DOEPE 01/04/2015 - Pág. 20 - Poder Executivo - Diário Oficial do Estado de Pernambuco
20
Diário Oficial do Estado de Pernambuco - Poder Executivo
»»»Continuação
Votorantim Cimentos N/NE S.A.
Recife, 10 de abril de 2015
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QR%UDVLO3RUWDQWRHVVDVQRUPDVQRYDVHRXUHYLVDGDVQmRHVWmRFRQWHPSODGDVQHVVDV
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LJXDLV DRV UHVSHFWLYRV UHVXOWDGRV UHDLV$V HVWLPDWLYDV H SUHPLVVDV TXH DSUHVHQWDP XP
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VmR QHJRFLDGRV HP PHUFDGRV DWLYRV p GHWHUPLQDGR PHGLDQWH R XVR GH WpFQLFDV GH
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WUDEDOKLVWDVFtYHLVWULEXWiULRVHDPELHQWDLVTXHVHHQFRQWUDPHPLQVWkQFLDVGLYHUVDV$V
SURYLV}HVFRQVWLWXtGDVSDUDID]HUIDFHjVSRWHQFLDLVSHUGDVGHFRUUHQWHVGRVSURFHVVRVHP
FXUVR VmR HVWDEHOHFLGDV H DWXDOL]DGDV FRP EDVH QD DYDOLDomR GD $GPLQLVWUDomR
IXQGDPHQWDGD QD RSLQLmR GH VHXV DVVHVVRUHV OHJDLV H UHTXHUHP HOHYDGR JUDX GH
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HP FiOFXORV DWXDULDLV H XWLOL]DP GLIHUHQWHV SUHPLVVDV (QWUH DV SUHPLVVDV XVDGDV QD
GHWHUPLQDomRGRFXVWR UHFHLWD OtTXLGRSDUDRVVDOGRVGDVREULJDo}HVDWXDULDLVHVWiD
WD[DGHGHVFRQWR$&RPSDQKLDGHWHUPLQDDWD[DGHGHVFRQWRDSURSULDGDDR¿PGHFDGD
H[HUFtFLR(VVDpDWD[DGHMXURVTXHGHYHVHUXVDGDSDUDGHWHUPLQDURYDORUSUHVHQWHGH
IXWXUDVVDtGDVGHFDL[DHVWLPDGDVQHFHVViULDVSDUDOLTXLGDUDVREULJDo}HVGHSODQRVGH
SHQVmR4XDLVTXHUPXGDQoDVQDVSUHPLVVDVXWLOL]DGDVSDUDRFiOFXORGHVVDVREULJDo}HV
DIHWDUmRRYDORUFRQWiELOQDGDWDGREDODQoR 1RWD H 5HFRQKHFLPHQWRGHSURYLVmR
SDUDFUpGLWRVGHOLTXLGDomRGXYLGRVD $SURYLVmRSDUDUHGXomRDRYDORUUHFXSHUiYHOGDV
FRQWDVDUHFHEHUpFRQVWLWXtGDHPPRQWDQWHFRQVLGHUDGRVX¿FLHQWHSDUDFREULUDVSURYiYHLV
SHUGDVHPVXDUHDOL]DomR$SROtWLFDFRQWiELOSDUDHVWDEHOHFHUDSURYLVmRUHTXHUDDQiOLVH
LQGLYLGXDO GDV IDWXUDV GH FOLHQWHV LQDGLPSOHQWHV HP UHODomR jV PHGLGDV GH FREUDQoD
DGRWDGDV SRU GHSDUWDPHQWR UHVSRQViYHO H GH DFRUGR FRP R HVWiJLR GD FREUDQoD p
