DOEPE 17/06/2017 - Pág. 25 - Poder Executivo - Diário Oficial do Estado de Pernambuco
Recife, 17 de junho de 2017
Diário Oficial do Estado de Pernambuco - Poder Executivo
&217,18$d2
VSRQGHQWHVFXVWRVGHGHVHQYROYLPHQWRGDFRQFHVVLRQiULDQDIRUPDomRGRVHXDWLYRLQWDQJtYHO
$WpRH[HUFtFLRGHGHGH]HPEURGHDDPRUWL]DomRGRVDWLYRVLQWDQJtYHLVRULXQGRV
GRVGLUHLWRVGHFRQFHVVmRHUDUHFRQKHFLGDQRUHVXOWDGRDWUDYpVGHSURMHomRGHFXUYDGH
WUiIHJRHVWLPDGDSDUDRSHUtRGRGHFRQFHVVmRHPGHQRYHPEURGHR&RPLWrGH
3URQXQFLDPHQWR&RQWiELO&3&HPLWLXDUHYLVmRGHSURQXQFLDPHQWRVWpFQLFRVQR
TXHGHQWUHRXWURVH[S}HDOWHUDo}HVQR&3& 5 $WLYR,QWDQJtYHOLPSDFWDQGRGLUH
WDPHQWHQRVFRQFHLWRVXWLOL]DGRVSHOD&RPSDQKLD(VWDUHYLVmRGR&3&LQGLFDTXHRVFRQ
WUDWRVGHFRQFHVVmRLQFOXVLYHFLWDQGRFRPRH[HPSORRVFRQWUDWRVGHSHGiJLRGHYHPXWL
OL]DUSDUDDDPRUWL]DomRGHVHXVLQWDQJtYHLVRSUD]RGHFRQFHVVmRGHILQLGRFULDQGRXPD
H[FHomRDSHQDVSDUDRVFRQWUDWRVFRPUHFHLWDHVWLSXODGDGHPDQHLUDFODUDHGLUHWDHPWHU
PRVGHFRQWUDWR$ SDUWLUGHGHMDQHLURGHDDPRUWL]DomRGRDWLYRLQWDQJtYHOSDV
VRXDVHUUHDOL]DGDSHORPpWRGROLQHDU SURVSHFWLYDPHQWH DTXDOHVWiOLPLWDGDDRSUD]R
GDFRQFHVVmR,PSRVWRGHUHQGDHFRQWULEXLomRVRFLDOFRUUHQWHHGLIHULGR ,PSRVWR
GHUHQGDHFRQWULEXLomRVRFLDOGRH[HUFtFLRFRPSUHHQGHPRLPSRVWRFRUUHQWHHGLIHULGR2V
LPSRVWRVVREUHDUHQGDVmRUHFRQKHFLGRVQDGHPRQVWUDomRGRUHVXOWDGR2LPSRVWRGHUHQGD
HDFRQWULEXLomRVRFLDOGLIHULGRVVmRFDOFXODGRVVREUHDVFRUUHVSRQGHQWHVGLIHUHQoDVWHP
SRUiULDVHQWUHDVEDVHVGHFiOFXORGRLPSRVWRVREUHDWLYRVHSDVVLYRVHRVYDORUHVFRQ
WiEHLVGDVGHPRQVWUDo}HVILQDQFHLUDV$VDOtTXRWDVGHVVHVWULEXWRVGHILQLGDVDWXDOPHQWH
SDUDGHWHUPLQDomRGHVVHVFUpGLWRVGLIHULGRVVmRGHSDUDRLPSRVWRGHUHQGDHGH
SDUDDFRQWULEXLomRVRFLDO,PSRVWRVGLIHULGRVDWLYRVVmRUHFRQKHFLGRVQDH[WHQVmRHPTXH
VHMDSURYiYHOTXHROXFURIXWXURWULEXWiYHOHVWHMDGLVSRQtYHOSDUDVHUXWLOL]DGRQDFRPSHQ
VDomRGDVGLIHUHQoDVWHPSRUiULDVFRPEDVHHPSURMHo}HVGHUHVXOWDGRVIXWXURVHODERUDGDV
HIXQGDPHQWDGDVHPSUHPLVVDVLQWHUQDVHHPFHQiULRVHFRQ{PLFRVIXWXURVTXHSRGHP
SRUWDQWRVRIUHUDOWHUDo}HV,PSRVWRVGLIHULGRVSDVVLYRVVmRLQWHJUDOPHQWHUHFRQKHFLGRV2
LPSRVWRGHUHQGDHFRQWULEXLomRVRFLDOFRUUHQWHVmRDSUHVHQWDGRVOtTXLGRVSRUHQWLGDGH
FRQWULEXLQWHQRSDVVLYRTXDQGRKRXYHUPRQWDQWHVDSDJDURXQRDWLYRTXDQGRRVPRQ
WDQWHVDQWHFLSDGDPHQWHSDJRVH[FHGHPRWRWDOGHYLGRQDGDWDGDVGHPRQVWUDo}HVILQDQ
FHLUDV(PGHMXQKRGHFRQIRUPH$WR'HFODUDWyULRQD&RPSDQKLDIRLKDELO
LWDGDDRSHUDUGHGHMDQHLURGHDGHGH]HPEURGHQRUHJLPHGHUHGXomR
GHGR,53-LQFOXVLYHDGLFLRQDLVQmRUHVWLWXtYHLVFDOFXODGRVFRPEDVHQROXFURGDH[
