Manual Voyage 2015 Confortline

Manual de instrues
Novo Voyage
6LJQLILFDGRVGRVVtPERORV
$'9(571&,$
7H[WRVFRPHVWHVtPERORLQGLFDPVLWXDo}HV
SHULJRVDVTXHSRGHPFDXVDUDPRUWHRXIHUL
PHQWRVJUDYHVQRFDVRGHLQREVHUYkQFLD
&8,'$'2
SHULJRVDVTXHSRGHPFDXVDUIHULPHQWRVOH
YHVRXJUDYHVQRFDVRGHLQREVHUYkQFLD
127$
7H[WRVFRPHVWHVtPERORLQGLFDPVLWXDo}HVSH
ULJRVDVTXHSRGHPFDXVDUGDQRVDRYHtFXOR
QRFDVRGHLQREVHUYkQFLD
3(5,*2
H[WUHPDPHQWHSHULJRVDVTXHSRGHPFDXVDU
DPRUWHRXIHULPHQWRVJUDYHVQRFDVRGH
LQREVHUYkQFLD
0XLWRREULJDGRSRUVXDFRQILDQoD
$QWHVGDSULPHLUDXWLOL]DomROHLDHDWHQWHSDUDDVLQIRUPDo}HVFRQWLGDVQHVWH0DQXDOGHLQVWUX
o}HVSDUDTXHYRFrFRQKHoDGHIRUPDUiSLGDHDEUDQJHQWHRYHtFXOREHPFRPRSDUDSRGHUUHFR
QKHFHUHHYLWDUSRVVtYHLVSHULJRVSDUDVLHSDUDWHUFHLURV
&HQWUDOGH5HODFLRQDPHQWRFRP&OLHQWHV9RONVZDJHQ
,QWHUQHW
7HOHIRQH
)D[
&DUWD
9RONVZDJHQGR%UDVLO
0XLWRREULJDGRSRUVXDFRQILDQoD
QGLFH
6REUHHVWH0DQXDOGH
LQVWUXo}HV
5HSDURVQRVFRPSRQHQWHVGR
FRQFHLWRGHVHJXUDQoDGR
YHtFXOR
6HQWDUGHIRUPDFRUUHWDHVHJXUD
,OXPLQDomRHYLVLELOLGDGH
9LVWDJHUDOGRYHtFXOR
9LVWDVH[WHUQDV
7UDQVSRUWDU
,QWHULRUGRYHtFXOR
(TXLSDPHQWRVSUiWLFRV
'XUDQWHDFRQGXomR
'DUSDUWLGDWURFDUDPDUFKDHVWDFLRQDU
,QVWUXPHQWRFRPELQDGR
9RODQWHPXOWLIXQo}HV
$QWHVGDFRQGXomR
$QWHVGHSDUWLU
$EULUHIHFKDU
6LVWHPDVGHDVVLVWrQFLDDRFRQGXWRU
&OLPDWL]DomR
1RSRVWRGHFRPEXVWtYHO
&RQVHUYDomR/LPSH]D
0DQXWHQomR
1RFRPSDUWLPHQWRGRPRWRU
QGLFH
&RQVHUYDomRHPDQXWHQomRGRYHtFXOR
$EUHYLDWXUDVXWLOL]DGDV
QGLFHUHPLVVLYR
$XWRDMXGD
2ULHQWDo}HVSUiWLFDV
QGLFH
6REUHHVWH0DQXDOGHLQVWUXo}HV
&RPSRQHQWHVIL[RVGDOLWHUDWXUDGH
ERUGR
&RPSRQHQWHVDGLFLRQDLVGDOLWHUDWXUD
GHERUGRRSFLRQDLV
2XWURVDQH[RV
6REUHHVWH0DQXDOGHLQVWUXo}HV
5HSDURVQRVFRPSRQHQWHVGRFRQFHLWRGHVHJXUDQoD
GRYHtFXOR
5HSDURVQRVFRPSRQHQWHVGRFRQFHLWRGHVHJXUDQoDGRYHtFXOR
9LVWDJHUDOGRYHtFXOR
9LVWDVH[WHUQDV
9LVWDODWHUDO
)LJ
9LVWDJHUDOGRYHtFXOR
9LVWDIURQWDO
)LJ
9LVWDVH[WHUQDV
9LVWDWUDVHLUD
)LJ
9LVWDJHUDOGRYHtFXOR
,QWHULRUGRYHtFXOR
9LVWDJHUDOGDSRUWDGRFRQGXWRU
)LJ
01
,2
,QWHULRUGRYHtFXOR
9LVWDJHUDOGRODGRGRFRQGXWRUYDULDQWH
)LJ

&
* + /+ E

'

9LVWDJHUDOGRYHtFXOR
()'(
U
,/7

42)0
W
/+ 2%3%4
,QWHULRUGRYHtFXOR

9LVWDJHUDOGRODGRGRFRQGXWRUYDULDQWH
)LJ

&
'

* + /+ E

9LVWDJHUDOGRYHtFXOR
X
=
%.4%2
,QWHULRUGRYHtFXOR

9LVWDJHUDOGRFRQVROHFHQWUDO
3DUWHVXSHULRUGRFRQVROHFHQWUDO
)LJ

_
=
5iGLR

9LVWDJHUDOGRYHtFXOR
3DUWHLQIHULRUGRFRQVROHFHQWUDO
)LJ
,QWHULRUGRYHtFXOR

9LVWDJHUDOGRODGRGRSDVVDJHLURGLDQWHLUR
)LJ
6tPERORVQRUHYHVWLPHQWRGRWHWR
6tPEROR
*/s

9LVWDJHUDOGRYHtFXOR
6LJQLILFDGR
/X]HVGHDGYHUWrQFLDHGHFRQWUROH
6tPEROR
H
~
E
q
i
F
B
%0#
T
=
,QVWUXPHQWRV
6LJQLILFDGR
1mRSURVVHJXLU
9HU
1mRSURVVHJXLU
1mRSURVVHJXLU
1mRSURVVHJXLU

6tPEROR

3!&%
).30
6LJQLILFDGR
$'9(571&,$
$REVHUYkQFLDGDVOX]HVGHDGYHUWrQFLDDFH
VDVHGDVPHQVDJHQVGHWH[WRpHVVHQFLDOSD
UDVHJXUDQoDGRFRQGXWRUHGRVSDVVDJHLURV
HYLWDQGRSRVVtYHLVSDUDGDVGRYHtFXOREHP
FRPRHYHQWXDLVDFLGHQWHV
1XQFDLJQRUDUDVOX]HVGHDGYHUWrQFLD
DFHVDVHDVPHQVDJHQVGHWH[WR
3DUDURYHtFXORDVVLPTXHSRVVtYHOHPXP
ORFDOVHJXURDWRGRVRVSDVVDJHLURVGRYHt
FXORHDRVGHPDLVFRQGXWRUHV
(VWDFLRQDURYHtFXORDXPDGLVWkQFLDVH
JXUDGDSLVWDGHURGDJHPGHIRUPDTXHQH
QKXPDGDVSHoDVGRVLVWHPDGHHVFDSHHQWUH
HPFRQWDWRFRPPDWHULDLVLQIODPiYHLVFRPR
SRUH[HPSORJUDPDVHFDFRPEXVWtYHOyOHR
HWF

9HU
9LVWDJHUDOGRYHtFXOR
$'9(571&,$FRQWLQXDomR
8PYHtFXORSDUDGRVHPDGHYLGDVLQDOL]D
omRUHSUHVHQWDXPJUDQGHULVFRGHDFLGHQWH
SDUDVLPHVPRHSDUDWHUFHLURV6HPSUHDFLR
QDUDVOX]HVGHDGYHUWrQFLDHXWLOL]DURWULkQ
JXORGHVHJXUDQoDSDUDDOHUWDURXWURVYHtFX
ORV
$QWHVGHDEULUDWDPSDGRFRPSDUWLPHQWR
GRPRWRUGHVOLJDURPRWRUHDJXDUGDUDWp
TXHVXDWHPSHUDWXUDWHQKDEDL[DGRVXILFLHQ
WHPHQWH
2FRPSDUWLPHQWRGRPRWRUGHWRGRYHtFX
ORpXPDiUHDSHULJRVDHSRGHFDXVDUIHUL
PHQWRVJUDYHV3iJLQD3UHSDUDo}HV
SDUDWUDEDOKRVQRFRPSDUWLPHQWRGRPRWRU
127$
2EVHUYDUVHPSUHDVOX]HVGHFRQWUROHDFHVDVH
DVPHQVDJHQVGHWH[WRSDUDHYLWDUGDQRVQR
YHtFXOR
,QVWUXPHQWRV
,QWURGXomRDRWHPD
$'9(571&,$
$GLVWUDomRGRFRQGXWRUHQTXDQWRGLULJHR
YHtFXORSRGHFDXVDUDFLGHQWHVHIHULPHQWRV
1XQFDFRPDQGDURVERW}HVGRLQVWUXPHQ
WRFRPELQDGRGXUDQWHDFRQGXomR
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV
0DQXWHQomRHJDUDQWLD
9LVWDJHUDOGRVLQVWUXPHQWRV
)LJ
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
,QGLFDGRUGHWHPSHUDWXUDGROtTXLGRGHDUUHIHFLPHQWRGRPRWRU~
,QGLFDGRUGRQtYHOGHFRPEXVWtYHO
9HORFtPHWUR
7HFODGHUHWURFHVVR

7HFODGHDMXVWHGRUHOyJLRGRLQVWUXPHQWRFRPELQDGR
7HFODGHUHLQLFLDOL]DomRGRLQGLFDGRUGRLQWHUYDORGHVHUYLoR
,QGLFDGRUHVGRGLVSOD\
7HFODGHUHJXODJHPGDLOXPLQDomRGRSDLQHOGHLQVWUXPHQWRV
7DF{PHWURFRQWDJLURV
'
127$FRQWLQXDomR
127$
&RPRPRWRUIULRHYLWDUURWDomRGRPRWRU
PXLWRHOHYDGDDFHOHUDomRWRWDOHIRUWHGHPDQ
GDDRPRWRU
3DUDHYLWDUGDQRVDRPRWRURSRQWHLURGR
WDF{PHWURFRQWDJLURVSRGHSHUPDQHFHUDSH
QDVSRUXPFXUWRSHUtRGRQDiUHDYHUPHOKDGD
HVFDOD
7H[WRVGHDGYHUWrQFLDHGHLQIRUPDomR

9LVWDJHUDOGRYHtFXOR
7LSRGHPHQVDJHP
&RUGR
6LJQLILFDGR
VtPEROR
1mRSURVVHJXLU
,QGLFDGRUHVGHTXLORPHWUDJHP
KRG{PHWURWRWDO
KRG{PHWURSDUFLDO
3RVLo}HVGDDODYDQFDVHOHWRUDWUDQVPLVVmR
DXWRPDWL]DGD
'
5HFRPHQGDomRGHPDUFKDWUDQVPLVVmR
PDQXDO9R\DJH%OXH0RWLRQ7HFKQRORJ\
5iGLR
8PYHtFXORSDUDGRVHPDGHYLGDVLQDOL]D
omRUHSUHVHQWDXPJUDQGHULVFRGHDFLGHQWH
SDUDVLPHVPRHSDUDWHUFHLURV6HPSUHDFLR
QDUDVOX]HVGHDGYHUWrQFLDHXWLOL]DURWULkQ
JXORGHVHJXUDQoDSDUDDOHUWDURVRXWURVYHt
FXORV
HWF
127$
YHtFXOR
$'9(571&,$
UDDVHJXUDQoDGRFRQGXWRUHGRVSDVVDJHL
URVHYLWDQGRSRVVtYHLVSDUDGDVGRYHtFXOR
EHPFRPRHYHQWXDLVDFLGHQWHV

,QGLFDGRUGRLQWHUYDORGHVHUYLoR
VHUYLoRFRQGLFLRQDGRDRWHP
SRRXjTXLORPHWUDJHP
5HDOL]DomRGRVHUYLoR
,163
VHUYLoRHVWLYHUSDUDYHQFHU
5HYLVRLPHGLDWD
5HLQLFLDOL]DURLQGLFDGRUGRLQWHUYDORGH
VHUYLoR
)LJ
1mR
FRP
WHQomRHJDUDQWLD

0DQXWHQomRHJDUDQWLD
9LVWDJHUDOGRYHtFXOR
0DQX
,QGLFDGRUGHFRQVXPRGHFRPEXVWtYHO9R\DJH%OXH0RWLRQ7HFKQRORJ\
)LJ

6LVWHPDGHLQIRUPDo}HV9RONVZDJHQ&RPSXWDGRUGHERUGR
,QWURGXomRDRWHPD
&RPS%RUGR
&RQILJXUDHV
(&2&RPIRUW
&RQIRUWR
,OXPH9LVLE
$'9(571&,$
$GLVWUDomRGRFRQGXWRUHQTXDQWRGLULJHR
YHtFXORSRGHSURYRFDUDFLGHQWHVHIHULPHQ
WRV
1XQFDDFHVVDURVPHQXVGRLQVWUXPHQWR
FRPELQDGRGXUDQWHDFRQGXomR

9LVWDJHUDOGRYHtFXOR
9LVWDJHUDOGDHVWUXWXUDGRPHQX
&RPS%RUGR3iJLQD
XGLR3iJLQD
(VWDGRYHtFXOR3iJLQD
&RQILJXUDo}HV3iJLQD

&RQWURODURVPHQXVGRLQVWUXPHQWRFRPELQDGR
)LJ
$FHVVDURVXEPHQX
&RPDQGRFRPDDODYDQFDGRVOLPSDGRUHVGR
SDUDEULVD
$
%
&RPDQGRFRPRYRODQWHPXOWLIXQo}HV
*
)LJ
$GRWDUFRQILJXUDo}HVGRPHQX
$FHVVDURPHQXSULQFLSDO
9ROWDUDRPHQXSULQFLSDO
SDUDEULVD

9LVWDJHUDOGRYHtFXOR
SDUDEULVD
9ROWDUDRLWHPDQWHULRU

3RUPHLRGRPHQX
9ROWDU
E
0HQXSULQFLSDO
(PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD
0HQX
)XQomR
&RQVXOWDU
&RPSXWDGRUGH
ERUGR
XGLR
(VWDGRGRYH
FXOR
5iGLR
&RQILJXUDHV
0HQX&RPS%RUGR
GHYLDJHPLQGLYLGXDO
WRWDO
&RPDLJQLomROLJDGDHDPHPyULDLQGLFDGDRXSUHVVLRQDUDWHFOD
HQWUHDVGXDVPHPyULDV
0HPyULD
0HPyULDGHYLDJHP
RX
SDUDDOWHUQDU

([LELo}HVSRVVtYHLV
0HQX&RPS%RUGR
)XQomR
&RQVXPRPRPHQWQHRGH
FRPEXVWYHO
&RQVXPRPGLRGHFRP
EXVWYHO
$XWRQRPLD
7HPSRGHYLDJHP
'LVWQFLDSHUFRUULGD
9HORFLGDGHPGLD
9HORFLGDGHGLJLWDO
$OHUWDYHORFLGDGH
$OWHUQDUHQWUHRVLQGLFDGRUHV
NPK
9HtFXORVVHPYRODQWHPXOWLIXQo}HV
NPK
9HtFXORVFRPYRODQWHPXOWLIXQo}HV
*
$SDJDUDPHPyULDRXPDQXDOPHQWH
$OHUWD
3DUDGHVDWLYDU
GHYHORF
6HOHomRSHVVRDOGRVLQGLFDGRUHV
$UPD]HQDUDYHORFLGDGHSDUDRDOHUWDGH
YHORFLGDGH
$OHUWDGHYHORF

9LVWDJHUDOGRYHtFXOR
%RUGR
&RQILJXUDHV
'DGRV&
0HQX&RQILJXUDHV
oD QDSiJLQD
0HQX&RQILJXUD
HV
)XQomR
,GLRPD/DQJ
'DGRV&%RUGR
6HQVRUHVWDF
(&2&RPIRUW
&RQIRUWR
,OXPH9LVLE
0DQXWHQR
$MXVWHIEULFD
&RQILJXUDHV
9ROWDU
127$
$IXQomR 0DQXWHQRpXPDRULHQWDomRDGLFLR
QDOHPUHODomRjVPDQXWHQo}HVMiGHILQLGDVSD
UDRVHXYHtFXOR/HPEUHVHGHTXHTXDOTXHU
127$FRQWLQXDomR
TXLORPHWUDJHPDVHUGHILQLGDQmRGHYHVHUVX
SHULRUjSUHVFULWDQRFDGHUQR0DQXWHQomRH
JDUDQWLD
6XEPHQX(&2&RPIRUW
(&2&RPIRUW
)LJ

(&2&20)257 1RDFLRQDURSHGDOGR
DFHOHUDGRUFRPYHFXORSDUDGR
7H[WRVGHDOHUWD
(&2&20)257 5HVLVWQFLDGRDU)HFKDU
MDQHODV
(&2&20)257 &RORFDUDDODYDQFDVHOH
WRUDQDSRVLR'
(&2&20)257 $UFRQGLFLRQDGROLJDGR
)HFKDUMDQHODV
(&2&20)257 (YLWDUWHURPRWRUHP
IXQFLRQDPHQWRFRPYHFXORSDUDGR
(&2&20)257 2EVHUYDULQGLFDGRUGHPX
GDQDGHPDUFKDV
(&2&20)257 1DIUHQDJHPGHVHQJDWDU
DSHQDVDEDL[RGHUSP
(&2&20)257 1RDFLRQDURSHGDOGR
DFHOHUDGRUQRDUUDQTXHGRPRWRU
6XEPHQX&RQIRUWR
oD QDSiJLQD
0HQX&RQIRUWR
)XQomR
6LQDO6RQRUR
6LQDO/XPLQRVR
)HFK$XWRP
9ROWDU
&RQILJXUDHV
6XEPHQX,OXPH9LVLE
oD QDSiJLQD
0HQX,OXPH9L
VLE
)XQomR
&RPLQJ+RPH
/HDYLQJ+RPH
$XWRPWLFR
0DQXDO
'HVOLJDGR
9ROWDU

&RQILJXUDHV
9LVWDJHUDOGRYHtFXOR
9RODQWHPXOWLIXQo}HV
9RODQWHPXOWLIXQo}HVFRPFRPDQGRVGRUiGLRHGR6LVWHPD
GHLQIRUPDo}HV9RONVZDJHQ
,QWURGXomRDRWHPD
5iGLR
&RPDQGRVGRYRODQWHPXOWLIXQo}HV
)LJ
)LJ
IRUPDo}HVLQWURGXWyULDVQDSiJLQD
7HFODV 8WLOL]DomR
)XQomR
3UHVVLRQDQGRDWHFODEUHYHPHQWH
3UHVVLRQDQGRSRUDOJXQVVHJXQGRV
&
9RODQWHPXOWLIXQo}HV

7HFODV 8WLOL]DomR
)XQomR
3UHVVLRQDQGRDWHFODGXDVYH]HVEUHYHPHQWH

'
0HQXXGLR
/+

9LVWDJHUDOGRYHtFXOR
7HFODV 8WLOL]DomR
)XQomR
0HQXXGLR
5iGLR
9RODQWHPXOWLIXQo}HV

$QWHVGDFRQGXomR
$QWHVGHSDUWLU
2ULHQWDo}HVSDUDFRQGXomR
,QWURGXomRDRWHPD
$'9(571&,$
&RQGX]LUVREDLQIOXrQFLDGHiOFRROGURJDV
PHGLFDPHQWRVHHQWRUSHFHQWHVSRGHFDXVDU
DFLGHQWHVJUDYHVHIHULPHQWRVIDWDLV
OFRROGURJDVPHGLFDPHQWRVHHQWRUSH
FHQWHVSRGHPGLPLQXLUFRQVLGHUDYHOPHQWHR
JUDXGHSHUFHSomRRVWHPSRVGHUHDomRHD
VHJXUDQoDGDFRQGXomRRTXHSRGHFDXVDUD
SHUGDGRFRQWUROHGRYHtFXOR
3UHSDUDWLYRVGHYLDJHPHVHJXUDQoDGDFRQGXomR
oD QDSiJLQD
/LVWDGHFRQWUROH
d
d
d
d
d
d
d
d
d
d
d
d

$QWHVGDFRQGXomR
d
d
d
d
d
d
/LVWDGHFRQWUROHFRQWLQXDomR
0DQXWHQomRHJDUDQWLD
$'9(571&,$
5HVSHLWDUVHPSUHDVUHJUDVGHWUkQVLWRDWXDLV
HRVOLPLWHVGHYHORFLGDGHHFRQGX]LUSUHYHQ
WLYDPHQWH$DYDOLDomRFRUUHWDGDVLWXDomRGH
FRQGXomRSRGHID]HUDGLIHUHQoDHQWUHFKH
JDUDRGHVWLQRGDYLDJHPHPVHJXUDQoDHVR
IUHUXPDFLGHQWHFRPIHULPHQWRVJUDYHV
WLD
0DQXWHQomRHJDUDQ
&RQGXomRQRH[WHULRU
oD QDSiJLQD
/LVWDGHFRQWUROH
d
d
d
d
d
d
$QWHVGHSDUWLU

127$
$9RONVZDJHQQmRVHUHVSRQVDELOL]DSRUGDQRV
FDXVDGRVDRYHtFXORHPUD]mRGHFRPEXVWtYHO
GHEDL[DTXDOLGDGHPDQXWHQomRLQVXILFLHQWH
LQFRUUHWDHXWLOL]DomRGHSHoDVQmRRULJLQDLV
7UDYHVVLDGHWUHFKRVDODJDGRV
$'9(571&,$
$SyVFRQGXo}HVSRUiJXDODPDORGRHWF
SRGHRFRUUHUXPUHWDUGDPHQWRQDDWXDomRGR
IUHLRHPUD]mRGHXPLGDGHRXFRQJHODPHQWR
GRVGLVFRVHSDVWLOKDVGHIUHLRH[LJLQGRR
DXPHQWRGDGLVWkQFLDGHIUHQDJHP
6HFDURVIUHLRVHHOLPLQDURJHORSRU
PHLRGHDo}HVFXLGDGRVDVGHIUHQDJHP3UR
FHGHUVHPFRORFDURVGHPDLVFRQGXWRUHVHP
ULVFRRXGHVUHVSHLWDUDVGHWHUPLQDo}HVOH
JDLV
QRPi[LPR
(YLWDUPDQREUDVEUXVFDVHUHSHQWLQDVGH
IUHQDJHPORJRDSyVDWUDYHVVLDGHWUHFKRV
DODJDGRV
127$
1DWUDYHVVLDGHWUHFKRVDODJDGRVDOJXPDV
SHoDVGRYHtFXORFRPRSRUH[HPSORPRWRU
WUDQVPLVVmRFKDVVLRXVLVWHPDHOpWULFRSR
GHPVHUVHULDPHQWHGDQLILFDGRV
-DPDLVFRQGX]LUSRUiJXDVDOJDGDRVDOSR
GHSURYRFDUFRUURVmR/DYDULPHGLDWDPHQWH
FRPiJXDGRFHWRGDVDVSDUWHVGRYHtFXORTXH
WHQKDPHQWUDGRHPFRQWDWRFRPDiJXDVDOJD
GD

$QWHVGDFRQGXomR
'DGRVWpFQLFRV
,QWURGXomRDRWHPD
0DQXWHQomRHJDUDQWLD
$'9(571&,$
1mRREVHUYDURXH[FHGHURVYDORUHVLQGLFD
GRVSDUDSHVRVFDUJDGLPHQV}HVHYHORFLGD
GHPi[LPDSRGHRFDVLRQDUDFLGHQWHVHIHUL
PHQWRVJUDYHV
$QWHVGHSDUWLU

'DGRVGHLGHQWLILFDomRGRYHtFXOR
)LJ
)LJ
1~PHURGHLGHQWLILFDomRGRYHtFXOR9,1
Q~PHURGRFKDVVL
(WLTXHWDGRIDEULFDQWH
(WLTXHWDGHLGHQWLILFDomRGRDQRGH
IDEULFDomR
1~PHURGHLGHQWLILFDomRGRYHtFXORSDUFLDO
Q~PHURGRFKDVVLSDUFLDO
127$
6HIRUQHFHVViULRVXEVWLWXLUHWLTXHWDVRXUHJUD
YDUFRPSRQHQWHVGRYHtFXORVROLFLWHDRULHQWD
omRGHXPD&RQFHVVLRQiULD9RONVZDJHQ
1~PHURGHLGHQWLILFDomRGRPRWRU

$QWHVGDFRQGXomR
127$
$SHOtFXODSOiVWLFDDSOLFDGDQDUHJLmRGDJUDYD
omRGRQ~PHURGHLGHQWLILFDomRGRYHtFXORQ~
PHURGRFKDVVLpXPDSURWHomRDQWLFRUURVLYD
HQmRLPSHGHDWUDQVIHUrQFLDGRQ~PHURSDUD
XPDIROKDGHSDSHOGHFDOTXHGRFKDVVL3RU
WDQWRHODQmRGHYHVHUUHPRYLGDGHIRUPDDOJX
PDULVFRGHSHUGDGDJDUDQWLDFRQWUDSHUIXUD
omRSRUFRUURVmR
'DGRVGRPRWRU
oD QDSiJLQD
727$/)/(;N:
9:
727$/)/(;N:
9:
$QWHVGHSDUWLU

'LPHQV}HV
)LJ
/HJHQGDSDUD)LJ
127$
&RQGX]LUFRPFXLGDGRHPHVWDFLRQDPHQWRV
FRPPHLRILRVDOLHQWHRXEDOL]DVIL[DV2EMHWRV
PDLVDOWRVTXHRFKmRSRGHPGDQLILFDURSDUD
FKRTXH H RXWUDV SHoDV GR YHtFXOR DR HVWDFLR
QDURXVDLUGDYDJD

$QWHVGDFRQGXomR
127$FRQWLQXDomR
&RQGX]LUFDXWHORVDPHQWHVREUHGHSUHVV}HV
HHQWUDGDVGHWHUUHQRVUDPSDVPHLRVILRVH
RXWURVREMHWRV3DUWHVGRYHtFXORPDLVUHEDL[D
GDVFRPRSDUDFKRTXHVSRLOHUHSHoDVGR
FKDVVLGRPRWRURXGRVLVWHPDGHHVFDSHSR
GHPVHUDYDULDGDVQDSDVVDJHP
'HVHPSHQKRV
oD QDSiJLQD
9HORFLGDGHPi[LPD
3RWrQFLDGRPRWRU
&yGLJRGR
PRWRU
7LSRGHWUDQV
PLVVmR
9HORFLGDGHPi[LPDD
*DVROLQD
(WDQRO
$FHOHUDomR
3RWrQFLDGRPR &yGLJR
7LSRGH
WRU
GRPRWRU WUDQVPLVVmR
$FHOHUDomRNPKD
*DVROLQD
(WDQRO
$FHOHUDomRNPKD
*DVROLQD
(WDQRO
$QWHVGHSDUWLU

$EULUHIHFKDU
-RJRGHFKDYHVGRYHtFXOR
,QWURGXomRDRWHPD
3(5,*2FRQWLQXDomR
3URFXUDUDX[tOLRPpGLFRLPHGLDWDPHQWH
TXDQGRKRXYHUDVXVSHLWDGHTXHXPDEDWHULD
IRLHQJROLGD
$'9(571&,$
8PDXWLOL]DomRGHVDWHQWDRXGHVFRQWURODGD
GDVFKDYHVGRYHtFXORSRGHFDXVDUDFLGHQWHV
HIHULPHQWRVJUDYHV
3(5,*2
4XDQGREDWHULDVFRPGLkPHWURGHPPRX
RXWUDVEDWHULDVGHOtWLRVmRHQJROLGDVDFRQ
VHTXrQFLDSRGHVHUOHV}HVJUDYHVRXDWpID
WDLVHPXPFXUWRHVSDoRGHWHPSR
&RQVHUYDUVHPSUHDFKDYHGRYHtFXOR
EHPFRPRFKDYHLURVFRPEDWHULDVEDWHULDV
GHUHSRVLomRFpOXODVWLSRERWmRHRXWUDVED
WHULDVIRUDGRDOFDQFHGHFULDQoDV

$QWHVGDFRQGXomR
/HYDUVHPSUHWRGDVDVFKDYHVGRYHtFXOR
FRQVLJRDRGHL[DURYHtFXOR&ULDQoDVRXSHV
VRDVQmRDXWRUL]DGDVSRGHPWUDYDUDVSRUWDV
HDWDPSDGRFRPSDUWLPHQWRGHEDJDJHP
GDUSDUWLGDQRPRWRURXOLJDUDLJQLomRHFRP
LVVRDFLRQDUHTXLSDPHQWRVHOpWULFRVFRPR
SRUH[HPSORRVYLGURVHOpWULFRV
1XQFDGHL[DUFULDQoDVRXSHVVRDVFRP
QHFHVVLGDGHHVSHFLDLVVR]LQKDVQRYHtFXOR
(PFDVRGHHPHUJrQFLDHODVQmRHVWDULDP
HPFRQGLo}HVGHGHL[DURYHtFXORVR]LQKDV
RXGHDMXGDUHPDVLPHVPDV(PXPYHtFXOR
IHFKDGRGHDFRUGRFRPDHVWDomRGRDQR
SRGHPRFRUUHUWHPSHUDWXUDVPXLWRDOWDVRX
PXLWREDL[DVTXHSRGHPFDXVDUIHULPHQWRV
JUDYHVHHQIHUPLGDGHVSULQFLSDOPHQWHHP
FULDQoDVSHTXHQDVRXOHYDUjPRUWH
1XQFDUHWLUDUDFKDYHGDLJQLomRHQTXDQWR
RYHtFXORHVWLYHUHPPRYLPHQWR
&KDYHGRYHtFXORFRPFRPDQGRUHPRWR
)LJ
127$
7RGDFKDYHGRYHtFXORFRQWpPFRPSRQHQWHV
HOHWU{QLFRV3URWHJHUDVFKDYHVFRQWUDDYDULDV
XPLGDGHHYLEUDo}HVLQWHQVDV
5HEDWHUDKDVWHGDFKDYHSDUDIRUDRXSDUD
GHQWUR
UHEDWHUSDUDGHQWUR
&KDYHGHUHSRVLomR
FHQWUDOHVLVWHPDGHWUDYDPHQWR
7UDYDPHQWR
$EULUHIHFKDU

&KDYHGRYHtFXORPHFkQLFD
)LJ
'HVGREUDUHGREUDUDKDVWHGDFKDYH
PHFkQLFDGREUiYHO
GREUDUSDUDGHQWUR
&KDYHGHUHSRVLomR
/X]GHFRQWUROHGDFKDYHGRYHtFXORFRPFRPDQGRUHPRWR
)LJ

$QWHVGDFRQGXomR
6XEVWLWXLUDEDWHULD
)LJ
)LJ
127$
8PDWURFDGHEDWHULDUHDOL]DGDGHIRUPD
LQDGHTXDGDSRGHGDQLILFDUDFKDYHGRYHtFXOR
%DWHULDVLQDGHTXDGDVSRGHPGDQLILFDUD
FKDYHGRYHtFXOR6XEVWLWXLUEDWHULDVGHVFDUUH
JDGDVVRPHQWHSRUEDWHULDVQRYDVFRPDPHV
PDWHQVmRWDPDQKRHHVSHFLILFDomR
1DLQVWDODomRGDEDWHULDREVHUYDUDSRODUL
GDGHFRUUHWD
6XEVWLWXLUDEDWHULD
$EULUHIHFKDU

6LQFURQL]DUDFKDYHGRYHtFXORFRPFRPDQGRUHPRWR
0

$QWHVGDFRQGXomR
7UDYDPHQWRFHQWUDOHVLVWHPDGHWUDYDPHQWR
,QWURGXomRDRWHPD
$'9(571&,$
8PDXWLOL]DomRLQFRUUHWDGRWUDYDPHQWRFHQ
WUDOSRGHFDXVDUIHULPHQWRVJUDYHV
2WUDYDPHQWRFHQWUDOWUDYDWRGDVDVSRU
WDV8PYHtFXORWUDYDGRSRUGHQWURSRGHLP
SHGLUXPDDEHUWXUDLQYROXQWiULDGDVSRUWDVH
DLQYDVmRGHSHVVRDVQmRDXWRUL]DGDV(P
FDVRGHHPHUJrQFLDRXDFLGHQWHHQWUHWDQWR
SRUWDVWUDYDGDVGLILFXOWDPRDFHVVRGHVRFRU
ULVWDVDRLQWHULRUGRYHtFXORSDUDDWHQGHUDV
SHVVRDV
QHFHVVLGDGHVHVSHFLDLVVR]LQKDVQRYHtFXOR
2DFLRQDPHQWRGRERWmRGRWUDYDPHQWRFHQ
WUDOSRGHUiWUDYDUDVSRUWDVGRYHtFXORSRU
GHQWURGLILFXOWDQGRRXLPSHGLQGRDVDtGD
3HVVRDVWUDQFDGDVSRGHPILFDUH[SRVWDVD
WHPSHUDWXUDVPXLWRDOWDVRXPXLWREDL[DV
QmR
&RQIRUPHDHVWDomRGRDQRSRGHPRFRU
UHUWHPSHUDWXUDVPXLWRDOWDVRXPXLWREDL[DV
QRLQWHULRUGHXPYHtFXORIHFKDGRTXHSR
GHPFDXVDUIHULPHQWRVJUDYHVHHQIHUPLGD
GHVSULQFLSDOPHQWHHPFULDQoDVSHTXHQDV
RXOHYDUjPRUWH
1XQFDGHL[DUSHVVRDVGHQWURGHXPYHt
FXORWUDYDGR(PFDVRGHHPHUJrQFLDHODV
SRGHULDPQmRWHUFRQGLo}HVGHGHL[DURYHt
FXORVR]LQKDVRXGHDMXGDUHPDVLPHVPDV
6RPHQWHDEULURXIHFKDUDVSRUWDVHDWDP
SDGRFRPSDUWLPHQWRGHEDJDJHPTXDQGR
QmRKRXYHUQLQJXpPHPVHXUDLRGHDEHUWXUD
$EULUHIHFKDU

7UDYDPHQWRPHFkQLFR
)XQomR
VHP
$omRFRPDFKDYHPHFkQLFD)LJQDIHFKDGXUD
$'9(571&,$
&RPDVSRUWDVWUDYDGDVHYLWDVHRDFHVVRLQ
GHVHMDGRSHORODGRGHIRUDSRUH[HPSORQD
SDUDGDHPVHPiIRUR3RGHUmRGLILFXOWDUFRQ
WXGRDDomRGHVRFRUURQRFDVRGHHPHUJrQ
FLD
/X]GHFRQWUROH
oD QDSiJLQD
3LVFDQGR
&DXVDSRVVtYHO
$'9(571&,$

$QWHVGDFRQGXomR
4XDQGRRYHtFXORSDUDRXSUHFLVDVHUHV
WDFLRQDGRSDUDUHSDURVHVWDFLRQDUVHPSUHR
YHtFXORDXPDGLVWkQFLDVHJXUDGDUXDOLJDU
DVOX]HVGHDGYHUWrQFLDGHVOLJDURPRWRUH
DGRWDURXWUDVPHGLGDVGHVHJXUDQoDSDUD
DOHUWDURWUkQVLWR
127$
YHtFXOR
'HVFULomRGRWUDYDPHQWRFHQWUDO
7UDYDURYHtFXORDSyVRDFLRQDPHQWRGR
DLUEDJ
)XQomR
SRUGHQWUR
SRUIRUD
PHQWRRXDEHUWXUDGHHPHUJrQFLD
$omR
1
28
)HFKD
7UDYDPHQWRDXWRPiWLFR$XWR/RFN
$EULUHIHFKDU

'HVWUDYDUHWUDYDURYHtFXORSRUIRUD
)LJ
)LJ
)XQomR
$omRFRPDVWHFODVGDFKD
YHFRPFRPDQGRUHPRWR
)LJ
0
$omRFRPDKDVWHGDFKDYHFRPFRPDQGR
UHPRWRQDIHFKDGXUD)LJRXFRPD
FKDYHPHFkQLFD)LJ
QRVHQWLGRDQWLKRUiULR
QRVHQWLGRKRUiULR
q
QmR
XPDYH]
GXDVYH]HV

$QWHVGDFRQGXomR
)HFKDPHQWRGHHPHUJrQFLD
7UDYDUDSRUWDGRSDVVDJHLURGLDQ
WHLURHDVSRUWDVWUDVHLUDVPDQXDOPHQWH
GRFRPSDUWLPHQWRGHEDJDJHPVHHQFRQWUD
OLYUHDQWHVGHXWLOL]DUDFKDYHFRPFRPDQGR
UHPRWRRXDWHFODGHDEHUWXUDQRFRQVROH
FHQWUDO3iJLQD$EULUDWDPSDGRFRP
SDUWLPHQWRGHEDJDJHP
$EHUWXUDHIHFKDPHQWRGHFRQIRUWR
$'9(571&,$
$WDPSDGRFRPSDUWLPHQWRGHEDJDJHPVH
DEUHSHODIRUoDGHXPDPROD9HULILFDUVHR
UDLRGHIXQFLRQDPHQWRHDEHUWXUDGDWDPSD
'HVWUDYDUHWUDYDURYHtFXORSRUGHQWUR
QmR
IRUD
)LJ
0
3UHVVLRQDUDWHFOD)LJ
0
1
$EULUHIHFKDU

6LVWHPDGHDODUPHDQWLIXUWR
9iOLGRSDUDYHtFXORVFRPVLVWHPDGH
WUDYDPHQWRFHQWUDOHVHPDODUPH
4XDQGRRDODUPHpGLVSDUDGR"
QmR
1
9iOLGR
SDUDYHtFXORVFRPVLVWHPDGHWUDYDPHQWRFHQWUDOH
FRPDODUPH
'HVOLJDUDODUPH
'HVWUDQFDUPHFDQLFDPHQWHWRGDVDVSRUWDV
GRYHtFXORDEHUWXUDGHHPHUJrQFLD

$QWHVGDFRQGXomR
0RQLWRUDPHQWRGRLQWHULRUGRYHtFXOR
5LVFRVGHIDOKDGRDODUPH
)LJ
/LJDURPRQLWRUDPHQWRGRLQWHULRUGR
YHtFXOR
'HVOLJDURPRQLWRUDPHQWRGRLQWHULRUGR
YHtFXOR
127$
9iOLGRVRPHQWHSDUDYHtFXORVFRP6LVWHPDGH
,QIRUPDo}HV9RONVZDJHQVHRPRQLWRUDPHQWR
GRLQWHULRUGRYHtFXORHVWLYHUGHVOLJDGRHKRX
YHUDQHFHVVLGDGHGHGHL[DUXPDSHTXHQD
DEHUWXUDQRVYLGURVGHYHPVHUREVHUYDGDVDV
VHJXLQWHVRULHQWDo}HV
'HVDWLYDUDIXQomRGHIHFKDPHQWRDXWRPiWL
FDGRVYLGURVSRUPHLRGRVXEPHQX&RQIRUWR
QDRSomR )HFK$XWRP1HVWDFRQGLomRGHYH
VH VHPSUH GHVOLJDU R PRQLWRUDPHQWR GR LQWH
ULRUGRYHtFXORFDVRFRQWUiULRRDODUPHSRGHUi
GLVSDUDU
$9RONVZDJHQUHFRPHQGDTXHHVWHSURFHGL
PHQWRVHMDUHDOL]DGRDSHQDVVHQHFHVViULR
$EULUHIHFKDU

3RUWDV
,QWURGXomRDRWHPD
$'9(571&,$
8PDSRUWDIHFKDGDLQFRUUHWDPHQWHSRGHVH
DEULUVXELWDPHQWHGXUDQWHDFRQGXomRHFDX
VDUIHULPHQWRVJUDYHV
3DUDULPHGLDWDPHQWHHIHFKDUDSRUWD
$RIHFKDUDWHQWDUSDUDTXHDSRUWDHQFDL
[HGHIRUPDVHJXUDHFRPSOHWD$SRUWDIH
FKDGDGHYHHVWDUDOLQKDGDFRPDVSHoDVDG
MDFHQWHVGDFDUURFHULD
$EULURXIHFKDUDVSRUWDVVRPHQWHTXDQGR
QmRKRXYHUQLQJXpPHPVHXUDLRGHDEHUWXUD
$'9(571&,$
8PDSRUWDPDQWLGDDEHUWDSHORGLVSRVLWLYRGH
UHWHQomRGDSRUWDSRGHVHIHFKDUHPFRQGL
o}HVGHYHQWRIRUWHHHPDFOLYHVFDXVDQGR
IHULPHQWRV
6HJXUDUVHPSUHDVSRUWDVSHODPDoDQHWD
DRDEULUHIHFKDU

$QWHVGDFRQGXomR
7DPSDGRFRPSDUWLPHQWRGHEDJDJHP
,QWURGXomRDRWHPD
$'9(571&,$
8PGHVWUDYDPHQWRDEHUWXUDRXIHFKDPHQWR
LQFRUUHWRHVHPVXSHUYLVmRGDWDPSDGR
FRPSDUWLPHQWRGHEDJDJHPSRGHFDXVDUDFL
GHQWHVHIHULPHQWRVJUDYHV
$EULURXIHFKDUDWDPSDGRFRPSDUWLPHQWR
GHEDJDJHPVRPHQWHTXDQGRQmRKRXYHU
QLQJXpPHPVHXUDLRGHIXQFLRQDPHQWRH
DEHUWXUD
$SyVRIHFKDPHQWRGDWDPSDGRFRPSDUWL
PHQWRGHEDJDJHPYHULILFDUVHHODHVWiIH
FKDGDHWUDYDGDGHPDQHLUDFRUUHWDSDUDTXH
QmRSRVVDVHDEULUGXUDQWHDFRQGXomR$
WDPSDGRFRPSDUWLPHQWRGHEDJDJHPIHFKD
GDGHYHHVWDUDOLQKDGDFRPDVSHoDVDGMD
FHQWHVGDFDUURFHULD
0DQWHUVHPSUHIHFKDGDDWDPSDGRFRP
SDUWLPHQWRGHEDJDJHPGXUDQWHDFRQGXomR
SDUDTXHJDVHVWy[LFRVQmRSRVVDPSHQHWUDU
QRLQWHULRUGRYHtFXOR
1XQFDDEULUDWDPSDGRFRPSDUWLPHQWRGH
EDJDJHPTXDQGRKRXYHUFDUJDSRUH[HPSOR
HPXPEDJDJHLUR'DPHVPDIRUPDDWDPSD
GRFRPSDUWLPHQWRGHEDJDJHPHYHQWXDOPHQ
WHQmRSHUPLWLUVXDDEHUWXUDTXDQGRKRXYHU
FDUJDDIL[DGDQHODSRUH[HPSORELFLFOHWDV
8PDWDPSDGRFRPSDUWLPHQWRGHEDJDJHP
DEHUWDSRGHVHDEDL[DUGHYLGRDSHVRDGLFLR
QDO6HQHFHVViULRDSRLDUDWDPSDGRFRP
SDUWLPHQWRGHEDJDJHPRXUHWLUDUSUHYLDPHQ
WHDFDUJD
)HFKDUHWUDYDUDWDPSDGRFRPSDUWLPHQWR
GHEDJDJHPHWRGDVDVSRUWDVTXDQGRRYHt
FXORQmRHVWLYHUHPXVR&HUWLILFDUVHGHTXH
QLQJXpPSHUPDQHFHXGHQWURGRYHtFXOR
1XQFDGHL[DUFULDQoDVEULQFDUVHPVXSHU
YLVmRGHQWURRXSUy[LPDVGRYHtFXORVREUH
WXGRTXDQGRDWDPSDGRFRPSDUWLPHQWRGH
EDJDJHPHVWLYHUDEHUWD&ULDQoDVSRGHPHQ
WUDUQRFRPSDUWLPHQWRGHEDJDJHPIHFKDUD
WDPSDHILFDUSUHVDV&RQIRUPHDHVWDomRGR
DQRSRGHPRFRUUHUWHPSHUDWXUDVPXLWRDOWDV
RXPXLWREDL[DVQRLQWHULRUGHXPYHtFXORIH
FKDGRTXHSRGHPFDXVDUIHULPHQWRVJUDYHV
HHQIHUPLGDGHVSULQFLSDOPHQWHHPFULDQoDV
SHTXHQDVRXOHYDUjPRUWH
2DFLRQDPHQWRGDWHFODGRWUDYDPHQWRFHQ
WUDOSRGHUiWUDYDUDVSRUWDVGRYHtFXORSRU
GHQWURGLILFXOWDQGRRXLPSHGLQGRDVDtGD
3HVVRDVWUDQFDGDVSRGHPILFDUH[SRVWDVD
WHPSHUDWXUDVPXLWRDOWDVRXPXLWREDL[DV
127$
$QWHVGHDEULUDWDPSDGRFRPSDUWLPHQWRGH
EDJDJHPYHULILFDUVHH[LVWHHVSDoRVXILFLHQWH
SDUDDEULUHIHFKDUDWDPSDSRUH[HPSORHP
FRQGXo}HVFRPUHERTXHRXHPJDUDJHQV
$EULUHIHFKDU

/X]GHDGYHUWrQFLD
oD QDSiJLQD
$FHQGH &DXVDSRVVtYHO
6ROXomR
1mRSURVVHJXLU
$'9(571&,$
8PDWDPSDGRFRPSDUWLPHQWRGHEDJDJHP
IHFKDGDLQFRUUHWDPHQWHSRGHVHDEULUVXELWD
PHQWHGXUDQWHDFRQGXomRHFDXVDUIHULPHQ
WRVJUDYHV
3DUDULPHGLDWDPHQWHHPXPORFDOVHJXUR
HIHFKDUDWDPSDGRFRPSDUWLPHQWRGHEDJD
JHP
$SyVRIHFKDPHQWRGDWDPSDGRFRPSDUWL
PHQWRGHEDJDJHPYHULILFDUVHDWUDYDHQJD
WRXFRUUHWDPHQWHQRIHFKR
$EULUDWDPSDGRFRPSDUWLPHQWRGHEDJDJHP
)LJ
)LJ

$QWHVGDFRQGXomR
$EULUDWDPSDGRFRPSDUWLPHQWRGH
EDJDJHPFRPFKDYHGRYHtFXORPHFkQLFD
QRVHQWLGRKRUiULR
EDJDJHPFRPDFKDYHGRYHtFXORFRP
FRPDQGRUHPRWR
q
EDJDJHPFRPDWHFODQRFRQVROHFHQWUDO
$'9(571&,$
2GHVWUDYDPHQWRRXDEHUWXUDLQFRUUHWDRX
VHPVXSHUYLVmRGDWDPSDGRFRPSDUWLPHQWR
GHEDJDJHPSRGHFDXVDUIHULPHQWRVJUDYHV
&RPXPEDJDJHLURPRQWDGRVREUHDWDP
SDGRFRPSDUWLPHQWRGHEDJDJHPPDLVDFDU
JDXPDWDPSDGRFRPSDUWLPHQWRGHEDJD
JHPGHVWUDYDGDQHPVHPSUHSHUPLWHVHUUH
FRQKHFLGD8PDWDPSDGRFRPSDUWLPHQWRGH
EDJDJHPGHVWUDYDGDSRGHVHDEULUUHSHQWLQD
PHQWHGXUDQWHDFRQGXomR
$'9(571&,$
$WDPSDGRFRPSDUWLPHQWRGHEDJDJHPVH
DEUHSHODIRUoDGHXPDPROD9HULILFDUVHR
UDLRGHIXQFLRQDPHQWRHDEHUWXUDGDWDPSD
GRFRPSDUWLPHQWRGHEDJDJHPVHHQFRQWUD
OLYUHDQWHVGHXWLOL]DUDFKDYHFRPFRPDQGR
UHPRWRRXDWHFODGHDEHUWXUDQRFRQVROH
FHQWUDO
)HFKDUDWDPSDGRFRPSDUWLPHQWRGHEDJDJHP
)LJ
)LJ
7UDYDUDWDPSDGRFRPSDUWLPHQWRGH
EDJDJHP
)HFKDUDWDPSDGRFRPSDUWLPHQWRGH
EDJDJHP
$EULUHIHFKDU

$'9(571&,$
2IHFKDPHQWRLQFRUUHWRRXVHPVXSHUYLVmR
GDWDPSDGRFRPSDUWLPHQWRGHEDJDJHPSR
GHFDXVDUIHULPHQWRVJUDYHV
1XQFDGHL[DURYHtFXORVHPVXSHUYLVmRRX
FULDQoDVEULQFDUHPGHQWURRXSUy[LPDVGR
YHtFXORVREUHWXGRTXDQGRDWDPSDGRFRP
SDUWLPHQWRGHEDJDJHPHVWLYHUDEHUWD&ULDQ
oDVSRGHPHQWUDUQRFRPSDUWLPHQWRGHEDJD
JHPIHFKDUDWDPSDGRFRPSDUWLPHQWRGH
EDJDJHPHILFDUSUHVDV8PYHtFXORIHFKDGR
SRGHDTXHFHURXUHVIULDUH[WUHPDPHQWHGH
DFRUGRFRPDHVWDomRGRDQRHFDXVDUIHUL
PHQWRVJUDYHVHQIHUPLGDGHVRXDWpOHYDUj
PRUWH

$QWHVGDFRQGXomR
9LGURV
,QWURGXomRDRWHPD
$EULURXIHFKDURVYLGURVHOpWULFRVVRPHQ
WHTXDQGRQmRKRXYHUQLQJXpPHPVXDiUHD
GHIXQFLRQDPHQWR
1LQJXpPGHYHSHUPDQHFHUQRLQWHULRUGR
YHtFXORTXDQGRDVSRUWDVIRUHPWUDYDGDVHV
SHFLDOPHQWHFULDQoDVHSHVVRDVFRPQHFHV
VLGDGHVHVSHFLDLV
FRQVLJRDRGHL[DURYHtFXOR$SyVVHGHVOLJDU
DLJQLomRRVYLGURVDLQGDSRGHPVHUDEHUWRV
RXIHFKDGRVSHODVWHFODVGDVSRUWDVSRUXP
EUHYHSHUtRGRHQTXDQWRDSRUWDGRFRQGXWRU
RXGRSDVVDJHLURGLDQWHLURQmRIRUDEHUWD
$'9(571&,$
$RWUDQVSRUWDUFULDQoDVQREDQFRWUDVHLUR
GHVDWLYDUVHPSUHRVYLGURVHOpWULFRVWUDVHL
URVFRPDWHFODGHVHJXUDQoDSDUDTXHQmR
SRVVDPVHUDEHUWRVRXIHFKDGRV
8PDXWLOL]DomRVHPDGHYLGDDWHQomRGRVYL
GURVHOpWULFRVSRGHFDXVDUIHULPHQWRVJUD
YHV
127$
&RPRVYLGURVDEHUWRVDFKXYDSRGHPROKDUR
DFDEDPHQWRLQWHUQRGRYHtFXORHRFDVLRQDUGD
QRVQRYHtFXOR
$EULURXIHFKDURVYLGURVPDQXDOPHQWH
VHPDFLRQDPHQWRHOpWULFRGRVYLGURV
$EULURXIHFKDURVYLGURVHOHWULFDPHQWH
)LJ
)LJ
$EULUHIHFKDU

7HFODQDSRUWDGRSDVVDJHLURGLDQWHLURHQDV
SRUWDVWUDVHLUDV
7HFODVQDSRUWDGRFRQGXWRUHQRFRQVROH
FHQWUDO
$EULURXIHFKDURVYLGURV
)XQomR
$omRFRPDVWHFODVQDSRUWDGRFRQGX
WRUHQDVGHPDLVSRUWDVGRYHtFXOR
$omRFRPDVWHFODVQRFRQVROHFHQWUDO
9LGURVHOpWULFRV)XQo}HV
'HSHQGHQGRGDYHUVmRGRYHtFXORHGRVHTXLSD
PHQWRVLQVWDODGRVDVIXQo}HVIHFKDPHQWRHDEHU
WXUDGHFRQIRUWRHIHFKDPHQWRDXWRPiWLFRSRGH
QmRHVWDUGLVSRQtYHODSUHVHQWDUYDULiYHLVRXIXQ
FLRQDUSDUFLDOPHQWH
3DUDURFXUVRDXWRPiWLFR
5HVWDEHOHFHUDIXQomRGHIHFKDPHQWRH
DEHUWXUDDXWRPiWLFD
)XQomRGHIHFKDPHQWRHDEHUWXUD
DXWRPiWLFD
3DUDDIXQomRGHIHFKDPHQWRDXWRPiWLFR
3DUDDIXQomRGHDEHUWXUDDXWRPiWLFD

$QWHVGDFRQGXomR
$EHUWXUDHIHFKDPHQWRGHFRQIRUWR
)XQomR
$omRFRPDVWHFODVGDFKDYHGR
YHtFXORFRPFRPDQGRUHPRWR
$omRFRPDKDVWHGDFKDYH
FRPFRPDQGRUHPRWRQDIH
FKDGXUDRXFRPDFKDYHGR
YHtFXORPHFkQLFD
QRVHQWLGRKRUiULR
0
)HFKDPHQWRDXWRPiWLFR
)XQomR
$omRFRPDVWHFODVGDFKDYHGR
YHtFXORFRPFRPDQGRUHPRWR
1
$omRFRPDKDVWHGDFKDYH
FRPFRPDQGRUHPRWRQDIH
FKDGXUDRXFRPDFKDYHGR
YHtFXORPHFkQLFD
QRVHQWLGRKRUiULR
5HVWDEHOHFHUDIXQomRGHIHFKDPHQWR
DXWRPiWLFRSRUIRUD
KRUiULR
QRVHQWLGRDQWL
$'9(571&,$
8PDXWLOL]DomRGHVDWHQWDRXVHPVXSHUYLVmR
GRVYLGURVHOpWULFRVSRGHFDXVDUIHULPHQWRV
JUDYHV
$EULURXIHFKDURVYLGURVHOpWULFRVVRPHQ
WHTXDQGRQmRKRXYHUQLQJXpPHPVXDiUHD
GHIXQFLRQDPHQWR
b
$EULUHIHFKDU

1LQJXpPGHYHSHUPDQHFHUQRLQWHULRUGR
YHtFXORTXDQGRDVSRUWDVIRUHPWUDYDGDVHV
SHFLDOPHQWHFULDQoDVHSHVVRDVFRPQHFHV
VLGDGHVHVSHFLDLV
$RWUDQVSRUWDUFULDQoDVQREDQFRWUDVHLUR
GHVDWLYDUVHPSUHRVYLGURVHOpWULFRVWUDVHL
URVFRPDWHFODGHVHJXUDQoDSDUDTXHQmR
SRVVDPVHUDEHUWRVRXIHFKDGRV
FRQVLJRDRGHL[DURYHtFXOR$SyVVHGHVOLJDU
DLJQLomRRVYLGURVDLQGDSRGHPVHUDEHUWRV
RXIHFKDGRVSHODVWHFODVQDVSRUWDVSRUXP
EUHYHSHUtRGRHQTXDQWRDSRUWDGRFRQGXWRU
RXGRSDVVDJHLURGLDQWHLURQmRIRUDEHUWD
/LPLWDGRUGHIRUoDGRVOHYDQWDGRUHVGRVYLGURV
$'9(571&,$
2IHFKDPHQWRGRVYLGURVHOpWULFRVVHPOLPL
WDGRUGHIRUoDSRGHFDXVDUIHULPHQWRVJUD
YHV
)HFKDUVHPSUHRVYLGURVHOpWULFRVFRP
DWHQomR
1LQJXpPGHYHSHUPDQHFHUQDiUHDGHIXQ
FLRQDPHQWRGRVYLGURVHOpWULFRVSULQFLSDO
PHQWHVHRIHFKDPHQWRIRUUHDOL]DGRVHPOL
PLWDGRUGHIRUoD
2OLPLWDGRUGHIRUoDQmRHYLWDTXHRVGH
GRVHRXWUDVSDUWHVGRFRUSRVHMDPSUHVVLR
QDGRVFRQWUDRTXDGURGRYLGURHDVVLPVR
IUDPIHULPHQWRV

