝƚĂůĞƌĞƐĞƌǀĂƐĂƚƌŝďƵşǀĞŝƐĂŽƐĚĞƚĞŶƚŽƌĞƐĚĞĐĂƉŝƚĂů
&ƵŶĚŽƐ ŽĐŝ Ă ů
ϭϳ
ϳϱ͘ϴϭϱ͘ϬϬϬ
ZĞ Ɛ Ƶů ƚĂ ĚŽƐ ƚƌĂ ŶƐ ŝ ƚĂ ĚŽƐ
ϭϴ
ϰϮϱ͘ϲϰϯ͘ϲϱϮ
ϰϭϳ͘ϵϮϭ͘ϴϮϮ
KƵƚƌĂ Ɛ ǀĂ ƌŝ Ă ĕƁĞ Ɛ ŶŽĐĂ Ɖŝ ƚĂ ů ƉƌſƉƌŝ Ž
ϭϵ
ϵ͘ϰϬϰ͘ϵϮϮ
ϵ͘ϯϰϳ͘ϭϰϰ
ϱϭϬ͘ϴϲϯ͘ϱϳϰ
ϱϬϯ͘Ϭϴϯ͘ϵϲϲ
ZĞ Ɛ Ƶů ƚĂ ĚŽů şƋƵŝ ĚŽĚŽƉĞƌşŽĚŽ
;ϰ͘Ϯϱϰ͘ϮϱϬͿ
ϳ͘ϯϴϭ͘ϵϮϵ
ϱϬϲ͘ϲϬϵ͘ϯϮϰ
ϱϭϬ͘ϰϲϱ͘ϴϵϱ
ϮϬ
ϰ͘ϵϭϯ͘Ϭϱϵ
ϰ͘ϵϭϯ͘Ϭϱϵ
ϯ͘ϵϮϱ͘ϲϮϮ
ϯ͘ϵϮϱ͘ϲϮϮ
&ŽƌŶĞ ĐĞ ĚŽƌĞ Ɛ
ϮϮ
ϭϭ͘ϮϴϮ͘ϰϬϵ
ϭϭ͘ϱϳϴ͘ϱϱϳ
Ěŝ Ă ŶƚĂ ŵĞ ŶƚŽƐ ĚĞ Đů ŝ ĞŶƚĞƐ
ϭϯ
ϵϮϵ͘ϯϱϯ
ϭ͘ϮϳϬ͘ϲϰϳ
Ɛ ƚĂ ĚŽĞ ŽƵƚƌŽƐ Ğ ŶƚĞ Ɛ ƉƷďů ŝ ĐŽƐ ϭϰ
ϯ͘ϰϴϯ͘ϴϯϯ
ϯ͘Ϯϳϯ͘ϳϯϭ
KƵƚƌĂ Ɛ ĐŽŶƚĂ Ɛ Ă ƉĂ ŐĂ ƌ
Ϯϯ
ϯϭ͘ϵϭϴ͘Ϯϱϭ
Ϯϳ͘ϬϮϭ͘ϳϴϰ
ŝ ĨĞ ƌŝ ŵĞ ŶƚŽƐ
ϭϲ
dŽƚĂůĚŽĐĂƉŝƚĂůƉƌſƉƌŝŽ
WĂƐƐŝǀŽ
WƌŽǀŝ Ɛ ƁĞ Ɛ
ŽƌƌĞŶƚĞ
dŽƚĂůĚŽƉĂƐƐŝǀŽ
ϰϬϰ͘ϳϭϳ
ϯϵϱ͘ϵϭϳ
ϰϴ͘Ϭϭϴ͘ϱϲϮ
ϰϯ͘ϱϰϬ͘ϲϯϲ
ϱϮ͘ϵϯϭ͘ϲϮϮ
ϰϳ͘ϰϲϲ͘Ϯϱϴ
ϱϱϵ͘ϱϰϬ͘ϵϰϲ
ϱϱϳ͘ϵϯϮ͘ϭϱϯ
A Mesa da SCML
O Diretor Financeiro
(Manuel Carlos
Rodrigues Pereira)
(Maria Helena Passos
Rosa Lopes da Costa, Vogal)
(Fernando Eduardo Cabral Paes
de Sousa Afonso, Vice-Provedor)
(Rita Isabel Morais Tomaz
Valadas Pereira Marques, Vogal)
(Paulo Sérgio Rosa
Mateus Calado, Vogal)
$VQRWDVGDVSiJLQDVDFRQVWLWXHPSDUWHLQWHJUDQWHGDVGHPRQVWUDo}HVILQDQFHLUDVDSUHVHQWDGDV
y
'HPRQVWUDomRGRVUHVXOWDGRVSRUQDWXUH]DV
;ĞƵƌŽƐ Ϳ
EŽƚĂ
ϮϬϭϭ
ϮϬϭϬ
sĞŶĚĂƐ ĞƐ ĞƌǀŝĕŽƐ ƉƌĞƐ ƚĂĚŽƐ
Ϯϰ
Ϯϵ͘ϯϱϵ͘Ϭϳϳ
Ϯϴ͘ϵϭϵ͘Ϯϰϲ
^ƵďƐ şĚŝ ŽƐ ă ĞǆƉůŽƌĂ ĕĆ Ž
Ϯϱ
ϭ͘ϱϳϵ͘ϮϰϬ
ϯ͘Ϯϭϱ͘Ϯϴϳ
ƵƐ ƚŽĚĂƐ ŵĞƌĐĂ ĚŽƌŝĂ Ɛ ǀĞŶĚŝĚĂƐ ĞĚĂƐ ŵĂƚĠƌŝĂ Ɛ ĐŽŶƐ ƵŵŝĚĂ Ɛ
Ϯϲ
;ϱ͘ϴϮϮ͘ϱϬϰͿ
;ϱ͘ϯϭϬ͘ϲϱϰͿ
&ŽƌŶĞĐŝ ŵĞŶƚŽƐ ĞƐ Ğƌǀŝ ĕŽƐ ĞǆƚĞƌŶŽƐ
Ϯϳ
;ϱϱ͘ϯϯϴ͘ϱϮϬͿ
;ϱϬ͘ϮϬϵ͘ϮϵϳͿ
'Ă Ɛ ƚŽƐ ĐŽŵŽƉĞƐ Ɛ ŽĂů
Ϯϴ
;ϭϬϵ͘ϳϱϱ͘ϭϯϬͿ
;ϴϲ͘ϱϱϯ͘ϴϴϬͿ
/ŵƉĂ ƌŝĚĂ ĚĞĚĞŝŶǀĞŶƚĄƌŝŽƐ ;ƉĞƌĚĂƐ ͬƌĞǀĞƌƐ ƁĞƐ Ϳ
ϭϮ
/ŵƉĂ ƌŝĚĂ ĚĞĚĞĚşǀŝĚĂ Ɛ Ă ƌĞĐĞďĞƌ;ƉĞƌĚĂƐ ͬƌĞǀĞƌƐ ƁĞƐ Ϳ
ϭϯ͕ϭϱ
Ͳ
;ϲϰ͘ϲϮϮͿ
;ϯ͘Ϯϴϱ͘ϴϯϱͿ
;ϱ͘ϵϵϰ͘ϵϮϲͿ
WƌŽǀŝ Ɛ ƁĞƐ ;Ă ƵŵĞŶƚŽƐ ͬƌĞĚƵĕƁĞƐ Ϳ
ϮϬ
;ϵϴϳ͘ϰϯϳͿ
;ϮϳϮ͘ϲϵϮͿ
/ŵƉĂ ƌŝĚĂ ĚĞĚĞŝŶǀĞƐ ƚŝŵĞŶƚŽƐ ŶĆ ŽĚĞƉƌĞĐŝĄ ǀĞŝƐ ͬĂŵŽƌƚŝ ǌĄ ǀĞŝƐ ;ƉĞƌĚĂƐ ͬƌĞǀĞƌƐ ƁĞƐ Ϳ
ϭϭ
ϯ͘Ϭϭϴ
;ϰϬϬͿ
;ϭϲ͘ϱϱϰͿ
ϭϲ͘ϵϵϰ
ƵŵĞŶƚŽƐ ͬƌĞĚƵĕƁĞƐ ĚĞũƵƐ ƚŽǀĂ ůŽƌ
ϵ͕ϭϭ
KƵƚƌŽƐ ƌĞŶĚŝŵĞŶƚŽƐ ĞŐĂ ŶŚŽƐ
Ϯϵ
ϭϳϭ͘Ϭϴϱ͘ϴϵϲ
ϭϰϱ͘ϳϲϯ͘ϵϳϭ
KƵƚƌŽƐ ŐĂ Ɛ ƚŽƐ ĞƉĞƌĚĂ Ɛ
ϯϬ
;Ϯϰ͘Ϯϵϲ͘ϱϳϭͿ
;ϮϬ͘ϳϮϯ͘ϳϲϰͿ
Ϯ͘ϱϮϰ͘ϲϴϬ
ϴ͘ϳϴϱ͘ϮϲϮ
ϲ͕ϳ͕ϴ
;ϭϭ͘Ϭϱϯ͘ϳϱϭͿ
;ϭϬ͘ϯϱϲ͘ϰϭϱͿ
ϳ
;ϭϱ͘ϱϮϯ͘ϱϬϬͿ
Ͳ
;Ϯϰ͘ϬϱϮ͘ϱϳϬͿ
;ϭ͘ϱϳϭ͘ϭϱϰͿ
ZĞƐƵůƚĂĚŽƐĂŶƚĞƐĚĞĚĞƉƌĞĐŝĂĕƁĞƐĞŐĂƐƚŽƐĚĞĨŝŶĂŶĐŝĂŵĞŶƚŽ
'Ă Ɛ ƚŽƐ ͬƌĞǀĞƌƐ ƁĞƐ ĚĞĚĞƉƌĞĐŝĂ ĕĆ ŽĞĚĞĂ ŵŽƌƚŝǌĂĕĆŽ
/ŵƉĂ ƌŝĚĂ ĚĞĚĞŝŶǀĞƐ ƚŝŵĞŶƚŽƐ ĚĞƉƌĞĐŝĄ ǀĞŝƐ ͬĂŵŽƌƚŝ ǌĄ ǀĞŝƐ ;ƉĞƌĚĂ Ɛ ͬƌĞǀĞƌƐ ƁĞƐ Ϳ
ZĞƐƵůƚĂĚŽŽƉĞƌĂĐŝŽŶĂůĂŶƚĞƐĚĞŐĂƐƚŽƐĚĞĨŝŶĂŶĐŝĂŵĞŶƚŽ
:ƵƌŽƐ ĞƌĞŶĚŝŵĞŶƚŽƐ Ɛ ŝŵŝů ĂƌĞƐ ŽďƚŝĚŽƐ
ϯϭ
ϭϵ͘ϴϬϬ͘ϰϬϯ
ϴ͘ϵϱϱ͘ϯϱϯ
:ƵƌŽƐ ĞŐĂ Ɛ ƚŽƐ Ɛ ŝŵŝů ĂƌĞƐ Ɛ ƵƉŽƌƚĂ ĚŽƐ
ϯϭ
;Ϯ͘ϬϴϮͿ
;Ϯ͘ϮϳϬͿ
ϳ͘ϯϴϭ͘ϵϮϵ
A Mesa da SCML
(Manuel Carlos
Rodrigues Pereira)
(Paulo Sérgio Rosa
y
'HPRQVWUDomRGDDOWHUDomRGRVFDSLWDLVSUySULRV
;Ğ ƵƌŽƐ Ϳ
&ƵŶĚŽ^ŽĐŝĂů
ϭĚĞũĂŶĞŝƌŽĚĞϮϬϭϬ
KƵƚƌŽƐ
ŝŶƐƚƌƵŵĞŶƚŽƐĚĞ
ĐĂƉŝƚĂůƉƌſƉƌŝŽ
Ͳ
KƵƚƌĂƐǀĂƌŝĂĕƁĞƐ
ZĞƐƵůƚĂĚŽƐ
ŶŽĐĂƉŝƚĂů
ƚƌĂŶƐŝƚĂĚŽƐ
ƉƌſƉƌŝŽ
ϯϵϭ͘ϭϲϱ͘ϵϲϰ
ϵ͘ϭϲϵ͘ϱϰϵ
ZĞƐƵůƚĂĚŽ
ůşƋƵŝĚŽĚŽ
ƉĞƌşŽĚŽ
Ϯϲ͘ϳϯϵ͘ϱϯϭ
dŽƚĂů
ϱϬϮ͘ϴϵϬ͘Ϭϰϯ
ůƚĞƌĂĕƁĞƐŶŽƉĞƌşŽĚŽ
ůƚĞƌĂ ĕƁĞƐƉŽů şƚŝĐĂ Ɛ ĐŽŶƚĂ ďŝů şƐ ƚŝ ĐĂ Ɛ
Ͳ
ZĞĂ ů ŝ ǌĂ ĕĆ ŽĚŽĞ ǆĐĞ ĚĞŶƚĞĚĞƌĞǀĂ ů Žƌŝ ǌĂ ĕĆ ŽĚĞ
Ă ƚŝ ǀŽƐĨŝǆŽƐ ƚĂ ŶŐşǀĞ ŝƐ Ğ ŝ ŶƚĂ ŶŐşǀĞŝƐ
Ͳ
KƵƚƌĂ ƐĂ ů ƚĞƌĂ ĕƁĞƐƌĞĐŽŶŚĞĐŝ ĚĂ Ɛ ŶŽĐĂ ƉŝƚĂ ůƉƌſƉƌŝ Ž
;ϴ͘ϱϰϮ͘ϭϳϱͿ
Ɖů ŝĐĂ ĕĆ ŽĚĞZĞ ƐƵů ƚĂ ĚŽƐ
ϭϳϳ͘ϱϵϲ
ϴ͘ϱϱϴ͘ϱϬϮ
ϯϱ͘Ϯϵϴ͘Ϭϯϰ
Ͳ
;ϯϱ͘Ϯϵϴ͘ϬϯϰͿ
Ͳ
Ͳ
ϵ͘ϯϰϳ͘ϭϰϰ
Ͳ
ϱϬϯ͘Ϭϴϯ͘ϵϲϲ
Ͳ
ϵ͘ϯϰϳ͘ϭϰϰ
ZĞƐ ƵůƚĂ ĚŽůşƋƵŝ ĚŽĚŽƉĞƌşŽĚŽ
ZĞƐƵůƚĂĚŽŝŶƚĞŐƌĂů
ϭϵϯ͘ϵϮϮ
ϳ͘ϯϴϭ͘ϵϮϵ
ϳ͘ϯϴϭ͘ϵϮϵ
ϳ͘ϯϴϭ͘ϵϮϵ
KƉĞƌĂĕƁĞƐĐŽŵĚĞƚĞŶƚŽƌĞƐĚĞĐĂƉŝƚĂůŶŽƉĞƌşŽĚŽ
ŝƐ ƚƌŝ ďƵŝĕƁĞƐ
Ͳ
KƵƚƌĂ ƐŽƉĞ ƌĂ ĕƁĞƐ
Ͳ
ϯϭĚĞĚĞǌĞŵďƌŽĚĞϮϬϭϬ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
ϵ͘ϯϰϳ͘ϭϰϰ
ϳ͘ϯϴϭ͘ϵϮϵ
ůƚĞƌĂ ĕƁĞƐƉŽů şƚŝĐĂ Ɛ ĐŽŶƚĂ ďŝů şƐ ƚŝ ĐĂ Ɛ
Ͳ
ZĞĂ ů ŝ ǌĂ ĕĆ ŽĚŽĞ ǆĐĞ ĚĞŶƚĞĚĞƌĞǀĂ ů Žƌŝ ǌĂ ĕĆ ŽĚĞ
Ă ƚŝ ǀŽƐĨŝǆŽƐ ƚĂ ŶŐşǀĞ ŝƐ Ğ ŝ ŶƚĂ ŶŐşǀĞŝƐ
Ͳ
KƵƚƌĂ ƐĂ ů ƚĞƌĂ ĕƁĞƐƌĞĐŽŶŚĞĐŝ ĚĂ Ɛ ŶŽĐĂ ƉŝƚĂ ůƉƌſƉƌŝ Ž
Ɖů ŝĐĂ ĕĆ ŽĚĞZĞ ƐƵů ƚĂ ĚŽƐ
Ͳ
ϯϯϵ͘ϵϬϬ
ϱϳ͘ϳϳϳ
Ͳ
ϯϵϳ͘ϲϳϴ
ϳ͘ϯϴϭ͘ϵϮϵ
Ͳ
;ϳ͘ϯϴϭ͘ϵϮϵͿ
Ͳ
ϵ͘ϰϬϰ͘ϵϮϮ
Ͳ
ϱϭϬ͘ϴϲϯ͘ϱϳϯ
ZĞƐ ƵůƚĂ ĚŽůşƋƵŝ ĚŽĚŽƉĞƌşŽĚŽ
Ͳ
ϵ͘ϰϬϰ͘ϵϮϮ
ϱϬϲ͘ϲϬϵ͘ϯϮϯ
ŝƐ ƚƌŝ ďƵŝĕƁĞƐ
Ͳ
KƵƚƌĂ ƐŽƉĞ ƌĂ ĕƁĞƐ
Ͳ
ϯϭĚĞĚĞǌĞŵďƌŽĚĞϮϬϭϭ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
ϵ͘ϰϬϰ͘ϵϮϮ
ϱϬϲ͘ϲϬϵ͘ϯϮϯ
A Mesa da SCML
(Manuel Carlos
Rodrigues Pereira)
(Paulo Sérgio Rosa
y
'HPRQVWUDomRGRVIOX[RVGHFDL[D
;ĞƵƌŽƐ Ϳ
ǆĞƌĐşĐŝŽĨŝŶĚŽĞŵϯϭĚĞĚĞǌĞŵďƌŽ
ϮϬϭϭ
ϮϬϭϬ
&ůƵǆŽƐĚĞĐĂŝǆĂĚĂƐĂƚŝǀŝĚĂĚĞƐŽƉĞƌĂĐŝŽŶĂŝƐ
ZĞ ĐĞďŝ ŵĞŶƚŽƐ ĚĞĐů ŝ ĞŶƚĞƐ ͬƵƚĞŶƚĞƐ
ZĞ ĐĞďŝ ŵĞŶƚŽƐ ĚĞŝ ŶƋƵŝ ů ŝ ŶŽƐ
:ŽŐŽƐ Ɛ ŽĐŝ Ă ŝ Ɛ
Ɛ ƚĂ ĚŽ
&ŝ ŶĂ ŶĐŝ Ă ŵĞŶƚŽĞǆƚĞƌŶŽ
ŽĂ ĕƁĞƐ
KƵƚƌŽƐ ƌĞĐĞďŝ ŵĞ ŶƚŽƐ
WĂ ŐĂ ŵĞŶƚŽƐ Ă ĨŽƌŶĞ ĐĞĚŽƌĞƐ
WĂ ŐĂ ŵĞŶƚŽƐ Ă ŽƉĞƐ Ɛ ŽĂ ů
Ɛ ƚĂ ĚŽ
WĂ ŐĂ ŵĞŶƚŽƐ ĚĞƐ ƵďƐ şĚŝ ŽƐ
KƵƚƌŽƐ ƉĂ ŐĂ ŵĞŶƚŽƐ
Ϯϲ͘ϲϯϮ͘ϯϴϰ
Ϯ͘ϰϲϳ͘ϰϯϯ
ϭϱϬ͘ϱϯϯ͘ϴϳϮ
ϳϳϵ͘ϱϭϰ
Ϯ͘Ϭϯϴ͘ϯϳϴ
ϯϮϬ͘ϬϯϮ
Ϯ͘Ϯϴϭ͘ϯϱϳ
;ϲϬ͘ϴϵϯ͘ϵϬϬͿ
;ϲϴ͘ϴϬϲ͘ϴϮϭͿ
;ϯϮ͘ϳϬϵ͘ϬϲϲͿ
;ϭϴ͘ϴϭϬ͘ϱϱϵͿ
;ϰ͘ϱϰϲ͘ϳϰϴͿ
Ϯϯ͘ϭϴϱ͘Ϭϭϯ
Ϯ͘ϱϯϭ͘ϳϯϬ
ϭϯϯ͘ϲϬϳ͘ϲϯϳ
ϱ͘ϳϯϰ͘ϱϮϰ
ϱ͘ϵϵϭ͘ϲϳϰ
Ϯ͘ϱϴϳ͘ϯϬϱ
Ϯ͘ϴϯϬ͘ϴϵϲ
;ϱϮ͘ϵϭϱ͘ϮϭϱͿ
;ϱϴ͘ϵϱϭ͘ϬϭϴͿ
;ϯϲ͘Ϯϵϰ͘ϰϮϬͿ
;ϭϱ͘Ϯϭϲ͘ϵϰϲͿ
;Ϯ͘ϭϯϯ͘ϵϳϬͿ
;ϳϭϰ͘ϭϮϱͿ
ϭϬ͘ϵϱϳ͘ϮϭϬ
ϴ͘Ϯϵϰ͘ϱϮϬ
;ϴ͘Ϭϯϰ͘ϯϮϯͿ
ϵ͘ϲϮϵ͘ϴϳϵ
;ϰ͘ϴϬϲ͘ϯϯϮͿ
;ϰϱϯ͘ϵϮϴͿ
ϭϱ͘ϳϴϬ͘ϳϱϳ
WĂ ŐĂ ŵĞŶƚŽƐ ƌĞƐ ƉĞŝ ƚĂ ŶƚĞƐ Ă ͗
ƚŝ ǀŽƐ Ĩŝ ǆŽƐ ƚĂ ŶŐşǀĞŝ Ɛ Ğŝ ŶƚĂ ŶŐşǀĞŝ Ɛ
/ŶǀĞ Ɛ ƚŝ ŵĞŶƚŽƐ Ĩŝ ŶĂ ŶĐĞ ŝ ƌŽƐ
KƵƚƌŽƐ Ă ƚŝ ǀŽƐ
;ϰ͘ϲϭϴ͘ϵϴϭͿ
;ϰ͘ϲϮϭ͘ϮϳϳͿ
;ϱ͘ϮϴϯͿ
;ϲ͘ϮϮϯ͘ϳϳϮͿ
Ͳ
;ϭϱ͘ϮϬϮͿ
ZĞ ĐĞďŝ ŵĞŶƚŽƐ ƉƌŽǀĞŶŝ ĞŶƚĞ Ɛ ĚĞ ͗
ƚŝ ǀŽƐ Ĩŝ ǆŽƐ ƚĂ ŶŐşǀĞŝ Ɛ
/ŶǀĞ Ɛ ƚŝ ŵĞŶƚŽƐ Ĩŝ ŶĂ ŶĐĞ ŝ ƌŽƐ
KƵƚƌŽƐ Ă ƚŝ ǀŽƐ
:ƵƌŽƐ ĞƌĞŶĚŝ ŵĞ ŶƚŽƐ Ɛ ŝ ŵŝ ů Ă ƌĞƐ
ŝ ǀŝ ĚĞŶĚŽƐ
Ͳ
ϴϰ͘ϯϳϴ
ϯ͘Ϯϲϱ
ϮϬ͘ϳϯϱ͘ϱϯϵ
ϯϳ͘ϰϭϮ
;ϭ͘ϭϬϮͿ
Ͳ
ϱϭϱ͘Ϭϲϲ
ϳ͘ϰϵϭ͘ϱϰϴ
ϴ͘ϳϭϭ
&ůƵǆŽƐĚĞĐĂŝǆĂůşƋƵŝĚŽƐĚĂƐĂƚŝǀŝĚĂĚĞƐĚĞŝŶǀĞƐƚŝŵĞŶƚŽ
ϭϭ͘ϲϭϱ͘ϬϱϮ
ϭ͘ϳϳϱ͘ϮϱϬ
&ůƵǆŽƐĚĞĐĂŝǆĂĚĂƐĂƚŝǀŝĚĂĚĞƐĚĞĨŝŶĂŶĐŝĂŵĞŶƚŽ
WĂ ŐĂ ŵĞŶƚŽƐ ƌĞƐ ƉĞŝ ƚĂ ŶƚĞƐ Ă ͗
:ƵƌŽƐ Ğ ŐĂ Ɛ ƚŽƐ ĞƐ ŝ ŵŝ ů Ă ƌĞƐ
;Ϯ͘ϭϯϳͿ
;ϯ͘ϮϵϰͿ
&ůƵǆŽƐĚĞĐĂŝǆĂůşƋƵŝĚŽƐĚĂƐĂƚŝǀŝĚĂĚĞƐĚĞĨŝŶĂŶĐŝĂŵĞŶƚŽ
;Ϯ͘ϭϯϳͿ
;ϯ͘ϮϵϰͿ
ϭϭ͘ϭϱϴ͘ϵϴϳ
ϭϳ͘ϱϱϮ͘ϳϭϯ
Ă ŝ ǆĂ ĞƐ ĞƵƐ ĞƋƵŝ ǀĂ ů ĞŶƚĞƐ ŶŽŝ ŶşĐŝ ŽĚŽƉĞ ƌşŽĚŽ
Ϯϭϰ͘ϬϲϮ͘Ϭϵϴ
ϭϵϲ͘ϱϬϵ͘ϯϴϱ
Ă ŝ ǆĂ ĞƐ ĞƵƐ ĞƋƵŝ ǀĂ ů ĞŶƚĞƐ ŶŽĨŝ ŵĚŽƉĞƌşŽĚŽ
ϮϮϱ͘ϮϮϭ͘Ϭϴϱ
ĂŝǆĂŐĞƌĂĚĂƉĞůĂƐŽƉĞƌĂĕƁĞƐ
ZĞ ĐĞďŝ ŵĞŶƚŽƐ ͬƉĂ ŐĂ ŵĞŶƚŽƐ ĞƉĂ ƌƚĂ ŵĞŶƚŽ:ŽŐŽƐ
KƵƚƌŽƐ ƌĞĐĞďŝ ŵĞ ŶƚŽƐ ͬƉĂ ŐĂ ŵĞ ŶƚŽƐ
&ůƵǆŽƐĚĞĐĂŝǆĂůşƋƵŝĚŽƐĚĂƐĂƚŝǀŝĚĂĚĞƐŽƉĞƌĂĐŝŽŶĂŝƐ
&ůƵǆŽƐĚĞĐĂŝǆĂĚĂƐĂƚŝǀŝĚĂĚĞƐĚĞŝŶǀĞƐƚŝŵĞŶƚŽ
sĂƌŝĂĕĆŽĚĞĐĂŝǆĂĞƐĞƵƐĞƋƵŝǀĂůĞŶƚĞƐ
ĨĞŝ ƚŽƐ ĚĂ Ɛ Ěŝ ĨĞ ƌĞŶĕĂ Ɛ ĚĞĐą ŵďŝ Ž
A Mesa da SCML
(Manuel Carlos
Rodrigues Pereira)
(Paulo Sérgio Rosa
y
$QH[RjVGHPRQVWUDo}HVILQDQFHLUDV
1
Introdução
$ 6DQWD &DVD GD 0LVHULFyUGLD GH /LVERD UHIHULGD QHVWH GRFXPHQWR FRPR ³6DQWD &DVD´ RX
³6&0/´ p XPD LQVWLWXLomR VHFXODU VHP ILQV OXFUDWLYRV FRP D QDWXUH]D MXUtGLFD GH SHVVRD
FROHWLYDGHGLUHLWRSULYDGRHXWLOLGDGHS~EOLFDDGPLQLVWUDWLYD
$R ORQJR GRV VHXV PDLV GH FLQFR VpFXORV GH H[LVWrQFLD D 6DQWD &DVD WHP GHVHPSHQKDGR
XP SDSHO FUtWLFR H IXQGDPHQWDO QR FRPEDWH j SREUH]D H H[FOXVmR SURVVHJXLQGR REUDV GH
PLVHULFyUGLDHPFRQIRUPLGDGHFRPRVHXFRPSURPLVVRRUJkQLFR
2DUWGRVHVWDWXWRVUHIHUHRVILQVHVWDWXWiULRVGD6DQWD&DVDRVTXDLVFRUUHVSRQGHPj
UHDOL]DomRGDPHOKRULDGREHPHVWDUGDVSHVVRDVSULRULWDULDPHQWHGRVPDLVGHVSURWHJLGRV
DEUDQJHQGRDVSUHVWDo}HVGHDomRVRFLDOVD~GHHGXFDomRHHQVLQRFXOWXUDHSURPRomRGD
TXDOLGDGH GH YLGD GH DFRUGR FRP D WUDGLomR FULVWm H REUDV GH PLVHULFyUGLD GR VHX
FRPSURPLVVR RULJLQiULR H GD VXD VHFXODU DWXDomR HP SURO GD FRPXQLGDGH EHP FRPR D
SURPRomR DSRLR H UHDOL]DomR GH DWLYLGDGHV TXH YLVHP D LQRYDomR D TXDOLGDGH H D
VHJXUDQoDQDSUHVWDomRGHVHUYLoRVHDLQGDRGHVHQYROYLPHQWRGHLQLFLDWLYDVQRkPELWRGD
HFRQRPLDVRFLDO
'DQGR FXPSULPHQWR DR GHWHUPLQDGR QR 'HFUHWR/HL Q GH GH GH]HPEUR
DWUDYpV GHVWH GRFXPHQWR VmR DSUHVHQWDGDV DV FRQWDVGR H[HUFtFLR GH GD 6DQWD &DVD
GD 0LVHULFyUGLD GH /LVERD ± 'HSDUWDPHQWR GH $omR 6RFLDO H 6D~GH 'HSDUWDPHQWR GH
4XDOLGDGH H ,QRYDomR 'HSDUWDPHQWR GH (PSUHHQGHGRULVPR H (FRQRPLD 6RFLDO
'HSDUWDPHQWR GH *HVWmR ,PRELOLiULD H 3DWULPyQLR H 6HUYLoRV ,QVWUXPHQWDLV +RVSLWDO
2UWRSpGLFRGH6DQW¶$QD&HQWURGH0HGLFLQDGH5HDELOLWDomRGR$OFRLWmRH(VFROD6XSHULRUGH
6D~GH GR $OFRLWmR $ 6DQWD &DVD HQFRQWUDVH VHGLDGD QR /DUJR 7ULQGDGH &RHOKR IUHJXHVLD
GH(QFDUQDomRFRQFHOKRGH/LVERDGLVWULWRGH/LVERD
5HVXPRGDVDWULEXLo}HVHFRPSHWrQFLDV
6&0/ ± 'HSDUWDPHQWR GH $omR 6RFLDO H 6D~GH 'HSDUWDPHQWR GH 4XDOLGDGH H
,QRYDomR'HSDUWDPHQWRGH(PSUHHQGHGRULVPRH(FRQRPLD6RFLDO'HSDUWDPHQWR
GH *HVWmR ,PRELOLiULD H 3DWULPyQLR H 6HUYLoRV ,QVWUXPHQWDLV GHVLJQDGRV SRU
³6&0/±6HUYLoRV&HQWUDLV´
y
2 GHSDUWDPHQWR GH DomR VRFLDO H VD~GH '$66 JHUH GH IRUPD LQWHJUDGD RV VHUYLoRV H
HVWDEHOHFLPHQWRV GH DomR VRFLDO H GH VD~GH SURPRYHQGR D DXWRQRPLD H LQFOXVmR VRFLDO
QRPHDGDPHQWH DWUDYpV GD SUHVWDomR GH FXLGDGRV GH VD~GH H GR DSRLR jV VHJXLQWHV iUHDV
GHLQWHUYHQomR
D,QIkQFLDHMXYHQWXGH
E3RSXODomRLGRVD
F3HVVRDVSRUWDGRUDVGHGHILFLrQFLD
G)DPtOLDHPDWHUQLGDGH
'HSDUWDPHQWRGH4XDOLGDGHH,QRYDomR
2GHSDUWDPHQWRGDTXDOLGDGHHLQRYDomR'4,WHPSRUREMHWLYRSURPRYHUDSRLDUHUHDOL]DU
LQLFLDWLYDVTXHYLVHPDLQRYDomRDTXDOLGDGHHDVHJXUDQoDQDSUHVWDomRGDVDWLYLGDGHVTXH
VHLQVHUHPQRkPELWRGDViUHDVGHDWXDomRGD6&0/
2 GHSDUWDPHQWR GH HPSUHHQGHGRULVPR H HFRQRPLD VRFLDO '((6 WHP SRU REMHWLYR
SURPRYHU DSRLDU H GLYXOJDU D FULDomR H R GHVHQYROYLPHQWR GH LQLFLDWLYDV QR kPELWR GR
HPSUHHQGRULVPR H HFRQRPLD VRFLDO FRPR VHMD DSRLDUD FULDomR GH PLFURHPSUHVDV DWUDYpV
GH SURJUDPDV GH FRRSHUDomR FRP RXWUDV HQWLGDGHV GLQDPL]DU D IRUPDomR GH DJHQWHV GH
GHVHQYROYLPHQWRQRkPELWRGDHFRQRPLDVRFLDOHQWUHRXWURV
2 GHSDUWDPHQWR GH JHVWmR LPRELOLiULD H SDWULPyQLR WHP FRPR REMHWLYR JHULU R SDWULPyQLR
LPRELOLiULRGD6&0/VHPSUHFRPUHVSHLWRGDVREULJDo}HVDVVXPLGDVHTXHLPSHQGHPVREUH
RV UHVSHWLYRV EHQV $OJXPDV GDV FRPSHWrQFLDV GR '*,3 D GHVWDFDU FRUUHVSRQGHP j
HODERUDomR GH SURSRVWDV VREUH DTXLVLomR GH EHQV PyYHLV H LPyYHLV DOLHQDomR GH EHQV H
GLUHLWRVGD6DQWD&DVDRXPHVPRDFHLWDomRRXUHS~GLRGHKHUDQoDVOHJDGRVHGRDo}HV
y
2V VHUYLoRV LQVWUXPHQWDLV QHFHVViULRV j SURVVHFXomR GDV DWULEXLo}HV GD 6DQWD &DVD
FRUUHVSRQGHP j 'LUHomR GH 5HFXUVRV +XPDQRV j 'LUHomR GH $SURYLVLRQDPHQWR j 'LUHomR
)LQDQFHLUDHj'LUHomRGH6LVWHPDVH7HFQRORJLDVGH,QIRUPDomR
2XWURV
*DELQHWH GH $XGLWRULD ,QWHUQD *DELQHWH SDUD RV $VVXQWRV GRV )XQGRV ([WHUQRV *DELQHWH
-XUtGLFR *DELQHWH GH 2UJDQL]DomR H 0pWRGRV *DELQHWH GH (VWXGRV H 3ODQHDPHQWR
6HFUHWDULD*HUDO
$V GHPRQVWUDo}HV ILQDQFHLUDV LQGLYLGXDLV GD 6&0/ IRUDP DSURYDGDV SHOD 0HVD GD 6DQWD
&DVD QD UHXQLmR GH GH PDUoR GH e RSLQLmR GD 0HVD TXH HVWDV GHPRQVWUDo}HV
ILQDQFHLUDVUHIOHWHPGH IRUPDYHUGDGHLUDHDSURSULDGDDVRSHUDo}HVGRV6HUYLoRV&HQWUDLV
EHPFRPRDVXDSRVLomRHSHUIRUPDQFHILQDQFHLUDHIOX[RVGHFDL[D
2 +RVSLWDO 2UWRSpGLFR GH 6DQW¶ $QD UHIHULGR QHVWH GRFXPHQWR FRPR ³+26$´ IRL
LQDXJXUDGR FRPR 6DQDWyULR QR GLD GH -XOKR GH SRU ' &ODXGLQD &KDPLoR VXD
,QVWLWXLGRUD TXH R OHJRX j 0LVHULFyUGLD GH /LVERD $SyV D VXD PRUWH RFRUULGD HP D
JHVWmRGR6DQDWyULRIRLDVVHJXUDGDSRUXPD&RPLVVmRGHVHWHPHPEURVVHQGRXPGHOHVR
3URYHGRUGD6DQWD&DVDGD0LVHULFyUGLDGH/LVERD
(PD&RPLVVmRGHFLGLXHQWUHJDUj6DQWD&DVDGD0LVHULFyUGLDGH/LVERDDJHVWmRGR
6DQDWyULR
1R DQR GH SRU GHVSDFKR PLQLVWHULDO GH GH -XOKR SDVVRX R 6DQDWyULR D WHU
H[LVWrQFLDMXUtGLFDFRPR+RVSLWDOSDVVDQGRDGHVLJQDUVHSRU+RVSLWDO2UWRSpGLFRGH6DQW¶
$QD
2 +26$ WHP FRPR SULQFLSDO PLVVmR GHVHQYROYHU XP 3yOR GH 6D~GH GLULJLGR j iUHD
0HWURSROLWDQD GH /LVERD TXH RIHUHFHQGR XP FRQMXQWR LQWHJUDGR GH YDOrQFLDV VH FRQVWLWXD
FRPR XP UHIHUHQFLDO QD 3UHVWDomR GH &XLGDGRV GH 6D~GH UHVSRQGHQGR jV VXDV
QHFHVVLGDGHV DWUDYpV GD SUHVWDomR GH XP FRQMXQWR GLYHUVLILFDGR GH FXLGDGRV PpGLFRV TXH
VHFDUDFWHUL]DPSHORHOHYDGRQtYHOGHTXDOLGDGHHUHVSRVWDHPWHPSR~WLO
y
$VGHPRQVWUDo}HVILQDQFHLUDVLQGLYLGXDLVIRUDPDSURYDGDVSHOR&RQVHOKR'LUHWLYRHPGH
IHYHUHLURGHHpGDRSLQLmRGR&RQVHOKR'LUHWLYRTXHHVWDVGHPRQVWUDo}HVILQDQFHLUDV
UHIOHWHPGHIRUPDYHUGDGHLUDHDSURSULDGDDVRSHUDo}HVGR+26$EHPFRPRDVXDSRVLomR
HSHUIRUPDQFHILQDQFHLUDHIOX[RVGHFDL[D
&HQWURGH0HGLFLQDGH5HDELOLWDomRGR$OFRLWmR
2 &HQWUR GH 0HGLFLQD GH 5HDELOLWDomR GR $OFRLWmR UHIHULGR QHVWH GRFXPHQWR FRPR
³&05$ÍRLFRQVWLWXtGRHPGH-XOKRGHWHQGRFRPRDWLYLGDGHSULQFLSDOD3UHVWDomR
GH 6HUYLoRV QD ÈUHD GH 5HDELOLWDomR GH DGXOWRV H FULDQoDV $SRVWDQGR QD TXDOLGDGH
DVVLVWHQFLDOQDIRUPDomRFRQWtQXDHQDLQYHVWLJDomRFLHQWtILFDDSOLFDGDR&05$DSUHVHQWD
VHFRPRXPDLQVWLWXLomRGHSUHVWtJLRTXHWHPPDQWLGRDRORQJRGRVDQRVXPHOHYDGRQtYHO
GH TXDOLGDGH QD UHVSRVWD jV QHFHVVLGDGHV GR VHX S~EOLFRDOYR RULHQWDGR SDUD XP
LQYHVWLPHQWRFDGDYH]PDLVIRUWHQDQHXURUHDELOLWDomR
2&05$pFRQVLGHUDGRXPGRVPHOKRUHVKRVSLWDLVHPUHDELOLWDomRGHYLGRWDPEpPjYLVmR
GD6DQWD&DVDGD0LVHULFyUGLDGH/LVERDH RVHXOHJDGRjFRPXQLGDGHTXHWHPSHUPLWLGR
jV SHVVRDV UHFRQVWUXtUHP DV VXDV YLGDV DSyV DFLGHQWHV LQFDSDFLWDQWHV RX GRHQoD HVWDQGR
YRFDFLRQDGR SDUD D UHDELOLWDomR GH SHVVRDV SRUWDGRUDV GH GHILFLrQFLD GH SUHGRPtQLR ItVLFR
RX PXOWLGHILFLrQFLD FRQJpQLWD H DGTXLULGD GH TXDOTXHU LGDGH SURYHQLHQWHV GH WRGR R 3DtV
)RLRSULPHLURKRVSLWDOHP3RUWXJDOWRWDOPHQWHGHGLFDGRjUHDELOLWDomROtGHUQRGLDJQyVWLFR
WUDWDPHQWR H DFRPSDQKDPHQWR GH SDFLHQWHV GHVHQYROYLPHQWR H LQYHVWLJDomR H QD
IRUPDomRGHSURILVVLRQDLVGHVD~GHQDViUHDVLQWHUYHQLHQWHVQDUHDELOLWDomR
$ JUDQGH PDLVYDOLD H PDUFD GLVWLQWLYD GR &HQWUR GH 0HGLFLQD GH 5HDELOLWDomR GR $OFRLWmR
DVVHQWD QDV SHVVRDV 2 &05$ p FRQVWLWXtGR SRU SURILVVLRQDLV GH HOHYDGD GLIHUHQFLDomR
FLHQWtILFD H SURILVVLRQDO GH FRPSURYDGD FRPSHWrQFLD H FDUL] KXPDQLVWD RULHQWDGR SDUD DV
QHFHVVLGDGHVGR8WHQWH
$V HTXLSDV 0XOWLSURILVVLRQDLV VmR FRQVWLWXtGDV SRU )LVLDWULD (QIHUPDJHP GH 5HDELOLWDomR
)LVLRWHUDSLD H +LGURWHUDSLD 7HUDSLD 2FXSDFLRQDO 7HUDSLD GD )DOD 3VLFRORJLD &OtQLFD
2UWRSURWHVLD(GXFDomR1XWULomR3VLFRORJLD6HUYLoR6RFLDO
$VGHPRQVWUDo}HVILQDQFHLUDVLQGLYLGXDLVIRUDPDSURYDGDVSHOR&RQVHOKR'LUHWLYRHPGH
IHYHUHLUR GH e GD RSLQLmR GR &RQVHOKR 'LUHWLYR TXH HVWDV GHPRQVWUDo}HV ILQDQFHLUDV
y
UHIOHWHPGHIRUPDYHUGDGHLUDHDSURSULDGDDVRSHUDo}HVGR&05$EHPFRPRDVXDSRVLomR
$(VFROD6XSHULRUGH6D~GHGR$OFRLWmRUHIHULGDQHVWHGRFXPHQWRFRPR³(66$ÚHVXOWRX
GD FRQYHUVmR HP GD (VFROD GH 5HDELOLWDomR GH $OFRLWmR (5$ FRQVWLWXtGD HP WHQGRGDGRFRQWLQXLGDGHDRVFXUVRVGHIRUPDomRQDiUHDGDUHDELOLWDomRTXHVXUJLUDPHP
3RUWXJDOHP
$ (66$ SRVVXL LQVWDODo}HV SUySULDV VLWXDGDV HP $OFRLWmR MXQWR DR &HQWUR GH 0HGLFLQD GH
5HDELOLWDomR GR $OFRLWmR $ SUR[LPLGDGH FRP R &05$ SHUPLWH R XVXIUXWR SRU SDUWH GRV
DOXQRV GD (66$ GDV LQVWDODo}HV H UHFXUVRV WpFQLFRV GHVWD FRQFHLWXDGD XQLGDGH KRVSLWDODU
HPFRPSOHPHQWDULGDGHFRPRVUHFXUVRVSUySULRVGD(VFROD
,QWHJUDGD QR XQLYHUVR 6DQWD &DVD GD 0LVHULFyUGLD GH /LVERD p XP HVWDEHOHFLPHQWR GH
(QVLQR6XSHULRU3DUWLFXODUSLRQHLURHP3RUWXJDOQDIRUPDomRGH)LVLRWHUDSHXWDV7HUDSHXWDV
2FXSDFLRQDLV H 7HUDSHXWDV GD )DOD VHQGR GHVGH D VXD FRQVWLWXLomR D (VFROD GH UHIHUrQFLD
QHVWDiUHD$(66$WHPFRPRSULQFLSDLVDWLYLGDGHVRHQVLQRDLQYHVWLJDomRHDGLIXVmRGH
FRQKHFLPHQWRV QDV iUHDV PLQLVWUDGDV GHYHQGR WDPEpP FRQWULEXLU DWUDYpV GRV PHLRV TXH
OKHVmRSUySULRVSDUDDPHOKRULDGRQtYHOGHVD~GHGDSRSXODomR
$6&0/SURPRYHDWUDYpVGD(66$DFHOHEUDomRGHDFRUGRVGHFRRSHUDomRFRPLQVWLWXLo}HV
GH HQVLQR S~EOLFR H SULYDGR QDFLRQDLV H HVWUDQJHLUDV WHQGR HP YLVWD D SURPRomR GR
LQWHUFkPELR FLHQWtILFR H R GHVHQYROYLPHQWR GH DWLYLGDGHV UHOHYDQWHV SDUD R HQVLQR H
LQYHVWLJDomRQRkPELWRFLHQWtILFRPLQLVWUDGRRXQRXWURVFRQVLGHUDGRVGHLQWHUHVVH
$ (66$ SRVVXL XP FRUSR GRFHQWH FRP FHUFD GH DFDGpPLFRV H SURILVVLRQDLV GH VD~GH
HQWUH RV PDLV TXDOLILFDGRV D QtYHO QDFLRQDO TXH FRQMXQWDPHQWH FRP IRUPDGRUHV H[WHUQRV
PLQLVWUDPFXUVRVDPDLVGHDOXQRVHPUHJLPHGHOLFHQFLDWXUDHSyVJUDGXDomR
(VWDV GHPRQVWUDo}HV ILQDQFHLUDV IRUDP DSURYDGDV SHOR &RQVHOKR GH *HVWmR HP GH
IHYHUHLURGHeGDRSLQLmRR&RQVHOKRGH*HVWmRTXHHVWDVGHPRQVWUDo}HVILQDQFHLUDV
UHIOHWHPGHIRUPDYHUGDGHLUDHDSURSULDGDDVRSHUDo}HVGD(66$EHPFRPRDVXDSRVLomR
y
2VÏUJmRVGHDGPLQLVWUDomRGD6DQWD&DVDGHILQLGRVDWUDYpVGRDUWGR'HFUHWR/HLQ
GH GH 'H]HPEUR VmR D 0HVD H R 3URYHGRU (QWUH GH MDQHLUR H GH
VHWHPEUR GH D 0HVD IRL FRPSRVWD SHOR 3URYHGRU SHOR 9LFH3URYHGRU H SRU FLQFR
YRJDLV $ SDUWLU GH GH VHWHPEUR SDVVRX D VHU FRPSRVWD SHOR 3URYHGRU SHOR 9LFH
3URYHGRUHSRUWUrVYRJDLV
&RQVWLWXHPDLQGDyUJmRVFRQVXOWLYRVHGHILVFDOL]DomRR&RQVHOKR,QVWLWXFLRQDOR&RQVHOKR
GH-RJRVHR&RQVHOKRGH$XGLWRULD
$V GHPRQVWUDo}HV ILQDQFHLUDV FRQVROLGDGDV GD6DQWD&DVD GD 0LVHULFyUGLD GH /LVERD IRUDP
DSURYDGDVSHOD0HVDGD6DQWD&DVDQDUHXQLmRGHGH0DUoRGHeRSLQLmRGD0HVD
TXH HVWDV GHPRQVWUDo}HV ILQDQFHLUDV UHIOHWHP GH IRUPD YHUGDGHLUD H DSURSULDGD DV
RSHUDo}HV GD 6DQWD &DVD EHP FRPR D VXD SRVLomR H SHUIRUPDQFH ILQDQFHLUD H IOX[RV GH
FDL[D
5HIHUHQFLDOFRQWDELOtVWLFRGHSUHSDUDomRGDVGHPRQVWUDo}HVILQDQFHLUDV
2.1.
%DVHGH3UHSDUDomR
(VWDVGHPRQVWUDo}HVILQDQFHLUDVLQGLYLGXDLVIRUDPSUHSDUDGDVGHDFRUGRFRPDVGLVSRVLo}HV
GR61&HPLWLGDVHHPYLJRUjGDWDGHGHGH]HPEURGHWHQGRVLGRSUHSDUDGDVGH
DFRUGRFRPRSULQFtSLRGRFXVWRKLVWyULFR
$SUHSDUDomRGDVGHPRQVWUDo}HVILQDQFHLUDVHPFRQIRUPLGDGHFRPR61&UHTXHURXVRGH
HVWLPDWLYDVSUHVVXSRVWRVHMXOJDPHQWRVFUtWLFRVQRSURFHVVRGDGHWHUPLQDomRGDVSROtWLFDV
FRQWDELOtVWLFDV D DGRWDU SHOD 6DQWD &DVD FRP LPSDFWR VLJQLILFDWLYR QR YDORU FRQWDELOtVWLFR
GRVDWLYRVHSDVVLYRVDVVLPFRPRQRVUHQGLPHQWRVHJDVWRVGRSHUtRGR
$SHVDU GH HVWDV HVWLPDWLYDV VHUHP EDVHDGDV QD PHOKRU H[SHULrQFLD H QDV PHOKRUHV
H[SHFWDWLYDV HP UHODomR DRV HYHQWRV H Do}HV FRUUHQWHV H IXWXUDV RV UHVXOWDGRV DWXDLV H
IXWXURV SRGHP GLIHULU GHVWDV HVWLPDWLYDV $V iUHDV TXH HQYROYHP XP PDLRU JUDX GH
MXOJDPHQWRRXFRPSOH[LGDGHRXiUHDVHPTXHSUHVVXSRVWRVHHVWLPDWLYDVVHMDP
VLJQLILFDWLYRVSDUDDVGHPRQVWUDo}HVILQDQFHLUDVLQGLYLGXDLVVmRDSUHVHQWDGDVQD1RWD
2.2.
'HUURJDomRGDVGLVSRVLo}HVGR61&
y
1mR H[LVWLUDP QR GHFRUUHU GR H[HUFtFLR D TXH UHVSHLWDP HVWDV GHPRQVWUDo}HV ILQDQFHLUDV
TXDLVTXHU FDVRV H[FHFLRQDLV TXH LPSOLFDVVHP GLUHWDPHQWH D GHUURJDomR GH TXDOTXHU
GLVSRVLomRSUHYLVWDSHOR61&
2.3.
&RPSDUDELOLGDGHGDVGHPRQVWUDo}HVILQDQFHLUDV
2V HOHPHQWRV FRQVWDQWHV QDV SUHVHQWHV GHPRQVWUDo}HV ILQDQFHLUDV VmR QD VXD WRWDOLGDGH
FRPSDUiYHLVFRPRVGRH[HUFtFLRDQWHULRU
3ULQFLSDLVSROtWLFDVFRQWDELOtVWLFDV
$VSULQFLSDLVSROtWLFDVFRQWDELOtVWLFDVDSOLFDGDVQDHODERUDomRGDVGHPRQVWUDo}HVILQDQFHLUDV
VmR DV TXH DEDL[R VH GHVFUHYHP (VWDV SROtWLFDV IRUDP FRQVLVWHQWHPHQWH DSOLFDGDV VDOYR
LQGLFDomRFRQWUiULD
3.1.
&RQYHUVmRFDPELDO
i) 0RHGDIXQFLRQDOHGHDSUHVHQWDomR
2V LWHQV LQFOXtGRV QDV GHPRQVWUDo}HV ILQDQFHLUDV GD 6DQWD &DVD HVWmR PHQVXUDGRV QD
PRHGDGRDPELHQWHHFRQyPLFRHPTXHFDGDHQWLGDGHRSHUDPRHGDIXQFLRQDORHXUR$V
GHPRQVWUDo}HV ILQDQFHLUDV GD 6&0/ H UHVSHWLYDV QRWDV GHVWH DQH[R VmR DSUHVHQWDGDV HP
HXURVVDOYRLQGLFDomRH[SOtFLWDHPFRQWUiULR
ii) 7UDQVDo}HVHVDOGRV
$VWUDQVDo}HVHPPRHGDVGLIHUHQWHVGRHXURVmRFRQYHUWLGDVQDPRHGDIXQFLRQDOXWLOL]DQGR
DV WD[DV GH FkPELR j GDWD GDV WUDQVDo}HV 2V JDQKRV RX SHUGDV FDPELDLV UHVXOWDQWHV GR
SDJDPHQWR UHFHELPHQWR GDV WUDQVDo}HV EHP FRPR GD FRQYHUVmR SHOD WD[D GH FkPELR j
GDWDGREDODQoRGRVDWLYRVHGRVSDVVLYRVPRQHWiULRVGHQRPLQDGRVHPPRHGDHVWUDQJHLUD
VmR UHFRQKHFLGRV QD GHPRQVWUDomR GRV UHVXOWDGRV FRPR ³-XURV H UHQGLPHQWRV VLPLODUHV
REWLGRV´RX³-XURVHJDVWRVVLPLODUHVVXSRUWDGRV´VHUHODFLRQDGRVFRPDSOLFDo}HVILQDQFHLUDV
RXHPSUpVWLPRVRSHUDo}HVGHILQDQFLDPHQWR
RXFRPR³2XWURVUHQGLPHQWRVHJDQKRV´RX³2XWURVJDVWRVHSHUGDV´SDUDWRGRVRVRXWURV
VDOGRVHWUDQVDo}HVUHFRQKHFLGRVQDGHPRQVWUDomRGRVUHVXOWDGRV
iii)
&RWDo}HVXWLOL]DGDV
y
$VFRWDo}HVGHPRHGDHVWUDQJHLUDXWLOL]DGDVSDUDFRQYHUVmRGHVDOGRVH[SUHVVRVHPPRHGD
HVWUDQJHLUDIRUDPFRPRVHJXH
&RWDo}HVGH0RHGD(VWUDQJHLUD
DŽĞĚĂ
ϮϬϭϭ
h^
,&
'W
ϭ͕Ϯϵϯϵ
ϭ͕Ϯϭϱϲ
Ϭ͕ϴϯϱϯ
ϮϬϭϬ
ϭ͕ϯϯϲϮ
ϭ͕ϮϱϬϰ
Ϭ͕ϴϲϬϴ 3.2.
$WLYRVIL[RVWDQJtYHLV
2V DWLYRV WDQJtYHLV HQFRQWUDPVH YDORUL]DGRV DR FXVWR GHGX]LGR GDV GHSUHFLDo}HV
DFXPXODGDV H HYHQWXDLV SHUGDV SRU LPSDULGDGH (VWH FXVWR LQFOXL R ³FXVWR FRQVLGHUDGR´
GHWHUPLQDGR j GDWD GH WUDQVLomR SDUD 1&5) H RV FXVWRV GH DTXLVLomR SDUD DWLYRV REWLGRV
DSyVHVVDGDWD
2FXVWRGHDTXLVLomRLQFOXLRSUHoRGHFRPSUDGRDWLYRDVGHVSHVDVGLUHWDPHQWHLPSXWiYHLV
jVXDDTXLVLomRHRVHQFDUJRVVXSRUWDGRVFRPDSUHSDUDomRGRDWLYRSDUDTXHVHHQFRQWUH
QDVXDFRQGLomRGHXWLOL]DomR2VFXVWRVFRPILQDQFLDPHQWRVREWLGRVSDUDDFRQVWUXomRGH
DWLYRVWDQJtYHLVTXDOLILFiYHLVVmRUHFRQKHFLGRVFRPRSDUWHGRFXVWRGHFRQVWUXomRGRDWLYR
$6DQWD&DVDDSHQDVFDSLWDOL]DDWLYRVIL[RVWDQJtYHLVFRPYDORUGHDTXLVLomRVXSHULRUD
HXURV 1R HQWDQWR SURFHGHVH j GHSUHFLDomR GD WRWDOLGDGH GR EHP QR SULPHLUR SHUtRGR GH
XWLOL]DomRVHPSUHTXHRYDORUGHDTXLVLomRVHMDLQIHULRUDHXURV
2V FXVWRV VXEVHTXHQWHV LQFRUULGRV FRP UHQRYDo}HV H JUDQGHV UHSDUDo}HV TXH IDoDP
DXPHQWDU D YLGD ~WLO RX D FDSDFLGDGH GH JHUDU EHQHItFLRV HFRQyPLFRV GRV DWLYRV VmR
UHFRQKHFLGRVQRFXVWRGRDWLYR
2V HQFDUJRV FRP UHSDUDo}HV H PDQXWHQomR GH QDWXUH]D FRUUHQWH VmR UHFRQKHFLGRV FRPR
XPJDVWRGRH[HUFtFLRHPTXHVmRLQFRUULGRV
2V FXVWRV D VXSRUWDU FRP R GHVPDQWHODPHQWR RX UHPRomR GH DWLYRV LQVWDODGRV HP
SURSULHGDGHGHWHUFHLURVVmRFRQVLGHUDGRVFRPRSDUWHGRFXVWRLQLFLDOGRVUHVSHWLYRVDWLYRV
TXDQGRVHWUDGX]DPHPPRQWDQWHVVLJQLILFDWLYRV
y
$V YLGDV ~WHLV HVWLPDGDV SDUD RV DWLYRV IL[RV WDQJtYHLV PDLV VLJQLILFDWLYRV VmR FRQIRUPH
VHJXH
ŶŽƐ
ĚŝĨşĐŝŽƐĞŽƵƚƌĂƐĐŽŶƐƚƌƵĕƁĞƐ
ƋƵŝƉĂŵĞŶƚŽďĄƐŝĐŽ
ƋƵŝƉĂŵĞŶƚŽĚĞƚƌĂŶƐƉŽƌƚĞ
&ĞƌƌĂŵĞŶƚĂƐĞƵƚĞŶƐşůŝŽƐ
ƋƵŝƉĂŵĞŶƚŽĂĚŵŝŶŝƐƚƌĂƚŝǀŽ͕ƐŽĐŝĂůĞŵŽďŝůŝĄƌŝŽĚŝǀĞƌƐŽ
KƵƚƌĂƐĂƚŝǀŽƐƚĂŶŐşǀĞŝƐ
ŶƚƌĞϴĂϱϬĂŶŽƐ
ŶƚƌĞϭĂϮϭĂŶŽƐ
ŶƚƌĞϰĂϭϲĂŶŽƐ
ŶƚƌĞϭĂϴĂŶŽƐ
ŶƚƌĞϭĂϮϬĂŶŽƐ
ŶƚƌĞϭĂϮϬĂŶŽƐ
$VYLGDV~WHLVGRVDWLYRVWDQJtYHLVVmRUHYLVWDVHPFDGDGDWDGHUHODWRILQDQFHLURSDUDTXH
DV GHSUHFLDo}HV SUDWLFDGDV HVWHMDP HP FRQIRUPLGDGH FRP RV SDGU}HV GH FRQVXPR GRV
DWLYRV $OWHUDo}HV jV YLGDV ~WHLV VmR WUDWDGDV FRPR XPD DOWHUDomR GH HVWLPDWLYD
FRQWDELOtVWLFDHVmRDSOLFDGDVSURVSHWLYDPHQWH
6HPSUH TXH H[LVWDP LQGtFLRV GH SHUGD GH YDORU GRV DWLYRV IL[RV WDQJtYHLV VmR HIHWXDGRV
WHVWHVGHLPSDULGDGHGHIRUPDDHVWLPDURYDORUUHFXSHUiYHOGRDWLYRVHQGRUHJLVWDGDXPD
SHUGD SRU LPSDULGDGH TXDQGR R YDORU UHFXSHUiYHO p LQIHULRU DR YDORU FRQWDELOtVWLFR 1RWD
6mR HIHWXDGRV WHVWHV GH LPSDULGDGH FRP SHULRGLFLGDGH DQXDO SDUD RV DWLYRV WDQJtYHLV FRP
YLGD ~WLO LQGHILQLGD H[ REUDV GH DUWH LQGHSHQGHQWHPHQWH GH H[LVWLUHP LQGLFDGRUHV GH
LPSDULGDGHRXQmR
2VJDQKRVRXSHUGDVQDDOLHQDomRGRVDWLYRVVmRGHWHUPLQDGRVSHODGLIHUHQoDHQWUHRYDORU
GH UHDOL]DomR H R YDORU FRQWDELOtVWLFR GR DWLYR VHQGR UHFRQKHFLGRV QD GHPRQVWUDomR GRV
UHVXOWDGRV
3.3.
3URSULHGDGHVGHLQYHVWLPHQWR
$V SURSULHGDGHV GH LQYHVWLPHQWR VmR LPyYHLV WHUUHQRV HGLItFLRV RX SDUWHV GH HGLItFLRV
GHWLGRVFRPRREMHWLYRGHYDORUL]DomRGRFDSLWDOREWHQomRGHUHQGDVRXDPEDV
$V SURSULHGDGHV GH LQYHVWLPHQWR VmR UHJLVWDGDV DR FXVWR GH DTXLVLomR DFUHVFLGR GDV
GHVSHVDVGHFRPSUDHUHJLVWRGHSURSULHGDGHGHGX]LGRVGHGHSUHFLDo}HVDFXPXODGDVHGH
SHUGDV SRU LPSDULGDGHDFXPXODGDV TXDQGR DSOLFiYHO 1D GDWD GD WUDQVLomR SDUD R 61& DV
y
SURSULHGDGHV GH LQYHVWLPHQWR IRUDP YDORUL]DGDV DR MXVWR YDORU FRUUHVSRQGHQGR DR VHX
³FXVWRFRQVLGHUDGR´
2V JDVWRV LQFRUULGRV PDQXWHQo}HV H UHSDUDo}HV QmR FDSLWDOL]iYHLV VHJXURV H RXWURV H
UHQGLPHQWRVREWLGRVFRPSURSULHGDGHVGHLQYHVWLPHQWRVmRUHFRQKHFLGRVQDGHPRQVWUDomR
GRV UHVXOWDGRV QD UXEULFD GH ³2XWURV JDVWRV H SHUGDV´ H ³2XWURV UHQGLPHQWRV H JDQKRV´
UHVSHWLYDPHQWH
$V SURSULHGDGHV GH LQYHVWLPHQWR VmR GHSUHFLDGDV HPTXRWDV FRQVWDQWHV GXUDQWH R SHUtRGR
GHYLGD~WLOH[SHFWiYHO$VWD[DVGHGHSUHFLDomRVmRDVVHJXLQWHV
ŶŽƐ
ĚŝĨşĐŝŽƐĞŽƵƚƌĂƐĐŽŶƐƚƌƵĕƁĞƐ
ϱϬĂŶŽƐ
$V YLGDV ~WHLV GDV SURSULHGDGHV GH LQYHVWLPHQWR VmR UHYLVWDV HP FDGD GDWD GH UHODWR
ILQDQFHLURSDUDTXHDVGHSUHFLDo}HVSUDWLFDGDVHVWHMDP HP FRQIRUPLGDGHFRP RVSDGU}HV
GH FRQVXPR GRV EHQHItFLRV JHUDGRV SHORV DWLYRV $OWHUDo}HV jV YLGDV ~WHLV VmR WUDWDGDV
FRPRXPDDOWHUDomRGHHVWLPDWLYDFRQWDELOtVWLFDHVmRDSOLFDGDVSURVSHFWLYDPHQWH
3.4.
$WLYRV,QWDQJtYHLV
2 FXVWR GRV DWLYRV LQWDQJtYHLV DGTXLULGRV VHSDUDGDPHQWH UHIOHWH HP JHUDO RV EHQHItFLRV
HFRQyPLFRV IXWXURV HVSHUDGRV H FRUUHVSRQGH DR SUHoR GH FRPSUD LQFOXLQGR FXVWRV FRP
GLUHLWRV LQWHOHFWXDLV WD[DV H TXDOTXHU FXVWR GLUHWDPHQWH DWULEXtYHO j SUHSDUDomR GR DWLYR
SDUDRVHXXVRSUHWHQGLGR
2V DWLYRV LQWDQJtYHLV JHUDGRV LQWHUQDPHQWH VmR UHFRQKHFLGRV SHOR VHX FXVWR VHPSUH TXH
VHMD SURYiYHO TXH GD VXD XWLOL]DomR SRVVDP DGYLU EHQHItFLRV HFRQyPLFRV IXWXURV SDUD D
6DQWD&DVDHRVHXFXVWRSRVVDVHUPHQVXUDGRFRPILDELOLGDGH
2V DWLYRV GHWLGRV SHOD 6&0/ TXH VH HQTXDGUDP QHVWDV GHILQLo}HV FRUUHVSRQGHP DRV
SURJUDPDVGHFRPSXWDGRUVRIWZDUHDGTXLULGRVFRPRVXSRUWHHVVHQFLDOjVVXDVRSHUDo}HV
DGPLQLVWUDWLYDVHjDWLYLGDGH
$6DQWD&DVDYDORUL]DRVVHXVDWLYRVLQWDQJtYHLVDSyVRUHFRQKHFLPHQWRLQLFLDOSHORPRGHOR
GR FXVWR RX VHMD DR FXVWR LQLFLDO GHGX]LGR GD DPRUWL]DomR DFXPXODGD H GH TXDLVTXHU
SHUGDVSRULPSDULGDGHDFXPXODGDV
y
2VDWLYRVLQWDQJtYHLVFRPYLGD~WLOGHILQLGDVmRDPRUWL]DGRVQXPDEDVHVLVWHPiWLFDGXUDQWH
D VXD YLGD ~WLO HVWLPDGD D SDUWLU GD GDWD HP TXH VH HQFRQWUDP GLVSRQtYHLV SDUD XVR $V
YLGDV ~WHLV HVWLPDGDV SDUD RV DWLYRV IL[RV LQWDQJtYHLV PDLV VLJQLILFDWLYRV VmR FRQIRUPH
VHJXH
ŶŽƐ
WƌŽŐƌĂŵĂƐĚĞĐŽŵƉƵƚĂĚŽƌ
ŶƚƌĞϯĂϴĂŶŽƐ
$ 6DQWD &DVD GHWHUPLQD D YLGD ~WLO H R PpWRGR GH DPRUWL]DomR GRV DWLYRV LQWDQJtYHLV FRP
EDVHQDHVWLPDWLYDGHFRQVXPRGRVEHQHItFLRVHFRQyPLFRVDVVRFLDGRVDRDWLYRRVTXDLVVmR
UHYLVWRVTXDQWRjVXDUD]RDELOLGDGHDQXDOPHQWH
3.5.
,PSDULGDGHGHDWLYRVQmRILQDQFHLURV
$6DQWD&DVDUHDOL]DWHVWHVGHLPSDULGDGHVHPSUHTXHHYHQWRVRXDOWHUDo}HVQDVFRQGLo}HV
HQYROYHQWHV LQGLTXHP TXH R YDORU SHOR TXDO RV DWLYRV VH HQFRQWUDP UHJLVWDGRV QDV
GHPRQVWUDo}HVILQDQFHLUDVQmRVHMDUHFXSHUiYHO
6HPSUHTXHRYDORUUHFXSHUiYHOGHWHUPLQDGRpLQIHULRUDRYDORUFRQWDELOtVWLFRGRVDWLYRVD
6DQWD&DVDUHJLVWDDUHVSHWLYDSHUGDSRULPSDULGDGHQDGHPRQVWUDomRGRVUHVXOWDGRV
2YDORUUHFXSHUiYHOpRPDLRUGHHQWUHRMXVWRYDORUGRDWLYRGHGX]LGRGRVFXVWRVGHYHQGD
H R VHX YDORU GH XVR 3DUD D GHWHUPLQDomR GD H[LVWrQFLD GH LPSDULGDGH RV DWLYRV VmR
DORFDGRV DR QtYHO PDLV EDL[R SDUD R TXDO H[LVWHP IOX[RV GH FDL[D VHSDUDGRV LGHQWLILFiYHLV
XQLGDGHVJHUDGRUDVGHFDL[D
6HPSUH TXH DGHTXDGR p DQDOLVDGD D KLSyWHVH GH UHYHUWHU SHUGDV SRU LPSDULGDGH
FRQVLGHUDGDV HP SHUtRGRV DQWHULRUHV 4XDQGR Ki OXJDU DR UHJLVWR RX UHYHUVmR GH
LPSDULGDGHDDPRUWL]DomRHGHSUHFLDomRGRVDWLYRVVmRUHFDOFXODGDVSURVSHFWLYDPHQWH
2V $WLYRV QmR ILQDQFHLURV TXH QmR R JRRGZLOO SDUD RV TXDLV WHQKDP VLGR UHFRQKHFLGDV
SHUGDVSRULPSDULGDGHVmRDYDOLDGRVDFDGDGDWDGHUHODWRVREUHD SRVVtYHOUHYHUVmRGDV
SHUGDVSRULPSDULGDGH
4XDQGR Ki OXJDU DR UHJLVWR RX UHYHUVmR GH LPSDULGDGH D DPRUWL]DomR H GHSUHFLDomR GRV
DWLYRVVmRUHFDOFXODGDVSURVSHFWLYDPHQWHGHDFRUGRFRPRYDORUUHFXSHUiYHO
3.6.
$WLYRVILQDQFHLURV
y
$FODVVLILFDomRGRVDWLYRVILQDQFHLURVpGHWHUPLQDGDQDGDWDGRUHFRQKHFLPHQWRLQLFLDO
2VDWLYRVILQDQFHLURVVmRFODVVLILFDGRVPHQVXUDGRVFRPR
D$RFXVWRRXFXVWRDPRUWL]DGRPHQRVTXDOTXHUSHUGDSRULPSDULGDGHRX
E$RMXVWRYDORUFRPDVDOWHUDo}HVGHMXVWRYDORUDVHUUHFRQKHFLGDVQDGHPRQVWUDomRGH
UHVXOWDGRV
$6DQWD&DVDFODVVLILFDHPHQVXUDDRFXVWRRXDRFXVWRDPRUWL]DGRRVDWLYRVILQDQFHLURVL
TXHHPWHUPRVGHSUD]RVHMDPjYLVWDRXWHQKDPPDWXULGDGHGHILQLGDLLFXMRUHWRUQRVHMD
GHPRQWDQWHIL[RGHWD[DGHMXURIL[DRXGHWD[DYDULiYHOFRUUHVSRQGHQWHDXPLQGH[DQWH
GHPHUFDGRHLLLTXHQmRSRVVXDPQHQKXPDFOiXVXODFRQWUDWXDOGDTXDOSRVVDUHVXOWDUD
SHUGDGRYDORUQRPLQDOHGRMXURDFXPXODGR
3DUD RV DWLYRV UHJLVWDGRV DR FXVWR DPRUWL]DGR RV MXURV REWLGRV D UHFRQKHFHU HP FDGD
SHUtRGR VmR GHWHUPLQDGRV GH DFRUGR FRP R PpWRGR GD WD[D GH MXUR HIHWLYD TXH
FRUUHVSRQGH j WD[D TXH GHVFRQWD H[DWDPHQWH RV UHFHELPHQWRV GH FDL[D IXWXURV HVWLPDGRV
GXUDQWHDYLGDHVSHUDGDGRLQVWUXPHQWRILQDQFHLUR
6mR UHJLVWDGRV DR FXVWR RX FXVWR DPRUWL]DGR RV DWLYRV ILQDQFHLURV TXH FRQVWLWXHP
HPSUpVWLPRVFRQFHGLGRVFRQWDVDUHFHEHUFOLHQWHVRXWURVGHYHGRUHVHWFHLQVWUXPHQWRV
GH FDSLWDO SUySULR EHP FRPR TXDLVTXHU FRQWUDWRV GHULYDGRV DVVRFLDGRV TXH QmR VHMDP
QHJRFLDGRV HP PHUFDGR DWLYR RX FXMR MXVWR YDORU QmR SRVVD VHU GHWHUPLQDGR GH IRUPD
ILiYHO
$ 6DQWD &DVD FODVVLILFD H PHQVXUD DR MXVWR YDORU RV DWLYRV ILQDQFHLURV TXH FRQVWLWXHP
LQVWUXPHQWRV GH FDSLWDO SUySULR FRWDGRV HP PHUFDGR DWLYR FRQWUDWRV GHULYDGRV H DWLYRV
ILQDQFHLURV GHWLGRV SDUD QHJRFLDomR $V YDULDo}HV GH MXVWR YDORU VmR UHJLVWDGDV QRV
UHVXOWDGRVGHH[HUFtFLR
$6DQWD&DVDDYDOLDDFDGDGDWDGHUHODWRILQDQFHLURDH[LVWrQFLDGHLQGLFDGRUHVGHSHUGDGH
YDORU SDUD RV DWLYRV ILQDQFHLURV TXH QmR VHMDP PHQVXUDGRV DR MXVWR YDORU DWUDYpV GH
UHVXOWDGRV6HH[LVWLUXPDHYLGrQFLDREMHWLYDGHLPSDULGDGHD6&0/UHFRQKHFHXPDSHUGD
SRULPSDULGDGHQDGHPRQVWUDomRGRVUHVXOWDGRV
2V DWLYRV ILQDQFHLURV VmR GHVUHFRQKHFLGRV TXDQGR RV GLUHLWRV DR UHFHELPHQWR GRV IOX[RV
PRQHWiULRV RULJLQDGRV SRU HVVHV LQYHVWLPHQWRV H[SLUDP RX VmR WUDQVIHULGRV DVVLP FRPR
WRGRVRVULVFRVHEHQHItFLRVDVVRFLDGRVjVXDSRVVH
y
3.7.
$WLYRVELROyJLFRV
2VDWLYRVELROyJLFRVGD6DQWD&DVDFRUUHVSRQGHPDRV0RQWDGRVGH6REURH$]LQKRHDLQGD
R 2OLYDO 9HOKR 7UDGLFLRQDO GD ³+HUGDGH GR 0RQWH GH &LPD´ VLWXDGD HP eYRUD 0RQWH
FRQVHOKRGH(VWUHPR]GLVWULWRGHeYRUD
2V 0RQWDGRV GH 6REUR H $]LQKR VmR H[SORUDGRV SDUD D H[WUDomR GH FRUWLoD H FROKHLWD GH
ERORWDSDUDYHQGDDJURVVLVWDVGHFRUWLoDHDOLPHQWDomRGHVXtQRV
22OLYDO9HOKR7UDGLFLRQDOpH[SORUDGRSDUDDYHQGDGHROLYHLUDVFRPRiUYRUHVRUQDPHQWDLV
2V DWLYRV ELROyJLFRV VmR PHQVXUDGRV DR MXVWR YDORU GHGX]LGRV GRV FXVWRV HVWLPDGRV GH
YHQGDQRPRPHQWRGDFROKHLWDDSDQKD
1D GHWHUPLQDomR GR MXVWR YDORU GR 0RQWDGR GH 6REUR SURGXomR GH FRUWLoD IRL XWLOL]DGR R
PpWRGR GR YDORU IXQGLiULR QR TXDO IRUDP FRQVLGHUDGRV SUHVVXSRVWRV FRUUHVSRQGHQWHV j
QDWXUH]D GRV DWLYRV HP DYDOLDomR QRPHDGDPHQWH R UHQGLPHQWR REWLGR WD[D GH
FDSLWDOL]DomR H DQRV GR FLFOR GH SURGXomR $R YDORU IXQGLiULR GR PRQWDGR IRL DGLFLRQDGR R
YDORUGDFRUWLoDFULDGDFRPEDVHQRUHQGLPHQWRREWLGRWD[DGHFDSLWDOL]DomRHQ~PHURGH
DQRVUHPDQHVFHQWHVSDUDDH[WUDomR
1D GHWHUPLQDomR GR MXVWR YDORU GR 0RQWDGR GH $]LQKR H 6REUR SURGXomR GH IUXWR IRL
XWLOL]DGR R PpWRGR GD SHUSHWXLGDGH WHQGR HP FRQWD D FDSDFLGDGH GH HQFDEHoDPHQWR GH
JDGRVXtQRGR0RQWDGRGH$]LQKRH6REURHYDORUGHFRQWUDWRVGHHQJRUGDPHGLDQWHXPD
WD[DGHDWXDOL]DomR
1D GHWHUPLQDomR GR MXVWR YDORU GR 2OLYDO 9HOKR 7UDGLFLRQDO IRL DSXUDGR R Q~PHUR GH
ROLYHLUDVFRPLQWHUHVVHFRPHUFLDOPXOWLSOLFDGRSHORYDORUPpGLROtTXLGRSRUROLYHLUDFRPILQV
RUQDPHQWDLVHPGHGH]HPEURGH
$V DOWHUDo}HV DR MXVWR YDORU VmR UHFRQKHFLGDV GD GHPRQVWUDomR GRV UHVXOWDGRV QD UXEULFD
³$XPHQWRVUHGXo}HVGHMXVWRYDORU´
y
$ 6DQWD &DVD FODVVLILFD RV DWLYRV ELROyJLFRV FRQVXPtYHLV ERORWD FRPR DWLYRV ELROyJLFRV
FRUUHQWHV HRVDWLYRVELROyJLFRVGHSURGXomRVREUHLURVHD]LQKHLUDV FRPRQmRFRUUHQWHV
H[FHWRVHHVWLYHUHPFODVVLILFDGRVFRPRGHWLGRVSDUDYHQGD
3.8.
