DOEPE 30/04/2015 - Pág. 42 - Poder Executivo - Diário Oficial do Estado de Pernambuco
42
Diário Oficial do Estado de Pernambuco - Poder Executivo
Recife, 30 de abril de 2015
%5(11$1' ,19(67,0(1726 &20(5&,$/,=$'25$ 6$ &13- 1 ± 5HODWyULR GD DWHUFHLURV$&RPSDQKLDGHVUHFRQKHFHXPSDVVLYRILQDQFHLURTXDQGRVXDREULJDomRFRQWUDWXDOpUHWLUDGDFDQFHODGDRXH[SLUDGD2VSULQFLSDLV
'LUHWRULD ± 6HQKRUHV$FLRQLVWDV HP FXPSULPHQWR DRV SUHFHLWRV OHJDLV H HVWDWXWiULRV VXEPHWHPRV j DSUHFLDomR GH 96DV DV DWLYRVILQDQFHLURVUHFRQKHFLGRVSHOD&RPSDQKLDVmRFDL[DHHTXLYDOHQWHVGHFDL[DFRQWDVDUHFHEHUGHFOLHQWHVHIRUQHFHGRUHV2VSULQFLSDLV
'HPRQVWUDo}HV &RQWiEHLV UHIHUHQWHV DR H[HUFtFLR VRFLDO ILQGR HP SHUPDQHFHQGR j GLVSRVLomR SDUD SUHVWDU RV SDVVLYRVILQDQFHLURVUHFRQKHFLGRVSHOD&RPSDQKLDVmRFRQWDVDSDJDUHIRUQHFHGRUHV&DL[DHHTXLYDOHQWHVGHFDL[D2VHTXLYDOHQWHVGH
FDL[DVmRPDQWLGRVFRPDILQDOLGDGHGHDWHQGHUDFRPSURPLVVRVGHFDL[DGHFXUWRSUD]RHQmRSDUDLQYHVWLPHQWRRXRXWURVILQV$&RPSDQKLD
HVFODUHFLPHQWRVQHFHVViULRV5HFLIH3($'LUHWRULD
FRQVLGHUDHTXLYDOHQWHVGHFDL[DXPDDSOLFDomRILQDQFHLUDGHFRQYHUVLELOLGDGHLPHGLDWDFRPSUD]RGHYHQFLPHQWRLQIHULRUD QRYHQWD GLDVHP
'HPRQVWUDo}HVGRVUHVXOWDGRVDEUDQJHQWHVH[HUFtFLRV
%DODQoRVSDWULPRQLDLVHPGHGH]HPEURGHH
XPPRQWDQWHFRQKHFLGRGHFDL[DHHVWDQGRVXMHLWDDXPLQVLJQLILFDQWHULVFRGHPXGDQoDGHYDORU3HUGDSRUUHGXomRDRYDORUUHFXSHUiYHOGH
ILQGRVHPGHGH]HPEURGHH
(PPLOKDUHVGH5HDLV
DWLYRVQmRILQDQFHLURV$$GPLQLVWUDomRGD&RPSDQKLDUHYLVDDQXDOPHQWHRYDORUFRQWiELOOtTXLGRGRVDWLYRVFRPRREMHWLYRGHDYDOLDUHYHQWRVRX
(PPLOKDUHV5HDLV
1RWD
PXGDQoDVQDVFLUFXQVWkQFLDVHFRQ{PLFDVRSHUDFLRQDLVRXWHFQROyJLFDVTXHSRVVDPLQGLFDUSHUGDGHVHXYDORUUHFXSHUiYHO3URYLV}HV$
$WLYR
&RPSDQKLDQmRSRVVXLFRQWLQJrQFLDVFXMDDYDOLDomRGDVH[SHFWDWLYDVGHSHUGDVGHVHXVDVVHVVRUHVMXUtGLFRVVHMDSURYiYHO $VVLPQHQKXPD
&LUFXODQWH
SURYLVmRSDUDSHUGDVIRLFRQVWLWXtGD$VGHPDLVSURYLV}HV JHUDLV IRUDPUHFRQKHFLGDVHPFRQIRUPLGDGHFRPRHVWDEHOHFLGRQD1%&7*
&DL[DHHTXLYDOHQWHVGHFDL[D
3URYLV}HV3DVVLYRV&RQWLQJHQWHVHD$WLYRV&RQWLQJHQWHVFXMDGHVSHVDSRUFRQWDGRVHXUHFRQKHFLPHQWRpDSUHVHQWDGDQDGHPRQVWUDomRGR
5HVXOWDGRGRSHUtRGR
