/DIXQFLyQ6DEEDWK6DEiWLFRVHSXHGHXVDUSDUDKRUQHDUDVDUHQHOKRUQR1RVHSXHGHXVDUSDUDODFRFFLyQSRUDVDU
DXWROLPSLH]DR'HOD\6WDUW,QLFLR5HWUDVDGR
127$
/DOX]GHOKRUQRVHHQFLHQGHGHIRUPDDXWRPiWLFDHQDOJXQRVPRGHORVFXDQGRODSXHUWDVHDEUH\VHDSDJDFXDQGR
ODSXHUWDVHFLHUUD/DOiPSDUDVHSXHGHUHWLUDU/HDODVHFFLyQGH5HHPSOD]RGHOD/X]GHO+RUQR(QPRGHORVFRQLQWHUUXSWRU
GHOX]HQHOSDQHOGHFRQWUROODOX]GHOKRUQRVHSXHGHHQFHQGHU\GHMDUHQFHQGLGD
&yPRSURJRUQHDGR$VDGR&RP~Q
127$
3DUDHQWHQGHUFyPRIXQFLRQDHOFRQWURO
GHOKRUQRXWLOLFHHOKRUQHDGRUHJXODUVLQPRGR
VDEiWLFRDQWHVGHLQJUHVDU6DEEDWK0RGR
6DEiWLFR
$VHJ~UHVHTXHHOUHORMPDUTXHODKRUDFRUUHFWD
GHOGtD\TXHHOKRUQRHVWpDSDJDGR
3UHVLRQHODVWHFODV
%DNH
DQG
%URLO+L/R
+RUQHDU
\
$VDU$OWR%DMR
DOPLVPR
WLHPSRKDVWDTXHODSDQWDOODPXHVWUH
6)
3UHVLRQHOHYHPHQWHODWHFOD
&ORFN5HORM
KDVWDTXHDSDUH]FD
6$E
HQODSDQWDOOD
3UHVLRQHODWHFOD
6WDUW2Q,QLFLDU
(QFHQGLGR
\
DSDUHFHUiHQODSDQWDOOD
3UHVLRQHODWHFOD
%DNH+RUQHDU
1RVH
GDUiQLQJXQDVHxDO
/DWHPSHUDWXUDGHLQLFLRSUHFRQILJXUDGDVH
DMXVWDUiDXWRPiWLFDPHQWHHQ
3UHVLRQHOHYHPHQWHODVWHFODV
R
²
SDUD
LQFUHPHQWDURUHGXFLUODWHPSHUDWXUDSRU
LQFUHPHQWRVGHJUDGRV/DWHPSHUDWXUD
VHSXHGHFRQILJXUDUHQWUH\1R
VHGDUiQLQJXQDVHxDOQLWHPSHUDWXUD
3UHVLRQHODWHFOD
6WDUW2Q,QLFLDU
(QFHQGLGR
/XHJRGHOSHUtRGRGHGHPRUDDOD]DUGH
HQWUHDSUR[LPDGDPHQWHVHJXQGRV\
PLQXWR
DSDUHFHUiHQODSDQWDOOD
LQGLFDQGRTXHHOKRUQRHVWiKRUQHDQGR
DVDQGR6L
QRDSDUHFHHQODSDQWDOOD
FRPLHQFHQXHYDPHQWHHQHO3DVR
3DUDDMXVWDUODWHPSHUDWXUDGHOKRUQRSUHVLRQH
ODWHFOD
%DNH+RUQHDU
\SUHVLRQHODVWHFODV
R
²
SDUDLQFUHPHQWDURUHGXFLUODWHPSHUDWXUD
SRULQFUHPHQWRVGH3UHVLRQHODWHFOD
6WDUW
2Q,QLFLDU(QFHQGHU
127$
/DVWHFODV
&OHDU2II%RUUDU$SDJDU
\
&RRNLQJ7LPH7LHPSRGH&RFFLyQ
HVWiQ
DFWLYDVGXUDQWHODIXQFLyQ6DEEDWK6DEiWLFR
&yPR&RQRUQHDGR$VDGRSRU7LHPSR²&RPLHQ]R,QPHGLDWR\
'HWHQFLyQ$XWRPiWLFD
127$
3DUDHQWHQGHUFyPRIXQFLRQDHO
