DOEPE 13/04/2017 - Pág. 29 - Poder Executivo - Diário Oficial do Estado de Pernambuco
Recife, 13 de abril de 2017
Diário Oficial do Estado de Pernambuco - Poder Executivo
,%,5$0$ +2/',1* 6$ &13- 1 ± 5HODWyULR GD $GPLQLVWUDomR 'DQGR FXPSULPHQWR jV
GHWHUPLQDo}HVOHJDLVHHVWDWXWiULDVVXEPHWHPRVjDSUHFLDomRGRV6HQKRUHV$FLRQLVWDV&OLHQWHV)RUQHFHGRUHVHj6RFLHGDGH
HPJHUDOHVWH5HODWyULRGD$GPLQLVWUDomRHDV'HPRQVWUDo}HV&RQWiEHLVUHIHUHQWHVDRH[HUFtFLRVRFLDOILQGRHP
DFRPSDQKDGRVGR5HODWyULRGRV$XGLWRUHV,QGHSHQGHQWHV2DQRGHIRLPXLWRGLItFLOVREUHWXGRSHORDXPHQWRGRVULVFRVHP
IXQomRGDFUHVFHQWH³MXGLFLDOL]DomR´GR6HWRU(OpWULFR,QREVWDQWHHVVDVGLILFXOGDGHVD&RPSDQKLDDWUDYpVGDVXD,QYHVWLGD
FRQWLQXRXUHDOL]DQGRLQYHVWLPHQWRVHDYDQoDQGRQRGHVHQYROYLPHQWRGRVHXSURMHWR5HFLIH±3($'LUHWRULD
%DODQoRVSDWULPRQLDLVGHGH]HPEURGHH 9DORUHVH[SUHVVRVHPPLOKDUHVGHUHDLV
1RWDV
1RWDV
3DVVLYR
$WLYR
&LUFXODQWH
&LUFXODQWH
,PSRVWRVHFRQWULEXLo}HVDUHFROKHU
&DL[DHHTXLYDOHQWHVGHFDL[D
'LYLGHQGRVSURSRVWRVHDSDJDU
,PSRVWRVDUHFXSHUDU
7RWDOGRSDVVLYRFLUFXODQWH
'LYLGHQGRVDUHFHEHU
7RWDOGRDWLYRFLUFXODQWH
3DWULP{QLROtTXLGR
1mRFLUFXODQWH
&DSLWDOVRFLDO
5HDOL]iYHODORQJRSUD]R
5HVHUYDVGHOXFURV
,PSRVWRVDUHFXSHUDU
7RWDOGRSDWULP{QLROtTXLGR
,QYHVWLPHQWRV
,QWDQJtYHO
7RWDOGRSDVVLYRHSDWULP{QLROtTXLGR
7RWDOGRDWLYRQmRFLUFXODQWH
7RWDOGRDWLYR
'HPRQVWUDo}HVGRVIOX[RVGHFDL[D
3HUtRGRVILQGRVHPGHGH]HPEURGHH
9DORUHVH[SUHVVRVHPPLOKDUHVGHUHDLV
Ano XCIV • NÀ 70 - 29
'HPRQVWUDo}HVGDVPXWDo}HVGRSDWULP{QLROtTXLGR3HUtRGRVILQGRVHPGHGH]HPEUR
GHH HPPLOKDUHVGHUHDLV
5HVHUYDGHOXFURV
6DOGRVHPGHGH]HPEURGH
'LVWULEXLomRGHGLYLGHQGRV
/XFUROtTXLGRGRSHUtRGR
'HVWLQDomRGROXFUR 1RWD
5HVHUYDOHJDO
'LYLGHQGRVPtQLPRVREULJDWyULRV
'LYLGHQGRVDGLFLRQDLVSURSRVWRV
6DOGRVHPGHGH]HPEURGH
'LVWULEXLomRGHGLYLGHQGRV 1RWD
/XFUROtTXLGRGRSHUtRGR
'HVWLQDomRGROXFUR 1RWD
5HVHUYDOHJDO
'LYLGHQGRVPtQLPRVREULJDWyULRV
'LYLGHQGRVDGLFLRQDLVSURSRVWRV
6DOGRVHPGHGH]HPEURGH
&DSLWDOVRFLDO
5HVHUYD
OHJDO
'LYLGHQGRVDGLFLRQDLV
SURSRVWRV
/XFURV
DFXPXODGRV
7RWDO
'HPRQVWUDo}HVGRVUHVXOWDGRV3HUtRGRVILQGRVHP
'LYLGHQGRV D UHFHEHU (P GH GH]HPEUR GH D 5HODWyULR GR DXGLWRU LQGHSHQGHQWH VREUH DV GHPRQVWUDo}HV FRQWiEHLV $RV
GHGH]HPEURGHH 9DORUHVH[SUHVVRVHP &RPSDQKLDWHPXPVDOGRGHGLYLGHQGRVDUHFHEHUQRPRQWDQWH $FLRQLVWDV H $GPLQLVWUDGRUHV GD ,ELUDPD +ROGLQJ 6$ 5HFLIH 3( 2SLQLmR