HVWLPDGRXPPRQWDQWHGHSURYLVmRDVHUFRQVWLWXtGR I 5HYLVmRGDYLGD~WLOHUHFXSHUDomR
GHSURSULHGDGHVSODQWDVHHTXLSDPHQWRV $FDSDFLGDGHGHUHFXSHUDomRGRVDWLYRVTXH
VmRXWLOL]DGRVQDVDWLYLGDGHVGD&RPSDQKLDpDYDOLDGDVHPSUHTXHHYHQWRVRXPXGDQoDV
QDVFLUFXQVWkQFLDVLQGLFDUHPTXHRYDORUFRQWiELOGHXPDWLYRRXJUXSRGHDWLYRVSRGHQmR
VHUUHFXSHUiYHOFRPEDVHHPÀX[RVGHFDL[DIXWXURV6HRYDORUFRQWiELOGHVWHVDWLYRVIRU
VXSHULRUDRVHXYDORUUHFXSHUiYHORYDORUOtTXLGRpDMXVWDGRHVXDYLGD~WLOUHDGHTXDGDSDUD
QRYRVSDWDPDUHV J 8VRGREHPS~EOLFR 2PRQWDQWHpRULJLQDOPHQWHUHFRQKHFLGRFRPR
XPSDVVLYR¿QDQFHLUR REULJDomR HFRPRXPDWLYRLQWDQJtYHO GLUHLWRGHXVRGHXPEHP
S~EOLFR TXHFRUUHVSRQGHDRPRQWDQWHGDVGHVSHVDVWRWDLVDQXDLVDRORQJRGRSHUtRGRGR
FRQWUDWR GHVFRQWDGR D YDORU SUHVHQWH YDORU SUHVHQWH GRV ÀX[RV GH FDL[D IXWXURV GH
SDJDPHQWR K 3HUGD impairment GHLQYHVWLPHQWRV $QXDOPHQWHD&RPSDQKLDWHVWD
eventuais perdas (impairment QRV LQYHVWLPHQWRV GH DFRUGR FRP D SROtWLFD FRQWiELO
DSUHVHQWDGD QD 1RWD 2V YDORUHV UHFXSHUiYHLV GH 8QLGDGHV *HUDGRUDV GH &DL[D
8*&V IRUDPGHWHUPLQDGRVFRPEDVHHPFiOFXORVGRYDORUHPXVRHIHWXDGRVFRPEDVH
HP HVWLPDWLYDV *HVWmR GH ULVFR ¿QDQFHLUR )DWRUHV GH ULVFR ¿QDQFHLUR As
DWLYLGDGHV GD &RPSDQKLD D H[S}HP D GLYHUVRV ULVFRV ¿QDQFHLURV D VDEHU D ULVFR GH
PHUFDGR PRHGDHWD[DGHMXURV E ULVFRGHFUpGLWRH F ULVFRGHOLTXLGH]2VSURGXWRVH
VHUYLoRV YHQGLGRV SHOD &RPSDQKLD VmR SUHGRPLQDQWHPHQWH GHQRPLQDGRV HP UHDLV 3RU
RXWUR ODGR DOJXQV FXVWRV H LQYHVWLPHQWRV HP DWLYRV VmR GHQRPLQDGRV HP PRHGD
HVWUDQJHLUD $GLFLRQDOPHQWH D &RPSDQKLD SRVVXL GtYLGDV DWUHODGDV D LQGH[DGRUHV H
PRHGDVGLVWLQWRVTXHSRGHPLPSDFWDUVHXÀX[RGHFDL[D3DUDDWHQXDURVHIHLWRVGLYHUVRV
GHFDGDIDWRUGHULVFRGHPHUFDGRD&RPSDQKLDVHJXHD3ROtWLFDGH*HVWmRGH5LVFRVGH
0HUFDGRFRPRREMHWLYRGHHVWDEHOHFHUDJRYHUQDQoDHDVGLUHWUL]HVGRSURFHVVRGHJHVWmR
GHVWHV ULVFRV DVVLP FRPR DV PpWULFDV SDUD VXD PHQVXUDomR H DFRPSDQKDPHQWR (VWD
SROtWLFDpFRPSOHPHQWDGDSRURXWUDVSROtWLFDVTXHHVWDEHOHFHPGLUHWUL]HVHQRUPDVSDUD L
