Continental Mabor: manutenção é necessária, nãi é apenas "um recurso para pagar fogos"

&RQWLQHQWDO 0DERU ,QGÇVWULD GH 3QHXV 6 $ 7HO SUNRQ]HLQ#FRQWL GH ZZZ FRQWL RQOLQH FRP

'266,(5

&217,1(17$/ 0$%25 0$187(1­á2 ® 1(&(66é5,$ 1á2 ® $3(1$6 |80 5(&8562 3$5$ $3$*$5 )2*26} (QWUHYLVWD FRQGX]LGD SRU 0LJXHO )HUUD] H WH[WR UHGLJLGR SRU 7LDJR &ÄUWH 5HDO

1R VHQWLGR GH PHOKRU H[SORUDU D WHP²WLFD YLJHQWH D HVWH GRVVLHU D PDQXWHQ¸¶R z D UHYLVWD 5REÂWLFD WHYH RSRUWXQLGDGH GH FRQYHUVDU FRP 5XL 1XQHV UHVSRQV²YHO SHOR 'HSDUWDPHQWR GH 0DQXWHQ¸¶R GD &RQWLQHQWDO 0DERU z ,QGÇVWULD GH 3QHXV (VWD HQWUHYLVWD DEUDQJHX WHPDV FRPR D LPSRUW´QFLD GD PDQXWHQ¸¶R GD IRUPD¸¶R QRV TXDGURV GD HPSUHVD DV QRYDV W¹FQLFDV H R IXWXUR GD HPSUHVD HP 3RUWXJDO $ &217,1(17$/ (0 32578*$/ 2 JUXSR &RQWLQHQWDO HP 3RUWXJDO WHP D I²EULFD GH SQHXV VLWXDGD HP /RXVDGR D ÇQLFD GH SURGX¸¶R GH SQHXV GR JUXSR HP 3RUWXJDO $ HPSUHVD GHW¹P DLQGD D &RQWLQHQWDO 3QHXV FRPHUFLDOL]D¸¶R GH SQHXV D &RQWLQHQWDO /HPPHU] TXH ID] D DVVHPEODJHP GH MDQWHV FRP SQHX SDUD D $XWRHXURSD $ ,7$ ,QGÇVWULD 7»[WLO GR $YH XP GRV SULQFLSDLV IRUQHFHGRUHV GH WHFLGR GD &RQWLQHQWDO 0DERU 7DPE¹P HP 3RUWXJDO D &RQWLQHQWDO SRVVXL RXWUDV GXDV HPSUHVDV QR VXO D &RQWLQHQWDO 7HYHV VLVWHPDV GH WUDYDJHP H D %HQRDF SHO½FXODV H SDLQHLV SDUD D LQGÇVWULD DXWRPÂYHO

'HQWUR GR JUXSR D &RQWLQHQWDO 0DERU ¹ GHVFULWD SRU 5XL 1XQHV FRPR D VHJXQGD PDLRU XQLGDGH HP WHUPRV GH SURGX¸¶R GH SQHXV QD (XURSD HVWDQGR D SULPHLUD VLWXDGD QD 5HSÇEOLFD &KHFD |1HVWH PRPHQWR FRPSHWLPRV FRP DV HPSUHVDV GR JUXSR TXH HVW¶R VHGHDGDV QR OHVWH GD (XURSD QRPHDGDPHQWH QD 5RP¹QLD H QD 5HSÇEOLFD &KHFD (VWH DQR HVWDPRV FRP XP LQYHVWLPHQWR HP FXUVR SDUD VXELU D QRVVD SURGX¸¶R SDUD PDLV GH SQHXV GLD} 2 HIHLWR GD LQGÇVWULD QD HFRQRPLD ORFDO QR FDVR GD &RQWLQHQWDO 0DERU WUDGX] VH QXP VDOGR SRVLWLYR GH DFRUGR FRP 5XL 1XQHV |HVWD ¹ XPD HPSUHVD FRP FHUFD GH SHVVRDV VHQGR TXH XPD JUDQGH SDUWH GHODV V¶R DTXL GD UHJL¶R 7HPRV XPD UHOD¸¶R PXLWR SUÂ[LPD FRP D FRPXQLGDGH FRP DOJXPDV LQVWLWXL¸ÆHV ORFDLV 2XWUD FRODERUD¸¶R TXH WHPRV ¹ FRP HQWLGDGHV GH HQVLQR SURILVVLRQDO GD UHJL¶R QRPHDGDPHQWH FRP D SDUWLFLSD¸¶R GRV QRVVRV W¹FQLFRV QDV DYDOLD¸ÆHV FRP DEHUWXUD GH HVW²JLRV SURILVVLRQDLV H FXUULFXODUHV FHG»QFLD GH HTXLSDPHQWR H PDWHULDLV HWF}

