71 Pages • 8,148 Words • PDF • 4.3 MB
Uploaded at 2021-09-24 09:29
This document was submitted by our user and they confirm that they have the consent to share it. Assuming that you are writer or own the copyright of this document, report to us by using this DMCA report button.
THIAGO STRAUSS MARCELO LEITE
Otimizando o aprendizado e a memorização, com a revisão esquematizada da matéria
DIREITO ADMINISTRATIVO EM
MAPAS MENTAIS 7XUPD Edição revista e atualizada
SUMÁRIO
Visão Geral ................................................................................................ 3 1. Introdução ao Direito Administrativo .................................................... 4 2. Administração Pública ........................................................................... 6 AdministraçãoS~EOLFD±QRo}HVJHUDLV 'HVFHQWUDOL]DomRDGPLQLVWUDWLYD ÏUJmR (QWLGDGHVHPHVSpFLH (QWLGDGHVHPHVSpFLH±$XWDUTXLD 7HUFHLUR6HWRU±(QWLGDGHV3DUDHVWDWDLV &RQWUDWRGHJHVWmR 3. Princípios Fundamentais ....................................................................... 18 4. Poderes Administrativos ........................................................................ 20 5. Atos Administrativos ............................................................................. 23 1Ro}HVLQWURGXWyULDV &ODVVLILFDomRGRV$WRV$GPLQLVWUDWLYRV 5HTXLVLWRVGR$WR$GPLQLVWUDWLYR $WULEXWRVGRV$WRV$GPLQLVWUDWLYRV (VSpFLHVGH$WRV$GPLQLVWUDWLYRV $WRVGLVFULFLRQiULRVHYLQFXODGRV )RUPDVGHH[WLQomRHYtFLRVGRDWRDGPLQLVWUDWLYR 6. Licitações .............................................................................................. 32 1Ro}HVJHUDLV 3ULQFtSLRVGD/LFLWDomR $OLHQDomRGHEHQVSHOD$GPLQLVWUDomR3~EOLFD &RQWUDWDomRGLUHWD 0RGDOLGDGHVGH/LFLWDomR 7LSRVGH/LFLWDomR 3URFHGLPHQWRVGH/LFLWDomR 7. Contratos Administrativos ..................................................................... 42 &RQFHLWRHIRUPDOL]DomR &OiXVXODVH[RUELWDQWHV 0XWDELOLGDGHGRVFRQWUDWRVDGPLQLVWUDWLYRV ([WLQomRGRVFRQWUDWRVDGPLQLVWUDWLYRV 8. Servidores Públicos ............................................................................... 47 $JHQWHVS~EOLFRV 1RUPDVFRQVWLWXFLRQDLV /HL 3URFHVVR$GPLQLVWUDWLYR'LVFLSOLQDU±3$' 9. Serviços Públicos ................................................................................... 56 &RQFHLWR &RQVLGHUDo}HVJHUDLV &ODVVLILFDomRGRVVHUYLoRVS~EOLFRV 'HOHJDomRGHVHUYLoRVS~EOLFRV 'HOHJDomRFRPXP±'LVSRVLo}HVGD/HL 3DUFHULDV3~EOLFR3ULYDGDV±333 10. Responsabilidade Civil do Estado ......................................................... 63 11. Controle da Administração Pública ...................................................... 65 12. Improbidade Administrativa ................................................................ 66 13. Processo Administrativo – Lei 9.784/99 .............................................. 68 14. Bens Públicos ...................................................................................... 70
ZZZSRQWRGRVFRQFXUVRVFRPEU
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
',5(,72$'0,1,675$7,929,62*(5$/
&RQFHLWRHIRUPDOL]DomR
,QWURGXomR DR 'LUHLWR $GPLQLVWUDWLYR
&RQWUDWRV DGPLQLVWUDWLYRV
&OiXVXODVH[RUELWDQWHV 0XWDELOLGDGHHH[WLQomR
1RUPDVFRQVWLWXFLRQDLV
5HJLPHMXUtGLFRDGPLQLVWUDWLYR
'HVFRQFHQWUDomRHyUJmR
6HUYLGRUHV S~EOLFRV
/HL 3URFHVVR$GPLQLVWUDWLYR 'LVFLSOLQDU3$'
$XWDUTXLD
$GPLQLVWUDomR 3~EOLFD
&RQFHLWRFODVVLILFDomR IRUPDVGHSUHVWDomR 'HOHJDomR 3DUFHULDV 3~EOLFR3ULYDGDV
6LVWHPDVDGPLQLVWUDWLYRV
$GPLQLVWUDomR3~EOLFDH GHVFHQWUDOL]DomRDGPLQLVWUDWLYD
$JHQWHVS~EOLFRV
&RPXP
&RQFHLWRREMHWRIRQWHV
&RQFHVVmR
(QWLGDGHV HPHVSpFLH
(PSUHVDS~EOLFD 6RFLHGDGHGH HFRQRPLDPLVWD 6LVWHPD6
(QWLGDGHV 3DUDHVWDWDLV
26 26&,3
6HUYLoRV S~EOLFRV
3HUPLVVmR
)XQGDo}HV S~EOLFDV
6XSUHPDFLDGR LQWHUHVVHS~EOLFR
$XWRUL]DomR 'LVSRVLo}HVGD/HL
,QGLVSRQLELOLGDGHGR LQWHUHVVHS~EOLFR
3DUFHULDV3~EOLFR3ULYDGDV333
/HJDOLGDGH ,PSHVVRDOLGDGH
&RQFHLWR (YROXomRKLVWyULFD 5HVSRQVDELOLGDGH H[WUDFRQWUDWXDO QD&)
5HVSRQVDELOLGDGH FLYLOGR(VWDGR
$omRGHUHSDUDomR &RQFHLWR &ODVVLILFDomR
3ULQFtSLRV IXQGDPHQWDLV
',5(,72 $'0,1,675$7,92
3URFHGLPHQWRV DGPLQLVWUDWLYRV HDo}HVMXGLFLDLV
&RQWLQXLGDGH 1Ro}HVLQWURGXWyULDV 3RGHUYLQFXODGR 3RGHUGLVFULFLRQiULR
,PSURELGDGH DGPLQLVWUDWLYD
3RGHUHV DGPLQLVWUDWLYRV
)RUPDWHPSRH OXJDUGRVDWRV
3RGHUGLVFLSOLQDU 3RGHUGHSROtFLD &RQFHLWRHDWULEXWRV &ODVVLILFDomR
3ULQFtSLRV
,PSHGLPHQWRHVXVSHLomR
3RGHUKLHUiUTXLFR 3RGHUUHJXODPHQWDU
$EUDQJrQFLDHDSOLFDomR ,QtFLRGRSURFHVVR HOHJLWLPDGRV
(ILFLrQFLD
$XWRWXWHOD
$VSHFWRVJHUDLV
6DQo}HV
3XEOLFLGDGH 5D]RDELOLGDGHH SURSRUFLRQDOLGDGH
&RQWUROH GD $GPLQLVWUDomR3~EOLFD
'HVFULomRGRVDWRV GHLPSURELGDGH
0RUDOLGDGH
5HTXLVLWRV
3URFHVVR DGPLQLVWUDWLYR
$WRV DGPLQLVWUDWLYRV
&RQFHLWRILQDOLGDGH HDEUDQJrQFLD
&RQFHLWRFODVVLILFDomR HFDUDFWHUtVWLFDV
3ULQFtSLRV
$IHWDomRHGHVDIHWDomR
8VRSULYDWLYRGH EHQVS~EOLFRV
$WRVGLVFULFLRQiULRV HYLQFXODGRV )RUPDVGH H[WLQomRHYtFLRV
5HFXUVR DGPLQLVWUDWLYR HSUD]RV
3ULQFLSDLVHVSpFLHV GHEHQVS~EOLFRV
(VSpFLHV
%HQV S~EOLFRV
/LFLWDomR
&RQWUDWDomR GLUHWD
,QH[LJLELOLGDGH 'LVSHQVD
0RGDOLGDGHV 7LSRVGHOLFLWDomR )DVHVDQXODomRHUHYRJDomR
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
,1752'8d2$2',5(,72$'0,1,675$7,92,
$GPLQLVWUDomR3~EOLFD HPVHQWLGR68%-(7,92
L&RQMXQWRGHyUJmRVDJHQWHVH SHVVRDVMXUtGLFDVDGPLQLVWUDWLYDV eRUDPRGRGLUHLWRS~EOLFR TXHWHPSRUREMHWR
LL )XQomR DGPLQLVWUDWLYD
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
$WLYLGDGHMXUtGLFDQmRFRQWHQFLRVD
$GPLQLVWUDomR3~EOLFDHPVHQWLGR2%-(7,92
LLL*HVWmRGRVEHQVS~EOLFRV 6HJXQGRHVVHFULWpULRR'LUHLWR$GPLQLVWUDWLYRDEUDQJHRFRQMXQWR GHSULQFtSLRVTXHUHJHPD$'0,1,675$d23Ò%/,&$ &ULWpULR GD $GPLQLVWUDomR 3~EOLFD
&RQMXQWRGHyUJmRVHSHVVRDVMXUtGLFDV
6HQWLGR VXEMHWLYR
$GPLQLVWUDomR 3~EOLFD
$WLYLGDGHVGR(VWDGRGHVWLQDGDV jVDWLVIDomRFRQFUHWDHLPHGLDWD GRVLQWHUHVVHVS~EOLFRV
6HQWLGR REMHWLYR
&ULWpULR PDLV DFHLWR
+HO\ /RSHV
L2VyUJmRVDJHQWHVHSHVVRDVMXUtGLFDVDGPLQLVWUDWLYDV TXHLQWHJUDPD$GPLQLVWUDomR3~EOLFD
5DPRGRGLUHLWRS~EOLFR TXHWHPSRUREMHWR
0DULD 6\OYLD
$WLYLGDGHMXUtGLFDQmRFRQWHQFLRVD
LL$DWLYLGDGHMXUtGLFDQmRFRQWHQFLRVDTXHH[HUFHH
LLL2VEHQVGHTXHVHXWLOL]DSDUDFRQVHFXomR GHVHXVILQVGHQDWXUH]DS~EOLFD
&RQMXQWRKDUP{QLFRGHSULQFtSLRVMXUtGLFRVTXHUHJHPRVyUJmRV RVDJHQWHVHDVDWLYLGDGHVS~EOLFDVWHQGHQWHVDUHDOL]DUFRQFUHWD GLUHWDHLPHGLDWDPHQWHRVILQVGHVHMDGRVSHOR(VWDGR 6HJXQGRHVWHFULWpULRR'LUHLWR$GPLQLVWUDWLYRDEUDQJHULDRFRQMXQWRGH OHLVDGPLQLVWUDWLYDVYLJHQWHVOHLVGHFUHWRVUHJXODPHQWRV &RQFHLWR UHVWULWLYR
&ULWpULR OHJDOLVWD &UtWLFD
&UHWHOOD
&RQFHLWR &ULWpULR GR3RGHU ([HFXWLYR
'LUHLWR $GPLQLVWUDWLYR
'HVFRQVLGHUDGHPDLVIRQWHVGR'LUHLWR$GPLQLVWUDWLYR ([3ULQFtSLRVMXUtGLFRV
$FLrQFLDMXUtGLFDpXPFRQMXQWRGHSULQFtSLRVHQmR SRGHFRQVLVWLUHPFRPHQWiULRVGDOHJLVODomRSRVLWLYD
6HJXQGRHVWHFULWpULRR'LUHLWR$GPLQLVWUDWLYRDEUDQJHULDRFRQMXQWRGHSULQFtSLRV MXUtGLFRVTXHGLVFLSOLQDPDRUJDQL]DomRHDDWLYLGDGHGR3RGHU([HFXWLYR &UtWLFD
'HPDLV3RGHUHVWDPEpPH[HUFHPDDWLYLGDGHDGPLQLVWUDWLYD
6HJXQGRHVWHFULWpULRR'LUHLWR $GPLQLVWUDWLYRDEUDQJHULDRFRQMXQWRGH QRUPDVTXHUHJHPDVUHODo}HVHQWUH &ULWpULR GD UHODomRMXUtGLFD &ULWpULRV QmR DGRWDGRV
$GPLQLVWUDomR $GPLQLVWUDGR
2XWURVUDPRVGR'LUHLWRWDPEpPGLVFLSOLQDPWDLVUHODo}HVMXUtGLFDV &UtWLFD
&ULWpULR LQVXILFLHQWH
'LUHLWR$GPLQLVWUDWLYRDEUDQJHDLQGDD RUJDQL]DomRLQWHUQDGD$GPLQLVWUDomR3~EOLFD
6HJXQGRHVWHFULWpULRR'LUHLWR$GPLQLVWUDWLYRDEUDQJHULDDGLVFLSOLQDMXUtGLFDTXH UHJXODDLQVWLWXLomRDRUJDQL]DomRHRIXQFLRQDPHQWRGRVVHUYLoRVS~EOLFRV &ULWpULR GR VHUYLoR S~EOLFR
,QVSLUDGRQDMXULVSUXGrQFLDGR&RQVHOKRGH(VWDGRIUDQFrV IL[DomRGDFRPSHWrQFLDGRVWULEXQDLVDGPLQLVWUDWLYRVHP IXQomRGDH[HFXomRGHVHUYLoRVS~EOLFRV &ULWpULRUHVWULWLYR &UtWLFD
$ORFXomRVHUYLoRS~EOLFRLQWHJUDRFRQFHLWRVHPHVWDUGHILQLGD 1mRGLVWLQJXHRUHJLPHMXUtGLFRDTXHVHVXMHLWDDDWLYLGDGH
&ULWpULR WHOHROyJLFR
6HJXQGRHVWHFULWpULRR'LUHLWR$GPLQLVWUDWLYRDEUDQJHULDRVLVWHPDGRVSULQFtSLRV MXUtGLFRVTXHUHJXODPDDWLYLGDGHGR(VWDGRSDUDFXPSULPHQWRGHVHXVILQV &UtWLFD
&ULWpULR QHJDWLYLVWD RXUHVLGXDO
$WLYLGDGHGR(VWDGR
)LQVGR(VWDGR
6HJXQGRHVWHFULWpULRR'LUHLWR$GPLQLVWUDWLYRVHULDRUDPRGR'LUHLWRTXH UHJXODWRGDDDWLYLGDGHHVWDWDOTXHQmRVHMDOHJLVODWLYDHMXULVGLFLRQDO &UtWLFD
L5HODo}HVLQWHUQDVj$GPLQLVWUDomR3~EOLFD
2EMHWR
2IHUHFHH[SUHVV}HV QmRGHILQLGDV
&RQFHLWRSRXFRDJUHJD
(QWUHRVyUJmRVHHQWLGDGHVDGPLQLVWUDWLYDVXQVFRPRVRXWURV HHQWUHDDGPLQLVWUDomRHVHXVDJHQWHVHVWDWXWiULRVHFHOHWLVWDV
LL5HODo}HVHQWUHDDGPLQLVWUDomRHRVDGPLQLVWUDGRV
LLL$WLYLGDGHVGHDGPLQLVWUDomRS~EOLFDHPVHQWLGRPDWHULDO H[HUFLGDVSRUSDUWLFXODUHVVREUHJLPHGRGLUHLWRS~EOLFR
([ 3UHVWDomR GH VHUYLoRV S~EOLFRV PHGLDQWH FRQWUDWRVGHFRQFHVVmRRXGHSHUPLVVmR
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
,1752'8d2$2',5(,72$'0,1,675$7,92,,
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
eRUHJLPHDGRWDGRSHOR(VWDGRSDUDRFRQWUROHGH OHJDOLGDGHHOHJLWLPLGDGHGRVDWRVDGPLQLVWUDWLYRV
D &RQFHLWR
&RQWHQFLRVRDGPLQLVWUDWLYR 3RGHU-XGLFLiULR
L-XULVGLomRFRPXP 'XDOLGDGH GHMXULVGLomR
E 6LVWHPD IUDQFrV
-XULVGLomRHVSHFLDOGRFRQWHQFLRVRDGPLQLVWUDWLYR 5HVROYHOLWtJLRVQRVTXDLVDDGPLQLVWUDomRpSDUWH LL-XULVGLomR DGPLQLVWUDWLYD
6LVWHPDV $GPLQLVWUDWLYRV
7ULEXQDLV$GPLQLVWUDWLYRVH&RQVHOKRGH(VWDGR ,QGHSHQGrQFLDGRV3RGHUHVH GHVFRQILDQoDFRPUHODomRDR-XGLFLiULR
6LVWHPDMXGLFLiULRRXGHMXULVGLomRXQD 8QLFLGDGH GHMXULVGLomR
F 6LVWHPD LQJOrV
L3RGHU MXGLFLiULR
$SUHFLDWRGDVKLSyWHVHVGHOLWtJLRUHVROXomRGHFRQIOLWRV
LL$GPLQLVWUDomR 3~EOLFD
6LVWHPD DGPLQLVWUDWLYR XWLOL]DGRQR%5$6,/
'HFLGHMXOJD VHPMXULVGLomR 6HPGHILQLWLYLGDGH
3ULQFtSLRGDLQDIDVWDELOLGDGHGHMXULVGLomR &)DUWLQF;;;9
)RQWHSULPiULD D /HL
6HQWLGRDPSORLQFOXLQGRPHGLGDVSURYLVyULDVHUHJXODPHQWRV )RQWHVHFXQGiULD 5HLWHUDGDVGHFLV}HVMXGLFLDLVSURIHULGDVQRPHVPRVHQWLGR
E -XULVSUXGrQFLD
(PUHJUDQmRSRVVXHPIRUoDFRHUFLWLYDSDUDDDGPLQLVWUDomR ([FHWR
L&RQWUROHGHFRQVWLWXFLRQDOLGDGHH LL6~PXODYLQFXODQWHGR67)
)RQWHVHFXQGiULD F 'RXWULQD
)RUPDRVLVWHPDWHyULFRGHSULQFtSLRVDSOLFiYHLVDRGLUHLWRSRVLWLYR
)RQWHV
)RQWHVHFXQGiULD
'LUHLWR $GPLQLVWUDWLYR
5HLWHUDomRXQLIRUPHGHXPFRPSRUWDPHQWRWLGRFRPRREULJDomROHJDO 3UHVHQoDGH HOHPHQWRV G &RVWXPHV
(OHPHQWRREMHWLYRVXEVWDQFLDO
8VRFRQWLQXDGRGDSUiWLFDQRWHPSR
(OHPHQWRVXEMHWLYRUHODFLRQDO
&RQYLFomRGDREULJDWRULHGDGHGD SUiWLFDFRPRQHFHVVLGDGHVRFLDO
6RPHQWHDGPLWLGRVTXDQGRQmRIRUHPFRQWUiULRVjVOHLVFRQWUDOHJHP 1mRSRVVXLRHOHPHQWRVXEMHWLYR FRQYLFomRJHUDOGDFRUUHomRGRFRPSRUWDPHQWR
1mRVHFRQIXQGHFRPD 35$;( $'0,1,675$7,9$ URWLQDDGPLQLVWUDWLYD
5HJLPHGHGLUHLWR S~EOLFRDSOLFiYHO
D &RQFHLWR
'LRJHQHV*DVSDULQLDILUPDTXHQDRSLQLmRGDPDLRULD GRVDXWRUHVQmRpIRQWHGR'LUHLWR$GPLQLVWUDWLYR DRVyUJmRVHHQWLGDGHVTXHFRPS}HPD$GPLQLVWUDomR3~EOLFDH jDWXDomRGRVDJHQWHVDGPLQLVWUDWLYRV
&RQMXQWRVLVWHPDWL]DGRGHSULQFtSLRVHUHJUDVTXHGmRLGHQWLGDGHDR 'LUHLWR$GPLQLVWUDWLYRGLIHUHQFLDQGRRGRVGHPDLVUDPRVGR'LUHLWR $RPHVPRWHPSRTXHDV35(552*$7,9$6FRORFDPDDGPLQLVWUDomRHP SRVLomRGHVXSUHPDFLDSHUDQWHRSDUWLFXODUDVUHVWULo}HV68-(,d®(6 OLPLWDPVXDDWLYLGDGHDGHWHUPLQDGRVILQVHSULQFtSLRV 35(552*$7,9$6RXSRGHUHVHVSHFLDLVGD$GPLQLVWUDomR3~EOLFD 6mREHQHItFLRVFRQFHGLGRVSHODRUGHPMXUtGLFD
5HJLPH -XUtGLFR $GPLQLVWUDWLYR
E 6XSUHPDFLD GR LQWHUHVVHS~EOLFR
L3RVLomR SUHYLOHJLDGD
9LVDPJDUDQWLUDFRQVHFXomRGRVLQWHUHVVHVS~EOLFRV ([3UD]RVPDLRUHVHPSURFHVVRVMXGLFLDLV 9HUWLFDOLGDGHQDVUHODo}HVDGPLQLVWUDomRSDUWLFXODU
LL3RVLomRGH VXSUHPDFLD
'HYHUHV3RGHUHV
&DUiWHULQVWUXPHQWDO
([&OiXVXODVH[RUELWDQWHVGRVFRQWUDWRVDGPLQLVWUDWLYRV
,QGLVSRQLELOLGDGHSHODDGPLQLVWUDomRGRVLQWHUHVVHVS~EOLFRV
F ,QGLVSRQLELOLGDGH GRLQWHUHVVH S~EOLFR
L3ULQFtSLRGDOHJDOLGDGH
68-(,d®(6
$GPLQLVWUDUpDSOLFDUDOHLGHRItFLR
%HQVHLQWHUHVVHVS~EOLFRVQmRVHHQFRQWUDP jOLYUHGLVSRVLomRGRDGPLQLVWUDGRU LL6XMHLo}HV
eDRUGHPOHJDOTXHGLVS}HVREUHDILQDOLGDGH
([1HFHVVLGDGHGHUHDOL]DomRGHOLFLWDo}HVSDUDFHOHEUDomRGHFRQWUDWRV
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
$'0,1,675$d23Ò%/,&$, (OHPHQWRItVLFR
L7HUULWyULR
(VWDGR
LL3RYR
D (OHPHQWRV GR(VWDGR
(OHPHQWRKXPDQR
LLL*RYHUQR VREHUDQR
2UJDQL]DomRGR(VWDGRRFRUUHFRQIRUPHVXDOLYUHHVREHUDQDYRQWDGH
3DUDR'LUHLWRR(VWDGRpSHVVRDMXUtGLFDWHUULWRULDOVREHUDQDUHJLGDSHORGLUHLWRS~EOLFR E $FHSomR MXUtGLFD
3RVVXL SHUVRQDOLGDGHMXUtGLFD
$SWLGmRJHQpULFDSDUDDGTXLULUGLUHLWRVHFRQWUDLUREULJDo}HV $WULEXWRQHFHVViULRSDUDVHUVXMHLWRQDVUHODo}HVMXUtGLFDV (ODERUDUQRUPDV JHUDLVHDEVWUDWDV
)XQomR /HJLVODWLYD ,GHQWLILFRXIXQo}HV GLVWLQWDVH[HUFLGDV SHORSRGHUVREHUDQR
)XQomR ([HFXWLYD
$SOLFDUDVQRUPDVJHUDLV DRVFDVRVFRQFUHWRV
)XQomR -XGLFDQWH
$SOLFDUDVQRUPDVJHUDLV SDUDGLULPLUHYHQWXDLV FRQIOLWRVRFRUULGRV
$ULVWyWHOHV
3ULQFtSLRGDVHSDUDomRGRVSRGHUHV
D 1Ro}HV KLVWyULFDV 0RQWHVTXLHX
3URS{VTXHDVIXQo}HVQmRSRGHULDP VHUH[HUFLGDVSHORPHVPRyUJmR
3DUDHYLWDUDEXVRQRH[HUFtFLRGRSRGHUDVIXQo}HVGHYHULDP VHUGLVWULEXtGDVSRUFHQWURVLQGHSHQGHQWHVHQWUHVLGHIRUPDD SRVVLELOLWDUDOLPLWDomRGRSRGHUSHORSRGHU 'LYLVmRIOH[tYHOGDVIXQo}HVHVWDWDLV
6LVWHPD DWXDO
$GPLQLVWUDomR 3~EOLFD
3RGHUHV GR(VWDGR
&DGDSRGHU H[HUFH
8PDIXQomRSUHFtSXDWtSLFD H 2XWUDVIXQo}HVGHQDWXUH]DDFHVVyULD DWtSLFDV
0HFDQLVPRGHFRQWUROHV UHFtSURFRVHQWUHRV3RGHUHV
6LVWHPDGHIUHLRVHFRQWUDSHVRV
5HSUHVHQWDPXPDGLYLVmRHVWUXWXUDOLQWHUQDFRPILQDOLGDGHGHHVWDEHOHFHU RHTXLOtEULRHRFRQWUROHGRH[HUFtFLRGRSRGHUGHVREHUDQLD E &RQFHLWR
)UHLRVHFRQWUDSUHVRV 6mRVHJPHQWRVHVWUXWXUDLVHPTXHVHGLYLGHRSRGHUJHUDOHDEVWUDWRGDVREHUDQLD
&DGD3RGHUH[HUFHXPDIXQomRSUHFtSXD )XQo}HV 7Ë3,&$6
3RGHU/HJLVODWLYR
([HUFHDIXQomROHJLVODWLYDHGHFRQWUROH ([HUFHDIXQomRDGPLQLVWUDWLYD
3RGHU([HFXWLYR
([HUFHDIXQomRMXULVGLFLRQDO
3RGHU-XGLFLiULR
1mRKiH[FOXVLYLGDGHQRH[HUFtFLRGDVIXQo}HV -XOJDRVFULPHVGH UHVSRQVDELOLGDGH 3RGHU /HJLVODWLYR
F 'LVWULEXLomR GDVIXQo}HV QD&) )XQo}HV $7Ë3,&$6
$GPLQLVWUD
&ULPHVGHQDWXUH]DSROtWLFD
&)DUW
2UJDQL]DVHXVVHUYLoRVLQWHUQRV &)DUWVH
([HUFHRSRGHUUHJXODPHQWDU 3RGHU ([HFXWLYR
&)DUW
1mRpGHILQLWLYRQmRID]FRLVDMXOJDGD 3ULQFtSLRGDLQDIDVWDELOLGDGHGD MXULVGLomR&)DUW;;;9
-XOJD
6HPMXULVGLomR ([HUFHDIXQomRQRUPDWLYD HODERUDUHJLPHQWRVLQWHUQRV &)DUW,D
3RGHU -XGLFLiULR
$GPLQLVWUD
2UJDQL]DVHXVVHUYLoRVLQWHUQRV &)DUW
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
$'0,1,675$d23Ò%/,&$,, $$GPLQLVWUDomR3~EOLFD HPVHQWLGR$03/2 DEUDQJH
L*RYHUQR LL$GPLQLVWUDomR3~EOLFDVHQWLGRHVWULWR (VWDEHOHFHRVSODQRVGHDomR
3ODQHMDU $WLYLGDGHGH &RPSUHHQGH D)81d2 32/Ë7,&$
'LULJLU
'HILQHDVGLUHWUL]HV
&RPDQGDU 6DQomRHYHWR
D 6HQWLGR REMHWLYR
1RPHDomRGHPLQLVWUR
$WRVGHJRYHUQR SROtWLFRV
*XHUUDHSD] (VWDGRGHVtWLR
'HFODUDomR
(VWDGRGHHPHUJrQFLD
*RYHUQR
(QYROYHRV3RGHUHVHyUJmRVFRQVWLWXFLRQDLVUHVSRQViYHLVSHODIXQomRSROtWLFD 7UDoDGLUHWUL]HV 'LULJHHFRPDQGDD$GPLQLVWUDomR3~EOLFD
3RGHU([HFXWLYR E 6HQWLGR VXEMHWLYR
(ODERUDSODQRVGHJRYHUQR 3DUWLFLSDFRPPHQRUSUHGRPLQkQFLD
3RGHU/HJLVODWLYR $JHQWHV SROtWLFRV
$WLYLGDGHGHDSURYDomRHFRQWUROH ([HUFHPFRPSHWrQFLDVFRQVWLWXFLRQDLV 0DQLIHVWDomRGDVREHUDQLD
3RVVXHPFRQGXWDLQGHSHQGHQWH
7DPEpPFKDPDGRGHVHQWLGRPDWHULDORXIXQFLRQDO &RPSUHHQGHD )81d2 $'0,1,675$7,9$
([HFXWDU
$WLYLGDGHGH
3UHVWDUVHUYLoR $WLYLGDGHFRQFUHWDHLPHGLDWD TXHR(VWDGRH[HUFH
&RQFHLWR
6REUHJLPHMXUtGLFRGHGLUHLWRS~EOLFR 3DUDFRQVHFXomRGHLQWHUHVVHVFROHWLYR
$GPLQLVWUDomR 3~EOLFD
L 6HUYLoR 3~EOLFR
$WLYLGDGHTXHSRUVXDHVVHQFLDOLGDGH RXUHOHYkQFLDIRUDPDVVXPLGDVSHOR (VWDGRFRPRXVHPH[FOXVLYLGDGH 3RGHUGHSROtFLD
LL 3ROtFLD $GPLQLVWUDWLYD D 6HQWLGR REMHWLYR LLL)RPHQWR $EUDQJH
$GPLQLVWUDomR 3~EOLFDHP VHQWLGRHVWULWR
$GPLQLVWUDomR3~EOLFDSRGHFRQGLFLRQDU RXUHVWULQJLURXVRHRJR]RGHEHQV GLUHLWRVHDWLYLGDGHVLQGLYLGXDLVHP EHQHItFLRGDFROHWLYLGDGHRXGR(VWDGR
,QFHQWLYRjLQLFLDWLYDSULYDGD GHLQWHUHVVHS~EOLFR
,QWHUYHQomR GR(VWDGRQR VHWRUSULYDGR
,QWHUYHQomRQD SURSULHGDGHSULYDGD &)DUW;;,9 ,QWHUYHQomRLQGLUHWD QRGRPtQLRHFRQ{PLFR &)DUW
0DULD6\OYLDQmRFRQVLGHUD DDWXDomRGLUHWDGR(VWDGR QRGRPtQLRHFRQ{PLFRFRPR IXQomRDGPLQLVWUDWLYD
LY,QWHUYHQomR
2EV
1HVVHFDVRR(VWDGR VXEPHWHVHDRUHJLPHMXUtGLFR GHGLUHLWRSULYDGR&)DUW
7DPEpPFKDPDGRGHVHQWLGRIRUPDORXRUJkQLFR $EUDQJHRFRQMXQWRGHyUJmRV SHVVRDVMXUtGLFDV HDJHQWHVLQWHJUDQWHVGD$GPLQLVWUDomR3~EOLFD 2%UDVLODGRWDRFULWpULRIRUPDOGH$GPLQLVWUDomR3~EOLFD E 6HQWLGR VXEMHWLYR
$VHQWLGDGHVSULYDGDVTXHSUHVWDPVHUYLoRS~EOLFRPHGLDQWHGHOHJDomR FRQFHVVLRQiULDVHSHUPLVVLRQiULDV DSHVDUGHH[HUFHUHPDWLYLGDGHV SUySULDVGDIXQomRDGPLQLVWUDWLYDQmRLQWHJUDPD$GPLQLVWUDomR3~EOLFD LÏUJmRVGDDGPLQLVWUDomRGLUHWD ,QWHJUDGDSRU
LL(QWLGDGHVGDDGPLQLVWUDomRLQGLUHWD LLL$JHQWHVDGPLQLVWUDWLYRV
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
$'0,1,675$d23Ò%/,&$,,,
&HQWUDOL]DomR $GPLQLVWUDWLYD
D &RQFHLWR
)RUPDGHRUJDQL]DomRHDWXDomRDGPLQLVWUDWLYDQDTXDOR (VWDGRH[HFXWDVXDVWDUHIDVGLUHWDPHQWHSRUPHLRGRV yUJmRVHDJHQWHVLQWHJUDQWHVGD$'0,1,675$d2',5(7$ )RUPDGLUHWDHLPHGLDWD
E ([HFXomRGDDWLYLGDGHSUHVWDomRGRVHUYLoR
)RUPDGHRUJDQL]DomRHDWXDomRDGPLQLVWUDWLYDQDTXDOR(VWDGR GHVHPSHQKDVXDVDWULEXLo}HVSRUPHLRGHRXWUDVSHVVRDV D &RQFHLWR
eDGLVWULEXLomRGHFRPSHWrQFLDVGHXPD SDUDRXWUDSHVVRDItVLFDRXMXUtGLFD )RUPDLQGLUHWDHPHGLDWD
E ([HFXomRGDDWLYLGDGHSUHVWDomRGRVHUYLoR
'HVFHQWUDOL]DomRSRUVHUYLoRV
L2XWRUJD
3RGHU3~EOLFRFULDXPDSHVVRDMXUtGLFD HDHODDWULEXLD7,78/$5,'$'(HD (;(&8d2GHVHUYLoRS~EOLFR
2FRUUHPHGLDQWH/(, 3UHVVXS}HREULJDWRULDPHQWHD HGLomRGHXPDOHLTXHLQVWLWXDD HQWLGDGHRXDXWRUL]HVXDFULDomR
'HVFHQWUDOL]DomR $GPLQLVWUDWLYD
'HVFHQWUDOL]DomRSRUFRODERUDomR
F )RUPDVGH GHVFHQWUDOL]DomR
LL'HOHJDomR
3RGHU3~EOLFRDWULEXLDXPD SHVVRDMXUtGLFDGHGLUHLWRSULYDGR D(;(&8d2GHVHUYLoRS~EOLFR 2FRUUH PHGLDQWH
&2175$72RX $7281,/$7(5$/
'HVFHQWUDOL]DomRJHRJUiILFD 7HUULWyULRVIHGHUDLV
$GPLQLVWUDomR 3~EOLFD
LLL7HUULWRULDO
(QWLGDGHORFDOJHRJUDILFDPHQWH GHOLPLWDGDGRWDGDGHSHUVRQDOLGDGH MXUtGLFDSUySULDGHGLUHLWRS~EOLFRFRP FDSDFLGDGHDGPLQLVWUDWLYDJHQpULFD $XWDUTXLDWHUULWRULDO RXJHRJUiILFD
&)DUW &)DUW
9HU0DSD0HQWDOGH'HVFHQWUDOL]DomR$GPLQLVWUDWLYD
7pFQLFDDGPLQLVWUDWLYDGHGLVWULEXLomRLQWHUQD GHFRPSHWrQFLDVGHXPDSHVVRDMXUtGLFD 5HSDUWLomRGHIXQo}HVHQWUHYiULRVyUJmRV GHVSHUVRQDOL]DGRVVHPTXHEUDGDKLHUDUTXLD D &RQFHLWR
'HVFRQFHQWUDomRHQYROYHREULJDWRULDPHQWH XPDVySHVVRDMXUtGLFD ([ 8QLmR GLVWULEXL FRPSHWrQFLDV HQWUH GLYHUVRV yUJmRV GHVXDSUySULDHVWUXWXUDFRPRRVPLQLVWpULRV
E ([HFXomRGDDWLYLGDGHSUHVWDomRGRVHUYLoR
'HVFRQFHQWUDomR $GPLQLVWUDWLYD
)RUPDGLUHWDHLPHGLDWD
F &RQWUROHH[HUFLGR &21752/( +,(5È548,&2
2FRUUHQDVUHODo}HVGHKLHUDUTXLDHGH VXERUGLQDomRH[LVWHQWHVHQWUHRVyUJmRV UHVXOWDQWHVGDGHVFRQFHQWUDomR
5(/$d2'(68%25',1$d2 $872787(/$
'HFDUiWHULQWHUQR
/HJDOLGDGH $EUDQJrQFLD
9HULILFD
([5HFXUVRKLHUiUTXLFR
0pULWR
&RQYHQLrQFLD 2SRUWXQLGDGH
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
$'0,1,675$d23Ò%/,&$,9'(6&(175$/,=$d2$'0,1,675$7,9$ )RUPDGHDWXDomRHPTXHR(VWDGRGHVHPSHQKDVXDVDWULEXLo}HVSRUPHLRGHRXWUDVSHVVRDV eDGLVWULEXLomRGHFRPSHWrQFLDVGHXPDSDUDRXWUDSHVVRDItVLFDRXMXUtGLFD ([HFXomRGDDWLYLGDGHSUHVWDomRGRVHUYLoR
&RQFHLWR
)RUPDLQGLUHWDHPHGLDWD 1mRKiKLHUDUTXLDQDVIRUPDVGHGHVFHQWUDOL]DomR
L2XWRUJD LL'HOHJDomR
)RUPDVGH GHVFHQWUDOL]DomR
(QWUHDDGPLQLVWUDomR GLUHWDHLQGLUHWD
2EV
LLL7HUULWRULDO JHRJUiILFD
俶 +i9,1&8/$d2 1mRKiVXERUGLQDomR
'HVFHQWUDOL]DomRSRUVHUYLoRV 7,78/$5,'$'(H
3RGHU3~EOLFRFULDXPDSHVVRDMXUtGLFDHDHODDWULEXLD 3UHVVXS}HREULJDWRULDPHQWH DHGLomRGHXPD/(,TXH
$XWRUL]HVXDFULDomR 3HVVRDMXUtGLFD GHGLUHLWRS~EOLFR
3HVVRDMXUtGLFDGH GLUHLWRSULYDGR
/HL$8725,=$D FULDomRGDHQWLGDGH
&DUDFWHUtVWLFDV
(QWHSROtWLFR
2XWRUJD
,QVWLWXDDHQWLGDGHRX
/HL&5,$DHQWLGDGH
7UDQVIHUrQFLD SRUPHLRGHOHL &)DUW;,;
GHVHUYLoRS~EOLFR
D(;(&8d2
$XWDUTXLD )XQGDomRS~EOLFD GHGLUHLWR3Ò%/,&2 )XQGDomRS~EOLFDGH GLUHLWR35,9$'2 (PSUHVDS~EOLFD 6RFLHGDGHGHHFRQRPLDPLVWD
3HUGHDGLVSRQLELOLGDGHGRVHUYLoR 3DUDUHWRPiORGHSHQGHUiGHOHL
&RQWUROHH[HUFLGR 'HSHQGHGH SUHYLVmROHJDOTXH HVWDEHOHoDPHLRVDVSHFWRVH RFDVL}HVGHFRQWUROHDWRVGHWXWHOD &21752/( ),1$/Ë67,&2
'HVFHQWUDOL]DomR $GPLQLVWUDWLYD 787(/$ $'0,1,675$7,9$
5(/$d2'( 9,1&8/$d2
$EUDQJrQFLD
9LVDDDVVHJXUDUDUHDOL]DomR GRVREMHWLYRVIL[DGRVQRVDWRV GHFRQVWLWXLomRGDHQWLGDGH
1mRKiWXWHODVHP OHLTXHDSUHYHMD
9HULILFDomRGRVUHVXOWDGRV
+DUPRQL]DomRFRPDV SROtWLFDVJRYHUQDPHQWDLV
([HUFLGRSHODDGPLQLVWUDomRGLUHWD VREUHDGPLQLVWUDomRLQGLUHWD
'HFDUiWHU H[WHUQR 6XSHUYLVmR PLQLVWHULDO
([HUFLGRSHOR0LQLVWpULRDRTXDO DHQWLGDGHHVWHMDYLQFXODGD
9HULILFDRDOFDQFHGRVREMHWLYRVGDHQWLGDGHIL[DGRVQDOHL 'HYHSUHVHUYDUDDXWRQRPLDGDHQWLGDGHGHVFHQWUDOL]DGD
([&RQWUROHVSUpYLRV1RPHDomRGHGLULJHQWHV 'HVFHQWUDOL]DomRSRUFRODERUDomR 3RGHU3~EOLFRDWULEXLDXPDSHVVRDMXUtGLFDGHGLUHLWRSULYDGRD(;(&8d2GHVHUYLoRS~EOLFR 2FRUUHPHGLDQWH&2175$72RX$7281,/$7(5$/ (IHWLYDGDSRUSUD]RGHWHUPLQDGR L3RUFRQWUDWR
'HOHJDomR
0RGDOLGDGHV
&)DUW
3HUPLVVmR
(PUHJUDQmRKiSUD]RFHUWRHPUD]mRGDSUHFDULHGDGH
(VSpFLHV
3RVVLELOLGDGHGHUHYRJDomRDTXDOTXHUWHPSR LL 3RUDWR DGPLQLVWUDWLYR
0RGDOLGDGH 2EV
7HUULWyULRV )HGHUDLV
&RQFHVVmR
$XWRUL]DomRGHVHUYLoRS~EOLFR&)DUW;,H;,, $WUDQVIHUrQFLDQmRpGDSUHVWDomRPDVVLP GDH[SORUDomRGHGHWHUPLQDGRVHUYLoRS~EOLFR
(QWLGDGHORFDOJHRJUDILFDPHQWHGHOLPLWDGDGRWDGDGHSHUVRQDOLGDGH MXUtGLFDSUySULDGHGLUHLWRS~EOLFRFRPFDSDFLGDGHDGPLQLVWUDWLYDJHQpULFD $XWDUTXLDWHUULWRULDORXJHRJUiILFD&)DUWVH L3HUVRQDOLGDGHMXUtGLFDGHGLUHLWRS~EOLFR
7HUULWRULDO JHRJUiILFD
