14-Programação de Obra

Aula 14
Curso Regular de Edificações - Com videoaulas

Professor: Marcus Campiteli
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϰ
$8/$352*5$0$d2'(2%5$6

680È5,2 3È*,1$
CONSIDERAÇÕES PRELIMINARES 1
1. INTRODUÇÃO 2
2. METODOLOGIAS 9
3. CRONOGRAMA FÍSICO-FINANCEIRO 21
4. QUESTÕES COMENTADAS DO CESPE 27
5. LISTA DE QUESTÕES DO CESPE 39
6. GABARITO DO CESPE 44
7. QUESTÕES COMENTADAS DA FCC 44
8. LISTA DE QUESTÕES DA FCC 71
9. GABARITO DA FCC 83
10. REFERÊNCIAS BIBLIOGRÁFICAS 84
(DtSHVVRDODQLPDGRV
$ ELEOLRJUDILD SULQFLSDO DGRWDGD QHVWD DXOD p R OLYUR

3ODQHMDPHQWR 2UoDPHQWDomR H &RQWUROH GH 3URMHWRV H 2EUDV GR
DXWRU&DUO9/LPPHUHROLYUR3ODQHMDPHQWRH&RQWUROHGH2EUDVGR
02707628174
DXWRU$OGR'yUHD0DWWRV
3HVVRDO D LQWURGXomR GHVVH DVVXQWR p UHSOHWD GH FRQFHLWRV GH

SODQHMDPHQWRHFRQWUROH(PVHJXLGDHQWUDUHPRVQDVPHWRGRORJLDVH
FURQRJUDPD TXH HX FRQVLGHUR PDLV VLPSOHV GH JXDUGDU DV
LQIRUPDo}HV 1D DXOD VHJXLQWH WHUHPRV RUoDPHQWDomR H DSyV HVWD
DXODUHWRUQDUHPRVjVREUDVURGRYLiULDV
(QWmRYDPRVDRFRQWH~GRTXHLQWHUHVVD
%RQVHVWXGRV
ϭ

3/$1(-$0(172(&21752/('(2%5$6

±,1752'8d2
2 SURMHWR SRGH VHU HQWHQGLGR FRPR XP FRQMXQWR GH DWLYLGDGHV

TXH UHVXOWDP QD FRQVHFXomR GH XP REMHWLYR DWHQGHQGRVH D
SDUkPHWURV SUHYLDPHQWH IL[DGRV GH SUD]R FXVWR TXDOLGDGH H
ULVFR
$V DWLYLGDGHV FRPSRQHQWHV GH XP SURMHWR GHYHP VHU

QHFHVViULDV H LQWHUUHODFLRQDGDV FDUDFWHUL]DQGRVH HVVH LQWHU
UHODFLRQDPHQWRSRUXPDVHTXrQFLDOyJLFDGHH[HFXomRTXHFULDXPD
GHSHQGrQFLD GLUHWD RX LQGLUHWD GH FDGD DWLYLGDGH HP UHODomR jV
GHPDLV
2SODQHMDPHQWRGHXPSURMHWRpIHLWRHPQtYHOHVWUDWpJLFR
H WiWLFR SDUD VHU SRVWHULRUPHQWH GHVHQYROYLGR HP QtYHO
RSHUDFLRQDOFRQVWLWXLQGRVHHQWmRHPSURJUDPDomR
'H XP PRGR JHUDO RV SURMHWRV LQGXVWULDLV VmR H[HFXWDGRV

REHGHFHQGRjVHJXLQWHVHTXrQFLD
(VWXGRGH9LDELOLGDGH7pFQLFDH(FRQ{PLFD
GHVHQYROYLPHQWRGR3URMHWRGH(QJHQKDULD%iVLFR
02707628174
3URMHWRGH(QJHQKDULD'HWDOKDGRSDUD([HFXomR
6XSULPHQWR GRV ,QVXPRV QHFHVViULRV j PDWHULDOL]DomR GR

SURMHWRH
&RQVWUXomR

1
Avaliação da exeqüibilidade do projeto, considerando recursos tecnológicos disponíveis e a relação
custo-benefício a ser obtida quando da utilização do produto resultante do projeto.
Ϯ

1mR Ki QHFHVVLGDGH GH VH DJXDUGDU R ILP GH XPD HWDSD SDUD
LQLFLDU D VHJXLQWH PDV VLP DR VH DWLQJLU FHUWR JUDX GH
GHVHQYROYLPHQWRGHXPDHWDSDGHODVHH[WUDHPGDGRVSDUDLQLFLDUD
VHJXLQWH JDQKDQGRVH FRP LVVR QR SUD]R WRWDO GH H[HFXomR GR
HPSUHHQGLPHQWR
3DUD DWLQJLU D SURGXWLYLGDGH GHVHMDGD p SUHFLVR TXH R

JHUHQFLDPHQWR GH XP SURMHWR VHMD IHLWR FRPR XP WRGR
FRQFDWHQDQGRVH UHFXUVRV KXPDQRV PDWHULDLV HTXLSDPHQWRV H
WDPEpP SROtWLFRV GH IRUPD D REWHUVH R SURGXWR GHVHMDGR ± D REUD
FRQVWUXtGD±GHQWURGRVSDUkPHWURVGHSUD]RFXVWRTXDOLGDGHHULVFR
SUHYLDPHQWHHVWDEHOHFLGRV
3DUDWDQWRpQHFHVViULRSODQHMDUHFRQWURODURSURMHWRYLVWRTXH
SODQHMDU H FRQWURODU VmR DWLYLGDGHV PXWXDPHQWH H[FOXVLYDV
XPD QmR H[LVWH VHP D RXWUD 8PD QmR ID] VHQWLGR VHP D RXWUD H
SRGHPVHUFRQVLGHUDGDVFRPRDWLYLGDGHVGHUDFLRQDOL]DomRYLQFXODGDV
DXPDVLWXDomRGHHVFDVVH]GHUHFXUVRVHjPHOKRUIRUPDGHXWLOL]i
ORV
2 FRQWUROH SHUPLWH DYDOLDU D TXDOLGDGH GR TXH IRL SODQHMDGR H

SURJUDPDGR 3ODQHMDU p GHFLGLU SRU DQWHFLSDomR H FRQWURODU p
FRQKHFHU H FRUULJLU RV GHVYLRV TXH YHQKDP D RFRUUHU HP UHODomR DR
SODQHMDGR
02707628174
,QLFLDOPHQWHpSUHFLVR
SODQHMDU D GXUDomR GR SURMHWR HP WRGDV DV VXDV IDVHV 3DUD
LVVR VH GHYH FRQKHFHU HP GHWDOKHV FDGD FRPSRQHQWH GR SURGXWR
'HILQLURVWLSRVGHLQVXPRVDVHUHPHPSUHJDGRVHFUX]DQGRRVFRP
RVFRPSRQHQWHVGRSURMHWRHVWDEHOHFHUXPSODQRGHFRQWDV
HVWDEHOHFHU WDPEpP D HVWUXWXUD RUJDQL]DFLRQDO TXH LUi

LPSOHPHQWDU R SURMHWR GHILQLQGR ORJR XP UHVSRQViYHO SDUD FDGD
FRPSRQHQWHGRSURGXWR
ϯ

GHWHUPLQDUDVDWLYLGDGHVUHTXHULGDV SDUDDPDWHULDOL]DomRGH
FDGDFRPSRQHQWH
TXDQWLILFDU RV UHFXUVRV QHFHVViULRV j H[HFXomR H VDEHU FRPR

GLVWULEXtORV DR ORQJR GR WHPSR REWHQGRVH R FURQRJUDPD ItVLFR
ILQDQFHLUR
DSDUWLUGRVFXVWRVRUoDGRVHGRFURQRJUDPDItVLFRILQDQFHLUR
HVWDEHOHFHURPXOWLSOLFDGRUGRVFXVWRV WDPEpPFRQKHFLGRFRPR%',
SDUDFKHJDUVHDRSUHoRGHYHQGD
HP SDUDOHOR FRP WXGR LVVR p SUHFLVR FROHWDU GDGRV GXUDQWH D

H[HFXomR GR SURMHWR WUDQVIRUPiORV HP LQIRUPDo}HV H FRP HODV
DOLPHQWDURVLVWHPDGHFRQWUROHGRSURMHWR
FRPSDUDURTXHIRLSODQHMDGRFRPRVUHVXOWDGRVREWLGRVHVH
QHFHVViULR FRUULJLU RV GHVYLRV SRU PHLR GH RUGHQV GH DOWHUDomR jV
SDUWHV HQYROYLGDV 7DLV FRUUHo}HV GH GHVYLRV VmR IHLWDV QRV
FURQRJUDPDVFRPRWDPEpPQRVRUoDPHQWRVSODQHMDGRVWDQWDVYH]HV
TXDQWDVIRUHPQHFHVViULDVSDUDPDQWHURSURMHWRQRUXPRGHVHMDGR
(VVHpXPSURFHVVRFRQWtQXRTXHVHGHVHQYROYHDRORQJRGHWRGRR
SURMHWR XVDQGRVH WpFQLFDV GH SODQHMDPHQWR SDUD FURQRJUDPDomR
3(57 &30 3UHFHGrQFLD /LQKD GH %DODQoR H SDUD RUoDPHQWDomR
SRUFRUUHODomRSRUTXDQWLILFDomRGHLQVXPRVHSRUSUHoRVXQLWiULRV
DOpP GH WpFQLFDV GH FRQWUROH FRPR D GD DSOLFDomR GR SULQFtSLR GH
02707628174
H[HFXomR RJHUHQFLDGRUVyWRPDFRQKHFLPHQWRGDVH[FHo}HV RXGD

DSOLFDomRGRSULQFtSLRGHSUHYLVmR RJHUHQFLDGRUWRPDFRQKHFLPHQWR
GHWRGRVRVUHVXOWDGRVREWLGRV
8P IDWRU SRXFR FRQVLGHUDGR QR JHUHQFLDPHQWR GH SURMHWRV

REUDV p R ULVFR LQFRUULGR HP FDGD GHFLVmR JHUHQFLDO 2 ULVFR SRGH
VHU GHILQLGR FRPR D SUREDELOLGDGH GH RFRUUrQFLD GH XP HYHQWR H DV
FRQVHTXrQFLDVDGYHUVDVGHFRUUHQWHVGHVVHHYHQWR
ϰ

2 HPSUHHQGLPHQWR GD FRQVWUXomR WDPEpP VH HQTXDGUD FRPR

XPD LQG~VWULD D FKDPDGD LQG~VWULD GD FRQVWUXomR RQGH FDGD
HPSUHHQGLPHQWR VH FDUDFWHUL]D SRU VHU GH GXUDomR UHODWLYDPHQWH
FXUWDHFRPXPSURGXWRILQDOIL[RHPERUDQmRURWLQHLUR±FDGDREUDp
XPD REUD H p ~QLFD $R FRQWUiULR GD SURGXomR IDEULO WUDGLFLRQDO RV
LQVXPRV VH DJUHJDP DR SURGXWR GHVORFDQGRVH HP WRUQR GHOH 3RU
LVVR QHFHVVLWD GH XPD RUJDQL]DomR HVSHFtILFD QR TXH VH UHIHUH DR
SHVVRDO PmRGHREUD TXHQHODDWXDGDHPSUHVDTXHDSURPRYHGD
IRUPD GH WUDEDOKR SDUD D VXD H[HFXomR H GH XP VLVWHPD GH
LQIRUPDo}HV JHUHQFLDLV IOH[tYHO H DGDSWiYHO jV PXGDQoDV FRQVWDQWHV
TXHRFRUUHPGXUDQWHDH[HFXomRGDREUD
2SODQHMDPHQWRSHUPLWH
GHILQLUDRUJDQL]DomRSDUDH[HFXWDUDREUD
WRPDUGHFLV}HV
DORFDUUHFXUVRV
LQWHJUDUHFRRUGHQDUHVIRUoRVGHWRGRVRVHQYROYLGRV
DVVHJXUDUERDFRPXQLFDomRHQWUHRVSDUWLFLSDQWHVGDREUD
VXVFLWDU D FRQVFLHQWL]DomR GRV HQYROYLGRV SDUD SUD]RV

TXDOLGDGHHFXVWRV
FDUDFWHUL]DUDDXWRULGDGHGRJHUHQWH
02707628174
HVWDEHOHFHUXPUHIHUHQFLDOSDUDFRQWUROH
GHILQLUXPDGLUHWUL]SDUDRHPSUHHQGLPHQWR
2VIUDFDVVRVPDLVFRPXQVGRSODQHMDPHQWRVHDWULEXHPD
DXVrQFLDGHSODQRVIRUPDLV
DEDQGRQRSUHPDWXURGRSODQRHODERUDGR
ϱ

IDOWDGHFRQILDQoDQRSODQR
SODQRHODERUDGRSDUDDWHQGHUFOLHQWH
YLVmRGHFXUWRSUD]RGRJHUHQWH
YLVmROLPLWDGDGRJHUHQWH
PRGLVPR
2XVRGRSODQHMDPHQWRIRUPDOUHTXHU
DQiOLVHVLVWHPiWLFD
SUHYLVmR
HQWHQGLPHQWRGDVDWLYLGDGHVHGHVHXVLQWHUUHODFLRQDPHQWRV
XVRGHWpFQLFDVPRGHUQDV FRPSXWDGRUL]DGDV
LPDJLQDomR
FULDWLYLGDGH
IDQWDVLD
8P SODQR WHP TXH VHU IOH[tYHO 1R HQWDQWR p SUHFLVR HQWHQGHU
TXH PXGDU Vy p DFRQVHOKiYHO TXDQGR R GHVYLR HQWUH R UHDOL]DGR H R
SODQHMDGR IRU VLJQLILFDWLYR 1mR VH PXGD XP SODQR SRU TXDOTXHU
PRWLYR 0DV VH R SODQR WHLPDU HP QmR FRUUHVSRQGHU jTXLOR TXH VH
02707628174
HVWi H[HFXWDQGR TXH VH YHULILTXHP DV SUHPLVVDV DGRWDGDV QR

SODQHMDPHQWRSRLVHODVSRGHPVHUIDOVDV
3DUDJHUHQFLDUXPSURMHWRpQHFHVViULRSODQHMiORHDRORQJRGH
VXDH[HFXomRFRQWUROiORVHQGRSUHFLVRSDUDWDQWRHDQWHVGHWXGR
FRQKHFrOR R PHOKRU SRVVtYHO 'L]VH SRVVtYHO SRUTXH QR LQtFLR DV
LQIRUPDo}HV VREUHR SURMHWR VmR HVFDVVDV XPD YH] TXH HVWHQmR VH
HQFRQWUD DLQGD FDEDOPHQWH GHILQLGR $ ILP GH FRQKHFrOR GD PHOKRU
IRUPD SRVVtYHO p SUHFLVR SURFHGHU GH PDQHLUD PHWyGLFD
ϲ

GHFRPSRQGRR HP HOHPHQWRV FDGD YH] PDLV VLPSOHV DWUDYpV GD

DQiOLVHHVWUXWXUDGDGHVHXVFRPSRQHQWHV
3RU RXWUR ODGR LQWHUHVVD D TXHP SODQHMD VDEHU TXH WLSRV H

TXDQWLGDGHV GH LQVXPRV FRPR PmR GH REUD PDWHULDLV H
HTXLSDPHQWRV VHUmR JDVWRV QD PDWHULDOL]DomR GH FDGD HOHPHQWR H
SRU PHLR GD DQiOLVH GRV UHVSHFWLYRV FXVWRV GHWHUPLQDU R FXVWR GR
SURMHWR
e DLQGD QHFHVViULR SRU PHLR GD DQiOLVH GD HVWUXWXUD

RSHUDFLRQDO TXH GHYHUi HVWDU j IUHQWH GD H[HFXomR GR SURMHWR
FDUDFWHUL]DU UHVSRQVDELOLGDGHV SHOD PDWHULDOL]DomR GH FDGD HOHPHQWR
GRSURGXWRQRTXDOVHDSOLFDPRVGLIHUHQWHVWLSRVGHLQVXPRV
$ YLGD GH XP SURMHWR FRPS}HVH GH TXDWUR HVWiJLRV EiVLFRV

FRQFHSomRSODQHMDPHQWRH[HFXomRHILQDOL]DomR
FRQFHSomR LGHQWLILFDomR GD QHFHVVLGDGH GH XP SURMHWR VHU

LPSODQWDGR 'HFLGLGD D LPSODQWDomR VHJXHVH SDUD D HWDSD GH
YHULILFDomRGDYLDELOLGDGHWpFQLFDHHFRQ{PLFDGRSURMHWRJHUDOPHQWH
GHILQLQGRXPSODQRSUHOLPLQDUGHLPSODQWDomRXPSURMHWRSUHOLPLQDU
GH HQJHQKDULD XPD HVWLPDWLYD GH FXVWRV H XP FURQRJUDPD
SUHOLPLQDUHVDVSRVVtYHLVFRQGLo}HVGHILQDQFLDPHQWRDLGHQWLILFDomR
GH DOWHUQDWLYDV D DSUHVHQWDomR GDTXHODV GH PDLRU DWUDWLYLGDGH SDUD
DSUHFLDomRGRSURSULHWiULRHILQDOPHQWHDGHILQLomRGDDOWHUQDWLYDD
02707628174
VHU LPSOHPHQWDGD EHP FRPR D REWHQomR GD FRPSRQHQWH DSURYDomR

HGDDXWRUL]DomRSDUDSURVVHJXLUQDLPSOHPHQWDomRGRSURMHWR
SODQHMDPHQWRFRPSUHHQGHRGHVHQYROYLPHQWRGHXPSODQR
GH SURMHWR TXH VHUYLUi GH GLUHWUL] SDUD D VXD LPSOHPHQWDomR
FRQWHQGR GHVHQKRV HVSHFLILFDo}HV GH PDWHULDLV GH HTXLSDPHQWRV H
WpFQLFDVGHH[HFXomRFURQRJUDPDVRUoDPHQWRVHGLUHWUL]HVJHUDLV
H[HFXomR FRQWHPSOD R HVWDEHOHFLPHQWR GH XPD HVWUXWXUD

RUJDQL]DFLRQDOSDUDRJHUHQFLDPHQWRHDLPSOHPHQWDomRGRSURMHWRD
ϳ

DTXLVLomR GH UHFXUVRV GH PDWHULDLV H PmR GH REUD D PDWHULDOL]DomR

GRV FRPSRQHQWHV ItVLFRV GR SURMHWR D JDUDQWLD GH TXDOLGDGH D
DYDOLDomR GR GHVHPSHQKR D DQiOLVH GR SURJUHVVR DOFDQoDGR H DV
PRGLILFDo}HVGHSURMHWRGLWDGDVSHODUHWURDOLPHQWDomRGRVLVWHPD
ILQDOL]DomR YLVD FRORFDU HP RSHUDomR D REUD FRQVWUXtGD

WUHLQDQGRVH SDUD LVVR RSHUDGRUHV WUDQVIHULU VREUDV GH PDWHULDLV
DRV VHXV OHJtWLPRV SURSULHWiULRV GRFXPHQWDU UHVXOWDGRV WUDQVIHULU
UHVSRQVDELOLGDGHV GHVPRELOL]DU UHFXUVRV H UHDORFDU D HTXLSH
HQYROYLGDQDH[HFXomR
2 SODQHMDPHQWR H R FRQWUROH GH XP SURMHWR H[LJHP R

FRQKHFLPHQWRGHVWHRPDLVGHWDOKDGDPHQWHSRVVtYHORTXHVySRGH
VHU DOFDQoDGR SRU PHLR GD DQiOLVH GRV HOHPHQWRV TXH R FRPS}HP
VHQGRSRUWDQWRRSULPHLURSDVVRSDUDEHPSODQHMiOR
2 FDPLQKR PDLV VLPSOHV H LPHGLDWR p R GD DQiOLVH GRV

FRPSRQHQWHV GR SURMHWR SURFHGHQGRVH j VXD SDUWLomR D SDUWLU GR
WRGR DWp DWLQJLUVH XP FRPSRQHQWH GH SRUWH DGHTXDGR DR
SODQHMDPHQWRHFRQWUROHGHVXDPDWHULDOL]DomR
/LPPHU FLWD 3DVFDO QR WUHFKR ³DFKR LPSRVVtYHO FRQKHFHU DV

SDUWHV VHP FRQKHFHU R WRGR QHP FRQKHFHU R WRGR VHP FRQKHFHU
SDUWLFXODUPHQWHDVSDUWHV´
3DUDFKHJDUDRFRQKHFLPHQWRGRWRGRpQHFHVViULR
02707628174
DQDOLVDU GH PDQHLUD GHWDOKDGD H VLVWHPiWLFD WRGRV RV

GRFXPHQWRV GHVHQKRV HVSHFLILFDo}HV HWF H GHPDLV LQIRUPDo}HV
GLVSRQtYHLV VREUH R SURMHWR GH IRUPD D FDUDFWHUL]DU GH PDQHLUD
LQHTXtYRFDFDGDXPGRVHOHPHQWRVFRPSRQHQWHVGRSURMHWR
HVWDEHOHFHU FULWpULRV GH DQiOLVH GR SURMHWR HP IXQomR GH

REMHWLYRVDVHUHPDOFDQoDGRVWDLVFRPR
ϴ

REWHQomRGHHOHPHQWRVSDUDRSODQHMDPHQWRGRSURMHWR
RPDLVFRPSOHWRSRVVtYHOHPWHUPRVGHSUD]RVHFXVWRV
D WLSRORJLD GRV LQVXPRV D VHUHP DSOLFDGRV RUoDGRV H