$QWHVGDFRQGXomR
$MXVWDUDSRVLomRGREDQFR
,QWURGXomRDRWHPD
$'9(571&,$
$QWHVGHTXDOTXHUFRQGXomRDMXVWDUVHPSUH
FRUUHWDPHQWHREDQFRRFLQWRGHVHJXUDQoD
HRVDSRLRVSDUDFDEHoDFHUWLILFDQGRVHGH
TXHWRGRVRVSDVVDJHLURVHVWHMDPFRPRV
FLQWRVFRORFDGRVFRUUHWDPHQWH
(PSXUUDUREDQFRGRSDVVDJHLURGLDQWHLUR
SDUDWUiVWDQWRTXDQWRSRVVtYHO
1~PHURGHDVVHQWRV
FLQFR
$'9(571&,$
8PDSRVLomRLQFRUUHWDQRYHtFXORSRGHDX
PHQWDURULVFRGHIHULPHQWRVJUDYHVRXIDWDLV
HPPDQREUDVGHGLUHomRHGHIUHQDJHPV~EL
WDHPXPDFROLVmRRXDFLGHQWHHQRDFLRQD
PHQWRGRVDLUEDJV
$QWHVGDSDUWLGDWRGRVRVRFXSDQWHVGH
YHPDGRWDUXPDSRVWXUDFRUUHWDQRVEDQFRV
HFRQVHUYiODGXUDQWHDFRQGXomR,VWRWDP
EpPpYiOLGRSDUDRXVRGRFLQWRGHVHJXUDQ
oD
1XQFDWUDQVSRUWDUPDLVSHVVRDVGRTXHD
TXDQWLGDGHGHDVVHQWRVFRPFLQWRGHVHJX
UDQoDGLVSRQtYHOQRYHtFXOR
3URWHJHUVHPSUHDVFULDQoDVQRYHtFXOR
FRPXPVLVWHPDGHUHWHQomRKRPRORJDGRH
DSURSULDGRDVXDLGDGH3iJLQD7UDQV
SRUWHGHFULDQoDVQRYHtFXOR3iJLQD
6LVWHPDGHDLUEDJ
0DQWHUVHPSUHRVSpVQDiUHDSDUDRVSpV
GXUDQWHDFRQGXomR1XQFDFRORFDURVSpV
SRUH[HPSORVREUHRDVVHQWRRXVREUHRSDL
QHOGHLQVWUXPHQWRVHQXQFDPDQWrORVSDUD
IRUDGRYHtFXOR'RFRQWUiULRRDLUEDJHR
FLQWRGHVHJXUDQoDSRGHPQmRSURWHJHUDX
PHQWDQGRRULVFRGHIHULPHQWRVHPXPDFL
GHQWH
$MXVWDUREDQFRGRFRQGXWRUGHPRGRTXH
KDMDQRPtQLPRFPGHHVSDoRHQWUHRWy
UD[HRFHQWURGRYRODQWH$MXVWDUREDQFRGR
FRQGXWRUORQJLWXGLQDOPHQWHGHPRGRTXHRV
SHGDLVSRVVDPVHUDFLRQDGRVWRWDOPHQWH
FRPDVSHUQDVOHYHPHQWHGREUDGDVHDGLV
WkQFLDGDiUHDGRMRHOKRSDUDRSDLQHOGHLQV
WUXPHQWRVVHMDGHSHORPHQRVFP4XDQ
GRHVWDH[LJrQFLDQmRSXGHUVHUDWHQGLGDHP
UD]mRGHSDUWLFXODULGDGHVItVLFDVHQWUDUHP
FRQWDWRREULJDWRULDPHQWHFRPXPD&RQFHVVL
RQiULD9RONVZDJHQSDUDVHIRURFDVRHIHWX
DULQVWDODo}HVHVSHFLDLV
1XQFDFRQGX]LUFRPRHQFRVWRGREDQFR
PXLWRLQFOLQDGRSDUDWUiV4XDQWRPDLVRHQ
FRVWRGREDQFRHVWLYHULQFOLQDGRSDUDWUiV
PDLRUVHUiRULVFRGHIHULPHQWRVSRUXPDGLV
SRVLomRLQFRUUHWDGRFDGDUoRGRFLQWRGHVH
JXUDQoDHXPDSRVLomRLQFRUUHWD
1XQFDFRQGX]LUFRPRHQFRVWRGREDQFR
LQFOLQDGRSDUDIUHQWH8PDLUEDJIURQWDODFLR
QDGRSRGHODQoDURHQFRVWRGREDQFRSDUD
WUiVHIHULURVSDVVDJHLURVGRVEDQFRVWUDVHL
URV
$GRWDUHPDQWHUDPDLRUGLVWkQFLDSRVVt
YHOGRYRODQWHHGRSDLQHOGHLQVWUXPHQWRV
6HQWDUVHPSUHGHIRUPDHUHWDFRPDVFRV
WDVFRQWUDRHQFRVWRGREDQFRQRVEDQFRV
GLDQWHLURVFRUUHWDPHQWHDMXVWDGRV1mRSRVL
FLRQDUQHQKXPDSDUWHGRFRUSRGLUHWDPHQWH
RXPXLWRSUy[LPDGRORFDOGHLQVWDODomRGR
DLUEDJ
3DUDRVSDVVDJHLURVQRVEDQFRVWUDVHL
URVDXPHQWDVHRULVFRGHIHULPHQWRVJUDYHV
TXDQGRHOHVQmRHVWLYHUHPVHQWDGRVGHIRU
PDHUHWDSRLVRVFLQWRVGHVHJXUDQoDQmR
HVWDULDPSRVLFLRQDGRVFRUUHWDPHQWH
b

$'9(571&,$
8PDMXVWHLQFRUUHWRGRVEDQFRVSRGHFDXVDU
DFLGHQWHVHIHULPHQWRVJUDYHV
$MXVWDURVEDQFRVVRPHQWHFRPRYHtFXOR
SDUDGRSRLVGRFRQWUiULRHOHVSRGHPVH
GHVORFDULQHVSHUDGDPHQWHGXUDQWHDFRQGX
omRSRGHQGRSURYRFDUDSHUGDGHFRQWUROH
GRYHtFXOR$OpPGLVVRpDGRWDGDXPDSRVWX
UDLQFRUUHWDGXUDQWHRDMXVWH
$MXVWDUDDOWXUDDLQFOLQDomRHDGLUHomR
ORQJLWXGLQDOGRVEDQFRVGLDQWHLURVVRPHQWH
TXDQGRQmRKRXYHUQLQJXpPQDiUHDGHDMXV
WHGRVEDQFRV
$iUHDGHDMXVWHGRVEDQFRVGLDQWHLURV
QmRGHYHVHUUHVWULQJLGDSRUREMHWRV
3HULJRGHXPDSRVWXUDLQFRUUHWDQREDQFR
$'9(571&,$
7RGDSRVWXUDLQFRUUHWDQRYHtFXORDXPHQWDR
ULVFRGHIHULPHQWRVJUDYHVRXIDWDLVHPFDVR
GHDFLGHQWHVRXPDQREUDVGHGLUHomRHGH
IUHQDJHPV~ELWDV
6HPSUHTXHRYHtFXORHVWLYHUHP
PRYLPHQWR

$QWHVGDFRQGXomR
7RGRVRVRFXSDQWHVGHYHPPDQWHUVHP
SUHDSRVLomRFRUUHWDGRVEDQFRVHHVWDUFRP
RFLQWREHPFRORFDGRGXUDQWHWRGDDYLDJHP
3HODSRVWXUDLQFRUUHWDRQmRXVRGRFLQWR
GHVHJXUDQoDRXXPDGLVWkQFLDPXLWRSHTXH
QDHPUHODomRDRDLUEDJRVRFXSDQWHVVHH[
S}HPDSHULJRVGHIHULPHQWRVIDWDLVHVSH
FLDOPHQWHTXDQGRRVDLUEDJVVmRDFLRQDGRV
HDWLQJHPXPRFXSDQWHTXHDGRWRXXPDSRV
WXUDLQFRUUHWDQREDQFR
3RVWXUDFRUUHWDQREDQFR
)LJ
)LJ
3DUDRSDVVDJHLURGLDQWHLURYDOH
3DUDRVRFXSDQWHVGRYHtFXORGDSDUWH
WUDVHLUDYDOH
3DUDRFRQGXWRUYDOH

&RPDQGRVPHFkQLFRVGREDQFRGLDQWHLUR
)LJ
)LJ
)XQomR
$omR
$MXVWDURDSRLRSDUDFDEHoD
)LJ
)LJ
$MXVWDUDDOWXUDGRDSRLRSDUDFDEHoD
GLDQWHLUR

$QWHVGDFRQGXomR
$MXVWDUDDOWXUDGRDSRLRSDUDFDEHoD
WUDVHLUR
$MXVWHFRUUHWRGRDSRLRSDUDFDEHoD
$MXVWHGRDSRLRSDUDFDEHoDSDUDSHVVRDV
EDL[DV
$'9(571&,$
$FRQGXomRFRPRVDSRLRVSDUDFDEHoDUH
PRYLGRVRXDMXVWDGRVLQFRUUHWDPHQWHDX
PHQWDRULVFRGHIHULPHQWRVJUDYHVRXIDWDLV
HPFDVRGHDFLGHQWHVHPDQREUDVGHGLUHomR
HGHIUHQDJHPV~ELWDV
&RQGX]LUVHPSUHFRPRVDSRLRVSDUDFD
EHoDFRUUHWDPHQWHLQVWDODGRVHDMXVWDGRVVH
KRXYHUXPDSHVVRDQRDVVHQWR
&DGDRFXSDQWHGHYHDMXVWDURDSRLRSDUD
FDEHoDFRUUHWDPHQWHFRQIRUPHVXDHVWDWXUD
SDUDUHGX]LURULVFRGHIHULPHQWRVQRSHVFR
oRHPFDVRGHDFLGHQWH$RPHVPRWHPSRD
ERUGDVXSHULRUGRDSRLRSDUDFDEHoDGHYHVH
HQFRQWUDUSUHIHUHQFLDOPHQWHQDPHVPDOLQKD
GDSDUWHVXSHULRUGDFDEHoDSRUpPQmR
DEDL[RGDDOWXUDGRVROKRV3RVLFLRQDUDSDU
WHSRVWHULRUGDFDEHoDRPDLVSHUWRSRVVtYHO
GRDSRLRSDUDFDEHoD
1XQFDDMXVWDURDSRLRSDUDFDEHoDGXUDQ
WHDFRQGXomR
$MXVWHGRDSRLRSDUDDFDEHoDSDUDSHVVRDV
DOWDV
'HVLQVWDODUHLQVWDODURDSRLRSDUDFDEHoD
)LJ
)LJ

5HPRYHURDSRLRSDUDFDEHoDGLDQWHLUR
,QVWDODURDSRLRSDUDFDEHoDGLDQWHLUR
5HPRYHURDSRLRSDUDFDEHoDWUDVHLUR
,QVWDODURDSRLRSDUDFDEHoDWUDVHLUR

$'9(571&,$
$FRQGXomRFRPRVDSRLRVSDUDFDEHoDUH
PRYLGRVRXDMXVWDGRVLQFRUUHWDPHQWHDX
PHQWDRULVFRGHIHULPHQWRVJUDYHVRXIDWDLV
HPFDVRGHDFLGHQWHVHPDQREUDVGHGLUHomR
HGHIUHQDJHPV~ELWDV
$QWHVGDFRQGXomR
&RQGX]LUVHPSUHFRPRVDSRLRVSDUDFD
EHoDFRUUHWDPHQWHLQVWDODGRVHDMXVWDGRVVH
KRXYHUXPDSHVVRDQRDVVHQWR
,QVWDODURVDSRLRVSDUDFDEHoDUHPRYLGRV
GHLPHGLDWRSDUDTXHRVSDVVDJHLURVHVWH
MDPDGHTXDGDPHQWHSURWHJLGRV
127$
1DUHPRomRHLQVWDODomRGRVDSRLRVSDUDFDEH
oDDWHQWDUSDUDTXHHOHVQmREDWDPQRUHYHVWL
PHQWRGRWHWRRXQRHQFRVWRGREDQFRGLDQWHL
UR&DVRFRQWUiULRRUHYHVWLPHQWRGRWHWRHRX
WUDVSHoDVGRYHtFXORSRGHPVHUGDQLILFDGRV
$MXVWDUDSRVLomRGRYRODQWH
$'9(571&,$
2XVRLQFRUUHWRGRDMXVWHGDSRVLomRGRYR
ODQWHHXPDMXVWHLQFRUUHWDGRYRODQWHSRGHP
FDXVDUIHULPHQWRVJUDYHVRXIDWDLV
3UHVVLRQDUDDODYDQFD VHPSUHFRPILU
PH]DSDUDFLPDDSyVRDMXVWHSDUDTXHRYR
ODQWHQmRPXGHVXDSRVLomRGXUDQWHDFRQGX
omR
1XQFDDMXVWDURYRODQWHGXUDQWHDFRQGX
omR6HIRUFRQVWDWDGRTXHXPDMXVWHpQH
FHVViULRGXUDQWHDFRQGXomRSDUDUGHIRUPD
VHJXUDHDMXVWDURYRODQWHFRUUHWDPHQWH
)LJ
2YRODQWHDMXVWDGRGHYHDSRQWDUVHPSUH
QDGLUHomRGRWyUD[HQmRQDGLUHomRGRURV
WRSDUDQmRUHVWULQJLUDSURWHomRGRDLUEDJ
IURQWDOGRFRQGXWRUHPFDVRGHXPDFLGHQWH
6HJXUDUVHPSUHRYRODQWHFRPDPEDVDV
PmRVODWHUDOPHQWHQDERUGDH[WHUQDSRVLomR
GDVKHGDVKGXUDQWHDFRQGXomRSDUDUH
GX]LUIHULPHQWRVFDXVDGRVSRUXPDFLRQD
PHQWRGRDLUEDJIURQWDOGRFRQGXWRU
1XQFDVHJXUDURYRODQWHQDSRVLomRGDV
KRXGHRXWUDPDQHLUDSRUH[HPSORQR
FHQWURGRYRODQWH1RDFLRQDPHQWRGRDLUEDJ
IURQWDOGRFRQGXWRUSRGHPRFRUUHUIHULPHQ
WRVJUDYHVQRVEUDoRVQDVPmRVHQDFDEH
oD

&LQWRVGHVHJXUDQoD
,QWURGXomRDRWHPD
&LQWRVGHVHJXUDQoDVmRRPHLRPDLVHIL
FLHQWHSDUDUHGX]LURULVFRGHIHULPHQWRVJUD
YHVHIDWDLVHPFDVRGHDFLGHQWH3DUDDSUR
WHomRGRFRQGXWRUHGHWRGRVRVRFXSDQWHV
GRYHtFXORRVFLQWRVGHVHJXUDQoDGHYHPHV
WDUVHPSUHEHPFRORFDGRVHQTXDQWRRYHtFX
ORHVWLYHUHPPRYLPHQWR
7RGRVRVRFXSDQWHVGRYHtFXORGHYHPDV
VXPLUVHPSUHDSRVLomRFRUUHWDQREDQFR
FRORFDUFRUUHWDPHQWHRUHVSHFWLYRFLQWRGH
VHJXUDQoDDQWHVGDFRQGXomRHPDQWrORFR
ORFDGRGXUDQWHDFRQGXomR,VWRpYiOLGRSDUD
WRGRVRVSDVVDJHLURVHPTXDOTXHUFRQGLomR
GHWUiIHJRGRYHtFXOR
3URWHJHUDVFULDQoDVQRYHtFXORGXUDQWHD
FRQGXomRFRPXPVLVWHPDGHUHWHQomRFRU
UHVSRQGHQWHjLGDGHGDFULDQoDFRPRVFLQ
WRVGHVHJXUDQoDFRUUHWDPHQWHFRORFDGRV
3iJLQD
&RQGX]DRYHtFXORVRPHQWHTXDQGRWRGRV
RVSDVVDJHLURVHVWLYHUHPFRPRFLQWRGHVH
JXUDQoDFRORFDGRFRUUHWDPHQWH
(QFDL[DUDOLQJXHWDGRFLQWRGHVHJXUDQoD
VRPHQWHQRIHFKRGRFLQWRGHVHJXUDQoDGR
DVVHQWRFRUUHVSRQGHQWHHIL[DUILUPHPHQWH
2XVRGHXPIHFKRGRFLQWRGHVHJXUDQoD
QmRSHUWHQFHQWHDRUHVSHFWLYRDVVHQWRUHGX]
DSURWHomRHSRGHFDXVDUIHULPHQWRVJUDYHV
$'9(571&,$
&LQWRVGHVHJXUDQoDQmRFRORFDGRVRXFROR
FDGRVLQFRUUHWDPHQWHSURSRUFLRQDPULVFRGH
IHULPHQWRVJUDYHVRXIDWDLV$SURWHomRLGHDO
GRVFLQWRVGHVHJXUDQoDpREWLGDDSHQDV
TXDQGRRVFLQWRVGHVHJXUDQoDVmRFRORFD
GRVHXWLOL]DGRVFRUUHWDPHQWH

$QWHVGDFRQGXomR
-DPDLVGHL[DUREMHWRVHVWUDQKRVRXOtTXL
GRVSHQHWUDUHPQRVHQJDWHVGRVIHFKRVGRV
FLQWRVGHVHJXUDQoD,VWRSRGHOLPLWDUDIXQ
FLRQDOLGDGHHRWUDYDPHQWRGRVIHFKRVGRV
FLQWRVGHVHJXUDQoDHGRVFLQWRVGHVHJXUDQ
oD
1XQFDWLUDURFLQWRGHVHJXUDQoDGXUDQWH
DFRQGXomRGRYHtFXOR
&RORFDUVHPSUHXP~QLFRFLQWRGHVHJX
UDQoDSRUSHVVRD
1XQFDWUDQVSRUWDUFULDQoDVRXEHErVQR
FROR
1mRFRQGX]LUFRPURXSDVVROWDVSRU
H[HPSORXPFDVDFRVREUHXPSDOHWySRLV
LVWRUHVWULQJLUiRDVVHQWDPHQWRFRUUHWRHD
IXQFLRQDOLGDGHGRFLQWRGHVHJXUDQoD
$'9(571&,$
&LQWRVGHVHJXUDQoDGDQLILFDGRVUHSUHVHQ
WDPXPJUDQGHSHULJRHSRGHPFDXVDUIHUL
PHQWRVJUDYHVRXIDWDLV
1XQFDGDQLILFDURFLQWRGHVHJXUDQoD
SUHQVDQGRRQDSRUWDRXQRPHFDQLVPRGR
EDQFR
6HRWHFLGRGRFLQWRGHVHJXUDQoDRXRX
WUDVSHoDVGRFLQWRGHVHJXUDQoDHVWLYHUHP
GDQLILFDGRVRVFLQWRVGHVHJXUDQoDSRGHP
VHURPSHUHPXPDFLGHQWHRXHPXPDPDQR
EUDGHIUHQDJHPEUXVFD
6XEVWLWXLULPHGLDWDPHQWHRVFLQWRVGHVH
JXUDQoDGDQLILFDGRVSRUFLQWRVGHVHJXUDQoD
QRYRVHPXPD&RQFHVVLRQiULD9RONVZDJHQ
/X]GHDGYHUWrQFLD
&LQWRVGHVHJXUDQoDTXHIRUDPXWLOL]DGRVGX
UDQWHXPDFLGHQWHHSRULVVRVRIUHUDPDORQ
JDPHQWRRXGLVSDURGRSUpWHQVLRQDGRUGH
YHPVHUVXEVWLWXtGRVSRUXPD&RQFHVVLR
QiULD9RONVZDJHQ$VXEVWLWXLomRSRGHUiVHU
QHFHVViULDPHVPRTXDQGRQmRKRXYHUGDQR
YLVtYHO$OpPGLVVRDVDQFRUDJHQVGRVFLQWRV
GHVHJXUDQoDGHYHPVHUYHULILFDGDV
1XQFDWHQWDUUHSDUDUPRGLILFDURXGHV
PRQWDURVFLQWRVGHVHJXUDQoDSRUFRQWD
SUySULD$SHQDVXPD&RQFHVVLRQiULD
9RONVZDJHQSRGHUHDOL]DUUHSDURVQRFLQWRGH
VHJXUDQoDQRHQURODGRUDXWRPiWLFRHQDV
SHoDVGHIL[DomRGRFLQWRGHVHJXUDQoD
'HSHQGHQGRGDYHUVmRGRYHtFXORDOX]GHDGYHU
WrQFLDGRFLQWRGHVHJXUDQoDSRGHQmRHVWDUGLV
SRQtYHO
)LJ
$FHVD
RXSLV
FDQGR
&DXVDSRVVtYHO
6ROXomR
$'9(571&,$
&LQWRGHVHJXUDQoDQmRFRORFDGRRXFRORFD
GRLQFRUUHWDPHQWHSURSRUFLRQDULVFRGHIHUL
PHQWRVJUDYHVRXIDWDLV$SURWHomRLGHDOGR
FLQWRGHVHJXUDQoDpREWLGDDSHQDVTXDQGRR
FLQWRpXWLOL]DGRFRUUHWDPHQWH

&ROLV}HVIURQWDLVHDVOHLVGDItVLFD
)LJ
)LJ

$QWHVGDFRQGXomR
2TXHDFRQWHFHFRPRVRFXSDQWHVGRYHtFXORVHPFLQWRGHVHJXUDQoD"
)LJ
)LJ

2VFLQWRVGHVHJXUDQoDSURWHJHP
)LJ

$QWHVGDFRQGXomR
0DQXVHLRGRVFLQWRVGHVHJXUDQoD
oD QDSiJLQD
/LVWDGHFRQWUROH
d
d
d
d
d
d
&LQWRGHVHJXUDQoDWRUFLGR
$'9(571&,$
2PDQXVHLRLQFRUUHWRGRFLQWRGHVHJXUDQoD
DXPHQWDRULVFRGHIHULPHQWRVJUDYHVRXID
WDLV
9HULILFDUUHJXODUPHQWHRVFLQWRVGHVHJX
UDQoDHDVSHoDVLQWHJUDQWHVTXDQWRDVXD
SHUIHLWDFRQGLomR
0DQWHURVFLQWRVGHVHJXUDQoDVHPSUH
OLPSRV
1mRSHUPLWLUTXHRFDGDUoRGRFLQWRGHVH
JXUDQoDVHMDSUHQVDGRGDQLILFDGRRXTXHHQ
WUHHPDWULWRFRPVXSHUItFLHVDILDGDV
0DQWHURIHFKRGRFLQWRGHVHJXUDQoDHR
HQJDWHGRIHFKRGDOLQJXHWDGRFLQWRGHVHJX
UDQoDVHPSUHOLYUHVGHREMHWRVHVWUDQKRVH
GHOtTXLGRV

&RORFDURXWLUDURFLQWRGHVHJXUDQoD
)LJ
)LJ
&RORFDURFLQWRGHVHJXUDQoD
$'9(571&,$
8PDSRVLomRLQFRUUHWDGRFDGDUoRGRFLQWR
GHVHJXUDQoDSRGHFDXVDUIHULPHQWRVJUDYHV
RXIDWDLVHPFDVRGHDFLGHQWH
QmR
7LUDURFLQWRGHVHJXUDQoD

$QWHVGDFRQGXomR
$SURWHomRLGHDOGRVFLQWRVGHVHJXUDQoD
VypREWLGDTXDQGRRHQFRVWRGREDQFRHVWL
YHUHPXPDSRVLomRYHUWLFDOHRFLQWRGHVH
JXUDQoDHVWLYHUFRORFDGRFRUUHWDPHQWHFRQ
IRUPHDHVWDWXUDGRRFXSDQWH
$UHWLUDGDGRFLQWRGHVHJXUDQoDGXUDQWH
DFRQGXomRSRGHFDXVDUIHULPHQWRVJUDYHV
RXIDWDLVHPFDVRGHDFLGHQWHVRXPDQREUDV
GHIUHQDJHP
3RVLomRGRFDGDUoRGRFLQWRGHVHJXUDQoD
)LJ
3RVLomRFRUUHWDGRFDGDUoRGRFLQWRGH
VHJXUDQoD
PXOKHUHVJUiYLGDV
)LJ
$GHTXDUDSRVLomRGRFDGDUoRGRFLQWRGH
VHJXUDQoDjHVWDWXUD
$'9(571&,$
VLomRGREDQFR
$MXVWDUDSR
HPFDVRGHDFLGHQWHRXPDQREUDVGHIUHQD
JHPRXGHGLUHomRV~ELWDV

JXUDQoDHVWLYHUFRORFDGRFRUUHWDPHQWH
1mRWRUFHURFDGDUoRGRFLQWRGHVHJXUDQ
oDTXDQGRIRUFRORFiOR
$SDUWHVREUHDUHJLmRGRRPEURGRFLQWR
GHVHJXUDQoDGHYHSDVVDUVREUHRFHQWURGR
RPEURHQXQFDVREREUDoRRXVREUHRSHV
FRoR
1mRFRQGX]LURFDGDUoRGRFLQWRGHVHJX
UDQoDVREUHREMHWRVVyOLGRVRXIUiJHLVSRU
H[HPSORyFXORVFDQHWDVRXFKDYHV
2FLQWRGHVHJXUDQoDGHYHHVWDUSODQRH
VHPRFDGDUoRWRUFLGRVREUHDSDUWHVXSHULRU
GRFRUSR
1XQFDPDQWHURFLQWRGHVHJXUDQoDDIDV
WDGRGRFRUSRFRPDPmR
1XQFDDOWHUDUDSRVLomRGRFDGDUoRGR
FLQWRGHVHJXUDQoDSRUPHLRGHJUDPSRV
ROKDLVGHUHWHQomRRXVLPLODUHV
$IDL[DLQIHULRUGRFLQWRGHVHJXUDQoDGH
YHSDVVDUVHPSUHSHODUHJLmRSpOYLFDHQXQFD
VREUHRDEGRPH2FLQWRGHVHJXUDQoDGHYH
HVWDUSODQRHVHPHVWDUWRUFLGRVREUHDUHJL
mRSpOYLFD6HQHFHVViULRHVWLFDUXPSRXFR
RFDGDUoRGRFLQWRGHVHJXUDQoD
$IDL[DLQIHULRUGRFLQWRGHVHJXUDQoDGH
YHSDVVDURPDLVEDL[RSRVVtYHOSHODUHJLmR
SpOYLFDGHJUiYLGDVDRUHGRUGDEDUULJDDUUH
GRQGDGD
$MXVWDURFDGDUoRGRFLQWRGHVHJXUDQoDVHPHQURODGRUDXWRPiWLFRQR
EDQFRWUDVHLUR
)LJ
)LJ

$QWHVGDFRQGXomR
$'9(571&,$
GHIUHQDJHP
$OLQJXHWDGRFLQWRGHVHJXUDQoDVHPHQ
URODGRUDXWRPiWLFRGHYHVHPSUHHVWDULQWUR
GX]LGDQRUHVSHFWLYRIHFKRHVWDQGRRFLQWR
GHVHJXUDQoDHPXVRRXQmR2FLQWRGHVH
JXUDQoDVROWRSRVVLELOLWDULVFRVGHDFLGHQWHV
QRDFHVVRHVDtGDGREDQFRWUDVHLUR

$MXVWDURFDGDUoRGRFLQWRGHVHJXUDQoDVXEDEGRPLQDOQRDVVHQWR
FHQWUDOGREDQFRWUDVHLUR
)LJ
$'9(571&,$
GHIUHQDJHP
$OLQJXHWDGRFLQWRGHVHJXUDQoDVXEDE
GRPLQDOWUDVHLURGHYHVHPSUHHVWDULQWURGX]L
GDQRUHVSHFWLYRIHFKRHVWDQGRRFLQWRGH
VHJXUDQoDHPXVRRXQmR2FLQWRGHVHJX
UDQoDVROWRSRVVLELOLWDULVFRVGHDFLGHQWHVQR
DFHVVRHVDtGDGREDQFRWUDVHLUR

$QWHVGDFRQGXomR
5HJXODJHPGHDOWXUDGRFLQWRGHVHJXUDQoD
omRGRFDGDUoRGRFLQWRGHVHJXUDQoD
3RVL
)LJ
$'9(571&,$
1XQFDUHJXODUDDOWXUDGRFLQWRGHVHJXUDQoD
GXUDQWHDFRQGXomR
(QURODGRUDXWRPiWLFRGRFLQWRGHVHJXUDQoDSUpWHQVLRQDGRUGRFLQWRGH
VHJXUDQoDHOLPLWDGRUGHIRUoDGRFLQWRGHVHJXUDQoD
3UpWHQVLRQDGRUGRFLQWRVGHVHJXUDQoD
(QURODGRUDXWRPiWLFRGRFLQWRGHVHJXUDQoD

/LPLWDGRUGHIRUoDGRFLQWRGHVHJXUDQoD
6HUYLoRGHGHVFDUWHGRSUpWHQVLRQDGRUGRFLQWRGHVHJXUDQoD
FLQWRGHVHJXUDQoDSRGHULDQmRVHUDFLRQDGR
TXDQGRIRVVHQHFHVViULRRXVHUDFLRQDGR
VHPQHFHVVLGDGH
5HSDURVHUHJXODJHQVEHPFRPRDGH
VLQVWDODomRHLQVWDODomRGHSHoDVQRVSUp
WHQVLRQDGRUHVGRVFLQWRVGHVHJXUDQoDRX
QRVFLQWRVGHVHJXUDQoDVySRGHPVHUUHDOL
]DGRVHPXPD&RQFHVVLRQiULD9RONVZDJHQ
3iJLQD$FHVVyULRVUHSRVLomRGHSH
oDVUHSDURVHPRGLILFDo}HV
2VSUpWHQVLRQDGRUHVGRVFLQWRVGHVHJX
UDQoDHRVHQURODGRUHVGRVFLQWRVGHVHJX
UDQoDDXWRPiWLFRVQmRSRGHPVHUUHSDUDGRV
HGHYHPVLPVHUVXEVWLWXtGRV
$'9(571&,$
2WUDWDPHQWRLQFRUUHWRHDWpPHVPRUHSDURV
UHDOL]DGRVQRVFLQWRVGHVHJXUDQoDHQUROD
GRUHVGRFLQWRGHVHJXUDQoDDXWRPiWLFRVH
SUpWHQVLRQDGRUHVGRVFLQWRVGHVHJXUDQoD
SURSRUFLRQDPRULVFRGHIHULPHQWRVJUDYHV
RXIDWDLV1HVVHFDVRRSUpWHQVLRQDGRUGR

$QWHVGDFRQGXomR
2VSUpWHQVLRQDGRUHVGRVFLQWRVGHVHJX
UDQoDWrPFDSDFLGDGHSDUDDSHQDVXPDFLR
QDPHQWR8PDYH]DFLRQDGRVRVSUpWHQVLR
QDGRUHVGRFLQWRGHVHJXUDQoDGHYHPVHU
VXEVWLWXtGRV
6LVWHPDGHDLUEDJ
,QWURGXomRDRWHPD
$'9(571&,$
2EMHWRVHQWUHRVRFXSDQWHVGRYHtFXORHD
iUHDGHH[SDQVmRGRVDLUEDJVDXPHQWDPR
ULVFRGHIHULPHQWRVQRDFLRQDPHQWRGRDLU
EDJ$VVLPDiUHDGHH[SDQVmRGRVDLUEDJV
VHULDDOWHUDGDRXRVREMHWRVVHULDPDUUHPHV
VDGRVFRQWUDRVFRUSRVGRVRFXSDQWHV
1XQFDVHJXUDUREMHWRVQDVPmRVRXFDUUH
JiORVQRFRORGXUDQWHDYLDJHP
1XQFDWUDQVSRUWDUREMHWRVQREDQFRGR
SDVVDJHLURGLDQWHLUR2VREMHWRVSRGHPDO
FDQoDUDiUHDGHH[SDQVmRGRVDLUEDJVGX
UDQWHPDQREUDVV~ELWDVGHIUHQDJHPRXGH
GLUHomRHVHUDUUHPHVVDGRVGHIRUPDSHULJR
VDSHORLQWHULRUGRYHtFXORQRDFLRQDPHQWR
GRDLUEDJ
$'9(571&,$
2FXSDQWHVGRVEDQFRVGLDQWHLURVHWUDVHL
URVLQFOXVLYHFULDQoDVDQLPDLVHREMHWRVQmR
GHYHPSHUPDQHFHUQDiUHDGHH[SDQVmRGRV
DLUEDJV
$'9(571&,$
1XQFDXWLOL]DUVRPHQWHRVLVWHPDGHDLUEDJ
SDUDVHSURWHJHU
0HVPRTXDQGRXPDLUEDJpDFLRQDGRHOH
WHPVRPHQWHXPDIXQomRGHSURWHomRVXSOH
PHQWDU
2VLVWHPDGHDLUEDJVySURSRUFLRQDSURWH
omRFRPRFLQWRGHVHJXUDQoDFRORFDGRFRU
UHWDPHQWHSDUDPLQLPL]DUOHV}HV
3iJLQD&LQWRVGHVHJXUDQoD
7RGRVRVRFXSDQWHVGRYHtFXORGHYHPDV
VXPLUVHPSUHDSRVLomRFRUUHWDQREDQFR
FRORFDUFRUUHWDPHQWHRFLQWRGHVHJXUDQoD
FRUUHVSRQGHQWHDREDQFRDQWHVGRYHtFXOR
HQWUDUHPPRYLPHQWRHPDQWrORFRORFDGR
FRUUHWDPHQWHGXUDQWHWRGRRWHPSR
2VLVWHPDGHDLUEDJpDSWRSDUDDSHQDVXP
DFLRQDPHQWRGRVDLUEDJV6HRVDLUEDJVWLYH
UHPVLGRDFLRQDGRVVHUiQHFHVViULRVXEVWL
WXLURVLVWHPD
2VDLUEDJVDFLRQDGRVHDVUHVSHFWLYDVSH
oDVGRVLVWHPDGHYHPVHUVXEVWLWXtGRVSRU
SHoDVQRYDVTXHHVWHMDPOLEHUDGDVSDUDR
YHtFXORSHOD9RONVZDJHQ
5HSDURVHPRGLILFDo}HVQRYHtFXORGHYHP
VHUUHDOL]DGRVVRPHQWHSRUXPD&RQFHVVLR
QiULD9RONVZDJHQ$V&RQFHVVLRQiULDV
9RONVZDJHQSRVVXHPDVIHUUDPHQWDVQHFHV
ViULDVDSDUHOKRVGHGLDJQyVWLFRVLQIRUPD
o}HVGHUHSDURHSHVVRDOTXDOLILFDGRSDUDHV
WHILP
1XQFDLQVWDODUQRYHtFXORSHoDVGHDLUEDJ
GHVPRQWDGDVGHYHtFXORVDQWLJRVRXRULJLQi
ULDVGHUHFLFODJHP
1XQFDDOWHUDUTXDLVTXHUFRPSRQHQWHVGR
VLVWHPDGHDLUEDJ
$'9(571&,$
8PSyILQRSRGHUiVHUJHUDGRQRDFLRQDPHQ
WRGRVDLUEDJV,VWRpSHUIHLWDPHQWHQRUPDOH
QmRUHSUHVHQWDULVFRGHLQFrQGLRQRYHtFXOR b

2SyILQRSRGHLUULWDUDSHOHHDPXFRVD
GRVROKRVEHPFRPRRFDVLRQDUGLILFXOGDGHV
UHVSLUDWyULDVHVSHFLDOPHQWHHPSHVVRDVTXH
VRIUHPRXVRIUHUDPGHDVPDRXRXWUDVOLPLWD
o}HVQDFRQGLomRUHVSLUDWyULD3DUDUHGX]LU
RVSUREOHPDVUHVSLUDWyULRVGHVFHUGRYHtFX
ORRXDEULURVYLGURVRXDVSRUWDVSDUDUHVSL
UDUDUIUHVFR
1RFRQWDWRFRPRSyODYDUDVPmRVHR
URVWRFRPVDERQHWHVXDYHHiJXDDQWHVGD
SUy[LPDUHIHLomR
1mRGHL[DURSyHQWUDUHPFRQWDWRFRPRV
ROKRVRXFRPIHULPHQWRVQmRFLFDWUL]DGRV
(Q[DJXDURVROKRVFRPiJXDVHKRXYHU
FRQWDWRFRPRSy
$'9(571&,$
2XVRGHSURGXWRVGHOLPSH]DWRUQDPDVX
SHUItFLHGRVPyGXORVGHDLUEDJVSRURVDVRX
TXHEUDGLoDV(PFDVRGHDFLRQDPHQWRHVWDV
SHoDVSRGHUmRIUDJPHQWDUVHVROWDUVHH
FDXVDUIHULPHQWRVJUDYHV
1XQFDXWLOL]DUTXDOTXHUSURGXWRTXtPLFR
RXGHOLPSH]DQDVXSHUItFLHGRVPyGXORVGH
DLUEDJV3DUDOLPSH]DXWLOL]DUDSHQDVGHXP
SDQRXPHGHFLGRFRPiJXD
/X]GHFRQWUROH
oD QDSiJLQD
$FHVD
/RFDO
&DXVDSRVVtYHO
6ROXomR
3(5,*2FRQWLQXDomR
2VLVWHPDGHDLUEDJGHYHVHULPHGLDWD
PHQWHYHULILFDGRSRUXPD&RQFHVVLRQiULD
9RONVZDJHQ
3(5,*2
4XDQGRDOX]GHFRQWUROHGRVLVWHPDGHDLU
EDJSHUPDQHFHUDFHVDKiDYDULDVQRVLVWHPD
GHDLUEDJpSRVVtYHOTXHHOHVHMDDFLRQDGR
GHIRUPDLPSHUIHLWDQmRVHMDDFLRQDGRRXVH
MDDFLRQDGRLQHVSHUDGDPHQWHRTXHSRGH

$QWHVGDFRQGXomR
1XQFDPRQWDUXPDFDGHLUDGHFULDQoDQR
EDQFRGRSDVVDJHLURGLDQWHLURTXDQGRRDLU
EDJHVWLYHUOLJDGR2DLUEDJIURQWDOGRSDVVD
JHLURGLDQWHLURSRGHVHUDFLRQDGRHPXPDFL
GHQWHDSHVDUGDVDYDULDV
127$
VXDVGHVFULo}HVHRULHQWDo}HVSDUDHYLWDUGD
QRVQRYHtFXOR
'HVFULomRHIXQomRGRVDLUEDJV
&RPSRQHQWHVGRFRQFHLWRGHVHJXUDQoDGR
YHtFXOR
6LWXDo}HVHPTXHRVDLUEDJVIURQWDLVQmR
VmRDFLRQDGRV

(PFDVRGHDFLRQDPHQWRGRVDLUEDJV
)XQomRGHWHFomRGHFROLVmRFUDVK
GHWHFWLRQ
$LUEDJVIURQWDLV
)LJ
)LJ

$QWHVGDFRQGXomR
3(5,*2FRQWLQXDomR
1mRFRODUUHYHVWLUDOWHUDURXFRORFDUTXDO
TXHUPDWHULDOVREUHDVXSHUItFLHGRFHQWURGR
YRODQWHDFLRQDGRUGHEX]LQDHGDVXSHUItFLH
GRPyGXORGRDLUEDJIURQWDOGRSDVVDJHLUR
GLDQWHLURQRSDLQHOGHLQVWUXPHQWRV
$'9(571&,$
2VDLUEDJVIURQWDLVVHLQIODPGLDQWHGRYRODQ
WH)LJHGRSDLQHOGHLQVWUXPHQWRV
)LJ
6HJXUDURYRODQWHGXUDQWHDFRQGXomR
VHPSUHFRPDVGXDVPmRVODWHUDOPHQWHQD
ERUGDH[WHUQDSRVLomRGDVKHK
'HL[DUDViUHDVGHH[SDQVmRGRVDLUEDJV
IURQWDLVVHPSUHOLYUHV
$MXVWDUREDQFRGRFRQGXWRUGHPRGRTXH
KDMDQRPtQLPRFPGHHVSDoRHQWUHRWy
UD[HRFHQWURGRYRODQWH6HHVWDH[LJrQFLD
QmRSXGHUVHUDWHQGLGDHPUD]mRGHSDUWLFX
ODULGDGHVItVLFDVHQWUDUHPFRQWDWRREULJDWR
ULDPHQWHFRPXPD&RQFHVVLRQiULD
9RONVZDJHQRXXPDHPSUHVDHVSHFLDOL]DGD
SDUDHYHQWXDOPHQWHHIHWXDULQVWDODo}HVHVSH
FLDLV
1XQFDIL[DUREMHWRVQDVFREHUWXUDVEHP
FRPRQDiUHDGHH[SDQVmRGRVPyGXORVGRV
DLUEDJVFRPRSRUH[HPSORSRUWDFRSRVVX
SRUWHVSDUDWHOHIRQHV*36HWF
$MXVWDUREDQFRGRSDVVDJHLURGLDQWHLUR
GHPRGRTXHH[LVWDDPDLRUGLVWkQFLDSRVVt
YHOHQWUHRSDVVDJHLURHRSDLQHOGHLQVWUX
PHQWRV
3(5,*2
$LQIODomRGHXPDLUEDJDFLRQDGRRFRUUHHP
IUDo}HVGHVHJXQGRVHFRPYHORFLGDGHPXLWR
DOWD
3HVVRDVDQLPDLVRXREMHWRVQmRGHYHP
VHUFRORFDGRVHQWUHRVRFXSDQWHVGRVEDQ
FRVGLDQWHLURVHDiUHDGHH[SDQVmRGRDLU
EDJ
1mRIL[DUREMHWRVFRPRSRUH[HPSORDSD
UHOKRVPyYHLVGHQDYHJDomRQRSDUDEULVD
DFLPDGRDLUEDJIURQWDOGRSDVVDJHLURGLDQ
WHLUR

7UDQVSRUWHGHFULDQoDVQRYHtFXOR
,QWURGXomRDRWHPD
&ULDQoDVGHDWpDQRVGHLGDGHRXFRP
PHQRVGHPGHDOWXUDGHYHPVHUWUDQV
SRUWDGDVVHPSUHQREDQFRWUDVHLUR
3URWHJHUDVFULDQoDVQRYHtFXORVHPSUH
FRPXPVLVWHPDGHUHWHQomRKRPRORJDGRH
DGHTXDGRFRQIRUPHVXDLGDGH
&RORFDUVHPSUHRFLQWRGHVHJXUDQoDQDV
FULDQoDVRXQDFDGHLUDGHFULDQoDTXHHVWmR
VHQGRWUDQVSRUWDGDVHID]rODVDVVXPLUXPD
SRVLomRFRUUHWDQRVEDQFRV
$WHQWDUSDUDDSRVLomRFRUUHWDGRFDGDUoR
GRFLQWRGHVHJXUDQoDSDUDFDGDFRQGLomRGH
XVR6HIRUQHFHVViULRSDVVDURFLQWRGHVH
JXUDQoDSHORFRUSRGDFULDQoDDWHQWDUSDUD
TXHRFLQWRSDVVHSHORPHLRGRRPEURHQXQ
FDSUy[LPRDRSHVFRoRGDFULDQoD
1XQFDWUDQVSRUWDUFULDQoDVRXEHErVQR
FROR
&RORFDUVHPSUHDSHQDVXPD~QLFDFULDQoD
QDFDGHLUDGHFULDQoD
/HUHREVHUYDUDVLQVWUXo}HVGHXVRGRID
EULFDQWHGDFDGHLUDGHFULDQoDHVSHFLDOPHQWH
TXDQWRjFRORFDomRFRUUHWDGRFLQWRGHVHJX
UDQoDGRYHtFXOR
$'9(571&,$
&ULDQoDVGHVSURWHJLGDVRXQmRSURWHJLGDV
FRUUHWDPHQWHSRGHPVRIUHUIHULPHQWRVJUD
YHVRXIDWDLVGXUDQWHDFRQGXomRGRYHtFXOR
1XQFDGHL[DUHPXPDFDGHLUDGHFULDQoD
YROWDGDSDUDWUiVQREDQFRGRSDVVDJHLURGL
DQWHLURSRUFDXVDGHSRVVtYHLVOHV}HVGHYLGR
DRDFLRQDPHQWRGRDLUEDJ

$QWHVGDFRQGXomR
$'9(571&,$
(PXPDPDQREUDGHIUHQDJHPRXGHGLUHomR
EUXVFDEHPFRPRHPDFLGHQWHVXPDFDGHL
UDGHFULDQoDVROWDHGHVRFXSDGDSRGHVHU
ODQoDGDSHORLQWHULRUGRYHtFXORHFDXVDUIHUL
PHQWRV
)L[DUVHPSUHXPDFDGHLUDGHFULDQoDPHV
PRTXHHVWHMDGHVRFXSDGDGXUDQWHDFRQGX
omRGRYHtFXORRXDFRPRGiODGHIRUPDVHJX
UDQRFRPSDUWLPHQWRGHEDJDJHP
,QIRUPDo}HVJHUDLVVREUHRWUDQVSRUWHGHFULDQoDVQRYHtFXOR
/LVWDGHFRQWUROH
d
d
d
d
d
d
d
d
1RUPDVHVSHFtILFDVGHFDGDSDtVSDUD
WUDQVSRUWHGHFULDQoDVHPYHtFXORV
75$1
$%17
1%5
&21

6XEGLYLVmRGHJUXSRVGDVFDGHLUDVGHFULDQoDGHDFRUGRFRPD5HVROXomRGR&2175$1
7LSRGHVLVWHPDGHUHWHQ
omR
)RUPDGHLQVWDODomR
,GDGH
6HJXLUVHPSUHDVDo}HVGDOLVWDGHFRQ
WUROHHREVHUYDUDVSUHFDXo}HVGHVHJXUDQoD
QHODGHVFULWDV
$'9(571&,$
$'9(571&,$
$REVHUYkQFLDGDOLVWDGHFRQWUROHpHVVHQFL
DOSDUDDVHJXUDQoDGRFRQGXWRUSDVVDJHLURV
HGHPDLVFRQGXWRUHVHYLWDQGRSRVVtYHLVDFL
GHQWHVHIHULPHQWRV

$QWHVGDFRQGXomR
(PXPDFLGHQWHREDQFRWUDVHLURpRORFDO
PDLVVHJXURSDUDFULDQoDVFRPDFDGHLUDGH
FULDQoDFRUUHWDPHQWHFRORFDGD
8PDFDGHLUDGHFULDQoDDGHTXDGDTXHHV
WHMDLQVWDODGDFRUUHWDPHQWHHTXHVHMDXVDGD
HPXPGRVOXJDUHVGREDQFRWUDVHLURSUR
SRUFLRQDDSURWHomRPi[LPDSDUDFULDQoDVGH
DWpDQRVQDPDLRULDGDVVLWXDo}HVGHDFL
GHQWH
'LIHUHQWHVVLVWHPDVGHIL[DomR
)LJ
6LVWHPDVGHIL[DomRHVSHFtILFRVGHFDGDSDtV
7LSRVGHFDGHLUDVGHFULDQoD
2VVLVWHPDVGHPRQVWUDPDIL[DomRGRVLVWHPD
GHUHWHQomRSDUDFULDQoDVGHEDQFRWUDVHLUR
FRPXPFLQWRGHVHJXUDQoDGRYHtFXOR
8WLOL]DomRGDFDGHLUDGHFULDQoDQREDQFRGRSDVVDJHLURGLDQWHLUR
QXQFD

([FHo}HVSUHYLVWDVSDUDRWUDQVSRUWHGHFULDQoDV
QREDQFRGLDQWHLUR
3(5,*2
1XQFDGHL[DUXPDFULDQoDHPXPDFDGHLUDGH
FULDQoDYROWDGDSDUDWUiVQREDQFRGRSDVVD
JHLURGLDQWHLURTXDQGRRDLUEDJIURQWDOGR
SDVVDJHLURGLDQWHLURHVWLYHUOLJDGR$FULDQoD
SRGHVHUPRUWDQRDFLRQDPHQWRGRDLUEDJ
IURQWDOSRLVDFDGHLUDGHFULDQoDpDWLQJLGD
FRPIRUoDHODQoDGDFRQWUDRHQFRVWRGR
EDQFR
3(5,*2
(PFDVRGHXPDFULDQoDHVWDUXVDQGRHVWDU
XVDQGRREDQFRGRSDVVDJHLURGLDQWHLUR
REVHUYDUREULJDWRULDPHQWH
6HIRUQHFHVViULRTXHXPDFULDQoDXWLOL]H
REDQFRGRSDVVDJHLURGLDQWHLURGHVORFDUR
EDQFRWRWDOPHQWHSDUDWUiVQRVHQWLGRORQJL
WXGLQDOSDUDSURSRUFLRQDUDPDLRUGLVWkQFLD
SRVVtYHOGRDLUEDJIURQWDO
0DQWHURHQFRVWRGREDQFRQDSRVLomR
YHUWLFDO
3URWHJHUDVFULDQoDVQRYHtFXORVHPSUH
FRPXPVLVWHPDGHUHWHQomROLEHUDGRHDGH
TXDGRFRQIRUPHVXDLGDGH
8WLOL]DomRGDFDGHLUDGHFULDQoDQREDQFRWUDVHLUR
)L[DUDFDGHLUDGHFULDQoDFRPRFLQWRGHVHJXUDQoDGRYHtFXOR
)L[DUDFDGHLUDGHFULDQoDFRPRFLQWRGH
VHJXUDQoDGRYHtFXOR
'HVLQVWDODUDFDGHLUDGHFULDQoD

$QWHVGDFRQGXomR
$'9(571&,$
$OLEHUDomRGRFLQWRGHVHJXUDQoDGXUDQWHD
FRQGXomRSRGHFDXVDUIHULPHQWRVJUDYHVRX
IDWDLVHPFDVRGHDFLGHQWHVRXPDQREUDVV~
ELWDVGHIUHQDJHPHGHGLUHomR
7LUDURFLQWRGHVHJXUDQoDVRPHQWHFRPR
YHtFXORSDUDGR

7UDYDGHVHJXUDQoDSDUDFULDQoDV
)LJ
)LJ
$WUDYDGHVHJXUDQoDSDUDFULDQoDVQDVSRUWDVWUD
VHLUDVpYiOLGDVRPHQWHSDUDYHtFXORVSRUWDV
$FLRQDURXGHVDFLRQDUDWUDYDGHVHJXUDQoD
SDUDFULDQoDV

$QWHVGDFRQGXomR
$'9(571&,$
&RPDWUDYDGHVHJXUDQoDSDUDFULDQoDVDFLR
QDGDDUHVSHFWLYDSRUWDQmRSRGHVHUDEHUWD
SRUGHQWUR
TXDQGRDVSRUWDVIRUHPWUDYDGDV,VWRSRGHUi
ID]HUFRPTXHHVWDVSHVVRDVILTXHPWUDQFD
GDVGHQWURGRYHtFXORHPFDVRGHHPHUJrQ
FLD3HVVRDVWUDQFDGDVSRGHPILFDUH[SRVWDV
DWHPSHUDWXUDVPXLWRDOWDVRXPXLWREDL[DV
RXDLQGDFRPIDOWDGHDU
&RQIRUPHDHVWDomRGRDQRSRGHPRFRU
UHUWHPSHUDWXUDVPXLWRDOWDVRXPXLWREDL[DV
QRLQWHULRUGHXPYHtFXORIHFKDGRTXHSR
GHPFDXVDUIHULPHQWRVJUDYHVHHQIHUPLGD
GHVSULQFLSDOPHQWHHPFULDQoDVSHTXHQDV
OHYDQGRDVjPRUWH
,OXPLQDomR
,QWURGXomRDRWHPD
$'9(571&,$
3RGHPRFRUUHUDFLGHQWHVHIHULPHQWRVJUDYHV
VHDUXDQmRHVWLYHUVXILFLHQWHPHQWHLOXPLQD
GDHRYHtFXORIRUYLVWRVRPHQWHFRPGLILFXO
GDGHRXQmRIRUYLVWRSRURXWURVFRQGXWRUHV
/LJDURIDUROEDL[RVHPSUHQDHVFXULGmR
QHEOLQDRXFRPPiYLVLELOLGDGH
$'9(571&,$
8PIDUROFRPUHJXODJHPPXLWRDOWDHDXWLOL
]DomRLQDGHTXDGDGRIDURODOWRORQJRDOFDQ
FHSRGHPGLVWUDLUHLPSHGLUDYLVmRGHRXWURV
FRQGXWRUHV,VWRSRGHFDXVDUDFLGHQWHVHIH
ULPHQWRVJUDYHV
$WHQWDUSDUDTXHRIDUROHVWHMDUHJXODGR
FRUUHWDPHQWH
1XQFDXWLOL]DURIDURODOWRORQJRDOFDQFH
RXRVLQDOGHOX]TXDQGRDYLVmRGHRXWURV
FRQGXWRUHVSXGHUVHURIXVFDGD

/X]HVGHFRQWUROH
oD QDSiJLQD
$FHVR
&DXVDSRVVtYHO
6ROXomR
$'9(571&,$

$QWHVGDFRQGXomR
HWF
8PYHtFXORSDUDGRUHSUHVHQWDXPJUDQGH
ULVFRGHDFLGHQWHSDUDVLPHVPRHSDUDWHU
FHLURV6HPSUHDFLRQDUDVOX]HVGHDGYHUWrQ
FLDHXWLOL]DURWULkQJXORGHVHJXUDQoDSDUD
DOHUWDURXWURVYHtFXORV
127$
YHtFXOR
$ODYDQFDGRVLQGLFDGRUHVGHGLUHomRHGRIDURODOWR
)LJ
'HVORFDUDDODYDQFDSDUDDSRVLomRGHVHMDGD
VLQDOGHOX]
$'9(571&,$
$XWLOL]DomRLQDGHTXDGDRXDQmRXWLOL]DomR
GRVLQGLFDGRUHVGHGLUHomREHPFRPRHV
TXHFHUGHGHVOLJiORVSRGHFRQIXQGLURVGH
PDLVFRQGXWRUHV,VWRSRGHFDXVDUDFLGHQWHV
HIHULPHQWRVJUDYHV
0XGDQoDGHIDL[DGHURGDJHPPDQREUDV
GHXOWUDSDVVDJHPHFRQYHUVmRVHPSUHGH
YHPVHULQGLFDGDVHPWHPSRKiELOSRUPHLR
GRVLQGLFDGRUHVGHGLUHomR
'HVOLJDURVLQGLFDGRUHVGHGLUHomRDSyVD
FRQFOXVmRGDPXGDQoDGHIDL[DGHURGDJHP
GDPDQREUDGHXOWUDSDVVDJHPRXGDFRQYHU
VmR
$'9(571&,$
8PDXWLOL]DomRLQFRUUHWDGRIDURODOWRORQJR
DOFDQFHSRGHFDXVDUDFLGHQWHVHIHULPHQWRV
JUDYHVXPDYH]TXHRIDURODOWRORQJRDO
FDQFHSRGHGLVWUDLUHRIXVFDURVGHPDLVFRQ
GXWRUHV
$X[tOLRGHPXGDQoDGHIDL[DGHURGDJHP
FH
(PFDVRGHHPHUJrQFLD
IDURODOWRORQJRDOFDQ

/LJDUHGHVOLJDUDVOX]HV
)LJ
!54/
)LJ
LUDURLQWHUUXSWRUGDVOX]HVQDDODYDQFD)LJSDUDDSRVLomRGHVHMDGD
/

&RPDLJQLomRGHVOLJDGD
&RPDLJQLomROLJDGD
$QWHVGDFRQGXomR
*LUDURLQWHUUXSWRUGDVOX]HV)LJSDUDDSRVLomRGHVHMDGD
3RVLomR &RPDLJQLomRGHVOLJDGD
&RPDLJQLomROLJDGD
!54/

)XQomR&RPLQJ+RPHH/HDYLQJ+RPH
LOXPLQDomRGHRULHQWDomR
)DUROHODQWHUQDGHQHEOLQDSDUDYHtFXORV
FRPLQWHUUXSWRUJLUDWyULR

3DUDYHtFXORVFRPIDUROGHQHEOLQDHODQWHUQDGH
QHEOLQD

$OHUWDVRQRURSDUDOX]HVQmRGHVOLJDGDV
/
(PYHtFXORVVHPODQWHUQDGHQHEOLQD
$'9(571&,$
$OX]GHSRVLomRQmRpLQWHQVDRVXILFLHQWH
SDUDLOXPLQDUDUXDVXILFLHQWHPHQWHHVHUYLV
WDSRURXWURVFRQGXWRUHV
/LJDURIDUROEDL[RVHPSUHQDHVFXULGmR
QHEOLQDRXFRPPiYLVLELOLGDGH
3DUDYHtFXORVDSHQDVFRPIDUROGHQHEOLQD

'HYLGRDRVHXIRUWHHIHLWRRIXVFDQWHD
ODQWHUQDGHQHEOLQDVyGHYHVHUOLJDGDTXDQ
GRRDOFDQFHYLVXDOIRUPXLWRUHGX]LGR

/
)DUROHODQWHUQDGHQHEOLQDSDUDYHtFXORV
FRPWHFODQRFRQVROHFHQWUDO


,OXPLQDomRHYLVLELOLGDGHIXQo}HV
'HSHQGHQGRGDYHUVmRGRYHtFXORRFRQWUROHDXWR
PiWLFRGDOX]GHFRQGXomR!54/SRGHQmRHVWDU
GLVSRQtYHO
&RQWUROHDXWRPiWLFRGDOX]GHFRQGXomR
!54/
!54/
!54/
/LJDomRDXWRPiWLFDGDLOXPLQDomRGRYHtFXOR
'HVOLJDUDXWRPDWLFDPHQWHRXFRPXWDUSDUD
OX]GHFRQGXomRGLXUQD
HVFXULGmR
$'9(571&,$
2FRQWUROHDXWRPiWLFRGDOX]GHFRQGXomR
!54/OLJDRIDUROEDL[RVRPHQWHFRPDOWHUD
o}HVGDOXPLQRVLGDGHHQmRFRPQHEOLQDSRU
H[HPSOR
3RGHUmRRFRUUHUDFLGHQWHVVHDUXDQmRHVWL
YHUVXILFLHQWHPHQWHLOXPLQDGDHRYHtFXORIRU
YLVWRVRPHQWHFRPGLILFXOGDGHRXQmRIRUYLV
WRSHORVGHPDLVXVXiULRVGDYLD
0DVFDUDURXPXGDUDSRVLomRGRIDURO

$QWHVGDFRQGXomR
)XQomR&RPLQJ+RPHH/HDYLQJ+RPHLOXPLQDomRGHRULHQWDomR
VHP
FRP
FRP
9HtFXORVVHPVHQVRUFUHSXVFXODUHGHFKXYD
0RGRPDQXDO
&RPLQJ+RPH $omR
/HDYLQJ+RPH $omR

9HtFXORVFRPVHQVRUFUHSXVFXODUHGHFKXYD
&RPLQJ+RPH $omR
/HDYLQJ+RPH $omR
!54/
HVFXULGmR
/
&RQILJX
UDHV
0HQX&RQILJXUDHV
HV
&RQILJXUD
5HJXODJHPGDLOXPLQDomRGRVLQVWUXPHQWRVHGRVLQWHUUXSWRUHV
6HQVRUGHLOXPLQDomRGRSDLQHOGH
LQVWUXPHQWRV
'HSHQGHQGRGDYHUVmRGRYHtFXORRVHQVRUGHLOX
PLQDomRGRSDLQHOGHLQVWUXPHQWRVSRGHQmRHVWDU
GLVSRQtYHO
)LJ
HPRUGHPFUHVFHQ
WH

