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FRQWHQGRRVGRLVDGLWLYRV
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DVFDUDFWHUtVWLFDVDSUHVHQWDGDVQD7DEHOD
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QHFHVViULR GHYLGR j IRUPDomR GH HVSXPDV GXUDQWH R SURFHVVR GH PLVWXUD GRV
DGLWLYRV VHQGR VXD IXQomR SULQFLSDO PLQLPL]DU RV HUURV GXUDQWH D H[HFXomR GRV
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GHVWDGHQVLGDGHDWHQGHDRVSURMHWRVGHSDVWDGHFLPHQWRSDUDFLPHQWDo}HVGRWLSR
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$ ILJXUD HQFRQWUDVH UHSUHVHQWDGR R IOX[RJUDPD GD PHWRGRORJLD
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5HWLUDGRDSyVPLQDSyVILOWUDJHPGDiJXDOLYUHRXGHVLGUDWDomRGDSDVWD
0HGLGRDSyVPLVWXUDGDSDVWDHPEDODQoDGHODPDSDUDFRQILUPDUGHQVLGDGHFDOFXODGD
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(IHWXDGROHLWXUDVQDVURWDo}HVGHUSPUSPUSPUSPUSPUSP
USPUSPHUSPGHPDQHLUDDVFHQGHQWHHGHVFHQGHQWHFRPLQWHUYDORVGHV
HQWUHDVOHLWXUDV
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DSRUPLQ(PVHJXLGDRPRWRUIRLGHVOLJDGRHDSyVVRPHVPRIRLQRYDPHQWH
DFLRQDGRDUSPUHJLVWUDQGRVHDGHIOH[mRPi[LPDREVHUYDGDTXHpGHQRPLQDGDGHJHO
LQLFLDO*L
'HVOLJRXVHPDLVXPDYH]RPRWRUSRUPLQQRILPGRVTXDLVRPRWRUIRLQRYDPHQWH
OLJDGRUHJLVWUDQGRVHDGHIOH[mRPi[LPDREVHUYDGDGHQRPLQDGDGHJHOILQDO*I
5HDOL]DGRDSyVDPLVWXUDRQGHDVSDVWDVVmRKRPRJHQHL]DGDV
+RPRJHQHL]DomRRFRUUHXSRUPLQDUSPUSP
7HPSHUDWXUDLQLFLDOGH&HILQDOGHDFRUGRFRPWHPSHPSHUDWXUDGHHQVDLR
7D[DGHDTXHFLPHQWRGH&PLQSDUD7HPSHUDWXUDILQDOGH&H&PLQSDUD
WHPSHUDWXUDILQDOGH&
5HDOL]DPLVWXUDGRVFRPSRQHQWHVXWLOL]DGRVQDPLVWXUD
3HVDGRiJXDPDLVDQWLHVSXPDQWHHRDGLWLYRVXSHUSODVWLILFDQWHSDUDDUHDOL]DomRGHXPD
EUHYHPLVWXUD
5RWDomRGHXVR
5HDOL]DGDDPLVWXUDDXPDYHORFLGDGHLQLFLDOGHUSPUSPODQoDQGRRFLPHQWR
HUSP
HPVDYHORFLGDGHFRQVWDQWH
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USPUSPGXUDQWHV
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HQVDLRVVHJXLGRGHVXDVUHVSHFWLYDVGLVFXVV}HV
&RPSRUWDPHQWRGDVSURSULHGDGHV
9LVFRVLGDGHSOiVWLFD
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DYDOLDGR QD WHPSHUDWXUD GH & (VWH DGLWLYR SURYRFRX XPD HYROXomR QR YDORU GD
YLVFRVLGDGH GDV SDVWDV FRP FRQFHQWUDo}HV GH OP H OP GR
SROLFDUER[LODWR 3DUD FRQFHQWUDo}HV LQIHULRUHV GR VXSHUSODVWLILFDQWH D SURSULHGDGH
