Baixe o app para aproveitar ainda mais
Prévia do material em texto
���������� $9$�81,9,5786 GDWD�WH[W�KWPO�FKDUVHW XWI�����&GLY���GDWD�RUGHP��'����������FODVV��'���VKRZ������VW\OH��'���ER[�VL]LQJ��$���ERUGHU�ER[��%�« ���� 4XHVWmR����� $�LQYHVWLJDomR�FLHQWtILFD�GD�HFRQRPLD�XWLOL]D�DUJXPHQWRV�SRVLWLYRV�H�QRUPDWLYRV��GH�PRGR�D H[SOLFDU�H�D�SUHYHU�IHQ{PHQRV�SRU�PHLR�GH�PRGHORV�ORJLFDPHQWH�FRQVLVWHQWHV��TXH UHSUHVHQWDP�XPD�UHDOLGDGH�VLPSOLILFDGD��HOLPLQDQGR�GHWDOKHV�LUUHOHYDQWHV� 'H�DFRUGR�FRP�R�FRQWH[WR�DERUGDGR��DVVLQDOH�D�DOWHUQDWLYD�TXH�GHILQH�FRUUHWDPHQWH�RV DUJXPHQWRV�QRUPDWLYRV� $ 6mR�VXEMHWLYRV��LVWR�p��FRQWrP�MXt]R�GH YDORU��([SUHVVDP�D�RSLQLmR�GR�DQDOLVWD FRP�EDVH�HP�VHXV�YDORUHV�H�HP�VXD SHUFHSomR�GD�UHDOLGDGH�H�LQGLFDP� SUHSRQGHUDQWHPHQWH��FRPR�R�VLVWHPD GHYHULD�IXQFLRQDU��H�QmR�FRPR�HOH YHUGDGHLUDPHQWH�IXQFLRQD� % 6mR�REMHWLYRV��LVWR�p��QmR�FRQWrP�MXt]R�GH YDORU��([SUHVVDP�D�RSLQLmR�GR�DQDOLVWD�FRP EDVH�HP�VHXV�YDORUHV�H�HP�VXD�SHUFHSomR�GD UHDOLGDGH�H�LQGLFDP��SUHSRQGHUDQWHPHQWH� FRPR�R�VLVWHPD�GHYHULD�IXQFLRQDU��H�QmR FRPR�HOH�YHUGDGHLUDPHQWH�IXQFLRQD� & 6mR�VXEMHWLYRV��LVWR�p��FRQWrP�MXt]R�GH�YDORU� 1mR�H[SUHVVDP�D�RSLQLmR�GR�DQDOLVWD�FRP EDVH�HP�VHXV�YDORUHV�H�HP�VXD�SHUFHSomR�GD UHDOLGDGH�H�QmR�LQGLFDP� SUHSRQGHUDQWHPHQWH��FRPR�R�VLVWHPD�GHYHULD IXQFLRQDU��PDV��VLP��FRPR�HOH YHUGDGHLUDPHQWH�IXQFLRQD� ' 9RFr�DFHUWRX� 'H�DFRUGR�FRP�7HEFKLUDQL��������S�������RV DUJXPHQWRV�QRUPDWLYRV�VmR�VXEMHWLYRV��LVWR p��FRQWrP�MXt]R�GH�YDORU��([SUHVVDP�D RSLQLmR�GR�DQDOLVWD�FRP�EDVH�HP�VHXV YDORUHV�H�HP�VXD�SHUFHSomR�GD�UHDOLGDGH�H LQGLFDP��SUHSRQGHUDQWHPHQWH��FRPR�R VLVWHPD�GHYHULD�IXQFLRQDU��H�QmR�FRPR�HOH YHUGDGHLUDPHQWH�IXQFLRQD� ���������� $9$�81,9,5786 GDWD�WH[W�KWPO�FKDUVHW