&RPSHQVDomRGHVDOGRV
$FRPSHQVDomRGHDWLYRVHSDVVLYRVILQDQFHLURVDVVLPFRPRRUHODWRGHVDOGRVOtTXLGRVQR
EDODQoR DSHQDV p HIHWXDGD TXDQGR H[LVWH XP GLUHLWR OHJDO YLQFXODWLYR SDUD OHYDU D FDER D
FRPSHQVDomREHPFRPRDLQWHQomRGHHIHWXDUDUHJXODUL]DomRGRVVDOGRVSHORYDORUOtTXLGR
RXTXDQGRRDWLYRHRSDVVLYRVHMDPUHDOL]DGRVHSDJRVVLPXOWDQHDPHQWH
3.9.
,QYHQWiULRV
2VLQYHQWiULRVFRPSUHHQGHP
L $UWLJRV FRPHUFLDOL]iYHLV GH PHUFKDQGLVLQJ SDUD YHQGD DR S~EOLFR FDQHFDV EORFRV
FDGHUQRVFRODUHVPDODVHWFHVVHQFLDOPHQWHQR(VSDoR6DQWD&DVDQD5XDGR&DUPRH
QR0XVHXGH65RTXH
LL *pQHURV DOLPHQWDUHV SURGXWRV GH OLPSH]D H KLJLHQH DVVLP FRPR RXWURV PDWHULDLV GH
FRQVXPR SDUD XWLOL]DomR QRV HTXLSDPHQWRV VRFLDLV ODUHV FUHFKHV H RXWURV GR
LLL$UWLJRVUHODFLRQDGRVFRPDSUHVWDomRGRVVHUYLoRVKRVSLWDODUHVHGH UHDELOLWDomRDo}HV
GH LQWHUQDPHQWR FRQVXOWDV H DWRV WHUDSrXWLFRV WDLV FRPR PHGLFDomR SDUD DGPLQLVWUDU D
GRHQWHVSUyWHVHVRUWRSpGLFDVPDWHULDLVFOtQLFRVHQWUHRXWURV
2V LQYHQWiULRV VmR UHFRQKHFLGRV LQLFLDOPHQWH DR FXVWR GH DTXLVLomR R TXDO LQFOXL WRGDV DV
GHVSHVDVVXSRUWDGDVFRPDFRPSUDVHQGRYDORUL]DGRVSRVWHULRUPHQWHDRPHQRU
HQWUH R FXVWR GH DTXLVLomR H R YDORU OtTXLGR GH UHDOL]DomR 2 PpWRGR GH FXVWHLR GRV
LQYHQWiULRVpRFXVWRPpGLRSRQGHUDGR
2V LQYHQWiULRV VmR DMXVWDGRV SRU LPSDULGDGH TXDQGR j GDWD GH UHODWR ILQDQFHLUR DV
PHUFDGRULDV TXH SRVVXDP XP SUD]R GH YDOLGDGH RX GH DFRUGR FRP DV HVWLPDWLYDV GH
YHQGDQmRVHMDPFRPHUFLDOL]DGRVDQWHVGHDWLQJLUHPHVVHSUD]R
y
3.10. &OLHQWHV8WHQWHVH2XWUDVFRQWDVDUHFHEHU
$VUXEULFDVGH&OLHQWHVXWHQWHVH2XWUDVFRQWDVDUHFHEHUVmRUHFRQKHFLGDVLQLFLDOPHQWHDR
MXVWR YDORU VHQGR VXEVHTXHQWHPHQWH PHQVXUDGDV DR FXVWR DPRUWL]DGR GHGX]LGR GH
DMXVWDPHQWRVSRULPSDULGDGHTXDQGRDSOLFiYHLV
$VSHUGDVGHLPSDULGDGHUHIHUHQWHVDGtYLGDVGHWHUFHLURVGHVLJQDGDPHQWHFOLHQWHVXWHQWHV
H DOXQRV VmR FRQVWLWXtGRV WHQGR HP FRQWD FULWpULRV GH DYDOLDomR GRV ULVFRV HIHWLYRV GH
FREUDQoDLGHQWLILFDGRVQRILQDOGHFDGDH[HUFtFLR
$V SHUGDV SRU LPSDULGDGH GRV &OLHQWHV8WHQWHV H GDV 2XWUDV FRQWDV D UHFHEHU VmR
UHJLVWDGDV VHPSUH TXH H[LVWD HYLGrQFLD REMHWLYD GH TXH RV PHVPRV QmR VmR UHFXSHUiYHLV
FRQIRUPH RV WHUPRV LQLFLDLV GD WUDQVDomR $V SHUGDV SRU LPSDULGDGH LGHQWLILFDGDV VmR
UHJLVWDGDV QD GHPRQVWUDomR GRV UHVXOWDGRV HP ,PSDULGDGH GH GtYLGDV D UHFHEHU VHQGR
VXEVHTXHQWHPHQWH UHYHUWLGDV SHOD PHVPD UXEULFD FDVR RV LQGLFDGRUHV GH LPSDULGDGH
GLPLQXDPRXGHVDSDUHoDP
'LILFXOGDGHVILQDQFHLUDVVHYHUDVSUREDELOLGDGHGHGHFODUDomRGHIDOrQFLDRXUHHVWUXWXUDomR
ILQDQFHLUD VmR FRQVLGHUDGRV FRPR LQGLFDGRUHV GH TXH RV YDORUHV D UHFHEHU GH WHUFHLURV VH
HQFRQWUDP HP LPSDULGDGH 2 YDORU DMXVWDGR FRUUHVSRQGH j GLIHUHQoD HQWUH R YDORU
RULJLQDOPHQWHGHYLGRHRYDORUSUHVHQWHGRVIOX[RVGHFDL[DIXWXURV
3.11. &DL[DHHTXLYDOHQWHVGHFDL[D
2FDL[DHHTXLYDOHQWHVGHFDL[DLQFOXHPFDL[DGHSyVLWRVEDQFiULRVRXWURVLQYHVWLPHQWRVGH
FXUWR SUD]R GH OLTXLGH] HOHYDGD H FRP PDWXULGDGHV LQLFLDLV DWp PHVHV H GHVFREHUWRV
EDQFiULRV 2V GHVFREHUWRV EDQFiULRV TXDQGR FRQWUDWXDOL]DGRV VmR DSUHVHQWDGRV QR
%DODQoR QR SDVVLYR FRUUHQWH QD UXEULFD ³)LQDQFLDPHQWRV REWLGRV´ H VmR FRQVLGHUDGRV QD
HODERUDomRGDGHPRQVWUDomRGRVIOX[RVGHFDL[DFRPRFDL[DHHTXLYDOHQWHVGHFDL[D
3.12. 3DVVLYRVILQDQFHLURV
$FODVVLILFDomRGRVSDVVLYRVILQDQFHLURVpGHWHUPLQDGDQDGDWDGRUHFRQKHFLPHQWRLQLFLDO
2VSDVVLYRVILQDQFHLURVVmRFODVVLILFDGRVPHQVXUDGRVFRPR
D$RFXVWRRXFXVWRDPRUWL]DGRPHQRVTXDOTXHUSHUGDSRULPSDULGDGHRX
UHVXOWDGRV
y
$6DQWD&DVDFODVVLILFDHPHQVXUDDRFXVWRRXDRFXVWRDPRUWL]DGRRVSDVVLYRVILQDQFHLURV
L TXH HP WHUPRV GH SUD]R VHMDP j YLVWD RX WHQKDP PDWXULGDGH GHILQLGD LL FXMD
UHPXQHUDomRVHMDGHPRQWDQWHIL[RGHWD[DGHMXURIL[DRXGHWD[DYDULiYHOFRUUHVSRQGHQWH
D XP LQGH[DQWH GH PHUFDGR H LLL TXH QmR SRVVXDP QHQKXPD FOiXVXOD FRQWUDWXDO GD TXDO
SRVVDUHVXOWDUXPDDOWHUDomRjUHVSRQVDELOLGDGHSHORUHHPEROVRGRYDORUQRPLQDOHGRMXUR
DFXPXODGRDSDJDU
3DUD RV SDVVLYRV UHJLVWDGRV DR FXVWR DPRUWL]DGR RV MXURV REWLGRV D UHFRQKHFHU HP FDGD
FRUUHVSRQGHjWD[DTXHGHVFRQWDH[DWDPHQWHRVSDJDPHQWRVIXWXURVFRQWUDWDGRVGXUDQWHD
YLGDHVSHUDGDGRLQVWUXPHQWRILQDQFHLUR
6mR UHJLVWDGRV DR FXVWR RX FXVWR DPRUWL]DGR RV SDVVLYRV ILQDQFHLURV TXH FRQVWLWXHP
ILQDQFLDPHQWRVREWLGRVFRQWDVDSDJDUIRUQHFHGRUHVRXWURVFUHGRUHVHWFHLQVWUXPHQWRV
ILiYHO
1mRVHYHULILFDDH[LVWrQFLDGHQHQKXPSDVVLYRILQDQFHLURQD6DQWD&DVD
3.13. )RUQHFHGRUHVH2XWUDVFRQWDVDSDJDU
$VUXEULFDVGH)RUQHFHGRUHV H2XWUDVFRQWDV DSDJDUFRQVWLWXHPREULJDo}HVGHSDJDUSHOD
DTXLVLomR GH EHQV RX VHUYLoRV VHQGR UHFRQKHFLGDV LQLFLDOPHQWH DR MXVWR YDORU H
VXEVHTXHQWHPHQWH PHQVXUDGDV DR FXVWR RX DR FXVWR DPRUWL]DGR XWLOL]DQGR R PpWRGR GD
WD[DGHMXURHIHWLYD
3.14. %HQHItFLRVDRVHPSUHJDGRV
$ 6DQWD &DVD GD 0LVHULFyUGLD GH /LVERD FRPSURPHWHXVH FRP R SDJDPHQWR GH SUHVWDo}HV
SHFXQLiULDV DRV VHXV FRODERUDGRUHV D WtWXOR GH FRPSOHPHQWRV GH SHQV}HV GH UHIRUPD SRU
YHOKLFH LQYDOLGH] VREUHYLYrQFLD LPHGLDWD RX GLIHULGD H RUIDQGDGH WHQGR VLGR FRQVWLWXtGR
XP IXQGR GH SHQV}HV SDUD R HIHLWR GRUDYDQWH GHVLJQDGR GH ³)XQGR GH 3HQV}HV´ HP
IXQomR GR TXDGUR GH SHVVRDO GD 6DQWD &DVD H GR 'HSDUWDPHQWR GH -RJRV j GDWD GH
FRQVWLWXLomR$VVHJXUDDLQGDFRPSOHPHQWRGHSHQV}HVHFRPSDUWLFLSDomRGHHQFDUJRVFRP
VD~GH D DOJXQV FRODERUDGRUHV FXMR UHQGLPHQWR SHU FDSLWD GRV UHVSHWLYRV DJUHJDGRV
IDPLOLDUHVVHMDLJXDORXLQIHULRUjUHWULEXLomRPtQLPDJDUDQWLGD
y
$ 6DQWD &DVD DVVXPH DGLFLRQDOPHQWH D UHVSRQVDELOLGDGH SHOR SDJDPHQWR GH UHIRUPDV
GHVGH D GDWD GR GLUHLWR j UHIRUPD DWp DR PRPHQWR GD SDVVDJHP HIHWLYD j UHIRUPD GRV
FRODERUDGRUHV (VWHV SDJDPHQWRV FRUUHVSRQGHP D SDUWH GR VDOiULR GR FRODERUDGRU DWp j
GDWD GH UHIRUPD SHOD &DL[D *HUDO GH $SRVHQWDo}HV SHUtRGR TXH XVXDOPHQWH QmR
XOWUDSDVVDXPKRUL]RQWHGHWHPSRGHPHVHV
&RQIRUPH UHIHULGR QD 1RWD R )XQGR GH 3HQV}HV IRL FRQVWLWXtGR GH IRUPD D ILQDQFLDU D
WRWDOLGDGHGDVVXDVUHVSRQVDELOLGDGHVSRUWDLVSDJDPHQWRV
¾
)XQGRGH3HQV}HVGD6DQWD&DVD
'XUDQWHRSULPHLURWULPHVWUHGHIRLFRQVWLWXtGRR)XQGRGH3HQV}HVGD6DQWD&DVDGD
0LVHULFyUGLD GH /LVERD FRP D ILQDOLGDGH GH JDUDQWLU XPD TXRWDSDUWH GRV EHQHItFLRV
SUHYLVWRV QR (VWDWXWR GD )XQomR 3~EOLFD FRUUHVSRQGHQWH DR Q~PHUR GH DQRV H PHVHV
FRQWDGRVDSyVD
GDWD GD LQVFULomR QD 6HJXUDQoD 6RFLDO DWp j GDWD GH LQVFULomR QD &DL[D *HUDO GH
$SRVHQWDo}HV WDPEpP UHIHULGD QHVWH GRFXPHQWR FRPR ³&*$´ DVVLP FRPR RV
FRPSOHPHQWRVGHUHIRUPDSUHYLVWRVQR'HFUHWR/HLQGHGH-XOKR
2)XQGRGH3HQV}HVFRQVWLWXtGRYLVDJDUDQWLUSHQV}HVSRUYHOKLFHLQYDOLGH]HVREUHYLYrQFLD
VHQGR TXH D WRWDOLGDGH GDV UHVSRQVDELOLGDGHV IRUDP WUDQVIHULGDV SDUD IXQGR DXWyQRPR
WHQGRVLGRHQWUHJXHVDVGRWDo}HVQHFHVViULDVSDUDFREULURVUHVSHWLYRVHQFDUJRVTXHVHYmR
YHQFHQGRHPFDGDXPGRVSHUtRGRV
$VSHQV}HVHQFRQWUDPVHFRQVDJUDGDVQRVVHJXLQWHVGLSORPDVDSOLFiYHLVj6DQWD&DVD
•
'HFUHWR/HLQ±DEUDQJHRSHVVRDOTXHILFRXDEUDQJLGRGHVGHGH-XOKRGH
SHORVHVWDWXWRVGHDSRVHQWDomRHGHVREUHYLYrQFLDGRIXQFLRQDOLVPRS~EOLFRQ
GR DUW SHVVRDO TXH D HVVD GDWD Mi VH HQFRQWUDYD YLQFXODGR D RUJDQLVPRV GR
(VWDGR RQGH SDVVRX D HVWDU VXMHLWR DR UHJLPH GD IXQomR S~EOLFD DUW H SHVVRDO
TXHVHHQFRQWUDYDUHIRUPDGRSHOD&DL[DGH3UHYLGrQFLDGRV(PSUHJDGRVGD$VVLVWrQFLD
JDUDQWLQGR D 6&0/ XP FRPSOHPHQWR GH UHIRUPD GLIHUHQoD HQWUH D SHQVmR TXH LULDP
DXIHULU DWUDYpV GD &*$ H D SHQVmR TXH DXIHULDP QHVVD GDWD WUDWDQGRVH GH XP
FRPSOHPHQWRYLWDOtFLRVHPDWXDOL]DomRQVHGRDUW
y
•
'HFUHWR/HLQ±RVFRODERUDGRUHVGD6DQWD&DVDTXHDWpGH'H]HPEUR
GHUHXQLDPDVFRQGLo}HVH[SUHVVDVQRDUWGRUHIHULGRGLSORPD2VEHQHItFLRV
DFDUJRGD6DQWD&DVDVmRRVVHJXLQWHV
3HQVmR GH DSRVHQWDomR D DWULEXLU GH DFRUGR FRP R 'HFUHWR/HL Q FRUUHVSRQGHQWH D GR VDOiULR DWp TXH R DSRVHQWDGR DWLQMD DV FRQGLo}HV
GHUHIRUPD±SHQVmRDWpj,15LGDGHQRUPDOGHUHIRUPD
4XRWL]DomRj&*$GRVDOiULR
3DVVDGR HVWH SHUtRGR D 6DQWD &DVD SDVVD D VHU UHVSRQViYHO DSHQDV SHOR GLVSRVWR QR
'HFUHWR/HLQSDUDRVWUDEDOKDGRUHVDGPLWLGRVDQWHVGDHQWUDGDHPYLJRUGR
UHIHULGR GLSORPD 4XDQWR DRV FRODERUDGRUHV DGPLWLGRV DSyV -XOKR GH D
UHVSRQVDELOLGDGHpHQFDUJRWRWDOGD&*$±SHQVmRDSyV,15
$VSHQV}HVFRQWHPSODGDVSHORIXQGRGHSHQV}HVFRUUHVSRQGHPD
•
3HQVmR GH YHOKLFH H LQYDOLGH] ± SHQVmR SDJD SHOD &*$ VHQGR HVWD UHVSRQViYHO SHOD
TXRWDSDUWH GD SHQVmR FRUUHVSRQGHQWH DR WHPSR GH VHUYLoR GHFRUULGR DSyV D GDWD GH
LQVFULomR QDTXHOD (QWLGDGH VHQGR R WHPSR DQWHULRU HQFDUJR GD 6DQWD &DVD H &HQWUR
1DFLRQDOGH3HQV}HV&13
•
3HQVmRGHVREUHYLYrQFLDLPHGLDWDHRUIDQGDGH±HPFDVRGHPRUWHGHFRODERUDGRU
DWLYRD6DQWD&DVDLUiSDJDUXPDSHQVmRGHVREUHYLYrQFLDDRVKHUGHLURVKiEHLV
•
3HQVmRGHVREUHYLYrQFLDGLIHULGDHPFDVRGHPRUWHGHH[FRODERUDGRUDSRVHQWDGR
D6DQWD&DVDLUiSDJDUXPDSHQVmRGHVREUHYLYrQFLDDRVKHUGHLURVKiEHLV
(P DPERV RV FDVRV GH VREUHYLYrQFLD D SHQVmR D DWULEXLU SHOD &13 FRUUHVSRQGH D GD
SHQVmRGHUHIRUPDVHQGRTXHDTXRWDSDUWHDFDUJRGD6&0/VHUiOLJHLUDPHQWHLQIHULRUDRV
$VUHVSRQVDELOLGDGHVFRPRSDJDPHQWRGDVUHIHULGDVSUHVWDo}HVVmRHVWLPDGDVDQXDOPHQWH
SRU DWXiULRV LQGHSHQGHQWHV VHQGR XWLOL]DGR R PpWRGR GR FUpGLWR GD XQLGDGH SURMHWDGD 2
YDORU SUHVHQWH GD REULJDomR GR EHQHItFLR GHILQLGR p GHWHUPLQDGR SHOR GHVFRQWR GRV
SDJDPHQWRV IXWXURV GRV EHQHItFLRV XWLOL]DQGR D WD[D GH MXUR GH REULJDo}HV GH ³UDWLQJ´
y
HOHYDGR GHQRPLQDGDV QD PHVPD PRHGD HP TXH RV EHQHItFLRV VHUmR SDJRV H FRP XPD
PDWXULGDGHTXHVHDSUR[LPDGDVGDUHVSRQVDELOLGDGHDVVXPLGD
2 SDVVLYR UHFRQKHFLGR QR EDODQoR UHODWLYDPHQWH D UHVSRQVDELOLGDGHV FRP EHQHItFLRV GH
UHIRUPD FRUUHVSRQGH DR YDORU SUHVHQWH GD REULJDomR GR EHQHItFLR GHWHUPLQDGR j GDWD GH
EDODQoR GHGX]LGR GR MXVWR YDORU GRV DWLYRV GR IXQGR MXQWDPHQWH FRP DMXVWDPHQWRV
UHODWLYRVDFXVWRVGHVHUYLoRVSDVVDGRV
2V JDQKRV H SHUGDV JHUDGRV SRU XP FRUWH RX XPD OLTXLGDomR GH XP SODQR GH SHQV}HV GH
EHQHItFLRV GHILQLGRV VmR UHFRQKHFLGRV QRV UHVXOWDGRV GR H[HUFtFLR HP TXH R FRUWH RX D
OLTXLGDomRRFRUUH8PFRUWHRFRUUHTXDQGRVHYHULILFDXPDUHGXomRPDWHULDOQRQ~PHURGH
HPSUHJDGRVRXRSODQRpDOWHUDGRGHWDOIRUPDTXHRVEHQHItFLRVDWULEXtGRVVmRUHGX]LGRV
RULJLQDQGRXPDUHGXomRQDVUHVSRQVDELOLGDGHVFRPRSODQR
¾
&RPSOHPHQWRGHSHQV}HVHFRPSDUWLFLSDomRGHHQFDUJRVFRPVD~GH
'HDFRUGRFRPRUHJXODPHQWRGHSHVVRDOWRGRVFRODERUDGRUHVDSRVHQWDGRVRXUHIRUPDGRV
FXMR YDORU GR UHQGLPHQWR SHU FDSLWD GRV UHVSHWLYRV DJUHJDGRV IDPLOLDUHV VHMD LJXDO RX
LQIHULRUjUHWULEXLomRPtQLPDJDUDQWLGDVmREHQHILFLiULRVGHFRPSOHPHQWRGHSHQVmR
6mR DWULEXtGDV FRPSDUWLFLSDo}HV GH HQFDUJRV FRP VD~GH DRV FRODERUDGRUHV UHIHULGRV QR
SDUiJUDIR DQWHULRU H DRV FRODERUDGRUHV QR DWLYR FRP GRHQoD FUyQLFD JUDYH HRX
LQFDSDFLWDQWH
)RL UHFRQKHFLGD j GDWD GH WUDQVLomR XPD SURYLVmR FRP EDVH QR Q~PHUR GH FRODERUDGRUHV
HPFDXVDUHVSHWLYDVLGDGHVHPRQWDQWHSDJRHPDQRVDQWHULRUHV
¾
)pULDVH6XEVtGLRGH)pULDV
'HDFRUGRFRPDOHJLVODomRYLJHQWHRVWUDEDOKDGRUHVWrPDQXDOPHQWHGLUHLWRQRPtQLPRD
GLDV~WHLVGHIpULDVEHPFRPRDXPPrVGHVXEVtGLRGHIpULDVGLUHLWRHVVHDGTXLULGRQR
DQR DQWHULRU DR GR VHX SDJDPHQWR (VWDV UHVSRQVDELOLGDGHV VmR UHJLVWDGDV QR SHUtRGR HP
TXH WRGRV RV WUDEDOKDGRUHV DGTXLUHP R UHVSHWLYR GLUHLWR LQGHSHQGHQWHPHQWH GD GDWD GR
VHXSDJDPHQWRVHQGRRVDOGRDSDJDUUHOHYDGRQDUXEULFDGH³&UHGRUHVSRUDFUpVFLPRVGH
JDVWRV´
3.15. 3URYLV}HV
y
$V SURYLV}HV VmR UHFRQKHFLGDV TXDQGR D 6DQWD &DVD WrP LXPD REULJDomR SUHVHQWH OHJDO
RX FRQVWUXWLYD UHVXOWDQWH GH HYHQWRV SDVVDGRV LL SDUD D TXDO Ki XPD VLJQLILFDWLYD
SUREDELOLGDGH VXSHULRU D TXH VHMD QHFHVViULR XP GLVSrQGLR GH UHFXUVRV LQWHUQRV QR
SDJDPHQWR GHVVD REULJDomR H LLL R PRQWDQWH SRVVD VHU HVWLPDGR FRP UD]RDELOLGDGH
3URYLV}HVSDUDID]HUIDFHDSHUGDVRSHUDFLRQDLVIXWXUDVQmRVmRUHFRQKHFLGDV
6HPSUH TXH XP GRV FULWpULRV QmR VHMD FXPSULGR RX D H[LVWrQFLD GD REULJDomR HVWHMD
FRQGLFLRQDGDjRFRUUrQFLDRXQmRRFRUUrQFLDGHGHWHUPLQDGRHYHQWRIXWXURD6DQWD&DVD
GLYXOJD WDO IDFWR FRPR XP SDVVLYR FRQWLQJHQWH VDOYR VH D DYDOLDomR GD H[LJLELOLGDGH GD
VDtGDGHUHFXUVRVSDUDSDJDPHQWRGRPHVPRVHMDFRQVLGHUDGDUHPRWD
$V SURYLV}HV VmR PHQVXUDGDV DR YDORU SUHVHQWH GRV GLVSrQGLRV HVWLPDGRV SDUD SDJDU D
REULJDomR XWLOL]DQGR XPD WD[D GH GHVFRQWR TXH UHIOHWH D DYDOLDomR GH PHUFDGR SDUD R
SHUtRGRGRGHVFRQWRHSDUDRULVFRGDSURYLVmRHPFDXVD
4XDQGR H[LVWD XP FRQMXQWR GH REULJDo}HV VHPHOKDQWHV D SUREDELOLGDGH GH VHU QHFHVViULR
LQFRUUHU QXP H[IOX[R SDUD SDJDU D REULJDomR p GHWHUPLQDGD FRQVLGHUDQGR D FODVVH GH
REULJDo}HVGHIRUPDDJUHJDGD
3URYLVmRSDUDSURFHVVRVMXGLFLDLVHPFXUVR
3URYLV}HV UHODFLRQDGDV FRP SURFHVVRV MXGLFLDLV TXH UHVSHLWDP HVVHQFLDOPHQWH D
GLVFRUGkQFLDVGHQDWXUH]DFRQWUDWXDOFRPIRUQHFHGRUHVHSURFHVVRVGHQDWXUH]DODERUDO
$6DQWD&DVDUHFRQKHFHHVWDSURYLVmRTXDQGRHVWLPDPTXHKiXPDSUREDELOLGDGHUD]RiYHO
GHLQFRUUHUHPSDJDPHQWR
3URYLVmRSDUDFRQVHUYDomRHPDQXWHQomRGHMD]LJRV
$6DQWD&DVDWHPXPDUHVSRQVDELOLGDGHSHUSpWXDTXDQWRjPDQXWHQomR HFRQVHUYDomRGH
MD]LJRVQRkPELWRGHSURFHVVRVGHKHUDQoDGHEHQHPpULWRVGD6&0/$6DQWD&DVDUHJLVWD
XPDSURYLVmRSRUFRQWDGRVFXVWRVDVXSRUWDUWHQGRSRUEDVHRFXVWRPpGLRGHFRQVHUYDomR
SRUMD]LJRHHPIXQomRGRQ~PHURWRWDOGHMD]LJRVVREDVXDUHVSRQVDELOLGDGH
3.16. 6XEVtGLRVHDSRLRVGR*RYHUQR
y
$ 6DQWD &DVD UHFRQKHFH RV VXEVtGLRV GR (VWDGR 3RUWXJXrV GD 8QLmR (XURSHLD RX
RUJDQLVPRVHTXLSDUiYHLVSHORVHXMXVWRYDORUTXDQGRH[LVWHXPDFHUWH]DUD]RiYHOGHTXHR
VXEVtGLRVHUiUHFHELGRLQGHSHQGHQWHPHQWHGRVHXUHFHELPHQWR
2V VXEVtGLRV DR LQYHVWLPHQWR QmR UHHPEROViYHLV VmR UHFRQKHFLGRV LQLFLDOPHQWH QD UXEULFD
GH FDSLWDO SUySULR ³2XWUDV YDULDo}HV GH FDSLWDO´ VHQGR VXEVHTXHQWHPHQWH FUHGLWDGRV QD
GHPRQVWUDomR GRV UHVXOWDGRV QXPD EDVH SURUDWD GD GHSUHFLDomR GRV DWLYRV D TXH HVWmR
DVVRFLDGRV
2V VXEVtGLRV j H[SORUDomR VmR UHFRQKHFLGRV FRPR UHQGLPHQWRV QD GHPRQVWUDomR GRV
UHVXOWDGRV QR PHVPR SHUtRGR HP TXH RV JDVWRV DVVRFLDGRV VmR LQFRUULGRV H UHJLVWDGRV QR
UHVXOWDGRGRH[HUFtFLR
3.17. /RFDo}HV
1DVORFDo}HVFRQVLGHUDGDVRSHUDFLRQDLV~QLFDVjVTXDLVD6DQWD&DVDUHFRUUHXDVUHQGDVD
SDJDU VmR UHFRQKHFLGDV FRPR FXVWR QD GHPRQVWUDomR GRV UHVXOWDGRV QXPD EDVH OLQHDU
GXUDQWHRSHUtRGRGDORFDomR
3.18. (VSHFLDOL]DomRGHJDVWRVHUHQGLPHQWRV
2V JDVWRV H UHQGLPHQWRV VmR UHJLVWDGRV QR SHUtRGR D TXH VH UHIHUHP LQGHSHQGHQWHPHQWH
GR VHX SDJDPHQWR RX UHFHELPHQWR GH DFRUGR FRP R SULQFtSLR FRQWDELOtVWLFR GD
HVSHFLDOL]DomRGRVH[HUFtFLRV
$VGLIHUHQoDVHQWUHRVPRQWDQWHVUHFHELGRVHSDJRVHRVFRUUHVSRQGHQWHVUpGLWRVHJDVWRV
VmRUHFRQKHFLGRVFRPRDWLYRVRXSDVVLYRVVHTXDOLILFDUHPFRPRWDO
3.19. 5pGLWR
25pGLWRGD6DQWD&DVDpGHWHUPLQDGRSHODYHQGDGHSURGXWRVHSUHVWDomRGHVHUYLoRVQR
kPELWRGDVDWLYLGDGHVGHVHQYROYLGDV$VQDWXUH]DVPDLVVLJQLILFDWLYDVVmRDVVHJXLQWHV
i) 5HFHLWDVGDFRPHUFLDOL]DomRGHDUWLJRVGHPHUFKDQGLVLQJ6DQWD&DVDQR(VSDoR6DQWD&DVD
H 0XVHX GH 6 5RTXH VHQGR HVWDV DV SULQFLSDLV ORFDOL]Do}HV 2 5pGLWR p UHFRQKHFLGR QR
PRPHQWR GH YHQGD GRV DUWLJRV DR FOLHQWH ILQDO HP FRQIRUPLGDGH FRP RV FULWpULRV GH
UHFRQKHFLPHQWRGH5pGLWRSRUYHQGDGHEHQVFRQWHPSODGRVQD1&5)±5pGLWR
y
ii) &RPSDUWLFLSDo}HVGHXWHQWHVTXDQWRDVHUYLoRVHHTXLSDPHQWRVVRFLDLV
a)
b)
c)
d)
e)
f)
g)
h)
i)
j)
k)
l)
m)
&UHFKH
&UHFKHIDPLOLDU
-DUGLPGHLQIkQFLD
/DUGHFULDQoDVHMRYHQV
&HQWURGH&RQYtYLR
&HQWURGHGLD
/DUGHLGRVRV
$SRLRGRPLFLOLiULR
/DUGH'RHQWHV&UyQLFRV
$SDUWDPHQWRV7HUDSrXWLFRV
5HVLGrQFLDGH$XWRQRPL]DomR
5HVLGrQFLD$VVLVWLGD
2XWUDVDWLYLGDGHVTXHSRVVDPYLUDVHUGHILQLGDVSHOD0HVDGD6DQWD&DVD
2 5pGLWR GH FRPSDUWLFLSDo}HV GH XWHQWHV p UHFRQKHFLGR PHQVDOPHQWH HP IXQomR GRV
VHUYLoRVSUHVWDGRV
iii) &RPSDUWLFLSDo}HVGHXWHQWHVTXDQWRDVHUYLoRVGHVD~GHSUHVWDGRVSRUXQLGDGHVGHVD~GH
GHSUR[LPLGDGH
iv) 9HQGD GH DUWLJRV RUWRSURWpVLFRV HIHWXDGD DRV XWHQWHV 1R FDVR GD YHQGD GH PDWHULDO
WHUDSrXWLFR VHQGR R UpGLWR p UHFRQKHFLGD DSyV D HQWUHJD GR PDWHULDO DR XWHQWH RX VHMD
FRPDWUDQVIHUrQFLDGRVULVFRVHEHQHItFLRVLQHUHQWHVjVXDSURSULHGDGH
v) 3UHVWDomR GH VHUYLoRV GH VD~GH FXMR UpGLWR p UHFRQKHFLGR QR DWR PpGLFR TXDQGR VH WUDWD
GH VHUYLoRV SUHVWDGRV SHOR +26$ 4XDQGR SUHVWDGRV SHOR &05$ p UHFRQKHFLGR TXDQGR p
SURYiYHOTXHEHQHItFLRVHFRQyPLFRVDVVRFLDGRVjWUDQVDomRIOXDPSDUDDHQWLGDGHHDIDVH
GHDFDEDPHQWRGRVHUYLoRSUHVWDGRjGDWDGREDODQoRSRVVDVHUHVWLPDGDFRPILDELOLGDGH
2VVHUYLoRVSUHVWDGRVVmRRVVHJXLQWHV
a) ,QWHUQDPHQWRVRVVHUYLoRVSUHVWDGRVSHOR+26$HSHOR&05$FRPSUHHQGHPRVDWRV
FLU~UJLFRV H RV SHUtRGRV GH LQWHUQDPHQWR DVVRFLDGRV 1R FDVR GD IDWXUDomR SRU *'+
JUXSRV GH GLDJQyVWLFR KRPRJpQHR D IDWXUDomR p HVSHFLDOL]DGD PHQVDOPHQWH H Vy
IDWXUDGDDSyVDFRGLILFDomRGRVSURFHVVRVFOtQLFRV
b) &RQVXOWDV H[WHUQDV VHUYLoRV GH FRQVXOWD H[WHUQD QDV YiULDV iUHDV GH HVSHFLDOLGDGH
WDLVFRPR2UWRSHGLDWUDXPDWRORJLD$QHVWHVLRORJLD&LUXUJLDSOiVWLFDUHFRQVWUXWLYDH
HVWpWLFD &OtQLFD JHUDO )LVLDWULD 2IWDOPRORJLD 2WRUULQRODULQJRORJLD H 5HXPDWRORJLD
SUHVWDGDV D XWHQWHV GR 616 H RXWURV VXEVLVWHPDV GH VD~GH &RQWHPSOD DLQGD
y
FRQVXOWDVGHPHGLFLQDItVLFDHUHDELOLWDomRHVSHFLDOL]DGDFRQVXOWDGRULDVHLQWHUYHQomR
HPUHDELOLWDomR
c) 0HLRV FRPSOHPHQWDUHV GH GLDJQyVWLFR H[DPHV FRPSOHPHQWDUHV GH GLDJQyVWLFR QDV
iUHDVGDUDGLRORJLDLPDJLRORJLDHDQiOLVHVJLQiVLRVHODERUDWyULRV
d) $WRV WHUDSrXWLFRV VHUYLoRV GH VD~GH QDV YHUWHQWHVGD PHGLFLQD ItVLFDH UHDELOLWDomR
ILVLRWHUDSLDWHUDSLDGDIDODHRFXSDFLRQDODWRVGHHQIHUPDJHPJHVVRVHQWUHRXWURV
vi) 0DWULFXODV GRV DOXQRV GD (66$ LQVFULo}HV QDV OLFHQFLDWXUDV PHVWUDGRV SyVJUDGXDo}HV
Do}HV GH IRUPDomR FRQWtQXD SDJDPHQWR GH FDQGLGDWXUDV H SURSLQDV GH IUHTXrQFLD H
SDJDPHQWRVGHHPROXPHQWRVDFDGpPLFRV
3.20. 2XWURVUHQGLPHQWRV
i) 3UpPLRVFDGXFDGRV
$6DQWD&DVDUHFRQKHFHUHQGLPHQWRVDVVRFLDGRVjFDGXFLGDGHGRVSUpPLRVGH-RJRV6RFLDLV
H[SORUDGRVSHOR'HSDUWDPHQWRGH-RJRVjGDWDHPTXHVHYHQFHRGLUHLWRjUHFODPDomRGRV
SUpPLRVRXVHMDPHVHVDSyVDGDWDGRVRUWHLRH[WUDomR
2VSUpPLRVFDGXFDGRVUHFRQKHFLGRVSHOD6DQWD&DVDFRUUHVSRQGHPDRVSUpPLRVFDGXFDGRV
GR (XURPLOK}HV FRQIRUPH R DUW GR 'HFUHWR/HL Q GH GH $JRVWR
UHSXEOLFDGRSHOR'HFUHWR/HLQGHGH0DUoRHDLQGDDRVSUpPLRVFDGXFDGRV
GD/RWDULD1DFLRQDOFRQIRUPHRDUWGD3RUWDULDQGHGH2XWXEUR
ii) 5HVXOWDGRVGRVMRJRVVRFLDLV
&RPR EHQHILFLiULR GLUHWR GRV UHVXOWDGRV JHUDGRV SHORV -RJRV 6RFLDLV H[SORUDGRV SHOR
'HSDUWDPHQWR GH -RJRV RV 6HUYLoRV &HQWUDLV H R &05$ UHFRQKHFHP FRPR 2XWURV
UHQGLPHQWRVRYDORUGRVUHVXOWDGRVFRPXQLFDGRVHSDJRVPHQVDOPHQWHSHOR'HSDUWDPHQWR
GH-RJRV
iii)
5HQGDVGHSURSULHGDGHVGHLQYHVWLPHQWR
5HQGLPHQWRV SURYHQLHQWHV GD UHQWDELOL]DomR GR SDWULPyQLR LPRELOLiULR GD 6DQWD &DVD QmR
XWLOL]DGRQDVDWLYLGDGHVGHDomRVRFLDOHRXWUDVHQTXDGUDGDVQRREMHWRGD6&0/
y
3.21. 'HPRQVWUDomRGHIOX[RVGHFDL[D
$GHPRQVWUDomRGHIOX[RVGHFDL[DpSUHSDUDGDGHDFRUGRFRPRPpWRGRGLUHWR
3DUDHIHLWRVGDGHPRQVWUDomRGHIOX[RVGHFDL[DDUXEULFDGHFDL[DHHTXLYDOHQWHVGHFDL[D
FRPSUHHQGH WDPEpP HYHQWXDLV GHVFREHUWRV EDQFiULRV LQFOXtGRV QR EDODQoR QD UXEULFD GH
³)LQDQFLDPHQWRREWLGRFRUUHQWH´
2V IOX[RV GH FDL[D VmR FODVVLILFDGRV QD GHPRQVWUDomR GH IOX[RV GH FDL[D GHSHQGHQGR GD
VXDQDWXUH]DHPDWLYLGDGHVLRSHUDFLRQDLVLLLQYHVWLPHQWRHLLLILQDQFLDPHQWR
$VDWLYLGDGHVRSHUDFLRQDLVHQJOREDPHVVHQFLDOPHQWHRVUHFHELPHQWRVGHXWHQWHVLQTXLOLQRV
MRJRVVRFLDLVHFRPSDUWLFLSDo}HVHRVSDJDPHQWRVDIRUQHFHGRUHVDRSHVVRDOGHLPSRVWRV
LQGLUHWRVOtTXLGRVHVXEVtGLRV
2V IOX[RV GH FDL[D LQFOXtGRV QDV DWLYLGDGHV GH LQYHVWLPHQWR LQFOXHP QRPHDGDPHQWH
UHFHELPHQWRV H SDJDPHQWRV GD YHQGD H FRPSUD GH DWLYRV WDQJtYHLV H DLQGD UHPXQHUDomR
GH HTXLYDOHQWHV GH FDL[D H OLTXLGDomR GRV PHVPRV QD PDWXULGDGH RX DTXDQGR GD VXD
DOLHQDomR
2VIOX[RVGHFDL[DDEUDQJLGRVQDVDWLYLGDGHVGHILQDQFLDPHQWRLQFOXHPGHVLJQDGDPHQWHRV
SDJDPHQWRVGHILQDQFLDPHQWRVREWLGRVSDJDPHQWRGHUHQGDVGHORFDo}HVMXURVHGHVSHVDV
UHODFLRQDGDV
3.22. 0DWpULDVDPELHQWDLV
6mRUHFRQKHFLGDVSURYLV}HVSDUD0DWpULDVDPELHQWDLVVHPSUHTXHD6DQWD&DVDWHQKDXPD
REULJDomROHJDORXFRQVWUXWLYDFRPRUHVXOWDGRGHDFRQWHFLPHQWRVSDVVDGRVUHODWLYDPHQWH
jTXDOVHMDSURYiYHOTXHXPDVDtGDGHUHFXUVRVVHWRUQHQHFHVViULDSDUDDOLTXLGDUHSRVVD
VHUHIHWXDGDXPDHVWLPDWLYDILiYHOGRPRQWDQWHGHVVDREULJDomR
3.23. 3ULQFLSDLVHVWLPDWLYDVHMXOJDPHQWRVDSUHVHQWDGRV
$V HVWLPDWLYDV H MXOJDPHQWRV FRP LPSDFWR QDV GHPRQVWUDo}HV ILQDQFHLUDV FRQVROLGDGDV GD
6DQWD &DVD VmR FRQWLQXDPHQWH DYDOLDGRV UHSUHVHQWDQGR j GDWD GH FDGD UHODWR D PHOKRU
HVWLPDWLYD WHQGR HP FRQWD R GHVHPSHQKR KLVWyULFR D H[SHULrQFLD DFXPXODGD H DV
y
H[SHFWDWLYDV VREUH HYHQWRV IXWXURV TXH QDV FLUFXQVWkQFLDV HP FDXVD VH DFUHGLWDP VHUHP
UD]RiYHLV
$ QDWXUH]D LQWUtQVHFD GDV HVWLPDWLYDV SRGH OHYDU D TXH R LPSDFWR UHDO GDV VLWXDo}HV TXH
KDYLDP VLGR DOYR GH HVWLPDWLYD SRVVDP SDUD HIHLWRV GH UHODWR ILQDQFHLUR YLU D GLIHULU GRV
PRQWDQWHV HVWLPDGRV $V HVWLPDWLYDV H RV MXOJDPHQWRV TXH DSUHVHQWDP XP ULVFR
VLJQLILFDWLYRGHRULJLQDUXPDMXVWDPHQWRPDWHULDOQRYDORUFRQWDELOtVWLFRGHDWLYRVHSDVVLYRV
QRGHFXUVRGRH[HUFtFLRVHJXLQWHVmRDVTXHVHJXHP
(VWLPDWLYDVFRQWDELOtVWLFDVUHOHYDQWHV
i) 3URYLV}HV
$ 6DQWD &DVD DQDOLVD GH IRUPD SHULyGLFD HYHQWXDLV REULJDo}HV TXH UHVXOWHP GH HYHQWRV
SDVVDGRVHTXHGHYDPVHUREMHWRGHUHFRQKHFLPHQWRRXGLYXOJDomR
$VXEMHWLYLGDGHLQHUHQWHjGHWHUPLQDomRGDSUREDELOLGDGHHPRQWDQWHGHUHFXUVRVLQWHUQRV
QHFHVViULRV SDUD R SDJDPHQWR GDV REULJDo}HV SRGHUi FRQGX]LU D DMXVWDPHQWRV
VLJQLILFDWLYRV TXHU SRU YDULDomR GRV SUHVVXSRVWRV XWLOL]DGRV TXHU SHOR IXWXUR
UHFRQKHFLPHQWRGHSURYLV}HVDQWHULRUPHQWHGLYXOJDGDVFRPRSDVVLYRVFRQWLQJHQWHV
6HPSUH TXH DGHTXDGR D 6DQWD &DVD VXSRUWD RV VHXV MXOJDPHQWRV FRP EDVH HP RSLQL}HV
MXUtGLFDVSDUDGHWHUPLQDUDQHFHVVLGDGHGHUHFRQKHFLPHQWRGDHYHQWXDOSURYLVmRSDUDID]HU
IDFHDHVVDVFRQWLQJrQFLDVEHPFRPRRYDORUGDPHVPD1RWD
ii) 3UHVVXSRVWRVDWXDULDLV
$GHWHUPLQDomRGDVUHVSRQVDELOLGDGHVFRPSHQV}HVGHUHIRUPDHDVVLVWrQFLDPpGLFDUHTXHU
D XWLOL]DomR GH SUHVVXSRVWRV H HVWLPDWLYDV GH QDWXUH]D GHPRJUiILFD H ILQDQFHLUD TXH
SRGHPFRQGLFLRQDUVLJQLILFDWLYDPHQWHRVPRQWDQWHVGHUHVSRQVDELOLGDGHVDSXUDGRVHPFDGD
GDWD GH UHODWR $V YDULiYHLV PDLV VHQVtYHLV UHIHUHPVH j WD[D GH DWXDOL]DomR GDV
UHVSRQVDELOLGDGHV D WD[D GH UHQGLPHQWR HVWLPDGD SDUD RV DWLYRV H DV WDEHODV GH
PRUWDOLGDGHHLQYDOLGH]
$V DOWHUDo}HV GRV SUHVVXSRVWRV DWXDULDLV WHUmR LPSDFWR QR YDORU FRQWDELOtVWLFR OtTXLGR GDV
UHVSRQVDELOLGDGHVVHQGRWDOLPSDFWRH[SUHVVRHPUHVXOWDGRVGRH[HUFtFLR1RWD
y
$WLYRVWDQJtYHLVHLQWDQJtYHLV
iii)
$GHWHUPLQDomRGDVYLGDV~WHLVGRVDWLYRVEHPFRPRRPpWRGRGHGHSUHFLDomRDDSOLFDUp
HVVHQFLDOSDUDGHWHUPLQDURPRQWDQWHGDVGHSUHFLDo}HVDUHFRQKHFHUQDGHPRQVWUDomRGRV
UHVXOWDGRVGHFDGDH[HUFtFLR
(VWHVGRLVSDUkPHWURVVmRGHILQLGRVGHDFRUGRFRPRPHOKRUMXOJDPHQWRSDUDRVDWLYRVQR
kPELWRGDDWLYLGDGH1RWDH1RWD
3.24. (YHQWRVVXEVHTXHQWHV
2V HYHQWRV RFRUULGRV HQWUH D GDWD GH EDODQoR H D GDWD GH DSURYDomR GDV GHPRQVWUDo}HV
ILQDQFHLUDV TXH DIHWHP R YDORU GRV DWLYRV H SDVVLYRV H[LVWHQWHV VmR FRQVLGHUDGRV QD
SUHSDUDomRGDVGHPRQVWUDo}HVILQDQFHLUDVFDVRVHMDPVLJQLILFDWLYRV&RQVRDQWHDQDWXUH]D
GRV PHVPRV SRGHUmR GDU RULJHP D DMXVWDPHQWRV DRV PRQWDQWHV UHSRUWDGRV j GDWD GR
EDODQoRRXGLYXOJDGRVQDVQRWDVjVGHPRQVWUDo}HVILQDQFHLUDV
)OX[RVGHFDL[D
4.1.
Caixa e seus equivalentes que não estão disponíveis para uso
$6DQWD&DVDQmRSRVVXLTXDOTXHUVDOGRGH&DL[DRXHTXLYDOHQWHGHFDL[DFRPUHVWULo}HVGH
XWLOL]DomRSDUDSHUtRGRDSUHVHQWDGR
4.2.
Desagregação dos valores inscritos na rubrica de caixa e em depósitos bancários
(P GH GH]HPEUR GH H R GHWDOKH GH FDL[D H HTXLYDOHQWHV GH FDL[D
DSUHVHQWDPRVVHJXLQWHVYDORUHV
;ĞƵƌŽƐ Ϳ
ϮϬϭϭ
ĂŝǆĂ
ϰϬ͘ϭϰϯ
ϮϬϭϬ
ϯϭ͘ϵϵϵ
ĞƉſƐŝƚŽƐďĂŶĐĄƌŝŽƐ
ϮϮϱ͘ϭϴϬ͘ϵϰϮ
Ϯϭϰ͘ϬϯϬ͘Ϭϵϵ
ĂŝǆĂĞĞƋƵŝǀĂůĞŶƚĞƐĚĞĐĂŝǆĂ
2GHWDOKHGRPRQWDQWHFRQVLGHUDGRFRPRVDOGRILQDOQDUXEULFDGH³&DL[DHHTXLYDOHQWHVGH
FDL[D´SDUDHIHLWRVGDHODERUDomRGDGHPRQVWUDomRGHIOX[RVGHFDL[DSDUDRSHUtRGRILQGR
HPGHGH]HPEURGHHpFRPRVHJXH
y
;ĞƵƌŽƐ Ϳ
ϮϬϭϭ
EƵŵĞƌĄƌŝŽ
ͲĂŝǆĂ
ϮϬϭϬ
ϰϬ͘ϭϰϯ
ϰϬ͘ϭϰϯ
ϯϭ͘ϵϵϵ
ϯϭ͘ϵϵϵ
ĂŝǆĂĞĞƋƵŝǀĂůĞŶƚĞƐĚĞĐĂŝǆĂ;ĂƚŝǀŽͿ
Ϯ͘ϳϲϬ͘ϴϳϯ
ϭϰϵ͘ϵϱϴ͘ϰϱϲ
ϳϮ͘ϰϲϭ͘ϲϭϯ
ϮϮϱ͘ϭϴϬ͘ϵϰϭ
Ϯ͘ϱϯϰ͘ϵϯϰ
ϯϮ͘ϰϯϴ͘ϬϬϬ
ϭϳϵ͘Ϭϱϳ͘ϭϲϱ
Ϯϭϰ͘ϬϯϬ͘Ϭϵϵ
ƋƵŝǀĂůĞŶƚĞƐĚĞĐĂŝǆĂ;ƉĂƐƐŝǀŽͿ
dŽƚĂů
Ͳ
Ͳ
ͲĞƉſƐŝƚŽƐăŽƌĚĞŵ
ͲĞƉſƐŝƚŽƐĂƉƌĂǌŽ
ͲKƵƚƌŽƐƚŝǀŽƐ&ŝŶĂŶĐĞŝƌŽƐ
(P RXWURV DWLYRV ILQDQFHLURV HQFRQWUDPVH HYLGHQFLDGDV DV DSOLFDo}HV GH WHVRXUDULD FRP
PDWXULGDGH HQWUH GLDV H XP DQR FRP XPD UHQGLELOLGDGH PpGLD GH HP 3ROtWLFDVFRQWDELOtVWLFDVDOWHUDo}HVQDVHVWLPDWLYDVFRQWDELOtVWLFDVHHUURV
5.1.
$OWHUDo}HVjVQRUPDVFRQWDELOtVWLFDVGHUHODWRILQDQFHLUR
1mR VH YHULILFDUDP TXDLVTXHU DOWHUDo}HV jV QRUPDV FRQWDELOtVWLFDV GH UHODWR ILQDQFHLUR HP
YLJRUSDUDRVSHUtRGRVDSUHVHQWDGRV
5.2.
$OWHUDo}HVQDV3ROtWLFDV&RQWDELOtVWLFDV
$ SROtWLFD FRQWDELOtVWLFD DGRWDGD SHOD 6DQWD &DVD UHIHUHQWH D $WLYRV )L[RV 7DQJtYHLV IRL
UHYLVWDHPWHQGRVLGRDOWHUDGR RYDORU PtQLPRGHFDSLWDOL]DomRGHHXURVSDUD
HXURV (VWD DOWHUDomR SURGX]LX HIHLWRV D GH -DQHLUR GH FRQIRUPH UHIHULGR QD
1RWD
$OWHUDo}HVQDV(VWLPDWLYDV&RQWDELOtVWLFDV
$6DQWD&DVDQmRSURFHGHXjDOWHUDomRGRVSURFHGLPHQWRVGHGHWHUPLQDomRGDVHVWLPDWLYDV
5.3.
FRQWDELOtVWLFDVTXHSRVVDPWHULPSDFWRQRSHUtRGRRXHPSHUtRGRVIXWXURV
(UURVGHSHUtRGRVDQWHULRUHV
1mR IRLLGHQWLILFDGRQR SHUtRGR ILQGRHPGHGH]HPEURGHTXDOTXHUHUURUHODWLYRD
5.4.
H[HUFtFLRVDQWHULRUHVSDVVtYHOGHFRUUHomRGHDFRUGRFRPRVSULQFtSLRVGD1&5)
y
'XUDQWH R H[HUFtFLR ILQGR HP GH GH]HPEUR GH RV PRYLPHQWRV UHJLVWDGRV HP
UXEULFDVGRDWLYRIL[RWDQJtYHOIRUDPFRPRVHJXH
;ĞƵƌŽƐͿ
ĚŝĨşĐŝŽƐĞŽƵƚƌĂƐ
ĐŽŶƐƚƌƵĕƁĞƐ
dĞƌƌĞŶŽƐ
ƋƵŝƉĂŵĞŶƚŽ
ďĄƐŝĐŽ
ƚƌĂŶƐƉŽƌƚĞ
ĂĚŵŝŶŝƐƚƌĂƚŝǀŽ
KďƌĂƐ
ĚĞĂƌƚĞ
KƵƚƌŽƐĂƚŝǀŽƐ
ƚĂŶŐşǀĞŝƐ
ƚŝǀŽƐĞŵĐƵƌƐŽ
dŽƚĂů
Ͳ
ƵƐƚŽĚĞĂƋƵŝƐŝĕĆŽ
Ϯϵ͘ϯϬϰ͘ϭϬϮ
ϭϰϰ͘ϵϮϯ͘ϵϬϮ
ϭϰ͘ϱϲϭ͘Ϯϴϯ
Ϯ͘ϮϮϱ͘ϲϱϴ
ϭϳ͘ϱϳϵ͘Ϯϳϱ
Ϯϯϭ͘ϴϱϭ
ϰ͘ϳϯϭ͘ϮϬϴ
ϰ͘ϭϬϬ͘Ϭϵϴ
Ϯϭϳ͘ϲϱϳ͘ϯϳϱ
WĞƌĚĂƐƉŽƌŝŵƉĂƌŝĚĂĚĞĂĐƵŵƵůĂĚĂƐ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
ĞƉƌĞĐŝĂĕƁĞƐĂĐƵŵƵůĂĚĂƐ
Ͳ
;ϯϴ͘ϯϱϯ͘ϯϱϴͿ
;ϴ͘ϯϯϬ͘ϯϬϳͿ
;ϭ͘ϲϭϱ͘ϰϬϯͿ
;ϭϭ͘ϳϰϵ͘ϮϴϱͿ
Ͳ
;ϭ͘ϳϲϭ͘ϵϯϴͿ
Ͳ
;ϲϭ͘ϴϭϬ͘ϮϵϮͿ
ϭϬϲ͘ϱϳϬ͘ϱϰϰ
ϲ͘ϮϯϬ͘ϵϳϲ
ϲϭϬ͘Ϯϱϱ
ϱ͘ϴϮϵ͘ϵϵϬ
Ϯϯϭ͘ϴϱϭ
Ϯ͘ϵϲϵ͘Ϯϲϵ
ϰ͘ϭϬϬ͘Ϭϵϴ
ϭϱϱ͘ϴϰϳ͘Ϭϴϰ
ϳ͘ϭϬϮ͘Ϭϳϳ
sĂůŽƌůşƋƵŝĚŽ
ĚŝĕƁĞƐ
Ͳ
ϱϳϵ͘ϱϴϲ
ϭ͘Ϯϭϱ͘ϭϯϳ
Ϯϲϵ͘ϰϯϱ
ϭ͘ϭϬϯ͘Ϯϰϵ
ϲϬ͘ϯϴϱ
Ϯϵϭ͘ϴϲϭ
ϯ͘ϱϴϮ͘ϰϮϯ
ůŝĞŶĂĕƁĞƐ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
dƌĂŶƐĨĞƌġŶĐŝĂƐĞĂďĂƚĞƐ
Ͳ
ϭ͘ϴϵϬ͘ϮϮϴ
;ϭ͘ϬϱϬ͘ϱϬϳͿ
;ϱϰϴ͘ϮϰϱͿ
;ϰ͘ϳϳϲ͘ϬϵϯͿ
Ͳ
;ϱϭϰ͘ϮϲϵͿ
;ϯ͘ϲϭϬ͘ϭϱϬͿ
;ϴ͘ϲϬϵ͘ϬϯϳͿ
WĞƌĚĂƐƉŽƌŝŵƉĂƌŝĚĂĚĞ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
ĞƉƌĞĐŝĂĕĆŽͲĞǆĞƌĐşĐŝŽ
Ͳ
;ϰ͘Ϯϱϴ͘ϵϲϴͿ
;ϭ͘ϱϭϵ͘ϴϱϲͿ
;Ϯϯϲ͘ϯϴϭͿ
;ϭ͘ϵϭϮ͘ϯϳϬͿ
Ͳ
;ϱϰϭ͘ϱϱϰͿ
Ͳ
ĞƉƌĞĐŝĂĕĆŽͲĂůŝĞŶĂĕƁĞƐ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
ĞƉƌĞĐŝĂĕĆŽͲƚƌĂŶƐĨ͘ĞĂďĂƚĞƐ
Ͳ
ϭ͘ϲϬϴ
ϭ͘ϴϬϵ͘ϴϯϯ
ϱϰϳ͘ϭϳϰ
ϰ͘ϵϴϱ͘Ϯϰϲ
Ͳ
ϱϰϮ͘ϲϰϭ
Ͳ
ϳ͘ϴϴϲ͘ϱϬϮ
ϭϬϰ͘ϳϴϮ͘ϵϵϳ
ϲ͘ϲϴϱ͘ϱϴϯ
ϲϰϮ͘Ϯϯϴ
ϱ͘ϮϯϬ͘ϬϮϮ
ϮϵϮ͘Ϯϯϲ
Ϯ͘ϳϰϳ͘ϵϰϴ
ϰ͘ϬϳϮ͘ϯϳϬ
ϭϰϳ͘ϯϵϯ͘ϳϭϲ
ϭϰ͘ϳϮϱ͘ϵϭϯ
ϭ͘ϵϰϲ͘ϴϰϴ
ϭϯ͘ϵϬϲ͘ϰϯϬ
ϮϵϮ͘Ϯϯϲ
ϰ͘ϱϬϴ͘ϴϬϬ
ϰ͘ϬϳϮ͘ϯϳϬ
Ϯϭϲ͘ϭϱϬ͘ϰϭϱ
