Baixe o app para aproveitar ainda mais
Prévia do material em texto
�ƌůŝŶĚŽ�hŐƵůŝŶŽ�EĞƚƚŽ��D��Z�^hDK^�ϮϬϭϲ �/DhEK>K'/� ϭ ǁǁǁ͘ŵĞĚƌĞƐƵŵŽƐ͘ĐŽŵ͘ďƌ &e/8/$6�'2�6,67(0$�,081( $V�FpOXODV�TXH�HVWmR�HQYROYLGDV�QDV�UHVSRVWDV�LPXQHV�DGTXLULGDV�VmR�RV�OLQIyFLWRV�DQWtJHQR�HVSHFtILFRV��FpOXODV� DFHVVyULDV� HVSHFLDOL]DGDV� TXH� SDUWLFLSDP� QD� DWLYDomR� GRV� OLQIyFLWRV�� H� FpOXODV� HIHWRUDV� TXH� DWXDP� QD� HOLPLQDomR� GH� DQWtJHQRV�� $V� FpOXODV� GR� VLVWHPD� LPXQH� HVWmR�� QRUPDOPHQWH�� FLUFXODQGR� QR� VDQJXH� H� QD� OLQID�� FRPR� FROHo}HV� GHILQLGDV� DQDWRPLFDPHQWH� QRV� yUJmRV� OLQIRLGHV� H� FRPR� FpOXODV� GLVSHUVDV� HP� YLUWXDOPHQWH� WRGRV� RV� WHFLGRV�� $� RUJDQL]DomR� DQDW{PLFD� GHVVDV� FpOXODV� H� VXD� FDSDFLGDGH� SDUD� FLUFXODU� H� SHUPXWDU� HQWUH� VDQJXH�� OLQID� H� WHFLGRV� WrP� LPSRUWkQFLD� HVVHQFLDO�SDUD�D�JHUDomR�GDV�UHVSRVWDV�LPXQHV� +(0$7232,(6( +HPDWRSRLHVH p�R�SURFHVVR�GH�IRUPDomR��GHVHQYROYLPHQWR�H�PDWXUDomR�GRV�HOHPHQWRV�GR�VDQJXH��HULWUyFLWRV�� SODTXHWDV�H�OHXFyFLWRV��D�SDUWLU�GH�XP�SUHFXUVRU�FHOXODU�FRPXP�H�LQGLIHUHQFLDGR�FRQKHFLGR�FRPR�FpOXOD�KHPDWRSRLpWLFD� SOXULSRWHQWH��RX�FpOXOD�WURQFR��XQLGDGH�IRUPDGRUD�GH�FRO{QLDV��8)&���KHPRFLWREODVWR�RX�VWHP�FHOO��$V�FpOXODV�WURQFR�TXH� QR�DGXOWR�HQFRQWUDP�VH�QD�PHGXOD�yVVHD�VmR�DV� UHVSRQViYHLV�SRU� IRUPDU� WRGDV�DV�FpOXODV�H�GHULYDGRV�FHOXODUHV�TXH� FLUFXODP�QR�VDQJXH�� $� KHPDWRSRLHVH� p� IXQomR� GR� WHFLGR� KHPDWRSRLpWLFR�� TXH� DSRUWD� D� FHOXODULGDGH� H� R� PLFURDPELHQWH� WLVVXODU� QHFHVViULRV�SDUD�JHUDU�RV�GLIHUHQWHV�FRQVWLWXLQWHV�GR�VDQJXH��1R�DGXOWR��R�WHFLGR�KHPDWRSRLpWLFR�IRUPD�SDUWH�GD�PHGXOD� yVVHD� H� DOL� p� RQGH� RFRUUH� D� KHPDWRSRLHVH� QRUPDO�� $�PHGXOD� yVVHD� p� R� yUJmR�PDLV� LPSRUWDQWH� GD� JrQHVH� GDV�PDLV� GLYHUVDV� FpOXODV� VDQJXtQHDV� SRLV� Oi� HVWmR� DV� FpOXODV�WURQFR� TXH� GmR� RULJHP� D� FpOXODV� SURJHQLWRUDV� GH� OLQKDJHQV� PLHORFtWLFDV��OLQIRFtWLFD��PHJDFDULyFLWRV�H�HULWUREODVWRV� $V�FpOXODV�WURQFR�VmR�DV�FpOXODV�PHQRV�GLIHUHQFLDGDV�UHVSRQViYHLV�SHOD�IRUPDomR�GRV�HOHPHQWRV�ILJXUDGRV�GR� VDQJXH��DV�FpOXODV�WURQFR�GmR�RULJHP�jV