Page 1


Abra 1ÂŞ Inst Coope

28 de dezembr

www.sicredi.com.br


uma conta com a tituição Financeira erativa do Brasil.

ro: 115 anos de fundação do Sicredi


Casas

CONDOMĂ?NIO FECHADO

78 mÔ -145 mÔ

2 suĂ­tes a 4 dormitĂłrios (2 suĂ­tes) CondomĂ­nio fechado;l†l|;uu;mo1oll-bv7;25.000 mÔ , 1olrou|-ub-;v;]†u-m2-24 horasÄş

VISITE CASA DECORADA

!&  $$ŕ ? "ġĆ‘Ć‘Ć?Ňƒ$&(Ňƒ" A 5 MIN. DO KM 114 DA ROD. CASTELO BRANCO

Este empreendimento somente serå comercializado após o registro do memorial de incorporação no cartório de registro de imóveis nos termos da lei 4.591/64. Central de atendime


Antecipe-se ao lançamento - Boituva

Agência Pravda

BOITUVA VAI ACORDAR DIFERENTE

Clube completo1olv-Ѵ࢛o7;=;v|-vķC|m;vvķv-Ѵ࢛o7;fo]ovķ 0ubmt†;7o|;1-ķrѴ-‹]uo†m7ķ1_†uu-vt†;bu-ķrbv1bm-;t†-7u-;vrouঞˆ-ĺ

(15) 3268-1684 brisavillageboituva.com.br

Incorporação, Construção e Vendas:

ento Namour: (11) 3172-9010 - R. Joaquim Floriano, 101 - 11º andar - Itaim Bibi - São Paulo - SP - Creci: 29.308-J. Todas perspectivas e imagens artísticas são meramente ilustrativas.


(;3(',(17(

)HMXSVE

&$57$$2/(,725 3URMHWR 5RJHU$OYHV 5RQDOGR3D] /HDQGUR/XFFKHWWD

2Oi&DURVOHLWRUHVWXGREHPFRPYRFrV"(VSHURTXHVLPRWmRHVSHUDGR 'H]HPEURFKHJRXHFRPHOHRVSUHSDUDWLYRVSDUDDVIHVWDVGHILPGHDQRMi HVWmRDWRGRYDSRU$VFRQIUDWHUQL]Do}HVGDVHPSUHVDVRVDPLJRVVHFUHWRVDV YLDJHQVSURJUDPDGDVHQILPpXPPrVGLIHUHQWHGRVRXWURVHTXHFDUUHJD

&RRUGHQDGRU*HUDO 5RJHU$OYHV URJHU#UHYLVWDDPDLVFRP

XPDHQHUJLDERDXPDHQHUJLDIUDWHUQDVHQWLPHQWRVGHSD]HDPRUILFDPQR DU3RGHPSHUFHEHUTXHpXPPrVHVSHUDQoRVRSDUDTXHDVFRLVDVFRPHoHPD HQWUDUQRVHL[RV-XQWRFRPDH[SHFWDWLYDGHXPFRPHoRGHDQRSUyVSHURSDUD

$UWHH3URMHWR*UiILFR 213XEOLFLGDGH/WGD RQGS#RQSXEOLFLGDGHFRPEU

WRGRV)DODQGRXPSRXFRGDQRVVDHGLomRWUD]HPRVFRPRFDSD3DXOR/HVVD RDFFDORQGDQRYHOD%HODYHQWXUDGD5HGH5HFRUGTXHQRVFRQWDXPSRXFRGD VXD YLGD 1D VHomR GH 0RWRV XP HVSHFLDO VREUH R 6DOmR GXDV URGDV TXH

&RPHUFLDO /HDQGUR/XFFKHWWD   OHDQGUR#UHYLVWDDPDLVFRP *LOEHUWR6DPSDLR   VDPSDLR#UHYLVWDDPDLVFRP

DFRQWHFHXHP1RYHPEURQR6mR3DXOR([SRPDLVODQoDPHQWRVQDVHomRGH &DUURVRQRYRVHGDQFRPSDFWRSUHPLXPGD9:R9LUWXV(P*DVWURQRPLD HVWUpLDGDQRVVDFRODERUDGRUD-XOLDFRPSUDWRVIiFHLVHGHOLFLRVRVQmRGHL[H GH FRQIHULU (P 0RGD 0DVFXOLQD YHMD R ORRN SDUD R 5HYHLOORQ TXH PDLV FRPELQDFRPYRFr(PDLV)LWQHVV1XWULomR%HOH]D6D~GH(FRQRPLDH PXLWDVRXWUDVPDWpULDVLQWHUHVVDQWHV

3ODQHMDPHQWR)LQDQFHLUR 5RQDOGR3D] URQDOGR#UHYLVWDDPDLVFRP

9RFHMiVDEHFRQWH~GRGHTXDOLGDGHYRFrVyHQFRQWUDDTXL -iFRQKHFHRQRVVRQRYRSRUWDOZZZUHYLVWDDPDLVFRPEUHDSURYHLWDSDUD EDL[DURQRVVRDSOLFDWLYR*XLD$PDLVGLVSRQtYHOQD$SSOH6WRUHHQD3OD\ 6WRUH 8PDyWLPDOHLWXUDHXPJUDQGHDEUDoR $UHGDomR

55/&RPXQLFDomR5HYLVWD$PDLV $Y=pOLDGH/LPD5RVD 3RUWDO9LOOH%RLWXYD63 )RQH (PDLOUHYLVWDDPDLV#XROFRPEU ZZZUHYLVWDDPDLVFRP $5HYLVWD$PDLVpXPDSXEOLFDomRPHQVDOGLVWULEXtGD JUDWXLWDPHQWH FRP WLUDJHP GH  H[HPSODUHV $ 5HYLVWD$PDLVQmRVHUHVSRQVDELOL]DSHORVSURGXWRVH 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 QHFHVVDULDPHQWHDRSLQLmRGDUHYLVWD

&RODERUDUDPQHVWDHGLomR ,QIRPRWR$OGR7L]]DQL(ULF/DQGPD\HU*UXSR3HWUySROLV$VVHVVRULDGH,PSUHQVD 9:'U0DUFRV&LQWUD-XOLDQD0DULQ&RORUDO 0DFKRPRGD $OH[DQGUH 4QRWtFLD  -XOLDQ)HUUDUD-~OLD6RDUHV

&DSD $JUDGHFLPHQWR$VVHVVRULDGH,PSUHQVD )RWRV/XFLR/XQD

,PSUHVVmR*UDILODU 'LVWULEXLomR %RLWXYD,SHUy7DWXt&HUTXLOKR7LHWr/DUDQMDO3DXOLVWDHHPDOJXQVSRQWRVGH6RURFDED


ยบ1',&(

&DSD

3DXOR /HVVD

 

(FRQRPLD ย$&LrQFLDQmRHVSHUDR%UDVLO

,QDXJXUDomR ย0{QLFD/DUD%LJDQG)LW$NHQWR(PSyULR&HQWUDO



ย4XHURDEULUXPQRYRQHJyFLRSRURQGHFRPHoR"



ย1RYHPEUR$]XOFRP6DQ'LHJR%DUEHU6KRS



ย9RFrVDEHRTXHp,27"

(PSUHHQGHGRULVPR ,QIRUPH3XEOLFLWiULR 7HFQRORJLD



$UTXLWHWXUD 'HFRUDomR ย%URFN&RPPRQV2HGLItFLRUHVLGHQFLDOGHPDGHLUD PDLVDOWRGRPXQGR



ย(TXLSH8QLRQFRPSOHWDDQRV



ย%LFKHFWRPLD3OiVWLFDGDVERFKHFKDV

 

(VSRUWH %HOH]D 0RWRV ย6DOmR'XDV5RGDVWHPODQoDPHQWRVSDUDWRGRVRV JRVWRV

0RGD0DVFXOLQD ย/RRNVPDVFXOLQRVSDUDR5pYHLOORQ'LFDVGHYLVXDO SDUDDYLUDGDGRDQR


&DUURV 9RONVZDJHQ9LUWXV

*DVWURQRPLD &RVWHOLQKDGHSRUFRDVVDGD



9LWULQHGD&RQVWUXomR



9LWULQH



6D~GH

 

&XLGDGRSDUDQmRH[DJHUDUQDVIHVWDVGHILPGHDQR

*UXSR3HWUySROLV *UXSR3HWUySROLVSURPRYHDo}HVGHFRQVXPR UHVSRQViYHOHPWRGRSDtV

9LQKRV (QWHQGDXPSRXFRPDLVVREUHRVDURPDVGRVYLQKRV

  

1XWULomR )LPGH$QRVHPFXOSD

(VSRUWH *LQDVWLFD$UWtVWLFDGH%RLWXYDPRVWUDVHXSRWHQFLDOQR PXQGRGRHVSRUWH

9LGD$QLPDO &DYDORVGRPpVWLFRVVmRFDSD]HVGHUHDJLUD HPRo}HVKXPDQDV



7UHLQDPHQWRDHUyELFRSDUDVD~GH



,GHLDVSUiWLFDVSDUDUHXWLOL]DUJDUUDIDVSHW



$UWHEUDVLOHLUDID]VXFHVVRQR0XVHX'X/XYUHHWHP

)LWQHVV 0HLR$PELHQWH $UWHH&XOWXUD YLVLWDomRUHFRUGH


(&2120,$

$&,¶1&,$1 2(63(5$ 2%5$6,/ ,QYHVWLUHPFLrQFLDWHFQRORJLDHLQRYDomRpIXQGDPHQWDOSDUD RGHVHQYROYLPHQWRHFRQ{PLFR 3RU'U0DUFRV&LQWUD 'RXWRUHP(FRQRPLDSHOD8QLYHUVLGDGH+DUYDUG (8$

3URIHVVRUWLWXODUHYLFHSUHVLGHQWHGD)XQGDomR*HWXOLR9DUJDV PFLQWUD#PDUFRVFLQWUDRUJZZZPDUFRVFLQWUDRUJ ZZZIDFHERRNFRPPDUFRVFLQWUDDOEXTXHUTXH

1

mR Ki G~YLGDV TXH HP PHLR j FULVH R DMXVWH ILVFDO p QHFHVViULR SRUpP FRQIRUPHILFDFODURQRHGLWRULDO´&LrQFLD jPtQJXDµSXEOLFDGRHPSHOD)ROKDGH6mR 3DXORpHVVHQFLDOTXHDPERVFDPLQKHPMXQWRV 'R FRQWUiULR R UHVXOWDGR VHUi D HVWDJQDomR GH VHWRUHV HVWUDWpJLFRV IXQGDPHQWDLV SDUD D HFRQRPLD e SUHFLVR UHYHU D LGHLD GH FRUWHV OLQHDUHV SUHMXGLFDQGR GLUHWDPHQWH WDLV VHJPHQWRV (VWXGRV UHFHQWHV PRVWUDP TXH R UHWRUQR VRFLDO GRVJDVWRVHPiUHDVFRPRFLrQFLDHWHFQRORJLD VXSHUDRGHWRGDVDVRXWUDV$VVLPFRPRVD~GHH HGXFDomR SHVTXLVD H GHVHQYROYLPHQWR VmR FUXFLDLVSDUDRIXWXURGRSDtV$QHFHVVLGDGHGH UHGX]LU GHVSHVDV p LQHJiYHO DVVLP FRPR D LPSRUWkQFLDGHVHID]HUHVFROKDVHQWUHDViUHDVD VHUHPDIHWDGDV 2 RUoDPHQWR GR 0LQLVWpULR GD &LrQFLD 7HFQRORJLD,QRYDo}HVH&RPXQLFDo}HV 0&7,& 

DRTXDOD)LQHSpYLQFXODGDpRPHQRUGHVGHR LQtFLR GR VpFXOR 'HVFRQWDGD D LQIODomR R YDORU DXWRUL]DGR SDUD  GH 5  ELOK}HV FRUUHVSRQGHDDSHQDVGRGLVSRQLELOL]DGRHP  ,QVHULGR QR RUoDPHQWR GR 0&7,& HVWi R )XQGR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH 7HFQROyJLFR )1'&7  TXH WHP D )LQHS FRPR VHFUHWDULDH[HFXWLYDHpKLVWRULFDPHQWHDSULQFLSDO IRQWH GH UHFXUVRV SDUD ILQDQFLDPHQWR GH SHVTXLVDVWHFQROyJLFDVQR%UDVLO2RUoDPHQWRGR )XQGR TXH Mi FKHJRX D 5  ELOK}HV HP DQRV DQWHULRUHVIRLUHGX]LGRD5ELOKmRHVWHDQR² VHQGRTXHROLPLWHGHH[HFXomRDXWRUL]DGRpGH DSHQDV D PHWDGH GHVWH WRWDO FHUFD GH 5  PLOK}HV  8PD GDV DOWHUQDWLYDV SDUD UHWRPDUPRV DV DWLYLGDGHVGH3HVTXLVDH'HVHQYROYLPHQWR 3 '  pDWUDQVIRUPDomRGR)1'&7²KRMHIXQGRFRQWiELO ²HPIXQGRILQDQFHLURGHPRGRTXHVHXVYDORUHV &RQWLQXD

18


(&2120,$

$&,¶1&,$1 2(63(5$2%5$6,/ 3RU'U0DUFRV&LQWUD 'RXWRUHP(FRQRPLDSHOD8QLYHUVLGDGH+DUYDUG (8$

3URIHVVRUWLWXODUHYLFHSUHVLGHQWHGD)XQGDomR*HWXOLR9DUJDV PFLQWUD#PDUFRVFLQWUDRUJZZZPDUFRVFLQWUDRUJ ZZZIDFHERRNFRPPDUFRVFLQWUDDOEXTXHUTXH

TXDQGR FRQWLQJHQFLDGRV VHMDP FDSLWDOL]DGRV SDUDXVRVIXWXURVHPFLrQFLDHWHFQRORJLD+RMH HOHV VmR DSURSULDGRV SHOR 7HVRXUR 1DFLRQDO H XWLOL]DGRVSDUDRSDJDPHQWRGDGtYLGDS~EOLFDH SDUD R VXSHUiYLW ILVFDO 6H HVVD PHGLGD WLYHVVH VLGR LPSODQWDGD Ki  DQRV FRP WRGRV RV FRQWLQJHQFLDPHQWRV RFRUULGRV QHVVH SHUtRGR R )1'&7WHULDKRMHXPVDOGRDFXPXODGRGH5 ELOK}HV $)LQHSSURS{VXPDPXGDQoDQDOHLTXHUHJXOD R )XQGR QD WHQWDWLYD GH DPHQL]DU RV JUDYHV LPSDFWRVGDFULVHVREUHRVLQYHVWLPHQWRVS~EOLFRV HP SHVTXLVD $WXDOPHQWH D )LQHSWHP UHFXUVRV SDUDSDJDURVSURMHWRVGHLQRYDomRMiDVVLQDGRV QR SDVVDGR PDV QmR FRQVHJXH LQYHVWLU HP QRYRV&RPRSDUWHGHVWHHVIRUoRR0&7,&HQYLRX UHFHQWHPHQWH j &DVD &LYLO SURSRVWD TXH VH DSURYDGDIDULDR)1'&7FRPHoDUMiFRP5 ELOK}HVHPSDWULP{QLRHDWpDFXPXODU5  ELOK}HV WRUQDQGRVH XPD IRQWH GH LQYHVWLPHQWRVHPSHVTXLVDWRWDOPHQWHDXWRVVXV WHQWiYHO

&RP UHFXUVRV GR )1'&7 IRL SRVVtYHO DSRLDU SURMHWRVHVWUXWXUDQWHVSDUDRSDtVFRPRR5HDWRU 0XOWLSURSyVLWR%UDVLOHLUR 50% ²QRTXDOD)LQHS MiLQYHVWLX5PLOK}HV²TXHGDUiDR%UDVLO DXWRQRPLDHPUDGLRIiUPDFRVR3URMHWR6LULXVGH /X] 6tQFURWRQ TXH UHFHEHX 5  PLOK}HV GD )LQHSHSHUPLWLUiSHVTXLVDVGHDOWRQtYHOHPWHPDV FRPRDJURQHJyFLRVD~GHHQHUJLDVDOWHUQDWLYDVH QRYRV PDWHULDLV H D LQIUDHVWUXWXUD GH WHVWH GH SURSXOVRUHVGHVDWpOLWHVGR,QVWLWXWR1DFLRQDOGH 3HVTXLVDV (VSDFLDLV ,QSH  TXH FRQWRX FRP 5 PLOK}HVGD)LQHS 2WHPSRpSUHFLRVRTXDQGRVHIDODGHFLrQFLDH WHFQRORJLD2LQYHVWLPHQWRFRQVWDQWHpQHFHVViULR SDUD TXH QmR QRV DIDVWHPRV GD IURQWHLUD GR FRQKHFLPHQWRLQGHSHQGHQWHGRPRPHQWRDWXDO 3DUDU DJRUD p ILFDU SDUD WUiV ( R IXWXUR QmR LUi HVSHUDUSHOR%UDVLO

0DUFRV&LQWUDpGRXWRUHP(FRQRPLDSHOD8QLYHUVLGDGH+DUYDUG (8$ SURIHVVRUWLWXODUGD)XQGDomR*HWXOLR 9DUJDVeDXWRUGRSURMHWRGR,PSRVWRÁQLFReSUHVLGHQWHGD)LQHS )LQDQFLDGRUDGH(VWXGRVH3URMHWRV  20


,1$8*85$d 2

$7(/,(50¿1,&$/$5$

$*25$0$,25(0$,6&21)257·9(/ )RWRV5DSKDHO&KHVSNDVVRII6DQFKHV

1

RLYDVGHWRGDUHJLmRDJRUDWHUmRRSUD]HU HP FRQKHFHU R QRYR HVSDoR H LQLFLDU DTXHOH WmR HVSHUDGR PRPHQWR GH

SULQFHVD &RP R LQWXLWR GH PHOKRUDU R DWHQGLPHQWR H SURSRUFLRQDUPDLVFRQIRUWRjVVXDVFOLHQWHVRDWHOLHU 0{QLFD /DUD LQDXJXURX QR GLD  GH 1RYHPEUR VHX QRYRHVSDoR &RPFLQFRDQRVGHKLVWyULDHP%RLWXYD0{QLFD/DUD YHP FRQTXLVWDQGR FDGD YH] PDLV FOLHQWHV FRP VHX

22

DWHQGLPHQWR SHUVRQDOL]DGR YHVWLGRV H[FOXVLYRV H GH ERPJRVWR 0{QLFD /DUD HVWLOLVWD H SURSULHWiULD GR DWHOLHU DJUDGHFH j FLGDGH GH %RLWXYD SHOD UHFHSWLYLGDGH GXUDQWHWRGRHVVHSHUtRGRGHWUDEDOKRHRIHUHFHWRGR VXFHVVRDVVXDVFOLHQWHVTXHFRQILDUDPjVVXDVPmRVD UHDOL]DomRGHXPVRQKR 2DWHOLHUHVWiORFDOL]DGRQD$YHQLGD=pOLDGH/LPD5RVD 3RUWDO9LOOH3ULPDYHUD,, 9HQKDP&RQKHFHU


