VALE 15 - O Jornal de Coruche

5HFRUWHHDSUHVHQWHQDDOWXUDGHSDJDU
9$/(
)XQGDGRU$EHO0DWRV6DQWRV ‡ 'LUHFWRU -RVp$QWyQLR0DUWLQV ‡ $QR 1~PHUR )HYHUHLURGH ‡0HQVDO ‡3UHoR € ‡5HJLVWR(5& ‡ ,661
'(6&2172
HP UHIHLomR
'HVWDTXHV
( 1 7 5 ( 9 , 67$
5LFDUGR6DQWRV
R+RPHPTXH´GHYROYHXµ
R*UXSR'HVSRUWLYR
´2&RUXFKHQVHµ
DRVFRUXFKHQVHV
+HOHQD'LRJRDUWHVmGD)UHJXHVLD
GD)DMDUGDPRVWUDQRVRVHXWUDED
OKRQDUXEULFD$UWHVDQDWRHP&RUX
FKH
SiJLQDVH
3iJLQD
0RWRUHVGHRXWURVWHPSRV
±$ 0HWDOXUJLD&DVDO
3iJLQD
&RUXFKHFDQGLGDWRjV
0DUDYLOKDV1DWXUDLVGH3RUWXJDO
$OXQRV GR &5,& HQWUHYLVWDP R 3iURFR
GH&RUXFKH(OLDV6HUUDQR0DUWLQV
SiJLQD
SiJLQD
27
7DOKRG
GR0
0DQHOR
RIHUHFHOOKHY
YLQKR
27DOKRGR0DQHOGiOKHDVERDVYLQGDVD
RIHUHFHQGROKHXPDJDUUDIDGHYLQKR
5HFRUWHRFXSmRGHRIHUWDHWURTXHRQR7DOKRGR0DQHOSRUXPDJDUUDIDGHYLQKR
DRFRPSUDURSURGXWRVHOHFFLRQDGRSDUDDFDPSDQKD
&DPSDQKD´%HPYLQGRDµ
6XSOHPHQWR7DXURPDTXLD
&HQWUDLV
2VDUWLJRVDVVLQDGRVVmRGDLQWHLUD
UHVSRQVDELOLGDGHGRVVHXVDXWRUHV
5HFRUWHRFXSmR
&DPSDQKD
´%HPYLQGRDµ
9$/(
*$55$)$'(9,1+2
2-RUQDOGH&RUXFKH‡$QR1~PHUR‡)HYHUHLURGH
(',725,$/
(VWHDQRR&DUQDYDO
FKHJRXPDLVFHGR
)LQDOPHQWH IRL UHVROYLGD D
TXHVWmRTXHSDUDPXLWRVGHYHULDVHU
DFKDYHSDUDRSDtVVDLUGHVWDFULVH
HPTXHVHHQFRQWUD DV SHVVRDV GR
PHVPR VH[R SRGHP ILQDOPHQWH
FDVDU5HVROYLGRRSULQFLSDOSUREOH
PDGRSDtVYDPRVDRTXHYHPHP
VHJXQGROXJDU±RPDUDVPRSROtWL
FR HFRQyPLFR H VRFLDO GHVWH SDtV
WmRSHTXHQLQRPDVFRPWDQWRSDUD
GDUPDLVTXHQmRVHMDSDUDGDUJXDU
LGDj(7$
$OJXQVLOXPLQDGRVGR36DFKD
UDPTXHDPHOKRUIRUPDGHFRPEDW
HUDIUDXGHILVFDOVHULDDSXEOLFDomR
GRVUHQGLPHQWRVGRVSRUWXJXHVHVQR
VLWH GDV )LQDQoDV 3RUWDQWR TXHP
FRPHWHIUDXGHILVFDOVXSRVWDPHQWH
WHULDTXHDGHFODUDUDRGHFODUDUGHL
[DULDGHVHUIUDXGHILVFDO(HVWDULDP
RVSRUWXJXHVHVGLVSRVWRVDYHUHPRV
VHXV UHQGLPHQWRV SXEOLFDGRV QD
LQWHUQHWVHULDR)DFHERRN ILVFDORX
HQWmR XPD HVSpFLH GH %LJ %URWKHU
)LQDQFHLUR 6HUi LVWR 'HPRFUDFLD"
1mRVHULDPDLVIiFLOOHYDQWDURVLJL
OREDQFiULR"
$ 0LQLVWUDGR7UDEDOKRDQXQFLRX
TXH GDV PLO IDPtOLDV TXH
UHFHEHP R 5HQGLPHQWR 6RFLDO GH
,QVHUomR56,PLOLUmRVHUILV
FDOL]DGDV (VWLYHPRV j HVSHUD GD
DSURYDomRGDOHLGRFDVDPHQWRHQWUH
SHVVRDVGRPHVPRVH[RSDUDILQDO
PHQWHVHFRPHoDUDWUDEDOKDUQDTXL
ORTXHUHDOPHQWHLQWHUHVVDDRVFRQ
WULEXLQWHV SRUWXJXHVHV$JRUD UHVWD
VDEHUVHHVVDILVFDOL]DomRLUiGDUIUX
WRV$ PDLRULDGRVVXEVLGLDGRVQmR
WUDEDOKDPSRUTXHQmRTXHUHPSRU
TXH OKHV ID] PDO SRUTXH VmR SUH
JXLoRVRVHpEHPPDLVIiFLOYLYHUj
FRQWDGHXPVXEVtGLRTXHSRUYH]HV
XOWUDSDVVD RV RUGHQDGRV GH PXLWRV
TXHGHVFRQWDP
&HUFDGHPLOH[EHQHILFLiULRV
GR56,MiWUDEDOKDP2REMHFWLYRp
TXHHVVHQ~PHURVXEDSDUDPLO
DWpDRILQDOGHDUUDQMDQGR
PLOHPSUHJRVDEHQHILFLiULRVGHVWH
DSRLRRTXHDSDUHQWHPHQWHGHYHVHU
IiFLOQXPSDtVRQGHRGHVHPSUHJR
DXPHQWD GH GLD SDUD GLD 'HSRLV
IDOWD DUUDQMDU HPSUHJR SDUD RV RX
WURV PLOKDUHV TXH LQIHOL]PHQWH
YLYHPGRVXEVtGLRGHGHVHPSUHJR
$ILQDOKDYHUFHQVXUDHXPDWHQ
WDWLYD GH FRQWUROR GD FRPXQLFDomR
VRFLDODPDQGR"GH-RVp6yFUDWHV
" p GHPRFUDFLD" e GHPRFUDFLD
DIDVWDU"MRUQDOLVWDVGRVVHXVHP
SUHJRV SRU WHUHP GLWR RX HVFULWR
DOJXPD FRLVD TXH QmR DJUDGRX DR
VHQKRU6yFUDWHV"
(VWH DQR R &DUQDYDO YHLR PDLV
FHGR
(VWH PrV QR -RUQDO GH &RUXFKH
HQWUHYLVWiPRV 5LFDUGR 6DQWRV R
3UHVLGHQWH GD 'LUHFomR GR *UXSR
'HVSRUWLYRR&RUXFKHQVH*'&R
KRPHP TXH FRQVHJXLX UHVROYHU D
VLWXDomRGDGtYLGDGR*'&HGHYRO
YHXRFOXEHDRVFRUXFKHQVHV
3DXOR)DWHODDSUHVHQWDQRVPDLV
XPDDUWHVmGRFRQFHOKRGH&RUXFKH
+HOHQD'LRJR
-RDTXLP 0HVTXLWD FRORFDQRV D
SDUGDDFWXDOLGDGHWDXURPiTXLFDGR
SDtV
2 PDLV QRYR UHSyUWHU GR -RUQDO
GH&RUXFKH5XL'XDUWHOHYDQRVD
FRQKHFHU PRWDV GH RXWURV WHPSRV
TXHIL]HUDPDVGHOtFLDVGHPL~GRVH
JUD~GRVD0HWDOXUJLD&DVDO
)RPRVDLQGDDREDLOHGD³4XHL
PD GR &RPSDGUH´ QD DGHJD$UUD
WpLVXPDWUDGLomRGH&DUQDYDOTXH
FRQWDFRPWULQWDDQRVGHH[LVWrQFLD
%RP&DUQDYDOHDWpSDUDRPrV
TXHYHP
BBBB
-RVp$QWyQLR0DUWLQV
'LUHFWRUGR-RUQDOGH&RUXFKH
3DUFHLURGD
0HPEURGD
3UpPLR6+,3
,PSUHQVD5HJLRQDO
H
(GLomRGH
*OTUBMB¾ÌFTF$POUBDUPT
EP+PSOBMEF$PSVDIF
)XQGDGRU H3URSULHWiULRGR7tWXOR $EHO0DWRV6DQWRVDEHO#RMRUQDOGHFRUXFKHFRP
'LUHFWRU-RVp$QWyQLR0DUWLQVGLUHFFDR#RMRUQDOGHFRUXFKHFRP
5HGDFomR 5XD-~OLR0DULDGH6RXVD±5F&RUXFKH
$JHQGDH1RWtFLDV JHUDO#RMRUQDOGHFRUXFKHFRP)D[ ‡7OP 5HGDFomR -RVp$QWyQLR0DUWLQV7(3HGUR%RLoDH/DXUD0DFHGR
(GLWRU 3UR6RUUDLD±1,3& 5HJLVWR(5&'HSyVLWR/HJDO ,661 7LUDJHP H[HPSODUHV3HULRGLFLGDGH0HQVDO3DJLQDomRH*UDILVPR 0DQXHO3LQWR
$VVLQDWXUDV3XEOLFLGDGHH&RQWDELOLGDGH ‡SXE#RMRUQDOGHFRUXFKHFRP
,PSUHVVmR (PSUHVDGR'LiULRGR0LQKR/GD%UDJD
&RODERUDUDPQHVWHQ~PHUR $EHO0DWRV6DQWRV$QWyQLR*LO0DOWD%HDWUL]0HVWUH%UDQGmR)HUUHLUD&DUORV%DFDOKDX
&DUORV 3DOPHLUR 'RPLQJRV GD &RVWD ;DYLHU )ORULDQR %DUEDV -RDTXLP 0HVTXLWD -RVp$ODUFmR 7URQL -RVp )UHLUH GD
6LOYD -RUJH 5DQJHO /DXUD 0DFHGR /XtV 'LDV /XtV 5DIDHO &DUORWD 0DUWD &RVWD$OPHLGD 0iULR *RQoDOYHV 0LJXHO
0DWWRV&KDYHV3DXOR)DWHOD3HGUR$JXLDU5LWD2OLYHLUD7HOPD&DL[HLULQKR&iULWDV*,53,&0&&5,&0,&8$E
)RWRV $EHO0DWRV6DQWRV$QWyQLR3HUHLUD&DUORV3DOPHLUR)ORULDQR%DUEDV-RDTXLP0HVTXLWD-RVp$QWyQLR0DUWLQV
-RVp6LOYD/DXUD0DFHGR0DQXHO3LQWR3DXOR)DWHOD3HGUR%RLoD3HGUR$JXLDU&5,&*,53,±&0&
:HE +HQULTXH/LPD
)$d$ $ 68$ $66,1$785$
1DFLRQDO€ ‡5HVWRGR0XQGR€
3$*8( $ 68$ $66,1$785$ 28 38%/,&,'$'(
1,% 3(/2
ZZZRMRUQDOGHFRUXFKHFRP‡JHUDO#RMRUQDOGHFRUXFKHFRP‡WOP
5XD'LUHLWDQž&RUXFKH
7HOHIRQHHID[
7LP
+25È5,2'($7(1',0(1723Ò%/,&2
'HVHJXQGDDVH[WDIHLUD GDVKjVK
HGDVKjVK
6iEDGRV GDVKjVK
BTTJOBUVSBTFQVCMJDJEBEFOP+$
3DUD FRORFDU D VXD SXEOLFLGDGH ID]HUVH DVVLQDQWH RX
SDJDU DV VXDV IDFWXUDV GLULMDVH j 5XD 'LUHLWD Qž &RUXFKH 7HO )D[ RX XVH D
QRVVD DJrQFLD QD &HUYHMDULD &XEDWD HP IUHQWH DR
0HUFDGR0XQLFLSDOGH&RUXFKH
3DUDSDJDPHQWRVSRU PXOWLEDQFR
1,%
2-RUQDOGH&RUXFKH‡$QR1~PHUR‡)HYHUHLURGH
( 1 7 5 ( 9 , 67$
1RV~OWLPRVDQRVR*UXSR'HVSRUWLYRR&RUXFKHQVHHDOJXQVPHPEURVGHDQWLJDVGLUHFo}HVYLYHUDPPRPHQWRV
GHDQJ~VWLDHDWpGHVHVSHURFRPDGtYLGDGRFOXEHjVILQDQoDV2FOXEHIRLH[WLQWRHRVDQWLJRVGLUHFWRUHV
HVWDYDPYLVDGRVSHODVILQDQoDVSDUDSDJDUDGtYLGD
(VWHPrV2-RUQDOGH&RUXFKHHQWUHYLVWDR+RPHPTXH³DUUHJDoRXDVPDQJDV´HGHYROYHX
R*UXSR'HVSRUWLYRR&RUXFKHQVHDRV&RUXFKHQVHV±2HQJHQKHLUR5LFDUGR6DQWRV
-RUQDOGH&RUXFKH-&3ULPHLUR
DSROLWLFDDJRUDR*UXSR'HVSRUWLYRR
&RUXFKHQVH*'&pXPDSDL[RQDGR
SHODVXDWHUUD"
5LFDUGR6DQWRV56 ±6LPVRXXP
DSDL[RQDGRSHODPLQKDWHUUD)L]XPSHU
FXUVR SHVVRDO H SURILVVLRQDO SRU RXWUDV
SDUDJHQV PDV GHSRLV GH PH UHIRUPDU
YROWHLjVPLQKDVRULJHQV
-& ± 4XDLV RV PRWLYRV TXH R
OHYDUDP D LQWHUHVVDUVH SHOD VLWXDomR
ILQDQFHLUDGR*'&"
56 ±1mRPHLQWHUHVVHLSHODVLWXDomR
ILQDQFHLUD GR *'& LQWHUHVVHLPH SHOD
FDXVD*'&3RUTXHSDUDPLPVHPSUHIRL
XPDVLWXDomRPDOHVFODUHFLGDSRUTXHKD
YLD YiULDV YHUV}HV +DYLD YiULDV DFXVD
o}HVQRDUHGHFLGLHQWmRTXHHPDERQR
GDYHUGDGHLVWRWLQKDTXHVHUHVFODUHFLGR
-&±4XHPIRUDPRVFXOSDGRVSRU
WRGDHVWDVLWXDomR"
5& ± )RUDP RV KRPHQV H RV VyFLRV
GR*'&LQGLYLGXDOPHQWHQmRLUHLDSRQ
WDU R GHGR D QLQJXpP 3RUTXH WDPEpP
TXHKRXYHPXLWDQHJOLJrQFLDHLUUHVSRQV
DELOLGDGHQHVWHSURFHVVR
$SRQWDURGHGRD$%RX&QmRID]
SDUWHGDPLQKDPDQHLUDGHHVWDUQDYLGD
6HPSUH GLVVH TXH QmR LULD SHJDU QXPD
OXSD SDUD DQGDU j SURFXUD GDTXHOHV TXH
DUUDVWDUDPR*'&SDUDHVWDVLWXDomR
-&±$FRPSDQKRXGHSHUWRDVSHV
VRDV TXH IRUDP QRWLILFDGDV SHODV
ILQDQoDVSDUDSDJDU DGLYLGDGR*'&
R TXH VHQWLX DR YHU R GHVHVSHUR GH
DOJXPDVGHODV"
5& ± (PRFLRQRXPH H DWp HVWRX D
VHQWLU DUUHSLRV FRP HVVD SHUJXQWD$TXL
DRPHXODGRHVWiR6U'DYLG1XQHVTXH
IRLDSHVVRDTXHWLYHPDLVILHODRORQJRGH
WRGRRSURFHVVR26U'DYLGIRLXPGRV
TXHVHQWLXQDFDUQHHQDDOPDDVFRQVH
TXrQFLDV GR SURFHVVR %HP FRPR PDLV
DOJXQVVyFLRVTXHWLYHUDPQDHPLQrQFLD
GH SDVVDU XP 1DWDO GH HP PXLWR
PDXVOHQoyLV6DEH'HXVVHDFDVDHRX
RXWURV EHQV QmR WHULDP LGR j 3UDoD 3~
EOLFD)RUDPPRPHQWRVGUDPiWLFRV
-&±$RHQYROYHUVHQHVWHSURFHVVR
VHQWLX TXH LULD FRQVHJXLU GHYROYHU R
*'&DRVFRUXFKHQVHV"
5& ± 6HQWL SRUTXH VRX XPD SHVVRD
GHFRQYLFo}HVHGHFDXVDV6RXFDWyOLFR
HPXLWDVGDVYH]HVIL]DVPLQKDVSUHFHVj
1RVVD 6HQKRUD GR &DVWHOR H DFKR TXH
IRUDPRXYLGDV$ PLQKDIDPtOLDWDPEpP
WHYH XP SDSHO PXLWR LPSRUWDQWH SRLV
DSRLDUDPPHHPWRGRVRVPRPHQWRV2
*'&WLQKDSHUQDVSDUDDQGDUQRIXQGR
LVWR QmR SDVVRX GH XPD VLWXDomR QHJOL
JHQFLDGD H GH GHVOHL[R ( GHVFXOSH D
PLQKD SUHVXQomR PDV DWp R 3UHVLGHQWH
GD &kPDUD GLVVH TXH ILQDOPHQWH DSDUH
FHUDPSHVVRDVGHFRQILDQoDGDSDUWHGR
*'&SDUDILQDOPHQWHOHYDUHPHVWDVLWXD
omR D ERP SRUWR ( TXDQGR WLYH WRGRV
HVWHVVLQDLVPDLVPHHPSHQKHLHPSURO
GHVWDFDXVD
-&±4XHPRDSRLRX"
5&± 7RGDVDVSHVVRDVTXHHVWDYDP
HQYROYLGDV QHVWH SURFHVVR H TXH WLQKDP
DV ILQDQoDV ³j SHUQD´ WDPEpP GD SDUWH
GD &0& KRXYH PXLWD FRPSUHHQVmR
+RXYH DLQGD DOJXQV VyFLRV TXH HVWLYH
UDP OLJDGRV D HVWH SURFHVVR TXH UHFH
EHUDP XPD FDUWD GDV ILQDQoDV SDUD
SDJDU XQV PtVHURV HXURV SDJDUDP H
VLPSOHVPHQWHYROWDUDPDVFRVWDVDWXGR
RUHVWRQXQFDQRVGHUDPXPDSDODYUD
H p PXLWR WULVWH SHVVRDV TXH HVWLYHUDP
QRV yUJmRV VRFLDLV GR *'& TXH WDP
EpPIRUDPUHVSRQViYHLVSRU HVWDVLWXD
omRTXDQGRFKHJRXDKRUDGDYHUGDGH
SDJDUDPRSRXFRTXHWLQKDPDSDJDU H
YROWDUDP DV FRVWDV jTXHOHV TXH QDGD
WLQKDP D YHU FRP HVWH SURFHVVR QmR
YRX FLWDU QRPHV SRUTXH QmR PH ILFD
EHPPDVWDPEpPILFDULDPDOFRPLJR
VH QmR GHQXQFLDVVH HVWD VLWXDomR )RL
XPDIDOWDGHOHDOGDGHSDUDFRPRFOXEH
HSDUDFRPDTXHOHVTXHHVWDYDP³HQWD
ODGRV´,VWRGHPRQVWUDDIDOWDGHFDUiF
WHU GDVSHVVRDV
-&±4XDLVRVSDVVRVTXHGHXSDUD
OHYDU HVWDVLWXDomRDERPSRUWR"
56 ±2SULPHLURIRLFRQWDFWDUR6U
3UHVLGHQWH GD &kPDUD H VDEHU GD VXD
LQWHQomRSDUDUHVROYHURSUREOHPD&RQ
WDFWDPRV WDPEpP R FKHIH GD UHSDUWLomR
GHILQDQoDVGH&RUXFKHQDDOWXUDDGtYL
GDDQGDYDjYROWDGRVPLOHXURV)RL
QRV WDPEpP GLWR HP TXH SRGHUtD
PRV DVVXPLU RV GHVWLQRV GR FOXEH TXH
QmRVHULDPRVUHVSRQVDELOL]DGRVSRULVVR
(P0DLRGHKRXYHHOHLo}HVUHIL]H
PRV RV FRUSRV VRFLDLV 7UrV VHPDQDV
GHSRLVGHVHUHOHLWRSUHVLGHQWHGR*'&
UHFHEL LPHGLDWDPHQWH XPD FRLPD H
GHSRLVGHVVDVHJXLUDPVHRXWUDV2FRQ
FHOKRILVFDOGHPLWLXVHDGLUHFomRFDLSRU
LQHUrQFLDHDSUHVHQWDDGHPLVVmRHPGH
-XQKR GH $ SDUWLU GDt FRPHoDUDP
RVSURFHVVRV'HSRLVGRDSRLRGR3UHVL
GHQWH GD &0& FRQWDFWHL XP HVFULWyULR
GH DGYRJDGRV TXH GH SUHVVmR FRQWDF
WDUDP D UHSDUWLomR GLVWULWDO GH ILQDQoDV
RQGHKRXYHXPDDEHUWXUDSDUDUHVROYHUD
VLWXDomR
-&±4XDODUHODomRPDQWHYHFRPD
&0&HFRPDVILQDQoDVGXUDQWHWRGRR
GHVHQURODU GRSURFHVVR"
56 ± $ SRVVtYHO H LPDJLQiULD 1mR
SRGHPRVHVWDUGHFRVWDVYROWDGDVSDUDDV
SHVVRDVHDSDUDDVLQVWLWXLo}HVFRPTXH
WHPRVGHWUDEDOKDUQRGLDDGLD$VILQDQ
oDVIL]HUDPRTXHWLQKDPDID]HUVHEHP
TXH XOWLPDPHQWH FRQVLGHUR TXH H[DJH
UDP IRUDP ORQJH GH PDLV QRPHDGD
PHQWH R IXQFLRQiULR TXH IRL GHVWDFDGR
SDUD&RUXFKH(PFKHIHGDUHSDU
WLomRTXHQRVUHFHEHXQmRGHXXPDLQIRU
PDomRVpULDHFRUUHFWDHpD~QLFDSHVVRD
TXH HX DFKR TXH GHYR DSRQWDU R GHGR
SRUTXHQHJOLJHQFLRXXPDVLWXDomR
$ &0& VHPSUH QRV DSRLRX H DV UH
ODo}HVTXHPDQWHPRVVmRERDV6HQGRHX
UHSUHVHQWDQWH GR *'& TXH p XPD LQVWL
WXLomRWHQKRREULJDWRULDPHQWHGHPDQWHU
XPDERDUHODomRFRPDVSHVVRDVHLQVWL
WXLo}HVTXHPHDSRLDP
!FRQWLQXDQDSiJLQDVHJXLWH
2-RUQDOGH&RUXFKH‡$QR1~PHUR‡)HYHUHLURGH
!FRQWLQXDomRGDSiJLQDDQWHULRU
( 1 7 5 ( 9 , 67$
(QJHQKHLUR5LFDUGR6DQWRV
-&±$ILQDOFRPRIRLSDJD
DGLYLGD"
56±$ GLYLGDIRLSDJDFRP
RSDWULPyQLRTXHR*'&WLQKD
(PIRLIHLWDXPDGRDomRj
&0& GR WHUUHQR GR 0RQWLQKR
GR%ULWRHVVDGRDomRQmRHVWDYD
EHP UHGLJLGD VRE R SRQWR GH
YLVWD MXUtGLFRDGPLQLVWUDWLYR
KRXYHXPDQHFHVVLGDGHGHID]HU
XPD UHFWLILFDomR DRV WHUPRV GD
GRDomRHIH]VHXPDHVFULWXUDGH
SHUPXWDSDUDEHPIXWXUR2TXH
VHULD HVVH EHP IXWXUR" 6HULD D
FRQVWUXomR GH XPD VHGH QR
YDORU GH PLO HXURV SDUD R
*'& H TXH R 3UHVLGHQWH 'LR
QtVLR 0HQGHV DVVXPLX TXH HUD
XP GDGR DGTXLULGR H TXHULD
FXPSULU )HLWD D UHFWLILFDomR GD
GRDomR SDUWH GD GtYLGD TXH
KDYLD QDV ILQDQoDV IRL UHJXODUL
]DGD
$VVLP VHQGR QR GLD GH
'H]HPEURGHDGLYLGDIRL
SDJD H QR GLD H[LJL QDV
ILQDQoDVTXHIRVVHSDVVDGDXPD
FHUWLGmRTXHFRPSURYDVVHTXHR
*'& QmR GHYLD QDGD jV ILQDQ
oDV(DVVLPSDVViPRVWRGRVXP
1DWDOPXLWRPDLVGHVFDQVDGRV
-& ± &RPR YDL VHU R UH
5LFDUGR6DQWRVFRP'DYLG1XQHVRILHODPLJRGHWRGRHVWHSURFHVVR
'DYLG1XQHV³2HQJHQKHLUR5LFDUGRGHYROYHXQRVR&RUXFKHQVHHDWUDQTXLOLGDGHjVQRVVDVYLGDV´
JUHVVRGR*'&jFRPSHWLomR"
56 ± 9DL VHU XP UHJUHVVR
QRUPDO FRP PXLWD WUDQTXLOL
GDGH
-&±4XDLVYmRVHU RVPHLRV
GHVXEVLVWrQFLDGRFOXEH"
56 ± 2EYLDPHQWH FRP R
VXEVLGLRGD&0&HYDPRVWHQ
WDU WHU WDPEpP DOJXPD LPDJL
QDomRSDUDDQJDULDUIXQGRV
-&±9DLFRQWDU VyFRPMR
JDGRUHVGDWHUUD"
56 ± (YLGHQWHPHQWH TXH
YDPRVFRQWDUFRPRVMRJDGRUHV
GD WHUUD H FODUR FRP RV MRJD
GRUHVGRV$PLJRVGR*'&TXH
VHUmR WRGRV FRQYLGDGRV SDUD
ID]HUSDUWHGRSODQWHOGRSUy[L
PRDQR0DVFODURWHUHPRVTXH
FRQWDUWDPEpPFRPDYLQGDGH
RXWURVMRJDGRUHV
-&±9DLDSHODU DRDPRU j
WHUUD H j FDPLVROD SDUD RV
MRJDGRUHVMRJDUHPGHVLQWHUHV
VDGDPHQWH"
56±+RMHHPGLDpFRPSOL
FDGRDSHODUVHDLVVR2DVSHFWR
PRQHWiULRSUHYDOHFHVHPSUHVR
EUHDERDYRQWDGH
-& ± $FKD TXH RV FRUX
FKHQVHVLUmRDRHVWiGLR"
56 ± 2V FRUXFKHQVHV Mi
HVWmRDLUDRHVWiGLR
-& ± $FKD TXH R *'&
GHYHULD YROWDU DR FDPSR GD
+RUWDGD1RUD"
56±R&DPSRGD+RUWDGD
1RUD IRL D PmH GR *'& PDV
KRMHHPGLDQmRWHPFRQGLo}HV
+i XP VHQWLPHQWR PXLWR IRUWH
TXHQRVXQHjTXHOHHVSDoR0DV
HVVHHVSDoRpSHUWHQoDGHRXWUD
SHVVRD TXH WHP XP SURMHFWR
FRPSOHWDPHQWHGLVWLQWR
(VWH DQR YDPRV ID]HU XP
MRJR QD +RUWD GD 1RUD HVWi
SURPHWLGR6HUiXPMRJRQmRGH
FRPSHWLomRPDVSDUDQRVGLYHU
WLUPRV UHYLYHU PRPHQWRV H
DPLJRVGHRXWURVWHPSRV
BBB
(QWUHYLVWDH)RWRVGH
-RVp$QWyQLR0DUWLQV
7UDGLo}HVG
GH&
&DUQDYDO
5HDOL]DUDPVHPDLVXPDYH]DVKDELWXDLVFRPHPRUDo}HVGH&DUQDYDOQD$GHJD$UUDWHLVFRPDKDELWXDOIHVWD
RQGHUHLQDRFRQYtYLRGHJHUDo}HVHDLQGDDKDELWXDOTXHLPDGDVILJXUDVD³FRPDGUH´HR³FRPSDGUH´
GDQGRDVVLPFRQWLQXLGDGHDXPDWUDGLomRMiDQWLJDQDIUHJXHVLDGH&RUXFKH
2-RUQDOGH&RUXFKHIRLDWpOiHHVWHYHjFRQYHUVDFRP-RUJH%DUDQDEpSUHVLGHQWHGDDVVRFLDomR³&UDFNV
GR3HGDO´
-RUQDOGH&RUXFKH-&±+iTXDQ
WRV DQRV VH UHDOL]D HVWD WUDGLomR DTXL
QDDGHJD$UUDWHLV"
-RUJH %DUQDEp -% ± e XPD
WUDGLomR Mi PXLWR DQWLJD DTXL QD DGHJD
$UUDWHLVUHDOL]DVHKiFHUFDGHDQRV
-& ±1RVHXSRQWRGHYLVWDDFKHTXH
VH RV &UDFNV GR SHGDO QmR WLYHVVHP
SHJDGRQDWUDGLomRHVWDMiWHULDWHUPL
QDGR"
-% ± 1R DQR GH HVWD WUDGLomR
WHUPLQRXHHVWHYHSDUDGDGXUDQWHDQRV
VHQGRUHWRPDGDSHORV&UDFNVQRDQRGH
GDQGR DVVLP FRQWLQXLGDGH D HVWD
DQWLJDIHVWD
-& ±4XDORFULWpULRGHVHOHFomRSDUD
DHVFROKDGR³FRPSDGUH´"
-% ±2FULWpULRGHVHOHFomRSUHQGHVH
SRU SHVVRDV RX SHUVRQDJHQV GD DFWXDOL
GDGH FRQKHFLGDV SHOD PDLRULD GDV SHV
VRDVHVWHDQRIRLHVFROKLGDXPDSHUVRQ
DJHPGHXPDWHOHQRYHODQDFLRQDOLQWLWX
ODGDGH³0DQHO&DUUDSLoR´TXHVHFRP
SRUWD GH XP PRGR HQJUDoDGR H WRGD
DJHQWHFRQKHFH
-& ±$FKDTXHHVVHWLSRGHWUDGLomR
pSDUDPDQWHU RXWHQGHUiDWHUPLQDU"
-% ± 1R PHX SRQWR GH YLVWD SHQVR
TXHWHQGHUiDWHUPLQDUDSHVDUGHDIHVWD
WHU PXLWRV MRYHQV H DR ORQJR GRV DQRV
WHPRV YLVWR XP JUDQGH DFUpVFLPR GH
PDOWDMRYHPDSHQDVDJHUDomRPDLVYHOKD
QD FDVD GRV DQRV WHP R HPSHQKR H
YRQWDGHGHWUDEDOKDUSDUDFRQWLQXDUFRP
HVWDWUDGLomR
-& ±(VWHVEDLOHVGHKRMHHPGLDR
TXHUHSUHVHQWDP"
-% ±(VWHEDLOHVGHKRMHHPGLDVmR
FDGDYH]PDLVXPHQFRQWURGHJHUDo}HV
RQGH SRGHPRV YHU FDGD YH] PDLV D
SDUWLFLSDomRHDGHUrQFLDGHSHVVRDOPDLV
MRYHP
6HJXQGR R SUHVLGHQWH GD DVVRFLDomR
RUJDQL]DGRUD HVWDV IHVWDV WrP WLGR XPD
JUDQGH DGHUrQFLD H FRP R SDVVDU GRV
DQRVWrPWLGRFDGDYH]PDLVMRYHQVFRQ
WXGRDVXDUHDOL]DomRQDEXVFDGHDQJDUL
DomR GH IXQGRV SDUD R GLDDGLD GD
DVVRFLDomRQmRpPXLWRUHQWiYHOQDPHGL
GDHPTXHRFXVWRGDVEHELGDVDXPHQWRX
HpQHFHVViULDXPDVpULHGHEXURFUDFLDVH
OLFHQoDV SDUD D UHDOL]DomR GDV IHVWDV
ILFDQGRDVVLPFRPSURPHWLGRRDXPHQWR
GRVSUHoRVTXHVHWHPPDQWLGRFRQVWDQWH
GHYLGRDRUHGX]LGRSRGHUGHFRPSUDGDV
SHVVRDV
5HVWDPH HP QRPH GR -RUQDO GH
&RUXFKH DJUDGHFHU j RUJDQL]DomR SHOD
RUJDQL]DomR GD IHVWD H SHOD H[FHOHQWH
IRUPDFRPRPHUHFHEHUDP
BBB
5XL'XDUWH
2-RUQDOGH&RUXFKH‡$QR1~PHUR‡)HYHUHLURGH
(PSUHVD,,QWHUPXQLFLSDOÉ
ÉJXDVG
GR5
5LEDWHMRD
DYDQoDFFRPR
REUDLLPSRQHQWH
6DQHDPHQWRE
EiVLFRQ
QRV)
)RURVG
GH&
&RUXFKH
$ (PSUHVD,QWHUPXQLFLSDOÈJXDVGR
5LEDWHMRDVVLQRXQRGLDGH-DQHLUR
RDXWRGHFRQVLJQDomRSDUDRLQtFLR
GDHPSUHLWDGDGHVDQHDPHQWRQRV)RURVGH
&RUXFKH
$ FRQVWUXomR GD UHGH GH
VDQHDPHQWR EiVLFR QRV )RURV
ILFDUi D FDUJR GD HPSUHVD$6,
%(/ &RQVWUXo}HV6$ HHTXLYDOH
DXPLQYHVWLPHQWRGHPLOK}HV
GH HXURV $ UHGH GH FROHFWRUHV
FRP TXLOyPHWURV LUi OLJDU RV
IRURV GH &RUXFKH j (7$5 Mi
H[LVWHQWH 6HUmR WDPEpP FRQ
VWUXtGDV TXDWUR HVWDo}HV HOH
YDWyULDV H DV UHVSHFWLYDV FRQGX
WDV
&RP D UHGH GH VDQHDPHQWR
SUHWHQGHVHPHOKRUDUDTXDOLGDGH
GHYLGDHRQtYHOGHFRPSHWLWLYL
GDGHQXPD]RQDTXHHVWiQDSHU
LIHULD GD YLOD GH &RUXFKH PDV
TXH FRQFHQWUD XPD SDUWH VLJQL
ILFDWLYDGDSRSXODomRGDIUHJXH
VLD
6RXVD *RPHV SUHVLGHQWH GD
HPSUHVD ÈJXDV GR 5LEDWHMR
HVFODUHFHX TXH HVWDV FHULPyQLDV
GH DVVLQDWXUDV GH FRQWUDWRV YmR
SDVVDU D VHU UHJXODUHV SDUD TXH
RV PXQtFLSHV SRVVDP SHUFHEHU
HPTXHFRQVLVWHDHPSUHVDHSDUD
TXH KDMD XPD WUDQVSDUrQFLD HP
WRGRVRVSURFHVVRV
'LRQtVLR0HQGHVUHIHULXTXH
HVWH LQYHVWLPHQWR p ³DEVROXWD
PHQWH YLWDO SDUD TXH RV )RURV
SRVVDP FRQWLQXDU D FUHVFHU HP
WHUPRV XUEDQRV H SDUD TXH IL
TXHP DR QtYHO GH RXWUDV ORFD
OLGDGHV´
2 3UHVLGHQWH GD &kPDUD
UHDOoRX D LPSRUWkQFLD GR QRYR
DHURSRUWR³TXHYDLVHUH[WUDRUGL
QDULDPHQWH LPSRUWDQWH SDUD R
FRQFHOKR H TXH YDL WUD]HU GHVD
ILRVHQRUPHV3RULVVRPHVPR´±
UHIHUH±³pSUHFLVRTXHQRVSUH
SDUHPRVLQWHUQDPHQWHSDUDHVWD
UPRVDRQtYHOGRVRXWURVFRQFHO
KRVRXVHSRVVtYHODWpPHOKRUQR
VHQWLGR GH VHUPRV PDLV DWUDF
WLYRV H SRGHUPRV WUD]HU SDUD
&RUXFKH TXHU DV HPSUHVDV H RV
LQYHVWLGRUHV TXHU QRYRV PRUD
GRUHV´
3DUD'LRQtVLR0HQGHVpSUH
FLVRPRVWUDUDTXHPYLYHQDSHU
LIHULD GH /LVERD H TXH IXWXUD
PHQWH YHP WUDEDOKDU QR QRYR
DHURSRUWR TXH &RUXFKH RIHUHFH
XPDH[FHOHQWHDOWHUQDWLYDQmRVy
D QtYHO GH HTXLSDPHQWRV H GH
TXDOLGDGHGHYLGDPDVWDPEpPD
QtYHODPELHQWDOHSDLVDJtVWLFR
1HVWH PRPHQWR D HPSUHVD
ÈJXDVGR5LEDWHMRHVWiDWUDEDO
KDUHPTXDWURIUHJXHVLDVGRFRQ
FHOKR &RXoR %UDQFD 6DQWDQD
GR0DWRH&RUXFKH]RQDLQGXV
WULDO 6DOJXHLULQKD 5HERFKR
0RQWLQKRVH$]HUYDGLQKD%UH
YHPHQWH DV IUHJXHVLDV GD (UUD
)DMDUGD %LVFDLQKR H /DPDURVD
LUmR WDPEpP EHQHILFLDU GH XPD
LQWHUYHQomR DR QtYHO GR VDQHD
PHQWRHWUDWDPHQWRGHHVJRWRVR
TXHVLJQLILFDTXHRLQYHVWLPHQWR
GD ÈJXDV GR 5LEDWHMR LUi FRQ
WHPSODU WRGDV DV IUHJXHVLDV GR
FRQFHOKR
'LRQtVLR 0HQGHV GHL[RX XP
GHVDILR j FRQVWUXWRUD $6,%(/
³TXHHVWHSURMHFWRVHMDH[HPSODU
QRFXPSULPHQWRGHSUD]RVHQD
HILFiFLDGDVXDFRQFUHWL]DomR´
2 SUD]R GH FRQFOXVmR GD
REUDHVWiSUHYLVWRSDUDGDTXLD
XPDQR
&12±2IHUWDIRUPDWLYDPDLVSHUWRGDVSRSXODo}HV
&12G
GD(
(VFROD3
3URILVVLRQDOG
GH6
6DOYDWHUUD
DD
DODUJDUUUHGHG
GHLLWLQHUkQFLDVQ
QDUUHJLmR
YROWDD
2 &HQWUR GH 1RYDV 2SRU
WXQLGDGHV&12GR,QVWLWXWR
GH (GXFDomR H )RUPDomR GR
6RUUDLD ,()6 FRP VHGH QD
(VFROD 3URILVVLRQDO GH 6DOYD
WHUUDGH0DJRV(360FRQ
WLQXDDDODUJDU DVXDUHGHGH
LWLQHUkQFLDV MXQWR GH HPSUH
VDV DVVRFLDo}HV H DXWDUTXLDV
GDUHJLmR
BBB
1R SDVVDGR GLD IRUDP
DVVLQDGRVSURWRFRORVGHFRRSHU
DomR LQVWLWXFLRQDO HQWUH HVWH
&12HD-XQWDGH)UHJXHVLDGH
6DPRUD &RUUHLD -XQWD GH )UH
JXHVLDGH)RURVGH6DOYDWHUUDH
-XQWD GH )UHJXHVLD GR %LVFDL
QKR
$SHVDU GH HVWH &HQWUR GH
1RYDV 2SRUWXQLGDGHV Mi WUDED
OKDU FRP HVWDV DXWDUTXLDV R
REMHFWLYR GHVWH QRYR DFRUGR
YLVRX SURPRYHU RXWUR WLSR GH
IRUPDo}HVFRPDVUHIHULGDVHQWL
GDGHV UHJLRQDLV $OpP GR SUR
FHVVR GH 59&& DV SRSXODo}HV
YmR WDPEpP SRGHU XVXIUXLU GH
8QLGDGHVGH)RUPDomRGH&XUWD
'XUDomR 8)&' HP GLYHUVDV
iUHDV &XUVRV GH (GXFDomR H
)RUPDomR GH $GXOWRV ()$
HQWUHRXWURWLSRGHIRUPDo}HV
2SUHVLGHQWHGD-XQWDGH)UH
JXHVLD GH 6DPRUD &RUUHLD VDX
GRX HVWD QRYD SDUFHULD FRP D
(VFROD 3URILVVLRQDO GH 6DOYD
WHUUD GH 0DJRV +pOLR -XVWLQR
UHFRUGRXTXHHVWDXQLmRMiSHU
PLWLX D GH]HQDV GH SHVVRDV GH
6DPRUD&RUUHLDDFRQFOXVmRGR
ž ž H ž DQRV 2 DXWDUFD
YROWRXDDSHODUj(VFROD3URILV
VLRQDO GH 6DOYDWHUUD GH 0DJRV
TXHHVWHQGDDVVXDVLQVWDODo}HVD
6DPRUD &RUUHLD ³D IUHJXHVLD
FRPPDLRUFUHVFLPHQWRQRSDtV´
7DPEpP D SUHVLGHQWH GD
-XQWD GH )UHJXHVLD GRV )RURV
VDXGRX HVWD SDUFHULD FRP D
(360 5RVD 1XQHV DJUDGHFHX
DRVWpFQLFRV59&HDRVIRUPD
GRUHVTXHWrPGHVHQYROYLGRXP
JUDQGHWUDEDOKRMXQWRGHPXLWRV
DGXOWRVGRV)RURVGH6DOYDWHUUD
TXHKiPXLWRDQRVGHL[DUDPD
HVFROD
$ LWLQHUkQFLD GR &12 QD
-XQWDGH)UHJXHVLDGR%LVFDLQKR
&RUXFKH PHUHFHX WDPEpP R
UHFRQKHFLPHQWRS~EOLFRGRSUH
VLGHQWH GD MXQWD 1D FHULPyQLD
GHDVVLQDWXUDGRSURWRFRORTXH
GHFRUUHX QDV LQVWDODo}HV GD
