/LPSLH]D\0DQWHQLPLHQWR
(VSDxRO
*XtDGHOLPSLH]D
&DMRQHV
$OPDFHQDPLHQWR\&DOHQWDGRU
/LPSLHFRQDJXDMDERQRVDFDOLHQWHHQMXDJXH\VHTXH
0DQWHQLPLHQWR
0DQWHQLPLHQWRGHKRUQR
4XLWDUODSXHUWDGHOKRUQR
7DEOD*XtDGHOLPSLH]D
3DUWH
5HFRPHQGDFLRQHV
5HMLOODV
/DYHFRQDJXDMDERQRVDFDOLHQWH(QMXDJXHFXLGDGRVDPHQWH\VHTXHRVXDYHPHQWHIURWHFRQHVSRQMLOODV
UHOOHQDVGHMDEyQRSROYROLRUQRVVHJ~QLQVWUXFFLRQHV6LVHOLPSLDQODVUHMLOODVHQHOKRUQR
GXUDQWHHOPRGRGHDXWROLPSLH]DSHUGHUiQVXDFDEDGREULOORVR\WDOYH]GHMHQGHGHVOL]DUVHVXDYHPHQWH
6LHVWRVXFHGHOLPSLHORVERUGHVGHODVUHMLOODVFRQXQDFDQWLGDGSHTXHxDGHDFHLWHYHJHWDOOXHJRTXLWHHO
H[FHVR
(PSDTXHGHILEUDGH
YLGULR
126('(%(/,03,$5(/(03$48($0$12
9LGULRGLIHUHQWHTXHOD
SDUULOOD
/DYHFRQMDEyQ\DJXDRXQOLPSLDGRUSDUDYLGULR8VH)DQWDVWLNR)RUPXODSDUDTXLWDUVDOSLFDGX
UDVJUDVRVDV\PDQFKDVGXUDV9HD³7DEODGHFXLGDGRSDUDODSDUULOOD´HQODSiJLQD SDUDLQVWUXFFLRQHV
VREUHFyPROLPSLDUODSDUULOOD
6XSHUILFLHVSLQWDGDV
/LPSLHFRQDJXDMDERQRVDFDOLHQWHRDSOLTXH)DQWDVWLNR)RUPXODSULPHURDXQDHVSRQMDOLPSLDR
XQDWRDOODGHSDSHO\OLPSLH(YLWHHOXVRGHOLPSLDGRUHVHQSROYRHVSRQMLOODVGHILEUDPHWiOLFD\OLPSLD
GRUHVSDUDKRUQRV
6XSHUILFLHVGHSRU
FHODQD
/LPSLHGHLQPHGLDWRGHUUDPHViFLGRVFRPRMXJRVGHIUXWDOHFKH\MLWRPDWHFRQXQDWRDOODVHFD1RXVH
XQDHVSRQMDWRDOODK~PHGDVREUHSRUFHODQDFDOLHQWH&XDQGR\DHVWiIUtROLPSLHFRQDJXDMDERQRVDFDOL
HQWHRDSOLTXH%RQ$PLR6RIW6FUXEDXQDHVSRQMDK~PHGD(QMXDJXH\VHTXH3DUDPDQFKDVUHVLVW
HQWHVXVHVXDYHPHQWHHVSRQMLOODVFRQMDEyQ(VQRUPDOTXHODSRUFHODQDVHDJULHWHOtQHDVILQDVFRQHO
WLHPSRGHELGRDODH[SRVLFLyQDOFDORU\UHVLGXRVGHFRPLGD
6XSHUILFLHVGHDFHUR
LQR[LGDEOH
6LHPSUHOLPSLHFRQHOJUDQR/LPSLHFRQXQDHVSRQMDMDERQRVDOXHJRHQMXDJXH\VHTXHROLPSLHFRQ)DQ
WDVWLNR)RUPXODDSOLFDGRDXQDWRDOODGHSDSHO3URWHMD\SXODFRQ6WDLQOHVV6WHHO0DJLF\XQ
WUDSRVXDYH4XLWHODVPDQFKDVGHDJXDFRQXQWUDSRKXPHGHFLGRFRQYLQDJUHEODQFR8VH
%DU.HHSHU¶V
)ULHQG
SDUDTXLWDUODGHFRORUDFLyQWpUPLFD
3HULOODV\FRQWUROHVV
&XDQGRHVWiQIUtRVOLPSLHFRQDJXDMDERQRVDHQMXDJXH\VHTXH
35(&$8&,21
$OTXLWDUODSXHUWD
$VHJ~UHVHTXHHOKRUQRHVWpIUtR\TXHVHKD\DDSDJDGRODFRUULHQWH
DQWHVGHTXLWDUODSXHUWD'HORFRQWUDULRSXHGHFDXVDUXQDGHVFDUJD
HOpFWULFDRTXHPDGXUDV
/DSXHUWDGHOKRUQRHVWiSHVDGD\IUiJLO8VHDPEDVPDQRVSDUD
TXLWDUODSXHUWD(OIUHQWHGHODSXHUWDHVWiKHFKRGHYLGULR7HQJD
FXLGDGRGHQRURPSHUOD
$JDUUHVyORORVFRVWDGRVGHODSXHUWDGHOKRUQR1RXVHODDJDUUDGHUD
\DTXHSXHGHJLUDUHQVXPDQR\FDXVDUGDxRVRKHULGDV
6LQRDJDUUDODSXHUWDGHOKRUQRILUPHPHQWH\GHPRGRFRUUHFWR
SXHGHFDXVDUOHVLRQHVSHUVRQDOHVRGDxDUHOSURGXFWR
3DUDHYLWDUOHVLRQHVGHXQVRSRUWHGHELVDJUDTXHVHFLHUUDGH
UHSHQWHDVHJ~UHVHTXHDPEDVSDODQFDVHVWpQILMDGDVHQVXVOXJDUHV
DQWHVGHTXLWDUODSXHUWD1RDSOLTXHIXHU]DSDUDDEULURFHUUDUOD
SXHUWD6HSXHGHGDxDUODELVDJUD\FDXVDUOHVLRQHV
'HVSXpVGHTXLWDUODSXHUWDQRODSRQJDVREUHREMHWRVILORVRVRFRQ
SLFRV\DTXHVHSXHGHURPSHUHOYLGULR3RQJDODSXHUWDVREUHXQD
VXSHUILFLHSODQDVXDYH\GHWDOPRGRTXHQRVHSXHGHYROWHDU