DOEPE 29/04/2015 - Pág. 20 - Poder Executivo - Diário Oficial do Estado de Pernambuco
20
Diário Oficial do Estado de Pernambuco - Poder Executivo
3$03($1$ (1(5*e7,&$ 6$ &13- 1 ± 5HODWyULR GD 'LUHWRULD ± 6HQKRUHV $FLRQLVWDV HP
FXPSULPHQWRDRVSUHFHLWRVOHJDLVHHVWDWXWiULRVVXEPHWHPRVjDSUHFLDomRGH96DVDV'HPRQVWUDo}HV&RQWiEHLVUHIHUHQWHVDR
H[HUFtFLRVRFLDOILQGRHPSHUPDQHFHQGRjGLVSRVLomRSDUDSUHVWDURVHVFODUHFLPHQWRVQHFHVViULRV5HFLIH3($
'LUHWRULD
'HPRQVWUDo}HVGRVUHVXOWDGRVDEUDQJHQWHVH[HUFtFLRV
%DODQoRVSDWULPRQLDLVHPGHGH]HPEURGHH
ILQGRVHPGHGH]HPEURGHH
(PPLOKDUHVGH5HDLV
(PPLOKDUHV5HDLV
$WLYR
1RWD
Recife, 29 de abril de 2015
H&6// $VDOtTXRWDVLQFLGHQWHVVmR L ,53- $GLFLRQDOGH H LL &6// ,PSRVWRVREUHYHQGDV5HFHLWDVGHVSHVDVH
DWLYRVVmRUHFRQKHFLGRVOtTXLGRVGRVLPSRVWRVVREUHYHQGDVH[FHWR TXDQGRRVLPSRVWRVVREUHYHQGDVLQFRUULGRVQDFRPSUDGHEHQVRXVHUYLoRV
QmRIRUUHFXSHUiYHOMXQWRjVDXWRULGDGHVILVFDLVKLSyWHVHHPTXHRLPSRVWRVREUHYHQGDVpUHFRQKHFLGRFRPRSDUWHGRFXVWRGHDTXLVLomRGRDWLYR
RXGRLWHPGHGHVSHVDFRQIRUPHRFDVR HYDORUHVDUHFHEHUHDSDJDUDSUHVHQWDGRVFRQMXQWDPHQWHFRPRYDORUGRVLPSRVWRVVREUHYHQGDV
,QVWUXPHQWRVILQDQFHLURV$&RPSDQKLDVRPHQWHUHFRQKHFHRVLQVWUXPHQWRVILQDQFHLURVQDGDWDHPTXHIRUDPRULJLQDGRVRXDSDUWLUGDGDWDHP
TXHVHWRUQDSDUWHGDVGLVSRVLo}HVFRQWUDWXDLVGRVUHIHULGRVLQVWUXPHQWRV$&RPSDQKLDGHVUHFRQKHFHXPDWLYRILQDQFHLURTXDQGRRVGLUHLWRV
FRQWUDWXDLVDRVIOX[RVGHFDL[DGRDWLYRH[SLUDPRXTXDQGRWUDQVIHUHVXEVWDQFLDOPHQWHRVULVFRVHEHQHItFLRVGDWLWXODULGDGHDWHUFHLURV$
&RPSDQKLD GHVUHFRQKHFH XP SDVVLYR ILQDQFHLUR TXDQGR VXD REULJDomR FRQWUDWXDO p UHWLUDGD FDQFHODGD RX H[SLUDGD 2V SULQFLSDLV DWLYRV
ILQDQFHLURVUHFRQKHFLGRVSHOD&RPSDQKLDVmR &DL[DHHTXLYDOHQWHVGHFDL[DLQYHVWLPHQWRVWHPSRUiULRVHFRQWDVDUHFHEHUGHFOLHQWHV2V
SULQFLSDLVSDVVLYRVILQDQFHLURVUHFRQKHFLGRVSHOD&RPSDQKLDVmR R&RQWDVDSDJDUDRVIRUQHFHGRUHVHHPSUpVWLPRVHILQDQFLDPHQWRV&DL[D