PLOKDUHVGHUHDLVH[FHWRRSUHMXt]RSRUDomR
GH 5 5 FRUUHVSRQGHQWHV DR VDOGR ([DPLQDPRVDVGHPRQVWUDo}HVFRQWiEHLVGD,ELUDPD+ROGLQJ6$ ³&RPSDQKLD´ TXH
1RWDV
UHVLGXDOGHGLYLGHQGRVGLVWULEXtGRVHPSHUtRGRVDQWHULRUHVHDR FRPSUHHQGHPREDODQoRSDWULPRQLDOHPGHGH]HPEURGHHDVUHVSHFWLYDV
YDORU D UHFHEHU GRV GLYLGHQGRV PtQLPRV REULJDWyULRV
GHPRQVWUDo}HVGRUHVXOWDGRGRUHVXOWDGRDEUDQJHQWHGDVPXWDo}HVGRSDWULP{QLR
GLVWULEXtGRV SHOD FRQWURODGD QRV SHUtRGRV FRQIRUPH
OtTXLGR H GRV IOX[RV GH FDL[D SDUD R SHUtRGR ILQGR QHVVD GDWD EHP FRPR DV
GHPRQVWUDGRDVHJXLU
FRUUHVSRQGHQWHV QRWDV H[SOLFDWLYDV LQFOXLQGR R UHVXPR GDV SULQFLSDLV SROtWLFDV
FRQWiEHLV (P QRVVD RSLQLmR DV GHPRQVWUDo}HV FRQWiEHLV DFLPD UHIHULGDV
6DOGRGHGLYLGHQGRVGLVWULEXtGRVHPDQRV
DSUHVHQWDPDGHTXDGDPHQWHHPWRGRVRVDVSHFWRVUHOHYDQWHVDSRVLomRSDWULPRQLDO
DQWHULRUHV
HILQDQFHLUDGD,ELUDPD+ROGLQJ6$HPGHGH]HPEURGHRGHVHPSHQKRGH
'LYLGHQGRVUHFHELGRV
VXDVRSHUDo}HVHRVVHXVIOX[RVGHFDL[DSDUDRSHUtRGRILQGRQHVVDGDWDGHDFRUGR
'LYLGHQGRVGLVWULEXtGRVSHODFRQWURODGD
FRPDVSUiWLFDVFRQWiEHLVDGRWDGDVQR%UDVLO%DVHSDUDRSLQLmR1RVVDDXGLWRULDIRL
6DOGRGHGLYLGHQGRVDUHFHEHU
FRQGX]LGDGHDFRUGRFRPDVQRUPDVEUDVLOHLUDVHLQWHUQDFLRQDLVGHDXGLWRULD1RVVDV
,QYHVWLPHQWRV
UHVSRQVDELOLGDGHV HP FRQIRUPLGDGH FRP WDLV QRUPDV HVWmR GHVFULWDV QD VHomR D
D
0XWDomRGRVLQYHVWLPHQWRV
VHJXLU LQWLWXODGD ³5HVSRQVDELOLGDGHV GR DXGLWRU SHOD DXGLWRULD GDV GHPRQVWUDo}HV
FRQWiEHLV´ 6RPRV LQGHSHQGHQWHV HP UHODomR j &RPSDQKLD GH DFRUGR FRP RV
6DOGRLQLFLDO
SULQFtSLRVpWLFRVUHOHYDQWHVSUHYLVWRVQR&yGLJRGHeWLFD3URILVVLRQDOGR&RQWDGRUH
QDV QRUPDV SURILVVLRQDLV HPLWLGDV SHOR &RQVHOKR )HGHUDO GH &RQWDELOLGDGH H
'LYLGHQGRVDUHFHEHU
FXPSULPRVFRPDVGHPDLVUHVSRQVDELOLGDGHVpWLFDVGHDFRUGRFRPHVVDVQRUPDV
5HVXOWDGRGHHTXLYDOrQFLDSDWULPRQLDO
&DL[DJHUDGRSHODV DSOLFDGRQDV
'HPRQVWUDo}HVGRVUHVXOWDGRVDEUDQJHQWHV
6DOGRILQDO
DWLYLGDGHVRSHUDFLRQDLV
$FUHGLWDPRV TXH D HYLGrQFLD GH DXGLWRULD REWLGD p VXILFLHQWH H DSURSULDGD SDUD
3HUtRGRVILQGRVHPGHGH]HPEURGHH
E ,QIRUPDomRVREUHDFRQWURODGDGLUHWD
IXQGDPHQWDU QRVVD RSLQLmR 5HVSRQVDELOLGDGHV GD $GPLQLVWUDomR H GD
9DORUHVH[SUHVVRVHPPLOKDUHVGHUHDLV
)OX[RGHFDL[DGDVDWLYLGDGHVGH
,ELUDPD(QHUJpWLFD6$
