DOEPE 03/04/2020 - Pág. 24 - Poder Executivo - Diário Oficial do Estado de Pernambuco
24 - Ano XCVII • NÀ 62
Diário Oficial do Estado de Pernambuco - Poder Executivo
Recife, 3 de abril de 2020
NE400 PARTICIPAÇÕES S.A.
RELATÓRIO DA ADMINISTRAÇÃO - Senhores acionistas, em cumprimento às determinações legais e estatutárias,
VXEPHWHPRVjDSUHFLDomRGH96DVDVGHPRQVWUDo}HV¿QDQFHLUDVUHODWLYDVDRVH[HUFtFLRVHQFHUUDGRVHPGH
GH]HPEURGH HGHHUHODWyULRGRDXGLWRULQGHSHQGHQWH
Balanço patrimonial em 31 de dezembro - Em milhares de reais
Ativo
2019
&LUFXODQWH
&DL[DHHTXLYDOHQWHVGHFDL[D 1RWD
(VWRTXHV 1RWD
2XWURVDWLYRV
1mRFLUFXODQWH
3URSULHGDGHVSDUDLQYHVWLPHQWR 1RWD
,PRELOL]DGR 1RWD
7RWDOGRDWLYR
2018
Passivo e patrimônio líquido
&LUFXODQWH
)RUQHFHGRUHV
&RQWDVDSDJDUDHPSUHVDOLJDGD 1RWD
7ULEXWRVDSDJDU
'LYLGHQGRVSURSRVWRV 1RWD F
3DWULP{QLROtTXLGR 1RWD
&DSLWDOVRFLDO
5HVHUYDGHOXFURV
7RWDOGRSDVVLYRHGRSDWULP{QLROtTXLGR
2019
202
2018
Demonstração das mutações do patrimônio líquido - Em milhares de reais
Capital
Reserva de lucros
Lucros
social
Legal
Retenção
acumulados
Em 1º de janeiro de 2018
/XFUROtTXLGRGRH[HUFtFLR
5HDOL]DomRGHUHVHUYD 1RWD E
'LYLGHQGRVDQWHFLSDGRV 1RWD F
'LYLGHQGRVSURSRVWRV 1RWD F
-
Em 31 de dezembro de 2018
5HGXomRGHFDSLWDO 1RWD D
/XFUROtTXLGRGRH[HUFtFLR
5HYHUVmRGHUHVHUYDOHJDO 1RWD E
5HDOL]DomRGHUHVHUYDV 1RWD E
'LYLGHQGRVDQWHFLSDGRV 1RWD F
-
Em 31 de dezembro de 2019
Total
1RWDVH[SOLFDWLYDVGDDGPLQLVWUDomRjVGHPRQVWUDo}HV¿QDQFHLUDVHPGHGH]HPEURGH
Em milhares de reais, exceto quando indicado de outra forma
Seção A – Informações gerais
1.1. Contexto operacional $ 1( 3DUWLFLSDo}HV 6$
³&RPSDQKLD´ pXPDVRFLHGDGHSRUDo}HVFRQVWLWXtGDHP
GHPDUoRGHFRPVHGHHP5HFLIH±3(TXHWHPFRPR
REMHWRRLQYHVWLPHQWRHPEHQVPyYHLVHLPyYHLVORWHDPHQWR
GHWHUUHQRVLQFRUSRUDomRLPRELOLiULDFRQVWUXomRGHSUpGLRV
GHVWLQDGRVjYHQGDYHQGDGHLPyYHLVDGTXLULGRVSDUDUHYHQGDHDGPLQLVWUDomRHORFDomRGHEHQVPyYHLVHLPyYHLV
$HPLVVmRGHVWDVGHPRQVWUDo}HV¿QDQFHLUDVIRLDXWRUL]DGD
SHODGLUHWRULDGD&RPSDQKLDHPGHPDUoRGH
1.2. Base de preparação $VGHPRQVWUDo}HV¿QDQFHLUDV
IRUDPSUHSDUDGDVFRQIRUPHDVSUiWLFDVFRQWiEHLVDGRWDGDV
no %UDVLOLQFOXLQGRRVSURQXQFLDPHQWRVHPLWLGRVSHOR&RPLWr
GH3URQXQFLDPHQWRV&RQWiEHLV &3& HHYLGHQFLDPWRGDV
DV LQIRUPDo}HV UHOHYDQWHV SUySULDV GDV GHPRQVWUDo}HV
¿QDQFHLUDV H VRPHQWH HODV DV TXDLV HVWmR FRQVLVWHQWHV
com as utilizadas pela administração na sua gestão.
