Aqui no Sicredi, fazemos juntos. Temos uma linha completa de consórcios, que garantem a você total liberdade de usar sua carta de crédito e escolher os seus bens e serviços. Seja qual for o seu objetivo, com os consórcios do Sicredi você conquista um pouco a cada mês. Converse com o seu gerente e saiba mais.
Automóveis I Motocicletas Caminhões, Tratores e Utilitários Bens Náuticos I Imóveis Serviços I Sustentável
Faça seu consórcio com a primeira instituição financeira cooperativa do Brasil.
Esta peça contém informações gerais e indicativas. Os direitos e obrigações do consorciado e da Administradora de Consórcios Sicredi Ltda., além das características do plano e grupo de consórcio, estão definidos na proposta de participação e no regulamento geral disponível no site sicredi.com.br. Imagens meramente ilustrativas. Serviços ao Cidadão Banco Central do Brasil. Denúncias e Reclamações: 0800 979 2345 - www.bcb.gov.br.
sicredi.com.br
SAC: 0800 724 7220 Deficientes Auditivos ou de Fala: 0800 724 0525. Ouvidoria: 0800 646 2519.
VISITE CASA DECORADA
!& $ $ŕ ? "ġ Ć‘Ć‘Ć? Ňƒ $&( Ňƒ " A 5 MIN. DO KM 114 DA ROD. CASTELO BRANCO
Central de atendimento Namour: Rua Joaquim Floriano, 101 - 11º Andar - Itaim Bibi - São Paulo - SP - Creci: 29.308-J. | Brisa Village: CONDOM�NIO 03 R$ 800,00* Incorporação registrada no R. 1 d *Condição vålida para unidades
OBRAS INICIADAS O PRAZER E A SEGURANÇA DE MORAR EM UM CONDOMÍNIO FECHADO COM PORTARIA 24 HORAS.
CONDOMÍNIO FECHADO
78 mԁ 1ol 2 suítes MENSAIS A PARTIR DE
R$
800,00
Condomínio fechado ;l l |;uu;mo 1ol l-bv 7; 25.000 mԁ, 1ol rou|-ub- ; v;] u-m2- 24 horasĺ Clube completo 1ol v-Ѵ࢛o 7; =;v|-vķ C|m;vvķ v-Ѵ࢛o 7; fo]ovķ 0ubmt ;7o|;1-ķ rѴ- ]uo m7ķ 1_ uu-vt ;bu-ķ rbv1bm- ; t -7u- ;vrouঞ -ĺ
(15) 3268-1684 brisavillageboituva.com.br
Incorporação, Construção e Vendas:
da Matrícula 17.508 do Registro de Imóveis de Boituva em 27/07/2017 | CONDOMÍNIO 04: Incorporação registrada no R. 1 da Matrícula 17.509 do Registro de Imóveis de Boituva em 26/07/2017. s com 78,19 m² de área privativa.
(;3(',(17(
)HMXSVE
&$57$ $2 /(,725 3URMHWR 5RJHU $OYHV 5RQDOGR 3D] /HDQGUR /XFFKHWWD &RRUGHQDGRU *HUDO 5RJHU $OYHV URJHU#UHYLVWDDPDLV FRP $UWH H 3URMHWR *UiILFR 21 3XEOLFLGDGH /WGD RQGS#RQSXEOLFLGDGH FRP EU &RPHUFLDO /HDQGUR /XFFKHWWD OHDQGUR#UHYLVWDDPDLV FRP *LOEHUWR 6DPSDLR VDPSDLR#UHYLVWDDPDLV FRP 3ODQHMDPHQWR )LQDQFHLUR 5RQDOGR 3D] URQDOGR#UHYLVWDDPDLV FRP
2Oi &DURV OHLWRUHV WXGR EHP FRP YRFrV" (VSHUR TXH VLP &RP D FKHJDGD GR 2XWRQR WHRULFDPHQWH RV GLDV VHUmR PDLV IULRV PDV DFUHGLWR TXH Qi SUDWLFD WHUHPRV DTXHOHV GLDV TXHQWHV GHPDLV TXH YHP FRP DTXHOD PROH]D YRQWDGH GH QmR ID]HU QDGD WLUDQGR HVVDV FKXYDV TXH TXDQGR FDHP ID]HP HVWUDJRV PDV HQILP ID] SDUWH 3DUD HVVD HGLomR WURX[HPRV XPD DWUL] GH PXLWRV WDOHQWRV )HUQDQGD 1REUH D 'LDQD GH ยฆ'HXV 6DOYH 2 5HLยง GD 5HGH *ORER (P HQWUHYLVWD H[FOXVLYD )HUQDQGD QRV FRQWD XP SRXFR GH VXD YLGD GH DYHQWXUDV 1D VHomR GH &DUURV R QRYR +RQGD &LYLF 6, R HVSRUWLYR MDSRQrV WmR HVSHUDGR SHOR S~EOLFR (P )LWQHVV VDLED TXH XPD QRLWH EHP GRUPLGD DMXGD H PXLWR QD KRUD GR VHX WUHLQR (P *DVWURQRPLD D QRVVD &KHI -XOLD WUD] GRLV SUDWRV IiFHLV GH VH SUHSDUDU H PXLWR VDERURVRV 0RGD 0DVFXOLQD FRQKHoD DV QRYDV WHQGrQFLDV SDUD HVVH 2XWRQR 1mR GHL[H GH OHU WDPEpP D QRVVD VHomR GH 6D~GH %HOH]D 0RWRV (FRQRPLD H PXLWR PDLV (VSHUDPRV YRFrV QD SUy[LPD HGLomR 2EULJDGR SHOD FRQILDQoD 9RFH Mi VDEH FRQWH~GR GH TXDOLGDGH YRFr Vy HQFRQWUD DTXL -i FRQKHFH R QRVVR QRYR SRUWDO ZZZ UHYLVWDDPDLV FRP EU H DSURYHLWD SDUD EDL[DU R QRVVR DSOLFDWLYR *XLD $PDLV GLVSRQtYHO QD $SSOH 6WRUH H QD 3OD\ 6WRUH 8PD yWLPD OHLWXUD H XP JUDQGH DEUDoR
55/ &RPXQLFDomR 5HYLVWD $PDLV $Y =pOLD GH /LPD 5RVD 3RUWDO 9LOOH %RLWXYD 63 )RQH (PDLO UHYLVWDDPDLV#XRO FRP EU ZZZ UHYLVWDDPDLV FRP $ 5HYLVWD $PDLV p XPD SXEOLFDomR PHQVDO GLVWULEXtGD JUDWXLWDPHQWH FRP WLUDJHP GH H[HPSODUHV $ 5HYLVWD $PDLV QmR VH UHVSRQVDELOL]D SHORV SURGXWRV H SURPRo}HV GLYXOJDGRV HP VHX FRQWH~GR 1mR p SHUPLWLGD D UHSURGXomR WRWDO RX SDUFLDO VHP SUpYLD DXWRUL]DomR GD UHYLVWD 2V DUWLJRV QmR UHIOHWHP QHFHVVDULDPHQWH D RSLQLmR GD UHYLVWD
&RODERUDUDP QHVWD HGLomR
(ULF /DQGPD\HU *UXSR 3HWUySROLV $VVHVVRULD GH ,PSUHQVD +RQGD 'U 0DUFRV &LQWUD &RORUDO 0DFKR PRGD $OH[DQGUH 4 QRWtFLD -XOLDQ )HUUDUD -~OLD 6RDUHV 'UD 1DWKDOLD &DSD $JUDGHFLPHQWR $VVHVVRULD GH ,PSUHQVD )RWR 5LFDUGR 3HQQD 0DNH /HWtFLD GH $JRVWLQR 6W\OLVW /pR %HOLFKD
,PSUHVVmR *UDILODU 'LVWULEXLomR %RLWXYD ,SHUy 7DWXt &HUTXLOKR 7LHWr /DUDQMDO 3DXOLVWD H HP DOJXQV SRQWRV GH 6RURFDED
ยบ1',&(
&DSD
)HUQDQGD 1REUH
ย 7ULEXWRV FRQYHQFLRQDLV HVWmR PRUUHQGR
ย 0$7(& &DVD H &RQVWUXomR
(FRQRPLD
,QDXJXUDomR
(PSUHHQGHGRULVPR ย 3ODQR )LQDQFHLUR $YDOLDomR GD 0DUJHP GH &RQVWULEXLomR
ย 0XPEDL
ย (QWHQGD SRUTXH p LPSRUWDQWH WHU XPD WDJOLQH GH VXFHVVR
)ODVK
1HJyFLRV
0RGD 0DVFXOLQD ย 7HQGrQFLDV 2XWRQR SDUD
9LWULQH
9LWULQH GD &RQVWUXomR
0RWRV ย +RQGD &%5 55 )LUHEODGH 63 HGLomR FRPHPRUDWLYD GRV DQRV FKHJD FRP XQLGDGHV H[FOXVLYDV H OLPLWDGDV
(YHQWR ย 9(11$ )2&86
&DUURV +RQGD ODQoDUi HP DEULO D QRYD JHUDomR GR HVSRUWLYR IHLWR SDUD HQWXVLDVWDV R &LYLF 6L
*DVWURQRPLD
0ROKR 3HVWR GH &DVWDQKD 'R 3DUi
6D~GH &RPR RIHUHFHU RV SULPHLURV DOLPHQWRV DR VHX EHEr" 2XWRQR H[LJH FXLGDGRV QD SUHYHQomR D GRHQoDV UHVSLUDWyULDV
%HOH]D ([LVWH GLIHUHQoD QD TXHGD GH FDEHOR HQWUH KRPHQV H PXOKHUHV"
*UXSR 3HWUySROLV &DPSDQKD GD ,WDLSDYD UHYHOD TXH 2 9HUmR 9LYH 'HQWUR GDV 3HVVRDV
0DUVDOD
3ODQRV GH 6D~GH &RQKHoD VHXV 'LUHLWRV
9LQKRV
'LUHLWRV
0~VLFD SDUD &DFKRUURV FRPR LQIOXHQFLDP QR EHP HVWDU
'RUPLU EHP SDUD DOFDQoDU REMHWLYRV
9LGD $QLPDO
)LWQHVV
0HLR $PELHQWH &RPR XVDU yOHR GH FRFR WUrV XWLOLGDGHV SRXFR FRQKHFLGDV
$UWH H &XOWXUD 0DUJDULWD )DUUp XPD GDV DUWLVWDV FRQWHPSRUkQHDV PDLV SUHPLDGDV
SÓ COM O APP GUIA AMAIS
VOCÊ GANHA DESCONTOS NOS MELHORES ESTABELECIMENTOS DA REGIÃO
BAIXE AQUI!
Disponível na
Disponível no
GUIA AMAIS
(&2120,$
75,%8726 &219(1&,21$,6
(67Â 2 0255(1'2 $ WHFQRORJLD GLJLWDO FRORFD D VRFLHGDGH JOREDO HP XP SDWDPDU GH HYROXomR TXH Ki YLQWH RX WULQWD DQRV SRGLD VHU FRQVLGHUDGR XP FHQiULR GH ILFomR 3RU 'U 0DUFRV &LQWUD 'RXWRU HP (FRQRPLD SHOD 8QLYHUVLGDGH +DUYDUG (8$
3URIHVVRU WLWXODU H YLFH SUHVLGHQWH GD )XQGDomR *HWXOLR 9DUJDV PFLQWUD#PDUFRVFLQWUD RUJ ZZZ PDUFRVFLQWUD RUJ ZZZ IDFHERRN FRP PDUFRVFLQWUDDOEXTXHUTXH
1
HVVH DPELHQWH RQGH Ki DXWRPyYHLV SURMHWDGRV SDUD YRDU H TXH GLVSHQVDP PRWRULVWD H URE{V UHDOL]DP FLUXUJLDV HP VHUHV KXPDQRV FRP HQRUPH SUHFLVmR DV SHVVRDV XVXIUXHP GH PDLRU FRPRGLGDGH HP VXDV DWLYLGDGHV URWLQHLUD YLYHP PDLV H RWLPL]DP VHX WHPSR FRP HQWUHWHQLPHQWR $V HPSUHVDV SRGHP GHVHQYROYHU QRYRV PRGHORV GH QHJyFLRV FXVWRPL]DU SURGXWRV H VHUHP PDLV HILFLHQWHV H OXFUDWLYDV 1R kPELWR S~EOLFR HOD WRUQD SRVVtYHO XP QtYHO GH JRYHUQDQoD PHQRV EXURFUiWLFR TXH DJLOL]D SURFHVVRV H SHUPLWH XPD JHVWmR PDLV WUDQVSDUHQWH
2 DPELHQWH GLJLWDO p XPD UHDOLGDGH TXH ID] FRP TXH LQRYDo}HV RFRUUDP GH PRGR FDGD YH] PDLV UiSLGR 2V IOX[RV GH ELWV DQG E\WHV WUDQVSRUWDQGR GDGRV TXH DQWHV LPSDFWDYD IXQGDPHQWDOPHQWH VREUH HOHPHQWRV LQWDQJtYHLV KRMH WDPEpP DIHWD HOHPHQWRV WDQJtYHLV GH PRGR H[WUDRUGLQiULR $VSHFWRV FRQFUHWRV SDOSiYHLV GD DWLYLGDGH GH SURGXomR VmR FDGD YH] PDLV GHWHUPLQDGRV SHOD HUD GLJLWDO &RPR EHP GHILQLX R HFRQRPLVWD H SURIHVVRU GD )XQGDomR *HWXOLR 9DUJDV )HUQDQGR 5H]HQGH WUDWD VH GH XP PXQGR QRYR PDUFDGR SHOD YLUWXDOL]DomR GDV WUDQVDo}HV FDUDFWHUL]DGR SHOD VXEVWLWXLomR GDV PiTXLQDV H RXWURV DWLYRV &RQWLQXD
14
(&2120,$
75,%8726 &219(1&,21$,6 (67 2 0255(1'2 3RU 'U 0DUFRV &LQWUD
ItVLFRV SHOD FDSDFLGDGH LQWHOHFWXDO SRU DPSODV UHGHV XQLQGR IRUQHFHGRUHV FOLHQWHV H DWp FRPSHWLGRUHV H TXH WRUQD LUUHOHYDQWH D ORFDOL]DomR GDV SODQWDV HPSUHVDULDLV $ LQIRUPiWLFD H R DPELHQWH GLJLWDO QD TXDO D DWLYLGDGH SURGXWLYD HVWi FRQWLGD VHJXH LPSDFWDQGR WRGRV RV PHDQGURV GD VRFLHGDGH FRP H[FHomR GD FLrQFLD WULEXWiULD 2V VLVWHPDV GH LPSRVWRV H FRQWULEXLo}HV GH XP PRGR JHUDO GHVWRDP HP XP PXQGR TXH HYROXL FRP EDVH QD LQWHOLJrQFLD DUWLILFLDO H QD WURFD GH LQIRUPDo}HV IXQGDPHQWDGD HP LPSXOVRV HOpWULFRV 0XLWRV DFDGrPLFRV WULEXWDULVWDV HFRQRPLVWDV H RXWURV DJHQWHV TXH OLGDP FRP D iUHD ILVFDO QR %UDVLO H QR UHVWR GR PXQGR VHJXHP WUDWDQGR DV HVWUXWXUDV WULEXWiULDV FRPR XPD PiTXLQD GH HVFUHYHU RX GH FDOFXODU PDLV UiSLGDV $ WHFQRORJLD GLJLWDO QmR SHQHWURX QHVVH PHLR LVWR p QmR LQIOXHQFLRX FRQFHLWRV H EDVHV GRV VLVWHPDV WULEXWiULRV $ SULQFLSDO IRUPD GH FREUDQoD GRV ILVFRV VH Gi HP PROGHV FRQYHQFLRQDLV 2X VHMD FRQWLQXD VHQGR D PRYLPHQWDomR GH PHUFDGRULDV 2V SULQFtSLRV XWLOL]DGRV DLQGD VmR RV PHVPRV
GLWDGRV SHORV OLYURV HVFRODUHV GH PDLV GH PHLR VpFXOR DWUiV 1mR Ki VLQWRQLD HQWUH H[LJrQFLDV GH QRWDV ILVFDLV H EDUUHLUDV DOIDQGHJiULDV TXH DLQGD YLJRUDP QRV VLVWHPDV WULEXWiULRV PXQGLDLV H D HUD HOHWU{QLFD TXH HVWi SURGX]LQGR D TXDUWD UHYROXomR LQGXVWULDO D GD LQG~VWULD H GRV YRRV LQWHUSODQHWiULRV RX GD HQJHQKDULD JHQpWLFD 1R PXQGR FRPDQGDGR SRU LPSXOVRV HOpWULFRV D FREUDQoD GH WULEXWRV GHYH VHU DXWRPDWL]DGD LQFLGLQGR GLUHWDPHQWH VREUH D PRHGD HOHWU{QLFD TXH FLUFXOD QR VLVWHPD EDQFiULR GLVSHQVDQGR DVVLP D SDUDIHUQiOLD GH UHJUDV SDSpLV H FRQWUROHV TXH LPS}HP FXVWRV HOHYDGtVVLPRV SDUD RV JRYHUQRV H SDUD DV HPSUHVDV e D IRUPD GH WULEXWDomR TXH VH DMXVWD DR DPELHQWH GLJLWDO H TXH p FDSD] GH FRUULJLU GLVWRUo}HV FRPR D SUHGRPLQkQFLD GH LQIRUPDo}HV DVVLPpWULFDV QR VLVWHPD HFRQ{PLFR H D VRQHJDomR 1HVVH FRQWH[WR GH SURIXQGDV PXGDQoDV D HILFiFLD GRV VLVWHPDV WULEXWiULRV DWXDLV HVWi VHQGR GHVDILDGD (P UHDOLGDGH R SDUDGLJPD FRQYHQFLRQDO HVWi PRUUHQGR
0DUFRV &LQWUD p GRXWRU HP (FRQRPLD SHOD 8QLYHUVLGDGH +DUYDUG (8$ SURIHVVRU WLWXODU GD )XQGDomR *HWXOLR 9DUJDV e DXWRU GR SURMHWR GR ,PSRVWR ÁQLFR e SUHVLGHQWH GD )LQHS )LQDQFLDGRUD GH (VWXGRV H 3URMHWRV ZZZ IDFHERRN FRP PDUFRVFLQWUDDOEXTXHUTXH 16
,1$8*85$d 2
0$7(&
&$6$ &216758d 2 )RWRV 5DID 1HWR
$ 0$7(& IRL IXQGDGD SRU 1HOVRQ 7RUHO H 0DULD GR &DUPR /DFHUGD 7RUHO HP RQGH HOH GHL[D D PHWDO~UJLFD 7DXQXV SDUD FULDU VHX SUySULR QHJyFLR MXQWDPHQWH FRP D HVSRVD &RPHoDQGR FRP XPD SHTXHQD ORMD H FRP R WHPSR VH WRUQDQGR XPD GDV PDLRUHV H PDLV FRPSOHWDV ORMDV GD UHJLmR