(VFROD3URILVVLRQDOGH6DOYDWHU
UD GH 0DJRV -RDTXLP 3DXOLQR
UHFRUGRX TXH IRUDP UHFRQKHFL
GDV PXLWDV FRPSHWrQFLDV D GH
]HQDV GH SHVVRDV TXH TXLVHUDP
YHUFRQFOXtGRVRVQtYHLVEiVLFR
HVHFXQGiULRQR%LVFDLQKR
$ SUHVLGHQWH GD GLUHFomR GD
(VFROD 3URILVVLRQDO GH 6DOYD
WHUUDGH0DJRVOHPEURXRYDORU
GHVWDV SDUFHULDV SHOR IDFWR GH
DSUR[LPDU D HVFROD GDV SRSX
ODo}HV ³(ODV VmR LPSRUWDQWHV
SDUDWRGRVSRULVVRYmRFRQWLQ
XDUDVHUIHLWDVMXQWRGDVDXWDU
TXLDV H HPSUHVDV GD QRVVD
UHJLmR´ UHIHULX 6DORPp 5DIDHO
$ UHVSRQViYHO SHOR HVWDEHOHFL
PHQWR GH HQVLQR DSURYHLWRX
DLQGDSDUDIHOLFLWDUDHTXLSDGR
&HQWURGH1RYDV2SRUWXQLGDGHV
TXH ³WHP WLGR XPD GHGLFDomR
HQRUPHDHVWHSURMHFWR´
0iULR*RQoDOYHV
2-RUQDOGH&RUXFKH‡$QR1~PHUR‡)HYHUHLURGH
&RQFXUVR³5RFNLQ5LR´±3UpPLRYDLSDUD&RUXFKH
´&RUXFKHHHD
D&
&RUWLoD
8PD$
$OLDQoD6
6XVWHQWiYHOµ
²8
$ (VFROD 6HFXQGiULD &ž
&LFOR GH &RUXFKH SURS}H QR
VHX 5HJXODPHQWR ,QWHUQR R
OHPD ³8PD (VFROD 3~EOLFD
1RVVDHGH4XDOLGDGH´WHQGR
R VHX 3URMHFWR (GXFDWLYR R
WHPD DJOXWLQDGRU ³6HU 6ROL
GiULR´
BBB
(VWH WHPD p H[SORUDGR DWUD
YpV GH GLIHUHQWHV DERUGDJHQV
HP FDGD DQR GH HVFRODULGDGH
$R ž DQR FDEH GHVHQYROYHU
FRPSHWrQFLDV H DFWLYLGDGHV QR
kPELWR GR VXEWHPD ³-XQWRV QD
'LYHUVLGDGH´$VVLPGRGHEDWH
GH LGHLDV OHYDGR D FDER SHORV
DOXQRV GR ž$ QDVFHX R SUR
MHFWR ³&RUXFKH H D &RUWLoD ±
8PD$OLDQoD6XVWHQWiYHO´
2 UHVSHLWR SHORV RXWURV D
DFHLWDomR GDV GLIHUHQoDV D HQ
WUHDMXGD H D VROLGDULHGDGH IR
UDPGHVGHORJRDVLGHLDVDSRQ
WDGDV 0DLV WDUGH H WHQGR FRQ
KHFLPHQWR GR FRQFXUVR SUR
PRYLGR SHOD 2UJDQL]DomR GR
5RFN LQ 5LR MXQWDUDPVHOKHV
DVSUHRFXSDo}HVDPELHQWDLV
2V SODQRV GD WXUPD YLVDP
SRLVLQWHJUDUQDFRPXQLGDGHRV
LGRVRVTXHSDVVDPJUDQGHSDUWH
³4XHPVHSUHRFXSD
FRPRVVHXVQHWRV
SODQWDXPVREUHLUR´
GRVVHXVGLDVORQJHGDVIDPtOLDV
TXH SRU LPSRVLomR GDV REUL
JDo}HVTXRWLGLDQDVQHPVHPSUH
HQFRQWUDP GLVSRQLELOLGDGH SDUD
RVPDLVYHOKRV(VWDLQWHJUDomR
FRQVLVWHQDUHDOL]DomRGHYiULRV
HQFRQWURV HQWUH RV DOXQRV H RV
XWHQWHV GR &HQWUR GH 'LD GD
6DQWD &DVD GD 0LVHULFyUGLD GH
&RUXFKHSDUDUHFROKDGHLQIRU
PDo}HV VREUH DV WUDGLo}HV OR
FDLV VREUHWXGR DV TXH VH UHOD
FLRQDP FRP D FRUWLoD FXOPL
QDQGR HVWD SDUWLOKD FRP XP
ODQFKH FRQYtYLR UHDOL]DGR QR
&HQWUR GH 'LD PDV RUJDQL]DGR
SHOD WXUPD 3UHWHQGHVH GHVWD
IRUPDQmRVySURPRYHURFRQ
YtYLR HQWUH DV GXDV IDL[DV HWi
ULDV PDV WDPEpP UHDOoDU D
LPSRUWkQFLD SDUD D VRFLHGDGH
GD H[SHULrQFLD GRV FRQKHFL
PHQWRV H GDV YLYrQFLDV GRV
FLGDGmRVPDLVLGRVRV
&RQFRPLWDQWHPHQWH RV DOX
QRV SUHWHQGHP FKDPDU D DWHQ
omR SDUD R YDORU GD FRUWLoD QD
UHJLmR7UDWDVHGHXPDPDWpULD
SULPDQDWXUDOjTXDOHVWmRDVVR
FLDGRVEHQHItFLRVLPHQVXUiYHLV
SDUDRDPELHQWHHSDUDDHFRQR
PLD (VWH REMHFWLYR p FRQFUH
WL]DGR DWUDYpV GD SODQWDomR GH
XPPRQWDGRGHVREURQXPWHU
UHQRGHKDFHGLGRSHOD6DQWD
&DVD GD 0LVHULFyUGLD GH &R
UXFKH 7UDWDVH GH XPD UHODomR
GH ³VLPELRVH´ TXH DSUHVHQWD
DSHQDV YDQWDJHQV SDUD RV GRLV
SDUFHLURVVHRVDOXQRVUHDOoDP
D LPSRUWkQFLD GD FRUWLoD FRP
HVWD DFWLYLGDGH D 6DQWD &DVD
UHFHEHUiRVOXFURVGDH[WUDFomR
GD FRUWLoD VH EHP TXH D ORQJR
SUD]R
$V DFo}HV GHVHQYROYLGDV
SHOD WXUPD DR ORQJR GR DQR R
WUDEDOKR UHDOL]DGR HP DUWLFXOD
omR FRP DV YiULDV LQVWLWXLo}HV
ORFDLV RV GDGRV UHVXOWDQWHV GDV
SHVTXLVDV HIHFWXDGDV H GR FRQ
WDFWRFRPDSRSXODomRGHPDLV
LGDGH VHUmR DSUHVHQWDGRV QR
ILQDO GR DQR OHFWLYR j FRPX
QLGDGHORFDOQXPDFRQIHUrQFLD
D RUJDQL]DU SHOD WXUPD H D UHD
OL]DU QR $XGLWyULR GR 0XVHX
0XQLFLSDOGH&RUXFKH
)RLFRPHVWH3URMHFWRTXHRV
$OXQRV GR ž$ GHVWD (VFROD
FRPRDSRLRGDVXD'LUHFWRUDGH
7XUPD H GRV (QFDUUHJDGRV GH
(GXFDomR VH DSUHVHQWDUDP DR
&RQFXUVR ³5RFN LQ 5LR (VFROD
6RODU´ SURMHFWR FRP R TXDO
REWLYHUDPRžOXJDUQR'LVWULWR
GH 6DQWDUpP &RP HVWH IDFWR
FRQTXLVWDUDP SDUD D (VFROD D
LQVWDODomR GH XP VLVWHPD IRWR
YROWDLFR H GH XP VLVWHPD VRODU
GH SURGXomR GH iJXD TXHQWH
SDUD RV DOXQRV DOJXPDV GH]H
QDVGHLQJUHVVRVSDUDR)HVWLYDO
0XVLFDO³5RFNLQ5LR/LVERD´
3DUDEpQVDWRGRVRVLQWHUYH
QLHQWHVQR3URMHFWRHPHVSHFLDO
DRV$OXQRV
BBBB
7HUHVD$OYHV,VLGRULQKR
&RRUGHQDGRUDGR3$$
&RPpUFLRWWUDGLFLRQDOG
GH&
&RUXFKHG
GiS
SUpPLRV
6RUWHLRGD&DPSDQKD³1R1DWDO&RPpUFLR7UDGLFLRQDO«)DoDFRPSUDVSHUWRGHFDVDHJDQKHSUpPLRV´
2VRUWHLRGD&DPSDQKD1R1DWDO&RPpUFLR7UDGLFLRQDO«)DoD
FRPSUDV SHUWR GH FDVD H JDQKH SUpPLRV UHDOL]RXVH GLD GH
-DQHLURSHODVKRUDVQD6DODGH6HVV}HVGR(GLItFLRGRV3DoRVGH
&RQFHOKR
$VYHUHDGRUDV)iWLPD*DOKDUGRH&pOLD5DPDOKRHRDGMXQWRGR
3UHVLGHQWH GD &kPDUD GH &RUXFKH 3HGUR 2UYDOKR PDUFDUDP SUH
VHQoDQRVRUWHLREHPFRPRD$VVRFLDomRGH&RPHUFLDQWHVGRFRQ
FHOKR
(VWDpXPDLQLFLDWLYDGD&kPDUD0XQLFLSDOGH&RUXFKHHPSDUFH
ULDFRPD$VVRFLDomRGH&RPHUFLDQWHVGRFRQFHOKRGH&RUXFKHTXH
FRQWD WDPEpP FRP D FRODERUDomR GDV MXQWDV GH IUHJXHVLD GR
&RQFHOKR
2 VRUWHLR FRQWRX FRP D DMXGD GDV FULDQoDV GD /XGRWHFD
0XQLFLSDO
$ FDPSDQKD TXH SUHWHQGH SURPRYHU H GLQDPL]DU R FRPpUFLR
WUDGLFLRQDOWHPVLGRUHFHELGDFRPJUDQGHHQWXVLDVPRSHORVFRPHU
FLDQWHV(VWHDQRORMDVDGHULUDPDRFRQFXUVRRTXHUHVXOWRXQXP
WRWDOGHVHQKDVGLVWULEXtGDVSHORVFOLHQWHV'HVVDVVH
QKDVGH]IRUDPVRUWHDGDVSDUDHQWUHJDGHSUpPLRV
2V SUpPLRV VmR YDOHV GH FRPSUDV QR FRPpUFLR WUDGLFLRQDO
FRUXFKHQVH2VYDOHVYmRGRVHXURVGRžDRVHXURVGRž
SUpPLR
2-RUQDOGH&RUXFKH‡$QR1~PHUR‡)HYHUHLURGH
7ULEXQDOGHVDSURYD
FRQGXWDGDSVHX
GRFRPLVVmRGH
LQTXpULWRjVREUDV
GR2EVHUYDWyULR
GR6REUHLURHGD
&RUWLoD
³2-RUQDOGH&RUXFKHQžGHGH)HYHUHLURGH´
127$5,$'2
32578*8Ç6
&DUWyULR1RWDULDO±&RUXFKH
1RWiULD$QD)HUQDQGD&ODURGH$OPHLGD
5XDGRV*XHUUHLURVQƒHP&RUXFKH
±(;75$&72±
$QD)HUQDQGD&ODURGH$OPHLGD1RWiULDFHUWLILFRQDUUDWLYDPHQWHSDUDHIHLWRVGHSXEOLFDomRTXHQR&DUWyULR
1RWDULDOGH&RUXFKHVLWRQD5XDGRV*XHUUHLURVQƒQROLYURGHQRWDVSDUDHVFULWXUDVGLYHUVDVQ~PHUR'(=$129(
$DIROKDVFHQWRHYLQWHHRLWRHVHJXLQWHVIRLODYUDGDXPDHVFULWXUDGHMXVWLILFDomRQRWDULDOSHODTXDO*$%5,(/$
/23(65,%(,52&258&+('$ 6,/9$ $/9(6HPDULGR$/%,125$0$/+(7($/9(6FDVDGRVVRER
UHJLPHGDFRPXQKmRGHDGTXLULGRVQDWXUDLVHODGDIUHJXHVLDHFRQFHOKRGH9HQGDV1RYDVHOHGH)UDQoDUHVLGHQWHV
QD5XDGD0RDJHPIUHJXHVLDGD%UDQFDFRQFHOKRGH&RUXFKHGHFODUDUDPTXHDMXVWLILFDQWHPXOKHUpGRQDHOHJtWL
PDSRVVXLGRUDFRPH[FOXVmRGHRXWUHPGRSUpGLRDVHJXLULGHQWLILFDGRGDIUHJXHVLDGD%UDQFDFRQFHOKRGH&RUXFKH
0,672VLWRHP)D]HQGDVGDV)LJXHLUDVFRPDiUHDGHGR]HPLOTXDWURFHQWRVHQRYHQWDHVHLVPHWURVTXDGUDGRV
FRPSRVWRDSDUWHU~VWLFDSRUHXFDOLSWDOFXOWXUDDUYHQVHKRUWHMRROLYDOHYLQKDHDSDUWHXUEDQDGHFDVDGHUpVGRFKmR
FRPDVXSHUItFLHFREHUWDGHFHQWRHVHVVHQWDHFLQFRPHWURVTXDGUDGRVDFRQIURQWDUGHQRUWHFRP-RVp3HUHLUDGH-HVXV
GHVXOFRP&LGiOLD/RSHV5LEHLUR&RUXFKHGD6LOYD.XUDOGHQDVFHQWHFRP5XD&DPDUiULDHGHSRHQWHFRP)UDQFLVFR
6RXVDLQVFULWRQDPDWUL]U~VWLFDVRESDUWHGRDUWLJRVHFomR%$DLQGDVHPYDORUSDWULPRQLDODWULEXtGRDRTXDO
DWULEXHPRYDORUGHTXLQKHQWRVHXURVSDUDHIHLWRVGHVWHDFWRHQDPDWUL]XUEDQDVRERDUWLJRFRPRYDORUSDWUL
PRQLDOWULEXWiULRGH€DRTXDODWULEXHPLJXDOYDORUFRPYDORUJOREDODWULEXtGRGHWULQWDHGRLVPLOFHQWRH
TXDUHQWD H VHWH HXURV H QRYHQWD H QRYH FrQWLPRV D GHVDQH[DU GR GHVFULWR QD &RQVHUYDWyULD GR 5HJLVWR 3UHGLDO GH
&RUXFKHVRERQ~PHUR&(172(48$5(17$ (80GDIUHJXHVLDGD%UDQFDHQFRQWUDQGRVHUHJLVWDGDDDTXLVLomR
HPFRPXPHVHPGHWHUPLQDomRGHSDUWHRXGLUHLWRSRUWHUVLGRHUUDGDPHQWHSDUWLFLSDGRQDWRWDOLGDGHDIDYRUGDKH
UDQoDGH%HQYLQGD/RSHV5LEHLURGD&UX]SHODLQVFULomRUHVXOWDQWHGDDSUHVHQWDomRRLWRGHWUrVGH$JRVWRGHPLO
QRYHFHQWRVHQRYHQWDHQRYHDIDYRUGDSULPHLUDRXWRUJDQWHPXOKHUGDVWHUFHLUDVRXWRUJDQWHVPXOKHUHVHGH-RVp%HQWR
&RUXFKHGD6LOYDIDOHFLGRQRGLDRLWRGH-DQHLURGHGRLVPLOHQRYHQDIUHJXHVLDGH6HW~EDO6mR6HEDVWLmRFRQFH
OKRGH6HW~EDOTXHHUDQDWXUDOGDIUHJXHVLDHFRQFHOKRGH9HQGDV1RYDVHTXHWHYHD~OWLPDPRUDGDKDELWXDOQDPHQ
FLRQDGD5XDGD0RDJHPGHTXHPDRUDMXVWLILFDQWHPXOKHU*$%5,(/$ /23(65,%(,52&258&+('$ 6,/9$
$/9(6&,'È/,$ /23(65,%(,52&258&+('$ 6,/9$ .85$/H0$5,$ )(51$1'$ /23(65,%(,52
&258&+('$ 6,/9$RUDWHUFHLUDVRXWRUJDQWHVPXOKHUHVVmR~QLFDVKHUGHLUDVQRVWHUPRVGDHVFULWXUDGHKDELOLWDomR
GHKHUGHLURVODYUDGDQHVWDGDWD&DUWyULRH/LYURGH1RWDVH[DUDGDDIROKDVFHQWRHYLQWHHVHJXLQWHV
4XHDMXVWLILFDQWH*$%5,(/$ /23(65,%(,52&258&+('$ 6,/9$ $/9(6QmRpGHWHQWRUDGHTXDOTXHU
WtWXORIRUPDOTXHOHJLWLPHRGRPtQLRGHVWHSUpGLRRTXDOYHLRjVXDSRVVHSRUOKHWHUVLGRGRDGRVREDIRUPDPHUD
PHQWHYHUEDOSRUVHXVSDLV-RVp%HQWR&RUXFKHGD6LOYDHPXOKHU%HQYLQGD/RSHV5LEHLURGD&UX]SRUYROWDGRDQR
GHPLOQRYHFHQWRVHRLWHQWDHRLWRDRWHPSRVROWHLUDPHQRUVHPQXQFDWHUHPODYUDGRRFRUUHVSRQGHQWHWtWXORH[LVWLQ
GRFRPRXQLGDGHSUHGLDODXWyQRPDGHVGHHVVDGDWD
4XHGDGRRPRGRGHDTXLVLomRQmRWHPDMXVWLILFDQWHPXOKHUSRVVLELOLGDGHVGHFRPSURYDUSHORVPHLRVQRUPDLV
RVHXGLUHLWRGHSURSULHGDGHSHUIHLWDPDVDYHUGDGHpTXHpHODDWLWXODUGHWDOLPyYHOSRLVGHOHWHPXVXIUXtGRQHOH
KDELWDQGRID]HQGRUHSDUDo}HVFXOWLYDQGRDKRUWDHQHOHFROKHQGRWRGRVRVIUXWRVTXHHOHpVXVFHSWtYHOGHGDUHIHF
WXDQGRDVOLPSH]DVQHFHVViULDVKiPDLVGHYLQWHDQRVLQLQWHUUXSWDPHQWHFRPRFRQKHFLPHQWRGHWRGDDJHQWHHVHP
DPHQRURSRVLomRGHTXHPTXHUTXHVHMDUHVSHLWDQGRDVVXDVGHPDUFDo}HVHVWUHPDVDJLQGRFRPWRWDOH[FOXVLYLGDGH
HLQGHSHQGrQFLDHQXQFDFRPRFRPSURSULHWiULDFRPRVHGHFRLVDVXDVHWUDWDVVHVHQGRSRULVVRXPDSRVVHFRQWtQXD
S~EOLFDSDFtILFDHGHERDIpSHORTXHRDGTXLULXSRUXVXFDSLmR
4XHGDGDVDVHQXQFLDGDVFDUDFWHUtVWLFDVGHWDOSRVVHDMXVWLILFDQWHPXOKHUDGTXLULXRPHQFLRQDGRSUpGLRSRUXVX
FDSLmRWtWXORHVWHTXHSRUQDWXUH]DQmRpVXVFHSWtYHOGHVHUFRPSURYDGRSHORVPHLRVQRUPDLVLQYRFDQGRSRULVVR
HVWDIRUPDRULJLQiULDGHDTXLVLomRSDUDWRGRVRVHIHLWRVOHJDLV
(67È&21)250(225,*,1$/&RUXFKHDRVGH'H]HPEURGH
$ 1RWiULD
$QD)HUQDQGD&ODURGH$OPHLGD
27ULEXQDOGD&RPDUFDGH
6DQWDUpP±6HUYLoRVGR0LQLV
WpULR 3~EOLFR GHWHUPLQRX QR
GLDGH-DQHLURGHTXHDV
LQVLQXDo}HVGHTXHWHULDKDYLGR
SUiWLFDGHFRUUXSomRDFWLYDQRV
SURFHGLPHQWRV GD HPSUHLWDGD
GRHGLItFLRGR³2EVHUYDWyULRGR
6REUHLURHGD&RUWLoD´QmRWrP
TXDLVTXHU IXQGDPHQWRV
$ $VVHPEOHLD 0XQLFLSDO GH
&RUXFKHUHDOL]DGDDGH$EULOGH
GHWHUPLQRXTXHIRVVHHQYL
DGD DRV 6HUYLoRV GR 0LQLVWpULR
3~EOLFR XPD FySLD GR UHODWyULR
SURGX]LGR SHOD &RPLVVmR GH
,QTXpULWRFRQVWLWXtGDSRUGHOLEH
UDomR GD PHVPD $VVHPEOHLD
RQGHVHGDYDFRQWDGHIDFWRVTXH
SRGHULDP LQGLFLDU D SUiWLFD GR
FULPH GH FRUUXSomR DFWLYD QD
FRQVWUXomRGDHPSUHLWDGD
5HFRUGHVHTXHQHVVDPHVPD
$VVHPEOHLD R JUXSR PXQLFLSDO
GR3DUWLGR6RFLDOLVWDFRQWHVWRXD
OHJDOLGDGH GHVVD &RPLVVmR GH
,QTXpULWRWHQGRDPHVPDFRPLV
VmRVLGRIRUPDGDDSHQDVSRUUHS
UHVHQWDQWHV GD &'8 /XLV $O
EHUWR H 0DQXHO &RHOKR H GR
36')UDQFLVFR*DVSDU
2 7ULEXQDO GD &RPDUFD GH
6DQWDUpP ± 6HUYLoRV GR 0LQLV
WpULR3~EOLFRYHPDJRUDGL]HUTXH
GHSRLVGH³HODERUDGRRUHVSHFWL
YRLQTXpULWRSRUSDUWHGD3ROtFLD
-XGLFLiULD QR kPELWR GD VXD
FRPSHWrQFLD FKHJDVH j FRQ
FOXVmRSRUpPTXHDVLWXDomRHP
DSUHoRQmRLQGLFLDDFRPLVVmRGH
TXDOTXHULOtFLWR´
3RGH OHUVH DLQGD QR DXWR
UHPHWLGRSHOR7ULEXQDOTXH³'R
PHVPRPRGRGDDQiOLVHHFRQ
VXOWD GRV GLYHUVRV GRFXPHQWRV
MXQWRV DRV DXWRV WDPEpP QDGD
UHVXOWDQHVVHVHQWLGRGHUHVSRQV
DELOL]DomR MXUtGLFRFULPLQDO´ 2
PHVPR GHVSDFKR GH DUTXLYD
PHQWRDFUHVFHQWDDLQGD³3RUTXH
QmR GHVSLFLHQGR GLJDVH TXH
WRGDV DV DFo}HV H FLUFXQVWkQFLD
UHODWLYDVDRFRQFXUVRS~EOLFRHj
HPSUHLWDGD IRUDP YLVDGDV SHOR
7ULEXQDOGH&RQWDVRTXHGHL[D
DQWHYHU WRGD D QRUPDOLGDGH H
OHJDOLGDGH QDV GLYHUVDV DFWX
Do}HVHSURFHGLPHQWRV´
2PHVPRGRFXPHQWRpHVFOD
UHFHGRU GH IRUPD FDWHJyULFD
TXDQWRjVPRWLYDo}HVGDSVHXGR
FRPLVVmR GH LQTXpULWR /rVH QR
GHVSDFKR³(VWDPRVHPFUHUTXH
WXGR QmR WHUi SDVVDGR GH XPD
PHUD TXHVWL~QFXOD SROtWLFD DOL
PHQWDGD SRU GLYHUVRV LQWHUHVVHV
HSDL[}HVSDUWLGiULDV´,QGRPDLV
ORQJH DOHUWDQGR SDUD R VHJXLQWH
³8PD DFXVDomR WHP TXH VH ED
VHDUHPIDFWRVGHYLGDPHQWHLQGL
FLDGRV H QmR HP LQIHUrQFLD
GHGXo}HVRXLQGXo}HVVHPTXDO
TXHU IXQGDPHQWR H VHP FRQVLV
WrQFLDOyJLFD&RPRMiVXSUDVH
GLVVHDSURYDLQGLFLiULDUHFROKL
GD±RXPHOKRUQmRSURYD±QmR
pGHPROGHDSRGHUVXSRUWDUXPD
DFXVDomRFRQWUDTXHPTXHUTXH
VHMD H[LJLQGRVH TXH HVWD VHMD
FUHGtYHO IXQGDPHQWDGD VpULD H
RSRUWXQD´
2SUHVLGHQWHGD&kPDUD0X
QLFLSDO GH &RUXFKH DILUPD TXH
HVSHURXWUDQTXLODPHQWHHVWHGHV
IHFKRHVXEOLQKDDFRQWXQGrQFLD
GRGHVSDFKRHPUHODomRjVPRWL
YDo}HV GD SVHXGRFRPLVVmR ³R
7ULEXQDO YHP FRQILUPDU DTXLOR
TXH HX GL]LD QD pSRFD RX VHMD
TXHDWDOFRPLVVmRHUDDSHQDVH
VyPRYLGDSHODOXWDSROtWLFRSDU
WLGiULD´'LRQtVLR0HQGHVDSRQ
WD R GHGR j RSRVLomR H UHDILUPD
TXH QD SROtWLFD QmR SRGH YDOHU
WXGR ³D IRUPD GH ID]HU SROtWLFD
SRU SDUWH GH DOJXPDV SHVVRDV
HP&RUXFKHQRV~OWLPRVDQRVp
QR PtQLPR ODPHQWiYHO« WDOYH]
SRU LVVR RV UHVXOWDGRV HOHLWRUDLV
WHQKDPVLGRDTXLORTXHIRUDP´
2DXWDUFDFRQFOXt³TXHOKHVVLUYD
GHOLomRHTXHDSDUWLUGHDJRUDD
RSRVLomR FRORTXH RV VXSHULRUHV
LQWHUHVVHV GR FRQFHOKR H GRV
FRUXFKHQVHVDFLPDGRVLQWHUHVVHV
SDUWLGiULRV´
2V DXWRV IRUDP DUTXLYDGRV
QRV WHUPRV GR DUWž Q GR
&33HQDO
2-RUQDOGH&RUXFKH‡$QR1~PHUR‡)HYHUHLURGH
&5Ð1,&$6'
'26--29(16)
),/Ð62)26
&RRUGHQDomRGH$QWyQLR*LO0DOWD
(PWHPSRVGHPXGDQoDRVMRYHQVUHIRUoDPDSURFXUDGDVXDLGHQWLGDGH(QWUHRVRQKRHDYRQWDGHGHVDILDPDYLGDQXPPLVWRGHDPELomRHGHUHFHLRTXHUHP
VHDILUPDUTXHUHPGL]HUHVWDPRVDTXLFRQWHPFRQQRVFR1yVWDPEpPFRQWDPRVFRPHOHVWHPRVTXHOKHVGDUHVVDRSRUWXQLGDGH
,QFHUWH]DV
-RVp0DQXHO&RUGHLUR
$PDUFRPRPHDPHLQLQJXpPPDLVDPD1LQJXpPPDLVGRTXHHX
pWmRYHUGDGH
7DOYH]VHMDRDPRUD~QLFDIRQWHGHHQHUJLDTXHSRGHPRYLPHQWDUR
PXQGR7DOYH]VHMDSRUHOHTXHHVWRXDTXLSUHVHQWHDHVFUHYHUHVWDV
SDODYUDVSRUDPRUDPLP
3RGHPRVFRPSDUDUDDPELJXLGDGHGDVSDODYUDVjDPELJXLGDGHGR
GHVWLQR XPD HVFROKD YiULDV FRQVHTXrQFLDV XPD SDODYUD YiULRV
VLJQLILFDGRV PDV QXQFD QDGD GH FRQFUHWR 3RQKRPH D SHQVDU
³4XHPVHUHLGDTXLDFLQFRDQRV"´
1mRpLQWHOLJHQWHGDPLQKDSDUWHHXVHLSXUDFREDUGLDPLQKDUHIX
JLDUPH QR IXWXUR SDUD HVFRQGHUPH GR SUHVHQWH H IXJLU FRPR R
'LDERGD&UX]GRSDVVDGR
$SHVDU GDV VXDV PDQKDV DV SDODYUDV VmR D PLQKD LQVSLUDomR
$QWRLQHGH6DLQW([XSpU\WLQKDUD]mR6mRHODVFXOSDGDV6mRHODV
DIRQWHGRVPDLVKRUUHQGRVGHVHQWHQGLPHQWRV
(VHQXPPRPHQWRVyEULRSHJDVVHQXPDSDODYUDPHVHQWDVVHQHVWD
PHVPDVHFUHWiULDQHVWHPHVPRFRPSXWDGRUHGHVVHIRUPDHDOPDD
HVVHFRQMXQWRGHOHWUDV"(VHHVVDSDODYUDIRVVH³48(5(5´8P
YHUER XPD DFomR8PD SDODYUD TXH LPSOLFD WDQWD FRLVD PHVPR
VHQGRSHTXHQD(X48(52SRUTXHSRVVRSHUFHEHURTXmRLPSRU
WDQWHp48(5(56HSXGHVVHFRPSUDYDHVWDSDODYUDVySDUDPLP
SRUTXHHX48(52$
(XTXHURWDQWDFRLVDSDUDPLPTXHURHVWXGDUQXPDDFDGHPLDGH
DUWHVHP/RQGUHVTXHURDPDUTXHURVHUDPDGRTXHURYLYHUPDV
TXHURWDQWRYLYHUTXHURVHULOXPLQDGRTXHURVHQWLURVOiELRVGD
VRUWHVHPSUHSRXVDGRVQDPLQKDWHVWDHWHUDPmRGDIHOLFLGDGHVHP
SUHDSRLDGDQRPHXRPEUR7DQWRTXHHXTXHURTXHURPDVTXHUR
PHVPRPXLWR
0DVHVWHQDYLRQDXIUDJDGRGH³TXHUHU´DEUHXPDELVPRQDPLQKD
SHUVRQDOLGDGH )DOWD TXDOTXHU FRLVD QmR SRVVR YLYHU DSHQDV SDUD
TXHUHUWHQKRTXHID]HUDOJRXUJHQWHPHQWHDQWHVGDFROLVmRGHU
UDGHLUDHQWUHDYLGDUHDOHRVVRQKRV$QWHVTXHDYHODVHDSDJXH
DQWHVTXHRPXQGRDFDEHDQWHVTXHRVPRUWDLVVXFXPEDPHXWHQKR
TXHID]HUDOJR
)HFKRR
RVR
ROKRVG
GHVVDXGDGH
-RDQD,VDEHO6LP}HV
'HROKDUPDJRDGR
&KRUDVVRUULQGR
'HVHVSHUDGR«
$PDUJDPHQWH
&KRURWDPEpP
3RUTXHWXVRIUHV
3RUTXHWHTXHUR
&KRURjGLVWkQFLD
'yLPHDVDXGDGH«
2PHXFKRURpJULWR
3RUpPSHUGLGR
1RQHYRHLUR
'RLQILQLWR«
3UHFLVRIDODUPDVILFRFDODGD
0HVPRDFRPSDQKDGDILFRVR]LQKD
3UHFLVRGHGRUPLUPDVILFRDFRUGDGD
4XHURDWpVRUULUPDVFKRUREDL[LQKR«
3UHFLVRSHQVDUPDVQmRWHQKRLGHLDV
3DUDSRGHUVXSRUTXHWXHVWiVDTXL«
8PDFRLVDDSHQDVSUHFLVRHPHIDOWD
8PDFRLVDVyHVLPSOHVGHPDLV
)DOWDVPHVyWX«QmRSUHFLVRGHQDGDPDLV
/RQJH
'LVWDQWH
2WHPSRSDVVD
1mRTXHUHV«
1mRVHL"
7DOYH]TXHLUDVWDPEpP"
%DVWDYDXPDSDODYUD
8PVyVRUULVR«
1mRSRVVRVXSRUWDUHVWHYD]LR
4XHSHVDjQRVVDYROWDHPHPDJRD
3RUpPHVWDDXVrQFLDHVWDYHUGDGH
3RGHWHUPHGHVWURoDGREUXWDOPHQWH«
(VWDVDXGDGH
(PFDGDGLDPDLRU
6DXGDGHDPDUJDTXHHPPLPILFRX
'HVVHVRUULVR
3RUTXHPHVLQWRVyQDPXOWLGmR
2QGHWXGRPHpHVWUDQKR
3RUTXHPHVLQWRWULVWHULQGR
0LOYH]HVPHSHUJXQWRVHPUHVSRVWD«
2QGHHVWiV"
6GXGIURGHUXGXTKYZGX[HXOIGKT\OK
VUXKSGORMKXGR&UPUXTGRJKIUX[INKVZ
U[\OG)::GYOSGMKTYU[YOZ[Gr€KY
W[KJKYKPK\KXV[HROIGJGY
4[SG GRZ[XG KS W[K G )nSGXG 3[TOIOVGR JK )UX[INK \KS VGXG G VXGrG
VHROIGLGRGXJKSUHOROJGJKKYW[KIKYKW[KKS)UX[INKK^OYZKSVKYYUGYW[K
GTOIGSGTKOXGJKYKJKYRUIGXKSYpUJKIGJKOXGJKXUJGY+VUX\K`KYYpU
UHXOMGJGYGYGwXKSJUYVGYYKOUYVUXW[KKYZKYPlYpUKYZXKOZUY)USGXKKYZX[
Z[XGrpUJG8[GJU)U[rUKJG8[GJGY(GRKOGYW[KL[Z[XGSKTZK\pUYKXGIKY
YUY OSVUXZGTZKY VGXG G TU\G KYZGrpU JK IGSOUTGMKS GY VKYYUGY W[K YK
SU\KSJKIGJKOXGJKXUJGYZKXpUJKIOXI[RGXVKRGKYZXGJGVUXW[KUYOR[SOTG
JUY W[K IUTIKHKXGS KYZK VXUPKIZU JKIOJOXGS IURUIGX UY VUYZKY JUY IGT
JKKOXUYSKYSUTUSKOUJUYVGYYKOUYHKSIUSUKTUXSKYIGO^GYJKKRKIZXOIO
JGJKW[KUHXOMGSUYJKLOIOKTZKYSUZUXKYGIOXI[RGXVKRGYKYZXGJGYY[PKOZUYG
GZXUVKRGSKTZUY
hKYZGGSUHOROJGJKW[KZKSUYKSGRM[SGYX[GYJGTUYYG\ORG
&DQGHHLURVQRVSDVVHLRV
2-RUQDOGH&RUXFKH‡$QR1~PHUR‡)HYHUHLURGH
785,602
&DUORV3DOPHLUR
2IIXWXURG
GR7
7XULVPR
(63(&,$/,'$'(6
&R]LQKD7UDGLFLRQDO‡&DUQHV1DFLRQDLV
3HL[HV)UHVFRV‡'RFHV5HJLRQDLV
0DULVFRV)UHVFRV
0Ð9(,66255$,$
*UDQGHV6DO}HV
GH([SRVLomR
7HO
%DLUURGD$UHLD²&RUXFKH
ǡ
ƒ­Ù‡•Ȉ†—„‘•Ȉ‡‡–‡•Ȉ”‘†—–‘•‹–‘Ǧƒ”ƒ…²—–‹…‘•Ȉ”‘†—–‘•‡
“—‹’ƒ‡–‘•’ƒ”ƒ‰”‹…—Ž–—”ƒ‡ƒ”†‹Ȉ‡†‡•†‡‡†ƒ­ ‘Ȉ‘•–‡•”ƒ–ƒ†‘•
Žž•–‹…‘•†‡‘„‡”–—”ƒ Ȉ—„‘•‡…‡••×”‹‘•’ƒ”ƒ‹•–‡ƒ•†‡‡‰ƒ‡ƒƒŽ‹œƒ­Ù‡•
“—‹’ƒ‡–‘•’ƒ”ƒ‘œ‹Šƒ•‡ƒ•ƒ•†‡ƒŠ‘Ȉ‘–‘„‘„ƒ•ǡž“—‹ƒ•
‰”À…‘Žƒ•ǡ‘”–ž–‡‹•‡†‡ƒ”†‹†ƒ’”‡•–‹‰‹ƒ†ƒƒ”…ƒ
”‘†—–‘•‡“—‹’ƒ‡–‘•’ƒ”ƒ”ƒ–ƒ‡–‘‡ƒ—–‡­ ‘†‡‹•…‹ƒ•
‡Ž‡ˆȀƒš͖͚͙͚͖͗͛͘͜ ט‡Ž͚͖͕͔͗͛͝͝͝Ǧƒ‹Ž ƒ‰”‹‰ƒ”†‡̷•ƒ’‘Ǥ’–
—ƒ†‡Ž‹˜‡­ƒȀȂ͖͕͔͔Ǧ͕͙͕
5XDGH2XWXEUR
&RUXFKH
7HO
)D[
7P
&RPLGDSDUDIRUDH)UDQJRQR&KXUUDVFR
$55$*(67
*DELQHWHGH&RQWDELOLGDGHH*HVWmR
(VFULWyULR
7HOHI)D[
7HOHP
5XDGH'LXQž²&258&+(
)RL UHFHQWHPHQWH DSUHVHQWD
GR R UHODWyULR ³5RDGPDS IRU
5HFRYHU\´URWHLURSDUDDUHFX
SHUDomR GD 2UJDQL]DomR 0XQ
GLDO GH 7XULVPR 207 TXH
FRQWpPDVRULHQWDo}HVHVWUDWpJL
FDV SDUD R GHVHQYROYLPHQWR GR
7XULVPRQDSUy[LPDGpFDGD2
UHODWyULR LQFLGH HVSHFLDOPHQWH
QDViUHDVGD³UHVLVWrQFLD´³HVWt
PXOR´ H ³HFRQRPLD VXVWHQWi
YHO´ DSRQWDQGR SDUD FDGD XPD
FDPLQKRV TXH GHYHP OHYDU j
UHFXSHUDomR HFRQyPLFD GD ³LQ
G~VWULD´ WXUtVWLFD 2 REMHFWLYR
GR UHODWyULR p PRVWUDU FRPR R
7XULVPR SRGH VHU XP IDFWRU
PXLWRLPSRUWDQWHSDUDHQIUHQWDU
RVGHVDILRVHFRQyPLFRVHDPEL
HQWDLV DFWXDLV H IXWXURV TXH VH
FRORFDPHPWHUPRVJOREDLV
1D EDVH GD FRQVWUXomR GR
UHODWyULRHVWiRSDQRUDPDDFWXDO
GR 7XULVPR PXQGLDO TXH HP
YLXVHULQWHUURPSLGDDWUD
MHFWyULDGHFUHVFLPHQWRTXHVXV
WHQWDYDGHVGHjFLQFRDQRVIUXWR
IXQGDPHQWDOPHQWH GD FULVH IL
QDQFHLUDHHFRQyPLFDJOREDO$
WHQGrQFLDGHTXHEUDHVWHQGHXVH
SHORVSULPHLURVPHVHVGH
FRP RV GDGRV GD 207 DWp
6HWHPEURDGHPRQVWUDUHPXPD
TXHEUDGHHPWHUPRVPXQ
GLDLVHHPWHUPRVHXURSHXV
1HVWH FRQWH[WR GH TXHEUD D
(XURSDVRIUHPDLVSRUTXHPDLV
GHGRVIOX[RVWXUtVWLFRVTXH
SURFXUDP RV GHVWLQRV HXURSHXV
SURYrP GH PHUFDGRV HXURSHXV
JUDYHPHQWHDIHFWDGRVSHODFULVH
HFRQyPLFDFDVRVGR5HLQR8QL
GR )UDQoD RX$OHPDQKD DIHF
WDQGRFRPJUDYHLPSDFWRGHVWL
QRV FRPR 3RUWXJDO H (VSDQKD
PXLWR GHSHQGHQWHV GDTXHOHV
PHUFDGRVHPLVVRUHV
$ 207 WHP YLQGR D DOHUWDU
TXH D UHFXSHUDomR QmR GHYHUi
RFRUUHU GH IRUPD UiSLGD HVSH
FLDOPHQWH QD (XURSD GDt D QH
FHVVLGDGH GH WUDoDU XPD ³URWD´
SDUDDUHFXSHUDomRGRVHFWRU2
³5RDGPDS IRU 5HFRYHU\´ GH
VHQYROYLGR SHOR 7RXULVP 5HVL
OLHQFH &RPPLWWHH FRPLWp SDUD
D UHFXSHUDomR GR 7XULVPR
RUJDQLVPRFULDGRSHOD207 HP
2XWXEURGHSHUDQWHDPDLV
JUDYHUHFHVVmRGHVGHD,,*XHUUD
0XQGLDODSUHVHQWDUHFRPHQ
GDo}HV1XPD³URWD´FRQFHSWXDO
JOREDOFXMRREMHFWLYRpTXHVHMD
VHJXLGD SHORV JRYHUQRV PXQGL
DLV KDYHQGR HVSDoR SDUD FDGD
XP GRV JRYHUQRV DGRSWDU H
GHVHQYROYHU DV VXDV SUySULDV
PHGLGDVGHUHFXSHUDomR3RUWX
JDOIRLXPGRVSULPHLURVSDtVHV
D UHDJLU j FULVH QR 7XULVPR
WHQGR UHDJLGR UDSLGDPHQWH H
FRPPHGLGDVFRQFUHWDVDRQtYHO
%HUQDUGR7ULQGDGH6HFUHWiULRGH(VWDGRGR7XULVPR
GRUHIRUoRGDSURPRomRDQtYHO
H[WHUQRHLQWHUQRHGDGLVSRQL
ELOL]DomR GH OLQKDV GH FUpGLWR
HVSHFLDOPHQWH QD UHVWDXUDomR
QXP SURFHVVR OLGHUDGR SHOR
GHWHUPLQDQWH 6HFUHWiULR GH (V
WDGR GR 7XULVPR %HUQDUGR
7ULQGDGH FXMD DFXWLOkQFLD WHP
UHVXOWDGR HP EHQHItFLRV LPSRU
WDQWHV SDUD R VHFWRU WXUtVWLFR
GHVGHTXHDVVXPLXRFDUJR
27XULVPRpXPGRVSULQFL
SDLV VHFWRUHV JHUDGRUHV GH HP
SUHJRVHQGRWDPEpPXPVHFWRU
GHH[SRUWDomRFUtWLFRHPPXLWRV
SDtVHV SRGHQGR VHU XWLOL]DGR
SDUDHVWLPXODUDHFRQRPLD(P
FDGDUHFRPHQGDomRGD207 Ki
YiULDV DFo}HV DSRQWDGDV FRPR
LQGLVSHQViYHLV 1D iUHD ³UHVLV
WrQFLD´pRFDVRGDFRRSHUDomR
HQWUH RV VHFWRUHV S~EOLFR H SUL
YDGRDLQRYDomRHDWHFQRORJLD
1DiUHD³HVWtPXOR´pRFDVRGD
XWLOL]DomRGRVHFWRUSDUDDUHFX
SHUDomRHFRQyPLFDFRPDFULD
omR GH HPSUHJRV SULQFLSDO
PHQWH DR QtYHO GDV SHTXHQDV H