XWI�����&GLY���GDWD�RUGHP��'����������FODVV��'���VKRZ������VW\OH��'���ER[�VL]LQJ��$���ERUGHU�ER[��%�« ���� 6mR��VLPXOWDQHDPHQWH�REMHWLYRV�H�VXEMHWLYRV� LVWR�p��FRQWrP�MXt]R�GH�YDORU��([SUHVVDP�D RSLQLmR�GR�DQDOLVWD�FRP�EDVH�HP�VHXV�YDORUHV H�HP�VXD�SHUFHSomR�GD�UHDOLGDGH�H�LQGLFDP� SUHSRQGHUDQWHPHQWH��FRPR�R�VLVWHPD�GHYHULD IXQFLRQDU��H�QmR�FRPR�HOH�YHUGDGHLUDPHQWH IXQFLRQD� 4XHVWmR����� 'HPDQGD�p�D�TXDQWLGDGH�GH�GHWHUPLQDGR�EHP�VHUYLoR�TXH�R�FRQVXPLGRU�GHVHMD�DGTXLULU�HP GHWHUPLQDGR�SHUtRGR��&RQVLGHUDQGR�D�GHPDQGD�FRPR�R�IRFR�GD�GLVFXVVmR��DQDOLVH�DV DILUPDWLYDV�D�VHJXLU� ,��$�GHPDQGD�GHSHQGH�GR�SUHoR�GR�EHP�VHUYLoR� ,,��$�GHPDQGD�QmR�GHSHQGH�GR�SUHoR�GH�RXWURV�EHQV�VHUYLoRV� ,,,��$�GHPDQGD�GHSHQGH�GD�UHQGD�GR�FRQVXPLGRU� ,9��$�GHPDQGD�GHSHQGH�GR�GD�JRVWR�SUHIHUrQFLD�GR�FRQVXPLGRU� 9��$�GHPDQGD�QmR�GHSHQGH�GH�IDWRUHV�VD]RQDLV� 9,��$�GHPDQGD�GHSHQGH�GD�GLVSRQLELOLGDGH�GH�FUpGLWR�H�GR�FHQiULR�HFRQ{PLFR� � $VVLQDOH�D�DOWHUQDWLYD�TXH�LQGLFD�FRUUHWDPHQWH�TXDLV�GDV�DILUPDWLYDV�DSUHVHQWDGDV�VmR YHUGDGHLUDV� $ $SHQDV�,,��,,,��,9�H�9 % $SHQDV�,,�H�9 & $SHQDV�,��,,�H�9 ' $SHQDV�,��,,,��,9�H�9, 9RFr�DFHUWRX� 'H�DFRUGR�FRP�7HEFKLUDQL��������S�������DV DILUPDWLYDV�YHUGDGHLUDV�VmR��,�±�$�GHPDQGD GHSHQGH�GR�SUHoR�GR�EHP�VHUYLoR��,,,�±�$ GHPDQGD�GHSHQGH�GD�UHQGD�GR ���������� $9$�81,9,5786 GDWD�WH[W�KWPO�FKDUVHW XWI�����&GLY���GDWD�RUGHP��'����������FODVV��'���VKRZ������VW\OH��'���ER[�VL]LQJ��$���ERUGHU�ER[��%�« ���� 4XHVWmR����� 7DPEpP�FKDPDGD�GH�FRQFRUUrQFLD�LPSHUIHLWD��FDUDFWHUL]D�VH�SHOR�IDWR�GH�TXH��HPERUD PXLWDV�HPSUHVDV�SURGX]DP�SURGXWRV�GLIHUHQFLDGRV��HVWHV�SRGHP�VHU�DOWDPHQWH VXEVWLWXtYHLV��VHQGR�H[HPSORV�GLVVR�GLIHUHQWHV�PDUFDV�GH�SHUIXPHV��VDERQHWHV� UHIULJHUDQWHV��FDOoDV�MHDQV�HWF��'HVVD�PDQHLUD��DR�FRQWUiULR�GR�TXH�DFRQWHFH�FRP�D