$QWHVGDFRQGXomR
/DQWHUQDVLQWHUQDVHGHOHLWXUD
oD QDSiJLQD
%RWmRRX
SRVLomR
)XQomR
/

s
*
/DQWHUQDGRFRPSDUWLPHQWRGHEDJDJHP

3URWHomRVRODU
,QWURGXomRDRWHPD
$'9(571&,$
3DUDVyLVUHEDWLGRVSDUDEDL[RSRGHPUHGX]LU
RFDPSRGHYLVmRHGLPLQXLUDVHJXUDQoDQD
FRQGXomR
5HFRQGX]LUVHPSUHRVSDUDVyLVGHYROWD
DRVVXSRUWHVTXDQGRHVVHVQmRIRUHPPDLV
QHFHVViULRV
3DUDVyLV
(VSHOKRGHFRUWHVLDLOXPLQDGR
127$
)LJ
'HSHQGHQGRGDYHUVmRGRYHtFXORRSDUDVROSRGH
FRQWHUGLIHUHQWHVFRPELQDo}HVFRQWHQGRRXQmR
LOXPLQDomRFREHUWXUDGRHVSHOKRHHVSHOKRGH
FRUWHVLD
3RVVLELOLGDGHVGHDMXVWHGRVSDUDVyLVSDUD
RFRQGXWRUHSDUDRSDVVDJHLURGLDQWHLUR

$QWHVGDFRQGXomR
0DQXVHLHRVSDUDVyLVHDFREHUWXUDGRVHVSH
OKRVGHFRUWHVLDFRPFXLGDGRSDUDQmRGDQLIL
FiORV
3DUDEULVDGHYLGURGHJUDGr
)LJ

/LPSDGRUHVHODYDGRUHVGRSDUDEULVD
,QWURGXomRDRWHPD
8WLOL]DURVODYDGRUHVGRSDUDEULVDVRPHQ
WHFRPDQWLFRQJHODQWHVXILFLHQWHHPWHPSHUD
WXUDVGHLQYHUQR
1XQFDXWLOL]DURVODYDGRUHVGRSDUDEULVD
HPWHPSHUDWXUDVGHLQYHUQRHQTXDQWRRSDUD
EULVDQmRWLYHUVLGRDTXHFLGRFRPRVLVWHPD
GHYHQWLODomR&DVRFRQWUiULRRDGLWLYRDQWL
FRQJHODQWHSRGHFRQJHODUVREUHRSDUDEULVD
HUHGX]LUDYLVLELOLGDGH
$'9(571&,$
$'9(571&,$
(PEDL[DVWHPSHUDWXUDVDiJXDGRVODYDGR
UHVGRSDUDEULVDVHPDQWLFRQJHODQWHVXILFL
HQWHSRGHFRQJHODUVREUHRSDUDEULVDHOLPL
WDUDYLVLELOLGDGHIURQWDO
3DOKHWDVGRVOLPSDGRUHVGRSDUDEULVDJDV
WDVRXVXMDVUHGX]HPDYLVLELOLGDGHHDXPHQ
WDPRULVFRGHDFLGHQWHVHGHIHULPHQWRVJUD
YHV
6HPSUHTXHHVWLYHUHPGDQLILFDGDVRXJDV
WDVDVSDOKHWDVGRVOLPSDGRUHVGRSDUDEULVD
GHYHPVHUVXEVWLWXtGDV
127$
(PFDVRGHJHDGDYHULILFDUDQWHVGHOLJDURV
OLPSDGRUHVGRSDUDEULVDVHDVSDOKHWDVGRV
OLPSDGRUHVGRSDUDEULVDQmRHVWmRFRQJHOD
GDV

$QWHVGDFRQGXomR
$ODYDQFDGRVOLPSDGRUHVGRSDUDEULVD
)LJ
oD QDSiJLQD
0RYHUDDODYDQFDSDUDDSRVLomRGHVHMDGD
/&&
z
,/7
()'(

W
127$
6HDLJQLomRIRUGHVOLJDGDFRPRVOLPSDGRUHV
GRSDUDEULVDOLJDGRVRVOLPSDGRUHVLUmRFRP
SOHWDURPRYLPHQWRHUHWRUQDUjSRVLomRGHUH
SRXVR*HDGDQHYHHRXWURVREVWiFXORVVREUH
RVYLGURVSRGHPRFDVLRQDUGDQRVDRVOLPSDGR
UHVGRSDUDEULVDHDRPRWRUGRVOLPSDGRUHVGR
SDUDEULVD
127$FRQWLQXDomR
6ROWDUDVSDOKHWDVGRVOLPSDGRUHVGRSDUD
EULVDFRQJHODGDVFXLGDGRVDPHQWHGRSDUDEUL
VD3DUDLVVRD9RONVZDJHQUHFRPHQGDXP
VSUD\DQWLFRQJHODQWH
$QWHVGHLQLFLDUDFRQGXomRVHQHFHVViULR
UHPRYHUDQHYHHRJHORGRVOLPSDGRUHVGRSD
UDEULVD

6HQVRUGHFKXYD
)LJ
)LJ
'HSHQGHQGRGDYHUVmRGRYHtFXORRVHQVRUGH
FKXYDSRGHQmRHVWDUGLVSRQtYHO
$'9(571&,$
&RPSRUWDPHQWRGHDFLRQDPHQWRDOWHUDGR
GRVHQVRUGHFKXYD
QDiUHDGDVXSHUItFLHVHQVtYHO
2VHQVRUGHFKXYDSRGHQmRUHFRQKHFHUVXIL
FLHQWHPHQWHTXDOTXHUFKXYDHQmRDWLYDURV
OLPSDGRUHVGRVYLGURV
6HQHFHVViULROLJDUPDQXDOPHQWHRVOLP
SDGRUHVGRVYLGURVTXDQGRDiJXDLQWHUIHULU
QDYLVLELOLGDGHGRVYLGURV

$QWHVGDFRQGXomR
9HULILFDUHUHDEDVWHFHURQtYHOGHiJXDGRVODYDGRUHVGRSDUDEULVD
&DSDFLGDGHV
$'9(571&,$
1XQFDPLVWXUDUDGLWLYRDQWLFRQJHODQWHRXDGL
WLYRVVHPHOKDQWHVLQDGHTXDGRVjiJXDGRV
ODYDGRUHVGRSDUDEULVD,VVRSRGHFDXVDUD
IRUPDomRGHXPDSHOtFXODROHRVDVREUHRYL
GURTXHUHGX]EDVWDQWHDYLVLELOLGDGH
8WLOL]DUiJXDOLPSDHFODUDFRPXPSURGX
WRGHOLPSH]DGHYLGURVUHFRPHQGDGRSHOD
9RONVZDJHQ
6HIRURFDVRPLVWXUDUDGLWLYRVDQWLFRQJH
ODQWHVDGHTXDGRVjiJXDGRVODYDGRUHVGR
SDUDEULVD
)LJ
127$
1XQFDPLVWXUDURVSURGXWRVGHOLPSH]DUH
FRPHQGDGRVSHOD9RONVZDJHQFRPRXWURVSUR
GXWRVGHOLPSH]D,VVRSRGHFDXVDUDFRDJXOD
omRGRVFRPSRQHQWHVHFRPLVVRSURYRFDUR
HQWXSLPHQWRGRVELFRVGRVODYDGRUHVGRSDUD
EULVD
$RUHDEDVWHFHUQmRFRQIXQGLURVIOXLGRVHP
QHQKXPDKLSyWHVH&DVRFRQWUiULRSRGHP
RFRUUHUGHILFLrQFLDVGHIXQFLRQDPHQWRJUDYHV
RXXPGDQRDRPRWRU

(VSHOKRVUHWURYLVRUHV
,QWURGXomRDRWHPD
$'9(571&,$
$MXVWDURVHVSHOKRVUHWURYLVRUHVH[WHUQRVHR
HVSHOKRUHWURYLVRULQWHUQRGXUDQWHDFRQGX
omRSRGHGLVWUDLURFRQGXWRU,VWRSRGHFDX
VDUDFLGHQWHVHIHULPHQWRVJUDYHV
$MXVWDURVHVSHOKRVUHWURYLVRUHVH[WHUQRV
HRHVSHOKRUHWURYLVRULQWHUQRVRPHQWHFRPR
YHtFXORSDUDGR
$RHVWDFLRQDUPXGDUGHIDL[DHHPPDQR
EUDVGHXOWUDSDVVDJHPHGHFRQYHUVmRRE
VHUYDUVHPSUHDiUHDDRUHGRUGRYHtFXORMi
TXHGHPDLVXVXiULRVGDYLDHREMHWRVWDP
EpPSRGHPVHHQFRQWUDUQRSRQWRFHJR
$WHQWDUVHPSUHSDUDTXHRVHVSHOKRVUH
WURYLVRUHVHVWHMDPDMXVWDGRVFRUUHWDPHQWHH
TXHDYLVLELOLGDGHWUDVHLUDQmRVHMDOLPLWDGD
GHYLGRDRHPEDoDPHQWRRXSRURXWURVREMH
WRV
(VSHOKRUHWURYLVRULQWHUQR
)LJ
)LJ
(VSHOKRUHWURYLVRULQWHUQRFRP
DQWLRIXVFDQWHPDQXDO

$QWHVGDFRQGXomR
(VSHOKRUHWURYLVRULQWHUQRFRP
DQWLRIXVFDQWHDXWRPiWLFR
'HSHQGHQGRGDYHUVmRGRYHtFXORRUHWURYLVRULQ
WHUQRFRPDQWLRIXVFDQWHDXWRPiWLFRSRGHQmRHV
WDUGLVSRQtYHO
$'9(571&,$
2HVSHOKRUHWURYLVRULQWHUQRGHYHVHU
DMXVWDGRDQWHVGHFRORFDURYHtFXORHPPRYL
PHQWRSDUDQmRGHVYLDUDDWHQomRGRFRQGX
WRUQRWUkQVLWR
1DXWLOL]DomRGRHVSHOKRUHWURYLVRUQDSR
VLomRDQWLRIXVFDQWHDYLVmRSDUDWUiVILFDOL
PLWDGD
WUiV
IUHQWH
2GLVSOD\LOXPLQDGRGRDSDUHOKRGHQDYH
JDomRSRGHFRPSURPHWHURIXQFLRQDPHQWR
GRHVSHOKRUHWURYLVRULQWHUQRFRPDQWLRIXV
FDQWHDXWRPiWLFRFDXVDQGRDFLGHQWHVHIHUL
PHQWRVJUDYHV
DXWRPDWLFDPHQWH

(VSHOKRVUHWURYLVRUHVH[WHUQRV
)LJ
)LJ
$FHVVDURVDMXVWHVGRHVSHOKRUHWURYLVRU
H[WHUQRGLUHLWR
*LUDURLQWHUUXSWRUURWDWLYRSDUDDSRVLomRGH
VHMDGD
$'9(571&,$
2VHVSHOKRVUHWURYLVRUHVH[WHUQRVGHYHPVHU
DMXVWDGRVDQWHVGHFRORFDURYHtFXORHPPR
YLPHQWRSDUDQmRGHVYLDUDDWHQomRGRFRQ
GXWRUQRWUkQVLWR
$'9(571&,$
2UHEDWLPHQWRGHVDWHQWRSDUDGHQWURRXSDUD
IRUDGRVHVSHOKRVUHWURYLVRUHVH[WHUQRVSRGH
FDXVDUIHULPHQWRV

$UPD]HQDURVDMXVWHVGRHVSHOKRUHWURYLVRU
H[WHUQRGLUHLWRSDUDDPDUFKDjUpWLOWGRZQ
5

$QWHVGDFRQGXomR
5HEDWHURVHVSHOKRVUHWURYLVRUHVH[WHUQRV
SDUDGHQWURRXSDUDIRUDVRPHQWHTXDQGR
QmRKRXYHUQLQJXpPHPVXDiUHDGHIXQFLR
QDPHQWR
$WHQWDUVHPSUHSDUDTXHQHQKXPGHGR
VHMDSUHVRHQWUHRHVSHOKRUHWURYLVRUH[WHUQR
HDEDVHGRHVSHOKRTXDQGRRHVSHOKRUHWUR
YLVRUH[WHUQRVHPRYHU
$'9(571&,$
$DYDOLDomRLPSUHFLVDGDGLVWkQFLDGRVYHtFX
ORVYLQGRVGHWUiVSRGHFDXVDUDFLGHQWHVRX
IHULPHQWRVJUDYHV
$VVXSHUItFLHVDEDXODGDVGRVHVSHOKRVUH
WURYLVRUHVFRQYH[DVRXDVIpULFDVDXPHQWDP
RFDPSRGHYLVmRHID]HPRVREMHWRVSDUHFHU
PHQRUHVHPDLVGLVWDQWHV
2XVRGHVXSHUItFLHVDEDXODGDVGRVHVSH
OKRVUHWURYLVRUHVSDUDDDYDOLDomRGDVGLVWkQ
FLDVGHYHtFXORVYLQGRVGHWUiVQDPXGDQoD
GHIDL[DGHURGDJHPpLPSUHFLVRHSRGHFDX
6HPSUHTXHSRVVtYHOXWLOL]DURHVSHOKRUH
WURYLVRULQWHUQRSDUDGHWHUPLQDUDGLVWkQFLD
GRVYHtFXORVYLQGRVGHWUiVRXDGLVWkQFLDGH
RXWURVREMHWRV
*DUDQWLUTXHRFDPSRGHYLVmRWUDVHLURVH
MDVXILFLHQWH
127$
(PXPVLVWHPDGHODYDJHPDXWRPiWLFDUHEDWHU
VHPSUHRVHVSHOKRVUHWURYLVRUHVH[WHUQRV

7UDQVSRUWDU
,QWURGXomRDRWHPD
$FRPRGDUWRGRVRVREMHWRVQRYHtFXORGH
PDQHLUDVHJXUD$FRPRGDUEDJDJHQVHREMH
WRVSHVDGRVVHPSUHQRFRPSDUWLPHQWRGH
EDJDJHP
)L[DUVHPSUHREMHWRVFRPILWDVGHDPDUUD
omRRXFRPFLQWDVWHQVRUDVSDUDTXHRVREMH
WRVQmRSRVVDPDOFDQoDUDiUHDGHH[SDQVmR
GRVDLUEDJVIURQWDLVGXUDQWHXPDPDQREUD
EUXVFDGHGLUHomRHGHIUHQDJHP
$FRPRGDUREMHWRVQRLQWHULRUGRYHtFXOR
GHPDQHLUDTXHHOHVQXQFDFKHJXHPDiUHD
GHDomRGRVDLUEDJVGXUDQWHDFRQGXomR
0DQWHURVSRUWDREMHWRVVHPSUHIHFKDGRV
GXUDQWHDFRQGXomR
6HREMHWRVDFRPRGDGRVEORTXHDUHPXP
DVVHQWRGREDQFRHOHQXQFDGHYHUiVHURFX
SDGRHXWLOL]DGRSRUXPDSHVVRD
$'9(571&,$
2EMHWRVVROWRVRXIL[DGRVLQFRUUHWDPHQWHSR
GHPFDXVDUIHULPHQWRVJUDYHVHPFDVRGH
PDQREUDVGHGLUHomRHGHIUHQDJHPV~ELWDV
RXHPFDVRGHDFLGHQWHV,VWRYDOHHVSHFLDO
PHQWHQRVFDVRVHPTXHREMHWRVVmRDWLQJL
GRVSHORDLUEDJTXDQGRHVWHVHLQIODVHQGR
DUUHPHVVDGRVSHORLQWHULRUGRYHtFXOR3DUD
GLPLQXLURULVFRGHIHULPHQWRVREVHUYDURVH
JXLQWH

2EMHWRVDFRPRGDGRVQXQFDGHYHPOHYDU
RVRFXSDQWHVDDVVXPLUXPDSRVLomRLQFRUUH
WDQREDQFR
$QWHVGDFRQGXomR
$'9(571&,$
2FRPSRUWDPHQWRGHGLUHomREHPFRPRR
HIHLWRGHIUHQDJHPDOWHUDPVHEDVWDQWHGX
UDQWHRWUDQVSRUWHGHREMHWRVJUDQGHVHSHVD
GRV
$GHTXDUDYHORFLGDGHHDIRUPDGHFRQGX
omRGHDFRUGRFRPDVFRQGLo}HVGHYLVLELOL
GDGHFOLPiWLFDVGDSLVWDHGRWUkQVLWR
$FHOHUDUGHIRUPDHVSHFLDOPHQWHFDXWHOR
VDHFXLGDGRVD
(YLWDUPDQREUDVGHGLUHomRHGHIUHQDJHP
V~ELWDV
)UHDUDQWHVGRXVXDO
$FRPRGDUYROXPHVGHEDJDJHP
$FRPRGDUWRGRVRVYROXPHVGHEDJDJHP
FRPVHJXUDQoDQRYHtFXOR
127$
2VILODPHQWRVGRGHVHPEDoDGRUGRYLGURWUD
VHLURSRGHPVHUDYDULDGRVGHYLGRDRDWULWR
FRPREMHWRVDFRPRGDGRVVREUHDVXSHUItFLH
DWUiVGREDQFRWUDVHLUR
GXomRFRPUHERTXH
&RQ
&RQGX]LUFRPDWDPSDGRFRPSDUWLPHQWRGHEDJDJHPDEHUWD
$'9(571&,$
$FRQGXomRFRPDWDPSDGRFRPSDUWLPHQWR
GHEDJDJHPGHVWUDYDGDRXDEHUWDSRGHFDX
VDUIHULPHQWRVJUDYHV
$9RONVZDJHQQmRRULHQWDTXHRYHtFXOR
VHMDFRQGX]LGRFRPDWDPSDGRFRPSDUWL
PHQWRGHEDJDJHPDEHUWDPDVFDVRUHIHULGD
FRQGXomRVHMDGHH[WUHPDQHFHVVLGDGHIDYRU
VHDWHQWDUSDUDDVVHJXLQWHVRULHQWDo}HV
&RQGX]LUVHPSUHFRPDWDPSDGRFRP
SDUWLPHQWRGHEDJDJHPIHFKDGD
$FRPRGDUWRGRVRVREMHWRVQRFRPSDU
WLPHQWRGHEDJDJHPFRPVHJXUDQoD2E
MHWRVVROWRVSRGHPFDLUGRFRPSDUWLPHQWR
GHEDJDJHPHIHULURXWURVFRQGXWRUHV
&RQGX]LUVHPSUHGHPDQHLUDFDXWHORVD
HGHIHQVLYD
(YLWDUPDQREUDVGHGLUHomRHGHIUHQD
JHPV~ELWDVRXEUXVFDVSRLVDWDPSDGR
FRPSDUWLPHQWRGHEDJDJHPSRGHVHPR
YHUGHPDQHLUDGHVFRQWURODGD
*DUDQWLUTXHREMHWRVSDUDIRUDGRFRP
SDUWLPHQWRGHEDJDJHPHVWHMDPYLVtYHLV
SDUDRVGHPDLVFRQGXWRUHV2EVHUYDUDV
GHWHUPLQDo}HVOHJDLV
4XDQGRKRXYHUREMHWRVSDUDIRUDGR
FRPSDUWLPHQWRGHEDJDJHPDWDPSDGR
FRPSDUWLPHQWRGHEDJDJHPQXQFDSRGHUi
VHUXWLOL]DGDSDUDSUHQVDURXIL[DURE
MHWRV
5HWLUDUREULJDWRULDPHQWHDFDUJDPRQWD
GDVREUHDWDPSDGRFRPSDUWLPHQWRGH
EDJDJHPTXDQGRIRUQHFHVViULRFRQGX]LU
FRPDWDPSDGRFRPSDUWLPHQWRGHEDJD
JHPDEHUWD
$'9(571&,$
*DVHVWy[LFRVGRVLVWHPDGHHVFDSHSRGHP
DOFDQoDURLQWHULRUGRYHtFXORVHDWDPSDGR
FRPSDUWLPHQWRGHEDJDJHPHVWLYHUDEHUWD
,VWRSRGHOHYDUjLQFRQVFLrQFLDLQWR[LFDomR
SRUGLy[LGRGHFDUERQRDFLGHQWHVHIHULPHQ
WRVJUDYHV
7UDQVSRUWDU

3DUDLPSHGLUDHQWUDGDGHJDVHVWy[LFRV
GRVLVWHPDGHHVFDSHFRQGX]LUVHPSUHFRP
DWDPSDGRFRPSDUWLPHQWRGHEDJDJHPIH
FKDGD
(PFDVRVH[FHSFLRQDLVVHIRUSUHFLVR
FRQGX]LUFRPDWDPSDGRFRPSDUWLPHQWRGH
EDJDJHPDEHUWDGHYHVHSURFHGHUGDVHJXLQ
WHPDQHLUDSDUDUHGX]LUDHQWUDGDGHJDVHV
Wy[LFRVGRVLVWHPDGHHVFDSHQRLQWHULRUGR
YHtFXOR
)HFKDUWRGRVRVYLGURV
(PYHtFXORVFRPDUFRQGLFLRQDGRGHV
OLJDURPRGRGHUHFLUFXODomRGHDU
$EULUWRGRVRVGLIXVRUHVGHDUQRSDLQHO
GHLQVWUXPHQWRV
/LJDURYHQWLODGRUQRQtYHOGHYHQWLODomR
Pi[LPD
127$
$DOWXUDGRYHtFXORVHPRGLILFDTXDQGRDWDPSD
GRFRPSDUWLPHQWRGHEDJDJHPHVWiDEHUWD
&RQGX]LUFRPRYHtFXORFDUUHJDGR
$'9(571&,$
6HDFDUJDGHVOL]DUDHVWDELOLGDGHHDVHJX
UDQoDGDFRQGXomRGRYHtFXORSRGHUmRVHU
EDVWDQWHUHGX]LGDVFDXVDQGRDFLGHQWHVHIH
ULPHQWRVJUDYHV
)L[DUDFDUJDFRUUHWDPHQWHSDUDTXHHOD
QmRGHVOL]H
(PFDVRGHREMHWRVSHVDGRVXWLOL]DUILWDV
GHDPDUUDomRRXFLQWDVWHQVRUDVDGHTXDGDV
(QFDL[DURHQFRVWRGREDQFRWUDVHLURGH
IRUPDVHJXUD
,QGLFDo}HVGHSHVRHVSHFtILFDVGRYHtFXOR
WHQomRHJDUDQWLD
0DQX
b

$QWHVGDFRQGXomR
3RWrQFLDGR
PRWRU
&yGL
JRGR
PRWRU
7LSRGH
WUDQVPLVVmR
3HVRHP
RUGHPGH
PDUFKDD
$'9(571&,$
([FHGHURSHVREUXWRDGPLVVtYHOHDVFDUJDV
VREUHRVHL[RVSRGHFDXVDUGDQRVQRYHtFX
ORDFLGHQWHVHIHULPHQWRVJUDYHV
$VFDUJDVUHDLVVREUHRVHL[RVMDPDLVGH
YHPH[FHGHUDVFDUJDVDGPLVVtYHLVVREUHRV
HL[RV
2FDUUHJDPHQWRHDGLVWULEXLomRGDFDUJD
QRYHtFXORWrPLQIOXrQFLDVREUHRFRPSRUWD
PHQWRGHGLUHomRHVREUHRHIHLWRGHIUHQD
JHP$GHTXDUDYHORFLGDGHFRQIRUPHQHFHV
ViULR
3HVREUXWR
DGPLVVtYHO
3%7
&DUJDDG &DUJDDG
&DUJDDG
PLVVtYHO
PLVVtYHO
PLVVtYHO
VREUHR
VREUHR
VREUHR
HL[RGLDQ HL[RWUD
WHWR
VHLUR
WHLUR
2UHVSHLWRDRVOLPLWHVPi[LPRVGHSHVRH
jFDUJDDGPLVVLYHOVREUHRVHL[RVpHVVHQFLDO
SDUDDVHJXUDQoDGRFRQGXWRUSDVVDJHLURVH
GHPDLVFRQGXWRUHV
127$
'LVWULEXLUDFDUJDVHPSUHGHPDQHLUDXQLIRUPH
HRPDLVIXQGRSRVVtYHOQRYHtFXOR$RWUDQV
SRUWDUREMHWRVSHVDGRVQRFRPSDUWLPHQWRGH
EDJDJHPHVWHVGHYHPVHUSRVLFLRQDGRVDQWHV
GRHL[RWUDVHLURRXVREUHHOHSDUDDOWHUDUR
FRPSRUWDPHQWRGHGLUHomRRPtQLPRSRVVtYHO
7UDQVSRUWDU

&RPSDUWLPHQWRGHEDJDJHP
,QWURGXomRDRWHPD
$'9(571&,$
2EMHWRVVROWRVRXIL[DGRVLQFRUUHWDPHQWHSR
GHPFDXVDUIHULPHQWRVJUDYHVHPFDVRGH
RXHPFDVRGHDFLGHQWHV,VWRYDOHHVSHFLDO
PHQWHQRVFDVRVHPTXHREMHWRVVmRDWLQJL
GRVSHORDLUEDJTXDQGRHVWHVHLQIODVHQGR
DUUHPHVVDGRVSHORLQWHULRUGRYHtFXOR3DUD
GLPLQXLURULVFRGHIHULPHQWRVREVHUYDURVH
JXLQWH
$FRPRGDUWRGRVRVREMHWRVQRYHtFXORGH
PDQHLUDVHJXUD$FRPRGDUEDJDJHPHREMH
WRVSHVDGRVVHPSUHQRFRPSDUWLPHQWRGH
EDJDJHP
$'9(571&,$
4XDQGRRYHtFXORQmRHVWLYHUHPXVRRXHVWL
YHUVHPVXSHUYLVmRWUDQFDUVHPSUHDVSRU
WDVHDWDPSDGRFRPSDUWLPHQWRGHEDJDJHP
SDUDUHGX]LURULVFRGHIHULPHQWRVJUDYHVRX
IDWDLV
1XQFDGHL[DUFULDQoDVVHPVXSHUYLVmR
HVSHFLDOPHQWHTXDQGRDWDPSDGRFRPSDUWL
PHQWRGHEDJDJHPHVWLYHUDEHUWD&ULDQoDV
SRGHPHQWUDUQRFRPSDUWLPHQWRGHEDJDJHP
HIHFKDUDWDPSDGRFRPSDUWLPHQWRGHEDJD
JHP(PVLWXDo}HVFRPRHVVDVXPDFULDQoD
QmRFRQVHJXLULDVDLUGRFRPSDUWLPHQWRGH
EDJDJHPVR]LQKD,VWRSRGHFDXVDUIHULPHQ
WRVJUDYHVRXIDWDLV
1XQFDSHUPLWLUTXHFULDQoDVEULQTXHPQR
YHtFXORRXMXQWRDHOH
1XQFDWUDQVSRUWDUSHVVRDVQRFRPSDUWL
PHQWRGHEDJDJHP
)L[DUREMHWRVVHPSUHFRPILWDVGHDPDUUD
omRRXFRPFLQWDVWHQVRUDVSDUDTXHRVREMH
WRVQmRVHMDPDUUHPHVVDGRVSHORLQWHULRUGR
YHtFXORHQmRSRVVDPDOFDQoDUDiUHDGH
DomRGRVDLUEDJVIURQWDLVGXUDQWHXPDPDQR
EUDGHGLUHomRHGHIUHQDJHPV~ELWD
GXUDQWHDFRQGXomR
1mRDFRPRGDUREMHWRVUtJLGRVSHVDGRV
RXGHVXSHUItFLHFRUWDQWHHPSRUWDREMHWRV
DEHUWRVQRLQWHULRUGRYHtFXORVREUHDVXSHU
ItFLHDWUiVGREDQFRWUDVHLURRXQRSDLQHOGH
LQVWUXPHQWRVVHPTXHHVWHMDPFRUUHWDPHQWH
IL[DGRV
5HWLUDUREMHWRVUtJLGRVSHVDGRVRXGHVX
SHUItFLHFRUWDQWHGHSHoDVGHURXSDHEROVDV
QRLQWHULRUGRYHtFXORHDFRPRGiORVGHPD
QHLUDVHJXUD
$'9(571&,$
$RWUDQVSRUWDUREMHWRVSHVDGRVDVFDUDFWH
UtVWLFDVGHFRQGXomRGRYHtFXORVmRDOWHUD
GDVHDGLVWkQFLDGHIUHQDJHPDXPHQWD&DU
JDVSHVDGDVQmRDFRPRGDGDVHQmRIL[DGDV
GDPDQHLUDFRUUHWDSRGHPID]HUFRPTXHR
FRQGXWRUSHUFDRFRQWUROHGRYHtFXORFDX
VDQGRIHULPHQWRVJUDYHV
$RWUDQVSRUWDUREMHWRVSHVDGRVDVFDUDF
WHUtVWLFDVGHFRQGXomRGRYHtFXORVmRDOWHUD
GDVGHYLGRDRGHVORFDPHQWRGRFHQWURGH
JUDYLGDGH
'LVWULEXLUDFDUJDVHPSUHGHPDQHLUDXQL
IRUPHHRPDLVIXQGRSRVVtYHOQRYHtFXOR

$QWHVGDFRQGXomR
$FRPRGDUREMHWRVSHVDGRVGHPDQHLUD
VHJXUDRPDLVIXQGRSRVVtYHOQRFRPSDUWL
PHQWRGHEDJDJHPDQWHVGRHL[RWUDVHLUR
127$
2VILODPHQWRVGRGHVHPEDoDGRUGRYLGURWUD
VHLURRXDDQWHQDSRGHPVHUDYDULDGRVGHYLGR
DRDWULWRFRPREMHWRV
'REUDURHQFRVWRGRDVVHQWRGREDQFRWUDVHLURSDUDIUHQWHRXSDUDWUiV
)LJ
)LJ
5HEDWHUREDQFRWUDVHLURSDUDIUHQWH
5HEDWHUREDQFRWUDVHLURSDUDWUiV
7UDQVSRUWDU

$WHQWDUSDUDTXHRFLQWRGHVHJXUDQoDQmR
VHMDSUHVRRXGDQLILFDGRDRUHEDWHURHQFRV
WRGREDQFRWUDVHLURSDUDWUiV
0DQWHUDVPmRVRVGHGRVRVSpVHDVGH
PDLVSDUWHVGRFRUSRVHPSUHGLVWDQWHVDRUH
EDWHURHQFRVWRGREDQFRWUDVHLURSDUDIUHQWH
HSDUDWUiV
5HEDWHURHQFRVWRGREDQFRWUDVHLURSDUD
DFHVVRDRFRPSDUWLPHQWRGHEDJDJHPSHOR
LQWHULRUGRYHtFXOR
$'9(571&,$
5HEDWHURHQFRVWRGREDQFRWUDVHLURSDUD
IUHQWHRXSDUDWUiVGHPDQHLUDGHVFRQWURODGD
RXGHVDWHQWDSRGHFDXVDUIHULPHQWRVJUDYHV
$RUHEDWHURHQFRVWRGREDQFRWUDVHLUR
SDUDIUHQWHVHPSUHDWHQWDUSDUDTXHQmRKDMD
SHVVRDVRXDQLPDLVQDiUHDGRHQFRVWRGR
EDQFRWUDVHLUR
1XQFDUHEDWHURHQFRVWRGREDQFRWUDVHL
URSDUDIUHQWHRXSDUDWUiVFRPRYHtFXORHP
PRYLPHQWR
*DQFKRSDUDVDFRODV
2HQFRVWRGREDQFRWUDVHLURGHYHHVWDU
HQFDL[DGRGHPDQHLUDVHJXUDSDUDJDUDQWLUD
SURWHomRGRVFLQWRVGHVHJXUDQoDQREDQFR
WUDVHLUR,VVRVHDSOLFDVREUHWXGRDROXJDU
FHQWUDOGREDQFRWUDVHLUR4XDQGRXPDVVHQ
WRHVWiRFXSDGRHRUHVSHFWLYRHQFRVWRGR
EDQFRWUDVHLURQmRHVWiHQFDL[DGRFRPVHJX
UDQoDRRFXSDQWHpHPSXUUDGRSDUDIUHQWH
FRPRHQFRVWRGREDQFRWUDVHLURHPFDVRGH
EHPFRPRHPDFLGHQWHV
6HRHQFRVWRGREDQFRWUDVHLURHVWiLQFOL
QDGRSDUDIUHQWHRXQmRHVWLYHUHQFDL[DGRGH
PDQHLUDVHJXUDSHVVRDVRXFULDQoDVQmRGH
YHUmRVHUWUDQVSRUWDGDVQHVVHVDVVHQWRV
127$
(PYHtFXORVFRPFLQWRVGHVHJXUDQoDFRP
HQURODGRUDXWRPiWLFRRVFDGDUoRVGHYHPILFDU
HQFDL[DGRVQRVSRVLFLRQDGRUHVHQTXDQWRR
HQFRVWRGREDQFRHVWLYHUDEDL[DGR
(PYHtFXORVFRPFLQWRVGHVHJXUDQoDVHP
HQURODGRUDXWRPiWLFRDWHQWHSDUDTXHRFDGDU
oRGRFLQWRQmRILTXHSUHVRHQWUHRDVVHQWRGR
EDQFRHDODWHUDOGRYHtFXOR
)LJ

$QWHVGDFRQGXomR
127$
$'9(571&,$
1XQFDXWLOL]DURJDQFKRSDUDVDFRODVSDUD
DPDUUDomR(PFDVRGHPDQREUDVGHIUHQD
JHPV~ELWDVRXHPFDVRGHDFLGHQWHRJDQ
FKRSDUDVDFRODVSRGHVHURPSHU
2JDQFKRSDUDVDFRODVVXSRUWDXPDFDUJDPi
[LPDGHNJ
5HGHSDUDEDJDJHP
$'9(571&,$
$UHGHSDUDEDJDJHPHOiVWLFDSUHFLVDVHUHV
WLFDGDTXDQGRIRUIL[DGDQRVROKDLVQRFRP
SDUWLPHQWRGHEDJDJHP8PDUHGHSDUDEDJD
JHPTXDQGRSUHVDHVWiVREWHQVmR$VDO
oDVGDUHGHSDUDEDJDJHPSRGHPSURYRFDU
IHULPHQWRVVHDUHGHSDUDEDJDJHPIRUIL[DGD
RXUHPRYLGDGHPRGRLQDGHTXDGR
)LJ
3UHQGHUVHPSUHDVDOoDVGDUHGHSDUDED
JDJHPHYLWDQGRTXHHODVHVROWHEUXVFDPHQ
WHGRROKDODRVHUIL[DGDRXUHPRYLGD
3URWHJHURVROKRVHRURVWRSDUDHYLWDUIH
ULPHQWRVFDVRDVDOoDVVHVROWHPEUXVFDPHQ
WHDRVHUHPIL[DGDVRXUHPRYLGDV
)L[DUDUHGHQRFRPSDUWLPHQWRGHEDJDJHP
5HPRYHUDUHGHSDUDEDJDJHP
3UHQGHUVHPSUHDVDOoDVGDUHGHSDUDED
JDJHPQDVHTXrQFLDGHVFULWD6HXPDGDVDO
oDVGDUHGHSDUDEDJDJHPVHVROWDUKiULVFR
GHIHULPHQWR
127$
$UHGHSDUDEDJDJHPGHYHVHUXWLOL]DGDSDUD
JXDUGDUREMHWRVSHTXHQRVHOHYHVTXHQmRXO
WUDSDVVHPNJ
7UDQVSRUWDU

3RUWDREMHWRVQRFRPSDUWLPHQWRGHEDJDJHP
)LJ
)LJ
5HPRYHURSRUWDREMHWRVGRFRPSDUWLPHQWR
GHEDJDJHP
$EULUHIHFKDURSRUWDREMHWRV
DEULU
IHFKDU
,QVWDODURSRUWDREMHWRVQRFRPSDUWLPHQWR
GHEDJDJHP
b

$QWHVGDFRQGXomR
127$
$9RONVZDJHQUHFRPHQGDGHVPRQWDURSRUWD
REMHWRVSDUDDXPHQWDUDiUHDGLVSRQtYHOQR
FRPSDUWLPHQWRGHEDJDJHPRXFDVRVHMDQH
FHVViULRWUDQVSRUWDUREMHWRVSHVDGRV
&RQGXomRFRPUHERTXH
,QWURGXomRDRWHPD
$'9(571&,$
$XWLOL]DomRLQDGHTXDGDGRGLVSRVLWLYRGHUH
ERTXHSRGHFDXVDUIHULPHQWRVHDFLGHQWHV
8WLOL]DURGLVSRVLWLYRGHUHERTXHDSHQDV
TXDQGRHVWLYHUFRUUHWDPHQWHIL[DGRHVHP
GDQRV
1mRUHDOL]DUQHQKXPDPRGLILFDomRRXUH
SDURQRGLVSRVLWLYRGHUHERTXH
$'9(571&,$
$FRQGXomRFRPXPUHERTXHHRWUDQVSRUWH
GHREMHWRVSHVDGRVRXFRPVXSHUItFLHVJUDQ
GHVSRGHDOWHUDUDVFDUDFWHUtVWLFDVGHFRQGX
omRHFDXVDUDFLGHQWHV
$'9(571&,$
2WUDQVSRUWHGHSDVVDJHLURVHPXPUHERTXH
FRORFDYLGDVHPULVFRHSRGHVHULOHJDO
$VVLPRDWHQGLPHQWRjVRULHQWDo}HVDEDL
[RpIXQGDPHQWDOjJDUDQWLDGHVHJXUDQoDGR
FRQGXWRUSDVVDJHLURVHGHPDLVFRQGXWRUHV
)L[DUVHPSUHDFDUJDFRUUHWDPHQWHFRP
ILWDVGHDPDUUDomRRXFLQWDVWHQVRUDV
DGHTXDGDVHHPERDVFRQGLo}HVGHXVR
$GHTXDUDYHORFLGDGHHDIRUPDGHFRQ
GXomRGHDFRUGRFRPDVFRQGLo}HVGHYL
VLELOLGDGHFOLPiWLFDVGDSLVWDHGRWUkQVL
WR
5HERTXHVFRPFHQWURGHJUDYLGDGH
PDLVDOWRSRGHPWRPEDUPDLVIDFLOPHQWH
GRTXHUHERTXHVFRPFHQWURGHJUDYLGDGH
PDLVEDL[R
(YLWDUPDQREUDVGHGLUHomRHGHIUHQD
JHPDEUXSWDVHV~ELWDV
$WHQomRHVSHFLDOGXUDQWHDVXOWUDSDVVD
JHQV
5HGX]LULPHGLDWDPHQWHDYHORFLGDGHDR
SHUFHEHURPDLVOHYHPRYLPHQWRSHQGXODU
GRUHERTXH
&RPUHERTXHQmRFRQGX]LUFRPYHORFL
GDGHVXSHULRUDNPKHPFDVRVH[FHS
FLRQDLVWDPEpPNPK,VWRWDPEpPp
YiOLGRSDUDSDtVHVHPTXHDYHORFLGDGH
b
7UDQVSRUWDU

Pi[LPDSHUPLWLGDpPDLVHOHYDGD2EVHU
YDUYHORFLGDGHVPi[LPDVHVSHFtILFDVGH
SDtVHVTXHSDUDYHtFXORVFRPUHERTXHV
SRGHPHVWDUDEDL[RGDTXHODVSDUDYHtFX
ORVVHPUHERTXHV
1XQFDWHQWDUHVWDELOL]DUSRUPHLRGH
DFHOHUDo}HVXPFRQMXQWRTXHHVWLYHURVFL
ODQGR
&RQGLo}HVWpFQLFDV
'LVSRVLWLYRGHUHERTXHPRQWDGRQRSDUD
FKRTXH
6LVWHPDGHDUUHIHFLPHQWRGRPRWRU
$'9(571&,$
8PGLVSRVLWLYRGHUHERTXHLQDGHTXDGRRX
PRQWDGRLQFRUUHWDPHQWHSRGHID]HUFRPTXH
R UHERTXHVHVROWHGRYHtFXORHSURYRTXHIH
ULPHQWRVJUDYHV
127$
6HDVODQWHUQDVWUDVHLUDVGRUHERTXHQmRIR
UHPFRQHFWDGDVFRUUHWDPHQWHRVFRPSRQHQ
WHVHOHWU{QLFRVGRYHtFXORSRGHPVHUGDQLILFD
GRV
6HRUHERTXHFRQVXPLUFRUUHQWHHPH[FHV
VRRVFRPSRQHQWHVHOHWU{QLFRVGRYHtFXORSR
GHPVHUGDQLILFDGRV
)UHLRGRUHERTXH
1XQFDFRQHFWDURVLVWHPDHOpWULFRGRUHER
TXHGLUHWDPHQWHFRPDVFRQH[}HVHOpWULFDVGDV
ODQWHUQDVWUDVHLUDVRXFRPRXWUDIRQWHGHFRU
UHQWH8WLOL]DUVRPHQWHFRQH[}HVDGHTXDGDV
SDUDDDOLPHQWDomRGHFRUUHQWHDRUHERTXH
&DERGHUXSWXUD
/DQWHUQDVWUDVHLUDVGRUHERTXH

$QWHVGDFRQGXomR
(QJDWDUHFRQHFWDURUHERTXH
&DERGHUXSWXUD
7RGRVRVWUDEDOKRVQRVLVWHPDHOpWULFRVR
PHQWHSRGHPVHUUHDOL]DGRVSRUXPD&RQ
FHVVLRQiULD9RONVZDJHQRXSRUXPDHPSUHVD
HVSHFLDOL]DGD
1XQFDFRQHFWDURVLVWHPDHOpWULFRGRUH
ERTXHGLUHWDPHQWHFRPDVFRQH[}HVHOpWUL
FDVGDVODQWHUQDVWUDVHLUDVRXFRPRXWUDIRQ
WHGHFRUUHQWH
127$
7RPDGDGRUHERTXH
/DQWHUQDVWUDVHLUDVGRUHERTXH
8PUHERTXHHVWDFLRQDGRVREUHDURGDGHDSRLR
RXVREUHRVVXSRUWHVGRUHERTXHQmRGHYHSHU
PDQHFHUDFRSODGRDRYHtFXOR3RUH[HPSORR
YHtFXORVHHUJXHHVHDEDL[DGHYLGRDDOWHUD
o}HVGDFDUJDRXDYDULDGHSQHXV1HVVHFDVR
IRUoDVGHJUDQGHLQWHQVLGDGHDWXDPVREUHR
GLVSRVLWLYRGHUHERTXHHVREUHRUHERTXHHSR
GHPFDXVDUGDQRVQRYHtFXORHDRUHERTXH
$'9(571&,$
&RQGXWRUHVHOpWULFRVLQDGHTXDGRVRXLQFRU
UHWDPHQWHFRQHFWDGRVSRGHPHQHUJL]DURUH
ERTXHFDXVDUIDOKDVGHIXQFLRQDPHQWRQRV
FRPSRQHQWHVHOHWU{QLFRVGRYHtFXORHFDXVDU
IHULPHQWRVJUDYHV
&DUUHJDURUHERTXH
&DUJDGHUHERTXHHFDUJDGHDSRLR
FDU
JDGHDSRLR
b
DEDL[R
7UDQVSRUWDU

&DSDFLGDGHPi[LPDGHWUDomR
$'9(571&,$
([FHGHUDFDUJDPi[LPDDGPLVVtYHOVREUHR
HL[RHDFDUJDGHDSRLREHPFRPRDFDSDFL
GDGHPi[LPDRXWRWDOGHWUDomRGRYHtFXORH
GRUHERTXHSRGHUHVXOWDUHPDFLGHQWHVHIHUL
PHQWRVJUDYHV
&DUUHJDURUHERTXH
1XQFDH[FHGHURVYDORUHVLQGLFDGRV
1XQFDH[FHGHUDFDUJDPi[LPDDGPLVVtYHO
VREUHRHL[RFRPRSHVRDWXDOQRHL[RGLDQ
WHLURHWUDVHLUR1XQFDH[FHGHURSHVREUXWR
Pi[LPRDGPLVVtYHOFRPRSHVRGLDQWHLURRX
WUDVHLURGRYHtFXOR
$'9(571&,$
3UHVVmRGRVSQHXV
6HDFDUJDGHVOL]DUDHVWDELOLGDGHHDVHJX
UDQoDGHFRQGXomRGRFRQMXQWRSRGHPVHU
EDVWDQWHUHGX]LGDVFDXVDQGRDFLGHQWHVHIH
ULPHQWRVJUDYHV
&DUUHJDUVHPSUHRUHERTXHFRUUHWDPHQWH
)L[DUVHPSUHDFDUJDFRPILWDVGHDPDUUD
omRRXFLQWDVWHQVRUDVDGHTXDGDVHHPERDV
FRQGLo}HVGHXVR
&RQGX]LUFRPXPUHERTXH
5HJXODJHPGRIDURO
$UUDQTXHFRPXPUHERTXHHPDFOLYHV
3DUWLFXODULGDGHVQDFRQGXomRFRPXP
UHERTXH
VXDYHPHQWHQRLQtFLR
IUHLRFRPSOHPHQWDU
'
FDUDPDUFKD

$QWHVGDFRQGXomR
7UR
GDGHFOLPiWLFDVGDSLVWDHGRWUkQVLWR5HGX
]LUDYHORFLGDGHHVSHFLDOPHQWHHPGHFOLYHV
$'9(571&,$
3X[DUXPUHERTXHLQFRUUHWDPHQWHSRGHFDX
VDUDSHUGDGHFRQWUROHGRYHtFXORHIHULPHQ
WRVJUDYHV
$FRQGXomRFRPXPUHERTXHHRWUDQV
SRUWHGHREMHWRVSHVDGRVRXFRPVXSHUItFLHV
JUDQGHVSRGHDOWHUDUDVFDUDFWHUtVWLFDVGH
FRQGXomRHDXPHQWDUDGLVWkQFLDGHIUHQD
JHP
&RQGX]LUVHPSUHGHPDQHLUDFDXWHORVDH
GHIHQVLYD)UHDUDQWHVGRXVXDO
$FHOHUDUGHIRUPDHVSHFLDOPHQWHFDXWHOR
VDHFXLGDGRVD(YLWDUPDQREUDVGHGLUHomRH
GHIUHQDJHPDEUXSWDVHV~ELWDV
$WHQomRHVSHFLDOGXUDQWHDVXOWUDSDVVD
JHQV5HGX]LULPHGLDWDPHQWHDYHORFLGDGHDR
SHUFHEHURPDLVOHYHPRYLPHQWRSHQGXODUGR
UHERTXH
1XQFDWHQWDUHVWDELOL]DUSRUPHLRGH
DFHOHUDo}HVXPFRQMXQWRTXHHVWLYHURVFLODQ
GR
3DUDYHtFXORVFRPUHERTXHREVHUYDUTXH
DVYHORFLGDGHVPi[LPDVSRGHPHVWDUDEDL[R
GDTXHODVSDUDYHtFXORVVHPUHERTXH
7UDQVSRUWDU

,QVWDODURGLVSRVLWLYRGHUHERTXHSRVWHULRUPHQWH
,QVWDODURGLVSRVLWLYRGHUHERTXH
$'9(571&,$
&RQGXWRUHVHOpWULFRVLQDGHTXDGRVRXOLJDGRV
LQFRUUHWDPHQWHSRGHPFDXVDUIDOKDVGHIXQ
FLRQDPHQWRGHWRGRVRVFRPSRQHQWHVHOHWU{
QLFRVGRYHtFXORHSURYRFDUDFLGHQWHVHIHUL
PHQWRVJUDYHV
1XQFDFRQHFWDURVLVWHPDHOpWULFRGRUH
ERTXHGLUHWDPHQWHFRPDVFRQH[}HVHOpWUL
FDVGDVODQWHUQDVWUDVHLUDVRXFRPRXWUDIRQ
WHLQDGHTXDGDGHFRUUHQWH8WLOL]DUVRPHQWH
FRQHFWRUHVDGHTXDGRVSDUDDFRQH[mRGRUH
ERTXH
$LQVWDODomRSRVWHULRUGHXPGLVSRVLWLYR
GHUHERTXHGHYHVHUUHDOL]DGDSRUXPDHP
SUHVDHVSHFLDOL]DGD
$'9(571&,$
8PGLVSRVLWLYRGHUHERTXHLQDGHTXDGRRXLQ
FRUUHWDPHQWHLQVWDODGRSRGHID]HUFRPTXHR
UHERTXHVHVROWHGRYHtFXORGHWUDomR,VWR
SRGHFDXVDUDFLGHQWHVJUDYHVHIHULPHQWRV
IDWDLV
)LJ

$QWHVGDFRQGXomR
127$
$FRQGXomRFRPUHERTXHUHSUHVHQWDXPPDLRU
HVIRUoRSDUDRYHtFXOR$QWHVGHGHFLGLUSRU
XPDLQVWDODomRSRVWHULRUFRQWDWHXPD&RQFHV
VLRQiULD9RONVZDJHQSDUDVDEHUVHpQHFHVVi
ULRHIHWXDUSUHYLDPHQWHDOJXPDDOWHUDomRQR
VLVWHPDGHDUUHIHFLPHQWRRXVHGHYHPVHULQV
WDODGDVFKDSDVGHEOLQGDJHPWpUPLFD
&DUJDVGHUHERTXHPi[LPDVDGPLVVtYHLV
3RWrQFLDGRPRWRU
WHQomRHJDUDQWLD
&yGLJRGRPRWRU
5HERTXHFRP
IUHLRDFOLYHVDWp

0DQX
5HERTXHVHPIUHLR
DFOLYHVDWp
127$
$'9(571&,$
6HDFDUJDGHUHERTXHPi[LPDLQGLFDGDIRU
H[FHGLGDSRGHPRFRUUHUDFLGHQWHVJUDYHVH
GDQRVVLJQLILFDWLYRVDRYHtFXOR
6HDFDUJDGHUHERTXHPi[LPDLQGLFDGDIRUH[
FHGLGDSRGHPRFRUUHUGDQRVVLJQLILFDWLYRVDR
YHtFXOR
1XQFDH[FHGHUDFDUJDGHUHERTXHLQGLFD
GD
1XQFDH[FHGHUDFDUJDGHUHERTXHLQGLFD
GD
&DSDFLGDGHPi[LPDGHWUDomRDGPLVVtYHO
WHQomRHJDUDQWLD
0DQX
7UDQVSRUWDU

3RWrQFLDGRPRWRU
&yGLJRGRPR
WRU
7LSRGHWUDQVPLVVmR
$'9(571&,$
6HDFDSDFLGDGHPi[LPDGHWUDomRLQGLFDGD
IRUH[FHGLGDSRGHPRFRUUHUDFLGHQWHVJUD
YHVHGDQRVVLJQLILFDWLYRVDRYHtFXOR
1XQFDH[FHGHUDFDSDFLGDGHPi[LPDGH
WUDomR
127$
6HDFDSDFLGDGHPi[LPDGHWUDomRLQGLFDGDIRU
H[FHGLGDSRGHPRFRUUHUGDQRVVLJQLILFDWLYRV
DRYHtFXOR

$QWHVGDFRQGXomR
&DSDFLGDGHPi[LPDGHWUDomR
&07D
127$FRQWLQXDomR
1XQFDH[FHGHUDFDSDFLGDGHPi[LPDGHWUD
omR
127$
1XQFDGHVOLJDURPRWRULPHGLDWDPHQWHDSyV
XPDURGDJHPWUDFLRQDQGRUHERTXH0DQWHUR
PRWRUIXQFLRQDQGRHPPDUFKDOHQWDSRUQRPt
QLPRPLQXWRVDQWHVGHGHVOLJiOR$FDUJD
VREUHRDFRSODPHQWRGHHQJDWHDXPHQWDRSH
VRVREUHRHL[RWUDVHLURHUHGX]SURSRUFLRQDO
PHQWHRUHVWRGDFDUJDTXHRYHtFXORSRGHOH
YDU/HUHDWHQWDUSDUDDVLQIRUPDo}HVVREUH
FRQGXomRFRPUHERTXH3iJLQD&RQGX
omRFRPUHERTXHH3iJLQD&DUJDVGHUH
ERTXHPi[LPDVDGPLVVtYHLV
3RUWDREMHWRV
,QWURGXomRDRWHPD
$'9(571&,$
2EMHWRVQDiUHDSDUDRVSpVGRFRQGXWRUSR
GHPLPSHGLUROLYUHDFLRQDPHQWRGRVSHGDLV
,VWRSRGHFDXVDUDSHUGDGHFRQWUROHGRYHt
FXORHDXPHQWDRULVFRGHIHULPHQWRVJUDYHV
$WHQWDUSDUDTXHWRGRVRVSHGDLVSRVVDP
VHUDFLRQDGRVVHPLPSHGLPHQWRV
)L[DUVHPSUHRWDSHWHSDUDRVSpVFRPVH
JXUDQoD
5iGLR
$'9(571&,$
2EMHWRVVROWRVSRGHPVHUDUUHPHVVDGRVSHOR
LQWHULRUGRYHtFXORHPPDQREUDVGHGLUHomRH
GHIUHQDJHPV~ELWDV,VWRSRGHFDXVDUIHUL
PHQWRVJUDYHVHWDPEpPDSHUGDGHFRQWUROH
GRYHtFXOR
1mRFRORFDUDQLPDLVHREMHWRVUtJLGRVSH
VDGRVRXGHVXSHUItFLHFRUWDQWHHPFRPSDUWL
PHQWRVDEHUWRVGRYHtFXORVREUHRSDLQHOGH
LQVWUXPHQWRVQDVXSHUItFLHDWUiVGREDQFR
WUDVHLURVHPSHoDVGHYHVWXiULRRXEROVDV
QRLQWHULRUGRYHtFXOR
GXUDQWHDFRQGXomR
1XQFDFRORFDUWDSHWHVSDUDRVSpVRXRX
WURVUHYHVWLPHQWRVGHDVVRDOKRVREUHRWDSH
WHSDUDRVSpVLQVWDODGR
$WHQWDUSDUDTXHQHQKXPREMHWRDOFDQFHD
iUHDSDUDRVSpVGRFRQGXWRUGXUDQWHDFRQ
GXomR
127$
2VILODPHQWRVGRGHVHPEDoDGRUGRYLGUR
WUDVHLURSRGHPVHUDYDULDGRVGHYLGRDRDWULWR
FRPREMHWRVDFRPRGDGRVVREUHDVXSHUItFLH
DWUiVGREDQFRWUDVHLUR
1mRJXDUGDUREMHWRVVHQVtYHLVDRFDORUDOL
PHQWRVRXPHGLFDPHQWRVQRLQWHULRUGRYHtFX
OR2FDORUHRIULRSRGHPGDQLILFiORVRXWRUQi
ORVLQDSURSULDGRVSDUDXVRRXFRQVXPR
2EMHWRVGHPDWHULDLVWUDQVSDUHQWHVGHL[D
GRVQRYHtFXORFRPRSRUH[HPSORyFXORV
OHQWHVRXYHQWRVDVWUDQVSDUHQWHVQRVYLGURV
SRGHPIRFDOL]DURVUDLRVGRVROHDVVLPFDX
VDUGDQRVQRYHtFXOR

3RUWDREMHWRVGRODGRGRFRQGXWRU
$'9(571&,$
2EMHWRVVROWRVSRGHPVHUODQoDGRVSHORLQWH
ULRUGRYHtFXORHPUD]mRGHXPDPDQREUDGH
GLUHomRRXGHIUHQDJHPV~ELWDEHPFRPRHP
XPDFLGHQWHHFDXVDUIHULPHQWRVJUDYHV
RXGHVXSHUItFLHFRUWDQWHQRSRUWDREMHWRV
DEHUWR
)LJ
3RUWDREMHWRVGLDQWHLUR
)LJ
3RUWDREMHWRVGRODGRGRSDVVDJHLURGLDQWHLUR
)LJ
)LJ

$QWHVGDFRQGXomR
3RUWDREMHWRVQDODWHUDOGREDQFRGLDQWHLUR
0DQWHURSRUWDOXYDVVHPSUHIHFKDGRGX
UDQWHDFRQGXomR
$EULUHIHFKDURSRUWDOXYDV
DEULU
$'9(571&,$
8PSRUWDOXYDVDEHUWRSRGHDXPHQWDURULVFR
GHIHULPHQWRVJUDYHVHPFDVRGHXPDFLGHQ
WHRXPDQREUDGHGLUHomRRXGHIUHQDJHPV~
ELWDV
IHFKDU
3RUWDREMHWRVQREDQFRGRSDVVDJHLURGLDQWHLUR
)LJ

3RUWDREMHWRVWUDVHLURV
)LJ
)LJ
%ROVDSRUWDREMHWRV
3RUWDREMHWRVQRFRQVROHFHQWUDOWUDVHLUR
2XWURVSRUWDREMHWRV
2XWURVFRPSDUWLPHQWRVSRVVtYHLV
*DQFKRSDUDURXSDV
*DQFKRSDUDVDFRODV
$'9(571&,$
2EMHWRVVROWRVRXIL[DGRVLQFRUUHWDPHQWHVR
EUHDVXSHUItFLHDWUiVGRHQFRVWRGREDQFR
WUDVHLURSRGHPFDXVDUIHULPHQWRVJUDYHVHP
FDVRGHPDQREUDVGHGLUHomRHGHIUHQDJHP
V~ELWDVRXHPFDVRGHDFLGHQWHV
RXGHVXSHUItFLHFRUWDQWHQRVEROVRVGRYHV
WXiULRHPEROVDVRXVROWRVVREUHDVXSHUItFLH
DWUiVGRHQFRVWRGREDQFRWUDVHLUR
1XQFDWUDQVSRUWDUDQLPDLVVREUHDVXSHU
ItFLHDWUiVGRHQFRVWRGREDQFRWUDVHLUR
$'9(571&,$
5RXSDVSHQGXUDGDVSRGHPUHGX]LUDYLVLELOL
GDGHGRFRQGXWRUHDVVLPFDXVDUDFLGHQWHV
HIHULPHQWRVJUDYHV

