Recommandé
Recommandé
Contenu connexe
Tendances
Tendances (18)
Similaire à Apostila sisvarmanual
Similaire à Apostila sisvarmanual (20)
Dernier
Dernier (6)
Apostila sisvarmanual
- 2. RX +LJK RORU ELWV
- 3. 0HQVDJHQV GH HUURV SRGHP VHU GDGDV DR XVXiULR DSyV LQVWDODomRSHUIHLWDGHYLGRDPiHVSHFLILFDomRGDFRQILJXUDomRGHYtGHR6HR'ULYHGH9tGHRQmRHVWLYHUEHP LQVWDODGRRXVXiULRSRGHUiWHUSUREOHPDVSDUDH[HFXWDUR6LVYDUHUWLILTXHVHGLVVRDQWHVGHXVDUR6LVYDU (VVH SUREOHPD p GHYLGR D XP REMHWR GD %RUODQG 7'%*ULG H QmR GR 6LVWHPD 6LVYDU TXH KHUGRX WDO SURSULHGDGHGHVVHREMHWRTXHVyVHSHUPLWHH[HFXWDUHPYtGHRVGHDOWDUHVROXomRHGHYLGDPHQWHFRQILJXUDGR %RDVRUWHDRXVDUR6LVYDU(VSHURTXHVXDVH[SHFWDWLYDVVHMDPSOHQDPHQWHVDWLVIHLWDV
- 5. L 680È5,2 3iJLQD (VWDWtVWLFDGHVFULWLYD $SUHVHQWDomRGHGDGRV 0HGLGDVGHSRVLomRHGHGLVSHUVmR iOFXORGHSUREDELOLGDGHV (VWLPDomRGHSDUkPHWURV (VWLPDomR GH PpGLDV GLIHUHQoDV GH PpGLDV SURSRUo}HV FRHILFLHQWHV GH YDULDomRYDULkQFLDVHGHVYLRVSDGU}HV (VWLPDomRGHGLIHUHQoDVGHPpGLDV (VWLPDomRGHSURSRUo}HV (VWLPDomRGHFRHILFLHQWHVGHDVVLPHWULDHFXUWRVH 7HRULDGDGHFLVmR 7HVWHVREUHPpGLD 7HVWHVREUHGLIHUHQoDGHPpGLDV 7HVWHVREUHSURSRUo}HV 7HVWHVREUHYDULkQFLDV $QiOLVHGHPRGHORVGHUHJUHVVmROLQHDU $QiOLVHGHYDULkQFLD 'HOLQHDPHQWRLQWHLUDPHQWHFDVXDOL]DGR 5HJUHVVmRQDDQiOLVHGHYDULkQFLD 'HOLQHDPHQWRHPEORFRVFDVXDOL]DGRV
- 6. (VWDWtVWLFDGHVFULWLYD $HVWDWtVWLFDpXPUDPRGDPDWHPiWLFDTXHVHLQWHUHVVDHPREWHUFRQFOXV}HVDSDUWLUGH GDGRVREVHUYDGRVHQRVPpWRGRVFLHQWtILFRVSDUDFROHWDRUJDQL]DomRUHVXPRDSUHVHQWDomRDQiOLVHH LQWHUSUHWDomR GRV GDGRV DPRVWUDLV $ HVWDWtVWLFD VH GLYLGH HP HVWDWtVWLFD GHVFULWLYD H LQGXWLYD RX LQIHUrQFLD
- 7. $HVWDWtVWLFDGHVFULWLYDSUHRFXSDVHFRPDFROHWDRUJDQL]DomRHDSUHVHQWDomRGRVGDGRV DPRVWUDLV VHP LQIHULU VREUH D SRSXODomR H D HVWDWtVWLFD LQGXWLYD SUHRFXSDVH FRP D DQiOLVH H LQWHUSUHWDomRGRVGDGRVDPRVWUDLV$LQIHUrQFLDQmRSRGHVHUDEVROXWDPHQWHFHUWDGDtDQHFHVVLGDGH GHVHXWLOL]DUXPDOLQJXDJHPGHSUREDELOLGDGH 1D PDLRULD GRV SUREOHPDV DV OHLV GH FDXVD H HIHLWR QmR VmR FRQKHFLGDV SHOR SHVTXLVDGRUQRHQWDQWRH[LVWHDQHFHVVLGDGHGHVHREWHUXPDVROXomRREMHWLYD)RLHVVHREMHWLYRRX VHMDRGHDSUHVHQWDUWDLVVROXo}HVpTXHDHVWDWtVWLFDVHGHVHQYROYHXIDFHDVLQFHUWH]DVRULXQGDVGD YDULDELOLGDGHGRVGDGRVSURYHQLHQWHVGDVREVHUYDo}HVGRVSHVTXLVDGRUHV3DUDTXHVHMDEHPXVDGDp QHFHVViULRTXHVHFRQKHoDRVVHXVIXQGDPHQWRVHRVVHXVSULQFtSLRVHDFLPDGHWXGRTXHRSHVTXLVDGRU GHVHQYROYDXPHVSLULWRFULWLFRVREUHDSHVTXLVDHPSUHHQGLGD $XWLOL]DomRGHVRIWZDUHVSDUDDWHQGHUWDLVQHFHVVLGDGHVpGHVXPDLPSRUWkQFLDXPD YH]TXHQHFHVVLWDVHGHUHDOL]DUODERULRVRVFiOFXORVQDDQiOLVHGRVGDGRVRULXQGRVGDVSHVTXLVDVEHP FRPRRVUHVXOWDGRVREWLGRVWrPTXHVHUH[DWRVHDFXUDGRV1RHQWDQWRRVSURJUDPDVGHHVWDWtVWLFDV GLVSRQtYHLV QHFHVVLWDP VHU EHP XVDGRV SDUD FXPSULU DGHTXDGDPHQWH R VHX SDSHO 2 PDO XVR GRV UHFXUVRVFRPSXWDFLRQDLVEHPFRPRGDLQWHUSUHWDomRGHVHXVUHVXOWDGRVIRLDPRWLYDomRSDUDDUHGDomR GHVVHPDWHULDO1DVSUy[LPDVVHo}HVGHVVHPDWHULDOVHUmRHQIDWL]DGRVR SURJUDPD GHDQiOLVHHVWDWtVWLFD 6LVYDU PRVWUDQGR VXDV TXDOLGDGHV H DFLPD GH WXGR DV PDQHLUDV GR XVR FRUUHWR GH VXDV IXQo}HV H FRPDQGRV $SUHVHQWDomRGHGDGRV $REVHUYDomRGHGDGRVHPH[SHULPHQWRVRXHPOHYDQWDPHQWRVDPRVWUDLVVHFRQVWLWXt QXPDGDVHWDSDVGDSHVTXLVDFLHQWtILFD$SULQFLSDOFDUDFWHUtVWLFDGHVVDVREVHUYDo}HVRXFRQMXQWRGH GDGRVpDYDULDELOLGDGHLQHUHQWHDRVPHVPRVTXHpDSULQFLSDOUD]mRGRGHVHQYROYLPHQWRGDHVWDWtVWLFD FRPRFLrQFLD'HSRVVHGHVVHVGDGRVRSHVTXLVDGRUSRGHUiH[WUDLUXPDVpULHGHLQIRUPDo}HV~WHLVSDUD DVXDSHVTXLVDSRUPHLRGHXPDDYDOLDomRH[SORUDWyULDGHVVHFRQMXQWRGHREVHUYDo}HV(VVDDQiOLVH
- 8. H[SORUDWyULD GHSHQGH GR WLSR H GD QDWXUH]D GRV GDGRV 2V GDGRV SRGHP VHU TXDOLWDWLYRV RX TXDQWLWDWLYRVVHQGRTXHRVTXDQWLWDWLYRVVXEGLYLGHPDLQGDHPGLVFUHWRVDTXHOHVTXHVmRSURYHQLHQWHV GHFRQWDJHQVYDORUHVLQWHLURV
- 9. HHPFRQWtQXRVRXVHMDRVTXHSRGHPDVVXPLUTXDLVTXHUYDORUHVUHDLV GHQWUR GH XP FHUWR LQWHUYDOR $ HVWH ~OWLPR WLSR GH GDGRV p TXH VH GDUi PDLRUHV DWHQo}HVSRUVH WUDWDUHPGRVPDLVIUHTHQWHVQDVSHVTXLVDV$SULQFLSDOIRUPDGHVHDSUHVHQWDUXPJUDQGHFRQMXQWRGH REVHUYDo}HV RULJLQiULDV GD SHVTXLVD p SRU PHLR GDV WDEHODV GH GLVWULEXLomR GH IUHTrQFLD RX GRV JUiILFRVGHEDUUDVFRQKHFLGRVSRUKLVWRJUDPDVRXDLQGDSHORVJUiILFRVFRQKHFLGRVSRUSROtJRQRGH IUHTrQFLDeSRVVtYHOH[WUDLUXPDVpULHGHLQIRUPDo}HVGHVVHWLSRGHUHSUHVHQWDomRTXHMiIRUDPYLVWDV QRVGHPDLVPyGXORVGHVVHFXUVR6HUiGDGRrQIDVHQDIRUPDGHVHREWHUWDLVUHSUHVHQWDo}HVSRUPHLR GR6LVYDU 2SULPHLURH[HPSORTXHVHUiXVDGRSDUDLOXVWUDUWUDWDVHGDDPRVWUDJHPGHSODQWDV GHIHLMRHLURFXOWLYDUDULRFDQDVTXDLVVHREVHUYRXDVHYHULGDGHGDGRHQoDFXMRDJHQWHFDXVDOpR IXQJRROOHWRWULFKXPOLQGHPXWKLDQXP2VGDGRVHVWmRDSUHVHQWDGRVDVHJXLU 3DUDVHXWLOL]DUR6LVYDUpSRVVtYHOHQWUDUFRPRVGDGRVGHLPHGLDWRYLDWHFODGRGXUDQWH DH[HFXomRGDDQiOLVHSUHWHQGLGDRXHQWmRYLDDUTXLYRGHGDGRV$VHJXQGDIRUPDpDPHOKRUPDQHLUD XPDYH]TXHRVGDGRVILFDPGLVSRQtYHLVSDUDDUHDOL]DomRGHQRYDVDQiOLVHVTXHYHQKDPDVHWRUQDU QHFHVViULDV6HUiGHVFULWRDVHJXLUDIRUPDGHHQWUDUFRPRVGDGRVYLDDUTXLYRGHGDGRVeFRQYHQLHQWH FKDPDUDDWHQomRGHTXHR6LVYDUSHUPLWHTXHGRLVWLSRVGHFDPSRVFROXQDV
- 13. GRDUTXLYR1HVVHH[HPSORWHPVHDSHQDVXPDYDULiYHO3DUDFULDU RDUTXLYRHVFROKHDRSomRGHPDQLSXODomRGHDUTXLYRVGRSURJUDPDHHPVHJXLGDQRPHQXSULQFLSDO HVFROKHVH D RSomR FULDU (VFROKHVH XP QRPH SDUD R PHVPR H R GLUHWyULR GH WUDEDOKR FRQIRUPH HVTXHPDDSUHVHQWDGRDVHJXLU