FRQFRUUrQFLD�SHUIHLWD��p�SRVVtYHO�DSUR[LPDU�VH�GD�UHDOLGDGH��1HVVD�HVWUXWXUD�FOiVVLFD�GH PHUFDGR�FDGD�LQVWLWXLomR�YHQGH�XPD�PDUFD�RX�XPD�YHUVmR�GH�GHWHUPLQDGR�SURGXWR��TXH GLIHUH�HP�WHUPRV�GH�TXDOLGDGH��DSDUrQFLD�RX�UHSXWDomR� � $VVLQDOH�D�DOWHUQDWLYD�D�TXH�VH�UHIHUH�D�HVWUXWXUD�FOiVVLFD�GH�PHUFDGR�GHILQLGD�DFLPD� $ &RQFRUUrQFLD�PRQRSROLVWD�PRQRSROtVWLFD % FRQVXPLGRU��,9�±�$�GHPDQGD�GHSHQGH GR�GD�JRVWR�SUHIHUrQFLD�GR�FRQVXPLGRU��H 9,�±�$�GHPDQGD�GHSHQGH�GD GLVSRQLELOLGDGH�GH�FUpGLWR�H�GR�FHQiULR HFRQ{PLFR� 9RFr�DFHUWRX� 'H�DFRUGR�FRP�7HEFKLUDQL��������S������ WDPEpP�FKDPDGD�GH�FRQFRUUrQFLD LPSHUIHLWD��FDUDFWHUL]D�VH�SHOR�IDWR�GH�TXH� HPERUD�PXLWDV�HPSUHVDV�SURGX]DP SURGXWRV�GLIHUHQFLDGRV��HVWHV�SRGHP�VHU DOWDPHQWH�VXEVWLWXtYHLV��VHQGR�H[HPSORV GLVVR�GLIHUHQWHV�PDUFDV�GH�SHUIXPHV� VDERQHWHV��UHIULJHUDQWHV��FDOoDV�MHDQV�HWF� 'HVVD�PDQHLUD��DR�FRQWUiULR�GR�TXH DFRQWHFH�FRP�D�FRQFRUUrQFLD�SHUIHLWD��p SRVVtYHO�DSUR[LPDU�VH�GD�UHDOLGDGH��1D FRQFRUUrQFLD�PRQRSROLVWD��WDPEpP GHQRPLQDGD�PRQRSROtVWLFD��FDGD LQVWLWXLomR�YHQGH�XPD�PDUFD�RX�XPD YHUVmR�GH�GHWHUPLQDGR�SURGXWR��TXH�GLIHUH HP�WHUPRV�GH�TXDOLGDGH��DSDUrQFLD�RX UHSXWDomR� ���������� $9$�81,9,5786 GDWD�WH[W�KWPO�FKDUVHW XWI�����&GLY���GDWD�RUGHP��'����������FODVV��'���VKRZ������VW\OH��'���ER[�VL]LQJ��$���ERUGHU�ER[��%�« ���� 2OLJRSyOLR & &RQFRUUrQFLD�SHUIHLWD ' 0RQRSyOLR 4XHVWmR����� DOWHUQDWLYD�GH�SROtWLFD�HFRQ{PLFD��(QWUHWDQWR��D�GHFLVmR�ILQDO�VREUH�R�FXUVR�GH�DomR�D�VHU VHJXLGR��GLDQWH�GH�YiULDV�SULRULGDGHV��p�XPD�TXHVWmR�SROtWLFD� $QDOLVH�DV�DOWHUQDWLYDV�D�VHJXLU�FRPR�SRVVtYHLV�REMHWLYRV�GD�SROtWLFD�PDFURHFRQ{PLFD� ,��$OWR�QtYHO�GH�HPSUHJR ,,��(VWDELOLGDGH�GRV�SUHoRV ,,,��&UHVFLPHQWR�GD�SURGXomR ,9��'LVWULEXLomR�GLIHUHQFLDGD�GD�UHQGD � 'H�DFRUGR�FRP�R�FRQWH[WR�DERUGDGR��DVVLQDOH�D�DOWHUQDWLYD�TXH�LQGLFD�FRUUHWDPHQWH TXDLV�GDV�DOWHUQDWLYDV�DSUHVHQWDGDV�VmR�YHUGDGHLUDV�HQTXDQWR�REMHWLYRV�GD�SROtWLFD PDFURHFRQ{PLFD� $ $SHQDV�,�H�,, % $SHQDV�,��,,�H�,,, & 9RFr�DFHUWRX� 'H�DFRUGR�FRP�7HEFKLUDQL��������S�������RV SULQFLSDLV�REMHWLYRV�GD�SROtWLFD PDFURHFRQ{PLFD�VmR�RV�VHJXLQWHV��DOWR QtYHO�GH�HPSUHJR��HVWDELOLGDGH�GRV�SUHoRV� FUHVFLPHQWR�GD�SURGXomR�H�GLVWULEXLomR HTXLWDWLYD�GD�UHQGD� ���������� $9$�81,9,5786 GDWD�WH[W�KWPO�FKDUVHW XWI�����&GLY���GDWD�RUGHP��'����������FODVV��'���VKRZ������VW\OH��'���ER[�VL]LQJ��$���ERUGHU�ER[��%�« ���� $SHQDV�,�H�,9 ' $SHQDV�,,��,,,�H�,9 4XHVWmR����� 'H�IRUPD�UHDOLVWD��SRGHPRV�FRQVLGHUDU�TXH�DV�ILUPDV�QmR�FRQVHJXHP�SUHYHU�DV�TXDQWLGDGHV GHPDQGDGDV�H��FRQVHTXHQWHPHQWH��VXDV�UHFHLWDV��(QWUHWDQWR��XP�PDLRU�FRQKHFLPHQWR�GRV FXVWRV�IL[RV�H�GDV�YDULiYHLV�SRVVLELOLWD�IL[DU�SUHoRV�H�SURMHWDU�UHVXOWDGRV�GH�IRUPD�PDLV REMHWLYD� 2�TXDGUR�DEDL[R�DSUHVHQWD�DV�SULQFLSDLV�FDUDFWHUtVWLFDV�GH�HVWUXWXUDV�GH�PHUFDGR FOiVVLFDV��FXMR�SRGHU�GH�LQIOXrQFLD�QRV�SUHoRV�UHIOHWH�VHX�PDLRU�RX�PHQRU�SRGHU� ���������� $9$�81,9,5786 GDWD�WH[W�KWPO�FKDUVHW XWI�����&GLY���GDWD�RUGHP��'����������FODVV��'���VKRZ������VW\OH��'���ER[�VL]LQJ��$���ERUGHU�ER[��%�« ���� 'H�DFRUGR�FRP�R�FRQWH[WR�DERUGDGR��DVVLQDOH�D�DOWHUQDWLYD�TXH�LQGLFD�FRUUHWDPHQWH�D HVWUXWXUD�FOiVVLFD�GH�PHUFDGR�GHVFULWD�QD�FROXQD��� $ 2OLJRSyOLR 9RFr�DFHUWRX� 'H�DFRUGR�FRP�7HEFKLUDQL��������S�������R ROLJRSyOLR�p�XPD�HVWUXWXUD�GH�PHUFDGR�FRP DV�VHJXLQWHV�FDUDFWHUtVWLFDV��SRXFDV�ILUPDV� SURGXWRV�SDGURQL]DGRV�RX�GLIHUHQFLDGRV� FRQVLGHUiYHO�FRQWUROH�VREUH�R�SUHoR �SULQFLSDOPHQWH�VH�KRXYHU�FRRSHUDomR�H ���������� $9$�81,9,5786 GDWD�WH[W�KWPO�FKDUVHW XWI�����&GLY���GDWD�RUGHP��'����������FODVV��'���VKRZ������VW\OH��'���ER[�VL]LQJ��$���ERUGHU�ER[��%�« ���� % &RQFRUUrQFLD�PRQRSROtVWLFD & &RQFRUUrQFLD�SHUIHLWD ' 0RQRSyOLR 4XHVWmR����� &RP�FDUDFWHUtVWLFD�DQWDJ{QLFD�DRV�PHUFDGRV�HP�FRQFRUUrQFLD�SHUIHLWD��HVVD�HVWUXWXUD�GH PHUFDGR�DSUHVHQWD��GH�XP�ODGR��XPD�~QLFD�ILUPD�YHQGHGRUD�GRPLQDQGR�D�RIHUWD�H��GH�RXWUR� R�FRQMXQWR�GRV�FRQVXPLGRUHV��(QWUHWDQWR��D�HPSUHVD�TXH�UHSUHVHQWD�HVVD�HVWUXWXUD�QmR�WHP FRQWUROH�WRWDO�VREUH�R�SUHoR��SRLV��VH�HOHYi�OR�GHPDVLDGDPHQWH��LVVR�UHSUHVHQWDUi�SHVR H[FHVVLYR�SDUD�RV�FRQVXPLGRUHV��TXH�WHQGHUmR�D�FRQVXPLU�R�SURGXWR�HP�PHQRUHV TXDQWLGDGHV� � $VVLQDOH�D�DOWHUQDWLYD�D�TXH�VH�UHIHUH�D�HVWUXWXUD�FOiVVLFD�GH�PHUFDGR�GHILQLGD�DFLPD� $ 2OLJRSyOLR % &RQFRUUrQFLD�PRQRSROLVWD & &RQFRUUrQFLD�SHUIHLWD ' 0RQRSyOLR IRUPDomR�GH�FDUWpLV��H�IRUWHV�EDUUHLUDV�j HQWUDGD� 9RFr�DFHUWRX� 'H�DFRUGR�FRP�7HEFKLUDQL��������S������FRP�FDUDFWHUtVWLFD�DQWDJ{QLFD�DRV PHUFDGRV�HP�FRQFRUUrQFLD�SHUIHLWD��R PRQRSyOLR�DSUHVHQWD��GH�XP�ODGR��XPD ~QLFD�ILUPD�YHQGHGRUD�GRPLQDQGR�D�RIHUWD ���������� $9$�81,9,5786 GDWD�WH[W�KWPO�FKDUVHW XWI�����&GLY���GDWD�RUGHP��'����������FODVV��'���VKRZ������VW\OH��'���ER[�VL]LQJ��$���ERUGHU�ER[��%�« ���� 4XHVWmR����� $V�XQLGDGHV�FRQVXPLGRUDV��RX�IDPtOLDV��VmR�GHWHQWRUDV�GH�UHQGLPHQWR�H�WrP�FRPR�REMHWLYR IXQGDPHQWDO�PD[LPL]DU�VHX�EHP�HVWDU�SRU�PHLR�GR�FRQVXPR�GH�EHQV�H�VHUYLoRV� 'H�DFRUGR�FRP�R�FRQWH[WR�DERUGDGR��DVVLQDOH�D�DOWHUQDWLYD�TXH�LQGLFD�R�WLSR�GH�EHQV GHVFULWR�D�VHJXLU� � 6mR�PDWpULDV�SULPDV�H�RXWURV�LWHQV�TXH�QHFHVVLWDP�GH�EHQHILFLDPHQWR�SDUD�VH�WRUQDUHP RXWURV�WLSRV�GH�EHQV� $ %HQV�GH�FDSLWDO % %HQV�LQWHUPHGLiULRV & 6HUYLoRV ' %HQV�GH�FRQVXPR 