FRQWUROGHOKRUQRXWLOLFHHO,PPHGLDWH6WDUW
,QLFLR,QPHGLDWR\$XWRPDWLF6WRS'HWHQFLyQ
$XWRPiWLFDVLQPRGRVDEiWLFRDQWHVGH
LQJUHVDU6DEEDWK0RGR6DEiWLFR
$VHJ~UHVHTXHHOUHORMPDUTXHODKRUDFRUUHFWD
GHOGtD\TXHHOKRUQRHVWpDSDJDGR
3UHVLRQHODVWHFODV
%DNH
DQG
%URLO+L/R
+RUQHDU
\
$VDU$OWR%DMR
DOPLVPR
WLHPSRKDVWDTXHODSDQWDOODPXHVWUH
6)
3UHVLRQHOHYHPHQWHODWHFOD
&ORFN5HORM
KDVWDTXHDSDUH]FD
6$E
HQODSDQWDOOD
3UHVLRQHODWHFOD
6WDUW2Q,QLFLDU
(QFHQGLGR
\
DSDUHFHUiHQODSDQWDOOD
3UHVLRQHODWHFOD
&RRNLQJ7LPH7LHPSR
GH&RFFLyQ
7RXFKWKHRU²SDGVWRVHWWKHGHVLUHG
OHQJWKRIFRRNLQJWLPHEHWZHHQPLQXWH
DQGKRXUVDQGPLQXWHV7KHFRRNLQJ
WLPHWKDW\RXHQWHUHGZLOOEHGLVSOD\HG
3UHVLRQHODWHFOD
6WDUW2Q,QLFLDU
(QFHQGLGR
3UHVLRQHODWHFOD
%DNH+RUQHDU
1RVH
GDUiQLQJXQDVHxDO
3UHVLRQHODVWHFODVQXPpULFDVHLQJUHVHOD
WHPSHUDWXUDGHVHDGD1RVHGDUiQLQJXQD
VHxDOQLWHPSHUDWXUD
3UHVLRQHODWHFOD
6WDUW,QLFLDU
/XHJRGHOSHUtRGRGHGHPRUDDOD]DUGH
HQWUHDSUR[LPDGDPHQWHVHJXQGRV\
PLQXWR
DSDUHFHUiHQODSDQWDOOD
LQGLFDQGRTXHHOKRUQRHVWiKRUQHDQGR
DVDQGR6L
QRDSDUHFHHQODSDQWDOOD
FRPLHQFHQXHYDPHQWHHQHO3DVR
3DUDDMXVWDUODWHPSHUDWXUDGHOKRUQRSUHVLRQH
ODWHFOD
%DNHKRUQHDU
\SUHVLRQHODVWHFODV
R
²
SDUDLQFUHPHQWDURUHGXFLUODWHPSHUDWXUD
SRULQFUHPHQWRVGH3UHVLRQHODWHFOD
6WDUW
2Q,QLFLDU(QFHQGHU
&XDQGRODFRFFLyQKD\D
ILQDOL]DGRODSDQWDOODFDPELDUiGH
D
LQGLFDQGRTXHHOKRUQRHVWiHQ
2))$SDJDGR
SHURD~QHVWiHQ
6DEEDWK6DEiWLFR
5HWLUHOD
FRPLGDFRFLQDGD
&XDQGRODSDQWDOODPXHVWUD
HOKRUQRHVWiFRQILJXUDGRHQ
6DEEDWK6DEiWLFR&XDQGROD
SDQWDOODPXHVWUD
HOKRUQRHVWi
FRQILJXUDGRHQKRUQHDGRDVDGR
&XDQGRODSDQWDOODPXHVWUD
HO
KRUQRHVWiFRQILJXUDGRHQ6DEEDWK
6DEiWLFR&XDQGRODSDQWDOODPXHVWUD
HOKRUQRHVWiFRQILJXUDGRHQ
KRUQHDGRDVDGR
8VRGHO0RGR6DEiWLFR
HQDOJXQRVPRGHORV
'LVHxDGRSDUDXVDUHQHO'HVFDQVR-XGtR\)HULDGRV
K
&
(57,),('
6
$%%$7+
0
2'(
02'26$%È7,&2
&(57,),&$'2