,1$8*85$d 2

/2-$'(683/(0(1726$/,0(17$5(6

%,*$1'),7

e,1$8*85$'$(0%2,789$ )RWRV*LOEHUWR6DPSDLR-U

1

R ViEDGR  GH 1RYHPEUR D FLGDGH GH %RLWXYDJDQKRXPDLVXPDFRPSOHWDORMDGH VXSOHPHQWRV DOLPHQWDUHV YROWDGD SDUD DWOHWDV H DPDQWHV GR HVSRUWH TXH EXVFDP PDVVD PXVFXODUHHPDJUHFLPHQWR $ ORMD GH VXSOHPHQWRV p LGHDO SDUD TXHP WHP R REMHWLYRGHVHJXLUXPDYHUGDGHLUD'LHWDHVSRUWLYD$%LJ DQG )LW Vy WUDEDOKD FRP SURGXWRV GH DOWtVVLPD TXDOLGDGHHFRPRVPHOKRUHVSUHoRVGDLQWHUQHWHORMD ItVLFD

24

$%LJDQG)LWSRVVXLDORMDYLUWXDOZZZELJDQGILWFRPEU RQGHGHVSDFKDSDUDWRGRR%UDVLOHUHDOL]DHQWUHJDV QDVFLGDGHVGH%RLWXYDH,SHUyHPDWpKRUDV$ORMD FRQWDFRPWRGRVRVSURGXWRVGDVPHOKRUHVPDUFDVGR PHUFDGRHFRQYLGDYRFrDPXGDUVHXFRQFHLWRVHMD %LJDQG)LW /RFDOL]DGD QD 5XD H[SHGLFLRQiULR 6RX]D )LOKR   &HQWUR%RLWXYD


,1$8*85$d 2

$.(1723,6&,1$6 $03/,$6(8(63$d2

1

R PrV GH 2XWXEUR D ORMD $.(172

R VHX FOLHQWH QD EXVFD SHOD HFRQRPLD QD FRQWD GH

3,6&,1$6 ( $48(&('25(6 IRL UHLQDX

HQHUJLD

JXUDGD HP QRYR HQGHUHoR QD FLGDGH GH

%RLWXYD YLVDQGR XP PHOKRU DWHQGLPHQWR DRV VHXV

UHDOL]D FRQVWUXo}HV GH SLVFLQDV WURFD GH DUHLDV

FOLHQWHV

OLPSH]D DTXHFLPHQWR H YHQGD GH SURGXWRV SDUD

$ORMDTXHWHPFRPRFDUURIRUWHRDTXHFLPHQWRVRODUp UHVSRQViYHO SRU RIHUHFHU XPD HQHUJLD VXVWHQWiYHO H OLPSDTXHQmRDJULGHRPHLRDPELHQWHDMXGDQGRDVVLP

26

'HQWUH RV VHUYLoRV UHDOL]DGRV D $NHQWR WDPEpP

SLVFLQDV HP JHUDO 7XGR LVVR YLVDQGR j VDWLVIDomR H H[FHOrQFLDQRVHUYLoRHDWHQGLPHQWRDRFOLHQWH


,1$8*85$d 2

(03¾5,2&(175$/ e,1$8*85$'2(0%2,789$ )RWRV*LOEHUWR6DPSDLR-U

1

R LQtFLR GH 1RYHPEUR IRL LQDXJXUDGR QR FHQWUR GD FLGDGH GH %RLWXYD R (PSyULR &HQWUDO 1R HVWDEHOHFLPHQWR YRFr WHUi D RSRUWXQLGDGH GH FRQKHFHUHFRPSUDUSURGXWRVQDWXUDLVDJUDQHOHPDLV GH  LWHQV FRP XPD YDULHGDGH LQFUtYHO WDLV FRPR SURGXWRV QDWXUDLV HVSHFLDULDV RUJkQLFRV LQWHJUDLV IXQFLRQDLVD]HLWRQDVTXHLMRVHFRQJHODGRVILWQHVV 2V SURGXWRV VmR VHOHFLRQDGRV H R (PSyULR FRQWD FRP LWHQV GH H[FHOHQWH TXDOLGDGH TXH SRGHP VHU

28

HQWUHJXHV DWUDYpV GR GLVN HQWUHJD ´&RQVXOWH DV FRQGLo}HVGDHQWUHJDJUDWXLWDµ  8POXJDUDJUDGiYHOSDUDFRQKHFHURPXQGRDWUDHQWH HGLYHUVLILFDGRRQGHVHRIHUHFHXPVLPSiWLFRFDIpSDUD FRPSDUWLOKDU ERQV PRPHQWRV FRP DPLJRV VXFRV QDWXUDLVH'HWR[VDOJDGRVLQWHJUDLVHODQFKHVQDWXUDLV $RVViEDGRVpUHDOL]DGRGHJXVWDomRGRVSURGXWRV ODQoDPHQWRVGDVHPDQD


(035((1'('25,602

48(52$%5,58012921(*¾&,2

32521'(&20(d2" 3RU-XOLR3HWWD *UDGXDGRHP$GPLQLVWUDomRGH(PSUHVDV SHOD8QLYHUVLGDGH3UHELVWHULDQD0DFNHQ]LH )XQGDGRUGD&ROODERUL&RQVXOWRULDH&DSDFLWDomR MXOLR#FROODERULFRQVXOWRULDFRPEU ZZZFROODERULFRQVXOWRULDFRPEU

8

0XLWDVSHVVRDVWrPERDVLGHLDVGHQHJyFLRVHYRQWDGHGHHPSUHHQGHU SRUpPXPDGDVJUDQGHVGLILFXOGDGHVTXHHQFRQWUDP pVDEHUSRURQGHFRPHoDU

PDyWLPDIRUPDGHPDWHULDOL]DUHVVDV LGHLDV p DWUDYpV GH XPD IHUUDPHQWD FKDPDGD &DQYDV GR 0RGHOR GH 1HJyFLRFULDGRSRU$OH[DQGHU2VWHUZDOGHUH<YHV 3LJQHX QR OLYUR %XVLQHVV 0RGHO *HQHUDWLRQ ,QRYDomRHP0RGHORVGH1HJyFLRV &RPHODYRFrSRGHHQWHQGHUVHDVXDSURSRVWD UHDOPHQWH JHUD YDORU SDUD R VHX S~EOLFR DOYR H TXDLVDVSULQFLSDLVYDULiYHLVHQYROYLGDV

30

(VVD IHUUDPHQWD FRQWHPSOD QRYH WySLFRV TXH GHYHPVHUSUHHQFKLGRVFRPPXLWDDWHQomRSRLV VHUmR HVVHQFLDLV QR GHVHQYROYLPHQWR GR VHX QHJyFLR 6HJXHP DOJXPDV GLFDV GH SUHHQFKLPHQWRGHFDGDXP


(035((1'('25,602

48(52$%5,58012921(*¾&,2 32521'(&20(d2" 6HJPHQWRVGH&OLHQWHV4XHPpVHXS~EOLFRDOYR

  5HFXUVRV &KDYH 4XDLV UHFXUVRV YRFr QHFHVVLWD

SHQVDQGR HP LGDGH JrQHUR UHQGD ORFDOL]DomR H

SDUD UHDOL]DU VXDV DWLYLGDGHV" &RP TXDLV UHFXUVRV

FRPSRUWDPHQWR GH FRPSUD" 4XDLV DV QHFHVVLGDGHV

ILQDQFHLURVHOHVVHUmRSDJRV"

TXH HOHV WrP FRPR FRPRGLGDGH IOH[LELOLGDGH DJLOLGDGHQDHQWUHJDHWF"

  3DUFHULDV &KDYH 4XDLV IRUQHFHGRUHV RX SUHVWDGRUHV GH VHUYLoRV VmR LPSRUWDQWHV SDUD R

2IHUWDGH9DORU4XDLVVmRVXDVSULQFLSDLVHQWUHJDV

GHVHQYROYLPHQWRGRQHJyFLR"

DRV VHJPHQWRV GH FOLHQWHV" 4XDLV VmR VHXV

(VWUXWXUDGH&XVWRV4XDLVFXVWRVYRFrWHPSDUD

GLIHUHQFLDLV"4XDLVVmRRVUHVXOWDGRVHVSHUDGRVSHORV

FULDU H PDQWHU R VHX QHJyFLR HP IXQFLRQDPHQWR"

FOLHQWHV"

1RUPDOPHQWH HOHV YLUmR GDV DWLYLGDGHV UHFXUVRV H

  &DQDLV 3RU TXDLV PHLRV YRFr HQWUHJD VHXV

SDUFHLURVFKDYH

SURGXWRVVHFRPXQLFDFRPRFOLHQWHID]SURVSHFomRH SyVYHQGD"

$LGHLDpLPSULPLUHVVHPRGHORHPXPSDSHOJUDQGH

 ¤ 5HODFLRQDPHQWR FRP R FOLHQWH &RPR HX PH

GHSUHIHUrQFLDWDPDQKR$RXPDLRU HVFUHYHUDVLGHLDV

FRPXQLFRFRPRPHXFOLHQWHHPFDGDFDQDO"&RPRHX

HP SDSHO DXWRDGHVLYR H FRODU QR UHVSHFWLYR WySLFR

PDQWHQKRDLQWHUDomRFRPHVVHVFOLHQWHV"4XHWLSRGH

DVVLPYRFrFRQVHJXHYLVXDOL]DUHPRGLILFDUVXDVLGHLDV

OLQJXDJHPpXWLOL]DGD IRUPDOLQIRUPDO "

GHPDQHLUDPDLViJLO3RGHVHULQWHUHVVDQWHPRVWUDUVHX

)RQWHVGH5HFHLWD4XDLVVmRRVSULQFLSDLVSURGXWRV

PRGHORSDUDRXWUDVSHVVRDVYRFrSRGHSHGLUDRSLQLmR

H VHUYLoRV RIHUWDGRV" &RPR VHUi IHLWR R SDJDPHQWR"

GH RXWURV HPSUHHQGHGRUHV VHX S~EOLFR DOYR RX

4XDOVHXSRVLFLRQDPHQWRGHSUHoR"

SHVVRDVIDPLOLDUL]DGDVFRPRVHXUDPRGHDWLYLGDGH

  $WLYLGDGHV &KDYH 4XDLV DWLYLGDGHV VmR LPSRUWDQWHV SDUD R IXQFLRQDPHQWR GD HPSUHVD H D

&RP LVVR YRFr FRQVHJXH FDSWXUDU QRYRV LQVLJKWV H PHOKRUDUVHXPRGHORGHQHJyFLR

HQWUHJDGDVXDSURSRVWDGHYDORU"

2SUy[LPRSDVVRpYRFrLQLFLDUVHX3ODQRGH1HJyFLRVRQGHYRFrGHILQLUiFRPRHTXDQGRVHX0RGHOR GH1HJyFLRVVHUiH[HFXWDGRHVHHOHpYLiYHOHFRQRPLFDPHQWH)DODUHPRVVREUHHOHQDVSUy[LPDVHGLo}HV %RQVQHJyFLRV 32


,1)250(38%/,&,7·5,2

129(0%52$=8/&20

6$1',(*2%$5%(56+23

1

RVGLDVHGH1RYHPEURR6DQ 'LHJR%DUEHU6KRSDFRQYLWHGR*UXSR 3H W U y S R O L V  M X Q W R  F R P  $ W K H Q D  &RQVXOWRULD RUJDQL]DUDP XP HYHQWR SDUD VLPEROL]DU DSUHYHQomRGR&kQFHUGH3UyVWDWD FRQKHFLGRFRPR1RYHPEUR$]XO)RUDPGLDVGH PXLWDVEDUEDVHFDEHORVFHUFDGHSHVVRDV SDVVDUDPSHODVPmRVGHVVHVDUWLVWDVGDWHVRXUD HGDQDYDOKD

34

'HVGHRLQtFLRHXMiVDELDTXDOHUDPHXIRFRHR PHXFRPSURPLVVRFRPREDUEHLURHQWUHJDURPHX PHOKRU HUD PHX GHYHU D DTXHOH DPLJR TXH VHQWDVVHHPPLQKDFDGHLUD1XQFDLPDJLQHLTXH HVVHVHQWLPHQWRGHDPRUHHQWUHJDWRWDOSDUDHVVH OLQGR RItFLR PH SURSRUFLRQDVH PDLV FOLHQWHV HQWUDQGRSHODSRUWDGDEDUEHDULDHQWUHJDQGRQD FRQILDQoDVHXVFDEHORVHEDUEDVQmRVyHPPLQKD


,1)250(38%/,&,7·5,2

129(0%52$=8/&20 6$1',(*2%$5%(56+23

FDGHLUD DJRUD HP PDLV  TXH SRU WUiV GHODV WDPEpP EDWH XP FRUDomR FRP R PHVPR VHQWLPHQWRTXHRPHX6RPRVXPDIDPtOLDHYHU HVVD IDPtOLD LQGR FDGD YH] PDLV ORQJH p PXLWR JUDWLILFDQWH&RPHQWD'LHJR*XLOKHUPLQR 6RPRV SULYLOHJLDGRV H DJUDGHFLGRV SRU WRGRV DTXHOHV TXH DFUHGLWDP HP QRVVR WUDEDOKR DJUDGHFHPRV D RSRUWXQLGDGH TXH D FHUYHMDULD

36

3HWUySROLV QRV SURSRUFLRQRX H HP HVSHFLDO D FRQVXOWRULD$WKHQDTXHDFUHGLWRXQHVVDSDUFHULD SDUDFDPSDQKDGR1RYHPEUR$]XO 1RVVRPXLWRREULJDGRDWRGRVRVFRODERUDGRUHV %DUEHDULDFOiVVLFDHP%RLWXYD 5HVSHLWRDPRUHWUDGLomR


7(&12/2*,$

92&¶6$%(248(e

,27"

)RQWHQHZVVDSFRP%UDQGSUHVV

2LQWHUHVVHHPWRUQRGD,QWHUQHWGDV&RLVDV ,QWHUQHWRI7KLQJVHPLQJOrVRX,R7  YHPFUHVFHQGRH[SRQHQFLDOPHQWHDVVLPFRPRDLGHDOL]DomRGHSURMHWRVTXHXWLOL]DP HVVDWHFQRORJLD$VLQ~PHUDVSRVVLELOLGDGHVGHDSOLFDomRGD,R7FRORFDUDPHVVHUHFXUVR QRWRSRGDWUDQVIRUPDomRGLJLWDOQRVQHJyFLRV

'

HILQLomR $ ,R7 SRGH VHU GHILQLGD FRPR D FRPXQLFDomR PiTXLQD D PiTXLQD 00  YLD ,QWHUQHW TXH SHUPLWH TXH GLIHUHQWHV REMHWRVGHFDUURVDPiTXLQDVLQGXVWULDLVRXEHQV GH FRQVXPR FRPR FDOoDGRV H URXSDV FRPSDUWLOKHPGDGRVHLQIRUPDo}HVSDUDFRQFOXLU GHWHUPLQDGDV WDUHIDV $ EDVH SDUD R IXQFLRQDPHQWR GD ,R7 VmR VHQVRUHV H GLVSRVLWLYRVTXHWRUQDPDFRPXQLFDomRHQWUHDV

38

´FRLVDVµ SRVVtYHO $OpP GLVVR p SUHFLVR XP VLVWHPD GH FRPSXWDomR SDUD DQDOLVDU RV GDGRV UHFHELGRV H JHUHQFLDU DV Do}HV GH FDGD REMHWR FRQHFWDGRDHVVDUHGH $SOLFDo}HV $ ,R7 SRGH VHU DSOLFDGD HP GLYHUVRV VHWRUHV VHMDSDUDRWLPL]DUDVDWLYLGDGHVGHXPDLQG~VWULD RX IDFLOLWDU D YLGD GRV FLGDGmRV 9HMD DOJXQV H[HPSORV


7(&12/2*,$

92&¶6$%(248(e,27" )RQWHQHZVVDSFRP%UDQGSUHVV

&DVD 8P VLVWHPD GH PRQLWRUDPHQWR SRU PHLR GH WHUPRVWDWR SRGH LGHQWLILFDU DV FRQGLo}HV PHWHRUROyJLFDV DWXDLV H FRP EDVH QR VHX KLVWyULFRGHSUHIHUrQFLDDMXVWDUDWHPSHUDWXUDGD FDVD SDUD TXH HVWHMD DJUDGiYHO TXDQGR YRFr FKHJDU HP FDVD 0DLV GR TXH WHU XP FRQWUROH UHPRWR GD FDVD D LGHLD p WRUQiOD LQWHOLJHQWH H SURDWLYD

6WDUD Mi XWLOL]D VHQVRUHV HPEDUFDGRV HP VHXV WUDWRUHV SDUD FDSWXUDU H WUDQVIRUPDU GDGRV REWLGRV HP FDPSR HP LQIRUPDomR SDUD RV SURGXWRUHV

$XWRPRWLYRHORJtVWLFD &RPHoDPRV FRP FDUURV TXH HVWDFLRQDP VR]LQKRV H Mi HVWDPRV FDPLQKDQGR SDUD RV YHtFXORV DXWRGLULJtYHLV 2EVHUYDQGR XPD UHDOLGDGH PDLV SUy[LPD WHPRV D RWLPL]DomR GR $JURQHJyFLR VHWRUORJtVWLFRFRPVHQVRUHVTXHDFRPSDQKDPR 3URGXWRUHV SRGHP LQWHJUDU VHX VLVWHPD GH GHVHPSHQKR GRV YHtFXORV DYLVDQGR VREUH LUULJDomR D VHQVRUHV PHWHRUROyJLFRV SDUD PDQXWHQo}HVSUHYHQWLYDVHDLQWHJUDomRGD,R7 FRQWURODU PHOKRU D UHJD GD FROKHLWD &RP XP HP YHtFXORV H YLDV SHUPLWLQGR TXH DV HQWUHJDV VLVWHPD LQWHJUDGR R DJULFXOWRU WDPEpP SRGH VHMDPIHLWDVGHIRUPDPDLVLQWHOLJHQWHHHILFLHQWH PRQLWRUDU UHPRWDPHQWH H HP WHPSR UHDO R HYLWDQGRFRQJHVWLRQDPHQWRV$,R7HVWiHQWUHDV SURFHVVRGHSODQWLR&RPRVGDGRVREWLGRVHOH SULQFLSDLV WHFQRORJLDV TXH YmR LPSDFWDU D SRGH WRPDU GHFLV}HV LPHGLDWDV JDUDQWLQGR XP WUDQVIRUPDomRGDORJtVWLFDQRVSUy[LPRVDQRV FRQWUROHPDLVHILFLHQWHGHFXVWRVFRPLQVXPRV$

40


7(&12/2*,$

92&¶6$%(248(e,27" )RQWHQHZVVDSFRP%UDQGSUHVV

6PDUW&LWLHV ,QGR PDLV DOpP DV VPDUW FLWLHV FLGDGHV LQWHOLJHQWHV  TXH KRMH HVWmR HP SDXWD Vy VHUmR SRVVtYHLVJUDoDVj,R7/L[HLUDVGHFROHWDVHOHWLYD TXHDYLVDPDRFDPLQKmRGHFROHWDTXDQGRHVWmR FKHLDVSRGHPSRXSDUWHPSRHGLQKHLURGHVWLQDGR DRVVHUYLoRVS~EOLFRV$FLGDGHGH%XHQRV$LUHV FRQVHJXLX FRPEDWHU R SUREOHPD GDV HQFKHQWHV XWLOL]DQGR GDGRV GH VHQVRUHV HP EXHLURV TXH QRUWHDUDPDOLPSH]DGDVUXDVHGRVVLVWHPDVGH GUHQDJHPHYLWDQGRLQXQGDo}HV(LVVRpDSHQDV RFRPHoRTXDQWRPDLVREMHWRVFRQHFWDGRVPDLV LQWHOLJHQWH SRGHUi VHU D JHVWmR GD FLGDGH H FRQVHTXHQWHPHQWH GD TXDOLGDGH GH YLGD GRV FLGDGmRV

