Balanço Patrimonial - Dezembro de 2016

Publicações de Terceiros e Editais de Comarcasterça-feira, 31 de Maio de 2016 – 5
Minas Gerais - Caderno 2
%$1&26(0($56$
01/04
CNPJ: 00.795.423/0001-45
Av. Afonso Pena, 3.577 - 3º andar - Funcionários - Belo Horizonte-MG
5HODWyULRGD$GPLQLVWUDomR
$SUHVHQWDPRVRUHODWyULRGH$GPLQLVWUDomRGR%DQFR6HPHDU6$UHIHUHQWHDRH[HU
FtFLR¿QGRHPGHGH]HPEURGHDFRPSDQKDGRGDVUHVSHFWLYDV'HPRQV
WUDo}HV)LQDQFHLUDV1RWDV([SOLFDWLYDVH5HODWyULRGRV$XGLWRUHV,QGHSHQGHQWHV
HP FRQIRUPLGDGH FRP D OHJLVODomR YLJHQWH 2 %DQFR 6HPHDU 6$ p XP EDQFR
P~OWLSORHVSHFLDOL]DGRHPVROXo}HVGHFUpGLWRHVHUYLoRVQRVHJPHQWRGHYDUHMR
GHSHTXHQRHPpGLRSRUWHYLVDQGRHVSHFLDOPHQWHjFRQFHVVmRGH&UpGLWR'LUHWRDR
&RQVXPLGRU±&'&DWUDYpVGHDFRUGRVRSHUDFLRQDLVFRPUHGHVYDUHMLVWDVUHJLRQDLV
DOpPGHGLVWULEXLomRGHVHJXURVDGTXLUrQFLDGHFDUW}HVRSHUDo}HVGHPLGOOHPDUNHW
FDSLWDOGHJLURHDQWHFLSDomRGHUHFHEtYHLVHRSHUDo}HVLPRELOLiULDVDTXLVLomRGH
UHFHEtYHLVH¿QDQFLDPHQWR$SHVDUGRDQRGHWHUVHDSUHVHQWDGRFRPFHQiULR
EDVWDQWHQHJDWLYRR%DQFRFRQVHJXLXVHJXLUDHVWUDWpJLDHSODQHMDPHQWRSURMHWDGR
SDUDRH[HUFtFLRREWHQGROXFUROtTXLGRDFXPXODGRQRDQRGH5PLOK}HV
DSUHVHQWDQGRVLJQL¿FDWLYDUHFXSHUDomRQRžVHPHVWUHDEVRUYHQGRLQFOXVLYHRUH
VXOWDGRQHJDWLYRDOFDQoDGRQRžVHPHVWUH5PLOK}HVHYLGHQFLDQGRDVVLP
PHOKRUJHVWmRHPHVSHFLDOQDVGHVSHVDVFRPUHGXomRQRžVHPHVWUHGHHP
UHODomRDRžVHPHVWUHGRDQRGHHDPSOLDomRGDVUHFHLWDV$RORQJRGHR
%DQFRPDQWHYHVHIRFDGRQDHVWUDWpJLDGHGLYHUVL¿FDomRGHVHXVQHJyFLRVEXVFDQGR
PDLRUHTXLOtEULRHPDLVVHOHWLYLGDGHHPVXDRIHUWDGHFUpGLWRFRPIRUWDOHFLPHQWR
GRSURFHVVRGHH[SDQVmRGHQRYRVDFRUGRVRSHUDFLRQDLVHFRQVROLGDomRGHDFRUGRV
YLJHQWHVSHUPLWLQGRDVVLPDR¿QDOGRH[HUFtFLRFUHVFLPHQWRH[SUHVVLYRGDFDUWHLUD
GHFUpGLWRHPHPUHODomRDRDQRGHWRWDOL]DQGRXPDFDUWHLUDWRWDOGH
5PLOK}HV$FDUWHLUDFRUH9DUHMRUHSUHVHQWDGDFDUWHLUDWRWDOVHQGR
R&UpGLWR'LUHWRDR&RQVXPLGRUHR(PSUpVWLPR3HVVRDORVGHPDLV
GDFDUWHLUDWRWDOHVWmRGLVWULEXtGRVHPRSHUDo}HVGH0LGGOH0DUNHWH
$TXLVLomRGH5HFHEtYHLV,PRELOLiULRV(PUHODomRDRIXQGLQJGHVWDFDPRV
RFUHVFLPHQWRHPQDRUGHPGHHPUHODomRDRDQRGHWRWDOL]DQGR
XPDFDUWHLUDGHGHSyVLWRVDSUD]RGH5PLOK}HVRSHUDo}HVSXOYHUL]DGDVHPPDLV
GHPLOFOLHQWHVLQYHVWLGRUHVTXHLQFOXLFRUUHQWLVWDVHGLVWULEXLGRUHVHPVXDJUDQGH
PDLRULDHPLWLGDVFRPDORQJDPHQWRGRSUD]RGHOLTXLGH]TXHYDULDHQWUHDDQRV
2V&'%¶VFRQWLQXDPVHQGRDSULQFLSDOIRQWHGHFDSWDomRUHSUHVHQWDQGRGD
FDUWHLUD'3*(¶VH/&,¶V1DOLQKDGHLQYHVWLPHQWRVGHVWDFDPRVRSURMHWR
GH$GTXLUrQFLDWHQGRFRPRSDUFHLUDDPXOWLQDFLRQDO*OREDO3D\PHQWVRTXDOR%DQFR
YHPVLVWHPDWLFDPHQWHDSULPRUDQGRVXDSODWDIRUPDRSHUDFLRQDOHTXHSHUPLWLUiJDQKDU
PDLVYHORFLGDGHQDRSHUDomRGHDQWHFLSDomRGHUHFHEtYHLVGHFDUW}HVHFRQFHVVmRGH
FDSLWDOGHJLURFRPWDLVJDUDQWLDVVHQGRLPSRUWDQWHIRQWHDOWHUQDWLYDGHUHFHLWDVSDUDRV
SUy[LPRVDQRV2SDWULP{QLROtTXLGRGRH[HUFtFLRDOFDQoRX5PLOK}HVRtQGLFH
GH%DVLOpLDDSXUDGRIRLGHPDQWHQGRVHHVWUXWXUDGHFDSLWDOFRQIRUWiYHOH
VXVWHQWiYHOSDUDVXSRUWDURVULVFRVLQHUHQWHVDRQHJyFLRHFUHVFLPHQWRSURMHWDGRSDUD
RVSUy[LPRVH[HUFtFLRV(PR%DQFRPDQWHUiDHVWUDWpJLDGHGLYHUVL¿FDomRGH
QHJyFLRVHULVFRVDPSOLDomRGHVXDVIRQWHVGHFDSWDomRDWUDYpVGHHPLVVmRGH/&,¶V
LQYHVWLPHQWRVQDViUHDVGHFRQWUROHVSURFHVVRVHWHFQRORJLDEXVFDQGRDXPHQWRGH
H¿FLrQFLDHUHGXomRGHFXVWRVFRQ¿DQWHVQRFUHVFLPHQWRGDRSHUDomRHGROXFURRSH
UDFLRQDO$JUDGHFHPRVDRVQRVVRVFOLHQWHVSDUFHLURVFRODERUDGRUHVHDFLRQLVWDVD
FRQ¿DQoDGHSRVLWDGDQR%DQFR6HPHDU$,QVWLWXLomRPDQWpPVXDVDo}HVYROWDGDVSDUD
IRUWDOHFLPHQWRGDJHVWmRHFRQWUROHQDEXVFDFRQWtQXDGRHTXLOtEULRHQWUHH¿FLrQFLD
TXDOLGDGHUHQWDELOLGDGHHVXVWHQWDELOLGDGH$$GPLQLVWUDomR
%DODQoRVSDWULPRQLDLVHPGHGH]HPEURGHH(PPLOKDUHVGH5HDLV
1RWD
3DVVLYRHSDWULP{QLROtTXLGR
$WLYR
&LUFXODQWH
&LUFXODQWH
'LVSRQLELOLGDGHV
'HSyVLWRV
$SOLFDo}HVLQWHU¿QDQFHLUDVGHOLTXLGH]
'HSyVLWRVjYLVWD
$SOLFDo}HVQRPHUFDGRDEHUWR
'HSyVLWRVLQWHUILQDQFHLURV
'HSyVLWRVDSUD]R
$SOLFDo}HVHPGHSyVLWRVLQWHU¿QDQFHLURV
5HFXUVRVGHDFHLWHVHHPLVVmRGHWtWXORV
7tWXORVHYDORUHVPRELOLiULRV
5HODo}HVLQWHUILQDQFHLUDV
&DUWHLUDSUySULD
2XWUDVREULJDo}HV
5HODo}HVLQWU¿QDQFHLUDV
5HFHLWDVDQWHFLSDGDV
&RUUHVSRQGHQWHV
1mRFLUFXODQWH
2SHUDo}HVGHFUpGLWR
'HSyVLWRV
6HWRUSULYDGR
'HSyVLWRVDSUD]R
3URYLVmRSDUDFUpGLWRVGHOLTXLGDomR
5HFXUVRVGHDFHLWHVHHPLVVmRGHWtWXORV
GXYLGRVD
2XWUDVREULJDo}HV
2XWURVFUpGLWRV
5HFHLWDVDQWHFLSDGDV
2XWURVYDORUHVHEHQV
3DWULP{QLROtTXLGR
1mRFLUFXODQWH
&DSLWDOVRFLDO'HGRPLFLOLDGRQR3DtV
5HDOL]iYHODORQJRSUD]R
3UHMXt]RVDFXPXODGRV
$SOLFDo}HVLQWHU¿QDQFHLUDVGHOLTXLGH]
$SOLFDo}HVQRPHUFDGRDEHUWR
7tWXORVHYDORUHVPRELOLiULRV
&DUWHLUDSUySULD
2SHUDo}HVGHFUpGLWR
6HWRUSULYDGR
3URYLVmRSDUDFUpGLWRVGHOLTXLGDomR
GXYLGRVD
2XWURVFUpGLWRV
2XWURVYDORUHVHEHQV
3HUPDQHQWH
,QYHVWLPHQWRV
,PRELOL]DGRGHXVR
7RWDOGRSDVVLYRHGRSDWULP{QLR
,QWDQJtYHO
OtTXLGR
7RWDOGRDWLYR
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWHGDVGHPRQVWUDo}HVILQDQFHLUDV
1RWD
'HPRQVWUDo}HVGDVPXWDo}HVGRSDWULP{QLROtTXLGR6HPHVWUHILQGRHPGHGH]HPEURGH
HH[HUFtFLRVILQGRVHPHPGHGH]HPEURGHH(PPLOKDUHVGH5HDLV
&DSLWDOVRFLDO
3UHMXt]RVDFXPXODGRV
6DOGRVHPGHGH]HPEURGHUHDSUHVHQWDGR
$XPHQWRGHFDSLWDO
2XWURVHYHQWRV
/XFURGRH[HUFtFLR
'HVWLQDo}HV
-XURVVREUHRFDSLWDOSUySULR
6DOGRVHPGHGH]HPEURGH
6DOGRVHPGHGH]HPEURGH
$XPHQWRGHFDSLWDO
2XWURVHYHQWRV
/XFURGRH[HUFtFLR
'HVWLQDo}HV
-XURVVREUHRFDSLWDOSUySULR
6DOGRVHPGHGH]HPEURGH
6DOGRVHPGHMXQKRGH
$XPHQWRGHFDSLWDO
2XWURVHYHQWRV
/XFURGRVHPHVWUH
'HVWLQDo}HV
-XURVVREUHRFDSLWDOSUySULR
6DOGRVHPGHGH]HPEURGH
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWHGDVGHPRQVWUDo}HV¿QDQFHLUDV
7RWDO
1RWDVH[SOLFDWLYDVjVGHPRQVWUDo}HVILQDQFHLUDV(PPLOKDUHVGH5HDLV
&RQWH[WRRSHUDFLRQDO
2%DQFR6HPHDU6$pXPEDQFRP~OWLSORIXQGDQGRHPSHUWHQFHQWHDR
*UXSR6HFXOXVpHVSHFLDOL]DGRHPVROXo}HVGHFUpGLWRHVHUYLoRVQRVHJPHQWR
GHYDUHMRYLVDQGRHVSHFLDOPHQWHjFRQFHVVmRGH&UpGLWR'LUHWRDR&RQVXPLGRU
±&'&DWUDYpVGHDFRUGRVRSHUDFLRQDLVFRPUHGHVYDUHMLVWDVUHJLRQDLV
$WXD WDPEpP HP RSHUDo}HV SDUD SHVVRDV MXUtGLFDV FRQFHQWUDGDV QRV VHJ
PHQWRVGHSHTXHQDVHPpGLDVHPSUHVDVQDVPRGDOLGDGHVGHFDSLWDOGHJLUR
GHVFRQWRGHUHFHEtYHLVHRSHUDo}HVGHDGTXLUrQFLDHVSHFLDOPHQWHQDDQWHFLSD
omRGHUHFHEtYHLVGHFDUW}HV(PGHXLQtFLRjFDUWHLUDGH¿QDQFLDPHQWR
LPRELOLiULR
%DVHGHSUHSDUDomR
‡'HFODUDomRGHFRQIRUPLGDGH
$VLQIRUPDo}HV¿QDQFHLUDVIRUDPHODERUDGDVGHDFRUGRFRPDVSUiWLFDVFRQ
WiEHLVDGRWDGDVQR%UDVLOTXHFRQVLGHUDPDVGLUHWUL]HVFRQWiEHLVHPDQDGDVGD
/HLQž/HLGDV6RFLHGDGHVSRU$o}HVFRPDVDOWHUDo}HVGD/HLQž
QDVQRUPDVHLQVWUXo}HVGR%DQFR&HQWUDOGR%UDVLOFRQWLGDVQR
3ODQR&RQWiELOGDV,QVWLWXLo}HVGR6LVWHPD)LQDQFHLUR1DFLRQDO&26,)HGR
&RQVHOKR0RQHWiULR1DFLRQDOQRTXHIRUDSOLFiYHO
$HPLVVmRGDVGHPRQVWUDo}HV¿QDQFHLUDVIRLDXWRUL]DGDSHOR&RQVHOKRGH$G
PLQLVWUDomRHPUHXQLmRUHDOL]DGDHPGHIHYHUHLURGH
‡0RHGDIXQFLRQDOHPRHGDGHDSUHVHQWDomR
(VWDV GHPRQVWUDo}HV ¿QDQFHLUDV VmR DSUHVHQWDGDV HP 5HDO TXH p D PRHGD
IXQFLRQDO GD ,QVWLWXLomR7RGDV DV LQIRUPDo}HV ¿QDQFHLUDV DSUHVHQWDGDV HP
5HDOIRUDPDUUHGRQGDGDVSDUDRPLOKDUPDLVSUy[LPRH[FHWRTXDQGRLQGLFDGR
GHRXWUDIRUPD
‡8VRGHHVWLPDWLYDVHMXOJDPHQWRV
1D SUHSDUDomR GHVWDV GHPRQVWUDo}HV ¿QDQFHLUDV D $GPLQLVWUDomR XWLOL]RX
MXOJDPHQWRV HVWLPDWLYDV H SUHPLVVDV TXH DIHWDP D DSOLFDomR GDV SROtWLFDV
FRQWiEHLVGR%DQFRHRVYDORUHVUHSRUWDGRVGRVDWLYRVSDVVLYRVUHFHLWDVH
GHVSHVDV2VUHVXOWDGRVUHDLVSRGHPGLYHUJLUGHVVDVHVWLPDWLYDV
$VHVWLPDWLYDVHSUHPLVVDVVmRUHYLVDGDVGHIRUPDFRQWLQXD$VUHYLV}HVGDV
HVWLPDWLYDVVmRUHFRQKHFLGDVSURVSHFWLYDPHQWH
D-XOJDPHQWRV
$VLQIRUPDo}HVVREUHMXOJDPHQWRVUHDOL]DGRVQDDSOLFDomRGDVSROtWLFDVFRQWi
EHLVTXHWrPHIHLWRVVLJQL¿FDWLYRVVREUHRVYDORUHVUHFRQKHFLGRVQDVGHPRQV
WUDo}HV¿QDQFHLUDVHVWmRLQFOXtGDVQDVHJXLQWHQRWDH[SOLFDWLYD
‡1RWDH[SOLFDWLYDUHFHLWDGHFRPLVVmRGHWHUPLQDomRVHD,QVWLWXLomRDWXD
FRPRDJHQWHQDWUDQVDomRRXFRPRSULQFLSDO
E,QFHUWH]DVVREUHSUHPLVVDVHHVWLPDWLYDV
$V LQIRUPDo}HV VREUHDV LQFHUWH]DV UHODFLRQDGDV DSUHPLVVDVHHVWLPDWLYDV
TXHSRVVXHPXPULVFRVLJQL¿FDWLYRGHUHVXOWDUHPXPDMXVWHPDWHULDOQRH[HU
FtFLRD¿QGDUVHHPGHGH]HPEURGHHVWmRLQFOXtGDVQDVVHJXLQWHV
QRWDVH[SOLFDWLYDV
‡ 1RWD H[SOLFDWLYD UHFRQKHFLPHQWR GH DWLYRV ¿VFDLV GLIHULGRV GLVSRQL
ELOLGDGHGHOXFURWULEXWiYHOIXWXURFRQWUDRTXDOSUHMXt]RV¿VFDLVSRVVDPVHU
XWLOL]DGRV
‡1RWDVH[SOLFDWLYDVHUHFRQKHFLPHQWRHPHQVXUDomRGHSURYLV}HV
HFRQWLQJrQFLDVSULQFLSDLVSUHPLVVDVVREUHDSUREDELOLGDGHHPDJQLWXGHGDV
VDtGDVGHUHFXUVRV
Novas normas e interpretações ainda não efetivas
(PDGHUrQFLDDRSURFHVVRGHFRQYHUJrQFLDFRPDVQRUPDVLQWHUQDFLRQDLVGH
FRQWDELOLGDGHDOJXPDVQRUPDVHVXDVLQWHUSUHWDo}HVIRUDPHPLWLGDVSHOR&R
PLWr GH 3URQXQFLDPHQWRV &RQWiEHLV &3& DV TXDLV VHUmR DSOLFiYHLV jV
LQVWLWXLo}HV¿QDQFHLUDVTXDQGRDSURYDGDVSHOR%DQFR&HQWUDOGR%UDVLO
2VSURQXQFLDPHQWRVFRQWiEHLVMiDSURYDGRVSHOR%DQFR&HQWUDOGR%UDVLO
VmR
‡5HVROXomRQž5HGXomRDR9DORU5HFXSHUiYHOGH$WLYRV
‡5HVROXomRQž'HPRQVWUDomRGR)OX[RGH&DL[D
‡5HVROXomRQž'LYXOJDomRVREUH3DUWHV5HODFLRQDGDV
‡5HVROXomRQž3URYLV}HV3DVVLYRV&RQWLQJHQWHVH$WLYRV&RQWLQ
JHQWHV
‡5HVROXomRQž(YHQWR6XEVHTXHQWH
‡5HVROXomRQž3DJDPHQWR%DVHDGRHP$o}HV
