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SULQFLSDOWHPDGHVWDSXEOLFDomR
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2XWUDV FRUHV WDLV FRPR DPDUHOR UR[R URVLQKD H YHUPHOKR WrP QLFKRV
HVSHFtILFRVGHFXOWLYR
8PPDUFRH[SUHVVLYRQRPHOKRUDPHQWRGRIHLMRHLURRFRUUHXTXDQGRGD
UHFRPHQGDomRGDVFXOWLYDUHV5LFRH&DULRFD$KLVWyULDGDFXOWLYDU5LFRp
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(P  HOD IRL UHFRPHQGDGD SDUD R HVWDGR GH 6mR 3DXOR FRP R QRPH GH
µ&DULRFD¶ $OPHLGD HW DO  (VWH QRPH DGYpP GD VHPHOKDQoD HQWUH R
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WRUQRXVH LPHGLDWD 3RXFR WHPSR GHSRLV SDVVRX D VHU FXOWLYDGD HP WRGDV DV
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HPTXHVHFXOWLYDIHLMmR
5HODomRGDV SULQFLSDLVFXOWLYDUHVGHIHLMmRUHFRPHQGDGDVQRHVWDGR GH
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FRUHVHGHYiULDVLQVWLWXLo}HV
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SULQFLSDLVFDUDFWHUtVWLFDV
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   
  
  
    
   

&RPRD FXOWLYDU&DULRFD IRL WHVWHPXQKDHP WRGRV RV H[SHULPHQWRVD
DOWHUDomRQD VXDSURGXWLYLGDGHDRORQJRGR SHUtRGR IRLXPDPHGLGD GR HIHLWR
DPELHQWDO-iDPpGLDGDVOLQKDJHQVDYDOLDGDVDSUHVHQWRXHIHLWRJHQRWtSLFRPDLV
DPELHQWDO$VVLPDGLIHUHQoDHQWUHDPpGLDGDVOLQKDJHQVVHPDVWHVWHPXQKDV
H D PpGLD GD FXOWLYDU &DULRFD QDTXHOH ELrQLR PHGLX R GHVYLR JHQpWLFR $
HVWLPDWLYDGRFRHILFLHQWHGHUHJUHVVmREXWLOL]DQGRFRPRYDULiYHOLQGHSHQGHQWH
RQ~PHURGRELrQLR;HRGHVYLRJHQpWLFRFRPRYDULiYHOGHSHQGHQWH<IRLD
PHGLGD GR SURJUHVVR JHQpWLFR HP NJKD
SRU ELrQLR (VVDV HVWLPDWLYDV IRUDP
REWLGDV SDUD GXDV VLWXDo}HV FRQVLGHUDQGR D WRGRV RV DPELHQWHV HP TXH RV
H[SHULPHQWRV IRUDP FRQGX]LGRV HP FDGD ELrQLR H E DSHQDV GDGRV GRV
H[SHULPHQWRVFRQGX]LGRVHP/DYUDV7DEHOD9HULILFRXVHTXHHPDPERVRV
FDVRVRFRHILFLHQWHGHGHWHUPLQDomR5
IRLGHSHTXHQDPDJQLWXGHLQGLFDQGR
TXHRDMXVWHQmRIRLOLQHDUHTXHUHIOHWLXWDPEpPDRFRUUrQFLDGDLQWHUDomRGDV
OLQKDJHQV FRP RV ELrQLRV H GD µ&DULRFD FRP RV ELrQLRV FRPR Mi FRPHQWDGR
2EVHUYRXVHTXHHPDPERVRVFDVRVDHVWLPDWLYDGHEIRLSRVLWLYDHGLIHUHQWH
GH]HUR3
&RQVLGHUDQGR FRQWXGR TXH QRV H[SHULPHQWRV GH OLQKDJHQV HOLWHV
DSHQDV DV FLQFR PHOKRUHV OLQKDJHQV HP FDGD ELrQLR SDVVDUDP SDUD HWDSD GRV
H[SHULPHQWRVGHDYDOLDomRHVWDGXDOHDWXDOPHQWHH[SHULPHQWRVGH9&8RSWRX
VH SRU HVWLPDU R JDQKR FRQVLGHUDQGR VRPHQWH HVVDV OLQKDJHQV GH PRGR
DQiORJR 1HVVH FDVR SHOR PHQRV QR TXH VH UHIHUH DR Q~PHUR GH OLQKDJHQV
XWLOL]DGDVQDHVWLPDWLYDKRXYHEDODQFHDPHQWR2EVHUYDVHSHORVGDGRVGDVQDV
7DEHODVH TXHDHVWLPDWLYDGH5
MiIRLGHPDLRUPDJQLWXGH&RQVWDWRXVH
WDPEpPTXHDHVWLPDWLYDGHEIRLSRVLWLYDHGLIHUHQWHGH]HUR33DUD
HVWLPDURSURJUHVVRJHQpWLFRDQXDORYDORUGHEIRLGLYLGLGRSRUGRLVHWRPRXVH
FRPRUHIHUrQFLDD PpGLD SUHGLWD QR SULPHLUR ELrQLR RX VHMD D SDUWLU GH XPD
HTXDomRGHUHJUHVVmRHQYROYHQGRDVPpGLDVGDVFLQFRPHOKRUHVOLQKDJHQV<H

