,QIRUPDWLYRVREUHPDQXWHQomRHUHSDUDomRDXWRPRWLYDGD5DYHQ,QG~VWULDH&RPpUFLRGH)HUUDPHQWDV/WGD

3DUDUHFHEHUR5DYHQHZVFDGDVWUHVHHPZZZUDYHQIHUUDPHQWDVFRPEU

5DYHQHZV$QR2XWXEURGH

RUGHPGRVODQDPHQWRVIHUUDPHQWDVSDUDDXWRPYHLV!XWLOLWULRV!FDPLQKHV

1RYDVRSo}HVHPIHUUDPHQWDVXQLYHUVDLV
9LVDQGRRIHUHFHUPDLVRSHVGHHVFROKDDRUHSDUD
GRU D 5DYHQ DFUHVFHQWD GRLV QRYRV SURGXWRV  VXD
H[WHQVD OLQKD GH IHUUDPHQWDV XQLYHUVDLV $PEDV M
SRGHPVHUDGTXLULGDVQRVGLVWULEXLGRUHV5DYHQ



NJ



NJ

$IHUUDPHQWDSDUDMXQWDGREUDRD[LDODRS
R HFRQPLFD SRUP GH TXDOLGDGH  FRQVROLGDGD
$SRGHVHUXWLOL]DGDHPUWXODVGHD
PP$RXWUDQRYLGDGHDFKDYHSDUDSRU
FDSOVWLFDGRFRQMXQWRELDHERPEDGHFRPEXVWYHO
FRPWUVJDUUDVDJDUUDDGLFLRQDODXPHQWDDUHVLVWQ
FLDGDIHUUDPHQWDHIDFLOLWDRHQFDL[HGDPHVPDQDSRU
FDSOVWLFD6XDDEHUWXUDUHJXOYHOGHDPP

1HVWDHGLomR

6DFDOWURVSDUD+\XQGDLH.LD
-HVWRGLVSRQYHLVQRVGLVWULEXLGR
UHV5DYHQGRLVQRYRVVDFDGRUHVGH
OWURVGHOHRSDUDRVFDGDYH]PDLV
FRPXQVYHFXORV+\XQGDLH.LD

)HUUDPHQWDVSDUD



NJ



NJ

2LQGLFDGRSDUDROWURGH
OHRGRV+\XQGDL+%+%6FRP
PRWRU$WRV3ULPHH.LD3LFDQWR
-RDWHQGH+\XQGDLV
H.LDVHTXLSDGRVFRPPRWRUHV
HDOPGHRXWURVYH
FXORV DVLWLFRV FRPR D / 7ULWRQ
YLGHWDEHODDEDL[RGLUHLWD
$WHQR MDPDLV XWLOL]H IHUUDPHQWDV
SDUDDSHUWDUOWURVGHOHR2DSHUWR
PDQXDOVXFLHQWH

3ULQFLSDLVDSOLFDo}HVGR
+<81'$,

.,$

(ODQWUD9
+%+%69
L9
L&:ZDJRQ9
L[9
6DQWD)H99
6RQDWD9
7XFVRQ9*DV'LHVHO
7XFVRQ99
9HORVWHU9


&HUDWR9
0DJHQWLV9
6RUHQWR9!
6RXO9
6SRUWDJH6SRUWDJH*UDQG
9'LHVHO
6SRUWDJH9

/LQKD+\XQGDLH.LD/LQKD)LDWFRPPRWRU
(WRU4 /LQKD)RUG D SDUWLUGH 8WL
OLWULRV FRP PRWRUHV GLHVHO )37 )$ H
)&5HQDXOW0DVWHUG&L6SULQWHU
&',6WUHHW&',&',,YHFR'DLO\
(XUR9:$PDURN/LQKD3HXJHRW&LWUR
Q0LQL%0:7+39:-HWWD9
%0: LL; H = 7UROOHU7
 &DPLQKHV HTXLSDGRV FRP PRWRU
0:0$FWHRQH&DPLQKHV,YHFRHTXLSD
GRVFRPPRWRUHV&XUVRUH&XUVRU
0DWULDVWFQLFDV
6LQFURQLVPRGRVPRWRUHV9:9WXU
ERELWXUERGLHVHOGD$PDURN3J
6LQFURQLVPRGRPRWRU0%20GDQR
YD6SULQWHU3J
)LTXH$WHQWR

0,768%,6+,
/7ULWRQ9
3DMHUR9

1RYDDWXDOL]DRGRV6FDQQHUV,,H,,3OXV
HRXWUDVQRWFLDVHFRPXQLFDGRVGD5DYHQ
)HUUDPHQWDV3JVH
,PDJHQVPHUDPHQWHLOXVWUDWLYDV

(QJUHQDJHPGDiUYRUHGHPDQLYHODVGRVPRWRUHV(WRU4
2VPRWRUHV)LDWH9(WRU4HTXL
SDP GHVGH  YHUVHV GRV YHFXORV
%UDYR 'REO *UDQG 6LHQD ,GHD /LQHD
1RYR 3DOLR 3DOLR 3DOLR :HHNHQG 3XQWR
6LHQDH6WUDGD1DGHVPRQWDJHPGHVVHV
PRWRUHVVXUJHDQHFHVVLGDGHGHH[WUDLUH
LQVWDODUDHQJUHQDJHPGDUYRUHGHPDQL
YHODVHDSROLDGDFRUUHLDSRO\YTXHQHV
VHVPRWRUHV[DGDSRULQWHUIHUQFLD
3DUDDWHQGHUDHVVDQHFHVVLGDGHD5DYHQ
ODQRXRTXHH[WUDLDHQJUHQDJHP
GDUYRUHGHPDQLYHODVGHVVHVPRWRUHVH
DTXHLQVWDODDPHVPDHQJUHQD
JHPHWDPEPDSROLDGDFRUUHLDSRO\Y
3DUDH[WUDLUDSROLDGDFRUUHLDSRO\YXWLOL]H
RH[WUDWRU.LQJ7RQ\



9HODVGRVPRWRUHV36$
%0:7+3

NJ

%



NJ

NJ

3DUDUHPRYHUHLQVWDODUDVYHODVGRVPRWR
UHV3HXJHRW&LWURQ%0:97+3D
SOLFDGRVQR5&=&
/RXQJH'6'6'6HHPGHWHUPLQD
GRV%0:H0LQLXWLOL]HRVRTXHWHHVWULD
GRGHPPFRPERUUDFKDHHQFDL[HGH
r.LQJ7RQ\%
$OPGDOLQKDGHIHUUDPHQWDVPDQXDLVM
FRQVROLGDGD QR PHUFDGR D .LQJ 7RQ\
SRVVXL XPD DPSOD OLQKD GH IHUUDPHQWDV
DXWRPRWLYDVYULDVGDVTXDLVHVVHQFLDLV
HPTXDOTXHURFLQD3DUDVDEHUPDLVD
FHVVHNLQJWRQ\FRPEU