‡5HVROXomRQž&3&3ROtWLFDVFRQWiEHLVPXGDQoDGHHVWLPDWLYDV
HUHWL¿FDomRGRHUUR
‡5HVROXomRQž3URQXQFLDPHQWRFRQFHLWXDOEiVLFR5
$WXDOPHQWH QmR p SRVVtYHO HVWLPDU TXDQGR R %DFHQ LUi DSURYDU RV GHPDLV
SURQXQFLDPHQWRVFRQWiEHLVGR&3&WDPSRXFRVHDXWLOL]DomRGHVWHVVHUiGH
IRUPDSURVSHFWLYDRXUHWURVSHFWLYD&RPLVVRDLQGDQmRpSRVVtYHOHVWLPDURV
LPSDFWRVFRQWiEHLVGDXWLOL]DomRGHVVHVSURQXQFLDPHQWRVQDVGHPRQVWUDo}HV
¿QDQFHLUDVGR%DQFR
3ULQFLSDLVFULWpULRVFRQWiEHLVDGRWDGRV
D$SXUDomRGHUHVXOWDGR
2UHVXOWDGRpDSXUDGRSHORUHJLPHFRQWiELOGHFRPSHWrQFLDVHQGRDMXVWDGRSHOD
SDUFHODDWULEXtYHOGHLPSRVWRGHUHQGDHFRQWULEXLomRVRFLDOLQFLGHQWHVREUHRV
OXFURVWULEXWiYHLVHTXDQGRDSOLFiYHOSHORLPSRVWRGHUHQGDHSHODFRQWULEXLomR
VRFLDOGLIHULGRVTXHVHUmRUHFXSHUDGRVRXH[LJLGRVHPH[HUFtFLRVVHJXLQWHV
E&DL[DHHTXLYDOHQWHVGHFDL[D
&RQIRUPH5HVROXomRQžGR&RQVHOKR0RQHWiULR1DFLRQDOLQFOXHP
GLQKHLURHPFDL[DGHSyVLWRVEDQFiULRVLQYHVWLPHQWRVGHFXUWRSUD]RGHDOWD
OLTXLGH]FRPULVFRLQVLJQL¿FDQWHGHPXGDQoDGHYDORUHVHOLPLWHVFRPSUD]R
GHYHQFLPHQWRLJXDORXLQIHULRUDGLDVGDGDWDGDFRQWUDWDomR
F3URYLVmRSDUDSHUGDVFRPRSHUDo}HVGHFUpGLWR
eFRQVWLWXtGDFRPEDVHQD5HVROXomRQžDQDOLVDQGRRVULVFRVGH
UHDOL]DomRGRVFUpGLWRVHPPRQWDQWHFRQVLGHUDGRVX¿FLHQWHSDUDDFREHUWXUDGH
HYHQWXDLVSHUGDV
G$SOLFDo}HVLQWHU¿QDQFHLUDV
$VDSOLFDo}HVLQWHU¿QDQFHLUDVGHOLTXLGH]VmRUHJLVWUDGDVDRFXVWRGHDSOLFDomR
DFUHVFLGRGRVUHQGLPHQWRVDXIHULGRVDWpDGDWDGREDODQoR
H7tWXORVHYDORUHVPRELOLiULRV
$ &LUFXODU Qž GHWHUPLQD D FODVVL¿FDomR GRV WtWXORV H GRV YDORUHV
PRELOLiULRVGHDFRUGRFRPDLQWHQomRGHQHJRFLDomRSHOD$GPLQLVWUDomRHP
WUrVFDWHJRULDVHVSHFt¿FDVDWHQGHQGRDRVVHJXLQWHVFULWpULRVGHFRQWDELOL]DomR
L7tWXORVSDUDQHJRFLDomR,QFOXHPRVWtWXORVHRVYDORUHVPRELOLiULRVDGTXL
ULGRVFRPRREMHWLYRGHVHUHPQHJRFLDGRVIUHTXHQWHPHQWHHGHIRUPDDWLYD
VHQGRFRQWDELOL]DGRVSHORYDORUGHPHUFDGR2VJDQKRVHDVSHUGDVUHDOL]D
GRVHQmRUHDOL]DGRVVREUHHVVHVWtWXORVVmRUHFRQKHFLGRVQDGHPRQVWUDomRGR
UHVXOWDGR
'HPRQVWUDo}HVGHUHVXOWDGRV6HPHVWUHILQGRVHPGHGH]HPEURGH
HH[HUFtFLRVILQGRVHPHPGHGH]HPEURGHH(PPLOKDUHVGH5HDLV
1RWD
6HPHVWUHILQGR
5HFHLWDVGHLQWHUPHGLDomRILQDQFHLUD
2SHUDo}HVGHFUpGLWR
5HVXOWDGRGHRSHUDo}HVFRPWtWXORVHYDORUHVPRELOLiULRV
2SHUDo}HVGHYHQGDRXGHWUDQVIHUrQFLDGHDWLYRVILQDQFHLURV
'HVSHVDVGHLQWHUPHGLDomRILQDQFHLUD
2SHUDo}HVGHFDSWDomRQRPHUFDGR
3URYLVmRSDUDFUpGLWRVGHOLTXLGDomRGXYLGRVD
5HVXOWDGREUXWRGDLQWHUPHGLDomRILQDQFHLUD
2XWUDVUHFHLWDVGHVSHVDVRSHUDFLRQDLV
5HFHLWDVGHSUHVWDomRGHVHUYLoRV
5HQGDVGHWDULIDVEDQFiULDV
'HVSHVDVGHSHVVRDO
2XWUDVGHVSHVDVDGPLQLVWUDWLYDV
'HVSHVDVWULEXWiULDV
2XWUDVUHFHLWDVRSHUDFLRQDLV
2XWUDVGHVSHVDVRSHUDFLRQDLV
5HVXOWDGRRSHUDFLRQDO
5HVXOWDGRQmRRSHUDFLRQDO
5HVXOWDGRDQWHVGDWULEXWDomRVREUHROXFURHDVSDUWLFLSDo}HV
,PSRVWRGHUHQGDHFRQWULEXLomRVRFLDOVREUHROXFUR
3DVVLYRILVFDOGLIHULGR
$WLYRILVFDOGLIHULGR
H
3DUWLFLSDo}HVHVWDWXWiULDVQROXFUR
5HVXOWDGRGRVHPHVWUHH[HUFtFLRV
5HVXOWDGROtTXLGRSRUORWHGHPLODo}HV5
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWHGDVGHPRQVWUDo}HVILQDQFHLUDV
'HPRQVWUDo}HVGRVIOX[RVGHFDL[D0pWRGRLQGLUHWR6HPHVWUHILQGRVHPGHGH]HPEUR
HH[HUFtFLRVILQGRVHPHPGHGH]HPEURGHH(PPLOKDUHVGH5HDLV
6HPHVWUH¿QGRHP
)OX[RGHFDL[DSURYHQLHQWHGDVRSHUDo}HV
5HVXOWDGRGRVHPHVWUHH[HUFtFLRV
$MXVWHVGRUHVXOWDGRGRVHPHVWUHH[HUFtFLRVFRPUHFXUVRVSURYHQLHQWHVGH
DWLYLGDGHVRSHUDFLRQDLV
'HSUHFLDomRHDPRUWL]DomR
$MXVWHHP,QYHVWLPHQWRFROLJDGDHFRQWURODGD
3URYLVmRSDUDGHYHGRUHVGXYLGRVRV
3URYLVmRSDUDSHUGDVHPRXWUDVRSHUDo}HV
3URYLVmRSDUDFUpGLWRVFHGLGRVFRPFRREULJDo}HV
3URYLVmRFDUWHLUDDGTXLULGDGHUHFHELYpLVGHFDUW}HVGHFUpGLWRV
3URYLVmRFDUWHLUDDGTXLULGDGHUHFHELYpLVGHFUpGLWRVLPRELOLiULRV
3URYLVmRSDUDLPSRVWRVHFRQWULEXLo}HVGLIHULGRV
3URYLVmRSDUDSDJDPHQWRVDHIHWXDU
3URYLVmRSDUDSDVVLYRVFRQWLQJHQWHV
3URYLVmRSDUDSHUGDVHPRXWURVYDORUHVHEHQV
3URYLVmRSDUDFUpGLWRVWULEXWiULRV
5HGXomRDXPHQWRQRVDWLYRV
$SOLFDo}HVLQWHU¿QDQFHLUDVGHOLTXLGH]
7tWXORVHYDORUHVPRELOLiULRV
2SHUDo}HVGHFUpGLWR
2XWURVFUpGLWRV
2XWURVYDORUHVHEHQV
5HODo}HVLQWHU¿QDQFHLUDVHLQWHUGHSHQGrQFLD
$XPHQWRUHGXomRQRVSDVVLYRV
'HSyVLWRV
5HFXUVRVGHDFHLWHVHHPLVVmRGHWtWXORV
5HODo}HVLQWHU¿QDQFHLUDV
2XWUDVREULJDo}HV
9DULDomRQDVUHFHLWDVDQWHFLSDGDV
5HFXUVRVOtTXLGRVSURYHQLHQWHVGDVDWLYLGDGHVRSHUDFLRQDLV
)OX[RGHFDL[DXWLOL]DGRQDVDWLYLGDGHVGHLQYHVWLPHQWRV
$OLHQDomRDTXLVLomR,QYHVWLPHQWR
$TXLVLomRQRLPRELOL]DGRGHXVR
$TXLVLomRQRLQWDQJtYHO
)OX[RGHFDL[DSURYHQLHQWHGDVDWLYLGDGHVGH¿QDQFLDPHQWRV
-XURVVREUHRFDSLWDOSUySULRFUHGLWDGRV
0RYLPHQWDomRGHDWLYRV
$XPHQWRGHFDSLWDO
$XPHQWRUHGXomRQRFDL[DHHTXLYDOHQWHV
&DL[DHHTXLYDOHQWHVGHFDL[DQRLQtFLRGRVHPHVWUHH[HUFtFLRV
&DL[DHHTXLYDOHQWHVGHFDL[DQR¿PGRVHPHVWUHH[HUFtFLRV
$XPHQWRUHGXomRQRFDL[DHHTXLYDOHQWHV
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWHGDVGHPRQVWUDo}HV¿QDQFHLUDV
LL7tWXORVGLVSRQtYHLVSDUDYHQGD,QFOXHPRVWtWXORVHRVYDORUHVPREL
OLiULRV FRQWDELOL]DGRV SHOR YDORU GH PHUFDGR VHQGR RV VHXV UHQGLPHQWRV
LQWUtQVHFRV UHFRQKHFLGRV QD GHPRQVWUDomR GR UHVXOWDGR H RV JDQKRV H DV
SHUGDVGHFRUUHQWHVGDVYDULDo}HVGRYDORUGHPHUFDGRDLQGDQmRUHDOL]DGRV
VmRUHFRQKHFLGRVHPFRQWDHVSHFt¿FDGRSDWULP{QLROtTXLGR³$MXVWHDYDORU
GHPHUFDGR7tWXORVGLVSRQtYHLVSDUDYHQGD´DWpDVXDUHDOL]DomRSRUYHQGD
OtTXLGRGRVFRUUHVSRQGHQWHVHIHLWRVWULEXWiULRVTXDQGRDSOLFiYHO
LLL7tWXORVPDQWLGRVDWpRYHQFLPHQWR2VWtWXORVHRVYDORUHVPRELOLiULRV
RVTXDLVD$GPLQLVWUDomRSRVVXLDLQWHQomRHDFDSDFLGDGH¿QDQFHLUDGHPDQ
WHUDWpRYHQFLPHQWRVmRDYDOLDGRVSHORVFXVWRVGHDTXLVLomRDFUHVFLGRVGRV
UHQGLPHQWRVRULXQGRVHPFRQWUDSDUWLGDDRUHVXOWDGRGRSHUtRGR
2VWtWXORVHRVYDORUHVPRELOLiULRVFODVVL¿FDGRVQDFDWHJRULDGHQHJRFLDomR
EHPFRPRRVLQVWUXPHQWRV¿QDQFHLURVGHULYDWLYRVVHKRXYHUVmRGHPRQV
WUDGRVQREDODQoRSDWULPRQLDOSHORVHXYDORUMXVWRHVWLPDGR2YDORUMXVWR
JHUDOPHQWHEDVHLDVHHPFRWDo}HVGHSUHoRVGHPHUFDGRRXHPFRWDo}HVGH
SUHoRVGHPHUFDGRSDUDDWLYRVRXSDVVLYRVFRPFDUDFWHUtVWLFDVVHPHOKDQWHV
6HHVVHVSUHoRVGHPHUFDGRQmRHVWLYHUHPGLVSRQtYHLVRVYDORUHVMXVWRVVmR
EDVHDGRVHPFRWDo}HVGHRSHUDGRUHVGHPHUFDGRPRGHORVGHSUHFL¿FDomR
ÀX[RGHFDL[DGHVFRQWDGRRXWpFQLFDVVLPLODUHVSDUDRVTXDLVDGHWHUPLQDomR
GRYDORUMXVWRSRVVDH[LJLUMXOJDPHQWRRXHVWLPDWLYDVLJQL¿FDWLYDSRUSDUWH
GD$GPLQLVWUDomRYHMD1RWD([SOLFDWLYDQž
I,QVWUXPHQWRV¿QDQFHLURVGHULYDWLYRV
2VLQVWUXPHQWRV¿QDQFHLURVGHULYDWLYRVSDVVDUDPDVHUFODVVL¿FDGRVGHDFRU
GRFRPDLQWHQomRGD$GPLQLVWUDomRSDUD¿QVRXQmRGHSURWHomR (hedge),
FRQIRUPHGHWHUPLQDD&LUFXODUQžHDVUHJXODPHQWDo}HVSRVWHULR
UHVHPLWLGDVSHOR%DQFR&HQWUDOGR%UDVLO
4XDQGRH[LVWHQWHVDVRSHUDo}HVTXHXWLOL]DPLQVWUXPHQWRV¿QDQFHLURVGHUL
YDWLYRVHIHWXDGRVSRUVROLFLWDomRGHFOLHQWHVSRUFRQWDSUySULDRXTXHQmR
DWHQGDP DRV FULWpULRV GH SURWHomR HVWDEHOHFLGRV QD UHIHULGD FLUFXODU SULQ
FLSDOPHQWH GHULYDWLYRV XWLOL]DGRV SDUD DGPLQLVWUDU D H[SRVLomR JOREDO GH
ULVFRVmRFRQWDELOL]DGDVSHORYDORUGHPHUFDGRFRPRVJDQKRVHDVSHUGDV
UHDOL]DGRV H QmR UHDOL]DGRV UHFRQKHFLGRV GLUHWDPHQWH QD GHPRQVWUDomR GR
UHVXOWDGR
$VRSHUDo}HVTXHXWLOL]DPLQVWUXPHQWRV¿QDQFHLURVGHULYDWLYRVGHVWLQDGRVD
hedgeVmRFODVVL¿FDGDVFRPRKHGJHGHULVFRGHPHUFDGRRXKHGJHGHÀX[R
GHFDL[DVHJXQGRRVFULWpULRVGH¿QLGRVQD&LUFXODUQžHPLWLGD
SHOR%DQFR&HQWUDOGR%UDVLO1HVVHVFDVRVWDPEpPRVLWHQVREMHWRGHKHGJH
VmRDMXVWDGRVDRYDORUGHPHUFDGRWHQGRFRPRFRQWUDSDUWLGDGHVVHVDMXVWHV
GHULYDWLYRHUHVSHFWLYRLWHPREMHWRGHKHGJHLDDGHTXDGDFRQWDGHUHFHL
WDRXGHVSHVDQRUHVXOWDGRGRSHUtRGRQRFDVRGHKHGJHGHULVFRGHPHUFDGR
HLLFRQWDGHVWDFDGDGRSDWULP{QLROtTXLGRSDUDDSDUFHODHIHWLYDGRKHGJH
GHÀX[RGHFDL[DGHGX]LGDGRVHIHLWRVWULEXWiULRV
J2XWURVDWLYRVFLUFXODQWHVHUHDOL]iYHLVDORQJRSUD]R
6mRGHPRQVWUDGRVSHORVYDORUHVGHUHDOL]DomRLQFOXLQGRTXDQGRDSOLFiYHO
RV UHQGLPHQWRV DXIHULGRV HP EDVH SUR UDWD GLH GHGX]LGRV GDV FRUUHVSRQ
GHQWHVUHQGDVDDSURSULDU$SURYLVmRSDUDFUpGLWRVGHOLTXLGDomRGXYLGRVDp
FRQVWLWXtGDFRPEDVHQRVFULWpULRVGH¿QLGRVSHOD5HVROXomRQžGR
&RQVHOKR0RQHWiULR1DFLRQDO
K2XWURVYDORUHVHEHQV'HVSHVDVDQWHFLSDGDV
6mRUHSUHVHQWDGRVSHODVDSOLFDo}HVGHUHFXUVRVHPSDJDPHQWRVDQWHFLSDGRV
FXMRVGLUHLWRVGHEHQHItFLRVRXSUHVWDomRGHVHUYLoRVRFRUUHUmRHPSHUtRGRV
IXWXURVVHQGRUHJLVWUDGDVQRUHVXOWDGRGHDFRUGRFRPRSULQFtSLRGDFRPSH
WrQFLD
2VFXVWRVLQFRUULGRVTXHHVWmRUHODFLRQDGRVFRPDWLYRVFRUUHVSRQGHQWHVTXH
JHUDUmRUHFHLWDVHPSHUtRGRVVXEVHTXHQWHVVmRDSURSULDGRVDRUHVXOWDGRGH
DFRUGRFRPRVSUD]RVHRVPRQWDQWHVGRVEHQHItFLRVHVSHUDGRVHEDL[DGRV
GLUHWDPHQWHQRUHVXOWDGRTXDQGRRVEHQVHRVGLUHLWRVFRUUHVSRQGHQWHVMi
QmR¿]HUHPSDUWHGRVDWLYRVGR%DQFRRXRVEHQHItFLRVIXWXURVHVSHUDGRV
QmRSXGHUHPVHUUHDOL]DGRVYHMD1RWD([SOLFDWLYDQž
L,PRELOL]DGR
eGHPRQVWUDGRSHORFXVWRGHGX]LGDDGHSUHFLDomRTXHpFDOFXODGDSHOR
PpWRGR OLQHDU REVHUYDQGRVH DV VHJXLQWHV WD[DV DQXDLV LQVWDODo}HV Py
YHLVHHTXLSDPHQWRVGHXVRHVLVWHPDGHFRPXQLFDomRHVLVWHPDGH
SURFHVVDPHQWRGHGDGRV
&RQIRUPH 5HVROXomR Qž GR &RQVHOKR 0RQHWiULR 1DFLRQDO R
VDOGRGRLPRELOL]DGRHVWiDSUHVHQWDGRDYDORUHVUHFXSHUiYHLV$SDUGDH[L
JrQFLDGHUHDOL]DomRGHHVWXGRVSHULyGLFRVQHVWHVHQWLGRHQWHQGHD$GPL
QLVWUDomRTXHQmRVHUmRQHFHVViULRVDMXVWHVDRVYDORUHVDSUHVHQWDGRV
M,QWDQJtYHO