*HVWmRGHH[SRVLomRFDPELDO LL *HVWmRGHH[SRVLomRDWD[DGHMXURV LLL *HVWmRGHULVFRV
GHFRQWUDSDUWHVHHPLVVRUHV LY *HVWmRGHOLTXLGH]HHQGLYLGDPHQWR¿QDQFHLUR D 5LVFR
GHPHUFDGR L 5LVFRFDPELDO 2UHDO 5 pDPRHGDIXQFLRQDOGD&RPSDQKLDHWRGRVRV
HVIRUoRV GR SURFHVVR GH JHVWmR GH ULVFRV GH PHUFDGR WHP FRPR REMHWLYR D SURWHomR GR
ÀX[R GH FDL[D QHVWD PRHGD D SUHVHUYDomR GD FDSDFLGDGH GH SDJDPHQWR GH REULJDo}HV
¿QDQFHLUDV H D PDQXWHQomR GH QtYHLV GH OLTXLGH] H HQGLYLGDPHQWR GH¿QLGRV SHOD
$GPLQLVWUDomR$SUHVHQWDGRVDVHJXLURVVDOGRVFRQWiEHLVLQGH[DGRVDPRHGDVHVWUDQJHLUDV
na data do encerramento dos balanços patrimoniais:
Ativos em moeda estrangeira
Contas a receber de clientes
3DVVLYRVHPPRHGDHVWUDQJHLUD
(PSUpVWLPRVH¿QDQFLDPHQWRV
Fornecedores
Nota
F
F
([SRVLomROtTXLGD
LL 5LVFR GR ÀX[R GH FDL[D RX YDORU MXVWR DVVRFLDGR FRP WD[D GH MXURV 2 ULVFR GH
WD[D GH MXURV GD &RPSDQKLD GHFRUUH SULQFLSDOPHQWH GH HPSUpVWLPRV GH ORQJR SUD]R 2V
HPSUpVWLPRVHPLWLGRVjVWD[DVYDULiYHLVH[S}HPD&RPSDQKLDDRULVFRGHWD[DGHMXURV
GHÀX[RGHFDL[D2VHPSUpVWLPRVHPLWLGRVjVWD[DV¿[DVH[S}HPD&RPSDQKLDDRULVFR
GHYDORUMXVWRDVVRFLDGRjWD[DGHMXURV$3ROtWLFDGHJHVWmRGHH[SRVLomRDWD[DVGHMXURV
HVWDEHOHFHDVGLUHWUL]HVHUHJUDVSDUDVHSURWHJHUFRQWUDÀXWXDo}HVQDVWD[DVGHMXURVTXH
DIHWDPRÀX[RGHFDL[DGD&RPSDQKLDHGHVXDVFRQWURODGDV([SRVLo}HVDFDGDWD[DGH
MXURV SULQFLSDOPHQWH7-/380%1'(6H7D[DSUp¿[DGD VmRSURMHWDGDVDWpRYHQFLPHQWR
GRV DWLYRV H SDVVLYRV H[SRVWRV D WDLV tQGLFHV E 5LVFR GH FUpGLWR 2V LQVWUXPHQWRV
¿QDQFHLURVGHULYDWLYRVtime deposits&'%VHRSHUDo}HVFRPSURPLVVDGDVFRPODVWURGH
GHErQWXUHVHWtWXORVS~EOLFRVIHGHUDLVFULDPH[SRVLomRDULVFRGHFUpGLWRGHFRQWUDSDUWHV
H HPLVVRUHV$ &RPSDQKLD WHP FRPR SROtWLFD WUDEDOKDU FRP HPLVVRUHV TXH SRVVXDP QR
PtQLPRXPratingDSXUDGRSHODVDJrQFLDVGHratingLQWHUQDFLRQDLVVHQGRrating nacional
LJXDORXPHOKRUTXH$$ RX$D RXratingHPHVFDODJOREDOLJXDORXPHOKRUTXH$ RX$
1RWD 3DUDSDtVHVFXMRVHPLVVRUHVQmRDWHQGHPDVFODVVL¿FDo}HVGHULVFRGHFUpGLWR