6LQFURQLVPRGR-HWWD9
3DUDWUDYDUHPVLQFURQLVPRRVPRWRUHV
9:9FLOGHFY%*3%*4
%7.HFY&%7$&%8$&&&$TXH
HTXLSDPR-HWWDHD-HWWD9DULDQW
 XWLOL]H R SDU GH IHUUDPHQWDV
5DYHQ



(OHYDGRUFRPSODWDIRUPDVH[WHQVtYHLV
NJ

&DERVGDVSLVWRODVHVWURERVFySLFDVDQWLJDV
(VWRGLVSRQYHLVSDUDDTXLVLRRVFD
ERV GDV SLVWRODV HVWURERVFSLFDV 5D
YHQDQWLJDVPRGHORVHPTXHRFDERp
VROGDGR GLUHWDPHQWH QD SODFD  2
  R FDER SLQD LQGXWLYD H R
  R FDER GH DOLPHQWDR $
VXEVWLWXLRVLPSOHVEDVWDQGRDEULU
DFDUFDDGDSLVWRODHVXEVWLWXLURFDER



NJ



NJ

2QRYRHOHYDGRUSDQWRJUFR
5DYHQ6UHQHWRGDD
SUDWLFLGDGHGRPRGHOR
H SHUPLWH DGLFLRQDOPHQWH
TXH R FRPSULPHQWR GH VXDV
SODWDIRUPDV VHMD DXPHQWDGR
HPDWFPDWUDYVGRDFLR
QDPHQWRPDQXDOGHH[WHQVHV
ORFDOL]DGDV QDV H[WUHPLGDGHV
GDVPHVPDV

6

NJ

(VWDIXQRLQWHUHVVDQWHSD
UDDVRFLQDVTXHUHSDUDPYH
FXORV FRP HQWUHHL[RV ORQJR
9: -HWWD 3DVVDW H *0 6
SRUH[HPSOR

$WHQR $ VROGD GHYH VHU IHLWD SRU

SURVVLRQDOTXDOLFDGR
,PDJHQVPHUDPHQWHLOXVWUDWLYDV

6LQFURQLVPRHPDQXWHQomRGR9DOYHWURQLFGRVPRWRUHV%0:91
2V PRWRUHV %0:  9 1 HTXLSDP DO
JXQVGRV%0:PDLVYHQGLGRVQR%UDVLOFRPR
R L  R L  R ;
V'ULYHLHPGLDQWHHR=
(QWUHVXDVFDUDFWHUVWLFDVHVWRXVRGHGLVWUL
EXLRSRUFRUUHQWHYDULDGRUGHIDVHQDVGXDV
UYRUHVGHFRPDQGRFKDPDGRSHOD%0:GH
9DQRVGXSORHXPVLVWHPDTXHHOLPLQDDERU
EROHWD GR DFHOHUDGRU ID]HQGR R FRQWUROH GD
TXDQWLGDGH GH DU DGPLWLGR GLUHWDPHQWH SHOD
DEHUWXUDGDVYOYXODVR9DOYHWURQLF&RPHVVH
VLVWHPDRPRWRUDGPLWHDUGHIRUPDPDLVH
FLHQWHUHVSRQGHPDLVUDSLGDPHQWHDRDFHOH
UDGRUHFRQVRPHPHQRVFRPEXVWYHO

3DUDDPDQXWHQRGRPRWRU1D5DYHQODQ
RXGRLVFRQMXQWRVGHIHUUDPHQWDV2
FRP WRGDV DV IHUUDPHQWDV QHFHVVULDV SDUD
WUDYDUHVVHPRWRUHPVLQFURQLVPRHR
FRPDVIHUUDPHQWDVQHFHVVULDVSDUDHIHWXDUD
PDQXWHQRGR VLVWHPD9DOYHWURQLFFRP VH
JXUDQDHSUDWLFLGDGH2VGRLVFRQMXQWRVYP
DFRPRGDGRVHPUHVLVWHQWHVPDOHWDVSOVWLFDV
HSRVVXHPPDQXDOGHLQVWUXHVFRPWRGDVDV
LQIRUPDHVQHFHVVULDVSDUDDXWLOL]DRGRV
PHVPRV



NJ

$GDSWDGRUDYXOVRGRFRQMXQWRSDUDWHVWH
GRVLVWHPDGHDUUHIHFLPHQWRGRVYHFXORV)RUG



NJ



NJ

6LQFURQLVPRGRVPRWRUHVGD$PDURN
$ SLFDSH 9: $PDURN  HTXLSDGD FRP R
PRWRU9:9GLHVHOHPYHUVHVWXUER
GHFY&'%$&1)$RXFY&1)%
H ELWXUER GH  FY &'&$ RX  FY
&1($&6+$ 1HVVHV PRWRUHV D GLVWUL
EXLRIHLWDSRUFRUUHLDGHQWDGDHDVU
YRUHVGHFRPDQGRVROLJDGDVSRUHQJUH
QDJHQVVHQGRDUYRUHGHHVFDSHDTXH
DFLRQDGDSHODFRUUHLD



NJ

1HZ)LHVWDPH[LFDQRHQDFLRQDO(FR6SRUW)R

FXVH5DQJHUIDEULFDGRVDSDUWLUGH



NJ

3DUDWUDYDUHVVHVPRWRUHVHPVLQFURQLVPR
HPWURFDVURWLQHLUDVGDFRUUHLDFDVRVGH
UHWFD RX TXHEUD GD FRUUHLD GHQWDGD D
5DYHQGLVSRQLELOL]RXRFRQMXQWRGHIHUUD
PHQWDV  FRP R TXDO WUDYDVH HP
VLQFURQLVPR RV FRPSRQHQWHV DFLRQDGRV
GLUHWDPHQWHSHODFRUUHLDGHQWDGD-SDUD
DMXVWDURVLQFURQLVPRHQWUHDVUYRUHVGH
FRPDQGR TXH QR SRVVXHP TXDLVTXHU
PDUFDV GH UHIHUQFLD TXH LQGLTXHP VXD
FRUUHWDSRVLRGHPRQWDJHPD5DYHQHV
WGHVHQYROYHQGRXPJDEDULWRDVHUODQ
DGRHPEUHYH

)HUUDPHQWDSDUDH[WUDLUDERPEDGHDOWDSUHVVR
GRPRWRU5HQDXOW9G&LGLHVHO*8DSOLFD
GRQD0DVWHUPDQWHQGRRVLQFURQLVPR
GDHQJUHQDJHPGDPHVPD