&RUUHVSRQGHQWHDRVGLUHLWRVDGTXLULGRVFXMRREMHWRVHUHIHUHDEHQVLQFRU
SyUHRVGHVWLQDGRVjPDQXWHQomRGR%DQFRRXH[HUFLGRVFRPHVVD¿QDOLGD
GHGHDFRUGRFRPD5HVROXomRQžGR&RQVHOKR0RQHWiULR1D
FLRQDO(VWiFRPSRVWRSRUGLUHLWRVQDDTXLVLomRGHVRIWZDUHVDPRUWL]DGRV
SHORSUD]RSHUWLQHQWH
N'HSyVLWRVHFDSWDo}HVQRPHUFDGRDEHUWR
6mRGHPRQVWUDGRVSHORVYDORUHVGDVH[LJLELOLGDGHVHFRQVLGHUDPTXDQGR
DSOLFiYHO RV HQFDUJRV H[LJtYHLV DWp D GDWD GR EDODQoR UHFRQKHFLGRV HP
EDVHSURUDWDGLHYHMD1RWDV([SOLFDWLYDVQžVH
O$WLYRVHSDVVLYRVFRQWLQJHQWHV
2UHFRQKHFLPHQWRDPHQVXUDomRHDGLYXOJDomRGRVDWLYRVHGRVSDVVLYRV
FRQWLQJHQWHVHGDVREULJDo}HVOHJDLVVmRHIHWXDGRVGHDFRUGRFRPD5HVR
OXomR&01QžEHPFRPRVmRDGHUHQWHVDRVFULWpULRVGH¿QLGRV
QD'HOLEHUDomR&90QžDVDEHU
‡$WLYRVFRQWLQJHQWHV1mRVmRUHFRQKHFLGRVH[FHWRTXDQGRGDH[LVWrQFLD
GHHYLGrQFLDVVX¿FLHQWHVTXHDVVHJXUHPHOHYDGRJUDXGHFRQ¿DELOLGDGHGH
UHDOL]DomRXVXDOPHQWHUHSUHVHQWDGRSHORWUkQVLWRHPMXOJDGRGDDomRHSHOD
FRQ¿UPDomRGDFDSDFLGDGHGHVXDUHFXSHUDomRSRUUHFHELPHQWRRXFRP
SHQVDomRFRPRXWURH[LJtYHO
‡3DVVLYRVFRQWLQJHQWHV'HFRUUHPEDVLFDPHQWHGHSURFHVVRVMXGLFLDLVH
DGPLQLVWUDWLYRVLQHUHQWHVDRFXUVRQRUPDOGRVQHJyFLRVPRYLGRVSRUWHU
FHLURVH[IXQFLRQiULRVHyUJmRVS~EOLFRVHPDo}HVFtYHLVWUDEDOKLVWDVGH
QDWXUH]D¿VFDOHRXWURVULVFRV(VVDVFRQWLQJrQFLDVFRHUHQWHVFRPSUiWLFDV
FRQVHUYDGRUDVDGRWDGDVVmRDYDOLDGDVSRUDVVHVVRUHVOHJDLVHFRQVLGHUDP
DSUREDELOLGDGHGHTXHUHFXUVRV¿QDQFHLURVVHMDPH[LJLGRVSDUDOLTXLGDUDV
REULJDo}HVHTXHRPRQWDQWHGDVREULJDo}HVSRVVDVHUHVWLPDGRFRPVX¿
FLHQWHVHJXUDQoD$VFRQWLQJrQFLDVVmRFODVVL¿FDGDVFRPRDSURYiYHLV
SDUD DV TXDLV VmR FRQVWLWXtGDV SURYLV}HV E SRVVtYHLV TXH VRPHQWH VmR
GLYXOJDGDVVHPTXHVHMDPSURYLVLRQDGDVHFUHPRWDVTXHQmRUHTXHUHP
SURYLVmRQHPGLYXOJDomR2VYDORUHVGDVFRQWLQJrQFLDVVmRTXDQWL¿FDGRV
XWLOL]DQGRVHPRGHORVHFULWpULRVTXHSHUPLWDPDVXDPHQVXUDomRGHIRUPD
DGHTXDGDDSHVDUGDLQFHUWH]DLQHUHQWHDRSUD]RHDRYDORU3DVVLYRVFRQWLQ
JHQWHVFODVVL¿FDGRVFRPRUHPRWRVQmRUHTXHUHPSURYLVmRQHPGLYXOJDomR
YHMD1RWD([SOLFDWLYDQž
‡2EULJDo}HVOHJDLV3URYLVmRSDUDULVFRV¿VFDLVGHFRUUHPGHSURFHVVRV
MXGLFLDLVFXMRREMHWRGHFRQWHVWDomRpDVXDOHJDOLGDGHRXFRQVWLWXFLRQD
OLGDGH TXH LQGHSHQGHQWHPHQWH GD DYDOLDomR DFHUFD GD SUREDELOLGDGH GH
VXFHVVRWrPRVVHXVPRQWDQWHVUHFRQKHFLGRVLQWHJUDOPHQWHQDVGHPRQV
WUDo}HVFRQWiEHLVYHMD1RWD([SOLFDWLYDQž
6 – terça-feira, 31 de Maio de 2016
Publicações de Terceiros e Editais de ComarcasMinas Gerais - Caderno 2
%$1&26(0($56$
02/04
CNPJ: 00.795.423/0001-45
Av. Afonso Pena, 3.577 - 3º andar - Funcionários - Belo Horizonte-MG
P3URYLV}HVSDUDLPSRVWRGHUHQGDHFRQWULEXLomRVRFLDO
$SURYLVmRSDUDLPSRVWRGHUHQGDIRLFRQVWLWXtGDjDOtTXRWDEDVHGH
GROXFURWULEXWiYHODFUHVFLGDGRDGLFLRQDOGH7DPEpPIRLFRQVWL
WXtGDSURYLVmRSDUDFRQWULEXLomRVRFLDOVREUHROXFUROtTXLGRDMXVWDGRj
DOtTXRWD GH 2V FUpGLWRV WULEXWiULRV VREUH GLIHUHQoDV WHPSRUiULDV
SUHMXt]RV¿VFDLVHEDVHQHJDWLYDWDPEpPIRUDPUHJLVWUDGRVFRPEDVHQDV
UHVSHFWLYDVDOtTXRWDV
2VFUpGLWRVWULEXWiULRVGHLPSRVWRGHUHQGDHFRQWULEXLomRVRFLDOVmRUH
YLVDGRVDFDGDGDWDGHEDODQoRHFRQVWLWXtGRVVREUHDGLo}HVHH[FOXV}HV
WHPSRUiULDVHFRPEDVHQDOHJLVODomRYLJHQWHjGDWDGHVXDFRQVWLWXLomR
$UHDOL]DomRGHVVHVFUpGLWRVWULEXWiULRVRFRUUHUiTXDQGRGDHIHWLYDXWLOL
]DomRHRXUHYHUVmRGRVYDORUHVVREUHRVTXDLVIRUDPFRQVWLWXtGRV
(P GH RXWXEUR GH D 0HGLGD 3URYLVyULD Qž IRL DSURYDGD
H FRQYHUWLGD QD /HL Qž TXH DXPHQWRX D DOtTXRWD GD &6// GDV
LQVWLWXLo}HV ¿QDQFHLUDV GH SDUD GR OXFUR WULEXWiYHO D SDUWLU
GH VHWHPEUR GH 2V UHVSHFWLYRV HIHLWRV FRQWiEHLV HVWmR UHÀHWLGRV
FRQWDELOPHQWHDSDUWLUGDGDWDGHDSURYDomR
Q3URYLV}HVGHIpULDVHGpFLPRWHUFHLURVDOiULR
$VSURYLV}HVGHIpULDVDFUHVFLGDVGRDGLFLRQDOGHXPWHUoRHGR
GpFLPRWHUFHLURVDOiULREHPFRPRRVUHVSHFWLYRVHQFDUJRVVmRFRQWDEL
OL]DGDVVHJXQGRRUHJLPHGHFRPSHWrQFLD
R2XWURVSDVVLYRVFLUFXODQWHVHQmRFLUFXODQWHV
6mR GHPRQVWUDGRV SRU YDORUHV FRQKHFLGRV RX FDOFXOiYHLV LQFOXLQGR
TXDQGRDSOLFiYHORVHQFDUJRVLQFRUULGRVHPEDVHSURUDWDGLHGHGX]LGRV
GDVFRUUHVSRQGHQWHVGHVSHVDVDDSURSULDU
S5HGXomRDRYDORUUHFXSHUiYHOGHDWLYRVLPSDLUPHQW
2VWtWXORVHRVYDORUHVPRELOLiULRVFODVVL¿FDGRVQDVFDWHJRULDVGHWtWX
ORVGLVSRQtYHLVSDUDYHQGDHWtWXORVPDQWLGRVDWpRYHQFLPHQWRHDWLYRV
QmR¿QDQFHLURVH[FHWRRXWURVYDORUHVHEHQVHFUpGLWRVWULEXWiULRVVmR
UHYLVWRVQRPtQLPRDQXDOPHQWHSDUDGHWHUPLQDUVHKiDOJXPDLQGLFDomR
GHSHUGDSRUUHGXomRDRYDORUUHFXSHUiYHOLPSDLUPHQW&DVRVHMDGH
WHFWDGDXPDSHUGDHVWDpUHFRQKHFLGDQRUHVXOWDGRGRSHUtRGRTXDQGRR
YDORUFRQWiELOGRDWLYRH[FHGHURVHXYDORUUHFXSHUiYHODSXUDGRSHORL
SRWHQFLDOYDORUGHYHQGDRXYDORUGHUHDOL]DomRGHGX]LGRGDVUHVSHFWLYDV
GHVSHVDVRXLLYDORUHPXVRFDOFXODGRSHODXQLGDGHJHUDGRUDGHFDL[D
GRVGRLVRPDLRU
T(YHQWRVVXEVHTXHQWHV
(YHQWRVXEVHTXHQWHDRSHUtRGRDTXHVHUHIHUHPDVGHPRQVWUDo}HVFRQ
WiEHLVpDTXHOHHYHQWRIDYRUiYHORXGHVIDYRUiYHOTXHRFRUUHHQWUHDGDWD
¿QDOGRSHUtRGRDTXHVHUHIHUHPDVGHPRQVWUDo}HVFRQWiEHLVHDGDWDQD
TXDOpDXWRUL]DGDDHPLVVmRGHVVDVGHPRQVWUDo}HV'RLVWLSRVGHHYHQWRV
SRGHPVHULGHQWL¿FDGRV
‡RVTXHHYLGHQFLDPFRQGLo}HVTXHMiH[LVWLDPQDGDWD¿QDOGRSHUtRGRD
TXHVHUHIHUHPDVGHPRQVWUDo}HVFRQWiEHLVHYHQWRVXEVHTXHQWHDRSHUt
RGRFRQWiELODTXHVHUHIHUHPDVGHPRQVWUDo}HVTXHRULJLQDPDMXVWHV
‡RVTXHVmRLQGLFDGRUHVGHFRQGLo}HVTXHVXUJLUDPVXEVHTXHQWHPHQWH
DRSHUtRGRFRQWiELODTXHVHUHIHUHPDVGHPRQVWUDo}HVFRQWiEHLVHYHQWR
VXEVHTXHQWHDRSHUtRGRFRQWiELODTXHVHUHIHUHPDVGHPRQVWUDo}HVTXH
QmRRULJLQDPDMXVWHV
1mRKRXYHHYHQWRVVXEVHTXHQWHVTXHRFDVLRQDPDMXVWHVRXGLYXOJDo}HV
SDUDDVGHPRQVWUDo}HVFRQWiEHLVHQFHUUDGDVHPGHGH]HPEURGH
U3ROtWLFDVFRQWiEHLVPXGDQoDGHHVWLPDWLYDHUHWL¿FDomRGHHUUR
23URQXQFLDPHQWR&RQWiELO&3&WHPRREMHWLYRGHGH¿QLURVFULWpULRV
SDUD D VHOHomR H D PXGDQoD GH SROtWLFDV FRQWiEHLV MXQWDPHQWH FRP R
WUDWDPHQWRFRQWiELOHDGLYXOJDomRGDVPXGDQoDVQDVSROtWLFDVQDVHVWL
PDWLYDVHDUHWL¿FDomRGHHUUR2SURQXQFLDPHQWRYLVDDLQGDDPHOKRUDU
DUHOHYkQFLDHDFRQ¿DELOLGDGHGDVGHPRQVWUDo}HV¿QDQFHLUDVGR%DQFR
EHPFRPRSHUPLWLUVXDFRPSDUDELOLGDGHDRORQJRGRWHPSRFRPDVGH
PRQVWUDo}HVGHRXWUDVHQWLGDGHV
&DL[DHHTXLYDOHQWHVGHFDL[D
6XDFRPSRVLomRSRGHVHUDVVLPVLQWHWL]DGD
5HVHUYDVOLYUHV
'LVSRQLELOLGDGHV
(TXLYDOHQWHVGHFDL[D
7tWXORVH9DORUHV0RELOLiULRV1RWD
7RWDOGHFDL[DHHTXLYDOHQWHVGH
FDL[D'LVSRQLELOLGDGH
2VDOGRGHFDL[DHHTXLYDOHQWHVGHFDL[DLQFOXLDSHQDVDVRSHUDo}HVFXMRV
YHQFLPHQWRVQDGDWDGDHIHWLYDDSOLFDomRVHMDPLJXDLVRXLQIHULUHVDGLDV
HTXHDSUHVHQWDPULVFRLQVLJQL¿YDQWHGHPXGDQoDGHYDORUMXVWR
$SOLFDo}HVLQWHU¿QDQFHLUDVGHOLTXLGH]
2VDOGRGDVDSOLFDo}HVLQWHU¿QDQFHLUDVGHOLTXLGH]HVWiFRPSRVWRSRU
$SOLFDo}HVLQWHU¿QDQFHLUDVGHOLTXLGH]
$SOLFDo}HVQR0HUFDGR$EHUWR
/HWUDV)LQDQFHLUDVGR7HVRXUR/)7
/HWUDVGR7HVRXUR1DFLRQDO/71
$SOLFDo}HVHP'HSyVLWRV,QWHU¿QDQFHLURV
&HUWL¿FDGRVGH'HSyVLWRV
,QWHU¿QDQFHLURV&',
7RWDO
7RWDO&LUFXODQWH
1mRFLUFXODQWH
2VGHSyVLWRVLQWHU¿QDQFHLURVSRVVXHPRVUHVSHFWLYRVYHQFLPHQWRV
&HUWL¿FDGRVGH'HSyVLWRV,QWHU¿QDQFHLURV&',
DWpGLDV
DSyVGLDV
7RWDO
1RVWHUPRVGD5HVROXomRQžGR&RQVHOKR0RQHWiULR1DFLRQDO
R%DQFRPDQWpPDFRUGRSDUDFRPSHQVDomRHOLTXLGDomRGHREULJDo}HVQR
kPELWRGR6LVWHPD)LQDQFHLUR1DFLRQDO¿UPDGRFRPLQVWLWXLomR¿QDQFHLUD
DXWRUL]DGDDIXQFLRQDUSHOR%DQFR&HQWUDOGR%UDVLOFXMDVSRVLo}HVQRHQ
FHUUDPHQWRGRH[HUFtFLR¿QGRHPGHGH]HPEURGHSRGHPVHUDVVLP
VXPDULDGDV
3RVLomRDWLYD
&HUWL¿FDGRVGH'HSyVLWRV,QWHU¿QDQFHLURV&',
3RVLomRSDVVLYD
&HUWL¿FDGRVGH'HSyVLWRV,QWHU¿QDQFHLURV
&',1RWD
7tWXORVHYDORUHVPRELOLiULRV
6mR UHSUHVHQWDGRV HVVHQFLDOPHQWH SRU /HWUDV )LQDQFHLUDV GR 7HVRXUR
/)7V1RWDVGR7HVRXUR1DFLRQDO171VH/HWUDVGR7HVRXUR1DFLRQDO
/71V(PIXQomRGRHQTXDGUDPHQWRGR%DQFRj&LUFXODUQž
DV/)7VDV171VH/71VVmRFODVVL¿FDGDVFRPR³7tWXORVGLVSRQtYHLVSDUD
QHJRFLDomR´VHQGRRDMXVWHDYDORUGHPHUFDGRUHFRQKHFLGRQDGHPRQVWUD
omRGRUHVXOWDGR
2VWtWXORVHRVYDORUHVPRELOLiULRVSRGHPVHUDSUHVHQWDGRVFRPRVHJXH
7tWXORVGHUHQGD¿[D
&DUWHLUDSUySULD/LYUHV /HWUDV)LQDQFHLUDVGR7HVRXUR/)7 /HWUDVGR7HVRXUR1DFLRQDO/71 1RWDVGR7HVRXUR1DFLRQDO171 7RWDO &LUFXODQWH 1mRFLUFXODQWH 7RWDO &ODVVL¿FDomRSRUWLSRGHSDSHOHYHQFLPHQWRV
$Wp
'HD 'HD
3DSHO
PHVHV PHVHV DQRV
/HWUDV)LQDQFHLUDVGR7HVRXUR/7)
/HWUDVGR7HVRXUR1DFLRQDO/71 1RWDVGR7HVRXUR1DFLRQDO171
7RWDOHP 7RWDOHP 2VSDSpLVDFLPDHVWmRWRGRVFXVWRGLDGRVQD6(/,&
$VDSOLFDo}HVLQWHU¿QDQFHLUDVHRVWtWXORVHYDORUHVPRELOLiULRVVmRPDQWL
GRVFRPLQVWLWXLo}HV¿QDQFHLUDVGHUHFRQKHFLGDOLTXLGH]HHVWmRUHSUHVHQ
WDGRVSRUWtWXORVS~EOLFRVIHGHUDLVGDFDUWHLUDHSRU&HUWL¿FDGRV
GH'HSyVLWRV,QWHU¿QDQFHLURV&',VGDFDUWHLUD
,QVWUXPHQWRV¿QDQFHLURVHGHULYDWLYRV
$V SUiWLFDV FRQWiEHLV DGRWDGDV QR %UDVLO GHWHUPLQDUDP D GLYXOJDomR HP
QRWDH[SOLFDWLYDjVGHPRQVWUDo}HV¿QDQFHLUDVGRYDORUGHPHUFDGRGRVLQV
WUXPHQWRV¿QDQFHLURVUHFRQKHFLGRVQHVVDVGHPRQVWUDo}HV
4XDQGRUHDOL]DGDVRSHUDo}HVFRPLQVWUXPHQWRV¿QDQFHLURVGHULYDWLYRVRV
UHJLVWURV VmR UHDOL]DGRV HP FRQWDV SDWULPRQLDLV RX GH FRPSHQVDomR SRU
YDORUHV FRPSDWtYHLV FRP RV SUDWLFDGRV SHOR PHUFDGR QHVVDV GDWDV D ¿P
GH DGPLQLVWUDU VXD H[SRVLomR D ULVFRV GH PHUFDGR GH PRHGD H GH WD[DV
GHMXURVRVTXDLVVHUHIHUHPVXEVWDQFLDOPHQWHDRSHUDo}HVGHVWLQDGDVj
SURWHomR GH DWLYRV H SDVVLYRV HQYROYHQGR D DOWHUDomR GH LQGH[DGRUHV QD