&RQWDVDUHFHEHUGHFOLHQWHV
UHVXOWDGRGRSHUtRGR3ULQFLSDLVIRQWHVGHMXOJDPHQWRVHHVWLPDWLYDV1DSUHSDUDomRGDVGHPRQVWUDo}HVFRQWiEHLVGHDFRUGRFRPDV1RUPDV
2XWURVUHVXOWDGRVDEUDQJHQWHV
,PSRVWRVDUHFXSHUDU
%UDVLOHLUDVGH&RQWDELOLGDGHHGLWDGDVSHOR&RQVHOKR)HGHUDOGH&RQWDELOLGDGHpUHTXHULGRTXHD$GPLQLVWUDomRIDoDMXOJDPHQWRVHVWLPDWLYDVH
2XWURVFUpGLWRV
SUHPLVVDVTXHDIHWDPDDSOLFDomRGHSROtWLFDVFRQWiEHLVHRVYDORUHVUHSRUWDGRVGHDWLYRVSDVVLYRVUHFHLWDVHGHVSHVDV2VUHVXOWDGRVUHDLV
5HVXOWDGRDEUDQJHQWHWRWDO
SRGHPGLYHUJLUGHVVDVHVWLPDWLYDV(VWLPDWLYDVHSUHPLVVDVVmRUHYLVWRVGHXPDPDQHLUDFRQWtQXD$VUHYLV}HVGDVHVWLPDWLYDVVmRUHFRQKHFLGDV
7RWDOGRDWLYRFLUFXODQWH
SURVSHFWLYDPHQWH
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWH
&DL[DHHTXLYDOHQWHVGHFDL[D
3DWULP{QLROtTXLGRFRQWLQXDomR
1mRFLUFXODQWH
GDVGHPRQVWUDo}HVFRQWiEHLV
F5HVHUYDGHOXFURVF5HVHUYDOHJDO(PFRQIRUPLGDGHFRPRDUWLJR
,PSRVWRVHFRQWULEXLo}HVDUHFXSHUDU
GD/HLGROXFUROtTXLGRGRSHUtRGR FLQFRSRUFHQWR
'HPRQVWUDo}HVGRVIOX[RVGHFDL[D([HUFtFLRVILQGRV
&RQWDVFRUUHQWHVEDQFiULDV
VHUmRDSOLFDGRVDQWHVGHTXDOTXHURXWUDGHVWLQDomRQDFRQVWLWXLomRGD
7RWDOGRDWLYRQmRFLUFXODQWH
HPGHGH]HPEURGHH
$SOLFDo}HVILQDQFHLUDV
5HVHUYD/HJDOTXHQmRH[FHGHUi YLQWHSRUFHQWR GRFDSLWDOVRFLDO
7RWDOGRDWLYR
(PPLOKDUHV5HDLV
F'LYLGHQGRVDGLFLRQDLVSURSRVWRV(PGHGH]HPEURGHD
$GPLQLVWUDomRSURS{VjGHOLEHUDomRGD$VVHPEOHLD*HUDORSDJDPHQWR
3DVVLYR
$VDSOLFDo}HVILQDQFHLUDVUHIHUHPVHVXEVWDQFLDOPHQWHDRVIXQGRV GH XP GLYLGHQGR DGLFLRQDO DR PtQLPR REULJDWyULR QR YDORU GH 5
&LUFXODQWH
GHLQYHVWLPHQWRVFRPUHPXQHUDo}HVHTXLYDOHQWHVDGDWD[DGH UHODWLYRjGLVWULEXLomRGRUHVXOWDGRGRH[HUFtFLRGH
)OX[RGHFDL[DGDVDWLYLGDGHV
)RUQHFHGRUHV
&',(VVDVRSHUDo}HVVmRGHFXUWRSUD]RSRVVXHPOLTXLGH]LPHGLDWD
RSHUDFLRQDLV
,PSRVWRVHFRQWULEXLo}HVDUHFROKHU
/XFUROtTXLGR SUHMXt]R GRH[HUFtFLR
FRP SUD]R GH YHQFLPHQWR LQIHULRU D QRYHQWD GLDV QmR HVWmR
2XWUDVFRQWDV
VXMHLWDV D YRODWLOLGDGH GR PHUFDGR H VmR GHVWLQDGDV D VXSULU DV 5HFHLWDRSHUDFLRQDOOtTXLGD
'LYLGHQGRVSURSRVWRVHDSDJDU
QHFHVVLGDGHVGHFDL[DSDUDRSHUDo}HVGHFXUWRSUD]R
5HFHLWDEUXWD
7RWDOGRSDVVLYRFLUFXODQWH
$FUpVFLPRV GHFUpVFLPRV GH
