DOEPE 24/03/2017 - Pág. 21 - Poder Executivo - Diário Oficial do Estado de Pernambuco

Poder Executivo ● 24/03/2017 ● Diário Oficial do Estado de Pernambuco

Recife, 24 de março de 2017

Diário Oficial do Estado de Pernambuco - Poder Executivo

Ano XCIV • NÀ 56 - 21

COMPANHIA MÜLLER DE BEBIDAS NORDESTE
CNPJ nº 02.151.119/0001-90
RELATÓRIO DA ADMINISTRAÇÃO
Senhores Acionistas:(PFXPSULPHQWRjVGLVSRVLo}HVOHJDLVHHVWDWXWiULDVVXEPHWHPRVjDSUHFLDomRGH96DVDVGHPRQVWUDo}HV¿QDQFHLUDVGD&RPSDQKLD0OOHUGH%HELGDV1RUGHVWHHVXDVFRQWURODGDVUHODWLYDVDRH[HUFtFLR¿QGRHPGHGH]HPEURGH
DFRPSDQKDGDVGDVQRWDVH[SOLFDWLYDVHUHODWyULRGRVDXGLWRUHVLQGHSHQGHQWHV3HUPDQHFHPRVjLQWHLUDGLVSRVLomRSDUDTXDLVTXHUHVFODUHFLPHQWRVTXHHYHQWXDOPHQWHFRQVLGHUDUHPQHFHVViULRV

Balanços patrimoniais em 31 de dezembro de 2016 e de 2015 (Em milhares de reais - R$)
Ativo
Circulante
Caixa e equivalentes de caixa
$SOLFDo}HV¿QDQFHLUDV
&RQWDVDUHFHEHUGHFOLHQWHV
Estoques
,PSRVWRVHFRQWULEXLo}HVDUHFXSHUDU
2XWURVYDORUHVDUHFHEHU
7RWDOGRDWLYRFLUFXODQWH
Ativo Não Circulante
5HDOL]iYHODORQJRSUD]R
,PSRVWRVHFRQWULEXLo}HVDUHFXSHUDU
Depósitos judiciais
3DUWHVUHODFLRQDGDV
,PRELOL]DGR
7RWDOGRDWLYRQmRFLUFXODQWH

Total Ativo

Nota
explicativa

2015 3DVVLYRH3DWULP{QLR/tTXLGR
Circulante
4 19.397
13.205 Financiamentos
5 49.853
48.335 )RUQHFHGRUHV
6 15.212
7.524 2EULJDo}HVVRFLDLV
7
7.287
9.590 2EULJDo}HV¿VFDLV
8
65
390 3DUWHVUHODFLRQDGDV
567
256 2XWUDVFRQWDVDSDJDU
92.381
79.300 7RWDOGRSDVVLYRFLUFXODQWH
Passivo Não Circulante
Financiamentos
8
13
15 3URYLVmRSDUDULVFRV¿VFDLVHWUDEDOKLVWDV
1.006
1.302 ,PSRVWRGHUHQGDHFRQWULEXLomRVRFLDOGLIHULGRV
13
2.474 7RWDOGRSDVVLYRQmRFLUFXODQWH
9 43.713
46.332
44.732
50.123 3DWULP{QLR/tTXLGR
Capital social
5HVHUYDGHLQFHQWLYRV¿VFDLV
$MXVWHGHDYDOLDomRSDWULPRQLDO
5HVHUYDVGHOXFURV
/XFURVjGLVSRVLomRGD$VVHPEOHLD
7RWDOGRSDWULP{QLROtTXLGR
137.113 129.423 7RWDOGR3DVVLYRHGR3DWULP{QLR/tTXLGR
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWHGDVGHPRQVWUDo}HV¿QDQFHLUDV
2016

Nota
explicativa
10
11
12
13

10
14
19

15
15
15
15

2016

2015

171
1.552
1.791
4.645
1.273
523
9.955

286
2.214
1.809
2.100
1.691
688
8.788

281
1.906
8.308
10.495

86
393
8.300
8.779

'HPRQVWUDo}HVGRUHVXOWDGRSDUDRVH[HUFtFLRV
¿QGRVHPGHGH]HPEURGHHGH
(PPLOKDUHVGHUHDLV5H[FHWRSHOROXFUREiVLFRHGLOXtGRSRUDomR
5HFHLWD/tTXLGDGH9HQGDV
&XVWR'RV3URGXWRV9HQGLGRV
Lucro Bruto
Despesas Operacionais
Com vendas
*HUDLVHDGPLQLVWUDWLYDV
2XWUDVGHVSHVDVRSHUDFLRQDLVOtTXLGDV
Total
Lucro Operacional Antes do
Resultado Financeiro
Resultado Financeiro
Lucro Antes do Imposto de Renda
e da Contribuição Social
Imposto de Renda e Contribuição Social
&RUUHQWHV
'LIHULGRV