FRQWURODGRV
D GHILQLomR GH UHVSRQVDELOLGDGH SHOD DSOLFDomR FRUUHWD

GRVLQVXPVR
0(72'2/2',$6
± (VWUXWXUD $QDOtWLFD GR 3URMHWR RX (VWUXWXUD $QDOtWLFD GH

3DUWLomRGR3URMHWR ($3
$($3pXPD GDVIHUUDPHQWDVPDLVLPSRUWDQWHVGRJHUHQWHGH
SURMHWR SRLV REMHWLYD GLYLGLU R SURMHWR HP FRPSRQHQWHV GH WDPDQKR
DGHTXDGR H DVVLP SHUPLWLU TXH VHMD FRQKHFLGR HP WRGRV RV VHXV
GHWDOKHV $OpP GLVVR HOD SHUPLWH PHWRGL]DU D HODERUDomR GH
HVWLPDWLYDV GH UHFXUVRV LQFOXLQGRVH QHVWDV D HVWLPDWLYD GH FXVWRV
SURSLFLDQGR XPD HVWLPDWLYD GH FXVWR FRP PDLRU SUHFLVmR (OD
WDPEpP PHWRGL]D R SODQHMDPHQWR GR SURMHWR DWUDYpV GH XPD YLVmR
JOREDOGRPHVPRHVHUYHFRPRIHUUDPHQWDGHFRQWUROH
'H DFRUGR FRP 0DWWRV D PDQHLUD PDLV SUiWLFD GH

LGHQWLILFDU DV DWLYLGDGHV p SRU PHLR GD HODERUDomR GD (VWUXWXUD
02707628174
$QDOtWLFD GR 3URMHWR ($3 TXH p XPD HVWUXWXUD KLHUiUTXLFD HP

QtYHLVPHGLDQWHDTXDOVHGHFRPS}HDWRWDOLGDGHGDREUDHPSDFRWHV
GH WUDEDOKR SURJUHVVLYDPHQWH PHQRUHV $ ($3 WHP D YDQWDJHP GH
RUJDQL]DURSURFHVVRGHGHVGREUDPHQWRGRWUDEDOKRSHUPLWLQGRTXH
RUROGHDWLYLGDGHVVHMDIDFLOPHQWHFKHFDGRHFRUULJLGR
6HJXQGR R PHVPR DXWRU SDUD VH SODQHMDU XPD REUD p SUHFLVR

VXEGLYLGLOD HP SDUWHV PHQRUHV (VVH SURFHVVR p FKDPDGR
GHFRPSRVLomR3RUPHLRGDGHFRPSRVLomRRWRGR²TXHpDREUDHP
ϵ

VHX HVFRSR LQWHJUDO ² p SURJUHVVLYDPHQWH GHVPHPEUDGR HP

XQLGDGHVPHQRUHVHPDLVVLPSOHVGHPDQHMDU2VJUDQGHVEORFRVVmR
VXFHVVLYDPHQWH HVPLXoDGRV GHVWULQFKDGRV QD IRUPD GH SDFRWHV GH
WUDEDOKR PHQRUHV DWp TXH VH FKHJXH D XP JUDX GH GHWDOKH TXH
IDFLOLWH R SODQHMDPHQWR QR WRFDQWH j HVWLSXODomR GD GXUDomR GD
DWLYLGDGHDRVUHFXUVRVUHTXHULGRVHjDWULEXLomRGHUHVSRQViYHLV
1R SODQHMDPHQWR H QR FRQWUROH GH XP SURMHWR D LQIRUPDomR p

HOHPHQWRVHVVHQFLDO$($3IXQFLRQDFRPRHOHPHQWRGHFRPXQLFDomR
FRQVWLWXLQGRVH HP YHUGDGHLUR GLFLRQiULR GR SURMHWR SDUD R
HQWHQGLPHQWR SUHFLVR H XQLIRUPH GH VHXV FRPSRQHQWHV SRU WRGRVRV
HQYROYLGRVQDVXDFRQFUHWL]DomR
$LQGD GH DFRUGR FRP /LPPHU D ($3 SRGH FRQWHU TXDOTXHU

Q~PHURGHQtYHLVGHSDUWLomRRXGHGHVGREUDPHQWRQmRVHGHYHQGR
SDVVDUGHQtYHLVSRLVRGHWDOKDPHQWRWRUQDVHPXLWRJUDQGHVHQGR
RQ~PHURUHFRPHQGiYHOGHQtYHLV
$ ($3 WDPEpP GHQRPLQDGD GH (VWUXWXUD GH (OHPHQWRV GH

7UDEDOKR ((7 SRGH VHU FRQVLGHUDGD FRPR R SULPHLUR SDVVR SDUD
SURGX]LU XPD HVWLPDWLYD GH FXVWRV GH XP SURMHWR YLVWR TXH HOD
SURSRUFLRQDXPDUFDERXoRVyOLGRVREUHRTXDODHVWLPDWLYDSRGHVHU
HUJXLGD $OpP GD HVWLPDWLYD GH FXVWRV D ($3 RX ((7 VHUYH GH EDVH
SDUDRSODQHMDPHQWRGDGXUDomRGRSURMHWR
02707628174
8PD GDV PDLV VLJQLILFDWLYDV WpFQLFDV GH SDUWLomR p R XVR GH

JUXSRV GH DWLYLGDGHV RX SDFRWHV GH WUDEDOKR QD FRGLILFDomR GDV
FRQWDVGHFXVWR
3DFRWHV GH WUDEDOKR VmR JUXSRV VHOHFLRQDGRV GH DWLYLGDGHV GH

DFRUGRFRPDHVWUXWXUDomRGRSURMHWR(OHVFDUDFWHUL]DPRVWLSRVHDV
TXDQWLGDGHV GH VHUYLoRV JHUHQFLiYHLV SDUD ILQV GH SODQHMDPHQWR
FRPSUHHQGLGDDRUoDPHQWDomR GHSURJUDPDomRHGHFRQWUROHFRP
KRUL]RQWHGHGXUDomRIDFLOPHQWHGLVFHUQtYHOHTXHSUHIHUHQFLDOPHQWH
ϭϬ

UHSUHVHQWHXPDSDUWHRXFRPSRQHQWHDFDEDGRGRSURMHWRRXGDREUD
DSyVVXDH[HFXomR
6HJXHPDOJXPDVSURSULHGDGHVGD($3VHJXQGR0DWWRV
FDGDQtYHOUHSUHVHQWDXPUHILQDPHQWRGRQtYHOLPHGLDWDPHQWH
VXSHULRU
DVVXEWDUHIDVUHSUHVHQWDPGRHVFRSRGDWDUHIDGRQtYHO
LPHGLDWDPHQWHVXSHULRU UHJUDGRV RXVHMDVHXPSDFRWHGH
WUDEDOKR p GHVPHPEUDGR HP WUrV DWLYLGDGHV HODV UHSUHVHQWDP D
WRWDOLGDGHGRDOFDQFHGRSDFRWHGHWUDEDOKR
DVRPDGRFXVWRGRVHOHPHQWRVGHFDGDQtYHOqLJXDOD
GRQtYHOLPHGLDWDPHQWHVXSHULRU
R FXVWR GH FDGD HOHPHQWR GD HVWUXWXUD HTXLYDOH j VRPD GRV

FXVWRVGRVHOHPHQWRVVXERUGLQDGRV
MXQWDV DV DWLYLGDGHV GH QtYHO PDLV EDL[R QRV GLYHUVRV UDPRV
GD($3UHSUHVHQWDPRHVFRSRWRWDOGRSURMHWR
XPDPHVPDDWLYLGDGHQmRSRGHHVWDUHPPDLVGHXPUDPR
GXDVDWLYLGDGHVVmRPXWXDPHQWHH[FOXGHQWHVQmRSRGHKDYHU
VREUHSRVLomR GH WUDEDOKR HQWUH HODV VHULD XPD UHGXQGkQFLD
GHVQHFHVViULD
02707628174
DWLYLGDGHVQmRLQFOXtGDVQD($3QmRWRPDPSDUWHGRSURMHWR
DVDWLYLGDGHVVmRUHODFLRQDGDVHPRUGHPOyJLFDGHDVVRFLDomR
GHLGpLDVQmRHPRUGHPFURQROyJLFD
DV DWLYLGDGHV GH QtYHO PDLV EDL[R VmR PHQVXUiYHLV H SRGHP

VHUDWULEXtGDVDXPUHVSRQViYHO SHVVRDRXHTXLSH
ϭϭ

'HDFRUGRFRPRPHVPRDXWRUD($3SRGHVHUDSUHVHQWDGDHP
GLIHUHQWHV FRQILJXUDo}HV iUYRUH DQDOtWLFD RX VLQWpWLFD H PDSD
PHQWDOFRQIRUPHRVH[HPSORVGDILJXUDDVHJXLU
D ($3DQDOtWLFD 02707628174
$ ($3 QD IRUPD GH OLVWDJHP DQDOtWLFD RX VLQWpWLFD p D TXH RV
SULQFLSDLVVRIWZDUHVGHSODQHMDPHQWRWUDEDOKDP
&DGDQRYRQtYHOGD($3pLQGHQWDGRHPUHODomRDRDQWHULRULVWR
p DV DWLYLGDGHV VmR DOLQKDGDV PDLV LQWHUQDPHQWH 7DUHIDV GH XP
PHVPRQtYHOWrPRPHVPRDOLQKDPHQWR4XDQWRPDLVLQGHQWDGDVDV
DWLYLGDGHVPHQRURQtYHODTXHSHUWHQFHPFRQIRUPHDILJXUDDFLPD
ϭϮ

$ ($3 DQDOtWLFD JHUDOPHQWH YHP DVVRFLDGD D XPD QXPHUDomR

OyJLFD VHJXQGR D TXDO FDGD QRYR QtYHO JDQKD XP GtJLWR D PDLV 3RU
LVVRHODpPDLVLQGLFDGDSDUDUHODWyULRVFRQIRUPHDVHJXLU
E ($3FRPRPDSDPHQWDO
8P PDSD PHQWDO p XP GLDJUDPD XWLOL]DGR SDUD UHSUHVHQWDU

LGHLDV TXH VmR RUJDQL]DGDV UDGLDOPHQWH D SDUWLU GH XP FRQFHLWR
FHQWUDO FRQIRUPH R LWHP F GD ILJXUD DFLPD $ HVWUXWXUD GR PDSD
PHQWDO p GH iUYRUH FRP UDPRV GLYLGLGRV HP UDPRV PHQRUHV FRPR
QDiUYRUHGHEORFRV$GLIHUHQoDpTXHRPDSDSHUPLWHDFULDomRGD
02707628174
($3GHPDQHLUDTXHIL[DPDLVD,PDJHPFHQWUDOL]DQGRDLGHLDFHQWUDO
HRHVStULWRGHGHFRPSRVLomRSURJUHVVLYDGDVLGpLDV
(PUHODomRj($3SRUEORFRVRPDSDPHQWDOWHPDYDQWDJHPGH
PRVWUDUWRGDDGHFRPSRVLomRGRSURMHWRHPXPDWHOD~QLFD
&XUYD6
$ FXUYD 6 PRVWUD D GLVWULEXLomR GH XP UHFXUVR GH IRUPD

FXPXODWLYDSRGHQGRUHSUHVHQWDURSURMHWRFRPRXPWRGRHPWHUPRV
GH KRPHQVKRUD RX GH PRHGDV QHFHVViULRV j VXD H[HFXomR DVVLP
ϭϯ

FRPR SHUPLWH YLVXDOL]DU R ULWPR GH DQGDPHQWR SUHYLVWR SDUD D VXD

LPSOHPHQWDomR
2ULWPRpGHILQLGRSHORFRHILFLHQWHDQJXODUGDFXUYD
&XUYD$%&

$ FXUYD $%& GHFRUUH GD FODVVLILFDomR GRV LWHQV HP RUGHP
GHFUHVFHQWHGHLPSRUWkQFLDUHODWLYDH[SUHVVDGHIRUPDSHUFHQWXDO
3HVVRDO R OLYUR ³3ODQHMDPHQWR 2UoDPHQWDomR H &RQWUROH GH

02707628174
3URMHWRV H 2EUDV´ GR DXWRU &DUO /LPPHU WUD] XPD H[SOLFDomR

GHWDOKDGDDFHUFDGH&XUYD$%&TXHYDOHWUD]HUDTXLSDUDYRFrVFRP
DVHOHomRGHDOJXQVWUHFKRVUHSURGX]LGRVQRVSDUiJUDIRVVHJXLQWHV
'H DFRUGR FRP /,00(5 SDUD GLVWLQJXLU RV LWHQV PDLV
LPSRUWDQWHV GRV GH PHQRU LPSRUWkQFLD SRGHVH ODQoDU PmR GR
SULQFtSLR GH 3DUHWR WDPEpP FRQKHFLGR FRPR SULQFtSLR GRV ³SRXFR
VLJQLILFDWLYRVHPXLWRVLQVLJQLILFDQWHV´
ϭϰ

%DVHDQGR QHVVH SULQFtSLR ) 'L[LH FULRX D FODVVLILFDomR $%&

DSOLFDGD DR FRQWUROH GH HVWRTXHV QRV SURFHVVRV LQGXVWULDLV GH
SURGXomR(VVDFODVVLILFDomRFRPS}HVHGHWUrVIDL[DVDIDL[D$TXH
DEUDQJH FHUFD GH GR WRWDO GH WRGRV RV LWHQV FRQVLGHUDGRV H
FRUUHVSRQGH D FHUFD GH GR YDORU WRWDO GHVVHV LWHQV D IDL[D %
FRP FHUFD GH GRV LWHQV FRUUHVSRQGHQGR D FHUFD GH GR
YDORU WRWDO H D IDL[D & FRP DSUR[LPDGDPHQWH GRV LWHQV
HTXLYDOHQGRDDSHQDVFHUFDGHGRVLWHQVWRWDLV
3HVVRDOHVVHVYDORUHVSHUFHQWXDLVFLWDGRVSRU&DUO/LPPHUYDULDP
FDVR D FDVR 3RU H[HPSOR HP DXGLWRULD SDUD DQiOLVH GRV FXVWRV GH
XPD REUD S~EOLFD FRVWXPDVH FRQVLGHUDU FRPR IDL[D $ R JUXSR GH
LWHQV TXH UHSUHVHQWDP GR YDORU WRWDO 0DV R TXH YDOH DTXL p
HQWHQGHURTXHpFODVVLILFDomR$%&HDFRUUHVSRQGHQWHFXUYD$%&
5HWRUQDQGR DR OLYUR GR /,00(5 RV LWHQV GR FRQMXQWR
GHYHP VHU RUGHQDGRV SRU VXD LPSRUWkQFLD UHODWLYD GHWHUPLQDQGRVH
R SHVR GR YDORU GH FDGD XP HP UHODomR DR YDORU GR FRQMXQWR
FDOFXODQGRVH HP VHJXLGD RV YDORUHV DFXPXODGRV GHVVHV SHVRV 2
Q~PHUR GH RUGHP GR LWHP H R UHVSHFWLYR YDORU DFXPXODGR GHILQHP
XP SRQWR H FRP XPD VpULH GH SRQWRV D FODVVLILFDomR $%&SRGH VHU
UHSUHVHQWDGDGHIRUPDJUiILFDFRQIRUPHILJXUDDVHJXLU
02707628174
ϭϱ

$ FODVVH $ UHIOHWH RV LWHQV PDLV LPSRUWDQWHV H TXH PHUHFHP

WUDWDPHQWRHVSHFLDOSRUSDUWHGRJHUHQFLDPHQWRGDREUDHPWHUPRV
GHDFRPSDQKDPHQWRHFRQWUROH
1R FDVR GH REUDV GH FRQVWUXomR FLYLO R SURFHVVR GD FXUYD $%&
SRGH VHU DSOLFDGD WDQWR SDUD RV LWHQV GH VHUYLoR FRPR SDUD RV LWHQV
GHLQVXPRV PDWHULDLVPmRGHREUDHHTXLSDPHQWRV
7UDQTXLORFXUYD$%&QmRpSHVVRDO"
±0pWRGRGD/LQKDGH%DODQoRRXGR7HPSR&DPLQKR
1D FRQVWUXomR FLYLO DV DWLYLGDGHV WrP HP JHUDO UHSHWLWLYLGDGH

PXLWR EDL[D 2 PHVPR QmR RFRUUH HP REUDV OLQHDUHV FRPR D
FRQVWUXomR GH URGRYLDV IHUURYLDV WXERYLDV FRQMXQWRV KDELWDFLRQDLV
D DWp DOJXQV WLSRV GH HGLItFLRV HP TXH j H[FHomR GR WpUUHR H GD
FREHUWXUD RV GHPDLV SDYLPHQWRV VmR SDGURQL]DGRV 2EUDV
H[HFXWDGDVFRPSUpPROGDGRVWDPEpPVHHQFDL[DPQHVVHFULWpULR
1DV REUDV FRP EDL[D UHSHWLWLYLGDGH R PpWRGR XVXDO GH

SODQHMDPHQWR GR WHPSR p R 3(57&30 R GLDJUDPD GH 5R\ RX GH
SUHFHGrQFLDHRFURQRJUDPDGHEDUUDVRXGH*DQWW
-iQDVREUDVFRPDWLYLGDGHVUHSHWLWLYDVSRGHVHXVDUQRVHX
SODQHMDPHQWR D WpFQLFD GD OLQKD GH EDODQoR OLQH RI EDODQFH
WDPEpPFRQKHFLGDFRPRWpFQLFDGRWHPSRFDPLQKR
02707628174
(VVDWpFQLFDFRQVLVWHEDVLFDPHQWHHPWUDoDUUHIHULGDVDSDUGH
HL[RV FDUWHVLDQRV OLQKDV TXH UHSUHVHQWDP FDGD XPD GHODV XPD
DWLYLGDGH H VHX UHVSHFWLYR DQGDPHQWR FRQIRUPH PRVWUDGR QD ILJXUD
DEDL[R1RHL[RGDVDEVFLVVDVPDUFDVHRWHPSRHQRGDVRUGHQDGDV
RV YDORUHV DFXPXODGRV GR DQGDPHQWR SODQHMDGR SDUD FDGD XQLGDGH
GRFRQMXQWR
±$QiOLVHGH9DORU$JUHJDGR 0DWWRV
ϭϲ

$ DQiOLVH GR YDORU DJUHJDGR RX (9$ HDUQHG YDOXH DQDO\VLV p

XPD WpFQLFD DGRWDGD SDUD D DYDOLDomR GH GHVHPSHQKR GH
HPSUHHQGLPHQWRVTXHSHUPLWHDRSODQHMDGRUWHUXPDFODUDQRomRGD
VLWXDomRDWXDOGRSURMHWRHID]HUDQiOLVHVGHYDULkQFLDHWHQGrQFLDVD
SDUWLU GHUHVXOWDGRVSUHFLVRV REWLGRV D SDUWLU GDLQWHJUDomR GHGDGRV
UHDLVGHWHPSRHFXVWR
2 PpWRGR (9$ FRPSDUD R YDORU GR WUDEDOKR SODQHMDGR FRP R GR

WUDEDOKR UHDOPHQWH FRQFOXtGR SDUD DYDOLDU VH RV GHVHPSHQKRV GH
FXVWR H SURJUDPDomR GR HPSUHHQGLPHQWR HVWmR GH DFRUGR FRP R
SODQHMDGR SRU PHLR GH LQGLFDGRUHV GH GHVHPSHQKR TXH SHUPLWHP
DQWHYHURUHVXOWDGRSURYiYHOGRSURMHWRHPWHUPRVGHFXVWRHSUD]R
2SRQWRGHSDUWLGDSDUDDLPSOHPHQWDomRGR(9$pRFURQRJUDPD
ItVLFRILQDQFHLUR(VWHVHEDVHLDHPXPD($3HJHUDFRPRVXESURGXWR
DFXUYD6GHFXVWRVFRQIRUPHDILJXUDDVHJXLU$FXUYD6VHUYHGH
SDUkPHWURSDUDDDQiOLVHGDUHODomRHQWUHRYDORUDJUHJDGRHRYDORU
SODQHMDGRGRWUDEDOKRHPXPGDGRSHUtRGR
02707628174
2WULSpGHFRPSDUDomRHQYROYHDVVHJXLQWHVJUDQGH]DV
9DORUSUHYLVWR 93 pRFXVWRTXHGHYHULDWHUVLGRLQFRUULGRQR
SHUtRGR GH DIHULomR (OH FRUUHVSRQGH DR FXVWR RUoDGR GR WUDEDOKR
ϭϳ

DJHQGDGR RX SODQHMDGR RX VHMD FDOFXODGR GH DFRUGR FRP R

RUoDPHQWRSODQHMDPHQWR GD REUD 2 93 QmR WHP QDGD D YHU FRP R
TXHIRLILVLFDPHQWHUHDOL]DGR(OHFRUUHVSRQGHiOLQKDGHEDVH
9DORUDJUHJDGR 9$ RFXVWRRUoDGRGRWUDEDOKRUHDOL]DGR2
9$UHIHUHVHDRFXVWRRUoDGRHQmRVHUHODFLRQDFRPRFXVWRUHDORX
VHMDpRFXVWRGRTXHIRLH[HFXWDGRFRPEDVHQRVSUHoRVSODQLOKDGRV
HQmRQRVSUHoRVGHPHUFDGRDWXDOL]DGRV
&XVWR UHDO &5 p R FXVWR UHDO GR WUDEDOKR UHDOL]DGR TXH

UHSUHVHQWD TXDQWR FXVWRX R TXH IRL H[HFXWDGR 2 &5 UHIHUHVH j
UHDOLGDGH ItVLFD H QmR VH UHODFLRQD FRP R SODQHMDPHQWR SUpYLR GD
REUD
$V GLIHUHQoDV HQWUH HVVDV GLPHQV}HV GH FXVWR GHQRPLQDPVH