RQ~PHURGHELrQLRV;1RWDVHTXHRSURJUHVVRJHQpWLFRHPSHUFHQWDJHPIRL
GHHQYROYHQGRWRGRVRVDPELHQWHVHFRQVLGHUDQGRDSHQDV/DYUDV
3URFXUDQGR FRQVLGHUDU VH R JDQKR IRL FRLQFLGHQWH QDV WUrV VDIUDV
XWLOL]DQGRVH R GHVHPSHQKR GDV FLQFR PHOKRUHV OLQKDJHQV IRL HVWLPDGR R
FRHILFLHQWH GH UHJUHVVmR OLQHDU GH PRGR DQiORJR DR FRPHQWDGR DQWHULRUPHQWH
7DEHODVH4XDQGRFRQVLGHUDPVHWRGRVRVDPELHQWHVYHULILFDVHTXHR
SURJUHVVRJHQpWLFRYDULRXHQWUHDVVDIUDVWHQGRVLGRDWpQHJDWLYRQDVVDIUDV³GR
RXWRQRLQYHUQR´7DEHOD  (P /DYUDV HPERUD WHQKDRFRUULGR GLIHUHQoD QD
PDJQLWXGHRSURJUHVVRJHQpWLFRIRLVHPSUHSRVLWLYRSRUpPQmRGLIHULXGH]HUR
QDVVDIUDVGDViJXDVS7DEHOD
7$%(/$(VWLPDWLYDGRFRHILFLHQWHGHUHJUHVVmROLQHDUEHQWUHRGHVYLR
JHQpWLFR < H RV ELrQLRV ; REWLGR QD PpGLD GH WRGDV DV
OLQKDJHQV HP WRGRV RV DPELHQWHV H DSHQDV QRV H[SHULPHQWRV
FRQGX]LGRVHP/DYUDV
/LQKDJHQVHPJHUDO
(VWLPDWLYDV 7RGRVRVDPELHQWHV /DYUDV
ENJKD

ELrQLR
 
3UREDELOLGDGH+

 
5
 
3*DQXDONJKD

 
0pGLDNJKD

 
3*DQR
 
(VWLPDWLYD SUHGLWD D SDUWLU GD HTXDomR GH UHJUHVVmR OLQHDU HQYROYHQGR R
GHVHPSHQKR PpGLR GDV OLQKDJHQV QRV GLIHUHQWHV ELrQLRV 3* SURJUHVVR
JHQpWLFR

7$%(/$  (VWLPDWLYD GR FRHILFLHQWH GH UHJUHVVmR OLQHDU E HQWUH R GHVYLR
JHQpWLFR<HRVELrQLRV;REWLGDQDPpGLDGDFLQFRPHOKRUHV
OLQKDJHQVDSHQDVQRVH[SHULPHQWRVGH/DYUDV
&LQFRPHOKRUHVOLQKDJHQV
(VWLPDWLYDV *HUDO ÈJXDV 6HFDV ,QYHUQR
ENJKD
ELrQLR
   