Nota
explicativa
2016
2015
16
71.151
67.480
17 (51.212) (48.170)
19.939
19.310
17 (12.196) (11.591)
17 (3.774) (3.912)
17 (2.477) (1.012)
(18.447) (16.515)
1.492
8.358

18

9.850
12.795
12.795
67.572
64.563
19
(2.889)
15.689
16.408
(8)
19
2.559
6.466
(2.897)
18.048
11.624
6.953
116.663 111.856 /XFUR/tTXLGRGR([HUFtFLR

20
137.113 129.423 /XFUR%iVLFRH'LOXtGR3RU$omRGR&DSLWDO6RFLDO5
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWHGDVGHPRQVWUDo}HV¿QDQFHLUDV

'HPRQVWUDo}HVGDVPXWDo}HVGRSDWULP{QLROtTXLGRSDUDRVH[HUFtFLRV¿QGRVHPGHGH]HPEURGHHGH
(Em milhares de reais - R$)

2.795
7.445
10.240
(2.912)
1.491
(1.421)
8.819


Demonstrações do resultado abrangente para
RVH[HUFtFLRV¿QGRVHPGHGH]HPEURGHHGH

Reserva de
Ajuste de Reservas de lucros
Lucros à
(Em milhares de reais - R$)
incentivos
avaliação
Lucros disposição da
Retenção
2016
2015
Legal de lucros acumulados
¿VFDLV patrimonial
Assembleia
Total /XFUR/tTXLGRGR([HUFtFLR
6.953
8.819
61.429
17.257
2.559
4.725
6.911 105.676 2XWURVUHVXOWDGRVDEUDQJHQWHV
(849)
849
- 5HVXOWDGR$EUDQJHQWH7RWDOGR([HUFtFLR
6.953
8.819
(1.005) (1.005)
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWHGDVGHPRQVWUDo}HV¿QDQFHLUDV
8.819
8.819
'HPRQVWUDo}HVGRVÀX[RVGHFDL[DSDUDRVH[HUFtFLRV

Nota Capital
explicativa social
Saldos em 31 de dezembro de 2014
12.795
5HDOL]DomRGRFXVWRDWULEXtGR
E
'LYLGHQGRVFRPSOHPHQWDUHVGLVWULEXtGRV
15.e
/XFUROtTXLGRGRH[HUFtFLR
'HVWLQDomRGROXFUROtTXLGRGRH[HUFtFLR
7UDQVIHUrQFLDSDUDUHVHUYDGHLQFHQWLYRV¿VFDLVLPSRVWRGHUHQGD
15.c
255
7UDQVIHUrQFLDSDUDUHVHUYDGHLQFHQWLYRV¿VFDLV,&06
15.c
2.879
'LYLGHQGRVPtQLPRVREULJDWyULRV
15.e
7UDQVIHUrQFLDSDUDUHVHUYDGHUHWHQomRGHOXFURV
15.d
/XFURVjGLVSRVLomRGD$VVHPEOHLD
I
12.795
64.563
16.408
2.559
Saldos em 31 de dezembro de 2015
5HDOL]DomRGRFXVWRDWULEXtGR
E
(719)
'LYLGHQGRVFRPSOHPHQWDUHVGLVWULEXtGRV
15.e
/XFUROtTXLGRGRH[HUFtFLR
'HVWLQDomRGROXFUROtTXLGRGRH[HUFtFLR
7UDQVIHUrQFLDSDUDUHVHUYDGHLQFHQWLYRV¿VFDLV,&06
15.c
3.009
'LYLGHQGRVPtQLPRVREULJDWyULRV
15.e
/XFURVjGLVSRVLomRGD$VVHPEOHLD
I
12.795
67.572
15.689
2.559
Saldos em 31 de dezembro de 2016
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWHGDVGHPRQVWUDo}HV¿QDQFHLUDV