- 14. 1HVVHFDVRHVFROKHXVHRGLUHWyULRGHWUDEDOKRHRQRPHGRDUTXLYRH[HPSORFXMD H[WHQVmR p '% 2 DUTXLYR SRVVXt HVWUXWXUD GR WLSR 3DUDGR[ (P VHJXLGD HVFROKHVH R Q~PHUR GH FDPSRVGRDUTXLYRTXHQHVVHFDVRVHUi (PVHJXLGDHVFROKHVHRQRPHGRFDPSRTXHQHVVHFDVRIRLVHYHULGDGHGDGRHQoD
- 16. SDUD FDPSR QXPpULFR RX QmR SDUDFDPSRQmRQXPpULFRWH[WR
- 17. 1HVVHH[HPSORDUHVSRVWDp DILUPDWLYD $ SODQLOKD DVVLP HVWUXWXUD ILFD SURQWD SDUD D GLJLWDomR GRV GDGRV TXH p IHLWD QD SUy[LPDHWDSDSHORXVXiULR$SyVDGLJLWDomRRDUTXLYRSRGHUiVHUDQDOLVDGRSHORSURJUDPD4XDOTXHU RXWUR DUTXLYR DVVLP FULDGR SRGHUi VHU XVDGR SDUD DQiOLVHV HVWDWtVWLFDV SRVWHULRUHV$SDUWHILQDOGR DUTXLYRHPTXHVWmRHVWiDSUHVHQWDGRDVHJXLU (PVHJXLGDQDWHODIRUPXOiULR
- 19. JHUDGR
- 21. BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB /,/63RQWR0pGLR)2L)UL BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB _ _ _ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB (P VHJXLGD DSUHVHQWDVH R IRUPXOiULR FRP RV JUiILFRV KLVWRJUDPD H SROtJRQR
- 22. JHUDGRV
- 23. 3RUHVVHVUHVXOWDGRVSRGHVHFRQFOXLUTXHVHWUDWDGHXPDGLVWULEXLomRFRPXPDFHUWD DVVLPHWULDDGLUHLWDLQGLFDQGRTXHDJUDQGHPDLRULDGDVSODQWDVWHPEDL[DVHYHULGDGHGDGRHQoD 0HGLGDVGHSRVLomRHGHGLVSHUVmR 0XLWDVYH]HVpQHFHVViULRDSUHVHQWDUPHGLGDVTXHVLQWHWL]HPDVLQIRUPDo}HVGHXPD JUDQGHPDVVDGHGDGRVGHWDOVRUWHTXHQmRVHSHUFDRYDORUGRVGDGRVRULJLQDLV(VVDVPHGLGDVVH GLYLGHP HP PHGLGDV GH SRVLomR PpGLDV PHGLDQDV H PRGDV TXH GmR LGpLDV GD SRVLomR FHQWUDO UHSUHVHQWDWLYDGRFRQMXQWRGHGDGRVHHPPHGLGDVGH GLVSHUVmRYDULkQFLDVFRHILFLHQWHVGHYDULDomR
- 24. HUUR SDGUmR GD PpGLD
- 25. TXH IRUQHFHP LQIRUPDo}HV GD YDULDELOLGDGH GRV GDGRV HP WRUQRGHVVHYDORU FHQWUDO,QLFLDOPHQWHVHUiDSUHVHQWDGRRVUHVXOWDGRVGRH[HPSORQ~PHURGDVHYHULGDGHGDDQWUDFQRVH HP IHLMmR SHOR 6LVYDU 5HDOL]DQGR RV SURFHGLPHQWRV SDUD D REWHQomR GRV JUiILFRV GHVFULWRV DQWHULRUPHQWHpSRVVtYHOVLPXOWDQHDPHQWHREWHURVUHVXOWDGRVDSUHVHQWDGRVDVHJXLUVREUHDVPHGLGDV GHSRVLomRHGLVSHUVmRGDDPRVWUDUHODWLYDDVHYHULGDGHGHGRHQoD 6DtGDGR6LVYDU BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB (VWDWtVWLFDVGHVFULWLYDV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB Q 0pGLD 9DULkQFLD 'HVYLRSDGUmR RHILFLHQWHYDULDoDR (UURSDGUmRGDPpGLD RHIGHDVVLPHWULD RHIGHXUWRVH 0tQLPR 0i[LPR $PSOLWXGHWRWDO 0HGLDQD 0RGD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 'HQWUH DV HVWDWtVWLFDV GHVFULWLYDV DSUHVHQWDGDV QD VDtGD GR 6LVYDU GHVWDFDPVH WDPEpPDVPHGLGDVGHDVVLPHWULDHGHFXUWRVHGDGLVWULEXLomR7RPDQGRVHSRUEDVHDGLVWULEXLomR QRUPDORXJDXVVLDQDFXMRVFRHILFLHQWHVGHDVVLPHWULDHFXUWRVHVmRLJXDLVDHYHULILFDVHTXHD GLVWULEXLomRWHPDVVLPHWULDSRVLWLYDRXDGLUHLWDFDXGDORQJDDGLUHLWD
- 27. 'LVWULEXLo}HVFRPFRHILFLHQWHGHFXUWRVHLJXDLVD VmRGLWDVPHVRF~UWLFDVHDTXHODVFRPFRHILFLHQWHPDLRUHVTXHVmR GLWDVOHSWRF~UWLFDVPDLVDILODGDV TXH D GLVWULEXLomR QRUPDO
- 28. 2 HUUR SDGUmR GD PpGLD SRU VXD YH] p XPD PHGLGD GD SUHFLVmR GD HVWLPDWLYD GHVWD )LQDOPHQWH SDUD GLVWULEXLo}HV DVVLPpWULFDV PXLWRV HVWDWtVWLFRV RSWDP SHOR XVRGH PHGLGDVGHSRVLomRTXHQmR VHMDDPpGLDPDVSRUDTXHODVTXHVmRPDLVDGHTXDGDVSDUDHVVDVVLWXDo}HV FRPRDPHGLDQDHDPRGD
- 29. iOFXORGHSUREDELOLGDGHV 0XLWDVYH]HVQDSHVTXLVDWRUQDVHQHFHVViULRREWHUYDORUHVSUREDELOtVWLFRVGHDOJXPDV GLVWULEXLo}HVRXDWpPHVPRREWHUTXDQWLVVXSHULRUHVTXHVmR~WHLVSDUDGHILQLUUHJL}HVFUtWLFDVSDUDRV WHVWHVGHKLSyWHVHVVREUHSDUkPHWURVSRSXODFLRQDLVGHLQWHUHVVH6HUiGHVFULWRRVSURFHGLPHQWRVEiVLFRV GR 6LVYDU SDUD D REWHQomR GH SUREDELOLGDGHV GH LQWHUHVVH SDUD DV GLVWULEXLo}HV %LQRPLDO 3RLVVRQ 1RUPDO W GH 6WXGHQW 4XLTXDGUDGR H ) GH 6QHGHFRU ,QLFLDOPHQWH VH EXVFDUi SRU PHLR GH DOJXQV H[HPSORV LOXVWUDU DV IRUPDV GH REWHQomR GHVVDV SUREDELOLGDGHV RX GHVVHV TXDQWLV TXH SRGHUmR VHU H[WUDSRODGRVSDUDVLWXDo}HVGLIHUHQWHVGDVH[HPSOLILFDGDV $GLVWULEXLomRELQRPLDO 1R 6LVYDU RV FiOFXORV GH SUREDELOLGDGHV VmR IHLWRV HVFROKHQGRVH QR PHQX D RSomR DQiOLVHV H HP VHJXLGD D RSomR FiOFXOR GH SUREDELOLGDGHV (VFROKHVHDGLVWULEXLomRGHLQWHUHVVHQR VHJXLQWHIRUPXOiULR 1HVVH FDVR HVFROKHVH D RSomR GD GLVWULEXLomR ELQRPLDO H HP VHJXLGD GHILQLVH RV SDUkPHWURV GHVVD GLVWULEXLomR 3DUD R FDVR GR QDVFLPHQWR GH IrPHDV HP XPD OHLWHJDGD VDEHVH GD JHQpWLFDTXHRSUREDELOLGDGHGRVXFHVVRHPXP~QLFRQDVFLPHQWRGRVXtQRVHUIrPHDpGHRX S 1HVVHFDVRSHUJXQWDVHTXDOpDSUREDELOLGDGHGHQRQDVFLPHQWRGHVXtQRVH[DWDPHQWH GHOHV VHUHP IrPHDV 3DUD UHVSRQGHU WDO SUREDELOLGDGH EDVWD SUHHQFKHU R IRUPXOiULR DSUHVHQWDGR D
- 30. VHJXLUFRPDVRSo}HVQHOHDSUHVHQWDGDHFOLFDUHPFDOFXODU1HVVHFDVR pRHYHQWRGHLQWHUHVVHGR FiOFXORHQ pRWDPDQKRGDDPRVWUD $UHVSRVWDSDUDHVVDSHUJXQWDpRXVHMDQRQDVFLPHQWRGHOHLW}HVH[LVWH GH FKDQFH GH H[DWDPHQWH GHOHV VHUHP IrPHDV 2XWUDV SUREDELOLGDGHV VmR GLVSRQtYHLV EDVWDQGR RSWDU SHODV RSo}HV GRV ERW}HV GH UiGLR QR FDQWR VXSHULRU GLUHLWR GR IRUPXOiULR 2 ERWmR 6DLU5HODWyULRSHUPLWHDRXVXiULRWHUDFHVVRDWRGRVRVFiOFXORVH[HFXWDGRVHGLWiORVHPRGLILFiORV
- 32. GHVVDGLVWULEXLomR3DUDXVDUR6LVYDUpQHFHVViULRHVFROKHU RV PHVPRV SDVVRV GD %LQRPLDO H PDUFDU D RSomR 3RLVVRQ TXDQGR HVVD DSDUHFHU QR IRUPXOiULR GH HVFROKD GDV GLVWULEXLo}HV GH SUREDELOLGDGHV 1R IRUPXOiULR D VHJXLU GHILQLVH R YDORU GH N H D SUREDELOLGDGH GHVHMDGD FRP D HVFROKD GH H GR HYHQWR 3
- 33. 3@
- 34. RX3!