;ϴ͘ϰϲϵ͘ϭϯϬͿ
Ͳ
Ͳ
;ϰϮ͘ϲϭϬ͘ϳϭϵͿ
;ϴ͘ϬϰϬ͘ϯϯϬͿ
;ϭ͘ϯϬϰ͘ϲϭϬͿ
;ϴ͘ϲϳϲ͘ϰϬϵͿ
Ͳ
;ϭ͘ϳϲϬ͘ϴϱϮͿ
Ͳ
;ϲϮ͘ϯϵϮ͘ϵϮϬͿ
ϲ͘ϲϴϱ͘ϱϴϯ
ϲϰϮ͘Ϯϯϴ
ϱ͘ϮϯϬ͘ϬϮϮ
ϮϵϮ͘Ϯϯϲ
Ϯ͘ϳϰϳ͘ϵϰϴ
ϰ͘ϬϳϮ͘ϯϳϬ
'XUDQWH R H[HUFtFLR ILQGR HP GH GH]HPEUR GH RV PRYLPHQWRV UHJLVWDGRV HP
UXEULFDVGRDWLYRIL[RWDQJtYHOIRUDPFRPRVHJXH
y
ďĄƐŝĐŽ
;ĞƵƌŽƐͿ
ĚŝĨşĐŝŽƐĞŽƵƚƌĂƐ
dĞƌƌĞŶŽƐ
KďƌĂƐ
ĚĞĂƌƚĞ
ƚĂŶŐşǀĞŝƐ
ƚŝǀŽƐĞŵĐƵƌƐŽ
dŽƚĂů
ϭĚĞũĂŶĞŝƌŽĚĞϮϬϭϭ
ϭϰϳ͘ϯϵϯ͘ϳϭϲ
ϭϰ͘ϳϮϱ͘ϵϭϯ
ϭ͘ϵϰϲ͘ϴϰϴ
ϭϯ͘ϳϰϮ͘ϲϭϵ
ϮϵϮ͘Ϯϯϲ
ϰ͘ϲϳϮ͘ϲϭϭ
ϰ͘ϬϳϮ͘ϯϳϭ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
;ϰϮ͘ϲϭϬ͘ϳϭϵͿ
;ϴ͘ϬϰϬ͘ϯϯϭͿ
;ϭ͘ϯϬϰ͘ϲϭϬͿ
;ϴ͘ϱϱϰ͘ϰϲϭͿ
Ͳ
;ϭ͘ϴϴϮ͘ϴϬϬͿ
Ͳ
;ϲϮ͘ϯϵϮ͘ϵϮϭͿ
ϲ͘ϲϴϱ͘ϱϴϮ
ϲϰϮ͘Ϯϯϴ
ϱ͘ϭϴϴ͘ϭϱϵ
ϮϵϮ͘Ϯϯϲ
Ϯ͘ϳϴϵ͘ϴϭϭ
ϰ͘ϬϳϮ͘ϯϳϭ
ĚŝĕƁĞƐ
Ͳ
ϵϱϵ͘ϰϯϱ
ϴϬϲ͘ϭϭϭ
ϱϭϮ͘ϰϴϯ
ϭ͘ϰϬϲ͘ϯϬϰ
ϰϲ͘ϰϭϳ
ϯϮϭ͘ϭϬϱ
ϲ͘ϯϴϭ͘ϬϬϮ
ϭϬ͘ϰϯϮ͘ϴϱϲ
ůŝĞŶĂĕƁĞƐ
Ͳ
Ͳ
Ͳ
Ͳ
;ϭ͘ϰϬϬͿ
Ͳ
Ͳ
Ͳ
;ϭ͘ϰϬϬͿ
;ϴ͘ϬϬϬ͘ϬϬϬͿ
;Ϯϭ͘ϱϬϭ͘ϲϲϭͿ
ϭϯϲ͘ϳϯϲ
;ϭϯ͘ϯϬϭͿ
ϭϯϱ͘ϲϱϰ
Ͳ
ϳϯ͘ϳϰϵ
;ϰ͘ϵϱϰ͘ϭϰϯͿ
;ϯϰ͘ϭϮϮ͘ϵϲϱͿ
Ϯϭϲ͘ϭϱϬ͘ϰϭϲ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
ĞƉƌĞĐŝĂĕĆŽͲĞǆĞƌĐşĐŝŽ
Ͳ
;ϰ͘ϲϱϭ͘ϯϱϵͿ
;ϭ͘ϱϲϮ͘ϬϭϮͿ
;ϯϭϰ͘ϯϬϭͿ
;ϭ͘ϳϮϴ͘ϲϯϳͿ
Ͳ
;ϱϰϮ͘ϭϰϳͿ
Ͳ
;ϴ͘ϳϵϴ͘ϰϱϰͿ
ĞƉƌĞĐŝĂĕĆŽͲĂůŝĞŶĂĕƁĞƐ
Ͳ
Ͳ
Ͳ
Ͳ
ϭ͘ϬϱϬ
Ͳ
Ͳ
Ͳ
ϭ͘ϬϱϬ
Ͳ
ϭ͘ϴϭϬ͘ϳϬϬ
ϴϬ͘ϯϱϵ
ϯϰ͘ϵϴϬ
ϵϴ͘ϮϬϯ
Ͳ
ϳ͘ϯϬϭ
Ͳ
Ϯ͘Ϭϯϭ͘ϱϰϯ
Ϯϭ͘ϯϬϰ͘ϭϬϮ
ϴϭ͘ϰϬϬ͘ϭϭϯ
ϲ͘ϭϰϲ͘ϳϳϳ
ϴϲϮ͘Ϭϵϵ
ϱ͘Ϭϵϵ͘ϯϯϮ
ϯϯϴ͘ϲϱϯ
Ϯ͘ϲϰϵ͘ϴϭϵ
ϱ͘ϰϵϵ͘ϮϮϵ
ϭϮϲ͘ϴϱϭ͘ϰϵϭ
ϭϱ͘ϲϲϴ͘ϳϲϬ
Ϯ͘ϰϰϲ͘Ϭϯϭ
ϭϱ͘Ϯϴϯ͘ϭϳϳ
ϯϯϴ͘ϲϱϯ
ϱ͘Ϭϲϳ͘ϰϲϱ
ϱ͘ϰϵϵ͘ϮϮϵ
ϭϵϮ͘ϰϱϴ͘ϵϬϳ
Ͳ
Ͳ
Ͳ
;ϰϱ͘ϰϱϭ͘ϯϳϴͿ
Ͳ
;ϵ͘ϱϮϭ͘ϵϴϯͿ
Ͳ
;ϭ͘ϱϴϯ͘ϵϯϭͿ
Ͳ
;ϭϬ͘ϭϴϯ͘ϴϰϰͿ
Ͳ
Ͳ
Ͳ
;Ϯ͘ϰϭϳ͘ϲϰϲͿ
Ͳ
Ͳ
Ͳ
;ϲϵ͘ϭϱϴ͘ϳϴϯͿ
ϴϭ͘ϰϬϬ͘ϭϭϯ
ϲ͘ϭϰϲ͘ϳϳϳ
ϴϲϮ͘Ϭϵϵ
ϱ͘Ϭϵϵ͘ϯϯϮ
ϯϯϴ͘ϲϱϯ
Ϯ͘ϲϰϵ͘ϴϭϵ
ϱ͘ϰϵϵ͘ϮϮϵ
$VWUDQVIHUrQFLDVGH$WLYRVHPFXUVRSDUD$WLYRVIL[RVWDQJtYHLVRFRUULGDVHQWUHGH-DQHLUR
HGH]HPEURGHUHIHUHPVHHVVHQFLDOPHQWHDREUDVHPHGLItFLRVDIHWRVjDWLYLGDGH
2V DWLYRV HP FXUVR FRUUHVSRQGHP HVVHQFLDOPHQWH D REUDV GH UHDELOLWDomR H EHQHILFLDomR
GH HGLItFLRV DIHWRV j DWLYLGDGH $V DTXLVLo}HV FRQFUHWL]DGDV UHIHUHPVH VREUHWXGR D
HTXLSDPHQWREiVLFRHDGPLQLVWUDWLYR
(P YLUWXGH GD GHFLVmR GD QmR WUDQVIHUrQFLD GH VHUYLoRV SDUD R HGLItFLR VLWR QD $Y -RVp
0DOKRDFRQIRUPHGHOLEHUDGRSHOD0HVDGD6DQWD&DVDDWUDYpVGD'HOLEHUDomRGH0HVDQ
GH H GH GH]HPEUR HVWH IRL UHFODVVLILFDGR SDUD 3URSULHGDGHV GH
,QYHVWLPHQWR HP HQFRQWUDQGRVH HVWH PRYLPHQWR HYLGHQFLDGR QDV UXEULFDV
³7HUUHQRV´³(GLItFLRVHRXWUDVFRQVWUXo}HV´H³$WLYRVHPFXUVR´
$V GHSUHFLDo}HV GRV $WLYRV IL[RV WDQJtYHLV HVWmR UHFRQKHFLGDV QD UXEULFD ³'HSUHFLDo}HV GR
H[HUFtFLR´GD'HPRQVWUDomRGRV5HVXOWDGRVSHODVXDWRWDOLGDGH
(P IRUDP UHDOL]DGDV UHJXODUL]Do}HV D GHSUHFLDo}HV DFXPXODGDV UHIHUHQWH D DQRV
DQWHULRUHVDVTXDLVHVWmRHYLGHQFLDGDVQDUXEULFD³'HSUHFLDomR±WUDQVIHUrQFLDVHDEDWHV´
y
2V YDORUHV FRQWDELOL]DGRV QD UXEULFD GH ³2EUDV GH DUWH´ FRUUHVSRQGHP jV REUDV GH DUWH
DGTXLULGDV DSyV SHOD 6DQWD &DVD DV TXDLV QmR VmR GHSUHFLDGDV VHQGR WHVWDGDV SRU
LPSDULGDGHFRPSHULRGLFLGDGHDQXDO
3URSULHGDGHVGH,QYHVWLPHQWR
'XUDQWH R SHUtRGR GH GH GH]HPEUR GH H D UXEULFD GH SURSULHGDGHV GH
LQYHVWLPHQWRUHJLVWRXDVHJXLQWHHYROXomRSRUQDWXUH]DGHDWLYR
;ĞƵƌŽƐ Ϳ
ϮϬϭϭ
dĞƌƌĞŶŽƐ
ĚŝĨşĐŝŽƐ
ϮϬϭϬ
W/ĞŵĐƵƌƐŽ
dŽƚĂů
dĞƌƌĞŶŽƐ
ĚŝĨşĐŝŽƐ
W/ĞŵĐƵƌƐŽ
dŽƚĂů
ϭĚĞũĂŶĞŝƌŽ
sĂ ůŽƌďƌƵƚŽ
ĞƉƌĞĐŝĂ ĕƁĞ Ɛ Ă ĐƵŵƵů Ă ĚĂ Ɛ
Ϯϲ͘ϯϯϱ͘ϵϳϱ
Ͳ
ϳϬ͘ϱϯϱ͘ϯϰϭ
;ϭϳ͘ϯϬϵ͘ϬϴϱͿ
Ϯ͘ϵϳϲ͘Ϯϭϵ
Ͳ
ϵϵ͘ϴϰϳ͘ϱϯϱ
Ϯϲ͘Ϯϯϭ͘Ϯϴϭ
Ͳ
ϲϵ͘ϳϯϭ͘ϱϳϴ
;ϭϱ͘ϴϱϰ͘ϲϮϲͿ
ϭ͘ϱϬϴ͘Ϯϴϳ
Ͳ
ϵϳ͘ϰϳϭ͘ϭϰϲ
;ϭϱ͘ϴϱϰ͘ϲϮϲͿ
ϱϯ͘ϮϮϲ͘Ϯϱϲ
Ϯ͘ϵϳϲ͘Ϯϭϵ
ϱϯ͘ϴϳϲ͘ϵϱϮ
ϭ͘ϱϬϴ͘Ϯϴϳ
ϴϭ͘ϲϭϲ͘ϱϮϬ
ϴ͘ϬϬϬ͘ϬϬϬ
ϴϭϮ͘ϱϬϬ
ϲϲ͘ϰϯϲ
;ϰϰͿ
Ͳ
Ͳ
Ͳ
Ͳ
Ϯϲ͘ϴϱϮ͘ϵϱϵ
Ϯ͘ϰϯϳ͘ϱϬϬ
ϭϵϵ͘ϯϬϳ
Ͳ
;ϭ͘ϱϲϲ͘ϴϲϵͿ
Ͳ
;ϭ͘ϳϴϳ͘ϭϯϭͿ
;ϭ͘ϭϵϮ͘ϱϵϱͿ
Ϯ͘Ϭϴϲ͘Ϯϵϯ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
ϯϯ͘ϲϲϬ͘ϯϲϯ
ϱ͘ϯϯϲ͘Ϯϵϯ
Ϯϲϱ͘ϳϰϮ
;ϰϰͿ
;ϭ͘ϱϲϲ͘ϴϲϵͿ
Ͳ
;ϭ͘ϳϴϳ͘ϭϯϭͿ
ϴϱ͘ϲϱϵ
ϮϰϮ͘ϭϮϰ
;ϮϮϯ͘ϬϴϵͿ
Ͳ
Ͳ
Ͳ
Ͳ
ϭϳϵ͘ϯϳϭ
Ϯϱϲ͘ϲϭϴ
ϯϳϵ͘ϵϴϰ
;ϭϮ͘ϮϭϭͿ
;ϭ͘ϰϴϯ͘ϮϭϰͿ
ϭϰϮ
Ϯϴ͘ϲϭϯ
Ͳ
;ϮϮϭ͘ϰϳϴͿ
ϭ͘ϲϴϵ͘ϰϭϭ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
;ϰϮ͘ϭϬϳͿ
Ϯ͘Ϭϯϭ͘ϲϴϴ
ϲϮϮ͘ϭϬϴ
;Ϯϯϱ͘ϯϬϬͿ
;ϭ͘ϰϴϯ͘ϮϭϰͿ
ϭϰϮ
Ϯϴ͘ϲϭϯ
Ͳ
ϯϱ͘Ϯϭϰ͘ϴϲϲ
ϲϯ͘ϴϯϴ͘ϱϮϭ
ϯ͘ϴϲϵ͘ϵϭϳ
Ϯ͘ϵϳϲ͘Ϯϭϵ
sĂ ůŽƌďƌƵƚŽ
ĞƉƌĞĐŝĂ ĕƁĞ Ɛ Ă ĐƵŵƵů Ă ĚĂ Ɛ
/ŵƉĂ ƌŝĚĂ ĚĞ
Ͳ
Ͳ
ϭϬϬ͘ϬϮϱ͘ϭϬϲ
;ϮϬ͘ϲϲϯ͘ϬϴϱͿ
ϯ͘ϴϲϵ͘ϵϭϳ
Ͳ
Ͳ
ϭϯϵ͘ϭϬϵ͘ϴϴϵ
;ϮϬ͘ϲϲϯ͘ϬϴϱͿ
Ͳ
Ͳ
Ͳ
Ϯ͘ϵϳϲ͘Ϯϭϵ
Ͳ
Ͳ
Ͳ
ϲϯ͘ϴϯϴ͘ϱϮϭ
ϯ͘ϴϲϵ͘ϵϭϳ
Ϯ͘ϵϳϲ͘Ϯϭϵ
dƌĂ ŶƐ ĨĞƌġŶĐŝ Ă Ɛ
ƋƵŝ Ɛ ŝĕƁĞƐ
ŽĂ ĕƁĞƐ
ůŝ ĞŶĂ ĕƁĞƐ
ĞƉƌĞĐŝĂ ĕƁĞ Ɛ
ĞƉƌĞĐŝĂ ĕĆ ŽͲĂ ů ŝ ĞŶĂ ĕƁĞƐ
ĞƉƌĞĐŝĂ ĕĆ ŽͲƚƌĂ ŶƐ Ĩ͘ĞĂ ďĂ ƚĞƐ
/ŵƉĂ ƌŝĚĂ ĚĞ
$V SURSULHGDGHV GH LQYHVWLPHQWR FRUUHVSRQGHP D HGLItFLRV H WHUUHQRV TXH HVWmR D VHU
UHQWDELOL]DGRVDWUDYpVGHFRQWUDWRVGHDUUHQGDPHQWRFRPLQTXLOLQRVGD6DQWD&DVD
1R SHUtRGR FRQFUHWL]RXVH D DTXLVLomR GH XP HGLItFLR QR YDORU GH HXURV 2
PRQWDQWH UHJLVWDGR QD UXEULFD µ,PRELOL]DGR HP &XUVR¶ UHIHUHVH DR LQYHVWLPHQWR HP REUDV
GHDGDSWDomRHUHTXDOLILFDomRGHSURSULHGDGHVGHLQYHVWLPHQWR
'XUDQWH R SHUtRGR HQWUH GH -DQHLUR H GH GH]HPEUR GH H R PRYLPHQWR
RFRUULGRQRYDORUGDVSURSULHGDGHVGHLQYHVWLPHQWRIRLRVHJXLQWH
y
;ĞƵƌŽƐ Ϳ
ϮϬϭϭ
^ĂůĚŽ/ŶŝĐŝĂů
ĚŝĕƁĞƐ
ͲƋƵŝƐ ŝ ĕƁĞƐ
ͲŽĂ ĕƁĞƐ
ͲdƌĂ ŶƐ Ĩ͘ĚĞƉƌŽƉƌŝ ĞĚĂ ĚĞƐ ĞŵĐŽŶƐƚƌƵĕĆ Ž
dƌĂŶƐĨĞƌġŶĐŝĂƐ
ͲĞͬ;WĂ ƌĂ ͿWƌŽƉƌŝĞĚĂ ĚĞĚĞƵƐ ŽƉƌſƉƌŝ Ž
ZĞĚƵĕƁĞƐ
ͲďĂ ƚĞƐ
Ͳůŝ ĞŶĂ ĕƁĞƐ
^ĂůĚŽ&ŝŶĂů
ϮϬϭϬ
dĞƌƌĞŶŽƐ
ĚŝĨşĐŝŽƐ
dĞƌƌĞŶŽƐ
ĚŝĨşĐŝŽƐ
W/ĞŵĐƵƌƐŽ
Ϯ͘ϵϳϲ͘Ϯϭϵ
dŽƚĂů
ϲϵ͘ϳϯϭ͘ϱϳϴ
W/ĞŵĐƵƌƐŽ
ϭ͘ϱϬϴ͘Ϯϴϳ
ϵϳ͘ϰϳϭ͘ϭϰϲ
dŽƚĂů
ϴϭϮ͘ϱϬϬ
ϴϲ͘ϯϴϴ
Ͳ
Ϯ͘ϰϯϳ͘ϱϬϬ
Ϯϱϵ͘ϭϲϯ
Ϯ͘ϴϱϮ͘ϵϱϵ
Ϯ͘Ϭϴϲ͘Ϯϵϯ
Ͳ
;Ϯ͘ϴϮϱ͘ϬϲϳͿ
ϱ͘ϯϯϲ͘Ϯϵϯ
ϯϰϱ͘ϱϱϬ
Ϯϳ͘ϴϵϮ
ϴϱ͘ϲϱϵ
ϮϰϮ͘ϭϮϰ
Ͳ
Ϯϱϲ͘ϲϭϴ
ϯϳϵ͘ϵϴϰ
ϭϳϵ͘ϯϳϭ
ϭ͘ϲϴϵ͘ϰϭϭ
Ͳ
;ϮϮϭ͘ϰϳϴͿ
Ϯ͘Ϭϯϭ͘ϲϴϴ
ϲϮϮ͘ϭϬϴ
;ϰϮ͘ϭϬϳͿ
ϴ͘ϬϬϬ͘ϬϬϬ
Ϯϰ͘ϬϬϬ͘ϬϬϬ
ϭ͘ϲϯϮ͘ϰϳϭ
ϯϯ͘ϲϯϮ͘ϰϳϭ
Ͳ
Ͳ
Ͳ
Ͳ
;ϭϵ͘ϵϱϮͿ
;ϰϰͿ
;ϱϵ͘ϴϱϲͿ
Ͳ
Ͳ
Ͳ
;ϳϵ͘ϴϬϴͿ
;ϰϰͿ
Ͳ
;ϮϮϯ͘ϬϴϵͿ
Ͳ
;ϭϮ͘ϮϭϭͿ
Ͳ
Ͳ
Ͳ
;Ϯϯϱ͘ϯϬϬͿ
ϭϬϬ͘ϬϮϱ͘ϭϬϲ
ϯ͘ϴϲϵ͘ϵϭϳ
ϭϯϵ͘ϭϬϵ͘ϴϴϵ
Ϯ͘ϵϳϲ͘Ϯϭϵ
'R WRWDO GH DGLo}HV RFRUULGR QR SHUtRGR QR YDORU GH HXURV HXURV
FRUUHVSRQGH j DTXLVLomR GH XP HGLItFLR H R UHPDQHVFHQWH UHJLVWDGR QD UXEULFD
µ3URSULHGDGHVGH,QYHVWLPHQWRHP&XUVR¶UHIHUHVHDRLQYHVWLPHQWRHPREUDVHVWUXWXUDLVH
GHFRQVHUYDomRGHSURSULHGDGHVGHLQYHVWLPHQWR
(PWUDQVIHUrQFLDVGHSURSULHGDGHVGHXVRSUySULRFRQIRUPH UHIHULGRQD1RWDHQFRQWUD
VHUHJLVWDGRRHGLItFLRVLWRQD$Y-RVp0DOKRDGHFRUUHQWHGDGHFLVmRGDQmRWUDQVIHUrQFLD
GHVHUYLoRVSDUDHVWHHGLItFLR
(PGH]HPEURGHSURFHGHXVHjDYDOLDomRGHVWHHGLItFLRSRUHQWLGDGHVLQGHSHQGHQWHV
WHQGRSRUSUHVVXSRVWRRYDORUGRHGLItFLRUHSRUWDGRDGH]HPEURGHVHPFRQVLGHUDUDV
REUDV UHDOL]DGDV HP $ PpGLD GDV DYDOLDo}HV REWLGDV QR YDORU GH HXURV
IRL R YDORU EDVH FRQVLGHUDGR QR UHFRQKHFLPHQWR HP GD LPSDULGDGH GH HXURV
$V SURSULHGDGHV GH LQYHVWLPHQWR HQFRQWUDPVH YDORUL]DGDV DR PRGHOR GR FXVWR
DSUHVHQWDQGR XP YDORU OtTXLGR GH HXURV 1RV WHUPRV SUHYLVWRV QR QRUPDWLYR
61& H SDUD HIHLWR GH GLYXOJDomR IRL DSXUDGR R MXVWR YDORU GDV SURSULHGDGHV GH
LQYHVWLPHQWRDGHGH]HPEURGHRTXDODVFHQGHDHXURVWHQGRVLGR
REWLGR D SDUWLU GRV VHJXLQWHV PpWRGRV FRQVRDQWH D QDWXUH]D HRX VLWXDomR GDV
SURSULHGDGHV
L
0pWRGRGRUHQGLPHQWRDSOLFDGRDRVLPyYHLVIUDo}HVDUUHQGDGDVRXTXHSRGHPVHU
REMHWR GH DUUHQGDPHQWR WHQGR SRU EDVH XPD WD[D GH FDSLWDOL]DomR GH HPERUD SDUD VLWXDo}HV GH UHQGDV PDLV DWXDLV H SDUD FRPpUFLR VHUYLoRV WHQKDP
VLGRFRQVLGHUDGDVWD[DVGDRUGHPGRVH
y
LL 5HQGLPHQWR IXQGLiULR DSOLFDGR DRV SUpGLRV U~VWLFRV GH DFRUGR FRP R WLSR GH
FXOWXUDV SUDWLFDGDV QD UHJLmR HP TXH R PHVPR VH LQVHUH H XWLOL]DGDV WD[DV GH
DWXDOL]DomRQDRUGHPGRVD
$WLYRV,QWDQJtYHLV
2 YDORU GRV LQWDQJtYHLV UHIHUHVH D SURJUDPDV LQIRUPiWLFRV DGTXLULGRV SDUD VXSRUWH jV
DWLYLGDGHV RSHUDFLRQDLV H DGPLQLVWUDWLYDV GD 6DQWD &DVD $ HYROXomR UHJLVWDGD SDUD RV
SHUtRGRV DSUHVHQWDGRV p FRPR VHJXH WHQGR VLGR R VDOGR LQLFLDO UHFODVVLILFDGR D SDUWLU GH
HTXLSDPHQWRLQIRUPiWLFR
;ĞƵƌŽƐ Ϳ
ϮϬϭϭ
ϮϬϭϬ
ƵƐ ƚŽĚĞĂ ƋƵŝƐ ŝ ĕĆ Ž
WĞƌĚĂƐ ĚĞŝŵƉĂ ƌŝĚĂĚĞĂ ĐƵŵƵůĂ ĚĂƐ
ŵŽƌƚŝ ǌĂ ĕƁĞƐ Ă ĐƵŵƵůĂ ĚĂ Ɛ
Ϯ͘ϲϰϵ͘ϬϱϮ
Ͳ
;ϭ͘ϰϮϭ͘ϲϱϵͿ
Ϯ͘ϬϬϰ͘ϯϭϬ
Ͳ
;ϭ͘Ϭϭϳ͘ϱϴϴͿ
ϭ͘ϮϮϳ͘ϯϵϯ
ϵϴϲ͘ϳϮϭ
ϲϯϴ͘ϮϭϬ
Ͳ
ϭϱ͘ϵϵϮ
Ͳ
;ϲϴϴ͘ϰϮϲͿ
;ϭϬ͘ϲϳϯͿ
ϲϭϳ͘ϮϬϵ
Ͳ
Ϯϳ͘ϱϯϰ
Ͳ
;ϰϬϰ͘ϬϳϬͿ
Ͳ
ϭ͘ϭϴϮ͘ϰϵϲ
ϭ͘ϮϮϳ͘ϯϵϰ
ƵƐ ƚŽĚĞĂ ƋƵŝƐ ŝ ĕĆ Ž
/ŵƉĂ ƌŝ ĚĂ ĚĞĂ ĐƵŵƵůĂ ĚĂ
ŵŽƌƚŝ ǌĂ ĕƁĞƐ Ă ĐƵŵƵůĂ ĚĂ Ɛ
ϯ͘ϯϬϯ͘Ϯϱϱ
Ͳ
;Ϯ͘ϭϮϬ͘ϳϱϵͿ
Ϯ͘ϲϰϵ͘ϬϱϮ
Ͳ
;ϭ͘ϰϮϭ͘ϲϱϵͿ
ϭ͘ϭϴϮ͘ϰϵϲ
ϭ͘ϮϮϳ͘ϯϵϰ
ϭĚĞũĂŶĞŝƌŽĚĞ
ĚŝĕƁĞƐ
ů ŝĞŶĂ ĕƁĞƐ
dƌĂ ŶƐ ĨĞƌġŶĐŝĂ Ɛ ĞĂ ďĂ ƚĞƐ
/ŵƉĂ ƌŝ ĚĂ ĚĞĚŽĞǆĞƌĐşĐŝŽ
ĞƉƌĞĐŝ Ă ĕĆ ŽͲĞǆĞƌĐşĐŝŽ
ĞƉƌĞĐŝ Ă ĕĆ ŽͲdƌĂ ŶƐ ĨĞƌġŶĐŝ Ă Ɛ
ϯϭĚĞĚĞǌĞŵďƌŽĚĞ
$WLYRVELROyJLFRV
$GHGH]HPEURGHHRVDWLYRVELROyJLFRVUHJLVWDGRVUHIHUHPVHjVVHJXLQWHV
QDWXUH]DV
;ĞƵƌŽƐ Ϳ
ϮϬϭϭ
ŽƌƌĞŶƚĞ
ŽũƵƐƚŽǀĂůŽƌ
DŽŶƚĂĚŽĚĞ^ŽďƌŽ;ƉƌŽĚƵĕĆ ŽĚĞĐŽƌƚŝ ĕĂ Ϳ
DŽŶƚĂĚŽĚĞǌŝ ŶŚŽĞ^ŽďƌŽ;ƉƌŽĚƵĕĆ ŽĚĞĨƌƵƚŽͿ
Ků ŝ ǀĂ ůsĞůŚŽdƌĂ ĚŝĐŝŽŶĂů
ϵϯϭ͘ϯϲϯ
ϰ͘ϭϭϱ
ϰ͘ϭϭϱ
ϵ͘ϯϵϰ
ϵϰϬ͘ϳϱϳ
ϮϬϭϬ
dŽƚĂů
ϵϯϭ͘ϯϲϯ
ϰ͘ϭϭϱ
ϵ͘ϯϵϰ
ϵϰϰ͘ϴϳϭ
ŽƌƌĞŶƚĞ
ϳϳϲ͘ϭϯϲ
ϯ͘ϵϯϲ
ϯ͘ϵϯϲ
Ϯϲ͘ϯϭϬ
ϴϬϮ͘ϰϰϲ
dŽƚĂů
ϳϳϲ͘ϭϯϲ
ϯ͘ϵϯϲ
Ϯϲ͘ϯϭϬ
ϴϬϲ͘ϯϴϮ
y
$V PHGLGDV GH TXDQWLILFDomR ItVLFD GRV DWLYRV ELROyJLFRV XWLOL]DGDV D GH GH]HPEUR GH
GLYLGLGRV SRU WLSRORJLD DVVLP FRPR DV HVWLPDWLYDV QmR ILQDQFHLUDV HIHWXDGDV
HQFRQWUDPVHGHVFULWDVQDWDEHODDEDL[R
ƚŝǀŽďŝŽůſŐŝĐŽͬƉƌŽĚƵƚŽĂŐƌşĐŽůĂ
DĞĚŝĚĂƐĚĞƋƵĂŶƚŝĨŝĐĂĕĆŽ
&ĂƚŽƌĞƐĚĞĐĄůĐƵůŽ
ZĞŶĚŝ ŵĞŶƚŽ
Žďƚŝ ĚŽ͕
ƚĂǆĂ
ĚĞ
ĐĂ Ɖŝ ƚĂů ŝ ǌĂĕĆ Ž Ğ Ă ŶŽƐ ĚŽ Đŝ Đů Ž ĚĞ
DŽŶƚĂ ĚŽ ĚĞ ^ŽďƌŽ ;ƉƌŽĚƵĕĆ Ž ĚĞ DĠƚŽĚŽ ĚŽ ǀĂů Žƌ ĨƵŶĚŝ Ą ƌŝ Ž Ğ
ƉƌŽĚƵĕĆŽ͕ ƚĂǆĂ ĚĞ ĐĂƉŝƚĂ ůŝ ǌĂ ĕĆŽ Ğ
ĐŽƌƚŝ ĕĂͿ
Ă ƉƵƌĂ ŵĞŶƚŽĚĂĐŽƌƚŝ ĕĂĐƌŝĂ ĚĂ
Ă ŶŽƐ
ƌĞŵĂ ŶĞƐ ĐĞŶƚĞƐ
ƉĂ ƌĂ
Ă
ĞǆƚƌĂ ĕĆŽ͘
DŽŶƚĂ ĚŽ ĚĞ ǌŝ ŶŚŽ Ğ ^ŽďƌŽ DĠƚŽĚŽ ĚŽƐ Ĩů ƵǆŽƐ ĚĞ ĐĂ ŝ ǆĂ
;ƉƌŽĚƵĕĆŽĚĞĨƌƵƚŽͿ
ĚĞƐ ĐŽŶƚĂĚŽƐ ;ƉĞƌƉĞƚƵŝĚĂĚĞͿ
ĂƉĂ Đŝ ĚĂ ĚĞ ĚĞ ĞŶĐĂ ďĞĕĂŵĞŶƚŽ ĚĞ
ŐĂĚŽ Ɛ ƵşŶŽ ĚŽ DŽŶƚĂ ĚŽ Ğ ƚĂ ǆĂ ĚĞ
ĐĂ Ɖŝ ƚĂů ŝ ǌĂĕĆ Ž
DƷůƚŝ ƉůŽ ĚĂƐ Žů ŝǀĞŝ ƌĂ Ɛ ĐŽŵ
ŝ ŶƚĞƌĞƐ Ɛ Ğ ĐŽŵĞƌĐŝ Ăů ƉĞů Ž
ǀĂ ůŽƌ ŵĠĚŝ Ž ů şƋƵŝ ĚŽ ƉŽƌ
Žůŝ ǀĞŝ ƌĂ
Ků ŝ ǀĂů sĞůŚŽdƌĂĚŝ ĐŝŽŶĂ ů
Eͬ
$ YDULDomR RFRUULGD QR YDORU GRV DWLYRV ELROyJLFRV SDUD R SHUtRGR DSUHVHQWDGR p FRPR
VHJXH
;ĞƵƌŽƐ Ϳ
ϮϬϭϭ
^ĂůĚŽŝŶŝĐŝĂů
ϮϬϭϬ
DŽŶƚĂĚŽĚĞ
^ŽďƌŽ;ƉƌŽĚƵĕĆŽ
ĚĞĐŽƌƚŝĕĂͿ
DŽŶƚĂĚŽĚĞ
ǌŝŶŚŽĞ^ŽďƌŽ
;ƉƌŽĚƵĕĆŽĚĞ
ĨƌƵƚŽͿ
ϳϳϲ͘ϭϯϲ
ϯ͘ϵϯϲ
Ϯϲ͘ϯϭϬ
KůŝǀĂůsĞůŚŽ
dƌĂĚŝĐŝŽŶĂů
DŽŶƚĂĚŽĚĞ
^ŽďƌŽ;ƉƌŽĚƵĕĆŽ
ĚĞĐŽƌƚŝĕĂͿ
DŽŶƚĂĚŽĚĞ
ǌŝŶŚŽĞ^ŽďƌŽ
;ƉƌŽĚƵĕĆŽĚĞ
ĨƌƵƚŽͿ
ϴϬϲ͘ϯϴϮ
ϳϰϭ͘ϴϵϭ
ϯ͘ϵϯϲ
Ϯϲ͘ϯϭϬ
ϳϳϮ͘ϭϯϳ
dŽƚĂů
KůŝǀĂůsĞůŚŽ
dƌĂĚŝĐŝŽŶĂů
dŽƚĂů
ĚŝĕƁĞƐ
ͲƋƵŝƐ ŝĕƁĞƐ
ZĞĚƵĕƁĞƐ
ͲǆƚƌĂĕƁĞƐ
sĂƌŝĂĕƁĞƐĚŽũƵƐƚŽǀĂůŽƌ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
ϭϱϱ͘ϮϮϳ
Ͳ
ϭϳϵ
Ͳ
;ϭϲ͘ϵϭϲͿ
Ͳ
ϭϯϴ͘ϰϵϬ
Ͳ
ϯϰ͘Ϯϰϰ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
ϯϰ͘Ϯϰϰ
^ĂůĚŽĨŝŶĂů
ϵϯϭ͘ϯϲϯ
ϰ͘ϭϭϱ
ϵ͘ϯϵϰ
ϵϰϰ͘ϴϳϭ
ϳϳϲ͘ϭϯϲ
ϯ͘ϵϯϲ
Ϯϲ͘ϯϭϬ
ϴϬϲ͘ϯϴϮ
9DULDo}HVGRMXVWRYDORU
$YDULDomRGRMXVWRYDORURFRUULGDQRH[HUFtFLRGHpGHHXURV
HXURV
3DUWLFLSDo}HVILQDQFHLUDV±PpWRGRHTXLYDOrQFLDSDWULPRQLDO
(PGHGH]HPEURGHHR)XQGRGH,QYHVWLPHQWR,PRELOLiULR)HFKDGR³6DQWD
&DVD´HQFRQWUDVHPHQVXUDGRDWUDYpVGR0pWRGRGH(TXLYDOrQFLD3DWULPRQLDO0(3
y
$ 6DQWD &DVD GHWpP GDV XQLGDGHV GH SDUWLFLSDomR GR )XQGR ,PRELOLiULR )HFKDGR
³6DQWD&DVD´XQLGDGHVGHSDUWLFLSDomRUHFRQKHFLGDVDWUDYpVGRPpWRGR
GHHTXLYDOrQFLDSDWULPRQLDOQDVVXDVFRQWDVLQGLYLGXDLV
2YDORU UHFRQKHFLGRQmRHVWiGHDFRUGR FRP RMXVWRYDORUFRPXQLFDGRQD&090YLVWRTXH
DV SROtWLFDV FRQWDELOtVWLFDV SUDWLFDGDV SHOR )XQGR VmR GLIHUHQWHV GDV SUDWLFDGDV QD 6DQWD
&DVD
$VVLP DR YDORU OtTXLGR GR FDSLWDO SUySULR GR IXQGR IRUDP GHVFRQVLGHUDGDV DV YDULDo}HV GH
MXVWRYDORURFRUULGDVHDFUHVFLGDVFRPRSHUGDVDVGHSUHFLDo}HV
$V YDULDo}HV RFRUULGDV SHOR PpWRGR GH HTXLYDOrQFLD SDWULPRQLDO QR SHUtRGR VmR DV
VHJXLQWHV
;ĞƵƌŽƐ Ϳ
&ƵŶĚŽ/ŵŽďŝůŝĄƌŝŽ
Η^ĂŶƚĂĂƐĂϮϬϬϰΗ
ƋƵŝƐ ŝ ĕƁĞƐ
'ĂŶŚŽƐ ͬ;WĞƌĚĂƐ Ϳ
KƵƚƌŽƐ ŵŽǀŝŵĞŶƚŽƐ ŶŽĂ ƉŝƚĂů
ů ŝĞŶĂĕƁĞƐ
ŝǀŝĚĞŶĚŽƐ ƌĞĐĞďŝĚŽƐ
ϱϳ͘ϬϮϳ͘ϲϭϴ
Ͳ
;Ϯ͘ϳϵϴ͘ϴϴϲͿ
Ͳ
Ͳ
Ͳ
ƋƵŝƐ ŝ ĕƁĞƐ
'ĂŶŚŽƐ ͬ;WĞƌĚĂƐ Ϳ
KƵƚƌŽƐ ŵŽǀŝŵĞŶƚŽƐ ŶŽĂ ƉŝƚĂů
ů ŝĞŶĂĕƁĞƐ
ŝǀŝĚĞŶĚŽƐ ƌĞĐĞďŝĚŽƐ
Ͳ
;ϯ͘ϲϬϰ͘ϳϵϭͿ
Ͳ
Ͳ
Ͳ
2VDWLYRVHSDVVLYRVGHGH]HPEURGH HHRVUHQGLPHQWRVHJDVWRVJHUDGRV
GHVGHDGDWDGHDTXLVLomRFRQIRUPHUHFRQKHFLGRQDVGHPRQVWUDo}HVILQDQFHLUDVLQGLYLGXDLV
GR³)XQGR,PRELOLiULR6DQWD&DVD´VmRFRPRVHJXH
y
;ĞƵƌŽƐ Ϳ
&ƵŶĚŽ/ŵŽďŝůŝĄƌŝŽΗ^ĂŶƚĂĂƐĂϮϬϬϰΗ
ϮϬϭϭ
ƚŝǀŽƐ
EĆŽĐŽƌƌĞŶƚĞƐ
ŽƌƌĞŶƚĞƐ
ϮϬϭϬ
ϲϰ͘Ϭϲϰ͘ϱϱϲ
ϰ͘ϱϴϯ͘ϴϳϳ
ϲϴ͘ϲϰϴ͘ϰϯϯ
ϲϬ͘Ϭϴϭ͘ϴϰϭ
ϱ͘ϴϬϰ͘ϰϬϮ
ϲϱ͘ϴϴϲ͘Ϯϰϯ
Ͳ
ϭϱ͘ϱϲϳ͘Ϯϱϴ
ϭϱ͘ϱϲϳ͘Ϯϱϴ
Ͳ
ϭϬ͘ϰϯϴ͘ϴϰϭ
ϭϬ͘ϰϯϴ͘ϴϰϭ
ϱϯ͘Ϭϴϭ͘ϭϳϱ
ϲϴ͘ϲϰϴ͘ϰϯϯ
ϱϱ͘ϰϰϳ͘ϰϬϮ
ϲϱ͘ϴϴϲ͘Ϯϰϯ
ZĞŶĚŝŵĞŶƚŽƐ
'ĂƐ ƚŽƐ
ZĞƐ ƵůƚĂ ĚŽů şƋƵŝĚŽ
ϭ͘ϳϯϮ͘ϲϳϵ
;ϰ͘Ϭϵϴ͘ϵϬϱͿ
;Ϯ͘ϯϲϲ͘ϮϮϲͿ
ϯ͘ϯϵϰ͘ϰϲϵ
;ϳ͘ϯϬϲ͘ϳϯϱͿ
;ϯ͘ϵϭϮ͘ϮϲϲͿ
йƉĂ ƌƚŝĐŝƉĂĕĆŽĚĞƚŝĚĂ
ϭϬϬй
;Ϯ͘ϯϲϲ͘ϮϮϲͿ
ϭϬϬй
;ϯ͘ϵϭϮ͘ϮϲϲͿ
WĂƐƐŝǀŽƐ
EĆŽĐŽƌƌĞŶƚĞƐ
ŽƌƌĞŶƚĞƐ
ĂƉŝƚĂůWƌſƉƌŝŽ
ƚŝǀŝĚĂĚĞŶŽĂŶŽ
$ LQIRUPDomR ILQDQFHLUD XWLOL]DGD SDUD D DSOLFDomR GR PpWRGR GD HTXLYDOrQFLD SDWULPRQLDO
FRUUHVSRQGH j LQIRUPDomR LQFOXtGD QDV GHPRQVWUDo}HV ILQDQFHLUDV GR )XQGR ,PRELOLiULR
³6DQWD &DVD ´ GH GH GH]HPEUR GH H FRUULJLGDV j OX] GDV SROtWLFDV
FRQWDELOtVWLFDVDGRWDGDVQD6DQWD&DVDFRQIRUPHGHVFULWRDQWHULRUPHQWH
$ FDUWHLUD GH LPyYHLV GHWLGRV j GDWD GH GH GH]HPEUR GH DSUHVHQWD R YDORU GH
HXURVHXURVFRPDVHJXLQWHFRPSRVLomR
;ĞƵƌŽƐ Ϳ
ϮϬϭϭ
ϮϬϭϬ
ŽŶƐƚƌƵĕƁĞƐĂĐĂďĂĚĂƐ
ƌƌĞŶĚĂĚĂƐ
,ĂďŝƚĂĕĆŽ
ZƵĂ ĐƚŽƌdĂ ďŽƌĚĂ ͕ŶǑϮϬĂ Ϯϰ
ZƵĂ ĐƚŽƌdĂ ďŽƌĚĂ ͕ŶǑϮϲĂ ϯϰ
>Ă ƌŐŽŽŶĚĞĂ ƌĆ Ž͕ŶǑϵĂ ϭϮ
ZƵĂ &ĞƌŶĂ ŶĚĞƐ dŽŵĄ Ɛ ϱϰϭ
^Ğƌǀŝ ĕŽƐ
ǀ͘Ă >ŝ ďĞƌĚĂ ĚĞ͕ŶǑϭϵϰͬZƵĂ ZŽĚƌŝ ŐƵĞƐ ^Ă ŵƉĂ ŝ Ž
ZƵĂ ͘WĞĚƌŽs͕ŶǑϮĂ ϲ
ϭ͘ϬϮϮ͘ϲϱϱ
Ϯ͘ϯϱϵ͘ϵϳϮ
ϭ͘ϳϲϲ͘ϱϬϬ
ϵϴϯ͘ϱϬϬ
ϭ͘ϬϮϮ͘ϲϱϰ
Ϯ͘ϯϱϵ͘ϵϳϭ
ϭ͘ϳϲϲ͘ϱϬϬ
ϭ͘ϯϵϵ͘ϱϬϬ
ϭϯ͘ϴϵϬ͘ϬϬϬ
ϰ͘ϱϰϳ͘ϬϬϬ
ϭϱ͘ϯϳϮ͘ϱϬϬ
ϰ͘ϱϰϳ͘ϬϬϬ
EĆŽĂƌƌĞŶĚĂĚĂƐ
,Ă ďŝ ƚĂ ĕĆ Ž
ZƵĂ Ă ů ĕĂ ĚĂ ŽĂ Ͳ,ŽƌĂ ͕ŶǑϭϯϬ
ǀĞŶŝ ĚĂ Ă Ɛ Ă ů Zŝ ďĞŝ ƌŽ͕ŶǑϱϱ
ǀ͘ů ŵŝ ƌĂ ŶƚĞZĞŝ Ɛ ͕ŶǑϳϴ
ϭϯ͘ϴϮϬ͘ϬϬϬ
Ϯ͘ϴϯϭ͘ϵϲϲ
ϳ͘Ϯϭϭ͘ϭϮϮ
ϭϯ͘ϴϮϬ͘ϬϬϬ
Ϯ͘ϴϯϭ͘ϵϲϲ
ϳ͘ϭϵϯ͘ϱϱϵ
KƵƚƌŽƐ
WĂ ů Ą Đŝ ŽsĂ ů Ă ĚĂ ĚĂ ǌĂ ŵďƵũĂ >ƵŐĂ ƌĚĞů ĚĞŝ Ă ĚĞ:ƵǌŽ
ϱ͘ϱϯϲ͘ϬϴϮ
ϵ͘ϵϯϱ͘ϬϬϬ
ϰ͘ϭϮϲ͘ϰϬϬ
ϰ͘Ϭϱϲ͘ϬϬϬ
ϲϯ͘ϵϬϯ͘ϳϵϳ
ϱϴ͘ϰϵϲ͘ϬϱϬ
^ĂůĚŽ&ŝŶĂů
y
)DFHDRVYDORUHVDSUHVHQWDGRVRYDORUFRQVLGHUDGRQDVFRQWDVGD6DQWD&DVDSRUHIHLWRGR
DMXVWDPHQWR GDV SROtWLFDV FRQWDELOtVWLFDV HP GH GH]HPEUR GH IRL GH HXURVHXURVFRQIRUPHPDSDVHJXLQWH
;ĞƵƌŽƐ Ϳ
ϮϬϭϭ
ϮϬϭϬ
ĂƉŝƚĂůWƌſƉƌŝŽ
&ƵŶĚŽ/ŵŽďŝů ŝĄƌŝŽΗ^ĂŶƚĂĂƐ ĂϮϬϬϰΗ
ϱϯ͘Ϭϴϭ͘ϭϳϱ
ϱϱ͘ϰϰϳ͘ϰϬϮ
sĂ ůŽƌĚĂƉĂƌƚŝĐŝƉĂĕĆ ŽͲDW
ũƵƐƚĂŵĞŶƚŽ
:ƵƐ ƚŽsĂ ůŽƌĚĂĂƌƚĞŝƌĂĚĞŝ ŵſǀĞŝƐ
ĂƌƚĞŝƌĂ/ŵſǀĞŝƐͲsĂůŽƌƉĞůŽDW
ͲϮ͘ϰϱϳ͘Ϯϯϯ
Ͳϭ͘Ϯϭϴ͘ϲϲϵ
ϲϯ͘ϵϬϯ͘ϳϵϳ
ϲϭ͘ϰϰϲ͘ϱϲϰ
ϱϴ͘ϰϵϲ͘Ϭϱϭ
ϱϳ͘Ϯϳϳ͘ϯϴϮ
(QFRQWUDVH DLQGD UHJLVWDGD D SDUWLFLSDomR QD 6RMRJR $VVRFLDomR *HVWRUD GRV -RJRV
6RFLDLV GH 0RoDPELTXH 1R HQWDQWR D UHIHULGD SDUWLFLSDomR HVWi UHJLVWDGD SRU YDORU ]HUR
GDGDDREULJDWRULHGDGHGHGLVWULEXLomRGRVJDQKRVJHUDGRVSHOD6RMRJRSHORVEHQHILFLiULRV
GRVTXDLVD6&0/QmRID]SDUWH
3DUWLFLSDo}HVILQDQFHLUDV±RXWURVPpWRGRV
(P GH GH]HPEUR GH H RV DWLYRV UHFRQKHFLGRV QHVWD UXEULFD UHIHUHPVH D
LQVWUXPHQWRVGHFDSLWDOGHQDWXUH]DGLYHUVDFRPRVHJXH
;ĞƵƌŽƐͿ
DĠƚŽĚŽĚĞŵĞŶƐƵƌĂĕĆŽ
ϮϬϭϭ
ŽũƵƐƚŽǀĂůŽƌ
ĕƁĞƐŶĂĐŝŽŶĂŝƐĐŽƚĂĚĂƐ
ĕƁĞƐŝŶƚĞƌŶĂĐŝŽŶĂŝƐĐŽƚĂĚĂƐ
hŶŝĚĂĚĞƐĚĞWĂƌƚŝĐŝƉĂĕĆŽEĂĐŝŽŶĂŝƐ
hŶŝĚĂĚĞƐĚĞWĂƌƚŝĐŝƉĂĕĆŽ/ŶƚĞƌŶĂĐŝŽŶĂŝƐ
dşƚƵůŽƐĚĞWĂƌƚŝĐŝƉĂĕĆŽEĂĐŝŽŶĂŝƐ
dşƚƵůŽƐĚĞĚşǀŝĚĂƉƷďůŝĐĂƉĞƌƉĠƚƵĂ
ŽĐƵƐƚŽ
ĕƁĞƐŶĂĐŝŽŶĂŝƐĞŝŶƚĞƌŶĂĐŝŽŶĂŝƐŶĆŽĐŽƚĂĚĂƐ
ŵƉƌĠƐƚŝŵŽƐĐŽŶĐĞĚŝĚŽƐ
hŶŝĚĂĚĞƐĚĞWĂƌƚŝĐŝƉĂĕĆŽEĂĐŝŽŶĂŝƐ
KƵƚƌŽƐ
dŽƚĂů
ϮϬϭϬ
ŝͿ
ŝŝͿ
ŝŝŝͿ
ŝŝŝͿ
ŝǀͿ
ϭϴϯ͘ϱϴϯ
ϭϯ͘Ϯϴϲ
ϭϲϬ͘ϵϭϯ
ϮϯϬ͘ϵϱϴ
Ϯϰϭ͘ϵϲϴ
ϰϭ
ϮϬϲ͘ϴϭϴ
ϭϱ͘ϵϭϴ
Ϯϰϲ͘Ϭϱϰ
Ϯϲϵ͘ϴϰϴ
Ϯϰϭ͘ϵϲϴ
ϲϲ
ǀͿ
ǀͿ
ǀͿ
ǀͿ
ϭϱϲ͘Ϯϲϯ
ϭ͘Ϯϰϳ
ϮϬ͘ϬϬϬ
ϰϮ͘ϰϯϯ
ϭϵϴ͘ϱϮϳ
ϭ͘Ϯϰϳ
Ͳ
ϰϯ͘ϱϱϱ
ϭ͘ϬϱϬ͘ϲϵϮ
ϭ͘ϮϮϰ͘ϬϬϭ L
$o}HV FRWDGDV QR tQGLFH EROVLVWD 36, DV TXDLV HQFRQWUDPVH YDORUL]DGDV DR YDORU GH
PHUFDGR
LL $o}HVHVWUDQJHLUDVFRWDGDVQRVUHVSHWLYRVSDtVHVYDORUL]DGDVDRYDORUGHPHUFDGR
y
LLL 6XEVFULomR GH REULJDo}HV HPLWLGDV SRU HQWLGDGHV QDFLRQDLV H LQWHUQDFLRQDLV
HQFRQWUDQGRVHYDORUL]DGDVDRMXVWRYDORU
LY 7tWXORV HPLWLGRV SRU HQWLGDGHV QDFLRQDLV FRP D QDWXUH]D GH IXQGRV GH WHVRXUDULD
HQFRQWUDQGRVHYDORUL]DGRVDRMXVWRYDORU
Y 3DUWLFLSDo}HV GH FDSLWDO HP HPSUHVDV QDFLRQDLV H LQWHUQDFLRQDLV TXH QmR VH HQFRQWUDP
FRWDGDVHQFRQWUDQGRVHYDORUL]DGDVDRFXVWRKLVWyULFR
2VPRYLPHQWRVUHJLVWDGRVQHVWDUXEULFDIRUDPRVVHJXLQWHV
;ĞƵƌŽƐͿ
DĞŶƐƵƌĂĕĆŽ
ũƵƐƚŽǀĂůŽƌ
DĞŶƐƵƌĂĕĆŽ
ĐƵƐƚŽƐ
dŽƚĂů
ƋƵŝƐŝĕƁĞƐ
ũƵƐƚĂŵĞŶƚŽĚĞũƵƐƚŽǀĂůŽƌ
ůŝĞŶĂĕƁĞƐͬ>ŝƋƵŝĚĂĕƁĞƐ
ϴϬϰ͘ϯϰϵ
ϮϰϬ͘ϰϮϲ
;ϭϳ͘ϮϱϬͿ
Ͳ
Ͳ
ϭ͘ϬϮϳ͘ϱϮϱ
ϭϵϲ͘ϰϳϳ
ϰϬϬ
Ͳ
;ϰϬϬͿ
Ͳ
ϭϵϲ͘ϰϳϳ
ϭ͘ϬϬϬ͘ϴϮϲ
ϮϰϬ͘ϴϮϱ
;ϭϳ͘ϮϱϬͿ
;ϰϬϬͿ
Ͳ
ϭ͘ϮϮϰ͘ϬϬϭ
ƋƵŝƐŝĕƁĞƐ
ũƵƐƚĂŵĞŶƚŽĚĞũƵƐƚŽǀĂůŽƌ
ZĞĐůĂƐƐŝĨŝĐĂĕƁĞƐ
ůŝĞŶĂĕƁĞƐͬ>ŝƋƵŝĚĂĕƁĞƐ
ϭ͘ϬϮϳ͘ϱϮϱ
ϭϵϲ͘ϰϳϳ
133
20.000
;ϭϱϱ͘ϬϰϰͿ
Ͳ
ϰϮ͘ϱϭϯ
Ͳ
ϯ͘Ϭϭϴ
ϯ͘ϭϬϭ
ϭ͘ϮϮϰ͘ϬϬϭ
ϮϬ͘ϭϯϯ
;ϭϱϱ͘ϬϰϰͿ
ϯ͘Ϭϭϴ
ϰϱ͘ϲϭϰ
;ϴϳ͘ϬϯϭͿ
ϭ͘ϬϱϬ͘ϲϵϮ
(84.378)
(2.653)
ϴϯϬ͘ϳϰϵ
Ϯϭϵ͘ϵϰϮ
,QYHQWiULRV
2GHWDOKHGHLQYHQWiULRVHPGHGH]HPEURGHHpFRPRVHJXH
y
;ĞƵƌŽƐ Ϳ
DĞƌĐĂĚŽƌŝĂƐ
ϮϬϭϭ
ϮϬϭϬ
ϭϴϰ͘Ϯϰϳ
ϭϱϬ͘Ϯϭϱ
KƵƚƌŽƐĂƌƚŝŐŽƐ
ϴϴ͘Ϭϵϯ
ϳϮ͘ϳϲϱ
ƌƚŝŐŽƐƉĂƉĞů
ϱϵ͘ϳϱϱ
ϰϯ͘ϰϮϲ
ƌƚŝŐŽƐĐĂƐĂ
Ϯϰ͘ϳϭϰ
Ϯϭ͘ϯϳϭ
ƌƚŝŐŽƐŵŽĚĂ
ϱ͘ϰϬϴ
ϱ͘ϱϲϴ
>ŝǀƌŽƐĞƉƵďůŝĐĂĕƁĞƐ
ϲ͘Ϯϳϳ
ϳ͘Ϭϴϱ
DĂƚĠƌŝĂƐͲƉƌŝŵĂƐ͕ƐƵďƐŝĚŝĄƌŝĂƐĞĚĞĐŽŶƐƵŵŽ
ϴϲϭ͘ϳϬϯ
ϴϲϰ͘ϴϮϲ
WƌŽĚƵƚŽƐĨĂƌŵĂĐġƵƚŝĐŽƐ
Ϯϰϳ͘Ϯϭϲ
ϮϬϰ͘ϱϰϭ
DĂƚĞƌŝĂůĐŽŶƐƵŵŽĐůşŶŝĐŽ
ϰϮϭ͘ϴϯϱ
ϯϭϭ͘ϯϴϳ
ƉĂƌĞůŚŽƐŽƌƚŽƉĠĚŝĐŽƐĞŽƵƚƌŽƐ
ϵϴ͘ϯϲϭ
ϮϮϬ͘ϳϵϱ
>ŝŵƉĞǌĂ͕ŚŝŐŝĞŶĞĞĐŽŶĨŽƌƚŽ
ϴϬ͘ϳϲϬ
ϭϬϴ͘ϯϳϴ
>ŽƵĕĂƐ͕ƚĂůŚĞƌĞƐĞƵƚĞŶƐşůŝŽƐĚĞĐŽǌŝŶŚĂ
ϯϳϱ
ϰϳϰ
ϯ͘ϭϮϴ
ϭ͘ϲϰϬ
WƌŽĚƵƚŽƐĚŝĞƚĠƚŝĐŽƐ
ϳ͘ϴϯϰ
ϭϰ͘ϭϰϱ
KƵƚƌŽƐďĞŶƐĚĞĐŽŶƐƵŵŽ
Ϯ͘ϭϵϱ
ϯ͘ϰϲϱ
;ϰϬ͘ϬϬϬͿ
;ϭϬϰ͘ϲϮϮͿ
ϭ͘ϬϬϱ͘ϵϱϭ
ϵϭϬ͘ϰϭϴ
'ĠŶĞƌŽƐĂůŝŵĞŶƚĂƌĞƐ
/ŵƉĂƌŝĚĂĚĞĚĞŝŶǀĞŶƚĄƌŝŽƐ
dŽƚĂůŝŶǀĞŶƚĄƌŝŽƐ
$ YDULDomR GR WRWDO GH LQYHQWiULRV GHFRUUH VREUHWXGR GD UHGXomR GDV LPSDULGDGHV
GHFRUUHQWH GR FRQVXPR WRWDO GH PDWHULDLV GH RUWRSURWHVLD QR &05$ FRP UHGX]LGD
URWDWLYLGDGHTXHFRQVWLWXtDPRUHIRUoRGDLPSDULGDGHQRH[HUFtFLRGH
;ĞƵƌŽƐ Ϳ
ϮϬϭϭ
ϮϬϭϬ
ϭϬϰ͘ϲϮϮ
ϰϬ͘ϬϬϬ
ƵŵĞŶƚŽƐ
Ͳ
ϲϰ͘ϲϮϮ
hƚŝůŝǌĂĕƁĞƐ
Ͳ
Ͳ
ϲϰ͘ϲϮϮ
Ͳ
ϭĚĞ:ĂŶĞŝƌŽ
ZĞĚƵĕƁĞƐ
ϯϭĞǌĞŵďƌŽ
ϰϬ͘ϬϬϬ
ϭϬϰ͘ϲϮϮ 2FXVWRGRVLQYHQWiULRVUHFRQKHFLGRVHPFRPRJDVWRHLQFOXtGRQDUXEULFD³FXVWRGDV
PHUFDGRULDV YHQGLGDV H GDV PDWpULDV FRQVXPLGDV´ WRWDOL]RX HXURV HXURV
&OLHQWHV8WHQWHV
1R H[HUFtFLR ILQGR HP GH GH]HPEUR GH H D GHFRPSRVLomR GD UXEULFD GH
FOLHQWHVXWHQWHVpFRPRVHJXH
y
;ĞƵƌŽƐ Ϳ
ϮϬϭϭ
ϮϬϭϬ
EĆŽ
ĐŽƌƌĞŶƚĞ
ŽƌƌĞŶƚĞ
dŽƚĂů
EĆŽ
ĐŽƌƌĞŶƚĞ
ŽƌƌĞŶƚĞ
dŽƚĂů
ůŝĞŶƚĞƐ ĚĞĐĕĆŽ^ŽĐŝĂ ů
ϭϬϵ͘ϭϴϮ
Ͳ
ϭϬϵ͘ϭϴϮ
ϭϴϱ͘ϵϵϲ
Ͳ
ϭϴϱ͘ϵϵϲ
/ŶƋƵŝůŝŶŽƐ
ϵϯϬ͘ϭϴϱ
Ͳ
ϵϯϬ͘ϭϴϱ
ϭ͘ϭϵϰ͘ϰϲϲ
Ͳ
ϭ͘ϭϵϰ͘ϰϲϲ
ϱϰ͘ϴϴϴ͘ϳϬϱ
Ͳ
ϱϰ͘ϴϴϴ͘ϳϬϱ
ϱϯ͘Ϯϵϳ͘ϱϰϳ
Ͳ
ϱϯ͘Ϯϵϳ͘ϱϰϳ
ϴϯ͘ϱϰϮ
Ͳ
ϴϯ͘ϱϰϮ
ϯϵ͘Ϯϰϲ
Ͳ
ϯϵ͘Ϯϰϲ
Ϯ͘ϵϬϳ
Ͳ
Ϯ͘ϵϬϳ
ϱ͘Ϭϵϭ
Ͳ
ϱ͘Ϭϵϭ
ϱ͘ϬϵϮ͘ϰϰϯ
Ͳ
ϱ͘ϬϵϮ͘ϰϰϯ
ϰ͘ϯϵϵ͘ϳϮϭ
Ͳ
ϰ͘ϯϵϵ͘ϳϮϭ
ϲϭ͘ϭϬϲ͘ϵϲϱ
;ϰϲ͘ϯϮϭͿ
;ϰϲϬ͘ϲϬϯͿ
Ͳ
Ͳ
Ͳ
ϲϭ͘ϭϬϲ͘ϵϲϱ
;ϰϲ͘ϯϮϭͿ
;ϰϲϬ͘ϲϬϯͿ
ϱϵ͘ϭϮϮ͘Ϭϲϲ
;ϰϵ͘ϳϵϭͿ
;ϯϱϴ͘ϲϯϯͿ
Ͳ
Ͳ
Ͳ
ϱϵ͘ϭϮϮ͘Ϭϲϲ
;ϰϵ͘ϳϵϭͿ
;ϯϱϴ͘ϲϯϯͿ
;ϱϭ͘Ϯϵϱ͘ϰϮϵͿ
Ͳ
;ϱϭ͘Ϯϵϱ͘ϰϮϵͿ
;ϰϴ͘ϱϴϭ͘ϴϵϮͿ
Ͳ
;ϰϴ͘ϱϴϭ͘ϴϵϮͿ
;ϭϬϰ͘ϳϭϬͿ
Ͳ
;ϭϬϰ͘ϳϭϬͿ
;ϵϯ͘ϱϲϲͿ
Ͳ
;ϵϯ͘ϱϲϲͿ
;ϱϭ͘ϵϬϳ͘ϬϲϯͿ
Ͳ
;ϱϭ͘ϵϬϳ͘ϬϲϯͿ
;ϰϵ͘Ϭϴϯ͘ϴϴϯͿ
Ͳ
;ϰϵ͘Ϭϴϯ͘ϴϴϯͿ
ϵ͘ϭϵϵ͘ϵϬϮ
Ͳ
ϵ͘ϭϵϵ͘ϵϬϮ
Ͳ
ůŝĞŶƚĞƐ Ɛ Ă ƷĚĞĐͬĐ
i)
ůŝĞŶƚĞƐ ĚĞĞƐ ƚĂďĞůĞĐŝŵĞŶƚŽĚĞĞŶƐ ŝŶŽ
KƵƚƌŽƐ ĐůŝĞŶƚĞƐ
ůŝĞŶƚĞƐ ĐŽďƌĂ ŶĕĂ ĚƵǀŝĚŽƐ Ă
ii)
/ŵƉĂ ƌŝĚĂĚĞĚĞĐů ŝĞŶƚĞƐ ĚĂ ĐĕĆŽ^ŽĐŝĂ ů
/ŵƉĂ ƌŝĚĂĚĞĚĞŝŶƋƵŝůŝŶŽƐ
/ŵƉĂ ƌŝĚĂĚĞĚĞĐů ŝĞŶƚĞƐ Ɛ Ă ƷĚĞ
/ŵƉĂ ƌŝĚĂĚĞĚĞĐů ŝĞŶƚĞƐ ĚĞĞƐ ƚĂďĞůĞĐŝŵĞŶƚŽĚĞĞŶƐ ŝŶŽ
dŽƚĂů
L &OLHQWHV VD~GH FF ± UHODWLYR DRV VHUYLoRV H FXLGDGRV GH VD~GH SUHVWDGRV QR kPELWR GR
LQWHUQDPHQWRFRQVXOWDVHPHLRVFRPSOHPHQWDUHVGHGLDJQyVWLFRHWHUDSrXWLFD
LL&OLHQWHVVD~GHFREUDQoDGXYLGRVD±UHODWLYRDRVVHUYLoRVGHVD~GHSUHVWDGRVIDWXUDGRV
FXMDVIDWXUDVVHHQFRQWUDPYHQFLGDVFRPVLJQLILFDWLYDDQWLJXLGDGH
,PSDULGDGHGHFOLHQWHV
2DXPHQWRYHULILFDGRHPUHIOHWHVREUHWXGRRUHFRQKHFLPHQWRGDWRWDOLGDGHGDVGtYLGDV
DR&05$GDVLQVWLWXLo}HVGDV5HJL}HV$XWyQRPDVGRV$oRUHVHGD0DGHLUDQRVPRQWDQWHV
GHHHXURVUHVSHWLYDPHQWH
$ XWLOL]DomR YHULILFDGD GHFRUUH VREUHWXGR GR DFRUGR HVWDEHOHFLGR FRP R &HQWUR +RVSLWDODU
/LVERD&HQWUDODLQGDQRGHFRUUHUGRDQRHFXMRVSDJDPHQWRVWrPYLQGRDUHJLVWDUVH
DRORQJRGH
;ĞƵƌŽƐ Ϳ
ϮϬϭϭ
ϮϬϭϬ
ϰϵ͘Ϭϴϯ͘ϴϴϯ
ϰϰ͘ϯϳϴ͘ϴϳϯ
ƵŵĞŶƚŽƐ ϯ͘ϳϮϳ͘ϴϱϴ
ϲ͘ϭϮϭ͘ϴϰϲ
hƚŝ ů ŝ ǌĂ ĕƁĞƐ
;ϴϲϬ͘ϳϬϰͿ
;ϭ͘ϰϭϯ͘ϱϲϱͿ
;ϰϯ͘ϵϳϰͿ
;ϯ͘ϮϳϮͿ
ϱϭ͘ϵϬϳ͘Ϭϲϯ
ϰϵ͘Ϭϴϯ͘ϴϴϯ
ZĞĚƵĕƁĞƐ
3DUD RV SHUtRGRV DSUHVHQWDGRV QmR H[LVWHP GLIHUHQoDV HQWUH RV YDORUHV FRQWDELOtVWLFRV H R
VHXMXVWRYDORU
y
$GLDQWDPHQWRGH&OLHQWHV
(QFRQWUDPVHUHJLVWDGRVHDGLDQWDPHQWRGHFOLHQWHVQR&05$HQD(66$FRUUHVSRQGHQGR
UHVSHWLYDPHQWHDPRQWDQWHVSDJRVSHOD$GPLQLVWUDomR5HJLRQDOGH6D~GHH9DOHGR7HMRD
WtWXOR GH DGLDQWDPHQWR SRU FRQWD GH FXLGDGRV D SUHVWDU H SURSLQDV SDJDV SRU DOXQRV GD
(66$
(VWDGRHRXWURVHQWHVS~EOLFRV
1RH[HUFtFLRILQGRHPGHGH]HPEURGHHRVVDOGRVGH(VWDGRHRXWURVHQWHV
S~EOLFRVVmRRVVHJXLQWHV
;ĞƵƌŽƐ Ϳ
ϮϬϭϭ
ĞǀĞĚŽƌ
/ŵƉŽƐ ƚŽƐ Ɛ ͬƌĞŶĚŝŵĞŶƚŽͲ/Z^
/ŵƉŽƐ ƚŽƐ ͬǀĂ ůŽƌĂ ĐƌĞƐ ĐĞŶƚĂ ĚŽͲ/s
ϮϬϭϬ
ƌĞĚŽƌ
ĞǀĞĚŽƌ
ƌĞĚŽƌ
Ͳ
ϵϲϬ͘ϱϭϬ
Ͳ
ϵϱϮ͘ϯϰϯ
ϭ͘Ϭϳϯ͘ϵϮϬ
ϲϭϱ͘ϴϮϲ
ϳϭϬ͘ϵϴϮ
ϲϬϴ͘ϭϬϭ
Ͳ
ϭ͘ϵϬϳ͘ϰϵϳ
Ͳ
ϭ͘ϳϬϳ͘ϵϮϲ
ϭ͘Ϭϲϴ
Ͳ
Ͳ
ϱ͘ϯϲϭ
ϭ͘Ϭϳϰ͘ϵϴϴ
ϯ͘ϰϴϯ͘ϴϯϯ
ϳϭϬ͘ϵϴϮ
ϯ͘Ϯϳϯ͘ϳϯϭ
ŽŶƚƌŝďƵŝĕƁĞƐ ƉͬƐ ĞŐƵƌĂ ŶĕĂ Ɛ ŽĐŝĂ ůĞ'
KƵƚƌŽƐ ŝ ŵƉŽƐ ƚŽƐ
2VVDOGRVGHYHGRUHVGH,9$UHIHUHPVHDSHGLGRVGHUHHPEROVRHIHWXDGRV
2 VDOGR GHYHGRU GH RXWURV LPSRVWRV FRUUHVSRQGH DR YDORU HQWUHJXH D PDLV DR (VWDGR
UHODWLYRDXPSURFHVVRGHSHQKRUDGHFUpGLWRTXHVHHQFRQWUDDDJXDUGDUUHJXODUL]DomR
2V VDOGRV FUHGRUHV GH ,PSRVWR VUHQGLPHQWR ± ,56 FRQWULEXLo}HV SDUD 6HJXUDQoD 6RFLDO
SDUD&DL[D*HUDOGH$SRVHQWDo}HVSDUD$'6(HRXWURVLPSRVWRVVmRUHIHUHQWHVDRPrVHP
FXUVRQmRH[LVWLQGRTXDOTXHUYDORUHPPRUD
2XWUDVFRQWDVDUHFHEHU
(P GH GH]HPEUR GH H D GHFRPSRVLomR GD UXEULFD GH 2XWUDV FRQWDV D
UHFHEHUpFRPRVHJXH
y
;ĞƵƌŽƐ Ϳ
ϮϬϭϭ
ŽƌƌĞŶƚĞ
KƵƚƌŽƐĚĞǀĞĚŽƌĞƐ
ŶƚŝĚĂĚĞƐƌĞůĂĐŝŽŶĂĚĂƐ
&ŝŶĂŶĐŝĂŵĞŶƚŽƐĞǆƚĞƌŶŽƐ
ŝƐƚƌŝďƵŝĕĆŽĚĞZĞƐƵůƚĂĚŽƐĚŽ:
ĚŝĂŶƚĂŵĞŶƚŽƐddͲ^ƵďƐşĚŝŽƐ
ĞŶĞĨşĐŝŽƐĚĞZĞĨŽƌŵĂ
KƵƚƌŽƐ
WĞƐƐŽĂů
Z^^>sd
ĞǀĞĚŽƌĞƐƉŽƌĂĐƌĠƐĐŝŵŽƐĚĞƌĞŶĚŝŵĞŶƚŽƐ
ŵƉƌĞƐƚŝŵŽĨĂƌĚĂƐ
ŝͿ
ŝŝͿ
ŝŝŝͿ
ŝǀͿ
ǀͿ
ǀͿ
ǀŝͿ
ǀŝŝͿ
/ŵƉĂƌŝĚĂĚĞĚĞŽƵƚƌŽƐĚĞǀĞĚŽƌĞƐ
KƵƚƌĂƐĐŽŶƚĂƐĂƌĞĐĞďĞƌ
ϮϬϭϬ
dŽƚĂů
ŽƌƌĞŶƚĞ
dŽƚĂů
Ϯ͘ϭϲϬ͘ϱϰϲ
ϭϰϮ͘ϳϭϱ
Ϯϵ͘ϯϵϬ͘ϵϵϱ
Ϯ͘ϰϵϭ͘ϳϮϴ
Ͳ
ϭ͘ϭϮϱ͘ϰϱϳ
ϭϲϲ͘ϮϭϬ
ϯ͘ϵϴϬ͘ϭϱϳ
ϭ͘ϳϯϭ͘ϴϴϴ
ϭ͘ϯϰϳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ϯ͘ϭϲϬ͘ϱϰϲ
ϭϰϮ͘ϳϭϱ
Ϯ͘ϰϵϭ͘ϳϮϴ
Ͳ
ϭ͘ϭϮϱ͘ϰϱϳ
ϭϲϲ͘ϮϭϬ
ϯ͘ϵϴϬ͘ϭϱϳ
ϭ͘ϳϯϭ͘ϴϴϴ
ϭ͘ϯϰϳ
ϭ͘ϵϮϯ͘Ϭϰϱ
ϳϯϯ͘Ϯϳϯ
ϮϮ͘ϯϰϯ͘ϱϮϰ
Ϯ͘ϭϯϵ͘ϳϮϱ
Ϯ͘ϲϬϱ͘ϱϯϳ
ϭ͘ϯϵϮ͘ϰϵϬ
ϭϬϱ͘ϮϴϮ
ϯ͘ϱϴϮ͘Ϭϰϵ
Ϯ͘ϱϳϴ͘ϭϬϳ
ϭ͘ϲϮϮ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
ϭ͘ϵϮϯ͘Ϭϰϱ
ϳϯϯ͘Ϯϳϯ
Ϯ͘ϭϯϵ͘ϳϮϱ
Ϯ͘ϲϬϱ͘ϱϯϳ
ϭ͘ϯϵϮ͘ϰϵϬ
ϭϬϱ͘ϮϴϮ
ϯ͘ϱϴϮ͘Ϭϰϵ
Ϯ͘ϱϳϴ͘ϭϬϳ
ϭ͘ϲϮϮ
;ϭϳϳ͘ϯϱϮͿ
Ͳ
;ϭϳϳ͘ϯϱϮͿ
;ϭϰϴ͘ϱϴϯͿ
Ͳ
;ϭϰϴ͘ϱϴϯͿ
Ͳ
Ͳ
L (QWLGDGHV UHODFLRQDGDV VDOGRV UHVXOWDQWHV GDV WUDQVDo}HV RSHUDFLRQDLV HQWUH D 6DQWD
&DVDHR'HSDUWDPHQWRGH-RJRV1RWD
LL )LQDQFLDPHQWRV ([WHUQRV 9DORUHV D UHFHEHU QR kPELWR GH FDQGLGDWXUDV DR 4XDGUR GH
5HIHUrQFLD(VWUDWpJLFR 1DFLRQDO45(1 HDR DFRUGRGHFRRSHUDomRFHOHEUDGR HQWUH R ,()3
HQWLGDGHTXHDWULEXLVXEVtGLRVjIRUPDomRHD6DQWD&DVD
LLL'LVWULEXLomRGH5HVXOWDGRVGR'-FRQWDDWUDYpVGDTXDOVmRUHJLVWDGRVRVDSXUDPHQWRV
GHUHVXOWDGRVGR'HSDUWDPHQWRGH-RJRVDGLVWULEXLUSHORVEHQHILFLiULRVGRV-RJRV6RFLDLV
FRQIRUPHDVGLVSRVLo}HVGR'HFUHWR/HLQGHGHPDUoRDOWHUDGR'HFUHWR/HL
QGHGHPDUoRH'HFUHWR/HLQGHGHRXWXEUR
LY$GLDQWDPHQWRV&77&RUUHVSRQGHDDGLDQWDPHQWRVHIHWXDGRV VREUHDHPLVVmRGHYDOHV
SDUDSDJDPHQWRGHVXEVtGLRV
Y %HQHItFLRV GH UHIRUPD LPSDFWR QR EDODQoR GD DWXDOL]DomR GDV UHVSRQVDELOLGDGHV H GR
YDORUGRVDWLYRVGR)XQGRGH3HQV}HVFRQIRUPHGHVFULWRQD1RWD$GHGH]HPEURGH
R LPSDFWR HQFRQWUDVH QR SDVVLYR HP RXWUDV FRQWD D SDJDU FRQIRUPH GHVFULWR QD
1RWD
Y 3HVVRDO 2 YDORU JOREDO GDV GtYLGDV DWLYDV UHVSHLWDQWHV j 6DQWD &DVD FRPSRVWR SRU
SDJDPHQWRVDSHVVRDOHPSUpVWLPRVHDGLDQWDPHQWRV
y
YL&566/97FRQWULEXLo}HVHIHWXDGDVHPH[FHVVRDIDYRUGD6HJXUDQoD6RFLDODDJXDUGDU
UHJXODUL]DomR
YLL'HYHGRUHVSRUDFUpVFLPRVGHUHQGLPHQWRV
;ĞƵƌŽƐ Ϳ
ϮϬϭϭ
ϮϬϭϬ
:ƵƌŽƐĂƌĞĐĞďĞƌ
ŝͿ
ϭ͘Ϭϴϴ͘ϵϰϭ
ϭ͘ϲϲϯ͘ϬϬϮ
KƵƚƌŽƐƌĞŶĚŝŵĞŶƚŽƐ
ŝŝͿ
ϲϰϮ͘ϵϰϴ
ϵϭϱ͘ϭϬϱ
ϭ͘ϳϯϭ͘ϴϴϴ
Ϯ͘ϱϳϴ͘ϭϬϳ
L -XURV D UHFHEHU VDOGR UHIHUHQWH j HVSHFLDOL]DomR GH UHQGLPHQWRV GH DSOLFDo}HV GH
WHVRXUDULDGHFXUWRSUD]R
LL 2XWURV UHQGLPHQWRV FRQWHPSOD GLYHUVDV HVSHFLDOL]Do}HV GH FXLGDGRV GH VD~GH
SUHVWDGRV DVVLP FRPR D IDWXUDomR GH GH]HPEUR TXH DSHQDV p LQWHJUDGD QR PrV
VHJXLQWH H D HVSHFLDOL]DomR GDV FRQGLo}HV GH GHVFRQWR UDSSHO DVVRFLDGDV D FRQWUDWRV
GHIRUQHFLPHQWRGHSURGXWRVVHUYLoRV
VHXMXVWRYDORU
'LIHULPHQWRV
(PGHGH]HPEURGHHD6DQWD&DVDWHPUHJLVWDGRQDUXEULFDGHGLIHULPHQWRV
RVVHJXLQWHVVDOGRV
;ĞƵƌŽƐ Ϳ
ϮϬϭϭ
ϮϬϭϬ
ZĞŶĚĂƐĞŽƵƚƌŽƐƐĞƌǀŝĕŽƐ
ϵϴ͘ϵϬϰ
ϲϯ͘ϭϯϲ
KƵƚƌŽƐŐĂƐƚŽƐ
ϮϮ͘ϱϴϯ
ϯ͘ϴϰϬ
ϭϮϭ͘ϰϴϳ
ϲϲ͘ϵϳϲ
'ĂƐƚŽƐĂƌĞĐŽŶŚĞĐĞƌ
ZĞŶĚĂƐĚĞWƌŽƉƌŝĞĚĂĚĞƐĚĞ/ŶǀĞƐƚŝŵĞŶƚŽ
Ϯϯϰ͘ϰϬϲ
ϭϵϲ͘ϲϲϵ
KƵƚƌŽƐƌĞŶĚŝŵĞŶƚŽƐ
ϭϳϬ͘ϯϭϬ
ϭϵϵ͘Ϯϰϴ
ZĞŶĚŝŵĞŶƚŽƐĂƌĞĐŽŶŚĞĐĞƌ
ϰϬϰ͘ϳϭϳ
ϯϵϱ͘ϵϭϳ
L (P JDVWRV D UHFRQKHFHU HQFRQWUDVH UHJLVWDGD D HVSHFLDOL]DomR GH UHQGDV GH HVSDoRV
DUUHQGDGRVSHOD6DQWD&DVDUHIHUHQWHVDMDQHLURGH
y
LL (P UHQGLPHQWRV D UHFRQKHFHU HQFRQWUDVH UHJLVWDGD D HVSHFLDOL]DomR GH UHQGDV GH
SURSULHGDGHVGHLQYHVWLPHQWRSURFHVVDGDVHPGH]HPEURGHPDVUHIHUHQWHVDMDQHLUR
GH
)XQGR6RFLDO
$ 6DQWD &DVD QmR WHP FDSLWDO VRFLDO HVWDWXWiULR 2 PRQWDQWH UHFRQKHFLGR FRPR ³)XQGR
6RFLDOÚHIHUHVHDRYDORUGHHQWUDGDVHPHVSpFLHRFRUULGDVjGDWDGDVXDFRQVWLWXLomR
5HVXOWDGRVWUDQVLWDGRV
2VPRYLPHQWRVUHJLVWDGRVHPUHVXOWDGRVWUDQVLWDGRVQRVH[HUFtFLRVGHHVmRRV
VHJXLQWHV
([HUFtFLRHXURVSHODDSOLFDomRGRUHVXOWDGROtTXLGRGRH[HUFtFLRGH
FRQIRUPHGHOLEHUDomRGD0HVDGD6DQWD&DVDGHGHPDUoRGH
([HUFtFLRHXURVSHODDSOLFDomRGRUHVXOWDGROtTXLGRGRH[HUFtFLRGH
FRQIRUPHGHOLEHUDomRGD0HVDGD6DQWD&DVDGHGHPDUoRGH
2XWUDVYDULDo}HVQRFDSLWDOSUySULR
$ UXEULFD ³2XWUDV YDULDo}HV QR FDSLWDO SUySULR´ UHIHUHVH jV VHJXLQWHV QDWXUH]DV GH
PRYLPHQWRVRFRUULGRVQRVH[HUFtFLRVGHH
;ĞƵƌŽƐͿ
ŽĂĕƁĞƐ
ĚŝĕƁĞƐͬZĞĨŽƌĕŽƐ
ZĞŐƵůĂƌŝǌĂĕĆŽƉŽƌƌĞƐƵůƚĂĚŽƐ
KƵƚƌĂƐƌĞŐƵůĂƌŝǌĂĕƁĞƐ
ůŝĞŶĂĕƁĞƐ
ĚŝĕƁĞƐͬZĞĨŽƌĕŽƐ
ZĞŐƵůĂƌŝǌĂĕĆŽƉŽƌƌĞƐƵůƚĂĚŽƐ
KƵƚƌĂƐƌĞŐƵůĂƌŝǌĂĕƁĞƐ
ůŝĞŶĂĕƁĞƐ
^ƵďƐşĚŝŽƐ
dŽƚĂů
ϲ͘ϯϰϬ͘ϵϮϰ
Ϯ͘ϯϴϱ͘ϬϲϮ
ϴ͘ϳϮϱ͘ϵϴϲ
ϴϰϭ͘ϲϵϮ
Ͳ
;ϰϲͿ
Ͳ
Ͳ
Ͳ
;ϮϮϬ͘ϰϴϲͿ
Ͳ
Ͳ
Ͳ
ϴϰϭ͘ϲϵϮ
;ϮϮϬ͘ϰϴϲͿ
;ϰϲͿ
Ͳ
Ͳ
ϳ͘ϭϴϮ͘ϱϲϵ
Ϯ͘ϭϲϰ͘ϱϳϲ
ϵ͘ϯϰϳ͘ϭϰϰ
ϯϵϵ͘Ϯϯϭ
;ϯϲ͘ϲϬϮͿ
;ϳϵ͘ϴϬϴͿ
Ͳ
Ͳ
Ͳ
;ϮϮϱ͘ϬϰϰͿ
Ͳ
Ͳ
Ͳ
ϯϵϵ͘Ϯϯϭ
;Ϯϲϭ͘ϲϰϲͿ
;ϳϵ͘ϴϬϴͿ
Ͳ
Ͳ
ϳ͘ϰϲϱ͘ϯϵϬ
ϭ͘ϵϯϵ͘ϱϯϮ
ϵ͘ϰϬϰ͘ϵϮϮ
'RDo}HV
y
2 VDOGR GH ³'RDo}HV´ UHVSHLWD j LQWHJUDomR HP SDWULPyQLR GD 6DQWD &DVD UHVSHLWDQWH D
EHQVGRDGRVSRUEHQHPpULWRVUHIOHWLQGRRYDORUGHDYDOLDomRTXHOKHVpDWULEXtGR
2 PRYLPHQWR GH ³$GLo}HV 5HIRUoRV´ HVWi DVVRFLDGR j LQWHJUDomR GH QRYRV EHQV GRDGRV
GXUDQWHRH[HUFtFLRVHQGRTXHDVSULQFLSDLVGRDo}HVIRUDP
;ĞƵƌŽƐͿ
ϮϬϭϭ
ŽĂĕĆŽĚĞ^ŽĐŝŶĞǀĞƐ͕/Ŷǀ͘/ŵŽďŝůŝĄƌŝŽƐ͕>ĚĂ͘
ŽĂĕĆŽĚĞ&ĞƌŶĂŶĚĂ>ŽƉĞƐ
ŽĂĕĆŽĚĞ:ŽƐĠ^ŝƌŐĂĚŽ
ŽĂĕĆŽĚĞDĂƌŝĂĚŽƐ^ĂŶƚŽƐ
ŽĂĕĆŽĚĞůŽƚŝůĚĞŵĂĚŽ
ϭϰϳ͘ϬϬϬ
ϳϬ͘ϬϬϬ
ϲϳ͘ϱϬϬ
ϯϴ͘ϴϬϬ
ϮϮ͘ϮϱϬ
ϯϰϱ͘ϱϱϬ
6XEVtGLRV
2VVDOGRVGHVXEVtGLRVDRLQYHVWLPHQWRUHVSHLWDPDRVVHJXLQWHVSURJUDPDV
;ĞƵƌŽƐͿ
&ZʹůĚĞŝĂĚĞ^ĂŶƚĂ/ƐĂďĞůĞZĞĨĞŝƚſƌŝŽĚŽƐŶũŽƐ
W/>Zʹ>ĂƌE͘^ƌĂ͘ĚŽĂƌŵŽĞ>ĂƌE͘^ƌĂ͘ĚŽƐŶũŽƐ
E>^ʹZĞƐŝĚġŶĐŝĂ^ĂŶƚĂZŝƚĂĚĞĄƐƐŝĂ
WKʹKďƌĂƐĚĞZĞŵŽĚĞůĂĕĆŽͬŵƉůŝĂĕĆŽĚŽDƵƐĞƵĚĞ^͘ZŽƋƵĞ
Yh>ʹWƌŽŐƌĂŵĂĚĞKƉŽƌƚƵŶŝĚĂĚĞƐ
Yh>ʹWƌŽũĞĐƚŽ/DʹŽŽƉĞƌĂĕĆŽ͕ĐĕĆŽĞ/ŶǀĞƐƚŝŐĂĕĆŽDƵŶĚŝǀŝƐĆŽ
Yh>Ͳ<Ͳ/
W>WͲWƌŽũĞĐƚŽ/ŶƚĞŐƌĂĚŽĚŽĂŝƌƌŽůƚŽ
/&WͲ/E>h/
ϮϬϭϭ
ϮϬϭϬ
ϳϲϲ͘ϳϰϭ
ϱϱϮ͘ϱϴϭ
ϱϯ͘Ϯϱϲ
ϱϯϰ͘Ϯϰϭ
ϵ͘Ϭϴϳ
Ͳ
ϭ͘ϴϯϰ
Ϯϭ͘ϲϭϯ
ϭϳϵ
ϭ͘ϵϯϵ͘ϱϯϮ
ϴϱϱ͘ϯϯϮ
ϲϭϯ͘ϵϳϵ
ϱϴ͘ϱϴϭ
ϱϲϱ͘ϵϰϵ
ϭϱ͘ϱϵϲ
Ϯϰ͘ϵϯϴ
ϱ͘Ϯϯϯ
Ϯϰ͘ϳϬϬ
Ϯϲϳ
Ϯ͘ϭϲϰ͘ϱϳϲ
2 PRYLPHQWR GR SHUtRGR HP HXURV H HP UHIOHWH D
UHJXODUL]DomR GRV VXEVtGLRV DR LQYHVWLPHQWR HP UHVXOWDGR GD GHSUHFLDomR YHULILFDGD QRV
DWLYRV VXEVLGLDGRV SRU FRQWUDSDUWLGD GRV UHVXOWDGRV GR H[HUFtFLR QD UXEULFD GH ³2XWURV
UHQGLPHQWRVHJDQKRV´
3URYLV}HV
(P GH GH]HPEUR GH H R GHWDOKH GD UXEULFD GH ³3URYLV}HV´ DSUHVHQWD RV
VHJXLQWHVYDORUHV
y
;ĞƵƌŽƐ Ϳ
WƌŽĐĞƐƐŽƐ
ũƵĚŝĐŝĂŝƐ
ŽŶƐĞƌǀĂĕĆŽ
ĚĞũĂǌŝŐŽƐ
ϲϰϲ͘ϱϯϴ
ŽƚĂĕĆŽ
KƵƚƌĂƐƉƌŽǀŝƐƁĞƐ
Ϯ͘ϴϰϲ͘ϲϲϳ
dŽƚĂů
ϭϯϬ͘ϯϳϬ
ϯ͘ϲϮϯ͘ϱϳϱ
ϲϮϳ͘ϵϭϰ
ϲϮϳ͘ϵϭϰ
Ͳ
Ͳ
hƚŝůŝǌĂĕĆŽ
Ͳ
Ͳ
Ͳ
Ͳ
ZĞĚƵĕĆŽ
Ͳ
;Ϯϴϴ͘ϲϲϳͿ
;ϯϳ͘ϭϵϵͿ
;ϯϮϱ͘ϴϲϲͿ
ϭ͘Ϯϳϰ͘ϰϱϮ
Ϯ͘ϱϱϴ͘ϬϬϬ
ϵϯ͘ϭϳϬ
ϯ͘ϵϮϱ͘ϲϮϮ
^ĂůĚŽŶĆŽĐŽƌƌĞŶƚĞ
ϭ͘Ϯϳϰ͘ϰϱϮ
Ϯ͘ϱϱϴ͘ϬϬϬ
ϵϯ͘ϭϳϬ
ϯ͘ϵϮϱ͘ϲϮϮ
ϭ͘Ϯϳϰ͘ϰϱϮ
Ϯ͘ϱϱϴ͘ϬϬϬ
ϵϯ͘ϭϳϬ