FpOXODV�SURJHQLWRUDV�FXMD�SURJrQLH�VmR�DV�FpOXODV�SUHFXUVRUDV� 9 7RGDV�DV�FpOXODV�GR�VDQJXH�RULJLQDP�VH�GDV�FpOXODV�WURQFR�KHPDWRSRpWLFDV�SOXULSRWHQWHV��&7+3���RX�VWHP� FHOO��TXH�SDVVDUi�D�VRIUHU�VXFHVVLYDV�PLWRVHV�H�TXH�SDUWLFLSDUi�GH�XP�SURFHVVR�GH�GLIHUHQFLDomR�SDUD�GDU�RULJHP� DV�GXDV�SULQFLSDLV�OLQKDJHQV��D�PLHORLGH�H�D�OLQIRLGH� 9 'HSRLV� GH� VXFHVVLYDV� GLYLV}HV� FHOXODUHV�� RULJLQDP�VH� PDLV� &7+3V� H� GRLV� WLSRV� GH� FpOXODV�WURQFR� KHPDWRSRLpWLFDV�PXOWLSRWHQWHV� �&7+0���D�XQLGDGH� IRUPDGRUD�GH�FRO{QLDV�GR� EDoR� �&)8�6� ± DQWHFHVVRUDV� GDV�OLQKDJHQV�GH�FpOXODV�PLHORLGHV �KHPiFLDV��JUDQXOyFLWRV��PRQyFLWRV�H�SODTXHWDV��± H�D�XQLGDGH�IRUPDGRUD� GH� FRO{QLD�OLQIyFLWR� �&)8�/\�� ± DQWHFHVVRUDV� GDV� OLQKDJHQV� GH� FpOXODV� OLQIRLGHV �OLQIyFLWRV� 7� H� OLQIyFLWRV� %��� (VWDV�XQLGDGHV�IRUPDUmR�DV�FpOXODV�SURJHQLWRUDV� 9 $V�FpOXODV�SURJHQLWRUDV�VmR�XQLSRWHQWHV��HVWmR�FRPSURPHWLGDV�D�IRUPDomR�GH�XPD�~QLFD�OLQKDJHP�FHOXODU��H� WrP�XPD�FDSDFLGDGH�OLPLWDGD�GH�DXWR�UHQRYDomR� 9 $V�FpOXODV�SUHFXUVRUDV�RULJLQDP�VH�GDV�FpOXODV�SURJHQLWRUDV�H�QmR�WHP�FDSDFLGDGH�GH�DXWR�UHQRYDomR��&RP�R� DYDQoR� GD� PDWXUDomR� H� GLIHUHQFLDomR� FHOXODU�� SDVVDQGR� SRU� HVWiJLRV� LQWHUPHGLiULRV� HP� TXH� FpOXODV� VXFHVVLYDPHQWH� WRUQDP�VH�PHQRUHV��RV�QXFOpRORV�GHVDSDUHFHP��D�PDOKD� GD�FURPDWLQD� ILFD�PDLV�GHQVD�� H�DV� FDUDFWHUtVWLFDV�FLWRSODVPiWLFDV�DSUR[LPDP�VH�PDLV�GH�FpOXODV�PDGXUDV� �LQGX]LGRV�SRU�FLWRFLQDV���(VWDV�FpOXODV� SDVVDP� SRU� XPD� VpULH� GH� GLYLV}HV� H� GLIHUHQFLDo}HV� DWp� VH� WUDQVIRUPDUHP� HP� XPD� FpOXOD�PDGXUD�� 7RGDV� DV� FpOXODV�DPDGXUHFHP�QD�PHGXOD�H�VmR�ODQoDGDV�QD�FRUUHQWH��FRP�H[FHomR�GRV�OLQIyFLWRV�7��TXH�VH�RULJLQDP�QD� PHGXOD��PDV�DPDGXUHFHP�H�VH�GLIHUHQFLDP�QR�WLPR��SDUD�Vy�GHSRLV�FDLU�QD�FLUFXODomR� �ƌůŝŶĚŽ�hŐƵůŝŶŽ�EĞƚƚŽ͘ /DhEK>K'/� ϮϬϭϲ �ƌůŝŶĚŽ�hŐƵůŝŶŽ�EĞƚƚŽ��D��Z�^hDK^�ϮϬϭϲ �/DhEK>K'/� Ϯ ǁǁǁ͘ŵĞĚƌĞƐƵŵŽƐ͘ĐŽŵ͘ďƌ &,72&,1$6 $V� FLWRFLQDV� VmR�PHGLDGRUHV� FHOXODUHV� GR� VLVWHPD� LPXQLWiULR� TXH� SHUPLWHP� jV� FpOXODV� FRPXQLFDU� HQWUH� VL� H� FRP� RXWUDV� GH� RXWURV� RUJmRV�� 