DOEPE 04/04/2018 - Pág. 39 - Poder Executivo - Diário Oficial do Estado de Pernambuco

Poder Executivo ● 04/04/2018 ● Diário Oficial do Estado de Pernambuco

Recife, 4 de abril de 2018

Diário Oficial do Estado de Pernambuco - Poder Executivo

Ano XCV • NÀ 60 - 39

&217,18$d®2

WULEXLomRVRFLDOOLPLWDGDDGROXFURUHDOGRH[HUFtFLR L 'HVSHVDVGHLPSRVWRGH
UHQGDHFRQWULEXLomRVRFLDOFRUUHQWH$ GHVSHVDGHLPSRVWRFRUUHQWHpRLPSRVWRDSDJDU
RXDUHFHEHUHVWLPDGRVREUHROXFURRXSUHMXt]RWULEXWiYHOGRH[HUFtFLRHTXDOTXHUDMXVWH
DRVLPSRVWRVDSDJDUFRPUHODomRDRVH[HUFtFLRVDQWHULRUHV2PRQWDQWHGRVLPSRVWRVFRU
UHQWHVDSDJDURXDUHFHEHUpUHFRQKHFLGRQREDODQoRSDWULPRQLDOFRPRDWLYRRXSDVVLYR
ILVFDOSHODPHOKRUHVWLPDWLYDGRYDORUHVSHUDGRGRVLPSRVWRVDVHUHPSDJRVRXUHFHELGRV
TXHUHIOHWHDVLQFHUWH]DVUHODFLRQDGDVDVXDDSXUDomRVHKRXYHU(OHpPHQVXUDGRFRP
EDVHQDVWD[DVGHLPSRVWRVYLJHQWHVQDGDWDGREDODQoR2VDWLYRVHSDVVLYRVILVFDLVFRU
UHQWHVVmRFRPSHQVDGRVVRPHQWHVHFHUWRVFULWpULRVIRUHPDWHQGLGRV I 5HFHLWD L 5H
FHLWDGHYHQGDGHJiV 2UHVXOWDGRGDVRSHUDo}HVpDSXUDGRHPFRQIRUPLGDGHFRPR
UHJLPHFRQWiELOGHFRPSHWrQFLDGRH[HUFtFLR$ UHFHLWDGHYHQGDGHJiVpUHFRQKHFLGDQR
UHVXOWDGRTXDQGRWRGRVRVULVFRVHEHQHItFLRVLQHUHQWHVDRSURGXWRVmRWUDQVIHULGRVSDUD
RFRPSUDGRUTXDQGRIRUSURYiYHOTXHEHQHItFLRVHFRQ{PLFRVILQDQFHLURVIOXLUmRSDUDD&RP
SDQKLDHTXDQGRRYDORUGDUHFHLWDSRVVDVHUPHQVXUDGRGHPDQHLUDFRQILiYHO8PDUH
FHLWDQmRpUHFRQKHFLGDVHKiLQFHUWH]DVLJQLILFDWLYDQDVXDUHDOL]DomR
2PRPHQWRGDWUDQVIHUrQFLDGRVULVFRVHEHQHItFLRVQDYHQGDGHJiVpPHQVXUDGRGHDFRU
GRFRPRFRQVXPRGRJiVSHORFOLHQWH$ 5HFHLWD2SHUDFLRQDO/tTXLGDpPHQVXUDGDFRP
EDVHQRYDORUGRSURGXWRHQWUHJXHH[FOXLQGRGHVFRQWRVDEDWLPHQWRVHHQFDUJRVVREUH
YHQGDV
$ &RPSDQKLDWHPFRPRSROtWLFDRUHFRQKHFLPHQWRGDUHFHLWDTXDQGRWRGRVRVFULWpULRVSUH
YLVWRVQD,$6IRUHPDWHQGLGRV $ &RPSDQKLDWUDQVIHULXSDUDRFOLHQWHRVULVFRVVLJQL
ILFDWLYRVHRVGLUHLWRVGHSURSULHGDGHGRLWHP $ &RPSDQKLDQmRPDQWpPHQYROYLPHQWR
JHUHQFLDOWmRSRXFRFRQWUROHHIHWLYRVREUHRLWHPYHQGLGR 2PRQWDQWHGDUHFHLWDSRGH
VHUPHQVXUDGRFRPFRQILDELOLGDGHeSURYiYHOTXHREHQHItFLRHFRQ{PLFRDVVRFLDGRD
WUDQVDomRIOXDSDUDD&RPSDQKLDH2VFXVWRVLQFRUULGRVHDLQFRUUHUVREUHDWUDQVDomR
SRGHPVHUPHQVXUDGRVFRPFRQILDELOLGDGH LL 5HFHLWDGHVHUYLoRV$ &RPSDQKLDUH
FRQKHFH D UHFHLWD FRP D SUHVWDomR GH VHUYLoRV FRP EDVH QR HVWiJLR GH FRQFOXVmR GR
VHUYLoR2HVWiJLRGHFRQFOXVmRpDYDOLDGRFRPEDVHQRSHUFHQWXDOGHH[HFXomRGRVWUD
EDOKRV$V UHFHLWDV GH VHUYLoRV UHSUHVHQWDP R YDORU MXVWR UHFHELGR RX D UHFHEHU SHOD
SUHVWDomRGRVHUYLoRQRFXUVRQRUPDOGDVDWLYLGDGHVGD&RPSDQKLDGHGX]LGDGHTXDLV
TXHU HVWLPDWLYDV GHVFRQWRV FRPHUFLDLV HRX ERQLILFDo}HV FRQFHGLGDV DR FRPSUDGRU VH
DSOLFiYHO LLL &RQWUDWRVGHFRQVWUXomR5HFHLWDVHFXVWRV $VUHFHLWDVHFXVWRVGH
FRQVWUXomRFXMDHYLGHQFLDomRVHWRUQRXREULJDWyULDSDUDFRQFHVVLRQDULDVGHVHUYLoRVGH
GLVWULEXLomRDSDUWLUGD,QWHUSUHWDomR7pFQLFD,&3&IRUDPUHFRQKHFLGRVFRQIRUPH&3&
5HFHLWDVTXHRULHQWDRUHFRQKHFLPHQWRGDUHFHLWDQDSURSRUomRGRVJDVWRVLQFRUULGRVH
FRQVLGHUDGRVUHFXSHUiYHLVHVFODUHFHQGRTXHTXDQGRQmRpSRVVtYHOHIHWXDUHVWLPDWLYDFRQ