ϯ͘ϵϮϱ͘ϲϮϮ
WƌŽĐĞƐƐŽƐ
ũƵĚŝĐŝĂŝƐ
ĚĞũĂǌŝŐŽƐ
KƵƚƌĂƐƉƌŽǀŝƐƁĞƐ
dŽƚĂů
ϭ͘Ϯϳϰ͘ϰϱϮ
Ϯ͘ϱϱϴ͘ϬϬϬ
ϵϯ͘ϭϳϬ
ϯ͘ϵϮϱ͘ϲϮϮ
ŽƚĂĕĆŽ
ϭ͘ϯϵϲ͘Ϭϭϱ
Ͳ
ϱϰϴ͘ϭϳϵ
ϭ͘ϵϰϰ͘ϭϵϰ
Ͳ
Ͳ
Ͳ
Ͳ
;ϵϮϰ͘ϳϲϳͿ
Ͳ
;ϯϭ͘ϵϵϬͿ
;ϵϱϲ͘ϳϱϳͿ
ϭ͘ϳϰϱ͘ϳϬϬ
Ϯ͘ϱϱϴ͘ϬϬϬ
ϲϬϵ͘ϯϲϬ
ϰ͘ϵϭϯ͘Ϭϱϵ
^ĂůĚŽŶĆŽĐŽƌƌĞŶƚĞ
ϭ͘ϳϰϱ͘ϳϬϬ
Ϯ͘ϱϱϴ͘ϬϬϬ
ϲϬϵ͘ϯϲϬ
ϰ͘ϵϭϯ͘Ϭϱϵ
ϭ͘ϳϰϱ͘ϳϬϬ
Ϯ͘ϱϱϴ͘ϬϬϬ
ϲϬϵ͘ϯϲϬ
ϰ͘ϵϭϯ͘Ϭϱϵ
hƚŝůŝǌĂĕĆŽ
ZĞĚƵĕĆŽ
3URFHVVRVMXGLFLDLV
3URYLVmR FRQVWLWXtGD VHJXQGR D DYDOLDomR TXH D 6DQWD &DVD HIHWXD GD VXD H[SRVLomR D
FRQWLQJrQFLDVOHJDLVQRPHDGDPHQWHSURFHVVRVGHQDWXUH]DODERUDOHFLYLOQRVTXDLVD6&0/
p Up 2V LQFUHPHQWRV UHJLVWDGRV HP UHVXOWDP GRV SURFHVVRV LQVWDXUDGRV QR GHFRUUHU
QHVWH SHUtRGR $V UHGXo}HV GHFRUUHP GH SURFHVVRV MXGLFLDLV HP FXUVR FRP FRQFOXVmR
IDYRUiYHOHP
'HUHIHULUTXHH[LVWHXPSURFHVVRUHODWLYRj&DL[D(FRQyPLFD$oRUHDQDTXHUHPRQWDD
HTXHHQYROYHSDUDDOpPGD6DQWD&DVDYiULDVHQWLGDGHVSDUDRTXDOQXQFDIRLFRQVWLWXtGD
SURYLVmR GDGD D PXLWR VLJQLILFDWLYD DQWLJXLGDGH H SRU QmR WHU VLGR SRVVtYHO GHWHUPLQDU R
YDORUTXHHYHQWXDOPHQWHFDEHULD
&RQVHUYDomRGHMD]LJRV
¬GDWDGDWUDQVLomRSDUDR61&D6DQWD&DVDUHFRQKHFHXXPDSURYLVmRTXDQWRDHQFDUJRV
SHUSpWXRV FRP D FRQVHUYDomR H PDQXWHQomR GH MD]LJRV UHVSRQVDELOLGDGH DVVXPLGD QR
kPELWRGHSURFHVVRVGHKHUDQoDHPTXHD6&0/ILJXUDFRPREHQHILFLiULD
y
0DQWHQGRVH WRGRV RV SUHVVXSRVWRV QmR VH YHULILFRX TXDOTXHU DMXVWH DR YDORU GD GHVVD
SURYLVmR
2XWUDV3URYLV}HV
(PIRLUHFRQKHFLGDXPDSURYLVmRQRYDORUGHHXURVSDUDHYHQWXDLVHQFDUJRV
GHFRUUHQWHVGDUHVROXomRGRFRQWUDWRGHHPSUHLWDGDGHUHPRGHODomRGRVHGLItFLRVVLWRVQD$Y
-RVp0DOKRDQVH
5HVSRQVDELOLGDGHSRUEHQHItFLRVSyVHPSUHJR
2 )XQGR GH 3HQV}HV IRL FRQVWLWXtGR FRP D ILQDOLGDGH GH JDUDQWLU XPD TXRWDSDUWH GRV
EHQHItFLRV SUHYLVWRV QR (VWDWXWR GD )XQomR 3~EOLFD FRUUHVSRQGHQGR DR Q~PHUR GH DQRV H
PHVHVFRQWDGRVGHVGH DGDWDGHLQVFULomRQD6HJXUDQoD6RFLDODWpjGDWDGHLQVFULomRQD
&DL[D *HUDO GH $SRVHQWDo}HV ³&*$´ DVVLP FRPR RVFRPSOHPHQWRV GH UHIRUPD SUHYLVWRV
QR 'HFUHWR/HL Q GH GH -XOKR 3DUD FREHUWXUD GDV UHVSRQVDELOLGDGHV SDUD
FRPSOHPHQWRV GH SHQV}HV GH UHIRUPD D 6DQWD &DVD FRQWULEXL SDUD XP )XQGR GH 3HQV}HV
DXWyQRPR SDUD R TXDO p WUDQVIHULGD D WRWDOLGDGH GDV UHVSRQVDELOLGDGHV H DV GRWDo}HV
QHFHVViULDV SDUD FREULU RV UHVSHWLYRV HQFDUJRV TXH VH IRUHP YHQFHQGR HP FDGD XP GRV
H[HUFtFLRV
(QFRQWUDPVHDLQGDUHJLVWDGDVUHVSRQVDELOLGDGHVFRPFRPSOHPHQWRGHSHQV}HVDWULEXtGRV
GH DFRUGR FRP R UHJXODPHQWR GH SHVVRDO D WRGRV FRODERUDGRUHV DSRVHQWDGRV RX
UHIRUPDGRV FXMR YDORU GR UHQGLPHQWR SHU FDSLWD GRV UHVSHWLYRV DJUHJDGRV IDPLOLDUHV VHMD
LJXDO RX LQIHULRU j UHWULEXLomR PtQLPD JDUDQWLGD (VWHV FRODERUDGRUHV DSRVHQWDGRV RX
UHIRUPDGRV EHQHILFLDP WDPEpP GR UHHPEROVR GH HQFDUJRV FRP VD~GH EHP FRPR DTXHOHV
TXHHQFRQWUDQGRVHQRDWLYRVRIUDPGHGRHQoDFUyQLFDJUDYHHRXLQFDSDFLWDQWH
(P WHUPRV JOREDLV R LPSDFWR GHVWDV UHVSRQVDELOLGDGHV QDV GHPRQVWUDo}HV ILQDQFHLUDV GD
6DQWD&DVDpFRPRVHJXH
y
;ĞƵƌŽƐͿ
KďƌŝŐĂĕƁĞƐŶŽďĂůĂŶĕŽ
ŽŵƉůĞŵĞŶƚŽĚĞƉĞŶƐƁĞƐ
ŶĐĂƌŐŽƐĐŽŵƐĂƷĚĞ
'ĂƐƚŽƐŶĂĚĞŵŽŶƐƚƌĂĕĆŽĚŽƐƌĞƐƵůƚĂĚŽƐ
ŽŵƉůĞŵĞŶƚŽĚĞƉĞŶƐƁĞƐ
ŶĐĂƌŐŽƐĐŽŵƐĂƷĚĞ
ϮϬϭϭ
ϮϬϭϬ
;ϭ͘ϲϵϰ͘ϮϭϯͿ
;ϰϳ͘ϬϮϯͿ
Ϯ͘ϲϬϱ͘ϱϯϳ
;ϳϵ͘ϬϭϯͿ
;ϭ͘ϳϰϭ͘ϮϯϲͿ
Ϯ͘ϱϮϲ͘ϱϮϰ
ϮϬϭϭ
ϮϬϭϬ
ϰ͘Ϯϵϵ͘ϳϱϬ
ϭϭ͘Ϯϱϯ
;ϱ͘ϱϬϱ͘ϮϱϮͿ
ϯϳ͘ϭϵϵ
ϰ͘ϯϭϭ͘ϬϬϰ
;ϱ͘ϰϲϴ͘ϬϱϯͿ
2 HVWXGR DWXDULDO GHVHQYROYLGR SRU HQWLGDGH LQGHSHQGHQWH FRP UHIHUrQFLD D GH
GH]HPEUR GH H SDUD DSXUDPHQWR GDV UHVSRQVDELOLGDGHV DFXPXODGDV D HVVDV
GDWDWHYHSRUEDVHRVVHJXLQWHVSUHVVXSRVWRV
dĂǆĂĂŶƵĂůĚĞĚĞƐĐŽŶƚŽ
dĂǆĂĂŶƵĂůĚĞĐƌĞƐĐŝŵĞŶƚŽĚŽƐƐĂůĄƌŝŽƐ
dĂǆĂĂŶƵĂůĚĞĐƌĞƐĐŝŵĞŶƚŽĚĂƐƉĞŶƐƁĞƐ
ƚĠϮϬϭϱ
ƉſƐϮϬϭϱ
dĄďƵĂĚĞŵŽƌƚĂůŝĚĂĚĞ
dĄďƵĂĚĞŝŶǀĂůŝĚĞǌ
ϮϬϭϭ
ϮϬϭϬ
ϰ͕ϱϬй
Ϯ͕ϬϬй
ϰ͕ϱϬй
Ϯ͕ϬϬй
Ϭ͕ϬϬй
ϭ͕Ϯϱй
dsϴϴͬϵϬ
s<ϴϬ
Ϭ͕ϬϬй
ϭ͕Ϯϱй
dsϴϴͬϵϬ
s<ϴϬ 21.1. )XQGRGHSHQV}HV
(PGHGH]HPEURGHHDFREHUWXUDGDVUHVSRQVDELOLGDGHVGD6DQWD&DVDSHORV
DWLYRVGR)XQGRHUDDVHJXLQWH
;ĞƵƌŽƐͿ
ϮϬϭϭ
sĂůŽƌƉƌĞƐĞŶƚĞĚĂŽďƌŝŐĂĕĆŽ
ϮϬϭϬ
;ϳϲ͘ϮϮϴ͘ϭϵϯͿ
;ϴϬ͘ϯϬϰ͘ϰϵϬͿ
:ƵƐƚŽǀĂůŽƌĚŽƐĂƚŝǀŽƐĚŽƉůĂŶŽ
ϳϰ͘ϱϯϯ͘ϵϴϬ
ϴϮ͘ϵϭϬ͘ϬϮϴ
KďƌŝŐĂĕĆŽŶŽďĂůĂŶĕŽ
;ϭ͘ϲϵϰ͘ϮϭϯͿ
Ϯ͘ϲϬϱ͘ϱϯϳ
$ HYROXomR YHULILFDGD QR YDORU SUHVHQWH GD REULJDomR FRP R )XQGR GH 3HQV}HV QRV
H[HUFtFLRVILQGRVHPGHGH]HPEURGHHGHWDOKDVHFRPRVHJXH
y
;ĞƵƌŽƐͿ
ϮϬϭϭ
ϮϬϭϬ
ϴϬ͘ϯϬϰ͘ϰϵϬ
ϵϯ͘ϰϵϮ͘Ϯϲϵ
ƵƐƚŽƐĞƌǀŝĕŽƐĐŽƌƌĞŶƚĞƐ
ƵƐƚŽĚŽƐũƵƌŽƐ
WĂŐĂŵĞŶƚŽĚĞďĞŶĞĨşĐŝŽƐ
;'ĂŶŚŽƐͿͬƉĞƌĚĂƐĂƚƵĂƌŝĂŝƐ
ϲϲ͘Ϯϰϴ
ϯ͘ϰϬϲ͘ϲϲϲ
;ϳ͘ϯϳϰ͘ϯϬϴͿ
;ϭϳϰ͘ϵϬϯͿ
ϳϵ͘ϴϴϭ
ϰ͘ϬϭϮ͘ϯϮϯ
;ϳ͘ϮϮϴ͘ϳϰϲͿ
;ϭϬ͘Ϭϱϭ͘ϮϯϳͿ
ϳϲ͘ϮϮϴ͘ϭϵϯ
ϴϬ͘ϯϬϰ͘ϰϵϬ
2VJDQKRVDWXDULDLVUHJLVWDGRVHPGHYHPVHjDOWHUDomRYHULILFDGDQRSUHVVXSRVWRGD
WD[DDQXDOGHFUHVFLPHQWRGDVSHQV}HVRFRUULGDHPFRPYLVWDDUHIOHWLUDFRQMXQWXUD
DWXDOHTXHSUHYrXPFUHVFLPHQWRQXORGDWD[DDQXODGHFUHVFLPHQWRGDVSHQV}HVDWp
2 SDWULPyQLR GRV IXQGRV DIHWRV DR ILQDQFLDPHQWR GDV UHVSRQVDELOLGDGHV DFLPD UHIHULGDV
WHYHDVHJXLQWHHYROXomRQRVH[HUFtFLRVILQGRVDGHGH]HPEURGHH
;ĞƵƌŽƐͿ
ϮϬϭϭ
ϮϬϭϬ
ϴϮ͘ϵϭϬ͘ϬϮϳ
ŽŶƚƌŝďƵŝĕƁĞƐĞŶƚƌĞŐƵĞƐ
ϵϬ͘ϱϵϮ͘ϱϱϰ
Ͳ
Ͳ
'ĂŶŚŽƐͬ;ƉĞƌĚĂƐͿĂƚƵĂƌŝĂŝƐ
;ϰ͘ϮϬϵ͘ϬϱϬͿ
;ϱ͘Ϭϯϱ͘ϳϰϭͿ
ĞŶĞĨşĐŝŽƐƉĂŐŽƐ
;ϳ͘ϯϳϰ͘ϯϬϴͿ
;ϳ͘ϮϮϴ͘ϳϰϲͿ
ZĞƚŽƌŶŽĞƐƉĞƌĂĚŽĚŽƐĂƚŝǀŽƐĚŽĨƵŶĚŽ
ϯ͘ϮϬϳ͘ϯϭϬ
ϳϰ͘ϱϯϯ͘ϵϴϬ
ϰ͘ϱϴϭ͘ϵϲϬ
ϴϮ͘ϵϭϬ͘ϬϮϳ
$ UHQWDELOLGDGH PpGLD GRV IXQGRV HQWUH GH -DQHLUR H GH GH]HPEUR GH IRL GH $WD[DGHUHWRUQRHVSHUDGDGRVDWLYRVGRSODQRSDUDIRLGHWHUPLQDGDFRPEDVHQXPD
HVWLPDWLYD GR UHWRUQR HVSHUDGR GRV DWLYRV GR SODQR D ORQJR SUD]R H SHOD HVWUDWpJLD GH
LQYHVWLPHQWRVDUHDOL]DU
2 )XQGR GH 3HQV}HV QD VXD WRWDOLGDGH RX VHMD FRPSRQHQWH 6DQWD &DVD H 'HSDUWDPHQWR
GH-RJRVHUDFRPSRVWRSHORVVHJXLQWHVDWLYRVFRPUHIHUrQFLDDGHGH]HPEURGHH
y
;ĞƵƌŽƐͿ
ϮϬϭϭ
ϮϬϭϬ
ϱϭ͘ϲϱϱ͘ϵϲϭ
ϲϯ͘Ϭϰϱ͘ϳϬϭ
ĞƉſƐŝƚŽƐĂĐƵƌƚŽƉƌĂǌŽ
ϵ͘ϬϬϲ͘ϰϬϯ
ϲ͘Ϯϭϴ͘ϭϰϳ
ĕƁĞƐ
ϰ͘ϵϭϯ͘ϵϱϴ
ϲ͘ϱϮϭ͘ϮϬϯ
Ϯϱ͘ϭϰϳ͘ϯϭϴ
Ϯϳ͘ϯϵϯ͘ϲϯϲ
ϭϬϯ͘ϭϳϴ͘ϲϴϳ
KďƌŝŐĂĕƁĞƐ
&ƵŶĚŽƐĚĞ/ŶǀĞƐƚŝŵĞŶƚŽ
ϵϬ͘ϳϮϯ͘ϲϰϬ
2VLPSDFWRVGR)XQGRGH3HQV}HVQDGHPRQVWUDomRGRVUHVXOWDGRVVmRFRPRVHJXH
;ĞƵƌŽƐͿ
ϮϬϭϭ
ƵƐƚŽƐƐĞƌǀŝĕŽƐĐŽƌƌĞŶƚĞƐ
ϮϬϭϬ
;ϲϲ͘ϮϰϴͿ
;ϳϵ͘ϴϴϭͿ
ƵƐƚŽƐĚŽƐũƵƌŽƐ
;ϯ͘ϰϬϲ͘ϲϲϲͿ
;ϰ͘ϬϭϮ͘ϯϮϯͿ
;'ĂŶŚŽƐͿͬƉĞƌĚĂƐĂƚƵĂƌŝĂŝƐ
;ϰ͘Ϭϯϰ͘ϭϰϳͿ
ϱ͘Ϭϭϱ͘ϰϵϲ
ϯ͘ϮϬϳ͘ϯϭϬ
ϰ͘ϱϴϭ͘ϵϲϬ
;ϰ͘Ϯϵϵ͘ϳϱϬͿ
ϱ͘ϱϬϱ͘ϮϱϮ
ZĞƚŽƌŶŽĞƐƚŝŵĂĚŽĚŽƐĂƚŝǀŽƐĚŽƉůĂŶŽ
dŽƚĂůŝŶĐůƵşĚŽĞŵŐĂƐƚŽƐĐŽŵƉĞƐƐŽĂů
21.2. &RPSOHPHQWRGHSHQV}HVHFRPSDUWLFLSDomRGHHQFDUJRVFRPVD~GH
2 &RPSOHPHQWR GH SHQV}HV H FRPSDUWLFLSDomR GH HQFDUJRV FRP VD~GH QmR WHP IXQGR
FRQVWLWXtGRVHQGRDUHVSHWLYDUHVSRQVDELOLGDGHFREHUWDSRUXPDSURYLVmRHVSHFtILFD
$ SURYLVmR WHYH SRU EDVH R Q~PHUR GH FRODERUDGRUHV HP FDXVD UHVSHWLYDV LGDGHV H
PRQWDQWHSDJRHPDQRVDQWHULRUHVQRYDORUGHHXURVVHQGRUHYLVWDDRILPGHWUrV
DQRV
)RUQHFHGRUHV
(P GH GH]HPEUR GH H D GHFRPSRVLomR GD UXEULFD ³)RUQHFHGRUHV´ HUD FRPR
VHJXH
;Ğ ƵƌŽƐ Ϳ
ϮϬϭϭ
ŽƌƌĞŶƚĞ
ϮϬϭϬ
dŽƚĂů
ŽƌƌĞŶƚĞ
dŽƚĂů
&ŽƌŶĞĐĞĚŽƌĞƐ ŐĞƌĂ ŝ Ɛ ŝ Ϳ
ϵ͘ϲϱϱ͘ϱϮϯ
Ͳ
ϵ͘ϲϱϱ͘ϱϮϯ
ϵ͘ϲϴϰ͘ϴϳϲ
Ͳ
ϵ͘ϲϴϰ͘ϴϳϲ
&ŽƌŶĞĐĞĚŽƌĞƐ ĨĂ ƚƵƌĂ Ɛ ĞŵƌĞĐĞĕĆ Ž
ϭ͘ϲϮϲ͘ϴϴϳ
Ͳ
ϭ͘ϲϮϲ͘ϴϴϳ
ϭ͘ϴϵϯ͘ϲϴϭ
Ͳ
ϭ͘ϴϵϯ͘ϲϴϭ
Ͳ
Ͳ
dŽƚĂůƐĂůĚŽĨŽƌŶĞĐĞĚŽƌĞƐ
y
i) )RUQHFHGRUHV JHUDLV VDOGRV FUHGRUHV UHIHUHQWHV D WUDQVDo}HV GH QDWXUH]D RSHUDFLRQDO
FRPRVHMDPDTXLVLo}HVGHUHIHLo}HVFRQIHFLRQDGDVRXKRQRUiULRVSRUVHUYLoRVSURILVVLRQDLV
SUHVWDGRV
(P GH GH]HPEUR GH H RV VDOGRV GH IRUQHFHGRUHV HP FRQWD FRUUHQWH PDLV
VLJQLILFDWLYRVUHIHUHPVHjVVHJXLQWHVHQWLGDGHV
;ĞƵƌŽƐͿ
ϮϬϭϭ
ϮϬϭϬ
ŶƚŝĚĂĚĞ
'ĞƌƚĂůͲŽŵƉ͘'͘ZĞƐƚĂƵƌ͘ůŝŵĞŶƚĂƌ^
ϭ͘Ϯϳϳ͘ϭϲϬ
ϮϴϬ͘Ϭϳϱ
ƵƌĞƐƚ;WŽƌƚƵŐĂůͿ^ŽĐ͘ƵƌŽƉĞŝĂĚĞZĞƐƚĂƵƌĂŶƚĞƐ͕>ĚĂ͘
ϴϱϳ͘Ϯϳϯ
ϮϮϮ͘ϵϯϬ
ĞŶƚƌŽ,ŽƐƉŝƚĂůĂƌĚĞĂƐĐĂŝƐ
ϱϵϬ͘Ϯϯϲ
ϱϵϬ͘Ϯϯϲ
ϮϬϰϱŵƉƌĞƐĂĚĞ^ĞŐƵƌĂŶĕĂ^
ϯϱϰ͘ϵϰϮ
Ͳ
^ƚƌǇŬĞƌWŽƌƚƵŐĂůͲWƌŽĚ͘DĠĚŝĐŽƐ͕>ĚĂ͘
ϯϯϯ͘ϳϯϯ
ϭϳϲ͘ϬϬϱ
hŶŝƐĞůĨ͕^ŽĐ͘ZĞƐƚ͘WƷďůŝĐŽƐĞWƌŝǀĂĚŽƐ͕^
ϯϮϭ͘ϳϳϱ
Ͳ
ůĞĐĞ͕^
ϯϮϬ͘ϭϴϱ
ϯϰϮ͘ϯϱϰ
ŚĂƌŽŶ͕^
ϯϮϭ͘ϲϴϰ
ϰϭϯ͘ϲϭϯ
ŽŵƉƚĂ͕ƋƵŝƉĂŵĞŶƚŽƐĞ^ĞƌǀŝĕŽƐ/ŶĨŽƌŵĄƚŝĐĂ^Z>
ϮϮϲ͘Ϯϭϵ
ϰϳ͘Ϯϵϭ
ŶƌŝĐŽDŽŶƚĂŶĞůŝ
ϮϬϬ͘ϬϬϬ
Ͳ
:ŽŚŶƐŽŶΘ:ŽŚŶƐŽŶ͕>ĚĂ͘
ϭϲϲ͘ϯϬϮ
ϭϴϵ͘ϲϴϲ
KůŝƐŝƉŽ͕&ŽƌŵĂĕĆŽĞŽŶƐƵůƚŽƌŝĂ͕^
ϭϬϴ͘ϲϭϬ
ϭϮϳ͘Ϯϰϭ
ϵϭ͘ϳϴϳ
ϴϰϱ͘ϰϭϳ
EŽƌĚŝŐĂů/ŶĚƵƐƚƌŝĂĚĞdƌĂŶƐĨ͘ůŝŵĞŶƚĂƌ^
/t͕ŽŶƐƵůƚŽƌŝĂĞŵ^ĞƌǀŝĕŽƐĚĞ/ŶĨŽƌŵĂĕĆŽ͕^
KƵƚƌŽƐ
dŽƚĂů
Ͳ
ϭϬϮ͘ϱϬϵ
ϰ͘ϰϴϱ͘ϲϭϳ
ϲ͘ϯϰϳ͘ϱϭϴ
ϵ͘ϲϱϱ͘ϱϮϯ
ϵ͘ϲϴϰ͘ϴϳϲ
(P GH GH]HPEUR GH HQFRQWUDVH UHJLVWDGR R PRQWDQWH GH HXURV HP
DGLDQWDPHQWRVDIRUQHFHGRUHVYDORUTXHFRUUHVSRQGHVREUHWXGRDSDJDPHQWRVUHIHUHQWHV
DSURFHVVRVDTXLVLWLYRVHPFXUVRFRPIDWXUDomRUHFRQKHFLGDHPHFXMDUHJXODUL]DomR
FRQWDELOtVWLFDRFRUUHXQRPrVGH-DQHLURGH
2XWUDVFRQWDVDSDJDU
(PGHGH]HPEURGHHRGHWDOKHGDUXEULFDGH2XWUDVFRQWDVDSDJDUpFRPR
VHJXH
y
;ĞƵƌŽƐͿ
ϮϬϭϭ
ŽƌƌĞŶƚĞ
&ŽƌŶĞĐĞĚŽƌĞƐĚĞŝŶǀĞƐƚŝŵĞŶƚŽƐ
ϮϬϭϬ
dŽƚĂů
ŽƌƌĞŶƚĞ
dŽƚĂů
ŝͿ
ϭ͘ϰϳϴ͘ϬϬϯ
Ͳ
ϭ͘ϰϳϴ͘ϬϬϯ
ϵϳϬ͘Ϯϭϰ
Ͳ
ϵϳϬ͘Ϯϭϰ
ŝŝͿ
Ͳ
Ͳ
Ͳ
ϵϴϲ͘ϱϲϴ
Ͳ
ϵϴϲ͘ϱϲϴ
KƵƚƌŽƐĐƌĞĚŽƌĞƐ
dĞƐƚĂŵĞŶƚĂƌŝĂƐ
Ͳ
ƌĞĚŽƌĞƐƉŽƌƐƵďƐşĚŝŽƐĂƉĂŐĂƌ
ŝŝŝͿ
ϭ͘ϮϳϬ͘ϴϬϵ
Ͳ
ϭ͘ϮϳϬ͘ϴϬϵ
ϭ͘Ϭϵϭ͘ϭϳϬ
Ͳ
ϭ͘Ϭϵϭ͘ϭϳϬ
/^^ͲƐƚĂďĞůĞĐŝŵĞŶƚŽƐ/ŶƚĞŐƌĂĚŽƐ
ŝǀͿ
ϱ͘ϬϬϯ͘ϲϱϳ
Ͳ
ϱ͘ϬϬϯ͘ϲϱϳ
Ͳ
Ͳ
Ͳ
ĞŶĞĨşĐŝŽƐĚĞZĞĨŽƌŵĂ
ǀͿ
ϭ͘ϲϵϰ͘Ϯϭϯ
Ͳ
ϭ͘ϲϵϰ͘Ϯϭϯ
Ͳ
Ͳ
Ͳ
ŶƚŝĚĂĚĞƐZĞůĂĐŝŽŶĂĚĂƐ
ǀŝͿ
ϰϲϭ͘ϯϱϰ
Ͳ
ϰϲϭ͘ϯϱϰ
ϰϳϭ͘ϲϴϱ
Ͳ
ϰϳϭ͘ϲϴϱ
ϭ͘ϴϮϳ͘ϲϯϰ
Ͳ
ϭ͘ϴϮϳ͘ϲϯϰ
ϭ͘ϵϲϲ͘Ϯϵϯ
Ͳ
ϭ͘ϵϲϲ͘Ϯϵϯ
Ϯϱ͘Ϯϰϴ
Ͳ
Ϯϱ͘Ϯϰϴ
ϭϰ͘Ϭϴϯ
Ͳ
ϭϰ͘Ϭϴϯ
ϮϬ͘ϭϱϳ͘ϯϯϯ
Ͳ
Ϯϭ͘ϱϮϭ͘ϳϳϬ
Ͳ
Ͳ
Ͳ
KƵƚƌŽƐ
WĞƐƐŽĂů
ƌĞĚŽƌĞƐƉŽƌĂĐƌĠƐĐŝŵŽƐĚĞŐĂƐƚŽƐ
KƵƚƌĂƐĐŽŶƚĂƐĂƉĂŐĂƌ
ǀŝŝͿ
i) )RUQHFHGRUHV GH LQYHVWLPHQWRV R VDOGR GH IRUQHFHGRUHV GH LQYHVWLPHQWRV UHVSHLWD D
DTXLVLo}HV GH EHQV FRP D QDWXUH]D GH DWLYRV IL[RV WDQJtYHLV H HQFDUJRV FRP UHSDUDomR H
PDQXWHQomR GH HTXLSDPHQWRV TXDQGR VH HQTXDGUDP GHQWUR GD SROtWLFD FRQWDELOtVWLFD
HVWDEHOHFLGDSDUDD6DQWD&DVD1RWD
ii) 7HVWDPHQWDULDV VDOGR UHIHUHQWH j TXRWDSDUWH GD 6DQWD &DVD QR kPELWR GH KHUDQoDV
UHQGLPHQWRVGHGX]LGRVGRVHQFDUJRVUHVXOWDQWHVGHKHUDQoDVDGLVWULEXLUSHORVKHUGHLURV
FXMRV SURFHVVRV DLQGD SHUPDQHFHP HP FXUVR (P SURFHGHXVH DR HQFHUUDPHQWR GH
WRGDVDVWHVWDPHQWDULDVHPFXUVR
iii) &UHGRUHVSRUVXEVtGLRVDSDJDUVDOGRVUHODWLYRVDSUHVWDo}HVFRQFHGLGDVSHOD6DQWD&DVD
D SHVVRDV GHVIDYRUHFLGDV 2 FUHVFLPHQWR GD RUGHP GRV GHFRUUH GD DWLYLGDGH GD
6&0/HHVWiUHODFLRQDGDFRPDDWXDOFRQMXQWXUDHFRQyPLFD
iv) ,66±(VWDEHOHFLPHQWRV,QWHJUDGRV1RkPELWRGDFHGrQFLDGDJHVWmRGRVHVWDEHOHFLPHQWRV
LQWHJUDGRVGR,66,3SRUIRUoDGR2UoDPHQWRGH(VWDGRSDUDRUHHPEROVRUHIHUHQWH
DRV PHVHV GH 0DUoR D 'H]HPEUR DJXDUGD R SDJDPHQWR GD GtYLGD GR &HQWUR 5HJLRQDO GH
/LVERD UHIHUHQWH D FRQWULEXLo}HV HIHWXDGDV HP H[FHVVR D IDYRU GD 6HJXUDQoD 6RFLDO
GHVFULWDQRSRQWRYLGD1RWD
v) %HQHItFLRVGHUHIRUPDLPSDFWRQREDODQoRGDDWXDOL]DomRGDVUHVSRQVDELOLGDGHVHGRYDORU
GRVDWLYRVGR)XQGRGH3HQV}HVFRQIRUPHGHVFULWRQD1RWD$GHGH]HPEURGH
RLPSDFWRHQFRQWUDVHQRDWLYRHPRXWUDVFRQWDDUHFHEHUFRQIRUPHGHVFULWRQRSRQWRY
GD1RWD
y
vi) &UHGRUHV SRU DFUpVFLPRV GH JDVWRV HVWH VDOGR UHVSHLWD D HVSHFLDOL]Do}HV GH JDVWRV GH
QDWXUH]DGLYHUVDRVTXDLVVHUHVXPHPFRPRVHJXH
;ĞƵƌŽƐ Ϳ
ϮϬϭϭ
ϮϬϭϬ
ZĞŵƵŶĞƌĂĕƁĞƐĂůŝƋƵŝĚĂƌ
ĂͿ
ϭϯ͘ϵϬϱ͘ϰϭϰ
ϭϮ͘Ϯϭϯ͘ϱϮϬ
KƵƚƌŽƐŐĂƐƚŽƐ
ďͿ
ϲ͘Ϯϱϭ͘ϵϭϵ
ϵ͘ϯϬϴ͘ϮϱϬ
D 5HPXQHUDo}HVDOLTXLGDUHVSHFLDOL]DomRGHUHPXQHUDo}HVGHFRODERUDGRUHVIDFHD
GLUHLWRV DGTXLULGRV H UHFRQKHFLGRV GXUDQWH R SHUtRGR D VHUHP SDJRV GXUDQWH R
SHUtRGR VXEVHTXHQWH 2 YDORU FRQVLGHUDGR DSOLFDVH j WRWDOLGDGH GR TXDGUR GH
SHVVRDO GD 6DQWD &DVD EHP FRPR DR TXDGUR GH SHVVRDO GRV HVWDEHOHFLPHQWRV
LQWHJUDGRVGR ,66 ,3 FXMDJHVWmR HVWiDFDUJRGD6&0/SRUIRUoDGR2UoDPHQWR
GH(VWDGRSDUD
E 2XWURVJDVWRVHVSHFLDOL]Do}HVGHFXVWRVRSHUDFLRQDLVGLYHUVRV
9HQGDVHVHUYLoRVSUHVWDGRV
2 PRQWDQWH GH YHQGDV H VHUYLoRV SUHVWDGRV UHFRQKHFLGR QD GHPRQVWUDomR GRV UHVXOWDGRV
HPHpRVHJXLQWH
y
;ĞƵƌŽƐ Ϳ
ϮϬϭϭ
sĞŶĚĂƐĚĞWƌŽĚƵƚŽƐ
ϮϬϭϬ
ŝͿ
>ŝǀƌŽƐĞƉƵďůŝĐĂĕƁĞƐ
ƌƚŝŐŽƐŵƵƐĞƵ^͘ZŽƋƵĞ
ϵ͘ϭϭϬ
ϱ͘ϴϰϳ
ϱ͘ϯϮϮ
ϭϯ͘ϯϭϮ
ůŝŵĞŶƚĂĕĆŽ
ϯϰ͘ϱϲϴ
Ϯϵ͘ϵϯϳ
dƌĂď͘WƌŽĚ͘hƚĞŶƚĞƐ
ϭϴ͘ϰϲϭ
ϯϬ͘ϰϴϮ
DĂƚĞƌŝĂŝƐŽƌƚŽƉĠĚŝĐŽƐĞƉƌŽĚƵƚŽƐĚĞĂƉŽŝŽ
ϯϱϬ͘ϴϱϵ
ϭϲϮ͘ϭϲϲ
KƵƚƌŽƐďĞŶƐ
ϭϭϳ͘ϬϬϳ
ϱϯϮ͘ϴϲϮ
ϱϯϱ͘ϯϮϳ
ϳϳϰ͘ϲϬϲ
>ĂƌĚĞŝĚŽƐŽƐ
Ϯ͘Ϭϯϱ͘ϱϰϱ
ϭ͘ϬϮϵ͘ϱϵϰ
ƉŽŝŽĚŽŵŝĐŝůŝĄƌŝŽ
ϭ͘ϬϵϮ͘ϱϭϭ
ϵϴϱ͘ϰϳϮ
ƌĞĐŚĞ
ϱϵϬ͘ϵϭϲ
ϰϯϳ͘ϳϬϰ
ĞŶƚƌŽĚĞĚŝĂ
ϰϵϵ͘ϰϬϬ
ϰϰϲ͘ϰϮϭ
:ĂƌĚŝŵĚĞŝŶĨąŶĐŝĂ
ϮϳϬ͘Ϭϭϴ
Ϯϭϭ͘ϵϵϳ
^ƵďƚŽƚĂů
WƌĞƐƚĂĕĆŽĚĞƐĞƌǀŝĕŽƐͲĐĆŽ^ŽĐŝĂů
ŝŝͿ
>ĂƌĚŽĞŶƚĞƐĐƌſŶŝĐŽƐ
ϯϭϵ͘ϰϲϮ
Ϯϴϰ͘Ϭϱϰ
ƌĞĐŚĞĨĂŵŝůŝĂƌ
ϭϲϴ͘ϲϲϱ
ϭϮϯ͘ϳϴϴ
ŽůſŶŝĂĨĠƌŝĂƐ
ϭϵ͘ϵϭϳ
ϮϬ͘ϲϮϮ
KƵƚƌĂƐƉƌĞƐƚĂĕƁĞƐĚĞƐĞƌǀŝĕŽƐ
^ƵďƚŽƚĂů
WƌĞƐƚĂĕĆŽĚĞƐĞƌǀŝĕŽƐͲŶƐŝŶŽ
ϲϮϯ͘Ϭϭϳ
ϰϲϮ͘ϰϵϱ
ϱ͘ϲϭϵ͘ϰϱϭ
ϰ͘ϬϬϮ͘ϭϰϳ
Ϯϱϰ͘ϭϱϬ
Ϯϭϲ͘ϬϮϭ
ŝŝŝͿ
/ŶƐĐƌŝĕƁĞƐ
DĂƚƌşĐƵůĂƐ
WƌŽƉŝŶĂƐ
ϳϱ͘ϴϲϴ
ϳϬ͘ϮϬϮ
Ϯ͘ϰϭϱ͘ϭϬϵ
Ϯ͘Ϯϰϯ͘Ϯϳϳ
ĂŶĚŝĚĂƚƵƌĂƐ
Ϯϳ͘ϲϰϱ
ϰϭ͘ϯϬϭ
KƵƚƌĂƐ
ϲϴ͘ϴϯϲ
ϵϵ͘ϴϮϲ
Ϯ͘ϴϰϭ͘ϲϬϴ
Ϯ͘ϲϳϬ͘ϲϮϲ
ϭϴ͘ϭϴϲ͘ϯϱϲ
ϭϴ͘ϲϯϴ͘ϴϱϮ
^ƵďƚŽƚĂů
WƌĞƐƚĂĕĆŽĚĞƐĞƌǀŝĕŽƐĚĞ^ĂƷĚĞ
ŝǀͿ
/ŶƚĞƌŶĂŵĞŶƚŽƐ
ŽŶƐƵůƚĂƐĞǆƚĞƌŶĂƐ
ϳϴϰ͘ϴϮϱ
ϲϵϳ͘ϲϮϱ
DĞŝŽƐĐŽŵƉůĞŵĞŶƚĂƌĞƐĚĞĚŝĂŐŶſƐƚŝĐŽ
Ϯϱϲ͘ϵϭϲ
ϮϮϰ͘ϰϳϰ
DĞŝŽƐĐŽŵƉůĞŵĞŶƚĂƌĞƐƚĞƌĂƉġƵƚŝĐŽƐ
ϰϰϭ͘ϰϰϴ
ϭ͘ϳϭϴ͘ϬϬϮ
KƵƚƌĂƐ
ϲϵϯ͘ϭϰϲ
ϭϵϮ͘ϵϭϱ
^ƵďƚŽƚĂů
ϮϬ͘ϯϲϮ͘ϲϵϭ
Ϯϭ͘ϰϳϭ͘ϴϲϵ
sĞŶĚĂƐĞƐĞƌǀŝĕŽƐƉƌĞƐƚĂĚŽƐ
Ϯϵ͘ϯϱϵ͘Ϭϳϳ
Ϯϴ͘ϵϭϵ͘Ϯϰϲ
L 5pGLWR YHQGDV GH SURGXWRV UpGLWR GDV YHQGDV GH DUWLJRV GH PHUFKDQGLVLQJ
FRPHUFLDOL]DGRVQR0XVHXGH65RTXHH(VSDoR6DQWD&DVDHYHQGDGHEHQVGRDGRV
LL 5pGLWR SUHVWDomR GH VHUYLoRV DomR VRFLDO UpGLWR DVVRFLDGR jV FRPSDUWLFLSDo}HV GH
XWHQWHV HQTXDQWR XWLOL]DGRUHV GRV VHUYLoRV GH $omR 6RFLDO SURPRYLGD SHOD 6DQWD &DVD $
YDULDomRUHJLVWDGDHPFRUUHVSRQGHHVVHQFLDOPHQWHjVFRPSDUWLFLSDo}HVGRVXWHQWHV
GRVHVWDEHOHFLPHQWRVLQWHJUDGRVGR,66,3
y
LLL5pGLWRGDSUHVWDomRGHVHUYLoRVGH(QVLQRFRPSUHHQGHLQVFULo}HVPDWUtFXODVSURSLQDV
HFDQGLGDWXUDVGHFRUUHQWHGDDWLYLGDGHGD(66$
LY 5pGLWR GD SUHVWDomR GH VHUYLoRV GH VD~GH &RQWHPSOD R UpGLWR REWLGR QD SUHVWDomR GH
VHUYLoRVGHVD~GHSUHVWDGRVSHOR+26$H&05$
6XEVtGLRVj([SORUDomR
2GHWDOKHGRVUHQGLPHQWRVUHIHUHQWHVDVXEVtGLRVjH[SORUDomRQRkPELWRGHFDQGLGDWXUDV
DR 4XDGUR GH 5HIHUrQFLD (VWUDWpJLFR 1DFLRQDO 45(1 DR DFRUGR GH FRRSHUDomR FHOHEUDGR
HQWUHR,()3HQWUHRXWURVSDUDRVH[HUFtFLRVGHHpRVHJXLQWH
;ĞƵƌŽƐͿ
ĐŽƌĚŽĚĞŽŽƉĞƌĂĕĆŽĐŽŵ/&W
ϮϬϭϭ
ϮϬϭϬ
ϭ͘Ϭϵϰ͘ϳϬϵ
Ϯ͘ϲϱϯ͘Ϯϱϴ
ZhZ/^Ͳ,ĞƌĚĂĚĞǀŽƌĂDŽŶƚĞ
ϭϮϴ͘ϱϭϬ
ϭϬϱ͘ϳϮϵ
ĞŶƚƌŽĚĞEŽǀĂƐKƉŽƌƚƵŶŝĚĂĚĞƐ
ϭϭϮ͘ϵϰϱ
ϯϮϱ͘ϱϮϴ
Ϯϰϯ͘Ϭϳϲ
ϭ͘ϱϳϵ͘ϮϰϬ
ϭϯϬ͘ϳϳϭ
ϯ͘Ϯϭϱ͘Ϯϴϳ
KƵƚƌŽƐ
&XVWRGDV0HUFDGRULDV9HQGLGDVHGDV0DWpULDV&RQVXPLGDV
2GHWDOKHGRFXVWRGDVPHUFDGRULDVYHQGLGDVHGDVPDWpULDVFRQVXPLGDVSDUDRVH[HUFtFLRV
GHHpRVHJXLQWH
;ĞƵƌŽƐ Ϳ
ϮϬϭϭ
ǆŝƐƚġŶĐŝĂƐŝŶŝĐŝĂŝƐ
ŽŵƉƌĂƐ
ZĞŐƵůĂƌŝǌĂĕƁĞƐ
ǆŝƐƚġŶĐŝĂƐĨŝŶĂŝƐ
DĂƚĠƌŝĂƐĚŝǀĞƌƐĂƐ
ϮϬϭϬ
ϮϬϭϭ
ϮϬϭϬ
ϴϯϮ͘ϱϮϰ
ϴϯϳ͘ϮϮϳ
ϴϮϰ͘ϴϮϱ
ϭϱϬ͘ϴϯϳ
ϰ͘ϰϱϰ͘ϰϲϱ
ϰ͘ϯϱϴ͘ϳϳϵ
ϭ͘ϭϰϳ͘Ϯϰϱ
ϵϱϳ͘ϲϲϯ
ϱϵ͘ϯϰϮ
;ϭϴ͘ϰϳϰͿ
ϱϵ͘ϯϰϮ
;ϯϯϲͿ
ϳϯϯ͘ϱϯϲ
ϴϯϮ͘ϱϮϱ
ϴϮϭ͘ϳϬϯ
ϭϰϮ͘ϱϭϲ
ϰ͘ϲϭϮ͘ϳϵϱ
ϰ͘ϯϰϱ͘ϬϬϲ
ϭ͘ϮϬϵ͘ϳϬϵ
ϵϲϱ͘ϲϰϴ
ϮϬϭϭ
ϮϬϭϬ
ϰ͘ϲϭϮ͘ϳϵϱ
ϰ͘ϯϰϱ͘ϬϬϲ
DĂƚĠƌŝĂƐͲƉƌŝŵĂƐ͕ƐƵďƐŝĚŝĄƌŝĂƐĞĚĞĐŽŶƐƵŵŽ
ϭ͘ϮϬϵ͘ϳϬϵ
ϵϲϱ͘ϲϰϴ
dŽƚĂůĚŽĐƵƐƚŽĚĂƐŵĞƌĐĂĚŽƌŝĂƐǀĞŶĚŝĚĂƐĞŵĂƚĠƌŝĂƐĐŽŶƐƵŵŝĚĂƐ
ϱ͘ϴϮϮ͘ϱϬϰ
ϱ͘ϯϭϬ͘ϲϱϰ
)RUQHFLPHQWRVHVHUYLoRVH[WHUQRV
y
2 GHWDOKH GRV FXVWRV FRP IRUQHFLPHQWRV H VHUYLoRV H[WHUQRV SDUD RV H[HUFtFLRV GH H
pFRPRVHJXH
;ĞƵƌŽƐ Ϳ
ZĞĨĞŝĕƁĞƐĐŽŶĨĞĐĐŝŽŶĂĚĂƐ
ŝͿ
ϮϬϭϭ
ϮϬϭϬ
ϭϬ͘ϰϰϬ͘ϳϬϲ
ϭϬ͘ϮϬϰ͘ϰϯϳ
,ŽŶŽƌĄƌŝŽƐ
ŝŝͿ
ϴ͘ϭϴϱ͘ϭϮϭ
ϳ͘ϱϭϴ͘Ϯϱϭ
dƌĂďĂůŚŽƐĞƐƉĞĐŝĂůŝǌĂĚŽƐ
ŝŝŝͿ
ϳ͘ϭϴϳ͘ϱϮϳ
ϱ͘ϯϵϱ͘ϲϵϬ
ŝǀͿ
ϰ͘ϴϰϰ͘ϳϰϮ
ϱ͘ϭϯϱ͘ϬϬϵ
>ŝŵƉĞǌĂĚĂƐŝŶƐƚĂůĂĕƁĞƐ
ǀͿ
ϰ͘ϲϮϴ͘ϮϵϬ
ϯ͘ϴϱϯ͘ϳϵϳ
sŝŐŝůąŶĐŝĂ
ǀͿ
ϰ͘ϬϯϬ͘ϵϲϴ
Ϯ͘ϯϲϬ͘ϮϮϯ
ŶĐĂƌŐŽƐĐŽŵƐĂƷĚĞĚĞƵƚĞŶƚĞƐ
ǀͿ
Ϯ͘Ϯϴϭ͘ϯϮϬ
ϭ͘ϳϲϰ͘ϳϮϵ
ZĞŶĚĂƐ
ǀŝͿ
ϭ͘ϴϰϲ͘ϳϭϮ
ϭ͘ϲϲϮ͘ϭϯϴ
ůĞĐƚƌŝĐŝĚĂĚĞ
ǀͿ
ϭ͘ϴϬϴ͘ϳϴϴ
ϭ͘Ϯϴϱ͘ϲϮϱ
ŽŵƵŶŝĐĂĕƁĞƐ
ǀͿ
ϭ͘ϳϮϯ͘ϰϭϵ
ϭ͘ϰϯϮ͘ϰϯϮ
ŽŵďƵƐƚşǀĞŝƐĞŽƵƚƌŽƐĨůƵŝĚŽƐ
ǀͿ
ϭ͘ϯϱϭ͘ϯϭϳ
ϵϳϴ͘ϴϮϮ
KƵƚƌŽƐĞŶĐĂƌŐŽƐĐŽŵĂƚŝǀŝĚĂĚĞ
ǀͿ
ϭ͘Ϭϯϱ͘ϭϴϵ
ϭ͘Ϯϯϴ͘ϰϯϭ
ŐƵĂ
ǀͿ
ĞƐůŽĐĂĕƁĞƐ͕ĞƐƚĂĚĂƐĞƚƌĂŶƐƉŽƌƚĞƐ
ŽŶƐƵŵşǀĞŝƐ
ǀŝŝͿ
ϴϳϯ͘ϲϬϱ
ϱϯϰ͘ϯϮϲ
ϴϭϵ͘ϯϴϬ
ϳϴϱ͘ϴϵϯ
ϳϮϭ͘ϰϴϭ
ϴϵϬ͘ϱϰϬ
&ĞƌƌĂŵĞŶƚĂƐ͕ůŝǀƌŽƐ͕ŵĂƚ͘ĞƐĐƌŝƚſƌŝŽĞĂƌƚŝŐŽƐƉĂƌĂŽĨĞƌƚĂ
ϲϵϯ͘ϱϰϵ
ϴϮϯ͘ϱϵϲ
>ŝĐĞŶĕĂƐƐŽĨƚǁĂƌĞ
ϱϴϲ͘ϴϳϮ
ϲϴϯ͘ϰϵϮ
>ĂǀĂŶĚĂƌŝĂ
ǀͿ
^ĞŐƵƌŽƐ
WƵďůŝĐŝĚĂĚĞ
KƵƚƌŽƐĂƌƚŝŐŽƐĞďĞŶƐĚĞďĂŝǆŽǀĂůŽƌ
ǀŝŝŝͿ
KƵƚƌŽƐ
dŽƚĂůĚŽƐĨŽƌŶĞĐŝŵĞŶƚŽƐĞƐĞƌǀŝĕŽƐĞǆƚĞƌŶŽƐ
ϯϳϵ͘ϱϱϯ
Ϯϲϳ͘ϯϵϮ
Ϯϰϯ͘ϴϮϭ
Ϯϯϴ͘ϱϮϭ
ϭϯϮ͘ϯϳϴ
ϲϳϰ͘ϭϰϬ
ϲϬ͘ϳϳϰ
ϭ͘ϭϰϮ͘ϴϲϲ
ϭ͘ϰϲϯ͘ϬϬϴ
ϭ͘ϯϯϴ͘ϵϰϲ
ϱϱ͘ϯϯϴ͘ϱϮϬ
ϱϬ͘ϮϬϵ͘Ϯϵϲ
L5HIHLo}HVFRQIHFLRQDGDVFXVWRV VXSRUWDGRVFRPDDTXLVLomRGH UHIHLo}HVFRQIHFLRQDGDV
DVTXDLVVmRIRUQHFLGDVDRV(TXLSDPHQWRV6RFLDLVGD6DQWD&DVDDR+26$HDR&05$
LL +RQRUiULRV YDORUHV VXSRUWDGRV FRP SHVVRDO H[WHUQR j 6DQWD &DVD QR kPELWR GRV
VHUYLoRVSUHVWDGRVSHOD$omR6RFLDOHGRFHQWHVGD(66$
LLL 7UDEDOKRV HVSHFLDOL]DGRV YDORUHV SDJRV SRU FRQWD GH VHUYLoRV GH FRQVXOWDGRULD
WUDEDOKRVHVSHFLDOL]DGRVGHLQIRUPiWLFDHUHVWDXURGHREUDVGHDUWHHQWUHRXWURV
LY&RQVHUYDomRWUDWDVHGHREUDVGHFRQVHUYDomRSUHYHQWLYDVGHHGLItFLRVHHTXLSDPHQWRV
GD6DQWD&DVDTXHQmRFRQILJXUDPDWLYRVIL[RVWDQJtYHLV
Y /LPSH]D GDV LQVWDODo}HV YLJLOkQFLD HQFDUJRV FRP VD~GH GH XWHQWHV FRPXQLFDo}HV
HOHWULFLGDGH RXWURV HQFDUJRV FRP DWLYLGDGH FRPEXVWtYHLV H RXWURV IOXtGRV iJXD
ODYDQGDULDHPSRUIRUoDGR2UoDPHQWRGH(VWDGRSDUDD6DQWD&DVDDVVXPLX
DJHVWmRGHHVWDEHOHFLPHQWRVLQWHJUDGRVGR,66,3$VLJQLILFDWLYDYDULDomR
y
GRV HQFDUJRV GH IXQFLRQDPHQWR GRV VHUYLoRV H HQFDUJRV FRP VD~GH GH XWHQWHV GHFRUUH
VREUHWXGRGHVWHVLJQLILFDWLYRDXPHQWRGHDWLYLGDGH
YL5HQGDVYDORUHVVXSRUWDGRVFRPRDUUHQGDPHQWRGHSURSULHGDGHVLPRELOLiULDVHDOXJXHU
RSHUDFLRQDOGHYLDWXUDV
YLL &RQVXPtYHLV YDORUHV VXSRUWDGRV FRP DTXLVLomR GH FRQVXPtYHLV SDUD HTXLSDPHQWR
LQIRUPiWLFR WLSRJUiILFR H UHSURJUiILFR SURGXWRV GH KLJLHQH H FRQIRUWR LPSUHVVRV H RXWUR
PDWHULDOGHFRQVXPRFRUUHQWH
YLLL2XWURVDUWLJRVGHEDL[RYDORU1RH[HUFtFLRGHFRPDDGRomRGRQRUPDWLYR61&
RVEHQVGHYDORUHQWUHHHXURVIRUDPUHFRQKHFLGRVFRPRJDVWRVGRSHUtRGR1RWD
(VWD SROtWLFD IRL DOWHUDGD HP FRP HIHLWR D GH -DQHLUR PRWLYR SHOR TXDO VH
YHULILFDDYDULDomR
e DLQGD GH UHIHULU TXH D 6DQWD &DVD JR]D GH LVHQomR GH ,9$ GDGD D DWLYLGDGH TXH
SURVVHJXH 'HFRUUHQWH GHVWD VLWXDomR R ,9$ QmR p GHGXWtYHO SHOR TXH VH UHSHUFXWH
GLUHWDPHQWHHP)RUQHFLPHQWRVHVHUYLoRVH[WHUQRV
*DVWRVFRPSHVVRDO
2V JDVWRV FRP SHVVRDO LQFRUULGRV GXUDQWH RV H[HUFtFLRV GH H IRUDP FRPR
VHJXH
;ĞƵƌŽƐ Ϳ
ϮϬϭϭ
ϮϬϭϬ
MƌŐĆŽƐƐŽĐŝĂŝƐ
WĞƐƐŽĂů
^ƵďƚŽƚĂů
ϰϭϰ͘ϬϲϮ
ϰϰϮ͘ϵϭϭ
ϴϲ͘ϳϵϬ͘ϳϰϯ
ϳϱ͘ϭϱϰ͘Ϭϰϭ
ϴϳ͘ϮϬϰ͘ϴϬϱ
ϳϱ͘ϱϵϲ͘ϵϱϮ
ŶĐĂƌŐŽƐƐŽĐŝĂŝƐ
WƌĠŵŝŽƐƉĂƌĂďĞŶĞĨşĐŝŽƐƌĞĨŽƌŵĂ
ŶĐĂƌŐŽƐƐŽďƌĞƌĞŵƵŶĞƌĂĕƁĞƐ
'ĂƐƚŽƐĚĞĂĕĆŽƐŽĐŝĂů
KƵƚƌŽƐ
^ƵďƚŽƚĂů
'ĂƐƚŽƐĐŽŵŽƉĞƐƐŽĂů
ϰ͘Ϯϵϵ͘ϳϱϬ
ϭϱ͘ϯϲϳ͘ϲϯϲ
ϭϯ͘ϱϬϲ͘Ϭϵϴ
ϰϯϮ͘ϳϲϰ
ϲϵϬ͘ϵϳϰ
Ϯ͘ϰϱϬ͘ϭϳϰ
ϮϮ͘ϱϱϬ͘ϯϮϱ
Ϯ͘Ϯϲϱ͘ϭϬϴ
ϭϬ͘ϵϱϲ͘ϵϮϴ
ϭϬϵ͘ϳϱϱ͘ϭϯϬ
ϴϲ͘ϱϱϯ͘ϴϴϬ
2Q~PHURGH HPSUHJDGRVGD6DQWD&DVDD GHGH]HPEURGH HUDGH
y
'HVWDFDVHQRSHUtRGR
L
2 UHFRQKHFLPHQWR GH SHUGDV DWXDULDLV H GRV HQFDUJRV FRP VHUYLoRV FRUUHQWHV H
MXURV GHGX]LGRV GRV UHQGLPHQWRV HVSHUDGRV GR IXQGR FRQIRUPH GHVFULWR QD 1RWD
LL 2DFUpVFLPRGRQ~PHURGHFRODERUDGRUHVYHULILFDGRQRH[HUFtFLRGHpGH
GRV TXDLV GHVHPSHQKDP IXQo}HV QRV HVWDEHOHFLPHQWRV LQWHJUDGRV GR ,66 ,3
VHQGRTXHWUDQVLWDUDPDTXDQGRGDFHGrQFLDGDJHVWmR
2V HQFDUJRV FRP FRODERUDGRUHV GD 6DQWD &DVD HQFRQWUDPVH GLVWULEXtGRV GD VHJXLQWH
IRUPD
;ĞƵƌŽƐ Ϳ
ϮϬϭϭ
^ĞƌǀŝĕŽƐĞŶƚƌĂŝƐ
ϴϴ͘ϭϮϭ͘ϵϳϯ
ϮϬϭϬ
ϲϰ͘ϱϳϴ͘ϲϯϬ
,K^
ϳ͘ϯϳϵ͘ϭϲϲ
ϳ͘ϰϵϴ͘ϭϯϯ
DZ
ϭϮ͘ϯϲϯ͘ϵϳϲ
ϭϮ͘ϲϮϱ͘Ϭϱϵ
^^
ϭ͘ϴϵϬ͘Ϭϭϱ
ϭ͘ϴϱϮ͘Ϭϱϴ
ϭϬϵ͘ϳϱϱ͘ϭϯϬ
ϴϲ͘ϱϱϯ͘ϴϴϬ
2XWURVUHQGLPHQWRVHJDQKRVRSHUDFLRQDLV
2VRXWURVUHQGLPHQWRVHJDQKRVRSHUDFLRQDLVREWLGRVHPHIRUDPFRPRVHJXH
;ĞƵƌŽƐ Ϳ
:ŽŐŽƐƐŽĐŝĂŝƐ
WƌĠŵŝŽƐĐĂĚƵĐĂĚŽƐ
ĐŽƌĚŽƉƌĞƐƚĂĕĆŽĚĞƐĞƌǀŝĕŽƐ^D>Ͳ:
ZĞŶĚĂƐĚĞƉƌŽƉƌŝĞĚĂĚĞƐĚĞŝŶǀĞƐƚŝŵĞŶƚŽ
ZĞŶĚŝŵĞŶƚŽƐĚĞŽŵƉƌŽƉƌŝĞĚĂĚĞƐĞdĞƐƚĂŵĞŶƚĂƌŝĂƐĞŶĐĞƌƌĂĚĂƐ
ŽƌƌĞĕƁĞƐƌĞůĂƚŝǀĂƐĂƉĞƌşŽĚŽƐĂŶƚĞƌŝŽƌĞƐ
WƌŽƚŽĐŽůŽĐŽŵĞŶƚƌŽŝƐƚƌŝƚĂůĚĞ>ŝƐďŽĂ
,ĞƌĂŶĕĂƐ
^ƵďƐşĚŝŽƐĂŽ/ŶǀĞƐƚŝŵĞŶƚŽͲ/ŵƉƵƚĂĕĆŽŶƵĂů
KƵƚƌŽƐ
ŝͿ
ŝŝͿ
ŝŝŝͿ
ŝǀͿ
ǀͿ
ǀŝͿ
ǀŝŝͿ
ϮϬϭϭ
ϮϬϭϬ
ϭϰϱ͘ϲϱϴ͘ϴϴϱ
ϭϮ͘ϲϳϬ͘ϰϭϯ
ϱ͘ϲϬϵ͘ϱϯϰ
Ϯ͘ϴϱϱ͘ϱϴϱ
ϭ͘Ϭϱϰ͘ϲϯϰ
ϵϴϲ͘ϯϮϳ
ϳϱϴ͘Ϯϴϭ
ϯϮϬ͘ϱϱϵ
ϮϭϬ͘ϰϲϳ
ϵϲϭ͘Ϯϭϭ
ϭϳϭ͘Ϭϴϱ͘ϴϵϲ
ϭϮϮ͘ϳϮϵ͘ϵϯϰ
ϵ͘ϭϮϯ͘Ϭϵϱ
ϱ͘ϲϬϮ͘ϱϱϲ
Ϯ͘ϲϮϯ͘ϭϵϱ
ϵϮ͘ϲϱϴ
ϴϲϵ͘ϵϲϲ
ϴϴϬ͘ϲϬϭ
Ϯ͘ϱϴϵ͘ϮϰϬ
ϮϮϬ͘ϰϴϲ
ϭ͘ϬϯϮ͘ϮϰϬ
i) -RJRVVRFLDLVHVVHQFLDOPHQWHWUDWDVHGRUHQGLPHQWRGD6DQWD&DVDHQTXDQWREHQHILFLiULD
GRV-RJRV6RFLDLVFRQIRUPHSHUFHQWDJHPGHDIHWDomRGRVUHVXOWDGRVGR
y
'HSDUWDPHQWRGH-RJRVFRQWHPSODGDQR'HFUHWR/HLQDOWHUDGRSHOR'HFUHWR/HL
QGHGHPDUoRHSHOR'HFUHWR/HLQGHGHRXWXEUR
ii) 3UpPLRV FDGXFDGRV UHQGLPHQWRV GHULYDGRV GD FDGXFLGDGH GRV SUpPLRV GRV -RJRV 6RFLDLV
GH/RWDULD1DFLRQDOH(XURPLOK}HVH[SORUDGRVSHOR'HSDUWDPHQWRGH-RJRV1RWD
iii) $FRUGR GH SUHVWDomR GH 6HUYLoRV HQTXDGUDVH QR kPELWR GH XP DFRUGR GH JHVWmR H
SUHVWDomRGHVHUYLoRVHQWUHD6&0/HR'-HPTXHD6&0/VHUiUHPXQHUDGDSHOR'-SHORV
VHUYLoRV SUHVWDGRV SHORV VHUYLoRV LQVWUXPHQWDLV 'LUHomR )LQDQFHLUD 'LUHomR GH 5HFXUVRV
+XPDQRV 'LUHomR GH $SURYLVLRQDPHQWR H 'LUHomR GH 6LVWHPDV H 7HFQRORJLDV GH
,QIRUPDomR DR '- (VWH DFRUGR UHVXOWRX GD UHHVWUXWXUDomR GH WRGR R XQLYHUVR 6&0/
DTXDQGRGDHQWUDGDHPYLJRUGRVQRYRV(VWDWXWRVSHOR'HFUHWR/HLQGHGH
'H]HPEUR
iv) 5HQGDVGHSURSULHGDGHVGHLQYHVWLPHQWRUHQGLPHQWRVDVVRFLDGRVjVUHQGDVUHFHELGDVGRV
ORFDWiULRV QR kPELWR GD UHQWDELOL]DomR GR SDWULPyQLR LPRELOLiULR GD 6DQWD &DVD QmR
XWLOL]DGRQDVDWLYLGDGHVGHDomRVRFLDOHRXWUDVHQTXDGUDGDVQRREMHWRGD6&0/
v) 5HQGLPHQWRV GH FRPSURSULHGDGHV H WHVWDPHQWDULDV HQFHUUDGDV D YDULDomR GHFRUUH GH HP
WHUVHSURFHGLGRDRHQFHUUDPHQWRGHWRGDVDVWHVWDPHQWDULDVHPFXUVR
vi) 3URWRFROR FRP &HQWUR 'LVWULWDO GH /LVERD UHHPEROVR GH VXEVtGLRV DWULEXtGRV SHOD 6DQWD
&DVDDXWHQWHVHPVLWXDomRGHWR[LFRGHSHQGrQFLDUHIXJLDGRVUHTXHUHQWHVGHDVLORHSDUD
WUDWDPHQWR GH DOFRyOLFRV EHP FRPR DMXGDV WpFQLFDV GH DFRUGR FRP RUoDPHQWR DQXDO
DSURYDGRSHOR&HQWUR'LVWULWDO
vii) 6XEVtGLRV DR LQYHVWLPHQWR ± LPSXWDomR DQXDO UHFRQKHFLPHQWR GD LPSXWDomR DQXDO GH
VXEVtGLRV DR LQYHVWLPHQWR GHVFULWRV QD 1RWD QD TXRWDSDUWH GR UHFRQKHFLPHQWR GDV
GHSUHFLDo}HVGRVDWLYRVILQDQFLDGRV
2XWURVJDVWRVHSHUGDVRSHUDFLRQDLV
2VRXWURVJDVWRVHSHUGDVRSHUDFLRQDLVREWLGRVHPHIRUDPFRPRVHJXH
y
;ĞƵƌŽƐ Ϳ
ϮϬϭϭ
ϮϬϭϬ
ϵ͘ϭϭϱ͘ϳϰϱ
ϴ͘ϭϲϯ͘ϴϰϬ
^ƵďƐşĚŝŽƐƵƚŝůŝǌĂĕĆŽĚĞůĂƌĞƐůƵĐƌĂƚŝǀŽƐ
ŝͿ
^ƵďƐşĚŝŽƐĚĞĐĂƌĄĐƚĞƌŵĞŶƐĂů
ŝŝͿ
ϰ͘ϳϭϲ͘ϭϰϱ
ϯ͘Ϯϰϵ͘ϴϳϳ
ƉůŝĐĂĕĆŽĚŽDW
ŝŝŝͿ
ϯ͘ϲϬϰ͘ϳϵϬ
Ϯ͘ϳϵϴ͘ϴϴϲ
KƵƚƌŽƐƐƵďƐşĚŝŽƐĞĂũƵĚĂƐƚĠĐŶŝĐĂƐ
ŝǀͿ
Ϯ͘ϭϭϴ͘ϯϭϭ
ϭ͘ϵϳϰ͘ϴϬϯ
^ƵďƐşĚŝŽƐĚĞĐĂƌĄĐƚĞƌĞǀĞŶƚƵĂů
ŝŝͿ
ϭ͘ϱϬϱ͘ϱϳϬ
ϭ͘Ϯϯϵ͘ϵϳϵ
ŶĐĂƌŐŽƐĐŽŵĨŽƌŵĂŶĚŽƐ
ŝǀͿ
ϵϲϮ͘ϰϯϳ
ϭ͘Ϭϱϵ͘ϯϮϮ
ϱϯϮ͘Ϭϭϵ
ϭ͘ϱϯϱ͘ϱϱϮ
ϭ͘ϳϰϭ͘ϱϱϯ
Ϯϰ͘Ϯϵϲ͘ϱϳϭ
ϳϬϭ͘ϱϬϱ
ϮϬ͘ϳϮϯ͘ϳϲϰ
KƵƚƌŽƐ
ǀͿ
L 6XEVtGLRV XWLOL]DomR GH ODUHV OXFUDWLYRV HQFDUJRV FRP ODUHV H[WHUQRV j 6DQWD &DVD SRU
IDOWDGHFDSDFLGDGHGHDFROKLPHQWRQRVODUHVSUySULRV
LL 6XEVtGLRV GH FDUiFWHU PHQVDO H HYHQWXDO VXEVtGLRV DWULEXtGRV D XWHQWHV FRP GLYHUVDV
HVSHFLILFLGDGHVLQIkQFLDIDPtOLDVDGXOWRVHSRSXODomRLGRVDHVVHQFLDOPHQWH
LLL $SOLFDomR GR PpWRGR GH HTXLYDOrQFLD SDWULPRQLDO LQFLGH VREUH DV XQLGDGHV GH
SDUWLFLSDomRGR)XQGRGH,QYHVWLPHQWR,PRELOLiULR)HFKDGR³6DQWD&DVD´1RWD
LY2XWURV6XEVtGLRVDMXGDVWpFQLFDVHHQFDUJRVFRPIRUPDQGRVDMXGDVWpFQLFDVDWULEXtGDV
D XWHQWHV H HQFDUJRV GH IRUPDomR H[ EROVDV GH HVWXGR VXSRUWDGRV SHOD 6DQWD &DVD QR
kPELWRGD$omR6RFLDO
Y 2XWURV $ YDULDomR YHULILFDGD HP GHFRUUH VREUHWXGR GR UHFRQKHFLPHQWR GH
SHQDOLGDGHVFRQWUDWXDLVQRkPELWRGHXPSURFHVVRDTXLVLWLYRQRYDORUGHHXURV
-XURVHJDVWRVHUHQGLPHQWRVVLPLODUHV
2GHWDOKHGRVMXURVHJDVWRVHUHQGLPHQWRVVLPLODUHVREWLGRVQRVH[HUFtFLRVGHH
pFRPRVHJXH
y
;ĞƵƌŽƐ Ϳ
ϮϬϭϭ
'ĂƐƚŽƐĞƉĞƌĚĂƐĨŝŶĂŶĐĞŝƌĂƐ
:ƵƌŽƐƉĂŐŽƐ
ZĞŶĚŝŵĞŶƚŽƐĞŐĂŶŚŽƐĨŝŶĂŶĐĞŝƌŽƐ
:ƵƌŽƐŽďƚŝĚŽƐ
:ƵƌŽƐĚĞĂƉůŝĐĂĕƁĞƐĨŝŶĂŶĐĞŝƌĂƐĚŽ:
ŝǀŝĚĞŶĚŽƐŝŶǀĞƐƚŝŵĞŶƚŽƐĨŝŶĂŶĐĞŝƌŽƐ
KƵƚƌŽƐ
ŝͿ
ŝŝͿ
ϮϬϭϬ
;Ϯ͘ϬϴϮͿ
;Ϯ͘ϮϳϬͿ
;Ϯ͘ϬϴϮͿ
;Ϯ͘ϮϳϬͿ
ϭϮ͘ϱϱϮ͘ϵϵϵ
ϳ͘ϭϵϯ͘ϯϵϮ
ϯϳ͘ϰϭϮ
ϭϲ͘ϲϬϭ
ϲ͘ϭϯϰ͘ϲϯϯ
Ϯ͘ϳϵϬ͘ϴϴϵ
ϴ͘ϴϮϱ
Ϯϭ͘ϬϬϲ
ϴ͘ϵϱϱ͘ϯϱϯ
L-XURVREWLGRVMXURVGHDSOLFDo}HVGHFXUWRSUD]RFXMRFUHVFLPHQWRYHULILFDGRGHFRUUHGD
VLJQLILFDWLYDVXELGDGDVWD[DVGHMXURQRDQRGH
LL -XURV GH DSOLFDo}HV ILQDQFHLUDV GR '- UHFRQKHFLPHQWR SHOD 6DQWD &DVD GRV MXURV GDV
DSOLFDo}HV ILQDQFHLUDV GR 'HSDUWDPHQWR GH -RJRV FRQIRUPH SUHYLVWR QR DUWLJR GR
'HFUHWR/HLGHGHPDUoR$YDULDomRUHJLVWDGDHPGHFRUUHGDVXELGDGDV
WD[DVGHMXURYHULILFDGDHP
&RPSURPLVVRV
2V FRPSURPLVVRVDVVXPLGRVSHOD6DQWD&DVDjGDWDGREDODQoRGR H[HUFtFLRVILQGRVD
GHGH]HPEURGHHFRUUHVSRQGHPD
/RFDo}HV RSHUDFLRQDLV GH YLDWXUDV H FRPSXWDGRUHV FXMR UHVXPR GDV UHQGDV YLQFHQGDV
UHODFLRQDGDVFRPRV FRQWUDWRVGHORFDomR RSHUDFLRQDOHPYLJRUjGDWDGHGHGH]HPEUR
GH
;ĞƵƌŽƐ Ϳ
ZĞŶĚĂƐǀŝŶĐĞŶĚĂƐ
ůƵŐƵĞƌKƉĞƌĂĐŝŽŶĂůĚĞsŝĂƚƵƌĂƐ
ŽŵƉƵƚĂĚŽƌĞƐ
фϭĂŶŽ
ϭͲϱĂŶŽƐ
ϱϰϲ͘ϯϬϱ
ϯϬϰ͘ϱϴϴ
ϭϯ͘ϮϮϯ
ϵ͘ϬϰϮ
ϱϱϵ͘ϱϮϴ
ϯϭϯ͘ϲϯϬ
&RQWLQJrQFLDV
3DVVLYRVFRQWLQJHQWHV
y
&RQVWLWXL SDVVLYR FRQWLQJHQWH GD 6DQWD &DVD R YDORU GD JDUDQWLD EDQFiULD SUHVWDGD j
6RMRJR QR YDORU HXURV GHFRUUHQWH GD TXDO IRL FRQVWLWXtGD XPD DSOLFDomR
ILQDQFHLUDUHJLVWDGDHPRXWURVDWLYRVILQDQFHLURVQmRFRUUHQWHVGHYHQGRHVWDSHUPDQHFHU
FRQVWLWXtGDHQTXDQWRYLJRUDUDUHIHULGDJDUDQWLD
0DWpULDVDPELHQWDLV
'XUDQWH R SHUtRGR ILQGR D GH GH]HPEUR GH D 6DQWD &DVD QR kPELWR GR
GHVHQYROYLPHQWR GD VXD DWLYLGDGH QmR LQFRUUHX HP HQFDUJRV VLJQLILFDWLYRV GH FDUiFWHU
DPELHQWDO
$ GH GH]HPEUR GH QmR VH HQFRQWUD UHJLVWDGR QDV GHPRQVWUDo}HV ILQDQFHLUDV
TXDOTXHU SDVVLYR GH FDUiFWHU DPELHQWDO QHP p GLYXOJDGD TXDOTXHU FRQWLQJrQFLD SRU VHU
FRQYLFomR GD 0HVD GD 6DQWD &DVD HP FRPR QmR H[LVWHP D HVVD GDWD REULJDo}HV RX
FRQWLQJrQFLDV SURYHQLHQWHV GH DFRQWHFLPHQWRV SDVVDGRV GH TXH UHVXOWHP HQFDUJRV
PDWHULDOPHQWHUHOHYDQWHVSDUDD6&0/
3DUWHVUHODFLRQDGDV
$ 6DQWD &DVD GD 0LVHULFyUGLD p XPD HQWLGDGH GH GLUHLWR SULYDGR H XWLOLGDGH S~EOLFD
DGPLQLVWUDWLYDTXHDWXDVREDWXWHODGR0LQLVWpULRGR7UDEDOKRHGD6ROLGDULHGDGH6RFLDO
35.1. 5HPXQHUDomRGRVÏUJmRV6RFLDLV
2V ÏUJmRV 6RFLDLV 3URYHGRU 0HVD GD 6DQWD &DVD H &RQVHOKR GH $XGLWRULD IRUDP
FRQVLGHUDGRVGHDFRUGRFRPD1&5)FRPRVHQGRRV~QLFRVHOHPHQWRV³FKDYH´GDJHVWmR
GD 6DQWD &DVD 'XUDQWH R SHUtRGR ILQGR HP GH GH]HPEUR GH DV UHPXQHUDo}HV
DXIHULGDV SHORV ÏUJmRV 6RFLDLV GD 6&0/ DVFHQGHUDP D HXURV HXURVFRQIRUPHPDSDVHJXLQWH
;ĞƵƌŽƐͿ
DĞƐĂĚĂ^D>
ŽŶƐĞůŚŽĚĞƵĚŝƚŽƌŝĂ
ϮϬϭϭ
ϮϬϭϬ
ϯϴϰ͘ϭϮϭ
ϰϭϯ͘ϵϮϭ
Ϯϵ͘ϵϰϭ
Ϯϴ͘ϵϵϭ
ϰϭϰ͘ϬϲϮ
ϰϰϮ͘ϵϭϭ
35.2. 7UDQVDo}HVHQWUHSDUWHVUHODFLRQDGDV
D1DWXUH]DGRUHODFLRQDPHQWRFRPDVSDUWHVUHODFLRQDGDV
y
6XEHQWLGDGHVGR8QLYHUVR6DQWD&DVDGD0LVHULFyUGLDGH/LVERD
'HSDUWDPHQWRGH-RJRV'-
$VVRFLDGDV
6RMRJR$VVRFLDomR*HVWRUDGRV-RJRV6RFLDLVGH0RoDPELTXH
EWUDQVDo}HVHVDOGRVSHQGHQWHV
6XEHQWLGDGHVGR8QLYHUVR6DQWD&DVDGD0LVHULFyUGLDGH/LVERD
'XUDQWHRV H[HUFtFLRVGHHD6DQWD&DVDHIHWXRXDVVHJXLQWHVWUDQVDo}HV FRP
DTXHODVHQWLGDGHV
3UHVWDomRGHVHUYLoRV
;ĞƵƌŽƐͿ
ĞƉĂƌƚĂŵĞŶƚŽĚĞ:ŽŐŽƐ
ϮϬϭϭ
ϮϬϭϬ
ϱ͘ϲϬϵ͘ϱϯϰ
ϱ͘ϲϬϮ͘ϱϱϲ
6DOGRVGHYHGRUHVHFUHGRUHV
1RILQDOGRVH[HUFtFLRVGHHRVVDOGRVUHVXOWDQWHVGHWUDQVDo}HVHIHWXDGDVFRP
SDUWHVUHODFLRQDGDVVmRFRPRVHJXH
;ĞƵƌŽƐͿ
ϮϬϭϭ
^ĂůĚŽĞǀĞĚŽƌ ^ĂůĚŽƌĞĚŽƌ
KƵƚƌĂƐŽŶƚĂƐĂWĂŐĂƌͬZĞĐĞďĞƌ
ĞƉĂƌƚĂŵĞŶƚŽĚĞ:ŽŐŽƐ;:Ϳ
>ƵĐƌŽƐĚŽƐ:ŽŐŽƐ^ŽĐŝĂŝƐ
ZĞŵƵŶĞƌĂĕƁĞƐ͕ƋƵŝƐŝĕƁĞƐĚĞĞŶƐĞ^ĞƌǀŝĕŽƐ͕/ŵƉŽƐƚŽƐĞKƵƚƌŽƐ
dKd>
ϮϬϭϬ
^ĂůĚŽĞǀĞĚŽƌ
^ĂůĚŽƌĞĚŽƌ
Ϯ͘ϭϲϬ͘ϱϰϲ
Ͳ
ϰϲϭ͘ϯϱϰ
ϭ͘ϵϮϯ͘Ϭϰϱ
Ͳ
ϰϳϭ͘ϲϴϰ
ϯϭ͘ϱϱϭ͘ϱϰϭ
ϰϲϭ͘ϯϱϰ
Ϯϰ͘Ϯϲϲ͘ϱϲϵ
ϰϳϭ͘ϲϴϰ
2V VDOGRV GDV SDUWHV UHODFLRQDGDV VmR FRPSRVWRV SRU PRYLPHQWRV GH GLVWULEXLomR GH
UHVXOWDGRV H PRYLPHQWRV RSHUDFLRQDLV GH UHPXQHUDo}HV DTXLVLomR GH EHQV H VHUYLoRV
DTXLVLomRGHDWLYRVIL[RVWDQJtYHLVHDWLYRVLQWDQJtYHLVLPSRVWRVHMXURV
y
(YHQWRVVXEVHTXHQWHV
1mRVHUHJLVWDPHYHQWRVVXEVHTXHQWHV
2XWUDVLQIRUPDo}HV±([HFXomR2UoDPHQWDO
$ H[HFXomR RUoDPHQWDO GD 6DQWD &DVD QRV H[HUFtFLRV GH H DSUHVHQWD RV
VHJXLQWHVYDORUHV
;ĞƵƌŽƐͿ
ϳϭͲsĞŶĚĂƐ
ϳϮͲWƌĞƐƚĂĕƁĞƐĚĞ^ĞƌǀŝĕŽƐ
ϳϱͲ^ƵďƐşĚŝŽƐăǆƉůŽƌĂĕĆŽ
ϮϬϭϬ
Kƌĕ͘ϮϬϭϭ
ϮϬϭϭ
;ϭͿ
;ϮͿ
;ϯͿ
ĞƐǀŝŽ
sĂůŽƌ
й
;ϰсϯͲϮͿ
;ϱсϰͬϮͿ
ϳϳϰ͘ϲϬϲ
ϴϭϲ͘ϬϬϬ
ϭ͘Ϭϳϲ͘ϯϮϬ
ϮϲϬ͘ϯϮϬ
ϯϭ͕ϵй
Ϯϴ͘ϵϵϬ͘ϯϯϮ
ϯϮ͘ϰϭϵ͘ϯϳϰ
Ϯϵ͘Ϯϳϲ͘ϱϴϭ
;ϯ͘ϭϰϮ͘ϳϵϯͿ
;ϵ͕ϳйͿ
;ϰϯ͕ϳйͿ
ϯ͘Ϯϭϱ͘Ϯϴϳ
Ϯ͘ϴϬϳ͘ϭϬϬ
ϭ͘ϱϳϵ͘ϮϰϬ
;ϭ͘ϮϮϳ͘ϴϲϬͿ
ϳϴͲKƵƚƌŽƐZĞŶĚŝŵĞŶƚŽƐĞ'ĂŶŚŽƐ
ϭϰϵ͘Ϯϵϵ͘ϭϱϬ
ϭϳϭ͘Ϭϴϱ͘ϴϵϱ
Ϯϭ͘ϳϴϲ͘ϳϰϱ
ϭϰ͕ϲй
ϳϵͲ:ƵƌŽƐ͕ŝǀŝĚĞŶĚŽƐĞŽƵƚƌŽƐZĞŶĚŝŵĞŶƚŽƐ^ŝŵŝůĂƌĞƐ
ϴ͘ϵϱϱ͘ϯϱϯ
ϭϴϳ͘ϲϵϵ͘ϱϰϴ
ϵ͘Ϯϴϱ͘ϮϱϬ
ϭϵϰ͘ϲϮϲ͘ϴϳϰ