$
18
ORMD SURJUHGLX FRP R WUDEDOKR HP IDPtOLD
GH PyYHLV UHVROYHP UHDWLYDU D HPSUHVD QR UDPR GH
SRLV RV WUrV ILOKRV GR FDVDO LQLFLDUDP VXD
FRQVWUXomR PyYHLV H GHFRUDo}HV QR LQWXLWR GH PDQWHU
YLGD SURILVVLRQDO QD HPSUHVD (P D
D VHULHGDGH FRPSURPLVVR H FUHGLELOLGDGH TXH VHPSUH
HPSUHVD WHP VXDV DWLYLGDGHV VXVSHQVDV QR UDPR GH
IRUDP DV PDUFDV GD HPSUHVD DOLQKDQGR R
FRQVWUXomR H VH HVSHFLDOL]D QR UDPR GH PyYHLV (P
FRQKHFLPHQWR WpFQLFR GH VHXV SURSULHWiULRV H D PDUFD
RV WUrV ILOKRV GR FDVDO 5RJpULR 7RUHO DUTXLWHWR
IRUWH TXH VHPSUH IRL VLQ{QLPR GD 0$7(& ¤ &DVD
)OiYLR 7RUHO HQJHQKHLUR FLYLO H )DELDQD 7RUHO SURMHWLVWD
&RQVWUXomR
&RQWLQXD
,1$8*85$d 2
0$7(& &$6$ &216758d 2 )RWRV 5DID 1HWR
20
(035((1'('25,602
3/$12 ),1$1&(,52 $9$/,$dÂ2 '$ 0$5*(0 '( &2175,%8,dÂ2
3RU -XOLR 3HWWD
*UDGXDGR HP $GPLQLVWUDomR GH (PSUHVDV SHOD 8QLYHUVLGDGH 3UHELVWHULDQD 0DFNHQ]LH )XQGDGRU GD &ROODERUL &RQVXOWRULD H &DSDFLWDomR MXOLR#FROODERULFRQVXOWRULD FRP EU ZZZ FROODERULFRQVXOWRULD FRP EU
2
SODQR ILQDQFHLUR WHP LPSRUWkQFLD IXQGDPHQWDO QD FRQVWUXomR GR VHX QHJyFLR e HOH TXH YDL TXDQWLILFDU WRGDV DV GHFLV}HV TXH IRUDP WRPDGDV QR SODQR GH PDUNHWLQJ H RSHUDFLRQDO H PRVWUDU VH VHX QHJyFLR VHUi UHQWiYHO 3DUD LQLFLDU HVVH SODQR IDODUHL QHVVH DUWLJR VREUH D PDUJHP GH FRQWULEXLomR GRV SURGXWRV H GD HPSUHVD 3DUD LVVR YDPRV SULPHLUR GHILQLU D FODVVLILFDomR GH JDVWRV GD HPSUHVD TXH SRGHP VHU FXVWRV RX GHVSHVDV &XVWRV VmR WRGRV RV JDVWRV TXH D HPSUHVD WHP UHODFLRQDGR GLUHWDPHQWH D SURGXomR GH XP SURGXWR VHUYLoR FRPR PDWpULD SULPD JDVWRV SDUD DV PiTXLQDV GD SURGXomR IXQFLRQDUHP H VDOiULRV GH IXQFLRQiULRV GD 22
SURGXomR HQTXDQWR DV GHVSHVDV VmR RV GHPDLV JDVWRV TXH DX[LOLDP QD DWLYLGDGH ILP YHQGHU SURGXWRV RX VHUYLoRV PDV QmR DIHWDP GLUHWDPHQWH D SURGXomR FRPR LPSRVWRV PDUNHWLQJ DOXJXHO H FRPLVV}HV 2V JDVWRV GD HPSUHVD WDPEpP VmR GLYLGLGRV HQWUH IL[RV H YDULiYHLV 8P JDVWR p YDULiYHO TXDQGR HOH YDULD GH DFRUGR FRP D SURGXomR RX YHQGD GRV SURGXWRV TXDQWR PDLV YHQGHU PDLV JDVWR FRP LPSRVWRV FRPLVV}HV H PDWpULD SULPD D HPSUHVD WHUi 2V JDVWRV TXH QmR YDULDP GLUHWDPHQWH FRP D SURGXomR YHQGD VmR FRQVLGHUDGRV IL[RV DOJXQV H[HPSORV VmR DOXJXHO VDOiULRV GH IXQFLRQiULRV PDUNHWLQJ H PDWHULDO GH HVFULWyULR
$ PDUJHP GH FRQWULEXLomR p TXDQWR GR YDORU GD YHQGD VREUDUi SDUD D HPSUHVD SDJDU RV JDVWRV IL[RV (QWmR SHJDPRV R SUHoR GH YHQGD H GHGX]LPRV R FXVWR GR SURGXWR H DV GHVSHVDV YDULiYHLV FRPR QR H[HPSOR DEDL[R
3UHoR GH YHQGD &XVWR GR SURGXWR 'HVSHVDV YDULiYHLV 0DUJHP GH FRQWULEXLomR 0DUJHP GH FRQWULEXLomR
1HVVH H[HPSOR R SURGXWR IRL YHQGLGR D 5 5 IRUDP RV FXVWRV YDULiYHLV GD SURGXomR GR SURGXWR YHQGLGR PDWpULD SULPD HPEDODJHP HWF H 5 IRUDP GHVSHVDV SDJDV VRE R YDORU GH YHQGD LPSRVWRV FRPLVV}HV WD[D GH FDUWmR HWF VREUDQGR 5 UHDLV GR YDORU GH YHQGD SDUD SDJDU RV JDVWRV IL[RV H GLVWULEXLomR GH OXFUR $ G~YLGD PDLV IUHTXHQWH TXH HVFXWR p VH R FXVWR GH SURGXWR GHYH FRQVLGHUDU D PmR GH REUD XWLOL]DGD SDUD D SURGXomR 0LQKD UHVSRVWD p GHSHQGH 6H YRFr WHP IXQFLRQiULRV FRQWUDWDGRV SDUD D SURGXomR H TXH WHP VDOiULR IL[R LQGHSHQGHQWH GD TXDQWLGDGH SURGX]LGD HOHV VmR XP FXVWR IL[R H QmR VmR FRQWDELOL]DGRV QR FXVWR 24
5 5 5 5
GR SURGXWR SRLV LVVR LULD GLVWRUFHU D PDUJHP 0DV VH YRFr WHP XP FRQWUDWR GH SUHVWDomR GH VHUYLoR H SDJD SRU SHoD SURGX]LGD D PmR GH REUD GHYH VHU FRQVLGHUDGD XP FXVWR GH SURGXWR H QmR HVWDUi QR FXVWR IL[R SRLV YRFr VDEH TXH SDJD H[DWDPHQWH ; UHDLV SRU SHoD H YDL WHU HVVH JDVWR SURSRUFLRQDO D TXDQWLGDGH GH SHoDV SURGX]LGDV &RP D PDUJHP GH FRQWULEXLomR GH WRGRV RV SURGXWRV FDOFXODGD YRFr SUHFLVD SURMHWDU VXDV YHQGDV SDUD WHU D PDUJHP GH FRQWULEXLomR GD HPSUHVD DSXUDU VHXV JDVWRV IL[RV H H GHVFREULU VHX SRQWR GH HTXLOtEULR )DODUHPRV VREUH HOH QD SUy[LPD HGLomR %RQV QHJyFLRV
)/$6+
&21(;Â 2 9,//$ ; 080%$, )2726 &DLQm 1DVFLPHQWR
2 (YHQWR DFRQWHFHX QR GLD QR 0XPEDt %DU H &R]LQKD FDVD FKHLD H PXLWD P~VLFD D QRLWH LQWHLUD &RQILUDP DV IRWRV
26
&RQWLQXD
27
,1$8*85$d 2
&21(; 2 9,//$ ; 080%$, )2726 &DLQm 1DVFLPHQWR
28
1(*¾&,26
(17(1'$ 32548( e ,03257$17( 7(5 80$
7$*/,1( '( 68&(662 )RQWH %UDQGSUHVV 3RU &DUYDOKR $VVHVVRULD
$ IUDVH FXUWD GHYH FRPXQLFDU R SURSyVLWR GD PDUFD H FULDU XPD LGHQWLILFDomR FRP VHX S~EOLFR DOYR
$
V WDJOLQHV VmR PXLWR LPSRUWDQWHV SDUD DV PDUFDV FRPR XP WRGR H GHYHP H[SUHVVDU VXD SHUVRQDOLGDGH PRVWUDQGR R TXH p R QHJyFLR H VHQGR EHP DFHLWD SRU VHX S~EOLFR DOYR 3RU LVVR HQWHQGHU WRGDV DV VXDV FDUDFWHUtVWLFDV p HVVHQFLDO SDUD XPD PDUFD GH VXFHVVR 8PD WDJOLQH p XPD IUDVH FXUWD TXH WUDQVPLWH D HVVrQFLD GD HPSUHVD H TXH SRGH VHU PRGLILFDGD GH DFRUGR FRP R SHUtRGR (OD SRGH WHU XP FXQKR GH SXEOLFLGDGH SRU H[HPSOR R VORJDQ TXH D $SSOH FULRX SDUD XPD FDPSDQKD SXEOLFLWiULD GH ´7KLQN 'LIIHUHQWµ DFDERX VHQGR XVDGR SRU XP WHPSR FRPR WDJOLQH SRLV SDVVRX D DFRPSDQKDU D
PDUFD PHVPR DSyV R WpUPLQR GD FDPSDQKD 1mR H[LVWH XPD UHJUD GHILQLGD QHVVH VHQWLGR $ WDJOLQH SRGH WHU VXD RULJHP GH XPD FDPSDQKD GH FRPXQLFDomR H SXEOLFLGDGH H SHUPDQHFHU SRU PXLWR WHPSR SRU WHU WLGR XPD H[FHOHQWH DFHLWDomR $GLOVRQ *RQ]DOHV -XQLRU 'HVLJQHU 6rQLRU GD DJrQFLD 'HVLJQ H &RPXQLFDomR GHVWDFD TXH D WDJOLQH p H[WUHPDPHQWH LPSRUWDQWH SDUD R S~EOLFR HQWHQGHU TXDO R QHJyFLR GH XPD GHWHUPLQDGD PDUFD ´$ WDJOLQH DFDED VHQGR XPD SURPHVVD GR TXH D PDUFD LUi RIHUHFHU DR VHX S~EOLFR e WDPEpP XP LQFHQWLYR SDUD TXH DV SHVVRDV VH VLQWDP PDLV PRWLYDGDV D FRQVXPLU XP GHWHUPLQDGR SURGXWRµ DSRQWD &RQWLQXD
30
1(*¾&,26
(17(1'$ 32548( e ,03257$17( 7(5 80$ 7$*/,1( '( 68&(662 )RQWH %UDQGSUHVV 3RU &DUYDOKR $VVHVVRULD
7DJOLQH [ 6ORJDQ ([LVWHP GLYHUVDV RSLQL}HV D UHVSHLWR GDV VHPHOKDQoDV H GLIHUHQoDV HQWUH WDJOLQH H VORJDQ $OJXQV DXWRUHV GHIHQGHP TXH D PDUFD SUHFLVD WHU XPD WDJOLQH SDUD GHILQLU R TXH D HPSUHVD ID] H DR PHVPR WHPSR VORJDQV HP GLIHUHQWHV SHoDV SXEOLFLWiULDV 3RU RXWUR ODGR RXWURV DXWRUHV DILUPDP TXH VORJDQ H WDJOLQH VHMDP DSHQDV XP 1HVVD YLVmR D WDJOLQH WHP R REMHWLYR GH VHU HVFODUHFHGRUD HP UHODomR DR WLSR GH QHJyFLR GH XPD PDUFD H SRGH VHU XWLOL]DGD WDPEpP FRPR XP
32
VORJDQ 2 TXH SUHFLVD HVWDU FODUR p TXH D WDJOLQH p DOJR IHLWR SDUD DFRPSDQKDU D PDUFD SRU XP SHUtRGR PDLRU HQTXDQWR TXH R VORJDQ p HVSHFtILFR SDUD XPD FDPSDQKD H SRU LVVR Mi QDVFH FRP SUD]R GH YDOLGDGH D QmR VHU TXH HOH YHQKD D VXEVWLWXLU R WDJOLQH PDV QmR p VHX SURSyVLWR &ULDomR 3DUD D FULDomR GH XPD WDJOLQH LQLFLDOPHQWH GHYH VHU SHQVDGR R TXH D HPSUHVD TXHU WUDQVPLWLU H HVSHFLILFDU VREUH R VHX QHJyFLR $GLOVRQ DILUPD TXH XPD WDJOLQH GHYH WUDQVPLWLU R SURSyVLWR GD PDUFD ´e LPSRUWDQWH FRQVLGHUDU R FDVR GH FDGD PDUFD $OJXPDV XVDUmR D WDJOLQH SDUD GHVFUHYHU R TXH ID] Mi RXWUDV LUmR WHU DOJR PDLV FRQFHLWXDO H TXH QRUPDOPHQWH p YROWDGR SDUD PDUFDV PDLV FRQKHFLGDV QR PHUFDGR 3RU H[HPSOR D +RQGD TXH XVD D WDJOLQH ¦7KH SRZHU RI GUHDPV§ XPD IUDVH FRQFHLWXDO TXH QmR GHVFUHYH H[DWDPHQWH R TXH D PDUFD ID] PDV H[SUHVVD VXD SHUVRQDOLGDGH RX VHMD R FRQFHLWR TXH D HPSUHVD TXHU YHQGHU SDUD VHXV FOLHQWHV µ H[SOLFD
1(*¾&,26
(17(1'$ 32548( e ,03257$17( 7(5 80$ 7$*/,1( '( 68&(662 )RQWH %UDQGSUHVV 3RU &DUYDOKR $VVHVVRULD
&DUDFWHUtVWLFDV 8PD WDJOLQH HILFD] SUHFLVD VHU HODERUDGD FRP SRXFDV SDODYUDV VHU GH IiFLO OHLWXUD HQWHQGLPHQWR H LQWHUSUHWDomR 3DUD HPSUHVDV QRYDV D GLFD GH $GLOVRQ p TXH D WDJOLQH VHMD PDLV YROWDGD D GL]HU R TXH D HPSUHVD ID] H VRPHQWH DSyV HOD VH WRUQDU FRQKHFLGD QR PHUFDGR D WDJOLQH GHYH VHU DOWHUDGD SDUD DOJR PDLV FRQFHLWXDO 3RQWRV GH DWHQomR 8PD WDJOLQH TXH QmR FRQGL] FRP RV YDORUHV GD PDUFD SRGH SUHMXGLFDU RV QHJyFLRV SRLV VHUi XPD SURPHVVD TXH QmR VHUi HQWUHJXH DR S~EOLFR ´e SUHFLVR VDEHU ID]HU R FRUUHWR SDUD QmR FDLU QR HUUR GH QmR FRPXQLFDU QDGD 2XWUR SRQWR
34
HVVHQFLDO p FRQKHFHU R S~EOLFR DOYR H RV SRQWRV IRUWHV H IUDFRV GD FRQFRUUrQFLD 1HVVH VHQWLGR SHVTXLVDV VmR PXLWR LPSRUWDQWHVµ UHFRPHQGD $GLOVRQ *RQ]DOHV -~QLRU
6REUH D 'HVLJQ H &RPXQLFDomR DJrQFLD GH FRPXQLFDomR LQWHJUDGD GHVGH QR PHUFDGR RIHUHFHQGR VROXomR HP SXEOLFLGDGH H SURSDJDQGD PDUNHWLQJ LGHQWLGDGH YLVXDO EUDQGLQJ H FRPXQLFDomR GLJLWDO LQFOXLQGR DGPLQLVWUDomR JHUDomR GH FRQWH~GR H PRQLWRUDPHQWR GH PtGLDV GLJLWDLV IXQLO GH YHQGDV H SXEOLFLGDGH GLJLWDO QRV PDLV GLYHUVRV FDQDLV
02'$ 0$6&8/,1$
7(1'¶1&,$6 287212 3$5$ 3RU &RORUDO %ORJ 0DFKR 0RGD PDFKRPRGD FRP EU
)DOD 7,0( WXGR FHUWR FRP YRFrV" 0XLWR SUD]HU SUD TXHP QmR PH FRQKHFH VRX R /HRQDUGR &RORUDO IXQGDGR GR %ORJ GH 0RGD 0DVFXOLQD 0DFKR 0RGD PDFKRPRGD FRP EU H FRQYLGDGR GH WRGR PrV SHOD 5HYLVWD $ 0DLV SDUD IDODU VREUH R DVVXQWR -i TXH HQWUDPRV QR 2XWRQR TXH WDO YHU DV 7HQGrQFLDV SUD HVVD (VWDomR" 2 TXH HVWi HP DOWD SDUD R 9LVXDO 0DVFXOLQR" 9HMDP DEDL[R WXGR LVVR
(VWDPSD ;DGUH] 1mR p QRYLGDGH 1(1+80$ TXH D (VWDPSD ;DGUH] p XPD yWLPD SHGLGD SUR 9LVXDO 0DVFXOLQR FHUWR" &HUWR 0DV VHPSUH ILFD DTXHOD G~YLGD 6HUi TXH R ;DGUH] HVWi HP DOWD" 6HUi TXH R ;DGUH] FRQWLQXD QD PRGD" %RP %20%28 QDV 3DVVDUHODV HP WRGDV DV 6HPDQDV GH 0RGD %20%28 QDV 5XDV H HVWi %20%$1'2 QDV 1RYDV &ROHo}HV HQWmR SUDV
*ROD $OWD 0DVFXOLQD 7XUWOHQHFN
(VVD LGHLD GD *ROD $OWD 0DVFXOLQD GD *ROD 5ROr 7XUWOHQHFN HQILP SRGHPRV FKDPDU FRPR TXLVHUPRV KDKDKD FKHJD FRPR yWLPD RSomR SURV GLDV PDLV IULRV WDQWR QD FRPSRVLomR FRP RXWUDV 3HoDV SRU H[HPSOR FRP XPD -DTXHWD SRU FLPD XP %OD]HU XP &DVDFR FRPR WDPEpP
QRVVDV SUy[LPDV HVWDo}HV R ;DGUH] JDQKD 08,7$ IRUoD HP GLYHUVRV HVWLORV HP GLYHUVDV FRUHV H DWp PLVWXUDQGR QR PHVPR /RRN FRP RXWUDV HVWDPSDV HLWD (QWmR YDOH '(0$,6 DSRVWDU QR ;DGUH] HP &DPLVDV HP &DVDFRV HP &DOoDV HP %OD]HUV HP &DFKHFyLV H SRU DL YDL 4XHP SRU DL p ORXFR SHOD (VWDPSD KHLQ"
VHQGR XVDGD HP 3HoD ~QLFD &DPLVHWD GH 0DQJD /RQJD FRP *ROD $OWD 6XpWHU FRP *ROD 5ROr HWF ( Fi HQWUH QyV HVVD JROD GHL[D SUDWLFDPHQWH WRGR ORRN DOLQKDGR Qp" 'i XP WRTXH PDLV ILQR PDLV HOHJDQWH SUD SURGXomR &RQWLQXD
36
02'$ 0$6&8/,1$
7(1'¶1&,$6 287212 3$5$ 3RU &RORUDO %ORJ 0DFKR 0RGD PDFKRPRGD FRP EU
0HLDV $SDUHQWHV 0HLDV j PRVWUD YHUHPRV LVVR 08,72 IRUWH SUDV QRVVDV SUy[LPDV HVWDo}HV TXHU GL]HU Mi HVWDPRV YHQGR Ki XP WHPSLQKR KDKDKD 1DV SDVVDUHODV QDV &HOHEULGDGHV QDV 5XDV D %DUUD GD FDOoD HVWi GREUDGD HVWi PDLV FXUWD RX DWp