DSOLFDomRHQDFDSWDomRGHUHFXUVRVFRQWUDWDGRVHPSUD]RVWD[DVHPRQ
WDQWHVFRPSDWtYHLVFRPDSURWHomRQHFHVViULD
4XDQGRDGTXLULGDVDVRSHUDo}HVHQYROYHQGRLQVWUXPHQWRV¿QDQFHLURVGH
ULYDWLYRVVZDSVHFRQWUDWRVGHIXWXURVHGHVWLQDPjSURWHomRGRVDWLYRV
HGRVSDVVLYRVSUySULRVHGHVHXVFOLHQWHV$$GPLQLVWUDomRGHVVHVULVFRV
pHIHWXDGDDWUDYpVGHSROtWLFDVGHFRQWUROHHVWDEHOHFLPHQWRGHHVWUDWpJLDV
GHRSHUDomRGHWHUPLQDomRGHOLPLWHVHWpFQLFDVGHDFRPSDQKDPHQWRGDV
SRVLo}HVYLVDQGRjOLTXLGH]jUHQWDELOLGDGHHjVHJXUDQoD$XWLOL]DomRGH
LQVWUXPHQWRV¿QDQFHLURVGHULYDWLYRVFRPRIRUPDGHPLQLPL]DURVULVFRVGH
PHUFDGRRULJLQDGRVQDÀXWXDomRGDVWD[DVGHMXURVGRFkPELRGRVSUHoRV
GRVDWLYRVHQWUHRXWURVpSDUWHLQWHJUDQWHGDERDSUiWLFDFRQWiELOHFRQVWLWXL
XPDIHUUDPHQWDLPSUHVFLQGtYHOQDJHVWmR¿QDQFHLUDGDVLQVWLWXLo}HV
5LVFRGHPHUFDGRpDH[SRVLomRFULDGDSHODSRWHQFLDOÀXWXDomRQDVWD[DVGH
MXURVWD[DVGHFkPELRFRWDomRGHPHUFDGRULDVSUHoRVFRWDGRVHPPHUFDGR
GHDo}HVHRXWURVYDORUHVHpIXQomRGRWLSRGHSURGXWRGRYROXPHGHRSH
UDo}HVGRSUD]RHGDVFRQGLo}HVGRFRQWUDWRHGDYRODWLOLGDGHVXEMDFHQWH2
JHUHQFLDPHQWRGRVULVFRVpFRQWURODGRHVXSHUYLVLRQDGRGHIRUPDLQGHSHQ
GHQWHGDViUHDVJHUDGRUDVGDH[SRVLomRDRULVFR6XDDYDOLDomRHPHGLomRVmR
UHDOL]DGDVGLDULDPHQWHEDVHDQGRVHHPtQGLFHVHGDGRVHVWDWtVWLFRVXWLOL]DQ
GRVHGHIHUUDPHQWDVGHDQiOLVHGHVHQVLELOLGDGHDFHQiULRVGHVWUHVV4XDQGR
UHDOL]DGDVDVRSHUDo}HVFRPLQVWUXPHQWRV¿QDQFHLURVGHULYDWLYRVHVWDVVmR
UHJLVWUDGDV QD &HQWUDO GH &XVWyGLD H GH /LTXLGDomR )LQDQFHLUD GH 7tWXORV
&(7,3HQD%ROVDGH9DORUHV0HUFDGRULDV)XWXURV%0)%RYHVSD
1mR Ki VDOGRV H QmR RFRUUHUDP WUDQVDo}HV FRP LQVWUXPHQWRV ¿QDQFHLURV
GHULYDWLYRVQRVH[HUFtFLRV¿QGRVHPGHGH]HPEURGHHGHGH
]HPEURGH
2SHUDo}HVGHFUpGLWR
$VRSHUDo}HVGHFUpGLWRFRQFHQWUDPVHHPSHVVRDVItVLFDVEHPFRPRHP
SHTXHQDVHPpGLDVHPSUHVDVHGHDFRUGRFRPDVQRUPDVGD5HVROXomRQž
GR&RQVHOKR0RQHWiULR1DFLRQDOHQFRQWUDPVHFODVVL¿FDGDV
FRQIRUPHGHPRQVWUDGRDVHJXLU
D&ODVVL¿FDomRSRUULVFRGHFUpGLWR
1tYHLVGH5LVFR GR5LVFR&DUWHLUD 3URYLVmR &DUWHLUD 3URYLVmR
$$ $ % & ' ( ) * + 7RWDLV &LUFXODQWH
1mR&LUFXODQWH
7RWDO 2%DQFRXWLOL]DVHGDSHUPLVVLELOLGDGHDGPLWLGDSHORSDUiJUDIRžGRDUWž
GD5HVROXomRQžGR&RQVHOKR0RQHWiULR1DFLRQDODSOLFDQGR
jVRSHUDo}HVGHFUpGLWRFRPSUD]RDGHFRUUHUVXSHULRUDPHVHVDFRQ
WDJHPHPGREURGRVSUD]RVUHIHULGRVQRLQFLVR,GRDUWUHWURPHQFLRQDGR
SDUD¿QVGDFODVVL¿FDomRQRVUHVSHFWLYRVQtYHLVGHULVFR2PRQWDQWHWRWDO
GDVRSHUDo}HVTXHXWLOL]DUDPDFRQWDJHPHPGREURPRQWDD5FRP
SURYLVmR GH 5 HP GH GH]HPEUR GH 5 FRP SURYLVmR GH
5HPGHGH]HPEURGH
'HD
DQRV
'HD
DQRV
9DORUGHPHUFDGR
FRQWiELO
&XVWRGHDTXLVLomR
DWXDOL]DomR
2VGDGRVUHODWLYRVDFUpGLWRVGHOLTXLGDomRGXYLGRVDEDL[DGRVDGpELWRGH
SURYLVmRHUHFHLWDGHUHFXSHUDomRGHFUpGLWRVEDL[DGRVFRPRSUHMXt]RSRGHP
VHUVXPDULDGRVFRPRVHJXHP
žVHP 6DOGRQRLQtFLRGRSHUtRGR
(IHLWRQRUHVXOWDGR
&RQVWLWXLomRUHYHUVmRGHSURYLVmR
&UpGLWRVGHOLTXLGDomRGXYLGRVD
EDL[DGRVSDUDSUHMXL]R 6DOGRQR¿PGRSHUtRGR &UpGLWRVUHFXSHUDGRV 7RWDOHIHLWRQRUHVXOWDGR E&ODVVL¿FDomRSRUDWLYLGDGHHFRQ{PLFD
GD
GD
$WLYLGDGHHFRQ{PLFD
&DUWHLUD &DUWHLUD &DUWHLUD &DUWHLUD
,QG~VWULD
&RPpUFLR
6HUYLoRV 3HVVRDItVLFD 7RWDLV F&ODVVL¿FDomRSRUSURGXWR
GD
GD
3URGXWRV
&DUWHLUD &DUWHLUD &DUWHLUD &DUWHLUD
&DSLWDOGHJLUR 7LWXORVGHVFRQWDGRV &RQWDJDUDQWLGD &UpGLWRSHVVRDO &UpGLWR'LUHWRDR
&RQVXPLGRU 7RWDO G&ODVVL¿FDomRSRUSUD]R
GD
GD
3UD]RVGHYHQFLPHQWR &DUWHLUD &DUWHLUD &DUWHLUD &DUWHLUD
9HQFLGDV $YHQFHUDWpGLDV $YHQFHUGHDGLDV $YHQFHUGHDGLDV $YHQFHUGHDGLDV $YHQFHUGHDGLDV $YHQFHUDSyVGLDV 7RWDLV H&HVV}HVGHFUpGLWR
2%DQFRGHDFRUGRFRPD5HVROXomRQžGR&RQVHOKR0RQHWiULR
1DFLRQDOTXHWRUQRXIDFXOWDWLYRHDGLRXRSUD]RSDUDDDGRomRSHODVLQVWLWXL
o}HVUHJXODGDVSHOR%DQFR&HQWUDOGR%UDVLODSDUWLUGHžGHMDQHLURGH
²TXDQGRDDGRomRGRVSURFHGLPHQWRVSDUDFODVVL¿FDomRUHJLVWURFRQWiELOH
GLYXOJDomRGHRSHUDo}HVGHYHQGDRXGHWUDQVIHUrQFLDGHDWLYRV¿QDQFHLURVGH
TXHWUDWDD5HVROXomRQžGR&RQVHOKR0RQHWiULR1DFLRQDOWRUQRXVH
REULJDWyULD²RSWRXSRUPDQWHUSDUD¿QVGHFRPSDUDELOLGDGHRVSURFHGLPHQ
WRVGHFRQWDELOL]DomRGDVVXDVRSHUDo}HVGHFHVVmRGHFUpGLWRUHDOL]DGDVFRP
RXWUDVLQVWLWXLo}HV¿QDQFHLUDVGHDFRUGRFRPD&LUFXODUQžGR%DQFR
&HQWUDOGR%UDVLODGRWDGDVXQLIRUPHPHQWHDWpGHGH]HPEURGH
H&RPLQVWLWXLo}HV¿QDQFHLUDV
(PGHGH]HPEURGHRVDOGRGRVFRQWUDWRVFHGLGRVFRPFRREULJDomR
DSUHVHQWDRPRQWDQWHGH55HPHHQFRQWUDVHFRQVWLWXtGRR
VDOGRGH55HPGHVWLQDGRDRSURYLVLRQDPHQWRFRPSOHPHQWDU
SDUDULVFRVGHSHUGDQDVRSHUDo}HVGHFUpGLWRFHGLGDVFRPFRREULJDomRHPFRQ
IRUPLGDGHFRPRVFULWpULRVLQWHUQRVHDVGH¿QLo}HVGD5HVROXomRQž
GR&RQVHOKR0RQHWiULR1DFLRQDOFRQIRUPHGLYXOJDGRQD1RWD([SOLFDWLYDQž
³2XWUDVREULJDo}HV´VREDUXEULFD³3URYLVmRSDUDSDVVLYRVFRQWLQJHQWHV´
H&RPLQVWLWXLo}HVQmR¿QDQFHLUDV
1HVWH SHUtRGR IRUDP UHDOL]DGDV FHVV}HV GH FUpGLWRV VHP FRREULJDomR FRP
HPSUHVDQmROLJDGDHQmRLQWHJUDQWHGR6)1QRPRQWDQWHGHDFRUGRFRPRV
UHVSHFWLYRV UHJLVWURV FRQWiEHLV GH 5 VHQGR DSXUDGR XP SUHMXt]R QD
RSHUDomRGH5RTXDOpSDUWHLQWHJUDQWHGRUHVXOWDGR2VFRQWUDWRVREMHWR
GDFHVVmRGHFUpGLWRUHDOL]DGDUHIHUHPVHDFDSLWDOGHJLURVXEVWDQFLDOPHQWH
FODVVL¿FDGRVQRVQtYHLVGHULVFR³$´
$FRPSRVLomRGDVPHQFLRQDGDVFHVV}HVGHFUpGLWRVSRGHVHUDVVLPVXPDULDGD
9DORUGDFHVVmR 9DORUSUHVHQWH 5HVXOWDGR 9DORUGDFHVVmR 9DORUSUHVHQWH 5HVXOWDGR
(PSUHVDVQmRLQWHJUDQWHVGR6)11mROLJDGR
6HPFRREULJDomR&DSLWDOGHJLURSyV
6HPFRREULJDomR&DSLWDOGHJLURSUp
7RWDO
H$TXLVLo}HVGHFUpGLWRFRPLQVWLWXLomRQmROLJDGDV
1HVWH H[HUFtFLR IRL UHDOL]DGD D DTXLVLomR GH FUpGLWRV VHP FRREUL
9DORUGD 9DORU 5HQGDVH
JDomRFRPSHVVRDVMXUtGLFDVQmRLQWHJUDQWHVGR6)1HQmROLJDGDV
$TXLVLomRGHFUpGLWRV
FHVVmR IXWXUR DSURSULDU
QRPRQWDQWHGH55HP2VFRQWUDWRVREMHWR
,167,71­2,17(*5$17(6
'26)1/,*$'$6
GDV DTXLVLo}HV UHDOL]DGDV UHIHUHPVH D RSHUDo}HV GH UHFHEtYHLV GH
‡6HP&RREULJDomR5HFHEtYHLV
FDUW}HV GH FUpGLWR H HQFRQWUDPVH UHJLVWUDGRV QD UXEULFD 7tWXORV H
GH&DUWmRGHFUpGLWR
FUpGLWRVDUHFHEHU1RWD([SOLFDWLYDQžHSRGHVHUVXPDULDGDGD
‡6HP&RREULJDomR5HFHEtYHLV
VHJXLQWHIRUPD
GH&UpGLWR,PRELOLiULR
7RWDOHPGHGH]HPEURGH
9DORUGD 9DORU 5HQGDVH
I2XWUDVLQIRUPDo}HVGHRSHUDo}HVGHFUpGLWR
$TXLVLomRGHFUpGLWRV
FHVVmR IXWXUR DSURSULDU
1R FXUVR GR H[HUFtFLR IRL EDL[DGR SDUD SUHMXt]R R YDORU GH 5
,167,71­2,17(*5$17(6
5HPHUHFXSHUDGRV55HP
'26)11­2/,*$'$6
'RWRWDOGDFDUWHLUDGHRSHUDo}HVGHFUpGLWRV5VmRGHFRQWUDWRV
‡6HP&RREULJDomR5HFHEtYHLVGH
GHUHQHJRFLDGRVFRPVDOGRGHSURYLVmRGH55GHFRQWUDWRV
UHQHJRFLDGRVH5GHVXDVUHVSHFWLYDVSURYLV}HVHP
&DUWmRGHFUpGLWR
$VJDUDQWLDVGDVRSHUDo}HVGHFUpGLWRVFRPSHVVRDVMXUtGLFDVVmRUHSUHVHQ
7RWDOHPGHGH]HPEURGH
WDGDVSRU&pGXODVGH&UpGLWR%DQFiULR&&%FDXomRGHWtWXORVDOLHQDomR
¿GXFLiULDHSHQKRUPHUFDQWLODRSDVVRTXHFRPSHVVRDVItVLFDVUHVWULQJHP
9DORUGD 9DORU 5HQGDVH
VHEDVLFDPHQWHDJDUDQWLDV¿GHMXVVyULDV
$TXLVLomRGHFUpGLWRV
FHVVmR IXWXUR DSURSULDU
&RQIRUPHGLYXOJDGRQD1RWD([SOLFDWLYDQž'HSyVLWRVSDUWHGDFDU
WHLUDGHRSHUDo}HVGHFUpGLWRFRQVLJQDGRQRPRQWDQWHGH5YDORU
,167,71­2,17(*5$17(6'2
SUHVHQWH5HVWiJDUDQWLGDPHGLDQWH,QVWUXPHQWRGH&HVVmR)LGXFLi
6)11­2/,*$'$6
ULDHP*DUDQWLDFDSWDomRGHUHFXUVRVQDPRGDOLGDGHGH'HSyVLWRVD3UD]R
‡6HP&RREULJDomR5HFHEtYHLVGH
&UpGLWRVWULEXWiULRV
&DUWmRGHFUpGLWR
$$GPLQLVWUDomRUHFRQKHFHXFUpGLWRVWULEXWiULRVGLIHULGRVHPUD]mRGHGL
7RWDOHPGHGH]HPEURGH
IHUHQoDVWHPSRUiULDVODQoDGDVQDVEDVHVGHFiOFXORGRLPSRVWRGHUHQGDH
H$TXLVLo}HVGHFUpGLWRFRPLQVWLWXLomROLJDGDV
GDFRQWULEXLomRVRFLDOVREUHROXFUROtTXLGRHVREUHRVVDOGRVDFXPXODGRV
1HVWH H[HUFtFLR IRL UHDOL]DGD D DTXLVLomR GH FUpGLWRV VHP FRREULJDomR
GHSUHMXt]R¿VFDOHEDVHQHJDWLYDGH&6//
2VFUpGLWRVWULEXWiULRVIRUDPUHFRQKHFLGRVFRQIRUPH5HVROXomRQž
FRP SHVVRDV MXUtGLFDV QmR LQWHJUDQWHV GR 6)1 H OLJDGDV QR PRQWDQWH GH
GHGHGH]HPEURGHFRPDVPRGL¿FDo}HVLQWURGX]LGDVSHOD5HVR
52VFRQWUDWRVREMHWRGDVDTXLVLo}HVUHDOL]DGDVUHIHUHPVHDRSH
OXomRQžGHGHVHWHPEURGHDPEDVGR&RQVHOKR0RQHWiULR
UDo}HVGHUHFHEtYHLVGHFDUW}HVGHFUpGLWRHUHFHEtYHLVGHFUpGLWRLPRELOLiULR
1DFLRQDOHHQFRQWUDPVHUHJLVWUDGRVQDUXEULFD³2XWURV&UpGLWRV´FRQIRU
HHQFRQWUDPVHUHJLVWUDGRVQDUXEULFD7tWXORVHFUpGLWRVDUHFHEHUQRWD([
PH1RWD([SOLFDWLYDQž³2XWURVFUpGLWRV´SRGHQGRVHUGHPRQVWUDGRV
SOLFDWLYD1žHSRGHVHUVXPDULDGDGDVHJXLQWHIRUPD
VLQWHWLFDPHQWHQDVHJXLQWHIRUPD
&6//
,53- 5HDOL]DWp 5HDOL]DSDUWLUGH
,53- &6//
%DVH1HJDWLYDUHDOL]DomRDWpH3UHMXt]R)LVFDO $OtTXRWD
&UpGLWRWULEXWiULRGLIHULGRDWXDOF
0RYLPHQWDomRDFXPXODGDGRFUpGLWRWULEXWiULRDWXDO
&RQVWLWXtGRDFXPXODGD 5HYHUVmRDFXPXODGD $MXVWHGHH[HUFtFLRVDQWHULRUHV 0RYLPHQWDomRGRVHPHVWUHGRFUpGLWRWULEXWiULRDWXDO
&RQVWLWXtGR 5HYHUVmR $MXVWHQRVHPHVWUH
0RYLPHQWDomRGRH[HUFtFLRGRFUpGLWRWULEXWiULRDWXDO
&RQVWLWXtGR
5HYHUVmR
$MXVWHQRH[HUFtFLR
7RWDOGHDMXVWHHPGHGH]HPEURGHD
'LIHUHQoDVWHPSRUiULDV
3URYLVmRSDUDFUpGLWRGHOLTXLGDomRGXYLGRVD
3URYLVmRSDUDFUpGLWRVEDL[DGRV&&FRQYrQLRV
3URYLVmRSDUDFUpGLWRVFHGLGRVFRPFRREULJDomR
3URYLVmRSDUDFUpGLWRVFDUWHLUDGHUHFHELYHLV
3URYLVmRYUSDUFHODPHQWRGLIHUHQoD&2),16
3URYLVmRSDUDGHVYDORUL]DomRGHRXWURVYDORUHVHEHQV
3URYLVmRSDUDFRQWLQJrQFLDVHPDo}HVFtYHLV
3URYLVmR)LVFDLV
3URYLVmRSDUDFRQWLQJrQFLDVHPDo}HVWUDEDOKLVWDV
3URYLVmRSDUD3,6HPSURFHVVRMXGLFLDO
3URYLVmRSDJDPHQWRVDHIHWXDU