PpGLDV HPSUHVDV 30( D
UHYLVmRGDVWD[DVHGRVYLVWRVD
DSRVWDQDSURPRomRWXUtVWLFDD
FDSLWDOL]DomR GRV HIHLWRV SUR
GX]LGRVSHORVHYHQWRV³kQFRUD´
H D LQFOXVmR GR 7XULVPR QRV
SURJUDPDV HVWUXWXUDQWHV JRYHU
QDPHQWDLV $ iUHD ³HFRQRPLD
VXVWHQWiYHO´DSHOLGDGDGH³JUHHQ
HFRQRP\´ HFRQRPLD YHUGH
LQFOXL R GHVHQYROYLPHQWR GH
³HPSUHJRV YHUGHV´ D UHVSRVWD
HIHFWLYD jV DOWHUDo}HV FOLPiWL
FDV D LQFOXVmR GR7XULVPR QDV
HVWUDWpJLDV GH GHVHQYROYLPHQWR
VXVWHQWiYHOHDSURPRomRGHXP
³7XULVPRYHUGH´
$VUHFRPHQGDo}HVGD207
QmRVmRPHGLGDVGHFXUWRSUD]R
DWp SRUTXH PXLWDV HVWmR UHOD
FLRQDGDVFRPOHJLVODomRUHFXU
VRVKXPDQRVHWHFQRORJLDWtSL
FRVIDFWRUHVGHFRPSHWLWLYLGDGH
TXH QHFHVVLWDP GH WHPSR SDUD
VHUHP DFHLWHV H LPSOHPHQWDGRV
FRPVXFHVVR
&RP R VHX ³5RDGPDS IRU
5HFRYHU\´D207 WHQWDDOHUWDU
SDUDRVIDFWRUHVFUtWLFRVQDDFWX
DO FRQMXQWXUD RQGH R SDSHO GR
7XULVPR p SUHSRQGHUDQWH QR
GHVHQYROYLPHQWR HFRQyPLFR H
QD FULDomR GH HPSUHJRV &DEH
DJRUD DRV JRYHUQRV GDU FRQ
WLQXLGDGHDHVWDHRXWUDVLQLFLDWL
YDV TXH DMXGHP DR IRUWDOHFL
PHQWRGR7XULVPRFRPRIDFWRU
FKDYH SDUD D UHFXSHUDomR HFR
QyPLFDHSDUDRGHVHQYROYLPHQ
WRVXVWHQWiYHO
BBB
)RQWH KWWSMRUQDOTXHUFXVSW
7H[WR %HUQDUGR 7ULQGDGH HP HQWUH
YLVWDDR-RUQDO4XHUFXV$PELHQWHDILU
PDYD TXH D FRPSHWLWLYLGDGH GH 3RU
WXJDO HQTXDQWR GHVWLQR WXUtVWLFR Vy VH
PDQWHUiDPpGLRHORQJRSUD]RVHLQWH
JUDUPRV HIHFWLYDPHQWH D VXVWHQWDELOL
GDGHHDSUHVHUYDomRGRVUHFXUVRVTXHU
QDVQRVVDVSROtWLFDVTXHUQDVGHFLV}HV
GHLQYHVWLPHQWR
BBB
2-RUQDOGH&RUXFKH‡$QR1~PHUR‡)HYHUHLURGH
/LJDomR IHUURYLiULD
&RUXFKH/LVERD
FRP EDODQoR SRVLWLYR
'HVGHRGLDGH6HWHPEUR±GLDHPTXHDOLJDomRIRLUHWRPDGD±
DWpDRILPGH1RYHPEURGH~OWLPRVGDGRVRILFLDLVIRUQHFLGRV
SHOD&3UHJLVWDUDPVHFHUFDGHSDVVDJHLURVHPFLUFXODomR
1HVWHPRPHQWRDOLJDomRWHPPDLVGHXWHQWHVSRUVHPDQD
'HDFRUGRFRPRVGDGRVGD&3 H
GD 5()(5 DV YLDJHQV FRP PDLRU
Q~PHUR GH SDVVDJHLURV UHJLVWDPVH
HQWUH&RUXFKHHDVHVWDo}HVGD*DUH
GR 2ULHQWH H GH 6WD $SROyQLD HP
/LVERD1RUDQNLQJGDVYLDJHQVFRP
PDLVSDVVDJHLURVHQFRQWUDVHWDPEpP
R WUDMHFWR &RUXFKH0DULQKDLV VHQR
TXH RV XWLOL]DGRUHV GR FRPERLR VmR
HPJUDQGHSDUWHDOXQRVTXHIUHTXHQ
WDPD(VFROD3URILVVLRQDOGH&RUXFKH
$ HVWDomRGHFDPLQKRGHIHUURGH
&RUXFKH p D PDLV PRYLPHQWDGD GH
WRGDVDVTXHVHUYHPHVWDOLJDomRIHU
URYLiULD VHQGR TXH R KRUiULR FRP
PDLRU SURFXUD VH UHJLVWD jV K GD
PDQKm 3DUD PHOKRUDU DV FRQGLo}HV
GHVWH VHUYLoR D &3 H D 5()(5 SUH
WHQGHP LPSOHPHQWDU EUHYHPHQWH
DOJXPDVPHGLGDV$ HVWDomRGR6HWLO
FRQFHOKRGR&DUWD[RRQGHVHHIHF
WXDRWUDQVERUGRGHYHUiVRIUHUDOJX
PDVDOWHUDo}HV3UHWHQGHVHPHOKRUDU
RVDEULJRVGHSDVVDJHLURVEHPFRPR
DFRORFDomRGHXPDFREHUWXUDSDUDD
SDVVDJHPDpUHD$ DEHUWXUDGHLQVWD
ODo}HV VDQLWiULDV QD HVWDomR GR 6HWLO
HVWiWDPEpPHQWUHDVPHOKRULDVDFRQ
FUHWL]DU
1RIXWXURD&3 HPSDUFHULDFRP
RV 0XQLFtSLRV DEUDQJLGRV SRU HVWH
VHUYLoR SUHWHQGH UHDOL]DU LQTXpULWRV
GHVDWLVIDomRQRVFRQFHOKRVGH&RUX
FKH 6DOYDWHUUD GH 0DJRV H &DUWD[R
GHIRUPDDUHVSRQGHUjVQHFHVVLGDGHV
GRVXWLOL]DGRUHVGRFRPERLR
3DUD DOpP GRV SDVVDJHLURV UHJX
ODUHV D &3 DSXURX DLQGD XP GDGR
FXULRVRDOJXQVMRYHQVYLDMDUDPDWpj
YLODGH&RUXFKHDWUDYpVGHXPELOKHWH
GH,QWHU5DLOTXHGiDFHVVRDWRGRVRV
SDtVHVGD(XURSD
2SUHVLGHQWHGD&kPDUDGH&RUX
FKHJUDQGHLPSXOVLRQDGRUGHVWHVHU
YLoR FRQVLGHUD TXH p R UHJUHVVR GR
FRPERLRpXPDDSRVWDJDQKDSRUSDU
WHGD&3 HGRVPXQLFtSLRVTXHVHFRQ
VWLWXtUDP SDUFHLURV ³RV Q~PHUR IRU
QHFLGRVSHOD&3 VmRDSURYDGHTXHR
FRPERLRHQWUH&RUXFKHH/LVERDpXP
VHUYLoR PXLWR ~WLO WUDWDVH GH XPD
DOWHUQDWLYD HFRQyPLFD H DPLJD GR
DPELHQWH´
2 DXWDUFD FRUXFKHQVH DFUHGLWD
WDPEpPTXHQRIXWXURVHUmRFDGDYH]
PDLVRVTXHYmRRSWDUSHORFRPERLR
'LRQtVLR 0HQGHV VXEOLQKD DLQGD D
LPSRUWkQFLD TXH R FRPERLR SRGHUi
WHU SDUD R 7XULVPR QD UHJLmR ³HVWD
PRVHPFRQMXQWRFRPD&3 DSURJUD
PDU XPD VpULH GH LQLFLDWLYDV TXH
YLVDP R DSURYHLWDPHQWR WXUtVWLFR
GHVWHGHVWDOLJDomR&RUXFKH/LVERD´
BBBB
2-RUQDOGH&RUXFKH‡$QR1~PHUR‡)HYHUHLURGH
&RUXFKH FDQGLGDWR jV
0DUDYLOKDV 1DWXUDLV GH 3RUWXJDOŠ
20RQWDGRGH6REURGRFRQFHOKRGH&RUXFKHHVWiHQWUHRVQRPHDGRV
SDUDDV0DUDYLOKDV1DWXUDLVGH3RUWXJDOŠTXHVHUmRHOHLWDVQRGLD
GH6HWHPEURGH
$ &kPDUD 0XQLFLSDO GH &RUXFKH
DSUHVHQWRXDFDQGLGDWXUDQDFDWHJRULDGH
)ORUHVWDV H 0DWDV FRP R REMHFWLYR GH
DOHUWDU R SDtV SDUD D SUHVHUYDomR GH XP
SDWULPyQLRLQLJXDOiYHOHWmRLPSRUWDQWHD
QtYHO PXQGLDO FRPR p R 0RQWDGR GH
6REUR
³6HTXHUHPRVSURWHJHUDOJXPDFRLVD
HPSULPHLUROXJDUWHPRVGHVDEHUDSUH
FLiOD´pHVWHRPRWHSDUDDHOHLomRGDV
0DUDYLOKDV 1DWXUDLV GH 3RUWXJDOŠ (P
$8720$7,6026
ĞƐĚĞϱϱϬ€ ;ĂƵƚŽŵĂƚŝƐŵŽĐŽƌƌĞƌͿ
;/sDKEd'D^dEZ/E>h1KͿ
DV 0DUDYLOKDV GH 2ULJHP
3RUWXJXHVD QR 0XQGRŠ UHYHODUDPVH
XP IHQyPHQR GD FRPXQLFDomR H SUR
MHFomR GR SDWULPyQLR KLVWyULFR D QtYHO
PXQGLDO 5HJLVWRXVH XP DXPHQWR GH
YLVLWDVVXSHULRUHVDQRVPRQXPHQ
WRV HOHLWRV FRP XP JUDQGH LPSDFWR DR
QtYHOGDSURPRomRFXOWXUDOHGRWXULVPR
$ 1HZ :RQGHUV 3RUWXJDOŠ SUHWHQGH
FRPHVWHSURMHFWRGHVWDFDURSDWULPyQLR
QDWXUDO QDFLRQDO QmR DSHQDV QR VHQWLGR
HVWpWLFR GDV SDLVDJHQV PDV WDPEpP H
SULQFLSDOPHQWH QR VHQWLGR GH GLYXOJDU
SDUDSRGHUSUHVHUYDU
'HQWURGDV³0DUDYLOKDVGH3RUWXJDO´
VHUmRFRQVLGHUDGRVRVPRQXPHQWRVQDWX
UDLV HP WHUULWyULR QDFLRQDO TXH FRQWHP
SOHPXPRXPDLVDVSHFWRVGHUDULGDGHRX
UHSUHVHQWDWLYLGDGH HP WHUPRV HFROyJL
FRVHVWpWLFRVFLHQWtILFRVHFXOWXUDLV
2VQRPHDGRVVHUmRGLVWULEXtGRVSHODV
VHJXLQWHV FDWHJRULDV =RQDV 0DULQKDV
*5$1'(
&$03$1+$
$5
&21',&,21$'2
ǁǁǁ͘ĐŽƌƐĂƚ͘ǁĞĞďůLJ͘ĐŽŵ
&RPpUFLRH5HSDUDomRGH
(OHFWURGRPpVWLFRV8QLSHVVRDO/GD
EKs^/E^d>O^
Zh/Z/dEǑϯϰΎKZh,
d>ͬ͘&yϮϰϯϲϭϵϬϭϲΎd>D͘ϵϯϲϳϬϭϮϮϬ
*UXWDV H &DYHUQDV 3UDLDV H )DOpVLDV
)ORUHVWDV H 0DWDV *UDQGHV 5HOHYRV
=RQDV3URWHJLGDVH=RQDV$TXiWLFDV1mR
0DULQKDV
$ YRWDomR S~EOLFD GHFRUUH HQWUH RV
GLDVGH0DUoRHGH6HWHPEUR
$V 0DUDYLOKDV HOHLWDV VHUmR DSX
UDGDV SHOR PDLRU Q~PHUR GH YRWRV HP
FDGD XPD GDV FDWHJRULDV QmR SRGHQGR
VHUHOHLWDVPDLVGRTXHGXDV0DUDYLOKDV
SRUUHJLmR
͞dE/^KE͟>^^͟͞
ϵϬϬϬdhDz^Ͳ&Z/Kͬ>KZͲͲͲͲͲͲͲͲͲͲϰϬϬ€
ϭϮϬϬϬdhDz^Ͳ&Z/Kͬ>KZͲͲͲͲͲͲͲͲͲͲϰϯϮ€
ϮϰϬϬϬdhDz^Ͳ&Z/Kͬ>KZͲͲͲͲͲͲͲͲͲͲϳϴϬ€
͞'Z͟>^^͟͞
ϵϬϬϬdhDz^Ͳ&Z/Kͬ>KZͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲϰϲϬ€
ϭϮϬϬϬdhDz^Ͳ&Z/Kͬ>KZͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲϱϬϬ€
ϭϴϬϬϬdhDz^Ͳ&Z/Kͬ>KZͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲϳϬϬ€
ϮϰϬϬϬdhDz^Ͳ&Z/Kͬ>KZͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲϴϵϬ€
͞'Z͟/EsZdZ
ϵϬϬϬdhDz^Ͳ&Z/Kͬ>KZͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲϲϵϬ€
ϭϮϬϬϬdhDz^Ͳ&Z/Kͬ>KZͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲϳϱϬ€
ϭϴϬϬϬdhDz^Ͳ&Z/K>KZͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲϵϴϬ€
;/sDKEd'D^dEZ/E>h/KͿ
2-RUQDOGH&RUXFKH‡$QR1~PHUR‡)HYHUHLURGH
&OUSFWJTUBB"N³SJDP%JBT
´1mRVHHQVLQDDTXLORTXHVHTXHUHQVLQDVH
HVyVHSRGHHQVLQDUDTXLORTXHVHpµ
-HDQ-DXUqV
(QVLQDUSDUD9LYHU
$PpULFR'LDV0DULD/XtVD*RQoDOYHVH0DUJDULGD
9LQDJUHVmR3URIHVVRUHVDSRVHQWDGRVGR
'HSDUWDPHQWRGH/tQJXDVGD(VFROD6HFXQGiULDF
ž&(%GH&RUXFKHRQGHDV6XDVHQHUJLDVIRUDP
HQWUHJXHVDRHQVLQRHGXFDomRHIRUPDomRGRV
MRYHQV&RUXFKHQVHVDRORQJRGHYiULDVJHUDo}HV
3RULQLFLDWLYDGR6HX'HSDUWDPHQWRGHVHPSUH
IRUDPKRPHQDJHDGRVLQWHUSDUHVQRGLDYLQWHGH
1RYHPEURGHGRLVPLOHQRYH
+RMHWHPRVFRQQRVFRRGRFHQWH$PpULFR'LDV
$QD )UHLWDV &RPHoR SRU
OKH SHUJXQWDU R TXH VLJQLILFD
HVWDU UHIRUPDGR"
$PpULFR'LDV*RVWDULDGHD
FXPSULPHQWDUHHPVL$QD)UHL
WDV D WRGRV RV FROHJDV GR PHX
'HSDUWDPHQWR2IDFWRGHPHSH
GLUHP TXH FRPXQLTXH XP SRXFR
GR TXH PH YDL QD DOPD p SDUD
PLPXPSUD]HUSRULVVRYRXXVDU
WRGD D DEHUWXUD H WRGD D IURQWDOL
GDGHQDVPLQKDVUHVSRVWDV
$ SULPHLUD SHUJXQWD TXH PH
GHL[DpVHPG~YLGDXPDTXHV
WmRGLItFLO(XQmRVHLRTXHp³HVWDU
UHIRUPDGR´(XQmR³HVWRX´UHIRU
PDGR PDV ³VRX UHIRUPDGR´ 2
YHUER HVWDU TXDQGR WHP XP VLJ
QLILFDGRSUySULRpSRUQDWXUH]D
HVWiWLFR LPSOLFD XPD TXHEUD GH
GLQDPLVPR4XDQGRVHGL]³HVWDU
UHIRUPDGR´ SUHVVXS}HVH TXH
DOJXPD FRLVD SDURX 1mR PH
VLQWR ³UHIRUPDGR´ H PXLWR PH
QRV PH YHMR QXPD VLWXDomR GH
³HVWDU´ DSRVHQWDGR 'LULD TXH
HVWRX HP SOHQD DFWLYLGDGH PX
GHL GH HVSDoR GH WUDEDOKR QmR
PXGHLGHUDPR6LQWRPHSOHQD
PHQWHHQTXDGUDGRQXPDGLQkPL
FD GH VHUYLoR QD FRQVWUXomR GD
SHVVRDKXPDQDWHQWDQGRLQGLFDU
FDPLQKRVGHIHOLFLGDGHGHUHDO
L]DomR H GH OLEHUGDGH FXOWXUDO H
LQWHULRU³6HUUHIRUPDGR´pHQWUDU
QXP PHFDQLVPR GH PXGDQoD
PDLVVROWRPHQRVUtJLGRPDVQmR
PHQRV SURGXWLYR (X FRQWLQXR
HPDFWLYLGDGHHPDQWHQKRPHQR
PHXHVSDoRGHDFomRFXOWXUDO
$) ± ³(QVLQDU p DSUHQGHU
GXDV YH]HV´ GL] -RVHSK -RX
EHUW6HQWHTXHDLQGDWHPPXL
WR D DSUHQGHU" 4XDLV RV VHXV
SURMHFWRVIXWXURV"
$'±3DUDTXH³HQVLQDU´VHMD
DSUHQGHUGXDVYH]HVpSUHFLVRWHU
XPD KXPLOGDGH DGXOWD FDSD] GH
UHFHEHUDTXLORTXHHVWiQDTXHOHV
TXH³HVWmRGRRXWURODGR´+RMH
VRPRV IDFLOPHQWH XOWUDSDVVDGRV
HP SRXFDV KRUDV SRUTXH RV
PHLRVGHFRPXQLFDomRVmRDSH
ODWLYRV HILFLHQWHV H DJUHVVLYRV
4XDQGR WHQWDPRV ³HQVLQDU´ FR
ORFDGRVHPFLPDGHSODWDIRUPDV
PHQWDLV SRXFR DSUHQGHPRV
TXDQGRFRQGX]LPRVODGRDODGR
GDQGRDPmRQDSUR[LPLGDGHGR
³+RPHP´TXHWDPEpPYDLPDU
FDQGRDDUHLDGDVSUDLDVGDYLGD
DR QRVVR ODGR FRP DV VXDV
SHJDGDVDtHVWDPRVSURQWRVSDUD
³DSUHQGHU´DJDUUDUDTXLORTXHR
RXWUR WHP H TXH HX QmR WHQKR
$SUHQGHU p ³SUHQGHU´ VHJXUDU
FRPLQWHQVLGDGH
1RIXWXURYRXFRQWLQXDUHP
³IRUPDomRFRQWtQXD´7HQKRDJR
UD PDLVHVSDoRSDUDDFRPSDQKDU
DGXOWRV H SDUD DEVRUYHU QHOHV H
GHOHVDV³FRPSHWrQFLDV´HRVDEHU
TXHHXQmRWHQKR7UDEDOKRFRP
DGXOWRV TXDVH Ki WULQWD DQRV H
HVVD WHP VLGR SDUD PLP XPD
GDVHVFRODVPDLVULFDV9RXDSH
QDV FRQWLQXDU PDV FRP LQWHQVL
GDGH 7DPEpP YRX FRQWLQXDU D
HVFUHYHU«DOHURTXHDLQGDQmR
OL«
$) ±³2LPSRUWDQWHQmRp
GDU RSHL[HPDVHQVLQDU DSHV
FDU´5HFRQKHFHHVWHSURYpUELR
FKLQrVQRVHXWUDEDOKRHQTXDQ
WRSURILVVLRQDOGDHGXFDomRDR
ORQJRGDVXDFDUUHLUD"
$' ± 1XQFD ³GHL R SHL[H´
DEUL VHPSUH FDPLQKRV SDUD R
DFWRGH³SHVFDU´FRPDOJXPDHIL
FLrQFLD (VWH IRL XP SULQFtSLR
TXH DWp DR GLD GH KRMH VHPSUH
PHQRUWHRX0DVSDUDVH³HQVL
QDU D SHVFDU´ p SUHFLVR TXH R
³)RUPDGRUGH+RPHQV´WUHLQHDV
WpFQLFDV GH ³SHVFD´ UHQRYH RV
LQVWUXPHQWRVHDV³DUWHV´$ UHQ
RYDomRVypSRVVtYHOQDDEHUWXUD
jPXGDQoDQDDFHLWDomRGDQRYL
GDGHQRHQULTXHFLPHQWRFXOWXUDO
HPIRUPDomRFRQWtQXD
1XQFDPHDFRPRGHL'HSRLV
GD PLQKD FRORFDomR FRPR SUR
IHVVRUGRTXDGURTXDQGRHQFRQ
WUHLDHVWDELOLGDGHSDVVHLPDLVGH
XPD GpFDGD QRV EDQFRV GD )D
FXOGDGHVHPSUHHPUHJLPHSUHV
HQFLDOVHPXVDURHVWDWXWRFyPR
GR GH WUDEDOKDGRU HVWXGDQWH 2V
PHXV DOXQRV IRUDP VHPSUH D
PLQKDSULRULGDGH
)XLVHPSUHEHEHUDIRUPDomR
jV IRQWHV PDLV VHJXUDV H PDLV
JHQXtQDV1XQFDPHVDWLVIL]HUDP
DV³DFo}HVGHIRUPDomRDSUHVVD
GDV´SDUDFXPSULUFDOHQGiULRRX
SDUD VXELU GH HVFDOmR 1XQFD
RSWHLSRUXPPHVWUDGRTXHIDULD
FRP WRGD D IDFLOLGDGH HP GRLV
DQRV 2SWHL SRU GLYHUVLILFDU D
PLQKD SUHSDUDomR SDUD VHU 3UR
IHVVRU SDVVDQGR SHOD +LVWyULD
SHOD /LQJXtVWLFD SHOD &XOWXUD
&OiVVLFD H SRU WDQWDV RXWUDV
iUHDV« 7XGR PH VHUYLX SDUD
WUDQVPLWLURVERQVSURFHGLPHQWRV
QD³$UWHGH3HVFDU´+RMHRVTXH
IRUDP PHXV DOXQRV HVWmR SHORV
TXDWUR FDQWRV GR PXQGR HP
³SHVFDULDV´HILFLHQWHVFRQVWUXLQ
GR FRP GLJQLGDGH VyOLGD SODWD
IRUPDVQDVPDUJHQVGRVULRVGD
YLGD3DUDPLPXPDHVSHFLDOL]D
omR VHULD DQJXVWLDQWH SRUTXH
LPSOLFDULDXPDUHGXomRGRkQJX
OR GR VDEHU VREUH D YDVWLGmR GD
FXOWXUD SRUWXJXHVD H XQLYHUVDO
'HL[HLQDIDFXOGDGHHVWXGRVFRP
FHQWHQDV GH SiJLQDV QRPHDGD
PHQWHVREUH0HQLQD(0RoDGH
%HUQDUGLP VREUH D &UyQLFD GH
'-RmR,GH)HUQmR/RSHVVREUH
SUREOHPDVGHDQiOLVHHWUDGXomR
GH WH[WRV H DXWRUHV FOiVVLFRV
6HPJUDXDWULEXtGRDQmRVHU/L
FHQFLDWXUD GH FLQFR DQRV HVSH
FLDOL]HLPH QD /tQJXD H /LWHUD
WXUD/DWLQDVFRPPDLVGHFDWRU
]H DQRV GH HVWXGR H WUDEDOKR
7DOYH] SRU LVVR VHQWL RV PHXV
DOXQRV GH /DWLP SDUD XVDU XP
H[HPSORFRQFUHWRFRPD³FDQD´
EHPILUPHQDPmRHDLQGDKRMH
ILFRIHOL]TXDQGRYHMRRV³FHVWRV
GD YLGD´ GHOHV D DEDUURWDU GH
³SHL[HV´2VPHXVDOXQRVGHVGH
Ki PDLV GH YLQWH DQRV TXH QmR
FRQKHFHUDPRLQVXFHVVR$SHVDU
GLVVRIXLXPSURIHVVRUTXHRVLV
WHPDFODVVLILFRXVHPSUHGH³VLP
SOHVPHQWHERP´6HWLYHVVHVLGR
XP³EXURFUDWD´PHVPRFRPLQ
VXFHVVRQRVDOXQRVWDOYH]RVLV
WHPDPHWLYHVVHQD³JDOHULD´GRV
PXLWR ERQV RX DWp TXHP VDEH
GRV H[FHOHQWHV ,VVR HX QXQFD
DPELFLRQHL
3RUWXGRLVWRVLQWRDFRQIRU
WiYHOIHOLFLGDGHGHVHU3URIHVVRU
)RL QD /tQJXD H QD /LWHUDWXUD
3RUWXJXHVD TXH LQYHVWL D PDLRU
SDUWH GR PHX WHPSR QD FRQGX
omRGRV+RPHQVH0XOKHUHVGR
IXWXURSDUDDV³PDUJHQVGH5LRV´
RQGHD³SHVFDpDEXQGDQWH´
$) ± 2 TXH FRQVLGHUD WHU
VLGR PDLV JUDWLILFDQWH H R PH
QRVJUDWLILFDQWHQRVHXSHUFXU
VRSURILVVLRQDO"
$' ± 2 PDLV JUDWLILFDQWH
SDUDPLPIRLVHPSUHRFRQWDFWR
DEHUWRFRPDGLYHUVLGDGHGRVHU
GRHVWDUHGRVDEHUGHWRGRVDTXH
OHV TXH VH VHQWDUDP FRPLJR HP
FRQWH[WRGHDXODRXGHIRUPDomR
QDV PDLV GLYHUVDV VLWXDo}HV GD
YLGD
)RLPXLWRJUDWLILFDQWHWHUOHF
FLRQDGRDXQLGDGHGH+LVWyULDGD
,QTXLVLomRDSHGLGRGRWLWXODUGD
FDGHLUD QD )DFXOGDGH GH /HWUDV
GH/LVERD$tSHUFHELTXHMiWLQKD
DOJXPDPDWXULGDGHDVVHQWHQXP
UD]RiYHOVXSRUWHFXOWXUDO
9RXPH UHSHWLU GHQWUR GR
TXH FRQVLGHUR PDLV JUDWLILFDQWH
HVWi DLQGD R IDFWR GH SHUFHEHU
TXHKRMHYLDMRTXHHVWRXGLVSHU
VRSHORVTXDWURFDQWRVGRPXQGR
WUDQVSRUWDGR QR FRUDomR GRV
PHXVDOXQRVHGDPDLRUSDUWHGRV
FROHJDV
2PHQRVJUDWLILFDQWHH[LVWLX
TXDQGRRVLVWHPDPHTXLVWUDQV
IRUPDUHPEXURFUDWDVHQWDGRQD
PHVD QmR GD GRFrQFLD PDV GD
VREUHFDUJD GH SDSpLV D PDLRU
SDUWHGHOHVGXSOLFDGRVVHPVHQ
WLGR«LQ~WHLV3UHSDUHLPHSDUD
2-RUQDOGH&RUXFKH‡$QR1~PHUR‡)HYHUHLURGH
³2-RUQDOGH&RUXFKHQžGHGH)HYHUHLURGH´
127$5,$'2
32578*8Ç6
&DUWyULR1RWDULDO±&RUXFKH
1RWiULD$QD)HUQDQGD&ODURGH$OPHLGD
5XDGRV*XHUUHLURVQƒHP&RUXFKH
±(;75$&72±
3RU$QD)UHLWDV
&RRUGHQDGRUDGR'HSDUWDPHQWR
GH/tQJXDV
DVDODGHDXODVHQmRSDUDRHVSD
oR SDUD PLP DWURILDQWH H VHP
SUHUHGXWRUjPHVDGHXPDTXDO
TXHUPHWiIRUDGHVHFUHWDULD
&RP DOJXPDV QXYHQV QR
³FpX´GRSDVVDGRGLJRWHQWDQGR
DIDVWDU UHVTXtFLRV GH DQJ~VWLD
TXHQHPD(VFRODQHPRVLVWHPD
PHSHGLUDP³QXQFD´PDLVTXHD
WHUoDSDUWHGRTXHOKHVSRGLDGDU
0DVHXQXQFDPHUHVLJQHLHGLV
WULEXLSHODV³SRUWDV´TXHHQFRQ
WUHLDEHUWDV
$) ±2TXHpHQVLQDU KRMH"
'LIHUHPXLWRGDpSRFDHPTXH
FRPHoRXDOHFFLRQDU"
$' ±&RPRpHYLGHQWHDGL
IHUHQoDTXHVLQWRHQWUHRHQVLQR
QRV ILQDLV GRV DQRV VHVVHQWD H
KRMHQRTXHVHUHIHUHDRDFWRGH
FRPXQLFDUHDRVPpWRGRVGHHQ
VLQDUEHPFRPRDRVLQVWUXPHQ
WRV GH WUDEDOKR GLVSRQtYHLV QRV
GRLVWHPSRVGDSHGDJRJLDpFRQ
VLGHUiYHO
%DVWDSHQVDUTXHLQLFLHLDQWHV
GRGH$EULOGHHPWHP
SRVGHQRUPDVUtJLGDVFRPSUR
JUDPDV IHFKDGRV SDUDGRV UHGX
WRUHV $V PXGDQoDV HVWUXWXUDLV
TXH VH RSHUDUDP QD VHJXQGD
PHWDGH GD GpFDGD GH IRUDP
XPPDUFRQDYLUDJHPGHPpWR
GRVSURFHVVRVHFRQWH~GRV
$QWHVRSURIHVVRU³VDELD´HR
DOXQR RX IRUPDQGR RXYLD HVWX
GDYD GHFRUDYD PXLWDV YH]HV
VHP³DSUHQGHU´+RMHRSURIHV
VRURIRUPDGRURERPSHGDJRJR
WHPGHSHUFHEHUTXHTXDQGRVH
DEUH D SRUWD GD VDOD HQWUDP
³VDEHUHV´³FRPSHWrQFLDV´TXHR
SURIHVVRUPXLWDVYH]HVQmRWHP
2SURIHVVRURXVDEH³HVWDUFRP«´
SHJDQGR QD PmR FRQGX]LQGR
XPDVYH]HVjIUHQWHRXWUDVYH]HV
DRODGRRXDWpDWUiVHQDVXDKX
PLOGDGH GHVHQYROYH PHFDQLV
PRV FRPSHQVDWyULRV SDUD VL H
SDUDRRXWURRXYROWDDRDQWLJD
PHQWHHSRGHIDOKDUQDVXDPLV
VmR,VWRVyVHUiGLItFLOSDUDTXHP
UHVLVWLX j PXGDQoD RX SDUD RV
TXH VH GHL[DUDP XOWUDSDVVDU QR
WHPSRHQRVPpWRGRV
6HPHSHUPLWHjPDQHLUDGH
FRQFOXVmR JRVWDULD GH DTXL GHL
[DUXPDEUDoRTXDVHXQLYHUVDOH
QHOH DSHUWDU WRGRV RV TXH WUDED
OKDUDPFRPLJRWRGRVRVTXHWUD
EDOKDUDP SDUD PLP H WRGRV
DTXHOHV D TXHP PH IRL GDGR
FKDPDUGH³FROHJDVGHWUDEDOKR´
³DOXQRV´ ³IRUPDQGRV´ RX VLP
SOHVPHQWH³DGXOWRVHPFRQWH[WR
GHIRUPDomR´
$RMRUQDOjFROHJD$QD)UHL
WDV TXH FRQGX]LX HVWH GLiORJR
FXMDVUHVSRVWDVHXSUySULRUHGLJL
HDTXHPVHHVIRUoRXSHODLGHLD
SHODRUJDQL]DomRHSRUTXDOTXHU
IRUPD GH SUHVHQoD SDUD TXH
WLYHVVHDFRQWHFLGRRFRQYtYLRGH
GH1RYHPEURWDPEpPRPHX
PXLWRREULJDGR
(VWHIRLRGLiORJRWLGRFRPR
FROHJD $PpULFR 'LDV D TXHP
DJUDGHoRDVXDSURQWDGLVSRQLEL
OLGDGH SDUD HVWD HQWUHYLVWD 6H
JXLUVHmRDVHQWUHYLVWDVjVGRFHQ
WHV 0DULD /XtVD *RQoDOYHV H
0DUJDULGD 9LQDJUH QDV SUy[L
PDVHGLo}HVGHVWH-RUQDO
7HUPLQRDJUDGHFHQGRj'LUHF
omRGR-RUQDOGH&RUXFKHDRSRU
WXQLGDGH GH PRVWUDU DRV VHXV
OHLWRUHV H j &RPXQLGDGH &RUX
FKHQVHRVHQWLUHGHGLFDomRGHVWHV
3URILVVLRQDLVGD(GXFDomR
$QD)HUQDQGD&ODURGH$OPHLGD1RWiULDFHUWLILFRQDUUDWLYDPHQWHSDUDHIHLWRVGHSXEOLFDomRTXHQR&DUWyULR
1RWDULDOGH&RUXFKHVLWRQD5XDGRV*XHUUHLURVQƒQROLYURGHQRWDVSDUDHVFULWXUDVGLYHUVDVQ~PHUR'(=2,72
$ D IROKDV FHQWR H TXLQ]H H VHJXLQWHV IRL ODYUDGD XPD HVFULWXUD GH MXVWLILFDomR QRWDULDO SHOD TXDO -(5Ï1,02
/Ò&,2HPXOKHU$'Ë/,$ 0$5,$ (9$1*(/,67$FDVDGRVVRERUHJLPHGDFRPXQKmRGHDGTXLULGRVDPERVQDW
XUDLVGDIUHJXHVLDHFRQFHOKRGH&RUXFKHUHVLGHQWHVQROXJDUGH=HEULQKRIUHJXHVLDGH6mR-RVpGD/DPDURVDFRQ
FHOKRGH&RUXFKHGHFODUDUDPTXHVmRGRQRVHOHJtWLPRVSRVVXLGRUHVFRPH[FOXVmRGHRXWUHPGRSUpGLRDVHJXLULGHQ
WLILFDGRGDIUHJXHVLDGH6mR-RVpGD/DPDURVDFRQFHOKRGH&RUXFKH
85%$12VLWRQROXJDUGH=HEULQKRFRPSRVWRGHXPWHUUHQRSDUDFRQVWUXomRFRPDiUHDGHTXDWURPLOFHQWRH
RLWHQWD H RLWR YtUJXOD GH]DQRYH PHWURV TXDGUDGRV D FRQILQDU GR QRUWH FRP$XJXVWD 0DULD )DXVWLQD GH VXO FRP
3UXGrQFLRGD6LOYD6DQWRVGHQDVFHQWHFRP5RVD-RDTXLQD%HQWR*RQoDOYHVHGHSRHQWHFRP$OEHUWLQD)HUQDQGHV
LQVFULWR QDPDWUL]VRERDUWLJRFRPRYDORUSDWULPRQLDOGH€DRTXDODWULEXHPLJXDOYDORU
4XHRSUpGLRQmRVHHQFRQWUDGHVFULWRQD&RQVHUYDWyULDGR5HJLVWR3UHGLDOGH&RUXFKH HHVWiLQVFULWRQD
PDWUL]HPQRPHGRMXVWLILFDQWHPDULGR-HUyQLPR/~FLR
4XHRVMXVWLILFDQWHVQmRVmRGHWHQWRUHVGHTXDOTXHUWtWXORIRUPDOTXHOHJLWLPHRGRPtQLRGHVWHSUpGLRRTXDOYHLR
jVXDSRVVHSRUOKHVWHUVLGRGRDGRSHODIRUPDPHUDPHQWHYHUEDOSHORVSDLVGRMXVWLILFDQWHPDULGR&XVWyGLR)UDQFLVFR
HPXOKHU-DFLQWD0DULDFDVDGRVTXHIRUDPVRERUHJLPHGDFRPXQKmRJHUDOHUHVLGHQWHVQRPHQFLRQDGROXJDUGH
=HEULQKRVHPQXQFDWHUVLGRODYUDGRRFRUUHVSRQGHQWHWtWXORSRUYROWDGRDQRGHPLOQRYHFHQWRVHVHWHQWD
4XHGDGRRPRGRGHDTXLVLomRQmRWrPRVMXVWLILFDQWHVSRVVLELOLGDGHVGHFRPSURYDUSHORVPHLRVQRUPDLVRVHX
GLUHLWRGHSURSULHGDGHSHUIHLWDPDVDYHUGDGHpTXHVmRHOHVRVWLWXODUHVGHWDOLPyYHOSRLVIRUDPHOHVTXHRSDUWLFL
SDUDPjPDWUL]GHOHWrPXVXIUXtGRSDJRWRGRVRVLPSRVWRVHFRQWULEXLo}HVKiPDLVGHYLQWHDQRVLQLQWHUUXSWDPHQWH
FRPRFRQKHFLPHQWRGHWRGDDJHQWHHVHPDPHQRURSRVLomRGHTXHPTXHUTXHVHMDVHQGRSRULVVRXPDSRVVHFRQ
WtQXDS~EOLFDHSDFtILFDSHORTXHRDGTXLULUDPSRUXVXFDSLmR
4XHGDGDVDVHQXQFLDGDVFDUDFWHUtVWLFDVGHWDOSRVVHRVMXVWLILFDQWHVDGTXLULUDPRPHQFLRQDGRSUpGLRSRUXVX
FDSLmRWtWXORHVWHTXHSRUQDWXUH]DQmRpVXVFHSWtYHOGHVHUFRPSURYDGRSHORVPHLRVQRUPDLVLQYRFDQGRSRULVVR
HVWDIRUPDRULJLQiULDGHDTXLVLomRSDUDWRGRVRVHIHLWRVOHJDLV
(67È&21)250(225,*,1$/&RUXFKHDRVGH'H]HPEURGH
$ 1RWiULD
$QD)HUQDQGD&ODURGH$OPHLGD
³2-RUQDOGH&RUXFKHQžGHGH)HYHUHLURGH´
127$5,$'2
32578*8Ç6
&DUWyULR1RWDULDO±&RUXFKH
1RWiULD$QD)HUQDQGD&ODURGH$OPHLGD
5XDGRV*XHUUHLURVQƒHP&RUXFKH
±(;75$&72±
$QD)HUQDQGD&ODURGH$OPHLGD1RWiULDFHUWLILFRQDUUDWLYDPHQWHSDUDHIHLWRVGHSXEOLFDomRTXHQR&DUWyULR
1RWDULDOGH&RUXFKHVLWRQD5XDGRV*XHUUHLURVQƒQROLYURGHQRWDVSDUDHVFULWXUDVGLYHUVDVQ~PHUR'(=2,72
$DIROKDVFHQWRHRQ]HHVHJXLQWHVIRLODYUDGDXPDHVFULWXUDGHMXVWLILFDomRQRWDULDOSHODTXDO0$5,$ 526$/,1$
5$026&$59$/+2HPDULGR-2­2%25'$'È*8$ &$59$/+2FDVDGRVVRERUHJLPHGDFRPXQKmRGH
DGTXLULGRVDPERVQDWXUDLVGDUHIHULGDIUHJXHVLDGH&RUXFKHRQGHUHVLGHPQD5XDGR9DOHQRPHQFLRQDGROXJDUGH
)RURVGH9DOYHUGHGHFODUDPTXHDMXVWLILFDQWHPXOKHUpGRQDHOHJtWLPDSRVVXLGRUDFRPH[FOXVmRGHRXWUHPGRSUp
GLRDVHJXLULGHQWLILFDGRGDIUHJXHVLDHFRQFHOKRGH&RUXFKH
0,672FRPDiUHDGHFLQFRPLOQRYHFHQWRVHVHVVHQWDHWUrVPHWURVTXDGUDGRVVLWRQD6HVPDULDGH9DOH9HUGH
RX)RURVGH9DOYHUGHFRPSRVWRDSDUWHU~VWLFDGHKRUWHMRFXOWXUDDUYHQVHSRPDUGHFLWULQRVHSDUFHODXUEDQDHDSDUWH
XUEDQDGHFDVDTXHVHUYHGHDGHJDFRPDVXSHUItFLHFREHUWDGHTXDUHQWDHTXDWURPHWURVTXDGUDGRVXPDFDVDGH
KDELWDomRFRPDVXSHUItFLHFREHUWDGHFHQWRHGH]DQRYHPHWURVTXDGUDGRVHRQGHIRLLPSODQWDGDXPDFDVDTXHVHUYH
GHDUUHFDGDomRHDUUXPRVFRPDiUHDFREHUWDGHTXDUHQWDYtUJXODTXDUHQWDHWUrVPHWURVTXDGUDGRVDFRQIURQWDUGH
QRUWHFRP&XVWyGLR'DQLHO3HVHLURGHVXOFRP$QWyQLR3HUHLUD1XQHVGHQDVFHQWHFRP6DQWD&DVDGD0LVHULFyUGLDH
GHSRHQWHFRP5XDGRV&RPEDWHQWHVLQVFULWRQDPDWUL]U~VWLFDVRESDUWHGRDUWLJRVHFomR2DLQGDVHPYDORUSD
WULPRQLDODWULEXtGRDRTXDODWULEXHPRYDORUGHTXLQKHQWRVHXURVSDUDHIHLWRVGHVWHDFWRHLQVFULWRQDPDWUL]XUEDQD
VRERVDUWLJRV HFRPRVYDORUHVSDWULPRQLDLVUHVSHFWLYRVGH€HDR
TXDODWULEXHPLJXDOYDORUFRPYDORUJOREDODWULEXtGRGHYLQWHHVHWHPLOGX]HQWRVHWUH]HHXURVHWUH]HFrQWLPRVD
GHVDQH[DUGRGHVFULWR QD&RQVHUYDWyULDGR5HJLVWR3UHGLDOGH&RUXFKHVRERQ~PHUR6(7(0,/ (48$5(17$ (
6(,6 GD IUHJXHVLD GH &RUXFKH HQFRQWUDQGRVH UHJLVWDGD D DTXLVLomR D IDYRU GH 5RVDOLQR 5DPRV 3HVHLUR H 0DULD