42

2IXWXURGD,R7 $ ,R7 Mi QmR p PDLV XPD WHQGrQFLD RX XPD SUHYLVmRpXPDUHDOLGDGHTXHHVWiWUDQVIRUPDQGR DVLQG~VWULDVRVQHJyFLRVHDVQRVVDVYLGDV2 *DUWQHUHVWLPDTXHD,QWHUQHWGDV&RLVDVLQFOXLUi ELOK}HVGHXQLGDGHVLQVWDODGDVDWpHFRP LVVRIRUQHFHGRUHVGHSURGXWRVHVHUYLoRVGH,R7 GHYHPJHUDUXPDUHFHLWDDGLFLRQDOVXSHULRUD86 ELOK}HVDWpRPHVPRDQR %HPYLQGRDRPXQGRKLSHUFRQHFWDGR


$548,7(785$ '(&25$d 2

%52&.&200216

2(',)º&,25(6,'(1&,$/'(0$'(,5$ 0$,6$/72'2081'2 )RQWHVW\ORXUEDQR

$

UTXLWHWRV DFUHGLWDP TXH R IXWXUR GD FRQVWUXomR FLYLO VXVWHQWiYHO VHUmR SUpGLRV H FDVDV SUpIDEULFDGRV FRQVWUXtGRV TXDVH LQWHLUDPHQWH GH PDGHLUD FHUWLILFDGD 2 %URFN &RPPRQV p R HGLItFLR UHVLGHQFLDOGHPDGHLUDPDLVDOWRGRPXQGRFRP

46

XPD DOWXUD GH  P DFLPD GR FDPSXV GD 8QLYHUVLW\RI%ULWLVK&ROXPELDQR&DQDGiHILFRX SURQWR YiULRV PHVHV DQWHV GR SUHYLVWR SUDWLFDPHQWH HP -XOKR GHVVH DQR HVWDYD FRP VXDVSRUWDVDEHUWDV 2HGLItFLRpDQRYDUHVLGrQFLDGRVHVWXGDQWHVGD XQLYHUVLGDGH FRQWHQGR  DSDUWDPHQWRV FRP TXDWURFDPDVHHVW~GLRVGLVWULEXtGRVSRU DQGDUHVDEULJDQGRXPWRWDOGHUHVLGHQWHV2 SUpGLRWHPDQGDUHVIHLWRVGHSDLQpLVFRPFLQFR FDPDGDVGHPDGHLUDODPLQDGDFUX]DGD &/7 SRU DQGDUFROXQDVGHPDGHLUDODPLQDGDFRODGDXP WHOKDGRFRPHVWUXWXUDGHDoRHVHo}HVIHLWDVGH FRQFUHWR LQFOXLQGR D EDVH H R Q~FOHR GDV HVFDGDULDV $ IDFKDGD GR HGLItFLR p FRQVWLWXtGD FRP SDLQpLV SUpIDEULFDGRV TXH WrP DV MDQHODV SUpLQVWDODGDV &RQWLQXD


$548,7(785$ '(&25$d 2

%52&.&200216 2(',)º&,25(6,'(1&,$/'(0$'(,5$ 0$,6$/72'2081'2 )RQWHVW\ORXUEDQR

2VSDLQpLVVmRGHXPUHYHVWLPHQWRGHODPLQDGR GH DOWD SUHVVmR TXH FRQWrP ILEUDV j EDVH GH PDGHLUDGHFRPVHo}HVPROGDGDVFRPSLQR GH DoR 7RGD HVWUXWXUD p SUpPROGDGD H Mi YHP SURQWDSDUDLQVWDODomR,VVRHYLWDGHVSHUGtFLRGH PDWHULDO H SRXSD XP HQRUPH WHPSR QD FRQVWUXomR 2 SUpGLR IRL OHYDQWDGR FRP XPD UDSLGH]LPSUHVVLRQDQWH'HSRLVGDFRQVWUXomRGH XP ~QLFR SLVR QD SULPHLUD VHPDQD R SURMHWR DFHOHURXDXPDWD[DGHGRLVRXPDLVDQGDUHVD

48

FDGDVHPDQDFRPWRGDDHVWUXWXUDGHPDGHLUD QmRLQFOXLQGRDVVHo}HVGHFRQFUHWRRXGHDoR GRWHOKDGR WHUPLQDGDHPDSHQDVGLDV 7RGD PDGHLUD GD FRQVWUXomR p FHUWLILFDGD H SURYHQLHQWHGHiUHDVIORUHVWDLVGHUHPDQHMDPHQWR HQmRGHIORUHVWDVQDWLYDV6HUiTXHSRGHUHPRV FRQVWUXLUQRIXWXURFLGDGHVLQWHLUDVFRPHVWUXWXUDV SUpIDEULFDGDV GH PDGHLUD GH IRUPD UiSLGD H VXVWHQWiYHO"


(63257(

(48,3(81,21 &203/(7$$126 2DQRGHIRLGHPXLWDVFRPSHWLo}HVSDUDHTXLSH GHIXWHERO8QLRQGDFLGDGHGH%RLWXYD

'

XUDQWH D WHPSRUDGD IRUDP FHUFD GH  8PD GDV PDLV LPSRUWDQWHV IRL D &RSD 6mR -RVp HP MRJRV DR WRWDO HQWUH FRPSHWLo}HV QR &HUTXLOKR SRLV IRUDP DSHQDV HTXLSHV FRQYLGDGDV H PXQLFtSLR H UHJLRQDLV FRPR D &RSD )OH[ JUDoDVDRWUDEDOKRGHWRGRVDHTXLSHIRLUHFRQKHFLGD

&HQWHUUHDOL]DGRQR&DPSR6DQWD&UX]&RSD$PL]DGH SHOD VXD FRPSHWLYLGDGH H Mi UHFHEHX FRQYLWH SDUD

%RLWXYDH&RSD9HUmRQDFLGDGHGH&HUTXLOKRUHDOL]DGR SDUWLFLSDUGDWHPSRUDGD RQGHHVWDUmRSUHVHQWH QRFDPSR%DLUUR6mR3HGUR

50

WDPEpPQD7DoD8QLmR%RLWXYDH&RSD$VWRULDHP7DWXt


(63257(

(48,3(81,21&203/(7$$126

1RPrVGH1RYHPEURDHTXLSHGR8QLRQFRPSOHWRX DPLJRV H SDWURFLQDGRUHV GH %RLWXYD TXH VHPSUH $QRV GH KLVWyULD HP FRPHPRUDomR D HVVD GDWD DSRLDUDPRVMRJRVHRLQFHQWLYRDRHVSRUWHHD'LUHWRULD LPSRUWDQWH IRL UHDOL]DGR R MRJR IHVWLYR QR FDPSR GD GRV 8QLGRV GD 0LQD SRU SURSRUFLRQDU XPD IHVWD WmR $VVRFLDomR $WOpWLFD %RLWXYHQVH $ (TXLSH GR 8QLRQ ERQLWD UHFHEHX R WLPH GRV 8QLGRV GD 0LQD GR EDLUUR GH

$WXDOPHQWH R 8QLRQ HVWi SDUWLFLSDQGR GRV MRJRV

+HOLySROLV FDSLWDO HTXLSH TXH WDPEpP HVWDYD 9DU]HDQRGR0XQLFtSLRHDGLUHWRULDVHVHQWHPYLWRULRVD FRPHPRUDQGRDQLYHUViULRQHVVHPrV

SHOD YLVLELOLGDGH H FRQYLWHV TXH YHP UHFHEHQGR SDUD

2 UHSUHVHQWDQWH GR 8QLRQ DJUDGHFH D WRGDV DV LQWHJUDU D FDPSHRQDWRV UHJLRQDLV RQGH VHPSUH VmR SHVVRDV HQYROYLGDV QHVWD SDUWLGD HP HVSHFLDO DRV EHPUHFHELGRV

52


%(/(=$

%,&+(&720,$

3/·67,&$'$6%2&+(&+$6 )RQWH%UDQGSUHVV3RU%UXQR*DOGLQR6DQWDQD

$

%LFKHFWRPLDFRQKHFLGDWDPEpPFRPR 3OiVWLFDGDV%RFKHFKDVpXPDFLUXUJLD SOiVWLFDTXHHQYROYHDUHWLUDGDWRWDORX SDUFLDO GDV ´ERODV GH %LFKDWµ EROVDV GH JRUGXUD  ORFDOL]DGDHQWUHRVUDPRVGRQHUYRIDFLDOHTXH WHP FRPR REMHWLYR UHGX]LU R YROXPH GDV ERFKHFKDV DILQDQGR R FRQWRUQR IDFLDO SDUD XP SHUILOPDLVKDUP{QLFRHDWUDHQWH $LQGD TXH VHMD FRQVLGHUDGD XPD FLUXUJLD WUDQTXLODQmRpXPSURFHGLPHQWRVLPSOHV'HYH VHU U HDOL]DGD SRU FLUXUJL}HV SOiVWLFRV HVSHFLDOLVWDVMiTXHDOHVmRGHVWHRXGHDOJXP

54

GRVVHXVUDPRVSRGHPFDXVDUXPDFRPSOLFDomR GHYDVWDGRUD DR SDFLHQWH TXH VH VXEPHWHX j DOJXpP VHP FRQGLo}HV WpFQLFDV H VHP SUHSDUR SDUDHVWDFLUXUJLD 8PD RXWUD TXHVWmR PXLWR LPSRUWDQWH QD ELFKHFWRPLDpDFRUUHWDLQGLFDomRGDFLUXUJLD3RU LVVRQmREDVWDDSHQDVTXHRSURFHGLPHQWRVHMD EHP UHDOL]DGR HOH SUHFLVD VHU EHP LQGLFDGR 0XOKHUHVFRPURVWRPDJURQmRVmRFDQGLGDWDVDR SURFHGLPHQWRHFDVRVHVXEPHWDPVHQWLUmRIDOWD GHVWHYROXPHQRIXWXUR

&RQWLQXD


%(/(=$

%,&+(&720,$ 3/·67,&$'$6%2&+(&+$6

)RQWH%UDQGSUHVV3RU%UXQR*DOGLQR6DQWDQD

8PURVWRDUUHGRQGDGRRXFRPDVERFKHFKDVGH YROXPHGHVSURSRUFLRQDOFRPXPDERDTXDOLGDGH GHSHOHHWHFLGRVEHPVXVWHQWDGRVpXPDIDFH yWLPDSDUDDELFKHFWRPLD 2SURFHGLPHQWRpIHLWRDWUDYpVGHXPDLQFLVmR PPDFP GHQWURGDPXFRVDGDERFDRQGHp UHPRYLGDSDUFLDOPHQWHXPDHVWUXWXUDDQDW{PLFD JRUGXUDORFDOL]DGD ²UDUDPHQWHDRSHUDomRUHWLUD DV WRWDOPHQWH 1RUPDOPHQWH D FLUXUJLD GXUD HP WRUQRGHKDKPHFDVRWHQKDVLGRUHDOL]DGD VREDQHVWHVLDVLPSOHVFRPVHGDomRRXDQHVWHVLD JHUDO R SDFLHQWH DSHQDV SHUPDQHFH SDUD REVHUYDomR

56

2 UHVXOWDGR p QRWiYHO DVVLP TXH R LQFKDoR FHGHU$OpPGHGLPLQXLURYROXPHGDVERFKHFKDV D ELFKHFWRPLD SRGH WUD]HU XPD PHOKRUD QD PDVWLJDomRPHOKRUDQDDXWRHVWLPDGRSDFLHQWH HWUDoRVPDLVILQRVHGHOLFDGRV/HPEUDQGRTXHD FLFDWUL]ILFDLPSHUFHSWtYHOSRUILFDUHVFRQGLGDQD SDUWH LQWHUQD GD ERFD QD SDUWH VXSHULRU GDV ERFKHFKDVSUy[LPDVDRVGHQWHVPRODUHVVXSHULRUHV 


02726

6$/ 2'8$652'$6 7(0/$1d$0(1726 3$5$72'2626*26726 6HomR(63(&,$/¤6DOmR'XDV5RGDV7H[WR$JrQFLD,1)20272)RWRV'LYXOJDomR

&RQKHoDRVSULQFLSDLVGHVWDTXHVGRHYHQWRGLYLGLGRVSRUFDWHJRULD

'

HFDVDQRYDDJRUDQR6mR3DXOR([SRD HGLomR  GR 6DOmR 'XDV 5RGDV VXUSUHHQGHXSHODTXDQWLGDGHHYDULHGDGH

GH ODQoDPHQWRV 'D SHTXHQD &XE +RQGD %L]

SDVVDQGR SHOD VWUHHW <DPDKD )D]HU  $%6 DWp D H[FOXVLYD VXSHUHVSRUWLYD %0: +3 5DFH RV IDEULFDQWHV DSUHVHQWDUDP PDLV GH GXDV GH]HQDV GH QRYRV PRGHORV &RQKHoD DOJXQV GRV GHVWDTXHV GLYLGLGRVSRUFDWHJRULDTXHHVWmRH[SRVWRVQRHYHQWR FRQVLGHUDGRRPDLRUGRVHWRUGHPRWRFLFOHWDVHPWRGDD $PpULFD/DWLQD

1RYDVPRWRVVWUHHWTXHUHPERPEDUDVYHQGDV

IUHLRVVmRQRYRV2VLVWHPD$%6pGHVpULHHDPRWR

1D FDWHJRULD FRP D PDLRU UHSUHVHQWDWLYLGDGH QR

FXVWD5&RPXPDVSHFWRPDLVUDGLFDOD.70

PHUFDGRGHGXDVURGDVQmRIDOWDUDPODQoDPHQWRVSDUD

'XNHIRLXPDJUDWDVXUSUHVDQRVDOmRGHVWHDQR

HVWLPXODUDVYHQGDV$+RQGDPRVWURXDUHQRYDGD%L]

&RQHFWDGR R PRGHOR SRGH DWp ´HVSHOKDUµ R

'LVSRQtYHOQDVYHUV}HVGHHFFD&XEJDQKRX

VPDUWSKRQH 2XWURV GHVWDTXHV ILFDP SRU FRQWD GR

QRYRYLVXDOIUHLRVFRPELQDGRVSDLQHOGLJLWDOHWRPDGD

SDLQHO GLJLWDO H PRWRU PDLV SRWHQWH FRP  FY

9FRPSUHoRDSDUWLUGH52XWURPRGHORTXH

6XVSHQVmRHIUHLRVWDPEpPHVWmRPDLVHILFLHQWHV3DUD

JDQKRXXPEDQKRGHORMDIRLD<DPDKD)D]HU$%6

D'DIUDDWXDOL]RXD1H[WTXHDJRUDSDVVDDVHU

&RPGHVHQKRPRGHUQRDVWUHHWGD<DPDKDWUD]PRWRU

&RQWDFRPPRWRUGHFPóTXHHQWUHJDFYGH

ELFRPEXVWtYHO GH XP FLOLQGUR H  FPó TXH SURGX]

SRWrQFLDPi[LPD

FYGHSRWrQFLD$OpPGLVVRTXDGURVXVSHQV}HVH

<DPDKD)D]HU

58

.70'XNH

+RQGD%L]

'DIUD1H[W


&XVWRPPDLVMRYHP

FRPEXVWtYHO GH  OLWURV JXLGmR ODUJR H R IDURO

$FDWHJRULDFXVWRPWURX[HGLYHUVRVODQoDPHQWRVFRP

UHGRQGR$PDUFDGHRULJHPMDSRQHVDDSURYHLWDRVDOmR

IRFRQRS~EOLFRMRYHP$,QGLDQ6FRXW%REEHUJDQKRX

SDUDPHGLURLQWHUHVVHGRS~EOLFRQHVWHQRYRPRGHOR

URXSDJHPUHWU{FRPFLFOtVWLFDUHEDL[DGDHSQHXVPDLV

-iD+DUOH\'DYLGVRQDSUHVHQWRXDIDPtOLD6RIWDLO

ODUJRV$SULPRUDGRRPRWRU´9µGHFFJHUD

FRPSOHWDPHQWH UHQRYDGD 'HVWDTXH SDUD D FKHJDGD

FYGHSRWrQFLDPi[LPD$PRWRQRUWHDPHULFDQDFXVWD

GRPRGHOR6OLPTXHXQHRHVWLORFOiVVLFRDRWUDGLFLRQDO

58VDQGRDPHVPDEDVHPHFkQLFDGDOLQKD

PRWRU9QHVWHFDVRR0LOZDXNHH(LJKWGH

²PRWRUELFLOtQGULFRGHFY²D+RQGDWURX[HSDUD

FF (VWD DXWrQWLFD FXVWRP JDQKRX QRYRV TXDGUR H

6mR 3DXOR D 5HEHO &RP PXLWD VLPSOLFLGDGH HVWD

VXVSHQV}HV$LQYRFDGD+'WHPEDQFRVRORHFXVWD5

EREEHU FRQWD FRP DVVHQWR ~QLFR WDQTXH GH



,QGLDQ6FRXW%REEHU

+RQGD5HEHO

+'6OLP

'XFDWL0RQVWHU

IDUyLV H ODQWHUQD HP /(' $ LPSDFWDQWH FOiVVLFD

&OiVVLFDVJDQKDPHVSDoR $VFOiVVLFDVPRGHUQDVHVWmRJDQKDQGRHVSDoRHQWUH

QLS{QLFD FRP PRWRU GH TXDWUR FLOLQGURV H  FY Vy

RVPRWRFLFOLVWDVDRUHGRUGRPXQGRHWDPEpPHQWUHRV

GHVHPEDUFDQR%UDVLOQRILQDOGRDQRTXHYHP$5R\DO

FRQVXPLGRUHVEUDVLOHLURVTXHDJRUDWHUmRPDLVTXDWUR

(QILHOGWURX[HSDUDR6DOmR'XDV5RGDVDOLQKD&ODVVLF

EHODVRSo}HV9HUVmRPDLVFOiVVLFDHVRPEULDGD6WUHHW

5HGGLWFK(GLWLRQGHFFTXHIRUDPSURGX]LGDVHP

7ZLQD7ULXPSK%RQQHYLOOH7%ODFNWHPYiULDVSHoDV

KRPHQDJHP D FLGDGH GH IXQGDomR GD PDUFD QD

SLQWDGDVGHSUHWR3DUDDXPHQWDURFRQIRUWRGRSLORWRD

,QJODWHUUD 3DUD ILQDOL]DU HP JUDQGH HVWLOR D +RQGD

PRWR UHFHEHX QRYDV FRQILJXUDo}HV GH FKDVVL H

H[LELXD&%56,QVSLUDGDQDVSULPHLUDV&%VGD

VXVSHQVmR SRUpP XVD R PHVPR PRWRU GH  FY

GpFDGDGHDPRWRXVDPRWRUTXDWURFLOLQGURVHP

XWLOL]DGR SRU VXDV LUPmV GD OLQKD FF GD PDUFD

OLQKDFFHFYGHSRWrQFLDPi[LPD$FKDUPRVD

LQJOHVD $OpP GR DU UHWU{ D .DZDVDNL = 56 WUD]

