&$3Ë78/2

6(/(d­2(&216758d­2'(9(17,/$'25(6

-XDUH]GH6RXVDH6LOYD
(YDQGURGH&DVWUR0HOR
)UDQFLVFRGH$VVLV&DUYDOKR3LQWR

,1752'8d­2
1D VHFDJHP QD DHUDomR GH JUmRV H QRV VLVWHPDV TXH XVDP YHQWLODomR
IRUoDGD FRPR DV PiTXLQDV GH VHSDUDomR GH OLPSH]D H GH WUDQVSRUWH Ki
QHFHVVLGDGHGHXPFRPSRQHQWHSDUDFULDUXPJUDGLHQWHHQHUJpWLFRTXHSURPRYDR
PRYLPHQWRGRDUDWUDYpVGRVHOHPHQWRVGRVLVWHPDHGRSURGXWR1DVHFDJHPGH
JUmRV R DU FDUUHJD D iJXD HYDSRUDGD GR SURGXWR SDUD IRUD GR VHFDGRU -i QD
DHUDomR D IXQomR GR DU p GH DSHQDV HVIULDU D PDVVD GH JUmRV HPERUD jV YH]HV
FDUUHDQGRXPDSHTXHQDTXDQWLGDGHGHiJXDHYDSRUDGDFDStWXOR±$HUDomRGH
*UmRV$UPD]HQDGRV
2V YHQWLODGRUHV VmR PiTXLQDV TXH SRU PHLR GD URWDomR GH XP URWRU
SURYLGR GH SiV DGHTXDGDPHQWH GLVWULEXtGDV H DFLRQDGR SRU XP PRWRU SHUPLWHP
WUDQVIRUPDU D HQHUJLD PHFkQLFD GR URWRU HP IRUPDV GH HQHUJLD SRWHQFLDO GH
SUHVVmR H HQHUJLD FLQpWLFD *UDoDV j HQHUJLD DGTXLULGD R DU WRUQDVH FDSD] GH
YHQFHU DV UHVLVWrQFLDV RIHUHFLGDV SHOR VLVWHPD GH GLVWULEXLomR H SHOD PDVVD GH
JUmRVSRGHQGRDVVLPUHDOL]DUDVHFDJHPRUHVIULDPHQWRDVHSDUDomRDOLPSH]DH
RWUDQVSRUWHGRSURGXWR
1HVWH FDStWXOR VHUmR DSUHVHQWDGRV RV SULQFtSLRV EiVLFRV SDUD R
HQWHQGLPHQWR R SURFHGLPHQWR UHFRPHQGDGR SDUD D HVFROKD GH XP YHQWLODGRU D
VHTrQFLD GRV FiOFXORV H RV GHWDOKHV SDUD D FRQVWUXomR GH XP YHQWLODGRU
FHQWUtIXJRVLPSOHVTXHSRGHVHUXVDGRHPYiULRVWLSRVGHVHFDGRUHVHVLVWHPDVGH
DHUDomR

&/$66,),&$d­2
+i GLYHUVRV FULWpULRV SDUD FODVVLILFDU RV YHQWLODGRUHV 6HUmR PHQFLRQDGRV
RVPDLVXWLOL]DGRVQDViUHDVGHDEUDQJrQFLDGHVWHOLYUR
D6HJXQGRRQtYHOHQHUJpWLFRGHSUHVVmRTXHHVWDEHOHFHPRVYHQWLODGRUHV
SRGHPVHU
EDL[DSUHVVmRDWpN3DPP&$
PpGLDSUHVVmRHQWUHHN3DDPP&$
DOWDSUHVVmRHQWUHHN3DDPP&$H
WXUERFRPSUHVVRUHVDFLPDGHN3DPP&$

2V YHQWLODGRUHV XVDGRV QDV RSHUDo}HV GH VHFDJHP OLPSH]D VHSDUDomR

FODVVLILFDomR DHUDomR H WUDQVSRUWH GRV SURGXWRV DJUtFRODV VmR QR Pi[LPR GH
PpGLDSUHVVmR


&DStWXOR6HOHomRH&RQVWUXomRGH9HQWLODGRUHV

E6HJXQGRDPRGDOLGDGHFRQVWUXWLYD
 FHQWUtIXJRVQHVWDPRGDOLGDGHGHYHQWLODGRURDUHQWUDQDFDL[D
RX YROXWD SDUDOHODPHQWH DR HL[R PRWRU H p GHVFDUUHJDGR
SHUSHQGLFXODUPHQWH j GLUHomR GH HQWUDGD GR DU )LJXUD D 2
URWRU SRGH VHU IDEULFDGR FRP DV SiV FXUYDGDV SDUD WUiV SDUD
IUHQWHRXUDGLDLVFRPSiVUHWDV)LJXUDH
 D[LDLV R URWRU VH DVVHPHOKD D XPD KpOLFH 2 DU HQWUD H VDL GR
YHQWLODGRUSDUDOHODPHQWHDRHL[RGHVWH)LJXUDE

)LJXUD   7LSRV GH YHQWLODGRUHV XVDGRV QR SUpSURFHVVDPHQWR GH SURGXWRV

DJUtFRODV

)LJXUD)RUPDVGDVSiVGRVYHQWLODGRUHVFHQWUtIXJRV

862'269(17,/$'25(61$6(&$*(0
&RPRYLVWRHPFDStWXORVDQWHULRUHVH[LVWHPGXDVPDQHLUDVSDUDUHGX]LUR
WHPSRFRQVXPLGRQDVHFDJHPGHSURGXWRVDJUtFRODV
D DXPHQWDQGRDYD]mRGHDUTXHSDVVDDWUDYpVGRSURGXWRDXPHQWDVHD
TXDQWLGDGH GH iJXD HYDSRUDGD RX VHMD D YHORFLGDGH GH VHFDJHP DWp
FHUWRSRQWRpSURSRUFLRQDODRIOX[RGHDUH
E DXPHQWDQGRVHDWHPSHUDWXUDGRDUGHVHFDJHPDFDSDFLGDGHGRDUHP
DEVRUYHU iJXD p DXPHQWDGD LVWR p DXPHQWDVH R VHX SRWHQFLDO GH
VHFDJHP

 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV
&DStWXOR6HOHomRHFRQVWUXomRGHYHQWLODGRUHV

(P VLVWHPDV GH VHFDJHP TXH XVDP EDL[DV WHPSHUDWXUDV D VHFDJHP GHYH
DFRQWHFHU HP XP WHPSR WDO TXH QmR SUHGLVSRQKD j GHWHULRUDomR DV FDPDGDV
VXSHULRUHV GD PDVVD GH JUmRV $ XWLOL]DomR GH XPD IRQWH DX[LOLDU GH FDORU SDUD
DTXHFLPHQWRGRDUGHVHFDJHPSRGHLQYLDELOL]DUHFRQRPLFDPHQWHHVVHVVLVWHPDV
EHPFRPRSURYRFDUVXSHUVHFDJHPGRSURGXWR$VVLPRFiOFXORGRIOX[RGHDUHD
XWLOL]DomR GH YHQWLODGRU DGHTXDGR VmR R PRGR PDLV SUiWLFR H HILFLHQWH SDUD VH
FRQWURODURWHPSRGHVHFDJHP