&RQUD D SDUWLU GD SJLQD  R SURFHGL

PHQWRSDUDYHULFDRHDMXVWHGRVLQFUR
QLVPRGHVVHVPRWRUHV
,PDJHQVPHUDPHQWHLOXVWUDWLYDV

/X]GHyOHRGD,YHFR'DLO\H&LW\&ODVV(XUR
2VXWLOLWULRV,YHFR'DLO\HRPLFURQLEXV,YHFR
&LW\FODVV(XURVRIDEULFDGRVGHVGHH
HTXLSDGRV FRP R VLVWHPD GH LQMHR %RVFK
('&1HVVHVYHFXORVDRVHDWLQJLUDTXLOR
PHWUDJHPQDTXDOGHYHVHUIHLWDDWURFDGHOHR
DOPSDGDGROHRQRSDLQHOFDSLVFDQGRHR
PGXORGHLQMHROLPLWDDURWDRGRPRWRUD
USP$OPGLVVRHPDOJXQVFDVRVRGLV
SOD\GRSDLQHOGHLQVWUXPHQWRVSDVVDDH[LELUD
PHQVDJHPPXGDUOHRGRPRWRU

$SVDWURFDGHOHRDOPSDGDHDPHQVDJHP
GHYHPVHUDSDJDGDVSDUDTXHRPRWRUSRVVD
YROWDU D WUDEDOKDU HP URWDHV VXSHULRUHV D
USP3RUPQHVVHVYHFXORVLVVRVRPHQ
WH SRGH VHU IHLWR HOHWURQLFDPHQWH DWUDYV GH
XPVFDQQHUFRPHVWDIXQRRV6FDQQHUV'LH
VHO5DYHQSRVVXHPHVWDIXQRH[FOXVLYDGHV
GHPDLRGH3DUDRVUHSDUDGRUHVTXHQR
SRVVXHP XP 6FDQQHU 'LHVHO 5DYHQ D 5DYHQ
GLVSRQLELOL]RXRTXHXPDSDUHOKRGH
EDL[RFXVWRSDUDDSDJDUDOX]HDPHQVDJHPGH
WURFDGHOHRGRV'DLO\H&LW\&ODVV(XUR2
FRQHFWDGRDRFRQHFWRUGHGLDJQV
WLFRGRYHFXORDWUDYVGHXPFDER2%'IRUQH
FLGR ( FRP R VLPSOHV DSHUWDU GH XP ERWR
DSDJDDOX]GHOHRHDPHQVDJHPQRGLVSOD\

$WHQR$OPSDGDGDOLPSH]DGROWURGHSDU
WFXODVGHGLHVHOWDPEPSRGHHVWDUUHODFLRQD
GDFRPRDFHQGLPHQWRGDOX]GHOHR$ROLJDUD
LJQLRHVVDOPSDGDORFDOL]DGDDEDL[RGRYH
ORFPHWURQRUPDOPHQWHVHDFHQGHHDSDJDOR
JRHPVHJXLGDRGHVHQKRGHVVDOPSDGDVLP
EROL]DXPHVFDSDPHQWRH[SHOLQGRGHWULWRV$
OPSDGDVHDFHQGHQRYDPHQWHVHRPGXORGH
LQMHR QR FRQVHJXLU HIHWXDU D UHJHQHUDR
OLPSH]DGROWURGHSDUWFXODV1HVVHFDVRSD
UDHIHWXDUDUHJHQHUDRGHYHVHVHSRVVYHO
WUDIHJDUFRPRYHFXORSRUSHORPHQRVPL
QXWRV VHJXLGRV HP URWDHV DFLPD GH 
USPHDYHORFLGDGHVSU[LPDVGHNPK(IH
WXDQGRHVVHSURFHGLPHQWRRXQRRPGXOR
WHQWDUHIHWXDUDUHJHQHUDRDOJXPDVYH]HV
&DVRQRFRQVLJDRPGXORDFHQGHUDOX]GH
OHRHOLPLWDUDURWDRDUSPDSHVDUGH
DIDOKDQRHVWDUUHODFLRQDGDFRPROHRGRPR
WRU1HVVHVFDVRVGHYHVHSULPHLUDPHQWHDSD
JDUDOX]GHOHRXWLOL]DQGRXP6FDQQHU'LHVHO
5DYHQRXXP(HPVHJXLGDWUDIHJDU
FRPRYHFXORHPXPDURGRYLDQDVFRQGLHV
GHVFULWDVDQWHULRUPHQWHSDUDID]HUDUHJHQHUD
RGROWUR6HPHVPRDVVLPDUHJHQHUDR
QRIRU IHLWDFHUWDPHQWHR OWUR HVWDUPXLWR
VXMRHGHYHUVHUVXEVWLWXGR,QFOXVLYHDRHIH

6LQFURQLVPRGRPRWRUGD6SULQWHUHPGLDQWH
$ JHUDR DWXDO GR XWLOLWULR 0HUFHGHV%HQ]
6SULQWHUTXHIDEULFDGDGHVGHPHDGRVGH
HFXMDVYHUVHVVRD&',6WUHHWD&',H
D&',HTXLSDGDFRPRPRWRU9EL
WXUERGLHVHO20
3DUDRVLQFURQLVPRGR20MHVWRGLVSRQ
YHLVDVIHUUDPHQWDV5DYHQSDUDWUDYDU
HPVLQFURQLVPRDVUYRUHVGHFRPDQGRGHYO
YXODVHSDUDWUDYDUHPVLQFURQLVPRDV
UYRUHVFRPSHQVDGRUDVGHPDVVDVGHVVHPR
WRU3DUDHIHWXDURSURFHGLPHQWRFRPIDFLOLGDGH
UHFRPHQGDPRV XWLOL]DU HP FRQMXQWR FRP D
 H D  RV SURGXWRV  SJ
VHJXLQWHHDRODGR





NJ

WXDUDVXEVWLWXLRGROWURRPGXORGHYHU
VHULQIRUPDGRGDVXEVWLWXLRSDUDDSDJDUD
OX](VVDXPDIXQRTXHVRPHQWHRV6FDQ
QHUV'LHVHO5DYHQSRVVXHPHQWUHRVVFDQQHUV
LQGHSHQGHQWHV



NJ

NJ

([WUDWRUHLQVWDODGRUQRORFDOGRVSLYVGDVXV
SHQVRGLDQWHLUDGD5HQDXOW0DVWHU9



NJ



NJ

&RQUD D SDUWLU GD SJLQD  R SURFHGLPHQWR

SDUDDYHULFDRHRDMXVWHGRVLQFURQLVPRGHV
VHPRWRUFXMRSHFXOLDUVLVWHPDGHGLVWULEXLR
XWLOL]DXPDFRPELQDRGHFRUUHQWHHHQJUHQD
JHQV

)HUUDPHQWD SDUD JLUDU R PRWRU 0HUFHGHV%HQ]