(818)
3.907
-

(255)
(2.879)
(1.634)
(4.900)
719
6.953

818
4.900
11.624
(979)
-

(1.634)
111.856
(979)
6.953

(3.907)
-

(3.009)
(1.167)
(3.496)
-

- (1.167)
7.403
18.048 116.663

1RWDVH[SOLFDWLYDVjVGHPRQVWUDo}HV¿QDQFHLUDVSDUDRVH[HUFtFLRV¿QGRVHPGHGH]HPEURGHHGH
(Em milhares de reais - R$, exceto quando indicado de outra forma)
1. Contexto operacional $&RPSDQKLD0OOHUGH%HELGDV1RUGHVWH ³&RPSDQKLD´ HVWi PHUFDGRDWLYRVHQGRPHQVXUDGRVSHORYDORUGHFXVWRDPRUWL]DGRXWLOL]DQGRRPpWRGRGD
VHGLDGD QR PXQLFtSLR GH &DER GH 6DQWR $JRVWLQKR QR (VWDGR GH 3HUQDPEXFR WHQGR WD[DHIHWLYDGHMXURVGHGX]LGRGHTXDOTXHUSHUGDSRUUHGXomRDRYDORUUHFXSHUiYHO(P
SRU DWLYLGDGH SUHSRQGHUDQWH D SDGURQL]DomR R HQJDUUDIDPHQWR H D FRPHUFLDOL]DomR GH GHGH]HPEURGHHGHRVHPSUpVWLPRVHUHFHEtYHLVFRPSUHHQGHPFDL[DH
FDFKDoDHGHRXWUDVEHELGDVDOFRyOLFDVFXMDVPDUFDVVmRGHSURSULHGDGHGD&RPSDQKLD HTXLYDOHQWHVGHFDL[DFRQWDVDUHFHEHUGHFOLHQWHVSDUWHVUHODFLRQDGDVHRXWURVYDORUHV
0OOHUGH%HELGDV ³&RQWURODGRUD´ (PGHGH]HPEURGHDWUDYpVGHUHXQLmRGR DUHFHEHU2.5. Contas a receber de clientes - 5HJLVWUDGDVHPDQWLGDVQREDODQoRSHOR
&RQVHOKRGH$GPLQLVWUDomRGD&RQWURODGRUDIRLDSURYDGDDSURSRVWDSDUDLQFRUSRUDomR YDORU QRPLQDO GRV WtWXORV UHSUHVHQWDWLYRV GHVVHV FUpGLWRV H DMXVWDGDV D YDORU SUHVHQWH
HP  GD &RPSDQKLD SHOD VXD &RQWURODGRUD D TXDO VHUi VXEPHWLGD SDUD DSUHFLDomR TXDQGRDSOLFiYHOHUHOHYDQWH4XDQGRMXOJDGRQHFHVViULRSHOD$GPLQLVWUDomRpUHJLVWUDGD
GRVDFLRQLVWDVHP$VVHPEOHLDTXHRFRUUHUiHP$LQFRUSRUDomRWHUiFRPRREMHWLYR SURYLVmRSDUDFUpGLWRVGHOLTXLGDomRGXYLGRVDFRQVWLWXtGDFRPEDVHHPDQiOLVHGDVFRQWDV
SURSLFLDUPHOKRUVLQHUJLDGRVSURFHVVRVHHFRQRPLDVDGPLQLVWUDWLYDVHRSHUDFLRQDLV&RP DUHFHEHUGHFOLHQWHVHHPPRQWDQWHFRQVLGHUDGRVX¿FLHQWHSHOD$GPLQLVWUDomRSDUDFREULU
DLQFRUSRUDomRDIUXLomRGRVLQFHQWLYRV¿VFDLVDEDL[RUHODFLRQDGRVQmRVRIUHUiDOWHUDomR SURYiYHLVSHUGDVQDVXDUHDOL]DomR2.6. Estoques - 'HPRQVWUDGRVSHORYDORUGHFXVWR
 ,QFHQWLYRV ¿VFDLV  $ &RPSDQKLD FRQWD FRP LQFHQWLYRV ¿VFDLV GH kPELWR IHGHUDO H VHQGR LQIHULRUHV DRV YDORUHV GH UHDOL]DomR OtTXLGRV GRV FXVWRV GH YHQGD 2V FXVWRV GRV
HVWDGXDODVHJXLUHVSHFL¿FDGRVD ,QFHQWLYR¿VFDOGH,&06$&RPSDQKLDHVWiLQFOXtGD HVWRTXHVVmRGHWHUPLQDGRVSHORPpWRGRGRFXVWRPpGLR2FXVWRGRVSURGXWRVDFDEDGRV
QR 3URJUDPD GH 'HVHQYROYLPHQWR GR (VWDGR GH 3HUQDPEXFR  352'(3( H FRQWD FRP H GRV SURGXWRV HP HODERUDomR FRPSUHHQGH PDWpULDVSULPDV PmR GH REUD GLUHWD RXWURV
LQFHQWLYR ¿VFDO UHODFLRQDGR j UHGXomR GR ,PSRVWR VREUH &LUFXODomR GH 0HUFDGRULDV H FXVWRV GLUHWRV H GHVSHVDV JHUDLV GH SURGXomR UHODFLRQDGDV FRP EDVH QD FDSDFLGDGH