*5$1'(=$6&$5$&7(5Ë67,&$6
([LVWHP FHUWDV JUDQGH]DV LPSRUWDQWHV SDUD R IXQFLRQDPHQWR H SDUD R
GHVHPSHQKRGRVYHQWLODGRUHV&RPXPDFRPELQDomRDGHTXDGDGHVVDVJUDQGH]DV
p SRVVtYHO HVFROKHU FRUUHWDPHQWH R PHOKRU WLSR GH YHQWLODGRU SDUD GHWHUPLQDGDV
FRQGLo}HV GH RSHUDomR 3RU FDUDFWHUL]DUHP DV FRQGLo}HV GH IXQFLRQDPHQWR GR
YHQWLODGRUHVVDV JUDQGH]DV VmR FRQKHFLGDV FRPR *UDQGH]DV &DUDFWHUtVWLFDV 6mR
HODV
 Q~PHUR GH URWDo}HV SRU PLQXWR Q RX D YHORFLGDGH DQJXODU UDGLDQRV
SRUVHJXQGR
 GLkPHWURGHVDtGDGRURWRU'
 YD]mR4
 DOWXUDGHHOHYDomR~WLOWRWDOGHHOHYDomRHPRWUL]
 SRWrQFLDV~WLOWRWDOGHHOHYDomRHPRWUL]H
 UHQGLPHQWRVKLGUiXOLFRPHFkQLFRHWRWDO

$OWXUDGH(OHYDomR
$DOWXUDGHHOHYDomRUHSUHVHQWDRGHVQtYHOHQHUJpWLFRHQWUHGRLVSRQWRVHp
H[SUHVVD HP DOWXUD GH FROXQD IOXLGD $ DOWXUD WRWDO GH HOHYDomR +W p D HQHUJLD
WRWDOFHGLGDSHORURWRUGRYHQWLODGRUDRDU8PDSDUWHGHVWDHQHUJLDKSHUGHVHQR
SUySULRYHQWLODGRUSRU DWULWR H WXUELOKRQDPHQWR SHUGDVKLGUiXOLFDV&RPLVVR D
DOWXUD~WLO+pGHILQLGDSRU+ +WKRXVHMDDHQHUJLDDGTXLULGDSHORIOXLGR
GXUDQWHVXDSDVVDJHPDWUDYpVGRYHQWLODGRU
$DOWXUDPRWUL]GHHOHYDomR+PpD HQHUJLDPHFkQLFDIRUQHFLGDSHORHL[R
GRPRWRU&RPRWRGDHVWDHQHUJLDQmRpDSURYHLWDGDSHORURWRUSDUDWUDQVIHULUDR
DU D HQHUJLD+W XPD SDUWH GHOD VH SHUGH VRE D IRUPD GH SHUGDV PHFkQLFDV +S
QRVPDQFDLVHQDWUDQVPLVVmRSRUFRUUHLD$VVLPSRGHVHHVFUHYHU

+P +W+S

3RWrQFLDV
$ SRWrQFLD p D HQHUJLD IRUQHFLGD SDUD HIHWXDU WUDEDOKR QD XQLGDGH GH
WHPSR 3RUWDQWR D FDGD DOWXUD GH HOHYDomR H[LVWH XPD SRWrQFLD FRP D PHVPD
GHVLJQDomR

 3RWrQFLDÒWLO1XpDSRWrQFLDDGTXLULGDSHORDUGXUDQWHVXDSDVVDJHP
SHORYHQWLODGRU

6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV 
&DStWXOR6HOHomRH&RQVWUXomRGH9HQWLODGRUHV

 3RWrQFLD7RWDOGH(OHYDomR1WpDSRWrQFLDIRUQHFLGDDRDUSHODVSiV
GRURWRUH
 3RWrQFLD0RWUL]0HFkQLFDRX(IHWLYD1PRXDLQGD%UDNH
+RUVH3RZHU %+3  p D SRWrQFLD IRUQHFLGD SHOR PRWRU DR HL[R GR
YHQWLODGRU

$SRWrQFLDGHXPIOXLGRpGDGDSHODHTXDomR

1 SH4+HT
HPTXH
1SRWrQFLD~WLOWRWDORXPRWUL]:DWWV
SHSHVRHVSHFtILFRGRIOXLGR1P
4YD]mRGRIOXLGRPVH
+  DOWXUD GH HOHYDomR ~WLO WRWDO RX PRWUL] PHWUR GH
FROXQDGHIOXLGR

7HPVHDLQGDTXH

+ SUHVVmR1PSHVRHVSHFtILFR1P HT

5HQGLPHQWRV
5HQGLPHQWR p D UHODomR HQWUH SRWrQFLD DSURYHLWDGD H IRUQHFLGD 1R FDVR
GRVYHQWLODGRUHVWrPVH

5HQGLPHQWRKLGUiXOLFR

5K 1X1WHT

5HQGLPHQWRPHFkQLFR

5P 1W1P HT

5HQGLPHQWRWRWDO PHFkQLFR[KLGUiXOLFR

5W 1X1P K
K HT

5HQGLPHQWRYROXPpWULFR

5Y 444IHT

HPTXH
4  YROXPH GH IOXLGR UHDOPHQWH GHVORFDGR SHOD DomR GR
YHQWLODGRU
4IYROXPHGRIOXLGRTXHILFDFRQWLQXDPHQWHFLUFXODQGRQR
LQWHULRUGRYHQWLODGRUGHQRPLQDGDYD]mRGHIXJDV

 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV
&DStWXOR6HOHomRHFRQVWUXomRGHYHQWLODGRUHV

(63(&,),&$d­2'269(17,/$'25(6
2VYHQWLODGRUHVVmRHVSHFLILFDGRVVHJXQGRDYD]mRGHDUIRUQHFLGD4 HD
SUHVVmRWRWDODSOLFDGDDRDU+ $YD]mRpGHWHUPLQDGD HPIXQomRGRWHPSRGH
RSHUDomR$SUHVVmRWRWDODSOLFDGDDR DULQGLFD DHQHUJLDWRWDOUHFHELGDSHORDU H
JUDoDVDHODpTXHRDUSRGHHVFRDUDRORQJRGHWXEXODo}HVRXGXWRVHYHQFHU DV
UHVLVWrQFLDVRIHUHFLGDVSHODVFKDSDVSHUIXUDGDVHSHODFDPDGDGRSURGXWRFDStWXOR
 ± $HUDomR GH *UmRV $UPD]HQDGRV $ SUHVVmR WRWDO SRGH HQWmR VHUGLYLGLGD
HPGXDVSDUFHODVRXVHMDSUHVVmRHVWiWLFD+HHSUHVVmRGLQkPLFD+G