/XGRYLQD&RQFHLomRHOHIDOHFLGRHPYLQWHHVHWHGH-XQKRGHGRLVPLOHWUrVHODIDOHFLGDHPYLQWHHGRLVGH0DLRGH
GRLVPLOHFLQFRQDIUHJXHVLDHFRQFHOKRGH&RUXFKHGHRQGHHUDPQDWXUDLVHRQGHWLYHUDPD~OWLPDUHVLGrQFLDKDEL
WXDO QD 5XD GH 9DOH 9HUGH QD PHQFLRQDGD IUHJXHVLD GH &RUXFKH GH TXHP R RUD R WHUFHLUR RXWRUJDQWH PDULGR
&867Ï',2'$1,(/ 3(6(,52H0$5,$ 526$/,1$ 5$026&$59$/+2RUDMXVWLILFDQWHVmR~QLFRVKHUGHLURV
QRV WHUPRV GD HVFULWXUD GH KDELOLWDomR GH KHUGHLURV H[DUDGD QHVWD GDWD H &DUWyULR ODYUDGD D IROKDV FHQWR H FLQFR H
VHJXLQWHVGHVWHPHVPR/LYURGHQRWDVSDUDHVFULWXUDGLYHUVDVSHODLQVFULomRUHVXOWDQWHGDDSUHVHQWDomRGH]GHYLQWH
HWUrVGH$JRVWRGHPLOQRYHFHQWRVHRLWHQWDHWUrV
4XHDMXVWLILFDQWH0$5,$ 526$/,1$ 5$026&$59$/+2QmRpGHWHQWRUDGHTXDOTXHUWtWXORIRUPDOTXHOHJL
WLPHRGRPtQLRGHVWHSUpGLRRTXDOYHLRjVXDSRVVHSRUOKHWHUVLGRGRDGRVREDIRUPDPHUDPHQWHYHUEDOSRUVHXVSDLV
5RVDOLQR5DPRV3HVHLURH0DULD/XGRYLQDWLWXODUHVDQWHULRUPHQWHLQVFULWRVQRUHJLVWRFDVDGRVVRERUHJLPHGDFRPXQKmR
JHUDOTXHIRUDPUHVLGHQWHVQRPHQFLRQDGROXJDUGH)RURVGH9DOH9HUGHSRUYROWDGRDQRGHPLOQRYHFHQWRVHVHWHQWD
VHPQXQFDWHUHPODYUDGRRFRUUHVSRQGHQWHWtWXORH[LVWLQGRFRPRXQLGDGHSUHGLDODXWyQRPDGHVGHHVVDGDWD
4XHGDGRRPRGRGHDTXLVLomRQmRWHPDMXVWLILFDQWHSRVVLELOLGDGHVGHFRPSURYDUSHORVPHLRVQRUPDLVRVHX
GLUHLWRGHSURSULHGDGHSHUIHLWDPDVDYHUGDGHpTXHpHODDWLWXODUGHWDOLPyYHOSRLVGHOHWHPXVXIUXtGRQHOHKDELWDQ
GRID]HQGRUHSDUDo}HVFXOWLYDQGRDKRUWDHQHOHFROKHQGRWRGRVRVIUXWRVTXHHOHpVXVFHSWtYHOGHGDUHIHFWXDQGRDV
OLPSH]DVQHFHVViULDVKiPDLVGHYLQWHDQRVLQLQWHUUXSWDPHQWHFRPRFRQKHFLPHQWRGHWRGDDJHQWHHVHPDPHQRU
RSRVLomRGHTXHPTXHUTXHVHMDUHVSHLWDQGRDVVXDVGHPDUFDo}HVHVWUHPDVDJLQGRFRPWRWDOH[FOXVLYLGDGHHLQGH
SHQGrQFLDHQXQFDFRPRFRPSURSULHWiULRVFRPRVHGHFRLVDVXDVHWUDWDVVHVHQGRSRULVVRXPDSRVVHFRQWtQXDS~EOL
FDSDFtILFDHGHERDIpSHORTXHRDGTXLULUDPSRUXVXFDSLmR
4XHGDGDVDVHQXQFLDGDVFDUDFWHUtVWLFDVGHWDOSRVVHRVMXVWLILFDQWHVDGTXLULUDPRPHQFLRQDGRSUpGLRSRUXVX
FDSLmRWtWXORHVWHTXHSRUQDWXUH]DQmRpVXVFHSWtYHOGHVHUFRPSURYDGRSHORVPHLRVQRUPDLVLQYRFDQGRSRULVVR
HVWDIRUPDRULJLQiULDGHDTXLVLomRSDUDWRGRVRVHIHLWRVOHJDLV
(67È&21)250(225,*,1$/&RUXFKHDRVGH'H]HPEURGH
$ 1RWiULD
$QD)HUQDQGD&ODURGH$OPHLGD
2-RUQDOGH&RUXFKH‡$QR1~PHUR‡)HYHUHLURGH
%¶TKVCU2CTQSWKCNFG%QTWEJG
&RPHU%HPSDUD&UHVFHU0HOKRU
$ DOLPHQWDomRDOpPGHXPD
QHFHVVLGDGHIXQGDPHQWDOGRVHU
KXPDQRpWDPEpPXPGRVIDF
WRUHV GR DPELHQWH TXH PDLV
DIHFWD D VD~GH ³VRPRV R TXH
FRPHPRV´ H QRUPDOPHQWH FR
PHPRV PDO SRUTXH FRPHPRV
HP H[FHVVR H HVFROKHPRV HUUD
GDPHQWH RV DOLPHQWRV H QmR
UHVSHLWDPRV DV KRUDV GDV UHIHL
o}HV YDPRV FRPHQGR 2 DFWR
GHFRPHUSDUDDOpPGHVDWLVID
]HUDVQHFHVVLGDGHVELROyJLFDVH
HQHUJpWLFDV LQHUHQWHV DR ERP
IXQFLRQDPHQWR GR RUJDQLVPR p
WDPEpPXPDIRQWHGHSUD]HUGH
VRFLDOL]DomR H WUDQVPLVVmR GH
FXOWXUD
0XLWRV GRV QRVVRV KiELWRV
DOLPHQWDUHV VmR FRQGLFLRQDGRV
GHVGHRVSULPHLURVDQRVGHYLGD
8PD DOLPHQWDomR VDXGiYHO GX
UDQWHDLQIkQFLDpHVVHQFLDOSDUD
SHUPLWLUXPQRUPDOGHVHQYROYL
PHQWRHFUHVFLPHQWRGDFULDQoD
HSUHYHQLUXPDVpULHGHSUREOH
PDVSDUDDVD~GHFRPRDDQH
PLD DWUDVRV QR FUHVFLPHQWR
PDOQXWULomR REHVLGDGH FiULH
GHQWiULD HWF$V FULDQoDV HVWmR
ORQJH GH VHU GRWDGDV GH XPD
FDSDFLGDGH LQDWD SDUD HVFROKHU
RVDOLPHQWRVHPIXQomRGRVHX
YDORUQXWULWLYR
(VWD FDSDFLGDGH GHYH VHU
DSUHQGLGD DWUDYpV GD H[SHULrQ
FLD REVHUYDomR H HGXFDomR 2
SDSHOGDIDPtOLDWRUQDVHDVVLP
HVVHQFLDO H LQTXHVWLRQiYHO ¬V
YH]HV p LQFyPRGR EDWDOKDU SRU
XPDDOLPHQWDomRVDXGiYHOPDLV
YDULDGDHHTXLOLEUDGDHDGLDPRV
FRQVWDQWHPHQWH D GHFLVmR GH
FRPHUEHPHID]HUFRPTXHRV
QRVVRVILOKRVFRPDPPHOKRU
1RV ~OWLPRV DQRV WHPVH
DVVLVWLGRDXPDXPHQWRSUHRFX
SDQWHGDREHVLGDGHFRPRFRQ
VHTXHQWH FUHVFLPHQWR GH WRGDV
DV GRHQoDV DVVRFLDGDV D HVWD
FRPR D GLDEHWHV KLSHUWHQVmR
DUWHULDO GRHQoDV FDUGLRYDVFX
ODUHVHQWUHRXWUDV$QWLJDPHQWH
HVWDVGRHQoDVDSDUHFLDPDSHQDV
QD IDVH DGXOWD H KRMH HP GLD
FRPHoDP D DSDUHFHU FDGD YH]
PDLVFHGR
&202&20(5%(0
3$5$ &5(6&(5
0(/+25"
$ TXDQWLGDGH GH DOLPHQWRV
GHSHQGHGDVQHFHVVLGDGHVHQHU
JpWLFDVGHFDGDFULDQoDRXVHMD
GREDODQoRHQWUHRTXHHVWDJDV
WD H R TXH FRQVRPH 3DUD XPD
DOLPHQWDomR VDXGiYHO Ki TXH
HVFROKHU DOLPHQWRV VHJXURV GR
SRQWR GH YLVWD GD TXDOLGDGH H
KLJLHQHDOLPHQWDUHGLYHUVLILFD
GRV GH IRUPD D VDWLVID]HU DV
QHFHVVLGDGHVQXWULFLRQDLVHVVHQ
FLDLV 7RGRV VDEHPRV TXH SDUD
YLYHU FRP VD~GH p QHFHVViULR
LQJHULU DOLPHQWRV GH GLIHUHQWHV
WLSRV HP TXDQWLGDGHV DGHTXD
GDVXPDYH]TXHVmRHVWHVTXH
QRVSHUPLWHPPDQWHUDVWDUHIDV
EiVLFDVGLiULDV
3DUD DSUHQGHUPRV D FRPHU
VXUJLX D 5RGD GRV $OLPHQWRV
TXHQRVWUDQVPLWHDVRULHQWDo}HV
SDUD XPD $OLPHQWDomR 6DXGi
YHORXVHMD
‡FRPSOHWD±FRPHUDOLPHQ
WRVGHFDGDJUXSRHEHEHUiJXD
GLDULDPHQWH
‡HTXLOLEUDGD±FRPHUPDLRU
TXDQWLGDGHGHDOLPHQWRVSHUWHQ
FHQWHV DRV JUXSRV GH PDLRU
GLPHQVmR H PHQRU TXDQWLGDGH
GRV TXH VH HQFRQWUDP QRV JUX
SRVGHPHQRUGLPHQVmR
‡YDULDGD±FRPHUDOLPHQWRV
GLIHUHQWHVGHQWURGHFDGDJUXSR
YDULDQGR GLDULDPHQWH VHPDQDO
PHQWH H QDV GLIHUHQWHV pSRFDV
GRDQR
$ QRYD5RGDGRV$OLPHQWRV
pFRPSRVWDSRUJUXSRVGHDOL
PHQWRVGHGLIHUHQWHVGLPHQV}HV
RVTXDLVLQGLFDPDSURSRUomRGH
SHVR FRP TXH FDGD XP GHOHV
GHYH HVWDU SUHVHQWH QD DOLPHQ
WDomRGLiULD
‡ &HUHDLVHGHULYDGRVWXEpUFX
ORVDSRUo}HV
‡ +RUWtFRODVDSRUo}HV
‡ )UXWDDSRUo}HV
‡ /DFWLFtQLRVDSRUo}HV
‡ &DUQHVSHVFDGRHRYRVD
SRUo}HV
‡ /HJXPLQRVDVDSRUo}HV
‡ *RUGXUDVSRUo}HV
5(*5$63$5$ 80$
$/,0(17$d­2
6$8'È9(/
7RPDU VHPSUHRSHTXH
QRDOPRoR
'HYHPRVLQLFLDURQRVVRGLD
FRP XP SHTXHQRDOPRoR FRP
SOHWR H HTXLOLEUDGR SDUD LVVR
FRQVXPDOHLWHHRXVHXVGHULYD
GRV SmR HVFXUR RX GH PLVWXUD
RXFHUHDLVLQWHJUDLVSRGHDLQGD
LQFOXLUIUXWDIUHVFD
(YLWDU HVWDU PDLV GH KRUDVHPHLDVHPFRPHU
(QWUH DV UHIHLo}HV SULQFL
SDLV p LPSRUWDQWH ID]HU SHTXH
QDV PHUHQGDV H DLQGD XPD SH
TXHQDFHLDDQWHVGHGHLWDU(VWDV
SRGHP VHU FRPSRVWDV SRU IUXWD
YDULDGDHLRJXUWHV
'LPLQXD R FRQVXPR GH
VDO
2SWHSRUXVDUHUYDVDURPiWL
FDV H HVSHFLDULDV SDUD TXH RV
VHXV FR]LQKDGRV ILTXHP PDLV
DSHWLWRVRV(YLWHOHYDURVDOHLUR
SDUDDPHVDHRFRQVXPRGHDOL
PHQWRV PXLWR VDOJDGRV H[
SURGXWRV GH FKDUFXWDULD H VDOVL
FKDULDDOLPHQWRVWLSRIDVWIRRG
(YLWH LQJHULU Do~FDU H
SURGXWRVDoXFDUDGRV
(QVLQH R VHX ILOKR D JRVWDU
GRVDERUQDWXUDOGRVDOLPHQWRV
D QmR DGLFLRQDU Do~FDU DR OHLWH
RXFKi3URGXWRVGHFRQIHLWDULD
H SDVWHODULD FKRFRODWHV JHOD
GRV UHEXoDGRV PHO VREUHPH
VDV DoXFDUDGDV JRPDV UHIULJH
UDQWHV GHWHUPLQDGDV ERODFKDV
Vy GHYHP VHU FRQVXPLGRV RFD
VLRQDOPHQWH H GH SUHIHUrQFLD
DSyV XPD UHIHLomR VHQGR XP
DQLYHUViULRRXXPDpSRFDHVSH
FLDO D DOWXUD LGHDO SDUD RV FRQ
VXPLU
$XPHQWH R FRQVXPR GH
KRUWDOLoDVHOHJXPHV
2 DOPRoR H R MDQWDU GHYHP
VHU VHPSUH LQLFLDGRV FRP XPD
VRSD ULFD HP KRUWDOLoDV H OHJX
PHVIDoDGHVWHVDOLPHQWRVHP
VDODGD RX SUHSDUDGRV GH RXWUDV
IRUPDV XP DFRPSDQKDPHQWR
IXQGDPHQWDO GR SUDWR GR VHX
ILOKR3RUYH]HVHVWHVDOLPHQWRV
VmRUHMHLWDGRVPDVVHDFULDQoD
VH KDELWXDU D WrORV j PHVD GD
UHIHLomR FRPHoD D FRQVXPLORV
DRV SRXFRV 2V SDLV VmR R PH
OKRUH[HPSORQHVWDWDUHID
$XPHQWH R FRQVXPR GH
IUXWD
1RV LQWHUYDORV HQWUH DV UH
IHLo}HV HVWD VHUi XPD ySWLPD
DOWHUQDWLYD
&RQVXPDGHSUHIHUrQFLD
SHL[HHFDUQHVPDJUDV
2SHL[HHDVFDUQHVEUDQFDV
H[DYHVSHUXHIUDQJRRXFRH
OKRIRUQHFHPDPHVPDTXDQWL
GDGH GH SURWHtQD TXH DV FDUQHV
YHUPHOKDV FRP D YDQWDJHP GH
WHUHPPHQRUTXDQWLGDGHGHJRU
GXUD
%HED iJXD VLPSOHV HP
DEXQGkQFLDDRORQJRGRGLD
2 QRVVR FRUSR p FRPSRVWR
SRUDGHiJXDSRULVVR
DEXVHQRVHXFRQVXPR2VUHIUL
JHUDQWHV H EHELGDV DUWLILFLDLV j
EDVHGHVXPRGHIUXWRVTXHVmR
JHUDOPHQWH SREUHV HP QXWULHQ
WHVHULFDVHPDo~FDUWDOFRPRR
FKDPDGR ,FH 7HD GHYHP VHU
OLPLWDGRV
3UHILUD PpWRGRV GH
FXOLQiULDVLPSOHVVDXGiYHLVH
VDERURVRV WDLV FRPR HVWXID
GRVFR]LGRVHJUHOKDGRV
7DQWR SDUD FR]LQKDU FRPR
SDUDWHPSHUDURVSUDWRVHPFUX
SUHILUD VHPSUH R D]HLWH FRPR
JRUGXUD HYLWDQGR DV UHVWDQWHV
JRUGXUDVPDQWHLJDPDUJDULQDV
EDQKDHyOHRVDOLPHQWDUHV(YL
WH R FRQVXPR GH DOLPHQWRV IUL
WRV SRLV HVWHV FRQWrP JUDQGHV
TXDQWLGDGHVGHJRUGXUDSUHMXGL
FLDOjVD~GH
5HJUDGH2XUR&RQVX
PLU GH WXGR XP SRXFR VHP
H[DJHURV
1mRSHUFDQDSUy[LPDHGLomRR
WHPD
³)D]RTXHHXGLJR«HRTXH
HXIDoR´
(TXLSD7pFQLFD
,VDEHO0LUDQGD
3VLFyORJD&OtQLFD&RRUGHQDGRUD
*RQoDOR$UURPED
3VLFyORJR&OtQLFR
6tOYLD&DUDoD
$VVLVWHQWH6RFLDO
6HTXLVHU IDODU FRQQRVFR
FRQWDFWHQRV
1DVHJXLQWHPRUDGD
&iULWDV3DURTXLDOGH&RUXFKH
&$)$3 ±³(GXFDUSDUDR
)XWXUR´
7UDYHVVDGR)RUQRQž
&RUXFKH
1RVVHJXLQWHVFRQWDFWRV
7HOHIRQH
7HOHPyYHO
)D[
2-RUQDOGH&RUXFKH‡$QR1~PHUR‡)HYHUHLURGH
³2-RUQDOGH&RUXFKHQžGHGH)HYHUHLURGH´
127$5,$'2
32578*8Ç6
&DUWyULR1RWDULDO±&RUXFKH
1RWiULD$QD)HUQDQGD&ODURGH$OPHLGD
5XDGRV*XHUUHLURVQƒHP&RUXFKH
±(;75$&72±
$QD)HUQDQGD&ODURGH$OPHLGD1RWiULDFHUWLILFRQDUUDWLYDPHQWHSDUDHIHLWRVGHSXEOLFDomRTXHQR&DUWyULR
1RWDULDOGH&RUXFKHVLWRQD5XDGRV*XHUUHLURVQƒQROLYURGHQRWDVSDUDHVFULWXUDVGLYHUVDVQ~PHUR'(=$129(
$DIROKDVFHQWRHYLQWHHRLWRHVHJXLQWHVIRLODYUDGDXPDHVFULWXUDGHMXVWLILFDomRQRWDULDOSHODTXDO&,'È/,$
/23(65,%(,52&258&+('$ 6,/9$ .85$/HPDULGR)$7,+.85$/FDVDGRVVRERUHJLPHGDFRPXQKmR
GHDGTXLULGRVQDWXUDLVHODGDIUHJXHVLDHFRQFHOKRGH&RUXFKHHOHGD7XUTXLDGHQDFLRQDOLGDGHEULWkQLFDUHVLGHQWHV
QDUHIHULGD5XDGD0RDJHPGHFODUDUDPTXHDMXVWLILFDQWHPXOKHUpGRQDHOHJtWLPDSRVVXLGRUDFRPH[FOXVmRGHRXW
UHPGRSUpGLRDVHJXLULGHQWLILFDGRGDIUHJXHVLDGD%UDQFDFRQFHOKRGH&RUXFKH
0,672VLWRHP)D]HQGDVGDV)LJXHLUDVFRPDiUHDGHGR]HPLOTXDWURFHQWRVHQRYHQWDHVHLVPHWURVTXDGUDGRV
FRPSRVWRDSDUWHU~VWLFDSRUHXFDOLSWDOFXOWXUDDUYHQVHKRUWHMRROLYDOHYLQKDHDSDUWHXUEDQDGHFDVDGHUpVGRFKmR
HORJUDGRXURFRPDVXSHUItFLHFREHUWDGHVHVVHQWDPHWURVTXDGUDGRVDFRQIURQWDUGHQRUWHFRP*DEULHOD/RSHV5LEHLUR
&RUXFKHGD6LOYD$OYHVGHVXOFRP0DULD)HUQDQGD/RSHV5LEHLUR&RUXFKHGD6LOYDGHQDVFHQWHFRP5XD&DPDUiULD
HGHSRHQWHFRP)UDQFLVFR6RXVDLQVFULWRQDPDWUL]U~VWLFDVRESDUWHGRDUWLJRVHFomR%$DLQGDVHPYDORUSDWUL
PRQLDODWULEXtGRDRTXDODWULEXHPRYDORUGHTXLQKHQWRVHXURVSDUDHIHLWRVGHVWHDFWRHQDPDWUL]XUEDQDVRERDUWL
JRFRPRYDORUSDWULPRQLDOWULEXWiULRGH€DRTXDODWULEXHPLJXDOYDORUFRPYDORUJOREDODWULEXtGRGH
GRLVPLOHVHVVHQWDHWUrVHXURVHVHWHQWDHGRLVFrQWLPRVDGHVDQH[DUGRGHVFULWR QD&RQVHUYDWyULDGR5HJLVWR3UHGLDO
GH &RUXFKH VRE R Q~PHUR &(172 ( 48$5(17$ ( 80 GD IUHJXHVLD GD %UDQFD HQFRQWUDQGRVH UHJLVWDGD D
DTXLVLomRHPFRPXPHVHPGHWHUPLQDomRGHSDUWHRXGLUHLWRSRUWHUVLGRHUUDGDPHQWHSDUWLFLSDGRQDWRWDOLGDGHD
IDYRUGDKHUDQoDGH%HQYLQGD/RSHV5LEHLURGD&UX]SHODLQVFULomRUHVXOWDQWHGDDSUHVHQWDomRRLWRGHWUrVGH$JRVWR
GHPLOQRYHFHQWRVHQRYHQWDHQRYHDIDYRUGDMXVWLILFDQWHPXOKHUGDVWHUFHLUDVRXWRUJDQWHVPXOKHUHVHGH-RVp%HQWR
&RUXFKHGD6LOYDIDOHFLGRQRGLDRLWRGH-DQHLURGHGRLVPLOHQRYHQDIUHJXHVLDGH6HW~EDO6mR6HEDVWLmRFRQFH
OKRGH6HW~EDOTXHHUDQDWXUDOGDIUHJXHVLDHFRQFHOKRGH9HQGDV1RYDVHTXHWHYHD~OWLPDPRUDGDKDELWXDOQDPHQ
FLRQDGD5XDGD0RDJHPGHTXHPDRUDMXVWLILFDQWHPXOKHU&,'È/,$ /23(65,%(,52&258&+('$ 6,/9$
.85$/*$%5,(/$ /23(65,%(,52&258&+('$ 6,/9$ $/9(6H0$5,$ )(51$1'$ /23(65,%(,52
&258&+('$ 6,/9$RUDWHUFHLUDVRXWRUJDQWHVPXOKHUHVVmR~QLFDVKHUGHLUDVQRVWHUPRVGDHVFULWXUDGHKDELOLWDomR
GHKHUGHLURVODYUDGDQHVWDGDWD&DUWyULRH/LYURGH1RWDVH[DUDGDDIROKDVFHQWRHYLQWHHVHJXLQWHV
4XHDMXVWLILFDQWH&,'È/,$ /23(65,%(,52&258&+('$ 6,/9$ .85$/ QmRpGHWHQWRUDGHTXDOTXHUWtWX
ORIRUPDOTXHOHJLWLPHRGRPtQLRGHVWHSUpGLRRTXDOYHLRjVXDSRVVHSRUOKHWHUVLGRGRDGRVREDIRUPDPHUDPHQWH
YHUEDOSRUVHXVSDLV-RVp%HQWR&RUXFKHGD6LOYDHPXOKHU%HQYLQGD/RSHV5LEHLURGD&UX]SRUYROWDGRDQRGHPLO
QRYHFHQWRVHRLWHQWDHVHWHDRWHPSRVROWHLUDPHQRUVHPQXQFDWHUHPODYUDGRRFRUUHVSRQGHQWHWtWXORH[LVWLQGRFRPR
XQLGDGHSUHGLDODXWyQRPDGHVGHHVVDGDWD
4XHGDGRRPRGRGHDTXLVLomRQmRWHPDMXVWLILFDQWHPXOKHUSRVVLELOLGDGHVGHFRPSURYDUSHORVPHLRVQRUPDLV
RVHXGLUHLWRGHSURSULHGDGHSHUIHLWDPDVDYHUGDGHpTXHpHODDWLWXODUGHWDOLPyYHOSRLVGHOHWHPXVXIUXtGRQHOH
KDELWDQGRID]HQGRUHSDUDo}HVFXOWLYDQGRDKRUWDHQHOHFROKHQGRWRGRVRVIUXWRVTXHHOHpVXVFHSWtYHOGHGDUHIHF
WXDQGRDVOLPSH]DVQHFHVViULDVKiPDLVGHYLQWHDQRVLQLQWHUUXSWDPHQWHFRPRFRQKHFLPHQWRGHWRGDDJHQWHHVHP
DPHQRURSRVLomRGHTXHPTXHUTXHVHMDUHVSHLWDQGRDVVXDVGHPDUFDo}HVHVWUHPDVDJLQGRFRPWRWDOH[FOXVLYLGDGH
HLQGHSHQGrQFLDHQXQFDFRPRFRPSURSULHWiULDFRPRVHGHFRLVDVXDVHWUDWDVVHVHQGRSRULVVRXPDSRVVHFRQWtQXD
S~EOLFDSDFtILFDHGHERDIpSHORTXHRDGTXLULXSRUXVXFDSLmR
4XHGDGDVDVHQXQFLDGDVFDUDFWHUtVWLFDVGHWDOSRVVHDMXVWLILFDQWHPXOKHUDGTXLULXRPHQFLRQDGRSUpGLRSRUXVX
FDSLmRWtWXORHVWHTXHSRUQDWXUH]DQmRpVXVFHSWtYHOGHVHUFRPSURYDGRSHORVPHLRVQRUPDLVLQYRFDQGRSRULVVR
HVWDIRUPDRULJLQiULDGHDTXLVLomRSDUDWRGRVRVHIHLWRVOHJDLV
(67È&21)250(225,*,1$/&RUXFKHDRVGH'H]HPEURGH
$ 1RWiULD$QD)HUQDQGD&ODURGH$OPHLGD
³2-RUQDOGH&RUXFKHQžGHGH)HYHUHLURGH´
127$5,$'2
$%(5785$
'2
&21&8562
(QFRQWUDVH GLVSRQtYHO SDUD FRQVXOWD R
UHJXODPHQWR SDUD R FRQFXUVR GR FDUWD] GDV
)HVWDVHP+RQUDGH1RVVD6HQKRUDGR&DVWHOR
2SUpPLRDDWULEXLUDRDXWRUGRFDUWD]YHQFH
GRU p GH TXLQKHQWRV HXURV DRV TXDLV VH DSOL
FDPDVREULJDo}HVILVFDLVHPYLJRU
2 SUD]R GH HQWUHJD GRV WUDEDOKRV FDQGL
GH$
$EULOG
GH
RXS
SRUY
YLDS
SRVWDO
GDWRVpG
DWp GLD GH $EULO GH H RV PHVPRV GH
YHUmR VHU HQWUHJXHV QD VHGH GD &RPLVVmR GH
)HVWDV GH &RUXFKH RX QD SRUWDULD GD &kPDUD
0XQLFLSDOGH&RUXFKH
$VHGHGD&RPLVVmRHVWDUiDEHUWDQRGLD
GH$EULOGHGDVKRUDVDVKRUDVSDUD
UHFHSomRGHWUDEDOKRV
2VLQWHUHVVDGRVGHYHUmRFRQVXOWDURUHJXOD
PHQWRHPZZZIHVWDVGHFRUXFKHFRP
$&RPLVVmRGH)HVWDV
32578*8Ç6
&DUWyULR1RWDULDO±&RUXFKH
1RWiULD$QD)HUQDQGD&ODURGH$OPHLGD
5XDGRV*XHUUHLURVQƒHP&RUXFKH
±(;75$&72±
$QD )HUQDQGD &ODUR GH$OPHLGD 1RWiULD FHUWLILFR QDUUDWLYDPHQWH SDUD HIHLWRV GH SXEOLFDomR TXH QR &DUWyULR
1RWDULDOGH&RUXFKHVLWRQD5XDGRV*XHUUHLURVQƒQROLYURGHQRWDVSDUDHVFULWXUDVGLYHUVDVQ~PHUR'(=$129(
$DIROKDVFHQWRHYLQWHHTXDWURHVHJXLQWHVIRLODYUDGDXPDHVFULWXUDGHMXVWLILFDomRQRWDULDOSHODTXDO0$5,$ )(5
1$1'$ /23(65,%(,52&258&+('$ 6,/9$GLYRUFLDGDQDWXUDOGDIUHJXHVLDHFRQFHOKRGH&RUXFKHUHVLGHQWH
QD5XDGD0RDJHPIUHJXHVLDGD%UDQFDFRQFHOKRGH&RUXFKHGHFODURXTXHpGRQDHOHJtWLPDSRVVXLGRUDFRPH[FOXVmR
GHRXWUHPGRSUpGLRDVHJXLULGHQWLILFDGRGDIUHJXHVLDGD%UDQFDFRQFHOKRGH&RUXFKH
5Ò67,&2VLWRHP)D]HQGDVGDV)LJXHLUDVFRPDiUHDGHGR]HPLOTXDWURFHQWRVHQRYHQWDHVHLVPHWURVTXDGUDGRV
FRPSRVWRSRUHXFDOLSWDOFXOWXUDDUYHQVHKRUWHMRROLYDOHYLQKDDFRQIURQWDUGHQRUWHFRP&LGiOLD/RSHV5LEHLUR&RUXFKH
GD6LOYD.XUDOGHVXOFRP+HQULTXH*DEULHO1XQHVGHQDVFHQWHFRP5XD&DPDUiULDHGHSRHQWHFRP)UDQFLVFR6RXVD
LQVFULWRQDPDWUL]U~VWLFDVRESDUWHGRDUWLJRVHFomR%$DLQGDVHPYDORUSDWULPRQLDODWULEXtGRDRTXDODWULEXLRYDORU
GHTXLQKHQWRVHXURVSDUDHIHLWRVGHVWHDFWRDGHVDQH[DUGRGHVFULWRQD&RQVHUYDWyULDGR5HJLVWR3UHGLDOGH&RUXFKHVRE
RQ~PHUR&(172(48$5(17$ (80GDIUHJXHVLDGD%UDQFDHQFRQWUDQGRVHUHJLVWDGDDDTXLVLomRHPFRPXPH
VHPGHWHUPLQDomRGHSDUWHRXGLUHLWRSRUWHUVLGRHUUDGDPHQWHSDUWLFLSDGRQDWRWDOLGDGHDIDYRUGDKHUDQoDGH%HQYLQGD
/RSHV5LEHLURGD&UX]SHODLQVFULomRUHVXOWDQWHGDDSUHVHQWDomRRLWRGHWUrVGH$JRVWRGHPLOQRYHFHQWRVHQRYHQWDH
QRYHDIDYRUGDSULPHLUDRXWRUJDQWHGDVWHUFHLUDVRXWRUJDQWHVPXOKHUHVHGH-RVp%HQWR&RUXFKHGD6LOYDIDOHFLGRQR
GLDRLWRGH-DQHLURGHGRLVPLOHQRYHQDIUHJXHVLDGH6HW~EDO6mR6HEDVWLmRFRQFHOKRGH6HW~EDOTXHHUDQDWXUDOGD
IUHJXHVLDHFRQFHOKRGH9HQGDV1RYDVHTXHWHYHD~OWLPDPRUDGDKDELWXDOQDPHQFLRQDGD5XDGD0RDJHPGHTXHPD
RUD MXVWLILFDVWH 0$5,$ )(51$1'$ /23(6 5,%(,52 &258&+( '$ 6,/9$ *$%5,(/$ /23(6 5,%(,52
&258&+('$ 6,/9$ $/9(6H&,'È/,$ /23(65,%(,52&258&+('$ 6,/9$ .85$/RUDWHUFHLUDVRXWRU
JDQWHVPXOKHUHVVmR~QLFDVKHUGHLUDVQRVWHUPRVGDHVFULWXUDGHKDELOLWDomRGHKHUGHLURVODYUDGDQHVWDGDWD&DUWyULRH
/LYURGH1RWDVH[DUDGDDIROKDVTXHDHVWDVLPHGLDWDPHQWHDQWHFHGHP
4XHDMXVWLILFDQWH0$5,$ )(51$1'$ /23(65,%(,52&258&+('$ 6,/9$ QmRpGHWHQWRUDGHTXDOTXHUWtWX
ORIRUPDOTXHOHJLWLPHRGRPtQLRGHVWHSUpGLRRTXDOYHLRjVXDSRVVHSRUOKHWHUVLGRGRDGRVREDIRUPDPHUDPHQWH
YHUEDOSRUVHXVSDLV-RVp%HQWR&RUXFKHGD6LOYDHPXOKHU%HQYLQGD/RSHV5LEHLURGD&UX]SRUYROWDGRDQRGHPLO
QRYHFHQWRVHVHWHQWDHQRYHDRWHPSRVROWHLUDPDLRUTXHIRLFDVDGDFRP$UPDQGR0DQXHO/RXUHQoR9HUtVVLPRVRER
UHJLPHGDFRPXQKmRGHDGTXLULGRVSUHVHQWHPHQWHGHOHGLYRUFLDGDVHPQXQFDWHUHPODYUDGRRFRUUHVSRQGHQWHWtWXOR
H[LVWLQGRFRPRXQLGDGHSUHGLDODXWyQRPDGHVGHHVVDGDWD
4XHGDGRRPRGRGHDTXLVLomRQmRWHPDMXVWLILFDQWHSRVVLELOLGDGHVGHFRPSURYDUSHORVPHLRVQRUPDLVRVHXGLUHLWR
GHSURSULHGDGHSHUIHLWDPDVDYHUGDGHpTXHpHODDWLWXODUGHWDOLPyYHOSRLVGHOHWHPXVXIUXtGRFXOWLYDQGRDKRUWDHDYLQKD
HQHOHFROKHQGRWRGRVRVIUXWRVTXHHOHpVXVFHSWtYHOGHGDUHIHFWXDQGRDVOLPSH]DVQHFHVViULDVKiPDLVGHYLQWHDQRVLQLQ
WHUUXSWDPHQWHFRPRFRQKHFLPHQWRGHWRGDDJHQWHHVHPDPHQRURSRVLomRGHTXHPTXHUTXHVHMDUHVSHLWDQGRDVVXDV
GHPDUFDo}HVHVWUHPDVDJLQGRFRPWRWDOH[FOXVLYLGDGHHLQGHSHQGrQFLDHQXQFDFRPRFRPSURSULHWiULDFRPRVHGHFRLVD
VXDVHWUDWDVVHVHQGRSRULVVRXPDSRVVHFRQWtQXDS~EOLFDSDFtILFDHGHERDIpSHORTXHRDGTXLULXSRUXVXFDSLmR
4XHGDGDVDVHQXQFLDGDVFDUDFWHUtVWLFDVGHWDOSRVVHDMXVWLILFDQWHDGTXLULXRPHQFLRQDGRSUpGLRSRUXVXFDSLmRWtWX
ORHVWHTXHSRUQDWXUH]DQmRpVXVFHSWtYHOGHVHUFRPSURYDGRSHORVPHLRVQRUPDLVLQYRFDQGRSRULVVRHVWDIRUPDRULJ
LQiULDGHDTXLVLomRSDUDWRGRVRVHIHLWRVOHJDLV
(67È&21)250(225,*,1$/&RUXFKHDRVGH'H]HPEURGH
$ 1RWiULD$QD)HUQDQGD&ODURGH$OPHLGD
BTTJOBUVSBT
F
QVCMJDJEBEFOP+$
3DUDFRORFDUDVXDSXEOLFLGDGHID]HUVH
DVVLQDQWHRXSDJDUDVVXDVIDFWXUDV
GLULMDVHj
5XD'LUHLWDQž
&RUXFKH
7HO)D[
RXXVHDQRVVDDJrQFLDQD
&HUYHMDULD&XEDWDHPIUHQWH
DR0HUFDGR0XQLFLSDOGH&RUXFKH
3DUDSDJDPHQWRVSRU PXOWLEDQFR
1,%
2-RUQDOGH&RUXFKH‡$QR1~PHUR‡)HYHUHLURGH
$ QRVWDOJLDGHXPSDVVDGREHPUHFHQWH«
5XL'XDUWH
0RWRUHVGHRXWURVWHPSRV
1HVWDSHTXHQDUXEULFDDSURYHLWRSDUDIDODUXPSRXFRGHXPDGDV
PDLVLPSRQHQWHVIiEULFDVSRUWXJXHVDVQRUDPRGRPRWRFLFOLVPRH
UHFRUGDUXPSRXFRGDVXDKLVWyULDSRLVFHUWDPHQWHPXLWRVGHQyV
QRVUHFRUGDPRVGHYHUDVDQWLJDVHERQLWDVPRWRUL]DGDVTXHRVQRV
VRVSDLVHDYyVSRVVXtDP7RGRVHVWHVYHtFXORVWURX[HUDPJUDQGH
SURJUHVVRHGHVHQYROYLPHQWRDRQRVVRSDtVVHUYLUDPDVPDLVYDUL
DGDVFODVVHVVRFLDLVKDYLDGHVGHRVPRGHORVGH³OX[R´DRVGH³WX
ULVPR´HVHUYLDPWDPEpPDVPDLVYDULDGDVSURILVV}HVPDVDFLPDGH
WXGRWURX[HUDPXPDVHQVDomRGHOLEHUGDGHHGHJUDQGHPRELOLGDGH
DRSDtV
$0HWDOXUJLD&DVDO
&DVDO&$5,1$
&DVDO%266
$ HPSUHVD0HWDOXUJLD&DVDO
IRLDPDLRUHPSUHVD3RUWXJXHVD
GRVHFWRUGDPHWDO~UJLFDPRWRUL
]DGD FRQVHJXLX SURGX]LU PRWR
UL]DGDVPRWDVPRWRUHVHDOIDLDV
DJUtFRODV HP JUDQGH HVFDOD H
FRPXPPRWRUGHSURGXomRSUy
SULD
%DVHRXVH QR LQLFLR SHOR
PRGHOR $OHPmR GD =XQGDSS
DWUDYpV GLVVR FRQVHJXLX GHVWD
FDUVH GH WRGDV DV HPSUHVDV
QDFLRQDLVHQRPHUFDGRLQWHUQD
FLRQDO-RmR)UDQFLVFRGR&DVDO
R IXQGDGRU GHVWD LPSRQHQWH
LQG~VWULD QDVFHX HP HP
$YHLUR$EDQGRQRXRVHVWXGRVH
IRLWUDEDOKDUSDUDRVFDPLQKRV
GHIHUURQD5pJXD(PD
FRQYLWH GR VHX DPLJR $QWyQLR
0DUDEXWRIXQGRXXPDHPSUHVD
GHFRPpUFLRGHPHUFHDULDVDQRV
PDLVWDUGHGHL[RXHVWDHPSUHVD
HIXQGRXRXWUDGRPHVPRUDPR
)RLDWUDYpVGHVWDVHPSUHVDVTXH
-RmR&DVDOYLDMRXUHJXODUPHQWH
j $OHPDQKD QD WHQWDWLYD GH
H[SRUWDUSURGXWRVDOLPHQWDUHVH
DVVLP DXPHQWDU R VXFHVVR GRV
VHXV QHJyFLRV IRL QHVWDV YLD
/ D Y D J H P $ X W R
$OH[DQGUH)HUUHLUD&DVLPLUR
/DYDJHP GH
HVWRIRV²PRWRUHV
DVSLUDomR
WUDWDPHQWRGHSOiVWLFRV
PXGDQoDGHHVFRYDVOLPSDYLGURV
XP YDVWR VHUYLoR DXWR DR VHX GLVSRU
(VWUDGDGD/DPDURVD
7OP JHQVTXHWHUiWRPDGRFRQWDFWRH
FRQKHFLPHQWR FRP D HQRUPH
LQG~VWULD$OHPmGHPRWRFLFORVH
WHUWLGRDLGHLDGHWUD]HUDTXHOH
LPSRQHQWHQHJyFLRSDUDRQRVVR
SDLV
(P SHGH DXWRUL]DomR
SDUD FRPHoDU D PRQWDJHP GH
PRWRUL]DGDV FRP PRWRU =XQ
GDSSFRQWXGRGHYLGRiSUHVVmR
GHRXWURVFRQVWUXWRUHVQDFLRQDLV
RSHGLGRIRLUHFXVDGR
(P -RmR &DVDO GRLV
LUPmRV H XP SULPR IXQGDP D
&DVDOLUPmRVH&RPSDQKLD
1HVWD RILFLQD PRQWD YHQGH
HUHSDUDPRWRUHV=XQGDSSTXH
YLQKDPGHVPRQWDGRVHPSDUWHV
SDUD IDFLOLWDU D VXD LPSRUWDomR
3DUDDOpPGLVVRIDEULFDQDVXD
RILFLQD SHTXHQRV FRPSRQHQWHV
SDUDHVVHVPRWRUHV
(P -RmR &DVDO WHQWD
SHGLU PDLV XP DOYDUi SHGLQGR
DXWRUL]DomRSDUDDFRQVWUXomRGH
XPD IiEULFD GH FDUUHWRV SDUD
PRWRUHVTXHIRLIRUWHPHQWHFRQ
WHVWDGR SHODV IiEULFDV Mi H[LV
WHQWHV
3URWHVWDUDPQDDOWXUDDVHP
SUHVDV )DPHO 4XLPHUD $OPD
3DFKDQFKR 0LUDODJR H 5XILQR
GH$OPHLGD
-RmR &DVDO TXHULD IDEULFDU
PRWRUHV =XQGDSS DWp FF
FRP D PDLRU SDUWH GDV SHoDV D
VHUHPIHLWDVQRQRVVRSDLVHDV
UHVWDQWHVDYLUHPGD$OHPDQKD
$SHVDUGRSURWHVWRGHWRGDV
DVRXWUDVILUPDVGHPRWRUL]DGDV
-RmR&DVDOFRQVHJXHILQDOPHQWH
R DOYDUi GH FRQVWUXomR GH PR
WRUHVDWpFF
(P-XQKRGHLQLFLDVH
D SURGXomR GR SUySULR PRWRU
IHLWRSHOD&DVDOHDOJXQVPHVHV
PDLV WDUGH LQLFLDVH WDPEpP D
SURGXomR GD VFRRWHU &DULQD D
SULPHLUDPRWDGDHPSUHVD
(P VmR ODQoDGRV RV
PRWRUHV0H0HDPR
WRUL]DGD.