$QWHVGDFRQGXomR
3HQGXUDUDVURXSDVQRJDQFKRSDUDURX
SDVVHPSUHGHIRUPDDQmRUHGX]LUDYLVLELOL
GDGHGRFRQGXWRU
8WLOL]DURJDQFKRSDUDURXSDVQRYHtFXOR
VRPHQWHSDUDSHQGXUDUURXSDVOHYHV1XQFD
GHL[DUREMHWRVSHVDGRVUtJLGRVRXGHVXSHU
ItFLHFRUWDQWHGHQWURGDVVDFRODV
3RUWDFRSRV
,QWURGXomRDRWHPD
$'9(571&,$
$XWLOL]DomRLQFRUUHWDGRVSRUWDFRSRVSRGH
FDXVDUIHULPHQWRV
1XQFDFRORFDUEHELGDVTXHQWHVHPXP
SRUWDFRSRV'XUDQWHDFRQGXomRHPXPD
PDQREUDGHIUHQDJHPV~ELWDRXHPXPDFL
GHQWHEHELGDVTXHQWHVHPXPSRUWDFRSRV
SRGHPVHUGHUUDPDGDVHFDXVDUTXHLPDGX
UDV
&HUWLILFDUVHGHTXHJDUUDIDVGHEHELGDRX
RXWURVREMHWRVQmRDOFDQFHPDiUHDSDUDRV
SpVGRFRQGXWRUGXUDQWHDFRQGXomRDWUDSD
OKDQGRRDFLRQDPHQWRGRVSHGDLV
1XQFDFRORFDUFRSRVSHVDGRVPDQWLPHQ
WRVRXRXWURVREMHWRVSHVDGRVQRVSRUWDFR
SRV(VVHVREMHWRVSHVDGRVSRGHPYRDUSHOR
LQWHULRUGRYHtFXORHPXPDFLGHQWHHFDXVDU
IHULPHQWRVJUDYHV
$'9(571&,$
*DUUDIDVGHEHELGDIHFKDGDVQRLQWHULRUGR
YHtFXORSRGHPH[SORGLUSRUDomRGRFDORUH
HVWRXUDUSRUDomRGRIULR
1XQFDGHL[DUJDUUDIDVGHEHELGDIHFKDGDV
QRLQWHULRUGHXPYHtFXORLQWHQVDPHQWHDTXH
FLGRRXLQWHQVDPHQWHUHIULJHUDGR
127$
1mRPDQWHUEHELGDVDEHUWDVQRSRUWDFRSRV
GXUDQWHDFRQGXomR%HELGDVGHUUDPDGDVSRU
H[HPSORGXUDQWHIUHQDJHQVSRGHPFDXVDUGD
QRVQRYHtFXORHDRVLVWHPDHOpWULFR
3RUWDFRSRVQRFRQVROHFHQWUDO
)LJ
)LJ

&LQ]HLURHDFHQGHGRUGHFLJDUUR
,QWURGXomRDRWHPD
$'9(571&,$
$XWLOL]DomRLQFRUUHWDGRVFLQ]HLURVHGR
DFHQGHGRUGHFLJDUURSRGHFDXVDULQFrQGLRV
TXHLPDGXUDVHRXWURVIHULPHQWRVJUDYHV
1XQFDFRORFDUQRFLQ]HLURSDSHORXTXDO
TXHURXWURWLSRGHREMHWRVRERULVFRGHFDX
VDUXPLQFrQGLR
2FLQ]HLURWHPFRPR~QLFDILQDOLGDGHDU
PD]HQDURVFLJDUURVTXHIRUDPXWLOL]DGRVDV
VLPFRPRDVVXEVWkQFLDVSURGX]LGDVSHORV
PHVPRVFRPRFLQ]DVSRUH[HPSOR
&LQ]HLUR
$EULURXIHFKDURFLQ]HLUR
$EULU
IHFKDU
(VYD]LDURFLQ]HLUR
)LJ

$QWHVGDFRQGXomR
$FHQGHGRUGHFLJDUUR
$'9(571&,$
$XWLOL]DomRLQFRUUHWDGRDFHQGHGRUGHFLJDU
URSRGHFDXVDULQFrQGLRVTXHLPDGXUDVHRX
WURVIHULPHQWRVJUDYHV
8WLOL]DURDFHQGHGRUGHFLJDUUR
DGHTXDGDPHQWHVRPHQWHSDUDDFHQGHUFLJDU
UR
)LJ
GHQWURGRYHtFXOR2DFHQGHGRUGHFLJDUUR
SRGHVHUXWLOL]DGRFRPDLJQLomROLJDGD
7RPDGD

7RPDGD
,QWURGXomRDRWHPD
127$
3DUDHYLWDUGDQRVDRVLVWHPDHOpWULFRQXQFD
FRQHFWDUQDWRPDGD9DFHVVyULRVTXHIRUQH
oDPFRUUHQWHSDUDFDUUHJDUDEDWHULDGRYHtFX
ORFRPRSRUH[HPSORSDLQpLVVRODUHVRXFDU
UHJDGRUHVGHEDWHULD
$'9(571&,$
$XWLOL]DomRLQFRUUHWDGDWRPDGDHGHDFHVVy
ULRVHOpWULFRVSRGHFDXVDULQFrQGLRVHIHUL
PHQWRVJUDYHV
8WLOL]DUVRPHQWHDFHVVyULRVTXHWHQKDPVL
GRYHULILFDGRVFRQIRUPHDVGLUHWUL]HVYLJHQWHV
FRPUHODomRjFRPSDWLELOLGDGHHOHWURPDJQpWL
FD
3DUDHYLWDUGDQRVSRUYDULDo}HVGHFRUUHQWH
DQWHVGHOLJDUHGHVOLJDUDLJQLomREHPFRPR
DQWHVGHOLJDURPRWRURVFRQVXPLGRUHVFR
QHFWDGRVjWRPDGD9GHYHPVHUGHVOLJDGRV
1XQFDFRQHFWDUFRQVXPLGRUHVHOpWULFRVTXH
FRQVXPDPPDLVGRTXHDSRWrQFLDLQGLFDGDD
XPDWRPDGD9$RH[FHGHUDSRWrQFLDPi[L
PDRVLVWHPDHOpWULFRGRYHtFXORSRGHVHUGD
QLILFDGR
GHQWURGRYHtFXOR&RPDLJQLomROLJDGDWR
PDGDHDSDUHOKRVFRQHFWDGRVDHODSRGHP
VHUXWLOL]DGRV
6HRDSDUHOKRHOpWULFRFRQHFWDGRHVTXHQ
WDUGHPDLVGHVOLJDURDSDUHOKRLPHGLDWDPHQ
WHHWLUDURSOXJXHGDWRPDGD

$QWHVGDFRQGXomR
7RPDGDGRYHtFXOR
)LJ
3RWrQFLDPi[LPD
7RPDGD
3RWrQFLDPi[LPD
7RPDGD9
127$
2EVHUYDURVPDQXDLVGHLQVWUXo}HVGRV
DSDUHOKRVFRQHFWDGRV
1XQFDH[FHGHUDSRWrQFLDPi[LPDMiTXH
GHVWDIRUPDWRGRRVLVWHPDHOpWULFRGRYHtFXOR
SRGHUiVHUGDQLILFDGR
7RPDGD9
8WLOL]DUVRPHQWHDFHVVyULRVTXHWHQKDP
VLGRYHULILFDGRVFRQIRUPHDVGLUHWUL]HVYL
JHQWHVFRPUHODomRjFRPSDWLELOLGDGHHOH
WURPDJQpWLFD
1XQFDDSOLFDUFRUUHQWHQDWRPDGD

'XUDQWHDFRQGXomR
/LJDUHGHVOLJDURPRWRU
,QWURGXomRDRWHPD
HTXLSDPHQWRVGHVHJXUDQoDGRYHtFXORVmR
DWLYRVVRPHQWHFRPRPRWRUHPIXQFLRQD
PHQWR
'HVOLJDURPRWRUVRPHQWHFRPRYHtFXOR
SDUDGR
,QGLFDGRUGRLPRELOL]DGRU
$'9(571&,$
2ULVFRGHIHULPHQWRVJUDYHVSRGHVHUUHGX]L
GRFRPRPRWRUHPIXQFLRQDPHQWRRXGXUDQ
WHDSDUWLGDGRPRWRU
3!&%
(PSXUUDURXSX[DU
QmR
$'9(571&,$
8PGHVOLJDPHQWRGRPRWRUGXUDQWHDFRQGX
omRWRUQDDSDUDGDGRYHtFXORPDLVGLItFLO&R
PRFRQVHTXrQFLDSRGHPRFRUUHUWDQWRDSHU
GDGHFRQWUROHGRYHtFXORFRPRDFLGHQWHVH
IHULPHQWRVJUDYHV
2VVLVWHPDVGHDSRLRjIUHQDJHPHjGLUH
omRRVLVWHPDGHDLUEDJRSUpWHQVLRQDGRU
GRFLQWRGHVHJXUDQoDEHPFRPRGLYHUVRV

'XUDQWHDFRQGXomR
1XQFDOLJDURPRWRURXGHL[iORIXQFLR
QDQGRHPORFDLVIHFKDGRVRXVHPYHQWLODomR
2VLVWHPDGHHVFDSHGRPRWRUFRQWpPHQWUH
RXWURVPRQy[LGRGHFDUERQRXPJiVWy[LFR
LQRGRURHLQFRORU2PRQy[LGRGHFDUERQR
SRGHFDXVDUGHVPDLRVHPRUWH
1XQFDGHL[DURYHtFXORFRPRPRWRUHP
IXQFLRQDPHQWRVHPVXSHUYLVmR2YHtFXOR
SRGHULDVHGHVORFDUVXELWDPHQWHRXXPHYHQ
WRLQFRPXPSRGHULDRFRUUHUFDXVDQGRGDQRV
HIHULPHQWRVJUDYHV
1XQFDXWLOL]DUXPDFHOHUDGRUGHSDUWLGD
8PDFHOHUDGRUGHSDUWLGDSRGHH[SORGLURX
FDXVDUXPV~ELWRDXPHQWRGDURWDomRGRPR
WRU
$'9(571&,$
$VSHoDVGRVLVWHPDGHHVFDSHHVTXHQWDP
PXLWR3RULVVRSRGHPRFRUUHULQFrQGLRVH
IHULPHQWRVJUDYHV
1XQFDHVWDFLRQDURYHtFXORGHIRUPDTXH
SHoDVGRVLVWHPDGHHVFDSHHQWUHPHPFRQ
WDWRFRPPDWHULDLVLQIODPiYHLVHPEDL[RGR
YHtFXORFRPRSRUH[HPSORDUEXVWRVIROKDV
JUDPDVHFDFRPEXVWtYHOGHUUDPDGRHWF
1XQFDXWLOL]DUSURWHomRDGLFLRQDOSDUDD
SDUWHLQIHULRUGRYHtFXORRXSURGXWRVDQWLFRU
URVLYRVQRWXERGRHVFDSDPHQWRFDWDOLVDGR
UHVRXFKDSDVGHEOLQGDJHPWpUPLFD
&LOLQGURGDLJQLomR
)LJ
oD QDSiJLQD
3RVLo}HVGDFKDYHGRYHtFXOR)LJ
UHSHWLomRGHSDUWLGD
EORTXHDGRUGH
&KDYHGRYHtFXORQmRKDELOLWDGD
7UDQVPLVVmRPDQXDORXWUDQVPLVVmRDXWRPDWL
]DGD
$'9(571&,$
8PDXWLOL]DomRGHVDWHQWDRXVHPVXSHUYLVmR
GDVFKDYHVGRYHtFXORSRGHFDXVDUDFLGHQWHV
HIHULPHQWRVJUDYHV
FRQVLJRDRGHL[DURYHtFXOR2PRWRUSRGH
VHUOLJDGRHHTXLSDPHQWRVHOpWULFRVFRPRRV
YLGURVHOpWULFRVSRGHPVHURSHUDGRVRTXH
SRGHFDXVDUIHULPHQWRVJUDYHV
(PFDVRGHHPHUJrQFLDHODVQmRHVWDULDPHP
FRQGLo}HVGHGHL[DURYHtFXORVR]LQKDVRXGH
FXLGDUHPGHVLPHVPDV(PXPYHtFXORIH
FKDGRGHDFRUGRFRPDHVWDomRGRDQRSR
GHPRFRUUHUWHPSHUDWXUDVPXLWRDOWDVRX
1XQFDUHWLUDUDFKDYHGRYHtFXORGDLJQL
omRHQTXDQWRRYHtFXORHVWLYHUHPPRYLPHQ
WR
127$
2PRWRUGHSDUWLGDVySRGHVHUDFLRQDGRFRP
RPRWRUSDUDGR6HRPRWRUGHSDUWLGDYROWDUD
VHUDFLRQDGRLPHGLDWDPHQWHDSyVVHGHVOLJDUR
PRWRUWDQWRHOHTXDQWRRPRWRUGRYHtFXORSR
GHPVHPGDQLILFDGRV

'DUDSDUWLGDQRPRWRU
oD QDSiJLQD
([HFXWDUDVDo}HVVHPSUHQDVHTXrQFLDLQGLFDGD
3DVVR
'DUSDUWLGDQRYHtFXORFRPDWUDQVPLVVmR
PDQXDO
'DUSDUWLGDQRYHtFXORFRPWUDQVPLVVmRDX
WRPDWL]DGD$6*
6LVWHPDGHPRWRUGHSDUWLGDDVVLVWLGD
YHtFXORVFRPWUDQVPLVVmRDXWRPDWL]DGD
$6*
$'9(571&,$
8PDFHOHUDGRUGHSDUWLGDSRGHH[SORGLURX
FDXVDUXPV~ELWRDXPHQWRGDURWDomRGRPR
WRU
1XQFDXWLOL]DUXPDFHOHUDGRUGHSDUWLGD
127$
2PRWRUGHSDUWLGDRXRPRWRUSRGHPVHU
GDQLILFDGRVDRWHQWDUOLJDURPRWRUGXUDQWHD
FRQGXomRRXTXDQGRRPRWRUIRUDFLRQDGRQR
YDPHQWHLPHGLDWDPHQWHDSyVVHUGHVOLJDGR
&RPRPRWRUIULRHYLWDUURWDomRGRPRWRU
PXLWRHOHYDGDDFHOHUDomRWRWDOHIRUWHGHPDQ
GDGRPRWRU
$'9(571&,$
1mRHPSXUUDURXSX[DURYHtFXORSDUDGDU
SDUWLGD&RPEXVWtYHOQmRTXHLPDGRSRGHGDQL
ILFDURFDWDOLVDGRU
1XQFDVDLUGRYHtFXORFRPRPRWRUHPIXQ
FLRQDPHQWR2YHtFXORSRGHULDGHVORFDUVH
VXELWDPHQWHHHVSHFLDOPHQWHFRPDPDUFKD
RXDUHVSHFWLYDSRVLomRGHPDUFKDHQJDWDGD
FDXVDUDFLGHQWHVHIHULPHQWRVJUDYHV

'XUDQWHDFRQGXomR
'HVOLJDURPRWRU
oD QDSiJLQD
([HFXWDUDVDo}HVVHPSUHQDVHTXrQFLDLQGLFDGD
$'9(571&,$
1XQFDGHVOLJDURPRWRUHQTXDQWRRYHtFXOR
HVWLYHUHPPRYLPHQWR,VWRSRGHFDXVDUD
SHUGDGHFRQWUROHGRYHtFXORHSURYRFDUDFL
2VDLUEDJVHRSUpWHQVLRQDGRUGRVFLQWRV
GHVHJXUDQoDQmRIXQFLRQDPFRPDLJQLomR
GHVOLJDGD
2VHUYRIUHLRQmRIXQFLRQDFRPRPRWRU
GHVOLJDGR&RPRPRWRUGHVOLJDGRpQHFHV
ViULRDSOLFDUXPDSUHVVmRPDLRUVREUHRSH
GDOGRIUHLRSDUDSDUDU
$GLUHomRKLGUiXOLFDQmRIXQFLRQDFRPR
PRWRUGHVOLJDGR&RPRPRWRUGHVOLJDGRp
QHFHVViULRDSOLFDUPDLVIRUoDSDUDFRQGX]LUR
YHtFXOR
127$
4XDQGRRYHtFXORpFRQGX]LGRFRPDOWDGHPDQ
GDGRPRWRUHVWHSRGHVXSHUDTXHFHUDSyVD
SDUDGD3DUDHYLWDUGDQRVDRPRWRUGHL[iOR
IXQFLRQDQGRQDSRVLomRQHXWUDSRUDSUR[LPD
GDPHQWHGRLVPLQXWRVDQWHVGHGHVOLJiOR

,PRELOL]DGRUHOHWU{QLFR
)LJ
HQFRQWUDGD

'XUDQWHDFRQGXomR
6$)(
&KDYHQR
7URFDUDPDUFKD
,QWURGXomRDRWHPD
8VDUR.LFN'RZQVRPHQWHTXDQGRDV
FRQGLo}HVGHYLVLELOLGDGHFOLPiWLFDVGDSLV
WDHGRWUkQVLWRSHUPLWLUHP
$'9(571&,$
&RPDPDUFKDjUpHQJDWDGDHDLJQLomR
OLJDGDRFRUUHRVHJXLQWH
$'9(571&,$
1XQFDGHL[DURVIUHLRVGHVOL]DUHPFRPIUH
TXrQFLDHSRUPXLWRWHPSRRXDFLRQDURSH
GDOGRIUHLRFRPIUHTXrQFLDHSRUPXLWRWHP
SR)UHQDJHQVFRQVWDQWHVFDXVDPVXSHUD
TXHFLPHQWRGRVIUHLRV,VWRSRGHGLPLQXLU
EDVWDQWHRGHVHPSHQKRGHIUHQDJHPDXPHQ
WDUDGLVWkQFLDGHIUHQDJHPHVREFHUWDVFLU
FXQVWkQFLDVFDXVDUDIDOKDWRWDOGRVLVWHPD
GHIUHLR
127$
1XQFDGHL[DURVIUHLRVDUUDVWDUHPFRP
XPDSUHVVmROHYHQRSHGDOTXDQGRQmRIRUUH
DOPHQWHQHFHVViULRIUHDU,VWRDXPHQWDRGHV
JDVWH
$QWHVGHSHUFRUUHUXPWUHFKRPDLVORQJR
FRPGHFOLYHVDFHQWXDGRVGLPLQXLUDYHORFLGD
GHPXGDUSDUDXPDPDUFKDPDLVEDL[DRXVH
OHFLRQDUXPDSRVLomRGHPDUFKDLQIHULRU$V
VLPpSRVVtYHODSURYHLWDGDRHIHLWRGHIUHQD
JHPGRPRWRUSRUFRPSOHWRHRIUHLRpDOLYLDGR
&DVRFRQWUiULRRIUHLRSRGHVHVXSHUDTXHFHUH
SRVVLYHOPHQWHIDOKDU8WLOL]DURVIUHLRVVRPHQ
WHTXDQGRQHFHVViULRSDUDGLPLQXLUDYHORFLGD
GHRXSDUDU
8PDDFHOHUDomRUiSLGDSRGHOHYDUjSHUGDGH
WUDomRHGHUUDSDJHQVHVSHFLDOPHQWHHPUXDV
HVFRUUHJDGLDV,VWRSRGHFDXVDUDSHUGDGH
FRQWUROHGRYHtFXORDFLGHQWHVHIHULPHQWRV
JUDYHV

3HGDLV
)LJ
)LJ
$WHQWDUSDUDTXHWRGRVRVSHGDLVSRVVDP
VHUDFLRQDGRVVHPLPSHGLPHQWRV
)L[DURVWDSHWHVVHPSUHFRPVHJXUDQoD
QDiUHDSDUDRVSpV
1XQFDFRORFDUWDSHWHVSDUDRVSpVRXRX
WURVUHYHVWLPHQWRVGHDVVRDOKRVREUHRWDSH
WHSDUDRVSpVLQVWDODGR
$WHQWDUSDUDTXHQHQKXPREMHWRSRVVDDO
FDQoDUDiUHDSDUDRVSpVGRFRQGXWRUGXUDQ
WHDFRQGXomR
127$
$'9(571&,$
2EMHWRVQDiUHDSDUDRVSpVGRFRQGXWRUSR
GHPLPSHGLUROLYUHDFLRQDPHQWRGRVSHGDLV
,VWRSRGHFDXVDUDSHUGDGHFRQWUROHGRYHt
FXORHDXPHQWDRULVFRGHIHULPHQWRVJUDYHV

'XUDQWHDFRQGXomR
2DFLRQDPHQWRGRVSHGDLVGHYHHVWDUGHVLPSH
GLGRRWHPSRWRGR'HVWDIRUPDHPFDVRGHID
OKDGHXPFLUFXLWRGRIUHLRSRUH[HPSORpQH
FHVViULDXPDGLVWkQFLDGHIUHQDJHPPDLRUSDUD
SDUDURYHtFXOR1HVVHFDVRSLVDUQRSHGDOGR
IUHLRPDLVIXQGRHIRUWHTXHRXVXDO
7UDQVPLVVmRPDQXDOHQJDWDUDPDUFKD
$'9(571&,$
2YHtFXORFRPRPRWRUHPIXQFLRQDPHQWRVH
PRYLPHQWDLPHGLDWDPHQWHDVVLPTXHXPD
PDUFKDpHQJDWDGDHRSHGDOGDHPEUHDJHP
pOLEHUDGR
1XQFDGHVOLJDURPRWRUHQTXDQWRRYHtFX
ORHVWLYHUHPPRYLPHQWR
1XQFDHQJDWDUDPDUFKDjUpHQTXDQWRR
YHtFXORHVWLYHUHPPRYLPHQWR
)LJ
$'9(571&,$
8PDUHGXomRGHPDUFKDLQFRUUHWDSDUDPDU
FKDVPXLWREDL[DVSRGHFDXVDUDSHUGDGH
FRQWUROHGRYHtFXORHSURYRFDUDFLGHQWHVHIH
ULPHQWRVJUDYHV
127$
6HHPYHORFLGDGHVRXURWDo}HVGRPRWRUDOWDV
DDODYDQFDGDWUDQVPLVVmRIRUFRORFDGDHP
XPDPDUFKDPXLWREDL[DSRGHPRFRUUHUGDQRV
VLJQLILFDWLYRVjHPEUHDJHPHjWUDQVPLVVmR,V
VRWDPEpPpYiOLGRVHRSHGDOGDHPEUHDJHP
SHUPDQHFHUDFLRQDGRHQmRKRXYHUHQJDWH
(QJDWDUDPDUFKDjUp
127$
3DUDHYLWDUGDQRVHXPGHVJDVWHSUHPDWXUR
REVHUYDURVHJXLQWH
'XUDQWHDFRQGXomRQmRGHL[DUDPmRUH
SRXVDUVREUHDDODYDQFDGDWUDQVPLVVmR$
SUHVVmRGDPmRpWUDQVIHULGDSDUDRVJDUIRVGH
HQJDWHGDWUDQVPLVVmR
$WHQWDUSDUDTXHRYHtFXORHVWHMDWRWDOPHQWH
SDUDGRDQWHVGHHQJDWDUDPDUFKDjUp
'XUDQWHDPXGDQoDGHPDUFKDSLVDUVHP
SUHQRSHGDOGDHPEUHDJHPDWpRIXQGR
(PDFOLYHVQmRVHJXUDURYHtFXORFRPD
HPEUHDJHPSDWLQDQGRFRPRPRWRUHPIXQ
FLRQDPHQWR
5HGXomRGHPDUFKD

,QGLFDGRUGHWURFDGHPDUFKD9R\DJH%OXH0RWLRQ7HFKQRORJ\
$'9(571&,$
$UHFRPHQGDomRGHPDUFKDpDSHQDVXP
PHLRDX[LOLDUHQmRGHYHLQWHUIHULUQDDWHQomR
GRFRQGXWRUFRPRWUkQVLWRjVXDYROWD
)LJ
2LQGLFDGRUGHWURFDGHPDUFKDYLVDWmR
VRPHQWHDX[LOLDURFRQGXWRUDREWHUXPDPDL
RUHFRQRPLDGHFRPEXVWtYHOeGHH[FOXVLYD
UHVSRQVDELOLGDGHGRFRQGXWRUDYDOLDUGXUDQ
WHDFRQGXomRVHDVFRQGLo}HVGRYHtFXORGD
SLVWDHGRWUkQVLWRSHUPLWHPTXHVHMDVHJXLGR
RLQGLFDGRUGHWURFDGHPDUFKDFRPRSRU
H[HPSORHPXOWUDSDVVDJHQVRXQDFRQGXomR
GRYHtFXORWRWDOPHQWHFDUUHJDGR
,QGLFD
omRQR
GLVSOD\
6LJQLILFDGR

'XUDQWHDFRQGXomR
7UDQVPLVVmRDXWRPDWL]DGD$6*HQJDWDUDPDUFKD
)LJ
)LJ
'0
'0
PHQWHSDUDGR
5
5
1
WRWDO

3RVLomRGD
DODYDQFD
VHOHWRUD
'HQRPLQDomR
&RQGXomRDXWRPDWL
]DGD
&RQGXomRPDQXDO
.
2
6LJQLILFDGR
1HXWUR
SDUDGR
0DUFKDDUp
5
'
&RQGXomRHVSRUWLYD
DOWDV
$'9(571&,$
2HQJDWHLQFRUUHWRGDDODYDQFDVHOHWRUDSRGH
RFDVLRQDUDSHUGDGHFRQWUROHGRYHtFXORDFL
1XQFDDFHOHUDUDRHQJDWDUXPDSRVLomR
GHPDUFKD
&RPPRWRUHPIXQFLRQDPHQWRHDSRVLomR
GHPDUFKDHQJDWDGDRYHtFXORVHPRYLPHQWD
DVVLPTXHRSHGDOGRDFHOHUDGRUIRUDFLRQD
GR
1XQFDDFLRQDUDPDUFKDjUpGXUDQWHD
FRQGXomR
$'9(571&,$
&RPRFRQGXWRUQXQFDGHL[DUREDQFRGR
FRQGXWRUFRPRPRWRUIXQFLRQDPHQWRHXPD
SRVLomRGHPDUFKDHQJDWDGD6HIRUSUHFLVR
PDLVFHGR
FRPURWDo}HVGRPRWRUPDLV
'
VDLUGRYHtFXORFRPRPRWRUHPIXQFLRQD
PHQWRSX[DURIUHLRGHHVWDFLRQDPHQWRHFR
ORFDUDDODYDQFDVHOHWRUDQDSRVLomR1
&RPRPRWRUHPIXQFLRQDPHQWRHDSRVL
omRGHPDUFKD'SRVLomRFHQWUDO0SRVL
omRFHQWUDORX5HQJDWDGDpQHFHVViULR
PDQWHURYHtFXORSDUDGRFRPRSHGDOGR
IUHLR0HVPRHPPDUFKDOHQWDDWUDQVPLVVmR
GHIRUoDQmRpWRWDOPHQWHLQWHUURPSLGDHR
YHtFXORGHVOL]DYDJDURVDPHQWH
1XQFDPXGDUSDUDDSRVLomRGHPDUFKD5
RX1VHRYHtFXORHVWLYHUHPPRYLPHQWR
1XQFDGHL[DURYHtFXORQDSRVLomRGHPDU
FKD12YHtFXORGHVFHUiXPGHFOLYHLQGH
SHQGHQWHGHRPRWRUHVWDUHPIXQFLRQDPHQWR
RXQmR

'XUDQWHDFRQGXomR
7URFDUGHPDUFKDQRPRGRPDQXDO0
)LJ
)LJ
2SHUDURPRGRPDQXDOFRPRVVHOHWRUHV
EDVFXODQWHV
' 6
2SHUDURPRGRPDQXDOFRPDDODYDQFD
VHOHWRUD
'0
0
'
)XQomR$XWR'RZQ

127$FRQWLQXDomR
127$
$RDFHOHUDUXPSRXFRDQWHVGHDWLQJLUDUR
WDomRPi[LPDDGPLVVtYHOGRPRWRUDWUDQVPLV
VmRDXWRPDWL]DGDPXGDDXWRPDWLFDPHQWHSDUD
DPDUFKDLPHGLDWDPHQWHVXSHULRU
6HIRUVROLFLWDGDXPDPXGDQoDEUXVFDGH
PDUFKDWDQWRQDDFHOHUDomRFRPRQDGHVDFHOH
UDomRRVLVWHPDQmRSHUPLWLUiHVVDPXGDQoD
VHDYHORFLGDGHQmRIRUFRPSDWtYHO
1DUHGXomRGHPDUFKDPDQXDODWUDQVPLV
VmRPXGDDPDUFKDVRPHQWHTXDQGRXPDDOWD
URWDomRGRPRWRUQmRIRUPDLVSRVVtYHO
&RQGX]LUFRPWUDQVPLVVmRDXWRPDWL]DGD$6*
&RQGX]LUHPGHFOLYHV
&RQGX]LU
5
28
&RQGX]LUDRUHERFDUXPYHtFXORUHERTXH
'0
&RQGX]LUDRVHUUHERFDGR
3DUDWHPSRUiULD
3DUDUHPXPDVXELGD
1
(VWDFLRQDPHQWR
VHPSUH
1XQFD
5
$UUDQFDUHPXPDVXELGD
b

'XUDQWHDFRQGXomR
$GHTXDUVHPSUHDIRUPDGHFRQGXomRDR
IOX[RGRWUkQVLWR
)XQomR.LFN'RZQ
' 6
8WLOL]DUR.LFN'RZQRXDDFHOHUDomRUiSL
GDVRPHQWHTXDQGRDVFRQGLo}HVGHYLVLELOL
GDGHFOLPiWLFDVGDSLVWDHGRWUkQVLWRSHUPL
WLUHPHRVRXWURVXVXiULRVGRWUkQVLWRQmR
FRUUHUHPULVFRGHYLGRjDFHOHUDomRGRYHtFX
ORHDIRUPDGHFRQGXomR
2EVHUYDUTXHDVURGDVGHWUDomRSRGHP
JLUDUHPIDOVRHRYHtFXORSRGHHVFRUUHJDU
HVSHFLDOPHQWHVHDUXDHVWLYHUHVFRUUHJDGLD
127$
$'9(571&,$
8PDDFHOHUDomRUiSLGDSRGHOHYDUjSHUGDGH
WUDomRHGHUUDSDJHQVHVSHFLDOPHQWHHPUXDV
HVFRUUHJDGLDV,VWRSRGHFDXVDUDSHUGDGH
FRQWUROHGRYHtFXORDFLGHQWHVHIHULPHQWRV
JUDYHV
$RSDUDUHPDFOLYHVFRPXPDSRVLomRGH
PDUFKDHQJDWDGDQmRLPSHGLUDPRYLPHQWDomR
GRYHtFXORSRUPHLRGRSHGDOGRDFHOHUDGRU,V
WRSRGHVXSHUDTXHFHUDWUDQVPLVVmRDXWRPDWL
]DGDHGDQLILFiOD
1XQFDGHL[DURYHtFXORSDWLQDUQDSRVLomR
GHPDUFKD1HVSHFLDOPHQWHFRPRPRWRUGHV
OLJDGR$WUDQVPLVVmRDXWRPDWL]DGDQmRpOX
EULILFDGDHSRGHDVVLPVHUGDQLILFDGD

7H[WRVGHDGYHUWrQFLDRXRXWUDVLQIRUPDo}HVQRGLVSOD\
)LJ
)LJ
)DOKDQRVLVWHPD(QWUHHPFRQWDWRFRP
VHUYLoR9:
3LVHQRIUHLRHUHSLWDDPDQREUD
&kPELRVREUHDTXHFLGR3$5(0DQXDOGH
LQVWUXo}HV
&kPELRVREUHDTXHFLGR
&kPELRVREUHDTXHFLGR
3$5(0DQXDOGHLQVWUXo}HV
7H[WRVGHDGYHUWrQFLD
3LVHQRIUHLRHVHOHFLRQH1SDUDDSDUWLGDGR
PRWRU
$WHQomR*DUDQWDRIUHLRGHPmRDFLRQDGR
$RVDLUGHVOLJXHRPRWRURXVHOHFLRQH1H
DFLRQHRIUHLRGHPmR

'XUDQWHDFRQGXomR
1XQFDXWLOL]DURSHGDOGRDFHOHUDGRUSDUDPDQ
WHURYHtFXORSDUDGRHPVXELGDV1HVWDVLWXD
omRXWLOL]DURSHGDOGRIUHLRRXRIUHLRGHHVWD
FLRQDPHQWR
1XQFDXWLOL]DURSHGDOGRIUHLRRXRIUHLRGHHV
WDFLRQDPHQWRMXQWDPHQWHFRPRSHGDOGRDFH
OHUDGRU
b
&kPELRVREUHDTXHFLGR
3$5(0DQXDOGHLQVWUXo}HV
$'9(571&,$
4XDQGRRYHtFXORSDUDRXSUHFLVDVHUHV
WDFLRQDGRSDUDUHSDURVHVWDFLRQDUVHPSUHR
YHtFXORDXPDGLVWkQFLDVHJXUDGDUXDOLJDU
DVOX]HVGHDGYHUWrQFLDGHVOLJDURPRWRUH
DGRWDURXWUDVPHGLGDVGHVHJXUDQoDSDUD
DOHUWDURWUkQVLWR
&8,'$'2
2VREUHDTXHFLPHQWRGDHPEUHDJHPUHGX]D
YLGD~WLOGRVFRPSRQHQWHVGDWUDQVPLVVmRH
FRQVHTXHQWHPHQWHSRGHRFDVLRQDUXPDSD
QHQRYHtFXOR
127$
DVPHQVDJHQVGHWH[WRSDUDHYLWDUGDQRVDR
YHtFXOR

)UHDUSDUDUHHVWDFLRQDU
,QWURGXomRDRWHPD
3X[DUVHPSUHRIUHLRGHHVWDFLRQDPHQWR
FRPILUPH]DTXDQGRRYHtFXORIRUSDUDGRRX
HVWDFLRQDGR
VLVWHPDVGHDVVLVWrQFLDjIUHQDJHP
$'9(571&,$
$FRQGXomRFRPSDVWLOKDVGHIUHLRJDVWDVRX
RXWURVLVWHPDGHIUHLRDYDULDGRSRGHFDXVDU
6HKRXYHUDVXVSHLWDGHTXHDVSDVWLOKDV
GHIUHLRHVWmRJDVWDVRXTXHRVLVWHPDGH
IUHLRSRVVXLXPDDYDULDSURFXUDUXPD&RQ
FHVVLRQiULD9RONVZDJHQLPHGLDWDPHQWHH
PDQGDUYHULILFDURVLVWHPDGHIUHLRHWURFDU
DVSDVWLOKDVGHIUHLRJDVWDV
$'9(571&,$
(VWDFLRQDURYHtFXORGHIRUPDLQFRUUHWDSRGH
FDXVDUIHULPHQWRVJUDYHV
1XQFDUHWLUDUDFKDYHGRYHtFXORGRFLOLQ
GURGDLJQLomRHQTXDQWRRYHtFXORHVWLYHUHP
PRYLPHQWR
YHtFXORFRPRSRUH[HPSORYHJHWDomRUDV
WHLUDIROKDVJUDPDVHFDFRPEXVWtYHOGHUUD
PDGRHWF

'XUDQWHDFRQGXomR
(ODVSRGHULDPVROWDURIUHLRGHHVWDFLRQD
PHQWRDFLRQDUDDODYDQFDGDGHWURFDGH
PDUFKDHDVVLPFRORFDURYHtFXORHPPRYL
PHQWR,VWRSRGHULDFDXVDUDFLGHQWHVHIHUL
PHQWRVJUDYHV
/HYDUVHPSUHDVFKDYHVGRYHtFXORDRGHL
[DURYHtFXOR2PRWRUSRGHVHUOLJDGRHHTXL
SDPHQWRVHOpWULFRVFRPRRVYLGURVHOpWULFRV
SRGHPVHUFRPDQGDGRVRTXHSRGHFDXVDU
IHULPHQWRVJUDYHV
(PFDVRGHHPHUJrQFLDHODVQmRHVWDULDPHP
FRQGLo}HVGHGHL[DURYHtFXORVR]LQKDVRXGH
FXLGDUHPGHVLPHVPDV(PXPYHtFXORIH
FKDGRFRQIRUPHFRPDHVWDomRGRDQRSR
GHPRFRUUHUWHPSHUDWXUDVPXLWRDOWDVRX
127$
3DUDHYLWDUPRYLPHQWDo}HVLQGHVHMDGDVGR
YHtFXORDRSDUDURYHtFXORVRPHQWHWLUDURSp
GRSHGDOGRIUHLRGHSRLVGHSX[DURIUHLRGHHV
WDFLRQDPHQWR
FRPPHLRILRVDOLHQWHVRXEDOL]DVIL[DV2EMH
WRVPDLVDOWRVTXHRFKmRSRGHPGDQLILFDUR
SDUDFKRTXHHRXWUDVSHoDVGRYHtFXORDRHVWD
FLRQDURXVDLUGDYDJD3DUDHYLWDUGDQRVSDUDU
DQWHVTXHDVURGDVWRTXHPQDVEDOL]DVRXQRV
PHLRVILRV
&RQGX]LUFDXWHORVDPHQWHVREUHHQWUDGDVGH
WHUUHQRVUDPSDVPHLRVILRVHRXWURVREMHWRV
3HoDVGRYHtFXORPDLVUHEDL[DGDVFRPRSDUD
FKRTXHVSRLOHUHSHoDVGRFKDVVLPRWRURX
VLVWHPDGHHVFDSHSRGHPVHUDYDULDGDVQD
SDVVDJHP
/X]HVGHDGYHUWrQFLDHGHFRQWUROH
oD QDSiJLQD
$FHVD
3RVVtYHLVFDXVDV
6ROXomR
1mRSURVVHJXLU
H
J
1mRSURVVHJXLU
J
1mRSURVVHJXLU
H
1mRSURVVHJXLU
$'9(571&,$
$'9(571&,$
$FRQGXomRFRPIUHLRVUXLQVSRGHFDXVDU
6HDOX]GHDGYHUWrQFLDGRVLVWHPDGH
IUHLRHQmRVHDSDJDRXVHDFHQGHGXUDQWHD
FRQGXomRRQtYHOGRIOXLGRGRIUHLRQRUHVHU
YDWyULRHVWiPXLWREDL[RRXRVLVWHPDGHIUHLR
HVWiDYDULDGR3DUDULPHGLDWDPHQWHHSURFX
UDUDX[tOLRWpFQLFR3iJLQD)OXLGRGR
IUHLR
6HDOX]GHDGYHUWrQFLDGRVLVWHPDGH
IUHLRHVHDFHQGHMXQWDPHQWHFRPDOX]GH
FRQWUROHGR$%6JDIXQomRGHUHJXODJHP
GR$%6SRGHHVWDUIDOKDQGR&RPLVVRp
SRVVtYHOTXHDVURGDVWUDVHLUDVWUDYHPGH
IRUPDUHODWLYDPHQWHUiSLGDHPXPDIUHQD
JHP5RGDVWUDVHLUDVWUDYDGDVSRGHPOHYDUj
SHUGDGHFRQWUROHGRYHtFXOR4XDQGRIRU
SRVVtYHOUHGX]LUDYHORFLGDGHHFRQGX]LUFXL
GDGRVDPHQWHHPYHORFLGDGHPtQLPDDWpD
&RQFHVVLRQiULD9RONVZDJHQPDLVSUy[LPD
SDUDYHULILFDURVLVWHPDGHIUHLR'XUDQWHR
WUDMHWRHYLWDUPDQREUDVGHGLUHomRHGHIUH
QDJHPV~ELWDV
6HDOX]GHFRQWUROHGR$%6JQmRVH
DSDJDRXVHDFHQGHGXUDQWHDFRQGXomRR
$%6QmRHVWiIXQFLRQDQGRFRUUHWDPHQWH2
YHtFXORVRPHQWHSRGHVHUSDUDGRFRPRV
IUHLRVQRUPDLVVHP$%6$SURWHomRTXHp
SURSRUFLRQDGDSHOR$%6QmRHVWiGLVSRQtYHO
QHVVHFDVR3URFXUDUXPD&RQFHVVLRQiULD
9RONVZDJHQRPDLVUiSLGRSRVVtYHO
127$
YHtFXOR

)UHLRGHHVWDFLRQDPHQWR
$'9(571&,$
$XWLOL]DomRLQFRUUHWDGRIUHLRGHHVWDFLRQD
PHQWRSRGHFDXVDUDFLGHQWHVHIHULPHQWRV
JUDYHV
)LJ
3X[DURIUHLRGHHVWDFLRQDPHQWR
6ROWDURIUHLRGHHVWDFLRQDPHQWR
1XQFDXWLOL]DURIUHLRGHHVWDFLRQDPHQWR
SDUDIUHDURYHtFXORH[FHWRHPFDVRGHHPHU
JrQFLD$GLVWkQFLDGHIUHQDJHPpFRQVLGHUD
YHOPHQWHPDLRUSRLVVRPHQWHDVURGDVWUD
VHLUDVVmRIUHDGDV8WLOL]DUVHPSUHRSHGDOGR
IUHLR
1XQFDFRQGX]LUFRPDDODYDQFDGRIUHLR
GHHVWDFLRQDPHQWRXPSRXFRSX[DGR,VVR
SRGHVXSHUDTXHFHURIUHLRHLQIOXHQFLDUQHJD
WLYDPHQWHRVLVWHPDGHIUHLR$OpPGLVVR
FDXVDXPGHVJDVWHSUHPDWXURGDVSDVWLOKDV
GHIUHLRWUDVHLUDV
1XQFDDFHOHUDUFRPSRVLomRGHPDUFKD
RXPDUFKDHQJDWDGDDSDUWLUGRFRPSDUWLPHQ
WRGRPRWRUFRPRPRWRUHPIXQFLRQDPHQWR
2YHtFXORSRGHHQWUDUHPPRYLPHQWRPHVPR
FRPRIUHLRGHHVWDFLRQDPHQWRSX[DGR
127$
3DUDHYLWDUPRYLPHQWDo}HVLQGHVHMDGDVGRYHt
FXORDRSDUDURYHtFXORVRPHQWHWLUDURSpGR
SHGDOGRIUHLRGHSRLVGHSX[DURIUHLRGHHVWD
FLRQDPHQWR
(VWDFLRQDU
'
(VWDFLRQDURYHtFXOR

'XUDQWHDFRQGXomR
$GLFLRQDOPHQWHHPVXELGDVHGHFOLYHV
YHtFXORFRPRSRUH[HPSORYHJHWDomRUDV
WHLUDIROKDVJUDPDVHFDFRPEXVWtYHOGHUUD
PDGRHWF
127$
3DUDHYLWDUPRYLPHQWDo}HVLQGHVHMDGDVGR
YHtFXORDRSDUDURYHtFXORVRPHQWHWLUDURSp
GRSHGDOGRIUHLRGHSRLVGHSX[DURIUHLRGHHV
WDFLRQDPHQWR
$'9(571&,$
PXLWR3RULVVRSRGHPFDXVDULQFrQGLRVHIH
ULPHQWRVJUDYHV
FRPPHLRILRVDOLHQWHRXEDOL]DVIL[DV2EMHWRV
PDLVDOWRVTXHRFKmRSRGHPGDQLILFDURSDUD
FKRTXHHRXWUDVSHoDVGRYHtFXORDRHVWDFLR
QDURXVDLUGDYDJD3DUDHYLWDUGDQRVSDUDU
DQWHVTXHDVURGDVWRTXHPQDVEDOL]DVRXQRV
PHLRVILRV
&RQGX]LUFDXWHORVDPHQWHVREUHHQWUDGDVGH
WHUUHQRVUDPSDVPHLRVILRVHRXWURVREMHWRV
3HoDVGRYHtFXORPDLVUHEDL[DGDVFRPRSDUD
FKRTXHVSRLOHUHSHoDVGRFKDVVLPRWRURX
GRVLVWHPDGHHVFDSHSRGHPVHUDYDULDGDVQD
SDVVDJHP
,QIRUPDo}HVVREUHRVIUHLRV
IUHLRVPROKDGRV
3DVWLOKDVGHIUHLRQRYDV
1RSHUtRGRGRDPDFLDPHQWRD
GLVWkQFLDGHIUHQDJHPpPDLRUHPIUHDGDVWR
WDLVRXIUHQDJHQVGHHPHUJrQFLD
FDPDGDGHVDOVREUHRVGLVFRVGHIUHLRH
VREUHDVSDVWLOKDVGRIUHLR
GHVJDVWHGDVSDVWLOKDVGHIUHLR
&RUURVmR
WHQomRHJDUDQWLD
VXMHLUD
0DQX
b

$YDULDQRVLVWHPDGHIUHLR
FRPGHFOLYHVDFHQWXDGRVGLPLQXLUDYHORFL
GDGHPXGDUSDUDXPDPDUFKDPDLVEDL[DRX
VHOHFLRQDUXPDSRVLomRGHPDUFKDLQIHULRU
$VVLPpSRVVtYHODSURYHLWDURHIHLWRGHIUH
QDJHPGRPRWRUSRUFRPSOHWRHRIUHLRpDOL
YLDGR
6SRLOHUVGLDQWHLURVTXHQmRVHMDPGHVpULH
RXTXHHVWHMDPDYDULDGRVSRGHPUHVWULQJLUD
DOLPHQWDomRGHDUGRVIUHLRVHFDXVDURVXSH
UDTXHFLPHQWRGRVIUHLRV
$'9(571&,$
)UHLRVPROKDGRVRXFRQJHODGRVRXIUHLRV
VDOJDGRVIUHLDPPDLVWDUGHHDXPHQWDPD
GLVWkQFLDGHIUHQDJHP
6HUYRIUHLR
([SHULPHQWDURVIUHLRVFRPWHVWHVFDXWH
ORVRV
6HFDUVHPSUHRVIUHLRVSRUPHLRGHDOJX
PDVIUHQDJHQVFDXWHORVDVHPDQWrORVOLYUHV
GHJHORHVDOTXDQGRDVFRQGLo}HVGHYLVLELOL
GDGHFOLPiWLFDVGDSLVWDHGRWUkQVLWRSHUPL
WLUHP
$'9(571&,$
3DVWLOKDVGHIUHLRQRYDVQmRWrPLQLFLDOPHQWH
DDomRLGHDOGHIUHQDJHP
3DVWLOKDVGHIUHLRQRYDVDLQGDQmRSRV
VXHPDDomRWRWDOGHIUHQDJHPDWpNPH
SUHFLVDPVHUDPDFLDGDVSRUGHVJDVWH1HV
VHFDVRXPDDomRUHGX]LGDGHIUHQDJHPSR
GHVHUDXPHQWDGDDSOLFDQGRVHPDLVSUHVVmR
VREUHRSHGDOGRIUHLR
3DUDHYLWDUDRFRUUrQFLDGHDFLGHQWHVIHUL
PHQWRVJUDYHVHDSHUGDGRFRQWUROHVREUHR
YHtFXORGHYHVHFRQGX]LUGHIRUPDHVSHFLDO
PHQWHFXLGDGRVDFRPSDVWLOKDVGHIUHLRQR
YDV
'XUDQWHRSHUtRGRGHDPDFLDPHQWRGDV
SDVWLOKDVGHIUHLRQRYDVQXQFDVHDSUR[LPDU
GHPDLVGHRXWURVYHtFXORVRXJHUDUVLWXDo}HV
GHURGDJHPTXHUHVXOWHPHPXPDVROLFLWDomR
HOHYDGDGRIUHLR
$'9(571&,$
)UHLRVVXSHUDTXHFLGRVUHGX]HPRHIHLWRGH
IUHQDJHPHDXPHQWDPPXLWRDGLVWkQFLDGH
IUHQDJHP
1DFRQGXomRHPGHFOLYHVRVIUHLRVVmR
VROLFLWDGRVGHIRUPDFRQVLGHUiYHOHDTXHFHP
UDSLGDPHQWH

'XUDQWHDFRQGXomR
$'9(571&,$
$FRQGXomRVHPVHUYRIUHLRSRGHDXPHQWDU
EDVWDQWHDGLVWkQFLDGHIUHQDJHPHDVVLP
FDXVDUDFLGHQWHVHIHULPHQWRVJUDYHV
1XQFDGHL[DURYHtFXORURGDUFRPRPRWRU
GHVOLJDGR
4XDQGRRVHUYRIUHLRQmRIXQFLRQDURXR
YHtFXORIRUUHERFDGRRSHGDOGRIUHLRGHYH
VHUSLVDGRFRPPDLVYLJRUSRLVDGLVWkQFLD
GHIUHQDJHPDXPHQWDHPUD]mRGDIDOWDGH
DVVLVWrQFLDjIRUoDGHIUHQDJHP
127$
1XQFDGHL[DURVIUHLRVDUUDVWDUHPFRP
XPDSUHVVmROHYHQRSHGDOTXDQGRIRUUHDO
PHQWHQHFHVViULRIUHDU3UHVVmRFRQVWDQWHVR
EUHRSHGDOGRIUHLRFDXVDXPVXSHUDTXHFL
PHQWRGRVIUHLRV,VWRSRGHGLPLQXLUEDVWDQWHR
GHVHPSHQKRGHIUHQDJHPDXPHQWDUDGLVWkQ
FLDGHIUHQDJHPHVREFHUWDVFLUFXQVWkQFLDV
FDXVDUDIDOKDWRWDOGRVLVWHPDGHIUHLR
FRPGHFOLYHVDFHQWXDGRVGLPLQXLUDYHORFLGD
GHPXGDUSDUDXPDPDUFKDPDLVEDL[DRXVH
OHFLRQDUXPDSRVLomRGHPDUFKDLQIHULRU$V
VLPpSRVVtYHODSURYHLWDURHIHLWRGHIUHQDJHP b
127$FRQWLQXDomR
GRPRWRUSRUFRPSOHWRHRIUHLRpDOLYLDGR&D
VRFRQWUiULRRIUHLRSRGHVXSHUDTXHFHUHSRV
VLYHOPHQWHIDOKDU8WLOL]DURVIUHLRVVRPHQWH
TXDQGRQHFHVViULRSDUDGLPLQXLUDYHORFLGDGH
RXSDUDU
6LVWHPDGHDVVLVWrQFLDGHIUHQDJHP
$'9(571&,$
6LVWHPDDQWLEORTXHLRGRIUHLR$%6
8PDFRQGXomRUiSLGDVREUHUXDVFRQJHOD
GDVHVFRUUHJDGLDVRXPROKDGDVSRGHRFD
VLRQDUDSHUGDGHFRQWUROHGRYHtFXORHIHUL
PHQWRVJUDYHVQRFRQGXWRUHQRVSDVVDJHL
URV
GDGHFOLPiWLFDVGDSLVWDHGRWUkQVLWR$
PDLRUVHJXUDQoDRIHUHFLGDSHORVVLVWHPDVGH
DSRLRjIUHQDJHP$%6H(%9QmRGHYHLQFHQ
WLYDUDFRORFDUDVHJXUDQoDHPULVFR
2VLVWHPDGHDVVLVWrQFLDjIUHQDJHPQmR
SRGHLUDOpPGRVOLPLWHVLPSRVWRVSHODItVLFD
5XDVHVFRUUHJDGLDVHPROKDGDVFRQWLQXDP
PXLWRSHULJRVDV
PRYLPHQWRSXOVDQWHGRSHGDOGRIUHLR
WRGDV
'LVWULEXLGRUHOHWU{QLFRGDIRUoDGHIUHQDJHP
(%9
8PDFRQGXomRPXLWRUiSLGDSRUSLVWDV
PROKDGDVSRGHSURYRFDUDSHUGDGRFRQWDWR
GDVURGDVFRPDSLVWDHDDTXDSODQDJHP
8PYHtFXORQmRSRGHVHUIUHDGRFRQGX]LGRH
FRQWURODGRVHWLYHUSHUGLGRRFRQWDWRFRPD
SLVWD
2VLVWHPDGHDVVLVWrQFLDjIUHQDJHPQmR
SRGHLPSHGLUXPDFLGHQWHTXDQGRSRUH[HP
SORHVWLYHUFRQGX]LQGRPXLWRSUy[LPRRX
PXLWRUiSLGRSDUDDUHVSHFWLYDVLWXDomRGH
FRQGXomR
$SHVDUGHRVLVWHPDGHDVVLVWrQFLDjIUH
QDJHPVHUPXLWRHILFLHQWHHDX[LOLDUDFRQWUR
ODURYHtFXORHPVLWXDo}HVGLItFHLVOHPEUDU
VHPSUHTXHDHVWDELOLGDGHGDFRQGXomRGH
SHQGHGDDGHUrQFLDGRVSQHXV

$RDFHOHUDUVREUHXPDSLVWDHVFRUUHJDGLD
SRUH[HPSORVREUHJHORRXQHYHDFHOHUDU
FDXWHORVDPHQWH$VURGDVWDPEpPSRGHP
SDWLQDUFRPVLVWHPDGHDVVLVWrQFLDjIUHQD
JHPRTXHSRGHFDXVDUDSHUGDGHFRQWUROH
GRYHtFXOR
$'9(571&,$
$HILFLrQFLDGR$%6SRGHVHUEDVWDQWHUHGX
]LGDTXDQGRRXWURVFRPSRQHQWHVHVLVWHPDV
TXHHQYROYDPDGLQkPLFDGRYHtFXORQmRWLYH
UHPPDQXWHQomRFRUUHWDRXQmRHVWLYHUHP
IXQFLRQDQGR,VWRVHUHIHUHWDPEpPDIUHLRV
SQHXVHRXWURVVLVWHPDVPHQFLRQDGRVDQWH
ULRUPHQWHPDVQmRVRPHQWHDHOHV
/HPEUDUVHPSUHTXHFRQYHUV}HVHPRGLIL
FDo}HVQRYHtFXORSRGHPLQIOXHQFLDURIXQ
FLRQDPHQWRGR$%6H(%9
0RGLILFDo}HVQRVLVWHPDGHDPRUWHFLPHQ
WRGRYHtFXORRXDXWLOL]DomRGHFRPELQDo}HV
GHURGDVHSQHXVQmROLEHUDGDVSRGHPLQIOX
HQFLDURIXQFLRQDPHQWRGR$%6H(%9HUH
GX]LUVXDHILFLrQFLD
$HILFLrQFLDGR$%6WDPEpPpGHILQLGD
SRUXPSQHXDGHTXDGR3iJLQD5RGDV
HSQHXV
)OXLGRGRIUHLR
(VSHFLILFDomRGRIOXLGRGHIUHLR
'27
)LJ
1tYHOGRIOXLGRGRIUHLR
7URFDGRIOXLGRGRIUHLR

'XUDQWHDFRQGXomR
0DQXWHQomRHJDUDQWLD
127$
$'9(571&,$
8PDIDOKDGRIUHLRRXXPHIHLWRGHIUHQDJHP
UHGX]LGRSRGHPVHUFDXVDGRVSRUXPQtYHO
GRIOXLGRGRIUHLRPXLWREDL[RRXSRUXPIOXL
GRGRIUHLRPXLWRYHOKRRXLQDGHTXDGR
2IOXLGRGHIUHLRGHUUDPDGRRXYD]DGRGDQLILFD
DSLQWXUDGRYHtFXORDVSHoDVGHSOiVWLFRHRV
SQHXV/LPSDULPHGLDWDPHQWHRIOXLGRGRIUHLR
TXHGHUUDPDGRRXYD]DGRVREUHDGDSLQWXUD
GRYHtFXORRXVREUHRXWUDVSHoDVGRYHtFXOR
1XQFDPLVWXUHIOXLGRGRIUHLRGLIHUHQWHV
/LPSDUDWDPSDDQWHVGHUHWLUiODHDQWHVGH
FRORFiODQRUHVHUYDWyULRSDUDIHFKDU
9HULILFDUUHJXODUPHQWHRVLVWHPDGHIUHLRH
RQtYHOGRIOXLGRGRIUHLR
5HDOL]DUDWURFDGRIOXLGRGRIUHLRUHJXODU
PHQWHFRQIRUPHDVSUHVFULo}HVGRFDGHU
QR0DQXWHQomRHJDUDQWLD
8PDVROLFLWDomRLQWHQVDGRVIUHLRVFRP
IOXLGRGRIUHLRYHOKRSRGHFDXVDUXPDIRUPD
omRGHEROKDVGHYDSRU%ROKDVGHYDSRUUH
GX]HPRHIHLWRGHIUHQDJHPDXPHQWDPFRQ
VLGHUDYHOPHQWHDGLVWkQFLDGHIUHQDJHPHSR
GHPFDXVDUDIDOKDWRWDOGRVLVWHPDGHIUHLR
$WHQWDUSDUDTXHVHMDXWLOL]DGRRIOXLGRGR
IUHLRFRUUHWR8WLOL]DUVRPHQWHIOXLGRGHIUHLR
FRPDHVSHFLILFDomR'274XDOTXHURXWUR
IOXLGRGHIUHLRSRGHUHVWULQJLUDIXQomRGHIUH
QDJHPHUHGX]LURHIHLWRGHIUHQDJHP1mR
XWLOL]DURIOXLGRGRIUHLRVHDHVSHFLILFDomR
'27QmRFRQVWDUQDHPEDODJHPGRIOXLGR
GRIUHLR
2IOXLGRGRIUHLRUHDEDVWHFLGRGHYHVHU
QRYR
$'9(571&,$
2IOXLGRGRIUHLRpWy[LFR
3DUDUHGX]LURSHULJRGHLQWR[LFDomRQXQ
FDXWLOL]DUJDUUDIDVGHEHELGDVRXRXWURVUHFL
SLHQWHVSDUDJXDUGDURIOXLGRGRIUHLR(VVHV
UHFLSLHQWHVSRGHPLQGX]LUSHVVRDVDEHEHU
RVOtTXLGRVPHVPRTXDQGRRUHFLSLHQWHHVWL
YHULGHQWLILFDGR
&RQVHUYDURIOXLGRGRIUHLRVHPSUHQRVUH
FLSLHQWHVRULJLQDLVHIRUDGRDOFDQFHGHFULDQ
oDV