$V SULQFLSDLV SROtWLFDV FRQWiEHLV DSOLFDGDV QD SUHSDUDomR
GHVVDV GHPRQVWUDo}HV ¿QDQFHLUDV HVWmR DSUHVHQWDGDV QD
1RWD
1.3. Normas, alterações e interpretações - As seguintes
QRUPDVIRUDPDGRWDGDVSHODSULPHLUDYH]SDUDRH[HUFtFLR
LQLFLDGRHPGHMDQHLURGH &3& 5 ±³2SHUDo}HVGH$UUHQGDPHQWR0HUFDQWLO´H,&3&±³,QFHUWH]DVREUH7UDWDPHQWRGH7ULEXWRVVREUHD5HQGD´$DGPLQLVWUDomR
DYDOLRXDVDOWHUDo}HVWUD]LGDVSRUHVVDVQRUPDVHFRQFOXLX
TXHQmRKiLPSDFWRVGHFRUUHQWHVGHVXDVDSOLFDo}HV
Seção B – Riscos
2. Estimativas e julgamentos contábeis críticos - As
HVWLPDWLYDVHRVMXOJDPHQWRVFRQWiEHLVVmRFRQWLQXDPHQWH
DYDOLDGRVHEDVHLDPVHQDH[SHULrQFLDKLVWyULFDHHPRXWURV
IDWRUHVLQFOXLQGRH[SHFWDWLYDVGHHYHQWRVIXWXURVFRQVLGHUDGDVUD]RiYHLVSDUDDVFLUFXQVWkQFLDV
A SUHSDUDomR GH GHPRQVWUDo}HV ¿QDQFHLUDV UHTXHU R
uso de certDVHVWLPDWLYDVFRQWiEHLVFUtWLFDVHRH[HUFtFLR
GH MXOJDPHQWR SRU SDUWH GD DGPLQLVWUDomR GD &RPSDQKLD
QR SURFHVVR GH DSOLFDomR GDV SROtWLFDV FRQWiEHLV$V GHPRQVWUDo}HV¿QDQFHLUDVGD&RPSDQKLDLQFOXHPSRUWDQWR
HVWLPDWLYDVUHIHUHQWHVjGLYXOJDomRGHYDORUMXVWRHjVHOHomR GDV YLGDV ~WHLV GH SURSULHGDGHV SDUD LQYHVWLPHQWR
GRVEHQVGRDWLYRLPRELOL]DGRGHWHUPLQDomRGHSURYLV}HV
SDUDWULEXWRVHRXWUDVVLPLODUHV2VUHVXOWDGRVUHDLVSRGHP
DSUHVHQWDUYDULDo}HVHPUHODomRjVHVWLPDWLYDV
Seção C – Notas explicativas relevantes selecionadas
3. Caixa e equivalentes de caixa 2 VDOGR HP GH
dezembro dH pFRPSRVWRSRU5UHODWLYRVDUHFXUVRVHPFRQWDFRUUHQWH ±5 H5HP
DSOLFDo}HV ¿QDQFHLUDV HP UHQGD ¿[D ± 5
$VDSOLFDo}HV¿QDQFHLUDVHPUHQGD¿[DUHIHUHPVHDFHUWL¿FDGRV GH GHSyVLWRV EDQFiULRV H TXRWDV GH IXQGRV GH
LQYHVWLPHQWR RV TXDLV SRVVXHP OLTXLGH] LPHGLDWD H WrP
UHPXQHUDomR DWUHODGD j YDULDomR GRV FHUWL¿FDGRV GH GHSyVLWRLQWHU¿QDQFHLUR±&',
4. Estoques (VWi GHPRQVWUDGR DR FXVWR GH DTXLVLomR
HVmRUHSUHVHQWDGRVSRUWHUUHQRVLWXDGRQRPXQLFtSLRGH
5HFLIH3(HSRUJDVWRVGHIRUPDomRGHLPyYHLVDFRPHUFLDOL]DU(PGHGH]HPEURGH RHPSUHHQGLPHQWR
FRP VDODV FRPHUFLDLV HQFRQWUDYDVH FRQFOXtGR H D
WRWDOLGDGH GDV VDODV IRUDP YHQGLGDV RX GHVWLQDGDV SDUD
locação de longo prazo e mantidas como propriedades
SDUDLQYHVWLPHQWR2VDOGRHPGHGH]HPEURGH
pFRPSRVWRSHORWHUUHQRQRYDORUGH5 ±5
HSRULPyYHLVQRPRQWDQWHGH5 ±5 TXH
UHSUHVHQWDP VDOD FRPHUFLDO YHQGLGD SRUpP DLQGD QmR
entregue ao comprador.