ϮϮϮ͘ϴϭϴ͘ϰϯϵ
ϭϬ͘ϱϭϱ͘ϭϱϯ
Ϯϴ͘ϭϵϭ͘ϱϲϱ
ϭϭϯ͕Ϯй
ϭϰ͕ϱй
dŽƚĂůZĞĐĞŝƚĂƐŽƌƌĞŶƚĞƐ
ϲϭͲƵƐƚŽĚĂƐDĞƌĐĂĚŽƌŝĂƐsĞŶĚŝĚĂƐĞDĂƚĠƌŝĂƐŽŶƐƵŵŝĚĂƐ
ϱ͘ϯϭϬ͘ϲϱϰ
ϱ͘ϱϳϳ͘ϯϱϮ
ϱ͘ϴϮϮ͘ϱϬϰ
Ϯϰϱ͘ϭϱϮ
ϰ͕ϰй
ϲϮͲ&ŽƌŶĞĐŝŵĞŶƚŽƐĞ^ĞƌǀŝĕŽƐǆƚĞƌŶŽƐ
ϱϭ͘Ϭϱϰ͘ϵϴϵ
ϲϱ͘ϭϲϴ͘ϳϭϭ
ϱϲ͘ϯϯϮ͘ϯϰϰ
;ϴ͘ϴϯϲ͘ϯϲϳͿ
;ϭϯ͕ϲйͿ
ϲϯͲ'ĂƐƚŽƐĐͬWĞƐƐŽĂů
ϵϮ͘Ϭϱϵ͘ϭϯϮ
ϭϬϵ͘ϭϲϳ͘ϲϲϱ
ϭϬϱ͘ϰϱϱ͘ϯϳϵ
;ϯ͘ϳϭϮ͘ϮϴϲͿ
;ϯ͕ϰйͿ
ϲϴͲKƵƚƌŽƐ'ĂƐƚŽƐĞWĞƌĚĂƐ
ϭϳ͘ϴϬϮ͘ϱϯϳ
ϮϬ͘ϲϱϳ͘ϬϲϬ
ϮϬ͘ϯϴϱ͘ϯϮϱ
;Ϯϳϭ͘ϳϯϱͿ
;ϭ͕ϯйͿ
Ϯ͘ϮϳϬ
ϭϲϲ͘ϮϮϵ͘ϱϴϯ
ϭϭ͘ϬϬϬ
ϮϬϬ͘ϱϴϭ͘ϳϴϴ
Ϯ͘ϬϴϮ
ϭϴϳ͘ϵϵϳ͘ϲϯϱ
;ϴ͘ϵϭϴͿ
;ϭϮ͘ϱϴϰ͘ϭϱϯͿ
;ϴϭ͕ϭйͿ
;ϲ͕ϯйͿ
Ϯϭ͘ϰϲϵ͘ϵϲϱ
;ϱ͘ϵϱϰ͘ϵϭϰͿ
ϯϰ͘ϴϮϬ͘ϴϬϰ
ϰϬ͘ϳϳϱ͘ϳϭϴ
;ϲϴϰ͕ϳйͿ
Ϯϯϱ͘ϯϬϬ
ϱϬϬ͘ϬϬϬ
ϯϵϰ
;ϰϵϵ͘ϲϬϲͿ
;ϵϵ͕ϵйͿ
ϵ͘ϲϴϵ͘ϯϲϮ
;ϵ͘ϰϱϰ͘ϬϲϮͿ
Ϯϴ͘ϳϯϵ͘ϱϬϬ
;Ϯϴ͘Ϯϯϵ͘ϱϬϬͿ
ϭϲ͘ϲϳϬ͘ϵϮϳ
;ϭϲ͘ϲϳϬ͘ϱϯϮͿ
;ϭϮ͘Ϭϲϴ͘ϱϳϯͿ
ϭϭ͘ϱϲϴ͘ϵϲϴ
;ϰϮ͕ϬйͿ
;ϰϭ͕ϬйͿ
ϲϵͲ'ĂƐƚŽƐĞWĞƌĚĂƐĚĞ&ŝŶĂŶĐŝĂŵĞŶƚŽ
dŽƚĂůĞƐƉĞƐĂƐŽƌƌĞŶƚĞƐ
^ĂůĚŽŽƌƌĞŶƚĞ
ĞƐŝŶǀĞƐƚŝŵĞŶƚŽ
/ŶǀĞƐƚŝŵĞŶƚŽ
^ĂůĚŽĂƉŝƚĂů
e GH UHIHULU TXH SRU IRUoD GD FHGrQFLD GD JHVWmR GRV HVWDEHOHFLPHQWRV LQWHJUDGRV GR ,66
,3 D 6DQWD &DVD DSUHVHQWRX XP RUoDPHQWR VXSOHPHQWDU QR TXDO SUHYLD XP DFUpVFLPR GH
GHVSHVDVFRUUHQWHVGHHXURV$H[HFXomRYHULILFDGDQRH[HUFtFLRGHGRV
HVWDEHOHFLPHQWRVLQWHJUDGRVGR,66,3FLIURXVHQRVHXURVRTXHVLJQLILFDXP
GHVYLRQHJDWLYRGHHXURVMiUHIOHWLGRVQRPDSDDFLPD
1RTXHUHVSHLWDjVUXEULFDVVHPIOX[RILQDQFHLURYHULILFDPVHRVVHJXLQWHVYDORUHV
y
;ĞƵƌŽƐͿ
ϮϬϭϬ
Kƌĕ͘ϮϬϭϭ
ϮϬϭϭ
;ϭͿ
;ϮͿ
;ϯͿ
ĞƐǀŝŽ
sĂůŽƌ
й
;ϰсϯͲϮͿ
;ϱсϰͬϮͿ
ZĞǀĞƌƐƁĞƐ
ϱϭϰ͘ϯϴϰ
ϰ͘ϰϬϬ
ϭ͘ϰϬϬ͘ϮϲϬ
ϭ͘ϯϵϱ͘ϴϲϬ
'ĂŶŚŽƐƉŽƌĂƵŵĞŶƚŽĚĞũƵƐƚŽǀĂůŽƌ
ϯϰ͘Ϯϰϰ
ϱϰϴ͘ϲϮϴ
Ͳ
ϰ͘ϰϬϬ
ϭϴϴ͘ϬϮϯ
ϭ͘ϱϴϴ͘Ϯϴϯ
ϭϴϴ͘ϬϮϯ
ϭ͘ϱϴϯ͘ϴϴϯ
ϭϬϬ͕Ϭй
ͲͲ
dŽƚĂůZĞŶĚŝŵĞŶƚŽƐƐĞŵ&ůƵǆŽ&ŝŶĂŶĐĞŝƌŽ
ͲͲ
'ĂƐƚŽƐĐͬWĞƐƐŽĂůͲ&ƵŶĚŽĚĞWĞŶƐſĞƐ
Ͳ
ϰ͘Ϯϵϵ͘ϳϱϬ
ϰ͘Ϯϵϵ͘ϳϱϬ
ϭϬϬ͕Ϭй
'ĂƐƚŽƐĚĞĞƉƌĞĐŝĂĕĆŽĞĚĞŵŽƌƚŝǌĂĕĆŽ
ϭϬ͘ϯϱϲ͘ϳϬϬ
ϭϭ͘ϳϭϯ͘ϳϱϯ
ϭϭ͘Ϭϱϯ͘ϳϱϬ
;ϲϲϬ͘ϬϬϯͿ
;ϱ͕ϲйͿ
ϲ͘ϭϴϲ͘ϴϲϵ
ϵϱ͘ϬϬϬ
ϭϵ͘Ϯϰϵ͘ϴϮϬ
ϭϵ͘ϭϱϰ͘ϴϮϬ
ϰϵ͘ϰϵϭ
Ͳ
ϮϬϰ͘ϱϳϳ
ϮϬϰ͘ϱϳϳ
WĞƌĚĂƐƉŽƌ/ŵƉĂƌŝĚĂĚĞ
WĞƌĚĂƐƉŽƌƌĞĚƵĕĆŽĚĞ:ƵƐƚŽsĂůŽƌ
WƌŽǀŝƐƁĞƐĚŽWĞƌşŽĚŽ
ϲϮϳ͘ϵϭϰ
ϭϱϬ͘ϬϬϬ
ϭ͘ϵϰϰ͘ϭϵϰ
ϭ͘ϳϵϰ͘ϭϵϰ
Ϯ͘ϵϮϬ͘ϵϰϭ
ϭϰ͘ϲϯϲ͘ϲϲϰ
Ͳ
ϭϭ͘ϵϱϴ͘ϳϱϯ
ϯ͘ϵϭϭ͘Ϯϰϲ
ϰϬ͘ϲϲϯ͘ϯϯϴ
ϯ͘ϵϭϭ͘Ϯϰϲ
Ϯϴ͘ϳϬϰ͘ϱϴϱ
ϭϬϬ͕Ϭй
ϮϰϬ͕Ϭй
;ϭϰ͘Ϭϴϴ͘ϬϯϲͿ
;ϭϭ͘ϵϱϰ͘ϯϱϯͿ
;ϯϵ͘Ϭϳϱ͘ϬϱϱͿ
;Ϯϳ͘ϭϮϬ͘ϳϬϮͿ
ϮϮϲ͕ϵй
KƵƚƌŽƐ'ĂƐƚŽƐĞWĞƌĚĂƐͲƉůŝĐĂĕĆŽDWĞďĂƚĞƐ&d
dŽƚĂů'ĂƐƚŽƐƐĞŵ&ůƵǆŽ&ŝŶĂŶĐĞŝƌŽ
^ĂůĚŽ
ͲͲ
ϭϬϬ͕Ϭй
ͲͲ
(QFRQWUDVHUHJLVWDGDQDUXEULFD³3HUGDVSRU,PSDULGDGH´DLPSDULGDGHVREUHRHGLItFLRVLWR
QD$Y-RVp0DOKRDQVHFRQIRUPHGHVFULWRQD1RWD
1D UXEULFD ³*DVWRV FRP 3HVVRDO ± )XQGR GH 3HQV}HV´ HQFRQWUDVH R LPSDFWR QD
'HPRQVWUDomRGH5HVXOWDGRVGR)XQGRGH3HQV}HVFRQIRUPHUHILURQD1RWD
/LVERDGHPDUoRGH
2'LUHWRU)LQDQFHLUR
0DQXHO&DUORV
5RGULJXHV3HUHLUD
$0HVDGD6&0/
)HUQDQGR(GXDUGR&DEUDO3DHV
GH6RXVD$IRQVR9LFH3URYHGRU
3HGUR0LJXHOGH6DQWDQD/RSHV3URYHGRU
0DULD+HOHQD3DVVRV
5RVD/RSHVGD&RVWD9RJDO
5LWD,VDEHO0RUDLV7RPD]
9DODGDV3HUHLUD0DUTXHV9RJDO
3DXOR6pUJLR5RVD
0DWHXV&DODGR9RJDO
y
'HPRQVWUDo}HV)LQDQFHLUDV±'HSDUWDPHQWRGH-RJRV
%DODQoRHPGHGH]HPEUR
;ĞƵƌŽƐͿ
EŽƚĂƐ
ϮϬϭϭ
ϮϬϭϬ
ƚŝǀŽ
ƚŝ ǀŽƐ Ĩŝ ǆŽƐ ƚĂŶŐşǀĞŝƐ
ƚŝ ǀŽƐ ŝ ŶƚĂŶŐşǀĞŝ Ɛ
WĂƌƚŝ Đŝ ƉĂĕƁĞƐ Ĩŝ ŶĂŶĐĞŝ ƌĂƐ ͲŽƵƚƌŽƐ ŵĠƚŽĚŽƐ
DĞĚŝĂ ĚŽƌĞƐ
KƵƚƌŽƐ Ăƚŝ ǀŽƐ ĨŝŶĂŶĐĞŝ ƌŽƐ
ϲ
ϳ
ϴ
ϭϭ
ϵ
ϲ͘ϲϱϯ͘ϲϵϯ
ϭ͘ϳϯϬ͘ϯϴϴ
ϭϵ͘ϲϬϬ
ϯ͘ϯϵϰ͘ϲϴϰ
ϵϮ͘ϲϵϭ͘Ϭϭϭ
ϳϱ͘ϵϴϵ͘Ϯϱϯ
ϭϬϰ͘ϰϴϵ͘ϯϳϲ
ϴϰ͘ϰϵϴ͘ϭϭϬ
ϭ͘ϭϵϱ͘ϵϴϲ
ϰϮ͘ϵϬϲ͘ϵϭϮ
ϯϯ͘ϭϳϯ
Ͳ
Ϯϳ͘ϴϭϳ͘ϴϬϴ
ϭ͘ϳϬϳ͘ϯϲϵ
Ͳ
ϭϬϲ͘ϯϭϭ͘ϭϮϬ
ϵϭϯ͘ϵϴϱ
ϯϰ͘ϳϳϯ͘ϮϬϱ
ϭ͘Ϯϳϰ
ϱ͘ϰϯϵ
Ϯϭ͘ϲϳϳ͘ϴϵϳ
ϭ͘ϯϭϴ͘ϴϮϵ
ϯϯ͘ϳϱϬ͘ϬϬϬ
ϱϴ͘ϳϳϰ͘ϱϰϴ
ϭϳϵ͘ϵϳϮ͘ϯϲϵ
ϭϱϭ͘Ϯϭϱ͘ϭϳϴ
Ϯϴϰ͘ϰϲϭ͘ϳϰϱ
Ϯϯϱ͘ϳϭϯ͘Ϯϴϵ
ϭϱ
ϭϲ
ϭϳ
ϭϴϭ͘Ϯϳϳ
ϱ͘Ϯϭϵ͘ϯϱϭ
ϰϮ͘ϲϲϵ͘Ϯϯϵ
ϭϴϭ͘Ϯϳϳ
ϱ͘Ϯϭϵ͘ϯϱϭ
ϰϬ͘ϰϵϬ͘ϭϵϮ
ϭϲ
ϰϴ͘Ϭϲϵ͘ϴϲϳ
ϱϮϱ͘ϵϱϵ͘ϬϮϴ
ϰϱ͘ϴϵϬ͘ϴϮϬ
ϰϯϯ͘ϰϬϮ͘Ϭϯϳ
ϭϲ
ϭϳ
;ϱϮϯ͘ϭϯϯ͘ϴϬϲͿ
;Ϯ͘ϴϮϱ͘ϮϮϭͿ
;ϰϯϯ͘ϭϮϵ͘ϳϱϵͿ
;ϮϳϮ͘ϮϳϵͿ
ϰϭ͘Ϯϯϵ͘ϭϬϱ
ϭϮ͘Ϭϰϵ͘ϭϴϭ
ϯϬ͘ϵϳϱ͘ϱϬϲ
ϰ͘ϲϴϴ͘Ϯϵϯ
ϱϯ͘Ϯϴϴ͘Ϯϴϱ
ϯϱ͘ϲϲϯ͘ϳϵϵ
ϲ͘ϰϬϰ͘Ϯϰϳ
ϲ͘ϳϰϬ͘ϯϰϬ
Ϯϴ͘ϵϯϬ͘ϳϭϰ
ϭϮϱ͘ϯϱϵ͘ϬϴϮ
ϭϱ͘ϲϲϵ͘ϮϭϬ
ϴ͘ϳϲϬ͘Ϭϰϳ
ϲ͘Ϯϭϵ͘ϲϬϵ
ϮϮ͘ϯϯϯ͘ϴϰϱ
ϭϬϲ͘Ϯϵϱ͘Ϭϴϰ
ϭϬ͘ϱϱϬ͘Ϭϴϰ
ϭϴϯ͘ϭϬϯ͘ϱϵϯ
ϭϱϰ͘ϭϱϴ͘ϲϳϬ
dŽƚĂůĚŽƉĂƐƐŝǀŽ
Ϯϯϲ͘ϯϵϭ͘ϴϳϴ
ϭϴϵ͘ϴϮϮ͘ϰϲϵ
Ϯϴϰ͘ϰϲϭ͘ϳϰϱ
Ϯϯϱ͘ϳϭϯ͘Ϯϴϵ
ŽƌƌĞŶƚĞ
/ŶǀĞŶƚĄƌŝ ŽƐ
DĞĚŝĂ ĚŽƌĞƐ
Ěŝ Ă ŶƚĂŵĞŶƚŽƐ Ă ĨŽƌŶĞĐĞĚŽƌĞƐ
Ɛ ƚĂĚŽĞŽƵƚƌŽƐ ĞŶƚĞƐ ƉƷďůŝ ĐŽƐ
KƵƚƌĂ Ɛ ĐŽŶƚĂ Ɛ Ă ƌĞĐĞďĞƌ
ŝ ĨĞƌŝ ŵĞŶƚŽƐ
KƵƚƌŽƐ Ăƚŝ ǀŽƐ ĨŝŶĂŶĐĞŝ ƌŽƐ
Ăŝ ǆĂ ĞĚĞƉſƐ ŝ ƚŽƐ ďĂ ŶĐĄ ƌŝ ŽƐ
ϭϬ
ϭϭ
ϭϮ
ϭϯ͕ϭϵ͕ϯϯ
ϭϰ
ϰ
ϰ
ϱ͘ϴϮϵ͘ϳϲϭ
Ϯ͘ϲϱϵ͘ϰϵϲ
ϭϵ͘ϲϬϬ
Ͳ
&ƵŶĚŽƐ ŽĐŝ Ăů
ZĞƐ Ƶů ƚĂĚŽƐ ƚƌĂ ŶƐ ŝ ƚĂĚŽƐ
KƵƚƌĂ Ɛ ǀĂƌŝ ĂĕƁĞƐ ŶŽĐĂ Ɖŝ ƚĂů ƉƌſƉƌŝ Ž
ZĞƐƵůƚĂĚŽĚŝƐƚƌŝďƵşĚŽĂŽƐĞŶĞĨŝĐŝĄƌŝŽƐ
ZĞƐƵůƚĂĚŽƐŝŶĞƌĞŶƚĞƐăĐŽŶƐƚŝƚƵŝĕĆŽĚŽƐ&ƵŶĚŽƐ
dŽƚĂůĚŽĐĂƉŝƚĂůƉƌſƉƌŝŽ
WĂƐƐŝǀŽ
WƌŽǀŝ Ɛ ƁĞƐ
WƌĠŵŝ ŽƐ Ă WĂ ŐĂƌ
ϭϴ
Ϯϭ
ŽƌƌĞŶƚĞ
&ŽƌŶĞĐĞĚŽƌĞƐ
Ɛ ƚĂĚŽĞŽƵƚƌŽƐ ĞŶƚĞƐ ƉƷďůŝ ĐŽƐ WƌĠŵŝ ŽƐ Ă ƉĂŐĂ ƌ
KƵƚƌĂ Ɛ ĐŽŶƚĂ Ɛ Ă ƉĂŐĂ ƌ
ŝ ĨĞƌŝ ŵĞŶƚŽƐ
ϮϬ
ϭϮ
Ϯϭ
ϮϮ͕ϯϯ
Ϯϯ
2'LUHWRU)LQDQFHLUR
2$GPLQLVWUDGRU([HFXWLYR
)HUQDQGR(GXDUGR&DEUDO3DHVGH6RXVD
$IRQVR
0DQXHO&DUORV5RGULJXHV3HUHLUD
$VQRWDVGDVSiJLQDVDFRQVWLWXHPSDUWHLQWHJUDQWHGDVGHPRQVWUDo}HVILQDQFHLUDVDSUHVHQWDGDV
y
'HPRQVWUDomRGRVUHVXOWDGRVSRUQDWXUH]DV
;ĞƵƌŽƐͿ
ZĞŶĚŝŵĞŶƚŽƐĞ'ĂƐƚŽƐ
EŽƚĂƐ
ϮϬϭϭ
ϮϬϭϬ
ϰϵϲ͘ϱϵϬ͘Ϯϯϳ
sĞŶĚĂƐ ĞƐ Ğƌǀŝ ĕŽƐ ƉƌĞƐ ƚĂ ĚŽƐ
Ϯϰ
ϱϵϯ͘ϲϲϴ͘Ϭϱϱ
ƵƐ ƚŽĚĂƐ ŵĞƌĐĂ ĚŽƌŝ Ă Ɛ ǀĞŶĚŝ ĚĂƐ ĞĚĂƐ ŵĂ ƚĠƌŝ ĂƐ ĐŽŶƐ Ƶŵŝ ĚĂ Ɛ
Ϯϱ
;ϱ͘ϵϴϯ͘ϳϭϯͿ
;ϰ͘ϲϲϯ͘ϰϬϲͿ
Ϯϲ͕ϯϯ
;ϱϴ͘ϭϴϯ͘ϭϱϱͿ
;ϱϵ͘ϭϯϯ͘ϯϴϲͿ
'Ă Ɛ ƚŽƐ ĐŽŵŽƉĞƐ Ɛ ŽĂ ů
Ϯϳ
;ϭϬ͘Ϯϴϵ͘ϯϳϯͿ
;ϳ͘Ϯϭϰ͘ϰϭϭͿ
/ŵƉĂ ƌŝ ĚĂ ĚĞĚĞŝ ŶǀĞŶƚĄ ƌŝ ŽƐ ;ƉĞƌĚĂ Ɛ ͬƌĞǀĞƌƐ ƁĞƐ Ϳ
ϭϬ
;ϭϴ͘ϲϱϵͿ
Ͳ
&ŽƌŶĞĐŝ ŵĞŶƚŽƐ ĞƐ Ğƌǀŝ ĕŽƐ ĞǆƚĞƌŶŽƐ
/ŵƉĂ ƌŝ ĚĂ ĚĞĚĞĚşǀŝ ĚĂ Ɛ Ă ƌĞĐĞďĞƌ;ƉĞƌĚĂƐ ͬƌĞǀĞƌƐ ƁĞƐ Ϳ
ϭϭ
;ϰϭ͘ϮϲϲͿ
;ϭϬϴ͘ϵϬϳͿ
WƌŽǀŝ Ɛ ƁĞƐ ;Ă ƵŵĞŶƚŽƐ ͬƌĞĚƵĕƁĞƐ Ϳ
ϭϴ
;ϭϬ͘ϯϱϴ͘ϰϲϮͿ
;ϰ͘ϲϵϱ͘ϳϵϬͿ
ƵŵĞŶƚŽƐ ͬƌĞĚƵĕƁĞƐ ĚĞũƵƐ ƚŽǀĂů Žƌ
ϵ
Ϯ͘ϱϵϲ
ϱ͘ϳϱϭ
KƵƚƌŽƐ ƌĞŶĚŝ ŵĞŶƚŽƐ ĞŐĂŶŚŽƐ
Ϯϴ
ϭϳ͘ϲϰϴ͘ϬϭϬ
ϭϱ͘Ϯϳϭ͘ϵϴϰ
KƵƚƌŽƐ ŐĂ Ɛ ƚŽƐ ĞƉĞƌĚĂ Ɛ
Ϯϵ
;ϭ͘ϳϭϱ͘ϱϲϲͿ
;ϭ͘ϰϲϯ͘ϬϱϳͿ
ϱϮϰ͘ϳϮϴ͘ϰϲϱ
ϰϯϰ͘ϱϴϵ͘Ϭϭϲ
;ϯ͘ϳϬϮ͘ϳϯϵͿ
;ϯ͘ϭϯϱ͘ϯϬϳͿ
Ͳ
Ͳ
ϱϮϭ͘ϬϮϱ͘ϳϮϲ
ϰϯϭ͘ϰϱϯ͘ϳϬϵ
ZĞƐƵůƚĂĚŽƐĂŶƚĞƐĚĞĚĞƉƌĞĐŝĂĕƁĞƐ͕ŐĂƐƚŽƐĚĞĨŝŶĂŶĐŝĂŵĞŶƚŽĞŝŵƉŽƐƚŽƐ
'Ă Ɛ ƚŽƐ ͬƌĞǀĞƌƐ ƁĞƐ ĚĞĚĞƉƌĞĐŝ ĂĕĆŽĞĚĞĂ ŵŽƌƚŝ ǌĂĕĆŽ
ϲ͕ϳ
/ŵƉĂ ƌŝ ĚĂ ĚĞĚĞŝ ŶǀĞƐ ƚŝ ŵĞŶƚŽƐ ĚĞƉƌĞĐŝ Ą ǀĞŝ Ɛ ͬĂ ŵŽƌƚŝ ǌĄ ǀĞŝ Ɛ ;ƉĞƌĚĂƐ ͬƌĞǀĞƌƐ ƁĞƐ Ϳ
ZĞƐƵůƚĂĚŽŽƉĞƌĂĐŝŽŶĂů;ĂŶƚĞƐĚĞŐĂƐƚŽƐĚĞĨŝŶĂŶĐŝĂŵĞŶƚŽĞŝŵƉŽƐƚŽƐͿ
:ƵƌŽƐ ĞƌĞŶĚŝ ŵĞŶƚŽƐ Ɛ ŝ ŵŝ ů Ă ƌĞƐ Žďƚŝ ĚŽƐ
ϯϬ
ϱ͘ϲϯϱ͘ϵϰϭ
Ϯ͘Ϯϳϲ͘ϱϳϵ
:ƵƌŽƐ ĞŐĂ Ɛ ƚŽƐ Ɛ ŝ ŵŝ ů ĂƌĞƐ Ɛ ƵƉŽƌƚĂ ĚŽƐ
ϯϬ
;ϳϬϮ͘ϲϯϵͿ
;ϯϮϴ͘ϮϱϬͿ
2'LUHWRU)LQDQFHLUR
$IRQVR
y
y
'HPRQVWUDomRGDDOWHUDomRGRVFDSLWDLVSUySULRV
;ĞƵƌŽƐͿ
&ƵŶĚŽƐŽĐŝĂů
KƵƚƌĂƐ
ǀĂƌŝĂĕƁĞƐŶŽĐĂƉŝƚĂů
ƉƌſƉƌŝŽ
ZĞƐƵůƚĂĚŽƐ
ƚƌĂŶƐŝƚĂĚŽƐ
ϭϴϭ͘Ϯϳϳ
ϴ͘ϴϱϭ͘ϭϳϯ
ϰϬ͘ϴϲϬ͘Ϯϵϰ
ZĞƐƵůƚĂĚŽůşƋƵŝĚŽ
ĚŽƉĞƌşŽĚŽ
;ϯ͘ϲϯϭ͘ϴϵϬͿ
dŽƚĂů
ϰϲ͘ϮϲϬ͘ϴϱϱ
ů ƚĞƌĂ ĕƁĞƐ ƉŽů şƚŝ ĐĂƐ ĐŽŶƚĂ ďŝ ůşƐ ƚŝ ĐĂ Ɛ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
KƵƚƌĂ Ɛ Ă ůƚĞƌĂ ĕƁĞƐ ƌĞĐŽŶŚĞĐŝ ĚĂ Ɛ ŶŽĐĂ ƉŝƚĂ ůƉƌſƉƌŝ Ž
Ͳ
Ͳ
;ϯ͘ϲϯϭ͘ϴϮϯͿ
;ϯ͘ϲϯϭ͘ϴϮϯͿ
;ϯϳϬ͘ϭϬϯͿ
;ϯϳϬ͘ϭϬϯͿ
ϯ͘ϲϯϭ͘ϴϵϬ
ϯ͘ϲϯϭ͘ϴϵϬ
;ϯϳϬ͘ϬϯϱͿ
;ϯϳϬ͘ϬϯϱͿ
ZĞƐ Ƶů ƚĂ ĚŽů şƋƵŝ ĚŽĚŽƉĞƌşŽĚŽ
Ͳ
Ͳ
Ͳ
ϭϴϭ͘Ϯϳϳ
ϱ͘Ϯϭϵ͘ϯϱϭ
ϰϳϵ͘ϮϵϮ͘ϴϱϳ
ŝ Ɛ ƚƌŝďƵŝ ĕƁĞƐ
Ͳ
Ͳ
Ͳ
KƵƚƌĂ Ɛ ŽƉĞƌĂ ĕƁĞƐ
Ͳ
Ͳ
Ͳ
;ϮϳϮ͘ϮϳϵͿ
;ϮϳϮ͘ϮϳϵͿ
Ͳ
Ͳ
Ͳ
;ϰϯϯ͘ϰϬϮ͘ϬϯϳͿ
;ϰϯϯ͘ϰϬϮ͘ϬϯϳͿ
ϭϴϭ͘Ϯϳϳ
ϱ͘Ϯϭϵ͘ϯϱϭ
Ͳ
ϭϴϭ͘Ϯϳϳ
ϱ͘Ϯϭϵ͘ϯϱϭ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
ϭϴϭ͘Ϯϳϳ
Ͳ
ϱ͘Ϯϭϵ͘ϯϱϭ
Ϯ͘ϭϳϵ͘Ϭϰϳ
Ͳ
Ͳ
Ϯ͘ϭϳϵ͘Ϭϰϳ
ů ƚĞƌĂ ĕƁĞƐ ƉŽů şƚŝ ĐĂƐ ĐŽŶƚĂ ďŝ ůşƐ ƚŝ ĐĂ Ɛ
KƵƚƌĂ Ɛ Ă ůƚĞƌĂ ĕƁĞƐ ƌĞĐŽŶŚĞĐŝ ĚĂ Ɛ ŶŽĐĂ ƉŝƚĂ ůƉƌſƉƌŝ Ž
ZĞƐ Ƶů ƚĂ ĚŽů şƋƵŝ ĚŽĚŽƉĞƌşŽĚŽ
Ͳ
Ͳ
Ͳ
ϭϴϭ͘Ϯϳϳ
ϱ͘Ϯϭϵ͘ϯϱϭ
ϱϳϰ͘ϬϮϴ͘ϴϵϰ
ŝ Ɛ ƚƌŝďƵŝ ĕƁĞƐ
Ͳ
Ͳ
Ͳ
KƵƚƌĂ Ɛ ŽƉĞƌĂ ĕƁĞƐ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
;ϱϮϱ͘ϵϱϵ͘ϬϮϴͿ
;ϱϮϱ͘ϵϱϵ͘ϬϮϴͿ
ϭϴϭ͘Ϯϳϳ
ϱ͘Ϯϭϵ͘ϯϱϭ
Ͳ
2'LUHWRU)LQDQFHLUR
$IRQVR
y
'HPRQVWUDomRGRVIOX[RVGHFDL[D
;ĞƵƌŽƐͿ
ϮϬϭϭ
ϮϬϭϬ
ϭ͘ϮϮϯ͘ϴϯϵ͘Ϭϲϰ
;ϱϲ͘ϵϯϬ͘ϰϯϬͿ
;ϱ͘ϲϴϴ͘ϴϰϲͿ
ϭ͘ϬϮϱ͘ϳϯϳ͘Ϭϴϲ
;ϱϰ͘Ϯϳϭ͘ϯϱϰͿ
;ϵ͘ϲϳϯ͘ϲϮϰͿ
ϭ͘ϭϲϭ͘Ϯϭϵ͘ϳϴϴ
ϵϲϭ͘ϳϵϮ͘ϭϬϴ
ϭ͘ϱϱϴ͘ϯϭϰ
Ϯϴϵ͘ϭϬϯ
Ϯ͘ϰϰϳ͘ϲϱϰ
ϯϮϱ͘ϰϬϳ
;ϳϲ͘ϴϱϬ͘ϴϵϮͿ
;ϱϯϴ͘ϵϴϱ͘ϮϴϬͿ
;ϱϬϯ͘ϱϴϳ͘ϭϴϲͿ
;ϱ͘Ϯϵϭ͘ϬϴϰͿ
;ϱ͘ϳϯϴ͘ϰϮϬͿ
;ϰ͘ϯϱϲ͘ϰϰϲͿ
;ϲϭ͘ϳϳϱ͘ϵϯϯͿ
;ϰϲϯ͘ϱϬϳ͘ϲϴϲͿ
;ϰϰϰ͘ϴϳϰ͘ϯϲϮͿ
;ϭϳϯ͘ϲϴϴͿ
;ϵϮϬ͘ϰϯϬͿ
;ϲ͘ϵϯϰ͘ϵϴϵͿ
Ϯϴ͘Ϯϱϳ͘ϴϵϴ
;ϭϯ͘ϲϮϭ͘ϵϮϬͿ
;ϱϭϮ͘ϬϳϴͿ
;Ϯϳ͘ϮϮϮͿ
;Ϯϯ͘ϱϰϵ͘ϵϱϲͿ
;ϭϲϬ͘ϮϮϭͿ
;ϭϳϭ͘ϭϮϮͿ
;ϭϱ͘ϱϳϮ͘ϭϵϭͿ
ϵ͘ϭϯϬ͘ϵϲϲ
ϰϴϳ͘ϭϬϴ
ϭϰ͘ϲϮϬ͘ϰϵϰ
Ϯ͘ϵϴϴ͘ϭϴϬ
;ϭϰ͘ϰϳϭ͘ϭϴϮͿ
ϭ͘ϳϬϱ͘ϭϰϬ
WĂ ŐĂ ŵĞŶƚŽƐ ƌĞƐ ƉĞŝƚĂ ŶƚĞƐ Ă ͗
:ƵƌŽƐ ĞŐĂ Ɛ ƚŽƐ ĞƐ ŝŵŝ ůĂ ƌĞƐ
;ϭϰϰͿ
;ϭϬϴͿ
&ůƵǆŽƐĚĞĐĂŝǆĂůşƋƵŝĚŽƐĚĂƐĂƚŝǀŝĚĂĚĞƐĚĞĨŝŶĂŶĐŝĂŵĞŶƚŽ
;ϭϰϰͿ
;ϭϬϴͿ
ϭϯ͘ϳϴϲ͘ϱϳϮ
;ϭϭ͘ϵϭϲ͘ϴϴϴͿ
Ͳ
ϵϮ͘ϱϮϰ͘ϱϰϴ
Ͳ
ϭϬϰ͘ϰϰϭ͘ϰϯϲ
ϭϰϲ͘ϯϰϵ
ϭϬϲ͘ϭϲϰ͘ϳϳϭ
Ϯϰϵ͘Ϯϰϲ
ϵϮ͘Ϯϳϱ͘ϯϬϮ
&ůƵǆŽƐĚĞĐĂŝǆĂĚĂƐĂƚŝǀŝĚĂĚĞƐŽƉĞƌĂĐŝŽŶĂŝƐ
ZĞĐĞďŝŵĞŶƚŽƐ ĚĞŵĞĚŝ Ă ĚŽƌĞƐ
WĂ ŐĂ ŵĞŶƚŽƐ Ă ĨŽƌŶĞĐĞĚŽƌĞƐ
WĂ ŐĂ ŵĞŶƚŽƐ Ă ŽƉĞƐƐ ŽĂ ů
ĂŝǆĂŐĞƌĂĚĂƉĞůĂƐŽƉĞƌĂĕƁĞƐ
KƵƚƌŽƐƌĞĐĞďŝŵĞŶƚŽƐͬƉĂŐĂŵĞŶƚŽƐ
ZĞĐ͘ŽƵƚƌĂƐĂƚŝǀŝĚĂĚĞƐŽƉĞƌĂĐŝŽŶĂŝƐ
ZĞĐĞďŝŵĞŶƚŽƐ ƵƌŽŵŝů ŚƁĞƐ
KƵƚƌŽƐ ƌĞĐĞďŝ ŵĞŶƚŽƐ
WĂŐ͘ŽƵƚƌĂƐĂƚŝǀŝĚĂĚĞƐŽƉĞƌĂĐŝŽŶĂŝƐ
Ɛ ƚĂ ĚŽ
WĂ ŐĂ ŵĞŶƚŽĚĞƉƌĠŵŝŽƐ
ŝƐ ƚƌŝ ďƵŝĕĆ ŽĚĞƌĞƐ ƵůƚĂ ĚŽƐ Ă ŽƐĞŶĞĨŝĐŝĄ ƌŝŽƐ
WĂ ŐĂ ŵĞŶƚŽƐ ƵƌŽŵŝůŚƁĞƐ
KƵƚƌŽƐ WĂ ŐĂ ŵĞŶƚŽƐ
ZĞĐͬ͘WĂ ŐĂ ŵ͘^͕,K^͕DZĞ^^
&ůƵǆŽƐĚĞĐĂŝǆĂůşƋƵŝĚŽƐĚĂƐĂƚŝǀŝĚĂĚĞƐŽƉĞƌĂĐŝŽŶĂŝƐ
&ůƵǆŽƐĚĞĐĂŝǆĂĚĂƐĂƚŝǀŝĚĂĚĞƐĚĞŝŶǀĞƐƚŝŵĞŶƚŽ
WĂ ŐĂ ŵĞŶƚŽƐ ƌĞƐ ƉĞŝƚĂ ŶƚĞƐ Ă ͗
ƚŝ ǀŽƐ ĨŝǆŽƐ ƚĂ ŶŐşǀĞŝ Ɛ
ƚŝ ǀŽƐ ŝŶƚĂ ŶŐşǀĞŝƐ
/ŶǀĞƐ ƚŝŵĞŶƚŽƐ Ĩŝ ŶĂ ŶĐĞŝ ƌŽƐ
ZĞĐĞďŝŵĞŶƚŽƐ ƉƌŽǀĞŶŝĞŶƚĞƐ ĚĞ͗
/ŶǀĞƐ ƚŝŵĞŶƚŽƐ Ĩŝ ŶĂ ŶĐĞŝ ƌŽƐ
:ƵƌŽƐ ĞƌĞŶĚŝ ŵĞŶƚŽƐ Ɛ ŝŵŝů Ă ƌĞƐ
&ůƵǆŽƐĚĞĐĂŝǆĂůşƋƵŝĚŽƐĚĂƐĂƚŝǀŝĚĂĚĞƐĚĞŝŶǀĞƐƚŝŵĞŶƚŽ
&ůƵǆŽƐĚĞĐĂŝǆĂĚĂƐĂƚŝǀŝĚĂĚĞƐĚĞĨŝŶĂŶĐŝĂŵĞŶƚŽ
sĂƌŝĂĕĆŽĚĞĐĂŝǆĂĞƐĞƵƐĞƋƵŝǀĂůĞŶƚĞƐ
ĨĞŝ ƚŽƐ ĚĂ Ɛ ĚŝĨĞƌĞŶĕĂ Ɛ ĚĞĐą ŵďŝŽ
Ă ŝǆĂ ĞƐĞƵƐ ĞƋƵŝǀĂ ůĞŶƚĞƐ ŶŽŝŶşĐŝŽĚŽƉĞƌşŽĚŽ
Ă ŝǆĂ ĞƐĞƵƐ ĞƋƵŝǀĂ ůĞŶƚĞƐ ŶŽĨŝŵĚŽƉĞƌşŽĚŽ
ĞƚĂůŚĞĚĂĂŝǆĂĞĞƋƵŝǀĂůĞŶƚĞƐĚĞĐĂŝǆĂ
Ă ŝǆĂ
ĞƉſƐ ŝ ƚŽƐ ďĂ ŶĐĄ ƌŝŽƐ
2'LUHWRU)LQDQFHLUR
$IRQVR
y
$QH[RjVGHPRQVWUDo}HVILQDQFHLUDV
1
Introdução
2 'HSDUWDPHQWR GH -RJRV UHIHULGR QHVWH GRFXPHQWR FRPR ³'HSDUWDPHQWR GH -RJRV´ RX
³(QWLGDGH´ LQWHJUD D HVWUXWXUD RUJkQLFD GD 6DQWD &DVD GD 0LVHULFyUGLD GH /LVERD UHIHULGD
QHVWH GRFXPHQWR FRPR ³6DQWD &DVD´ RX ³6HUYLoRV &HQWUDLV´ WDO FRPR SUHYLVWR QRV
(VWDWXWRV GHVWD HQWLGDGH SXEOLFDGRV FRPR DQH[R DR 'HFUHWR/HL Q GH GH
GH]HPEUR
2'HSDUWDPHQWRGH-RJRVWHPDVXDRSHUDomRVHGLDGDQD5XDGDV7DLSDVQ)UHJXHVLD
GH6mR-RVp&RQFHOKRGH/LVERD
(VWD (QWLGDGH WHP FRPR DWLYLGDGH D JHVWmR H H[SORUDomR GH /RWDULDV $SRVWDV 0~WXDV H
TXDLVTXHU MRJRV DXWRUL]DGRV RX SRU TXDOTXHU IRUPD FRQFHGLGRV j 6DQWD &DVD WHQGR HP
YLVWDDREWHQomRHILFD]GRVPHLRVQHFHVViULRVjSURVVHFXomRGRVVHXVILQVRXGHRXWURVGH
RUGHPVRFLDODQtYHOQDFLRQDOGHILQLGRVSRUOHL
2VMRJRVDWXDOPHQWHH[SORUDGRVSHOR'HSDUWDPHQWRGH-RJRVVmR
•
•
•
•
/RWDULD&OiVVLFD
/RWDULD3RSXODU
/RWDULD,QVWDQWkQHD
7RWRORWR
•
•
•
7RWREROD
-RNHU
(XURPLOK}HV
1R kPELWR GD FRQFHVVmR R 'HSDUWDPHQWR GH -RJRV WHP DWULEXtGDV FRPSHWrQFLDV SDUD R
H[HUFtFLRGDVVHJXLQWHVDWLYLGDGHV
•
(ODERUDomRGRVHXSODQRGHDWLYLGDGHVRUoDPHQWRHUHODWyULRHFRQWDV
•
'HILQLomRGDVFRQGLo}HVHVVHQFLDLVjKDELOLWDomRGHSUpPLRVDDSURYDUSHODWXWHOD
•
$SURYDomRGRVSODQRVGHH[WUDo}HVGDVORWDULDV
•
'HILQLomR GRV UHJXODPHQWRV GH MRJRV LQFOXLQGR D IL[DomR GR SUHoR GH DSRVWD YDORU
SHUFHQWXDOGHUHFHLWDDUHVHUYDUSDUDSUpPLRVDDSURYDUSHODWXWHOD
•
'HILQLomR GR Q~PHUR GH SUpPLRV D YLJRUDU SDUD FDGD PRGDOLGDGH GH MRJR VRFLDO D
DSURYDUSHODWXWHOD
•
(VWUXWXUDomRRUJkQLFDGRVVHUYLoRV
•
(ODERUDomRGRUHJXODPHQWRJHUDOGHFDGDMRJRVRFLDODDSURYDUSHODWXWHOD
y
•
'HWHUPLQDomR GDV PRGDOLGDGHV GHVSRUWLYDV D LQFOXLU QRV FRQFXUVRV GH DSRVWDV
P~WXDVGHVSRUWLYDV
•
'HILQLomRGDUHGHGHSRVWRVGHYHQGDDHVWDEHOHFHUDQtYHOQDFLRQDOUHJXODPHQWDQGR
DVXDDWLYLGDGHHIL[DQGRDVUHVSHWLYDVUHPXQHUDo}HVSDJDVSHORVMRJDGRUHV
•
+DELOLWDomR GD 0HVD GD 6DQWD &DVD FRP DV LQIRUPDo}HV H SDUHFHUHV VREUH -RJRV
6RFLDLVFXMDH[SORUDomRYHQKDDVHUSURSRVWDj6DQWD&DVD
•
$SUHFLDomRGRVSURFHVVRVGHFRQWUDRUGHQDomRTXHYLHUHPDVHULQVWDXUDGRVTXDQWRj
H[SORUDomRLOtFLWDGH-RJRV6RFLDLVH
•
$SUHVHQWDomR GH SURSRVWDV j 0HVD GD 6DQWD &DVD TXDQWR D SRVVtYHLV ILOLDo}HV HP
RUJDQLVPRVLQWHUQDFLRQDLVGHORWDULDVHRXWURV-RJRV6RFLDLV
$R GLVSRU GH RUoDPHQWR H GHPRQVWUDo}HV ILQDQFHLUDV SUySULDV DQH[RV DR RUoDPHQWR H
GHPRQVWUDo}HV ILQDQFHLUDV GD 6DQWD &DVD R 'HSDUWDPHQWR GH -RJRV QmR LQWHJUD DV
GHPRQVWUDo}HVILQDQFHLUDVFRQVROLGDGDVGD6DQWD&DVD
2V ÏUJmRV GR 'HSDUWDPHQWR GH -RJRV HQFRQWUDPVH GHILQLGRV DWUDYpV GR DUW GR
'HFUHWR/HL Q GH GH GH]HPEUR VHQGR HVWHV R $GPLQLVWUDGRU ([HFXWLYR H RV
-~ULVFRQFXUVRVH[WUDo}HVHUHFODPDo}HV1RSHUtRGRHQWUHGHMDQHLURHGHVHWHPEUR
GHHQFRQWUDYDPVHQRPHDGRVFRPR$GPLQLVWUDGRUHV([HFXWLYRVGRLV9RJDLVGD0HVD
GD6DQWD&DVDGD0LVHULFyUGLDGH/LVERD$SDUWLUGHGHVHWHPEUR GHHQFRQWUDVH
QRPHDGR FRPR $GPLQLVWUDGRU ([HFXWLYR R 9LFH3URYHGRU GD 6DQWD &DVD $V UHIHUrQFLDV D
³$GPLQLVWUDGRU([HFXWLYR´DRORQJRGHVWHDQH[RUHIHUHPVHDRyUJmRVRFLDO
(VWDVGHPRQVWUDo}HVILQDQFHLUDVLQGLYLGXDLVIRUDPDSURYDGDVSHOD0HVDGD6DQWD&DVDQD
UHXQLmR GH GH PDUoR GH e RSLQLmR GD 0HVD TXH HVWDV GHPRQVWUDo}HV ILQDQFHLUDV
UHIOHWHP GH IRUPD YHUGDGHLUD H DSURSULDGD DV RSHUDo}HV GR 'HSDUWDPHQWR GH -RJRV EHP
FRPRDVXDSRVLomRHSHUIRUPDQFHILQDQFHLUDHIOX[RVGHFDL[D
5HIHUrQFLDOFRQWDELOtVWLFRGHSUHSDUDomRGDVGHPRQVWUDo}HVILQDQFHLUDV
2.1. %DVHGH3UHSDUDomR
(VWDVGHPRQVWUDo}HVILQDQFHLUDVLQGLYLGXDLVIRUDPSUHSDUDGDVGHDFRUGRFRPDVGLVSRVLo}HV
GR61&WHQGRVLGRSUHSDUDGDVGHDFRUGRFRPRSULQFtSLRGRFXVWRKLVWyULFR
y
$SUHSDUDomRGDVGHPRQVWUDo}HVILQDQFHLUDVHPFRQIRUPLGDGHFRPR61&UHTXHURXVRGH
HVWLPDWLYDVSUHVVXSRVWRVHMXOJDPHQWRVFUtWLFRVQRSURFHVVRGDGHWHUPLQDomRGDVSROtWLFDV
FRQWDELOtVWLFDV D DGRWDU SHOR 'HSDUWDPHQWR GH -RJRV FRP LPSDFWR VLJQLILFDWLYR QR YDORU
FRQWDELOtVWLFRGRVDWLYRVHSDVVLYRVDVVLPFRPRQRVUHQGLPHQWRVHJDVWRVGRSHUtRGR
$SHVDU GH HVWDV HVWLPDWLYDV VHUHP EDVHDGDV QDV PHOKRUHV H[SHULrQFLDV H QDV PHOKRUHV
H[SHFWDWLYDV HP UHODomR DRV HYHQWRV H Do}HV FRUUHQWHV H IXWXUDV RV UHVXOWDGRV DWXDLV H
IXWXURV SRGHP GLIHULU GHVWDV HVWLPDWLYDV $V iUHDV TXH HQYROYHP XP PDLRU JUDX GH
MXOJDPHQWR RX FRPSOH[LGDGH RX iUHDV HP TXH SUHVVXSRVWRV H HVWLPDWLYDV VHMDP
VLJQLILFDWLYRVSDUDDVGHPRQVWUDo}HVILQDQFHLUDVLQGLYLGXDLVVmRDSUHVHQWDGDVQD1RWD
'HUURJDomRGDVGLVSRVLo}HVGR61&
2.2.
1mR H[LVWLUDP QR GHFRUUHU GR SHUtRGR D TXH UHVSHLWDP HVWDV GHPRQVWUDo}HV ILQDQFHLUDV
TXDLVTXHU FDVRV H[FHFLRQDLV TXH LPSOLFDVVHP GLUHWDPHQWH D GHUURJDomR GH TXDOTXHU
GLVSRVLomRSUHYLVWDSHOR61&
&RPSDUDELOLGDGHGDVGHPRQVWUDo}HVILQDQFHLUDV
2.3.
2V HOHPHQWRV FRQVWDQWHV QDV SUHVHQWHV GHPRQVWUDo}HV ILQDQFHLUDV VmR QD VXD WRWDOLGDGH
FRPSDUiYHLVFRPRVGRSHUtRGRDQWHULRU
3ULQFLSDLVSROtWLFDVFRQWDEtOLVWLFDV
$V SULQFLSDLV SROtWLFDV GH FRQWDELOLGDGH DSOLFDGDV QD HODERUDomR GDV GHPRQVWUDo}HV
ILQDQFHLUDV VmR DV TXH DEDL[R VH GHVFUHYHP (VWDV SROtWLFDV IRUDP FRQVLVWHQWHPHQWH
DSOLFDGDVDWRGRVRVSHUtRGRVDSUHVHQWDGRVVDOYRLQGLFDomRFRQWUiULD
&RQYHUVmRFDPELDO
3.1.
L
0RHGDIXQFLRQDOHGHDSUHVHQWDomR
2V LWHQV LQFOXtGRV QDV GHPRQVWUDo}HV ILQDQFHLUDV GR 'HSDUWDPHQWR GH -RJRV HVWmR
PHQVXUDGRV QD PRHGD GR DPELHQWH HFRQyPLFR HP TXH FDGD HQWLGDGH RSHUD PRHGD
IXQFLRQDO R HXUR $V GHPRQVWUDo}HV ILQDQFHLUDV GR 'HSDUWDPHQWR GH -RJRV H UHVSHWLYDV
QRWDV GHVWH DQH[R VmR DSUHVHQWDGDV HP HXURV VDOYR LQGLFDomR H[SOtFLWD HP FRQWUiULR D
PRHGDGHDSUHVHQWDomRGD6DQWD&DVD
LL
7UDQVDo}HVHVDOGRV
y
$VWUDQVDo}HVHPPRHGDVGLIHUHQWHVGRHXURVmRFRQYHUWLGDVQDPRHGDIXQFLRQDOXWLOL]DQGR
DV WD[DV GH FkPELR j GDWD GDV WUDQVDo}HV 2V JDQKRV RX SHUGDV FDPELDLV UHVXOWDQWHV GR
SDJDPHQWR UHFHELPHQWR GDV WUDQVDo}HV EHP FRPR GD FRQYHUVmR SHOD WD[D GH FkPELR j
GDWDGREDODQoRGRVDWLYRVHGRVSDVVLYRVPRQHWiULRVGHQRPLQDGRVHPPRHGDHVWUDQJHLUD
VmR UHFRQKHFLGRV QD GHPRQVWUDomR GRV UHVXOWDGRV FRPR ³-XURV H UHQGLPHQWRV VLPLODUHV
REWLGRV´RX³-XURVHJDVWRVVLPLODUHVVXSRUWDGRV´VHUHODFLRQDGRVFRPDSOLFDo}HVILQDQFHLUDV
RXHPSUpVWLPRVRSHUDo}HVGHILQDQFLDPHQWRRXFRPR³2XWURVUHQGLPHQWRVHJDQKRV´RX
³2XWURV JDVWRV H SHUGDV´ SDUD WRGRV RV RXWURV VDOGRV H WUDQVDo}HV UHFRQKHFLGRV QD
GHPRQVWUDomRGRVUHVXOWDGRV
LLL
&RWDo}HVXWLOL]DGDV
$VFRWDo}HVGHPRHGDHVWUDQJHLUDXWLOL]DGDVSDUDFRQYHUVmRGHVDOGRVH[SUHVVRVHPPRHGD
HVWUDQJHLUDIRUDPFRPRVHJXH
DŽĞĚĂ
ϮϬϭϭ
h^
,&
'W
ϮϬϭϬ
ϭ͕Ϯϵϯϵ
ϭ͕Ϯϭϱϲ
Ϭ͕ϴϯϱϯ
ϭ͕ϯϯϲϮ
ϭ͕ϮϱϬϰ
Ϭ͕ϴϲϬϴ
3.2.
2V DWLYRV WDQJtYHLV HQFRQWUDPVH YDORUL]DGRV DR FXVWR GHGX]LGR GDV GHSUHFLDo}HV
DFXPXODGDVHHYHQWXDLVSHUGDVSRULPSDULGDGH(VWHFXVWRLQFOXLRPRQWDQWHGDYDORUL]DomR
GHWHUPLQDGRjGDWDGHWUDQVLomRSDUD1&5)HRFXVWRGHDTXLVLomRSDUDDWLYRVREWLGRVDSyV
HVVDGDWD
2FXVWRGHDTXLVLomRLQFOXLRSUHoRGHFRPSUDGRDWLYRDVGHVSHVDVGLUHWDPHQWHLPSXWiYHLV
jVXDDTXLVLomRHRVHQFDUJRVVXSRUWDGRVFRPDSUHSDUDomRGRFDWLYRSDUDTXHVHHQFRQWUH
QD VXD FRQGLomR GH XWLOL]DomR 2V FXVWRV FRP HPSUpVWLPRV REWLGRV SDUD D FRQVWUXomR GH
DWLYRVWDQJtYHLVTXDOLILFiYHLVVmRUHFRQKHFLGRVFRPRSDUWHGRFXVWRGHFRQVWUXomRGRFDWLYR
2 'HSDUWDPHQWR GH -RJRV DSHQDV FDSLWDOL]D DWLYRV IL[RV WDQJtYHLV FRP YDORU GH DTXLVLomR
VXSHULRU D HXURV 1R HQWDQWR SURFHGHVH j GHSUHFLDomR GD WRWDOLGDGH GR EHP QR
SULPHLURSHUtRGRGHXWLOL]DomRVHPSUHTXHRYDORUGHDTXLVLomRVHMDLQIHULRUD¼
2V FXVWRV VXEVHTXHQWHV LQFRUULGRV FRP UHQRYDo}HV H JUDQGHV UHSDUDo}HV TXH IDoDP
DXPHQWDU D YLGD ~WLO RX D FDSDFLGDGH GH JHUDU EHQHItFLRV HFRQyPLFRV GRV DWLYRV VmR
UHFRQKHFLGRVQRFXVWRGRFDWLYR
y
2V HQFDUJRV FRP UHSDUDo}HV H PDQXWHQomR GH QDWXUH]D FRUUHQWH VmR UHFRQKHFLGRV FRPR
XPJDVWRGRSHUtRGRHPTXHVmRLQFRUULGRV
2V FXVWRV D VXSRUWDU FRP R GHVPDQWHODPHQWR RX UHPRomR GH DWLYRV LQVWDODGRV HP
SURSULHGDGH GH WHUFHLURV VHUmR FRQVLGHUDGRV FRPR SDUWH GR FXVWR LQLFLDO GRV UHVSHWLYRV
DWLYRVTXDQGRVHWUDGX]DPHPPRQWDQWHVVLJQLILFDWLYRV
$V YLGDV ~WHLV HVWLPDGDV SDUD RV DWLYRV IL[RV WDQJtYHLV PDLV VLJQLILFDWLYRV VmR FRQIRUPH
VHJXH
ŶŽƐ
Ěŝ ĨşĐŝŽƐ ĞŽƵƚƌĂƐ ĐŽŶƐ ƚƌƵĕƁĞƐ
ƋƵŝƉĂŵĞŶƚŽďĄ Ɛŝ ĐŽ
ƋƵŝƉĂŵĞŶƚŽĚĞƚƌĂŶƐ ƉŽƌƚĞ
ƋƵŝƉĂŵĞŶƚŽ/ŶĨŽƌŵĄƚŝ ĐŽ
^ŝŶĂůĠƚŝĐĂ
KƵƚƌŽƐ Ăƚŝ ǀŽƐ ĨŝǆŽƐ ƚĂ ŶŐşǀĞŝƐ
ŶƚƌĞϭϬĂ ϱϬĂŶŽƐ
ŶƚƌĞϯĂ ϭϮĂŶŽƐ
ŶƚƌĞϲĂ ϭϬĂŶŽƐ
ŶƚƌĞϭĂ ϭϰĂŶŽƐ
ŶƚƌĞϱĂ ϴĂŶŽƐ
ŶƚƌĞϰĂ ϯϬĂŶŽƐ
6HPSUH TXH H[LVWDP LQGtFLRV GH SHUGD GH YDORU GRV DWLYRV IL[RV WDQJtYHLV VmR HIHWXDGRV
WHVWHV GH LPSDULGDGH GH IRUPD D HVWLPDU R YDORU UHFXSHUiYHO GR FDWLYR VHQGR UHJLVWDGD
XPDSHUGDSRULPSDULGDGHTXDQGRRYDORUUHFXSHUiYHOpLQIHULRUDRYDORUFRQWDELOtVWLFRYHU
SROtWLFD
$V YLGDV ~WHLV GRV DWLYRV VmR UHYLVWDV HP FDGD UHODWR ILQDQFHLUR SDUD TXH DV GHSUHFLDo}HV
SUDWLFDGDVHVWHMDPHPFRQIRUPLGDGHFRPRVSDGU}HVGHFRQVXPRGRVDWLYRV$OWHUDo}HVjV
YLGDV ~WHLV VmR WUDWDGDV FRPR XPD DOWHUDomR GH HVWLPDWLYD FRQWDELOtVWLFD H VmR DSOLFDGDV
SURVSHFWLYDPHQWH
2VJDQKRVRXSHUGDVQDDOLHQDomRGRVDWLYRVVmRGHWHUPLQDGRVSHODGLIHUHQoDHQWUHRYDORU
GH UHDOL]DomR H R YDORU FRQWDELOtVWLFR GR DWLYR VHQGR UHFRQKHFLGRV QD GHPRQVWUDomR GRV
UHVXOWDGRV
3.3.
$WLYRVLQWDQJtYHLV
2 FXVWR GRV DWLYRV LQWDQJtYHLV DGTXLULGRV VHSDUDGDPHQWH UHIOHWH HP JHUDO RV EHQHItFLRV
HFRQyPLFRVIXWXURVHVSHUDGRVHFRPSUHHQGHRVHXSUHoRGHFRPSUDLQFOXLQGRFXVWRV
FRP GLUHLWRV LQWHOHFWXDLV WD[DV H TXDOTXHU FXVWR GLUHWDPHQWH DWULEXtYHO j SUHSDUDomR GR
DWLYRSDUDRVHXXVRSUHWHQGLGR
y
2V DWLYRV LQWDQJtYHLV JHUDGRV LQWHUQDPHQWH VmR UHFRQKHFLGRV SHOR VHX FXVWR VHPSUH TXH
VHMD SURYiYHO TXH GD VXD XWLOL]DomR SRVVDP DGYLU EHQHItFLRV HFRQyPLFRV IXWXURV SDUD R
'HSDUWDPHQWRGH-RJRVHRVHXFXVWRSRVVDVHUPHQVXUDGRFRPILDELOLGDGH
1R FDVR GR 'HSDUWDPHQWR GH -RJRV RV DWLYRV TXH VH HQTXDGUDP QHVWDV GHILQLo}HV
FRUUHVSRQGHP
L DRV SURJUDPDV GH FRPSXWDGRU VRIWZDUH DGTXLULGRV FRPR VXSRUWH HVVHQFLDO jV VXDV
RSHUDo}HVDGPLQLVWUDWLYDVHDFHVVyULDV
LL DRV FXVWRV LQFRUULGRV FRP R GHVHQYROYLPHQWR GR SRUWDO GH -RJRV DWUDYpV GR TXDO
IXQFLRQDRVLVWHPDGHDSRVWDVRQOLQHSDUDRVDSRVWDGRUHVGRV-RJRV6RFLDLVH
LLLDWRGRVRVJDVWRVGHGHVHQYROYLPHQWRLQWHUQRGHDSOLFDo}HVLQIRUPiWLFDVGHVHQKDGDVHP
IXQomR GDV QHFHVVLGDGHV SDUWLFXODUHV GR 'HSDUWDPHQWR GH -RJRV GHVGH TXH FXPSULGDV DV
VHJXLQWHVFRQGLo}HVFXPXODWLYDPHQWH
D $DSOLFDomRLQIRUPiWLFDHPGHVHQYROYLPHQWRpDYDOLDGDFRPRWHFQLFDPHQWHYLiYHOH
VHUiFRQFOXtGD
E ([LVWH XPD LQWHQomR H[SUHVVD GR 'HSDUWDPHQWR GH -RJRV GH XWLOL]DU D DSOLFDomR
LQIRUPiWLFD TXH UHVXOWDU GR SURMHWR H HVWi GHPRQVWUDGD D H[LVWrQFLD GH
FRPSHWrQFLDVLQWHUQDVSDUDWDOXWLOL]DomR
F (VWi GHPRQVWUDGR TXH D XWLOL]DomR GD DSOLFDomRLQIRUPiWLFDJHUDEHQHItFLRVSDUDDV
RSHUDo}HVGR'HSDUWDPHQWRGH-RJRV
G (VWiDVVHJXUDGRRILQDQFLDPHQWRHDDORFDomRGHUHFXUVRVWpFQLFRVQHFHVViULRVSDUD
DFRQFOXVmRGRSURMHWRH
H 2 VLVWHPD LQWHUQR GH LPSXWDomR GH FXVWRV DRV SURMHWRV SHUPLWH D FRUUHWD
PHQVXUDomRGRVFXVWRVGHGHVHQYROYLPHQWRGDDSOLFDomR
6HPSUH TXH XP SURMHWR HP FXUVR QmR FXPSUD FRP RV FULWpULRV DFLPD GHILQLGRV RV FXVWRV
LQFRUULGRVVmRUHFRQKHFLGRVLPHGLDWDPHQWHHPUHVXOWDGRVGRSHUtRGR
2'HSDUWDPHQWRGH-RJRVYDORUL]DRVVHXVDWLYRVLQWDQJtYHLVDSyVRUHFRQKHFLPHQWRLQLFLDO
SHOR PRGHOR GR FXVWR RX VHMD DR FXVWR LQLFLDO GHGX]LGR GD DPRUWL]DomR DFXPXODGD H GH
TXDLVTXHUSHUGDVSRULPSDULGDGHDFXPXODGDV
2VDWLYRVLQWDQJtYHLVFRPYLGD~WLOGHILQLGDVmRDPRUWL]DGRVQXPDEDVHVLVWHPiWLFDGXUDQWH
D VXD YLGD ~WLO HVWLPDGD D SDUWLU GD GDWD HP TXH VH HQFRQWUDP GLVSRQtYHLV SDUD XVR $V
y
YLGDV ~WHLV HVWLPDGDV SDUD RV DWLYRV IL[RV LQWDQJtYHLV PDLV VLJQLILFDWLYRV VmR FRQIRUPH
VHJXH
ŶŽƐ
WƌŽŐƌĂŵĂ Ɛ ĚĞĐŽŵƉƵƚĂ ĚŽƌ
ŶƚƌĞϭĂ ϲĂŶŽƐ
2 'HSDUWDPHQWR GH -RJRV GHWHUPLQD D YLGD ~WLO H R PpWRGR GH DPRUWL]DomR GRV DWLYRV
LQWDQJtYHLV FRP EDVH QD HVWLPDWLYD GH FRQVXPR GRV EHQHItFLRV HFRQyPLFRV DVVRFLDGRV DR
DWLYRRVTXDLVVmRUHYLVWRVDQXDOPHQWHTXDQWRjVXDUD]RDELOLGDGH
3.4.
,PSDULGDGHGHDWLYRVQmRILQDQFHLURV
2 'HSDUWDPHQWR GH -RJRV UHDOL]D WHVWHV GH LPSDULGDGH VHPSUH TXH HYHQWRV RX DOWHUDo}HV
QDV FRQGLo}HV HQYROYHQWHV LQGLTXHP TXH R YDORU SHOR TXDO RV DWLYRV VH HQFRQWUDP
UHJLVWDGRVQDVGHPRQVWUDo}HVILQDQFHLUDVQmRVHMDUHFXSHUiYHO
6HPSUHTXHRYDORUUHFXSHUiYHOGHWHUPLQDGRpLQIHULRUDRYDORUFRQWDELOtVWLFRGRVDWLYRVR
'HSDUWDPHQWR GH -RJRV UHJLVWD D UHVSHWLYD SHUGD SRU LPSDULGDGH QD GHPRQVWUDomR GRV
UHVXOWDGRV
2YDORUUHFXSHUiYHOpRPDLRUGHHQWUHRMXVWRYDORUGRDWLYRGHGX]LGRGRVFXVWRVGHYHQGD
H R VHX YDORU GH XVR 3DUD D GHWHUPLQDomR GD H[LVWrQFLD GH LPSDULGDGH RV DWLYRV VmR
DORFDGRV DR QtYHO PDLV EDL[R SDUD R TXDO H[LVWHP IOX[RV GH FDL[D VHSDUDGRV LGHQWLILFiYHLV
XQLGDGHVJHUDGRUDVGHFDL[D
6HPSUH TXH DGHTXDGR p DQDOLVDGD D KLSyWHVH GH UHYHUWHU SHUGDV SRU LPSDULGDGH
FRQVLGHUDGDV HP SHUtRGRV DQWHULRUHV 4XDQGR Ki OXJDU DR UHJLVWR RX UHYHUVmR GH
LPSDULGDGHDDPRUWL]DomRHGHSUHFLDomRGRVDWLYRVVmRUHFDOFXODGDVSURVSHFWLYDPHQWH
2V DWLYRV QmR ILQDQFHLURV TXH QmR R JRRGZLOO SDUD RV TXDLV WHQKDP VLGR UHFRQKHFLGDV
SHUGDVSRULPSDULGDGHVmRDYDOLDGRVDFDGDGDWDGHUHODWRVREUHD SRVVtYHOUHYHUVmRGDV
SHUGDVSRULPSDULGDGH
4XDQGR Ki OXJDU DR UHJLVWR RX UHYHUVmR GH LPSDULGDGH D DPRUWL]DomR H GHSUHFLDomR GRV
DWLYRVVmRUHFDOFXODGDVSURVSHFWLYDPHQWHGHDFRUGRFRPRYDORUUHFXSHUiYHO
y
3.5.
$WLYRVILQDQFHLURV
'HWHUPLQDVHDFODVVLILFDomRGRVDWLYRVILQDQFHLURVQDGDWDGRUHFRQKHFLPHQWRLQLFLDO
2VDWLYRVILQDQFHLURVVmRFODVVLILFDGRVPHQVXUDGRVFRPR
D$RFXVWRRXDRFXVWRDPRUWL]DGRPHQRVTXDOTXHUSHUGDSRULPSDULGDGHRX
E$RMXVWRYDORUFRPDVDOWHUDo}HVGHMXVWRYDORUDVHUHPUHFRQKHFLGDVQDGHPRQVWUDomR
GHUHVXOWDGRV
2'HSDUWDPHQWRGH-RJRVFODVVLILFDHPHQVXUDDRFXVWR RXDRFXVWRDPRUWL]DGRRVDWLYRV
ILQDQFHLURV L TXH HP WHUPRV GH SUD]R VHMDP j YLVWD RX WHQKDP PDWXULGDGH GHILQLGD LL
FXMRUHWRUQRVHMDGHPRQWDQWHIL[RGHWD[DGHMXURIL[DRXGHWD[DYDULiYHOFRUUHVSRQGHQWH
D XP LQGH[DQWH GH PHUFDGR H LLL TXH QmR SRVVXDP QHQKXPD FOiXVXOD FRQWUDWXDO GD TXDO
SRVVDUHVXOWDUDSHUGDGRYDORUQRPLQDOHGRMXURDFXPXODGR
3DUD RV DWLYRV UHJLVWDGRV DR FXVWR DPRUWL]DGR RV MXURV REWLGRV D UHFRQKHFHU HP FDGD
FRUUHVSRQGH j WD[D TXH GHVFRQWD H[DWDPHQWH RV UHFHELPHQWRV GH FDL[D IXWXURV HVWLPDGRV
6mR UHJLVWDGRV DR FXVWR RX DR FXVWR DPRUWL]DGR RV DWLYRV ILQDQFHLURV TXH FRQVWLWXHP
HPSUpVWLPRVFRQFHGLGRVFRQWDVDUHFHEHUFOLHQWHVRXWURVGHYHGRUHVHWFHLQVWUXPHQWRV
ILiYHO
2 'HSDUWDPHQWR GH -RJRV FODVVLILFD H PHQVXUD DR MXVWR YDORU RV DWLYRV ILQDQFHLURV TXH
FRQVWLWXHPLQVWUXPHQWRVGHFDSLWDOSUySULRFRWDGRVHPPHUFDGRDWLYRFRQWUDWRVGHULYDGRV
HDWLYRVILQDQFHLURVGHWLGRVSDUDQHJRFLDomR$VYDULDo}HVGHMXVWRYDORUVmRUHJLVWDGDVQRV
UHVXOWDGRVGRSHUtRGR
2'HSDUWDPHQWRGH-RJRVDYDOLDDFDGDGDWDGHUHODWRILQDQFHLURDH[LVWrQFLDGHLQGLFDGRUHV
GH SHUGD GH YDORU SDUD RV DWLYRV ILQDQFHLURV TXH QmR VHMDP PHQVXUDGRV DR MXVWR YDORU
y
DWUDYpVGHUHVXOWDGRV6HH[LVWLUXPDHYLGrQFLDREMHWLYDGHLPSDULGDGHR'HSDUWDPHQWRGH
-RJRVUHFRQKHFHXPDSHUGDSRULPSDULGDGHQDGHPRQVWUDomRGRVUHVXOWDGRV
2V DWLYRV ILQDQFHLURV VmR GHVUHFRQKHFLGRV TXDQGR RV GLUHLWRV DR UHFHELPHQWR GRV IOX[RV
PRQHWiULRV RULJLQDGRV SRU HVVHV LQYHVWLPHQWRV H[SLUDP RX VmR WUDQVIHULGRV DVVLP FRPR
WRGRVRVULVFRVHEHQHItFLRVDVVRFLDGRVjVXDSRVVH
3.6.
&RPSHQVDomRGHVDOGRV
$FRPSHQVDomRGHDWLYRVHSDVVLYRVILQDQFHLURVDVVLPFRPRRUHODWRGHVDOGRVOtTXLGRVQR
EDODQoR DSHQDV p HIHWXDGD TXDQGR H[LVWH XP GLUHLWR OHJDO YLQFXODWLYR SDUD OHYDU D FDER D
FRPSHQVDomREHPFRPRDLQWHQomRGHHIHWXDUDUHJXODUL]DomRGRVVDOGRVSHORYDORUOtTXLGR
RXTXDQGRRDWLYRHRSDVVLYRVHMDPUHDOL]DGRVHSDJRVVLPXOWDQHDPHQWH
3.7.
,QYHQWiULRV
2V LQYHQWiULRV GR 'HSDUWDPHQWR GH -RJRV FRPSUHHQGHP ELOKHWHV GH -RJRV 6RFLDLV GH
$SRVWDV0~WXDV H/RWDULD,QVWDQWkQHD URORVGHSDSHOWpUPLFRXWLOL]DGRVSDUDRUHJLVWRGDV
DSRVWDV SHORV PHGLDGRUHV EHQV HVVHQFLDLV DR IXQFLRQDPHQWR GR HTXLSDPHQWR GR VLVWHPD
GHMRJRRQOLQHHPDWHULDOWLSRJUiILFRHLQIRUPiWLFRSDUDLPSUHVVmRGHMRJR
2V LQYHQWiULRV VmR UHFRQKHFLGRV LQLFLDOPHQWH DR FXVWR GH DTXLVLomR R TXDO LQFOXL WRGDV DV
GHVSHVDV VXSRUWDGDV FRP D FRPSUD VHQGR YDORUL]DGRV SRVWHULRUPHQWH DR PHQRU HQWUH R
FXVWRGHDTXLVLomRHRYDORUOtTXLGRGHUHDOL]DomR2PpWRGRGHFXVWHLRGRVLQYHQWiULRVpR
FXVWRPpGLRSRQGHUDGR
3.8.
0HGLDGRUHVH2XWUDVFRQWDVDUHFHEHU
$VUXEULFDVGH0HGLDGRUHVH2XWUDVFRQWDVDUHFHEHUVmRUHFRQKHFLGDVLQLFLDOPHQWHDRMXVWR
YDORU VHQGR VXEVHTXHQWHPHQWH PHQVXUDGDV DR FXVWR DPRUWL]DGR GHGX]LGR GH
DMXVWDPHQWRVSRULPSDULGDGHVHDSOLFiYHO
$V UHFHLWDV GH $SRVWDV 0~WXDV VmR XVXDOPHQWH HQWUHJXHV SHORV PHGLDGRUHV DWp XPD
VHPDQDDSyVRVRUWHLRDVHQWUHJDVGHUHFHLWDVGRMRJRItVLFRGH/RWDULD1DFLRQDOSDUD
PHGLDGRUHVFRPJDUDQWLDEDQFiULDVmRUHJXODUL]DGRVDWpGLDVDSyVDYpVSHUDGRVRUWHLR
RV PHGLDGRUHV VHP JDUDQWLD EDQFiULD SDJDP QR DWR GR OHYDQWDPHQWR GR MRJR D ORWDULD
y
GHVPDWHULDOL]DGD p SDJD QD TXDUWDIHLUD GD VHPDQD VHJXLQWH j VHPDQD GD YHQGD H DV
UHFHLWDVGH/RWDULD,QVWDQWkQHDVmRFREUDGDVQDVHPDQDVHJXLQWHjUHFHomRGDHQFRPHQGD
QRWHUPLQDO³$OWXUD´
$VSHUGDVSRULPSDULGDGHGRV0HGLDGRUHVH2XWUDVFRQWDVDUHFHEHUVmRUHJLVWDGDVVHPSUH
TXHH[LVWDHYLGrQFLDREMHWLYDGHTXHRVPHVPRVQmRVmRUHFXSHUiYHLVFRQIRUPHRVWHUPRV
LQLFLDLV GD WUDQVDomR $V SHUGDV SRU LPSDULGDGH LGHQWLILFDGDV VmR UHJLVWDGDV QD
GHPRQVWUDomR GRV UHVXOWDGRV HP ³,PSDULGDGH GH 'tYLGDV D UHFHEHU´ VHQGR
VXEVHTXHQWHPHQWH UHYHUWLGDV SHOD PHVPD UXEULFD FDVR RV LQGLFDGRUHV GH LPSDULGDGH
GLPLQXDPRXGHVDSDUHoDP
'LILFXOGDGHVILQDQFHLUDVVHYHUDVSUREDELOLGDGHGHGHFODUDomRGHIDOrQFLDRXUHHVWUXWXUDomR
ILQDQFHLUD VmR FRQVLGHUDGRV FRPR LQGLFDGRUHV GH TXH R YDORU D UHFHEHU HQFRQWUDVH HP
LPSDULGDGH2YDORUDMXVWDGRFRUUHVSRQGHjGLIHUHQoDHQWUHRYDORURULJLQDOPHQWHGHYLGRHR
YDORUSUHVHQWHGRVIOX[RVGHFDL[DIXWXURV
3.9.
