DOEPE 25/04/2019 - Pág. 20 - Poder Executivo - Diário Oficial do Estado de Pernambuco

Poder Executivo ● 25/04/2019 ● Diário Oficial do Estado de Pernambuco

20 - Ano XCVI • NÀ 77

Diário Oficial do Estado de Pernambuco - Poder Executivo

Recife, 25 de abril de 2019

32572'25(&,)(6$ 6(&5(7$5,$ '('(6(192/9,0(172(&21Ð0,&26'(&&13- 0) 
5(/$725,2'$ ',5(725,$6HQKRUHV$FLRQLVWDVHPFXPSULPHQWR
jV GLVSRVLo}HV OHJDLV H HVWDWXWiULDV VXEPHWHPRV j DSUHFLDomR GH
9RVVDV6HQKRULDVR%DODQoR3DWULPRQLDOHGHPDLV'HPRQVWUDo}HV
&RQWiEHLV YDORUHV DSUHVHQWDGRV HP PLOKDUHV GH UHDLV
DFRPSDQKDGRVGR5HODWyULRGRV$XGLWRUHV,QGHSHQGHQWHVUHIHUHQWH
DRH[HUFtFLRHQFHUUDGRHPGH'H]HPEURGHFRORFDQGRQRV
j GLVSRVLomR GRV 6HQKRUHV$FLRQLVWDV SDUD TXDLVTXHU RXWURV
HVFODUHFLPHQWRVDGLFLRQDLVTXHVHIL]HUHPQHFHVViULRV5HFLIHGH
$EULOGH$ ',5(725,$
5(/$7Ï5,2'$ $'0,1,675$d­2$35(6(17$d­2,167,
78&,21$/
1RVWHUPRVGD/HLQžGHGHGH]HPEURGHSXEOLFD
GDQR'LiULR2ILFLDOGR(VWDGRGH3HUQDPEXFRQDVXDHGLomRGH
GHGH]HPEURGHR3RGHU([HFXWLYRILFRXDXWRUL]DGRDFRQVWL
WXLU D 6RFLHGDGH GH (FRQRPLD 0LVWD GHQRPLQDGD 3RUWR GR 5HFLIH
6$YLQFXODGDj6HFUHWDULDGH'HVHQYROYLPHQWR(FRQ{PLFRGR(V
WDGRGH3HUQDPEXFRQDFRQGLomRGH,QWHUYHQLHQWHGR*RYHUQRGR
(VWDGRDWUDYpVGR&RQYrQLRGH'HOHJDomRQžGHGHMXQKR
GHILUPDGRHQWUHR*RYHUQRGR(VWDGRGH3HUQDPEXFRHD8QLmR
SRULQWHUPpGLRGR0LQLVWpULRGRV7UDQVSRUWHV$ HPSUHVD3RUWRGR5H
FLIH 6$ HP KDUPRQLD FRP RV SODQRV H SURJUDPDV GR *RYHUQR
)HGHUDO QR 6HWRU 3RUWXiULR WHP SRU ILQDOLGDGH UHDOL]DU H H[HFXWDU
DWLYLGDGHV UHODFLRQDGDV j GH DXWRULGDGH SRUWXiULD QRV PROGHV GH
VHX(VWDWXWR6RFLDOHGD/HL)HGHUDOQžTXHUHJXODDH[
SORUDomR GLUHWD RX LQGLUHWDPHQWH SHOD 8QLmR GRV SRUWRV H LQVWD
ODo}HVSRUWXiULDV$ HPSUHVDWHPSRUREMHWRVRFLDOH[HUFHUDVIXQo}HV
GHDXWRULGDGHSRUWXiULDQRkPELWRGRV3RUWRV2UJDQL]DGRVHPFRQ
VRQkQFLDFRPDVSROtWLFDVS~EOLFDVUHJXODPHQWDGDVSHOR0LQLVWpULR
GRV7UDQVSRUWHV3RUWRVH$YLDomR&LYLOSDUDDGPLQLVWUDomRGR3RUWR
2UJDQL]DGRGR5HFLIH2LQWHUHVVHS~EOLFRVXEMDFHQWHjVDWLYLGDGHV
HPSUHVDULDLVHVWiIRFDGRQDJHVWmRGDVRSHUDo}HVSRUWXiULDVFRP
VHJXUDQoDHHILFLrQFLDHJDUDQWLUDDGHTXDomRGDLQIUDHVWUXWXUDGR
3RUWRGR5HFLIHDVVHJXUDQGRRPHOKRUDPHQWRHRDSDUHOKDPHQWRGR
3RUWRDRFRPpUFLRHjQDYHJDomRGHIRUPDDFRQWULEXLUFRPDVSROtWL
FDVS~EOLFDV23RUWRGR5HFLIHSRVVXLXPDiUHDGHPLOPHWURV
TXDGUDGRVGLVSRQtYHLVSDUDDUPD]HQDJHPGHFDUJDVGLYHUVDVDWUDYpV
GHDUPD]pQVFREHUWRVFRPFDSDFLGDGHGHDEULJDUDSUR[LPDGDPHQWH
PLOWRQHODGDVGHSURGXWRVDOpPGHSiWLRVGHFRQWrLQHUHV VHLVPLO
7(86 HSiWLRVSDUDFDUJDVGLYHUVDVFRPFDSDFLGDGHSDUDDUPD]HQDU
 PLO WRQHODGDV 2 3RUWR GLVS}H WDPEpP GH HTXLSDPHQWRV GH
QRPLQDGRV6LORV3RUWXiULRVFRPFRQGLomRGHDUPD]HQDU YLQWHH
FLQFR PLOWRQHODGDVGHJUmRVHPFDGDXPGHOHVXP7HUPLQDO$oX
FDUHLUR FRP FDSDFLGDGH SDUD DUPD]HQDJHP HVWiWLFD GH 
GX]HQWDV PLO  WRQHODGDV DWXDQGR GHVVD IRUPD QD SUHVWDomR GH
VHUYLoRVSDUDDWHQGLPHQWRGHQDYLRVGHORQJRFXUVRHFDERWDJHP
SDUDLPSRUWDomRHH[SRUWDomRGHFDUJDVQDFLRQDLVHHVWUDQJHLUDVH
FRPHVWUXWXUDSDUDUHFHEHUQDYLRVGHFUX]HLURDWUDYpVGR7HUPLQDO
0DUtWLPR GH 3DVVDJHLURV 7HP VXD EDVH RSHUDFLRQDO FHQWUDGD QD
PRYLPHQWDomR Do~FDUJUDQHO Do~FDU HP VDFR EDUULOKD FRTXH GH
SHWUyOHRIHUWLOL]DQWHVPDOWHGHFHYDGDPLOKRHWULJRVHXVSULQFLSDLV
SURGXWRVGHH[SRUWDomRHLPSRUWDomRSRVVXLQGRDFHVVRVHVWUDWpJL
FRVDRVSULQFLSDLVSRQWRVGD5HJLmR0HWURSROLWDQDFRPDVPHQRUHV
GLVWkQFLDVDRVSULQFLSDLVFHQWURVGHGLVWULEXLomRGHPHUFDGRULDVTXH
VHGHVWLQDPDRLQWHULRUHDROLWRUDOGR(VWDGRGLVWDQWHDSHQDV
TXLO{PHWURVGH*RLDQDGLVWULWRLQGXVWULDOTXHUHFHEHLQYHVWLPHQWRVGD
)LDW&RPSDQKLD%UDVLOHLUDGH9LGURV3ODQRV &%93 +HPREUiVHGH
PDLVLQG~VWULDVGRSyORIDUPDFRTXtPLFRHDWHQGHQGRSUDWLFDPHQWH
D WRGR R QRUGHVWH EUDVLOHLUR QR DOFDQFH GH XP UDLR GH PLO
TXLO{PHWURVLQFOXLQGRRVHVWDGRVGD3DUDtED5LR*UDQGHGR1RUWH
$ODJRDV6HUJLSH3LDXt&HDUiH%DKLDDWXDQGRGHQWURGDURWDGH
QDYHJDomRGR0HUFRVXOHGDVSULQFLSDLVURWDVLQWHUQDFLRQDLVUHSUH
VHQWDQGRDVVLPVXDIXQGDPHQWDOLPSRUWkQFLDSDUDDHFRQRPLDGR
(VWDGRGH3HUQDPEXFR
&20326,d­2$&,21È5,$
2&DSLWDO6RFLDOGDHPSUHVD3RUWRGR5HFLIH6$pFRPSRVWRSRU
 XP WHUoR  GH Do}HV RUGLQiULDV H  GRLV WHUoRV  GH Do}HV
SUHIHUHQFLDLV UHVHUYDGD DR (VWDGR GH 3HUQDPEXFR HP TXDOTXHU
KLSyWHVHDSDUWLFLSDomRPtQLPDGH FLQTXHQWDHXPSRUFHQWR
QRFDSLWDOVRFLDOFRPGLUHLWRDYRWRVHQGROKHJDUDQWLGRVHPSUHHP
WRGDVDVHPLVV}HVGHDo}HVPDQWHUHVWHSHUFHQWXDOGHSDUWLFLSDomR
VHQGR QXOD TXDOTXHU WUDQVIHUrQFLD RX VXEVFULomR GH Do}HV FRP
LQIULQJrQFLDGRGLVSRVLWLYROHJDO
5(&(,7$ %587$ (/Ë48,'$