$ ,03257ç1&,$ '$ )250$­á2 $ IRUPD¸¶R GRV UHFXUVRV KXPDQRV H[LJH PXLWR HVIRU¸R SRU SDUWH GDV RUJDQL]D¸ÆHV QR HQWDQWR SDUD VHUHP FRPSHWLWLYDV DV HPSUHVDV W»P TXH WHU

> @

UREËWLFD

TXDGURV DOWDPHQWH IRUPDGRV 5XL 1XQHV H[SOLFD R LQYHVWLPHQWR GD HPSUHVD QHVWD ²UHD |$TXDQGR GR SULPHLUR LQYHVWLPHQWR GD &RQWLQHQWDO HP /RXVDGR D SDVVDJHP GH 0DERU SDUD &RQWLQHQWDO 0DERU IRL UHFRQKHFLGR QHVVD DOWXUD D QHFHVVLGDGH HIHFWLYD GH PXGDU R Q½YHO P¹GLR GH HVFRODULGDGH TXH QD DOWXUD HUD PXLWR EDL[R &RPH¸DPRV D UHFHEHU QRYRV HTXLSDPHQWRV H D OLGDU FRP WHFQRORJLDV PDLV HYROX½GDV H H[LJHQWHV +RXYH HQW¶R D DSRVWD QD IRUPD¸¶R GDV SHVVRDV TXH FRQWLQXRX DW¹ ³ DFWXDOLGDGH} $ IRUPD¸¶R ¹ GHVFULWD SHOR SUÂSULR FRPR VHQGR LQGLVSHQV²YHO GDGR R IOX[R FRQVWDQWH GH GH QRYDV WHFQRORJLDV H GH QRYRV HTXLSDPHQWRV |1¶R SRGHPRV HVTXHFHU TXH Q¶R HVWDPRV SURSULDPHQWH QR FHQWUR GD (XURSD 1D PDLRULD GRV FDVRV RV DSRLRV H R VXSRUWH TXH WHPRV Q¶R HVW² HP 3RUWXJDO HVW² HP (VSDQKD H QR FHQWUR GD (XURSD 1¶R QRV SRGHPRV GDU DR OX[R GH UHFRUUHU GHPDVLDGR DR DSRLR H[WHUQR H SDUD LVVR WHPRV TXH WHU FRPSHW»QFLDV LQWHUQDV R TXH REULJD D WHU IRUPD¸¶R FRQW½QXD HP WRGDV DV ²UHDV 4XDQWDV PDLV SHVVRDV TXDOLILFDGDV WLYHUPRV TXHU DR Q½YHO GR RSHUDGRU TXHU DR Q½YHO GH W¹FQLFRV PDLV I²FLO ¹ DWLQJLU RV REMHFWLYRV TXH SUHWHQGHPRV}

4XDQWR DR QÇPHUR H[DFWR GH SHVVRDV TXH WUDEDOKDP DFWXDOPHQWH QD ²UHD GD PDQXWHQ¸¶R QD HPSUHVD UHJLVWH VH R WRWDO GH SHVVRDV D WUDEDOKDU HP WXUQRV DO¹P GR KRU²ULR JHUDO FRP WXUQRV RULHQWDGRV HVSHFLILFDPHQWH SDUD R ILP GH VHPDQD H TXH ID]HP WDPE¹P R UHIRU¸R GDV HTXLSDV GD VHPDQD |7HPRV WXUQRV F² GHQWUR H WUDEDOKDPRV LQLQWHUUXSWDPHQWH DOL²V SRVVR GL]HU TXH HVWH DQR V SDUDPRV z D GHVLJQDGD SDUDJHP DQXDO z GLDV SRUWDQWR WUDEDOKDPRV H SDUDPRV VRPHQWH HVVHV GLDV DJRUD HP -XQKR H YDPRV SDUDU QRYDPHQWH QD VHPDQD GR 1DWDO}