QDNHG MDSRQHVD HVFRQGH ERD GRVH GH WHFQRORJLD

PHFkQLFDDWXDOHERDGRVHGHHOHWU{QLFDHPEDUFDGD

LOXPLQDomR GH /(' IUHLRV $%6 H VXVSHQVmR WUDVHLUD

&RQWDFRPVLVWHPDGHIUHLRV$%6FRQWUROHGHWUDomR

FRPUHVHUYDWyULRGHJiV

5R\DO(QILHOG

.DZD=56

+RQGD&E56

&RQWLQXD

59


02726

6$/ 2'8$652'$6 7(0/$1d$0(17263$5$72'2626*26726 6HomR(63(&,$/¤6DOmR'XDV5RGDV7H[WR$JrQFLD,1)20272)RWRV'LYXOJDomR

6FRRWHUpGHVWDTXHHQWUHDVDYHQWXUHLUDV 2SULQFLSDOGHVWDTXHHQWUHDVDYHQWXUHLUDVQR6DOmR 'XDV5RGDVQmRIRLXPDPRWRPDVVLPXP689 HPGXDVURGDV2+RQGD;$'9pPLVWRGHVFRRWHUH PRWRDYHQWXUHLUDTXHYDLFXVWDU5&ULDGRQD ,WiOLDR;$'9SRGHURGDUQRDVIDOWRHQDWHUUDFRPD PHVPD GHVHQYROWXUD 2 PD[LVFRRWHU XVD R PRWRU GH GRLV FLOLQGURV H FF GD OLQKD 1& TXH p YHQGLGD QR %UDVLO$VWURFDVGHPDUFKDVSRGHPVHUIHLWDVGHIRUPD DXWRPiWLFD 'ULYH RX 6SRUW  RX PDQXDLV FRP WUDQVPLVVmRGHVHLVYHORFLGDGHV2;$'9FRQWDFRP VLVWHPD GH IUHLRV $%6 VXVSHQVmR GLDQWHLUD LQYHUWLGD XSVLGHGRZQ  H FRPSXWDGRU GH ERUGR -i D %0: *  *6 FRQWD FRP URGD DUR  QD GLDQWHLUD H

+RQGD;$'9

%0:**6

7ULXPSK7LJHU

9LDJHPGHSULPHLUDFODVVH 3HJDUDHVWUDGDFRPFRQIRUWRGHSULPHLUDFODVVHpD PLVVmR GRV PRGHORV WRXULQJ $SUHVHQWDGD Ki GXDV VHPDQDV QR 6DOmR GH 7yTXLR D QRYD JUmWXULVPR GD +RQGD GHVHPEDUFRX QR 6DOmR 'XDV 5RGDV HP GXDV YHUV}HV*/*ROG:LQJH*/*ROG:LQJ7RXU eDSULPHLUDPRWRGRPXQGRHTXLSDGDFRP$SSOH&DU 3OD\ VLVWHPD PXOWLPtGLD H WHOD 7)7 FRORULGD GH  SROHJDGDV 2 SDFRWH WHFQROyJLFR FRQWD DLQGD FRP FkPELR'&7GHVHWHPDUFKDVHXPDQRYDVXVSHQVmR GLDQWHLUD 2 PRWRU WDPEpP UHYLJRUDGR WHP  FF GLYLGLGRV HP VHLV FLOLQGURV RSRVWRV -i D LQYRFDGD H WRUFXGD +DUOH\'DYLGVRQ 5RDG *OLGH &92 HVWi

+'5RDG*OLGH&92

60

VXVSHQV}HVGHORQJRFXUVR2PRWRUGHFPóHFY DUSPFRPXPFLOLQGURLQYHUWLGRpRPHVPRGD YHUVmRVWUHHW0RQWDGDHP0DQDXVD´%DE\*6µFKHJD QRSULPHLURVHPHVWUHGH$SUHVHQWDGDQD~OWLPD HGLomR GR 6DOmR GH 0RWRV GH 0LOmR ,7$  D 7ULXPSK 7LJHU  Mi GHX DV FDUDV QR HYHQWR EUDVLOHLUR 7RWDOPHQWHUHIRUPXODGDFRPPDLVGHDOWHUDo}HVD DYHQWXUHLUD LQJOHVD JDQKRX PHOKRULDV HVWpWLFDV PHFkQLFDVHHOHWU{QLFDV$7LJHUDWpDGRWRXRPRGR GHSLORWDJHP´2II5RDG3URµ$6X]XNLILQDOPHQWHWURX[H SDUDRVDOmRVXDUHQRYDGDOLQKD96WURPFRPPRWRUHV 9GHHFFHPGXDVYHUV}HVVWDQGDUGH;7 HVWD ~OWLPD PDLV DYHQWXUHLUD FRP URGDV UDLDGDV TXH SRGHPFDOoDUSQHXVVHPFkPDUD

+RQGD*ROG:LQJ

6X]XNL9VWURP

HTXLSDGD FRP PDLRU PRWRU 9 IDEULFDGR SHOD PDUFD QRUWHDPHULFDQDR0LOZDXNHH(LJKWGHFPó GHFDSDFLGDGHHNJIPGHWRUTXH&RPTXLORVD WRXULQJ GD +' WUD] RXWURV GLIHUHQFLDLV URGD DUR  SROHJDGDV VLVWHPD GH LQIRWDLQPHQW FRP WHOD /&' H VLVWHPD GH VRP FRP TXDWUR DOWRIDODQWHV &XVWD 5 &RPSLQWXUDHPSUHWRIRVFRD,QGLDQ&KLHIWDLQ 'DUN +RUVH JDQKRX QRYD URGD GLDQWHLUD GH  SROHJDGDVHWUD]XPFRPSOHWRVLVWHPDGHLQIRWDLQPHQW $WHODpVHQVtYHODRWRTXHPHVPRFRPRPRWRFLFOLVWD XVDQGROXYDV1RPHOKRUHVWLOREDJJHURPRGHORHVWi HTXLSDGR FRP R PRWRU 7KXQGHU 6WURNH  GH  NJIPGHWRUTXHHFXVWD5

%0:.%DJJHU &RQWLQXD


02726

6$/ 2'8$652'$6 7(0/$1d$0(17263$5$72'2626*26726 6HomR(63(&,$/¤6DOmR'XDV5RGDV7H[WR$JrQFLD,1)20272)RWRV'LYXOJDomR

GHPDVRSUHoRQmRIRLGHILQLGR3RURXWURODGRD

(VSRUWLYDGHPHLRPLOKmRGH5HDLV $%0:+35DFHJDQKRXGHVWDTXHSHORVHXSUHoR

+RQGDMiDQXQFLRXRVYDORUHVGDQRYD&%5555

H[RUELWDQWH 5  RX TXDVH PHLR PLOKmR GH

SDUDDYHUVmR$%6H5D63TXHWHP

5HDLV YDL FXVWDU FDGD XPD GDV FLQFR XQLGDGHV TXH

VXVSHQV}HVHOHWU{QLFDgKOLQVIUHLRV%UHPERHRXWURV

YLUmRDR%UDVLO0DVDH[FOXVLYDVXSHUHVSRUWLYDTXHp

H[WUDV0DLVOHYHHSRWHQWHFRPFYDUSPD

IDEULFDGD TXDVH TXH DUWHVDQDOPHQWH WHP RXWURV

)LUHEODGH WHP XPD GDV PHOKRUHV UHODo}HV SHVR

DWULEXWRVFRPRURGDVHTXDGURHPILEUDGHFDUERQR

SRWrQFLD 3DUD TXHP QmR SUHFLVD GH WDQWD FDYDODULD

SQHXVVOLFNHPRWRUUHWUDEDOKDGRSDUDJHUDUFYGH

PDVJRVWDGRHVWLORFDUHQDGRD'XFDWLDSUHVHQWRXD

SRWrQFLDPi[LPD0DVHQWUHDVHVSRUWLYDVDRDOFDQFH

QRYD 6XSHU6SRUW 6 TXH WHP PRWRU GH  FF TXH

GHPHURVPRUWDLVGHVWDTXHSDUDDQRYD6X]XNL*6;5

SURGX]FYHWHPXPDSURSRVWDPDLVVSRUWWRXULQJ

TXHILQDOPHQWHFKHJDDR3DtV&RPSOHWDPHQWH

2VImVGD.DZDVDNLYmRWHUTXHVHJXUDUDDQVLHGDGHD

UHQRYDGDDIDPRVD*6;5WHPFRPDQGRGHYiOYXODV

QRYD1LQMDTXHYDLVXEVWLWXLUD1LQMLQKDGHFFVy

YDULiYHO QR PRWRU GH TXDWUR FLOLQGURV H  FY GH

FKHJDQRILQDOGHFRPIDUyLVGH/('HPRWRUGH

SRWrQFLDPi[LPD$OpPpFODURGHXPFRPSOHWRSDFRWH

FY

HOHWU{QLFR$VYHQGDVFRPHoDPQRSULPHLURWULPHVWUH

'XFDWL6XSHUVSRUW

.DZD1LQMD

62

6X]XNL*6;5

+RQGD&%555)LUHEODGH

%0:+S5DFH


63


02'$0$6&8/,1$

/22.60$6&8/,126

3$5$25e9(,//21 ',&$6'(9,68$/3$5$$9,5$'$'2$12

3RU&RORUDO

)DOD7,0(WXGRFHUWRFRPYRFrV"0DLVXPDYH]HVWRXSRUDTXLQD5HYLVWD$0DLV SDUDIDODUVREUH0RGD0DVFXOLQD0XLWRSUD]HUVRXR&RORUDOIXQGDGRUGR%ORJ 0DFKR0RGD PDFKRPRGDFRPEU HFRQYLGDGRSDUDIDODUSRUDTXLVREUHHVVH7HPD

%ORJ0DFKR0RGD PDFKRPRGDFRPEU

2WHPSRYRDQp"KDKD3DUHFHTXHIRLRQWHP TXH HVWDYD HVFUHYHQGR R SRVW FRP DV 'LFDV GH 9LVXDO SDUD 5pYHLOORQ  0DV QmR DGLDQWD ODPHQWDUQpDYLGDSDVVDUiSLGRHQWmRYDPRVOi DV'LFDVGH/RRNV0DVFXOLQRVSDUDR5pYHLOORQ ( QmR p DSHQDV R %UDQFR FOiVVLFR TXH D JHQWH

SUHFLVD XVDU YLX" 6HSDUHL YiULDV ,GHLDV FRP %UDQFR/LVWUDGR7RP3DVWHO5RVD&RUHVFODUDV 3HoDV1HXWUDV7RQV7HUURVRV(VWDPSD7URSLFDO HQILP YiULDV 'LFDV SUD JHQWH FRPSRU R /RRN 0DVFXOLQRSUR5pYHLOORQ

&RQWLQXD

64


02'$0$6&8/,1$

/22.60$6&8/,126 3$5$25e9(,//21 ',&$6'(9,68$/3$5$$9,5$'$'2$12 3RU&RORUDO %ORJ0DFKR0RGD PDFKRPRGDFRPEU

66


9,75,1('$&216758d 2

),25$0$4 52d$'(,5$/$7(5$/­*$62/,1$%% 0RWRUGHFF5RWDomRGHUSP $FRPSDQKDOkPLQDHILRQ\ORQ *DUDQWLDHDVVLVWrQFLDWpFQLFDQDORMD 5HP[QRVFDUW}HV

/($1'520$'(,5$6 3RUWD0DFLoDPW 5 FDGD

DFHLWDPRVFDUW}HV 9LVD0DVWHU&RQVWUXFDUG&RVQWUXVKRS

7,®20$7(5,$,6 '(&216758d®2 &KXUUDVTXHLUDSUpPROGDGD FPOLVDHPFLPHQWR 5DYLVWD

),25$0$4 027266(55$­*$62/,1$0$& 0RWRUGHFF5RWDomRGHUSP6DEUHGH FP*DUDQWLDHDVVLVWrQFLDWpFQLFDQDORMD 5HP[QRVFDUW}HV

,PDJHQV,OXVWUDWLYDV

),25$0$4/RMD%2,789$5XD$FiFLR0DQRHOGD6LOYD9LDQQD&HQWUR²%RLWXYD63²)RQH  ²/RMD6252&$%$²$Y6DQWD&UX] *DOSmR²-G9HUD&UX]²6RURFDED63²)RQH  /($1'520$'(,5$65XD$QW{QLR3LFFR&KiFDUD/DEURQLFL%RLWXYD63)RQH   7,®20$7(5,$,6'(&216758d®2$Y=HOLDGH/LPD5RVD²3RUWDOGRV3iVVDURV²%RLWXYD)RQH   68


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


&$5526

92/.6:$*(19,5786

12926(' 2)(5(&(248(+·'(0$,602'(512(0'(6,*1,129$d 2 (63$d2,17(512($/7$3(5)250$1&(126(*0(172'(6(' 635(0,80 )RQWH$VVHVVRULDGH,PSUHQVD9RONVZDJHQ

$9RONVZDJHQDSUHVHQWDR9LUWXVXPFDUURJOREDOLQpGLWRHTXHFKHJDFRPQRYDVLQWHUSUHWDo}HVHP HVWLORLQRYDomRDOWDSHUIRUPDQFHHVHJXUDQoD3ULPHLURVHGmFRQVWUXtGRVREUHD(VWUDWpJLD0RGXODU 04%QR3DtVRPRGHORFKHJDDRPHUFDGREUDVLOHLURHPMDQHLURGHFRPQRYDVUHIHUrQFLDVGH GHVLJQDSURYHLWDPHQWRGHHVSDoRHFRQIRUWRQDFDWHJRULDGHVHGmVSUHPLXP$OpPGLVVRRPRGHOR VHUiRSULPHLURDXWRPyYHOQD$PpULFD/DWLQDDXVDULQWHOLJrQFLDDUWLILFLDOSDUDDMXGDUPRWRULVWDVQR GLDDGLD

2

 9LUWXV FRQWD FRP QtYHLV GH DFDEDPHQWR

'HVLJQIRUWHHPWRGRVRVkQJXORV

TXHVHJXHPRVPDLVULJRURVRVSDGU}HVGH

2 9LUWXV WUD] D OLQJXDJHP YLVXDO H[FOXVLYD

TXDOLGDGH GRV VHGmV GD 9RONVZDJHQ QR

GHVHQYROYLGDFRPEDVHHPSHVTXLVDVFRPFOLHQWHVH

PXQGR (OH FRQWDUi FRP RSo}HV GH PRWRU H GH

IRFDGD QD UHJLRQDOL]DomR GRV SURGXWRV 9RONVZDJHQ

WUDQVPLVVmR TXH VHUmR RIHUHFLGDV GH DFRUGR FRP DV

7HP SHUVRQDOLGDGH SUySULD ² VHJXLQGR D IRUPD H D

SDUWLFXODULGDGHVGHFDGDPHUFDGR1R%UDVLORJUDQGH

IXQomR GH XP VHGm ² H DSUHVHQWD HVWLOR LQpGLWR 2

GHVWDTXH SDUD R 9LUWXV VHUi R FRQMXQWR PHFkQLFR GR

UHVXOWDGRpXPGHVLJQGLQkPLFRFRPOLQKDVUiSLGDV²

PRWRU76,GHDWpFYHWUDQVPLVVmRDXWRPiWLFDGH

HVSHFLDOPHQWHQDFROXQD´&µ DSyVDVSRUWDVWUDVHLUDV 

VHLVYHORFLGDGHV

H FRQHFWDGDV GDQGR DR VHGm XPD VLOKXHWD EHP DORQJDGDJUDoDVjIOH[LELOLGDGHGD(VWUDWpJLD0RGXODU 04%

70


2GHVWDTXHGDSDUWHGLDQWHLUDpRYLQFRTXHPDUJHLDD

&RP GLPHQV}HV VXILFLHQWHV SDUD DFRPRGDU WUrV

HQWUDGDGHDUHFRUWDRHVSDoRHQWUHRFRQMXQWRyWLFR

DGXOWRV QR EDQFR GH WUiV FRP FRQIRUWR GLJQR GRV

SULQFLSDOHRVIDUyLVGHQHEOLQD1R9LUWXVDVJUDQGHV

PHOKRUHVVHGmVPpGLRVR9LUWXVWHPDFHVVRDERUGR

VXSHUItFLHV GRV IDUyLV GH QHEOLQD H LQGLFDGRUHV GH

IDFLOLWDGR SHOR DPSOR kQJXOR GH DEHUWXUD GDV SRUWDV

GLUHomR FKDPDP D DWHQomR QD ODWHUDO GR FDUUR (ODV

WUDVHLUDVTXHVmRPDLRUHVHPUHODomRjVGR1RYR3ROR

WHUPLQDPHPkQJXORVFRPFRQWRUQRVWULGLPHQVLRQDLV

0DLVGRTXHFDSDFLGDGHSDUDDFRPRGDUFLQFRDGXOWRV

(QWUHHODVILFDPGXDVHQWUDGDVGHDUXPDHPIRUPDGH

RVHGm9RONVZDJHQSRGHWUDQVSRUWDUJUDQGHVREMHWRV

´9µ QR PHLR H XPD VHJXQGD HQWUDGD HVWUHLWD TXH VH

1mRHUDSDUDPHQRVVmROLWURVGHFDSDFLGDGHQR

HVWHQGHSRUWRGDDODUJXUD29LUWXVDGRWDDOLQKDGXSOD

SRUWDPDODVXPGRVPDLRUHVGDFDWHJRULDHVXILFLHQWH

HP IRUPD GH IOHFKD QD ODWHUDO 'D FROXQD ´%µ DTXHOD

SDUDJXDUGDUXPDJUDQGHTXDQWLGDGHGHPDODV

HQWUH DV SRUWDV  SDUD WUiV R PRGHOR WUD] WUDoRV DLQGD PDLVDORQJDGRVHIOXtGRV &RPPHWURVGHFRPSULPHQWRR9LUWXVpXPGRV PDLRUHVHQWUHRVVHXVFRQFRUUHQWHVGLUHWRV&RPREDVH GHFRPSDUDomRHOHpFHQWtPHWURVPDLVFRPSULGR GR TXH R 1RYR 3ROR WDPEpP GHVHQYROYLGR VREUH D (VWUDWpJLD0RGXODU04%,VVRPXGDFRPSOHWDPHQWHD SHUVSHFWLYDGRODWHUDOGRYHtFXOR29LUWXVWUD]JUDQGHV ODQWHUQDV(ODVFRQHFWDPRVSDUDODPDVFRPDWDPSD GRSRUWDPDODVHWrPXPkQJXORUHYHUVRVHPHOKDQWHjV GR-HWWD2XWURGHVWDTXHpRGHIOHWRUQDUHJLmRVXSHULRU GDWDPSDHYLGHQFLDQGRRYLVXDOHVSRUWLYR$SODFDILFD EHP DR FHQWUR GD WDPSD GR SRUWDPDODV HQWUH DV ODQWHUQDV FULDQGR XP OD\RXW KDUPRQLRVR 2 SDUD FKRTXHFRQWDFRPXPXPDPROGXUDQDSDUWHLQIHULRU TXHDWUDYHVVDWRGDDWUDVHLUD 71


&$5526

92/.6:$*(19,5786 12926(' 2)(5(&(248(+·'(0$,602'(512(0'(6,*1,129$d 2 (63$d2,17(512($/7$3(5)250$1&(126(*0(172'(6(' 635(0,80 )RQWH$VVHVVRULDGH,PSUHQVD9RONVZDJHQ

3DLQHOFRPIRFRQDWHFQRORJLDHFRQHFWLYLGDGH

PDQXDLV VHTXHQFLDLV 7LSWURQLF RSHUDGD SRU PHLR GD

2IRFRGRGHVHQYROYLPHQWRGDFDELQHIRLQRFRQWtQXR

DODYDQFDGHFkPELRRXSHODVDOHWDV ´VKLIWSDGGOHVµ QR

FUHVFLPHQWR GD GLJLWDOL]DomR GRV PRVWUDGRUHV DVVLP FRPR D FRQHFWLYLGDGH &RP RULHQWDomR KRUL]RQWDO R

$SRWrQFLDPi[LPDGHVVHPRWRUpGHFY N: 