ILiYHOVREUHDUHDOL]DomRGRDWLYRVRPHQWHGHYHVHUUHFRQKHFLGRRDWLYRDWpRPRQWDQWH
FRQVLGHUDGRSURYiYHOGHUHDOL]DomR$ RULHQWDomR2&3&&RQWUDWRVGH&RQFHVVmR
GHWHUPLQDTXHHPSUHVDVFRQFHVVLRQiULDVGHVHUYLoRVGHGLVWULEXLomRVmRPHVPRTXHLQ
GLUHWDPHQWHUHVSRQViYHLVSHODFRQVWUXomRGDVUHGHV
3RULVVRpREULJDWyULDDHYLGHQFLDomRGDVUHFHLWDVHGRVFXVWRVGHFRQVWUXomR3DUDYLD
ELOL]DUDGLVWULEXLomRGHJiVQDWXUDOFDQDOL]DGRD&RPSDQKLDUHDOL]DOLFLWDo}HVS~EOLFDVSDUD
FRQWUDWDomRGHWHUFHLURVQDVTXDLVVmRFRQWUDWDGRVRVSURSRQHQWHVYHQFHGRUHVSDUDUH
DOL]DomRGDVREUDV
$ FRQVWUXomRGDLQIUDHVWUXWXUDQHFHVViULDSDUDDGLVWULEXLomRGHJiVpFRQVLGHUDGDXPVHUYLoR
SUHVWDGRDRSRGHUFRQFHGHQWHHDFRUUHVSRQGHQWHUHFHLWDpUHFRQKHFLGDDRUHVXOWDGRSRU
YDORULJXDODRFXVWR$ &RPSDQKLDQmRUHFRQKHFHPDUJHPQDFRQVWUXomRGHLQIUDHVWUXWX
UDSRLVHVVDPDUJHPHVWiYLQFXODGDDRVVHUYLoRVFRQWUDWDGRVGHWHUFHLURVSRUYDORUHVTXH
UHIOHWHP R YDORU MXVWR FRQIRUPH GHPRQVWUDGR QD QRWD H[SOLFDWLYD  LY  5HFHLWDV IL
QDQFHLUDVHGHVSHVDVILQDQFHLUDV$ UHFHLWDGHMXURVpUHFRQKHFLGDQRUHVXOWDGRDWUDYpV
GRPpWRGRGRVMXURVHIHWLYRV$VUHFHLWDVILQDQFHLUDVDEUDJHPUHFHLWDVFRPDSOLFDo}HVIL
QDQFHLUDVMXURVDWLYRVHPXOWDV$VGHVSHVDVILQDQFHLUDVDEUDQJHPGHVSHVDVFRPMXURV
VREUHHPSUpVWLPRVHYDULDo}HVPRQHWiULDV&XVWRVGHHPSUpVWLPRTXHQmRVmRGLUHWDPHQWH
DWULEXtYHLVjDTXLVLomRFRQVWUXomRRXSURGXomRGHXPDWLYRTXDOLILFiYHOGDFRQFHVVmRVmR
PHQVXUDGRVQRUHVXOWDGRDWUDYpVGRPpWRGRGHMXURVHIHWLYRV J %HQHItFLRVDHPSUH
JDGRV L %HQHItFLRVGHFXUWRSUD]RDHPSUHJDGRV2EULJDo}HVGHEHQHItFLRVGHFXUWR
SUD]RDHPSUHJDGRVVmRUHFRQKHFLGDVFRPRGHVSHVDVGHSHVVRDOFRQIRUPHRVHUYLoRFRU
UHVSRQGHQWHVHMDSUHVWDGR
2SDVVLYRpUHFRQKHFLGRSHORPRQWDQWHGRSDJDPHQWRHVSHUDGRFDVRD&RPSDQKLDWHQKD
XPDREULJDomRSUHVHQWHOHJDORXFRQVWUXWLYDGHSDJDUHVVHPRQWDQWHHPIXQomRGHVHUYLoR
SDVVDGRSUHVWDGRSHORHPSUHJDGRHDREULJDomRSRVVDVHUHVWLPDGDGHPDQHLUDFRQILiYHO
LL 3ODQRVGHFRQWULEXLomRGHILQLGD$VREULJDo}HVSRUFRQWULEXLo}HVDRVSODQRVGHFRQ
WULEXLomRGHILQLGDVmRUHFRQKHFLGDVQRUHVXOWDGRFRPRGHVSHVDVFRPSHVVRDOTXDQGRRV
VHUYLoRVUHODFLRQDGRVVmRSUHVWDGRVSHORVHPSUHJDGRV
K  'HPRQVWUDo}HV GH YDORU DGLFLRQDGR  $ &RPSDQKLD HODERURX GHPRQVWUDo}HV GR
YDORUDGLFLRQDGR '9$ QRVWHUPRVGRSURQXQFLDPHQWRWpFQLFR&3&'HPRQVWUDomRGR
9DORU$GLFLRQDGRDVTXDLVVmRDSUHVHQWDGDVFRPRSDUWHLQWHJUDQWHGDVGHPRQVWUDo}HVIL
QDQFHLUDVFRQIRUPH%5*$$3 HHVWiVHQGRGLYXOJDGDFRPRLQIRUPDomRILQDQFHLUDVXSOH
PHQWDU L 1RYDVQRUPDVHLQWHUSUHWDo}HVDLQGDQmRHIHWLYDV$ VHJXLUHVWmRDSUHVHQWDGDV
DVQRUPDVQRYDVHUHYLVDGDVTXHSDVVDUDPDVHUDSOLFiYHLVDSDUWLUGHžGHMDQHLURGH
$ DSOLFDomRGHVVDVQRUPDVQmRWHYHLPSDFWRUHOHYDQWHQRVPRQWDQWHVGLYXOJDGRV
QRH[HUFtFLRDWXDOQHPHPH[HUFtFLRVDQWHULRUHV 0RGLILFDo}HVj,$6 &3& 1H
FHVVLGDGHGHLQFOXVmRGHGLYXOJDomRGHPXGDQoDVQRVSDVVLYRVRULXQGRVGHDWLYLGDGHVGH
ILQDQFLDPHQWR 0RGLILFDomRj,$6 &3& 5HFRQKHFLPHQWRGHDWLYRVILVFDLVGLIHUL
GRVSDUDSHUGDVQmRUHDOL]DGDV$VVHJXLQWHVQRYDVQRUPDVIRUDPHPLWLGDVSHOR,$6%PDV
DLQGDQmRHQWUDUDPHPYLJRUHPGHGH]HPEURGH ,)56 &3& ,QVWUX
PHQWRV)LQDQFHLURV D  ,)56 &3& 5HFHLWDGH&RQWUDWRVFRP&OLHQWHV D 
,)56$UUHQGDPHQWRPHUFDQWLO E  D ƒGHMDQHLURGH
E ƒGHMDQHLURGH L &3&,QVWUXPHQWRV)LQDQFHLURV,)56$ ,)56&3&