5. Propriedades para investimento
2019
7HUUHQRV
(GL¿FDo}HV
,QVWDODo}HV
Custo de
aquisição
Depreciação
acumulada
6DOGRHPGHMDQHLUR
$TXLVLo}HV
7UDQVIHUrQFLDSDUDHVWRTXHV
Depreciação
6DOGRHPGHGH]HPEUR
A&RPSDQKLDRSWRXSHODPDQXWHQomRGRVDOmRFRPHUFLDOFRP
P2GHiUHDDOpPGHPDLVRXWUDVVDODVFRPHUFLDLVSDUD
DXIHULUUHQGDGHDOXJXHOHQHVVHFRQWH[WRWUDQVIHULXRVFXVWRV
GHDTXLVLomRGRVUHIHULGRVLPyYHLVSDUDRJUXSRGHSURSULHGDGHVSDUDLQYHVWLPHQWRDOpPGHWHULQYHVWLGRHPLQVWDODo}HV
QHFHVViULDVSDUDDDGHTXDomRGRVLPyYHLVDRVORFDWiULRV
6HHVWLYHVVHDYDOLDGRDRYDORUMXVWRHVVHVLPyYHLVWHULDPXP
YDORU DSUR[LPDGR GH 5 $ &RPSDQKLD HVWDEHOHFH R
YDORU MXVWR DWUDYpV GH WpFQLFDV GH DYDOLDomR TXH LQFOXHP R
uso de operações recentes realizadas entre terceiros com proSULHGDGHVVLPLODUHVDDQiOLVHGHPRGHORVGHSUHFL¿FDomRTXH
ID]HPRPDLRUXVRSRVVtYHOGHLQIRUPDo}HVJHUDGDVSHORPHUFDGRHDDQiOLVHGHÀX[RVGHFDL[DGHVFRQWDGRVRVTXDLVQmR
FRQVLGHUDPRVHIHLWRVWULEXWiULRVWHQGRHPYLVWDDH[SHULrQFLD
HRHQWHQGLPHQWRGDDGPLQLVWUDomRGHTXHRPHUFDGRDVVLP
DYDOLDHVVHVWLSRVGHSURSULHGDGHVHPHYHQWXDLVQHJRFLDo}HV
6. Patrimônio líquido
(a) Capital Social2FDSLWDOVRFLDOHPGHGH]HPEURGH
HVWiUHSUHVHQWDGRSRUDo}HVRUGLQiULDVQRPLQDWLYDV ±GHDo}HV VHPYDORUQRPLQDO
(PGHPDLRGH DDVVHPEOHLDGHDFLRQLVWDVDSURYRX
D UHGXomR GH FDSLWDO VRFLDO QR YDORU GH 5 DWUDYpV
GDGHYROXomRGHVVHPRQWDQWHHPGLQKHLURDRVDFLRQLVWDVH
FRQVHTXHQWHFDQFHODPHQWRGHGHDo}HV
(b) Reserva de Lucros$UHVHUYDOHJDOpFRQVWLWXtGDDQXDOPHQWHFRPRGHVWLQDomRGHGROXFUROtTXLGRGRH[HUFtFLRHQmRSRGHUiH[FHGHUDGRFDSLWDOVRFLDO$UHVHUYD
OHJDO WHP SRU ¿P DVVHJXUDU D LQWHJULGDGH GR FDSLWDO VRFLDO
H VRPHQWH SRGHUi VHU XWLOL]DGD SDUD FRPSHQVDU SUHMXt]R H
DXPHQWDURFDSLWDO(P DUHVHUYDOHJDOFRQVWLWXtGDHP
H[HUFtFLRVDQWHULRUHVXOWUDSDVVRXROLPLWHOHJDOSUHYLVWRVHQGRSRUWDQWRUHDOL]DGDUHYHUVmRSDUFLDOQRYDORUGH5
(P D$GPLQLVWUDomRSURS{VDUHDOL]DomRGDUHVHUYDGH
UHWHQomR GH OXFURV QR YDORU GH 5 5
WHQGRGHVWLQDGRWDLVUHFXUVRVQDGLVWULEXLomRGHGLYLGHQGRV