- 35. 3DUDLOXVWUDU VDEHQGRTXHXPDGRHQoDHPXPDUHJLmRWHPPpGLDGHFDVRVSRUDQRTXDOpDSUREDELOLGDGHGHVH HQFRQWUDU H[DWDPHQWH FDVRV HP XP GDGR DQR 3DUD REWHU WDO SUREDELOLGDGH VLJD DV LQVWUXo}HV GR IRUPXOiULRDSUHVHQWDGRDVHJXLU 9HULILFDVH TXH R YDORU GHVVD SUREDELOLGDGH RX VHMD D FKDQFH GH XP GDGR DQR WHU H[DWDPHQWHFDVRVGDGRHQoDpGH $GLVWULEXLomR1RUPDO
- 39. GHYHVHSUHHQFKHURIRUPXOiULR FRPRDSUHVHQWDGRDVHJXLU 1HVVH FDVR D SUREDELOLGDGH VROLFLWDGD p GH e FRQYHQLHQWH VDOLHQWDU TXH p QHFHVViULRHQWUDUFRPDYDULkQFLD
- 42. $GLVWULEXLomRWGH6WXGHQW 3DUD R FiOFXOR GDV SUREDELOLGDGHV GD GLVWULEXLomR W GH 6WXGHQW H GRV TXDQWLV GHVVD GLVWULEXLomRGHSUREDELOLGDGHpQHFHVViULRHVSHFLILFDURVJUDXVGHOLEHUGDGHHRVYDORUHVGHWRXGH SUREDELOLGDGHVGHVHMDGDVSDUDDREWHQomRGRYDORUHVSUHWHQGLGRV3DUDLOXVWUDUVXSRQGRTXHVHGHVHMD FDOFXODUD
- 44. E
- 48. $GLVWULEXLomR)GH6QHGHFRU 2V YDORUHV GH SUREDELOLGDGHV GD GLVWULEXLomR ) H RV TXDQWLV VmR REWLGRV FRQIRUPH GHVFULWRVSDUDRWDGLIHUHQoDEiVLFDpTXHGRLVJUDXVGHOLEHUGDGHVmRFRQVLGHUDGRVQDSULPHLUD1R 6LVYDUSDUDVHD
- 50. RVTXDQWLVGDGLVWULEXLomR)FRPY HY JUDXVGHOLEHUGDGHTXHGHL[DPGH FKDQFH GH REWHU XP YDORU GH ) TXH VXSHUH HVVH TXDQWLO VmR REWLGRV FRQIRUPH RV IRUPXOiULRV DSUHVHQWDGRVDVHJXLU D
- 52. E
- 54. 3DUHFLGDFRPDGLVWULEXLomRWGH6WXGHQWFRPUHODomRDREWHQomRGHSUREDELOLGDGHVH TXDQWLV D GLVWULEXLomR GH TXLTXDGUDGR WHP LPSRUWDQWH SDSHO QD HVWDWtVWLFD SDUDPpWULFD H QmR SDUDPpWULFD3DUDLOXVWUDUD
- 56. TXDOpRTXDQWLOTXHGHL[DGRVYDORUHVGH. DFLPDGR PHVPRFRPJUDXVGHOLEHUGDGH 3ULPHLUDPHQWH VHUi XWLOL]DGR R 6LVYDU SDUD REWHU DV UHVSRVWDV GD OHWUD D
- 57. H E
- 59. 3RUWDQWRDSUREDELOLGDGHGHVHMDGDpGH-iSDUDDVHJXQGDTXHVWmRWHPVH XMRYDORUGHTXLTXDGUDGRTXDQWLOVXSHULRUGH
- 60. p
- 61. (VWLPDomRGHSDUkPHWURV 1D LQIHUrQFLD HVWDWtVWLFD XPD GDV SULQFLSDLV WpFQLFDV XVDGDV p R GD HVWLPDomR GH SDUkPHWURVSRULQWHUYDOR%DVHDGRQRHVWLPDGRUSRQWXDOGHXPGHWHUPLQDGRSDUkPHWURpFRQVWUXtGRXP LQWHUYDORFXMDSUREDELOLGDGHGHTXHRPHVPRFRQWHQKDRYDORUUHDOpGH,
- 62. SDUDXPYDORUSUp IL[DGRGRYDORUGH,(PVHJXLGDVHUmRDSUHVHQWDGRVSDUDRVSDUkPHWURVXVXDLVGDSHVTXLVDFLHQWtILFD RVSULQFLSDLVPHFDQLVPRVGHREWHQomRGRVLQWHUYDORVGHFRQILDQoDSRUPHLRGR6LVYDUeFRQYHQLHQWH VDOLHQWDUTXHRVYDORUHVGH, QmRSRGHPVHUIL[DGRVRPHQRUSRVVtYHOSDUDDXPHQWDUDSUREDELOLGDGHGR LQWHUYDOR FRQWHU R YDORU UHDO ,VVR SRU TXH RV UHVXOWDGRV GR LQWHUYDORV SRGHP IRUQHFHU YDORUHV HVGU~[XORV (VWLPDomR GH PpGLDV FRHILFLHQWHV GH YDULDomR YDULkQFLDV H GHVYLRVSDGU}HV 1R 6LVYDU D HVWLPDomR GRV SULQFLSDLV SDUkPHWURV SRGH VHU IHLWD SRU GXDV IRUPDV GLVWLQWDV$SULPHLUDGHODVpIHLWDEDVHDGDQRVGDGRVDPRVWUDLVGLJLWDGRVHPXPDUTXLYRHDVHJXQGDp IHLWDDSDUWLUGDGLJLWDomRGDVHVWLPDWLYDVDPRVWUDLVHPXPIRUPXOiULRSUySULRGR6LVYDU3DUDLOXVWUDUR SULPHLURFDVRVHUiXVDGRRH[HPSORGDDQWUDFQRVHQRIHLMRHLUR3DUDLVVRHVFROKHVHDVRSo}HVGR PHQXDQiOLVHVHHVWLPDomRGHSDUkPHWURVFRQIRUPHDSUHVHQWDGRDVHJXLU
- 63. 1RIRUPXOiULRVHJXLQWHHVFROKHVHDIRUPDGHHQWUDGDGRVGDGRVYLDDUTXLYRHWHFODVH HP2N 1R SDVVR VHJXLQWH HVFROKHVH QR IRUPXOiULR DSUHVHQWDGR D RSomR GH HVWLPDomR GH PpGLDVYDULkQFLDVHWFHIL[DRYDORUGH,
- 66. ,QWHUYDORGHFRQILDQoD/,/6@ @ 2 LQWHUYDOR DSUHVHQWDGR @ SRVVXt GH FKDQFH GH FRQWHU R YHUGDGHLUR YDORUGDPpGLDSRSXODFLRQDO (VWLPDomRGHYDULkQFLD 9DULkQFLDDPRVWUDO 7DPDQKRGDDPRVWUD RHILFLHQWHGHRQILDQoD
- 71. H[SOLFDWLYR3DUDLVVRVHUiXVDGRDHVWLPDomRGHPpGLDV$VHVWLPDWLYDVSRUSRQWRGDPpGLDpH GDYDULkQFLDp$VVLPSDUDXVDUR6LVYDUEDVWDHVFROKHUDRSomRWHFODGRSDUDHQWUDUFRPRV GDGRVHDRSomRPpGLDQRIRUPXOiULRDSUHVHQWDGRDVHJXLU 3UHHQFKHU RV FDPSRV GR IRUPXOiULR TXH VH DSUHVHQWDUi D VHJXLU H FOLFDU QR ERWmR FDOFXODU H HPVHJXLGDQRGHUHODWyULRSDUDYHURUHVXOWDGRRXUHVXOWDGRVGRVLQWHUYDORVVROLFLWDGRV 1HVVHFDVRRUHVXOWDGRpLGrQWLFRDRREWLGRDQWHULRUPHQWHFRPRGHYHULDVHU 0pGLDDPRVWUDO 7DPDQKRGDDPRVWUD RHILFLHQWHGHRQILDQoD
- 74. 7DEHOD 9ROXPH GH PDGHLUD SRU iUYRUH HP P [ GD DYDOLDomR GH SURJrQLHV GH ( FDPDOGXOHQVLV È5925(6 3URJrQLH , ,, ,,, ,9 9 9, 9,, 9,,, È5925(6 ,; ; ;, ;,, ;,,, ;,9 È5925(6 ;9 ;9, ;9,, ;9,,, 2 SUy[LPR SDVVR p FRQVWUXLU R DUTXLYR GH GDGRV FRP GXDV FROXQDV XPD TXH YDL LGHQWLILFDUDVSURJrQLHVFRPQtYHLVH
- 76. 2SUy[LPRSDVVRpVHOHFLRQDURDUTXLYR([HPSOR'%TXHIRLFULDGR 6HOHFLRQDVHDYDULiYHOFODVVLILFDWyULDSURJrQLHV
- 82. )F 9 9 3) !
- 83. $RQtYHOGHGHVLJQLILFkQFLDDVYDULkQFLDVSRGHPVHUFRQVLGHUDGDVLJXDLV (P VHJXLGD GRLV UHVXOWDGRV VmR GLVSRQLELOL]DGRV RV TXH FRQVLGHUDP DV YDULkQFLDV KRPRJrQHDV LQWHUYDOR H[DWR
- 84. H RV TXH DV FRQVLGHUDP KHWHURFHGiVWLFDV LQWHUYDOR XVDQGR D DSUR[LPDomRGH6DWWHUWKZDLWH
- 86. 6LWXDomRHPTXHDVYDULkQFLDVVmRFRQVLGHUDGDVKRPRJrQHDV (VWLPDWLYDSRUSRQWRGHPP 9DULkQFLDFRPELQDGDSRROHG
- 88. (VWLPDomRGHSURSRUo}HV 26LVYDUDSUHVHQWDGLYHUVDVDOWHUQDWLYDVSDUDDHVWLPDomRGHSURSRUo}HV3DUDLOXVWUDU HVVHSURFHVVRYDPRVLPDJLQDQGRTXHR,%23(DRUHDOL]DUXPDSHVTXLVDHOHLWRUDOHPHOHLWRUHV YHULILFRXTXHGHOHVHUDPIDYRUiYHLVDRFDQGLGDWR%HOWUDQRGD6LOYD(VWLPHSRULQWHUYDORXVDQGR XP FRHILFLHQWH GH FRQILDQoD GH D YHUGDGHLUD SURSRUomR GH HOHLWRUHV IDYRUiYHLV DR FDQGLGDWR %HOWUDQR(FROKHQGRVH(VWLPDomRGHSDUkPHWURV7HFODGRHSURSRUo}HVRVHJXLQWHIRUPXOiULRDSDUHFH (VVHIRUPXOiULRGHYHVHUSUHHQFKLGRFRPRVGDGRVGDSHVTXLVDUHDOL]DGDFRQIRUPHDLOXVWUDomR OLFDU HP FDOFXODU H UHODWyULR SDUD YLVXDOL]DomR GRV UHVXOWDGRV 2 6LVYDU DOpP GH DSUHVHQWDURLQWHUYDORGHFRQILDQoDH[DWRDSUHVHQWDGLYHUVDVDSUR[LPDo}HVSDUDRLQWHUYDORGHYLGRD DVSHFWRVGLGiWLFRVGRSURJUDPD$PHOKRUGHODVPHVPRSDUDSHTXHQRVYDORUHVGHQHSDIDVWDGRGH pDGH3UDWW
- 96. ,QWHUYDORGHFRQILDQoD/,/6@ @ (VWLPDomRGHFRHILFLHQWHVGHDVVLPHWULDHFXUWRVH 6HJXLQGRRVSDVVRVSDUDR6LVYDUGHVFULWRVQDVHomRGHQWUHRVLQWHUYDORVREWLGRV VmR DSUHVHQWDGRV RV GRV FRHILFLHQWHV GH DVVLPHWULD H FXUWRVH (VVHV LQWHUYDORV VmR EDVHDGRV HP UHVXOWDGRVDVVLQWyWLFRVGHVFULWRVHPRXWURVPyGXORVGHVVHFXUVR2VLQWHUYDORVGHFRQILDQoDSDUDHVVHV FRHILFLHQWHVHVWmRDSUHVHQWDGRVDVHJXLU