JRYHUQDQoDSHODVGHPRQVWUDo}HVFRQWiEHLV$$GPLQLVWUDomRpUHVSRQViYHOSHOD
LQYHVWLPHQWRV
/XFUROtTXLGRGRSHUtRGR
HODERUDomRHDGHTXDGDDSUHVHQWDomRGDVGHPRQVWUDo}HVFRQWiEHLVGHDFRUGRFRPDV
'LYLGHQGRVUHFHELGRV
&DSLWDOVRFLDO
2XWURVUHVXOWDGRVDEUDQJHQWHV
SUiWLFDVFRQWiEHLVDGRWDGDVQR%UDVLOHSHORVFRQWUROHVLQWHUQRVTXHHODGHWHUPLQRX
&DL[DJHUDGRSHODVDWLYLGDGHVGH
FRPRQHFHVViULRVSDUDSHUPLWLUDHODERUDomRGHGHPRQVWUDo}HVFRQWiEHLVOLYUHVGH
3DWULP{QLROtTXLGR
5HVXOWDGRDEUDQJHQWHWRWDO
LQYHVWLPHQWRV
GLVWRUomRUHOHYDQWHLQGHSHQGHQWHPHQWHVHFDXVDGDSRUIUDXGHRXHUUR1DHODERUDomR
/XFUROtTXLGRGRSHUtRGR
)OX[RGHFDL[DGDVDWLYLGDGHVGH
1RWDV H[SOLFDWLYDV jV GHPRQVWUDo}HV FRQWiEHLV GH 4XDQWLGDGHVGHDo}HVSRVVXtGDV
GDV GHPRQVWUDo}HV FRQWiEHLV D $GPLQLVWUDomR p UHVSRQViYHO SHOD DYDOLDomR GD
ILQDQFLDPHQWRV
GH]HPEURGHH 9DORUHVH[SUHVVRVHPPLOKDUHVGH GHSDUWLFLSDomR
'LYLGHQGRVSDJRV
UHDLV ,QIRUPDo}HVVREUHD&RPSDQKLDD 2EMHWRVRFLDO
FDSDFLGDGHGHD&RPSDQKLDFRQWLQXDURSHUDQGRGLYXOJDQGRTXDQGRDSOLFiYHORV
5HVXOWDGRGHHTXLYDOrQFLDSDWULPRQLDO
&DL[DDSOLFDGRQDVDWLYLGDGHVGH
DVVXQWRV UHODFLRQDGRV FRP D VXD FRQWLQXLGDGH RSHUDFLRQDO H R XVR GHVVD EDVH
$ ,ELUDPD +ROGLQJ 6$ ³&RPSDQKLD´ p XPD VRFLHGDGH SRU 6DOGRGRLQYHVWLPHQWR
ILQDQFLDPHQWRV
Do}HVGHFDSLWDOIHFKDGRFRPVHGHQDFLGDGHGR5HFLIH3($
FRQWiELOQDHODERUDomRGDVGHPRQVWUDo}HVFRQWiEHLVDQmRVHUTXHD$GPLQLVWUDomR
,QWDQJtYHO$&RPSDQKLDDSOLFRXDLVHQomRGD1%&7*
&RPSDQKLDWHPFRPRSULQFLSDODWLYLGDGHHFRQ{PLFDDOpPGD &RPELQDomRGH1HJyFLRVFRQIRUPHSHUPLVVmRGDGDSHOD1%& SUHWHQGDOLTXLGDUD&RPSDQKLDRXFHVVDUVXDVRSHUDo}HVRXQmRWHQKDQHQKXPD
'HFUpVFLPRQRFDL[DHHTXLYDOHQWHVGH
SDUWLFLSDomR HP RXWUDV VRFLHGDGHV D JHUDomR H D 7* $GRomR ,QLFLDO GDV 1RUPDV ,QWHUQDFLRQDLV GH DOWHUQDWLYDUHDOLVWDSDUDHYLWDURHQFHUUDPHQWRGDVRSHUDo}HV2VUHVSRQViYHLVSHOD
FDL[D
FRPHUFLDOL]DomR GH HQHUJLD HOpWULFD FRP DSURYHLWDPHQWR GH &RQWDELOLGDGH'HVVDIRUPDRVDOGRFODVVLILFDGRFRPRLQWDQJtYHO JRYHUQDQoD GD &RPSDQKLD VmR DTXHOHV FRP UHVSRQVDELOLGDGH SHOD VXSHUYLVmR GR
UHFXUVRV KtGULFRV QDWXUDLV PHGLDQWH DXWRUL]DomR GR 3RGHU UHSUHVHQWD R YDORU SDJR D PDLRU QD DTXLVLomR GD FRQWURODGD SURFHVVR GH HODERUDomR GDV GHPRQVWUDo}HV FRQWiEHLV 5HVSRQVDELOLGDGHV GR
'HPRQVWUDomRGRGHFUpVFLPRQRFDL[DH