YDULDo}HV RXYDULkQFLDV TXHSRGHPVHU
YDULDomR GH FXVWR 9& p GDGD SHOD GLIHUHQoD HQWUH R YDORU

DJUHJDGRHRFXVWRUHDO9& 9$±&5
YDULDomR GH SURJUHVVR RX GH SUD]R 93U p GDGD SHOD

GLIHUHQoDHQWUHRYDORUDJUHJDGRHRYDORUSUHYLVWR93U 9$±93
5HSUHVHQWD R GHVYLR HQWUH TXDQWR WUDEDOKR IRL SURGX]LGR DWp D GDWD
GH DIHULomR H TXDQWR GHYHULD WHU VLGR SURGX]LGR GH DFRUGR FRP R
SODQHMDGR3RUWDQWRVH93U!93VLJQLILFDTXHKRXYHH[HFXomRPDLRU
TXHDSUHYLVWD
2 TXDGUR DEDL[R PRVWUD D LQWHUSUHWDomR SDUD DV SRVVtYHLV

02707628174
FRPELQDo}HVGH9&H93U VLQDOSRVLWLYRRXQHJDWLYR
+i WDPEpP R ËQGLFH GH 'HVHPSHQKR GH &XVWR ,'& TXH p

GDGRSHORTXRFLHQWHHQWUHRYDORUDJUHJDGR 9$ HRFXVWRUHDO &5
ϭϴ

2 ,'& PRVWUD TXDO SHUFHQWXDO GR FXVWR UHDO R YDORU DJUHJDGR

UHSUHVHQWD LVWR p D TXH WD[D R SURMHWR WHP FRQVHJXLGR FRQYHUWHU R
&5HP9$6HJXHRVLJQLILFDGRGRVUHVXOWDGRVGHVVHtQGLFH
( R tQGLFH GH GHVHPSHQKR GH SUD]R ,'3 TXH p GDGR SHOR

TXRFLHQWHHQWUHRYDORUDJUHJDGR 9$ HRYDORUSUHYLVWR 93
2 ,'3 PRVWUD TXDO SHUFHQWXDO GR YDORU SUHYLVWR R YDORU DJUHJDGR

UHSUHVHQWDLVWRpDTXHWD[DRSURMHWRYHPFRQVHJXLQGRFRQYHUWHUR
93HP9$

02707628174

$ HVWLPDWLYD QR WpUPLQR (17 p XPD SUHYLVmR TXH VH ID] SDUD R
FXVWRWRWDOGRSURMHWRDWpVXDFRQFOXVmR
$ YDULDomR QR WpUPLQR 917 p D GLIHUHQoD HQWUH R FXVWR WRWDO

RUoDGR 217 H R FXVWR ILQDO SURMHWDGR (17 $ 917 UHSUHVHQWD R
TXDQWR DFLPD RX DEDL[R GR RUoDPHQWR YDPRV HVWDU DR ILQDO GR
SURMHWR
ϭϵ

( Ki R tQGLFH GH GHVHPSHQKR GH FXVWRV GH UHFXSHUDomR

,'&5 WDPEpP FRQKHFLGR SHOD VLJOD 7&3O TXH p XP SDUkPHWUR GH
SURMHomR GR (9$ p XP LQGLFDGRU FRP IRFR QR GHVHPSHQKR IXWXUR
FRP R LQWXLWR GH VH HQFRQWUDU R ,'& GR WUDEDOKR UHVWDQWH SDUD TXH
QmRKDMDHVWRXURGHRUoDPHQWRRXVHMDVHUYHSDUDGDUXPDLGHLDGR
HVIRUoRTXHFXVWDSDUDUHFRORFDURSURMHWRQRVHL[RV
0DWHPDWLFDPHQWHR,'&5pGDGRSHORTXRFLHQWHHQWUHRWUDEDOKR
UHVWDQWHHRVIXQGRVUHVWDQWHV
2VSDUkPHWURVGRPpWRGRGRYDORUDJUHJDGRHVWmRUHSUHVHQWDGRV
FRPUHODomRjFXUYD6GRSURMHWRQDILJXUDDVHJXLU
02707628174
ϮϬ


)RQWH0DWWRV
$ FXUYD 6 IHLWD QR LQtFLR GR SURMHWR UHSUHVHQWD D OLQKD GH EDVH
EDVHOLQH TXH p D UHIHUrQFLD FRP D TXDO VH FRPSDUD R SURJUHVVR
02707628174
UHDOL]DGR
&5212*5$0$6)Ë6,&2()Ë6,&2),1$1&(,52
&URQRJUDPD p XPD UHSUHVHQWDomR JUiILFD GD H[HFXomR GH XP

SURMHWR LQGLFDQGR RV SUD]RV HP TXH GHYHUmR VHU H[HFXWDGDV DV
DWLYLGDGHV QHFHVViULDV PRVWUDGDV GH IRUPD OyJLFD SDUD TXH R
SURMHWRWHUPLQHGHQWURGHFRQGLo}HVSUHYLDPHQWHHVWDEHOHFLGDV
Ϯϭ

3RGH VHU DSUHVHQWDGR FRPR UHGH JUiILFRV 3(57&30 RX 5R\ RX
FRPR JUiILFR GH EDUUDV JUiILFR GH *DQWW VHQGR HVWHV PDLV
XWLOL]DGRVSDUDPRVWUDUSDUWHVGHWDOKDGDVGDTXHOHV
2 FURQRJUDPD ItVLFRILQDQFHLUR GH XPD REUD SRGH VHU HQWHQGLGR

FRPRDUHSUHVHQWDomRJUiILFDGRDQGDPHQWRSUHYLVWRSDUDDREUDRX
VHUYLoRHPUHODomRDRWHPSRHUHVSHFWLYRVGHVHPEROVRVILQDQFHLURV
2 DFRPSDQKDPHQWR GR FURQRJUDPD ItVLFR SHUPLWH DIHULU R

FXPSULPHQWRGRVSUD]RVHLGHQWLILFDUHSUHYHQLUSRVVtYHLVDWUDVRVHR
DFRPSDQKDPHQWR GR FURQRJUDPD ILQDQFHLUR SHUPLWH LQIRUPDU RV
UHFXUVRVQHFHVViULRVDRDQGDPHQWRGDREUD
1R SODQHMDPHQWR H QR FRQWUROH GH SURMHWRV VmR XVDGRV GRLV WLSRV
EiVLFRVGHFURQRJUDPDVRFURQRJUDPDHPUHGHHRFURQRJUDPDHP
EDUUDV
±&URQRJUDPDVHP5HGHV
$V UHGHV SRGHP VHU UHSUHVHQWDGDV GH GXDV PDQHLUDV FRP DV
DWLYLGDGHVHPVHWDV $(6 HDVDWLYLGDGHVHPQyV $(1
D 5HGHVGH$WLYLGDGHVHP6HWDV $(6
3DUD D HODERUDomR GH XPD UHGH $(6 VmR XWLOL]DGDV FRUUHQWHPHQWH

GXDVWpFQLFDVGHRULJHPGLYHUVDD3(57HD&30
02707628174
$ WpFQLFD 3(57 3URJUDP (YDOXDWLRQ DQG 5HYLHZ 7HFKQLTXH ±

7pFQLFD GH $YDOLDomR H 5HYLVmR GH 3URJUDPDV p PXLWR XWLOL]DGR QR
SODQHMDPHQWR UHYLVmR H DYDOLDomR GH SURMHWRV VHQGR XPD WpFQLFD
TXHXWLOL]DWUrVHVWLPDWLYDVGHWHPSRSDUDFDGDDWLYLGDGHGDUHGH
$ WpFQLFD 3(57 IRL GHVHQYROYLGD HP SDUD XVR QR

'HSDUWDPHQWRGH'HIHVDGRV(VWDGRV8QLGRVQDH[HFXomRGR3RODULV
XP PtVVLO ODQoDGR GH XP VXEPDULQR SURMHWR TXH HQYROYHX
HPSUHLWHLURV FHUFD GH VXEHPSUHLWHLURV H D IDEULFDomR GH
ϮϮ

FRPSRQHQWHV PXLWRV GRV TXDLV QXQFD DQWHV SURGX]LGRV HP

VpULH 2 SUD]R LQLFLDOPHQWH SUHYLVWR HUD GH DQRV PDV SRU UD]}HV
SROtWLFDV REMHWLYRXVH UHGX]LOR SDUD DQRV &RPR QmR KDYLD
H[SHULrQFLD FRP UHODomR DRV SUD]RV GH IDEULFDomR GH FDGD
FRPSRQHQWH SHUJXQWRXVH DRV IDEULFDQWHV TXH SUD]RV Pi[LPR
QRUPDOHPtQLPRVHULDPQHFHVViULRVSDUDSURGX]LUFDGDSHoD$VVLP
VH IRUHP HVWLPDGRV R SUD]R PtQLPR ³D´ R SUD]R Pi[LPR ³E´ H R
SUD]R QRUPDO ³P´ SRGHVH DWUDYpV GH WUDWDPHQWR HVWDWtVWLFR
GHWHUPLQDURWHPSRHVSHUDGRFRPRVHQGR
ܽ ൅ Ͷ݉ ൅ ܾ
‫ݐ‬௘௦௣௘௥௔ௗ௢ ൌ
͸
(P IXQomR GHVVH WUDWDPHQWR HVWDWtVWLFR D WpFQLFD 3(57 p

FKDPDGDGHSUREDELOtVWLFD
$ WpFQLFD &30 &ULWLFDO 3DWK 0HWKRG ± 0pWRGR GR &DPLQKR

&UtWLFR IRL GHVHQYROYLGD WDPEpP HP SHOD ( , 'XSRQW GH
1H\PRXUVXPDHPSUHVDGHSURGXWRVTXtPLFRVTXHDRH[SDQGLUVHX
SDUTXH IDEULO UHVROYHX SODQHMDU VXDV REUDV SRU PHLR GD WpFQLFD GH
UHGHV FRQVLGHUDQGR SDUD DV DWLYLGDGHV DV GXUDo}HV REWLGDV HP
SURMHWRV PXLWR VHPHOKDQWHV H[HFXWDGRV SRU HOD DQWHULRUPHQWH
$VVLPSDUDXPDGDGDDWLYLGDGHD'XSRQWSRVVXtDHPVHXVDUTXLYRV
R UHJLVWUR GR SUD]R H GDV FRQGLo}HV HP TXH IRUD H[HFXWDGD
SRVVLELOLWDQGRDHODERUDomR GDUHGHFRPXPD~QLFDGHWHUPLQDomRGH
SUD]R SDUD FDGD DWLYLGDGH &RPR SDUD FDGD DWLYLGDGH p IHLWD XPD
02707628174
~QLFD GHWHUPLQDomR GH SUD]R GH GXUDomR EDVHDGD HP H[SHULrQFLD

SUHJUHVVDR&30pFKDPDGRGHWHUPLQtVWLFR
&RPRWHPSRDVGXDVWpFQLFDVIRUDPVHIXQGLQGRSDVVDQGRVHD
XVDU D GHQRPLQDomR 3(57&30 SDUD HVVH WLSR GH UHGHV RQGH DV
DWLYLGDGHVVmRUHSUHVHQWDGDVSRUVHWDV
$VHWDTXHUHSUHVHQWDDDWLYLGDGHFDUDFWHUL]DVHSRUXPQyLQLFLDO
³L´ GHQRPLQDGR HYHQWR GH LQtFLR H SRU XP Qy ILQDO ³M´ FKDPDGR GH
HYHQWRGHILPeRULHQWDGDGH³L´SDUD³M´SRUPHLRGHXPDFDEHoDGH
Ϯϯ

VHWD H OHYD HP FLPD D GHVLJQDomR GD DWLYLGDGH H HPEDL[R D VXD

GXUDomRFRQIRUPHILJXUDDVHJXLU
'XDVRXPDLVDWLYLGDGHVSRGHPVHUVXFHVVLYDVRXSDUDOHODVVHQGR
TXHHVWDV SRGHPWHU RXDVPHVPDVGDWDV HYHQWRV GHLQtFLRRXDV
PHVPDVGDWDVGHILPRXDVPHVPDVGDWDVGHLQtFLRHGHILP
(P DWLYLGDGHV SDUDOHODV TXDQGR UHSUHVHQWDGDV JUDILFDPHQWH DV

UHVSHFWLYDVVHWDVVHVXSHUS}HPWRUQDQGRVHGLItFLOGLVWLQJXLODV3DUD
GLIHUHQFLiODV XVDVH XPD DWLYLGDGH IDQWDVPD $) RX DWLYLGDGH
GHFRQYHQLrQFLDPXGDRXYLUWXDOFRQIRUPHILJXUDDVHJXLU
(P FRQWUDSRVLomR j DWLYLGDGH IDQWDVPD WHPVH D DWLYLGDGH GH

HVSHUD FXMD FDUDFWHUtVWLFD p FRQVXPLU DSHQDV WHPSR H QHQKXP
RXWUR UHFXUVR e R FDVR SRU H[HPSOR GR WHPSR JDVWR QD FXUD GR
FRQFUHWRDSyVRVHXODQoDPHQWRHDGHQVDPHQWR
2 FDPLQKR FUtWLFR p DTXHOH TXH GHPDQGD R PHQRU WHPSR

SRVVtYHOSDUDDUHDOL]DomRGRSURMHWR
02707628174
(PXPDUHGHSRGHKDYHUPDLVGHXPFDPLQKRFUtWLFR
E 5HGHVGH$WLYLGDGHVHP1yV $(1
$ WpFQLFD GH UHGHV FRP DV DWLYLGDGHV UHSUHVHQWDGDV SRU PHLR

GH QyV FRQKHFLGD WDPEpP FRPR 1HRSHUW RX 5HGH GH
3UHFHGrQFLDV IRL GHVHQYROYLGD SHOR IUDQFrV 5R\ 2V WHPSRV GH
GXUDomR GDV DWLYLGDGHV SRGHP VHU GHWHUPLQDGRV GH IRUPD
SUREDELOtVWLFD FRPR QR 3(57 RX GH IRUPD GHWHUPLQtVWLFD FRPR QR
Ϯϰ

&30VHQGRDVDWLYLGDGHVLOXVWUDGDVSRUUHWkQJXORVFRQIRUPHILJXUDD
VHJXLU
1D UHGH 5R\ QmR H[LVWH DWLYLGDGH IDQWDVPD XPD YH] TXH
DV DWLYLGDGHV SDUDOHODV FRPR % H & QD ILJXUD D VHJXLU VmR
LQWHUOLJDGDVGHPDQHLUDFODUDjDWLYLGDGHDQWHFHVVRUD

02707628174
±&URQRJUDPDVGH%DUUDV
7DPEpPpGHQRPLQDGR*UiILFRGH*DQWW
2 FURQRJUDPD GH EDUUDV p D UHSUHVHQWDomR GRV VHUYLoRV

SURJUDPDGRVQXPDHVFDODFURQROyJLFDGHSHUtRGRVH[SUHVVRVHPGLDV
FRUULGRV VHPDQDV RX PHVHV PRVWUDQGR R TXH GHYH VHU IHLWR HP
FDGDSHUtRGR
Ϯϱ

(OH p FRQVWUXtGR OLVWDQGRVH DV DWLYLGDGHV GH XP SURMHWR HP

XPD FROXQD H DV UHVSHFWLYDV GXUDo}HV UHSUHVHQWDGDV SRU EDUUDV
KRUL]RQWDLV HP FROXQDV DGMDFHQWHV FRP H[WHQVmR GH DFRUGR FRP D
XQLGDGH GH WHPSR DGRWDGD QR SURMHWR GH DFRUGR FRP D ILJXUD D
VHJXLU
2 FURQRJUDPD GH EDUUDV WHP HQWUHWDQWR D GHVYDQWDJHP GH

QmRPRVWUDUFRPFODUH]DDLQWHUGHSHQGrQFLDGDVDWLYLGDGHV¬V
YH]HV LQGLFDVH HVVD LQWHUGHSHQGrQFLD SRU PHLR GH VHWDV
SRQWLOKDGDV FRQVWLWXtGDV SRU OLQKDV UHWDV RX FXUYDV R TXH DFDED
WRUQDQGR H[WUHPDPHQWH FRPSOH[D XPD ILJXUD TXH VH SUHWHQGH
VLPSOHV2XWUDGHVYDQWDJHPpTXHDVGDWDVGHLQtFLRHGHILPGHXPD
DWLYLGDGH DVVLP FRPR DV IROJDV GHYHP VHU GHILQLGDV DQWHV GH VH
02707628174
GHVHQKDURFURQRJUDPD
$SUHVHQWD FRPR YDQWDJHP D IDFLOLGDGH GH DSOLFDomR H GH

HQWHQGLPHQWR DOpP GD SRVVLELOLGDGH GH VHX HPSUHJR FRPR
FRPSOHPHQWRGHRXWUDVWpFQLFDVGHSURJUDPDomR
(OH p SHUIHLWDPHQWH DSOLFiYHO TXDQGR VH OLGD FRP XP Q~PHUR

QmR PXLWR JUDQGH GH DWLYLGDGHV H GH GXUDo}HV UHODWLYDPHQWH FXUWDV
FRPRpRFDVRGRGHWDOKDPHQWRGHSDFRWHVGHWUDEDOKR

Ϯϲ

48(67®(6&20(17$'$6

± 757 ± &HVSH 2 FURQRJUDPD HP UHGH GH
DWLYLGDGHVFRPSUHHQGHDUHGH3(57&30
'H DFRUGR FRP /LPPHU DV UHGHV SRGHP VHU

UHSUHVHQWDGDVGHGXDVPDQHLUDVFRPDVDWLYLGDGHVHPVHWDV $(6
HDVDWLYLGDGHVHPQyV $(1
3DUD D HODERUDomR GH XPD UHGH $(6 VmR XWLOL]DGDV FRUUHQWHPHQWH

GXDVWpFQLFDVGHRULJHPGLYHUVDD3(57HD&30
$WpFQLFD3(57pFKDPDGDGHSUREDELOtVWLFD
$WpFQLFD&30 &ULWLFDO3DWK0HWKRG±0pWRGRGR&DPLQKR&UtWLFR
pFKDPDGDGHWHUPLQtVWLFD
&RPRWHPSRDVGXDVWpFQLFDVIRUDPVHIXQGLQGRSDVVDQGRVHD
XVDU D GHQRPLQDomR 3(57&30 SDUD HVVH WLSR GH UHGHV RQGH DV
DWLYLGDGHVVmRUHSUHVHQWDGDVSRUVHWDV
$VHWDTXHUHSUHVHQWDDDWLYLGDGHFDUDFWHUL]DVHSRUXPQyLQLFLDO
³L´ GHQRPLQDGR HYHQWR GH LQtFLR H SRU XP Qy ILQDO ³M´ FKDPDGR GH
HYHQWRGHILPeRULHQWDGDGH³L´SDUD³M´SRUPHLRGHXPDFDEHoDGH
VHWD H OHYD HP FLPD D GHVLJQDomR GD DWLYLGDGH H HPEDL[R D VXD
GXUDomRFRQIRUPHILJXUDDVHJXLU 02707628174
*DEDULWR&RUUHWD

±$17$4±&HVSH (PXPDUHGH3(57&30Vy
SRGHH[LVWLUXPFDPLQKRFUtWLFR
Ϯϳ

(PXPDUHGHSRGHKDYHUPDLVGHXPFDPLQKRFUtWLFR /LPPHU


*DEDULWR(UUDGD
±$1$±&HVSH 6HKRXYHUDWUDVRHPXPDGDV
DWLYLGDGHV FUtWLFDV D GXUDomR GH WRGR R SURMHWR DWUDVDUi
QHFHVVDULDPHQWH
2 FDPLQKR FUtWLFR p DTXHOH TXH QmR DSUHVHQWD IROJD /RJR VH

KRXYHUDWUDVRHPXPDDWLYLGDGHWRGDVDVVXEVHTHQWHVDWUDVDUmR
*DEDULWRFRUUHWR
+HPREUDV ± &HVSH &RQVLGHUDQGR D ILJXUD DFLPD TXH

PRVWUD XP HVTXHPD GH XP WUHFKR GH XPD UHGH 3(57&30
02707628174
MXOJXHRVLWHQVDVHJXLU
2V Q~PHURV QRV FtUFXORV LQGLFDP R JUDX GH

GLILFXOGDGHGHH[HFXomRGHFDGDHWDSDGDUHGH
2V FtUFXORV UHSUHVHQWDP RV HYHQWRV GH LQtFLR H GH ILP GDV
DWLYLGDGHVDVTXDLVVmRUHSUHVHQWDGDVSHODVVHWDV
*DEDULWR(UUDGD
$VOHWUDVLQGLFDPDVDWLYLGDGHVDVHUHPUHDOL]DGDV
Ϯϴ

([DWRDVVHWDVUHSUHVHQWDPDVDWLYLGDGHV
*DEDULWR&RUUHWD
$ VHWD WUDFHMDGD LQGLFD D HWDSD TXH FRQVRPH PDLRU

TXDQWLGDGHGHUHFXUVRVILQDQFHLURV
(UUDGRDOLQKDWUDFHMDGDUHSUHVHQWDDWLYLGDGHIDQWDVPD
(P DWLYLGDGHV SDUDOHODV TXDQGR UHSUHVHQWDGDV JUDILFDPHQWH

DV UHVSHFWLYDV VHWDV VH VXSHUS}HP WRUQDQGRVH GLItFLO GLVWLQJXLODV
3DUD GLIHUHQFLiODV XVDVH XPD DWLYLGDGH IDQWDVPD $) RX
DWLYLGDGH GH FRQYHQLrQFLD PXGD RX YLUWXDO FRQIRUPH ILJXUD D
VHJXLU
(PFRQWUDSRVLomRjDWLYLGDGHIDQWDVPDWHPVHDDWLYLGDGHGH
HVSHUD FXMD FDUDFWHUtVWLFD p FRQVXPLU DSHQDV WHPSR H QHQKXP
RXWUR UHFXUVR e R FDVR SRU H[HPSOR GR WHPSR JDVWR QD FXUD GR
FRQFUHWRDSyVRVHXODQoDPHQWRHDGHQVDPHQWR
*DEDULWR(UUDGD
02707628174
± 038 ± (6$) 'LYHUVDV IHUUDPHQWDV GH