&DL[DVHHTXLYDOHQWHVGHFDL[D
HHTXLYDOHQWHVGHFDL[D2VHTXLYDOHQWHVGHFDL[DVmRPDQWLGRVFRPDILQDOLGDGHGHDWHQGHUDFRPSURPLVVRVGHFDL[DGHFXUWRSUD]RHQmRSDUD
&RQWDVDUHFHEHUGHFOLHQWHV
LQYHVWLPHQWR RX RXWURV ILQV $ &RPSDQKLD FRQVLGHUD HTXLYDOHQWHV GH FDL[D XPD DSOLFDomR ILQDQFHLUD GH FRQYHUVLELOLGDGH LPHGLDWD HP XP
5HVXOWDGRGRSHUtRGR
,PSRVWRVDUHFXSHUDU
PRQWDQWHFRQKHFLGRGHFDL[DHHVWDQGRVXMHLWDDXPLQVLJQLILFDQWHULVFRGHPXGDQoDGHYDORU,PRELOL]DGR6mRDSUHVHQWDGRVDRFXVWRGH
2XWURVUHVXOWDGRVDEUDQJHQWHV
$GLDQWDPHQWRVDIRUQHFHGRUHV
DTXLVLomRRXFRQVWUXomRGHGX]LGRGHGHSUHFLDomRDFXPXODGDHTXDLVTXHUSHUGDVDFXPXODGDVSRUUHGXomRDRYDORUUHFXSHUiYHOVHIRURFDVR2
2XWURVFUpGLWRV
UHIHULGRFXVWRLQFOXLRFXVWRGHUHSRVLomRGHSDUWHGRLPRELOL]DGRHFXVWRVGHHPSUpVWLPRGHSURMHWRVGHFRQVWUXomRGHORQJRSUD]RTXDQGRRV
5HVXOWDGRDEUDQJHQWHWRWDO
7RWDOGRDWLYRFLUFXODQWH
FULWpULRVGHUHFRQKHFLPHQWRIRUHPVDWLVIHLWRV2VFXVWRVGHUHSDURVHPDQXWHQomRVmRUHFRQKHFLGRVQDGHPRQVWUDomRGRUHVXOWDGRTXDQGR
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWH
LQFRUULGRV $GHSUHFLDomRGRVEHQVpFDOFXODGDSHORPpWRGROLQHDUjVWD[DVPHQFLRQDGDVQD1RWDGHILQLGDVSRUPHLRGHUHJXODPHQWDomRGD
GDVGHPRQVWUDo}HVFRQWiEHLV
$JrQFLD1DFLRQDOGH(QHUJLD(OpWULFD$1((/DVTXDLVOHYDPHPFRQVLGHUDomRRWHPSRGHYLGD~WLOHFRQ{PLFDHVWLPDGRGRVEHQV2YDORU
1mRFLUFXODQWH
UHVLGXDOHYLGD~WLOGRVDWLYRVHRVPpWRGRVGHGHSUHFLDomRVmRUHYLVWRVQRHQFHUUDPHQWRGHFDGDH[HUFtFLRHDMXVWDGRVGHIRUPDSURVSHFWLYDFDVR
,QYHVWLPHQWRVWHPSRUiULRV
VHMDDSURSULDGR,QWDQJtYHLV2VDWLYRVLQWDQJtYHLVDGTXLULGRVVHSDUDGDPHQWHVmRPHQVXUDGRVSHOD&RPSDQKLDDRFXVWRGHDTXLVLomRQR
'HPRQVWUDo}HVGRVIOX[RVGHFDL[D([HUFtFLRVILQGRV
,PRELOL]DGR
PRPHQWRGRVHXUHFRQKHFLPHQWRLQLFLDO2VDWLYRVLQWDQJtYHLVGD&RPSDQKLDWHPYLGD~WLOGHILQLGDHVWmRUHSUHVHQWDGRVSHORVGLUHLWRGHFRQFHVVmR