R HTXLSDPHQWR IRL HODERUDGR PDV WDPE¹P WHQWDU RSWLPL]DU R UHQGLPHQWR GR PHVPR ® D½ TXH SHQVR UHVLGLU D QRVVD YDQWDJHP SRLV RV QRVVRV HTXLSDPHQWRV QRUPDOPHQWH WUDEDOKDP HP UHJLPHV PXLWR DFHOHUDGRV PHVPR TXDQGR FRPSDUDGRV FRP DV RXWUDV HPSUHVDV GR JUXSR}

(6758785$ '2 3/$12 '( 0$187(1­á2 '$ &217,1(17$/ 0$%25

$ 7(502*5$),$ ( $ &2081,&$­á2 ,1'8675,$/ 48$/ $ 68$ 87,/,'$'("

$ HVWUXWXUD GR SODQR GH PDQXWHQ¸¶R GD &RQWLQHQWDO 0DERU HVW² GLYLGLGD HP TXDWUR VHF¸ÆHV WU»V SULQFLSDOPHQWH GLUHFFLRQDGDV SDUD R SURFHVVR H XPD RULHQWDGD SDUD DV XWLOLGDGHV H VHUYL¸RV &DGD XPD GDV ²UHDV WHP XP VHFWRU TXH VH GHGLFD HVVHQFLDOPHQWH D ID]HU PDQXWHQ¸¶R GH HPHUJ»QFLD SDUD DO¹P GH XP VHFWRU TXH VH GHGLFD HVVHQFLDOPHQWH D PDQXWHQ¸¶R SUHYHQWLYD |1RUPDOPHQWH QR ILQDO GH FDGD DQR SODQHDPRV D PDQXWHQ¸¶R GR DQR VHJXLQWH H FKHJDPRV D XP DFRUGR FRP D 3URGX¸¶R $ SDUWLU GD½ QR ILQDO GH FDGD P»V JHUDPRV R SODQR DFWXDOL]DGR GH PDQXWHQ¸¶R SUHYHQWLYD SDUD R P»V VHJXLQWH SDUD TXH ILTXH LQWHJUDGR QR SODQHDPHQWR GD SURGX¸¶R D GLVSRQLELOLGDGH GR HTXLSDPHQWR SDUD PDQXWHQ¸¶R} $ H[HFX¸¶R GHVWH SODQR FRPH¸D FRP D IRUPD¸¶R GDV SHVVRDV |$ QRVVD DSRVWD HVW² QD IRUPD¸¶R WUDQVYHUVDO GRV QRVVRV W¹FQLFRV HVWHV W»P IRUPD¸¶R HP Y²ULRV HVSHFLDOLGDGHV 7HPRV GHSRLV QD UHFWDJXDUGD GH DSRLR XP RX GRLV HQJHQKHLURV PDLV HVSHFLDOL]DGRV HP FDGD VHFWRU RX VHMD FRP FRQKHFLPHQWRV PDLV DSURIXQGDGRV $SRVWDPRV PXLWR QD SROLYDO»QFLD GH FRQKHFLPHQWRV H Q¶R QD GHPDVLDGD HVSHFLDOL]D¸¶R SRUTXH LVWR WLUD IOH[LELOLGDGH (P VLWXD¸ÆHV H[WUHPDV UHFRUUHPRV DR DSRLR H[WHULRU} $ &RQWLQHQWDO 0DERU WHP WUDEDOKDGRUHV H WHP D IXQFLRQDU PDLV GH HTXLSDPHQWRV SULQFLSDLV