LL&DSDFLGDGHGHDXWRDGPLQLVWUDomR &DUDFWHUtVWLFDV
LLL'HOLPLWDomRJHRJUiILFD LY&DSDFLGDGHDGPLQLVWUDWLYDJHQpULFD Y6XMHLomRDRFRQWUROHSHORSRGHUFHQWUDO
$WXDomRHPGLYHUVDViUHDVGRVHWRUS~EOLFR
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
$'0,1,675$d23Ò%/,&$Ï5*2 8QLGDGHGHDWXDomRLQWHJUDQWHGDHVWUXWXUDGD DGPLQLVWUDomRGLUHWDRXDGPLQLVWUDomRLQGLUHWD
&RQFHLWR
/HLDUW 1mRWHPSHUVRQDOLGDGHMXUtGLFD
&HQWURVGHFRPSHWrQFLDLQVWLWXtGRVSDUDRGHVHPSHQKRGHIXQo}HVHVWDWDLVSRU PHLRGHVHXVDJHQWHVFXMDDWXDomRpLPSXWDGDjSHVVRDMXUtGLFDDTXHSHUWHQFHP 6mRWHRULDVTXHVXUJLUDPSDUDH[SOLFDUDVUHODo}HVGR(VWDGRSHVVRDMXUtGLFD FRPVHXVDJHQWHV 7HRULDDGRWDGDSHODGRXWULQDHMXULVSUXGrQFLD $SHVVRDMXUtGLFDPDQLIHVWDVXDYRQWDGHSRUPHLRGRVyUJmRVGHIRUPDTXHTXDQGRRV DJHQWHVTXHRVFRPS}HPDQLIHVWDPDVXDYRQWDGHpFRPRVHRSUySULR(VWDGRRIL]HVVH $YRQWDGHGDSHVVRDMXUtGLFDGHYHVHUDWULEXtGDDRVyUJmRV TXHDFRPS}HPVHQGRHVWHVFRPSRVWRVGHDJHQWHV
俶 7HRULD GR yUJmR
3ULQFtSLRGD LPSXWDomRYROLWLYD
$SOLFDomR FRQFUHWD
-XVWLILFDDYDOLGDGHGRVDWRV SUDWLFDGRVSRUIXQFLRQiULRGHIDWR 3HVVRDSUDWLFDDWRHVWDQGR LUUHJXODUPHQWHLQYHVWLGDQRFDUJR
)XQomR GH)DWR
0DVFRPDSDUrQFLDGHOHJDOLGDGH
2DJHQWHS~EOLFRVHULDUHSUHVHQWDQWHGR(VWDGR
7HRULDV
$JHQWHS~EOLFRVHULDHTXLSDUDGRDRUHSUHVHQWDQWH WXWRURXFXUDGRU GHSHVVRDVLQFDSD]HV
俺 7HRULD GD
(TXLSDUDDSHVVRDMXUtGLFD(VWDGR DRLQFDSD]
UHSUHVHQWDomR
&ULWtFD
3UREOHPDVTXDQWRjUHVSRQVDELOL]DomRGDSHVVRDMXUtGLFDSDUDRVFDVRV QRVTXDLVRUHSUHVHQWDQWHXOWUDSDVVDVVHRVSRGHUHVGDUHSUHVHQWDomR
2DJHQWHS~EOLFRVHULDPDQGDWiULRGR(VWDGR
俺䢢7HRULD GR
0DQGDWR
PDQGDWR
&RQWUDWRPHGLDQWHRTXDOXPDSHVVRDPDQGDQWH RXWRUJDSRGHUHV DRXWUDPDQGDWiULR SDUD TXHHVWHH[HFXWHGHWHUPLQDGRVDWRVHP QRPHGRPDQGDQWHHVREUHVSRQVDELOLGDGHGHVWH ,QVWUXPHQWRGRFRQWUDWRGHPDQGDWR
3URFXUDomR
(VWDGRTXHQmRSRVVXLYRQWDGHSUySULDQmRSRGHRXWRUJDUPDQGDWR &UtWLFD
ÏUJmR
3UREOHPDVTXDQWRjUHVSRQVDELOL]DomRGDSHVVRDMXUtGLFDSDUDRV FDVRVQRVTXDLVRPDQGDWiULRH[RUELWDVVHRVOLPLWHVGDSURFXUDomR
L6LPSOHV
D 4XDQWRj HVWUXWXUD
&RQVWLWXtGRVSRUXPVyFHQWURGHFRPSHWrQFLD
'HVFRQFHQWUDomRLQWHUQD 5H~QHPHPVXDHVWUXWXUDGLYHUVRVyUJmRV
LL&RPSRVWR
([ eRTXHRFRUUHFRPRV0LQLVWpULRVHDV6HFUHWDULDV E 4XDQWRj DWXDomR IXQFLRQDO
L6LQJXODU
0RQRFUiWLFRGHFLV}HVVmRDWULEXLomRGHXP~QLFRDJHQWH
LL&ROHJLDGR
$WXDPHGHFLGHPPHGLDQWHPDQLIHVWDomRFRQMXQWDGHVHXVPHPEURV 2ULJLQiULRVGD&RQVWLWXLomR)HGHUDO 5HSUHVHQWDWLYRVGRV3RGHUHVGR(VWDGR
L,QGHSHQGHQWHV &DUDFWHUtVWLFDV
&ODVVLILFDomR
ÏUJmRVSULPiULRV
6HPVXERUGLQDomR KLHUiUTXLFDRXIXQFLRQDO
6XMHLWRVVRPHQWHDRVFRQWUROHVFRQVWLWXFLRQDLV GHXP3RGHUVREUHRRXWUR
6XERUGLQDGRVDRVFKHIHVGRVyUJmRVLQGHSHQGHQWHV )LQDQFHLUD $XWRQRPLD LL$XW{QRPRV
$GPLQLVWUDWLYD 2SHUDFLRQDO
([HUFHPIXQo}HVSUHFtSXDVGHSODQHMDPHQWR VXSHUYLVmRFRRUGHQDomRHFRQWUROHGDVDWLYLGDGHV
F 4XDQWRj SRVLomR HVWDWDO
([0LQLVWpULRV6HFUHWDULDVGH(VWDGR$GYRFDFLD*HUDOGD8QLmR 6XMHLWRVjVXERUGLQDomRHDRFRQWUROHKLHUiUTXLFR
LLL6XSHULRUHV
'HWrP SRGHUGH
'LUHomR
&RQWUROH 'HFLVmR &RPDQGR
1mRJR]DPGHDXWRQRPLDILQDQFHLUDDGPLQLVWUDWLYDHRSHUDFLRQDO ([6HFUHWDULDGR7HVRXUR1DFLRQDO671 LY6XEDOWHUQRV
([HUFHPDWULEXLo}HVGHPHUDH[HFXomR
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
$'0,1,675$d23Ò%/,&$(17,'$'(6(0(63e&,(, 3HVVRDMXUtGLFDGH',5(,723Ò%/,&2GH FDSDFLGDGHH[FOXVLYDPHQWHDGPLQLVWUDWLYD
D &RQFHLWR
6HUYLoRDXW{QRPRFULDGRSRUOHLFRPSHUVRQDOLGDGHMXUtGLFD SDWULP{QLRHUHFHLWDSUySULRVSDUDH[HFXWDU$7,9,'$'(67Ë3,&$6 GD$GPLQLVWUDomR3~EOLFDTXHUHTXHLUDPSDUDVHXPHOKRU IXQFLRQDPHQWRJHVWmRDGPLQLVWUDWLYDHILQDQFHLUDGHVFHQWUDOL]DGD ([%DQFRFHQWUDO&RPLVVmRGH9DORUHV0RELOLiULRV&90 ,EDPD L$XWDUTXLDFRPXP LL$XWDUTXLDIXQGDFLRQDO
$XWDUTXLD
eDGLYLVmRJHRJUiILFDFRPSHUVRQDOLGDGH MXUtGLFDSUySULDFULDGDSDUDSUHVWDUVHUYLoRV JHQpULFRVjVRFLHGDGH
LLL $XWDUTXLD WHUULWRULDO E (VSpFLHV
)XQGDomRS~EOLFDGHGLUHLWRS~EOLFR
7HUULWyULRVIHGHUDLV
LY $XWDUTXLD SURILVVLRQDO FRUSRUDWLYD
&RQVHOKRVGHILVFDOL]DomR GHSURILVV}HV
1DIRUPDGH DVVRFLDomRS~EOLFD
Y $XWDUTXLD LQWHUIHGHUDWLYD
&RQVyUFLRVS~EOLFRV
,QWHJUDDDGPLQLVWUDomRLQGLUHWD GHPDLVGHXPHQWHIHGHUDGR
9HU0DSDV0HQWDLVGH$XWDUTXLDV,H$XWDUTXLDV,, 'RWDGRGHSHUVRQDOLGDGHMXUtGLFDGH',5(,72 3Ò%/,&2RXGH',5(,7235,9$'2 3DWULP{QLR
(QWLGDGHV HP(VSpFLH
D &RQFHLWR
'HVWLQDGRSRUOHLjSUHVWDomRGH DWLYLGDGHVS~EOLFDVQDiUHDVRFLDO
$WULEXLomRGHSHUVRQDOLGDGHMXUtGLFDDGHWHUPLQDGR SDWULP{QLRGHVWLQDGRDILPHVSHFtILFR ÈUHDGHDWXDomR
/HLFRPSOHPHQWDU
&)DUW;,;
L)XQGDomRS~EOLFDGHGLUHLWR3Ò%/,&2 &ULDomR
&ULDGDSRU/(,HVSHFtILFD &)DUW;,; 5HJLPHMXUtGLFRGH',5(,723Ò%/,&2
5HJLPH MXUtGLFR
)XQGDomR 3~EOLFD
6XEPHWHVHjVPHVPDVVXMHLo}HV HSUHUURJDWLYDVTXHFDUDFWHUL]DPR UHJLPHMXUtGLFRGHGLUHLWRS~EOLFR (VSpFLHGR JrQHURDXWDUTXLD
)XQGDomRDXWiUTXLFD
([)XQDL E 1DWXUH]D -XUtGLFD
LL)XQGDomRS~EOLFDGHGLUHLWR35,9$'2
&ULDomR
&ULDGDSRU$72GR3RGHU3~EOLFR PHGLDQWHDXWRUL]DomRHPOHLHVSHFtILFD &)DUW;,; 5HJLPHMXUtGLFRGH',5(,7235,9$'2FRP GHUURJDo}HVGHQRUPDVGH',5(,723Ò%/,&2
5HJLPH MXUtGLFR +Ë%5,'2
([HPSORVGH LQFLGrQFLDGR GLUHLWRS~EOLFR
3UHUURJDWLYDV
,PXQLGDGH UHFtSURFD &)DUW
/LFLWDomR 6XMHLo}HV
&RQFXUVRS~EOLFR 9HGDomRGH DFXPXODomRGHFDUJR
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
$'0,1,675$d23Ò%/,&$(17,'$'(6(0(63e&,(,,
D &RQFHLWR
3HVVRDMXUtGLFDGH',5(,7235,9$'2LQWHJUDQWHGDDGPLQLVWUDomRLQGLUHWD LQVWLWXtGDSHOR3RGHU3~EOLFRPHGLDQWHDXWRUL]DomRHPOHLHVSHFtILFDVRE TXDOTXHUIRUPDMXUtGLFDHFRPFDSLWDOH[FOXVLYDPHQWHS~EOLFR
$72GR 3RGHU3~EOLFR
E &ULDomR
&ULDomRGH 6XEVLGLiULD
,QVFULomRGRDWRFRQVWLWXWLYR QRUHJLVWURFRPSHWHQWH
&&DUW &)DUW;,;
$SyVDXWRUL]DomRHPOHLHVSHFtILFD
&)DUW;;
1HFHVViULDDXWRUL]DomR OHJLVODWLYDSDUDFULDomR
5HJLPHMXUtGLFRGHGLUHLWRSULYDGR
L([SORUD DWLYLGDGH HFRQ{PLFD
(PSUHVD 3~EOLFD
俺 1mRSUHFLVDVHUDXWRUL]DomRHVSHFtILFD 3RGHFRQVWDUGDSUySULDOHLTXH DXWRUL]RXDLQVWLWXLomRGDHVWDWDO
'HUURJDGRVRPHQWHQRTXHGLVS}HD&) &)DUW,, 5HJLPHMXUtGLFRGH GLUHLWRSULYDGR
F 5HJLPH MXUtGLFR
LL3UHVWD VHUYLoRS~EOLFR
'HUURJDGRSRU
&)
5HVSRQVDELOLGDGHFLYLO REMHWLYDVXMHLomR
([
&)DUW
/HL &)DUW L)RUPDGHRUJDQL]DomR G 7UDoRV GLVWLQWRV
LL&RPSRVLomRGRFDSLWDO
H 5HJLPHGHSHVVRDO
D &RQFHLWR
(PSUHJR3~EOLFR
-XVWLoD )HGHUDO
([FHWRFDXVDVWUDEDOKLVWDV &)DUW,
&/7 2EULJDWRULHGDGHGHFRQFXUVRS~EOLFR
3HVVRDMXUtGLFDGH',5(,7235,9$'2LQWHJUDQWHGDDGPLQLVWUDomRLQGLUHWD LQVWLWXtGDSHOR3RGHU3~EOLFRPHGLDQWHDXWRUL]DomRHPOHLHVSHFtILFDVRE DIRUPDGHVRFLHGDGHDQ{QLPDHFRPFDSLWDOS~EOLFRHSULYDGR
$72GR 3RGHU3~EOLFR
E &ULDomR
([FOXVLYDPHQWHS~EOLFR
(PSUHVD 3~EOLFD)HGHUDO
LLL)RURSURFHVVXDO
(QWLGDGHV HP(VSpFLH
4XDOTXHUGDVIRUPDVDGPLWLGDVQR'LUHLWR
,QVFULomRGRDWRFRQVWLWXWLYR QRUHJLVWURFRPSHWHQWH
&&DUW
$SyVDXWRUL]DomRHPOHLHVSHFtILFD
&ULDomRGH 6XEVLGLiULD
&)DUW;;
1HFHVViULDDXWRUL]DomR OHJLVODWLYDSDUDFULDomR
L([SORUD DWLYLGDGH HFRQ{PLFD
6RFLHGDGH GH (FRQRPLD0LVWD
&)DUW;,;
俺 1mRSUHFLVDVHUHVSHFtILFD 3RGHFRQVWDUGDSUySULDOHLTXH DXWRUL]RXDLQVWLWXLomRGDHVWDWDO
5HJLPHMXUtGLFRGHGLUHLWRSULYDGR 'HUURJDGRVRPHQWHQRTXHGLVS}HD&) &)DUW,, 5HJLPHMXUtGLFRGHGLUHLWRSULYDGR
F 5HJLPH MXUtGLFR
LL3UHVWD VHUYLoR S~EOLFR
'HUURJDGRSRU
&)
([
5HVSRQVDELOLGDGHFLYLO REMHWLYDVXMHLomR &)DUW
/HL &)DUW L)RUPDGHRUJDQL]DomR G 7UDoRV GLVWLQWRV
LL&RPSRVLomRGRFDSLWDO LLL)RURSURFHVVXDO
H 5HJLPHGHSHVVRDO
6RFLHGDGHDQ{QLPDFDSLWDODEHUWRRXIHFKDGR &DSLWDOS~EOLFRHSULYDGR
-XVWLoDHVWDGXDO
(PSUHJR3~EOLFR
&/7 2EULJDWRULHGDGHGHFRQFXUVRS~EOLFR
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
$'0,1,675$d23Ò%/,&$(17,'$'(6(0(63e&,($87$548,$, 6XUJHDSDUWLUGDGHVFHQWUDOL]DomRDGPLQLVWUDWLYDSRURXWRUJDSRUVHUYLoRVIXQFLRQDORXWpFQLFD 3HVVRDMXUtGLFDGH',5(,723Ò%/,&2GH FDSDFLGDGHH[FOXVLYDPHQWHDGPLQLVWUDWLYD
&RQFHLWR
eFULDGDSDUDGHVHPSHQKDU$7,9,'$'(67Ë3,&$6GD$GPLQLVWUDomR3~EOLFDTXHUHTXHLUDPSDUD VHXPHOKRUIXQFLRQDPHQWRJHVWmRDGPLQLVWUDWLYDHILQDQFHLUDGHVFHQWUDOL]DGD'/DUW, ([%DQFRFHQWUDO&RPLVVmRGH9DORUHV0RELOLiULRV&90 ,EDPD &)DUW;,;
D &ULDomRSRU OHLHVSHFtILFD
&RPLQtFLRGDYLJrQFLDGDOHLDDXWDUTXLDDGTXLUHSHUVRQDOLGDGHMXUtGLFDHHVWiLQVWLWXtGD 3RUSRVVXLUSHUVRQDOLGDGHMXUtGLFDpWLWXODUGHGLUHLWRVHREULJDo}HV
E 3HUVRQDOLGDGHMXUtGLFD GHGLUHLWRS~EOLFR
6XMHLo}HV
5HJLPHMXUtGLFRGH',5(,723Ò%/,&2
3UHUURJDWLYDV
1mRSRVVXLFDSDFLGDGHSROtWLFD $XWDUTXLDJHRJUiILFDRXWHUULWRULDO
俶 3RVVXL
L*HQpULFD
FDSDFLGDGH DGPLQLVWUDWLYD
F &DSDFLGDGH GH DXWRDGPLQLVWUDomR
([HUFHP~OWLSORVVHUYLoRV QRkPELWRGHVHXWHUULWyULR
LL(VSHFtILFD
$XWDUTXLDGHVHUYLoRRXLQVWLWXFLRQDO ([HUFHRVHUYLoRTXHOKHpDWULEXtGRSRUOHL
&DUDFWHUtVWLFDGDGHVFHQWUDOL]DomRDGPLQLVWUDWLYDSRUVHUYLoRVRXIXQFLRQDO 3ULQFtSLRGD HVSHFLDOL]DomR
G (VSHFLDOL]DomR GRV ILQVRXDWLYLGDGHV
&DGDDXWDUTXLDpHVSHFLDOL]DGDQDPDWpULDTXHDOHLOKHDWULEXLX 2VVHUYLoRVSUHVWDGRVUHTXHUHPPDLRUJUDXGHHVSHFLDOL]DomR
2EV(VVDFDUDFWHUtVWLFDQmRVHDSOLFDjDXWDUTXLDJHRJUiILFDRXWHUULWRULDO 6XMHLWDDFRQWUROHGDSHVVRDSROtWLFD TXHDFULRXjTXDOpYLQFXODGD
&DUDFWHUtVWLFDV
5HODomRGHYLQFXODomR &RQWUROHILQDOtVWLFR
H 6XMHLomRDRFRQWUROHRXWXWHOD 5HVSRQVDELOLGDGHREMHWLYD
I 5HVSRQVDELOLGDGHFLYLO
/LWtJLRVFRPXQVGDVDXWDUTXLDVIHGHUDLV
J -Xt]RFRPSHWHQWH
$XWDUTXLD
9HGDGRLQVWLWXLomRGHLPSRVWRVVREUHSDWULP{QLRUHQGDHVHUYLoRVGDVDXWDUTXLDV
K ,PXQLGDGH WULEXWiULD
&)DUW L)RUPDGHLQYHVWLGXUD
&RQIRUPHSUHYLVmRQDOHLRXHVWDWXWRGDDXWDUTXLD
&RPSHWrQFLD L 'LULJHQWHV
-XVWLoD)HGHUDO&)DUW,
LL1RPHDomR
&KHIHGR([HFXWLYR&)DUW;;9
3RGHUiVHUH[LJLGDQD&)RXQDOHL D DSURYDomRSUpYLDGR6HQDGR)HGHUDO
&)DUW;,9 ([%DFHQ
1mRSRGHD OHL HVWDEHOHFHU KLSyWHVHVGH H[LJrQFLDGHDSURYDomROHJLVODWLYDSUpYLD LLL([RQHUDomR
2IHQVDDRSULQFtSLRGDVHSDUDomRGRVSRGHUHV67)
D $XWDUTXLDFRPXP E $XWDUTXLDIXQGDFLRQDO
)XQGDomRS~EOLFDLQVWLWXtGDGLUHWDPHQWHSRUOHLHVSHFtILFD FRPSHUVRQDOLGDGHMXUtGLFDGHGLUHLWRS~EOLFR
eDGLYLVmRJHRJUiILFDFRPSHUVRQDOLGDGHMXUtGLFDSUySULD FULDGDSDUDSUHVWDUVHUYLoRVJHQpULFRVjVRFLHGDGH eXPDH[FHomRDRSULQFtSLRGDHVSHFLDOL]DomR F $XWDUTXLD WHUULWRULDO
7HUULWyULRV IHGHUDLV
,QWHJUDPD8QLmR &ULDomRSRUOHLFRPSOHPHQWDU 3UHVWDomRGHFRQWDVGHJRYHUQR
(VSpFLHV
&RQVHOKRVGH ILVFDOL]DomR GHSURILVV}HV G $XWDUTXLD SURILVVLRQDO FRUSRUDWLYD
H $XWDUTXLD LQWHUIHGHUDWLYD
&RQJUHVVR1DFLRQDOFRPSDUHFHUSUpYLRGR7&8
(IHWXDRVVHUYLoRVGHILVFDOL]DomRGHSURILVV}HVUHJXODPHQWDGDV ([HUFHQRTXHWDQJHjVDWLYLGDGHV SURILVVLRQDLVUHJXODPHQWDGDV
3RGHUGHSROtFLD 3RGHUGHWULEXWDU 3RGHUGHSXQLU
67)
1mRHVWi QD DGPLQLVWUDomRLQGLUHWD
0DVSRVVXLQDWXUH]DMXUtGLFDGHGLUHLWRS~EOLFR
1mRLQFOXL2
%$1DIRUPDGHDVVRFLDomRS~EOLFD
&RQVyUFLRVS~EOLFRV&)DUWFF&&DUW,9
,QWHJUDDDGPLQLVWUDomRLQGLUHWDGHPDLVGHXPHQWHIHGHUDGR
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
$87$548,$,,$*Ç1&,$65(*8/$'25$6 L&ULVHILQDQFHLUDILVFDO
5HIRUPDGD $GPLQLVWUDomR 3~EOLFD
&RQWH[WRGH VXUJLPHQWR
D 3UREOHPDV
L*HVWmRSULYDGDGHVHUYLoRVS~EOLFRV 3ULYDWL]DomRHP VHQWLGRDPSOR
E 6ROXomR SURSRVWD
$XWDUTXLDVREUHJLPH HVSHFLDOFRPDDWULEXLomR GHH[HUFHUD5(*8/$d2
'HILQLomR
LL,QHILFLrQFLDQDSUHVWDomRGRVVHUYLoRVS~EOLFRV
2EV
LLL'HVUHJXODomR
GHVHUYLoRVS~EOLFRV HFRQ{PLFRVFRPHUFLDLV HLQGXVWULDLV
3ULYDWL]DomRHP VHQWLGRHVWULWR
5HGXomRGDLQWHUYHQomR QDDWLYLGDGHHFRQ{PLFD
&RQFHVV}HVHSHUPLVV}HV GHVHUYLoRVS~EOLFRV
&)DUW
([$QDWHO
(VWDGRFRPRDJHQWHUHJXODGRU GDDWLYLGDGHHFRQ{PLFD
GH DWLYLGDGHV HFRQ{PLFDV
([LVWHPDLQGDDTXHODVTXHH[HUFHP IXQomRGHSROtFLDDGPLQLVWUDWLYD
LL'HVHVWDWL]DomR
&)DUW
([$13
,PS}HPOLPLWDo}HVDGPLQLVWUDWLYDVSUHYLVWDVHP OHLILVFDOL]DPUHSULPHPDSOLFDPSHQDOLGDGHV ([$1$$QYLVD$16
1mRKiREULJDWRULHGDGHH[SUHVVDQRRUGHQDPHQWRMXUtGLFRGHTXHDVDJrQFLDV UHJXODGRUDVVHFRQVWLWXDPQDIRUPDGHDXWDUTXLDV1RHQWDQWRGHYHPHPUD]mRGD QDWXUH]DGDDWLYLGDGHTXHGHVHPSHQKDPWHUSHUVRQDOLGDGHMXUtGLFDGHGLUHLWRS~EOLFR 'HQDWXUH]DWpFQLFD L)XQomR QRUPDWLYD
5HJXODPHQWDomRVREUHPDWpULDGHRUGHPWpFQLFD FRPEDVHQRVSDUkPHWURVHQDVGLUHWUL]HVGDOHL 5HDOL]DSURFHGLPHQWRVOLFLWDWyULRVSDUDHVFROKDGH FRQFHVVLRQiULRRXSHUPLVVLRQiULRGHVHUYLoRS~EOLFR
D ([HUFH
$JrQFLD 5HJXODGRUD
&HOHEUDFRQWUDWRVGHFRQFHVVmR HSHUPLVVmRGHVHUYLoRS~EOLFR
LL)XQomR DGPLQLVWUDWLYD
3UDWLFDDWRXQLODWHUDOGHRXWRUJDGDDXWRUL]DomR )LVFDOL]DDH[HFXomRGHDWLYLGDGHVVREVXDFRPSHWrQFLD
$SOLFDVDQo}HVDGPLQLVWUDWLYDV 5HVROXomRGHFRQIOLWRVDIHWRVjiUHDUHJXODGD
LLL)XQomR TXDVHMXGLFLDO
,QVWkQFLDDGPLQLVWUDWLYD &DUiWHUILQDOGHVXDVGHFLV}HV
L$XWRQRPLD GHFLVyULD
&DUDFWHUtVWLFDV
E 3RVVXL
1mRSDVVtYHLVGHDSUHFLDomRSRURXWURVyUJmRV RXHQWLGDGHVGD$GPLQLVWUDomR3~EOLFD 5HODWLYDHVWDELOLGDGH GHVHXVGLULJHQWHV
LL$XWRQRPLD DGPLQLVWUDWLYD
,QYHVWLGXUDDWHUPRPDQGDWRIL[R 9HGDGDH[RQHUDomRDGQXWXP
3RVVXLUHFXUVRVSUySULRV
LLL$XWRQRPLD ILQDQFHLUD
,QVWLWXLomRGHWD[DVGHUHJXODomR 6HXVDWRVQRUPDWLYRVQmRSRGHPFRQIOLWDU FRPQRUPDVFRQVWLWXFLRQDLVHOHJDLV
L&RQWUROH GR /HJLVODWLYR
F &RQWUROH
6XMHLWDDRFRQWUROHHjILVFDOL]DomR GR&RQJUHVVR1DFLRQDO 6XMHLWDDRFRQWUROHILQDQFHLUR FRQWiELOHRUoDPHQWiULR
&)DUW; &)DUW
7XWHODDGPLQLVWUDWLYDRXFRQWUROHILQDOtVWLFR LL&RQWUROHGR ([HFXWLYR
([HUFLGRSHOR0LQLVWpULRD TXHVHDFKDYLQFXODGD
6XSHUYLVmRPLQLVWHULDO &)DUWLQF,
6XMHLWDDRFRQWUROHMXULVGLFLRQDO LLL &RQWUROHGR -XGLFLiULR
)LQDOLGDGH
([HUFHURFRQWUROH HDILVFDOL]DomR
L'RVVHUYLoRVS~EOLFRV
3ULQFtSLRGDLQDIDVWDELOLGDGHGDMXULVGLomR
&)DUWLQF;;;9 'HOHJDGRV /LYUHV
LL'HDWLYLGDGHVGHLQWHUHVVHS~EOLFR
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
5()250$$'0,1,675$7,9$(7(5&(,526(725(17,'$'(63$5$(67$7$,6,
'HILQLomR
3HVVRDVSULYDGDVVHPILQVOXFUDWLYRVTXHH[HUFHPDWLYLGDGHVGHLQWHUHVVH S~EOLFRPDVQmRH[FOXVLYDVGR(VWDGRUHFHEHQGRIRPHQWRGR3RGHU3~EOLFR HTXHQmRLQWHJUDPD$GPLQLVWUDomR3~EOLFDHPVHQWLGRIRUPDO
L(QWLGDGHVSULYDGDVVHPILQDOLGDGHOXFUDWLYD LL([HUFHPDWLYLGDGH GHLQWHUHVVHS~EOLFR
6HUYLoRV QmRH[FOXVLYRV GR(VWDGRDRVTXDLV R3RGHU3~EOLFRGLVSHQVDHVSHFLDOSURWHomR
LLL 5HFHEHP LQFHQWLYR GR3RGHU3~EOLFR
)RPHQWR
&DUDFWHUtVWLFDV
6HJXQGR0DULD6\OYLDSRUHVVDUD]mRVXMHLWDPVH DRFRQWUROHSHOD$GPLQLVWUDomR3~EOLFDHSHOR7&8
6HWRU3~EOLFR1mR(VWDWDO LY,QWHJUDPR 7HUFHLUR6HWRU
1mRDEUDQJHPDVHQWLGDGHVGD$GPLQLVWUDomR,QGLUHWD 2EV
3ULPHLUR6HWRU
&RPSRVWRSHOR(VWDGR
6HJXQGR6HWRU
&RPSRVWRSHORPHUFDGR
6mRSHVVRDVMXUtGLFDVSULYDGDVFULDGDVHPUHJUDSRUHQWLGDGHV SULYDGDVUHSUHVHQWDWLYDVGHFDWHJRULDVHFRQ{PLFDV&RQIHGHUDomR 1DFLRQDOGD,QG~VWULD&RQIHGHUDomR1DFLRQDOGR&RPpUFLRHWF DSyVDXWRUL]DomRHPOHLPDQWLGDVSRUFRQWULEXLo}HVSDUDILVFDLV 6HVF6HUYLoR6RFLDOGR&RPpUFLR D 'HILQLomR
([
6HQDF6HUYLoR1DFLRQDOGH$SUHQGL]DJHP&RPHUFLDO 6HVL6HUYLoR6RFLDOGD,QG~VWULD 6HQDL6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
(QWLGDGHV 3DUDHVWDWDLV
/HLDXWRUL]DGRUD
E &ULDomR
6HUYLoRV 6RFLDLV $XW{QRPRV
F )LQDOLGDGH
$WRGDUHVSHFWLYD HQWLGDGH UHSUHVHQWDWLYD
,QLFLDOPHQWHVXDFULDomRpSUHYLVWDHPOHL $DTXLVLomRGHSHUVRQDOLGDGHMXUtGLFDRFRUUH TXDQGRDHQWLGDGHSULYDGDLQVWLWXLGRUDLQVFUHYH RUHVSHFWLYRDWRFRQVWLWXWLYRQRUHJLVWURFLYLOGDV SHVVRDVMXUtGLFDV&yGLJR&LYLODUW 3RVVXHPSHUVRQDOLGDGHMXUtGLFDGHGLUHLWRSULYDGR
3UHVWDPDWLYLGDGHVRFLDOFRPRDVVLVWrQFLDHHQVLQR SURILVVLRQDOL]DQWHDRVUHVSHFWLYRVJUXSRVVRFLDLVRXSURILVVLRQDLV L3HVVRDVMXUtGLFDVGHGLUHLWRSULYDGRVHPILQVOXFUDWLYRV LL 0DQWLGRV SRU FRQWULEXLo}HVSDUDILVFDLV
7ULEXWR 1DWXUH]DFRPSXOVyULD &)DUW
LLL&RODERUDPFRP R3RGHU3~EOLFR
3UHVWDPDWLYLGDGHVRFLDO 1RUPDOPHQWHGLUHFLRQDGDSDUDSUHVWDomR GHXPVHUYLoRGHXWLOLGDGHS~EOLFD 1RPHDomRGHGLULJHQWHV
G &DUDFWHUtVWLFDV 5HJXODPHQWR LY&RQWUROHSHOR 3RGHU3~EOLFR
1RUPDOPHQWHDSURYDGRV SRUGHFUHWRV
6XSHUYLVmR0LQLVWHULDO 6XMHLWRV j MXULVGLomR GR7&8
'/DUW $GPLQLVWUDP UHFXUVRVS~EOLFRV
1mRVHVXMHLWDP j/HL-XULVSUXGrQFLD7&8
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
5()250$$'0,1,675$7,9$(7(5&(,526(725(17,'$'(63$5$(67$7$,6,, $SHVVRDVMXUtGLFDVGHGLUHLWRSULYDGR
4XDOLILFDomRFRQFHGLGD SHOR3RGHU([HFXWLYR
6HPILQVOXFUDWLYRV 3DUDSUHVWDUDWLYLGDGHGHLQWHUHVVHFROHWLYR
L 3HVTXLVD&LHQWtILFD LL (QVLQR
ÈUHDGHDWXDomR 3(7&X0$6
LLL'HVHQYROYLPHQWR 7HFQROyJLFR LY &XOWXUD Y 0HLR $PELHQWH
D 'HILQLomR
YL 6D~GH 3URJUDPD1DFLRQDOGH3XEOLFL]DomR (VWDEHOHFHUGLUHWUL]HVHFULWpULRVSDUDDTXDOLILFDomRGH26
2EMHWLYR
313
$EVRUomRGHDWLYLGDGHVGHVHQYROYLGDVSRUHQWLGDGHVHyUJmRV S~EOLFRVGD8QLmRTXHDWXHPQDViUHDVFLWDGDV3(7&X0$6
)LQDOLGDGH
'HYHPWHUSHUVRQDOLGDGHMXUtGLFDGHGLUHLWRSULYDGR 1mRSRGHP WHU ILQDOLGDGHOXFUDWLYD
E 5HTXLVLWRVGH KDELOLWDomR
'HYHPDWXDUHPDWLYLGDGHVUHODFLRQDGDVjViUHDVFLWDGDV3(7&X0$6 1mRVmRGHOHJDWiULDVGHVHUYLoRVS~EOLFRV
2EV
2UJDQL]Do}HV 6RFLDLV26
'HYHPLQYHVWLURVH[FHGHQWHVILQDQFHLURV QRGHVHQYROYLPHQWRGDVSUySULDVDWLYLGDGHV
$WRGH TXDOLILFDomR F 4XDOLILFDomR 0RWLYR
G 'HVTXDOLILFDomR
)RUPD
1mRH[HUFHPDWLYLGDGHVS~EOLFDVHP QRPHGR(VWDGR 'LVFULFLRQiULR &RPSHWrQFLD
LL7LWXODUGRyUJmR
3URFHVVRDGPLQLVWUDWLYR 5HYHUVmR
9tQFXORGHSDUFHULD TXHHQYROYH 'HILQLomR
L0LQLVWUR
'HVFXPSULPHQWRGDVGLVSRVLo}HVFRQWLGDVQRFRQWUDWRGHJHVWmR
&RQVHTXrQFLD
(QWLGDGHV 3DUDHVWDWDLV
6HJXQGRFULWpULRVGHFRQYHQLrQFLDHRSRUWXQLGDGH
$VVHJXUDGDDDPSODGHIHVD
'RVEHQVSHUPLWLGRV 'RVYDORUHVHQWUHJXHVjXWLOL]DomRGD26 )RPHQWRGR3RGHU3~EOLFR ([HFXomRGHDWLYLGDGHVSHOD26 UHODFLRQDGDVjViUHDVFLWDGDV3(7&X0$6
,QVWUXPHQWRILUPDGRHQWUHR3RGHU3~EOLFRHDHQWLGDGHTXDOLILFDGDFRPR26 YLVDQGRDIRUPDomRGHSDUFHULDHQWUHDVSDUWHVSDUDIRPHQWRHH[HFXomRGH DWLYLGDGHVUHODWLYDVjViUHDVFLWDGDV3(7&X0$6 /HL 3URJUDPDGHWUDEDOKRSURSRVWRSHOD26
H &RQWUDWR GHJHVWmR
0HWDVDVHUHPDWLQJLGDV
$EUDQJH
3UD]RVGHH[HFXomR
([HFXomR
&ULWpULRVREMHWLYRVGHDYDOLDomRGHGHVHPSHQKR 2EV$H[HFXomRVHUiILVFDOL]DGDSHORyUJmRRXHQWLGDGH VXSHUYLVRUDGDUHVSHFWLYDiUHDGHDWXDomR L5HFXUVRVRUoDPHQWiULRV $EUDQJH
)RPHQWR
LL%HQVS~EOLFRV
'LVSHQVDGDOLFLWDomR 3HUPLVVmRGHXVR
LLL&HVVmRHVSHFLDOGHVHUYLGRU 4XDOLILFDomRMXUtGLFDDWULEXtGDDDOJXPDVSHVVRDVGHGLUHLWR SULYDGRHPUD]mRGDV DWLYLGDGHVTXHYHQKDPDGHVHQYROYHUHPUHJLPHGHSDUFHULDFRPR3RGHU3~EOLFR D 'HILQLomR
3HVVRDVMXUtGLFDVGHGLUHLWRSULYDGRVHPILQVOXFUDWLYRVLQVWLWXtGDVSRUSDUWLFXODUHVSDUD GHVHPSHQKDUVHUYLoRVVRFLDLVQmRH[FOXVLYRVGR(VWDGRFRPLQFHQWLYRHILVFDOL]DomR GR3RGHU3~EOLFRPHGLDQWHYtQFXORMXUtGLFRLQVWLWXtGRSRUWHUPRGHSDUFHULD/HL 'HVHPSHQKDPDWLYLGDGHVGHLQWHUHVVHS~EOLFRSRUPHLRGHWHUPRGHSDUFHULD 6RFLHGDGHVVHP ILQVOXFUDWLYRV
26&,3 E &DUDFWHUtVWLFDV
$WRGH TXDOLILFDomR
1mRGLVWULEXHPHQWUHVyFLRVDVVRFLDGRVFRQVHOKHLURV GLUHWRUHVRXHPSUHJDGRVOXFURVGLYLGHQGRVERQLILFDo}HV SDUWLFLSDo}HVRXSDUFHODVGRSDWULP{QLR
9LQFXODGR
$WHQGLGRVRVUHTXLVLWRVSUHYLVWRVQDOHL pH[SHGLGRFHUWLILFDGRGHTXDOLILFDomR
&RPSHWrQFLD 7HUPRGH SDUFHULD
0LQLVWURGD-XVWLoD
9tQFXORMXUtGLFR (VWDEHOHFHXPYtQFXORGHFRRSHUDomRHQWUHD26HR3RGHU3~EOLFR
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
&2175$72'(*(672 ,QVWUXPHQWRLQVHULGRQR'LUHLWR$GPLQLVWUDWLYRDSDUWLUGDUHIRUPD DGPLQLVWUDWLYDWDPEpPFKDPDGRSHODGRXWULQDGH$FRUGR3URJUDPD LÏUJmRRXHQWLGDGHGD $GPLQLVWUDomR3~EOLFD $MXVWHILUPDGRHQWUHD DGPLQLVWUDomRGLUHWDH
&RQFHLWR
&)DUWLQFOXtGRSHOD(& /HL
LL$XWDUTXLDRXIXQGDomRS~EOLFD
/HL
LLL2UJDQL]DomRVRFLDO
1mRSRVVXLFDUDFWHUtVWLFDVGHFRQWUDWR 2EV
,QVWUXPHQWRGHFRQWUROHSRUUHVXOWDGR &RQWH[WR
$GPLQLVWUDomRJHUHQFLDO
$(&LQVHULXQRGRDUWDEDVHFRQVWLWXFLRQDOSDUDFHOHEUDomR GRFRQWUDWRGHJHVWmRFRPDDGPLQLVWUDomRGLUHWDHDLQGLUHWD D ÏUJmRRX HQWLGDGH GD $GPLQLVWUDomR 3~EOLFD
/LJDGRDRSULQFtSLRGDHILFLrQFLDHVWDEHOHFHXPPHLRSDUDRFRQWUROH GHUHVXOWDGRVGD$GPLQLVWUDomR3~EOLFDDGPLQLVWUDomRJHUHQFLDO (VWDEHOHFHURFRQWUROH GHUHVXOWDGRVPHGLDQWH 2EMHWLYR
)L[DomRGHPHWDVGHGHVHPSHQKR &RQWUROHVHFULWpULRVGH DYDOLDomRGHGHVHPSHQKR
$PSOLDUDDXWRQRPLDJHUHQFLDORUoDPHQWiULD HILQDQFHLUDGRVyUJmRVHHQWLGDGHV
$/HLDXWRUL]RXR3RGHU([HFXWLYRDTXDOLILFDUFRPR$*Ç1&,$ (;(&87,9$DDXWDUTXLDRXDIXQGDomRS~EOLFDTXHDWHQGHQGRDGHWHUPLQDGRV UHTXLVLWRVFHOHEUHFRQWUDWRGHJHVWmRFRPRPLQLVWpULRVXSHUYLVRU 1mRVHWUDWDGHQRYRWLSRGHSHVVRDMXUtGLFD $JrQFLD ([HFXWLYD
俶 7UDWDVHGH48$/,),&$d2FRQFHGLGD
jVDXWDUTXLDVHjVIXQGDo}HVS~EOLFDV
(VWDEHOHFHURFRQWUROHGHUHVXOWDGRV 2EMHWLYR
&RQWUDWR GH*HVWmR
$PSOLDUDDXWRQRPLDJHUHQFLDORUoDPHQWiULD HILQDQFHLUDGDVHQWLGDGHVTXDOLILFDGDV L 7HU XPSODQRHVWUDWpJLFRGHUHHVWUXWXUDomRH GHGHVHQYROYLPHQWRLQVWLWXFLRQDOHPDQGDPHQWR
E $XWDUTXLD RX IXQGDomR S~EOLFD
&HOHEUDGR FRP
5HTXLVLWRVGH TXDOLILFDomR
4XDOLILFDomR
2EMHWLYDDPHOKRULDGDTXDOLGDGH GDJHVWmRHDUHGXomRGHFXVWRV LL7HUFHOHEUDGR&RQWUDWRGH *HVWmRFRP RUHVSHFWLYR0LQLVWpULRVXSHUYLVRU &RQFHGLGDSRUGHFUHWRGR3UHVLGHQWHGD5HS~EOLFD &HOHEUDGRFRPSHULRGLFLGDGHPtQLPDGHXPDQR
&RQWUDWR GH*HVWmR
2EMHWLYRVPHWDVHLQGLFDGRUHVGH GHVHPSHQKRGDHQWLGDGH
(VWDEHOHFH
5HFXUVRVQHFHVViULRVHRVFULWpULRVH LQVWUXPHQWRVSDUDDYDOLDomRGRVHXFXPSULPHQWR
(VWDEHOHFHUXPDUHODomRGHSDUFHULDFRP HQWLGDGHVVHPILQVOXFUDWLYRVSXEOLFL]DomR 5HVWULQJLUDDXWRQRPLDGDSHVVRDSULYDGD 2EMHWLYR
(ODSDVVDDVXMHLWDUVHjVH[LJrQFLDVFRQWLGDVQRFRQWUDWRDR DWLQJLPHQWRGRVUHVXOWDGRVSDFWXDGRVHDRFRQWUROHUHODWLYRj JHVWmRGRVEHQVHGRVUHFXUVRVS~EOLFRVDHODFRQFHGLGRV 23RGHU3~EOLFRGHVWLQDUHFXUVRVHFREUDRDWLQJLPHQWR GHPHWDVQDSUHVWDomRGHVHUYLoRVGHLQWHUHVVHS~EOLFR
(VWDEHOHFHXPYtQFXORGHSDUFHULD F 2UJDQL]DomR VRFLDO
3URJUDPDGHWUDEDOKR L ([HFXomR FRPSHWHj26 &RQWUDWR GH*HVWmR
(QYROYH
0HWDV 3UD]RVGHH[HFXomR &ULWpULRVREMHWLYRVGH DYDOLDomRGHGHVHPSHQKR
LL )RPHQWR FRPSHWH DR 3RGHU3~EOLFR
5HFXUVRVRUoDPHQWiULRV %HQV S~EOLFRV
'LVSHQVDGDOLFLWDomR 3HUPLVVmRGHXVR
&HVVmRHVSHFLDOGHVHUYLGRU
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
35,1&Ë3,26$'0,1,675$7,926, 3ULQFtSLRLPSOtFLWR
1DVUHODo}HVMXUtGLFDVHPTXHR(VWDGRDWXHFRPRUHSUHVHQWDQWHGD VRFLHGDGHVHXVLQWHUHVVHVSUHYDOHFHPFRQWUDLQWHUHVVHVSDUWLFXODUHV 'HFODUDDVXSHULRULGDGHGRLQWHUHVVHGDFROHWLYLGDGH GHWHUPLQDQGRDSUHYDOrQFLDGHOHVREUHRSDUWLFXODU
D &RQFHLWR
L,QWHUHVVHSULPiULRGR(VWDGR E 'HYHVH GLVWLQJXLU