+ +H+GHT

$R VH PHQFLRQDU SRWrQFLD GR YHQWLODGRU QRV FDWiORJRV GRV IDEULFDQWHV
QRUPDOPHQWHVHHVWiUHIHULQGRjSRWrQFLDPRWUL]

1P SH4+P SH4+5WHT

(QWUDQGRFRP4HPPPLQH[SUHVVDQGR+HPPP&$HFRQVLGHUDQGRR
SHVRHVSHFtILFRSHGDiJXDLJXDOD1PREWpPVHDSRWrQFLDHP&9SHOD
VHJXLQWHIyUPXOD

1P 4+5WHT

$SUHVVmRIRUQHFLGDDRDUGHYHVHUPDLRUTXHDTXHGDGHSUHVVmRRFRUULGD
QR VLVWHPD 1R FDVR GH VLVWHPDV GH VHFDJHP RX DHUDomR GH JUmRV DV TXHGDV GH
SUHVVmRRFRUUHPQRVGXWRVGHGLVWULEXLomRGRDUQDFKDSDSHUIXUDGDGRSLVRHQD
FDPDGDGRSURGXWR

4XHGDGH3UHVVmRQR3URGXWR
$ UHVLVWrQFLD DR HVFRDPHQWR GR DU TXDQGR HVWH HVWi DWUDYHVVDQGR XPD
FDPDGDGHJUmRVRXVLPLODUHVGHSHQGHGHFDUDFWHUtVWLFDVGDVXSHUItFLHGRSURGXWR
UXJRVLGDGH IRUPD H WDPDQKR GDV LPSXUH]DV SUHVHQWHV QD PDVVD GH JUmRV
FRQILJXUDomRHWDPDQKRGRVHVSDoRVLQWHUVWLFLDLVQDPDVVDWDPDQKRHTXDQWLGDGH
GHJUmRVTXHEUDGRVHDOWXUDGDFDPDGD
2V GDGRV GD TXHGD GH SUHVVmR RFDVLRQDGD SHOR SURGXWR VmR HPStULFRV H
QRUPDOPHQWH DSUHVHQWDGRV QD IRUPD GH JUiILFRV H HTXDo}HV (P  6KHGG
FLWDGR SRU +(1'(5621 H 3(55<  REWHYH D TXHGD GH SUHVVmR SDUD
GLYHUVRV SURGXWRV DJUtFRODV FRP GLIHUHQWHV WHRUHV GH XPLGDGH H TXDQWLGDGH GH
LPSXUH]DV SUHVHQWHV QD PDVVD (VVHV GDGRV IRUDP DSUHVHQWDGRV HP XP JUiILFR
³&XUYDV GH 6KHGG´ HP FRRUGHQDGDV ORJDUtWPLFDV UHODFLRQDQGR D TXHGD GH
SUHVVmRSRUXQLGDGHGHDOWXUDGDFDPDGDGRSURGXWRFRPRIOX[RGHDU)LJXUD
FDStWXOR  ± $HUDomR GH *UmRV $UPD]HQDGRV 2V GDGRV UHSUHVHQWDGRV QDTXHOH
JUiILFR Vy GHYHP VHU XWLOL]DGRV SDUD DOWXUD GH VLORV QRUPDOPHQWH XVDGRV HP
ID]HQGDVRXVHMDDWpDSUR[LPDGDPHQWHVHLVPHWURVGHDOWXUDGHJUmRV3DUDIOX[RV
GHDUGHDPPLQPSRGHVHVXEVWLWXLURJUiILFRSHODHTXDomR

6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV 
&DStWXOR6HOHomRH&RQVWUXomRGH9HQWLODGRUHV

'3J D4 KJ OQE4HT

HPTXH
'3J  TXHGD GH SUHVVmR GHYLGR j UHVLVWrQFLD GR SURGXWR
PP&$
4 IOX[RGHDUPPLQP
KJ DOWXUDGDPDVVDPH
DEFRQVWDQWHVTXHGHSHQGHPGRSURGXWR7DEHOD

9DORUHVGDVFRQVWDQWHVD HE SDUDDOJXQVWLSRVGHJUmRVVmRDSUHVHQWDGRVQD

7DEHOD  $ UHODomR HQWUH '3J H 4 SDUD JUmRV p PRVWUDGD HP IRUPD JUiILFD QD
)LJXUDGR FDStWXOR±$HUDomRGH*UmRV$UPD]HQDGRV
(P XP VLVWHPD GH VHFDJHP GH JUmRV EHP SURMHWDGR PDLV GH  GD
UHVLVWrQFLDDRIOX[RGHDUDFRQWHFHQDFDPDGDGHJUmRVHPHQRVGHQRVFDQDLV
GHGLVWULEXLomRGHDUHQDFKDSDSHUIXUDGD

7DEHOD&RQVWDQWHVD HE SDUDGLYHUVRVSURGXWRVHTXDomR

3URGXWR D E
$UUR]HPFDVFD  
$YHLD  
&DIp3HUJDPLQKR 8VDURVYDORUHVSDUDVRMD
&DIp&RFR  
0LOKR  
6RMD  
7ULJR  

4XHGDGH3UHVVmRQD&KDSD
1RVVLORVDPDVVDGHJUmRVpVXVWHQWDGDSRUFKDSDVSHUIXUDGDVHD TXHGD
GHSUHVVmRVRIULGDSHORDUDRSDVVDUSHODVFKDSDVpGHWHUPLQDGDSHODHTXDomR

'3FK [ 4&S3IHT

HPTXH
'3FK TXHGDGHSUHVVmRQDFKDSDPP&$
4 IOX[RGHDUPPLQP
&S FRHILFLHQWHGHSRURVLGDGHGRVSURGXWRVYDULDGHD
H
3I SHUFHQWXDOGHSHUIXUDomRGDFKDSDGHFLPDO

4XDQGRDSHUIXUDomRGDFKDSDIRUPHQRUGRTXHGDiUHDWRWDODTXHGD
GH SUHVVmR GHYH VHU OHYDGD HP FRQWD H FDOFXODGD SHOD HTXDomR  -i HQWUH RV
YDORUHV GH  D  HOD p GHVSUH]tYHO 7D[D GH SHUIXUDomR DFLPD GH 
FRPSURPHWHDUHVLVWrQFLDGDFKDSD
3DUDREWHUPHOKRUGLVWULEXLomRHLPSHGLUDYHGDomRGRVIXURVSHORVJUmRVp

 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV
&DStWXOR6HOHomRHFRQVWUXomRGHYHQWLODGRUHV