- 100. 7HRULDGDGHFLVmR 1DLQIHUrQFLDHVWDWtVWLFDXPDGDVSULQFLSDLVREMHWLYRVpRWHVWHGHKLSyWHVHVVREUHRV SULQFLSDLVSDUkPHWURVSRSXODFLRQDLV%DVHDQGRQRVUHVXOWDGRVDPRVWUDLVQDWHRULDSUREDELOtVWLFDHQDV GLVWULEXLo}HVDPRVWUDLVGRVHVWLPDGRUHVpSRVVtYHOWHVWDUKLSyWHVHVVREUHSDUkPHWURVGHLQWHUHVVH2V WHVWHVGHKLSyWHVHVHVWmRVXMHLWRVDGRLVWLSRVGHHUUR2HUURWLSR,TXHDTXHOHHPTXHVHFRPHWHDR UHMHLWDUXPDKLSyWHVHGHIDWRYHUGDGHLUDFXMDSUREDELOLGDGHGHFRPHWrORp,HRHUURWLSR,,TXH pDTXHOHTXHVHFRPHWHDRDFHLWDUXPDKLSyWHVHIDOVD FRPRVHQGRYHUGDGHLUDFXMDSUREDELOLGDGHVp -6HUmRDSUHVHQWDGRVDVHJXLURVWHVWHVGHKLSyWHVHVVREUHRVSULQFLSDLVSDUkPHWURVGDSHVTXLVD FLHQWtILFDSRUPHLRGRVPHFDQLVPRVSURSLFLDGRVSHOR6LVYDU 7HVWHVVREUHPpGLD 3DUD VH WHVWDU XPD KLSyWHVH GH LQWHUHVVH VREUH D PpGLD GH XPD SRSXODomR VHUi DSUHVHQWDGRRVSURFHGLPHQWRVQR6LVYDU6XSRQGRTXHRSHVTXLVDGRUWHQKDLQWHUHVVHHPWHVWDUXPD KLSyWHVHIRUPXODGDVREUHDLQFLGrQFLDGDGRHQoDQRIHLMRHLUR6XSRQGRTXHDKLSyWHVHVHMD+2 RXVHMDTXHRVGDQRVFDXVDGRVSHORIXQJRVmRGH3DUDVHWHVWDUHVVDKLSyWHVHSHOR6LVYDUEDVWD HVFROKHUDVRSo}HVGRPHQXSULQFLSDO$QiOLVHVH7HVWHVGHKLSyWHVHVVHOHFLRQDQGRRSDUkPHWURDVHU WHVWDGRQRIRUPXOiULRTXHVHDSUHVHQWDHPVHJXLGD 'HILQLVHRVYDORUHVGDVHVWLPDWLYDVDPRVWUDLVQRVFDPSRVDSURSULDGRVHUHVSRQGHVH QDFDL[DGHHGLomRRYDORUGDKLSyWHVH+ TXHVHSUHWHQGHWHVWDU
- 104. DSUREDELOLGDGH H[DWD GD VLJQLILFkQFLD 3W!_WF_
- 105. H XPD FRQFOXVmR HVWDWtVWLFD SDUD R UHVXOWDGR GR WHVWH FRQVLGHUDQGRRYDORUGDVLJQLILFkQFLDHVFROKLGRSHORXVXiULRQRIRUPXOiULRGHRSo}HV1HVVHFDVRD
- 106. KLSyWHVHIRLUHMHLWDGDDGHSUREDELOLGDGHHFRPRDLQFLGrQFLDDPRVWUDOIRLPHQRUGRTXHRYDORU KLSRWpWLFRSRGHVHDILUPDUTXHDGRHQoDWHPLQFLGrQFLDPHQRUGRTXHQRIHLMRHLUR 7HVWHVREUHGLIHUHQoDGHPpGLDV 4XDQGRVHWHPGXDVSRSXODo}HVDPRVWUDGDVLQGHSHQGHQWHPHQWHRXGRLVWUDWDPHQWRVR SHVTXLVDGRUGHVHMDLQIHULUTXDOGHODVpDPHOKRUHPWHUPRVPpGLRV3DUDLVVRpSRVVtYHOUHDOL]DURWHVWH GH KLSyWHVH GH TXH DV PpGLDV GDV GXDV SRSXODo}HV VmR LJXDLV (VVH WHVWH p HTXLYDOHQWH D WHVWDU D QXOLGDGHGDGLIHUHQoDHQWUHHODV1RHQWDQWRVHDVYDULkQFLDVVmRKHWHURJrQHDVRWHVWHGHWpDSHQDV DSUR[LPDGR 3DUD PHOKRUDU WDO DSUR[LPDomR UHFRPHQGDVH R SURFHGLPHQWR GH 6DWWHUWKZDLWH RX GH RFKUDQHR[TXHVmRHTXLYDOHQWHV 3DUD UHDOL]DU R WHVWH QR 6LVYDU HVFROKHVH DV RSo}HV GR PHQX SULQFLSDO $QiOLVHV 7HVWHV GH KLSyWHVHV H GLIHUHQoDV GH PpGLDV QR IRUPXOiULR TXH VHUi DSUHVHQWDGR (P VHJXLGD EDVWD SUHHQFKHU R FDPSR GR QRYR IRUPXOiULR TXH VH DSUHVHQWD 3DUD LOXVWUDU R WHVWH VHUi DSUHVHQWDGR R H[HPSORFRPRLQWHUHVVHGRSHVTXLVDGRUGHYHULILFDUVHRVYROXPHVPpGLRVGDVGXDVSURJrQLHVVmR LGrQWLFRV,VVRHTLYDOHDRWHVWHGDKLSyWHVH+ 2 2 $VVLPRIRUPXOiULRILFDUiGDVHJXLQWH IRUPD
- 107. ( SDUWH GRV UHVXOWDGRV TXH GHYHUmR VHU FRQVXOWDGRV HP SULPHLUR OXJDU HVWmR DSUHVHQWDGRVDVHJXLU(VVHUHVXOWDGRUHIHUHVHDRWHVWHGHKLSyWHVHGHLJXDOGDGHGDVYDULkQFLDVGDV SRSXODo}HV9HULILFRXVHTXHHODVVmRLJXDLVFRPRMiGLVFXWLGRQRFDStWXOR +LSyWHVHVVREUHGLIHUHQoDVGHPpGLDV (VWDWtVWLFDVDPRVWUDLV 3RS0pGLD9DULkQFLD7DPDQKRGDDPRVWUD 7HVWHGDKLSyWHVHGHLJXDOGDGHGDVYDULkQFLDVSRSXODFLRQDLVH
- 108. )F 9 9 3) !
- 110. 6LWXDomRHPTXHDVYDULkQFLDVVmRFRQVLGHUDGDVKRPRJrQHDV (VWLPDWLYDSRUSRQWRGHPP 9DULkQFLDFRPELQDGDSRROHG
- 114. LQGLFDPTXHD KLSyWHVHGHTXHDVSURJrQLHVWHPDPHVPDSHUIRUPDQFHQmRSRGHVHUIDOVHDGDFRPGHFRQILDQoD eFRQYHQLHQWHFKDPDUDDWHQomRSDUDRWHVWHGDKLSyWHVHGHLJXDOGDGHGDVYDULkQFLDV SRSXODFLRQDLV1HVVHWHVWHDPDLRUYDULkQFLDDPRVWUDOpVHPSUHFRORFDGDQRQXPHUDGRUGDHVWDWtVWLFD )¶ $VVLP HVVH WHVWH p XP WHVWH ELODWHUDO IHLWR GH IRUPD XQLODWHUDO (VVH IDWR ID] FRP TXH D SUREDELOLGDGHFDOFXODGDYDORUGDVLJQLILFkQFLD
- 115. GHYD VHU PXOWLSOLFDGD SRU1R6LVYDUpQHFHVViULR TXHDYHULILFDomRVHGrFRPRYDORU,RXVHMD 8PDRXWUDVLWXDomRGDSHVTXLVDTXHPHUHFHVHUGHVWDFDGDpRFDVRGDVFRPSDUDo}HV SDUHDGDVRXVHMDDTXHODHPTXH PHGLGDVVmRIHLWDVDQWHVHDSyVDDSOLFDomRGHXPPHGLFDPHQWR UDomRSURGXWRTXtPLFRHWF$VVLPRSHVTXLVDGRUTXHUDYDOLDUVHH[LVWHHIHLWRGRWUDWDPHQWRDSOLFDGR 1HVVHFDVREDVWDREWHUDVGLIHUHQoDVGRVUHVXOWDGRVDSyVHDQWHVGRWUDWDPHQWRHHQWmR DSOLFDUXPWHVWH GHKLSyWHVHVREUHDPpGLDGDGLIHUHQoD(VVHSURFHGLPHQWRSRGHVHUIHLWRFRQIRUPHGHVFULWRQDVHomR
- 118. 6HRVYDORUHVKLSRWpWLFRV HVWLYHUHPQRLQWHUYDORGHFRQILDQoDDKLSyWHVHpDFHLWDFDVRFRQWUiULRGHYHVHUUHMHLWDGDRPHVVD RSomRR,H[DWRSRGHVHUXVDGRFRQIRUPHGHVFULomRIHLWDQRFDStWXOR 2 SURFHVVR SDUD XVDU R 6LVYDU QR WHVWH GH KLSyWHVH VHUi GHVFULWR XVDQGRVH XP H[HPSOR8PJHQHWLFLVWDDRHVWXGDURFRQWUROHJHQpWLFRGHXPFDUiWHUOHYDQWRXDKLSyWHVHGHOHVHU FRQWURODGR SRU XP ~QLFR JHQH FRP GRLV DOHORV FRP GRPLQkQFLD WRWDO 2 DOHOR UHFHVVLYR HP KRPR]LJRVHFRQIHULDDFRUEUDQFDDVIORUHVGDHVSpFLHTXHHOHHVWXGDYD'HDFRUGRFRPVXDKLSyWHVHH FRPDVOHLVGDJHQpWLFDQXPDJHUDomR) VHULDPHVSHUDGDVóGHSODQWDVFRPIORUHVEUDQFDVVHDPHVPD IRUYHUGDGHLUD$VVLPHOHUHDOL]RXXPH[SHULPHQWRHREVHUYRXSODQWDVFRQVWDWDQGRTXHGHODV WLQKDPDFRUEUDQFD([LVWHHYLGrQFLDVGHTXHDKLSyWHVHIRUPXODGDVHMDVXSRUWDGDSHORVGDGRV 3DUDUHVSRQGHUDHVVDSHUJXQWDEDVWDWHVWDUDKLSyWHVHGHTXHDSURSRUo}HVGHSODQWDV FRPIORUHVEUDQFDVVHMDGHóRXVHMD+3 $VVLPHVFROKHVHDVRSo}HVGRPHQXSULQFLSDO $QiOLVHV 7HVWHV GH KLSyWHVHV H SURSRUo}HV QR IRUPXOiULR TXH VHUi DSUHVHQWDGR (P VHJXLGD EDVWD SUHHQFKHURFDPSRGRQRYRIRUPXOiULRFRPRLOXVWUDGRDVHJXLU
- 121. LQGLFDPTXHDKLSyWHVHGHYH VHUUHMHLWDGD3RUWDQWRRJHQHWLFLVWDHVWDYDHUUDGRHPVXSRUTXHDSHQDVXPJHQHFRQWURODDFRUGHIORU GHVVDHVSpFLH 7HVWHVREUHYDULkQFLDV 3DUDVHWHVWDUKLSyWHVHVVREUHYDULkQFLDVpQHFHVViULRVXSRUTXHDSRSXODomRDPRVWUDGD SRVVXtGLVWULEXLomRQRUPDOFRQIRUPHMiYLVWRHPRXWURVPyGXORVGHVVHFXUVR$VVLPSDUDLOXVWUDUR WHVWHVHUiDSUHVHQWDGRRVHJXLQWHH[HPSORVXSRQKDTXHXPPHOKRULVWDVyDWXDUiHPXPDSRSXODomRVH HODWLYHUYDULkQFLDLJXDODNJ 5HDOL]DQGRXPDDPRVWUDGHWDPDQKRGHVVDPHVPDSRSXODomRHOH HVWLPRXXPDYDULkQFLDLJXDOD NJ 4XDOGHYHUiVHUDGHFLVmRGRPHOKRULVWD3DUDUHVSRQGHUDHVVD TXHVWmRpQHFHVViULRTXHVHWHVWHDKLSyWHVH+ 8 3DUDLVVRXVDQGRR6LVYDUEDVWDHVFROKHUQR PHQXSULQFLSDODVRSo}HV$QiOLVHV7HVWHVGHKLSyWHVHVHPDUFDU YDULkQFLDVQRIRUPXOiULRTXHVHUi DSUHVHQWDGR HP VHJXLGD 3UHHQFKHVH R IRUPXOiULR FRP DV LQIRUPDo}HV DPRVWUDLV H KLSRWpWLFDV FRQIRUPHDILJXUDDSUHVHQWDGDDVHJXLU