6mR� XP� VLVWHPD� LQFULYHOPHQWH� FRPSOH[R� H� LQWHOLJHQWH� DLQGD� SRXFR� FRQKHFLGR�� $OJXPDV� FLWRFLQDV�PDLV�LPSRUWDQWHV� x ,/���� SURGX]LGDV� H� OLEHUDGDV DTXDQGR� GH� LQIHFo}HV�� 3URGX]HP� QRV� FHQWURV� FHUHEUDLV� UHJXODWyULRV� IHEUHV�� WUHPRUHV��FDODIULRV�H�PDO�HVWDU��SURPRYHP�D�LQIODPDomR��HVWLPXODP�RV�OLQIyFLWRV�7��$�VXD�DomR�p�UHVSRQViYHO�SRU� HVWHV�VLQWRPDV�FRPXQV�QD�PDLRULD�GDV�GRHQoDV��1R�FpUHEUR�Ki�OLEHUWDomR�GH�SURVWDJODQGLQD�(���TXH�HVWLPXOD�R� FHQWUR�GD�WHPSHUDWXUD��DXPHQWDQGR�D�VXD�FRQILJXUDomR��$�DVSLULQD�LQLEH�D�IRUPDomR�GD�SURVWDJODQGLQD��EORTXHLD� D�HQ]LPD�TXH�D�SURGX]��H�p�SRU�LVVR�TXH�GLPLQXL�D�IHEUH�H�PDO�HVWDU�QDV�DIHFo}HV�YLUDLV�� x ,/����(VWLPXOD�D�PXOWLSOLFDomR�GRV�OLQIyFLWRV�7�H�%��$QWHV�FKDPDGD�GH�)DWRU�GH�SUROLIHUDFDR�GH�/LQIyFLWRV� x ,/����(VWLPXOD�R�FUHVFLPHQWR�H�D�VHFUHomR�GH�KLVWDPLQD�� x ,/����(VWLPXOD�PXOWLSOLFDomR�GRV�OLQIyFLWRV�%��SURGXomR�GH�DQWLFRUSRV��UHVSRVWD�GR�WLSR�7+��� x ,/����(VWLPXOD�PXOWLSOLFDomR�H�GLIHUHQFLDomR�GH�OLQIyFLWRV�%��SURGXomR�GH�,J$�H�,J(��DOHUJLDV�� x ,/����(VWLPXOD�D�VHFUHomR�GH�DQWLFRUSRV�� x ,/����,QGX]�D�GLIHUHQFLDomR�HP�FpOXODV�%�H�7�SURJHQLWRUDV�� x ,/����4XLPLRFLQD�LQGX]�D�DGHVmR�DR�HQGRWpOLR�YDVFXODU�H�R�H[WUDYD]DPHQWRDRV�WHFLGRV�� x ,)1�DOID�� ,QWHUIHURQ��$WLYD�DV�FpOXODV�HP�HVWDGR�GH��DOHUWD�YLUDO���3URGXomR�GLPLQXLGD�GH�SURWHtQDV��DXPHQWR�GH� HQ]LPDV� DQWLYLUDLV� �FRPR� DV� TXH� GLJHUHP� D� GXSOD� KpOLFH� GH� 51$� WLSLFD� GRV� YLUXV�� H� DXPHQWDP� WDPEpP� D� DSUHVHQWDomR�GH�SpSWLGRV�LQWHUQRV�QRV�0+&�,�DRV�OLQIyFLWRV��(VWLPXOD�RV�OLQIyFLWRV�1.�H�7��� x ,)1�JDPD��$WLYD�RV�PDFUyIDJRV��WRUQDQGR�RV�PDLV�HILFLHQWHV�H�DJUHVVLYRV��SURPRYH�D� LQIODPDomR��H�HVWLPXOD�D� UHVSRVWD�7+���LQLELQGR�D�7+��� x 71)�DOID��,QGX]�D�VHFUHomR�GD�FLWRFLQD�H�p�UHVSRQViYHO�SHOD�SHUGD�H[WHQVLYD�GH�SHVR�DVVRFLDGD�FRP�LQIODPDomR� FU{QLFD�� x 71)�EHWD��$WLYD�RV�IDJRFLWRV��(VWLPXOD�D�UHVSRVWD�FLWRWR[LFD��7+���� &e/8/$6 '2 6,67(0$ ,0812/Ï*,&2 &pOXODV�GR�VLVWHPD� LPXQH�VmR�DOWDPHQWH�RUJDQL]DGDV�FRPR�XP�H[pUFLWR��&DGD� WLSR�GH�FpOXOD�DJH�GH�DFRUGR� FRP�VXD�IXQomR��$OJXPDV�VmR�HQFDUUHJDGDV�GH�UHFHEHU�RX�HQYLDU�PHQVDJHQV�GH�DWDTXH��RX�PHQVDJHQV�GH�VXSUHVVmR� �LQLELomR���RXWUDV�DSUHVHQWDP�R�³LQLPLJR´�DR�H[pUFLWR�GR�VLVWHPD�LPXQH��RXWUDV�Vy�DWDFDP�SDUD�PDWDU��RXWUDV�FRQVWURHP� VXEVWkQFLDV� TXH� QHXWUDOL]DP� RV� ³LQYDVRUHV´� RX� QHXWUDOL]DP� VXEVWkQFLDV� OLEHUDGDV� SRU� HOHV�� $V� FpOXODV� HVWmR� RUJDQL]DGDV�QRV�VHJXLQWHV�JUXSRV� 9 6LVWHPD�)DJRFLWiULR�0RQRQXFOHDU 9 6LVWHPD�*UDQXOyFLWR�3ROLPRUIRQXFOHDUHV� 9 6LVWHPD�/LQIRFLWiULR 9 6LVWHPD�GH�&pOXODV�'HQGUtWLFDV��&pOXODV�$SUHVHQWDGRUDV�3URILVVLRQDLV� 6,67(0$�)$*2&,7È5,2�021218&/($5 'HVVD�IDPtOLD�ID]HP�SDUWH�FpOXODV��PRQyFLWRV�H�PDFUyIDJRV��FXMDV�FDUDFWHUtVWLFDV�VmR��Q~FOHR�GH�PRUIRORJLD� ~QLFD� H� FDSDFLGDGH� GH� IDJRFLWDU� SDUWtFXODV�� GHJUDGi�ODV� H� H[SUHVVi�ODV�� QD� PHPEUDQD�� QD� IRUPD� GH� SHTXHQRV� SHSWtGHRV� DVVRFLDGRV� D� PROpFXODV� GR� FRPSOH[R� SULQFLSDO� GH� KLVWRFRPSDWLELOLGDGH� �0+&� GR� LQJOrV�� PDMRU� KLVWRFRPSDWLELOLW\� FRPSOH[��� $OpP� GH� UHDOL]DU� IDJRFLWRVH� H� RSVRQL]DomR� RV� PDFUyIDJRV� SRGHP� DSUHVHQWDU� HIHLWR� FLWRWy[LFR�VREUH�FpOXODV�WXPRUDLV�PHGLDGR�SHOR�PHFDQLVPR�GH�$'&&� �� 0RQyFLWRV��2V�PRQyFLWRV�HVWmR�SUHVHQWHV�QR�VDQJXH��FRQVWLWXLQGR�VH�GH���D�����GRV�OHXFyFLWRV�FLUFXODQWHV�� 3DUWLFLSDP� GD� IRUPDomR� GRV� JUDQXORPDV� �WXEHUFXORVH�� OHSUD�� ILODULRVH��� 2� JUDQXORPD� QDGD� PDLV� p� TXH� R� DQWtJHQR�URGHDGR�SRU�XPD�EDUUHLUD�GH�PRQyFLWRV� GXUDQWH�R SURFHVVR�GH�GHIHVD��5HDOL]DP XP�PHFDQLVPR� GHQRPLQDGR� FLWRWR[LFLGDGH� FHOXODU� GHSHQGHQWH� GH� DQWLFRUSRV� �$'&&��� TXH� p� XP� PHFDQLVPR� GD� LPXQLGDGH�LQDWD� �� 0DFUyIDJRV�� 6mR� FpOXODV� WHFLGXDLV� H� GH� JUDQGH� SRGHU� IDJRFtWLFR� GHULYDGDV� GRV� PRQyFLWRV�� 'HQWUH� VXDV� SULQFLSDLV� IXQo}HV� QD� LPXQLGDGH� GHVWDFD�VH�� $SUHVHQWDomR� GH� DQWtJHQRV� �0+&�,,��� &pOXODV� GH� OLPSH]D�� 3URGXomR�GH�FLWRFLQDV� LQIODPDWyULDV�H�UHJXODWyULDV��3RGHP�VHU�HQFRQWUDGDV��QR�61&��0LFUyJOLD���QR�)tJDGR� �&pOXODV�GH�.XSSSIHU���QD�SHOH��&pOXODV�GH�/DQJHKDQV���QR�3XOPmR��0DFUyIDJRV�3XOPRQDUHV�� 