SUHIHUtYHO Q~PHUR PDLRU GH SHUIXUDo}HV GH SHTXHQR GLkPHWUR D XP SHTXHQR
Q~PHUR GH SHUIXUDo}HV GH PDLRU GLkPHWUR SDUD D PHVPD SHUFHQWDJHP GH iUHD
SHUIXUDGD

4XHGDGH3UHVVmRHP'XWRV
$TXHGDGHSUHVVmRTXHRFRUUHTXDQGRVHPRYLPHQWDRDU HP XP GXWR p
GHYLGD DR DWULWR QDV SDUHGHVIULFomR UHVWULo}HV DR IOX[R PXGDQoDV GH GLUHomR
FRWRYHORVHDODUJDPHQWRVHRXFRQWUDo}HVGDiUHDGDVHomRWUDQVYHUVDOGRGXWR2
FiOFXORGHVVDVSHUGDVIRJHDRREMHWLYRGHVWHFDStWXORHRVYDORUHVUHDLVSRGHPVHU
HQFRQWUDGRVHPWDEHODVDSUHVHQWDGDVHPPXLWRVFRPSrQGLRVVREUHPHFkQLFD GRV
IOXLGRV

&859$6&$5$&7(5Ë67,&$6'269(17,/$'25(6
$SHVDUGDV ÃHTXDo}HVGLVSRQtYHLVHGHYiULRVIXQGDPHQWRVItVLFRVQmRp
IiFLOHVWXGDUDLQWHUGHSHQGrQFLDHQWUHDVJUDQGH]DVFDUDFWHUtVWLFDVGRVYHQWLODGRUHV
EDVHDQGRVH HP FRQVLGHUDo}HV SXUDPHQWH WHyULFDV (P YLVWD GLVVR UHFRUUHVH D
HQVDLRV GH ODERUDWyULRV TXH SHUPLWHP H[SUHVVDU D YDULDomR GH XPD JUDQGH]D HP
IXQomR GD RXWUD HP IRUPD GH JUiILFRV SRVVLELOLWDQGR IiFLO H UiSLGD HVFROKD GR
YHQODGRU H XPD DQiOLVH GH VHX FRPSRUWDPHQWR HP IXQomR GDV YDULDo}HV QDV
JUDQGH]DV UHSUHVHQWDGDV $V FXUYDV TXH UHSUHVHQWDP D GHSHQGrQFLD HQWUH GXDV
JUDQGH]DV XPD YH] IL[DGDV DV GHPDLV VmR GHQRPLQDGDV &859$6
&$5$&7(5Ë67,&$6 HDVPDLVLPSRUWDQWHVVmR
SDUDXPYDORUGHQ USPFRQVWDQWHYDULDomRGDVJUDQGH]DV+1P H5W
HPIXQomRGD
YD]mR4H
 YDULDomR GDV JUDQGH]DV +W 4 1P H 5W K
K HP IXQomR GR Q~PHUR GH
URWDo}HVQ USP

$ $LU 0RYLQJ DQG &RQGLWLRQLQJ $VVRFLDWLRQ $0&$ SDGURQL]RX RV

WHVWHVSDUDYHQWLODGRUHV)LJXUD
2GXWRFRQHFWDGRDRYHQWLODGRUWHPFRPSULPHQWRGH]YH]HVPDLRUTXHVHX
GLkPHWUR$YiOYXODF{QLFDVHUYHSDUDUHJXODUDUHVLVWrQFLDDRHVFRDPHQWRGHDU
SHUPLWLQGRDYDULDomRGDYD]mR$YD]mRH D SUHVVmRVmRPHGLGDVFRPRDX[tOLR
GRWXERGH3LWRWHPDQ{PHWUR
$ )LJXUD  DSUHVHQWD HP SRUFHQWDJHQV D YDULDomR GH +H 1P H 5W HP
IXQomR GH 4 SDUD XP FHUWR YDORU GH USP QR FDVR GH XP YHQWLODGRU GH SiV
FXUYDGDVSDUDWUiV$VFXUYDVGHGHVHPSHQKRGHVWHYHQWLODGRUPRVWUDPTXHD]RQD
GH RSHUDomR PDLV HILFLHQWH VLWXDVH HQWUH  H  GH 4 Pi[LPR H TXH R
YHQWLODGRU VHOHFLRQDGR SDUD RSHUDU GHQWUR GHVWD IDL[D QmR WHUi SUREOHPDV GH
VREUHFDUJDSRLV1P YDULDSRXFRFRPRDXPHQWRGH4
$ )LJXUD  DSUHVHQWD FXUYDV DQiORJDV SDUD R FDVR GH XP YHQWLODGRU FRP
SiV FXUYDGDV SDUD IUHQWH (VVHV YHQWLODGRUHV WrP IDL[D GH XWLOL]DomR EDVWDQWH
HVWUHLWD OLPLWH LQIHULRU FRQGLFLRQDGR SHOD LQVWDELOLGDGH H OLPLWH VXSHULRU SHOR
EDL[R UHQGLPHQWR$VFXUYDV GH +H SDUD HVVH WLSR GH YHQWLODGRUSRVVXHPXPD
GHSUHVVmR FDUDFWHUtVWLFD 4XDQGR VH VHOHFLRQD XP YHQWLODGRU LQDGHTXDGR SDUD

6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV 
&DStWXOR6HOHomRH&RQVWUXomRGH9HQWLODGRUHV

GHWHUPLQDGDDSOLFDomRHOHSRGHUiRSHUDUQDUHJLmRGHVVDGHSUHVVmRQHVWHFDVRR
IOX[R GH DU WHQGHUi D RVFLODU HQWUH GRLV YDORUHV SDUD XPD PHVPD SUHVVmR (VVHV
YHQWLODGRUHVRSHUDPPDLVHILFLHQWHPHQWHQDIDL[DGHDGH4 Pi[LPR$
FXUYD GH 1P DXPHQWD SURSRUFLRQDOPHQWH DR DXPHQWR GH 4 GDQGR D HVWH
YHQWLODGRUXPDFDUDFWHUtVWLFDGHVREUHFDUJD

)LJXUD  ± 1RUPDOL]DomR SDUD REWHQomR GH FXUYDV FDUDFWHUtVWLFDV GH

YHQWLODGRUHV

)LJXUD  ± &XUYDV FDUDFWHUtVWLFDV GH XP YHQWLODGRU FHQWUtIXJR GH SiV

FXUYDGDVSDUDWUiV

$ )LJXUD  PRVWUD R DVSHFWR GDV FXUYDV GRV YHQWLODGRUHV GH SiV UDGLDLV
$SUHVHQWDSDUDDFXUYDGH+HXPUDPRDVFHQGHQWHHRXWURGHVFHQGHQWHFRPXP
WUHFKRGHIXQFLRQDPHQWRLQVWiYHOHQWUHD HE
$)LJXUDPRVWUDRDVSHFWRGDVFXUYDVGRVYHQWLODGRUHVD[LDLV$VFXUYDV