SDLQHO SURPRYH D LQWHUDomR HQWUH R SDLQHO WRWDOPHQWH

FRPHWDQROHFY N: FRPJDVROLQDDUSP

GLJLWDO$FWLYH,QIR'LVSOD\HRVVLVWHPDVGHLQIRWDLQPHQW

FRP WRUTXH Pi[LPR GH  1P  NJIP  FRP

&RPLVVRR9LUWXVWUD]DVHJXQGDJHUDomRGR$FWLYH,QIR

JDVROLQDRXHWDQROGHDUSP(TXLSDGRFRP

'LVSOD\ UHFXUVR LQpGLWR QHVVD FDWHJRULD  VLVWHPD

HVVH PRWRU R 9LUWXV DFHOHUD GH  D  NPK HP 

'LVFRYHU 0HGLD FRP WHOD VHQVtYHO DR WRTXH GH 

VHJXQGRV H DWLQJH YHORFLGDGH Pi[LPD GH  NPK

SROHJDGDV H DSDUrQFLD GH VPDUWSKRQH DOpP GH WUrV

GDGRVFRPHWDQRO 

HQWUDGDV 86% HQWUH RXWURV LWHQV 2 'LVFRYHU 0HGLD SHUPLWHRHVSHOKDPHQWRGHVPDUWSKRQHVSRUPHLRGDV SODWDIRUPDV 0LUURUOLQN $SSOH &DU3OD\ H $QGURLG $XWR 1R $FWLYH ,QIR 'LVSOD\ RV LQVWUXPHQWRV VmR LPSOHPHQWDGRVYLUWXDOPHQWHYLDVRIWZDUH,QIRUPDo}HV GHQDYHJDomRSRGHPVHUPRVWUDGDVHP'RX'HP XPDWHODGHSROHJDGDVGRWDPDQKRGHXPWDEOHW FRP JUiILFRV H[WUHPDPHQWH SUHFLVRV H GH DOWD TXDOLGDGH

'LULJLELOLGDGHH[HPSODUHH[FHOHQWHGHVHPSHQKR 2 DFHUWR GD VXVSHQVmR GR 9LUWXV FRODERUD SDUD D H[FHOHQWH GLULJLELOLGDGH H FRQIRUWR HP FRQGLo}HV GH URGDJHP QDV UXDV H HVWUDGDV GD $PpULFD /DWLQD 'HSHQGHQGRGRPHUFDGRR9LUWXVSRGHUiVHUHTXLSDGR FRP R PRWRU  76, H WUDQVPLVVmR DXWRPiWLFD GH  PDUFKDV(VVDWUDQVPLVVmRRIHUHFHDRSomRGHWURFDV 72

YRODQWH


9,75,1(

)/25(1d$35(6(17(6 '(&25$d¯(6

4XDGURV [GH5

%$=$5(3$3(/$5,$6$9$66$ $YLmR3DWUXOKD&DQLQD 5YLVWDRX[5

2852(35$7$35(6(17(6 /RMD

0RXVHHWHFODGR3,6&FRPILRQDFRUSUHWD86%FRPSDWtYHO FRP WRGDV DV YHUV}HV GR :LQGRZV 'LVSHQVD R XVR GH 6RIWZDUHSDUDLQVWDODomR

5

65&$6(6 &DL[DVGH6RP-%/&KDUJH $SDUWLUGH5DYLVWD

2852(35$7$35(6(17(6 /RMD

0RQRSRGFRPGLVSDUDGRUEOXHWRRWKHIXQomRWULSp 5 ,PDJHQV,OXVWUDWLYDV

%$=$5(3$3(/$5,$6$9$66$3UDoD6DQWD&UX]&HQWUR%RLWXYD63  )/25(1d$35(6(17(6 '(&25$d¯(65XD&RURQHO (XJrQLR0RWWD&HQWUR%RLWXYD63)RQH  65&$6(65XD6mR5RTXH/RMD&HQWUR%RLWXYD637HO  2852( 35$7$35(6(17(6/RMD5XD&HO(XJrQLR0RWD&HQWUR²%RLWXYD63²)RQH  /RMD4XLRVTXH6KRSSLQJ9LOOD'·2XUR² %RLWXYD63 74


,0$&

7Y6DPVXQJµIXOOKGVPDUWFXUYD &RQYHUVRUGLJLWDO *% [GH5 FDUWmR

[GH5 FDUQr

[GH5 FDUQr

[GH5 FDUQr

,0$&

7YOHGµOJFRQYGLJLWDO [GH5 FDUWmR

[GH5 FDUQr

[GH5 FDUQr

[GH5 FDUQr

5($/&(35(6(17(6 0iVFDUDGH3DSDL1RHO $SDUWLUGH5

6®2%(1(',7263257 ),71(66 /DQoDPHQWRFDPLVHWDV0L]XQR6\QFKUR 0DVFXOLQRH)HPLQLQRGR3DR**

5

6®2%(1(',7263257 ),71(66 6XQJDV0DVKH&ROFFL YiULRVPRGHORVHHVWDPSDVGR3DR** $SDUWLUGH5 HPDWp; FDUWmRFUHGLiULR  2XGHGHVFRQWRjYLVWD

,PDJHQV,OXVWUDWLYDV

,0$&5XD0DQRHOGRV6DQWRV)UHLUH&HQWUR%RLWXYD)RQH  5($/&(35(6(17(65XD6mR5RTXH&HQWUR%RLWXYD)RQH   6®2%(1(',7263257 ),71(665XD&HO(XJrQLR0RWWD&HQWUR%RLWXYD63)RQH  

75 93


6$Á'(

&8,'$'23$5$1 2(;$*(5$5

1$6)(67$6'(),0'($12 )RQWH41RWtFLD

(VSHFLDOLVWDVGmRGLFDVSDUDFXUWLURILPGHDQRVHPGHVFXLGDUGDVD~GH

(

VWiFKHJDQGRRYHUmReSRFDHPTXHD FKHJDGD GR FDORU FRLQFLGH FRP DV IHVWDVGHILPGHDQRIpULDVHVFRODUHVH WXGRPDLVTXHFRQYLGHDVDLUGDURWLQDHVHGLYHUWLU (VWDV PXGDQoDV DJXDUGDGDV DQVLRVDPHQWH GXUDQWH WRGR R DQR TXH SDVVRX GHYHP VHU DSURYHLWDGDVDRPi[LPRPDVVHPGHL[DUGHODGR RVFXLGDGRVFRPDVD~GHDILQDORFRUSRSRGH HVWUDQKDU WDQWD FRLVD GLIHUHQWH DFRQWHFHQGR DR

PHVPRWHPSRHQLQJXpPTXHUSHUGHUHVWHVGLDV SRUFRQWDGHXPPDOHVWDURXGHVFRQIRUWRQmRp PHVPR"

3RULVVRSDUDDSURYHLWDUHVWHSHUtRGRFRPWXGRR TXH Ki GH GLUHLWR RV SURILVVLRQDLV GR &HQWUR 0pGLFR 6mR -RVp GH &HUTXLOKR SUHSDUDP DOJXPDVGLFDVLPSRUWDQWHVDVHUHPVHJXLGDV

+LGUDWHVH 'UD 'DQLHOD 'HQDUGL QXWULFLRQLVWD DILUPD TXH D KLGUDWDomR p XPD GDV TXHVW}HV TXH PDLV PHUHFHP DWHQomRQHVWDpSRFD´1RYHUmRHIHVWDVGHILPGHDQR FRVWXPDP VXUJLU FRPELQDo}HV TXH IDYRUHFHP D GHVLGUDWDomR FRQVXPR GH EHELGDV DOFRyOLFDV DOWDV WHPSHUDWXUDVH[SRVLomRDRVROSUiWLFDGHDWLYLGDGHVItVLFDV HWUDQVSLUDomR7XGRLVVRFRODERUDSDUDDSHUGDGHOtTXLGRV TXHSUHFLVDPVHUUHSRVWRV(QmRDGLDQWDVHKLGUDWDUFRP EHELGDVDOFyROLFDV(PERUDVHMDPOtTXLGRVHUHIUHVFDQWHVR iOFRROSUHVHQWHQDVEHELGDVSRVVXLHIHLWRGLXUpWLFRRXVHMD HP YH] GH KLGUDWDU DXPHQWDP D GHVLGUDWDomR SRU LVVR p LPSRUWDQWH EHEHU PRGHUDGDPHQWH DOWHUQDQGR FRP iJXD LVRW{QLFRV RX iJXD GH FRFR SRU H[HPSORµ DOHUWD D HVSHFLDOLVWD TXH FRPSOHWD ´'LDEpWLFRV H KLSHUWHQVRV SUHFLVDP WHU DWHQomR UHGREUDGD SRLV PXLWDV EHELGDV SRVVXHP H[FHVVR GH VyGLR RX Do~FDUHV TXH SRGHP SUHMXGLFDUDVD~GHµ

'UD'DQLHOD&ULVWLDQH)HUUDUL'HQDUGL QXWULFLRQLVWDGR&HQWUR0pGLFR6mR-RVp

76

$OLPHQWHVHEHP &RP WRGDV DTXHODV GHOtFLDV GLVSRQtYHLV ILFD IiFLO SDVVDU GD FRQWD H FRPHU GHPDLV ´e LPSRUWDQWH WHU FXLGDGRFRPDDOLPHQWDomR$OpPGHQmRFRPHUPXLWRp SUHFLVRHVWDUDWHQWRFRPRDUPD]HQDPHQWRGRVDOLPHQWRV SULQFLSDOPHQWHQDSUDLDRQGHQmRFRQVHJXLPRVVDEHUVH HVWmR DGHTXDGRV DR FRQVXPR 2 ULVFR GH LQWR[LFDomR DOLPHQWDU p JUDQGH SRU LVVR p LPSRUWDQWH HYLWDU ODQFKHV FRP PDLRQHVH H IULWXUDV H SULRUL]DU IUXWDV H DOLPHQWRV LQGXVWULDOL]DGRVµ DFRQVHOKD D QXWULFLRQLVWD GR &HQWUR 0pGLFR6mR-RVp &RQWLQXD


6$Á'(

&8,'$'23$5$1 2(;$*(5$5 1$6)(67$6'(),0'($12 )RQWH41RWtFLD

TXHpERPVHPSUHPDQWHURFRUSRHPPRYLPHQWR´2 LGHDOpSDUDUDFDGDGXDVKRUDVGHVFHUGRFDUURFDPLQKDU XPSRXFRHDORQJDURVPHPEURV(VWDGLFDDOpPGHHYLWDU DTXHOD IDPRVD GRU QDV FRVWDV GH TXHP GLULJLX SRU PXLWR WHPSRWDPEpPHVWLPXODDFLUFXODomRRTXHpLPSRUWDQWH SDUDPDQWHURVP~VFXORVEHPLUULJDGRV(PYLDJHQVORQJDV GHDYLmRDGLFDpDPHVPD/HYDQWHHFDPLQKHXPSRXFR SDUDHYLWDUSUREOHPDVµ

'U0DXULFLR0RG RUWRSHGLVWDHUHVSRQV‚YHOWdFQLFRGR&HQWUR0pGLFR6mR-RVp

1mRILTXHSDUDGR 1HVWD pSRFD PXLWD JHQWH FRVWXPD LU j SUDLD SDVVDQGRPXLWDVKRUDVQRWUkQVLWRHQFROKLGRVGHQWUR GR FDUUR 'U 0DXULFLR 0RG PpGLFR RUWRSHGLVWD H UHVSRQViYHOWpFQLFRGR&HQWUR0pGLFR6mR-RVpDILUPD

-i TXHP DSURYHLWD R ILP GR DQR SDUD LU D IHVWDV EDODGDVHVKRZVjEHLUDPDUWDPEpPpLPSRUWDQWHVH DWHQWDUDRVFDOoDGRV´0XLWDVFLGDGHVSULQFLSDOPHQWHQR OLWRUDODSURYHLWDPHVWDpSRFDSDUDUHDOL]DUVKRZVHIHVWDV 1HVWHVORFDLVRQGHQRUPDOPHQWHDVSHVVRDVILFDPHPSpSRU PXLWDV KRUDV p SUHFLVR HVWDU XWLOL]DQGR FDOoDGRV DGHTXDGRV 2V WrQLV GH FDPLQKDGD VmR RV PHOKRUHV 6mR FRQIRUWiYHLVDEVRUYHPRLPSDFWRHPDQWpPRVSpVVHJXURV &KLQHORVHFDOoDGRVDEHUWRVGHYHPVHUHYLWDGRVSRLVH[LVWH R ULVFR GH DOJXP IHULPHQWR SRU FDFR GH YLGUR RX DOJXP REMHWRFRUWDQWHSUHVHQWHQDDUHLDHQDVUXDV2VVDSDWRVGH VDOWR WDPEpP QmR VmR LQGLFDGRV SRLV DFDEDP VREUHFDUUHJDQGR D SRQWD GRV SpV H D FROXQD SRGHQGR FDXVDUGRUHOHV}HVµDOHUWD'U0DXULFLR

'XUPDEHP $V IHVWDV GH ILP GH DQR VmR XP FRQYLWH D SDVVDU QRLWHVDFRUGDGRPDVVHRGHVFDQVRWDPEpPQmRYLHU GHIRUPDSURSRUFLRQDORRUJDQLVPRSRGHVRIUHUH[SOLFD R QHXURORJLVWD HVSHFLDOLVWD HP VRQR 'U +HQULTXH )HUQDQGH] 0HQGHV ´2 GHVFDQVR p IXQGDPHQWDO SDUD UHSRUDVHQHUJLDVHIXQFLRQDUDGHTXDGDPHQWH)DOWDGHVRQR SRGHEDL[DUDLPXQLGDGHGHL[DQGRRFRUSRPDLVH[SRVWRD GRHQoDV7DPEpPRFRUUHDGLPLQXLomRGDDWHQomRRTXH SRGH VHU SHULJRVR SULQFLSDOPHQWH SDUD TXHP GLULJH SRGHQGRLQFOXVLYHVHHQYROYHUHPXPDFLGHQWHµDOHUWDR HVSHFLDOLVWDTXHFRPSOHWD´0HVPRGXUDQWHDVIpULDVH IHVWDVpLPSRUWDQWHGRUPLUKRUDVSRUGLDµ 'U+HQULTXH)HUQDQGH]0HQGHV QHXURORJLVWDGR&HQWUR0pGLFR6mR-RVpGH&HUTXLOKR

6HJXLQGRHVWDVGLFDVRULVFRGHVRIUHUFRPXPLPSUHYLVWRQHVWHILPGHDQRpPHQRUHGHSRLV TXHWXGRSDVVDUVyVREUDUmRERDVOHPEUDQoDVGHPDLVXPILPGHDQR 2XWUDVLQIRUPDo}HVVREUHR'U9DFLQDSRGHPVHUREWLGDVSHORVLWHZZZGUYDFLQDFRPRXZZZIDFHERRNFRPGUYDFLQD 2&HQWUR0pGLFR6mR-RVpILFDQD$YHQLGD3UHVLGHQWH:DVKLQJWRQ/XL]&HQWURHP&HUTXLOKR WHOHIRQH  VLWHZZZFHQWURPHGLFRVDRMRVHFRPEUHZZZIDFHERRNFRPFHQWURPHGLFRVDRMRVH 78




6$Á'(

/20%$/*,$ 'U/XL]$XJXVWR(VFREDU &50

$

ORPEDOJLDDFRQWHFHTXDQGRXPDSHVVRD

2TXHVHVHQWH"

WHP GRU QD UHJLmR ORPEDU RX VHMD QD

2SRUWDGRUGHVWHSUREOHPDVHQWHGRUQDSDUWHPDLV

UHJLmR PDLV EDL[D GD FROXQD SHUWR GD

EDL[DGDVFRVWDVDOpPGHWHQVmRPXVFXODUQDUHJLmR

EDFLDeWDPEpPFRQKHFLGDFRPROXPEDJRGRUQDV

DIHWDGD 3RGHVH DSUHVHQWDU GLILFXOGDGH SDUD ILFDU

FRVWDVRXGRUQRVTXDUWRV1mRpXPDGRHQoDpXP

VHQWDGR RX HP Sp SRU PXLWR WHPSR R TXH R OHYD D

WLSRGHGRUTXHSRGHWHUGLIHUHQWHVFDXVDVDOJXPDV

SURFXUDU QRYDV SRVLo}HV SDUD VH PDQWHU FRQIRUWiYHO

FRPSOH[DV 1R HQWDQWR QD PDLRULD GDV YH]HV R

$GRUSRGHLUUDGLDUSDUDDVQiGHJDVSHUQDVRXQHUYR

SUREOHPDQmRpVpULR$OJXPDVYH]HVDGRUVHLUUDGLD

FLiWLFR$GHVFULomRGRWLSRGHGRUFRPRGRUHPSHVR

SDUDDVSHUQDVFRPRXVHPGRUPrQFLD+iGRLVWLSRV

DSHUWR TXHLPDomR RX HP FKRTXH SRGH DMXGDU R

GHORPEDOJLDDJXGDHFU{QLFD$IRUPDDJXGDpRPDX

PpGLFRQRGLDJQyVWLFRGRWLSRGHGRU

MHLWR$GRUpIRUWHHDSDUHFHVXELWDPHQWHGHSRLVGHXP HVIRUoR ItVLFR 2FRUUH QD SRSXODomR PDLV MRYHP $

6LQDLVGHDOHUWD

IRUPD FU{QLFD JHUDOPHQWH DFRQWHFH HQWUH RV PDLV

&DVRYRFrUHVSRQGDVLPSDUDDOJXPDVGHVVDVSHUJXQWDV

YHOKRV D GRU QmR p WmR LQWHQVD SRUpP p TXDVH SHUPDQHQWH

SURFXUHVHXRUWRSHGLVWD ª6XDGRUQDFROXQDLUUDGLD FRUUH SDUDDVSHUQDV" &RQWLQXD

80


匀愀渀琀愀䴀愀爀椀愀䌀氀椀渀椀挀愀䴀攀搀椀挀愀

䌀愀爀搀椀漀氀漀最椀愀 簀 䐀攀爀洀愀琀漀氀漀最椀愀 簀 伀昀琀愀氀洀漀氀漀最椀愀 簀 䔀渀搀漀挀爀椀渀漀氀漀最椀愀 伀爀琀漀瀀攀搀椀愀 簀 伀琀漀爀爀椀渀漀氀愀爀椀渀最漀氀漀最椀愀 簀 刀攀甀洀愀琀漀氀漀最椀愀

䔀氀攀琀爀漀挀愀爀搀椀漀最爀愀洀愀 簀  䠀漀氀琀攀爀 簀 䔀挀漀挀愀爀搀椀漀最爀愀洀愀 䴀愀瀀⸀ 搀攀 刀攀琀椀渀愀 簀 䌀愀洀瀀椀洀攀琀爀椀愀 簀 䰀愀爀椀渀最漀猀挀漀瀀椀愀 眀眀眀⸀猀愀渀琀愀洀愀爀椀愀挀氀椀渀椀挀愀⸀挀漀洀⸀戀爀

 刀甀愀  䜀甀椀氀栀攀爀洀攀  倀爀椀洀漀Ⰰ   ㈀㤀㐀   簀  䈀漀椀琀甀瘀愀 ⴀ  匀倀  簀  吀攀氀攀昀漀渀攀㨀㨀  ⠀㄀㔀⤀  ㌀㌀㘀㌀ⴀ㄀㔀㐀㐀  ⼀  ㌀㈀㘀㌀ⴀ㐀 㘀㤀  ⼀  㤀㤀㜀㐀㈀ⴀ㌀㘀㘀㔀