20 6SULQWHU  &', 6WUHHW D SDUWLU GH 
&',H&',
,PDJHQVPHUDPHQWHLOXVWUDWLYDV

)HUUDPHQWDVSDUDRPRWRU0:00D[[)RUFHGR7UROOHU7
2PRWRU0:00D[[)RUFHGHFLOLQGURV
GHULYDGR GR FRQKHFLGR PRWRU 0:0 6SULQW (
QR%UDVLOHTXLSDRXWLOLWULR7UROOHU7SURGX]LGR
GHPHDGRVGHDDJRVWRGHTXDQGR
IRLODQDGDDQRYDJHUDRGRMLSHDQRYDJHUD
RGR7WDPEPHTXLSDGDFRPXPPRWRU
SRUPIDEULFDGRSHOD)RUG
20D[[)RUFHGHPDQGRXQRYDVIHUUDPHQWDV
HVSHFLDLVTXHD5DYHQMHVWGLVSRQLELOL]DQGR
6RHODVSDUDDMXVWDUDIROJDGDHQJUH
QDJHPGDUYRUHGHFRPDQGRSDUDWUD
YDU HP VLQFURQLVPR D UYRUH GH FRPDQGR GH
YOYXODV  SDUD FRPSULPLU VLPXOWDQHD
PHQWHTXDWURPRODVGHYOYXODVSDUD
LPSHGLUTXHRVLQMHWRUHVGDQLTXHPRVHXUH
WHQWRU GXUDQWH VXD UHPRR H LQVWDODR
 SDUD DMXVWDU D IROJD GD HQJUHQDJHP
ORFDOL]DGDDRODGRGDHQJUHQDJHPGDUYRUHGH
FRPDQGR H  SDUD H[WUDLU H LQVWDODU R
UHWHQWRUGDWDPSDGRVLQMHWRUHVGHVVHPRWRU



NJ



NJ



NJ



NJ



NJ



NJ

$OJXPDVGDVIHUUDPHQWDVMH[LVWHQWHVSDUDPR
WRUHV0:0SRGHPVHUXWLOL]DGDVQR0D[[)RUFH
3DUDPDLVLQIRUPDHVFRQVXOWHRFDWORJR $WHQR R PRWRU 0:0 0D[[)RUFH  QR
&DPLQKHV  0DLRUHV LQIRUPDHV VR GHYHVHUFRQIXQGLGRFRPRPRWRU)RUG'XUD
EUHRVFDWORJRVQDSJLQD
WRUTGHFLOLQGURVTXHHTXLSDD)RUG5DQ



1RYDVSODFDVDFHVVyULDVSDUDH
(VWRGLVSRQYHLVQRYDVSODFDVDFHV
VULDVSDUD[DUPRWRUHVDRVVXSRUWHV
5DYHQH
$SODFDXWLOL]DGDSDUD[DURV
PRWRUHV )37 )LDW,YHFR  9 )$
)LDW'XFDWR&LWURQ-XPSHUH3HXJHRW
%R[HU D SDUWLU GH   9 )&
,YHFR'DLO\HPLFURQLEXV&LW\&ODVVH
69+\XQGDL+'QRVVXSRU
WHVFLWDGRVHDXWLOL]DGDTXDQ
GRVHTXHU[DURVPRWRUHV0HUFHGHV
%HQ]206SULQWHU&',6WUHHWD
SDUWLUGH&',H&',
- D SODFD  IRL FRQFHELGD SDUD
XWLOL]DRHPPRWRUHV9HSRVVXLY
ULDVRSHVGHD
MXVWH(VVDSOD
FDMIRLDSUR
YDGD SDUD X
VR QRV PR
WRUHV /DQG
5 R Y H U  9 
JDVROLQD H
GLHVHO


 NJ

JHUGHVGHHDUHFPODQDGDQRYDJHUD
RGR7UROOHU7

NJ

 NJ

)HUUDPHQWDSDUDJLUDURVPRWRUHV,YHFR&XUVRU
FDPLQKHV &DYDOOLQR &XUVRU H (XUR&DUJR H
&XUVRUFDPLQKHV6WUDOLV+L:D\H7UDNNHU



NJ



NJ

$GDSWDGRUDYXOVRGRFRQMXQWRSDUDPHGL
RGHFRPSUHVVRQRVPRWRUHV$FWHRQ99

,PDJHQVPHUDPHQWHLOXVWUDWLYDV

,QGLFDGRUGLJLWDOGHWRUTXHVDQJXODUHV
2 LQGLFDGRU GLJLWDO GH WRUTXHV DQJXODUHV
5DYHQ   XP DSDUHOKR HOHWUQLFR GH
SUHFLVRTXHLQGLFDHPVHXGLVSOD\RQJXOR
GHDSHUWRGXUDQWHDPRQWDJHPGHSDUDIXVRV
HRXWURVHOHPHQWRVGH[DR



NJ

2LQGLFDGRUSRVVXLFDUFDDSOVWLFDFRPSDF
WD H OHYH FRP UHVVDOWR HP 9 LPDQWDGR QD
SDUWHWUDVHLUDSDUD[DRGRDSDUHOKRVREUH
XPFDERGHIRUDRXFDWUDFDFRPVRTXHWHGH
RX
$RSHUDRVLPSOHVHPDSHQDVERWHVR
GLVSOD\LOXPLQDGRHOHGVHDYLVRVVRQRURV
LQGLFDP D DSUR[LPDR H D REWHQR GR
QJXOR GHVHMDGR 2 DSDUHOKR SRGH VHU XWLOL
]DGRWDQWRQRVHQWLGRKRUULRTXDQWRQRDQWL
KRUULRHDLQGDFRQWDFRPRPRGRFDWUDFD
TXH VRPD RV SHTXHQRV QJXORV REWLGRV
TXDQGR VH ID] XVR GH XPD FDWUDFD PDQXDO
DJLOL]DQGRRVHUYLR

7DPDQKRQDWXUDO

$OLPHQWDGRSRUGXDVSLOKDV$$IRUQHFLGDV

3URFHGLPHQWRGHXWLOL]DomR

,PDJHQVPHUDPHQWHLOXVWUDWLYDV

6LQFURQLVPRGRVPRWRUHV9:9WXUERELWXUERGLHVHOGD$PDURN

%

'



&
&

)LJ

.LQJ7RQ\




)LJD

)LJ

)LJ

)LJ

)LJ

)LJE

)LJ

)LJD

)LJ

)LJE

)LJF
,PDJHQVPHUDPHQWHLOXVWUDWLYDV





)LJD

)LJE


)LJ

)LJ
)LJD
25,)&,2

)LJE
/$&81$

)LJ
)LJD

)LJD

)LJ

)LJE

)LJE
,PDJHQVPHUDPHQWHLOXVWUDWLYDV

)LJ

)LJ

1RYRVPDQXDLVSDUD
H
2VUHSDUDGRUHVTXHSRVVXHPRFRQMXQWRGHIHU
UDPHQWDVHR6FDQQHU,,3OXVSR
GHPVROLFLWDUDWUDYVGRQRVVRVXSRUWHWFQLFR
D QRYD HGLR GRV PDQXDLV GHVVHV SURGXWRV
TXHVRPHOKRULOXVWUDGDVHSRVVXHPLQIRUPD
HVDGLFLRQDLV