 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV
&DStWXOR6HOHomRHFRQVWUXomRGHYHQWLODGRUHV

FDUDFWHUtVWLFDV GHVWHV YHQWLODGRUHV DSUHVHQWDP JHUDOPHQWH XP Pi[LPR GH

HILFLrQFLDHQWUHHGH4 Pi[LPR&RPRRVYHQWLODGRUHVFHQWUtIXJRVGHSiV
FXUYDGDV SDUD IUHQWH HVVHV YHQWLODGRUHV DSUHVHQWDP XPD UHJLmR GH GHSUHVVmR QD
FXUYDGH+H

)LJXUD   &XUYDV FDUDFWHUtVWLFDV GH XP YHQWLODGRU FHQWUtIXJR GH SiV

FXUYDGDVSDUDIUHQWH

)LJXUD &XUYDVFDUDFWHUtVWLFDVGHXPYHQWLODGRUFHQWUtIXJRGHSiVUDGLDLV

)LJXUD &XUYDVFDUDFWHUtVWLFDVGHXPYHQWLODGRUD[LDO

6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV 
&DStWXOR6HOHomRH&RQVWUXomRGH9HQWLODGRUHV

&XUYD&DUDFWHUtVWLFDGR6LVWHPD
'HWHUPLQDGDV WRGDV DV TXHGDV GH SUHVVmR QRV GLYHUVRV FRPSRQHQWHV GR
VLVWHPDHPIXQomRGDYD]mRGHDUpSRVVtYHOSORWDUHVVHVGDGRVHPXPJUiILFR+
YHUVXV4TXHpGHQRPLQDGR&XUYD&DUDFWHUtVWLFDGR6LVWHPD
&RPRPHQFLRQDGRDQWHULRUPHQWHSDUDYHQFHUHVVDVIRUoDVGH UHVLVWrQFLD
RYHQWLODGRUGHYHUiIRUQHFHUXPDTXDQWLGDGHGHHQHUJLDTXHVHSHUGHUi'HYHVH
SRUWDQWRVREUHSRUDFXUYDFDUDFWHUtVWLFDSULQFLSDOGRYHQWLODGRU+ I4jFXUYD
FDUDFWHUtVWLFDGRVLVWHPD2SRQWRGHHQFRQWURGDVGXDVFXUYDVIRUQHFHUiDVUDt]HV
FRPXQVjVHTXDo}HVGDVGXDVIXQo}HVFDUDFWHUL]DQGRSRUWDQWRRVYDORUHVGH4 H
+H FRP RV TXDLV R YHQWLODGRU DVVRFLDGR jTXHOH GHWHUPLQDGR VLVWHPD LUi RSHUDU
)LJXUD
4XDQGR KRXYHU QHFHVVLGDGH GH DXPHQWDU R IOX[R GH DU HP JUDQGHV VLORV
SRGHVH RSWDU SHOR XVR GH GRLV YHQWLODGRUHV HP SDUDOHOR QHVWH FDVR GHYHVH
OHPEUDUTXHHVWHVGHYHPVHUVHPHOKDQWHV

)LJXUD±'HWHUPLQDomRGRSRQWRGHIXQFLRQDPHQWRGRFRQMXQWRYHQWLODGRU
±VLVWHPDGHGLVWULEXLomRSURGXWR

/HLGH6HPHOKDQoD
$SDUWLUGDVFRQGLo}HVHPTXHXPYHQWLODGRUHVWiIXQFLRQDQGRHDSOLFDQGR
DV /HLV GH 6HPHOKDQoD SRGHVH GHWHUPLQDU RV YDORUHV GDV GLYHUVDV JUDQGH]DV
TXDQGRXPDRXPDLVGHVWDVJUDQGH]DVVRIUHPXPDYDULDomR

R FDVRSDUDXPURWRURSHUDQGRFRPRPHVPRIOXLGR

4QRXVHMD44 QQ

+QRXVHMD++ QQ

1PQRXVHMD1P1P QQ

R FDVRURWRUHVJHRPHWULFDPHQWHVHPHOKDQWHVRSHUDQGRFRPRPHVPRQ~PHURGH
URWDo}HVSRUPLQXWRHPHVPRIOXLGR
4'RXVHMD44 ''

 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV
&DStWXOR6HOHomRHFRQVWUXomRGHYHQWLODGRUHV

+X'RXVHMD+X+X ''

1P'RXVHMD1P1P ''

' GLkPHWURGRURWRU

R FDVR URWRUHV JHRPHWULFDPHQWH VHPHOKDQWHV RSHUDQGR FRP PHVPR IOXLGR H

Q~PHURGHURWDo}HVGLIHUHQWHV
4 4QQ''

+X +XQQ''

1P 1P1P1P''

9(17,/$'25&(175Ë)8*2'(3È65$',$,6
1HVWH LWHP VHUmR DSUHVHQWDGRV RV SDVVRV SDUD FDOFXODU XP YHQWLODGRU
FHQWUtIXJR GH SiV UDGLDLV 3DUD PDLRUHV GHWDOKHV D UHVSHLWR GHVVHV SDVVRV H SDUD
FiOFXORGHRXWURWLSRGHYHQWLODGRUUHFRPHQGDVH&267$

9DORUHVSUpGHWHUPLQDGRV

4YD]mRPV
+SUHVVmRWRWDODVHUYHQFLGDPP&$
kQJXORGDSiQDVDtGDGRURWRU R
5DUHQGLPHQWRDGLDEiWLFR 
5KUHQGLPHQWRKLGUiXOLFR H
5PUHQGLPHQWRPHFkQLFR 

2UGHPGRVFiOFXORV

SULPHLURSDVVRYHORFLGDGHDEVROXWDGRDUjVDtGDGRURWRU&
& +PV

VHJXQGRSDVVRGLkPHWURLQWHUQRGRURWRU'
' 4&P

WHUFHLURSDVVRGLkPHWURH[WHUQRGRURWRU'
' '

TXDUWRSDVVRQ~PHURGHURWDo}HVSRUPLQXWRGRURWRU1
1 8'
HPTXH
8YHORFLGDGHWDQJHQFLDOGRURWRU &PV

6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV 
&DStWXOR6HOHomRH&RQVWUXomRGH9HQWLODGRUHV