6HUYLoRV,&06(VVDUHGXomRFRUUHVSRQGHFRQVRDQWHR'HFUHWRQžRTXDOIRL RSHUDFLRQDOQRUPDO 2YDORUOtTXLGRUHDOL]iYHOFRUUHVSRQGHDRSUHoRGHYHQGDHVWLPDGRGRV
SURUURJDGRSHOR'HFUHWRQžGHGHMXOKRGHDGRLPSRVWRGHYLGRVREUH HVWRTXHVGHGX]LGRGHWRGRVRVFXVWRVHVWLPDGRVSDUDDFRQFOXVmRHFXVWRVQHFHVViULRV
DVRSHUDo}HVUHDOL]DGDVDWpVHWHPEURGHVHQGRRUHIHULGRLQFHQWLYRDSXUDGRFRPR SDUDUHDOL]DUDYHQGD4XDQGRDSOLFiYHOpFRQVWLWXtGDSURYLVmRSDUDSHUGDVHPPRQWDQWH
SUHYLVWRQD/HLQžVREDIRUPDGHFUpGLWRSUHVXPLGR1RH[HUFtFLR¿QGRHPGH FRQVLGHUDGR VX¿FLHQWH SHOD $GPLQLVWUDomR SDUD FREULU SURYiYHLV SHUGDV QD UHDOL]DomR
GH]HPEURGHRLQFHQWLYRWRWDOL]RX5 5HP E ,QFHQWLYR¿VFDO dos estoques. 2.7. Imobilizado - &RPSUHHQGH VXEVWDQFLDOPHQWH WHUUHQRV HGL¿FDo}HV H
de imposto de renda $ &RPSDQKLD REWHYH GD 6XSHULQWHQGrQFLD GR 'HVHQYROYLPHQWR EHQIHLWRULDVUHVHUYDWyULRVWDQTXHVHWRQpLVHDVSULQFLSDLVPiTXLQDVHHTXLSDPHQWRVGR
GR 1RUGHVWH  68'(1( DWXDO $JrQFLD GH 'HVHQYROYLPHQWR GR 1RUGHVWH  $'(1(  SURFHVVR SURGXWLYR 'HPRQVWUDGR DR YDORU GH FXVWR DWULEXtGR HP ž GH MDQHLUR GH 
LQFHQWLYRV ¿VFDLV UHODFLRQDGRV j UHGXomR GR LPSRVWR GH UHQGD GHYLGR VREUH R OXFUR GD GHGX]LGR GH GHSUHFLDomR H SHUGD SRU UHGXomR DR YDORU UHFXSHUiYHO DFXPXODGR TXDQGR
H[SORUDomR (VVD UHGXomR FRUUHVSRQGH FRQVRDQWH /DXGR &RQVWLWXWLYR &RPSOHPHQWDU QHFHVViULR6mRUHJLVWUDGRVFRPRSDUWHGRVFXVWRVGDVLPRELOL]Do}HVHPDQGDPHQWRQR
QRHPLWLGRSHOD$'(1(HSURUURJDomRSRUPDLVGH]DQRVFRQIRUPHKRPRORJDomR FDVR GH DWLYRV TXDOL¿FiYHLV RV FXVWRV GH HPSUpVWLPRV FDSLWDOL]DGRV 7DLV LPRELOL]Do}HV
GH SHGLGR HIHWXDGR j 5HFHLWD )HGHUDO GR %UDVLO SRU PHLR GR$WR 'HFODUDWyULR ([HFXWLYR VmRFODVVL¿FDGDVQDVFDWHJRULDVDGHTXDGDVGRLPRELOL]DGRTXDQGRFRQFOXtGDVHSURQWDV
QžDGRLPSRVWRGHYLGRDSXUDGRDWpGH]HPEURGHFDOFXODGRQRVWHUPRV SDUDRXVRSUHWHQGLGR$GHSUHFLDomRGHVVHVDWLYRVLQLFLDVHTXDQGRHVWHVHVWmRSURQWRV
GD OHJLVODomR HVSHFt¿FD 1R H[HUFtFLR ¿QGR HP  GH GH]HPEUR GH  R LQFHQWLYR SDUDRXVRRVWHUUHQRVQmRVRIUHPGHSUHFLDomR$GHSUHFLDomRpUHFRQKHFLGDFRPEDVHQD
WRWDOL]RX5HPQmRKRXYHLQFHQWLYRGHVWDQDWXUH]D2. Resumo das principais YLGD~WLOHVWLPDGDGHFDGDDWLYRSHORPpWRGROLQHDUGHPRGRTXHRYDORUGRFXVWRPHQRV
SROtWLFDVFRQWiEHLV'HFODUDo}HVGHFRQIRUPLGDGH$VGHPRQVWUDo}HV¿QDQFHLUDV
RVHXYDORUUHVLGXDODSyVVXDYLGD~WLOVHMDLQWHJUDOPHQWHEDL[DGR H[FHWRSDUDWHUUHQRV 
IRUDP HODERUDGDV H HVWmR DSUHVHQWDGDV HP FRQIRUPLGDGH FRP DV SROtWLFDV FRQWiEHLV
$YLGD~WLOHVWLPDGDRVYDORUHVUHVLGXDLVHRVPpWRGRVGHGHSUHFLDomRVmRUHYLVDGRVQR