3URYLVmRGHVSHVDVFRQWUDWDGDV
%DVHGHFiOFXOR
$OtTXRWD
&UpGLWRWULEXWiULRGLIHULGRDWXDOG
7RWDOGHDMXVWHHPGHGH]HPEURGHF
0RYLPHQWDomRDFXPXODGDGRFUpGLWRWULEXWiULRGLIHULGRDWXDO
&RQVWLWXLomRDFXPXODGD
5HDOL]DomRDFXPXODGD
$MXVWHQRVHPHVWUH
&RQVWLWXLomR
5HDOL]DomR
$MXVWHQRH[HUFtFLR
&RQVWLWXLomR
5HDOL]DomR
7RWDOGHDMXVWHHPGHGH]HPEURGHE
7RWDOGHDMXVWHQRH[HUFtFLRGHDE
7RWDOJHUDOFG
&LUFXODQWH
1mR&LUFXODQWH
7RWDO
$DSXUDomRGD&RQWULEXLomR6RFLDOVREUHR/XFUR/tTXLGRHPFRQIRU
PLGDGHFRPD,QVWUXomR1RUPDWLYDGD5)%QžGH
1mR
1mR
$H[SHFWDWLYDGHUHDOL]DomRGRVFUpGLWRVWULEXWiULRVFRQVWLWXtGRVHVWi
$WLYRFLUFXODQWH
&LUFXODQWH &LUFXODQWH &LUFXODQWH &LUFXODQWH
HPFRQIRUPLGDGHFRPDVH[LJrQFLDVGDOHJLVODomRHRVQRUPDWLYRV
5HQGDVDUHFHEHU 'LYHUVRV DSOLFiYHLV VHQGR IXQGDPHQWDGD HP (VWXGR 7pFQLFR GH $YDOLDomR
$GLDQWDPHQWRV
H 5HFRQKHFLPHQWR GH &UpGLWRV7ULEXWiULRV HODERUDGR SHOR %DQFR H
GLYHUVRVH DQWHFLSDo}HV
DPSDUDGR SRU (VWXGR GH9LDELOLGDGH (FRQ{PLFR¿QDQFHLUD SUHSD
VDODULDLV UDGRSDUDRVSUy[LPRVFLQFRDQRVFRPRSDUWHGRSURJUDPDGH
&UpGLWRVWULEXWiULRV
UHDGHTXDomR RSHUDFLRQDO GR %DQFR SHULRGLFDPHQWH UHYLVWR SHORV
,53-H&6//1RWDD
QRVVRVHVSHFLDOLVWDV$EDL[RGHPRQVWUDPRVDUHDOL]DomRGRFUpGLWR
'HYHGRUHVSRU
WULEXWiULRSDUDRVSUy[LPRVDQRV
GHSyVLWRHPJDUDQWLD ,PSRVWRGHUHQGD 5HDOL]DomRGR ,PSRVWR &RQWULEXLomR ,PSRVWR &RQWULEXLomR
&RQWULEXLomRVRFLDO FUpGLWRWULEXWiULR
GH UHQGDVRFLDO GHUHQGD
VRFLDO
3,6F 5HFXUVRVWUDEDOKLVWDV ž$QR 2XWURVGHSyVLWRV
ž$QR MXGLFLDLV ž$QR ,PSRVWRVHFRQWULEXLo}HV
ž$QR DFRPSHQVDUE
ž$QR 2So}HVSRULQFHQWLYRV
$FLPDGHDQRV ¿VFDLV 7RWDLV 7tWXORVHFUpGLWRVD
2YDORUSUHVHQWHGRVFUpGLWRVWULEXWiULRVIRLFDOFXODGRFRPEDVHQDWD[DPp
UHFHEHUG 'HYHGRUHVGLYHUVRV
GLD GH &HUWL¿FDGRV GH 'HSyVLWRV ,QWHU¿QDQFHLURV &', SURMHWDGD SDUD RV
3DtVH SHUtRGRVGHPRQVWUDGRVDFLPDDXPDWD[DGHDDHHVWiGHVFRQWDGR
3URYLVmRSDUDSHUGDVHP
GH5DSXUDQGRVHDVVLPRPRQWDQWHDVHUUHDOL]DGRGH5
RXWURVFUpGLWRV 5HPFRQIRUPHGHPRQVWUDGRDEDL[R
7RWDO D9LGH1RWD([SOLFDWLYDQƒ&UpGLWRV7ULEXWiULRVSDUDPHOKRUGHWDOKDPHQWR
5HDOL]DomRGR ,PSRVWR &RQWULEXLomR ,PSRVWR &RQWULEXLomR
E&RQWDFRQVWLWXtGDEDVLFDPHQWHSRUDQWHFLSDo}HVGH,53-H&6//GRSHUt
FUpGLWRWULEXWiULR GHUHQGD
VRFLDO GHUHQGD
VRFLDO
RGRQRVPRQWDQWHVGH5H5
ž$QR F(PGHDEULOGHR%DQFRLPSHWURX0DQGDGRGH6HJXUDQoD3UR
ž$QR FHVVR Qž SOHLWHDQGR R UHFRQKHFLPHQWR TXDQWR j LQ
FRQVWLWXFLRQDOLGDGHHjLOHJDOLGDGHGRDODUJDPHQWRGDEDVHGHFiOFXORGR
ž$QR 3URJUDPD GH ,QWHJUDomR 6RFLDO 3,6 QRV WHUPRV GD /HL Qž ž$QR (PžGHMXQKRGHIRLFRQFHGLGDDVHJXUDQoDSRVWXODGDQDLQLFLDO
ž$QR WRGDYLDD8QLmRHPGHVHWHPEURGHDYLRXUHFXUVRGHDSHODomR
$FLPDGHDQRV HQFRQWUDQGRVHDWXDOPHQWHQD2LWDYD7XUPDGR7ULEXQDO5HJLRQDO)HGHUDO
7RWDLV GD3ULPHLUD5HJLmR$VVLPGHVGHDGLVWULEXLomRGDSUHVHQWHDomRR%DQFR
2XWURVFUpGLWRV
YHPSURYLVLRQDQGRHGHSRVLWDQGRMXGLFLDOPHQWHDWRWDOLGDGHGDFRQWULEXL
2VDOGRGRJUXSDPHQWR³2XWURVFUpGLWRV´QR&LUFXODQWHHQR1mR
omRDR3,6FXMRPRQWDQWHHPGHGH]HPEURGHHTXLYDOHD5
5HP
&LUFXODQWHHVWiFRPSRVWRSRU
Publicações de Terceiros e Editais de Comarcasterça-feira, 31 de Maio de 2016 – 7
Minas Gerais - Caderno 2
%$1&26(0($56$
03/04
CNPJ: 00.795.423/0001-45
Av. Afonso Pena, 3.577 - 3º andar - Funcionários - Belo Horizonte-MG
G$FRPSRVLomRGDUXEULFD³'HYHGRUHVGLYHUVRV3DtV´SRGHVHUVXPDULD
GDGDVHJXLQWHIRUPD
1mR
1mR
&LUFXODQWH &LUFXODQWH&LUFXODQWH&LUFXODQWH
'HYHGRUHVGLYHUVRV3DtV
%DL[DVHPRSHUDo}HVGH
FUpGLWRDSURFHVVDU
%DL[DVHPRSHUDo}HVGH
FUpGLWR&RQ¿VVmR
GH'tYLGD
&RQWLQJrQFLDV-XGLFLDLV
5HHPEROViYHLV
&RQWD*Ui¿FD$OLHQDomR
3DUWLFLSDomR56&),
2XWURVGHYHGRUHVGLYHUVRV
7RWDO
H2V7tWXORVH&UpGLWRVDUHFHEHUHVWmRFRPSRVWRVGHRSHUDo}HVDGTXLULGDV
GHUHFHEtYHLVGH)LQDQFLDPHQWRV,PRELOLiULRVH&DUWyHVGH&UpGLWRVFODVVL
¿FDGRVGDVHJXLQWHIRUPD
&ODVVL¿FDomRSRUULVFRGHFUpGLWR
1tYHLVGH
5LVFR
GR5LVFR &DUWHLUD 3URYLVmR &DUWHLUD 3URYLVmR
$$ $ % & '
(
)
* + 7RWDLV &LUFXODQWH 1mR
&LUFXODQWH 7RWDO %HQVQmRGHXVRSUySULR
0DWHULDOHPHVWRTXH
3URYLVmRSDUDGHVYDORUL]DomRGHRXWURVYDORUHVHEHQV
'HVSHVDVDQWHFLSDGDV
&RPLVV}HVVREUHRSHUDo}HVGHFUpGLWR
'HViJLRSLQWHUPHGLDomR&'%
&RPLVVmRVFDSWDomRGHGHSyVLWRV
2XWUDVGHVSHVDVDQWHFLSDGDV
7RWDO
'HSyVLWRV
2VDOGRGDFRQWD³'HSyVLWRV´QR&LUFXODQWHHQR1mR&LUFXODQWHHQFRQWUD
VHUHSUHVHQWDGRSRU
'HSyVLWRVjYLVWD
&LUFXODQWH &LUFXODQWH
'HSHVVRDVOLJDGDV1RWD
'HSHVVRDVItVLFDV
'HSHVVRDVMXUtGLFDV
'HSyVLWRVYLQFXODGRV
6DOGRV&UHGRUHVFRQWDVGHHPSUHVWH
¿QDQFLDPHQWRV
&RQWDVHQFHUUDGDV
7RWDO&LUFXODQWH
'HSyVLWRVLQWHU¿QDQFHLURV
&LUFXODQWH &LUFXODQWH
'HLQVWLWXLo}HV¿QDQFHLUDV1mROLJDGDV
6HPJDUDQWLDVHPDFRUGRGHFRPSHQVDomR
6HPJDUDQWLDFRPDFRUGRGHFRPSHQVDomR1RWD
7RWDO&LUFXODQWH
1mR 1mR
'HSyVLWRVDSUD]R
&LUFXODQWH&LUFXODQWH&LUFXODQWH&LUFXODQWH
&RPFHUWL¿FDGR 'HSHVVRDVOLJDGDV
1RWD
'HSHVVRDVItVLFDV
'HSHVVRDVMXUtGLFDV
'HLQVWLWXFLRQDLV 6HPJDUDQWLD &RPJDUDQWLDGH
RSHUDo}HVGHFUpGLWR
FRQVLJQDGRL
6HPFHUWL¿FDGR5'%
'HSHVVRDVItVLFDV
6HPFHUWL¿FDGR&RP
JDUDQWLDHVSHFLDO)*&
'HSHVVRDVMXUtGLFDV
'HLQVWLWXFLRQDLV
7RWDO L2%DQFRSRVVXLFDSWDomRGHUHFXUVRVHVWUXWXUDGDFRPJDUDQWLDGHRSHUD
o}HVSUySULDVGHFUpGLWRFRQVLJQDGRHPIROKD
LL'HViJLRQDVRSHUDo}HVGH&'%
0HGLDQWHQRYDHVWUDWpJLDGHJHVWmRGDFDUWHLUDGHSDVVLYRGR%DQFRIRUDP
GHFLGLGRVYLDFRPLWrHDSURYDGRVSHOR&RQVHOKRGH$GPLQLVWUDomRRVFRQWUD
WRVGHGLVWULEXLomRYLD&RUUHWRUDVGH7tWXORVGH9DORUHV0RELOLiULRV&790V
H'LVWULEXLGRUDVGH7tWXORVGH9DORUHV0RELOLiULRV'790V1HVVHVHQWLGR
D6XSHULQWHQGrQFLDGH2SHUDo}HVHVWUXWXUDGDV¿UPRXDFRUGRVFRPHPSUHVDV
HVSHFLDOL]DGDVQRVHUYLoRGHGLVWULEXLomRHRSWRXSHODUHPXQHUDomRYLDGHVi
JLRGR3UHoR8QLWiULR38GRVPHFDQLVPRVGHFDSWDomR&'%/&,'3*(
,,H/&$2VGHViJLRVVmRIHLWRVYLDGLIHUHQoDGHWD[DGHHPLVVmRDFRUGDGD
FRPRSDUFHLURHDWD[DGHHPLVVmRTXHpUHSDVVDGDSDUDRLQYHVWLGRURXSRU
SHUFHQWXDO¿[RGHDFRUGRFRPRSUD]RGDRSHUDomR,VVRDFDUUHWDXPDPDLRU
DWUDWLYLGDGHGHYLGRDRJDQKRGDVRSHUDo}HVVHUHPUHDOL]DGDVQRPRPHQWRGD
OLTXLGDomRGDRSHUDomRSRGHQGRFRPLVVRUHPXQHUDUDFDGHLDGHGLVWULEXL
omRGH$JHQWHV$XW{QRPRVGH,QYHVWLPHQWRV$$,
2VYHQFLPHQWRVGRVGHSyVLWRVDSUD]RHLQWHU¿QDQFHLURVFRQFHQWUDPVHHP
GDFDUWHLUDSRUYHQFLPHQWRVDFLPDGHGLDVHPFXMR
ÀX[R p FRPSDWtYHO FRP RV YHQFLPHQWRV GDV RSHUDo}HV DWLYDV FRQIRUPH
FODVVL¿FDomRDEDL[R
'HSyVLWRV
$Wp 'HD 'HD 'HD 'HD 7RWDO
DSUD]R
PHVHVPHVHV DQRV DQRV DQRV 7RWDO
'HSHVVRDVOLJDGDV 'HSHVVRDVItVLFDV 'HSHVVRDV
MXUtGLFDV 'HLQVWLWXFLRQDLV 'H5'%SHVVRDV
ItVLFDV 'HSHVVRDV
MXUtGLFDVFRP
JDUDQWLDHVS)*& 'HLQVWLWXFLRQDLV
FRPJDUDQWLDHVS
)*& 7RWDOHP
7RWDOHP 5HFXUVRVGHDFHLWHVHHPLVVmRGHWtWXORV
2VDOGRGDFRQWD³5HFXUVRVGHDFHLWHVHHPLVVmRGHWtWXORV´QR&LUFXODQWH
HQR1mR&LUFXODQWHHVWiVHJUHJDGRSRU
(P
$GLo}HV
%DL[DV
6DOGRHP
,53-
'HSyVLWRV-XGLFLDLV
&6//
3,6
&ODVVL¿FDomRSRUDWLYLGDGHHFRQ{PLFD
&DUWHLUD GD&DUWHLUD &DUWHLUD GD&DUWHLUD
$WLYLGDGH
HFRQ{PLFD
,QG~VWULD &RPpUFLR 6HUYLoRV 3HVVRDItVLFD 7RWDLV &ODVVL¿FDomRSRUSURGXWR
GD
GD
&DUWHLUD &DUWHLUD &DUWHLUD &DUWHLUD
&ODVVL¿FDomRSRUSURGXWR
&DUWmRGHFUpGLWRSyVSDJR
$TXLVLomRGHFUpGLWR5HFHELYHLV
GH&DUW}HVGHFUpGLWRV $TXLVLomRGHFUpG5HFHEtYHLV
GH¿QDQFLDPHQWRVLPRELOLiULRV 7RWDLV &ODVVL¿FDomRSRUSUD]R
GD
GD
&DUWHLUD &DUWHLUD &DUWHLUD &DUWHLUD
3UD]RVGHYHQFLPHQWR
9HQFLGDV $YHQFHUDWpGLDV $YHQFHUGHDGLDV $YHQFHUGHDGLDV $YHQFHUGHDGLDV $YHQFHUGHDGLDV $YHQFHUDSyVGLDV 7RWDLV 2XWURVYDORUHVHEHQV
2 VDOGR GR JUXSDPHQWR ³2XWURV YDORUHV H EHQV´ QR &LUFXODQWH H QR 1mR
&LUFXODQWHHQFRQWUDVHUHSUHVHQWDGRSRU
&LUFXODQWH
1mR&LUFXODQWH
&LUFXODQWH
1mR&LUFXODQWH
1mR
1mR
&LUFXODQWH &LUFXODQWH &LUFXODQWH &LUFXODQWH
'HSHVVRDVOLJDGDV 'HSHVVRDVItVLFDV 'HSHVVRDVMXUtGLFDV 'HLQVWLWXFLRQDLV 7RWDO&LUFXODQWH 2VUHFXUVRVGHDFHLWHVHHPLVVmRGHWtWXORVVmRFRPSRVWRVHPVXDWRWDOLGDGH
SRU/HWUDVGH&UpGLWR,PRELOLiULR/&,HPLWLGDVSHORSUySULR%DQFRFRP
WD[DGHUHPXQHUDomRPpGLDGHGR&',
2XWUDVREULJDo}HV
2VDOGRGRJUXSDPHQWR³2XWUDVREULJDo}HV´QR&LUFXODQWHHQR1mR&LUFX
ODQWHHVWiFRPSRVWRSRU
1mR
1mR
&LUFXODQWH &LUFXODQWH &LUFXODQWH &LUFXODQWH
&REUDQoDHDUUHFDGDomR
GHWULEXWRV
6RFLDLVHHVWDWXWiULDV
)LVFDLVHSUHYLGHQFLiULDVL
'LYHUVRV
&KHTXHDGPLQLVWUDWLYR
3URYLVmRSDUD
SDJDPHQWRVDHIHWXDU
3URYLVmRSDUDSDVVLYRV
FRQWLQJHQWHVLL9LGH
1RWDE
&UHGRUHVGLYHUVRV3DtV
7RWDO
L$UXEULFD³)LVFDLVHSUHYLGHQFLiULDV´SRGHVHUVLQWHWLFDPHQWHGHPRQVWUDGD
QDIRUPDVHJXLQWH
)LVFDLVH
1mR
1mR
SUHYLGHQFLiULDV
&LUFXODQWH &LUFXODQWH &LUFXODQWH &LUFXODQWH
,PSRVWRVHFRQWULEXLo}HV
VREUHOXFURVEDVHFRUUHQWHV ,PSRVWRVHFRQWULEXLo}HV
DUHFROKHU
3URYLVmRSDUDLPSRVWRVH
FRQWULEXLo}HVGLIHULGRV
3URYLVmRSDUDULVFRV¿VFDLV
LL9LGH1RWDD
7RWDO
2VVDOGRVGDVSURYLV}HVSDUDULVFRV¿VFDLVHVWmRDVVLPGHPRQVWUDGRV
1mR
1mR
&LUFXODQWH &LUFXODQWH &LUFXODQWH &LUFXODQWH
3URYLVmRSDUDLPSRVWR
GHUHQGD
3URYLVmRSDUD
FRQWULEXLomRVRFLDO
3URYLVmRSDUD3,6
3URYLVmRSDUD,166
7RWDO
2SURYLVLRQDPHQWRHVWiUHSUHVHQWDGRVXEVWDQFLDOPHQWHSHODFRQ
WULEXLomRSDUDR3URJUDPDGH,QWHJUDomR6RFLDO3,6QRVPROGHVGD
/HL Qž REMHWR GR 0DQGDGR GH 6HJXUDQoD 3URFHVVR Qž
SOHLWHDQGR R UHFRQKHFLPHQWR TXDQWR j LQFRQV
WLWXFLRQDOLGDGH H j LOHJDOLGDGH GR DODUJDPHQWR GD EDVH GH FiOFXOR GR