SRU GHQWUR GD PHLD ORXFXUD" 0HLDV (VWDPSDGDV 0HLDV &RORULGDV 0HLDV (VSRUWLYDV 0HLDV 1HXWUDV WXGR JDQKDQGR 08,72 GHVWDTXH DJRUD SURV GLDV PDLV IULRV p D KRUD GH XVDU HVVHV $FHVVyULRV 7,0( SUR PXQGmR YHU
7UDFNVXLW -DTXHWD (VSRUWLYD
$ HVWpWLFD DQRV FRQWLQXD FRP IRUoD SUR QRVVR 2XWRQR FRP DV 7UDFN -DFNHWV 7UDFN 6XLWV HQILP FRP HVVDV -DTXHWDV PDLV HVSRUWLYDV JDQKDQGR IRUoD QR QRVVR 9LVXDO DVVLP FRPR HVWDPRV YHQGR EDVWDQWH FRP DV 7UDFN
3DQWV Qp" 1D FRPSRVLomR FRP RXWURV ,WHQV (VSRUWLYRV RX PHVPR FRP &DOoD -HDQV FRP &DOoD GH 6DUMD H DWp FRP SHoDV PDLV DOLQKDGDV D LGHLD p PLVWXUDU p WUD]HU HOHPHQWRV H UHIHUrQFLDV GDV UXDV GDV TXDGUDV SUR QRVVR 9LVXDO
0RQRFURPLD HP 7RQV 'LYHUVRV 6LP 9LVXDO SUHGRPLQDQWHPHQWH HP XPD &RU Vy YDULDQGR RV 7RQV EULQFDQGR FRP LVVR H SUD YiULDV FRUHV DOpP GR FOiVVLFR $OO %ODFN /RRNV SUHGRPLQDQWHPHQWH 5RVD 9HUGH &LQ]D 9LQKR 0DUURP JDQKDP GHVWDTXH SUDV QRVVDV SUy[LPDV HVWDo}HV H YDOH '(0$,6 LQYHVWLU QDV
&DPDGDV SUD HVVD 7HQGrQFLD SRU H[HPSOR -DTXHWD FRP &DPLVD DEHUWD H &DPLVHWD SRU EDL[R YDULDQGR QR FRPSULPHQWR GDV SHoDV DV SHoDV GH EDL[R PDLV ORQJDV SUD HQWUDU QR FRQFHLWR 9RFrV FXUWHP"
*RVWRX GR FRQWH~GR" 7HP DOJXPD G~YLGD" 6y FRPHQWDU Oi QR %ORJ 0DFKR 0RGD PDFKRPRGD FRP EU TXH HX UHVSRQGR VHPSUH IHFKRX" 38
$Wp D SUy[LPD PDWpULD
9,75,1(
2852 ( 35$7$ 35(6(17(6 /RMD
&DUUHJDGRU SDUD FHOXODUHV PRGHORV TXH XWLOL]DP PLFUR 6' 9
)/25(1d$ 35(6(17(6 '(&25$d¯(6 &KDPSDQKHLUD HP LQR[ FRP SpV GH PDGHLUD
5
[ 5
%$=$5 ( 3$3(/$5,$ 6$9$66$ 0RFKLOD &DSULFKR 2852 ( 35$7$ 35(6(17(6 /RMD
3HOtFXOD GH YLGUR SDUD FHOXODUHV GLYHUVRV PRGHORV
5 Â 9,67$ RX HP DWp [ 5
5
,PDJHQV ,OXVWUDWLYDV
%$=$5 ( 3$3(/$5,$ 6$9$66$ 3UDoD 6DQWD &UX] &HQWUR %RLWXYD 63 )/25(1d$ 35(6(17(6 '(&25$d¯(6 5XD &RURQHO (XJrQLR 0RWWD &HQWUR %RLWXYD 63 )RQH 2852 ( 35$7$ 35(6(17(6 /RMD 5XD &HO (XJrQLR 0RWD &HQWUR ² %RLWXYD 63 ² )RQH /RMD 4XLRVTXH 6KRSSLQJ 9LOOD '·2XUR ² %RLWXYD 63 40
6®2 %(1(',72 63257 ),71(66 7rQLV $VLFV *HO 1LPEXV 0DVFXOLQR H IHPLQLQR SHUIHLWR SDUD &RUULGDV GH UXD
$ SDUWLU GH 5 HP DWp ; VHP MXURV FDUWmR FUHGLiULR RX GH GHVFRQWR j YLVWD
%$=$5 ( 3$3(/$5,$ 6$9$66$ %RQHFD %DE\ $OLYH ´3HTXHQD $UWLVWDµ
5 RX HP DWp [ 5
6®2 %(1(',72 63257 ),71(66 $JDVDOKR 0DVFXOLQR /LFHQFLDGR GR &RULQWKDQV
5 HP DWp ; FDUWmR FUHGLiULR RX GH GHVFRQWR j YLVWD
,PDJHQV ,OXVWUDWLYDV
,0$& 5XD 0DQRHO GRV 6DQWRV )UHLUH &HQWUR %RLWXYD )RQH %$=$5 ( 3$3(/$5,$ 6$9$66$ 3UDoD 6DQWD &UX] &HQWUR %RLWXYD 63 6®2 %(1(',72 63257 ),71(66 5XD &HO (XJrQLR 0RWWD &HQWUR %RLWXYD 63 )RQH
41
9,75,1( '$ &216758d 2
),25$0$4 52d$'(,5$ 6(0, 352),66,21$/ 75$0217,1$ 0RGHOR 5& 0RWRU WHPSRV FF 3RWrQFLD KS *DUDQWLD GH PHVHV )DEULFDGD QRV (8$
; 5 QRV FDUW}HV
),25$0$4 3$5$)86$'(,5$ )85$'(,5$ $ %$7(5,$ 9 0$.,7$ 0RGHOR +3 ':< 3 .LW SURPRFLRQDO TXH DFRPSDQKD EDWHULDV 9 $K &DUUHJDGRU H 0DOHWD .LW GH EURFDV SDUD FRQFUHWR %LW SDUD SDUDIXVDU
5 Â 9,67$ RX ; QRV &DUW}HV
7,®2 0$7(5,$,6 '( &216758d®2 9LDJHP GH $UHLD 0pGLD 5
,PDJHQV ,OXVWUDWLYDV
),25$0$4 /RMD %2,789$ 5XD $FiFLR 0DQRHO GD 6LOYD 9LDQQD &HQWUR ² %RLWXYD 63 ² )RQH ² /RMD 6252&$%$ ² $Y 6DQWD &UX] *DOSmR ² -G 9HUD &UX] ² 6RURFDED 63 ² )RQH 7,®2 0$7(5,$,6 '( &216758d®2 $Y =HOLD GH /LPD 5RVD ² 3RUWDO GRV 3iVVDURV ² %RLWXYD )RQH 42
02726
+21'$ &%5 55 ),5(%/$'( 63 (',d 2 &20(025$7,9$ '26 $126 &+(*$ &20 81,'$'(6 (;&/86,9$6 ( /,0,7$'$6 )RQWH $VVHVVRULD GH ,PSUHQVD
6XSHUHVSRUWLYD TXH p D Pi[LPD UHIHUrQFLD WHFQROyJLFD HQWUH DV VXSHUELNHV D &%5 55 )LUHEODGH 63 UHFHEH SODFD QXPHUDGD ¤ GH D ¤ SDUD IHVWHMDU R VXFHVVR DOFDQoDGR GHVGH VHX ODQoDPHQWR HP
2
FRQFHLWR &RQWUROH 7RWDO JXLD GHVGH VHPSUH R SURMHWR GH WRGDV )LUHEODGH 7DO ILORVRILD VLPSOHV PDV JHQLDO GHX RULJHP jV PDLV HVSHWDFXODUHV VXSHUHVSRUWLYDV GD FDWHJRULD 6XSHUELNH UHVXOWDQGR HP PRWRFLFOHWDV FDSD]HV GH FRQFLOLDU SRWrQFLD FRP PDQHDELOLGDGH HP GRVHV H[DWDV $V )LUHEODGH VmR LQVWUXPHQWRV SHUIHLWRV SDUD SLORWRV WDOHQWRVRV H WDPEpP DFHVVtYHLV SDUD DTXHOHV TXH GHVHMDP DSHUIHLoRDU D WRFDGD 2 &RQWUROH 7RWDO HVWi QD UDL] GHVWD YHUVDWLOLGDGH IDWRU GH VXFHVVR QDV SLVWDV H TXH IH] HVFROD VHQGR SRU PXLWRV LPLWDGR PDV MDPDLV LJXDODGR 44
$ )LUHEODGH IRL UHQRYDGD HP DQR GH VHX Â&#x17E; DQLYHUViULR SRUpP PDQWHYH LQWRFDGR VHX '1$ $ YHUVmR PDLV VRILVWLFDGD D 63 6SRUW 3DFNDJH VHUi RIHUHFLGD HP YHUVmR FRPHPRUDWLYD ² H[FOXVLYD H QXPHUDGD ² OLPLWDGDV j DSHQDV H[HPSODUHV SDUD R PHUFDGR EUDVLOHLUR 6mR YHUGDGHLUDV SUHFLRVLGDGHV LPHGLDWDV FXOW ELNHV GHVWLQDGDV j WtSLFD H PHUHFLGD YDORUL]DomR SRU UHSUHVHQWDUHP R Pi[LPR GH GLIHUHQFLDomR TXDOLGDGH H SHUIRUPDQFH GHQWUR GH VHX VHJPHQWR $ &%5 55 )LUHEODGH HP YHUVmR 63 H[DOWD GH PDQHLUD VXSHULRU XP DVSHFWR PDUFDQWH GD ILORVRILD &RQWUROH 7RWDO D UHODomR SHVR SRWrQFLD
IDYRUDELOtVVLPD TXH QD SUiWLFD UHVXOWD HP PDQHDELOLGDGH DFHOHUDomR H FRPSRUWDPHQWR VXSHULRU VHMD HP FXUYD RX QDV DFHOHUDo}HV 1HQKXPD )LUHEODGH FRQVHJXLX VHU WmR HILFLHQWH TXDQWR HVWD QRYD VDIUD FRPHPRUDWLYD GRV DQRV TXH QHVWD YHUVmR 63 WHP SHVR UHGX]LGR HP NJ IDFH D YHUVmR $%6 FRP R WHWUDFLOLtQGUR GH SRWrQFLD HOHYDGD HP FY DOFDQoDQGR D EUXWDO FLIUD GH FY D PLO USP H H[DWRV FPó 3DUD JHUHQFLDU WDO FDYDODULD D +RQGD DILQRX D HOHWU{QLFD GD )LUHEODGH j XP QtYHO GH HVWDGR GH DUWH DWUDYpV GR 5066 ² 5LGLQJ 0RGH 6HOHFWDEOH 6\VWHP TXH SHUPLWH DR SLORWR HVFROKHU YiULRV PRGRV DGHTXDGRV jV FRQGLo}HV GH XVR H VXDV QHFHVVLGDGHV HVSHFtILFDV $WUDYpV GD XQLGDGH GH PHGLomR LQHUFLDO ,08 ² ,QHUWLDO 0HDVXUHPHQW 8QLW ² RFRUUH D DQiOLVH HP WHPSR UHDO FRP OHLWXUD HP FLQFR HL[RV WUrV GH DFHOHUDomR H GRLV GH YHORFLGDGH DQJXODU GHWHUPLQDQGR DVVLP D DomR GR FRQWUROH GH WUDomR +67& ² +RQGD 6HOHFWDEOH 7RUTXH &RQWURO 6\VWHP ² HP QRYH QtYHLV H D H[DWD JHVWmR GD GHUUDSDJHP GD URGD WUDVHLUD VRE D SUHFLVD DomR GR DFHOHUDGRU HOHWU{QLFR 7%: ² 7KURWWOH %\ :LUH $ SODWDIRUPD LQHUFLDO ,08 HVWi LQWHJUDGD DR $%6 H OLPLWD D HOHYDomR GD URGD WUDVHLUD HP IUHQDJHP 5/& ¤ 5HDO /LIW &RQWURO FRPR R OHYDQWDPHQWR GD URGD GLDQWHLUD VRE DFHOHUDomR 2V WUrV PRGRV GH JHVWmR HOHWU{QLFD VHOHFLRQiYHLV ² 6WUHHW (VWUDGD &LUFXLW &LUFXLWR H
0HFKDQLF 0HFkQLFR ² SRGHP VHU DMXVWDGRV GXUDQWH D FRQGXomR DWUDYpV GH FRQWUROHV QR SXQKR HVTXHUGR H WRGDV DV RSHUDo}HV SRGHP VHU REVHUYDGDV DWUDYpV GR SDLQHO /&' 7)7 FRORULGR
45
02726
+21'$ &%5 55 ),5(%/$'( 63 (',d 2 &20(025$7,9$ '26 $126 &+(*$ &20 81,'$'(6 (;&/86,9$6 ( /,0,7$'$6 )RQWH $VVHVVRULD GH ,PSUHQVD
2 XVR GH PDWHULDLV QREUHV FRPR R PDJQpVLR UHVXOWRX QD UHGXomR GH NJ DSHQDV QR PRWRU 2 HVFDSH GH WLWkQLR p NJ PDLV OHYH H R WDQTXH GH FRPEXVWtYHO UHDOL]DGR QR PHVPR PDWHULDO SHUGHX NJ 7DLV FRPSRQHQWHV H[FOXVLYRV GD YHUVmR 63 UHVXOWDUDP SHVR GH DSHQDV NJ HP RUGHP GH PDUFKD NJ D PHQRV VH FRPSDUDGD j )LUHEODGH $%6
8P JUDQGH GLIHUHQFLDO GD YHUVmR 63 HVWi QR VLVWHPD GH VXVSHQV}HV WUDWD VH GDV VHPLDWLYDV gKOLQV 6 (& FRP R JDUIR 1,; H DPRUWHFHGRU WUDVHLUR 77; TXH DWXDP LQWHJUDGRV DR HOHFWURQLF SDFN 'H DFRUGR FRP D VHOHomR GR 5066 ² 5LGLQJ 0RGH 6HOHFWDEOH 6\VWHP HVWH LQIRUPD DR 6&8 ² 6XVSHQVLRQ &RQWURO 8QLW ² RV GLYHUVRV SDUkPHWURV GLQkPLFRV TXH GHILQHP DMXVWHV GH FRPSUHVVmR H H[WHQVmR DGHTXDGRV jV FRQGLo}HV HVSHFtILFDV GH XVR FRQVWDQWHPHQWH DWXDOL]DGRV HP WHPSR UHDO 7DPEpP QR VLVWHPD GH IUHQDJHP D )LUHEODGH HP YHUVmR 63 VH GHVWDFD FRP R VLVWHPD $%6 GH ~OWLPD JHUDomR DVVRFLDGR j FiOLSHUV GH IL[DomR UDGLDO %UHPER PRQREORF GH TXDWUR SLVW}HV HP YH] GRV 7RNLFR GD )LUHEODGH $%6 $ )LUHEODGH 63 DLQGD FRQWD FRP H[FOXVLYDV URGDV GH DOXPtQLR FRP FLQFR UDLRV HP < VmR FDOoDGDV FRP SQHXV GH HVSHFLILFDomR 5 QD GLDQWHLUD H 5 QD WUDVHLUD ,PSRUWDGD GR -DSmR D QRYD &%5 55 )LUHEODGH YHUVmR HVWDUi GLVSRQtYHO DR PHUFDGR EUDVLOHLUR HP WRGD UHGH 'UHDP HP GXDV YHUV}HV H[FOXVLYDV &%5 55 )LUHEODGH $%6 H &%5 55 )LUHEODGH 63 QDV FRUHV YHUPHOKD &%5 55 )LUHEODGH $%6 RX D YHUVmR QDV FRUHV GD +5& HP YHUPHOKR SUHWR H EUDQFR 63 2V SUHoRV S~EOLFRV VXJHULGRV VHUmR GH 5 H 5 $ JDUDQWLD p GH DQRV VHP OLPLWH GH TXLORPHWUDJHP H GXUDQWH HVVH SHULRGR HOD SRVVXL R ´+RQGD $VVLVWDQFHµ FRP DVVLVWrQFLD KRUDV
46
Fone: 15 3266-2436 / 15 3266-1014
Areia Média e Fina Pedra e Pedrisco
Estrada Iperó à Tatuí, Km 04 - Iperó/SP - Dist. Ind. - 18.560.000 email: aleixomineracao@ig.com.br
(9(172 )RWRV &DLQm 1DVFLPHQWR
35(0,$d 2
9(1$ )2&86 %2,789$
'HVWDTXH (PSUHVDULDO
)LR D )LR
3RVWHV 3DGURQL]DGRV
(VWpWLFD H %HOH]D
)iEULFD GH &DOKDV H 5XIRV
&DPDUJR &RQWDELOLGDGH
&DQFLDQ (VSRUWHV
&KDYHLUR %DQGHLUD &KDYHLURV H &DULPERV
&KXUUDVFDULD *DXFKLQKR GH %RLWXYD
)DWRU 6LJQ
)OH[ &HQWHU $FDGHPLD GH 0XVFXODomR
)OH[ &HQWHU $FDGHPLD GH /XWDV
$VVLVWrQFLD 7pFQLFD GH &HOXODUHV
(VFULWyULR &RQWiELO
7ROGRV H )DFKDGDV
48
%RLWX 3RVWH
%HWWLRO 2GRQWRORJLD ,QWHJUDGD &OtQLFD 2GRQWROyJLFD
$UWLJRV (VSRUWLYRV
&DOKDV $QWXQHV
<QIR&HOO
*UXSR 0RUHQR (PSUHVD )XQHUiULD
0DUFHOR *DPHV
+ROW] %XUJXHU
5HVWDXUDQWH H /DQFKRQHWH
1/ 3XEOLFLGDGH
)RL]HU
/DERUDWyULR GH $QiOLVHV &OtQLFDV
2SWLPXV
ÐWLFDV 'H]
*DPHV HP *HUDO
6HUYLoRV GH 3URSDJDQGD
&RPXQLFDomR ,QWHJUDGD
'H] HP 7XGR ÐWLFD H 5HORMRDULD
3LOmR $XWRPyYHLV &RPpUFLR GH $XWRPyYHLV QRYRV H XVDGRV
5iGLR %RLWXYD $0
5iGLR 'LIXVmR 9DOH 9HUGH )0
5HYLVWD $PDLV
6DQWD &UX]
'URJDULD 1RYR 0XQGR
7LDJR &DVWUR 6RX]D
'HVWDTXH 3ROtWLFR 9HUHDGRU
6DQWD &UX]
6DQWD &UX]
)DUPiFLD H 'URJDULD
0DQLSXODomR GH )yUPXODV
7XImR
,UPmRV 3URYDVL
$XWR (OpWULFD H 3HoDV
&DVD GH &DUQHV
6HUUDOKHULD GR %H]HUUD
/XFHPL
&HQWUR (PSUHVDULDO
49
&$5526
+21'$ /$1d$5· (0 $%5,/ $ 129$ *(5$d 2 '2 (63257,92 )(,72
2 &,9,& 6,
3$5$ (1786,$67$6
)RQWH $VVHVVRULD GH ,PSUHQVD +RQGD
$ +RQGD $XWRPyYHLV GR %UDVLO LUi LQLFLDU HP DEULO DV YHQGDV GR QRYR &LYLF 6L 2 FXSr FKHJD FRP R REMHWLYR GH RIHUHFHU D PDLV SXUD H[SHULrQFLD GH SLORWDJHP HVSRUWLYD JUDoDV DR FRPSRUWDPHQWR GLQkPLFR H SHUIRUPDQFH ~QLFRV DOLDGR j Pi[LPD VHQVDomR GH FRQWUROH SURPRYLGD SHOD WUDQVPLVVmR PDQXDO GH VHLV YHORFLGDGHV FRP HQJDWHV SUHFLVRV H FXUWRV (VSRUWLYR HP HVVrQFLD R QRYR &LYLF 6L VHUi RIHUHFLGR QD YHUVmR FXSr GH GXDV SRUWDV GHVHQYROYLGD SDUD RV HQWXVLDVWDV GR GLD D GLD 5HFKHDGR GH VROXo}HV YROWDGDV SDUD D SHUIRUPDQFH FRPR VXVSHQVmR DGDSWDWLYD FRP GRLV PRGRV GH RSHUDomR GLUHomR GLUHWD FRP UHODomR YDULiYHO IUHLRV URGDV H SQHXV IRFDGRV HP SHUIRUPDQFH EHP FRPR LQWHULRU H GHVLJQ ~QLFRV R PRGHOR WDPEpP PDUFD D FKHJDGD GD WHFQRORJLD GH WXUER H LQMHomR GLUHWD SDUD D VLJOD