DGRWDGDVQR%UDVLOEHPFRPRFRPRVSURQXQFLDPHQWRVWpFQLFRVHPLWLGRVSHOR&RPLWrGH
¿P GH FDGD H[HUFtFLR H R HIHLWR GH TXDLVTXHU PXGDQoDV QDV HVWLPDWLYDV p FRQWDELOL]DGR
3URQXQFLDPHQWRV &RQWiEHLV  &3& DSURYDGRV SHOR &RQVHOKR )HGHUDO GH &RQWDELOLGDGH
SURVSHFWLYDPHQWH QR UHVXOWDGR As depreciações são calculadas considerando os
- CFC. 2.2. Bases de elaboração - $V GHPRQVWUDo}HV ¿QDQFHLUDV HVWmR DSUHVHQWDGDV
seguintes anos como vida útil-econômica estimada dos bens:
HPUHDLV 5 TXHpDPRHGDIXQFLRQDOGD&RPSDQKLDHHODERUDGDVFRPEDVHQRFXVWR
Anos
KLVWyULFRH[FHWRVHLQGLFDGRGHRXWUDIRUPDFRQIRUPHGHVFULWRQDVSROtWLFDVFRQWiEHLVD
5 a 47
VHJXLU2FXVWRKLVWyULFRJHUDOPHQWHpEDVHDGRQRYDORUMXVWRGDVFRQWUDSUHVWDo}HVSDJDV (GL¿FDo}HVHEHQIHLWRULDV
3 a 11
HP WURFD GH DWLYRV 2 UHVXPR GDV SULQFLSDLV SROtWLFDV FRQWiEHLV DGRWDGDV QD HODERUDomR 0iTXLQDVHTXLSDPHQWRVHLQVWDODo}HV
5HVHUYDWyULRV
5 a 17
GDV GHPRQVWUDo}HV ¿QDQFHLUDV p FRPR VHJXH 2.3. Caixa e equivalentes de caixa &RQWHQWRUHVHUHFLSLHQWHV
8
&RPSUHHQGHP RV VDOGRV GH FDL[D GHSyVLWRV EDQFiULRV j YLVWD H DSOLFDo}HV ¿QDQFHLUDV
(TXLSDPHQWRVGHLQIRUPiWLFD
3a5
GHVLJQDGDV SHOD $GPLQLVWUDomR QD FRQWUDWDomR FRPR GLVSRQtYHLV SDUD QHJRFLDomR $V
DSOLFDo}HV¿QDQFHLUDVSRVVXHPSUD]RGHUHVJDWHGHDWpGLDVGDGDWDGDDSOLFDomRWrP 2VYDORUHVUHVLGXDLVHDYLGD~WLOGRVDWLYRVVmRUHYLVDGRVHDMXVWDGRVVHDSURSULDGRQR
OLTXLGH]LPHGLDWDHHVWmRVXMHLWDVDXPLQVLJQL¿FDQWHULVFRGHPXGDQoDGHYDORU2FiOFXOR ¿PGHFDGDH[HUFtFLR8PLWHPGRLPRELOL]DGRpEDL[DGRDSyVDOLHQDomRRXTXDQGRQmRKi
GRYDORUMXVWRGDVDSOLFDo}HV¿QDQFHLUDVTXDQGRDSOLFiYHOpGHWHUPLQDGROHYDQGRVHHP EHQHItFLRVHFRQ{PLFRVIXWXURVUHVXOWDQWHVGRXVRFRQWtQXRGRDWLYR4XDLVTXHUJDQKRVRX
FRQVLGHUDomRHVWDVVHUHPSURQWDPHQWHFRQYHUVtYHLVHPXPPRQWDQWHFRQKHFLGRGHFDL[D SHUGDVQDYHQGDRXEDL[DGHXPLWHPGRLPRELOL]DGRVmRGHWHUPLQDGRVSHODGLIHUHQoDHQWUH
HHVWDUHPVXMHLWDVDXPLQVLJQL¿FDQWHULVFRGHPXGDQoDGHYDORU$SOLFDo}HV¿QDQFHLUDV RVYDORUHVUHFHELGRVQDYHQGDHRYDORUFRQWiELOGRDWLYRHVmRUHFRQKHFLGRVQDUXEULFD
5HSUHVHQWDGDVEDVLFDPHQWHSRUFRWDVGHIXQGRVGHLQYHVWLPHQWRFRPYHQFLPHQWRDFLPD ³2XWUDV GHVSHVDV RSHUDFLRQDLV OtTXLGDV´ QD GHPRQVWUDomR GR UHVXOWDGR 2.8. Redução
GH  GLDV D SDUWLU GD GDWD GH DSOLFDomR (VWmR FODVVL¿FDGDV GH DFRUGR FRP D LQWHQomR ao valor recuperável de ativos (“impairment”)1R¿PGHFDGDH[HUFtFLRD&RPSDQKLD
GH VXD UHDOL]DomR FRPR LQYHVWLPHQWRV SHOD$GPLQLVWUDomR GD 6RFLHGDGH$ FODVVL¿FDomR UHYLVD R YDORU FRQWiELO GH VHXV DWLYRV GH YLGD ORQJD SDUD GHWHUPLQDU VH Ki LQGLFDomR GH