3~EOLFRFRPSHWHQWHE &RQWURODGD$WXDOPHQWHD&RPSDQKLD ,ELUDPD(QHUJpWLFD6$RFRUULGDHPGDWDDQWHULRUD DXGLWRUSHODDXGLWRULDGDVGHPRQVWUDo}HVFRQWiEHLV1RVVRVREMHWLYRVVmRREWHU
HTXLYDOHQWHVGHFDL[D
SDUWLFLSD QD ,ELUDPD (QHUJpWLFD 6$ GHWHQGR GR VHX &RPR R YDORU SDJR D PDLRU SHOD &RPSDQKLD QD DTXLVLomR GD VHJXUDQoDUD]RiYHOGHTXHDVGHPRQVWUDo}HVFRQWiEHLVWRPDGDVHPFRQMXQWRHVWmR
1RILQDOGRSHUtRGR
FDSLWDO VRFLDO $SUHVHQWDomR GDV GHPRQVWUDo}HV ,ELUDPD(QHUJpWLFD6$HVWiDWUHODGRDRGLUHLWRGHFRQFHVVmR OLYUHVGHGLVWRUomRUHOHYDQWHLQGHSHQGHQWHPHQWHVHFDXVDGDSRUIUDXGHRXHUURH
1RLQtFLRGRSHUtRGR
FRQWiEHLV H VXPiULR GDV SUiWLFDV FRQWiEHLV $V SHUWHQFHQWHDUHIHULGDFRQWURODGDDRILQDOGDFRQFHVVmRRDWLYR HPLWLUUHODWyULRGHDXGLWRULDFRQWHQGRQRVVDRSLQLmR6HJXUDQoDUD]RiYHOpXPDOWRQtYHO
'HFUpVFLPRQRFDL[DHHTXLYDOHQWHVGH
GHPRQVWUDo}HV FRQWiEHLV IRUDP SUHSDUDGDV H HVWmR VHQGR LQWDQJtYHOGD&RPSDQKLDQmRJHUDUiEHQHItFLRHFRQ{PLFRIXWXUR GHVHJXUDQoDPDVQmRXPDJDUDQWLDGHTXHDDXGLWRULDUHDOL]DGDGHDFRUGRFRPDV
FDL[D
DSUHVHQWDGDVGHDFRUGRFRPDVSROtWLFDVFRQWiEHLVDGRWDGDV $VVLPD&RPSDQKLDYHPUHFRQKHFHQGRDQXDOPHQWHDSHUGD QRUPDV EUDVLOHLUDV H LQWHUQDFLRQDLV GH DXGLWRULD VHPSUH GHWHFWDP DV HYHQWXDLV
QR%UDVLOTXHFRPSUHHQGHPRVGRFXPHQWRVHPLWLGRVSHOR&RPLWrGH3URQXQFLDPHQWRV&RQWiEHLV &3& DSURYDGRVSHOR&RQVHOKR SRUUHGXomRDRYDORUUHFXSHUiYHO LPSDLUPHQW GHDFRUGRFRPR
GLVWRUo}HVUHOHYDQWHVH[LVWHQWHV$VGLVWRUo}HVSRGHPVHUGHFRUUHQWHVGHIUDXGHRX
)HGHUDO GH &RQWDELOLGDGH &)& FRPR 1RUPDV %UDVLOHLUDV GH &RQWDELOLGDGH 1%& $ FRPSDQKLD FRQWURODGRUD SRGH GHL[DU GH SHUtRGR GD FRQFHVVmR GD ,ELUDPD (QHUJpWLFD 6$
HUURHVmRFRQVLGHUDGDVUHOHYDQWHVTXDQGRLQGLYLGXDOPHQWHRXHPFRQMXQWRSRVVDP
DSUHVHQWDU VXDV GHPRQVWUDo}HV FRQWiEHLV FRQVROLGDGDV TXDQGR DWHQGHU WRGDV DV SUHPLVVDV GHVFULWDV QD 1%& 7* 'LYLGHQGRV SURSRVWRV H D SDJDU (P GH GH]HPEUR GH
'HPRQVWUDo}HV&RQVROLGDGDV3RUDWHQGHULQWHJUDOPHQWHHVVDVSUHPLVVDVD&RPSDQKLDQmRHVWiDSUHVHQWDQGRGHPRQVWUDo}HV D &RPSDQKLD WHP XP VDOGR GH GLYLGHQGRV D SDJDU QR LQIOXHQFLDUGHQWURGHXPDSHUVSHFWLYDUD]RiYHODVGHFLV}HVHFRQ{PLFDVGRVXVXiULRV
FRQWiEHLVFRQVROLGDGDVFRPVXDFRQWURODGD$VGHPRQVWUDo}HVFRQWiEHLVGD&RPSDQKLDSDUDRSHUtRGRILQGRHPGHGH]HPEURGH PRQWDQWHGH5 5 FRUUHVSRQGHQWHVDRV WRPDGDVFRPEDVHQDVUHIHULGDVGHPRQVWUDo}HVFRQWiEHLV&RPRSDUWHGDDXGLWRULD