3
RZHUWUDLQ H FKDVVL
JHUD D SRWrQFLD Pi[LPD GH FY DRV USP H R
(TXLSDQGR R &LYLF 6L Ki R PRWRU WXUER WRUTXH GH NJI P DSDUHFH DRV USP H p GH DOWD SHUIRUPDQFH H WRUTXH FRP LQMHomR PDQWLGR Pi[LPR HP GD IDL[D GH URWDomR GR PRWRU GLUHWD GXSOR FRPDQGR GH YiOYXODV YDULiYHLV QR 2 6L WUD] DLQGD GLVFRV GH IUHLR GH SROHJDGDV QD FDEHoRWH 'XDO 97& TXH PLQLPL]D R JiV UHVLGXDO QRV GLDQWHLUD H ODUJRV SQHXV 5 (P FRPSOHPHQWR FLOLQGURV PHOKRUDQGR VLJQLILFDWLYDPHQWH D SHUIRUPDQFH DRV DPRUWHFHGRUHV DGDSWDWLYRV D VXVSHQVmR UHFHEHX H TXDWUR FLOLQGURV &RPELQDGR FRP XPD WUDQVPLVVmR DLQGD PRODV PDLV ILUPHV EDUUDV HVWDELOL]DGRUDV PDLV PDQXDO GH VHLV YHORFLGDGHV FRP HQJDWHV PDLV FXUWRV UtJLGDV D PDLV QD GLDQWHLUD H D PDLV QD TXH RV GD JHUDomR DQWHULRU HVVH FRQMXQWR SURSRUFLRQD WUDVHLUD EXFKDV VyOLGDV QD GLDQWHLUD H WUDVHLUD DOpP GH XPD QRYD H[SHULrQFLD GH GLUHomR FRP WRUTXH EUDoRV GH FRQWUROH XOWUD UtJLGRV QD WUDVHLUD RULXQGRV GR DEXQGDQWH GXUDQWH WRGD D IDL[D GH URWDomR GR PRWRU (OH &LYLF 7\SH 5 50
2 REMHWLYR GDV PXGDQoDV p RIHUHFHU XPD H[SHULrQFLD GH FRQGXomR PDLV FRQHFWDGD RQGH R PRWRULVWD SRGH SHUFHEHU FRP PDLV SUHFLVmR WRGR R IHHGEDFN GR SLVR SHUPLWLQGR H[SORUDU WRGRV RV OLPLWHV GR 6L FRP R Pi[LPR GH VHJXUDQoD H FRQILDQoD $OpP GLVVR R QRYR GHVLJQ SHUPLWLX XPD PHOKRUD GH QR FRHILFLHQWH DHURGLQkPLFR GR PRGHOR VH FRPSDUDGR FRP R &LYLF 6L DQWHULRU
0RGRV GH FRQGXomR 3HOD SULPHLUD YH] R &LYLF 6L WUD] XP DSULPRUDPHQWR GH FRQGXomR TXH DXPHQWD D GLQkPLFD QD XWLOL]DomR HVSRUWLYD H WDPEpP SHUPLWH FRQIRUWR QR XVR GLiULR 3RU PHLR GD WHFOD 6SRUW ORFDOL]DGD QR FRQVROH FHQWUDO R FRQGXWRU SRGH HVFROKHU HQWUH GRLV DMXVWHV GH URGDJHP TXH DOWHUDP SDUkPHWURV GH VXVSHQVmR DFHOHUDGRU H DVVLVWrQFLD GH GLUHomR &RP R PRGR 6SRUW GHVDWLYDGR DPRUWHFHGRUHV RSHUDP GH IRUPD PDLV VXDYH D DVVLVWrQFLD GD GLUHomR p DSULPRUDGD H R DFHOHUDGRU RSHUD GH IRUPD PHQRV GLUHWD SHUPLWLQGR XPD FRQGXomR PDLV VXDYH &RP R PRGR 6SRUW DFLRQDGR RV DPRUWHFHGRUHV WUDEDOKDP FRP PDLV FDUJD HQTXDQWR D UHVSRVWD GH DFHOHUDGRU ILFD PDLV GLUHWD H D GLUHomR SRU VXD YH] WHP D VXD DVVLVWrQFLD UHGX]LGD WRUQDQGR D FRQH[mR GR FRQGXWRU DLQGD PDLV YLVFHUDO H LQWHQVD 51
&$5526
+21'$ /$1d$5· (0 $%5,/ $ 129$*(5$d 2 '2 (63257,92 )(,72 3$5$ (1786,$67$6 2 &,9,& 6, )RQWH $VVHVVRULD GH ,PSUHQVD +RQGD
'HVLJQ H HVWLOR HVSRUWLYR
HOHYDGR DHURIyOLR WUDVHLUR H DFUHVFHQWD QRYRV
8P GRV JUDQGHV GLIHUHQFLDLV GR &LYLF 6L p R VHX
HOHPHQWRV FRPR D EDUUD GH /(' KRUL]RQWDO TXH
GHVLJQ FRXSp FRP GXDV SRUWDV TXH RIHUHFH XP YLVXDO
DFRPSDQKD WRGD H[WHQVmR GD WUDVHLUD H HVFDSDPHQWR
GLQkPLFR H UHILQDGR GLIHUHQFLDQGR R GDV YHUV}HV VHGm
FHQWUDO FRP IRUPDWR SROLJRQDO H DFDEDPHQWR FURPDGR
GD OLQKD &LYLF 3DUD DPSOLDU R TXRFLHQWH HVSRUWLYR GR &LYLF RV PRGHORV 6L WUD]HP XPD GLDQWHLUD DJUHVVLYD
&RQIRUWR LQWHUQR FRQYHQLrQFLD H FRQHFWLYLGDGH
FRP JUDGH IURQWDO SUHWD H ODUJDV WRPDGDV GH DU 2
2 QRYR &LYLF 6L WUD] DOWR FRQIRUWR H HTXLSDPHQWRV GH
PRGHOR YHQGLGR QR %UDVLO WUD] XP GLIHUHQFLDO TXH p D
FRQYHQLrQFLD YLQGRV GH RXWUDV YHUV}HV GR &LYLF TXH
DGRomR GRV IDUyLV IXOO /(' DPSOLDQGR D OXPLQRVLGDGH H
LQFOXHP /DQH:DWFK 1DYHJDGRU *36 6PDUW (QWU\
D VRILVWLFDomR 5RGDV GH OLJD OHYH GH SROHJDGDV FRP
%RWmR GH SDUWLGD 7HWR VRODU HOpWULFR )UHLR GH
GH] UDLRV H DFDEDPHQWR H[FOXVLYR HP GRLV WRQV XVDP
HVWDFLRQDPHQWR HOHWU{QLFR 7UDYDPHQWR GDV SRUWDV SRU
SQHXV GH PP ODUJRV GH SHUILO EDL[R 1D WUDVHLUD R
GLVWkQFLD H $U FRQGLFLRQDGR GLJLWDO GH GXDV ]RQDV 3DUD
FXSr PDQWpP D DVVLQDWXUD GH GHVLJQ GR PRGHOR FRP R
DV QHFHVVLGDGHV PRGHUQDV GH FRQHFWLYLGDGH R QRYR &LYLF 6L WDPEpP WUD] XP VLVWHPD PXOWLPtGLD GH VHWH SROHJDGDV VHQVtYHO DR WRTXH TXH FRQWUROD WRGDV DV IXQo}HV GH iXGLR H p LQWHJUDGD DRV VLVWHPDV $SSOH &DU3OD\ H $QGURLG $XWR SURSRUFLRQDQGR XPD FRQH[mR IiFLO GR VPDUWSKRQH DR DXWRPyYHO 2 6L WUD] DLQGD VLVWHPD GH iXGLR GH ZDWWV FRP DXWR IDODQWHV
&RPHUFLDOL]DomR 2 &LYLF 6L VHUi FRPHUFLDOL]DGR QR %UDVLO HP YHUVmR ~QLFD FXSr GH GXDV SRUWDV FRP TXDWUR RSo}HV GH FRUHV :KLWH 2UFKLG 3HDUO &U\VWDO %ODFN 3HDUO %ULOOLDQW 6SRUW\ %OXH 0HWDOOLF H 5DOO\H 5HG 2 PRGHOR WHP WUrV DQRV GH JDUDQWLD VHP OLPLWH GH TXLORPHWUDJHP H HVWi GLVSRQtYHO HP WRGDV FRQFHVVLRQiULDV +RQGD
52
6$Á'(
&202 2)(5(&(5 26 35,0(,526
$2 6(8 %(%¶"
$/,0(1726
)RQWH 4 1RWtFLD
(VSHFLDOLVWD Gi GLFDV SDUD DOLPHQWDU RV SHTXHQRV FRP VHJXUDQoD H ID]HU FRP TXH HOHV FRPDP GH WXGR
2
OHLWH PDWHUQR p XP DOLPHQWR FRPSOHWR $Wp RV VHLV PHVHV GH LGDGH HOH p FDSD] GH IRUQHFHU WRGRV RV QXWULHQWHV QHFHVViULRV DR GHVHQYROYLPHQWR GR EHEr QmR VHQGR QHFHVViULR QHQKXP WLSR GH FRPSOHPHQWR $SyV HVWD LGDGH Mi p SRVVtYHO DSUHVHQWDU RV SULPHLURV DOLPHQWRV FRPR FRQWD 'U /XtV 5XELQDWR QRYR PpGLFR SHGLDWUD GR &HQWUR 0pGLFR 6mR -RVp GH &HUTXLOKR 63 ´'HSRLV GRV VHLV PHVHV R EHEr HQWUD HP XPD QRYD IDVH GH GHVHQYROYLPHQWR TXH H[LJH PDLV QXWULHQWHV 1HVWD HWDSD R OHLWH PDWHUQR SDVVD D QmR VHU VXILFLHQWH FRPR ~QLFD IRUPD GH DOLPHQWDomR 1R HQWDQWR p UHFRPHQGDGR R DOHLWDPHQWR PDWHUQR DWp RV GRLV DQRV GH LGDGH HP SDUDOHOR DRV DOLPHQWRV TXH GHYHP VHU LQVHULGRV JUDGXDOPHQWHµ H[SOLFD
'U /XtV 5XELQDWR SHGLDWUD GR &HQWUR 0pGLFR 6mR -RVp GH &HUTXLOKR
54
( SDUD TXH YRFr SRVVD DOLPHQWDU R VHX EHEr FRUUHWDPHQWH H GH IRUPD VDXGiYHO 'U /XtV SUHSDURX XPD VpULH GH GLFDV $ SULPHLUD DOLPHQWDomR DSyV RV VHLV PHVHV GH LGDGH GHYH FRQWHU FHUHDLV WXEpUFXORV FDUQHV OHJXPLQRVDV IUXWDV H OHJXPHV 2 LGHDO p RIHUHFHU HVWHV DOLPHQWRV WUrV YH]HV DR GLD HP SRXFDV TXDQWLGDGHV H HP WH[WXUD SDVWRVD SDSLQKD $RV SRXFRV DXPHQWH D WH[WXUD GRV DOLPHQWRV DWp TXH D FULDQoD HVWHMD FRPHQGR R PHVPR TXH RV DGXOWRV &RQWLQXD
6$Á'(
&202 2)(5(&(5 26 35,0(,526 $/,0(1726 $2 6(8 %(%¶" )RQWH 4 1RWtFLD
2IHUHoD XPD DOLPHQWDomR YDULDGD $OpP GH VHU PDLV QXWULWLYR D FULDQoD GHVGH FHGR VH IDPLOLDUL]D FRP RV VDERUHV H WH[WXUDV GLPLQXLQGR DV FKDQFHV GH IXWXUDPHQWH QmR JRVWDU GH DOJXP DOLPHQWR 6H R EHEr QmR JRVWDU GH XP DOLPHQWR QmR GHVLVWD 6H HOH FXVSLU R TXH HVWi FRPHQGR RIHUHoD QRYDPHQWH QD SUy[LPD UHIHLomR FRP RXWUD DSUHVHQWDomR SRU H[HPSOR XPD FHQRXUD TXH QmR DJUDGRX HP XPD SDSLQKD SRGH YLU UDODGD QR DUUR] 1RV SULPHLURV DQRV GH YLGD p LPSRUWDQWH HYLWDU DOLPHQWRV FRPR Do~FDU EDODV FDIp HQODWDGRV IULWXUDV PHO UHIULJHUDQWHV H VDOJDGLQKRV
7RGDV DV FULDQoDV DSUHQGHP SHOR H[HPSOR HQWmR XPD ERD GLFD SDUD HQVLQDU RV SHTXHQRV D FRPHU p RIHUHFHU D HOD RV PHVPRV DOLPHQWRV GR UHVWDQWH GD IDPtOLD SULQFLSDOPHQWH TXDQGR D FULDQoD Mi HVWLYHU PDLRU H FRPHQGR DOLPHQWRV LQWHLURV 6DO H DOLPHQWRV LQGXVWULDOL]DGRV GHYHP VHU HYLWDGRV $V FULDQoDV GHYHP VHU HVWLPXODGDV D FRQVXPLU DOLPHQWRV QDWXUDLV H SUHSDUDGRV HP FDVD 6H WLYHU DOJXPD G~YLGD LQIRUPH VH FRP XP PpGLFR SHGLDWUD GH FRQILDQoD
2 &HQWUR 0pGLFR 6mR -RVp ILFD QD $YHQLGD 3UHVLGHQWH :DVKLQJWRQ /XL] &HQWUR HP &HUTXLOKR 0DLV LQIRUPDo}HV SRGHP VHU REWLGDV SHOR WHOHIRQH SHOR VLWH ZZZ FHQWURPHGLFRVDRMRVH FRP EU RX SHOR )DFHERRN ZZZ IDFHERRN FRP FHQWURPHGLFRVDRMRVH 56
ZZZ FLDGRVRQR FRP EU
&HUWDV SHVVRDV PHUHFHP TXH YRFr DFRUGH FRP PXLWD GLVSRVLomR
5 GH RXWXEUR &HQWUR %RLWXYD 63
&ROFK}HV SDUD D YLGD
)RQH
6$Á'(
287212 (;,*( &8,'$'26 1$ 35(9(1d 2
$ '2(1d$6 5(63,5$7¾5,$6 )RQWH 4 1RWtFLD
$U VHFR EDL[DV WHPSHUDWXUDV IDOWD GH FKXYD H H[FHVVR GH SRHLUD H SROXLomR ID]HP GD HVWDomR XPD GDV PDLV FUtWLFDV GR DQR SDUD D VD~GH
-
i FRPHoRX R RXWRQR HVWDomR GR DQR PDUFDGD SHOR LQtFLR GD TXHGD GDV WHPSHUDWXUDV H UHGXomR GDV FKXYDV 3RU FRQWD GHVWDV PXGDQoDV FOLPiWLFDV R DU ILFD PDLV VHFR DXPHQWD D SROXLomR H D SRHLUD HP VXVSHQVmR QR DU H WDPEpP R ULVFR GH GRHQoDV 'U 5DIDHO %HQDYLGHV PpGLFR GR VHWRU GH RWRUULQRODULQJRORJLD GR &HQWUR 0pGLFR 6mR -RVp GH &HUTXLOKR H[SOLFD TXH R VLVWHPD UHVSLUDWyULR p R SULQFLSDO D VRIUHU QHVWDV FRQGLo}HV WtSLFDV GH RXWRQR ´(VWD p XPD GDV pSRFDV SUHIHULGDV GDV GRHQoDV UHVSLUDWyULDV SRLV DOpP GR DXPHQWR GD SROXLomR H DU VHFR DV SHVVRDV FRVWXPDP ILFDU PXLWR WHPSR HP DPELHQWHV IHFKDGRV GHYLGR DR IULRµ (VWHV KiELWRV IDFLOLWDP R VXUJLPHQWR GH GRHQoDV WUDQVPLWLGDV SRU YtUXV H EDFWpULDV ´1R RXWRQR DXPHQWDP PXLWR RV FDVRV GH JULSHV UHVIULDGRV EURQTXLWHV DVPD SQHXPRQLD LQIHFo}HV GH JDUJDQWD ODULQJH H DOHUJLDVµ DOHUWD R PpGLFR
'U 5DIDHO %HQDYLGHV PpGLFR GR VHWRU GH RWRUULQRODULQJRORJLD GR &HQWUR 0pGLFR 6mR -RVp GH &HUTXLOKR
58
2V VLQWRPDV GD PDLRULD GHVWDV GRHQoDV VmR VHPHOKDQWHV ´7RVVH IHEUH HVSLUURV QDUL] HQWXSLGR H RX HVFRUUHQGR JDUJDQWD LQIODPDGD H IUDTXH]D VmR VLQWRPDV FDUDFWHUtVWLFRV GDV GRHQoDV UHVSLUDWyULDV H PHUHFHP DWHQomRµ GHVWDFD &RQWLQXD
6$Á'(
287212 (;,*( &8,'$'26 1$ 35(9(1d 2 $ '2(1d$6 5(63,5$7¾5,$6 )RQWH 4 1RWtFLD
´$R VXUJLPHQWR GHVWHV VLQDLV SURFXUH XP PpGLFR FOtQLFR JHUDO TXH LUi LQYHVWLJDU RV VLQDLV H RULHQWDU WUDWDPHQWR 6H QHFHVViULR HOH WDPEpP SRGH VROLFLWDU H[DPHV RX HQFDPLQKD OR DR HVSHFLDOLVWD DGHTXDGR VHMD HOH XP RWRUULQRODULQJRORJLVWD LQIHFWRORJLVWD SQHXPRORJLVWD RX DOHUJRORJLVWDµ FRPSOHWD 'U 5DIDHO 2 GLDJQyVWLFR PpGLFR FRUUHWR p LPSRUWDQWH SRLV DXWRPHGLFDomR RX GLDJQyVWLFR WDUGLR SRGHP DJUDYDU D VLWXDomR ´8PD FULVH DOpUJLFD RX DVPD GHPDQGDP WUDWDPHQWR GLIHUHQWH GH XPD JULSH RX S Q H X P R Q L D S R U H [ H P S O R 7R P D U D S H Q D V PHGLFDPHQWRV SDUD FRUWDU D IHEUH H GRUHV QR FRUSR WDPEpP SRGH VHU SHULJRVR SRLV VH PDVFDUD D GRHQoD TXH SRGH SLRUDU VHP R WUDWDPHQWR DGHTXDGRµ SRQWXD
$ SUHYHQomR jV GRHQoDV UHVSLUDWyULDV GH RXWRQR VH Gi FRP FXLGDGRV VLPSOHV ´(YLWH ILFDU HP ORFDLV IHFKDGRV FRP PXLWDV SHVVRDV QmR VDLD GH FDVD VHP OHYDU XP DJDVDOKR SRLV QHVWD pSRFD p FRPXP HVIULDU DR ILP GD WDUGH PHVPR HP GLDV TXHQWHV R TXH IUDJLOL]DU DV GHIHVDV GR RUJDQLVPR GH TXHP QmR HVWi SURWHJLGR GR IULRµ IDOD ´7DPEpP p LPSRUWDQWH PDQWHU DOLPHQWDomR DGHTXDGD GRUPLU DR PHQRV RLWR KRUDV SRU GLD H PDQWHU DV YDFLQDV HP GLD SUDWLFDU DWLYLGDGH ItVLFD H EHEHU PXLWD iJXD VREUHWXGR QRV GLDV PDLV VHFRVµ FRQFOXL R PpGLFR
2 &HQWUR 0pGLFR 6mR -RVp ILFD QD $YHQLGD 3UHVLGHQWH :DVKLQJWRQ /XL] &HQWUR HP &HUTXLOKR 0DLV LQIRUPDo}HV SRGHP VHU REWLGDV SHOR WHOHIRQH SHOR VLWH ZZZ FHQWURPHGLFRVDRMRVH FRP EU RX SHOR )DFHERRN ZZZ IDFHERRN FRP FHQWURPHGLFRVDRMRVH 60