&RQGX]LUFRPFRQVFLrQFLDHFROyJLFD
,QWURGXomRDRWHPD
$'9(571&,$
$GHTXDUDYHORFLGDGHHDGLVWkQFLDGHVHJX
UDQoDHPUHODomRDRVYHtFXORVjIUHQWHVHP
SUHGHDFRUGRFRPDVFRQGLo}HVGHYLVLELOL
GDGHFOLPiWLFDVGDSLVWDHGRWUkQVLWR
(VWLORGHFRQGXomRHFRQ{PLFR
7URFDUGHPDUFKDPDLVUDSLGDPHQWH
&RQGX]LUSUHYHQWLYDPHQWHHDFRPSDQKDU
RWUkQVLWR
&RQGX]LUFRPWUDQTXLOLGDGHHFRP
UHJXODULGDGH
'HL[DUURGDU
$SOLFDUFRQVXPLGRUHVDGLFLRQDLVGHIRUPD
PRGHUDGD
b

'XUDQWHDFRQGXomR
2XWURVIDWRUHVTXHDXPHQWDPRFRQVXPR
GHFRPEXVWtYHOH[HPSORV
&RQGX]LUHFRQRPL]DQGRFRPEXVWtYHO
(YLWDUWUHFKRVFXUWRV
VHUYLoR
ELHQWH
WHPSHUDWXUDGH
WHPSHUDWXUDDP
)LJ
$GHTXDUDSUHVVmRGRVSQHXV

8WLOL]DUyOHRGRPRWRUGHEDL[DIULFomR
5HPRYHULQVWDODo}HVHSHoDVDJUHJDGDV
QmRXWLOL]DGDV
(YLWDUFDUJDGHVQHFHVViULD

'XUDQWHDFRQGXomR
'LUHomR
,QWURGXomRDRWHPD
$'9(571&,$
4XDQGRDDVVLVWrQFLDGDGLUHomRQmRHVWi
IXQFLRQDQGRRYRODQWHVySRGHVHUJLUDGR
FRPGLILFXOGDGHHDPDQREUDGRYHtFXORpGL
ILFXOWDGD
$DVVLVWrQFLDGDGLUHomRIXQFLRQDVRPHQ
WHFRPRPRWRUHPIXQFLRQDPHQWR
1XQFDGHL[DURYHtFXORURGDUFRPRPRWRU
GHVOLJDGR
1XQFDUHWLUDUDFKDYHGRYHtFXORGDLJQL
omRHQTXDQWRRYHtFXORHVWLYHUHPPRYLPHQ
WR
9HULILFDURQtYHOGRIOXLGRGDGLUHomRKLGUiXOLFD
)LJ
)LJ
9HULILFDURQtYHOGRIOXLGRFRPRPRWRUIULR
3UHSDUDo}HV

&8,'$'2
9HULILFDURQtYHOGRIOXLGRFRPRPRWRU
TXHQWH
&RPRPRWRUHPIXQFLRQDPHQWRQmRVHGHYH
PDQWHURYRODQWHJLUDGRDWpREDWHQWHPDLVGH
VHJXQGRV,VVRSRGHOHYDUDGDQRVQDGL
UHomRKLGUiXOLFD
&RPRYRODQWHJLUDGRDWpREDWHQWHRIOXL
GRKLGUiXOLFRpIRUWHPHQWHDTXHFLGRSHOD
ERPEDGDGLUHomRKLGUiXOLFD$RPDQWHURYR
ODQWHJLUDGRDWpREDWHQWHFRPRYHtFXORSD
UDGRVHUmRRXYLGRVUXtGRVGHYLGRjIRUWHVR
OLFLWDomRTXHDERPEDILFDUiVXEPHWLGD$OpP
GLVVRRUHJLPHGHPDUFKDOHQWDGRPRWRU
WDPEpPpPRPHQWDQHDPHQWHUHGX]LGR
&8,'$'2
$'9(571&,$
'HL[DUVHPSUHRPRWRUHVIULDUWRWDOPHQWHDQ
WHVGHDEULUFXLGDGRVDPHQWHDWDPSDGRFRP
SDUWLPHQWRGRPRWRU$RVHUHPWRFDGDVSDU
WHVTXHQWHVSRGHPTXHLPDUDSHOH

'XUDQWHDFRQGXomR
&DVRRYHtFXORWUDIHJDUFRPRQtYHOGR
IOXLGRIRUDGDUHJLmR)LJ PRWRUIULR
RX PRWRUTXHQWHRVLVWHPDGHGLUHomR
KLGUiXOLFDVHUiGDQLILFDGR
8WLOL]DUDSHQDVSDQRVTXHQmRGHVILHPH
QmRVROWHPILDSRVSDUDOLPSDUDKDVWHGHPH
GLomRGRQtYHOGRIOXLGRSDUDHYLWDUTXHUHVt
GXRVFDXVHPGDQRVjGLUHomRKLGUiXOLFD
&RQWUROHGHGLVWkQFLDGHHVWDFLRQDPHQWR
,QWURGXomRDRWHPD
2EVHUYDUVHPSUHDiUHDDRUHGRUGRYHt
FXORMiTXHFULDQoDVSHTXHQDVDQLPDLVHRE
MHWRVQmRVmRLGHQWLILFDGRVSHORVVHQVRUHV
GHXOWUDVVRPHPWRGDVDVVLWXDo}HV
&HUWDVVXSHUItFLHVGHREMHWRVHURXSDVSR
GHPQmRUHIOHWLURVVLQDLVGRVVHQVRUHVGHXO
WUDVVRP(VVHVREMHWRVHSHVVRDVFRPWDLV
URXSDVSRGHPQmRVHUUHFRQKHFLGRVSHOR
VLVWHPDRXVHUUHFRQKHFLGRVHUURQHDPHQWH
)RQWHVGHVRPH[WHUQDVSRGHPLQIOXHQFL
DURVVLQDLVGRVVHQVRUHVGHXOWUDVVRP$V
VLPVREGHWHUPLQDGDVFLUFXQVWkQFLDVSHV
VRDVRXREMHWRVSRGHPQmRVHUUHFRQKHFL
GRV
127$
2EMHWRVFRPRSRUH[HPSOREDUUDVGHUHER
TXHKDVWHVILQDVFHUFDVSRVWHViUYRUHVH
WDPSDVWUDVHLUDVDEHUWDVRXVHDEULQGRHYHQ
WXDOPHQWHQmRVmRUHFRQKHFLGRVSHORVVHQVR
UHVGHXOWUDVVRPHSRGHPFDXVDUGDQRVQRYHt
FXOR
$'9(571&,$
2FRQWUROHGHGLVWkQFLDGHHVWDFLRQDPHQWR
QmRSRGHVXEVWLWXLUDDWHQomRGRFRQGXWRU
0RYLPHQWRVGRYHtFXORVHPDGHYLGDDWHQ
omRSRGHPFDXVDUIHULPHQWRVJUDYHV
$GHTXDUVHPSUHDYHORFLGDGHHDIRUPD
GHFRQGXomRGHDFRUGRFRPDVFRQGLo}HVGH
YLVLELOLGDGHFOLPiWLFDVGDSLVWDHGRWUkQVLWR
2VVHQVRUHVGHXOWUDVVRPSRVVXHPSRQ
WRVFHJRVQRVTXDLVSHVVRDVHREMHWRVQmR
SRGHPVHUGHWHFWDGRV
4XDQGRRFRQWUROHGHGLVWkQFLDGHHVWDFLR
QDPHQWRMiWLYHUUHFRQKHFLGRHQRWLILFDGRXP
REVWiFXORSRUPHLRGHDOHUWDVREVWiFXORVPXL
WREDL[RVRXPXLWRDOWRVSRGHUmRGHVDSDUHFHU
GDiUHDGHPHGLomRGRVVHQVRUHVGHXOWUDVVRP
GXUDQWHDDSUR[LPDomRGRYHtFXORHQmRVHUHP
PDLVUHFRQKHFLGRV$VVLPHVVHVREMHWRVWDP
EpPQmRVmRPDLVQRWLILFDGRV
6HRDOHUWDGRFRQWUROHGHGLVWkQFLDGHHVWD
FLRQDPHQWRIRULJQRUDGRSRGHUmRRFRUUHUGD
QRVFRQVLGHUiYHLVDRYHtFXOR
2VVHQVRUHVGHXOWUDVVRPQRSDUDFKRTXH
SRGHPVHUGHVUHJXODGRVRXGDQLILFDGRVSRU
FKRTXHVSRUH[HPSORDRHQWUDUQDYDJDGHHV
WDFLRQDPHQWR
3DUDRFRUUHWRIXQFLRQDPHQWRGRVLVWHPD
PDQWHURVVHQVRUHVGHXOWUDVVRPGRVSDUD
FKRTXHVOLPSRVVHPQHYHHVHPJHORHQmR
FREULORVFRPHWLTXHWDDGHVLYDRXRXWURVREMH
WRV
b

127$FRQWLQXDomR
1DOLPSH]DGRVVHQVRUHVGHXOWUDVVRPFRP
XPODYDGRUGHDOWDSUHVVmRRXFRPXPMDWRGH
YDSRUMDWHDURVVHQVRUHVGHXOWUDVVRPGLUHWD
PHQWHDSHQDVSRUXPFXUWRSHUtRGRHPDQWHU
VHPSUHXPDGLVWkQFLDPDLRUTXHFP
127$FRQWLQXDomR
3HoDVDJUHJDGDVPRQWDGDVQRYHtFXORSRV
WHULRUPHQWHFRPRSRUH[HPSORVXSRUWHGHEL
FLFOHWDVSRGHPOLPLWDURIXQFLRQDPHQWRGR
FRQWUROHGHGLVWkQFLDGHHVWDFLRQDPHQWR
)RQWHVGHUXtGRSRGHPJHUDUPHQVDJHQVGH
HUURGRFRQWUROHGHGLVWkQFLDGHHVWDFLRQDPHQ
WRSRUH[HPSORDVIDOWRiVSHURSDUDOHOHStSH
GRVERELQDVGHLQGXomRPiTXLQDVGHFRQVWUX
omRHUXtGRGHRXWURVYHtFXORV
&RPDQGDURFRQWUROHGHGLVWkQFLDGHHVWDFLRQDPHQWR
)LJ
3DUWLFXODULGDGHVGRFRQWUROHGHGLVWkQFLDGH
HVWDFLRQDPHQWR
/LJDUHGHVOLJDURFRQWUROHGHGLVWkQFLDGH
HVWDFLRQDPHQWR
/LJDU
'HVOLJDU

'XUDQWHDFRQGXomR
$7(1
2$2&21'8=,5(00$5&+$5
%(685(,7,66$)(72'5,9(,1
5(9(56(
&RQILJXUDHV
5iGLR
6LQDLVVRQRURVHYLVXDLVGRFRQWUROHGHGLVWkQFLDGHHVWDFLRQDPHQWRQD
UHJLmRWUDVHLUD
$7(1
2$2&21'8=,5(00$5&+$5
%(685(,7,66$)(72'5,9(,1
5(9(56(
)LJ
5iGLR
$'9(571&,$
1mRVHGHL[DUGLVWUDLUGRVDFRQWHFLPHQWRVGR
WUkQVLWRSHODVLPDJHQVH[LELGDVQRGLVSOD\

6LVWHPDUHJXODGRUGHYHORFLGDGH*5$
,QWURGXomRDRWHPD
'HSHQGHQGRGDYHUVmRGRYHtFXORRVLVWHPDUHJX
ODGRUGHYHORFLGDGH*5$SRGHQmRHVWDUGLVSRQt
YHO
1XQFDXWLOL]DUR*5$HPWUiIHJRLQWHQVR
HPGLVWkQFLDVPXLWRSHTXHQDVHPWUHFKRV
tQJUHPHVFKHLRVGHFXUYDVHHVFRUUHJDGLRV
FRPRSRUH[HPSORQHYHJHORXPLGDGHRX
FDVFDOKRHWDPEpPQmRHPUXDVDODJDGDV
1XQFDXWLOL]DUR*5$HPWHUUHQROLYUHRX
HPUXDVQmRSDYLPHQWDGDV
$MXVWDUDYHORFLGDGHHDGLVWkQFLDGHVH
JXUDQoDFRPYHtFXORVjIUHQWHVHPSUHjV
FRQGLo}HVGRFOLPDGDSLVWDHGRWUkQVLWR
$'9(571&,$
4XDQGRQmRIRUSRVVtYHOFRQGX]LUFRPVHJX
UDQoDFRPXPDGLVWkQFLDVXILFLHQWHHYHORFL
GDGHFRQVWDQWHDXWLOL]DomRGRVLVWHPDUHJX
ODGRUGHYHORFLGDGHSRGHFDXVDUDFLGHQWHVH
IHULPHQWRVJUDYHV
3DUDHYLWDUXPDUHJXODJHPGHYHORFLGDGH
LQGHVHMDGDVHPSUHGHVOLJDUR*5$DSyVD
XWLOL]DomR
eSHULJRVRUHWRPDUDYHORFLGDGHDUPD]H
QDGDVHDYHORFLGDGHSDUDDVFRQGLo}HVDWX
DLVGDUXDGRWUkQVLWRRXDWPRVIpULFDVIRU
PXLWRDOWD
(PYLDJHQVSRUGHVFLGDVD*5$QmRSR
GHPDQWHUDYHORFLGDGHGRYHtFXORFRQVWDQWH
2SHVRSUySULRGRYHtFXORDXPHQWDDYHORFL
GDGH5HGX]LUPDUFKDRXIUHDURYHtFXORFRP
RIUHLRGHSHGDO
,QGLFDGRUHVGRGLVSOD\GR*5$
6WDWXV
)LJ

'XUDQWHDFRQGXomR
$'9(571&,$
$QmRREVHUYkQFLDGDVOX]HVGHDGYHUWrQFLD
DFHVDVHGDVPHQVDJHQVGHWH[WRSRGHFDX
VDUSDUDGDVQRWUkQVLWRXUEDQRDFLGHQWHVH
IHULPHQWRVJUDYHV
1XQFDGHL[DUGHREVHUYDUOX]HVGHDGYHU
WrQFLDHPHQVDJHQVGHWH[WR
127$
$LQREVHUYkQFLDGHOX]HVGHFRQWUROHTXHVH
DFHQGHPHGHPHQVDJHQVGHWH[WRSRGHFDXVDU
GDQRVDRYHtFXOR
&RPDQGDURVLVWHPDUHJXODGRUGHYHORFLGDGH
)LJ
)XQomR
3RVLomRGRVLQWHUUXSWR
UHVRSHUDomRGRVLQWHU
UXSWRUHV)LJ
$omR
/.
3%4
28
#!.#%,
2%3

)XQomR
3RVLomRGRVLQWHUUXSWR
UHVRSHUDomRGRVLQWHU
UXSWRUHV)LJ
EUHYHPHQWH
$omR
2%3
2%3 SRUXPWHPSR
EUHYHPHQWH
3%4
VHP
3%4 SRUXPWHPSR
/&&
&RQGX]LUHPGHVFLGDVFRPR*5$
'HVOLJDPHQWRDXWRPiWLFR

'XUDQWHDFRQGXomR
&OLPDWL]DomR
$TXHFHU9HQWLODU5HIULJHUDU
,QWURGXomRDRWHPD
$VVHJXUDUVHPSUHTXHRDUFRQGLFLRQDGR
HRGHVHPEDoDGRUGRYLGURWUDVHLURHVWmR
VHQGRXVDGRVFRUUHWDPHQWHSDUDWHUERDV
FRQGLo}HVGHYLVLELOLGDGH
'HVOLJDUVHPSUHRPRGRGHUHFLUFXODomR
GHDUVHHOHQmRIRUQHFHVViULR
2ILOWURGHSRHLUDHSyOHQ
0DQXWHQomRHJDUDQWLD
1XQFDXWLOL]DURPRGRGHUHFLUFXODomRGH
DUSRUPXLWRWHPSRTXDQGRRVLVWHPDGHUH
IULJHUDomRHVWLYHUGHVOLJDGRRVYLGURVSR
GHPHPEDoDUPXLWRUDSLGDPHQWHQRPRGRGH
UHFLUFXODomRGHDUHOLPLWDUPXLWRDVFRQGL
o}HVGHYLVLELOLGDGH
2DUUHFLUFXODGRXWLOL]DGRSRUORQJRVSH
UtRGRVSRGHOHYDUDRFDQVDoRHjIDOWDGH
FRQFHQWUDomRGRFRQGXWRURTXHSRGHFDX
VDUFROLV}HVDFLGHQWHVHIHULPHQWRVJUDYHV
127$
6HKRXYHUGHVFRQILDQoDGHTXHRDUFRQGL
FLRQDGRSRVVDWHUVLGRDYDULDGRGHVOLJDURDU
FRQGLFLRQDGR $VVLP GDQRV VHFXQGiULRV SR
GHPVHUHYLWDGRV2DUFRQGLFLRQDGRGHYHVHU
YHULILFDGRSRUXPD&RQFHVVLRQiULD9RONVZDJHQ
RXSRUXPDHPSUHVDHVSHFLDOL]DGD
5HSDURVQRDUFRQGLFLRQDGRH[LJHPFRQKH
FLPHQWRVHVSHFLDOL]DGRVHIHUUDPHQWDVHVSHFL
DLV3DUDLVWRD9RONVZDJHQUHFRPHQGDDV
&RQFHVVLRQiULDV9RONVZDJHQ
$'9(571&,$
0iVFRQGLo}HVGHYLVLELOLGDGHHPWRGRVRV
YLGURVDXPHQWDPRULVFRGHFROLV}HVHDFL
GHQWHVTXHSRGHPFDXVDUIHULPHQWRVJUDYHV
$VVHJXUDUVHPSUHTXHWRGRVRVYLGURVHV
WmROLYUHVGHJHORQHYHHHPEDoDPHQWRSDUD
JDUDQWLUERDVFRQGLo}HVGHYLVLELOLGDGH
$PDLRUSRWrQFLDGHDTXHFLPHQWRHRPDLV
UiSLGRGHVHPEDoDPHQWRGRVYLGURVVySR
GHPVHUDWLQJLGRVVHRPRWRUMiWLYHUDWLQJLGR
VXDWHPSHUDWXUDGHVHUYLoR3DUWLUVRPHQWH
VHKRXYHUERDVFRQGLo}HVGHYLVLELOLGDGH
&OLPDWL]DomR

&RPDQGRVGRVLVWHPDGHDTXHFLPHQWRYHQWLODomRHDUFRQGLFLRQDGR
)LJ
)LJ
7HFODUHJX ,QIRUPDo}HVFRPSOHPHQWDUHVGRVLVWHPDGHDTXHFLPHQWRHYHQWLODomR)LJH
ODGRU
DUFRQGLFLRQDGR)LJ

'XUDQWHDFRQGXomR
7HFODUHJX ,QIRUPDo}HVFRPSOHPHQWDUHVGRVLVWHPDGHDTXHFLPHQWRHYHQWLODomR)LJH
ODGRU
DUFRQGLFLRQDGR)LJ
<
6LVWHPDGHDTXHFLPHQWRHYHQWLODomR
$UFRQGLFLRQDGR
K
L
u
!#
$UFRQGLFLRQDGR
$UFRQGLFLRQDGR
$'9(571&,$
2DUUHFLUFXODGRXWLOL]DGRSRUORQJRVSHUtR
GRVSRGHOHYDUDRFDQVDoRHjIDOWDGHFRQ
FHQWUDomRGRFRQGXWRURTXHSRGHFDXVDU
FROLV}HVDFLGHQWHVHIHULPHQWRVJUDYHV
2ULHQWDo}HVGHIXQFLRQDPHQWRGRVLVWHPDGHDTXHFLPHQWRHGH
YHQWLODomR
0DQWHURSDUDEULVDHRVYLGURVODWHUDLV
GHVHPEDoDGRV
7HPSHUDWXUD
5HJXODJHPSDUDREWHUFRQGLo}HVGH
YLVLELOLGDGHLGHDLV
<
&OLPDWL]DomR

2ULHQWDo}HVGHIXQFLRQDPHQWRGRDUFRQGLFLRQDGR
3DUWLFXODULGDGHV
iJXDFRQGHQVDGD
5HVIULDPHQWRUiSLGRGRLQWHULRUGRYHtFXOR
5HJXODJHPSDUDREWHUFRQGLo}HVGH
YLVLELOLGDGHLGHLDV
<
2VLVWHPDGHUHIULJHUDomRQmRSRGHVHU
OLJDGR

'XUDQWHDFRQGXomR
'LIXVRUHVGHDU
)LJ
'LIXVRUHVGHDU
127$
1mRFRORFDUQHQKXPDOLPHQWRPHGLFDPHQWR
RXRXWURVREMHWRVVHQVtYHLVDRFDORUGLDQWHGRV
GLIXVRUHVGHDU2DUTXHFRUUHGHGHQWURGRV
GLIXVRUHVSRGHGDQLILFDURXWRUQDULQXWLOL]iYHLV
DOLPHQWRVPHGLFDPHQWRVHREMHWRVVHQVtYHLV
DRFDORURXDRIULR
'HVHPEDoDGRUGRYLGURWUDVHLUR
)LJ
%
$
&OLPDWL]DomR

0RGRGHUHFLUFXODomRGHDU
,QIRUPDo}HVEiVLFDV
$'9(571&,$
$UYLFLDGRSRGHOHYDUDRFDQVDoRUiSLGRHj
IDOWDGHFRQFHQWUDomRGRFRQGXWRURTXHSR
GHFDXVDUFROLV}HVDFLGHQWHVHIHULPHQWRV
JUDYHV
1XQFDGHL[DURPRGRGHUHFLUFXODomRGH
DUOLJDGRSRUPXLWRWHPSRXPDYH]TXHRDU
IUHVFRQmRDWLQJHRLQWHULRUGRYHtFXOR
4XDQGRRVLVWHPDGHUHIULJHUDomRHVWLYHU
GHVOLJDGRRVYLGURVSRGHPHPEDoDUPXLWR
UDSLGDPHQWHHOLPLWDUPXLWRDVFRQGLo}HVGH
YLVLELOLGDGH
<
'HVOLJDUVHPSUHRPRGRGHUHFLUFXODomR
GHDUVHHOHQmRIRUQHFHVViULR
/LJDUHGHVOLJDURPRGRGHUHFLUFXODomRGH
DU
/LJDU
'HVOLJDU

'XUDQWHDFRQGXomR
127$
(PYHtFXORVFRPDUFRQGLFLRQDGRQmRIXPDU
TXDQGRRPRGRGHUHFLUFXODomRGHDUHVWLYHUOL
JDGR$IXPDoDVXFFLRQDGDSRGHVHGHSRVLWDU
QRHYDSRUDGRUGRVLVWHPDGHUHIULJHUDomREHP
FRPRQRILOWURGHSRHLUDHSyOHQHOHYDUDRGR
UHVLQF{PRGRVGXUDGRXURV
$EDVWHFLPHQWR
,QWURGXomRDRWHPD
1XQFDHQWUDUQRYHtFXORDRDEDVWHFHU6H
IRUQHFHVViULRHQWUDUQRYHtFXORIHFKDUDSRU
WDHWRFDUXPDVXSHUItFLHPHWiOLFDDQWHVGH
VHJXUDUQRYDPHQWHDSLVWRODGHDEDVWHFLPHQ
WR,VWRLPSHGHDJHUDomRGHGHVFDUJDVHOH
WURVWiWLFDVFDXVDGRUDVGHIDtVFDV$RDEDVWH
FHUIDtVFDVSRGHPLQLFLDUXPLQFrQGLR
$'9(571&,$
8PDEDVWHFLPHQWRLQFRUUHWRHRXVR
LQDGHTXDGRGRFRPEXVWtYHOSRGHPFDXVDU
H[SORV}HVLQFrQGLRVTXHLPDGXUDVHRXWURV
IHULPHQWRVJUDYHV
*DUDQWLUVHPSUHRIHFKDPHQWRFRUUHWRGD
WDPSDGRWDQTXHGHFRPEXVWtYHOSDUDHYLWDUD
HYDSRUDomRHRYD]DPHQWRGHFRPEXVWtYHO
2FRPEXVWtYHOpDOWDPHQWHH[SORVLYRHID
FLOPHQWHLQIODPiYHOHSRGHFDXVDUTXHLPDGX
UDVJUDYHVHRXWURVIHULPHQWRV
$EDVWHFHUFRPRPRWRUHPIXQFLRQDPHQ
WRRXFRPRELFRGDERPEDGHVHQFDL[DGRGR
ERFDOGHDEDVWHFLPHQWRGRWDQTXHGHFRP
EXVWtYHOSRGHID]HUFRPTXHRFRPEXVWtYHO
HVSLUUHRXWUDQVERUGH,VVRSRGHFDXVDULQ
FrQGLRVH[SORV}HVTXHLPDGXUDVJUDYHVH
RXWURVIHULPHQWRV
3RUPRWLYRVGHVHJXUDQoDGHVOLJDURPR
WRUHDLJQLomRDRDEDVWHFHU
$RDEDVWHFHUGHVOLJDUVHPSUHRWHOHIRQH
PyYHOUiGLRVSRUWiWHLVHRXWURVHTXLSDPHQ
WRVGHUiGLR5DGLDo}HVHOHWURPDJQpWLFDVSR
GHPJHUDUIDtVFDVHDVVLPFDXVDUXPLQFrQ
GLR
1XQFDDEDVWHFHURXHQFKHUXPUHFLSLHQWH
SDUDUHVHUYDSHUWRGHFKDPDVH[SRVWDVIDtV
FDVRXREMHWRVHPEUDVDSRUH[HPSORFLJDU
URV
(YLWDUGHVFDUJDVHOHWURVWiWLFDVHUDGLD
o}HVHOHWURPDJQpWLFDVDRDEDVWHFHU
2EVHUYDUDVLQGLFDo}HVGHVHJXUDQoDGR
SRVWRGHFRPEXVWtYHO
1XQFDGHUUDPDUFRPEXVWtYHOQRYHtFXOR
RXQRFRPSDUWLPHQWRGHEDJDJHP
$'9(571&,$
3RUPRWLYRVGHVHJXUDQoDD9RONVZDJHQUH
FRPHQGDQmRFDUUHJDUXPUHFLSLHQWHSDUDUH
VHUYDQRYHtFXOR6REUHWXGRHPFDVRGHDFL
GHQWHRUHFLSLHQWHFKHLRRXYD]LRSRGHGHUUD
PDUFRPEXVWtYHOHVHLQIODPDU,VVRSRGH
FDXVDUH[SORV}HVLQFrQGLRVHIHULPHQWRV
(PFDVRVH[FHSFLRQDLVTXDQGRIRUQH
FHVViULRWUDQVSRUWDUFRPEXVWtYHOHPUHFL
SLHQWHVSDUDUHVHUYDDWHQWDUSDUDRVHJXLQWH
$RHQFKHURUHFLSLHQWHSDUDUHVHUYD
QXQFDFRORFDURUHFLSLHQWHGHQWURRXVR
EUHRYHtFXORSRUH[HPSORQRFRPSDUWL
PHQWRGHEDJDJHPRXQDWDPSDGRFRP
SDUWLPHQWRGHEDJDJHP3RGHRFRUUHU
XPDGHVFDUJDHOHWURVWiWLFDGXUDQWHRHQ
FKLPHQWRHLQIODPDURVYDSRUHVGRFRP
EXVWtYHO
&RORFDURUHFLSLHQWHSDUDUHVHUYDVHP
SUHVREUHRFKmR
,QWURGX]LURELFRGDERPEDRPi[LPR
SRVVtYHOQRJDUJDORGRUHFLSLHQWHSDUDUH
VHUYD
(PFDVRGHUHFLSLHQWHVSDUDUHVHUYDGH
PHWDOVHPSUHPDQWHURELFRGDERPEDHP
FRQWDWRFRPRUHFLSLHQWHSDUDHYLWDUXPD
FDUJDHVWiWLFD
b

127$FRQWLQXDomR
2EVHUYDUDVSUHVFULo}HVOHJDLVDRXWLOL
]DUDFRPRGDUHWUDQVSRUWDUXPUHFLSLHQWH
SDUDUHVHUYD
PXORGHFRPEXVWtYHOQmRTXHLPDGRQRVLVWHPD
GHHVFDSH,VVRSRGHGDQLILFDURILOWURGRFDWDOL
VDGRU
127$
5HPRYHULPHGLDWDPHQWHRFRPEXVWtYHOGHU
UDPDGRGHWRGDVDVSHoDVGRYHtFXORSDUDHYL
WDUGDQRVjFDL[DGHURGDSQHXVHSLQWXUD
1XQFDFRQGX]LUDWpHVYD]LDURWDQTXHGH
FRPEXVWtYHO2DEDVWHFLPHQWRGHFRPEXVWtYHO
LUUHJXODUSRGHFDXVDUIDOKDVGHLJQLomRHDF~
/X]GHFRQWUROHHLQGLFDGRUGRQtYHOGHFRPEXVWtYHO
)LJ
$FHVD
3RVLomRGRSRQWHLUR
3RVVtYHLVFDXVDV
)LJ
6ROXomR
$'9(571&,$
&RQGX]LUFRPXPQtYHOGHFRPEXVWtYHOPXLWR
EDL[RSRGHFDXVDUSDUDGDVQRWUkQVLWRDFL
8PQtYHOGHFRPEXVWtYHOPXLWREDL[RSRGH
FDXVDUXPDEDVWHFLPHQWRGHFRPEXVWtYHOGR
PRWRULUUHJXODUHVSHFLDOPHQWHHPWUHFKRVGH
VXELGDRXGHVFLGD
$GLUHomRHWRGRVRVVLVWHPDVDVVLVWrQFLD
DRFRQGXWRUHGHIUHQDJHPQmRIXQFLRQDP
TXDQGRRPRWRUHQJDVJDRXPRUUHSRUIDOWD
RXDEDVWHFLPHQWRLUUHJXODUGHFRPEXVWtYHO
$EDVWHFHUVHPSUHTXDQGRRWDQTXHGH
FRPEXVWtYHOHVWLYHUHPVRPHQWHSDUDHYL
WDUXPDSDUDGDSRUIDOWDGHFRPEXVWtYHO
b

'XUDQWHDFRQGXomR
127$FRQWLQXDomR
127$
2EVHUYDUVHPSUHDVOX]HVGHFRQWUROHDFH
VDVHVXDVGHVFULo}HVHRULHQWDo}HVSDUDHYLWDU
GDQRVQRYHtFXOR
PXORGHFRPEXVWtYHOQmRTXHLPDGRQRVLVWHPD
GHHVFDSH,VVRSRGHGDQLILFDURILOWURGRFDWDOL
VDGRU
1XQFDFRQGX]LUDWpHVYD]LDURWDQTXHGH
FRPEXVWtYHO2DEDVWHFLPHQWRGHFRPEXVWtYHO
LUUHJXODUSRGHFDXVDUIDOKDVGHLJQLomRHDF~
$EDVWHFHUFRPJDVROLQDRXHWDQRO
$EDVWHFHU
FKHLR
)LJ
$QWHV
)HFKDUDWDPSDGRWDQTXHGHFRPEXVWtYHO
WDQWRJDVROLQDFRPRHWDQRO
HPTXDOTXHUSURSRUomR
$EULUDWDPSDGRWDQTXHGHFRPEXVWtYHO
$'9(571&,$
3DUDUGHDEDVWHFHUTXDQGRRELFRGDERPED
GHVOLJDUSHODSULPHLUDYH]2WDQTXHGHFRP
EXVWtYHOSRGHVHUDEDVWHFLGRHPH[FHVVR
&RPLVVRRFRPEXVWtYHOSRGHYD]DURXUHV
SLQJDU,VVRSRGHFDXVDULQFrQGLRVH[SOR
V}HVHIHULPHQWRVJUDYHV

127$
127$
6HRYHtFXOR727$/)/(;ILFDULPRELOL]DGR
SRUIDOWDGHFRPEXVWtYHOVHUiQHFHVViULR
DEDVWHFHURYHtFXORFRPRPHVPRWLSRGR~OWL
PRFRPEXVWtYHOXWLOL]DGRJDVROLQDRXHWDQRO
5HPRYHULPHGLDWDPHQWHFRPEXVWtYHOGHUUDPD
GRQDSLQWXUDGRYHtFXORSDUDHYLWDUGDQRVj
FDL[DGHURGDSQHXVHSLQWXUD
6HIRUQHFHVViULRDEDVWHFHURWDQTXHFRP
FRPEXVWtYHOGLIHUHQWHGRTXHHVWDYDVHQGRXWL
OL]DGRSRGHUiRFRUUHU
'LILFXOGDGHQDSDUWLGDFRPRPRWRUIULR
3HUFHSWtYHLVTXHGDVQRUHQGLPHQWRGR
PRWRU
2YHtFXORGHYHUiSHUFRUUHUDSUR[LPDGDPHQ
WHTXLO{PHWURVSDUDUHFRQKHFHURQRYRFRP
EXVWtYHOSDUDTXHQmRRFRUUDXPDGDVVLWXD
o}HVDFLPD
&DSDFLGDGHV
oD QDSiJLQD
&DSDFLGDGHGRWDQTXHGHFRPEXVWtYHO

'XUDQWHDFRQGXomR
&RQWUROHVDRDEDVWHFHU
oD QDSiJLQD
/LVWDGHFRQWUROH
d
d
d
d
d
d
d
3UHSDUDo}HVSDUDWUDEDOKRVQRFRPSDUWLPHQWRGRPRWRU

&RPEXVWtYHO
,QWURGXomRDRWHPD
$RPDQXVHDURFRPEXVWtYHOGHVOLJDUWHOH
IRQHVPyYHLVHDSDUHOKRVGHUiGLR5DGLD
o}HVHOHWURPDJQpWLFDVSRGHPJHUDUIDtVFDV
HDVVLPFDXVDUXPLQFrQGLR
o}HVHOHWURPDJQpWLFDVSUy[LPDVDFRPEXVWt
YHLV
0DQXWHQomRHJDUDQWLD
$'9(571&,$
6HXVDGRGHIRUPDLQDGHTXDGDRFRPEXVWt
YHOSRGHFDXVDUH[SORV}HVLQFrQGLRVTXHL
PDGXUDVJUDYHVHRXWURVIHULPHQWRV
FLOPHQWHLQIODPiYHO
3RUPRWLYRVGHVHJXUDQoDD9RONVZDJHQ
UHFRPHQGDQmRFDUUHJDUXPUHFLSLHQWHSDUD
UHVHUYDQRYHtFXOR6REUHWXGRHPFDVRGH
DFLGHQWHRUHFLSLHQWHFKHLRRXYD]LRSRGH
GHUUDPDUFRPEXVWtYHOHVHLQIODPDU,VVRSR
GHFDXVDUH[SORV}HVLQFrQGLRVHIHULPHQWRV
JUDYHV
2EVHUYDUDVLQGLFDo}HVGHVHJXUDQoDHDV
SUHVFULo}HVORFDLVYiOLGDVSDUDRXVRGH
FRPEXVWtYHLV
127$
6HRYHtFXOR727$/)/(;ILFDULPRELOL]DGR
SRUIDOWDGHFRPEXVWtYHOVHUiQHFHVViULR
DEDVWHFHURYHtFXORFRPRPHVPRWLSRGR~OWL
PRFRPEXVWtYHOXWLOL]DGRJDVROLQDRXHWDQRO
6HIRUQHFHVViULRDEDVWHFHURWDQTXHFRP
FRPEXVWtYHOGLIHUHQWHGRTXHHVWDYDVHQGRXWL
OL]DGRSRGHUiRFRUUHU
'LILFXOGDGHQDSDUWLGDFRPRPRWRUIULR
3HUFHSWtYHLVTXHGDVQRUHQGLPHQWRGR
PRWRU
2YHtFXORGHYHUiSHUFRUUHUDSUR[LPDGDPHQ
WHTXLO{PHWURVSDUDUHFRQKHFHURQRYRFRP
EXVWtYHOSDUDTXHQmRRFRUUDXPDGDVVLWXD
o}HVDFLPD
(PFDVRVH[FHSFLRQDLVTXDQGRIRUQH
FHVViULRWUDQVSRUWDUFRPEXVWtYHOHPUHFL
SLHQWHVSDUDUHVHUYDWRUQDUVHREULJDWyULR
VHJXLUDVRULHQWDo}HVPHQFLRQDGDVDSDUWLU
GD3iJLQD
0DQWHUTXDOTXHUWLSRGHFKDPDFRPR
DTXHODVSURGX]LGDVSRULVTXHLURVSHoDV
TXHQWHVHIDtVFDVORQJHGRFRPEXVWtYHO

'XUDQWHDFRQGXomR
4XDOLGDGHGRVFRPEXVWtYHLV
127$
6LVWHPDGHLQMHomRGHFRPEXVWtYHO
2VGDQRVSURYRFDGRVQRPRWRUSHODXWLOL]DomR
GHFRPEXVWtYHOGHTXDOLGDGHUXLPRXLQVXILFL
HQWHHVWmRH[FOXtGRVGDJDUDQWLD
*DVROLQD
7LSRVGHJDVROLQD
VHPFKXPERRXRXWURVDGLWLYRV
PHWiOLFRVSRUH[HPSORPDQJDQrV
$GLWLYRVSDUDJDVROLQD
127$
$XWLOL]DomRGHDGLWLYRVSDUDJDVROLQD
LQDGHTXDGRVSRGHFDXVDUVpULRVGDQRVDRPR
WRUHGDQLILFDURFDWDOLVDGRU
6HHPFDVRGHHPHUJrQFLDRYHtFXORSUHFL
VDUVHUDEDVWHFLGRFRPJDVROLQDFRPPDLRURX
PHQRUSURSRUomRGHHWDQRODQLGURRPRWRUGH
YHVHUFRQGX]LGRFRPURWDomRPpGLDHFRP
PHQRUGHPDQGD(YLWDUDVDOWDVURWDo}HVHGH
PDQGDVLQWHQVDVGRPRWRU&DVRFRQWUiULRSR
GHPRFRUUHUGDQRVDRPRWRU$VVLPTXHSRVVt
YHOUHDEDVWHFHUFRPDJDVROLQDUHFRPHQGDGD

(WDQRO
HWD
QROKLGUDWDGR
127$
2UHVHUYDWyULRGRVLVWHPDGHSDUWLGDDIULRGH
YHUiHVWDUVHPSUHDEDVWHFLGRFRPJDVROLQD
SUHIHUHQFLDOPHQWHDGLWLYDGDSDUDDX[LOLDUDSDU
WLGDGRPRWRU3iJLQD6LVWHPDGHSDUWLGD
DIULR
3URJUDPDSDUDSUHVHUYDomRGRPHLRDPELHQWH
oD QDSiJLQD
3RWrQFLDGRPRWRU
&yGLJR
GRPRWRU
7LSRGH
WUDQVPLV
VmR
1tYHOVRQRUR
Pi[LPRFRP
YHtFXORSDUDGRD
5RWDomRHP
PDUFKDOHQWDE
(PLVVmRGH&2
HPPDUFKDOHQ
WDE

'XUDQWHDFRQGXomR
&RQVHUYDomR/LPSH]D0DQXWHQomR
3UHSDUDo}HVSDUDWUDEDOKRVQRFRPSDUWLPHQWRGRPRWRU
,QWURGXomRDRWHPD
1XQFDWUDEDOKDUVRERYHtFXORTXDQGRHV
WHQmRHVWLYHUVHJXURFRQWUDPRYLPHQWDomR
6HIRUQHFHVViULRWUDEDOKDUVRERYHtFXORHQ
TXDQWRDVURGDVHVWmRHPFRQWDWRFRPRVR
ORRYHtFXORGHYHHVWDUSDUDGRHPXPSODQR
DVURGDVGHYHPHVWDUWUDYDGDVHDFKDYHGR
YHtFXORGHYHHVWDUIRUDGDLJQLomR
6HIRUQHFHVViULRWUDEDOKDUVRERYHtFXOR
HVWHGHYHVHUDSRLDGRDGLFLRQDOPHQWHFRP
FDYDOHWHVDGHTXDGRV2PDFDFRQmRpVXILFL
HQWHSDUDHVVDILQDOLGDGHHSRGHIDOKDURTXH
SRGHFDXVDUIHULPHQWRVJUDYHV
$'9(571&,$
2FRPSDUWLPHQWRGRPRWRUGHWRGRYHtFXORp
XPDiUHDSHULJRVDHSRGHFDXVDUIHULPHQWRV
JUDYHV
$'9(571&,$
0RYLPHQWRVLQYROXQWiULRVGRYHtFXORGXUDQWH
RVWUDEDOKRVGHPDQXWHQomRSRGHPFDXVDU
IHULPHQWRVJUDYHV
(PWRGRVRVWUDEDOKRVVHUVHPSUHH[WUH
PDPHQWHSUHYHQLGRHFDXWHORVREHPFRPR
REVHUYDUDVSUHFDXo}HVGHVHJXUDQoDJHUDO
PHQWHYiOLGDV1XQFDDVVXPLUXPULVFRSHV
VRDO
5HDOL]DUWUDEDOKRVQRPRWRUHQRFRPSDU
WLPHQWRGRPRWRUVRPHQWHTXDQGRHVWLYHUID
PLOLDUL]DGRFRPDVDo}HVQHFHVViULDV4XDQ
GRKRXYHULQVHJXUDQoDVREUHRTXHID]HURV
WUDEDOKRVQHFHVViULRVGHYHPVHUUHDOL]DGRV
SRUXPD&RQFHVVLRQiULD9RONVZDJHQRXSRU
XPDHPSUHVDHVSHFLDOL]DGD)HULPHQWRVJUD
YHVSRGHPUHVXOWDUGHWUDEDOKRVUHDOL]DGRV
LQFRUUHWDPHQWH
1XQFDDEULURXIHFKDUDWDPSDGRFRPSDU
WLPHQWRGRPRWRUHQTXDQWRVDLUYDSRURXOt
TXLGRGHDUUHIHFLPHQWR9DSRUTXHQWHRXOt
TXLGRGHDUUHIHFLPHQWRSRGHPFDXVDUTXHL
PDGXUDVJUDYHV(VSHUDUVHPSUHDWpTXHQmR
VHRXoDQHPYHMDPDLVYDSRURXOtTXLGRGH
DUUHIHFLPHQWRGRFRPSDUWLPHQWRGRPRWRU
'HL[DUVHPSUHRPRWRUHVIULDUDQWHVGH
DEULUDWDPSDGRFRPSDUWLPHQWRGRPRWRU
3HoDVTXHQWHVGRPRWRURXGRVLVWHPDGH
HVFDSHSRGHPTXHLPDUDSHOHVHWRFDGDV
b

4XDQGRRPRWRUWLYHUHVIULDGRGHYHVH
DWHQWDUDRVHJXLQWHDQWHVGHDEULUDWDPSDGR
FRPSDUWLPHQWRGRPRWRU
3X[DURIUHLRGHHVWDFLRQDPHQWRHFROR
FDUDDODYDQFDVHOHWRUDQDSRVLomR'0RX
DDODYDQFDGDWUDQVPLVVmRQDSRVLomR
QHXWUD
5HWLUDUDFKDYHGRYHtFXORGDLJQLomR
0DQWHUFULDQoDVVHPSUHORQJHGRFRP
SDUWLPHQWRGRPRWRUHVREDVXSHUYLVmR
GHDGXOWRV
&RPRPRWRUTXHQWHRVLVWHPDGHDUUHIH
FLPHQWRGRPRWRUHVWiVRESUHVVmR1XQFD
DEULUDWDPSDGRUHVHUYDWyULRGROtTXLGRGH
DUUHIHFLPHQWRGRPRWRUFRPRPRWRUTXHQWH
&DVRLVVRVHMDIHLWRROtTXLGRGHDUUHIHFLPHQ
WRSRGHUHVSLQJDUHFDXVDUTXHLPDGXUDVH
RXWURVIHULPHQWRVJUDYHV
*LUDUDWDPSDOHQWDPHQWHHFRPPXLWR
FXLGDGRQRVHQWLGRDQWLKRUiULRHQTXDQWR
SUHVVLRQDDWDPSDOHYHPHQWHSDUDEDL[R
3URWHJHUVHPSUHRURVWRDVPmRVHRV
EUDoRVGROtTXLGRGHDUUHIHFLPHQWRTXHQWH
RXGRYDSRUFRPXPSDQRJUDQGHHHV
SHVVR
$RUHDEDVWHFHUQmRGHUUDPDUIOXLGRVVR
EUHSDUWHVGRPRWRURXVREUHRVLVWHPDGH
HVFDSH2VIOXLGRVGHUUDPDGRVSRGHPFDX
VDULQFrQGLRV
$'9(571&,$
$OWDWHQVmRGRVLVWHPDHOpWULFRSRGHFDXVDU
FKRTXHVHOpWULFRVTXHLPDGXUDVIHULPHQWRV
JUDYHVHDPRUWH
1XQFDFRORFDURVLVWHPDHOpWULFRHPFXU
WRFLUFXLWR$EDWHULDGRYHtFXORSRGHULDH[
SORGLU
3DUDUHGX]LURVULVFRVGHXPFKRTXHHOp
WULFRHGHIHULPHQWRVJUDYHVREVHUYDURVH
JXLQWHHQTXDQWRRPRWRUHVWLYHUHPIXQFLRQD
PHQWRRXGXUDQWHDSDUWLGD
1XQFDHQFRVWDUQRVFRQGXWRUHVHOpWUL
FRVGRVLVWHPDGHLJQLomR
1XQFDHQFRVWDUQRVFDERVGHDOLPHQWD
omR
$'9(571&,$
1RFRPSDUWLPHQWRGRPRWRUHQFRQWUDPVH
SHoDVJLUDQGRTXHSRGHPFDXVDUIHULPHQWRV
JUDYHV

1XQFDHQFRVWDUQDYHQWRLQKDGRUDGLDGRU
RXQDiUHDGDYHQWRLQKDGRUDGLDGRU2FRQWD
WRFRPDVOkPLQDVGRURWRUSRGHFDXVDUIHUL
PHQWRVJUDYHV$YHQWRLQKDpFRQWURODGDSRU
WHPSHUDWXUDHSRGHOLJDUSRUFRQWDSUySULD
PHVPRFRPDLJQLomRGHVOLJDGDRXFRPD
FKDYHGRYHtFXORIRUDGDLJQLomR
4XDQGRIRUQHFHVViULRUHDOL]DUWUDEDOKRV
GXUDQWHRSURFHVVRGHSDUWLGDRXFRPRPR
WRUHPIXQFLRQDPHQWRH[LVWHXPSHULJRGH
PRUWHGHYLGRjVSHoDVJLUDWyULDVSRUH[HP
SORFRUUHLDGHQWDGDRXSRO\9JHUDGRUHYHQ
WRLQKDGRUDGLDGRUHGHYLGRDRVLVWHPDGHLJ
QLomRGHDOWDWHQVmR$JLUVHPSUHFRPH[WUH
PDFDXWHOD
$WHQWDUVHPSUHSDUDTXHQHQKXPDSDU
WHGRFRUSRMRLDVJUDYDWDVSHoDVGHURX
SDIROJDGDVHFDEHORVFRPSULGRVSRVVD
DOFDQoDUSHoDVJLUDWyULDVGRPRWRU$QWHV
GRWUDEDOKRUHPRYHUVHPSUHMRLDVHJUD
YDWDVSUHQGHUFDEHORVFRPSULGRVSDUDFL
PDHDSHUWDUWRGDVDVSHoDVGHURXSDFRQ
WUDRFRUSRSDUDHYLWDUTXHVHSUHQGDPHP
SHoDVGRPRWRU
$FLRQDURSHGDOGRDFHOHUDGRUVHPSUH
FRPFDXWHODHQXQFDGHVDWHQWDPHQWH2
YHtFXORSRGHHQWUDUHPPRYLPHQWRPHV
PRFRPRIUHLRGHHVWDFLRQDPHQWRSX[D
GR
1mRGHL[DUQHQKXPREMHWRFRPRSRU
H[HPSORSDQRVGHOLPSH]DRXIHUUDPHQWDV
QRFRPSDUWLPHQWRGRPRWRU2EMHWRVGHL[D
GRVSDUDWUiVSRGHPFDXVDUIDOKDVGHIXQFLR
QDPHQWRGDQRVDRPRWRUHXPLQFrQGLR
$'9(571&,$
)OXLGRVHDOJXQVPDWHULDLVQRFRPSDUWLPHQWR
GRPRWRUVmRIDFLOPHQWHLQIODPiYHLVHSRGHP
FDXVDULQFrQGLRVHIHULPHQWRVJUDYHV
1XQFDIXPDUQDVSUR[LPLGDGHVGRFRP
SDUWLPHQWRGRPRWRU
1XQFDWUDEDOKDUQDVSUR[LPLGDGHVGHFKD
PDVH[SRVWDVRXIDtVFDV
1XQFDGHUUDPDUIOXLGRVVREUHRPRWRU(V
WHVSRGHPLQIODPDUFRPSHoDVTXHQWHVGR
PRWRUHFDXVDUIHULPHQWRV
6HIRUHPQHFHVViULRVWUDEDOKRVQRVLVWH
PDGHFRPEXVWtYHORXQRVLVWHPDHOpWULFR
REVHUYDURVHJXLQWH
'HVFRQHFWDUVHPSUHDEDWHULDGRYHtFX
OR$WHQWDUSDUDTXHRYHtFXORHVWHMDGHV
WUDYDGRTXDQGRDEDWHULDGRYHtFXORIRU
GHVFRQHFWDGDSRLVFDVRFRQWUiULRRVLV
WHPDGHDODUPHVHUiDWLYDGR
1XQFDWUDEDOKDUSHUWRGHDTXHFLPHQWRV
DTXHFHGRUHVGHSDVVDJHPRXRXWUDVFKD
PDVH[SRVWDV
7HUVHPSUHjPmRXPH[WLQWRUGHLQFrQGLR
IXQFLRQDOHLQVSHFLRQDGR
127$
$RWURFDURXUHDEDVWHFHUIOXLGRVDWHQWDUSDUD
TXHRVIOXLGRVHVWHMDPQRVUHFLSLHQWHVFRUUH
WRV)OXLGRVLQFRUUHWRVSRGHPFDXVDUGHILFLrQ
FLDVIXQFLRQDLVVpULDVHGDQRVDRPRWRU
3UHSDUDURYHtFXORSDUDWUDEDOKRVQRFRPSDUWLPHQWRGRPRWRU
oD QDSiJLQD
/LVWDGHFRQWUROH
d
d
d
d
d
d
d
d
$'9(571&,$
GHQWHV
'0
JHUDOPHQWHYiOLGDV

$EULUHIHFKDUDWDPSDGRFRPSDUWLPHQWRGRPRWRU
)LJ
)LJ
)HFKDUDWDPSDGRFRPSDUWLPHQWRGRPRWRU
$EULUDWDPSDGRFRPSDUWLPHQWRGRPRWRU
&
'
QmR
&
'

$'9(571&,$
8PDWDPSDGRFRPSDUWLPHQWRGRPRWRUIH
FKDGDLQFRUUHWDPHQWHSRGHVHDEULUVXELWD
PHQWHGXUDQWHDFRQGXomRHEORTXHDUDYLVWD
SDUDIUHQWH,VWRSRGHULDFDXVDUDFLGHQWHVH
IHULPHQWRVJUDYHV
$EULURXIHFKDUDWDPSDGRFRPSDUWLPHQWR
GRPRWRUVRPHQWHVHQmRKRXYHUQLQJXpP
HPVHXUDLRGHDEHUWXUD
$SyVIHFKDUDWDPSDGRFRPSDUWLPHQWR
GRPRWRUYHULILFDUVHDWUDYDHQJDWRXFRUUHWD
PHQWHQRIHFKR$WDPSDGRFRPSDUWLPHQWR
GRPRWRUGHYHHVWDUDOLQKDGDFRPDVSHoDV
DGMDFHQWHVGDFDUURFHULD
3DUDHYLWDUGDQRVjWDPSDGRFRPSDUWLPHQ
WRGRPRWRUHDRVEUDoRVGRVOLPSDGRUHVGR
SDUDEULVDVRPHQWHDEULUDWDPSDGRFRPSDUWL
PHQWRGRPRWRUFRPRVOLPSDGRUHVGRSDUD
EULVDUHEDWLGRV
6HIRUFRQVWDWDGRGXUDQWHDFRQGXomRTXH
DWDPSDGRFRPSDUWLPHQWRGRPRWRUQmRHVWi
IHFKDGDFRUUHWDPHQWHSDUDULPHGLDWDPHQWHH
IHFKDURFRPSDUWLPHQWRGRPRWRU
$QWHVGRLQtFLRGDFRQGXomRUHEDWHUVHP
SUHRVEUDoRVGRVOLPSDGRUHVGRSDUDEULVDVR
EUHRSDUDEULVD
127$

OHRGRPRWRU
,QWURGXomRDRWHPD
1XQFDXWLOL]DUODWDVGHDOLPHQWRVJDUUDIDV
RXRXWURVUHFLSLHQWHVYD]LRVSDUDDUPD]HQDU
RyOHRGRPRWRUSRLVDVVLPKiULVFRGHTXH
RXWUDVSHVVRDVSRVVDPLQJHULURyOHRGRPR
WRUDUPD]HQDGR
0DQXWHQomRHJDUDQWLD
2FRQWDWRIUHTXHQWHFRPRyOHRGRPRWRU
SRGHFDXVDUOHV}HVQDSHOH(PFDVRGHFRQ
WDWRFRPRyOHRGRPRWRUODYDUDSHOHFXLGD
GRVDPHQWHFRPiJXDHVDEmR
&RPRPRWRUHPIXQFLRQDPHQWRRyOHR
GRPRWRUILFDH[WUHPDPHQWHTXHQWHSRGHQGR
FDXVDUTXHLPDGXUDVJUDYHV'HL[DUVHPSUHR
PRWRUHVIULDU
$'9(571&,$
6HPDQXVHDGRGHIRUPDLPSUySULDRyOHRGR
PRWRUSRGHFDXVDUTXHLPDGXUDVHRXWURVIH
ULPHQWRVJUDYHV
8VDUVHPSUHyFXORVGHSURWHomRGXUDQWH
RPDQXVHLRGRyOHRGRPRWRU
2yOHRGRPRWRUpWy[LFRHGHYHVHUFRQ
VHUYDGRIRUDGRDOFDQFHGHFULDQoDV
&RQVHUYDURyOHRGRPRWRUVRPHQWHQRUH
FLSLHQWHRULJLQDOIHFKDGR2PHVPRGHYHVHU
IHLWRFRPRyOHRXVDGRDWpRPRPHQWRGHVHX
GHVFDUWH

/X]GHDGYHUWrQFLD
oD QDSiJLQD
$FHVD
&DXVDSRVVtYHO
6ROXomR
1mRSURVVHJXLU
QmR
$'9(571&,$
URVHYLWDQGRSRVVtYHLVDSDUDGDVGRYHtFXOR
E
1XQFDLJQRUDUDVOX]HVGHDGYHUWrQFLDH
DVPHQVDJHQVGHWH[WR
(VSHFLILFDomRGRyOHRGRPRWRU
$3,6/ $3,60
$3,61
6$(: 6$(: 6$(: 6$(
:
6$(:
9:
FRPEU
WHQomR

ZZZYRONVZDJHQ
6HUYLoR 6HUYLoRVH0DQX
OHRVH)OXLGRV
9:

&RPSOHWDURXWURFDURyOHRGRPRWRU
(VSHFLILFDomRGRyOHRGRPRWRU
9:
1XQFDXOWUDSDVVHROLPLWHVXSHULRUGDIDL[D
127$FRQWLQXDomR
127$
8WLOL]DUVRPHQWHDHVSHFLILFDomRGHyOHRGR
PRWRUH[SUHVVDPHQWHKRPRORJDGRSHOD
9RONVZDJHQ$XWLOL]DomRGHRXWURVyOHRVGH
PRWRUSRGHFDXVDUGDQRVDRPRWRU
1mRPLVWXUDUDGLWLYRVOXEULILFDQWHVDGLFLR
QDLVDRyOHRGRPRWRU'DQRVFDXVDGRVSRU
WDLVDGLWLYRVHVWmRH[FOXtGRVGDFREHUWXUDHP
JDUDQWLD
9HULILFDURQtYHOGRyOHRGRPRWRUHUHDEDVWHFHUFRPyOHRGRPRWRU
)LJ
)LJ
/LVWDGHFRQWUROH
TXHQWH

E
1mR

REULJDWRULDPHQWH
$'9(571&,$
2yOHRGHPRWRUSRGHSHJDUIRJRVHHQWUDU
HPFRQWDWRFRPSHoDVTXHQWHVGRPRWRU,V
VRSRGHFDXVDULQFrQGLRVTXHLPDGXUDVHRX
WURVIHULPHQWRVJUDYHV
6HRyOHRGRPRWRUIRUGHUUDPDGRVREUH
DVSHoDVGRPRWRUTXDQGRHVWmRIULDVHOHSR
GHVHDTXHFHUTXDQGRRPRWRUHVWLYHUIXQFLR
QDQGRHFDXVDUXPLQFrQGLR
*DUDQWLUVHPSUHTXHDWDPSDGDDEHUWXUD
SDUDDEDVWHFLPHQWRGRyOHRHVWHMDIHFKDGD
FRUUHWDPHQWHHTXHDYDUHWDGHPHGLomRGR
yOHRWDPEpPHVWHMDFRUUHWDPHQWHLQWURGX]LGD
QRWXERJXLDDSyVRUHDEDVWHFLPHQWR'HVVD
IRUPDXPYD]DPHQWRGHyOHRGRPRWRUVREUH
SHoDVTXHQWHVGRPRWRUHPIXQFLRQDPHQWR
SRGHVHUHYLWDGR
127$FRQWLQXDomR
$RWURFDURXUHDEDVWHFHUIOXLGRVDWHQWDUSD
UDTXHRVIOXLGRVHVWHMDPQRVUHFLSLHQWHVFRU
UHWRV)OXLGRVLQFRUUHWRVSRGHPFDXVDUIDOKDV
JUDYHVGHIXQFLRQDPHQWRHGDQRVDRPRWRU
127$
8WLOL]DUDSHQDVSDQRVTXHQmRGHVILHPHQmR
VROWHPILDSRVSDUDOLPSDUDYDUHWDGHPHGLomR
GRQtYHOGRyOHRHVVHVUHVtGXRVSRGHPFDXVDU
GDQRVDRPRWRU
127$
1mROLJDURPRWRUVHRQtYHOGHyOHRGRPR
WRUHVWLYHUDFLPDGDUHJLmR0$;6ROLFLWDUDX
[tOLRWpFQLFRHVSHFLDOL]DGR&DVRFRQWUiULRR
FDWDOLVDGRUHRPRWRUSRGHPVHUGDQLILFDGRV