IRUDPDXWRUL]DGDVSDUDHPLVVmRGHDFRUGRFRPDUHVROXomRGD$GPLQLVWUDomRHPGHPDUoRGH $SXUDomRGR GLYLGHQGRVPtQLPRVREULJDWyULRVGHGROXFURDMXVWDGRGR UHDOL]DGD GH DFRUGR FRP DV QRUPDV EUDVLOHLUDV H LQWHUQDFLRQDLV GH DXGLWRULD
UHVXOWDGR$VGHVSHVDVHUHFHLWDVVmRFRQWDELOL]DGDVSHORUHJLPHGHFRPSHWrQFLD7ULEXWDomR,PSRVWRGHUHQGDHFRQWULEXLomR SHUtRGR H VDOGR GRV GLYLGHQGRV GLVWULEXtGRV GH SHUtRGR H[HUFHPRV MXOJDPHQWR SURILVVLRQDO H PDQWHPRV FHWLFLVPR SURILVVLRQDO DR ORQJR GD
DXGLWRULD$OpPGLVVR,GHQWLILFDPRVHDYDOLDPRVRVULVFRVGHGLVWRUomRUHOHYDQWHQDV
VRFLDO$WULEXWDomRVREUHROXFURFRPSUHHQGHRLPSRVWRGHUHQGDHDFRQWULEXLomRVRFLDORVTXDLVVmRUHJLVWUDGRVFRPEDVHQR DQWHULRUHVFRQIRUPHGHPRQVWUDGRDVHJXLU
GHPRQVWUDo}HV FRQWiEHLV LQGHSHQGHQWHPHQWH VH FDXVDGD SRU IUDXGH RX HUUR
SULQFtSLRGDFRPSHWrQFLDHFDOFXODGRVFRQIRUPHOHJLVODomRILVFDOHPYLJRUWHQGRSRUEDVHR³/XFUR3UHVXPLGR´ ,QVWUXPHQWRV
SODQHMDPRVHH[HFXWDPRVSURFHGLPHQWRVGHDXGLWRULDHPUHVSRVWDDWDLVULVFRVEHP
ILQDQFHLURV 2V LQVWUXPHQWRV ILQDQFHLURV VRPHQWH VmR UHFRQKHFLGRV D SDUWLU GD GDWD HP TXH D &RPSDQKLD VH WRUQD SDUWH GDV 6DOGRGHGLYLGHQGRVQRLQtFLRGRSHUtRGR
FRPRREWHPRVHYLGrQFLDGHDXGLWRULDDSURSULDGDHVXILFLHQWHSDUDIXQGDPHQWDUQRVVD
GLVSRVLo}HVFRQWUDWXDLVGHXPLQVWUXPHQWRILQDQFHLUR2SULQFLSDODWLYRILQDQFHLURUHFRQKHFLGRSHOD&RPSDQKLDpFDL[DHHTXLYDOHQWHV 'LYLGHQGRVSDJRV
RSLQLmR2ULVFRGHQmRGHWHFomRGHGLVWRUomRUHOHYDQWHUHVXOWDQWHGHIUDXGHpPDLRUGR
GHFDL[D&DL[DHHTXLYDOHQWHVGHFDL[D2VHTXLYDOHQWHVGHFDL[DVmRPDQWLGRVFRPDILQDOLGDGHGHDWHQGHUDFRPSURPLVVRVGH 'LYLGHQGRDGLFLRQDODSURYDGRGHDQRV
TXHRSURYHQLHQWHGHHUURMiTXHDIUDXGHSRGHHQYROYHURDWRGHEXUODURVFRQWUROHV
FDL[DGHFXUWRSUD]RHQmRSDUDLQYHVWLPHQWRRXRXWURVILQV,QYHVWLPHQWRV2VLQYHVWLPHQWRVGD&RPSDQKLDHPVXDFRQWURODGD DQWHULRUHV
LQWHUQRV FRQOXLR IDOVLILFDomR RPLVVmR RX UHSUHVHQWDo}HV IDOVDV LQWHQFLRQDLV
VmR UHFRQKHFLGRV FRP EDVH QR PpWRGR GD HTXLYDOrQFLD SDWULPRQLDO DWUDYpV GR TXDO D SDUWLFLSDomR VRFLHWiULD QD FRQWURODGD p 'LYLGHQGRVPtQLPRVREULJDWyULRV
2EWHPRV HQWHQGLPHQWR GRV FRQWUROHV LQWHUQRV UHOHYDQWHV SDUD D DXGLWRULD SDUD
DSUHVHQWDGDQDGHPRQVWUDomRGRUHVXOWDGRFRPRHTXLYDOrQFLDSDWULPRQLDOUHSUHVHQWDQGRROXFURRXSUHMXt]ROtTXLGRDWULEXtYHOD 6DOGRGHGLYLGHQGRVQRILQDOGRSHUtRGR
DFLRQLVWDGDFRQWURODGD8PDFRQWURODGDpXPDHQWLGDGHVREUHDTXDOD&RPSDQKLDWHPDPDLRULDGRFDSLWDOYRWDQWHHH[HUFH
