Baixe o app para aproveitar ainda mais
Prévia do material em texto
1VmpN^A�#Nlvama��^aJVa_A] (PRo}HV������������������������������������ 8P�PRGR�GH�FRPXQLFDU�RV�QRVVRV�PDLV�LPSRUWDQWHV� HVWDGRV�H�QHFHVVLGDGHV�LQWHUQDV� x 5HVXOWD�HP�UHVSRVWD�DXWRQ{PLFDV��HQGyFULQDV�H�PRWRUDV�x (PRo}HV�35,0È5,$6� LQDWDV�RX�QmR�DSUHQGLGDV�� LQGHSHQGHQWH�GH�IDWRUHV�VRFLRFXOWXUDLV� ([HPSOR� DOHJULD��WULVWH]D��PHGR��QRMR��UDLYD�H�VXUSUHVD� (PRo}HV�6(&81'È5,$6� PDLV�FRPSOH[DV�H�GHSHQGHP�GH� IDWRUHV�VRFLRFXOWXUDLV� ([HPSOR� FXOSD�H�YHUJRQKD� (PRo}HV�'(�)81'2� UHODFLRQDGDV�FRP�R�EHP�HVWDU�RX�PDO� HVWDU��FRP�D�FDOPD�RX�FRP�D�WHQVmR� 6HXV�HVWtPXORV�VmR� LQWHUQRV��JHUDGRV�SRU�SURFHVVRV�ItVLFR�RX�PHQWDLV�FRQWtQXRV� TXH�QRV�OHYDP�D�XP�HVWDGR�GH�WHQVmR�RX�UHOD[DPHQWR��IDGLJD� RX�HQHUJLD��EHP�HVWDU�RX�PDO�HVWDU��DQVLHGDGH�RX�DSUHHQVmR� 7RGDV�WHP�FRPR�FDUDFWHUtVWLFD�R�IDWR�GH�VH�LQLFLDUHP�UiSLGR� H�HVSRQWDQHDPHQWH��UHVXOWDUHP�GH�XPD�DYDOLDomR� DXWRPiWLFD�GR�DPELHQWH�H�GXUDUHP�SRXFR� ĺ 1D�SVLFRORJLD��VHQWLPHQWRV�VmR�GLIHUHQWHV�GH�HPRo}HV 3DUD�D�H[SHULrQFLD�GD�HPRomR�QmR�EDVWD�OHYDU�HP�FRQWD� DSHQDV�PXGDQoDV�ILVLROyJLFDV��RV�UyWXORV�TXH�DWULEXtPRV�DV� HPRo}HV�WDPEpP�VmR�LPSRUWDQWHV�� (PRo}HV�3ULPiULDV���������������������� 2�MXOJDPHQWR�ID]�YRFr�WHU�XPD�UHODomR�GH�yGLR�FRP�VXDV� HPRo}HV��6H�HVWDEHOHFH�XPD�OXWD�HQWUH�R�MXOJDPHQWR�H�D� HPRomR�TXH�YHLR�FXPSULU�XP�SDSHO��3RU�LVVR��p�QHFHVViULR� VLOHQFLDU�R�MXOJDPHQWR��QmR�FRPSDUDU��HVWDEHOHFHU�XPD� UHODomR�DPLVWRVD�FRP�QRVVDV�HPRo}HV�H�WHQWDU� FRPSUHHQGr�ODV�� ĺ 6mR�UHVSRQViYHLV�SHOD�SURWHomR H�SUHVHUYDomR�Ź 1HFHVVLGDGHV�SVLFRELROyJLFDV�QR�KRPHP���VHU�YLYR�� 