- 122. 'H DFRUGR FRP HVVDV LQIRUPDo}HV DSyV VHU FOLFDGR R ERWmR FDOFXODU H UHODWyULR R 6LVYDUDSUHVHQWDRVVHJXLQWHVUHVXOWDGRV +LSyWHVHVVREUHYDULkQFLDV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 7DPDQKRGDDPRVWUD 9DULkQFLDDPRVWUDO 7HVWHGDKLSyWHVH+R9 RQWUD+D9GLIHUHQWHGH 4XLTXDGUDGRFDOFXODGR;F /LPLWHGDUHJLmRLQIHULRUGHUHMHLomR /LPLWHGDUHJLmRVXSHULRUGHUHMHLomR 1mRH[LVWHHYLGrQFLDVSDUDUHMHLWDU+RDRQtYHOGHGH SUREDELOLGDGH 3RUWDQWRFRPRDKLSyWHVHQmRIRLUHMHLWDGDSRLVRYDORUGHTXLTXDGUDGRFDOFXODGR
- 125. 0RGHORVGHUHJUHVVmROLQHDU GHQWURGDDQiOLVHGHYDULkQFLD 8PD LPSRUWDQWH IHUUDPHQWD QD SHVTXLVD p IRUPXODomR GH PRGHORV HPStULFRV TXH UHODFLRQDP GXDV RX PDLV YDULiYHLV (VVHV PRGHORV WHP VHXV FRHILFLHQWHV GHVFRQKHFLGRV SHOR SHVTXLVDGRU H SUHFLVDP VHU FDOFXODGRV SDUD VH HVWDEHOHFHU DV UHODo}HV SUHWHQGLGDV 8VDQGRVH D OLQJXDJHP HVWDWtVWLFD SRGHVH GL]HU TXH RV FRHILFLHQWHV GHVVH PRGHOR VmR RV SDUkPHWURV H R VHXV FiOFXORVVmRRVHVWLPDGRUHVSDUDREWHUDVHVWLPDWLYDVTXHGHYHPVHUEDVHDGDVHPUHVXOWDGRVDPRVWUDLV RXH[SHULPHQWDLV 3DUDH[HPSOLILFDUDXWLOL]DomRGRSURFHGLPHQWRGHUHJUHVVmRXPH[HPSORFRPXPD SRSXODomR GH $UDXFDULD DQJXVWLIROLD FRP DQRV GH LGDGH VHUi XWLOL]DGR 'HVHMDVH H[SOLFDU R GHVHQYROYLPHQWRGHYROXPHDFUH
- 126. HPIXQomRGDiUHDEDVDO;HDOWXUDHPSpV; ; ; 2 SURFHGLPHQWR UHJUHVVmR IRL LGHDOL]DGR SDUD LPSOHPHQWDU UHJUHVV}HV OLQHDUHV P~OWLSODVGHDFRUGRFRPRPRGHOR L EE; E; EP;P HL RTXDOUHODFLRQDRFRPSRUWDPHQWRGDYDULiYHOGHSHQGHQWHFRPXPDIXQomROLQHDUGHXPJUXSRGH YDULiYHLV LQGHSHQGHQWHV ; ; ;P 2V EV VmR SDUkPHWURV HVWLPDGRV SRU PtQLPRV TXDGUDGRV DWUDYpVGDVHTXDo}HVQRUPDLV(1
- 128. - A ;;
- 131. L EE; E; E; HL
- 132. HQWmR 5EEEE
- 133. 64PRGHOR
- 134. 64PRGHOR
- 137. WLSR,,SDUFLDO
- 138. ; 5EE
- 139. 5EEEE
- 140. ; 5EEE
- 141. 5EEEE
- 142. ; 5EEEE
- 143. 5EEEE
- 144. 3DUD LOXVWUDU D XWLOL]DomR GR SURFHGLPHQWR UHJUHVVmR OLQHDU UHDOL]RXVH D DQiOLVH GH UHJUHVVmR GH XPD YDULiYHO GHSHQGHQWH
- 145. FRP D YDULiYHO LQGHSHQGHQWH ; XVDQGR RV VHJXLQWHV HVFROKDVQRIRUPXOiULRGHPRGHODJHPGR6LVYDU
- 147. GDGRSRU L EE; HL
- 152. E
- 153. RQFOXtVH XPD DOWD VLJQLILFkQFLD GR PRGHOR GH UHJUHVVmR 3
- 154. 5 UHODWLYDPHQWHDOWR
- 155. HPRGHORGHUHJUHVVmRHVWLPDGRGDGRSRU ;Ö 0XLWDV RSo}HV VmR SRVVtYHLV QR SURFHGLPHQWR 5HJUHVVmR H VHUmR LQWURGX]LGDV QRV PRPHQWRVFRQYHQLHQWHV %RQV PRGHORV SRVVXHP 64 GH UHJUHVVmR UHSUHVHQWDQGRJUDQGHVIUDo}HVGD647RWDO 6RPDGHTXDGUDGRVWRWDO
- 156. RQVLGHUHDJRUDRPRGHOR L EE; E; HL 8VHRVVHJXLQWHVHVSHFLILFDo}HVQR6LVYDU SDUDREWHUHVVH PRGHORDMXVWDGR
- 157. $ VDtGD RXWSXW
- 158. 5A DMXVWDGR UHIHUHVH DR 5 DMXVWDGR SDUD R Q~PHUR GH SDUkPHWURVGRPRGHORGHDFRUGRFRPDVHJXLQWHIyUPXOD
- 159. PQ Q5 5$MXVWDGR (PTXHQpRQ~PHURGHREVHUYDo}HVPpQ~PHURGHSDUkPHWURVFRPH[FHomRGRLQWHUFHSWR (VWHYDORUGHYHVHUSUHIHULGRSHORIDWRGR5 FUHVFHUFRPRVLPSOHVLQFUHPHQWR GH YDULiYHLVQRPRGHORPHVPRTXHREHQHItFLRSURYRFDGRSRUHODVVHMDSHTXHQR 8PREMHWLYRGDUHJUHVVmRpFDOFXODUYDORUHVSUHGLWRV ; ;P P A A A A - - - 1R SURFHGLPHQWR GH UHJUHVVmR D PDUFD QD RSomR YDORUHV SUHGLWRV SRVVLELOLWD WDLV FiOFXORV8VDQGRRH[HPSORDQWHULRU HHVFROKHQGRDRSomRPHQFLRQDGDFRPRPRVWUDGRDVHJXLUp SRVVtYHOREWHUWDLVYDORUHV
- 160. 2HUURSDGUmRGRYDORUSUHGLWRpFDOFXODGRSRU 6 ] ; ; ] 40(
- 163. A c c RQGH]pRYHWRUGHFRHILFLHQWHV $RSomRFULDRLQWHUYDORGHFRQILDQoDSDUDPpGLDGDVXESRSXODomRHVSHFtILFDDWUDYpV GH W 6 A A
- 165. HSDUFLDOWLSR,,
- 166. DSUHVHQWDGDV QD7DEHODEDVWDVHOHFLRQDUWDLV D RSo}HVFRPRLOXVWUDGRDQWHULRUPHQWH 0XLWDVYH]HVDVVRPDVGHTXDGUDGRVGRPRGHORGHUHJUHVVmRDSUHVHQWDP)DOWDPHQWH VLJQLILFDWLYR 1R HQWDQWR DOJXPDV RX DWp PHVPR WRGDV DV YDULiYHLV QmR DSUHVHQWDP ) SDUFLDO VLJQLILFDWLYR $ SULPHLUD YLVWD LVWR SDUHFH XPD LQFRHUrQFLD RX DWp PHVPR XPD LQFRQVLVWrQFLD GR PpWRGR 0DV DR VH DQDOLVDU FRP PDLRU SURIXQGLGDGH SHUFHEHVH TXH QmR VH WUDWD GH QHQKXP SDUDGLJPD(VWHIDWRVHVLPSOHVPHQWHSRUTXHDOJXPDVYDULiYHLVSRVVXHPLQIRUPDo}HVUHGXQGDQWHVGD YDULDomRTXHRFRUUHQDYDULiYHOGHSHQGHQWH'HVVDIRUPDDYDULDomRDGLFLRQDOH[SOLFDGDSRUHVVD YDULiYHOQDSUHVHQoDGHRXWUDRX RXWUDVQmRpVXILFLHQWHPHQWHLPSRUWDQWHSDUDVHUGHWHFWDGDQDTXHOH
- 167. QtYHOGHSUHFLVmRGHYHQGRVHUGHVFDUWDGDGRPRGHOR3DUDHVWDILQDOLGDGHDOJXQVPpWRGRVH[LVWHP2V PDLVFRPXQVVmR6WHS:LVH%DFN:DUGH)RU:DUGRVTXDLVVHUmRDSUHVHQWDGRVDVHJXLU 1tYHOGHVLJQLILFkQFLDGHHQWUDGD 1tYHOGHVLJQLILFkQFLDSDUDHQWUDGDGHYDULiYHLVQRPRGHOR 'HYHVHUXVDGDQR67(3:,6(HQR)25:$5' 1tYHOGHVLJQLILFkQFLDGHSHUPDQrQFLD 1tYHOGHVLJQLILFkQFLDSDUDVDtGD RXSHUPDQrQFLD GH YDULiYHLVQR PRGHOR'HYHVHUXVDGDQR67(3:,6(HQR%$.:$5' (;(5Ë,26352326726
- 168. 8VH RV GDGRV DSUHVHQWDGRV QHVVH FDStWXOR H IDoD D VHJXLQWH UHJUHVVmR XVDQGR RV SURFHVVRV GH VHOHomR L EE; E; E; ; E;HL 7LUHWRGDVDVFRQFOXV}HVGHLQWHUHVVHHLQWHUSUHWHRVUHVXOWDGRV
- 170. $QiOLVHGHYDULkQFLD $DQiOLVHGHYDULkQFLDpDPDLVXWLOL]DGDHQWUHDVWpFQLFDVHVWDWtVWLFDV2SHVTXLVDGRUDR HVWXGDUXPSUREOHPDVHYrHODERUDQGRXPSURMHWRTXHHQYROYHXPPRGHOROLQHDUFXMRVHIHLWRVVREUHR REMHWRGHHVWXGRHOHGHVHMDPHGLUHFRPSDUDU'LYHUVRVVmRRVGHOLQHDPHQWRVHVWDWtVWLFRVHHVTXHPDV H[SHULPHQWDLV DSURSULDGRV SDUD LVVR )HOL]PHQWH RV UHFXUVRV FRPSXWDFLRQDLV VmR DEXQGDQWHV H HILFLHQWHVXPDYH]TXHpJUDQGHTXDQWLGDGHGHFiOFXORVHQYROYLGREHPFRPRpQHFHVViULRHOHYDGD SUHFLVmR H VHJXUDQoD QRV FiOFXORV H WHVWHV HIHWXDGRV 6HUi GHVFULWR D VHJXLU DOJXQV GHOLQHDPHQWRV IXQGDPHQWDLVHDOJXQVGRVUHFXUVRVGR6LVYDUSDUDDQDOLViORV 'HOLQHDPHQWRLQWHLUDPHQWHFDVXDOL]DGR 2GHOLQHDPHQWRLQWHLUDPHQWHFDVXDOL]DGR',
- 171. pDTXHOHHPTXHRVWUDWDPHQWRVVmR DOHDWRUL]DGRVSHODiUHDRXSHORPDWHULDOH[SHULPHQWDO$iUHDRXPDWHULDOH[SHULPHQWDOGHYHPWHUD FDUDFWHUtVWLFDGHVHUHPRPDLVKRPRJrQHRVSRVVtYHLVDVRHVVDFRQGLomRQmRRFRUUDHVVHPDWHULDO H[SHULPHQWDOGHYHVHUTXHEUDGRHPIUDo}HVPDLVXQLIRUPHVTXHVmRFKDPDGDVGHEORFRV 3DUDLOXVWUDUDDQiOLVHGHYDULkQFLDGHXPGHOLQHDPHQWRVHUiDSUHVHQWDGRXPH[HPSOR GH XP H[SHULPHQWR FRP VXtQRV HP TXH FDGD DQLPDO FRQVWLWXLXVH XPD SDUFHOD H VREUH RV TXDLV DSOLFRXVH FLQFRUDo}HVFRPIRQWHVGHSURWHtQDVGLIHUHQWHV8VRXVHTXDWURDQLPDLVSDUDFDGDUDomR UHSHWLo}HV