SORUDomRUHJLVWUDGDFRPRUHVHUYDGHOXFURGHIRUPDDQmRGLVWULEXLUHVVHYDORUFRPROX
FURVRXGLYLGHQGRVDRVVyFLRV )RUQHFHGRUHV$VFRQWDVDSDJDUDRVIRUQHFHGRUHV
VmRREULJDo}HVDSDJDUSRUEHQVRXVHUYLoRVTXHIRUDPDGTXLULGRVGHIRUQHFHGRUHVQRFXUVR
QRUPDOGRVQHJyFLRVVHQGRFODVVLILFDGDVFRPRSDVVLYRVFLUFXODQWHVVHRSDJDPHQWRIRU
GHYLGRQRSHUtRGRGHDWpXPDQR(ODVVmRLQLFLDOPHQWHUHFRQKHFLGDVSHORYDORUMXVWRH
VXEVHTXHQWHPHQWHPHQVXUDGDVSHORFXVWRDPRUWL]DGRFRPRXVRGRPpWRGRGHWD[DHIH
WLYDGHMXURV1DSUiWLFDVmRQRUPDOPHQWHUHFRQKHFLGDVDRYDORUGDIDWXUDFRUUHVSRQGHQWH
(PSUpVWLPRVHILQDQFLDPHQWRV 2VHPSUpVWLPRVHILQDQFLDPHQWRVVmRUHFRQKHFL
GRVLQLFLDOPHQWHSHORYDORUMXVWROtTXLGRVGRVFXVWRVGHWUDQVDomRHVmRVXEVHTXHQWHPHQWH
GHPRQVWUDGRVSHORFXVWRDPRUWL]DGR4XDOTXHUGLIHUHQoDHQWUHRVYDORUHVFDSWDGRV OtTXL
GRVGRVFXVWRVGDWUDQVDomR HRYDORUGHOLTXLGDomRpUHFRQKHFLGDQDGHPRQVWUDomRGR
UHVXOWDGRGXUDQWHRSHUtRGRHPTXHRVHPSUpVWLPRVHVWHMDPHPDEHUWRXWLOL]DQGRRPpWR
GRGDWD[DHIHWLYDGHMXURV2VHPSUpVWLPRVVmRFODVVLILFDGRVFRPRSDVVLYRFLUFXODQWHD
PHQRVTXHD&RPSDQKLDWHQKDXPGLUHLWRLQFRQGLFLRQDOGHGLIHULUDOLTXLGDomRGRSDVVLYR
SRUSHORPHQRVPHVHVDSyVDGDWDGREDODQoR5HFRQKHFLPHQWRGHUHFHLWD $
&RPSDQKLDUHFRQKHFHDUHFHLWDTXDQGRRYDORUSRGHVHUPHQVXUDGRFRPVHJXUDQoDpSURYiY
HOTXHEHQHItFLRVHFRQ{PLFRVIXWXURVIOXDPSDUDDHQWLGDGHHTXDQGRFULWpULRVHVSHFtILFRV
WLYHUHPVLGRDWHQGLGRVSDUDDVDWLYLGDGHVGD&RPSDQKLDFRQIRUPHGHVFULomRDVHJXLU L
5HFHLWD GH VHUYLoR $V UHFHLWDV SURYHQLHQWHV GH SHGiJLRV H UHFHLWDV DFHVVyULDV VmR UH
FRQKHFLGDVSHORUHJLPHGHFRPSHWrQFLDFRPEDVHQDXWLOL]DomRGDURGRYLDSHORVFOLHQWHV
HFRUUHVSRQGHDRYDORUMXVWRGDFRQWUDSUHVWDomRUHFHELGDSHODSUHVWDomRGHVHUYLoRVQR
FXUVRQRUPDOGDVDWLYLGDGHVGD&RPSDQKLD$ UHFHLWDpDSUHVHQWDGDOtTXLGDGRVLPSRVWRV
GRVDEDWLPHQWRVHGRVGHVFRQWRV LL 5HFHLWDGHFRQVWUXomR,&3&5 $ UHFHLWDSURYH
QLHQWHGRVFRQWUDWRVGHSUHVWDomRGHVHUYLoRVGHFRQVWUXomRpUHFRQKHFLGDGHDFRUGRFRP
R&3&&RQWUDWRVGH&RQVWUXomRVHJXQGRRPpWRGRGHFXVWRDFUHVFLGRGHPDUJHP
2VFXVWRVGRVFRQWUDWRVVmRUHFRQKHFLGRVQDGHPRQVWUDomRGRUHVXOWDGRFRPRFXVWRGRV
VHUYLoRVSUHVWDGRVTXDQGRLQFRUULGRV7RGRVRVFXVWRVGLUHWDPHQWHDWULEXtYHLVDRVFRQWUDWRV
VmRFRQVLGHUDGRVSDUDPHQVXUDomRGDUHFHLWD$ UHFHLWDpUHFRQKHFLGDVREUHRVFXVWRVLQ
FRUULGRVDWULEXtYHLVDRFRQWUDWRGHFRQFHVVmR$ UHFHLWDpUHFRQKHFLGDDFUHVFLGDGDPDUJHP
GHVREUHRVFXVWRVLQFRUULGRVQRSHUtRGRDSXUDGDSHODFRPELQDomRGRVFXVWRVGH
VXSHUYLVmRULVFRGRQHJyFLRHJHUHQFLDPHQWRGRVVXEFRQWUDWRV(PGHGH]HPEURGH
D&RPSDQKLDUHJLVWURXUHFHLWDGHFRQVWUXomRFRQIRUPHGHPRQVWUDGRDVHJXLU
GH GH]HPEUR