6XSUHPDFLDGR LQWHUHVVHS~EOLFR
LL,QWHUHVVH VHFXQGiULRGR(VWDGR
,QWHUHVVHS~EOLFRSURSULDPHQWHGLWR 'LPHQVmRS~EOLFDGRVLQWHUHVVHVLQGLYLGXDLV
,QWHUHVVHV,QGLYLGXDLVGR(VWDGR 6RPHQWHYiOLGRVTXDQGRLQVWUXPHQWDLVDRLQWHUHVVHS~EOLFR 3UHVXQomRGHOHJLWLPLGDGHH YHUDFLGDGHGRVDWRVDGPLQLVWUDWLYRV
F &RQVHTXrQFLDV GRSULQFtSLR
3RGHUGHLPSpULRRXH[WURYHUVR
35(552*$7,9$6
$XWRH[HFXWRULHGDGHGRVDWRVDGPLQLVWUDWLYRV 2XWUDV
3ULQFtSLRLPSOtFLWR 2LQWHUHVVHS~EOLFRTXDOLILFDGRFRPRSUySULR GDFROHWLYLGDGHpLQGLVSRQtYHOLQDSURSULiYHO 1D$GPLQLVWUDomR3~EOLFDRVEHQVHLQWHUHVVHVQmR HVWmRjOLYUHGLVSRVLomRGDYRQWDGHGRDGPLQLVWUDGRU
D &RQFHLWR
eDRUGHPOHJDOTXHGLVS}HVREUHDILQDOLGDGHDTXHHVWmRDGVWULWRV
,QGLVSRQLELOLGDGH GRLQWHUHVVHS~EOLFR
3ULQFtSLRGDOHJDOLGDGH 2EULJDWRULHGDGHGRGHVHPSHQKRGDDWLYLGDGHS~EOLFD E &RQVHTXrQFLDV GRSULQFtSLR
68-(,d®(6
,QDOLHQDELOLGDGHGRVGLUHLWRV FRQFHUQHQWHVDLQWHUHVVHVS~EOLFRV 2XWUDV
3ULQFtSLRFRQVWLWXFLRQDOH[SUHVVR&)DUWFDSXW
3ULQFtSLRV $GPLQLVWUDWLYRV
3DUDR SDUWLFXODU
0DULD 6\OYLD
6LJQLILFDDXWRQRPLD GDYRQWDGH
3RGHID]HUWXGRRTXHDOHLQmRSURtEH &),,
1LQJXpPVHUiREULJDGRDID]HURXGHL[DUGH ID]HUDOJXPDFRLVDVHQmRHPYLUWXGHGHOHL
6LJQLILFDYRQWDGHOHJDO
3DUD$GPLQLVWUDomR3~EOLFD
$$GPLQLVWUDomR3~EOLFDVy SRGHID]HURTXHDOHLSHUPLWH
1D$GPLQLVWUDomR3~EOLFDQmRKiOLEHUGDGHQHPYRQWDGHSHVVRDO
/HJDOLGDGH +HO\/RSHV
(QTXDQWRQDDGPLQLVWUDomRSDUWLFXODUpOtFLWRID]HUWXGRDTXLORTXHDOHLQmR SURtEHQD$GPLQLVWUDomR3~EOLFDVypSHUPLWLGRID]HURTXHDOHLDXWRUL]D eSULQFtSLRHVSHFtILFRGR(VWDGRGH'LUHLWR
&HOVR $QW{QLR
)UXWRGDVXEPLVVmRGR(VWDGRjOHL
2VLQWHUHVVHVS~EOLFRVVmRGHILQLGRV SHOR/HJLVODWLYRTXHUHSUHVHQWDRSRYR
6XUJHFRPR GHFRUUrQFLD QDWXUDOGDLQGLVSRQLELOLGDGH GRLQWHUHVVHS~EOLFR
6XEPLVVmRGDIXQomRDGPLQLVWUDWLYDDWRVFRQFUHWRV j IXQomROHJLVODWLYDDWRVJHUDLVLPSHVVRDLVHDEVWUDWRV
3ULQFtSLRFRQVWLWXFLRQDOH[SUHVVR&)DUWFDSXW 2VDWRVHSURYLPHQWRVDGPLQLVWUDWLYRVVmRLPSXWDGRVDRyUJmR RXjHQWLGDGHDTXHVHYLQFXODRDJHQWHS~EOLFRQmRDHOHSUySULR
0DULD 6\OYLD
D &RPUHODomRj $GPLQLVWUDomR 3~EOLFD
7HRULD GRyUJmR
俶 5HODomR GH
,0387$d2
,PSHVVRDOLGDGH E &RPUHODomR DRVDGPLQLVWUDGRV eRPHVPR SULQFtSLRGDILQDOLGDGH +HO\/RSHV
$VSHVVRDVMXUtGLFDVH[SUHVVDPVXD YRQWDGHSRUPHLRGRVVHXVyUJmRV
(VWiHQWUHODoDGRFRPR SULQFtSLRGDLJXDOGDGH
5HODFLRQDGR DRSULQFtSLR GDILQDOLGDGH
$DWLYLGDGHGRVyUJmRV LGHQWLILFDVHHUHODFLRQDVH FRPDGDHQWLGDGH
eVHPSUHRLQWHUHVVHS~EOLFRTXHGHYH QRUWHDURFRPSRUWDPHQWRGDDGPLQLVWUDomR 4XDOTXHUDWRGD$GPLQLVWUDomR3~EOLFDGHYH ]HODUSHORLQWHUHVVHS~EOLFRQmRSHVVRDO
,PS}HDRDGPLQLVWUDGRUS~EOLFRTXH VySUDWLTXHRDWRSDUDRVHXILPOHJDO $ILQDOLGDGHWHPVHPSUHFRPRREMHWLYR FHUWRHLQDIDVWiYHORLQWHUHVVHS~EOLFR ,PS}Hj$GPLQLVWUDomRWUDWDULJXDOPHQWHDWRGRV TXHHVWHMDPQDPHVPDVLWXDomRIiWLFDHMXUtGLFD
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
35,1&Ë3,26$'0,1,675$7,926,, 3ULQFtSLRFRQVWLWXFLRQDOH[SUHVVR&)DUWFDSXW 1mRVHWUDWDGDPRUDOFRPXP
$FHSomRVXEMHWLYD
$FHSomRREMHWLYD 7UDWDVH GD PRUDOMXUtGLFD
D &RQFHLWR
0RUDOLGDGH
&RQMXQWRGHUHJUDVGHFRQGXWDWLUDGDVGD GLVFLSOLQDLQWHULRUGD$GPLQLVWUDomR3~EOLFD 0RUDOLQWHUQDGDLQVWLWXLomRFRPSOHPHQWDUjOHL 2VDWRVGHYHPVHUDOpPGHOHJDLVKRQHVWRVH VHJXLURVERQVFRVWXPHVHDERDDGPLQLVWUDomR
E 7HRULD GRV FtUFXORV FRQFrQWULFRV
$QWLJDpDGLVWLQomRHQWUHPRUDOHGLUHLWRDPERVUHSUHVHQWDGRVSRUFtUFXORV FRQFrQWULFRVVHQGRRPDLRUFRUUHVSRQGHQWHjPRUDOHRPHQRUDRGLUHLWR
3ULQFtSLRFRQVWLWXFLRQDOH[SUHVVR&)DUWFDSXW 5HJUD
7RGRVRVDWRVGHYHPVHUS~EOLFRVJDUDQWLQGRDWUDQVSDUrQFLDHVWDWDO 'HYHPVHUOHJDOPHQWHSUHYLVWDVHWDPEpPDWHQGHUHPDRLQWHUHVVHS~EOLFR
([FHo}HV DRSULQFtSLR
3XEOLFLGDGH
2EV
&)DUW;;;,,,
6HJXUDQoD1DFLRQDO ([
'HIHVDGDLQWLPLGDGH
&)DUW/;
3XEOLFDomRRILFLDOGRVDWRV H[WHUQRVGDDGPLQLVWUDomRS~EOLFD
eUHTXLVLWRGHHILFiFLD 1mRpSUHVVXSRVWRGHYDOLGDGH
3ULQFtSLRFRQVWLWXFLRQDOH[SUHVVR&)DUWFDSXWLQVHULGRSHOD(&
(ILFLrQFLD
3UHJDDPD[LPL]DomRGHUHVXOWDGRVQDDWXDomRGD $GPLQLVWUDomR3~EOLFDTXHGHYHVHUUiSLGD~WLOHFRQ{PLFD 3ULQFtSLRFRQVWLWXFLRQDOLPSOtFLWR&)DUW/,9 L$GHTXDomR 2SULQFtSLR FRQGX]jV LGHLDVGH
3ULQFtSLRV $GPLQLVWUDWLYRV
&RQGXWDDSWDDSURGX]LURVHIHLWRVGHVHMDGRV &RQGXWDGHQWURGRVSDGU}HV QRUPDLVGHDFHLWDELOLGDGH
LL1HFHVVLGDGH
,QH[LVWrQFLDGHRXWURPHLRPHQRV JUDYRVRSDUDDOFDQoDURILPGHVHMDGR
D &RQFHLWR
5D]RDELOLGDGHH SURSRUFLRQDOLGDGH
3RQGHUDomRHQWUH
LLL3URSRUFLRQDOLGDGH
0HLRVHPSUHJDGRV )LQVDOFDQoDGRV
/LPLWDomRjGLVFULFLRQDULHGDGHDGPLQLVWUDWLYD $PSOLDomRGRkPELWRGHDSUHFLDomRGRDWRDGPLQLVWUDWLYRSHOR3RGHU-XGLFLiULR
E $SOLFDomR
3RGHU-XGLFLiULRDSUHFLD VHDVUHVWULo}HVVmR
$GHTXDGDV -XVWLILFDGDVSHORLQWHUHVVHS~EOLFR
)RUPDGHFRQWUROHGRH[FHVVRGHSRGHU &DEHj$GPLQLVWUDomR3~EOLFDUHYHUVHXVSUySULRVDWRVDQXODQGR RVLOHJDLVHUHYRJDQGRRVLQFRQYHQLHQWHVRXLQRSRUWXQRV eFRQWUROHLQWHUQR D &RQFHLWR
'LIHUHQWHGDWXWHODTXHpFRQWUROHH[WHUQRVXMHLomRH[HUFLGDSRURXWUDSHVVRD
eRSRGHUTXHWHPD$GPLQLVWUDomRSDUDUHYHUVHXVSUySULRVDWRV
L$VSHFWRGHOHJDOLGDGHHOHJLWLPLGDGH
$XWRWXWHOD
E $EUDQJrQFLD
6~PXOD67)
LL$VSHFWRGHPpULWR
&RQGX]D
$QXODomR &RQYDOLGDomR
$QiOLVHGHFRQYHQLrQFLDHGHRSRUWXQLGDGH
&RQGX]D
5HYRJDomR
$$GPLQLVWUDomRSRGHDQXODUVHXVSUySULRVDWRVTXDQGRHLYDGRVGHYtFLRV TXHRVWRUQHPLOHJDLVSRUTXHGHOHVQmRVHRULJLQDPGLUHLWRVRXSRGH UHYRJiORVSRUPRWLYRGHFRQYHQLrQFLDRXRSRUWXQLGDGHUHVSHLWDGRVRV GLUHLWRVDGTXLULGRVHUHVVDOYDGDHPWRGRVRVFDVRVDDSUHFLDomRMXGLFLDO
3ULQFtSLRFRQVWLWXFLRQDOLPSOtFLWR&)DUW,9
&RQWLQXLGDGH
(VWDEHOHFHDQHFHVVLGDGHGHTXHD$GPLQLVWUDomR3~EOLFDQmRLQWHUURPSDD SUHVWDomRGHVHXVVHUYLoRVSRLVVmRIXQGDPHQWDLVHHVVHQFLDLVjFROHWLYLGDGH &RQFHLWR
3DUDD/HLVHUYLoRDGHTXDGRpDTXHOHTXH VDWLVID]HQWUHRXWUDVDVFRQGLo}HVGHFRQWLQXLGDGH
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
32'(5(6$'0,1,675$7,926,
3UHUURJDWLYDVFRQFHGLGDVSHORRUGHQDPHQWRMXUtGLFRj $GPLQLVWUDomR3~EOLFDSDUDFRQVHFXomRGRVILQVS~EOLFRV D &RQFHLWR
'HFRUUrQFLDGLUHWDGRSULQFtSLRGDVXSUHPDFLDGRLQWHUHVVHS~EOLFR L8VRGR SRGHU
&RQFHLWR
2FRUUHTXDQGRKiH[HUFtFLR LOHJtWLPRGHVVDVSUHUURJDWLYDV
LL $EXVR GHSRGHU
1Ro}HV LQWURGXWyULDV E $EXVR GHSRGHU
3UHUURJDWLYDHVSHFLDOFRQFHGLGDSHOR'LUHLWR 3~EOLFRSDUDFRQVHFXomRGRVILQVS~EOLFRV
$JHQWHDWXDIRUDGRVOLPLWHV GDVXDFRPSHWrQFLD
L ([FHVVR GHSRGHU
9tFLRQRHOHPHQWRFRPSHWrQFLD /HLDUWD
0RGDOLGDGHV GH$%862 '(32'(5
$JHQWHHPERUDGHQWURGHVXDyUELWDGH FRPSHWrQFLDVDIDVWDVHGRLQWHUHVVHS~EOLFR LL 'HVYLR GHSRGHU
%XVFDDOFDQoDUILPGLYHUVRGDTXHOHTXHD OHLOKHSHUPLWLXH[SOtFLWDRXLPSOLFLWDPHQWH 9tFLRQRHOHPHQWR ILQDOLGDGH
'HVYLRGHILQDOLGDGH
/HLDUWH eRSRGHUGHTXHGLVS}HD$GPLQLVWUDomR3~EOLFDSDUDSUiWLFDGHDWRVYLQFXODGRV D &RQFHLWR
$OHLGHWHUPLQDWRGRVRV HOHPHQWRVQHFHVViULRV jSUiWLFDGRDWR
3RGHU YLQFXODGR
3RGHUHV $GPLQLVWUDWLYRV
7UDWDVHPDLVGHXPGHYHUGRTXHSURSULDPHQWHGHXPSRGHU &RPSHWrQFLD )LQDOLGDGH )RUPD 0RWLYR
E $WR YLQFXODGR
2EMHWR 1mRKiPDUJHPGHOLEHUGDGHDRDGPLQLVWUDGRUFRQYHQLrQFLDHRSRUWXQLGDGH eRSRGHUGHTXHGLVS}HD$GPLQLVWUDomR3~EOLFDSDUDSUiWLFDGHDWRVGLVFULFLRQiULRV
D &RQFHLWR
2'LUHLWRFRQFHGHj$GPLQLVWUDomRGHPRGRH[SOtFLWRRXLPSOtFLWRR SRGHUSDUDSUiWLFDGHDWRVDGPLQLVWUDWLYRVFRPOLEHUGDGHGHHVFROKD 0pULWRDGPLQLVWUDWLYR
/LEHUGDGHGHHVFROKD
&RQYHQLrQFLD 2SRUWXQLGDGH
&RPSHWrQFLD E (OHPHQWRV YLQFXODGRV
)LQDOLGDGH )RUPD
0RWLYR F (OHPHQWRVGLVFULFLRQiULRV
2EMHWR $EUDQJHHOHPHQWRVYLQFXODGRV
3RGHU GLVFULFLRQiULR
&RQWUROHGH /(*$/,'$'(H /(*,7,0,'$'( G &RQWUROH H[HUFLGRSHOR 3RGHU-XGLFLiULR
$EUDQJH HOHPHQWRV GLVFULFLRQiULRV
)XQGDPHQWR
/LPLWDo}HVLPSRVWDVSHORV SULQFtSLRVJHUDLVGRGLUHLWR 3ULQFtSLRGDLQDIDVWDELOLGDGH GDMXULVGLomR &)DUW;;;9
1mRKiFRQWUROHGH0e5,72 $EUDQJHHOHPHQWRVYLQFXODGRV
H &RQWUROH H[HUFLGRSHOD $GPLQLVWUDomR 3~EOLFD
&RQWUROHGH /(*$/,'$'(H /(*,7,0,'$'(
$EUDQJH HOHPHQWRV GLVFULFLRQiULRV )XQGDPHQWR
&RQWUROHGH0e5,72
3ULQFtSLRGDUD]RDELOLGDGH HGDSURSRUFLRQDOLGDGH FRQWUROHGHOHJLWLPLGDGH 3ULQFtSLRGDDXWRWXWHOD
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
32'(5(6$'0,1,675$7,926,, 3RGHUGHTXHGLVS}HD$GPLQLVWUDomR3~EOLFDSDUD
L'LVWULEXLUHHVFDORQDUIXQo}HV LL2UGHQDUHUHYHUDWXDomRGHVHXVDJHQWHV
(VWiUHODFLRQDGRjSUySULDIRUPDGHRUJDQL]DomRGDIXQomRDGPLQLVWUDWLYD eDUHODomRGHVXERUGLQDomRH[LVWHQWHHQWUH yUJmRVHDJHQWHVGD$GPLQLVWUDomR3~EOLFD +LHUDUTXLD D &RQFHLWR
5HODomRGHVXERUGLQDomRFRQVLVWHHP
'LVWULEXLomRGHIXQo}HV *UDGXDomRGDDXWRULGDGHGRVDJHQWHV
1mRKiKLHUDUTXLDHQWUHGLIHUHQWHVSHVVRDVMXUtGLFDV 1mRKiKLHUDUTXLDQR-XGLFLiULRH /HJLVODWLYRQDVVXDVIXQo}HVSUySULDV 2EV
)XQomRMXULVGLFLRQDOOLYUHFRQYLFomRGRMXL] )XQomROHJLVODWLYD
$UHODomRH[LVWHQWHHQWUHDDGPLQLVWUDomRGLUHWDHDVHQWLGDGHV GDDGPLQLVWUDomRLQGLUHWDpDUHODomRGH9,1&8/$d2
7XWHODDGPLQLVWUDWLYD &RQWUROHILQDOtVWLFR 6XSHUYLVmR
'HYHUGHREHGLrQFLD
&RQVHTXrQFLD
L2UGHQDU
$VGHWHUPLQDo}HVVXSHULRUHVGHYHPVHUILHOPHQWHFXPSULGDV DPHQRVTXHVHMDPPDQLIHVWDPHQWHLOHJDLV 0DQXWHQomRGHDWRVYiOLGRVFRQYHQLHQWHVHRSRUWXQRV
3RGHU +LHUiUTXLFR
5HYRJDomRGHDWRVGLVFULFLRQiULRV LQFRQYHQLHQWHVRXLQRSRUWXQRV
&RQVHTXrQFLD
LL&RQWURODU
$QXODomRGHDWRVLOHJDLV &RQYDOLGDomRGHDWRVFRPGHIHLWRVVDQiYHLV
E )DFXOGDGHV GHFRUUHQWHV GR3RGHU +LHUiUTXLFR
$WRGLVFULFLRQiULRUHYRJiYHODTXDOTXHUWHPSRQRTXDOR DJHQWHRULJLQDOPHQWHFRPSHWHQWHGHOHJDQWH FRQIHUHDRXWUR DJHQWHGHOHJDGR RH[HUFtFLRWHPSRUiULRGHDOJXPDVDWULEXLo}HV LLL'HOHJDU
$JHQWHGHOHJDGR
1mRSUHFLVDVHUKLHUDUTXLFDPHQWHVXERUGLQDGR /HLDUW
$WRGLVFULFLRQiULRQRTXDORVXSHULRUKLHUiUTXLFRWUD]SDUDVL RH[HUFtFLRWHPSRUiULRGHDWULEXLomRGHXPVXERUGLQDGR LY$YRFDU
3RGHUHV $GPLQLVWUDWLYRV
$JHQWHGHOHJDGR
L6XERUGLQDomR DGPLQLVWUDWLYD
1mR FRQIXQGLU
LL9LQFXODomR DGPLQLVWUDWLYD
D &RQFHLWR
eDIDFXOGDGHGH
3UHFLVDVHUKLHUDUTXLFDPHQWHVXERUGLQDGR /HLDUW (VWDEHOHFLGRHQWUHyUJmRVGHXPD PHVPDSHVVRDDGPLQLVWUDWLYD
&DUiWHULQWHUQR
'HFRUUHGD$872787(/$ &DUiWHU H[WHUQR
5HVXOWDGRFRQWUROHTXHSHVVRDVIHGHUDWLYDVH[HUFHP VREUHSHVVRDVSHUWHQFHQWHVjDGPLQLVWUDomRLQGLUHWD
'HFRUUHGD787(/$
L3XQLULQWHUQDPHQWH LQIUDo}HVIXQFLRQDLV GRVVHXVVHUYLGRUHV LL3XQLU LQIUDo}HVDGPLQLVWUDWLYDV FRPHWLGDV SRU SHVVRDV VXMHLWDV jGLVFLSOLQDGRVyUJmRVHVHUYLoRVGD$GPLQLVWUDomR3~EOLFD 3RGHUGLVFLSOLQDUpFRUUHODWRDRSRGHU KLHUiUTXLFRPDVFRPHOHQmRVHFRQIXQGH
6DQomRGLVFLSOLQDUHPDJHQWH L5HODomR FRPSRGHU S~EOLFRLQIUDomRIXQFLRQDO KLHUiUTXLFR 6DQomRSRUGHVFXPSULPHQWR GHFRQWUDWRDGPLQLVWUDWLYR LQIUDomRDGPLQLVWUDWLYD
3RGHU 'LVFLSOLQDU
LL'HFRUUHGD VXSUHPDFLD HVSHFLDO E &DUDFWHUtVWLFDV
'HFRUUrQFLDGLUHWDGRSRGHUGLVFLSOLQDU 'HFRUUrQFLDLQGLUHWDGRSRGHUKLHUiUTXLFR +iH[HUFtFLRGRSRGHUGLVFLSOLQDU 1mRH[LVWHUHODomRKLHUiUTXLFD
$$GPLQLVWUDomR3~EOLFDH[HUFHVXSUHPDFLDHVSHFLDOVREUHWRGRV DTXHOHVTXHDHODVHYLQFXODPSRUUHODo}HVGHTXDOTXHUQDWXUH]D VXERUGLQDQGRVHjVQRUPDVGHIXQFLRQDPHQWRGRVHUYLoRRXGR HVWDEHOHFLPHQWRTXHSDVVDPDLQWHJUDUGHILQLWLYDHWUDQVLWRULDPHQWH 'HFRUUHGDVXSUHPDFLDHVSHFLDO
LLL1mRVHFRQIXQGH FRPRSRGHU SXQLWLYRGR(VWDGR
)XQomR MXULVGLFLRQDO
LY'LVFULFLRQDULHGDGH
4XDQWR
9tQFXORMXUtGLFRHVSHFtILFR
5HSUHVVmRGHFULPHVHFRQWUDYHQo}HVSHQDLV
'HFRUUHGDVXSUHPDFLDJHUDO
4XDQWRj Y9LQFXODomR 0RWLYDomR
¬JUDGXDomRGDSHQDOLGDGHGLVFLSOLQDU $RHQTXDGUDPHQWRGDFRQGXWDGHQWUHDVKLSyWHVHV SUHYLVWDVQDOHLFRQFHLWRVMXUtGLFRVLQGHWHUPLQDGRV
$SXUDomRGDUHVSRQVDELOLGDGH/HLDUWVH $SOLFDomRGDSHQDFDEtYHO 2DWRGHDSOLFDomRGHSHQDOLGDGHGHYHVHUPRWLYDGR
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
32'(5(6$'0,1,675$7,926,,,
3UHUURJDWLYDFRQIHULGDDRFKHIHGR3RGHU([HFXWLYRSDUDHGLWDU GHFUHWRVHUHJXODPHQWRVSDUDDILHOH[HFXomRGDVOHLV&)DUW,9 $FRPSHWrQFLDSDUDH[SHGLomRGRVGHFUHWRVRXUHJXODPHQWRVGH H[HFXomRQmRpSDVVtYHOGHGHOHJDomR&)DUWS~QLFR eHVSpFLHGRJrQHURSRGHUQRUPDWLYR
D &RQFHLWR 2EV
3RGHUQRUPDWLYR
3UHUURJDWLYDFRQIHULGDj$GPLQLVWUDomR3~EOLFD SDUDHGLWDUDWRVQRUPDWLYRVJHUDLVHDEVWUDWRVSDUD FRPSOHPHQWDUDVOHLVHSHUPLWLUVXDHIHWLYDDSOLFDomR 5HJXODPHQWDomRWpFQLFD
&RPSHWrQFLDSDUD 3RGHU UHJXODGRU
3RGHU 5HJXODPHQWDU
ÆPELWR
L&RQWUROHOHJLVODWLYR
E )RUPDV GHFRQWUROH
$WLYLGDGHVDGPLQLVWUDWLYDVGHDOWDFRPSOH[LGDGHWpFQLFD
3RGHUHV $GPLQLVWUDWLYRV
eDWRQRUPDWLYRGHULYDGR
([LVWrQFLDGHOHL
'RGHFUHWR UHJXODPHQWDU
&RQWUROHGHOHJDOLGDGHHOHJLWLPLGDGH eDWRQRUPDWLYRRULJLQiULR
,QH[LVWrQFLDGHOHL
LL&RQWUROH MXULVGLFLRQDO
1mRSRGHFULDUGLUHLWRVHREULJDo}HV
D &RQFHLWR
6XVWDDWRVQRUPDWLYRVGR3RGHU([HFXWLYRTXH H[RUELWHPGRSRGHUUHJXODPHQWDU&)DUW9
'HFUHWR /HJLVODWLYR
'RGHFUHWR DXW{QRPR
F /LPLWHV
0HGLDQWHSDUkPHWURVSUHYLDPHQWH HVWDEHOHFLGRVQDOHL
&RQWUROHGH FRQVWLWXFLRQDOLGDGH
&DUiWHU 1RUPDWLYR
67) 3UHVVXSRVWRV
&DUiWHU $XW{QRPR
$WRQRUPDWLYRH[WUDSRODRVOLPLWHVGDOHL 3ULQFtSLRGDOHJDOLGDGH&)DUW,,
1mRSRGHFRQWUDULDURVFRPDQGRVOHJDLV
)DFXOGDGHGHTXHGLVS}HD$GPLQLVWUDomR3~EOLFDSDUDFRQGLFLRQDURXUHVWULQJLURXVRHR JR]RGHEHQVGLUHLWRVHDWLYLGDGHVLQGLYLGXDLVHPEHQHItFLRGDFROHWLYLGDGHRXGR(VWDGR %HQV ,QFLGHVREUH
'LUHLWRV $WLYLGDGHV
1mRLQFLGHVREUH3(662$6
ÏUJmRV DGPLQLVWUDWLYRV
E ,QFLGrQFLD 2EV
3ROtFLD
,QFLGHVREUHEHQV GLUHLWRVHDWLYLGDGHV ,QFLGHQRkPELWRGDV LQIUDo}HVDGPLQLVWUDWLYDV
3ROtFLDGHPDQXWHQomR GDRUGHPS~EOLFD ÏUJmRVGH VHJXUDQoD FRUSRUDo}HV HVSHFLDOL]DGDV
3RGHU GH3ROtFLD
3ROtFLD DGPLQLVWUDWLYD
3ROtFLDMXGLFLiULD
,QFLGHGLUHWDPHQWH VREUHSHVVRDV
,QFLGHQRkPELWR GRVLOtFLWRVSHQDLV
俺1mRVHWUDWDGRSRGHUGHSROtFLD HVWXGDGRQR'LUHLWR$GPLQLVWUDWLYR
L'LVFULFLRQDULHGDGH F $WULEXWRV
LL$XWRH[HFXWRULHGDGH LLL&RHUFLELOLGDGH
L([SHGLomR GHQRUPDV OLPLWDGRUDVH VDQFLRQDGRUDV GDFRQGXWD G 0HLRVGH DWXDomR
([FHWRQDFREUDQoDGHPXOWDV
1mRVHDSOLFDDWRGRVRVFDVRV 3RGHU/HJLVODWLYRHVWDEHOHFHSRU OHLDVOLPLWDo}HVDGPLQLVWUDWLYDV
&RQGLo}HV 5HTXLVLWRV
$$GPLQLVWUDomR3~EOLFDH[SHGHDWRVQRUPDWLYRVUHJXODPHQWDUHVjVOHLV $$GPLQLVWUDomR3~EOLFD H[SHGHDWRVQHJRFLDLV GHFRQVHQWLPHQWR
LL)LVFDOL]DomR GDV DWLYLGDGH H EHQV VXMHLWRV DRFRQWUROHGD$GPLQLVWUDomR3~EOLFD H &RPSHWrQFLD
)L[D
2XWRUJDR $/9$5È
$OYDUiGHOLFHQoD $OYDUiGH DXWRUL]DomR
'HILQLWLYRH YLQFXODQWH
3UHFiULRH GLVFULFLRQiULR
([SHGLomRGHDWRV SXQLWLYRVVDQFLRQDWyULRV
0XOWD
7HPFRPSHWrQFLDSDUDSROLFLDUDHQWLGDGHTXHGLVS}HGRSRGHUGHUHJXODUDPDWpULD
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
$726$'0,1,675$7,92612d®(6,1752'87Ï5,$6
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
2VDWRVDGPLQLVWUDWLYRVVmRHVSpFLHGRJrQHURDWRMXUtGLFR $72 -85Ë',&2
0DQLIHVWDomRXQLODWHUDOGHYRQWDGHVHPFRQWH~GRQHJRFLDO TXHGHWHUPLQDDSURGXomRGHHIHLWRVOHJDOPHQWHSUHYLVWRV
$WRDGPLQLVWUDWLYRpWRGDPDQLIHVWDomRXQLODWHUDOGHYRQWDGHGD $GPLQLVWUDomR3~EOLFDTXHDJLQGRQHVWDTXDOLGDGHWHQKDSRUILPLPHGLDWR DGTXLULUUHVJXDUGDUWUDQVIHULUPRGLILFDUH[WLQJXLUHGHFODUDU GLUHLWRVRXLPSRUREULJDo}HVDRVDGPLQLVWUDGRVRXDVLSUySULR
+HO\ /RSHV
'HFODUDomRGR(VWDGRRXGHTXHPRUHSUHVHQWHTXHSURGX]HIHLWRV MXUtGLFRVLPHGLDWRVFRPREVHUYkQFLDGDOHLVREUHJLPHMXUtGLFRGH GLUHLWRS~EOLFRHVXMHLWDDFRQWUROHSHOR3RGHU-XGLFLiULR
0DULD 6\OYLD
,$JHQWHVGD $GPLQLVWUDomR3~EOLFD
&RQFHLWR
L6XEMHWLYR
,,'HOHJDWiULRV
(OHPHQWRV LL2EMHWLYR
$WRV $GPLQLVWUDWLYRV
([6HUYLGRUHVS~EOLFRV
&RQFHVVLRQiULRVHSHUPLVVLRQiULRV GHVHUYLoRS~EOLFR ([3URPRomRH[SURSULDWyULD
3URGXomRGHHIHLWRVMXUtGLFRVFRPILPS~EOLFR
LLL5HJLPHMXUtGLFR
'LUHLWRS~EOLFR
L$WRV /HJLVODWLYRV &DWHJRULDV GHDWRV H[LVWHQWHVQRH[HUFtFLR GDDWLYLGDGHS~EOLFD
LL$WRV -XGLFLDLV
(ODERUDomRGHQRUPDVSULPiULDV $SOLFDomRGDVQRUPDVQDVROXomR GHFRQIOLWRVGHLQWHUHVVH
LLL$WRV DGPLQLVWUDWLYRV
$SOLFDomRGDVQRUPDVQR FDVRFRQFUHWRQDJHVWmR GRVLQWHUHVVHVFROHWLYRV
1DVXDDFHSomRPDLVDPSOD DWRVGDDGPLQLVWUDomR VH UHIHUHPDWRGRVRVDWRVSUDWLFDGRVSHOD$GPLQLVWUDomR3~EOLFD L$WRV MXUtGLFRV
$WRVGD $GPLQLVWUDomR
$EUDQJHP
LL$WRV DMXUtGLFRV
,'HGLUHLWRSULYDGR ,,'HGLUHLWRS~EOLFR
,$WRV PDWHULDLV
$WRVDGPLQLVWUDWLYRV
6mRDWRVGHPHUDH[HFXomRGH GHWHUPLQDo}HVDGPLQLVWUDWLYDV 1mRWrPFRPRFRQWH~GRXPD PDQLIHVWDomRGHYRQWDGH ([&RQVWUXomRGHXPDHVFROD
,,$WRVGHFRQKHFLPHQWR RSLQLmRMXt]RHYDORU
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
&/$66,),&$d2'26$726$'0,1,675$7,926 4XDQWRj LPSHUDWLYLGDGH
D $WRVGHLPSpULR
,PSRVWRVDRSDUWLFXODULQGHSHQGHQWHPHQWHGHVHXFRQVHQWLPHQWR 5HVXOWDPGRFRQVHQWLPHQWRGHDPEDVDV SDUWHV$GPLQLVWUDomR3~EOLFDHSDUWLFXODU
E $WRVQHJRFLDLV
([/LFHQoDDXWRUL]DomRQRPHDomRH[RQHUDomRDSHGLGR
'HFODUDomRGHYRQWDGHGHXP~QLFRyUJmR
D 6LPSOHV
0DQLIHVWDomRGHYRQWDGHGHGRLVRXPDLVyUJmRV
4XDQWRj IRUPDomR GDYRQWDGH
9RQWDGHVVHIXQGHPSDUDIRUPDU~QLFRDWRUHTXLVLWRGHSHUIHLomR
E &RPSOH[RV
9RQWDGHVDXW{QRPDV
&RQMXJDomRGHYRQWDGHV
0DQLIHVWDomRGHYRQWDGHGHGRLVRXPDLVyUJmRV $XW{QRPRGHWHUPLQDRFRQWH~GRGRDWR
3ULQFLSDO
F &RPSRVWRV
'RLVDWRV
$FHVVyULR
,QVWUXPHQWDODXWRUL]DRDWRRXOKHFRQIHUHHILFiFLD
,QFHUWRV
'HVWLQDWiULRV
,QGHWHUPLQDGRV
$WLQJHPTXDQWLGDGHLQGHWHUPLQDGDGHSHVVRDVTXHVHHQFRQWUDPQDPHVPDVLWXDomRIiWLFD
D *HUDLV
([5HJXODPHQWRVSRUWDULDV
$WRVQRUPDWLYRV
4XDQWRDRV GHVWLQDWiULRV
&HUWRV
'HVWLQDWiULRV
'HWHUPLQDGRV
$WLQJHGHVWLQDWiULRVLQGLYLGXDOL]DGRVGHILQLGRVPHVPRFROHWLYDPHQWH 3URGX]HPHIHLWRMXUtGLFRQRFDVRFRQFUHWR
E ,QGLYLGXDLV
1RPHDomR
$WRVFRQFUHWRV
([
/LFHQoD $XWRUL]DomR
&RPSOHWRXFLFORGHIRUPDomR
&ODVVLILFDomR GRV$WRV $GPLQLVWUDWLYRV
D 3HUIHLWR
(VWiHPFRQGLo}HVGHSURGX]LUHIHLWRV 1mRFRPSOHWRXFLFORGHIRUPDomR
4XDQWRj H[HTXLELOLGDGH
E ,PSHUIHLWR F 3HQGHQWH
([$XVrQFLDGHKRPRORJDomR 3HUIHLWRPDVVXMHLWRDFRQGLomRRXWHUPRSDUDTXHSURGX]DHIHLWRV
G &RQVXPDGR
-iH[DXULXVHXVHIHLWRV
eDTXHOHHPTXHD$GPLQLVWUDomRFULDPRGLILFDRXH[WLQJXHGLUHLWRV D &RQVWLWXWLYR
4XDQWRDRV HIHLWRV
([3HUPLVVmRDXWRUL]DomR eDTXHOHHPTXHD$GPLQLVWUDomRDSHQDVUHFRQKHFHGLUHLWRH[LVWHQWH
E 'HFODUDWyULR
([/LFHQoD $WHVWDRXUHFRQKHFHVLWXDomRGHIDWRRXGHGLUHLWR
F (QXQFLDWLYR
D 9iOLGR
(QFHUUDMXt]RFRQKHFLPHQWRRSLQLmR 0HURVDWRVDGPLQLVWUDWLYRV
eRTXHHVWiHPWRWDOFRQIRUPLGDGHFRPRRUGHQDPHQWRMXUtGLFR $IHWDGRGHYtFLRLQVDQiYHO
,QIULQJrQFLDjOHL ,QIULQJrQFLDDRVSULQFtSLRVGRGLUHLWRS~EOLFR
6LVWHPDGLFRW{PLFRWHRULDGXDOLVWD
4XDQWRj YDOLGDGHH H[LVWrQFLD
E 1XOR
L$WRV QXORV
1XOLGDGHDEVROXWD 9tFLRLQVDQiYHO
7HRULDGDV QXOLGDGHV
1mRSRGHVHUFRQYDOLGDGR
1XOLGDGHUHODWLYD 3RGHVHUFRQYDOLGDGR LL$WRVDQXOiYHLV
9tFLRVDQiYHO
&RPSHWrQFLDQmRH[FOXVLYD )RUPDQmRHVVHQFLDO
$SHQDVWHPDSDUrQFLDGHPDQLIHVWDomRUHJXODUGD$GPLQLVWUDomR 1mRFKHJDDVHDSHUIHLoRDUFRPRDWRDGPLQLVWUDWLYR F ,QH[LVWHQWH
(TXLSDUDVHDRVDWRVQXORVHVHVXERUGLQDjVPHVPDVUHJUDVGHLQYDOLGDomR ([$WRSUDWLFDGRSRUXVXUSDGRUGHIXQomRS~EOLFD
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
5(48,6,726'26$726$'0,1,675$7,926,
D &RQFHLWR
3RGHUOHJDOSDUDSUiWLFDGRDWR
'RWDGRVGH SHUVRQDOLGDGHMXUtGLFD L(QWHV SROtWLFRV
&RQVWLWXLomR )HGHUDO&)
6mRWLWXODUHVGH GLUHLWRVHREULJDo}HV
'HILQHDVFRPSHWrQFLDV GHFDGDHQWHSROtWLFR &)DUW
6mRFHQWURVGHFRPSHWrQFLDLQVWLWXtGRV SDUDRGHVHPSHQKRGHIXQo}HVHVWDWDLV
E 'LVWULEXLomR GHFRPSHWrQFLD LLÏUJmRV DGPLQLVWUDWLYRV
LLL$JHQWHV
([HUFHPDVIXQo}HVTXH FRPSHWHPDRVHQWHVSROtWLFRV /HL
'HWHUPLQDDFRPSHWrQFLD &)DUW,,FFDUW9,D
1RUPDVDGPLQLVWUDWLYDVGHFDUiWHULQWHUQR GLVWULEXHPDFRPSHWrQFLDIL[DGDLQLFLDOPHQWH SDUDRyUJmRQRTXDODWXDP
L'HFRUUHVHPSUHGHOHL LL,QWUDQVIHUtYHO
&RPSHWrQFLD
LLL,PRGLILFiYHOSHODYRQWDGHGRDJHQWH LY,PSUHVFULWtYHO
Y,UUHQXQFLiYHO
5HTXLVLWRV GR$WR $GPLQLVWUDWLYR
2QmRH[HUFtFLRGDFRPSHWrQFLDQmR LPSRUWDQGRSRUTXDQWRWHPSRQmRDH[WLQJXH 6DOYRDXWRUL]DomROHJDO /HLDUWSDUiJUDIR~QLFR,,
3ULQFtSLRGDDGPLQLVWUDomRS~EOLFD 3DUDyUJmRKLHUDUTXLFDPHQWHVXERUGLQDGRRXQmR 5HYRJiYHODTXDOTXHUWHPSR SHODDXWRULGDGHGHOHJDQWH
F &DUDFWHUtVWLFDV YL'HOHJDomR
9HGDGDD GHOHJDomR
,$WRVQRUPDWLYRV ,,'HFLVmRGHUHFXUVRV DGPLQLVWUDWLYRV ,,,&RPSHWrQFLDH[FOXVLYD
/HLDUWV &DUiWHUH[FHSFLRQDOHPRWLYRV UHOHYDQWHVGHYLGDPHQWHMXVWLILFDGRV YLL$YRFDomR
6RPHQWHSDUDyUJmRKLHUDUTXLFDPHQWHVXERUGLQDGR /HLDUW
,QWHUHVVHS~EOLFR D 6HQWLGRDPSOR
)LQDOLGDGH
0RWLYR 2EMHWR
'HVYLRGHILQDOLGDGHJHQpULFR
)LPOHJDOHVSHFLILFDGRQDOHL E 6HQWLGRHVWULWR
)RUPD
'HIHLWR
'HIHLWR
'HVYLRGHILQDOLGDGHHVSHFtILFR
([5HPRomRFRPRIRUPDGHSXQLomR
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
5(48,6,726'26$726$'0,1,675$7,926,, &RPSHWrQFLD )LQDOLGDGH D &RQFHLWR
5HYHVWLPHQWRH[WHULRUL]DGRUGRDWRDGPLQLVWUDWLYR 5HYHVWLPHQWRPDWHULDOGRDWR
)RUPD +HO\ /RSHV
'LVWLQJXH
&RQMXQWRGHRSHUDo}HVH[LJLGDVSDUDSHUIHLomRGRDWR
3URFHGLPHQWR
0RGRSHORTXDODGHFODUDomRVHH[WHULRUL]D
([WHULRUL]DomRGRDWR
&RQFHSomR UHVWULWLYD
([(VFULWDYHUEDOGHFUHWRSRUWDULD L([WHULRUL]DomRGRDWR )RUPDOLGDGHVTXHGHYHP VHUREVHUYDGDVGXUDQWHR SURFHVVRGHIRUPDomRGD YRQWDGHGDDGPLQLVWUDomR
$EUDQJH
&RQFHSomR DPSOD
LL3URFHGLPHQWR
LLL3XEOLFLGDGH
E 'RXWULQD
2DVSHFWRIRUPDOFRQVWLWXLJDUDQWLDMXUtGLFDSDUDRDGPLQLVWUDGR HSDUDDSUySULD$GPLQLVWUDomRSRLVSRVVLELOLWDRFRQWUROHGRDWR
0DULD 6\OYLD 2EV
2EVHUYkQFLD
$VSHFWRIRUPDO
)RUPD
)RUPD 3URFHGLPHQWR
2EVHUYkQFLDREULJDWyULD L(VVHQFLDO
&ODVVLILFDomR
5HTXLVLWRV GR$WR $GPLQLVWUDWLYR
$IHWDD YDOLGDGHGRDWR
,QREVHUYkQFLDWRUQDRDWRQXOR *DUDQWLDGHUHVSHLWR DRVGLUHLWRVLQGLYLGXDLV
([ 'HFUHWRTXHGHFODUDLPyYHO FRPR GHLQWHUHVVHVRFLDO&)DUW LL1mRHVVHQFLDO
5HIHUHQWHjH[SRVLomRGRVPRWLYRVGRDWRDGPLQLVWUDWLYR
'HILQLomR
$PRWLYDomRpHOHPHQWRIRUPDOtVWLFRGRDWRDGPLQLVWUDWLYR L5HJUDGH'LUHLWR
F 0RWLYDomR
'HYHFRQWHU
5HTXLVLWRV
LL)DWRV
3UHVVXSRVWRVGH'LUHLWR )XQGDPHQWRMXUtGLFR
3UHVVXSRVWRVGHIDWR
LLL5HODomRGHSHUWLQrQFLDOyJLFD
0RGDOLGDGHV
0RWLYRFRQWLGRQRSUySULRDWR
L&RQWH[WXDO LL$OLXQGH
0RWLYRH[SUHVVRIRUDGRDWR
/HLDUW eRSUHVVXSRVWRGHIDWRTXHDXWRUL]DRXH[LJHDSUiWLFDGRDWR
&$%DQGHLUDGH0HOOR D 'HILQLomR 'LRJHQHV*DVSDULQL
3RGHVHUSUHYLVWRHPOHLRXQmR &LUFXQVWkQFLDGHIDWRRXGHGLUHLWRTXHDXWRUL]DRX LPS}HDRDJHQWHS~EOLFRDSUiWLFDGRDWRDGPLQLVWUDWLYR
6LWXDomRREMHWLYDUHDOHPStULFD
0RWLYR
E 0RWLYRGHIDWR
0XQGRGRVIDWRVSODQRGDH[LVWrQFLD
([&RQVWUXomRLUUHJXODUSRGHHQVHMDUDHGLomRGHXPDWRDGPLQLVWUDWLYRHPEDUJR 3UHYLVmRDEVWUDWDGHXPDVLWXDomRIiWLFDQRUPDMXUtGLFD