3,6LQWHJUDOPHQWHGHSRVLWDGRMXGLFLDOPHQWHFXMRPRQWDQWHDWXDOL]DGR
HPGHGH]HPEURGHHTXLYDOHD55HP
FRQIRUPHGHPRQVWUDGRSHOD1RWD([SOLFDWLYDQž2XWURVFUpGLWRV
3DUWHGRSRVLFLRQDPHQWRQRWRWDOGH5H5WUDWDVHGR
3URFHVVRGH,PSXJQDomRGRV$XWRVGH,QIUDomRQž
03)QžHPGHFRUUrQFLDGHD5HFHLWD)HGHUDO
QmRWHUDGPLWLGRDGHGXWLELOLGDGHGDVGHVSHVDVFRPSDJDPHQWRVUHDOL
]DGRVDXPFRUUHVSRQGHQWHHPSUHVDOLJDGDH3URFHVVRGH,PSXJQDomR
GR$XWRGH,QIUDomRQžODYUDGRHPGHFRUUrQFLD
GHVXSRVWDDXVrQFLDGHUHFROKLPHQWRGDVFRQWULEXLo}HVSUHYLGHQFLiULDV
GHYLGDV SHOD HPSUHVD LQFOXVLYH DTXHODV GHVWLQDGDV DR ¿QDQFLDPHQWR
GRVEHQHItFLRVFRQFHGLGRVHPUD]mRGRJUDXGHLQFLGrQFLDGHLQFDSDFL
GDGHODERUDWLYD*,/5$7EHPFRPRDTXHODVGHYLGDVDWHUFHLURV
$VPRYLPHQWDo}HVGDSURYLVmRSDUDULVFRV¿VFDLVHVWmRDVVLPGHPRQV
WUDGDV
7RWDO
,53-
3URYLVmRSDUD5LVFRV)LVFDLV
&6//
3,6
,166
7RWDO
'HSyVLWRV-XGLFLDLV
,53-
&6//
3,6
(P
$GLo}HV
%DL[DV
6DOGRHP
LL3URYLV}HVSDUDSDVVLYRVFRQWLQJHQWHV
$VSURYLV}HVSDUDFRQWLQJrQFLDVHVWmRGLYLGLGDVHQWUHSURYLV}HVSDUDULVFRV
FtYHLVWUDEDOKLVWDVHSURYLV}HVSDUDRSHUDo}HVGHFUpGLWRFRPFRREULJDomR
FRQIRUPHGHPRQVWUDGRQRTXDGURDEDL[R
1mR
1mR
&LUFXODQWH &LUFXODQWH &LUFXODQWH &LUFXODQWH
3URYLVmRSDUDRSHUDo}HV
GHFUpGLWRFRP
FRREULJDomRL
3URYLVmRSDUDULVFRV
WUDEDOKLVWDVLL
3URYLVmRSDUDULVFRV
FtYHLVLL
7RWDO
3URYLVmRSDUDRSHUDo}HVGHFUpGLWRFRPFRREULJDomR
1DFRPSRVLomRGDUXEULFD³3URYLVmRSDUDSDVVLYRVFRQWLQJHQWHV´HVWiFRQ
WLGRRSURYLVLRQDPHQWRFRPSOHPHQWDUGHRSHUDo}HVGHFUpGLWRFHGLGDVFRP
FRREULJDomRFXMDFRQVWLWXLomRHVWiGHDFRUGRFRPRVFULWpULRVGHWHUPLQDGRV
SHOD5HVROXomRGR&RQVHOKR0RQHWiULR1DFLRQDOQžHPTXHD
FODVVL¿FDomR GH ULVFR GH FUpGLWR FRQVLGHUD D RSHUDomR GH FUpGLWR LQGHSHQ
GHQWHPHQWHGHVXDVLWXDomRTXDOVHMDFDUWHLUDDWLYDHRXFDUWHLUDFHGLGD1R
H[HUFtFLRHQFRQWUDVHUHJLVWUDGDFRPRSDUWHLQWHJUDQWHGH³2XWUDVUHFHLWDV
GHVSHVDVRSHUDFLRQDLV´XPDUHYHUVmROtTXLGDGDPHQFLRQDGDSURYLVmRQR
PRQWDQWHGH55HP
0RYLPHQWDomRGR([HUFtFLR
(P
$GLo}HV
%DL[DV
6DOGRHP
0RYLPHQWDomRGR([HUFtFLR
(P
$GLo}HV
%DL[DV
6DOGRHP
3URYLVmRSDUD5LVFRV)LVFDLV
7RWDO
,53-
&6//
3,6
&2),16
7RWDO
1tYHLV
GHULVFR
GH5LVFR &DUWHLUD 3URYLVmR &DUWHLUD 3URYLVmR
$
%
&
'
(
)
*
+
7RWDLVD
&LUFXODQWH
1mRFLUFXODQWH
3URYLVmRSDUDULVFRVFtYHLVHWUDEDOKLVWDV
$GLFLRQDOPHQWHWDPEpPFRPS}HDUXEULFD³3URYLVmRSDUDSDVVLYRVFRQ
WLQJHQWHV´ R SURYLVLRQDPHQWR SDUD FRQWLQJrQFLDV MXGLFLDLV WUDEDOKLVWDV H
FtYHLVHPTXHR%DQFRHQWHQGHTXHDSURYLVmRFRQVWLWXtGDpVX¿FLHQWHSDUD
DWHQGHUjVSHUGDVGHFRUUHQWHVGRVUHVSHFWLYRVSURFHVVRVFXMDFRPSRVLomR
SRGHVHUVXPDULDGDQDIRUPDVHJXLQWH
(PGHGH]HPEURGHDVFRQWLQJrQFLDVDYDOLDGDVGHQDWXUH]DVWUD
EDOKLVWDHFtYHOFRPRSHUGDSRVVtYHOSDUDDVTXDLVQmRKiSURYLVmRWRWDOL
]DYDP55HP
$PRYLPHQWDomRGDSURYLVmRSDUDFRQWLQJrQFLDVHVWiDVVLPGHPRQVWUDGD
'HSyVLWRV-XGLFLDLV
7UDEDOKLVWDV
&tYHLV
'HSyVLWRV-XGLFLDLV
7UDEDOKLVWDV
&tYHLV
LLL$FRPSRVLomRGDUXEULFD³&UHGRUHVGLYHUVRV3DtV´SRGHVHUVXPDUL]DGD
GDVHJXLQWHIRUPD
1mR
1mR
&LUFXODQWH &LUFXODQWH &LUFXODQWH &LUFXODQWH
&REUDQoDDOLTXLGDU
5HFHELPHQWRVGHFUpGLWRV
FHGLGRVDUHSDVVDU
&RQWULEXLo}HVSDUD
R)*&
&RQWUDWRVGHRSHUDo}HV
GHFUpGLWRDOLEHUDU
&UpGLWRVDEDL[DUGH
RSHUDo}HVGHFUpGLWR
)RUQHFHGRUHVGLYHUVRV
&RQWDJUi¿FD$OLHQDomR
$o}HV(PEOHPD
&UpGLWRVDGHYROYHUGH
GHVFRQWRVFRQVLJQDGRV
2XWURVFUHGRUHVGLYHUVRV
7RWDO
3DWULP{QLROtTXLGR
D&DSLWDOVRFLDO
2FDSLWDOVRFLDOpGH55HPUHSUHVHQWDGRSRU
PLODo}HVRUGLQiULDVQRPLQDWLYDVHPLODo}HVSUHIHUHQFLDLVQRPLQDWLYDV
VHPYDORUQRPLQDO
(PGHDJRVWRGHDWUDYpVGHGHOLEHUDomRGH$VVHPEOHLD*HUDOGH$FLR
QLVWDVIRLDSURYDGRXPDXPHQWRGRFDSLWDOVRFLDOGH5UHSUHVHQWDGRSRU
PLODo}HVRUGLQiULDVQRPLQDWLYDVHPLODo}HVSUHIHUHQFLDLVQRPLQD
WLYDVHVHPYDORUQRPLQDOGRFDSLWDOVRFLDOFXMRSURFHVVRGHKRPRORJDomRIRL
DSURYDGRSHOR%DQFR&HQWUDOGR%UDVLOHPGHQRYHPEURGH
(PGHDJRVWRGHDIDPtOLD$]HYHGRFRQWURODGRUDGR%DQFRDGTXLULX
GRVDFLRQLVWDVSUHIHUHQFLDOLVWDVWRGDVDVDo}HV31SDVVDQGRDVHUGHWHQWRUDGH
GRFDSLWDOVRFLDOGD,QVWLWXLomR
E5HVHUYDV
$UHVHUYDGHOXFURVpUHSUHVHQWDGDSHODUHVHUYDOHJDOTXHpFRQVWLWXtGDjEDVH
GHVREUHROXFUROtTXLGRGRH[HUFtFLROLPLWDGDDGRFDSLWDOVRFLDOEHP
FRPRSHODUHVHUYDGHUHWHQomRGHOXFURV2OXFURGRH[HUFtFLRIRLDEVRUYLGRSHORV
SUHMXt]RVDFXPXODGRV
F'LYLGHQGRVHMXURVVREUHFDSLWDOSUySULR
&RQIRUPHGLVSRVLomRHVWDWXWiULDGROXFUROtTXLGRDMXVWDGRSHODGLPLQXLomR
RXSHORVDFUpVFLPRVGRVYDORUHVHVSHFL¿FDGRVQRVLWHQV,,,H,,,GRDUWGD
/HLGDV6RFLHGDGHVSRU$o}HVQžVHUiGHVWLQDGRDRSDJDPHQWRPt
QLPRREULJDWyULRDRVDFLRQLVWDVPHGLDQWHSURSRVWDGR&RQVHOKRGH$GPLQLVWUD
omRRXYLGRR&RQVHOKR)LVFDOVHLQVWDODGRHVHUiFRPSHQVDGRSRUGLYLGHQGRV
LQWHUPHGLiULRVHRXMXURVVREUHRFDSLWDOSUySULRTXHMiWHQKDPVLGRGHFODUDGRV
2VMXURVVREUHFDSLWDOSUySULRQRPRQWDQWHGH55OtTXLGRGH
WULEXWRVHVWiGHVWLQDGRDRDXPHQWRGRFDSLWDOSUySULRFRQIRUPHGHVFULWRQDQRWD
D
*HVWmRGHULVFRVHFDSLWDO
2%DQFRYHPGLVVHPLQDQGRDRORQJRGRV~OWLPRVDQRVDLPSRUWkQFLDGRJHUHQ
FLDPHQWRGHULVFRVHGHFDSLWDOQDJHVWmRGHVHXVQHJyFLRVYLVDQGRjVXVWHQWD
ELOLGDGHHjWUDQVSDUrQFLDGHVXDVLQIRUPDo}HVTXHFRQWULEXHPSDUDRIRUWDOHFL
PHQWRGRPHUFDGR¿QDQFHLURHGDVUHODo}HVFRPRVVHXVDFLRQLVWDVHDVSDUWHV
LQWHUHVVDGDV
2JHUHQFLDPHQWRGHULVFRVHGHFDSLWDOpSDUWHLQWHJUDQWHHIXQGDPHQWDOGDVDWLYL
GDGHVGR%DQFR$JHVWmRULJRURVDHDEUDQJHQWHGRVULVFRVSURSRUFLRQDHVWDELOL
GDGHQRVUHVXOWDGRV¿QDQFHLURVHFRQWULEXLSDUDDJHUDomRGHYDORUSDUDDFULDomR
GHXPEDQFRVyOLGRLQWHJUDGRUHQWiYHOVRFLDOPHQWHUHVSRQViYHOHH¿FLHQWH
D5LVFRGHFUpGLWR
2³ULVFRGHFUpGLWR´GHFRUUHGDSRVVLELOLGDGHGHRFRUUrQFLDGHSHUGDVDVVRFLD
GDVDRQmRFXPSULPHQWRSHORWRPDGRURXSHODFRQWUDSDUWHGHVXDVUHVSHFWLYDV
REULJDo}HV¿QDQFHLUDVQRVWHUPRVSDFWXDGRVjGHVYDORUL]DomRGHFRQWUDWRVGH
FUpGLWRGHFRUUHQWHGDGHWHULRUDomRQDFODVVL¿FDomRGHULVFRGRWRPDGRUjUHGX
omRGHJDQKRVRXUHPXQHUDo}HVjVYDQWDJHQVFRQFHGLGDVQDUHQHJRFLDomRHDRV
FXVWRVGHUHFXSHUDomRFRQIRUPHDUWžGD5HVROXomRQžGR&RQVHOKR
0RQHWiULR1DFLRQDO&01
2%DQFRID]DJHVWmRGRULVFRGHFUpGLWRDWUDYpVGDLPSOHPHQWDomRGHSROtWLFDV
GHFUpGLWRHVSHFt¿FDVDFDGDVHJPHQWRHPTXHR%DQFRRSHUDQDVTXDLVVmR
HYLGHQFLDGRVDOoDGDVGHDSURYDomRVLVWHPDVRSHUDFLRQDLVURWLQDVOLPLWHVRSH
UDFLRQDLVYHGDo}HVUHYLVmRHDSURYDomRGHQWUHRXWUDVTXHVW}HVUHOHYDQWHV
&RPRREMHWLYRGHQmRFRPSURPHWHUDTXDOLGDGHGDFDUWHLUDGHFUpGLWRGD,QVWL
WXLomRVmRREVHUYDGRVWRGRVRVDVSHFWRVSHUWLQHQWHVDRSURFHVVRGHFRQFHVVmR
GHFUpGLWRFRQFHQWUDomRH[LJrQFLDGHJDUDQWLDVSUD]RVGHQWUHRXWURV
2VSURFHGLPHQWRVDGRWDGRVSHOR%DQFRSDUDPDQWHURULVFRGHFUpGLWRLQVWLWXFLR
QDOHPQtYHLVDFHLWiYHLVHVWmRGHYLGDPHQWHIRUPDOL]DGRVQD³3ROtWLFDGH*HUHQ
FLDPHQWRGH5LVFRGH&UpGLWR´DTXDOpUHYLVDGDQRPtQLPRDQXDOPHQWHSHOR
&RQVHOKRGH$GPLQLVWUDomR
E5LVFRGHOLTXLGH]
2³ULVFRGHOLTXLGH]´pGH¿QLGRFRPR³DSRVVLELOLGDGHGHDLQVWLWXLomRQmRVHU
FDSD]GHKRQUDUH¿FLHQWHPHQWHFRPVXDVREULJDo}HVHVSHUDGDVHLQHVSHUDGDV
FRUUHQWHV H IXWXUDV LQFOXVLYH DV GHFRUUHQWHV GH YLQFXODomR GH JDUDQWLDV VHP
DIHWDURSHUDo}HVGLiULDVHVHPLQFRUUHUHPSHUGDVVLJQL¿FDWLYDV´EHPFRPR³D
SRVVLELOLGDGHGHDLQVWLWXLomRQmRFRQVHJXLUQHJRFLDUDSUHoRGHPHUFDGRXPD
SRVLomRGHYLGRDVHXWDPDQKRHOHYDGRHPUHODomRDRYROXPHJHUDOPHQWHWUDQ
VDFLRQDGRRXHPUD]mRGHDOJXPDGHVFRQWLQXLGDGHHPUHODomRDRPHUFDGR´
FRQIRUPHDUWžGD5HVROXomRQžGR&RQVHOKR0RQHWiULR1DFLRQDO
&01
2JHUHQFLDPHQWRGRULVFRGHOLTXLGH]QR%DQFRWHPSRUREMHWLYRFRQWURODURVGL
IHUHQWHVGHVFDVDPHQWRVGRVSUD]RVGHOLTXLGDomRGHGLUHLWRVHREULJDo}HVDVVLP
FRPRDOLTXLGH]GRVLQVWUXPHQWRV¿QDQFHLURVXWLOL]DGRVQDJHVWmRGDVSRVLo}HV
¿QDQFHLUDVSURFXUDQGRJDUDQWLU
‡2SDJDPHQWRGHREULJDo}HVHFRPSURPLVVRVDVVXPLGRVFRPFOLHQWHVIRUQHFH
GRUHVHDFLRQLVWDV
7RWDO
7UDEDOKLVWDV
7RWDO
7UDEDOKLVWDV
3URYLVmRSDUD&RQWLQJrQFLDV
&tYHLV
2XWURV
3URYLVmRSDUD&RQWLQJrQFLDV
&tYHLV
2XWURV
7RWDO
7RWDO
‡$FDSDFLGDGHGH¿QDQFLDURFUHVFLPHQWRGRVDWLYRVGHPDQHLUDVXVWHQWiYHOVHP
FRPSURPHWHURSDJDPHQWRGRVFRPSURPLVVRVDVVXPLGRV
‡$VXVWHQWDELOLGDGHGR%DQFRQRVPDLVGLIHUHQWHVFHQiULRVVHPSUHWHVWDQGRWDO
VXVWHQWDELOLGDGHHPDPELHQWHVPDLVVHYHURV
2VSDSpLVHDVUHVSRQVDELOLGDGHVGDHVWUXWXUDGH*HUHQFLDPHQWRGH5LVFRGH
/LTXLGH] QR %DQFR HVWmR GLVWULEXtGRV HQWUH GLIHUHQWHV QtYHLV KLHUiUTXLFRV
&RQVHOKRGH$GPLQLVWUDomR'LUHWRULD([HFXWLYD&RPLWrH*HUrQFLDGH5LV
FRV
$SULQFLSDOIHUUDPHQWDGHDFRPSDQKDPHQWRGRULVFRGHOLTXLGH]pDDQiOLVH
GRÀX[RGHFDL[DSURMHWDGRTXHLQFOXLWRGRVRVDWLYRVHSDVVLYRVH[SRVWRVGR
%DQFR
F5LVFRGHPHUFDGR
2ULVFRGHPHUFDGRpGH¿QLGRGHDFRUGRFRPD5HVROXomRQžGR
&RQVHOKR0RQHWiULR1DFLRQDO&01³FRPRDSRVVLELOLGDGHGHRFRUUrQFLD
GHSHUGDVUHVXOWDQWHVGDÀXWXDomRQRVYDORUHVGHPHUFDGRGHSRVLo}HVGHWL
GDVSHOR%DQFR7DOGH¿QLomRDEUDQJHWRGDVDVSRVLo}HVGHULVFRFODVVL¿FDGDV
FRPRDTXHODVTXHVRIUHPLQWHUIHUrQFLDGDYDULDomRFDPELDOGDVWD[DVGHMXURV
GRVSUHoRVGHDo}HVHGRVSUHoRVGHPHUFDGRULDVFRPPRGLWLHV´
2JHUHQFLDPHQWRGHULVFRGHPHUFDGRQR%DQFRFRQVLVWHQDDQiOLVHGHWDOKDGD
GRSHU¿OGDFDUWHLUDHGRVIDWRUHVGHULVFRDTXHHVWiVXMHLWDDYDOLDQGRRVQt
YHLVGHH[SRVLomRHVXDFRQIRUPLGDGHFRPDVGH¿QLo}HVLQWHUQDVYLVDQGRDR
HQTXDGUDPHQWRHDRDFRPSDQKDPHQWRGDVSRVLo}HVHPULVFR
(VWH SURFHVVR HQYROYH YiULDV iUHDV TXH SRVVXHP DWULEXLo}HV HVSHFt¿FDV
JDUDQWLQGRXPDHVWUXWXUDH¿FLHQWHQDPHQVXUDomRHQRFRQWUROHGRULVFRGH
PHUFDGRGH¿QLQGRSDUkPHWURVGLUHWUL]HVHOLPLWHVRSHUDFLRQDLVGHH[SRVLomR