6,67(0$�*5$18/Ï&,72�32/,025)218&/($5(6)D]HP� SDUWH� GHVVD� IDPtOLD� DV� FpOXODV� TXH� WrP� FRPR� FDUDFWHUtVWLFDV� FRPXQV�� D� SUHVHQoD� GH� JUkQXORV� QR� FLWRSODVPD��TXH�DSUHVHQWDP�GLIHUHQWHV�DILQLGDGHV�SRU�FRUDQWHV�iFLGRV�H�EiVLFRV��H�XP�Q~FOHR�PXOWLOREXODGR������OyEXORV�� RX�VHJPHQWDGR��(VVDV�FpOXODV��SUHVHQWHV��VREUHWXGR��QR�VDQJXH�H�QDV�PXFRVDV��VmR�RV�QHXWUyILORV��RV�HRVLQyILORV�H� RV�EDVyILORV� �� %DVyILORV��DSUHVHQWDP�Q~FOHR� HP� IRUPD� LUUHJXODU� VHP�D�GLYLVmR� HP� OyEXORV� H� JUkQXORV� FRP�DILQLGDGH�SRU� FRUDQWHV�EiVLFRV� �VH�FRUDP�HP�D]XO�YLROHWD���6XD�SULQFLSDO� IXQomR�p�D� OLEHUDomR�GH�GLIHUHQWHV�PHGLDGRUHV�� FRPR�D�KLVWDPLQD��DVVRFLDGD�j�KHSDULQD���RV�OHXFRWULHQRV��DV�SURVWDJODQGLQDV�H�VHURWRQLQD��2�EDVyILOR�p�XPD� �ƌůŝŶĚŽ�hŐƵůŝŶŽ�EĞƚƚŽ��D��Z�^hDK^�ϮϬϭϲ �/DhEK>K'/� ϯ ǁǁǁ͘ŵĞĚƌĞƐƵŵŽƐ͘ĐŽŵ͘ďƌ FpOXOD�WtSLFD�GR�VDQJXH��VHQGR�R�PDVWyFWLR�D�FpOXOD�TXH�H[HUFH�IXQo}HV�VLPLODUHV�jV�GR�EDVyILOR�QDV�PXFRVDV� H�QR�WHFLGR�FRQMXQWLYR� �� 1HXWUyILORV��DSUHVHQWDP�Q~FOHR�VHJPHQWDGR�HP���D���OyEXORV�H�JUkQXORV�TXH�QmR�WHP�DILQLGDGH�VHOHWLYD�SDUD� FRUDQWHV�EiVLFRV�RX�iFLGRV��6mR��SRUWDQWR��FpOXODV� LQIODPDWyULDV�TXH�FKHJDP�PDLV� UDSLGDPHQWH�DR� ORFDO�GD� LQM~ULD�� e� D� FODVVLILFDomR� OHXFRFLWiULD�PDLV� SRSXORVD� ������� 7rP� FRPR� IXQo}HV�� )DJRFLWRVH�� /LEHUDomR� GH� 0HGLDGRUHV��PLHORSHUR[LGDVH��IRVIDWDVH�iFLGD�H�DOFDOLQD��FRODJHQDVH�H�FLWRFLQDV�� �� (RVLQyILORV� DSUHVHQWDP�Q~FOHR�ELOREXODGR�H�JUkQXORV�TXH�WHP�DILQLGDGH�SRU�FRUDQWHV�iFLGRV��FRPR�D�HRVLQD�� DSUHVHQWDQGR�FRORUDomR�DYHUPHOKDGD��2�VHX�SHUFHQWXDO�HQWUH�RV�OHXFyFLWRV QR�VDQJXH�p�GH�����$SUHVHQWDP� GLPLQXtGD� DWLYLGDGH� IDJRFLWiULD� H� FRPR� WrP� FRPR� SULQFLSDO� IXQomR�� 3URWHtQD� %iVLFD� 3ULQFLSDO� �0%3��� 3HUR[LGDVH� (RVLQRItOLFD�� PXLWR� SUHVHQWHV� HP� SURFHVVRV� DOpUJLFRV� HP� LQIHFo}HV� SDUDVLWiULDV�� 6XD� IXQomR� SULQFLSDO� p� D� UHDOL]DomR GH� PHFDQLVPR� GHQRPLQDGR� FLWRWR[LFLGDGH� FHOXODU� GHSHQGHQWH� GH� DQWLFRUSRV� �$'&&���TXH�p�XP�PHFDQLVPR�GD�LPXQLGDGH�LQDWD� 6,67(0$�/,1)2&,7È5,2 +i�GRLV�WLSRV�SULQFLSDLV�GH�OLQIyFLWRV�FOiVVLFRV��RV�OLQIyFLWRV�7��/7��H�RV�OLQIyFLWRV�%��/%���2V�OLQIyFLWRV�7�SRGHP�VHU� GH�GRLV�WLSRV��OLQIyFLWRV�7�DX[LOLDUHV��/7K�&'���H�OLQIyFLWRV�7�FLWRWy[LFRV��/7F�&'����2V�/7K�DWXDP�DWLYDQGR�RXWUDV�FpOXODV� SDUD�H[HUFHU�VXDV�IXQo}HV� 