2PRWLYRSRGHHVWDURXQmRQDOHL F 0RWLYRGH GLUHLWR
'LRJHQHV*DVSDULQL
6HRPRWLYRGHGLUHLWRIRUFRQVWDQWHGDOHLDSUiWLFDGR DWRGHSHQGHUiGDHIHWLYDRFRUUrQFLDGDVLWXDomRSUHYLVWD
([ 'HPLVVmRGHVHUYLGRUSRUDFXPXODomRLOHJDOGHFDUJRV/HLDUW G 7HRULDGRVPRWLYRV GHWHUPLQDQWHV
2EMHWR
2VIDWRVTXHVHUYLUDPGHVXSRUWHjVXDGHFLVmRLQWHJUDPDYDOLGDGHGRDWR 2DWRVRPHQWHVHUiYiOLGRVHRVPRWLYRVHQXQFLDGRVHIHWLYDPHQWHDFRQWHFHUDP
eR()(,72-85Ë',&2,0(',$72TXHRDWRSURGX]
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
$75,%8726'26$726$'0,1,675$7,926
6HDDWXDomRDGPLQLVWUDWLYDRFRUUHVRPHQWHTXDQGRDXWRUL]DGD SRUOHLKiGHVHSUHVXPLUVHUHPOHJtWLPRVVHXVDWRV
'HFRUUrQFLDGR SULQFtSLRGDOHJDOLGDGH
$72 5HIHUHVHDRSUySULRDWR
D 3UHVXQomRGHOHJLWLPLGDGH HPVHQWLGRHVWULWR
&RQIRUPLGDGHFRPDOHLLQWHUHVVHS~EOLFR
)$72 5HIHUHVHDRVIDWRVDOHJDGRV SHOD$GPLQLVWUDomR3~EOLFD3UHVXPHPVHYHUGDGHLURV L (QTXDQWR QmR GHFUHWDGD LQYDOLGDGH R DWRSURGX]LUiHIHLWRVHGHYHVHUFXPSULGR
3UHVXQomRGH /HJLWLPLGDGH
$$GPLQLVWUDomR3~EOLFD QmRQHFHVVLWDFRPSURYDU DYDOLGDGHFRQIRUPLGDGH GRDWRFRPR'LUHLWR
E 3UHVXQomR GHYHUDFLGDGH
LL 3UHVXQomR UHODWLYD MXULV WDQWXP
(IHLWRV
5HJUD
&DEHDRDGPLQLVWUDGR R{QXVGDSURYD ,QYHUVmRGR{QXVGDSURYD /HLDUW
([FHomR
$WULEXWRV GRV$WRV $GPLQLVWUDWLYRV
5HODWLYDPHQWHDRV yUJmRVGHFRQWUROH &DEHj$GPLQLVWUDomR3~EOLFD DFRPSURYDomRGDOHJDOLGDGH HGDUHJXODULGDGHGDGHVSHVD
4XDOLGDGHGHVHLPSRUDWHUFHLURV LQGHSHQGHQWHPHQWHGDYRQWDGHGRDGPLQLVWUDGR ,PSRU
&ULDXPDREULJDomR 3RGHUH[WURYHUVR
,PSHUDWLYLGDGH 1mRpDEVROXWD
1mRH[LVWHHPDWRVTXH RXWRUJXHPGLUHLWRV
([
3HUPLVVmR $XWRUL]DomR
4XDOLGDGHGHFRPSHOLUPDWHULDOPHQWHRDGPLQLVWUDGR LQGHSHQGHQWHPHQWHGHRUGHPMXGLFLDO ([HFXWDU
L$XWRUL]DomRH[SUHVVD
$XWRH[HFXWRULHGDGH 'HFRUUH
4XDOLGDGHGHH[LJLU
([LJLELOLGDGH
0HLRVGLUHWRVGHFRHUomR
LL$XWRUL]DomR LPSOtFLWD
/HL
6LWXDomRLQGLVSHQViYHOD JDUDQWLDGRLQWHUHVVHS~EOLFR
8UJrQFLD
([$WRGHGHPROLomRGHSUpGLRTXHDPHDoDUXLU
,PSHOHRGHVWLQDWiULRjREHGLrQFLDGHREULJDo}HVLPSRVWDV
0HLRVLQGLUHWRVGHFRHUomR ([LJLU
'HVFXPSULPHQWR
6DQomR ([0XOWD
$WULEXWRSHORTXDORDWRGHYHFRUUHVSRQGHUDILJXUDVSUHYLDPHQWHGHILQLGDVHPOHL
7LSLFLGDGH
'HFRUUrQFLDGR SULQFtSLRGDOHJDOLGDGH
$GPLQLVWUDomR3~EOLFD 3DUWLFXODU
9RQWDGHOHJDODXWRUL]DGD
$XWRQRPLDGDYRQWDGH
5HSUHVHQWDXPDJDUDQWLDSDUDRDGPLQLVWUDGR
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
(63e&,(6'($726$'0,1,675$7,926,
2VDWRVQRUPDWLYRVFRQWrPGHWHUPLQDo}HVJHUDLVLPSHVVRDLVHDEVWUDWDV , ,QGHSHQGHQWH RXDXW{QRPR L1RUPDWLYR *HUDO
D 'HFUHWR
,, 5HJXODPHQWDU RXGHH[HFXomR
&)DUW9, &)DUW,9
1mRpDWRQRUPDWLYR LL(VSHFtILFR ,QGLYLGXDO
1RUPDWLYRV
$WRGHHIHLWRFRQFUHWRSRLV SURYrVLWXDo}HVSDUWLFXODUHV 1RPHDomRHH[RQHUDomR
([
'HVDSURSULDomR
$WRVDGPLQLVWUDWLYRVQRUPDWLYRVGHDWXDomRLQWHUQD 6HGHVWLQDPDUHJHURIXQFLRQDPHQWR GHyUJmRVHFRUSRUDo}HVOHJLVODWLYDV
E 5HJLPHQWR
([SHGLGRVSRU0LQLVWURVGH(VWDGRSDUD H[HFXomRGDVOHLVUHJXODPHQWRVHGHFUHWRV F ,QVWUXomRQRUPDWLYD
2EV
&)DUW,,
2XWURVH[HPSORV5HVROXo}HVGHOLEHUDo}HVHSRUWDULDV
'LVFLSOLQDPRIXQFLRQDPHQWR GD$GPLQLVWUDomRHDFRQGXWD IXQFLRQDOGHVHXVDJHQWHV
(VSpFLHV GH$WRV $GPLQLVWUDWLYRV
2UGLQDWyULRV
([
(PDQDPGRSRGHUKLHUiUTXLFR $EUDQJrQFLDLQWHUQD
,QVWUXo}HVFLUFXODUHVDYLVRVSRUWDULDV RUGHQVGHVHUYLoRGHVSDFKR
6mRDTXHOHVSHORTXDOD$GPLQLVWUDomRDSHQDVDWHVWDRXUHFRQKHFH GHWHUPLQDGDVLWXDomRGHIDWRRXGHGLUHLWRGHFODUDRTXHMiH[LVWH 6ROLFLWDomRDFULWpULRGD$GPLQLVWUDomR L)DFXOWDWLYR
&DUiWHU RSLQDWLYR
$XWRULGDGH QmR HVWi YLQFXODGD DR VHXWHRU 俺QmRpDWRDGPLQLVWUDWLYR
/HLH[LJHFRPRSUHVVXSRVWRSDUDSUiWLFDGRDWR 2EULJDWRULHGDGHTXDQWRjVROLFLWDomR LL2EULJDWyULR D 3DUHFHU
&DUiWHU RSLQDWLYR
$XWRULGDGH QmR HVWi YLQFXODGD DR VHXWHRU QmRpDWRDGPLQLVWUDWLYR
$GPLQLVWUDomRpREULJDGDD VROLFLWiORHDDFDWDUVXDGHFLVmR 3HUGHP R FDUiWHURSLQDWLYR
(QXQFLDWLYRV
LLL9LQFXODQWH ([
E &HUWLGmR F $SRVWLOD
eDWRDGPLQLVWUDWLYR
-XQWDPpGLFDRILFLDO /HLDUW,
'HFODUDomRGHFRQKHFLPHQWR (QXQFLDPRXGHFODUDPVLWXDomRDQWHULRUFULDGDSRUOHL
2EV'RXWULQD
2VDWRVHQXQFLDWLYRVGHFDUiWHURSLQDWLYRVmRPHURVDWRV DGPLQLVWUDWLYRVSRLVHQFHUUDPMXt]RFRQKHFLPHQWRRXRSLQLmR HQmRPDQLIHVWDomRGHYRQWDGHSURGXWRUDGHHIHLWRVMXUtGLFRV 1mRVmRDWRVDGPLQLVWUDWLYRVSURSULDPHQWHGLWRVHSXURV
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
(63e&,(6'($726$'0,1,675$7,926,,
'HFODUDomRGDYRQWDGHGR3RGHU3~EOLFRFRLQFLGHQWHFRPDSUHWHQVmRGRSDUWLFXODU ,QWHUHVVHUHFtSURFRGD $GPLQLVWUDomRHGRDGPLQLVWUDGR
1mRSRVVXHPR$75,%872'(,03(5$7,9,'$'( $WRDGPLQLVWUDWLYRYLQFXODGRH GHILQLWLYRSHORTXDOR3RGHU3~EOLFR YHULILFDQGRTXHRLQWHUHVVDGRDWHQGHX WRGDVDVH[LJrQFLDVOHJDLVIDFXOWDOKH
L2GHVHPSHQKRGHDWLYLGDGHV LL$UHDOL]DomRGHIDWRVPDWHULDLV DQWHVYHGDGRVDRSDUWLFXODU
/HLHVWDEHOHFHRVUHTXLVLWRVSDUDVXDIRUPDomR D /LFHQoD
'LUHLWRLQGLYLGXDOGRUHTXHUHQWH
L9LQFXODGR
&DUDFWHUtVWLFDV
$WRGHFODUDWyULRGHGLUHLWR
3UDWLFDGRHPIDFHGHXPGLUHLWR LQGLYLGXDOGRUHTXHUHQWH
LL'HILQLWLYR
([/LFHQoDSDUDRH[HUFtFLRGHSURILVVmRDOYDUiSDUDFRQVWUXomRGHXPDREUD
L$UHDOL]DomRGHFHUWDDWLYLGDGHVHUYLoR
$WRDGPLQLVWUDWLYRGLVFULFLRQiULRH SUHFiULRSRUPHLRGRTXDOR3RGHU 3~EOLFRWRUQDSRVVtYHODRSUHWHQGHQWH
LL $XWLOL]DomRGHGHWHUPLQDGRV EHQVSDUWLFXODUHVRXS~EOLFRV ,QWHUHVVH
([FOXVLYRRXSUHGRPLQDQWH LQWHUHVVHGRSUHWHQGHQWH
&RQIRUPHFULWpULRVGH FRQYHQLrQFLDHRSRUWXQLGDGH
1HJRFLDLV
(VSpFLHV GH$WRV $GPLQLVWUDWLYRV
&DUDFWHUtVWLFDV
6XUJHGHXPDOLEHUDOLGDGH GD$GPLQLVWUDomR3~EOLFD L'LVFULFLRQiULR
1mR Ki GLUHLWR VXEMHWLYR DVXDREWHQomR $WRFRQVWLWXWLYR
LL3UHFiULR
3RGHPVHUUHYRJDGRVDTXDOTXHUWHPSR
E $XWRUL]DomR
$WLYLGDGHSULYDGDTXHQHFHVVLWD GHFRQVHQWLPHQWRS~EOLFR
3RUWHGHDUPD
L$WRGHSROtFLD DGPLQLVWUDWLYD
([
3URGXomRHFRPpUFLR GHPDWHULDOEpOLFR
)DFXOWDDRSDUWLFXODUDXWLOL]DomR GHXPEHPS~EOLFR
+LSyWHVHV LL'HXVRGH EHPS~EOLFR
([8WLOL]DomR GH YLDV S~EOLFDV SDUDIHLUDVOLYUHV
'HOHJDDRSDUWLFXODUDH[SORUDomR GHVHUYLoRS~EOLFRDWtWXORSUHFiULR LLL'HVHUYLoRS~EOLFR
([$XWRUL]DomR SDUD SUHVWDomR GHVHUYLoRGHWi[L
$WRDGPLQLVWUDWLYRGLVFULFLRQiULRHSUHFiULRJUDWXLWR RXRQHURVRSHORTXDOD$GPLQLVWUDomRIDFXOWDDR SDUWLFXODUDXWLOL]DomRSULYDWLYDGHEHPS~EOLFR F 3HUPLVVmR
8VRGHEHP S~EOLFR
,QWHUHVVHVFRQFRUUHQWHVGRSHUPLWHQWH GRSHUPLVVLRQiULRHGRS~EOLFR
3HUPLVVmR GH VHUYLoRVS~EOLFRV
1mRpDWRDGPLQLVWUDWLYR &RQWUDWRDGPLQLVWUDWLYR/HL
9LVDPSXQLUHUHSULPLULQIUDo}HVDGPLQLVWUDWLYDV L0XOWD
3XQLWLYRV
D 'HDWXDomRH[WHUQD
LL,QWHUGLomRGHDWLYLGDGH LLL'HVWUXLomRGHFRLVD 9LVDPjGLVFLSOLQDGRVVHUYLGRUHV
E 'HDWXDomRLQWHUQD
&RQIRUPHHVWDEHOHFLGRQRUHJLPHMXUtGLFRDTXHHVWmRVXMHLWRV
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
$726',6&5,&,21È5,26(9,1&8/$'26 /LEHUGDGHGHQWURGDOHL
D 'LVFULFLRQDULHGDGH
3RGHUFRQIHULGRSHODOHLDRDJHQWHS~EOLFRSDUDTXH HOHGHFLGDVREUHDFRQYHQLrQFLDHRSRUWXQLGDGH GHSUDWLFDUGHWHUPLQDGRDWRGLVFULFLRQiULR
9DORUDomRGRVPRWLYRV (VFROKDGRREMHWR
5HODFLRQDGDjXWLOLGDGHGRDWR
E 0pULWR DGPLQLVWUDWLYR
L&RQYHQLrQFLD
,QWHUHVVHS~EOLFR 5HODFLRQDGDDRPRPHQWR
LL2SRUWXQLGDGH
,&RPSHWrQFLD ,,)LQDOLGDGH 4XDQGRH[LJLGDSRUOHL L9LQFXODGRV
([ 'HFODUDomR GHLPyYHO GHLQWHUHVVH VRFLDO SDUD ILQVGHUHIRUPDDJUiULD
,,,)RUPD
,/HLQmRGHILQH RPRWLYR
F (OHPHQWRV
)RUPD'HFUHWR &)DUW
([([RQHUDomRDGQXWXP
,,8WLOL]DomRGHFRQFHLWRVMXUtGLFRVLQGHWHUPLQDGRV
$WR 'LVFULFLRQiULR
,QVXERUGLQDomRJUDYHH FRQGXWDHVFDQGDORVD
([ 3HQDV H[SXOVLYDV
,0RWLYR
LL'LVFULFLRQiULRV
2EV&DUYDOKR)LOKRHQWHQGHTXHD GLVFULFLRQDULHGDGH QmRSUHVVXS}H LPSUHFLVmRGHVHQWLGR ,,2EMHWR L ([SUHVVR QDOHL
$WRV 'LVFULFLRQiULRV H9LQFXODGRV
5HYHUVmRQRLQWHUHVVHGD$GPLQLVWUDomR/HLDUW
([
5HPRomRH[RIILFLRHDFULWpULRGD$GPLQLVWUDomR
LL/HLpRPLVVD
G +LSyWHVHV
LLL /HLSUHY r GHWHUPLQDGD FRPSHWrQFLD PDVQmRHVWDEHOHFHDFRQGXWD &RQWUROHGH OHJDOLGDGH
9HULILFDDFRQIRUPLGDGHFRPDOHLGRV HOHPHQWRVFRPSHWrQFLDILQDOLGDGHHIRUPD
&RQWUROHGH OHJLWLPLGDGH
9HULILFDVHRPRWLYRHRREMHWRGRDWR HVWmRHPFRQIRUPLGDGHFRPRVSULQFtSLRV GR'LUHLWR$GPLQLVWUDWLYRHPHVSHFLDOR GDUD]RDELOLGDGHHGDSURSRUFLRQDOLGDGH
L 3RGHU -XGLFLiULR H &RQWUROH GRVDWRV GLVFULFLRQiULRV
&RQWUROHGHOHJDOLGDGH LL$GPLQLVWUDomR3~EOLFD
&RQWUROHDPSOR
&RQWUROHGHOHJLWLPLGDGH &RQWUROHGHPpULWR
7LSLILFDomROHJDO
6LWXDomRGHIDWR GHOLQHDGDQDQRUPDOHJDO
1mRH[LVWHDSUHFLDomRVXEMHWLYD 1mRKiPDUJHPGHOLEHUGDGHSDUDGHFLGLURXDJLU
D 9LQFXODomR
$WR 9LQFXODGR
([0DWpULDVDIHWDVDRSRGHUGHSROtFLD
/HLGHILQHWRGRVRVHOHPHQWRV
E (OHPHQWRV F &RQVHTXrQFLD
'LUHLWRVXEMHWLYRGRDGPLQLVWUDGR
([2XWRUJDGHOLFHQoDSDUDFRQVWUXLU $WRFRPSOHWRRXIRUPDGR D 3HUIHLWR
3HUIHLomR YDOLGDGH H HILFiFLD
E 9iOLGR
&RPSOHWRXVHXFLFORGHIRUPDomR &RQIRUPLGDGHFRPRRUGHQDPHQWRMXUtGLFR $SWRDSURGX]LUHIHLWRVMXUtGLFRV &RQGLomR
F (ILFD]
1mR VXMHLWRD
7HUPR
(YHQWRIXWXURHLQFHUWRTXHVXERUGLQDDHILFiFLDGRDWR (YHQWRIXWXURHFHUWRTXHVXERUGLQDDHILFiFLDGRDWR
$WRGH&RQWUROH
$SURYDomRKRPRORJDomR
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
)250$6'((;7,1d2(9Ë&,26'26$726$'0,1,675$7,926 ([*R]RGHIpULDV
L(VJRWDPHQWRGRHIHLWRMXUtGLFR D &XPSULPHQWR GRVHIHLWRV
LLL,PSOHPHQWRGHFRQGLomRUHVROXWLYDRXWHUPRILQDO ([0RUWHGHVHUYLGRUH[WLQJXHDQRPHDomR
L6XMHLWR E 'HVDSDUHFLPHQWR
([([HFXomRGHRUGHPGHGHPROLomRGHFDVD
LL([HFXomRPDWHULDO
LL2EMHWR
3RGHUS~EOLFRHPLWHDWRFRPHIHLWRH[WLQWLYR 'HVID]LPHQWRGHDWRDGPLQLVWUDWLYRGLVFULFLRQiULRH YiOLGRSRUUD]}HVGHRSRUWXQLGDGHHFRQYHQLrQFLD
&RQFHLWR L5HYRJDomR
'HFRUUHGDDXWRWXWHOD
1mRUHWURDWLYRH[QXQF
(IHLWR
'HVID]LPHQWRGRDWRDGPLQLVWUDWLYRSRUUD]}HVGHLOHJDOLGDGH
&RQFHLWR
)RUPDVGH H[WLQomR
'HFRUUHGDDXWRWXWHOD 3ULQFtSLRGDOHJDOLGDGHHVWULWD
0RWLYR
'HYHUGHDQXODUDWRVLOHJDLV
5HWURDWLYRH[WXQF
(IHLWR F 5HWLUDGD
$WRWRUQRXVHLQFRQYHQLHQWHHLQRSRUWXQR
,QWHUHVVHS~EOLFR
0RWLYR
7HRULDGXDOLVWD
LL$QXODomR
,$WRQXOR 7HRULDGDV QXOLGDGHV
1XOLGDGHDEVROXWD 'HIHLWRLQVDQiYHO 1XOLGDGHUHODWLYD
,,$WRDQXOiYHO
3RGHVHUFRQYDOLGDGR 'HIHLWRVDQiYHO
'HVWLQDWiULRGRDWRDGPLQLVWUDWLYRGHVFXPSULXFRQGLo}HV LLL&DVVDomR
,OHJDOLGDGHQDH[HFXomR 5HWLUDGDDWRDGPLQLVWUDWLYRSRUTXHVREUHYHLRQRUPDMXUtGLFD
LY&DGXFLGDGH
)RUPDVGH ([WLQomRH 9tFLRV
(PLVVmRGHDWRFRQWUDSRVWRDWRSRVWHULRUFRQWUiULRDRDWRLQLFLDO Y&RQWUDSRVLomR
([1RPHDomRHH[RQHUDomR &ULPH ,8VXUSDomRGHIXQomR
L,QFRPSHWrQFLD
,,([FHVVRGHSRGHU ,,,)XQomRGHIDWR
D &RPSHWrQFLD
,,PSHGLPHQWR LL,QFDSDFLGDGH
3UiWLFDGHDWRVHPLQYHVWLGXUD QRFDUJRHPSUHJRRXIXQomR (VSpFLHGHDEXVRGHSRGHU $JHQWHH[FHGHOLPLWHVGDFRPSHWrQFLD
,QYHVWLGXUDLUUHJXODUQRFDUJRHPSUHJRRXIXQomR $SDUrQFLDGHOHJDOLGDGH
$XWRULGDGHWHPGHYHUGHFRPXQLFDU 3UHVXQomRUHODWLYDGHLQFDSDFLGDGH
,,6XVSHLomR
/HL DUW
3UHVXQomRDEVROXWDGHLQFDSDFLGDGH
'HYHVHUDUJXLGDSHORLQWHUHVVDGR
/HL DUW
(VSpFLHGHDEXVRGHSRGHU
9tFLRV GRDWR
E )LQDOLGDGH
'HVYLRGHILQDOLGDGH
L$PSOR LL5HVWULWR
,QWHUHVVHS~EOLFR /HL ([5HPRomRH[RIItFLRFRPREMHWLYRGHSXQLU
F )RUPD L,QH[LVWrQFLDIDOVLGDGHGRPRWLYR G 0RWLYR
LL)DOWDGHFRQJUXrQFLDHQWUH L/tFLWR
H 2EMHWR
'HYHVHU
LL3RVVtYHO LLL0RUDO
5HVXOWDGRGRDWR
9tFLRLOLFLWXGH 9tFLRLPSRVVLELOLGDGH 9tFLRLPRUDOLGDGH
LY'HWHUPLQDGR /HLDUW
0RWLYR
9tFLRLQFHUWH]D
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
/,&,7$d®(6 /LFLWDomRpXPSURFHGLPHQWRDGPLQLVWUDWLYRPHGLDQWHRTXDOD$GPLQLVWUDomR 3~EOLFDVHOHFLRQDDSURSRVWDPDLVYDQWDMRVDSDUDRFRQWUDWR
&RQFHLWR
'HFRUUH GLUHWDPHQWHGR
L3ULQFtSLRGDOHJDOLGDGH
L6HOHFLRQDUDSURSRVWD PDLVYDQWDMRVDSDUDD $GPLQLVWUDomR
)LQDOLGDGH GDOLFLWDomR
6XMHLo}HV
LL3ULQFtSLRGDLQGLVSRQLELOLGDGH GRLQWHUHVVHS~EOLFR &XVWR
PHOKRU UHODomR
2QHURVLGDGH
%HQHItFLR
LL $VVHJXUDUD REVHUYkQFLD GR SULQFtSLRFRQVWLWXFLRQDOGD LVRQRPLD
4XDOLGDGH /HLDUW
&RPSHWLomR
LLL3URPRYHURGHVHQYROYLPHQWRQDFLRQDOVXVWHQWiYHO 5HIHUHVHDTXHPVHVXEPHWHjOHJLVODomRGHOLFLWDomRS~EOLFD DEUDQJrQFLDVXEMHWLYD HSDUDTXDLVKLSyWHVHVDEUDQJrQFLDREMHWLYD &RPSUDV &$62
$OLHQDo}HV
&)DUWLQF;;,
6HUYLoRV 2EUDV
/RFDo}HV
/HLDUW
D 2EMHWLYD RTXH
L'HXVRGHEHQVS~EOLFRV &RQFHVV}HV HSHUPLVV}HV LL'HVHUYLoR S~EOLFR
/LFLWDo}HV E 6XEMHWLYD TXHP
$SOLFDomRVXEVLGLiULD GD/HLFDVRV TXHQmRFRQIOLWHPFRP DOHJLVODomRHVSHFtILFD /HJLVODomRHVSHFtILFD
/HL DUW /HL /HL
L$GPLQLVWUDomRGLUHWD
LL$GPLQLVWUDomRLQGLUHWD , 5HSDUWLo}HV VHGLDGDVQRH[WHULRU GHYHPREVHUYDU
3HFXOLDULGDGHVORFDLVH 2VSULQFtSLRVEiVLFRVGD /HL QDIRUPDGHUHJXODPHQWDomRHVSHFtILFD
/HLDUW
$EUDQJrQFLD ,,(PSUHVD S~EOLFDH VRFLHGDGHGH HFRQRPLDPLVWD 7&8 H[SORUDGRUDV GHDWLYLGDGH HFRQ{PLFD 2EV
67)
5HJUD
6XEPHWHPVHj/HLHQTXDQWR QmRHGLWDGRRHVWDWXWRMXUtGLFRSUHYLVWR QRDUWGD&)
5HVVDOYD 3RGHPSUHVFLQGLU GD/HL
3HWUREUiV
3DUDFRQWUDWDo}HVGH EHQV H VHUYLoRV TXH FRQVWLWXDP VXDDWLYLGDGHILP 1RVFDVRV HPTXHDOHL FRQVWLWXDyELFHLQWUDQVSRQtYHO jDWLYLGDGHQHJRFLDOGDHVWDWDO
8WLOL]DR5HJXODPHQWRGH 3URFHGLPHQWR/LFLWDWyULR6LPSOLILFDGR
'HFUHWRFFDUWGD/HL ,,,(QWLGDGHV SDUDHVWDWDLV
&)DUW;;9,, &)DUW;;,
F 1RUPDV
&)DUW,,, /HL /HL
1mRLQWHJUDPD$GPLQLVWUDomR3~EOLFDHPVHQWLGRIRUPDO 1mRVHVXMHLWDPj/HL 0DVGHYHPVHJXLURVSULQFtSLRVGD $GPLQLVWUDomR3~EOLFDSDUDDFRQWUDWDomR
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
35,1&Ë3,26'$/,&,7$d2 1D$GPLQLVWUDomR3~EOLFDQmRKiOLEHUGDGHQHPYRQWDGHSHVVRDO +HO\ /RSHV
/HJDOLGDGH
(QTXDQWRQDDGPLQLVWUDomRSDUWLFXODUpOtFLWRID]HUWXGRDTXLORTXHDOHLQmR SURtEHQDDGPLQLVWUDomRS~EOLFDVypSHUPLWLGRID]HURTXHDOHLDXWRUL]D
3DUWLFXODU
0DULD 6\OYLD
$XWRQRPLD GDYRQWDGH
3RGHID]HUWXGRRTXHDOHLQmRSURtEH 1LQJXpPVHUiREULJDGRDID]HURXGHL[DUGHID]HU DOJXPDFRLVDVHQmRHPYLUWXGHGHOHL&)DUW,, $$GPLQLVWUDomR3~EOLFDVySRGHID]HU RTXHDOHLSHUPLWH&)DUWFDSXW
9RQWDGH OHJDO
$GPLQLVWUDomR S~EOLFD
2SULQFtSLRLPS}HDRDGPLQLVWUDGRUDEXVFDGRLQWHUHVVHS~EOLFR
,PSHVVRDOLGDGH
,QWLPDPHQWHOLJDGRDRVSULQFtSLRVGD LVRQRPLDHGRMXOJDPHQWRREMHWLYR
7RGRVRVOLFLWDQWHVGHYHPVHUWUDWDGRV LJXDOPHQWHHPWHUPRVGHGLUHLWRVHREULJDo}HV
3ULQFtSLRFRQVWLWXFLRQDOH[SUHVVR&)DUW;;, 9HGDRHVWDEHOHFLPHQWRGHFRQGLo}HVTXHLPSOLTXHP SUHIHUrQFLDHPIDYRUGHOLFLWDQWHVHPGHWULPHQWRGRVGHPDLV
$GPLVVLELOLGDGHGHFULWpULRVGHKDELOLWDomRTXHYLVHP DJDUDQWLUDDGHTXDGDH[HFXomRGRREMHWROLFLWDGR
L(PLJXDOGDGH GH FRQGLo}HV FRPRFULWpULRGHGHVHPSDWH pDVVHJXUDGDDSUHIHUrQFLD /HLDUW
2EV
7UDWDPHQWRLJXDOLWiULRDRVVHPHOKDQWHV
eYHGDGRFOiXVXODVHFRQGLo}HVTXHIUXVWUHPRFDUiWHUFRPSHWLWLYRGDOLFLWDomR
,PSOtFLWRDRSULQFtSLR GDFRPSHWLWLYLGDGH
,JXDOGDGH LVRQRPLD
9HGDomRDGLVFULPLQDo}HVLQMXVWLILFDGDV
LL3URFHGLPHQWRV OLFLWDWyULRVQRVTXDLV SRGHVHHVWDEHOHFHU PDUJHQVGH SUHIHUrQFLD
L%HQVHVHUYLoRVSURGX]LGRVQRSDtV LL%HQVHVHUYLoRV SURGX]LGRVRXSUHVWDGRV SRUHPSUHVDVEUDVLOHLUDV LLL%HQVHVHUYLoRVSURGX]LGRVRXSUHVWDGRVSRU HPSUHVDVTXHLQYLVWDPHPSHVTXLVDHQR GHVHQYROYLPHQWRGHWHFQRORJLDQRSDtV
,0DUJHP EiVLFD
,,0DUJHP DGLFLRQDO
3ULQFtSLRV GD/LFLWDomR
3DUDSURGXWRVPDQXIDWXUDGRVHSDUDVHUYLoRV QDFLRQDLVTXHDWHQGDPDQRUPDVWpFQLFDVEUDVLOHLUDV
2EV$PDUJHPEiVLFDpH[WHQVtYHODRVEHQVH VHUYLoRVRULJLQiULRVGRV(VWDGRV3DUWHVGR0HUFRVXO 3DUDSURGXWRVPDQXIDWXUDGRVHVHUYLoRV QDFLRQDLVUHVXOWDQWHVGHGHVHQYROYLPHQWR HLQRYDomRWHFQROyJLFDUHDOL]DGRVQRSDtV
7DLVPDUJHQVQmRSRGHPXOWUDSDVVDURPRQWDQWHGH VREUHRSUHoRGRVUHVSHFWLYRVSURGXWRVRXVHUYLoRV
2EV
/HLDUWD
LLL3UHIHUrQFLDQDFRQWUDWDomRGHPLFURHPSUHVDVH HPSUHVDVGHSHTXHQRSRUWH/&DUW &RQGXWDSDXWDGD QDPRUDOMXUtGLFD
0RUDOLGDGH
&RQMXQWRGHUHJUDVGHFRQGXWDWLUDGDVGDGLVFLSOLQDLQWHULRUGD$GPLQLVWUDomR
([LJrQFLDGHDWXDomRpWLFDGRVDJHQWHVGD$GPLQLVWUDomRGXUDQWHWRGRRSURFHGLPHQWROLFLWDWyULR 2VDWRVGRSURFHGLPHQWR OLFLWDWyULRVHUmRS~EOLFRV
3XEOLFLGDGH
6DOYRTXDQWRDR6,*,/2'$63523267$6 DWpDUHVSHFWLYDDEHUWXUD
5HTXLVLWRGHHILFiFLDGRFRQWUDWR/HLDUW &RQFHLWR
$GMXGLFDUVLJQLILFDHQWUHJDURREMHWRGDOLFLWDomRDRYHQFHGRU 2SULQFtSLRLPSHGHTXHD$GPLQLVWUDomRFRQFOXtGRRSURFHGLPHQWR DWULEXDRREMHWRGDOLFLWDomRDRXWUHPTXHQmRRYHQFHGRU 2SULQFtSLRQmRREULJDD$GPLQLVWUDomRDFRQYRFDURYHQFHGRUSDUDFHOHEUDURFRQWUDWR
$GMXGLFDomR FRPSXOVyULD
&XLGDGR
3RVVtYHLV FRQVHTXrQFLDV GDOLFLWDomR
L5HYRJDomRGRFHUWDPH
([LVWrQFLDGHMXVWDFDXVDVXSHUYHQLHQWH ([LVWrQFLDGHYtFLRGHOHJDOLGDGH
LL$QXODomRGRFHUWDPH LLL&HOHEUDomRGRFRQWUDWR
9LQFXODomR DR LQVWUXPHQWRFRQYRFDWyULR
-XOJDPHQWRREMHWLYR
,QVWUXPHQWRFRQYRFDWyULRGDOLFLWDomR
(GLWDORXFDUWDFRQYLWH eDOHLLQWHUQDGDOLFLWDomR
9LQFXODDRVVHXVWHUPRVWDQWRRVOLFLWDQWHVFRPRDDGPLQLVWUDomRTXHRH[SHGLX
$DSUHFLDomRGDVSURSRVWDVRFRUUHVHJXQGRFULWpULRVREMHWLYRV FODURVHGHILQLGRVQRLQVWUXPHQWRFRQYRFDWyULR
2SULQFtSLRLPS}HRGHYHUGHDPSOLDomRGRDFHVVRGRVLQWHUHVVDGRVDRFHUWDPH
&RPSHWLomR
eYHGDGRFOiXVXODVHFRQGLo}HVTXHIUXVWUHPRFDUiWHUFRPSHWLWLYRGDOLFLWDomR
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
$/,(1$d2'(%(163(/$$'0,1,675$d23Ò%/,&$
L ,QWHUHVVH S~EOLFR GHYLGDPHQWHMXVWLILFDGR 5HTXLVLWRV D $GPLQLVWUDomR GLUHWD DXWDUTXLDV H IXQGDo}HVS~EOLFDV
LL$YDOLDomRSUpYLD LLL$XWRUL]DomROHJLVODWLYD &RQFRUUrQFLD
0RGDOLGDGH
5HVVDOYDGDVDVKLSyWHVHV GHOLFLWDomRGLVSHQVDGD
/HLDUW,
L ,QWHUHVVH S~EOLFR GHYLGDPHQWHMXVWLILFDGR 5HTXLVLWRV
%HQV LPyYHLV
LL$YDOLDomRSUpYLD 2EV
E (PSUHVDV S~EOLFDV HVRFLHGDGHVGH HFRQRPLDPLVWD
1mRKi H[LJrQFLDGH DXWRUL]DomROHJLVODWLYD
&RQFRUUrQFLD 0RGDOLGDGH
5HVVDOYDGDVDVKLSyWHVHV GHOLFLWDomRGLVSHQVDGD
/HLDUW,
(QYROYHEHQVLPyYHLVGH TXDOTXHUyUJmRRXHQWLGDGH GD$GPLQLVWUDomR3~EOLFD DGTXLULGRVSRU
$OLHQDomR GH%HQV
L3URFHGLPHQWRV MXGLFLDLV
LL'DomR HP SDJDPHQWR
L$YDOLDomRGRVEHQVDOLHQiYHLV F %HQVDGTXLULGRV GHSURFHGLPHQWRV MXGLFLDLVRXGH GDomRHPSDJDPHQWR
5HTXLVLWRV
LL &RPSURYDomRGDQHFHVVLGDGH RXXWLOLGDGHGDDOLHQDomR 2EV
0RGDOLGDGH
1mR Ki H[LJrQFLDGH DXWRUL]DomROHJLVODWLYD
&RQFRUUrQFLDRX /HLOmR
/HLDUW
D $EUDQJrQFLD
(QYROYHEHQVPyYHLVGHTXDOTXHUyUJmR RXHQWLGDGHGD$GPLQLVWUDomR3~EOLFD L,QWHUHVVHS~EOLFRGHYLGDPHQWHMXVWLILFDGR LL$YDOLDomRSUpYLD
E 5HTXLVLWRV
%HQV PyYHLV
2EV
1mRKi H[LJrQFLDGH DXWRUL]DomROHJLVODWLYD
L3DUDYHQGDGHEHQVPyYHLV DYDOLDGRVHP TXDQWLDQmRVXSHULRUD5/HLOmR
F 0RGDOLGDGH
LL 3DUDRV GHPDLVFDVRV
$OHLQmRHVWDEHOHFHPRGDOLGDGH HVSHFtILFDGHOLFLWDomR
5HVVDOYDGDVDVKLSyWHVHV GHOLFLWDomRGLVSHQVDGD
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
&2175$7$d2',5(7$ 5HJUD JHUDO
([LJHVHOLFLWDomRSUpYLDSDUDFRQWUDWDo}HVGD$GPLQLVWUDomR3~EOLFD
'HFRUUrQFLDGRSULQFtSLRGDLQGLVSRQLELOLGDGHGRLQWHUHVVHS~EOLFR
([FHomR
1Ro}HV JHUDLV
+iVLWXDo}HVHPTXHDOLFLWDomRWRUQDVHLPSRVVtYHORX LQDGHTXDGDSDUDDUHDOL]DomRGDVIXQo}HVHVWDWDLV 3DUDHVVHVFDVRVD&)SUHYrDUW;;, DSRVVLELOLGDGHGHFRQWUDWDomR GLUHWDKLSyWHVHVHPTXHDOLFLWDomRQmRRFRUUHUiRXSRGHUiQmRRFRUUHU
L,QH[LJLELOLGDGH
(VSpFLHV GH FRQWUDWDo}HVGLUHWD
,/LFLWDomR',63(16$'$
LL'LVSHQVD
,,/LFLWDomR',63(16È9(/
$VKLSyWHVHVGHFRQWUDWDomRGLUHWDQmRVHDSOLFDP jV&21&(66®(6H3(50,66®(6GHVHUYLoRS~EOLFR $OLFLWDomRp,1(;,*Ë9(/QDVKLSyWHVHVHPTXHKDMD,19,$%,/,'$'( MXUtGLFDGHFRPSHWLomROLFLWDomRpMXULGLFDPHQWHLPSRVVtYHO 5ROH[HPSOLILFDWLYR
/HLDUW )RUQHFHGRUH[FOXVLYR
L$TXLVLo}HV
9HGDGDSUHIHUrQFLDGH0$5&$ L6HUYLoRWpFQLFR SURILVVLRQDO HVSHFLDOL]DGR 673(
,QH[LJLELOLGDGH
LL&RQWUDWDomR GH VHUYLoR WpFQLFR SURILVVLRQDO HVSHFLDOL]DGR 673(
+LSyWHVHV
LL 1DWXUH]DVLQJXODU GRREMHWR
5HTXLVLWRV
LLL1RWyULDHVSHFLDOL]DomR GRFRQWUDWDGR 9HGDGRSDUD VHUYLoRVGH 38%/,&,'$'(H',98/*$d2
&RQWUDWDomR 'LUHWD
'LUHWDPHQWHRXSRUPHLRGHHPSUHViULRH[FOXVLYR
LLL&RQWUDWDomRGH SURILVVLRQDOGR VHWRUDUWtVWLFR
'HYHVHUDUWLVWD FRQVDJUDGR
3HODFUtWLFDHVSHFLDOL]DGDRX
3HODRSLQLmRS~EOLFD
$',63(16$GHOLFLWDomRRFRUUHQDVKLSyWHVHVSUHYLVWDVQDOHLTXDQGRKDMD 9,$%,/,'$'(MXUtGLFDGHFRPSHWLomROLFLWDomRpMXULGLFDPHQWHSRVVtYHO
D /LFLWDomR ',63(16$'$
6mRKLSyWHVHVYLQFXODGDV
2DGPLQLVWUDGRU'(9(GLVSHQVDU
7UDWDVHGHGLVSHQVDGH OLFLWDomRSDUDDOLHQDo}HV
5ROH[DXVWLYR/HLDUW
$OLHQDomR
'LVSHQVD
eD WUDQVIHUrQFLD YROXQWiULDGRGRPtQLRGHXPEHPRXGLUHLWR
6mRKLSyWHVHV GLVFULFLRQiULDV
E /LFLWDomR ',63(16È9(/
5ROH[DXVWLYR
2DGPLQLVWUDGRU32'(GLVSHQVDU &RQIRUPHFULWpULRVGHFRQYHQLrQFLDHRSRUWXQLGDGH /HLDUW
9HU0DSD0HQWDO3ULQFLSDLV&DVRVGH/LFLWDomR'LVSHQViYHO L&DUDFWHUL]DomRGD VLWXDomR HPHUJHQFLDORXFDODPLWRVD TXHMXVWLILTXHDGLVSHQVDTXDQGRIRURFDVR
5HTXLVLWRV
2VSURFHVVRVGHGLVSHQVDH LQH[LJLELOLGDGHGHYHPFRQWHU
LL5D]mRGDHVFROKDGRIRUQHFHGRURXH[HFXWDQWH
/HLDUW
LY'RFXPHQWRGHDSURYDomRGRVSURMHWRVGH SHVTXLVDDRVTXDLVRVEHQVVHUmRDORFDGRV
LLL-XVWLILFDWLYDGRSUHoR
eREULJDWyULDDPRWLYDomRGRDWRDGPLQLVWUDWLYRTXH GHFLGDVREUHDGLVSHQVDRXDLQH[LJLELOLGDGHGHOLFLWDomR
/HLDUW,9
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
35,1&,3$,6&$626'(/,&,7$d2',63(16È9(/
2EUDVVHUYLoRV HFRPSUDVGH SHTXHQRYDORU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
L2EUDVHVHUYLoRV GHHQJHQKDULD
9DORUDWpFRQYLWHPLOUHDLV
LL2XWURVVHUYLoRV HFRPSUDV
9DORUDWpGRFRQYLWHPLOUHDLV &RQVyUFLRS~EOLFR
/LPLWHGH GRFRQYLWH
6RFLHGDGHGH HFRQRPLDPLVWD (PSUHVDS~EOLFD
/HLDUW SDUiJUDIR~QLFR
$JrQFLDH[HFXWLYD 9HGDGR IUDFLRQDPHQWR GHGHVSHVD
&RQILJXUD IDOWDGHSODQHMDPHQWR DGLVSHQVDGH OLFLWDomRSDUDFRQWUDWDo}HVDTXLVLo}HVGHPHVPD QDWXUH]DHPLGrQWLFRH[HUFtFLRILQDQFHLURFXMRV YDORUHVJOREDLVH[FHGDPROLPLWHSUHYLVWR
*XHUUDRXJUDYHSHUWXUEDomRGDRUGHP %HQVQHFHVViULRVDRDWHQGLPHQWRGDVLWXDomR
3DUFHODVGHREUDVVHUYLoRVFRQFOXtGDVQRSUD]R Pi[LPRGHGLDVFRQVHFXWLYRVFRQWDGRVGD RFRUUrQFLDGDHPHUJrQFLDFDODPLGDGH
$EUDQJrQFLD
(PHUJrQFLD RX FDODPLGDGH S~EOLFD
3UHVVXSRVWRV SDUDDGLVSHQVD
L(PHUJrQFLDRXFDODPLGDGHS~EOLFD LL8UJrQFLDGH DWHQGLPHQWR
2FDVLRQDUSUHMXt]R &RPSURPHWHUVHJXUDQoD
9HGDGDSURUURJDomRGRVUHVSHFWLYRVFRQWUDWRV
/LFLWDomR 'LVSHQViYHO
2FRUUHTXDQGRDOLFLWDomRpFRQYRFDGDPDVQmRDSDUHFHPLQWHUHVVDGRV
/LFLWDomR GHVHUWD
3UHVVXSRVWRV SDUDDGLVSHQVD
L'HPRQVWUDomRGHTXHD UHSHWLomRGDOLFLWDomR FDXVDUiSUHMXt]RSDUDD$GPLQLVWUDomR LL 0DQXWHQomR QD FRQWUDWDomR GLUHWD GH WRGDVDVFRQGLo}HVSUHHVWDEHOHFLGDV