,QLFLDUDPVH HVWXGRV SDUD
SURGXomR GH QRYRV PRWRUHV H
PRWRUL]DGDV
(PpODQoDGRRDWRPL
]DGRU DJULFROD H D PRWRUL]DGD
.
(PpODQoDGDDPRWRUL
]DGD.
(PD.
(P . GH FF
3DUD DVVHJXUDU D VXD GXUDELOLGD
GH IRL HIHFWXDGR XP WHVWH HP
HVWUDGDFRPDGXUDomRGH
NP HP GLDV HP TXH IRUDP
DWUDYHVVDGRVRVVHJXLQWHVSDtVHV
3RUWXJDO (VSDQKD )UDQoD
,WiOLD-XJRVOiYLD%XOJiULD7XU
TXLD *UpFLD ÈXVWULD $OHPD
QKD 6XtoD 'LQDPDUFD 6XpFLD
+RODQGDH%pOJLFD
1D GpFDGD GH WLQKDPRV
DV &DVDO . %RVV H 6XSHU
%RVVHVWHPRGHORIRLXPDXWrQ
WLFRFDPSHmRGHYHQGDVSURGX
]LGR GXUDQWH TXDVH DQRV
FRQVHJXLQGRDVVXPLUYiULRVSD
SpLVHVHUYLoRV
'HVGHDPRWRUL]DGDTXHOHY
DYDRWUDEDOKDGRUDRHPSUHJRR
MRYHP j HVFROD R YHLFXOR GR
FDUWHLURHGRKRPHPGDV3L]]DV
)RLVHPSUHPXLWRDPDGDHTXD
VHWRGRVRV3RUWXJXHVHVSRGHP
GL]HU TXH Mi JXLDUDP XPD
'HSRLVVHJXLUDPVH&DVDO.
&DVDO . &URVVLW &DVDO
. 5= &DVDO .
0DJQXPH&DVDO.$UL]RQD
(P0DLRGHRFRUUHD
IDOrQFLDGD&DVDOGHYLGRDSHGL
GR GH FUHGRUHV DSyV LVVR R
HGLItFLR p GHVWUXtGR H FRP HOH
SHUGHXVH WRGD XPD KLVWyULD GH
DQRVGHSURMHFWRVGHPRWRUL
]DGDVSURGX]LGDVRXGHSURWyWL
SRVTXHQXQFDSDVVDUDPjSUR
GXomRDVVLPFRPRRSURMHFWRGR
PRWRUQžTXHEDWHXXPUHFRUG
GRPXQGRGHYHORFLGDGH
$VVLPWHUPLQRXGHVWDIRUPD
WULVWH XP LPSRQHQWH PDUFR GD
KLVWyULD SRUWXJXHVD GR PRWRFL
FOLVPRTXHGXUDQWHORQJRVDQRV
WHYH XP VXFHVVR LQDOFDQoiYHO
TXHU D QtYHO QDFLRQDO FRPR
LQWHUQDFLRQDO UHVWDQRV D QyV
VLPSDWL]DQWHV H SURSULHWiULRV
JXDUGDUQDPHPyULDHSUHVHUYDU
RVERQVPRPHQWRVTXHQRVSUR
SRUFLRQDUDPHSUHVHUYDUDVTXH
DLQGD KRMH QRV WUDQVSRUWDP H
FRPHODVWRGDXPDYLGD«
2-RUQDOGH&RUXFKH‡$QR1~PHUR‡)HYHUHLURGH
23,1,®2
3RLVpWHPRVWRGRVYHUJRQKD
3HGUR/RSHV%RtoD
/LFHP(FRQRPLD
$R SULQFtSLR QmR VH TXHU
DFUHGLWDU GHSRLV LQWHUURJDPR
QRV FRPR IRL SRVVtYHO QR ILP
WHPRV WRGRV YHUJRQKD 4XDQGR
SHQViYDPRV TXH Mi WtQKDPRV
YLVWR WXGR HLV VH QmR TXDQGR
1D PHVPD VHPDQD HP TXH
FRPHPRUDPRV R FHQWHQiULR GD
5HS~EOLFD H FHQWHQiULR TXHU
PHVPR GL]HU DQRV GLILFLO
PHQWH SRGHUtDPRV LPDJLQDU
QyV FRPXP GRV PRUWDLV TXH
QmR WHP DFHVVR j QRWtFLD DQWHV
GH HOD R VHU GH XP ILQDO GH
VHPDQD WmR GHSULPHQWH 1mR p
TXH DTXLOR TXH FRPHQWiYDPRV
HP VXUGLQD DR RXYLGR XQV GRV
RXWURV H D ROKDU SRU FLPD GR
RPEUR GH WmR JUDYH TXH QHP
TXHUtDPRVSURQXQFLDUpPHVPR
YHUGDGH" 2 JRYHUQR GH 3RUWX
JDORJRYHUQRGRPHX3DtVWHQ
WRXHPDQLSXORXDOLEHUGDGHGH
H[SUHVVmR GD FRPXQLFDomR VR
FLDOXVDQGRSDUDLVVRH[SHGLHQ
WHVGLJQRVGRDUJXPHQWRGHXPD
VpULHWHOHYLVLYDHPTXHRSURWDJ
RQLVWD WHP SRU QRPH 7RQ\ H
VREUHQRPH6RSUDQR
&RQIHVVR TXH D ~QLFD YH]
TXHYLR-RUQDO1DFLRQDOFRPD
VHQKRUD 0RXUD *XHGHV IRL
DTXDQGRGDHQWUHYLVWDGRVHQKRU
0DULQKR 3LQWR SDUD PLP FKH
JRXPH0DVSDUDRVHQKRU3UL
PHLUR0LQLVWURHUDPDLVLPSRU
WDQWH HPSHQKDUVH HP PXGDU D
79, GR TXH HPSHQKDUVH HP
PXGDU R 3DtV &RPR QmR GHYR
GXYLGDU GD FRPSHWrQFLD GR
FRUWHVLDKWWSUDGLRXQRUJSRU
ZZZXQRUJDYUDGLRSRUWXJXHVHSDUWQHUVKLSVKWPO
6HQKRU WHP R FDUJR TXH WHP
HVWi YLVWR HP TXH JDVWRX PDLV
WHPSR
$ QRVVDHVTXHUGDGLWDGHPR
FUiWLFDUHYROWDVHHEHPFRPDV
SRVWXUDV H DWLWXGHV GR VHQKRU
%HUOXVFRQLPDVTXHPOHUD~OWL
PDHGLomRGRVHPDQiULR³6RO´
QmRQRWDJUDQGHVGLIHUHQoDVUHO
DWLYDPHQWH DR VHQKRU TXH HP
3RUWXJDO GHVHPSHQKD R PHVPR
FDUJR 2 PRGXV RSHUDQGL p
DVVXVWDGRUFRORFDPVHER\VHP
OXJDUHV GH UHOHYkQFLD HP
JUDQGHV HPSUHVDV TXH GHSRLV
GLVWULEXHPLQIOXrQFLDHSXEOLFL
GDGH HP IXQomR GR FRPSRUWD
PHQWRGHFDGDDJHQWHGHFRPX
QLFDomR'HVFXOSHPDPLQKDIp
PDVGHSRLVGHWRGDVDVHYLGrQ
FLDV FRQWLQXR D QmR TXHUHU
DFUHGLWDU9LYHPRVPHVPRQXP
(VWDGR GH 'LUHLWR" 2X PHOKRU
WHPRV GLUHLWR DR HVWDGR D TXH
FKHJDPRV"6HFDOKDUDWpWHPRV
YLYrVVHPRVQyVQXP3DtVjVpULD
HWRGDDVRFLHGDGHFLYLOVHLQGLJ
QDULD H H[LJLULD D FDEHoD GR
3ULPHLUR0LQLVWUR &RPR YLYH
PRV QXP SDtV GH EULQFDGHLUD
SDVVDPRV R GLD D GLVFXWLU RV
IUDQJRV GR 5XL 3DWUtFLR &DGD
XP WHP R TXH PHUHFH 1yV WH
PRVRTXHPHUHFHPRV
6HQKRUHV SROtWLFRV GR PHX
3DtV HQWHQGDP GH XPD YH] SRU
WRGDVTXHVHWrPDVUHVSRQVDEL
OLGDGHV TXH WrP VH IRUDP HOHL
WRV RX QRPHDGRV IRL FRP XP
SURSyVLWR PDLRU 6HUYLU R 3DtV
1mRVHUYLUHVWDRXDTXHODILJXUD
GH ILFomR RX UHDO TXH IUXWR GD
FLUFXQVWkQFLD VH HQFRQWUD QHVWH
DR QDTXHOH FDUJR 4XH FLGDGmR
YDLDFUHGLWDUHPDOJXpPTXHVy
VDEHTXHVyTXHUVHUYLUVHDVL
SUySULR RX DR VHX PHVWUH RX
JXUX(XQmRFRQKHoRQLQJXpP
3RUWXJDO YLYH HP FULVH WH
PRVYLYLGRGHFULVHHPFULVHH
HVWDWHPWRGRRDVSHFWRGHVHUD
FULVHILQDO0DVFRPRQmRRXYL
PRVRXWUDFRLVDGHVGHTXH
HVWDPRV HP FULVH H WHPRV GH
DSHUWDU R FLQWR GHVFRQILR TXH
JUDQGH SDUWH GRV SRUWXJXHVHV
HQWHQGD HVWD FULVH FRPR TXDVH
LJXDODWRGDVDVRXWUDVTXHQRV
YrP DQXQFLDQGR DQR DSyV DQR
0DV FULVH PDLRU QmR p D ILQDQ
FHLUDQHPVHTXHUDHFRQyPLFD
FULVH PDLV JUDYH GDTXHODV TXH
GHVWURHP VRFLHGDGHV H FRQV
WURHP UHYROXo}HV p D IDOWD GH
VHQWLGRGHHVWDGRGHMXVWLoDGH
YDORUHVGHSULQFtSLRV
5HFRQKHoR TXH VHUmR PXLWR
JUDYHVRVWHPSRVTXHVHDSUR[L
PDPRVPDLVJUDYHVGHVGHTXH
PHFRQVLJROHPEUDU6HDVDJrQ
FLDV ILQDQFHLUDV VmR HODV TXH
VXVWHQWDPRQRVVRLQFRPSRUWiY
HOQtYHOGHYLGDQmRDFUHGLWDUHP
QD ERD YRQWDGH H QRV DFWRV GR
QRVVR JRYHUQR GHVWD YH] HVWD
PRV PHVPR WUDPDGRV ( FRQ
YHQKDPRV QmR WrP Oi PXLWR
ERDVUD]}HVSDUDWHUIppMiGLVVR
TXHVHWUDWD7HUIp
3UHFLVDPRV FRPR GH SmR
SDUDDERFDQRVHQWLGROLWHUDO
GH XP WLPRQHLUR GH XP OtGHU
TXH QRV IDoD DFUHGLWDU TXH
SRGHPRVLQYHUWHURDFWXDOVHQWL
GR GDV FRLVDV 'HVWD YH] QmR
HVWDPRV j EHLUD GR SUHFLStFLR
HVWDPRVMiSHQGXUDGRVHFRPD
FRUGDDSDUWLUVH'HSRLVGHWXGR
R TXH VH SDVVRX QR QHJyFLR
HQWUHD37 HD3ULVDVHUiPHOKRU
DFUHGLWDU QR 3ULPHLUR0LQLVWUR
RXQmRDFUHGLWDU"3RLVpWHPRV
WRGRVYHUJRQKD
BBB
&DPSDQKDG
GHYYDFLQDomRG
GH
HPHUJrQFLDHHP3
3RUWR3
3UtQFLSH
&UX]9HUPHOKDDILUPDTXHKDLWLDQRVVHUmRYDFLQDGRVFRQWUDVDUDPSRGLIWHULDHWpWDQRHUHFHEHUmRYLWDPLQD
$ HWUDWDPHQWRFRQWUDSDUDVLWDVyUJmRHVSHUDLPXQL]DUPLOSHVVRDVVyQRSULPHLURGLDGHFDPSDQKD
9DFLQDomRGHHPHUJrQFLD
&HUFDGHPLOKDLWLDQRVGHYHPVHUEHQHILFLDGRVSRUXPDFDPSDQKDGHYDFLQDomRGHHPHUJrQFLDTXH
FRPHoDQHVWDVHJXQGDIHLUDHP3RUWR3UtQFLSH
$ LQLFLDWLYDpXPDSDUFHULDGD&UX]9HUPHOKD,QWHUQDFLRQDOGR)XQGRGDV1Do}HV8QLGDVSDUDD,QIkQFLD
8QLFHIGD2UJDQL]DomR3DQ$PHULFDQDGD6D~GH2SDVHGR0LQLVWpULRGD6D~GHGRSDtV
5LVFR
2FRRUGHQDGRUGHVD~GHGD&UX]9HUPHOKDQR+DLWL5LFKDUG0XQ]GLVVHTXHDFDPSDQKDVHUiFRQFHQWUD
GDQDFDSLWDOKDLWLDQDRQGHH[LVWHPDLVULVFRGHVXUWRGHGRHQoDV(OHDILUPRXTXHDSRSXODomRHVWiYLYHQGRHP
FRQGLo}HVH[WUHPDVTXHDIHFWDPGLUHFWDPHQWHDVD~GHHREHPHVWDUGRVLQGLYtGXRV
0XQ]UHVVDOWRXTXHDVSHVVRDVVHUmRYDFLQDGDVFRQWUDVDUDPSRGLIWHULDHWpWDQRHUHFHEHUmRYLWDPLQD$ H
WUDWDPHQWRFRQWUDSDUDVLWDV
'HVORFDGRV
$ &UX]9HUPHOKDHVSHUDLPXQL]DUPLOSHVVRDVVyQRSULPHLURGLDGHFDPSDQKDQXPDFDPSDPHQWRORFDO
L]DGRQDSLVWDGHXPDQWLJRDHURSRUWRGH3RUWR3UtQFLSHRQGHPRUDPPLOKDLWLDQRV
$ PRELOL]DomRGHYHGXUDUGXDVVHPDQDVHVHUiGHVWLQDGDDRVPRUDGRUHVGHDFDPSDPHQWRVGHVORFDGRVSHOR
WHUUDPRWR
'DQLHOD7UDOGL
GD5iGLR218HP1RYD<RUN
1mRSRGHVHUYHQGLGRVHSDUDGDPHQWH
VXSOHPHQWR
7DXURPDTXLD
&RRUGHQDomRGH-RDTXLP0HVTXLWD
)XQGDGRU$EHO0DWRV6DQWRV‡'LUHFWRU -RVp$QWyQLR0DUWLQV
(VWHVXSOHPHQWRpSDUWHGH2-RUQDOGH&RUXFKHQ•GH)HYHUHLURGH
´3URFXQDµ5
5HFHEHX7
7URIpXV6607HH7
7716&6
20DWDGRU GH7RLURV/XtV9LWDO³3URFXQD´UHFHEHXQRGLDGH
-DQHLURQD0RLWDRWURIpXDRPHOKRU SDU GHEDQGDULOKDVGH0DWDGRU
$ FHULPyQLDWHYHOXJDUGXUDQWHRWUDGLFLRQDOMDQWDUGHHQWUHJDGHWURIpXVGD6RFLHGDGH
0RLWHQVHGH7DXURPDTXLDSUHVLGLGRSHORV6UVSUHVLGHQWHGDFkPDUDGD0RLWD-RmR/RERH
3HGUR%ULWRGH6RXVDSUHVLGHQWHGRFRQVHOKRGHDGPLQLVWUDomRGD607
³3URFXQD´UHFHEHXRWURIpXGDVPmRVGR6U3DGUH-RmR7DYDUHVSiURFRGD0RLWD
1RViEDGRGH-DQHLUR³3URFXQD´IRLSUHPLDGRSHOD7HUW~OLD1RVVD6HQKRUDGR&DUPR
±6RXVHOQDFDWHJRULDGHPHOKRU³0DWDGRU´
$ HQWUHJDGRVWURIpXVWHYHOXJDUHP6RXVHOQXPMDQWDUDFRPSDQKDGRFRPIDGRV
/XtV9LWDO³3URFXQD´QmRSRGHHVWDUSUHVHQWHHIH]VHUHSUHVHQWDUSHORVHXDSRGHUDGR-RVp
/XtV*RPHV0DLVGRLVLPSRUWDQWHVHGLVWLQWRVWURIpXVSDUDHQULTXHFHURVHXKLVWRULDOFRPR
PDWDGRUGHWRLURV
-RVp/XtV*RPHVUHFHEHXWDPEpPRWURIpXDWULEXLGRSHOD7HUW~OLDGH6RXVHODVHXILOKRR
QRYLOKHLUR0DQXHO'LDV*RPHVDFWXDOPHQWHUDGLFDGRHP6DODPDQFD(VSDQKD
~OWLPDKRUD
3$5&(5,$&$0323(48(1272,52/,1'2
$ 6RFLHGDGH&DPSR3HTXHQR6$ HDHPSUHVD7RLUROLQGR/GD
LQIRUPDPTXHHVWDEHOHFHUDPXP$FRUGRGH3DUFHULDFRPLQFL
GrQFLDQDH[SORUDomRGDSUDoDGHWRLURVGH&RUXFKH
2$FRUGRpYiOLGRDWpDRILQDOGDFRQFHVVmRGDSUDoDjHPSUH
VD7RLUROLQGR/GD
%UHYHPHQWHVHUmRDQXQFLDGRVRVSURMHFWRVGHVWDSDUFHULD
SDUDDWHPSRUDGDGH
³1HQp´QD0RLWD
$ HPSUHVD 7RLURV H 7DXURPDTXLD GH $QWyQLR 0DQXHO
&DUGRVR ³1HQp´ p D QRYD HPSUHVD GD SUDoD GH WRLURV
³'DQLHOGR1DVFLPHQWR´QD0RLWDSDUDDVSUy[LPDVWHP
SRUDGDV
$ GHFLVmRIRLWRPDGDGXUDQWHDDVVHPEOHLDJHUDOGD60
7QRGLDGH-DQHLURRQGHGHUDPHQWUDGDPDLVTXDWUR
SURSRVWDV1HQpHPVRFLHGDGHFRP-RVp&RVWD*HVWRLUR
GH3DXORH5RGULJR7HQGHLUR7RSWRLURVHPSUHVDFHVVDQWH
HGD6RFLHGDGH&DPSR3HTXHQR
1HQpILFDDVVLPGRQRGHXPSHTXHQRLPSpULRGHSUDoDV
TXDWUR QR 5LEDWHMR $OPHLULP $OFRFKHWH 0RLWD H
6DOYDWHUUDHXPDQR$OHQWHMRDGH5HJXHQJRV
-RmR5LEHLUR
7HOOHV-UFRP
1RYR$SRGHUDGR
HP(VSDQKD
-RmR 5LEHLUR 7HOOHV -U LUi VHU DSRGHUDGR
HP (VSDQKD SRU 0DQROR 0DUWLQ DQWLJR
PDWDGRU GHWRLURV
'HSRLV GH HP pSRFDV DQWHULRUHV WHU VLGR
DSRGHUDGR SRU -RVp 0DULD$OPRG{YDU -RmR 5
7HOOHVYDLHQFHWDUQRYDHWDSDQDVXDYLGDHPWHU
UDV '
(/ 5HL FRP XP QRYR DSRGHUDGR XP
KRPHPFRPODUJDH[SHULHQFLDGHDSRGHUDPHQWRV
HOLJDGRDLPSRUWDQWHVFDVDVHPSUHVDULDLV
(P3RUWXJDO0DQXHO3DLPWXGROHYDDFUHU
LUi FRQWLQXDU D VHU R KRPHP GH FRQILDQoD GR
PDULDOYDGR6RUUDLD
VXSOHPHQWR
7DXURPDTXLD
6XSOHPHQWRGH2-RUQDOGH&RUXFKH‡$QR1~PHUR‡)HYHUHLURGH
,,
6 2%5( 7 2,5 26
'U'RPLQJRVGD&RVWD;DYLHU
$FRQWHFHX
0pGLFRYHWHULQiULRHHVFULEDWDXULQR
)RWRVGH-RDTXLP0HVTXLWD
1RSDVVDGRGH-DQHLUR
GRPLQJR DFRQWHFHX HP /LV
ERD QD SUDoD GH WRLURV GR
&DPSR 3HTXHQR XPD GXSOD
MRUQDGDPXLWRERQLWD
1R kPELWR GR ž HQFRQWUR
GH HVFRODV WDXULQDV LEpULFDV
RUJDQL]DGR SHORV DUUXGHQVHV GD
WHUW~OLD³3HULTXLWD´TXHDIXQGD
omR$OEHUWR)DULD3DWURFLQDHVWH
DQR HP SDUFHULD FRP R FDPSR
SHTXHQR VRE R EHQHSOiFLWR GH
5XL %HQWR SULPHLUR RFRUUHUDP
LQWHUHVVDQWHV FRPXQLFDo}HV GH
)UDQFLVFR0RUJDGRH-RVp&DU
ORV$UpYDOR WUDWDQGR GR DFWXDO
HVWDGR GD IHVWD GH WRLURV H GD
LPSRUWkQFLD GD FRPXQLFDomR
VRFLDOQDVXDGLYXOJDomR
4XH VH VDOLHQWH TXH HQWUH
FRQVLGHUDo}HV GH HOHYDGtVVLPR
QtYHO $UpYDOR FRPR p VDELGR
GLUHFWRU GD SUHVWLJLDGD ³ WRURV
´ DILUPRX TXH SULPHLUR p QH
FHVViULROHYDUS~EOLFRDtSUDoDV
H ORJR VH YHUi VH VH ID]HP RX
QmRDILFLRQDGRV&RQFRUGRSOH
QDPHQWHHMiRH[SUHVVHLSRUGL
YHUVDVYH]HV(PYHUGDGHWHPRV
TXH DFDULQKDU RV TXH SDJDQGR
SHUPLWHPDFRQWLQXLGDGHGDIHV
WDRTXHVHPSUHSURFXUHLID]HU
VHQGRGHYHUGDGHTXHDVSUDoDV
FKHLDV VmR FRQVHTXrQFLD GDV
SUiWLFDV HPSUHVDULDLV TXH VH
ORXYDP &RQWXGR FRQWLQXR D
DFKDUGHSORUiYHODVVLVWLUDFRUUL
GDV HP TXH D PDLRU RYDomR GD
QRLWH IRL DWHVRXUDGD SHOR FRU
QHWHLURDRYHUDSODXGLUHIXVLYD
PHQWH D HQWUDGD GH PRoRV GH
DUHQD'HYHUGDGHDFRPXQLFD
omR VRFLDO WHP PXLWR TXH ID]HU
QRVHQWLGRQRVHQWLGRSHGDJyJL
FRHVHLTXHQRTXHHVWRXDILU
PDQGRVRXSOHQDPHQWHHQWHQGL
GR SHOR JHUHQWH GD SUDoD TXH
FRPWDQWDGLJQLGDGHVHYHVWLXGH
WRXUHLUR
'HSRLVXPDHVSpFLHGHDSUH
VHQWDomRPXQGLDOGHWRXUHLR
&RPRjSDUWHTXHVHUHJLVWH
DH[WUHPDTXDOLGDGHGRSULPHLUR
³HUDO´ OLGDGR FRPR WRGRV RV
RXWURVFRPIHUURGH67RUFDWR
TXHPVRXHXSDUDGDUFRQVHOKRV
D XP JDQDGHUR TXH VDEHUi
SRUTXHRIH]FRUUHUHPWDOLGDGH
)DFWRpTXHVHHXWLYHVVHFDSDFL
GDGH GH GHFLVmR R WHULD OHYDGR
GHYROWDSDUDRFDPSRGDGRTXH
IRLGRPHOKRUTXHPHWHPVLGR
GDGRYHUQXPDSUDoDGHWRLURV
$SHVDUGH³)DFLOyQ´H[LELXXPD
QREUH]D GH WRGR LQYXOJDU UH
SHWLXH[LELX³5HFRUULGR´³)LMH
]D´HXPDHQRUPLGDGHGH³0R
WRU´ TXH OKH SHUPLWLX VXSRUWDU
WUrVIDHQDVGHERFDFHUUDGD1mR
p YXOJDU SRGHUPRV JDEDU WDQWR
XPDUrVEUDYD
'HSRLVXPDSDODYUDGHHVWL
PXORDWRGRVRVPL~GRVTXHDFD
OHQWDPRVRQKRGHVHUWRXUHLURV
H TXH QR &DPSR 3HTXHQR VH
H[LELUDP1mRYRXVHTXHUGHWHU
!FRQWLQXDQDSiJVHJXLQWH
&DPSDQKD
´%HPYLQGRD
µ
'LVWULEXLomRGH&RPEXVWtYHLVH
/XEULILFDQWHV
‡
*DVyOHR$JUtFROD5RGRYLiULR
HGH$TXHFLPHQWR
‡
(QWUHJDPRVDR'RPLFtOLR
TXDOTXHUTXDQWLGDGH
HPTXDOTXHUSRQWRGR3DtV
FRPYLDWXUDVSUySULDV
'LVWULEXLGRU2
2 ILFLDO
)RUQHFHPRVWDQTXHVDpUHRVHVXEWHUUkQHRVSDUDFRPEXVWtYHLV
&217$&726,1)250$d¯(6
7HO‡ )D[‡JHUDO#VREUDOSQHXVSW
27
7DOKRG
GR0
0DQHO
YLQKR
RIHUHFHOOKHY
27DOKRGR0DQHO
GiOKHDVERDVYLQGDV
DRIHUHFHQGR
OKHXPDJDUUDIDGH
YLQKR
1HVWDHGLomRGR-&
UHFRUWHRFXSmRGH
RIHUWDQDFDSDH
WURTXHRQR7DOKRGR
0DQHOSRUXPDJDUUDID
GHYLQKR
DRFRPSUDURSURGXWR
VHOHFFLRQDGRSDUDD
FDPSDQKD
,,,
23,1,®2
6XSOHPHQWRGH2-RUQDOGH&RUXFKH‡$QR1~PHUR‡)HYHUHLURGH
VXSOHPHQWR
7DXURPDTXLD
'RPLQJRVGD&RVWD;DYLHU
6REUHDV´)XQGDVµ
'HKiPXLWRVDQRVTXHYHULILFRTXHD
HPRomRVHHVWiDDXVHQWDUGDVQRVVDVDUH
QDVVHQGRTXHiSDUWHDVH[FHSo}HVTXH
QRVSURSRUFLRQDPRVFDYDOHLURVTXHOLGDP
HWRXUHLDPDVpULRTXDVHWRGRVRVRXWURV
VHOLPLWDPDDQGDUSDUDDtDFXPSULUFDO
HQGiULR D FREHUWR GR FRQIRUWR H VHJX
UDQoD«TXHOKHVRIHUHFHR³QRVVR´WRLUR
HPERODGR
%DVWDQRVDSUHFLDUGHYLGDPHQWHRTXH
VHSDVVDDTXLDRODGRQDYL]LQKD(VSDQKD
SDUDTXHILTXHPRVFRPDQRomRH[DFWDGR
TXH YRV TXHUR GL]HU 4XH ORQJH YmR RV
WHPSRVGR³Q~PHURGRFDYDOLWR´TXHFRQ
GHQiYHODFDERXEDQLGRGDVFRUULGDVPDV
TXH GHX SDVVR iV FRUULGDV GH ³UHMRQHLR´
GLJQDV H DWUDHQWHV H p ERP TXH DTXL VH
DILUPH TXH WDO PXGDQoD GH DFWLYLGDGH
PXLWRVHGHYHiGLJQLGDGHTXHRVQRVVRV
FDYDOHLURVWDXURPiTXLFRVSDUDOiVRXEHU
DPH[SRUWDUHQDVSUDoDVH[HFXWDU+RMH
DVFRUULGDVFRPRWRXUHLRDFDYDORHQFKHP
SUDoDVHQmRUDURHFRQRPLFDPHQWHVDOYDP
DVIHLUDVWDXULQDVFRPRID]DQRVDFRQWHFLD
FRP RV FDUWpLV GH PDWDGRUHV EDQGDULO
KHLURV
2UD WXGR LVWR VH FRQVHJXLX FRP D
HPRomR TXH D OLGH D FDYDOR GH WRLURV
GHVHPERFDGRV SURSRUFLRQD H Mi VHL TXH
PHYmRGL]HUTXHDJHQHUDOLGDGHHVWiYLO
PHQWH ³DIHLWDGD´ R TXH p YHUGDGH PDV
YHUGDGH WDPEpP p TXH QDV SUDoDV GH
SULPHLUD H GH VHJXQGD D VLWXDomR VH HVWi
LQIOHFWLQGR SDUD OLPLWHV DFHLWiYHLV GH
DUUDQMRGRVWRLURVWmRVySRUTXHGHRXWUD
IRUPD RV S~EOLFRV QmR SDSDP R HPEXWH
$SUHFLDP H YDORUL]DP GHVGH TXH FRQ
VWDWHPDYHUGDGH
3RUFRQVWDWDUWXGRRTXHVXSUDYRVDILU
PRGHKiPXLWRTXHPHEDWRSHORILPGR
WRLURHPERODGRHQmRPHYHQKDPFRPR
DUJXPHQWR GRV IRUFDGRV TXH p EHP
VDELGRTXHVHP³HPERODV´RVSHJDPHP
)UDQoD HP (VSDQKD H VREUHWXGR QR
!FRQWLQXDomRGDSiJDQWHULRU
PH QD DQiOLVH GR TXH IL]HUDP
XQVPDLVRXWURVPHQRVTXHLVWR
p R TXH p 2FRUUHPH FRQWDU
XPDKLVWRULHWDTXHPXLWRUHSUR
GX]$PDGHXGRV$QMRV±HVWDQ
GR HVWH HP SUHVHQoD GD TXDVH
PtWLFD SDVWRUD LPSpULR QR VHX
ILP GH H[LVWrQFLD PXLWR JDED
YDP RV UDSD]HV XPD ³JXDSD´
TXH VH H[LELD EDLODQGR QR
³3HGUR&KLFRWH´(PYHUGDGHD
PXOKHUHUDOLQGDHFRPRGLUtD
PRVQDFDPSLQDFRP³RFKHLUR
GDVHUYDVQRYDV´RVPRoRVQmR
VH FDQVDYDP D GLVSHQVDUOKH
HORJLRV$ YHOKDVHQKRUDHLYDGD
GH VDEHU GH H[SHULrQFLD IHLWD D
SiJLQDV WDQWDV UHVROYHX GL]HU ±
³VL HV PXL EXHQD SHUR QRQ VH
WURQFKD´
'HIDFWRDPDLRULDGRVTXH
VH H[LELUDP PRVWUDUDP IUDFD
DSWLGmR SDUD SDUWLU D FLQWXUD
PDVVREUDTXHYRVGLJDTXHWX
0p[LFRHPTXHMiDFWXDPFRPUHJXODUL
GDGHYiULRVJUXSRVGDGRTXHFRPRFRV
WXPR GL]HU QR JR]R FRP ³VDSDWRV´ QRV
FRUQRV QHP VH SDUHFHP FRP RV SULPRV
TXDQWRPDLVFRPRVEHORVDQLPDLVTXHRV
YHGRUHVDSDUWDUDPQRFDPSR4XDVHVHP
SUHTXDQGRPHWHPWRFDGRHVFUHYHUVREUH
DV FRUULGDV FRQFXUVR TXH SRU Dt SUROLIHU
DP WHQKR FRQIHVVDGR D PLQKD SHUSOH[L
GDGH TXDQWR i DWULEXLomR GH SUpPLRV GH
DSUHVHQWDomR D DQLPDLV DSUHVHQWDGRV HP
WDLVSUHSDURVFRPRDOLiVLJXDOPHQWHPH
LQGLJQD TXH VH DWULEXDP SUpPLRV GH
EUDYXUDDWRLURVTXHFRPDFDEHoDQRDOWR
DQGDPDWUiVGDVVHGDVGRVFDYDORV'HKi
PXLWR TXH GHIHQGR TXH VH EDVWHP SHOR
FRQFHLWR GH ³PHOKRU WRLUR´ R TXH PH
SDUHFH EHP PDLV FRQVHQWkQHR FRP D
QRVVDWULVWHUHDOLGDGH
2UD WmR ORQJR SURORJR WHP TXH YHU
FRPDDFWXDOPRGDYLJHQWHGR³HQIXQGDU´
RVWRLURVQRFDPSRJDQDGHURHP(VSDQKD
,QYHQomRGHXP³PD\RUDO´GHJDQDGDULD
SURSULHGDGHGHXP³ODGULOOHUR´HQWHQGD
VHSURILVVLRQDOGRWLMRORSDUDTXHQmRKi
FRQIXV}HV« EHP FHGR VH HVSDOKRX R
TXHpSHQD
$ WpFQLFD TXH FRPHoRX SRU VHU
SULPiULD XP FDUWXFKR GH FDoD YD]LR
HQYROYLGRHPJD]HUHYHVWLGDSRUSURGXWRV
SOiVWLFRVFRODQWHVMiVHVRILVWLFRXHDWpMi
VH REVHUYD XP IXUR GH WRSR SDUD TXH R
FRUQR UHVSLUH e HYLGHQWH TXH RV WRLURV
PHVPRDVVLPWXGRID]HPSDUDVHOLYUDUGH
WDO LQFyPRGR FRPR p SDWHQWH QD IRWR
JUDILD TXH DQH[R $SRQWDVH FRPR YDQ
WDJHP GH WDO SUiWLFD D WUHPHQGD
GLPLQXLomR GH PRUWHV SRU FRUQDGD HQWUH
PHPEURV GD FDPDGD H WDPEpP R
FKHJDUHP tQWHJURV DRV UHFRQKHFLPHQWRV
SUpFRUULGDJDUDQWLQGRDDSURYDomRSHORV
YHWHULQiULRVGHWDOHQFDUUHJXHV
$FRQWHFH VHPSUH DFRQWHFH TXH D
QDWXUH]DVHUHYROWD1DIHLUDGH/RJURxRR
ILJXUmR GR WRXUHLR DJRUD JDQDGHLUR TXH
Gi SHOR QRPH GH -RVp 0LJXHO $UUR\ R
³-RVHOLWR´ IH] FRUUHU RV VHXV WRLURV H QD
G~YLGD RV YHWHULQiULRV GH VHUYLoR
UHVROYHUDPSURFHGHUDDQiOLVHVGDV+DVWHV
3RVW0RUWHQHGHFODUDUDPRJDQDGHURFXO
SDGRGHPDQLSXODomRIUDXGXOHQWD1mRPH
FRPSHWHFRPHQWDUFDVRVHPTXHPHQmR
HQYROYL GLUHFWDPHQWH PDV p IDFWR TXH R
DVVXQWR QmR DQGD QD UXD VHQGR DWp D
PDWpULD Mi REMHFWR GH HVWXGRV XQLYHU
VLWiULRVVDQFLRQDGRVFRPRDYDOGR³FRQ
VHMR JHQHUDO GH FROpJLRV YHWHULQiULRV GH
(VSDQKD´ QRPHDGDPHQWH R WUDEDOKR ±
%LRPHWULDGHODV$VWDVGHWRURVGH/tGLD<
GLFWDPHQ DFURODYHUDWyPLFR ³DIHLWDGR´
GDDXWRULDGRVSUHVWLJLDGRV5DPyQ%DUJD
%HQVXVDQ < 'LHJR -RUGDQR %DUHDP WUD
EDOKRTXHHGLWDUDPHP
&RP D EURQFD DUPDGD H VHQGR FHUWR
TXHRWRXUHLRTXHMiIRLHp«QmRWLQKD
TXHLUHQIUHQWDURVWRLURVVHQGRFHUWRWDP
EpP TXH GHVGH 0DQROR *RQ]DOH] QmR
KDYLDXPWRXUHLRTXHWmRUiSLGRVHDFUHG
LWDVVHFRPRFULDGRUGH3RVWLQSHVHRFDVR
HVSRUiGLFRGH5LQFyQRVQtYHLVVmRGLIHU
HQWHV« QmR VH HQWHQGH UD]mR SODXVtYHO
SDUDRFRPHWLPHQWRGDIUDXGH
2SUySULR³-RVHOLWR´HPJULWRGHDFWR
GHFRQWULFomRYHPGHFODUDUDRSURJUDPD
³6RO\6RPEUD´GH3XQWRUiGLROD5LRMD
FLWDGR HP WRURV GH GH
-DQHLURGH±³QRDIHLWHQLJXQRGHORV
WRURV TXH GLHURQ SRVLWLYR HQ /RJURxR
SHUR UHFRQR]FR TXH ORV PDQLSXOH SDUD
SRQHUOHV\TXLWDUOHVODVIXQGDV«QROHV
WRTXH QL XQ PLOtPHWUR GH SLWRQ FRP OD
LGHLDGHUHGXFLUVXSHOLJURGHFHUFHQDUVXV
SXQWDV GH IRUPD IUDXGXOHQWD 1R PH UH
FLELGR QRWLILFDFLyQ DOJXQD GH TXH KD\D
VLGRVDQFLRQDGRWRGRORPHFRQRFLGRSRU
SUHQVD´VLF«
&i SRU PLP DFUHGLWR YLYDPHQWH QD
KRQHVWLGDGHGH³-RVHOLWR´$ VXDJDQDGDULD
HVWiVHQGRVROLFLWDGDQmRWHPSUREOHPDV
SDUDYHQGHUpHYDLFRQWLQXDUULFRWHUHVH
KDYHUHVHVREUHWXGRH[LEHXPSDVVDGRGH
LQIOH[tYHOUHFWLGmRTXHIDODSRUHOH'L]VH
TXHDPXOKHUGH&pVDUQmRVyWHPTXHVHU
VpULDWDPEpPWHPTXHRSDUHFHUHDSHU
VRQDJHP HP TXHVWmR i SDUWH D GLIHUHQoD
GHJpQHURDGHTXDVHiPi[LPDLQYHQWDGD
MiOiYmRGRLVPLODQRV
(QWmRHPTXHILFDPRV"1DHYLGrQFLD
GHTXHRTXHSDUHFLDXPDSDQDOHLDSRGH
DILQDO VHU XP VpULR SUREOHPDV H VHGH GH
FRQIOLWRVpXPDYLVRSDUDTXHDJDQDGDULD
YROWHDRVPDQHLRVTXHIL]HUDPXPDDFWLYL
GDGH OLQGD URPkQWLFD H UHVSHLWiYHO
7RGRV VDEHPRV FRPR DYDOLDU DV DWLWXGHV
GRVFKDPDGRV³FULVWmRVQRYRV´HpERP
TXH SRVVDPRV YDORUL]DU RV TXH VH
DVVXPHPFRPRFULDGRUHVjPRGDDQWLJD
$ IHVWDGHWRLURVWDOPHUHFH
$FRQWHFHX
GRFRPHoRXEHPHDFDERXEHP
1RWDOSULPHLURGHH[FHSomR
XPPL~GRGDHVFRODGH0DGULG
$OEHUWR /RSH] 6LPyQ IL[HP
HVWH QRPH HQFKHXPH D DOPD
'U'RPLQJRVGD&RVWD;DYLHU
0pGLFRYHWHULQiULRHHVFULEDWDXULQR
GHSRLVJRVWHLGHYHURVHQWLGRGH
OLGH GH XP PL~GR GH $UOHV
/LOLDQ FUHLR H DFKHL PXLWD
JUDoD DR PH[LFDQR -RUJH 6DO
YDWLHUUD SHVH RV GHVDUPHV H DV
YH]HVTXHTXHSURYRXRSyTXH
FRPSDUWLXRVHXVXFHVVRFRPD