TXLQWRSDVVRODUJXUDGDVSiVGRURWRUQDVDtGD/HQDHQWUDGD/
/ '
/ /
VH[WRSDVVRYHORFLGDGHjHQWUDGDGRURWRU
& 45K'/PV

VpWLPRSDVVR YHORFLGDGHWDQJHQFLDOGHHQWUDGDQRURWRU8
8 '1PV
RLWDYRSDVVRkQJXORGHHQWUDGDGDVSiV‰ R

QRQRSDVVRQ~PHURGHSiVYDULDGHD

GpFLPRSDVVRWUDoDGRGDYROXWDRXGLIXVRU

8P SURFHVVR SUiWLFR SDUD R WUDoDGR GD HVSLUDOGH $UTXLPHGHV p HIHWXDGR

FRPTXDWURDUFRVGHFtUFXORVFRQIRUPHD)LJXUDHVHUiYLVWRPDLVDGLDQWHQHVWH
FDStWXOR2SURFHVVRFRQVLVWHHPWUDoDUXPTXDGUDGRDX[LOLDUFXMRODGRHTXLYDOHD
 YH] R YDORU GR GLkPHWUR H[WHUQR GR URWRU H FHQWUiOR QR HL[R GHVWH
&RQVLGHUDQGRD)LJXUDRTXDGUDGRDX[LOLDUVHUiFHQWUDGRQRSRQWR]HURHD
GLVWkQFLDGRYpUWLFHDRSRQWRIVHUiHQWmRGHDSUR[LPDGDPHQWHYH]RYDORU
GR GLkPHWUR H[WHUQR GR URWRU $VVLP FRP R FHQWUR QR YpUWLFH  GR TXDGUDGR
DX[LOLDUHRUDLRLJXDODYH]RGLkPHWURH[WHUQRGRURWRUWUDoDVHRDUFRI G
(PVHJXLGDFRPRFHQWUR QR YpUWLFH WUDoDVH R DUFR F ± E H FRP R FHQWUR QR
YpUWLFHWUDoDVHRDUFRED
2HVWUDQJXODPHQWRGDYROXWDHGHQRPLQDGR³EHFRGDYROXWDpLJXDOD
YH]RGLkPHWURH[WHUQRGRURWRU

)LJXUD±(VTXHPDSDUDRWUDoDGRGDYROXWDHVSLUDOGH$UTXLPHGHV

 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV
&DStWXOR6HOHomRHFRQVWUXomRGHYHQWLODGRUHV

 29(17,/$'25(68$&216758d­2
1RVVHFDGRUHVWUDGLFLRQDLVFRPIOX[RGHDUDFDUDFWHUtVWLFDGRYHQWLODGRUp
GH VXPD LPSRUWkQFLD SDUD R ERP IXQFLRQDPHQWR GR VLVWHPD GH VHFDJHP 2
YHQWLODGRUGHYHVHUSURMHWDGRSDUDYHQFHUDUHVLVWrQFLDRIHUHFLGDSRUXPDFDPDGD
GHSURGXWRDXPDGHWHUPLQDGDWHPSHUDWXUDjSDVVDJHPGHXPGHWHUPLQDGRIOX[R
GHDU
2VHFDGRU GHFDPDGD IL[D PRGHOR 8)9IRL SURMHWDGR SDUD VHU FRQVWUXtGR
SRWHQFLDOL]DQGRRVPDWHULDLVGLVSRQtYHLVQDSUySULDID]HQGD(QWUHWDQWRpSRVVtYHO
TXH VXUMDP SUREOHPDV QD KRUD GH DGTXLULU XP YHQWLODGRU 4XDVH VHPSUH Ki
QHFHVVLGDGH GH JUDQGHV GHVORFDPHQWRV RQHUDQGR DLQGD PDLV XP FRPSRQHQWH
TXHDOpPGHFDURSRGHQmRDSUHVHQWDUDVFDUDFWHUtVWLFDVGHVHMDGDV
2 YHQWLODGRU GHVFULWR D VHJXLU p DSURSULDGR SDUD VHFDGRUHV FXMR GLkPHWUR
GD FkPDUD GH VHFDJHP GR VHFDGRU HVWHMD SUy[LPR D  P TXH p R WDPDQKR
Pi[LPRUHFRPHQGDGR

'HVFULomRGR9HQWLODGRU
2YHQWLODGRUpIRUPDGRSHORVVHJXLQWHVFRPSRQHQWHV
D (L[R  SHoD TXH WHPFRPR IXQomR SHUPLWLU H VXSRUWDU R JLUR GR URWRU
HP WRUQR GH  URWDo}HV SRU PLQXWR 3RGH VHU VXEVWLWXtGR SHOR
SUySULRHL[RGRPRWRU
E 5RWRU ± SHoD IL[DGD QD H[WUHPLGDGH GR HL[R (VWD SHoD WHP FRPR
IXQomRSURGX]LUHGLUHFLRQDURIOX[RGHDU2URWRUpFRPSRVWRGHGLVFR
SULQFLSDOSiVHFRURDRXDQHO)LJXUD

)LJXUD5RWRUPRVWUDQGRRGLVFRSULQFLSDODVSiVHRDQHO

F 9ROXWD RX &DL[D &ROHWRUD  HVWH FRPSRQHQWH WHP FRPR ILQDOLGDGH

FDSWDU R DU TXH HQWUD H TXH VDL GR URWRU e FRPSRVWD SRU ODWHUDO GH
VXFomRODWHUDOPRWRUDVXSRUWH GRHL[RRXGR PRWRUHQWUDGD GH DU RX
GLVWULEXLGRUHMDQHODGHPDQXWHQomR

6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV 
&DStWXOR6HOHomRH&RQVWUXomRGH9HQWLODGRUHV

&RQVWUXomRH'HWDOKHVGRV&RPSRQHQWHV
$OpP GH VH WHU j GLVSRVLomR XPD RILFLQD FRP PDWHULDLV H IHUUDPHQWDV
DSURSULDGDV SDUD D FRQVWUXomR GR YHQWLODGRU DV HVSHFLILFDo}HV RV GHWDOKHV H DV
QRWDV H[SOLFDWLYDV IRUQHFLGDV D VHJXLU GHYHP VHU FXLGDGRVDPHQWH VHJXLGRV SDUD
TXHVHREWHQKDXPUHVXOWDGRVDWLVIDWyULR

(L[R
8WLOL]DUHL[RGHVHUUDGHTXHpGHPDLVIiFLOREWHQomRQRFRPpUFLR
RX FRQVWUXLU XP HL[R FRPXP GH  ò PRQWDGR HP PDQFDLV FRP URODPHQWRV GH
HVIHUDV H TXH DSUHVHQWDP FXVWRV SUDWLFDPHQWH LJXDLV &DVR VHMD GH LQWHUHVVH R
VLVWHPDSRGHVHUDFRSODGRGLUHWDPHQWHDRHL[RGRPRWRU1HVWHFDVRSRGHRFRUUHU
RLQFRQYHQLHQWHGHXPDVXEVWLWXLomROHQWDHSUREOHPiWLFDGRPRWRUGHYLGRDXPD
SDQHHOpWULFDRXPHFkQLFDGHVWH