$OLFLWDomRIUDFDVVDGDRFRUUHTXDQGR DSDUHFHPLQWHUHVVDGRVPDVQHQKXP pVHOHFLRQDGRHPUD]mRGH
,QDELOLWDomRGRVOLFLWDQWHV 'HVFODVVLILFDomRGDVSURSRVWDV
$OLFLWDomRIUDFDVVDGDSRGHUiUHVXOWDUHP FRQWUDWDomRGLUHWDHVSHFLILFDPHQWHTXDQGR WRGRVRVOLFLWDQWHVIRUHPGHVFODVVLILFDGRV SRUDSUHVHQWDUHPSURSRVWDVFRP
/LFLWDomR IUDFDVVDGD
6RPHQWHGLVSHQVDUi DSyVIL[DUDRVOLFLWDQWHV 3UHVVXSRVWRV SDUDDGLVSHQVD
3HUVLVWLQGR DVLWXDomR
3UHoRVPDQLIHVWDPHQWHVXSHULRUHV DRVSUDWLFDGRVQRPHUFDGRQDFLRQDO 3UHoRVLQFRPSDWtYHLVFRPRVIL[DGRV SRUyUJmRVRILFLDLVFRPSHWHQWHV 3UD]RGHGLDV~WHLVSDUDQRYDSURSRVWD &RQYLWH
3UD]RGHGLDV~WHLV
6HUiDGPLWLGDDDGMXGLFDomRGLUHWDGRVEHQVRX VHUYLoRVSRUYDORUQmRVXSHULRUDRFRQVWDQWH GRUHJLVWURGHSUHoRVRXGRVVHUYLoRV
/HLDUW9,,FFDUW &RQWUDWDomRGHUHPDQHVFHQWHGHREUDVHUYLoRRX IRUQHFLPHQWRHPFRQVHTXrQFLDGHUHVFLVmRFRQWUDWXDO
5HPDQHVFHQWH
3UHVVXSRVWRV SDUDDGLVSHQVD
L$WHQGLGDDRUGHPGHFODVVLILFDomRGDOLFLWDomRDQWHULRU LL $FHLWDV DV PHVPDVFRQGLo}HV GR YHQFHGRU LQFOXVLYHTXDQWRDRSUHoRFRUULJLGRPRQHWDULDPHQWH
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
02'$/,'$'(6'(/,&,7$d2,
3URFHGLPHQWROLFLWDWyULRDGRWDGRHPUD]mRGDHVWLPDWLYDGDFRQWUDWDomR 4XDOTXHULQWHUHVVDGRTXHFRPSURYHUHTXLVLWRVPtQLPRV
6XMHLWR
([LJHKDELOLWDomRSUHOLPLQDU
L2EUDVHVHUYLoRVGHHQJHQKDULDDFLPDGH5
&RQFRUUrQFLD
$EUDQJrQFLD
LL&RPSUDVHVHUYLoRVTXH QmR VHMDP GHHQJHQKDULDDFLPDGH5
2EMHWR
LLL&RPSUDHDOLHQDomRGHEHQVLPyYHLV LY&RQFHVV}HVGHGLUHLWRUHDOGHXVR Y/LFLWDo}HVLQWHUQDFLRQDLV
$FRQFRUUrQFLDVHDSOLFDDRVFDVRVHPTXHFRXEHUWRPDGDGHSUHoRVHFRQYLWH
2EV
3URFHGLPHQWROLFLWDWyULRDGRWDGRHPUD]mRGDHVWLPDWLYDGDFRQWUDWDomR L,QWHUHVVDGRVGHYLGDPHQWHFDGDVWUDGRV ([LJH FDGDVWUDPHQWR
6XMHLWR
7RPDGD GHSUHoRV
&RUUHVSRQGHjIDVHGH+DELOLWDomR eSUpYLR
LL,QWHUHVVDGRVQmRFDGDVWUDGRV TXHDWHQGHUHPFRQGLo}HV H[LJLGDVSDUDRFDGDVWUDPHQWR
$EUDQJrQFLD
L2EUDVHVHUYLoRVGHHQJHQKDULDDWp5 LL&RPSUDVHVHUYLoRVTXH QmRVHMDP GHHQJHQKDULDDWp5
2EMHWR
LLL/LFLWDo}HVLQWHUQDFLRQDLV 2EV
0RGDOLGDGHV GHOLFLWDomR
$WpRGLDDQWHULRUjGDWDGR UHFHELPHQWRGDVSURSRVWDV
6HD$GPLQLVWUDomRSRVVXLU FDGDVWURLQWHUQDFLRQDO
$WRPDGDGHSUHoRVHDSOLFDDRVFDVRVHPTXHFRXEHUFRQYLWH
3URFHGLPHQWROLFLWDWyULRDGRWDGRHPUD]mRGDHVWLPDWLYDGDFRQWUDWDomR L &RQYLGDGRVLQWHUHVVDGRV GR UDPRSHUWLQHQWHDRVHXREMHWR 6XMHLWR D $EUDQJrQFLD
LL&RPSUDVHVHUYLoRVTXHQmRVHMDPGHHQJHQKDULDDWp5 LLL/LFLWDomRLQWHUQDFLRQDOTXDQGRQmRKRXYHU IRUQHFHGRUGREHPRXVHUYLoRQRSDtV
5HJUDJHUDO E 1~PHUR GH SURSRVWDV
F 3XEOLFLGDGH
$WpKRUDVDQWHVGRSUD]R SDUDHQWUHJDGDVSURSRVWDV
L2EUDVHVHUYLoRVGHHQJHQKDULDDWp5 2EMHWR
&RQYLWH
LL &DGDVWUDGRVTXH PDQLIHVWDUHPLQWHUHVVH
&DGDVWUDGRVRXQmR 1RQ~PHURPtQLPR GHSDUWLFLSDQWHV
([FHomR
6HQmRKRXYHUSHORPHQRVSURSRVWDVUHSHWHVHRFRQYLWH /LPLWDo}HVGHPHUFDGR 0DQLIHVWRGHVLQWHUHVVHGRVFRQYLGDGRV
)HLWDGLUHWDPHQWHDRVFRQYLGDGRV &DUWDFRQYLWH
G ,QVWUXPHQWRFRQYRFDWyULR 2EV
1mRKiHGLWDO
6HFRXEHUFRQYLWHD$GPLQLVWUDomRSRGHUiXWLOL]DUD WRPDGDGHSUHoRVHHPTXDOTXHUFDVRDFRQFRUUrQFLD
eSULQFtSLRGHYHVHUREVHUYDGR
2EV
3DUFHODPHQWR GRREMHWR
2EMHWRGH QDWXUH]DGLYLVtYHO
/HLDUW
2EULJDWyULDDDGMXGLFDomRSRULWHP HQmRSRUSUHoRJOREDO 'HVGHTXHWpFQLFDHHFRQRPLFDPHQWHYLiYHO 6~PXODGR7&8
eYHGDGR )UDFLRQDPHQWR GDGHVSHVD
/HLDUW
4XDQGRSDUFHODGRGHYHVHUHVFROKLGDDPRGDOLGDGH SHUWLQHQWHDRREMHWRWRGRRXVHMDRVRPDWyULRGDVSDUFHODV
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
02'$/,'$'(6'(/,&,7$d2,,
3URFHGLPHQWROLFLWDWyULRDGRWDGRHPUD]mRGDQDWXUH]DGRREMHWR D &RQFHLWR
$GRWDGRSDUDDOLHQDo}HV ,QVHUYtYHLVSDUDD$GPLQLVWUDomR
L%HQVPyYHLV
/HLOmR
E 2EMHWR GROHLOmR
$WpRYDORUGH5 &XMDDTXLVLomR KDMDGHULYDGRGH
LL%HQVLPyYHLV LLL3URGXWRV
3URFHGLPHQWRVMXGLFLDLV 'DomRHPSDJDPHQWR
/HJDOPHQWHDSUHHQGLGRVRXSHQKRUDGRV
3HUPLWHDSDUWLFLSDomRGHTXDOTXHULQWHUHVVDGR 1mRKiH[LJrQFLDGHKDELOLWDomR
F &DUDFWHUtVWLFDV
eYHQFHGRUGROHLOmRDTXHOHTXHRIHUHFHURPDLRU ODQFHLJXDORXVXSHULRUDRYDORUGDDYDOLDomR 3URFHGLPHQWROLFLWDWyULRDGRWDGRHPUD]mRGDQDWXUH]DGRREMHWR L7UDEDOKRWpFQLFRFLHQWtILFRRXDUWtVWLFR
8WLOL]DGRSDUD HVFROKDGH
D &RQFHLWR
6HOHFLRQDGRV SUHIHUHQFLDOPHQWH PHGLDQWHFRQFXUVR
LL6HUYLoRV WpFQLFRVSURILVVLRQDLV HVSHFLDOL]DGRV673(
&RQVWLWXLomRGHFRPLVVmRHVSHFLDOLQWHJUDGDSRUSHVVRDV GHUHSXWDomRLOLEDGDHUHFRQKHFLGRFRQKHFLPHQWRGD PDWpULDHPH[DPH/HLDUW
&RQFXUVR
1mRXWLOL]DRVWLSRVGHOLFLWDomR E 3URFHGLPHQWR
-XOJDPHQWR
/HLDUW 5HDOL]DGRSHODFRPLVVmRHVSHFLDOFRQIRUPH GHILQLGRQRUHJXODPHQWRSUySULRGRFRQFXUVR
3URFHGLPHQWROLFLWDWyULRDGRWDGRHPUD]mRGDQDWXUH]DGRREMHWR
0RGDOLGDGHV GH/LFLWDomR
D &RQFHLWR
8WLOL]DGRSDUDDTXLVLomRGHEHQVHVHUYLoRVFRPXQV /HLDUW
%HQV H VHUYLoRV FRPXQV E 2EMHWR GRSUHJmR
6mRDTXHOHVFXMRV SDGU}HVGHGHVHPSHQKR HTXDOLGDGHSRVVDPVHU
2EMHWLYDPHQWH GHILQLGRVSHORHGLWDO 6HJXQGRHVSHFLILFDo}HV XVXDLVGHPHUFDGR
1mRVHDSOLFDD FRQWUDWDomRGHREUDVGHHQJHQKDULDORFDo}HV LPRELOLiULDVHDOLHQDo}HVHPJHUDO'HFUHWRDUW 3RGHVHUXWLOL]DGRSDUDTXDOTXHUYDORUGHFRQWUDWR 2EULJDWyULR
3UHJmR
F $GRomRGRSUHJmR
G 7LSRGHOLFLWDomR
)DFXOWDWLYR 0HQRUSUHoR
8QLmR
'HFUHWRDUW (VWDGRV')H0XQLFtSLRV /HLDUW /HLDUW;
3UHVHQFLDO H 0RGDOLGDGHVGHSUHJmR
(OHWU{QLFD
,QYHUVmRGDVIDVHV I 3HFXOLDULGDGHV GRSUHJmR
+RPRORJDomR RFRUUHGHSRLV GDDGMXGLFDomR
$KDELOLWDomRGRVOLFLWDQWHVpIDVHSRVWHULRU jGHMXOJDPHQWRGDVSURSRVWDV
俶 5HJUD
([FHomR
3UHJRHLURDGMXGLFD $XWRULGDGHFRPSHWHQWHKRPRORJD 4XDQGRKiLQWHUSRVLomRGHUHFXUVRVD DXWRULGDGHFRPSHWHQWHDGMXGLFDHKRPRORJD /HLDUW;;,H;;,,
0RGDOLGDGHGHOLFLWDomRDSOLFiYHOH[FOXVLYDPHQWHjVDJrQFLDVUHJXODGRUDV
&RQVXOWD
8WLOL]DGDSDUDDTXLVLomRGH EHQVHVHUYLoRVQmRFRPXQV
([FHWXDGRVREUDVHVHUYLoRVGHHQJHQKDULDFLYLO
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
7,326'(/,&,7$d2 eRFULWpULRXWLOL]DGRSDUDMXOJDPHQWRGDVSURSRVWDV 6RPHQWHDGPLWHPVHRVWLSRVSUHYLVWRVQD OHJLVODomRSHUWLQHQWHjOLFLWDomRS~EOLFD
&RQFHLWR
'HYHVHU
2EV
/LVWDH[DXVWLYD /HLDUW
2EMHWLYR 3UHYLDPHQWHHVWDEHOHFLGRQR,167580(172&2192&$7Ï5,2 L&RQFXUVR
1mRVHDSOLFDD
9HQFHGRU D 0HQRUSUHoR
LL&RQFHVVmRHSHUPLVVmRGHVHUYLoRS~EOLFR
$TXHOHTXHDSUHVHQWDUDSURSRVWDGHDFRUGRFRPDV HVSHFLILFDo}HVGRHGLWDORXFRQYLWHHRIHUWDURPHQRUSUHoR -XOJDPHQWRFRQFHQWUDGRHPTXHVW}HVHFRQ{PLFRILQDQFHLUDV
2EV3UHJmR
6RPHQWHDGPLWHRWLSRPHQRUSUHoR
7LSRXWLOL]DGRH[FOXVLYDPHQWHSDUDVHUYLoRVGHQDWXUH]DSUHGRPLQDQWHPHQWHLQWHOHFWXDO L,QVWUXPHQWRFRQYRFDWyULRIL[DRSUHoRPi[LPR LL$EHUWXUD GDV SURSRVWDV WpFQLFDV GRV OLFLWDQWHVSUHYLDPHQWHTXDOLILFDGRV
E 0HOKRU WpFQLFD
3URFHGLPHQWR
7LSRVGH /LFLWDomR
$YDOLDomRHFODVVLILFDomR
6RPHQWHGRVOLFLWDQWHVTXH DWLQJLUDPYDORUDomRPtQLPD LLL$EHUWXUD GDV SURSRVWDV GHSUHoR
5HIHUrQFLD 1HJRFLDomR 2UGHP
3URSRVWDGH PHQRUSUHoR
$SDUWLUGDSURSRQHQWH PHOKRUFODVVLILFDGD
/HLDUW,,FFDUW 7LSRXWLOL]DGRH[FOXVLYDPHQWHSDUDVHUYLoRVGHQDWXUH]DSUHGRPLQDQWHPHQWHLQWHOHFWXDO L $EHUWXUD GDV SURSRVWDV WpFQLFDV GRV OLFLWDQWHVSUHYLDPHQWHTXDOLILFDGRV
7LSRV
3URFHGLPHQWR
$YDOLDomRHFODVVLILFDomR GDVSURSRVWDVWpFQLFDV
LL$EHUWXUDGDV SURSRVWDVGHSUHoR$YDOLDomRHYDORUDomRGDVSURSRVWDVGHSUHoR
LLL5HVXOWDGR
0pGLDSRQGHUDGDGDVYDORUDo}HV GDVSURSRVWDVGHWpFQLFDHSUHoR
/HLDUW,,,FFDUW F 7pFQLFD HSUHoR
2EV%HQVHVHUYLoRV GH,1)250È7,&$ %HQVHVHUYLoRVGH LQIRUPiWLFDFRPXQV L3DGURQL]DGRV
6mRDTXHOHVFXMRVSDGU}HVGH GHVHPSHQKRHTXDOLGDGHSRVVDP VHUREMHWLYDPHQWHGHILQLGRVQRHGLWDO
3HUPLWHPDXWLOL]DomRGD PRGDOLGDGHSUHJmR7LSRPHQRUSUHoR %HQVHVHUYLoRVGHLQIRUPiWLFDHVSHFtILFRV
LL1mRSDGURQL]DGRV
8WLOL]DVHRWLSR WpFQLFDHSUHoR
/HLDUW
&DVRVGHDOLHQDomRGHEHQVRXFRQFHVVmRGHGLUHLWRUHDOGHXVR G 0DLRUODQFHRXRIHUWD
/HLDUW,9
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
352&(',0(1726'(/,&,7$d2,
,QLFLDVHQDUHSDUWLomRLQWHUHVVDGDFRPDDEHUWXUDGRSURFHVVR D ,QtFLR
eGHILQLGRRREMHWRGDOLFLWDomRHRUHFXUVRSUySULRSDUDDGHVSHVD /HLDUW
E (ODERUDomR GRHGLWDO
(GLWDO
eDOHLLQWHUQDGD/LFLWDomR
9LQFXODD$GPLQLVWUDomRHRV SURSRQHQWHVDRVVHXVWHUPRV
1mRpXWLOL]DGRQDPRGDOLGDGH&219,7(
&DUWDFRQYLWH
&RQFXUVR 5HJLPHGH HPSUHLWDGDLQWHJUDO
GLDV
&RQFRUUrQFLD
7LSRPHOKRUWpFQLFD 7LSRWpFQLFDHSUHoR
3UD]RPtQLPRHQWUHD SXEOLFDomR GR UHVXPR GRHGLWDOHRUHFHELPHQWR GDVSURSRVWDV
&RQFRUUrQFLD
'HPDLVFDVRVQmR HVSHFLILFDGRVDFLPD
GLDV 7RPDGDGHSUHoRV
F 3UD]RV 7RPDGDGHSUHoRV
GLDV
7LSRPHOKRUWpFQLFD
7LSRWpFQLFDHSUHoR 'HPDLVFDVRVQmR HVSHFLILFDGRVDFLPD
/HLOmR
)DVH LQWHUQD
3URFHGLPHQWRV GH/LFLWDomR
)RUPDVGH H[HFXomR
GLDV~WHLV
&RQYLWH
GLDV~WHLV
3UHJmR
L'LUHWD
LL,QGLUHWD
eDTXHODIHLWDGLUHWDPHQWH SHOD$GPLQLVWUDomR3~EOLFD eDTXHODIHLWDSRUWHUFHLURVPHGLDQWHFRQWUDWR FHOHEUDGRFRPD$GPLQLVWUDomR3~EOLFD
6mRUHJLPHVHVSpFLHV GHH[HFXomRLQGLUHWD
L(PSUHLWDGD SRU SUHoRJOREDO
1mR FRQIXQGLU
5HJLPHVGH H[HFXomR
LL(PSUHLWDGD SRU SUHoRXQLWiULR
LY7DUHID
$QXODomRHUHYRJDomR
&RQWUDWDDH[HFXomRGDREUD RXGRVHUYLoRSRUSUHoRFHUWR GHXQLGDGHVGHWHUPLQDGDV
(PSUHHQGLPHQWRHP VXDLQWHJUDOLGDGH LLL(PSUHLWDGD LQWHJUDO
)DVHH[WHUQD
&RQWUDWDDH[HFXomRGDREUDRXGR VHUYLoRSRUSUHoRFHUWRHWRWDO
&RQWUDWDXP
(QWUHJDDRFRQWUDWDQWH HPFRQGLo}HVGH HQWUDGDHPRSHUDomR
0mRGHREUDSDUDSHTXHQRV WUDEDOKRVSRUSUHoRFHUWR
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
352&(',0(1726'(/,&,7$d2,, )DVHLQWHUQD /HLJHUDOGDVOLFLWDo}HV
(WDSDUHODFLRQDGDjDYDOLDomRGDVTXDOLGDGHVGRVOLFLWDQWHV $DGPLQLVWUDomRYHULILFDDDSWLGmRGR FDQGLGDWRSDUDDIXWXUDFRQWUDWDomR 3UHFOXVmR GR GLUHLWR GHSDUWLFLSDU
2OLFLWDQWHLQDELOLWDGRQmRSRGHUi SDUWLFLSDUGRVDWRVVXEVHTXHQWHV
2EV
L+DELOLWDomRMXUtGLFD LL4XDOLILFDomRWpFQLFD
([LJrQFLDGH GRFXPHQWDomR UHODWLYDD
LLL4XDOLILFDomRHFRQ{PLFRILQDQFHLUD LY5HJXODULGDGHILVFDOHWUDEDOKLVWD Y&XPSULPHQWRGD &)DUW;;;,,,
L+DELOLWDomR TXDOLILFDomR
5HVWULo}HVHSURLELo}HV DRWUDEDOKRGRVPHQRUHV
1DVPRGDOLGDGHVFRQYLWHOHLOmRHFRQFXUVR 3DUDIRUQHFLPHQWRGHEHQVSDUDSURQWDHQWUHJD
3RGHVHU ',63(16$'$ /HL
/HLDUW
2EV 3RGHVHU 68%67,78Ë'$
$UHJXODULGDGHILVFDOUHIHUHQWHj VHJXULGDGHVRFLDOQmRSRGHVHU GLVSHQVDGDHPQHQKXPFDVR &)DUW
1RFDVRGRFHUWLILFDGRGHUHJLVWURFDGDVWUDO /HLDUW
(WDSDUHODFLRQDGDjDYDOLDomRGDVSURSRVWDV
)DVH H[WHUQD
, $QiOLVH GD DGPLVVLELOLGDGH GDSURSRVWD
LL-XOJDPHQWR FODVVLILFDomR
3URFHGLPHQWRV GH/LFLWDomR
)DVHV
$QiOLVH IRUPDO
$GHTXDomRDRHGLWDO
$QiOLVH PDWHULDO
([HTXLELOLGDGH
,,$QiOLVHGD YDQWDMRVLGDGHGDSURSRVWD
$GHTXDomRDRV UHTXLVLWRVOHJDLV 4XDOLGDGH
5HODFLRQDGDDRV WLSRVGHOLFLWDomR
$XWRULGDGHFRPSHWHQWHDSURYDRSURFHGLPHQWR
LLL+RPRORJDomR
LY$GMXGLFDomR
&RQWUROHGHOHJDOLGDGHGRSURFHGLPHQWROLFLWDWyULR /LFLWDQWHDGTXLUHTXDOLGDGHGHYHQFHGRUHGHWLWXODU GDSUHIHUrQFLDSDUDFHOHEUDomRGRFRQWUDWR
/HLGR3UHJmR /LFLWDQWHVRIHUWDPODQFHV
L)DVHFRPSHWLWLYD
5HDOL]DGDFRPROLFLWDQWHTXHDSUHVHQWRX PHOKRUSURSRVWDQDIDVHFRPSHWLWLYD LL)DVHGHKDELOLWDomR
/HL
LLL$GMXGLFDomR
/HLDUW;,,
3UHJRHLURDGMXGLFD $XWRULGDGHFRPSHWHQWHKRPRORJD
LY+RPRORJDomR
([FHomR
&RQWUROHGH/(*$/,'$'(
D $QXODomR
$QXODomRH 5HYRJDomR
1mR JHUD REULJDomR GHLQGHQL]DU
4XDQGROLFLWDQWHLPSHWUDUHFXUVRDDXWRULGDGH FRPSHWHQWHDGMXGLFDHKRPRORJD /HLDUW;;,H;;,, 'HRItFLR 3RUSURYRFDomRGHWHUFHLURV
(QWUHWDQWRDQXOLGDGHGRFRQWUDWRQmRH[RQHUDD DGPLQLVWUDomRGRGHYHUGHLQGHQL]DURFRQWUDWDGR SHORTXHHVWHKRXYHUH[HFXWDGR
&RQWUROHGH0e5,72 E 5HYRJDomR
3RUUD]}HVGHLQWHUHVVHS~EOLFRGHFRUUHQWHGH IDWRVXSHUYHQLHQWHGHYLGDPHQWHFRPSURYDGR 2VHXIXQGDPHQWRGHYHVHUSRVWHULRUjDEHUWXUDGDOLFLWDomR
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
&2175$726$'0,1,675$7,926
$MXVWHTXHD$GPLQLVWUDomR3~EOLFDDJLQGRQHVVDTXDOLGDGH ILUPDFRPSDUWLFXODURXFRPRXWUDHQWLGDGHDGPLQLVWUDWLYDSDUD FRQVHFXomRGHREMHWLYRVGHLQWHUHVVHS~EOLFRQDVFRQGLo}HV GHVHMDGDVSHODSUySULD$GPLQLVWUDomR
&RQFHLWRGH &RQWUDWR $GPLQLVWUDWLYR +HO\ /RSHV
L$FRUGRGHYRQWDGHVELODWHUDOLGDGH &DUDFWHUtVWLFDV
LL 5HJLPH MXUtGLFR GHGLUHLWRS~EOLFR
,QFLGrQFLDGHSUHUURJDWLYDVHVSHFLDLV
$FHSomRDPSODDEUDQJHQGRWRGRVRVDMXVWHV GRVTXDLVD$GPLQLVWUDomR3~EOLFDVHMDSDUWH L 3ULQFtSLR GD LJXDOGDGH HQWUHDVSDUWHV LL$XWRQRPLDGDYRQWDGH &DUDFWHUtVWLFDV
D 6REUHJLPH GH GLUHLWR 35,9$'2
3DFWDVXQWVHUYDQGD ([&RQWUDWRGHORFDomRQRTXDO D$GPLQLVWUDomR3~EOLFD ILJXUHFRPRORFDWiULD
&RQFHLWR
0DULD 6\OYLD
6mR GHQRPLQDGRV FRQWUDWRVDGPLQLVWUDWLYRV
&RQWUDWRVGD DGPLQLVWUDomR
L 3ULQFtSLR GD VXSUHPDFLD GD DGPLQLVWUDomR S~EOLFD HPUHODomRDRSDUWLFXODU &OiXVXODVH[RUELWDQWHV
E 6REUHJLPH GHGLUHLWR 3Ò%/,&2
LL3ULQFtSLRGDOHJDOLGDGH &DUDFWHUtVWLFDV
&RQWUDWRV $GPLQLVWUDWLYRV
$WXDomRDGPLQLVWUDWLYD QRVOLPLWHVDXWRUL]DGRV SRUOHL LLL 0XWDELOLGDGH GDV FOiXVXODVUHJXODPHQWDUHV
$MXVWHVTXHD$GPLQLVWUDomRQHVVDTXDOLGDGHFHOHEUDFRP SHVVRDItVLFDRXMXUtGLFDS~EOLFDVRXSULYDGDVSDUDFRQVHFXomR GHILQVS~EOLFRVVHJXQGRUHJLPHMXUtGLFRGHGLUHLWRS~EOLFR
&RQFHLWRGH &RQWUDWR $GPLQLVWUDWLYR
&RQWUDWRVDGPLQLVWUDWLYRV
6mRVHPSUHIRUPDLVHHVFULWRV
eDTXHOHODYUDGRQDVUHSDUWLo}HVLQWHUHVVDGDV
&RQWUDWRHVFULWR 5HJUD &RQWUDWRVROHQH
)RUPDOL]DomR
LLL)RUoD REULJDWyULD GDVFRQYHQo}HV
([FHomR
&RQWUDWR YHUEDO
5HODWLYRDGLUHLWRVUHDLV VREUHEHQVLPyYHLV
eDTXHOHODYUDGRQR FDUWyULRGHQRWDV
3HTXHQDVFRPSUDVGH SURQWRSDJDPHQWR
/HLDUW 9DORUQmRVXSHULRUD5 6REUHJLPHGHDGLDQWDPHQWR
/HLDUWSDUiJUDIR~QLFR
$SXEOLFDomRGRUHVXPRGRLQVWUXPHQWRGHFRQWUDWRRXGHVHXV DGLWDPHQWRVpFRQGLomRLQGLVSHQViYHOjHILFiFLDGRFRQWUDWR /HLDUWSDUiJUDIR~QLFR 3RWHQFLDOLGDGHGHSURGXomRGHHIHLWRVMXUtGLFRV 3XEOLFLGDGH
1mR FRQIXQGLU
(ILFiFLD
9LJrQFLD
$SWLGmRSDUDSURGXomRFRQFUHWDGHHIHLWRV 3HUtRGRQRTXDORDGLPSOHPHQWRGRFRQWUDWR SHUPDQHFHREULJDWyULRHQWUHDVSDUWHV
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
&2175$726$'0,1,675$7,926&/È868/$6(;25%,7$17(6, 6mRSUHUURJDWLYDVGHGLUHLWRS~EOLFRFRQIHULGDVSRUOHLj$GPLQLVWUDomR 3~EOLFDTXHDFRORFDPHPVLWXDomRGHVXSHULRULGDGHIUHQWHDRFRQWUDWDGR
&RQFHLWR
([RUELWDPGDVFOiXVXODVFRPXQVGRGLUHLWRSULYDGR 6mRGHFRUUHQWHVGRUHJLPHMXUtGLFR GRVFRQWUDWRVDGPLQLVWUDWLYRV
'HULYDPGRSULQFtSLRGDVXSUHPDFLDGRLQWHUHVVHS~EOLFR
$FULWpULRGDDXWRULGDGHFRPSHWHQWHGHVGHTXHSUHYLVWDQRLQVWUXPHQWRFRQYRFDWyULR SRGHVHUH[LJLGDSUHVWDomRGHJDUDQWLDQDVFRQWUDWDo}HVGHREUDVVHUYLoRVHFRPSUDV
D &RQFHLWR
$FULWpULRGDDXWRULGDGHFRPSHWHQWH
'LVFULFLRQiULD E &DUDFWHUtVWLFDV
'HYHVHUSUHYLVWDQRLQVWUXPHQWRFRQYRFDWyULR/HLDUW HPGLQKHLUR
L&DXomR
HPWtWXORVGDGtYLGDS~EOLFD
LL6HJXURJDUDQWLD
F 0RGDOLGDGHV
LLL)LDQoDEDQFiULD $VPRGDOLGDGHVHVWmRSUHYLVWDVQDOHLUHODomRH[DXVWLYD
2EV
&DEHDRFRQWUDWDGRDHVFROKDGDPRGDOLGDGH/HLDUW
([LJrQFLD GHJDUDQWLD
1mRH[FHGHUiDGRYDORUGRFRQWUDWR
5HJUDJHUDO
*UDQGHYXOWRHQYROYHQGRDOWDFRPSOH[LGDGH WpFQLFDHULVFRVILQDQFHLURVFRQVLGHUiYHLV
(OHYDomRGR OLPLWHDWp
([LJrQFLD GHJDUDQWLD DGLFLRQDO
G 3HUFHQWXDLV 5HJUDV HVSHFtILFDV
$JDUDQWLDVHUiDFUHVFLGD GRYDORUGHVVHVEHQV
/HLDUW
([LJrQFLDGHJDUDQWLD SDUDSURSRVWDVGH EDL[RYDORU
&OiXVXODV ([RUELWDQWHV
2FRQWUDWDGRILFDUi FRPRGHSRVLWiULR
3DUDRVFRQWUDWRVTXH LPSRUWHPQDHQWUHJDGHEHQV SHOD$GPLQLVWUDomR3~EOLFD
2EUDV 6HUYLoRV GH(QJHQKDULD
7LSRPHQRUSUHoR
6LWXDomRGHULVFR
3URSRVWDGR OLPLWHSUHYLVWRQDOHL
/HLDUW 3UHUURJDWLYDFRQFHGLGDj$GPLQLVWUDomR3~EOLFDSDUDXQLODWHUDOPHQWH DOWHUDURVFRQWUDWRVDGPLQLVWUDWLYRV/HLDUW, $RVFRQWUDWRVDGPLQLVWUDWLYRVQmRVHDSOLFDLQWHJUDOPHQWHRSULQFtSLRGRSDFWDVXQWVHUYDQGD D &RQFHLWR 3DFWDVXQWVHUYDQGD
2EULJDomRTXHWrPDVSDUWHVGHFXPSULU ILHOPHQWHRTXHIRLHQWUHHODVDYHQoDGR
&OiXVXODVUHJXODPHQWDUHVRXGHVHUYLoR$OFDQoD 1mRDOFDQoD/HLDUWH E $EUDQJrQFLD
&OiXVXODV (FRQ{PLFDV
7DLVFOiXVXODVHVWDEHOHFHP DUHODomRHQWUH
5HPXQHUDomRGRFRQWUDWDGR (QFDUJRVDVVXPLGRV
1mR SRGHP VHU DOWHUDGDV VHP SUpYLD FRQFRUGkQFLDGRFRQWUDWDGR
*DUDQWLDDRHTXLOtEULR HFRQ{PLFRILQDQFHLUR
7UDWDVHGHDOWHUDomRFRQWUDWXDOTXH DIHWDRHTXLOtEULRHFRQ{PLFRILQDQFHLUR
$OWHUDomR XQLODWHUDO GRFRQWUDWR
1mR FRQIXQGLU
5HYLVmR
$UHYLVmRFDUDFWHUL]DDOWHUDomRGRFRQWUDWRHYLVDR UHHVWDEHOHFLPHQWRGRHTXLOtEULRHFRQ{PLFRILQDQFHLUR 7UDWDGDSUHYLVmRDQWHFLSDGDGDRFRUUrQFLDGDLQIODomR HGDDGRomRGHVROXomRSDUDQHXWUDOL]DUVHXVHIHLWRV
5HDMXVWH
1mRFDUDFWHUL]DDOWHUDomRGRFRQWUDWRPDV VLPDWXDOL]DomRGRYDORUSDJRIUHQWHjLQIODomR
0RGLILFDomRGRSURMHWR RXGDVHVSHFLILFDo}HV L4XDOLWDWLYDV
LL4XDQWLWDWLYDV
9DORULQLFLDODWXDOL]DGRGRFRQWUDWR 5HIRUPD
/HL DUW,,,H DUW
0HOKRUDGHTXDomRWpFQLFDDRVVHXVREMHWLYRV
1mRVXMHLWDDOLPLWHVREMHWLYRV
F 7LSRV
/HL DUWH DUWG H
,(GLItFLR ,,(TXLSDPHQWR
1mRKiOLPLWH SDUD6835(66®(6
'HVGHTXHUHVXOWDQWHGHDFRUGR HQWUHRVFRQWUDWDQWHV
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
&2175$726$'0,1,675$7,926&/È868/$6(;25%,7$17(6,, /HLDUW,D;,,H;9,, 3UHUURJDWLYDFRQFHGLGDj$GPLQLVWUDomR3~EOLFDSDUD H[WLQJXLUXQLODWHUDOPHQWHRFRQWUDWRDQWHVGRSUD]R VHPDQHFHVVLGDGHGHUHFRUUHUDR3RGHU-XGLFLiULR
D &RQFHLWR
L,QDGLPSOHPHQWRGRFRQWUDWDGR
5HVFLVmR XQLODWHUDO GRFRQWUDWR
LL'HVDSDUHFLPHQWRGRVXMHLWR
E &DVRV
'HDOWDUHOHYkQFLDHDPSORFRQKHFLPHQWR
LLL ,QWHUHVVH S~EOLFR
-XVWLILFDGDVHGHWHUPLQDGDVSHODPi[LPDDXWRULGDGH GDHVIHUDDGPLQLVWUDWLYDDTXHHVWiVXERUGLQDGRR FRQWUDWDQWHHH[DUDGDVQRSURFHVVRDGPLQLVWUDWLYR
LY&DVRIRUWXLWRRXIRUoDPDLRU
5HSUHVHQWDQWHGD$GPLQLVWUDomRILVFDOL]DDH[HFXomRGRFRQWUDWR
)LVFDOL]DomR
1mRH[FOXLRXUHGX]DUHVSRQVDELOLGDGHGRFRQWUDWDGRSHORVGDQRV TXHSRUFXOSDRXGRORDH[HFXomRYHQKDDFDXVDUDWHUFHLURV
D $GYHUWrQFLD
LL,QH[HFXomR E 0XOWD 2EV
&OiXVXODV ([RUELWDQWHV
/HLDUW
/HLDUW, /HLDUW
L$WUDVRLQMXVWLILFDGR
$SOLFDomR GH SHQDOLGDGHV
/HLDUW
/HLDUW,,
$VPXOWDVSRGHPVHUGLUHWDPHQWH GHVFRQWDGDVGDJDUDQWLDGRFRQWUDWR 7UDWDVHGHH[FHSFLRQDODXWRH[HFXWRULHGDGHGDFREUDQoDGHPXOWD 6XVSHQVmRWHPSRUiULDHPSDUWLFLSDUGHOLFLWDomR
$EUDQJH
F 6XVSHQVmR WHPSRUiULD
0RWLYR
,PSHGLPHQWRGHFRQWUDWDUFRP D$GPLQLVWUDomR3~EOLFD ,QH[HFXomRWRWDORXSDUFLDOGRFRQWUDWR
'XUDomR
0i[LPRDQRV
$XWRULGDGHFRPSHWHQWH
&RPSHWrQFLD
6XVSHQVmRWHPSRUiULDHPSDUWLFLSDUGHOLFLWDomR $EUDQJH
G 'HFODUDomR GH LQLGRQHLGDGH
0RWLYR 'XUDomR
,PSHGLPHQWRGHFRQWUDWDUFRP D$GPLQLVWUDomR3~EOLFD ,QH[HFXomRWRWDORXSDUFLDOGRFRQWUDWR
0tQLPRDQRV
&RPSHWrQFLD
([FOXVLYDGH0LQLVWURGH(VWDGRRX 6HFUHWiULR(VWDGXDO0XQLFLSDO
/HLDUW9
D &RQFHLWR
3DUDRVVHUYLoRVHVVHQFLDLVD$GPLQLVWUDomR3~EOLFDSRVVXLD SUHUURJDWLYDGHRFXSDUSURYLVRULDPHQWHEHQVPyYHLVLPyYHLV SHVVRDOHVHUYLoRVYLQFXODGRVDRREMHWRGRFRQWUDWR L &RPR PHGLGD DFDXWHODWyULD SDUD DSXUDomR DGPLQLVWUDWLYD GH LUUHJXODULGDGHV QD H[HFXomRGRFRQWUDWR
2FXSDomR WHPSRUiULD E +LSyWHVHV
LL ,PHGLDWDPHQWH DSyV D UHVFLVmR XQLODWHUDOGRFRQWUDWRDGPLQLVWUDWLYR
2EMHWLYDDSXUDU DLUUHJXODULGDGH
2EMHWLYDDVVHJXUDUD FRQWLQXLGDGHGDSUHVWDomR GRVHUYLoRS~EOLFR
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
087$%,/,'$'('26&2175$726$'0,1,675$7,926
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
俶 &OiXVXODVUHJXODPHQWDUHV
$EUDQJH
$PXWDELOLGDGHQmR GHFRUUHQWHGHDF RUGR QmRDOFDQoDDVFOiXVXODVHFRQ{PLFRILQDQFHLUDV
$EUDQJrQFLD
1mR DEUDQJH
&OiXVXODV HFRQ{PLFR ILQDQFHLUDV
eGLUHLWRGRFRQWUDWDGRDPDQXWHQomRGRHTXLOtEULR HFRQ{PLFRILQDQFHLUR/HLDUW,,G (TXLOtEULR HFRQ{PLFR ILQDQFHLUR
(TXLOtEULRHQWUHRHQFDUJRDVVXPLGRSHOR FRQWUDWDGRHDFRQWUDSUHVWDomRSHFXQLiULD DVVHJXUDGDSHOD$GPLQLVWUDomR
7HRULDHODERUDGDFRPYLVWDVDDQDOLVDURVGLYHUVRVHOHPHQWRV GHLQVHJXUDQoDULVFRV TXHFDUDFWHUL]DPDPXWDELOLGDGHGRV FRQWUDWRVDGPLQLVWUDWLYRVHVXDVUHVSHFWLYDVFRQVHTXrQFLDV
D &RQFHLWR
6mRRVULVFRVTXHRSDUWLFXODUHQIUHQWDDRFRQWUDWDUFRPD$GPLQLVWUDomR E ÈOHDV ULVFRV
'LYLGLGRVHP
LÈOHDRUGLQiULDHPSUHVDULDO LLÈOHDH[WUDRUGLQiULD
5LVFRLQHUHQWHDRQHJyFLR
L ÈOHDRUGLQiULD HPSUHVDULDO
5HVXOWDGRGDSUySULDIOXWXDomRGRPHUFDGR 7RGRFRQWUDWRSRVVXLGHWHUPLQDGRULVFR HFRQ{PLFRGHQRPLQDGRiOHDFRQWUDWXDORUGLQiULD
&RQVHTXrQFLD
3RUVHUSUHYLVtYHORSDUWLFXODUUHVSRQGHSHORULVFR
L $OWHUDomR XQLODWHUDO GRFRQWUDWR
0XWDELOLGDGH GRV&RQWUDWRV $GPLQLVWUDWLYRV
,$GPLQLVWUDWLYD
(TXLOtEULR HFRQ{PLFR GRVFRQWUDWRV DGPLQLVWUDWLYRV
LL)DWRGR SUtQFLSH
4XDOLWDWLYD 4XDQWLWDWLYD
0HGLGDVGHRUGHPJHUDOQmR GLUHWDPHQWHUHODFLRQDGDVDRFRQWUDWR PDVTXHQHOHUHSHUFXWHPFDXVDQGR GHVHTXLOtEULRHFRQ{PLFRILQDQFHLUR
LLL)DWRGD DGPLQLVWUDomR
&RQGXWDGD$GPLQLVWUDomR TXHFRPRSDUWHFRQWUDWXDO WRUQHLPSRVVtYHODH[HFXomR GRFRQWUDWRRXSURYRTXHVHX GHVHTXLOtEULRHFRQ{PLFR
$DGPLQLVWUDomRUHVSRQGHSHOR UHHVWDEHOHFLPHQWRGRHTXLOtEULRURPSLGR &RQVHTXrQFLD
'LUHLWRGRFRQWUDWDGRjPDQXWHQomR GRHTXLOtEULRHFRQ{PLFRILQDQFHLUR
/HLDUW,,G LLÈOHD H[WUDRUGLQiULD
$FRQWHFLPHQWRH[WHUQRDRFRQWUDWR LPSUHYLVtYHOHVWUDQKRjYRQWDGHGDVSDUWHV &DXVDGHVHTXLOtEULRPXLWRJUDQGH H[FHVVLYDPHQWHRQHURVRSDUDRFRQWUDWDGR $SOLFDomRGDUHJUDUHEXVVLFVWDQWLEXV
&RQYHQomRQmRSHUPDQHFHHPYLJRU VHDVFRLVDVQmRSHUPDQHFHUHPFRPR HUDPQRPRPHQWRGDFHOHEUDomR ,,(FRQ{PLFD 7HRULDGD LPSUHYLVmR
6HGHXPODGRDRFRUUrQFLDGH FLUFXQVWkQFLDVH[FHSFLRQDLVQmROLEHUD RSDUWLFXODUGDREULJDomRFRQWUDWXDO SRURXWURQmRpMXVWRTXHHOHUHVSRQGD VR]LQKRSHORVSUHMXt]RVVRIULGRV
&DVRIRUWXLWR &DXVDV
)RUoDPDLRU
,QWHUIHUrQFLDVLPSUHYLVWDV &RQVHTXrQFLD
(PSULQFtSLRUHSDUWHPVHRVSUHMXt]RV
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
(;7,1d2'26&2175$726$'0,1,675$7,926
'HFRUUHGRDGLPSOHPHQWRGRFRQWUDWR
7pUPLQRQRUPDOGRYtQFXORREULJDFLRQDO
2UGLQiULD
3RGHGHFRUUHUGH
L&RQFOXVmRGRREMHWRGRFRQWUDWR LL7pUPLQRGRSUD]RGRFRQWUDWR
L,OHJDOLGDGHQDFHOHEUDomR
([WLQomRGRFRQWUDWR GHFRUUHQWHGH
LL9tFLR LQVDQiYHO QDOLFLWDomR
/HLDUW 'HVFRQVWLWXLRVHIHLWRV MXUtGLFRVMiSURGX]LGRV
$GHFODUDomRGHQXOLGDGH RSHUDUHWURDWLYDPHQWH
D $QXODomR &RQVHTXrQFLDV
,PSHGHRVHIHLWRVTXHR FRQWUDWRGHYHULDSURGX]LU
$GHFODUDomRGHQXOLGDGHQmRH[RQHUDD$GPLQLVWUDomR GRGHYHUGHLQGHQL]DURFRQWUDWDGRSHORTXHHOHKRXYHU H[HFXWDGRDWpDGDWDGDGHFODUDomR /HLDUW
'HVID]LPHQWRGRFRQWUDWRDGPLQLVWUDWLYR GXUDQWHVXDH[HFXomR/HLDUW
eFOiXVXOD H[RUELWDQWH
$WRXQLODWHUDOGDDGPLQLVWUDomR
L5HVFLVmR XQLODWHUDO DGPLQLVWUDWLYD
([WLQomRGRV &RQWUDWRV $GPLQLVWUDWLYRV
)DOWDVFRQWUDWXDLV
,3RUFXOSDGRFRQWUDWDGR ,,6HPFXOSD GRFRQWUDWDGR