3DWULP{QLROtTXLGRD &DSLWDOVRFLDO2FDSLWDOVRFLDOHP SODQHMDUPRVSURFHGLPHQWRVGHDXGLWRULDDSURSULDGRVjVFLUFXQVWkQFLDVPDVQmRFRP
LQIOXrQFLD VLJQLILFDWLYD 2V JDQKRV H SHUGDV QmR UHDOL]DGRV UHVXOWDQWHV GH WUDQVDo}HV HQWUH D &RPSDQKLD H D FRQWURODGD VmR
GHGH]HPEURGHHpGH5UHSUHVHQWDGRSRU R REMHWLYR GH H[SUHVVDUPRV RSLQLmR VREUH D HILFiFLD GRV FRQWUROHV LQWHUQRV GD
HOLPLQDGDVTXDQGRDSOLFiYHOGHDFRUGRFRPDSDUWLFLSDomRPDQWLGDQDFRQWURODGD$&RPSDQKLDGHWHUPLQDDFDGDWpUPLQRGH
&RPSDQKLD $YDOLDPRV D DGHTXDomR GDV SROtWLFDV FRQWiEHLV XWLOL]DGDV H D
Do}HVRUGLQiULDVQRPLQDWLYDVHVHPYDORUQRPLQDOWRGDV
H[HUFtFLRVRFLDOVHKiHYLGrQFLDREMHWLYDGHTXHRLQYHVWLPHQWRQDFRQWURODGDVRIUHXSHUGDSRUUHGXomRDRYDORUUHFXSHUiYHO6H
UD]RDELOLGDGH GDV HVWLPDWLYDV FRQWiEHLV H UHVSHFWLYDV GLYXOJDo}HV IHLWDV SHOD
DVVLPIRUFRQVWDWDGRD&RPSDQKLDFDOFXODRPRQWDQWHGDSHUGDSRUUHGXomRDRYDORUUHFXSHUiYHOFRPRDGLIHUHQoDHQWUHRYDORU SHUWHQFHQWHD%UHQQDQG(QHUJLD6$E 'HVWLQDomRGRVOXFURV $GPLQLVWUDomR&RQFOXtPRVVREUHDDGHTXDomRGRXVRSHOD$GPLQLVWUDomRGDEDVH
UHFXSHUiYHOGDFRQWURODGDHRYDORUFRQWiELOHUHFRQKHFHRPRQWDQWHGHVVDSHUGDQDGHPRQVWUDomRGRUHVXOWDGR&RPELQDo}HV 'H DFRUGR FRP R (VWDWXWR GD &RPSDQKLD p DVVHJXUDGR DRV FRQWiELOGHFRQWLQXLGDGHRSHUDFLRQDOHFRPEDVHQDVHYLGrQFLDVGHDXGLWRULDREWLGDV
GHQHJyFLRV iJLR &RPELQDo}HVGHQHJyFLRVmRUHJLVWUDGDVXWLOL]DQGRRPpWRGRGHDTXLVLomRQDGDWDGDDTXLVLomRLVWRpTXDQGRR DFLRQLVWDVGLYLGHQGRPtQLPRREULJDWyULRGHVREUHROXFUR VHH[LVWHLQFHUWH]DUHOHYDQWHHPUHODomRDHYHQWRVRXFRQGLo}HVTXHSRVVDPOHYDQWDU
FRQWUROHpWUDQVIHULGRSDUDD&RPSDQKLD3DUDDVDTXLVLo}HVRFRUULGDVHPGDWDDQWHULRUjGHMDQHLURGHIRLSHUPLWLGDD OtTXLGRGRSHUtRGRDMXVWDGRQDIRUPDGDOHJLVODomRVRFLHWiULD G~YLGD VLJQLILFDWLYD HP UHODomR j FDSDFLGDGH GH FRQWLQXLGDGH RSHUDFLRQDO GD
DSOLFDomRGDLVHQomRSUHYLVWDQD7*&RPELQDomRGH1HJyFLRV'HVVDIRUPDTXDOTXHUiJLRUHFRQKHFLGRQDGDWDGDWUDQVDomRp FRQIRUPHGHPRQVWUDGRDVHJXLU
&RPSDQKLD6HFRQFOXLUPRVTXHH[LVWHLQFHUWH]DUHOHYDQWHGHYHPRVFKDPDUDWHQomR
WHVWDGRDQXDOPHQWHSDUDLPSDLUPHQW YLGH1RWD ,QWDQJtYHO$WLYRVLQWDQJtYHLVDGTXLULGRVVHSDUDGDPHQWHVmRPHQVXUDGRVDR
HPQRVVRUHODWyULRGHDXGLWRULDSDUDDVUHVSHFWLYDVGLYXOJDo}HVQDVGHPRQVWUDo}HV