6LQFURQLVPRGRPRWRU
WXUERGLHVHOGHFY
GD6H7UDLO%OD]HU

)LJ

)LJ

$VIHUUDPHQWDVHHVWRDSURYD
GDVSDUDXVRVRPHQWHQDYHUVRGHFYGR
PRWRU9WXUERGLHVHO&7'LXWLOL]DGRQDQR
YDJHUDRGDSLFDSH6H7UDLOEOD]HU$VPHV
PDV DLQGD QR IRUDP DSURYDGDV SDUD XVR QD
YHUVRGHFYGRPRWRUFLWDGRTXHFRPHU
FLDOL]DGRGHVGHVHWHPEURGH(VWDPRVD
YDOLDQGR VH K D QHFHVVLGDGH GH QRYDV IHUUD
PHQWDVRXPRGLFDHVQDVMH[LVWHQWHV
,PDJHQVPHUDPHQWHLOXVWUDWLYDV

6LQFURQLVPRGRVPRWRUHV20GD6SULQWHU&',6WUHHW&',&',

3URFHGLPHQWRSDUDVLQFURQLVPR
0RWRU0HUFHGHV%HQ]20

1HVVHPRWRUDGHVPRQWDJHPGHXPLWHPJH
UDOPHQWHUHTXHUDGHVPRQWDJHPGHGLYHUVRV
RXWURV LWHQV 3RU FRQWD GLVVR H FRPR HVVH
PRWRU DSUHVHQWD GLYHUVDV SDUWLFXODULGDGHV
UHFRPHQGDPRV VHJXLU DV RULHQWDo}HV GR
IDEULFDQWHSDUDH[HFXWDURVSDVVRV
H

'HYLGRDRSRXFRHVSDoRGLVSRQtYHOQRFRIUH
GRPRWRUjORFDOL]DomRGRVFRPSRQHQWHVGR
VLVWHPDGHGLVWULEXLomRHjVSHoDVTXHGHYHP
VHUUHPRYLGDVSDUDTXHVHSRVVDWHUDFHVVR
DRVPHVPRVUHFRPHQGDPRVTXHRSURFHGL
PHQWRVHMDHIHWXDGRFRPRPRWRUIRUDGRYHt
FXOR

$SOLFDomR YHtFXORV 0HUFHGHV%HQ] 6SULQWHU

 &', 6WUHHW D SDUWLU GH MXQ  &', H
&',
)HUUDPHQWDVHVSHFLDLVQHFHVViULDV)LJ
RX




&



5HPRYDDFDL[DGRILOWURGHDU
5HPRYDDFREHUWXUDSOiVWLFDGRPRWRU
%



%

)LJ

5HPRYDRPRWRUGRYHtFXOR

)LJE

  (QFDL[H DV GXDV WUDYDV % QDV

VXSHUItFLHV SODQDV GDV iUYRUHV FRPSHQVDGRUDV
GHPDVVDV)LJ

5HPRYDDVWXEXODo}HVTXHVDHPGRWXERUDLO
HPGLUHomRDRVLQMHWRUHV
5HPRYDRVLQMHWRUHV
5HPRYDDWDPSDGHYiOYXODVMXQWDPHQWHFRP
RVHQVRUGHIDVH

,QWURGXomR
2VLVWHPDGHGLVWULEXLomRGRPRWRU20SRVVXL
XPD DUTXLWHWXUD SHFXOLDU 3ULPHLUDPHQWH WRGRV
RVFRPSRQHQWHVGRVLVWHPDHVWmRSRVLFLRQDGRV
QD SDUWH WUDVHLUD GR PRWRU$V GXDV iUYRUHV GH
FRPDQGRGHYiOYXODVVmROLJDGDVjERPEDGHDOWD
SUHVVmRDWUDYpVGHXPDFRUUHQWHLWHQVYHUGHVQD
)LJ$PHVPDERPEDGHDOWDSUHVVmRHRVGH
PDLVFRPSRQHQWHVVmRDFLRQDGRVSRUHQJUHQD
JHQV LWHQV D]XLV QD )LJ  +i GXDV iUYRUHV
FRPSHQVDGRUDV GH PDVVDV GR WLSR /DQFKHVWHU
TXH WrP FRPR IXQomR QHXWUDOL]DU DV IRUoDV GH
LQpUFLDLQGHVHMDGDVJHUDGDVSHORPRYLPHQWRGD
iUYRUHGHPDQLYHODVIRUoDVTXHWRUQDPRPRWRU
PDLVUXLGRVRHFRPIXQFLRQDPHQWRLUUHJXODU(V
VDVGXDViUYRUHVVmRPRQWDGDVHPXPDHVSpFLH
GHVXEEORFRTXHFRPSRUWDWDPEpPRVPDQFDLV
LQIHULRUHVGDiUYRUHGHPDQLYHODV

&20$1'2'(
$'0,662

&20$1'2
'((6&$3(

5925('(
0$1,9(/$6

%20%$'(
$/7$
35(662
(1*5(1$*(0
,17(50(',5,$

(1*5(1$*(0
,17(50(',5,$

5HPRYDDWDPSDPHWiOLFDORFDOL]DGDQDSDUWH
WUDVHLUDGRFDEHoRWH
5HPRYDRYRODQWHGRPRWRUSDUDSRVVLELOLWDUD
UHPRomRGRFiUWHU
'UHQHRyOHRGRFiUWHU
 5HPRYD R WXER JXLD GD YDUHWD GH QtYHO GH
yOHR
'HVFRQHFWHRFRQHFWRUGRVHQVRUGHQtYHOGH
yOHRORFDOL]DGRQDSDUWHLQIHULRUGDVHomRLQIHULRU
GRFiUWHU
5HPRYDDVHomRLQIHULRUGRFiUWHU1RWHTXH
H[LVWHPGXDVURVFDVVHPSDUDIXVRVQDVHomRLQ
IHULRUGRFiUWHUFXMDIXQomRpDX[LOLDUDH[WUDomR
GR PHVPR 'HYHVH URVTXHDU DOWHUQDGDPHQWH
SDUDIXVRVQHVVDVURVFDVSDUDVHSDUDUDVHomR
LQIHULRUGRFiUWHUGDVHomRVXSHULRU

