6DFDUHOPD\RUSURYHFKRGHVXDSDUDWR
(VSDxRO
3UHFDOHQWDUHOKRUQR
3UHFDOLHQWHHOKRUQRVLODUHFHWDORUHFRPLHQGD(VQHFHVDULRSUHFDOHQWDUHOKRUQR
SDUDORJUDUEXHQRVUHVXOWDGRVFXDQGRTXLHUHKRUQHDUSDVWHOHVJDOOHWDVSDVWH
OLWRV\SDQHV)LMDUXQDWHPSHUDWXUDPiVDOWDQRUHGXFHHOWLHPSRGHOSUHFDOHQ
WDGR&RORTXHODVUHMLOODVGHOKRUQRHQXQDSRVLFLyQDGHFXDGDDQWHVGHSUHFDOHQ
WDU8QSLWLGRFRQILUPDUiTXHHOKRUQRHVWiSUHFDOHQWDGR\ODSDQWDOODLQGLFDUiOD
WHPSHUDWXUDVHOHFFLRQDGDGHOKRUQR
1RWD
1RVHUHFRPLHQGDSUHFDOHQWDUHOKRUQRFXDQGRXVDHOWHUPyPHWURDOJXQRV
PRGHORV8QKRUQRFDOLHQWHOHLPSHGLUiFRQHFWDUHOWHUPyPHWURDOUHFHSWiFXOR\
GHLQVHUWDUORHQODFDUQH
(OWHUPyPHWURDOJXQRVPRGHORV
(OKRUQRHVWiELHQDLVODGR\HOFDORUUHWHQLGRVHJXLUiFRFLQDQGRODFDUQH
GHVSXpVGHDSDJDUHOKRUQR3RUHVWHPRWLYRVDTXHODFDUQHGHOKRUQRHQ
FXDQWRHOFRQWUROSLWH
3XHVWRTXHODFDUQHVLJXHFRFLQiQGRVHGHVSXpVGHVDFDUODGHOKRUQRILMHOD
WHPSHUDWXUDLQWHUQDWHUPyPHWURJUDGRVDEDMRGHODWHPSHUDWXUD
LQWHUQDILQDOGHVHDGDH[FHSWRDYHV3HUPLWDTXHODFDUQHVHHQIUtH
PLQXWRVDQWHVGHFRUWDUOD
6LHPSUHXVHHOPDQJRGHOWHUPyPHWURSDUDLQVHUWDU\TXLWDUOR8VHXQD
DJDUUDGHUDSDUDTXLWDUORSXHVWRTXHHOWHUPyPHWURVHFDOLHQWD
4XLWHHOWHUPyPHWURGHOKRUQRFXDQGRQRVHHVWiXVDQGR
1RVHSXHGHXVDUHOWHUPyPHWURFRQFDUQHVFRQJHODGDV3DUDORJUDUPHMRUHV
UHVXOWDGRVGHVFRQJHOHODVFDUQHVFRPSOHWDPHQWHDQWHVGHXVDUHOWHUPyPHW
UR
,QVHUWDUHOWHUPyPHWUR
3DUDFDUQHVLQVHUWHODSXQWDGHOWHUPyPHWURHQODSDUWHPiVJUXHVDVLQWRFDU
KXHVRVJUDVDRFDUWtODJRV
3DUDSROORVJUDQGHV\SDYRVLQVHUWHHOWHUPyPHWURHQODSDUWHPiVJUXHVD
GHOPXVORLQWHUQR
3DUDRWURVDOLPHQWRVFRPRDVDGRGHFDUQHPROLGDODSXQWDGHOWHUPyPHWUR
GHEHTXHGDUHQHOFHQWURGHODSDUWHPiVJUXHVDGHODOLPHQWR
0RGRVGHFRFLQDUGHO
KRUQR
+RUQHDUIHUPHQWDU\
FDOHQWDU
+RUQHDUHVFRFLQDUFRQDLUHVHFRFDOLHQWH7DQWR
HOHOHPHQWRVXSHULRUFRPRHOLQIHULRUVHSUHQGHQ
HQFLFORVSDUDPDQWHQHUODWHPSHUDWXUDGHO
KRUQR6HSXHGHXVDUHRUQHDUSDUD
SUHSDUDUXQDYDULHGDGGHDOLPHQWRVGHVGHSDV
WHOLWRVKDVWDJXLVDGRVDVtFRPRSDUDDVDUFDU
QHV
1RWD
'HSHQGLHQGRGHOPRGHORXVWHGSXHGH
HVFXFKDUHOYHQWLODGRUGHFRQYHFFLyQPLHQWUDVHOKRUQRHVWiSUHFDOHQWDQGRSDUD
HOPRGRGHKRUQHDU(VWRHVQRUPDO
(QHOPRGRGHIHUPHQWDUHOKRUQRXWLOL]DHOHOHPHQWRVXSHULRUHLQIHULRUSDUDPDQ
WHQHUXQDWHPSHUDWXUDEDMDSDUDOHYDQWDUSDQ
/DIHUPHQWDFLyQHVHOOHYDQWDPLHQWRGHODPDVDGHOHYDGXUD
/DVWHPSHUDWXUDVSDUDHOPRGRGHIHUPHQWDUVRQD)D
&/DWHPSHUDWXUDSRUGHIDXOWHV)&
7DSHHOWD]yQRODROODOLJHUDPHQWH\XVHFXDOTXLHUUHMLOODTXHDFRPRGHHO
WDPDxRGHOFRQWHQHGRU
PDQWHQJDFHUUDGDODSXHUWD\XVHODOX]GHOKRUQRSDUDUHYLVDUHOOHYDQ
WDPLHQWRGHODPDVD