$ 5HFHLWD 2SHUDFLRQDO %UXWD GD HPSUHVD 3RUWR GR 5HFLIH 6$ QR
H[HUFtFLRGHIRLGH5 YLQWHHFLQFRPLOK}HVWUH]HQ
WRVHFLQTHQWDHFLQFRPLOFHQWRHTXDUHQWDUHDLV FRPDVGHGXo}HV
DVTXDLVFRQWHPSODPRVLPSRVWRVUHIHUHQWHVDR,663,6H&2),16
LQFLGHQWHV VREUH R IDWXUDPHQWR DVVLP FRPR RV GHVFRQWRVDEDWL
PHQWRVLQFRQGLFLRQDLVHFDQFHODPHQWRVGDVYHQGDVRTXHGHFRUUH
XPD5HFHLWD2SHUDFLRQDO/tTXLGDGH55 YLQWHHGRLV
PLOK}HVTXLQKHQWRVHRLWHQWDHVHWHPLOVHWHFHQWRVHYLQWHHVHWH
UHDLV 9iULRVIDWRUHVFRQWULEXtUDPSDUDDTXHGDQD5HFHLWDGR3RUWR
GR 5HFLIH GHQWUH RV TXDLV LQFLGLUDP VREUH WRGRV RV DVSHFWRV
UHIHUHQWHVDRUHVXOWDGRILQDQFHLURGRH[HUFtFLR$ RVFLODomRGRVSUHoRV
GDVPHUFDGRULDVH[SRUWDGDVQDFRWDomRGRPHUFDGRH[WHUQRFRPrQ
IDVHQDH[SRUWDomRGHDo~FDUGHPHUDUDDJUDQHOTXHWUDGLFLRQDOPHQWH
WHPVLGRDRORQJRGRVDQRVRSULQFLSDOSURGXWRH[SRUWDGRQRQRVVR
DQFRUDGRXURWHPSURYRFDGRDTXHGDQDVH[SRUWDo}HVIDFHDRGL
UHFLRQDPHQWRGRFLWDGRSURGXWRSDUDDSURGXomRGRiOFRROHGRDo~
FDUUHILQDGRGHVWLQDGRDRFRQVXPRQDFLRQDO(PIXQomRGLVVRQDVDIUD
KRXYHXPGHFUpVFLPRQDRUGHPGHQDPRYLPHQWDomR
GRSURGXWRSRUWRQHODGDHQDVDIUDGHPDLVXPDTXHGD
GHRTXHUHSUHVHQWRXQRH[HUFtFLRGHXPDTXHGDGHPRYL
PHQWDomRGRSURGXWRGHPLOWRQHODGDVSDUDPLOWRQHODGDV
$ PRYLPHQWDomRGRPLOKRQRSHUtRGRGHRXWXEURDPDLR
RFRUUHXGHIRUPDDWtSLFDHSRQWXDOSDUDDWHQGHUDXPDGHPDQGDGH
LPSRUWDomRGHLQVXPRV PLOKR GHVWLQDGDSDUDUDomRQDDWLYLGDGHGH
SHFXiULDDYtFROD QmR KDYHQGR PDLV QHQKXPD  RSHUDomR GHSRLV
GHVVHSHUtRGRUHIOH[RTXHLQFLGLXWDPEpPVREUHDUHFHLWDGDHP
SUHVD23RUWRGR5HFLIHORFDOL]DGRHPHVWXiULRGHYiULRVULRVFRP
DLQIUDHVWUXWXUDDTXDYLiULDFRQVWDQWHPHQWHDVVRUHDGDSRUVHGLPHQ
WRVWUD]LGRVHDOLGHSRVLWDGRVHVHPPDQXWHQomRGHGUDJDJHPGHVGH
QmRRIHUHFHQDVLWXDomRDWXDOLQIUDHVWUXWXUDFRPDVFRQGLo}HV
DGHTXDGDVSDUDSHUPLWLUDWUDFDo}HVSDUDWRGRVRVQDYLRVTXHPRYL
PHQWDPULTXH]DVQDUHJLmRUD]mRSHODTXDOD$XWRULGDGH0DUtWLPD
ORFDO &DSLWDQLDGRV3RUWRVGH3(&33( HWDPEpPRV3UiWLFRVYHP
LPSRQGRUHVWULo}HVRSHUDFLRQDLVVHYHUDVREMHWLYDQGRVROXo}HVWpF
QLFDVGHUHFRPSRVLomRGDVSURIXQGLGDGHVQHFHVViULDVDRVFDQDLVH
EHUoRVGHDWUDFDomR(VVDVLWXDomRWHPVLGRXPIDWRUFRQGLFLRQDQWH
HUHVWULWLYRSDUDHPEDUTXHHGHVFDUJDGHPHUFDGRULDVQR3RUWRSULQ