5HFHLWDGR
5HFHLWDGH
&XVWRGH
0DUJHPGHDWLYR
FRQVWUXomRFRQVWUXomR
FRQVWUXomRILQDQFHLUR
'LUHLWRGD
&RQFHVVLRQiULD
$WLYR,QWDQJtYHO
$WLYRILQDQFHLUR
5HIHUHVHjDWXDOL]DomRGRFRQWDVDUHFHEHUFRPRJRYHUQRGRHVWDGRGH3HUQDPEXFR
FDOFXODGRFRPEDVHQRËQGLFH1DFLRQDOGH3UHoRVDR&RQVXPLGRU$PSOR ,3&$ FRQIRUPH
SUHYLVWRQRFRQWUDWRGHFRQFHVVmRSDUDDUHFHLWDGD&RQWUDSUHVWDomR$GLFLRQDOj7DULID &$7
UHFHELGD PHQVDOPHQWH GR &RPLWr GR 3URJUDPD (VWDGXDO GH 3DUFHULD 3XEOLFR 3ULYDGD
&*3( LLL &$7 &$7 pDWLYRILQDQFHLURFRQVWLWXtGRFRPEDVHQR,&3&&RQWUDWRVGH
&RQFHVVmRHPFRQWUDSDUWLGDDUHFHLWDGHFRQVWUXomRHUHIHUHVHDFRQWUDSUHVWDomRPHQ
VDOSDJDSHOR3RGHU&RQFHGHQWHFRQIRUPHSUD]RFRQWUDWXDO $GLWLYR3ULPHLURGR&RQWUDWR
GH&RQFHVVmR HWHPRREMHWLYRGHFRPSOHPHQWDURLQYHVWLPHQWRQDLQIUDHVWUXWXUDeDWX
DOL]DGRPHQVDOPHQWHFRPEDVHQR,3&$ LY 5HFHLWDILQDQFHLUD $ UHFHLWDILQDQFHLUDpUH
FRQKHFLGDFRQIRUPHRSUD]RGHFRUULGRSHORUHJLPHGHFRPSHWrQFLDXVDQGRRPpWRGRGD
WD[DHIHWLYDGHMXURV$ &RPSDQKLDVRPHQWHDSUHVHQWDUHFHLWDGHFDUiWHUILQDQFHLURUHIHU
HQWHEDVLFDPHQWHRUHQGLPHQWRGHDSOLFDomRILQDQFHLUD0DQXWHQomRHUHSDURV 1R
WUDQVFRUUHUGHVXDVRSHUDo}HVGLVSrQGLRVQmRUHODFLRQDGRVDRFLFORGHYLGDGDURGRYLD
VmRIHLWRVHPDWHQGLPHQWRjVPDQXWHQo}HVHUHSDURVURWLQHLURVQHFHVViULRVSDUDVHPDQWr
OD HP RSHUDomR GHQWUR GRV SDGU}HV GH TXDOLGDGHV H[LJLGRV SHOR yUJmR UHJXODGRU (VWDV
PDQXWHQo}HV H UHSDURV TXDQGR LQFRUULGRV VmR FRQVLGHUDGRV VXILFLHQWHV SHOD$GPLQLV
WUDomRHSRUVXD(QJHQKDULDUHVSRQViYHOGLVSHQVDQGRQHVWHPRPHQWRLQWHJUDOPHQWHD
QHFHVVLGDGHGHSURYLV}HVHVSHFtILFDVSDUDWDOILP1RUPDVQRYDVTXHDLQGDQmR
HVWmRHPYLJRU $VVHJXLQWHVSULQFLSDLVQRYDVQRUPDVIRUDPHPLWLGDVSHOR,QWHUQDWLRQDO$F
FRXQWLQJ6WDQGDUGV%RDUG ,$6% PDVQmRHVWmRHPYLJRUSDUDRH[HUFtFLRGH$ DGRomR
DQWHFLSDGD GH QRUPDV HPERUD HQFRUDMDGD SHOR ,$6% QmR p SHUPLWLGD QR %UDVLO SHOR
&RPLWrGH3URQXQFLDPHQWR&RQWiEHLV &3& ,)56 &3&,QVWUXPHQWRV)LQDQFHLURV
DERUGDDFODVVLILFDomRDPHQVXUDomRHRUHFRQKHFLPHQWRGHDWLYRVHSDVVLYRVILQDQFHLURV
$ YHUVmRFRPSOHWDGR,)56 IRLSXEOLFDGDHPMXOKRGHFRPYLJrQFLDSDUDGHMDQHLUR
GH(OHVXEVWLWXLDRULHQWDomRQR,$6 TXHGL]UHVSHLWRjFODVVLILFDomRHjPHQVX
UDomRGHLQVWUXPHQWRVILQDQFHLURV$ $GPLQLVWUDomRHVWiDYDOLDQGRRLPSDFWRWRWDOGHVXD
DGRomR ,)56&3&5HFHLWDGH&RQWUDWRVFRP&OLHQWHV(VVDQRYDQRUPDWUD]
RVSULQFtSLRVTXHXPDHQWLGDGHDSOLFDUiSDUDGHWHUPLQDUDPHQVXUDomRGDUHFHLWDHTXDQ
GRHODpUHFRQKHFLGD(ODHQWUDHPYLJRUHPRGHMDQHLURGHHVXEVWLWXLD,$6
&RQWUDWRV GH &RQVWUXomR ,$6 5HFHLWDV H FRUUHVSRQGHQWHV LQWHUSUHWDo}HV$ $G