HPGHGH]HPEURGHH
,QWDQJtYHO
HVmRDPRUWL]DGRVDRORQJRGDYLGD~WLOHFRQ{PLFD2SHUtRGRHRPpWRGRGHDPRUWL]DomRSDUDXPDWLYRLQWDQJtYHOFRPYLGDGHILQLGDVmRUHYLVDGRV
(PPLOKDUHV5HDLV
'LIHULGR
QRPtQLPRDRILQDOGHFDGDH[HUFtFLRVRFLDO$DPRUWL]DomRGHDWLYRVLQWDQJtYHLVFRPYLGDGHILQLGDpUHFRQKHFLGDQDGHPRQVWUDomRGRUHVXOWDGRQD
7RWDOGRDWLYRQmRFLUFXODQWH
FDWHJRULDGHGHVSHVDGHIRUPDFRQVLVWHQWHFRPDXWLOL]DomRGRDWLYRLQWDQJtYHO$&RPSDQKLDQmRSRVVXLDWLYRVLQWDQJtYHLVFRPYLGD~WLOLQGHILQLGD
)OX[RGHFDL[DGDVDWLYLGDGHV
'LIHULGR&RQIRUPHIDFXOWDGRSHODV/HLVH D&RPSDQKLDRSWRXSHODPDQXWHQomRGRVVDOGRVGRDWLYRGLIHULGRUHJLVWUDGRHP
RSHUDFLRQDLV
7RWDOGRDWLYR
GHGH]HPEURGHHPVXDVGHPRQVWUDo}HVFRQWiEHLVDWpVXDFRPSOHWDDPRUWL]DomRDTXDOHVWiVHQGRHIHWXDGDjWD[DGHDRDQR
/XFUROtTXLGRGRSHUtRGR
&XVWRV GRV HPSUpVWLPRV &XVWRV GH HPSUpVWLPRV GLUHWDPHQWH UHODFLRQDGRV FRP D DTXLVLomR FRQVWUXomR RX SURGXomR GH XP DWLYR TXH
$MXVWHVSDUDFRQFLOLDUROXFUROtTXLGRGR
QHFHVVDULDPHQWHUHTXHUXPWHPSRVLJQLILFDWLYRSDUDVHUFRQFOXtGRSDUDILQVGHXVRRXYHQGDTXDQGRDSOLFiYHOVmRFDSLWDOL]DGRVFRPRSDUWHGR
SHUtRGR
FXVWRGRFRUUHVSRQGHQWHDWLYR7RGRVRVGHPDLVFXVWRVGHHPSUpVWLPRVVmRUHJLVWUDGRVHPGHVSHVDQRSHUtRGRHPTXHVmRLQFRUULGRV&XVWRVGH
3DVVLYR
5HQGLPHQWRDSOLFDomR
HPSUpVWLPRFRPSUHHQGHPMXURVHRXWURVHQFDUJRVILQDQFHLURVLQFRUULGRVSRUXPDHQWLGDGHUHODWLYRVDRHPSUpVWLPR 3HUGDSRUUHGXomRDR
ILQDQFHLUD
&LUFXODQWH
YDORUUHFXSHUiYHOGHDWLYRVQmRILQDQFHLURV $ $GPLQLVWUDomRUHYLVDDQXDOPHQWHRYDORUFRQWiELOOtTXLGRGRVDWLYRVFRPRREMHWLYRGHDYDOLDU
'HSUHFLDomRH
)RUQHFHGRUHV
HYHQWRVRXPXGDQoDVQDVFLUFXQVWkQFLDVHFRQ{PLFDVRSHUDFLRQDLVRXWHFQROyJLFDVTXHSRVVDPLQGLFDUSHUGDGHVHXYDORUUHFXSHUiYHO6HQGR
DPRUWL]DomR
(PSUpVWLPRVHILQDQFLDPHQWRV
WDLVHYLGrQFLDVLGHQWLILFDGDVHRYDORUFRQWiELOOtTXLGRH[FHGHURYDORUUHFXSHUiYHOpUHFRQKHFLGDXPDSHUGDSHODGHVYDORUL]DomRDMXVWDQGRRYDORU