LQFOXLQRYRVPRGHORVSDUDDFODVVLILFDomRHPHQVXUDomRGHDWLYRVSDVVLYRVILQDQFHLURV
H GH SHUGDV HVSHUDGDV SDUD DWLYRV ILQDQFHLURV H FRQWUDWXDLV DOpP GH QRYRV UHTXLVLWRV
VREUHDFRQWDELOL]DomRGHKHGJH(VWDQRUPDVXEVWLWXLR,$6&3&,QVWUXPHQWRV)L
QDQFHLUR  5HFRQKHFLPHQWR H 0HQVXUDomR &ODVVLILFDomR $WLYRV ILQDQFHLURV $ ,)56
&3&FRQWpPXPDQRYDDERUGDJHPGHFODVVLILFDomRHPHQVXUDomRGHDWLYRVILQDQ
FHLURV TXH UHIOHWH R PRGHOR GH QHJyFLRV HP TXH RV DWLYRV VmR DGPLQLVWUDGRV H VXDV
FDUDFWHUtVWLFDVGHIOX[RGHFDL[D$ ,)56&3&FRQWpPWUrVSULQFLSDLVFDWHJRULDVGH
FODVVLILFDomRSDUDDWLYRVILQDQFHLURVPHQVXUDGRVDRFXVWRDPRUWL]DGRDRYDORUMXVWRSRU
PHLRGHRXWURVUHVXOWDGRVDEUDQJHQWHV 9-25$ HDRYDORUMXVWRSRUPHLRGRUHVXOWDGR 9-5 
$ QRUPDHOLPLQDDVFDWHJRULDVH[LVWHQWHVQD,$6GHPDQWLGRVDWpRYHQFLPHQWRHP
SUpVWLPRVHUHFHEtYHLVHGLVSRQtYHLVSDUDYHQGD
5HGXomRQRYDORUUHFXSHUiYHO LPSDLUPHQW $WLYRV)LQDQFHLURVH$WLYRV&RQWUDWXDLV$
,)56 &3&  VXEVWLWXL R PRGHOR GH SHUGDV LQFRUULGDV GD ,$6 &3&  SRU XP
PRGHORSURVSHFWLYRGHSHUGDVGHFUpGLWRHVSHUDGDV,VVRH[LJHXPMXOJDPHQWRUHOHYDQWH
VREUHFRPRDVPXGDQoDVHPIDWRUHVHFRQ{PLFRVDIHWDPDVSHUGDVHVSHUDGDVGHFUpGL
WRTXHVHUmRGHWHUPLQDGDVFRPEDVHHPSUREDELOLGDGHVSRQGHUDGDV
2QRYRPRGHORGHSHUGDVHVSHUDGDVVHDSOLFDUiDRVDWLYRVILQDQFHLURVPHQVXUDGRVDRFXVWR
DPRUWL]DGRRXDR9-25$FRPH[FHomRGHLQYHVWLPHQWRVHPLQVWUXPHQWRVSDWULPRQLDLVH
DWLYRVFRQWUDWXDLV'HDFRUGRFRPD,)56&3&DVSURYLV}HVSDUDSHUGDVHVSHUDGDV
VHUmRPHQVXUDGDVHPXPDGDVVHJXLQWHVEDVHVL3HUGDVGHFUpGLWRHVSHUDGDVSDUD
PHVHVRXVHMDSHUGDVGHFUpGLWRTXHUHVXOWDPGHSRVVtYHLVHYHQWRVGHLQDGLPSOrQFLDGHQ
WURGHPHVHVDSyVDGDWDEDVHHLL3HUGDVGHFUpGLWRHVSHUDGDVSDUDDYLGDLQWHLUD
RXVHMDSHUGDVGHFUpGLWRTXHUHVXOWDPGHWRGRVRVSRVVtYHLVHYHQWRVGHLQDGLPSOrQFLD
DRORQJRGDYLGDHVSHUDGDGHXPLQVWUXPHQWRILQDQFHLUR
&RPRVUHVXOWDGRVREWLGRVDWpRPRPHQWRD&RPSDQKLDFRQVLGHUDTXHVHXVDWLYRVILQDQFHLURV
QmRGHYHPVRIUHUYDULDo}HVUHOHYDQWHVQHPPHVPRUHGXomRGRYDORUUHFXSHUiYHOSDUD
ILQVGHUHJLVWUR LL &3& ,)56 5HFHLWDVGHFRQWUDWRVFRPFOLHQWHV 2&3&
,)56 HVWDEHOHFHXPPRGHORSDUDDVHPSUHVDVXWLOL]DUHPQDFRQWDELOL]DomRGHUHFHLWDV
SURYHQLHQWHV GH FRQWUDWRV FRP FOLHQWHV (VWH SURQXQFLDPHQWR VXEVWLWXLUi DV RULHQWDo}HV
DWXDLVGHUHFRQKHFLPHQWRGDUHFHLWDSUHVHQWHQR&3& 5  ,$6 5HFHLWDV&3&
 5  ,$6 &RQWUDWRVGH&RQVWUXomRHDVLQWHUSUHWDo}HVUHODFLRQDGDVTXDQGRVH
WRUQDUHIHWLYDDSDUWLUGHžGHMDQHLURGH
2SULQFtSLRIXQGDPHQWDOGR&3& ,)56 FRQVLVWHHPTXHDHQWLGDGHGHYHUHFRQKHFHU
UHFHLWDVSDUDGHVFUHYHUDWUDQVIHUrQFLDGHEHQVRXVHUYLoRVSURPHWLGRVDFOLHQWHVQRYDORU
TXHUHIOLWDDFRQWUDSUHVWDomRjTXDODHQWLGDGHHVSHUDWHUGLUHLWRHPWURFDGHVVHVEHQVH
VHUYLoRV(VSHFLILFDPHQWHDQRUPDLQWURGX]XPPRGHORGHSDVVRVSDUDRUHFRQKHFLPHQWR
GDUHFHLWD 3DVVR,GHQWLILFDUR V FRQWUDWR V FRPRFOLHQWH 3DVVR,GHQWLILFDUDVREUL
JDo}HVGHGHVHPSHQKRGHILQLGDVQRFRQWUDWR 3DVVR'HWHUPLQDURSUHoRGDWUDQVDomR
 3DVVR$ORFDURSUHoRGDWUDQVDomRjVREULJDo}HVGHGHVHPSHQKRSUHYLVWDVQRFRQ
WUDWR 3DVVR5HFRQKHFHUDUHFHLWDTXDQGR RXFRQIRUPH DHQWLGDGHDWHQGHFDGD
REULJDomRGHGHVHPSHQKR'HDFRUGRFRPHVWH3URQXQFLDPHQWRDHQWLGDGHUHFRQKHFH