SODQHMDPHQWR SRGHP VHU XWLOL]DGDV SDUD D PRQWDJHP GH XP
FURQRJUDPD ItVLFR SDUD H[HFXomR GH REUDV &RP UHODomR jV
IHUUDPHQWDV XWLOL]DGDV SDUD SODQHMDPHQWR GH REUDV p
LQFRUUHWRDILUPDUTXH
Ϯϵ

D D DSOLFDomR GR PpWRGR GD /LQKD GH %DODQoR VH UHVWULQJH D

SURMHWRVGHFRQVWUXomRFRPVHUYLoRVQmRUHSHWLWLYRV
E RVPpWRGRV3(57H&30IXQGDPHQWDPVHQDPRQWDJHPGH
XPDUHGHGHWUDEDOKRTXHUHWUDWHRSURMHWRUHDO
F RFDPLQKRFUtWLFRUHSUHVHQWDDVHTrQFLDGHDWLYLGDGHVTXH
GHILQHPRSUD]RPtQLPRSDUDUHDOL]DomRGHXPDREUD
G R 'LDJUDPD GH *DQWW p XP UHFXUVR JUiILFR TXH SHUPLWH D
YLVXDOL]DomR GLUHWD GDV GDWDV GH LQtFLR H WpUPLQR GDV
DWLYLGDGHVSUHYLVWDV
H DDSUHVHQWDomRGRSODQHMDPHQWR3(57SRGHVHUIHLWDFRPR
XVRGHGLDJUDPDVGHIOHFKDVRXGHGLDJUDPDVGHEORFRV

'H DFRUGR FRP /LPPHU QD FRQVWUXomR FLYLO DV
DWLYLGDGHV WrP HP JHUDO UHSHWLWLYLGDGH PXLWR EDL[D 2 PHVPR QmR
RFRUUH HP REUDV OLQHDUHV FRPR D FRQVWUXomR GH URGRYLDV IHUURYLDV
WXERYLDV FRQMXQWRV KDELWDFLRQDLV D DWp DOJXQV WLSRV GH HGLItFLRV HP
TXH j H[FHomR GRWpUUHR H GD FREHUWXUD RV GHPDLV SDYLPHQWRV VmR
SDGURQL]DGRV 2EUDV H[HFXWDGDV FRP SUpPROGDGRV WDPEpP VH
HQFDL[DPQHVVHFULWpULR
1DV REUDV FRP EDL[D UHSHWLWLYLGDGH R PpWRGR XVXDO GH

SODQHMDPHQWR GR WHPSR p R 3(57&30 R GLDJUDPD GH 5R\ RX GH
SUHFHGrQFLDHRFURQRJUDPDGHEDUUDVRXGH*DQWW
-i QDV REUDV FRP DWLYLGDGHV UHSHWLWLYDV SRGHVH XVDU QR

02707628174
VHX SODQHMDPHQWR D WpFQLFD GD OLQKD GH EDODQoR OLQH RI EDODQFH
WDPEpPFRQKHFLGDFRPRWpFQLFDGRWHPSRFDPLQKR
3RUWDQWRRLWHP³D´HVWiLQFRUUHWRHRVGHPDLVHVWmRFRUUHWRV
SRGHQGRVHUFRQVLGHUDGRVGLGiWLFRV
*DEDULWR$
ϯϬ

,166 2 UHVXPR GDV DWLYLGDGHV SUHYLVWDV SDUD R

SULPHLUR SHUtRGR GD FRQVWUXomR GH XP HGLItFLR FXMR
SODQHMDPHQWRJOREDOLQFOXLXPDiUHDWRWDOGHFRQVWUXomRLJXDO
D P GLVWULEXtGRV HP XP WHUUHQR FRP P GH
iUHDpDSUHVHQWDGRQDILJXUDHQDWDEHODVHJXLQWHV
7HQGR HP YLVWD HVVH UHVXPR GH DWLYLGDGHV H VXD FRPSRVLomR

XVXDOQDVREUDVGHHQJHQKDULDMXOJXHRVLWHQVTXHVHVHJXHP
UHODWLYRV DR SODQHMDPHQWR GDV DWLYLGDGHV SDUD
DFRPSDQKDPHQWRGDREUDHPTXHVWmR 02707628174
$ H[HFXomR GH IXQGDo}HV FRP HVWDFDV SUp

IDEULFDGDV WHP FRPR HYHQWR GH LQtFLR R Qy H GHSHQGH GR
WpUPLQR GDV DWLYLGDGHV GH LQVWDODomR SURYLVyULD H GH
GUHQDJHP
([DWRRHYHQWRGHLQtFLRpRQyHRHYHQWRGHILPpRQy(
SHOR VHQWLGR GDV VHWDV YHULILFDVH TXH D DWLYLGDGH ( Vy SRGH LQLFLDU
DSyVRWpUPLQRGDVDWLYLGDGHV%H'
ϯϭ

*DEDULWR&RUUHWD
$GXUDomRWRWDOGRSURMHWRFRPHYHQWRGHLQtFLRQR
Qy H FRP HYHQWR GH WpUPLQR QR Qy p GH XQLGDGHV GH
WHPSR
1DUHGHDSUHVHQWDGDWHUHPRVDVVHJXLQWHVGXUDo}HV
±±±
±±±
±±
3RUWDQWRDGXUDomRWRWDOGRSURMHWRVHUiGHGLDVSRLVpR
WHPSRQHFHVViULRDWpDILQDOL]DomRGDDWLYLGDGH)
*DEDULWR(UUDGD

± 757 ± &HVSH 1R FURQRJUDPD GH EDUUDV
FDGDEDUUDUHSUHVHQWDXPDHWDSDGDFRQVWUXomR
2 FURQRJUDPD GH EDUUDV p D UHSUHVHQWDomR GRV VHUYLoRV

SURJUDPDGRVQXPDHVFDODFURQROyJLFDGHSHUtRGRVH[SUHVVRVHPGLDV
FRUULGRV VHPDQDV RX PHVHV PRVWUDQGR R TXH GHYH VHU IHLWR HP
FDGDSHUtRGR
(OH p FRQVWUXtGR OLVWDQGRVH DV DWLYLGDGHV GH XP SURMHWR HP

XPD FROXQD H DV UHVSHFWLYDV GXUDo}HV UHSUHVHQWDGDV SRU
02707628174
EDUUDV KRUL]RQWDLV HP FROXQDV DGMDFHQWHV FRP H[WHQVmR GH

DFRUGRFRPDXQLGDGHGHWHPSRDGRWDGDQRSURMHWRGHDFRUGR
FRPDILJXUDDVHJXLU
ϯϮ

3RUWDQWRDVEDUUDVUHSUHVHQWDPDVGXUDo}HVGDVDWLYLGDGHV
*DEDULWR(UUDGD

± 7&8 $ FXUYD GH FODVVLILFDomR $%& SHOR
SULQFtSLRGH3LWiJRUDVDSUR[LPDRVFRPSRQHQWHVGHFXVWRVjV
UHODo}HVGHXPWULkQJXORUHWkQJXOR
2 SULQFtSLRTXHVH UHODFLRQDFRPDFODVVLILFDomR$%&pRSULQFtSLR
GH3DUHWRWDPEpPFRQKHFLGRFRPRSULQFtSLRGRV³SRXFRVLJQLILFDWLYRV
HPXLWRVLQVLJQLILFDQWHV´
*DEDULWR(UUDGD
02707628174
± 3) 5HJLRQDO $FXUYD $%&pXPLQVWUXPHQWR

GH SODQHMDPHQWR H FRQWUROH H[FOXVLYR GD PmRGHREUD H
IRUQHFHSUHoRVHPRUGHPGHFUHVFHQWH
$ FXUYD $%& GHFRUUH GD FODVVLILFDomR GRV LWHQV HP RUGHP

GHFUHVFHQWHGHLPSRUWkQFLDUHODWLYDH[SUHVVDGHIRUPDSHUFHQWXDO
ϯϯ

%DVHDGR QR SULQFtSLR GH 3DUHWR RX SULQFtSLR GRV ³SRXFR

VLJQLILFDWLYRV H PXLWRV LQVLJQLILFDQWHV´ ) 'L[LH FULRX D FODVVLILFDomR
$%& DSOLFDGD DR FRQWUROH GH HVWRTXHV QRV SURFHVVRV LQGXVWULDLV GH
3HVVRDO HP DXGLWRULD SDUD DQiOLVH GRV FXVWRV GH XPD REUD
S~EOLFD FRVWXPDVH FRQVLGHUDU FRPR IDL[D $ R JUXSR GH LWHQV TXH
UHSUHVHQWDPGRYDORUWRWDO
'H DFRUGR FRP /LPPHU RV LWHQV GR FRQMXQWR GHYHP VHU
RUGHQDGRV SRU VXD LPSRUWkQFLD UHODWLYD GHWHUPLQDQGRVH R SHVR GR
YDORUGHFDGDXPHPUHODomRDRYDORUGRFRQMXQWRFDOFXODQGRVHHP
VHJXLGDRVYDORUHVDFXPXODGRVGHVVHVSHVRV2Q~PHURGHRUGHPGR
LWHP H R UHVSHFWLYR YDORU DFXPXODGR GHILQHP XP SRQWR H FRP XPD
VpULHGHSRQWRVDFODVVLILFDomR$%&SRGHVHUUHSUHVHQWDGDGHIRUPD
JUiILFDFRQIRUPHILJXUDDVHJXLU
02707628174
ϯϰ

$ FODVVH $ UHIOHWH RV LWHQV PDLV LPSRUWDQWHV H TXH PHUHFHP

WUDWDPHQWRHVSHFLDOSRUSDUWHGRJHUHQFLDPHQWRGDREUDHPWHUPRV
GHDFRPSDQKDPHQWRHFRQWUROH
1R FDVR GH REUDV GH FRQVWUXomR FLYLO R SURFHVVR GD FXUYD $%&
*DEDULWR(UUDGD

± 3) 5HJLRQDO 2 GLDJUDPD GH 3DUHWR VREUH R
TXDO VH EDVHLD D FXUYD $%& p XPD IHUUDPHQWD HVWUXWXUDO H
SRUWDQWRQmRHVWDWtVWLFD
2 GLDJUDPD GH 3DUHWR RX SULQFtSLR GH 3DUHWR p XPD IHUUDPHQWD

HVWDWtVWLFD
*DEDULWR(UUDGD

7&8 3ODQHMDPHQWR H FRQWUROH VmR HWDSDV LPSRUWDQWHV
QRDFRPSDQKDPHQWRGHHGLILFDo}HVSULQFLSDOPHQWHQRTXHVH
UHIHUH D HODERUDomR H DFRPSDQKDPHQWR GH RUoDPHQWRV 3DUD
WDQWR VmR XWLOL]DGDV WpFQLFDV H FRQFHLWRV TXH SHUPLWHP FHUWD
KRPRJHQHLGDGHQRVUHVXOWDGRV

&RP UHODomR D DQiOLVH RUoDPHQWiULD MXOJXH RV LWHQV
02707628174
VXEVHTHQWHV

$ UHSUHVHQWDomR GH XP UHFXUVR FRPR PmRGH
REUD SHOD FXUYD 6 PRVWUD D GLVWULEXLomR GHVVH UHFXUVR GH
IRUPDFXPXODWLYD
'HDFRUGRFRP/LPPHU DFXUYD6PRVWUDDGLVWULEXLomRGH

XP UHFXUVR GH IRUPD FXPXODWLYD SRGHQGR UHSUHVHQWDU R SURMHWR
ϯϱ

FRPR XP WRGR HP WHUPRV GH KRPHQVKRUD RX GH PRHGDV
QHFHVViULRVjVXDH[HFXomRDVVLPFRPRSHUPLWHYLVXDOL]DURULWPRGH
DQGDPHQWRSUHYLVWRSDUDDVXDLPSOHPHQWDomR
2ULWPRpGHILQLGRSHORFRHILFLHQWHDQJXODUGDFXUYD

*DEDULWR&RUUHWD

± 038 ± (6$) $ FXUYD 6 p XPD IHUUDPHQWD
JUiILFD XWLOL]DGD SDUD FRQWUROH GD DSOLFDomR H FRQVXPR GH
UHFXUVRV DR ORQJR GD H[HFXomR GH XP HPSUHHQGLPHQWR &RP
02707628174
UHODomRDHVWDIHUUDPHQWDpLQFRUUHWRDILUPDUTXH

D D FXUYD 6 GHSHQGH GD H[LVWrQFLD GH XP SODQHMDPHQWR
DGHTXDGRSDUDRFRQVXPRGHUHFXUVRVGXUDQWHDH[HFXomRGD
REUD
E D FXUYD 6 SRGH VHU XWLOL]DGD FRPR IHUUDPHQWD QR FRQWUROH
GRFRQVXPRGHFRQFUHWRGXUDQWHDH[HFXomRGDREUD
ϯϲ

F DFXUYD6FDUDFWHUL]DRVUHFXUVRVDVHUHPXWLOL]DGRVDSHQDV
HP WHUPRV PRQHWiULRV UHODFLRQDQGRRV jV GDWDV SUHYLVWDV GH
XWLOL]DomR
G D FXUYD 6 SRGH VHU XWLOL]DGD QD DYDOLDomR GR SURJUHVVR
ItVLFRGDREUDHPIXQomRGRFXVWRDSURSULDGR
H D FXUYD 6 DSUHVHQWD VHPSUH R FRQVXPR DFXPXODGR GH
UHFXUVRVDRORQJRGRWHPSRGHFRQVWUXomR

'HDFRUGRFRP/LPPHU DFXUYD6PRVWUDDGLVWULEXLomRGH
XP UHFXUVR GH IRUPD FXPXODWLYD SRGHQGR UHSUHVHQWDU R SURMHWR
FRPR XP WRGR HP WHUPRV GH KRPHQVKRUD RX GH PRHGDV
QHFHVViULRV j VXD H[HFXomR DVVLP FRPR SHUPLWH YLVXDOL]DU R
ULWPRGHDQGDPHQWRSUHYLVWRSDUDDVXDLPSOHPHQWDomR
3RUWDQWR R LWHP & HVWi LQFRUUHWR DR UHVWULQJLU R XVR GD FXUYD 6
DSHQDVSDUDRVUHFXUVRVHPWHUPRVPRQHWiULRV
2VGHPDLVLWHQVDFDEDPVHQGRGLGiWLFRVSRUHVWDUHPFRUUHWRV
*DEDULWR&

$FXUYD$%&VH EDVHLDQR 3ULQFtSLR GH3DUHWRHPYH]GH 3ULQFtSLR

02707628174
GH3LWiJRUDV
*DEDULWR(UUDGD

± 7&8 $ FXUYD $%& p HODERUDGD SDUD
GHWHUPLQDomR GR LPSDFWR GDV GHVSHVDV LQGLUHWDV QR SUHoR GD
REUD
$FXUYD$%&pXPDIHUUDPHQWDGHFRQWUROHHVWDWtVWLFDTXHSHUPLWH
GLVWLQJXLURVLQVXPRVRXVHUYLoRVGHXPDREUDPDLVVLJQLILFDWLYRV
ϯϳ

*DEDULWR(UUDGD

± &*8 ± (6$) $ FXUYD $%& UHSUHVHQWD RV
LQVXPRV HP RUGHP GHFUHVFHQWH GH SUHoR GH XP GHWHUPLQDGR
VHUYLoRRXVHUYLoRVGHXPDREUD$VVLQDOHDRSomRLQFRUUHWD
D $FXUYD$%&pEDVHDGDQRSULQFtSLRGH3DUHWR
E 2SULQFtSLRGH3DUHWRQRTXDODFXUYD$%&VHEDVHLDLQGLFD
TXH SRXFDV FDXVDV XVXDOPHQWH FRQFRUUHP SDUD DPDLRULD GRV
UHVXOWDGRV
F $SHVDU GR QRPH D FXUYD $%& p XP UHODWyULR SRGHQGR VHU

UHSUHVHQWDGDJUDILFDPHQWH
G (PXPJUiILFRKLSRWpWLFRGDFXUYD$%&DWDQJHQWHGHYHVHU
PDLRUQRLQtFLRGDFXUYD
H $ FXUYD $%& SHUPLWH DYDOLDU DV YDULDo}HV VLJQLILFDWLYDV GH

FXVWRHPIXQomRGDYDULDomRGHSUHoRVGHLQVXPRV
2 JDEDULWR SUHOLPLQDU IRUQHFHX R LWHP ' FRPR LQFRUUHWR FRQWXGR

HVWDTXHVWmRIRLDQXODGD
/LPPHU DSUHVHQWD XP H[HPSOR GH JUiILFR KLSRWpWLFR GD

FXUYD$%&FRQIRUPHDVHJXLU
02707628174

ϯϴ

$ FXUYD $%& DGYpP GR FXVWR WRWDO GH FDGD LWHP HP RUGHP
GHFUHVFHQWH GH YDORU $V RUGHQDGDV FRUUHVSRQGHP DR YDORU
DFXPXODGR GHVVHV FXVWRV /RJR DV SULPHLUDV RUGHQDGDV
FRUUHVSRQGHUmR D DFUpVFLPRV PDLRUHV GH YDORUHV DFUpVFLPRV HVWHV
TXH YmR GHFUHVFHQGR LWHP D LWHP DEVFLVVD /RJR D WDQJHQWH j
FXUYDYDLUHGX]LQGRGHXPPi[LPRLQLFLDODWpXPPtQLPRILQDO
/RJR QmR FRQVHJXL YLVXDOL]DU GH TXH IRUPD D WDQJHQWH QmR

VHULDPDLRUQRLQtFLRGDFXUYD
*DEDULWR$QXODGD
±/,67$'(48(67®(6$35(6(17$'$61(67$$8/$

± 757 ± &HVSH 2 FURQRJUDPD HP UHGH GH
DWLYLGDGHVFRPSUHHQGHDUHGH3(57&30
±$17$4±&HVSH (PXPDUHGH3(57&30Vy
SRGHH[LVWLUXPFDPLQKRFUtWLFR
±$1$±&HVSH 6HKRXYHUDWUDVRHPXPDGDV
DWLYLGDGHV FUtWLFDV D GXUDomR GH WRGR R SURMHWR DWUDVDUi
02707628174
QHFHVVDULDPHQWH
ϯϵ

+HPREUDV ± &HVSH &RQVLGHUDQGR D ILJXUD DFLPD TXH

PRVWUD XP HVTXHPD GH XP WUHFKR GH XPD UHGH 3(57&30
MXOJXHRVLWHQVDVHJXLU
2V Q~PHURV QRV FtUFXORV LQGLFDP R JUDX GH

GLILFXOGDGHGHH[HFXomRGHFDGDHWDSDGDUHGH
$VOHWUDVLQGLFDPDVDWLYLGDGHVDVHUHPUHDOL]DGDV
$ VHWD WUDFHMDGD LQGLFD D HWDSD TXH FRQVRPH PDLRU

TXDQWLGDGHGHUHFXUVRVILQDQFHLURV

± 038 ± (6$) 'LYHUVDV IHUUDPHQWDV GH
SODQHMDPHQWR SRGHP VHU XWLOL]DGDV SDUD D PRQWDJHP GH XP
FURQRJUDPD ItVLFR SDUD H[HFXomR GH REUDV &RP UHODomR jV
IHUUDPHQWDV XWLOL]DGDV SDUD SODQHMDPHQWR GH REUDV p
LQFRUUHWRDILUPDUTXH

D D DSOLFDomR GR PpWRGR GD /LQKD GH %DODQoR VH UHVWULQJH D
SURMHWRVGHFRQVWUXomRFRPVHUYLoRVQmRUHSHWLWLYRV
E RVPpWRGRV3(57H&30IXQGDPHQWDPVHQDPRQWDJHPGH
XPDUHGHGHWUDEDOKRTXHUHWUDWHRSURMHWRUHDO
02707628174
F RFDPLQKRFUtWLFRUHSUHVHQWDDVHTrQFLDGHDWLYLGDGHVTXH
GHILQHPRSUD]RPtQLPRSDUDUHDOL]DomRGHXPDREUD
G R 'LDJUDPD GH *DQWW p XP UHFXUVR JUiILFR TXH SHUPLWH D
YLVXDOL]DomR GLUHWD GDV GDWDV GH LQtFLR H WpUPLQR GDV
DWLYLGDGHVSUHYLVWDV
H DDSUHVHQWDomRGRSODQHMDPHQWR3(57SRGHVHUIHLWDFRPR
XVRGHGLDJUDPDVGHIOHFKDVRXGHGLDJUDPDVGHEORFRV
ϰϬ

,166 2 UHVXPR GDV DWLYLGDGHV SUHYLVWDV SDUD R

SULPHLUR SHUtRGR GD FRQVWUXomR GH XP HGLItFLR FXMR
SODQHMDPHQWRJOREDOLQFOXLXPDiUHDWRWDOGHFRQVWUXomRLJXDO
D P GLVWULEXtGRV HP XP WHUUHQR FRP P GH
iUHDpDSUHVHQWDGRQDILJXUDHQDWDEHODVHJXLQWHV
7HQGR HP YLVWD HVVH UHVXPR GH DWLYLGDGHV H VXD FRPSRVLomR