-XURVYDULDo}HVPRQHWiULDVHFDPELDLV
,PSRVWRVHFRQWULEXLo}HVDUHFROKHU
FRQWiELOOtTXLGRDRYDORUUHFXSHUiYHO3URYLV}HV$&RPSDQKLDQmRSRVVXLFRQWLQJrQFLDVFXMDDYDOLDomRGDVH[SHFWDWLYDVGHSHUGDVGHVHXV
OtTXLGDV
'LYLGHQGRVSURSRVWRVHDSDJDU
DVVHVVRUHV MXUtGLFRV VHMD ³SURYiYHO´ $VVLP QHQKXPD SURYLVmR SDUD FRQWLQJrQFLDV IRL FRQVWLWXtGD $V GHPDLV SURYLV}HV JHUDLV IRUDP
2XWUDVFRQWDVDSDJDU
UHFRQKHFLGDVHPFRQIRUPLGDGHFRPRHVWDEHOHFLGRQD1%&7*3URYLV}HV3DVVLYRV&RQWLQJHQWHVHD$WLYRV&RQWLQJHQWHVFXMDGHVSHVDSRU
7RWDOGRSDVVLYRFLUFXODQWH
FRQWDGRVHXUHFRQKHFLPHQWRpDSUHVHQWDGDQDGHPRQVWUDomRGRUHVXOWDGRGRSHUtRGR3ULQFLSDLVIRQWHVGHMXOJDPHQWRVHHVWLPDWLYDV1D
$FUpVFLPRV GHFUpVFLPRVGH
SUHSDUDomR GDV GHPRQVWUDo}HV FRQWiEHLV GH DFRUGR FRP DV 1RUPDV %UDVLOHLUDV GH &RQWDELOLGDGH HGLWDGDV SHOR &RQVHOKR )HGHUDO GH
1mRFLUFXODQWH
DWLYRV
&RQWDELOLGDGHpUHTXHULGRTXHD$GPLQLVWUDomRIDoDMXOJDPHQWRVHVWLPDWLYDVHSUHPLVVDVTXHDIHWDPDDSOLFDomRGHSROtWLFDVFRQWiEHLVHRV
&RQWDVDUHFHEHUGH
(PSUpVWLPRVHILQDQFLDPHQWRV
YDORUHVUHSRUWDGRVGHDWLYRVSDVVLYRVUHFHLWDVHGHVSHVDV2VUHVXOWDGRVUHDLVSRGHPGLYHUJLUGHVVDVHVWLPDWLYDV$VLQIRUPDo}HVVREUHDV
FOLHQWHV
LQFHUWH]DVSUHPLVVDVHHVWLPDWLYDVTXHSRVVXDPXPULVFRVLJQLILFDWLYRGHUHVXOWDUHPDMXVWHPDWHULDOQRH[HUFtFLRVXEVHTXHQWHHVWmRLQFOXtGDV
,PSRVWRVDUHFXSHUDU
7RWDOGRSDVVLYRQmRFLUFXODQWH
QDVQRWDVH[SOLFDWLYDV,PRELOL]DGRH ,QWDQJtYHOQRTXHVHUHIHUHDGHSUHFLDomRHDPRUWL]DomRUHFRQKHFLGDVQRSHUtRGRVGHH
'HVSHVDV$QWHFLSDGDV
(VWLPDWLYDVHSUHPLVVDVVmRUHYLVWRVGHXPDPDQHLUDFRQWtQXD$VUHYLV}HVGDVHVWLPDWLYDVVmRUHFRQKHFLGDVSURVSHFWLYDPHQWH
3DWULP{QLROLTXLGR
$FUpVFLPRV GHFUpVFLPRV GH
&DSLWDOVRFLDO
,PSRVWRVDUHFXSHUDU
&DL[DHHTXLYDOHQWHVGHFDL[D
SDVVLYRV
5HVHUYDVGHOXFURV
)RUQHFHGRUHV
7RWDOGRSDWULP{QLROtTXLGR
,PSRVWRGHUHQGDUHWLGRQDIRQWH
)XQGRIL[RGHFDL[D
&RQWDVFRUUHQWHVEDQFiULDV