9 2V�PDFUyIDJRV�DWLYDP�D�FDSDFLGDGH�IDJRFtWLFD�H�D�SURGXomR�GH�PROpFXODV��PRQRFLQDV�H�RXWUDV�� 9 2V /%�LQGX]HP�D�PDWXUDomR�ID]HQGR�TXH�VH�WRUQHP�SODVPyFLWRV��VHFUHWDQGR�DQWLFRUSRV��RX�/%�GH�PHPyULD� 9 2V� /7F� LQGX]HP� D� DWLYLGDGH� FLWRWy[LFD� FRQWUD� FpOXODV� WXPRUDLV� H� LQIHFWDGDV� SRU� YtUXV� H� RXWURV� SDUDVLWDV� LQWUDFHOXODUHV� 3RUWDQWR��WHP�VH�FRPR�FpOXODV�GR�VLVWHPD�OLQIRFLWiULR� �� /LQIyFLWRV�7��/7���$SUHVHQWDP�XP�PHFDQLVPR�GH�DWLYDomR�RQGH�ID]HP�SDUWH�RV�UHFHSWRUHV�GH�FpOXODV�7��7&5��� UHVSRQViYHO� SRU� UHFRQKHFHU� R� FRPSOH[R� 0+&�SHSWtGHR�� H[SUHVVR� QDV� FpOXODV� DSUHVHQWDGRUDV� GH� DQWtJHQRV�� 3RGHP�VHU�GR�WLSR�7�FLWRWy[LFR��&'���RX�7�DX[LOLDU��&'���WDPEpP�FKDPDGR�GH�KHOSHU�� �� /LQIyFLWRV� %� �/%�� $SUHVHQWDP� UHFHSWRUHV� GH� FpOXODV� %� �%&5��� 4XDQGR� SURGX]HP� LPXQRJOREXOLQDV� RX� DQWLFRUSRV� VmR� FKDPDGDV� GH� SODVPyFLWRV� �SULQFLSDO� SURGXWRU� GH� DQWLFRUSRV�� HP� TXH� Ki� XPD� GLIHUHQFLDomR� H� DPDGXUHFLPHQWR�GR�/%��FRP�R�DXPHQWR�H�GHVHQYROYLPHQWR�GH�VXDV�RUJDQHODV���2�DQWtJHQR�WHP�D�IXQomR�GH�VH� OLJDU�H�QHXWUDOL]DU�R�DQWLFRUSR�RX�D�IXQomR�GH�IDFLOLWDU�D�IDJRFLWRVH�GHVVH�DQWLFRUSR��RSVRQL]DomR�� 2%6���2� 7&5� p� XP� UHFHSWRU� DOWDPHQWH� HVSHFtILFR� FRP� IXQomR� GH� UHFRQKHFHU� R� FRPSOH[R� SHSWtGHR� 0+&�� SRU� PHLR� GD� UHVSRVWD� DGTXLULGD�� $OpP� GR� 7&5�� Ki�PROpFXODV� SUHVHQWHV� QD�PHPEUDQD� GR� OLQIyFLWR�TXH�WHP�FRP�IXQomR�SHUPLWLU�XPD�FR�HVWLPXODomR��TXH�VmR�GR� WLSR� &'� �JUXSR� GH� GLIHUHQFLDomR��� VHQGR� HODV� &'� RX� &'�� (VVDV� PROpFXODV� VHUYHP� FRPR� FDUDFWHUtVWLFRV� PDUFDGRUHV� IHQRWtSLFRV� GH� FDGD�UHVSHFWLYR�OLQIyFLWR��2�/7F�HVWi�PDUFDGR�FRP�&'��H�R�/7K�FRP� R�&'���4XDQGR�XPD�FpOXOD�$3&��&pOXOD�$SUHVHQWDGRUD�GH�3HSWtGHR��� FRPR�XPD�FpOXOD�GHQGUtWLFD��IDJRFLWD�XP�DQWtJHQR��HVWD PHWDEROL]D�R� PHVPR�DWp�GHJUDGi�OR�D�PROpFXODV�GH�SHSWtGHR��3DUD�GHJUDGi�OR�WRWDOPHQWH��D�$3&�QHFHVVLWD�GD�DomR�GH�XP�OLQIyFLWR�� 