9HQGDVGHHQHUJLD
3DWULP{QLROtTXLGR
&RQWDVDUHFHEHUGHFOLHQWHV5HIHUHVHDFRQWDVDUHFHEHUGH
DWLYRV
,PSRVWRVHGHGXo}HVVREUHDVYHQGDV
&DSLWDOVRFLDO
FOLHQWHVGHFRUUHQWHVGDYHQGDGHHQHUJLD(VVDVFRQWDVDUHFHEHUGH
,PSRVWRVDUHFXSHUDU
5HVHUYDGHOXFURV
FOLHQWHVQRPRQWDQWHGH5VmRFRPSRVWDVVXEVWDQFLDOPHQWH
&RQWDVDUHFHEHUGHFOLHQWHV
5HFXUVRVSDUDDXPHQWRGHFDSLWDO
SRU YDORUHV YLQFHQGRV QR SUD]R Pi[LPR GH GLDV (P GH
&XVWRVHGHVSHVDVSRUQDWXUH]D
3UHMXt]RVDFXPXODGRV
GH]HPEURGHD$GPLQLVWUDomRGD&RPSDQKLDFRQFOXLXQmRKDYHU
QHFHVVLGDGH GH UHFRQKHFHU SHUGDV HVWLPDGDV FRP FUpGLWRV GH
$FUpVFLPRV GHFUpVFLPRV GH
&XVWRVGDVYHQGDV
7RWDOGRSDVVLYRHSDWULP{QLR
OLTXLGDomRGXYLGRVD
SDVVLYRV
'HVSHVDVJHUDLVHDGPLQLVWUDWLYDV
OtTXLGR
,PSRVWRVDUHFROKHU
2XWUDVUHFHLWDV
GHVSHVDV
OtTXLGDV
)RUQHFHGRUHV 5HIHUHVH D FRQWDV D SDJDU D IRUQHFHGRUHV
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWH
2XWUDVFRQWDVDSDJDU
SULQFLSDOPHQWH GH HQHUJLD $V H[SOLFDo}HV VREUH R SURFHVVR GH
GDVGHPRQVWUDo}HVFRQWiEHLV
)RUQHFHGRUHV
JHUHQFLDPHQWRGRULVFRGHFUpGLWRGD&RPSDQKLDHVWmRDSUHVHQWDGDV
'HPRQVWUDo}HVGRVUHVXOWDGRV
QD1RWD
([HUFtFLRVILQGRVHPGHGH]HPEURGHH
(PPLOKDUHV5HDLVH[FHWRROXFURSRUDomR
6HUYLoRVSUHVWDGRVSRUWHUFHLURV
,PSRVWRVDUHFXSHUDU
&DL[DJHUDGRQDVDWLYLGDGHV
&RPSUDGHHQHUJLD
1RWD
RSHUDFLRQDLV
2XWUDVGHVSHVDVJHUDLVHDGPLQLVWUDWLYDV
,53
5HFHLWDRSHUDFLRQDOOtTXLGD
&6//
)OX[RGHFDL[DGDVDWLYLGDGHVGH
&XVWRGHFRPHUFLDOL]DomRGHHQHUJLD
&2),16
5HFHLWDV GHVSHVDV ILQDQFHLUDV
ILQDQFLDPHQWRV
/XFUREUXWR
3,6
5HFXUVRVSDUDDXPHQWRGHFDSLWDO
5HFHLWDVILQDQFHLUDV
'HVSHVDVRSHUDFLRQDLV
&DL[DJHUDGRSHODVDWLYLGDGHVGH
5HQGLPHQWRVGHDSOLFDo}HVILQDQFHLUDV
*HUDLVHDGPLQLVWUDWLYDV
3DUWHVUHODFLRQDGDV
ILQDQFLDPHQWRV
2XWUDVGHVSHVDVOtTXLGDV
-XURVDWLYRV
5HVXOWDGRDQWHVGDVUHFHLWDVH
$WLYR
$FUpVFLPRQRVFDL[DVH
GHVSHVDVILQDQFHLUDV
&LUFXODQWH
'HVSHVDVILQDQFHLUDV
HTXLYDOHQWHVGHFDL[D
7RFDQWLQV(QHUJpWLFD6$
&RPLVV}HVHGHVSHVDVEDQFiULDV
5HFHLWDVILQDQFHLUDV
'HPRQVWUDomRGRDFUpVFLPRQRV
'HVSHVDVILQDQFHLUDV
3DVVLYR
,QVWUXPHQWRV
ILQDQFHLURV
REMHWLYRV
H
SROtWLFDV
SDUD
JHVWmR
GH
FDL[DVHHTXLYDOHQWHVGHFDL[D
&LUFXODQWH