,PSRVWRVHFRQWULEXLo}HVD
UHFROKHU
7RWDOGRSDVVLYRHSDWULP{QLR
$SOLFDo}HVILQDQFHLUDV
3DUWHVUHODFLRQDGDV
2XWUDVFRQWDVDSDJDU
OtTXLGR
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWH
$VDSOLFDo}HVILQDQFHLUDVUHIHUHPVHVXEVWDQFLDOPHQWHDRV $WLYR
GDVGHPRQVWUDo}HVFRQWiEHLV
&DL[DJHUDGRSHODVDWLYLGDGHV
IXQGRVGHLQYHVWLPHQWRVFRPUHPXQHUDo}HVHTXLYDOHQWHVD &LUFXODQWHFRQWDVDUHFHEHU QRWD
'HPRQVWUDo}HVGRVUHVXOWDGRV
RSHUDFLRQDLV
GDWD[DGH&', (VVDVRSHUDo}HVSRVVXHPOLTXLGH] 7RFDQWLQV(QHUJpWLFD6$
([HUFtFLRVILQGRVHPGHGH]HPEURGHH
8QDL%DL[R(QHUJpWLFD6$
LPHGLDWD
(PPLOKDUHV5HDLVH[FHWRROXFURSRUDomR
)OX[RGHFDL[DGHDWLYLGDGHVGH
1RWD
LQYHVWLPHQWR
,QYHVWLPHQWRVWHPSRUiULRVQmRFLUFXODQWH5HIHUHP 3DVVLYR
,QYHVWLPHQWRVWHPSRUiULRV
VH VXEVWDQFLDOPHQWH DRV IXQGRV GH LQYHVWLPHQWRV FRP &LUFXODQWH±FRQWDVDSDJDU IRUQHFHGRU
5HFHLWDRSHUDFLRQDOOtTXLGD
$GLo}HVDRLPRELOL]DGR
UHPXQHUDo}HVHTXLYDOHQWHVDGDWD[DGH&', (VVDV 7RFDQWLQV(QHUJpWLFD6$
&XVWRGDVYHQGDV
DSOLFDo}HVIRUDPFHGLGDVHPJDUDQWLDGRHPSUpVWLPRFRPR
&DL[DJHUDGR DSOLFDGR QDV
/XFUR%UXWR
%1'(6GHPRQVWUDGRQD1RWD
5HVXOWDGR
DWLYLGDGHVGH
&RQWDV
D
UHFHEHU
GH
FOLHQWHV
5HIHUHVH
D
FRQWDV
D
5HFHLWDFRPYHQGDGHHQHUJLD
LQYHVWLPHQWRV
'HVSHVDVRSHUDFLRQDLV
UHFHEHUGHFOLHQWHVGHFRUUHQWHVGDYHQGDGHHQHUJLD(VVDV
&XVWRGHFRPSUDGHHQHUJLDSDUDUHYHQGD
*HUDLVHDGPLQLVWUDWLYDV
FRQWDVDUHFHEHUGHFOLHQWHVQRPRQWDQWHGH5
2XWUDVGHVSHVDVOtTXLGDV
5 VmR FRPSRVWDV VXEVWDQFLDOPHQWH SRU YDORUHV D $VFRQWDVDUHFHEHUGHSDUWHVUHODFLRQDGDV FODVVLILFDGDVFRPRFOLHQWHVHRXWURV
)OX[RGHFDL[DGHDWLYLGDGHVGH
YHQFHUHPQRPi[LPRGLDV(PGHGH]HPEURGHH FUpGLWRV H DV FRQWDV D SDJDU GH SDUWHV UHODFLRQDGDV FODVVLILFDGDV FRPR
ILQDQFLDPHQWR
-XURVVREUHHPSUpVWLPRVH
D $GPLQLVWUDomR GD &RPSDQKLD FRQFOXLX QmR KDYHU IRUQHFHGRUHVHRXWURVFUHGRUHV GHFRUUHPGHRSHUDo}HVGHFRPSUDHYHQGDGH