&DSDFLGDGHV
oD QDSiJLQD
4XDQWLGDGHGHyOHRGRPRWRUFRPDWURFDGRILOWUR
&RQVXPRGHyOHRGRPRWRU
7URFDGRyOHRGRPRWRU
UDQWLD
0DQXWHQomRHJD
8VDUVHPSUHyFXORVGHSURWHomR
'HL[DUVHPSUHRPRWRUHVIULDUWRWDOPHQWH
SDUDHYLWDUTXHLPDGXUDV
0DQWHURVEUDoRVQDKRUL]RQWDOTXDQGR
GHVDSDUDIXVDURSDUDIXVRGHGUHQDJHPGR
yOHRSDUDHYLWDUTXHRyOHRGUHQDGRSRVVDHV
FRUUHUSHOREUDoR
8WLOL]DUXPUHFLSLHQWHDSURSULDGRSDUDD
FROHWDGRyOHRXVDGRTXHSRVVDFRPSRUWDU
QRPtQLPRDTXDQWLGDGHWRWDOGHyOHRGRPR
WRU
RyOHRGRPRWRUSRLVDVVLPRyOHRGRPRWRU
DOLFRQWLGRQHPVHPSUHVHULDLGHQWLILFDGRSRU
RXWUDVSHVVRDV
JDUDQWLD
0DQXWHQomRH
$'9(571&,$
6HHPFDVRVH[FHSFLRQDLVYRFrPHVPRSUH
FLVDUWURFDURyOHRGRPRWRUREVHUYDURVVH
JXLQWHVSRQWRV

2yOHRGRPRWRUpWy[LFRHGHYHVHUFRQ
VHUYDGRIRUDGRDOFDQFHGHFULDQoDV
127$
1mRPLVWXUDUDGLWLYRVOXEULILFDQWHVDGLFLRQDLV
DRyOHRGRPRWRU'DQRVFDXVDGRVSRUWDLVDGL
WLYRVHVWmRH[FOXtGRVGDFREHUWXUDHPJDUDQWLD b
/tTXLGRGHDUUHIHFLPHQWRGRPRWRU
,QWURGXomRDRWHPD
$'9(571&,$
2OtTXLGRGHDUUHIHFLPHQWRGRPRWRUpWy[LFR
&RQVHUYDUROtTXLGRGHDUUHIHFLPHQWRGR
PRWRUHPVHXUHFLSLHQWHRULJLQDOIHFKDGRH
HPOXJDUVHJXUR
ROtTXLGRGHDUUHIHFLPHQWRGRPRWRUMiTXH
KiULVFRGHROtTXLGRDUPD]HQDGRVHULQJHUL
GRSRURXWUDVSHVVRDHRXFRQWDPLQDGRRSH
ORVUHVtGXRVGRUHFLSLHQWH
0DQWHUROtTXLGRGHDUUHIHFLPHQWRGRPR
WRUIRUDGRDOFDQFHGHFULDQoDV
$VVHJXUDUTXHVHMDSUHYLVWDDSURSRUomR
FRUUHWDGHDGLWLYRGROtTXLGRGHDUUHIHFLPHQWR
GRPRWRUGHDFRUGRFRPDWHPSHUDWXUDDPEL
HQWHQDTXDORYHtFXORVHUiRSHUDGR

/X]GHDGYHUWrQFLDHLQGLFDGRUGHWHPSHUDWXUDGROtTXLGRGH
DUUHIHFLPHQWRGRPRWRU
)LJ
$FHVD
3RVLomRGR
SRQWHLUR
)LJ
&DXVDSRVVtYHO
6ROXomR
1mRSURVVHJXLU
3LVFD
&DXVDSRVVtYHO
$'9(571&,$

6ROXomR
127$
YHtFXOR
(VSHFLILFDo}HVGROtTXLGRGHDUUHIHFLPHQWRGRPRWRU
iJXDSRWiYHO
$'9(571&,$
3URWHomRDQWLFRQJHODQWHLQVXILFLHQWHQRVLV
WHPDGHDUUHIHFLPHQWRGRPRWRUSRGHOHYDU
DRFRODSVRGRPRWRU
$VVHJXUDUTXHVHMDSUHYLVWDDSURSRUomR
FRUUHWDGHDGLWLYRGROtTXLGRGHDUUHIHFLPHQWR
GRPRWRUGHDFRUGRFRPDWHPSHUDWXUDDPEL
HQWHQDTXDORYHtFXORVHUiRSHUDGR
127$
VHPSUH
1XQFDPLVWXUDUDGLWLYRVGROtTXLGRGHDUUHIHFL
PHQWRGRPRWRURULJLQDLVFRPRXWURVOtTXLGRV
GHDUUHIHFLPHQWRQmROLEHUDGRVSHOD
9RONVZDJHQ$PLVWXUDFRPOtTXLGRVGHDUUHIH
FLPHQWRHVWUDQKRVSRGHFDXVDUJUDYHVGDQRV
DRPRWRUHDRVLVWHPDGHDUUHIHFLPHQWRGRPR
WRU
4XDQGRROtTXLGRQRUHVHUYDWyULRFRPSHQ
VDGRUGROtTXLGRGHDUUHIHFLPHQWRGRPRWRUHV
WLYHUFRPDFRORUDomRPDUURPROtTXLGRGHDU
UHIHFLPHQWRGRPRWRUIRLFRQWDPLQDGR1HVVH
FDVRROtTXLGRGHDUUHIHFLPHQWRGRPRWRUGHYH
VHUWURFDGRLPHGLDWDPHQWH&DVRFRQWUiULRSR
GHPRFRUUHUIDOKDVGHIXQFLRQDPHQWRJUDYHV
RXGDQRVDRPRWRU
iJXDSRWiYHO

9HULILFDURQtYHOGROtTXLGRGHDUUHIHFLPHQWRGRPRWRUHUHDEDVWHFHUFRP
OtTXLGRGHDUUHIHFLPHQWRGRPRWRU
)LJ
)LJ
3UHSDUDo}HV
PD[
iJXDSRWiYHO
9HULILFDURQtYHOGROtTXLGRGHDUUHIHFLPHQWR
GRPRWRU
$'9(571&,$
9DSRURXOtTXLGRGHDUUHIHFLPHQWRGRPRWRU
TXHQWHVSRGHPFDXVDUTXHLPDGXUDVJUDYHV
1XQFDDEULUDWDPSDGRFRPSDUWLPHQWRGR
PRWRUTXDQGRVHSXGHUYHURXRXYLUYDSRURX
OtTXLGRGHDUUHIHFLPHQWRVDLQGRGRFRPSDUWL
PHQWRGRPRWRU(VSHUDUVHPSUHDWpTXHQmR
VHYHMDRXRXoDPDLVYDSRURXOtTXLGRGHDU
UHIHFLPHQWRVDLQGR
5HDEDVWHFHUFRPOtTXLGRGHDUUHIHFLPHQWR
GRPRWRU

1mRFRPSOHWDUDFLPDGDPDUFD
QRYR
'HL[DUTXHRPRWRUDWLQMDDWHPSHUDWXUD
DPELHQWHDQWHVGHDEULUFXLGDGRVDPHQWHD
WDPSDGRFRPSDUWLPHQWRGRPRWRU$RVHUHP
WRFDGDVSDUWHVTXHQWHVSRGHPTXHLPDUDSH
OH
4XDQGRRPRWRUWLYHUHVIULDGRGHYHVH
DWHQWDUDRVHJXLQWHDQWHVGHDEULUDWDPSDGR
FRPSDUWLPHQWRGRPRWRU
b
3X[DURIUHLRGHHVWDFLRQDPHQWRHFROR
FDUDDODYDQFDGDWUDQVPLVVmRQDSRVLomR
QHXWUD
5HWLUDUDFKDYHGRYHtFXORGDLJQLomR
0DQWHUFULDQoDVVHPSUHORQJHGRFRP
SDUWLPHQWRGRPRWRUHVREDVXSHUYLVmR
GHDGXOWRV
&RPRPRWRUTXHQWHRVLVWHPDGHDUUHIH
FLPHQWRGRPRWRUHVWiVRESUHVVmR1XQFD
DEULUDWDPSDGRUHVHUYDWyULRGROtTXLGRGH
DUUHIHFLPHQWRGRPRWRUFRPRPRWRUTXHQWH
&DVRLVVRVHMDIHLWRROtTXLGRGHDUUHIHFLPHQ
WRSRGHUHVSLQJDUHFDXVDUTXHLPDGXUDVH
RXWURVIHULPHQWRVJUDYHV
*LUDUDWDPSDOHQWDPHQWHHFRPPXLWR
FXLGDGRQRVHQWLGRDQWLKRUiULRHQTXDQWR
SUHVVLRQDDWDPSDOHYHPHQWHSDUDEDL[R
3URWHJHUVHPSUHRURVWRDVPmRVHRV
EUDoRVGROtTXLGRGHDUUHIHFLPHQWRGRPR
WRUTXHQWHRXGRYDSRUFRPXPSDQR
JUDQGHHHVSHVVR
$RUHDEDVWHFHUQmRGHUUDPDUIOXLGRVVR
EUHSDUWHVGRPRWRURXVREUHRVLVWHPDGH
HVFDSH2VIOXLGRVGHUUDPDGRVSRGHPFDX
VDULQFrQGLRV(PFLUFXQVWkQFLDVGHWHUPLQD
GDVRHWLOHQRJOLFROGROtTXLGRGHDUUHIHFLPHQ
WRGRPRWRUSRGHSHJDUIRJR
127$
&RPSOHWDUFRPOtTXLGRGHDUUHIHFLPHQWRGR
PRWRUVRPHQWHDWpDPDUFDPD[)LJ
&DVRFRQWUiULRDRDTXHFHUVHROtTXLGRH[FH
GHQWHVHULDH[SXOVRGRVLVWHPDGHDUUHIHFLPHQ
WRHSRGHULDFDXVDUGDQRV
(PFDVRGHPDLRUHVSHUGDVGHOtTXLGRGH
DUUHIHFLPHQWRGRPRWRUFRPSOHWDUFRPOtTXLGR
GHDUUHIHFLPHQWRVRPHQWHFRPRPRWRUHP
WHPSHUDWXUDDPELHQWH$WULEXHPVHPDLRUHV
SHUGDVGHOtTXLGRGHDUUHIHFLPHQWRGRPRWRUD
YD]DPHQWRVGRVLVWHPDGHDUUHIHFLPHQWR2
VLVWHPDGHDUUHIHFLPHQWRGRPRWRUGHYHVHU
YHULILFDGRSRUXPD&RQFHVVLRQiULD9RONVZDJHQ
RXSRUXPDHPSUHVDHVSHFLDOL]DGD&DVRFRQ
WUiULRSRGHPRFRUUHUGDQRVDRPRWRU
$RUHDEDVWHFHUFRPIOXLGRVFHUWLILFDUVHGH
TXHRUHVHUYDWyULRFRUUHWRHVWiVHQGRSUHHQ
FKLGR$XWLOL]DomRGHIOXLGRVLQFRUUHWRVSRGH
UHVXOWDUHPIDOKDVGHIXQFLRQDPHQWRJUDYHVH
GDQRVDRPRWRU

6LVWHPDGHSDUWLGDDIULR
,QWURGXomRDRWHPD
6HRSURFHGLPHQWRDQWHULRUQmRIRUUHVSHL
WDGRSRGHID]HUFRPTXHRFRPEXVWtYHOHV
SLUUHRXWUDQVERUGHKDYHQGRXPSRWHQFLDO
ULVFRGHLQFrQGLRVH[SORV}HVTXHLPDGXUDV
JUDYHVHRXWURVIHULPHQWRV
3RUPRWLYRVGHVHJXUDQoDGHVOLJDURPR
WRUHDLJQLomRDRDEDVWHFHU
$'9(571&,$
8PDEDVWHFLPHQWRLQFRUUHWRHRXVR
LQDGHTXDGRGRFRPEXVWtYHOSRGHPFDXVDU
H[SORV}HVLQFrQGLRVTXHLPDGXUDVHRXWURV
IHULPHQWRVJUDYHV
*DUDQWLUVHPSUHRIHFKDPHQWRFRUUHWRGD
WDPSDGRUHVHUYDWyULRGHJDVROLQDGRVLVWHPD
GHSDUWLGDDIULRSDUDHYLWDUDHYDSRUDomRHR
YD]DPHQWRGHFRPEXVWtYHO
FLOPHQWHLQIODPiYHOHSRGHFDXVDUTXHLPDGX
UDVJUDYHVHRXWURVIHULPHQWRV
1XQFDDEDVWHFHURYHtFXORFRPRPRWRU
HPIXQFLRQDPHQWRRXFRPRELFRGDERPED
GHVHQFDL[DGRGRERFDOGHDEDVWHFLPHQWRGR
UHVHUYDWyULRGHJDVROLQDGRVLVWHPDGHSDUWL
GDDIULR
$RDEDVWHFHUGHVOLJDUVHPSUHRWHOHIRQH
PyYHOUiGLRVSRUWiWHLVHRXWURVHTXLSDPHQ
WRVGHUiGLR5DGLDo}HVHOHWURPDJQpWLFDVSR
GHPJHUDUIDtVFDVHDVVLPFDXVDUXPLQFrQ
GLR
1XQFDHQWUDUQRYHtFXORDRDEDVWHFHU6H
IRUQHFHVViULRHQWUDUQRYHtFXORIHFKDUDSRU
WDHWRFDUXPDVXSHUItFLHPHWiOLFDDQWHVGH
VHJXUDUQRYDPHQWHDSLVWRODGHDEDVWHFLPHQ
WR,VWRLPSHGHDJHUDomRGHGHVFDUJDVHOH
WURVWiWLFDVFDXVDGRUDVGHIDtVFDV$RDEDVWH
FHUIDtVFDVSRGHPLQLFLDUXPLQFrQGLR
o}HVHOHWURPDJQpWLFDVDRDEDVWHFHU
2EVHUYDUDVLQGLFDo}HVGHVHJXUDQoDGR
SRVWRGHFRPEXVWtYHO
127$
5HPRYHULPHGLDWDPHQWHRFRPEXVWtYHOGHUUD
PDGRGHWRGDVDVSHoDVGRYHtFXORSDUDHYLWDU
GDQRVjFDL[DGHURGDSQHXVHSLQWXUD
&DSDFLGDGHV
oD QDSiJLQD
&DSDFLGDGHGRUHVHUYDWyULRGHJDVROLQDSDUDRVLVWHPDGHSDUWLGDDIULR

5HVHUYDWyULRGHJDVROLQDSDUDRVLVWHPDGHSDUWLGDDIULR
)LJ
)LJ
GHYHVHUDEDVWHFLGRSUHIHUHQFLDOPHQ
WHFRPJDVROLQDDGLWLYDGD
$'9(571&,$
$QWHV
1XQFDHQFKHURUHVHUYDWyULRGRVLVWHPDGH
SDUWLGDDIULRDFLPDGDPDUFD0$;
0DQXWHQomRHJDUDQWLD
$EDVWHFLPHQWRGRUHVHUYDWyULRGHJDVROLQD
GRVLVWHPDGHSDUWLGDDIULR
8PDEDVWHFLPHQWRLQFRUUHWRHRPDQXVHLR
LQFRUUHWRGDJDVROLQDSRGHPFDXVDUH[SOR
V}HVLQFrQGLRVHTXHLPDGXUDVHIHULPHQWRV
JUDYHV(PFDVRGHJDVROLQDGHUUDPDGDIH
FKDUDWDPSDGRUHVHUYDWyULRHUHPRYHUDJD
VROLQDGHUUDPDGDFRPiJXD
'XUDQWHRDEDVWHFLPHQWRSRUPRWLYRVGH
VHJXUDQoDpQHFHVViULRGHVOLJDURPRWRUD
LJQLomRRYHQWLODGRUGRVLVWHPDGHYHQWLOD
omRHDTXHFLPHQWRRXGRDUFRQGLFLRQDGRR
WHOHIRQHPyYHOUiGLRVSRUWiWHLVHRXWURV
HTXLSDPHQWRVGHUiGLR

%DWHULDGRYHtFXOR
,QWURGXomRDRWHPD
$'9(571&,$
7UDEDOKRVQDFRPDEDWHULDGRYHtFXORHQR
VLVWHPDHOpWULFRSRGHPFDXVDUTXHLPDGXUDV
TXtPLFDVLQFrQGLRVRXFKRTXHVHOpWULFRV
JUDYHV$QWHVGHTXDOTXHUSURFHGLPHQWROHU
HREVHUYDUVHPSUHRVVHJXLQWHVDOHUWDVHSUH
FDXo}HVGHVHJXUDQoD
$QWHVGHTXDOTXHUWUDEDOKRQDEDWHULDGR
YHtFXORGHVOLJDUDLJQLomRHWRGRVRVFRQVX
PLGRUHVHOpWULFRVHGHVFRQHFWDURFDERGR
SRORQHJDWLYRGDEDWHULDGRYHtFXOR
0DQWHUFULDQoDVORQJHGRHOHWUyOLWRGDED
WHULDHGDEDWHULDGRYHtFXOR
/RFDOGHLQVWDODomRGDEDWHULDGRYHtFXOR
6LJQLILFDGRGRVDOHUWDVQDEDWHULDGRYHtFXOR
6tPEROR
6LJQLILFDGR
2HOHWUyOLWRGDEDWHULDpPXLWRDJUHVVLYR
(OHSRGHTXHLPDUDSHOHHSURYRFDUDSHUGD
GDYLVmR$RPDQXVHDUDEDWHULDGRYHtFXOR
SURWHJHUSULQFLSDOPHQWHDVPmRVRVEUDoRV
HRVROKRVGHUHVSLQJRVGHHOHWUyOLWR
1mRIXPDUHQXQFDWUDEDOKDUSUy[LPRGH
FKDPDVH[SRVWDVRXGHIDtVFDV
(YLWDUDSURGXomRGHIDtVFDVSRUFDERVH
DSDUHOKRVHOpWULFRVEHPFRPRGHGHVFDUJDV
HOHWURVWiWLFDV
1XQFDSRURVSRORVGDEDWHULDHPFXUWR
FLUFXLWR
1XQFDXWLOL]DUXPDEDWHULDGRYHtFXORGD
QLILFDGDKDYHQGRDQHFHVVLGDGHGHVXEVWLWXL
ODLPHGLDWDPHQWHVRERULVFRGDEDWHULDH[
SORGLU
8PDEDWHULDGHVFDUUHJDGDSRGHFRQJHODU
HPWHPSHUDWXUDVHPWRUQRGH&(PFDVR
GHFRQJHODPHQWRDEDWHULDWDPEpPGHYHVHU
VXEVWLWXtGDLPHGLDWDPHQWH
0DQXWHQomRHJDUDQWLD

8VDUVHPSUHyFXORVGHSURWHomR
$VVHJXUDUVHTXHQmRKDMDSHVVRDVQRLQ
WHULRUGRYHtFXORGXUDQWHDVXEVWLWXLomRGD
EDWHULD(PFDVRGHXPDSDQHHOpWULFDRVDLU
EDJVSRGHPVHUDFLRQDGRVDFLGHQWDOPHQWHH
SURYRFDUIHULPHQWRVJUDYHVRXDWpIDWDLVQRV
RFXSDQWHVGRYHtFXOR
127$
1XQFDGHVFRQHFWDUDEDWHULDGRYHtFXOR
FRPDLJQLomROLJDGDRXFRPRPRWRUHPIXQ
FLRQDPHQWRQHPFRQHFWiODDRXWUDSRLVVHQmR
R VLVWHPDHOpWULFRHRVFRPSRQHQWHVHOHWU{QL
FRVSRGHPVHUGDQLILFDGRV
b
127$FRQWLQXDomR
1mRH[SRUDEDWHULDGRYHtFXORSRUSHUtRGRV
SURORQJDGRjOX]VRODUGLUHWDSRLVRVUDLRVXO
WUDYLROHWDVSRGHPGDQLILFDUDFDUFDoDGDEDWH
ULD
&RPRYHtFXORSDUDGRSRUXPORQJRSHUtR
GRSURWHJHUDEDWHULDGRYHtFXORGRIULRGHPR
GRTXHQmRFRQJHOHHDVVLPVHMDGHVWUXtGD
&DUUHJDUVXEVWLWXLUGHVFRQHFWDURX
FRQHFWDUDEDWHULDGRYHtFXOR
/X]GHDGYHUWrQFLD
oD QDSiJLQD
$FHVD
&DXVDSRVVtYHO
6ROXomR
F
$'9(571&,$
127$
YHtFXOR
9HULILFDURQtYHOGHHOHWUyOLWRGDEDWHULDGRYHtFXOR
3UHSDUDo}HV

9HULILFDURQtYHOGRHOHWUyOLWRGDEDWHULD
$'9(571&,$
2WUDEDOKRFRPDEDWHULDGRYHtFXORSRGH
FDXVDUTXHLPDGXUDVTXtPLFDVH[SORV}HVRX
FKRTXHVHOpWULFRVJUDYHV
8VDUVHPSUHOXYDVHyFXORVGHSURWHomR
2HOHWUyOLWRGDEDWHULDpPXLWRDJUHVVLYR
(OHSRGHTXHLPDUDSHOHHSURYRFDUDSHUGD
GDYLVmR$RPDQXVHDUDEDWHULDGRYHtFXOR
SURWHJHUSULQFLSDOPHQWHDVPmRVRVEUDoRV
HRVROKRVGHUHVSLQJRVGHHOHWUyOLWR
&RU
$omR
$PDUHOR
FODUR
LQ
FRORU
1XQFDYLUDUDEDWHULDGRYHtFXOR(OHWUyOLWR
SRGHVDLUGDVDEHUWXUDVGHYHQWLODomRHFDX
VDUTXHLPDGXUDVTXtPLFDV
-DPDLVDEULUXPDEDWHULDGRYHtFXOR
(PFDVRGHUHVSLQJRVGHHOHWUyOLWRQDSHOH
RXQRVROKRVODYDULPHGLDWDPHQWHDiUHDDIH
WDGDFRPiJXDIULDSRUDOJXQVPLQXWRV(QWmR
SURFXUDULPHGLDWDPHQWHXPPpGLFR
(PFDVRGHLQJHVWmRGRHOHWUyOLWRSURFX
UDUXPPpGLFRLPHGLDWDPHQWH
&DUUHJDUVXEVWLWXLUGHVFRQHFWDURXFRQHFWDUDEDWHULDGRYHtFXOR
6XEVWLWXLUDEDWHULDGRYHtFXOR
'HVFRQHFWDUDEDWHULDGRYHtFXOR
)LJ
&DUUHJDUDEDWHULDGRYHtFXOR

&RQHFWDUDEDWHULDGRYHtFXOR
$'9(571&,$
2XVRGHEDWHULDVGRYHtFXORLQFRUUHWDVRXD
VXDIL[DomRLQDGHTXDGDSRGHPFDXVDUFXUWR
FLUFXLWRVLQFrQGLRVHIHULPHQWRVJUDYHV
8WLOL]DUVRPHQWHEDWHULDVQRYHtFXORVHP
QHFHVVLGDGHGHPDQXWHQomRHSURWHJLGDV
FRQWUDYD]DPHQWRVTXHSRVVXDPDVPHVPDV
FDUDFWHUtVWLFDVHVSHFLILFDo}HVHGLPHQV}HV
GDEDWHULDGRYHtFXORLQVWDODGDGHIiEULFD
$VVHJXUDUVHTXHQmRKDMDSHVVRDVQRLQ
WHULRUGRYHtFXORGXUDQWHDVXEVWLWXLomRGD
EDWHULD(PFDVRGHXPDSDQHHOpWULFDRVDLU
EDJVSRGHPVHUDFLRQDGRVDFLGHQWDOPHQWHH
SURYRFDUIHULPHQWRVJUDYHVRXDWpIDWDLVQRV
RFXSDQWHVGRYHtFXOR
$'9(571&,$
$RFDUUHJDUDEDWHULDGRYHtFXORpSURGX]LGD
XPDPLVWXUDGHJDVHVDOWDPHQWHH[SORVLYD
HJDUDQWLD
&DUUHJDUDEDWHULDGRYHtFXORVRPHQWHHP
UHFLQWRVEHPYHQWLODGRV
0DQXWHQomR
'HVOLJDPHQWRDXWRPiWLFRGRV
FRQVXPLGRUHV
1XQFDFDUUHJDUXPDEDWHULDGRYHtFXOR
FRQJHODGDRXTXHWHQKDVLGRGHVFRQJHODGD
8PDEDWHULDGRYHtFXORGHVFDUUHJDGDSRGH
FRQJHODUHPWHPSHUDWXUDVHPWRUQRGH&
6XEVWLWXLUVHPIDOWDXPDEDWHULDGRYHtFX
ORTXHMiWHQKDFRQJHODGR
&DERVGHFRQH[mRTXHQmRWHQKDPVLGR
FRQHFWDGRVFRUUHWDPHQWHSRGHPFDXVDUXP
FXUWRFLUFXLWR3ULPHLUDPHQWHFRQHFWDURFD
ERSRVLWLYRSDUDHQWmRFRQHFWDURFDERQH
JDWLYR
127$
1XQFDGHVFRQHFWDURXFRQHFWDUDEDWHULDGR
YHtFXORFRPDLJQLomROLJDGDRXFRPRPRWRU
HPIXQFLRQDPHQWRQHPFRQHFWiODDRXWUDSRLV
VHQmRRVLVWHPDHOpWULFRHRVFRPSRQHQWHVHOH
WU{QLFRVSRGHPVHUGDQLILFDGRV
1XQFDFRQHFWDUQDWRPDGD9RXQRDFHQ
GHGRUGHFLJDUURDFHVVyULRVTXHIRUQHoDPFRU
UHQWHSDUDFDUUHJDUDEDWHULDGRYHtFXORFRPR
SDLQpLVVRODUHVRXFDUUHJDGRUHVGHEDWHULDV
&DVRFRQWUiULRRVLVWHPDHOpWULFRGRYHtFXOR
SRGHVHUGDQLILFDGR
3RUTXHPRWLYRDEDWHULDGRYHtFXORVH
GHVFDUUHJD"
b

&RQVHUYDUHOLPSDUDSDUWHH[WHUQDGRYHtFXOR
,QWURGXomRDRWHPD
$'9(571&,$
3URGXWRVGHFRQVHUYDomRSRGHPVHUWy[LFRV
HSHULJRVRV3URGXWRVGHFRQVHUYDomR
LQDGHTXDGRVHDVXDXWLOL]DomRLPSUySULDSR
GHPFDXVDUDFLGHQWHVEHPFRPRIHULPHQWRV
TXHLPDGXUDVHHQYHQHQDPHQWRJUDYHV
0DQWHURVSURGXWRVGHFRQVHUYDomRVR
PHQWHHPUHFLSLHQWHVRULJLQDLVIHFKDGRV
2EVHUYDUDVLQIRUPDo}HVGDHPEDODJHP
-DPDLVXWLOL]DUODWDVGHDOLPHQWRYD]LDV
JDUUDIDVRXRXWURVUHFLSLHQWHVSDUDRDUPD]H
QDPHQWRGHSURGXWRVGHFRQVHUYDomRMiTXH
VHXFRQWH~GRQHPVHPSUHSRGHVHUUHFRQKH
FLGRSHODVSHVVRDVFRPRSURGXWRGHFRQVHU
YDomR
0DQWHUWRGRVRVSURGXWRVGHFRQVHUYDomR
IRUDGRDOFDQFHGHFULDQoDV
'XUDQWHDXWLOL]DomRSRGHPVHUOLEHUDGRV
YDSRUHVQRFLYRV3RULVVRXWLOL]DUSURGXWRV
GHFRQVHUYDomRVRPHQWHDRDUOLYUHRXHPUH
FLQWRVEHPYHQWLODGRV
PDQXWHQomRGRYDORU
-DPDLVXWLOL]DUFRPEXVWtYHOWHUHEHQWLQD
yOHRGRPRWRUUHPRYHGRUGHHVPDOWHVRXRX
WURVOtTXLGRVPXLWRYROiWHLVSDUDFRQVHUYD
omRODYDJHPRXOLPSH]DGRYHtFXOR(OHVVmR
Wy[LFRVHEDVWDQWHLQIODPiYHLV
$'9(571&,$
$FRQVHUYDomRHDOLPSH]DLQDSURSULDGDGH
SHoDVGRYHtFXORSRGHPSUHMXGLFDURVHTXL
SDPHQWRVGHVHJXUDQoDGRYHtFXORHFRPLV
VRFDXVDUIHULPHQWRVJUDYHV
/LPSDUHFRQVHUYDUDVSHoDVGRYHtFXOR
VRPHQWHGHDFRUGRFRPDVLQVWUXo}HVGRID
EULFDQWH
8WLOL]DURVSURGXWRVGHOLPSH]DOLEHUDGRV
RXUHFRPHQGDGRV
127$
3URGXWRVGHOLPSH]DFRPVROYHQWHVDJULGHPRV
PDWHULDLVHSRGHPGDQLILFiORV
b

127$
1XQFDWHQWDUUHPRYHUVXMHLUDVODPDRXSyFRP
DVXSHUItFLHGRYHtFXORVHFD1mRXWLOL]DUWDP
EpPFRPHVVDILQDOLGDGHXPSDQRRXHVSRQMD
VHFRVSDUDQmRULVFDUDSLQWXUDQHPRVYLGURV
GRYHtFXOR6XMHLUDVODPDHSyGHYHPVHUDPR
OHFLGRVFRPiJXDDQWHVGHVHUHPUHPRYLGRV
/DYDURYHtFXOR
OXYDGHODYDJHP
YD
GHOLPSH]D
SDUWHLQIHULRU
6LVWHPDGHODYDJHPDXWRPiWLFR
2EVHUYDUDVRULHQWDo}HVGLVSRQLELOL]DGDVQR
VLVWHPDGHODYDJHPDXWRPiWLFR
HVSRQMD
HVFR
[DPSX
$'9(571&,$
3HoDVSRQWLDJXGDVGRYHtFXORSRGHPRFDVLR
QDUIHULPHQWRV
3URWHJHUDVPmRVHRVEUDoRVGHSDUWHV
SRQWLDJXGDVDROLPSDUSRUH[HPSORDSDUWH
LQIHULRUGRYHtFXORRXDSDUWHLQWHUQDGDVFDL
[DVGHURGD
$'9(571&,$
$SyVDODYDJHPGRYHtFXORRHIHLWRGHIUHQD
JHPSRGHVRIUHUDWUDVRDXPHQWDQGRDGLV
WkQFLDGHIUHQDJHPGHYLGRjXPLGDGHQRV
GLVFRVGRIUHLRHQDVSDVWLOKDVGRIUHLRRXDR
VHXFRQJHODPHQWRGXUDQWHRLQYHUQR
PHLRGHPDQREUDVGHIUHQDJHPFXLGDGRVDV
3URFHGHUVHPFRORFDURVGHPDLVFRQGXWRUHV
HPULVFRRXGHVUHVSHLWDUDVGHWHUPLQDo}HV
OHJDLV
127$
/LPSDURVYLGURVHRVHVSHOKRVUH
WURYLVRUHVH[WHUQRV
/DYDJHPPDQXDO

$WHPSHUDWXUDGDiJXDQmRGHYHHVWDUDFL
PDGH&
3DUDHYLWDUGDQRVjSLQWXUDQmRODYDURYHt
FXORVREOX]VRODUGLUHWD
b
127$FRQWLQXDomR
127$FRQWLQXDomR
1mRXWLOL]DUHVSRQMDVGHLQVHWRVHVSRQMDV
iVSHUDVRXVLPLODUHVSRLVDVXSHUItFLHSRGH
VHUGDQLILFDGD
&RPSDUDUDELWRODGRYHtFXORFRPDGLVWkQ
FLDGRVWULOKRVGRVLVWHPDGHODYDJHPDXWRPi
WLFRSDUDQmRGDQLILFDURVDURVHRVSQHXV
/LPSDURIDUROFRPXPSDQRRXHVSRQMD
~PLGRVQXQFDVHFRV8WLOL]DUSUHIHUHQFLDOPHQ
WHiJXDFRPVDEmR
&RPSDUDUDDOWXUDHDODUJXUDGRYHtFXOR
FRPDDOWXUDHDODUJXUDGHSDVVDJHPGRVLVWH
PDGHODYDJHPDXWRPiWLFR
/DYDJHPGRYHtFXORHPFOLPDVIULRVDROD
YDURYHtFXORFRPXPDPDQJXHLUDQmRGLULJLUR
MDWRGHiJXDGLUHWDPHQWHVREUHDVIHFKDGXUDV
RXMXQWDVGDSRUWDRXWDPSD$VIHFKDGXUDVH
DVYHGDo}HVSRGHPFRQJHODU
5HEDWHURVHVSHOKRVUHWURYLVRUHVH[WHUQRV
127$
$QWHVGHXWLOL]DUXPVLVWHPDGHODYDJHPDXWR
PiWLFRREVHUYDUREULJDWRULDPHQWHRVVHJXLQ
WHVSRQWRVSDUDHYLWDUGDQRVQRYHtFXOR
3DUDHYLWDUGDQRVjSLQWXUDGDWDPSDGR
FRPSDUWLPHQWRGRPRWRUUHEDWHUDVSDOKHWDV
GRVOLPSDGRUHVGRSDUDEULVDVREUHRSDUDEUL
VDTXDQGRHVWLYHUHPVHFDV1mRGHL[DUDVSD
OKHWDVFDLUHP
7UDYDUDWDPSDGRFRPSDUWLPHQWRGHEDJD
JHPSDUDHYLWDUXPDDEHUWXUDVHPVXSHUYLVmR
QRVLVWHPDGHODYDJHPDXWRPiWLFR
/DYDJHPFRPODYDGRUGHDOWDSUHVVmR
SUHVVmR
MDWR
GLVWkQFLDGR
0DQWHUGLVWkQFLDVXILFLHQWHPHQWHHQWUHR
ELFRGRMDWRHRVSQHXV
-DPDLVOLPSDURVSQHXVFRPELFRVGHMDWR
FLUFXODUWXEHLUDV0HVPRFRPXPDGLVWkQ
FLDUHODWLYDPHQWHJUDQGHHXPFXUWRWHPSR
GHH[SRVLomRLVVRSRGHUHVXOWDUHPGDQRV
YLVtYHLVRXQmRYLVtYHLVQRVSQHXV
$'9(571&,$
$SyVDODYDJHPGRYHtFXORRHIHLWRGHIUHQD
JHPSRGHVRIUHUDWUDVRDXPHQWDQGRDGLV
WkQFLDGHIUHQDJHPGHYLGRjXPLGDGHQRV
GLVFRVGRIUHLRHQDVSDVWLOKDVGRIUHLRRXDR
VHXFRQJHODPHQWRGXUDQWHRLQYHUQR
PHLRGHPDQREUDVGHIUHQDJHPFXLGDGRVDV
3URFHGHUVHPFRORFDURVGHPDLVFRQGXWRUHV
HPULVFRRXGHVUHVSHLWDUDVGHWHUPLQDo}HV
OHJDLV
ODUHV
WXEHLUDV
ELFRVGHMDWRFLUFX
$'9(571&,$
2XVRLQDGHTXDGRGHODYDGRUHVGHDOWDSUHV
VmRSRGHFDXVDUGDQRVSHUPDQHQWHVQRV
SQHXVHRXWURVPDWHULDLVYLVtYHLVRXQmR,V
VRSRGHFDXVDUDFLGHQWHVHIHULPHQWRVJUD
YHV
127$
$WHPSHUDWXUDGDiJXDQmRGHYHVHUVXSHUL
RUD&
3DUDHYLWDUGDQRVjSLQWXUDQmRODYDURYHt
FXORVREOX]VRODUGLUHWD
3DUDTXHRFRQWUROHGHGLVWkQFLDGHHVWDFLR
QDPHQWRIXQFLRQHFRUUHWDPHQWHRVVHQVRUHV
QRSDUDFKRTXHGHYHPVHUPDQWLGRVOLPSRVH b

127$FRQWLQXDomR
127$FRQWLQXDomR
OLYUHVGHJHOR'XUDQWHDOLPSH]DFRPODYDGR
UHVGHDOWDSUHVVmRRXMDWRGHYDSRUVRPHQWH
ERUULIDURVVHQVRUHVUDSLGDPHQWHPDQWHQGR
VHPSUHXPDGLVWkQFLDVXSHULRUDFP
1mROLPSDURVYLGURVFRQJHODGRVRXFREHU
WRVGHJHORFRPODYDGRUHVGHDOWDSUHVVmR
/DYDJHPGRYHtFXORHPFOLPDVIULRVDROD
YDURYHtFXORFRPXPDPDQJXHLUDQmRGLULJLUR
MDWRGHiJXDGLUHWDPHQWHVREUHDVIHFKDGXUDV
RXMXQWDVGDSRUWDRXWDPSD$VIHFKDGXUDVH
DVYHGDo}HVSRGHPFRQJHODU
/LPSDURVYLGURVHRVHVSHOKRVUHWURYLVRUHVH[WHUQRV
/LPSH]DGRVYLGURVHGRVHVSHOKRV
UHWURYLVRUHVH[WHUQRV
5HPRYHUDQHYH
5HPRYHURJHOR
5HPRYHUUHVtGXRVGHFHUD
GHFHUD
UHVtGXRV
VHP
$'9(571&,$
9LGURVVXMRVHHPEDoDGRVUHGX]HPDYLVLELOL
GDGHHDXPHQWDPRULVFRGHDFLGHQWHVHGH
IHULPHQWRVJUDYHV
&RQGX]LUDSHQDVTXDQGRIRUSRVVtYHOHQ
[HUJDUQLWLGDPHQWHDWUDYpVGHWRGRVRVYL
GURVGRYHtFXOR
5HWLUDURJHORHDQHYHHGHVHPEDoDUDVX
SHUItFLHGRVYLGURVWDQWRSRUGHQWURTXDQWR
SRUIRUD
127$
(PQHQKXPDKLSyWHVHPLVWXUDURVSURGXWRV
UHFRPHQGDGRVFRPRXWURVSURGXWRVQRUHVHU
YDWyULRGHiJXDGRVODYDGRUHVGRSDUDEULVD
b

127$FRQWLQXDomR
,VVRSRGHFDXVDUFRDJXODomRGRVLQJUHGLHQWHV
HFRPLVVRSURYRFDUDREVWUXomRGDVVDtGDV
GHiJXDGRVODYDGRUHV
1mRUHWLUDUDQHYHRXRJHORGRVYLGURVH
GRVHVSHOKRVUHWURYLVRUHVH[WHUQRVFRPiJXD
PRUQDRXTXHQWH&DVRFRQWUiULRRYLGURSRGH
VHSDUWLU
127$FRQWLQXDomR
ILODPHQWRVGRGHVHPEDoDGRUHMDPDLVOLPSDUD
SDUWHLQWHUQDGRYLGURWUDVHLURFRPSURGXWRV
FRUURVLYRVRXTXHFRQWHQKDPiFLGRVRXRXWURV
LQJUHGLHQWHVTXtPLFRV
2VILODPHQWRVGRGHVHPEDoDGRUGRYLGUR
WUDVHLURORFDOL]DPVHQDSDUWHLQWHUQDGRYLGUR
WUDVHLUR1mRFRODUHWLTXHWDVDGHVLYDVVREUHRV
/LPSDUHVXEVWLWXLUDVSDOKHWDVGRVOLPSDGRUHVGRSDUDEULVD6WDQGDUG
(UJXHUHUHEDWHUSDUDIRUDRVEUDoRVGRV
OLPSDGRUHVGRSDUDEULVD
VRPHQWH
)LJ
/LPSDUDVSDOKHWDVGRVOLPSDGRUHVGRSDUD
EULVD
'HSHQGHQGRGDYHUVmRGRYHtFXORDVSDOKHWDVGRV
OLPSDGRUHVGRSDUDEULVDPRGHOR6WDQGDUGSRGHP
QmRHVWDUGLVSRQtYHLV
6XEVWLWXLUDVSDOKHWDVGRVOLPSDGRUHVGR
SDUDEULVD
DVSDOKH
WDVGRVOLPSDGRUHVGRSDUDEULVDFRPDWULWR

GHPHVPRWDPDQKRHPRGHOR
SDUDEULVDVHPSUHTXHHVWLYHUHPGDQLILFDGDV
RXJDVWDVHQmROLPSDUHPPDLVRVYLGURVGH
IRUPDVXILFLHQWH
127$
3DOKHWDVGRVOLPSDGRUHVGRSDUDEULVDGDQL
ILFDGDVRXVXMDVSRGHPULVFDURVYLGURV
$'9(571&,$
WDPRULVFRGHDFLGHQWHVHIHULPHQWRVJUDYHV
3URGXWRVGHOLPSH]DFRPVROYHQWHVHVSRQ
MDVGXUDVHRXWURVREMHWRVSRQWLDJXGRVGDQLIL
FDPRUHYHVWLPHQWRGHJUDILWHGDVSDOKHWDVGRV
OLPSDGRUHVGRSDUDEULVDGXUDQWHDOLPSH]D
1mROLPSDURVYLGURVFRPFRPEXVWtYHOUH
PRYHGRUGHHVPDOWHVVROYHQWHVGHWLQWDRXOt
TXLGRVVHPHOKDQWHV
/LPSDUHVXEVWLWXLUDVSDOKHWDVGRVOLPSDGRUHVGRSDUDEULVD
$HURZLVFKHU
(UJXHUHUHEDWHUSDUDIRUDRVEUDoRVGRV
OLPSDGRUHVGRSDUDEULVD
VRPHQWH
)LJ
/LPSDUDVSDOKHWDVGRVOLPSDGRUHVGRSDUD
EULVD
DVSDOKH
WDVGRVOLPSDGRUHVGRSDUDEULVDFRPDWULWR
SDUDEULVD

GHPHVPRWDPDQKRHPRGHOR
SDUDEULVDVHPSUHTXHHVWLYHUHPGDQLILFDGDV
RXJDVWDVHQmROLPSDUHPPDLVRVYLGURVGH
IRUPDVXILFLHQWH
$'9(571&,$
WDPRULVFRGHDFLGHQWHVHIHULPHQWRVJUDYHV
127$
3DOKHWDVGRVOLPSDGRUHVGRSDUDEULVDGDQL
ILFDGDVRXVXMDVSRGHPULVFDURVYLGURV
3URGXWRVGHOLPSH]DFRPVROYHQWHVHVSRQ
MDVGXUDVHRXWURVREMHWRVSRQWLDJXGRVGDQLIL
FDPRUHYHVWLPHQWRGHJUDILWHGDVSDOKHWDVGRV
OLPSDGRUHVGRSDUDEULVDGXUDQWHDOLPSH]D
1mROLPSDURVYLGURVFRPFRPEXVWtYHOUH
PRYHGRUGHHVPDOWHVVROYHQWHVGHWLQWDRXOt
TXLGRVVHPHOKDQWHV
&RQVHUYDUHSROLUDSLQWXUDGRYHtFXOR
3ROLU
&RQVHUYDU
YHLV
OLPSD
JRWDVYLVt
FHUDFRQVHUYDQWH
FHUDFRQVHUYDQWH
QD
ZZZYRONVZDJHQFRPEU
6HUYLoRV 6HUYLoRVH0DQXWHQomR
&RQVHUYDomRHOLPSH]DGRYHtFXORH[WHU
127$
3DUDHYLWDUGDQRVQmRDSOLFDUSURGXWRVGH
SROLPHQWRRXFHUDFRQVHUYDQWHVREUHRIDURO
VREUHDVODQWHUQDVHVREUHDVSHoDVGHSOiVWLFR
RXSLQWDGDVFRPDFDEDPHQWRIRVFR
1mRSROLUDSLQWXUDGRYHtFXORHPDPELHQWHV
FRPDUHLDRXSRHLUDRXVHKRXYHUVXMHLUD
/LPSDUHFRQVHUYDUDVSHoDVFURPDGDVHGHDOXPtQLR
VHPVROYHQWH

127$FRQWLQXDomR
127$
3DUDTXHDVSHoDVFURPDGDVHGHDOXPtQLRQmR
VHMDPGDQLILFDGDV
1mROLPSDURXSROLUVREOX]VRODUGLUHWD
1mROLPSDURXSROLUHPDPELHQWHFRPDUHLD
RXSRHLUD
1mRXWLOL]DUSURGXWRVSDUDFRQVHUYDomRFRP
LQWHQVDDomRDEUDVLYDSRUH[HPSORFUHPHGH
OLPSH]D
1mRXWLOL]DUHVSRQMDVSDUDLQVHWRVHVSRQMDV
iVSHUDVGHFR]LQKDRXVLPLODUHV
1mRSROLUVXSHUItFLHVVXMDV
1mRXWLOL]DUSURGXWRVGHOLPSH]DFRPVRO
YHQWHV
1mRXWLOL]DUFHUDV
127$
&DORWDVFHQWUDLVGDVURGDVFURPDGDVRXFDOR
WDVLQWHJUDLVSRGHPVHUSLQWDGDVDGLFLRQDOPHQ
WHHQmRSRGHPVHUWUDWDGDVFRPFRQVHUYDQWHV
jEDVHGHFURPRRXSROLGRUHVGHDOXPtQLR$R
LQYpVGLVVRXVDUXPSURGXWRGHFRQVHUYDomR
GDSLQWXUDHXPSURGXWRGHSROLPHQWRGHSLQWX
UDFRPXQV
/LPSDURVDURV
/LPSDUDVURGDVGHDoR
/LPSDUHFRQVHUYDUDVURGDVGHOLJDOHYH
DFDGDVHPDQDV
DFDGDPHVHV
&RQVHUYDUDVYHGDo}HVGHERUUDFKD

'HVFRQJHODURFLOLQGURGDIHFKDGXUDGDVSRUWDV
127$
$XWLOL]DomRGHSURGXWRVSDUDGHVFRQJHODPHQ
WRFRPVXEVWkQFLDVGHVHQJRUGXUDQWHVSRGH
HQIHUUXMDURFLOLQGURGDIHFKDGXUDGDVSRUWDV
3URWHomRGDSDUWHLQIHULRUGRYHtFXOR
&8,'$'2
$SURWHomRSDUDDSDUWHLQIHULRUGRYHtFXORH
SURGXWRVDQWLFRUURVLYRVSRGHUmRVHLQFHQGL
DUVHHQWUDUHPHPFRQWDWRFRPRVLVWHPDGH
HVFDSHDTXHFLGRRXFRPRXWUDVSDUWHVTXHQ
WHVGRPRWRU
1mRXWLOL]DUSURGXWRVDQWLFRUURVLYRVHGH
SURWHomRGDSDUWHLQIHULRUGRYHtFXORQRWXER
GRHVFDSDPHQWRQRVFDWDOLVDGRUHVQRVHV
FXGRVWpUPLFRVRXHPRXWUDVSHoDVTXHQWHV
GRYHtFXOR
&DYLGDGHVRFDV
/LPSDURFRPSDUWLPHQWRGRPRWRU

&DL[DFROHWRUDGHiJXD
$QWHVGRVWUDEDOKRVWRPDUFRQKHFLPHQWR
GDVDo}HVQHFHVViULDVHGDVSUHFDXo}HVGH
VHJXUDQoDJHUDOPHQWHYiOLGDV3iJLQD
3UHSDUDo}HVSDUDWUDEDOKRVQRFRPSDUWLPHQ
WRGRPRWRU
$9RONVZDJHQUHFRPHQGDTXHRVWUDED
OKRVVHMDPUHDOL]DGRVHPXPD&RQFHVVLR
QiULD9RONVZDJHQ
127$
$iJXDLQWURGX]LGDPDQXDOPHQWHQDFDL[DFROH
WRUDGHiJXDDRXVDUXPODYDGRUGHDOWDSUHV
VmRSRUH[HPSORSRGHFDXVDUGDQRVJUDYHV
DRYHtFXOR
$'9(571&,$
7RGRVRVWUDEDOKRVQRPRWRURXQRFRPSDUWL
PHQWRGRPRWRUSRGHPUHVXOWDUHPIHULPHQ
WRVTXHLPDGXUDVHULVFRGHDFLGHQWHVHGH
LQFrQGLR

&RQVHUYDUHOLPSDURLQWHULRUGRYHtFXOR
,QWURGXomRDRWHPD
2EVHUYDUDVLQIRUPDo}HVGDHPEDODJHP
-DPDLVXWLOL]DUODWDVGHDOLPHQWRYD]LDV
JDUUDIDVRXRXWURVUHFLSLHQWHVSDUDRDUPD]H
QDPHQWRGHSURGXWRVGHFRQVHUYDomRMiTXH
VHXFRQWH~GRQHPVHPSUHSRGHVHUUHFRQKH
FLGRSHODVSHVVRDVFRPRSURGXWRGHFRQVHU
YDomR
0DQWHUWRGRVRVSURGXWRVGHFRQVHUYDomR
IRUDGRDOFDQFHGHFULDQoDV
'XUDQWHDXWLOL]DomRSRGHPVHUOLEHUDGRV
YDSRUHVQRFLYRV3RULVVRXWLOL]DUSURGXWRV
GHFRQVHUYDomRVRPHQWHDRDUOLYUHRXHPUH
FLQWRVEHPYHQWLODGRV
yOHRGRPRWRUUHPRYHGRUGHHVPDOWHVRXRX
WURVOtTXLGRVPXLWRYROiWHLVSDUDFRQVHUYD
omRODYDJHPRXOLPSH]DGRYHtFXOR(OHVVmR
Wy[LFRVHEDVWDQWHLQIODPiYHLV
$'9(571&,$
$FRQVHUYDomRHDOLPSH]DLQDSURSULDGDVGH
SHoDVGRYHtFXORSRGHPSUHMXGLFDURVVHXV
HTXLSDPHQWRVGHVHJXUDQoDHFRPRFRQVH
TXrQFLDFDXVDUIHULPHQWRVJUDYHV
/LPSDUHFRQVHUYDUDVSHoDVGRYHtFXOR
VRPHQWHGHDFRUGRFRPDVLQVWUXo}HVGRID
EULFDQWH
8WLOL]DURVSURGXWRVGHOLPSH]DOLEHUDGRV
RXUHFRPHQGDGRV
$'9(571&,$
3URGXWRVGHFRQVHUYDomRSRGHPVHUWy[LFRV
HSHULJRVRV3URGXWRVGHFRQVHUYDomR
LQDGHTXDGRVHVXDXWLOL]DomRLPSUySULDSR
GHPFDXVDUDFLGHQWHVEHPFRPRIHULPHQWRV
TXHLPDGXUDVHHQYHQHQDPHQWRVJUDYHV
127$
3URGXWRVGHOLPSH]DPDQFKDVVXMHLUDVH
RXWUDVVHGLPHQWDo}HVFRPVROYHQWHVDJULGHP
RVPDWHULDLVHSRGHPGDQLILFiORVGHIRUPDLU
UHSDUiYHOPHVPRDSyVXPFXUWRWHPSRGHH[
SRVLomR
5HPRYHUDVPDQFKDVVXMHLUDVHRXWUDVVH
GLPHQWDo}HVRPDLVUiSLGRSRVVtYHOHQmRSHU
PLWLUTXHHODVVHTXHP
3DUDHYLWDUGDQRVFRQWUDWDUXPDHPSUHVD
HVSHFLDOL]DGDHPOLPSH]DSDUDHIHWXDUDUHPR
omRGHPDQFKDVSHUVLVWHQWHV
0DQWHURVSURGXWRVGHFRQVHUYDomRVR
PHQWHHPUHFLSLHQWHVRULJLQDLVIHFKDGRV

0DQXVHLRGRUHYHVWLPHQWRGRVEDQFRV
oD QDSiJLQD
/LVWDGHFRQWUROH
d
d
127$
$LQREVHUYkQFLDGDLPSRUWDQWHOLVWDGHFRQWUROH
SDUDDFRQVHUYDomRGRUHYHVWLPHQWRGRVEDQ
FRVSRGHDFDUUHWDUGDQRVRXPDQFKDVQRHVWR
IDPHQWRHQRVUHYHVWLPHQWRVHPWHFLGR
127$FRQWLQXDomR
2EVHUYDUDOLVWDGHFRQWUROHHUHDOL]DUDV
Do}HV
/LPSDUHVWRIDPHQWRVUHYHVWLPHQWRVHPWHFLGRH$OFDQWDUD
/LPSH]DGRVHVWRIDPHQWRVHPEDQFRVFRP
DTXHFLPHQWRHGHEDQFRVFRPDMXVWH
HOpWULFRRXFRPFRPSRQHQWHVGRDLUEDJ
/LPSH]DGRVHVWRIDPHQWRVHPEDQFRVVHP
DTXHFLPHQWRHGHEDQFRVVHPDMXVWH
HOpWULFRRXVHPFRPSRQHQWHVGRDLUEDJ

5HPRYHUPDQFKDV
7LSRGHPDQFKDV
/LPSH]DUHFRPHQGDGDGREDQFRHGRHVWRIDPHQWR
0DQFKDVGHEDVHDTXRVD
0DQFKDVSHUVLVWHQWHV
0DQFKDVGHEDVHJRUGXUR
VD
3(5,*2
4XDQGRKiDYDULDVQRVLVWHPDGHDLUEDJp
SRVVtYHOTXHHOHVHMDDFLRQDGRGHIRUPDLP
SHUIHLWDQmRVHMDDFLRQDGRRXVHMDDFLRQDGR
LQHVSHUDGDPHQWHRTXHSRGHFDXVDUIHUL
PHQWRVJUDYHVRXIDWDLV
2VLVWHPDGHDLUEDJGHYHVHULPHGLDWD
PHQWHYHULILFDGRSRUXPD&RQFHVVLRQiULD
9RONVZDJHQ
127$
6HRHVWRIDPHQWRGRVEDQFRVFRPSRVVLELOLGD
GHGHDMXVWHHOpWULFRRXFRPDTXHFLPHQWRRX
FRPFRPSRQHQWHVGRDLUEDJIRUHQFKDUFDGR
RVFRPSRQHQWHVHOpWULFRVHRVLVWHPDHOpWULFR
GRYHtFXORSRGHPVHUGDQLILFDGRV
8PEDQFRHQFKDUFDGRGHYHVHUVHFDGRLPH
GLDWDPHQWHHRVFRPSRQHQWHVGRVLVWHPDGH
YHPVHUYHULILFDGRVSRUXPD&RQFHVVLRQiULD
9RONVZDJHQRXSRUXPDHPSUHVDHVSHFLDOL]D
GD
1mRXWLOL]DUKLJLHQL]DGRUDYDSRUXPDYH]
TXHHOHID]FRPTXHDVXMHLUDSHQHWUHPDLVSUR
IXQGDPHQWHIL[DQGRVHQRVWHFLGRV
127$FRQWLQXDomR
/DYDGRUHVGHDOWDSUHVVmRHVSUD\VJHODGRV
SRGHPGDQLILFDURHVWRIDPHQWR
127$
/LPSDUFRPXPDHVFRYDGHFHUGDVPDFLDV
VRPHQWHRFDUSHWHGRDVVRDOKRHRVWDSHWHV
2XWUDVVXSHUItFLHVGHWHFLGRSRGHPVHUGDQLIL
FDGDVSHODHVFRYD
6HSDVWDVRXVROXo}HVSDUDODYDJHPIRUHP
XWLOL]DGDVFRPXPSDQR~PLGRRXXPDHVSRQ
MDDSyVDVHFDJHPSRGHPDSDUHFHUPDUFDVQR
HVWRIDPHQWR9LDGHUHJUDHVWDVPDUFDVVmRGH
GLItFLOUHPRomRRXQmRSRGHPPDLVVHUUHPRYL
GDV
127$
2$OFDQWDUD QmRSRGHVHUHQFKDUFDGRHP
QHQKXPDKLSyWHVH
2$OFDQWDUD QmRSRGHVHUWUDWDGRFRPSUR
GXWRVSDUDWUDWDPHQWRGHFRXURVROYHQWHVFH
UDJUD[DGHVDSDWRVUHPRYHGRUGHPDQFKDV
RXVLPLODUHV
1mRXWLOL]DUHVFRYDVSDUDDOLPSH]DFRP
iJXDSRLVLVVRSRGHGDQLILFDUDVXSHUItFLHGR
PDWHULDO