5925(6&203(16$'25$6

3URFHGLPHQWR
$WHQomR
3DUDHYLWDUDFLGHQWHVGHYHVHWUDEDOKDUFRP
RPRWRUIULRSRLVDOLQKDGHDOWDSUHVVmRGH
YHUiHVWDUGHVSUHVVXUL]DGD

)LJ
  *LUH D SROLD GD iUYRUH GH PDQLYHODV QR
VHQWLGRFRQWUiULRDRGHURWDomRGRPRWRUDWpTXH
DPDUFD27SUHVHQWHQDPHVPDILTXHDOLQKDGD
FRP D VDOLrQFLD QR VXSRUWH GR WHQVLRQDGRU GD
FRUUHLD SRO\Y )LJ E )HLWR LVVR R SLVWmR GR
SULPHLURFLOLQGURHVWDUiHP306HDVGXDVWUDYDV
%DOLQKDGDV
(QFDL[HRVSLQRVGDUpJXD&QRV
RULItFLRVGDVWUDYDV%)LJ1RWHTXH
KiXPDPDUFDGHUHIHUrQFLDQDViUYRUHVFRPSHQ
VDGRUDVTXHVHDOLQKDHQWUHGXDVRXWUDVPDUFDV
HPDOWRUHOHYRQDJDLRODGDVPHVPDV)LJD$
PDUFDDSDUHQWDHVWDUGHVDOLQKDGDQD)LJDGH
YLGRDRkQJXORGDPHVPD

5HPRYDDVHomRVXSHULRUGRFiUWHU
$WHQomR
y

UHPRYDSULPHLUDPHQWHRVFLQFRSDUDIXVRVOR
FDOL]DGRVQDWDPSDGRVLVWHPDGHGLVWULEXLomR

$VVLPFRPRDVHomRLQIHULRUDVHomRVXSHULRU
GRFiUWHUSRVVXLURVFDVSDUDDX[LOLDUDH[
WUDomRGRPHVPR

%20%$'(
/(2

)LJD

,QVWDOHRPRWRUHPXPVXSRUWH5DYHQ
RX  HTXLSDGR FRP D SODFD DFHVVyULD


6XSRUWDURPRWRU
7UDYDUHPVLQFURQLVPRDViUYRUHVGHFR
PDQGRGHYiOYXODV
7UDYDUHPVLQFURQLVPRDViUYRUHVFRP
SHQVDGRUDVGHPDVVDV
*LUDUDSROLDGDiUYRUHGHPDQLYHODV

)LJ

306ILTXHDOLQKDGDFRPDVDOLrQFLDQRVXSRUWH
GRWHQVLRQDGRUGDFRUUHLDSRO\Y)LJD

5HPRYDRWXERSHVFDGRUGHyOHRMXQWDPHQWH
FRPVXDFDUFDoDSOiVWLFD
  8WLOL]DQGR D FKDYH  JLUH D SROLD GD
iUYRUH GH PDQLYHODV QR VHQWLGR GH URWDomR GR
PRWRU DWp TXH D PDUFDomR ORFDOL]DGD HQWUH DV
PDUFDV  H  HTXLYDOHQWH D  DSyV R

)LJ
9HULILTXHVHDPDUFDGHUHIHUrQFLDQDVFDSDV
GRVPDQFDLVGDViUYRUHVGHFRPDQGRHVWmRDOL
QKDGDVFRPRFDQWRYLYRGRVVH[WDYDGRVGDViU
YRUHVGHFRPDQGRGHYiOYXODV)LJE6RPHQWH
,PDJHQVPHUDPHQWHLOXVWUDWLYDV



VHQmRHVWLYHUHPVLJDRVSDVVRVD
7RUTXHVGHDSHUWRFRQWLQXDomR
WRUTXH
3DUDIXVRGDWUDYDGRVLQMHWRUHVWRUTXH1P
WRUTXHWRUTXH
3DUDIXVRVGDWDPSDWUDVHLUDGRFDEHoRWH1P
3DUDIXVREDQMRGDOLQKDGHUHWRUQRDRWXERUDLO1P
3DUDIXVRVGDWDPSDGHYiOYXODV1P

3DUDIXVRVGDPHWDGHVXSHULRUGRFiUWHU1P0
1P0
3DUDIXVRVGDPHWDGHLQIHULRUGRFiUWHU1P
%XMmRGRFiUWHU1PGHYHVHVXEVWLWXLURUHWHQWRU
GREXMmR
3DUDIXVRVGRYRODQWHGRPRWRUWRUTXH1P


)LJD

)LJE

  5HPRYD RV SDUDIXVRV GD FDSD GH PDQFDO

GDViUYRUHVGHVDOLQKDGDVPDQWHQGRDFDSD
QROXJDU
7UDYHDiUYRUHDWUDYpVGHVHXVH[WDYDGRH
DIURX[HRSDUDIXVRFRPURVFDHVTXHUGDGDSROLD
(PVHJXLGDDWUDYpVGRVH[WDYDGRJLUHDiUYRUH
GHFRPDQGRDWpTXHRFDQWRYLYRGRVH[WDYDGRVH
DOLQKHFRPDPDUFDQDFDSD)LJE
  7UDYH DV iUYRUHV FRP DV IHUUDPHQWDV
HDSOLTXHRVWRUTXHVGH1PHUHV
SHFWLYDPHQWHQRSDUDIXVRFRPURVFDHVTXHUGD
GDVSROLDV
0DUTXHDSRVLomRGDVFDSDVGRVPDQFDLVUH
PRYDDVHQROXJDUGHVWDVLQVWDOHDVIHUUDPHQWDV
)LJIL[DQGRDVFRPRVSDUDIXVRVGDV
FDSDV
$WHQomR$VIHUUDPHQWDVGHYHPHQWUDUVHPHV
IRUoRSRUpPRHQFDL[HGDVPHVPDVQRVVH[WDYD
GRVpEHPMXVWR

)LJ
5HPRYDWRGDVDVIHUUDPHQWDVGrGXDVYRO
WDVFRPSOHWDVQRPRWRUHYHMDVHDVPDUFDVGH
UHIHUrQFLDFRLQFLGHPHVHDVIHUUDPHQWDVVHHQ
FDL[DPVHPSUREOHPDV
5HPRQWHRVGHPDLVLWHQVQDVHTXrQFLDLQ
YHUVDjGDGHVPRQWDJHP

7RUTXHVGHDSHUWR
3DUDIXVRVGDVFDSDVGRVPDQFDLVGDViUYRUHV
GHFRPDQGR1P
3DUDIXVRVGDFDUFDoDGRWXERSHVFDGRUGHyOHR
WRUTXH1PWRUTXHGHYHVHVXEVWLWXLU
RUHWHQWRUGRWXER

1RYDDWXDOL]DomRGR6FDQQHU,,HGR6FDQQHU,,3OXV
(VW GLVSRQYHO QR VLWH UDYHQVFDQQHUFRPEU XPD
QRYD DWXDOL]DR GH VRIWZDUH SDUD R 6FDQQHU ,,
 H SDUD R 6FDQQHU ,, 3OXV  1HVVD
QRYDDWXDOL]DRGHQRPLQDGD6HWHPEURRVVLV
WHPDVQRYRVIRUDPLQFOXGRVQRVEORFRVH
/HPEUDPRVTXHRVVLVWHPDVGREORFRVRPHQWH
SRGHPVHUDFHVVDGRVSHORV6FDQQHUV,,3OXV
HSHORV6FDQQHUVTXHWHQKDPVLGRFRQYHUWL