ULVFRILQDQFHLURD,QVWUXPHQWRVILQDQFHLURV2VSULQFLSDLVLQVWUXPHQWRV
1RLQtFLRGRSHUtRGR
5HVXOWDGRDQWHVGRLPSRVWRGHUHQGDH
7RFDQWLQV(QHUJpWLFD6$
ILQDQFHLURVGD&RPSDQKLDVmRFDL[DHHTXLYDOHQWHVGHFDL[DFRQWDVD
1RILPGRSHUtRGR
GDFRQWULEXLomRVRFLDO
UHFHEHUGHFOLHQWHVHIRUQHFHGRUHV2YDORUMXVWRGRVDWLYRVHSDVVLYRV
,PSRVWRGHUHQGDHFRQWULEXLomRVRFLDO
5HVXOWDGR
ILQDQFHLURVpLQFOXtGRQRYDORUSHORTXDORLQVWUXPHQWRSRGHULDVHUWURFDGR
$FUpVFLPRQRVFDL[DVH
FRUUHQWH
5HFHLWDFRPYHQGDGHHQHUJLD
HPXPDWUDQVDomRFRUUHQWHHQWUHSDUWHVGLVSRVWDVDQHJRFLDUHQmRHP
HTXLYDOHQWHVGHFDL[D
5HVXOWDGRGRSHUtRGR
&XVWRGHFRPSUDGHHQHUJLD
XPDYHQGDRXOLTXLGDomRIRUoDGD(PGHGH]HPEURGHH
QmR KDYLD GLIHUHQoD VLJQLILFDWLYD HQWUH RV YDORUHV FRQWiEHLV H RV GH
5HVXOWDGRSRUDomR%iVLFR HP5
$V FRQWDV D UHFHEHU GH SDUWHV UHODFLRQDGDV FODVVLILFDGDV FRPR PHUFDGRSDUDRVLQVWUXPHQWRVILQDQFHLURVGD&RPSDQKLD$&RPSDQKLD
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWH
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWH
FOLHQWHVHRXWURVFUpGLWRV HDVFRQWDVDSDJDUGHSDUWHVUHODFLRQDGDV QmRUHDOL]DRSHUDo}HVGHKHGJHVZDSRXTXDLVTXHURXWUDVRSHUDo}HVTXH
GDVGHPRQVWUDo}HVFRQWiEHLV
GDVGHPRQVWUDo}HVFRQWiEHLV
FODVVLILFDGDV FRPR IRUQHFHGRUHV H RXWURV FUHGRUHV GHFRUUHP GH HQYROYDP LQVWUXPHQWRV ILQDQFHLURV GHULYDWLYRV E 2EMHWLYRV H SROtWLFDV
'HPRQVWUDo}HVGDVPXWDo}HVGRSDWULP{QLROtTXLGR([HUFtFLRVILQGRVHPGHGH]HPEURGHH
RSHUDo}HV GH FRPSUD H YHQGD GH HQHUJLD EHP FRPR GLUHLWRV GH SDUD JHVWmR GH ULVFR ILQDQFHLUR 2 SULQFLSDO SURSyVLWR GRV SDVVLYRV
(PPLOKDUHVGH5HDLV
FUpGLWRV GHFRUUHQWHV GH OLTXLGDo}HV ILQDQFHLUDV MXQWR D &&(( ILQDQFHLURV PDQWLGRV SHOD &RPSDQKLD p R GH FDSWDU UHFXUVRV SDUD
5HVHUYDGHOXFURV
UHDOL]DGD HQWUH DV HPSUHVDV GRV *UXSRV %UHQQDQG (QHUJLD H ILQDQFLDUDVVXDVRSHUDo}HV$&RPSDQKLDSRVVXLDWLYRVILQDQFHLURVTXH
/XFURV 5HFXUVRVSDUD
'LYLGHQGRV
%UHQQDQG,QYHVWLPHQWRVGRTXDOID]SDUWHD&RPSDQKLD
DXPHQWR
&DSLWDO
SUHMXt]RV
5HVHUYD
DGLFLRQDLV
UHVXOWDP GLUHWDPHQWH GH VXDV RSHUDo}HV $ &RPSDQKLD QmR FRQWUDWD
'LYLGHQGRVDSDJDU(PGHGH]HPEURGHD&RPSDQKLD WUDQVDo}HV FRP GHULYDWLYRV $ &RPSDQKLD HVWi H[SRVWD D ULVFR GH