XVXDOQDVREUDVGHHQJHQKDULDMXOJXHRVLWHQVTXHVHVHJXHP
UHODWLYRV DR SODQHMDPHQWR GDV DWLYLGDGHV SDUD
DFRPSDQKDPHQWRGDREUDHPTXHVWmR
02707628174
$ H[HFXomR GH IXQGDo}HV FRP HVWDFDV SUp

IDEULFDGDV WHP FRPR HYHQWR GH LQtFLR R Qy H GHSHQGH GR
WpUPLQR GDV DWLYLGDGHV GH LQVWDODomR SURYLVyULD H GH
GUHQDJHP

$GXUDomRWRWDOGRSURMHWRFRPHYHQWRGHLQtFLRQR
Qy H FRP HYHQWR GH WpUPLQR QR Qy p GH XQLGDGHV GH
WHPSR
ϰϭ


± 757 ± &HVSH 1R FURQRJUDPD GH EDUUDV

FDGDEDUUDUHSUHVHQWDXPDHWDSDGDFRQVWUXomR

± 3) 5HJLRQDO $FXUYD $%&pXPLQVWUXPHQWR

GH SODQHMDPHQWR H FRQWUROH H[FOXVLYR GD PmRGHREUD H
IRUQHFHSUHoRVHPRUGHPGHFUHVFHQWH

± 3) 5HJLRQDO 2 GLDJUDPD GH 3DUHWR VREUH R
TXDO VH EDVHLD D FXUYD $%& p XPD IHUUDPHQWD HVWUXWXUDO H
SRUWDQWRQmRHVWDWtVWLFD

7&8 3ODQHMDPHQWR H FRQWUROH VmR HWDSDV LPSRUWDQWHV
QRDFRPSDQKDPHQWRGHHGLILFDo}HVSULQFLSDOPHQWHQRTXHVH
UHIHUH D HODERUDomR H DFRPSDQKDPHQWR GH RUoDPHQWRV 3DUD
WDQWR VmR XWLOL]DGDV WpFQLFDV H FRQFHLWRV TXH SHUPLWHP FHUWD
KRPRJHQHLGDGHQRVUHVXOWDGRV
02707628174
&RP UHODomR D DQiOLVH RUoDPHQWiULD MXOJXH RV LWHQV

VXEVHTHQWHV

$ UHSUHVHQWDomR GH XP UHFXUVR FRPR PmRGH
REUD SHOD FXUYD 6 PRVWUD D GLVWULEXLomR GHVVH UHFXUVR GH
IRUPDFXPXODWLYD

± 038 ± (6$) $ FXUYD 6 p XPD IHUUDPHQWD
JUiILFD XWLOL]DGD SDUD FRQWUROH GD DSOLFDomR H FRQVXPR GH
ϰϮ

UHFXUVRV DR ORQJR GD H[HFXomR GH XP HPSUHHQGLPHQWR &RP

UHODomRDHVWDIHUUDPHQWDpLQFRUUHWRDILUPDUTXH

D D FXUYD 6 GHSHQGH GD H[LVWrQFLD GH XP SODQHMDPHQWR
DGHTXDGRSDUDRFRQVXPRGHUHFXUVRVGXUDQWHDH[HFXomRGD
REUD
E D FXUYD 6 SRGH VHU XWLOL]DGD FRPR IHUUDPHQWD QR FRQWUROH
GRFRQVXPRGHFRQFUHWRGXUDQWHDH[HFXomRGDREUD
F DFXUYD6FDUDFWHUL]DRVUHFXUVRVDVHUHPXWLOL]DGRVDSHQDV
HP WHUPRV PRQHWiULRV UHODFLRQDQGRRV jV GDWDV SUHYLVWDV GH
XWLOL]DomR
G D FXUYD 6 SRGH VHU XWLOL]DGD QD DYDOLDomR GR SURJUHVVR
ItVLFRGDREUDHPIXQomRGRFXVWRDSURSULDGR
H D FXUYD 6 DSUHVHQWD VHPSUH R FRQVXPR DFXPXODGR GH
UHFXUVRVDRORQJRGRWHPSRGHFRQVWUXomR


± 7&8 $ FXUYD $%& p HODERUDGD SDUD
GHWHUPLQDomR GR LPSDFWR GDV GHVSHVDV LQGLUHWDV QR SUHoR GD
REUD 02707628174

± &*8 ± (6$) $ FXUYD $%& UHSUHVHQWD RV
LQVXPRV HP RUGHP GHFUHVFHQWH GH SUHoR GH XP GHWHUPLQDGR
VHUYLoRRXVHUYLoRVGHXPDREUD$VVLQDOHDRSomRLQFRUUHWD
D $FXUYD$%&pEDVHDGDQRSULQFtSLRGH3DUHWR
ϰϯ

E 2SULQFtSLRGH3DUHWRQRTXDODFXUYD$%&VHEDVHLDLQGLFD
TXH SRXFDV FDXVDV XVXDOPHQWH FRQFRUUHP SDUD DPDLRULD GRV
UHVXOWDGRV
F $SHVDU GR QRPH D FXUYD $%& p XP UHODWyULR SRGHQGR VHU

UHSUHVHQWDGDJUDILFDPHQWH
G (PXPJUiILFRKLSRWpWLFRGDFXUYD$%&DWDQJHQWHGHYHVHU
PDLRUQRLQtFLRGDFXUYD
H $ FXUYD $%& SHUPLWH DYDOLDU DV YDULDo}HV VLJQLILFDWLYDV GH

FXVWRHPIXQomRGDYDULDomRGHSUHoRVGHLQVXPRV
±*$%$5,72

&RUUHWD (UUDGD (UUDGD (UUDGD
(UUDGD $ (UUDGD (UUDGD
&RUUHWD &RUUHWD (UUDGD $QXODGD
(UUDGD (UUDGD &RUUHWD
&RUUHWD (UUDGD &
02707628174
48(67®(6&20(17$'$6'$)&&

± 0HWU{ ± )&& 2 PHUFDGR DOWDPHQWH
FRPSHWLWLYR IH] FRP TXH PXLWDV HPSUHVDV GD FRQVWUXomR FLYLO
EXVFDVVHP QRYRV SDUDGLJPDV GH JHVWmR 2 JHUHQFLDPHQWR GH
SURMHWR p D FRRUGHQDomR HILFD] H HILFLHQWH GH GLIHUHQWHV
UHFXUVRVDWHQGHQGRVHDSDUkPHWURVSUpGHILQLGRVGH
$ FXVWRTXDOLGDGHHWpFQLFDFRQVWUXWLYD
ϰϰ

% SUD]RFXVWRIOH[LELOLGDGHHWpFQLFDFRQVWUXWLYD
& SUD]RFXVWRTXDOLGDGHHULVFR
' SUD]RTXDOLGDGHHWpFQLFDFRQVWUXWLYD
( FXVWRTXDOLGDGHIOH[LELOLGDGHHWpFQLFDFRQVWUXWLYD
'HDFRUGRFRP/LPPHURSURMHWRSRGHVHUHQWHQGLGRFRPRXP
FRQMXQWR GH DWLYLGDGHV TXH UHVXOWDP QD FRQVHFXomR GH XP REMHWLYR
DWHQGHQGRVH D SDUkPHWURV SUHYLDPHQWH IL[DGRV GH SUD]R FXVWR
TXDOLGDGHHULVFR
*DEDULWR&

± 'HIHQVRULD ± )&& 6REUH SODQHMDPHQWR GH
REUDVFRQVLGHUH
,2SODQHMDPHQWRGDFRQVWUXomRFRQVLVWHQDRUJDQL]DomRSDUD
D H[HFXomR H LQFOXL R RUoDPHQWR H D SURJUDPDomR GD REUD 2
RUoDPHQWR FRQWULEXL SDUD D GLVWULEXLomR GDV DWLYLGDGHV QR
WHPSR H D SURJUDPDomR UHIHUHVH DR FRQWUROH GDV UHODo}HV
HFRQ{PLFDVUHODFLRQDGDjVHWDSDVGDREUD
'HDFRUGRFRP*RQ]iOH] RSODQHMDPHQWRGDFRQVWUXomR

FRQVLVWH QD RUJDQL]DomR SDUD D H[HFXomR H LQFOXL R RUoDPHQWR H D
SURJUDPDomR GD REUD 2 RUoDPHQWR FRQWULEXL SDUD D FRPSUHHQVmR
02707628174
GDV TXHVW}HV HFRQ{PLFDV H D SURJUDPDomR p UHODFLRQDGD FRP D

GLVWULEXLomRGDVDWLYLGDGHVQRWHPSR
3RUWDQWR KRXYH D WURFD HQWUH RUoDPHQWR H SURJUDPDomR QR

WH[WR
*DEDULWR(UUDGD
,, 2 SODQHMDPHQWR GH PpGLR SUD]R p PDLV JHUDO FRP EDL[R

JUDX GH GHWDOKDPHQWR FRQVLGHUDQGR DV JUDQGHV GHILQLo}HV
ϰϱ

WDLV FRPR HPSUHJR GH PmR GH REUD SUySULD RX WHUFHLUL]DGD
QtYHOGHPHFDQL]DomRRUJDQL]DomRGRFDQWHLURGHREUDVSUD]R
GHHQWUHJDIRUPDGHFRQWUDWDomR
'H DFRUGR FRP *RQ]iOH] R SODQHMDPHQWR GH ORQJR

SUD]R p PDLV JHUDO FRP EDL[R JUDX GH GHWDOKDPHQWR
FRQVLGHUDQGR DV JUDQGHV GHILQLo}HV WDLV FRPR HPSUHJR GH
PmR GH REUD SUySULD RX WHUFHLUL]DGD QtYHO GH PHFDQL]DomR
RUJDQL]DomRGRFDQWHLURGHREUDSUD]RGHHQWUHJDIRUPDGH
FRQWUDWDomR SUHoRGHFXVWRRXHPSUHLWDGD HUHODFLRQDPHQWRFRP
R FOLHQWH 2 SODQR LQLFLDO WHP SHTXHQR QtYHO GH GHWDOKDPHQWR HP
JHUDO LQGLFDQGR PDFURLWHQV WDLV FRPR ³IXQGDo}HV´ ³HVWUXWXUD´
³DOYHQDULD´ H DVVLP SRU GLDQWH (P XPD REUD GH GRLV D WUrV DQRV R
SODQR GD REUD p GHILQLGR HP VHPHVWUHV SRU H[HPSOR (VVH QtYHO p
XWLOL]DGRSDUDDFRPSUHHQVmRGDREUDHWRPDGDGHGHFLV}HVGHQtYHO
RUJDQL]DFLRQDO JHUrQFLDGDHPSUHVD
1R QtYHO GH SODQHMDPHQWR GH PpGLR SUD]R WUDEDOKDVH FRP

DWLYLGDGHV RX VHUYLoRV D VHUHP H[HFXWDGRV QRV D PHVHV
VHJXLQWHV1HVVHQtYHOGHSODQHMDPHQWRDDWHQomRHVWiYROWDGDSDUDD
UHPRomR GH HPSHFLOKRV j SURGXomR DWUDYpV GD LGHQWLILFDomR FRP
DQWHFHGrQFLDGDQHFHVVLGDGHGHFRPSUDGHPDWHULDLVRXFRQWUDWDomR
GHHPSUHLWHLURV ³ORRNDKHDGSODQQLQJ´
2 SODQHMDPHQWR GH FXUWR SUD]R YLVD j H[HFXomR

02707628174
SURSULDPHQWH GLWD (VVH SODQHMDPHQWR GHVHQYROYH XPD SURJUDPDomR

SDUD XP KRUL]RQWH GH D VHPDQDV GHWDOKDQGR DV DWLYLGDGHV D
VHUHP H[HFXWDGDV 1HVVH FDVR Mi Ki D JDUDQWLD GR IRUQHFLPHQWR GH
PDWHULDLVHPmRGHREUDEHPFRPRRFRQKHFLPHQWRGRULWPRQRUPDO
GDREUD$GRWDVHDLGpLDGHSURGXomRSURWHJLGDFRQWUDRVHIHLWRVGD
LQFHUWH]D ³VKLHOGLQJ SURGXFWLRQ´ RX VHMD DV DWLYLGDGHV
SURJUDPDGDV WrP JUDQGH FKDQFH GH RFRUUHUHP e FRPXP PHGLU D
TXDOLGDGH GHVVH SODQR DWUDYpV GD PHGLomR GR 3HUFHQWXDO GH 3ODQRV
ϰϲ

&RQFOXtGRV 33& FRP D LGHQWLILFDomR GDV FDXVDV GDV IDOKDV 'HVWD

IRUPD R SODQHMDPHQWR GDV SUy[LPDV DWLYLGDGHV SRGHUi VHU
DSULPRUDGR
3RUWDQWR REVHUYDVH TXH R LWHP ,, UHIHUHVH DR SODQHMDPHQWR

GHORQJRSUD]R
*DEDULWR(UUDGD
,,,1RQtYHOGHSODQHMDPHQWRGHORQJRSUD]RWUDEDOKDVHFRP
VHJXLQWHV1HVVHQtYHOGHSODQHMDPHQWRDDWHQomRHVWiYROWDGD
SDUD D UHPRomR GH HPSHFLOKRV j SURGXomR DWUDYpV GD
LGHQWLILFDomR FRP DQWHFHGrQFLD GD QHFHVVLGDGH GH FRPSUD GH
PDWHULDLVRXFRQWUDWDomRGHHPSUHLWHLURV
&RQIRUPH YLPRV QR LWHP DQWHULRU R LWHP ,,, UHIHUHVH DR

SODQHMDPHQWRGHPpGLRSUD]R
*DEDULWR(UUDGD
,9 &RP D DGRomR GD SURGXomR SURWHJLGD FRQWUD RV HIHLWRV GD
LQFHUWH]D DV DWLYLGDGHV SURJUDPDGDV WrP JUDQGH FKDQFH GH
RFRUUHUVHQGRFRPXPPHGLUDTXDOLGDGHGHVVH SODQRDWUDYpV
GD PHGLomR GR 3HUFHQWXDO GH 3ODQRV &RQFOXtGRV 33& FRP D
LGHQWLILFDomR GDV FDXVDV GDV IDOKDV FRQGLomR SDUD R
02707628174
DSULPRUDPHQWRGRSODQHMDPHQWRGDVSUy[LPDVDWLYLGDGHV
&RQIRUPHYLPRVQRVFRPHQWiULRVGRLWHP,,RLWHP,9HVWiGH
H[DWDPHQWHGHDFRUGRFRPDSXEOLFDomRGH*RQ]iOH]
*DEDULWR&RUUHWD
(VWiFRUUHWRRTXHFRQVWD$3(1$6HP
$ ,,,
% ,9
ϰϳ

& ,,,H,9
' ,,H,,,
( ,,,,,H,9
*DEDULWR%
±7&($0±)&& $FXUYD$%&
, p XPD IHUUDPHQWD XWLOL]DGD SDUD R JHUHQFLDPHQWR IRFDGR

QRVLWHQVPDLVLPSRUWDQWHVGRSRQWRGHYLVWDILQDQFHLURGHXP
SURMHWRPDWHULDLVRXVHUYLoRV
2NQmRpSHVVRDOHVWiGHDFRUGRFRPRTXHYLPRVQDDXOD$
FODVVH$UHIOHWHRVLWHQVPDLVLPSRUWDQWHVHTXHPHUHFHPWUDWDPHQWR
HVSHFLDO SRU SDUWH GR JHUHQFLDPHQWR GD REUD HP WHUPRV GH
DFRPSDQKDPHQWRHFRQWUROH
1RFDVRGHREUDVGHFRQVWUXomRFLYLORSURFHVVRGDFXUYD$%&
*DEDULWR&RUUHWD
,,UHSUHVHQWDRVGLYHUVRVLQVXPRVRXHWDSDVGHXPDREUDHP
RUGHPFUHVFHQWHGHTXDQWLGDGHHYROXPH
02707628174
&RQIRUPH H[SOLFDGR SRU /,00(5 RV LWHQV GR FRQMXQWR

GHYHP VHU RUGHQDGRV SRU VXD LPSRUWkQFLD UHODWLYD GHWHUPLQDQGRVH
R SHVR GR YDORU GH FDGD XP HP UHODomR DR YDORU GR FRQMXQWR
FDOFXODQGRVH HP VHJXLGD RV YDORUHV DFXPXODGRV GHVVHV SHVRV 2
Q~PHUR GH RUGHP GR LWHP H R UHVSHFWLYR YDORU DFXPXODGR GHILQHP
XP SRQWR H FRP XPD VpULH GH SRQWRV D FODVVLILFDomR $%&SRGH VHU
UHSUHVHQWDGDGHIRUPDJUiILFDFRQIRUPHILJXUDDVHJXLU
ϰϴ

3RUWDQWR RV LQVXPRV RX HWDSDV VmR RUGHQDGRV HP RUGHP

GHFUHVFHQWHGHLPSRUWkQFLD
*DEDULWR(UUDGD
,,, IRL LGHDOL]DGD D SDUWLU GR SULQFtSLR GH TXH XP SHTXHQR
Q~PHURGHVHUYLoRVRXLQVXPRVpUHVSRQViYHOSRUXPDSDUFHOD
PDLVVLJQLILFDWLYDGRFXVWRWRWDOGDREUD
%DVHDGR QHVVH SULQFtSLR ) 'L[LH FULRX D FODVVLILFDomR $%&

02707628174

*DEDULWR&RUUHWD
ϰϵ

,9 p XP PpWRGR JUiILFR GH IiFLO YLVXDOL]DomR H TXH GHILQH

FRPH[DWLGmRRFDPLQKRFUtWLFRGHXPDREUD
&RQIRUPH YLPRV D FXUYD $%& QmR GHILQH R FDPLQKR FUtWLFR GH

XPDREUD(VWHpGHILQLGRSHORFURQRJUDPDHPUHGH3(57&30

*DEDULWR(UUDGD
(VWiFRUUHWRRTXHVHDILUPDHP
$ ,H,,DSHQDV
% ,H,,,DSHQDV
& ,,H,,,DSHQDV
' ,,,,H,9DSHQDV
( ,,,,,,H,9
*DEDULWR%
±7&(35±)&& $KLHUDUTXL]DomRGHVHUYLoRVH
LQVXPRV HP XP SURFHVVR GH SURGXomR p GH H[WUHPD
LPSRUWkQFLD $ FODVVLILFDomR HVWDWtVWLFD GH PDWHULDLV EDVHDGD
02707628174
QRSULQFtSLRGH3DUHWRHPTXHVHFRQVLGHUDDLPSRUWkQFLDGRV
PDWHULDLVEDVHDGDQDVTXDQWLGDGHVXWLOL]DGDVHQRVHXYDORUp
GHQRPLQDGD
$ 3(57&30
% FXUYD$%&
& FXUYDGH3DUHWR
' FXUYD
ϱϬ

( FXUYD30%2.
%DVHDGR QHVVH SULQFtSLR ) 'L[LH FULRX D FODVVLILFDomR $%&

*DEDULWR%
± 7&(35 ± )&& $ FXUYD $%& XWLOL]DGD SDUD

DQiOLVHRUoDPHQWiULDHSODQHMDPHQWRGHREUDV

$ p XPD IHUUDPHQWD GH JHUHQFLDPHQWR IRFDGD QRV LWHQV
PHQRV LPSRUWDQWHV GR SRQWR GH YLVWD ILQDQFHLUR GH XP
SURMHWRPDWHULDLVRXVHUYLoRV 02707628174
$R FRQWUiULR D FXUYD $%& DMXGD D IRFDU QRV LWHQV PDLV

LPSRUWDQWHV
*DEDULWR(UUDGD
% UHSUHVHQWDRVGLYHUVRVLQVXPRVRXHWDSDVGHXPDREUDHP
RUGHPFUHVFHQWHGHTXDQWLWDWLYR
$R FRQWUiULR D FXUYD $%& RUGHQD RV LWHQV HP RUGHP

GHFUHVFHQWHGHLPSRUWkQFLD
ϱϭ

*DEDULWR(UUDGD
& SHUPLWH JHUHQFLDU D REUD RX VHUYLoR DWUDYpV GDV IROJDV H

LQWHUGHSHQGrQFLDVHDVDWLYLGDGHVIDQWDVPDV
2 FURQRJUDPD 3(57&30 p TXH SHUPLWH YLVXDOL]DU DV IROJDV H

LQWHUGHSHQGrQFLDVDVVLPFRPRDWLYLGDGHVIDQWDVPDV
*DEDULWR(UUDGD
' pXPPpWRGRJUiILFRGHIiFLOYLVXDOL]DomRTXHGHILQHFRP
H[DWLGmRRFDPLQKRFUtWLFRGHXPDREUD
&RQIRUPH YLPRV D FXUYD $%& QmR GHILQH R FDPLQKR FUtWLFR GH

XPDREUD(VWHpGHILQLGRSHORFURQRJUDPDHPUHGH3(57&30

*DEDULWR(UUDGD
( IRL LGHDOL]DGD D SDUWLU GR SULQFtSLR GH TXH XP SHTXHQR

([DWRFRQIRUPHYLPRVQDTXHVWmRDQWHULRU
*DEDULWR(
02707628174
±7&(3,±)&& eFRUUHWRDILUPDUTXHDFXUYD
$%&

$ WHPVLGRXVDGDSDUDDJHVWmRGHFRPSUDV
'H DFRUGR FRP /LPPHU D FODVVLILFDomR $%& SHUPLWH FRQFOXLU

TXDLVLWHQVGRSURMHWRGHYHPVHUFRQWURODGRV
ϱϮ

3RUWDQWR D FXUYD $%& p IHUUDPHQWH GH FRQWUROH HP YH] GH

FRPSUDV
*DEDULWR(UUDGD
% p REWLGD SHOD RUGHQDomR GRV LWHQV FRQIRUPH D VXD

LPSRUWkQFLDDEVROXWD
(UUDGR D RUGHQDomR RFRUUH SHOD LPSRUWkQFLD UHODWLYD GH FDGD

LWHP
& SHUPLWH FRQKHFHU RV LWHQV GH HVWRTXH FRQVLGHUDGRV

SULRULWiULRVSDUDDXPHQWDUDHVWRFDJHPGRVPHVPRVHIDFLOLWDU
DGLVSRQLELOL]DomRSDUDRVXVXiULRV
1D YHUGDGH SHUPLWH FRQKHFHU RV LWHQV GH PDLRU YDORU UHODWLYR
SDUDRVHXPDLRUFRQWUROH
' pDGRWDGDFRPRLQVWUXPHQWRDX[LOLDUQDDGPLQLVWUDomRGH
PDWHULDLV GDV HPSUHVDV SULYDGDV SRLV QDV S~EOLFDV QmR
DSUHVHQWDPUHVXOWDGRVSUiWLFRV
2 JHUHQFLDPHQWR GH REUDV S~EOLFDV WDPEpP GHPDQGD DV