- 172. FDVXDOL]DGRV GH XP JUXSR GH YLQWH VXtQRV EDVWDQWH XQLIRUPHV TXDQWR DR SHVR H FDUDFWHUtVWLFDVJHQpWLFDV2VWUDWDPHQWRVIRUDP $)RQWHGHSURWHtQDYHJHWDOGDILUPD; %)RQWHGHSURWHtQDYHJHWDOGDILUPD )RQWHGHSURWHtQDDQLPDOGDILUPD; ')RQWHGHSURWHtQDDQLPDOGDILUPD ()RQWHGHSURWHtQDDQLPDOFRPSRVWDGHòGDILUPD;òGDILUPD 2VGDGRVGHJDQKRGHSHVRGHVVHH[SHULPHQWRHVWmRDSUHVHQWDGRVQD7DEHOD
- 173. 7DEHOD *DQKR GH SHVR GRV DQLPDLV HP NJ YDORUHV GR SHUtRGR H[SHULPHQWDO
- 174. SDUD XP GHOLQHDPHQWR LQWHLUDPHQWH FDVXDOL]DGR FRP UHSHWLo}HV H WUDWDPHQWRV IRQWHV SURWpLFDV
- 175. 5(3(7,d®(6 3URJrQLH , ,, ,,, ,9 $ % ' ( 6LVYDU 6HUiGHVFULWRRVSULQFLSDLVSDVVRVSDUDDDQiOLVHGHYDULkQFLDXVDQGRR6LVYDU6HUi DSURYHLWDGDDRSRUWXQLGDGHSDUDUHDOL]DUDQiOLVHGHYDULkQFLDHDSUHVHQWDUDVIRUPDVGHFRPSDUDo}HV P~OWLSODVHQWUHWUDWDPHQWRV1HVVHFDVRDHVWUXWXUDGRVWUDWDPHQWRVVXJHUHTXHVHMDDSOLFDGRFRQWUDVWHV HQWUHRVHIHLWRVGRVPHVPRV2SULPHLURSDVVRpFULDURDUTXLYRFRQIRUPHRVSDVVRVGHPRQVWUDGRVQR FDStWXOR8PDSDUWHGHVVHDUTXLYRHVWiDSUHVHQWDGRDVHJXLU (P VHJXLGD DEDQGRQDVH R IRUPXOiULR GH PDQLSXODomR GH DUTXLYRV H HVFROKHVH QR PHQXSULQFLSDOGR6LVYDU³$QiOLVHGHYDULkQFLD´FRQIRUPHIRUPXOiULRDSUHVHQWDGRDVHJXLU
- 177. 2SULPHLURSDVVRpSURFXUDURDUTXLYR GHVHMDGRHUHDOL]DUDDQiOLVHGHYDULkQFLD(VVHDUTXLYRIRLGHQRPLQDGRGHH[HPSORGE$VVLPDR DEULU R DUTXLYR XVDQGRVH R ERWmR ³DEULU DUTXLYR´ D OLVWDJHP GH VXDV YDULiYHLV DSDUHFH QR FDQWR LQIHULRUHVTXHUGRGRIRUPXOiULR$WDEHODGHDQiOLVHGHYDULkQFLDGHVVHPRGHORLUiFRQWHUDVIRQWHVGH YDULDomR IRQWH SURWpLFD WUDWDPHQWRV
- 178. H R HUUR H[SHULPHQWDO 2 6LVYDU H[LJH TXH WRGDV DV IRQWHV GH YDULDomRFRPH[FHomRGR~OWLPR HUURH[SHULPHQWDOVHMDPDFUHVFHQWDGDVDHVVDWDEHOD1HVVHH[HPSOR D ~QLFD IRQWH GH YDULDomR GLIHUHQWH GR HUUR H[SHULPHQWDO p D UHODWLYD DRV WUDWDPHQWRV ([LVWHP QR IRUPXOiULR DOpP GHVVHV REMHWRV GHVFULWRV RV ERW}HV GH DVWHULVFRV H GH SDUrQWHVHV SDUD VH FULDUHP IRQWHV GH YDULDo}HV FRP LQWHUDo}HV H HIHLWRV KLHUiUTXLFRV ([LVWHP R ERWmR GH OLPSDU R TXDGUR GH DQiOLVHGHYDULkQFLDHRGHUHPRYHUXPDIRQWHGH YDULDomRPDOHVSHFLILFDGD$OpPGHVVHVH[LVWHDLQGD XP ERWmR SDUD HQWUDGD GH HUURV LQWHUPHGLiULRV HP PRGHORV PDLV FRPSOH[RV WDLV FRPR SDUFHODV VXEGLYLGDSDUFHODVXEVXEGLYLGLGDSDUFHODVVXEGLYLGLGDQRWHPSRRXQRHVSDoRHVTXHPDVGHIDL[DV HQWUHRXWURV2IRUPXOiULRFRPDVYDULiYHLVGRDUTXLYRDEHUWRHVWiDSUHVHQWDGRDVHJXLU
- 179. 2 SUy[LPR SDVVR p FOLFDU QDV IRQWHV GH YDULDomR TXH GHYHUmR FRPSRU R TXDGUR GH DQiOLVHGHYDULkQFLDPRQWiODVQDMDQHODGHHGLomRGDVPHVPDVQDSDUWHGHEDL[RGRIRUPXOiULR
- 180. H DGLFLRQiODV DR TXDGUR GH DQiOLVH GH YDULkQFLD SRU PHLRGRERWmRDGLFLRQDU1HVVHFDVRRXVXiULR GHYHUiFOLFDUQDYDULiYHO)RQWHGHSURWHtQDHODGHYHUiVHUHQYLDGDSDUDDFDL[DGHHGLomRHHPVHJXLGD FOLFDUQRERWmRDGLFLRQDU2SUy[LPRSDVVRpFOLFDUQRERWmR³)LP´XPDYH]TXHRHUURUHVtGXR
- 181. GD DQiOLVH GH YDULkQFLD p REWLGR SRU GLIHUHQoD SHOR 6LVYDU 2 IRUPXOiULR FRP D DQiOLVH GH YDULkQFLD FRQVWUXtGDGHVVDIRUPDHVWiDSUHVHQWDGRDVHJXLU
- 182. 3UHVVLRQDQGRVH HP ILP DSDUHFHUi XP QRYR IRUPXOiULR SDUD RSo}HV GH WHVWHV GH FRPSDUDo}HVP~OWLSODVHQWUHRVWUDWDPHQWRV1HVVDIDVHGHSODQRGDDQiOLVHGHYDULkQFLDRXVXiULR HVFROKHWRGRVRVWHVWHVHFRPSDUDo}HVTXHIRUDPSODQHMDGDVHPVHXSURMHWRGHSHVTXLVD6HDDQiOLVHGH YDULkQFLDQmRDFXVDUGLIHUHQoDVHQWUHRVWUDWDPHQWRVRVWHVWHVHVFROKLGRVGHYHPVHUHOLPLQDGRVGR UHODWyULR GH VDtGD 3DUD HVFROKHU DV RSo}HV GH WHVWH EDVWD TXH R XVXiULR Gr XP FOLTXH QD IRQWH GH YDULDomRGHLQWHUHVVHQHVVHFDVRVyWHPXPD
- 183. 3RGHVHID]HUDWpVHWHWHVWHVSDUDFDGDIRQWHGHYDULDomR 1HVVHH[HPSORVHUiHVFROKLGRWUrVWHVWHV7XNH6FRWWH.QRWWHFRQWUDVWHVGHLQWHUHVVH1RFDVRGRV FRQWUDVWHVWRGDYH]TXHRVWUDWDPHQWRVVXJHUHPLVVRHOHVGHYHPVHURVWHVWHVSUHIHULGRV$ILQDOLGDGH GH DSUHVHQWDU RV WHVWHV GH 7XNH H GH 6FRWW H .QRWW p SDUD GHPRQVWUDU FRPR SURFHGHU H FRPR LQWHUSUHWDU GHWHUPLQDGDV FDUDFWHUtVWLFDV GRV PHVPRV 1HVVH FDVR RV FRQWUDVWHV GH LQWHUHVVH GR SHVTXLVDGRU HUDP L
- 184. FRPSDUDU DV IRQWHV SURWpLFDV YHJHWDO H DQLPDO $%'( LL
- 185. FRPSDUDU DV GXDV ILUPDV TXDQWR DV IRQWHV GH SURWHtQD YHJHWDO $% LLL
- 189. H TXHFRQWUDVWHVIRUDPUHDOL]DGRVFRUUHVSRQGHQGRDRQ~PHURGHJUDXVGHOLEHUGDGHGRVWUDWDPHQWRV RPRPRXVH VHOHFLRQDVHDIRQWHGHYDULDomRGHLQWHUHVVHSDUDVHHVFROKHURVWHVWHVGH GHVHMDGRV)D]VHLVVRWUrVYH]HVUHSHWLGDPHQWH2VIRUPXOiULRGHRSo}HVGRVWHVWHVpDSUHVHQWDGRD VHJXLU$VRSo}HVGLVSRQtYHLVVmRWHVWHGH7XNH61./6'/6'SURWHJLGRSRU%RQIHUURQL6FRWWH .QRWW FRQWUDVWHV H UHJUHVVmR 5HJUHVVmR GHYH VHU HVFROKLGD SDUD WUDWDPHQWR FXMRV QtYHLV VmR TXDQWLWDWLYRV 1R H[HPSOR HP TXHVWmR IRL HVFROKLGD D RSomR GR WHVWH GH 7XNH 2 SURFHVVR IRL UHSHWLGRHVFROKHQGRVHRWHVWHGH6FRWWH.QRWWH FRQWUDVWHV)L[RXVHRYDORUGDVLJQLILFkQFLDHP TXHpRGHIDXOWGR6LVYDU
- 190. 2SUy[LPRSDVVRpVHOHFLRQDUDVYDULiYHLVTXHVHUmRDQDOLVDGDV26LVYDUQmRSHUPLWH TXH VHMDP DQDOLVDGDV YDULiYHLV TXH IRUDP IRQWHV GH YDULDomR GR PRGHOR GH DQiOLVH GH YDULkQFLD 7DPEpPQmRVHWHPLQWHUHVVHHPXLWRPHQRVVHQWLGRHPDQDOLVDUUHSHWLomR$VVLPQRIRUPXOiULRTXH VHDSUHVHQWDRXVXiULRWHPRTXDGURGDVXDGLUHLWDTXHSRVVXtDVYDULiYHLVGRDUTXLYRHDVXDHVTXHUGD RTXDGURTXHUHFHEHDVYDULiYHLVVHOHFLRQDGDVSDUDVHUDQDOLVDGDeSRVVtYHOUHPRYHUXPDYDULiYHOTXH SRUHQJDQRIRLVHOHFLRQDGDSUHVVLRQDQGRVHQDPHVPDHHPVHJXLGDQRERWmRUHPRYHU3DUDVHOHFLRQDU XPDYDULiYHOEDVWDFOLFDUQDPHVPDTXHHODVHUiLPHGLDWDPHQWHFRORFDGDQRTXDGURDVXDHVTXHUGD1R H[HPSORDSHQDVDYDULiYHOUHODWLYDDRVJDQKRVGHSHVRVHUiDQDOLVDGDVHQGRD~QLFDVHOHFLRQDGDe SRVVtYHOUHDOL]DUDOJXPDVWUDQVIRUPDo}HVVLPSOHVQR6LVYDU$RFOLFDUHP)LQDOL]DUDSDUHFHDOLVWDJHP GDVYDULiYHLVTXHIRUDPVHOHFLRQDGDVSDUDDQiOLVHYDULiYHLVGHSHQGHQWHV
- 192. $SyV WHU ILQDOL]DGR R VHJXLQWH IRUPXOiULR DSDUHFH SDUD R XVXiULR HVFROKHU DOJXPD RSomRGHWUDQVIRUPDomR1HVVHFDVRQHQKXPDWUDQVIRUPDomRVHUiHVFROKLGD