8PD IHUUDPHQWD SRSXODU QR SDQRUDPD DFWXDO GD PDQXWHQ¸¶R ¹ D 7HUPRJUDILD 5XL 1XQHV UHFRQKHFH D VXD XWLOLGDGH PDV FRPSDUD HVWD IHUUDPHQWD D RXWUDV TXH D DQWHFHGHUDP |HVWDPRV QHVWH PRPHQWR LQFOXVLYH D HVWXGDU RXWUDV SRVVLELOLGDGHV GH XWLOL]DU D WHUPRJUDILD QD HPSUHVD 1D PDQXWHQ¸¶R QRUPDOPHQWH WHPRV WHQG»QFLDV D WHQG»QFLD GD 0DQXWHQ¸¶R SUHYHQWLYD GHSRLV GD 3UHGLWLYD GHSRLV GRV 0&0 V HWF 2 LPSRUWDQWH ¹ VDEHU GRVHDU D XWLOL]D¸¶R GHVWDV PHWRGRORJLDV 2 PHVPR VH SDVVD TXDQGR VH IDOD HP WHUPRJUDILD RX DQ²OLVH GH YLEUD¸ÆHV RX PHVPR GH FRLVDV PXLWR PDLV VLPSOHV FRPR D PHGL¸¶R GH IROJDV RX DYDOLD¸¶R GH FRQVXPRV GH IRUPD UHJXODU $ WHUPRJUDILD ¹ PDLV XP FRPSOHPHQWR H Q¶R SRU VL V XPD VROX¸¶R ¹ XPD SDUWH GD VROX¸¶R $ XWLOL]D¸¶R GHVWDV IHUUDPHQWDV GH IRUPD DGHTXDGD V WHP YLUWXGHV} $ FRPXQLFD¸¶R LQGXVWULDO SRU VHX ODGR ¹ XP VLVWHPD TXH RIHUHFH PXLWRV EHQHI½FLRV FRPR D U²SLGD DFHVVLELOLGDGH PDV WDPE¹P RIHUHFH DOJXQV SHULJRV FRPR DV LQWHUIHU»QFLDV H[WHUQDV QRV VLVWHPDV GH FRQWUROR GRV HTXLSDPHQWRV |® SUHFLVR WHU FXLGDGR SRUTXH FDGD YH] PDLV DV P²TXLQDV HVW¶R LQWHJUDGDV H W»P FRPXQLFD¸¶R HP UHGH 6H Q¶R FULDUPRV EDUUHLUDV H UHJUDV EHP GHILQLGDV FRUUHPRV R ULVFR GH DOJX¹P ~DOJXUHV SRU ODSVR ID]HU SDUDU XP SURFHVVR QD I²EULFD 2V VLVWHPDV W»P TXH VHU EHP HVWUXWXUDGRV H EHP GHILQLGRV 3HQVR TXH FDPLQKDUHPRV SDUD VROX¸ÆHV FDGD YH] PDLV LQWHJUDGDV H PDLV LQWHUOLJDGDV PDV YDOH D SHQD WHU VHPSUH VLWXD¸ÆHV H SODQRV GH FRQWLQJ»QFLD RX DOWHUQDWLYRV (VWHV VLVWHPDV WUD]HP JUDQGHV YDQWDJHQV HP WHUPRV GH LQVWDOD¸ÆHV WRUQDQGR DV PXLWR U²SLGDV PDV ¹ SUHFLVR WHU DOJXQV FXLGDGRV SRLV FRUUH VH R ULVFR GH KDYHU HUURV GH FRPXQLFD¸¶R TXH DQWHV Q¶R H[LVWLDP}

2 )87852

$80(172 '$ &203(7,7,9,'$'( 325 80$ %2$ 0$187(1­á2 8P GRV IDFWRUHV TXH DV HPSUHVDV GHYHU¶R WHU HP FRQWD GH PRGR D SRGHUHP DXPHQWDU D VXD FRPSHWLWLYLGDGH ¹ D HODERUD¸¶R GH XP ERP SODQR GH PDQXWHQ¸¶R |1D SU²WLFD VH HX WLYHU FRQVWDQWHV LQWHUUXS¸ÆHV FRP QLYHLV GH SURGX¸¶R QD RUGHP GRV SQHXV GLDULRV XPD RX GXDV KRUDV GH LQWHUUXS¸¶R QXP GHWHUPLQDGR HTXLSDPHQWR WHP XP LPSDFWR HQRUPH HP WHUPRV SURGXWLYRV 2 IDFWRU GHFLVLYR GD PDQXWHQ¸¶R ¹ JDUDQWLU PD[LPL]DU D GLVSRQLELOLGDGH GR HTXLSDPHQWR SDUD SURGX¸¶R QDV FRQGL¸ÆHV H[LJLGDV GH TXDOLGDGH} |1ÂV WHPRV GHQWUR GH FDGD VHFWRU WU»V FRPSRQHQWHV D PDQXWHQ¸¶R FXUDWLYD D PDQXWHQ¸¶R SUHYHQWLYD H RV SURMHFWRV (QWHQGHPRV TXH D PDQXWHQ¸¶R Q¶R VH GHYH OLPLWDU D PDQWHU DV FRQGL¸ÆHV GH IXQFLRQDPHQWR SDUD DV TXDLV