WpFQLFDV GH JHUHQFLDPHQWR DSOLFDGDV SHOR VHWRU SULYDGR $ILQDO D
UDFLRQDOL]DomRGRVUHFXUVRVS~EOLFRVpGHYHUGRVJHVWRUHV
( SHUPLWH LGHQWLILFDU DTXHOHV LWHQV TXH UHTXLVLWDP

WUDWDPHQWRDGHTXDGRTXDQWRDVXDDGPLQLVWUDomR
02707628174
([DWR D FXUYD $%& p IHUUDPHQWD TXH SHUPLWH VHOHFLRQDU

UDFLRQDOPHQWH TXDLV LWHQV GHYHP VHU FRQWURODGRV HP IXQomR GD VXD
LPSRUWkQFLDUHODWLYD
*DEDULWR(
ϱϯ

± 7&($0 ± )&& $ WDEHOD DEDL[R PRVWUD R

FiOFXORGHYDORUHVUHODFLRQDGRVDRVLWHQVFRQVXPLGRVSRUXPD
FRQVWUXWRUDHPXPSHUtRGRGHPHVHV
'H DFRUGR FRP R FRQFHLWR GD &XUYD $%& SURGXWRV HVWmR

FRUUHWDPHQWHFODVVLILFDGRVHP
02707628174
&XUYD$%&
3DUWH$LWHQVPDLVUHOHYDQWHVHPRUGHPGHFUHVFHQWH
ϱϰ

3 3 H3
3DUWH % LWHQV LQWHUPHGLiULRV VHOHFLRQDPVH RV TXH

UHSUHVHQWDPHQWUHHGRWRWDO33H3
3DUWH&LWHQVPHQRVUHOHYDQWHVUHSUHVHQWDPPHQRVTXH
3D3
-i QD SULPHLUD DOtQHD HQFRQWUDPVH RV LWHQV FRUUHWDPHQWH

FODVVLILFDGRV
*DEDULWR$
± 0HWU{63 ± )&& &RQVLGHUDQGR D

RUoDPHQWDomR GH FRQWUDWRV GH VHUYLoRV H REUDV FLYLV D
SODQLOKD RQGH DSDUHFHP XQLGDGH TXDQWLGDGH SUHoR XQLWiULR
SUHoR JOREDO SHUFHQWXDO GH SDUWLFLSDomR GR LQVXPR QR
RUoDPHQWR JOREDO H SHUFHQWXDO GH SDUWLFLSDomR DFXPXODGR GH
FDGDLQVXPRQRRUoDPHQWRJOREDOpFODVVLILFDGDFRPR
$ 2UoDPHQWRSRU(WDSDV
% &XUYD$%&
& 4XDQWLWDWLYR6HTXHQFLDOGH0DWHULDLV
' /LVWDJHPGH&RPSRVLo}HVGH6HUYLoRV
02707628174
( /LVWDJHP5HVXPLGDGDV&RPSRVLo}HVGH6HUYLoRV
&RQIRUPH YLPRV QD TXHVWmR DQWHULRU D GHVFULomR GR FRPDQGR

GDTXHVWmRUHIHUHVHj&XUYD$%&
*DEDULWR%
ϱϱ

75(3, ± )&& &RQVLGHUH DV VHJXLQWHV

DILUPDo}HVVREUHRUoDPHQWRVHDFRPSDQKDPHQWRGHREUDV
, $ FXUYD $%& UHSUHVHQWD RV GLYHUVRV LQVXPRV RX HWDSDV HP
RUGHPFUHVFHQWHGHSUHoR(VVDWpFQLFDEDVHLDVHQRSULQFtSLR
VHJXQGR R TXDO XP JUDQGH Q~PHUR GH VHUYLoRV RX LQVXPRV p
UHVSRQViYHO SRU XPD SDUFHOD PDLV VLJQLILFDWLYD GR FXVWR WRWDO
GDREUD
(UUDGRSRLVDRUGHPpGHFUHVFHQWH
,, 2 DFRPSDQKDPHQWR GR FURQRJUDPD ItVLFR SHUPLWH DIHULU R

FXPSULPHQWR GRV SUD]RV H LGHQWLILFDU H SUHYHQLU SRVVtYHLV
DWUDVRV
&RUUHWR SRLV R FURQRJUDPD ItVLFR UHSUHVHQWD JUDILFDPHQWH D

H[HFXomR GH XP SURMHWR LQGLFDQGR RV SUD]RV HP TXH GHYHUmR VHU
H[HFXWDGDV DV DWLYLGDGHV QHFHVViULDV PRVWUDGDV GH IRUPD OyJLFD
SDUD TXH R SURMHWR WHUPLQH GHQWUR GH FRQGLo}HV SUHYLDPHQWH
HVWDEHOHFLGDV
,,, 2 DFRPSDQKDPHQWR GR FURQRJUDPD ILQDQFHLUR SHUPLWH

LQIRUPDURVUHFXUVRVQHFHVViULRVDRDQGDPHQWRGDREUD
&RUUHWR SRLV R FURQRJUDPD ILQDQFHLUR GH XPD REUD UHSUHVHQWD

JUDILFDPHQWH R DQGDPHQWR SUHYLVWR SDUD D REUD RX VHUYLoR HP
02707628174
UHODomRDRWHPSRHUHVSHFWLYRVGHVHPEROVRVILQDQFHLURV
,93UHoRpDLPSRUWkQFLDQHFHVViULDSDUDTXHVHREWHQKDXP
EHPRXVHUYLoR
2 RUoDPHQWR p TXH UHSUHVHQWD R PRQWDQWH SUHYLVWR SDUD D

REWHQomRGRVEHQVRXVHUYLoRV
(VWiFRUUHWRRTXHVHDILUPD$3(1$6HP
$ ,H,,
ϱϲ

% ,H,,,
& ,,H,,,
' ,,H,9
( ,,,H,9
*DEDULWR&
± 0HWU{ ± )&& 1D DQiOLVH GR GLDJUDPD GH

IOHFKDV QR DFRPSDQKDPHQWR DGPLQLVWUDWLYR GD REUD SRU XP
WpFQLFRGHPDQXWHQomRFLYLORFDPLQKRFUtWLFRpDTXHOH
$ TXH DSUHVHQWD D UHODomR GH HYHQWRV FRP FDPLQKR PDLV

FXUWRHQWUHDVWDUHIDV
% TXH SRVVXL PDLRU Q~PHUR GH WDUHIDV QD H[HFXomR GR

SURMHWR
& HPTXHDWDUHIDRFRUUHDQWHVGRWHPSRSUHYLVWR
' TXH XWLOL]D XP Q~PHUR PDLRU GH WUDEDOKDGRUHV GXUDQWH

VXDH[HFXomR
( TXHGHPDQGDRPHQRUWHPSRSRVVtYHOSDUDDUHDOL]DomRGR
SURMHWR
02707628174
&RQIRUPH YLPRV QDV TXHVW}HV DQWHULRUHV R FDPLQKR FUtWLFR p

DTXHOH TXH GHPDQGD R PHQRU WHPSR SRVVtYHO SDUD D UHDOL]DomR GR
SURMHWR
*DEDULWR(
± 7&(6( ± )&& 1R FURQRJUDPD GH UHGHV GD

ILJXUDRWHPSRpLQGLFDGRHPGLDV
ϱϳ

$IROJDWRWDOSRVVtYHOGHVHUDSOLFDGDHPGLDVQRFDPLQKRGDV
DWLYLGDGHV $ ' H / VHP FRPSURPHWHU R WHPSR GHILQLGR SHOR
FDPLQKRFUtWLFRGDREUDp

$ % & ' (

2 SUD]R WRWDO HQWUH RV HYHQWRV D p R TXH WRWDOL]D PDLRU
Q~PHURWRWDOGHGLDVQRFDVRGLDVQRFDPLQKRGDVDWLYLGDGHV&
),.H0
$VDWLYLGDGHV$'H/FRQVRPHP GLDV GLDV
3RUWDQWR D IROJD QR FDPLQKR $ ' H / GH IRUPD D QmR KDYHU
DWUDVRQDREUDpGH GLDV±GLDV GLDV
02707628174
*DEDULWR&

± 7&(&( ± )&& &RQVLGHUH D UHGH 3(57&30
GD UHIRUPD GH XPD UHVLGrQFLD FRPR UHSUHVHQWDGD QD ILJXUD
DEDL[R
ϱϴ

1HVVDUHGHRVFtUFXORVUHSUHVHQWDPRVHYHQWRVHDVOHWUDVDV
DWLYLGDGHV $ GXUDomR GH FDGD DWLYLGDGH HP GLDV p LQGLFDGD
DEDL[R GDV OHWUDV 2 WHPSR HP GLDV SDUD FRQFOXLU D REUD
GHILQLGRSHORFDPLQKRFUtWLFRp
$ % & ' (

2 FDPLQKR FUtWLFR QmR DSUHVHQWD IROJD OLYUH &RP LVVR p R

FDPLQKRFXMDVDWLYLGDGHVFRQVRPHPPDLRUQ~PHURGHGLDV
2FDPLQKRTXHFRQVRPHPDLVGLDVpRGDVDWLYLGDGHV$(H+
TXHWRWDOL]D
*DEDULWR(
02707628174
75(3, ± )&& &RQVLGHUH D UHGH 3(57&30

UHSUHVHQWDGDQDVHJXLQWHILJXUD
ϱϵ

1D UHGH 3(57&30 GD ILJXUD RV FtUFXORV UHSUHVHQWDP RV

HYHQWRV H DV OHWUDV UHSUHVHQWDP DV DWLYLGDGHV FXMD GXUDomR
HP VHPDQDV p LQGLFDGD DR VHX ODGR 2 WHPSR SUHYLVWR HP
VHPDQDVSHORFDPLQKRFUtWLFRGHVVDUHGHp
$ % & ' (
2 FDPLQKR FUtWLFR QmR DSUHVHQWD IROJD OLYUH &RP LVVR p R

FDPLQKRFXMDVDWLYLGDGHVFRQVRPHPPDLRUQ~PHURGHGLDV
2FDPLQKRTXHFRQVRPHPDLVGLDVpRGDVDWLYLGDGHV$'*H
-TXHWRWDOL]D
*DEDULWR$
02707628174
75(06 ± )&& $V TXHVW}HV GH Q~PHURV H

UHIHUHPVH D ILJXUD DEDL[R TXH p XPD UHSUHVHQWDomR JUiILFD
GHXPGLDJUDPD3(57&30
ϲϬ

$GDWDPDLVFHGRGRHYHQWRp
$ % & ' (
$ DWLYLGDGH ³E´ TXH DQWHFHGH R HYHQWR FRQVRPH GLDV

/RJRDGDWDPDLVFHGRGRHYHQWRVHUiGLDVSRLVQmRKiFRPRD
DWLYLGDGH ³F´ LQLFLDU DQWHV GH DFRUGR FRP R FURQRJUDPD 3(57&30
DSUHVHQWDGRDFLPD
*DEDULWR%
$GDWDPDLVWDUGHGRHYHQWRp
$ % & ' (
$ DWLYLGDGH ³I´ RFRUUH DSyV DV DWLYLGDGHV ³E´ H ³F´ H DV

DWLYLGDGHV³D´H³G´(VVDVFRQVRPHP GLDV-iDTXHODV
02707628174
FRQVRPHP GLDV /RJR QR FDPLQKR GDV DWLYLGDGHV ³E´H

³F´ Ki XPD IROJD OLYUH GH GLDV &RP LVVR D GDWD PDLV WDUGH GR
HYHQWRp 3RLVpSRVVtYHOH[HFXWDUDDWLYLGDGH³F´QRV
GLDVUHVWDQWHVVHPDWUDVDUDDWLYLGDGH³I´
*DEDULWR(
ϲϭ

± ,QIUDHUR ± $UTXLWHWXUD ± )&& 2 PpWRGR

3(57 3URJUDP (YDOXDWLRQ DQG 5HYLHZ 7HFKQLTXH p PXLWR
XWLOL]DGR QR SODQHMDPHQWR UHYLVmR H DYDOLDomR GH SURMHWRV
VHQGR
$ XPGLDJUDPDGHGHVHQYROYLPHQWRSURJUHVVLYR
% XPD WpFQLFD TXH XWLOL]D WUrV HVWLPDWLYDV GH WHPSR SDUD

FDGDDWLYLGDGHGDUHGH
& XPD WpFQLFD TXH XWLOL]D XPD HVWLPDWLYD GH WHPSR SDUD
FDGDVHJPHQWRFUtWLFRGHWDUHIDV
' FRQKHFLGRFRPRPpWRGRGRFDPLQKRFUtWLFR
( XPGLDJUDPDGHIOX[RGHWUDEDOKR
'H DFRUGR FRP /LPPHU D WpFQLFD 3(57 3URJUDP (YDOXDWLRQ

DQG 5HYLHZ 7HFKQLTXH ± 7pFQLFD GH $YDOLDomR H 5HYLVmR GH
3URJUDPDV pPXLWRXWLOL]DGRQRSODQHMDPHQWRUHYLVmRHDYDOLDomRGH
SURMHWRV VHQGR XPD WpFQLFD TXH XWLOL]D WUrV HVWLPDWLYDV GH WHPSR
SDUDFDGDDWLYLGDGHGDUHGH
$ WpFQLFD 3(57 IRL GHVHQYROYLGD HP SDUD XVR QR

'HSDUWDPHQWRGH'HIHVDGRV(VWDGRV8QLGRVQDH[HFXomRGR3RODULV
XP PtVVLO ODQoDGR GH XP VXEPDULQR SURMHWR TXH HQYROYHX
HPSUHLWHLURV FHUFD GH VXEHPSUHLWHLURV H D IDEULFDomR GH
02707628174
FRPSRQHQWHV PXLWRV GRV TXDLV QXQFD DQWHV SURGX]LGRV HP

VpULH 2 SUD]R LQLFLDOPHQWH SUHYLVWR HUD GH DQRV PDV SRU UD]}HV
SROtWLFDV REMHWLYRXVH UHGX]LOR SDUD DQRV &RPR QmR KDYLD
H[SHULrQFLD FRP UHODomR DRV SUD]RV GH IDEULFDomR GH FDGD
FRPSRQHQWH SHUJXQWRXVH DRV IDEULFDQWHV TXH SUD]RV Pi[LPR
QRUPDO H PtQLPR VHULDP QHFHVViULRV SDUD SURGX]LU FDGD SHoD
$VVLPVHIRUHPHVWLPDGRVRSUD]RPtQLPR³D´RSUD]RPi[LPR
³E´ H R SUD]R QRUPDO ³P´ SRGHVH DWUDYpV GH WUDWDPHQWR
HVWDWtVWLFRGHWHUPLQDURWHPSRHVSHUDGRFRPRVHQGR
ϲϮ

(P IXQomR GHVVH WUDWDPHQWR HVWDWtVWLFR D WpFQLFD 3(57 p

FKDPDGDGHSUREDELOtVWLFD
*DEDULWR%

± 7&(3, ± )&& 2 WHPSR WDOYH] VHMD R ~QLFR
UHFXUVR TXH p DEVROXWDPHQWH LUUHFXSHUiYHO R TXH WRUQD HVWH
IDWRUDEVROXWDPHQWHFUtWLFRSDUDRSURMHWR3DUDWDOSUHFLVDVH
,HODERUDURFURQRJUDPD
,,GHILQLUDVDWLYLGDGHVGHVHQYROYLGDVHPHVFRSR
,,,HVWLPDUVXDVGXUDo}HV
,9 VHTHQFLDU DV DWLYLGDGHV GHILQLQGR VXDV

LQWHUGHSHQGrQFLDV
$VHTrQFLDFRUUHWDGHDWLYLGDGHVSDUDHODERUDURFURQRJUDPD
ItVLFRp
$ ,,9,,,,,
% ,,,,,,,9 02707628174
& ,,,9,,,,
' ,,,,9,,,
( ,9,,,,,,
'H DFRUGR FRP /LPPHU SDUD HODERUDU XPD UHGH GH

SODQHMDPHQWRSURFHGHVHGDVHJXLQWHPDQHLUD
OLVWDUWRGDVDVDWLYLGDGHVGRSURMHWR ,,
ϲϯ

HVWDEHOHFHUDRUGHPGHH[HFXomRGDVDWLYLGDGHV ,9
GHWHUPLQDUDGXUDomRGHFDGDDWLYLGDGH ,,,
GHWHUPLQDURVHYHQWRVLQLFLDOHILQDOGDUHGH ,
GHWHUPLQDU DV DWLYLGDGHV TXH SRGHP VHU H[HFXWDGDV HP

SDUDOHOR ,
FDOFXODUDVGDWDVGRVHYHQWRVLQLFLDO HILQDOGHFDGDDWLYLGDGH
,
*DEDULWR&
± 3%*$6 ± )&& $QWHSURMHWR GH REUDV FLYLV

WUDWDVHGH
6REUH HVWH DVVXQWR YDOH WUD]HU XPD WDEHOD GHVHQYROYLGD SRU

0HOKDGRHWDO DSXG-DUGLP
02707628174
ϲϰ

$ SURMHWR GHWDOKDGR HP QtYHO SUpH[HFXWLYR XWLOL]DGR HP

FDVR GH FRQWUDWDo}HV SRU PHLR GH OLFLWDomR H GH FRQFRUUrQFLD
S~EOLFD RX SDUD FRQFRUUrQFLDV GH REUDV SDUWLFXODUHV
DWHQGHQGR DRV SDUkPHWURV H H[LJrQFLDV GR SURJUDPD GH
QHFHVVLGDGHV SHUPLWLQGR DYDOLDU R SDUWLGR DUTXLWHW{QLFR
DGRWDGR H D FRQILJXUDomR ItVLFD GDV HGLILFDo}HV LQFOXVLYH D
LPSODQWDomRQRWHUUHQR
3URMHWR%iVLFR
% FRQFHSomR H UHSUHVHQWDomR JUiILFD SUHOLPLQDU DWHQGHQGR

DRV SDUkPHWURV H H[LJrQFLDV GR SURJUDPD GH QHFHVVLGDGHV
SHUPLWLQGR DYDOLDU R SDUWLGR DUTXLWHW{QLFR DGRWDGR H D
FRQILJXUDomRItVLFDGDVHGLILFDo}HVLQFOXVLYHDLPSODQWDomRQR
WHUUHQR
02707628174
$QiOLVHGH9LDELOLGDGH±(VWXGR3UHOLPLQDU
& FRQMXQWR GH LQIRUPDo}HV WpFQLFDV VXILFLHQWHV H QD IRUPD

SDGURQL]DGD SDUD DSURYDomR GR SURMHWR SHODV DXWRULGDGHV
FRPSHWHQWHV FRP EDVH QDV H[LJrQFLDV OHJDLV PXQLFLSDLV
HVWDGXDLVIHGHUDLV HREWHQomRGHDOYDUiVHOLFHQoDV
3URMHWR/HJDO
ϲϱ

' UHSUHVHQWDomR SUHOLPLQDU GD VROXomR DGRWDGD SDUD R

SURMHWR HP IRUPD JUiILFD H GH HVSHFLILFDo}HV WpFQLFDV
LQFOXLQGR GHILQLomR GH WHFQRORJLD FRQVWUXWLYD SUp
GLPHQVLRQDPHQWR HVWUXWXUDO H GH IXQGDomR FRQFHSomR GH
VLVWHPDV GH LQVWDODo}HV SUHGLDLV FRP LQIRUPDo}HV TXH
SHUPLWDP DYDOLDo}HV GD TXDOLGDGH GR SURMHWR H GR FXVWR GD
REUD
$QWHSURMHWR
( VROXomR LQWHUPHGLiULD SDUD DWHQGHU j QHFHVVLGDGH GH

GLVFXVVmR GDV LQWHUIDFHV QmR DQWHULRUPHQWH UHVROYLGDV
XWLOL]DGR HP FDVR GH FRQWUDWDo}HV SRU PHLR GH OLFLWDomR H GH
FRQFRUUrQFLD S~EOLFD RX SDUD FRQFRUUrQFLDV GH REUDV
SDUWLFXODUHV
3URMHWR%iVLFRRX3Up([HFXWLYR
*DEDULWR'
±3063±)&& &RQVLGHUHDVDILUPDWLYDV
, 2 FLFOR 3'&$ FXMD VLJOD HVWi HP ,QJOrV p XP PpWRGR
XWLOL]DGRSDUDDOFDQoDU PHWDVFRPRPDQXWHQomRGDTXDOLGDGH
GDDWLYLGDGHRXPHOKRULDGRVHXSDGUmR6XDVTXDWURIDVHVVmR
02707628174
3ODQHMDU 3 ([HFXWDU '
9HULILFDU & H&RUULJLU $
&RQIRUPH0DWWRV SRUFLFOR3'&$HQWHQGHVHRFRQMXQWR