0RQWDGRUD 0RGHOR
&KHU\



&LWURsQ
)LDW


)RUG









*0


+RQGD

+\XQGDL








-DF
.LD

0LWVXELVKL







1LVVDQ
3HXJHRW
7R\RWD


9:







0RWRU 

&LHOR
9
)DFH
9
44
9
7LJJR
9
-XPSHU
9+'L

9
'XFDWR
90XOWLMHW
)UHHPRQW 9
(FR6SRUW
96LJPD
(FR6SRUW
96LJPD
)LHVWD
96LJPD
)LHVWD
96LJPD
)RFXV
96LJPD
)RFXV
9)OH[
)RFXV6HGDQ96LJPD
)RFXV6HGDQ9)OH[
)XVLRQ
9
)XVLRQ
9
&UX]H
9)OH[
7UDFNHU
9)OH[
7UDFNHU
9)OH[
1HZ&LYLF 9
1HZ&LYLF 9
$]HUD
9
+%
9)OH[
+%
9)OH[
+%6
9)OH[
+%6
9)OH[
+%;
9)OH[
L;
9
6DQWD)H
9
9HUDFUX]
9
-
9
6RUHQWR
9
6SRUWDJH
9
$V[
9
/7ULWRQ 9
/DQFHU
9
/DQFHU
97XUER
2XWODQGHU 9
2XWODQGHU 9
2XWODQGHU 9
3DMHUR75 9)OH[
)URQWLHU
7XUER'LHVHO
%R[HU
9+'L
&RUROOD
9
&RUROOD
9
+LOX[
9'LHVHO
)R[
9)OH[
*RO*
9)OH[
*RO*
9)OH[
3ROR
9)OH[
6DYHLUR* 9)OH[
9R\DJH
9)OH[
9R\DJH
9)OH[

GRVHPSHOD5DYHQ,VVRGHYLGRDRIDWRGH
TXHRVVLVWHPDVGREORFRVRXWLOL]DGRVHPYH
FXORVTXHSRVVXHP5HGH&DQGHDOWDYHORFLGDGHH
HVVH WLSR GH VLVWHPD V SRGH VHU DFHVVDGR FRP R
KDUGZDUHDGLFLRQDOGR3RUWDQWRR6FDQQHU,,
VHPDWXDOL]DRGHKDUGZDUHQRDFHVVD
RVVLVWHPDVGREORFR&RQUDDEDL[RRVYHFXORVH
VLVWHPDVLQFOXGRVQHVVDQRYDDWXDOL]DR

$QR

6LVWHPD

1RPHGR6LVWHPD

%ORFR

























































,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR
,QMHomR

0RWURQLF0(;
0RWURQLF0(;
&RQW6,0.
0RWURQLF0(;
%RVFK('&&.
0DUHOOL*0%
%RVFK('&&.
&RQWLQHQWDO 
)R0R&R(06
0DUHOOL*)5
)R0R&R(06
)R0R&R(06
)R0R&R(06
)RUG'LUHFW)OH[
)R0R&R(06
)RUG'LUHFW)OH[
)RUG'XUDWHF)XVLRQ
)RUG'XUDWHF)XVLRQ
*0&DQ 
*0&DQ 
*02%'&DQ
+RQGD3*0),
+RQGD3*0),
+\XQGDL7JDE
0RWURQLF0(
0RWURQLF0(
0RWURQLF0(
0RWURQLF0(
0RWURQLF0(
6LHPHQV6,0.
+\XQGDL&PDE
+\XQGDL&PDE
'HOSKL07
+\XQGDL&PDE
6LHPHQV6,0.
0LWVXELVKL60
0LWVXELVKL03,
0LWVXELVKL60
0LWVXELVKL60
0LWVXELVKL60
0LWVXELVKL60
0LWVXELVKL60
0DUHOOL,$:;0
'HQVR 
%RVFK('&&.
7&&6&DQ
7&&6&DQ
'HQVR 
0RWURQLF;
0RWURQLF;
0DUHOOL*9 
0DUHOOL*9
0DUHOOL*9
0RWURQLF;
0DUHOOL*9

























































,PDJHQVPHUDPHQWHLOXVWUDWLYDV



5DYHQH.LQJ7RQ\UHFHEHPR3UrPLR6LQGLUHSD63
(PUHFRQKHFLPHQWRDRWUDEDOKRTXHGHVHQYROYHP
QRVHWRUGHUHSDUDRLQGHSHQGHQWHD5DYHQHD
.LQJ7RQ\IRUDPSUHPLDGDVQDHGLRGR3UPLR
6LQGLUHSD2V0HOKRUHVGR$QRQDFDWHJRULD)HU
UDPHQWDV$5DYHQIRLDJUDFLDGDFRPDFODVVLFD
R3UDWDVHJXLGDSHOD .LQJ7RQ\TXHUHFHEHXD
FODVVLFDR%URQ]H

$5DYHQHD.LQJ7RQ\HVWLYHUDPSUHVHQWHVQDV
IHLUDV$XWRSDUH$XWRSH[LELQGRODQDPHQWRVH
GHVWDTXHVGDVVXDVOLQKDVGHSURGXWRVHPDQ
WHQGRFRQWDWRGLUHWRFRPRVUHSDUDGRUHV
1RHVWDQGHGD5DYHQHGD.LQJ7RQ\QD$XWRSDU
UHDOL]DGDQRVGLDVDGHMXOKRHP3LQKDLVQR
3DUDQKRXYHXPERPYROXPHGHYLVLWDHVH
RVYLVLWDQWHVSXGHUDPFRQIHULUGHSHUWRRVODQ
DPHQWRV6
HQWUHRXWURV-QDIHLUD$XWRSUHDOL]DGDGHD
GHDJRVWRHP)RUWDOH]DQR&HDUD2FLQD
0RGHOR66$6HEUDH3UQD(GLWRUDIRLHTXLSD
GDFRPSURGXWRV5DYHQH.LQJ7RQ\FRPREDQ
FDGDFDUULQKRGHIHUUDPHQWDVVXSRUWHGHPR
WRUPDFDFRKLGUXOLFRHXPHOHYDGRU

2SUPLRRIHUHFLGRSHOR6LQGLFDWRGD,QGVWULDGH
5HSDUDRGH9HFXORVH$FHVVULRVGR(VWDGRGH
6R3DXORIRLEDVHDGRHPSHVTXLVDTXHDYDOLDDV
HPSUHVDV TXH PDLV VH GHVWDFDUDP QR VHWRU HP
QDRSLQLRGHUHSDUDGRUHV