PtQLPDV DQWHULRUPHQWH GHVFULWDV VmR DSOLFDGRV DOWHUQDWLYDPHQWH FULWpULRV SURSRVWRV
SHOD$GPLQLVWUDomR WDLV FRPR R SRVLFLRQDPHQWR JOREDO GRV EDQFRV UHODFLRQDPHQWR FRP
D &RPSDQKLD H FDSLODULGDGH ORFDO 1R FDVR GH ULVFR GH FUpGLWR GHFRUUHQWH GH H[SRVLomR
GH FUpGLWR D FOLHQWHV D &RPSDQKLD DYDOLD D TXDOLGDGH GR FUpGLWR GR FOLHQWH OHYDQGR HP
FRQVLGHUDomR SULQFLSDOPHQWH R KLVWyULFR GH UHODFLRQDPHQWR H LQGLFDGRUHV ¿QDQFHLURV
GH¿QLQGROLPLWHVLQGLYLGXDLVGHFUpGLWRRVTXDLVVmRUHJXODUPHQWHPRQLWRUDGRV$SURYLVmR
SDUDFUpGLWRVGHOLTXLGDomRGXYLGRVDpUHJLVWUDGDHPTXDQWLDFRQVLGHUDGDVX¿FLHQWHSDUD
FREULUWRGDVDVSHUGDVSURYiYHLVTXDQGRGDH[HFXomRGDVFRQWDVDUHFHEHUGHFOLHQWHVHp
LQFOXtGDQDVGHVSHVDVGHYHQGDV F 5LVFRGHOLTXLGH] 2ULVFRGHOLTXLGH]pJHUHQFLDGR
GHDFRUGRFRPD3ROtWLFDGH*HVWmRGH/LTXLGH]H(QGLYLGDPHQWRYLVDQGRJDUDQWLUUHFXUVRV
OtTXLGRV VX¿FLHQWHV SDUD KRQUDU RV FRPSURPLVVRV ¿QDQFHLURV GD &RPSDQKLD QR SUD]R
H VHP FXVWR DGLFLRQDO 8P GRV SULQFLSDLV LQVWUXPHQWRV GH PHGLomR H PRQLWRUDPHQWR GD
OLTXLGH]pDSURMHomRGHÀX[RGHFDL[DREVHUYDQGRVHXPSUD]RPtQLPRGHPHVHVGH
SURMHomRDSDUWLUGDGDWDGHUHIHUrQFLD$JHVWmRGHOLTXLGH]HHQGLYLGDPHQWRDGRWDPpWULFDV
FRPSDUiYHLVIRUQHFLGDVSRUDJrQFLDVFODVVL¿FDGRUDVGHULVFRVGHDEUDQJrQFLDJOREDOSDUD
ULVFRVGHFUpGLWR$HPHVFDODJOREDOH$$HPHVFDODQDFLRQDORXHTXLYDOHQWH(PFDUiWHU
H[FHSFLRQDO R &RQVHOKR GH $GPLQLVWUDomR GD &RPSDQKLD SRGHUi DSURYDU FRQWUDSDUWHV
TXHQmRVHHQTXDGUHPQHVWHVTXHVLWRVPHGLDQWHDQiOLVHIXQGDPHQWDGDTXHMXVWL¿TXHWDO
DSURYDomR$WDEHODDEDL[RDQDOLVDRVSULQFLSDLVSDVVLYRV¿QDQFHLURVGD&RPSDQKLDSRU
IDL[DV GH YHQFLPHQWR FRUUHVSRQGHQWHV DR SHUtRGR UHPDQHVFHQWH QR EDODQoR SDWULPRQLDO
DWpDGDWDFRQWUDWXDOGRYHQFLPHQWR2VYDORUHVGLYXOJDGRVQDWDEHODVmRRVÀX[RVGH
FDL[DQmRGHVFRQWDGRVFRQWUDWDGRV
Entre
H
anos
$Wp
ano
(PGHGH]HPEURGH
(PSUpVWLPRVH¿QDQFLDPHQWRV
Fornecedores
Dividendos a pagar
3DUWHVUHODFLRQDGDV
(PGHGH]HPEUR
(PSUpVWLPRVH¿QDQFLDPHQWRV
Fornecedores
Dividendos a pagar
8VRGREHPS~EOLFR8%3
3DUWHVUHODFLRQDGDV
Entre
2e5
anos
Entre A partir