6(*85$1d$��EXVFD�GH�DEULJR��JXDUGDU�DOLPHQWR��GHIHVD�� 3URWHomR�GR�VHX�FRUSR�H�LQWHJULGDGH�ItVLFD� 9$5,('$'(��SRVVLELOLWRX�DRV�VHUHV�YLYRV�VH�DGDSWDUHP�DR�TXH� IRU�QHFHVViULR� &2148,67$��WHP�QHFHVVLGDGH�GH�DGTXLULU��FRQTXLVWDU� 3/(1,78'(��WHU�SUD]HU�FRP�R�TXH�FRQTXLVWRX��([HPSOR�� HQFKHU�R�WDQTXH��FRQTXLVWD�H�DSURYHLWDU�R�WDQTXH�FKHLR�� SOHQLWXGH� 5(/(9Æ1&,$��QHFHVVLGDGH�GH�VHU�YLVWR��VHU�UHFRQKHFLGR��VHU� YDORUL]DGR� ,17(*5$d2��QHFHVVLGDGH�GH�ID]HU�SDUWH��GH�SHUWHQFLPHQWR�� JUXSRV��FRPXQLGDGHV��EDQGRV��� 5HVXOWDGR�GD�H[SHULrQFLD�VXEMHWLYD�TXH� WHPRV�DR�YLYHQFLDU�XPD�HPRomR��RX�VHMD�� p�D�QRVVD�LQWHUSUHWDomR�DFHUFD�GR�TXH� DFRQWHFHX�FRQRVFR�TXDQGR�VHQWLPRV�XPD� HPRomR��4XDQGR�HVWDPRV�IHOL]HV�RX� WULVWHV�HVWDPRV�H[SUHVVDQGR�R�TXH� DFRQWHFHX�FRP�D�JHQWH�GXUDQWH�XPD� VLWXDomR�HPRFLRQDO� ���HPRo}HV�SULPiULDV������������������������� 6(*85$1d$�± 0('2�(�&21),$1d$ 4XDQGR�QRV�GHSDUDPRV�FRP�XPD�DPHDoD�D�QRVVD�VHJXUDQoD�� QyV�OXWDPRV�RX�IXJLPRV��LQVSLUDGR�SHOR�PHGR��4XDQGR�QRV� GHSDUDPRV�FRP�XP�HOHPHQWR�TXH�p�XP�DPSDUR��VHQWLPRV� FRQILDQoD� 9$5,('$'(�± $17(&,3$d2�(�68535(6$ $QWHFLSDomR�p�DQVLHGDGH��([HPSOR��SUHSDUDU�XPD�YLDJHP��XPD� UHXQLmR��'HVFREULU�R�QRYR��R�LQXVLWDGR��OLEHUDomR�GH�DGUHQDOLQD�� p�D�VXUSUHVD� &2148,67$�± 5$,9$�(�(03$7,$� 3UHFLVR�FRQTXLVWDU�DOJR�H�Ki�XP�REVWiFXOR��3RVVR�GHVWUXLU�RX� VXSHUDU�R�REVWiFXOR��$�HPRomR�YLQFXODGD�p�D�UDLYD��6H�YHMR�QmR� FRPR�XP�REVWiFXOR��PDV�FRPR�XPD�SRQWH��XPD�YLD�TXH�PH� OHYD�DR�TXH�HX�GHVHMR��$�HPRomR�YLQFXODGD�p�D�HPSDWLD� 3/(1,78'(�± $/(*5,$�(�75,67(=$ 