FXVWRGHDTXLVLomRQRPRPHQWRGRVHXUHFRQKHFLPHQWRLQLFLDO$SyVRUHFRQKHFLPHQWRLQLFLDORVDWLYRVLQWDQJtYHLVVmRDSUHVHQWDGRV /XFUROtTXLGRGRSHUtRGR
FRQWiEHLV RX LQFOXLU PRGLILFDomR HP QRVVD RSLQLmR VH DV GLYXOJDo}HV IRUHP
DRFXVWRPHQRVDPRUWL]DomRDFXPXODGDHSHUGDVDFXPXODGDVSRUUHGXomRDRYDORUUHFXSHUiYHO 3HUGDSRUUHGXomRDRYDORU 5HVHUYDOHJDO
LQDGHTXDGDV1RVVDVFRQFOXV}HVHVWmRIXQGDPHQWDGDVQDVHYLGrQFLDVGHDXGLWRULD
UHFXSHUiYHOGHDWLYRVQmRILQDQFHLURV$$GPLQLVWUDomRUHYLVDDQXDOPHQWHRYDORUFRQWiELOOtTXLGRGRVDWLYRVFRPRREMHWLYRGHDYDOLDU %DVHGHFiOFXORSDUDGLVWULEXLomR
REWLGDVDWpDGDWDGHQRVVRUHODWyULR7RGDYLDHYHQWRVRXFRQGLo}HVIXWXUDVSRGHP
HYHQWRV RX PXGDQoDV QDV FLUFXQVWkQFLDV HFRQ{PLFDV RSHUDFLRQDLV RX WHFQROyJLFDV TXH SRVVDP LQGLFDU SHUGD GH VHX YDORU 'LYLGHQGRVPtQLPRVREULJDWyULRV
OHYDU D &RPSDQKLD D QmR PDLV VH PDQWHUHP HP FRQWLQXLGDGH RSHUDFLRQDO
UHFXSHUiYHO 6HQGRWDLVHYLGrQFLDVLGHQWLILFDGDVHRYDORUFRQWiELOOtTXLGRH[FHGHURYDORUUHFXSHUiYHOpUHFRQKHFLGDXPDSHUGD
$YDOLDPRV D DSUHVHQWDomR JHUDO D HVWUXWXUD H R FRQWH~GR GDV GHPRQVWUDo}HV
F
'LYLGHQGRVDGLFLRQDLVSURSRVWRV$$GPLQLVWUDomRVXEPHWHUi
HVWLPDGDSHODGHVYDORUL]DomRGRDWLYRDMXVWDQGRRYDORUFRQWiELOOtTXLGRDRYDORUUHFXSHUiYHO 3URYLV}HV3URYLV}HVVmR
FRQWiEHLVLQFOXVLYHDVGLYXOJDo}HVHVHDVGHPRQVWUDo}HVFRQWiEHLVUHSUHVHQWDPDV
UHFRQKHFLGDVTXDQGR L D&RPSDQKLDWHPXPDREULJDomRSUHVHQWH OHJDORXQmRIRUPDOL]DGD HPFRQVHTXrQFLDGHXPHYHQWR j DSURYDomR GH GHOLEHUDomR GD$VVHPEOHLD *HUDO 2UGLQiULD R
SDJDPHQWR GH GLYLGHQGRV DGLFLRQDLV DR PtQLPR REULJDWyULR QR FRUUHVSRQGHQWHVWUDQVDo}HVHRVHYHQWRVGHPDQHLUDFRPSDWtYHOFRPRREMHWLYRGH
SDVVDGR LL pSURYiYHOTXHEHQHItFLRVHFRQ{PLFRVVHMDPUHTXHULGRVSDUDOLTXLGDUDREULJDomRH LLL XPDHVWLPDWLYDFRQILiYHOGRYDORU
YDORU GH 5 5 UHODWLYR D GLVWULEXLomR GH DSUHVHQWDomRDGHTXDGD&RPXQLFDPRQRVFRPRVUHVSRQViYHLVSHODJRYHUQDQoDD
GDREULJDomRSRVVDVHUIHLWD$GHVSHVDUHODWLYDDRUHFRQKHFLPHQWRGHTXDOTXHUSURYLVmRpDSUHVHQWDGDQDGHPRQVWUDomRGR
UHVXOWDGR GR H[HUFtFLR GH (P GH DEULO GH D UHVSHLWRHQWUHRXWURVDVSHFWRVGRDOFDQFHSODQHMDGRGDpSRFDGDDXGLWRULDHGDV
UHVXOWDGRGRSHUtRGR3URYLV}HVSDUDULVFRVWULEXWiULRVFtYHLVHWUDEDOKLVWDV$&RPSDQKLDQmRSRVVXLFRQWLQJrQFLDVFXMDDYDOLDomR
$VVHPEOHLD*HUDO2UGLQiULDDSURYRXRSDJDPHQWRGHGLYLGHQGRV FRQVWDWDo}HV VLJQLILFDWLYDV GH DXGLWRULD LQFOXVLYH DV HYHQWXDLV GHILFLrQFLDV