&DL[DHHTXLYDOHQWHVGHFDL[D
2FDL[DHHTXLYDOHQWHVGHFDL[DLQFOXHPFDL[DGHSyVLWRVEDQFiULRVRXWURVLQYHVWLPHQWRVGH
FXUWR SUD]R GH OLTXLGH] HOHYDGD H FRP PDWXULGDGHV LQLFLDLV DWp PHVHV H GHVFREHUWRV
EDQFiULRV 2V GHVFREHUWRV EDQFiULRV TXDQGR FRQWUDWXDOL]DGRV VmR DSUHVHQWDGRV QR
%DODQoR QR SDVVLYR FRUUHQWH QD UXEULFD ³)LQDQFLDPHQWRV REWLGRV´ H VmR FRQVLGHUDGRV QD
HODERUDomRGDGHPRQVWUDomRGRVIOX[RVGHFDL[DFRPRFDL[DHHTXLYDOHQWHVGHFDL[D
3.10. 3DVVLYRVILQDQFHLURV
'HWHUPLQDVHDFODVVLILFDomRGRVSDVVLYRVILQDQFHLURVQDGDWDGRUHFRQKHFLPHQWRLQLFLDO
2VSDVVLYRVILQDQFHLURVVmRFODVVLILFDGRVPHQVXUDGRVFRPR
D$RFXVWRRXDRFXVWRDPRUWL]DGRPHQRVTXDOTXHUSHUGDSRULPSDULGDGHRX
UHVXOWDGRV
2 'HSDUWDPHQWR GH -RJRV FODVVLILFD H PHQVXUD DR FXVWR RX DR FXVWR DPRUWL]DGR RV
SDVVLYRVILQDQFHLURVLTXHHPWHUPRVGHSUD]RVHMDPjYLVWDRXWHQKDPPDWXULGDGH
GHILQLGD LL FXMD UHPXQHUDomR VHMD GH PRQWDQWH IL[R GH WD[D GH MXUR IL[D RX GH WD[D
YDULiYHO FRUUHVSRQGHQWH D XP LQGH[DQWH GH PHUFDGR H LLL TXH QmR SRVVXDP QHQKXPD
FOiXVXODFRQWUDWXDOGDTXDOSRVVDUHVXOWDUXPDDOWHUDomRjUHVSRQVDELOLGDGHSHORUHHPEROVR
GRYDORUQRPLQDOHGRMXURDFXPXODGRDSDJDU
y
3DUD RV SDVVLYRV UHJLVWDGRV DR FXVWR DPRUWL]DGR RV MXURV REWLGRV D UHFRQKHFHU HP FDGD
FRUUHVSRQGHjWD[DTXHGHVFRQWDH[DWDPHQWH RVSDJDPHQWRVGHFDL[DIXWXURV FRQWUDWDGRV
6mR UHJLVWDGRV DR FXVWR RX DR FXVWR DPRUWL]DGR RV SDVVLYRV ILQDQFHLURV TXH FRQVWLWXHP
ILQDQFLDPHQWRVREWLGRVFRQWDVDSDJDUIRUQHFHGRUHVRXWURVFUHGRUHVHWFHLQVWUXPHQWRV
ILiYHO
3.11. )LQDQFLDPHQWRVREWLGRV
2VILQDQFLDPHQWRVREWLGRVVmRLQLFLDOPHQWHUHFRQKHFLGRVDRMXVWRYDORUOtTXLGRGHFXVWRVGH
WUDQVDomR H PRQWDJHP LQFRUULGRV 2V ILQDQFLDPHQWRV VmR VXEVHTXHQWHPHQWH DSUHVHQWDGRV
DR FXVWR DPRUWL]DGR VHQGR D GLIHUHQoD HQWUH R YDORU QRPLQDO H R MXVWR YDORU LQLFLDO
UHFRQKHFLGD QD GHPRQVWUDomR GRV UHVXOWDGRV DR ORQJR GR SHUtRGR GR ILQDQFLDPHQWR
XWLOL]DQGRRPpWRGRGDWD[DGHMXURHIHWLYD
2VILQDQFLDPHQWRVREWLGRVVmRFODVVLILFDGRVQRSDVVLYRFRUUHQWHH[FHWRVHR'HSDUWDPHQWR
GH -RJRV SRVVXLU XP GLUHLWR LQFRQGLFLRQDO GH GLIHULU R SDJDPHQWR GR SDVVLYR SRU SHOR
PHQRV PHVHV DSyV D GDWD GR EDODQoR VHQGR QHVWH FDVR FODVVLILFDGRV QR SDVVLYR QmR
FRUUHQWH
3.12. )RUQHFHGRUHVH2XWUDVFRQWDVDSDJDU
$VUXEULFDVGH)RUQHFHGRUHV H2XWUDVFRQWDV DSDJDUFRQVWLWXHPREULJDo}HVGHSDJDUSHOD
DTXLVLomR GH EHQV RX VHUYLoRV VHQGR UHFRQKHFLGDV LQLFLDOPHQWH DR MXVWR YDORU H
VXEVHTXHQWHPHQWH PHQVXUDGDV DR FXVWR RX DR FXVWR DPRUWL]DGR XWLOL]DQGR R PpWRGR GD
WD[DGHMXURHIHWLYD
3.13. %HQHItFLRVDRVHPSUHJDGRV
$ 6DQWD &DVD FRPSURPHWHXVH FRP R SDJDPHQWR GH SUHVWDo}HV SHFXQLiULDV DRV VHXV
FRODERUDGRUHV D WtWXOR GH FRPSOHPHQWRV GH SHQV}HV GH UHIRUPD SRU YHOKLFH LQYDOLGH]
VREUHYLYrQFLDLPHGLDWDRXGLIHULGDHRUIDQGDGHWHQGRVLGRFRQVWLWXtGRXPSODQRGHSHQV}HV
y
GHEHQHItFLRVGHILQLGRVGRUDYDQWHGHVLJQDGRGH³3ODQRGH3HQV}HV´HPIXQomRGRTXDGUR
GHSHVVRDOGD6DQWD&DVDHGR'HSDUWDPHQWRGH-RJRVjGDWDGHFRQVWLWXLomR
2 'HSDUWDPHQWR GH -RJRV DVVXPH DGLFLRQDOPHQWH D UHVSRQVDELOLGDGH SHOR SDJDPHQWR GH
SUpUHIRUPDV DWp DR VHX PRPHQWR GH SDVVDJHP HIHWLYD j UHIRUPD (VWHV SDJDPHQWRV
FRUUHVSRQGHPDSDUWH GRVDOiULRGRHPSUHJDGRDWpjGDWDGHUHIRUPDSHOD&DL[D*HUDOGH
$SRVHQWDo}HV SHUtRGR TXH XVXDOPHQWH QmR XOWUDSDVVD XP KRUL]RQWH GH WHPSR GH PHVHV
&RQIRUPH UHIHULGR QD 1RWD R )XQGR IRL FRQVWLWXtGR GH IRUPD D ILQDQFLDU D TXDVH
WRWDOLGDGHGDVVXDVUHVSRQVDELOLGDGHVSRUWDLVSDJDPHQWRV
¾
3ODQRGH3HQV}HVGR'HSDUWDPHQWRGH-RJRV
'XUDQWH R SULPHLUR WULPHVWUH GH IRL FRQVWLWXtGR R )XQGR GH 3HQV}HV GD 6DQWD &DVD
FRP D ILQDOLGDGH GH JDUDQWLU XPD TXRWDSDUWH GRV EHQHItFLRV SUHYLVWRV QR (VWDWXWR GD
)XQomR 3~EOLFD FRUUHVSRQGHQWH DR Q~PHUR GH DQRV H PHVHV FRQWDGRV DSyV D GDWD GD
LQVFULomR QD 6HJXUDQoD 6RFLDO DWp j GDWD GH LQVFULomR QD &DL[D *HUDO GH $SRVHQWDo}HV
WDPEpPUHIHULGDQHVWHGRFXPHQWRFRPR³&*$´DVVLPFRPRRVFRPSOHPHQWRVGHUHIRUPD
SUHYLVWRVQR'HFUHWR/HLQGHGHMXOKR
2 3ODQR GH 3HQV}HV DWULEXtGR YLVD JDUDQWLU SHQV}HV SRU YHOKLFH LQYDOLGH] H VREUHYLYrQFLD
VHQGR TXH D WRWDOLGDGH GDV UHVSRQVDELOLGDGHV IRUDP WUDQVIHULGDV SDUD IXQGR DXWyQRPR
WHQGRVLGRHQWUHJXHVDVGRWDo}HVQHFHVViULDVSDUDFREULURVUHVSHWLYRVHQFDUJRVTXHVHYmR
YHQFHQGRHPFDGDXPGRVSHUtRGRV
$VSHQV}HVHQFRQWUDPVHFRQVDJUDGDVQRVVHJXLQWHVGLSORPDVDSOLFiYHLVDR'HSDUWDPHQWR
GH-RJRV
•
'HFUHWR/HL Q ± DEUDQJH R SHVVRDO TXH GHVGH GH MXOKR GH SHORV
HVWDWXWRVGHDSRVHQWDomRHGHVREUHYLYrQFLDGRIXQFLRQDOLVPRS~EOLFRQGRDUWLJR
H TXH D HVVD GDWD Mi VH HQFRQWUDYD YLQFXODGR D RUJDQLVPRV GR (VWDGR RQGH
SDVVRX D HVWDU VXMHLWR DR UHJLPH GD IXQomR S~EOLFD DUWLJR H SHVVRDO TXH VH
HQFRQWUDYDUHIRUPDGRSHOD&DL[DGH3UHYLGrQFLDGRV(PSUHJDGRV
GD $VVLVWrQFLD JDUDQWLQGR D 6DQWD &DVD XP FRPSOHPHQWR GH UHIRUPD GLIHUHQoD
HQWUH D SHQVmR TXH LULDP DXIHULU DWUDYpV GD &*$ H D SHQVmR TXH DXIHULDP QHVVD
GDWD WUDWDQGRVH GH XP FRPSOHPHQWR YLWDOtFLR VHP DWXDOL]DomR QV H GR
DUWLJR
y
•
'HFUHWR/HLQ±DEUDQJHRVFRODERUDGRUHVGR'HSDUWDPHQWRGH-RJRVTXH
DWp GH GH]HPEUR GH UHXQLDP DV FRQGLo}HV H[SUHVVDV QR DUWLJR GR
UHIHULGRGLSORPD2VEHQHItFLRVDFDUJRGD6DQWD&DVDVmRRVVHJXLQWHV
3HQVmR GH DSRVHQWDomR D DWULEXLU GH DFRUGR FRP R 'HFUHWR/HL Q FRUUHVSRQGHQWH D GR VDOiULR DWp TXH R DSRVHQWDGR DWLQMD DV FRQGLo}HV GH
UHIRUPD±SHQVmRDWpj,15LGDGHQRUPDOGHUHIRUPD
4XRWL]DomRj&*$GRVDOiULR
3DVVDGR HVWH SHUtRGR D 6DQWD &DVD SDVVD D VHU UHVSRQViYHO DSHQDV SHOR GLVSRVWR QR
'HFUHWR/HLQSDUDRVWUDEDOKDGRUHVDGPLWLGRVDQWHVGDHQWUDGDHPYLJRUGR
UHIHULGR GLSORPD 4XDQWR DRV FRODERUDGRUHV DGPLWLGRV DSyV MXOKR GH D
UHVSRQVDELOLGDGHpHQFDUJRWRWDOGD&*$±SHQVmRDSyV,15
$VSHQV}HVFRQWHPSODGDVSHORSODQRFRUUHVSRQGHPD
•
3HQVmRGHYHOKLFHHLQYDOLGH]±SHQVmRSDJDSHOD&*$VHQGRHVWDUHVSRQViYHOSHOD
TXRWDSDUWHGDSHQVmRFRUUHVSRQGHQWHDRWHPSRGHVHUYLoRGHFRUULGRDSyVDGDWDGH
LQVFULomRQDTXHOD(QWLGDGHVHQGRRWHPSRDQWHULRUHQFDUJRGD6DQWD&DVDH&HQWUR
1DFLRQDOGH3HQV}HV&13
•
3HQVmR GH VREUHYLYrQFLD LPHGLDWD H RUIDQGDGH ± HP FDVR GH PRUWH GH FRODERUDGRU
DWLYRD6DQWD&DVDLUiSDJDUXPDSHQVmRGHVREUHYLYrQFLDDRVKHUGHLURVKiEHLV
•
3HQVmRGHVREUHYLYrQFLDGLIHULGDHPFDVRGHPRUWHGHH[FRODERUDGRUDSRVHQWDGR
D6DQWD&DVDLUiSDJDUXPDSHQVmRGHVREUHYLYrQFLDDRVKHUGHLURVKiEHLV
(P DPERV RV FDVRV GH VREUHYLYrQFLD D SHQVmR D DWULEXLU SHOR &13 FRUUHVSRQGH D GD
SHQVmR GH UHIRUPD VHQGR TXH D TXRWDSDUWH D FDUJR GD 6DQWD &DVD VHUi OLJHLUDPHQWH
LQIHULRUDRV
$VUHVSRQVDELOLGDGHVFRPRSDJDPHQWRGDVUHIHULGDVSUHVWDo}HVVmRHVWLPDGDVDQXDOPHQWH
SRU DWXiULRV LQGHSHQGHQWHV VHQGR XWLOL]DGR R PpWRGR GR FUpGLWR GD XQLGDGH SURMHWDGD 2
YDORU SUHVHQWH GD REULJDomR GR EHQHItFLR GHILQLGR p GHWHUPLQDGR SHOR GHVFRQWR GRV
SDJDPHQWRVIXWXURVGRVEHQHItFLRVXWLOL]DQGRDWD[DGHMXURGHREULJDo}HV
GHUDWLQJHOHYDGRGHQRPLQDGDVQDPHVPDPRHGDHPTXHRVEHQHItFLRVVHUmRSDJRVHFRP
XPDPDWXULGDGHTXHVHDSUR[LPDGDUHVSRQVDELOLGDGHDVVXPLGD
2 SDVVLYR UHFRQKHFLGR QR EDODQoR UHODWLYDPHQWH D UHVSRQVDELOLGDGHV FRP EHQHItFLRV GH
UHIRUPD FRUUHVSRQGH DR YDORU SUHVHQWH GD REULJDomR GR EHQHItFLR GHWHUPLQDGR j GDWD GH
y
EDODQoR GHGX]LGR GR MXVWR YDORU GRV DWLYRV GR SODQR MXQWDPHQWH FRP DMXVWDPHQWRV
UHODWLYRVDFXVWRVGHVHUYLoRVSDVVDGRV
2V JDQKRV H SHUGDV JHUDGRV SRU XP FRUWH RX XPD OLTXLGDomR GH XP SODQR GH SHQV}HV GH
EHQHItFLRV GHILQLGRV VmR UHFRQKHFLGRV QRV UHVXOWDGRV GR SHUtRGR HP TXH R FRUWH RX D
OLTXLGDomRRFRUUH8PFRUWHRFRUUHTXDQGRVHYHULILFDXPDUHGXomRPDWHULDOQRQ~PHURGH
HPSUHJDGRVRXRSODQRpDOWHUDGRGHWDOIRUPDTXHRVEHQHItFLRVDWULEXtGRVVmRUHGX]LGRV
RULJLQDQGRXPDUHGXomRQDVUHVSRQVDELOLGDGHVFRPRSODQR
¾
)pULDVHVXEVtGLRGHIpULDV
'HDFRUGRFRPDOHJLVODomRYLJHQWHRVWUDEDOKDGRUHVWrPDQXDOPHQWHGLUHLWRQRPtQLPRD
GLDV~WHLVGHIpULDVEHPFRPRDXPPrVGHVXEVtGLRGHIpULDVGLUHLWRHVVHDGTXLULGRQR
DQR DQWHULRU DR GR VHX SDJDPHQWR (VWDV UHVSRQVDELOLGDGHV VmR UHJLVWDGDV QR SHUtRGR HP
TXH WRGRV RV WUDEDOKDGRUHV DGTXLUHP R UHVSHWLYR GLUHLWR LQGHSHQGHQWHPHQWH GD GDWD GR
VHXSDJDPHQWRVHQGRRVDOGRDSDJDUUHOHYDGRQDUXEULFDGH³&UHGRUHVSRUDFUpVFLPRVGH
JDVWRV´
3.14. 3URYLV}HV
$V SURYLV}HV VmR UHFRQKHFLGDV TXDQGR R 'HSDUWDPHQWR GH -RJRV WHP L XPD REULJDomR
SUHVHQWH OHJDO RX FRQVWUXWLYD UHVXOWDQWH GH HYHQWRV SDVVDGRV LL SDUD D TXDO Ki XPD
VLJQLILFDWLYD SUREDELOLGDGH VXSHULRU D TXH VHMD QHFHVViULR XP GLVSrQGLR GH UHFXUVRV
LQWHUQRV QR SDJDPHQWR GHVVD REULJDomR H LLL R PRQWDQWH SRVVD VHU HVWLPDGR FRP
UD]RDELOLGDGH3URYLV}HVSDUDID]HUIDFHDSHUGDVRSHUDFLRQDLVIXWXUDVQmRVmRUHFRQKHFLGDV
6HPSUH TXH XP GRV FULWpULRV QmR VHMD FXPSULGR RX D H[LVWrQFLD GD REULJDomR HVWHMD
FRQGLFLRQDGD j RFRUUrQFLD RX QmR RFRUUrQFLD GH GHWHUPLQDGR HYHQWR IXWXUR R
'HSDUWDPHQWRGH-RJRVGLYXOJDWDOIDFWRFRPRXPSDVVLYRFRQWLQJHQWHVDOYRVHD
DYDOLDomRGDH[LJLELOLGDGHGDVDtGDGHUHFXUVRVSDUDSDJDPHQWRGRPHVPRVHMDFRQVLGHUDGD
UHPRWD
$V SURYLV}HV VmR PHQVXUDGDV DR YDORU SUHVHQWH GRV GLVSrQGLRV HVWLPDGRV SDUD SDJDU D
REULJDomR XWLOL]DQGR XPD WD[D GH GHVFRQWR TXH UHIOHWH D DYDOLDomR GH PHUFDGR SDUD R
SHUtRGRGRGHVFRQWRHSDUDRULVFRGDSURYLVmRHPFDXVD
y
4XDQGR H[LVWD XP FRQMXQWR GH REULJDo}HV VHPHOKDQWHV D SUREDELOLGDGH GH VHU QHFHVViULR
LQFRUUHU QXP H[IOX[R SDUD SDJDU D REULJDomR p GHWHUPLQDGD FRQVLGHUDQGR D FODVVH GH
REULJDo}HVGHIRUPDDJUHJDGD
3URYLVmRSDUDUHFODPDomRHSDJDPHQWRGHSUpPLRV
2'HSDUWDPHQWRGH-RJRVHQFRQWUDVHUHJXODGRSRUOHJLVODomRHVSHFtILFDFULDGDSDUDHIHLWRV
GHHQTXDGUDPHQWRHkPELWRGDDWLYLGDGHGHH[SORUDomRGRV-RJRV6RFLDLVDTXDOVHDOLFHUoD
QD REULJDWRULHGDGH GH FRQVWLWXLomR GH )XQGRV GHVWLQDGRV DR SDJDPHQWR GH SUpPLRV SRU
UHFODPDo}HV SURFHGHQWHV $VVLP R 'HSDUWDPHQWR GH -RJRV GHYH WHU SHUPDQHQWHPHQWH
UHIOHWLGR QDV VXDV GHPRQVWUDo}HV ILQDQFHLUDV DV REULJDo}HV DVVXPLGDV DWXDOL]DQGR D
SURYLVmRHPIXQomRGDVUHFHLWDVJOREDLVDQXDLVGHMRJRFRPRVVHJXLQWHVOLPLWHV
ŝƉůŽŵĂůĞŐĂů
:ŽŐŽ
ĞĐ͘Ͳ>ĞŝŶ͘Ǒϴϰͬϴϱ͕ĚĞϮϴĚĞŵĂƌ͕͘ĐŽŵĂ Ɛ ĂůƚĞƌĂ ĕƁĞƐ ŝ ŶƚƌŽĚƵǌŝ ĚĂƐ ƉĞůŽƐ ĞĐ͘Ͳ>ĞŝŶ͘Ǒϯϴϳͬϴϲ͕ĚĞϭϳĚĞŶŽǀ͘ĞŶ͘ǑϮϱϴͬϵϳ͕ĚĞϯϬĚĞ
Ɛ Ğƚ͕͘ƌĞƉƵďůŝĐĂĚŽƉĞůŽĞĐ͘Ͳ>Ğŝ Ŷ͘ǑϯϭϳͬϮϬϬϮ͕ĚĞϮϳĚĞĚĞǌ͕͘ĞĞĐ͘Ͳ
>ĞŝŶ͘ǑϭϱϯͬϮϬϬϬĚĞϮϭĚĞũƵů͘
ĞĐ͘Ͳ>ĞŝŶ͘ǑϮϬϬͬϮϬϬϵ͕ĚĞϮϳĚĞĂŐŽ͕͘ƌĞŐƵůĂŵĞŶƚĂĚŽƉĞůĂ
WŽƌƚĂƌŝĂŶ͘ǑϭϬϮͬϮϬϭϭ͕ĚĞϭϭĚĞŵĂ ƌ͘
ĞĐ͘Ͳ>ĞŝŶ͘ǑϰϭϮͬϵϯ͕ĚĞϮϭĚĞĚĞǌ͕͘ƌĞƉƵďůŝ ĐĂ ĚŽƉĞů ŽĞĐ͘Ͳ>ĞŝŶ͘Ǒ
ϭϱϯͬϮϬϬϵ͕ĚĞϮĚĞũƵů͘
ĞĐ͘Ͳ>ĞŝŶ͘ǑϮϭϬͬϮϬϬϰ͕ĚĞϮϬĚĞĂŐŽ͕ĂůƚĞƌĂ ĚŽƉĞůŽĞĐ͘Ͳ>ĞŝŶ͘Ǒ
ϰϰͬϮϬϭϭ͕ĚĞϮϰĚĞŵĂƌ͘
йZĞĐĞŝƚĂƐ
>ŝŵŝƚĞŵĄǆŝŵŽ
ĨŝǆĂĚŽ;ĞƵƌŽƐ Ϳ
йWƌĠŵŝŽƐ
dŽƚŽů ŽƚŽ
Ϭ͕ϱй
Ͳ
ϰϮϯ͘ϵϳϴ
dŽƚŽďŽůĂ
Ϭ͕ϱй
Ͳ
ϳϰ͘ϴϮϬ
dŽƚŽů ŽƚŽ
Ͳ
ϭϬй;ĂͿ
EĆŽĚĞĨŝ ŶŝĚŽ
:ŽŬĞƌ
Ϯ͕Ϭй
Ͳ
ϭ͘ϬϬϬ͘ϬϬϬ
ƵƌŽŵŝů ŚƁĞƐ
ϭй;ďͿ
Ͳ
ϭϱϬ͘ϬϬϬ͘ϬϬϬ
;ĂͿWĞƌĐĞŶƚĂŐĞŵĚĞƌĞƚĞŶĕĆŽĂƉůŝĐĄǀĞůĂƉĂƌƚŝƌĚĞϭϯĚĞŵĂƌĕŽĚĞϮϬϭϭ͘ƚĠĞƐƚĂĚĂƚĂĂƉĞƌĐĞŶƚĂŐĞŵĚĞƌĞƚĞŶĕĆŽĞƌĂĚĞϭϮй͘ƐƚĞĨƵŶĚŽĠ
ŝŶĐƌĞŵĞŶƚĂĚŽŽƵƵƚŝůŝǌĂĚŽĐŽŶƐŽĂŶƚĞŽŵŽŶƚĂŶƚĞƉĂƌĂƉƌĠŵŝŽƐĚĂĐĂƚĞŐŽƌŝĂΗEƷŵĞƌŽĚĂ^ŽƌƚĞΗƐĞũĂƐƵƉĞƌŝŽƌ͕ŽƵŝŶĨĞƌŝŽƌĂŽǀĂůŽƌĚĞƉƌĠŵŝŽƐĂƉĂŐĂƌ
ĚĞƐƚĂĐĂƚĞŐŽƌŝĂ͕ƌĞƐƉĞĐƚŝǀĂŵĞŶƚĞ͘
;ďͿWĞƌĐĞŶƚĂŐĞŵĚĞƌĞƚĞŶĕĆŽĞůŝŵŝƚĞŵĄǆŝŵŽĂƉůŝĐĄǀĞŝƐĂƉĂƌƚŝƌĚĞŵĂƌĕŽĚĞϮϬϭϭ͘ƚĠĨĞǀĞƌĞŝƌŽĂƉĞƌĐĞŶƚĂŐĞŵĚĞƌĞƚĞŶĕĆŽĞƌĂĚĞϬ͕ϱйĞŽůŝŵŝƚĞ
ŵĄǆŝŵŽĨŝǆĂĚŽĚĞϱϬ͘ϬϬϬ͘ϬϬϬĞƵƌŽƐ͘
3URYLVmRSDUDSURFHVVRVMXGLFLDLVHPFXUVR
3URYLV}HV UHODFLRQDGDV FRP SURFHVVRV MXGLFLDLV TXH UHVSHLWDP HVVHQFLDOPHQWH D
GLVFRUGkQFLDVGHQDWXUH]DFRQWUDWXDOFRPIRUQHFHGRUHV2'HSDUWDPHQWRGH-RJRV
UHFRQKHFH HVWD SURYLVmR TXDQGR HVWLPD TXH p PDLV SURYiYHO GR TXH QmR TXH D (PSUHVD
WHQKDGHSDJDU
3.15. )XQGRSDUDSDJDPHQWRGHSUpPLRVGR-RJR6RFLDO7RWRORWR
&RPDSURPXOJDomRGR'HFUHWR/HLQGHGHDJRVWR HFRPDSXEOLFDomRGD
3RUWDULD Q GH GH PDUoR R 'HSDUWDPHQWR GH -RJRV HQFRQWUDVH REULJDGR D
FRQVWLWXLU XP )XQGR SDUD SDJDPHQWR GH SUpPLRV GRV VRUWHLRV GR -RJR 6RFLDO 7RWRORWR
y
JDUDQWLQGR R PRQWDQWH PtQLPR GH HXURV SDUD R SULPHLUR SUpPLR (VWD FRQWD p
UHIRUoDGDHPIXQomRGDLQFLGrQFLDGHXPDWD[DIL[DGHVREUHRVSUpPLRVGH7RWRORWR
$VVHJXUD DLQGD TXDQGR QHFHVViULR R GLUHLWR DR SDJDPHQWR GRV SUpPLRV GD FDWHJRULD
HVSHFLDOGHSUpPLRVGHQRPLQDGD³1~PHURGD6RUWH´
3.16. 'LVWULEXLomRGHUHVXOWDGRVDRVEHQHILFLiULRVGRV-RJRV6RFLDLV
$ GLVWULEXLomR GH UHVXOWDGRV DRV EHQHILFLiULRV GRV -RJRV 6RFLDLV H[SORUDGRV SHOR
'HSDUWDPHQWR GH -RJRV p UHFRQKHFLGD FRPR REULJDomR QDV GHPRQVWUDo}HV ILQDQFHLUDV QR
SHUtRGRHPTXHHVWHVVmRDSURYDGRVSHOD0HVDGD6DQWD&DVD$GLVWULEXLomRGHUHVXOWDGRV
DRV EHQHILFLiULRV GRV -RJRV 6RFLDLV p HIHWXDGD GH DFRUGR FRP D OHJLVODomR DSOLFiYHO
QRPHDGDPHQWHDWUDYpVGR'HFUHWR/HLQGHGHPDUoRDOWHUDGRSHOR'HFUHWR
/HLQGHGHPDUoRHSHOR'HFUHWR/HLQGHGHRXWXEUR
3.17. 2XWUDVYDULDo}HVQR&DSLWDO3UySULR6XEVtGLRVHDSRLRVGR*RYHUQR
'DGD D VXD DWLYLGDGH R 'HSDUWDPHQWR GH -RJRV QmR UHFHEH VXEVtGLRV GR *RYHUQR RX GH
TXDOTXHUHQWLGDGHVLPLODU
2V 'HFUHWRV/HL TXH UHJXODP D DWLYLGDGH GR 'HSDUWDPHQWR GH -RJRV GHWHUPLQDP
UHODWLYDPHQWHjVREULJDo}HVGHUHQRYDomRGHHTXLSDPHQWRGHMRJRDFDWLYDomRGHUHFHLWDV
REWLGDVFRPRV-RJRV6RFLDLVSDUDRILQDQFLDPHQWRGRLQYHVWLPHQWRIXWXURHPHTXLSDPHQWR
DQWHV GD GLVWULEXLomR GH UHVXOWDGRV DRV EHQHILFLiULRV (VWH UHTXLVLWR YLVD JDUDQWLU RV PHLRV
OtTXLGRV DR JHVWRU GRV -RJRV 6RFLDLV TXH OKH SHUPLWDP PDQWHU D UHGH GH MRJR RQOLQH HP
IXQFLRQDPHQWR
2 YDORU GDV UHFHLWDV FDWLYDGR DQXDOPHQWH p UHJXODUL]DGR HP IXQomR GDV DPRUWL]Do}HV GRV
HTXLSDPHQWRV GH MRJR SHOR TXH DVVXPH QD VXEVWkQFLD D QDWXUH]D GH XP VXEVtGLR DR
LQYHVWLPHQWR QmR UHHPEROViYHO 2 YDORU GDV UHFHLWDV FDWLYDGR WHP XP WUDWDPHQWR
FRQWDELOtVWLFRDQiORJRDRVVXEVtGLRVSHORTXHpUHJLVWDGRQDUXEULFDGH³2XWUDVYDULDo}HVQR
FDSLWDOSUySULR±VXEVtGLRV´
3.18. /RFDo}HV
y
1DVORFDo}HVFRQVLGHUDGDVRSHUDFLRQDLV~QLFDVDTXHR'HSDUWDPHQWRGH-RJRVUHFRUUHXDV
UHQGDV D SDJDU VmR UHFRQKHFLGDV FRPR JDVWR QD GHPRQVWUDomR GRV UHVXOWDGRV QXPD EDVH
OLQHDUGXUDQWHRSHUtRGRGDORFDomR
3.19. (VSHFLDOL]DomRGHJDVWRVHUHQGLPHQWRV
2V JDVWRV H UHQGLPHQWRV VmR UHJLVWDGRV QR SHUtRGR D TXH VH UHIHUHP LQGHSHQGHQWHPHQWH
GR VHX SDJDPHQWR RX UHFHELPHQWR GH DFRUGR FRP R SULQFtSLR FRQWDELOtVWLFR GD
HVSHFLDOL]DomRGRVH[HUFtFLRV
$VGLIHUHQoDVHQWUHRVPRQWDQWHVUHFHELGRVHSDJRVHRVFRUUHVSRQGHQWHVUpGLWRVHJDVWRV
VmRUHFRQKHFLGRVFRPRDWLYRVRXSDVVLYRVVHTXDOLILFDUHPFRPRWDO
3.20. 5pGLWR
2UpGLWRGR'HSDUWDPHQWRGH-RJRVUHVXOWDHVVHQFLDOPHQWHGDH[SORUDomRGRV-RJRV6RFLDLV
GR (VWDGR DWULEXtGRV SHOD 7XWHOD QRPHDGDPHQWH MRJRV GH $SRVWDV 0~WXDV H /RWDULDV 2
UpGLWR p UHJLVWDGR OtTXLGR GH SUpPLRV GH MRJR UHPXQHUDo}HV GRV PHGLDGRUHV SDJDV SHORV
MRJDGRUHVGHYROXo}HVUHFRQKHFLGDVHLPSRVWRGRVHORVREUHDSRVWDV
$SRVWDVGH-RJR
/RWDULD&OiVVLFDH3RSXODURUpGLWRpUHFRQKHFLGRQRSHUtRGRHPTXHDH[WUDomRpUHDOL]DGD
$V YHQGDV HIHWXDGDV HP SHUtRGR DQWHULRU DR GD UHDOL]DomR GD H[WUDomR VmR FRQVLGHUDGDV
FRPR³'LIHULPHQWRV±5HQGLPHQWRVDUHFRQKHFHU´
/RWDULD ,QVWDQWkQHD R UpGLWR p UHFRQKHFLGR HP IXQomR GDV YHQGDV HIHWXDGDV DRV
PHGLDGRUHVQRVSRQWRVGHYHQGDIDFHDRFDSLWDOHPLWLGRHSUpPLRVMiSDJRV
$SRVWDV 0~WXDV RV UpGLWRV VmR UHFRQKHFLGRV QD GDWD GD UHDOL]DomR GR FRQFXUVR 2
SURFHGLPHQWRpH[WHQVLYRjVDSRVWDVP~WXDVFRQVWDQWHVQRVUHJLVWRVSDUDFLQFRVHPDQDV
7RGDV DV UHFHLWDV GH MRJR WrP RULJHP HP 3RUWXJDO &RQWLQHQWDO 5HJLmR $XWyQRPD GRV
$oRUHVH5HJLmR$XWyQRPDGD0DGHLUD
3UpPLRVGH-RJR
y
/RWDULD&OiVVLFDH3RSXODURVSUpPLRVGHMRJR VmRUHFRQKHFLGRVQRPRPHQWRGDH[WUDomR
2VSUpPLRVTXHYHQKDPDFDGXFDUSRUIDOWDGHOHYDQWDPHQWRDSyVXPSHUtRGRGHPHVHV
VmRUHFRQKHFLGRVFRPRUHQGLPHQWRGRSHUtRGRHPTXHRFRUUHDFDGXFLGDGH
/RWDULD,QVWDQWkQHDRVSUpPLRV VmR HVSHFLDOL]DGRVGHDFRUGRFRPD SHUFHQWDJHPSUHYLVWD
QR UHJXODPHQWR GH MRJR WHQGR HVWH VLGR HVSHFLDOL]DGR HP IXQomR GD PpGLD GR UiFLR
SUpPLRVYHQGDVGRV~OWLPRVTXDWURDQRVDUUHGRQGDGDSRUH[FHVVR
$SRVWDV0~WXDVRVSUpPLRVVmRUHFRQKHFLGRVQDGDWDGHUHDOL]DomRGRFRQFXUVRVHQGRTXH
R SURFHGLPHQWR p H[WHQVtYHO jV DSRVWDV FRQVWDQWHV QRV UHJLVWRV SDUD DV FLQFR VHPDQDV $
SROtWLFDDGRWDGDSDUDSUpPLRVFDGXFDGRVpLGrQWLFDjDWUiVUHIHULGDSDUDD/RWDULD&OiVVLFDH
3RSXODU
$WpGHPDUoRGHDVSHUFHQWDJHQVSDUDSUpPLRVHUDPUHJXODPHQWDGDVSHOD3RUWDULD
QGHGHDJRVWR$3RUWDULDQGHGHPDUoRUHYRJDD3RUWDULD
DUWPDQWHQGRDVSHUFHQWDJHQVSDUDSUpPLRV
$VSHUFHQWDJHQVSDUDSUpPLRVLQFLGHPVREUHRVUHQGLPHQWRVEUXWRVGDV$SRVWDV0~WXDVH
VREUHRFDSLWDOHPLWLGRGDV/RWDULDV
:ŽŐŽ^ŽĐŝĂů
йWƌĠŵŝŽƐ
dŽƚŽďŽů Ă
ϲϬй
dŽƚŽůŽƚŽ
ϱϱй
:ŽŬĞƌ
ϱϱй
ϱϬй
>ŽƚĂ ƌŝĂEĂĐŝŽŶĂů
ϳϬй
>ŽƚĂ ƌŝĂ/ŶƐ ƚĂ ŶƚąŶĞĂ
ŶƚƌĞϱϬйĞϳϬй
,PSRVWRGRVHOR
&RPDSURPXOJDomRGR'HFUHWR/HLQGHGHDJRVWRFRPHIHLWRVSUiWLFRVD
GHVHWHPEURGHRV-RJRV6RFLDLVSDVVDUDPDHVWDUVXMHLWRVD,PSRVWRGR6HORRTXDO
SDVVDDLQFLGLUVREUHDVDSRVWDVUHDOL]DGDVjWD[DGHFRQIRUPHYHUEDGD
7DEHOD*HUDOGR ,PSRVWRGR6HOR 2LPSRVWRpH[LJLGRDTXHPGHWpPRWtWXORGREHQHItFLR
GRUHQGLPHQWRQHVWHFDVRR'HSDUWDPHQWRGH-RJRVHWUDWDQGRVHGHXPLPSRVWRFREUDGR
SRUFRQWDGR(VWDGRQXPDWUDQVDomRTXHRULJLQRXUpGLWRHVWHpDEDWLGRDRUpGLWRGRV-RJRV
6RFLDLV
5HPXQHUDo}HVGRVPHGLDGRUHVSDJDVSHORVMRJDGRUHV
y
2V PHGLDGRUHV VmR UHPXQHUDGRV SHORV MRJDGRUHV UHODWLYDPHQWH DRV VHUYLoRV TXH OKHV VmR
SUHVWDGRVFRQIRUPHSUHYLVWRQRUHJXODPHQWRGRVPHGLDGRUHV3RUWDULDQ
(VWDUHPXQHUDomRpUHDOL]DGDPHGLDQWHDFREUDQoDGHXPDSHUFHQWDJHPVREUHRYDORUGDV
DSRVWDV SDJD SHORV MRJDGRUHV GH DFRUGR FRP DV WDEHODV DSURYDGDV SHOD 0HVD GD 6DQWD
&DVD
2SUHoRILQDOGDDSRVWDMiLQFOXLHVWDUHPXQHUDomR
:ŽŐŽ^ŽĐŝĂů
йZĞŵƵŶĞƌĂĕĆŽ
dŽƚŽďŽů Ă
ϳй
dŽƚŽůŽƚŽ
ϳй
:ŽŬĞƌ
ϳй
ϱй
>ŽƚĂ ƌŝĂů ĄƐ Ɛ ŝĐĂ
>ŽƚĂ ƌŝĂů ĄƐ Ɛ ŝĐĂͲsĞŶĚĂŽŶͲůŝŶĞ ;ĂͿ
>ŽƚĂ ƌŝĂWŽƉƵů Ăƌ
>ŽƚĂ ƌŝĂWŽƉƵů ĂƌͲsĞŶĚĂŽŶͲůŝŶĞ ;ĂͿ
>ŽƚĂ ƌŝĂ/ŶƐ ƚĂ ŶƚąŶĞĂ
;Ă Ϳ/ŶŝĐŝ ŽĂϱĚĞŽƵƚƵďƌŽĚĞϮϬϭϬ
ϭϮ͕ϳй
ϳй
ϭϮ͕ϱй
ϳй
ϭϬй
2XWURV
2UpGLWRSURYHQLHQWHGHDWLYRVILQDQFHLURVpUHFRQKHFLGRDWUDYpVGRPpWRGRGDWD[DGHMXUR
HIHWLYD
3.21. 'HPRQVWUDomRGHIOX[RVGHFDL[D
$GHPRQVWUDomRGHIOX[RVGHFDL[DpSUHSDUDGDGHDFRUGRFRPRPpWRGRGLUHWR
3DUDHIHLWRVGDGHPRQVWUDomRGHIOX[RVGHFDL[DDUXEULFDGHFDL[DHHTXLYDOHQWHVGHFDL[D
FRPSUHHQGH WDPEpP HYHQWXDLV GHVFREHUWRV EDQFiULRV LQFOXtGRV QR EDODQoR QD UXEULFD GH
³)LQDQFLDPHQWRREWLGRFRUUHQWH´
2V IOX[RV GH FDL[D VmR FODVVLILFDGRV QD GHPRQVWUDomR GH IOX[RV GH FDL[D GHSHQGHQGR GD
VXDQDWXUH]DHPDWLYLGDGHVLRSHUDFLRQDLVLLLQYHVWLPHQWRHLLLILQDQFLDPHQWR
$V DWLYLGDGHV RSHUDFLRQDLV HQJOREDP HVVHQFLDOPHQWH RV UHFHELPHQWRV GH PHGLDGRUHV R
SDJDPHQWR GH SUpPLRV H GH LPSRVWRV D GLVWULEXLomR GRV UHVXOWDGRV DRV EHQHILFLiULRV RV
SDJDPHQWRVDIRUQHFHGRUHVHDRSHVVRDO
y
2V IOX[RV GH FDL[D LQFOXtGRV QDV DWLYLGDGHV GH LQYHVWLPHQWR LQFOXHP QRPHDGDPHQWH
UHFHELPHQWRV H SDJDPHQWRV GD YHQGD H FRPSUD GH DWLYRV LPRELOL]DGRV H DLQGD
UHPXQHUDomRGHHTXLYDOHQWHVGHFDL[DHOLTXLGDomRGRVPHVPRVQDPDWXULGDGHRXDTXDQGR
GDVXDDOLHQDomR
2VIOX[RVGHFDL[DDEUDQJLGRVQDVDWLYLGDGHVGHILQDQFLDPHQWRLQFOXHPGHVLJQDGDPHQWHRV
SDJDPHQWRVGHHPSUpVWLPRVREWLGRVSDJDPHQWRGHUHQGDVGHORFDo}HVHMXURVHGHVSHVDV
UHODFLRQDGDV
3.22. (YHQWRVVXEVHTXHQWHV
2V HYHQWRV RFRUULGRV HQWUH D GDWD GH EDODQoR H D GDWD GH DSURYDomR GDV GHPRQVWUDo}HV
ILQDQFHLUDV TXH DIHWHP R YDORU GRV DWLYRV H SDVVLYRV H[LVWHQWHV VmR FRQVLGHUDGRV QD
SUHSDUDomRGDVGHPRQVWUDo}HVILQDQFHLUDVFDVRVHMDPVLJQLILFDWLYRV&RQVRDQWHDQDWXUH]D
GRV PHVPRV SRGHUmR GDU RULJHP D DMXVWDPHQWRV DRV PRQWDQWHV UHSRUWDGRV j GDWD GR
EDODQoRRXGLYXOJDGRVQDVQRWDVjVGHPRQVWUDo}HVILQDQFHLUDV
3.23. 0DWpULDVDPELHQWDLV
6mRUHFRQKHFLGDVSURYLV}HVSDUDPDWpULDVDPELHQWDLVVHPSUHTXHR'HSDUWDPHQWRGH-RJRV
WHQKD XPD REULJDomR OHJDO RX FRQVWUXWLYD FRPR UHVXOWDGR GH DFRQWHFLPHQWRV SDVVDGRV
UHODWLYDPHQWH j TXDO VHMD SURYiYHO TXH XPD VDtGD GH UHFXUVRV VH WRUQH QHFHVViULD SDUD D
OLTXLGDUHSRVVDVHUHIHWXDGDXPDHVWLPDWLYDILiYHOGRPRQWDQWHGHVVDREULJDomR
3.24. 3ROtWLFDVFRQWDELOtVWLFDVDOWHUDo}HVQDVHVWLPDWLYDVFRQWDELOtVWLFDVHHUURV
1D DXVrQFLD GH XPD 1&5) GH DSOLFDomR HVSHFtILFD D XPD WUDQVDomR RX D RXWUR HYHQWR
RFRUULGRQD(QWLGDGHDSROtWLFDGHUHODWRILQDQFHLURDVHJXLUEDVHLDVHHPQRUPDVH
LQWHUSUHWDo}HV TXH WUDWHP GH WUDQVDo}HV RX HYHQWRV VHPHOKDQWHV H QD (VWUXWXUD
&RQFHSWXDO
3.25. 3ULQFLSDLVHVWLPDWLYDVHMXOJDPHQWRVDSUHVHQWDGRV
$VHVWLPDWLYDVHMXOJDPHQWRVFRPLPSDFWRQDVGHPRQVWUDo}HVILQDQFHLUDVGR'HSDUWDPHQWR
GH -RJRV VmR FRQWLQXDPHQWH DYDOLDGRV UHSUHVHQWDQGR j GDWD GH FDGD UHODWR D PHOKRU
HVWLPDWLYD WHQGR HP FRQWD R GHVHPSHQKR KLVWyULFR D H[SHULrQFLD DFXPXODGD H DV
y
H[SHFWDWLYDV VREUH HYHQWRV IXWXURV TXH QDV FLUFXQVWkQFLDV HP FDXVD VH DFUHGLWDP VHUHP
UD]RiYHLV
$ QDWXUH]D LQWUtQVHFD GDV HVWLPDWLYDV SRGH OHYDU D TXH R LPSDFWR UHDO GDV VLWXDo}HV TXH
KDYLDP VLGR DOYR GH HVWLPDWLYD SRVVDP SDUD HIHLWRV GH UHODWR ILQDQFHLUR YLU D GLIHULU GRV
PRQWDQWHV HVWLPDGRV $V HVWLPDWLYDV H RV MXOJDPHQWRV TXH DSUHVHQWDP XP ULVFR
VLJQLILFDWLYRGHRULJLQDUXPDMXVWDPHQWRPDWHULDOQRYDORUFRQWDELOtVWLFRGHDWLYRVHSDVVLYRV
QRGHFXUVRGRSHUtRGRVHJXLQWHVmRDVTXHVHJXHP
(VWLPDWLYDVFRQWDELOtVWLFDVUHOHYDQWHV
L
3URYLV}HV
2'HSDUWDPHQWRGH-RJRVDQDOLVDGHIRUPDSHULyGLFDHYHQWXDLVREULJDo}HVTXHUHVXOWHPGH
HYHQWRVSDVVDGRVHTXHGHYDPVHUREMHWRGHUHFRQKHFLPHQWRRXGLYXOJDomR
$VXEMHWLYLGDGHLQHUHQWHjGHWHUPLQDomRGDSUREDELOLGDGHHPRQWDQWHGHUHFXUVRVLQWHUQRV
QHFHVViULRV SDUD R SDJDPHQWR GDV REULJDo}HV SRGHUi FRQGX]LU D DMXVWDPHQWRV
VLJQLILFDWLYRV TXHU SRU YDULDomR GRV SUHVVXSRVWRV XWLOL]DGRV TXHU SHOR IXWXUR
UHFRQKHFLPHQWRGHSURYLV}HVDQWHULRUPHQWHGLYXOJDGDVFRPRSDVVLYRVFRQWLQJHQWHV
6HPSUH TXH DGHTXDGR R 'HSDUWDPHQWR GH -RJRV VXSRUWD R VHX MXOJDPHQWR FRP EDVH QD
RSLQLmR GRV DGYRJDGRV SDUD GHWHUPLQDU D QHFHVVLGDGH GH UHFRQKHFLPHQWR GD HYHQWXDO
SURYLVmRSDUDID]HUIDFHDHVVDVFRQWLQJrQFLDVEHPFRPRRYDORUGDPHVPDQRWD
LL
3UHVVXSRVWRVDWXDULDLV
$ GHWHUPLQDomR GDV UHVSRQVDELOLGDGHV FRP SHQV}HV GH UHIRUPD UHTXHU D XWLOL]DomR GH
SUHVVXSRVWRV H HVWLPDWLYDV GH QDWXUH]D GHPRJUiILFD H ILQDQFHLUD TXH SRGHP FRQGLFLRQDU
VLJQLILFDWLYDPHQWHRVPRQWDQWHVGHUHVSRQVDELOLGDGHVDSXUDGRVHPFDGDGDWDGHUHODWR$V
YDULiYHLVPDLVVHQVtYHLVUHIHUHPVHjWD[DGHDWXDOL]DomRGDVUHVSRQVDELOLGDGHVDWD[DGH
UHQGLPHQWRHVWLPDGDSDUDRVDWLYRVHDVWDEHODVGHPRUWDOLGDGHHLQYDOLGH]
$V DOWHUDo}HV GRV SUHVVXSRVWRV DWXDULDLV WHUmR LPSDFWRV QR YDORU FRQWDELOtVWLFR OtTXLGR GDV
UHVSRQVDELOLGDGHVVHQGRWDOLPSDFWRH[SUHVVRHPUHVXOWDGRVGRSHUtRGRQRWD
LLL
$WLYRVWDQJtYHLVHLQWDQJtYHLV
$GHWHUPLQDomRGDVYLGDV~WHLVGRVDWLYRVEHPFRPRRPpWRGRGHGHSUHFLDomRDDSOLFDUp
HVVHQFLDOSDUDGHWHUPLQDURPRQWDQWHGDVGHSUHFLDo}HVDUHFRQKHFHUQDGHPRQVWUDomRGRV
UHVXOWDGRVGHFDGDSHUtRGR
(VWHVGRLVSDUkPHWURVVmRGHILQLGRVGHDFRUGRFRPRPHOKRUMXOJDPHQWRSDUDRVDWLYRVQR
kPELWRGDDWLYLGDGHQRWDHQRWD
)OX[RVGHFDL[D
4.1. &DL[DHVHXVHTXLYDOHQWHVTXHQmRHVWmRGLVSRQtYHLVSDUDXVR
y
2 'HSDUWDPHQWR GH -RJRV QmR SRVVXL TXDLVTXHU PRQWDQWHV GH ³&DL[D H HTXLYDOHQWHV GH
FDL[D´TXHHVWHMDPVXMHLWRVDUHVWULo}HVGHXWLOL]DomR
$V REULJDo}HV DVVXPLGDV SHOR 'HSDUWDPHQWR GH -RJRV QR kPELWR GD JHVWmR GRV -RJRV
6RFLDLV H QR SDJDPHQWR GH SUpPLRV HVWmR ³IXQGHDGDV´ QD WRWDOLGDGH DWUDYpV GH DSOLFDo}HV
ILQDQFHLUDV D SUD]R QmR FRUUHQWHV SDUD DV TXDLV H[LVWHP GHWHUPLQDo}HV OHJDLV TXDQWR j
VXDPRYLPHQWDomRPDVTXHQmRFRQVWLWXHP³&DL[DRXHTXLYDOHQWHVGHFDL[D´
4.2.
'HVDJUHJDomRGRVYDORUHVLQVFULWRVQDUXEULFDGH&DL[DHHP'HSyVLWRVEDQFiULRV
(P GH GH]HPEUR GH R GHWDOKH GH FDL[D H HTXLYDOHQWHV GH FDL[D SDUD HIHLWRV GD
HODERUDomRGDGHPRQVWUDomRGHIOX[RVGHFDL[DDSUHVHQWDRVVHJXLQWHVYDORUHV
;ĞƵƌŽƐͿ
ϮϬϭϭ
EƵŵĞƌĄƌŝŽ
ͲĂ ŝǆĂ
ϮϬϭϬ
ϭϰϲϯϰϵ
ϭϰϲ͘ϯϰϵ
ϮϰϵϮϰϲ
Ϯϰϵ͘Ϯϰϲ
ĂŝǆĂĞĞƋƵŝǀĂůĞŶƚĞƐĚĞĐĂŝǆĂ;ĂƚŝǀŽͿ
ƋƵŝǀĂůĞŶƚĞƐĚĞĐĂŝǆĂ;ƉĂƐƐŝǀŽͿ
Ͳϱ͘Ϯϴϱ͘ϮϮϵ
ϭϭϭ͘ϰϱϬ͘ϬϬϬ
Ͳ
ϭϬϲ͘ϭϲϰ͘ϳϳϭ
Ͳ
ϭϯ͘ϰϳϱ͘ϯϬϮ
ϰϱ͘ϬϱϬ͘ϬϬϬ
ϯϯ͘ϳϱϬ͘ϬϬϬ
ϵϮ͘Ϯϳϱ͘ϯϬϮ
Ͳ
dŽƚĂůĚĞĂŝǆĂĞĞƋƵŝǀĂůĞŶƚĞƐĚĞĐĂŝǆĂ
ͲĞƉſƐ ŝƚŽƐ ă ŽƌĚĞŵ
ͲĞƉſƐ ŝƚŽƐ Ă ƉƌĂ ǌŽ
ͲKƵƚƌŽƐ Ă ƚŝǀŽƐ Ĩŝ ŶĂ ŶĐĞŝƌŽƐ
D 2 VDOGR GH GHSyVLWRV EDQFiULRV j RUGHP DSUHVHQWD VDOGR QHJDWLYR SRU HVWDUHP
LQFOXtGDVRUGHQVGHSDJDPHQWRGHSUpPLRVSRUOHYDQWDUSHORVSUHPLDGRVQRYDORUGH
HXURVHXPVDOGRFRQWDELOtVWLFRQHJDWLYRUHIHUHQWHDRGpELWRGHFRQFXUVRV
QR YDORU WRWDO GH HXURV FXMR UHJLVWR DFRQWHFHX HP PRPHQWRV
VXEVHTXHQWHV QR '- H QD %DQFD UHJLVWR FRQWDELOtVWLFR QR SUySULR GLD GRV FRQFXUVRV
GR(XURPLOK}HVUHDOL]DGRVFXMRGpELWREDQFiULRRFRUUHXQD
SULPHLUD
VHPDQD GH MDQHLUR 1R HQWDQWR HP QHQKXP GRV FDVRV VH YHULILFRX
TXDOTXHUVLWXDomRGHGHVFREHUWRHPFRQWDVEDQFiULDVGR'HSDUWDPHQWRGH-RJRV
3ROtWLFDVFRQWDEtOLVWLFDVDOWHUDo}HVQDVHVWLPDWLYDVFRQWDEtOLVWLFDVHHUURV
5.1. (UURVGHSHUtRGRVDQWHULRUHV
1mRIRUDPGHWHWDGRVHUURVGHSHUtRGRVDQWHULRUHV
y
'XUDQWHRSHUtRGRILQGRHPGHGH]HPEURGHRVPRYLPHQWRVUHJLVWDGRVHPUXEULFDV
GRDWLYRIL[RWDQJtYHOIRUDPFRPRVHJXH
;ĞƵƌŽƐͿ
ĚŝĨşĐŝŽƐĞ
ŽƵƚƌĂƐ
ďĄƐŝĐŽ
ŝŶĨŽƌŵĄƚŝĐŽ
KƵƚƌŽ
ĨŝǆŽƐ
ƚĂŶŐşǀĞŝƐ
^ŝŶĂůĠƚŝĐĂ
ƚŝǀŽƐĞŵ
ĐƵƌƐŽ
dŽƚĂů
Ϯ͘ϯϱϵ͘ϬϯϬ
ϰϴ͘ϰϴϴ͘Ϭϱϰ
ϰϯϱ͘ϭϯϬ
ϱ͘ϬϮϰ͘ϰϱϵ
ϯ͘ϵϲϲ͘ϭϵϴ
ϭ͘ϴϭϭ͘ϮϮϲ
ϭ͘ϭϭϴ͘ϵϲϬ
ϯϵ͘ϯϳϮ
ϲϯ͘ϮϰϮ͘ϰϯϬ
;ϭ͘ϬϯϬ͘ϲϳϴͿ
;ϰϰ͘Ϯϴϴ͘ϯϴϭͿ
;ϯϳϳ͘ϲϳϯͿ
;ϰ͘ϱϵϲ͘ϭϭϭͿ
;ϯ͘ϰϴϱ͘ϴϲϱͿ
;ϭ͘Ϯϭϳ͘ϬϮϳͿ
;ϴϳϮ͘ϴϲϬͿ
Ͳ
;ϱϱ͘ϴϲϴ͘ϱϵϲͿ
ϭ͘ϯϮϴ͘ϯϱϯ
ϰ͘ϭϵϵ͘ϲϳϯ
ϱϳ͘ϰϱϳ
ϰϮϴ͘ϯϰϴ
ϰϴϬ͘ϯϯϯ
ϱϵϰ͘ϭϵϵ
Ϯϰϲ͘ϭϬϬ
ϯϵ͘ϯϳϮ
ϳ͘ϯϳϯ͘ϴϯϰ
ĚŝĕƁĞƐ
Ͳ
ϲϲ͘ϱϱϬ
Ͳ
ϰ͘ϰϳϰ
Ϯϲ͘ϲϬϮ
Ͳ
ϱ͘ϴϵϬ
ϯϵ͘ϯϳϮ
ϭϰϮ͘ϴϴϴ
Ͳ
;ϲ͘ϳϮϳ͘ϴϰϭͿ
;Ϯϳϯ͘ϯϬϳͿ
;Ϯ͘ϵϬϰ͘ϬϭϵͿ
;ϯ͘ϬϲϮ͘ϯϱϮͿ
;ϭϲ͘ϮϮϳͿ
;ϱϳϰ͘ϱϱϮͿ
;ϳϴ͘ϳϰϰͿ
;ϭϯ͘ϲϯϳ͘ϬϰϭͿ
ĞƉƌĞĐŝĂĕĆŽͲƉĞƌşŽĚŽ
;Ϯϭ͘ϴϰϱͿ
;ϭ͘ϬϰϬ͘ϬϴϭͿ
;ϭϬ͘ϰϭϲͿ
;Ϯϲϯ͘ϲϮϬͿ
;ϵϱ͘ϲϭϯͿ
;ϭϰϴ͘ϲϴϳͿ
;ϯϰ͘ϭϯϯͿ
Ͳ
;ϭ͘ϲϭϰ͘ϯϵϱͿ
;ϳϭ͘ϮϯϯͿ
ϲ͘ϳϮϳ͘ϵϮϯ
Ϯϳϯ͘ϯϬϳ
Ϯ͘ϵϬϰ͘Ϭϱϰ
ϯ͘ϬϲϮ͘ϴϭϰ
ϭϰ͘ϯϵϯ
ϲϱϯ͘Ϯϭϲ
Ͳ
ϭϯ͘ϱϲϰ͘ϰϳϲ
ϭ͘Ϯϯϱ͘Ϯϳϰ
ϯ͘ϮϮϲ͘ϮϮϱ
ϰϳ͘ϬϰϬ
ϭϲϵ͘Ϯϯϴ
ϰϭϭ͘ϳϴϰ
ϰϰϯ͘ϲϳϴ
Ϯϵϲ͘ϱϮϭ
Ͳ
ϱ͘ϴϮϵ͘ϳϲϭ
Ϯ͘ϯϱϵ͘ϬϯϬ
;ϭ͘ϭϮϯ͘ϳϱϲͿ
ϰϭ͘ϴϮϲ͘ϳϲϯ
;ϯϴ͘ϲϬϬ͘ϱϯϴͿ
ϭϲϭ͘ϴϮϯ
;ϭϭϰ͘ϳϴϮͿ
Ϯ͘ϭϮϰ͘ϵϭϰ
;ϭ͘ϵϱϱ͘ϲϳϳͿ
ϵϯϬ͘ϰϰϴ
;ϱϭϴ͘ϲϲϰͿ
ϭ͘ϳϵϱ͘ϬϬϬ
;ϭ͘ϯϱϭ͘ϯϮϭͿ
ϱϱϬ͘Ϯϵϴ
;Ϯϱϯ͘ϳϳϳͿ
Ͳ
Ͳ
ϰϵ͘ϳϰϴ͘Ϯϳϲ
;ϰϯ͘ϵϭϴ͘ϱϭϱͿ
ϭ͘Ϯϯϱ͘Ϯϳϰ
ϯ͘ϮϮϲ͘ϮϮϱ
ϰϳ͘ϬϰϬ
ϭϲϵ͘Ϯϯϴ
ϰϭϭ͘ϳϴϰ
ϰϰϯ͘ϲϳϴ
Ϯϵϲ͘ϱϮϭ
Ͳ
ϱ͘ϴϮϵ͘ϳϲϭ
'XUDQWHRSHUtRGRILQGRHPGHGH]HPEURGHRVPRYLPHQWRVUHJLVWDGRVHPUXEULFDV
GRDWLYRIL[RWDQJtYHOIRUDPFRPRVHJXH
;ĞƵƌŽƐͿ
ĚŝĨşĐŝŽƐĞ
ŽƵƚƌĂƐ
ďĄƐŝĐŽ
ŝŶĨŽƌŵĄƚŝĐŽ
KƵƚƌŽ
^ŝŶĂůĠƚŝĐĂ
ĨŝǆŽƐ
ƚĂŶŐşǀĞŝƐ
ƚŝǀŽƐĞŵ
ĐƵƌƐŽ
dŽƚĂů
Ϯ͘ϯϱϵ͘ϬϯϬ
ϰϭ͘ϴϮϲ͘ϳϲϯ
ϭϲϭ͘ϴϮϯ
Ϯ͘ϭϮϰ͘ϵϭϰ
ϵϯϬ͘ϰϰϴ
ϭ͘ϳϵϱ͘ϬϬϬ
ϱϱϬ͘Ϯϵϴ
Ͳ
ϰϵ͘ϳϰϴ͘Ϯϳϲ
;ϭ͘ϭϮϯ͘ϳϱϲͿ
;ϯϴ͘ϲϬϬ͘ϱϯϴͿ
;ϭϭϰ͘ϳϴϮͿ
;ϭ͘ϵϱϱ͘ϲϳϳͿ
;ϱϭϴ͘ϲϲϰͿ
;ϭ͘ϯϱϭ͘ϯϮϭͿ
;Ϯϱϯ͘ϳϳϳͿ
Ͳ
;ϰϯ͘ϵϭϴ͘ϱϭϱͿ
ϭ͘Ϯϯϱ͘Ϯϳϰ
ϯ͘ϮϮϲ͘ϮϮϱ
ϰϳ͘ϬϰϬ
ϭϲϵ͘Ϯϯϴ
ϰϭϭ͘ϳϴϰ
ϰϰϯ͘ϲϳϴ
Ϯϵϲ͘ϱϮϭ
Ͳ
ϱ͘ϴϮϵ͘ϳϲϭ
ϲϰ͘ϭϲϬ
ϯϱϲ͘Ϭϲϲ
ϭϵ͘ϲϭϵ
Ϯ͘ϲϰϱ͘ϵϮϭ
ϯϮ͘ϰϲϯ
ϭϳϳ͘ϲϴϱ
ϭϱ͘ϳϬϭ
Ͳ
ϯ͘ϯϭϭ͘ϲϭϯ
Ͳ
;ϲ͘ϮϬϬͿ
Ͳ
Ͳ
Ͳ
;ϯ͘ϳϭϯͿ
Ͳ
Ͳ
;ϵ͘ϵϭϯͿ
;ϵϲ͘ϰϰϯͿ
;ϭ͘ϭϬϰ͘ϰϱϯͿ
;ϭϭ͘ϯϵϲͿ
;ϵϴϴ͘ϲϭϵͿ
;ϵϱ͘ϱϲϰͿ
;ϭϰϰ͘ϬϳϵͿ
;ϰϱ͘ϲϵϬͿ
Ͳ
;Ϯ͘ϰϴϲ͘ϮϰϯͿ
ĚŝĕƁĞƐ
ĞƉƌĞĐŝĂĕĆŽͲƉĞƌşŽĚŽ
Ͳ
ϱ͘ϴϲϭ
Ͳ
Ͳ
Ͳ
Ϯ͘ϲϭϰ