LL5HVFLVmRDPLJiYHO
,QWHUHVVHS~EOLFR &DVRIRUWXLWRRXIRUoDPDLRU
6LWXDo}HVHPTXHKiGHVFXPSULPHQWR FRQWUDWXDOSRUSDUWHGD$GPLQLVWUDomR
ÒQLFRPRGRjGLVSRVLomRGRFRQWUDWDGR
([WUDRUGLQiULD
LLL5HVFLVmR MXGLFLDO
2FRQWUDWDGRVRPHQWHSRGHSOHLWHDUD UHVFLVmRGRFRQWUDWRSHODYLDMXGLFLDO ([FHSWLRQRQDGLPSOHWLFRQWUDFWXV 'HILQLomR
eDVXVSHQVmRGDH[HFXomRGRFRQWUDWRSHOD SDUWHSUHMXGLFDGDSRUPRWLYRGHLQDGLPSOrQFLD GRRXWURFRQWUDWDQWH&&DUW
E 5HVFLVmR
5HJUD JHUDO
,QRSRQLELOLGDGHGR SULQFtSLR FRQWUDD$GPLQLVWUDomR3~EOLFD 3ULQFtSLRGDVXSUHPDFLDHGD FRQWLQXLGDGHGRVHUYLoRS~EOLFR
([FHomRGR FRQWUDWRQmR FXPSULGR
$WUDVR GHSDJDPHQWR VXSHULRUDGLDV &RQWUDWDGRSRGH SOHLWHDUDUHVFLVmR MXGLFLDO
$SOLFDELOLGDGH QRVFRQWUDWRV DGPLQLVWUDWLYRV
&DODPLGDGH S~EOLFD
$EUDQGDPHQWR
([FHWR
*UDYH SHUWXUEDomR GDRUGHP *XHUUD
/HLDUW;9
LY5HVFLVmRGH SOHQRGLUHLWR
'HFRUUHGHIDWRH[WLQWLYR
2EMHWR 6XMHLWR
,QGHSHQGHGHPDQLIHVWDomRGHYRQWDGH
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
6(59,'25(63Ò%/,&26$*(17(63Ò%/,&26
&RQFHLWR
$JHQWHVS~EOLFRVVmRWRGRVDTXHOHVTXHH[HUFHP IXQomRS~EOLFDFRPRSUHSRVWRVGR(VWDGR
6mRDTXHOHVYLQFXODGRVDR(VWDGRSRU XPDUHODomRSHUPDQHQWHGHWUDEDOKR D &RQFHLWR
([HUFHPFRPFDUiWHUGHSHUPDQrQFLDXPDIXQomRS~EOLFD 6mRRVXVXDOPHQWHFRQKHFLGRVFRPR6(59,'25(63Ò%/,&26 ([HUFHPHIHWLYDSURILVVmRTXDQGR QRGHVHPSHQKRGHVXDVIXQo}HV
L3URILVVLRQDOLGDGH E &DUDFWHUtVWLFDV
LL'HILQLWLYLGDGH
5HJUDJHUDORVHUYLGRUH[HUFHVXD IXQomRFRPFXQKRGHSHUPDQrQFLD )XQomRGHFDUiWHUWHPSRUiULR
([FHomR
LLL5HODomRMXUtGLFDGHWUDEDOKR 0HPEURVGR3RGHU-XGLFLiULR
,9LWDOtFLR 2FXSDP FDUJR S~EOLFR
$JHQWH DGPLQLVWUDWLYR L6HUYLGRU HVWDWXWiULR
0HPEURVGRV 7ULEXQDLVGH&RQWDV
3DUWHGDGRXWULQDFODVVLILFDRV RFXSDQWHVGHFDUJRVYLWDOtFLRV FRPRDJHQWHVSROtWLFRV
,,(IHWLYR
2FXSDQWH GHFDUJRV
,VRODGRVRX 2UJDQL]DGRV HPFDUUHLUD
,,,(PFRPLVVmR
F 7LSRV
$JHQWHV 3~EOLFRV
0HPEURVGR0LQLVWpULR3~EOLFR
5HJLPHOHJDO
(VWDWXWRMXUtGLFRHVWDWXWiULR
2FXSDPHPSUHJRS~EOLFR LL(PSUHJDGRS~EOLFR
5HJLPHFRQWUDWXDO
&/7
([HUFHPIXQomRS~EOLFD LLL6HUYLGRU WHPSRUiULR
1HFHVVLGDGHWHPSRUiULDGH H[FHSFLRQDOLQWHUHVVHS~EOLFR 5HJLPHMXUtGLFRHVSHFLDOPLVWR &)DUW,;
D &RQFHLWR
6mRRVDJHQWHVS~EOLFRVTXHH[HUFHPDIXQomRSROtWLFD
$JHQWH SROtWLFR
3RVVXHPVWDWXV FRQVWLWXFLRQDO E &DUDFWHUtVWLFDV
俶 6XMHLWRVjVUHJUDVGD&RQVWLWXLomR)HGHUDO 俺1mRVXMHLWRVjV UHJUDV GRVVHUYLGRUHVS~EOLFRV
1mRHVWmRHPUHJUDVXMHLWRVjKLHUDUTXLD
5HFHEHPGR(VWDGRDFRPSHWrQFLDSDUDH[HFXWDUGHWHUPLQDGDDWLYLGDGHS~EOLFD
$JHQWHHP GHOHJDomR $JHQWH KRQRUtILFR
([
/HLORHLURVSHULWRVVHUYLoRVQRWDULDLV &RQFHVVLRQiULRVSHUPLVVLRQiULRVHDXWRUL]DWiULRV
&RODERUDPFRPR(VWDGRWHPSRUDULDPHQWH 1mRSRVVXHPYtQFXORSURILVVLRQDOFRPD$GPLQLVWUDomR3~EOLFD ([-XUDGRVPHViULRVHWF
$JHQWHFUHGHQFLDGR
5HFHEHPDLQFXPErQFLDGHUHSUHVHQWDUD $GPLQLVWUDomR3~EOLFDHPGHWHUPLQDGDVDWLYLGDGHV
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
6(59,'25(63Ò%/,&261250$6&2167,78&,21$,6,
1RUPDGHHILFiFLDFRQWLGD
'HYHSUHHQFKHURVUHTXLVLWRVHVWDEHOHFLGRVQDOHL
5HTXLVLWRVSDUD DFHVVRDFDUJRVH HPSUHJRVS~EOLFRV
L%UDVLOHLUR
俺 (GLWDOQmRSRGH HVWDEHOHFHU
,'HYHPVHU SUHYLVWRVHPOHL
UHTXLVLWRVRXUHVWULo}HVDRDFHVVR
,,'HYHPREVHUYDURSULQFtSLRGDUD]RDELOLGDGH HHVWDUUHODFLRQDGRV jQDWXUH]DGDVDWULEXLo}HV GRFDUJRRXHPSUHJR ,,,'HYHPVHSDXWDUHPFULWpULRVREMHWLYRV
D &DUJR HPSUHJR HIXQomR S~EOLFD
&)DUW, 1DIRUPDGDOHL
LL(VWUDQJHLUR
1RUPDFRQVWLWXFLRQDOGHHILFiFLDOLPLWDGD
&)DUW, ,3UHVLGHQWHH9LFH3UHVLGHQWHGD5HS~EOLFD
$FHVVR
,,3UHVLGHQWHGD&kPDUDGRV'HSXWDGRVHGR6HQDGR)HGHUDO
LLL&DUJRV SULYDWLYRV GHEUDVLOHLURQDWR
,,,0LQLVWURGR6XSUHPR7ULEXQDO)HGHUDO ,90LQLVWURGH(VWDGRGD'HIHVD
&)DUW
92ILFLDOGDV)RUoDV$UPDGDV 9,&DUUHLUDGLSORPiWLFD (IHWLYR
2EULJDWyULR
L&DUJRS~EOLFR
LL E &RQFXUVR S~EOLFR
3UD]RGH YDOLGDGH
俺 &RPLVVmR
/LYUHQRPHDomRHH[RQHUDomR 1mRSUHFLVDGHFRQFXUVR
(PSUHJRS~EOLFR
$WpDQRV
3URUURJiYHO
YH]SRULJXDOSHUtRGR
&)DUW,,,
'XUDQWHRSUD]RLPSURUURJiYHORDSURYDGRVHUi FRQYRFDGRFRPSULRULGDGHVREUHQRYRVFRQFXUVDGRV
&)DUW,9 6~PXOD67)
eXPDJDUDQWLDGHRUGHPFRQVWLWXFLRQDO
6HUYLGRUHV 3~EOLFRV
D &RQFHLWR
&RQIHULGDDRFXSDQWHVGHFDUJRS~EOLFR()(7,92 9LVDDVVHJXUDUVXDSHUPDQrQFLDQRFDUJRHQTXDQWRDWHQGLGRVRVUHTXLVLWRVOHJDLV L$SURYDomRHPFRQFXUVRS~EOLFRSDUDFDUJRS~EOLFRGHSURYLPHQWRHIHWLYR
E 5HTXLVLWRV
LL7UrVDQRVGHHIHWLYRH[HUFtFLR LLL$YDOLDomRHVSHFLDOGHGHVHPSHQKRSRUFRPLVVmRLQVWLWXtGDSDUDHVVDILQDOLGDGH L6HQWHQoDMXGLFLDOWUDQVLWDGDHPMXOJDGR
(VWDELOLGDGH
LL3URFHVVRDGPLQLVWUDWLYRDVVHJXUDGDDPSODGHIHVD F +LSyWHVHV GH SHUGD GRFDUJR DSyVDHVWDELOLGDGH
LLL3URFHGLPHQWR GH DYDOLDomRSHULyGLFD GHGHVHPSHQKR
1RUPDFRQVWLWXFLRQDOGHHILFiFLDOLPLWDGD 1DIRUPDGDOHLFRPSOHPHQWDU &)DUW
LY&XPSULPHQWRGRVOLPLWHVFRPD GHVSHVDFRPSHVVRDODWLYRHLQDWLYR
俺 9HGDGD
1RUPDFRQVWLWXFLRQDO GHHILFiFLDOLPLWDGD &)DUW
$FXPXODomRUHPXQHUDGDGHFDUJRVHPSUHJRVRXIXQo}HV &)DUW;9,H;9,, FDUJRVGHSURIHVVRU &DUJRGHSURIHVVRU FDUJRWpFQLFRRXFLHQWtILFR +DYHQGR FRPSDWLELOLGDGH GHKRUiULRV
([FHWR
$FXPXODomR
FDUJRVSULYDWLYRVGDiUHDGHVD~GH 0DQGDWRGHYHUHDGRU 3HUPLVVmRSDUDMXt]HV H[HUFHUHPRPDJLVWpULR
&)DUW,,, &)DUWS~QLFR,
3HUPLVVmRSDUDPHPEURVGR0LQLVWpULR 3~EOLFRH[HUFHUHPRPDJLVWpULR
俺9HGDGD
DFXPXODomR
$FXPXODomRGHUHPXQHUDomR FRPSURYHQWRVGHDSRVHQWDGRULD GRUHJLPHGHSUHYLGrQFLD SUySULRGRVVHUYLGRUHV5336
&)DUW,,G
3URYHQWRVGHDSRVHQWDGRULDGR5336FRP 5HPXQHUDomRGHFDUJRHPSUHJRRXIXQomR &DUJRVDFXPXOiYHLVQDIRUPDGD&RQVWLWXLomR
([FHWR SDUD &)DUW
&DUJRVHOHWLYRV &DUJRVHPFRPLVVmR
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
6(59,'25(63Ò%/,&261250$6&2167,78&,21$,6,,
$RVHUYLGRUS~EOLFRFLYLOpJDUDQWLGRRGLUHLWRjOLYUHDVVRFLDomRVLQGLFDO
'LUHLWRD $VVRFLDomR6LQGLFDO
1RUPDFRQVWLWXFLRQDOGHHILFiFLDSOHQD )L[DomRGHYHQFLPHQWRV GRVVHUYLGRUHVS~EOLFRV
俺1mRSRGHVHUREMHWRGHFRQYHQomRFROHWLYD 6~PXOD67)
)L[DGDHPSDUFHOD~QLFD
0RGDOLGDGHGHUHPXQHUDomR FRQIHULGDDFHUWRVFDUJRV
9HGDGRRDFUpVFLPRGHJUDWLILFDomRDGLFLRQDO DERQRSUrPLR YHUEDGHUHSUHVHQWDomRRXRXWUD HVSpFLHUHPXQHUDWyULD
&KHIHVGR3RGHU([HFXWLYR
0LQLVWURVGH(VWDGR 2EULJDWyULR SDUD
D 6XEVtGLR
6HFUHWiULRV(VWDGXDLVH0XQLFLSDLV 3RGHU/HJLVODWLYR 3RGHU-XGLFLiULR
0HPEURVGR
0LQLVWpULR3~EOLFR 7ULEXQDLVGH&RQWDV
3RGHPDGRWDU
6HUYLGRUHVS~EOLFRVRUJDQL]DGRVHPFDUUHLUD
E 9HQFLPHQWRVUHPXQHUDomRHPVHQWLGRHVWULWR $SOLFDGRDRVVHUYLGRUHVHVWDWXWiULRV
5HWULEXLomRSHFXQLiULDSHORH[HUFtFLRGRFDUJRS~EOLFR &RPSRVLomR
9HQFLPHQWRV
9HQFLPHQWREiVLFR GRFDUJR
9DQWDJHQVSHFXQLiULDV SHUPDQHQWHV
2YHQFLPHQWRGRFDUJRHIHWLYRDFUHVFLGRGHYDQWDJHQVSHUPDQHQWHVpLUUHGXWtYHO
6HUYLGRUHV 3~EOLFRV
F 6DOiULR
&RQWUDSUHVWDomRSHFXQLiULDSDJDDRVHPSUHJDGRVS~EOLFRV 6XEVtGLRGR0LQLVWURGR67) L8QLmR
6LVWHPD 5HPXQHUDWyULR
)L[DGRSRUOHLGHLQLFLDWLYDGR67)
eRWHWRJHUDOSDUDWRGRVRV3RGHUHV HPWRGDVDVHVIHUDVGD)HGHUDomR 3RGHU([HFXWLYR
3RGHU/HJLVODWLYR
6XEVtGLRGR*RYHUQDGRU 6XEVtGLRGRV'HSXWDGRV (VWDGXDLV'LVWULWDLV
6XEVtGLRGRV'HVHPEDUJDGRUHVGR 7ULEXQDOGH-XVWLoDOLPLWDGRD GRVXEVtGLRGR0LQLVWURGR67) LL(VWDGRV')
3RGHU -XGLFLiULR
/LPLWHDSOLFiYHO WDPEpPDRV
,0HPEURVGR 0LQLVWpULR3~EOLFR
,,3URFXUDGRUHV ,,,'HIHQVRUHV3~EOLFRV
G /LPLWHV
)DFXOWDGRDRV(VWDGRV')IL[DUFRPROLPLWH ~QLFRRVXEVtGLRGRV'HVHPEDUJDGRUHVGR72EV
LLL0XQLFtSLRV
0HGLDQWHHPHQGDj&RQVWLWXLomR(VWDGXDO
1mRVHDSOLFDROLPLWHDRVXEVtGLR GRV 'HSXWDGRV (VWDGXDLV'LVWULWDLV QHPGRV9HUHDGRUHV
6XEVtGLRGR3UHIHLWR
&)DUW LY6DOiULR GRV HPSUHJDGRV S~EOLFRV
$SOLFDELOLGDGHGRWHWRVRPHQWHjVHVWDWDLVTXH UHFHEHUHPUHFXUVRVGRHQWHSROtWLFRSDUDSDJDPHQWR GHGHVSHVDVGHSHVVRDORXGHFXVWHLRHPJHUDO
Y3DUFHODV GH FDUiWHU LQGHQL]DWyULRSUHYLVWDVHPOHL
1mRVmRFRPSXWDGDVQDDSOLFDomRGRWHWR &)DUW
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
6(59,'25(63Ò%/,&261250$6&2167,78&,21$,6,,, ([HUFLGRQRVWHUPRVHQRVOLPLWHV GHILQLGRVHPOHLHVSHFtILFD
'LUHLWR GH*UHYH
67)
1RUPDFRQVWLWXFLRQDO GHHILFiFLDOLPLWDGD &)DUW9,,
$SOLFDomRHQTXDQWRQmRHGLWDGDDOHLTXHUHJXODPHQWDRLQFLVR9,,GR DUWGD&)QRTXHFRXEHUGDOHLGHJUHYHYLJHQWHQRVHWRUSULYDGR
6HUYLGRUHVS~EOLFRVWLWXODUHVGHFDUJRHIHWLYR D $EUDQJrQFLD
$SOLFDVH R 5HJLPH *HUDO GH 3UHYLGrQFLD 6RFLDO&)DUW
&DUJRHPFRPLVVmR
俺 1mRVHDSOLFD
DRRFXSDQWHGH
(PSUHJRS~EOLFR &DUJRWHPSRUiULR
3DUDFRQFHVVmRGHDSRVHQWDGRULDRTXHLPSRUWDpRWHPSR GHFRQWULEXLomR HQmRRWHPSRGHVHUYLoR俺
L5HJLPH FRQWULEXWLYR E &DUDFWHUtVWLFDV
LL5HJLPH VROLGiULR
/HJLWLPRXDH[LJrQFLDGHFRQWULEXLomRGRV DSRVHQWDGRVHSHQVLRQLVWDV&)DUW
&DOFXODGRVDSDUWLUGDVUHPXQHUDo}HVXWLOL]DGDVFRPR EDVHSDUDFRQWULEXLomRGRVHUYLGRUQDIRUPDGDOHL F 3URYHQWRV GH DSRVHQWDGRULD
5HSUHVHQWRXRILPGDVDSRVHQWDGRULDVFRPSURYHQWRVLQWHJUDLVSDUD RVVHUYLGRUHVTXHLQJUHVVDUDPQRVHUYLoRS~EOLFRGHSRLVGD(& $(&VXSULPLXDUHJUDTXHDVVHJXUDYDSDULGDGHHQWUHRVSURYHQWRV GHDSRVHQWDGRULDHSHQVmRHDUHPXQHUDomRGRVVHUYLGRUHVDWLYRV 3URYHQWRVSURSRUFLRQDLVDRWHPSRGHFRQWULEXLomR L$FLGHQWHHPVHUYLoR LL0ROpVWLDSURILVVLRQDO
LLL'RHQoDJUDYHFRQWDJLRVDRXLQFXUiYHO L,QYDOLGH] SHUPDQHQWH
6HUYLGRUHV 3~EOLFRV
俺 ([FHWR
LY 6HUYLGRUHV DSRVHQWDGRV SRU LQYDOLGH] TXHWHQKDPLQJUHVVDGRQR VHUYLoR S~EOLFRDWp(& 2VSURYHQWRVVHUmRFDOFXODGRVFRPEDVH QRYDORUGDUHPXQHUDomRGRFDUJRHIHWLYR HPTXHVHGHUDDSRVHQWDGRULDDVVHJXUDGD DSDULGDGHGHUHDMXVWHFRPRVDWLYRV
5HJLPHGH 3UHYLGrQFLD 3UySULRGRV 6HUYLGRUHV 3~EOLFRV
3URYHQWRVSURSRUFLRQDLVDRWHPSRGHFRQWULEXLomR LL&RPSXOVyULD
DQRV 5HTXLVLWRGH WHPSRPtQLPR SDUDRVGRLVFDVRV
LLL9ROXQWiULD G +LSyWHVHVGH DSRVHQWDGRULD
,3URYHQWRV QmR SURSRUFLRQDLV DRWHPSRGH FRQWULEXLomR
DQRVGHHIHWLYRH[HUFtFLR QRVHUYLoRS~EOLFR DQRVQRFDUJRHIHWLYRHP TXHVHGDUiDDSRVHQWDGRULD
3URYHQWRVFDOFXODGRVDSDUWLUGDV UHPXQHUDo}HVXWLOL]DGDVFRPREDVH SDUDDVFRQWULEXLo}HVGRVHUYLGRU ,GDGHPtQLPD +RPHP
0XOKHU
&DVRV
DQRV
7HPSRGH FRQWULEXLomR
DQRV
,GDGHPtQLPD
DQRV
7HPSRGH FRQWULEXLomR
DQRV
2EV3URIHVVRUH[FOXVLYRGDHGXFDomRLQIDQWLO HGRHQVLQRIXQGDPHQWDOHPpGLR 7HPSRGHFRQWULEXLomRHLGDGHUHGX]LGRVHPDQRV 1mRYDOHSDUDSURIHVVRUHVXQLYHUVLWiULRV ,,3URYHQWRV SURSRUFLRQDLVDR WHPSRGHFRQWULEXLomR
+RPHP 0XOKHU
DQRV
,GDGHPtQLPD
,GDGHPtQLPD
DQRV
%HQHItFLRFRQFHGLGRDRVHUYLGRUTXH SHUPDQHFHWUDEDOKDQGR DSyVWHUFXPSULGRWRGRVRVUHTXLVLWRVSDUDDDSRVHQWDGRULD YROXQWiULDQmRSURSRUFLRQDODRWHPSRGHFRQWULEXLomR H $ERQRGH SHUPDQrQFLD
6HUYLGRUILFDGLVSHQVDGRGRSDJDPHQWRGDFRQWULEXLomRSUHYLGHQFLiULD DWpFRPSOHWDUDVH[LJrQFLDVSDUDDDSRVHQWDGRULDFRPSXOVyULD
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
6(59,'25(63Ò%/,&26/(,, $WRDGPLQLVWUDWLYRSHORTXDOVHSUHHQFKHRFDUJRYDJR L2ULJLQiULR D &RQFHLWR
9tQFXORLQLFLDOGRVHUYLGRUDRFDUJR 1RPHDomR 'HSHQGHGHYtQFXORDQWHULRUFRPD$GPLQLVWUDomR3~EOLFD
3RGHVHU LL'HULYDGR
9HGDGRV
$&(662RX$6&(162 HD75$16)(5Ç1&,$
'HFODUDGRV LQFRQVWLWXFLRQDLV
)RUPDGHSURYLPHQWRRULJLQiULR L1RPHDomR
&DUJRHIHWLYRPHGLDQWHFRQFXUVRS~EOLFR &DUJRHPFRPLVVmR
1mRH[LJHFRQFXUVRS~EOLFR
)RUPDGHSURYLPHQWRGHULYDGR LL3URPRomR
)RUPDGHYDFkQFLDGRFDUJRDQWHULRU (PFDUJRHIHWLYRRUJDQL]DGRHPFDUUHLUD )RUPDGHSURYLPHQWRGHULYDGR ,QYHVWLGXUDGRVHUYLGRUHPFDUJRGHDWULEXLo}HVFRPSDWtYHLVFRPD OLPLWDomRTXHWHQKDVRIULGRHPVXDFDSDFLGDGHItVLFDRXPHQWDO
LLL5HDGDSWDomR
9HULILFDGDHPLQVSHomRPpGLFD &DVRQmRKDMDFDUJRYDJRRVHUYLGRUILFDUiFRPRH[FHGHQWH )RUPDGHSURYLPHQWRGHULYDGR -XQWDPpGLFDRILFLDOGHFODUDLQVXEVLVWHQWHV RVPRWLYRVGDDSRVHQWDGRULD
,3RU LQYDOLGH]
LY5HYHUVmR
3URYLPHQWR
(QFRQWUDQGRVHSURYLGRRFDUJR RVHUYLGRUILFDUiFRPRH[FHGHQWH 1RLQWHUHVVHGD$GPLQLVWUDomR3~EOLFD
5HWRUQRj DWLYLGDGHGR DSRVHQWDGR
L7HQKDVROLFLWDGRDUHYHUVmR ,,9ROXQWiULR
LL $DSRVHQWDGRULDWHQKD VLGRYROXQWiULD 5HTXLVLWRV
LLL(VWiYHOTXDQGRQDDWLYLGDGH LY$SRVHQWDGRULDRFRUULGDQRV DQRVDQWHULRUHVjVROLFLWDomR
E )RUPDV
Y+DMDFDUJRYDJR
/HL
)RUPDGHSURYLPHQWRGHULYDGR 5HWRUQRjDWLYLGDGHGRVHUYLGRUHPGLVSRQLELOLGDGH Y$SURYHLWDPHQWR
(QTXDQWRHPGLVSRQLELOLGDGHpUHPXQHUDGRSURSRUFLRQDOPHQWH DRWHPSRGHVHUYLoRHQmRDRWHPSRGHFRQWULEXLomR ([FOXVLYRSDUDVHUYLGRUHVWiYHO )RUPDGHSURYLPHQWRGHULYDGR 5HWRUQRjDWLYLGDGHGRLOHJDOPHQWHGHPLWLGR 5HVVDUFLPHQWRGHWRGRVRVSUHMXt]RVVRIULGRV 2VHUYLGRUVHUiDSURYHLWDGRHPRXWURFDUJRRX ([WLQWRRFDUJR
YL5HLQWHJUDomR (YHQWXDORFXSDQWH GRFDUJRSRGHUiVHU
)LFDUiHPGLVSRQLELOLGDGHFRPUHPXQHUDomR SURSRUFLRQDODRWHPSRGHVHUYLoR ,5HFRQGX]LGRDRFDUJRGHRULJHP VHPGLUHLWRjLQGHQL]DomR ,,$SURYHLWDGRHPRXWURFDUJR ,,,3RVWRHPGLVSRQLELOLGDGH FRP UHPXQHUDomR SURSRUFLRQDODRWHPSRGHVHUYLoR
([FOXVLYRSDUDVHUYLGRUHVWiYHO )RUPDGHSURYLPHQWRGHULYDGR
YLL5HFRQGXomR
,(VWiJLR SUREDWyULR UHODWLYRDRXWURFDUJR &DVRV
,QDELOLWDomR 'HVLVWrQFLD6~PXOD$*8
,,5HLQWHJUDomRGRDQWHULRURFXSDQWH
([FOXVLYRSDUDVHUYLGRUHVWiYHO $WRELODWHUDOHQWUHRDSURYDGRHPFRQFXUVRS~EOLFRHD$GPLQLVWUDomR3~EOLFD D &RQFHLWR
3RVVH
1mRFRQIXQGLU FRP120($d2 3UD]RSDUD 3266(
E 3UD]R
$WRXQLODWHUDOGD$GPLQLVWUDomR3~EOLFD IRUPDGHSURYLPHQWRRULJLQiULRGRFDUJR
GLDVFRQWDGRVGDSXEOLFDomRGRDWRGHSURYLPHQWR 2EV
3UD]RSDUDR(;(5&Ë&,2
6HUiWRUQDGRVHPHIHLWRRDWRGHSURYLPHQWR VHDSRVVHQmRRFRUUHUQRSUD]RSUHYLVWR GLDVFRQWDGRVGDGDWDGDSRVVH
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
6(59,'25(63Ò%/,&26/(,,, 6mRDVKLSyWHVHVSUHYLVWDVQDOHLQDVTXDLVRVHUYLGRUGHVRFXSD RFDUJRWRUQDQGRRSDVVtYHOGHVHUSUHHQFKLGRSRURXWUDSHVVRD
,5HSURYDomRHPHVWiJLRSUREDWyULR &DUJR HIHWLYR
'HRItFLR
,,7RPDSRVVHHQmRHQWUDHP H[HUFtFLRQRSUD]ROHJDO
$SHGLGR
/HLDUW $MXt]RGDDXWRULGDGHFRPSHWHQWH &DUJRHPFRPLVVmR
L([RQHUDomR
$SHGLGR /HLDUW
([FHVVRGHGHVSHVDVFRPSHVVRDODWLYRHLQDWLYR 2EV
)RUPDV
&)DUW
1mRpVDQomR
eVDQomRSHQDOLGDGHGLVFLSOLQDUDVHU DSOLFDGDQRVFDVRVOHJDOPHQWHSUHYLVWRV
9DFkQFLD
LL'HPLVVmR
/HLDUW
LLL3URPRomR LY5HDGDSWDomR
Y$SRVHQWDGRULD
3DVVDJHPGRVHUYLGRUGDDWLYLGDGHSDUD DLQDWLYLGDGHVHJXQGRDVUHJUDVSUySULDV
YL)DOHFLPHQWR
YLL3RVVHHPRXWURFDUJRLQDFXPXOiYHO 2HVWDWXWRQmRLQFOXLQRUROGHYDFkQFLDVDUHFRQGXomR &RQWXGRQDSUiWLFDTXDQGRGHVXDRFRUUrQFLDKiSURYLPHQWR GHXPFDUJRHDRPHVPRWHPSRRXWURILFDYDJR 2EV
/HL
)RUPDVGHSURYLPHQWR HYDFkQFLD
3URPRomRHUHDGDSWDomR
/HL 'RXWULQD
3URPRomRUHDGDSWDomRHUHFRQGXomR
3HUtRGRGHH[HUFtFLRGRVHUYLGRUGXUDQWHRTXDOpREVHUYDGDHDSXUDGDSHOD$GPLQLVWUDomR DFRQYHQLrQFLDRXQmRGHVXDSHUPDQrQFLDQRVHUYLoRS~EOLFRPHGLDQWHDYHULILFDomRGRV UHTXLVLWRVHVWDEHOHFLGRVHPOHLSDUDDDTXLVLomRGDHVWDELOLGDGH DQRV
3UD]R
L$VVLGXLGDGH
(VWiJLR 3UREDWyULR
LL'LVFLSOLQD
LLL&DSDFLGDGHGHLQLFLDWLYD
&ULWpULRV
/HLDUW
LY3URGXWLYLGDGH Y5HVSRQVDELOLGDGH 'HVORFDPHQWRGR6(59,'25QRkPELWRGRPHVPRTXDGURFRPRXVHPPXGDQoDGHVHGH /HLDUW
5HPRomR
)RUPDV
L$SHGLGR
,$FULWpULRGD$GPLQLVWUDomR3~EOLFD ,,,QGHSHQGHQWHPHQWHGRLQWHUHVVHGD$GPLQLVWUDomR3~EOLFD
LL'HRItFLR 2EV
1mRpIRUPDGHSURYLPHQWRRXYDFkQFLD
'HVORFDPHQWRGR&$5*2GHSURYLPHQWRHIHWLYRRFXSDGRRXYDJRQRkPELWR GRTXDGURJHUDOGHSHVVRDOSDUDRXWURyUJmRRXHQWLGDGHGRPHVPR3RGHU
5HGLVWULEXLomR
/HLDUW 2EV
1mRpIRUPDGHSURYLPHQWRRXYDFkQFLD
6HUYLGRUHVLQYHVWLGRVHPFDUJRRXIXQomRGHGLUHomRRXFKHILDHRVRFXSDQWHVGHFDUJRGH 1DWXUH]D(VSHFLDOWHUmRVXEVWLWXWRVLQGLFDGRVQRUHJLPHQWRLQWHUQRRXQRFDVRGHRPLVVmR SUHYLDPHQWHGHVLJQDGRVSHORGLULJHQWHPi[LPRGRyUJmRRXHQWLGDGH
6XEVWLWXLomR
/HLDUWVH
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
6(59,'25(63Ò%/,&26352&(662$'0,1,675$7,92',6&,3/,1$53$' ,OtFLWRDVVRFLDGRDR H[HUFtFLRGRFDUJR
,OtFLWRV DGPLQLVWUDWLYRV GLVFLSOLQDUHV
$SXUDIDWRVUHODFLRQDGRVj GLVFLSOLQDGRVVHUYLGRUHV
L2EMHWLYD
D $EUDQJrQFLD
6HUYLGRUHVHVWDWXWiULRV LL6XEMHWLYD
(IHWLYR
2FXSDQWHVGHFDUJR
&RPLVVmR
$XWRULGDGHTXHWLYHUFLrQFLDGHLUUHJXODULGDGH QRVHUYLoRS~EOLFRpREULJDGDDSURPRYHUDVXD DSXUDomRPHGLDQWH
,QWURGXomR
E &LrQFLDGH LUUHJXODULGDGH
3$'
'HYHUGHDSXUDomR /HLDUW 1mRSRGH VHUDQ{QLPD
L,GHQWLILFDomRHHQGHUHoR GRGHQXQFLDQWH 5HTXLVLWRVGH DGPLVVLELOLGDGH
F 'HQ~QFLD
6LQGLFkQFLD
LL)RUPXODGDSRUHVFULWR
)RUPDO
LLL2REMHWRGDGHQ~QFLDGHYH FRQILJXUDULQIUDomRGLVFLSOLQDU 'HYHUGRVHUYLGRU
/HLDUW9,H;,,
(QFDPLQKDGDSHODYLDKLHUiUTXLFDHDSUHFLDGDSHOD DXWRULGDGHVXSHULRUjTXHODFRQWUDDTXDOpIRUPXODGD
G 5HSUHVHQWDomR
3$' 3URFHGLPHQWRDGPLQLVWUDWLYRTXH YLVDjDSXUDomRGHLUUHJXODULGDGH
6LQGLFkQFLDHPVHQWLGRDPSOR
3URFHGLPHQWRDGPLQLVWUDWLYRLQYHVWLJDWLYR GLVFULFLRQiULRHGHQDWXUH]DLQTXLVLWRULDO
L6LQGLFkQFLD LQTXLVLWRULDO
D &RQFHLWR 7LSRORJLD
LL6LQGLFkQFLD FRQWUDGLWyULD
3URFHGLPHQWRFpOHUHGHVWLQDGRDDSXUDU UHVSRQVDELOLGDGHGHPHQRUJUDYLGDGH /HL
RXVHUYLGRUHVHVWiYHLV
E &RPLVVmR
$/HLQmRHVWDEHOHFHQHQKXPDIDVH
6LQGLFkQFLD
F )DVHV
5HFRPHQGDPHVPRUHJUDPHQWRGR3$'5LWR2UGLQiULR
'RXWULQD
L$UTXLYDPHQWRGRSURFHVVR G &RQVHTXrQFLDV
LL$SOLFDomRGHSHQDOLGDGHGH
$GYHUWrQFLD 6XVSHQVmRGHDWpGLDV
LLL,QVWDXUDomRGH3$' L$GYHUWrQFLD H 3HQDOLGDGHV
I 3UD]RV
LL6XVSHQVmRSRUDWpGLDV
&RQFOXVmR
$WpGLDV 3URUURJDomR
3RULJXDOSUD]R
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
6(59,'25(63Ò%/,&263$'5,7225',1È5,2
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
L1RH[HUFtFLRGHVXDVDWULEXLo}HV28
,QVWUXPHQWRGHVWLQDGRDDSXUDUUHVSRQVDELOLGDGH GHVHUYLGRUSRULQIUDomRSUDWLFDGD
LL4XHWHQKDUHODomRFRPDVDWULEXLo}HV GRFDUJRHPTXHVHHQFRQWUHLQYHVWLGR
L6XVSHQVmRSRUPDLVGHGLDV 2EULJDWyULRTXDQGR LOtFLWR SUDWLFDGRHQVHMDUSHQDOLGDGHGH
&RQFHLWR
LL 2XWUDV PDLVJUDYHV
,'HPLVVmR
$SRVHQWDGRULD
,,&DVVDomRGH
'LVSRQLELOLGDGH
,,,'HVWLWXLomRGHFDUJRHPFRPLVVmR )RUPDGDSRUWUrV VHUYLGRUHVHVWiYHLV 2SUHVLGHQWHGD FRPLVVmRGHYHWHU
&RPLVVmR
3UD]RV
L&DUJRHIHWLYRGHPHVPRQtYHORXVXSHULRUHRX LL1tYHOGHHVFRODULGDGHLJXDORXVXSHULRUDRGRLQGLFLDGR 1mRH[FHGHUiGLDVFRQWDGRVGDSXEOLFDomRGRDWRFRQVWLWXWLYRGDFRPLVVmR
&RQFOXVmRGR3$'
3URUURJiYHOSRULJXDOSHUtRGR
,QLFLDFRPDSXEOLFDomRGRDWRTXHFRQVWLWXLUDFRPLVVmR D ,QVWDXUDomR
$QiOLVHSUpYLDHPTXHDDXWRULGDGHFRPSHWHQWH GHFLGHVHGHWHUPLQDRXQmRDLQVWDXUDomRGR3$'
'HYHVHUSUHFHGLGDGH H[DPHGHDGPLVVLELOLGDGH
'HYHKDYHU LQGtFLRVGH
L0DWHULDOLGDGHIDWR HRX LL$XWRULDVXMHLWR
%XVFDHOHPHQWRVSDUDDPSDUDUDIRUPDomRGH FRQYLFomRGDFRPLVVmRHGDDXWRULGDGHMXOJDGRUD 2EMHWLYDDFROHWDGHSURYDV $WRVGHLQVWUXomRSUREDWyULD UROH[HPSOLILFDWLYR
'LOLJrQFLDV 3HUtFLDV 'HSRLPHQWRVGHWHVWHPXQKDV ,QWHUURJDWyULRGRDFXVDGR
ÒOWLPRDWRGDLQVWUXomR ,QVWUXPHQWRGHDFXVDomRIRUPDOGRVHUYLGRU
L,QVWUXomR
3$' 5LWR 2UGLQiULR
6HUYLGRUSDVVDGHDFXVDGRSDUD,1',&,$'2
,QGLFLDomR
)DVHV
$LQGLFLDomR GHOLPLWDD DFXVDomR TXDQWRD
L$XWRULD
4XDOLILFDRVHUYLGRU
&RQWUDGLWyULR 'HVFUHYH RVIDWRV
LL0DWHULDOLGDGH E ,QTXpULWR DGPLQLVWUDWLYR
'LUHLWRGH FLrQFLD 'LUHLWRGH FRQWHVWDomR
$SRQWDDVSURYDV )RUPD
)RUPDHVFULWD 3ULQFtSLRGRIRUPDOLVPRPRGHUDGRLQVWUXPHQWDOLGDGHGDVIRUPDV 1mRDSUHVHQWDomRGDGHIHVDQRSUD]R
LL'HIHVD
5HYHOLD
(IHLWRVGD UHYHOLD
L'HVLJQDomR GH GHIHQVRUGDWLYR
6HUYLGRUHVWiYHORXQmR 5HTXLVLWRV
LL&RPSHWrQFLDSDUD GHVLJQDURGHIHQVRUGDWLYR
&DUJRHRX (VFRODULGDGH
$XWRULGDGHLQVWDXUDGRUD
'LULJLGRjDXWRULGDGHLQVWDXUDGRUD 0HQomRjVSURYDV
LLL5HODWyULR
'HYHVHU FRQFOXVLYR TXDQWRj
'HYHFRQWHUJUDXGHFRQYLFomR
,,QRFrQFLD 'LVSRVLWLYROHJDOWUDQVJUHGLGR
,,5HVSRQVDELOLGDGH
&LUFXQVWkQFLDV
F -XOJDPHQWR 'HYHPVHUFRQFHGLGRVDSDUWLUGDIDVHGRLQTXpULWRDGPLQLVWUDWLYR
&RQWUDGLWyULRHDPSODGHIHVD
/HLDUW
&DEtYHO
$IDVWDPHQWR SUHYHQWLYR
0HGLGDFDXWHODU 3UD]R
3DUDTXHVHUYLGRUQmRYHQKDLQIOXLUQDDSXUDomR 1mRpSHQDOLGDGH
$WpGLDV 3URUURJiYHOSRULJXDOSHUtRGR
$JUDYDQWHV $WHQXDQWHV
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
6(59,'25(63Ò%/,&263$'5,72680È5,2(35$=26 &DUJRV L$FXPXODomRLOHJDOGH
(PSUHJRVRX )XQo}HVS~EOLFDV
LL$EDQGRQR GHFDUJR
D +LSyWHVHV
$XVrQFLDLQWHQFLRQDOSRUPDLVGHGLDV /HLDUW )DOWDLQMXVWLILFDGDSRUGLDV
LLL,QDVVLGXLGDGH KDELWXDO
,QWHUSRODGDPHQWHHP SHUtRGRGHPHVHV
5LWR 6XPiULR
/HLDUW VHUYLGRUHVHVWiYHLV
E &RPLVVmR
L,QVWDXUDomR
F )DVHV
,QGLFDomR
$XWRULD 0DWHULDOLGDGHGDWUDQVJUHVVmR
,,QGLFLDomR LL,QVWUXomRVXPiULD
,,'HIHVD
,,,5HODWyULR
3$' 5LWR 6XPiULR H3UD]RV
LLL-XOJDPHQWR
3UD]RSDUDFRQFOXVmRPDLVSUD]RSDUDMXOJDPHQWR
L6LQGLFkQFLD D 3UD]RGR SURFHVVR
GLDV
LL3$'5LWRRUGLQiULR LLL3$'5LWRVXPiULR
GLDV
GLDV
L3HQDVH[SXOVLYDVFDSLWDLV
3UD]RV
LL6XVSHQVmR LLL$GYHUWrQFLD E 3UHVFULomR
DQRV GLDV ,&RPHoD DFRUUHU
PRPHQWRV
DQRV
,,,QWHUURPSH
,,,5HFRPHoD
$SDUWLUGHTXDQGRRIDWR VHWRUQRXFRQKHFLGR $EHUWXUDVLQGLFkQFLD ,QVWDXUDomR3$' $SyVSUD]RGHFLVmRILQDO SUD]RSURFHVVR
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
&21&(,72'(6(59,d23Ò%/,&2
,QWURGXomR
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
$WXDOPHQWHDOJXQVDXWRUHVDGRWDPXPFRQFHLWRDPSORSDUDVHUYLoR S~EOLFRHQTXDQWRRXWURVDGRWDPXPFRQFHLWRUHVWULWRQmRVH SRGHQGRDILUPDUFRQWXGRTXHXPVHMDPDLVFRUUHWRTXHRRXWUR
2VVHUYLoRVS~EOLFRVLQFOXLULDPWRGDVDVDWLYLGDGHVGR(VWDGRIXQomRS~EOLFD /HJLVODomR
俶 ,QFOXL 0DLV DPSOR
-XULVGLomR
([HFXomR
2EV
2&HVSHDGRWRXHVVHFRQFHLWR7&8 DRFRQVLGHUDUHUUDGDDDILUPDWLYD VHJXQGRDTXDOR')GHYHULDSUHVWDURVVHUYLoRVS~EOLFRVSUHYLVWRVFRPRGH FRPSHWrQFLDGRV(VWDGRVHGRV0XQLFtSLRVFXPXODWLYDPHQWH
2VVHUYLoRVS~EOLFRVDEUDQJHULDPDVDWLYLGDGHV GHDGPLQLVWUDomRS~EOLFDHPVHQWLGRPDWHULDO ([FOXL
/HJLVODomR -XULVGLomR 6HUYLoRS~EOLFRHPVHQWLGRHVWULWR 6HUYLoRS~EOLFR
$PSOR
俶 ,QFOXL
([HFXomR
6HUYLoRVDGPLQLVWUDWLYRV GD$GPLQLVWUDomR3~EOLFD
3ROtFLDDGPLQLVWUDWLYD )RPHQWR ,QWHUYHQomRLQGLUHWDQRGRPtQLRHFRQ{PLFR
&RQFHLWRGH 6HUYLoR 3~EOLFR
2VVHUYLoRV S~EOLFRV DEUDQJHULDP
L6HUYLoRS~EOLFR HP VHQWLGRHVWULWR
3UHVWDo}HVGHXWLOLGDGHVRXFRPRGLGDGHV PDWHULDLVHIHWXDGDV',5(7$0(17(j SRSXODomRSHOD$GPLQLVWUDomR3~EOLFDRX VHXVGHOHJDWiULRV
LL 6HUYLoRVDGPLQLVWUDWLYRV GD$GPLQLVWUDomR3~EOLFD
$WLYLGDGHVLQWHUQDVDWLYLGDGHVPHLR GD$GPLQLVWUDomR3~EOLFDYROWDGDV ,1',5(7$0(17(DRVLQWHUHVVHVRX QHFHVVLGDGHVGRVDGPLQLVWUDGRV
/HJLVODomR
5HVWULWR
-XULVGLomR 3ROtFLDDGPLQLVWUDWLYD
([FOXL ([HFXomR
)RPHQWR ,QWHUYHQomRLQGLUHWDQRGRPtQLRHFRQ{PLFR
,QFOXL 2EV
6HUYLoRS~EOLFR
6HUYLoRS~EOLFRHPVHQWLGRHVWULWR 6HUYLoRVDGPLQLVWUDWLYRVGD$GPLQLVWUDomR3~EOLFD