JUDoD WRXUHLUD GR ³QRVVR´ -XD
QLWR 6LOYD WRGR HOH PDQHLUDV
JDUERHWRXUHULD3RGHVHU«6H
EHP TXH RV DQRV TXH OHYR Mi
GHVFRQILH PXLWR GH YRFDo}HV
WHPSRUmVFRQWXGRTXHVHUHFRU
GH /XtV 0LJXHO 'RPLQJXLQ H
³(O -XOL´ 3DUD TXH VH DFUHGLWH
TXHpSRVVtYHO
&RPR-iYRVGLVVHIRLXPD
MRUQDGD OLQGD 4XH VH ORXYH D
RUJDQL]DomRHVREUHWXGRR&DP
SR3HTXHQRTXHGHSRUWDVDEHU
WDV PH SHUPLWLX YHU QDV EDQ
FDGDVPRQWHVGHSDLVHILOKRWHV
TXHDWUDtGRVSHORUXtGRIUXtUDP
RHVSHFWiFXORHFRPWRGDDFHU
WH]D VH GLYHUWLUDP 3DUDEpQV H
Mi DJRUD SURPRYDP WDPEpP
FRQGLo}HV SDUD TXH RFRUUDP
JDUUDLDGDVGHHVWXGDQWHVRTXH
DOLiVWrPIHLWRTXHGRPHXSRQ
WRGHYLVWDVmRDPHOKRUPDQHLUD
GH ID]HU DILFLRQDGRV TXH HP
WHRULDVDEHPOHU
$VVLPYDOHDSHQD
VXSOHPHQWR
7DXURPDTXLD
6XSOHPHQWRGH2-RUQDOGH&RUXFKH‡$QR1~PHUR‡)HYHUHLURGH
,9
770
UHFHEH
FULDGRUHV
GHWWRLURV
GHOOLGH
7H[WR'U$EHO0DWRV6DQWRV
)RWRV-RDTXLP0HVTXLWD
)RL QR SDVVDGR GLD GH -DQHLUR
TXH R FUtWLFR WDXULQR H DILFLRQDGR 6U
-RDTXLP7DSDGDUHXQLXPDLVXPDYH]
D 770 ± 7HUW~OLD 7DXURPiTXLFD ³$
0H[LFDQD´ HP VDOD FKHLD SDUD XP
PDJQLILFRMDQWDU
BBB
'HVWD YH] FRQYLGRX D $VVRFLDomR
3RUWXJXHVD GH &ULDGRUHV GH 7RLURV GH
/LGH QDV SHVVRDV GR VHX 3UHVLGHQWH 6U
-RmR 6DQWRV$QGUDGH R YLFHSUHVLGHQWH
' -RmR 3DVVDQKD H R 'U 9DVFR /XFDV
VHXVHFUHWiULRWpFQLFR
(VWHV UHVSRQViYHLV HOXFLGDUDP RV
Q~PHURVGHJDQDGDULDVWRLURVHFRUULGDV
OLGDGDV SRU FDVDV SRUWXJXHVDV HP
3RUWXJDO H HP (VSDQKD H SXGHUDP
H[SOLFDUGHIRUPDFODUDFRPRVHSURFHVVD
DIRUPDFRPRDVJDQDGDULDVHVSDQKRODVH
SRUWXJXHVDV FRORFDP RV VHXV WRLURV QRV
GRLVSDtVHVVHQGRUHIHULGDDPDLRUGLIL
FXOGDGH HP FRORFDU WRLURV SRUWXJXHVHV
HP (VSDQKD SRU H[LJrQFLDV PDLRUHV GD
SDUWH HVSDQKROD &RQWXGR HVSHUDVH XP
ERPDQRSDUDRVFULDGRUHVSRUWXJXHVHV
1RILQDOGDVFRPXQLFDo}HVWHYHOXJDU
XPDFHVRGHEDWHRQGHVHLQFLWRXDDVVR
FLDomRDID]HUSUHVVmRVREUHRVSDUWLGRV
SROtWLFRVQRLQWXLWRGHLQIRUPDUHVFODUH
FHUHGHIHQGHUDIHVWDGRVWRLURV
&RPR p KiELWR R -RUQDO GH &RUXFKH
HVWHYH GLVSRQtYHO SDUD WRGRV RV SUH
VHQWHV ID]HQGRVH UHSUHVHQWDU SHOR VHX
IXQGDGRU'U$EHO0DWRV6DQWRVHRQRYR
FRRUGHQDGRU GD SiJLQD WDXULQD R WDP
EpPIRWyJUDIRWiXULFR6U-RDTXLP0HV
TXLWD
'HVFRQWRGHSDUDUHIRUPDGRV
2IHUWDGHYDOHVGH€ HPFRPSUDVQR
FRPpUFLRWUDGLFLRQDO
9LVLWHR
RQ
QRVVR9
9LGHR&
&OXEHH
HP&
&RUXFKH
!9HMDDVQRYLGDGHV
‡YHQGDGHMRJRV3&36363
‡9HQGDGHFRQVRODV
‡UHSUHVHQWDQWH+DDJDQ'DD]V
JHODGRV
‡YHQGDGHJRPDV‡WDEDFDULD
9
6XSOHPHQWRGH2-RUQDOGH&RUXFKH‡$QR1~PHUR‡)HYHUHLURGH
VXSOHPHQWR
7DXURPDTXLD
GRV$
$QLPDLV
&DPSR3
3HTXHQRG
GLYXOJD'
'DWDV $PLJRVG
GH9
9LOD)
)UDQFD
H$
$OWHUDo}HVD
DR(
(VSHFWiFXOR
$ HPSUHVDGR&DPSR3HTXHQRGHXDFRQKHFHUDWUDYpVGHFRPXQLFDGR
)HVWD%
%UDYD
DSRLDP)
iLPSUHQVDDVGDWDVGRDERQRGHDVVLPFRPRDOJXPDVDOWHUDo}HV
iKDELWXDOURWLQDGRVHVSHFWiFXORVWDXURPiTXLFRV
GDUHVSRQVDELOLGDGHGDHPSUHVD
)RL GXUDQWH R HQFRQWUR QD
7HUW~OLD 7DXURPiTXLFD ³$ 0H
[LFDQD´GH-RDTXLP7DSDGDTXH
R 'U 9DVFR /XFDV FRQKHFLGR
YHWHULQiULRDQXQFLRXTXHD&RU
ULGDGH7RLURVGH9LOD)UDQFDGH
;LUD WUDGLFLRQDOPHQWH D IDYRU
GRV )RUFDGRV $PDGRUHV VHUi
HVWH DQR DSRLDGD SHOD $VVR
FLDomRGRV$PLJRVGRV$QLPDLV
GH 9LOD )UDQFD GH ;LUD H TXH
WDPEpP PHWDGH GD UHFHLWD
UHYHUWHUi SDUD HVWD DVVRFLDomR
FRP R LQWXLWR GH SXGHUHP PH
OKRUDURFDQLOORFDO
&RPRVHYr³DVDVVRFLDo}HV
GRVDPLJRVGRVDQLPDLVHVWmRD
FRPHoDU D SHUFHEHU TXH TXHP
JRVWDGRVWRLURVJRVWDGRVDQL
PDLV´ UHIHULX 9DVFR /XFDV
DFUHVFHQWDQGR TXH ³HVWDV DVVR
FLDo}HV HVWmR IDUWDV TXH RV
0RXWLQKRV H VHXV GLULJHQWHV
JDVWHPRGLQKHLURDFRPEDWHUD
IHVWD GRV WRLURV HP YH] GH
DSRLDUHP TXHP SUHFLVD H TXHU
FXLGDUGRVDQLPDLV´
( DVVLP PDLV XPD YH] D
)HVWD %UDYD H RV DILFLRQDGRV
YmRDMXGDURVDQLPDLV
&DHWDQRVFFRP%
%RORWD
&DOHQGiULRGR$ERQRGH
1R VHQWLGR GH PHOKRUDU R ULWPR D TXH GHYH
GHFRUUHURHVSHFWiFXORWDXURPiTXLFRD6RFLHGDGH
&DPSR3HTXHQR6$ LUiLPSOHPHQWDUDVVHJXLQWHV
PHGLGDV D SDUWLU GD WHPSRUDGD GH QDV
SUDoDV HP TXH RUJDQL]DU HVSHFWiFXORV WDXURPi
TXLFRV
‡
‡
5HVWULQJLUjSULPHLUDOLGHDFHULPyQLDGHHQWUH
JDGDSULPHLUDIDUSDFRPSULGDGHFDGDOLGHGH
FDYDOHLUR SHOR EDQGDULOKHLUR GD UHVSHFWLYD
TXDGULOKD 1DV UHVWDQWHV OLGHV R FDYDOHLUR
HQWUDUi GLUHFWDPHQWH QD DUHQD H UHFHEHUi D
SULPHLUDIDUSDFRPSULGDGDVPmRVGRSHVVRDO
GHVHUYLoRHQWUHEDUUHLUDVGLULJLQGRVHSRVWHUL
RUPHQWHDROXJDUGR'LUHFWRUGH&RUULGDSDUD
DFRUUHVSRQGHQWHVDXGDomR
5HVWULQJLUDFHULPyQLDGHFXPSULPHQWRVHQWUH
RV FDYDOHLURV j TXH DQWHFHGH D SULPHLUD OLGH
GLVWLQJXLQGR FRP HVWH DFWR R FDYDOHLUR PDLV
DQWLJRQDVXDTXDOLGDGHGH'LUHFWRUGH/LGH
‡
‡
1DV FRUULGDV PLVWDV RV EXUODGHURV GH DUHQD
HVWDUmRFRORFDGRVGHVGHRLQtFLRGRHVSHFWiFX
OR RX VHMD SHUPDQHFHUmR FRORFDGRV PHVPR
QRGHFRUUHUGDVOLGHVHTXHVWUHV
1DV FRUULGDV GH *DOD j $QWLJD 3RUWXJXHVD
HOLPLQDPVHDVFRUWHVLDV³DRHVWLORPRGHUQR´
SDVVDQGR GLUHFWDPHQWH GR FRUWHMR HYRFDWLYR
GDVWRXUDGDVUHDLVGRVpFXOR;9,,,SDUDDOLGH
GRSULPHLURWRLUR
(VWDV PHGLGDV IRUDP Mi GDGDV D FRQKHFHU j
,QVSHFomR*HUDO GDV $FWLYLGDGHV &XOWXUDLV H j
'LUHFomR GR 6LQGLFDWR 1DFLRQDO GRV 7RXUHLURV
3RUWXJXHVHV H VHUmR UHFRUGDGDV DRV DUWLVWDV HRX
DSRGHUDGRVQRDFWRGDUHVSHFWLYDFRQWUDWDomR
(QWUHWDQWR GHFRUUHP FRQWDFWRV H FRQYHU
VDo}HVSDUDIHFKDURVFRQWUDWRVGDSULPHLUDSDUWH
GR$ERQR FRP DV SULQFLSDLV ILJXUDV GR WRXUHLR
WDQWRSRUWXJXHVDVFRPRHVWUDQJHLUDV
-RmR 3HGUR %RORWD XP GRV
PDLV GHVWDFDGRV HPSUHViULRV
WDXULQRV GD DFWXDOLGDGH DQXQ
FLRXUHFHQWHPHQWHTXHSDVVRXD
VHU R DSRGHUDGR GR FDYDOHLUR
-RmR 0RXUD &DHWDQR H GH VHX
SDL3DXOR&DHWDQRTXHHVWHDQR
FRPHPRUDDQRVGHDOWHUQDWL
YD %RORWD ILFD WDPEpP FRPR
UHSUHVHQWDQWH GD JDQDGDULD GH
3DXOR&DHWDQR
'HSRLV GH VH WHUHP GHVYLQ
FXODGRGH&DUORV3HJDGRH-RmR
3HGUR %RORWD WHU DQXQFLDGR R
GHVYLQFXORGRDSRGHUDPHQWRGR
FDYDOHLUR SUDWLFDQWH -RmR 6DO
JXHLUR GD &RVWD VXUJH SRXFR
WHPSR GHSRLV D XQLmR SURILV
VLRQDO i FDVD &DHWDQR %RORWD
HVWD WHPSRUDGD DQH[RX D SUDoD
GH%HMDDRMiVHXYDVWRFXUULFX
OXP GH SUDoDV TXH JHVWLRQD
6DQWDUpP 0RQWLMR H 1D]DUp
DOHPGHVHUMiFRQKHFLGRSXEOL
FDPHQWHTXHDGTXLULXDRDQWLJR
EDQGDULOKHLUR $QWyQLR 3RHLUD D
VXDSDUWHGDSUDoDGHVPRQWiYHO
TXH OHYDYD HP VRFLHGDGH FRP
3RVVLGyQLR0DWLDVSDLGDFDYD
OHLUD 6yQLD 0DWLDV SDVVDQGR
DPERV D JHULU RV GHVWLQRV GD
GHVPRQWiYHOGHOXJDUHV
&DUQDYDOUUHJUHVVD
HPIIRUoD
3DOKD%
%ODQFR
j3
$ &HQWHQiULD 3UDoD GH
7RLURV 3DOKD %ODQFR HP 9LOD
)UDQFD GH ;LUD YROWD D DEULU
DV VXDV SRUWDV SDUD FRPHPR
UDU R &DUQDYDO QXP ILPGH
VHPDQDSOHQRGHWDXURPDTXLD
GHGLFDGRDRVPDLVMRYHQV
BB
1RV GLDV H GH )HYH
UHLURDQXQFLDVHDUHDOL]DomRGH
DXODVSUiWLFDVGHWDXURPDTXLDD
SDUWLUGDV+0FRPDSDU
WLFLSDomR GH MRYHQV FDYDOHLURV
GRV IRUFDGRV DPDGRUHV GH9LOD
)UDQFDHGHDOXQRVGD(VFRODGH
7RXUHLR-RVp)DOFmREHPFRPR
GDVPHLDVILQDLVGR&RQFXUVRGH
0iVFDUDV1RILQDOKDYHUiVROWD
GHEH]HUUDVSDUDRVPDLVMRYHQV
1R GLD SHODV KRUDV
UHJUHVVDD9LOD)UDQFDRIDPRVR
(VSHFWiFXOR &yPLFR7DXULQR H
0XVLFDO FRP D SDUWLFLSDomR GD
WUXSH ³(O &KLQR 7RUHUR H VHXV
DQ}H]LQKRV IRUFDGRV´ FXOPLQD
GR D WDUGH FRP D *UDQGH )LQDO
GR&RQFXUVRGH0iVFDUDV
6HUiSRLVXPJUDQGHILPGH
VHPDQD QD 3DOKD %ODQFR RQGH
VH HVSHUD D SUHVHQoD HP PDVVD
GRVPDLVMRYHQVHJUD~GRV
2-RUQDOGH&RUXFKH‡$QR1~PHUR‡)HYHUHLURGH
$3217$0(1726
27
7RXUR
±EUHYHVQRWDVKLVWyULFDVHFXOWXUDLV
0iULR-XVWLQR6LOYD
3URIHVVRUGH+LVWyULD
$ LQWHUDFomRHQWUHKRPHQV
H DQLPDLV QmR FRQKHFH IURQ
WHLUDV SHUGHQGRVH D RULJHP
GHVVHUHODFLRQDPHQWRQDORQ
JtQTXDEUXPDGRVWHPSRVUH
PHWHQGRQRVLQH[RUDYHOPHQWH
SDUDRVSULPyUGLRVGD+XPD
QLGDGH
&RPHIHLWRDUHODomRGRKR
PHPFRPRVERYtGHRVQRPHD
GDPHQWH FRP RV GR VH[R PDV
FXOLQR UHPRQWD j 3Up+LVWyULD
2 XUR RX DXURTXH GH RULJHP
RULHQWDOHUDXPWRXURSULPLWLYR
VHOYDJHPHGHJUDQGHIHURFLGD
GH 6mR P~OWLSORV RV H[HPSORV
GHJUXWDVRQGHIRUDPGHVFREHU
WDVSLQWXUDVHJUDYXUDVUXSHVWUHV
UHSUHVHQWDQGRDQLPDLVHQWUHRV
TXDLVVXUJHRDXURTXHeRFDVR
GDIDPRVDJUXWDGH/DVFDX[QR
VXOGH)UDQoDFRPFHUFDGH
PLO DQRV 1R VXO GD ËQGLD IR
UDPWDPEpPGHVFREHUWDVJUDYX
UDVFRPDQRVUHSUH
VHQWDQGRVHUHVKXPDQRVWHQWDQ
GRGRPLQDUWRXURV9HMDVHDLQ
GDRFDVRGRSRYRDGRQHROtWLFR
GH dWDO+X\XN D & QD
7XUTXLDFHQWUDORQGHIRUDPHQ
FRQWUDGDV SLQWXUDV UXSHVWUHV UH
SUHVHQWDQGRKRPHQVSHUVHJXLQ
GRWRXURV6mRDSURYDGDH[LV
WrQFLDGHFXOWRVWiXULFRVSUpKLV
WyULFRV
3HQVDVHTXHWHUiVLGRD~OWL
PD JODFLDomR TXH IH] GHVFHU R
DXURTXH DWpj3HQtQVXOD,EpULFD
H1RUWHGHÈIULFDGDQGRRULJHP
DRERVWDXUXVLEHULFXV$ EUDYX
UDDFRPEDWLYLGDGHDIRUoDEUX
WD R WHPSHUDPHQWR LQVXEPLVVR
H LQGRPiYHO H D YLEUDQWH PDV
FXOLQLGDGH GRV WRXURV EHP SD
WHQWHV QRV HPEDWHV FRP RV FD
oDGRUHVUHFROHFWRUHVGRSHUtRGR
GHQRPLQDGR HSLSDOHROtWLFR WHUi
FDXVDGR XPD SURIXQGD LPSUHV
VmR QR LPDJLQiULR GRV SRYRV
SULPLWLYRV$QLPDLV GRWDGRV GH
JUDQGH VHQWLGR GH WHUULWRULDOL
GDGHHSRUWDQWRGHPXLWDDJUHV
VLYLGDGH RV ULWXDLV GH DPHDoD
GRV WRXURV VmR FRPR UHIHUH
)HUQDQGR 7HL[HLUD ³H[WUHPD
PHQWHLPSUHVVLRQDQWHV´2VFKL
IUHVHILFD]HVDUPDVSHUIXUDQWHV
DOLDGRV D XPD ³IRUoD GHVFRPX
QDO´ OHYD HVWHV DQLPDLV D GHV
IHULUJROSHVVHPGHVFDQVRDWpj
SDUDOLVDomRWRWDOHFRPSOHWDGDV
VXDVYtWLPDV2V%DELOyQLRVHRV
$VVtULRV FRQVLGHUDYDP TXH HUD
LPSRVVtYHOGRPHVWLFDURVWRXURV
VHP R DX[tOLR GRV GHXVHV 3RU
VXD YH] QD 6XPpULD KDYLD D
FUHQoD GH TXH R XUUR GH XP
WRXURHUDSUHVViJLRGHFKXYD-i
QD pSRFD URPDQD RQGH RV
DXJ~ULRV H RV SUHVViJLRV HUDP
XPD FRQVWDQWH QR TXRWLGLDQR
FRQVLGHUDYDVHTXHVRQKDUFRP
WRXURV HUD XP PDX SUHVViJLR
7DPEpPQR$QWLJR7HVWDPHQWR
HQFRQWUDPRVUHIHUrQFLDVDRWRX
UR FRPR DQLPDO TXH LQIXQGLD
WHPRU H PHGR ³0XLWRV WRXURV
PH FHUFDP IRUWHV WRXURV GH
%DVm PH URGHLDP &RQWUD PLP
DEUHPDERFD«´
1D pSRFD GH RFXSDomR PX
oXOPDQDHHQWUHDFKDPDGDPL
WRORJLD GRV PRXURV QRWDVH D
SUHVHQoD GH DQLPDLV FRPR VHU
SHQWHV WRXURV FDEUDV VDSRV
TXHLQXQGDPFRPDVVXDVFDUDF
WHUtVWLFDV DPHGURQWDGRUDV R OHQ
GiULRHRLPDJLQiULRFROHFWLYRGH
PXLWRVVtWLRVSRYRVHOXJDUHV
(VWH DVVRPEUR SHUDQWH RV
WRXURV QXP PLVWR GH WHPRU H
YHQHUDomRGHPHGRHGHDGPL
UDomR DWUDYHVVRX RV VpFXORV
SHUFRUUHX JHUDo}HV H HP ODUJD
PHGLGD HVVH HFR PLOHQDU FKH
JRX DRV QRVVRV GLDV DLQGD TXH
SRU YH]HV GH IRUPD GLIXVD H
PDWL]DGD 6mR H[HPSOR GHVVD
SHUVLVWrQFLD DV QXPHURVDV OHQ
GDV TXH VREUHYLYHUDP H TXH
LQFRUSRUDPRHOHPHQWRWRXURQR
VHX LPDJLQiULR (LV DSHQDV DO
JXQVH[HPSORVDOHQGDGRWRXUR
TXH DUUHEDWRX D FULDQoD H TXH
ILFRX OLJDGD j IXQGDomR GD YLOD
GH0DQWHLJDVDOHQGDGRWRXURH
GD FDEUD QD UHJLmR GH %HMD D
OHQGDGD³PLQD´GH6mR&DHWDQR
(UUD &RQFHOKR GH &RUXFKH
VHJXQGR D TXDO VXUJLULD XP
WRXURjPHLDQRLWH«DOHQGD
HQWUH RV ,DFXWHV QD 6LEpULD
RQGH VH FRQWD TXH XP KRPHP
GHSRLV GH VHSXOWDGR RXYLX XP
HVWURQGR YLQGR GR FHQWUR GD
7HUUD H HLV VHQmR TXDQGR XP
WRXUR QHJUR YHLR EXVFiOR« D
OHQGDGRWRXURD]XODOHQGDGR
WRXUREUDQFRHQFDQWDGR«
7DPEpP QRV DIRULVPRV GL
WRVDGiJLRVHSURYpUELRVSRSX
ODUHV ± TXH FRQVWLWXHP SHOD
H[SHULrQFLD DFXPXODGD QR GH
FRUUHUGRVVpFXORVXPGRVPDLV
ULFRVHHVWLPXODQWHVUHSRVLWyULRV
GDHYROXomRGDVVRFLHGDGHV±p
SRVVtYHO HQFRQWUDU PDWpULD GH
UHIOH[mR VREUH R WRXUR ³)D]WH
PRUWR( GHL[DUWHi R WRXUR´
³7RXUR QmR EHUUD SRU ILOKR´
³$RGRLGRHDRWRXUR'iOKHR
FRUUR´³)HFKDUDVSRUWDVTXH
VROWDP RV WRXURV´ 1D 3U~VVLD
TXDQGR R WULJR VH DSUHVHQWDYD
PDLV IRUWH GL]LDVH ³R 7RXUR
GHVFHXjFHDUD´
3RU FRQVHTXrQFLD QD OLWHUD
WXUDHPWRGDVDVIRUPDVGHDUWH
QD PHQWDOLGDGH GH FDGD pSRFD
QD UHOLJLmR QRV PDLV VLPSOHV
DFWRVHVLQJHORVJHVWRVGRTXR
WLGLDQRQROLQJXDMDUHQRSHQVD
PHQWR SRSXODU QRV FRVWXPHV
QRV VRQKRV H QDV FUHQoDV R
WRXURpVHPG~YLGD³XPDSUH
VHQoD LPDQHQWH´ HOH ID] SDUWH
GDKLVWyULDGR+RPHP
2 FXOWR DR WRXUR H R IHQy
PHQR WDXULQR QD VXD JHQHUDOL
GDGHQDVVXDVP~OWLSODVIDFHWDV
HYHUWHQWHVUHIOHFWHDLQGDKRMH
XPDFRQFHSomRSUySULDGHVHUH
GHHVWDUTXHpFRPXPDRVSRYRV
SHQLQVXODUHVHHPVHQWLGRPDLV
ODWR DWUDYHVVD GH IRUPD WUDQV
YHUVDO R PXQGR PHGLWHUUkQLFR
&RP HIHLWR R WRXUR HUD YLVWR
FRPRVtPERORGDIHUWLOLGDGHGD
IRUoDGRSRGHUGDYLULOLGDGH$
VXD EUDYXUD H WHPSHUDPHQWR
DJUHVVLYRRVHXFDUiFWHULQVXE
PLVVRHLQGRPiYHODVXDFRUD
JHPIHURFLGDGHHDFRPHWLYLGD
GHIH]GHVWHDQLPDOXPVtPEROR
SRUH[FHOrQFLDGRVPDLVQREUHV
H H[FHOVRV DWULEXWRV GDV GLYLQ
GDGHVQRPXQGR$QWLJR+DYLD
QRWRXURSRUWDQWRXPDHVVrQFLD
GH VDJUDGR 'Dt TXH VH FRQVLGH
UDVVHTXHRVDFULItFLRGRVWRXURV
IRVVH DJUDGiYHO DRV GHXVHV
$OLiV DFUHGLWDYDVH TXH KDYLD
GRLV LQGLFDGRUHV TXH JDUDQWLDP
DSUHVHQoDGRVDJUDGRQRWRXUR
DEUDYXUDTXHHUDXPLQGLFDGRU
GR VHX YDORU JHQpVLFR H D FRU
QHJUD
2VSURGXWRVGDWHUUDHRVDQL
PDLVIRUDPDRORQJRGRVVpFX
ORVDVPDWpULDVSULPDVGDVRIH
UHQGDVUHOLJLRVDVTXHRVKRPHQV
RIHUHFLDPDRVGHXVHV$ VDJUDGD
PLVVmRUHVHUYDGDDRWRXURIRLD
GHVHUYLUFRPRHOHPHQWRGHWUR
FDWULEXWRHRIHUHQGDGRGHYRWR
SDUD RV GHXVHV FRQYHUWHQGRVH
RWRXURQXPVtPERORSRUH[FH
OrQFLD GR GRP GD IHUWLOLGDGH H
QXP DSUHFLDGR H DSHWHFLGR DOL
PHQWR GRV GHXVHV QDV FHULPy
QLDV ULWXDLV RQGH R VHX VDQJXH
HUDGHXPDLPSRUWkQFLDQXFOHDU
HFUXFLDO
3RU FRQVHTXrQFLD IRL DWUD
YpVGHWRGRHVWHODVWURFXOWXUDOH
FLYLOL]DFLRQDOTXHFKHJDUDPDWp
DRVQRVVRVGLDVXVRVFRVWXPHV
WUDGLo}HVHULWRVRVPDLVYDULD
GRVHPWRUQRGRWRXURHGRVHX
VLJQLILFDGRVLPEyOLFR
3RUWXJDO (VSDQKD VXO GH
)UDQoD H XPD ERD SDUWH GD
$PpULFD/DWLQDFRQVWLWXHPKR
MH R UHVHUYDWyULR GHVVD KHUDQoD
PLOHQDU
2-RUQDOGH&RUXFKH‡$QR1~PHUR‡)HYHUHLURGH
23,1,®2
6HMDPRVFODURVQHPWXGRp
WROHUiYHOQHPWHPGHVHU WROH
UiYHO7UDQVIRUPDU DWROHUkQ
FLDFRPRYLUWXGHHPIUDTXH]D
DDSURYHLWDU SHORV³HVSHUWRV´
DOpPGHVHU XPDIDOiFLDHXPD
LQMXVWLoD DEUH SRUWDV D SHUL
JRVLQVXVSHLWRV
1HP WRGDV DV RSLQL}HV VmR
UHVSHLWiYHLV RXWUD IDOiFLD DGUH
GH H[SHQGLGD« VREUHWXGR DV
TXHYLRODPDVPDLVHOHPHQWDUHV
EDVHGD0RUDOHRXGRGLUHLWR
%HPFRPRDVTXHVmRVLPSOHV
PHQWHLQVHQVDWDV
$ LQVLVWrQFLDHPDILUPDUTXH
VRPRVWRGRVLJXDLVpRXWUDFUH
WLQLFH TXH YLURX SROtWLFD H VR
FLDOPHQWH FRUUHFWD 1yV VRPRV
SHOR FRQWUiULR WRGRV GLIHUHQ
WHV(RVKRPHQVFRPRWDOWDP
EpP VmR GLIHUHQWHV GDV PX
OKHUHV2TXHWRGRVGHYHPWHUp
RSRUWXQLGDGHVHFRQGLo}HVLGrQ
WLFDV PDV LVVR SUHQGHVH FRP
SULQFtSLRV GH KXPDQLGDGH H GH
MXVWLoD UHODWLYD TXH VH EXVFDP
GHVGHRLQLFLRGRVWHPSRV
+i FHQWHQDV GH PLOK}HV GH
DQRVTXHQDWHUUDH[LVWHPVHUHV
YLYRV YHJHWDLV H DQLPDLV RV
PDLV GLYHUVRV (OHV H[LVWHP
SRUTXH WrP D FDSDFLGDGH GH VH
UHSURGX]LUDWUDYpVGDH[LVWrQFLD
GH XP HOHPHQWR IHPLQLQR H
RXWUR PDVFXOLQR H D QDWXUH]D p
WmR SHUIHLWD TXH FRQFHEHX ³VLV
WHPDV´ GH DWUDFomR HQWUH RV
JpQHURVTXHJDUDQWLVVHPDLQWHU
DFomRUHSURGXWLYD
$ KRPRVVH[XDOLGDGH KX
PDQD±LQH[LVWHQWHHPGDV
HVSpFLHVpDHVWDOX]XPGHVYLR
JHQpWLFR XPD GRHQoD ( XPD
GRHQoD WHUPLQDO Mi TXH VH SRU
DEVXUGRWRGRVYLUiVVHPRV³JD\V´
DHVSpFLHKXPDQDDFDEDYD«
(VSDOKDQGRVH RV KRPHQV
SHOD WHUUDDSHVDU GDV GLIHUHQoDV
TXH VHPSUH H[LVWLUDP GH UDoD
FXOWXUD FUHQoDV UHOLJLRVDV HWF
VHPSUHHVWHVYLYHUDPHPJUXSR
FULDQGR VRFLHGDGHV PLV RX PH
QRV FRPSOH[DV 1D VXD HVSHF
WDFXODU GLYHUVLGDGH SRUpP D
KXPDQLGDGHFULRXXPD³FpOXOD´
FRPXPDWRGDHODDIDPtOLD(V
WD IRUPDVH LQLFLDOPHQWH SHOD
XQLmRGHXPKRPHPHXPDPX
OKHU TXH FRQVLGHUDo}HV GH RU
GHP SROtWLFD VRFLDO H RX GH
DIHFWRVXQLUDPDILPGHSDUWL
OKDUHPRUHVWDQWHGDVVXDVYLGDV
SURWHJHUHPVH H DX[LOLDUHPVH
PXWXDPHQWH H « WHUHP ILOKRV
SHUSHWXDQGR D HVSpFLH H D FRQ
WLQXLGDGHGDIDPtOLD
'D OLJDomR GRV F{QMXJHV H
GRV VHXV GHVFHQGHQWHV SDVVD D
HVWDEHOHFHUVHXPDUHGHPDLVRX
PHQRV FRPSOLFDGD GH ODoRV
IDPLOLDUHV$ IDPtOLDSDVVDDVHU
GHVWH PRGR D HVWUXWXUD PDLV
HOHPHQWDU VHP HPEDUJR PDLV
IXQGDPHQWDO GD HVWDELOLGDGH GH
XP JUXSRWULERQDomRIHGHUD
2FFDVDPHQWRHHR
RV+
+LOJDV -RmR-RVp%UDQGmR)HUUHLUD
7FRU3LO$YUHI
&RPG/LQKD$pUHD
omRHVWDGR HWF ¬ ILJXUD TXH
FRQVXEVWDQFLRX HP WHUPRV MXUt
GLFROHJDLVHVRFLDLVDH[LVWrQFLD
GHXPDIDPtOLDFKDPRXVHFDVD
PHQWR ( WDPEpP LVWR D QtYHO
PXQGLDO TXHU QD VXD IyUPXOD
H[FOXVLYDPHQWH FLYLO RX DFRP
SDQKDGD GH XP SUHFHLWR UHOL
JLRVR
2UDpHVWH³VWDWXVTXR´TXH
RSUHVHQWHSURMHFWRGHFDVDPHQ
WRHQWUHSHVVRDVGRPHVPRVH[R
TXHUS{UHPFDXVD,VWRpTXH
UHP WUDQVS{U XPD DEHUUDomR
JHQpWLFRFRPSRUWDPHQWDO SDUD
RHGLItFLROHJDO
(PQRPHGHTXr"3RLVFDURV
OHLWRUHVHPQRPHGDLJXDOGDGH
GH GLUHLWRV 2UD D PLP SDUHFH
PHTXHQmRVHGHYHGDUGLUHLWRV
LGrQWLFRV D FRLVDV GLIHUHQWHV
7mR SRXFR SDVVDU YtFLRV SULYD
GRVDS~EOLFDVYLUWXGHV
9HUGRLVWLSRVDEHLMDUHPVH
QDERFDQDUXDPHWHPHQRMRVH
IRUHP GXDV PL~GDV WDOYH] PH
H[FLWH &HUWDPHQWH SRU VHU PD
FKR0DVHXQmRWHQKRQDGDTXH
PHHQRMDURXH[FLWDUHPS~EOL
FR 3RU LVVR RV YtFLRV SHVVRDLV
GHYHP WHU R UHFDWR DGHTXDGR
QmR R IROFORUH GDV PDUFKDV GH
RUJXOKRJD\«2UJXOKRHPTXr"
'HTXr"6REUHTXr"
1mR SRGHP FDVDU"$]DU VH
WLYHVVHPRVSpVFKDWRVWDPEpP
QmR SRGLDP LU j WURSD 1mR VH
SUHWHQGH GLVFULPLQiORV (OHV p
TXHVHHVWmRDDXWRGHVFULPLQDU
/HJLVODUVREUHXPDFRLVDTXH
DSUySULDQDWXUH]DWRUQRXUHSXO
VLYDSDUHFHVHUXPGHVFRQFKDYR
TXH Vy XP UHODWLYLVPR PRUDO
GRHQWLRMXVWLILFD,QIHOL]PHQWHD
FRPXQLFDomR VRFLDO SRU UD]}HV
YiULDVWXGRWrPIHLWRSRUEDQD
OL]DUDGLVFXVVmRGRWHPDSDUDR
WRUQDU ³QRUPDO´ H KDELWXDO«
)iORDTXDOTXHUKRUDSRUTXDO
TXHU PHLR H YDL DR SRQWR GH
PRVWUDU FHQDV VHPLH[SOtFLWDV
$RPHVPRWHPSRYmRFRQGLFLR
QDQGRDUGLORVDPHQWHDH[SUHV
VmR S~EOLFD GH TXHP QmR FRQ
FRUGD FRP R GHVDIRUR 8P GLD
GHVWHVDLQGDYDPRVWHUTXHSHGLU
GHVFXOSD SRU QmR SHUWHQFHUPRV
DR ³FOXEH´ RX DFUHVFHQWDUPRV
FRP HQWXVLDVPR TXH WDPEpP
JRVWDUtDPRVGHH[SHULPHQWDU
( QmR GHL[D GH VHU FXULRVR
QRWDUTXHVmRDTXHOHVTXHWDQWR
VHWrPHPSHQKDGRHPGHVWUXLUD
IDPtOLD WUDGLFLRQDO HP IDFLOLWDU
R GLYyUFLR OHJDOL]DU R DERUWRD
HXWDQiVLDHWFLVWRpHPVDERWDU
DVUHJUDVHLPSOLFDo}HVGRFDVD
PHQWR HQWUH GRLV VHUHV GLIHUHQ
WHV H QRUPDLV TXH DJRUD VH
HPSHQKDP WDQWR QR FDVDPHQWR
KRPRVVH[XDO« 2 TXH HVWD
JHQWH TXHU p WHU S~EOLFR UHFRQ
KHFLPHQWR GRV PDXV FDPLQKRV
TXH WULOKD H WRUQDU ERD H
UHVSHLWiYHO DOJR TXH REMHFWLYD
PHQWH QmR R p ( QmR YHQKDP
GL]HU TXH QLQJXpP WHP QDGD
FRPLVVR7RGDDJHQWHWHPDYHU
FRPLVVR8PFLGDGmRTXHXULQD
QDYLDS~EOLFDQmRGHYHVHUDSH
QDVXPFDVRGHSROtFLDPHUHFH
FHQVXUDVRFLDO«
1LQJXpP GHIHQGH TXH VH
PDOWUDWHP RV SRUWDGRUHV GHVWH
GHVYLRGRHQoDRXRTXHVHOKH
TXHULD FKDPDU ± QRUPDOLGDGH p
TXH QmR SRGH VHU$JRUD WHPRV
TXH QRV SUHFDYHU GD ³GLWDGXUD´
GH PLQRULDV H GD LPSRVLomR GH
FRPSRUWDPHQWRV
'H IDFWR R FDVDPHQWR GH
KRPRV OpVELFDV WUDQVH[XDLV
HWFDEUHDVSRUWDVGHXPDFRP
SRUWD GH FRQVHTXrQFLDV LPSUH
YLVtYHLVRTXHLUiDODUJDUH[SR
QHQFLDOPHQWHDVEDUEDULGDGHVMi
H[LVWHQWHV FRPR OREELHV JD\
GLVFRWHFDV SDUD JD\V EDLUURV
JXHWRV"SDUDJD\VIHVWLYDLVGH
ILOPH JD\ LGHP SDUD OLWHUDWXUD
H[LELomR GH DJUHVVLYLGDGH JD\
YLGH FXOWR GR FXOWXULVPR H
H[LELomR S~EOLFD DWHPRUL]DGR
UD SUHGRPLQkQFLD HP SURILV
V}HVRXHPSUHVDVHWFpRTXH
MiVHYrSRUDt(RDtLQWHUQDFLR
QDOL]RXVH3RGHPSRULVVRDQWH
YHU R TXH QRV SRGHUi EDWHU j
SRUWD SHGRILOLD TE XPD PX
OKHU FDVDGD FRP XP FDYDOR
SROLJDPLD PDVFXOLQD H IHPLQL
QD$QVLmR FRP D VXD FRUWH GH
HXQXFRV LQFHVWR OHJDOL]DGR H
SRUDtIRUD$ SHUYHUVmRGDPHQ
WHKXPDQDQmRWHPOLPLWHV«
'HL[iPRVSDUDRILPDGHOL
FDGDTXHVWmRGDDGRSomRGHFUL
DQoDVHWRGRRJpQHURGHH[SH
ULrQFLDVGDELRJHQpWLFDTXHpR
FRUROiULR OyJLFR GHVWH WLSR GH
XQLmRHQmRGHYLDSDVVDUGLVVR
WDO FRQVLGHUDPRV VLPSOHVPHQWH
FRPRXPFULPHFRQWUDDKXPD
QLGDGH
4XH QLQJXpP VH DWUHYD D
GL]HUTXHHVWHYHQGDYDOGHLPR
UDOLGDGHpLQHYLWiYHORXLUUHYHU
VtYHO,QHYLWiYHOpDJHQWHPRU
UHUHPHVPRDVVLPVySDUDDTXH
OHV TXH QmR DFUHGLWDP QD UHLQ
FDUQDomR RX QXPD TXDOTXHU
IRUPDGHUHVVXUUHLomR
$JRUD H[SHULPHQWHP FRQWL
QXDUFRQIRUWDYHOPHQWHVHQWDGRV
QRYRVVRVRIiDYHURWHPSRSDV
VDUVHPVHTXHUHUHPLQFRPRGDU
FRPQDGD8PGLDDFRUGDPH«
DFRLVDSDVVRXDREULJDWyULD
BBBB
9tWLPDVGDWUDQVXPkQFLDVH[XDO«
BBBB
³2-RUQDOGH&RUXFKHQžGHGH)HYHUHLURGH´
127$5,$'2
32578*8Ç6
&DUWyULR1RWDULDO±&RUXFKH
1RWiULD$QD)HUQDQGD&ODURGH$OPHLGD
5XDGRV*XHUUHLURVQƒHP&RUXFKH
±(;75$&72±
$QD )HUQDQGD &ODUR GH$OPHLGD 1RWiULD FHUWLILFR QDUUDWLYDPHQWH SDUD HIHLWRV GH SXEOLFDomR TXH QR &DUWyULR
1RWDULDOGH&RUXFKHVLWRQD5XDGRV*XHUUHLURVQƒQROLYURGHQRWDVSDUDHVFULWXUDVGLYHUVDVQ~PHUR'(=2,72$
D IROKDV FHQWR H VHWH H VHJXLQWHV IRL ODYUDGD XPD HVFULWXUD GH MXVWLILFDomR QRWDULDO SHOD TXDO &867Ï',2 '$1,(/
3(6(,52HPXOKHU/8&,$1$ /2%2&$0%$,23(6(,52FDVDGRVVRERUHJLPHGDFRPXQKmRJHUDODPERVQD
WXUDLVGDIUHJXHVLDHFRQFHOKRGH&RUXFKHRQGHUHVLGHPQD5XDGR9DOHQROXJDUGH)RURVGH9DOYHUGHGHFODUDUDPTXH
RVMXVWLILFDQWHVVmRGRQRVHOHJtWLPRVSRVVXLGRUHVFRPH[FOXVmRGHRXWUHPGRSUpGLRDVHJXLULGHQWLILFDGRGDIUHJXHVLD
HFRQFHOKRGH&RUXFKH
0,672FRPDiUHDGHVHLVPLOHFLQTXHQWDHGRLVPHWURVTXDGUDGRVVLWRQD6HVPDULDGH9DOH9HUGHRX)RURVGH
9DOYHUGHFRPSRVWRDSDUWHU~VWLFDGHKRUWHMRFXOWXUDDUYHQVHSRPDUGHFLWULQRVHSDUFHODXUEDQDHDSDUWHXUEDQDGH
XPDFDVDFRPXPFRPSDUWLPHQWRFRPDVXSHUItFLHFREHUWDGHYLQWHHVHWHYtUJXODFLQTXHQWDPHWURVTXDGUDGRVRXWUD
FDVDFRPXPFRPSDUWLPHQWRFRPDVXSHUItFLHFREHUWDGHYLQWHHVHWHYtUJXODFLQTXHQWDPHWURVTXDGUDGRVXPDFDVDTXH
VHUYHGHHVWDEHOHFLPHQWRFRPDVXSHUItFLHFREHUWDGHTXDUHQWDHQRYHYtUJXODFLQTXHQWDPHWURVTXDGUDGRVHRQGHIRL
LPSODQWDGDXPDFDVDGHUpVGRFKmRFRPWUrVGLYLV}HVGHVWLQDGDVDFRPpUFLRFRPDiUHDFREHUWDGHQRYHQWDHVHLVYtU
JXOD VHVVHQWD PHWURV TXDGUDGRV D FRQIURQWDU GH QRUWH FRP +HUGHLURV GH 3HGUR (XVpELR GH VXO FRP 0DULD 5RVDOLQD
5DPRV&DUYDOKRGHQDVFHQWHFRP6DQWD&DVDGD0LVHULFyUGLDHGHSRHQWHFRP5XDGRV&RPEDWHQWHVLQVFULWRQDPDWUL]
U~VWLFDVRESDUWHGRDUWLJRVHFomR2DLQGDVHPYDORUSDWULPRQLDODWULEXtGRDRTXDODWULEXHPRYDORUGHTXLQKHQWRV
HXURVSDUDHIHLWRVGHVWHDFWRHLQVFULWRQDPDWUL]XUEDQDVRERVDUWLJRV HFRPRVYDORUHVSDWULPR
QLDLVUHVSHFWLYRVGH€€€ H€DRTXDODWULEXHPLJXDOYDORUFRPYDORUJOREDODWULEXt
GRGHYLQWHHVHWHPLOFHQWRHVHVVHQWDHWUrVHXURVHVHWHQWDHFLQFRFrQWLPRVDGHVDQH[DUGRGHVFULWR QD&RQVHUYDWyULD
GR5HJLVWR3UHGLDOGH&RUXFKHVRERQ~PHUR6(7(0,/ (48$5(17$ (6(,6GDIUHJXHVLDGH&RUXFKHHQFRQWUDQ
GRVHUHJLVWDGDDDTXLVLomRDIDYRUGH5RVDOLQR5DPRV3HVHLURH0DULD/XGRYLQD&RQFHLomRHOHIDOHFLGRHPYLQWHHVHWH
GH-XQKRGHGRLVPLOHWUrVHODIDOHFLGDHPYLQWHHGRLVGH0DLRGHGRLVPLOHFLQFRQDIUHJXHVLDHFRQFHOKRGH&RUXFKH
GHRQGHHUDPQDWXUDLVHRQGHWLYHUDPD~OWLPDUHVLGrQFLDKDELWXDOQD5XDGH9DOH9HUGHQDPHQFLRQDGDIUHJXHVLDGH
&RUXFKHGHTXHPRRUDMXVWLILFDQWHPDULGR&867Ï',2'$1,(/ 3(6(,52H0$5,$ 526$/,1$ 5$026&$5
9$/+2RUDWHUFHLUDRXWRUJDQWHPXOKHUVmRRV~QLFRVKHUGHLURVQRVWHUPRVGDHVFULWXUDGHKDELOLWDomRGHKHUGHLURVH[DUD
GDQHVWDGDWDH&DUWyULRODYUDGDDIROKDVTXHDHVWDVLPHGLDWDPHQWHDQWHFHGHPSHODLQVFULomRUHVXOWDQWHGDDSUHVHQWDomR
GH]GHYLQWHHWUrVGH$JRVWRGHPLOQRYHFHQWRVHRLWHQWDHWUrV
4XHRVMXVWLILFDQWHV&867Ï',2'$1,(/ 3(6(,52HPXOKHU/8&,$1$ /2%2&$0%$,23(6(,52QmRVmR
GHWHQWRUHVGHTXDOTXHUWtWXORIRUPDOTXHOHJLWLPHRGRPtQLRGHVWHSUpGLRRTXDOYHLRjVXDSRVVHSRUWHUVLGRGRDGRVRE
DIRUPDPHUDPHQWHYHUEDODRMXVWLILFDQWHPDULGRSRUVHXVSDLV5RVDOLQR5DPRV3HVHLURH0DULD/XGRYLQDWLWXODUHVDQWH
ULRUPHQWHLQVFULWRVQRUHJLVWRFDVDGRVVRERUHJLPHGDFRPXQKmRJHUDOTXHIRUDPUHVLGHQWHVQRPHQFLRQDGROXJDUGH
)RURVGH9DOH9HUGHSRUYROWDGRDQRGHPLOQRYHFHQWRVHVHWHQWDVHPQXQFDWHUHPODYUDGRRFRUUHVSRQGHQWHWtWXOR
H[LVWLQGRFRPRXQLGDGHSUHGLDODXWyQRPDGHVGHHVVDGDWD
4XHGDGRRPRGRGHDTXLVLomRQmRWrPRVMXVWLILFDQWHVSRVVLELOLGDGHVGHFRPSURYDUSHORVPHLRVQRUPDLVRVHXGLUH
LWRGHSURSULHGDGHSHUIHLWDPDVDYHUGDGHpTXHVmRHOHVRVWLWXODUHVGHWDOLPyYHOSRLVGHOHWrPXVXIUXtGRQHOHKDELWDQ
GRID]HQGRUHSDUDo}HVFXOWLYDQGRDKRUWDHQHOHFROKHQGRWRGRVRVIUXWRVTXHHOHpVXVFHSWtYHOGHGDUHIHFWXDQGRDV
OLPSH]DV QHFHVViULDV Ki PDLV GH YLQWH DQRV LQLQWHUUXSWDPHQWH FRP R FRQKHFLPHQWR GH WRGD D JHQWH H VHP D PHQRU
RSRVLomR GH TXHP TXHU TXH VHMD UHVSHLWDQGR DV VXDV GHPDUFDo}HV HVWUHPDV DJLQGR FRP WRWDO H[FOXVLYLGDGH H LQGH
SHQGrQFLDHQXQFDFRPRFRPSURSULHWiULRVFRPRVHGHFRLVDVXDVHWUDWDVVHVHQGRSRULVVRXPDSRVVHFRQWtQXDS~EOLFD
SDFtILFDHGHERDIpSHORTXHRDGTXLULUDPSRUXVXFDSLmR
4XHGDGDVDVHQXQFLDGDVFDUDFWHUtVWLFDVGHWDOSRVVHRVMXVWLILFDQWHVDGTXLULUDPRPHQFLRQDGRSUpGLRSRUXVXFDSLmR
WtWXORHVWHTXHSRUQDWXUH]DQmRpVXVFHSWtYHOGHVHUFRPSURYDGRSHORVPHLRVQRUPDLVLQYRFDQGRSRULVVRHVWDIRUPD
RULJLQiULDGHDTXLVLomRSDUDWRGRVRVHIHLWRVOHJDLV
(67È&21)250(225,*,1$/&RUXFKHDRVGH'H]HPEURGH
$ 1RWiULD$QD)HUQDQGD&ODURGH$OPHLGD
2-RUQDOGH&RUXFKH‡$QR1~PHUR‡)HYHUHLURGH
(QWUHYLVWDD
DR6
6HQKRU3
3DGUH
(OLDV6
6HUUDQR0
0DUWLQV
0DUJDULGD ± %RP GLD 6U
3DGUH JRVWDUtDPRV TXH QRV
GLVVHVVH R VHX QRPH H XP
SRXFRGRVHXSHUFXUVRDWpVHU
3DGUHRQGHHVWXGRXHHPTXH
3DUyTXLDVHVWHYH
6U 3DGUH (OLDV ± 2 PHX
QRPH p (OLDV 6HUUDQR 0DUWLQV
2UD HX QDVFL HP &DVWHOR %UDQ
FR QR GLD GH )HYHUHLUR GH
1DVFLHP&DVWHOR%UDQFR
PDV D PLQKD IDPtOLD QmR YLYLD
HP &DVWHOR %UDQFR PDV HP
3URHQoDD1RYD$ PLQKD WHUUD
p PXLWR JLUD PXLWR ERQLWD«Oi
FUHVFL IL] D HVFROD SULPiULD H
GHSRLVIXLHVWXGDUSDUDR6HPL
QiULR6DEHPRTXHpR6HPLQi
ULR" e XPD HVFROD RQGH RV
UDSD]HV TXH SHQVDP VHU SDGUHV
YmRHVWXGDUHHXIXLHVWXGDUSDUD
R VHPLQiULR GH 9LOD 9LoRVD
RQGH HVWLYH TXDWUR DQRV H IXL
HVWXGDU PDLV GH] DQRV SDUD R
6HPLQiULRGHeYRUD-iDOJXPD
YH] IRUDP D eYRUD RX QmR"
4XDOTXHUGLDWHPRVGHRUJDQL]DU
XPD YLVLWD SDUD LUPRV D 9LOD
9LoRVDHDeYRUD'HSRLVGHWHU
PLQDU R PHX FXUVR RUGHQHLPH
3DGUHHVDEHPSDUDRQGHIXLWUD
EDOKDUORJRHPVHJXLGD"$GLYL
QKHP Oi" )RL ORJR SDUD &RUX
FKHYLPHVWUHDUDTXLHP&RUX
FKHDWUDEDOKDUQDVSDUyTXLDVH
WDPEpP FRPR SURIHVVRU QD
(VFROD 6HFXQGDULD Oi HP FLPD
+iTXDVHDQRVTXHDQGRSRU
DTXL$OJXQVGHYRFrVDLQGDQmR
WLQKDPQDVFLGRTXDQGRHXMiDQ
GDYDSRUDTXL
9tWRU ± &RPR VXUJLX D
YRFDomRSDUDVHU 3DGUH"
6U3DGUH(OLDV±$ YRFDomR
SDUD VHU 3DGUH IRL DOJR TXH IRL
DFRQWHFHQGRDRORQJRGDPLQKD
YLGD QmR DFRQWHFHX GH XP GLD
SDUD R RXWUR )RL DOJR TXH IRL
FUHVFHQGRDPDGXUHFHQGRHGLJD
PRVTXHFRPRHVWXGRDUHIOH[mR
H FRP D RULHQWDomR GRV SURIHV
VRUHVHGRVVXSHULRUHVGR6HPL
QiULRHXIXLGHVFREULQGRDSRX
FRHSRXFRTXHDPLQKDYRFDomR
HUDVHU3DGUH
$QWyQLR -RVp ± *RVWD GR
VHXWUDEDOKRHQTXDQWR3iURFR
GH&RUXFKH"
6U 3DGUH (OLDV ± *RVWR
PXLWRGHVHU3DGUHHQXQFDPH
DUUHSHQGL GH VHU 3DGUH SRUTXH
VHU3DGUHpGLJDPRVUHSUHVHQWDU
D SHVVRD GH -HVXV QR PHLR GDV
SHVVRDVHYLYHUHHQVLQDUDTXLOR
TXH(OHQRVWUDQVPLWLX
0DUJDULGD ± e XP WUDED
OKR GLItFLO" 4XDLV DV PDLRUHV
GLILFXOGDGHV"
6U 3DGUH (OLDV ± 'LItFLO
GLItFLOQmRpVyTXHjVYH]HVp
XP ERFDGLQKR H[LJHQWH H XP
ERFDGLQKR FDQVDWLYR $ JHQWH
FRPHoDGHPDQKmFHGLQKR«jV
KFRVWXPRHVWDUQDHVFRODH
GHSRLVjVYH]HVTXDQGRFKHJRD
FDVDMiVmRK+0DV
TXDQGRVHWUDEDOKDFRPJRVWRH
DOHJULDQmRFXVWDHVWiEHP"¬V
YH]HV DV GLILFXOGDGHV QR WUDED
OKR VmR DV SHVVRDV QmR FRUUHV
SRQGHUHP DTXLOR TXH SURFXUD
PRV WUDQVPLWLU H HQVLQDU 1HP
VHPSUH UHDOPHQWH DFROKHP H
GmRDFRODERUDomRTXHQyVHVSH
UiYDPRV RX JRVWiYDPRV TXH
HODVGHVVHP
$QWyQLR ± 4XDLV RV DVSHF
WRV TXH PDLV R UHDOL]DP
HQTXDQWR3iURFR"
6U 3DGUH (OLDV ± (X JRVWR
PXLWRGRWUDEDOKRFRPDVFULDQ
oDV H YLVLWDU H DFRPSDQKDU DV
SHVVRDV GRHQWHV H DV SHVVRDV
LGRVDV SRUTXH HVWmR PXLWR
UHFHSWLYDV DFROKHP PXLWR EHP
DSUHVHQoDGR3DGUHGDYLVLWDH
JRVWDP GH FRQYHUVDU +i SHV
VRDVTXHUHDOPHQWHHVWmRPXLWR
VyV«
0DUJDULGD ± 2 TXH JRVWD
GHID]HU QRVWHPSRVOLYUHV"
6U 3DGUH (OLDV ± 4XDQGR
SRVVRJRVWRPXLWRGHSDVVHDUH
JRVWRWDPEpPGHOHU«GHFRQ
YLYHUFRPDVSHVVRDVTXDQGRR
WHPSRPHSHUPLWH
0XLWR REULJDGR VHQKRU
3DGUH SRU WHU YLQGR j QRVVD
,QVWLWXLomR H VREUHWXGR SHOD
VLPSDWLD H FDULQKR TXH QRV
RIHUWRX&RPRHVWiHVFULWRQR
GHVHQKR TXH OKH RIHUWiPRV
9ROWHPDLVYH]HV
8PG
GLDQ
QR
&KDPRPH0DUJDULGDWHQKRGH]RLWRDQRVHJRVWRPXLWRGHHVWDUQR&5,&
&RVWXPRFKHJDUSRUYROWDGDVKPFRPDOJXQVFROHJDVHFRPD=DLGDTXHpD
QRVVDPRWRULVWD
1R&5,&JRVWRPXLWRGHID]HUFRVWXUDFRPD'$UPLQGDHSRPSRQVQDVDOD
GD1pOLD'XUDQWHRGLDID]HPRVPXLWDVDFWLYLGDGHVFRPRJLQiVWLFDFRPD/XUGHV
DFWLYLGDGHVGHOHLWXUDHHVFULWDFRPD3URIHVVRUD/LOLDQDHWHDWURFRPD'UD6DQGUD
HFRPD1pOLD
(XJRVWRGHID]HUDLQGDPDLVFRLVDVFRPR$UUDLRORV)DGDGR/DU.DUDRNHH
7ULF{7DPEpPJRVWDYDTXHDVSHVVRDVYLHVVHPDR&5,&YHURVQRVVRVWUDEDOKRV
HFRQKHFHUQRV%DVWDDEULURSRUWmRWRFDUjFDPSDLQKDHVHUmREHPUHFHELGRV
0DUJDULGD&RXWLQKR
$OXQDGR$WHOLHUGH/HLWXUDH(VFULWDGR&5,&
2-RUQDOGH&RUXFKH‡$QR1~PHUR‡)HYHUHLURGH
&HULPyQLD,,&
&RQFXUVR0
0RQWUDV1
1DWDO
/RMD$Yy%HQWDIRLDJUDQGHYHQFHGRUD
1RGLDGH-DQHLURUHDOL]RXVHQR2EVHUYDWyULRGR6REUHLURHGD&RUWLoD
D&HULPyQLDGH(QWUHJDGH3UpPLRVH&HUWLILFDGRVGR,&RQFXUVR
0RQWUDVGH1DWDOTXHFRQWRXFRPDSUHVHQoDGHFHUFDGHSHVVRDV
&RXEHjYHUHDGRUD&pOLD5DPDOKRID]HURHQ
TXDGUDPHQWRGHVWDSULPHLUDHGLomRGR&RQFXUVRGH
0RQWUDV GH 1DWDO EHP FRPR GDU D FRQKHFHU DV
GLYHUVDVDFWLYLGDGHVTXHHVWmRSUHYLVWDVSDUDRFRQ
FHOKRHTXHSRGHPIXQFLRQDUFRPRRSRUWXQLGDGHV
GHQHJyFLRSDUDRVFRPHUFLDQWHV
$ ORMD$Yy%HQWD IRLDJUDQGHPRQWUDYHQFH
GRUD GR FRQFXUVR HOHLWD SHOR 0XQLFtSLR GH &R
UXFKH SHOD $VVRFLDomR GH &RPHUFLDQWHV SHOD
&RPXQLFDomR6RFLDOGRFRQFHOKRHDLQGDSHOR7UDGH
0DUNHWLQJ0DQDJHU GD%RXWLTXHGRV5HOyJLRV-RVp
)DOFDWR2SULPHLURSUpPLRFRQVLVWHQDHODERUDomR
GH XPD PRQWUD SRU XP YLWULQLVWD SURILVVLRQDO H
SXEOLFLGDGHJUDWXLWDQR-RUQDOGH&RUXFKHQR-RU
QDO0DLV5HJLmRHQD5iGLR9R]GR6RUUDLDSDU
FHLURVGR0XQLFtSLRQHVWDLQLFLDWLYD
)RUDPWDPEpPDWULEXtGDVGXDV0HQo}HV+RQ
URVDVjVORMDV(OHFWUR)UD]mRH7RVWmRTXHYmRSRGHU
XVXIUXLUGHSXEOLFLGDGHJUDWXLWDQRVWUrVyUJmRVGH
FRPXQLFDomRVRFLDOGRFRQFHOKR
1RGHFRUUHUGDFHULPyQLDIRLDSUHVHQWDGRRSUR
JUDPD0RGFRPXPVLVWHPDGHLQFHQWLYRVHSUR
MHFWRVGHPRGHUQL]DomRGRFRPpUFLRDRTXDORVFR
PHUFLDQWHVVHSRGHPFDQGLGDWDUDWpGLDGH0DUoR
$ FHULPyQLD FRQWRX DLQGD FRP XP GLYHUWLGR
PRPHQWRPXVLFDOSURWDJRQL]DGRSRU'DYLG$QWX
QHV
(/(&752'20e67,&26
$5 &21',&,21$'2
0(2²6$7(/,7( ²,379
5(3$5$d¯(6
&20387$'25(6 ‡326726 '( 9(1'$
62)7:$5( ‡$66,67È1&,$
5XDGRV%RPEHLURV0XQLFLSDLV 1ž%
&258&+(
7HOV ‡‡ 526$'2&$7,7$
0RQWDJHQVGH$OXPtQLRV /GD
$OXPtQLRV‡ (VWRUHV‡ 9LGURV
‡ *UDGHDPHQWRV‡ %DQKHLUDV
0RVTXLWHLURV‡ 3RUW}HV‡ $XWRPDWLVPRV
25d$0(1726*5É7,6
&RQWDFWHHYLVLWHQRVHP
7UDYHVVDGRV$JRODGDV²9DOH0DQVRV
&RUXFKH
7HO
7OPV‡
/($/&$7,7$/'$
9HQGDVH
H$
$VVLVWrQFLD
6HPL1RYRV
6HDW,EL]DY0RGHOR1RYR
9:3DVVDW9DULDQW%07',S'LHVHO
2SHO$VWUD(FRIOH[&'7,S'LHVHO
5HQDXOW0HJDQH%UN'LQDP6'&,S'LHVHO
2SHO$VWUD*7&&'7,S'LHVHO
2SHO&RUVD(FR)OH[&'7,S'LHVHO
2SHO&RUVD(QMR\S
6NRGD)DELDYS
+\XQGDL,&:&5',S'LHVHO
&LWURHQ&975YS
3HXJHRW7UHQG\+',S'LHVHO
3HXJHRW7UHQG\S
6HDW$OKDPEUD6W\ODQFH7',/'LHVHO
)LDW*UDQGH3XQWRS
5HQDXOW&OLR/X[H'LQDPLTXHYS
5HWRPDV
$XGL$$YDQW6/LQH7',*36S'LHVHO
6NRGD2FWDYLD%UHDN7',S'LHVHO
6NRGD)DELD%UHDNYS
2SHO$VWUD&DUDY(GLWLRQ&'7,S'LHVHO
+\XQGDL*HW]S
0LWVXELVKL&ROW,QYLFWHS
%0:G7RXULQJSFY'LHVHO
3HXJHRW6:+',S'LHVHO
6HDW,EL]DYS
)RUG)RFXV67:Y
9:*ROI9S
&RPHUFLDLV
3HXJHRW+',9DQ&$&
5HQDXOW.QDJRR'&,9DQ&$&
,VX]X'0D[7'&';&$&
&LWURHQ&6;3DFN+',9DQ&$&
2SHO&RPER&'7,9DQ
+\XQGDL+7'/&$&
3HXJHRW'9DQ&$&
6HDW,EL]D6',9DQ
9ZGTJ
8[GJU)KSOZsXOU
9ZGTJ
83GXOG+SwROG0UXJpU
5LOIOTGY
8[GJU)KSOZsXOU
9GTZU'TZUTOTU
)UX[INK
:KR
,G^
RKGRIGZOZG&TKZK[XUTKZ
]]]RKGRKIGZOZGIUS
&UpGLWRV
GHD0HVHV
2-RUQDOGH&RUXFKH‡$QR1~PHUR‡)HYHUHLURGH
$57( &8/785$
‡ $UWHVDQDWRHH P&
& RUXFKH
)UHJXHVLDGD)DMDUGD
)RWRV+HOHQD'LRJR
3DXOR)DWHOD
$UWHVmR
$UWHVm +HOHQD'LRJR
6DTXLQKRVGH&KHLUR
3HoDHP)LPX
3LQWXUDHP0DGHLUD
3LQWXUDHP7r[WLO
$UWHVDQDWR&RQWHPSRUkQHR
+HOHQD'LRJRIDODGHVL
)L]XPDOLFHQFLDWXUDHP'HVLJQQDRSomR
GH ,QWHULRUHV QR ,QVWLWXWR GH$UWHV 9LVXDLV
'HVLJQ H 0DUNHWLQJ ± (VFROD 6XSHULRU GH
'HVLJQ /LVERD HQWUH H VHQGR
TXH HP H IL] R 0HVWUDGR HP
'HVLJQH&XOWXUD9LVXDO5DPRGHHVSHFLDOL
]DomRHP'HVLJQGH3URGXomRGH$PELHQWHV
QD(VFROD6XSHULRUGH'HVLJQ/LVERD
&RPHFHLHPFRPRGRFHQWHHVVHQ
FLDOPHQWHQDiUHDGH(GXFDomR9LVXDOWHQGR
VLGRHVVDDPLQKDDFWLYLGDGHSULQFLSDODWpDR
PRPHQWR SDVVDQGR SRU YiULRV HVWDEHOHFL
PHQWRVGH(QVLQR
(PH[SXVLQGLYLGXDOPHQWHWHODVD
yOHRQDVLQVWDODo}HVGD-XQWDGH)UHJXHVLDGH
&RUXFKHWHQGRQHVVHSHUtRGRVLGRGHVDILDGD
D SDUWLFLSDU QXPD H[SRVLomR FROHFWLYD ±
&25$57 ±ž6DOmRGH$UWHVDQDWRGD)UH
JXHVLDGH&RUXFKH
1DVFHXDtDYRQWDGHGHVHFRQVWLWXLUXPD
DVVRFLDomR GH DUWHVDQDWR (P FRQFUH
WL]RXVHRSURMHFWRWHQGRDVVLPVLGRXPGRV
PHPEURV IXQGDGRUHV GD &25$57 ±$VVR
FLDomR GH $UWHVDQDWR GH &RUXFKH IXL YLFH
SUHVLGHQWHGDGLUHFomRHQWUHH
1RkPELWRGD&25$57GHVHQYROYLLQGL
YLGXDOPHQWHHHPHTXLSDLQ~PHURVSURMHFWRV
EHPFRPROHFFLRQHLFXUVRVGHSLQWXUDLQLFLD
omR±SLQWXUDHPDJXDUHODHSLQWXUDDyOHR
'HVGH TXH GHVHQYROYR 'HVLJQ H
3URGXomR GH XPD OLQKD GH SHoDV GH GHFR
UDomR PRELOLiULR H DFHVVyULRV SDUD FULDQoD
FRPDGHVLJQDomRGH³FRLVDVPLQKDV´
3LQWXUDHP7r[WLO
3LQWXUDHP7r[WLO
$ORMD
GRVVHXVILOKRV
-RJRGR*DOR
+HOHQD'LRJRSRGHUiFRQWDFWDGDSRU(0DLOPRQWHFODUR#VDSRSW
7HO
5XDGH63HGURQž²&RUXFKH
2-RUQDOGH&RUXFKH‡$QR1~PHUR‡)HYHUHLURGH
‡ 68*(67¯(6
'(/(,785$
68*(67¯(6
3RU
0iULR
*RQoDOYHV
7HOPD/HDO&DL[HLULQKR
$QmRSHUGHU
ZZZOLYURVHOHLWXUDVFRP
&,1(0$
,QYLFWXVGH &OLQW(DVWZRRG
$ VDEHGRULDQRVVDGHFDGDGLD
$XJXVWR&XU\FRQWLQXDDGDUTXHIDODU2SVLTXLDWUDSVLFRWHUDSHXWD
HVFULWRU H FLHQWLVWD DSUHVHQWDQRV DJRUD DWUDYpV GD 3HUJDPLQKR $
6DEHGRULD$ REUDTXHWHPFRPRVXSRUWHPXLWDVSHVTXLVDVHHQWUH
YLVWDV PRVWUDQRV TXH XP GRV PDLRUHV VHJUHGRV GD H[LVWrQFLD p R
DXWRFRQKHFLPHQWR2REMHFWLYRILQDOpWUDQVIRUPDUDDQVLHGDGHHP
FULDWLYLGDGHDVGHFHSo}HVHPWROHUkQFLDHDVSHUGDVHPPDWXULGDGH
$ 3ULQFHVDGH*HOR
(P$ 3ULQFHVDGH*HOR&DPLOOD/DFNEHUJFRQWDQRVDKLVWyULDGD
HVFULWRUD(ULFD)DON'HUHJUHVVRjFLGDGH]LQKDRQGHQDVFHXGHSRLV
GDPRUWHGRVSDLVHODHQFRQWUDXPDFRPXQLGDGHjEHLUDGDWUDJpGLD
$ PRUWHGDVXDDPLJDGHLQIkQFLD$OH[pVyRSULQFtSLRGRTXHHVWi
SDUDYLU&RPRVSXOVRVFRUWDGRVHRFRUSRPHUJXOKDGRQDiJXDFRQ
JHODGDGDEDQKHLUDWXGROHYDDFUHUTXH$OH[VHVXLFLGRX7RGDYLD
SDUD XP LQYHVWLJDGRU WXGR SRGH WHU DFRQWHFLGR« 2 OLYUR p GD
2FHDQRV
0LFKDHO-DFNVRQ±2VÒOWLPRV$QRV
2OLYUR0LFKDHO-DFNVRQ2VÒOWLPRV$QRVpXPDDXWrQWLFDUHYH
ODomR&RQWDQRVWXGRDTXLORTXHPLOK}HVGHImVHPWRGRRPXQGR
VHPSUHTXLVHUDPVDEHU$ REUDGD*XHUUD3D]SXEOLFDGDORJRDSyV
DPRUWHGRUHLGDSRSMiUHFHEHXRVDSODXVRVGHOHLWRUHVGRVTXDWUR
FDQWRV GR PXQGR 0XLWR EHP LOXVWUDGD FRP YiULDV IRWRJUDILDV GH
0LFKDHODWLQJLXUDSLGDPHQWHRSULPHLUROXJDUGR7RSGR1HZV<RUN
7LPHV
-D]]HP&DVFDLV
$WUDYpV GH XPD HGLomR GD &DVD 6HVVHWWL H XP HQYROYLPHQWR GD
SUySULDDXWDUTXLDGH&DVFDLVQDVFHROLYUR-D]]HP&DVFDLV8PD
+LVWyULDGHDQRV$ REUDYLVDFXPSULUDWUDGLomRGDTXLORTXHp
UHFRUGDU HVWH HVWLOR PXVLFDO FRQKHFLGR HP WRGR PXQGR H SDXWDGR
SHOD IXVmR GH YiULDV WUDGLo}HV PXVLFDLV GDV TXDLV VH GHVWDFDP DV
DIURDPHULFDQDV(VWHOLYURGDDXWRULDGH-RmR0RUHLUDGRV6DQWRVp
UHFRPHQGDGRDWRGRVRVDPDQWHVGDERDP~VLFDTXHYLYDPRXQmR
HP&DVFDLV
$ ,JQRUkQFLDGR6DQJXH
&RPHVWHOLYURGD'RP4XL[RWH5REHUW:LOVRQWUDQVIRUPDDSDFDWD
FLGDGH GH 6HYLOKD QXP HQRUPH FDRV $ ,JQRUkQFLD GR 6DQJXH
FRQWDQRVDKLVWyULDGHXPOXJDUDTXLPHVPRDRODGRRQGHXPEUX
WDOHYLROHQWRDWDTXHWHUURULVWDWUDQVIRUPDWXGReHQWmRTXHQHVWH
WKULOOHUHQWUDHPFHQDRMiIDPRVRLQVSHFWRU-HIH-DYLHU)DOFyQ3HOD
IUHQWH SDUHFH WHU DJRUD D GXUD WDUHID GH GHVFREULU SRU TXH PRWLYR
DSDUHFHXPJDQJVWHUPRUWRHXPDPDODFKHLDGHGLQKHLUR«7XGRLVWR
SRGHUiVLJQLILFDUTXHHVWDUiSHUDQWHXPFDVRFRPFRQWRUQRVEL]DUURV
SRVVLYHOPHQWHOLJDGRVjPiILDUXVVD
7i[LV3DXO
7i[LFOXJDUHV
7OPV
,QYLFWXV pGDTXHOHVILOPHVLQGLVSHQViYHLVHDVUD]}HVVmRLQ~PHUDV«
3ULPHLUDDKLVWyULDVREUHDÈIULFDGR6XOQRVDQRVTXHYLYLDXPD
pSRFD HVSHFLDO FRQGX]LGD SRU XPD OHQGD YLYD 1HOVRQ 0DQGHOD
6HJXQGD UD]mR RV DFWRUHV D SHUIRUPDQFH EULOKDQWH GH 0RUJDQ
)UHHPDQ H GH 0DWW 'DPRQ 7HUFHLUD UD]mR &OLQW (DVWZRRG FRPR
UHDOL]DGRU6HUiQHFHVViULDPDLVDOJXPDUD]mR"$FHLWHDVXJHVWmR
'9'
$V0LQKDV$GRUiYHLV([1DPRUDGDVGH0DUN:DWHUV
1R PrV HP TXH VH FRPHPRUD R
'LDGRV1DPRUDGRVSRUTXHQmR
DVVLVWLUDXPDFRPpGLDURPkQWLFD
VREUH«XPD KLVWyULD GH XP
VROWHLUR"0DWWKHZ0F&RQDXJKH\
LQWHUSUHWDXPIRWyJUDIRTXHDSUH
FLD RV SUD]HUHV GD YLGD«DLUDGD
/LEHUGDGH GLYHUWLPHQWR H PXO
KHUHV H« DYHVVR D FRPSURPLV
VRV p WXGR R TXH R SURWDJRQLVWD
TXHU«HTXHDFDEDSRUFRQWDJLDU
R VHX LUPmR TXH« HVWi GH FDVD
PHQWR PDUFDGR 8PD KLVWyULD
KLODULDQWHSHUIHLWDSDUDRGLD
'LYLUWDVH
/,952
$ /XFLGH]GR$PRUGH7kQLD*DQKR
$FHLWDOHUVREUHRDPRU"(TXHV
WLRQiOR"(P$ /XFLGH]GR$PRU
XPD KLVWyULD GH XP FDVDO TXH
FRPR WDQWRV RXWURV GHSDUDVH
FRP D UHDOLGDGH TXH p HVWDU D
TXLOyPHWURV GH GLVWkQFLD XP GR
RXWURHFRPRpRFDVRHPFHQiULR
GH JXHUUD 9LGDV HP TXH R DPRU
HVWi VHPSUH D VHU WHVWDGR« HP
TXH R GLDDGLD p XPD OXWD FRQ
VWDQWH«XPDKLVWyULDTXHSRGHULD
VHU D VXD RX D PLQKD KLVWyULD
'HVFXEUDD/XFLGH]GR$PRU
2-RUQDOGH&RUXFKH‡$QR1~PHUR‡)HYHUHLURGH
-XGR&OXEHGH&RUXFKH
5HDOL]RXVH QR SDVVDGR GLD GH -D
QHLURR&DPSHRQDWR=RQDOGH(VSHUDQoDV
HP &RLPEUD PDLV SURSULDPHQWH QR 3D
YLOKmRGDFDVDGR3RYRGH&HLUD7HQGRR
-XGR &OXEH GH &RUXFKH FRQVHJXLGR GRLV
OXJDUHVQRSyGLRFRPDVVHJXLQWHVDWOHWDV
‡ /HRQRU %DUEDV
žOXJDUQDFDWHJRULDGH.J
0DQXHO$JRVWLQKR&RUUHLD
7HO‡7OP
6DQWR$QWRQLQR‡&RUXFKH
0)(51$1'(6*20(6/'$
(QFDGHUQDomR
SRUORPEDGDSOiVWLFD
HDUDPH
3ODVWLILFDomR
DWUDYpVGH
EROVDVGH
SOiVWLFRRX
URORVDWp
PP
7HOHI‡)D[
50DUTXHVGD6LOYD$‡/LVERD
‡ 7HUHVD5LWD
žOXJDUQDFDWHJRULDGH.J
2 -XGR &OXEH GH &RUXFKH Gi RV SD
UDEpQVDHVWDVGXDVDWOHWDVSHORHVIRUoRH
GHGLFDomRTXHHPSHQKDUDPQHVWHFDPSH
RQDWR SDUD VH FRQVHJXLUHP FODVVLILFDU
IUXWR GRV FRQKHFLPHQWRV TXH FRP PXLWD
GLILFXOGDGH WrP DGTXLULGR DR ORQJR GRV
WUHLQRVGHYLGRjVDODRQGHWUHLQDPQmRWHU
FRQGLo}HVTXHSHUPLWDPH[HFXWDUDVPDLV
YDULDGDVWpFQLFDVGH-XGRHTXHVmRHVVHQ
FLDLV SDUD RV DWOHWDV TXH SDUWLFLSDP HP
7RUQHLRVGH-XGR1DFLRQDLVH,QWHUQDFLR
QDLV
%~]LRV&
&RUXFKH
ZZZPIJSW‡(PDLOPIJ#QHWFDERSW
+2+):8/)/9:' ';:5
=21$,1'8675,$/²&258&+(
‡%DWHULDV
‡7DFyJUDIRV
‡$U&RQGLFLRQDGR
‡7HVWHV(OHFWUyQLFRV
PXOWLPDUFDV
7HO
² 7OP
%~]LRV&RUXFKH HP ž OXJDU QR UDQNLQJ QD
FLRQDOGHHTXLSDVGHQDWDomRHPPDLVGH
FOXEHV
&RUXFKH
1XP5DQNLQJHODERUDGRD)HGHUDomR3RUWXJXHVD
GH1DWDomRHWHQGRHPFRQWHPSODomRDVHVWDIHWDV
GH FDGD &OXEH D %~]LRV&RUXFKH FODVVLILFRXVH
HPžOXJDU
0UYs,XGTIOYIUJUY9GTZUY
@s4GSHGOG
2ILFLQD²
5HVLG²
7OP²
-XQWRj(VWDomRGD&3²&RUXFKH
-RmR 3HGUR GD %~]LRV&RUXFKH QD SULQFLSDO
ILQDOGRWRUQHLRGHQDWDomRGD%HQHGLWD
5HDOL]RXVHQRVGLDVHGH-DQHLURDHGLomR
GR7RUQHLRGH1DWDomRGD%HQHGLWDQHVWDHGLomR
HVWLYHUDP SUHVHQWHV HTXLSDV QDFLRQDLV H XPD
HVSDQKRODQXPWRWDOGHQDGDGRUHV
'HVWDTXHLQGLYLGXDOSDUD-RmR3HGUR3HUHLUDTXH
IRLR~QLFRQDGDGRUGD%~]LRV&RUXFKHDFRQVH
JXLUXPDSUHVHQoDQXPDILQDO$ QRVP/LYUHV
FRPRžOXJDU
&ROHFWLYDPHQWHDYLWyULDIRLSDUDR%DLUURGRV$Q
MRV/HLULDVHJXLGRGR%HQILFDH&OXEH'HVSRU
WLYR$QFRUHQVLVVHQGRGHPHQFLRQDURžOXJDU
GD%~]LRV&RUXFKH
%~]LRV&RUXFKH WHP QRYR WUHLQDGRU GH 3yOR
$TXiWLFR
2 DQR FRPHoRX FRP DOJXPDV PXGDQoDV
HVWUXWXUDLV QD HTXLSD GH 3yOR$TXiWLFR WHQGR R
3URIHVVRU*RQoDOR6LOYDDVVXPLGRRFDUJRGHWUHL
QDGRUGDVHTXLSDVGH3yOR$TXiWLFRGD%Ò=,26
&RUXFKH
2VREMHFWLYRVIRUDPUHIRUPXODGRVHDVHVWUDWpJLDV
UHGHILQLGDV GH IRUPD D VH DWLQJLUHP DV PHWDV
GHVHMDGDV
2-RUQDOGH&RUXFKH‡$QR1~PHUR‡)HYHUHLURGH
3UpPLRV(
(VFRODUHV
7HYHOXJDUQRSDVVDGRGLD
GH 'H]HPEUR QD 6DOD GD
$VVHPEOHLD GD -XQWD GH )UH
JXHVLD GH &RUXFKH D HQWUHJD
GRV 3UpPLRV (VFRODUHV WLWXOD