DRV DFLRQLVWDV$ UHDOL]DomR GD UHVHUYD HP IRL DSURYDGD HP DVVHPEOHLD GH DFLRQLVWD UHDOL]DGD HP GH DEULO
Líquido
2019
2018
Vida útil
estimada
Líquido
(em anos)
2018
Demonstração do resultado
([HUFtFLRV¿QGRVHPGHGH]HPEUR
Em milhares de reais, exceto quando indicado de outra forma
2019
2018
Receitas líquidas (Nota 7)
&XVWRGRVLPyYHLVYHQGLGRV 1RWD
Lucro bruto
'HVSHVDVDGPLQLVWUDWLYDV
'HVSHVDVJHUDLV 1RWD
Depreciação
Lucro operacional
5HFHLWDV¿QDQFHLUDV 1RWD
'HVSHVDV¿QDQFHLUDV
Lucro antes da contribuição social e do imposto de renda
&RQWULEXLomRVRFLDO 1RWD
,PSRVWRGHUHQGD 1RWD
Lucro líquido do exercício
$o}HVHPFLUFXODomRQR¿QDOGRH[HUFtFLR HPPLOKDUHV
4.000
/XFUROtTXLGRGRH[HUFtFLRSRUDomRGRFDSLWDOQR
¿PGRH[HUFtFLR±5
CNPJ n.º 11.779.969/0001-29
Demonstração do resultado abrangente
([HUFtFLRV¿QGRVHPGHGH]HPEUR(PPLOKDUHVGHUHDLV
2019
2018
/XFUROtTXLGRGRH[HUFtFLR
2XWURVFRPSRQHQWHVGRUHVXOWDGRDEUDQJHQWH
7RWDOGRUHVXOWDGRDEUDQJHQWHGRH[HUFtFLR
'HPRQVWUDomRGRVÀX[RVGHFDL[D
([HUFtFLRV¿QGRVHPGHGH]HPEUR(PPLOKDUHVGHUHDLV
2019
2018
Fluxos de caixa das atividades operacionais
Lucro antes da contribuição social e do
imposto de renda
Ajuste de
'HSUHFLDomR
9DULDo}HVQRVDWLYRVHSDVVLYRV
(VWRTXHV
2XWURVDWLYRV
)RUQHFHGRUHV
&RQWDVDSDJDUDHPSUHVDOLJDGD
Tributos a pagar
Caixa gerado pelas operações
,PSRVWRGHUHQGDHFRQWULEXLomRVRFLDOSDJRV
Caixa líquido gerado pelas atividades operacionais
Fluxos de caixa das atividades de investimento
$TXLVLo}HVGHSURSULHGDGHVSDUDLQYHVWLPHQWR 1RWD
Caixa líquido aplicado nas atividades de investimento
)OX[RVGHFDL[DGDVDWLYLGDGHVGH¿QDQFLDPHQWR
5HGXomRGHFDSLWDOHPGLQKHLUR 1RWD D
'LYLGHQGRVSDJRV
&DL[DOtTXLGRDSOLFDGRQDVDWLYLGDGHVGH¿QDQFLDPHQWR
Redução líquida de caixa e equivalentes de caixa
Caixa e equivalentes de caixa no início do exercício
&DL[DHHTXLYDOHQWHVGHFDL[DQR¿QDOGRH[HUFtFLR