&RQVHUYDUHOLPSDUUHYHVWLPHQWRVHPFRXURQDWXUDO
/LPSH]D
&RQVHUYDomRHWUDWDPHQWR
$QWHVGDOLPSH]D
7LSRGHPDQFKDV
/LPSH]DGRVHVWRIDPHQWRVHPEDQFRVFRPDTXH
FLPHQWRHGHEDQFRVFRPDMXVWHHOpWULFRRXFRP
FRPSRQHQWHVGRDLUEDJ
/LPSH]D
6XMHLUDVPDLVSHVDGDV
0DQFKDVGHEDVHDTXRVD
0DQFKDVGHEDVHJRUGXUR
VD
0DQFKDVHVSHFLDLV
127$
2FRXURQmRSRGHVHUWUDWDGRFRPVROYHQ
WHVFHUDJUD[DGHVDSDWRVUHPRYHGRUGHPDQ
FKDVRXVLPLODUHVHPQHQKXPDKLSyWHVH
6HXPDPDQFKDSHQHWUDUQDVXSHUItFLHGH
FRXURDSyVXPORQJRWHPSRGHH[SRVLomRD
PDQFKDQmRSRGHUiPDLVVHUUHPRYLGD
127$FRQWLQXDomR
$EVRUYHULPHGLDWDPHQWHRVOtTXLGRVGHUUD
PDGRVFRPXPSDQRDEVRUYHQWHSRLVDVXSHU
ItFLHGRFRXURHDVFRVWXUDVQmRUHVLVWHPSRU
PXLWRWHPSRjSHQHWUDomRGHOtTXLGRV
3URWHJHURFRXURGHH[SRVLomRDRVROH[
FHVVLYDSDUDHYLWDUXPGHVERWDPHQWR

/LPSDUUHYHVWLPHQWRVHPFRXURDUWLILFLDO
/LPSDUHVWRIDPHQWRVUHYHVWLPHQ
WRVHPWHFLGRH$OFDQWDUD
127$
2FRXURDUWLILFLDOQmRSRGHVHUWUDWDGRFRPVRO
YHQWHVFHUDJUD[DGHVDSDWRVUHPRYHGRUGH
PDQFKDVRXVLPLODUHVHPQHQKXPDKLSyWHVH
(VWHVRFDVLRQDPRUHVVHFDPHQWRHRURPSL
PHQWRSUHPDWXURGRPDWHULDO
/LPSDURVSRUWDREMHWRVRVSRUWDFRSRVHRFLQ]HLUR
VHPVROYHQWHV
/LPSDURFLQ]HLUR
)LJ
/LPSDURSRUWDREMHWRVHRSRUWDFRSRV
/LPSDUHFRQVHUYDUDVSHoDVGHSOiVWLFRRVHOHPHQWRVGHFRUDWLYRVGH
PDGHLUDHRSDLQHOGHLQVWUXPHQWRV
SHoDVGHSOiVWLFRGHQWURHIRUDGRYHt
FXORHRSDLQHOGHLQVWUXPHQWRV
VHPVRO
YHQWHV
HOHPHQWRVGHFRUDWLYRVHPPDGHLUD
$'9(571&,$
2XVRGHSURGXWRVGHOLPSH]DFRPVROYHQWHV
WRUQDDVXSHUItFLHGRVPyGXORVGHDLUEDJSR
URVD(PFDVRGHXPDFLGHQWHFRPDFLRQD
PHQWRGRDLUEDJDVSHoDVGHPDWHULDOVLQWpWL
FRTXHVHVROWDPSRGHPFDXVDUIHULPHQWRV
JUDYHV
1XQFDWUDWDURSDLQHOGHLQVWUXPHQWRVHD
VXSHUItFLHGRVPyGXORVGRDLUEDJFRPSURGX
WRVGHFRQVHUYDomRFRPVROYHQWH
b

127$
$OJXQVRGRUL]DGRUHVGHYHtFXORDSUHVHQWDP
VXEVWkQFLDVHPVXDFRPSRVLomRTXtPLFDTXH
SRGHPFDXVDUGDQRVjHVWUXWXUDjVXSHUItFLHH
jSLQWXUDGHUHYHVWLPHQWRVLQWHUQRVGRYHtFXOR
/LPSDURVFLQWRVGHVHJXUDQoD
QHXWUR
2VFLQWRVGHVHJXUDQoDEHPFRPRVHXV
FRPSRQHQWHVMDPDLVGHYHPVHUKLJLHQL]DGRV
TXLPLFDPHQWHRXHQWUDUHPFRQWDWRFRPOt
TXLGRVFRUURVLYRVVROYHQWHVRXREMHWRVFRU
WDQWHV,VWRSUHMXGLFDSURIXQGDPHQWHDUHVLV
WrQFLDGRWHFLGRGRFLQWR
8PFLQWRGHVHJXUDQoDOLPSRGHYHHVWDU
WRWDOPHQWHVHFRDQWHVGHVHUUHFROKLGRSRLV
DXPLGDGHSRGHGDQLILFDURHQURODGRUDXWR
PiWLFRHSUHMXGLFDUVXDIXQomR
-DPDLVGHL[DUREMHWRVHVWUDQKRVRXOtTXL
GRVSHQHWUDUHPQRVHQJDWHVGRVIHFKRVGRV
FLQWRVGHVHJXUDQoD,VWRSRGHOLPLWDUDIXQ
FLRQDOLGDGHGRVIHFKRVGRVFLQWRVGHVHJX
UDQoDHGRVFLQWRV
1XQFDWHQWDUUHSDUDUPRGLILFDURXGHV
PRQWDURVFLQWRVGHVHJXUDQoDSRUFRQWD
SUySULD
$'9(571&,$
9HULILFDUUHJXODUPHQWHRHVWDGRGHWRGRVRV
FLQWRVGHVHJXUDQoD6HRWHFLGRGRFLQWRRX
RXWURVFRPSRQHQWHVGRFLQWRHVWLYHUHPGDQL
ILFDGRVHOHVGHYHPVHUGHVPRQWDGRVHVXE
WLWXtGRVSRUXPD&RQFHVVLRQiULD9RONVZDJHQ
&LQWRVGHVHJXUDQoDGDQLILFDGRV
UHSUHVHQWDPXPJUDQGHSHULJRHSRGHP

6XEVWLWXLULPHGLDWDPHQWHRVFLQWRVGHVH
JXUDQoDGDQLILFDGRVSRUFLQWRVQRYRVOLEHUD
GRVSDUDRYHtFXORSHOD9RONVZDJHQ&LQWRV
GHVHJXUDQoDTXHIRUDPXWLOL]DGRVGXUDQWH
XPDFLGHQWHHSRULVVRVRIUHUDPDORQJD
PHQWRGHYHPVHUVXEVWLWXtGRVHPXPD&RQ
FHVVLRQiULD9RONVZDJHQ$VXEVWLWXLomRSR
GHUiVHUQHFHVViULDPHVPRTXDQGRQmRKRX
YHUXPGDQRYLVtYHO$OpPGLVVRDVDQFRUD
JHQVGRVFLQWRVGHVHJXUDQoDGHYHPVHUYH
ULILFDGDV
5RGDVHSQHXV
,QWURGXomRDRWHPD
3QHXVQRYRVSUHFLVDPVHUURGDGRVSRLV
VXDDGHUrQFLDHHIHLWRGHIUHQDJHPVmRLQLFL
DOPHQWHUHGX]LGDV3DUDHYLWDUDFLGHQWHVH
IHULPHQWRVJUDYHVFRQGX]LUFRPDGHYLGD
SUHFDXomRGXUDQWHRVSULPHLURVNP
9HULILFDUUHJXODUPHQWHDSUHVVmRGRV
SQHXVHPDQWHUVHPSUHRYDORUGHSUHVVmR
GRVSQHXVLQGLFDGR8PDSUHVVmRGRVSQHXV
PDLVEDL[DSRGHDTXHFHUIRUWHPHQWHRV
SQHXVSRGHQGRFDXVDURVROWDPHQWRGDEDQ
GDGHURGDJHPHRHVWRXURGRSQHX
1XQFDGLULJLUFRPSQHXVGDQLILFDGRVIX
URVFRUWHVUDVJRVHEROKDVHGHVJDVWDGRV
$FRQGXomRFRPHVVHVSQHXVSRGHFDXVDUR
HVWRXURGRVSQHXVDFLGHQWHVHIHULPHQWRV
JUDYHV3QHXVGHVJDVWDGRVRXGDQLILFDGRV
GHYHPVHUVXEVWLWXtGRVLPHGLDWDPHQWH
1XQFDH[FHGHUDYHORFLGDGHPi[LPDHD
FDSDFLGDGHGHFDUJDSHUPLWLGDVSDUDRV
SQHXVLQVWDODGRV
$'9(571&,$
3QHXVGHVJDVWDGRVRXGDQLILFDGRVQmRVmR
FDSD]HVGHSURSRUFLRQDURFRQWUROHHHIHLWR
GHIUHQDJHPWRWDLVGRYHtFXOR
8PPDQXVHLRLQDGHTXDGRGHURGDVH
SQHXVSRGHUHGX]LUDVHJXUDQoDGHFRQGXomR
HFDXVDUDFLGHQWHVHIHULPHQWRVJUDYHV
8WLOL]DUVRPHQWHSQHXVUDGLDLVGHHVWUXWX
UDHWDPDQKRVGLkPHWURVLJXDLVHFRPR
PHVPRSHUILOHPWRGDVDVURGDV
$HILFLrQFLDGRVVLVWHPDVGHDVVLVWrQFLD
DRFRQGXWRUHGRVVLVWHPDVGHDVVLVWrQFLDGH
IUHQDJHPWDPEpPGHSHQGHGDDGHUrQFLDGRV
SQHXV
6HGXUDQWHDFRQGXomRIRUHPLGHQWLILFD
GDVYLEUDo}HVLQFRPXQVRXRYHtFXORHVWLYHU
SX[DQGRSDUDXPGRVODGRVSDUDULPHGLDWD
PHQWHHPXPORFDOVHJXURHYHULILFDUDVUR
GDVHRVSQHXVTXDQWRDGDQRV
3DUDGLPLQXLURULVFRGHSHUGDGHFRQWUROH
GDGLUHomRGHDFLGHQWHRXGHIHULPHQWRVJUD
YHVQXQFDVROWDURVSDUDIXVRVGHDURVFRPR
DQHOGRDURSDUDIXVDGR
1mRXWLOL]DUURGDVRXSQHXVGHSURFHGrQ
FLDGHVFRQKHFLGD5RGDVHSQHXVXVDGRVSR
GHUmRHVWDUGDQLILFDGRVPHVPRVHRVGDQRV
QmRIRUHPYLVtYHLV
3QHXVYHOKRVPHVPRVHQXQFDXVDGRV
SRGHPHVYD]LDURXHVWRXUDUVXELWDPHQWH
SULQFLSDOPHQWHHPDOWDVYHORFLGDGHVHFDX
VDUDFLGHQWHVHIHULPHQWRVJUDYHV3QHXV
FRPPDLVGHDQRVVyGHYHPVHUXWLOL]DGRV
HPFDVRGHHPHUJrQFLDFRPH[WUHPRFXLGD
GRHIRUPDGHFRQGXomRLJXDOPHQWHFXLGDGR
VDGHYHQGRVHUVXEVWLWXtGRVLPHGLDWDPHQWH
DRWpUPLQRGDHPHUJrQFLD
b

0DQXVHLRGHURGDVHSQHXV
3QHXVXQLGLUHFLRQDLV
)LJ
7URFDUDVURGDV
(YLWDUGDQRVDRVSQHXV
SQHX
QmRSHQHWUDUDPQRLQWHULRUGR

0DQXWHQomRHJDUDQWLD
3QHXVPDLVYHOKRVGRTXHDQRV
$'9(571&,$
3QHXVYHOKRVPHVPRVHQXQFDXVDGRV
SRGHPHVYD]LDURXHVWRXUDUVXELWDPHQWH
SULQFLSDOPHQWHHPDOWDVYHORFLGDGHVHFDX
3QHXVFRPPDLVGHDQRVVyGHYHPVHU
XWLOL]DGRVHPFDVRGHHPHUJrQFLDFRPH[WUH
PRFXLGDGRHIRUPDGHFRQGXomRLJXDOPHQWH
FXLGDGRVDGHYHQGRVHUVXEVWLWXtGRVLPHGLD
WDPHQWHDRWpUPLQRGDHPHUJrQFLD
4).
$UPD]HQDURVSQHXV
1mR
$'9(571&,$
/tTXLGRVHVXEVWkQFLDVDJUHVVLYRVSRGHP
FDXVDUGDQRVYLVtYHLVHQmRYLVtYHLVDRV
SQHXVRTXHSRGHRFDVLRQDURHVWRXURGRV
SQHXV
0DQWHUSURGXWRVTXtPLFRVyOHRVJRUGX
UDVFRPEXVWtYHLVIOXLGRVGHIUHLRHRXWUDV
VXEVWkQFLDVDJUHVVLYDVVHPSUHORQJHGRV
SQHXV
$URV

3DUDIXVRVGHURGD
$'9(571&,$
$XWLOL]DomRGHDURVGDQLILFDGRVRX
LQDGHTXDGRVSRGHFRPSURPHWHUDVHJXUDQoD
GHFRQGXomRHFDXVDUDFLGHQWHVHIHULPHQWRV
JUDYHV
$URVFRPDQHOGRDURLQWHUQRDSDUDIXVDGR
8WLOL]DUVRPHQWHDURVOLEHUDGRVSDUDRYHt
FXOR
9HULILFDUUHJXODUPHQWHSRVVtYHLVGDQRV
QRVDURVHVHQHFHVViULRVXEVWLWXtORV
$'9(571&,$
$VROWXUDRXIL[DomRLQDGHTXDGDGRVSDUDIX
VRVHPDURVFRPDQpLVGHDURLQWHUQRVDSDUD
IXVDGRVSRGHFDXVDUDFLGHQWHVHIHULPHQWRV
JUDYHV
$URVFRPHOHPHQWRVGHFRUDWLYRV
DSDUDIXVDGRV
-DPDLVVROWDURVSDUDIXVRVGRVDURVFRP
DQHOGRDURLQWHUQRDSDUDIXVDGR
7RGRVRVWUDEDOKRVHPDURVFRPDQpLVGH
DURLQWHUQRVDSDUDIXVDGRVGHYHPVHUH[HFX
WDGRVSRUXPDHPSUHVDHVSHFLDOL]DGD3DUD
LVVRD9RONVZDJHQUHFRPHQGDDV&RQFHVVLR
QiULDV9RONVZDJHQ
3QHXVQRYRVHVXEVWLWXLomRGRVSQHXV
3QHXVQRYRV
URGDGRV
6XEVWLWXLURVSQHXV
$'9(571&,$
3QHXVQRYRVSUHFLVDPVHUURGDGRVSRLVVXD
DGHUrQFLDHHIHLWRGHIUHQDJHPVmRLQLFLD
OPHQWHUHGX]LGDV
3DUDHYLWDUDFLGHQWHVHIHULPHQWRVJUDYHV
FRQGX]LUFRPDGHYLGDSUHFDXomRGXUDQWHRV
SULPHLURVNP
b

$'9(571&,$
$VURGDVGHYHPWHUDIROJDQHFHVViULD
DGHTXDGDSDUDVHXIXQFLRQDPHQWR6HQmR
KRXYHUIROJDSRGHRFRUUHUDWULWRGRVSQHXV
FRPSDUWHGRHL[RGDFDUURFHULDHGDVPDQ
JXHLUDVGRIUHLRRTXHSRGHFDXVDUIDOKDGR
VLVWHPDGHIUHLRHVROWXUDGDEDQGDGHURGD
JHPGRSQHXHFRPLVVRSRGHRFDVLRQDUR
HVWRXURGRSQHX
$VPHGLGDVUHDLVGRVSQHXVQmRSRGHP
VHUPDLRUHVTXHDVPHGLGDVGRVSQHXVOLEH
UDGRVSHOD9RONVZDJHQHQmRSRGHPJHUDU
DWULWRFRPRXWUDVSDUWHVGRYHtFXOR
3UHVVmRGRVSQHXV
)LJ
SQHXIULR
9HULILFDUDSUHVVmRGRVSQHXV
WDYHORFLGDGH
b
DO

GRVSQHXVHVROWXUDGDEDQGDGHURGDJHPR
TXHSRGHOHYDUjSHUGDGHFRQWUROHGDGLUH
omR
8PDSUHVVmRGRVSQHXVPXLWRDOWDRX
PXLWREDL[DHQFXUWDDYLGD~WLOGRVSQHXVH
SLRUDRFRPSRUWDPHQWRGHGLUHomRGRYHtFX
OR
9HULILFDUUHJXODUPHQWHDSUHVVmRGRV
SQHXVQRPtQLPRXPDYH]DFDGDGLDVH
DGLFLRQDOPHQWHDQWHVGHFDGDFRQGXomR
PDLVORQJD
URGDGHHPHUJrQFLD
$'9(571&,$
8PDSUHVVmRGRVSQHXVPXLWREDL[DRXPXL
WRDOWDSRGHID]HUFRPTXHRSQHXHVYD]LHRX
HVWRXUHGXUDQWHDFRQGXomR,VWRSRGHFDX
VDUDFLGHQWHVJUDYHVHIHULPHQWRVIDWDLV
8PDSUHVVmRGRVSQHXVPDLVEDL[DSRGH
DTXHFHUIRUWHPHQWHRVSQHXVSRGHQGRFDX
VDURVROWDPHQWRGDEDQGDGHURGDJHPHR
HVWRXURGRSQHX
9HORFLGDGHH[FHVVLYDRXVREUHFDUJDGR
YHtFXORSRGHPJHUDUVXSHUDTXHFLPHQWRHGD
QRVUHSHQWLQRVDRVSQHXVLQFOXVLYHHVWRXUR
7RGRVRVSQHXVSUHFLVDPWHUVHPSUHD
SUHVVmRGRVSQHXVDGHTXDGDSDUDDFDUJD
-DPDLVUHGX]LUDSUHVVmRHOHYDGDGH
SQHXVTXHQWHV
127$
$RLQVHULURPHGLGRUGHSUHVVmRGRVSQHXV
DWHQWDUSDUDTXHHOHQmREDWDQDYiOYXOD&DVR
FRQWUiULRSRGHPRFRUUHUGDQRVQDYiOYXODGR
SQHX
7DPSDVGHYiOYXODLQH[LVWHQWHVRXPDOURV
TXHDGDVSRGHPOHYDUDGDQRVQDYiOYXODGR
SQHX3RULVVRFRQGX]LUVHPSUHFRPDVWDP
SDVGDVYiOYXODVFRPSOHWDPHQWHURVTXHDGDVH
TXHFRUUHVSRQGHPjVWDPSDVGHYiOYXODLQVWD
ODGDVGHIiEULFD
3URIXQGLGDGHGRSHUILOHLQGLFDGRUGHGHVJDVWH
3URIXQGLGDGHGRSHUILO
)LJ

,QGLFDGRUGHGHVJDVWHGRSQHX
$'9(571&,$
3QHXVJDVWRVUHSUHVHQWDPXPULVFRjVHJX
UDQoDHSRGHPRFDVLRQDUDSHUGDGHFRQWUROH
GRYHtFXORFRPSRWHQFLDOULVFRGHDFLGHQWHV
TXHUHVXOWHPHPIHULPHQWRVJUDYHV
2VSQHXVGHYHPVHUVXEVWLWXtGRVSRU
SQHXVQRYRVDQWHVTXHVHGHVJDVWHPDWpR
LQGLFDGRUGHGHVJDVWH
3QHXVJDVWRVWrPXPDDGHUrQFLDH[WUHPD
PHQWHUHGX]LGDHVSHFLDOPHQWHVREUHUXDV
PROKDGDVHRYHtFXORWHQGHDIOXWXDU
DTXDSODQDU
3QHXVJDVWRVUHGX]HPDSRVVLELOLGDGHGH
FRQWURODUEHPRYHtFXORHPVLWXDo}HVGHUR
GDJHPQRUPDLVHGLItFHLVHDXPHQWDPDGLV
WkQFLDGHIUHQDJHPHRULVFRGHGHUUDSDJHP
'DQRVQRVSQHXV
9LEUDo}HV
SX[DPHQWRGHXPODGR
)RUPDGHFRQGXomR
)DOWDGHEDODQFHDPHQWRGDVURGDV
3HQHWUDomRGHFRUSRVHVWUDQKRVQRSQHX
5HJXODJHPGRFKDVVL
$'9(571&,$
'HVJDVWHGRVSQHXV
9LEUDo}HVLQFRPXQVRXSX[DPHQWRGHXPOD
GRGRYHtFXORGXUDQWHDFRQGXomRSRGHPLQ
GLFDUGDQRQRVSQHXV
5HGX]LUDYHORFLGDGHLPHGLDWDPHQWHHSD
UDUUHVSHLWDQGRDVOHLVGHWUkQVLWR

9HULILFDURVSQHXVHRVDURVTXDQWRDGD
QRV
6HQHQKXPGDQRIRUYLVtYHOH[WHUQDPHQWH
FRQGX]LUGHYDJDUHFRPSUHFDXomRDWpDSUy
[LPD&RQFHVVLRQiULD9RONVZDJHQRXXPD
HPSUHVDHVSHFLDOL]DGDSDUDRYHtFXORVHUYH
ULILFDGR
-DPDLVVHJXLUYLDJHPFRPSQHXVRXDURV
GDQLILFDGRV(PYH]GLVVRSURFXUDUDX[tOLR
WpFQLFRHVSHFLDOL]DGR
5RGDGHHPHUJrQFLD
FRPSRUWDREMHWRVQRFRPSDUWL
PHQWRGHEDJDJHP
'LIHUHQoDVHQWUHDURGDGHHPHUJrQFLDHRV
SQHXVGHURGDJHP
)LJ
SROHJDGDV
5HPRYHUDURGDGHHPHUJrQFLD
2EVHUYDUDVRULHQWDo}HVSDUDFRQGXomR
5RGDGHHPHUJrQFLDFRPDUR
FRPSRUWDREMHWRVQRFRPSDUWLPHQWRGHEDJD
JHP
*XDUGDUDURGDVXEVWLWXtGD
$'9(571&,$
8PXVRLQDGHTXDGRGDURGDGHHPHUJrQFLD
SRGHRFDVLRQDUDSHUGDGHFRQWUROHGRYHtFX
ORFROLV}HVRXRXWURVDFLGHQWHVFRPULVFRV
GHIHULPHQWRVJUDYHV
(PQHQKXPDKLSyWHVHXWLOL]DUDURGDGH
HPHUJrQFLDVHHODHVWLYHUGDQLILFDGDRXGHV
JDVWDGDDWpRVLQGLFDGRUHVGHGHVJDVWH

(PDOJXQVYHtFXORVDURGDGHHPHUJrQFLD
SRGHVHUPHQRUTXHRFRQMXQWRGHSQHXVRUL
JLQDO3iJLQD5RGDGHHPHUJrQFLDFRP
DURSROHJDGDV
$SyVDLQVWDODomRGDURGDGHHPHUJrQFLD
DSUHVVmRGRVSQHXVGHYHVHUYHULILFDGDR
PDLVUiSLGRSRVVtYHO3iJLQD3UHVVmR
GRVSQHXV
-DPDLVFRQGX]LUHPYHORFLGDGHVXSHULRUD
NPK(YLWDUDUUDQTXHVHIUHQDJHQVEUXV
FDVEHPFRPRFXUYDVHPDOWDYHORFLGDGH
$URGDGHHPHUJrQFLDGHYHVHUIL[DGD
VHPSUHFRPRVSDUDIXVRVIRUQHFLGRVGHIi
EULFD
,QVFULomRGRVSQHXV
)LJ
oD QDSiJLQD
,QVFULomRGRVSQHXVH[HPSOR
6LJQLILFDGR
1RPHGDPDUFD ORJRWLSR
1RPHGRSURGXWR
)DEULFDQWH

,QVFULomRGRVSQHXVH[HPSOR
6LJQLILFDGR
RX
RX X
4).
,QIRUPDo}HVDRXVXiULRILQDOVREUHYDORUHVGHFRPSDUDomRHQWUHRVSQHXVEiVLFRVGLVSRQtYHLV
SURFHGLPHQWRVGHWHVWHQRUPDWL]DGRV
2XWURVGtJLWRVVHUHIHUHPDLQGLFDo}HVLQWHUQDVGRIDEULFDQWHGRVSQHXVRXDLQGLFDo}HVHVSHFtIL
FDVGHXPSDtVFRPRSRUH[HPSOR%UDVLORX&KLQD

3QHXVXQLGLUHFLRQDLV
&yGLJRGHYHORFLGDGH
&DSDFLGDGHGHFDUJDGRVSQHXV

3URORQJDGRGHVXVR
,QWURGXomRDRWHPD
&KDVVL
127$
2VSQHXVGHYHPSHUPDQHFHUVXVSHQVRV
VHPFRQWDWRFRPRVRORSDUDHYLWDUTXHVH
GHIRUPHPSHUPDQHQWHPHQWH

127$FRQWLQXDomR
$R[LGDomRGRVGLVFRVRXWDPERUHVWRUQDP
RIUHLRH[FHVVLYDPHQWHDJUHVVLYR3DUDPLQLPL
]DUVHXVHIHLWRVQHJDWLYRVRYHtFXORLVHQWRGH
XPLGDGHGHYHVHUJXDUGDGRHPOXJDUVHFR
2SRGHUOXEULILFDQWHGDJUD[DGRURODPHQWR
GDVURGDVHVHPLHL[RWHPVXDVSURSULHGDGHV
DOWHUDGDVDSyVXPORQJRWHPSRGHLQDWLYLGDGH
2UHFRPHQGDGRpVXEVWLWXLURVFRPSRQHQWHV
DSyVRGHVXVRSURORQJDGRPDLVGHPHVHV
LVWRFDVRQmRVHMDSRVVtYHODFLRQiORVHVSRUD
GLFDPHQWHPHVPRTXHVHMDVRPHQWHSRUDO
JXQVPHWURV
&DUURFHULD
0RWRUWUDQVPLVVmR
$SyVRGHVXVR
$QWHVGRGHVXVR
(OpWULFD
$QWHVGRGHVXVR
$'9(571&,$
$SyVRGHVXVR
1XQFDSHUPDQHoDHPDPELHQWHIHFKDGRHQ
TXDQWRRPRWRUHVWLYHUIXQFLRQDQGR2VJD
VHVWy[LFRVGRVLVWHPDGHHVFDSHSRGHPOH
YDUjLQFRQVFLrQFLDLQWR[LFDomRSRUGLy[LGR
GHFDUERQRDFLGHQWHVHIHULPHQWRVJUDYHV
5iGLR

$FHVVyULRVUHSRVLomRGHSHoDVUHSDURVHPRGLILFDo}HV
,QWURGXomRDRWHPD
5iGLR
$'9(571&,$
3HoDVGHUHSRVLomRHDFHVVyULRV
LQDGHTXDGRVEHPFRPRWUDEDOKRVPRGLILFD
o}HVHUHSDURVUHDOL]DGRVGHPDQHLUDLQFRUUH
WDSRGHPFDXVDUGDQRVQRYHtFXORDFLGHQWHV
HIHULPHQWRVJUDYHV

5HSDURVHPRGLILFDo}HVQRYHtFXORGHYHP
VHUUHDOL]DGRVVRPHQWHSRUXPD&RQFHVVLR
QiULD9RONVZDJHQ$V&RQFHVVLRQiULDV
9RONVZDJHQSRVVXHPDVIHUUDPHQWDVQHFHV
ViULDVDSDUHOKRVGHGLDJQyVWLFRLQIRUPD
o}HVGHUHSDURHSHVVRDOTXDOLILFDGR
,QVWDODUDSHQDVSHoDVTXHFRUUHVSRQGDP
jYHUVmRHjVFDUDFWHUtVWLFDVRULJLQDLVGHIi
EULFDGRYHtFXOR
-DPDLVFRORFDUPRQWDURXDFRSODUREMHWRV
WDLVFRPRSRUWDFRSRVVXSRUWHGHWHOHIRQH
PyYHOH*36VLVWHPDGHSRVLFLRQDPHQWR
JOREDODRODGRRXVREUHDVFREHUWXUDVGRV
PyGXORVGRDLUEDJRXQDViUHDVGHH[SDQVmR
GRDLUEDJ
$9RONVZDJHQUHFRPHQGDTXHDSHQDV
DFHVVyULRVOLEHUDGRVSHOD9RONVZDJHQHSH
oDVRULJLQDLV9RONVZDJHQVHMDPXWLOL]DGRV
3DUDLVVRD9RONVZDJHQWHPHVWDEHOHFLGR
FUHGLELOLGDGHVHJXUDQoDHTXDOLILFDomR
8WLOL]DUDSHQDVFRPELQDo}HVGHDURVH
SQHXVHURGDOLEHUDGDVSHOD9RONVZDJHQSDUD
RPRGHORGHYHtFXOR
$PDFLDPHQWR
$WpRVTXLO{PHWURVYDOH
$PDFLDPHQWRGRPRWRU
(QWUHHTXLO{PHWURV
JUDGXDOPHQWH
$PDFLDPHQWRGDVSDVWLOKDVGRIUHLRHGH
SQHXVQRYRV
$FHVVyULRVHSHoDVGHUHSRVLomR
$'9(571&,$
5HSDURVHPRGLILFDo}HVUHDOL]DGRVGHIRUPD
LQDGHTXDGDQRYHtFXORSRGHPFRPSURPHWHU
DHILFiFLDGRVDLUEDJVEHPFRPRFDXVDUID
OKDVGHIXQFLRQDPHQWRDFLGHQWHVHIHULPHQ
WRVIDWDLV
ULRV9RONVZDJHQ
$FHVVy
3HoDV2ULJLQDLV9RONVZDJHQ
QmROLEHUDGRVSHOD9RONVZDJHQ
-DPDLVFRORFDUPRQWDURXDFRSODUREMHWRV
WDLVFRPRSRUWDFRSRVVXSRUWHGHWHOHIRQH
PyYHOH*36VLVWHPDGHSRVLFLRQDPHQWR
JOREDODRODGRRXVREUHDVFREHUWXUDVGRV
PyGXORVGRDLUEDJRXQDViUHDVGHH[SDQVmR
GRDLUEDJ
2EMHWRVFRORFDGRVPRQWDGRVRXDFRSOD
GRVGHQWURGDiUHDGHH[SDQVmRGRVDLUEDJV
SRGHUmRFDXVDUIHULPHQWRVJUDYHVRXIDWDLV
VHRVDLUEDJVIRUHPDFLRQDGRV

)OXLGRVHUHFXUVRV
7RGRVRVIOXLGRVHUHFXUVRV
/HUHDWHQWDUVHPSUHSDUDDVLQIRUPDo}HV
HDOHUWDVGDVHPEDODJHQVGRVIOXLGRV
8WLOL]DUSURGXWRVTXHHPLWDPYDSRUHVWy[L
FRVVHPSUHHPiUHDVDEHUWDVRXEHPYHQWLOD
GDV
yOHRGRPRWRUUHPRYHGRUGHHVPDOWHRXRX
WURVOtTXLGRVYROiWHLVSDUDFRQVHUYDomRGR
YHtFXOR(VVDVVXEVWkQFLDVVmRWy[LFDVHDO
WDPHQWHLQIODPiYHLV(ODVSRGHPFDXVDULQ
FrQGLRVHH[SORV}HV
$'9(571&,$
)OXLGRVHUHFXUVRVLQDGHTXDGRVEHPFRPR
VXDXWLOL]DomRLQFRUUHWDSRGHPFDXVDUDFL
GHQWHVIHULPHQWRVJUDYHVTXHLPDGXUDVHLQ
WR[LFDomR
&RQVHUYDUIOXLGRVVRPHQWHHPUHFLSLHQWHV
RULJLQDLVIHFKDGRV
IOXLGRVSRLVDVVLPKiULVFRGHTXHRIOXLGR
DUPD]HQDGRSRVVDVHULQJHULGRSRURXWUDV
SHVVRDV
127$
5HDEDVWHFHUDSHQDVFRPIOXLGRV
DGHTXDGRV(PKLSyWHVHDOJXPDXWLOL]DUIOXLGRV
GLIHUHQWHVGRVUHFRPHQGDGRV&DVRFRQWUiULR
SRGHPRFRUUHUIDOKDVJUDYHVGHIXQFLRQDPHQWR
RXXPGDQRDRPRWRU
$FHVVyULRVHSHoDVLQVWDODGDVFRQWUDDHQ
WUDGDGHDUSUHMXGLFDPRDUUHIHFLPHQWRGRPR
WRU(PFRQGLo}HVGHDOWDWHPSHUDWXUDDPELHQ
WHHGHPDQGDLQWHQVDGRPRWRURPRWRUSRGH
VXSHUDTXHFHU
0DQWHURVIOXLGRVHUHFXUVRVIRUDGRDO
FDQFHGHFULDQoDV
5HSDURVHPRGLILFDo}HVWpFQLFDV
(PFDVRGHUHSDURVHPRGLILFDo}HVWpFQLFDV
DVGLUHWUL]HV9RONVZDJHQGHYHPVHUHVWULWD
PHQWHVHJXLGDV
oDV2ULJLQDLV9RONVZDJHQ

3H
$'9(571&,$
LQDGHTXDGDSRGHPFDXVDUIDOKDVGHIXQFLR
QDPHQWRHGDQRVQRYHtFXORHFRPSURPHWHUD
HILFiFLDGRVLVWHPDGHDVVLVWrQFLDDR
FRQGXWRU,VVRSRGHRFDVLRQDUDFLGHQWHVHIH
ULPHQWRVJUDYHV
5HSDURVHPRGLILFDo}HVQRYHtFXORVyGH
YHPVHUUHDOL]DGRVSRUXPD&RQFHVVLRQiULD
9RONVZDJHQ
5HSDURVHOLPLWDo}HVGRVLVWHPDGHDLUEDJ
(PFDVRGHUHSDURVHPRGLILFDo}HVWpFQLFDV
DVGLUHWUL]HV9RONVZDJHQGHYHPVHUHVWULWD
PHQWHVHJXLGDV
$'9(571&,$
LQDGHTXDGDSRGHPFDXVDUIDOKDVGHIXQFLR
QDPHQWRGDQRVQRYHtFXORHFRPSURPHWHUD
HILFiFLDGRVLVWHPDGHDLUEDJ,VVRSRGHRFD
VLRQDUDFLGHQWHVHIHULPHQWRVJUDYHVRXID
WDLV
5HSDURVHPRGLILFDo}HVQRYHtFXORVyGH
YHPVHUUHDOL]DGRVSRUXPD&RQFHVVLRQiULD
9RONVZDJHQ
2VPyGXORVGRDLUEDJQmRSRGHPVHUUH
SDUDGRVPDVVLPVXEVWLWXtGRV
1XQFDLQVWDODUQRYHtFXORSHoDVGHDLUEDJ
GHVPRQWDGDVGHYHtFXORVDQWLJRVRXRULJLQi
ULDVGHUHFLFODJHP
$'9(571&,$
8PDDOWHUDomRQDVXVSHQVmRGRYHtFXORLQ
FOXVLYHDXWLOL]DomRGHFRPELQDo}HVGH
SQHXVHDURVQmROLEHUDGDVSHOD9RONVZDJHQ
SRGHPDOWHUDURIXQFLRQDPHQWRGRVDLUEDJVH
DXPHQWDURULVFRGHIHULPHQWRVJUDYHVRXID
WDLVHPFDVRGHDFLGHQWH
-DPDLVLQVWDODUFRPSRQHQWHVGDVXVSHQ
VmRTXHQmRDSUHVHQWHPFDUDFWHUtVWLFDVLGrQ
WLFDVjVSHoDVRULJLQDLVLQVWDODGDVQRYHtFX
OR
-DPDLVXWLOL]DUFRPELQDo}HVGHDURVH
SQHXVTXHQmRWHQKDPVLGROLEHUDGDVSHOD
9RONVZDJHQ

,QVWDODomRSRVWHULRUGHDSDUHOKRVGHWUDQVPLVVmR
$'9(571&,$
8PDSDUHOKRGHWUDQVPLVVmRQmRIL[DGRRXIL
[DGRLQFRUUHWDPHQWHSRGHVHUODQoDGRSHOR
LQWHULRUGRYHtFXORHPUD]mRGHXPDPDQREUD
GHGLUHomRRXGHIUHQDJHPV~ELWDVEHPFR
PRHPXPDFLGHQWHHFDXVDUIHULPHQWRVJUD
YHV
)L[DURXJXDUGDUHPVHJXUDQoDRDSDUHOKR
GHWUDQVPLVVmRVHPSUHGHPDQHLUDFRUUHWDH
IRUDGDiUHDGHH[SDQVmRGRDLUEDJGXUDQWHD
FRQGXomR
&8,'$'2
1DRSHUDomRGHXPDSDUHOKRGHWUDQVPLVVmR
VHPFRQH[mRFRPXPDDQWHQDH[WHUQDRVYD
ORUHVOLPLWHGHUDGLDomRHOHWURPDJQpWLFDQR
YHtFXORSRGHPVHUH[FHGLGRV,VWRWDPEpPp
YiOLGRFRPXPDDQWHQDH[WHUQDQmRLQVWDODGD
GHPDQHLUDFRUUHWD
2SHUDURDSDUHOKRGHWUDQVPLVVmRQRYHt
FXORVRPHQWHFRPXPDDQWHQDH[WHUQDFR
QHFWDGDGHPDQHLUDFRUUHWD
,QIRUPDo}HVDUPD]HQDGDVQDVXQLGDGHVGHFRQWUROH
5HSURJUDPDomRGDVXQLGDGHVGHFRQWUROH
0DQXWHQomRHJDUDQWLD
2XWURVUHJLVWURVGDRILFLQD

/HLWXUDGRUHJLVWURGHIDOKDVGRYHtFXOR
8WLOL]DomRGHXPWHOHIRQHPyYHOQRYHtFXORVHPFRQH[mRFRPDDQWHQD
H[WHUQD
$'9(571&,$
8PWHOHIRQHPyYHOQmRIL[DGRRXIL[DGRLQ
FRUUHWDPHQWHSRGHVHUODQoDGRSHORLQWHULRU
GRYHtFXORHPUD]mRGHXPDPDQREUDGHGLUH
omRRXGHIUHQDJHPV~ELWDEHPFRPRHPXP
DFLGHQWHHFDXVDUIHULPHQWRVJUDYHV
)L[DURWHOHIRQHPyYHORXWURVDSDUHOKRV
EHPFRPRDFHVVyULRVGRWHOHIRQHFRPRSRU
H[HPSORVXSRUWHVSDUDWHOHIRQHPyYHOEORFR
GHQRWDVH*36VLVWHPDGHSRVLFLRQDPHQWR
JOREDOGHPDQHLUDFRUUHWDRXDFRPRGiORV
GHPDQHLUDVHJXUDGXUDQWHDFRQGXomRHIRUD
GDViUHDVGHH[SDQVmRGRDLUEDJ
b

$'9(571&,$
$RXWLOL]DUXPWHOHIRQHPyYHOVHPFRQH[mR
FRPXPDDQWHQDH[WHUQDRVYDORUHVOLPLWHGH
UDGLDomRHOHWURPDJQpWLFDQRYHtFXORSRGHP
VHUH[FHGLGRVHDVVLPDVD~GHGRFRQGXWRU
HGRVSDVVDJHLURVSRGHVHUSUHMXGLFDGD,VWR
WDPEpPpYiOLGRFRPXPDDQWHQDH[WHUQD
QmRLQVWDODGDGHPDQHLUDFRUUHWD
0DQWHUXPDGLVWkQFLDPtQLPDGHFHQWt
PHWURVHQWUHDVDQWHQDVGRWHOHIRQHPyYHOH
XPPDUFDSDVVRFDUGtDFRSRLVWHOHIRQHVPy
YHLVSRGHPLQIOXHQFLDUQDIXQomRGHPDUFD
SDVVRVFDUGtDFRV
1mRFDUUHJDUWHOHIRQHVPyYHLVOLJDGRVQR
EROVRGRSHLWRGLUHWDPHQWHVREUHRPDUFD
SDVVR
1RFDVRGHVXVSHLWDGHLQWHUIHUrQFLDGR
WHOHIRQHPyYHOFRPXPPDUFDSDVVRFDUGt
DFRRXFRPRXWURGLVSRVLWLYRPpGLFRGHVOL
JDURWHOHIRQHPyYHOLPHGLDWDPHQWH
3RQWRVGHDSRLRSDUDDVXVSHQVmRGRYHtFXOR
)LJ
)LJ
$'9(571&,$
$VXVSHQVmRLQDGHTXDGDGRYHtFXORFRP
XPDSODWDIRUPDHOHYDWyULDRXFRPXPPDFD
FRSRGHFDXVDUIHULPHQWRVJUDYHV
$QWHVGHVXVSHQGHURYHtFXORREVHUYDUR
PDQXDOGHLQVWUXo}HVGDSODWDIRUPDHOHYDWy
ULDRXGRPDFDFREHPFRPRDVHYHQWXDLV
GHWHUPLQDo}HVOHJDLV
1mRSRGHKDYHUSHVVRDVGHQWURGRYHtFX
ORGXUDQWHVXDVXVSHQVmRRXFRPRYHtFXOR
VXVSHQVR

6XVSHQGHURYHtFXORVRPHQWHSHORVSRQ
WRVLQGLFDGRVQDVILJXUDV)LJH
)LJ6HRYHtFXORQmRIRUVXVSHQVRSH
ORVSRQWRVLQGLFDGRVRYHtFXORSRGHFDLUGD
SODWDIRUPDHOHYDWyULDTXDQGRSRUH[HPSORR
PRWRURXDVXVSHQVmRIRUGHVPRQWDGR
2VSRQWRVGHDSRLRSDUDVXVSHQVmRGR
YHtFXORGHYHPHVWDUDSRLDGRVVREUHDPDLRU
iUHDSRVVtYHOHFHQWUDOL]DGRVVREUHRVDSRLRV
GDSODWDIRUPDHOHYDWyULD
-DPDLVOLJDURPRWRUVHRYHtFXORHVWLYHU
VXVSHQVR2YHtFXORSRGHFDLUGDSODWDIRUPD
HOHYDWyULDGHYLGRjVYLEUDo}HVGRPRWRU
6HIRUQHFHVViULRWUDEDOKDUVREXPYHtFX
ORVXVSHQVRWUDYDURYHtFXORFRPEORFRVGH
VXVWHQWDomRTXHSRVVXDPXPDFDSDFLGDGH
GHFDUJDFRUUHVSRQGHQWH
$WHQWDUVHPSUHSDUDTXHRSHVRGRYHtFX
ORQmRH[FHGDDFDSDFLGDGHGHFDUJDGDSOD
WDIRUPDHOHYDWyULD
127$
-DPDLVVXVSHQGHURYHtFXORSHORFiUWHUSH
ODWUDQVPLVVmRSHORHL[RWUDVHLURRXSHORHL[R
GLDQWHLUR
$RVXVSHQGHURYHtFXORXWLOL]DUVHPSUH
XPDFDPDGDGHERUUDFKDSDUDQmRGDQLILFDUD
SDUWHLQIHULRUGRYHtFXOR$OpPGLVVRpQHFHV
ViULRREVHUYDUDSDVVDJHPOLYUHGRVEUDoRVGD
SODWDIRUPDHOHYDWyULD
2VEUDoRVGDSODWDIRUPDHOHYDWyULDQmRGH
YHPWRFDUDVVROHLUDVODWHUDLVRXRXWUDVSHoDV
GRYHtFXOR
-DPDLVXWLOL]DUDSODWDIRUPDHOHYDWyULDFR
PRDX[tOLRSDUDHPEDUTXH

,QIRUPDo}HVDRFRQVXPLGRU
,QWURGXomRDRWHPD
$'9(571&,$
2PDQXVHLRLQDGHTXDGRGRYHtFXORDXPHQWD
RULVFRGHDFLGHQWHVHIHULPHQWRV
2EVHUYDUDVGHWHUPLQDo}HVOHJDLV
2EVHUYDUR0DQXDOGHLQVWUXo}HV
127$
2PDQXVHLRLQDGHTXDGRGRYHtFXORSRGHRFD
VLRQDUGDQRVQRYHtFXOR
2EVHUYDUDVGHWHUPLQDo}HVOHJDLV
([HFXWDURVVHUYLoRVGHPDQXWHQomRGH
DFRUGRFRPRFDGHUQR0DQXWHQomRHJDUDQ
WLD
2EVHUYDUR0DQXDOGHLQVWUXo}HV
0DQXWHQomRHJDUDQWLD
(WLTXHWDVDGHVLYDVHSODTXHWDV
&HUWLILFDGRGHVHJXUDQoD
(WLTXHWDVDGHVLYDVGHDOHUWDGHDOWDWHQVmR

8WLOL]DomRGRYHtFXORHPRXWURVSDtVHVHFRQWLQHQWHV
127$
$9RONVZDJHQQmRVHUHVSRQVDELOL]DSRUGDQRV
FDXVDGRVDRYHtFXORHPUD]mRGHFRPEXVWtYHO
GHEDL[DTXDOLGDGHVHUYLoRVLQGHYLGRVIRUDGD
5HGH$XWRUL]DGDRXXWLOL]DomRGHSHoDVQmR
RULJLQDLV
,QVWDODURUiGLR
$'9(571&,$
1XQFDFRUWDURFDERGHOLJDomRGHL[DQGRR
VHPLVRODPHQWR,VVRSRGHFDXVDUXPLQFrQ
GLR
127$
QmR
8PDOLJDomRGHILFLHQWHGRUiGLRSRGHSURYR
FDUDGHVWUXLomRGHFRPSRQHQWHVHOpWULFRVLP
SRUWDQWHVRXDIHWDURVHXIXQFLRQDPHQWR(YHQ
WXDLVLQWHUIHUrQFLDVFRPRSRUH[HPSORQRVL
QDOGDYHORFLGDGHSRGHPSURYRFDUIDOKDVQR
IXQFLRQDPHQWRGRPRWRU$%6HWF
$VLPSOHVOLJDomRGRVLQDOGHYHORFLGDGHD
XPUiGLRFRPDMXVWHDXWRPiWLFRGRYROXPHGH
RXWURVIDEULFDQWHVSRGHGDURULJHPDHVVHVWL
SRVGHIDOKDV

9ROXPHGRUiGLRRXGRVLVWHPDGHQDYHJDomR
$'9(571&,$
2IXQFLRQDPHQWRGRUiGLRRXGRVLVWHPDGH
QDYHJDomRFRPJUDQGHYROXPHVREUHWXGR
FRPXPDSUHVVmRVRQRUDVXSHULRUDGHFL
EHLVSRGHSURYRFDUGDQRVjDXGLomR
6HRYROXPHHVWLYHUGHPDVLDGRDOWRVL
QDLVDF~VWLFRVGRH[WHULRUSRUH[HPSORVL
QDLVGHDYLVRGHYHtFXORVGDSROtFLDERPEHL
URVRXRXWURVYHtFXORVSRGHPQmRVHURXYL
GRVHRFDVLRQDUDFLGHQWHV
)RQHGHRXYLGR
$'9(571&,$
$RXWLOL]DUIRQHVGHRXYLGRGXUDQWHDFRQGX
omRVLQDLVDF~VWLFRVGRH[WHULRUSRUH[HP
SORVLQDLVGHDYLVRGHYHtFXORVGDSROtFLD
ERPEHLURVRXRXWURVYHtFXORVSRGHPQmR
VHURXYLGRVHRFDVLRQDUDFLGHQWHV
6HUYLoRGHDWHQGLPHQWRDRFOLHQWH
)D[
&DUWD
9RONVZDJHQGR%UDVLO&HQWUDOGHUHODFLRQD
PHQWRFRP&OLHQWHV
,QWHUQHW
7HOHIRQH

'HFODUDomRGHFRQIRUPLGDGH
(TXLSDPHQWRVGHUDGLRIUHTXrQFLD
(TXLSDPHQWRVHOpWULFRV
/LFHQoDGHXWLOL]DomRGDFKDYHFRPFRPDQGRUHPRWR
)LJ

/LFHQoDGHXWLOL]DomRGRLPRELOL]DGRUHOHWU{QLFR
)LJ

8QLGDGHGHFRQWUROHGRPRWRUHVLVWHPDGHSXULILFDomRGR
JiVGHHVFDSH
,QWURGXomRDRWHPD
$'9(571&,$
PXLWR,VVRSRGHFDXVDULQFrQGLRV
'HVOLJDURYHtFXORGHIRUPDTXHQHQKXPD
SHoDGRVLVWHPDGHHVFDSHHQWUHHPFRQWDWR
FRPPDWHULDLVIDFLOPHQWHLQIODPiYHLVSRUEDL
[RGRYHtFXORFRPRSRUH[HPSORJUDPDVH
FD
1XQFDXWLOL]DUSURWHomRDGLFLRQDOSDUDD
SDUWHLQIHULRUGRYHtFXORRXSURGXWRVDQWLFRU
URVLYRVQRWXERGRHVFDSDPHQWRFDWDOLVDGR
UHVRXFKDSDVGHEOLQGDJHPWpUPLFD

/X]HVGHFRQWUROH
oD QDSiJLQD
$FHVD
%0#
&DXVDSRVVtYHO
6ROXomR
&DXVDSRVVtYHO
6ROXomR
B
3LVFDQ
GR
B
$'9(571&,$
UDDVHJXUDQoDGRFRQGXWRUHSDVVDJHLURV
HYLWDQGRSRVVtYHLVSDUDGDVGRYHtFXOREHP
FRPRHYHQWXDLVDFLGHQWHV
127$
VXDVGHVFULo}HVHRULHQWDo}HVSDUDHYLWDUGD
QRVQRYHtFXOR
%0#
5HJXODJHPHOHWU{QLFDGDSRWrQFLDGRPRWRU(3&

&DWDOLVDGRU
127$
8P~QLFRDEDVWHFLPHQWRFRPJDVROLQDFRP
FKXPERRXRXWURVDGLWLYRVPHWiOLFRVSRU
H[HPSORPDQJDQrVpVXILFLHQWHSDUDUHGX]LUD
HILFiFLDGRFDWDOLVDGRUHSDUDGDQLILFiOR
)LOWURGHFDUYmRDWLYDGRVLVWHPDGHDOLPHQWDomR

$XWRDMXGD
2ULHQWDo}HVSUiWLFDV
3HUJXQWDVHUHVSRVWDV
DQWHV
3DUWLFXODULGDGH
&DXVDVSRVVtYHLV
6ROXo}HVSRVVtYHLV

$XWRDMXGD
3DUWLFXODULGDGH
&DXVDVSRVVtYHLV
6ROXo}HVSRVVtYHLV
2ULHQWDo}HVSUiWLFDV

(PFDVRGHHPHUJrQFLD
,QWURGXomRDRWHPD
$'9(571&,$
8PYHtFXORSDUDGRUHSUHVHQWDXPJUDQGHULV
FRGHDFLGHQWHSDUDVLPHVPRHSDUDWHUFHL
URVQRWUkQVLWR
3URWHJHUDVLPHVPRHDRYHtFXOR
ORFDOVHJXUR(VWDFLRQDURYHtFXORDXPDGLV
WkQFLDVHJXUDGRIOX[RGHWUkQVLWRSDUDWUDYDU
VHJXUDPHQWHWRGDVDVSRUWDVHPFDVRGH
HPHUJrQFLD/LJDUDVOX]HVGHDGYHUWrQFLDSD
UDDOHUWDURXWURVFRQGXWRUHV
1XQFDGHL[DUFULDQoDVGHILFLHQWHVRXSHV
VRDVFRPQHFHVVLGDGHVHVSHFLDLVVR]LQKDV
QRYHtFXORTXDQGRDVSRUWDVIRUHPWUDYDGDV
,VWRSRGHUiID]HUFRPTXHHODVVHMDPWUDQFD
GDVGHQWURGRYHtFXORHPFDVRGHHPHUJrQ
FLD3HVVRDVWUDQFDGDVSRGHPILFDUH[SRVWDV
DWHPSHUDWXUDVPXLWRDOWDVRXPXLWREDL[DV
)LJ
/LVWDGHFRQWUROH
'0

$XWRDMXGD
$'9(571&,$

GHQWHV
JHUDOPHQWHYiOLGDV
$'9(571&,$
([HPSORVHPTXHDVOX]HVGHDGYHUWrQFLD
GHYHPVHUDFLRQDGDV
PXLWR3RULVVRSRGHPRFRUUHULQFrQGLRVH
IHULPHQWRVJUDYHV
WDWRFRPPDWHULDLVIDFLOPHQWHLQIODPiYHLV
HPEDL[RGRYHtFXORFRPRSRUH[HPSORJUD
PDVHFDRXFRPEXVWtYHO
/X]HVGHIUHQDJHPGHHPHUJrQFLD(66(PHUJHQF\6WRS6LJQDO
2ULHQWDo}HVSUiWLFDV

7ULkQJXORGHVHJXUDQoD
$'9(571&,$
2EMHWRVVROWRVSRGHPVHUODQoDGRVSHORLQWH
ULRUGRYHtFXORHPUD]mRGHXPDPDQREUDVGH
GLUHomRRXGHIUHQDJHPV~ELWDEHPFRPRHP
XPDFLGHQWHHFDXVDUIHULPHQWRVJUDYHV
$IL[DURWULkQJXORGHVHJXUDQoDQRVGHYL
GRVVXSRUWHVVHPSUHGHPDQHLUDVHJXUD
)LJ
5HPRYHURH[WLQWRUGHLQFrQGLR
DQWHV
)LJ

$XWRDMXGD
8WLOL]DURH[WLQWRUGHLQFrQGLR
)LJ
)LJ
0DQXWHQomRGRH[WLQWRUGHLQFrQGLR
)LJ
)LJ
2ULHQWDo}HVSUiWLFDV

6HPSUHTXHRH[WLQWRUGHLQFrQGLRIRUXWL
OL]DGRRXDWLQJLURSUD]RGHGXUDELOLGDGHGDWD
GHYHQFLPHQWRHOHGHYHVHUVXEVWLWXtGRLPH
GLDWDPHQWHSRUXPQRYR
$'9(571&,$
2H[WLQWRUGHLQFrQGLRGRYHtFXORHVWiSUH
YLVWRSDUDVHUXWLOL]DGRDSHQDVXPDYH]HWHP
YDOLGDGHGHILQLGDSRUOHL

$XWRDMXGD
$9RONVZDJHQUHFRPHQGDID]HUDVXEVWLWX
omR GR H[WLQWRU GH LQFrQGLR GR VHX YHtFXOR
HPXPD&RQFHVVLRQiULD9RONVZDJHQRXHP
HVWDEHOHFLPHQWRV FUHGHQFLDGRV SHOR ,10(
752SDUDHVWDILQDOLGDGH
)HFKDPHQWRRXDEHUWXUDGHHPHUJrQFLD
,QWURGXomRDRWHPD
(PFDVRGHHPHUJrQFLDHODVQmRHVWDULDP
HPFRQGLo}HVGHGHL[DURYHtFXORVR]LQKDV
RXGHFXLGDUHPGHVLPHVPDV
(PXPYHtFXORIHFKDGRGHDFRUGRFRPD
HVWDomRGRDQRSRGHPRFRUUHUWHPSHUDWXUDV
PXLWRDOWDVRXPXLWREDL[DVTXHSRGHPRFD
VLRQDUIHULPHQWRVJUDYHVHHQIHUPLGDGHV
SULQFLSDOPHQWHHPFULDQoDVSHTXHQDVRX
RFDVLRQDUDPRUWH
$'9(571&,$
$iUHDGHIXQFLRQDPHQWRGDVSRUWDVpSHULJR
VDHSRGHFDXVDUIHULPHQWRV
$'9(571&,$
8PIHFKDPHQWRGHHPHUJrQFLDVHPVXSHUYL
VmRSRGHFDXVDUIHULPHQWRVJUDYHV
$EULURXIHFKDUDVSRUWDVVRPHQWHTXDQGR
QmRKRXYHUQLQJXpPHPVXDiUHDIXQFLRQDO
127$
$RH[HFXWDUXPIHFKDPHQWRGHHPHUJrQFLDDV
SHoDVGHYHPVHUUHPRYLGDVFXLGDGRVDPHQWHH
UHLQVWDODGDVFRUUHWDPHQWHSDUDHYLWDUGDQRVQR
YHtFXOR
2ULHQWDo}HVSUiWLFDV

7UDYDUDSRUWDGRSDVVDJHLURGLDQWHLURHDVSRUWDVWUDVHLUDVPDQXDOPHQWH
)LJ
)LJ
127$
QmR
$RUHDOL]DUXPWUDYDPHQWRGHHPHUJrQFLDGHV
PRQWDUDVSHoDVFRPFXLGDGRHPRQWDUFRUUH
WDPHQWHDSyVUHDOL]DURWUDEDOKRSDUDHYLWDU
GDQRVQRYHtFXOR
'HVWUDQFDUPHFDQLFDPHQWHWRGDVDV
SRUWDVGRYHtFXORDEHUWXUDGHHPHUJrQFLD

$XWRDMXGD
'HVWUDYDUDWDPSDGRFRPSDUWLPHQWRGHEDJDJHPHPHUJHQFLDOPHQWH
)LJ
2ULHQWDo}HVSUiWLFDV

)HUUDPHQWDVGHERUGR
,QWURGXomRDRWHPD
$'9(571&,$
8PDIHUUDPHQWDGHERUGRHXPDURGDGH
HPHUJrQFLDVROWRVSRGHPVHUDUUHPHVVDGRV
SHORLQWHULRUGRYHtFXORGXUDQWHPDQREUDVGH
GLUHomRRXGHIUHQDJHPV~ELWDVEHPFRPR
HPXPDFLGHQWHHFDXVDUIHULPHQWRVJUDYHV
*DUDQWLUVHPSUHTXHDVIHUUDPHQWDVGH
ERUGRRXDURGDGHHPHUJrQFLDHVWmRIL[DGRV
FRPVHJXUDQoDQRFRPSDUWLPHQWRGHEDJD
JHP
$'9(571&,$
8PDIHUUDPHQWDGHERUGRLQDGHTXDGDRXGD
QLILFDGDSRGHRFDVLRQDUDFLGHQWHVHIHULPHQ
WRV
1XQFDWUDEDOKDUFRPXPDIHUUDPHQWDGH
ERUGRLQDGHTXDGDRXGDQLILFDGD
$FRPRGDomR
FRPSRUWDRE
MHWRVQRFRPSDUWLPHQWRGHEDJDJHP
)LJ