5RWRU
3DUDHIHLWRGHFRQVWUXomRRURWRUpGLYLGLGRHPWUrVSDUWHV
D 'LVFRSULQFLSDO GHYHVHUFRQVWUXtGRHPFKDSDPHWiOLFDGHPP
QR  FRP GLkPHWUR GH  P 'HYHVH UHWLILFDU R IXUR FHQWUDO H DV
ERUGDVHPWRUQRPHFkQLFRRXDSHUIHLoRDUPDQXDOPHQWHRDFDEDPHQWR
HYLWDQGRHPSHQRVQRGLVFRSDUDQmRFRPSURPHWHUREDODQFHDPHQWRGR
FRQMXQWR)LJXUDVD
E &RURD RX DQHO  p R HVSDoR FRPSUHHQGLGR HQWUH RV UDLRV LQWHUQRV H
H[WHUQRV TXH OLPLWDP RV FDQDLV GR URWRU )LJXUDV  H  GHYH VHU
FRQVWUXtGRHPFKDSDFRPHVSHVVXUDGHPPQR 9iULRVFDQDLV
UDGLDLVVmRIRUPDGRVSHODMXQomRGRGLVFRSULQFLSDOFRPDVSiVGHVWDVH
R DQHO PHWiOLFR HVWHV FDQDLV GmR HVWDELOLGDGH H GLUHFLRQDPHQWR DR
IOX[RGHDU
F 3iV  VmR SHoDV PHWiOLFDV VROGDGDV DR GLVFR SULQFLSDO 1R SUHVHQWH
FDVR HODV VmR GLVSRVWDV UDGLDOPHQWH H HTLGLVWDQWHV HQWUH VL (P
Q~PHUR GH RLWR D GR]H DV SiV GHYHP WHU DV GLPHQV}HV PRVWUDGDV QD
)LJXUD

)LJXUD   'HWDOKHV GR GLVFR SULQFLSDO GHVWDFDQGRVH RV ORFDLV SDUD
DVVHQWDPHQWRGDVSiVHGRDQHOH[WHUQRGRURWRU

 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV
&DStWXOR6HOHomRHFRQVWUXomRGHYHQWLODGRUHV

)LJXUD   'HWDOKHV GR SRVLFLRQDPHQWR GDV SiV H GR DQHO H[WHUQR QR GLVFR
SULQFLSDO

)LJXUD'LPHQV}HVGHWDOKHVHSRVLFLRQDPHQWRVGDVSiVQRGLVFRSULQFLSDO

9ROXWDRX&DL[D&ROHWRUD
1R H[HPSOR DSUHVHQWDGR SDUD HIHLWR GH FRQVWUXomR RSWRXVH SHOD IRUPD
HVSLUDODGD FRPR PRVWUDPDV )LJXUDV  D  $ VHomRWUDQVYHUVDOGD YROXWD QR
SUHVHQWH FDVR WHUi D IRUPD UHWDQJXODU H VHUi FRQVWUXtGD HP FKDSD QR RX 
VROGDGDFRPVROGDHOpWULFDFRPXP6XDVSDUWHVVmR
D /DWHUDO GH VXFomR QHOD p HQFDL[DGR R GLVWULEXLGRU GH HQWUDGD GH DU
)LJXUDODWHUDOPRWRUDpRODGRGDYROXWDHPTXHpSUHVRRVXSRUWH
GRHL[R)LJXUDVH
E (QWUDGDGHDU RX GLVWULEXLGRU WHP FRPR ILQDOLGDGH GLUHFLRQDU R DU
GH PDQHLUD XQLIRUPH SDUD RV FDQDLV GR URWRU 3DUD IDFLOLWDU VXD
FRQVWUXomR R GLVWULEXLGRU WHUi D IRUPD FLOtQGULFD )LJXUD  H VHUi
FRQVWUXtGRHPFKDSDQR 
F -DQHOD GHPDQXWHQomR  DEHUWXUD QD SDUWHVXSHULRU GD FDL[D FROHWRUD
TXHVHUYHSDUDDSDVVDJHPGRURWRUGXUDQWHDPRQWDJHPHPDQXWHQomR

6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV 
&DStWXOR6HOHomRH&RQVWUXomRGH9HQWLODGRUHV

GR VLVWHPD e IHFKDGD FRP FKDSD PHWiOLFD QR H SDUDIXVRV GH URVFD
VREHUED)LJXUD

0RQWDJHPGRV&RPSRQHQWHV
$SUHVHQWDVH D VHJXLU XP PRGR SUiWLFR SDUD FRUWDU DV ODWHUDLV GD FDL[D
FROHWRUDREDODQFHDPHQWRGRURWRUHRDFDEDPHQWR
D 7UDoDGRGDVODWHUDLVPRWRUDHGHVXFomRXPSURFHVVRSUiWLFRSDUD
WUDoDU DV ODWHUDLV GD FDL[D FROHWRUD GH VHomR WUDQVYHUVDO UHWDQJXODU p R GH
$UTXLPHGHVHIHWXDGRFRPTXDWURDUFRVGHFtUFXOR)LJXUD3DUDLVVRWRPDVH
R ODGR GR TXDGUDGR DX[LOLDU GH FRQVWUXomR DEFG LJXDO D  GR GLkPHWUR GR
GLVFRSULQFLSDOTXHQRSUHVHQWHFDVRpGHFP
&RPRFHQWURQRYpUWLFHDWUDoDVHR DUFRFRPFHQWURHPE R DUFR 
FRP FHQWUR HP F R DUFR  H FRP FHQWUR HP G R DUFR  'HYHP VHU
REHGHFLGDVDVSURSRUo}HVGDGDVQD)LJXUDSDUDLQWHUURPSHURFRUWHGDVODWHUDLV
QRSRQWR3DUDLQLFLDURWUDoDGRGRDUFRRUDLRD GHYHWHURYDORUGH
FP6HPSUHTXHSRVVtYHOpDFRQVHOKiYHOID]HUXPPROGHSDUDHYLWDUTXHHPFDVR
GH HUUR DV FKDSDV GH DoR VHMDP GHVSHUGLoDGDV 2 PROGH SHUPLWLUi DSURYHLWDU R
Pi[LPR GH FDGD FKDSD H SRGHUi VHU DSURYHLWDGR QR FDVR GH FRQVWUXomR GH
YHQWLODGRUHVLJXDLV

)LJXUD   7UDoDGR GDV ODWHUDLV SHOR PpWRGR GH $UTXLPHGHV ODWHUDO GH
VXFomR

 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV
&DStWXOR6HOHomRHFRQVWUXomRGHYHQWLODGRUHV

)LJXUD/DWHUDOPRWRUDHVXDVGLPHQV}HVEiVLFDVHPFP

)LJXUD   /DWHUDO PRWRUD PRQWDGD QD HQYROYHQWH IDVH LQLFLDO GD

PRQWDJHP

)LJXUD /DWHUDO PRWRUDHGH VXFomR PRQWDGD QD HQYROYHQWH VHJXQGD

IDVHGDPRQWDJHP

6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV 
&DStWXOR6HOHomRH&RQVWUXomRGH9HQWLODGRUHV