6$Á'(

/20%$/*,$" 'U/XL]$XJXVWR(VFREDU &50

ª 6XD GRU QD FROXQD GLPLQXL TXDQGR YRFr WUD] RV

&RPRSUHYHQLUVH"

MRHOKRVHPGLUHomRDRSHLWRRXTXDQGRYRFrVHLQFOLQD SDUDIUHQWH" ª 9RFr DSUHVHQWRX UHFHQWHPHQWH GRU QD FROXQD ORPEDUDSyVDOJXPDTXHGD" ª9RFrDSUHVHQWRXGRUFRQVWDQWHQDFROXQDORPEDU GXUDQWHDV~OWLPDVWUrVVHPDQDV" ª9RFrDSUHVHQWRXGRUQDFROXQDORPEDUTXHSLRURX DSyVRUHSRXVRRXTXHRIH]DFRUGDUGXUDQWHDQRLWH" ª9RFrVHQWHGRUPrQFLDQDVSHUQDVTXDQGRFDPLQKD RXID]DOJXPHVIRUoRItVLFR"

ª(YLWHPRYLPHQWRVEUXVFRV ª (YLWH OHYDQWDU SHVR VH QHFHVViULR SHoD DMXGD D RXWUDSHVVRD ª+DELWXHVHDUHDOL]DUDORQJDPHQWRVGXUDQWHRGLD ª0DQWHQKDERDSRVWXUD&DEHoDSDUDFLPDRPEURV UHWRVSHLWRSDUDDIUHQWHSHVRGLVWULEXtGRHPDPERVRV SpV ª4XHPWUDEDOKDPXLWRWHPSRVHQWDGRGHYHFDPLQKDU GHYH]HPTXDQGR4XHPILFDPXLWRWHPSRHPSpGHYH GHVFDQVDU XP GRV SpV HP LQWHUYDORV $QGH VXED

4XDORWUDWDPHQWRSDUDORPEDOJLD"

HVFDGDVPRYLPHQWHRFRUSRUHVSLUHSURIXQGDPHQWHH

2WUDWDPHQWRPDLVDFHLWRKRMHHPGLDFRQVLVWHQRXVR

WHQWHPDQWHUDPXVFXODWXUDUHOD[DGD

GH PHGLFDPHQWRV DQDOJpVLFRV DQWLLQIODPDWyULRV H UHOD[DQWHVPXVFXODUHVDOpPGHILVLRWHUDSLDRULHQWDomR DRVSDFLHQWHVTXDQWRjSRVWXUDHPXGDQoDVQRHVWLOR GH YLGD QRV FDVRV PDLV JUDYHV RX HP IDOKD GR WUDWDPHQWRFRQVHUYDGRUSRGHVHULQGLFDGRWUDWDPHQWR FLU~UJLFR 82

7UDWHDGRUDJXGDFRPRULHQWDomRPpGLFDSDUDTXHHOD QmRVHWUDQVIRUPHHPFU{QLFD(YLWHDDXWRPHGLFDomR


&$3$

3DXOR/HVVD )RQWH$VVHVVRULDGH,PSUHQVD)RWRV/XFLR/XQD

1RDUFRPR$FFDORQQDWUDPDGD5HFRUG 79 %HODYHQWXUD 3DXOR /HVVD FRPHPRUD R VXFHVVRGRSHUVRQDJHPXPMRYHPMXVWLFHLUR TXHFLUFXODSRUWRGRVRVQ~FOHRVGDQRYHODGH *XVWDYR5HL]$SyVYLYHU0DUFmRHP$/HLGR $PRU QD 5HGH *ORER 3DXOR Yr R QRYR WUDEDOKR FRPR XPD RSRUWXQLGDGH HP VXD FDUUHLUD -i IH] SDUWLFLSDo}HV WDPEpP QD QRYHOD9LYHUD9LGDHQDVpULHGR0XOWLVKRZ 8PDUXDVHPYHUJRQKD

84


2DWRUWDPEpPSRGHUiVHUYLVWRQDVWHORQDVHPEUHYHQRORQJD¦3L[LQJXLQKD¤XPKRPHPFDULQKRVR§FRP GLUHomRGH'HQLVH6DUDFHQLQRTXDOLQWHUSUHWDRFRPSRVLWRU6LQK{ (VWiGHVHQYROYHQGRMXQWRD&LDGH7HDWURºQWLPRDSHoD6RODQRXPDKRPHQDJHPDRSRHWDEUDVLOHLUR6RODQR 7ULQGDGH-iWUDEDOKRXFRPRPRGHORSDUWLFLSDQGRGHJUDQGHVFDPSDQKDVFRPR+DYDLDQDVFHUYHMD$QWiUWLFDH GLYHUVDVRSHUDGRUDVGHFHOXODUHMRJRXIXWHERODPDGRUHVSRUWHSHORTXDOWHPJUDQGHSDL[mRDVVLPFRPRSHORWLPH GR)ODPHQJR+RMHPDQWpPDIRUPDFRPFRUULGDVDRDUOLYUHHWUHLQRVGHPXVFXODomRHIXQFLRQDO&DVDGRKiDQRV FRP&LQG\QDWXUDOGH&DER9HUGHRDWRUWDPEpPWHPVHXODGRHPSUHHQGHGRU(PXPDFDVDQD/DSDQR&HQWURGR 5LRGH-DQHLURDGPLQLVWUDHSURPRYHHYHQWRVFXOWXUDLVQXPHVSDoRGH&RZRUNLQJ

&RQILUDQRVVDHQWUHYLVWD $PDLV 4XDQGR VXUJLX D YRQWDGH GH VHU $WRU" ( FRPRIRL" 3DXOR 7UDEDOKDYD FRPR PRGHOR H FRPHFHL D ID]HUPXLWDVSXEOLFLGDGHVPDVVHPSUHVHQWLIDOWD GH FULDU DOJR PDLV VyOLGR H DFKHL QD DWXDomR D PDQHLUD TXH WLYH GH HVWLPXODU PDLV PHX ODGR FULDWLYR $PDLV7HPDOJXP$WRURX$WUL]FRPRLQVSLUDomR" 3DXOR$GPLURPXLWRVDUWLVWDVPDVDOJRTXHPH FKDPD DWHQomR p D UHSUHVHQWDWLYLGDGH H FRPR OLGDP FRP HOD 2 /i]DUR 5DPRV p R DUWLVWD EUDVLOHLUR TXH DR PHX YHU DOpP GH VHU XP H[FHOHQWH DWRU H GLUHWRU VDEH R TXH UHSUHVHQWD SDUDRVQRVVRVDWRUHVQRVVRSRYR $PDLV2TXHPDLVJRVWDGHID]HUQDVKRUDVYDJDV" 3DXOR$PRMRJDUHDVVLVWLUIXWHEROLUDSUDLDH DVVLVWLUXPDERDVpULH $PDLV 6HX SHUVRQDJHP ¦0DUFmR§ HP $ /HL GR $PRU IRL XP VXFHVVR (P VXD RSLQLmR R TXHPDUFRXQDVSHVVRDV" 3DXOR 0DUFmR IRL XP SHUVRQDJHP HVSHFLDO H FRPXPDUHDOLGDGHPXLWRSUy[LPDGDPDLRULDGRV EUDVLOHLURVXPFDUDKXPLOGHWUDEDOKDGRUDOpPGH VHUVXSHUJHQWHERD3HUFHELDDLGHQWLILFDomRQDV UXDVSHODIRUPDFRPRPHDERUGDYDPSDUHFLDTXH IDODYDPFRPDOJXpPPXLWRSUy[LPR

85


&$3$

$PDLV &RQWHQRV XP SRXFR VREUH ยฆ$FFDORQยง H R TXH PDLV YRFr VH LGHQWLILFD FRPRSHUVRQDJHP" 3DXOR$FFDORQpXPJUDQGHSUHVHQWH TXHUHFHELGH*XVWDYR5HL]H,YDQ=HWWHO VHPSUHTXLVXPSHUVRQDJHPUHDOPHQWH HQYROYLGR QD WUDPD H TXH PH GHVVH D SRVVLELOLGDGH GH H[SORUDU YiULDV FDPDGDV$FFDORQpXPFDYDOHLURVXSHU KDELOLGRVR TXH VH WRUQD R KRPHP GH FRQILDQoDGRSUtQFLSHVHPRVWUDQGRXP ILHODPLJR(OHpXPFDUDGHSULQFtSLRVH DVVLP FRPR $FFDORQ DFUHGLWR TXH D SDODYUDYDOHPXLWR

3DXOR/HVVD )RQWH$VVHVVRULDGH,PSUHQVD)RWRV/XFLR/XQD

86

$PDLV3RGHQRVDGLDQWDUXPSRXFRVREUH DSHoDยฆ6RODQRยง" 3DXOR +RMH HP GLD IDODVH PXLWR HP UHSUHVHQWDWLYLGDGHHHPSRGHUDPHQWRHR SURMHWR 6RODQR DOpP GH XPD KRPHQDJHP D XP JUDQGH SRHWD EUDVLOHLURpWDPEpPXPDDomRDILUPDWLYD RQGHDSRHVLDGH6RODQRID]XPSDUDOHOR FRP RV GLDV DWXDLV FRQWDQGR QRVVDV KLVWyULDV FDQWDQGR QRVVD P~VLFD H SURYRFDQGR XPD UHIOH[mR LPSRUWDQWH D UHVSHLWRGRSDSHOGRQHJURQDVRFLHGDGH EUDVLOHLUD

5DSLGDV 8PD 0~VLFD QR PRPHQWR &RLVDV EXQLWDVGD6DUD7DYDUHV 8PDFRPLGDIHLMRDGD 8P/XJDU%DKLD 8PDIUDVH6HMDSRVLWLYR$YLGDUHWULEXL


*58323(75¾32/,6

*58323(75¾32/,6 352029($d¡(6'( &2168025(63216·9(/ (072'23$º6 3RU&RPXQLFDomR&RUSRUDWLYD*UXSR3HWUySROLV

3URJUDPD6DEHU%HEHUODQoDGRHVVHDQRSHOD&RPSDQKLD TXHUFRQVFLHQWL]DURVFRQVXPLGRUHVVREUHRVEHQHItFLRV GHVHEHEHUFRPVDEHGRULD

2

*UXSR3HWUySROLVTXHWHPQDUHJLmRD VXDVHGHHPDLRUFHUYHMDULDWHPDPHWD GH VHU UHFRQKHFLGR FRPR D PHOKRU HPSUHVDGHEHELGDVGRSDtV(SDUDLVVRWUDEDOKD QmRVySDUDDIDEULFDomRGHSURGXWRVGHH[FHOrQFLDH DJHUDomRGHPLOKDUHVGHHPSUHJRVPDVWDPEpP QRGHVHQYROYLPHQWRVXVWHQWiYHOGHVXDVDo}HV

88

'HVVDPDQHLUDODQoRXHVWHDQR²RILFLDOPHQWH²R 6DEHU %HEHU R VHX SURJUDPD GH FRQVXPR UHVSRQViYHO&RPHOHDHPSUHVDHVWiGHPRVWUDQGR RVDVSHFWRVSRVLWLYRVHRSUD]HUTXHVyRFRQVXPR FRQVFLHQWH GH EHELGDV DOFRyOLFDV SRGH SURSRUFLRQDUVHMDSRUPHLRGHFDPSDQKDVRXDo}HV HPHYHQWRVSRUH[HPSOR


'HVGHRFRPHoRGRDQRMiVmRGH]HQDVGHDo}HV SRUWRGRSDtVGHQWUHHOHVVKRZVGH$HURVPLWK%RQ -RYL H *XQV 5RVHV IHVWLYDLV GH P~VLFD .LQJ )HVWLYDO  H R FDUQDYDO FRP D FRPSDQKD GH FRQVFLHQWL]DomR QR &DPDURWH ,WDLSDYD  (P VHWHPEUR R 6DEHU %HEHU SDUWLFLSRX GR 'LD ,QWHUQDFLRQDOGH&RQVXPR5HVSRQViYHOMXQWRFRP DUWLVWDV H LQIOXHQFLDGRUHV GLJLWDLV H DV PDUFDV GD FRPSDQKLD 1DVIHVWDVGDVFHUYHMDVHVSHFLDLV (P OLQKD FRP R FUHVFLPHQWR GR PHUFDGR GH FHUYHMDV HVSHFLDLV FUHVFH WDPEpP D LPSRUWkQFLD GRVHYHQWRVIRFDGRVQHVWHVHJPHQWR6mRGH]HQDV GHIHLUDVSRUWRGRRSDtVFRPRR0RQGLDOGH/D%LpUH TXHDFRQWHFHWRGRVRVDQRVQR5LRGH-DQHLURHMip FRQVLGHUDGD XPD GDV PDLRUHV IHLUDV GR VHWRU QR PXQGR H R 6ORZ %UHZ HYHQWR TXH UH~QH DV SULQFLSDLV PDUFDV GR VHWRU HP FLGDGHV FRP R 5LEHLUmR3UHWRH6mR3DXOR

(R6DEHU%HEHUQmRSRGHULDILFDUGHIRUDGHVVDV IHVWDV 'H PDQHLUD OHYH H GHVFRQWUDtGD R SURMHWR DOHUWRXRVYLVLWDQWHVVREUHRODGRERPGHEHEHUFRP VDEHGRULD LQWHUFDODQGR D GHJXVWDomR GH FHUYHMD FRPiJXDSRUH[HPSOR

6LJDR6DEHU%HEHUQDVUHGHVVRFLDLV 2 3URJUDPD 6DEHU %HEHU XWLOL]D D LQWHUQHW FRPR LPSRUWDQWHPHLRGHSURSDJDomRGHVHXVFRQFHLWRV FRP PHQVDJHQV LPSRUWDQWHV TXH UHIRUoDP TXH EHEHUpERPPDVVDEHUEHEHUpPHOKRUDLQGD6LJD R SURMHWR QR LQVWDJUDP H QR IDFHERRN 3URFXUH #VDEHUEHEHUHIDoDSDUWHGHVVHPRYLPHQWR2XHQWmR VDLEDPDLVGHWDOKHVHPZZZVDEHUEHEHUFRPEU

89


*$6752120,$

&267(/,1+$'(325&2 $66$'$ -~OLD6RDUHV

&ULDGRUDGREORJGHUHFHLWDV ยฆ24XH9DL7HU1D-DQWD"ยง RTXHYDLWHUQDMDQWDFRPEU FRQWDWR#RTXHYDLWHUQDMDQWDFRPEU IDFHERRNFRPRTXHYDLWHUQDMDQWD LQVWDJUDPFRPRTXHYDLWHUQDMDQWD

,QJUHGLHQWHV

ยNJGHFRVWHOLQKDGHSRUFR FHUFDGHFRVWHODVLQWHLUDV

ยFHERODVPpGLDV ยGHQWHVGHDOKR ยIROKDVGHORXUR ยFROKHUHV VRSD GHVDO ย6XFRGHOLPmR ย[tFDUD FKi GHiJXD ย3LPHQWDGRUHLQRDJRVWR ยUDPRGHDOHFULP RSFLRQDO

5HQGLPHQWRDSRUo}HV 'LILFXOGDGH0pGLD 7HPSRGHSUHSDURKRUDHPLQXWRVKRUDVPDULQDQGR

 /DYH DV FRVWHOLQKDV FRP R VXFR GH OLPmR H GHL[H GHVFDQVDUSRUPLQXWRV(PVHJXLGDODYHEHPHP iJXDFRUUHQWH  &RORTXH D FRVWHOD HP XP UHFLSLHQWH H IDoD DOJXQV IXURV QD FDUQH FRP XPD IDFD -XQWH D PDULQDGD H HVSDOKHEHPSRUWRGDDFDUQH&XEUDRUHFLSLHQWHFRP ILOPHSOiVWLFRHOHYHDJHODGHLUDSRUSHORPHQRVKRUDV HQRPi[LPRKRUDV4XDQWRPDLVWHPSRILFDUPHOKRU  $FHQGD R IRUQR D ยž& IRJR PpGLR  HGHL[HSUp DTXHFHU SRU  PLQXWRV 8QWH XPD DVVDGHLUD JUDQGH FRPXPSRXFRGHyOHRFRORTXHDFRVWHOLQKDFRPRV

3UHSDUHR0ROKRGH3HUD 3ULPHLURSUHSDUHDPDULQDGDGHVFDVTXHDVFHERODV H SLTXH HP SHGDoRV JUDQGHV 'HVFDVTXH WDPEpP R DOKRHEDWDSRUDOJXQVPLQXWRVQROLTXLGLILFDGRUMXQWR FRPDFHERODDiJXDRVDOHDVIROKDVGHORXURDWp IRUPDUXPDSDVWD5HVHUYH

90

RVVRVSDUDEDL[RHVHTXLVHUGHEXOKHRUDPRGHDOHFULP HHVSDOKHSRUFLPDGDFDUQH/HYHDRIRUQRSRUFHUFDGH PLQXWRVFREHUWDFRPSDSHODOXPtQLR 5HWLUHRSDSHODOXPtQLRDXPHQWHDWHPSHUDWXUDSDUD ยž& DOWR HGHL[HSRUPDLVPLQXWRVRXDWpGRXUDUD FDUQH5HWLUHGRIRUQRHVLUYDHPVHJXLGD


FIM DE ANO

PEDE kit bronze (Serve 4 pessoas)

1 bolsa pequena • Steak do contra-filé • Lombo Suíno • linguiça calabresa • linguiça DE LOMBO COM QUEIJO • TORRESMO

kit prata (Serve 10 pessoas)

1 bolsa Média Lombo suíno • Steak do contra • torresmo • capa de filé • salsicha de alho • linguiça de lombo •

kit ouro (Serve 15 pessoas)

1 bolsa grande • costela de cordeiro • Bife de Chorizo • paleta de morrote • contra filé de búfalo

• steak de picanha • linguiça de lombo • Salsicha de Alho • Lombo suíno

IMAGENS MERAMENTE ILUSTRATIVAS AS CARNES SÃO VENDIDAS DE FORMA CRUA PROMOÇÃO VÁLIDA ATÉ 01 DE JANEIRO DE 2018 ou enquanto durarem os estoques

Av. mário pedro vercelino 577, boituva | sp


*$6752120,$

3 2'(/¾

'(/(,7()(59(1'2

-~OLD6RDUHV

&ULDGRUDGREORJGHUHFHLWDV ¦24XH9DL7HU1D-DQWD"§ RTXHYDLWHUQDMDQWDFRPEU FRQWDWR#RTXHYDLWHUQDMDQWDFRPEU IDFHERRNFRPRTXHYDLWHUQDMDQWD LQVWDJUDPFRPRTXHYDLWHUQDMDQWD

,QJUHGLHQWHV

RYRV [tFDUDV FKi GHIDULQKDGHWULJR H[tFDUD FKi GHDo~FDU FROKHU VRSD GHIHUPHQWRTXtPLFR [tFDUD FKi GHOHLWHLQWHJUDO FROKHU FKi GHH[WUDWRGHEDXQLOKD 5DVSDVGHOLPmR

3UHSDUHR0ROKRGH3HUD 8QWHXPDDVVDGHLUDUHGRQGDGHFPFRPPDQWHLJD HSROYLOKHIDULQKDGHWULJR 3UHDTXHoDRIRUQRDž WHPSHUDWXUDPpGLD  6HSDUHDVJHPDVGDVFODUDV(PXPDWLJHODEDWDDV FODUDV HP QHYH DWp ILFDUHP EHP ILUPHV 8WLOL]H XP EDWHGRUGHDUDPHRXEDWHGHLUD 92