GHSHQGH GD QDWXUH]D H GD ¿QDOLGDGH GRV DWLYRV ¿QDQFHLURV H p GHWHUPLQDGD QD GDWD GR TXH WDLV DWLYRV VRIUHUDP DOJXPD SHUGD SRU UHGXomR DR YDORU UHFXSHUiYHO 6H KRXYHU WDO
UHFRQKHFLPHQWR LQLFLDO $WLYRV ¿QDQFHLURV  &ODVVL¿FDGRV QDV VHJXLQWHV FDWHJRULDV LQGLFDomR R PRQWDQWH UHFXSHUiYHO GR DWLYR VHUi HVWLPDGR FRP R PRQWDQWH UHFXSHUiYHO
HVSHFt¿FDV D  DWLYRV ¿QDQFHLURV PHQVXUDGRV DR YDORU MXVWR SRU PHLR GR UHVXOWDGR E  GHXPDWLYRLQGLYLGXDOPHQWHD&RPSDQKLDFDOFXODUiRPRQWDQWHUHFXSHUiYHOGDXQLGDGH
LQYHVWLPHQWRVPDQWLGRVDWpRYHQFLPHQWR F DWLYRV¿QDQFHLURVGLVSRQtYHLVSDUDYHQGDH JHUDGRUD GH FDL[D j TXDO SHUWHQFH R DWLYR 4XDQGR XPD EDVH GH DORFDomR UD]RiYHO H
G HPSUpVWLPRVHUHFHEtYHLV$FODVVL¿FDomRGHSHQGHGDQDWXUH]DH¿QDOLGDGHGRVDWLYRV FRQVLVWHQWHSXGHUVHULGHQWL¿FDGDRVDWLYRVFRUSRUDWLYRVWDPEpPVHUmRDORFDGRVDFDGD
¿QDQFHLURV H p GHWHUPLQDGD QD GDWD GR UHFRQKHFLPHQWR LQLFLDO 7RGDV DV DTXLVLo}HV RX XQLGDGHJHUDGRUDGHFDL[DRXDRPHQRUJUXSRGHXQLGDGHVJHUDGRUDVGHFDL[DSRGHQGR
DOLHQDo}HVQRUPDLVGHDWLYRV¿QDQFHLURVVmRUHFRQKHFLGDVRXEDL[DGDVFRPEDVHQDGDWD XPDEDVHGHDORFDomRUD]RiYHOHFRQVLVWHQWHVHULGHQWL¿FDGD2PRQWDQWHUHFXSHUiYHOp
GHQHJRFLDomR2YDORUMXVWRpGHWHUPLQDGRFRQIRUPHGHVFULWRQDQRWDH[SOLFDWLYDQž$ RPDLRUYDORUHQWUHRYDORUMXVWRPHQRVRVFXVWRVDLQFRUUHUSHODYHQGDRXSHORXVR1D
&RPSDQKLDQmRSRVVXLDWLYRVFODVVL¿FDGRVFRPRDWLYRV¿QDQFHLURVPHQVXUDGRVDRYDORU DYDOLDomRGRYDORUHPXVRRVÀX[RVGHFDL[DIXWXURVHVWLPDGRVVmRGHVFRQWDGRVDYDORU
MXVWR SRU PHLR GR UHVXOWDGR H DWLYRV ¿QDQFHLURV GLVSRQtYHLV SDUD YHQGD ,QYHVWLPHQWRV SUHVHQWHSRUXPDWD[DGHGHVFRQWRDQWHVGRVLPSRVWRVTXHUHÀLWDXPDDYDOLDomRDWXDO
PDQWLGRV DWp R YHQFLPHQWR VmR DWLYRV ¿QDQFHLURV QmR GHULYDWLYRV FRP SDJDPHQWRV ¿[RV GH PHUFDGR GR YDORU GD PRHGD QR WHPSR H RV ULVFRV HVSHFt¿FRV GR DWLYR SDUD R TXDO
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SRVLWLYDHDFDSDFLGDGHGHPDQWHUDWpRYHQFLPHQWR6mRPHQVXUDGRVHUHFRQKHFLGRVSHOR XPDWLYR RXXPDXQLGDGHJHUDGRUDGHFDL[D FDOFXODGRIRUPHQRUTXHVHXYDORUFRQWiELO
YDORU GH FXVWR DPRUWL]DGR XWLOL]DQGR R PpWRGR GD WD[D HIHWLYD GH MXURV H UHSUHVHQWDGRV HVWH RX D XQLGDGH JHUDGRUD GH FDL[D  VHUi UHGX]LGR DR VHX YDORU UHFXSHUiYHO$ SHUGD
SHODVDSOLFDo}HV¿QDQFHLUDV2VHPSUpVWLPRVHUHFHEtYHLVUHIHUHPVHDDWLYRV¿QDQFHLURV SRU UHGXomR DR YDORU UHFXSHUiYHO p UHFRQKHFLGD LPHGLDWDPHQWH QR UHVXOWDGR 4XDQGR D
QmR GHULYDWLYRV FRP SDJDPHQWRV ¿[RV RX GHWHUPLQiYHLV H TXH QmR VmR FRWDGRV HP XP SHUGDSRUUHGXomRDRYDORUUHFXSHUiYHOpUHYHUWLGDVXEVHTXHQWHPHQWHRFRUUHRDXPHQWR