GRV HP QRPH GH 'HROLQGD
3iVFRD0DUWLQV
BBB
1HVWH ž$QR GH DWULEXLomR
FRQFRUUHUDPDOXQRVDSH
QDV HP WHQGR VLGR DWUL
EXtGRVSUpPLRVDRVPHOKRUHV
QDV FRQGLo}HV GR 5HJXODPHQWR
j IUHQWH UHVXPLGDV QDV FDWHJR
ULDVGH³([FHOHQWH´³'LVWLQomR´
H³0pULWR´UHVSHFWLYDPHQWHDRV
DOXQRV5LFDUGR)HUQDQGHV$QD
7HOHVH,QrV3XOJDV
(VWHV SUpPLRV VmR GHVWLQD
GRVVHJXQGRR3URWRFRORHUHV
SHFWLYR 5HJXODPHQWR FHOHEUD
GRVHPHQWUHRVIDPLOLDUHV
GD FRUXFKHQVH TXH OKHV Gi R
QRPH D -XQWD GH )UHJXHVLD GH
&RUXFKH H DV 'LUHFo}HV GDV
(VFRODV (% 'U $UPDQGR
/L]DUGRHGD6HFXQGiULDGH&R
UXFKH D FRQWHPSODU HVWXGDQWHV
FRPRž$QRGH(VFRODULGDGH
FRPSOHWRUHVLGHQWHVQD)UHJXH
VLD GH &RUXFKH GHVGH TXH VH
LQWHJUHPHPDJUHJDGRVIDPLOLD
UHVFRPIUDFRVUHFXUVRVHFRQy
PLFRV H VH HQFRQWUHP LQVFULWRV
QR 6$6( $SRLR 6RFLDO (VFR
ODU
2V REMHFWLYRV GHVWD LQLFLDWL
YD VHJXQGR RV VHXV PHQWRUHV
IRLLQFHQWLYDUHDMXGDURV(VWX
GDQWHV QDV FRQGLo}HV GHVFULWDV
QR SURVVHJXLPHQWR GRV VHXV
HVWXGRV SULQFLSDOPHQWH D HQ
IUHQWDUHPHYHQFHUHPDVGLILFXO
GDGHVTXHDPXLWRVVHFRORFDQR
VHXSHUFXUVRHVFRODURTXHWHP
OHYDGRPXLWRVDOXQRVGHHOHYDGD
FDSDFLGDGH LQWHOHFWXDO D GHVLV
WLUHPGRVVHXVSURMHFWRVGHIRU
PDomRFRPRDOLiVDVHVWDWtVWL
FDV HVFRODUHV LOXVWUDP EDVLFD
PHQWH DWUDYpV GR H[HPSOR GH
VXFHVVR GD WLWXODU GR SUpPLR
IDOHFLGDQRVILQDLVGHTXHU
GR SRQWR GH YLVWD GD IRUPDomR
HVFRODUIRUPDGDHP(FRQRPLD
HHP'LUHLWRTXHUQDVXDFDU
UHLUDSURILVVLRQDO
$RVDOXQRVSUHPLDGRVPXL
WRV SDUDEpQV HVSHUDQGR TXH
HVWH SUpPLR SRVVD FRQWULEXLU
SDUD DSRVWDUHP FDGD YH] PDLV
QDVXDSURJUHVVmRHVFRODU
-X--LWVX
&RUXFKHIRLSDOFRGR
FXUVRGH7UHLQDGRUHV
GH*UDX,,H,,,
$FWLYLGDGHVGD
(VFRODGH)XWHERO
5HVXOWDGRVQD/LJD0DQFKHVWHU 8QLWHG
(TXLSDGH3UpHVFRODVVXEHTXLSDV
(TXLSDGHLQIDQWLVVXE
-RUQDGD
$'&(VFROD6SRUWLQJ&DUFDYHORV
$'&(VFROD6SRUWLQJ&DUFDYHORV
$'&(VFROD6SRUWLQJ&DUFDYHORV
$'&(VFROD6SRUWLQJ&DUFDYHORV
-RUQDGD
$'&(VFROD%HQILFD$OYHUFD
$'&(VFROD6SRUWLQJ&,)
$'&0DQFKHVWHU8QLWHG
-RUQDGD
$'&6LQWUDIRRW
$'&6LQWUDIRRW
$'&6LQWUDIRRW
$'&6LQWUDIRRW
(TXLSDGH(VFRODVVXE
-RUQDGD
$'&&ROpJLR0DULVWDV
$'&0DQFKHVWHU8QLWHG
-RUQDGD
$'&(VFROD%HQILFD$OYHUFD
$'&(VFROD6SRUWLQJ&DUFDYHORV
-RUQDGD
$'&(VFROD%HQILFD$OYHUFD
$'&6LQWUDIRRW
$'&&ROpJLR0DULVWDV
$ HTXLSD GH ,QIDQWLV GD$'& YDL GLVSXWDU HP
0DLR D ILQDO SDUD R ž H ž OXJDUHV GD /LJD
0DQFKHVWHU
(TXLSDGH,QLFLDGRVVXE
-RUQDGD
$'&&ROpJLR0DULVWDV
5HVXOWDGRVGD/LJD6SRUWLQJ3LQJR'RFH
(TXLSDGHVXE
YROWD
$'&(VFROD6SRUWLQJ3yYRD6DQWD,ULD
$'&(VFROD6SRUWLQJGH6DPRUD
$'&(VFROD6SRUWLQJGH6HW~EDO
1RSDVVDGRPrVGH'H]HPEURGHD)HGHUHomRGH-X-LWVX
H 'LVFLSOLQDV$VVRFLDGDV GH 3RUWXJDO SURPRYHX HP &RUXFKH XP
FXUVR GH WUHLQDGGRUHV GH *UDX ,, H ,,, 'H 'HVWDFDU TXH R FRUX
FKHQVH0DQXHO1XQHV/REHLUR GR-XGR&OXEHGH&RUXFKHDWLQJLX
QHVWHFXUVRR*UDX,,,FRPRWUHLQDGRUGH-X-LWVX
7RGRV RV LQWHUHVVDGRV SRGHUmR LQJUHVVDU QDV DXODV GH -X-LWVX
WRGDV DV WHUoDV H TXLQWDVIHLUDV GDV K jV K QR 3DYLOKmR
*LPQRGHVSRUWLYRGH&RUXFKH
3Uy[LPDVDFWLYLGDGHV
GH-DQHLUR
7RUQHLRHPeYRUDSDUDDOXQRVGHH
HTXLSDV
GH)HYHUHLUR
(QFRQWURFRP6SRUWLQJGH/LQGDD9HOKDSDUDRV
0LQLV3Up(VFRODVH,QIDQWLV
-RUQDGDGD/LJD0DQFKHVWHUSDUDRV(VFRODV
GH)HYHUHLUR
 -RUQDGD GD /LJD 0DQFKHVWHU SDUD RV 3Up(V
FRODV
GH)HYHUHLUR
(QFRQWURHP&RUXFKHFRPR/XVLWDQRGHeYRUD
SDUDRV0LQLV3Up(VFRODV(VFRODV,QIDQWLVH
,QLFLDGRV
GH)HYHUHLUR
(QFRQWURQD(VFROD6SRUWLQJGH6HW~EDOSDUDRV
0LQLV3Up(VFRODV(VFRODV,QIDQWLVH,QLFLDGRV
2-RUQDOGH&RUXFKH‡$QR1~PHUR‡)HYHUHLURGH
(6&2/$ $&$'(0,$ 63257,1*
'(
6$025$ &255(,$
&DUORV%DFDOKDX
2 DQR QRYR WURX[H XP PrV GH -DQHLUR SOHQR GH DFWLYLGDGH GHVSRUWLYD QD (VFROD$FDGHPLD 6SRUWLQJ GH
6DPRUD&RUUHLDHQYROYHQGRXPWRWDOGHFHUFDGHSDUWLFLSDo}HVHPWRGRVRVHVFDO}HVHDOXQRV
(VWLYHPRV HQYROYLGRV QDV VHJXLQWHV
DFWLYLGDGHV
/LJD8$/'HP$OYHUFDQRGLDGH-DQHLUR
FRP D QRVVD$FDGHPLD D GHIURQWDU D (VFROD *HUDomR
%HQILFDGH$OYHUFD2VDOXQRVGRPLVWHU/XLV)HUUHLUD
YHQFHUDPDSDUWLGDFRPXPDH[LELomRVXVWHQWDGDHFRQ
VROLGDGD HP ERDVMRJDGDVWUDGX]LGDVHPJRORV VHP
UHVSRVWD 1HVWD /LJD HVWDPRV HP ž OXJDU FRP XP
MRJRDPHQRVHSRQWRVGHGLIHUHQoDGRžFODVVLILFD
GR
/LJDV 8$/' H QR GLD GH -DQHLUR
FRPPDLVGRLVMRJRV2VQRVVRVDOXQRVGHVORFDUDPVH
PDLVXPDYH]DWp$OYHUFDSDUDSDUWLFLSDUHPPDLVXPD
MRUQDGDDGD/LJD8$/'$ QRVVDHTXLSDGH
MRJRX FRP9LDORQJD QmR FRQVHJXLQGR QmR REVWDQWH D
H[FHOHQWH H[LELomR HP HQWUHJD DWLWXGH H DSOLFDomR
VXSHUDUDGLItFLOHPDLVH[SHULHQWHHTXLSDGR9LDORQJD
2UHVXOWDGRQmRVHQGRRPDLVLPSRUWDQWHIRLQRVGHV
IDYRUiYHOSHODGLIHUHQoDGHGRLVJRORVD2VPDU
FDGRUHV GD QRVVD HTXLSD IRUDP -RmR 5DPRV H -RmR
&kPDUD1D/LJDGHQXPMRJRGHHOHYDGRJUDX
FRPSHWLWLYR YDOHX D PHOKRU TXDOLGDGH WpFQLFD LQGLYL
GXDOHFROHFWLYDGDQRVVDHTXLSD&RPJRORVGH5RGULJR
0DUUDPDTXH -RmR %ULWR H =HFD$IRQVR D$FDGHPLD
6SRUWLQJGH6DPRUD&RUUHLDYHQFHXD(VFROD5XLÈJXDV
SRU1HVWDV/LJDVRFXSDPRVRžOXJDU/LJD
HRžOXJDU/LJD
/LJD 6XE ($6 6DPRUD &RUUHLD FRP PDLV MRUQDGDVDIHFKDUHPDSULPHLUDYROWDGD/LJD$VQRVVDV
HTXLSDV$GULHQ±*UXSR$H3HUHLULQKD±*UXSR%
OLGHUDP RV UHVSHFWLYRV JUXSRV HP LJXDOGDGH SRQWXDO
FRPD($6&RUURLRVQR*UXSR$
(QFRQWURFRQYtYLRFRPD(VFROD*HUDomR%HQILFD
GH $OYHUFD QR HVFDOmR GH DOXQRV QDVFLGRV HP 1XPDPDQKmIULDRVMRJRVIRUDPLQWHQVRVHFKHLRVGH
HPRWLYLGDGH D ID]HU OHPEUDU RV GpUELHV 6SRUWLQJ YV
%HQILFD1RILQDOWRGRVVDLUDPFRQWHQWHVSRUWHUSDUWLF
LSDGR QXPD MRUQDGD GH FRQYtYLR RQGH R PDLV LPSRU
WDQWHpDSUiWLFDGRGHVSRUWRIDYRULWRRIXWHERO
$QLYHUViULRGR*'$]DPEXMDFRPRVDOXQRVGH
H 1XPD WDUGH GH VRO HQTXDGUDGD
QXPDERQLWDSDLVDJHPQR(VWiGLR0XQLFLSDOORFDORV
QRVVRVDOXQRVGH[H [GHPRQ
VWUDUDPWRGDVDVDSUHQGL]DJHQVTXHWrPWLGRUHYHODQGR
XPH[FHOHQWHGHVHPSHQKRDQtYHOWpFQLFRHVREUHWXGR
QRFRQWH[WRFRPSRUWDPHQWDOSDUWLFLSDQGRQRVUHVSHF
WLYRVMRJRVGHIRUPDVHPSUHFRUUHFWDHEDVWDQWHHPSH
QKDGDMXQWDPHQWHFRPRVSDUFHLURVGR*'$]DPEXMDH
3RQWpYHO
,QWHUDFDGHPLDV)RLXPDIHVWDHPJUDQGHRHQFRQ
WUR GH (VFRODV GR SURMHFWR (VFRODV $FDGHPLD
6SRUWLQJ 6DPRUD &RUUHLD 6HW~EDO &RUURLRV H$PRUD
RUJDQL]DUDP PDLV XPD ,QWHUDFDGHPLDV HQYROYHQGR
WRGRV RV DOXQRV GDV UHVSHFWLYDV$FDGHPLDV 1R WRWDO
HVWLYHUDPHPDFWLYLGDGHDSUR[LPDGDPHQWHDWOHWDV
TXHHQFKHUDPRVUHFLQWRVGDVUHVSHFWLYDV$FDGHPLDVGH
HQHUJLD H FRU $ QRVVD ($6 RUJDQL]RX HP 6DPRUD
&RUUHLDRVHVFDO}HVFRUUHVSRQGHQWHVDRVDOXQRVQDVFL
GRVHQWUHH
3HOR PHLR ILFDPRV D VDEHU TXH D $FDGHPLD
6SRUWLQJ3XPD HP $OFRFKHWH p R ~QLFR &HQWUR GH
(VWiJLR HXURSHX D REWHU XPD GLVWLQomR GH H[FHOrQFLD
FRQIHULGD SHOD (,& (PSUHVD ,QWHUQDFLRQDO GH
&HUWLILFDomR2VPpWRGRVHSURFHVVRVGHWUDEDOKRQDV
iUHDVGRUHFUXWDPHQWRGHMRJDGRUHVIRUPDomRGHVSRUWL
YD DFRPSDQKDPHQWR PpGLFRGHVSRUWLYR IRUPDomR
SHVVRDOHVRFLDOHSURJUDPDVO~GLFRGHVSRUWLYRVREWLYHU
DP R FHUWLILFDGR GH FRQIRUPLGDGH SHODV QRUPDV
LQWHUQDFLRQDLVGH4XDOLGDGH
2 SUy[LPR PrV GH )HYHUHLUR FRQWD FRP YiULDV
DFWLYLGDGHV SUHYLVWDV SDUWLFLSDomR QR &DUQDYDO GH
6DPRUD&RUUHLDjVHPHOKDQoDGRDQRSDVVDGRYDPRV
HQFKHU R FRUVR GR ³PDLRU &DUQDYDO GR 5LEDWHMR´ FRP
XPD RQGD YHUGH HQYROYHQGR WRGRV RV QRVVRV DOXQRV
SDLVHDPLJRV1RGLDOiHVWDUHPRV9DPRVWDPEpP
QR GLD YLVLWDU D $FDGHPLD 6SRUWLQJ3XPD HP
$OFRFKHWH SDUD PDLV XPD DFWLYLGDGH HQYROYHQGR R
8QLYHUVR GDV (VFRODV $FDGHPLD 6SRUWLQJ ± 'LD
9HUGH'XUDQWHRPrVWHUmRFRQWLQXLGDGHDV/LJDVRQGH
HVWDPRV HQYROYLGRV /LJDV 8$/' H /LJD ($66&
6XE
2-RUQDOGH&RUXFKH‡$QR1~PHUR‡)HYHUHLURGH
Ð 3 2578*$/ 3 2578*$/
3DUyTXLDGH&RUXFKH
Ï3RUWXJDO3RUWXJDO
WDOQmRpRWHXD]DU
TXHDVSHVVRDVGRPHVPRVH[R
DWpMiSRGHPFDVDU
-DQHLURGGH
7RGDDYLGDVHYLX
+RPHQVFRPKRPHQVPXOKHUHVFRPPXOKHUHV
GHVGHRSULQFtSLRGRPXQGR
VHRVQRVVRVDQWHSDVVDGRVFiYROWDVVHP
SDUDHOHVVHULDXPSRoRVHPIXQGR
‡)$/(&,0(1726‡
-RVp'DQLHO
$QDQLD0DULD'LDV
-RDTXLP&RQFHLomR6LOYD
-RmR$QWyQLR
/HRQRU 0DULD
-HVXLQD0DULD
&XVWyGLR-RDTXLP
+HOHQDGD&RQFHLomR0DFKDGR5RViULR
&L]DOWLQD'RV6DQWRV9LOHODV
&ULVWLQD0DULD1XQHV)RQVHFDGH&DUYDOKR
$QWyQLR1XQHV0HQGHV
/~FLD0DULD
,VROLQR&DUDPHORGD6LOYD
/XUGHVGD&RQFHLomR*DOYmR
$OLFH0DULD(PtOLD
-RmR0DQXHO'LDV
0DQXHO-RVp/XtV
$QWyQLR5REHUWR)RQVHFDGH&DUYDOKR
&XVWyGLD0DULD
)HUQDQGD0DULD*RQoDOYHV
5RViULD0DULD)LWDV
/XtVGRV6DQWRV
$QWyQLD3HUHLUD9DOpULR
-DFLQWD0DULD
0DULDGR&DVWHOR
&XVWyGLD0DULD%HQWR
0DQXHO$QWyQLR-RmR
$QWyQLR5RVDOLQR$OYHV
-RVp$QWyQLR)HUUHLUD
$QWyQLD0DULD/~FLR
0DULD&XVWyGLD)HUUHLUD
)$50É&,$6 '( 6(59,d2
)(9(5(,52'(
'
&
'
$
%
&
%
&
'
$
%
$ '
%
&
'
$
4
$
%
&
'
6
$ ' & %
6
% $ ' &
6
7
4
$
$/0(,'$
5XDGD0LVHULFyUGLD
&RUXFKH
7HO
%
)5$=­2
5XD'LUHLWD
&RUXFKH
7HO
DQRV
DQRV
DQRV
DQRV
DQRV
DQRV
DQRV
DQRV
DQRV
DQRV
DQRV
DQRV
DQRV
DQRV
DQRV
DQRV
DQRV
DQRV
DQRV
DQRV
DQRV
DQRV
DQRV
DQRV
DQRV
DQRV
DQRV
DQRV
DQRV
DQRV
DQRV
&
+,*,(1(
5XDGD0LVHULFyUGLD
&RUXFKH
7HO
3RVWRGD%UDQFD
7HO
'
0,6(5,&Ï5',$
/DUJR63HGUR
&RUXFKH
7HO
Ï3RUWXJDO3RUWXJDO
3RUWXJDOGRPHXFRUDomR
DJRUDDLQGDIDOWDVDEHU
FRPRYDLVHUHVVDDGRSomR
8PDFULDQoDGHVXDFDPDVHOHYDQWD
(GRVHXTXDUWRVDL
1RXWURTXDUWRHQWUDHSHUJXQWD
$ILQDOTXHPpDPmHTXHPpRSDL
(XJRVWDYDGHRVSXGHULGHQWLILFDU
VHULDDPLQKDJUDQGHSDL[mR
WDPEpPJRVWDYDGHVDEHU
FRPRYDLVHUDHGXFDomR
ÏPLQKDOLQGD3iWULDOLQGD1DomR
&RPRWXQmRKiLJXDO
4XHWULVWHTXHWULVWH]D
Ï3RUWXJDO3RUWXJDO
-RmR$EHO
-DQHLURGH
$JrQFLD)XQHUiULD-DFLQWR/GD
)XQHUDLV7UDVODGDo}HVH&UHPDo}HV
SDUDWRGRR3DtVH(VWUDQJHLUR
‡
7UDWDGH7RGDD'RFXPHQWDomR
‡
$UWLJRV5HOLJLRVRV
&KDPDGDVDTXDOTXHU KRUDSDUDR7HOHI
7HOHPyYHO‡)D[
$JrQFLD
5HVLGrQFLD
5XDGRV%RPEHLURV0XQLFLSDLVUF
&RUXFKH
5XD-RVp0DULD5HERFKR/RWH
6DQWR$QWyQLR±&RUXFKH
±2/,9(,5$
5XDGR&RPpUFLR
&RXoR
7HO
±6-26e
5XD-~OLR'LQLV1ž%
/DPDURVD
7HO
$VIDUPiFLDVGR&RXoRH/DPDURVDHVWmRVHPSUHGHVHUYLoRSRU VHUHPDV~QLFDV
9HQGHVH
&DVD
QR&HQWURGH&RUXFKH
%RP1HJyFLR
&RQWDFWR
'XDUWH1XQR
&DGDYH]
0pGLFR(VSHFLDOLVWD
2UWRSHGLDH)UDFWXUDV
$OELQD*RQoDOYHV
0pGLFDGH
&OtQLFD*HUDO
&HQWURGH6D~GHGH&RUXFKH
8UJrQFLD6$3 KRUDVGLD
(VWUDGDGD/DPDURVD
&RUXFKH
7HOHI
)D[
([WHQVmRGH6D~GH&RXoR
5XD6DFDGXUD&DEUDO
&RXoR
%LVFDtQKR
/DPDURVD
+RVSLWDO'LVWULWDOGH6DQWDUpP
$Y%HUQDUGR6DQWDUHQR
6DQWDUpP
7HO
)D[
ZZZKGVPLQVDXGHSW
0DLOKGVFD#KGVPLQVDXGHSW
7HO
/LQKD$]XO
7HO
'U&RQFHLomR
'U0HQGRQoD
'U)HUQDQGD
6LOYD1XQHV
0e',&26
0e',&$'(17,67$
0DUFDo}HVSHOR
7HO
7OP
7HO
7HO
&OtQLFD0pGLFD6RUUDLD ²&258&+(
5XDGD&DOoDGLQKD ²&258&+(
7HO
5XDGH6DQWDUpPž
&258&+(
5XD%RPEHLURV0XQLFLSDLV1ž
²ž'Wž ‡&258&+(
2-RUQDOGH&RUXFKH‡$QR1~PHUR‡)HYHUHLURGH
$0%,(17( ( 62&,('$'(
$QWyQLR*LO0DOWD
'D6
6RFLHGDGHppWLFDG
GRS
SDVVDGR
6RFLHGDGHHHVWpWLFDG
GRS
SUHVHQWH
j6
1XPDVRFLHGDGHWUDGLFLRQDO
PHQWHFULVWmRVPRPHQWRVPDLV
UHOHYDQWHV GD YLGD HP FRPXQL
GDGHHUDPREDSWL]DGRHRFDVD
PHQWR VDFUDPHQWRV LQVWLWXtGRV
SHOD,JUHMD2KRPHPUHOLJLRVR
YLYHHVVHVDFRQWHFLPHQWRVVRFL
DLVFRPRDTXHOHVTXHWrPPDLRU
YDORU RQWROyJLFR DWULEXLQGR
OKHVRVQtYHLVPDLVHOHYDGRVGH
(VWDYD LQVWLWXtGR R UHVSHLWR VHU
0DVFRPRDVVRFLHGDGHVVmR
SRU HVVDV QRUPDV TXH D VRFLH
GDGH REULJDYD D FXPSULU VRE GLQkPLFDV H QXQFD KRXYH pSR
SHQD GD UHMHLomR VRFLDO (QWUH FDV SHUIHLWDV FRQVWUDQJLGDV SH
RXWURV H[HPSORV SHGLDVH D ORV H[FHVVRV GRJPiWLFRV GDV
ErQomR GRV SDLV H SDGULQKRV VXDVQRUPDVHVREDSUHVVmRGR
DFHLWDYDVHRSULQFtSLRGDDXWR GHVHQYROYLPHQWR WHFQROyJLFR
ULGDGHGRVPDLVYHOKRVHRJUDQ GR VpFXOR ;; H GDV QRYDV IRU
GHREMHFWLYRGDFXUWDDGROHVFrQ PDV GH RUJDQL]DomR VRFLDO GDt
FLDHUDDLQWHJUDomRRPDLVFHGR DGYHQLHQWHVRVVHXVIXQGDPHQ
SRVVtYHOQRPXQGRGRVDGXOWRV WRVpWLFRVIRUDPDEDODGRV
$ VRFLHGDGH TXH RV QRVVRV
SDLVHDYyVFRQKHFHUDPQDVXD
LQIkQFLD H MXYHQWXGH HVWDYD
DVVHQWHHPQRUPDVVyOLGDVDV
TXDLV SRU UHJUD QmR HUDP
TXHVWLRQDGDVWDODVXDLPSRU
WkQFLDHRVHXFDUiFWHU VDJUD
GR
BBB
285,9(6$5,$(5(/2-2$5,$
&RPHoDSRUVHS{UHPFDXVD
D WUDGLomR H SURFXUD DILUPDUVH
XPQRYRPRGHORGHYLGDVXEMD
FHQWHjFULVHGHYDORUHVTXHPDU
FRXDVHJXQGDPHWDGHGRVpFXOR
SDVVDGR H TXH VH DFHQWXRX QR
GHDOEDUGRQRYRPLOpQLR
6XUJHP QRYRV YDORUHV &R
PR FRQVHTXrQFLD GR SURJUHVVR
FLHQWtILFRWHFQROyJLFR HOHJHVH
REHPHVWDUPDWHULDOFRPRPHWD
D DWLQJLU 7HU WRUQRXVH WDQWDV
YH]HV PDLV LPSRUWDQWH GR TXH
6HU H D FUHQoD QR SRGHU H QRV
EHQHItFLRV GR SURJUHVVR GHVYD
ORUL]RX RX DWp VXEYHUWHX RV
SULQFtSLRVpWLFRVGRSDVVDGR
$ VRFLHGDGH pWLFD WUDQVIRU
PRXVH QXPD VRFLHGDGH HVWpWL
FDEDVHDGDQRSUD]HUHQRVHQ
VtYHO FHQWUDGD QR LQGLYtGXR H
QmRQDSHVVRDVHUSHVVRDH[SUL
PH XPD GLPHQVmR UHODFLRQDO
YDORUL]DQGRVHRFRUSRHPGHWUL
DFomRYLUWXDO
$PkQGLR&HFtOLR&D /GD
$JHQWHGDVFRQFHLWXDGDVPDUFDVGH5HOyJLRV
20(*$7,662725,(17&$6,2
6:$7&7,0(;(2875$6
3RVVXtPRVPiTXLQDVGHJUDYDUDOLDQoDVH
FKDSDVSDUDDXWRPyYHLVHPRWRUL]DGDV
7DoDVSDUDGHVSRUWR 6HUYLoRHP3UDWD
/HPEUDQoDVSDUD%HEp
&RRUGHQDGRUGR3URMHFWR
1LFKRV3HGDJyJLFRV
PHQWRGRHVStULWR
0DV FRPR D HYROXomR GDV
VRFLHGDGHVQmRSiUDDQRVVDVR
FLHGDGH WHUi TXH UHFXSHUDU D
GLPHQVmRpWLFDTXHSHUGHXUHQ
RYDQGRVHWDQWRTXDQWRHODSUH
FLVDQXPDSHUPDQHQWHEXVFDGH
UHDOL]DomR ILQDO 6H HVVD HYROX
omRQmRDFRQWHFHVVHVHULDRIX
WXURTXHHVWDYDSRVWRHPFDXVD
$ SURIXQGD FULVH TXH HVWD
PRVDDWUDYHVVDUHQmRVHROKH
Vy SDUD D YHUWHQWH HFRQyPLFD
QmR GHL[DUi GH VHU XPD HWDSD
SDUDXPDQRYDHUD4XHQmRVXU
JLUiVHPDVXSHUDomRGHVREUHV
VDOWRVRXGLILFXOGDGHV
0DVRVRQKRQmRSRGHQHP
GHYHGHVDSDUHFHU
BBB
/XtV5DIDHO&DUORWD
$QDOLVWDGHMRJRVGHFRQVRODHSF
5HG )DFWLRQ *XHUULOKD 36 ;%2;
9HQGHPRV9DORUHV6HODGRV
([HFXWDPRVFRQVHUWRV
7HOHI
5XDGH6DQWDUpP²&RUXFKH
7HO
)D[
7OPV
@UTG/TJ[YZXOGR3UTZKJG(GXIG2UZK
)UX[INK
5HG)DFWLRQ*XHUULOKDHVWHMRJRTXHIRLXP
GRV JUDQGHV MRJRV GH DFomR GH HGLWDGR SRU
7+4HSURJUDPDGRSRUD9ROLWLRQ-RJRGHDFomR
QDWHUFHLUDSHVVRDFRPSDUWLFXODULGDGHGHVHSRGHU
MRJDUHPUHGHDWpMRJDGRUHV1HVWDQRYDYHUVmR
GH 5HG )DFWLRQ TXH VH SDVVD HP 0DUWH R QRVVR
REMHFWLYR p OLGHUDU D UHYROXomR FRQWUD XP UHJLPH
0DUFLDQRXVDQGRWiFWLFDVGHJXHUULOKDHGHVWUXLomR
HVWUDWpJLFD7XGRFRPHoDFRPRUHJUHVVRGRKHUyL
GH5HG)DFWLRQD0DUWHRQGHQRVYDPRVUHHQFRQ
WUDUFRPQRVVRLUPmRTXHQRVS}HDSDUGHWRGDD
VLWXDomRGRSODQHWD0DUWHpDJRUDFRQWURODGRSRU
XPDRSUHVVRUDIRUoDGDWHUUDTXHQmRROKDDPHLRV
SDUD DWLQJLU RV VHXV REMHFWLYRV TXH p R FRQWUROR
WRWDOGH0DUWHGXUDQWHXPDPLVVmRGHUHFRQKHFL
PHQWR VRPRV VXUSUHHQGLGRV SRU XPD SDWUXOKD GD
,'6TXHDFDEDPSRUPDWDURQRVVRLUPmRHpDL
TXHWRGDDDFomRFRPHoD3DVVDGRQXPFHQiULRTXH
GHFRUUHDQRVGHSRLVGRVHYHQWRVGH5HGIDFWLRQ
5HG IDFWLRQ *XHUULOKD SHUPLWH DRV MRJDGRUHV
WRPDUHPRSDSHOGHXPFRPEDWHQWHUHEHOGHMXQWR
GRPRYLPHQWR5HG)DFWLRQUHFHQWHPHQWHHVWDEHOH
FLGR1mRpVy5HG)DFWLRQGiQRVRSRUWXQLGDGHGH
FRORFDUPRVjSURYDDVQRVVDVFDSDFLGDGHVGHJXHU
UDHJXHUULOKDQXPDJUDQGHYDULHGDGHGHPRGRVGH
FRPEDWH0XOWLMRJDGRUDOWDPHQWHGHVWUXWLYRV
2-RUQDOGH&RUXFKH‡$QR1~PHUR‡)HYHUHLURGH
1?=?CN;M>?"B?@@
!&KHII
3HGUR$JXLDU
3HLWRGH3DWR
FODUDQMDHJHQJLEUHHP9LQKRGR3RUWR%UDQFRH
5LVRWWRGH&RJXPHORVVHOYDJHQVFHVSDUJRV
&RQIHFomR
)DoD XQV FRUWHV FUX]DGRV VXSHUILFLDLV QD SHOH GR 3DWR H WHPSHUH FRP VDO H SLPHQWD $TXHoD EHP XPD IULJLGHLUD H
FRORTXH RV SHLWRV SULPHLUR FRP D SHOH SDUD EDL[R SDUD TXH HVWD GHUUHWD H ODUJXH JRUGXUD 'HL[H FRUDU EHP YLUDQGR
DPERVRVODGRVHRVIODQFRVPDVVHPGHL[DUGHFR]LQKDUSRUGHQWUR&RORFDPVHRVSHLWRVQXPWDEXOHLURHOHYDVHDR
IRUQRDSUR[LPDGDPHQWHDPLQXWRVDž&(VWHVGHYHPILFDUURVDGRVSRUGHQWUR
'HLWDVHXPSRXFRGHYLQKREUDQFRQDIULJLGHLUDRQGHVHFRURXRVSHLWRVRVXPRGHGXDVODUDQMDVRJHQJLEUHSLFDGR
HDVGHODUDQMDHRYLQKRGR3RUWR%UDQFR7HPSHUHFRPXPSRXFRGHVDOHSLPHQWDSUHWDHGHL[HUHGX]LU6HQHFHVViULR
OLJXHFRPXPSRXFRGHPDQWHLJDDQWHVGHVHUYLU
3DUDRULVRWWRUHIRJXHXPDFHERODHGRLVGHQWHVGHDOKRHPD]HLWH-XQWHRULVRWWRHGHL[HIULWDUXPSRXFR'HLWHRV
FRJXPHORVULSDGRVHRVHVSDUJRVSUHYLDPHQWHHODPLQDGRV5HVHUYHDVSRQWDVSDUDRHPSUDWDPHQWR7HPSHUHFRPVDO
HUHIUHVTXHRDUUR]FRPYLQKRWLQWR'HLWHHQWmRRFDOGRSUHYLDPHQWHFRQIHFFLRQDGRFRPDOJXQVOHJXPHVRVHVSDUJRV
HRVFRJXPHORVSRXFRDSRXFRDWpR5LVRWWRHVWDUFRPSOHWDPHQWHDEHUWR)LQDOL]HFRPXPSRXFRGHPDQWHLJDHTXHLMR
SDUPHVmRUDODGR
,QJUHGLHQWHVSSD[
3HLWRVGH3DWR
/DUDQMDV
JUJHQJLEUHIUHVFR
JUGHULVRWWR
$]HLWHTE
6DOHSLPHQWDTE
JUFRJXPHORVVHOYDJHQV
JUHVSDUJRVYHUGHV
GO9LQKRGR3RUWR%UDQFR
GO9LQKR%UDQFR
GO9LQKR7LQWR
RVHXEDQFRHP&RUXFKH
WHOHIV‡ID[
'(/(*$d®212%,6&$Ì1+2
WHOHIV ‡ID[
2-RUQDOGH&RUXFKH‡$QR1~PHUR‡)HYHUHLURGH
'2 35$'2
$2
35$72
0yQLFD7RPD]
0pGLFDYHWHULQiULD
6$/021(/26(
2 JpQHUR RFRUUH FRP IUHTXrQFLD HP
DQLPDLVQRPHDGDPHQWHHPDYHVGRPpV
WLFDV H VXtQRV 1R PHLR DPELHQWH SRGH
VHU HQFRQWUDGR QD iJXD QR VROR HP
LQVHFWRVVXSHUItFLHVGHIiEULFDVHFR]LQ
KDVIH]HVGHDQLPDLVFDUQHHSHL[HFUX
HQWUHRXWURV
&DXVDV GD GRHQoD D VDOPRQHORVH
VXUJH DSyV D SHQHWUDomR H SDVVDJHP GD
VDOPRQHOD GR O~PHQ SDUD R HSLWpOLR GR
LQWHVWLQR GHOJDGR RQGH RFRUUH D LQIOD
PDomR ([LVWHP HYLGrQFLDV TXH XPD
HQWHURWR[LQD VHMD SURGX]LGD SURYDYHO
PHQWHQRHQWHUyFLWR
$ GRVH LQIHFFLRVD YDL GHSHQGHU GD
LGDGH H GD VD~GH GR KRVSHGHLUR GDV
GLIHUHQoDV GH HVWLUSHV GH FDGD JpQHUR
EDVWDQGRFpOXODVSDUDRDSDUHFLPHQ
WR GRV VLQWRPDV TXH VXUJHP DSyV KRUDV
6LQWRPDVDJXGRVQiXVHDVYyPLWRV
FyOLFDVDEGRPLQDLVIHEUHGRUGHFDEHoD
HGLDUUHLD
&RQVHTXrQFLDV FUyQLFDV VLQWRPDV
GHDUWULWHSRGHPVXUJLUVHPDQDVDSyV
RDSDUHFLPHQWRGRVVLQWRPDVDJXGRV
'XUDomRGRVVLQWRPDVRVVLQWRPDV
DJXGRV SRGHP GXUDU HQWUH GLDV RX
PDLV GHSHQGHQGR GRV IDFWRUHV GR KRV
SHGHLUR GD GRVH LQJHULGD H GDV FDUDF
WHUtVWLFDVGDVHVWLUSHV
$OLPHQWRVDVVRFLDGRV
&DUQHVFUXDVDYHVRYRVOHLWHHSUR
GXWRV OiFWHRV SHL[H H PDULVFRV SHUQLQ
$VEDFWpULDVGRJpQHUR6DOPRQHOOD
VmRQRJHUDOEDFWpULDVHPIRUPD
GHEDFLORHFRPPRELOLGDGH6mR
H[FHSomRDVVHURYDULHGDGHV6JDOOL
QDUXP H63XOORUXPTXHVmR
LPyYHLV1mRIRUPDPHVSRURVHVmR
*UDPQHJDWLYDV
KDVGHUmFDPDUmROHYHGXUDVFRFRPRO
KRVSDUDVDODGDVFDFDXFKRFRODWHPDQ
WHLJD GH DPHQGRLP IROKDV GH JHODWLQD
PLVWXUDGHERORVVREUHPHVDVFRPFREHU
WXUDHFUHPHHQWUHRXWURV
9iULDV VHURYDULHGDGHV GH VDOPRQHOD
WrPGHVGHKiPXLWRVLGRLVRODGDVDSDU
WLUGDSDUWHH[WHULRUGDFDVFDGRVRYRV$
6DOPRQHOODHQWHULWLGLV SRGHGHVHQYROYHU
VH GHQWUR GR RYR PDLV SURSULDPHQWH QD
JHPD(VWDVLQIRUPDo}HVVXJHUHPIRUWH
PHQWH D RFRUUrQFLD GH XPD WUDQVPLVVmR
YHUWLFDO WUDQVRYiULFD LVWR p D FRQWDPL
QDomR GD JHPD SHOR PLFURUJDQLVPR
DQWHVGDIRUPDomRGDFDVFDGRRYR
0HGLGDVSDUDSUHYHQLU D&RQWDPL
QDomR
 6HSDUDURVSURGXWRVGHRULJHPDQLPDO
GRVGHRULJHPYHJHWDO
 3UHYHQLU D FRQWDPLQDomR IHFDO DWUD
YpVGDVIH]HVGRVSURGXWRV
 5HVSHLWDUULJRURVDPHQWHRVSULQFtSLRV
GHKLJLHQHODYDJHPHGHVLQIHFomRGRV
HTXLSDPHQWRVXWHQVtOLRVHLQVWDODo}HV
 5HVSHLWDUDFDGHLDGHIULR
 6HSDUDU DOLPHQWRV FUXV GRV FR]LQ
KDGRV
 &R]LQKDUEHPRDOLPHQWRHID]HUXP
DUUHIHFLPHQWR UiSLGR DIDVWDQGRR GD
]RQDGHWHPSHUDWXUDSHULJRVDž&D
ž&
 0DQWHU XPD KLJLHQH FRUSRUDO SHUPD
QHQWHODYDJHPIUHTXHQWHGDVPmRV
 &RPEDWHU D SUHVHQoD GH LQVHFWRV H
URHGRUHV YHtFXORV GH WUDQVPLVVmR GD
EDFWpULD
&DUORV&
&RQVLJOLHUL
0DUtOLD$
$EHO
0DULQD--RUJH
'EVRIF
F VEZEGG SQF
F EXEXEW
,QJUHGLHQWHV
.JGHFDUQHFRUWDGDHPFXERV
%DWDWDVGHVFDVFDGDVFRUWDGDVWDPEpPHP
FXERV
0DUJDULQDRX%DQKD
$OKRV
/RXUR
6DOH3LPHQWD
ÉJXD
3UHSDUDomR
‡ 7UDWDVHGXPDUHFHLWDH[WUHPDPHQWHVLPSOHV
1XPDIULJLGHLUDJUDQGHFRORFDVHDEDQKDRXPDUJDULQDRV
DOKRV H R ORXUR SDUD DORXUDU (QWUHWDQWR WHPSHURXVH D
FDUQH FRP VDO H SLPHQWD TXH YDL IULWDU QD JRUGXUD &RP
XPDFROKHUYDLVHPH[HQGRHHVSUHPHQGRDFDUQH4XDQGR
HVWLYHU UHODWLYDPHQWH SDVVDGD GHLWDPVH DV EDWDWDV 9DLVH
PH[HQGRWXGRHGHLWDPVHJROLQKRVGHiJXDDWpDVEDWDWDV
HVWDUHPFR]LGDV
2-RUQDOGH&RUXFKH‡$QR1~PHUR‡)HYHUHLURGH