DQDOLVDGD DSUHVHQWRX YDORUHV HOHYDGRV GH YLVFRVLGDGH SOiVWLFD IRUD GD HVFDOD GR
JUiILFR 3DUD FRQFHQWUDo}HV DFLPD GH EZRF QmR REWHYHVH YDORUHV SDUD
SURSULHGDGHDYDOLDGD(VWHFRPSRUWDPHQWRpHVSHUDGRSDUDDGLomRGHSROtPHURVGH
DOWRSHVRPROHFXODUHPSDVWDVFRPGHQVLGDGHJFPOEJDOXWLOL]DGRVHP
WHPSHUDWXUDVSUy[LPRGH&)1(/621
5HVXOWDGRVH'LVFXVVmR
9LVFRVLGDGHSODVWLFDP3DV
OPGH3&
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2V YDORUHV GH YLVFRVLGDGH SOiVWLFD GDV SDVWDV DGLWLYDGDV FRP DQWL
VHJUHJDQWHQDVWHPSHUDWXUDVGH&)H&)YHU)LJXUDVH
DSUHVHQWDUDP YDORUHV LQIHULRUHV QD IDL[D GH FRQFHQWUDomR GH D EZRF
GRSROLHOHWUyOLWRXWLOL]DGRTXDQGRFRPSDUDGRVDVPHGLGDVUHDOL]DGDVQDWHPSHUDWXUD
GH&)(VWDUHGXomRLQLFLDOQDSURSULHGDGHDYDOLDGDSRGHVHUH[SOLFDGDSHOR
HIHLWR OXEULILFDQWH HQWUH DV SDUWtFXODV GH FLPHQWR GLVSHUVDV QR PHLR DTXRVR
RWLPL]DGD IDFH DR DXPHQWR GD WHPSHUDWXUD 7DO HIHLWR IRL FRPSURPHWLGR GHYLGR DR
DXPHQWR GD DGLomR GR DQWLVHJUHJDQWH UHVXOWDQGR HP YDORUHV FUHVFHQWHV GH
YLVFRVLGDGHSOiVWLFDGHYLGRDXPPDLRUYROXPHGHiJXDQHFHVViULDSDUDVROXELOL]DU
DVPROpFXODVGRSROtPHUR
5HVXOWDGRVH'LVFXVVmR
9LVFRVLGDGHSODVWLFDP3DV
OPGH3&
OPGH3&
OPGH3&
OPGH3&
&RQFHQWUDomRGHDQWLVHJUHJDQWHEZRF
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9LVFRVLGDGHSODVWLFDP3DV
OPGH3&
OPGH3&
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OPGH3&
&RQFHQWUDomRGHDQWLVHJUHJDQWHEZRF
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5HVXOWDGRVH'LVFXVVmR
/LPLWHGHHVFRDPHQWR
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DQWLVHJUHJDQWH QmR SURYRFRX DXPHQWR VLJQLILFDWLYR QR OLPLWH GH HVFRDPHQWR GDV
SDVWDVFRQWHQGRFRQFHQWUDo}HVIL[DVGHVXSHUSODVWLILFDQWHGDRUGHPGHOPD
OPSDUDWHPSHUDWXUDVDFLPDGDDPELHQWH3DUDFRQFHQWUDo}HVPHQRUHVTXH
OP DQDOLVDGD QD WHPSHUDWXUD GH & ) REVHUYRXVH DXPHQWR GD
SURSULHGDGH DOpP GD LQFHUWH]D QD PHGLomR SURYRFDGD SRU OHLWXUDV SRQWXDLV H
OLPLWDGR j FRQFHQWUDomR GH EZRF GR SROLHOHWUyOLWR 3DUD DV WHPSHUDWXUDV GH
&)H&)REVHUYRXVHEDL[RVYDORUHVQDVOHLWXUDVGROLPLWHGH
HVFRDPHQWR GDV SDVWDV DQDOLVDGDV (VVD UHGXomR IRL LQIOXHQFLDGD SHOR XVR GR
SROLFDUER[LODWRXPDYH]TXHDDGVRUomRGHVXDVSDUWtFXODVDRGRFLPHQWRSURYRFDR
LPSHGLPHQWRGDGLIXVmRGDiJXDHtRQVFiOFLRQDLQWHUIDFHFLPHQWRVROXomRHDVVLP
UHWDUGD D SUHFLSLWDomR H IORFXODomR GH IDFHV KLGUDWDGDV GR FLPHQWR UHVSRQViYHLV