3UREDELOLGDGH
+

   
5
   
3*DQXDONJKD

   
0pGLDNJKD

   
3*DQR
   
3*SURJUHVVRJHQpWLFR
7$%(/$  (VWLPDWLYD GR FRHILFLHQWH GH UHJUHVVmR OLQHDU E HQWUH R GHVYLR
JHQpWLFR<HRVELrQLRV;REWLGDQDPpGLDGDVFLQFRPHOKRUHV
OLQKDJHQVHPWRGRVRVDPELHQWHV
&LQFRPHOKRUHVOLQKDJHQV
(VWLPDWLYDV *HUDO ÈJXDV 6HFDV ,QYHUQR
ENJKD

ELrQLR
   
3UREDELOLGDGH+

  

5
   
3*DQXDONJKD

   
0pGLDNJKD

   
3*DQR
   
3*SURJUHVVRJHQpWLFR
)RLSRVVtYHOREWHUDVPpGLDVDMXVWDGDVSRUELrQLRHPIXQomRGDDQiOLVH
FRPELQDGD GH WRGRV RV H[SHULPHQWRV &RP HVVDV PpGLDV DGRWRXVH R PHVPR
SURFHGLPHQWRSDUDVHHVWLPDURSURJUHVVRJHQpWLFRFRPHQWDGRDQWHULRUPHQWH2V
UHVXOWDGRVREWLGRVHVWmRDSUHVHQWDGRVQD7DEHOD9HULILFDVHTXHQHVVHFDVR
RV SURJUHVVRV JHQpWLFRV WDPEpP IRUDP SRVLWLYRV SRUpP D PDJQLWXGH GD
HVWLPDWLYDHQYROYHQGRWRGDVDVOLQKDJHQVRXDSHQDVDVFLQFRPHOKRUHVIRLLJXDO

7$%(/$  (VWLPDWLYD GR FRHILFLHQWH GH UHJUHVVmR OLQHDU E H R SURJUHVVR
JHQpWLFRDQXDOFRPDVPpGLDVDMXVWDGDVGHWRGDVDVOLQKDJHQVHP
JHUDO H DV FLQFR PHOKRUHV OLQKDJHQV HP JHUDO FRP DV PpGLDV
DMXVWDGDV
(VWLPDWLYDV /LQKDJHQVHPJHUDO
&LQFRPHOKRUHVOLQKDJHQV
ENJKD

ELrQLR
 
3UREDELOLGDGH+

 
5
 
3*DQXDONJKD

 
0pGLDNJKD
 
3*DQR
 
3*SURJUHVVRJHQpWLFR

',6&8662
2V SURJUDPDV GH PHOKRUDPHQWR JHQpWLFR GDV XQLYHUVLGDGHV
HVSHFLDOPHQWHQR%UDVLODSUHVHQWDPDOJXPDVOLPLWDo}HVQDSURGXomRGHQRYDV
FXOWLYDUHV $ SULPHLUDp TXH R REMHWLYR SULQFLSDO QHP VHPSUH p D JHUDomR GH
QRYDV OLQKDJHQV H VLP D REWHQomR GH LQIRUPDo}HV EiVLFDV SDUD VREUHWXGR
PHOKRUDU D HILFLrQFLD GR SURFHVVR VHOHWLYR 2XWUD UHVWULomR p D IDOWD GH LQIUD
HVWUXWXUDRTXHUHVWULQJHDPDJQLWXGHGRVSURJUDPDV$VHPSUHVDVSULYDGDVGH
VHPHQWHVGHVRMDQR%UDVLOSRUH[HPSORDYDOLDPPDLVGHSURJrQLHVSRU
DQR
HRVSURJUDPDVGDVXQLYHUVLGDGHVGLILFLOPHQWHSDVVDPGHSURJrQLHV
$ WHUFHLUD UHVWULomR p D GLILFXOGDGH GR VHWRU S~EOLFR QD SURGXomR H
FRPHUFLDOL]DomRGH VHPHQWHV1R FDVR GR IHLMRHLUR HVVH IDWR p DJUDYDGR SHOR
SHTXHQR Q~PHUR GH HPSUHVDV SULYDGDV LQWHUHVVDGDV HP SURGX]LU VHPHQWHV
$VVLP p GLItFLO D FRRSHUDomR HQWUH R VHWRU S~EOLFR H R SULYDGR 1R FDVR GD
8)/$HVVDSURYDYHOPHQWHIRLDSULQFLSDOOLPLWDomRQDUHFRPHQGDomRGHQRYDV
FXOWLYDUHV
(PWRGRVRVSURJUDPDVGHPHOKRUDPHQWRGHSODQWDVDXWyJDPDVRFRUUHP
DOJXPDVIDVHV)HKU5DPDOKRHWDOLQFOXLQGRLDKLEULGDomRLL
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³FRQWLQXD´
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³7DEHOD$&RQW´
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&,,