PLQLVWUDomRHVWiDYDOLDQGRRVLPSDFWRVGHVXDDGRomR1mRKiRXWUDVQRUPDV,)56RXLQ
WHUSUHWDo}HV,)5,&UHOHYDQWHVTXHDLQGDQmRHQWUDUDPHPYLJRUTXHSRGHULDPWHULPSDFWR
VLJQLILFDWLYRVREUHD&RPSDQKLD(VWLPDWLYDVHMXOJDPHQWRVFRQWiEHLVFUtWLFRV $VHV
WLPDWLYDVHRVMXOJDPHQWRVFRQWiEHLVVmRFRQWLQXDPHQWHDYDOLDGRVHEDVHLDPVHQDH[SHULrQFLD
KLVWyULFDHHPRXWURVIDWRUHVLQFOXLQGRH[SHFWDWLYDVGHHYHQWRVIXWXURVFRQVLGHUDGDVUD
]RiYHLVSDUDDVFLUFXQVWkQFLDV$VGHPRQVWUDo}HVILQDQFHLUDVGD&RPSDQKLDLQFOXHPSRU
WDQWRHVWLPDWLYDVUHIHUHQWHVjVHOHomRGHYLGDV~WHLVGRDWLYRLPRELOL]DGRDSURSULDomRGH
UHFHLWDGHVHUYLoRVSUHVWDGRVSURYLV}HVQHFHVViULDVSDUDSDVVLYRVFRQWLQJHQWHVGHWHUPL
QDomRGDSURYLVmRSDUDLPSRVWRGHUHQGDHRXWURVVLPLODUHVTXHQmRREVWDQWHUHIOHWLUHP
DPHOKRUSUHFLVmRSRVVtYHOSRGHPDSUHVHQWDUYDULDo}HVHPUHODomRDRVUHVXOWDGRVUHDLV
$VHVWLPDWLYDVHSUHPLVVDVHVWmRFRQWHPSODGDVDVHJXLU D 'HWHUPLQDomRGDDPRUWL]D
omRGRVDWLYRVLQWDQJtYHLV $WpRH[HUFtFLRILQGRHPGHGH]HPEURGHD&RPSDQKLD
UHFRQKHFLDRHIHLWRGHDPRUWL]DomRGRVDWLYRVLQWDQJtYHLVGHFRUUHQWHVGRVFRQWUDWRVGHFRQ
FHVVmRDWUDYpVGDSURMHomRGHFXUYDGHWUiIHJROLPLWDGRDRSUD]RILQDOGDUHVSHFWLYDFRQ
FHVVmRHFRPDUHYLVmRGRVSURQXQFLDPHQWRVWpFQLFRVQRTXHGHQWUHRXWURVH[S}H
DOWHUDo}HVQR&3& 5 $WLYR,QWDQJtYHOHPLWLGDHPGHQRYHPEURGH$ SDUWLU
GHGHMDQHLURGHD&RPSDQKLDSDVVRXDXWLOL]DURPpWRGROLQHDUDTXDOHVWiOLPL
WDGDDRSUD]RGDFRQFHVVmR 1RWD E 0DUJHPGHFRQVWUXomR 1DDSXUDomRGRYDORU
MXVWRGDUHFHLWDGHFRQWUDWRVGHFRQVWUXomRD&RPSDQKLDXWLOL]RXRFXVWRWRWDOLQFRUULGRPDLV
PDUJHPGHOXFURHVWLPDGDSHODDGPLQLVWUDomR$ PDUJHPGHFRQVWUXomRIRLGHILQLGDFRQ
VLGHUDQGRDGLYLVmRHQWUHRVFXVWRVGHPRQLWRUDPHQWRHJHVWmRGHVSHQGLGRVSHODFRPSDQKLD
HRWRWDOGHLQYHVWLPHQWRVSUHYLVWRVFRQIRUPHIXQGDPHQWDGRSRUDYDOLDomRGDiUHDGHHQ
JHQKDULD GD &RQFHVVLRQiULD F ,PSRVWR GH UHQGD H FRQWULEXLomR VRFLDO GLIHULGRV $
&RPSDQKLDSDUDRH[HUFtFLRILQGRHPGHGH]HPEURGHUHFRQKHFHXLPSRVWRGH
UHQGD ,5 HFRQWULEXLomRVRFLDOGLIHULGR &6/ 1DGHWHUPLQDomRGHVVHVPRQWDQWHVIRUDP
XWLOL]DGDVDVDOtTXRWDVSUHYLVWDVSDUDOLTXLGDomRGHVVHVYDORUHV,PSRVWRVGLIHULGRVDWLYRV
HSDVVLYRVVmRUHFRQKHFLGRVQDH[WHQVmRHPTXHVHMDSURYiYHOTXHROXFURIXWXURWULEXWiYHO
HVWHMDGLVSRQtYHOSDUDVHUXWLOL]DGRQDFRPSHQVDomRGDVGLIHUHQoDVWHPSRUiULDVFRPEDVH
HPSURMHo}HVGHUHVXOWDGRVIXWXURVHODERUDGDVHIXQGDPHQWDGDVHPSUHPLVVDVLQWHUQDVH
HPFHQiULRVHFRQ{PLFRVIXWXURVTXHSRGHPSRUWDQWRVRIUHUDOWHUDo}HV$ HVWLPDWLYDGH
UHDOL]DomRGR,5&6/ GLIHULGRVHVWiDSUHVHQWDGRQD1RWD G &RQWLQJrQFLDV $VSUR
YLV}HVSDUDDo}HVMXGLFLDLV WUDEDOKLVWDFLYLOHWULEXWiULD VmRUHFRQKHFLGDVTXDQGR D&RP