$XWRDMXGD
$FHVVRjVIHUUDPHQWDVGHERUGR
)LJ
)L[DUDFDL[DGHIHUUDPHQWDVGHERUGR
6ROWDUDFLQWDGHIL[DomRGDFDL[DGH
IHUUDPHQWDVGHERUGR
&RPSRQHQWHV
&RPSRQHQWHVGDVIHUUDPHQWDVGHERUGR
)LJ
2ULHQWDo}HVSUiWLFDV

&DORWDV
,QWURGXomRDRWHPD
&DORWDVPRQWDGDVLQFRUUHWDPHQWHSRGHP
VHVROWDUGXUDQWHDFRQGXomRHFRORFDURX
WURVFRQGXWRUHVHPULVFR
$'9(571&,$
&DORWDVLQDGHTXDGDVHXPDPRQWDJHPLQFRU
UHWDGDVFDORWDVSRGHPFDXVDUDFLGHQWHVH
IHULPHQWRVJUDYHV
1mRXWLOL]DUFDORWDVGDQLILFDGDV
*DUDQWLUVHPSUHTXHRIRUQHFLPHQWRGHDU
SDUDUHIULJHUDomRGRVIUHLRVQmRHVWHMDLQWHU
URPSLGRRXUHGX]LGR,VWRWDPEpPpYiOLGR
SDUDLQVWDODomRSRVWHULRUGHFDORWDV8PIOX
[RGHDULQVXILFLHQWHSRGHUHVXOWDUHPXPD
GLVWkQFLDGHIUHQDJHPFRQVLGHUDYHOPHQWH
PDLRU
127$
'HVLQVWDODUFXLGDGRVDPHQWHDVFDORWDVHUHLQ
VWDODUFRUUHWDPHQWHSDUDHYLWDUGDQRVQRYHtFX
OR
6XSHUFDORWD
,QVWDODUDVXSHUFDORWD
127$
$VXSHUFDORWDHVWiIL[DGDQDURGDHQmRSRGH
VHUUHWLUDGDVHPDUHPRomRGRVSDUDIXVRVGD
URGD
)LJ
5HPRYHUDVXSHUFDORWD

$XWRDMXGD
&DSDGHFREHUWXUDGRVSDUDIXVRVGDURGD
)LJ
2ULHQWDo}HVSUiWLFDV

7URFDGHURGD
,QWURGXomRDRWHPD
ORFDOVHJXUR(VWDFLRQDURYHtFXORDXPDGLV
WkQFLDVHJXUDGRIOX[RGHWUkQVLWRSDUDSRGHU
UHDOL]DUDWURFDGHURGD
7RGRVRVSDVVDJHLURVHHVSHFLDOPHQWHDV
FULDQoDVGHYHPVHPSUHVHPDQWHUDXPDGLV
WkQFLDVHJXUDHDIDVWDGDGDiUHDGHWUDEDOKR
GXUDQWHDWURFDGHURGD
/LJDUDVOX]HVGHDGYHUWrQFLDHXWLOL]DUR
WULkQJXORGHVHJXUDQoDSDUDDOHUWDURXWURV
FRQGXWRUHV
*DUDQWLUTXHRSLVRVHMDSODQRHILUPH6H
IRURFDVRXWLOL]DUXPDSRLRHVWiYHOHFRP
VXSHUItFLHODUJDSDUDRPDFDFR
5HDOL]DUDWURFDGHURGDSRUFRQWDSUySULD
VRPHQWHVHHVWLYHUIDPLOLDUL]DGRFRPDV
Do}HVQHFHVViULDV&DVRFRQWUiULRSURFXUDU
DX[tOLRWpFQLFRHVSHFLDOL]DGR
8WLOL]DUVRPHQWHIHUUDPHQWDVDGHTXDGDVH
QmRGDQLILFDGDVSDUDXPDWURFDGHURGD
$'9(571&,$
8PDWURFDGHURGDSRGHVHUSHULJRVDHVSH
FLDOPHQWHVHIRUUHDOL]DGDQDPDUJHPGDUXD
3DUDHYLWDUTXHDFLGHQWHVRFRUUDPGHYHP
VHUREVHUYDGDVDVVHJXLQWHVRULHQWDo}HV
'HVOLJDUVHPSUHRPRWRUSX[DURIUHLRGH
HVWDFLRQDPHQWRHFRORFDUDDODYDQFDVHOHWRUD
QDSRVLomR'0RXFRPWUDQVPLVVmRPDQXDO
HQJDWDUXPDPDUFKDSDUDUHGX]LURULVFRGH
XPPRYLPHQWRVHPVXSHUYLVmRGRYHtFXOR
$SyVXPDWURFDGHURGDPDQGDUYHULILFDU
RWRUTXHGHDSHUWRGRVSDUDIXVRVGDURGD
FRPXPWRUTXtPHWURFDOLEUDGR
3UHSDUDo}HVSDUDDWURFDGHURGD
oD QDSiJLQD
/LVWDGHFRQWUROH
'0
b

$XWRDMXGD
$'9(571&,$
GHQWHV
JHUDOPHQWHYiOLGDV
5RGDGHHPHUJrQFLDFRPDURSROHJDGDV
$'9(571&,$
8PXVRLQDGHTXDGRGDURGDGHHPHUJrQFLD
GHDURSROHJDGDVSRUWHPSRSURORQJDGR
RXSRUVXEVWLWXLomRGHILQLWLYDDRDURSROH
JDGDVSRGHSURYRFDUGDQRVQRSQHXRFD
VLRQDUDSHUGDGHFRQWUROHGRYHtFXORFROL
V}HVRXRXWURVDFLGHQWHVFRPULVFRVGHIHUL
PHQWRVJUDYHV
-DPDLVFRQGX]LUHPYHORFLGDGHVXSHULRUD
NPKFRPDURGDGHHPHUJrQFLDFRPDUR
GHSROHJDGDVPRQWDGD(YLWDUDUUDQTXHVH
IUHQDJHQVEUXVFDVEHPFRPRFXUYDVDFHQWX
DGDV
1XQFDXWLOL]HPDLVGHXPDURGDGHDUR
SROHJDGDVDRPHVPRWHPSR
2ULHQWDo}HVSUiWLFDV

3DUDIXVRVGDURGD
7RUTXHGHDSHUWRGRVSDUDIXVRVGDURGD
1P
GDYHULILFDomR
DQWHV
)LJ
$'9(571&,$
3DUDIXVRVGDURGDDSHUWDGRVLQFRUUHWDPHQWH
SRGHPVHVROWDUGXUDQWHDFRQGXomRHFDXVDU
DFLGHQWHVIHULPHQWRVJUDYHVHDSHUGDGH
FRQWUROHGRYHtFXOR
8WLOL]DUVRPHQWHSDUDIXVRVGDURGDTXH
SHUWHQoDPDRUHVSHFWLYRDUR
1XQFDXWLOL]DUSDUDIXVRVGDURGDGLIHUHQ
WHV
6ROWDURVSDUDIXVRVGDURGD
,QIRUPDo}HVLPSRUWDQWHVVREUHRV
SDUDIXVRVGDURGD

$XWRDMXGD
8WLOL]DUDSHQDVDFKDYHGHURGDIRUQHFLGD
GHIiEULFDFRPRYHtFXORSDUDVROWDUHDSHUWDU
RVSDUDIXVRVGDVURGDV
(QTXDQWRRYHtFXORQmRHVWLYHUOHYDQWDGR
SHORPDFDFRVROWDURVSDUDIXVRVGDURGD
FHUFDGHXPDYROWDDSHQDV
2VSDUDIXVRVGDURGDHRVRULItFLRVURV
TXHiYHLVGRVFXERVGDVURGDVGHYHPHVWDU
OLPSRVGHIiFLOPDQXVHLRHVHPyOHRHJUD[D
XPD
1XQFDHQJUD[DURXOXEULILFDURVSDUDIXVRV
GDURGDRXRVRULItFLRVURVTXHiYHLVGRFXER
GDVURGDV(OHVSRGHPVHVROWDUGXUDQWHD
FRQGXomRPHVPRFRPRWRUTXHGHDSHUWR
SUHVFULWR
6HRVSDUDIXVRVGDURGDIRUHPDSHUWDGRV
FRPXPWRUTXHGHDSHUWRPXLWREDL[RRVSD
UDIXVRVGDURGDHRVDURVSRGHPVHVROWDU
GXUDQWHDFRQGXomR8PWRUTXHGHDSHUWRH[
FHVVLYRSRGHRFDVLRQDUGDQRVDRVSDUDIXVRV
GDURGDRXjURVFD
/HYDQWDURYHtFXORFRPRPDFDFR
)LJ
/LVWDGHFRQWUROH
'0
2ULHQWDo}HVSUiWLFDV

$'9(571&,$
8PDXWLOL]DomRLQFRUUHWDGRPDFDFRSRGHUH
VXOWDUQRGHVOL]DPHQWRGRYHtFXORSDUDIRUD
GRPDFDFRSURYRFDQGRIHULPHQWRVJUDYHV
3DUDUHGX]LURULVFRGHIHULPHQWRVREVHUYDU
RVHJXLQWH
8WLOL]DUVRPHQWHPDFDFRVOLEHUDGRVSHOD
9RONVZDJHQSDUDRYHtFXOR2XWURVPDFDFRV
PHVPRGHRXWURVPRGHORVGD9RONVZDJHQ
SRGHPGHVOL]DU
2SLVRGHYHVHUSODQRHILUPH8PSLVRLQ
FOLQDGRRXPDFLRSRGHFDXVDURGHVOL]DPHQ
WRGRYHtFXORSDUDIRUDGRPDFDFR6HIRUR
FDVRXWLOL]DUXPDSRLRHVWiYHOHFRPVXSHUIt
FLHODUJDSDUDRPDFDFR
(PFDVRGHXPSLVRHVFRUUHJDGLRFRPR
SRUH[HPSORSLVRGHODGULOKRVXWLOL]DUXPD
EDVHDQWLGHUUDSDQWHSRUH[HPSORXPWDSHWH
GHERUUDFKDSDUDHYLWDURGHVOL]DPHQWRGR
PDFDFR
3RVLFLRQDURPDFDFRVRPHQWHQRVSRQWRV
LQGLFDGRV$JDUUDGRPDFDFRGHYHVHHQFDL
[DUQRSHUILOGDORQJDULQDGHIRUPDVHJXUD
)LJ
1RFDVRGHFRQGXomRFRPUHERTXHGHVD
FRSODURUHERTXHGRYHtFXORGHWUDomRDQWHV
GHVXEVWLWXLUDURGD

$XWRDMXGD
1XQFDGHL[DUXPDSDUWHGRFRUSRSRU
H[HPSORXPEUDoRRXDSHUQDGHEDL[RGR
YHtFXORTXHHVWHMDOHYDQWDGRVRPHQWHFRPR
PDFDFR
$VVHJXUHVHGHTXHWRGRVRVSDVVDJHLURV
GHL[HPRYHtFXOR
6HIRUQHFHVViULRWUDEDOKDUVRERYHtFXOR
HVWHGHYHVHUDSRLDGRDGLFLRQDOPHQWHFRP
FDYDOHWHVDGHTXDGRV
1XQFDOHYDQWDURYHtFXORVHHOHHVWLYHULQ
FOLQDGRSDUDRODGRRXRPRWRUHVWLYHUHP
IXQFLRQDPHQWR
1XQFDOLJDURPRWRUFRPRYHtFXOROHYDQ
WDGR&RPDVYLEUDo}HVGRPRWRURYHtFXOR
SRGHFDLUGRPDFDFR
$'9(571&,$
GHQWHV
JHUDOPHQWHYiOLGDV
7URFDUDURGD
1RVYHtFXORVFRPVXSHUFDORWD
1RVYHtFXORVFRPFDORWDFHQWUDO
)LJ
$'9(571&,$
8PWRUTXHGHDSHUWRLQFRUUHWRRXSDUDIXVRV
GHURGDWUDWDGRVLQFRUUHWDPHQWHSRGHPRFD
VLRQDUDSHUGDGHFRQWUROHGRYHtFXORSURYR
FDQGRDFLGHQWHVHIHULPHQWRVJUDYHV
5HPRYHUDURGD
0DQWHUWRGRVRVSDUDIXVRVGDURGDHRULIt
FLRVURVTXHiYHLVGRVFXERVGDVURGDVVHP
SUHOLPSRVHLVHQWRVGHyOHRHJUD[D2VSD
UDIXVRVGDVURGDVGHYHPVHUGHIiFLOPDQX
VHLRHDSHUWDGRVFRPRWRUTXHGHDSHUWR
SUHVFULWR
1RVYHtFXORVFRPVXSHUFDORWD
127$
$9RONVZDJHQUHFRPHQGDHVSHFLDOFXLGDGRGX
UDQWHDUHPRomRGDFDORWDFHQWUDOSRLVRVHQ
FDL[HVSOiVWLFRVSRGHPVHUGDQLILFDGRVVHIR
UHPVXEPHWLGRVDHVIRUoRVGHVQHFHVViULRV
,QVWDODUDURGDGHHPHUJrQFLD
OHYHPHQWH
1RVYHtFXORVFRPFDORWDWLSRFRSLQKR
2ULHQWDo}HVSUiWLFDV

$SyVDWURFDGDURGD
$'9(571&,$
$SyVDWURFDGDURGDVHPSUHVHFHUWLILFDUGH
TXHDVIHUUDPHQWDVGHERUGRHDURGDGH
HPHUJrQFLDHVWmREHPHQFDL[DGDVHPVHXV
DORMDPHQWRV
127$
2WRUTXHGHDSHUWRSUHVFULWRSDUDRVSDUDIXVRV
GDURGDGHDoRRXGHOLJDOHYHpGH1PH
GHYHVHUFRQWURODGRRPDLVUiSLGRSRVVtYHO
FRPXPWRUTXtPHWUR3DUDLVWRD9RONVZDJHQ
UHFRPHQGDDV&RQFHVVLRQiULDV9RONVZDJHQ

$XWRDMXGD
)XVtYHLV
,QWURGXomRDRWHPD
127$
3DUDHYLWDUGDQRVDRVLVWHPDHOpWULFRGRYHt
FXORDQWHVGDWURFDGHXPIXVtYHOpQHFHVViULR
TXHDLJQLomRDOX]HWRGRVRVFRQVXPLGRUHV
HOpWULFRVHVWHMDPGHVOLJDGRVHDFKDYHGRYHt
FXORHVWHMDIRUDGDLJQLomR
6HXPIXVtYHOIRUVXEVWLWXtGRSRUXPGH
PDLRULQWHQVLGDGHSRGHUmRVXUJLUGDQRVWDP
EpPHPRXWUDVSDUWHVGRVLVWHPDHOpWULFR
&DL[DVGHIXVtYHLVDEHUWDVGHYHPVHUSURWH
JLGDVFRQWUDDSHQHWUDomRGHLPSXUH]DVHXPL
GDGH,PSXUH]DVHXPLGDGHQDVFDL[DVGHIXVt
YHLVSRGHPFDXVDUGDQRVDRVLVWHPDHOpWULFR
$'9(571&,$
$DOWDWHQVmRGRVLVWHPDHOpWULFRSRGHFDXVDU
FKRTXHVHOpWULFRVJUDYHVTXHLPDGXUDVHD
PRUWH
1XQFDHQFRVWDUQRVFRQGXWRUHVHOpWULFRV
GRVLVWHPDGHLJQLomR
(YLWDUFXUWRVFLUFXLWRVQRVLVWHPDHOpWULFR
$'9(571&,$
2XVRGHIXVtYHLVLQDGHTXDGRVRUHSDURGH
IXVtYHLVHDFRQH[mRHPSRQWHGHXPFLUFXLWR
HOpWULFRVHPIXVtYHLVSRGHPFDXVDUXPLQ
FrQGLRHIHULPHQWRVJUDYHV
1XQFDLQVWDODUIXVtYHLVTXHWHQKDPXPD
LQWHQVLGDGHGHFRUUHQWHPDLRU6XEVWLWXLURV
IXVtYHLVVRPHQWHSRUIXVtYHLVFRPDPHVPD
LQWHQVLGDGHPHVPDFRUHLQVFULomRHRPHV
PRWDPDQKR
1XQFDUHSDUDUIXVtYHLV
1XQFDVXEVWLWXLUIXVtYHLVSRUXPDWLUDGH
PHWDOXPFOLSHGHHVFULWyULRRXVLPLODUHV
2ULHQWDo}HVSUiWLFDV

)XVtYHLVGRYHtFXOR
)LJ
)LJ
$EULUDFDL[DGHIXVtYHLVQRFRPSDUWLPHQWR
GRPRWRU
&RUGHUHIHUrQFLDGRVIXVtYHLV
&RU
,QWHQVLGDGHGDFRUUHQWHHP
$PSHUH
LQVWDODomR
127$
5HPRYHUFXLGDGRVDPHQWHDVFREHUWXUDV
GDVFDL[DVGHIXVtYHLVHUHLQVWDODUFRUUHWDPHQ
WHSDUDHYLWDUGDQRVQRYHtFXOR
&DL[DVGHIXVtYHLVDEHUWDVGHYHPVHUSURWH
JLGDVFRQWUDDSHQHWUDomRGHLPSXUH]DVHXPL
GDGH,PSXUH]DVHXPLGDGHQDVFDL[DVGHIXVt
YHLVSRGHPFDXVDUGDQRVDRVLVWHPDHOpWULFR
$EULUDFDL[DGHIXVtYHLVQRSDLQHOGH
LQVWUXPHQWRV

$XWRDMXGD
6XEVWLWXLURVIXVtYHLVTXHLPDGRV
)LJ
)LJ
IXVtYHLVPDLRUHV
%
3UHSDUDo}HV
PHVPD
5HFRQKHFHUIXVtYHLVTXHLPDGRV
PHVPR
127$
6HXPIXVtYHOIRUVXEVWLWXtGRSRURXWURGHPDL
RULQWHQVLGDGHSRGHPVXUJLUGDQRVHPRXWUDV
SDUWHVGRVLVWHPDHOpWULFR
6XEVWLWXLURIXVtYHO
IXVtYHLVSHTXHQRV
2ULHQWDo}HVSUiWLFDV

&DL[DGHIXVtYHLVQRSDLQHOGHLQVWUXPHQWRV
)LJ

$XWRDMXGD
&DL[DGHIXVtYHLVQRFRPSDUWLPHQWRGRPRWRU
)LJ

$'9(571&,$

$QWHVGHTXDOTXHUWUDEDOKRQRFRPSDUWLPHQ
WRGRPRWRUVHPSUHOHUHREVHUYDUDVQRWDV
GHDYLVRV3iJLQD3UHSDUDo}HVSDUD
WUDEDOKRVQRFRPSDUWLPHQWRGRPRWRU2
FRPSDUWLPHQWRGRPRWRUGHWRGRVRVYHtFX
ORVpXPDiUHDSHULJRVDHSRGHFDXVDUIHUL
PHQWRVJUDYHV
2ULHQWDo}HVSUiWLFDV

7URFDGHOkPSDGDVLQFDQGHVFHQWHV
,QWURGXomRDRWHPD
$'9(571&,$
$FRQGXomRFRPOkPSDGDVLQFDQGHVFHQWHV
TXHLPDGDVDOpPGHLUUHJXODUJHUDXPSRWHQ
FLDOULVFRGHDFLGHQWHV(YHQWXDLVOkPSDGDV
LQFDQGHVFHQWHVTXHLPDGDVGHYHPVHUVXEVWL
WXtGDVRPDLVEUHYHSRVVtYHO
$LOXPLQDomRLQVXILFLHQWHGDVYLDVS~EOL
FDVFRPRSRUH[HPSORUXDVDYHQLGDVH
SUDoDVDFDUUHWDDEDL[DYLVLELOLGDGHHWDP
EpPSRWHQFLDOL]DRULVFRGHDFLGHQWHVXPD
YH]TXHRXWURVFRQGXWRUHVWHULDPGLILFXOGD
GHVHPYLVXDOL]DUXPYHtFXORTXHHVWLYHVVH
WUDIHJDQGRFRPDVOkPSDGDVLQFDQGHVFHQWHV
TXHLPDGDV
$'9(571&,$
8PDWURFDGHOkPSDGDLQFDQGHVFHQWHH[HFX
WDGDGHIRUPDLQFRUUHWDSRGHFDXVDUDFLGHQ
WHVHIHULPHQWRVJUDYHV
$QWHVGHTXDOTXHUWUDEDOKRQRFRPSDUWL
PHQWRGRPRWRUOHUHREVHUYDUVHPSUHRV
DOHUWDV3iJLQD3UHSDUDo}HVSDUDWUDED
OKRVQRFRPSDUWLPHQWRGRPRWRU2FRPSDU
WLPHQWRGRPRWRUGHWRGRVRVYHtFXORVpXPD
iUHDSHULJRVDHSRGHFDXVDUIHULPHQWRVJUD
YHV
(VSHFLILFDo}HVDGLFLRQDLVGHOkPSDGDV
LQFDQGHVFHQWHV

$XWRDMXGD
6XEVWLWXLUDOkPSDGDLQFDQGHVFHQWHHP
TXHVWmRVRPHQWHVHHODHVWLYHUWRWDOPHQWH
IULD
1XQFDUHDOL]DUXPDWURFDGHOkPSDGDLQ
FDQGHVFHQWHVHQmRHVWLYHUIDPLOLDUL]DGRFRP
DVDo}HVQHFHVViULDV6HKRXYHULQVHJXUDQoD
VREUHRTXHID]HURVWUDEDOKRVQHFHVViULRV
GHYHUmRVHUUHDOL]DGRVSRUXPD&RQFHVVLR
QiULD9RONVZDJHQRXSRUXPDHPSUHVDHVSH
FLDOL]DGD
b
127$
1mRVHJXUDUREXOERGHYLGURGDOkPSDGD
LQFDQGHVFHQWHFRPRVGHGRVGHVFREHUWRV
,PSUHVV}HVGLJLWDLVUHPDQHVFHQWHVVREUHD
OkPSDGDLQFDQGHVFHQWHHYDSRUDPFRPRFD
ORUTXDQGRHVWDpOLJDGDHGHL[DPRUHIOHWRU
RSDFR
$9RONVZDJHQUHFRPHQGDFXLGDGRHVSHFLDO
FRPDOJXPDVSHoDVSOiVWLFDVTXHSRVVXHP
SUHVLOKDVTXHSRGHPTXHEUDUVHGXUDQWHDUH
PRomRRXLQVWDODomRGDVOkPSDGDV
1DFDUFDoDGRIDUROQRFRPSDUWLPHQWRGR
PRWRUHQDFDUFDoDGDODQWHUQDWUDVHLUDH[LV
WHPSHoDVFRPDUHVWDVDILDGDV3URWHJHUDV
PmRVQDWURFDGHOkPSDGDVLQFDQGHVFHQWHV
127$
6HDSyVXPDWURFDGHOkPSDGDLQFDQGHVFHQWH
DVFREHUWXUDVGHERUUDFKDGDFDUFDoDGRIDURO
QmRIRUHPPRQWDGDVFRUUHWDPHQWHSRGHUmR
RFRUUHUGDQRVQRVLVWHPDHOpWULFRSULQFLSDO
PHQWHSHODSHQHWUDomRGHiJXD
,QIRUPDo}HVVREUHDWURFDGHOkPSDGDVLQFDQGHVFHQWHV
oD QDSiJLQD
/LVWDGHFRQWUROH
'0
2ULHQWDo}HVSUiWLFDV

$'9(571&,$
GHQWHV
JHUDOPHQWHYiOLGDV
127$
5HPRYHUHLQVWDODUDVOkPSDGDVVHPSUHFRP
FXLGDGRHYLWDQGRGDQRVQDSLQWXUDGRYHtFXOR
RXHPRXWUDVSHoDVGRYHtFXOR

$XWRDMXGD
7URFDUDOkPSDGDLQFDQGHVFHQWHGRIDUROEDL[RDOWRIDUROVLPSOHV
)LJ
)LJ
([HFXWDUDVDo}HVVRPHQWHQDVHTXrQFLDLQGLFDGD

2ULHQWDo}HVSUiWLFDV

7URFDUDOkPSDGDLQFDQGHVFHQWHGDOX]GHSRVLomRIDUROVLPSOHV
)LJ
)LJ

$XWRDMXGD
7URFDUDOkPSDGDLQFDQGHVFHQWHGRLQGLFDGRUGHGLUHomRGLDQWHLURIDURO
VLPSOHV
)LJ
)LJ

2ULHQWDo}HVSUiWLFDV

7URFDUDOkPSDGDLQFDQGHVFHQWHGRIDUROEDL[RIDUROGXSOR
)LJ
)LJ
b

$XWRDMXGD
7URFDUDOkPSDGDLQFDQGHVFHQWHGRIDURODOWROX]GHSRVLomRIDUROGXSOR
)LJ
)LJ
7URFDUDOkPSDGDLQFDQGHVFHQWHGRIDURODOWR

2ULHQWDo}HVSUiWLFDV

7URFDUDOkPSDGDLQFDQGHVFHQWHGDOX]GHSRVLomR

$XWRDMXGD
7URFDUDOkPSDGDLQFDQGHVFHQWHGRLQGLFDGRUGHGLUHomRGLDQWHLURIDURO
GXSOR
)LJ
)LJ
2ULHQWDo}HVSUiWLFDV

7URFDUDOkPSDGDLQFDQGHVFHQWHQRSDUDFKRTXHGLDQWHLUR
3RQWRVGHDSRLRSDUDDVXV
SHQVmRGRYHtFXOR
)LJ
$'9(571&,$
1XQFDHOHYDURYHtFXORFRPRPDFDFRSDUDD
WURFDGDOkPSDGDGRIDUROGHQHEOLQD

$XWRDMXGD
7URFDUDVOkPSDGDVLQFDQGHVFHQWHVGDODQWHUQDWUDVHLUDQDWDPSDGR
FRPSDUWLPHQWRGHEDJDJHP
)LJ
)LJ
2ULHQWDo}HVSUiWLFDV

7URFDUDVOkPSDGDVLQFDQGHVFHQWHVGDODQWHUQDWUDVHLUDQDFDUURFHULD
)LJ
)LJ

$XWRDMXGD
5HPRYHUDODQWHUQDWUDVHLUDGDFDUURFHULD
7URFDUDVOkPSDGDVLQFDQGHVFHQWHV
,QVWDODUDODQWHUQDWUDVHLUDQDFDUURFHULD
127$
5HPRYHUHLQVWDODUDODQWHUQDWUDVHLUDQD
FDUURFHULDVHPSUHFRPFXLGDGRHYLWDQGRGD
QRVQDSLQWXUDGRYHtFXORRXHPRXWUDVSHoDV
GRYHtFXOR
127$FRQWLQXDomR
$9RONVZDJHQUHFRPHQGDFXLGDGRHVSHFLDO
FRPDOJXPDVSHoDVSOiVWLFDVTXHSRVVXHP
SUHVLOKDVTXHSRGHPTXHEUDUVHGXUDQWHDUH
PRomRRXLQVWDODomRGDVOkPSDGDV
2ULHQWDo}HVSUiWLFDV

7URFDUDOkPSDGDLQFDQGHVFHQWHGDODQWHUQDGDSODFDGHOLFHQoD
)LJ
oD QDSiJLQD

$XWRDMXGD
7URFDGHODQWHUQDVTXHXWLOL]DP/('
,QWURGXomRDRWHPD
,QIRUPDo}HVLPSRUWDQWHV
/DQWHUQDGRLQGLFDGRUGHGLUHomRODWHUDO
/DQWHUQDGHIUHLRHOHYDGDEUDNHOLJKW
/DQWHUQDGHQHEOLQD
ORVFRPODQWHUQDGHQHEOLQD
YiOLGRSDUDYHtFX
7URFDUDODQWHUQDGHQHEOLQDQRSDUDFKRTXHWUDVHLUR
)LJ
2ULHQWDo}HVSUiWLFDV

$X[tOLRjSDUWLGD
,QWURGXomRDRWHPD
1XQFDFDUUHJDUXPDEDWHULDGRYHtFXOR
FRQJHODGDRXTXHWHQKDVLGRGHVFRQJHODGD
8PDEDWHULDGRYHtFXORGHVFDUUHJDGDSRGH
FRQJHODUHPWHPSHUDWXUDVHPWRUQRGH&
8PDEDWHULDGRYHtFXORFRQJHODGDRXGHV
FRQJHODGDGHYHVHUVXEVWLWXtGD
'XUDQWHRDX[tOLRjSDUWLGDXPDPLVWXUD
GHJiVGHWRQDQWHDOWDPHQWHH[SORVLYDpIRU
PDGDQDEDWHULDGRYHtFXOR0DQWHUIRJRIDtV
FDVFKDPDVH[SRVWDVHFLJDUURVHPEUDVD
VHPSUHGLVWDQWHVGDEDWHULDGRYHtFXOR1XQ
FDXWLOL]DUXPWHOHIRQHPyYHOHQTXDQWRRVFD
ERVDX[LOLDUHVGHSDUWLGDVmRFRQHFWDGRVH
GHVFRQHFWDGRV
$'9(571&,$
$XWLOL]DomRLQDGHTXDGDGRVFDERVDX[LOLDUHV
GHSDUWLGDHXPDX[tOLRjSDUWLGDUHDOL]DGRGH
IRUPDLQFRUUHWDSRGHPFDXVDUXPDH[SORVmR
GDEDWHULDGRYHtFXORHIHULPHQWRVJUDYHV3D
UDUHGX]LURULVFRGHH[SORVmRGDEDWHULDGR
YHtFXORREVHUYDURVHJXLQWH
7RGRVRVWUDEDOKRVQDEDWHULDGRYHtFXORH
QRVLVWHPDHOpWULFRSRGHPFDXVDUTXHLPDGX
UDVJUDYHVLQFrQGLRVHFKRTXHVHOpWULFRV
$QWHVGHTXDOTXHUWUDEDOKRQDEDWHULDGRYHt
FXOROHUHREVHUYDUVHPSUHRVVHJXLQWHVDOHU
WDVHSUHFDXo}HVGHVHJXUDQoD3iJLQD
%DWHULDGRYHtFXOR
$EDWHULDGRYHtFXORIRUQHFHGRUDGHFRU
UHQWHGHYHWHUDPHVPDWHQVmR9HDSUR
[LPDGDPHQWHDPHVPDFDSDFLGDGHYHUJUD
YDomRQDEDWHULDGRYHtFXORTXHDEDWHULDGR
YHtFXORGHVFDUUHJDGD

$XWRDMXGD
&DUUHJDUDEDWHULDGRYHtFXORVRPHQWHHP
ORFDLVEHPYHQWLODGRVSRLVQRDX[tOLRjSDUWL
GDpIRUPDGDXPDPLVWXUDGHJiVGHWRQDQWH
DOWDPHQWHH[SORVLYD
2VFDERVDX[LOLDUHVGHSDUWLGDQXQFDGH
YHPHQWUDUHPFRQWDWRFRPSHoDVJLUDWyULDV
QRFRPSDUWLPHQWRGRPRWRU
1XQFDFRQIXQGLURSRORSRVLWLYRFRPR
SRORQHJDWLYRRXFRQHFWDURVFDERVDX[LOLD
UHVGHSDUWLGDLQFRUUHWDPHQWH
2EVHUYDURPDQXDOGHLQVWUXo}HVGRIDEUL
FDQWHGRFDERDX[LOLDUGHSDUWLGD
127$
3DUDHYLWDUGDQRVFRQVLGHUiYHLVDRVLVWHPD
HOpWULFRQRYHtFXORREVHUYDURVHJXLQWH
&DERVDX[LOLDUHVGHSDUWLGDFRQHFWDGRVLQ
FRUUHWDPHQWHSRGHPSURYRFDUXPFXUWRFLUFXL
WR
1mRGHYHKDYHUFRQWDWRHQWUHRVYHtFXORV
GRFRQWUiULRSRGHUiKDYHUIOX[RGHFRUUHQWHDR
FRQHFWDURVSRORVSRVLWLYRV
([HFXWDURDX[tOLRjSDUWLGD
)LJ
)LJ
SUHWR
SUHWR
/LJDURPRWRU
&RQHFWDURFDERDX[LOLDUGHSDUWLGD
5HPRYHURFDERDX[LOLDUGHSDUWLGD
YHUPHOKR
YHUPHOKR
2ULHQWDo}HVSUiWLFDV

$'9(571&,$
8PDX[tOLRjSDUWLGDH[HFXWDGRGHIRUPDLQ
FRUUHWDSRGHSURYRFDUXPDH[SORVmRGDEDWH
ULDGRYHtFXORHIHULPHQWRVJUDYHV3DUDUHGX
]LURULVFRGHH[SORVmRGDEDWHULDGRYHtFXOR
REVHUYDURVHJXLQWH
7RGRVRVWUDEDOKRVQDEDWHULDGRYHtFXORH
QRVLVWHPDHOpWULFRSRGHPFDXVDUTXHLPDGX
UDVJUDYHVLQFrQGLRVHFKRTXHVHOpWULFRV
$QWHVGHTXDOTXHUWUDEDOKRQDEDWHULDGRYHt
FXOROHUHREVHUYDUVHPSUHRVVHJXLQWHVDOHU
WDVHSUHFDXo}HVGHVHJXUDQoD3iJLQD
%DWHULDGRYHtFXOR
1RVYHtFXORVFRPVLVWHPDGHDLUEDJDV
VHJXUDUTXHQmRKDMDSHVVRDVQRLQWHULRUGR
YHtFXORGXUDQWHDFRQH[mRGRVFDERVDX[LOLD
UHVGHSDUWLGDQDEDWHULD(PFDVRGHSDQH
HOpWULFDRVDLUEDJVSRGHPVHUDFLRQDGRVDFL
GHQWDOPHQWHHSURYRFDUOHV}HVJUDYHVRXDWp
IDWDLVQRVRFXSDQWHVGRYHtFXOR
8VDUVHPSUHXPDSURWHomRDGHTXDGDSDUD
RVROKRVHQXQFDVHGHEUXoDUVREUHDVEDWH
ULDVGRYHtFXOR
&RQHFWDURVFDERVQDVHTXrQFLDFRUUHWD
SULPHLURRFDERSRVLWLYRGHSRLVRFDERQH
JDWLYR

$XWRDMXGD
1XQFDIL[DURFDERQHJDWLYRHPSHoDVGR
VLVWHPDGHFRPEXVWtYHORXQDVWXEXODo}HV
GRIUHLR
$VSDUWHVQmRLVRODGDVGDVJDUUDVGRVSR
ORVQmRGHYHPVHWRFDU$OpPGLVVRRFDER
IL[DGRQRSRORSRVLWLYRGDEDWHULDGRYHtFXOR
QmRGHYHHQWUDUHPFRQWDWRFRPSHoDVGR
YHtFXORFRQGXWRUDVGHFRUUHQWH
9HULILFDURYLVRUGDEDWHULDGRYHtFXORHVH
QHFHVViULRXWLOL]DUXPDODQWHUQD&DVRHVWHMD
DPDUHORFODURRXLQFRORUQmRH[HFXWDURDX
[tOLRjSDUWLGDHSURFXUDUDX[tOLRWpFQLFRHVSH
FLDOL]DGR
(YLWDUGHVFDUJDVHOHWURVWiWLFDVQDVLPH
GLDo}HVGDEDWHULDGRYHtFXOR2JiVGHWRQDQ
WHTXHHVFDSDGDEDWHULDGRYHtFXORSRGHVH
LQIODPDUSHODIRUPDomRGHIDtVFDV
1XQFDH[HFXWDURDX[tOLRjSDUWLGDVHDED
WHULDGRYHtFXORHVWLYHUGDQLILFDGDFRQJHODGD
RXGHVFRQJHODGD
127$
8PFDERDX[LOLDUGHSDUWLGDLQFRUUHWDPHQWHOL
JDGRSRGHSURYRFDUGDQRVFRQVLGHUiYHLVQR
VLVWHPDHOpWULFRGRYHtFXOR
3X[DUHUHERFDU
,QWURGXomRDRWHPD
2YHtFXORFRPEDWHULDGRYHtFXORGHVFDUUHJDGD
QmRGHYHVHUUHERFDGRSRUUD]}HVWpFQLFDV(P
YH]GLVVRXWLOL]DURDX[tOLRjSDUWLGD
3RUPRWLYRVWpFQLFRVRYHtFXORQmRGHYHVHU
HPSXUUDGR$RLQYpVGLVVRXWLOL]DURDX[tOLRj
SDUWLGD
5HERFDJHP
127$
5HVSHLWHVHPSUHDOHJLVODomRGHWUkQVLWRYLJHQ
WHVREUHRSURFHGLPHQWRGHUHERTXH
9RONVZDJHQ6HUYLFH
9RONVWDJHQ6HUYLFH
2ULHQWDo}HVSUiWLFDV

$EUHYLDWXUD
6LJQLILFDGR

$EUHYLDWXUD
6LJQLILFDGR

QGLFHUHPLVVLYR
$
$ODYDQFDGRVLQGLFDGRUHVGHGLUHomRHGR
IDURODOWR
$OFDQWDUD
$OHUWDVRQRUR
$EDVWHFHU
$OHUWDVVRQRURV
$EDVWHFLPHQWR
$OWHUDo}HV
$OWHUQDGRU
$PDFLDPHQWR
$EHUWXUDGHFRQIRUWR
$EHUWXUDGHHPHUJrQFLD
$EHUWXUDLQGHSHQGHQWHGDSRUWD
$EULU
$QWHQDH[WHUQD
$QWHVGDLGDj&RQFHVVLRQiULD9RONVZDJHQ
$SDUHOKRGHWUDQVPLVVmR
$SRLRSDUDFDEHoD
$TXHFLPHQWR
$UFRQGLFLRQDGR
$%6
$FHQGHGRUGHFLJDUUR
$FHVVyULRV
$FLRQDPHQWRGRVYLGURV
$o}HVGHSUHSDUDomR
$FRPRGDUYROXPHVGHEDJDJHP
JXDGRVODYDGRUHVGRSDUDEULVD
$URV
$VVHQWRV
$WLYLGDGHVGHSUHSDUDomR
$LUEDJ
$LUEDJIURQWDO
$X[tOLRDRHVWDFLRQDPHQWR
$LUEDJIURQWDOGRSDVVDJHLUR
$X[tOLRjSDUWLGD
$MXVWDU
$X[tOLRjSDUWLGDH[WHUQR
$YDULDGRPRWRU
$MXVWDURUHOyJLR
$MXVWDUSDVWLOKDVGHIUHLR
$ODYDQFDGRIDURODOWR

QGLFHUHPLVVLYR
%DQFR
%DQFRV
%DWHULD
&DUJDVVREUHRVHL[RV
&DUUHJDU
%DWHULDGRYHtFXOR
&DUURFHULD
&DVRGHSDQH
&DWDOLVDGRU
&DYLGDGHVRFDV
&HQWUDOGHUHODFLRQDPHQWRDRFOLHQWH
&KDVVL
&KDYH
%XVFDGHDYDULDV
%XVFDGHIDOKDV
%XVFDGHSUREOHPDV
%X]LQD
&
&DERGHUXSWXUD
&DGHLUDGHFULDQoD
&DGHLUDVGHFULDQoD
&KDYHFRPFRPDQGRUHPRWR
&KDYHGHLJQLomR
&KDYHGHUHSRVLomR
&KDYHGRYHtFXOR
&KDYHGRYHtFXORPHFkQLFD
&LQWRGHVHJXUDQoD
&LQWRVGHVHJXUDQoD
&DL[DFROHWRUDGHiJXD
&DORWDGDURGD
&DORWDV
&DSDFLGDGHGHFDUJDGRVSQHXV
&DSDFLGDGHGHWUDomR
&DSDFLGDGHV
&DUJDGHDSRLR
&DUJDGHUHERTXH
&LQ]HLUR
&OLPDWL]DomR
&yGLJRGHYHORFLGDGH
&RPDQGRVGRYRODQWHPXOWLIXQo}HV
QGLFHUHPLVVLYR

&RPEXVWtYHO
&RPSDUWLPHQWRGHEDJDJHP
&RPSDUWLPHQWRGRPRWRU
&RPSXWDGRUGHERUGR
&RQGXomR
&RQGXomRFRPUHERTXH
&RQGXomRQRLQYHUQR
&RQGX]LU
&RQVROHFHQWUDO
&RQVXPLGRUHOpWULFR
&RQVXPRGHFRPEXVWtYHO
&RQWUROHDXWRPiWLFRGDOX]GHFRQGXomR
&RQWUROHGHGLVWkQFLDGHHVWDFLRQDPHQ
WR
&RQGX]LUFRPFRQVFLrQFLDHFROyJLFD
&RQGX]LUHFRQRPLFDPHQWH
&RQGX]LUHFRQRPL]DQGRFRPEXVWtYHO
&RQH[mRGHGLDJQyVWLFR
&RQVHUYDomR
&RQVHUYDomRGHSHoDVFURPDGDV
&RQVHUYDomRGHSHoDVGHDOXPtQLR
&RQVHUYDomRGRYHtFXOR

QGLFHUHPLVVLYR
&RQWUROHVDRDEDVWHFHU
&ULVWDOL]DomRGDSLQWXUD
'
'DGRVGHLGHQWLILFDomRGRYHtFXOR
'DGRVGRPRWRU
'DGRVWpFQLFRV
(OHWUyOLWRGDEDWHULD
(PFDVRGHHPHUJrQFLD
(PLVVmRGH&2
(PSXUUDU
(QFRVWRGREDQFRWUDVHLUR
(QJDWDUDPDUFKD
'DQRVQRVSQHXV
'HFODUDomRGHFRQIRUPLGDGH
'HVFDUWH
'HVFRQJHODUDVIHFKDGXUDV
'HVFRQJHODURFLOLQGURGDIHFKDGXUDGDV
SRUWDV
'HVHPEDoDGRUGRYLGURWUDVHLUR
'HVHPSHQKRV
'HVJDVWHGRVSQHXV
'HVOLJDPHQWRDXWRPiWLFRGRVFRQVXPLGR
UHV
'HVWUDYDU
'LIXVRUHVGHDU
'LPHQV}HV
'LUHomR
'LUHomRKLGUiXOLFD
'LVSOD\
'LVSOD\GHWHPSHUDWXUD
'LVSRVLWLYRGHUHERTXH
(QURODGRUDXWRPiWLFRGRFLQWRGHVHJXUDQ
oD
(3&5HJXODJHPHOHWU{QLFDGDSRWrQFLDGR
PRWRU
(TXLSDPHQWRVGHVHJXUDQoD
(TXLSDPHQWRVTXHFRQVRPHPHOHWULFLGDGH
(UJXHURYHtFXOR
(VSHOKR
(VSHOKRUHWURYLVRULQWHUQR
(VSHOKRVUHWURYLVRUHV
(66(PHUJHQF\6WRS6LJQDO
(VWDFLRQDU
(VWLORGHFRQGXomRHFRQ{PLFR
(WDQRO
(WLTXHWDGHGDGRVGRYHtFXOR
(WLTXHWDGHLGHQWLILFDomR
(WLTXHWDVDGHVLYDV
([WHULRU
'LVWULEXLGRUHOHWU{QLFRGDIRUoDGHIUHQDJHP
(%9
([WLQWRUGHLQFrQGLR
(%9
(OpWULFD
QGLFHUHPLVVLYR

)DOKDGHIXQFLRQDPHQWR
)UHLRGHHVWDFLRQDPHQWR
)UHLRV
)XQomR&RPLQJ+RPH
)XQomRGHWHFomRGHFROLVmR
)DOKDGHXPDOkPSDGDLQFDQGHVFHQWH
)DOKDVVXSRVWDV
)$4V
)DURO
)XQomR.LFN'RZQ
)XQomR/HDYLQJ+RPH
)XQFLRQDPHQWRQRLQYHUQR
)XQo}HVGHFRQIRUWR
)XVtYHLV
)DUROEDL[R
)DUROHODQWHUQDGHQHEOLQD
)HFKDPHQWRDXWRPiWLFR
)HFKDPHQWRGHFRQIRUWR
)HFKDPHQWRGHHPHUJrQFLD
)HFKDU
*DQFKRSDUDVDFRODV
*DQFKRSDUDYHVWLPHQWDV
*DVROLQD
)HUUDPHQWDV
)HUUDPHQWDVGHERUGR
*5$
)LOWURGHFDUYmRDWLYDGR
)LOWURGHSRHLUD
)LOWURGHSyOHQ
)LOWURGHSROXHQWHV
)OXLGRGRIUHLR
+DELWiFXOR
+RG{PHWUR
+RG{PHWURSDUFLDO
+RG{PHWURWRWDO
)OXLGRV
)RQHGHRXYLGR
)UHLR
,6\VWHP
,JQLomR
,OXPLQDomR
,OXPLQDomRDPELHQWH
,PRELOL]DGRU
,PRELOL]DGRUHOHWU{QLFR
,QGLFDGRUGHFRQVXPRGHFRPEXVWtYHO

QGLFHUHPLVVLYR
,QGLFDGRUGHGHVJDVWH
,QGLFDGRUGHIUHQDJHPGHHPHUJrQFLD
,QGLFDGRUGHWURFDGHPDUFKD
/DQWHUQDLQWHUQD
/DQWHUQDVTXHXWLOL]DP/('
/DQWHUQDWUDVHLUD
,QGLFDGRUGRLQWHUYDORGHVHUYLoR
,QGLFDGRUGRQtYHOGHFRPEXVWtYHO
/DYDGRUGHDOWDSUHVVmR
/DYDGRUHVGRSDUDEULVD
,QGLFDGRUHVGRLQVWUXPHQWRFRPELQDGR
,QIRUPDo}HVDRFRQVXPLGRU
,QIRUPDo}HVDUPD]HQDGDVQDXQLGDGHGH
FRQWUROH
,QVWDODomRSRVWHULRU
,QVWDODURUiGLR
/DYDJHP
/DYDJHPGRYHtFXOR
/DYDURYHtFXOR
/('
/HYDQWDPHQWRGRYHtFXOR
/HYDQWDURYHtFXOR
/LFHQoDGHXWLOL]DomRGDFKDYHFRPFRPDQ
GRUHPRWR
/LFHQoDGHXWLOL]DomRGRLPRELOL]DGRUHOHWU{
QLFR
/LPLWDGRUGHIRUoD
,QVWUXPHQWRV
/LPLWDGRUGHIRUoDGRFLQWRGHVHJXUDQoD
/LPSDGRUHVGRSDUDEULVD
/LPSDGRUHVGRVYLGURV
-DQHODGHFRPXQLFDomR
/kPSDGDGDODQWHUQDGHIUHLR
/kPSDGDGDOX]GHSRVLomR
/kPSDGDGDOX]GHSRVLomRIDUROGXSOR
/kPSDGDGDOX]GHSRVLomRIDUROVLPSOHV
/kPSDGDGDPDUFKDjUp
/kPSDGDGRIDURODOWRIDUROGXSOR
/kPSDGDGRIDURODOWRIDUROVLPSOHV
/kPSDGDGRIDUROEDL[RIDUROGXSOR
/kPSDGDGRIDUROEDL[RIDUROVLPSOHV
/kPSDGDGRIDUROGHQHEOLQD
/kPSDGDGRLQGLFDGRUGHGLUHomR
/kPSDGDGRLQGLFDGRUGHGLUHomRGLDQWHLUR
IDUROGXSOR
/kPSDGDGRLQGLFDGRUGHGLUHomRGLDQWHLUR
IDUROVLPSOHV
/DQWHUQDGHOHLWXUD
/DQWHUQDGHQHEOLQD
/LPSH]D
/tTXLGRGHDUUHIHFLPHQWR
/tTXLGRGHDUUHIHFLPHQWRGRPRWRU
/tTXLGRGHSURWHomRDQWLFRQJHODQWH
/LVWDGHFRQWUROH
QGLFHUHPLVVLYR

0DoDQHWDGHDEHUWXUDGDSRUWD
PDQXWHQomRGRH[WLQWRUGHLQFrQGLR
0DQXWHQomRGRYHtFXOR
/X]
0HQX&RQILJXUDo}HV
0HQXSULQFLSDO
0RGLILFDo}HV
0RGLILFDo}HVQRYHtFXOR
0RGLILFDo}HVWpFQLFDV
0RGRGHUHFLUFXODomRGHDU
/X]GHDGYHUWrQFLD
0RQLWRUDPHQWRGRLQWHULRUGRYHtFXOR
0RQWDJHQVHDFRSODPHQWRV
0RWRU
0RWRUHLJQLomR
0RWRUQRYR
/X]GHFRQWUROH
1tYHOVRQRUR
1RWDVREUHRLPSDFWRDPELHQWDO
1~PHURGHDVVHQWRV
1~PHURGHLGHQWLILFDomR
1~PHURGHLGHQWLILFDomRGRPRWRU
1~PHURGHLGHQWLILFDomRGRYHtFXOR
1~PHURGRFKDVVL
/X]GHSRVLomR
/X]HVGHDGYHUWrQFLD
/X]HVGHIUHQDJHPGHHPHUJrQFLD
2FWDQDJHP
OHR
OHRGRPRWRU
0DFDFR

QGLFHUHPLVVLYR
2SHUDomRQRLQYHUQR
2TXHDFRQWHFHFRPRVRFXSDQWHVGRYHt
FXORVHPFLQWRGHVHJXUDQoD"
2TXHDFRQWHFHVH"
2VFLQWRVGHVHJXUDQoDSURWHJHP
3QHXVQRYRV
3QHXVXQLGLUHFLRQDLV
3ROLPHQWR
3RQWRVGHDSRLRSDUDDVXVSHQVmRGRYHt
FXOR
3RUWDFRSRV
3RUWDOXYDV
3RUWDREMHWRV
3DLQHOGHLQVWUXPHQWRV
3DOKHWDVGRVOLPSDGRUHVGRSDUDEULVD
3DUDEULVD
3DUDEULVDFRPUHYHVWLPHQWRPHWiOLFR
3DUDEULVDLQIUDYHUPHOKR
3DUDVyLV
3DUDGRQRWUkQVLWR
3DUDIXVRVGDURGD
3DUWLFXODULGDGHV
3RUWDREMHWRVQRFRPSDUWLPHQWRGHEDJD
JHP
3RUWDGRFRQGXWRU
3RUWDV
3RUWLQKRODGRWDQTXHGHFRPEXVWtYHO
VHPHQURODGRUDXWRPiWLFR
VXEDEGRPLQDO
3RVLomRQREDQFR
3UpWHQVLRQDGRUGRFLQWRGHVHJXUDQoD
3UpWHQVLRQDGRUGRVFLQWRVGHVHJXUDQoD
3UHSDUDWLYRVGHYLDJHP
3UHVVmRGRVSQHXV
3ULQFtSLRItVLFRGHXPDFROLVmRIURQWDO
3URFHGLPHQWRVSUHSDUDWyULRV
3HoDVGHUHSRVLomR
3HGDLV
3HUJXQWDVHUHVSRVWDV
3HVRV
3HVRWRWDO
3ODTXHWDGHIiEULFD
3ODTXHWDV
3ODWDIRUPDHOHYDWyULD
3QHXV
3QHXVPDLVYHOKRV
3URIXQGLGDGHGRSHUILO
3URJUDPDSDUDSUHVHUYDomRGRPHLRDPEL
HQWH
3URORQJDGRGHVXVR
QGLFHUHPLVVLYR

3URWHomRGDSDUWHLQIHULRUGRYHtFXOR
3URWHomRVRODU
3X[DU
3X[DUHUHERFDU
4XDOLGDGHGRVFRPEXVWtYHLV
5HPRYHURH[WLQWRUGHLQFrQGLR
5HPRYHURJHOR
5HPRYHUUHVtGXRVGHFHUD
5HSDURV
5HSURJUDPDomRGDVXQLGDGHVGHFRQWUROH
5HVHUYDWyULRGHJDVROLQDSDUDRVLVWHPDGH
SDUWLGDDIULR
5HYHVWLPHQWRGRVEDQFRV
5iGLR
5HEDWLPHQWRGRHVSHOKRUHWURYLVRUH[WHUQR
GLUHLWR
5HERFDJHP
5HERFDU
5HERTXH
5RGDGHHPHUJrQFLD
5RGDGHHPHUJrQFLDFRPDURSROHJD
GDV
5RGDU
5RGDVHSQHXV
5HFHSomRGRUiGLR
5HFLSLHQWHSDUDUHVHUYD
5HFXUVRV
5HGHGRFRPSDUWLPHQWRGHEDJDJHP
5HGHSDUDEDJDJHP
5HJLVWUDUGDGRV
5HJLVWURGHIDOKDV
5HJLVWURVGHGDGRVGXUDQWHDFRQGXomR
5HJXODJHPGHDOWXUDGRFLQWRGHVHJXUDQoD
5HJXODJHPHOHWU{QLFDGDSRWrQFLDGRPRWRU
(3&
5HJXODU
5HOyJLR
5HPRYHUDQHYH

QGLFHUHPLVVLYR
6LVWHPDGHIUHLR
5RWDomRHPPDUFKDOHQWD
5XtGRV
6$)(
6HJXUDQoDGDFRQGXomR
6HQVRUGHFKXYD
6HQWDU
6HUYLoRGHDWHQGLPHQWRDRFOLHQWH
6HUYRIUHLR
6tPERORV
6LVWHPD
6LVWHPDDQWLEORTXHLRGRIUHLR$%6
6LVWHPDDVVLVWHQWH
6LVWHPDGHLQIRUPDo}HV9RONVZDJHQ
6LVWHPDGHODYDJHPDXWRPiWLFR
6LVWHPDGHSDUWLGDDIULR
6LVWHPDGHSXULILFDomRGRJiVGHHVFDSH
6LVWHPDUHJXODGRUGHYHORFLGDGH
6LVWHPDV
6LVWHPDVGHDVVLVWrQFLD
6XEPHQX&RQIRUWR
6XEPHQX(&2&RPIRUW
6XEPHQX,OXPH9LVLE
6XEVWLWXLomRGHSHoDV
6XVSHQGHURYHtFXOR
6XVSHQVmRGRYHtFXOR
6LVWHPDGHDLUEDJ
7DF{PHWURFRQWDJLURV
7DPSDGRFRPSDUWLPHQWRGHEDJDJHP
6LVWHPDGH$LUEDJ
6LVWHPDGHDODUPH
7DPSDGRFRPSDUWLPHQWRGRPRWRU
6LVWHPDGHDODUPHDQWLIXUWR
7DPSDGRWDQTXHGHFRPEXVWtYHO
6LVWHPDGHDVVLVWrQFLD
6LVWHPDGHDVVLVWrQFLDGHIUHQDJHP
7DPSDVGDVYiOYXODV
QGLFHUHPLVVLYR

7DPSDWUDVHLUD
7DSHWHV
7DUD
7HFODGRWUDYDPHQWRFHQWUDO
7HOHIRQHFHOXODU
7HOHIRQHPyYHO
7HOHIRQHYHLFXODU
7H[WRVGHDGYHUWrQFLDRXRXWUDVLQIRUPD
o}HVQRGLVSOD\
7,1
7RPDGD
7RPDGDV
7UDYDU
7UDYDUDSRUWDGRSDVVDJHLURGLDQWHLURHDV
SRUWDVWUDVHLUDVPDQXDOPHQWH
7UDYHVVLDGHWUHFKRVDODJDGRV
7UDYHVVLDGHWUHFKRVDODJDGRVFRPiJXD
VDOJDGD
7UHDGZHDU
7ULkQJXORGHVHJXUDQoD
7URFDGDOkPSDGDLQFDQGHVFHQWH
7URFDGDVOkPSDGDVLQFDQGHVFHQWHV
7RUTXHGHDSHUWR
7UDomR
7UDQVPLVVmR
7UDQVPLVVmRDXWRPDWL]DGD
7URFDGHOkPSDGDVLQFDQGHVFHQWHV
7UDQVPLVVmRDXWRPDWL]DGD$6*
7URFDGHODQWHUQDVTXHXWLOL]DP/('
7URFDGHURGD
7UDQVPLVVmRPDQXDO
7URFDUDPDUFKD
7UDQVSRUWDU
7URFDUOkPSDGDV
7UDQVSRUWDUFULDQoDVQRYHtFXOR
8QLGDGHVGHFRQWUROH
7UDQVSRUWH
7UDQVSRUWHGHFULDQoDVQRYHtFXOR
7UDYDGHVHJXUDQoDSDUDFULDQoDV
7UDYDPHQWRFHQWUDO

8QLGDGHGHFRQWUROHGRPRWRU
QGLFHUHPLVVLYR
8WLOL]DURH[WLQWRUGHLQFrQGLR
9DUHWDGHPHGLomRGRyOHR
9HGDo}HVGHERUUDFKD
9HtFXOR
9LGURVPHFkQLFRV
9LVWDJHUDO
9HORFLGDGHPi[LPD
9HQGDGRYHtFXOR
9HQWLODomR
9HQWLODomRLQGLUHWD
9HULILFDURQtYHOGRIOXLGRGDGLUHomRKLGUiX
OLFD
9HULILFDURQtYHOGRyOHRGRPRWRU
9LDJHQVLQWHUQDFLRQDLV
9LVWDJHUDOGRYHtFXOR
9LGURV
9LGURVHOpWULFRV
9LVWDVH[WHUQDV
9RODQWH
9RODQWHPXOWLIXQo}HV
9ROXPHGRUiGLR
QGLFHUHPLVVLYR

9RONVZDJHQGR%UDVLO
Manual de instrues:
Novo Voyage
Data de fechamento: 13.06.2014 | XXX - OP: XXXXXX
Portugus Brasil: 07.2014
Nmero de artigo: 153.5B1.VOY.66

Manual Voyage 2015 Confortline

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Manual Voyage 2015 Confortline

Uploaded by

Copyright:

Available Formats

Manual de instrues

You might also like