&RQFHLWRDGRWDGRSRU0DULD6\OYLD'L3LHWUR
2VVHUYLoRVS~EOLFRVDEUDQJHULDPVRPHQWHDVSUHVWDo}HVGH XWLOLGDGHVRXFRPRGLGDGHVPDWHULDLVHIHWXDGDV',5(7$0(17( jSRSXODomRSHOD$GPLQLVWUDomR3~EOLFDRXVHXVGHOHJDWiULRV
6HUYLoRS~EOLFRHP VHQWLGRHVWULWR
/HJLVODomR -XULVGLomR
0DLV UHVWULWR
6HUYLoRVDGPLQLVWUDWLYRVGD$GPLQLVWUDomR3~EOLFD
([FOXL ([HFXomR
3ROtFLDDGPLQLVWUDWLYD )RPHQWR ,QWHUYHQomRLQGLUHWDQRGRPtQLRHFRQ{PLFR
俶 ,QFOXL
6RPHQWHRVHUYLoRS~EOLFRHPVHQWLGRHVWULWR
2EV&RQFHLWRDGRWDGRSRU&HOVR$QW{QLR0DUFHOR$OH[DQGULQRH9LFHQWH3DXOR
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
6(59,d263Ò%/,&26&216,'(5$d®(6*(5$,6
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
(PVXDVRULJHQVRVDXWRUHVDGRWDYDP &5,7e5,26SDUDFRQFHLWXDUVHUYLoRS~EOLFR 6HUYLoRVS~EOLFRVVHULDPVRPHQWHDTXHOHVSUHVWDGRVGLUHWDPHQWH SHOR(67$'2PHGLDQWHVHXVyUJmRVRXHQWLGDGHVHVWDWDLV D &ULWpULR RUJkQLFR VXEMHWLYR
&UtWLFD
(VVHFULWpULRHQWURXHPGHFOtQLRFRPRVXUJLPHQWRGHIRUPDVGH SUHVWDomRLQGLUHWDGHVHUYLoRVS~EOLFRVGHOHJDomRDSHVVRDVSULYDGDV
$GRWDGRSHODHVFRODRXFRUUHQWHHVVHQFLDOLVWD 8WLOL]DFRPRFULWpULRSDUDGHILQLomRGHVHUYLoRS~EOLFRDQDWXUH]DGDDWLYLGDGHUHOHYkQFLD 6HUYLoRVS~EOLFRVVHULDPDTXHOHVUHODFLRQDGRVj VDWLVIDomRGH1(&(66,'$'(6(66(1&,$,6GD FROHWLYLGDGHLQWHUHVVHVFROHWLYRVSULPiULRV
E &ULWpULR PDWHULDO REMHWLYR
6HUYLoRV HVVHQFLDLV
1HPVHPSUHRVVHUYLoRVS~EOLFRVFRQVWLWXHPDWLYLGDGHVHVVHQFLDLVjFROHWLYLGDGH &UtWLFD
&ULWpULRV
([LVWHPDWLYLGDGHVSUHVWDGDVSHOR(VWDGRHPUD]mRGDVXD FRQYHQLrQFLDLQWHUHVVHVFROHWLYRVQmRHVVHQFLDLV 6HUYLoRV~WHLV
$GRWDGRSHODHVFRODRXFRUUHQWHIRUPDOLVWDOHJDOLVWD 'HIHQGHDWHVHGHTXHQmRpSRVVtYHOLGHQWLILFDUXPQ~FOHRUHODWLYRj QDWXUH]DGDDWLYLGDGHTXHDOHYHDVHUFODVVLILFDGDFRPRVHUYLoRS~EOLFR 8WLOL]DFRPRFULWpULRSDUDGHILQLomRGHVHUYLoRS~EOLFR RUHJLPHMXUtGLFRVRERTXDODDWLYLGDGHpGHVHQYROYLGD F &ULWpULR IRUPDO
6HUYLoRVS~EOLFRVVHULDPDVDWLYLGDGHV HVWDWDLVH[HUFLGDVVREUHJLPHMXUtGLFR GH',5(,723Ò%/,&2
6XSUHPDFLDGRLQWHUHVVHS~EOLFR ,QGLVSRQLELOLGDGHGRLQWHUHVVHS~EOLFR
&RQFHLWRPXLWRDPSORTXHDEUDQJHULDDOpPGD IXQomRDGPLQLVWUDWLYDDMXULVGLFLRQDOHDOHJLVODWLYD &UtWLFD
(PDOJXQVFDVRVLQFLGHPUHJUDVGHGLUHLWRSULYDGR UHJLPHMXUtGLFRKtEULGR SULQFLSDOPHQWHTXDQGRR VHUYLoRS~EOLFRpH[HFXWDGRSRUSHVVRDVSULYDGDV
2VHUYLoRpSUHVWDGRSHODDGPLQLVWUDomRGLUHWD
D &HQWUDOL]DGD
6HUYLoRV 3~EOLFRV
2VHUYLoRpSUHVWDGRSRUSHVVRDGLIHUHQWHGRHQWH IHGHUDGRDTXHD&RQVWLWXLomRDWULEXLDWLWXODULGDGH
2VHUYLoRpSUHVWDGRSRUHQWLGDGHGDDGPLQLVWUDomR LQGLUHWDjTXDODOHLWUDQVIHUHDVXDWLWXODULGDGH
)RUPDVGH SUHVWDomR
L3RUVHUYLoRV
'HVFHQWUDOL]DomRPHGLDQWHRXWRUJDOHJDO
E 'HVFHQWUDOL]DGD
2VHUYLoRpSUHVWDGRSRUSDUWLFXODUHVDRV TXDLVPHGLDQWHGHOHJDomRGR3RGHU3~EOLFR pDWULEXtGDDVXDPHUDH[HFXomR LL3RUFRODERUDomR
'HVFHQWUDOL]DomRPHGLDQWHGHOHJDomR
,QFXPEHDR3RGHU3~EOLFRGLUHWDPHQWHRXVREUHJLPH GHFRQFHVVmRRXSHUPLVVmRVHPSUHDWUDYpVGH OLFLWDomRDSUHVWDomRGHVHUYLoRVS~EOLFRV 'LVSRVLo}HV FRQVWLWXFLRQDLV &)DUW
$OHLGLVSRUi VREUH
&)DUW
6HUYLoRVS~EOLFRV HFRQ{PLFRV
L 5HJLPH GDV HPSUHVDV FRQFHVVLRQiULDV H SHUPLVVLRQiULDV FRQWUDWRH FRQGLo}HV GH FDGXFLGDGH ILVFDOL]DomR H UHVFLVmRGDFRQFHVVmRRXSHUPLVVmR LL'LUHLWRVGRVXVXiULRV LLL3ROtWLFDWDULIiULD LY2EULJDomRGHPDQWHUVHUYLoRDGHTXDGR
,6HUYLoRS~EOLFR L&RPXP
'HOHJDomRGH VHUYLoRS~EOLFR
/HL
D &RQFHVVmR (VSpFLHV
,,6HUYLoRS~EOLFRSUHFHGLGRGD H[HFXomRGHREUDS~EOLFD ,&RQFHVVmRSDWURFLQDGD
LL3DUFHULDV 3~EOLFR3ULYDGDV
E 3HUPLVVmR
,,&RQFHVVmRDGPLQLVWUDWLYD /HL 9HUPDSD3DUFHULDV3~EOLFR3ULYDGDV
/HL
F $XWRUL]DomR 9HUPDSDV'HOHJDomRH'LVSRVLo}HVGD/HL
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
&/$66,),&$d2'266(59,d263Ò%/,&26 ,QGLYLVtYHLV
4XDQWRDR XVXiULR
D *HUDLV XWLXQLYHUVL
E ,QGLYLGXDLV XWLVLQJXOL
4XDQWRj SUHVWDomR
D 'HOHJiYHLV QmRH[FOXVLYRV E ,QGHOHJiYHLV H[FOXVLYRV
3UHVWDGRVDWRGDDFROHWLYLGDGHLQGLVWLQWDPHQWH 6mRXVXIUXtGRVDSHQDVLQGLUHWDPHQWHSHORVLQGLYtGXRV
8VXiULRVVmRLQGHWHUPLQDGRVHLQGHWHUPLQiYHLV (['HIHVDS~EOLFDVHUYLoRVDGPLQLVWUDWLYRVLOXPLQDomRS~EOLFDOLPSH]DXUEDQD (VSHFtILFRV
9LVDPjVDWLVIDomRLQGLYLGXDOHGLUHWD GDVQHFHVVLGDGHVGRVFLGDGmRV
3RGHPVHUUHPXQHUDGRVPHGLDQWHWD[DUHJLPHOHJDO RXWDULIDVUHJLPHFRQWUDWXDO ([)RUQHFLPHQWRGHiJXDHQFDQDGDJiVFDQDOL]DGRHQHUJLDHOpWULFD 3RGHPVHUSUHVWDGRVSHOR(VWDGRRXDOWHUQDWLYDPHQWH VHUHPGHOHJDGRVDSDUWLFXODUHV
俶 $GPLWHPGHOHJDomR 6RPHQWHSRGHPVHUSUHVWDGRVSHOR(VWDGR 1mRDGPLWHPGHOHJDomR $WHQGHPDQHFHVVLGDGHVLQWHUQDVGD$GPLQLVWUDomR3~EOLFD 1mRVmRXVXIUXtGRVGLUHWDPHQWHSHODFRPXQLGDGH
D $GPLQLVWUDWLYRV
([,PSUHQVDRILFLDO $WHQGHPDRVGLUHLWRV VRFLDLVGDSRSXODomR
$WHQGHPDQHFHVVLGDGHVFROHWLYDVHP TXHDDWLYLGDGHGR(VWDGRpHVVHQFLDO 3RVVXHPQDWXUH]D62&,$/ E 6RFLDLV
&)DUWH7tWXOR9,,,
23RGHU3~EOLFRRVSUHVWDVHPLQWXLWRGHOXFUR
4XDQGRH[HUFLGR 1mRVmRGHWLWXODULGDGH SRUSDUWLFXODUHV H[FOXVLYDGR3RGHU3~EOLFR
1mR p VHUYLoRS~EOLFR
俶 eVHUYLoRSULYDGR
([ 6D~GHHGXFDomRSUHYLGrQFLDFXOWXUD
&ODVVLILFDomR GRV6HUYLoRV 3~EOLFRV
$WHQGHPDQHFHVVLGDGHVFROHWLYDVGHRUGHPHFRQ{PLFD&)DUW
4XDQWR DRREMHWR
([SORUDGRVFRPD SRVVLELOLGDGHGHOXFUR
3RVVXHPQDWXUH]D(&21Ð0,&$
俶 6mRGH F (FRQ{PLFRV FRPHUFLDLVRX LQGXVWULDLV
WLWXODULGDGH )RUPDGH H[FOXVLYDGR SUHVWDomR 3RGHU3~EOLFR
3UHVWDGRSRUSDUWLFXODUHVPHGLDQWH GHOHJDomRGHVHUYLoRS~EOLFR
5HJLPHGH FRQFRUUrQFLD 5HJLPHGH PRQRSyOLR
([SORUDomRGLUHWDGH DWLYLGDGHHFRQ{PLFD &)DUW ([FOXVLYRVGD8QLmR &)DUW
6mRDTXHOHVTXHDWHQGHQGRDQHFHVVLGDGHVFROHWLYDVR(VWDGR DVVXPHFRPRVHXVHRVH[HFXWDGLUHWDPHQWHSRUPHLRGHVHXV DJHQWHV RXLQGLUHWDPHQWHPHGLDQWHFRQFHVVLRQiULRVHSHUPLVVLRQiULRV
D 6HUYLoR S~EOLFRSUySULR
6mR DWLYLGDGHVSULYDGDV H[HUFLGDVSRU SDUWLFXODUHV PDVTXHSRU DWHQGHUHPDQHFHVVLGDGHVFROHWLYDVGHSHQGHPGHDXWRUL]DomR GR3RGHU3~EOLFRVHQGRSRUHOH UHJXODPHQWDGDV H ILVFDOL]DGDV E 6HUYLoR S~EOLFR LPSUySULR
3UySULRVH LPSUySULRV
,QGLUHWD
3UHVWDGRSHOR3RGHU3~EOLFR
([7UDQVSRUWHHQHUJLDHOpWULFDWHOHFRPXQLFDo}HV 1mRVHFRQIXQGHP FRP DWXDomR GLUHWD GR(VWDGR QRGRPtQLRHFRQ{PLFR
0DULD 6\OYLD
'LUHWD
1mRpUHDOPHQWHVHUYLoRS~EOLFRHPVHQWLGRMXUtGLFR ([ 6HUYLoRVGHVHJXURHGHSUHYLGrQFLDSULYDGD 6mRDTXHOHVUHODFLRQDGRVjVDWULEXLo}HVGR3RGHU3~EOLFR HSDUDRVTXDLVD$GPLQLVWUDomRXVDGH6835(0$&,$
D 6HUYLoR S~EOLFRSUySULR
6yGHYHPVHUSUHVWDGRVSRUyUJmRVHHQWLGDGHV S~EOLFDVVHPGHOHJDomRDSDUWLFXODUHV 6mRDTXHOHVTXHQmRDIHWDPVXEVWDQFLDOPHQWHDVQHFHVVLGDGHV GDFRPXQLGDGHPDVVDWLVID]HPDLQWHUHVVHVFRPXQV
+HO\ /RSHV E 6HUYLoR S~EOLFR LPSUySULR
$DGPLQLVWUDomRRVSUHVWD UHPXQHUDGDPHQWH SRULQWHUPpGLRGH
6HXVyUJmRV $GPLQLVWUDomRLQGLUHWD &RQFHVVLRQiULRV SHUPLVVLRQiULRVDXWRUL]DWiULRV
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
6(59,d263Ò%/,&26'(/(*$d2
0HGLDQWHOLFLWDomRQDPRGDOLGDGHFRQFRUUrQFLD
'HOHJDomR GDSUHVWDomR
L&RQFHVVmRGH VHUYLoRS~EOLFR
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
)HLWDDSHVVRDMXUtGLFDRXDFRQVyUFLRGHHPSUHVDV 3RUSUD]RGHWHUPLQDGR /LFLWDomRQDPRGDOLGDGHFRQFRUUrQFLD
D &RQFHLWR LL&RQFHVVmRGHVHUYLoR S~EOLFRSUHFHGLGDGD H[HFXomRGHREUDS~EOLFD
&RQVWUXomR GHOHJDGD
)HLWDDSHVVRDMXUtGLFDRX DFRQVyUFLRGHHPSUHVDV ,QYHVWLPHQWRUHPXQHUDGRDPRUWL]DGR PHGLDQWHDH[SORUDomRGRVHUYLoRRXGDREUD 3RU SUD]RGHWHUPLQDGR
L3UHVWDomRGHVHUYLoRSUHFHGLGDRXQmRGHREUD 5HJUDJHUDO
&RQFRUUrQFLD
1RVFDVRVGHSULYDWL]DomRVLPXOWDQHDPHQWHFRP RXWRUJDGHFRQFHVVmRGHVHUYLoRS~EOLFRSUHVWDGR SRUSHVVRDVMXUtGLFDVVREFRQWUROHGD8QLmR
&RQFHVVmR &RPXP
LL0RGDOLGDGH GHOLFLWDomR
([FHWRSDUDVHUYLoRVGHWHOHFRPXQLFDomR /HLDUW /HLOmR
E &DUDFWHUtVWLFDV
5HJUDDSOLFiYHOWDPEpPQRVFDVRVHPTXHRWLWXODUGD FRQFHVVmRGHFRPSHWrQFLDGD8QLmRIRUHPSUHVDVRE FRQWUROHGRV(VWDGRV')RXGRV0XQLFtSLRVGHVGHTXH DVSDUWHVDFRUGHPTXDQWRjVUHJUDVHVWDEHOHFLGDV /HLDUW
3HVVRDMXUtGLFD
LLL&RQFHVVLRQiULR
&RQVyUFLRGHHPSUHVDV
LY3RUSUD]RGHWHUPLQDGR Y1mRpFDEtYHOUHYRJDomRGRFRQWUDWR
2EV
'HOHJDomR
3ULYDWL]DomRVLPXOWDQHDPHQWHFRPRXWRUJDGH FRQFHVVmRGHVHUYLoRS~EOLFRSUHVWDGRSHODVHVWDWDLV
/LFLWDomRQD PRGDOLGDGHOHLOmR
([FHWRVHUYLoRVGH7HOHFRP
/HLDUW 9HUPDSDGH'LVSRVLo}HVGD/HL $WtWXORSUHFiULR
'HOHJDomRGDSUHVWDomR GHVHUYLoRVS~EOLFRV
0HGLDQWHOLFLWDomR )HLWDDSHVVRDItVLFDRXSHVVRDMXUtGLFD
D &RQFHLWR
L3UHVWDomRGHVHUYLoRS~EOLFR LL0RGDOLGDGHGHOLFLWDomR
3HUPLVVmR E &DUDFWHUtVWLFDV
LLL3HUPLVVLRQiULR LY$WtWXOR SUHFiULR
&DEtYHOFRQIRUPHRFDVR
3HVVRDItVLFD 3HVVRDMXUtGLFD
(PERUDD/HLQmRHVWDEHOHoDH[SUHVVDPHQWHRVFRQWUDWRVGH SHUPLVVmRGHVHUYLoRS~EOLFRGHYHPVHUFHOHEUDGRVSRUSUD]RGHWHUPLQDGR
9HUPDSDGH'LVSRVLo}HVGD/HL 6HUYLoRGHLQWHUHVVHSUHGRPLQDQWHRXH[FOXVLYRGRSDUWLFXODU 1mRKiRFDUiWHUGH JHQHUDOLGDGHXQLYHUVDOLGDGH
5HJUDJHUDORVHUYLoRpSUHVWDGRDXVXiULRVUHVWULWRV VHQGRR EHQHILFLiULR SUySULRSDUWLFXODUDXWRUL]DGR
1mRKiOLFLWDomRSUpYLD 8QLODWHUDO 'HSHQGHGRFRQWUROHGHPpULWRGD$GPLQLVWUDomR 3~EOLFDFRQYHQLrQFLDHRSRUWXQLGDGH 'LVFULFLRQiULR
$XWRUL]DomR eDWR DGPLQLVWUDWLYR
2EV$/HL*HUDOGH 7HOHFRPXQLFDo}HV GHILQHDXWRUL]DomR FRPRDWRYLQFXODGR
1HVVHFDVRQmRFDEHUiDDQiOLVHGHPpULWR $WR GHFODUDWyULR
'LUHLWRVXEMHWLYRGRSDUWLFXODU TXHSUHHQFKHURVUHTXLVLWRV OHJDLVHUHJXODPHQWDUHV
5HJUDJHUDOpRXWRUJDGDVHPSUD]RGHWHUPLQDGR ,QH[LVWrQFLDGHGLUHLWRjLQGHQL]DomRQRFDVRGHUHYRJDomR 3UHFiULR 2EV
([FHSFLRQDOPHQWHQRVFDVRVHPTXHDDXWRUL]DomRWHQKDVLGR RXWRUJDGDSRUSUD]RFHUWRDVXDUHYRJDomRDQWHVGRWHUPR ILQDO HVWLSXODGRSRGHJHUDUGLUHLWRjLQGHQL]DomRGRVSUHMXt]RV TXHRSDUWLFXODUWHQKDVRIULGRGDQRVHPHUJHQWHV
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
6(59,d263Ò%/,&26'(/(*$d2&2080/(,
/HLGHQRUPDVJHUDLVVREUHRVUHJLPHVGHFRQFHVVmRHGHSHUPLVVmRGHVHUYLoRVS~EOLFRV
/HL
L5HJXODULGDGH
6HUYLoR DGHTXDGR
6HUYLoR DGHTXDGRpR TXHVDWLVID]DV FRQGLo}HVGH
,QWHUUXSomRHPVLWXDomRGHHPHUJrQFLD 1mRFDUDFWHUL]D 2UGHPWpFQLFD ,0RWLYDGDSRU GHVFRQWLQXLGDGH $SyV UD]}HVGH 6HJXUDQoDGDV GRVHUYLoR SUpYLR LQVWDODo}HV DYLVR ,,3RULQDGLPSOHPHQWRGRXVXiULR FRQVLGHUDGRRLQWHUHVVHGDFROHWLYLGDGH
LL&RQWLQXLGDGH
LLL(ILFLrQFLD LY6HJXUDQoD Y$WXDOLGDGH
&RPSUHHQGH
,0RGHUQLGDGH
'DVWpFQLFDVHTXLSDPHQWRV LQVWDODo}HVHFRQVHUYDomR
,,0HOKRULDHH[SDQVmRGRVHUYLoR
YL*HQHUDOLGDGH YLL&RUWHVLDQDVXDSUHVWDomR YLLL0RGLFLGDGHGDVWDULIDV 3UHoRS~EOLFRTXHUHSUHVHQWDDFRQWUDSUHVWDomRSHFXQLiULDGHXP VHUYLoRS~EOLFRSDJRGLUHWDPHQWHSHORXVXiULRDRUHVSHFWLYRSUHVWDGRU D 7DULID
)L[DGDSHORSUHoRGDSURSRVWDYHQFHGRUDGDOLFLWDomR $OWHUDo}HVSRQWXDLVQRYDORUGDWDULIDSDUD5(67$%(/(&(5RHTXLOtEULRHFRQ{PLFRILQDQFHLUR 'HFRUUHGHIDWRUHVTXHDOWHUDPGHPRGRH[WUDRUGLQiULRDV FRQGLo}HVH[LVWHQWHVQRPRPHQWRGDFHOHEUDomRGRFRQWUDWR
3ROtWLFD WDULIiULD
&ULDomRDOWHUDomRRXH[WLQomRGHWULEXWRVRX HQFDUJRVOHJDLVDSyVDDSUHVHQWDomRGD SURSRVWDTXDQGRFRPSURYDGRVHXLPSDFWR
)DWRGR 3UtQFLSH
E 5HYLVmR
5HVVDOYDGRV RV LPSRVWRVVREUHDUHQGD
/HLDUW
&DVRV
)DWRGD $GPLQLVWUDomR
'LVSRVLo}HVGD /HL
ÈOHDH[WUDFRQWUDWXDOHH[WUDRUGLQiULD
$OWHUDomRXQLODWHUDOGRFRQWUDWRTXHDIHWHR VHXLQLFLDOHTXLOtEULRHFRQ{PLFRILQDQFHLUR /HLDUW
$OWHUDo}HVSHULyGLFDVQRYDORUGDWDULIDSDUDDWXDOL]iODHPUHODomRDSHUGDVLQIODFLRQiULDV 2EMHWLYDD0$187(1d2GRHTXLOtEULRHFRQ{PLFRILQDQFHLUR
F 5HDMXVWH
%DVHDGRHPtQGLFHVTXHUHIOLWDPDYDULDomRGRVSUHoRVGRVLQVXPRV L&RQFHVVmR
D 0RGDOLGDGH
LL3HUPLVVmR
&RQFRUUrQFLD /HLOmR
/HL
&DEtYHO
0HQRUYDORUGDWDULID
/LFLWDomR
0DLRURIHUWD E 7LSR
1RVFDVRVGHSDJDPHQWRDRSRGHUFRQFHGHQWHSHODRXWRUJDGDFRQFHVVmR
0HOKRUSURSRVWDWpFQLFDFRPSUHoRIL[R 0HOKRURIHUWDGHSDJDPHQWRSHODRXWRUJDDSyVTXDOLILFDomRGHSURSRVWDVWpFQLFDV &RPELQDomRGHWLSRVQRVWHUPRVGD/HL
2HGLWDOSRGHUiSUHYHUDLQYHUVmRGDRUGHPGDVIDVHVGHKDELOLWDomRHMXOJDPHQWR L$OWHUDomRXQLODWHUDOGDVFOiXVXODVGHH[HFXomR
/HLDUW$
'HYHDVVHJXUDUDPDQXWHQomRGRHTXLOtEULR HFRQ{PLFRILQDQFHLURGRFRQWUDWR
LL([WLQomRXQLODWHUDOGDFRQFHVVmRRXGDSHUPLVVmRDQWHVGRWpUPLQRGRSUD]RHVWDEHOHFLGR LLL,QVSHomRHILVFDOL]DomR LY$SOLFDomRGHSHQDOLGDGHVFRQWUDWXDLVHDGPLQLVWUDWLYDV 3URFHGLPHQWRDFDXWHODWyULRDGRWDGRQRFDVRGHSUHVWDomRLQDGHTXDGDGRVHUYLoR
3ULQFLSDLV SUHUURJDWLYDV GRSRGHU FRQFHGHQWH
)LQDOLGDGH
$VVHJXUDUDDGHTXDomRQDSUHVWDomRGRVHUYLoR EHPFRPRRILHOFXPSULPHQWRGDVQRUPDV $SXUDUHYHQWXDLVLUUHJXODULGDGHVKDYLGDVQDSUHVWDomRGRVHUYLoR )HLWDPHGLDQWH'(&5(72GR SRGHUFRQFHGHQWHTXHFRQWHUi
'HVLJQDomRGRLQWHUYHQWRU 3UD]RGDLQWHUYHQomR 2EMHWLYRVHOLPLWHVGDPHGLGD
Y,QWHUYHQomR GLDVSDUDLQVWDXUDU SURFHGLPHQWR DGPLQLVWUDWLYRSDUD
3URFHGLPHQWR 3UD]RV
&RPSURYDUDVFDXVDV GHWHUPLQDQWHVGDLQWHUYHQomR $SXUDUUHVSRQVDELOLGDGHV $VVHJXUDURGLUHLWRGHDPSODGHIHVD
'HDWpGLDVSDUDFRQFOXVmRGRSURFHGLPHQWRDGPLQLVWUDWLYR &HVVDGDDLQWHUYHQomRVHQmRIRUH[WLQWDDFRQFHVVmRVHUiGHYROYLGD jFRQFHVVLRQiULDSUHFHGLGDGHSUHVWDomRGHFRQWDVSHORLQWHUYHQWRU
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
6(59,d263Ò%/,&26'(/(*$d2&2080/(,
2FRQWUDWRSRGHUiSUHYHUPHFDQLVPRVSULYDGRVSDUDUHVROXomRGHGLVSXWDVUHODFLRQDGDV DRFRQWUDWRLQFOXVLYHDUELWUDJHPGHYHVHUUHDOL]DGDQR%UDVLOHHPOLQJXDSRUWXJXHVD
D $UELWUDJHP
俶 2 FRQFHVVLRQiULR SRGHUi FRQWUDWDUFRPWHUFHLURV
L'HVHQYROYLPHQWRGHDWLYLGDGHVLQHUHQWHVDFHVVyULDV RXFRPSOHPHQWDUHVDRVHUYLoRFRQFHGLGR LL,PSOHPHQWDomRGHSURMHWRVDVVRFLDGRV
1mRVHWUDWDGDFRQWUDWDomRGHWHUFHLURVSDUDSUHVWDomRGRVHUYLoRS~EOLFRFRQFHGLGR
E &RQWUDWDomR GHWHUFHLURV
1DWXUH]DMXUtGLFDGH',5(,7235,9$'2VHPTXDOTXHU UHODomRMXUtGLFDHQWUHWHUFHLURVHRSRGHUFRQFHGHQWH
&RQWUDWR SULYDGR
eDWUDQVIHUrQFLDSDUFLDOGDH[HFXomRGRSUySULRVHUYLoRS~EOLFRFRQFHGLGR $VXEFRQFHVVmRWHPDPHVPDQDWXUH]DS~EOLFDGRFRQWUDWRGHFRQFHVVmR F 6XEFRQFHVVmR
&RQWUDWRGH FRQFHVVmR
'HYHHVWDUSUHYLVWDQRFRQWUDWRGHFRQFHVVmR 'HYHVHUH[SUHVVDPHQWHDXWRUL]DGDSHORSRGHUFRQFHGHQWH 5HTXLVLWRV
'HYHVHUSUHFHGLGDGHFRQFRUUrQFLD $VXEFRQFHVVLRQiULDVHVXEURJDUiDVVXPLUi WRGRVRVGLUHLWRVH DVREULJDo}HVGDFRQFHVVLRQiULDGHQWURGRVOLPLWHVGDVXEFRQFHVVmR
eDHQWUHJDGRREMHWRGDFRQFHVVmRDRXWUDSHVVRD 'HYHWHUDSUpYLDDQXrQFLDGRSRGHUFRQFHGHQWH G 7UDQVIHUrQFLD GDFRQFHVVmR
5HTXLVLWRV
3UHWHQGHQWH GHYH
$WHQGHUjVH[LJrQFLDVGHFDSDFLGDGHWpFQLFDILQDQFHLUDH UHJXODULGDGHMXUtGLFDHILVFDOQHFHVViULDVjDVVXQomRGRVHUYLoR &RPSURPHWHUVHFRPWRGDVDVFOiXVXODVGRFRQWUDWRHPYLJRU
eDWUDQVIHUrQFLDGRFRQWUROHVRFLHWiULRGDFRQFHVVLRQiULDQmRVHDOWHUDQGRDSHVVRD MXUtGLFDXPDYH]TXHRVVyFLRVSRVVXHPSHUVRQDOLGDGHMXUtGLFDGLVWLQWDGDHQWLGDGH H 7UDQVIHUrQFLD GRFRQWUROH DFLRQiULR
2EV
5HTXLVLWRV
'HYHWHUDSUpYLDDQXrQFLDGRSRGHUFRQFHGHQWH $WHQGHUjVH[LJrQFLDVGHFDSDFLGDGHWpFQLFDILQDQFHLUDH 3UHWHQGHQWH UHJXODULGDGHMXUtGLFDHILVFDOQHFHVViULDVjDVVXQomRGRVHUYLoR GHYH &RPSURPHWHUVHFRPWRGDVDVFOiXVXODVGRFRQWUDWRHPYLJRU
$WUDQVIHUrQFLDGDFRQFHVVmRRXGRFRQWUROHVRFLHWiULRGDFRQFHVVLRQiULDVHP SUpYLDDQXrQFLDGRSRGHUFRQFHGHQWHLPSOLFDDFDGXFLGDGHGDFRQFHVVmR eRDGYHQWRGRWHUPRFRQWUDWXDOWpUPLQRGRSUD]RHVWDEHOHFLGRQRFRQWUDWR
'LVSRVLo}HVGD /HL
([WLQWDDFRQFHVVmRRVEHQVUHYHUVtYHLVHVSHFLILFDGRVQR FRQWUDWRDUW; SDVVDPjSURSULHGDGHGRSRGHUFRQFHGHQWH D 5HYHUVmR
3URFHGLPHQWR
%HQV UHYHUVtYHLV
6mRDTXHOHVGHVFULWRVQRFRQWUDWRTXHSDVVDPDXWRPDWLFDPHQWH jSURSULHGDGHGRSRGHUFRQFHGHQWHFRPDH[WLQomRGDFRQFHVVmR
$UHYHUVmRpIHLWDFRPDLQGHQL]DomRGRV LQYHVWLPHQWRVYLQFXODGRVDEHQVUHYHUVtYHLV DLQGDQmRDPRUWL]DGRVRXGHSUHFLDGRV
9LVDJDUDQWLUDFRQWLQXLGDGHH DWXDOLGDGHGRVHUYLoR
5HWRPDGDGRVHUYLoRDQWHVGRWpUPLQRGRSUD]R GDFRQFHVVmRSRUPRWLYRGHLQWHUHVVHS~EOLFR $GRWDGDPHGLDQWHOHLDXWRUL]DWLYDHVSHFtILFDDSyVSUpYLRSDJDPHQWRGDLQGHQL]DomR E (QFDPSDomR
&RQGLo}HVSDUD HQFDPSDomR
,QWHUHVVHS~EOLFR /HLDXWRUL]DWLYDHVSHFtILFD 3DJDPHQWRSUpYLRGDLQGHQL]DomR
([WLQomRGDFRQFHVVmRHPUD]mRGHLQH[HFXomRWRWDO RXSDUFLDOGRFRQWUDWRSRUSDUWHGDFRQFHVVLRQiULD
([WLQomRGD FRQFHVVmR
7LSRV
L9LQFXODGD
7UDQVIHUrQFLDGDFRQFHVVmRRXGRFRQWUROHDFLRQiULR VHPSUpYLDDQXrQFLDGRSRGHUFRQFHGHQWH
LL'LVFULFLRQiULD
'HFRUUHGHLQH[HFXomRWRWDORXSDUFLDOGRFRQWUDWR
L&RPXQLFDomRj FRQFHVVLRQiULD GRV GHVFXPSULPHQWRV FRQWUDWXDLV GDQGROKHXPSUD]RSDUDFRUULJLUDVIDOKDVHWUDQVJUHVV}HVDSRQWDGDV
F &DGXFLGDGH
LL,QVWDXUDomRGH3URFHVVR $GPLQLVWUDWLYRRQGH 3URFHGLPHQWR LLL'HFODUDomR GDFDGXFLGDGH
9HULILFDVHDLQDGLPSOrQFLD $VVHJXUDVHRGLUHLWRDDPSODGHIHVD
0HGLDQWH'(&5(72 ,QGHSHQGHQWHGHLQGHQL]DomRSUpYLD $LQGHQL]DomRVHUiFDOFXODGDQRGHFRUUHUGRSURFHVVR
)RUPDMXGLFLDOGHH[WLQomRGDFRQFHVVmRSRULQLFLDWLYDGDFRQFHVVLRQiULD 'HFRUUHGHGHVFXPSULPHQWRGDVQRUPDVFRQWUDWXDLVSHORSRGHUFRQFHGHQWH G 5HVFLVmR
H $QXODomR
$GRWDGDH[FOXVLYDPHQWHSRUDomRMXGLFLDO 6HUYLoRVSUHVWDGRVQmRSRGHUmRVHULQWHUURPSLGRVRXSDUDOLVDGRVDWpDGHFLVmRMXGLFLDO WUDQVLWDGDHPMXOJDGRLQDSOLFDELOLGDGHSOHQDGRH[FHSWLRQQRPDGLPSOHWLFRQWUDWR ([WLQomRGRFRQWUDWRHPGHFRUUrQFLDGHYtFLRPRWLYRGHLOHJDOLGDGHRXOHJLWLPLGDGH
I )DOrQFLDH[WLQomRGDFRQFHVVLRQiULD
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
6(59,d263Ò%/,&26&21&(6623$5&(5,$63Ò%/,&235,9$'$6 $V3DUFHULDV3~EOLFR3ULYDGDV333 VmRPRGDOLGDGHVHVSHFtILFDV GHFRQWUDWRVGHFRQFHVVmRGLVSRVWDVQD/HL
7UDWDVHGHFRQFHVVmRGHVHUYLoRS~EOLFRTXDQGRHQYROYHU DGLFLRQDOPHQWHjWDULIDFREUDGDGRVXVXiULRVFRQWUDSUHVWDomR SHFXQLiULDGRSDUFHLURS~EOLFRDRSDUFHLURSULYDGR
L&RQFHVVmR 3DWURFLQDGD 0RGDOLGDGHV GH333
&RQFHLWR
eRFRQWUDWRGHSUHVWDomRGHVHUYLoRVGHTXHD$GPLQLVWUDomR 3~EOLFDVHMDDXVXiULDGLUHWDRXLQGLUHWDDLQGDTXHHQYROYD H[HFXomRGHREUDRXIRUQHFLPHQWRHLQVWDODomR
LL&RQFHVVmR $GPLQLVWUDWLYD
1mRFRQVWLWXL333DFRQFHVVmRFRPXPSRLVHVWDQmRHQYROYH FRQWUDSUHVWDomRSHFXQLiULDGRSDUFHLURS~EOLFRDRSDUFHLURSULYDGR 9HGDo}HV j 333
0RGDOLGDGH &RQGLo}HV SDEHUWXUD GRSURFHVVR
L9DORUGRFRQWUDWRVHMDLQIHULRUDPLOK}HVGHUHDLV LL3HUtRGRGHSUHVWDomRLQIHULRUDDQRV LLL7HQKDFRPRREMHWR~QLFRIRUQHFLPHQWRGHPmRGHREUD GHHTXLSDPHQWRVRXDH[HFXomRGHREUDS~EOLFD &RQFRUUrQFLD $V GHVSHVDV FULDGDVRXDXPHQWDGDVQmRSRGHUmRDIHWDUDV PHWDVGHUHVXOWDGRVILVFDLV (VWLPDWLYDGRLPSDFWRRUoDPHQWiULRILQDQFHLURQRVH[HUFtFLRVHPTXHGHYDYLJRUDUD333 6HXREMHWRHVWDUSUHYLVWRQR33$HPYLJRU 3DUDDVFRQFHVV}HVSDWURFLQDGDVHPTXHPDLVGHGD UHPXQHUDomRGRSDUFHLURSULYDGRIRUSDJDSHOD$GP3~EOLFD
$XWRUL]DomROHJLVODWLYD HVSHFtILFD 2HGLWDO SRGHUiSUHYHU
([LJrQFLDGHJDUDQWLDGHSURSRVWDGROLFLWDQWH (PSUHJRGRVPHFDQLVPRVSULYDGRVSDUDUHVROXomRGHGLVSXWDVLQFOXVLYHDUELWUDJHP 2MXOJDPHQWRSRGHUiVHUSUHFHGLGRGHHWDSDGHTXDOLILFDomRGHSURSRVWDVWpFQLFDV GHVFODVVLILFDQGRVHRVOLFLWDQWHVTXHQmRDOFDQoDUHPDSRQWXDomRPtQLPD L0HQRUYDORUGDWDULID
/LFLWDomR
3DUFHULDV 3~EOLFR 3ULYDGD
&ULWpULRVGH MXOJDPHQWR
LL0HOKRUSURSRVWDHP UD]mR GDFRPELQDomR GRFULWpULR GHPHQRUYDORUGDWDULIDFRPRGHPHOKRUWpFQLFD LLL0HQRUYDORUGDFRQWUDSUHVWDomRDVHUSDJDSHOD$GPLQLVWUDomR3~EOLFD LY0HOKRUSURSRVWDHPUD]mRGDFRPE LQDomRGRFULWpULRGHPHQRU YDORUGD FRQWUDSUHVWDomRDVHUSDJDSHOD$GP3~EOLFDFRPRGHPHOKRUWpFQLFD
3URFHGLPHQWR
L3URSRVWDVHVFULWDVHPHQYHORSHVODFUDGRV $SUHVHQWDomR GDVSURSRVWDV HFRQ{PLFDV
LL 3URSRVWDV HVFULWDV VHJXLGDVGHODQFHV HPYLYDYR]
)HLWRVQDRUGHPLQYHUVDGDFODVVLILFDomRGDV SURSRVWDVHVFULWDVVHQGRYHGDGRDRHGLWDO OLPLWDUDTXDQWLGDGHGHODQFHV 3RGHUiKDYHUUHVWULomRDRVOLFLWDQWHV FXMDSURSRVWDHVFULWDIRUQRPi[LPR PDLRUTXHDPHOKRUSURSRVWD
2HGLWDOSRGHUiSUHYHUDLQYHUVmRGDRUGHPGDVIDVHVGHKDELOLWDomRHMXOJDPHQWR $VFOiXVXODVGRVFRQWUDWRVGH333DWHQGHUmRQRTXHFRXEHUjVGRFRQWUDWRGHFRQFHVVmRFRPXP 3UD]RGH YLJrQFLD
&RQWUDWR GH333
'HYHVHUFRPSDWtYHOFRPDDPRUWL]DomRGRVLQYHVWLPHQWRVUHDOL]DGRV 1mRSRGHVHULQIHULRUD DQRVQHPVXSHULRUDDQRVLQFOXLQGRHYHQWXDOSURUURJDomR
&RQWUDSUHVWDomR GD$GPLQLVWUDomR 3~EOLFD
$FRQWUDSUHVWDomR SRGHVHUIHLWDSRU
L2UGHPEDQFiULD LL&HVVmRGHFUpGLWRV12WULEXWiULRV LLL2XWRUJDGHGLUHLWRVHPIDFHGD$GPLQLVWUDomR3~EOLFD LY2XWRUJDGHGLUHLWRVVREUHEHQVS~EOLFRVGRPLQLFDLV
$UHPXQHUDomRSRGHUiVHUYDULiYHOFRQIRUPHR GHVHPSHQKRGRSDUFHLURSULYDGR $FRQWUDSUHVWDomRGD$GP3~EOLFDVHUiREULJDWRULDPHQWH SUHFHGLGDGD GLVSRQLELOL]DomR GR VHUYLoR REMHWRGD333
5HDMXVWH
3RGHUiKDYHUFOiXVXODVGH DWXDOL]DomRDXWRPiWLFD
$QWHVGDFHOHEUDomRGRFRQWUDWR GHYHUiVHUFRQVWLWXtGDXPD63(
2SDJDPHQWRSRGHUi VHUSDUFHODGR
$SOLFDGDVVHPQHFHVVLGDGHGHKRPRORJDomRSHOD$GP3~EOLFD ([FHWRSRU UD]}HVIXQGDPHQWDGDV SDUDD UHMHLomRGRUHDMXVWH ,QFXPELGDGHLPSODQWDUHJHULURREMHWRGDSDUFHULD 3RGHUiDVVXPLUDIRUPDGHFRPSDQKLDGHFDSLWDODEHUWR
$WUDQVIHUrQFLDGRFRQWUROHGD63(pFRQGLFLRQDGDjDXWRUL]DomRH[SUHVVDGD$GPLQLVWUDomR3~EOLFD
6RFLHGDGH GHSURSyVLWR HVSHFtILFR 63(
2SUHWHQGHQWHjDTXLVLomR GRFRQWUROHGHYHUi
$WHQGHUjVH[LJrQFLDVGHFDSDFLGDGHWpFQLFDLGRQHLGDGHILQDQFHLUD HUHJXODULGDGHMXUtGLFDHILVFDOQHFHVViULDVjDVVXQomRGRVHUYLoR &RPSURPHWHUVHDFXPSULUWRGDVDVFOiXVXODVGRFRQWUDWRHPYLJRU
eYHGDGRj$GP3~EOLFDVHUWLWXODUGD PDLRULDGRFDSLWDOYRWDQWHGDV63(
([FHWRSRU LQVWLWXLomRILQDQFHLUDFRQWURODGDSHOR3RGHU 3~EOLFR HPFDVRGH LQDGLPSOHPHQWR GRILQDQFLDPHQWR
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
5(63216$%,/,'$'(&,9,/'2(67$'2, 7DPEpPFKDPDGDGH 5HVSRQVDELOLGDGH ([WUDFRQWUDWXDOGR(VWDGR
&RQFHLWR
2EULJDomRGHUHSDUDU GDQRVSDWULPRQLDLV
L5HVSRQVDELOLGDGHFLYLO LL([WUDFRQWUDWXDO
1mRGHFRUUHGH GHVFXPSULPHQWRGHFRQWUDWR
2EULJDomRTXHWHPR(VWDGRGHLQGHQL]DURVGDQRVSDWULPRQLDLVRXPRUDLVTXH VHXVDJHQWHVDWXDQGRHPVHXQRPHRXVHMDQDTXDOLGDGHGHDJHQWHVS~EOLFRV FDXVHPjHVIHUDMXULGLFDPHQWHWXWHODGDGRVSDUWLFXODUHV
D 7HRULDGD LUUHVSRQVDELOLGDGH
(VWDGRVQmRSRGLDPVHUUHVSRQVDELOL]DGRV SRLVHUDPSHUVRQLILFDGRVSHODILJXUDGRUHL 7KHNLQJFDQGRQRZURQJ 7HRULDGDFXOSDFLYLOFRPXPGR(VWDGR 3UHWHQGLDHTXLSDUDUR(VWDGRDRLQGLYtGXR
E 7HRULDVFLYLOLVWDV
7HRULDGDUHVSRQVDELOLGDGHVXEMHWLYDGRDJHQWHS~EOLFR 5HTXLVLWRV
L&XOSDRXGRORGRDJHQWHS~EOLFR LL'DQR
7HRULDGDFXOSDGRVHUYLoR FXOSDDQ{QLPDGRVHUYLoRS~EOLFR 7UDQVLomRHQWUHDWHRULDGDUHVSRQVDELOLGDGHVXEMHWLYD HDWHRULDGRULVFRDGPLQLVWUDWLYRUHVSRQVDELOLGDGHREMHWLYD $UHVSRQVDELOLGDGHSRULQGHQL]DUSDVVDDVHU GR(VWDGRHQmRPDLVGRDJHQWHDQ{QLPD F 7HRULDGDFXOSD DGPLQLVWUDWLYD