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(Em milhares de reais - R$)
Nota
explicativa

Fluxos de Caixa das Atividades Operacionais
/XFUROtTXLGRGRH[HUFtFLR
$MXVWHVSDUDFRQFLOLDUROXFUROtTXLGRGRH[HUFtFLR
FRPRFDL[DOtTXLGR
SURYHQLHQWHGDVDWLYLGDGHVRSHUDFLRQDLV
,PSRVWRGHUHQGDHFRQWULEXLomRVRFLDOGRH[HUFtFLR
3URYLVmRSDUDSHUGDVHPLQFHQWLYRV¿VFDLV
'HSUHFLDomRHDPRUWL]DomR
5HYHUVmRGHSURYLVmRSDUDSHUGDQRLPRELOL]DGR
3URYLVmRSDUDFUHGRUHVGHOLTXLGDomRGXYLGRVD
&RPSOHPHQWR UHYHUVmR GHSURYLVmRSDUD
REVROHVFrQFLDGRVHVWRTXHV
-XURVHYDULDomRPRQHWiULDVREUHDWLYRVQmRFLUFXODQWHV
3HUGDQDYHQGDGHDWLYRLPRELOL]DGR
-XURVDSURSULDGRVVREUHDVDWLYLGDGHVGH¿QDQFLDPHQWR
&RPSOHPHQWRGHSURYLVmRSDUDULVFRV¿VFDLV
HWUDEDOKLVWDV