%(/(=$
(;,67( ',)(5(1d$ 1$ 48('$ '( &$%(/2
(175( +20(16 ( 08/+(5(6" 3RU 5DOFRK &RPXQLFDomR
(VWLPD VH TXH FHUFD GH GRV KRPHQV DSyV RV DQRV H GDV PXOKHUHV DSyV D PHQRSDXVD SRVVDP WHU DOJXP JUDX GH FDOYtFLH
$
TXHGD GLiULD GRV ILRV p QRUPDO QR HQWDQWR
&DXVDGD SRU GLYHUVRV IDWRUHV D TXHGD GH FDEHOR SRGH
SRGH YDULDU LQGLYLGXDOPHQWH JHUDOPHQWH GH
VHU FODVVLILFDGD HP WUrV JUXSRV D KHUHGLWiULD H
D ILRV SRU GLD GH DFRUGR FRP R 'U
FRQVWLWXFLRQDO D PHWDEyOLFD H D KRUPRQDO
5XEHP 0LUDQGD ´4XDQWR PDLV ILRV GH FDEHOR D SHVVRD WHP
1R %UDVLO VHJXQGR R HVSHFLDOLVWD HVWLPD VH TXH
PDLRU VHUi HVWD TXHGD GLiULD ILVLROyJLFDµ H[SOLFD R PpGLFR
GRV KRPHQV DSyV RV DQRV H GDV PXOKHUHV DSyV
GHUPDWRORJLVWD
D PHQRSDXVD SRVVDP WHU DOJXP JUDX GH FDOYtFLH ´1R KRPHP R PDLV FRPXP p R SLFR GH LQFLGrQFLD RFRUUHU HQWUH H DQRV PDV H[LVWHP FDVRV FRP LQtFLR D SDUWLU GRV DQRV H RXWURV DFLPD GH D DQRV 1DV PXOKHUHV DWp SRXFR WHPSR DWUiV D PDLRU LQFLGrQFLD HUD DSyV D PHQRSDXVD PDV QRV GLDV DWXDLV H[LVWHP PXLWDV FRP LQLFLR GH FDOYtFLH IHPLQLQD D SDUWLU GRV DQRV (VWXGRV HVWmR VHQGR UHDOL]DGRV SDUD WHQWDU GHVFREULU R SRUTXr GLVWRµ DILUPD R PpGLFR 3RU LVVR DR QRWDU XPD TXHGD IUHTXHQWH GRV ILRV LQGHSHQGHQWH GD LGDGH UHFRPHQGD VH SURFXUDU XP GHUPDWRORJLVWD HVSHFLDOL]DGR HP WULFRORJLD
62
&RQWLQXD
%(/(=$
(;,67( ',)(5(1d$ 1$ 48('$ '( &$%(/2 (175( +20(16 ( 08/+(5(6" 3RU 5DOFRK &RPXQLFDomR
(QWUH DV SULQFLSDLV YDQWDJHQV GD ODVHUWHUDSLD HVWmR UHGXomR GD LQIODPDomR HVWtPXOR GR FUHVFLPHQWR H DXPHQWR GD GHQVLGDGH FDSLODU HYLWDQGR D PRUWH FHOXODU GD PDWUL] SURGXWRUD GRV ILRV WUD]HQGR PHOKRUD QD PLQLDWXUL]DomR HQFXUWDPHQWR H DILQDPHQWR GRV ILRV H VHP HIHLWRV DGYHUVRV RX FRQWUDLQGLFDo}HV 2 L*URZ XPD GHVVDV WHFQRORJLDV LQGLFDGDV p XP FDSDFHWH FRP SRQWRV GH OX] VHQGR GH ODVHU GH GLRGR H GH /(' TXH LQFLGHP GLUHWDPHQWH VREUH R FRXUR FDEHOXGR IRUWDOHFHQGR D UDL] SDUD FRQWURODU D TXHGD ([LJLQGR DSHQDV PLQXWRV GH XVR WUrV YH]HV $ PDQLIHVWDomR GD FDOYtFLH HP KRPHQV H PXOKHUHV WDPEpP p GLIHUHQWH QD SRSXODomR PDVFXOLQD JHUDOPHQWH FRVWXPD DWLQJLU RV ILRV ORFDOL]DGRV QD SDUWH
FRPEDWH j DORSHFLD LQFOXVLYH D DQGURJHQpWLFD 1R %UDVLO R L*URZ p GLVWULEXtGR FRP H[FOXVLYLGDGH
VXSHULRU GD FDEHoD UDUDPHQWH DIHWDQGR DV ODWHUDLV H D
SHOR H FRPPHUFH HVSHFLDOL]DGR HP VROXo}HV FDSLODUHV
QXFD Mi QR S~EOLFR IHPLQLQR RV FDEHORV YmR ILFDQGR
2QGHUPD
FDGD YH] PDLV ILQRV GHL[DQGR FRP SRXFR YROXPH HP WRGD D H[WHQVmR GD FDEHoD H R GHUPDWRORJLVWD UHVVDOWD ´HP DOJXQV FDVRV SRGH KDYHU IDOKDV HP DOJXPDV UHJL}HV GR FDEHORµ 2 WUDWDPHQWR SDUD DPERV GHSHQGH GR JUDX H GD FDXVD GH FDGD XP HQWUHWDQWR D IRWRWHUDSLD FRP ODVHU GH HQHUJLD LQWHQVLGDGH p XP WUDWDPHQWR HILFD] H SRGH VHU XWLOL]DGR SDUD SRWHQFLDOL]DU RXWURV SURFHGLPHQWRV VHP QHQKXPD UHVWULomR $OpP GLVVR D WHFQRORJLD SRGH VHU UHDOL]DGD HP FDVD SHOR SUySULR SDFLHQWH GH PDQHLUD WRWDOPHQWH LQGRORU
64
SRU VHPDQD R HTXLSDPHQWR p UHFRPHQGDGR SDUD R
3DUD PDLV LQIRUPDo}HV DFHVVH ZZZ RQGHUPD FRP EU
&$3$
)HUQDQGD 1REUH
)RQWH $VVHVVRULD GH LPSUHQVD )RWR 5LFDUGR 3HQQD 0DNH /HWtFLD GH $JRVWLQR 6W\OLVW /pR %HOLFKD
&RP LQ~PHURV WUDEDOKRV QD WHOHYLVmR D DWUL] )HUQDQGD 1REUH YLYH XPD QRYD IDVH QD FDUUHLUD $SyV PRUDU XPD WHPSRUDGD HP /RQGUHV QD ,QJODWHUUD FRP R LQWXLWR GH VH UHQRYDU H HVWXGDU GLIHUHQWHV WpFQLFDV GH LQWHUSUHWDomR )HUQDQGD YROWRX DR %UDVLO FRP XP QRYR YLVXDO H SURMHWRV LQVSLUDGRUHV 66
/RJR GHSRLV GH VHX UHWRUQR )HUQDQGD GHX LQtFLR D WUDEDOKRV QD 79 IHFKDGD 2 SULPHLUR IRL QD VpULH ยฆ&RSD +RWHOยง GD *17 HP TXH LQWHUSUHWRX $QW{QLD DR ODGR GRV DWRUHV 0DULD 5LEHLUR H 0LJXHO 7KLUp 1D VHTXrQFLD D DWUL] HVWUHRX D SULPHLUD WHPSRUDGD GR SURJUDPD ยฆ$FUHGLWD QD 3HUXFDยง GR FDQD 0XOWLVKRZ QR TXDO GHVSRQWRX FRPR D YLOm 0DULD (GXDUGD (P )HUQDQGD HVWUHRX D SHoD ยฆ2 &RUSR GD 0XOKHU FRPR &DPSR GH %DWDOKDยง 2 HVSHWiFXOR TXH DERUGD D YLROrQFLD IHPLQLQD IRL HVFULWR SRU 0DWHL 9LVQLHF H WHP GLUHomR GH )HUQDQGR 3KLOEHUW $ DWUL] LQWHUSUHWD 'RUUD XPD SHUVRQDJHP EDVWDQWH LQWHQVD TXH UHSUHVHQWD XPD UHIXJLDGD EyVQLD YtWLPD GH HVWXSUR &RP D SHoD )HUQDQGD IRL LQGLFDGD DR SUrPLR 6KHOO GH PHOKRU DWUL] -i QR VHJXQGR VHPHVWUH GR DQR SDVVDGR )HUQDQGD 1REUH HVWHYH QRV FLQHPDV QR ILOPH ยฆ-RmR R PDHVWURยง FRP URWHLUR H GLUHomR GH 0DXUR /LPD EDVHDGR QD YLGD GR PDHVWUR EUDVLOHLUR -RmR &DUORV 0DUWLQV 1R ORQJD HOD LQWHUSUHWRX 6DQGUD TXH UHSUHVHQWD WRGDV DV TXDWUR HVSRVDV GR SLDQLVWD $ ~OWLPD SURGXomR FLQHPDWRJUiILFD GH )HUQDQGD IRL R ILOPH ยฆ/HR H %LDยง GH 2VZDOGR 0RQWHQHJUR (P D DWUL] UHWRUQRX j 5HGH *ORER SDUD XPD SDUWLFLSDomR QD QRYHOD GDV QRYH ยฆ$ /HL GR $PRUยง 1R PHVPR DQR )HUQDQGD LQJUHVVRX QR XQLYHUVR HPSUHVDULDO ODQoDQGR XPD PDUFD GH URXSD LQIDQWLO D ยฆ0LQL $OLFHยง $WXDOPHQWH D DWUL] YLYH 'LDQD HP ยฆ'HXV 6DOYH 2 5HLยง WUDPD JOREDO GDV VHWH
&RQILUD QRVVD HQWUHYLVWD H[FOXVLYD $PDLV &RPR p DGPLQLVWUDU D FDUUHLUD DUWtVWLFD H D FDUUHLUD HPSUHVDULDO" )HUQDQGD e XPD GHOtFLD SRLV HVWRX ID]HQGR GXDV FRLVDV TXH DPR PXLWR DWXDU H WUDEDOKDU FRP PRGD (QWmR VHPSUH QDV IROJDV GDV JUDYDo}HV HX HQFRQWUR HVSDoR SDUD PH GHGLFDU j 0LQL $OLFH PLQKD PDUFD WmR TXHULGD $PDLV 4XDQGR FULDQoD Mi VDELD R TXH TXHULD" )HUQDQGD &RVWXPR EULQFDU TXH IRL D SURILVVmR TXH PH HVFROKHX 1mR IXL XPD FULDQoD TXH SHGL SDUD PLQKD PmH PH FRORFDU QR WHDWUR RX WY HVWH HUD XP VRQKR GD PLQKD LUPm 0DUFHOOD TXH ID]LD 7DEODGR H WLQKD PXLWR WDOHQWR FRPR DWUL] 6XUJLX R WHVWH SDUD D PLQKD SULPHLUD QRYHOD GHVSHGLGD GH VROWHLUR TXDQGR HX WLQKD DQRV H IRL PLQKD LUPm TXH PH HQVDLRX SDUD HOH 2X VHMD IRL XPD FRQTXLVWD QRVVD 4XDQGR FRPHFHL D ID]HU D QRYHOD HX PH DSDL[RQHL SRU DTXHOH XQLYHUVR H GHVGH HVWH PRPHQWR QmR WHYH XP Vy LQVWDQWH XP Vy DQR TXH HX QmR H[HUFHVVH PLQKD SURILVVmR $PDLV &RPR YRFr Yr D FDUUHLUD GH $WUL] IRUD GR %UDVLO" 0DLV RSRUWXQLGDGHV" 0HOKRU SUHSDUDomR" )HUQDQGD (X Mi IL] HVSHWiFXOR HP 3RUWXJDO H DGRUR D IRUPD FRPR HOHV FRQVRPHP D QRVVD FXOWXUD 3DUD Oi LULD
$PDLV 7HP DOJXPD SUHIHUrQFLD HQWUH ID]HU QRYHOD RX ILOPH"
IHOL] ID]HU XP WUDEDOKR 0DV IRUD GR HL[R %UDVLO H
)HUQDQGD 1mR IDoR RV GRLV FRP SDL[mR $ PHOKRU
3RUWXJDO R H[WHULRU QmR p XP SODQR SDUD PLQKD FDUUHLUD
FRLVD GR PXQGR p TXDQGR FRQVHJXLPRV PHVFODU XPD
QmR SHQVR QLVVR D SURILVVmR Mi p GLItFLO R VXILFLHQWH QR
QRYHOD GHSRLV XPD SHoD H XP ILOPH 6mR OLQJXDJHQV
QRVVR SDtV H FXOWXUD 6y GH LPDJLQDU FRPHoDU WXGR GR
FRPSOHWDPHQWH GLIHUHQWHV HP TXH DV WpFQLFDV TXH
]HUR QRYDPHQWH PH Gi XP IULR QD EDUULJD UV
XVDPRV SDUD FDGD XPD p GLVWLQWD (X DPR DV WUrV 67
&$3$
)HUQDQGD 1REUH )RQWH $VVHVVRULD GH LPSUHQVD )RWR 5LFDUGR 3HQQD 0DNH /HWtFLD GH $JRVWLQR 6W\OLVW /pR %HOLFKD
$PDLV 2 TXH PDLV JRVWD GH ID]HU QDV KRUDV YDJDV" )HUQDQGD 4XDQGR HVWRX QR PHLR GH DOJXP WUDEDOKR FRP XPD FDUJD KRUiULD SHVDGD R TXH HX PDLV JRVWR p GH ILFDU HP FDVD 0DV TXDQGR HVWRX GH IpULDV PLQKD SDL[mR p YLDMDU $PDLV &RPR p D )HUQDQGD ¦)DPtOLD§" )HUQDQGD (X WHQKR XPD UHODomR PDUDYLOKRVD FRP D PLQKD IDPtOLD 2V PHXV SDLV H PLQKDV GXDV LUPmV VmR PHXV PHOKRUHV DPLJRV DV SHVVRDV TXH VLQWR PDLV SUD]HU GH HVWDU MXQWR 1yV VDtPRV SDUD WRPDU GULQN MXQWRV H EDWHU SDSR YLDMDPRV MXQWRV WHPRV PXLWR GLiORJR H PXLWR UHVSHLWR SHOD SHUVRQDOLGDGH GH FDGD XP 0HXV SDLV VmR SHVVRDV PXLWR LQWHOLJHQWHV H GLYHUWLGDV yWLPRV GH EDWHU SDSR H WURFDU VREUH D YLGD $PDLV 'H WRGRV RV SDSpLV TXH Mi IH] TXDO IRL R TXH PDLV PDUFRX HP YRFr" )HUQDQGD &DGD SDSHO PDUFD XPD IDVH GD PLQKD YLGD 4XDQGR TXHUR OHPEUDU GR TXH DFRQWHFHX FRPLJR QXP GHWHUPLQDGR DQR D PLQKD UHIHUrQFLD p TXDO SHUVRQDJHP HX HVWDYD ID]HQGR QDTXHOH PRPHQWR &ODUR TXH D %LD PLQKD SHUVRQDJHP HP 0DOKDomR IRL R PDLV PDUFDQWH WDQWR SDUD PLP TXDQWR SDUD R S~EOLFR $Wp KRMH UHFHER DERUGDJHQV IDODQGR GHOD VLQWR LPHQVR FDULQKR H JUDWLGmR SRU LVVR 0DV RXWURV GRLV SHUVRQDJHQV TXH PH[HUDP PXLWR FRPLJR IRUDP D KLSSLH 7DWLDQD QD QRYHOD ´&LGDGmR %UDVLOHLURµ GH /DXUR &pVDU 0XQL] H D $QW{QLD SURWDJRQLVWD GD VpULH ´&RSD +RWHOµ GR *17 5iSLGDV 8P OXJDU R PHX HVSDoR GH WUDEDOKR R SDOFR XP VHW GH JUDYDomR RX ILOPDJHP 4XDQGR HQWUR HP XP GHOHV PH VLQWR FRPSOHWDPHQWH SHUWHQFHQWH D HVWH OXJDU 8PD FRPLGD VRX YLFLDGD HP FRPLGD MDSRQHVD 8P VRQKR TXH R QRVVR SDtV VH WUDQVIRUPH QXP OXJDU VHJXUR QD YLROrQFLD FRPR QD HVWDELOLGDGH HFRQ{PLFD 8PD P~VLFD WHP JHQWH TXH SUHFLVD PHGLWDU SDUD GHVHVWUHVVDU RXWURV VXUIDU HX SUHFLVR GH XPD SLVWD GH GDQoD 0~VLFD ERD p DTXHOD TXH PH ID] GDQoDU D IHVWD WRGD
68
*5832 3(75¾32/,6
&$03$1+$ '$ ,7$,3$9$ 5(9(/$ 48( 2 9(5Â 2
9,9( '(1752 '$6 3(662$6 3RU &RPXQLFDomR &RUSRUDWLYD *UXSR 3HWUySROLV
&RP FRQFHLWR ¦GHQWUR GD JHQWH p VHPSUH YHUmR§ SURMHWR UH~QH FLQFR ILOPHV DOpP GH Do}HV HP PtGLD GLJLWDO
$
,WDLSDYD DFUHGLWD TXH R YHUmR p PXLWR PDLRU TXH XPD HVWDomR GR DQR p XPD IRUPD GH YLYHU D YLGD 3DUD FRPSURYDU D LGHLD ´GHQWUR GD JHQWH p VHPSUH YHUmRµ D FHUYHMD ODQoD QRYD FDPSDQKD FRPSRVWD SRU FLQFR ILOPHV DOpP GH Do}HV HP PtGLD GLJLWDO
70
2 SURMHWR EULQFD FRP D WHPSHUDWXUD FRUSRUDO ID]HQGR UHIHUrQFLD DR YHUmR LQWHULRU GH FDGD XP TXH SRGH GXUDU R DQR LQWHLUR ´6H R YHUmR p XP MHLWR GH YLYHU D YLGD HOH QXQFD GHYH DFDEDU LQGHSHQGHQWH GR FOLPD 3RU LVVR SDUD HVWH DQR D ,WDLSDYD WUDEDOKD FRP D SURSRVWD GH TXH QmR LPSRUWD TXDO p D WHPSHUDWXUD Oi IRUD QRVVR FRUSR HVWi D Â&#x2022;µ H[SOLFD (OLDQD &DVVDQGUH JHUHQWH GH SURSDJDQGD GD PDUFD
*5832 3(75¾32/,6
&$03$1+$ '$ ,7$,3$9$ 5(9(/$ 48( 2 9(5Â 2 9,9( '(1752 '$6 3(662$6 3RU &RPXQLFDomR &RUSRUDWLYD *UXSR 3HWUySROLV
,QWLWXODGD ´(P 9RFr e 9HUmR 2 $QR 7RGRµ D FDPSDQKD IRL FULDGD HP SDUFHULD FRP D < 5 H WHP LQtFLR FRP R WHDVHU TXH LQVWLJD DV SHVVRDV j PHGLUHP D VXD WHPSHUDWXUD 'H IRUPD EHP KXPRUDGD D FKDPDGD LQVWLJD SDUD R VHJXQGR ILOPH TXH UHIRUoD D QHFHVVLGDGH GH FRQWLQXDU YLYHQGR R DQR LQWHLUR FRP D PHVPD LQWHQVLGDGH GR SHUtRGR GH GH]HPEUR D PDUoR
72
´2 YHUmR p PDLV GR TXH XPD HVWDomR HOH HVWi GHQWUR GH YRFr 'HSRLV GH DOJXPDV FDPSDQKDV FRP HVVH WHPD QRV GHSDUDPRV FRP XPD YHUGDGH LQFRQWHVWiYHO D GH TXH WRGRV QyV YLYHPRV D Â&#x2022;& RX VHMD QD WHPSHUDWXUD GR YHUmR 'HVVH LQVLJKW QDVFHX QRVVD QRYD DVVLQDWXUD H FDPSDQKD (P 9RFr e 9HUmR 2 $QR 7RGRµ FRQWD &HOVR $OILHUL GLUHWRU GH FULDomR GD < 5
*$6752120,$
02/+2 3(672
-~OLD 6RDUHV