GHFDSLWDO
VRFLDO
OHJDO
SURSRVWRV DFXPXODGRV
7RWDO
WHPXPVDOGRGHGLYLGHQGRVDSDJDUQRPRQWDQWHGH5
5
6DOGRVHPGHGH]HPEURGH
PHUFDGR ULVFR GH FUpGLWR H ULVFR GH OLTXLGH] $ $GPLQLVWUDomR GD
FRUUHVSRQGHQWHVDRVGLYLGHQGRVPtQLPRVREULJDWyULRVGHGR &RPSDQKLDVXSHUYLVLRQDDJHVWmRGHVVHVULVFRVeSROtWLFDGD&RPSDQKLD
$SURYDomRGHGLYLGHQGRVDGLFLRQDLV
OXFURDMXVWDGRGRH[HUFtFLRGHHVDOGRGRVGLYLGHQGRVGLVWULEXtGRV
5HFXUVRVSDUDDXPHQWRGHFDSLWDO
QmR SDUWLFLSDU GH TXDLVTXHU QHJRFLDo}HV GH GHULYDWLYRV SDUD ILQV
HPH[HUFtFLRVDQWHULRUHV
$XPHQWRGHFDSLWDO
HVSHFXODWLYRV$$GPLQLVWUDomRUHYLVDHHVWDEHOHFHSROtWLFDVSDUDJHVWmR
3DWULP{QLROtTXLGRD&DSLWDOVRFLDO2FDSLWDOVRFLDOVXEVFULWRH
3UHMXt]RGRSHUtRGR
GH FDGD XP GHVVHV ULVFRV RV TXDLV VmR UHVXPLGRV DEDL[R 5LVFR GH
LQWHJUDOL]DGRHPGHGH]HPEURGHHpGHGLYLGLGR PHUFDGR &RQVLGHUDQGR TXH D &RPSDQKLD HVWi LQVHULGD QD FDGHLD GH
8WLOL]DomRGDUHVHUYDOHJDO
HPDo}HVRUGLQiULDVVHPYDORUQRPLQDO$WRWDOLGDGHGDVDo}HV FRPHUFLDOL]DomR GH HQHUJLD HOpWULFD D RFRUUrQFLD GR ULVFR GH PHUFDGR
SHUWHQFHj%UHQQDQG,QYHVWLPHQWRV6$E'HVWLQDomRGHOXFURV'H SRGH PDQLIHVWDUVH GHQWUH RXWUDV IRUPDV HYHQWXDOPHQWH DWUDYpV GD
6DOGRVHPGHGH]HPEURGH
DFRUGR FRP R HVWDWXWR GD &RPSDQKLD p DVVHJXUDGR D DFLRQLVWD UHJXODPHQWDomRGDSROtWLFDGHSUHoRVSRUSDUWHGRVyUJmRVUHJXODGRUHV
GLYLGHQGRV
PtQLPRV REULJDWyULRV GH VREUH OXFUR OtTXLGR GR 5LVFRGHFUpGLWR$&RPSDQKLDHVWiH[SRVWDDRULVFRGHFUpGLWRHPVXDV
5HFXUVRVSDUDDXPHQWRGHFDSLWDO
H[HUFtFLR DMXVWDGR QD IRUPD GD OHJLVODomR VRFLHWiULD FRQIRUPH DWLYLGDGHVRSHUDFLRQDLVSULQFLSDOPHQWHFRPUHODomRDFRQWDVDUHFHEHU
/XFUROLTXLGRGRSHUtRGR
GHPRQVWUDGRDVHJXLU
'HVWLQDo}HV
LQFOXLQGR GHSyVLWRV EDQFiULRV H DSOLFDo}HV ILQDQFHLUDV PDQWLGRV HP
5HVHUYDOHJDO
LQVWLWXLo}HVILQDQFHLUDV&RQWDVDUHFHEHU2ULVFRGHFUpGLWRGRFOLHQWHp
/XFUROLTXLGR 3UHMXt]R GRH[HUFtFLR
'LYLGHQGRPtQLPRREULJDWyULR
DGPLQLVWUDGRGHIRUPDFHQWUDOL]DGDHVWDQGRVXMHLWRDRVSURFHGLPHQWRV
$EVRUomRGR3UHMXt]R
'LYLGHQGRVDGLFLRQDLVSURSRVWRV
FRQWUROHVHSROtWLFDHVWDEHOHFLGDSHOD&RPSDQKLDHPUHODomRDHVVHULVFR
&RQVWLWXLomRGDUHVHUYDOHJDO