DRULVFRGHPHUFDGRGHWLGRSHOR%DQFRHPSDWDPDUHVTXHSURSLFLHP
‡$SURWHomRGRVDWLYRVHGRVSDVVLYRVFRQWUDDYRODWLOLGDGHGDVWD[DVHGRVSUHoRV
GHPHUFDGRLQFOXLQGRDSUHVHUYDomRGRFDSLWDOGR%DQFR
‡2DWHQGLPHQWRjVQHFHVVLGDGHVFXPXODWLYDVGHJHUDomRGHYDORUSDUDDFLRQLVWDV
FOLHQWHVHFRQWUDSDUWHV
2DWXDOPRGHORGHULVFRGHPHUFDGRWDPEpPSHUPLWHDFRPSDQKDUDVHQVLELOL
GDGHGDVWD[DVGHMXURVFRPSDUDQGRDFXUYDGHPHUFDGRUHFHQWHDRVFHQiULRV
IRUPDGRVRTXHSRVVLELOLWDVLPXODUFRPRWDLVWD[DVSRGHPYDULDUHDIHWDUDV
SRVLo}HVDVVXPLGDVSHOD,QVWLWXLomR
$OpPGRDFRPSDQKDPHQWRGLiULRGDVH[SRVLo}HVDRVGLYHUVRVIDWRUHVGHULVFR
RULVFRGHPHUFDGRQR%DQFRWDPEpPpDYDOLDGRSRUFLQFRPHGLGDVSULQFLSDLV
9DOXHDW5LVN9D57HVWHVGH(VWUHVVH6WUHVV7HVWLQJSRVLo}HVVHQVLELOLGD
GHVHWHVWHVGHDGHUrQFLDV%DFNWHVWLQJ
G5LVFRRSHUDFLRQDO
2ULVFRRSHUDFLRQDOpGH¿QLGRFRPRVHQGR³DSRVVLELOLGDGHGHRFRUUrQFLDGH
SHUGDVUHVXOWDQWHVGHIDOKDGH¿FLrQFLDRXLQDGHTXDomRGHSURFHVVRVLQWHUQRV
SHVVRDVHVLVWHPDVRXGHHYHQWRVH[WHUQRV´FRQIRUPHGL]HUHVGD5HVROXomR
QžGR&RQVHOKR0RQHWiULR1DFLRQDO&01
2JHUHQFLDPHQWRGRULVFRRSHUDFLRQDOQR%DQFRpFRPSRVWRSRUSROtWLFDVQRU
PDVHSURFHGLPHQWRVTXHDVVHJXUDPXPFRQWUROHFRPSDWtYHOFRPDQDWXUH]D
GHVXDVRSHUDo}HVDFRPSOH[LGDGHGRVVHXVSURGXWRVHVHUYLoRVDVDWLYLGDGHV
RVSURFHVVRVRVVLVWHPDVHDH[WHQVmRGDH[SRVLomRDRVULVFRVSURSRUFLRQDQ
GRXPDJHVWmRHIHWLYD
2 JHUHQFLDPHQWR GR ULVFR RSHUDFLRQDO QR %DQFR HVWD VHJPHQWDGR VRE GRLV
HQIRTXHVRTXDOLWDWLYRHRTXDQWLWDWLYR
4XDOLWDWLYD
$DERUGDJHPTXDOLWDWLYDpFRPSRVWDSRUPHWRGRORJLDVIHUUDPHQWDVGHFRQWUR
OHDo}HVGHPLWLJDomRHUHODWyULRVJHUHQFLDLVTXHHVSHFL¿FDPRFRQWUROHGRV
SURFHVVRVFRQGX]LGRVHPWRGDVDViUHDVGR%DQFR
7RGRVRVFRODERUDGRUHVTXHID]HPSDUWHRXSDUWLFLSDPGDVDWLYLGDGHVGHVHQ
YROYLGDV QD ,QVWLWXLomR HVWmR FRPSURPHWLGRV TXDQWR j LGHQWL¿FDomR j DYD
OLDomRDRPRQLWRUDPHQWRDRFRQWUROHHjPLWLJDomRGRVULVFRVRSHUDFLRQDLV
LQHUHQWHVDR%DQFR
4XDQWLWDWLYD
$DERUGDJHPTXDQWLWDWLYDpFRPSRVWDSHORDFRPSDQKDPHQWRFRQWiELOGDVSHU
GDVRULJLQDGDVSHORVLQFLGHQWHVGHULVFRRSHUDFLRQDO$iUHDLGHQWL¿FDDRULJHP
GHVXDRFRUUrQFLDHDDVVRFLDFRPDVOLQKDVFRQWiEHLVHVSHFt¿FDVGR&26,)
(VWDGLQkPLFDSHUPLWHDUHDOL]DomRSHULyGLFDGHFRQVLVWrQFLDVTXDQWRjSHUGD
HVWLPDGDHPUHODomRjSHUGDUHDOL]DGDHDRVLQFLGHQWHVUHJLVWUDGRV
H*HUHQFLDPHQWRGHFDSLWDOHOLPLWHVRSHUDFLRQDLV
'H DFRUGR FRP D 5HVROXomR Qž GR &RQVHOKR 0RQHWiULR 1DFLRQDO
&01 GH¿QHVH R JHUHQFLDPHQWR GH FDSLWDO FRPR SURFHVVR FRQWtQXR GH
PRQLWRUDPHQWRHFRQWUROHGHFDSLWDOPDQWLGRSHOD,QVWLWXLomRDYDOLDomRGDQH
FHVVLGDGHGHFDSLWDOSDUDID]HUIDFHDRVULVFRVDTXHD,QVWLWXLomRHVWiVXMHLWDH
SODQHMDPHQWRGHPHWDVHGHQHFHVVLGDGHVGHFDSLWDOFRQVLGHUDQGRRVREMHWLYRV
HVWUDWpJLFRVGD,QVWLWXLomR
&RPRLQWXLWRGHJDUDQWLUDHIHWLYLGDGHGRJHUHQFLDPHQWRGHFDSLWDODRUJDQL
]DomRHVWUXWXUDOFRQWHPSODXPDDWXDomRFRPSDUWLOKDGDGHUHVSRQVDELOLGDGHVH
FRQWUROHVHPTXHWRGRVRVHQYROYLGRVGHYHPDFRPSDQKDUDFRQIRUPLGDGHGH
VHXVSURFHVVRVHVWDEHOHFHQGRHSUDWLFDQGRFRQWUROHVLQWHUQRVHSODQRVGHDomR
TXHPLQLPL]HPRVULVFRVHFRUULMDPDVGH¿FLrQFLDV
2%DQFRHPVHXJHUHQFLDPHQWRGHFDSLWDODGRWDXPDSRVWXUDGHDQWHFLSDU
DQHFHVVLGDGHGHFDSLWDOGHFRUUHQWHGHSRVVtYHLVPXGDQoDVQDVFRQGLo}HVGH
PHUFDGR'HQWURGHVWHFRQWH[WRR%DQFRWHPFRPRREMHWLYR
‡$VVHJXUDUDVROYrQFLDDOLTXLGH]HRDGHTXDGRQtYHOGHUHWRUQRVREUHRFDSLWDO
‡,PSODQWDUHPDQWHUSURFHVVRVGHJHUHQFLDPHQWRGHFDSLWDOTXHSRVVLELOLWHPD
LGHQWL¿FDomRHDDYDOLDomRGRVULVFRVUHOHYDQWHV
‡0DQWHUDGHTXDGRRFDSLWDOUHJXODWyULRHPFRQIRUPLGDGHFRPDVUHJUDVHVWLSX
ODGDVSHORyUJmRUHJXODGRU³$FRUGRGH%DVLOHLD´
‡ *DUDQWLU TXH RV SURFHVVRV GH JHUHQFLDPHQWR GH FDSLWDO FXPSUDP D UHJXOD
PHQWDomRYLJHQWHHHVWHMDPDOLQKDGRVFRPDVPHOKRUHVSUiWLFDVQDFLRQDLVH
LQWHUQDFLRQDLVGHJHVWmR
‡,GHQWL¿FDURFRPSURPHWLPHQWRGRFDSLWDOSDUDID]HUIUHQWHDRVULVFRVLQHUHQWHV
DRVSURGXWRVDRVVHUYLoRVHjVRSHUDo}HVDYDOLDURVLPSDFWRVVREUHRVUHVXOWD
GRVHGHFLGLUSURQWDPHQWHDFHUFDGRVOLPLWHVGHH[SRVLo}HVDFHLWRV
(PRXWXEURGHHQWUDUDPHPYLJRUDVQRYDVUHJUDVGHPHQVXUDomRGR
FDSLWDOUHJXODPHQWDUFRQKHFLGRFRPR%DVLOHLD,,,QRVWHUPRVGD5HVROXomR
&01QžFRPQRYDPHWRGRORJLDGHPHQVXUDomRDQiOLVHHDGPLQLV
WUDomRGHULVFRV
8 – terça-feira, 31 de Maio de 2016
Publicações de Terceiros e Editais de ComarcasMinas Gerais - Caderno 2
BANCO SEMEAR S.A.
04/04
CNPJ: 00.795.423/0001-45
Av. Afonso Pena, 3.577 - 3º andar - Funcionários - Belo Horizonte-MG
2FiOFXORGRFDSLWDOUHJXODWyULRGR%DQFRSDUDDFREHUWXUDGHULVFR
EDVHLDVHQD5HVROXomRQžGR&RQVHOKR0RQHWiULR1DFLRQDO
&01
2TXDGURDEDL[RGHPRQVWUDDDSXUDomRGRtQGLFHGH%DVLOHLD,,,
DLO - Demonstrativo de Limites Operacionais Índice
de Basiléia - Referência 31.12.2015
Detalhamento das Margens de Requerimento Relativamente ao RWA
Descrição
2015
2014
3DWULP{QLRGH5HIHUrQFLDSDUD&RPSDUDomRFRPR5:$ .. 3DWULP{QLRGH5IHUrUFLD35 ([FHVVRGRV5HFWUVRV$SOLFDGRVQR$WLYR3HUPDQHQWH
&DSLWDO'HVWDFDGRSDUD2SHUDoHHVFRPRVHWRUS~EOLFR
$WLYRV3RQGHUDGRVSRU5ULVFR5:$ ................................. 5:$SUD5LVFRGH&UpGLWRSRU$ERUGDJHP3DGURQLQFOD
5:$FSDG............................................................................. 5:$SDUD5LVFRGH,WRNUFDGR............................................... 5:$SDUD5LVFR2SHUDFLRQDOSRU$ERUGDJHP
3DGURQL]DGD5:$23$' .................................................... 0DUJHPVREUHR3DWULP{QLRGH5HIHUrQFLD5HTXHULGR ....... 3DWULP{QLRGH5HIHUrQFLD,9(QL]QR5HTXHULGRSUDR5:$ 0DUJHPVREUHR3DWULP{QLRGH5HIHUrQFLD1LYHO
5HTXHULGR............................................................................ 3DWULP{QLRGHUHIHUrQFLDQLYHOSDUDFRPSDUDomR
FRP5:$ .............................................................................. 3DWULP{QLRGHUHIHUrQFLDQLYHO........................................... 3DWULP{QLRGH5HIHUrQFLDQLWHO0tQLPR
5HTXHULGRSDUDR5:$......................................................... 0DUJHP6REUHR&DSLWDO3ULQFLSDO5HTXHULGR .................... &DSLWDO3ULQFLSDOSDUDFRPSDUDomRFRP5:$.................... &DSLWDO3ULQFLSDO&3........................................................... &DSLWDO3ULQFLSDO0LQDWR5HTXHULGRSDUDR5:$............... 0DUJHP6REUHR35&RQVLGHUDQGR5%$1 ........................ 3DWULP{QLRGH5HIHUrQFLD0tQLPR5HTXHULGRSDUD
R5:$HSDUD5EDQ .............................................................. 9DORU&RUUHVSRQGHQWHDR5EDQ ............................................. &DSLWDO3ULQFLSDO0tQLPR5HTXHULGRSDUD0DQXWHQomRGH
,QVWUXPHQWRV(OHJLYHLVDR&DSLWDO&RPSOHPHQWDU ............. &DSLWDO3ULQFLSDO0tQLPR5HTXHULGRSDUD0DQXWHQomR
GH,QVWUXPHQWRV(OHJLYHLVDR1LYHO,, ................................. Índice de Basileia (LB ......................................................... 15,13% 20,62%
ËQGLFHGHQtYHO,1 ...................................................... 15,13% 20,62%
ËQGLFHGH%DVLOHLD$03/,&3....................................... 15,13% 20,62%
ËQGLFHGH%DVLOHLD$PSOLDGR,%$ ................................. 14,85% 20,46%
ËQGLFHGH1tYHO,%$,1 ............................................. 14,85% 20,46%
2FXPSULPHQWRGRVOLPLWHVDFHUFDGRFDSLWDOUHJXODWyULRpHVWULWDPHQWHREVHUYDGRSHOR&RQVHOKRGH$GPLQLVWUDomR
$ ,QVWLWXLomR HP GH GH]HPEUR GH DWLQJLX R tQGLFH GH HQTXDQWRRPtQLPRUHTXHULGRpGH
2VSULQFtSLRVHDVQRUPDVTXHGLUHFLRQDPRJHUHQFLDPHQWRGRVULVFRVHQYROYLGRVQDVRSHUDo}HVHQRVSURFHVVRVGR%DQFREHPFRPRDHVWUXWXUD
FRQVWLWXtGDSDUDDVVHJXUDULGHQWL¿FDomRDYDOLDomRPRQLWRUDPHQWRFRQWUROHHPLWLJDomRGHVWHVHQFRQWUDPVHGLVSRQtYHLVQRVLWHZZZEDQFRVHPHDU
FRPEUQDiUHDGH*HVWmRGH5LVFRV
5HFHLWDVHGHVSHVDVGDLQWHUPHGLDomR¿QDQFHLUD
$FRPSRVLomRGDVUHFHLWDVHGDVGHVSHVDVGDLQWHUPHGLDomR¿QDQFHLUDQR
VHPHVWUHSRGHVHUVLQWHWLFDPHQWHGHPRQVWUDGDQDIRUPDVHJXLQWH
Receitas da Intermediação Financeira
2º Sem/2015 31.12.2015 31.12.2014
2SHUDo}HVGHFUpGLWR .................
92.117
170.633
126.595
Rendas de empréstimos ..............
&DSLWDOGHJLUR...............................
7LWXORVGHVFRQWDGR ........................
&RQWDJDUDQWLGD .............................
&UpGLWRSHVVRDO..............................
Adiantamento a depositante ......
5HQGDVGH¿QDQFLDPHQWRV ..........
&UpGLWR'LUHWRDR
&RQVXPLGRU&'&.......................
&UpGLWR'LUHWRDR&RQVXPLGRU
FRP,QWHUYHQLrQFLD&'&, ..........
Recuperação de créditos.............
Resultado da cessão de créditos .
Resultado de operações com
WtWXORVHYDORUHVPRELOLiULRV ......
9.507
14.520
6.900
'HDSOLFDo}HVLQWHU¿QDQFHLUDV
GHOLTXLGH] .....................................
'HWtWXORVHYDORUHVPRELOLiULRV ....
5HQGDVGHWtWXORVGHUHQGD¿[D .....
3UHMXt]RFRPWtWXORVGHUHQGD¿[D $MXVWHVWtWXORVGHUHQGD¿[DDYDORU
de mercado ....................................
Operações com característica de
concessão de créditos. .................
5.143
5.769
1.235
Total ..............................................
'HVSHVDVGDLQWHUPHGLDomR¿QDQFHLUD
2º Sem/2015 31.12.2015 31.12.2014
2SHUDo}HVGHFDSWDomRQRPHUFDGR 'HVSHVDVGHGHSyVLWRV
LQWHU¿QDQFHLURV .............................