GH Do}HV RUGHQDGDV H LQWHUOLJDGDV HQWUH VL GLVSRVWDV JUDILFDPHQWH
HP XP FtUFXOR HP TXH FDGD TXDGUDQWH FRUUHVSRQGH D XPD IDVH GR
SURFHVVR
3 SODQ SODQHMDU
ϲϲ

' GR ID]HUGHVHPSHQKDU
& FKHFN FKHFDUFRQWURODU H
$ DFW DJLUDWXDU
&RQIRUPHRJUiILFRDVHJXLU
2 FLFOR 3'&$ IRL GHVHQYROYLGR RULJLQDOPHQWH SRU :DOWHU

6KHZDUWQDGpFDGDGHPDVJDQKRXQRWRULHGDGHFRP(GZDUGV
'HPLQJ QD GpFDGD GH 'HPLQJ p DXWRU GRV IDPRVRV SULQFtSLRV
GR*HUHQFLDPHQWRGD4XDOLGDGH7RWDO 740 $OJXQVGHOHVVmR
'HYH KDYHU FRQVWkQFLD GH SURSyVLWRV SDUD D PHOKRULD GR

02707628174
SURGXWRHGRVHUYLoR
$TXDOLGDGHGRSURGXWRQDVFHQRHVWiJLRLQLFLDO
$V SHVVRDV GHYHP WUDEDOKDU HP HTXLSH VHP EDUUHLUDV HQWUH

RV GHSDUWDPHQWRV GH PRGR TXH SRVVDP SUHYHU SUREOHPDV H
VROXo}HV
2SURFHVVRGHPHOKRULDpFRPSHWrQFLDGHWRGRV
ϲϳ

*DEDULWR&RUUHWD
,, 2 GLDJUDPD GH FDXVDHIHLWR GHPRQVWUD XPD HVWUXWXUD GH

GDGRV RX LQIRUPDo}HV TXH SRVVLELOLWD D LGHQWLILFDomR GDV
SRVVtYHLVFDXVDVGHXPSUREOHPDRXHIHLWR
)RQWHKWWSZZZLQIRHVFRODFRPDGPLQLVWUDFDRBGLDJUDPDGHFDXVDHHIHLWRх
2 GLDJUDPD GH FDXVDHIHLWR p PDLV XPD GDV VHWH IHUUDPHQWDV

EiVLFDV GD TXDOLGDGH H IRL FULDGR SHOR SURIHVVRU GD8QLYHUVLGDGHGH
7yTXLR.DRUX,VKLNDZDHP
2'LDJUDPDGH&DXVDH(IHLWRWDPEpPFKDPDGRGH³'LDJUDPD
GH ,VKLNDZD´ RX ³'LDJUDPD )LVKERQH´ WHP FRPR REMHWLYR IDFLOLWDU D
LGHQWLILFDomR GDV FDXVDV GH SUREOHPDV TXH GHYHP VHU VDQDGRV RX
PHVPRRVIDWRUHVTXHOHYDPDGHWHUPLQDGRUHVXOWDGRTXHGHVHMDPRV
REWHUDWUDYpVGDUHSUHVHQWDomRJUiILFD
3DUD HODERUDU R GLDJUDPD ,VKLNDZD GHILQLX DV FKDPDGDV

³FDXVDVSULQFLSDLV´GHTXDOTXHUSUREOHPDTXHWDPEpPVmRFKDPDGDV
GH0¶V
PmR GH REUD TXDOTXHU IDWRU UHODFLRQDGR j IDOKD KXPDQD RX

UHODFLRQDGRjVSHVVRDV
PDWHULDLV SUREOHPDV RX IDWRUHV UHODFLRQDGRV FRP

FRPSRQHQWHVLQVXPRVRXPDWpULDVSULPDV 02707628174
PiTXLQDV SUREOHPDV RX IDWRUHV UHODFLRQDGRV FRP

HTXLSDPHQWRV
PpWRGRVSUREOHPDVRXIDWRUHVUHODFLRQDGRVFRPPpWRGRV
PHLR DPELHQWH SUREOHPDV RX IDWRUHV UHODFLRQDGRV FRP

PHLRORFDO
PHGLomR SUREOHPDV RX IDWRUHV UHODFLRQDGRV FRP FRQWUROH GR

SURFHVVRPRQLWRUDPHQWR
ϲϴ

2 VLVWHPD SHUPLWH HVWUXWXUDU KLHUDUTXLFDPHQWH DV FDXVDV

SRWHQFLDLV GH GHWHUPLQDGR SUREOHPD RX RSRUWXQLGDGH GH PHOKRULD
EHPFRPRVHXVHIHLWRVVREUHDTXDOLGDGHGRVSURGXWRV
2GLDJUDPDSRGHHYROXLUGHXPDHVWUXWXUDKLHUiUTXLFDSDUDXP
GLDJUDPDGHUHODo}HVXPDGDVVHWHIHUUDPHQWDVGR3ODQHMDPHQWRGD
4XDOLGDGHGHVHQYROYLGDV SRU ,VKLNDZD TXH DSUHVHQWDP XPD
HVWUXWXUDPDLVFRPSOH[DHQmRKLHUiUTXLFD
,VKLNDZD REVHUYRX TXH HPERUD QHP WRGRV RV SUREOHPDV

SXGHVVHP VHU UHVROYLGRV SRU HVVDV IHUUDPHQWDV DR PHQRV
SRGHULDPVHUHTXHTXDOTXHUWUDEDOKDGRUIDEULOSRGHULDHIHWLYDPHQWH
XWLOL]iODV(PERUDDOJXPDVGHVVDVIHUUDPHQWDVMiIRVVHPFRQKHFLGDV
KDYLD DOJXP WHPSR ,VKLNDZD DV RUJDQL]RX HVSHFLILFDPHQWH SDUD
DSHUIHLoRDUR&RQWUROHGH4XDOLGDGH,QGXVWULDOQRVDQRV
7DOYH] R DOFDQFH PDLRU GHVVDV IHUUDPHQWDV WHQKD VLGR D

LQVWUXomRGRV&tUFXORVGH&RQWUROHGH4XDOLGDGH &&4
*DEDULWR&RUUHWD
,,, 2 KLVWRJUDPD p XP JUiILFR GH FROXQDV TXH GHYH VHU

XWLOL]DGR SUHIHUHQFLDOPHQWH TXDQGR VH TXHU YLVXDOL]DU RQGH
GHYHPVHUFRQFHQWUDGRVRVHVIRUoRVGHPHOKRULD
'H DFRUGR FRP 0DWWRV R KLVWRJUDPD GR UHFXUVR p R

02707628174
JUiILFRGHFROXQDVTXHUHSUHVHQWDDTXDQWLGDGHUHTXHULGDGRUHFXUVR
SRU XQLGDGH GH WHPSR FRQIRUPH D VHJXLU TXH DSUHVHQWD XP
KLVWRJUDPDUHVXOWDQWHGRFURQRJUDPDGH*DQWW
ϲϵ

*DEDULWR&RUUHWD
$ ,DSHQDV 02707628174
% ,,DSHQDV
& ,,,DSHQDV
' ,H,,DSHQDV
( ,,,H,,,
*DEDULWR(
ϳϬ

±48(67®(6$35(6(17$'$6'$)&&

± 0HWU{ ± )&& 2 PHUFDGR DOWDPHQWH
FRPSHWLWLYR IH] FRP TXH PXLWDV HPSUHVDV GD FRQVWUXomR FLYLO
EXVFDVVHP QRYRV SDUDGLJPDV GH JHVWmR 2 JHUHQFLDPHQWR GH
SURMHWR p D FRRUGHQDomR HILFD] H HILFLHQWH GH GLIHUHQWHV
UHFXUVRVDWHQGHQGRVHDSDUkPHWURVSUpGHILQLGRVGH
$ FXVWRTXDOLGDGHHWpFQLFDFRQVWUXWLYD
% SUD]RFXVWRIOH[LELOLGDGHHWpFQLFDFRQVWUXWLYD
& SUD]RFXVWRTXDOLGDGHHULVFR
' SUD]RTXDOLGDGHHWpFQLFDFRQVWUXWLYD
( FXVWRTXDOLGDGHIOH[LELOLGDGHHWpFQLFDFRQVWUXWLYD

± 'HIHQVRULD ± )&& 6REUH SODQHMDPHQWR GH
REUDVFRQVLGHUH
,2SODQHMDPHQWRGDFRQVWUXomRFRQVLVWHQDRUJDQL]DomRSDUD
D H[HFXomR H LQFOXL R RUoDPHQWR H D SURJUDPDomR GD REUD 2
RUoDPHQWR FRQWULEXL SDUD D GLVWULEXLomR GDV DWLYLGDGHV QR
WHPSR H D SURJUDPDomR UHIHUHVH DR FRQWUROH GDV UHODo}HV
HFRQ{PLFDVUHODFLRQDGDjVHWDSDVGDREUD
02707628174
,, 2 SODQHMDPHQWR GH PpGLR SUD]R p PDLV JHUDO FRP EDL[R

JUDX GH GHWDOKDPHQWR FRQVLGHUDQGR DV JUDQGHV GHILQLo}HV
WDLV FRPR HPSUHJR GH PmR GH REUD SUySULD RX WHUFHLUL]DGD
QtYHOGHPHFDQL]DomRRUJDQL]DomRGRFDQWHLURGHREUDVSUD]R
GHHQWUHJDIRUPDGHFRQWUDWDomR
,,,1RQtYHOGHSODQHMDPHQWRGHORQJRSUD]RWUDEDOKDVHFRP
VHJXLQWHV1HVVHQtYHOGHSODQHMDPHQWRDDWHQomRHVWiYROWDGD
ϳϭ

SDUD D UHPRomR GH HPSHFLOKRV j SURGXomR DWUDYpV GD

LGHQWLILFDomR FRP DQWHFHGrQFLD GD QHFHVVLGDGH GH FRPSUD GH
PDWHULDLVRXFRQWUDWDomRGHHPSUHLWHLURV
,9 &RP D DGRomR GD SURGXomR SURWHJLGD FRQWUD RV HIHLWRV GD
LQFHUWH]D DV DWLYLGDGHV SURJUDPDGDV WrP JUDQGH FKDQFH GH
RFRUUHUVHQGRFRPXPPHGLUDTXDOLGDGHGHVVHSODQRDWUDYpV
GD PHGLomR GR 3HUFHQWXDO GH 3ODQRV &RQFOXtGRV 33& FRP D
LGHQWLILFDomR GDV FDXVDV GDV IDOKDV FRQGLomR SDUD R
DSULPRUDPHQWRGRSODQHMDPHQWRGDVSUy[LPDVDWLYLGDGHV
(VWiFRUUHWRRTXHFRQVWD$3(1$6HP
$ ,,,
% ,9
& ,,,H,9
' ,,H,,,
( ,,,,,H,9
±7&($0±)&& $FXUYD$%&
, p XPD IHUUDPHQWD XWLOL]DGD SDUD R JHUHQFLDPHQWR IRFDGR

QRVLWHQVPDLVLPSRUWDQWHVGRSRQWRGHYLVWDILQDQFHLURGHXP
02707628174
,,UHSUHVHQWDRVGLYHUVRVLQVXPRVRXHWDSDVGHXPDREUDHP
RUGHPFUHVFHQWHGHTXDQWLGDGHHYROXPH
,,, IRL LGHDOL]DGD D SDUWLU GR SULQFtSLR GH TXH XP SHTXHQR
ϳϮ

,9 p XP PpWRGR JUiILFR GH IiFLO YLVXDOL]DomR H TXH GHILQH

FRPH[DWLGmRRFDPLQKRFUtWLFRGHXPDREUD
$ ,H,,DSHQDV
% ,H,,,DSHQDV
& ,,H,,,DSHQDV
' ,,,,H,9DSHQDV
( ,,,,,,H,9
±7&(35±)&& $KLHUDUTXL]DomRGHVHUYLoRVH
LQVXPRV HP XP SURFHVVR GH SURGXomR p GH H[WUHPD
LPSRUWkQFLD $ FODVVLILFDomR HVWDWtVWLFD GH PDWHULDLV EDVHDGD
QRSULQFtSLRGH3DUHWRHPTXHVHFRQVLGHUDDLPSRUWkQFLDGRV
PDWHULDLVEDVHDGDQDVTXDQWLGDGHVXWLOL]DGDVHQRVHXYDORUp
GHQRPLQDGD
$ 3(57&30
% FXUYD$%&
& FXUYDGH3DUHWR
02707628174
' FXUYD
( FXUYD30%2.

± 7&(35 ± )&& $ FXUYD $%& XWLOL]DGD SDUD
DQiOLVHRUoDPHQWiULDHSODQHMDPHQWRGHREUDV
ϳϯ

$ p XPD IHUUDPHQWD GH JHUHQFLDPHQWR IRFDGD QRV LWHQV

PHQRV LPSRUWDQWHV GR SRQWR GH YLVWD ILQDQFHLUR GH XP
% UHSUHVHQWDRVGLYHUVRVLQVXPRVRXHWDSDVGHXPDREUDHP
RUGHPFUHVFHQWHGHTXDQWLWDWLYR
& SHUPLWH JHUHQFLDU D REUD RX VHUYLoR DWUDYpV GDV IROJDV H
LQWHUGHSHQGrQFLDVHDVDWLYLGDGHVIDQWDVPDV
' pXPPpWRGRJUiILFRGHIiFLOYLVXDOL]DomRTXHGHILQHFRP
H[DWLGmRRFDPLQKRFUtWLFRGHXPDREUD
( IRL LGHDOL]DGD D SDUWLU GR SULQFtSLR GH TXH XP SHTXHQR
±7&(3,±)&& eFRUUHWRDILUPDUTXHDFXUYD
$%&

$ WHPVLGRXVDGDSDUDDJHVWmRGHFRPSUDV
% p REWLGD SHOD RUGHQDomR GRV LWHQV FRQIRUPH D VXD

LPSRUWkQFLDDEVROXWD
& SHUPLWH FRQKHFHU RV LWHQV GH HVWRTXH FRQVLGHUDGRV

SULRULWiULRVSDUDDXPHQWDUDHVWRFDJHPGRVPHVPRVHIDFLOLWDU
DGLVSRQLELOL]DomRSDUDRVXVXiULRV
02707628174
' pDGRWDGDFRPRLQVWUXPHQWRDX[LOLDUQDDGPLQLVWUDomRGH
PDWHULDLV GDV HPSUHVDV SULYDGDV SRLV QDV S~EOLFDV QmR
DSUHVHQWDPUHVXOWDGRVSUiWLFRV
( SHUPLWH LGHQWLILFDU DTXHOHV LWHQV TXH UHTXLVLWDP

WUDWDPHQWRDGHTXDGRTXDQWRDVXDDGPLQLVWUDomR
ϳϰ

± 7&($0 ± )&& $ WDEHOD DEDL[R PRVWUD R

FiOFXORGHYDORUHVUHODFLRQDGRVDRVLWHQVFRQVXPLGRVSRUXPD
FRQVWUXWRUDHPXPSHUtRGRGHPHVHV
'H DFRUGR FRP R FRQFHLWR GD &XUYD $%& SURGXWRV HVWmR

FRUUHWDPHQWHFODVVLILFDGRVHP
02707628174
ϳϱ

± 0HWU{63 ± )&& &RQVLGHUDQGR D

RUoDPHQWDomR GH FRQWUDWRV GH VHUYLoRV H REUDV FLYLV D
SODQLOKD RQGH DSDUHFHP XQLGDGH TXDQWLGDGH SUHoR XQLWiULR
SUHoR JOREDO SHUFHQWXDO GH SDUWLFLSDomR GR LQVXPR QR
RUoDPHQWR JOREDO H SHUFHQWXDO GH SDUWLFLSDomR DFXPXODGR GH
FDGDLQVXPRQRRUoDPHQWRJOREDOpFODVVLILFDGDFRPR
$ 2UoDPHQWRSRU(WDSDV
% &XUYD$%&
& 4XDQWLWDWLYR6HTXHQFLDOGH0DWHULDLV
' /LVWDJHPGH&RPSRVLo}HVGH6HUYLoRV
( /LVWDJHP5HVXPLGDGDV&RPSRVLo}HVGH6HUYLoRV
75(3, ± )&& &RQVLGHUH DV VHJXLQWHV

DILUPDo}HVVREUHRUoDPHQWRVHDFRPSDQKDPHQWRGHREUDV
, $ FXUYD $%& UHSUHVHQWD RV GLYHUVRV LQVXPRV RX HWDSDV HP
RUGHPFUHVFHQWHGHSUHoR(VVDWpFQLFDEDVHLDVHQRSULQFtSLR
VHJXQGR R TXDO XP JUDQGH Q~PHUR GH VHUYLoRV RX LQVXPRV p
UHVSRQViYHO SRU XPD SDUFHOD PDLV VLJQLILFDWLYD GR FXVWR WRWDO
GDREUD
02707628174
,, 2 DFRPSDQKDPHQWR GR FURQRJUDPD ItVLFR SHUPLWH DIHULU R

FXPSULPHQWR GRV SUD]RV H LGHQWLILFDU H SUHYHQLU SRVVtYHLV
DWUDVRV
,,, 2 DFRPSDQKDPHQWR GR FURQRJUDPD ILQDQFHLUR SHUPLWH

LQIRUPDURVUHFXUVRVQHFHVViULRVDRDQGDPHQWRGDREUD
,93UHoRpDLPSRUWkQFLDQHFHVViULDSDUDTXHVHREWHQKDXP
EHPRXVHUYLoR
ϳϲ

(VWiFRUUHWRRTXHVHDILUPD$3(1$6HP
$ ,H,,
% ,H,,,
& ,,H,,,
' ,,H,9
( ,,,H,9
± 0HWU{ ± )&& 1D DQiOLVH GR GLDJUDPD GH

IOHFKDV QR DFRPSDQKDPHQWR DGPLQLVWUDWLYR GD REUD SRU XP
WpFQLFRGHPDQXWHQomRFLYLORFDPLQKRFUtWLFRpDTXHOH
$ TXH DSUHVHQWD D UHODomR GH HYHQWRV FRP FDPLQKR PDLV

FXUWRHQWUHDVWDUHIDV
% TXH SRVVXL PDLRU Q~PHUR GH WDUHIDV QD H[HFXomR GR

SURMHWR
& HPTXHDWDUHIDRFRUUHDQWHVGRWHPSRSUHYLVWR
' TXH XWLOL]D XP Q~PHUR PDLRU GH WUDEDOKDGRUHV GXUDQWH

VXDH[HFXomR
( TXHGHPDQGDRPHQRUWHPSRSRVVtYHOSDUDDUHDOL]DomRGR
02707628174
SURMHWR
± 7&(6( ± )&& 1R FURQRJUDPD GH UHGHV GD

ILJXUDRWHPSRpLQGLFDGRHPGLDV
ϳϳ

$IROJDWRWDOSRVVtYHOGHVHUDSOLFDGDHPGLDVQRFDPLQKRGDV
DWLYLGDGHV $ ' H / VHP FRPSURPHWHU R WHPSR GHILQLGR SHOR
FDPLQKRFUtWLFRGDREUDp

$ % & ' (

± 7&(&( ± )&& &RQVLGHUH D UHGH 3(57&30
GD UHIRUPD GH XPD UHVLGrQFLD FRPR UHSUHVHQWDGD QD ILJXUD
DEDL[R
02707628174
1HVVDUHGHRVFtUFXORVUHSUHVHQWDPRVHYHQWRVHDVOHWUDVDV
DWLYLGDGHV $ GXUDomR GH FDGD DWLYLGDGH HP GLDV p LQGLFDGD
DEDL[R GDV OHWUDV 2 WHPSR HP GLDV SDUD FRQFOXLU D REUD
GHILQLGRSHORFDPLQKRFUtWLFRp
ϳϴ

$ % & ' (

75(3, ± )&& &RQVLGHUH D UHGH 3(57&30
UHSUHVHQWDGDQDVHJXLQWHILJXUD
1D UHGH 3(57&30 GD ILJXUD RV FtUFXORV UHSUHVHQWDP RV

HYHQWRV H DV OHWUDV UHSUHVHQWDP DV DWLYLGDGHV FXMD GXUDomR
HP VHPDQDV p LQGLFDGD DR VHX ODGR 2 WHPSR SUHYLVWR HP
VHPDQDVSHORFDPLQKRFUtWLFRGHVVDUHGHp
$ % & ' (

02707628174
75(06 ± )&& $V TXHVW}HV GH Q~PHURV H

UHIHUHPVH D ILJXUD DEDL[R TXH p XPD UHSUHVHQWDomR JUiILFD
GHXPGLDJUDPD3(57&30
ϳϵ

$GDWDPDLVFHGRGRHYHQWRp
$ % & ' (
$GDWDPDLVWDUGHGRHYHQWRp
$ % & ' (

± ,QIUDHUR ± $UTXLWHWXUD ± )&& 2 PpWRGR
3(57 3URJUDP (YDOXDWLRQ DQG 5HYLHZ 7HFKQLTXH p PXLWR
XWLOL]DGR QR SODQHMDPHQWR UHYLVmR H DYDOLDomR GH SURMHWRV
VHQGR
$ XPGLDJUDPDGHGHVHQYROYLPHQWRSURJUHVVLYR
% XPD WpFQLFD TXH XWLOL]D WUrV HVWLPDWLYDV GH WHPSR SDUD

02707628174
FDGDDWLYLGDGHGDUHGH
& XPD WpFQLFD TXH XWLOL]D XPD HVWLPDWLYD GH WHPSR SDUD
FDGDVHJPHQWRFUtWLFRGHWDUHIDV
' FRQKHFLGRFRPRPpWRGRGRFDPLQKRFUtWLFR
( XPGLDJUDPDGHIOX[RGHWUDEDOKR
ϴϬ