2VOLPLWHVGHFUpGLWRVmRHVWDEHOHFLGRVHDTXDOLGDGHGRFUpGLWRpDYDOLDGD
6DOGRVHPGHGH]HPEURGH
SDUDWRGRVRVFOLHQWHVFRPEDVHHPFULWpULRVLQWHUQRVGHFODVVLILFDomR2V
%DVHGHFiOFXORSDUDGLVWULEXLomR
UHFHEtYHLVGHFOLHQWHVHPDEHUWRVmRDFRPSDQKDGRVFRPIUHTXrQFLDHRV
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWHGDVGHPRQVWUDo}HVFRQWiEHLV
FRQWUDWRVGHYHQGDFRVWXPDPWHUJDUDQWLDVILUPDGDVRXRXWUDVIRUPDVGH
1RWDVH[SOLFDWLYDVjVGHPRQVWUDo}HVFRQWiEHLV(PGHGH]HPEURGHH (PPLOKDUHVGHUHDLVH[FHWRTXDQGR 'LYLGHQGRVPtQLPRVREULJDWyULRV
VHJXURGHFUpGLWR
LQGLFDGRGHRXWUDIRUPD ,QIRUPDo}HVVREUHDFRPSDQKLD2EMHWRVRFLDO$%UHQQDQG,QYHVWLPHQWRV&RPHUFLDOL]DGRUD6$
$PLOWRQ4XHLUR]GD6LOYD±&RQWDGRU&5&3(2
³&RPSDQKLD´ pXPDVRFLHGDGHSRUDo}HVGHFDSLWDOIHFKDGRFRPVHGHQDFLGDGHGR5HFLIH3($&RPSDQKLDWHPSRUSULQFLSDO
'LUHWRUHV5LFDUGR-HU{QLPR3HUHLUD5rJR-~QLRUH3HGUR3RQWXDO0DUOHWWL
REMHWR VRFLDO D FRPHUFLDOL]DomR GH HQHUJLD HOpWULFD D UHSUHVHQWDomR GH VHXV DJHQWHV JHUDGRUHV GH HQHUJLD HOpWULFD SHUDQWH D
&kPDUDGH&RPHUFLDOL]DomRGH(QHUJLD(OpWULFD&&((HDFRPHUFLDOL]DomRGHFUpGLWRVGHFDUERQRQRVPROGHVSUHYLVWRVQR
3URWRFRORGH.\RWR&RPHUFLDOL]DomRGH(QHUJLD(OpWULFD$&RPSDQKLDDWXDFRPRFRPHUFLDOL]DGRUDGHHQHUJLDHOpWULFDQR
kPELWRGD&kPDUDGH&RPHUFLDOL]DomRGH(QHUJLD(OpWULFD&&((UHDOL]DQGRWUDQVDo}HVGHFRPSUDHYHQGDVGHHQHUJLDMXQWRD
FRQVXPLGRUHVGRPHUFDGROLYUHHWDPEpPMXQWRDRXWUDVFRPHUFLDOL]DGRUDVGHHQHUJLD$OpPGHVWDIXQomRD&RPSDQKLDWDPEpP
DWXDFRPRUHSUHVHQWDQWHGHDOJXPDVGDVFRPSDQKLDVGR*UXSRMXQWRD&&((FRPDIXQomRGHUHDOL]DURVUHJLVWURVIRUPDLVGDV
YHQGDVGHHQHUJLDHOpWULFDUHDOL]DGDVGLUHWDPHQWHSRUWDLVFRPSDQKLDV3ULQFLSDLVSROtWLFDVHSUiWLFDVFRQWiEHLV%DVHGH
SUHSDUDomRHDSUHVHQWDomR$VGHPRQVWUDo}HVFRQWiEHLVIRUDPSUHSDUDGDVHHVWmRVHQGRDSUHVHQWDGDVGHDFRUGRFRPDVSROtWLFDV
FRQWiEHLVDGRWDGDVQR%UDVLOTXHFRPSUHHQGHPRVSURQXQFLDPHQWRVLQWHUSUHWDo}HVHRULHQWDo}HVGR&RPLWrGH3URQXQFLDPHQWRV
&RQWiEHLV &3& DSURYDGRVSHOR&RQVHOKR)HGHUDOGH&RQWDELOLGDGH &)& FRPR1RUPDV%UDVLOHLUDVGH&RQWDELOLGDGH 1%&V $
&RPSDQKLD GHILQLX R 5HDO FRPR D VXD PRHGD IXQFLRQDO H DV GHPRQVWUDo}HV FRQWiEHLV IRUDP SUHSDUDGDV FRP EDVH QR FXVWR