> @

UREËWLFD

4XDQWR DR IXWXUR GD HPSUHVD HP 3RUWXJDO 5XL 1XQHV Y» R IXWXUR LPHGLDWR FRPR DOJR D VHU HQFDUDGR FRP JUDQGH RSWLPLVPR DSHVDU GD FRQFRUU»QFLD H GDV GLILFXOGDGHV QDWXUDLV UHVXOWDQWHV GD HYROX¸¶R QDWXUDO GR QHJÂFLR H GR PHUFDGR |(P WHUPRV GD HYROX¸¶R GD PDQXWHQ¸¶R QR VHX WRGR SHQVR TXH FDGD YH] PDLV WHPRV DFHVVR D IHUUDPHQWDV TXH QRV SHUPLWHP WLUDU PDLV SDUWLGR GRV QRVVRV UHFXUVRV H FRQVHTXHQWHPHQWH ID]HU PDLV H PHOKRU FRP PHQRUHV FXVWRV +RMH HP GLD FRP D SRVVLELOLGDGH GH LQWHUDJLU GLUHFWDPHQWH FRP R HTXLSDPHQWR D PDQXWHQ¸¶R FRQW½QXD GRV HTXLSDPHQWRV ¹ PDLV IDFLOLWDGD 3RVVLELOLWD ID]HU PDLV WUDEDOKR GH UHFWDJXDUGD DQWHFLSDU GLDJQÂVWLFRV SUHSDUDU PHOKRU DV LQWHUYHQ¸ÆHV H UHGX]LU DR PLQLPR R LPSUHYLVWR H DV DYDULDV 7HPRV TXH HVWDU SUHSDUDGRV SDUD D HYROX¸¶R U²SLGD GRV HTXLSDPHQWRV (VWD SUHSDUD¸¶R YDL DVVHQWDU PXLWR QD IRUPD¸¶R H QRV VLVWHPDV GH JHVW¶R TXH SRVVDP LQWHUDJLU} |&DGD YH] PDLV R FRQWUROR H SURJUDPD¸¶R GDV LQGÇVWULDV ¹ IHLWR RQOLQH $ &RQWLQHQWDO 0DERU HVW² D WUDEDOKDU QHVVH VHQWLGR HP DOJXPDV ²UHDV ® QHFHVV²ULR WHU DOJXQV FXLGDGRV FRPR HVWUXWXUDU EHP HVFROKHU TXH LQIRUPD¸¶R TXHUHPRV SDUD TXHP H FRPR VH GHYH GLVSRQLELOL]DU HVVD LQIRUPD¸¶R} (P UHOD¸¶R D SURMHFWRV IXWXURV |WHPRV QHVWH PRPHQWR HP FDUWHLUD PDLV XP SURMHFWR GH LQYHVWLPHQWR RQGH YDPRV SDVVDU GD IDVTXLD GRV SDUD PDLV GH SQHXV SRU GLD LQFOXLQGR XP VDOWR WDPE¹P QD JDPD GH SURGXWRV 7HPRV RXWURV SURMHFWRV D VHUHP SUHSDUDGRV SDUD LPSOHPHQWDU EUHYHPHQWH 3DUD M² GLUHL DSHQDV TXH R IXWXUR ¹ ULVRQKR H EDVWDQWH SURPLVVRU} FRQFOXLX

&217,1(17$/ 0$%25 0$187(1­á2 ® 1(&(66é5,$ 1á2 ® $3(1$6 |80 5(&8562 3$5$ $3$*$5 )2*26}

$ FRQVLVW»QFLD GRV Q½YHLV GH SHUIRUPDQFH H TXDOLGDGH GH XPD P²TXLQD DR ORQJR GRV DQRV ¹ VHP GÇYLGD PXLWR LPSRUWDQWH DO¹P GH DMXGDU DR DXPHQWR GD HILFL»QFLD HYLWD LQYHVWLPHQWRV DQWHFLSDGRV H SURORQJD RV UHVXOWDGRV GR LQYHVWLPHQWR LQLFLDO} LVVR GHSHQGH PXLWR GH XPD FRUUHFWD PDQXWHQ¸¶R}