2016

2015

6.953

8.819

17
9
6

2.897
2.946
(22)
90

1.421
3.087
(31)
330

7

(680)

808

(297)
7
28

(239)
55
96

1.939
13.861

216
14.562

19

14

9DULDo}HVQRVDWLYRVHSDVVLYRVFLUFXODQWHV
HGHORQJRSUD]R
$SOLFDo}HV¿QDQFHLUDV
(1.518) (2.731)
&RQWDVDUHFHEHU
(7.778) (1.084)
Estoques
2.983 (1.453)
,PSRVWRVDUHFXSHUDU
327
(175)
Depósitos judiciais
(9)
(546)
2XWUDVFRQWDVDUHFHEHU
(311)
205
)RUQHFHGRUHV
(662)
391
2EULJDo}HVVRFLDLV
(18)
(157)
2EULJDo}HV¿VFDLV
2.351
(413)
3DUWHVUHODFLRQDGDV
49
(250)
(168)
505
2XWUDVFRQWDVDSDJDU
&DL[DOtTXLGRSURYHQLHQWHGDVDWLYLGDGHVRSHUDFLRQDLV
9.107
8.854
-XURVSDJRV
(30)
(45)
(2.695) (2.607)
,PSRVWRGHUHQGDHFRQWULEXLomRVRFLDOSDJRV
&DL[DOtTXLGRSURYHQLHQWHGDVDWLYLGDGHVRSHUDFLRQDLV
6.382
6.202
Fluxo de Caixa das Atividades de Investimento
$TXLVLomRGHEHQVGRDWLYRLPRELOL]DGR
9
(314) (1.723)
5HFHELPHQWRVGHSDUWHVUHODFLRQDGDV
2.654
2
5
5HFHELPHQWRVSRUYHQGDGHDWLYRLPRELOL]DGR
&DL[DOtTXLGRSURYHQLHQWHGDV DSOLFDGRQDV DWLYLGDGHV
de investimento
2.342 (1.718)
Fluxo de Caixa das Atividades de Financiamento
,QJUHVVRGHHPSUpVWLPRVH¿QDQFLDPHQWRV
358
3DJDPHQWRGHHPSUpVWLPRVH¿QDQFLDPHQWRV
(277)
(284)
(2.613) (2.680)
3DJDPHQWRGHGLYLGHQGRV
&DL[DOtTXLGRDSOLFDGRQDVDWLYLGDGHVGH¿QDQFLDPHQWR
(2.532) (2.964)
Aumento de Caixa e Equivalentes de Caixa
6.192
1.520
&DL[DH(TXLYDOHQWHVGH&DL[DQR,QtFLRGR([HUFtFLR
4 13.205
11.685
&DL[DH(TXLYDOHQWHVGH&DL[DQR)LPGR([HUFtFLR
4 19.397 13.205
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWHGDVGHPRQVWUDo}HV¿QDQFHLUDV
GRYDORUFRQWiELOGRDWLYRSDUDDQRYDHVWLPDWLYDGHVHXYDORUUHFXSHUiYHOGHVGHTXHQmR
H[FHGDRYDORUFRQWiELOTXHWHULDVLGRGHWHUPLQDGRFDVRQHQKXPDSHUGDSRUUHGXomRDR
YDORUUHFXSHUiYHOWLYHVVHVLGRUHFRQKHFLGDHPH[HUFtFLRVDQWHULRUHV$UHYHUVmRGDSHUGDp
UHFRQKHFLGDLPHGLDWDPHQWHQRUHVXOWDGR(PGHGH]HPEURGHHGHQmRKRXYH
QHFHVVLGDGHGHFRQVWLWXLomRGHSURYLVmRSDUDUHGXomRGRVDWLYRVDRVHXYDORUUHFXSHUiYHO
H[FHWR SHOD SURYLVmR VREUH R DWLYR LPRELOL]DGR UHODFLRQDGR D FRQWHQWRUHV H UHFLSLHQWHV
FRQIRUPHPHQFLRQDGRQDQRWDH[SOLFDWLYDQž3DVVLYRV¿QDQFHLURV&ODVVL¿FDGRV
FRPR ³RXWURV SDVVLYRV ¿QDQFHLURV´ UHSUHVHQWDGRV SRU ¿QDQFLDPHQWRV IRUQHFHGRUHV
FRQWDVDSDJDUDSDUWHVUHODFLRQDGDVHRXWURVSDVVLYRVVHQGRFODVVL¿FDGRVFRPRSDVVLYR
¿QDQFHLURDRFXVWRDPRUWL]DGR6mRPHQVXUDGRVSHORYDORUGHFXVWRDPRUWL]DGRXWLOL]DQGR
RPpWRGRGDWD[DHIHWLYDGHMXURV2PpWRGRGDWD[DHIHWLYDGHMXURVpXWLOL]DGRSDUDFDOFXODU
RFXVWRDPRUWL]DGRGHXPSDVVLYR¿QDQFHLURHDORFDUDGHVSHVDGHMXURVSHORUHVSHFWLYR
SHUtRGR$WD[DHIHWLYDGHMXURVpDTXHGHVFRQWDH[DWDPHQWHRVÀX[RVGHFDL[DIXWXURV
HVWLPDGRV DR ORQJR GD YLGD HVWLPDGD GR SDVVLYR ¿QDQFHLUR RX TXDQGR DSURSULDGR SRU
XPSHUtRGRPHQRUSDUDRUHFRQKHFLPHQWRLQLFLDOGRVHXYDORUFRQWiELOOtTXLGRBaixa de
DWLYRVHSDVVLYRV¿QDQFHLURV$&RPSDQKLDEDL[DXPDWLYR¿QDQFHLURVRPHQWHTXDQGR
RVGLUHLWRVFRQWUDWXDLVVREUHRÀX[RGHFDL[DGRDWLYRYHQFHPRXTXDQGRHODWUDQVIHUHR
DWLYR¿QDQFHLURHVXEVWDQFLDOPHQWHWRGRVRVULVFRVHUHWRUQRVVREUHDSURSULHGDGHGRDWLYR
SDUD RXWUD HPSUHVD 6H D &RPSDQKLD QmR WUDQVIHUH QHP UHWpP VXEVWDQFLDOPHQWH WRGRV
RV ULVFRV H UHWRUQRV VREUH D SURSULHGDGH H FRQWLQXD D FRQWURODU R DWLYR WUDQVIHULGR HOD
UHFRQKHFHDSDUWLFLSDomRVREUHRDWLYRHXPUHVSHFWLYRSDVVLYRFRPEDVHQRVPRQWDQWHV
TXHWHULDGHSDJDU6HD&RPSDQKLDUHWpPWRGRVRVULVFRVHUHWRUQRVVREUHDSURSULHGDGH
GHXPDWLYR¿QDQFHLURWUDQVIHULGRHODFRQWLQXDDUHFRQKHFHURDWLYR¿QDQFHLURHUHFRQKHFH
XPHPSUpVWLPRJDUDQWLGRSHORVUHFXUVRVUHFHELGRV2VSDVVLYRV¿QDQFHLURVVmREDL[DGRV
VHHVRPHQWHTXDQGRVXDVREULJDo}HVVmROLTXLGDGDVFDQFHODGDVRXYHQFLGDV$GLIHUHQoD
HQWUH R YDORU FRQWiELO GR SDVVLYR ¿QDQFHLUR EDL[DGR H D FRQWUDSDUWLGD SDJD H D SDJDU p
UHFRQKHFLGD QR UHVXOWDGR  &XVWRV GRV HPSUpVWLPRV H ¿QDQFLDPHQWRV  4XDQGR
H[LVWHQWHVRVFXVWRVGH¿QDQFLDPHQWRVDWULEXtGRVGLUHWDPHQWHjDTXLVLomRFRQVWUXomRRX
SURGXomRGHDWLYRVTXDOL¿FDGRVRVTXDLVOHYDPQHFHVVDULDPHQWHXPSHUtRGRGHWHPSR
continua