5HVXOWDGRDQWHVGDVUHFHLWDVH
ILQDQFLDPHQWRVSDJRV
QHFHVVLGDGHGHUHFRQKHFHUSHUGDHVWLPDGDFRPFUpGLWRGH HQHUJLDUHDOL]DGDHQWUHDVHPSUHVDVGR*UXSR%UHQQDQG(QHUJLDH%UHQQDQG
GHVSHVDVILQDQFHLUDV
OLTXLGDomRGXYLGRVD
'LYLGHQGRVHMXURVVREUHFDSLWDOSUySULR
,QYHVWLPHQWRVGRTXDOID]SDUWHD&RPSDQKLD
SDJRV
,PRELOL]DGR
5HFHLWDVILQDQFHLUDV
3DJDPHQWRVGRVHPSUpVWLPRVH
'HVSHVDVILQDQFHLUDV
7D[DDQXDO
6DOGRHP
6DOGRHP
ILQDQFLDPHQWRV
GHGHSUHFLDomR
'HVFULomR
$GLo}HV
&DL[DDSOLFDGRQDVDWLYLGDGHVGH
ILQDQFLDPHQWR
/XFURDQWHVGRLPSRVWRGHUHQGDH
&XVWR&RQWiELO
'HFUpVFLPRQRVFDL[DVH
GDFRQWULEXLomRVRFLDO
7HUUHQRV
HTXLYDOHQWHVGHFDL[D
D
5HVHUYDWyULRVEDUUDJHQVHDGXWRUDV
'HPRQVWUDomRGRGHFUpVFLPRQR
,PSRVWRGHUHQGDHFRQWULEXLomRVRFLDO
D
(GLILFDo}HVREUDVFLYLVHEHQIHLWRULDV
FDL[DHHTXLYDOHQWHVGHFDL[D
0yYHLVH8WHQVtOLRV
1RLQtFLRGRSHUtRGR
/XFUROtTXLGRGRSHUtRGR
D
&RPSXWDGRUHVHSHULIpULFRV
1RILPGRSHUtRGR
D
0iTXLQDVH(TXLSDPHQWRV
'HFUpVFLPRQRVFDL[DVH
5HVXOWDGRSRUDomR%iVLFR HP5
D
9HtFXORV
HTXLYDOHQWHVGHFDL[D
/LQKDGH7UDQVPLVVmR
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWH
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWH
$GLDQWDPHQWRD)RUQHFHGRUHV
GDVGHPRQVWUDo}HVFRQWiEHLV
GDVGHPRQVWUDo}HVFRQWiEHLV
7RWDOGRFXVWR
'HPRQVWUDo}HVGDVPXWDo}HVGRSDWULP{QLROtTXLGR([HUFtFLRVILQGRVHPGHGH]HPEURGHH
7RWDOGDGHSUHFLDomRDFXPXODGD
(PPLOKDUHVGH5HDLV
'LYLGHQGRV
7RWDO 7RWDOOtTXLGR
5HVHUYD
&DSLWDO
/XFURV SDWULP{QLR
$GLFLRQDLV
,QWDQJtYHO(VWiUHSUHVHQWDGRSHORVUHFXUVRVDSOLFDGRVSHOD&RPSDQKLD (PSUpVWLPRVHILQDQFLDPHQWRVFRQWLQXDomRH[SORUDomR
OHJDO
VRFLDO
SURSRVWRV DFXPXODGRV
OtTXLGR
SDUDREWHQomRGRGLUHLWRGHFRQFHVVmRTXHHVWiVHQGRDPRUWL]DGRGHVGHR Do}HVHGLUHLWRGRVFUpGLWRVGRVFRQWUDWRVGHFRPSUDHYHQGDGH
6DOGRHPGHGH]HPEURGH
LQtFLRGDVRSHUDo}HVDWpRYHQFLPHQWRILQDOGDFRQFHVVmRHP
HQHUJLDDOpPGDVDSOLFDo}HVILQDQFHLUDVGLYXOJDGDVQD1RWD$V