&ULDGRUD GR EORJ GH UHFHLWDV ยฆ2 4XH 9DL 7HU 1D -DQWD"ยง RTXHYDLWHUQDMDQWD FRP EU FRQWDWR#RTXHYDLWHUQDMDQWD FRP EU IDFHERRN FRP RTXHYDLWHUQDMDQWD LQVWDJUDP FRP RTXHYDLWHUQDMDQWD
'( &$67$1+$ '2 3$5ยท 5HQGLPHQWR D SRUo}HV 'LILFXOGDGH )iFLO 7HPSR GH 3UHSDUR PLQXWRV
,QJUHGLHQWHV ย [tFDUD FKi GH IROKDV GH PDQMHULFmR ย [tFDUD FKi GH FDVWDQKDV GR SDUi ย [tFDUD FKi GH D]HLWH GH ROLYD ย GHQWH GH DOKR SHTXHQR ย J GH TXHLMR SDUPHVmR UDODGR ILQR ย 6DO H SLPHQWD GR UHLQR D JRVWR
74
0RGR GH 3UHSDUR /DYH DV IROKDV GH PDQMHULFmR H VHTXH DV EHP FRP D DMXGD GH XP SDSHO WRDOKD 5HVHUYH 'HVFDVTXH R GHQWH GH DOKR H DPDVVH FRP D DMXGD GH XP HVSUHPHGRU 6H TXLVHU SRGH UDODU SDUD TXH QHQKXP SHGDoR DSDUHoD (P XP SURFHVVDGRU GH DOLPHQWRV OLTXLGLILFDGRU RX SLOmR EDWD DV FDVWDQKDV DWp TXH HVWHMDP EHP WULWXUDGDV (P VHJXLGD DFUHVFHQWH R DOKR R PDQMHULFmR H XP SRXFR PDLV GD PHWDGH GR D]HLWH H EDWD EHP DWp REWHU XPD SDVWD KRPRJrQHD 7UDQVILUD SDUD XPD WLJHOD PLVWXUH R TXHLMR SDUPHVmR H SURYH SDUD DFHUWDU R VDO $FUHVFHQWH WDPEpP D SLPHQWD GR UHLQR H PLVWXUH PDLV XPD YH] FRORFDQGR R UHVWDQWH GR D]HLWH SRU FLPD SDUD LPSHGLU TXH D SDVWD R[LGH H PXGH GH FRU ,VVR QmR p XP SUREOHPD p Vy XPD TXHVWmR HVWpWLFD
*$6752120,$
%2/2 '( &+2&2/$7(
-~OLD 6RDUHV
)/25(67$ 1(*5$
&ULDGRUD GR EORJ GH UHFHLWDV ยฆ2 4XH 9DL 7HU 1D -DQWD"ยง RTXHYDLWHUQDMDQWD FRP EU FRQWDWR#RTXHYDLWHUQDMDQWD FRP EU IDFHERRN FRP RTXHYDLWHUQDMDQWD LQVWDJUDP FRP RTXHYDLWHUQDMDQWD
5HQGLPHQWR D SRUo}HV 'LILFXOGDGH )iFLO 7HPSR GH SUHSDUR KRUD
,QJUHGLHQWHV
ย [tFDUD FKi GH Do~FDU FROKHUHV VRSD SDUD R FKDQWLOO\
ย [tFDUD FKi GH FKRFRODWH HP Sy ย RYRV ย [tFDUD FKi GH yOHR ย [tFDUDV FKi GH IDULQKD GH WULJR ย [tFDUD FKi GH iJXD HP WHPSHUDWXUD DPELHQWH ย FROKHU VRSD GH IHUPHQWR HP Sy ย PO GH FUHPH GH OHLWH IUHVFR ย J GH FHUHMDV HP FDOGD ย FROKHU VRSD GH UDVSDV GH FKRFRODWH PHLR DPDUJR
76
0RGR GH 3UHSDUR 3Up DTXHoD R IRUQR HP ย & PpGLR H XQWH XPD DVVDGHLUD UHGRQGD GH FP 3HQHLUH R Do~FDU [tFDUD MXQWR FRP R FKRFRODWH (P VHJXLGD Yi DFUHVFHQWDQGR XP RYR LQWHLUR SRU YH] H EDWD EHP GH SUHIHUrQFLD FRP XPD EDWHGHLUD (P RXWUD YDVLOKD SHQHLUH D IDULQKD MXQWR FRP R IHUPHQWR $FUHVFHQWH R yOHR EDWD PDLV XP SRXFR SDUD PLVWXUDU EHP H Yi DFUHVFHQWDQGR DOWHUQDGDPHQWH D iJXD H D IDULQKD H PLVWXUH EHP /HYH DR IRUQR SRU DSUR[LPDGDPHQWH PLQXWRV $QWHV GH UHWLUDU GR IRUQR IDoD R WHVWH GR SDOLWR HVSHWH EHP QR PHLR GR EROR 6H VDLU OLPSR HVWi SHUIHLWDPHQWH DVVDGR 'HL[H HVIULDU FRPSOHWDPHQWH DQWHV GH FRUWDU H UHFKHDU &KDQWLOO\ FRORTXH D WLJHOD D VHU XVDGD H DV SiV GD EDWHGHLUD QR FRQJHODGRU PLQXWRV DQWHV GH FRPHoDU R SUHSDUR -XQWH R FUHPH GH OHLWH IUHVFR H DV FROKHUHV GH VRSD GH Do~FDU H OLJXH D EDWHGHLUD QD YHORFLGDGH EDL[D DWp PLVWXUDU RV LQJUHGLHQWH H ID]HU EROKDV JUDQGHV H GHQVDV HP WRUQR GH PLQXWR 'HSRLV DXPHQWH D YHORFLGDGH SDUD R Pi[LPR H Yi EDWHQGR DWp TXH R FUHPH ILTXH EHP FUHPRVR 3UHVWH DWHQomR SDUD TXH HOH QmR ILTXH PXLWR GXUR H YLUH PDQWHLJD (OH WHP TXH ILFDU FRP DSDUrQFLD GH FODUDV HP QHYHV ILUPHV 3LTXH PHWDGH GDV FHUHMDV GR SRWH JXDUGDQGR D RXWUD PHWDGH SDUD GHFRUDU H D FDOGD SDUD PROKDU R EROR 5HJXH R EROR FRUWDGR DR PHLR FRP D FDOGD GDV FHUHMDV H UHFKHLH FRP PHWDGH GR FUHPH DV FHUHMDV FRUWDGDV H PHWDGH GDV UDVSDV GH FKRFRODWH &RORTXH D RXWUD PHWDGH GR EROR Mi UHJDGD FRP D FDOGD H SDUD FREULU FRORTXH XPD SULPHLUD FROKHU GR FUHPH HVSDOKDQGR VREUH R EROR H DV ODWHUDLV GH PRGR D ยดFRODUยต RV IDUHORV SDUD TXH HOHV QmR VH PLVWXUHP FRP R UHVWDQWH GR FUHPH (P VHJXLGD FRORTXH PDLV DOJXPDV FROKHUHV GR FUHPH H Yi HVSDOKDQGR VREUH R EROR GHL[DQGR TXH R H[FHVVR FDLD SDUD DV ODWHUDLV FREULQGR DV WDPEpP (QIHLWH FRP DV FHUHMDV H DV UDVSDV GH FKRFRODWH H SURQWR
9,1+26
9DOHULD 3LORQ 6RPPHOLqUH H &RRUGHQDGRUD GH (YHQWRV 6DOXW 6RPPHOLqUH 9DOpULD 3LORQ H PDLO VRPPHOLHUBYDOHULD#KRWPDLO FRP
0$56$/$
e XPD UHJLmR LWDOLDQD VLWXDGD QD 6LFtOLD p IDPRVD SHOD KLVWyULD UHQDVFHQWLVWD SHORV VtWLRV DUTXHROyJLFRV SHODV EHODV SDLVDJHQV TXH HPROGXUDP R S{U GR VRO H SHOD UHVHUYD QDWXUDO GH VDOLQDV 0DV DFLPD GH WXGR 0DUVDOD p IDPRVD SHORV VHXV HQFDQWDGRUHV YLQKRV IRUWLILFDGRV (VWH HVWLOR GH YLQKR p FRPR VH IRVVH R SULPR LWDOLDQR GRV SRUWXJXHVHV 3RUWR H 0DGHLUD H GR HVSDQKRO -HUH] 7UDWD VH GH XP YLQKR IRUWLILFDGR FRPSOH[R H VHGXWRU FRP DURPDV GH IUXWDV VHFDV H HVSHFLDULDV H FRUHV LQWHQVDV
3DUD HYLWDU SUREOHPDV GH FRQVHUYDomR GXUDQWH D YLDJHP HOH DGLFLRQRX DJXDUGHQWH YtQLFD FRPR VH ID]LD FRP RV YLQKRV GR 3RUWR H 0DGHLUD SDUD TXH R YLQKR DJXHQWDVVH D YLDJHP SDUD D ,QJODWHUUD QRV EDUULV $R GHVHPEDUFDU QD ,QJODWHUUD HOH R SURYRX H SHUFHEHX TXH D EHELGD KDYLD VH PRGLILFDGR PXLWR H SDUD PHOKRU $ DJXDUGHQWH YtQLFD KDYLD GDGR HVSHVVXUD H PDLRU SRWrQFLD DR YLQKR ( HOH R EDWL]RX GH YLQKR GH 0DUVDOD 7HPSRV GHSRLV HOH YROWRX j 6LFtOLD PRQWRX VXD SUySULD YLQtFROD 2 0DUVDOD p SURGX]LGR D SDUWLU GH XYDV ORFDLV SODQWDGDV D VRPHQWH NP GH GLVWkQFLD GR PDU $V FHSDV XWLOL]DGDV VmR DV EUDQFDV &DWDUUDWWR *ULOOR ,Q]ROLD H 'DPDVFKLQR RX DV WLQWDV 3LJQDWWHOOR 1HUR G $YROD H 1HUHOOR 0DVFDOHVH &RQIRUPH VXD FRORUDomR R 0DUVDOD &ODVVLILFDomR 2XUR ¤ SURGX]LGR FRP XYDV EUDQFDV SRVVXL D FRU GRXUDGD µPEDU ¤ SURGX]LGR FRP XYDV EUDQFDV HVWD FRU SHFXOLDU p FRQVHTXrQFLD GD DGLomR GH PRVWR FR]LGR QD SURSRUomR PtQLPD GH
5XEL ¤ SURGX]LGR FRP XYDV WLQWDV DV XYDV EUDQFDV KLVWyULD FRQWD TXH R LWDOLDQR 0DUVDOD p QmR SRGHP UHSUHVHQWDU PDLV GR TXH GR WRWDO p R QD UHDOLGDGH XPD GHVFREHUWD LQJOHVD 0DUVDOD PHQRV FRQKHFLGR 1R VpFXOR IRUoDGR SRU XPD $ TXDQWLGDGH GH Do~FDU UHVLGXDO SURYHQLHQWH GD WHPSHVWDGH XP FRPHUFLDQWH LQJOrV FKDPDGR -RKQ :RRGKRXVH GHVHPEDUFRX QD FLGDGH GH SUySULD XYD GR 0DUVDOD YDULD SRGHQGR DOFDQoDU 0DUVDOD SURYRX R YLQKR ORFDO QXPD WDEHUQD H QtYHLV VXSHULRUHV D J SRU OLWUR 6HFR ¤ PHQRV GH J GH Do~FDU UHVLGXDO SRU OLWUR UHVROYHX OHYDU XP ORWH SDUD FRPHUFLDOL]DU
$ 78
9,1+26
0$56$/$ 9DOHULD 3LORQ 6RPPHOLqUH H &RRUGHQDGRUD GH (YHQWRV 6DOXW 6RPPHOLqUH 9DOpULD 3LORQ H PDLO VRPPHOLHUBYDOHULD#KRWPDLO FRP
6HPLVVHFR ¤ HQWUH H J GH Do~FDU UHVLGXDO SRU OLWUR 'RFH ¤ PDLV GH J GH Do~FDU UHVLGXDO SRU OLWUR 2V 0DUVDODV SRGHP VHU GRFH RX VHFR SiOLGR RX HVFXUR FRP DURPDV GH FDUDPHOR RX GH IUXWDV VHFDV FRPR DYHOmV H QR]HV 2 WHPSR GH HQYHOKHFLPHQWR DV QRUPDV GD ' 2 GHQRPLQDomR GH RULJHP GR 0DUVDOD WDPEpP GHILQHP DOJXPDV FODVVLILFDo}HV 6HQGR TXH TXDQWR PHQRU R WHPSR GH HQYHOKHFLPHQWR PHQRU R WHRU DOFRyOLFR TXH JHUDOPHQWH ILFD HQWUH H Â&#x192; )LQH ¤ HQYHOKHFLPHQWR PtQLPR GH DQR p R PDLV XWLOL]DGR QD FXOLQiULD 6XSHULRUH ¤ HQYHOKHFLPHQWR PtQLPR GH DQRV HP PDGHLUD 6XSHULRUH 5LVHUYD ¤ HQYHOKHFLPHQWR PtQLPR GH DQRV HP PDGHLUD 9HUJLQH H RX 6ROHUDV ¤ HQYHOKHFLPHQWR PtQLPR GH DQRV HP PDGHLUD 9HUJLQH H RX 6ROHUDV 5LVHUYD RX 6WUDYHFFKLR ¤ HQYHOKHFLPHQWR PtQLPR GH DQRV HP PDGHLUD 9HUJLQH RX ¦YLUJHP§ HP SRUWXJXrV p XP WHUPR DVVRFLDGR jV FRQGLo}HV HVWDEHOHFLGDV SHOD OHJLVODomR VmR RV YLQKRV SURGX]LGRV H[FOXVLYDPHQWH D SDUWLU GH XYDV EUDQFDV H FRP D DGLomR DSHQDV GD DJXDUGHQWH GH YLQKR VHP DGLomR GH PRVWR FR]LGR 80
RX FRQFHQWUDGR QHP DGLomR GH PLVWHOOD WDPEpP FKDPDGD GH VLIRQH p XP SURGXWR REWLGR D SDUWLU GH PRVWR GH XYDV WDUGLDV H iOFRRO XWLOL]DGR SDUD DMXVWDU R SHUFHQWXDO GH Do~FDU H FRQIHULU DURPDV WHUFLiULRV 2 WHUPR 6ROHUDV TXH SRGH DSDUHFHU QDV YHUV}HV 9HUJLQH VLJQLILFD TXH KRXYH XPD PLVWXUD GH GLIHUHQWHV VDIUDV SHOR VLVWHPD GH HQYHOKHFLPHQWR GH YLQKRV FKDPDGR VROHUD FRPR R HVSDQKRO -HUH] 2 0DUVDOD p PXLWR XVDGR QD FXOLQiULD PDLV VHFR HP SUDWRV VDOJDGRV H PDLV GRFH QD SkWLVVHULH 8P GRV SUDWRV PDLV IDPRVRV HODERUDGR FRP HVVH YLQKR p R )UDQJR DR 0ROKR 0DUVDOD 0DV WDPEpP p XP LPSRUWDQWH LQJUHGLHQWH SDUD GRFHV FRPR R SDQHWRQH WLUDPLVVX FUHPH ]DEDLRQH 0DV DOpP GR XVR FXOLQiULR 0DUVDOD VHFR p XP H[FHOHQWH DSHULWLYR SDUD DFRPSDQKDU TXHLMRV D]XLV H FDVWDQKDV GH WRGRV RV WLSRV 2 0DUVDOD GRFH p XP YLQKR GH VREUHPHVD HVSHWDFXODU SDUD DFRPSDQKDU FKRFRODWHV &RP D FKHJDGD GR RXWRQR H R SUHQXQFLR GR LQYHUQR HVWH YLQKR SRGH HQWUDU QD VXD OLVWD GH GHVHMRV SDUD HVWDV GHOLFLRVDV HVWDo}HV ILFDUHP DLQGD PHOKRU 6H IRU EHEHU EHED R TXH p ERP H FRP PRGHUDomR 6DOXWH
',5(,726
3/$126 '( 6$Á'( &21+(d$ 6(86 ',5(,726 6HJXQGR QRVVD &RQVWLWXLomR )HGHUDO GH D VD~GH p GLUHLWR GH WRGRV H GHYHU GR (VWDGR 6HQGR DVVLP FRP R LQWXLWR GH SHUPLWLU R DFHVVR LQWHJUDO H JUDWXLWR D WRGRV RV EUDVLOHLURV IRL FULDGR R 6LVWHPD ÁQLFR GH 6D~GH 686 3RU 'UD 1DWKDOLD 1RJXHLUD *LOHYLFLXV H PDLO QYBDGYRJDGRV#RXWORRN FRP
3
RUpP PXLWDV SHVVRDV SDVVDUDP D SURFXUDU DWHQGLPHQWR GH IRUPD SULYDGD YLVWR TXH HQFRQWUDYDP GLILFXOGDGHV DR WHQWDUHP XWLOL]DU R 686 )RL HQWmR TXH FRPHoDUDP D VXUJLU RV SODQRV GH VD~GH 1R DQR GH TXH IRL HQWmR SURPXOJDGD D /HL TXH UHJXODPHQWD RV SODQRV H VHJXURV GH VD~GH $QWHV GR VXUJLPHQWR GHVWD OHL RV XVXiULRV GHVVHV VHUYLoRV Vy SRGLDP VH XWLOL]DU GR &yGLJR GH 'HIHVD GR &RQVXPLGRU TXH DLQGD KRMH p DPSODPHQWH XWLOL]DGR FRQWUD RV DEXVRV SUDWLFDGRV SHODV 2SHUDGRUDV GH 6D~GH 1RV ~OWLPRV DQRV R Q~PHUR GH Do}HV MXGLFLDLV FRQWUD 2SHUDGRUDV GH 6D~GH DXPHQWRX GHPDVLDGDPHQWH R TXH QRV OHYD D REVHUYDU TXH DOJR QmR HVWi IXQFLRQDQGR EHP 6mR PXLWDV DV UHFODPDo}HV GRV XVXiULRV TXH SDJDP DOWDV PHQVDOLGDGHV H MXVWDPHQWH TXDQGR PDLV SUHFLVDP
ILFDP GHVDPSDUDGRV SRU VHXV SODQRV VHMD QD GHPRUD SDUD PDUFDomR GH FRQVXOWDV RX QD H[FOXVmR GH FREHUWXUD GH H[DPHV H LQWHUQDo}HV 4XHP WHP D IXQomR GH ILVFDOL]DU FRQWURODU UHJXODU H QRUPDWL]DU RV SODQRV GH VD~GH p D $JrQFLD 1DFLRQDO GH 6D~GH 6XSOHPHQWDU $16 $ $16 EXVFD FULDU XP HTXLOtEULR HQWUH RV FRQVXPLGRUHV H DV 2SHUDGRUDV YLVDQGR R LQWHUHVVH S~EOLFR $ $JrQFLD SRGH VHU DFLRQDGD SHOR WHOHIRQH RX SHOR VLWH ZZZ DQV JRY EU 'LYHUVDV VmR DV SUiWLFDV DEXVLYDV UHDOL]DGDV SHODV 2SHUDGRUDV GH 6D~GH TXH SRGHP VHU FRQWHVWDGDV FRP EDVH QD OHJLVODomR YLJHQWH WDLV FRPR 5HDMXVWH DQXDO 2 UHDMXVWH DQXDO p DTXHOH TXH RFRUUH QR PrV GH DQLYHUViULR GR FRQWUDWR GR SODQR (VWH UHDMXVWH GHYH VHU DSURYDGR SHOD $16 H SUHYLVWR HP FRQWUDWR &RQWLQXD
82
Optimusagencia
WEBSITES & MARKETING DIGITAL
Criando experiências
Aproximando marcas e pessoas Tudo o que fazemos é focado em estratégias digitais para ajudar a desenvolver o seu negócio.