5HQGLPHQWRSRUo}HV 'LILFXOGDGH)iFLO 7HPSRGH3UHSDURK

-XQWHDVJHPDVHEDWDRVXILFLHQWHSDUDLQFRUSRUDU (P VHJXLGD MXQWH R Do~FDU H EDWD SRU PDLV DOJXQV PLQXWRV &RORTXHROHLWHSDUDDTXHFHUDWpIHUYHU 3HQHLUHDIDULQKDHRIHUPHQWRVREUHDPLVWXUDGHRYRV HDo~FDU(PVHJXLGDPLVWXUHEHPFRPDDMXGDGHXPD HVSiWXOD -XQWHRH[WUDWRGHEDXQLOKDDVUDVSDVGHOLPmRHR OHLWH DLQGD TXHQWH  H PLVWXUH QRYDPHQWH DWp TXH D PDVVDILTXHKRPRJrQHD3DUHFHUiPXLWROtTXLGDPDVp DVVLPPHVPR &RORTXHDPDVVDQDDVVDGHLUDXQWDGDHOHYHDRIRUQR SRUPLQXWRV3DVVDGRRWHPSRFRORTXHXPSDOLWR EHPQRPHLRGREROR6HVDLUOLPSRRERORHVWDUiSURQWR 6HQHFHVViULRGHL[HRERORGHQWURGRIRUQRGHVOLJDGR SRUPDLVDOJXQVPLQXWRV


9,1+26

(17(1'$80328&20$,662%5(

26$520$6'269,1+26 2VYLQKRVYDULDPVHXVDURPDVGHSHQGHQGRGDVUHJL}HVGRPXQGRHGRVWLSRV GHXYD GDVFHSDV 2IDPRVR¦7HUURLU§TXHVmRDVFDUDFWHUtVWLFDVRUJDQROpSWLFDVTXH DVXYDVGHVHQYROYHPGHDFRUGRFRPDVFRQGLo}HVFOLPiWLFDVHGRWLSRGHVRORGRSDtV HPTXHVmRFXOWLYDGDVpRSULQFLSDOFDXVDGRUGHVWDVGLIHUHQoDV 9DOHULD3LORQ 6RPPHOLqUHH&RRUGHQDGRUDGH(YHQWRV 6DOXW6RPPHOLqUH9DOpULD3LORQ HPDLOVRPPHOLHUBYDOHULD#KRWPDLOFRP

,

QIHOL]PHQWHDOpPGR´7HUURLUµDSHUFHSomR ROIDWLYD GDV SHVVRDV YDULD PXLWR 2 VHU KXPDQRSRGHWHUXPDPHPyULDROIDWLYDTXH YDULD GH  D  DURPDV GLIHUHQWHV 0DV D FRQVWUXomR GHVWD PHPyULD QmR GHSHQGH DSHQDV GR IDWRU DGTXLULGR JHQHWLFDPHQWH PDV GHSHQGH SULQFLSDOPHQWHGDVYLYHQFLDVGHFDGDXP6HQGRDVVLP DV SHVVRDV TXH VmR UHVWULWLYDV D QRYDV YLYHQFLDV ROIDWLYDVHJXVWDWLYDVWHUmRPDLRUHVOLPLWDo}HVTXDQWRj HVWDPHPyULD7DPEpPWHUmRGLILFXOGDGHVDVSHVVRDV FRP SUREOHPDV UHVSLUDWyULRV H TXH ID]HP XVR FRQVWDQWHGHPHGLFDPHQWRV0DVRVIXPDQWHVVmRRV TXHHVWmRQRJUXSRGRVTXHDSUHVHQWDPRPDLRUJUDX 94

GHGLILFXOGDGHGHUHFRQKHFLPHQWRGHDURPDV 6HQGRDVVLPVHMDPSRUIDWRUHVItVLFRVJHQpWLFRVRX SRUKiELWRVDGTXLULGRVDVSHVVRDVGHXPPRGRJHUDO VHQWHP RV DURPDV LQFOXLQGR RV GRV YLQKRV GH PDQHLUDVGLIHUHQWHV 2V YLQKRV WUD]HP DURPDV IUXWDGRV KHUEiFHRV PLQHUDLVDQLPDLVHQWUHRXWURV ePXLWRLPSRUWDQWHUHVVDOWDUTXHHVWHVDURPDVQmR WrPQDGDDYHUFDVRRYLQKHGRVHORFDOL]HSUy[LPRD DOJXPDRXWUDSODQWDomRTXHQmRDGHXYD3RUH[HPSOR 6HXPYLQKREUDQFRWUD]DURPDIUXWDGRHFRPQRWDVGH SHUD RX GH OLFKLD QmR VLJQLILFD TXH Ki SODQWDo}HV GHVWDV IUXWDV QDV SUR[LPLGDGHV (VWDV FDUDFWHUtVWLFDV


9,1+26

(17(1'$80328&20$,662%5( 26$520$6'269,1+26 9DOHULD3LORQ 6RPPHOLqUHH&RRUGHQDGRUDGH(YHQWRV6DOXW6RPPHOLqUH9DOpULD3LORQ HPDLOVRPPHOLHUBYDOHULD#KRWPDLOFRP

VmR XQLFDPHQWH DV TXH R WLSR GD XYD GHVHQYROYHX QDTXHOHWHUUHQRFRPDVLQIOXHQFLDVFOLPiWLFDVGDUHJLmR HPTXHHVWiSODQWDGD2TXHFKDPDPRVGH´7HUURLUµ 3DUDPHOKRUH[HPSOLILFDUYHMDPDOJXQVGRVDURPDVGR YLQKRTXHSDUDPXLWDVSHVVRDVSDUHFHHVWUDQKR $URPD GH OiSLV  9LQKRV SURGX]LGRV D SDUWLU GD XYD &DEHUQHW)UDQFjVYH]HVVmRDVVRFLDGRVDDURPDVGH ODVFDVGHOiSLVUHFpPDSRQWDGR $URPDGHHXFDOLSWR$SHVDUGHQmRVHUWmRIUHTXHQWH pHQFRQWUDGRGHPDQHLUDVXDYHHPYLQKRVHODERUDGRV FRP&DEHUQHW6DXYLJQRQHQRVYLQKRVIRUWLILFDGRVGD ,OKDGD0DGHLUD $URPDGHWDEDFReUHODWLYDPHQWHFRPXPHPYLQKRV TXH SDVVDUDP SRU FDUYDOKR DSHVDU GH WDPEpP VHU HVWUDQKR3URFXUH HHQFRQWUH HP&DEHUQHW6DXYLJQRQ 3HWLW9HUGRW&DUPHQqUH7HPSUDQLOOR6DQJLRYHVH $URPD GH WHUUD ~PLGD ² e HQFRQWUDGR HP YLQKRV HQFRUSDGRV H PDGXURV p PXLWR DVVRFLDGR D WLQWRV FRPSOH[RVSRUH[HPSORHDRXWURVYLQKRVSURGX]LGRV FRP&DEHUQHW6DXYLJQRQH0HUORWGH%RUGHDX[ $URPDGHIXPRTXHLPDGR9LQKRVSURGX]LGRVFRPD 6\UDK RX6KLUD] HWDPEpPFRPD3HWLWH6LUDKSRGHP WUD]HU HVVHV DURPDV EHP HVSHFtILFRV GH IXPR TXHLPDGR $URPD GH FRXUR  2 DPDGXUHFLPHQWR HP EDUULV GH FDUYDOKR WDPEpP DFUHVFHQWD PXLWDV YH]HV QRWDV GH FRXURDRDURPDGHXPYLQKR2V7DQQDW7HPSUDQLOORH 6\UDKVmRXYDVTXHWUD]HPHVWDFDUDFWHUtVWLFD 96

$URPD GH PDQWHLJD  (VVH DURPD p QRUPDOPHQWH DVVRFLDGR DR YLQKR &KDUGRQQD\ HQYHOKHFLGR HP FDUYDOKR GH HVWLOR FDOLIRUQLDQR 9LQKRV VXEPHWLGRV j IHUPHQWDomR PDOROiWLFD VmR PHQRV iFLGRV H FRP IUHTXrQFLDPRVWUDPDURPDGHPDQWHLJD $URPDGH[L[LGHJDWR3DUHFHDWpQRMHQWR0DVpXP DURPD VXWLO DVVRFLDGR D YLQKRV GH DOWD TXDOLGDGH SURGX]LGRVFRPD6DXYLJQRQ%ODQFGRYHOKRPXQGR $URPDGHJDVROLQDRXGHTXHURVHQH²3DUHFHHVWUDQKR PDVHVWHDURPDVHHQFDL[DHQWUHRVPLQHUDLVHpPXLWR FRPXP QRV YLQKRV GD $OHPDQKD (QWUH HOHV HVWmR DOJXQVGRVPHOKRUHV5LHVOLQJVGRPXQGRTXHSRGHP VHUHQYHOKHFLGRVSRUDOJXQVDQRV  $URPD GH DVSDUJRV  (VWH YHJHWDO SRGH VHU HQFRQWUDGR HP YLQKRV HODERUDGRV FRP D XYD 6DXYLJQRQ%ODQFVHQGRXPDGDVPHOKRUHVVXJHVW}HV GH KDUPRQL]DomR SDUD HVVH OHJXPH GLItFLO GH KDUPRQL]DU 1mR ILTXH SUHRFXSDGR VH YRFr QXQFD LGHQWLILFRX HVWHVDURPDV7DOYH]YRFrDWpRVWHQKDSHUFHELGRPDV SRUDFKDULPSRVVtYHOGHL[RXSDVVDU0DVFRPFHUWH]D VHHOHVDSDUHFHUHPQRYDPHQWHQmRLUmRVHULJQRUDGRV 2XWURIDWRULPSRUWDQWHDVHUFRQVLGHUDGRpTXHHVWHV DURPDV QD PDLRULD GDV YH]HV VH DSUHVHQWDP HP YLQKRVGHTXDOLGDGHVVXSHULRUHV3RUWDQWRQmRHVSHUH HQFRQWUDORVFRPIDFLOLGDGH /HPEUHVH VH IRU EHEHU  EHED R TXH p ERP H FRP PRGHUDomR


1875,d 2

),0'($12

6(0&8/3$ 'LDQWHGHWDQWRVHYHQWRVQHVVDpSRFDGRDQRRULVFRGHH[DJHUDU QDFRPLGDDXPHQWDHLVVRSRGHFRPSURPHWHUVXDERDIRUPD 3RU-XOLDQD0DULQ 1XWULFLRQLVWD)XQFLRQDO MXOLDQDPSY#JPDLOFRP

0

DQWHUDGLHWDGXUDQWHDVIHVWDVGHILPGHDQR H HYLWDU DV FDORULDV H[WUDV SDUHFH

FDEUD RX E~IDOD SRGHP VHU XWLOL]DGRV QD SUHSDUDomR GRV

LPSRVVtYHO0DVVHYRFrVHSUHYHQLUSRGH

SUDWRV

FRPHU EHP VHP SUHRFXSDomR FRP D EDODQoD 3DUD

1mR SXOH UHIHLo}HV DQWHV GH VDLU SDUD D IHVWD RX GH

LVVR DSRVWH SRU XPD DOLPHQWDomR IUHVFD FDVHLUD H

UHFHEHURVFRQYLGDGRVHPFDVDIDoDXPDUHIHLomROHYHFRPR

VDXGiYHOWDPEpPGXUDQWHR1DWDOHR5pYHLOORQ eSRFDV GH PXLWDV FRQIUDWHUQL]Do}HV H[LJHP PXLWD GLVFLSOLQDHIRFR'LDQWHGHDOLPHQWRVPXLWRFDOyULFRVH VD]RQDLVRVULVFRVGHH[DJHURVDXPHQWDPQRFDVRGH FDUGiSLRV QmR SURJUDPDGRV H HVW{PDJR YD]LR DQWHV GRV HYHQWRV +iELWRV VmR FRQTXLVWDGRV DR ORQJR GH PXLWD SUiWLFD H SHUVLVWrQFLD HQWmR FRQFHQWUH QRV REMHWLYRV H QDV YLWyULDV Mi FRQTXLVWDGDV 3DUD QmR DIXQGDUDGLHWDVHJXHPDOJXPDVGLFDVSDUDIHVWHMDUVHP FXOSD

98

YHUGXUDV OHJXPHV IUXWDV ROHDJLQRVDV H TXHLMRV FRPR GH

DOJXPDVIDWLDVGHSmRFDVHLURLQWHJUDORXXPWDSLRFDSRU H[HPSOR$VVLPYRFrQmRYDLFKHJDUGHVHVSHUDGDGHIRPHQD KRUDGDFHLDHDWDFDUWXGRTXHYHPSHODIUHQWH &RPD GHYDJDU DV SHVVRDV TXH FRPHP PXLWR UiSLGR SDVVDPGRVHXSRQWRUHDOGHVDFLHGDGH (QWmR FRQYHUVH EDVWDQWH PDVWLJXH H VLQWD EHP RV DOLPHQWRVTXHFRQVHTXHQWHPHQWHYRFrYDLFRPHUPHQRV $FRPSDQKHVHPSUHFRPVDODGDSRUVHUULFDHPILEUDV DMXGDDQRVGDUPDLVVDFLHGDGH (YLWH R FRQVXPR GH EHELGDV DOFRyOLFDV VHP YDORU

1DVFHLDVRSWHSHODVFRPLGDVOHYHVHVDXGiYHLV3DUD

QXWULFLRQDO DOJXP SUHILUD GULQNV VHP iOFRRO IHLWRV FRP

FRPHoDUWRGDDSUHSDUDomRRSULPHLURSDVVRpSHQVDUHP

IUXWDV iJXD JDVHLILFDGD H HUYDV FRPR DOHFULP KRUWHOm H

FRPRID]HUGDFHLDXPDUHIHLomRIUHVFDHQXWULWLYD3RUWDQWR

PDQMHULFmRSULQFLSDOPHQWHGXUDQWHRVSHWLVFRV &RQWLQXD


1875,d 2

),0'($126(0&8/3$ 3RU-XOLDQD0DULQ1XWULFLRQLVWD)XQFLRQDO MXOLDQDPSY#JPDLOFRP

2SUDWRSULQFLSDOWDPEpPQmRSRGHVHUHVTXHFLGR

pSRFDHpXPDSURWHtQDGHDOWDTXDOLGDGHHEDL[RWHRUGH

&RPRVHPSUHTXDQWRPHQRVSURFHVVDGRPHOKRU3DUD

JRUGXUD QmR FRPR WRUUHVPR p FODUR  (OH FRVWXPD

TXHPQmRVDEHR&KHVWHUQmRpXPFRUWHHVSHFtILFRGH

DSDUHFHUHPIRUPDGHORPERSHUQLORXWHQGHUVHQGRDV

FDUQHPXLWRPHQRVXPDQLPDOpXPDPDUFDUHJLVWUDGD

GXDV SULPHLUDV SRGHQGR VHU FRPSUDGRV LQ QDWXUD H

FRPRTXDOTXHURXWUDPDUFDeXPSURGXWRTXHIRLIHLWR

WHPSHUDGRVHPFDVDTXHpRLGHDO-iRWHQGHUpXPD

´HPODERUDWyULRµ'HDFRUGRFRPDHPSUHVDTXHRFULRX

FDUQHGHIXPDGDHSURFHVVDGDPDLVSDUHFLGDFRPXP

pXPIUDQJRIDEULFDGRQRV(8$HPSDUDWHUPDLV

SUHVXQWR0XLWDVYH]HVDVFDUQHVGHSRUFRVmRVHUYLGDV

SHVRHPHQRVJRUGXUDHFRPSHWLUFRPRSHUXYHQGLGR

FRP IUXWDV FRPR DEDFD[L H SrVVHJR 1R FDVR GR

SHORFRQFRUUHQWH0DLVGHGDDYHVmRFRPSRVWRV

DEDFD[LHOHWDPEpPWHPDIXQomRGHDMXGDUQDGLJHVWmR

GHSHLWRHFR[DVFRQWUDHPXPIUDQJRFRPXP(p

GDFDUQH

DOLPHQWDGRjEDVHGHPLOKRHVRMDVHPTXDOTXHUWLSRGH

'LIHUHQWHGR&KHVWHUHGR7HQGHUR3HUXSRGHULDVHU

PHGLFDPHQWR DQWLELyWLFR RX KRUP{QLR DQDEROL]DQWH

PDLVFRQVXPLGRGXUDQWHRDQRSRUDTXL$VXDFDUQH

$LQGDTXHDHPSUHVDHVWHMDVHQGRWRWDOPHQWHKRQHVWD

WHPXPWHRUPXLWREDL[RGHJRUGXUDDSURSRUomRpGH

VREUH D FRPSRVLomR GR &KHVWHU HOH UHFHEH PXLWRV

XPJUDPDGHJRUGXUDSRUJUDPDGHFDUQHH[FHOHQWH

DGLWLYRV TXtPLFRV QD KRUD TXH p SUHSDUDGR SDUD D

RSomR3DUDDFRPSDQKDUEHEDYLQKR$EHELGDpULFD

YHQGD FRPR  HVSHVVDQWHV DURPDWL]DQWHV

HPDQWLR[LGDQWHVSUHYLQHXPDVpULHGHGRHQoDVPDV

HVWDELOL]DQWHVHFRQVHUYDQWHVDOpPGRH[FHVVRGHVDOH

VHPSUHFRPPRGHUDomR

GRDo~FDU 3RU HVVH PRWLYR HX GHL[DULD D WUDGLomR GH ODGR H

)DODQGRHPPRGHUDomRFXLGDGRFRPDVVREUHPH VDVDVIUXWDVVmRVHPSUHDPHOKRURSomR0DVFDVR

SUHIHULULDXPIUDQJRRUJkQLFRHFRPWHPSHURFDVHLUR

QmRFRQVLJDVHVHJXUDUIRTXHQRPDLVJRVWRVRHILTXH

PHVPRTXHHOHWHQKDXPSHUFHQWXDOPHQRUGHSHLWRH

DSHQDVHPXPDVySRUomRHHVTXHoDRUHVWRGDPHVD

FR[DV $VFDUQHVGHSRUFRWDPEpPFRVWXPDPSURWDJRQL]DU ERDSDUWHGRVMDQWDUHVHDOPRoRVFRPHPRUDWLYRVQHVWD 100

(SRU~OWLPRWHQKDVHPSUHHVVHFRQVHOKRHPPHQWH1 2 &20$&2026(1 2+289(66(2$0$1+ 


101 93


(63257(

*,1$67,&$$57º67,&$'(%2,789$ 02675$6(8327(1&,$/12081'2'2(63257( $WXDOPHQWHR%UDVLOWHPVHGHVWDFDGRPXLWRHPFRPSHWLo}HVPXQGLDLVFRPVHXVDWOHWDVQDJLQiVWLFD IHPLQLQDHPDVFXOLQDHLVVRWHPDWUDtGRPXLWDVFULDQoDVHDGROHVFHQWHVSDUDRVJLQiVLRVGHJLQiVWLFD GHWRGRRSDtVH%RLWXYDQmRILFDDWUiV+iRLWRDQRVD3UHIHLWXUDGRPXQLFtSLR FRPDX[tOLRGHVXDH[WUHLQDGRUD<DUD6LOYDPRQWRXXPJLQiVLRHSRUHOHMiSDVVDUDPPXLWRVDWOHWDV