'LVWULEXLomRGHGLYLGHQGRVDRVDFLRQLVWDV
SDUFHODV YLQFHQGDV D ORQJR SUD]R DSUHVHQWDP R VHJXLQWH
5HVXOWDGRGRSHUtRGR
FURQRJUDPDGHYHQFLPHQWR
'HVWLQDomRSDUDUHVHUYDOHJDO
$QR
'LUHLWRVGHFRQFHVVmR
'LYLGHQGRVPtQLPRVREULJDWyULRV
'LYLGHQGRVDGLFLRQDLVSURSRVWRV
$PRUWL]DomRDFXPXODGD
6DOGRVHPGHGH]HPEURGH
'LVWULEXLomRGHGLYLGHQGRVDRVDFLRQLVWDV
'LIHULGR
5HVXOWDGRGRSHUtRGR
'HVWLQDomRSDUDUHVHUYDOHJDO
*DVWRVSUpRSHUDFLRQDLV
$SyV
'LYLGHQGRVPtQLPRVREULJDWyULRV
$PRUWL]DomRDFXPXODGD
&RQVWLWXLomRGHUHVHUYD
6DOGRVHPGHGH]HPEURGH
$&RPSDQKLDSRVVXLFRQWUDWRVTXHUHTXHUHPDPDQXWHQomRGH
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWHGDVGHPRQVWUDo}HVFRQWiEHLV
)RUQHFHGRUHV5HIHUHVHDFRQWDVDSDJDUDIRUQHFHGRUHVGHPDWHULDLV tQGLFHVHFRQ{PLFRILQDQFHLURVHPGHWHUPLQDGRVQtYHLV(P
1RWDVH[SOLFDWLYDVjVGHPRQVWUDo}HVFRQWiEHLVHPGHGH]HPEURGHH (PPLOKDUHVUHDLVH[FHWRTXDQGRLQGLFDGRGH VHUYLoRV H EHQV GR DWLYR LPRELOL]DGR YHQFtYHLV HQWUH D GLDV 3DUD
GHGH]HPEURGHRVUHIHULGRVtQGLFHVIRUDPFXPSULGRV
RXWUDIRUPD ,QIRUPDo}HVVREUHD&RPSDQKLD2EMHWRVRFLDO$3DPSHDQD(QHUJpWLFD6$ ³&RPSDQKLD´ pXPDVRFLHGDGH H[SOLFDo}HV VREUH R SURFHVVR GH JHUHQFLDPHQWR GR ULVFR GH FUpGLWR GD
SRUDo}HVGHFDSLWDOIHFKDGRFRPVHGHQDFLGDGHGR5HFLIH3(D&RPSDQKLDWHPSRUSULQFLSDODWLYLGDGHHFRQ{PLFDDJHUDomRHD &RPSDQKLDFRQVXOWHD1RWD
,PSRVWRVHFRQWULEXLo}HVDUHFROKHU
FRPHUFLDOL]DomRGHHQHUJLDHOpWULFDFRPDSURYHLWDPHQWRGHUHFXUVRVKtGULFRVQDWXUDLV$XWRUL]DomRSDUD3URGXomRGH(QHUJLD (PSUpVWLPRVHILQDQFLDPHQWRV
(OpWULFD(PD&RPSDQKLDREWHYHDXWRUL]DomRQDFRQGLomRGHSURGXWRULQGHSHQGHQWHGHHQHUJLDHOpWULFDDH[SORUDURSRWHQFLDO
,PSRVWRVHFRQWULEXLo}HVUHWLGRVQDIRQWH
KLGUiXOLFRGR5LR-XEDQRVPXQLFtSLRVGH7DQJDUiGD6HUUDH%DUUDGR%XJUHV07SRUPHLRGHXPD3HTXHQD&HQWUDO+LGUHOpWULFD 'HVFULomR
(QFDUJRVLQFLGHQWHV
,53-