SHOR DXPHQWR GD YLVFRVLGDGH QDV SULPHLUDV KRUDV GH KLGUDWDomR GR PDWHULDO )RL
QRWDGRDLQGDTXHDSURSULHGDGHDQDOLVDGDDSUHVHQWDXPDWHQGrQFLDFUHVFHQWHGH
DXPHQWR SDUD FRQFHQWUDo}HV DFLPD GH EZRF GR DQWLVHJUHJDQWH H TXH R
VLVWHPD DSUHVHQWD HVWDELOLGDGH H YDORUHV PtQLPRV SDUD FRQFHQWUDo}HV HQWUH
EZRFHEZRFQDVWHPSHUDWXUDVHVWXGDGDV
5HVXOWDGRVH'LVFXVVmR
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OPGH3&
OPGH3&
OPGH3&
OPGH3&
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5HVXOWDGRVH'LVFXVVmR
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OPGH3&
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QmR SURPRYHX DXPHQWR VLJQLILFDWLYR QHVWD SURSULHGDGH (VWH FRPSRUWDPHQWR SRGH
VHUH[SOLFDGRSHORSULQFtSLRGHIXQFLRQDPHQWRGRVXSHUSODVWLILFDQWHHPSUHJDGR(VWH
PHFDQLVPR VH FRQFHQWUD QR HIHLWR HVWpUHR GHILQLGR FRPR D VHSDUDomR GDV
SDUWtFXODV GH FLPHQWR 3RUWODQG SURPRYLGD SHOD LQWURGXomR GR SROLFDUER[LODWR $V
SDUWtFXODV QHVWD VLWXDomR SHUPDQHFHP VHSDUDGDV LPSHGLQGR TXH D KLGUDWDomR VH
GHVHQYROYDPHVPRGXUDQWHRSHUtRGRGDOHLWXUDGDIRUoDJHO(QWUHWDQWRSHODDQiOLVH
GDV)LJXUDVHREVHUYDVHTXHSDUDYDORUHVLQIHULRUHVjVFRQFHQWUDo}HVGH
OP GR VXSHUSODVWLILFDQWH IDFH DGLomR GR DQWLVHJUHJDQWH p FRPSURPHWLGD
WRUQDQGRVHLQYLiYHORVHXHPSUHJRDWHPSHUDWXUDDPELHQWHGHYLGRDRVDOWRVYDORUHV
GHIRUoDJHODSUHVHQWDGRV3DUDWHPSHUDWXUDVGH&)H&)R
VHXXVRQmRpFRPSURPHWLGRHPWRGDVDVFRQFHQWUDo}HVIL[DVGRVXSHUSODVWLILFDQWH
2EVHUYRXVHWDPEpPTXHSDUDWRGDVDVWHPSHUDWXUDVDYDOLDGDVH[LVWHXPDIDL[DGH
FRQFHQWUDomR GH D EZRF RQGH D SURSULHGDGH DYDOLDGD QmR p
FRPSURPHWLGD SHUPLWLQGR R HQTXDGUDPHQWR GRV YDORUHV SUy[LPRV GRV SUDWLFDGRV
5HVXOWDGRVH'LVFXVVmR
OPGH3&
OPGH3&
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OPGH3&
OPGH3&
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*HO,QLFLDO3D
OPGH3&
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OPGH3&
OPGH3&
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5HVXOWDGRVH'LVFXVVmR
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OPGH3&
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OPGH3&
OPGH3&
&RQFHQWUDomRGHDQWLVHJUHJDQWHEZRF
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*HOILQDO
6HPHOKDQWH DR FRPSRUWDPHQWR REVHUYDGR SDUD DV PHGLGDV GD IRUoD
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