$REULJDomRGHLQGHQL]DU VXUJHGHXPDGDVIRUPDV GDIDOWDGRVHUYLoR
L,QH[LVWrQFLDGRVHUYLoR LL0DXIXQFLRQDPHQWRGRVHUYLoR LLL5HWDUGDPHQWRGRVHUYLoR
5HVSRQVDELOLGDGH &LYLOGR(VWDGR
5HTXLVLWRV
'HYHVHUFRPSURYDGD
L)DOWDGRVHUYLoR LL'DQR
7HRULDGDUHVSRQVDELOLGDGH2%-(7,9$
$REULJDomRGHUHSDUDURGDQRRFRUUH LQGHSHQGHQWHPHQWHGDH[LVWrQFLDGDIDOWD GRVHUYLoRRXGDFXOSDGRDJHQWHS~EOLFR
(YROXomR KLVWyULFD
,)DWRGR VHUYLoR
1mRVHH[LJHD FRPSURYDomRGHFXOSD
,,'DQR 5HTXLVLWRV
L5LVFR DGPLQLVWUDWLYR G 7HRULD GRULVFR
5HODomRGHFDXVDOLGDGH HQWUHDSUHVWDomRGH VHUYLoRS~EOLFRHRGDQR ,,,1H[RGH FDXVDOLGDGH FDXVDGRDWHUFHLUR
([FOXGHQWHV GH UHVSRQVDELOLGDGH
,&XOSDH[FOXVLYDGDYtWLPD ,,&XOSDGHWHUFHLURV
,,,)RUoDPDLRU ÐQXVGDSURYDGHFXOSDGRSDUWLFXODUVH H[LVWHQWHFDEHVHPSUHj$GPLQLVWUDomR $YtWLPDILFDGLVSHQVDGDGH FRPSURYDUDFXOSDGD$GPLQLVWUDomR &)DUW 1mRKiH[FOXGHQWHVGHUHVSRQVDELOLGDGH
LL5LVFR LQWHJUDO
$REULJDomRGHLQGHQL]DURFRUUHPHVPRTXHR GDQRGHFRUUDGHFXOSDH[FOXVLYDGRSDUWLFXODU %DVWDDH[LVWrQFLDGHHYHQWRGDQRVRHQH[RFDXVDO 3DUD+HO\/RSHVHVVDWHRULDMDPDLVIRL DGRWDGDHPQRVVRRUGHQDPHQWRMXUtGLFR
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
5(63216$%,/,'$'(&,9,/'2(67$'2,,
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
5(63216$%,/,'$'(2%-(7,9$GR(VWDGR&)DUW 7HRULDGRULVFRDGPLQLVWUDWLYR
&RQGXWDFRPLVVLYD
L3HVVRD MXUtGLFD GHGLUHLWRS~EOLFR
$GPLQLVWUDomR'LUHWD $XWDUTXLDVHIXQGDo}HVS~EOLFDV (PSUHVDVS~EOLFDVSUHVWDGRUDV GHVHUYLoRS~EOLFR
$EUDQJrQFLD
LL3HVVRD MXUtGLFD GHGLUHLWRSULYDGR
5HVSRQVDELOLGDGH ([WUDFRQWUDWXDO QD&)
6RFLHGDGHVGHHFRQRPLDPLVWD SUHVWDGRUDVGHVHUYLoRS~EOLFR )XQGDo}HVS~EOLFDVGHGLUHLWR SULYDGRTXHSUHVWHPVHUYLoRS~EOLFR &RQFHVVLRQiULDV
'HOHJDWiULDVGH VHUYLoRVS~EOLFRV
3HUPLVVLRQiULDV
$XWRUL]DGDV 1mR LQFOXL DV HPSUHVDVS~EOLFDV H VRFLHGDGHV GH HFRQRPLD PLVWD (;3/25$'25$6'($7,9,'$'((&21Ð0,&$
2EV
(VWDVVmRUHJLGDVSHOR'LUHLWR &LYLOHRXSHOR'LUHLWR&RPHUFLDO
$UHVSRQVDELOLGDGHFLYLOREMHWLYDGDVSUHVWDGRUDVGHVHUYLoR S~EOLFRDEUDQJHRVGDQRVFDXVDGRVDRVXVXiULRVGRVHUYLoR S~EOLFRHWDPEpPDWHUFHLURVQmRXVXiULRVGRVHUYLoRS~EOLFR
$JHQWHHVWDWDOGHYHHVWDUH[HUFHQGRVHXRItFLRRX IXQomRRXSURFHGHUFRPRVHDHVWLYHVVHH[HUFHQGR 7HRULDGDFXOSDDGPLQLVWUDWLYD $&)QmRWUD]UHJUDVUHODWLYDVDUHVSRQVDELOLGDGHFLYLOSRU HYHQWXDLVGDQRVFDXVDGRVSRURPLVV}HVGR3RGHU3~EOLFR 0DVDMXULVSUXGrQFLDFRQVWUXLXRHQWHQGLPHQWRTXHHVWDpSRVVtYHO
5HVSRQVDELOLGDGH &LYLOGR(VWDGR
5HVSRQVDELOLGDGH 6XEMHWLYD GD $GPLQLVWUDomR
&XOSDDQ{QLPDRXFXOSDGRVHUYLoR &RQGXWDRPLVVLYD GR3RGHU3~EOLFR
([FOXGHQWHV GH UHVSRQVDELOLGDGH
2PLVVmRFXOSRVD 'HYHVHUFRPSURYDGD DIDOWDGRVHUYLoR
2{QXVGDSURYD pGRSDUWLFXODU
L([FOXVLYDPHQWHDWRVGHWHUFHLURV LL)RUoDPDLRUIHQ{PHQRVGDQDWXUH]D
(PUHJUDQmRDFDUUHWDPUHVSRQVDELOLGDGHH[WUDFRQWUDWXDOGR(VWDGR
$WRV /HJLVODWLYRV
([FHomR
L(GLomRGHOHLVLQFRQVWLWXFLRQDLV LL(GLomRGHOHLVGHHIHLWRVFRQFUHWRV
$UHJUDJHUDOpDLUUHVSRQVDELOLGDGHGR(VWDGRSHORVDWRVMXULVGLFLRQDLV
$WRV -XULVGLFLRQDLV
ÈUHDFULPLQDO
D $FRUGR DGPLQLVWUDWLYR
2(VWDGRLQGHQL]DUiRFRQGHQDGRSRUHUURMXGLFLiULR&)DUW/;;9 1mRDOFDQoDDHVIHUDFtYHO 5HFRQKHFLGRRGDQRSHOR3RGHU3~EOLFRHKDYHQGRDFRUGRHQWUHDV SDUWHVSRGHKDYHULQGHQL]DomRGLUHWDPHQWHSHODYLDDGPLQLVWUDWLYD 5HSDUDomRGRGDQRDPLJDYHOPHQWH &RQWUDD$GPLQLVWUDomRVRPHQWH
E $omR MXGLFLDO
&RQWUDD$GPLQLVWUDomR HR DJHQWHS~EOLFRHPOLWLVFRQVyUFLR &RQWUDRDJHQWHS~EOLFRVRPHQWH
$omRGH 5HSDUDomR GRGDQR
67)pFRQWUiULRD HVVDSRVVLELOLGDGH 67)pFRQWUiULR D HVVDSRVVLELOLGDGH -XULVSUXGrQFLD67-
3UD]RGHSUHVFULomR GDDomRGHUHSDUDomR
DQRV
'HFUHWRDUW /HLDUW&
2(VWDGRLQGHQL]DRWHUFHLURHRDJHQWHS~EOLFRLQGHQL]DR(VWDGR F $omR UHJUHVVLYD
L4XH D$GPLQLVWUDomRMi WHQKDVLGRFRQGHQDGD DLQGHQL]DUDYtWLPDSHORGDQRH
5HTXLVLWRV
LL4XHWHQKDKDYLGRFXOSDRXGRORSRUSDUWH GRDJHQWHFXMDDWXDomRRFDVLRQRXRGDQR
&)DUW
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
&21752/('$$'0,1,675$d23Ò%/,&$
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
2FRQWUROHGD$GPLQLVWUDomR3~EOLFDHVWiHPEDVDGRQRSULQFtSLRGDOHJDOLGDGH
&RQFHLWR
&RQMXQWRGHLQVWUXPHQWRVSHORVTXDLVDSUySULD$GPLQLVWUDomR3~EOLFDRV 3RGHUHV-XGLFLiULR H/HJLVODWLYRHDLQGDRSRYRGLUHWDPHQWHRXSRUPHLRGHVHXVyUJmRVHVSHFLDOL]DGRVSRVVDP H[HUFHURSRGHUGHILVFDOL]DomRRULHQWDomRHUHYLVmRGDDWXDomRDGPLQLVWUDWLYDGHWRGRVRV yUJmRVHQWLGDGHVHDJHQWHVS~EOLFRVHPWRGDVDVHVIHUDVGR3RGHU ([HUFLGRQRkPELWRLQWHUQRGRPHVPR3RGHU SRUyUJmRVSUHVHQWHVHPVXDHVWUXWXUD L,QWHUQR D &RQIRUPH DRULJHP
'iVHVREUHOHJDOLGDGHHILFLrQFLDHPpULWRGRVVHXVDWRV&)DUW ([HUFLGRGHXP3RGHUVREUHRXWURUHODWLYDPHQWHDDWRVDGPLQLVWUDWLYRV 7DPEpPpH[WHUQRRFRQWUROHGDDGPLQLVWUDomRGLUHWDVREUHDLQGLUHWD
LL([WHUQR
([$XGLWRULDUHDOL]DGDSHOR7&8VREUHGHVSHVDVUHDOL]DGDVSHOR3([HFXWLYR 7UDWDVHGDSRVVLELOLGDGHGHDFROHWLYLGDGHILVFDOL]DUD$GPLQLVWUDomR3~EOLFD
LLL3RSXODU
([3URSRVLomRGHDomRSRSXODU&)DUW/;;,,, &KDPDVHSUHYHQWLYRSUpYLRRXDSULRUL
L3UpYLR E &RQIRUPH R PRPHQWRGH H[HUFtFLR
2FRUUHTXDQGRpHIHWLYDGRDQWHVGRLQtFLRRXGDFRQFOXVmRGRDWR &RQWUROHGXUDQWHDUHDOL]DomRGRDWR
LL&RQFRPLWDQWH
([ $XGLWRULDGXUDQWHDH[HFXomRGRRUoDPHQWR
&KDPDGRFRQWUROHSRVWHULRUVXEVHTXHQWHRXFRUUHWLYR 2FRUUHDSyVDILQDOL]DomRGRDWR
LLL3RVWHULRU
6HXREMHWLYRpGHVID]rORVHLOHJDORXLQFRQYHQLHQWH HLQRSRUWXQRFRUULJLORRXDLQGDFRQILUPiOR 9HULILFDVHVHRDWRIRLSUDWLFDGRHPFRQIRUPLGDGHFRPDRUGHPMXUtGLFD
L/HJDOLGDGH OHJLWLPLGDGH
&RQWUROHGD $GPLQLVWUDomR 3~EOLFD
)D]VHRFRQIURQWRHQWUHXPDFRQGXWD DGPLQLVWUDWLYDHXPDQRUPDMXUtGLFD 5HVXOWDQDYDOLGDGHDQXODomRRXFRQYDOLGDomRGRDWRFRQWURODGR
9LVDYHULILFDUDRSRUWXQLGDGHHDFRQYHQLrQFLD DGPLQLVWUDWLYDVGRDWRFRQWURODGR
F 4XDQWR DRDVSHFWR FRQWURODGR
7UDWDVHGHDWXDomRGLVFULFLRQiULDH[HUFLGDVREUHDWRVGLVFULFLRQiULRV (PUHJUDFRPSHWHH[FOXVLYDPHQWHDRSUySULR 3RGHUTXHHGLWRXRDWRDGPLQLVWUDWLYR LL0pULWR
5HVXOWDQDUHYRJDomRSHODDGPLQLVWUDomRGH DWRVGLVFULFLRQiULRVSRUHODSUySULDHGLWDGRV 3RGHU-XGLFLiULRH[HUFHFRQWUROHGH/(*$/,'$'(H/(*,7,0,'$'( VREUHRV OLPLWHV GDDWXDomR GLVFULFLRQiULD GDDGPLQLVWUDomR
&ODVVLILFDomR
1XQFDUHDOL]DFRQWUROHGHPpULWRGHDWRSUDWLFDGRSRURXWUR3RGHU 'HFRUUHGRHVFDORQDPHQWRYHUWLFDOGHyUJmRVGD PHVPDSHVVRDMXUtGLFDGDDGPLQLVWUDomRS~EOLFD L+LHUiUTXLFR
eVHPSUHXP FRQWUROHLQWHUQR
5HODomRGH68%25',1$d2 HQWUHFRQWURODGRHFRQWURODGRU
([0LQLVWpULRVH[HUFHPFRQWUROHKLHUiUTXLFRVREUHVXDVVHFUHWDULDV
G 4XDQWRj DPSOLWXGH
([HUFLGRSHODDGPLQLVWUDomRGLUHWDVREUH DVHQWLGDGHVGDDGPLQLVWUDomRLQGLUHWD LL)LQDOtVWLFR
5HVXOWDGDGHVFHQWUDOL]DomR DGPLQLVWUDWLYD
5HODomRGH 9,1&8/$d2 HQWUHDVSHVVRDV
'HSHQGHGHQRUPDOHJDOTXHHVWDEHOHoDPHLRVHRFDVL}HVGHFRQWUROH 7DPEpPGHQRPLQDGRWXWHODDGPLQLVWUDWLYDRXVXSHUYLVmRPLQLVWHULDO $VSHFWRVGHOHJDOLGDGHHGHPpULWRGHIRUPD SURYRFDGDRXSRULQLFLDWLYDSUySULDH[RIILFLR
L$GPLQLVWUDWLYR
eRFRQWUROHLQWHUQRIXQGDGRQRSRGHU GHDXWRWXWHODOHJDOLGDGHHPpULWR $$GPLQLVWUDomRSRGHDQXODUVHXVSUySULRVDWRVTXDQGRHLYDGRV GHYtFLRVTXHRVWRUQDPLOHJDLVRXUHYRJiORVSRUPRWLYRGH FRQYHQLrQFLDRXRSRUWXQLGDGHUHVSHLWDGRVRVGLUHLWRVDGTXLULGRV ([HUFLGRVRERVDVSHFWRVSROtWLFRHILQDQFHLUR
H 4XDQWRDR yUJmRTXH RH[HUFH
,&3, ,,&RQYRFDomRGHDXWRULGDGHVHSHGLGRGHLQIRUPDomR LL/HJLVODWLYR RX3DUODPHQWDU
0HLRV
,,,3DUWLFLSDomRQDIXQomRDGPLQLVWUDWLYD ,9)XQomRMXULVGLFLRQDO 9)LVFDOL]DomRFRQWiELOILQDQFHLUDHRUoDPHQWiULD 9,6XVWDomRGHDWRVQRUPDWLYRV
([HUFLGRSHOR-XGLFLiULRVREUHDWRVDGPLQLVWUDWLYRV HPDQDGRVGHTXDOTXHUGRV3RGHUHV LLL-XGLFLiULR
9HULILFDH[FOXVLYDPHQWHDOHJDOLGDGHRXOHJLWLPLGDGH GRVDWRVDGPLQLVWUDWLYRVQXQFDRPpULWR
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
,0352%,'$'($'0,1,675$7,9$, &)DUW
D %DVH FRQVWLWXFLRQDO
2VDWRVGHLPSURELGDGH DGPLQLVWUDWLYDLPSRUWDUmRHP
L6XVSHQVmRGRVGLUHLWRVSROtWLFRV LL3HUGDGDIXQomRS~EOLFD
LLL,QGLVSRQLELOLGDGHGRVEHQV LY5HVVDUFLPHQWRDRHUiULR
/HL
5HJXODPHQWDomROHJDO
L$GPLQLVWUDomR3~EOLFDGLUHWDHLQGLUHWDGHTXDOTXHUGR 3RGHUHVGD8QLmRGRV(VWDGRVGR')HGRV0XQLFtSLRV
E 6XMHLWRV SDVVLYRV
$VSHFWRV JHUDLV
F 6XMHLWRV DWLYRV
LL(PSUHVDHVWDWDORXHQWLGDGHSDUDFXMDFULDomRRX FXVWHLRRHUiULRFRQFRUUDFRPPDLVGHFLQTXHQWDSRU FHQWRGRSDWULP{QLRRXGDUHFHLWDDQXDO LLL(QWLGDGHTXHUHFHEDVXEYHQomREHQHItFLRRXLQFHQWLYRILVFDORX FUHGLWtFLRGHyUJmRS~EOLFREHPFRPRDTXHODVSDUDFXMDFULDomRRX FXVWHLRRHUiULRKDMDFRQFRUULGRRXFRQFRUUDFRPPHQRVGHGR SDWULP{QLRRXGDUHFHLWDDQXDOOLPLWDQGRVHDVDQomRSDWULPRQLDOj UHSHUFXVVmRGRLOtFLWRVREUHDFRQWULEXLomRGRVFRIUHVS~EOLFRV L([HUoDPDQGDWRFDUJRHPFRPLVVmR RXIXQomRGHFRQILDQoD
$JHQWHVS~EOLFRV HPVHQWLGRDPSOR
LL([HUoDFDUJRHIHWLYRRXHPSUHJRS~EOLFR
/HLDUW 3HUGDGDIXQomRS~EOLFD
L$GPLQLVWUDWLYD
3URLELomRGHFRQWUDWDUFRPR3RGHU3~EOLFR
5HVVDUFLPHQWRDRHUiULR
,PSURELGDGH $GPLQLVWUDWLYD
G 1DWXUH]D GDV VDQo}HV
LL&LYLO
3HUGDGRVEHQVHYDORUHVLOtFLWRV 0XOWDFLYLO
LLL3ROtWLFD
6XVSHQVmRGRVGLUHLWRVSROtWLFRV
$ /HL QmR HVWDEHOHFH 6$1d®(6 3(1$,6SHODSUiWLFDGHDWRVGHLPSURELGDGH
9DQWDJHPSDWULPRQLDO LQGHYLGDHPUD]mRGR H[HUFtFLRGH
&DUJR 0DQGDWR
3~EOLFRV
)XQomR (PSUHJR
D (QULTXHFLPHQWR LOtFLWR
$WLYLGDGHV /HLDUW
'HVFULomR GRVDWRVGH LPSURELGDGH
$omRRXRPLVVmR GRORVDRXFXOSRVD TXHHQVHMH
3HUGDSDWULPRQLDO GRVEHQVRXKDYHUHV GR3RGHU3~EOLFR
'HVYLR $SURSULDomR 0DOEDUDWHDPHQWR
E 3UHMXt]R DRHUiULR
'LODSLGDomR /HLDUW 6DQo}HV $omRRXRPLVVmRTXH YLROHRVGHYHUHVGH
F $WHQWDP FRQWUD RV SULQFtSLRV GD $GP3~EOLFD
+RQHVWLGDGH
,PSDUFLDOLGDGH /HJDOLGDGH /HDOGDGH
/HLDUW 6DQo}HV
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
,0352%,'$'($'0,1,675$7,9$,,
L6XVSHQVmRGRVGLUHLWRVSROtWLFRVGH2,72D'(=DQRV LL3HUGDGDIXQomRS~EOLFD
LLL3HUGDGRVEHQVRXYDORUHVDFUHVFLGRVLOLFLWDPHQWHDRSDWULP{QLR LY5HVVDUFLPHQWRLQWHJUDOGRGDQRTXDQGRKRXYHU D (QULTXHFLPHQWR LOtFLWR
Y3URLELomRGHFRQWUDWDUFRPR3RGHU3~EOLFRRXUHFHEHU EHQHItFLRVRXLQFHQWLYRVILVFDLVRXFUHGLWtFLRVGLUHWDRX LQGLUHWDPHQWHDLQGDTXHSRULQWHUPpGLRGHSHVVRDMXUtGLFD GDTXDOVHMDVyFLRPDMRULWiULRSHORSUD]RGH'(=DQRV YL3DJDPHQWRGHPXOWDFLYLOGHDWp75Ç6 YH]HVRYDORUGRDFUpVFLPRSDWULPRQLDO
L6XVSHQVmRGRVGLUHLWRVSROtWLFRVGH&,1&2D2,72DQRV LL3HUGDGDIXQomRS~EOLFD
6DQo}HV
LLL3HUGDGRVEHQVRXYDORUHVDFUHVFLGRVLOLFLWDPHQWH DRSDWULP{QLRVHFRQFRUUHUHVWDFLUFXQVWkQFLD
E 3UHMXt]R DRHUiULR
LY5HVVDUFLPHQWRLQWHJUDOGRGDQR Y3URLELomRGHFRQWUDWDUFRPR3RGHU3~EOLFRRXUHFHEHU EHQHItFLRVRXLQFHQWLYRVILVFDLVRXFUHGLWtFLRVGLUHWDRX LQGLUHWDPHQWHDLQGDTXHSRULQWHUPpGLRGHSHVVRDMXUtGLFD GDTXDOVHMDVyFLRPDMRULWiULRSHORSUD]RGH&,1&2DQRV YL3DJDPHQWRGHPXOWDFLYLOGHDWp'8$6YH]HVRYDORUGRGDQR L6XVSHQVmRGRVGLUHLWRVSROtWLFRVGH75Ç6D&,1&2DQRV LL3HUGDGDIXQomRS~EOLFD LLL5HVVDUFLPHQWRLQWHJUDOGRGDQRTXDQGRKRXYHU
F $WHQWDP FRQWUD RV SULQFtSLRV GD $GP3~EOLFD
LY 3URLELomRGHFRQWUDWDUFRPR3RGHU3~EOLFRRXUHFHEHU EHQHItFLRVRXLQFHQWLYRVILVFDLVRXFUHGLWtFLRVGLUHWDRX LQGLUHWDPHQWHDLQGDTXHSRULQWHUPpGLRGHSHVVRDMXUtGLFD GDTXDOVHMDVyFLRPDMRULWiULRSHORSUD]RGH75Ç6DQRV Y3DJDPHQWRGHPXOWDFLYLOGHDWp&(0YH]HVR YDORUGDUHPXQHUDomRSHUFHELGDSHORDJHQWH
,PSURELGDGH $GPLQLVWUDWLYD
4XDOTXHUSHVVRDSRGHUHSUHVHQWDUjDXWRULGDGHDGPLQLVWUDWLYDFRPSHWHQWH SDUDTXHVHMDLQVWDXUDGDLQYHVWLJDomR/HLDUW /HLDUW /HJLWLPDGRV DGFDXVDP SDUDSURSRUDDomR
3URFHGLPHQWRV DGPLQLVWUDWLYRVH Do}HVMXGLFLDLV
L0LQLVWpULR3~EOLFR
4XDQGRQmRIRUSDUWHQRSURFHVVR DWXDUiFRPRILVFDOGDOHL
LL 3HVVRD MXUtGLFD LQWHUHVVDGD TXHWHQKDVRIULGROHVmRSDWULPRQLDO eYHGDGD DWUDQVDomRDFRUGRRXFRQFLOLDomRQDV Do}HVSRUDWRVGHLPSURELGDGHDGPLQLVWUDWLYD $SHUGDGDIXQomRS~EOLFDHDVXVSHQVmRGRVGLUHLWRVSROtWLFRV VyVHHIHWLYDPFRPRWUkQVLWRHPMXOJDGRGDVHQWHQoDFRQGHQDWyULD /HLDUW $XWRULGDGHMXGLFLDORXDGPLQLVWUDWLYDSRGHUiWRGDYLD GHWHUPLQDURDIDVWDPHQWRWHPSRUiULRGRDJHQWHS~EOLFR 1mRKiIRURHVSHFLDOQDDomRGHLPSURELGDGHDGPLQLVWUDWLYD
-Xt]RFRPSHWHQWH
1DWXUH]DFtYHO
/HLDUW D 0DQGDWR FDUJR HP FRPLVVmR IXQomRGHFRQILDQoD
3UHVFULomR
E &DUJRHIHWLYRRX HPSUHJRS~EOLFR
3UHVFUHYHPHPDWpFLQFRDQRVDSyVRWpUPLQR
(VWDEHOHFLGRHPOHLHVSHFtILFDSDUDIDOWDV GLVFLSOLQDUHVSXQtYHLVFRPGHPLVVmR
,PSUHVFULWtYHLV F 5HVVDUFLPHQWRDRHUiULR
&)DUW
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
352&(662$'0,1,675$7,92, 'LVFLSOLQDRSURFHVVRDGPLQLVWUDWLYRQR kPELWRGDDGPLQLVWUDomRS~EOLFD)('(5$/
/HL
$EUDQJrQFLD HDSOLFDomR
$SOLFiYHOj$GPLQLVWUDomR3~EOLFDIHGHUDOGLUHWDH LQGLUHWDLQFOXVLYH yUJmRVGR/HJLVODWLYRH-XGLFLiULR
/HL DGPLQLVWUDWLYD )('(5$/
1mRREULJD(VWDGRVH0XQLFtSLRV
1mRpOHLQDFLRQDO
7HPFDUiWHU VXSOHWLYRRX VXEVLGLiULR
6HKRXYHUOHLHVSHFtILFDD/HLUHJXODVRPHQWHHYHQWXDORPLVVmR ([3URFHVVRDGPLQLVWUDWLYRGLVFLSOLQDU3$'/HLOHLHVSHFtILFD /HJDOLGDGH )LQDOLGDGH 0RWLYDomR 5D]RDELOLGDGH
$$GPLQLVWUDomR3~EOLFD REHGHFHUiGHQWUHRXWURV DRVSULQFtSLRVGD
3URSRUFLRQDOLGDGH 0RUDOLGDGH
/HLDUW
$PSODGHIHVD
D 3ULQFtSLRV H[SUHVVRV
&RQWUDGLWyULR 6HJXUDQoDMXUtGLFD ,QWHUHVVHS~EOLFR
3ULQFtSLRV
(ILFLrQFLD
L,QIRUPDOLVPR
E 3ULQFtSLRV LPSOtFLWRV
LL2ILFLDOLGDGH
6yVmRH[LJLGDVIRUPDVGHWHUPLQDGDVSDUDRV DWRVSURFHVVXDLVVHDOHLDVVLPHVWDEHOHFHU ,QLFLDGRRSURFHVVRSHORDGPLQLVWUDGRFRPSHWH j$GPLQLVWUDomRPRYLPHQWiORDWpDGHFLVmRILQDO
LLL9HUGDGHPDWHULDO
3URFHVVR $GPLQLVWUDWLYR
LY*UDWXLGDGH
'HYHVHEXVFDURFRQKHFLPHQWR GRVIDWRVHIHWLYDPHQWHRFRUULGRV
1mRH[LVWHP{QXVFRPRVXFXPErQFLDFXVWDVRXKRQRUiULRV
/HLDUW L'HRItFLR
'HFRUUrQFLDGRSULQFtSLRGDRILFLDOLGDGH 0HGLDQWHSURYRFDomRGRLQWHUHVVDGR
D ,QtFLRGR SURFHVVR LL$SHGLGR
,QtFLRGRSURFHVVR HOHJLWLPDGRV
'HYHUiDSUHVHQWDUj$GPLQLVWUDomR UHTXHULPHQWRHVFULWR
eYHGDGDDVLPSOHV5(&86$,027,9$'$ /HLDUW L 7LWXODUHV GH GLUHLWRV RX LQWHUHVVHV LQGLYLGXDLV RXQRH[HUFtFLRGRGLUHLWRGHUHSUHVHQWDomR E /HJLWLPDGRV
LL3RVVXLGLUHLWRRXLQWHUHVVHVDIHWDGRVSHODGHFLVmRGRSURFHVVR
LLL 2UJDQL]Do}HV H DVVRFLDo}HV UHSUHVHQWDWLYDV GLUHLWRVHLQWHUHVVHVFROHWLYRV LY3HVVRDVRXDVVRFLDo}HVTXDQWRDGLUHLWRVRXLQWHUHVVHVGLIXVRV
/HLDUW L7HQKDLQWHUHVVHGLUHWRRXLQGLUHWRQDPDWpULD
D ,PSHGLPHQWR
eLPSHGLGRGHDWXDUQR SURFHVVRDGPLQLVWUDWLYRR VHUYLGRURXDXWRULGDGHTXH
,PSHGLPHQWR H6XVSHLomR
LL 3DUWLFLSDGR FRPR SHULWR WHVWHPXQKD RXUHSUHVHQWDQWH
LLL 2FRUUHP VLWXDo}HV TXDQWR DR F{QMXJH FRPSDQKHLURRXSDUHQWHHDILQVDWpR WHUFHLURJUDX LY(VWHMD OLWLJDQGRMXGLFLDO RX DGPLQLVWUDWLYDPHQWHFRPRLQWHUHVVDGR RXUHVSHFWLYRF{QMXJHRXFRPSDQKHLUR
/HLDUW E 6XVSHLomR
$XWRULGDGHRXVHUYLGRUTXHWHQKDDPL]DGHtQWLPDRXLQLPL]DGHQRWyULDFRP DOJXPGRVLQWHUHVVDGRVRXUHVSHFWLYRVF{QMXJHVRXSDUHQWHVDWpWHUFHLURJUDX $OHJDomRGHVXVSHLomRpIDFXOGDGHGRLQWHUHVVDGR
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
352&(662$'0,1,675$7,92,,
3ULQFtSLRGRLQIRUPDOLVPR
)RUPDWHPSR HOXJDUGRVDWRV
D )RUPD
/HLDUW
2VDWRVGRSURFHVVRQmRGHSHQGHPGHIRUPDGHWHUPLQDGD VHQmRTXDQGRDOHLH[SUHVVDPHQWHDH[LJLU /HLDUW
E 7HPSR HOXJDU
D ,QWLPDU
$UHDOL]DomRGRVDWRVGRSURFHVVRVHGiHPGLDV~WHLV QRKRUiULRGHIXQFLRQDPHQWRGDUHSDUWLomRQDTXDOWUDPLWDU
'DUFLrQFLDDR LQWHUHVVDGRGH
DOJXPDWR SUDWLFDGRQR SURFHVVRRX
GHSHQGDRXQmRGR FRPSDUHFLPHQWRGR LQWHUHVVDGRjUHSDUWLomR
GHDOJXPD SURYLGrQFLDTXH GHYDVHUDGRWDGD
/HLDUW
,QWLPDomR GR LQWHUHVVDGR
E $WRVTXH QHFHVVLWDP VHULQWLPDGRV
L5HVXOWHPDRLQWHUHVVDGRLPSRVLomRGHGHYHUHV LLÐQXV VDQo}HVRXUHVWULomRDRH[HUFtFLRGHGLUHLWRVH DWLYLGDGHVHRVDWRVGHRXWUDQDWXUH]DGHVHXLQWHUHVVH
L3HVVRDOSURYDGDDFLrQFLDGRLQWHUHVVDGR LL9LDSRVWDOFRPDYLVRGHUHFHELPHQWR
3URFHVVR $GPLQLVWUDWLYR
F )RUPDV
LLL2XWURV PHLRV GHVGH TXH DVVHJXUHP DFHUWH]DGDFLrQFLDGRLQWHUHVVDGR LY3RUPHLRGHSXEOLFDomRRILFLDOHPFDVRGHLQWHUHVVDGRV LQGHWHUPLQDGRVRXFRPGRPLFtOLRLQGHILQLGR
/HLDUW 'HVWLQDVHjDYHULJXDomRHFRPSURYDomRGRVGDGRV QHFHVViULRVjWRPDGDGHXPDGHFLVmRIXQGDPHQWDGD D ,QVWUXomR
,QVWUXomR HGHFLVmR
ÐQXVGDSURYDpGRLQWHUHVVDGRLVWRp FDEHDHOHSURYDURVIDWRVDOHJDGRV
/HLDUW
(QFHUUDGDDLQVWUXomRDEUHVHXPSUD]RGH GLDVSDUDPDQLIHVWDomRGRLQWHUHVVDGR &RQFOXtGDDLQVWUXomRDDGPLQLVWUDomRWHP RSUD]RGHDWpGLDVSDUDHPLWLUDGHFLVmR E 'HFLVmR
$HGLomRGHXPDGHFLVmRH[SOtFLWDp REULJDWyULDSDUDDDGPLQLVWUDomR
/HLDUW
$/HLFRQVDJUDRGLUHLWRDRGXSORJUDXGHMXULVGLomRDGPLQLVWUDGD
5HFXUVR DGPLQLVWUDWLYR
7UDWDVHGHUHFXUVRKLHUiUTXLFRHRFRUUHSRU UD]}HVGHOHJDOLGDGHHGHPpULWRDGPLQLVWUDWLYR (PUHJUDRFRUUHDLQH[LJLELOLGDGHGHJDUDQWLDGHLQVWkQFLD FDXomR SDUDLQWHUSRVLomRGHUHFXUVRVVDOYRH[LJrQFLDOHJDO 5HFXUVRVVDOYRGLVSRVLomROHJDOQmRWrPHIHLWRVXVSHQVLYR
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
%(163Ò%/,&26,
6mRS~EOLFRVRVEHQVGRGRPtQLRQDFLRQDOSHUWHQFHQWHVjVSHVVRDV MXUtGLFDVGHGLUHLWR3Ò%/,&2LQWHUQRWRGRVRVRXWURVVmRSDUWLFXODUHV 8QLmR 3HVVRDVMXUtGLFDVGH GLUHLWR3Ò%/,&2
D &RQFHLWR
(VWDGRV 'LVWULWR)HGHUDO 0XQLFtSLRV $XWDUTXLDVHIXQGDo}HVS~EOLFDV GHQDWXUH]DDXWiUTXLFD
1Ro}HV JHUDLV
&RQFHLWRUHODFLRQDGRDRDVSHFWRIRUPDO&yGLJR&LYLODUW 2VEHQVGDVSHVVRDVMXUtGLFDVGHGLUHLWR35,9$'2LQWHJUDQWHV GDDGPLQLVWUDomRS~EOLFD1262%(163Ò%/,&26 (PSUHVDVHVWDWDLV 35(67$'25$6'( 6(59,d23Ò%/,&2
3RGHPHVWDUVXMHLWDVDUHJUDVSUySULDV GRUHJLPHMXUtGLFRGRVEHQVS~EOLFRV
6mRDTXHOHVTXHSRGHPVHUXWLOL]DGRVVHPTXDOTXHUIRUPDOLGDGH (PUHJUDVmRFRORFDGRVjGLVSRVLomRGDSRSXODomRJUDWXLWDPHQWH
D 8VRFRPXP GRSRYR
&ODVVLILFDomR TXDQWRj GHVWLQDomR
([5LRVPDUHVHVWUDGDVUXDVHSUDoDV 'HVWLQDGRVHVSHFLILFDPHQWHjH[HFXomRGHGHWHUPLQDGRVHUYLoRS~EOLFR
E 8VR HVSHFLDO
([(GLItFLRVGDDGPLQLVWUDomRS~EOLFDHPJHUDO &RQVWLWXHPRSDWULP{QLRGLVSRQtYHOGDV SHVVRDVMXUtGLFDVGHGLUHLWRS~EOLFRLQWHUQR 1mRHVWmRDIHWDGRVDTXDOTXHUILQDOLGDGHS~EOLFD
F 'RPLQLFDLV
([7HUUHQRVS~EOLFRVEDOGLRVWHUUDVGHYROXWDV
%HQVS~EOLFRVGHXVRFRPXPGRSRYRHGHXVR HVSHFLDOQmRSRGHPVHUYHQGLGRV&&DUW
%HQV 3~EOLFRV
%HQVGRPLQLFDLVHGHVDIHWDGRVSRGHPVHU DOLHQDGRVREVHUYDGDVDVH[LJrQFLDVOHJDLV D ,QDOLHQDELOLGDGH
([FHomR
([LJrQFLDV OHJDLVDUW /HL
'HPRQVWUDomRGRLQWHUHVVHS~EOLFR 3UpYLDDYDOLDomR /LFLWDomR $XWRUL]DomROHJLVODWLYD HPFDVRGHEHPLPyYHO
&DUDFWHUtVWLFDV
1mRVHVXMHLWDPjSHQKRUD,PSDVVtYHLVGHH[HFXomRMXGLFLDO E ,PSHQKRUDELOLGDGH
'pELWRVGD)D]HQGD3~EOLFDVHUmRSDJRVSRUSUHFDWyULRV&)DUW 3URLELGDDTXLVLomRGHEHQVS~EOLFRVSRU868&$3,2
F ,PSUHVFULWLELOLGDGH
8VXFDSLmR
3UHVFULomRDTXLVLWLYDGRGLUHLWRGHSURSULHGDGH
&)DUWSDUiJUDIR~QLFR %HQVS~EOLFRVQmRSRGHPVHUJUDYDGRVSRUGLUHLWRVUHDLVGHJDUDQWLD
G 1mRRQHUDomR
'LUHLWRVUHDLV GHJDUDQWLD
3HQKRU $QWLFUHVH +LSRWHFD
'L]UHVSHLWRjXWLOL]DomRGREHPS~EOLFR 2FRUUHTXDQGRGHWHUPLQDGREHPS~EOLFRHVWHMD VHQGRXWLOL]DGRSDUDXPDILQDOLGDGHS~EOLFD D $IHWDomR
([ 8PSUpGLRHPTXHIXQFLRQHXPDUHSDUWLomR S~EOLFDHVWDDIHWDGRDRILPS~EOLFR %HQVDIHWDGRVQmRSRGHPHQTXDQWR SHUPDQHFHUHPQHVVDVLWXDomRVHUDOLHQDGRV
$IHWDomRH GHVDIHWDomR
2FRUUHTXDQGRXPEHPS~EOLFRQmRHVWi VHQGRXWLOL]DGRSDUDTXDOTXHUILPS~EOLFR ([ ,PyYHOGD8QLmRTXHQmRHVWHMDVHQGR XVDGRSDUDTXDOTXHUILPS~EOLFR E 'HVDIHWDomR
6RPHQWHRVEHQVGHVDIHWDGRVSRGHPVHUDOLHQDGRV &DVRRVEHQVGHXVRFRPXPGRSRYRHRVEHQVGHXVRHVSHFLDO YHQKDPDVHUGHVDIHWDGRVFRQYHUWHUVHmRHPEHQVGRPLQLFDLV
7KLDJR6WUDXVV 0DUFHOR/HLWH
ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S
%(163Ò%/,&26,, (QTXDGUDPVHFRPREHQVGRPLQLFDLV D 7HUUDV GHYROXWDV
6mRWRGDVDTXHODVTXHSHUWHQFHQWHVDRGRPtQLRS~EOLFRGHTXDOTXHUGDV HQWLGDGHVHVWDWDLVQmRVHDFKDPGHVWLQDGDVDTXDOTXHUILPS~EOLFRHVSHFtILFR 3HUWHQFHPj8QLmR&)DUW9,,
E 7HUUHQRVGDPDULQKD
3HUWHQFHPj8QLmR&)DUW;, 6mRDVKDELWDGDVSRUtQGLRVHPFDUiWHUSHUPDQHQWHDVXWLOL]DGDV SDUDVXDVDWLYLGDGHVSURGXWLYDVDVLPSUHVFLQGtYHLVjSUHVHUYDomR GRVUHFXUVRVDPELHQWDLVQHFHVViULRVDVHXEHPHVWDUHDV QHFHVViULDVDVXDUHSURGXomRItVLFDHFXOWXUDO&)DUW
F 7HUUDV WUDGLFLRQDOPHQWH RFXSDGDVSHORV tQGLRV
3ULQFLSDLV HVSpFLHVGH EHQVS~EOLFRV
(QTXDGUDPVHFRPREHQVGHXVRHVSHFLDO
3HUWHQFHPj8QLmR&)DUW9 G 3ODWDIRUPD FRQWLQHQWDO
eDH[WHQVmRGDViUHDVFRQWLQHQWDLVVRERPDU DWpDSURIXQGLGDGHGHFHUFDGHPHWURV
3RGHPVHUODFXVWUHVIOXYLDLVHPDUtWLPDVFRVWHLUDVHRFHkQLFDV (PUHJUDSHUWHQFHPj8QLmR
,OKDV PDUtWLPDV H ,OKDV
0DVRV(VWDGRVSRGHUmRWHUiUHDVGDVLOKDV FRVWHLUDVHRFHkQLFDV&)DUW,9
,OKDVIOXYLDLV HODFXVWUHV
(PUHJUDSHUWHQFHPDRV(VWDGRVPHPEURV ([FHWRVH HVWLYHUHPHP
=RQDVOLPtWURIHVFRPRXWURVSDtVHV 5LRVTXHEDQKDPPDLVGHXP(VWDGR
3HUWHQFHPj8QLmR &)DUW,,,
ÈUHDGHDWpNPGHODUJXUDSDUDOHODjGLYLVDFRPRXWURVSDtVHV I )DL[DGHIURQWHLUD
3HUWHQFHPj8QLmR&)DUW 'LVFULFLRQiULR 7UDWDVHGHDWR DGPLQLVWUDWLYR
%HQV 3~EOLFRV
D $XWRUL]DomR GHXVRGH EHPS~EOLFR
8QLODWHUDO 5HYRJiYHLVDTXDOTXHUWHPSRVHPLQGHQL]DomR 3UHFiULR
&DEHLQGHQL]DomRVHRXWRUJDGD FRPSUD]RRXFRQGLFLRQDGD
6HPSUHYLVmRGHSUD]RGHGXUDomR 1mRKiOLFLWDomRSUpYLDjRXWRUJDGHDXWRUL]DomRGHXVR 3UHGRPtQLRGRLQWHUHVVHSDUWLFXODU ([)HFKDPHQWRGHXPDUXDSDUDUHDOL]DomRGHIHVWDSRSXODU 'LVFULFLRQiULR 7UDWDVHGHDWR DGPLQLVWUDWLYR
E 3HUPLVVmR GHXVRGH EHPS~EOLFR
8QLODWHUDO 5HYRJiYHLVDTXDOTXHUWHPSRVHPLQGHQL]DomR 3UHFiULR
&DEHLQGHQL]DomRVHRXWRUJDGD FRPSUD]RRXFRQGLFLRQDGD
6HPSUHYLVmRGHSUD]RGHGXUDomR (PUHJUDGHYHVHUSUHFHGLGDGHOLFLWDomR ,QWHUHVVHVGRSDUWLFXODUHFROHWLYLGDGH ([2FXSDomRGHiUHDS~EOLFDSDUDLQVWDODomRGHEDQFDGHUHYLVWD
8VRSULYDWLYR GHEHQVS~EOLFRV
7UDWDVHGH FRQWUDWR DGPLQLVWUDWLYR
3UHFHGLGRSRUDXWRUL]DomROHJLVODWLYDHRXOLFLWDomR 5HVFLVmRQDVKLSyWHVHVSUHYLVWDVHPOHL
1mRKi SUHFDULHGDGH
&DEHLQGHQL]DomRVHDFDXVDQmR IRULPSXWiYHODRFRQFHVVLRQiULR
'HYHWHUSUD]RGHWHUPLQDGR F &RQFHVVmR GHXVRGH EHPS~EOLFR
,QWHUHVVHVGRSDUWLFXODUHFROHWLYLGDGH 7UDWDVHGH GLUHLWRSHVVRDO
1mRpGLUHLWRUHDO 1mRSRGHVHUWUDQVIHULGRVHPDSUHYLVmR FRQWUDWXDORXDQXrQFLDGD$GPLQLVWUDomR3~EOLFD
([5HVWDXUDQWHODQFKRQHWHHPUHSDUWLomRS~EOLFD 7UDWDVHGH FRQWUDWR DGPLQLVWUDWLYR
7UDQVIHUrQFLDDRSDUWLFXODUGRXVRGHXPWHUUHQR S~EOLFRRXGRUHVSHFWLYRHVSDoRDpUHR 3RUSUD]RFHUWRRXLQGHWHUPLQDGR 'HIRUPDUHPXQHUDGDRXJUDWXLWD (PUHJUDGHYHVHUSUHFHGLGDGHOLFLWDomR
G &RQFHVVmRGH GLUHLWRUHDOGHXVR GHEHPS~EOLFR
7UDWDVHGHGLUHLWRUHDO
1mRpGHGLUHLWRSHVVRDO 7UDQVIHUHVHSRUDWRLQWHUYLYRVRXSRUVXFHVVmR
&RQIHUHDRSDUWLFXODUXP ',5(,725($/5(62/Ò9(/
3RGHVHH[WLQJXLUQDVKLSyWHVHV SUHYLVWDVQDOHLRXQRFRQWUDWR