3&+ FRP0:GHSRWrQFLDLQVWDODGDSRUXPSHUtRGRGH WULQWD DQRV&RPHUFLDOL]DomRGDHQHUJLDHOpWULFD$&RPSDQKLD 0RHGDQDFLRQDO
&6//
GHVGHRLQtFLRGDVXDRSHUDomRFRPHUFLDOFRPHUFLDOL]DHQHUJLDQR$PELHQWHGH&RPHUFLDOL]DomR/LYUH$&/HQR$PELHQWHGH %1'(6
7-/3DD D
3,6
&RPHUFLDOL]DomR 5HJXODGD ±$&5 FRP FRQWUDWRV GH ORQJR SUD]R 3ULQFLSDLV SROtWLFDV H SUiWLFDV FRQWiEHLV %DVH GH
&2),16
SUHSDUDomRHDSUHVHQWDomR$VGHPRQVWUDo}HVFRQWiEHLVIRUDPSUHSDUDGDVHHVWmRVHQGRDSUHVHQWDGDVGHDFRUGRFRPDVSROtWLFDV
,166
FRQWiEHLVDGRWDGDVQR%UDVLOTXHFRPSUHHQGHPRVSURQXQFLDPHQWRVLQWHUSUHWDo}HVHRULHQWDo}HVGR&RPLWrGH3URQXQFLDPHQWRV &LUFXODQWH
&RQWiEHLV &3& DSURYDGRVSHOR&RQVHOKR)HGHUDOGH&RQWDELOLGDGH &)& FRPR1RUPDV%UDVLOHLUDVGH&RQWDELOLGDGH 1%&V $ 1mRFLUFXODQWH
&RPSDQKLD GHILQLX R 5HDO FRPR D VXD PRHGD IXQFLRQDO H DV GHPRQVWUDo}HV FRQWiEHLV IRUDP SUHSDUDGDV FRP EDVH QR FXVWR
'LYLGHQGRVSURSRVWRVHDSDJDU
(PGHGH]HPEURGHD&RPSDQKLDWHPXPVDOGRGH
KLVWyULFR$VGHPRQVWUDo}HVFRQWiEHLVGD&RPSDQKLDSDUDRH[HUFtFLRILQGRHPGHGH]HPEURGHIRUDPDXWRUL]DGDVSDUD
GLYLGHQGRVDSDJDUQRPRQWDQWHGH5 5
HPLVVmRGHDFRUGRFRPDUHVROXomRGD$GPLQLVWUDomRHPGHPDUoRGH7ULEXWDomR,PSRVWRGHUHQGDHFRQWULEXLomR
D (VWHILQDQFLDPHQWRWHPRSUD]RGHDPRUWL]DomRHP FHQWRHVHVVHQWDH FRUUHVSRQGHQWHV DRV GLYLGHQGRV PtQLPRV REULJDWyULRV GH
VRFLDOFRUUHQWHV$WULEXWDomRVREUHROXFURFRPSUHHQGHR,PSRVWRGH5HQGDGD3HVVRD-XUtGLFD,53-HD&RQWULEXLomR6RFLDO
RLWR SDUFHODVPHQVDLVHQWUHRVDQRVGHH2ILQDQFLDPHQWRHVWi GR OXFUR DMXVWDGR GR H[HUFtFLR GH H VDOGR GRV
VREUH R /XFUR /tTXLGR &6//$ &RPSDQKLD YHP VHQGR WULEXWDGD QRV H[HUFtFLRV VRFLDLV GH H FRP EDVH QR ³/XFUR
JDUDQWLGR SRU DYDO GRV DFLRQLVWDV EHQV GR DWLYR LPRELOL]DGR GLUHLWRV GH GLYLGHQGRVGLVWULEXtGRVHPH[HUFtFLRVDQWHULRUHV
3UHVXPLGR´&RQIRUPHOHJLVODomRHPYLJRUVREUHRWRWDOGHUHFHLWDLQFLGHDDSOLFDomRGDVUHVSHFWLYDVEDVHVGHSUHVXQomR ,53-