Ͳ
Ͳ
ϴ͘ϰϳϱ
ϭ͘ϮϬϮ͘ϵϵϭ
Ϯ͘ϰϳϳ͘ϱϬϬ
ϱϱ͘Ϯϲϯ
ϭ͘ϴϮϲ͘ϱϰϬ
ϯϰϴ͘ϲϴϯ
ϰϳϲ͘ϭϴϱ
Ϯϲϲ͘ϱϯϮ
Ͳ
ϲ͘ϲϱϯ͘ϲϵϯ
Ϯ͘ϰϮϯ͘ϭϵϬ
;ϭ͘ϮϮϬ͘ϭϵϵͿ
ϰϮ͘ϭϳϲ͘ϲϮϵ
;ϯϵ͘ϲϵϵ͘ϭϯϬͿ
ϭϴϭ͘ϰϰϭ
;ϭϮϲ͘ϭϳϴͿ
ϰ͘ϳϳϬ͘ϴϯϱ
;Ϯ͘ϵϰϰ͘ϮϵϲͿ
ϵϲϮ͘ϵϭϬ
;ϲϭϰ͘ϮϮϴͿ
ϭ͘ϵϲϴ͘ϵϳϮ
;ϭ͘ϰϵϮ͘ϳϴϳͿ
ϱϲϱ͘ϵϵϴ
;Ϯϵϵ͘ϰϲϲͿ
Ͳ
Ͳ
ϱϯ͘Ϭϰϵ͘ϵϳϲ
;ϰϲ͘ϯϵϲ͘ϮϴϯͿ
ϭ͘ϮϬϮ͘ϵϵϭ
Ϯ͘ϰϳϳ͘ϱϬϬ
ϱϱ͘Ϯϲϯ
ϭ͘ϴϮϲ͘ϱϰϬ
ϯϰϴ͘ϲϴϯ
ϰϳϲ͘ϭϴϱ
Ϯϲϲ͘ϱϯϮ
Ͳ
ϲ͘ϲϱϯ͘ϲϵϯ
'RVDWLYRVUHJLVWDGRVQDFODVVH³(GLItFLRVHRXWUDVFRQVWUXo}HVÚHODWLYRjFRQWD³2EUDVHP
HGLItFLRV DUUHQGDGRV FHGLGRV´ HQFRQWUDPVH UHFRQKHFLGRV LQYHVWLPHQWRV HP REUDV GH
EHQHILFLDomRQRHGLItFLRVHGHGR'HSDUWDPHQWRGH-RJRV5XDGDV7DLSDVQTXHQR
SHUtRGRHPDQiOLVHVRIUHUDPXPDFUpVFLPRGHHXURVHTXHQRJOREDODVFHQGHQHVWD
GDWDDHXURVOtTXLGRVHXURV
2V YDORUHV PDLV VLJQLILFDWLYRV FRQWDELOL]DGRV FRPR ³(TXLSDPHQWR EiVLFR´ FRUUHVSRQGHP DR
HTXLSDPHQWR GH MRJR LQVWDODGR QRV SRQWRV GH YHQGD GRV PHGLDGRUHV GRV -RJRV 6RFLDLV
QRPHDGDPHQWHRVWHUPLQDLVRQOLQHHHTXLSDPHQWRGHLPSUHVVmRFRPSOHPHQWDU
$GLo}HV
y
2V DXPHQWRV RFRUULGRV QD UXEULFD DWLYRV IL[RV WDQJtYHLV QR GHFXUVR GR SHUtRGR GH UHIOHWHP HXURV HVVHQFLDOPHQWH SURYHQLHQWHV GH DTXLVLo}HV GH HTXLSDPHQWR
LQIRUPiWLFRGRVTXDLVHXURVGHFRUUHPGDUHQRYDomRGRVLVWHPDRQOLQHDGLo}HV
HXURVHVVHQFLDOPHQWHHTXLSDPHQWREiVLFR
$EDWHV
1R SHUtRGR ILQGR HP GH GH]HPEUR GH UHJLVWDUDPVH DEDWHV QR YDORU GH HXURV1RSHUtRGRGHIRUDPDEDWLGRVDWLYRVWRWDOPHQWHDPRUWL]DGRVHFRPVLJQLILFDWLYD
DQWLJXLGDGHQRYDORUGHHXURV
$VGHSUHFLDo}HVGRVEHQVGRVDWLYRVIL[RVWDQJtYHLVHVWmRUHFRQKHFLGDVSHODVXDWRWDOLGDGH
QD UXEULFD ³*DVWRVUHYHUV}HV GH GHSUHFLDomR H DPRUWL]DomR´ GD GHPRQVWUDomR GRV
UHVXOWDGRVSHODVXDWRWDOLGDGH
¬ GDWD GH GH GH]HPEUR GH RV DWLYRV IL[RV WDQJtYHLV HP SRGHU GH WHUFHLURV
DVFHQGHPDHXURVRVTXDLVFRUUHVSRQGHPHIHWLYDPHQWHDPiTXLQDVGRVLVWHPD
GHMRJRRQOLQHQRYDORUGHHXURVHSHoDVSURPRFLRQDLVGHVLQDOpWLFDQRYDORU
GHHXURV
$WLYRVLQWDQJtYHLV
2 YDORU GRV DWLYRV LQWDQJtYHLV UHIHUHVH DR 3RUWDO GH -RJRV H SURJUDPDV LQIRUPiWLFRV GH
VXSRUWHjVDWLYLGDGHVRSHUDFLRQDLVHDGPLQLVWUDWLYDVGR'HSDUWDPHQWRGH-RJRV$HYROXomR
UHJLVWDGDSDUDRVSHUtRGRVDSUHVHQWDGRVpFRPRVHJXH
;ĞƵƌŽƐͿ
WƌŽƉƌŝĞĚĂĚĞ
/ŶĚƵƐƚƌŝĂů
ƵƐ ƚŽĚĞĂƋƵŝ Ɛ ŝ ĕĆ Ž
ŵŽƌƚŝ ǌĂĕƁĞƐ Ă ĐƵŵƵů Ă ĚĂ Ɛ
Ěŝ ĕƁĞƐ
dƌĂ ŶƐ ĨĞƌġŶĐŝ ĂƐ ĞĂ ďĂ ƚĞƐ
ŵŽƌƚŝ ǌĂĕĆ ŽͲƉĞƌşŽĚŽ
ŵŽƌƚŝ ǌĂĕĆ ŽͲƚƌĂ ŶƐ ĨĞƌġŶĐŝ Ă Ɛ ĞĂ ďĂ ƚĞƐ
WƌŽŐƌĂŵĂƐĚĞ
ŽŵƉƵƚĂĚŽƌ
ƚŝǀŽƐ
ĞŵĐƵƌƐŽ
dŽƚĂů
ϯ͘ϲϬϲ͘Ϯϲϲ
;Ϯ͘ϲϱϬ͘ϵϮϬͿ
ϵϱϱ͘ϯϰϲ
ϭϴ͘ϳϰϬ͘Ϯϭϰ
;ϭϱ͘ϳϳϱ͘ϯϬϭͿ
Ϯ͘ϵϲϰ͘ϵϭϯ
Ͳ
Ͳ
Ͳ
ϮϮ͘ϯϰϲ͘ϰϴϬ
;ϭϴ͘ϰϮϲ͘ϮϮϭͿ
ϯ͘ϵϮϬ͘Ϯϱϵ
Ͳ
;ϭϲϯ͘ϲϭϬͿ
;ϭϴϬ͘ϳϬϬ͕ϴϱͿ
ϭϲϮ͘ϴϱϴ
ϳϳϯ͘ϴϵϰ
ϵϮ͘ϭϰϱ
ϭϳϯ͘ϬϬϵ
;ϭ͘ϯϰϬ͘ϮϭϮͿ
;ϰ͘ϮϱϮͿ
ϭ͘ϴϴϱ͘ϲϬϮ
ϭϲϴ͘ϬϬϬ
;ϭϲϴ͘ϬϬϬͿ
Ͳ
Ͳ
Ͳ
ϮϲϬ͘ϭϰϱ
;ϭϱϴ͘ϲϬϭͿ
;ϭ͘ϱϮϬ͘ϵϭϯͿ
ϭϱϴ͘ϲϬϳ
Ϯ͘ϲϱϵ͘ϰϵϲ
ϯ͘ϰϰϮ͘ϲϱϳ
;Ϯ͘ϲϲϴ͘ϳϲϮͿ
ϳϳϯ͘ϴϵϰ
ϭϵ͘ϬϬϱ͘ϯϲϳ
;ϭϳ͘ϭϭϵ͘ϳϲϱͿ
ϭ͘ϴϴϱ͘ϲϬϮ
Ͳ
Ͳ
Ͳ
ϮϮ͘ϰϰϴ͘ϬϮϰ
;ϭϵ͘ϳϴϴ͘ϱϮϳͿ
Ϯ͘ϲϱϵ͘ϰϵϲ
y
;ĞƵƌŽƐͿ
WƌŽƉƌŝĞĚĂĚĞ
/ŶĚƵƐƚƌŝĂů
Ěŝ ĕƁĞƐ
dƌĂ ŶƐ ĨĞƌġŶĐŝ ĂƐ ĞĂ ďĂ ƚĞƐ
ŵŽƌƚŝ ǌĂĕĆ ŽͲƉĞƌşŽĚŽ
WƌŽŐƌĂŵĂƐĚĞ
ŽŵƉƵƚĂĚŽƌ
ƚŝǀŽƐ
ĞŵĐƵƌƐŽ
dŽƚĂů
ϯ͘ϰϰϮ͘ϲϱϳ
;Ϯ͘ϲϲϴ͘ϳϲϮͿ
ϳϳϯ͘ϴϵϰ
ϭϵ͘ϬϬϱ͘ϯϲϳ
;ϭϳ͘ϭϭϵ͘ϳϲϱͿ
ϭ͘ϴϴϱ͘ϲϬϮ
Ͳ
Ͳ
Ͳ
ϮϮ͘ϰϰϴ͘ϬϮϰ
;ϭϵ͘ϳϴϴ͘ϱϮϳͿ
Ϯ͘ϲϱϵ͘ϰϵϲ
ϳϯ͘ϴϬϬ
;ϳϯ͘ϴϬϬͿ
;ϭϱϳ͘ϰϬϮ͕ϮϯͿ
ϲϭϲ͘ϰϵϮ
Ϯϭϯ͘ϱϴϳ
ϳϯ͘ϴϬϬ
;ϭ͘Ϭϱϵ͘ϬϵϯͿ
ϭ͘ϭϭϯ͘ϴϵϲ
Ͳ
Ϯϴϳ͘ϯϴϳ
Ͳ
;ϭ͘Ϯϭϲ͘ϰϵϱͿ
ϭ͘ϳϯϬ͘ϯϴϴ
ϯ͘ϰϰϮ͘ϲϱϳ
;Ϯ͘ϴϮϲ͘ϭϲϱͿ
ϲϭϲ͘ϰϵϮ
ϭϵ͘ϮϵϮ͘ϳϱϰ
;ϭϴ͘ϭϳϴ͘ϴϱϴͿ
ϭ͘ϭϭϯ͘ϴϵϲ
Ͳ
Ͳ
Ͳ
ϮϮ͘ϳϯϱ͘ϰϭϭ
;Ϯϭ͘ϬϬϱ͘ϬϮϯͿ
ϭ͘ϳϯϬ͘ϯϴϴ
$UXEULFDSURJUDPDVGHFRPSXWDGRUFULDGDTXDQGRGDFRQYHUVmRSDUDRQRUPDWLYR61&p
FRPSRVWD SRU VRIWZDUH H R VLVWHPD RQOLQH RV TXDLV IRUDP UHFODVVLILFDGRV j GDWD GH
WUDQVLomR D SDUWLU GH SURSULHGDGH LQGXVWULDO HTXLSDPHQWR LQIRUPiWLFR H HTXLSDPHQWR
EiVLFR
3DUWLFLSDo}HVILQDQFHLUDVRXWURVPpWRGRV
2VDOGRUHJLVWDGRQHVWDUXEULFDUHIHUHVHjSDUWLFLSDomRGHQRFDSLWDOVRFLDOGD6/(±
6HUYLFHVDX[/RWHULHVHQ(XURSHHQWLGDGHFRQVWLWXtGDSDUDDJHVWmRGRMRJR(XURPLOK}HVH
QD TXDO R 'HSDUWDPHQWR GH -RJRV SDUWLFLSD QD FRQGLomR GH ORWWHU\ RSHUDWRU GR -RJR 6RFLDO
GH$SRVWDV0~WXDV(XURSHX(XURPLOK}HV
2XWURVDWLYRVILQDQFHLURV
(P GH GH]HPEUR GH H D UXEULFD GH 2XWURV DWLYRV ILQDQFHLURV DSUHVHQWD D
VHJXLQWHGHFRPSRVLomR
;ĞƵƌŽƐͿ
&ƵŶĚŽƐ ŽďƌŝŐĂƚſƌŝ ŽƐ
ϮϬϭϭ
ϮϬϭϬ
ϵϮ͘ϲϳϭ͘ϰϱϬ
ϳϱ͘ϵϳϮ͘Ϯϴϳ
KƵƚƌŽƐ Ăƚŝ ǀŽƐĨŝŶĂ ŶĐĞŝƌŽƐ
dŽƚĂů
ϭϵ͘ϱϲϮ
ϭϲ͘ϵϲϲ
ϵϮ͘ϲϵϭ͘Ϭϭϭ
ϳϱ͘ϵϴϵ͘Ϯϱϯ
2 VDOGR GH )XQGRV REULJDWyULRV UHIHUHVH PDLRULWDULDPHQWH DRV )XQGRV FRQVWLWXtGRV SHOR
'HSDUWDPHQWR GH -RJRV QR kPELWR GDV REULJDo}HV DVVXPLGDV FRP D DWULEXLomR GD
FRQFHVVmRGDH[SORUDomRGRV-RJRV6RFLDLVSDUDUHFODPDo}HVHSDJDPHQWRVGHSUpPLRVH
DLQGDSDUDUHQRYDomRGHHTXLSDPHQWRHPDWHULDO
y
2V )XQGRV D PDQWHU SHOR 'HSDUWDPHQWR GH -RJRV VmR FRQVWLWXtGRV GH DFRUGR FRP DV
VHJXLQWHVUHJUDV
й
й
ZĞĐĞŝƚĂƐ
WƌĠŵŝŽƐ
>ŝŵŝƚĞŵĄǆŝŵŽ
ĨŝǆĂĚŽ;ĞƵƌŽƐͿ
dŽƚŽůŽƚŽ
Ϭ͕ϱй
Ͳ
ϰϮϯ͘ϵϳϴ
dŽƚŽďŽůĂ
Ϭ͕ϱй
Ͳ
ϳϰ͘ϴϮϬ
>ĞŐŝƐůĂĕĆŽĂƉůŝĐĄǀĞů
&ƵŶĚŽƐƉĂƌĂƌĞĐůĂŵĂĕĆŽĞƉĂŐĂŵĞŶƚŽĚĞƉƌĠŵŝŽƐ
dŽƚŽŐŽůŽ
Ϭ͕ϱй
Ͳ
ϳϰ͘ϴϮϬ
:ŽŬĞƌ
Ϯ͕Ϭй
Ͳ
ϭ͘ϬϬϬ͘ϬϬϬ
ƵƌŽŵŝůŚƁĞƐ;ĂͿ
ϭ͕Ϭй
Ͳ
ϭϱϬ͘ϬϬϬ͘ϬϬϬ
Ͳ
ϭϬ͕Ϭй
dŽƚŽůŽƚŽ
Ϯ͕Ϭй
Ͳ
dŽƚŽŐŽůŽ
ϭ͕Ϭй
dŽƚŽďŽůĂ
ϭ͕Ϭй
ϭ͕Ϭй
ĞĐ͘Ͳ>ĞŝŶ͘Ǒϴϰͬϴϱ͕ĚĞϮϴŵĂƌ͕͘ĐŽŵĂƐĂůƚĞƌĂĕƁĞƐŝŶƚƌŽĚƵǌŝĚĂƐƉĞůŽƐĞĐ͘Ͳ>ĞŝŶ͘Ǒ
ϯϴϳͬϴϲ͕ĚĞϭϳŶŽǀ͘ĞŶ͘ǑϮϱϴͬϵϳ͕ĚĞϯϬƐĞƚ͕͘ƌĞƉƵďůŝĐĂĚŽƉĞůŽĞĐ͘Ͳ>ĞŝŶ͘Ǒ
ϯϭϳͬϮϬϬϮ͕ĚĞϮϳĚĞǌ͕͘ĞĞĐ͘Ͳ>ĞŝŶ͘ǑϭϱϯͬϮϬϬϬ͕ĚĞϮϭũƵů͘
ĞĐ͘Ͳ>ĞŝŶ͘ǑϮϮϱͬϵϴ͕ĚĞϭϳũƵů;ũŽŐŽƐƵƐƉĞŶƐŽͿ
ĞĐ͘Ͳ>ĞŝŶ͘ǑϰϭϮͬϵϯ͕ĚĞϮϭĚĞǌ͘ĞĞĐ͘Ͳ>ĞŝŶ͘ǑϭϱϯͬϮϬϬϵ͕ĚĞϮũƵů
ĞĐ͘Ͳ>ĞŝŶ͘ǑϮϭϬͬϮϬϬϰ͕ĚĞϮϬĂŐŽ͕ĂůƚĞƌĂĚŽƉĞůŽĞĐƌĞƚŽͲ>ĞŝŶ͘ǑϰϰͬϮϬϭϭ͕ĚĞϮϰŵĂƌ͘
&ƵŶĚŽƉĂƌĂƉĂŐĂŵĞŶƚŽĚŽϭǑƉƌĠŵŝŽ
dŽƚŽůŽƚŽ;ďͿ
EĆŽĚĞĨŝŶŝĚŽ
ĞĐ͘Ͳ>ĞŝŶ͘ǑϮϬϬͬϮϬϬϵ͕ĚĞϮϳĚĞĂŐŽ͕͘ƌĞŐƵůĂŵĞŶƚĂĚŽƉĞůĂWŽƌƚĂƌŝĂŶ͘ǑϭϬϮͬϮϬϭϭ͕
ĚĞϭϭĚĞŵĂƌ͘
&ƵŶĚŽƐƉĂƌĂƌĞŶŽǀĂĕĆŽĚĞĞƋƵŝƉĂŵĞŶƚŽĞŵĂƚĞƌŝĂů
Ϯϰ͘ϵϯϵ͘ϴϵϱ
ĞĐ͘Ͳ>ĞŝŶ͘Ǒϴϰͬϴϱ͕ĚĞϮϴŵĂƌ͕͘ĞĐ͘Ͳ>ĞŝŶ͘Ǒϯϴϳͬϴϲ͕ĚĞϭϳŶŽǀ͘ĞĞĐ͘Ͳ>ĞŝŶ͘Ǒ
ϭϱϯͬϮϬϬϬ͕ĚĞϮϭũƵů͘
ϳϰϴ͘ϭϵϳ
ĞĐ͘Ͳ>ĞŝŶ͘ǑϮϮϱͬϵϴ͕ĚĞϭϳũƵů;ũŽŐŽƐƵƐƉĞŶƐŽͿ
Ͳ
ϳϰϴ͘ϭϵϳ
ĞĐ͘Ͳ>ĞŝŶ͘Ǒϴϰͬϴϱ͕ĚĞϮϴŵĂƌ͘ĞĞĐ͘Ͳ>ĞŝŶ͘Ǒϯϴϳͬϴϲ͕ϭϳŶŽǀ͘
Ͳ
ϮϬ͘ϬϬϬ͘ϬϬϬ
ĞĐ͘Ͳ>ĞŝŶ͘ǑϮϭϬͬϮϬϬϰ͕ĚĞϮϬĂŐŽ͘
;ĂͿWĞƌĐĞŶƚĂŐĞŵĚĞƌĞƚĞŶĕĆŽĞůŝŵŝƚĞŵĄǆŝŵŽĂƉůŝĐĄǀĞŝƐĂƉĂƌƚŝƌĚĞŵĂƌĕŽĚĞϮϬϭϭ͘ƚĠĨĞǀĞƌĞŝƌŽĂƉĞƌĐĞŶƚĂŐĞŵĚĞƌĞƚĞŶĕĆŽĞƌĂĚĞϬ͕ϱйĞŽůŝŵŝƚĞĚĞϱϬ͘ϬϬϬ͘ϬϬϬ͘
;ďͿWĞƌĐĞŶƚĂŐĞŵĚĞƌĞƚĞŶĕĆŽĂƉůŝĐĄǀĞůĂƉĂƌƚŝƌĚĞϭϯĚĞŵĂƌĕŽĚĞϮϬϭϭ͘ƚĠĞƐƚĂĚĂƚĂĂƉĞƌĐĞŶƚĂŐĞŵĚĞƌĞƚĞŶĕĆŽĞƌĂĚĞϭϮй͘ƐƚĞĨƵŶĚŽĠŝŶĐƌĞŵĞŶƚĂĚŽŽƵƵƚŝůŝǌĂĚŽĐŽŶƐŽĂŶƚĞŽ
ŵŽŶƚĂŶƚĞƉĂƌĂƉƌĠŵŝŽƐĚĂĐĂƚĞŐŽƌŝĂΗEƷŵĞƌŽĚĂ^ŽƌƚĞΗƐĞũĂƐƵƉĞƌŝŽƌ͕ŽƵŝŶĨĞƌŝŽƌĂŽǀĂůŽƌĚĞƉƌĠŵŝŽƐĂƉĂŐĂƌĚĞƐƚĂĐĂƚĞŐŽƌŝĂ͕ƌĞƐƉĞĐƚŝǀĂŵĞŶƚĞ͘
2 'HFUHWR/HL Q GH GH MXOKR DODUJRX R kPELWR GR )XQGR GH UHQRYDomR GR
HTXLSDPHQWR H PDWHULDO GH IRUPD D GDU FREHUWXUD j UHRUJDQL]DomR GR 'HSDUWDPHQWR GH
-RJRV GHFRUUHQWH GD LPSOHPHQWDomR GR VLVWHPD RQOLQH $VVLP WDLV )XQGRV SRGHP VHU
XWLOL]DGRV³SDUDVXSRUWDUTXDLVTXHUGHVSHVDVFRPDLPSOHPHQWDomRGRVLVWHPDGHUHJLVWRGH
DSRVWDV HP WHPSR UHDO VLVWHPD RQOLQH QRPHDGDPHQWH DV UHODWLYDV j LPDJHP DJHQWHV
SHVVRDOUHQRYDomRGDVLQVWDODo}HVUHQRYDomRGHPDWHULDOHHTXLSDPHQWRHRXWURV´
2'HFUHWR/HLQGHGHMXOKRYHLRSHUPLWLUTXHDSDUWLFLSDomRQR-RNHUVHMD
UHDOL]DGDHPVLPXOWkQHRFRPWRGRVRV-RJRV6RFLDLVGR(VWDGRQRPHDGDPHQWHFRP
R (XURPLOK}HV $ UHSXEOLFDomR GR 'HFUHWR/HL Q GH GH GH]HPEUR SHOR
'HFUHWR/HL Q GH GH MXOKR DOWHURX R OLPLWH GR )XQGR SDUD SDJDPHQWR GH
SUpPLRVGR-RNHUGHHXURVSDUDHXURV
2 'HFUHWR/HL Q GH GH MXOKR DXWRUL]RX D FRQVWLWXLomR GH XP )XQGR TXH
JDUDQWD R PRQWDQWH PtQLPR GH HXURV SDUD R SULPHLUR SUpPLR QRV VRUWHLRV GR
7RWRORWRFXMRYDORULQLFLDOIRLGHHXURVSRUXWLOL]DomRGR)XQGRGHUHQRYDomRGR
HTXLSDPHQWR H PDWHULDO (VWH YDORU VHUi UHHPEROVDGR D SDUWLU GH GH MDQHLUR GH j
UD]mRGHSHORPHQRVGRYDORUVHPDQDOGR)XQGRSDUDRSULPHLURSUpPLRQRVVRUWHLRV
GR7RWRORWRUHIHULGRQRQ~PHURDQWHULRUDWpLQWHJUDOSDJDPHQWR
y
(PGHGH]HPEURGHHRGHWDOKHGRV)XQGRVREULJDWyULRVFRQVWLWXtGRVpFRPR
VHJXH
;ĞƵƌŽƐͿ
&ƵŶĚŽƉĂƌĂƉĂŐĂŵĞŶƚŽ
ϭǑƉƌĠŵŝŽdŽƚŽůŽƚŽĞ
ΗEƷŵĞƌŽĚĂ^ŽƌƚĞΗ
&ƵŶĚŽƉĂƌĂƌĞŶŽǀĂĕĆŽĚŽ
ĞƋƵŝƉĂŵĞŶƚŽĞŵĂƚĞƌŝĂů
&ƵŶĚŽƉĂƌĂƌĞĐůĂŵĂĕĆŽĞ
ƉĂŐĂŵĞŶƚŽĚĞƉƌĠŵŝŽƐ
ϯϵ͘ϴϱϱ͘Ϯϴϳ
Ϯϲ͘ϵϬϳ͘ϴϲϮ
ϲ͘ϰϭϰ͘ϵϴϰ
ϳϯ͘ϭϳϴ͘ϭϯϮ
ϮϳϮ͘Ϯϳϵ
ϰ͘ϰϭϲ͘ϱϲϳ
ϭϮ͘ϳϮϱ͘ϱϱϵ
ϭϳ͘ϰϭϰ͘ϰϬϰ
ZĞĨŽƌĕŽƐ
hƚŝůŝ ǌĂĕƁĞƐ
dŽƚĂů
;ϭϲϴ͘ϬϬϬͿ
Ͳ
;ϭϰ͘ϰϱϮ͘ϮϰϵͿ
;ϭϰ͘ϲϮϬ͘ϮϰϵͿ
ϯϵ͘ϵϱϵ͘ϱϲϱ
ϯϭ͘ϯϮϰ͘ϰϮϵ
ϰ͘ϲϴϴ͘Ϯϵϯ
ϯϵ͘ϵϱϵ͘ϱϲϱ
ϯϭ͘ϯϮϰ͘ϰϮϵ
ϰ͘ϲϴϴ͘Ϯϵϯ
Ϯ͘ϴϮϱ͘ϮϮϭ
ϵ͘ϵϳϰ͘ϰϰϯ
ϭϮ͘ϴϵϳ͘ϯϯϰ
Ϯϱ͘ϲϵϲ͘ϵϵϴ
hƚŝůŝ ǌĂĕƁĞƐ
;Ϯ͘ϳϭϮ͘ϯϵϴͿ
Ͳ
;ϲ͘Ϯϴϱ͘ϰϯϴͿ
;ϴ͘ϵϵϳ͘ϴϯϲͿ
ϰϬ͘ϬϳϮ͘ϯϴϴ
ϰϭ͘Ϯϵϴ͘ϴϳϮ
ϭϭ͘ϯϬϬ͘ϭϴϵ
ϵϮ͘ϲϳϭ͘ϰϱϬ
ZĞĨŽƌĕŽƐ
2V³2XWURVDWLYRVILQDQFHLURVÚHIHUHPVHDXPDEDUUDGHRXURGHWLGDSHOR'HSDUWDPHQWRGH
-RJRVDTXDOVHHQFRQWUDYDORUL]DGDDRMXVWRYDORUVHQGRTXHRVHIHLWRVGHDWXDOL]DomRGR
MXVWR YDORU SDUD R SHUtRGR ILQGR D GH GH]HPEUR GH DVFHQGHUDP D HXURV
HXURV
,QYHQWiULRV
2GHWDOKHGHLQYHQWiULRVHPGHGH]HPEURGHHpFRPRVHJXH
;ĞƵƌŽƐͿ
ϮϬϭϭ
ϮϬϭϬ
DĂ ƚĠƌŝ ĂƐ Ɖƌŝ ŵĂƐ ͕Ɛ ƵďƐ ŝĚŝĄ ƌŝĂ Ɛ ĞĚĞĐŽŶƐ ƵŵŽ
ϭϳϴ͘ϱϱϴ
ŝ ůŚĞƚĞƐ Η>ŽƚĂƌŝ Ă/ŶƐ ƚĂŶƚą ŶĞĂ Η
ϱϳϵ͘ϮϬϯ
Ϯϭϳ͘ϱϳϰ
ŝ ůŚĞƚĞƐ ΗƉŽƐ ƚĂƐ DƷƚƵĂƐ Η
ϭϲϳ͘ϰϬϳ
Ϯϲϰ͘ϵϵϬ
WĂƉĞůƚĠƌŵŝĐŽ
Ϯϱϵ͘ϲϬϲ
Ϯϵϭ͘ϳϰϬ
Ϯϵ͘ϴϳϭ
ϯϳ͘ϲϳϰ
;ϭϴ͘ϲϱϵͿ
Ͳ
ϭ͘ϭϵϱ͘ϵϴϲ
ϵϭϯ͘ϵϴϱ
ZŽůŽƚĠƌŵŝ ĐŽƚƌąŶƐ ŝ ƚŽ
/ŵƉĂƌŝ ĚĂĚĞĚĞŝ ŶǀĞŶƚĄ ƌŝŽƐ
dŽƚĂůŝŶǀĞŶƚĄƌŝŽƐ
ϭϬϮ͘ϬϬϴ
2FXVWRGRVLQYHQWiULRVUHFRQKHFLGRQRSHUtRGRFRPRJDVWRHLQFOXtGRQDUXEULFD³&XVWRGDV
PHUFDGRULDVYHQGLGDVHGDVPDWpULDVFRQVXPLGDV´WRWDOL]RXHXURV
,PSDULGDGHGHLQYHQWiULRV
5HJLVWDUDP LPSDULGDGHV GH LQYHQWiULRV QR SHUtRGR GH QR YDORU HXURV
FRUUHVSRQGHQGR HXURV H HXURV D ELOKHWHV GH $SRVWDV 0~WXDV H /RWDULD
,QVWDQWkQHDUHVSHWLYDPHQWH
0HGLDGRUHV
y
1RV SHUtRGRV ILQGRV HP GH GH]HPEUR GH H D GHFRPSRVLomR GD UXEULFD GH
0HGLDGRUHVpFRPRVHVHJXH
;ĞƵƌŽƐͿ
ϮϬϭϭ
ŽƌƌĞŶƚĞ
DĞĚŝĂĚŽƌĞƐ
dŽƚĂů
ŽƌƌĞŶƚĞ
dŽƚĂů
ϰϮ͘ϵϱϱ͘ϳϵϱ
ϯ͘ϳϱϬ͘ϬϬϬ
ϰϲ͘ϳϬϱ͘ϳϵϱ
ϯϰ͘ϴϵϰ͘ϳϵϵ
Ͳ
ϯϰ͘ϴϵϰ͘ϳϵϵ
ϵϳϬ͘ϲϬϳ
Ͳ
ϵϳϬ͘ϲϬϳ
ϵϱϴ͘ϳϱϮ
Ͳ
ϵϱϴ͘ϳϱϮ
ϰϯ͘ϵϮϲ͘ϰϬϮ
ϯ͘ϳϱϬ͘ϬϬϬ
ϰϳ͘ϲϳϲ͘ϰϬϮ
ϯϱ͘ϴϱϯ͘ϱϱϭ
Ͳ
ϯϱ͘ϴϱϯ͘ϱϱϭ
;ϵϳϬ͘ϲϬϳͿ
;ϵϱϴ͘ϳϱϮͿ
Ͳ
;ϵϱϴ͘ϳϱϮͿ
DĞĚŝĂĚŽƌĞƐ ĐŽďƌĂ ŶĕĂ ĚƵǀŝ ĚŽƐ Ă
ũƵƐ ƚĂŵĞŶƚŽƐ ĚĞŵĞĚŝĂ ĚŽƌĞƐ
;ϵϳϬ͘ϲϬϳͿ
Wů ĂŶŽƉĂ ŐĂ ŵĞŶƚŽƐ ŵĞĚŝ ĂĚŽƌĞƐ
dŽƚĂůŵĞĚŝĂĚŽƌĞƐ
ϮϬϭϬ
;ϰϴ͘ϴϴϯͿ
;ϯϱϱ͘ϯϭϲͿ
;ϰϬϰ͘ϭϵϴͿ
;ϭϮϭ͘ϱϵϰͿ
Ͳ
;ϭϮϭ͘ϱϵϰͿ
ϰϮ͘ϵϬϲ͘ϵϭϮ
ϯ͘ϯϵϰ͘ϲϴϰ
ϰϲ͘ϯϬϭ͘ϱϵϳ
Ͳ
1HVWD UXEULFD HQFRQWUDPVH UHJLVWDGRV RV YDORUHV D UHFHEHU GRV PHGLDGRUHV GR
'HSDUWDPHQWR GH -RJRV UHIHUHQWHV jV UHFHLWDV GH $SRVWDV 0~WXDV 7RWREROD 7RWRORWR
(XURPLOK}HV H -RNHU /RWDULD 1DFLRQDO /RWDULD &OiVVLFD H /RWDULD 3RSXODU H /RWDULD
,QVWDQWkQHD
2V PHGLDGRUHV PDLV UHOHYDQWHV VmR D ³&DVD GD 6RUWH´ H D ³&DVD &DPSLmR´ FXMRV VDOGRV
EUXWRV DVFHQGHP UHVSHWLYDPHQWH D HXURV H HXURV D GH
GH]HPEURGHHXURVHHXURV
5HODWLYDPHQWHj&DVDGD6RUWHIRLQHJRFLDGDHDSURYDGRSHODGHOLEHUDomRQGH
GH MDQHLUR GD 0HVD GD 6&0/ SODQR GH SDJDPHQWRV UHODWLYR DR MRJR HQWUHJXH HP
SDUWLFXODUD/RWDULD1DFLRQDO2VVDOGRVDUHFHEHUDGHGH]HPEURGHHQJOREDPR
UHIHULGRSODQRGHSDJDPHQWRVRFRUULGRHPMDQHLURGHSUHVWDo}HVPHQVDLVDSURGX]LU
HIHLWRVHPMDQHLURGHHDWHUPLQDUHPGH]HPEURGH'DGRTXHDVFRQGLo}HVGH
UHFHELPHQWR QmR VmR FRPSDUiYHLV jV FRQGLo}HV KDELWXDLV GH QHJyFLR GH DFRUGR FRP RV
QRUPDWLYRV GR 61& SURFHGHXVH DR UHFRQKHFLPHQWR FRQWDELOtVWLFR GR GHVFRQWR GR YDORU
DEUDQJLGR SHOR SODQR GH SDJDPHQWR WHQGR VLGR DSOLFDGD XPD WD[D GH GHVFRQWR
FRUUHVSRQGHQWH j (XULERU D PHVHV WD[D GH IHFKR GR ~OWLPR GLD GR PrV SDUD R TXDO D
RSHUDomR SURGX] HIHLWRV DFUHVFLGD GH XP VSUHDG GH ULVFR GH 2 HIHLWR GH DWXDOL]DomR
GDGtYLGDHPIXQomRGRSHUtRGRGHFRUULGRWHYHXPLPSDFWRGHHXURVHPUHVXOWDGRV
HXURV
,PSDULGDGHGHPHGLDGRUHV
y
;ĞƵƌŽƐͿ
ϮϬϭϭ
ϮϬϭϬ
ϵϱϴ͘ϳϱϮ
ϴϰϵ͘ϴϰϱ
ƵŵĞŶƚŽƐ ϰϲ͘ϭϭϲ
ϭϬϴ͘ϵϬϳ
hƚŝů ŝǌĂ ĕƁĞƐ
;Ϯϵ͘ϰϭϭͿ
Ͳ
ZĞǀĞƌƐ ƁĞƐ
;ϰ͘ϴϱϬͿ
Ͳ
ϵϳϬ͘ϲϬϳ
ϵϱϴ͘ϳϱϮ
'HWDOKHGDLPSDULGDGHSRUQDWXUH]DGH-RJR6RFLDO
;ĞƵƌŽƐͿ
ϮϬϭϭ
ƉŽƐƚĂƐ
DƷƚƵĂƐ
ϮϬϭϬ
>ŽƚĂƌŝĂ
EĂĐŝŽŶĂů
>ŽƚĂƌŝĂ
ƉŽƐƚĂƐ
DƷƚƵĂƐ
>ŽƚĂƌŝĂ
EĂĐŝŽŶĂů
ϳϵϬ͘Ϯϯϳ
ϭϱϳ͘ϰϮϭ
ϭϭ͘Ϭϵϰ
ϲϴϮ͘ϴϱϵ
ƵŵĞŶƚŽƐ ϰϱ͘ϵϭϰ
ϮϬϬ
Ϯ
hƚŝ ůŝ ǌĂ ĕƁĞƐ
;Ϯϵ͘ϰϭϭͿ
Ͳ
Ͳ
ZĞǀĞƌƐ ƁĞƐ
;Ϯ͘ϵϯϯͿ
ϴϬϯ͘ϴϬϲ
Ͳ
ϭϱϳ͘ϲϮϭ
;ϭ͘ϵϭϳͿ
ϵ͘ϭϳϵ
>ŽƚĂƌŝĂ
ϭϱϳ͘ϰϮϭ
ϵ͘ϱϲϱ
ϭϬϳ͘ϯϳϴ
Ͳ
ϭ͘ϱϮϵ
Ͳ
Ͳ
Ͳ
Ͳ
ϳϵϬ͘Ϯϯϳ
Ͳ
ϭϱϳ͘ϰϮϭ
Ͳ
ϭϭ͘Ϭϵϰ
$ YDULDomR RFRUULGD QDUXEULFD GH LPSDULGDGH GHYHXVH D VLWXDo}HV GH LQFXPSULPHQWRV QR
HQWDQWRFRPXPDVLJQLILFDWLYDUHGXomRIDFHDRUHJLVWDGRHPSHUtRGRVDQWHULRUHV
(VWDGRHRXWURVHQWHVS~EOLFRV
1RV SHUtRGRV ILQGRV HP GH GH]HPEUR GH H RV VDOGRV GH (VWDGR H RXWURV
HQWHVS~EOLFRVVmRFRPRVHVHJXH
;ĞƵƌŽƐͿ
ϮϬϭϭ
ĞǀĞĚŽƌ
ϮϬϭϬ
ƌĞĚŽƌ
ĞǀĞĚŽƌ
ƌĞĚŽƌ
/ŵƉŽƐ ƚŽƐ Ɛ ͬƌĞŶĚŝŵĞŶƚŽͲ/Z^Ğ/Z
Ͳ
ϯϰ͘ϲϴϭ
Ͳ
/ŵƉŽƐ ƚŽƐ ͬǀĂ ůŽƌĂ ĐƌĞƐ ĐĞŶƚĂ ĚŽͲ/s
Ͳ
Ͳ
ϱ͘ϰϯϵ
ϱϱ͘ϴϳϬ
Ͳ
ŽŶƚƌŝďƵŝĕƁĞƐ ƉͬƐ ĞŐƵƌĂ ŶĕĂ Ɛ ŽĐŝĂ ů
Ͳ
Ͳ
Ͳ
Ͳ
/ŵƉŽƐ ƚŽĚŽƐ ĞůŽ
Ͳ
ϲ͘ϳϬϱ͘ϲϱϵ
Ͳ
ϲ͘ϭϲϯ͘ϳϯϵ
dŽƚĂů
Ͳ
ϲ͘ϳϰϬ͘ϯϰϬ
ϱ͘ϰϯϵ
ϲ͘Ϯϭϵ͘ϲϬϵ
2VDOGRFUHGRUGH,PSRVWRVUHQGLPHQWR±,56H,5&H,PSRVWRGR6HORpUHIHUHQWHDRPrV
GHGH]HPEURQmRH[LVWLQGRTXDOTXHUYDORUHPPRUD
1RV SHUtRGRV ILQGRV HP GH GH]HPEUR GH H D GHFRPSRVLomR GD UXEULFD GH
2XWUDVFRQWDVDUHFHEHUpFRPRVHJXH
y
;ĞƵƌŽƐͿ
ϮϬϭϭ
ŽƌƌĞŶƚĞ
WĞƐ Ɛ ŽĂ ů
KƵƚƌĂ Ɛ ĐŽŶƚĂ Ɛ Ă ƌĞĐĞďĞƌ
ƵƌŽŵŝů ŚƁĞƐ ͲWƌŝ ŵĂ ƌǇ/ŶƐ ƵƌĂ ŶĐĞ
ƵƌŽŵŝů ŚƁĞƐͲWƌĞͲĚĞƉŽƐ ŝƚĂ ŵŽƵŶƚ
D^Ă ůĚŽ/ŶŝĐŝ Ă ůͲŽŽƐ ƚĞƌ
ƵƌŽŵŝů ŚƁĞƐ ͲDƵƚƵĂ ů/ŶƐ ƵƌĂŶĐĞ
ŶƚŝĚĂ ĚĞƐ ƌĞůĂ ĐŝŽŶĂ ĚĂ Ɛ
ĞŶĞĨşĐŝŽƐ ĚĞƌĞĨŽƌŵĂ
KƵƚƌĂ Ɛ
ĞǀĞĚŽƌĞƐ ƉŽƌĂ ĐƌĠƐ ĐŝŵŽƐ ĚĞƌĞŶĚŝŵĞŶƚŽƐ ũƵƐ ƚĂ ŵĞŶƚŽƐ
KƵƚƌĂƐĐŽŶƚĂƐĂƌĞĐĞďĞƌ
ϮϬϭϬ
dŽƚĂů
ŽƌƌĞŶƚĞ
dŽƚĂů
ŝͿ
Ϯϳ͘ϳϵϮ
Ͳ
Ϯϳ͘ϳϵϮ
ϭϳ͘ϭϬϬ
Ͳ
ϭϳ͘ϭϬϬ
ŝŝͿ
ŝŝŝͿ
ŝ ǀͿ
ǀͿ
ǀŝͿ
ϳ͘Ϭϭϳ͘Ϯϯϯ
ϲ͘ϴϰϯ͘ϰϬϰ
ϯ͘Ϭϱϱ͘ϰϰϳ
Ϯ͘ϬϬϬ͘ϬϬϬ
ϯ͘ϰϬϴ͘ϳϱϲ
Ͳ
Ϯϯϵ͘Ϭϱϵ
ϱ͘ϮϮϲ͘ϭϭϳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
ϳ͘Ϭϭϳ͘Ϯϯϯ
ϲ͘ϴϰϯ͘ϰϬϰ
ϯ͘Ϭϱϱ͘ϰϰϳ
Ϯ͘ϬϬϬ͘ϬϬϬ
ϯ͘ϰϬϴ͘ϳϱϲ
Ͳ
Ϯϯϵ͘Ϭϱϵ
ϱ͘ϮϮϲ͘ϭϭϳ
ϱ͘ϳϮϴ͘ϳϵϲ
ϰ͘ϯϵϵ͘Ϭϳϭ
ϯ͘Ϭϱϱ͘ϰϰϳ
Ϯ͘ϬϬϬ͘ϬϬϬ
ϲϭϰ͘ϯϭϰ
ϳϯϭ͘ϭϴϵ
ϮϬϱ͘ϴϭϲ
ϰ͘ϵϮϲ͘ϭϲϲ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
ϱ͘ϳϮϴ͘ϳϵϲ
ϰ͘ϯϵϵ͘Ϭϳϭ
ϯ͘Ϭϱϱ͘ϰϰϳ
Ϯ͘ϬϬϬ͘ϬϬϬ
ϲϭϰ͘ϯϭϰ
ϳϯϭ͘ϭϴϵ
ϮϬϱ͘ϴϭϲ
ϰ͘ϵϮϲ͘ϭϲϲ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
ǀŝŝͿ
ǀŝŝŝͿ
3HVVRDO
L$VGtYLGDVDWLYDVDRSHVVRDOUHIHUHPVHDDGLDQWDPHQWRVVREUHDMXGDVGHFXVWRDWULEXtGRV
DFRODERUDGRUHVGR'HSDUWDPHQWRGH-RJRVHHPSUpVWLPRVFRQFHGLGRV
LL (XURPLOK}HV ± 3ULPDU\ ,QVXUDQFH 'HSyVLWR REULJDWyULR D FRQVWLWXLU SHODV HQWLGDGHV
H[SORUDGRUDV GR -RJR (XURPLOK}HV MXQWR GD HQWLGDGH ILQDQFHLUD TXH DVVXPH D JHVWmR GRV
DWLYRV GH H[SORUDomR GR MRJR R TXDO FRUUHVSRQGH DXP WHUoR GD PpGLD GH YHQGDV GH MRJR
GR ~OWLPR VHPHVWUH 2 YDORU GHVWH GHSyVLWR IRL DLQGD LQFUHPHQWDGR HP GHYLGR j
LQWURGXomRGRVRUWHLRWHQGRVLGRUHYLVWRSHOD~OWLPDYH]HPGHPDLRGHDQWHV
GRLQtFLRGRVRUWHLR
LLL (XURPLOK}HV ± 3UHGHSRVLW ,QVXUDQFH FRQWUDSDUWLGD ILQDQFHLUD DVVXPLGD SHOR
'HSDUWDPHQWRGH-RJRVHQTXDQWRHQWLGDGHH[SORUDGRUDGRMRJR(XURPLOK}HV(VWHGHSyVLWR
WDPEpP GHVLJQDGR FRPR 5HOHYDQW 'HSRVLW $PRXQW 'HIDXOW ,QVXUDQFH p FDOFXODGR HP
IXQomRGRVUHVXOWDGRVGHYHQGDVHXURSHLDVGH-RJRHGDVWUDQVIHUrQFLDVUHDOL]DGDVVHJXQGR
D DIHWDomR GH UHVXOWDGRV LQWHUQDFLRQDO H FRUUHVSRQGH QD JOREDOLGDGH D YH]HV GD PpGLD
GDV WUDQVIHUrQFLDV GRV RSHUDGRUHV GH ORWDULD TXH H[SORUDP R MRJR (XURPLOK}HV 2
'HSDUWDPHQWR GH -RJRV GHYHUi SURFHGHU DR GHSyVLWR GH DFRUGR FRP D VXD SURSRUomR QR
WRWDOGDVYHQGDVGDVHQWLGDGHVHXURSHLDVFRVWVKDULQJ2YDORUGHVWHGHSyVLWRIRLUHYLVWR
SHOD ~OWLPD YH] HP GH PDLR GH DQWHV GR LQtFLR GR VRUWHLR WHQGR VLGR SRU HVVH
IDFWRLQFUHPHQWDGRHP'HYHVHUUHYLVWRVHPHVWUDOPHQWH
LY (0 6DOGR ,QLFLDO ± %RRVWHU R 'HSDUWDPHQWR GH -RJRV GHYH SURFHGHU D GHGXo}HV
HVSHFtILFDV SDUD UHIRUoR GR IXQGR GH UHVHUYD SDUD SUpPLRV GH MRJR (XURPLOK}HV (VWH IRL R
YDORU LQLFLDO TXH R 'HSDUWDPHQWR GH -RJRV GHSRVLWRX MXQWR GD HQWLGDGH ILQDQFHLUD TXH
y
DVVXPH D JHVWmR GRV DWLYRV GH H[SORUDomR GR MRJR R TXDO VH HQFRQWUD VHJUHJDGR GRV
PRYLPHQWRV GH FRQVWLWXLomR H XWLOL]DomR RFRUULGRV GHVGH UHJLVWDGRV QD UXEULFD GH
³3UpPLRVDSDJDU´
Y(XURPLOK}HV±0XWXDO,QVXUDQFH9DORUGHFDXomRHQWUHJXHSHOR'HSDUWDPHQWRGH-RJRV
FRPR HQWLGDGH H[SORUDGRUD GR MRJR (XURPLOK}HV D TXDO SHUPDQHFHUi UHWLGD HQTXDQWR R
'HSDUWDPHQWRGH-RJRVIRUHOHPHQWRGRVLVWHPDGH-RJR
YL(QWLGDGHVUHODFLRQDGDVVDOGRVGHFRQWDFRUUHQWHTXHR'HSDUWDPHQWRGH-RJRVPDQWpP
FRPDVUHVWDQWHVXQLGDGHVGD6DQWD&DVDIUXWRGHWUDQVDo}HVRSHUDFLRQDLV
YLL%HQHItFLRVGHUHIRUPDYHUQRWD
YLLL 2 YDORU GH HXURV LQFOXtGR QR VDOGR HP DEHUWR UHIHUHVH D XP DGLDQWDPHQWR
HIHWXDGR D IDYRU GR ,QVWLWXWR GH *HVWmR )LQDQFHLUD GD 6HJXUDQoD 6RFLDO VREUH D
WUDQVPLVVmRGRWtWXORGHSURSULHGDGHGRHGLItFLRVHGHGR'HSDUWDPHQWRGH-RJRVQD5XDGDV
7DLSDV VLWXDomR TXH FRQWLQXD D VHU QHJRFLDGD SRU DPEDV DV SDUWHV $GLFLRQDOPHQWH HVWD
VLWXDomRWHPTXHVHUXOWHULRUPHQWHREMHWRGHDSURSULDGDUHVROXomRMXUtGLFD
'HYHGRUHVSRUDFUpVFLPRVGHUHQGLPHQWRV
L[2GHWDOKHGHGHYHGRUHVSRUDFUpVFLPRVGHUHQGLPHQWRVpFRPRVHJXH
;ĞƵƌŽƐͿ
ϮϬϭϭ
ϮϬϭϬ
:ƵƌŽƐ Ă ƌĞĐĞďĞƌ
ĂͿ
ϯ͘ϳϰϭ͘ϳϬϯ
ϭ͘ϱϭϲ͘ϳϳϰ
KƵƚƌŽƐ ĚĞǀĞĚŽƌĞƐ ƉŽƌĂĐƌĠƐ Đŝ ŵŽƐ ĚĞƌĞŶĚŝ ŵĞŶƚŽƐ
ďͿ
Ϯ͘ϳϱϰ
ϯ͘ϰϬϵ͘ϯϲϳ
>ŽƚĂƌŝ Ă EĂ Đŝ ŽŶĂ ů
ďͿ
ϮϵϮ͘ϱϳϲ
Ϯϱ
dŽƚŽďŽů Ă
ďͿ
ϲ͘ϯϲϲ
Ͳ
dŽƚŽů ŽƚŽ
ďͿ
ϳϴ͘ϴϱϬ
Ͳ
ƵƌŽŵŝ ů ŚƁĞƐ
ďͿ
ϭ͘ϬϲϮ͘ϲϬϴ
Ͳ
:ŽŬĞƌ
ďͿ
ϰϭ͘ϮϲϬ
Ͳ
ϱ͘ϮϮϲ͘ϭϭϳ
ϰ͘ϵϮϲ͘ϭϲϲ
dŽƚĂů
D -XURVDUHFHEHUVDOGRUHIHUHQWHjHVSHFLDOL]DomRGHUHQGLPHQWRVGRV)XQGRVRQOLQH
YHU1RWDHDSOLFDo}HVGHWHVRXUDULDGHFXUWRSUD]R
y
E 2XWURV GHYHGRUHV SRU DFUpVFLPRV GH UHQGLPHQWRV HVSHFLDOL]Do}HV YiULDV GDV TXDLV
VHGHVWDFDSUpPLRVFDGXFDGRVGH$SRVWDV0~WXDVRVTXDLVIRUDPGHVDJUHJDGRVSRU
MRJRHP
VHXMXVWRYDORU2VVDOGRVDUHFHEHUQmRFRUUHQWHVYHQFHPMXURVDWD[DVGHPHUFDGR
'LIHULPHQWRV±JDVWRVDUHFRQKHFHU
(PGHGH]HPEURGHHR'HSDUWDPHQWRGH-RJRVWHPUHJLVWDGRQDUXEULFDGH
'LIHULPHQWRV±*DVWRVDUHFRQKHFHURVVHJXLQWHVVDOGRV
;ĞƵƌŽƐͿ
ϮϬϭϭ
Ɛ ƉĞĐŝĂ ů ŝǌĂ ĕĆ ŽĚĂ ƌĞŵƵŶĞƌĂ ĕĆ ŽĚŽƐŵĞĚŝĂ ĚŽƌĞƐ ƉĂ ŐĂ Ɛ ƉͬũŽŐĂ ĚŽƌĞƐ ŝ Ϳ
ϭ͘ϮϮϬ͘ϰϲϴ
ϭ͘ϬϬϮ
ϵϱϴ
^ĞŐƵƌŽƐ
KƵƚƌŽƐ
ŝŝ Ϳ
'ĂƐƚŽƐĂƌĞĐŽŶŚĞĐĞƌ
ϮϬϭϬ
ϭ͘ϲϭϬ͘ϴϬϯ
ϵϱ͘ϱϲϱ
ϵϳ͘ϰϬϮ
ϭ͘ϳϬϳ͘ϯϲϵ
ϭ͘ϯϭϴ͘ϴϮϵ
L (VSHFLDOL]DomR GD UHPXQHUDomR GRV PHGLDGRUHV SDJDV SHORV MRJDGRUHV RV YDORUHV
UHFRQKHFLGRV QHVWD UXEULFD UHVSHLWDP DR GLIHULPHQWR LQLFLDO GHVWDV UHPXQHUDo}HV UHODWLYDV
jVDSRVWDVFXMDVYHQGDVVmRDQWHFLSDGDV
LL 2XWURV QHVWD UXEULFD HQFRQWUDPVH UHJLVWDGRV GLYHUVRV SUpSDJDPHQWRV SRU FRQWD GH
VHUYLoRVDREWHUFRPRFRQWUDWRVGHPDQXWHQomRDVVLVWrQFLDWpFQLFDUHQGDVHQWUHRXWURV
)XQGRVRFLDO
2 'HSDUWDPHQWR GH -RJRV QmR SRVVXL DXWRQRPLD MXUtGLFD GD 6DQWD &DVD SHOR TXH QmR WHP
FDSLWDOVRFLDOHVWDWXWiULR2PRQWDQWHUHFRQKHFLGRFRPR³)XQGRVRFLDOÚHIHUHVHDRYDORUGH
HQWUDGDVHPHVSpFLHRFRUULGDVjGDWDGDVXDFRQVWLWXLomR
5HVXOWDGRVWUDQVLWDGRV
'HDFRUGRFRPR'HFUHWR/HLQGHGHPDUoRDOWHUDGRSHORV'HFUHWR/HLQ
GHGHPDUoRH'HFUHWR/HLQGHGHRXWXEURWRGRVRVUHVXOWDGRV
JHUDGRVSHOR'HSDUWDPHQWRGH-RJRVVmRGLVWULEXtGRVSHORVEHQHILFLiULRVGRV-RJRV6RFLDLV
$TXHOHV UHVXOWDGRV HVWmR VXMHLWRV j UHWHQomR GR PRQWDQWH H[LJLGR SDUD D FRQVWLWXLomR GR
)XQGRGHUHQRYDomRGRHTXLSDPHQWRGHMRJRRQOLQH
2 GHWDOKH GH DSOLFDomR GR UHVXOWDGR OtTXLGR GR 'HSDUWDPHQWR GH -RJRV SDUD RV SHUtRGRV
ILQGRVDGHGH]HPEURGHHpFRPRVHJXH
y
;ĞƵƌŽƐͿ
ϮϬϭϭ
ZĞƐ ƵůƚĂ ĚŽĚŝƐ ƚƌŝďƵşĚŽ
ϮϬϭϬ
sĂ ƌŝĂĕĆŽŶŽƌĞƐ ƵůƚĂĚŽĂƉƵƌĂĚŽƉĞůĂ ƌĞĞǆƉƌĞƐ Ɛ Ć ŽÊ͕Ă ĚŝƐ ƚƌŝďƵŝ ƌ
ZĞƐ ƵůƚĂ ĚŽƌĞƚŝĚŽ;ĐŽŶƐ ƚŝƚƵŝĕĆ ŽĨƵŶĚŽƐŽŶͲůŝŶĞ Ϳ
Ͳ
Ͳ
Ϯ͘ϴϮϱ͘ϮϮϭ
ϮϳϮ͘Ϯϳϵ
2 UHVXOWDGR GR 'HSDUWDPHQWR GH -RJRV GR SHUtRGR YDL VHQGR DQWHFLSDGDPHQWH GLVWULEXtGR
SHORV GLYHUVRV EHQHILFLiULRV FRP EDVH QRV UHVXOWDGRV PHQVDLV VHJXQGR DV SHUFHQWDJHQV
FRQVWDQWHV QR 'HFUHWR/HL Q GH GH PDUoR DOWHUDGR SHORV 'HFUHWR/HL Q
GHGHPDUoRH'HFUHWR/HLQGHGHRXWXEUR'HUHIHULUDLQGDD
3RUWDULD Q H D 3RUWDULD Q DPEDV GH GH MDQHLUR TXH UHJXODPHQWDP D
UHSDUWLomRGDVYHUEDVGHVWLQDGDVj3UHVLGrQFLDGR&RQVHOKRGH0LQLVWURVHDR0LQLVWpULRGD
6D~GHUHVSHWLYDPHQWH
$Wp jV GLVWULEXLo}HV DQWHFLSDGDV PHQVDLV GH RXWXEUR GH RV UHVXOWDGRV IRUDP
GLVWULEXtGRVGHDFRUGRFRPR'HFUHWR/HLQGHGHPDUoR
$V GLVWULEXLo}HV UHIHUHQWHV D QRYHPEUR H GH]HPEUR GH IRUDP GH DFRUGR FRP R
SUHYLVWR QR 'HFUHWR/HL Q GH GH RXWXEUR UHJXODPHQWDGR SHODV 3RUWDULD Q
H3RUWDULDQDPEDVGHGHMDQHLUR
$UHODomRGHEHQHILFLiULRVpDVHJXLQWH
y
;ĞƵƌŽƐͿ
ϮϬϭϭ
Ɛ Ɛ ŽĐŝ Ă ĕĆ ŽĚĞŽŵďĞ ŝ ƌŽƐ sŽů ƵŶƚĄ ƌŝ ŽƐ /ŶƚĞƌŶĂ
DŝŶŝƐƚĠƌŝŽĚĂ
ĚŵŝŶŝƐƚƌĂĕĆŽ
ĞŶĞĨŝĐŝĄƌŝŽƐ
ϭϯ͘ϵϴϱ͘Ϭϵϯ
Zŝ Ɛ ĐŽƐ Ɛ ŽĐŝ Ă ŝ Ɛ
ϭ͘ϱϭϰ͘ϲϯϭ
ϭ͘Ϯϱϱ͘ϭϮϬ
WŽů ŝ Đŝ Ă ŵĞŶƚŽĚĞƐ ƉĞƚĄ ĐƵů ŽƐ ĞƐ ƉŽƌƚŝ ǀŽƐ
ϯ͘ϰϴϯ͘ϲϱϭ
Ϯ͘ϵϮϴ͘ϲϭϰ
ϭϭ͘ϱϭϭ͘ϭϵϲ
ϯϮ͘ϴϭϬ͘ϯϬϵ ;Ă Ϳ
ϯϮ͘ϲϯϯ͘ϭϮϴ
/ŶƐ ƚŝ ƚƵƚŽWŽƌƚƵŐƵġƐ ĚĂ :ƵǀĞ ŶƚƵĚĞ;Ă ƚŝ ǀŝ ĚĂ ĚĞƐ Ğŝ ŶĨƌĂ ĞƐ ƚƌƵƚƵƌĂ Ɛ ũƵǀĞ Ŷŝ Ɛ Ϳ
ϲ͘ϯϬϵ͘ϲϳϱ ;Ă Ϳ
ϲ͘Ϯϳϱ͘ϲϬϭ
/ŶƐ ƚŝ ƚƵƚŽĚŽĞƐ ƉŽƌƚŽĚĞWŽƌƚƵŐĂ ů ;& ƵƚĞďŽůͿ
Ϯ͘ϯϭϯ͘ϱϰϳ ;Ă Ϳ
Ϯ͘ϱϭϬ͘Ϯϰϭ
&ƵŶĚŽĚĞ&ŽŵĞŶƚŽƵů ƚƵƌĂ ů
Ϯ͘ϵϰϴ͘ϰϯϮ ;ďͿ
Ͳ
/ŶƐ ƚŝ ƚƵƚŽWŽƌƚƵŐƵġƐ ĚŽĞ Ɛ ƉŽƌƚŽĞ:ƵǀĞŶƚƵĚĞ
ϳ͘ϴϳϰ͘ϴϱϱ ;ďͿ
Ͳ
ϰϮϭ͘ϲϴϳ ;ďͿ
Ͳ
ϭϰ͘ϳϮϮ͘ϱϳϱ ;Ă Ϳ
ϵ͘ϮϬϰ͘Ϯϭϲ
/ŶƐ ƚŝ ƚƵƚŽĚĞ'ĞƐ ƚĆ ŽĚĂ dĞ Ɛ ŽƵƌĂ ƌŝ Ă ĞĚŽƌĠĚŝ ƚŽWƷďů ŝ ĐŽ
WƌĞƐŝĚġŶĐŝĂĚŽŽŶƐĞůŚŽĚĞDŝŶŝƐƚƌŽƐ
/ŶƐ ƚŝ ƚƵƚŽĚŽĞƐ ƉŽƌƚŽĚĞWŽƌƚƵŐĂ ů ; ƚŝǀŝ ĚĂĚĞƐĞƐƉŽƌƚŝǀĂƐͿ
'Ă ďŝ ŶĞƚĞĚĂ ^ĞĐƌĞƚĄ ƌŝ Ă ĚĞƐ ƚĂ ĚŽĚŽƐ Ɛ Ɛ ƵŶƚŽƐ WĂ ƌů Ă ŵĞŶƚĂ ƌĞƐ ĞĚĂ /ŐƵĂ ů ĚĂ ĚĞ
&ƵŶĚŽĚĞ&ŽŵĞŶƚŽƵů ƚƵƌĂ ů
DŝŶŝƐƚĠƌŝŽĚĂ^ŽůŝĚĂƌŝĞĚĂĚĞĞ^ĞŐƵƌĂŶĕĂ^ŽĐŝĂů
ϮϬϭϬ
/'&^^;Ğ Ɛ ĞŶǀ͘ƉƌŽŐƌĂ ŵĂ Ɛ ͕ŵĞĚŝ ĚĂ Ɛ ĞƉƌŽũĞƚŽƐ Ă ƉŽŝ ŽͲ͘^ŽĐŝ Ă ů Ϳ
ϱϰ͘ϮϮϭ͘ϭϯϵ ;Ă Ϳ
ϱϰ͘ϯϴϴ͘ϱϰϲ
/'&^^;ŽďĞƌƚƵƌĂ ĚĞƐ ƉĞƐ Ă Ɛ ĚĞ/ ^^ĐŽŵĕĆ Ž^ŽĐŝ Ă ů Ϳ
ϯϴ͘ϳϴϯ͘ϰϲϴ ;Ă Ϳ
ϯϴ͘ϵϬϴ͘ϳϮϵ
/'&^^;ƉŽŝ ŽƉĂ ƌĂ ĕĆ Ž^ŽĐŝ Ă ů &^^Ͳ/ W^^Ϳ
ϭϭ͘ϲϵϯ͘ϵϯϭ ;Ă Ϳ
/'&^^;WƌĞǀĞŶĕĆ Ž͕ƌĞĂ ďŝ ů ŝ ƚĂ ĕĆ ŽĞĂ ƉŽŝ ŽĂ ĚĞĨ͘ŐƌĂ ǀĞ Ɛ ĞƉƌŽĨƵŶĚŽƐ Ϳ
ϭϬ͘ϰϯϭ͘ϵϵϲ ;Ă Ϳ
ϭϬ͘ϰϱϵ͘ϯϯϲ
/'&^^;ŽŵďĂ ƚĞă ƉŽďƌĞ ǌĂ ĞĞǆĐů ƵƐ Ć ŽƐ ŽĐŝ Ă ů Ϳ
ϵ͘ϱϵϬ͘ϳϬϲ ;Ă Ϳ
ϵ͘ϲϮϮ͘ϱϴϵ
/'&^^;WƌŽũĞƚŽƐ ĞƐ ƉĞĐŝ Ă ŝ Ɛ ĚĞĂ ƉŽŝ ŽĂ Đƌŝ Ă ŶĕĂ Ɛ ĐĂ ƌĞŶĐŝ Ă ĚĂ Ɛ ĞĞŵƌŝ Ɛ ĐŽͿ
ϳ͘ϭϭϮ͘ϯϰϴ
/'&^^;WƌŽũĞƚŽƐ ĞĂ ĕƁĞƐ ĚĞĂ Ƶǆŝ ů ŝ ŽĂ ŝ ĚŽƐ ŽƐ ĐĂ ƌĞ ŶĐŝ Ă ĚŽƐ Ϳ
ϳ͘ϭϭϮ͘ϯϰϴ
/'&^^;DĞĚŝ ĚĂ Ɛ Ğ ƉƌŽũĞƚŽĚĞĂ ƉŽŝ Žă ĨĂ ŵşů ŝ Ă Ğ ă Đƌŝ Ă ŶĕĂ Ϳ
ϭ͘Ϯϲϭ͘ϵϯϱ
ϭ͘Ϯϱϱ͘ϭϮϬ
/ŶƐ ƚŝ ƚƵƚŽĚĞ'ĞƐ ƚĆ Ž&ŝ ŶĂ ŶĐĞŝ ƌĂ ĚĂ ^Ğ ŐƵƌĂ ŶĕĂ ^ŽĐŝ Ă ů
Ϯϴ͘Ϭϳϰ͘ϱϯϭ ;Ă Ϳ
/Ed>;dƵƌŝ Ɛ ŵŽƐ ŽĐŝ Ă ů ĞƐ ĠŶŝ Žƌ͕ŽƌŐĂ Ŷŝ ǌĂ ĕĆ ŽĚĞ ƚĞŵƉŽƐ ů ŝ ǀƌĞƐ Ϳ
ϲ͘ϬϬϴ͘Ϭϯϲ ;ďͿ
Dŝ Ŷŝ Ɛ ƚĠƌŝ ŽĚĂ ^Ă ƷĚĞ
Ͳ
ϱ͘ϬϮϬ͘ϰϴϭ
ϱ͘Ϭϰϴ͘ϳϳϬ
ϰ͘ϭϴϯ͘ϳϯϰ
WƌŽũĞ ƚŽƐ ĞƐ ƉĞĐŝ Ă ŝ Ɛ ĚĞƐ ƚŝ ŶĂ ĚŽƐ Ă ĞƐ ƚƵĚĂ ŶƚĞ Ɛ ĚŽĞŶƐ ŝ ŶŽƐ ĞĐƵŶĚĄ ƌŝ Ž
Ϯ͘ϰϳϯ͘ϴϵϳ
Ϯ͘Ϭϵϭ͘ϴϲϳ
/ŶƐ ƚŝ ƚƵƚŽĚĞĞƐ ƉŽƌƚŽĚĂ DĂ ĚĞŝ ƌĂ ;ƉŽŝ ŽĂ ŽĚĞƐ ƉŽƌƚŽĞƐ ĐŽů Ă ƌĞƌĞƐ ƉĞƚŝ ǀĂ Ɛ ŝ ŶĨƌĂ ĞƐ ƚƌƵƚƵƌĂ Ɛ Ϳ
ϭ͘ϬϬϵ͘ϳϱϰ
ϴϯϲ͘ϳϰϳ
/ŶƐ ƚŝ ƚƵƚŽĚĞĞƐ ƉŽƌƚŽĚŽƐ ĕŽƌĞ Ɛ ;ƉŽŝ ŽĂ ŽĚĞ Ɛ ƉŽƌƚŽĞƐ ĐŽů Ă ƌĞƌĞƐ ƉĞƚŝ ǀĂ Ɛ ŝ ŶĨƌĂ ĞƐ ƚƌƵƚƵƌĂ Ɛ Ϳ
ϭ͘ϬϬϵ͘ϳϱϰ
ϴϯϲ͘ϳϰϳ
ϭϰϬ͘ϭϱϯ͘ϴϱϲ
ϭϭϳ͘ϭϰϰ͘ϱϲϭ
ϱϬϰ͘ϴϳϳ͘ϬϬϯ
ϰϭϴ͘ϯϳϯ͘ϰϯϮ
ϰ͘ϯϰϬ͘ϵϱϴ
ϰ͘ϱϰϰ͘ϯϳϭ
ŝġŶĐŝĂ
ĞƐ ƉŽƌƚŽĞƐ ĐŽů Ă ƌ
DŝŶŝƐƚĠƌŝŽ
ϲϵ͘ϰϰϵ͘ϵϵϬ
ĚƵĐĂĕĆŽĞ
ϴϯ͘ϬϬϭ͘ϳϳϵ
^Ă ŶƚĂ Ă Ɛ Ă ĚĂ Dŝ Ɛ Ğƌŝ ĐſƌĚŝ Ă ĚĞ>ŝ Ɛ ďŽĂ ^ƵďƚŽƚĂůĚŽƐZĞƐƵůƚĂĚŽƐĂŝƐƚƌŝďƵŝƌ
ĞŶƚƌŽĚĞ DĞĚŝ Đŝ ŶĂ ĚĞZĞĂ ďŝ ů ŝ ƚĂ ĕĆ ŽĚŽů ĐŽŝ ƚĆ Ž
^Ă ŶƚĂ Ă Ɛ Ă ĚĂ Dŝ Ɛ Ğƌŝ ĐſƌĚŝ Ă ĚĞ>ŝ Ɛ ďŽĂ ϭϯ͘ϵϭϱ͘ϴϰϱ ;ĐͿ
dKd/^
ϭϬ͘Ϯϭϭ͘ϵϱϲ
;ĂͿsĂůŽƌĞƐĂƚƌŝďƵşĚŽƐĚĞũĂŶĞŝƌŽĂŽƵƚƵďƌŽ͕ĐŽŶĨŽƌŵĞĞĐƌĞƚŽͲ>ĞŝŶ͘ǑϰϰͬϮϬϭϭ͕ĚĞϮϰŵĂƌĕŽ͘
;ďͿsĂůŽƌĞƐĂƚƌŝďƵşĚŽƐĞŵŶŽǀĞŵďƌŽĞĚĞǌĞŵďƌŽ͕ĐŽŶĨŽƌŵĞĞĐƌĞƚŽͲ>ĞŝŶ͘ǑϭϬϲͬϮϬϭϭ͕ĚĞϮϭŽƵƚƵďƌŽ͘
;ĐͿƐƚĆŽŝŶĐůƵşĚŽƐŶĞƐƚĞŵŽŶƚĂŶƚĞŽƐƉƌĠŵŝŽƐĐĂĚƵĐĂĚŽƐĚĂ>ŽƚĂƌŝĂEĂĐŝŽŶĂůĞĚŽƵƌŽŵŝůŚƁĞƐ;ϭϮ͘ϲϳϬŵŝůĚĞĞƵƌŽƐͿ͕ϰ͕ϳйĚŽZĞƐƵůƚĂĚŽĚĂ>ŽƚĂƌŝĂEĂĐŝŽŶĂůĞ
Ϭ͕ϮϮϱйĚŽĐĂƉŝƚĂůĞŵŝƚŝĚŽĚĞƐƚĂƐ>ŽƚĂƌŝĂƐ;ϭ͘ϭϲϰŵŝůĚĞĞƵƌŽƐͿĞŽŝŵĂƐͲ>ĞŝŶ͘ǑϯϬͬϮϬϬϲ;ϴϭŵŝůĞƵƌŽƐͿ͘
y
2XWUDVYDULDo}HVQRFDSLWDOSUySULR
$ UXEULFD ³2XWUDV YDULDo}HV QR FDSLWDO SUySULR´ UHIHUHVH jV VHJXLQWHV QDWXUH]DV GH
PRYLPHQWRVRFRUULGRVQRVSHUtRGRVILQGRVHPGHGH]HPEURGHH
;ĞƵƌŽƐͿ
ϮϬϭϭ
ϮϬϭϬ
Ěŝ ĕƁĞƐ
ZĞŐƵůĂƌŝǌĂ ĕĆ ŽƉŽƌƌĞƐ Ƶů ƚĂĚŽƐ
Ϯ͘ϴϮϱ͘ϮϮϭ
;ϲϰϲ͘ϭϳϰͿ
ϰϬ͘ϴϲϬ͘Ϯϵϰ
ϮϳϮ͘Ϯϳϵ
;ϲϰϮ͘ϯϴϭͿ
2V YDORUHV DSUHVHQWDGRV FRUUHVSRQGHP j UXEULFD )XQGRV RQOLQH TXH UHSUHVHQWD DV
UHVSRQVDELOLGDGHV SUHYLVWDV QD OHJLVODomR DSOLFiYHO DR 'HSDUWDPHQWR GH -RJRV TXDQWR j
FRQVWLWXLomR GH )XQGRV SDUD UHHVWUXWXUDomR H LQYHVWLPHQWR GR VLVWHPD H HTXLSDPHQWR GH
MRJRRQOLQHYHU1RWD±2XWURVDWLYRVILQDQFHLURV
2YDORUGHDGLo}HVUHIRUoRVUHVXOWDGHUHWHQo}HVHIHWXDGDVSDUDR)XQGRGHUHQRYDomRGR
VLVWHPD RQOLQH FXMR kPELWR IRL DOWHUDGR DWUDYpV GR 'HFUHWR/HL Q GH GH
MXOKR VHQGR YDORUHV UHIHUHQWHV HVVHQFLDOPHQWH D LQYHVWLPHQWRV HIHWXDGRV GXUDQWH R
SHUtRGR
2 YDORU GH UHJXODUL]DomR SRU UHVXOWDGRV UHVXOWD GD FRPSHQVDomR GH DPRUWL]Do}HV GH
HTXLSDPHQWRSHUWHQFHQWHDRVLVWHPDGHMRJRRQOLQH
3URYLV}HV
(P GH GH]HPEUR GH H R GHWDOKH GD UXEULFD GH ³3URYLV}HV´ DSUHVHQWD RV
VHJXLQWHVYDORUHV
y
;ĞƵƌŽƐͿ
WƌŽĐĞƐƐŽƐ
ũƵĚŝĐŝĂŝƐ
WĂŐĂŵĞŶƚŽƐĚĞƉƌĠŵŝŽƐ
:ŽŬĞƌ
dŽƚŽďŽůĂ
dŽƚŽůŽƚŽ
dŽƚĂů
ŽƚĂ ĕĆŽ
hƚŝů ŝǌĂ ĕĆ Ž
ϭϱ͘Ϭϱϯ
Ͳ
Ͳ
ϭ͘ϬϬϬ͘ϬϬϬ
Ϯϳϵ͘ϮϮϯ
;ϱϲϴ͘ϯϳϵͿ
ϳϰ͘ϴϮϬ
Ͳ
Ͳ
ϰϮϯ͘ϵϳϴ
Ͳ
Ͳ
Ϯϱ͘ϯϯϰ͘Ϯϰϱ
ϰ͘ϰϭϲ͘ϱϲϳ
Ͳ
Ϯϲ͘ϴϰϴ͘Ϭϵϱ
ϰ͘ϲϵϱ͘ϳϵϬ
;ϱϲϴ͘ϯϳϵͿ
^Ă ůĚŽĐŽƌƌĞŶƚĞ
^Ă ůĚŽŶĆ ŽĐŽƌƌĞŶƚĞ
ϭϱ͘Ϭϱϯ
Ͳ
ϭϱ͘Ϭϱϯ
ϳϭϬ͘ϴϰϰ
Ͳ
ϳϭϬ͘ϴϰϰ
ϳϰ͘ϴϮϬ
Ͳ
ϳϰ͘ϴϮϬ
ϰϮϯ͘ϵϳϴ
Ͳ
ϰϮϯ͘ϵϳϴ
Ϯϵ͘ϳϱϬ͘ϴϭϭ
Ͳ
Ͳ
ϭϱ͘Ϭϱϯ
ϳϭϬ͘ϴϰϰ
ϳϰ͘ϴϮϬ
ϰϮϯ͘ϵϳϴ
ŽƚĂ ĕĆŽ
hƚŝů ŝǌĂ ĕĆ Ž
ƚƵĂů ŝǌĂ ĕĆŽĞĨĞŝƚŽĚĞƐ ĐŽŶƚŽ
ZĞǀĞƌƐ ĆŽ
ϭϱ͘Ϭϱϯ
ϳϭϬ͘ϴϰϰ
ϯϴϰ͘Ϭϭϵ
;ϵϰ͘ϴϲϯͿ
ϳϰ͘ϴϮϬ
ϰϮϯ͘ϵϳϴ
ϵ͘ϵϳϰ͘ϰϰϯ
ϭϬ͘ϯϱϴ͘ϰϲϮ
;ϵϰ͘ϴϲϯͿ
Ͳ
Ͳ
^Ă ůĚŽĐŽƌƌĞŶƚĞ
^Ă ůĚŽŶĆ ŽĐŽƌƌĞŶƚĞ
ϭϱ͘Ϭϱϯ
Ͳ
ϭϱ͘Ϭϱϯ
ϭ͘ϬϬϬ͘ϬϬϬ
Ͳ
ϭ͘ϬϬϬ͘ϬϬϬ
ϳϰ͘ϴϮϬ
Ͳ
ϳϰ͘ϴϮϬ
ϰϮϯ͘ϵϳϴ
Ͳ
ϰϮϯ͘ϵϳϴ
ϯϵ͘ϳϮϱ͘Ϯϱϰ
Ͳ
Ͳ
ϭϱ͘Ϭϱϯ
ϭ͘ϬϬϬ͘ϬϬϬ
ϳϰ͘ϴϮϬ
ϰϮϯ͘ϵϳϴ
3URFHVVRVMXGLFLDLV
3URYLVmR FRQVWLWXtGD VHJXQGR D DYDOLDomR TXH R 'HSDUWDPHQWR GH -RJRV HIHWXD GD VXD
H[SRVLomRDFRQWLQJrQFLDVMXUtGLFDVQRPHDGDPHQWHSURFHVVRVGHQDWXUH]DFtYHOQRVTXDLVR
'HSDUWDPHQWRGH-RJRVpUpX
3DJDPHQWRVGHSUpPLRV
$ FRQVWLWXLomR GH SURYLV}HV SDUD SDJDPHQWR GH SUpPLRV GH -RJRV 6RFLDLV UHVXOWD GD
DSOLFDomRGRVSUHVVXSRVWRVGRVGLSORPDVOHJDLVTXHUHJXODPDH[SORUDomRGRV-RJRV6RFLDLV
HQFRQWUDQGRVH R 'HSDUWDPHQWR GH -RJRV REULJDGR D FDWLYDU GHWHUPLQDGDV SHUFHQWDJHQV
GDV UHFHLWDV GH 7RWRORWR 7RWREROD -RNHU H (XURPLOK}HV SDUD HYHQWXDLV UHFODPDo}HV GH
SUpPLRV YHU 1RWD ± 3URYLV}HV $ YDULDomR GHYHXVH DR UHIRUoR GD SURYLVmR SDUD
SDJDPHQWR GH SUpPLRV (XURPLOK}HV SDUD R TXDO DLQGD QmR KDYLD VLGR DWLQJLGR R OLPLWH
SUHYLVWR QD UHSXEOLFDomR GR 'HFUHWR/HL Q SHOR 'HFUHWR/HL GH GH
PDUoR H DLQGD GHYLGR j XWLOL]DomR SHOR SDJDPHQWR GH SUpPLRV GR -RNHU H R VHX
FRQVHTXHQWHUHIRUoR
5HVSRQVDELOLGDGHVSRUEHQHItFLRVSyVHPSUHJRHRXWURV
2 )XQGR GH 3HQV}HV IRL FRQVWLWXtGR FRP D ILQDOLGDGH GH JDUDQWLU XPD TXRWDSDUWH GRV
EHQHItFLRV SUHYLVWRV QR (VWDWXWR GD )XQomR 3~EOLFD FRUUHVSRQGHQGR DR Q~PHUR GH DQRV H
PHVHVFRQWDGRVGHVGHDGDWDGHLQVFULomRQD6HJXUDQoD6RFLDODWpjGDWDGHLQVFULomR
y
QD&DL[D*HUDOGH$SRVHQWDo}HV&*$DVVLPFRPRRVFRPSOHPHQWRVGHUHIRUPDSUHYLVWRV
QRV'HFUHWRV/HLQGHGHMXOKRHQGHGHPDLR3DUDFREHUWXUD
GDV UHVSRQVDELOLGDGHV SDUD FRPSOHPHQWRV GH SHQV}HV GH UHIRUPD R 'HSDUWDPHQWR -RJRV
FRQWULEXLSDUD XP )XQGR GH 3HQV}HV DXWyQRPR SDUD R TXDO p WUDQVIHULGD D WRWDOLGDGH GDV
UHVSRQVDELOLGDGHV H DV GRWDo}HV QHFHVViULDV SDUD FREULU RV UHVSHWLYRV HQFDUJRV TXH VH
IRUHPYHQFHQGRHPFDGDXPGRVSHUtRGRV
(P WHUPRV JOREDLV R LPSDFWR GHVWHV SODQRV QDV GHPRQVWUDo}HV ILQDQFHLUDV GR
'HSDUWDPHQWRGH-RJRVpFRPRVHJXH
;ĞƵƌŽƐͿ
ϮϬϭϭ
ϮϬϭϬ
/ŵƉĂĐƚŽŶŽďĂůĂŶĕŽ
ŽŵƉůĞŵĞŶƚŽƐ ĚĞƉĞŶƐ ƁĞƐ
;ϯϯϳ͘ϳϵϮͿ
ϳϯϭ͘ϭϴϴ
;ϯϯϳ͘ϳϵϮͿ
ϳϯϭ͘ϭϴϴ
;ϭ͘Ϭϲϴ͘ϵϴϭͿ
ϭ͘ϰϭϬ͘Ϯϳϰ
ϭ͘ϰϭϬ͘Ϯϳϰ
/ŵƉĂĐƚŽĞŵŐĂƐƚŽƐŶĂĚĞŵŽŶƐƚƌĂĕĆŽĚŽƐƌĞƐƵůƚĂĚŽƐ
ŽŵƉůĞŵĞŶƚŽƐ ĚĞƉĞŶƐ ƁĞƐ
$VLJQLILFDWLYDRVFLODomRYHULILFDGDQRVLPSDFWRVGHFRUUHGHGXDVVLWXDo}HVGLVWLQWDV3RUXP
ODGR D UHGXomR GR YDORU GDV UHVSRQVDELOLGDGHV YHULILFDGR HP GHFRUUHQWH GH WHU VLGR