#hitthetarget
Websites e Blogs
Otimização Google
Social Media
Lojas Virtuais
Branding Design
Cursos e Palestras
Expanda seus negócios na internet! (15) 99681.6691 | www.optimus360.com 83 93
',5(,726
3/$126 '( 6$Á'( &21+(d$ 6(86 ',5(,726 3RU 'UD 1DWKDOLD 1RJXHLUD *LOHYLFLXV H PDLO QYBDGYRJDGRV#RXWORRN FRP
5HDMXVWH SRU PXGDQoD GH IDL[D HWiULD e R UHDMXVWH DSOLFDGR TXDQGR R XVXiULR FRPSOHWD GHWHUPLQDGD LGDGH TXH XOWUDSDVVD R OLPLWH GD IDL[D HWiULD HP TXH VH HQFRQWUD 1HVVH FDVR HP HVSHFtILFR SUHFLVDPRV ILFDU DWHQWRV DR tQGLFH DSOLFDGR QD ~OWLPD IDL[D HWiULD GH DQRV TXH QD PDLRULD GDV YH]HV p DEXVLYR &DQFHODPHQWR GR SODQR SRU IDOWD GH SDJDPHQWR 6y p DGPLWLGD D VXVSHQVmR GR DWHQGLPHQWR H RX FDQFHODPHQWR GR SODQR VH R FRQVXPLGRU DWUDVDU PDLV GH GLDV FRQVHFXWLYRV RX QmR GHVGH TXH QRWLILFDGR SUHYLDPHQWH DWp R GLD &REHUWXUD 2V SODQRV GH VD~GH SRGHP HVWDEHOHFHU TXDLV GRHQoDV HVWmR FREHUWDV PDV QmR TXH WLSR GH WUDWDPHQWR HVWi DOFDQoDGR SDUD D UHVSHFWLYD FXUD 2 SDFLHQWH QmR SRGH VHU LPSHGLGR GH UHFHEHU WUDWDPHQWR FRP R PpWRGR PDLV PRGHUQR GLVSRQtYHO QR PRPHQWR HP TXH LQVWDODGD D GRHQoD FREHUWD 1HVVH VHQWLGR Mi Ki HQWHQGLPHQWR VXPXODGR SHOR 7ULEXQDO GH -XVWLoD GH 6mR 3DXOR GHIHQGHQGR TXH KDYHQGR H[SUHVVD LQGLFDomR PpGLFD GH H[DPHV DVVRFLDGRV D HQIHUPLGDGH FREHUWD SHOR FRQWUDWR QmR SUHYDOHFH D QHJDWLYD GH FREHUWXUD GR SURFHGLPHQWR 'RHQoDV SUHH[LVWHQWHV 6H R FRQVXPLGRU QmR WLYHU FRQKHFLPHQWR GR SUREOHPD D GRHQoD QmR SRGH VHU FRQVLGHUDGD FRPR SUHH[LVWHQWH ( VH R SODQR QmR TXLVHU FREULU D FRQWD GR KRVSLWDO" 'HVGH TXH SUHYLVWD HP FRQWUDWR D FREHUWXUD KRVSLWDODU R XVXiULR WHP GLUHLWR j FREHUWXUD LQWHJUDO
4XDLV RV FXLGDGRV TXH GHYHPRV WRPDU DR FRQWUDWDU XP SODQR GH VD~GH" 9HULILFDU VH D RSHUDGRUD SRVVXL UHJLVWUR QD $16 9HULILFDU VH D RSHUDGRUD GH VD~GH WHP SUREOHPDV DGPLQLVWUDWLYRV H RX ILQDQFHLURV QR VLWH ZZZ DQV JRY EU RX SHOR WHOHIRQH /HU R FRQWUDWR DQWHV GH DVVLQDU H H[LJLU XPD FySLD H D OLVWD DWXDOL]DGD GRV SUHVWDGRUHV FUHGHQFLDGRV PpGLFRV KRVSLWDLV H ODERUDWyULRV &RQWUDWH XP SODQR TXH VHMD DGHTXDGR jV VXDV QHFHVVLGDGHV H iV GH VXD IDPtOLD &RQVLGHUH D FREHUWXUD DVVLVWHQFLDO D DEUDQJrQFLD JHRJUiILFD H D UHGH FUHGHQFLDGD UHIHUHQFLDGD 9HULILTXH RV SUD]RV GH FDUrQFLD &RPSDUH SUHoRV H YHULILTXH D IRUPD GRV UHDMXVWHV LQFOXVLYH VH HOHV VmR IHLWRV SRU IDL[D HWiULD /HYH HP FRQWD TXH RV VHUYLoRV RIHUHFLGRV HVWmR OLJDGRV DR SODQR FRQWUDWDGR UHIHUHQFLDO DPEXODWRULDO KRVSLWDODU RX KRVSLWDODU FRP REVWHWUtFLD )RQWH LGHF RUJ EU (VVDV VmR DSHQDV DOJXPDV GDV SUiWLFDV DEXVLYDV UHDOL]DGDV SHODV 2SHUDGRUDV GH 6D~GH DV TXDLV GHYHPRV ILFDU DWHQWRV ,QIHOL]PHQWH DLQGD VmR PXLWDV DV RSHUDGRUDV TXH WUD]HP FOiXVXODV FRQWUDWXDLV TXH JHUDP GHVHTXL OtEULR HQWUH DV SDUWHV R TXH p SDVVtYHO GH DQXODomR SRU FRPSOHWR GD FOiXVXOD GH DFRUGR FRP R &yGLJR GH 'HIHVD GR &RQVXPLGRU
( YRFr" -i WHYH DOJXP GHVVHV SUREOHPDV FRP VHX SODQR GH VD~GH" 84
85 93
9,'$ $1,0$/
0Á6,&$ 3$5$ &$&+25526
&202 ,1)/8(1&,$0 12 %(0 (67$5 )RQWH 3HW]
0~VLFD UHOD[D GLPLQXL D DQJ~VWLD WUD] D QRVWDOJLD GH WHPSRV DWUiV H Gi XP kQLPR SDUD FRPHoDU R GLD H QmR VmR Vy RV KXPDQRV TXH FROKHP RV EHQHItFLRV GH XPD EHOD FDQomR $ P~VLFD SDUD FDFKRUURV p XP H[FHOHQWH PHLR GH GHL[i ORV PDLV IHOL]HV SRLV RV DQLPDLV SRVVXHP DLQGD PDLRU VHQVLELOLGDGH DRV HVWtPXORV VRQRURV GR TXH QyV
$
OpP GH WUD]HU yWLPDV VHQVDo}HV SDUD VHX SHW D P~VLFD WDPEpP p XP PHLR GH FRQHFWDU R WXWRU FRP R FDFKRUUR 2XYLU VXDV FDQo}HV SUHIHULGDV QD FRPSDQKLD GR PHOKRU DPLJR p XPD IRUPD GH WRUQDU HVVD DPL]DGH DLQGD PDLV HVSHFLDO
86
,PSRUWkQFLD GD P~VLFD QD YLGD GR FDFKRUUR $SHVDU GH GRPHVWLFDGR R FDFKRUUR WHP VHX LQVWLQWR DQLPDO DJXoDGR H VDEH TXH DPHDoDV H ULVFRV FRVWXPDP VHU DFRPSDQKDGRV GH VRQV LQWHQVRV H DOWRV FRQVHTXHQWHPHQWH EDUXOKRV IRUWHV GHL[DP RV SHWV WHQVRV H HP HVWDGR GH DOHUWD 4XDQGR RXYHP VRQV LQLQWHUUXSWRV H FRQVWDQWHV HOHV DVVRFLDP TXH SRGHP ILFDU WUDQTXLORV SRLV XP DPELHQWH FHUFDGR GH SD] VH
WRUQD DFRQFKHJDQWH H VHJXUR /RJR D P~VLFD SDUD FDFKRUUR WHP XP SDSHO LPSRUWDQWH SDUD GHL[DU R SHW PDLV FRQIRUWiYHO 4XDQGR QmR FRQVHJXH GRUPLU RX WHYH SHVDGHORV TXDQGR VHX WXWRU VDL SDUD WUDEDOKDU RX TXDQGR HVWi LUULWDGR SRU FRQWD GR FOLPD WHQVR GD FDVD XPD P~VLFD UHOD[DQWH ID] FRP TXH HOH VLQWD PDLV FDOPR 7LSRV GH P~VLFDV GH FDFKRUUR &DOPD Dt QHP WRGR JrQHUR PXVLFDO p ERP SDUD RV FmHV +HDY\ PHWDO URFN SHVDGR JUXQJH H TXDLVTXHU RXWUDV P~VLFDV ´SHVDGDVµ HP JHUDO SRGHP GHL[i ORV PDLV DJUHVVLYRV H PHQRV VRFLiYHLV SRLV R VRP DOWR H DV EDWLGDV IRUWHV GHL[DP R FmR HP SHUPDQHQWH HVWDGR GH DOHUWD ,VVR p R TXH DSRQWRX XPD SHVTXLVD FRQGX]LGD SHOD 4XHHQV 8QLYHUVLW\ %HOIDVW QD ,UODQGD GR 1RUWH FRP PDLV GH FmHV TXH YLYLDP HP DEULJRV $ P~VLFD FOiVVLFD p GLVSDUDGD D PHOKRU RSomR SDUD RV SHWV H QR WHVWH RV FmHV TXH RXYLUDP HVVH JrQHUR ODWLDP PHQRV H VH WRUQDYDP PDLV VRFLiYHLV 4XH D P~VLFD FOiVVLFD p D PHOKRU P~VLFD SDUD FDFKRUUR YRFr Mi VDEH PDV QR 6SRWLI\ p SRVVtYHO HQFRQWUDU DV SOD\OLVWV $QLPDO +HDOLQJ
0XVLF IRU 3HWV H 0XVLF IRU 'RJV ( DTXL YDL XPD FXULRVLGDGH D P~VLFD ´$ 'D\ LQ WKH /LIHµ GR %HDWOHV SRVVXL XP VRP GH DSLWR FRP IUHTXrQFLD WmR EDL[D TXH DSHQDV FmHV SRGHP RXYLU )DoD R WHVWH FRP VHX SHW H YHMD VXD UHDomR %HQHItFLRV $OJXQV FmHV VRIUHP GH LQV{QLD H HVWUHVVH TXH SRGHP VHU GHVHQFDGHDGRV SRU XPD VpULH GH IDWRUHV FRPR PHGR PXGDQoDV QR VHX WHUULWyULR FOLPD WHQVR QD FDVD RX D FKHJDGD GH RXWUR SHW $ P~VLFD SDUD FDFKRUURV ID] FRP TXH HOHV FRQVLJDP UHOD[DU SRLV D YLEUDomR GDV RQGDV VRQRUDV DWLYD XPD UHDomR SRVLWLYD QR FpUHEUR H DOWHUD D IUHTXrQFLD FDUGtDFD SDUD TXH DFRPSDQKH R ULWPR GD P~VLFD 2XWUR IDWRU SRVLWLYR p D GLVWUDomR &mHV TXH VRIUHP FRP D DXVrQFLD GR WXWRU GXUDQWH R GLD RX TXH VH SUHQGHP D TXDOTXHU PRYLPHQWR RX VRP GLIHUHQWH QD UXD SRGHP RXYLU P~VLFD WDQWR SDUD UHOD[DU TXDQWR SDUD SDVVDU R WHPSR ² SDUHFLGR FRP YRFr TXDQGR S}H RV IRQHV QR {QLEXV SDUD FXUWLU R VRP H D YLDJHP SDUHFH PDLV UiSLGD
87 93
),71(66
'250,5 %(0
3$5$ $/&$1d$5 2%-(7,926 4XDQGR SHQVDPRV HP GHVHPSHQKR HVSRUWLYR RX HP TXDOLGDGH GH YLGD DOJXQV DVVXQWRV QXQFD VmR GHL[DGRV GH ODGR 2 WLSR GH WUHLQDPHQWR D LQWHQVLGDGH FRP TXH WUHLQD DV RULHQWDo}HV GRV SURIHVVRUHV WUHLQDGRUHV DOLPHQWDomR EDODQFHDGD H RXWURV IDWRUHV VHPSUH HVWmR HP SDXWD H VmR DVVXQWRV LQGLVSHQViYHLV SDUD DOFDQoDUPRV QRVVDV PHWDV 3RUpP LQGHSHQGHQWHPHQWH GH TXDO IRU VHX REMHWLYR XP IDWRU FRQWULEXLQWH LQGLVSHQViYHO p D IRUPD FRPR YRFr GHVFDQVD H UHFXSHUD -XOLDQ 3LFFLQLQR )HUUDUD HIHWLYDPHQWH VHX FRUSR RX VHMD FRPR HVWi D TXDOLGDGH GH VHX VRQR" (GXFDGRU )tVLFR &UHI ¤ * 63 3yV *UDGXDGR 3HUVRQDO 7UDLQHU &RQVXOWRULD 2QOLQH MXOLDQIHUUDUD#KRWPDLO FRP ,QVWDJUDQ #MXOLDQIHUUDUD
3
RU TXH GRUPLU EHP" 8PD QRLWH GH VRQR EHP GRUPLGD HVWD UHODFLRQD FRP D PDQXWHQomR H FRQVHUYD omR GH HQHUJLD UHFXSHUDomR GR VLVWHPD QHUYRVR FHQWUDO PHOKRUD GR VLVWHPD LPXQROyJLFR IL[DomR GH PHPyULD H DSUHQGL]DGR DOpP GH IDWRUHV LQGLVSHQViYHLV TXDQGR SHQVDPRV HP UHFXSHUDomR GH VHVV}HV GH WUHLQRV TXH p D VHFUHomR GH KRUP{QLRV LPSRUWDQWtV
88
VLPRV FRPR R *+ KRUP{QLR GR FUHVFLPHQWR D LQVXOLQD FRQWUROD WD[D GH JOLFRVH GR VDQJXH KRUP{QLRV GD WLUHRLGH H XP KRUP{QLR TXH HVWi DVVRFLDGR D VHQVDomR GH VDFLHGDGH SDUD DTXHOHV TXH EXVFDP SHUGD GH SHVR D OHSWLQD UHVSRQViYHO SHOD VHQVDomR GH VDFLHGDGH 2XWURV IDWRUHV FRPR UHOD[DPHQWR GHVFDQVR H UHFXSHUDomR GD PXVFXODWXUD WDPEpP DFRQWHFHP GH IRUPD DFHOHUDGD GXUDQWH R VRQR
&DVR R LQGLYtGXR WHQKD XPD QRLWH GH VRQR UXLP KDYHUi XPD WHQGrQFLD D JDQKDU SHVR DXPHQWDQGR DV WD[DV GH JRUGXUD FRUSRUDO H DoXFDUHV QR VDQJXH GLILFXOGDGH GH FUHVFLPHQWR GLILFXOGDGHV GH DPDPHQWDomR DXPHQWR GH SUHVVmR DUWHULDO ULVFR GH GLYHUVDV SUREOHPDV GH VD~GH H GRHQoDV XPD YH] TXH R VLVWHPD LPXQROyJLFR ILFD GHELOLWDGR 2 TXH p GRUPLU EHP" 0XLWR VH HVFXWD TXH VmR QHFHVViULDV KRUDV GH VRQR WRGRV RV GLDV SRUHP HVVD p DSHQDV XPD LGHLD JHQHUDOL]DGD &DGD LQGLYtGXR QHFHVVLWD GH XP GHVFDQVR SDUWLFXODU DOJXQV FRP DSHQDV KRUDV Mi UHFXSHUDP H HVWmR SURQWRV SDUD R SUy[LPR GLD RXWURV SUHFLVDP GH PDLV KRUDV QD FDPD 2 TXH GH IDWR p LQGLVFXWtYHO p TXH D TXDOLGDGH GR VRQR WHP TXH VHU HOHYDGD H LVVR p DOFDQoDGR TXDQGR HVWDPRV QXP HVWiJLR GH VRQR SURIXQGR HP WRWDO UHOD[DPHQWR 7HPRV TXH QRV DWHQWDU HP DOJXQV SRQWRV SDUD FRQVHJXLUPRV DOFDQoDU XPD ERD QRLWH GH VRQR SRU H[HPSOR HYLWDU R
H[FHVVR GH OX] FDPD GHVFRQIRUWiYHO SUREOHPDV UHVSL UDWyULRV EDUXOKR HVWUHVVH H[FHVVR GH SUHRFXSDo}HV DQVLHGDGH FRQVXPR H[FHVVLYR GH FDIp GXUDQWH R GLD H[FHVVR GH XVR GH DSDUHOKR HOHWU{QLFRV DQWHV GH GRUPLU FRPR FHOXODUHV H QRWHERRNV HQWUH RXWURV &RQFOXVmR 3HQVDQGR HQWmR HP VD~GH H EHP HVWDU ILFD FODUR TXH p QHFHVViULR TXH KDMD XPD URWLQD GH VRQR H GHVFDQVR GXUDQWH RV GLDV $RV TXH WUHLQDP H EXVFDP VHXV REMHWLYRV SHVVRDLV SHUFHEH VH WDPEpP TXH SDUD PHOKRUDU R GHVHPSHQKR HP DOJXP HVSRUWH RX EXVFDU XPD PHOKRUD HVWpWLFD FRPR DXPHQWR GH PDVVD PXVFXODU RX GLPLQXLomR GH JRUGXUD H SHVR FRUSRUDO p LQGLVSHQViYHO DOJXPDV KRUDV UHVWDXUDGRUDV GXUDQWH j QRLWH 3RGH VH FRQVLGHUDU HQWmR TXH R 6212 WHP YDORU WmR DOWR TXDQWR XPD ERD URWLQD GH WUHLQRV H XPD GLHWD DOLPHQWDU EDODQFHDGD SDUD RV SUDWLFDQWHV GH DWLYLGDGHV ItVLFDV
89 93
),71(66
3,/$5(6 )81'$0(17$,6 3$5$ 48(0
%86&$ $ 0(/+25 )250$ )º6,&$ 0DUFHOOR 0RQWWL
&RDFK GH %HP (VWDU 3URILVVLRQDO GH (GXFDomR )tVLFD &5() * 63 ,QVWDJUDP #PDUFHOORPRQWWL PFIPRQWWL#WHUUD FRP EU
e IDWR TXH D REHVLGDGH p XPD HSLGHPLD PXQGLDO TXH DWLQJH PDLV GH GD SRSXODomR WRUQDQGR VH XPD JUDQGH SUHRFXSDomR WDQWR SDUD RV SURILVVLRQDLV H JRYHUQDQWHV TXDQWR SDUD D SRSXODomR HP JHUDO