6LPXOWDQHDPHQWH� j� GHJUDGDomR� GR� DQWtJHQR�� RXWUD� RUJDQHOD� VLQWHWL]D� XP� UHFHSWRU� GH�PHPEUDQD� �0+&�� H� R� XQH� DR� SHSWtGHR��(P�VXD�PHPEUDQD��D�$3&�H[S}H�R�FRPSOH[R�SHSWtGHR�0+&�DRV� OLQIyFLWRV�7��TXH�SRU�PHLR�GH�VHX�UHFHSWRU� 7&5��UHFRQKHFH�R�SHSWtGHR�DQWLJrQLFR�YLD�0+&��2XWUDV�PROpFXODV��FRPR�R�&'��RX�&'���HP�RXWUD�FpOXOD���DPSOLD�HVVD� DYLGH]�GH�UHFRQKHFLPHQWR�GD�FpOXOD�� 2%6ð��'H�XP�PRGR�JHUDO��R�OLQIyFLWR�7�FLWRWy[LFR��FRP�&'��QD�PHPEUDQD��WHP�D�FDSDFLGDGH�GH�SURPRYHU�DomR�VREUH� SHSWtGHRV�LQWUDFHOXODUHV��XPD�YH]�TXH�HOH�OLEHUD�HQ]LPDV�FKDPDGDV�SHUIXULQDV�TXH�SHUIXUDP�D�PHPEUDQD�GD�$3&�SDUD� OLEHUDU� QHOD� RXWUDV� HQ]LPDV� SUHVHQWHV� HP� VHX� FLWRSODVPD� FKDPDGDV� GH� JUDQ]LPDV�� TXH� SHQHWUDP� SHORV� SRURV� SURGX]LGRV� SHOD� SHUIXULQD� SDUD� GHVHPSHQKDU� XPD� FLWRWR[LFLGDGH�� 4XDQGR� FpOXODV� HVWmR� LQIHFWDGDV� SRU� SURWHtQDV� HVWUDQKDV� �FRPR�DV� WXPRUDLV���p�QHFHVViULD�D�VXD�PRUWH�FRPSOHWD��VHQGR� LPSRUWDQWH�D�DomR�GLUHWD�GR�/7F�H�GH�VXDV� HQ]LPDV��-i�RV�/7K� UHFRQKHFHP�R�FRPSOH[R�0+&�SHSWtGHR�YLQGR�GD�$3&��PDV� UHVSRQGHP�D�DPHDoDV�GH� QDWXUH]DV� H[WUDFHOXODUHV��SDUDVLWRVH��EDFWpULDV�H[WUDFHOXODUHV��HWF� 2%6ñ�� 1D� UHVSRVWD� LPXQH� DGDSWDWLYD�� HP� DOJXQV� FDVRV�� DR� UHFRQKHFHU� R� FRPSOH[R�0+&�SHSWtGHR��R�OLQIyFLWR�7�OLEHUD�FLWRFLQDV�TXH�DWLYD�R�/%��R�TXDO�VH� GLIHUHQFLD� HP� SODVPyFLWR�� FDSD]� GH� SURGX]LU� LPXQRJOREXOLQDV� �DQWLFRUSR�� TXH� QHXWUDOL]DP�DQWtJHQRV�� 2%6��� 2SVRQLQD� p� TXDOTXHU� IDWRU� TXH� DX[LOLD� D� IDJRFLWRVH� GH� DQWtJHQRV� SRU� FpOXODV� IDJRFLWiULDV�� FRPR� R� SUySULR� DQWLFRUSR� IXQFLRQD�� (VVH� SURFHVVR� GH� IDFLOLWDomR� p� FKDPDGR� GH� RSVRQL]DomR�� 2SVRQ p� XPD� SDODYUD� JUHJD� TXH� VLJQLILFD�FRQGLPHQWR��WHPSHUR��PROKR��RX�VHMD��DOJR�TXH�IDFLOLWH�D�GLJHVWmR��8PD� GDV�PDLV�LPSRUWDQWHV�RSVRQLQDV�SURYpP�GR�FRPSOHPHQWR��D�&�E� �ƌůŝŶĚŽ�hŐƵůŝŶŽ�EĞƚƚŽ��D��Z�^hDK^�ϮϬϭϲ �/DhEK>K'/� ϰ ǁǁǁ͘ŵĞĚƌĞƐƵŵŽƐ͘ĐŽŵ͘ďƌ �� &pOXODV�1DWXUDO�.LOOHUV �1.�&HOOV���$V�FpOXODV�DVVDVVLQDV�QDWXUDV��1.