SDQKLDWHPXPDREULJDomRSUHVHQWHRXQmRIRUPDOL]DGDFRPRUHVXOWDGRGHHYHQWRVSDV
VDGRV pSURYiYHOTXHXPDVDtGDGHUHFXUVRVVHMDQHFHVViULDSDUDOLTXLGDUDREULJDomR H
RYDORUWLYHUVLGRHVWLPDGRFRPVHJXUDQoDHRSDVVLYRFRQWLQJHQWHpGLYXOJDGR*HVWmR
GHULVFRILQDQFHLUR D &RQVLGHUDo}HVJHUDLV $ &RPSDQKLDSDUWLFLSDHPRSHUDo}HVHQ
YROYHQGRLQVWUXPHQWRVILQDQFHLURVLQFOXLQGRFDL[DHHTXLYDOHQWHVGHFDL[DWtWXORVHYDORUHV
PRELOLiULRVFRQWDVDSDJDUDIRUQHFHGRUHVHHPSUpVWLPRVHILQDQFLDPHQWRVFRPRREMHWL
YR GH DGPLQLVWUDU D GLVSRQLELOLGDGH ILQDQFHLUD GH VXDV RSHUDo}HV 2V SULQFLSDLV LQVWUX
PHQWRVILQDQFHLURVPDQWLGRVSHOD&RPSDQKLDVmRDVDSOLFDo}HVILQDQFHLUDVWtWXORVHYDOR
UHVPRELOLiULRVFRQWDVDUHFHEHUIRUQHFHGRUHVILQDQFLDPHQWRVHVDOGRVFRPDFLRQLVWDV
E *HUHQFLDPHQWRVGHULVFRV$ &RPSDQKLDHVWiH[SRVWDDULVFRVGHOLTXLGH]HPYLUWXGH
GDSRVVLELOLGDGHGHQmRWHUFDL[DVXILFLHQWHSDUDDWHQGHUVXDVQHFHVVLGDGHVRSHUDFLRQDLV
HDRULVFRGHFUpGLWRGHFRUUHQWHGDSRVVLELOLGDGHGHLQDGLPSOHPHQWRGHVXDVFRQWUDSDUWHV
HPFRQWDVDUHFHEHU L 5LVFRGHOLTXLGH] $ SUHYLVmRGHIOX[RGHFDL[DpUHDOL]DGDSHOD
&RPSDQKLDVHQGRVXDSURMHomRPRQLWRUDGDFRQWLQXDPHQWHDILPGHJDUDQWLUHDVVHJXUDU
DVH[LJrQFLDVGHOLTXLGH]RVOLPLWHVRXFOiXVXODVGRVFRQWUDWRVGHHPSUpVWLPRHFDL[DVX
ILFLHQWHSDUDDWHQGLPHQWRjVQHFHVVLGDGHVRSHUDFLRQDLVGRQHJyFLR2H[FHVVRGHFDL[D
JHUDGRSHOD&RPSDQKLDpLQYHVWLGRHPDSOLFDo}HVILQDQFHLUDVFRPLQFLGrQFLDGHMXURVGH
SyVLWRVDSUD]RHGHSyVLWRVGHFXUWRSUD]RHVFROKHQGRLQVWUXPHQWRVFRPYHQFLPHQWRVDSUR
SULDGRVRXOLTXLGH]VXILFLHQWHSDUDIRUQHFHUPDUJHPFRQIRUPHGHWHUPLQDGRSHODVSUHYLV}HV
DFLPDPHQFLRQDGDV LL 5LVFRGHFUpGLWR $VRSHUDo}HVTXHVXMHLWDPD&RPSDQKLDjFRQ
FHQWUDomRGHULVFRGHFUpGLWRUHVLGHPQDVFRQWDVFRUUHQWHVEDQFiULDVDSOLFDo}HVILQDQFHLUDV
HWtWXORVHYDORUHVPRELOLiULRVRQGHD&RPSDQKLDILFDH[SRVWDDRULVFRGDLQVWLWXLomRILQDQFHLUD
HQYROYLGDYLVDQGRJHUHQFLDUHVWHULVFRD&RPSDQKLDPDQWpPFRQWDVFRUUHQWHVEDQFiULDV
HDSOLFDo}HVILQDQFHLUDVFRPLQVWLWXLo}HVFRQVLGHUDGDVSHODDGPLQLVWUDomRFRPRGHSULPHLUD
OLQKD*HVWmRGHFDSLWDO 2REMHWLYRGD&RPSDQKLDDRDGPLQLVWUDUVHXFDSLWDOpGHVDO
YDJXDUGDUDFDSDFLGDGHGHVXDFRQWLQXLGDGHSDUDRIHUHFHUUHWRUQRDRVDFLRQLVWDVHEHQ
HILFLiULRVjVSDUWHVLQWHUHVVDGDVDOpPGHPDQWHUXPDDGHTXDGDHVWUXWXUDGHFDSLWDOSDUD
UHGX]LURUHVSHFWLYRFXVWR(SDUDDWLQJLPHQWRGHVVHVREMHWLYRVH[HUFHXPDJHVWmRILQDQFHLUD
H GH FDSLWDO FHQWUDOL]DGD$ &RPSDQKLD PRQLWRUD R FDSLWDO FRP EDVH QR tQGLFH GH DOD
YDQFDJHPILQDQFHLUD(VVHtQGLFHFRUUHVSRQGHjGtYLGDOtTXLGDH[SUHVVDFRPRSHUFHQWXDO