FLSDOPHQWHQRTXHGL]UHVSHLWRjVFDUJDVGHIHUWLOL]DQWHVEDUULOKDWULJR
HQWUHRXWURVSURGXWRVFRQWULEXLQGRFRQVHTXHQWHPHQWHHGHFLVLYD
PHQWHSDUDDTXHGDGDUHFHLWDGDHPSUHVD$ FULVHHQIUHQWDGDSHOR
PHUFDGRQDFLRQDOHLQWHUQDFLRQDOSURYRFRXGDPHVPDIRUPDDOpP
GH RXWUDV FRQVHTrQFLDV XPD VLWXDomR GH UHWUDomR GD PRYLPHQ
WDomRGHERELQDVGHDoRSDUDSURGXomRGHIHUURXWLOL]DGRQDFRQVWUXomR
FLYLOHLQG~VWULDVPHWDO~UJLFDVHSURGXWRVVLGHU~UJLFRVDFDUUHWDQGR
XPDPRYLPHQWDomRGHDSUR[LPDGDPHQWHWRQHODGDVQRH[HU
FtFLR GH  SUHMXGLFDQGR GH PDQHLUD HYLGHQWH RV UHVXOWDGRV IL
QDQFHLURV GD HPSUHVD GLIHUHQWHPHQWH GR H[HUFtFLR GH  TXH
SRVVLELOLWRXXPDPRYLPHQWDomRQR3RUWRGHWRQHODGDVGRVSUR
GXWRV7RGRVHVVHVHYHQWRVUHSUHVHQWDPSDUDDHPSUHVD3RUWRGR
5HFLIH 6$ IRUWHV LQGLFDGRUHV TXH FRQWULEXtUDP SDUD R FHQiULR IL
QDQFHLURGHILFLWiULRHPTXHDHPSUHVDDWXDOPHQWHVHHQFRQWUD(P
FRQWUDSDUWLGDpLPSRUWDQWHVDOLHQWDUTXHDHPSUHVD3RUWRGR5HFLIH
6$FRPRIRUPDGHPLQLPL]DUDSHUGDGDPRYLPHQWDomRGRPLOKR
LQWURGX]LXQR3RUWRGR5HFLIHDH[SRUWDomRSRUFDERWDJHPGRFRTXH
YHUGHGHSHWUyOHRSURGX]LGRQDUHILQDULDGD5HQHVWSDUDDWHQGHUD
GHPDQGD GDV LQG~VWULDV PHWDO~UJLFDV FRPR FRPEXVWtYHO PLQHUDO
JUDQGHSDUWHVHGLDGDVQDUHJLmRVXGHVWHGRSDtVDH[HPSORGDHP
SUHVD$oR1RUWH8VLPLQDVHRXWUDVRTXHVLJQLILFDTXHHVVDDomR
FRPHUFLDOHYLWRXTXHRUHVXOWDGRILQDQFHLURGDHPSUHVDQmRIRVVHDLQGD
PDLVSUHMXGLFDGR$QWHULRUPHQWHRFRTXHGHSHWUyOHRHUDLPSRUWDGR
SHOR3RUWRGR5HFLIHFRPPHQRUUHJXODULGDGHSDUDDWHQGHUjVGH
PDQGDVGDVLQG~VWULDVGDUHJLmRFRPRIiEULFDVGHFLPHQWRFHUkPL
FDVHRXWUDV'DPHVPDIRUPDWHQGRHPYLVWDTXHR3RUWRGR5H
FLIHRSHUDWDPEpPVREUHJLPHGR'HSyVLWR$OIDQGHJDGR&HUWLILFD
GR  '$& FRQFHGLGR SHOD$XWRULGDGH$OIDQGHJiULD  5HFHLWD
)HGHUDO GR %UDVLO YLD SURFHVVR GH FRQFHVVmR SRU$WR 'HFODUDWyULR
([HFXWLYR$'(IRLSRVVtYHOHVWHQGHUHVVDFRQGLomRDR3RUWRGH0D
FHLySDUDH[SRUWDomRGHFRPSRQHQWHVGDVSODWDIRUPDVGR3UHVVDO
GD3HWUREUiVGDOLQKDGHPRQWDJHPGRFRQVyUFLR7RPp)HUURVWDO
GHPDQHLUDYLUWXDORTXHSRVVLELOLWRXDR3RUWRGR5HFLIHDXIHULUUH
FHLWD GHVVD RSHUDomR QD RUGHP GH 5  WUrV PLOK}HV
FHQWR H RLWHQWD PLO UHDLV  DGYLQGD GD FREUDQoD GD LQFLGrQFLD GH
WDULIDVSRUWXiULDVGHFRUUHQWHVGR'$&FRQVWDQGRVHDVVLPTXHQmR