+

RMH HP GLD XPD $VVRFLDomR GH 3DLV FRPHoDDVHPRYLPHQWDUSDUDHOHYDUDLQGD PDLV R HVSRUWH HP QRVVD UHJLmR 6mR DSUR[LPDGDPHQWH FLQTXHQWD FULDQoDV QR SURMHWR GH LQLFLDomR+iWDPEpPXPJUXSRGHSUpWUHLQDPHQWRH RXWURGHWUHLQDPHQWRTXHSDUWLFLSDPPHQVDOPHQWHGH FRPSHWLo}HVSHORLQWHULRUGRHVWDGRGH6mR3DXORHTXH JUDoDVDRVVHXVDWXDLVWUHLQDGRUHV7KDtV1XQHVH,YDQ $OYHVDVYLWyULDVVmRFRQVWDQWHV

102

$ ´$662&,$d 2 %2,789(16( '( *,1·67,&$ $57º67,&$ $%*$ µpXPD$VVRFLDomR&LYLOGH'LUHLWR 3ULYDGRVHPILQVOXFUDWLYRVGHSDUWLFLSDomRYROXQWiULD GH GXUDomR LQGHWHUPLQDGD FRP D ILQDOLGDGH GH UHSUHVHQWDUDSUiWLFDGLIXVmRHGLYXOJDomRGDJLQiVWLFD DUWtVWLFD HP QtYHO UHJLRQDO HVWDGXDO H QDFLRQDO GHIHQGHURVLQWHUHVVHVGRVDVVRFLDGRVHPMXt]RRXIRUD GHOHWHQGRVXDVHGHQDFLGDGHGH%RLWXYD


$V HTXLSHV GH 7UHLQDPHQWR H 3UpWUHLQDPHQWR WrP WUHLQRV LQWHQVRV H LVVR DV WHP IHLWR WUD]HUHP ERDV YLWyULDVDRPXQLFtSLRGH%RLWXYD 2DQRGHWHUPLQDFRPDFRQTXLVWDGRLQpGLWR WtWXORQRVÂ&#x17E;-RJRV$EHUWRVGR,QWHULRUUHDOL]DGRHP 6mR%HUQDUGRGR&DPSRRQGHDHTXLSHGHWUHLQDPHQWR FRQTXLVWRXRÂ&#x17E;OXJDUHDLQGDREWHYHDOJXPDVPHGDOKDV HP FDWHJRULDV LQGLYLGXDLV SDUD DV DWOHWDV $QQD *LXOLD &L]RWWR FRP SUDWD H D DWOHWD )HUQDQGD /DPHX FRP R EURQ]H  7DPEpP HP -XOKR SDUWLFLSDUDP GRV Â&#x17E; -RJRV 5HJLRQDLVHP6RURFDEDWDPEpPOHYDQGRPHGDOKDGH SUDWD SRU HTXLSHV H RXWUDV LQGLYLGXDLV LQFOXVLYH PHGDOKDVGHRXURSDUDDOJXPDVDWOHWDV 3DUDRSODQHMDPHQWRpEXVFDUDSHUIHLoRDUDLQGD

PDLV DV HTXLSHV GH LQLFLDomR SDUD TXH IXWXUDPHQWH SDVVHP SDUD D HTXLSH GH FRPSHWLomR PDV WXGR DFRQWHFHQGR GH DFRUGR FRP D HYROXomR GH FDGD FULDQoDUHODWD/HGD6RXVDPHPEURGDDVVRFLDomRGH SDLVGHDWOHWDV $VVRFLDomR EXVFD ILUPDU SDUFHULDV SDUD  FRP HPSUHVDVGDFLGDGHHDEHUWRVDQRYRVDSRLDGRUHVTXH WHUmRVXDVPDUFDVOHYDGDVHPWRGDVDVFRPSHWLo}HV TXHSDUWLFLSDUHP6HYRFrTXHUVHUXPGHVVHVDSRLDGRUHV YLVLWHDSiJLQDQRIDFHERRN KWWSVZZZIDFHERRNFRPJURXSV 3DUDEpQVDWRGRVRVHQYROYLGRVSHODFRQTXLVWDGHPDLV HVVHWtWXOR ,QIRUPDo}HV KWWSVZZZFRERUJEUSW(VSRUWHVJLQDVWLFDDUWLVWLFD

103 93


9,'$$1,0$/

&$9$/26'20e67,&26 6 2&$3$=(6'(5($*,5

$(02d¡(6+80$1$6 )RQWHFDYDORVGRVXO

&

LHQWLVWDV GD 8QLYHUVLGDGH GH 6XVVH[

UHDo}HV IRUDP LGHQWLILFDGDV FRP RV FDYDORV

5HLQR 8QLGR  UHDOL]DUDP HVWXGR

GRPpVWLFRVRTXHSDUDRVFLHQWLVWDVRSURFHVVRGH

DSRQWDQGRTXHFDYDORVVmRFDSD]HVGH

GRPHVWLFDomR SRGH WHU KDELOLWDGR RV DQLPDLV D

GLVFHUQLU H[SUHVV}HV IDFLDLV KXPDQDV H UHDJHP

LQWHUSUHWDU R FRPSRUWDPHQWR KXPDQR 1RVVR

QHJDWLYDPHQWH D H[SUHVV}HV LUULWDGDV 7DLV

FRPSRUWDPHQWRHPWRUQRGHOHVWHPXPLPSDFWRGL]D

UHVXOWDGRV IRUDP SXEOLFDGRV QD UHYLVWD FLHQWtILFD

SHVTXLVDGRUD$P\6PLWK

%LRORJ\ /HWWHUV e LPSRUWDQWH VDOLHQWDU TXH DV

104


&RPRDFRQWHFHXRH[SHULPHQWR

HVWtPXORV QHJDWLYRV H[SOLFRX 6PLWK $V H[SUHVV}HV

9LQWHHRLWRFDYDORVSDUWLFLSDUDPGRH[SHULPHQWRH

GHSHVVRDVFRPUDLYDWDPEpPFDXVDUDPDFHOHUDomR

WLYHUDP PRQLWRUDPHQWR FDUGtDFR H PRQLWRUDPHQWR

QRVEDWLPHQWRVFDUGtDFRVGRVFDYDORVeUHDOPHQWH

GDVVXDVUHDo}HVFHUHEUDLV$HTXLSHH[LELXJUDQGHV

XP DVVXQWR IDVFLQDQWH SHQVDU TXH YLYHU FRP RV

LPDJHQV GH SHVVRDV FRP H[SUHVV}HV IHOL]HV H

VHUHVKXPDQRVSRGHWHULQIOXHQFLDGRDVKDELOLGDGHV

LUULWDGDV

GRVDQLPDLV

&RPRHOHVUHDJLUDP ,PDJHQV GH SHVVRD FRP URVWR FRP UDLYD  RV

9RFrFRQFRUGDFRPHVVHHVWXGR")DoDRWHVWHFRPRVHX FDYDOR

FDYDORV ROKDYDP FRP R ROKR HVTXHUGR R TXH VLJQLILFD TXH SURFHVVDUDP D LPDJHP FRP R ODGR GLUHLWRGRFpUHEURHVSHFLDOL]DGRQRSURFHVVDPHQWRGH

105 93


),71(66

75(,1$0(172$(5¾%,&2 3$5$6$Á'(

-XOLDQ3LFFLQLQR)HUUDUD

4XDQGRVHIDODHPH[HUFtFLRVDHUyELFRVGHYHPRVHQWHQGHUTXHVXDVFDUDFWHUtVWLFDV VmREHPGHILQLGDVHXPIDWRULQGLVSHQViYHOpDXWLOL]DomRGHR[LJrQLRQRSURFHVVR GHJHUDomRGHHQHUJLDSDUDRVP~VFXORV

(GXFDGRU)tVLFR&UHI¤*63 3yV*UDGXDGR3HUVRQDO7UDLQHU &RQVXOWRULD2QOLQHMXOLDQIHUUDUD#KRWPDLOFRP ,QVWDJUDQ#MXOLDQIHUUDUD

*

UDQGHVJUXSRVPXVFXODUHVVmRHQYROYLGRV ULWPLFDPHQWHHGHSHQGHQGRGDLQWHQVLGD GH SRGHPRV QRV PDQWHU HP HVIRUoR GXUDQWHORQJRVSHUtRGRV %(1()º&,26 2VSULQFLSDLVIDWRUHVTXHFRQWLQXDPDWUDLQGRGLYHUVRV SUDWLFDQWHVDHVVHVWLSRVGHH[HUFtFLRVVmR ª0HOKRUDGRFRQGLFLRQDPHQWRItVLFR ª'LPLQXLomRGHJRUGXUDFRUSRUDO ª'LPLQXLomRGDSUHVVmRDUWHULDO ª)RUWDOHFLPHQWRPXVFXODULQFOXVLYHP~VFXORFiUGLFR

106

ª$XPHQWRGDVUHVHUYDVGHHQHUJLDQRVP~VFXORV ª0HOKRUDGRPHWDEROLVPR ª'LPLQXLomRHGHVDSDUHFLPHQWRGHGLYHUVDVGRHQoDVH SUREOHPDGHVD~GH ª0HOKRUDGDDXWRHVWLPD $48(06('(67,1$ 'HVGH FULDQoDV DWp SHVVRDV TXH VH HQFRQWUDP QD PHOKRU LGDGH SRGHP LQJUHVVDU QXP SURJUDPD GH H[HUFtFLRV DHUyELFRV H LQGHSHQGHQWHPHQWH GD LGDGH GHVIUXWDUHP GH WRGRV RV EHQHItFLRV GD DWLYLGDGH e LPSUHVFLQGtYHO TXH XPD FRQVXOWD PpGLFD SUpYLD VHMD


UHDOL]DGDHDOJXQVH[DPHVSRGHPVHUQHFHVViULRVSDUD TXH QmR DFRQWHoD QDGD GH LQGHVHMDGR GXUDQWH RV WUHLQRV 7RPDGRV RV GHYLGRV FXLGDGRV YDOH UHVVDOWDU TXHSRUWDGRUHVGHDOJXPDVSDWRORJLDVVmRLQGLFDGRV SDUDLQLFLDUHPWUDEDOKRVDHUyELFRVHHPSRXFRWHPSRMi VHQWLUHP VHXV EHQHItFLRV 'LDEpWLFRV KLSHUWHQVRV SHVVRDVFRPFROHVWHUROHOHYDGRVmRDOJXQVH[HPSORV  (6&2/+(1'2$02'$/,'$'( $OJR LPSRVVtYHO GH FODVVLILFDU p ´TXDO PHOKRU DHUyELFRµ $ GLYHUVLGDGH GH PRGDOLGDGHV p PXLWR JUDQGHHFDGDYH]PDLVDSDUHFHPPpWRGRVGHWUHLQRVH QRYRV DSDUHOKRV &DEH DR SUDWLFDQWH HVFROKHU TXDO H[HUFtFLRSRGHVHUPDLVSUD]HURVR 2VWUDGLFLRQDLV ª&DPLQKDGD ª&RUULGD

ª1DWDomR ª&LFOLVPR ª3XODUFRUGD 2XWURV ª$XODVHPJUXSR VWHSMXPSFLUFXLWR

ª&RUULGDVGHDYHQWXUD ª.DQJRR-XPS ª(VFDGDHUJRPpWULFD ª7UDQVSRUW 6HUi QHFHVViULR LQGLYLGXDOL]DU DOJXQV IDWRUHV GH DFRUGRFRPDVQHFHVVLGDGHVREMHWLYRVHOLPLWDo}HVGH FDGDXP'XUDomRGRH[HUFtFLRLQWHQVLGDGHPpWRGRGR WUHLQR H IUHTXrQFLD VHPDQDO VmR YDULiYHLV TXH R SURILVVLRQDO GH HGXFDomR ItVLFD SRGH GHWHUPLQDU ID]HQGRFRPTXHRVUHVXOWDGRVVHMDPRWLPL]DGRV

107 93


0(,2$0%,(17(

,'(,$635·7,&$63$5$

5(87,/,=$5*$55$)$63(7 )RQWHHF\FOH

5HXWLOL]DUJDUUDIDV3(7pXPDIRUPDFULDWLYDH~WLOGHDMXGDURPHLRDPELHQWH &RQILUDDOJXPDVLGHLDV

3

108

(7 p D DEUHYLDWXUD GH SROLWHUHIWDODWR GH

8PDJDUUDID3(7MRJDGDQRPHLRDPELHQWHGHPRUD

HWLOHQR FRPSRVWR TXtPLFR D SDUWLU GR

FHUFDGHDQRVSDUDVHGHFRPSRUHGHYLGRjVXD

TXDOpIHLWDDJDUUDID3(7$SHVDUGHVHU

OHQWDGHJUDGDomRSURYRFDDFRQWDPLQDomRGRVROR

XPSURGXWRUHFLFOiYHOHGHEDL[RFXVWRGHSURGXomR

H RFXSD XP JUDQGH YROXPH QRV OL[}HV H DWHUURV

DIDEULFDomRHRGHVFDUWHLQDGHTXDGRVID]HPFRP

VDQLWiULRV

TXHDJDUUDIDUHSUHVHQWHXPHQRUPHSHULJRSDUDR

(QFDPLQKDU HVWHV UHVtGXRV SDUD UHFLFODJHP p GH

PHLRDPELHQWH

H[WUHPD LPSRUWkQFLD 3RUpP VRPHQWH XP SRXFR


PDLV GD PHWDGH GR PDWHULDO   p UHFROKLGR H GHVFDUWDGRHGDUYLGDQRYDDRVPDWHULDLVID]HQGR UHDSURYHLWDGR QDV HPSUHVDV GH UHFLFODJHP QR FRP TXH D UHXWLOL]DomR GH JDUUDIDV 3(7 VHMD ~WLO H %UDVLOVHJXQGRGDGRVRILFLDLV,VVRTXHUGL]HUTXHKi UHGX]DGDQRV PXLWRGHVVHSROtPHURMRJDGRQDQDWXUH]D 3RULVVRRVWUDEDOKRVDUWHVDQDLVWDPEpPVmRyWLPDV 0XLWR YHUViWLO D JDUUDID 3(7 SRGH VHU XVDGD QD DOWHUQDWLYDVSDUDGLPLQXLUDTXDQWLGDGHGHSOiVWLFR FRQIHFomRGHLQ~PHURVREMHWRV

109


$57((&8/785$

$57(%5$6,/(,5$)$=68&(662 12086(8'8/2895( (7(09,6,7$d 25(&25'( 3RU(ULF/DQGPD\HU &UtWLFRGH$UWH $,&$3DULV

ODQGHULF#EROFRPEU 6LWHKWWSHULFDUWEUDVLOEORJVSRWFRP

'

HDGH2XWXEURIRUDPH[SRVWDV REUDVGHDUWHHQWUHSLQWXUDVHHVFXOWXUDV GH DXWRULD GH GLYHUVRV DUWLVWDV GH GLYHUVRV HVWDGRV EUDVLOHLURV QR 086(8 '8 /2895( QD FLGDGH GH 3DULV UHSUHVHQWDGRV SHOD *DOHULD(ULF$UW $H[SRVLomRUHFHEHXHPVHXFRTXHWHOGHDEHUWXUD PLOKDUHVGHDUWLVWDVFRQYLGDGRVHLPSUHQVDHPJHUDO GHGLYHUVRVSDtVHV

110

´$ JUDQGH LPSRUWkQFLD GD PRVWUD DVVLP FRPR D TXDOLGDGHGDVREUDVQRVSUHPLRXFRPDSUHVHQoDGHPDLV GH  YLVLWDQWHV GRV TXDWUR FDQWRV GR PXQGR 7LYHPRVQRVVDSUHVHQoDHPFHQWHQDVGHUHSRUWDJHQVGD H[SRVLomRµ DILUPD (ULF /DQGPD\HU RUJDQL]DGRU GD H[SRVLomR H FUtWLFR GH DUWH GD $VVRFLDWLRQ ,QWHUQDWLRQDOHGHV&ULWLTXHV' $UWGH3DULV

&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 111


$57((&8/785$

$57(%5$6,/(,5$)$=68&(662 12086(8'8/2895((7(09,6,7$d 25(&25'( 3RU(ULF/DQGPD\HU &UtWLFRGH$UWH $,&$3DULV

ODQGHULF#EROFRPEU 6LWHKWWSHULFDUWEUDVLOEORJVSRWFRP

$H[SRVLomRUHFHEHXDYLVLWDomRGHJUDQGHS~EOLFR GH GLYHUVRV SDtVHV GXUDQWH R SHUtRGR GH VXD UHDOL]DomR RV TXDLV WLYHUDP GLUHLWR DR YRWR SDUD HVFROKDGDVREUDVTXHDFKDUDPPDLVVLJQLILFDWLYDV (QWUH DV REUDV H[SRVWDV IRUDP DSUHVHQWDGDV SLQWXUDVHHVFXOWXUDVFRPWHPDVGLYHUVRV ´5HFHEHPRVQHVWHHYHQWRDYLVLWDomRGRPDLRUQXPHUR GHSHVVRDVHQWUHDVH[SRVLo}HVUHDOL]DGDVQR0XVHX'X /RXYUHHPDQRVGHH[SRVLomRHDDUWHEUDVLOHLUDIH] XPJUDQGH6XFHVVRµ²FRQFOXL(ULF/DQGPD\HUGLUHWRU GDHPSUHVD(ULF$UW 3DUWH GDV REUDV GD H[SRVLomR LQWHUQDFLRQDO GH 3DULV SDUWLFLSDUi GD H[SRVLomR GH LQDXJXUDomR GD (ULF $UW *DOOHU\ HP 'XEDL QR PrV GH 'H]HPEUR GDQGRFRQWLQXLGDGHjVH[SRVLo}HVFRPHPRUDWLYDV DRVDQRVGDHPSUHVDEUDVLOHLUDTXHPDLVGLYXOJD DDUWHDRUHGRUGRPXQGR

$UWLVWDVSDUWLFLSDQWHV 6\OYLD(FKHYHUULD&HFLOLD076X]XNL$OLFH1LHO& 3LFHUQL $QGUp 0DXUtFLR $LGr =RUHN &LEHOH 2OLYHLUD 'LYD*LDFRPHWWL(GVRQ$UUXGD*LDYRQL.HOO\$OPHLGD 0DUFHOR /LPD 0iUFLD 1LF 1HLGH 0DUFRQGHV 9 0XND\DU 1DQF\ 3DVVRV 0LFKDHO )LUPLQR 1HIHUWDUL ' $QJHOR 3DXOHWWH 6LUOHL +DQVHQ -~OLD /RXUHQoR 5 $XUXFFL & 5DFKHO 5HMDQH 0HOR 6RSKLD 1DWVXPL :LOOLDPV 'HODERQD )ORUD &DPLxD 9DOTXLULD 0DUWLQV $QJHOHV(FKHJR\HQ$QD6DQVRQ,]LOGD:HUQHU.KHOLI 1DWKDOLH-DPHV)LODWUH

/LQNVGDH[SRVLomR KWWSVZZZ\RXWXEHFRPZDWFK"WLPHBFRQWLQXH  Y W :LF4<4TW KWWSHULFDUWEUDVLOEORJVSRWFRPEUSHYHQWRV UHDOL]DGRVKWPO KWWSVZZZIDFHERRNFRPHULFKODQGPD\HUYLGHRV "QRWLIBLG  QRWLIBW OLNH

112


onpublicidade

1977

113


Amais dezembro 2017  
Amais dezembro 2017  
Advertisement