3URGXWRV5DYHQJDQKDPQRYDVHPEDODJHQV
2VSURGXWRV5DYHQPHVPRRVTXHMDFXPXODPDQRV
QRPHUFDGRQRSDUDPGHHYROXLU3URYDGLVVRTXH
DOJXQVSURGXWRVJDQKDUDPQRYDVHPEDODJHQVDVVLP
FRPRRFRUUHXDQWHVFRPRVFRQMXQWRVGHIHUUDPHQ
WDVSDUDVLQFURQLVPRYLGHSJGRFDWORJR$XWR
PYHLVHFRPRVWRUTXPHWURV
2VSURGXWRVTXHJDQKDUDPQRYDVHPEDODJHQVVRR
FRQMXQWR GH IHUUDPHQWDV SDUD UHWRUQDU PERORV GH
SLQDVGHIUHLRWUDVHLUDVRH[WUDWRUKLGUXOLFR
GHFXERVGHURGDGHDXWRPYHLVRFRQMXQWR
SDUD PHGLR GD SUHVVR GH OHR GH PRWRUHV FLFOR





5DYHQH.LQJ7RQ\H[S}HP
QDVIHLUDV$XWRSDUH$XWRS

2WWR  H DV FKDYHV PXOWLSOLFDGRUDV GH WRUTXH

H$VQRYDVHPEDODJHQVVRPDLVSU
WLFDVTXHDVDQWHULRUHVHSHUPLWHPRUJDQL]DUPHOKRU
RVFRQMXQWRVHYHULFDUVHHVWRFRPSOHWRV
)HLUD$XWRSDU
3DUDQ

$VQRYDVHPEDODJHQVSDVVDUDPDVHUIRUQHFLGDVQDV
XQLGDGHVGRHIDEULFDGDVDSDUWLUGH
GRIDEULFDGDVDSDUWLUGHHGR
IDEULFDGDVDSDUWLUGH1RPRPHQ
WRQRKSUHYLVRGHYHQGDDYXOVDGHVVDVHPEDOD
JHQV



)HLUD$XWRS
&HDU




3HVTXLVDGHVDWLVIDomR
5DYHQ
1RYRVFDWiORJRV5DYHQQRYRVPHVPR
$HGLRGRVFDWORJRVGHIHUUDPHQWDV5D
YHQSDUD$XWRPYHLVH&DPLQKHVSRVVXLFRQVLGH
UYHLVGLIHUHQDVHPUHODRVHGLHVDQWHULRUHV,V
VRSRUTXHRVFDWORJRVSDVVDUDPSRUXPDSURIXQGD
UHYLVR TXH DEUDQJHX DV LQIRUPDHV GH WRGRV RV
SURGXWRV 5DYHQ $PERV VRPDP PDLV GH  ODQD
PHQWRV
1R&DWORJR$XWRPYHLVDOJXPDVGDVDOWHUDHVPD
LVVLJQLFDWLYDVVRRJUDQGHQPHURGHODQDPHQWRV
HGHSURGXWRVFRPQRYDVLPDJHQVDOPGDDOWHUDR
GDGHVFULRGHYULRVLWHQVFRPSOHPHQWDQGRDUH
YLVRSHODTXDOHVVHFDWORJRSDVVRXHP-R
&DWORJR&DPLQKHVVRIUHXXPQPHURPDLRUGHPX
GDQDVFRPDDOWHUDRGDGHVFULRGDJUDQGHPDLR
ULDGRVLWHQVLQFOXVRGHQRYDVWDEHODVGHPRWRUHVH
DWXDOL]DRGDVMH[LVWHQWHVDOPGDUHPRRGHXP
QPHURFRQVLGHUYHOGHSURGXWRV
$OPGLVVRRVGRLVFDWORJRVJDQKDUDPHPVXDVSUL
PHLUDVSJLQDVXPDWDEHODSDUDIDFLOLWDUDORFDOL]DR

)HUUDPHQWDV(VSHFLDLV

'(6'(


(PSUHVDFRP
FHUWLILFDomR
,62

GH IHUUDPHQWDV SDUD XWLOLWULRV D GLHVHO SLFNXSV

YDQVIXUJHV689VMTXHDVIHUUDPHQWDVSDUDHV
VHVYHFXORVHQFRQWUDPVHWDQWRQRFDWORJRDXWRP
YHLV FRPR QR FDPLQKHV (VWD WDEHOD FRQWP XPD
GHVFULR UHVXPLGD GH FDGD IHUUDPHQWD DSOLFYHO D
HVVHVYHFXORVHRFDWORJRRQGHDPHVPDVHHQFRQ
WUDHRUJDQL]DGDSRUPRQWDGRUDHSRUVLVWHPDGR
YHFXORPRWRUFPELRHWF
2VQRYRVFDWORJRVHPIRUPDWRSGISRGHPVHUYL
VXDOL]DGRVHEDL[DGRVQRVLWHUDYHQIHUUDPHQWDVFRP
EU3DUDREWHUDYHUVRLPSUHVVDVROLFLWHDRVHXGLVWUL
EXLGRURXHQWUHHPFRQWDWRFRQRVFRSHOR
RXSHORVXSRUWH#UDYHQIHUUDPHQWDVFRPEU

&RPRID]DFDGDGRLVDQRVHPD5DYHQ
HQYLRXVXDSHVTXLVDGHVDWLVIDRDUHSDUDGR
UHVFDGDVWUDGRVHPWRGRR%UDVLO0DLVGH
UHSDUDGRUHVUHVSRQGHUDPDRTXHVWLRQULRTXH
WLQKDFRPRREMHWLYRDYDOLDURQYHOGHVDWLVIDR
GR UHSDUDGRU HP TXHVWHV UHODFLRQDGDV DRV
SURGXWRVHDRDWHQGLPHQWRGDHPSUHVD2UHSD
UDGRUWDPEPSRGLDVXJHULUQRYRVSURGXWRV

7RGRVRVUHSDUDGRUHVTXHUHVSRQGHUDPDSHV
TXLVDFRQFRUUHUDPDXPLQGLFDGRUGLJLWDOGHWRU
TXHVDQJXODUHVYHMDSJLQD2VRU
WHDGRIRLR6U)UDQFLVFRGH$VVLV*DGOKD)UHLUH
GDRFLQD$XWR&DU'LDVVLVORFDOL]DGDQDFLGDGH
GH%DUUHLUDVQD%DKLD

$JUDGHFHPRV D WRGRV
RV UHSDUDGRUHV TXH
UHVSRQGHUDP  SHV
TXLVD(ODQRVDMXGDUD
IRUQHFHUSURGXWRVHD
WHQGLPHQWR DLQGD PH
OKRUHV

UDYHQIHUUDPHQWDVFRPEU

UDYHQVFDQQHUFRPEU

UDYHQHOHYDGRUHVFRPEU

UDYHQGLHVHOFRPEU