%$/$1d23$75,021,$/
(;(5&Ë&,26),1'26(0'('(=(0%52'(('(

$7,92
$7,92&,5&8/$17(
&DL[DHHTXLYDOHQWHVGHFDL[D 
&RQWDVDUHFHEHUGHFOLHQWHV 
(VWRTXHV
,PSRVWRVH&RQWULEXLo}HVD5HFXSHUDU 
(PSUpVWLPRVH$GLDQWDPHQWRV 
$7,921­2&,5&8/$17(
5($/,=È9(/ $ /21*235$=2
&RQWDVDUHFHEHUGHFOLHQWHV 
'HSyVLWRV-XGLFLDLV
2XWURV&UpGLWRV 
,02%,/,=$'2
%HQVH'LUHLWRVHP8VR 
 'HSUHFLDo}HVH
$PRUWL]Do}HV$FXPXODGDV 
,17$1*,9(/
%HQV,QFRUSyUHRVH,QWDQJtYHLV 
 $PRUWL]DomR$FXPXODGDV 
,QWDQJtYHOGH&RQFHVVmR 
 $PRUWL]Do}HV$FXPXODGDV
,QWDQJtYHOGH&RQFHVVmR 
727$/ '2$7,92




3$66,92


 3$66,92&,5&8/$17(


)RUQHFHGRUHV 


2EULJDo}HV7UDEDOKLVWDV



 H3UHYLGHQFLiULDV 

 2EULJDo}HV)LVFDLVD5HFROKHU 
  2XWUDV&RQWDVD3DJDU

 3$66,921­2&,5&8/$17(


)RUQHFHGRUHV 


'pELWRV)LVFDLV3UHYLGHQFLiULRV 



 3URYLVmRSDUD&RQWLJrQFLDV 

 2XWUDV&RQWDVD3DJDU
2XWUDV2EULJDo}HV 

 3$75,0Ð1,2/Ë48,'2
  &DSLWDO6RFLDO 


5HVHUYDVGH&DSLWDO 


5HVHUYDVGH/XFURV 
 
3UHMXL]RV$FXPXODGRV 























727$/ '23$66,92(
3$75,0Ð1,2/Ë48,'2

KDYHQGRHVVDRSHUDomRRUHVXOWDGRILQDQFHLURVHDSUHVHQWDULDDLQGD
PDLVFUtWLFR
029,0(172)Ë6,&2
2YROXPHGHFDUJDVPRYLPHQWDGDVQR3RUWRGR5HFLIHQRDQRGH
DWLQJLXDPDUFDGHWRQHODGDVPHQRUVHFRPSDUDGD
FRP D PRYLPHQWDomR GH  TXH DSUHVHQWRX XP PRQWDQWH GH
WRQHODGDV$SHVDUGRVQ~PHURVFRPSURYDUHPRGHFUpVFLPR
GDVRSHUDo}HVUHDOL]DGDVQR3RUWRUHJLVWUDVHFUHVFLPHQWRQDPRYL
PHQWDomR GH EDUULOKD   GH FRTXH GH SHWUyOHR   GH
IHUWLOL]DQWHV  GHPDOWHGHFHYDGD  HGRWULJR  RTXHQmR
IRL SRVVtYHO VHJXUDU R UHVXOWDGR SRVLWLYR HP UD]mR GD H[SUHVVLYD
TXHGDQDPRYLPHQWDomRDWULEXtGDHPJUDQGHSDUWHjH[SRUWDomR
GHDo~FDUDJUDQHO  HjLPSRUWDomRGRPLOKR  FRQIRUPH
GHVFULWRQDVFRQVLGHUDo}HVDQWHULRUPHQWHUHJLVWUDGDV$RORQJRGR
H[HUFtFLRLGHQWLILFDVHTXHKRXYHTXHGDQDPRYLPHQWDomRGHDo~
FDUHPVDFRV  HGRIHUURDoROLJDV  -iRIHUURDoROLJDV
RSULQFLSDOPRWLYRSDUDDTXHGDIRLRPHUFDGRLQWHUQDFLRQDOTXHFRP
EDL[DGRGyODUSUHMXGLFRXDH[SRUWDomR&RPUHODomRDRWULJR  
RDFUpVFLPRMXVWLILFDVHSHODDPSOLDomRGHPHUFDGRSDUDFRPSUDH
YHQGDGRSURGXWR&RPUHODomRjPRYLPHQWDomRGRFRTXHYHUGHGH
SHWUyOHRGHVWDFDPRVTXHQRH[HUFtFLRGHDPRYLPHQWDomRGR
SURGXWRIRLGHWRQHODGDVUHIOHWLQGRXPDFUpVFLPRGH
HPUHODomRD1RWRWDORFRUUHUDPDWUDFDo}HVDQWHHP
UHGXomRGHQRFRWHMRFRPH[HUFtFLRDQWHULRU&RPUH
ODomRjVQDYHJDo}HVGH/RQJR&XUVRUHJLVWUDVHDXPHQWRHP
HPUHODomRDRDQRDQWHULRUSDUDDVQDYHJDo}HVGH&DERWDJHPUH
GXomRGHHSDUDDVQDYHJDo}HVGH0HUFRVXOWDPEpPXPGH
FUpVFLPR GH  'HVWDFDPRV TXH HPERUD WHQKDPRV XP
DXPHQWRQDVQDYHJDo}HVGH/RQJR&XUVRHVWHQmRUHIOHWLXQDFDUJD