KLVWyULFR$VGHPRQVWUDo}HVFRQWiEHLVGD&RPSDQKLDSDUDRH[HUFtFLRILQGRHPGHGH]HPEURGHIRUDPDXWRUL]DGDVSDUD
HPLVVmRGHDFRUGRFRPDUHVROXomRGD$GPLQLVWUDomRHPGHPDUoRGH7ULEXWDomR,PSRVWRGHUHQGDHFRQWULEXLomR
VRFLDO FRUUHQWHV $WLYRV H SDVVLYRV WULEXWiULRV FRUUHQWHV GR ~OWLPR H[HUFtFLR H GH DQRV DQWHULRUHV VmR PHQVXUDGRV DR YDORU
UHFXSHUiYHOHVSHUDGRRXDSDJDUSDUDDVDXWRULGDGHVILVFDLVUHVSHFWLYDPHQWH$VDOtTXRWDVGHLPSRVWRHDVOHLVWULEXWiULDVXVDGDV
SDUDFDOFXODURPRQWDQWHVmRDTXHOHVTXHHVWmRHPYLJRURXVXEVWDQFLDOPHQWHHPYLJRUQDGDWDGREDODQoR,PSRVWRVREUHYHQGDV
5HFHLWDVGHVSHVDVHDWLYRVVmRUHFRQKHFLGRVOtTXLGRVGRVLPSRVWRVVREUHYHQGDVH[FHWRTXDQGRRVLPSRVWRVVREUHYHQGDV
LQFRUULGRVQDFRPSUDGHEHQVRXVHUYLoRVQmRIRUUHFXSHUiYHOMXQWRjVDXWRULGDGHVILVFDLVKLSyWHVHHPTXHRLPSRVWRVREUHYHQGDVp
UHFRQKHFLGRFRPRSDUWHGRFXVWRGHDTXLVLomRGRDWLYRRXGRLWHPGHGHVSHVDFRQIRUPHRFDVRHYDORUHVDUHFHEHUHDSDJDU
DSUHVHQWDGRVFRQMXQWDPHQWHFRPRYDORUGRVLPSRVWRVVREUHYHQGDV2YDORUOtTXLGRGRVLPSRVWRVVREUHYHQGDVUHFXSHUiYHORXD
SDJDUpLQFOXtGRFRPRFRPSRQHQWHGRVYDORUHVDUHFHEHURXDSDJDUQREDODQoRSDWULPRQLDO,QVWUXPHQWRVILQDQFHLURV2V
LQVWUXPHQWRVILQDQFHLURVVRPHQWHVmRUHFRQKHFLGRVQDGDWDHPTXHIRUDPRULJLQDGRVRXDSDUWLUGDGDWDHPTXHD&RPSDQKLDVH
WRUQDSDUWHGDVGLVSRVLo}HVFRQWUDWXDLVGRVLQVWUXPHQWRVILQDQFHLURV$&RPSDQKLDGHVUHFRQKHFHXPDWLYRILQDQFHLURTXDQGRRV
GLUHLWRVFRQWUDWXDLVDRVIOX[RVGHFDL[DGRDWLYRH[SLUDPRXTXDQGRWUDQVIHUHVXEVWDQFLDOPHQWHRVULVFRVHEHQHItFLRVGDWLWXODULGDGH
5HODWyULRGRVDXGLWRUHVLQGHSHQGHQWHVVREUHDVGHPRQVWUDo}HVFRQWiEHLV$RV$FLRQLVWDVH$GPLQLVWUDGRUHV%UHQQDQG,QYHVWLPHQWRV
&RPHUFLDOL]DGRUD6$5HFLIH3(([DPLQDPRVDVGHPRQVWUDo}HVFRQWiEHLVGD%UHQQDQG,QYHVWLPHQWRV&RPHUFLDOL]DGRUD6$ ³&RPSDQKLD´
TXHFRPSUHHQGHPREDODQoRSDWULPRQLDOHPGHGH]HPEURGHHDVUHVSHFWLYDVGHPRQVWUDo}HVGRUHVXOWDGRGRUHVXOWDGRDEUDQJHQWHGDV
PXWDo}HVGRSDWULP{QLROtTXLGRHGRVIOX[RVGHFDL[DSDUDRH[HUFtFLRILQGRQDTXHODGDWDDVVLPFRPRRUHVXPRGDVSULQFLSDLVSUiWLFDVFRQWiEHLVH
GHPDLV QRWDV H[SOLFDWLYDV 5HVSRQVDELOLGDGH GD DGPLQLVWUDomR VREUH DV GHPRQVWUDo}HV FRQWiEHLV $$GPLQLVWUDomR GD &RPSDQKLD p
UHVSRQViYHOSHODHODERUDomRHDGHTXDGDDSUHVHQWDomRGHVVDVGHPRQVWUDo}HVFRQWiEHLVGHDFRUGRFRPDVSUiWLFDVFRQWiEHLVDGRWDGDVQR%UDVLO