GR FDSLWDO WRWDO$ GtYLGD OtTXLGD SRU VXD YH] FRUUHVSRQGH DR WRWDO GH HPSUpVWLPRV H IL
QDQFLDPHQWRVVXEWUDtGRGRPRQWDQWHGHFDL[DHHTXLYDOHQWHGHFDL[DHWtWXORVHYDORUHV
PRELOLiULRV2FDSLWDOWRWDOpDSXUDGRDWUDYpVGDVRPDGRSDWULP{QLROtTXLGRFRPDGtYLGD
OtTXLGDFRQIRUPHGHPRQVWUDGRQREDODQoRSDWULPRQLDO2VtQGLFHVGHDODYDQFDJHPILQDQ
FHLUDSRGHPVHUDVVLPVXPDUL]DGRV
7RWDOGRVHPSUpVWLPRVH
ILQDQFLDPHQWRV 1RWD
0HQRV&DL[DHHTXLYGHFDL[D 1RWD
0HQRV&RQWDVYLQFXODGDV 1RWD
'tYLGDOtTXLGD
7RWDOGRSDWULP{QLROtTXLGR
7RWDOGRFDSLWDO
ËQGLFHGHDODYDQFDJHPILQDQFHLUD
,QVWUXPHQWRVILQDQFHLURVSRUFDWHJRULD
$WLYRVDR
(PSUpVWLPRV
YDORUMXVWRSRU
7RWDO
GHGH]HPEURGH
HUHFHEtYHLV
PHLRGRUHVXOWDGR
$WLYRVFRQIRUPHEDODQoR
SDWULPRQLDO
&DL[DHHTXLYDOHQWHV
GHFDL[D 1RWD
&RQWDVDUHFHEHUHGHPDLV
FRQWDVDUHFHEHU
&RQWDVYLQFXODGDV 1RWD
2XWURV
SDVVLYRV
7RWDO
GHGH]HPEURGH
ILQDQFHLURV
3DVVLYRVFRQIRUPHR
EDODQoRSDWULPRQLDO
(PSUpVWLPRVH
ILQDQFLDPHQWRV 1RWD
)RUQHFHGRUHVHFRQWULEXLomR
DRIXQGRVyFLRDPELHQWDO
$WLYRVDR
(PSUpVWLPRV
YDORUMXVWRSRU
7RWDO
GHGH]HPEURGH
HUHFHEtYHLV
PHLRGRUHVXOWDGR
$WLYRVFRQIEDODQoRSDWULP
&DL[DHHTXLYDOHQWHV
GHFDL[D 1RWD
&RQWDVDUHFHEHUH
GHPDLVFRQWDVDUHFHEHU
&RQWDVYLQFXODGDV 1RWD
2XWURV
SDVVLYRV
7RWDO
GHGH]HPEURGH
ILQDQFHLURV
3DVVLYRVFRQIREDODQoRSDWULP
(PSUpVWHILQDQF 1RWD
)RUQHFHGRUHVHFRQWULEXLomRDR
IXQGRVyFLRDPELHQWDO
&DL[DHHTXLYDOHQWHVGHFDL[D
&DL[DHHTXLYDOHQWHVGHFDL[D
)XQGRIL[R
)XQGRGHWURFR
%DQFRVFRQWDPRYLPHQWR
$SOLFDo}HVILQDQFHLUDV D
1XPHUiULRHPWUkQVLWR E
D (PGHGH]HPEURGHD&RPSDQKLDDSUHVHQWDDSOLFDo}HVILQDQFHLUDVQRPRQ
WDQWHGH5 5 $ &RPSDQKLDPDQWpPDSOLFDo}HVILQDQFHLUDVGHFXUWR
SUD]RGHDOWDOLTXLGH]SURQWDPHQWHFRQYHUVtYHLVHPFDL[DUHPXQHUDGRVDWD[DGH GR
&', &HUWLILFDGRGH'HSyVLWR,QWHUEDQFiULR 2VUHFXUVRVDSOLFDGRVVHUmRXWLOL]DGRVQDPHO
KRULDGDLQIUDHVWUXWXUDGDURGRYLD E 6DOGRUHIHUHQWHDRQXPHUiULRGHSHGiJLRPDQWLGRQR
FDL[DGD&RPSDQKLDSDUDGHSyVLWRHPFRQWDFRUUHQWHQRPrVVXEVHTXHQWH&RQWDVDUH
FHEHU
&LUFXODQWH
&$7 SDUFHODFRQVWUXomR L
3HGiJLRHOHWU{QLFR
5HFHLWDVDFHVVyULDV
1mRFLUFXODQWH
Ano XCIV • NÀ 113 - 25
&$7 SDUFHODFRQVWUXomR L
(PGHGH]HPEURGHD$GPLQLVWUDomRFRPEDVHHPVXDDYDOLDomRGRULVFRGH
FUpGLWRHQWHQGHTXHQmRVHID]QHFHVViULDDFRQVWLWXLomRGHSURYLVmRSDUDSHUGDVHVWLPDGDV
QDUHDOL]DomRGDVFRQWDVDUHFHEHU$ &RPSDQKLDSRVVXLRGLUHLWRGHUHFHEHUPHQVDOPHQWH
GR&RPLWr*HVWRUGR&*3(D&$7TXHIRLFRQWUDWXDOPHQWHFRQFHELGDSDUDJDUDQWLUjFRQ
FHVVLRQiULDFDL[DVXILFLHQWHSDUDID]HUIDFHDRV FXVWRVGHDPRUWL]DomRHMXURVGHILQDQ
FLDPHQWRVUHODWLYRVjVREUDVGHFRQVWUXomRGD5RGRYLD WULEXWRVGHYLGRVSHOD&RQFHV