4XHVWmR����� H��GH�RXWUR��R�FRQMXQWR�GRV�FRQVXPLGRUHV� (QWUHWDQWR��R�PRQRSROLVWD�QmR�WHP�FRQWUROH WRWDO�VREUH�R�SUHoR��SRLV��VH�HOHYi�OR GHPDVLDGDPHQWH��LVVR�UHSUHVHQWDUi�SHVR H[FHVVLYR�SDUD�RV�FRQVXPLGRUHV��TXH WHQGHUmR�D�FRQVXPLU�R�SURGXWR�HP PHQRUHV�TXDQWLGDGHV� 9RFr�DFHUWRX� 'H�DFRUGR�FRP�7HEFKLUDQL��������S�������RV EHQV�LQWHUPHGLiULRV�VmR�PDWpULDV�SULPDV�H RXWURV�LWHQV�TXH�QHFHVVLWDP�GH EHQHILFLDPHQWR�SDUD�VH�WRUQDUHP�EHQV�GH FRQVXPR�RX�GH�FDSLWDO� ���������� $9$�81,9,5786 GDWD�WH[W�KWPO�FKDUVHW XWI�����&GLY���GDWD�RUGHP��'����������FODVV��'���VKRZ������VW\OH��'���ER[�VL]LQJ��$���ERUGHU�ER[��%�« ���� 1HVVD�VLWXDomR��D�TXDQWLGDGH�GHPDQGDGD�LJXDOD�VH�WDQWR�j�TXDQWLGDGH�RIHUWDGD�TXDQWR�DR SUHoR�GH�HTXLOtEULR��LVWR�p��QmR�Ki�VREUD�QHP�IDOWD�GR�SURGXWR��R�PHUFDGR�HQFRQWUD�VH ³OLPSR´� � $VVLQDOH�D�DOWHUQDWLYD�TXH�LQGLFD�FRUUHWDPHQWH�D�VLWXDomR�HFRQ{PLFD�GHVFULWD�DFLPD� $ (TXLOtEULR�GH�PHUFDGR % 3UHoRV�DEDL[R�GR�HTXLOtEULR�GH�PHUFDGR & 3UHoRV�DFLPD�GR�HTXLOtEULR�GH�PHUFDGR ' (VFROD�NH\QHVLDQD 4XHVWmR����� 'HPDQGD�p�D�TXDQWLGDGH�GH�GHWHUPLQDGR�EHP�VHUYLoR�TXH�R�FRQVXPLGRU�GHVHMD�DGTXLULU�HP GHWHUPLQDGR�SHUtRGR��R�TXH�GHSHQGH��SULQFLSDOPHQWH��GR�SUHoR�GR�EHP�VHUYLoR��GR�SUHoR�GH RXWURV�EHQV�VHUYLoRV��GD�UHQGD�GR�FRQVXPLGRU��GR�GD�JRVWR�SUHIHUrQFLD�GR�FRQVXPLGRU��GH IDWRUHV�VD]RQDLV�H�GD�GLVSRQLELOLGDGH�GH�FUpGLWR�H�GR�FHQiULR�HFRQ{PLFR� � $�UHVSHLWR�GD�OHL�JHUDO�GD�GHPDQGD��FRQVLGHUH�R�TXDGUR�H�R�JUiILFR�DEDL[R� � 9RFr�DFHUWRX� (TXLOtEULR�GH�PHUFDGR��QHVVD�VLWXDomR��D TXDQWLGDGH�GHPDQGDGD�LJXDOD�VH�WDQWR�j TXDQWLGDGH�RIHUWDGD�TXDQWR�DR�SUHoR�GH HTXLOtEULR��LVWR�p��QmR�Ki�VREUD�QHP�IDOWD�GR SURGXWR��R�PHUFDGR�HQFRQWUD�VH�³OLPSR´ �7(%&+,5$1,��������S������ ���������� $9$�81,9,5786 GDWD�WH[W�KWPO�FKDUVHW XWI�����&GLY���GDWD�RUGHP��'����������FODVV��'���VKRZ������VW\OH��'���ER[�VL]LQJ��$���ERUGHU�ER[��%« ����� &RQIRUPH�LQGLFDGR�QR�TXDGUR�H�QR�JUiILFR��R�FRPSRUWDPHQWR�GRV�FRQVXPLGRUHV�UHYHOD�VH LQYHUVDPHQWH�UHODFLRQDGR�QR�TXH�GL]�UHVSHLWR�jV�TXDQWLGDGHV�GHPDQGDGDV�H�DR�SUHoR�GH�XP EHP��FRQVLGHUDQGR�VH�TXH�SHUPDQHFHP�LQDOWHUDGRV�RV�GHPDLV�IDWRUHV�GHWHUPLQDQWHV�GR SUHoR��2X�VHMD��D�FXUYD�SUHVHQWH�QR�JUiILFR��TXH�UHSUHVHQWD�D�GHPDQGD�GR�FRQVXPLGRU�SRU ���������� $9$�81,9,5786 GDWD�WH[W�KWPO�FKDUVHW XWI�����&GLY���GDWD�RUGHP��'����������FODVV��'���VKRZ������VW\OH��'���ER[�VL]LQJ��$���ERUGHU�ER[��%« ����� XP�EHP�VHUYLoR��p�GH�LQFOLQDomR�GHVFHQGHQWH��GHFOLYLGDGH�QHJDWLYD���LQGLFDQGR�TXH��D SUHoRV�PDLV�EDL[RV��R�LQGLYtGXR�GHPDQGD�PDLV�PHUFDGRULD��7DO�FRPSRUWDPHQWR�p FRQGLFLRQDGR�SHODV�VHJXLQWHV�FRQGLo}HV��HIHLWR�VXEVWLWXLomR��HIHLWR�UHQGD�H�OHL�GD�XWLOLGDGH PDUJLQDO�GHFUHVFHQWH� 'H�DFRUGR�FRP�R�FRQWH[WR�DERUGDGR��DVVLQDOH�D�DOWHUQDWLYD�TXH�GHVFUHYH�R�HIHLWR� UHQGD�FRUUHWDPHQWH� $ 7HP�FRPR�REMHWLYR�D�JHUDomR�GH�OXFURV�SRU PHLR�GD�SURGXomR�GH�EHQV�H�VHUYLoRV� PHGLDQWH�D�FRPELQDomR�GH�FDSLWDO�H�WUDEDOKR H�VRE�D�FRRUGHQDomR�GH�XP�HPSUHViULR� % ¬�PHGLGD�TXH�R�SUHoR�GH�XPD�PHUFDGRULD UHGX]��RV�FRQVXPLGRUHV�SDVVDP�D�XVi�OD�HP VXEVWLWXLomR�D�PHUFDGRULDV�VLPLODUHV��FXMRV SUHoRV�QmR�IRUDP�DOWHUDGRV� & 8PD�UHGXomR�QR�SUHoR�GH�GHWHUPLQDGD PHUFDGRULD�DXPHQWD�R�SRGHU�DTXLVLWLYR��D UHQGD�UHDO�GRV�FRQVXPLGRUHV���H�LVVR SHUPLWH�TXH�WDLV�FRQVXPLGRUHV�FRPSUHP PDLV�XQLGDGHV�GHVVH�PHVPR�SURGXWR� $OpP�GH�XP�HVWtPXOR�DR�FRQVXPR��R GHFOtQLR�GR�SUHoR�SHUPLWH��WDPEpP��R DFHVVR�DR�PHUFDGR�FRQVLGHUDGR�GH SHVVRDV�FRP�PHQRU�SRGHU�DTXLVLWLYR� ' 9RFr�DFHUWRX� 'H�DFRUGR�FRP�7HEFKLUDQL��������S������ QR�HIHLWR�UHQGD��XPD�UHGXomR�QR�SUHoR�GH GHWHUPLQDGD�PHUFDGRULD�DXPHQWD�R�SRGHU DTXLVLWLYR��D�UHQGD�UHDO�GRV�FRQVXPLGRUHV�� H�LVVR�SHUPLWH�TXH�WDLV�FRQVXPLGRUHV FRPSUHP�PDLV�XQLGDGHV�GHVVH�PHVPR SURGXWR��$OpP�GH�XP�HVWtPXOR�DR FRQVXPR��R�GHFOtQLR�GR�SUHoR�SHUPLWH� WDPEpP��R�DFHVVR�DR�PHUFDGR FRQVLGHUDGR�GH�SHVVRDV�FRP�PHQRU�SRGHU DTXLVLWLYR� ���������� $9$�81,9,5786 GDWD�WH[W�KWPO�FKDUVHW XWI�����&GLY���GDWD�RUGHP��'����������FODVV��'���VKRZ������VW\OH��'���ER[�VL]LQJ��$���ERUGHU�ER[��%« ����� 8P�LQGLYtGXR�EXVFD��GHPDQGD��GHWHUPLQDGR SURGXWR�SHOD�VDWLVIDomR�RX�SHOD�XWLOLGDGH�TXH HOH�RIHUHFH��4XDQWR�PDLV�XQLGDGHV�GH�XPD PHUFDGRULD�XP�LQGLYtGXR�FRQVXPLU�SRU XQLGDGH�GH�WHPSR��PDLRU�VHUi�D�XWLOLGDGH�WRWDO� (PERUD�HVWD�DXPHQWH��D�XWLOLGDGH�PDUJLQDO �H[WUD���UHVXOWDQWH�GR�FRQVXPR�GH�FDGD XQLGDGH�DGLFLRQDO��GLPLQXL�SRU�VDWXUDomR� 4XHVWmR������ $VVLQDOH�D�DOWHUQDWLYD�D�TXH�VH�UHIHUH�R�FRQFHLWR�GHVFULWR�DEDL[R� � 5HSUHVHQWD�R�FXVWR�H[WUD�JHUDGR�SRU�XPD�XQLGDGH�DGLFLRQDO�GH�SURGXomR��TXH��SRU�VXD�YH]� QmR�p�OLQHDU��PDV�FUHVFHQWH��$FUpVFLPRV�GH�SURGXomR�SRGHP�H[LJLU�KRUDV�H[WUDV�GH�WUDEDOKR� DXPHQWR�QR�FXVWR�GD�PDWpULD�SULPD��QHFHVVLGDGHV�GH�ILQDQFLDPHQWR�EDQFiULR��FXVWR ILQDQFHLUR�DGLFLRQDO�H�FXVWRV�XQLWiULRV�FUHVFHQWHV� $ &XVWRV�WRWDLV % &XVWRV�YDULiYHLV�PpGLRV & &XVWRV�IL[RV�PpGLRV ' &XVWRV�PDUJLQDLV 9RFr�DFHUWRX� 'H�DFRUGR�FRP�7HEFKLUDQL��������S�������R FXVWR�PDUJLQDO�UHSUHVHQWD�R�FXVWR�H[WUD JHUDGR�SRU�XPD�XQLGDGH�DGLFLRQDO�GH SURGXomR��TXH��SRU�VXD�YH]��QmR�p�OLQHDU� PDV�FUHVFHQWH��$FUpVFLPRV�GH�SURGXomR SRGHP�H[LJLU�KRUDV�H[WUDV�GH�WUDEDOKR� DXPHQWR�QR�FXVWR�GD�PDWpULD�SULPD� QHFHVVLGDGHV�GH�ILQDQFLDPHQWR�EDQFiULR� FXVWR�ILQDQFHLUR�DGLFLRQDO�H�FXVWRV�XQLWiULRV FUHVFHQWHV�
Compartilhar