- 193. DVRWHQKDVHRSWDGRSRUDOJXPDWUDQVIRUPDomRTXHQmRpRFDVRRIRUPXOiULRGH RSo}HVDSDUHFHSDUDRXVXiULR$WpRSo}HVSRGHPVHUHVFROKLGDVSHORPHVPR 2SUy[LPRSDVVRpDUHDOL]DomRGDDQiOLVHSHOR6LVYDUDVRKDMDRSo}HVGHFRQWUDVWHV VHOHFLRQDGDV HQWmR R 6LVYDU DSUHVHQWDUi XP IRUPXOiULR FRP SDUD FDGD FRQWUDVWH TXH GHYH VHU IRUPXODGR2XVXiULRGHYHUiGLJLWDURVFRHILFLHQWHVGRVFRQWUDVWHVSDUDFDGDQtYHOGRV WUDWDPHQWRVGH DFRUGRFRPVHXSODQHMDPHQWRIHLWRDQWHULRUPHQWH3DUDRSULPHLURFRQWUDVWHIRUPXODGR $% '( R IRUPXOiULR FRP RV FRHILFLHQWHV GR PHVPR HVWi DSUHVHQWDGR D VHJXLU e LPSRUWDQWH REVHUYDUTXHRVQtYHLVGRVWUDWDPHQWRVHVWmRHPXPDMDQHODRUGHQDGDHTXHRVFRHILFLHQWHVTXHHVWmR VHQGRGLJLWDGRVHVWmRHPRXWUD$SyVFDGDFRQWUDVWHVHUGLJLWDGRRERWmR³QRYRFRQWUDVWH´GHYHVHU SUHVVLRQDGRDWpTXHR~OWLPRVHMDGLJLWDGR(QWmRSUHVVLRQDVHRERWmR³)LQDOL]DU´RQYpPFKDPDUD DWHQomR GH TXH SDUD FRQWUDVWHV HQYROYHQGR RV SULPHLURV WUDWDPHQWRV DSHQDV QmR p QHFHVViULR FRPSOHWDUFRP]HURVRVQtYHLVGRVWUDWDPHQWRVQmRFRQWHPSODGRV-iSDUDFRQWUDVWHVHQYROYHQGRRV ~OWLPRV WUDWDPHQWRV RV QtYHLV GDTXHOHV TXH RV SUHFHGHP GHYHP VHU FRPSOHWDGRV FRP ]HURV $R WHUPLQDUR6LVYDUDSUHVHQWDUiRVUHODWyULRVGHDQiOLVHGHDFRUGRFRPRSODQRGHDQiOLVHUHDOL]DGR
- 194. 6HUmR DSUHVHQWDGRV RV UHVXOWDGRV HP HWDSDV SDUD PDLRU FODUH]D HPERUD R 6LVYDU R OLEHUHHPXP~QLFRIRUPXOiULRGHUHVXOWDGRVVHQGRSRVVtYHOHGLWRUiORVLPSULPLORVRXVDOYiORV$ DQiOLVHGHYDULkQFLDHVWiDSUHVHQWDGDDVHJXLU $UTXLYRDQDOLVDGR '?GDQLHO?7XWRULDHPPDWHPiWLFDHHVWDWtVWLFD?([HPSORV?H[HPSOR'% 9DULiYHODQDOLVDGD*DQKRVGHSHVRHPNJ 2SomRGHWUDQVIRUPDomR9DULiYHOVHPWUDQVIRUPDomR
- 197. RPRMipGRFRQKHFLPHQWRGRVOHLWRUHVRWHVWH)pDSURSULDGRSDUDDDYHULJXDomRGD KLSyWHVH GH LJXDOGDGH GH PpGLDV HQWUH WUDWDPHQWRV RPR R YDORU GH )
- 198. IRL VLJQLILFDWLYR 3
- 199. LQGLFD TXH SHOR PHQRV XPD GDV IRQWHV SURWpLFDV GLIHUH GDV GHPDLV 2XWUDV LQIRUPDo}HV FRPRDPpGLDJHUDOFRHILFLHQWHGHYDULDomRHQWUHRXWUDVHVWDWtVWLFDVHVWmRGLVSRQtYHLVQDVDtGDGR 3URJUDPD2SUy[LPRSDVVRVmRDVVDtGDVGRWHVWHGH7XNHH6FRWWH.QRWW 7HVWH7XNHSDUDD)9)RQWH3URWHtQD '06106 0pGLDKDUPRQLFDGRQ~PHURGHUHSHWLo}HVU
- 202. (UURSDGUmR 7UDWDPHQWRV0pGLDV5HVXOWDGRVGRWHVWH %D 'D D $D (D 3RGHVH REVHUYDU TXH RV WHVWHV GLIHUHP QRV VHXV UHVXOWDGRV 2 SRQWR FKDYH GHVVDV GLIHUHQoDVpTXHRWHVWHGH7XNHFRPRDPDLRULDGRVWHVWHVGHFRPSDUDo}HVP~OWLSODVSRVVXHPRTXH p GHQRPLQDGR GH DPELJLGDGHV GH UHVXOWDGRV 3DUD PRVWUDU LVVR VHUi WRPDGR XP H[HPSOR RV WUDWDPHQWRV%HVmRHVWDWLVWLFDPHQWHFRQVLGHUDGRVLJXDLVSHORWHVWHGH7XNHSRUSRVVXtUHPDPHVPD OHWUDD
- 204. 3RUpPRVWUDWDPHQWRV%H $GLIHUHPHQWUHVL0DWHPDWLFDPHQWHpLPSRVVtYHOH[SOLFDUWDOUHVXOWDGR2VHVWDWtVWLFRVFRQYLYHPFRP HVVH IDWR PDV SRVVXHP PXLWDV GLILFXOGDGHV DR PLQLVWUDU XP DXOD RX DR WHQWDU H[SOLFDU DRV SHVTXLVDGRUHVUHVXOWDGRVGHVVHVWHVWHV-iRWHVWHGH6FRWWH.QRWWpXPWHVWHLVHQWRGHDPELJLGDGHV 6HXVUHVXOWDGRVVmRPDLVFODURVHREMHWLYRV$VVLPRWHVWHHPTXHVWmRDILUPDTXHRVWUDWDPHQWRV%H' IRUPDPXPJUXSRGHPHQRUJDQKRGHSHVRHRRVWUDWDPHQWRV$H(VmRHVWDWLVWLFDPHQWHLJXDLVH VXSHULRUHVDRVGHPDLV%H'
- 205. $ PHOKRU DERUGDJHP SDUD HVVH H[HPSOR FRPR Mi IRL FRPHQWDGR p SRU PHLR GD UHDOL]DomR GRV FRQWUDVWHV GH LQWHUHVVH 2V UHVXOWDGRV GR 6LVYDU SDUD RV TXDWUR FRQWUDVWHV VmR DSUHVHQWDGRVDVHJXLU3ULPHLURR6LVYDUDSUHVHQWDRFRQWUDVWHIRUPXODGRHHPVHJXLGDGLYHUVRVWHVWHV SDUDRPHVPR
- 207. (UURSDGUmRGDPpGLDJHUDOGHVVD)9 2FRQWUDVWHWHVWDGRHVWiDSUHVHQWDGRDVHJXLU 1tYHOGHVVD)RQWHGH9DULDomRRHILFLHQWHV $ % ' ( 2EV9DORUHVGRVFRHILFLHQWHVSRVLWLYRVIRUDPGLYLGLGRVSRU HRVQHJDWLYRVSRU (VWLPDWLYD '066FKHIIp 106 9DULkQFLD (UURSDGUmR WSDUD+ 3U!_W_ )SDUD+ 3U!) 3UH[DWD6FKHIIp 1tYHOGHVVD)RQWHGH9DULDomRRHILFLHQWHV $ % 2EV9DORUHVGRVFRHILFLHQWHVSRVLWLYRVIRUDPGLYLGLGRVSRU HRVQHJDWLYRVSRU (VWLPDWLYD '066FKHIIp 106 9DULkQFLD (UURSDGUmR WSDUD+ 3U!_W_ )SDUD+ 3U!) 3UH[DWD6FKHIIp RQFOXtVH SHOR SULPHLUR FRQWUDVWH TXH DV IRQWHV GH SURWHtQDV QmR GLIHUHP HQWUH VL TXDQWRDRVHXVHIHLWRVQRJDQKRGHSHVRGRVDQLPDLV26LVYDUDSUHVHQWDWUrVRSo}HVSDUDRWHVWHGD VLJQLILFkQFLDGRFRQWUDVWHRWHVWHWGHVHXHTXLYDOHQWH)HRWHVWH6FKHIIp2WHVWH6FKHIIpQHVVHFDVR DSUHVHQWDXPDQRYLGDGHTXHVHWUDWDGDVLJQLILFkQFLDH[DWD7DPEpPDSUHVHQWDRFULWpULRGD'06SDUD RYDORUQRPLQDOGHD HVFROKLGR6HDHVWLPDWLYDHPPyGXOR VXSHUDD'06GL]VHTXHRFRQWUDVWHp VLJQLILFDWLYRFDVRFRQWUiULRRVGRLVJUXSRVFRQWUDVWDQWHVQmRGLIHUHPHQWUHVL(VVHFULWpULRpRPDLV ULJRURVR GHOHV H SRGH DSUHVHQWDU UHVXOWDGRV QmR FRLQFLGHQWHV FRP RV GHPDLV FRPR SRU H[HPSOR DFRQWHFHX QR ~OWLPR FRQWUDVWH 2 VHJXQGR FRQWUDVWH IRL DOWDPHQWH VLJQLILFDWLYR LQGLFDQGR TXH R
- 208. WUDWDPHQWR $ VXSHUD HP PpGLD R % HP NJDQLPDO HVWLPDWLYD GR FRQWUDVWH
- 210. SHORWHVWHWRX)LQGLFDQGRTXH FRPELQDU DV IRQWHV GH SURWHtQD DQLPDO p PHOKRU GR TXH IRUQHFrODV LVRODGDPHQWH H TXH D IRQWH GH SURWHtQDDQLPDOpPHOKRUHPPpGLDGRTXHD' 1tYHOGHVVD)RQWHGH9DULDomRRHILFLHQWHV $ % ' ( 2EV9DORUHVGRVFRHILFLHQWHVSRVLWLYRVIRUDPGLYLGLGRVSRU HRVQHJDWLYRVSRU (VWLPDWLYD '066FKHIIp 106 9DULkQFLD (UURSDGUmR WSDUD+ 3U!_W_ )SDUD+ 3U!) 3UH[DWD6FKHIIp 1tYHOGHVVD)RQWHGH9DULDomRRHILFLHQWHV $ % ' 2EV9DORUHVGRVFRHILFLHQWHVSRVLWLYRVIRUDPGLYLGLGRVSRU HRVQHJDWLYRVSRU (VWLPDWLYD '066FKHIIp 106 9DULkQFLD (UURSDGUmR WSDUD+ 3U!_W_ )SDUD+ 3U!) 3UH[DWD6FKHIIp
- 211. 1R6LVYDURYDORUGDHVWLPDWLYDGRFRQWUDVWH$ H%YV'H(pFRPHUURSDGUmR GHRTXHFRUUHVSRQGHDXPWGH2EVHUYHTXHXPDFRUUHomRpIHLWDQR6LVYDUSDUDGDUXP YDORUUHDO SDUDDHVWLPDWLYDGRHIHLWRGRFRQWUDVWH RXVHMD FRPSDUDQGRDPpGLDGRVGRLVJUXSRVGH WUDWDPHQWRVFRQWUDVWDGRVIRUQHFHQGRXP VLJQLILFDGRPDLVSUiWLFRDRSHVTXLVDGRU 5HJUHVVmRQDDQiOLVHGHYDULkQFLD 0XLWDV GDV SHVTXLVDV OLGDP FRP GRVDJHQV GH SURGXWRV TXtPLFRV DGXERV LUULJDomR HQWUH RXWURV WLSRV GH WUDWDPHQWRV (VVH WLSR GH HVWUXWXUD GRV WUDWDPHQWRV HP TXH VHXV QtYHLV VmR TXDQWLWDWLYRV UHTXHU GRV SHVTXLVDGRU XPD DERUGDJHP GLIHUHQFLDGD GRV WHVWHV GH FRPSDUDo}HV P~OWLSODV 2V WUDWDPHQWRV VmR PRGHODGRV FRPR YDULiYHLV H[SOLFDWLYDV GR IHQ{PHQR YDULiYHO
- 212. VRE HVWXGR (VVD PRGHODJHP p IHLWD SHOR HVWDEHOHFLPHQWRV GH PRGHORV GH UHJUHVVmR HQWUH D YDULiYHO UHVSRVWD H RV QtYHLV GRV WUDWDPHQWRV RPR RV WUDWDPHQWRV VmR FRQWURODGRV UHSHWLGRV HP XP H[SHULPHQWRFRPRXVHPFRQWUROHORFDOpSRVVtYHOH[SORUDURVPRGHORVGHUHJUHVVmRGHXPDIRUPD EDVWDQWHHILFLHQWH6mRFRQVLGHUDGRVSDUDLVVRWHVWHVSDUDRGHVYLRGHUHJUHVVmRSDUDDQXOLGDGHGRV SDUkPHWURVFRHILFLHQWHV