H GH
anos
anos
Total
&RPRRVYDORUHVLQFOXtGRVQDWDEHODVmRRVÀX[RVGHFDL[DFRQWUDWXDLVQmRGHVFRQWDGRV
esses valores podem não corresponder diretamente aos valores divulgados no balanço
SDWULPRQLDO *HVWmR GH FDSLWDO 2V REMHWLYRV GD &RPSDQKLD DR DGPLQLVWUDU VHX
capital são os de salvaguardar a capacidade de continuidade da Companhia para
RIHUHFHU UHWRUQR DRV DFLRQLVWDV H EHQHItFLRV jV RXWUDV SDUWHV LQWHUHVVDGDV DOpP GH
PDQWHUXPDHVWUXWXUDGHFDSLWDOLGHDOSDUDUHGX]LUHVVHFXVWR3DUDPDQWHURXDMXVWDU
DHVWUXWXUDGHFDSLWDOGD&RPSDQKLDDDGPLQLVWUDomRSRGHRXSURS}HQRVFDVRVHP
TXHRVDFLRQLVWDVWrPGHDSURYDUUHYHUDSROtWLFDGHSDJDPHQWRGHGLYLGHQGRVGHYROYHU
FDSLWDODRVDFLRQLVWDVRXDLQGDHPLWLUQRYDVDo}HVRXYHQGHUDWLYRVSDUDUHGX]LUSRU
H[HPSOR R QtYHO GH HQGLYLGDPHQWR (VWLPDWLYD GR YDORU MXVWR 2V VDOGRV GDV
FRQWDVDUHFHEHUGHFOLHQWHVPHQRVDSURYLVmRSDUDFUpGLWRVGHOLTXLGDomRGXYLGRVDH
GHFRQWDVDSDJDUDRVIRUQHFHGRUHVSHORYDORUFRQWiELOHVWmRSUy[LPRVGHVHXVYDORUHV
MXVWRV2YDORUMXVWRGRVSDVVLYRV¿QDQFHLURVSDUD¿QVGHGLYXOJDomRpHVWLPDGRSRU
PHLR GRV ÀX[RV GH FDL[D FRQWUDWXDLV IXWXURV GHVFRQWDGRV SHOD WD[D GH MXURV YLJHQWH
QR PHUFDGR 2V SULQFLSDLV LQVWUXPHQWRV ¿QDQFHLURV DWLYRV H SDVVLYRV VmR GHVFULWRV D
VHJXLUEHPFRPRDVSUHPLVVDVSDUDVXDYDORUL]DomR &DL[DHHTXLYDOHQWHVGHFDL[D
DSOLFDo}HV¿QDQFHLUDVFRQWDVDUHFHEHUHRXWURVDWLYRVFLUFXODQWHVFRQVLGHUDQGRVH
D QDWXUH]D H RV SUD]RV RV YDORUHV FRQWDELOL]DGRV DSUR[LPDPVH GRV GH UHDOL]DomR
3DVVLYRV ¿QDQFHLURV HVWmR VXMHLWRV D MXURV FRP WD[DV XVXDLV GH PHUFDGR 2 YDORU
GH PHUFDGR IRL FDOFXODGR WHQGR SRU EDVH R YDORU SUHVHQWH GR GHVHPEROVR IXWXUR GH
FDL[DXVDQGRVHWD[DVGHMXURVDWXDOPHQWHGLVSRQtYHLVSDUDHPLVVmRGHGpELWRVFRP
YHQFLPHQWRV H WHUPRV VLPLODUHV$ GLIHUHQoD HQWUH R YDORU MXVWR H R YDORU FRQWiELO GRV
HPSUpVWLPRV H ¿QDQFLDPHQWRV p GH 5 5 HVWDQGR R YDORU
FRQWiELOPDLRUTXHRYDORUMXVWR 1RWD I $&RPSDQKLDGLYXOJDDVPHQVXUDo}HVGR
YDORUMXVWRSHORQtYHOGDVHJXLQWHKLHUDUTXLDGHPHQVXUDomRSHORYDORUMXVWR 3UHoRV