GDVH[SHFWDWLYDVGHSHUGDVGHVHXVDVVHVVRUHVMXUtGLFRVVHMD³SURYiYHO´$VVLPQHQKXPDSURYLVmRSDUDSHUGDVIRLFRQVWLWXtGDHP DGLFLRQDLV QR PRQWDQWH GH 5 FRUUHVSRQGHQWHV DR
H-XOJDPHQWRVHVWLPDWLYDVHSUHPLVVDVFRQWiEHLVVLJQLILFDWLYRV$VGHPRQVWUDo}HVFRQWiEHLVIRUDPHODERUDGDV H[HUFtFLR DQWHULRU ,QVWUXPHQWRV ILQDQFHLURV 2 SULQFLSDO VLJQLILFDWLYDV QRV FRQWUROHV LQWHUQRV TXH LGHQWLILFDPRV GXUDQWH QRVVRV WUDEDOKRV
FRP EDVH HP GLYHUVDV EDVHV GH DYDOLDomR XWLOL]DGDV QDV HVWLPDWLYDV FRQWiEHLV $V HVWLPDWLYDV FRQWiEHLV HQYROYLGDV QD LQVWUXPHQWRILQDQFHLURGD&RPSDQKLDpFDL[DHHTXLYDOHQWHVGH 5HFLIHGHPDUoRGH(5167 <281*$XGLWRUHV,QGHSHQGHQWHV66&5&
SUHSDUDomR GDV GHPRQVWUDo}HV FRQWiEHLV IRUDP EDVHDGDV HP IDWRUHV REMHWLYRV H VXEMHWLYRV FRP EDVH QR MXOJDPHQWR GD FDL[D(PGHGH]HPEURGHHQmRKDYLDGLIHUHQoD 63))UDQFLVFRGD6LOYD3LPHQWHO&RQWDGRU&5&63273(
$GPLQLVWUDomRSDUDGHWHUPLQDomRGRYDORUDGHTXDGRDVHUUHJLVWUDGRQDVGHPRQVWUDo}HVFRQWiEHLV$OLTXLGDomRGDVWUDQVDo}HV VLJQLILFDWLYDHQWUHRVYDORUHVFRQWiEHLVHRVGHPHUFDGRSDUDRV
&RQWDGRU$PLOWRQ4XHLUR]GD6LOYD±&5&3(2
HQYROYHQGRHVVDVHVWLPDWLYDVSRGHUiUHVXOWDUHPYDORUHVVLJQLILFDWLYDPHQWHGLYHUJHQWHVGRVUHJLVWUDGRVQDVGHPRQVWUDo}HV LQVWUXPHQWRV ILQDQFHLURV GD &RPSDQKLD $ &RPSDQKLD QmR
'LUHWRUHV5LFDUGR-HU{QLPR3HUHLUD5rJR-~QLRU
FRQWiEHLV GHYLGR DR WUDWDPHQWR SUREDELOtVWLFR LQHUHQWH DR SURFHVVR GH HVWLPDWLYD $ &RPSDQKLD UHYLVD VXDV HVWLPDWLYDV H UHDOL]D RSHUDo}HV GH KHGJH VZDS RX TXDLVTXHU RXWUDV
H3HGUR3RQWXDO0DUOHWWL
RSHUDo}HVTXHHQYROYDPLQVWUXPHQWRVILQDQFHLURVGHULYDWLYRV
SUHPLVVDVSHORPHQRVDQXDOPHQWH
)OX[RGHFDL[DGDVDWLYLGDGHV
RSHUDFLRQDLV
/XFUROtTXLGRGRSHUtRGR
$MXVWHVSDUDFRQFLOLDURUHVXOWDGRGR
SHUtRGR
3HUGDSRUUHGXomRDRYDORUUHFXSHUiYHOGR
DWLYRLQWDQJtYHO
5HVXOWDGRGHHTXLYDOrQFLDSDWULPRQLDO
$FUpVFLPR GHFUpVFLPRGHDWLYRV
,PSRVWRVDUHFXSHUDU
$FUpVFLPR GHFUpVFLPR GHSDVVLYRV
,PSRVWRVHFRQWULEXLo}HVDUHFROKHU
5HFHLWDV GHVSHVDV RSHUDFLRQDLV
*HUDLVHDGPLQLVWUDWLYDV
5HVXOWDGRGHHTXLYDOrQFLD
SDWULPRQLDO
2XWUDVGHVSHVDVRSHUDFLRQDLV
OtTXLGDV
/XFURDQWHVGDVUHFHLWDVILQDQFHLUDV
5HFHLWDVILQDQFHLUDV
/XFURDQWHVGRLPSRVWRGHUHQGDH
GDFRQWULEXLomRVRFLDO
,PSRVWRGHUHQGDHFRQWULEXLomR
VRFLDO
/XFUROtTXLGRGRSHUtRGR
4XDQWLGDGHGHDo}HV
/XFUROtTXLGRSRUDomRHP5HDLV
(92435)
Consulte o nosso site: www.cepe.com.br