± 7&(3, ± )&& 2 WHPSR WDOYH] VHMD R ~QLFR

UHFXUVR TXH p DEVROXWDPHQWH LUUHFXSHUiYHO R TXH WRUQD HVWH
IDWRUDEVROXWDPHQWHFUtWLFRSDUDRSURMHWR3DUDWDOSUHFLVDVH
,HODERUDURFURQRJUDPD
,,GHILQLUDVDWLYLGDGHVGHVHQYROYLGDVHPHVFRSR
,,,HVWLPDUVXDVGXUDo}HV
,9 VHTHQFLDU DV DWLYLGDGHV GHILQLQGR VXDV

LQWHUGHSHQGrQFLDV
$VHTrQFLDFRUUHWDGHDWLYLGDGHVSDUDHODERUDURFURQRJUDPD
ItVLFRp
$ ,,9,,,,,
% ,,,,,,,9
& ,,,9,,,,
' ,,,,9,,,
( ,9,,,,,,

± 3%*$6 ± )&& $QWHSURMHWR GH REUDV FLYLV

WUDWDVHGH
02707628174
$ SURMHWR GHWDOKDGR HP QtYHO SUpH[HFXWLYR XWLOL]DGR HP

FDVR GH FRQWUDWDo}HV SRU PHLR GH OLFLWDomR H GH FRQFRUUrQFLD
S~EOLFD RX SDUD FRQFRUUrQFLDV GH REUDV SDUWLFXODUHV
DWHQGHQGR DRV SDUkPHWURV H H[LJrQFLDV GR SURJUDPD GH
QHFHVVLGDGHV SHUPLWLQGR DYDOLDU R SDUWLGR DUTXLWHW{QLFR
DGRWDGR H D FRQILJXUDomR ItVLFD GDV HGLILFDo}HV LQFOXVLYH D
LPSODQWDomRQRWHUUHQR
ϴϭ

% FRQFHSomR H UHSUHVHQWDomR JUiILFD SUHOLPLQDU DWHQGHQGR

DRV SDUkPHWURV H H[LJrQFLDV GR SURJUDPD GH QHFHVVLGDGHV
SHUPLWLQGR DYDOLDU R SDUWLGR DUTXLWHW{QLFR DGRWDGR H D
FRQILJXUDomRItVLFDGDVHGLILFDo}HVLQFOXVLYHDLPSODQWDomRQR
WHUUHQR
& FRQMXQWR GH LQIRUPDo}HV WpFQLFDV VXILFLHQWHV H QD IRUPD

SDGURQL]DGD SDUD DSURYDomR GR SURMHWR SHODV DXWRULGDGHV
FRPSHWHQWHV FRP EDVH QDV H[LJrQFLDV OHJDLV PXQLFLSDLV
HVWDGXDLVIHGHUDLV HREWHQomRGHDOYDUiVHOLFHQoDV
' UHSUHVHQWDomR SUHOLPLQDU GD VROXomR DGRWDGD SDUD R

SURMHWR HP IRUPD JUiILFD H GH HVSHFLILFDo}HV WpFQLFDV
LQFOXLQGR GHILQLomR GH WHFQRORJLD FRQVWUXWLYD SUp
GLPHQVLRQDPHQWR HVWUXWXUDO H GH IXQGDomR FRQFHSomR GH
VLVWHPDV GH LQVWDODo}HV SUHGLDLV FRP LQIRUPDo}HV TXH
SHUPLWDP DYDOLDo}HV GD TXDOLGDGH GR SURMHWR H GR FXVWR GD
REUD
( VROXomR LQWHUPHGLiULD SDUD DWHQGHU j QHFHVVLGDGH GH

GLVFXVVmR GDV LQWHUIDFHV QmR DQWHULRUPHQWH UHVROYLGDV
XWLOL]DGR HP FDVR GH FRQWUDWDo}HV SRU PHLR GH OLFLWDomR H GH
FRQFRUUrQFLD S~EOLFD RX SDUD FRQFRUUrQFLDV GH REUDV
SDUWLFXODUHV
02707628174
±3063±)&& &RQVLGHUHDVDILUPDWLYDV
, 2 FLFOR 3'&$ FXMD VLJOD HVWi HP ,QJOrV p XP PpWRGR
XWLOL]DGRSDUDDOFDQoDU PHWDVFRPRPDQXWHQomRGDTXDOLGDGH
GDDWLYLGDGHRXPHOKRULDGRVHXSDGUmR6XDVTXDWURIDVHVVmR
3ODQHMDU 3 ([HFXWDU '
9HULILFDU & H&RUULJLU $
ϴϮ

,, 2 GLDJUDPD GH FDXVDHIHLWR GHPRQVWUD XPD HVWUXWXUD GH

GDGRV RX LQIRUPDo}HV TXH SRVVLELOLWD D LGHQWLILFDomR GDV
SRVVtYHLVFDXVDVGHXPSUREOHPDRXHIHLWR
,,, 2 KLVWRJUDPD p XP JUiILFR GH FROXQDV TXH GHYH VHU

XWLOL]DGR SUHIHUHQFLDOPHQWH TXDQGR VH TXHU YLVXDOL]DU RQGH
GHYHPVHUFRQFHQWUDGRVRVHVIRUoRVGHPHOKRULD
$ ,DSHQDV
% ,,DSHQDV
& ,,,DSHQDV
' ,H,,DSHQDV
( ,,,H,,,
±*$%$5,72'$)&&

& ( & %
% $ ( &
% % $ '

02707628174
% & % (
( ( (

ϴϯ


±5()(5Ç1&,$6%,%/,2*5È),&$6

%HUQDUGHV0063ODQHMDPHQWRHFRQWUROHGDSURGXomRSDUD
HPSUHVDVGHFRQVWUXomRFLYLO5LRGH-DQHLUR/7&

*RQ]iOHV 0DUFR $XUpOLR 6WXPSI 1Ro}HV GH 2UoDPHQWR H
3ODQHMDPHQWRGH2EUDV8QLVLQRV

-DUGLP&LEHOH&RHOKR*RGLQKR*HVWmRGD4XDOLGDGHH3UD]RVQR
3URMHWR0RQRJUDILD8)0*

/LPPHU&DUO9LFHQWH3ODQHMDPHQWR2UoDPHQWDomRH&RQWUROH
GH3URMHWRVH2EUDV5LRGH-DQHLUR/7&

0DWWRV $OGR 'yUHD 3ODQHMDPHQWR H &RQWUROH GH 2EUDV 6mR
3DXOR3,1,

0HOKDGR 6tOYLR % )DEULFLR 0iUFLR 5RFKD $QD *ULOR /HRQDUGR
*HVWmRH&RRUGHQDomRGH3URMHWRVGH(GLItFLRV
02707628174
ϴϰ

14-Programação de Obra

Uploaded by

Copyright:

Available Formats

14-Programação de Obra

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

14-Programação de Obra

Uploaded by

Copyright:

Available Formats

Aula 14

Curso Regular de Edificações - Com videoaulas

4. QUESTÕES COMENTADAS DO CESPE 27

5. LISTA DE QUESTÕES DO CESPE 39

7. QUESTÕES COMENTADAS DA FCC 44

8. LISTA DE QUESTÕES DA FCC 71

10. REFERÊNCIAS BIBLIOGRÁFICAS 84

$ ELEOLRJUDILD SULQFLSDO DGRWDGD QHVWD DXOD p R OLYUR

3HVVRDO D LQWURGXomR GHVVH DVVXQWR p UHSOHWD GH FRQFHLWRV GH

2 SURMHWR SRGH VHU HQWHQGLGR FRPR XP FRQMXQWR GH DWLYLGDGHV

$V DWLYLGDGHV FRPSRQHQWHV GH XP SURMHWR GHYHP VHU

'H XP PRGR JHUDO RV SURMHWRV LQGXVWULDLV VmR H[HFXWDGRV

 6XSULPHQWR GRV ,QVXPRV QHFHVViULRV j PDWHULDOL]DomR GR

3DUD DWLQJLU D SURGXWLYLGDGH GHVHMDGD p SUHFLVR TXH R

2 FRQWUROH SHUPLWH DYDOLDU D TXDOLGDGH GR TXH IRL SODQHMDGR H

 HVWDEHOHFHU WDPEpP D HVWUXWXUD RUJDQL]DFLRQDO TXH LUi

 TXDQWLILFDU RV UHFXUVRV QHFHVViULRV j H[HFXomR H VDEHU FRPR

 HP SDUDOHOR FRP WXGR LVVR p SUHFLVR FROHWDU GDGRV GXUDQWH D

H[HFXomR RJHUHQFLDGRUVyWRPDFRQKHFLPHQWRGDVH[FHo}HV RXGD

8P IDWRU SRXFR FRQVLGHUDGR QR JHUHQFLDPHQWR GH SURMHWRV

2 HPSUHHQGLPHQWR GD FRQVWUXomR WDPEpP VH HQTXDGUD FRPR

 VXVFLWDU D FRQVFLHQWL]DomR GRV HQYROYLGRV SDUD SUD]RV

HVWi H[HFXWDQGR TXH VH YHULILTXHP DV SUHPLVVDV DGRWDGDV QR

GHFRPSRQGRR HP HOHPHQWRV FDGD YH] PDLV VLPSOHV DWUDYpV GD

3RU RXWUR ODGR LQWHUHVVD D TXHP SODQHMD VDEHU TXH WLSRV H

e DLQGD QHFHVViULR SRU PHLR GD DQiOLVH GD HVWUXWXUD

$ YLGD GH XP SURMHWR FRPS}HVH GH TXDWUR HVWiJLRV EiVLFRV

 FRQFHSomR LGHQWLILFDomR GD QHFHVVLGDGH GH XP SURMHWR VHU

VHU LPSOHPHQWDGD EHP FRPR D REWHQomR GD FRPSRQHQWH DSURYDomR

 H[HFXomR FRQWHPSOD R HVWDEHOHFLPHQWR GH XPD HVWUXWXUD

DTXLVLomR GH UHFXUVRV GH PDWHULDLV H PmR GH REUD D PDWHULDOL]DomR

 ILQDOL]DomR YLVD FRORFDU HP RSHUDomR D REUD FRQVWUXtGD

2 SODQHMDPHQWR H R FRQWUROH GH XP SURMHWR H[LJHP R

2 FDPLQKR PDLV VLPSOHV H LPHGLDWR p R GD DQiOLVH GRV

/LPPHU FLWD 3DVFDO QR WUHFKR ³DFKR LPSRVVtYHO FRQKHFHU DV

 DQDOLVDU GH PDQHLUD GHWDOKDGD H VLVWHPiWLFD WRGRV RV

 HVWDEHOHFHU FULWpULRV GH DQiOLVH GR SURMHWR HP IXQomR GH

 D WLSRORJLD GRV LQVXPRV D VHUHP DSOLFDGRV RUoDGRV H

 D GHILQLomR GH UHVSRQVDELOLGDGH SHOD DSOLFDomR FRUUHWD

 ± (VWUXWXUD $QDOtWLFD GR 3URMHWR RX (VWUXWXUD $QDOtWLFD GH

'H DFRUGR FRP 0DWWRV   D PDQHLUD PDLV SUiWLFD GH

$QDOtWLFD GR 3URMHWR ($3  TXH p XPD HVWUXWXUD KLHUiUTXLFD HP

6HJXQGR R PHVPR DXWRU SDUD VH SODQHMDU XPD REUD p SUHFLVR

VHX HVFRSR LQWHJUDO ² p SURJUHVVLYDPHQWH GHVPHPEUDGR HP

1R SODQHMDPHQWR H QR FRQWUROH GH XP SURMHWR D LQIRUPDomR p

$LQGD GH DFRUGR FRP /LPPHU D ($3 SRGH FRQWHU TXDOTXHU

$ ($3 WDPEpP GHQRPLQDGD GH (VWUXWXUD GH (OHPHQWRV GH

8PD GDV PDLV VLJQLILFDWLYDV WpFQLFDV GH SDUWLomR p R XVR GH

3DFRWHV GH WUDEDOKR VmR JUXSRV VHOHFLRQDGRV GH DWLYLGDGHV GH

 R FXVWR GH FDGD HOHPHQWR GD HVWUXWXUD HTXLYDOH j VRPD GRV

 DV DWLYLGDGHV GH QtYHO PDLV EDL[R VmR PHQVXUiYHLV H SRGHP

$ ($3 DQDOtWLFD JHUDOPHQWH YHP DVVRFLDGD D XPD QXPHUDomR

8P PDSD PHQWDO p XP GLDJUDPD XWLOL]DGR SDUD UHSUHVHQWDU

$ FXUYD 6 PRVWUD D GLVWULEXLomR GH XP UHFXUVR GH IRUPD

FRPR SHUPLWH YLVXDOL]DU R ULWPR GH DQGDPHQWR SUHYLVWR SDUD D VXD

3HVVRDO R OLYUR ³3ODQHMDPHQWR 2UoDPHQWDomR H &RQWUROH GH

3URMHWRV H 2EUDV´ GR DXWRU &DUO /LPPHU WUD] XPD H[SOLFDomR

%DVHDQGR QHVVH SULQFtSLR ) 'L[LH FULRX D FODVVLILFDomR $%&

$ FODVVH $ UHIOHWH RV LWHQV PDLV LPSRUWDQWHV H TXH PHUHFHP

1D FRQVWUXomR FLYLO DV DWLYLGDGHV WrP HP JHUDO UHSHWLWLYLGDGH

3HVVRDO D LQWURGXomR GHVVH DVVXQWR p UHSOHWD GH FRQFHLWRV GH

'H XP PRGR JHUDO RV SURMHWRV LQGXVWULDLV VmR H[HFXWDGRV

6XSULPHQWR GRV ,QVXPRV QHFHVViULRV j PDWHULDOL]DomR GR

3DUD DWLQJLU D SURGXWLYLGDGH GHVHMDGD p SUHFLVR TXH R

HVWDEHOHFHU WDPEpP D HVWUXWXUD RUJDQL]DFLRQDO TXH LUi

TXDQWLILFDU RV UHFXUVRV QHFHVViULRV j H[HFXomR H VDEHU FRPR

HP SDUDOHOR FRP WXGR LVVR p SUHFLVR FROHWDU GDGRV GXUDQWH D

VXVFLWDU D FRQVFLHQWL]DomR GRV HQYROYLGRV SDUD SUD]RV

HVWi H[HFXWDQGR TXH VH YHULILTXHP DV SUHPLVVDV DGRWDGDV QR

GHFRPSRQGRR HP HOHPHQWRV FDGD YH] PDLV VLPSOHV DWUDYpV GD

3RU RXWUR ODGR LQWHUHVVD D TXHP SODQHMD VDEHU TXH WLSRV H

e DLQGD QHFHVViULR SRU PHLR GD DQiOLVH GD HVWUXWXUD

$ YLGD GH XP SURMHWR FRPS}HVH GH TXDWUR HVWiJLRV EiVLFRV

FRQFHSomR LGHQWLILFDomR GD QHFHVVLGDGH GH XP SURMHWR VHU

VHU LPSOHPHQWDGD EHP FRPR D REWHQomR GD FRPSRQHQWH DSURYDomR

H[HFXomR FRQWHPSOD R HVWDEHOHFLPHQWR GH XPD HVWUXWXUD

DTXLVLomR GH UHFXUVRV GH PDWHULDLV H PmR GH REUD D PDWHULDOL]DomR

ILQDOL]DomR YLVD FRORFDU HP RSHUDomR D REUD FRQVWUXtGD

/LPPHU FLWD 3DVFDO QR WUHFKR ³DFKR LPSRVVtYHO FRQKHFHU DV

DQDOLVDU GH PDQHLUD GHWDOKDGD H VLVWHPiWLFD WRGRV RV

HVWDEHOHFHU FULWpULRV GH DQiOLVH GR SURMHWR HP IXQomR GH

D WLSRORJLD GRV LQVXPRV D VHUHP DSOLFDGRV RUoDGRV H

D GHILQLomR GH UHVSRQVDELOLGDGH SHOD DSOLFDomR FRUUHWD

± (VWUXWXUD $QDOtWLFD GR 3URMHWR RX (VWUXWXUD $QDOtWLFD GH

'H DFRUGR FRP 0DWWRV D PDQHLUD PDLV SUiWLFD GH

$QDOtWLFD GR 3URMHWR ($3 TXH p XPD HVWUXWXUD KLHUiUTXLFD HP

6HJXQGR R PHVPR DXWRU SDUD VH SODQHMDU XPD REUD p SUHFLVR

1R SODQHMDPHQWR H QR FRQWUROH GH XP SURMHWR D LQIRUPDomR p

$LQGD GH DFRUGR FRP /LPPHU D ($3 SRGH FRQWHU TXDOTXHU

$ ($3 WDPEpP GHQRPLQDGD GH (VWUXWXUD GH (OHPHQWRV GH

R FXVWR GH FDGD HOHPHQWR GD HVWUXWXUD HTXLYDOH j VRPD GRV

DV DWLYLGDGHV GH QtYHO PDLV EDL[R VmR PHQVXUiYHLV H SRGHP

$ FXUYD 6 PRVWUD D GLVWULEXLomR GH XP UHFXUVR GH IRUPD

3HVVRDO R OLYUR ³3ODQHMDPHQWR 2UoDPHQWDomR H &RQWUROH GH

%DVHDQGR QHVVH SULQFtSLR ) 'L[LH FULRX D FODVVLILFDomR $%&

1D FRQVWUXomR FLYLO DV DWLYLGDGHV WrP HP JHUDO UHSHWLWLYLGDGH

DJHQGDGR RX SODQHMDGR RX VHMD FDOFXODGR GH DFRUGR FRP R

&XVWR UHDO &5 p R FXVWR UHDO GR WUDEDOKR UHDOL]DGR TXH

$V GLIHUHQoDV HQWUH HVVDV GLPHQV}HV GH FXVWR GHQRPLQDPVH

YDULDomR GH FXVWR 9& p GDGD SHOD GLIHUHQoD HQWUH R YDORU

YDULDomR GH SURJUHVVR RX GH SUD]R 93U p GDGD SHOD

+i WDPEpP R ËQGLFH GH 'HVHPSHQKR GH &XVWR ,'& TXH p

( R tQGLFH GH GHVHPSHQKR GH SUD]R ,'3 TXH p GDGR SHOR

2 FURQRJUDPD ItVLFRILQDQFHLUR GH XPD REUD SRGH VHU HQWHQGLGR

$ WpFQLFD 3(57 IRL GHVHQYROYLGD HP SDUD XVR QR

FRPSRQHQWHV PXLWRV GRV TXDLV QXQFD DQWHV SURGX]LGRV HP

(P IXQomR GHVVH WUDWDPHQWR HVWDWtVWLFR D WpFQLFD 3(57 p

~QLFD GHWHUPLQDomR GH SUD]R GH GXUDomR EDVHDGD HP H[SHULrQFLD

(P DWLYLGDGHV SDUDOHODV TXDQGR UHSUHVHQWDGDV JUDILFDPHQWH DV

(P FRQWUDSRVLomR j DWLYLGDGH IDQWDVPD WHPVH D DWLYLGDGH GH

(OH p FRQVWUXtGR OLVWDQGRVH DV DWLYLGDGHV GH XP SURMHWR HP

2 FURQRJUDPD GH EDUUDV WHP HQWUHWDQWR D GHVYDQWDJHP GH

'H DFRUGR FRP /LPPHU DV UHGHV SRGHP VHU

2 FDPLQKR FUtWLFR p DTXHOH TXH QmR DSUHVHQWD IROJD /RJR VH

+HPREUDV ± &HVSH &RQVLGHUDQGR D ILJXUD DFLPD TXH

2V Q~PHURV QRV FtUFXORV LQGLFDP R JUDX GH

$ VHWD WUDFHMDGD LQGLFD D HWDSD TXH FRQVRPH PDLRU

(P DWLYLGDGHV SDUDOHODV TXDQGR UHSUHVHQWDGDV JUDILFDPHQWH

± 038 ± (6$) 'LYHUVDV IHUUDPHQWDV GH

-i QDV REUDV FRP DWLYLGDGHV UHSHWLWLYDV SRGHVH XVDU QR

,166 2 UHVXPR GDV DWLYLGDGHV SUHYLVWDV SDUD R

$ H[HFXomR GH IXQGDo}HV FRP HVWDFDV SUp

(OH p FRQVWUXtGR OLVWDQGRVH DV DWLYLGDGHV GH XP SURMHWR HP

EDUUDV KRUL]RQWDLV HP FROXQDV DGMDFHQWHV FRP H[WHQVmR GH

± 3) 5HJLRQDO $FXUYD $%&pXPLQVWUXPHQWR

%DVHDGR QR SULQFtSLR GH 3DUHWR RX SULQFtSLR GRV ³SRXFR

'HDFRUGRFRP/LPPHU DFXUYD6PRVWUDDGLVWULEXLomRGH

F $SHVDU GR QRPH D FXUYD $%& p XP UHODWyULR SRGHQGR VHU

2 JDEDULWR SUHOLPLQDU IRUQHFHX R LWHP ' FRPR LQFRUUHWR FRQWXGR

/LPPHU DSUHVHQWD XP H[HPSOR GH JUiILFR KLSRWpWLFR GD

/RJR QmR FRQVHJXL YLVXDOL]DU GH TXH IRUPD D WDQJHQWH QmR

+HPREUDV ± &HVSH &RQVLGHUDQGR D ILJXUD DFLPD TXH

2V Q~PHURV QRV FtUFXORV LQGLFDP R JUDX GH

$ VHWD WUDFHMDGD LQGLFD D HWDSD TXH FRQVRPH PDLRU

,166 2 UHVXPR GDV DWLYLGDGHV SUHYLVWDV SDUD R