6
DEHPRV TXH WRGRV TXHUHP VHU VDXGiYHLV H WHU XPD YLGD ORQJD DXW{QRPD H LQGHSHQGHQWH UHDOL]DQGR WRGDV DV WDUHIDV QHFHVViULDV FRP SOHQLWXGH 6HJXLQGR HVWH TXHVLWR ID] VH QHFHVViULR D EXVFD SRU XPD IRUPD ItVLFD VDXGiYHO FRP SHVR FRUSRUDO R PDLV SUy[LPR SRVVtYHO GR LGHDO (VWH IDWR QmR WHP KDYHU FRP D FKDPDGD HVWpWLFD GD PRGD TXH DSDUHFH QDV FDSDV GH UHYLVWDV PDV WHP OLJDomR GLUHWD FRP D VD~GH EHP HVWDU H IHOLFLGDGH 6HJXLQGR HVWD SUHPLVVD VHJXHP SLODUHV IXQGDPHQWDLV SDUD TXHP GHVHMD DWLQJLU XPD PHOKRU IRUPD ItVLFD FRP VD~GH H YLWDOLGDGH SHUPLWLQGR DSURYHLWDU GD PHOKRU IRUPD WRGRV RV SUD]HUHV TXH D YLGD DWLYD SURSRUFLRQD
90
Â&#x2022; 3LODU ¤ $/,0(17$d 2 6$8'·9(/ 3DUD TXH YRFr FRQVLJD WHU VD~GH SOHQD H SHVR VDXGiYHO p IXQGDPHQWDO VDEHU ID]HU DV PHOKRUHV HVFROKDV DOLPHQWDUHV DILQDO D DOLPHQWDomR p R FRPEXVWtYHO GR QRVVR FRUSR &RPEXVWtYHO UXLP D PiTXLQD IDOKD H WHP VXD YLGD ~WLO UHGX]LGD &RPEXVWtYHO ERP R RSRVWR p YHUGDGHLUR &RP PDLRU HQHUJLD H YLWDOL GDGH FRQVHTXHQWHPHQWH PDLV H PHOKRU YRFr YLYHUi &RP LVWR GHYHPRV HYLWDU SHOR PHQRV UHGX]LU QD DOLPHQWDomR RV FDUERLGUDWRV VLPSOHV H SULQFLSDOPHQWH DV FDORULDV YD]LDV H GHYHPRV LQFOXLU XPD DOLPHQWDomR OHYH VDXGiYHO FRORULGD H EDODQFHDGD HP UHODomR DRV QXWULHQWHV (VWDEHOHFHU KRUiULRV SDUD DV UHIHLo}HV WDPEpP p LQWHUHVVDQWH H HILFD] H REYLDPHQWH HYLWDU ILFDU EHOLVFDQGR DR ORQJR GR GLD RX GD QRLWH 8P SURILVVLRQDO GD iUHD GH QXWULomR SRGHUi RULHQWDU YRFr GH XPD IRUPD SOHQD H GHWDOKDGD SDUD TXH VHMDP IHLWRV RV DMXVWHV QHFHVViULRV Â&#x2022; 3LODU ¤ $7,9,'$'( )º6,&$ (VWH WDPEpP p XP SLODU IXQGDPHQWDO SDUD VH WHU SOHQLWXGH QD VD~GH H TXDOLGDGH GH YLGD )LFDU SDUDGR DWURILD (VWH p XP GLWDGR EHP YHUGDGHLUR (QWmR FRORTXH VHX FRUSR HP PRYLPHQWR 4XDO DWLYLGDGH ItVLFD YRFr GHYH ID]HU" $ TXH YRFr JRVWDU GH ID]HU 3HOR PHQRV QR FRPHoR SDUD FULDU JRVWR GHSRLV Yi DSULPRUDQGR H GLYHUVLILFDQGR &ODUR TXH D RULHQWDomR GH XP SURILVVLRQDO p IXQGDPHQWDO H SDVVDU SRU XP PpGLFR H UHDOL]DU DOJXQV H[DPHV FOtQLFRV WDPEpP p LPSRUWDQWH
SDUD JDUDQWLU VXD VHJXUDQoD HP UHODomR DRV ULVFRV GH GRHQoDV FDUGtDFDV SRU H[HPSOR &ULH JRVWR SHOR PRYLPHQWR 6HMD DOHJUH EXVTXH OXJDUHV DJUDGiYHLV DPELHQWHV IDYRUiYHLV H FRPSDQKLDV TXH FULHP VLQHUJLD SDUD D UHDOL]DomR GH H[HUFtFLRV ItVLFRV H HVWDEHOHoD UHJXODULGDGH LVWR WRUQDUi PXLWR PDLV IiFLO R FDPLQKR UXPR j VXD PHOKRU IRUPD Â&#x2022; 3LODU ¤ 683/(0(17$d 2 1875,&,21$/ '( $/7$ 48$/,'$'( 'HYLGR DR ULWPR GH YLGD PRGHUQR TXH OHYDPRV PXLWDV YH]HV WHPRV TXH ID]HU HVFROKDV DOLPHQWDUHV SREUHV HP QXWULHQWHV SRLV QHFHVVLWDPRV GH SUDWLFLGDGH H UDSLGH] QDV UHIHLo}HV GR GLD D GLD H GHYLGR j EXVFD SRU SDODGDU DJUDGiYHO YLVXDO FKHLUR GRV DOLPHQWRV PRGR GH DUPD]HQDPHQWR H SUHSDUR GRV PHVPRV DOpP GD PtGLD TXH QRV ERPEDUGHLD GH LPDJHQV TXH DJXoDP QRVVD YRQWDGH SRU DOLPHQWRV SUiWLFRV H VDERURVRV DFDEDPRV DEULQGR PmR GD QXWULomR DGHTXDGD H FRP LVVR ID] VH QHFHVViULR EXVFDU RV QXWULHQWHV GH RXWUD IRUPD 2XWUR IDWRU TXH DJUDYD D GHILFLrQFLD GRV QXWULHQWHV GRV DOLPHQWRV p D IRUPD DYDQoDGD GH SURGXomR H FRPHUFLDOL]DomR GRV PHVPRV GHL[DQGR RV HPSREUHFLGRV QRV QXWULHQWHV (VWHV IDWRUHV DFDEDP JHUDQGR D QHFHVVLGDGH GD EXVFD GD VXSOHPHQWDomR QXWULFLRQDO SULQFLSDOPHQWH GH SURWHtQDV YLWDPLQDV H PLQHUDLV QmR VRPHQWH SDUD TXHP EXVFD DOWD SHUIRUPDQFH PDV SDUD TXHP GHVHMD PHOKRUDU VXD LPXQLGDGH VXD YLWDOLGDGH H GHVHMD PDQWHU R SHVR FRUSRUDO FRQWURODGR Â&#x2022; 3LODU ¤ 0(17$/,'$'( 1mR VHL VH YRFr Mi RXYLX D IUDVH ´VR]LQKR SRGHPRV LU ORQJH PDV MXQWRV SRGHPRV LU PDLV UiSLGRµ" 4XDQGR YRFr EXVFD DSRLR WDQWR GH SURILVVLRQDLV TXDQWR GH SDUFHLURV TXH EXVFDP REMHWLYRV VHPHOKDQWHV D YRFr WXGR VH WRUQD PDLV PRWLYDQWH H PDLV IiFLO GH VH DOFDQoDU 8PD SHVVRD HVWLPXOD D RXWUD H FODUR QLQJXpP TXHU ILFDU SUi WUiV RX VHMD R ULVFR GH GHVLVWLU GH XPD PHWD HP JUXSR WRUQD VH PDLV GLItFLO
2XWUR IDWRU IXQGDPHQWDO QD PXGDQoD GH PHQWDOLGDGH DOpP GH HVWDU FRP SHVVRDV TXH IDYRUHFHP VXD PHWD p WHU SHVVRDV H SURILVVLRQDLV TXH LUmR WH DSRLDU PRWLYDU H SULQFLSDOPHQWH WH GLUHFLRQDU DRV VHXV REMHWLYRV ( SDUD LVWR DFRQWHFHU VHUi IXQGDPHQWDO VXD HYROXomR GH FRQKHFLPHQWR H GHWHUPLQDomR $OJXpP TXH WH RULHQWH QHVWH SURFHVVR VHUi XP SLODU FKDYH SDUD R VXFHVVR GD EXVFD GH VHX SHVR LGHDO (VWD SHVVRD RX JUXSR GH SHVVRDV LUi WH PRVWUDU FDPLQKRV TXH SURYDYHOPHQWH YRFr QmR VHJXLX RX QmR HVWi IDPLOLDUL]DGR HVWH VHUi R JUDQGH VHJUHGR GR VXFHVVR $OJXpP TXH PXGH VXD IRUPD GH SHQVDU HP UHODomR j VXD UHDOLGDGH DWXDO RX SDVVDGD DOJXpP TXH IDFLOLWH R VHX FDPLQKR TXH PXLWDV YH]HV YRFr DWp YDL TXHUHU YHU EHP ORQJH PDV TXH YDL GHVHMDU YHUGDGHLUDPHQWH VHX VXFHVVR H FRPHPRUDU VXD YLWyULD FRP YRFr 'LFD TXDQGR GHFLGLU YHUGDGHLUDPHQWH PXGDU VXD IRUPD ItVLFD VD~GH H TXDOLGDGH GH YLGD DVVXPD XP FRPSURPLVVR S~EOLFR FRQWH SUi WRGR PXQGR ( FHUTXH VH GH IHUUDPHQWDV UHFXUVRV SHVVRDV H SURILVVLRQDLV TXH LUmR WH FRQGX]LU QR FDPLQKR GD PHOKRU IRUPD ItVLFD H EHP HVWDU GH VXD YLGD &RP HVWHV SLODUHV DMXVWDGRV WHU XPD YLGD PDLV IHOL] H VDXGiYHO VHUi PDLV VLPSOHV GR TXH VH LPDJLQD
91 93
0(,2 $0%,(17(
&202 86$5 ¾/(2 '( &2&2 75¶6 87,/,'$'(6 328&2 &21+(&,'$6 )RQWH HF\FOH
0XLWD JHQWH DFKD TXH VDEH FRPR XVDU R yOHR GH FRFR 2V EHQHItFLRV GR yOHR GH FRFR Mi VmR EDVWDQWH FRQKHFLGRV H WDPEpP p IiFLO ID]HU XP yOHR GH FRFR FDVHLUR
(
[LVWHP DOJXPDV IRUPDV GH XVDU R yOHR GH FRFR TXH VmR PXLWR FRQKHFLGDV FRPR VXD DSOLFDomR QRV FDEHORV H WDPEpP DV SROrPLFDV HP WRUQR GRV MHLWRV GH FRPR XVDU R yOHR GH FRFR SDUD HPDJUHFHU 2 yOHR GH FRFR YHJHWDO WDPEpP p PXLWR XVDGR FRPR XP
92
DOLPHQWR TXH IDYRUHFH D GLJHVWmR H R VLVWHPD LPXQROyJLFR VXEVWLWXLQGR R yOHR FRPXP DOpP GH VHUYLU SDUD SURGX]LU FDOGDV GH VRUYHWH 3RGH VHU XP SURWHWRU VRODU QDWXUDO DLQGD TXH VHMD DSHQDV IDWRU XPD ORomR SDUD SHOH DQWLHQYHOKHFLPHQWR H WDPEpP p PDWpULD SULPD GH FRQGLFLRQDGRU SDUD
FDEHORV (QWHQGD H VDLED FRPR XVDU $LQGD QD G~YLGD GH FRPR XVDU yOHR GH FRFR" %UDQTXHDGRU GH GHQWHV &RQKHoD DOJXPDV IRUPDV LQXVLWDGDV $R HQ[DJXDU VHXV GHQWHV FRP yOHR GH FRFR SRU DSUR[LPDGDPHQWH VHJXQGRV WRGRV RV GLDV GH PDQKm YRFr YHUi VHXV GHQWHV PDLV EUDQFRV FRP R 5HSHOHQWH QDWXUDO 2 yOHR GH FRFR SRGH VHU XVDGR FRPR UHSHOHQWH WHPSR &ODUR TXH WDOYH] QmR VHMD WmR HILFD] FRPR GH PRVTXLWR H QmR Ki SUREOHPDV HP DSOLFi OR XP FODUHDPHQWR GH GHQWHV IHLWR SRU XP GHQWLVWD GLUHWDPHQWH VREUH D SHOH (OH WDPEpP p ERP PDV R LPSRUWDQWH p TXH IXQFLRQD H p SRUTXH QmR GHL[D D SHOH UHVVHFDGD FRPR DOJXQV FRPSOHWDPHQWH QDWXUDO $ ODYDJHP FRP R yOHR GH WLSRV GH UHSHOHQWHV FRFR TXHEUD D SODFD EDFWHULDQD Gi OLPSH]D DRV VHXV GHQWHV H WH SURSRUFLRQD VD~GH YHMD WDPEpP FRPR ID]HU VXD SUySULD SDVWD GH GHQWH QDWXUDO /HLD $OtYLR GH LQFKDoRV $SOLFDGR QD SHOH R yOHR GH FRFR VHUYH WDPEpP PDLV VREUH HVVH H RXWURV PpWRGRV FDVHLURV SDUD FRPR XP DQWL LQIODPDWyULR $OpP GLVVR HOH DMXGD FODUHDU RV GHQWHV QR WUDWDPHQWR GR LQFKDoR FDXVDGR SRU DFQHV RX SLFDGDV GH PRVTXLWR 2 yOHR p yWLPR SDUD GLPLQXLU D GRU GH DUWULWH (QWHQGD D UHODomR GR SURGXWR FRP D SHOH QD PDWpULD ¾OHR GH FRFR ID] EHP SDUD D SHOH
93
$57( ( &8/785$
0$5*$5,7$ )$55e
80$ '$6 $57,67$6 &217(0325µ1($6 0$,6 35(0,$'$6 0DUJDULWD )DUUp DUWLVWD FDWDOm GH %DUFHORQD YLYH H WUDEDOKD HP 6mR 3DXOR GHVGH
3RU (ULF /DQGPD\HU &UtWLFR GH $UWH $,&$ 3DULV
ODQGHULF#ERO FRP EU 6LWH KWWS HULFDUWEUDVLO EORJVSRW FRP
&
RQVDJUDGD SHOR LQHGLWLVPR GH VHX WUDEDOKR WULGLPHQVLRQDO SDUWLFLSRX GH GLYHUVRV VDO}HV GH DUWH H H[SRVLo}HV QDFLRQDLV H LQWHUQDFLRQDLV FRP D HPSUHVD (ULF $UW UHFHEHQGR SUrPLRV TXH SRXFRV DUWLVWDV FRQWHPSRUkQHRV FRQTXLVWDUDP 6HXV WUDEDOKRV SRGHP VHU HQFRQWUDGRV HP PXVHXV ORFDLV S~EOLFRV H HP LPSRUWDQWHV FROHo}HV SDUWLFXODUHV QR %UDVLO H DR UHGRU GR PXQGR $ REUD GH 0DUJDULWD )DUUp SRGH VHU GLYLGLGD HP GRLV VHJPHQWRV DV HVFXOWXUDV DEVWUDWDV IHLWDV QR ILQDO GRV DQRV D SDUWLU GH GLIHUHQWHV PDWHULDLV H DV HVFXOWXUDV HP EURQ]H ILJXUDWLYDV TXH FRPHoRX HP 6XDV 94
SULPHLUDV HVFXOWXUDV HP EURQ]H HUDP SROLGDV H FRP R GRXUDGR GH PHWDO UHOX]HQWH (P HOD DEDQGRQRX HVWH SURFHGLPHQWR H FRPHoRX D XVDU SDWLQD 0DLV WDUGH HOD IXQGH DV SHoDV HP DOXPtQLR SLQWDGDV FRP WLQWD DXWRPRWLYD DPDUHOD RX 9HUPHOKD e IXQGDPHQWDO ROKDU DV HVFXOWXUDV GH 0DUJDULWD )DUUp FRP DWHQomR VHP SUHVVD H VHP LGHLDV SUHFRQFHELGDV e SUHFLVR YHU VXDV HVFXOWXUDV VHP SUHFLSLWDomR $OpP GH HVFXOWXUDV TXH VHPSUH RFXSDUDP D PDLRU SDUWH GR WHPSR 0DUJDULWD WDPEpP SURGX]LX GHVHQKRV H SLQWXUDV GH ILJXUDV KXPDQDV H PDLV UHFHQWHPHQWH FULRX XPD VpULH GH SLQWXUDV DEVWUDWDV
&RQWLQXD
Fone: (15) 3263-4321 (15) 3263-3730
e t r o c hor ! l e m O aqui!! estรก
- Av.:Mario Pedro Vercelino, 226 - Centro - Boituva/SP - Estrada Municipal Roque Antunes Fragoso, 170 - Flora Ville - Boituva/SP 95
$57( ( &8/785$
0$5*$5,7$ )$55e 80$ '$6 $57,67$6 &217(0325µ1($6 0$,6 35(0,$'$6 3RU (ULF /DQGPD\HU &UtWLFR GH $UWH $,&$ 3DULV
ODQGHULF#ERO FRP EU 6LWH KWWS HULFDUWEUDVLO EORJVSRW FRP
)RUPDomR H FXUVRV &XUVR GH 'HVHQKR QD )XQGDomR $UPDQGR $OYDUHV 3HQWHDGR VRE RULHQWDomR GD 3URI $QD 0DULD %HOXFFL &XUVR GH (VFXOWXUD QD )XQGDomR $UPDQGR $OYDUHV 3HQWHDGR VRE RULHQWDomR GR 3URI -XDQ *RGLxR 9LDJHP GH HVWXGRV SDUD %DUFHORQD (VSDQKD H 5RPD ,WiOLD &XUVR GH (VFXOWXUD QD )XQGDomR $UPDQGR $OYDUHV 3HQWHDGR VRE RULHQWDomR GR 3URI 5DIDHO &DVWLOOR 3DUWLFLSD GR $WHOLHU GH HVFXOWXUD SURPRYLGR SHOD *DOHULD $UW(VFXOWXUD VRE RULHQWDomR GRV HVFXOWRUHV 'RPpQLFR &DODEURQH H (OYLR %HFKHURQL
96
97