(6$/

(6$/ 
(6$/

FRQWLQXD

7$%(/$$&RQW
%LrQLR
/LQKDJHP       
(6$/

,$3$5

/+

/+

/+

/+

/+

$1/$0

$1/$0

$1/$0

$1/$0

$1/$0

$1/$0

$1/$0

$1/$9

$1/$9

$1/$9

$1/$9

$1/$9

$1/$9

+

+

FRQWLQXD

7$%(/$$&RQW
%LrQLR
/LQKDJHP       
5

5

5

5

5

5

&,9 
&,9 
&,9 
&,9 
&,9 
&,9 
&,9 
&,9 
&,9 
&,9 
2316 
236 
236 
236 
236 
236 
FRQWLQXD

7$%(/$$&RQW
%LrQLR
/LQKDJHP       
236 
236 
236 
236 
&9 
&9 
&9 
&9 
&9 
&9 
&9 
&9 
&9 
&9 
+ 
+ 
+ 
+ 
0$, 
0$, 
0$, 
0$, 
FRQWLQXD

7$%(/$$&RQW
%LrQLR
/LQKDJHP       
0$, 
0$, 
0$, 
5&, 
5&, 
5&, 
5&, 
5&, 
= 
= 
= 
= 
= 

7$%(/$ $ 0pGLDV GDV OLQKDJHQV HP JHUDO GDV FLQFR PHOKRUHV OLQKDJHQV H
GDµ&DULRFD¶HPWRGDVDVVDIUDVQRVELrQLRV
%LrQLRV /LQKDJHQV &LQFR PHOKRUHV &DULRFD
  
  
  
  
  
  
  
  
   
   
   
   
   
   
   
7$%(/$ $ 0pGLDV GDV OLQKDJHQV HP JHUDO GDV FL QFR PHOKRUHV OLQKDJHQV H
GDµ&DULRFD¶HPWRGDVDVVDIUDVQRVELrQLRVHP/DYUDV
%LrQLRV /LQKDJHQV &LQFR PHOKRUHV &DULR FD
  
  
  
  
  
  
  
   
   
   
   
   
   
   

7$%(/$ $ 0pGLDV GDV OLQKDJHQV HP JHUDO GDV FLQFR PHOKRUHV OLQKDJHQV H
GDµ&DULRFD¶QRVELrQLRVQDVVDIUDV³GDViJXDV´HP/DYUDV
%LrQLRV /LQKDJHQV &LQFRPHOKRUHV &DULRFD
  
  
  
  
  
  
  
   
   
   
   
   
   
   
7$%(/$ $ 0pGLDV GDV OLQKDJHQV HP JHUDO GDV FLQFR PHOKRUHV OLQKDJHQV H
GDµ&DULRFD¶QDVVDIUDV³GDVVHFDV´HP/DYUDV
%LrQLRV /LQKDJHQV &LQFRPHOKRUHV &DULRFD
  
  
   
   
   
   
   
   
   

7$%(/$$
0pGLDVGDVOLQKDJHQVHP JHUDOGDVFLQFRPHOKRUHVOLQKDJHQVH
GDµ&DULRFD¶QDVVDIUDV³GRRXWRQRLQYHUQR´HP/DYUDV
%LrQLRV /LQKDJHQV &LQFRPHOKRUHV &DULRFD
  
  
   
   
   
   
   
   
   

7$%(/$$(TXDo}HVGHUHJUHVVmRGRVELrQLRVQRJHUDOQDVVDIUDViJXDVVHFDH LQYHUQRHP/DYUDVHHPWRGRVRV
DPELHQWHV
*HUDO 6HFD ,QYHUQR ÈJXDV
# # # #
&DULRFD
           
&DULRFD
/DYUDV
           
/LQKDJHQV
           
/LQKDJHQV
/DYUDV
           
0HOKRUHV
           
0HOKRUHV
/DYUDV
           
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