AsFRQWDVDSDJDUDHPSUHVDOLJDGD-&303DUWLFLSDo}HVH(PSUHHQGLPHQWRV6$
QRYDORUGH5 ±5 UHIHUHPVHjSDUFHODHPDEHUWRTXHFDEHj
&RPSDQKLDQRFRPSDUWLOKDPHQWRGDVHVWUXWXUDVRSHUDFLRQDOHDGPLQLVWUDWLYDGR
JUXSRHFRQ{PLFRQRTXDOHVWiLQVHULGD
2SHVVRDOFKDYHGDDGPLQLVWUDomRHVWiUHSUHVHQWDGRSHORVGLUHWRUHVFXMDUHPXQHUDomRDQXDOSDJDRXSURYLVLRQDGDFRUUHVSRQGHDRSUyODERUHHDRVVDOiULRVH
HQFDUJRVQRPRQWDQWHGH5 ±5 2VVDOiULRVHHQFDUJRVVmR
DWULEXtGRVj&RPSDQKLDSRUPHLRGHFRPSDUWLOKDPHQWRGHGHVSHVDV
Seção D – Políticas contábeis
10. Resumo das principais políticas contábeis
10.1. Caixa e equivalentes de caixa &DL[DHHTXLYDOHQWHVGHFDL[DLQFOXHPGHSyVLWRVEDQFiULRVHLQYHVWLPHQWRVGHFXUWRSUD]RGHDOWDOLTXLGH]FRPYHQFLPHQWRV
RULJLQDLVGHDWpWUrVPHVHVHFRPULVFRLQVLJQL¿FDQWHGHPXGDQoDGHYDORU
10.2. AtiYRV¿QDQFHLURV$&RPSDQKLDFODVVL¿FDVHXVDWLYRV¿QDQFHLURVFRPR
³DWLYRV¿QDQFHLURVPHQVXUDGRVDRFXVWRDPRUWL]DGR´RVTXDLVVmRDWLYRV¿QDQFHLURVQmRGHULYDWLYRVFRPSDJDPHQWRV¿[RVRXGHWHUPLQiYHLVUHSUHVHQWDGRV
XQLFDPHQWH SRU SULQFLSDO H MXURV QmR FRWDGRV HP XP PHUFDGR DWLYR H HVWmR
DSUHVHQWDGRVQRDWLYRFLUFXODQWHH[FHWRDTXHOHVFRPSUD]RGHYHQFLPHQWRVXSHULRUDPHVHVDSyVDGDWDGHHPLVVmRGREDODQoR HVWHVVmRFODVVL¿FDGRV
QRDWLYRQmRFLUFXODQWH $VUHFHLWDVFRPMXURVSURYHQLHQWHVGHVWHVDWLYRV¿QDQFHLURVVmRUHJLVWUDGDVHPUHFHLWDV¿QDQFHLUDVXVDQGRRPpWRGRGDWD[DHIHWLYD
GHMXURV(VVHVDWLYRVFRPSUHHQGHPDVDSOLFDo}HV¿QDQFHLUDVHRXWURVDWLYRV
10.3. Estoques2VHVWRTXHVVmRGHPRQVWUDGRVDRFXVWRRXDRYDORUOtTXLGRGH
UHDOL]DomRGRVGRLVRPHQRU2YDORUOtTXLGRGHUHDOL]DomRpRSUHoRGHYHQGD
HVWLPDGRQRFXUVRQRUPDOGRVQHJyFLRVPHQRVRVFXVWRVHVWLPDGRVGHFRQFOXVmRHRVFXVWRVHVWLPDGRVQHFHVViULRVSDUDHIHWXDUDYHQGD
10.4. Propriedades para investimento$&RPSDQKLDpSURSULHWiULDGHLPyYHO
FRPHUFLDOPDQWLGRSDUD¿QVGHUHQGDGHDOXJXHOGHORQJRSUD]R2LPyYHOQmR
pRFXSDGRSHOD&RPSDQKLDHHVWiGHPRQVWUDGRDRFXVWRGHDTXLVLomRRXFRQVWUXomRGHGX]LGRGDGHSUHFLDomRDFXPXODGDFDOFXODGDSHORPpWRGROLQHDUSHODV
YLGDV~WHLVHVWLPDGDVPHQFLRQDGDVQD1RWD.