- 213. GRPRGHORGHUHJUHVVmR5 YDORUHVHVWLPDGRVHSUHGLWRVeSRVVtYHOXVDUR SURFHGLPHQWR GH UHJUHVVmR H REWHU WRGRV RV WHVWHV FRPHQWDGRV DQWHULRUPHQWH 3DUD LVVR SRUpP p SUHFLVRXVDUGHDUWLItFLRVHFiOFXORVH[WUDVXVDQGRFDOFXODGRUDVRXSODQLOKDV1RFDVRGHPRGHORVPDLV FRPSOH[RVQmRFRQWHPSODGRVSRUHVVHPyGXORGR 6LVYDURXVRGRSURFHGLPHQWRGHUHJUHVVmROLQHDU SRGHVHULPSUHVFLQGtYHO 3DUD LOXVWUDU R XVR GR 6LVYDUSDUDHIHWXDUDQiOLVHGHUHJUHVVmRVHUi DSUHVHQWDGRXP PRGHORFXMRVWUDWDPHQWRVIRUDPHQVDLDGRVHPXPGHOLQHDPHQWRLQWHLUDPHQWHFDVXDOL]DGRFRPFLQFR UHSHWLo}HV(VVHVWUDWDPHQWRVUHIHUHPVHDLGDGHVGHFRUWHHPGLDVH
- 215. 5(3(7,d®(6 ,GDGHVGHFRUWH , ,, ,,, ,9 9
- 216. 8PDSDUWHGRDUTXLYRGHGDGRVGR6LVYDUHVWiDSUHVHQWDGRDVHJXLU $WHODGHDQiOLVHGHYDULkQFLDFRPRTXDGURHDVYDULiYHLVGHVVHDUTXLYRH[HPSORGE HVWmRDSUHVHQWDGDVDVHJXLU1RWDVHTXHSUDWLFDPHQWHpXPHVTXHPDDQiORJRDRGDVHomRDQWHULRU1D WHODVHJXLQWHTXHVHVHJXLUiDHVVDGHRSo}HVGRTXDGURGHDQiOLVHGHYHVHFOLFDUHP,GDGHVHPGLDVH VHOHFLRQDU RSomR GH UHJUHVVmR 6H R SURFHVVR IRU UHSHWLGR SRGHVH HVFROKHU QRYDPHQWH UHJUHVVmR WDQWDVYH]HVTXDQWRFRQYLHUDRXVXiULRDWpROLPLWHGHVHWHYH]HV(VVHSURFHGLPHQWRWHPDILQDOLGDGH GHVHRSWDUSRUGLIHUHQWHVPRGHORVGHUHJUHVVmR26LVYDUGLVSRQLELOL]DWHUPRVGHUHJUHVVmRSDUD TXHXVXiULRIRUPXOHRVHXSUySULRPRGHORGHQWUHRVTXHMXOJDULQWHUHVVDQWH3DUDRFDVRGHUHJUHVV}HV SROLQRPLDLVVHLVWHUPRVDWpJUDX
- 217. HVWmRGLVSRQLELOL]DGRVeFRQYHQLHQWHFKDPDUDDWHQomRGHTXHR PpWRGR GH DQiOLVH GRV PRGHORV GH UHJUHVVmR p R GH TXDGUDGRV PtQLPRV H[HFXWDGR YLD iOJHEUD PDWULFLDO'HVVDIRUPDQHQKXPDWLSRGHSUHRFXSDomR GHYHSDVVDUSHODPHQWHGRSHVTXLVDGRUWDO FRPRRDGDH[LJrQFLDGHQtYHLVHTLGLVWDQWHVSDUDVHXVDURVPRGHORVGHUHJUHVVmRSROLQRPLDO
- 218. 6HOHFLRQDGD D RSomR GH UHJUHVVmR QRV IRUPXOiULRV DSURSULDGRV R 6LVYDU DSUHVHQWD DTXHOHSUySULRSDUDHVFROKDGRPRGHORGHUHJUHVVmR1HVVHFDVRIRLHVFROKLGRXPPRGHORGHUHJUHVVmR SROLQRPLDORPRRWRWDOGHWUDWDPHQWRVpLJXDODFRPWUrVJUDXVGHOLEHUGDGHGLVSRQtYHLVpSRVVtYHO VHOHFLRQDUXPPRGHORFRPQRPi[LPRWHUPRVSDUDTXHKDMDSHORPHQRVJUDXGHOLEHUGDGHSDUDVH WHVWDURGHVYLRGHUHJUHVVmR1HVVHH[HPSORHVFROKHXVHRWHUPR;H; SDUDRDMXVWHGRVHJXLQWH PRGHOR LL LLL ;E;EE 0/ HPTXHEL VVmRRVSDUkPHWURVDVHUHVWLPDGRV L/ pRGHVYLRGHUHJUHVVmRH L0 RHUURH[SHULPHQWDO VXSRVWRQRUPDOHLQGHSHQGHQWHPHQWHGLVWULEXtGR
- 219. 2V UHVXOWDGRV GR 6LVYDU VHUmR DSUHVHQWDGRV D VHJXLU VHSDUDQGRVH D DQiOLVH GH YDULkQFLDGDDQiOLVHGHUHJUHVVmRSDUDXPDGLVFXVVmRPDLVVLPSOHV $UTXLYRDQDOLVDGR ?GDQLHO?7XWRULDHPPDWHPiWLFDHHVWDWtVWLFD?([HPSORV?H[HPSOR'% 9DULiYHODQDOLVDGD7HRUGH3URW%UXWD 7$%(/$'($1È/,6('(9$5,Æ1,$ )9*/6440)F3U!)F ,GDGHVHPGLDV HUUR 7RWDOFRUULJLGR 9
- 220. 0pGLDJHUDO 1~PHURGHREVHUYDo}HV 3HOR WHVWH ) GD DQiOLVH GH YDULkQFLD GHWHFWDVH XP HIHLWR DOWDPHQWH VLJQLILFDWLYR 3
- 221. GD LGDGH QR WHRU GH SURWHtQD EUXWD GHVVD JUDPtQHD RPR SUy[LPR SDVVR p QHFHVViULR
- 222. H[SORUDU HVVH HIHLWR SRU PHLR GH XP PRGHOR GH UHJUHVVmR FXMD HVFROKD UHFDLX HP XP PRGHOR SROLQRPLDOGHVHJXQGRJUDX2VUHVXOWDGRVGHVVDDQiOLVHHVWmRDSUHVHQWDGRVDVHJXLU 5HJUHVVmRSDUDD)9,GDGHVHPGLDV 0pGLDKDUP{QLFDGRQ~PHURGHUHSHWLo}HVU
- 223. (UURSDGUmRGDPpGLDJHUDOGHVVD)9 E; E;A 0RGHORVUHGX]LGRVVHTHQFLDLV WSDUD 3DUkPHWUR(VWLPDWLYD6(+3DU 3U!_W_ E E 5A 9DORUHVGDYDULiYHO LQGHSHQGHQWH0pGLDVREVHUYDGDV0pGLDVHVWLPDGDV WSDUD 3DUkPHWUR(VWLPDWLYD6(+3DU 3U!_W_ E E E 5A 9DORUHVGDYDULiYHO LQGHSHQGHQWH0pGLDVREVHUYDGDV0pGLDVHVWLPDGDV 6RPDVGHTXDGUDGRVVHTHQFLDLV 7LSR,7SH,
- 225. H GHVYLR GH UHJUHVVmR QmR VLJQLILFDWLYR 3RUWDQWR R PRGHOR
- 227. GDYDULDomR WRWDOGDYDULiYHOGHSHQGHQWHDOpPGHDSUHVHQWDUXPHOHYDGRYDORUGH5 2UHVXOWDGRGR6LVYDUSDUDD UHJUHVVmRHQYROYHVHPSUHXPDMXVWHVHTXrQFLDOGRVWHUPRVQHOHHVSHFLILFDGRDEHDRXVXiULRID]HUD HVFROKDEDVHDGRHPIXQGDPHQWDo}HVWHyULFDVGHTXDOGHOHVpRPDLVDSURSULDGR1HVVHFDVRRPRGHOR OLQHDUVLPSOHVGHYHVHUGHVSUH]DGR2PRGHORDMXVWDGRpSRUWDQWR LLL ;;Ö 'HOLQHDPHQWRHPEORFRVFDVXDOL]DGRV 8PGRVPDLVLPSRUWDQWHVHPDLVXVDGRVGHOLQHDPHQWRVGDSHVTXLVDFLHQWtILFDHPWRGR R PXQGR p GHOLQHDPHQWR HP EORFRV FDVXDOL]DGRV (VVH GHOLQHDPHQWR WHP R DSHOR GH HOLPLQDU GD YDULDomR UHVLGXDO YDULDo}HV GH QDWXUH]D GH KHWHURJHQHLGDGH GR PDWHULDO H[SHULPHQWDO ,VVR p IHLWR VXEGLYLGLQGRRPDWHULDORXDiUHDH[SHULPHQWDOHPIUDo}HVPDLVXQLIRUPHVHDSOLFDQGRHPFDGDXPD GHODVWRGRVRVWUDWDPHQWRV(VVDVIUDo}HVXQLIRUPHVVmRFRQKHFLGDVSRUFRQWUROHORFDORXVLPSOHVPHQWH SRUEORFRV(PFDGDXPGHVVHVEORFRVRVWUDWDPHQWRVVmRDOHDWRUL]DGRVVHQGRSRUWDQWRFDGDEORFR FRUUHVSRQGHQWH D XPD UHSHWLomR GRV WUDWDPHQWRV $ VXD PRGHODJHP p IHLWD DGLFLRQDQGRVH VLPSOHVPHQWHRHIHLWRGHEORFRVDRPRGHOR1HQKXPDGLILFXOGDGHDGLFLRQDOVXUJHQDUHDOL]DomRGDV DQiOLVHVSHORVSURJUDPDVGHDQiOLVHHVWDWtVWLFDQRTXHVHUHIHUHDVVXDVLQWHUDo}HVFRPRVXVXiULRV ,QWHUQDPHQWHHVVHVSURJUDPDVH[HFXWDPPXLWRVRXWURVFiOFXORVTXHDRXVXiULRQmRpUHOHYDQWHHQHP pREMHWLYRGHVVHPDWHULDORVHXGHVWDTXH2PRGHORJHUDOGHDQiOLVHGHVVHGHOLQHDPHQWRp 02 LMMLL EW HPTXHWL pRHIHLWRGRWUDWDPHQWRLEM pRHIHLWRGREORFRMH 0LM pRHIHLWRGRHUURGDSDUFHODTXH UHFHEHXRWUDWDPHQWRLGREORFRMVXSRVWRVQRUPDOHLQGHSHQGHQWHPHQWHGLVWULEXtGRV 8PH[HPSORVHUiDSUHVHQWDGRSDUDGHPRQVWUDUFRPRPRGHODUHVVHHVTXHPDGHDQiOLVH QR6LVYDU8PHQVDLRGHJDQKRGHSHVRVHPDQLPDLVSDUDWHVWDUUDo}HV2VDQLPDLVIRUDPEORFDGRV
- 228. TXDQWR D FDWHJRULDV GH SHVR HVSHFLILFDGDV SHOR SHVTXLVDGRU 6HLV EORFRV IRUDP XVDGRV SDUD R GHOLQHDPHQWRHPTXHVWmR$7DEHODDSUHVHQWDRVGDGRVGHVVHH[SHULPHQWR 7DEHOD *DQKRGHSHVRGRVERYLQRVGHFRUWHHPNJREWLGRVHPXPGHOLQHDPHQWRHPEORFRV FDVXDOL]DGRVFRPUHSHWLo}HV %/226 5Do}HV , ,, ,,, ,9 9 9, $ % ' 6,69$5 2VGDGRVDSyVVHUHPGLJLWDGRVQR6LVYDUDSUHVHQWDUmRDHVWUXWXUDUHVXPLGDDSUHVHQWDGD DVHJXLU $RUHDOL]DUDVDQiOLVHVGHYDULkQFLDRVHJXLQWHPRGHORGHYHVHUHVSHFLILFDGRQDIDVHGH SODQHMDPHQWRGDDQiOLVH3DUDUHDOL]DUHVVDDQiOLVHHVSHFtILFDEDVWDVHJXLURH[HPSORDSUHVHQWDGRQR IRUPXOiULRTXHVHVHJXH
- 232. 7HVWH6FRWW.QRWW