�± GH��QDWXUDO�NLOOHU���VmR�VHPHOKDQWHV� DRV�OLQIyFLWRV��PDV�QmR�DSUHVHQWDP�7&5��6mR�GH�QDWXUH]D�OLQIRLGH�PDV�QmR�WHP�D�HVSHFLILFLGDGH�GRV�OLQIyFLWRV�7� H�%��QmR�ID]HQGR�SDUWH�HQWmR�GD�UHVSRVWD�LPXQH�DGTXLULGD��PDV�VLP��GD�UHVSRVWD�LQDWD��7HP�FRPR�IXQo}HV�D�OLVH� GH� FpOXODV LQIHFWDGDV� SRU� YtUXV�� GH� FpOXODV� WXPRUDLV�� FLWRWR[LFLGDGH� FHOXODU� GHSHQGHQWH� GR� DQWLFRUSR�� (VVD� FLWRWR[LFLGDGH�VH�Gi�SRU�PHLR�GR�PHFDQLVPR�GD�$'&&�HP�TXH��GHYLGR�D�VXD�EDL[D�FDSDFLGDGH�GH�IDJRFLWRVH��Ki� D�OLEHUDomR�GH�PHGLDGRUHV�FHOXODUHV��RFRUUHQGR�XPD�IDJRFLWRVH�IUXVWUDGD��XPD�YH]�TXH�HOD�WHQWD�IDJRFLWDU��PDV� SRU� QmR� FRQVHJXLU�� OLEHUD� HVVHV�PHGLDGRUHV� TXtPLFRV��� (VVH� SURFHVVR� RFRUUH� TXDQGR� R� DQWtJHQR� VH� OLJD� DR� DQWLFRUSR� 6,67(0$�'(�&e/8/$6�'(1'5Ë7,&$6 (VVDV� FpOXODV� VmR� DVVLP� FKDPDGDV� SRUTXH� DSUHVHQWDP� H[SDQV}HV� FLWRSODVPiWLFDV� HP� IRUPD� GH� GHQGULWRV�� DVVLP� FRPR� RV� QHXU{QLRV�� $SUHVHQWDP� FRPR� SULQFLSDO� IXQomR� D� IDJRFLWRVH� H� D� DSUHVHQWDomR� GH� DQWtJHQRV� QD� VXD� PHPEUDQD��$V�SULPHLUDV�FpOXODV�GHQGUtWLFDV�LGHQWLILFDGDV�IRUDP�DV�FpOXODV�GH�/DQJHUKDQV�GD�HSLGHUPH� $FUHGLWD�VH� TXH� HVVDV� FpOXODV� PLJUDP� GD� SHOH� SDUD� RV� OLQIRQRGRV� UHJLRQDLV� H� EDoR�� RQGH� RFXSDP� ORFDLV� GLIHUHQWHV�H�GHVHPSHQKDP�IXQo}HV�GLVWLQWDV��$V�FpOXODV�GHQGUtWLFDV�TXH� ILFDP�QRV� IROtFXORV� OLQIRLGHV� RQGH�DV�FpOXODV� SUHGRPLQDQWHV� VmR� /%�� VmR�HQFRQWUDGDV� VRE�R� HSLWpOLR� GD�PDLRULD� GRV� yUJmRV��6XD� IXQomR�p� D� FDSWXUD� GH� DQWtJHQRV� HVWUDQKRV�H�VHX�WUDQVSRUWH�SDUD�RV�yUJmRV�OLQIRLGHV�VHFXQGiULRV� 2%6���$'&&��TXDQGR�RFRUUH�D�LQIHFomR�SRU�PLFURUJDQLVPRV��Mi�VDEHPRV�TXH�RFRUUHUi�XP�SURFHVVR�GH�UHDomR�HP�TXH� DQWLFRUSRV� VHUmR� OLEHUDGRV� SDUD� UHDOL]DU� D� RSVRQL]DomR�� RFRUUHQGR� DVVLP� PDLRU� IDFLOLGDGH� GH� IDJRFLWRVH� GR� DJHQWH� LQYDVRU�� &RQWXGR�� VH� HVWH� IRU� PXLWR� JUDQGH�� DV� FpOXODV� HIHWRUDV� FRPR� RV� PDFUyIDJRV� SURGX]LUmR� IDWRUHV� GH� PRUWH� LQWUDFHOXODU �FRPR� R� 12�� 2� ��� 2&O��� LQWHUPHGLiULRV� UHDWLYRV� GR� 2��H� 1���� 2FRUUH�� DVVLP�� XP� SURFHVVR� GH� PRUWH� GR� PLFURUJDQLVPR�� $V� FpOXODV� 1.� SDVVDP� D� VHFUHWDU� VXEVWDQFLDV� FRPR� SHUIXULQDV� H� JUDQ]LPDV�� FDXVDQGR� D� PRUWH� GR� PLFURUJDQLVPR�SRU�DSRSWRVH�
Compartilhar