10.5. Imobilizado 5HIHUHPVH D EHQV XWLOL]DGRV SHOD &RPSDQKLD HP VXDV
RSHUDo}HV UHSUHVHQWDGRV SRU HTXLSDPHQWRV PyYHLV H XWHQVtOLRV H HTXLSDPHQWRVGHLQIRUPiWLFDeGHPRQVWUDGRDRFXVWRGHGX]LGRGDGHSUHFLDomRDFXPXODGDFDOFXODGDSHORPpWRGROLQHDUjVWD[DVDQXDLVTXHYDULDPGHD
10.6. Contas a pagar - As contas a pagar são obrigações a pagar por bens ou
VHUYLoRV TXH IRUDP DGTXLULGRV QR FXUVR QRUPDO GRV QHJyFLRV (ODV VmR LQLFLDOPHQWH UHFRQKHFLGDV SHOR YDORU MXVWR H VXEVHTXHQWHPHQWH PHQVXUDGDV SHOR
FXVWRDPRUWL]DGRFRPRXVRGRPpWRGRGHWD[DHIHWLYDGHMXURVTXDQGRDSOLFiYHO
1DSUiWLFDVmRQRUPDOPHQWHUHFRQKHFLGDVDRYDORUGDIDWXUDFRUUHVSRQGHQWH
10.7. Apuração do resultado$VUHFHLWDVGHYHQGDGDVXQLGDGHVLPRELOLiULDV
VmRUHJLVWUDGDVTXDQGRHIHWLYDPHQWHUHFHELGDVRTXHGLYHUJHGDSUiWLFDFRQWiELO
adotada no Brasil.
$VUHFHLWDVGHDOXJXHOGHVDODVFRPHUFLDLVVmRUHJLVWUDGDVTXDQGRHIHWLYDPHQWHUHFHELGDVRTXHQmRGLYHUJHVXEVWDQFLDOPHQWHGDSUiWLFDFRQWiELODGRWDGD
QR%UDVLOTXHGHWHUPLQDPTXHGHYHPVHUUHFRQKHFLGDVSHORPpWRGROLQHDUQD
GHPRQVWUDomRGRUHVXOWDGRGXUDQWHRSHUtRGRFRQWUDWXDO2VGLVWUDWRVVmRFRQWDELOL]DGRVTXDQGRRVLQVWUXPHQWRVVmR¿UPDGRVFRPRVFOLHQWHVHRVYDORUHV
VmRHIHWLYDPHQWHSDJRV
2FXVWRGRVLPyYHLVYHQGLGRVpDSURSULDGRDRUHVXOWDGRQRPRPHQWRGDHQWUHJDGRVLPyYHLVDRVFRPSUDGRUHVTXDQGRRVULVFRVHEHQHItFLRVVmRVXEVWDQFLDOPHQWHWUDQVIHULGRs.
$VGHVSHVDVDGPLQLVWUDWLYDVJHUDLVUHIHUHPVHSULQFLSDOPHQWHDJDVWRVFRPSDUWLOKDGRVUHODWLYRVjSDUFHODGRXVRGDLQIUDHVWUXWXUDDGPLQLVWUDWLYDPDQWLGDSHOR
*UXSR-&30 1RWD DJDVWRVFRPSHVVRDOHVHUYLoRVFRQWUDWDGRVDOpPGH
RXWUDVGHVSHVDVQHFHVViULDVSDUDDFRQGXomRGDVDWLYLGDGHVGD&RPSDQKLDH
HVWmRUHJLVWUDGDVSHORUHJLPHGHFRPSHWrQFLD
$V UHFHLWDV ¿QDQFHLUDV UHIHUHPVH VXEVWDQFLDOPHQWH D UHQGLPHQWRV GH DSOLFDo}HV ¿QDQFHLUDV DOpP GH MXURV H DWXDOL]DomR PRQHWiULD GHFRUUHQWHV GRV FRQWUDWRVGHYHQGDGDVXQLGDGHVLPRELOLiULDVHVmRUHFRQKHFLGDVFRQIRUPHRSUD]R
GHFRUULGRSHORUHJLPHGHFRPSHWrQFLDXVDQGRRPpWRGRGDWD[DHIHWLYDGHMXURV
2VHQFDUJRVGRLPSRVWRGHUHQGDHGDFRQWULEXLomRVRFLDOIRUDPGHWHUPLQDGRV
FRPEDVHQROXFURSUHVXPLGRjVDOtTXRWDVDSOLFiYHLV
5HODWyULRGRDXGLWRULQGHSHQGHQWHVREUHDVGHPRQVWUDo}HV¿QDQFHLUDV
Aos Administradores e Acionistas
NE400 Participações S.A.