PRYLPHQWDGDYLVWRTXHWLYHPRVXPDUHGXomRHPQDFDUJDGH
/RQJR&XUVR
7(50,1$/ 0$5Ë7,02'(3$66$*(,526
2 WXULVPR PDUtWLPR GHSHQGH GRV YiULRV HOHPHQWRV TXH LQWHUDJHP
FRPHOHDGHPDQGDIRUPDGDSHORVFRQVXPLGRUHVGHEHQVHVHUYLoRV
WXUtVWLFRVDRIHUWDFRPSRVWDSHORVSURGXWRVVHUYLoRVHRUJDQL]Do}HV
DWLYDPHQWH HQYROYLGDV QD H[SHULrQFLD WXUtVWLFD RV RSHUDGRUHV GH
PHUFDGR TXH VmR DV HPSUHVDV H RUJDQLVPRV TXH IDFLOLWDP D
LQWHUUHODomRHQWUHDRIHUWDHDGHPDQGDHRHVSDoRJHRJUiILFRTXH
SRVVLELOLWD HVVH HQFRQWUR GH UHODo}HV$ SDUWLU GHVVH UDFLRFtQLR
UHJLVWUDPRVVHUGHIXQGDPHQWDOLPSRUWkQFLDDDWXDomRGHWRGRVHVVHV
DVSHFWRVRVTXDLVLPSOLFDPGLUHWDPHQWHQDHILFLrQFLDUHQWDELOLGDGH
QRVUHVXOWDGRVSURGX]LGRVHQDFRQWLQXLGDGHGRVVHUYLoRVSUHVWDGRV
HPSUROGRWXULVPR&RPDVLWXDomRGDHFRQRPLDJOREDOPXLWDVHP
SUHVDVWrPEXVFDGRPHUFDGRVDOWHUQDWLYRVSDUDVHXVQHJyFLRVFRPR
DFRQWHFHQRPHUFDGRGHFUX]HLURVPDUtWLPRVQR%UDVLOTXHSRVVXL
DRIHUWDEDVHDGDHPFRPSDQKLDVPXOWLQDFLRQDLVRTXHVLJQLILFDTXH
UHSUHVHQWDPRV QHVVH VHJPHQWR UHIOH[RV GD HFRQRPLD PXQGLDO H
VXDV QXDQFHV PHUFDGROyJLFDV GHPRQVWUDGDV QDV PRYLPHQWDo}HV
GHQDYLRVGHFUX]HLURVUHJXODUHVQDFRVWDEUDVLOHLUD1HVVHVHQWLGR
R7HUPLQDO0DUtWLPRGH3DVVDJHLURVGR3RUWRGR5HFLIHHVWiLQVHUL
GRWDPEpPQHVVDUHDOLGDGHPHVPRFRPDDWXDomRGR*RYHUQRGR
(VWDGRGH3HUQDPEXFRHPSDUFHULDFRPD3UHIHLWXUDGR5HFLIHEXV
FDQGRDSRLDUDVRSHUDo}HVWXUtVWLFDVQRPHQFLRQDGR7HUPLQDOGX
UDQWHDVWHPSRUDGDVGHFUX]HLURHSURSRUFLRQDQGRDRVSDVVDJHLURV
DWUDYpVGR7HUPLQDO0DUtWLPRGR3RUWRGR5HFLIHFRPXPDJHVWmR
VHPSUHYROWDGDDFXPSULUFRPDILQDOLGDGHS~EOLFDGRHTXLSDPHQWR
RSHUDo}HV VHJXUDV H HILFLHQWHV FRP D FRODERUDomR GH UHSUHVHQ
WDQWHVGD6HFUHWDULDGH7XULVPRGR(VWDGRGH3HUQDPEXFR6HFUH
WDULDGH'HIHVD6RFLDO(PSHWXU6HFUHWDULDGH7XULVPRGD3UHIHLWX
UDGR5HFLIH&,$785&778H*XDUGD0XQLFLSDOHPRELOL]DQGRXPD
HTXLSHGHDSUR[LPDGDPHQWH WULQWD HPSUHJDGRVGR3RUWRGR5H
FLIHSDUDHVVDVRSHUDo}HV&RPUHODomRDRVQDYLRVGHSDVVDJHLURV
QR3RUWRGR5HFLIHRFRUUHXXPWRWDOGHDWUDFDo}HVDEDL[R
GDV  UHJLVWUDGDV QR DQR DQWHULRU 2 TXDQWLWDWLYR GH SDVVDJHLURV
HQWUHHPEDUFDGRVGHVHPEDUFDGRVHHPWUkQVLWRTXHSDVVDUDPSHOR
3RUWRGR5HFLIHQDVWHPSRUDGDVHUHSUHVHQ
WRXHPPpGLDSDVVDJHLURVFRQIRUPHTXDGURGHPRQVWUDWLYR
DEDL[RWRWDOL]DQGRXPDUHFHLWDDUUHFDGDGDQDWHPSRUDGD
GH5 KXPPLOKmRWUH]HQWRVHFLQTHQWDHXPPLOQRYH
FHQWRVHVHVVHQWDHWUrVUHDLVHTXDUHQWDHFLQFRFHQWDYRV HQDWHP
SRUDGDDWpRPrVGHDEULOXPWRWDOGH5
VHWHFHQWRVHYLQWHHVHWHPLOTXDWURFHQWRVHQRYHQWDHXPUHDLVH
QRYHQWDHXPFHQWDYRV &RPRIRUPDGHFRQWULEXLUSDUDRLQFUHPHQWR

'(021675$d­2'25(68/7$'2
(;(5&Ë&,26),1'26(0'('(=(0%52'(('(


5(&(,7$ 23(5$&,21$/ %587$
5HFHLWDYHQGDGHVHUYLoRV 


'HGXo}HVGDUHFHLWDEUXWD
  3,6VIDWXUDPHQWR 

 &2),16 


 5(&(,7$ 23(5$&,21$/ /Ë48,'$ 

  &XVWRGRV6HUYLoRV3UHVWDGRV 
5(68/7$'223(5$&,21$/ %5872
 

'(63(6$623(5$&,21$,6


'HVSHVDV*HUDLVH$GPLQLVWUDWLYDV 

 2XWUDV5HFHLWDVH'HSHVDV2SHUDFLRQDLV/LTXLGDV 


 5(68/7$'223(5$&,21$/ $17(6'25(68/7$'2),1$1&(,52
 
 5HVXOWDGR)LQDQFHLUR  
5(68/7$'2/Ë48,'2'2(;(5&Ë&,2


5(68/7$'2325$d®(6'2&$3,7$/ 62&,$/ 12),1$/ '2(;(5&Ë&,2


$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWHGDVGHPRQVWUDo}HVFRQWiEHLV

'(021675$d­2'25(68/7$'2$%5$1*(17(

(;(5&Ë&,26),1'26(0'('(=(0%52'(('(







 
 



 
 


 5(68/7$'2$%5$1*(17('2(;(5&Ë&,2

&OLHQWHV$XPHQWR'LPLQXLomR
(VWRTXH$XPHQWR'LPLQXLomR
,PSRVWRVH&RQWULEXLo}HVD5HFXSHUDU$XPHQWR'LPLQXLomR
(PSUpVWLPRVH$GLDQWDPHQWRV$XPHQWR'LPLQXLomR
'HPDLV9DORUHVD5HFHEHU$XPHQWR'LPLQXLomR
)RUQHFHGRUHV'LPLQXLomR$XPHQWR
2EULJDo}HV7UDEDOKLVWDVH
3UHYLGHQFLiULDV'LPLQXLomR$XPHQWR
2EULJDo}HV7ULEXWiULDV'LPLQXLomR$XPHQWR
'HPDLV2EULJDo}HV'LPLQXLomR$XPHQWR
&DL[DOtTXLGRGDVDWLYLGDGHVRSHUDFLRQDLV
$7,9,'$'(6'(,19(67,0(172
$TXLVLo}HVGH$WLYR,PRELOL]DGR 





2XWURV5HVXOWDGRV$EUDQJHQWHV






 5(68/7$'2/Ë48,'2'2(;(5&Ë&,2
 
 5(68/7$'26$%5$1*(17(6

$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWHGDVGHPRQVWUDo}HVFRQWiEHLV
'(021675$d­2'26)/8;26'(&$,;$
(;(5&Ë&,26),1'26(0'('(=(0%52'(('(


$7,9,'$'(623(5$&,21$,6
/XFUR SUHMXt]R OtTXLGRGRH[HUFtFLR

 
$MXVWHVGROXFUR SUHMXt]R OtTXLGR
3URYLV}HV5HYHUVmRWUDEDOKLVWDVHHQFDUJRV


3URYLVmR5HYHUVmR&RQWLQJrQFLDV


'HSUHFLDo}HVH$PRUWL]DomR


'HSyVLWRV-XGLFLDLV $MXVWHGR6DOGR


3HUGDSRU,UUHFXSHUDELOLGDGHGH&UpGLWR

/XFUR SUHMXt]R OtTXLGRDMXVWDGR


9DULDomRGHDWLYRVHSDVVLYRVRSHUDFLRQDLV

GDUHFHLWDGDHPSUHVDGXUDQWHRH[HUFtFLRGHHVWDHPSUHVD
GLVSRQLELOL]RX iUHDV QmR DOIDQGHJDGDV QR 7HUPLQDO 0DUtWLPR GH
3DVVDJHLURV 6DOD 3HUQDPEXFR H HVWDFLRQDPHQWR  DWUDYpV GR
LQVWUXPHQWR$XWRUL]DomRGH8VRSDUDUHDOL]DomRGHHYHQWRVFXOWXUDLV
RTXHJHURXXPDUHFHLWDGHDSUR[LPDGDPHQWH5 GX]HQ
WRVHVHVVHQWDHVHWHPLOUHDLV 'DPHVPDIRUPDIRUDPGLVSRQLEL
OL]DGDViUHDVQmRRSHUDFLRQDLVGR3RUWRGHVFREHUWDVSDUDUHDOL]D
omRGHHYHQWRVSRQWXDLVDWUDYpVWDPEpPGRLQVWUXPHQWR$XWRUL]DomR
GH8VRRTXHJHURXXPDUHFHLWDGHDSUR[LPDGDPHQWH5
VHVVHQWDHTXDWURPLOUHDLV 
,19(67,0(1726(,1)5$(6758785$
$ VLWXDomRILQDQFHLUDGDHPSUHVD3RUWRGR5HFLIH6$QRH[HUFtFLR
GHGLDQWHGDVGLILFXOGDGHVHSUREOHPDVHQIUHQWDGRVOHYRXD
HPSUHVDDEXVFDUDOWHUQDWLYDVMXQWRDR*RYHUQRGR(VWDGRGH3HU
QDPEXFR REMHWLYDQGR YLDELOL]DU LQYHVWLPHQWRV QD LQIUDHVWUXWXUD
RSHUDFLRQDO GR DQFRUDGRXUR UHFLIHQVH 'HQWUH RV SUREOHPDV H[LV
WHQWHV QR 3RUWR GR 5HFLIH SRGHPRV GHVWDFDU D QHFHVVLGDGH GH
UHDOL]DomRGD'UDJDJHPGR3RUWRDWXDOPHQWHFRPXPDLQIUDHVWUX
WXUDTXHQmRRIHUHFHDGHTXDGDPHQWHDVFRQGLo}HVTXHSHUPLWDPTXDO
TXHU QDYLR DWUDFDU QR 3RUWR QDYLRV TXH PRYLPHQWDP ULTXH]DV QD
UHJLmRWHQGRHPYLVWDRQtYHOGHDVVRUHDPHQWRSRUVHGLPHQWRVGH
SRVLWDGRVQDViUHDVGH&DLV%HUoRVGHDWUDFDomREDFLDGHHYROXomR
REMHWRGHILVFDOL]DomRGD$XWRULGDGH0DUtWLPDORFDO &DSLWDQLDGRV3RU
WRVGH3HUQDPEXFR&33(H3UiWLFRV RVTXDLVDWXDOPHQWHLPS}HP
VHYHUDVUHVWULo}HVRSHUDFLRQDLVTXHSRVVDPYLUDLQYLDELOL]DUDIXQomR
RSHUDFLRQDO GR 3RUWR$V GHILFLrQFLDV QDV PDQXWHQo}HV GDV LQ
IUDHVWUXWXUDVDTXDYLiULDVGRVSRUWRVEUDVLOHLURVVmRXPDVGDVSULQFL
SDLVFDXVDVGDIDOWDGHLQYHVWLPHQWRVSULYDGRVHPWHUPLQDLVEHPFRPR
GRDXPHQWRGRVFXVWRVORJtVWLFRV1mRpGLIHUHQWHQR3RUWRGR5H
FLIH'UDJDUR3RUWRGR5HFLIHYLDELOL]DXPDPHOKRUFDGHLDORJtVWLFD
SDUD D UHJLmR H SDUD R %UDVLO FRPR XP WRGR PDV PDQWHU HVVD LQ
IUDHVWUXWXUDFRPUHJXODULGDGHGHVHJXUDQoDjQDYHJDomRHFRPDXWL
OL]DomRUHJXODUGHWLSRVHOLQKDVGHQDYLRVGDUiDRVLQYHVWLGRUHVD
VHJXUDQoDQHFHVViULDDRVQHJyFLRVGHPpGLRHORQJRSUD]R$VVH
JXUDUDVSURIXQGLGDGHVSURMHWDGDVSDUDR3RUWRGR5HFLIHUHSUHVHQ
WDUiDVHJXUDQoDQRVLQYHVWLPHQWRVSRVVtYHLVHFRPRFRQVHTXrQ
FLDQRVSRUWRVSRVWHULRUHVORFDOL]DGRVJHRJUDILFDPHQWHDRVXO$ FD
SDFLGDGH GH PRYLPHQWDomR GR 3RUWR GR 5HFLIH p GH DSUR[LPDGD
PHQWHGHWRQHODGDVDQXDLV(VWLPDPRVTXHFRPRVDQHD
PHQWRGDVFRQWDVHGRVFXVWRVDGPLQLVWUDWLYRVGDHPSUHVD3RUWRGR
5HFLIH 6$ D PRYLPHQWDomR DQXDO QHFHVViULD SDUD PDQWHU D LQ
IUDHVWUXWXUD DTXDYLiULD UHJXODUPHQWH GUDJDGD D FDGD GRLV DQRV
Pi[LPRWUrVDQRV pGHWRQHODGDVGHFDUJDV GDFD
SDFLGDGHGRSRUWRHGDPRYLPHQWDomRDWXDO (PIXQomRGLVVR
HPPHDGRVGHPDUoRGHD'LUHWRULDGR3RUWRGR5HFLIHGHX
LQtFLRjVWUDWDWLYDVMXQWRj6HFUHWDULD1DFLRQDOGH3RUWRVGD3UHVLGrQ
FLDGD5HS~EOLFDHD&RPLVVmR0LVWDGH2UoDPHQWRGR&RQJUHVVR
1DFLRQDOYLVDQGRjDSURYDomRGHSURMHWRVHOLEHUDomRGHUHFXUVRV
SDUDLQYHVWLPHQWRHPDo}HVUHODWLYDVjLQIUDHVWUXWXUDSRUWXiULDGR3RUWR
GR5HFLIHRTXHUHVXOWRXQDDSURYDomRGD(PHQGDDR3/1
/2$ IXQFLRQDODomRVXEWtWXOR $  'UDJDJHP GH
$GHTXDomRGD1DYHJDELOLGDGHHP3RUWRVXQLGDGHRUoDPHQWiULDSUH
WHQGLGD QR 0LQLVWpULR GRV 7UDQVSRUWHV 3RUWRV H$YLDomR &LYLO
$GPLQLVWUDomR'LUHWDUHFXUVRVQDRUGHPGH5 FHP
PLOK}HVGHUHDLV 2DQRGHIRLFRQFOXtGRVHPTXHRVUHFXUVRV
SUHYLVWRV QD UHIHULGD HPHQGD SDUODPHQWDU IRVVHP UHSDVVDGRV$
'LUHWRULD([HFXWLYDMXQWDPHQWHFRPD6HFUHWDULDGH'HVHQYROYLPHQ
WR(FRQ{PLFRGR(VWDGRGH3HUQDPEXFRFRQWLQXDUiDFRPSDQKDQGR
WRGDVDVDo}HVGDHPSUHVD3RUWRGR5HFLIH6$MXQWRDR*RYHUQR
)HGHUDOH(VWDGXDOYLVDQGRUHRUJDQL]DUVHXVQHJyFLRVUHGHVHQKDU
R VHX SDVVLYR H VH UHFXSHUDU GDV GLILFXOGDGHV ILQDQFHLUDV RUD
HQIUHQWDGDVSHODVXDIXQomRS~EOLFDVRFLDOHGHHVWtPXORjDWLYLGDGH
SRUWXiULD2 5HODWyULR GD$GPLQLVWUDomR HQFRQWUDVH GLVSRQtYHO QD
tQWHJUD QD 6HGH GD HPSUHVD 3RUWR GR 5HFLIH 6$ SDUD FRQKHFL
PHQWRHDQiOLVH
5HFLIHGHDEULOGH
&DUORVGR5rJR9LODU$QD0DULD5RPHLURGRV6DQWRV
'LUHWRU3UHVLGHQWH'LUHWRUD7pFQLFD
6pUJLR(GXDUGR/DFHUGDGH0HQH]HV
'LUHWRUGH*HVWmR$GPLQLVWUDWLYDH)LQDQFHLUD















$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWHGDVGHPRQVWUDo}HVFRQWiEHLV














&DL[DOtTXLGRGDVDWLYLGDGHVGHLQYHVWLPHQWR











&DL[DH(TXLYDOHQWHGH&DL[D









$7,9,'$'(6'(),1$1&,$0(172
$XPHQWRGH5HVHUYDVGH&DSLWDO





&DL[DOtTXLGRGDVDWLYLGDGHVGHILQDQFLDPHQWR





$XPHQWR'LPLQXLomR/tTXLGRGH
&DL[DQRLQtFLRGRDQR

 

 





&DL[DQRILQDOGRDQR





9DULDomR





$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWHGDVGHPRQVWUDo}HVFRQWiEHLV
&RQWLQXD