D UHFHLWD TXDQGR RX VH  D REULJDomR GH SHUIRUPDU IRU FXPSULGD RX VHMD TXDQGR R
FRQWUROHGRVEHQVRXVHUYLoRVGHXPDGHWHUPLQDGDRSHUDomRVmRWUDQVIHULGRVDRFOLHQWH
1HVWHVHQWLGRD&23(5*È6UHFRQKHFHUHFHLWDVRULXQGDVSULQFLSDOPHQWHGDVVHJXLQWHV
IRQWHV &RQVWUXomRGDLQIUDHVWUXWXUDSDUDR3RGHU&RQFHGHQWHFRQIRUPHGLYXOJDGRQD
QRWDH[SOLFDWLYDQž 9HQGDGHJiVFDQDOL]DGRFRQIRUPHGLYXOJDGRQDQRWDH[SOLFD
WLYDQž6HUYLoRGHXWLOL]DomRGRVLVWHPDGHGLVWULEXLomRGHJiVFRQIRUPHGLYXOJDGR
QDQRWDH[SOLFDWLYDQž2VDGPLQLVWUDGRUHVDYDOLDUDPDUHFHLWDSURYHQLHQWHGDFRQVWUXomR
GDLQIUDHVWUXWXUDSDUDR3RGHU&RQFHGHQWHYLVWRTXHVHWUDWDGHUHTXHULPHQWRFRQWiELOH[LJL
GRSHOR,&3&DILPGHH[SUHVVDURUHFRQKHFLPHQWRGDUHFHLWDQDSURSRUomRGRVJDV
WRVLQFRUULGRVHFRQVLGHUDGRVUHFXSHUiYHLVMXQWRDR3RGHU&RQFHGHQWH
$ WUDQVIHUrQFLDGRFRQWUROHRFRUUHQRPRPHQWRGDFRQVWUXomRDRULHQWDomR2&3&&RQ
WUDWRVGH&RQFHVVmRGHWHUPLQDTXHHPSUHVDVFRQFHVVLRQiULDVGHVHUYLoRVGHGLVWULEXLomR
VmRPHVPRTXHLQGLUHWDPHQWHUHVSRQViYHLVSHODFRQVWUXomRGDVUHGHV3RULVVRpREUL
JDWyULDDHYLGHQFLDomRGDVUHFHLWDVHGRVFXVWRVGHFRQVWUXomR3RUWDQWRD&RPSDQKLD
PDQWHUi R PHVPR WUDWDPHQWR FRQWiELO SDUD WRGDV DV REULJDo}HV GH GHVHPSHQKR H[LV
WHQWHV2VDGPLQLVWUDGRUHVGD&23(5*È6WDPEpPDYDOLDUDPDVSULQFLSDLVIRQWHVGHUH
FHLWDGDHQWLGDGHFRQIRUPHGLVFULPLQDGRDFLPDHHQWHQGHPTXHDVPHVPDVUHSUHVHQWDP
REULJDo}HVGHGHVHPSHQKRGLVWLQWDVRVTXDLVGHYHUmRVHUUHFRQKHFLGDVQRGHWHUPLQDGR
PRPHQWRHPTXHDHQWUHJDGRJiVHRXRVHUYLoRpUHDOL]DGR3RUWDQWRD&RPSDQKLDPDQ
WHUiRPHVPRWUDWDPHQWRFRQWiELOSDUDWRGDVDVREULJDo}HVGHGHVHPSHQKRH[LVWHQWHV
$OpP GH IRUQHFHU GLYXOJDo}HV PDLV DEUDQJHQWHV VREUH DV WUDQVDo}HV GH UHFHLWD GD
&23(5*È6DDGPLQLVWUDomRGDHQWLGDGHQmRHVSHUDTXHDDSOLFDomRGR&3& ,)56
 WHQKDXPLPSDFWRVLJQLILFDWLYRVREUHDSRVLomRSDWULPRQLDOHILQDQFHLUDHRXRGHVHP
SHQKRGDVRSHUDo}HVGDFRPSDQKLD LLL ,)56/HDVHV $UUHQGDPHQWRV $ ,)56
LQWURGX]XPPRGHORGHFRQWDELOLGDGH~QLFRHHPEDODQoRQRDUUHQGDPHQWRSDUDDUUHQGDWiULRV
8PORFDWiULRUHFRQKHFHXPGLUHLWRGHXVRTXHUHSUHVHQWDRGLUHLWRGHXVDURDWLYRVXEMD
FHQWHHXPSDVVLYRGHDUUHQGDPHQWRTXHUHSUHVHQWDDREULJDomRGHHIHWXDUSDJDPHQWRV
GHDUUHQGDPHQWR
([LVWHPLVHQo}HVRSFLRQDLVSDUDDUUHQGDPHQWRVGHFXUWRSUD]RHDUUHQGDPHQWRVGHLWHQV
GHEDL[RYDORU$ FRQWDELOL]DomRGRORFDGRUSHUPDQHFHVHPHOKDQWHDRSDGUmRDWXDORX
VHMDRVORFDGRUHVFRQWLQXDPDFODVVLILFDURVDUUHQGDPHQWRVFRPRDUUHQGDPHQWRVPHUFDQWLV
RXILQDQFHLURV$WXDOPHQWHD&RPSDQKLDQmRSRVVXLDFRUGRVGHDUUHQGDPHQWRVLJQLILFD
WLYRVORJRFRQVLGHUDTXHQmRKDYHUiLPSDFWRVPDWHULDLV
&$,;$ ((48,9$/(17(6'(&$,;$ (&217$ '(&867Ï',$
$ FRPSRVLomRGR&DL[DHVHXVHTXLYDOHQWHVDSUHVHQWDGDVQR$WLYR&LUFXODQWHVmR
 
&DL[DHHTXLYDOHQWHVGHFDL[D
 
$SOLFDo}HVILQDQFHLUDV D
 
7RWDOGH&DL[DH(TXLYDOHQWHGH&DL[D
 
&RQWDGH&XVWyGLD E
 
7RWDOGH&DL[DH(TXLYDOHQWHGH&DL[DHFRQWDGHFXVWyGLD  
D $VDSOLFDo}HVILQDQFHLUDVVmRUHDOL]DGDVREVHUYDQGRD1RUPD,QWHUQDGH,QYHVWLPHQ
WRV )LQDQFHLURV DSURYDGD SHOR &RQVHOKR GH$GPLQLVWUDomR TXH SUHYr D DSOLFDomR HP
&'%V &HUWLILFDGRGH'HSyVLWR%DQFiULR UHIHUHQFLDGRVDR&', &HUWLILFDGRGH'HSyVLWR
,QWHUEDQFiULR  (P  HVVDV DSOLFDo}HV ILQDQFHLUDV HVWmR VHQGR UHQWDELOL]DGDV
GHQWUH  D  GR &', PHVPD UHPXQHUDomR HP   H VmR HIHWLYDPHQWH
XVDGDVQRGLDDGLDGDVDWLYLGDGHVGD&RPSDQKLD
E 9DORUHVUHWLGRVHPFRQWDFRUUHQWHGR%DQFRGR%UDVLOTXHRULJLQDOPHQWHIRUDPGHSRVLWDGRV
SHOD7(5023(51$0%8&26$SDUDSDJDPHQWRVGHIDWXUDVj&RPSDQKLDFRPFRQVWL
WXLomRGHFRQWURYpUVLD
&217$6$ 5(&(%(5'(&/,(17(6
7(5023(51$0%8&26$ D
&OLHQWHVGRVHJPHQWRLQGXVWULDO
&OLHQWHVGRVHJPHQWRYHLFXODU
&OLHQWHVGRVHJPHQWR$XWRSURGXWRU
2XWURV
7RWDOGHFRQWDVDUHFHEHU
 3URYLVmRSDUDSHUGDVSRUUHGXomRDRYDORUUHFXSHUiYHO

&LUFXODQWH
1mR&LUFXODQWH D








 









 


 
 
 

D 2VYDORUHVFRUUHVSRQGHQWHVjVYHQGDVGHJiVQDWXUDOMXQWRj7(5023(51$0%8&2
VmR IDWXUDGRV PHQVDOPHQWH FRP YHQFLPHQWR GD SDUFHOD GH 7UDQVSRUWH DWp R ƒ GLD
VHJXLQWHDRPrVGHFRQVXPRHDVSDUFHODVGH&RPPRGLW\H5HPXQHUDomR&23(5*È6
HPGLDVFRQWDGRVGRSULPHLURGLDGRPrVVHJXLQWHDRPrVGHFRQVXPR6XDFRPSRVLomR
UHIHUHVH L IDWXUDVYLQFHQGDV 5PLO  LL IDWXUDVYHQFLGDV 5PLO 
$ FRPSRVLomRGRVDOGRGHFOLHQWHVSRULGDGHGHYHQFLPHQWRpDVHJXLQWH
 
$ YHQFHU
 
9HQFLGRVDWpGLDV


9HQFLGRVKiPDLVGHGLDV D
 
 

GXomRGR,53-$WUDYpVGR$WR'HFODUDWyULR([HFXWLYR'5)5(&1ž SXEOLFDGRQR'28
GH D5)%GHFODURXUHFRQKHFLGRRGLUHLWRGD&RSHUJiVGHXVXIUXLUGREHQHIt
FLRILVFDOGHUHGXomRGHGRLPSRVWRGHUHQGDHDGLFLRQDLVQmRUHVWLWXtYHLVLQFLGHQWHV
VREUHROXFURGDH[SORUDomR
&RQIRUPHGLVSRVLomRGD/HLQžRYDORUFRUUHVSRQGHQWHjUHGXomRGRLPSRVWR
GHUHQGDLQFLGHQWHVREUHROXFURGDH[SORUDomRIRLFRQWDELOL]DGRGLUHWDPHQWHQRUHVXOWDGR
GD&RPSDQKLDQDUXEULFDGHLPSRVWRGHUHQGD
$RILQDOGHFDGDH[HUFtFLRVRFLDODSDUFHODFRUUHVSRQGHQWHDRLQFHQWLYRDSXUDGRQRH[HU
FtFLRpWUDQVIHULGDSDUDDUHVHUYDGHLQFHQWLYRVILVFDLV 5HVHUYDGHOXFURV SDUDSRVWHULRU
LQWHJUDOL]DomRDR&DSLWDO6RFLDOGD&RPSDQKLD LL ,PSRVWRGHUHQGDHFRQWULEXLomRVR
FLDO $ FRQFLOLDomRHQWUHRVWULEXWRVVREUHROXFURFDOFXODGRVFRPEDVHQDVDOtTXRWDVHIH
WLYDVHRPRQWDQWHGHGHVSHVDVUHFRQKHFLGRQRUHVXOWDGRHVWiDVVLPGHPRQVWUDGD


,5&6//
,5&6//
/XFURFRQWiELODQWHVGRLPSRVWR
GHUHQGDHFRQWULEXLomRVRFLDO
   
&RQWULEXLomRVRFLDO
$GLo}HVHH[FOXV}HV3HUPDQHQWHV
%ULQGHVHSDWURFtQLRV




3URYLV}HVQmRGHGXWtYHLV




5HYHUVmRGHSURYLV}HV




-XURVVREUH&DSLWDO3UySULR
   
7RWDO
   




$OtTXRWDQRPLQDOGRLPSRVWRGH
UHQGD  HFRQWULEXLomRVRFLDO
,PSRVWRGHUHQGDHFRQWULEXLomR
VRFLDOjVDOtTXRWDVGDOHJLVODomR 
 

$MXVWHVDROXFUROtTXLGRTXHDIHWDP
RUHVXOWDGRILVFDOGRH[HUFtFLR
 ,QFHQWLYR3$7/HL5RXDQHW




 2XWURV




,PSRVWRGHUHQGDHFRQWULEXLomR
VRFLDOFRUUHQWHV

 

 ,QFHQWLYR)LVFDO68'(1(

 

,PSRVWRGHUHQGDH
FRQWULEXLomRVRFLDO




 (VWiDOtTXRWDMiFRQVLGHUDRDGLFLRQDOGH,PSRVWRGH5HQGDVREUHROXFURH[FHGHQWHD
5PLODQR
'e%,726(&5e',7261$623(5$d®(6'(9(1'$6(&2035$ '(*È6'pELWRV
QDV RSHUDo}HV GH FRPSUD H YHQGD GH JiV 2V GpELWRV UHIHUHPVH DR UHFHELPHQWR GH
YDORUHV IDWXUDGRV D WtWXOR GH 7DNH RU 3D\ 7R3  SUHYLVWR QR FRQWUDWR GH YHQGD GH JiV
QDWXUDOILUPDGRHQWUHD&RPSDQKLD3HUQDPEXFDQDGH*iV&23(5*È6HVHXVFOLHQWHV
GRPHUFDGRQmRWHUPRHOpWULFRSRGHQGRVHUUHFXSHUDGRSHORFOLHQWHQRWRGRRXHPSDUWH
GXUDQWHDYLJrQFLDGRFRQWUDWR(PGHGH]HPEURGHRPRQWDQWHDVHUUHFXSHUD
GRSHORVFOLHQWHVPRQWDHP5 5 &UpGLWRVQDVRSHUDo}HV
GHFRPSUDHYHQGDGHJiV 2PRQWDQWHGH5 5 UHIHUH
VHDRSDJDPHQWRDQWHFLSDGRj3HWUREUiVUHIHUHQWHDTXDQWLGDGHGHJiVSDJDHQmRUHWL
UDGDFRQIRUPH&RQWUDWRILUPHIOH[LYHOGDWDGRGHGHPDUoRGHHDGLWLYRVILUPDGR
FRPDIRUQHFHGRUDGHJiVQDWXUDO3HWUREUDV$VVLPTXDQGRDSXUDGRGLIHUHQoDSRVLWLYD
HQWUHDJDUDQWLDGLiULDHDTXDQWLGDGHGHJiVHIHWLYDPHQWHFRQVXPLGDGXUDQWHRH[HUFtFLR
D&RPSDQKLDSDVVDDWHUDREULJDWRULHGDGHGHSDJDUj3HWUREUDVRYDORUFRUUHVSRQGHQWH
DHVWDGLIHUHQoD
$ TXDQWLGDGHSDJDHQmRFRQVXPLGDSRGHUiVHUUHFXSHUDGDQRVDQRVUHPDQHVFHQWHVGR
FRQWUDWR3DUDRFRQWUDWRGHFRPSUDHYHQGDGHJiVSDUDD7HUPRSHUQDPEXFRRSUD]RGH
UHFXSHUDomRHSDJDPHQWRGDVTXDQWLGDGHVSDJDVHQmRUHWLUDGDVVHGiDWpR~OWLPRPrV
GRVpWLPRDQRVHJXLQWHDRGDDSXUDomRGDTXDQWLGDGHSDJDHQmRUHWLUDGDGHXPGHWHU
PLQDGRDQR
$SyVRWpUPLQRGRFRQWUDWRLQFOXtGDDVKLSyWHVHVGHSURUURJDomRH[FHWXDGDDKLSyWHVH
GHUHVFLVmRSURYRFDGDSHOD7(5023(51$0%8&2RVVDOGRVGHTXDQWLGDGHVSDJDVH
QmRUHWLUDGDVVHUmRUHFXSHUDGRV$WpROLPLWHGD4'&RXDTXHOHTXHYHQKDDVHUDFRU
GDGRHQWUHD&RSHUJiV7HUPRSHUQDPEXFRHD,QWHUYHQLHQWH 1RSUD]RGH WUH]HQ
WRVHVHVVHQWDHFLQFR GLDVVHJXLQWHVDRGRWpUPLQRGRFRQWUDWR
0RYLPHQWDomRGRV&UpGLWRVQDVRSHUDo}HVGHFRPSUDHYHQGDGHJiV
(P5
6DOGRHPGHGH]HPEURGH

 $GLo}HV

 &RPSHQVDo}HV

6DOGRHPGHGH]HPEURGH


$ SUHYLVmRSDUDUHFXSHUDomRVHJXQGRHVWXGRVHIHWXDGRVSHOD&RPSDQKLDVHDSUHVHQWD
FRQIRUPHRTXDGURDVHJXLU
(P5
3UHYLVmRGHFRPSHQVDomRHP

3UHYLVmRGHFRPSHQVDomRHP

3UHYLVmRGHFRPSHQVDomRHP

3UHYLVmRGHFRPSHQVDomRHP

D 'HVVHPRQWDQWH5UHIHUHVHDSDUWHGDVGLVFXVV}HVDFHUFDGR,&06GD 6DOGRHPGHGH]HPEURGH

RSHUDomRGHFRPSUDGHJiVQDWXUDOSHOD&23(5*È6HUHSDVVHGRFXVWRHTXLYDOHQWHj
7(5023(51$0%8&2 FRQIRUPH GHVFULWR QD 1RWD ([SOLFDWLYD  H 5  VmR '(3Ï6,726-8',&,$,6

IDWXUDVUHODFLRQDGDVD5HILQDULD$EUHXH/LPD 51(67 FXMDFDXVDHVWiMXGLFLDOL]DGDHFRP

3URFHVVRVWUDEDOKLVWDV


JDUDQWLDGHGHSyVLWRMXGLFLDOSRUSDUWHGD3HWUyOHR%UDVLOHLUR6$
3URFHVVRQž
D


75,%8726
3URFHVVRQž*
D


7ULEXWRVD5HFXSHUDU

3URFHVVRQž
E



&UpGLWR3LV&RILQV D


3URFHVVRQž
D


6DOGRQHJDWLYR,53-&6// E


3URFHVVRQž
F




,&06 F

2XWURV





D &UpGLWRGH3,6&2),16GHFRUUHQWHGDDPRUWL]DomRGR$WLYR,QWDQJtYHOH5HWHQo}HVQD
IRQWH
E 7DQWRR,53-FRPRD&6// DSUHVHQWDUDPVDOGRQHJDWLYRQDDSXUDomRGR/XFUR5HDO
GHH7DLVYDORUHVIRUDPWUDQVIHULGRVSDUDRDWLYRFLUFXODQWHSDUDFRPSHQVDo}HV
QRH[HUFtFLRVXEVHTXHQWH
F 6DOGRFRPSRVWRSULQFLSDOPHQWHGRFUpGLWRVREUHDTXLVLomRGHEHQVSHUPDQHQWHV
7ULEXWRVD3DJDU


,&06DUHFROKHU5HJLPHQRUPDO


,&06DUHFROKHU'LIHUHQFLDOGHDOtTXRWD


3,6&2),16DUHFROKHU


,55))ROKDGHSDJDPHQWR


,166)ROKDGHSDJDPHQWR


,166UHWLGRQD)RQWH


,66UHWLGRQDIRQWH


,66DUHFROKHU



2XWURV



,PSRVWRGH5HQGDH&RQWULEXLomR6RFLDOVREUHROXFUR
L 6XEYHQo}HVJRYHUQDPHQWDLV (PGHGH]HPEURGHIRLH[SHGLGDSHOD6X
SHULQWHQGrQFLDGH'HVHQYROYLPHQWRGR1RUGHVWH68'(1(R/DXGR&RQVWLWXWLYR
TXHFRQFHGHXj&RSHUJiVREHQHItFLRILVFDOGHUHGXomRGHGRLPSRVWRGHUHQGDH
DGLFLRQDLVQmRUHVWLWXtYHLVLQFLGHQWHVVREUHROXFURGDH[SORUDomRHPIXQomRGDFDSDFL
GDGHLQVWDODGDGRHPSUHHQGLPHQWRGHPñDQRSRUXPSUD]RGHDQRV
FRQWDGRVDSDUWLUGRDQRFDOHQGiULRGHžGHMDQHLURGHFRQVLGHUDQGRDVDWLYLGDGHV
GHSURGXomRGHWUDWDPHQWRHGHGLVWULEXLomRGRJiVQDWXUDOHPWXEXODo}HV
'HDFRUGRFRPRDUWLJRžGR'HFUHWRQžGHGHDEULOGHD&RSHUJiVSURWR
FRORXMXQWRD5HFHLWD)HGHUDOGR%UDVLO5)%R3HGLGRGH5HFRQKHFLPHQWRGHGLUHLWRjUH

D 5HIHUHVHDSURFHVVRGHUHFRQKHFLPHQWRGDLVHQomRGR,53- E 5HIHUHVHDSURFHV
VRGHDEVWHQomRGHFREUDQoDGDIDL[DGHGRPtQLRIHGHUDOFREUDGDSHOR'1,7 'HSDUWD
PHQWR1DFLRQDOGH,QIUD(VWUXWXUDGH7UDQVSRUWHV F 5HIHUHVHDSURFHVVRGHFXPSULPHQWR
GHVHQWHQoDDUELWUDO 7(5023(51$0%8&2 
0RYLPHQWDomRGRVGHSRVLWRVMXGLFLDLV
6DOGRQRLQLFLRGRH[HUFtFLR
$GLo}HV
%DL[DV
6DOGRQRILQDOGHH[HUFtFLR













,17$1*Ë9(/
$ DPRUWL]DomRIRLFDOFXODGDFRPEDVHQRSUD]RGRVDWLYRVIRUPDGRVHPFRQIRUPLGDGHFRP
RFRQWUDWRGHFRQFHVVmR DQRV HLQWHJUDQWHGDEDVHGHFiOFXORGDWDULIDGHSUHVWDomR
GHVHUYLoRV
3RUWDQWRDQRVpQRHQWHQGLPHQWRGD$GPLQLVWUDomRRSUD]RSDGUmRGHFRQVXPRGR
EHQHItFLRHFRQ{PLFRJHUDGRSHORVVHXVDWLYRVLQWDQJtYHLVHFRQVHTXHQWHPHQWHGDVXD
YLGD~WLOHVWLPDGD1HVWHVHQWLGRD$GPLQLVWUDomRFRQVLGHUDTXHDVXDLQWHUSUHWDomRYDL
DRHQFRQWURGDVSUiWLFDVFRQWiEHLVDGRWDGDVQR%UDVLOSULQFLSDOPHQWHQRWRFDQWHDRVLWHQV
$ H%GR&3&5DOpPGHUHWUDWDUFRPWUDQVSDUrQFLDDDGHUrQFLDGDVPHV
PDVDRQHJyFLRGD&RPSDQKLD
$ DSOLFDomRGHSUD]RGHDPRUWL]DomRGLYHUVRGDTXHOHGHILQLGRQDUHJUDFRQWUDWXDOJHUDXP
UHVXOWDGRTXHQDLQWHUSUHWDomRGD$GPLQLVWUDomRQmRUHIOHWHDUHDOLGDGHGRQHJyFLRGD
&RPSDQKLDSRUTXH L DQRVpGHIRUPDWD[DWLYDRSHUtRGRGHILQLGRQR&RQWUDWRGH
&RQFHVVmR SDUD D UHFXSHUDomR GRV LQYHVWLPHQWRV UHDOL]DGRV SHOD &RQFHVVLRQiULD QD
FRQVWUXomRGDLQIUDHVWUXWXUDH LL DPDUJHPGD&RQFHVVLRQiULDGHILQLGDDSDUWLUGDDSOL
FDomRGDVUHJUDVFRQWUDWXDLVpRLQVWUXPHQWRTXHSHUPLWHDPDQXWHQomRGRHTXLOtEULRHQWUH
&RQWLQXD