Opinião com ressalva
([DPLQDPRV DV GHPRQVWUDo}HV ¿QDQFHLUDV GD 1( 3DUWLFLSDo}HV 6$
³&RPSDQKLD´ TXHFRPSUHHQGHPREDODQoRSDWULPRQLDOHPGHGH]HPEUR
GH HDVUHVSHFWLYDVGHPRQVWUDo}HVGRUHVXOWDGRGRUHVXOWDGRDEUDQJHQWHGDVPXWDo}HVGRSDWULP{QLROtTXLGRHGRVÀX[RVGHFDL[DSDUDRH[HUFtFLR
¿QGRQHVVDGDWDEHPFRPRDVFRUUHVSRQGHQWHVQRWDVH[SOLFDWLYDVLQFOXLQGRR
UHVXPRGDVSULQFLSDLVSROtWLFDVFRQWiEHLV
(PQRVVDRSLQLmRH[FHWRSHORVHIHLWRVGRDVVXQWRGHVFULWRQDVHomRDVHJXLU
LQWLWXODGD³%DVHSDUDRSLQLmRFRPUHVVDOYD´DVGHPRQVWUDo}HV¿QDQFHLUDVDFLPD
UHIHULGDVDSUHVHQWDPDGHTXDGDPHQWHHPWRGRVRVDVSHFWRVUHOHYDQWHVDSRVLomRSDWULPRQLDOH¿QDQFHLUDGD1(3DUWLFLSDo}HV6$HPGHGH]HPEURGH
RGHVHPSHQKRGHVXDVRSHUDo}HVHRVVHXVÀX[RVGHFDL[DSDUDRH[HUFtFLR¿QGRQHVVDGDWDGHDFRUGRFRPDVSUiWLFDVFRQWiEHLVDGRWDGDVQR%UDVLO
Base para opinião com ressalva
&RQIRUPHPHQFLRQDGRQD1RWDjVGHPRQVWUDo}HV¿QDQFHLUDVD&RPSDQKLD
WHPFRPRSROtWLFDUHFRQKHFHUDUHFHLWDRULXQGDGHWUDQVDo}HVFRPXQLGDGHVDXW{QRPDVUHODWLYDVDRHPSUHHQGLPHQWR5LR0DU7UDGH&HQWHUSHORUHJLPHGHFDL[D
$VSUiWLFDVFRQWiEHLVDGRWDGDVQR%UDVLOUHTXHUHPTXHDVUHFHLWDVVHMDPUHFRQKHFLGDVTXDQGRRVULVFRVHEHQHItFLRVUHODWLYRVDRVEHQVREMHWRGHYHQGDVHMDP
WUDQVIHULGRV&RPRFRQVHTXrQFLDD&RPSDQKLDGHL[RXGHUHFRQKHFHUUHFHLWDVH
FXVWRVQRVH[HUFtFLRVDQWHULRUHVHQRH[HUFtFLRDWXDODSUHVHQWDQGRSRUWDQWRR
aWLYRDPDLRUHP5PLO ±5PLO SDWULP{QLROtTXLGRDPHQRU
HP5 ±55PLO HOXFUROtTXLGRGRH[HUFtFLRDPDLRUHP
5PLO ±5PLO OtTXLGRGRVHIHLWRVWULEXWiULRV
1RVVDDXGLWRULDIRLFRQGX]LGDGHDFRUGRFRPDVQRUPDVEUDVLOHLUDVHLQWHUQDFLRQDLVGHDXGLWRULD1RVVDVUHVSRQVDELOLGDGHVHPFRQIRUPLGDGHFRPWDLVQRUPDV
HVWmRGHVFULWDVQDVHomRDVHJXLULQWLWXODGD³5HVSRQVDELOLGDGHVGRDXGLWRUSHOD
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