)LJXUD6XSRUWHGRFRQMXQWRHVXDVGLPHQV}HVWHUFHLUDIDVHGD
PRQWDJHP

)LJXUD0RQWDJHPGDYROXWDVREUHRVXSRUWHTXDUWDIDVH

)LJXUD   'HWDOKH GD ODWHUDO GH VXFomR PRVWUDQGR R GLVWULEXLGRU GH DU
TXLQWDIDVHGDPRQWDJHP

 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV
&DStWXOR6HOHomRHFRQVWUXomRGHYHQWLODGRUHV

E %DODQFHDPHQWR GR URWRU FRPR R URWRU LUi JLUDU HP WRUQR GH 
USPpQHFHVViULRTXHVHXEDODQFHDPHQWRVHMDFRUUHWRSDUDTXHQmRKDMDYLEUDo}HV
JDUDQWLQGR DVVLP PDLRU GXUDELOLGDGH GR HL[R H GRV URODPHQWRV 8P URWRU
EDODQFHDGR GLILFLOPHQWH LUi SDUDU QD PHVPD SRVLomR GHSRLV GH JLUDU OLYUHPHQWH
VREUH R HL[R 1R FDVR GR URWRU QmREDODQFHDGR D SDUWH PDLV SHVDGD SRQWR
GHVEDODQFHDGRLUiSDUDUVHPSUHQDSRVLomRLQIHULRUGHYLGRjIRUoDGDJUDYLGDGH
3DUDEDODQFHDU FRQWUDSHVRV PHWiOLFRV VmR FRORFDGRV QD SRVLomR RSRVWD DR SRQWR
GHVEDODQFHDGR (QFRQWUDGR R SRQWR SUy[LPR DR HTXLOtEULR GHYHVH VROGDU RV
FRQWUDSHVRVHYHULILFDUREDODQFHDPHQWRDWpHQFRQWUDUXPHTXLOtEULRDGHTXDGR
F $FDEDPHQWRWHUPLQDGRVRVWUDEDOKRVGHVROGDID]VHRDFDEDPHQWRGR
YHQWLODGRU3DUDDSLQWXUDGHYHVHXVDUWLQWDUHVLVWHQWHDDOWDVWHPSHUDWXUDVTXHp
IHLWDDQWHVGDPRQWDJHPILQDOGRYHQWLODGRU'HYHVHWDPEpPGHVHQKDUHPXPD
SDUWH EHP YLVtYHO SRU H[HPSOR QD SDUWH DOWD GD ODWHUDO PRWRUD XPD VHWD
LQGLFDQGRRVHQWLGRGHJLUR&RPDQGDGRSHODSROLDPRWRUDRJLURGHYHFRLQFLGLU
FRPRPRYLPHQWRGRVSRQWHLURVGRUHOyJLR VHQWLGR KRUiULR 3DUDLVVR D YROXWD
GHYHVHUPRQWDGDGHWDOPDQHLUDTXHDERFDGHVDtGDGRDUHVWHMDQDSDUWHLQIHULRU
HjHVTXHUGDGDODWHUDOPRWRUD)LJXUD

)LJXUD9LVWDILQDOGRYHQWLODGRUFRPGHWDOKHGRHL[RHVHQWLGRGHJLUR

3DUD HYLWDU DFLGHQWHV H JDUDQWLU R IXQFLRQDPHQWR FRUUHWR GR YHQWLODGRU

DQWHVGHID]rORIXQFLRQDURPRQWDGRUGHYHYHULILFDURJLURGRPRWRUVHPDFRSODU
DVFRUUHLDVGHWUDQVPLVVmR2URWRUpDFRSODGRDRHL[RGHPRGRVHPHOKDQWHDRGD
VHUUDFLUFXODULVWRpDSRUFDGRHL[RpGRWLSRURVFDHVTXHUGD6HRVHQWLGRGH
JLURQmRIRUREHGHFLGRRURWRUQmRILFDUiUHWLGRDRHL[RSRGHQGRFDXVDUGDQRVH
DWpPHVPRXPDFLGHQWH

6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV 
&DStWXOR6HOHomRH&RQVWUXomRGH9HQWLODGRUHV

0DWHULDLV1HFHVViULRV
 HL[R GH VHUUD GH  ó RX HL[R FRPXP GH  ò PDQFDLV FRP
URODPHQWRVGHHVIHUDV
 P GHFKDSDSUHWDQR 
 P GHFKDSDSUHWDQR 
 P GHFKDSDSUHWDQR 
 SDUDIXVRVFRPSRUFDV
 SDUDIXVRVFRPURVFDVREHUEDGH[ò
 TXDWURSDUDIXVRVGH[òSDUDIL[DomRGRHL[R
 NJGHHOHWURGRVROGDHOpWULFDGHPP
 OLWURVGHWLQWDSDUDVXSHUItFLHPHWiOLFD
 OLWURVGHVROYHQWH7KLQQHU
 NJGH FDQWRQHLUDVGHIHUUR FRPDEDV LJXDLV ò GH HVSHVVXUD GH
SDUDFRQVWUXomRGRVXSRUWHGRPRWRUHYROXWD

/,7(5$785$&2168/7$'$

 %522.(5 '% %$..(5$5.(0$ ):  +$// &: 'U\LQJ

FHUHDO JUDLQV 7KH $9, 3XEOLVKLQJ &RPSDQ\ ,QF :HVWSRUW
&RQQHFWLFXWS
 &267$(&&RPSUHVVRUHV(G(GJDU%OFKHU6mR3DXORS
 +(1'(5621 60  3(55< 5/ $JULFXOWXUDO SURFHVV HQJLQHHULQJ
7KH$9,3XEOLVKLQJ&RPSDQ\,QF:HVWSRUW&RQQHFWLFXWS
 0$&,17<5( $- 9HQWLODomR LQGXVWULDO H FRQWUROH GD SROXLomR (G
*XDQDEDUD6$5LRGH-DQHLUR5-S
 3(5(,5$ -$0  3(5(,5$ $50 $HUDomR GH JUmRV 3DUWH ,, 
0RYLPHQWDomRGHDUHGLPHQVLRQDPHQWRGHVLVWHPDV&HQWUR1DFLRQDO
GH7UHLQDPHQWRHP$UPD]HQDJHP9LoRVD0*S
 6,/9$- 6  3,172) $ & 9HQWLODGRUHV H VXD FRQVWUXomR ,Q 3Up
SURFHVVDPHQWRGHSURGXWRVDJUtFRODV,QVWLWXWR0DULD-XL]GH)RUD
S
 6,/9$ - 6  /$&(5'$ ),/+2 $ ) &RQVWUXomR H RSHUDomR GH
VHFDGRUGHJUmRV%ROHWLPGH([WHQVmR8QLYHUVLGDGH)HGHUDOGH9LoRVD
,PSUHQVD8QLYHUVLWiULD9LoRVD0*S

 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV