DOEPE 18/02/2020 - Pág. 20 - Poder Executivo - Diário Oficial do Estado de Pernambuco
20 - Ano XCVII • NÀ 33
Diário Oficial do Estado de Pernambuco - Poder Executivo
Recife, 18 de fevereiro de 2020
COMPANHIA ENERGÉTICA DE PERNAMBUCO S.A. - CELPE
CNPJ nº 10.835.932/0001-08
|
CVM nº 01436-2
|
Companhia Aberta
DEMONSTRAÇÃO DO VALOR ADICIONADO - EXERCÍCIOS FINDOS EM 31 DE DEZEMBRO DE 2019 E 2018 (Em milhares de reais)
2019
Receitas
9HQGDVEUXWDVGHHQHUJLDVHUYLoRVHRXWURV
3URYLVmRSDUDSHUGDVHVSHUDGDVGHFUpGLWRVGHOLTXLGDomRGXYLGRVD
Insumos adquiridos de terceiros
(QHUJLDHOpWULFDFRPSUDGDSDUDUHYHQGD
(QFDUJRVGHXVRGDUHGHEiVLFDGHWUDQVPLVVmR
Matérias-primas consumidas
0DWHULDLVVHUYLoRVGHWHUFHLURVHRXWURV
Valor adicionado bruto
$PRUWL]DomR
Valor adicionado líquido
Valor adicionado recebido em transferência
5HFHLWDV¿QDQFHLUDV
Valor adicionado total a distribuir
Distribuição do valor adicionado
Pessoal
5HPXQHUDo}HV
(QFDUJRVVRFLDLV H[FHWR,166
$X[tOLRDOLPHQWDomR
3UHYLGrQFLDSULYDGDHRXWURVEHQHItFLRV
'HVSHVDVFRPGHVOLJDPHQWR
)pULDVHVDOiULR
3ODQRGHVD~GH
2018
3DUWLFLSDomRQRVUHVXOWDGRV
Administradores
7UDQVIHUrQFLDSDUDRUGHQV
Outros
8.865.462
8.335.354
Subtotal
Impostos, taxas e contribuições
,166
,&06
3,6&2),16
,PSRVWRGHUHQGDHFRQWULEXLomRVRFLDO
(5.245.738)
(4.932.078)
2EULJDo}HVLQWUDVHWRULDLV
3.619.724
3.403.276
Outros
3.353.117
3.167.592 Subtotal
Remuneração de capitais de terceiros
-XURVHYDULDo}HVPRQHWiULDVHFDPELDLV
Aluguéis
4.142.835
4.311.944
Subtotal
Remuneração de capitais próprios
-XURVVREUHFDSLWDOSUySULR
'LYLGHQGRVSURSRVWRV
5HVHUYDGHLQFHQWLYR¿VFDO68'(1(
$GRomR,QLFLDO&3&
Subtotal
Valor adicionado total distribuído
9DORUEUXWRQmRGHGX]LGRVGRVFUpGLWRVGH3,6&2),16
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWHGDVGHPRQVWUDo}HV¿QDQFHLUDV
2019
231.017
2018
222.252
2.608.027
2.551.034
1.122.469
1.426.754
181.322
4.142.835
111.904
4.311.944
NOTAS EXPLICATIVAS ÀS DEMONSTRAÇÕES FINANCEIRAS EM 31 DE DEZEMBRO DE 2019 (Em milhares de reais)
YDORUHV UHJLVWUDGRV QR SDWULP{QLR OtTXLGR VRPHQWH VmR WUDQVIHULGRV SDUD UHVXOWDGR GR H[HUFtFLR HP FRQWD DSURSULDGD FXVWR GHVSHVD
$ &RPSDQKLD (QHUJpWLFD GH 3HUQDPEXFR ± &(/3( FRQFHVVLRQiULD GH VHUYLoR S~EOLFR GH HQHUJLD HOpWULFD FRP VHGH HP 5HFLIH ± RSHUDFLRQDO RX GHVSHVD ¿QDQFHLUD TXDQGR R LWHP SURWHJLGR IRU HIHWLYDPHQWH UHDOL]DGR 2V FXVWRV GR LQVWUXPHQWR GH hedge VmR
3HUQDPEXFR±%UDVLOpVRFLHGDGHDQ{QLPDGHFDSLWDODEHUWROLVWDGDQD%6$±%UDVLO%ROVD%DOFmRHFRQWURODGDSHOD1HRHQHUJLD UHFRQKHFLGRVGHQWURGRSDWULP{QLROtTXLGRb) Contrato de concessão de serviços públicos: 2V&RQWUDWRVGH&RQFHVVmRGH6HUYLoRV
6$ ³1(2(1(5*,$´ 6XDV DWLYLGDGHV VmR UHJXODPHQWDGDV H ¿VFDOL]DGDV SHOD $JrQFLD 1DFLRQDO GH (QHUJLD (OpWULFD ± $1((/ H 3~EOLFRVGH(QHUJLD(OpWULFDFHOHEUDGRVHQWUHD8QLmR 3RGHU&RQFHGHQWH2XWRUJDQWH HD&HOSHUHJXODPHQWDPDH[SORUDomRGRVVHUYLoRV
FRPSUHHQGHPSURMHWDUFRQVWUXLUHH[SORUDURVVLVWHPDVGHVXEWUDQVPLVVmRWUDQVIRUPDomRGLVWULEXLomRHFRPHUFLDOL]DomRGHHQHUJLD S~EOLFRVGHGLVWULEXLomRHHVWDEHOHFHPTXH $R¿QDOGDFRQFHVVmRRVDWLYRVYLQFXODGRVjLQIUDHVWUXWXUDGHYHPVHUUHYHUWLGRVDR3RGHU
EHP FRPR D JHUDomR GH HQHUJLD HOpWULFD HP VLVWHPD LVRODGR H DWLYLGDGHV DVVRFLDGDV DR VHUYLoR GH HQHUJLD HOpWULFD SRGHQGR DLQGD &RQFHGHQWHPHGLDQWHSDJDPHQWRGHXPDLQGHQL]DomR 2SUHoRpUHJXODGRDWUDYpVGHPHFDQLVPRGHWDULIDHVWDEHOHFLGRQRVFRQWUDWRVGH
UHDOL]DU RSHUDo}HV GH H[SRUWDomR H LPSRUWDomR $ &RPSDQKLD GHWpP D FRQFHVVmR SDUD GLVWULEXLomR GH HQHUJLD HOpWULFD HP WRGRV RV FRQFHVVmRFRPEDVHHPIyUPXODSDUDPpWULFD 3DUFHODV$H% EHPFRPRVmRGH¿QLGDVDVPRGDOLGDGHVGHUHYLVmRWDULIiULDTXHGHYHVHU
PXQLFtSLRVGRHVWDGRGH3HUQDPEXFRQR'LVWULWR(VWDGXDOGH)HUQDQGRGH1RURQKDHQRPXQLFtSLRGH3HGUDVGH)RJRQRHVWDGRGD VX¿FLHQWHSDUDFREULURVFXVWRVDDPRUWL]DomRGRVLQYHVWLPHQWRVHDUHPXQHUDomRSHORFDSLWDOLQYHVWLGR&RPEDVHQDVFDUDFWHUtVWLFDV
3DUDtEDDEUDQJHQGRXPDiUHDGHFRQFHVVmRGH .PðDTXDOpUHJXODGDSHOR&RQWUDWRGH&RQFHVVmRQFRPYHQFLPHQWRHP HVWDEHOHFLGDVQRVFRQWUDWRVGHFRQFHVVmRD$GPLQLVWUDomRHQWHQGHTXHHVWmRDWHQGLGDVDVFRQGLo}HVSDUDDDSOLFDomRGD,QWHUSUHWDomR
$ &RPSDQKLD YHP DWHQGHQGR FRQVXPLGRUHV OLYUHV QR HVWDGR GH 3HUQDPEXFR GHVGH $GLFLRQDOPHQWH D &RPSDQKLD HVWi 7pFQLFD,&3& ,)5,& &RQWUDWRVGH&RQFHVVmRSDUDDV'LVWULEXLGRUDVHGR3URQXQFLDPHQWR7pFQLFR&3& ,)56 ±5HFHLWD
GH &RQWUDWR TXH IRUQHFHP RULHQWDo}HV VREUH D FRQWDELOL]DomR GH FRQFHVV}HV GH VHUYLoRV S~EOLFRV D RSHUDGRUHV SULYDGRV GH IRUPD D
DXWRUL]DGDDPDQWHUXPDXVLQDGHJHUDomRGHHQHUJLDWpUPLFDDGLHVHOQR'LVWULWR(VWDGXDOGH)HUQDQGRGH1RURQKDDWp
UHÀHWLURQHJyFLRGHGLVWULEXLomRGHHQHUJLDHOpWULFDDEUDQJHQGR L ,QYHVWLPHQWRVGRFRQWUDWRGHFRQFHVVmRHPFRQVWUXomRRXPHOKRULDGD
2. ELABORAÇÃO E APRESENTAÇÃO DAS DEMONSTRAÇÕES FINANCEIRAS
LQIUDHVWUXWXUDGHGLVWULEXLomRGHHQHUJLDHOpWULFDVmRFODVVL¿FDGRVFRPRDWLYRGHFRQWUDWR LL 3DUFHODHVWLPDGDGRVLQYHVWLPHQWRVUHDOL]DGRV
2.1. Base de preparação: $V GHPRQVWUDo}HV ¿QDQFHLUDV IRUDP SUHSDUDGDV HP FRQIRUPLGDGH jV QRUPDV LQWHUQDFLRQDLV GH UHODWyULRV H QmR DPRUWL]DGRV RX GHSUHFLDGRV DWp R ¿QDO GD FRQFHVVmR FODVVL¿FDGD FRPR XP DWLYR ¿QDQFHLUR SRU VHU XP GLUHLWR LQFRQGLFLRQDO GH
¿QDQFHLURV ³,)56´±International Financial Reporting Standards HPLWLGDVSHORInternational Accounting Standards Board±,$6%HDV UHFHEHUFDL[DRXRXWURDWLYR¿QDQFHLURGLUHWDPHQWHGR3RGHU&RQFHGHQWH LLL 3DUFHODUHPDQHVFHQWHjGHWHUPLQDomRGRDWLYR¿QDQFHLUR
SUiWLFDVFRQWiEHLVDGRWDGDVQR%UDVLO$VSUiWLFDVFRQWiEHLVDGRWDGDVQR%UDVLOFRPSUHHQGHPDTXHODVLQFOXtGDVQDOHJLVODomRVRFLHWiULD YDORUUHVLGXDO FODVVL¿FDGDFRPRXPDWLYRLQWDQJtYHOHPYLUWXGHGHDVXDUHFXSHUDomRHVWDUFRQGLFLRQDGDjXWLOL]DomRGRVHUYLoRS~EOLFR
EUDVLOHLUDHRVSURQXQFLDPHQWRVWpFQLFRVDVRULHQWDo}HVHDVLQWHUSUHWDo}HVWpFQLFDVHPLWLGRVSHOR&RPLWrGH3URQXQFLDPHQWRV&RQWiEHLV QHVWHFDVRGRFRQVXPRGHHQHUJLDSHORVFRQVXPLGRUHV'HVVDIRUPDDQRUPDUHTXHUTXHWRGRVRVEHQVTXHLQWHJUHPDLQIUDHVWUXWXUDGH
± ³&3&´ H DSURYDGRV SHOD &RPLVVmR GH 9DORUHV 0RELOLiULRV ± ³&90´ $ &RPSDQKLD WDPEpP VH XWLOL]D GDV RULHQWDo}HV FRQWLGDV QR GLVWULEXLomRGHHQHUJLDHOpWULFDFODVVL¿FDGRVFRPRDWLYRGHFRQWUDWRGHYDPVHUELIXUFDGRVHQWUHDWLYR¿QDQFHLURHDWLYRLQWDQJtYHODSyVD
0DQXDOGH&RQWDELOLGDGHGR6HWRU(OpWULFR%UDVLOHLURHGDVQRUPDVGH¿QLGDVSHOD$JrQFLD1DFLRQDOGH(QHUJLD(OpWULFD ³$1((/´ TXDQGR HQWUDGDHPRSHUDomRGRLQYHVWLPHQWRRXGRWpUPLQRGDPHOKRULDGDLQIUDHVWUXWXUD2VMXURVLQFRUULGRVVREUHHPSUpVWLPRVH¿QDQFLDPHQWRV
HVWDVQmRVmRFRQÀLWDQWHVFRPDVSUiWLFDVFRQWiEHLVDGRWDGDVQR%UDVLOHRXFRPDVSUiWLFDVFRQWiEHLVLQWHUQDFLRQDLV$$GPLQLVWUDomRGD WDPEpP LQWHJUDP R FXVWR GH FRQVWUXomR HP DPEDV VLWXDo}HV $ LQIUDHVWUXWXUD UHFHELGD RX FRQVWUXtGD GD DWLYLGDGH GH GLVWULEXLomR p
&RPSDQKLDDXWRUL]RXDHPLVVmRGDVGHPRQVWUDo}HV¿QDQFHLUDVHPGHIHYHUHLURGH7RGDVDVLQIRUPDo}HVUHOHYDQWHVSUySULDVGDV UHFXSHUDGDDWUDYpVGHGRLVÀX[RVGHFDL[DDVDEHU L 3DUWHDWUDYpVGRFRQVXPRGHHQHUJLDHIHWXDGRSHORVFRQVXPLGRUHV HPLVVmRGR
GHPRQVWUDo}HV¿QDQFHLUDVHVRPHQWHHODVHVWmRVHQGRHYLGHQFLDGDVHFRUUHVSRQGHPjVXWLOL]DGDVSHOD$GPLQLVWUDomRHPVXDJHVWmR IDWXUDPHQWRPHQVDOGDPHGLomRGHHQHUJLDFRQVXPLGDYHQGLGD GXUDQWHRSUD]RGDFRQFHVVmR ,QWDQJtYHO LL 3DUWHFRPRLQGHQL]DomRGRV
2.2. Moeda funcional e de apresentação: $VGHPRQVWUDo}HV¿QDQFHLUDVHVWmRDSUHVHQWDGDVHPPLOKDUHVGH5HDLV 5 TXHpDPRHGD EHQVUHYHUVtYHLVQR¿QDOGRSUD]RGDFRQFHVVmRDVHUUHFHELGDGLUHWDPHQWHGR3RGHU&RQFHGHQWHRXSDUDTXHPHOHGHOHJDUHVVDWDUHID
IXQFLRQDO GD &RPSDQKLD 7RGRV RV VDOGRV IRUDP DUUHGRQGDGRV SDUD R PLOKDU PDLV SUy[LPR $V WUDQVDo}HV HP PRHGD HVWUDQJHLUD VmR $WLYR)LQDQFHLUR c) Subvenções governamentais: 6mRUHFRQKHFLGDVLQLFLDOPHQWHFRPRUHFHLWDVGLIHULGDVSHORVHXYDORUMXVWRTXDQGR
LQLFLDOPHQWHUHJLVWUDGDVFRQYHUWLGDVSDUDDPRHGDIXQFLRQDOSHODWD[DGHFkPELRHPYLJRUQDGDWDGDWUDQVDomR6XEVHTXHQWHPHQWHRV H[LVWHUD]RiYHOVHJXUDQoDGHTXHHODVVHUmRUHFHELGDVHTXHD&RPSDQKLDLUiFXPSULUDVFRQGLo}HVDVVRFLDGDVFRPDVXEYHQomRHVmR
DWLYRVHSDVVLYRVPRQHWiULRVGHQRPLQDGRVHPPRHGDHVWUDQJHLUDVmRFRQYHUWLGRVSDUDDPRHGDIXQFLRQDOXWLOL]DQGRVHDWD[DGHFkPELR SRVWHULRUPHQWHUHFRQKHFLGDVQRUHVXOWDGRFRPR³5HFHLWDGHIRUQHFLPHQWRGHHQHUJLD´HPXPDEDVHVLVWHPiWLFDDRORQJRGDYLGD~WLOGR
YLJHQWH QD GDWD GRV UHVSHFWLYRV EDODQoRV SDWULPRQLDLV 2V JDQKRV H DV SHUGDV FDPELDLV UHVXOWDQWHV GD DWXDOL]DomR GHVVHV DWLYRV H DWLYR$VVXEYHQo}HVTXHYLVDPFRPSHQVDUD&RPSDQKLDSRUGHVSHVDVLQFRUULGDVVmRUHFRQKHFLGDVQRUHVXOWDGRHPXPDEDVHVLVWHPiWLFD
SDVVLYRV VmR UHFRQKHFLGRV FRPR UHFHLWDV H GHVSHVDV ¿QDQFHLUDV QD GHPRQVWUDomR GR UHVXOWDGR 2.3. Base de mensuração: As GXUDQWHRVH[HUFtFLRVHPTXHDVGHVSHVDVFRUUHODWDVVmRUHJLVWUDGDVd) Valores a compensar/(repassar) da parcela A: Referem-se aos
GHPRQVWUDo}HV¿QDQFHLUDVIRUDPSUHSDUDGDVXWLOL]DQGRFRPREDVHRFXVWRKLVWyULFRH[FHWRSRUGHWHUPLQDGRVLQVWUXPHQWRV¿QDQFHLURV DWLYRVHSDVVLYRVGHFRUUHQWHVGDVGLIHUHQoDVWHPSRUiULDVHQWUHRVFXVWRVKRPRORJDGRV 3DUFHOD$HRXWURVFRPSRQHQWHV¿QDQFHLURV TXH
PHQVXUDGRV SHORV VHXV YDORUHV MXVWRV TXDQGR UHTXHULGR SHODV QRUPDV FRQWiEHLV $ FODVVL¿FDomR GD PHQVXUDomR GR YDORU MXVWR QDV VmRLQFOXtGRVQDWDULIDQRLQtFLRGRSHUtRGRWDULIiULRHDTXHOHVTXHVmRHIHWLYDPHQWHLQFRUULGRVDRORQJRGRSHUtRGRGHYLJrQFLDGDWDULID
FDWHJRULDVQtYHLVRX GHSHQGHQGRGRJUDXGHREVHUYkQFLDGDVYDULiYHLVXWLOL]DGDV HVWiDSUHVHQWDGDQD1RWD HVWLPDWLYDGHYDORU (VVDGLIHUHQoDFRQVWLWXLXPGLUHLWRDUHFHEHUVHPSUHTXHRVFXVWRVKRPRORJDGRVHLQFOXtGRVQDWDULIDVmRLQIHULRUHVDRVFXVWRVHIHWLYDPHQWH
MXVWR 2.4. Uso de estimativas e julgamentos: 1DSUHSDUDomRGHVWDVGHPRQVWUDo}HV¿QDQFHLUDVD$GPLQLVWUDomRXWLOL]RXMXOJDPHQWRVH LQFRUULGRVRXXPDREULJDomRTXDQGRRVFXVWRVKRPRORJDGRVHLQFOXtGRVQDWDULIDVmRVXSHULRUHVDRVFXVWRVHIHWLYDPHQWHLQFRUULGRV(VVHV
HVWLPDWLYDV SDUD D DSOLFDomR GDV SROtWLFDV FRQWiEHLV GD &RPSDQKLD H RV YDORUHV UHSRUWDGRV GH DWLYRV SDVVLYRV UHFHLWDV H GHVSHVDV YDORUHVVHUmRHIHWLYDPHQWHOLTXLGDGRVSRURFDVLmRGRSUy[LPRSHUtRGRWDULIiULRRXHPFDVRGHH[WLQomRGDFRQFHVVmRFRPDH[LVWrQFLDGH
GHWDOKDGRV QD QRWD H[SOLFDWLYD 2V UHVXOWDGRV UHDLV SRGHP GLYHUJLU GHVVDV HVWLPDWLYDV $V HVWLPDWLYDV H SUHPLVVDV VmR UHYLVDGDV VDOGRV DSXUDGRV TXH QmR WHQKDP VLGR UHFXSHUDGRV HRX UHSDVVDGRV VHUmR LQFOXtGRV QD EDVH GH LQGHQL]DomR Mi SUHYLVWD TXDQGR GD
FRQWLQXDPHQWHHUHFRQKHFLGDVSURVSHFWLYDPHQWH,WHQVVLJQL¿FDWLYRVVXMHLWRVDHVVDVHVWLPDWLYDVHSUHPLVVDVLQFOXHP L RUHJLVWURGD H[WLQomRSRUTXDOTXHUPRWLYRGDFRQFHVVmRe) ImpairmentGHDWLYRVQmR¿QDQFHLURV $$GPLQLVWUDomRUHYLVDDQXDOPHQWHRVHYHQWRV
UHFHLWDGHIRUQHFLPHQWRGHHQHUJLDHGHXVRGDUHGHGRVLVWHPDGHGLVWULEXLomRQmRIDWXUDGRV 1RWDDHGUHVSHFWLYDPHQWH LL R RXPXGDQoDVQDVFLUFXQVWkQFLDVHFRQ{PLFDVRSHUDFLRQDLVRXWHFQROyJLFDVGHFDGDDWLYRTXHSRVVDPLQGLFDUGHWHULRUDomRRXSHUGDGH
UHJLVWURGHSURYLVmRGDFRPHUFLDOL]DomRGHHQHUJLDQRkPELWRGD&kPDUDGH&RPHUFLDOL]DomRGH(QHUJLD(OpWULFD±&&(( 1RWDE LLL VHXYDORUUHFXSHUiYHO6HQGRWDLVHYLGrQFLDVLGHQWL¿FDGDVHVHRYDORUFRQWiELOOtTXLGRH[FHGHURYDORUUHFXSHUiYHOpFRQVWLWXtGDSURYLVmR
UHFRQKHFLPHQWRGHDWLYRV¿VFDLVGLIHULGRV GLVSRQLELOLGDGHGHOXFURWULEXWiYHOIXWXURFRQWUDRTXDOSUHMXt]RV¿VFDLVSRVVDPVHUXWLOL]DGRV SDUDGHVYDORUL]DomRDMXVWDQGRRYDORUFRQWiELOOtTXLGRDRYDORUUHFXSHUiYHO3HUGDVSRUUHGXomRQRYDORUUHFXSHUiYHOVmRUHFRQKHFLGDVQR
1RWD LY FULWpULRGHDSXUDomRHDWXDOL]DomRGRDWLYR¿QDQFHLURGDFRQFHVVmR HFiOFXORGDDPRUWL]DomRGRDWLYRLQWDQJtYHOGDFRQFHVVmR UHVXOWDGRHVmRUHYHUWLGDVVRPHQWHQDFRQGLomRHPTXHRYDORUFRQWiELOGRDWLYRQmRH[FHGDRYDORUFRQWiELOTXHWHULDVLGRDSXUDGRFDVR
GHIRUPDOLQHDUSHORSUD]RFRUUHVSRQGHQWHDRGLUHLWRGHFREUDURVFRQVXPLGRUHVSHORXVRGRDWLYRGDFRQFHVVmRTXHRJHURX YLGD~WLO QHQKXPDSHUGDSRUUHGXomRDRYDORUUHFXSHUiYHOWLYHVVHVLGRUHFRQKHFLGDSDUDRDWLYRHPH[HUFtFLRVDQWHULRUHV$UHYHUVmRGDSHUGDSRU
UHJXODWyULDGRVDWLYRV RXSHORSUD]RGRFRQWUDWRGHFRQFHVVmRGRVGRLVRPHQRU 1RWDVH Y DDQiOLVHGRULVFRGHFUpGLWRSDUD UHGXomRDRYDORUUHFXSHUiYHOpUHFRQKHFLGDLPHGLDWDPHQWHQRUHVXOWDGR1DHVWLPDWLYDGRYDORUHPXVRGRDWLYRRVÀX[RVGHFDL[DIXWXURV
GHWHUPLQDomRGDVSHUGDVHVSHUDGDVSDUDFUpGLWRVGHOLTXLGDomRGXYLGRVD 1RWD YL DGH¿QLomRGRYDORUMXVWRDWUDYpVGHWpFQLFDVGH HVWLPDGRVVmRGHVFRQWDGRVDRVHXYDORUSUHVHQWHXWLOL]DQGRXPDWD[DGHGHVFRQWRDQWHVGRVLPSRVWRVTXHUHÀLWDRFXVWRPpGLRSRQGHUDGR
DYDOLDomRLQFOXLQGRRPpWRGRGHÀX[RGHFDL[DGHVFRQWDGRSDUDDWLYRVHSDVVLYRV¿QDQFHLURVQmRREWLGRVHPPHUFDGRVDWLYRV 1RWD GHFDSLWDOSDUDRVHJPHQWRHPTXHRSHUDRDWLYR2YDORUMXVWRpGHWHUPLQDGRVHPSUHTXHSRVVtYHOFRPEDVHHPFRQWUDWRGHYHQGD¿UPH
YLL UHFRQKHFLPHQWRGHSURYLV}HVSDUDULVFRV¿VFDLVFtYHLVWUDEDOKLVWDVHUHJXODWyULRVSRUPHLRGDDYDOLDomRGDSUREDELOLGDGHGHSHUGD HPXPDWUDQVDomRHPEDVHVFRPXWDWLYDVHQWUHSDUWHVFRQKHFHGRUDVHLQWHUHVVDGDVDMXVWDGRSRUGHVSHVDVDWULEXtYHLVjYHQGDGRDWLYR
TXH LQFOXL DYDOLDomR GDV HYLGrQFLDV GLVSRQtYHLV D KLHUDUTXLD GDV OHLV DV MXULVSUXGrQFLDV GLVSRQtYHLV DV GHFLV}HV PDLV UHFHQWHV QRV RXTXDQGRQmRKiFRQWUDWRGHYHQGD¿UPHFRPEDVHQRSUHoRGHPHUFDGRGHXPPHUFDGRDWLYRRXQRSUHoRGDWUDQVDomRPDLVUHFHQWH
WULEXQDLVHVXDUHOHYkQFLDQRRUGHQDPHQWRMXUtGLFREHPFRPRDDYDOLDomRGRVDGYRJDGRVH[WHUQRV 1RWD YLLL UHFRQKHFLPHQWRGRV FRPDWLYRVVHPHOKDQWHV(YLGrQFLDREMHWLYDGHTXHDWLYRVQmR¿QDQFHLURVWLYHUDPSHUGDGHYDORULQFOXL ,QGLFDWLYRVREVHUYiYHLVGHUHGXomR
YDORUHV D FRPSHQVDU UHSDVVDU GD SDUFHOD $ H RXWURV LWHQV ¿QDQFHLURV 1RWD H L[ UHFRQKHFLPHQWR GRV FXVWRV GRV SODQRV GH VLJQL¿FDWLYDVGRYDORUGRDWLYR 0XGDQoDVWHFQROyJLFDVGHPHUFDGRHFRQ{PLFRRXOHJDOQDTXDODHQWLGDGHRSHUDRDWLYR $XPHQWRGH
DSRVHQWDGRULD FRP EHQHItFLRV H R YDORU SUHVHQWH GD REULJDomR GH DSRVHQWDGRULD DWUDYpV GD DYDOLDomR DWXDULDO TXH HQYROYH R XVR GH WD[DVGHMXURVSUDWLFDGRVQRPHUFDGRGHUHWRUQRVREUHLQYHVWLPHQWRVDIHWDQGRDWD[DGHGHVFRQWRXWLOL]DGRSHOD&RPSDQKLD 2YDORU
SUHPLVVDVVREUHWD[DVGHGHVFRQWRWD[DVGHUHWRUQRGHDWLYRVHVSHUDGDVDXPHQWRVVDODULDLVIXWXURVWD[DVGHPRUWDOLGDGHHDXPHQWRV FRQWiELOGRSDWULP{QLROtTXLGRGDHQWLGDGHpPDLRUGRTXHRYDORUGHVXDVDo}HVQRPHUFDGR (YLGrQFLDGLVSRQtYHOGHREVROHVFrQFLDRX
IXWXURVGHEHQHItFLRVGHDSRVHQWDGRULDVHSHQV}HV 1RWD 2.5. Principais políticas contábeis: $VSROtWLFDVFRQWiEHLVDGRWDGDVSHOD GHGDQRItVLFRGHXPDWLYR 'HVFRQWLQXLGDGHRXUHHVWUXWXUDomRGDRSHUDomRDTXDOXPDWLYRSHUWHQFH 'DGRVREVHUYiYHLVLQGLFDQGRTXH
&RPSDQKLDHVWmRGHVFULWDVDVHJXLU D ,QVWUXPHQWRV¿QDQFHLURV $&RPSDQKLDFODVVL¿FDVHXVDWLYRVHSDVVLYRV¿QDQFHLURVLQLFLDOPHQWH R GHVHPSHQKR HFRQ{PLFR GH XP DWLYR p RX VHUi SLRU TXH R HVSHUDGR 1RV H[HUFtFLRV ¿QGRV HP GH GH]HPEUR GH H D
D YDORU MXVWR H VXEVHTXHQWHPHQWH PHQVXUDGRV GH DFRUGR FRP DV VHJXLQWHV FDWHJRULDV L $WLYRV ¿QDQFHLURV $WLYRV ¿QDQFHLURV VmR &RPSDQKLDDYDOLRXHYHQWXDLVLQGLFDWLYRVGHGHVYDORUL]DomRGHVHXVDWLYRVTXHSXGHVVHPJHUDUDQHFHVVLGDGHGHWHVWHVVREUHRYDORUGH
JHUDOPHQWHFODVVL¿FDGRVFRPRPHQVXUDGRVDRFXVWRDPRUWL]DGRDRYDORUMXVWRSRUPHLRGHRXWURVUHVXOWDGRVDEUDQJHQWHVRXDRYDORUMXVWR UHFXSHUDomR(VVDDYDOLDomRIRLEDVHDGDHPIRQWHVH[WHUQDVHLQWHUQDVGHLQIRUPDomROHYDQGRVHHPFRQVLGHUDomRYDULDo}HVHPWD[DV
SRUPHLRGRUHVXOWDGRFRPEDVHWDQWR QRPRGHORGHQHJyFLRVGD&RPSDQKLDSDUDDJHVWmRGRVDWLYRV¿QDQFHLURV TXDQWRQDVFDUDFWHUtVWLFDV GHMXURVHPXGDQoDVHPFRQGLo}HVGHPHUFDGRQmRWHQGRVLGRLGHQWL¿FDGRVLQGtFLRVGHGHWHULRUDomRGRVVHXVDWLYRVf) Benefícios a
GHÀX[RGHFDL[DFRQWUDWXDOGRDWLYR¿QDQFHLURFRQIRUPHVHJXH &XVWRDPRUWL]DGR DWLYR¿QDQFHLURFXMRÀX[RGHFDL[DFRQWUDWXDOUHVXOWD empregados: 3ODQRVGHFRQWULEXLomRGH¿QLGD $VREULJDo}HVSRUFRQWULEXLo}HVDRVSODQRVGHFRQWULEXLomRGH¿QLGDVmRUHFRQKHFLGDVQR
VRPHQWHGRSDJDPHQWRGHSULQFLSDOHMXURVVREUHRSULQFLSDOHPGDWDVHVSHFt¿FDVHFXMRPRGHORGHQHJyFLRVREMHWLYDPDQWHURDWLYRFRP UHVXOWDGR FRPR GHVSHVDV FRP SHVVRDO TXDQGR RV VHUYLoRV UHODFLRQDGRV VmR SUHVWDGRV SHORV HPSUHJDGRV $V FRQWULEXLo}HV SDJDV
R¿PGHUHFHEHUVHXVÀX[RVGHFDL[DFRQWUDWXDLV 9DORUMXVWRSRUPHLRGHRXWURVUHVXOWDGRVDEUDQJHQWHV DWLYR¿QDQFHLUR LQVWUXPHQWR DQWHFLSDGDPHQWHVmRUHFRQKHFLGDVFRPRXPDWLYRQDH[WHQVmRHPTXHXPUHHPEROVRGHFDL[DRXXPDUHGXomRHPSDJDPHQWRVIXWXURV
¿QDQFHLUR GH GtYLGD FXMR ÀX[R GH FDL[D FRQWUDWXDO UHVXOWD VRPHQWH GR UHFHELPHQWR GH SULQFLSDO H MXURV VREUH R SULQFLSDO HP GDWDV VHMDSRVVtYHO3ODQRVGHEHQHItFLRGH¿QLGR $REULJDomROtTXLGDGD&RPSDQKLDSDUDRVSODQRVGHEHQHItFLRGH¿QLGRpFDOFXODGDSDUDFDGD
HVSHFt¿FDVHFXMRPRGHORGHQHJyFLRVREMHWLYDWDQWRRUHFHELPHQWRGRVÀX[RVGHFDL[DFRQWUDWXDLVGRDWLYRTXDQWRVXDYHQGDEHPFRPR XPGRVSODQRVFRPEDVHQDHVWLPDWLYDGRYDORUGREHQHItFLRIXWXURTXHRVHPSUHJDGRVUHFHEHUmRFRPRUHWRUQRSHORVVHUYLoRVSUHVWDGRV
LQYHVWLPHQWRV HP LQVWUXPHQWRV SDWULPRQLDLV QmR PDQWLGRV SDUD QHJRFLDomR QHP FRQWUDSUHVWDomR FRQWLQJHQWH TXH QR UHFRQKHFLPHQWR QRH[HUFtFLRDWXDOHHPH[HUFtFLRVDQWHULRUHV(VVHYDORUpGHVFRQWDGRDRVHXYDORUSUHVHQWHHpDSUHVHQWDGROtTXLGRGRYDORUMXVWRGH
LQLFLDO D &RPSDQKLD HOHJHX GH IRUPD LUUHYRJiYHO SRU DSUHVHQWDU DOWHUDo}HV VXEVHTXHQWHV QR YDORU MXVWR GR LQYHVWLPHQWR HP RXWURV TXDLVTXHUDWLYRVGRSODQR$DYDOLDomRDWXDULDOGRVSODQRVGHEHQHItFLRVGH¿QLGRVpFDOFXODGDSHORPpWRGRGRFUpGLWRXQLWiULRSURMHWDGR
UHVXOWDGRV DEUDQJHQWHV H 9DORU MXVWR SRU PHLR GR UHVXOWDGR WRGRV RV GHPDLV DWLYRV ¿QDQFHLURV (VWD FDWHJRULD JHUDOPHQWH LQFOXL 4XDQGRRFiOFXORUHVXOWDHPXPSRWHQFLDODWLYRSDUDD&RPSDQKLDRDWLYRDVHUUHFRQKHFLGRpOLPLWDGRDRYDORUSUHVHQWHGRVEHQHItFLRV
LQVWUXPHQWRV¿QDQFHLURVGHULYDWLYRV LL 3URYLVmRSDUDSHUGDVHVSHUDGDVGHFUpGLWRVGHOLTXLGDomRGXYLGRVD ³33(&/'´ $VSHUGDVGH HFRQ{PLFRVGLVSRQtYHLVQDIRUPDGHUHHPEROVRVIXWXURVGRSODQRRXUHGXomRQDVIXWXUDVFRQWULEXLo}HVDRSODQR3DUDFDOFXODURYDORU
FUpGLWR HVSHUDGDV VmR UHFRQKHFLGDV HP DWLYRV ¿QDQFHLURV PHQVXUDGRV DR FXVWR DPRUWL]DGR LQFOXLQGR UHFHEtYHLV GH DUUHQGDPHQWRV SUHVHQWHGRVEHQHItFLRVHFRQ{PLFRVVmROHYDGDVHPFRQVLGHUDomRTXDLVTXHUH[LJrQFLDVPtQLPDVGHFXVWHLRDSOLFiYHLV2DWLYROtTXLGRGR
PHUFDQWLVEHPFRPRDTXHOHVPHQVXUDGRVDRYDORUMXVWRSRUPHLRGHRXWURVUHVXOWDGRVDEUDQJHQWHV$&RPSDQKLDUHFRQKHFHSHUGDVGH SODQRGHEHQHItFLRVpDYDOLDGRSHORVYDORUHVGHPHUFDGR PDUFDomRDPHUFDGR $VSUHPLVVDVHFRQ{PLFDVH¿QDQFHLUDVSDUDHIHLWRVGHVVD
FUpGLWRHVSHUDGDVSDUDFRQWDVDUHFHEHUGHFOLHQWHVGHFXUWRSUD]RSRUPHLRGDXWLOL]DomRGHPDWUL]GHSURYLV}HVEDVHDGDQDH[SHULrQFLD DYDOLDomRDWXDULDOVmRGLVFXWLGDVFRPRVDWXiULRVLQGHSHQGHQWHVHDSURYDGDVSHOD$GPLQLVWUDomRGD&RPSDQKLDg) Imposto de renda e
GHSHUGDGHFUpGLWRKLVWyULFDQmRDMXVWDGDTXDQGRWDOLQIRUPDomRUHSUHVHQWDDPHOKRULQIRUPDomRUD]RiYHOHVXVWHQWiYHORXDMXVWDGDFRP contribuição social corrente e diferido (“Tributos sobre o lucro”): 2LPSRVWRGHUHQGDHDFRQWULEXLomRVRFLDOGRH[HUFtFLRFRUUHQWHH
EDVHHPGDGRVREVHUYiYHLVDWXDLVSDUDUHÀHWLURVHIHLWRVGDVFRQGLo}HVDWXDLVHIXWXUDVGHVGHTXHWDLVGDGRVHVWHMDPGLVSRQtYHLVVHP GLIHULGR VmR FDOFXODGRV FRP EDVH QDV DOtTXRWDV GH ± LPSRVWR GH UHQGD H FRQWULEXLomR VRFLDO VREUH R OXFUR OtTXLGR H
FXVWRRXHVIRUoRVH[FHVVLYRV(PJHUDOSDUDRVGHPDLVLQVWUXPHQWRV¿QDQFHLURVD&RPSDQKLDUHFRQKHFHSURYLVmRSRUYDORUHTXLYDOHQWH FRQVLGHUDP D FRPSHQVDomR GH SUHMXt]RV ¿VFDLV H EDVH QHJDWLYD GH FRQWULEXLomR VRFLDO OLPLWDGD D GR OXFUR UHDO GR H[HUFtFLR 2V
j SHUGD GH FUpGLWR HVSHUDGD SDUD PHVHV HQWUHWDQWR TXDQGR R ULVFR GH FUpGLWR GR LQVWUXPHQWR ¿QDQFHLUR WLYHU DXPHQWDGR WULEXWRVVREUHROXFURVmRUHFRQKHFLGRVQRUHVXOWDGRGRH[HUFtFLRH[FHWRSDUDWUDQVDo}HVUHFRQKHFLGDVGLUHWDPHQWHQRSDWULP{QLROtTXLGR
VLJQL¿FDWLYDPHQWHGHVGHRVHXUHFRQKHFLPHQWRLQLFLDODSURYLVmRpUHFRQKHFLGDSRUYDORUHTXLYDOHQWHjSHUGDGHFUpGLWRHVSHUDGD YLGD RX HP RXWURV UHVXOWDGRV DEUDQJHQWHV 2V WULEXWRV VREUH R OXFUR VmR FDOFXODGRV FRP EDVH HP DOtTXRWDV EUDVLOHLUDV HP UHJLPH GH
WRGD LLL 3DVVLYRV¿QDQFHLURV 2VSDVVLYRV¿QDQFHLURVVmRUHFRQKHFLGRVLQLFLDOPHQWHSHORYDORUMXVWROtTXLGRGRVFXVWRVGHWUDQVDomR FRPSHWrQFLD2UHFRQKHFLPHQWRGRWULEXWRGLIHULGRpEDVHDGRQDVGLIHUHQoDVWHPSRUiULDVHQWUHRYDORUFRQWiELOHRYDORUSDUDEDVH¿VFDO
LQFRUULGRVHVmRVXEVHTXHQWHPHQWHPHQVXUDGRVSHORFXVWRDPRUWL]DGR H[FHWRHPGHWHUPLQDGDVFLUFXQVWkQFLDVTXHLQFOXHPGHWHUPLQDGRV GRVDWLYRVHSDVVLYRVQRVSUHMXt]RV¿VFDLVDSXUDGRV2VWULEXWRVGLIHULGRVVREUHROXFURDWLYRHSDVVLYRVmRFRPSHQVDGRVTXDQGRH[LVWLU
SDVVLYRV¿QDQFHLURVDRYDORUMXVWRSRUPHLRGRUHVXOWDGR HDWXDOL]DGRVSHORVPpWRGRVGHMXURVHIHWLYRVHHQFDUJRV4XDOTXHUGLIHUHQoD XPGLUHLWROHJDOPHQWHH[HTXtYHOGHFRPSHQVDURVDWLYRV¿VFDLVFRQWUDRVSDVVLYRV¿VFDLVHTXDQGRRVLPSRVWRVGHUHQGDGLIHULGRVDWLYRV
HQWUHRYDORUFDSWDGR OtTXLGRGRVFXVWRVGDWUDQVDomR HRYDORUGHOLTXLGDomRpUHFRQKHFLGDQRUHVXOWDGRGXUDQWHRSHUtRGRHPTXHRV HSDVVLYRVHVWLYHUHPUHODFLRQDGRVDRVWULEXWRVVREUHROXFURODQoDGRVSHODPHVPDDXWRULGDGH¿VFDOVREUHDPHVPDHQWLGDGHWULEXWiYHO2V
LQVWUXPHQWRV HVWHMDP HP DQGDPHQWR XWLOL]DQGR R PpWRGR GH WD[D HIHWLYD GH MXURV $V WD[DV SDJDV QD FDSWDomR GR HPSUpVWLPR VmR WULEXWRVGLIHULGRVDWLYRVGHFRUUHQWHVGHSUHMXt]RV¿VFDLVEDVHVQHJDWLYDVGHFRQWULEXLomRVRFLDOHGLIHUHQoDVWHPSRUiULDVVmRUHFRQKHFLGRV
UHFRQKHFLGDVFRPRFXVWRVGDWUDQVDomR2VMXURVGRVLQVWUXPHQWRV¿QDQFHLURVSDVVLYRVVmRFDSLWDOL]DGRVFRPRSDUWHGRLPRELOL]DGRVH FRQWDELOPHQWH OHYDQGRVH HP FRQVLGHUDomR D DQiOLVH GRV UHVXOWDGRV IXWXURV IXQGDPHQWDGD SRU SURMHo}HV HFRQ{PLFR¿QDQFHLUDV
HVVHV FXVWRV IRUHP GLUHWDPHQWH UHODFLRQDGRV D XP DWLYR TXDOL¿FDGR LY ,QVWUXPHQWRV ¿QDQFHLURV GHULYDWLYRV H RSHUDo}HV GH hedge: HODERUDGDVFRPEDVHHPSUHPLVVDVLQWHUQDVHHPFHQiULRVPDFURHFRQ{PLFRVFRPHUFLDLVHWULEXWiULRVTXHSRGHPVRIUHUDOWHUDo}HVQR
7UDQVDo}HVGHGHULYDWLYRVTXHQmRVmRTXDOL¿FDGRVFRPRhedge accountingVmRFODVVL¿FDGRVHDSUHVHQWDGRVFRPRhedgeHFRQ{PLFRMi IXWXUR$DSXUDomRGRLPSRVWRGHUHQGDDSDJDUpLQÀXHQFLDGDSRVLWLYDPHQWHSHORLQFHQWLYR¿VFDO68'(1(2LQFHQWLYR¿VFDO68'(1(
TXH D &RPSDQKLD XWLOL]D LQVWUXPHQWRV GHULYDWLYRV QD JHVWmR GRV VHXV ULVFRV ¿QDQFHLURV FRPR XPD IRUPD GH PLWLJDU HVVHV ULVFRV 2V FRPYDOLGDGHDWpSURYrj&RPSDQKLDREHQHItFLR¿VFDOGDUHGXomRGHGR,53-FDOFXODGRFRPEDVHQROXFURGDH[SORUDomRh)
LQVWUXPHQWRV ¿QDQFHLURV GHULYDWLYRV VmR UHFRQKHFLGRV FRPR DWLYRV RX SDVVLYRV QR EDODQoR SDWULPRQLDO H PHQVXUDGRV D YDORU MXVWR Provisões, ativos e passivos contingentes: $VSURYLV}HVVmRUHFRQKHFLGDVTXDQGR L D&RPSDQKLDWHPXPDREULJDomRSUHVHQWHFRPR
0XGDQoDV QR YDORU MXVWR GRV GHULYDWLYRV VmR UHJLVWUDGDV QR UHVXOWDGR RX QR SDWULP{QLR OtTXLGR TXDQGR D WUDQVDomR IRU HOHJtYHO H UHVXOWDGR GH HYHQWR SDVVDGR LL p SURYiYHO TXH XPD VDtGD GH UHFXUVRV TXH LQFRUSRUDP EHQHItFLRV HFRQ{PLFRV VHUi QHFHVViULD SDUD
FDUDFWHUL]DGD FRPR hedge accounting $ &RPSDQKLD GRFXPHQWD QR LQtFLR GD RSHUDomR GH hedge accounting D UHODomR HQWUH RV OLTXLGDU D REULJDomR H LLL R YDORU GD REULJDomR SRVVD VHU HVWLPDGR GH IRUPD FRQ¿iYHO 2V DWLYRV H SDVVLYRV FRQWLQJHQWHV QmR VmR
instrumentos de hedge e os itens protegidos por hedgeFRPRREMHWLYRGDJHVWmRGHULVFRHDHVWUDWpJLDSDUDDUHDOL]DomRGHRSHUDo}HV UHFRQKHFLGRV 3DVVLYRV FRQWLQJHQWHV VmR REMHWR GH GLYXOJDomR HP QRWDV H[SOLFDWLYDV TXDQGR D SUREDELOLGDGH GH VDtGD GH UHFXUVRV IRU
de hedge$&RPSDQKLDGRFXPHQWDVXDDYDOLDomRWDQWRQRLQtFLRTXDQWRGHIRUPDFRQWtQXDGHTXHRVGHULYDWLYRVXVDGRVQDVRSHUDo}HV SRVVtYHO LQFOXVLYH DTXHOHV FXMRV YDORUHV QmR SRVVDP VHU HVWLPDGRV -i RV DWLYRV FRQWLQJHQWHV VmR REMHWR GH GLYXOJDomR HP QRWDV
de hedgeVmRDOWDPHQWHH¿FD]HV$VYDULDo}HVQRYDORUMXVWRGRVLQVWUXPHQWRV¿QDQFHLURVGHULYDWLYRVGHVLJQDGRVFRPRhedgeGHÀX[RGH H[SOLFDWLYDVTXDQGRDHQWUDGDGHEHQHItFLRVHFRQ{PLFRVIRUWLGDFRPRSURYiYHOi) Reconhecimento de receita: A receita é reconhecida
FDL[D WHP VHX FRPSRQHQWH H¿FD] UHFRQKHFLGR QR SDWULP{QLR OtTXLGR H R FRPSRQHQWH LQH¿FD] UHJLVWUDGR QR UHVXOWDGR GR H[HUFtFLR 2V QDH[WHQVmRHPTXHIRUSURYiYHOTXHEHQHItFLRVHFRQ{PLFRVVHUmRJHUDGRVSDUDD&RPSDQKLDSRGHQGRVHUFRQ¿DYHOPHQWHPHQVXUDGRV
1. CONTEXTO OPERACIONAL