DVVLPFRPRSHORVFRQWUROHVLQWHUQRVTXHHODGHWHUPLQRXFRPRQHFHVViULRVSDUDSHUPLWLUDHODERUDomRGHGHPRQVWUDo}HVFRQWiEHLVOLYUHVGH
GLVWRUomR UHOHYDQWH LQGHSHQGHQWHPHQWH VH FDXVDGD SRU IUDXGH RX HUUR 5HVSRQVDELOLGDGH GRV DXGLWRUHV LQGHSHQGHQWHV 1RVVD
UHVSRQVDELOLGDGHpDGHH[SUHVVDUXPDRSLQLmRVREUHHVVDVGHPRQVWUDo}HVFRQWiEHLVFRPEDVHHPQRVVDDXGLWRULDFRQGX]LGDGHDFRUGRFRPDV
QRUPDVEUDVLOHLUDVHLQWHUQDFLRQDLVGHDXGLWRULD(VVDVQRUPDVUHTXHUHPRFXPSULPHQWRGHH[LJrQFLDVpWLFDVSHORVDXGLWRUHVHTXHDDXGLWRULDVHMD
SODQHMDGDHH[HFXWDGDFRPRREMHWLYRGHREWHUVHJXUDQoDUD]RiYHOGHTXHDVGHPRQVWUDo}HVFRQWiEHLVHVWmROLYUHVGHGLVWRUomRUHOHYDQWH8PD
DXGLWRULDHQYROYHDH[HFXomRGHSURFHGLPHQWRVVHOHFLRQDGRVSDUDREWHQomRGHHYLGrQFLDDUHVSHLWRGRVYDORUHVHGLYXOJDo}HVDSUHVHQWDGRVQDV
GHPRQVWUDo}HVFRQWiEHLV2VSURFHGLPHQWRVVHOHFLRQDGRVGHSHQGHPGRMXOJDPHQWRGRDXGLWRULQFOXLQGRDDYDOLDomRGRVULVFRVGHGLVWRUomR
UHOHYDQWHQDVGHPRQVWUDo}HVFRQWiEHLVLQGHSHQGHQWHPHQWHVHFDXVDGDSRUIUDXGHRXHUUR1HVVDDYDOLDomRGHULVFRVRDXGLWRUFRQVLGHUDRV
FRQWUROHV LQWHUQRV UHOHYDQWHV SDUD D HODERUDomR H DGHTXDGD DSUHVHQWDomR GDV GHPRQVWUDo}HV FRQWiEHLV GD &RPSDQKLD SDUD SODQHMDU RV
SURFHGLPHQWRVGHDXGLWRULDTXHVmRDSURSULDGRVQDVFLUFXQVWkQFLDVPDVQmRSDUDILQVGHH[SUHVVDUXPDRSLQLmRVREUHDHILFiFLDGHVVHVFRQWUROHV
LQWHUQRV GD &RPSDQKLD 8PD DXGLWRULD LQFOXL WDPEpP D DYDOLDomR GD DGHTXDomR GDV SUiWLFDV FRQWiEHLV XWLOL]DGDV H D UD]RDELOLGDGH GDV
HVWLPDWLYDVFRQWiEHLVIHLWDVSHODDGPLQLVWUDomREHPFRPRDDYDOLDomRGDDSUHVHQWDomRGDVGHPRQVWUDo}HVFRQWiEHLVWRPDGDVHPFRQMXQWR
$FUHGLWDPRVTXHDHYLGrQFLDGHDXGLWRULDREWLGDpVXILFLHQWHHDSURSULDGDSDUDIXQGDPHQWDUQRVVDRSLQLmR2SLQLmR(PQRVVDRSLQLmRDV
GHPRQVWUDo}HVFRQWiEHLVDFLPDUHIHULGDVDSUHVHQWDPDGHTXDGDPHQWHHPWRGRVRVDVSHFWRVUHOHYDQWHVDSRVLomRSDWULPRQLDOHILQDQFHLUDGD
%UHQQDQG,QYHVWLPHQWRV&RPHUFLDOL]DGRUD6$HPGHGH]HPEURGHRGHVHPSHQKRGHVXDVRSHUDo}HVHRVVHXVIOX[RVGHFDL[DSDUDR
H[HUFtFLRILQGRQDTXHODGDWDGHDFRUGRFRPDVSUiWLFDVFRQWiEHLVDGRWDGDVQR%UDVLO5HFLIHGHDEULOGH.30*$XGLWRUHV,QGHSHQGHQWHV
&5&3()-RmR$OEHUWRGD6LOYD1HWR&RQWDGRU&5&5627&(
(73533)