VLRQiULD DWHQGLPHQWRGDVFRQGLo}HVRSHUDFLRQDLVPtQLPDVGD5RGRYLDGDVDWLYLGDGHV
GHRSHUDomRPDQXWHQomRHFRQVHUYDomR L 2VDOGRWRWDOHPDEHUWRHPGHGH]HPEUR
GHGH5 5 UHJLVWUDGRHPFRQWDVDUHFHEHUQRDWLYRFLUFXODQWH
HQmRFLUFXODQWHUHSUHVHQWDDSDUFHODGD&$7 DWULEXtGDjFREHUWXUDGRVJDVWRVUHODFLRQD
GRVDRVVHUYLoRVGHFRQVWUXomRGDURGRYLD2VYDORUHVUHJLVWUDGRVQHVVDUXEULFDDWHQGHP
jGHILQLomRGHUHFHEtYHLVQR&3&,QVWUXPHQWRV)LQDQFHLURV 5HFRQKHFLPHQWR0HQ
VXUDomRH(YLGHQFLDomR2UHFHEtYHOIRLPHGLGRLQLFLDOPHQWHSRUVHXYDORUMXVWRHVXEVH
TXHQWHPHQWHVmRUHFRQKHFLGRVRVMXURVFXPXODWLYRVVREUHHVVHYDORUFDOFXODGRXWLOL]DQ
GRRPpWRGRGRVMXURVHIHWLYRVPHQRVDVDPRUWL]Do}HV&RQWDVYLQFXODGDV $ &RPSDQ
KLDPDQWpPMXQWRDR%DQFRGR1RUGHVWHGR%UDVLO6$ %1% XPIXQGRGHOLTXLGH]UHS
UHVHQWDGRSRUXPDDSOLFDomRILQDQFHLUDQRPRQWDQWHGH5 5 TXH
FRUUHVSRQGHDVHLVSUHVWDo}HVGHDPRUWL]DomRGRILQDQFLDPHQWRMXQWRDR%1%UHPXQHUD
GRVDWD[DGH GR&',FRPEDVHQDPDLRUSUHVWDomRSyVFDUrQFLDGRILQDQFLDPHQWR
GHVFULWRQD1RWD(VVDDSOLFDomRIRLHIHWXDGDFRPRSDUWHGDJDUDQWLDGHFXPSULPHQWR
LQWHJUDOGHWRGDVDVREULJDo}HVGRUHIHULGRILQDQFLDPHQWR$RILQDOGRFRQWUDWRGHILQDQ
FLDPHQWRHVWHYDORUDWXDOL]DGRVHUiUHVWLWXtGRSDUDD&RPSDQKLD ,QWDQJtYHO
L &RPSRVLomRGHGH]HPEUR
$PRUWL]DomR
7D[DVDQXDLV
&XVWR DFXPXODGDPpGLDV
'HVDSURSULDo}HV
(TXLSDPHQWRVGHLQIRUPiWLFD
)HUUDPHQWDVHDSDUHOKRVDFHVVyULRV
0iTXLQDVHHTXLSDPHQWRV
0yYHLVHXWHQVtOLRV
3RQWH
3UDoDGHSHGiJLR
5RGRYLDV
(GLILFDo}HVHLQVWDODo}HV
6RIWZDUH
,QWDQJtYHOHPDQGDPHQWR
5HIHUHPVHDRVFXVWRVGRVLQYHVWLPHQWRVHPEHQVUHYHUVtYHLVDRSRGHUFRQFHGHQWHGLUH
FLRQDGRVSDUDDLQIUDHVWUXWXUDGDFRQFHVVmR LL 0RYLPHQWDomRGRLQWDQJtYHO
6DOGRQRLQtFLRGRH[HUFtFLR
$GLomR
$PRUWL]DomR
6DOGRQRILQDOGRH[HUFtFLR
$WpRH[HUFtFLRGHGHGH]HPEURGHDDPRUWL]DomRGRVDWLYRVLQWDQJtYHLVRUL
XQGRVGRVGLUHLWRVGHFRQFHVVmRIRLUHFRQKHFLGDQRUHVXOWDGRDWUDYpVGDSURMHomRGHFXUYD
GHWUiIHJRDSDUWLUGHGHMDQHLURGHDDPRUWL]DomRSDVVRXDVHUUHFRQKHFLGDQR
UHVXOWDGRSHORPpWRGROLQHDU 1RWD D
(PSUpVWLPRVHILQDQFLDPHQWRV
(QFDUJRV
ILQDQFHLURV
0RHGD
DQXDLV
%DQFRGR1RUGHVWH
5
-XUGH DD
3DVVLYRFLUFXODQWH
3DVVLYRQmRFLUFXODQWH
(PGHGH]HPEURGHD&RPSDQKLDILUPRXFRQWUDWRGHILQDQFLDPHQWRFRPR%1%
QR PRQWDQWH GH 5 H FRPSOHPHQWDGR QR PRQWDQWH GH 5 QR GLD GH
GH]HPEURGH DVHUHPSURYLGRVFRPUHFXUVRVGR)XQGR&RQVWLWXFLRQDOGH)LQDQFLD
PHQWRGR1RUGHVWH )1( QRkPELWRGRSURJUDPD)1(352,1)5$GHVWLQDGRDRILQDQ
FLDPHQWRGHUHFXUVRVSDUDDUHDOL]DomRGHLQYHVWLPHQWRVQDLPSODQWDomRGR3URMHWR3UDLD
GR 3DLYD FRQFHVVmR HVWDGXDO QD IRUPD GH 3DUFHULD 3~EOLFR3ULYDGD QD PRGDOLGDGH SD
WURFLQDGDTXHWUDWDGDFRQVWUXomRHRSHUDFLRQDOL]DomRGRWUHFKRURGRYLiULRTXHLQWHUOLJD
RV0XQLFtSLRVGH&DERGH6DQWR$JRVWLQKRH-DERDWmRGRV*XDUDUDSHV2SUD]RGHSDJD
PHQWRGRHPSUpVWLPRFRQWUDWDGRpGHGH]HVVHLVDQRVKDYHQGRE{QXVGHDGLPSOrQFLDGH
'HVGHGHMDQHLURGHD&RPSDQKLDYHPDPRUWL]DQGRPHQVDOPHQWHRHP
SUpVWLPRSULQFLSDOHMXURV1RSHUtRGRILQGRHPGHGH]HPEURGHD&RPSDQKLD
OLTXLGRXSDUFHODVGR%1%QRPRQWDQWHGH5VHQGR5 DPRUWL]DomRGRSULQ
FLSDOH5 DPRUWL]DomRGHMXURV L *DUDQWLDV 2FRQWUDWRGHILQDQFLDPHQWRFRPR
%1%SUHYrFRPRJDUDQWLDSHQKRUGHDo}HVRUGLQiULDVHGLUHLWRVHPHUJHQWHVGRFRQWUDWR
GHFRQFHVVmRYLQFXODomRGHUHFHEtYHLVIXQGRGHOLTXLGH]HPFRQWDUHVHUYDHFHVVmRGH
GLUHLWRVFUHGLWyULRV LL 9DORUMXVWRGRVHPSUpVWLPRVHILQDQFLDPHQWRV 2YDORUMXVWRGRV
HPSUpVWLPRVHILQDQFLDPHQWRVDWXDLVVHDSUR[LPDDRVHXYDORUFRQWiELOXPDYH]TXHVH
WUDWDGHREULJDomRGHFXUWRSUD]RUHFHQWHPHQWHFRQWUDWDGRVHPFRQGLo}HVGHPHUFDGR LLL
3ULQFLSDLVFRPSURPLVVRVDVVXPLGRV &RYHQDQWV $ &RPSDQKLDHVWiVXMHLWDjFODXVX
ODVGHFRYHQDQWVGRVTXDLVUHVWULQJHPGHQWUHRXWURVLWHQVVRIUHUSURWHVWRVGHGtYLGDVXV
SHQGHULPRWLYDGDPHQWHDVRSHUDo}HVDSOLFDULUUHJXODUPHQWHRVUHFXUVRVSHGLUUHFXSHU
DomRMXGLFLDOH[WUDMXGLFLDOGHQWUHRXWURV$VFOiXVXODVUHVWULWLYDVGRVFRQWUDWRVGHILQDQFLDPHQWR
IRUDPFXPSULGDVSHOD&RPSDQKLDHPGHGH]HPEURGH3UD]RGHYHQFLPHQWR 2V
PRQWDQWHVFRPYHQFLPHQWRHPORQJRSUD]RWrPDVHJXLQWHFRPSRVLomRSRUDQRGHYHQFL
PHQWR
HPGLDQWH
&RQWULEXLomRDRIXQGRVyFLRDPELHQWDO )XQGRFULDGRSHOD&RPSDQKLDFRQIRUPHGLV
SRVLomRFRQWUDWXDOODVWUHDGRFRPUHFXUVRVGHFRUUHQWHVGDUHFHLWDGHSHGiJLRVXSHULRUDR
SUHYLVWRQR(GLWDOGH&RQFRUUrQFLDREHGHFHQGRIDL[DVGHFRPSDUWLOKDPHQWRFXMDDXWLOL]D
omRpH[FOXVLYDSDUDRVSURMHWRVGHJHVWmRVRFLDOHDPELHQWDO(PGHGH]HPEURGH
RPRQWDQWHGHVWLQDGRjFRQWULEXLomRDRIXQGRVyFLRDPELHQWDOpGH5 5
3URYLVmRSDUDFRQWLQJrQFLD (PGHGH]HPEURGHD&RPSDQKLDWHPDo}HVGH
FDXVDVLQGHQL]DWyULDVQRYDORUGH5 5 FODVVLILFDGDVFRPRGHSHUGD
SURYiYHOUHIHUHQWHDSURFHVVRVGHGHVDSURSULDomRFRQVLGHUDQGRRVYDORUHVHQFRQWUDGRV
QRVODXGRVSHULFLDLVRVTXDLVVmRXWLOL]DGRVSDUDIL[DomRHPVHQWHQoDEDVHDGRQDH[SHFWDWLYD
GRVVHXVDVVHVVRUHVMXUtGLFRVH[WHUQRV$ &RPSDQKLDWDPEpPWHPDo}HVGHQDWXUH]DWULE
XWiULDHQYROYHQGRULVFRVGHSHUGDFODVVLILFDGRVSHODDGPLQLVWUDomRFRPRSRVVtYHLVFRP
EDVHQDDYDOLDomRGHVHXVFRQVXOWRUHVMXUtGLFRVQRPRQWDQWHHVWLPDGRGH5
5
3DUWHVUHODFLRQDGDV
3DVVLYR
7UDQVDo}HV
1mRFLUFXODQWH'HVSHVDVILQDQFHLUDV
2GHEUHFKW
7UDQVSRUW6$ L
2GHEUHFKW
5RGRYLDV6$ LL
9HQWR6XO
3DUWLFLSDo}HV/7'$ LL
&RQVWUXWRUD1RUEHUWR
2GHEUHFKW6$ LL
&217,18$