3OHQLWXGH�DOFDQoDGD�UHVXOWD�HP�DOHJULD��4XHU�SHUSHWXDU�D� VDWLVIDomR��4XDQGR�VH�SHUGH�D�VDWLVIDomR��DSDUHFH�D�WULVWH]D�� 1HFHVVLGDGH�GH�UHFXSHUDU�D�SOHQLWXGH� 5(/(9Æ1&,$�± 5(&21+(&,0(172�(�3$57,&,3$d2 4XDQGR�VLQWR�TXH�VRX�UHFRQKHFLGR��TXDQGR�GHQWUR�GH�XP�JUXSR� HX�VRX�SURWDJRQLVWD�DWHQGHPRV�D�QHFHVVLGDGH�GH�UHOHYkQFLD� ,17(*5$d2�± $75$d2�(�5(38/6$ 4XDQGR�HVWRX�FRP�IRPH�H�FRPR��IDoR�D�LQWHJUDomR�GR�DOLPHQWR�� $�DWUDomR�PH�SHUPLWLX�LVWR��6H�IRU�XP�YHQHQR��SUHFLVR�PDQWHU�D� PLQKD�LQWHJULGDGH��H�WHQKR�UHSXOVD��� 7HRULD�GDV�(PRo}HV���������������������� 7HRULD�-DPHV�/DQJH� R�KRPHP�SULPHLUR�UHDJH�FRP�DV� PDQLIHVWDo}HV�ItVLFDV�QHXURYHJHWDWLYDV��UHVSRVWD�YLVFHUDO� VRPiWLFD��DR�YHU�R�DQLPDO�H�FRPR�FRQVHTXrQFLD�GH�WDO�UHDomR� ItVLFD�HOH�GHVHQYROYH�R�PHGR��UHVSRVWD�GR�FpUHEUR��� � 3ULPHLUR�UHDJH�ILVLFDPHQWH�H�GHSRLV�VHQWLPHQWDOPHQWH� 7HRULD�&DQQRQ�%DUG� R�HVWtPXOR�DPHDoDGRU�FRQGX]�SULPHLUR�R� VHQWLPHQWR�GH�PHGR��UHVSRVWD�GR�FpUHEUR��R�TXDO�FDXVD�D� UHDomR�ItVLFD��UHVSRVWD�YLVFHUDO�VRPiWLFD��� � 3ULPHLUR�R�VHQWLPHQWR�H�GHSRLV�D�UHDomR�ItVLFD� 7HRULD�3DXO�%URFD�� *UDQGH�/RER�/tPELFR 8VD�DOJXPDV�iUHDV�GR�VLVWHPD�OtPELFR�TXH�VHULDP� UHVSRQViYHLV�SHODV�HPRo}HV�H��SRVWHULRUPHQWH��SHODV� UHVSRVWDV�YLVFHUDLV� JLUR�GR�FtQJXORͻ JLUR�SDUD�KLSRFDPSDOͻ +LSRFDPSRͻ 7HRULD�-DPHV�3DSH]�� &LUFXLWR�GH�3DSH]� �FLUFXLWR�GDV�HPRo}HV� $JUHJRX�QRYDV�iUHDV�QR�FRQWUROH�GDV�HPRo}HV� ORER�OtPELFRͻ KLSRWiODPRͻ WiODPRͻ &LUFXLWR�EiVLFR�GDV�HPRo}HV��VHUi�PRELOL]DGR�SHORV�LQVWLQWRV�� HPRo}HV�H�PHPyULD��EXVFDQGR�D�PDQXWHQomR�GD�KRPHRVWDVH� �IHLWD�SHOR�KLSRWiODPR� 6LVWHPD�GH�HPRo}HV Ļ 2UJDQL]DGR�HP�XPD�UHGH Ļ &RP�JUDQGH�LQWHJUDomR�FRPSOH[D� QmR�KLHUiUTXLFD� )XQomR�GR�6LVWHPD�/tPELFR�������������� &RQWUROH�GH�DWLYLGDGHV�HPRFLRQDLVͻ 0HPyULD��PHPyULDV�HPRFLRQDLV�ͻ $SUHQGL]DJHPͻ 9LGD�YHJHWDWLYD��UHVSRVWD�YHJHWDWLYD�D�TXDGURV�HPRFLRQDLV�ͻ &RPSRUWDPHQWRV�PRWLYDFLRQDLVͻ &yUWH[�FLQJXODGR�DQWHULRU������������������ (QYROYLGR�HP�WDUHIDV &RJQLWLYDV�� )RFDOL]DomR�GD�HPRomR�HP�HYHQWRV�HPRFLRQDOPHQWH� VLJQLILFDQWHV� � (VWLPXODomR�GRORURVD��GRU�ItVLFD�H�VRFLDO��� 7DUHIDV�GH�WHRU�HPRFLRQDO�� $VVRFLDomR�GH�PHPyULDV�D�DGRUHV�H�RX�GRU�� 'HWHFWRU�GH�FRQIOLWR�� 2�JLUR�GR�FtQJXOR�������������������������� $�DEDODomR�GHOH��FRQKHFLGD�FRPR�FLQJXOHFWRPLD �HP� FDUQtYRURV�GRPHVWLFD�FRPSOHWDPHQWH�R�DQLPDO��1R�KRPHP��D� FLQJXOHFWRPLD�Mi�IRL�XWLOL]DGD�QR�WUDWDPHQWR�GH�SVLFyWLFRV� DJUHVVLYRV��e�VDELGR�WDPEpP��TXH�D�VHFomR�GR�IDVFtFXOR�GR� FtQJXOR��FLQJXORWRPLD��� FRUWDU�YLDV�TXH�FRQYHUVDP�FRP�R�JLUR� GR�FtQJXOR��LQWHUURPSHQGR�R�FLUFXLWR�GH�3DSH] � SRGH�PHOKRUDU� TXDGURV�JUDYHV�GH�GHSUHVVmR�H�DQVLHGDGH� &yUWH[�LQVXODU��������������������������� 6HQVDo}HV�LQWHURFHSWLYDV �VHQWLGDV�LQWHUQDPHQWH���FRPR� 'RUͻ 7HPSHUDWXUDͻ &RFHLUDͻ 6HQVDo}HV�PXVFXODUHV�H�YLVFHUDLVͻ $WLYLGDGH�YDVRPRWRUD��PRYLPHQWR�GRV�YDVRV�VDQJXtQHRV�ͻ )RPH�H�VHGHͻ &RQWDWR�ItVLFR�DJUDGiYHO � ͻ -XQomR�tQVXOD�H�FLQJXODGR������������������ 3RVVXHP�FDSDFLGDGH�GH�IRUPDU�UHSUHVHQWDo}HV�VXEMHWLYDV�GH� VHQWLPHQWRV�UHODWLYRV�D�SUySULD�SHVVRD�H�D�RXWUDV� FDGD�SDUWH�GR�VLVWHPD�OtPELFR�FRQWULEXL��HP�FRQMXQWR��SDUD� DV�LQIRUPDo}HV�HPRFLRQDLV��SDUD�DV�TXHVW}HV�UHODFLRQDLV�� SDUD�R�FRPSRUWDPHQWR� Ź e�GLIHUHQWH�GDV�H[WHUHRFHSWLYDV �VHQWLGDV�QD�VXSHUItFLH�GR�FRUSR��� PHFDQRUUHFHSomR�FXWkQHD �WDWR�� FyFHJDV��SUHVVmR��IULR�RX�FDORU��H� SURSULRFHSomR �FRQVFLrQFLD� FRUSRUDO��LQIRUPD�R�HVWDGR�ItVLFR�GR� FRUSR�� +LSRWiODPR������������������������������ (QYROYLGR�FRP�RV�IHQ{PHQRV�GD�PHPyULD�GH�ORQJD�GXUDomR� ,PSRUWDQWH�SDUD�R�DSUHQGL]DGR�x 1mR�SDUWLFLSD�GLUHWDPHQWH�GRV�PHFDQLVPRV�QHXUDLV�GD� HPRomR� x 5HVSRQViYHO�HP�FRPSDUDU�DV�FRQGLo}HV�IDYRUiYHLV�j� DXWRSUHVHUYDomR� x 'RHQoD�UHODFLRQDGD��$O]KHLPHU 3ULPHLUR�SHUGH�D�SRVVLELOLGDGH�GH�QRYDV�PHPyULDV��GHSRLV�FRP� R�DJUDYDPHQWR�SHUGH�PHPyULDV�DQWLJDV� 7UDQVIRUPD�D�PHPyULD�GH�FXUWR�SUD]R�HP�PHPyULD�GH� ORQJR�SUD]R� ĺ +LSRFDPSR� OXJDU�RQGH�DV�PHPyULDV�HUDP�IRUPDGDV� &yUWH[� OXJDU�RQGH�DV�PHPyULDV�HUDP�³DUPD]HQDGDV´�D�ORQJR� SUD]R� /HVmR� ILFD�LPSRVVLELOLWDGR�GH�FULDU�QRYDV�PHPyULDV��SDVVDQGR� D�WHU�D�LPSUHVVmR�GH�HVWDU�QXP�OXJDU�GHVFRQKHFLGR� FRQVWDQWHPHQWH��6XDV�QRYDV�H[SHULrQFLDV�QmR�VmR� DUPD]HQDGDV��PHVPR�TXH�DV�OHPEUDQoDV�PDLV�ORQJtQTXDV� HVWHMDP�tQWHJUDV��$�UHWLUDGD�GHL[D�GH�UHJLVWUDU�RV� FRQKHFLPHQWRV�UHFpP�DGTXLULGRV��6XD�LQH[LVWrQFLD�ID]�FRP�TXH� D�PHPyULD�DQWLJD �DTXHOD�TXH�IRL�DSUHHQGLD�DQWHV�GD�UHWLUDGD� GR�KLSRFDPSR��SHUPDQHFHVVH�LQWDFWD��PDV�ID]�FRP�TXH�DV� QRYDV�OHPEUDQoDV�QmR�VHMDP�DUPD]HQDGDV �QmR�WUDQVIRUPDU�D� PHPyULD�GH�FXUWR�SUD]R�HP�PHPyULD�GH�ORQJR�SUD]R�� �ƚƵĂ�Ğŵ�ŝŶƚĞƌĂĕĆŽ�ĐŽŵ�Ă�ĂŵşŐĚĂůĂ�Ğ�ĞƐƚĄ�ŵĂŝƐ�ĞŶǀŽůǀŝĚŽ�ŶŽ� ƌĞŐŝƐƚŽ�Ğ�ĚĞĐŝĨƌĂĕĆŽ�ĚŽƐ�ƉĂĚƌƁĞƐ�ƉĞƌĐĞƉƚƵĂŝƐ�ĚŽ�ƋƵĞ�ŶĂƐ� ƌĞĂĕƁĞƐ�ĞŵŽĐŝŽŶĂŝƐ͘ ĺ �ůŐƵŵĂƐ�ĂŶŽƌŵĂůŝĚĂĚĞƐ�ďŝŽůſŐŝĐĂƐ�ƋƵĂŶƚŝĨŝĐĄǀĞŝƐ�ƚġŵ�ƐŝĚŽ� ůŽĐĂůŝnjĂĚĂƐ�ŶŽ�ŚŝƉŽĐĂŵƉŽ�ŶĂ�ĞƐƋƵŝnjŽĨƌĞŶŝĂ͘ ĺ K�ŚŝƉŽĐĂŵƉŽ�ƚĞŵ�Ƶŵ�ƉĂƉĞů�ǀŝƚĂů�ŶŽ�ĐŽŵƉŽƌƚĂŵĞŶƚŽ�ĨůĞdžşǀĞů� Ğ�ŽďũĞƚŝǀŽͲĚŝƌŝŐŝĚŽ͘�hŵĂ�ĂƚŝǀŝĚĂĚĞ�ŶŽ�ŚŝƉŽĐĂŵƉŽ�ŝŶƚĂĐƚŽ�Ġ� ĞdžŝŐŝĚĂ�ĨŽƌŵĂŶĚŽ�Ğ�ƌĞĐŽŶƐƚƌƵŝŶĚŽ�Ă�ŵĞŵſƌŝĂ�ƌĞůĂĐŝŽŶĂů� ĂƐƐŽĐŝĂĚĂ�ĐŽŵ�Ă�ĐŽŐŶŝĕĆŽ�ĨůĞdžşǀĞů�Ğ�Ž�ĐŽŵƉŽƌƚĂŵĞŶƚŽ�ƐŽĐŝĂů͘�DƵŝƚŽƐ�ĞƐƚƵĚŽƐ�ƌĞǀĞůĂƌĂŵ�ƋƵĞ�ƚŽĚŽ�Ž�ĚĂŶŽ�ĂŽ�ŚŝƉŽĐĂŵƉŽ� ƉŽĚĞ�ĚĂŶŝĨŝĐĂƌ�Ž�ƵƐŽ�ĨůĞdžşǀĞů�ĚĂ�ŝŶĨŽƌŵĂĕĆŽ�Ğ�ƉƌŽĚƵnjŝƌ�Ž� ĐŽŵƉŽƌƚĂŵĞŶƚŽ�ŵĂů�ĂĚĂƉƚĂĚŽ͘ � ĺ $PtJGDODV�1HXUDLV������������������������� ,QWHJUD�D�LQIRUPDomR�VHQVRULDO�D�UHVSRVWDV�FRPSRUWDPHQWDLV�H� ILVLROyJLFDV��HVSHFLDOPHQWH�VLQDOL]DP�SHULJR�� $VVRFLD�HVWtPXORV�VLPSOHV�D�VLWXDomR�GH�PHGR�x ([�� LPDJHP�FRU�D]XO�H�VRP�DYHUVLYR�± UHVSRVWD�GH� VXGRUHVH��6RPHQWH�LPDJHP�± UHVSRVWD�GH�VXGRUHVH� �UHVSRVWD�FRQGLFLRQDGD�� $SUHQGL]DJHP�GR�PHGR�x $UPD]HQDPHQWR�GH�PHPyULDV�LPSOtFLWDV�x )DFLOLWD�DUPD]HQDU�PHPyULDV�H[SOtFLWDV�QR�KLSRFDPSR�x $�DPtJGDOD�p�LPSRUWDQWH�SDUD�R�UHFRQKHFLPHQWR�GDV� H[SUHVV}HV�H�DWLWXGHV�HPRFLRQDLV� ĺ %RWmR�GH�GLVSDURڵ��H[SHULrQFLD�HPRFLRQDO�x 6LQDOL]DGRUD�GR�SHULJR�x 'HVWUXLomR�H[SHULPHQWDOڵ��DQLPDO�GyFLO��VH[XDOPHQWH� LQGLVFULPLQDGR��DIHWLYDPHQWH�GHVFDUDFWHUL]DGR�H�LQGLIHUHQWH� jV�VLWXDo}HV�GH�ULVFR� x (VWtPXOR�HOpWULFRڵ��FULVH�GH�YLROHQWD�DJUHVVLYLGDGH�x (P�KXPDQRVڵ��SHUGH�VHQWLGR�DIHWLYR�GD�SHUFHSomR�GH�XPD� LQIRUPDomR�H[WHUQD��YLVmR�GH�XPD�SHVVRD�FRQKHFLGD�� x /HVmR�QDV�DPtJGDODV����������������������� $QVLHGDGH�H�VHQWLPHQWR�GH�PHGR�x 5HGXomR�GD�UHDWLYLGDGH�HPRFLRQDO�x $IHWD�FRPSRUWDPHQWR�HPRFLRQDO�LQFDSD]�GH�LQWHUSUHWDU� VLQDLV�GH�SHULJR�HP�RXWUDV�SHVVRDV�FRPR��H[SUHVVmR�GH� PHGR��H[FHVVR�GH�FRQILDQoD�HP�SHVVRDV�GHVFRQKHFLGDV�� 6H�WRUQDP�H[DJHUDGDPHQWH�DPLJiYHLV�HP�UHODomR�D�RXWUDV� SHVVRDV� x �ŶĂ�>ƵşƐĂ�DŽƌĂŝƐ�Ͳ Wh�ͲD' ƚĞƌĕĂͲĨĞŝƌĂ͕�ϰ�ĚĞ�ŵĂŝŽ�ĚĞ�ϮϬϮϭ ϭϮ͗Ϭϲ
Compartilhar