FRWDGRV QmR DMXVWDGRV HP PHUFDGRV DWLYRV SDUD DWLYRV H SDVVLYRV LGrQWLFRV 1tYHO
,QIRUPDo}HV DOpP GRV SUHoRV FRWDGRV LQFOXtGDV QR 1tYHO TXH VmR DGRWDGDV
SHOR PHUFDGR SDUD R DWLYR RX SDVVLYR VHMD GLUHWDPHQWH RX VHMD FRPR SUHoRV RX
LQGLUHWDPHQWH RXVHMDGHULYDGRVGRVSUHoRV 1tYHO ,QVHUo}HVSDUDRVDWLYRVRX
SDVVLYRVTXHQmRVmREDVHDGDVQRVGDGRVDGRWDGRVSHORPHUFDGR RXVHMDLQVHUo}HV
QmRREVHUYiYHLV 1tYHO (PGHGH]HPEURGHHRVDWLYRV¿QDQFHLURV
PHQVXUDGRV DR YDORU MXVWR H SDVVLYRV ¿QDQFHLURV GLYXOJDGRV DR YDORU MXVWR IRUDP
FODVVL¿FDGRVQRV1tYHLVHGHKLHUDUTXLDGRYDORUMXVWRYLGHFODVVL¿FDomRDEDL[R
Nota 9DORUMXVWRPHGLGRFRPEDVHHP
7pFQLFDGH
YDORUDomR
3UHoRVFRWDGRV
VXSRUWDGD
HPPHUFDGR
por preços
DWLYR
REVHUYiYHLV
1tYHO
1tYHO
Ativos
&DL[DHHTXLYDOHQWHVGHFDL[D
$SOLFDo}HV¿QDQFHLUDV
3DVVLYRV
(PSUpVWLPRVH¿QDQFLDPHQWRV
I
3DVVLYRV
(PSUpVWLPRVH¿QDQFLDPHQWRV
Valor
justo
Nota 9DORUMXVWRPHGLGRFRPEDVHHP
7pFQLFDGH
YDORUDomR
3UHoRVFRWDGRV
VXSRUWDGD
HPPHUFDGR
por preços
DWLYR
REVHUYiYHLV
1tYHO
1tYHO
Ativos
&DL[DHHTXLYDOHQWHVGHFDL[D
$SOLFDo}HV¿QDQFHLUDV
I
Valor
justo
D ,QVWUXPHQWRV¿QDQFHLURV1tYHO 2YDORUMXVWRGRVLQVWUXPHQWRV¿QDQFHLURVQHJRFLDGRVHPPHUFDGRVDWLYRV FRPRWtWXORVPDQWLGRVSDUDQHJRFLDomRHGLVSRQtYHLVSDUDYHQGD p
EDVHDGRQRVSUHoRVGHPHUFDGRFRWDGRVQDGDWDGREDODQoR8PPHUFDGRpYLVWRFRPRDWLYRVHRVSUHoRVFRWDGRVHVWLYHUHPSURQWDHUHJXODUPHQWHGLVSRQtYHLVDSDUWLUGHXPD%ROVD
GLVWULEXLGRUFRUUHWRUJUXSRGHLQG~VWULDVVHUYLoRGHSUHFL¿FDomRRXDJrQFLDUHJXODGRUDHDTXHOHVSUHoRVUHSUHVHQWDPWUDQVDo}HVGHPHUFDGRUHDLVHTXHRFRUUHPUHJXODUPHQWHHP
EDVHVSXUDPHQWHFRPHUFLDLV2SUHoRGHPHUFDGRFRWDGRXWLOL]DGRSDUDRVDWLYRV¿QDQFHLURVPDQWLGRVSHOD&RPSDQKLDpRSUHoRGHWUDQVDo}HVDWXDLV2VLQVWUXPHQWRVLQFOXtGRVQR
1tYHOFRPSUHHQGHPSULQFLSDOPHQWHRVLQYHVWLPHQWRVSDWULPRQLDLVHPWtWXORVS~EOLFRVIHGHUDLVFODVVL¿FDGRVFRPRWtWXORVSDUDQHJRFLDomRRXGLVSRQtYHLVSDUDYHQGD E ,QVWUXPHQWRV
¿QDQFHLURV1tYHO 2YDORUMXVWRGRVLQVWUXPHQWRV¿QDQFHLURVTXHQmRVmRQHJRFLDGRVHPPHUFDGRVDWLYRV SRUH[HPSORGHULYDWLYRVGHEDOFmR pGHWHUPLQDGRPHGLDQWHRXVRGH