DOWHUDGD D WD[D DQXDO GH FUHVFLPHQWR GDV SHQV}HV SDVVDQGR HVWD D VHU QXOD DWp H
DSyV HVVH DQR UHIOHWLQGR DVVLP D FRQMXQWXUD 3RU RXWUR HP DPERV RV DQRV WHUVH
YHULILFDGRXPDUHQGLELOLGDGHPpGLDQHJDWLYDQRVDWLYRVGRIXQGRFRPUHSHUFXVVmRGLUHWDQR
YDORUGRVPHVPRVVHQGRPDLVH[SUHVVLYRHP
1HVWH ~OWLPR FDVR H FRP YLVWD j VDOYDJXDUGD GRV DWLYRV H j UHGXomR GD QHFHVVLGDGH GH
FRQWULEXLo}HVSDUDR)XQGRD0HVDGD6&0/SURPRYHXDUHDOL]DomRGHDOWHUDo}HVj3ROtWLFD
GH ,QYHVWLPHQWR GR )XQGR GH 3HQV}HV GH IRUPD D DMXVWDU D FDUWHLUD DR VHX REMHWLYR
REVHUYDQGRFULWpULRVGHGLPLQXLomRGRULVFR(VSHUDVHTXHHVWDDOWHUDomRHQWUHHPYLJRUQR
ILQDOGRSULPHLURWULPHVWUHGH
2V HVWXGRV DWXDULDLV GHVHQYROYLGRV SRU HQWLGDGH LQGHSHQGHQWH FRP UHIHUrQFLD D GH
GH]HPEUR GH H SDUD DSXUDPHQWR GDV UHVSRQVDELOLGDGHV DFXPXODGDV D HVVDV
GDWDVWLYHUDPSRUEDVHRVPHVPRVSUHVVXSRVWRVFRQIRUPHPDSDVHJXLQWH
y
ϮϬϭϭ
ϮϬϭϬ
dĂǆĂĂŶƵĂůĚĞĚĞƐĐŽŶƚŽ
ϰ͕ϱϬй
ϰ͕ϱϬй
dĂǆĂĂŶƵĂůĚĞĐƌĞƐĐŝŵĞŶƚŽĚŽƐƐĂůĄƌŝŽƐ
Ϯ͕ϬϬй
Ϯ͕ϬϬй
ƚĠϮϬϭϱ
Ϭ͕ϬϬй
Ϭ͕ϬϬй
ƉſƐϮϬϭϱ
ϭ͕Ϯϱй
ϭ͕Ϯϱй
dsϴϴͬϵϬ
dsϴϴͬϵϬ
dĂǆĂĂŶƵĂůĚĞĐƌĞƐĐŝŵĞŶƚŽĚĂƐƉĞŶƐƁĞƐ
dĄďƵĂĚĞŵŽƌƚĂůŝĚĂĚĞ
dĄďƵĂĚĞŝŶǀĂůŝĚĞǌ
s<ϴϬ
s<ϴϬ 19.1. 3ODQRGHSHQV}HV
(PGHGH]HPEURGHHDFREHUWXUDGDVUHVSRQVDELOLGDGHVGR'HSDUWDPHQWRGH
-RJRVSHORVDWLYRVGR)XQGRHUDDVHJXLQWH
;ĞƵƌŽƐͿ
sĂ ůŽƌƉƌĞƐ ĞŶƚĞĚĂŽďƌŝŐĂĕĆŽ
:ƵƐ ƚŽǀĂůŽƌĚŽƐ Ă ƚŝǀŽƐ ĚŽƉůĂŶŽ
/ŵƉĂĐƚŽŶŽďĂůĂŶĕŽ
ϮϬϭϭ
ϮϬϭϬ
;ϭϴ͘Ϭϰϭ͘ϴϰϱͿ
;ϭϵ͘ϭϳϴ͘ϬϬϲͿ
ϭϳ͘ϳϬϰ͘Ϭϱϯ
ϭϵ͘ϵϬϵ͘ϭϵϰ
;ϯϯϳ͘ϳϵϮͿ
ϳϯϭ͘ϭϴϴ
$HYROXomRYHULILFDGDQRYDORUSUHVHQWHGDREULJDomRFRPR3ODQRGH3HQV}HVQRVSHUtRGRV
ILQGRVDGHGH]HPEURGHHGHWDOKDVHFRPRVHJXH
;ĞƵƌŽƐͿ
ƵƐ ƚŽƐ Ğƌǀŝ ĕŽƐ ĐŽƌƌĞŶƚĞƐ
ƵƐ ƚŽĚŽƐ ũƵƌŽƐ
WĂ ŐĂŵĞŶƚŽĚĞďĞŶĞĨşĐŝ ŽƐ
;'Ă ŶŚŽƐ ͿͬƉĞƌĚĂ Ɛ Ă ƚƵĂƌŝ Ăŝ Ɛ
ϮϬϭϭ
ϮϬϭϬ
ϭϵ͘ϭϳϴ͘ϬϬϲ
ϮϮ͘ϴϵϰ͘ϴϵϵ
Ͳ
Ͳ
ϴϲϬ͘ϮϬϬ
ϭ͘Ϭϭϯ͘ϭϯϮ
;ϭ͘ϵϱϮ͘ϭϵϳͿ
;Ϯ͘ϭϵϮ͘ϬϯϳͿ
;ϰϰ͘ϭϲϰͿ
;Ϯ͘ϱϯϳ͘ϵϴϴͿ
ϭϴ͘Ϭϰϭ͘ϴϰϱ
ϭϵ͘ϭϳϴ͘ϬϬϲ
2 SDWULPyQLR GRV IXQGRV DIHWRV DR ILQDQFLDPHQWR GDV UHVSRQVDELOLGDGHV DFLPD UHIHULGDV
WHYHDVHJXLQWHHYROXomRQRVSHUtRGRVILQGRVDGHGH]HPEURGHH
y
;ĞƵƌŽƐͿ
ϮϬϭϭ
ϮϬϭϬ
ϮϮ͘Ϯϭϱ͘ϴϭϯ
Ͳ
Ͳ
'ĂŶŚŽƐ ͬ;ƉĞƌĚĂ Ɛ ͿĂ ƚƵĂ ƌŝ Ă ŝ Ɛ
;ϭ͘ϬϲϮ͘ϴϬϲͿ
;ϭ͘Ϯϳϭ͘ϱϱϬͿ
ĞŶĞĨşĐŝ ŽƐ ƉĂ ŐŽƐ
;ϭ͘ϵϱϮ͘ϭϵϳͿ
;Ϯ͘ϭϵϮ͘ϬϯϳͿ
ϴϬϵ͘ϴϲϮ
ϭ͘ϭϱϲ͘ϵϲϴ
ϭϳ͘ϳϬϰ͘Ϭϱϯ
ŽŶƚƌŝ ďƵŝ ĕƁĞƐ ĞŶƚƌĞŐƵĞƐ
ZĞƚŽƌŶŽĞƐ ƉĞƌĂĚŽĚŽƐ Ă ƚŝ ǀŽƐ ĚŽĨƵŶĚŽ
$UHQWDELOLGDGHPpGLDGRVIXQGRVHPIRLGH
$WD[DGHUHWRUQRHVSHUDGDGRVDWLYRVGRSODQRSDUDIRLGHWHUPLQDGDFRPEDVHQXPD
HVWLPDWLYD GR UHWRUQR HVSHUDGR GRV DWLYRV GR SODQR D ORQJR SUD]R H SHOD HVWUDWpJLD GH
LQYHVWLPHQWRVDUHDOL]DU
2)XQGRGH3HQV}HVQDVXDWRWDOLGDGHHUDFRPSRVWRSHORVVHJXLQWHVDWLYRVFRPUHIHUrQFLD
DGHGH]HPEURGHH
;ĞƵƌŽƐͿ
ϮϬϭϭ
KďƌŝŐĂ ĕƁĞƐ
ϮϬϭϬ
ϱϭ͘ϲϱϱ͘ϵϲϭ
ϲϯ͘Ϭϰϱ͘ϳϬϭ
ĞƉſƐ ŝ ƚŽƐ ĐƵƌƚŽƉƌĂ ǌŽ
ϵ͘ϬϬϲ͘ϰϬϯ
ϲ͘Ϯϭϴ͘ϭϰϳ
ĕƁĞƐ
ϰ͘ϵϭϯ͘ϵϱϴ
ϲ͘ϱϮϭ͘ϮϬϯ
Ϯϱ͘ϭϰϳ͘ϯϭϴ
Ϯϳ͘ϯϵϯ͘ϲϯϲ
ϵϬ͘ϳϮϯ͘ϲϰϬ
ϭϬϯ͘ϭϳϴ͘ϲϴϳ
&ƵŶĚŽƐ ŝŶǀĞƐ ƚŝŵĞŶƚŽ
2VLPSDFWRVGRSODQRQDGHPRQVWUDomRGRVUHVXOWDGRVVmRFRPRVHJXH
;ĞƵƌŽƐͿ
ϮϬϭϭ
ƵƐ ƚŽƐ ĚŽƐ ũƵƌŽƐ
'ĂŶŚŽƐ ͬ;ƉĞƌĚĂƐ ĂƚƵĂƌŝ ĂŝƐ Ϳ
ZĞƚŽƌŶŽĞƐ ƚŝŵĂĚŽĚŽƐ Ă ƚŝǀŽƐ ĚŽƉůĂŶŽ
dŽƚĂůŝŶĐůƵşĚŽĞŵŐĂƐƚŽƐĐŽŵƉĞƐƐŽĂů
ϮϬϭϬ
;ϭ͘ϭϮϴ͘ϬϰϵͿ
;ϭ͘Ϭϭϯ͘ϭϯϮͿ
;ϮϬϯ͘ϴϱϭͿ
ϭ͘Ϯϲϲ͘ϰϯϴ
ϮϲϮ͘ϵϮϬ
ϭ͘ϭϱϲ͘ϵϲϴ
ϭ͘ϰϭϬ͘Ϯϳϰ
)RUQHFHGRUHV
(P GH GH]HPEUR GH H D GHFRPSRVLomR GD UXEULFD ³)RUQHFHGRUHV´ HUD FRPR
VHJXH
y
;ĞƵƌŽƐͿ
ϮϬϭϭ
ĞƐĐƌŝĕĆŽ
ŽƌƌĞŶƚĞ
ϮϬϭϬ
dŽƚĂů
ŽƌƌĞŶƚĞ
dŽƚĂů
&ŽƌŶĞĐĞĚŽƌĞƐ ŐĞƌĂ ŝƐ ŝ Ϳ
ϲ͘ϰϬϰ͘Ϯϰϳ
Ͳ
ϲ͘ϰϬϰ͘Ϯϰϳ
ϴ͘ϳϲϬ͘Ϭϰϳ
Ͳ
ϴ͘ϳϲϬ͘Ϭϰϳ
dŽƚĂůƐĂůĚŽĨŽƌŶĞĐĞĚŽƌĞƐ
ϲ͘ϰϬϰ͘Ϯϰϳ
Ͳ
ϲ͘ϰϬϰ͘Ϯϰϳ
ϴ͘ϳϲϬ͘Ϭϰϳ
Ͳ
ϴ͘ϳϲϬ͘Ϭϰϳ
L
)RUQHFHGRUHVJHUDLVVDOGRVFUHGRUHVUHIHUHQWHVDWUDQVDo}HVGHQDWXUH]DRSHUDFLRQDO
FRPRVHMDPVHUYLoRVSXEOLFLWiULRVRXPHLRVGHSURGXomRWHOHYLVLYD
(PGHGH]HPEURGHHRVVDOGRVGHIRUQHFHGRUHVPDLVVLJQLILFDWLYRVUHIHUHP
VHjVVHJXLQWHVHQWLGDGHV
;ĞƵƌŽƐͿ
ŶƚŝĚĂĚĞ
ϮϬϭϭ
WdWƌŝŵĞ
ϮϬϭϬ
ϳϲϲ͘ϰϮϳ
ϭ͘ϬϬϲ͘ϵϮϯ
ǆĞĐƵƚŝǀĞDĞĚŝĂ
ϭ͘ϳϯϱ͘Ϭϲϰ
ϯ͘Ϯϱϰ͘ϮϲϬ
'ƚĞĐŚ'ůŽďĂů^Ğƌǀŝ ĐĞƐ
ϭ͘ϲϱϮ͘Ϯϰϯ
Ͳ
KƵƚƌŽƐ
Ϯ͘ϮϱϬ͘ϱϭϯ
ϰ͘ϰϵϴ͘ϴϲϰ
dŽƚĂů
ϲ͘ϰϬϰ͘Ϯϰϳ
ϴ͘ϳϲϬ͘Ϭϰϳ
3UpPLRVDSDJDU
(PGHGH]HPEURGHHDGHFRPSRVLomRGDUXEULFD³3UpPLRVDSDJDU´HUDFRPR
VHJXH
;ĞƵƌŽƐͿ
ϮϬϭϭ
ĞƐĐƌŝĕĆŽ
WƌĠŵŝ ŽƐ Ă ƉĂŐĂ ƌ
ŽƌƌĞŶƚĞ
ϮϬϭϬ
dŽƚĂů
ŽƌƌĞŶƚĞ
dŽƚĂů
ŝͿ
Ϯϴ͘ϱϱϬ͘ϬϮϳ
Ͳ
Ϯϴ͘ϱϱϬ͘ϬϮϳ
ϮϮ͘ϰϮϰ͘ϰϱϲ
Ͳ
ϮϮ͘ϰϮϰ͘ϰϱϲ
ƵƌŽŵŝ ů ŚƁĞƐͲϱϬй
ŝŝͿ
;ϯϯ͘ϭϴϬ͘ϵϯϱͿ
Ͳ
;ϯϯ͘ϭϴϬ͘ϵϯϱͿ
;ϯϮ͘ϰϴϰ͘ϴϳϰͿ
Ͳ
;ϯϮ͘ϰϴϰ͘ϴϳϰͿ
DͲŽŽƐ ƚĞƌ
ŝŝͿ
Ϯϱ͘ϯϱϴ͘ϵϮϳ
Ͳ
Ϯϱ͘ϯϱϴ͘ϵϮϳ
ϯϮ͘ϰϴϰ͘ϴϳϰ
Ͳ
ϯϮ͘ϰϴϰ͘ϴϳϰ
ƵƌŽŵŝ ů ŚƁĞƐ:Ă ĐŬƉŽƚ
ŝŝͿ
ϳ͘ϴϮϮ͘ϬϬϳ
Ͳ
ϳ͘ϴϮϮ͘ϬϬϳ͕ϰ
Ͳ
Ͳ
Ͳ
>ŽƚĂ ƌŝ Ă ŝ ŶƐ ƚĂŶƚą ŶĞĂ
ŝŝŝͿ
ϮϰϬ͘ϬϬϬ
ϳϰϴ͘ϵϵϭ͕ϯ
ϵϴϴ͘ϵϵϭ͕ϯ
ϯϵ͘ϰϬϰ
Ͳ
ϯϵ͘ϰϬϰ
&ƵŶĚŽƉĂ ŐĂ ŵĞŶƚŽƉƌĠŵŝ ŽƐ dŽƚŽů ŽƚŽ
ŝ ǀͿ
ϰ͘ϲϴϴ͘Ϯϵϯ
KƵƚƌŽƐ
dŽƚĂůƉƌĠŵŝŽƐĂƉĂŐĂƌ
Ͳ
Ͳ
ϰ͘ϲϴϴ͘Ϯϵϯ
ϭϰϬ͘ϲϴϳ
Ͳ
ϭϰϬ͘ϲϴϳ
;ϭϯϬ͘ϬϭϱͿ
Ͳ
;ϭϯϬ͘ϬϭϱͿ
Ϯϴ͘ϵϯϬ͘ϳϭϰ
ϭϮ͘Ϭϰϵ͘ϭϴϭ
ϰϬ͘ϵϳϵ͘ϴϵϰ
ϮϮ͘ϯϯϯ͘ϴϰϱ
ϰ͘ϲϴϴ͘Ϯϵϯ
Ϯϳ͘ϬϮϮ͘ϭϯϵ
L 3UpPLRV D SDJDU VDOGR UHIHUHQWH D SUpPLRV D SDJDU TXDQWR jV FDWHJRULDV GH $SRVWDV
0~WXDVH/RWDULD1DFLRQDO2VSUpPLRVDEDL[RGHHXURVVmRSDJRVGLUHWDPHQWHSHORV
PHGLDGRUHV VHQGR UHHPEROVDGRV SHOR 'HSDUWDPHQWR GH -RJRV 4XDQGR VH WUDWD GH
SUpPLRV GH $SRVWDV 0~WXDV H YDORUHV HQWUH HXURV H HXURV HVWHV VmR SDJRV
DWUDYpV GD HPLVVmR GH RUGHP GH SDJDPHQWR D IDYRU GR SUHPLDGR HQWUHJXHV DRV
PHGLDGRUHV2VUHVWDQWHVSUpPLRVVmRSDJRVGLUHWDPHQWHSHOR'HSDUWDPHQWRGH-RJRV
y
LL (XURPLOK}HV VDOGR FRUUHVSRQGH D GDV YHQGDV GHVWLQDGR D SUpPLRV (0
%RRVWHU IXQGR GH UHVHUYD GR MRJR GH $SRVWDV 0~WXDV (XURPLOK}HV XWLOL]DGR SDUD
SDJDPHQWR GH MDFNSRWV R TXDO VHUYH DSHQDV SDUD FXPSULU REULJDo}HV GH MRJR
(XURPLOK}HV MDFNSRW 6DOGR UHIHUHQWH D SDJDPHQWR GH SUpPLRV GH MDFNSRW $V WUrV
FRQWDVHTXLOLEUDPVH
LLL /RWDULD,QVWDQWkQHDVDOGRUHIHUHQWHDRVSUpPLRVGRFRQFXUVR³3pGH0HLD´FRQFXUVRHP
UHODomR DR TXDO IRUDP GHILQLGRV SDJDPHQWRV PHQVDLV DRV YHQFHGRUHV SDUD XP SHUtRGR
GHDQRVRTXDOILQGDHP
LY )XQGR SDUD SDJDPHQWR SUpPLRV GR 7RWRORWR IXQGR TXH JDUDQWH R YDORU PtQLPR GH
HXURVSDUDSDJDPHQWRGRSUpPLRFRQIRUPH'HFUHWR/HLQGH
GH DJRVWR H DVVHJXUD TXDQGR QHFHVViULR R GLUHLWR DR SDJDPHQWR GRV SUpPLRV GD
FDWHJRULD HVSHFLDO GH SUpPLRV GHQRPLQDGD ³1~PHUR GD 6RUWH´ FRQIRUPH SUHYLVWR QD
3RUWDULDQGHGHPDUoR
2XWUDVFRQWDVDSDJDU
(PGHGH]HPEURGHHDGHFRPSRVLomRGDUXEULFD³2XWUDVFRQWDVDSDJDU´HUD
FRPRVHJXH
;ĞƵƌŽƐͿ
ϮϬϭϭ
ŽƌƌĞŶƚĞ
&ŽƌŶĞĐĞĚŽƌĞƐ ŝŶǀĞƐ ƚŝŵĞŶƚŽƐ
ϮϬϭϬ
dŽƚĂů
ŽƌƌĞŶƚĞ
ϭ͘Ϯϴϴ͘ϴϰϳ
Ͳ
ϭ͘Ϯϴϴ͘ϴϰϳ
Ϭ
Ͳ
Ϭ
ŝŝͿ
ϵϴ͘ϲϴϱ͘ϲϳϮ
Ͳ
ϵϴ͘ϲϴϱ͘ϲϳϮ
ϳϵ͘ϭϯϵ͘ϬϱϮ
Ͳ
ϳϵ͘ϭϯϵ͘ϬϱϮ
KƵƚƌŽƐ ĐƌĞĚŽƌĞƐ
>ƵĐƌŽƐ ͲƌĞƐ Ƶů ƚĂ ĚŽƐ Ă ŶƚĞĐŝƉĂ ĚŽƐ dŽƚĂů
ŝͿ
Ͳ
WĂ ƌƚĞƐ ZĞů ĂĐŝŽŶĂ ĚĂ Ɛ
ŝ ŝŝͿ
ϱ͘ϭϬϳ͘ϵϰϴ
Ͳ
ϱ͘ϭϬϳ͘ϵϰϴ
Ϯ͘Ϭϲϱ͘ϲϳϰ
Ͳ
Ϯ͘Ϭϲϱ͘ϲϳϰ
Ă ƵĕƁĞƐ ŵĞĚŝĂ ĚŽƌĞƐ ;ŶƵŵĞƌĄƌŝŽͿ
ŝǀͿ
ϱ͘ϰϮϲ͘ϱϱϰ
Ͳ
ϱ͘ϰϮϲ͘ϱϱϰ
ϱ͘ϮϳϮ͘ϴϵϴ
Ͳ
ϱ͘ϮϳϮ͘ϴϵϴ
ǀͿ
Ϯ͘ϵϬϵ͘ϲϰϱ
Ͳ
Ϯ͘ϵϬϵ͘ϲϰϱ
Ϯ͘ϰϵϭ͘ϴϬϱ
Ͳ
Ϯ͘ϰϵϭ͘ϴϬϱ
ϭϮ
Ͳ
ϭϮ
ϵϰϮ͘ϴϵϴ
Ͳ
ϵϰϮ͘ϴϵϴ
ĞŶĞĨşĐŝŽƐ ĚĞƌĞĨŽƌŵĂ
ϯϯϳ͘ϳϵϮ
Ͳ
Ͳ
KƵƚƌŽƐ
Ϯϯ͘ϱϰϳ
Ͳ
Ϯϯ͘ϱϰϳ
ϭϭ͘ϱϳϵ͘Ϭϲϳ
Ͳ
ϭϮ͘ϳϯϳ͘ϯϱϴ
Ͳ
ϭϮϱ͘ϯϱϵ͘ϬϴϮ
Ͳ
ϭϮϱ͘ϬϮϭ͘ϮϵϬ
Ͳ
Ă ƌƚƁĞƐ ƉŽƌƚĂ ů
sĞŶĚĂ Ɛ ƉŽƌƚĂ ů
ƌĞĚŽƌĞƐ ƉŽƌĂ ĐƌĠƐ ĐŝŵŽƐ ĚĞŐĂ ƐƚŽƐ KƵƚƌĂƐĐŽŶƚĂƐĂƉĂŐĂƌ
ǀŝͿ
ϯ͘ϲϰϱ͘ϯϵϵ
Ͳ
Ͳ
Ͳ
ϯ͘ϲϰϱ͘ϯϵϵ
L
/XFURV±UHVXOWDGRVDQWHFLSDGRVFRQWDDWUDYpVGDTXDOVmRUHJLVWDGRVRVDSXUDPHQWRV
GH UHVXOWDGRV D GLVWULEXLU SHORV EHQHILFLiULRV GRV -RJRV 6RFLDLV FRQIRUPH DV
GLVSRVLo}HVGR'HFUHWR/HLQGHGHPDUoRDOWHUDGRSHOR'HFUHWR/HLQ
GHGHPDUoRH'HFUHWR/HLQGHGHRXWXEUR
y
LL
3DUWHVUHODFLRQDGDVFRQWDTXHHVSHOKDDVWUDQVDo}HVHPFRQWDFRUUHQWHHQWUHD6DQWD
&DVDHR'HSDUWDPHQWRGH-RJRV
LLL
&DXo}HV DJHQWHV QXPHUiULR VDOGR GH FDXo}HV SUHVWDGDV SHORV PHGLDGRUHV GRV
-RJRV 6RFLDLV DV TXDLV RV KDELOLWDP D GHVHQYROYHU YHQGD GH MRJR QRV SRQWRV GH
YHQGD
LY
&DUW}HV SRUWDO VDOGR FRUUHQWH D IDYRU GRV DSRVWDGRUHV GRV -RJRV 6RFLDLV DVVRFLDGR
DRVFDUUHJDPHQWRVGHFDUW}HVGHMRJR
Y
9HQGDVSRUWDOYDULDomRGHFRUUHILQDOGRH[HUFtFLRFRLQFLGLUFRPRILQDOGHXPDVHPDQD
FLYLORFRUULGRHPWHQGRWRGRVRVPRYLPHQWRVGRVFRQFXUVRV VLGRUHFRQKHFLGRV
FRPRUpGLWR
YL
%HQHItFLRVGHUHIRUPDLPSDFWRQREDODQoRGDDWXDOL]DomRGDVUHVSRQVDELOLGDGHVHGR
YDORUGRVDWLYRVGR)XQGRGH3HQV}HVFRQIRUPHGHVFULWRQD1RWD
YLL
&UHGRUHVSRUDFUpVFLPRVGHJDVWRVHVWHVDOGRUHVSHLWDDHVSHFLDOL]Do}HVGHJDVWRVGH
QDWXUH]DGLYHUVDRVTXDLVVHUHVXPHPFRPRVHJXH
;ĞƵƌŽƐͿ
ƌĞĚŽƌĞƐƉŽƌĂĐƌĠƐĐŝŵŽƐĚĞŐĂƐƚŽƐ
ϮϬϭϭ
ϮϬϭϬ
ZĞŵƵŶĞƌĂĕƁĞƐ ĂƉĂŐĂƌ
ĂͿ
ϭ͘ϭϱϱ͘ϳϴϳ
ϭ͘ϭϭϳ͘ϵϱϬ
WƌĠŵŝŽƐ >ŽƚĂ ƌŝĂ /ŶƐ ƚĂ Ŷƚą ŶĞĂ
ďͿ
ϰ͘ϵϯϲ͘ϱϱϱ
ϳ͘Ϯϱϭ͘ϱϭϳ
Žŵŝ Ɛ Ɛ ƁĞƐ ϮйƐ ͬƉƌĠŵŝ ŽƐ >Žƚ͘/ŶƐ ƚ͘
ĐͿ
Ϯ͘ϰϰϯ͘ϲϱϭ
ϭ͘ϭϱϴ͘ϭϳϱ
KƵƚƌŽƐ ĐƌĞĚŽƌĞƐ ƉŽƌĂ ĐƌĠƐ Đŝ ŵŽƐ ĚĞŐĂƐ ƚŽƐ
ĚͿ
ϯ͘Ϭϯϯ͘ϲϮϰ
ϯ͘ϮϭϮ͘ϴϰϲ
>ŽƚĂƌŝĂEĂĐŝŽŶĂů
ĞͿ
ϵ͘ϰϰϵ
;ϯ͘ϭϮϵͿ
dŽƚĂů
D 5HPXQHUDo}HV D OLTXLGDU HVSHFLDOL]DomR GH UHPXQHUDo}HV GH FRODERUDGRUHV IDFH D
GLUHLWRV DGTXLULGRV H UHFRQKHFLGRV GXUDQWH R SHUtRGR D VHUHP SDJRV GXUDQWH R
SHUtRGRVXEVHTXHQWH
E 3UpPLRV /RWDULD ,QVWDQWkQHD HVSHFLDOL]DomR HIHWXDGD HP IXQomR GR GHVYLR GRV
SUpPLRV UHDLV SDJRV HP UHODomR DRV SUpPLRV OtTXLGRV VHPSUH TXH RV SULPHLURV
VHMDPLQIHULRUHVDRVVHJXQGRV
F &RPLVV}HV V SUpPLRV /RWDULD ,QVWDQWkQHD HVSHFLDOL]DomR GD UHPXQHUDomR GRV
PHGLDGRUHVGH/RWDULD,QVWDQWkQHD(VWHVUHQGLPHQWRVDSHQDVVmRSDJRVDRV
y
PHGLDGRUHVTXDQGRRGHWHUPLQDGRMRJRpGDGRSRUFRQFOXtGRSHOR'HSDUWDPHQWRGH
-RJRV
G 2XWURV FUHGRUHV SRU DFUpVFLPRV GH JDVWRV HVSHFLDOL]Do}HV GH FXVWRV RSHUDFLRQDLV
GLYHUVRVDVVLVWrQFLDDWHUPLQDLVGHMRJRHQFDUJRV FRPOLQKDVGHWHOHFRPXQLFDo}HV
GRVWHUPLQDLVHQWUHRXWURV
H /RWDULD 1DFLRQDO (VSHFLDOL]DomR GDV UHPXQHUDo}HV SDJDV DRV PHGLDGRUHV SHORV
MRJDGRUHVFRQVRDQWHDGDWDGDUHDOL]DomRGDH[WUDomRRXVRUWHLR
'LIHULPHQWRV±UHQGLPHQWRVDUHFRQKHFHU
(PGHGH]HPEURGHHR'HSDUWDPHQWRGH-RJRVWHPUHJLVWDGRQDUXEULFDGH
³'LIHULPHQWRV±5HQGLPHQWRVDUHFRQKHFHU´RVVHJXLQWHVVDOGRV
;ĞƵƌŽƐͿ
sĞŶĚĂƐ ĂŶƚĞĐŝƉĂĚĂƐ
KƵƚƌŽƐ ƌĞŶĚŝ ŵĞŶƚŽƐ ĂƌĞĐŽŶŚĞĐĞƌ
ZĞŶĚŝŵĞŶƚŽƐĂƌĞĐŽŶŚĞĐĞƌ
ϮϬϭϭ
ϮϬϭϬ
ϭϱ͘ϲϲϱ͘ϳϮϴ
ϭϬ͘ϱϰϲ͘ϲϬϮ
ϯ͘ϰϴϮ
ϯ͘ϰϴϮ
ϭϱ͘ϲϲϵ͘ϮϭϬ
ϭϬ͘ϱϱϬ͘Ϭϴϰ
9HQGDV DQWHFLSDGDV HVWH VDOGR UHIHUHVH j HVSHFLDOL]DomR GH DSRVWDV GH -RJRV 6RFLDLV
FRPDQDWXUH]DGH$SRVWDV0~WXDVH/RWDULD1DFLRQDOFXMDVH[WUDo}HVVRUWHLRVDSHQDVLUmR
RFRUUHUDSyVDGDWDGH%DODQoRFRPRpRFDVRGD/RWDULDGRV5HLV
5pGLWR
y
2GHWDOKHGRUpGLWRUHFRQKHFLGRQDGHPRQVWUDomRGRVUHVXOWDGRVpFRPRVHJXH
;ĞƵƌŽƐͿ
ZĠĚŝƚŽĚĞ:ŽŐŽƐ^ŽĐŝĂŝƐ
ϮϬϭϭ
ZĠĚŝƚŽƐďƌƵƚŽƐƉŽƌ:ŽŐŽ
dŽƚŽďŽů Ă
dŽƚŽů ŽƚŽ
:ŽŬĞƌ
ƵƌŽŵŝ ů ŚƁĞ Ɛ
>ŽƚĂ ƌŝ Ă ů Ą Ɛ Ɛ ŝ ĐĂ
>ŽƚĂ ƌŝ Ă WŽƉƵů Ă ƌ
>ŽƚĂ ƌŝ Ă /ŶƐ ƚĂ Ŷƚą ŶĞĂ
ϮϬϭϬ
ŝͿ
^ƵďƚŽƚĂů
/ŵƉŽƐƚŽĚŽ^ĞůŽ
dŽƚŽďŽů Ă
dŽƚŽů ŽƚŽ
:ŽŬĞƌ
ϭϭ͘Ϭϵϰ͘ϵϭϲ
ϭϵϱ͘ϲϲϴ͘ϵϳϴ
ϳϭ͘ϵϵϬ͘ϵϬϮ
ϭ͘Ϭϱϵ͘ϵϴϮ͘Ϯϳϴ
ϲϰ͘ϳϮϱ͘ϴϮϭ
ϯϭ͘ϴϱϭ͘ϯϳϬ
ϮϬϳ͘ϭϵϯ͘ϭϭϮ
ϭ͘ϲϰϮ͘ϱϬϳ͘ϯϳϳ
ϭϬ͘ϰϮϳ͘ϰϰϲ
ϭϵϮ͘ϴϬϴ͘Ϯϭϳ
ϴϴ͘ϴϯϬ͘ϲϴϲ
ϴϴϯ͘Ϯϵϳ͘ϳϱϲ
ϲϴ͘ϱϱϵ͘ϮϬϮ
ϯϮ͘ϴϮϭ͘ϭϬϬ
ϭϬϱ͘ϱϱϳ͘ϯϲϬ
ϭ͘ϯϴϮ͘ϯϬϭ͘ϳϲϲ
;ϰϳϳ͘ϳϴϭͿ
;ϴ͘ϰϮϱ͘ϵϵϲͿ
;ϯ͘ϭϬϬ͘ϭϭϲͿ
;ϰϱ͘ϲϰϱ͘ϯϴϰͿ
;Ϯ͘ϳϴϳ͘ϱϬϯͿ
;ϭ͘ϯϳϭ͘ϳϭϯͿ
;ϴ͘ϵϬϯ͘ϯϲϯͿ
;ϳϬ͘ϳϭϭ͘ϴϱϳͿ
;ϰϰϵ͘ϬϮϳͿ
;ϴ͘ϯϬϮ͘ϲϬϳͿ
;ϯ͘ϴϮϱ͘ϯϱϳͿ
;ϯϴ͘Ϭϯϲ͘ϱϲϱͿ
;Ϯ͘ϵϱϮ͘ϮϱϱͿ
;ϭ͘ϰϭϯ͘ϮϴϱͿ
;ϰ͘ϮϬϵ͘ϴϵϳͿ
;ϱϵ͘ϭϴϴ͘ϵϵϰͿ
;ϲ͘ϲϱϳ͘ϯϴϭͿ
;ϭϬϳ͘ϲϮϭ͘ϭϭϭͿ
;ϯϵ͘ϱϵϲ͘ϱϳϴͿ
;ϱϯϬ͘ϬϬϰ͘ϬϬϮͿ
;ϰϲ͘ϰϴϲ͘ϳϳϰͿ
;ϮϮ͘Ϯϯϵ͘ϭϬϯͿ
;ϭϮϰ͘ϰϮϮ͘ϯϯϮͿ
;ϴϳϳ͘ϬϮϳ͘ϮϴϬͿ
;ϲ͘Ϯϱϲ͘ϳϭϱͿ
;ϭϬϲ͘Ϭϰϲ͘ϯϮϲͿ
;ϰϴ͘ϴϱϳ͘ϲϮϳͿ
;ϰϰϭ͘ϲϱϲ͘ϲϳϭͿ
;ϰϴ͘ϰϱϯ͘ϰϲϳͿ
;ϮϮ͘ϴϱϭ͘ϱϴϳͿ
;ϲϳ͘ϲϯϮ͘ϭϬϭͿ
;ϳϰϭ͘ϳϱϰ͘ϰϵϯͿ
;ϳϯϱ͘ϱϴϳͿ
;ϭϮ͘ϴϴϲ͘ϯϵϱͿ
;ϰ͘ϴϰϭ͘ϰϱϱͿ
;ϱϬ͘ϲϯϭ͘ϰϮϮͿ
;ϳ͘ϲϲϭ͘ϰϳϳͿ
;ϯ͘ϲϰϭ͘ϯϱϱͿ
;ϮϬ͘ϳϬϮ͘ϱϭϭͿ
;ϭϬϭ͘ϭϬϬ͘ϮϬϭͿ
;ϲϵϭ͘ϴϴϱͿ
;ϭϮ͘ϳϱϱ͘ϵϰϭͿ
;ϲ͘ϬϭϮ͘ϯϰϮͿ
;ϰϮ͘ϰϮϬ͘ϰϵϯͿ
;ϴ͘ϯϵϴ͘ϳϬϰͿ
;ϯ͘ϵϰϴ͘ϳϴϮͿ
;ϭϬ͘ϱϯϵ͘ϵϭϳͿ
;ϴϰ͘ϳϲϴ͘ϬϲϯͿ
ϱϵϯ͘ϲϲϴ͘Ϭϯϵ
ϰϵϲ͘ϱϵϬ͘Ϯϭϲ
ϭϲ
ϮϮ
ϱϵϯ͘ϲϲϴ͘Ϭϱϱ
ϰϵϲ͘ϱϵϬ͘Ϯϯϳ
ŝŝͿ
^ƵďƚŽƚĂů
WƌĠŵŝŽƐ
dŽƚŽďŽů Ă
dŽƚŽů ŽƚŽ
:ŽŬĞƌ
ŝŝŝͿ
^ƵďƚŽƚĂů
ZĞŵƵŶĞƌĂĕƁĞƐŵĞĚŝĂĚŽƌĞƐƉĂŐĂƐƉͬũŽŐĂĚŽƌĞƐ
dŽƚŽďŽů Ă
dŽƚŽů ŽƚŽ
:ŽŬĞƌ
^ƵďƚŽƚĂů
sĞŶĚĂƐĚĞ:ŽŐŽ>şƋƵŝĚĂƐ
KƵƚƌĂƐǀĞŶĚĂƐ
dKd>
ŝ ǀͿ
2V YDORUHV UHIHUHQWHV DR /RWR UHIHUHQWHV DR SHUtRGR GH H GH GH MDQHLUR D GH PDUoR GH HQFRQWUDPVH HQJOREDGRV FRP R 7RWRORWR XPD YH] TXH D SDUWLU GHVWD GDWD R VRUWHLR SDVVRX D VHU UHDOL]DGR j
TXDUWDIHLUDHRVUHVSHWLYRVPRQWDQWHVUHJLVWDGRVFRQMXQWDPHQWHFRPRVGR7RWRORWR
L
5pGLWRVEUXWRVSRU-RJRUHQGLPHQWRVGDVDSRVWDVHIHWXDGDVQRVSRQWRVGHYHQGD
OtTXLGDVGDVGHYROXo}HVUHJLVWDGDVDWpjGDWDGHH[WUDomRVRUWHLR
LL
,PSRVWRGR6HORHIHLWRGDLQFLGrQFLDGDWD[DGHLPSRVWRGHVHORGHVREUHRV
-RJRV6RFLDLVVXSRUWDGDSHOR'HSDUWDPHQWRGH-RJRV2LPSRVWRGHVHORHQFRQWUDVH
LQFOXtGRQRSUHoRGDDSRVWDDSDUWLUGHVHWHPEURGH
LLL
3UpPLRVYDORUGHSUpPLRVGH-RJRV6RFLDLVUHFRQKHFLGRVGXUDQWHRSHUtRGR
y
LY
5HPXQHUDo}HVGRVPHGLDGRUHVSDJDVSHORVMRJDGRUHVYDORUGDVUHPXQHUDo}HV
LQFOXtGDVQRSUHoRGDDSRVWDFRPRUHIHULGRQD1RWD±5pGLWR
&XVWRGDVPHUFDGRULDVYHQGLGDVHGDVPDWpULDVFRQVXPLGDV
2GHWDOKHGRFXVWRGDVPHUFDGRULDVYHQGLGDVHGDVPDWpULDVFRQVXPLGDVHPHp
FRPRVHJXH
;ĞƵƌŽƐͿ
ϮϬϭϭ
ϮϬϭϬ
ŝ ůŚĞƚĞƐ Η>ŽƚĂƌŝĂ /ŶƐ ƚĂŶƚą ŶĞĂΗ
Ϯ͘ϳϴϯ͘Ϯϱϰ
ŝ ůŚĞƚĞƐ ΗƉŽƐ ƚĂ Ɛ DƷƚƵĂƐ Η
ϭ͘ϬϮϵ͘ϯϭϰ
ϭ͘ϵϳϮ͘ϳϳϱ
ϴϯϴ͘ϵϭϰ
WĂƉĞůƚĠƌŵŝĐŽ
ϭ͘ϵϵϱ͘ϬϬϭ
ϭ͘ϲϰϱ͘ϭϭϰ
ŽŶƐ ƵŵşǀĞŝƐ ƉĂƌĂũŽŐŽ
ϭϳϲ͘ϭϰϱ
ϮϬϲ͘ϲϬϰ
dŽƚĂůƵƐƚŽĚĂƐŵĞƌĐĂĚŽƌŝĂƐǀĞŶĚŝĚĂƐĞĚĂƐŵĂƚĠƌŝĂƐĐŽŶƐƵŵŝĚĂƐ
ϱ͘ϵϴϯ͘ϳϭϯ
ϰ͘ϲϲϯ͘ϰϬϲ
$ UHFRQFLOLDomR GR FXVWR GDV PHUFDGRULDV H GDV PDWpULDV FRQVXPLGDV SDUD RV SHUtRGRV
ILQGRVDGHGH]HPEURGHHpFRPRVHJXH
;ĞƵƌŽƐͿ
ϮϬϭϭ
ǆŝƐ ƚġŶĐŝ ĂƐ ŝŶŝ ĐŝĂ ŝƐ
ϮϬϭϬ
ϵϭϯ͘ϵϴϱ
ϭ͘ϭϱϭ͘ϰϬϭ
ŽŵƉƌĂƐ
ϲ͘ϱϱϰ͘ϴϯϲ
ϰ͘ϯϴϯ͘ϳϱϬ
ZĞŐƵůĂƌŝǌĂĕƁĞƐ
;Ϯϴϵ͘ϭϮϭͿ
ϰϮ͘ϮϰϬ
ǆŝƐ ƚġŶĐŝ ĂƐ ĨŝŶĂŝƐ
ƵƐƚŽĚĂƐŵĞƌĐĂĚŽƌŝĂƐǀĞŶĚŝĚĂƐĞĚĂƐŵĂƚĠƌŝĂƐĐŽŶƐƵŵŝĚĂƐ
ϭ͘ϭϵϱ͘ϵϴϲ
ϵϭϯ͘ϵϴϱ
ϱ͘ϵϴϯ͘ϳϭϯ
ϰ͘ϲϲϯ͘ϰϬϲ
)RUQHFLPHQWRVHVHUYLoRVH[WHUQRV
(P GH GH]HPEUR GH H R GHWDOKH GRV IRUQHFLPHQWRV H VHUYLoRV H[WHUQRV p
FRPRVHJXH
;ĞƵƌŽƐͿ
ϮϬϭϭ
ŽŵƵŶŝĐĂĕĆŽ
ŝͿ
ŽŶƐĞƌǀĂĕĆŽĞƌĞƉĂƌĂĕĆŽ
WƵďůŝĐŝĚĂ ĚĞĞƉƌŽƉĂ ŐĂŶĚĂ
dƌĂ ŶƐ ƉŽƌƚĞĚĞďĞŶƐ ĞǀĂ ůŽƌĞƐ
Žŵŝ Ɛ Ɛ ƁĞƐ ϮйƐ ͬƉƌĠŵŝŽƐ >Žƚ͘/ŶƐ ƚ͘
ZĞŶĚĂƐ ĚĞĞĚŝ ĨşĐŝŽƐ
dƌĂ ďĂůŚŽƐ ĞƐ ƉĞĐŝ ĂůŝǌĂĚŽƐ
ĐŽƌĚŽĚĞƉƌĞƐ ƚĂĕĆ ŽĚĞƐĞƌǀŝĕŽƐ
ŝŝͿ
KƵƚƌŽƐ
&ŽƌŶĞĐŝŵĞŶƚŽƐĞƐĞƌǀŝĕŽƐĞǆƚĞƌŶŽƐ
ϮϬϭϬ
ϴ͘Ϯϱϲ͘ϰϮϭ
ϲ͘ϮϲϮ͘ϰϵϰ
ϳ͘ϵϬϳ͘ϲϵϱ
Ϯϯ͘ϲϮϭ͘ϳϳϲ
Ϯ͘ϭϬϰ͘ϰϮϭ
Ϯϳ͘ϱϭϮ͘ϭϳϴ
Ϯ͘ϯϭϯ͘ϲϭϭ
ϭ͘Ϯϲϵ͘Ϯϱϯ
ϲ͘ϭϬϱ͘Ϭϯϯ
ϭ͘ϲϱϭ͘ϴϵϮ
ϴϬϳ͘ϴϯϭ
ϴϱϲ͘ϯϮϴ
ϰ͘ϵϰϰ͘ϵϯϳ
ϯ͘ϵϭϯ͘ϱϴϮ
ϱ͘ϲϬϵ͘ϱϯϰ
ϱ͘ϲϬϮ͘ϱϱϲ
ϰ͘ϮϲϮ͘ϭϯϬ
ϰ͘ϯϭϰ͘ϴϲϵ
ϱϴ͘ϭϴϯ͘ϭϱϱ
ϱϵ͘ϭϯϯ͘ϯϴϲ
y
L &RPXQLFDomR SULQFLSDO HQFDUJR FRUUHVSRQGH DRV FXVWRV FRP DV OLQKDV GH
WHOHFRPXQLFDo}HVOLJDGDVDRVWHUPLQDLVGHMRJRHVSDOKDGRVSHORVSRQWRVGHYHQGD
LL $FRUGR GH SUHVWDomR GH 6HUYLoRV HQTXDGUDVH QR kPELWR GH XP DFRUGR GH JHVWmR H
SUHVWDomRGHVHUYLoRVHQWUHD6DQWD&DVDHR'HSDUWDPHQWRGH-RJRVHPTXHD6DQWD&DVD
VHUi UHPXQHUDGD SHOR 'HSDUWDPHQWR GH -RJRV SHOD XWLOL]DomR GDV LQVWDODo}HV H SHORV
VHUYLoRV SUHVWDGRV SHORV VHUYLoRV LQVWUXPHQWDLV 'LUHomR )LQDQFHLUD 'LUHomR GH 5HFXUVRV
+XPDQRV 'LUHomR GH $SURYLVLRQDPHQWR H 'LUHomR GH 6LVWHPDV H 7HFQRORJLDV GH
,QIRUPDomR DR 'HSDUWDPHQWR GH -RJRV (VWH DFRUGR UHVXOWRX GD UHHVWUXWXUDomR GH WRGR R
XQLYHUVR6DQWD&DVDWHQGRSUHVHQWHDDSURYDomRHHQWUDGDHPYLJRUGRVQRYRV(VWDWXWRV
SHOR'HFUHWR/HLQGHGHGH]HPEUR
*DVWRVFRPRSHVVRDO
2VJDVWRVFRPSHVVRDOLQFRUULGRVGXUDQWHRVSHUtRGRVGHHIRUDPFRPRVHJXH
;ĞƵƌŽƐͿ
ϮϬϭϭ
ϮϬϭϬ
MƌŐĆŽƐ ĚŽĞƉĂƌƚĂŵĞŶƚŽĚĞ:ŽŐŽƐ
Ϯϴϯ͘ϰϳϬ
Ϯϲϭ͘ϲϱϭ
ϳ͘ϮϮϮ͘ϭϵϰ
ϲ͘ϴϮϮ͘Ϭϴϯ
ϳ͘ϱϬϱ͘ϲϲϱ
ϳ͘Ϭϴϯ͘ϳϯϰ
WƌĠŵŝŽƐƉĂƌĂ ďĞŶĞĨşĐŝŽƐ ƌĞĨŽƌŵĂ
ϭ͘Ϭϲϴ͘ϵϴϭ
;ϭ͘ϰϭϬ͘ϮϳϰͿ
ŶĐĂƌŐŽƐ Ɛ ŽďƌĞƌĞŵƵŶĞƌĂĕƁĞƐ
ϭ͘ϰϰϳ͘ϯϳϬ
ϭ͘ϯϯϭ͘ϮϬϳ
WĞƐ Ɛ ŽĂů
^ƵďƚŽƚĂů
ŶĐĂƌŐŽƐƐŽĐŝĂŝƐ
'ĂƐ ƚŽƐ ĚĞĕĆŽƐ ŽĐŝ Ăů
KƵƚƌŽƐ
^ƵďƚŽƚĂů
'ĂƐƚŽƐĐŽŵŽƉĞƐƐŽĂů
ϰϮ͘ϮϬϰ
ϲϱ͘ϳϳϯ
ϮϮϱ͘ϭϱϰ
ϭϰϯ͘ϵϳϭ
Ϯ͘ϳϴϯ͘ϳϬϵ
ϭϯϬ͘ϲϳϳ
ϭϬ͘Ϯϴϵ͘ϯϳϯ
ϳ͘Ϯϭϰ͘ϰϭϭ
1RVSHUtRGRVHPDQiOLVHGHVWDFDVH
L $XPHQWRGRQ~PHURWRWDOGHIXQFLRQiULRVHPSHVVRDV
LL 5HFRQKHFLPHQWRGHSHUGDVDWXDULDLVHGRVUHQGLPHQWRVHVSHUDGRVGRIXQGRGHGX]LGRV
GH HQFDUJRV FRP VHUYLoRV FRUUHQWHV H MXURV RV TXDLV SURGX]HP XP LPSDFWR HP
UHVXOWDGRVGHHXURVFRQIRUPHGHVFULWRQD1RWD
2Q~PHURGHHPSUHJDGRVGR'HSDUWDPHQWRGH-RJRVDGHGH]HPEURGHHUDGH
2XWURVUHQGLPHQWRVHJDQKRV
$UXEULFDGH2XWURVUHQGLPHQWRVHJDQKRVSRGHVHUDSUHVHQWDGDFRPRVHJXH
y
;ĞƵƌŽƐͿ
ϮϬϭϭ
WƌĠŵŝŽƐ ĐĂĚƵĐĂ ĚŽƐ
ŝͿ
ϭϱ͘ϭϴϴ͘ϰϱϱ
ϮϬϭϬ
ϭϰ͘Ϯϳϲ͘ϮϬϬ
ŽƌƌĞĕƁĞƐ ƌĞůĂƚŝǀĂƐ ĂƉĞƌşŽĚŽƐ ĂŶƚĞƌŝŽƌĞƐ
ϭ͘Ϭϵϰ͘ϯϬϬ
ϭϬϬ͘Ϯϳϴ
KƵƚƌŽƐ
ϭ͘ϯϲϱ͘Ϯϱϱ
ϴϵϱ͘ϱϬϲ
ϭϳ͘ϲϰϴ͘ϬϭϬ
ϭϱ͘Ϯϳϭ͘ϵϴϰ
dŽƚĂů
L3UpPLRVFDGXFDGRVUHQGLPHQWRVGHULYDGRVGDFDGXFLGDGHGHSUpPLRVGHMRJRDSXUDGRV
ILQGRRSHUtRGRGHGLDVQRTXDOHVWHVSUpPLRVSRGHPVHUUHFODPDGRV
2XWURVJDVWRVHSHUGDV
$UXEULFDGH2XWURVJDVWRVHSHUGDVSRGHVHUDSUHVHQWDGDFRPRVHJXH
;ĞƵƌŽƐͿ
ϮϬϭϭ
ϮϬϭϬ
ĞƐƉĞƐĂƐďĂŶĐĄƌŝĂƐ
KƵƚƌŽƐ
ϵϰϴ͘ϮϱϮ
ϵϰϬ
ϳϲϲ͘ϯϳϰ
ϳϯϴ͘ϮϱϮ
ϯϲϰ͘Ϭϯϰ
ϯϲϬ͘ϳϳϭ
dŽƚĂů
ϭ͘ϳϭϱ͘ϱϲϲ
ϭ͘ϰϲϯ͘Ϭϱϳ
-XURVHJDVWRVHUHQGLPHQWRVVLPLODUHV
2 GHWDOKH GRV MXURV H JDVWRV H UHQGLPHQWRV ILQDQFHLURV GR SHUtRGR HP DQiOLVH p FRPR
VHJXH
;ĞƵƌŽƐͿ
ϮϬϭϭ
:ƵƌŽƐĞŐĂƐƚŽƐƐŝŵŝůĂƌĞƐ
:ƵƌŽƐ ƉĂŐŽƐ
KƵƚƌŽƐ
Ͳ
;ϳϬϮ͘ϲϯϵͿ
;ϳϬϮ͘ϲϯϵͿ
:ƵƌŽƐĞƌĞŶĚŝŵĞŶƚŽƐƐŝŵŝůĂƌĞƐ
:ƵƌŽƐ ŽďƚŝĚŽƐ ;ĚĞƉſƐ ŝƚŽƐ ăŽƌĚĞŵͿ
:ƵƌŽƐ ŽďƚŝĚŽƐ ;ĚĞƉſƐ ŝƚŽƐ ĂƉƌĂǌŽͿ
KƵƚƌŽƐ ũƵƌŽƐ
ϮϬϭϬ
Ͳ
;ϯϮϴ͘ϮϱϬͿ
;ϯϮϴ͘ϮϱϬͿ
ϱϰ͘ϵϲϬ
ϯϬ͘ϱϱϲ
ϰ͘ϱϬϲ͘ϰϵϲ
ϭ͘Ϭϳϰ͘ϰϴϰ
ϱ͘ϲϯϱ͘ϵϰϭ
ϭ͘ϳϳϭ͘ϳϴϭ
ϰϳϰ͘ϮϰϮ
Ϯ͘Ϯϳϲ͘ϱϳϵ
2FUHVFLPHQWRYHULILFDGRQRVMXURVREWLGRVGHFRUUHGDVLJQLILFDWLYDVXELGDGDVWD[DVGHMXUR
QRDQRGH
$ SULQFLSDO YDULDomR QD UXEULFD ³RXWURV MXURV´ GHFRUUH GR UHFRQKHFLPHQWR GR SODQR GH
SDJDPHQWRVDPHGLDGRUHVGRUHFRQKHFLPHQWRGDDWXDOL]DomRGRYDORUDSDJDUUHIHUHQWHD
SUpPLRV GR FRQFXUVR ³3p GH 0HLD´ FRQFXUVR HP UHODomR DR TXDO IRUDP GHILQLGRV
SDJDPHQWRV PHQVDLV DRV YHQFHGRUHV SDUD XP SHUtRGR GH DQRV R TXDO ILQGD HP FRQIRUPHGHVFULWRQDQRWDHDRDXPHQWRGDVGLVSRQLELOLGDGHVGLVSRQtYHLVSDUDDSOLFDo}HV
ILQDQFHLUDV
y
&RPSURPLVVRV
2VFRPSURPLVVRVDVVXPLGRVSHOR'HSDUWDPHQWRGH-RJRVGL]HPUHVSHLWRDSHQDVDORFDo}HV
RSHUDFLRQDLV
5HVXPR GDV UHQGDV YLQFHQGDV UHODFLRQDGDV FRP RV FRQWUDWRV GH ORFDomR RSHUDFLRQDO HP
YLJRUjGDWDGHGHGH]HPEURGH
;ĞƵƌŽƐͿ
ZĞŶĚĂƐǀŝŶĐĞŶĚĂƐ
фϭĂŶŽ
sŝ ĂƚƵƌĂƐ
ϳϮ͘ϯϱϭ
ϳϮ͘ϯϱϭ
ϭͲϱĂŶŽƐ
хϱĂŶŽƐ
ϯϯ͘ϴϱϲ
ϯϯ͘ϴϱϲ
Ͳ
Ͳ
0DWpULDVDPELHQWDLV
'XUDQWH R SHUtRGR ILQGR D GH GH]HPEUR GH R 'HSDUWDPHQWR GH -RJRV QR kPELWR
GR GHVHQYROYLPHQWR GD VXD DWLYLGDGH QmR LQFRUUHX HP HQFDUJRV VLJQLILFDWLYRV GH FDUiFWHU
DPELHQWDO
(P GH GH]HPEUR GH QmR VH HQFRQWUD UHJLVWDGR QDV GHPRQVWUDo}HV ILQDQFHLUDV
TXDOTXHU SDVVLYR GH FDUiFWHU DPELHQWDO QHP p GLYXOJDGD TXDOTXHU FRQWLQJrQFLD SRU VHU
FRQYLFomR TXH QmR H[LVWHP D HVVD GDWD REULJDo}HV RX FRQWLQJrQFLDV SURYHQLHQWHV GH
DFRQWHFLPHQWRV SDVVDGRV GH TXH UHVXOWHP HQFDUJRV PDWHULDOPHQWH UHOHYDQWHV SDUD D
(QWLGDGH
3DUWHVUHODFLRQDGDV
2 'HSDUWDPHQWR GH -RJRV LQWHJUD D 6DQWD &DVD TXH DWXD VRE D WXWHOD GR 0LQLVWpULR GD
6ROLGDULHGDGHH6HJXUDQoD6RFLDO
33.1. 5HPXQHUDo}HVGRVÏUJmRV6RFLDLV
2V ÏUJmRV 6RFLDLV GR 'HSDUWDPHQWR GH -RJRV M~ULV GRV FRQFXUVRV GDV H[WUDo}HV H GDV
UHFODPDo}HV H DGPLQLVWUDGRUHV H[HFXWLYRV IRUDP FRQVLGHUDGRV GH DFRUGR FRP D 1&5) FRPRVHQGRRV~QLFRVHOHPHQWRV³FKDYH´GDJHVWmRGR'HSDUWDPHQWRGH-RJRV'XUDQWHR
SHUtRGRILQGRHPGHGH]HPEURGHDVUHPXQHUDo}HVDXIHULGDVSHORVÏUJmRV6RFLDLV
GR'HSDUWDPHQWRGH-RJRVDVFHQGHUDPDHXURV
;ĞƵƌŽƐͿ
ϮϬϭϭ
ϮϬϭϬ
sĞŶĐŝŵĞŶƚŽƐ
ϭϬϮ͘ϯϬϵ
ϭϬϬ͘ϰϯϰ
ZĞŵƵŶĞƌĂĕƁĞƐĚŽƐũƷƌŝƐĚŽƐĐŽŶĐƵƌƐŽƐ͕ĞǆƚƌĂĕƁĞƐĞƌĞĐůĂŵĂĕƁĞƐ
ϭϴϭ͘ϭϲϭ
ϭϲϭ͘Ϯϭϳ
dŽƚĂů
Ϯϴϯ͘ϰϳϬ
Ϯϲϭ͘ϲϱϭ
y
2 'HSDUWDPHQWR GH -RJRV VXSRUWRX GRV HQFDUJRV FRP UHPXQHUDo}HV GRV
DGPLQLVWUDGRUHV H[HFXWLYRV HQWUH MDQHLUR GH H GH VHWHPEUR GH SDVVDQGR D
GRVHQFDUJRVFRPUHPXQHUDo}HVGRDGPLQLVWUDGRUH[HFXWLYRDSDUWLUGHVVDGDWD
33.2. 7UDQVDo}HVHQWUHSDUWHVUHODFLRQDGDV
D1DWXUH]DGRUHODFLRQDPHQWRFRPDVSDUWHVUHODFLRQDGDV
(QWLGDGHVGR8QLYHUVR6DQWD&DVDGD0LVHULFyUGLDGH/LVERD
6DQWD&DVDGD0LVHULFyUGLDGH/LVERD±6HUYLoRV&HQWUDLV6DQWD&DVD
(VFROD6XSHULRUGH6D~GHGR$OFRLWmR(66$
+RVSLWDO2UWRSpGLFRGH6DQW¶$QD+26$
&HQWURGH0HGLFLQDH5HDELOLWDomRGR$OFRLWmR&05$
EWUDQVDo}HVHVDOGRVSHQGHQWHV
(QWLGDGHVGR8QLYHUVR6DQWD&DVDGD0LVHULFyUGLDGH/LVERD
'XUDQWH RV SHUtRGRV GH H R 'HSDUWDPHQWR GH -RJRV HIHWXRX DV VHJXLQWHV
WUDQVDo}HVFRPDTXHODVHQWLGDGHV
$TXLVLomRGHVHUYLoRV
;ĞƵƌŽƐͿ
ϮϬϭϭ
ϮϬϭϬ
ϱ͘ϲϬϵ͘ϱϯϰ
ϱ͘ϲϬϮ͘ϱϱϲ
ϱ͘ϲϬϵ͘ϱϯϰ
ϱ͘ϲϬϮ͘ϱϱϲ
ƋƵŝƐŝĕĆŽĚĞƐĞƌǀŝĕŽƐ
^ĂŶƚĂĂƐĂ
6DOGRVGHYHGRUHVHFUHGRUHV
1R ILQDOGR SHUtRGR GH H RV VDOGRV GDV SDUWHV UHODFLRQDGDV VmR FRPSRVWRV SRU
PRYLPHQWRV GH GLVWULEXLomR GH UHVXOWDGRV H PRYLPHQWRV RSHUDFLRQDLV GH UHPXQHUDo}HV
DTXLVLomR GH EHQV H VHUYLoRV DTXLVLomR GH DWLYRV IL[RV WDQJtYHLV H DWLYRV LQWDQJtYHLV
LPSRVWRVHMXURV
y
;ĞƵƌŽƐͿ
ϮϬϭϭ
^ĂůĚŽĚĞǀĞĚŽƌ
KƵƚƌĂƐĐŽŶƚĂƐĂƉĂŐĂƌͬƌĞĐĞďĞƌ
^ĂŶƚĂĂƐĂ
ZĞĨĞƌĞŶƚĞƐĂƌĞŵƵŶĞƌĂĕƁĞƐ
ZĞĨĞƌĞŶƚĞƐăĂƋƵŝƐŝĕĆŽĚĞďĞŶƐĞƐĞƌǀŝĕŽƐ
ZĞĨĞƌĞŶƚĞƐăĂƋƵŝƐŝĕĆŽĂƚŝǀŽƐĨŝǆŽƐ
ZĞĨĞƌĞŶƚĞƐĂ/ŵƉŽƐƚŽƐ
ZĞĨĞƌĞŶƚĞƐĂũƵƌŽƐ
ϮϬϭϬ
^ĂůĚŽĐƌĞĚŽƌ
^ĂůĚŽĚĞǀĞĚŽƌ
ϯ͘Ϭϵϳ͘ϴϰϴ
ϰ͘ϲϳϳ͘ϱϯϵ
ϭϮϬ͘Ϭϯϱ
Ϯϲ͘Ϭϳϴ
ϰϯϰ͘ϳϰϮ
ϱ͘Ϯϱϴ͘ϯϵϰ
Ϯϵϯ͘ϭϲϳ
Ͳ
Ͳ
Ͳ
Ͳ
Ϯϵϯ͘ϭϲϳ
Ͳ
ϭ͘Ϭϱϵ͘Ϯϲϲ
ϭϬϴ͘ϴϴϳ
ϮϬϴ͘ϳϮϳ
ϴϯϵ͘ϯϯϮ
Ϯ͘Ϯϭϲ͘ϮϭϮ
ϯϭϬ͘ϵϬϴ
ϭϱϬ͘ϰϰϲ
ϰϲϭ͘ϯϱϰ
Ͳ
ϯϭϬ͘ϴϴϬ
ϭϰϵ͘ϴϳϳ
ϰϲϬ͘ϳϱϳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
ϳϭϴ
ϳϭϴ
Ͳ
Ͳ
Ͳ
ϭϬ͘Ϯϲϳ
Ͳ
ϭϬ͘Ϯϲϳ
Ͳ
ϱϴ
ϱϴ
ϯ͘ϰϬϴ͘ϳϱϲ
ϰ͘ϱϮϳ͘Ϭϵϯ
ϭϮϬ͘Ϭϯϱ
Ϯϲ͘Ϭϳϴ
ϰϯϰ͘ϳϰϮ
ϱ͘ϭϬϳ͘ϵϰϴ
ϲϭϰ͘ϯϭϰ
Ͳ
Ͳ
Ͳ
Ͳ
ϲϭϰ͘ϯϭϰ
Ͳ
ϵϬϴ͘ϳϮϴ
ϭϬϴ͘ϴϴϳ
ϮϬϴ͘ϳϮϳ
ϴϯϵ͘ϯϯϮ
Ϯ͘Ϭϲϱ͘ϲϳϰ
Ͳ
Ϯϴ͘ϱϴϱ͘ϳϵϰ
ϴϬϱ͘ϮϬϭ
Ͳ
Ͳ
Ͳ
Ϯϭ͘ϲϴϱ͘ϯϱϱ
ϲϱϴ͘ϭϲϵ
ϮϮ͘ϯϰϯ͘ϱϮϯ
ϯ͘ϰϬϴ͘ϳϱϲ
ϯϰ͘ϰϵϴ͘ϵϰϯ
ϲϭϰ͘ϯϭϰ
Ϯϰ͘ϰϬϵ͘ϭϵϳ
ϯ͘Ϭϵϳ͘ϴϰϴ
,ŽƐƉŝƚĂůKƌƚŽƉĠĚŝĐŽĚĞ^ĂŶƚΖŶĂ;,K^Ϳ
ĞŶƚƌŽĚĞDĞĚŝĐŝŶĂĚĞZĞĂďŝůŝƚĂĕĆŽĚŽůĐŽŝƚĆŽ;DZͿ
ƐĐŽůĂ^ƵƉĞƌŝŽƌĚĞ^ĂƷĚĞĚŽůĐŽŝƚĆŽ;^^Ϳ
Ͳ
KƵƚƌĂƐĐŽŶƚĂƐĂƉĂŐĂƌͬƌĞĐĞďĞƌͲƌĞƐƵŵŽƉŽƌŶĂƚƵƌĞǌĂ
ZĞĨĞƌĞŶƚĞƐăĂƋƵŝƐŝĕĆŽĂƚŝǀŽƐĨŝǆŽƐ
ZĞĨĞƌĞŶƚĞƐĂ/ŵƉŽƐƚŽƐ
ZĞĨĞƌĞŶƚĞƐĂũƵƌŽƐ
ϯ͘ϰϬϴ͘ϳϱϲ
ŝƐƚƌŝďƵŝĕĆŽĚĞZĞƐƵůƚĂĚŽƐ
^ĂŶƚĂĂƐĂ
ĞŶƚƌŽĚĞDĞĚŝĐŝŶĂĚĞZĞĂďŝůŝƚĂĕĆŽĚŽůĐŽŝƚĆŽ
dKd>
^ĂůĚŽĐƌĞĚŽƌ
/LVERDGHPDUoRGH
2'LUHWRU)LQDQFHLUR
$IRQVR
y
$EUHYLDWXUDV
^
ŐƌƵƉĂŵĞŶƚŽĚĞĞŶƚƌŽĚĞ^ĂƷĚĞ
//
ůƚŽͲŽŵŝƐƐĂƌŝĂĚŽƉĂƌĂĂ/ŵŝŐƌĂĕĆŽĞŝĄůŽŐŽ/ŶƚĞƌĐƵůƚƵƌĂů
^
ůƚŽŽŵŝƐƐĂƌŝĂĚŽĚĂ^ĂƷĚĞ
s
ŶŽƵƌŽƉĞƵĚŽsŽůƵŶƚĂƌŝĂĚŽ
E:&
ƐƐŽĐŝĂĕĆŽEĂĐŝŽŶĂůƉĂƌĂĂĕĆŽ&ĂŵŝůŝĂƌ
EW
ƵƚŽƌŝĚĂĚĞEĂĐŝŽŶĂůĚĞWƌŽƚĞĕĆŽŝǀŝů
EY
Ws
ŐġŶĐŝĂEĂĐŝŽŶĂůƉĂƌĂĂYƵĂůŝĨŝĐĂĕĆŽ
ƐƐŽĐŝĂĕĆŽĚĞƉŽŝŽăsşƚŝŵĂ
Z^>sd
ĚŵŝŶŝƐƚƌĂĕĆŽZĞŐŝŽŶĂůĚĞ^ĂƷĚĞĚĞ>ŝƐďŽĂĞsĂůĞĚŽdĞũŽ
^/
ůĚĞŝĂĚĞ^ĂŶƚĂ/ƐĂďĞů
hy
ĞŶƚƌŽĚĞ/ŶǀĞƐƚŝŐĂĕĆŽĞƉŽŝŽĂŽŵƉƌĞĞŶĚĞĚŽƌŝƐŵŽĞăƐŵƉƌĞƐĂƐ&ĂŵŝůŝĂƌĞƐ
&
ĞŶƚƌŽĚĞƉŽŝŽ&ĂŵŝůŝĂƌ
'Z'
ĞŶƚƌŽĚĞǀĂůŝĂĕĆŽ'ĞƌŝĄƚƌŝĐĂĞĚĞZĞĐƵƌƐŽƐ'ĞƌŽŶƚŽůſŐŝĐŽƐ
/
ĞŶƚƌŽĚĞĐŽůŚŝŵĞŶƚŽ/ŶĨĂŶƚŝů
D>
ĂƐĂĚĞƉŽŝŽDĂƌŝĂ>ĂŵĂƐ
Kd
ĞŶƚƌŽĚĞĐŽůŚŝŵĞŶƚŽĞKďƐĞƌǀĂĕĆŽdĞŵƉŽƌĄƌŝŽ
^
ĞŶƚƌŽĚĞƉŽŝŽ^ŽĐŝĂůĚŽƐŶũŽƐ
^^
ĞŶƚƌŽĚĞƉŽŝŽ^ŽĐŝĂůĚĞ^ĆŽĞŶƚŽ
d
ĞŶƚƌŽĚĞĐŽůŚŝŵĞŶƚŽdĞŵƉŽƌĄƌŝŽ
dD
ĞŶƚƌŽĚĞůŽũĂŵĞŶƚŽdĞŵƉŽƌĄƌŝŽDĆĞ͛ŐƵĂ
ds
ąŵĂƌĂƐĞŝƌĐƵŝƚŽƐ&ĞĐŚĂĚŽƐĚĞds;^ŝƐƚĞŵĂƐĚĞsşĚĞŽsŝŐŝůąŶĐŝĂͿ
&
ĞŶƚƌŽĚƵĐĂĕĆŽ͕&ŽƌŵĂĕĆŽĞĞƌƚŝĨŝĐĂĕĆŽ
Z/
ŽŽƉĞƌĂƚŝǀĂƉĂƌĂĂĚƵĐĂĕĆŽĞZĞĂďŝůŝƚĂĕĆŽĚĞƌŝĂŶĕĂƐ/ŶĂĚĂƉƚĂĚĂƐ
>^
ŽŶƐĞůŚŽ>ŽĐĂůĚĞĕĆŽ^ŽĐŝĂů
D
ĞŶƚƌŽDƵůƚŝĐƵůƚƵƌĂů
D>
ąŵĂƌĂDƵŶŝĐŝƉĂůĚĞ>ŝƐďŽĂ
DZ
ĞŶƚƌŽĚĞDĞĚŝĐŝŶĂĚĞZĞĂďŝůŝƚĂĕĆŽĚĞůĐŽŝƚĆŽ
EK
ĞŶƚƌŽEŽǀĂƐKƉŽƌƚƵŶŝĚĂĚĞƐ
W^
ĞŶƚƌŽWƌŽŵŽĕĆŽ^ŽĐŝĂů
^&
ŽŵŝƐƐƁĞƐ^ŽĐŝĂŝƐĚĞ&ƌĞŐƵĞƐŝĂ
^/&
ŽŵŝƐƐƁĞƐ^ŽĐŝĂŝƐ/ŶƚĞƌĨƌĞŐƵĞƐŝĂƐ
^^
ĞƉĂƌƚĂŵĞŶƚŽĚĞĕĆŽ^ŽĐŝĂůĞ^ĂƷĚĞ;^D>Ϳ
^
ĞƉĂƌƚĂŵĞŶƚŽĚĞŵƉƌĞĞŶĚĞĚŽƌŝƐŵŽĞĐŽŶŽŵŝĂ^ŽĐŝĂů;^D>Ϳ
'/W
ĞƉĂƌƚĂŵĞŶƚŽĚĞ'ĞƐƚĆŽ/ŵŽďŝůŝĄƌŝĂĞWĂƚƌŝŵſŶŝŽ;^D>Ϳ
/
ŝƌĞĕĆŽĚĞƉƌŽǀŝƐŝŽŶĂŵĞŶƚŽƐ;^D>Ϳ
//:
ŝƌĞĕĆŽĚĞĐŽůŚŝŵĞŶƚŽĞĞƐĞŶǀŽůǀŝŵĞŶƚŽĚĞ/ŶĨąŶĐŝĂĞ:ƵǀĞŶƚƵĚĞ
//
ŝƌĞĕĆŽĚĞƉŽŝŽă/ŶƐĞƌĕĆŽĞĞŵƐƚĂƌ;^D>Ϳ
/^
ŝƌĞĕĆŽĚĞĕĆŽ^ŽĐŝĂů;^D>Ϳ
y
/^>
ŝƌĞĕĆŽĚĞĕĆŽ^ŽĐŝĂů>ŽĐĂů;^D>Ϳ
//
ŝƌĞĕĆŽĚĞŵĞƌŐġŶĐŝĂĚĞƉŽŝŽă/ŶƐĞƌĕĆŽ
/'/
ŝƌĞĕĆŽĚĞ'ĞƐƚĆŽĚĞ/ŶƐƚĂůĂĕƁĞƐĞƋƵŝƉĂŵĞŶƚŽƐ;^D>Ϳ
/&
ŝƌĞĕĆŽ&ŝŶĂŶĐĞŝƌĂ;^D>Ϳ
/^W
ŝƌĞĕĆŽĚĞ^ĂƷĚĞWƌŽǆŝŵŝĚĂĚĞ;^D>Ϳ
/^d/
ŝƌĞĕĆŽĚĞ^ŝƐƚĞŵĂƐĞdĞĐŶŽůŽŐŝĂƐĚĞ/ŶĨŽƌŵĂĕĆŽ;^D>Ϳ
:
ĞƉĂƌƚĂŵĞŶƚŽĚĞ:ŽŐŽƐ;^D>Ϳ
Y/
ĞƉĂƌƚĂŵĞŶƚŽĚĞYƵĂůŝĚĂĚĞĞ/ŶŽǀĂĕĆŽ;^D>Ϳ
&:Z
ƋƵŝƉĂĚĞƉŽŝŽĂ&ĂŵşůŝĂƐĐŽŵƌŝĂŶĕĂƐĞ:ŽǀĞŶƐĞŵZŝƐĐŽ
dd>
ƋƵŝƉĂĚĞƉŽŝŽdĠĐŶŝĐŽĂŽdƌŝďƵŶĂůĚĞ>ŝƐďŽĂ
EW,
ƵƌŽƉĞĂŶEĞƚǁŽƌŬŽĨWŚǇƐŝŽƚŚĞƌĂƉǇŝŶ,ŝŐŚĞƌĚƵĐĂƚŝŽŶ
^
ƐƉĂĕŽ^ĂŶƚĂĂƐĂ
^^
ƐĐŽůĂ^ƵƉĞƌŝŽƌĚĞ^ĂƷĚĞĚŽůĐŽŝƚĆŽ
s
ǆĐůƵƐĆŽĚĞsĂůŽƌĐƌĞƐĐĞŶƚĂĚŽ
&&
&ŽƌŵĂĕĆŽƌƵƚĂĚĞĂƉŝƚĂů&ŝǆŽ
&
&ŽƌŵĂĕĆŽĚĞƵƌƚĂƵƌĂĕĆŽ
&//&
&ƵŶĚŽĚĞ/ŶǀĞƐƚŝŵĞŶƚŽ/ŵŽďŝůŝĄƌŝŽ&ĞĐŚĂĚŽ^ĂŶƚĂĂƐĂϮϬϬϰ
&D
&ŽƌŵĂĕĆŽDŽĚƵůĂƌĞƌƚŝĨŝĐĂĚĂ
&D/
&ƵŶĚŽDŽŶĞƚĄƌŝŽ/ŶƚĞƌŶĂĐŝŽŶĂů
&DE
&ŽƌŵĂĕĆŽDŽĚƵůĂƌEĆŽĞƌƚŝĨŝĐĂĚĂ
'/
'ĂďŝŶĞƚĞĚĞƵĚŝƚŽƌŝĂ/ŶƚĞƌŶĂ;^D>Ϳ
'W
'ĂďŝŶĞƚĞĚĞƐƚƵĚŽƐĞWůĂŶĞĂŵĞŶƚŽ;^D>Ϳ
'/D
'ĂďŝŶĞƚĞĚĞ/ŶǀĞƐƚŝŐĂĕĆŽĞDŽŶŝƚŽƌŝǌĂĕĆŽ
'KD
'ĂďŝŶĞƚĞĚĞKƌŐĂŶŝǌĂĕĆŽĞDĠƚŽĚŽƐ
'^Y
'ĂďŝŶĞƚĞĚĞ^ĞŐƵƌĂŶĕĂĞYƵĂůŝĚĂĚĞ
,K^
,ŽƐƉŝƚĂůKƌƚŽƉĠĚŝĐŽĚĞ^ĂŶƚΖŶĂ
,^^d
,ŝŐŝĞŶĞ͕^ĞŐƵƌĂŶĕĂĞ^ĂƷĚĞŶŽdƌĂďĂůŚŽ
/
/ŶƐƚŝƚƵŽĚĞƌƚĞƐsŝƐƵĂŝƐ͕ĞƐŝŐŶĞDĂƌŬĞƚŝŶŐ
/&W
/ŶƐƚŝƚƵƚŽĚĞŵƉƌĞŐŽĞ&ŽƌŵĂĕĆŽWƌŽĨŝƐƐŝŽŶĂů
/^
/ŶĨŽƌŵĂĕĆŽŵƉƌĞƐĂƌŝĂů^ŝŵƉůŝĨŝĐĂĚĂ
/E>h/
ŵƉƌĞƐĂĚĞ/ŶƐĞƌĕĆŽĚĞdƌĂďĂůŚŽ;^/Ϳ
/W
1ŶĚŝĐĞĚĞWƌĞĕŽŶŽĐŽŶƐƵŵŝĚŽƌ
/W^^
/ŶƐƚŝƚƵŝĕĆŽWĂƌƚŝĐƵůĂƌĚĞ^ŽůŝĚĂƌŝĞĚĂĚĞ^ŽĐŝĂů
/Z^
/ŵƉŽƐƚŽƐŽďƌĞŽZĞŶĚŝŵĞŶƚŽĚĞWĞƐƐŽĂƐ^ŝŶŐƵůĂƌĞƐ
/Z^
/ŶƐƚŝƚƵƚŽĚĞZĞŝŶƐĞƌĕĆŽ^ŽĐŝĂů
/^/^
/ŶƐƚŝƚƵƚŽ^ƵƉĞƌŝŽƌĚĞŝġŶĐŝĂƐĚĞ^ĂƷĚĞ;DĂƉƵƚŽͿ
/^dͬ/^
/ŶƐƚŝƚƵƚŽ^ƵƉĞƌŝŽƌĚĂƐŝġŶĐŝĂƐĚŽdƌĂďĂůŚŽĞĚĂŵƉƌĞƐĂͬĞŶƚƌŽĚĞ/ŶǀĞƐƚŝŐĂĕĆŽĞ/ŶƚĞƌǀĞŶĕĆŽ^ŽĐŝĂů
/^K
/ŶƚĞƌŶĂƚŝŽŶĂůKƌŐĂŶŝǌĂƚŝŽŶĨŽƌ^ƚĂŶĚĂƌĚŝǌĂƚŝŽŶ
/^W
/ŶƐƚŝƚƵƚŽĚĞ^ĆŽWĞĚƌŽĚĞůĐąŶƚĂƌĂ
y
/^^
/^^Ͳ/ŶƐƚŝƚƵƚŽĚĞ^ĞŐƵƌĂŶĕĂ^ŽĐŝĂů
<ΖŝĚĂĚĞ
WƌŽŐƌĂŵĂĚĞĞƐĞŶǀŽůǀŝŵĞŶƚŽŽŵƵŶŝƚĄƌŝŽhƌďĂŶŽ
Ed
EƷĐůĞŽĚĞƉŽŝŽdĠĐŶŝĐŽ
EW
EŽƌŵĂƐWŽƌƚƵŐƵĞƐĞƐ
EW^
EƷĐůĞŽĚĞWŽůŝƚŝĐĂƐĚĞZ,ĞƉŽŝŽ^ŽĐŝĂů
K&/W
KƌŝĞŶƚĂĕĆŽ͕&ŽƌŵĂĕĆŽĞ/ŶƐĞƌĕĆŽWƌŽĨŝƐƐŝŽŶĂů
W
WƌŽŐƌĂŵĂĚĞƉŽŝŽĂŽŵƉƌĞĞŶĚĞĚŽƌ
W^
WƌŽƉŽƐƚĂĚĞWůĂŶŽĚĞĞƐĞŶǀŽůǀŝŵĞŶƚŽ
W^
WůĂŶŽŵĞƌŐġŶĐŝĂ^ŽĐŝĂů
W^
WƌŽŵŽĕĆŽĚĞŵƉƌĞĞŶĚĞĚŽƌĞƐ^ŽĐŝĂŝƐ
W/
WƌŽĚƵƚŽ/ŶƚĞƌŶŽƌƵƚŽ
W/&
WůĂŶŽ/ŶƚĞŐƌĂĚŽĚĞĚƵĐĂĕĆŽͲ&ŽƌŵĂĕĆŽ
WE&Ͳ,/
ƋƵŝůşďƌŝŽĞWƌĞǀĞŶĕĆŽĚĂƋƵĞĚĂŶŽ/ĚŽƐŽ;ƉſƐͲŐƌĂĚƵĂĕĆŽĞŵ&ŝƐŝŽƚĞƌĂƉŝĂŶŽŶǀĞůŚĞĐŝŵĞŶƚŽͿ
WƌŽƉƌŝŽĐĞƉƚŝǀĞEĞƵƌŽŵƵƐĐƵůĂƌ&ĂĐŝůŝƚĂƚŝŽŶ/ŶƚĞŐƌĂĚŽĐŽŵŵŽǀŝŵĞŶƚŽƐĚŽdĂŝŚŝ
WKd
WƌŽŐƌĂŵĂKƉĞƌĂĐŝŽŶĂůĚĞƐƐŝƐƚġŶĐŝĂdĠĐŶŝĐĂ
WKW,
WƌŽŐƌĂŵĂKĐƵƉĂĐŝŽŶĂůWŽƚĞŶĐŝĂů,ƵŵĂŶŽ
WZK
WƌŽĚƵƚŝǀŝĚĂĚĞŶĂƵƚŽĐŽŶƐƚƌƵĕĆŽ;ĞŶƚƌŽĚĞWƌŽŵŽĕĆŽ^ŽĐŝĂůͿ
YZEͲWKW,
YƵĂĚƌŽĚĞZĞĨĞƌġŶĐŝĂƐƚƌĂƚĠŐŝĐŽEĂĐŝŽŶĂůʹWƌŽŐƌĂŵĂKƉĞƌĂĐŝŽŶĂůĚŽWŽƚĞŶĐŝĂů,ƵŵĂŶŽ
YhZ
YƵĂĚƌŽĚĞǀĂůŝĂĕĆŽĞZĞƐƉŽŶƐĂďŝůŝǌĂĕĆŽ
Z&/
ZĞůĂƚſƌŝŽƐ&ŝŶĂŝƐ/ŶƚĞŐƌĂĚŽƐ
Z^/
ZĞŶĚŝŵĞŶƚŽ^ŽĐŝĂůĚĞ/ŶƐĞƌĕĆŽ
Zs
ZĞĐŽŶŚĞĐŝŵĞŶƚŽ͕sĂůŝĚĂĕĆŽĞĞƌƚŝĨŝĐĂĕĆŽĚĞŽŵƉĞƚġŶĐŝĂƐ
^
^ĞƌǀŝĕŽĚĞƉŽŝŽŽŵŝĐŝůŝĄƌŝŽ
^/
^ĞƌǀŝĕŽĚĞƉŽŝŽŽŵŝĐŝůŝĄƌŝŽ/ŶƚĞŐƌĂĚŽ
^&
^ĞƌǀŝĕŽĚĞƉŽŝŽă&ĂŵşůŝĂ
^&
^ĞƌǀŝĕŽĚĞƉŽŝŽĂ&ĂŵşůŝĂƐĞŽŵƵŶŝĚĂĚĞ
^W
^ǇƐƚĞŵƐƉƉůŝĐĂƚŝŽŶƐĂŶĚWƌŽĚƵĐƚƐĂŶĚĂƚĂWƌŽĐĞƐƐŝŶŐ
^WZͲ&y
^WZĞĂůƐƚĂƚĞ&y
^WͲ^ZD
^WͲ^ƵƉůŝĞƌZĞůĂƚŝŽŶƐŚŝƉDĂŶĂŐĞŵĞŶƚ
^D>
^ĂŶƚĂĂƐĂĚĂDŝƐĞƌŝĐſƌĚŝĂĚĞ>ŝƐďŽĂ
^&
^ĞƌǀŝĕŽĚĞƐƚƌĂŶŐĞŝƌŽƐĞ&ƌŽŶƚĞŝƌĂƐ
^^
^ĞƌǀŝĕŽĚĞŵĞƌŐġŶĐŝĂ^ŽĐŝĂů
^'
^ĞĐƌĞƚĂƌŝĂ'ĞƌĂů;^D>Ϳ
^'^/
^ŝƐƚĞŵĂĚĞ'ĞƐƚĆŽĚĂ^ĞŐƵƌĂŶĕĂĚĂ/ŶĨŽƌŵĂĕĆŽ
^'Y
^ŝƐƚĞŵĂĚĞ'ĞƐƚĆŽĚĞYƵĂůŝĚĂĚĞ
^,^d
^ĞŐƵƌĂŶĕĂ͕,ŝŐŝĞŶĞĞ^ĂƷĚĞŶŽdƌĂďĂůŚŽ
^/^
^ĞŵŝŶĄƌŝŽĚĞ/ŶŽǀĂĕĆŽĞŵƉƌĞĞŶĚĞĚŽƌŝƐŵŽ^ŽĐŝĂů
^/'
^ŝƐƚĞŵĂĚĞ/ŶĨŽƌŵĂĕĆŽ'ĞŽŐƌĄĨŝĐĂ
^/'^
^ŝƐƚĞŵĂĚĞ/ŶĨŽƌŵĂĕĆŽĞ'ĞƐƚĆŽĚĞŵƉƌĞĞŶĚĞĚŽƌŝƐŵŽĞĐŽŶŽŵŝĂ^ŽĐŝĂů
^/'K
^ŝƐƚĞŵĂĚĞ/ŶĨŽƌŵĂĕĆŽĞ'ĞƐƚĆŽĚĂKĨĞƌƚĂĚƵĐĂƚŝǀĂĞ&ŽƌŵĂƚŝǀĂ
y
^/W
^ŝƐƚĞŵĂĚĞ/ŶĨŽƌŵĂĕĆŽĚŽWĂƚƌŝŵſŶŝŽ
Ê
^ŝƐƚĞŵĂĚĞEŽƌŵĂůŝǌĂĕĆŽŽŶƚĂďŝůşƐƚŝĐĂ
Ê^
^ŝƐƚĞŵĂEĂĐŝŽŶĂůĚĞ^ĂƷĚĞ
^^d
^ĞŐƵƌĂŶĕĂĞ^ĂƷĚĞŶŽdƌĂďĂůŚŽ
d&D>
dƌŝďƵŶĂůĚĞ&ĂŵşůŝĂĞDĞŶŽƌĞƐĚĞ>ŝƐďŽĂ
d/
dĞĐŶŽůŽŐŝĂƐĚĞ/ŶĨŽƌŵĂĕĆŽĞŽŵƵŶŝĐĂĕĆŽ
h'
hŶŝĚĂĚĞĚĞŽŶƚĂďŝůŝĚĂĚĞ'ĞƌĂů;/&ͬ^D>Ϳ
h
hŶŝĆŽƵƌŽƉĞŝĂ
h'&
hŶŝĚĂĚĞĚĞ'ĞƐƚĆŽĚĞ&ƵŶĚŽƐ;/&ͬ^D>Ϳ
h'Z,
hŶŝĚĂĚĞĚĞ'ĞƐƚĆŽĚĞZĞĐƵƌƐŽƐ,ƵŵĂŶŽƐĞŽŶƚƌĂƚĂĕĆŽ
hD
hŶŝĚĂĚĞƐDſǀĞŝƐĚĞ^ĂƷĚĞ
hDW
hŶŝĆŽĚĂƐDŝƐĞƌŝĐſƌĚŝĂƐWŽƌƚƵŐƵĞƐĂƐ
h^^
hŶŝĚĂĚĞĚĞ^ĂƷĚĞ^ĂŶƚĂĂƐĂ
s/,ͬ^/
sşƌƵƐĚĂ/ŵƵŶŽĚĞĨŝĐŝġŶĐŝĂ,ƵŵĂŶĂͬ^şŶĚƌŽŵĞĚĞ/ŵƵŶŽĚĞĨŝĐŝġŶĐŝĂĚƋƵŝƌŝĚĂ
y

Relatório de Gestão e Contas

Transcrição

Documentos relacionados

curso prático de claudicações em equinos - icaam

Estar no hospital - Dipòsit Digital de la UB

Setembro - JusPrev

Convenção Coletiva de Trabalho - 2010/2011

451 - Portal da Prefeitura Municipal de Barra dos Coqueiros