WpFQLFDVGHDYDOLDomR(VVDVWpFQLFDVGHDYDOLDomRPD[LPL]DPRXVRGRVGDGRVDGRWDGRVSHORPHUFDGRRQGHHVWmRGLVSRQtYHLVFRPRPHQRUXVRSRVVtYHOGHHVWLPDWLYDVHVSHFt¿FDV
GD&RPSDQKLD7RGDVDVLQIRUPDo}HVUHOHYDQWHVH[LJLGDVSDUDRYDORUMXVWRGHXPLQVWUXPHQWRIRUDPDGRWDGDVSHORPHUFDGRHSRUWDQWRFODVVL¿FDGDVQR1tYHO7pFQLFDVGHDYDOLDomR
HVSHFt¿FDVXWLOL]DGDVSDUDYDORUL]DURVLQVWUXPHQWRV¿QDQFHLURVLQFOXHP 3UHoRVGHPHUFDGRFRWDGRVRXFRWDo}HVGHLQVWLWXLo}HV¿QDQFHLUDVRXFRUUHWRUDVSDUDLQVWUXPHQWRVVLPLODUHV
2YDORUMXVWRGHswapsGHWD[DGHMXURVFDOFXODGRSHORYDORUSUHVHQWHGRVÀX[RVGHFDL[DIXWXURVHVWLPDGRVFRPEDVHQDVFXUYDVGHUHQGLPHQWRDGRWDGDVSHORPHUFDGR 2YDORUMXVWR
GRVFRQWUDWRVGHFkPELRIXWXURVGHWHUPLQDGRFRPEDVHQDVWD[DVGHFkPELRIXWXUDVQDGDWDGREDODQoRFRPRYDORUUHVXOWDQWHGHVFRQWDGRDRYDORUSUHVHQWH 2XWUDVWpFQLFDVFRPR
DDQiOLVHGHÀX[RVGHFDL[DGHVFRQWDGRVVmRXWLOL]DGDVSDUDGHWHUPLQDURYDORUMXVWRSDUDRVLQVWUXPHQWRV¿QDQFHLURVUHPDQHVFHQWHV1mRRFRUUHXQHQKXPDWUDQVIHUrQFLDHQWUHRV
QtYHLVRXGXUDQWHRDQR'HPRQVWUDWLYRVGDDQiOLVHGHVHQVLELOLGDGH$VHJXLUpDSUHVHQWDGDDDQiOLVHGHVHQVLELOLGDGHSDUDRVSULQFLSDLVIDWRUHVGHULVFRTXHLPSDFWDPD
SUHFL¿FDomRGRVLQVWUXPHQWRV¿QDQFHLURVHPDEHUWRGHFDL[DHHTXLYDOHQWHVGHFDL[DDSOLFDo}HV¿QDQFHLUDVHPSUpVWLPRVH¿QDQFLDPHQWRVHLQVWUXPHQWRV¿QDQFHLURVGHULYDWLYRV2V
SULQFLSDLVIDWRUHVGHULVFRVmRDH[SRVLomRjÀXWXDomRGR'yODUHGR&',2VFHQiULRVSDUDHVWHVIDWRUHVVmRHODERUDGRVXWLOL]DQGRIRQWHVGHPHUFDGRHIRQWHVHVSHFLDOL]DGDVVHJXLQGR
DJRYHUQDQoDGD&RPSDQKLD2VFHQiULRVHPGHGH]HPEURGHHVWmRGHVFULWRVDEDL[R &HQiULR, FRQVLGHUDFKRTXHQDVFXUYDVHFRWDo}HVGHPHUFDGRGHGHGH]HPEURGH
FRQIRUPHFHQiULREDVHGH¿QLGRSHOD&RPSDQKLDSDUDGHPDUoRGH&HQiULR,, FRQVLGHUDFKRTXHGHRXQDVFXUYDVGHPHUFDGRGHGHGH]HPEURGH
&HQiULR,,, FRQVLGHUDFKRTXHGHRXQDVFXUYDVGHPHUFDGRGHGHGH]HPEURGH
)DWRUHVGHULVFR
$WLYR
&kPELR
USD
Taxas de juros
%5/&',
(i) Considera cestas de moedas
3DVVLYR
(i)
8QLGDGH
&KRTXHQDVFXUYDV
GH
USD
%5/
ESV
&HQiULR,
5HVXOWDGRV
GRFHQiULR,
,PSDFWRVQRUHVXOWDGR
&HQiULRV,, ,,,
-25%
-50%
25%
50%
Continua»»»