'HVSHVDVGHGHSyVLWRVDSUD]R ......
'HVSHVDVGHRSHUDo}HV
compromissadas ............................
'HVSHVDVGHOHWUDVGHFUpGLWRV
LPRELOLDULRV ...................................
2XWUDVGHVSHVDVGHFDSWDomR)*&
Provisão para créditos de
liquidação duvidosa ....................
(40.676) (471.234)
(40.650)
Total .............................................
(84.546) (146.288)
(78.528)
Resultado bruto da intermediação
¿QDQFHLUD ....................................
22.221
56.202
44.634
18 Receitas e despesas operacionais
A composição das receitas e das despesas operacionais no semestre pode
VHUGHPRQVWUDGDQDVHJXLQWHIRUPD
SINDICATO DOS HOSPITAIS, CLÍNICAS
E CASAS DE SAÚDE DO
ESTADO DE MINAS GERAIS
CNPJ nº 17.450.123/0001-27 – ASSEMBLEIA
GERAL EXTRAORDINÁRIA
EDITAL DE CONVOCAÇÃO
Em cumprimento das disposições do artigo 56, do Estatuto sindical,
os Estabelecimentos associados do Sindicato dos Hospitais, Clínicas e
Casas de Saúde do Estado de Minas Gerais, abaixo-assinados, por seus
representantes, no uso de suas atribuições estatutárias, CONVOCAM
os demais Estabelecimentos associados quites e em pleno gozo de seus
direitos sociais, que este edital virem ou dele tomarem conhecimento,
para participarem da ASSEMBLEIA GERAL EXTRAORDINÁRIA,
a realizar-se no dia 06 de junho de 2016, segunda-feira, em primeira
convocação, às 14 horas, com metade mais um dos associados e não
havendo quórum, em segunda convocação, às 15 horas, com qualquer
número de associados, no seguinte local: em sua sede, na cidade de
Belo Horizonte/MG, na Rua Carangola, n.º 225, Bairro Santo Antônio;
para discutir e votar a seguinte Ordem do Dia: 1) Deliberação e aprovação da prorrogação, por 12 meses, do mandato da atual Diretoria, bem
como do Conselho Fiscal, enquanto pendente a definição judicial sobre
a Ação Declaratória de Nulidade de Registro Sindical proposta por este
Sindicato Patronal contra o Sindicato Patronal de Três Corações/MG
- processo 0051-18.2016.5.10.0011 -, no intuito de viabilizar a realização de Eleições dos mencionados órgãos, cabendo-lhes desempenhar,
regularmente, suas atribuições estatutárias durante o prazo dessa prorrogação. Belo Horizonte, 28 de maio de 2016. Gestho Gestão Hospitalar S/A (Hospital Belo Horizonte) – Hospital de Olhos de Minas Gerais
S/A – Hospital Santa Lúcia Ltda – Hospital Vera Cruz S/A.
7 cm -24 836905 - 1
Receitas (despesas)
operacionais
2º Sem/2015 31.12.2015 31.12.2014
5HFHLWDVGHSUHVWDomRGHVHUYLoRV..
4.249
4.822
633
5HQGDVGHFRPLVVmRGHFREUDQoD ......
5HQGDVGHFRPLVVmRSHOD
PRYLPHQWDomRUHFHEtYHLV...................
5HQGDVGHFRPLVVmRGH
DJHQFLDPHQWRGHVHJXURV ...................
5HQGDVGHJDUDQWLDVSUHVWDGDV............
5HQGDVGHLQWHUFkPELRGHFDUWmR
FUpGLWRSUpSDJR..................................
2XWUDVUHQGDVGHVHUYLoRVSUHVWDGRV ..
5HQGDVGHWDULIDVEDQFiULDV ..........
3.751
6.902
6.646
5HFHLWDVGHFRQIHFomRHUHQRYDomR
GHFDGDVWUR3) ..................................
5HFHLWDVGHVDTXHWUDQVIHRXWUDV
UHQGDV3) ..........................................
5HFHLWDVGHFRQIHFomRGH
FDGDVWUR3- ........................................
5HFHLWDVGHWUDQVIHUrQFLDGH
UHFXUVRV3- ........................................
5HFHLWDVGHFDUWmRGHFUpGLWR..............
5HFHLWDVGHRSHUDo}HVGHFUpGLWR
HRXWUDVUHQGDV3- .............................
'HVSHVDVGHSHVVRDO .........................
(5.914)
(10.431)
(9.100)
Benefícios ...........................................
(QFDUJRVVRFLDLV .................................
3URYHQWRV ............................................
'HVSHVDVGHKRQRUiULRV
GH'LUHWRULD .........................................
Outras despesas
DGPLQLVWUDWLYDV ................................
(26.437)
(56.651)
(51.542)
&RPLVV}HVVREUHRSHUDo}HVGH
FUpGLWR..................................................
'HVSHVDVGHLQGHQL]Do}HV
MXGLFLDLV ...............................................
'HVSHVDVGHPDUNHWLQJH
SXEOLFDo}HV .........................................
'HVSHVDVGHSURFHVVDPHQWR
de dados ..............................................
'HVSHVDVGHVHJXURV ...........................
'HVSHVDVGHVHUYLoRVGR6)1 ............
'HVSHVDVGHVHUYLoRVWpFQLFRV
HVSHFLDOL]DGRV .....................................
'HVSHVDVEDQGHLUDFDUWmR
GHFUpGLWR.............................................
'HVSHVDVGHRXWURVVHUYLoRV
de terceiros ..........................................
'HPDLVGHVSHVDVDGPLQLVWUDWLYDV ......
Total.....................................................
'HVSHVDVWULEXWiULDV........................
(4.200)
(7.496)
(5.774)
7ULEXWRVIHGHUDLV .................................
3,6 .......................................................
&2),16D.........................................
,2)EDQFDGR .......................................
Tributos estaduais ............................
Tributos municipais .........................
,66 .......................................................
2XWURVWULEXWRVPXQLFLSDLV .................
2XWUDVUHFHLWDVRSHUDFLRQDLV .........
13.280
26.769
18.869
5HFXSHUDomRGHHQFDUJRVHGHVSHVDV
Reversão de provisões operacionais
466
2.164
3.800
3URYSDUDRSHUVGHFUHGFHGLGRV
FFRREULJDomR.....................................
2XWUDVSURYLV}HV .................................
3URYLV}HVSDUDSDVVLYRVFRQWLQJHQWHV
Outras rendas operacionais ............
12.684
24.286
14.500
&RPLVVmRGHSHUPDQrQFLDQR
UHFHELPHQWRGHFUpGLWRV .....................
0XOWDVQRUHFHELPHQWRGHFUpGLWRV
em atraso .............................................
5HFHLWDGHUHSDVVH ..............................
9DULDo}HVPRQHWiULDVDWLYDV ..............
5HQGDVGHDFRUGRVRSHUDFLRQDLV ........
2XWUDVUHQGDVRSHUDFLRQDLV ................
2XWUDVGHVSHVDVRSHUDFLRQDLV .......
(9.446)
(13.066)
(6.768)
'HVFRQWRVFRQFHGLGRVQR
UHFHELPHQWRGHFUpGLWRV ....................
3URYLVmRSDUDFRQWLQJrQFLDV
$o}HVFtYHLV ........................................
3URYLVmRSDUDFRQWLQJrQFLDV
7UDEDOKLVWDV .........................................
3URYLVmRSDUDULVFRV¿VFDLV ................
3URYFDUWHLUDDGTXLULGDGH
UHFHELYpLVGH&UHG,PRELOLiULRV .........
3URYFDUWHLUDDGTXLULGDGHUHFHELYpLV
de cartões ............................................
3URY3UHVWDomRGHVHUYLoRVGH
correspondentes ..................................
2XWUDVSURYLV}HVSDUDSHUGDV
operacionais ........................................
3HUGDVFRPIUDXGHV&'&
&UHG&RQVLJQDGR ...............................
'HVSHVDVFRPUHSDVVHV.......................
9DULDomRPRQHWiULDSDVVLYD...............
'HS$WXDOL]LPSRVWRVH
FRQWULEXLo}HV.......................................
2XWUDVGHVSHVDVRSHUDFLRQDLV.............
Total ...................................................
(24.724)
(49.170)
(47.270)
19 Imposto de renda e contribuição social sobre o lucro
$FRQFLOLDomRGRLPSRVWRGHUHQGDHGDFRQWULEXLomRVRFLDOQRVUHVXOWDGRVGR
semestre pode ser sinteticamente demonstradDQDIRUPDVHJXLQWH
2º Semestre/2015
31.12.2015
Discriminação
5HVXOWDGRDQWHVGDWULEXWDomRHSDUWLFLSDo}HVHVWDWXWiULDV...................... 3DUWLFLSDo}HVGRVHPSUHJDGRV ................................................................ $GLo}HVH[FOXV}HVSHUPDQHQWHV .......................................................... 'LIHUHQoDVWHPSRUiULDVDWLYDVGLIHULGDVD ............................................ 'LIHUHQoDVWHPSRUiULDVSDVVLYDVGLIHULGDVE ........................................ 5HVXOWDGROtTXLGRDMXVWDGR...................................................................... 3UHMXt]R¿VFDOEDVHQHJDWLYDG ........................................................ %DVHGHFiOFXORWULEXWiYHOF.................................................................. $OtTXRWDEDVH .......................................................................................... 'LIHUHQoDGHDOLTXyWD&6// ................................................................... $OtTXRWDDGLFLRQDO ................................................................................... ,QFHQWLYR¿VFDLV ...................................................................................... Totais - Valores correntes ..................................................................... 'LIHUHQoD3URYGRH[HUFtFLRDQWHULRU ................................................... Ajustes - Valores correntes ................................................................... %DVHGHFiOFXORWULEXWiYHOE ................................................................. $MXVWHjEDVHGHFiOFXOR.................................................................. 3DVVLYR¿VFDOGLIHULGR .......................................................................... %DVHGHFiOFXORWULEXWiYHOD.................................................................. $MXVWHjEDVHGHFiOFXOR.................................................................. Diferenças temporárias ........................................................................ %DVHGHFiOFXORWULEXWiYHOG ................................................................. $MXVWHjEDVHGHFiOFXOR.................................................................. 3UHMXt]R¿VFDOEDVHQHJDWLYD ................................................................ $WLYR¿VFDOGLIHULGR ............................................................................... Totais - Geral .........................................................................................
20 Transações com partes relacionadas
a. Sumário das transações
ASAE – SUPERINTENDÊNCIA DE ÁGUA E ESGOTO DE ARAGUARI-MG, Autarquia Municipal Autônoma, concessionária dos serviços públicos de saneamento básico, torna público que, fará realizar a
Licitação na modalidade PREGÃO PRESENCIAL (Sistema de Registro de Preços), do tipo MENOR PREÇO GLOBAL DO ITEM ÚNICO
COM PREÇO MÁXIMO PREFIXADO e, conforme subdivisão discriminada no Edital e seus ANEXOS, se for o caso, visando o CONTRATAÇÃO DE EMPRESA ESPECIALIZADA PARA EXECUÇÃO DE
SERVIÇOS DE PERFURAÇÃO DE POÇOS ARTESIANOS COM
FORNECIMENTO E INSTALAÇÃO DE MOTO BOMBAS SUBMERSAS, MATERIAIS/EQUIPAMENTOS E LICENCIAMENTO
AMBIENTAL, objetivando atender às necessidades de melhoramento
contínuo no abastecimento de água do município de Araguari – MG, de
acordo com o Edital de Pregão 009/2016, devendo a proposta e documentação ser entregue na Sala de Reuniões da sede Administrativa da
SAE na Av. Hugo Alessi nº 50, Bairro Industrial, cidade de Araguari-MG, no dia no dia 09 DE JUNHO DE 2016, às 12h:30m, sendo que,
o mesmo será aberto no mesmo dia e horário. Ficam convocados à
competição licitatória todos aqueles que tiverem o interesse na matéria,
cadastrados ou não e, que se enquadrarem nas condições estabelecidas no inteiro teor do Edital, cujas cópias poderão ser obtidas no endereço acima mencionado, em qualquer dia útil e durante o expediente
normal, das 12h30min às 17h30min, mediante recolhimento da quantia de R$8,00 (oito reais), que deverá ser depositada na conta corrente
nº 5.148-9, Agência 0090-6, Banco do Brasil ou GRATUITAMENTE
no endereço via INTERNET SITE: www.saearaguari.com.br Maiores
informações, pelos telefones (034) 3242-3579/3246-6697. (a) Rômulo
Cesar de Souza – Pregoeiro / José Flávio de Lima Neto – Superintendente de Água e Esgoto.
7 cm -20 835724 - 1
GALVANI INDUSTRIA, COMÉRCIO E SERVIÇOS S/A. Termo
de Compromisso de Compensação Ambiental nº 2101010501416 entre
Instituto Estadual de Florestas – IEF e a Galvani Industria, Comércio
e Serviços S/A. Objeto: estabelecer medida de compensação ambiental (Lei 9985/00) do licenciamento do empreendimento “Fabricação de
ácido fosfórico associada à produção de adubos e fertilizantes, fabricação de ácido sulfúrico a partir de enxofre elementar, fabricação de
outros produtos químicos não especificados ou não classificados, fabricação de produtos intermediários para fins de fertilizantes” de acordo
com a cláusula primeira do referido termo. Valor da compensação: R$
2.582.025,40. Vigência: até a quitação integral da obrigação por parte
do empreendedor. Data da assinatura: 09/05/2016.
Adriana Araújo Ramos – Diretora Geral do IEF
Danilo Casalino – Diretor Financeiro – Galvani Indústria, Comércio
e Serviços S/A.
Gustavo Bastide Horbach – Gerente de Projetos Sênior - Galvani
Indústria, Comércio e Serviços S/A.
(QWLGDGHFRPLQÀXrQFLD
VLJQL¿FDWLYDVREUHR%DQFR .......... 3HVVRDOFKDYHGDDGPLQLVWUDomR ... 2XWUDVSDUWHVUHODFLRQDGDV ........... 7RWDO(PSUHVDVHSHVVRDV
¿VLFDVQmROLJDGDV ........................ Total ............................................. &LUFXODQWH ..................................... 1mRFLUFXODWH ............................... Total ............................................. Títulos a
Créd. a
Receber
IRPJ
2.377
31.12.2014
CSLL
9.516
31.12.2015
Letras de
Depósitos Depósitos
créditos
à vista
à prazo Imobiliários
L$VGHVSHVDVUHDOL]DGDVFRPSDUWHVUHODFLRQDGDVQRVH[HUFtFLRVUHIHUHPVHD
‡55HPSURYHQLHQWHVGHVHUYLoRVGHLQWHUPHGLDomRTXH
RULJLQDUDPGHRSHUDo}HVGH&'&H(PSUpVWLPR3HVVRDOFRPSURGXomRWRWDO
GH5QRH[HUFtFLR
‡ 5 5 HP SURYHQLHQWHV GH GHVSHVDV FRP DOXJXpLV H FRQGRmínio do semestre.
‡ 5 5 HP SURYHQLHQWH GH VHUYLoRV GH FREUDQoD H DSRLR
DGPLQLVWUDWLYRSUHVWDGRVGRH[HUFtFLR
‡5SURYHQLHQWHGHUHFHLWDSHORVVHUYLoRVGHDQiOLVHYHUL¿FDomRHDYDOLDomRGHFUpGLWRVHJDUDQWLDVSUHVWDGRVQRH[HUFtFLR
‡5UHIHUHQWHVDGRDomRjHQWLGDGH¿ODQWUySLFDOLJDGD
$VFDSWDo}HVHDVWUDQVDo}HVDFLPDGHVFULWDVIRUDPUHDOL]DGDVHPFRQGLo}HV
SDFWXDGDVHQWUHDVSDUWHV2VGHSyVLWRVDSUD]RVWrPWD[DPi[LPDGH
GR&',HSUD]RPi[LPRGHYHQFLPHQWRHPGHPDLRGH
E5HPXQHUDomRGD$GPLQLVWUDomR
&RQIRUPHGHVFULWRQD1RWD([SOLFDWLYDQžWGHDFRUGRFRPD5HVROXomR &01 Qž R %DQFR SDVVRX D HVWDEHOHFHU DQXDOPHQWH DWUDYpV
GH$VVHPEOHLD*HUDO2UGLQiULDDUHPXQHUDomRGRV$GPLQLVWUDGRUHVTXHp
DFRUGDGDHQWUHD$GPLQLVWUDomRHD'LUHWRULDFRQIRUPHGHWHUPLQDR(VWDWXWR
Social.
30.06.2015 30.06.2014
5HPXQHUDomR¿[D ................................ &RQWULEXLomR,166 ............................ 2%DQFRQmRSRVVXLEHQHItFLRVGHORQJRSUD]RGHSyVHPSUHJRHGHFRQWUDWR
GHWUDEDOKRSDUDRVHXSHVVRDOFKDYHGD$GPLQLVWUDomR
21 Outras informações
Ouvidoria
(VWUHLWDQGR R UHODFLRQDPHQWR FRP RV FOLHQWHV XVXiULRV H IRUQHFHGRUHV GH
VHXV SURGXWRV H VHUYLoRV EHP FRPR FRP DV LQVWLWXLo}HV GH SURWHomR DRV
GLUHLWRVHFRQ{PLFRVR%DQFRFRQVWLWXLXGHVGHRXWXEURGHVHXFRPSRQHQWHRUJDQL]DFLRQDOGH2XYLGRULDHPREVHUYkQFLDjVQRUPDVYLJHQWHV
HP HVSHFLDO j 5HVROXomR Qž GH GH PDUoR GH GR &RQVHOKR
0RQHWiULR1DFLRQDO6XDDWXDomRFRQVLVWHHPXPFDQDOGHLQVWkQFLD¿QDOGH
DWHQGLPHQWRDGHPDQGDVGRVHQWHVVXSUDPHQFLRQDGRV
22 Eventos subsequentes
(PGHMDQHLURGHDWUDYpVGHGHOLEHUDomRGH$VVHPEOpLD*HUDOGH
$FLRQLVWDVIRLDSURYDGRXPDXPHQWRGRFDSLWDOVRFLDOGH5UHSUHVHQWDGRSRUPLODo}HVRUGLQiULDVHDo}HVSUHIHUHQFLDLVQRPLQDWLYDV
HVHPYDORUQRPLQDOGRFDSLWDOVRFLDOFXMRSURFHVVRIRLKRPRORJDGRSHOR
%DQFR&HQWUDOGR%UDVLOHPGHPDUoRGH
Conselho de Administração
Artur Geraldo de Azevedo - 3UHVLGHQWH
Ricardo Ozanan Silveira de Azevedo - 9LFHSUHVLGHQWH
Aguinaldo Lima Azevedo Sobrinho - &RQVHOKHLUR
Jairo Siqueira de Azevedo - &RQVHOKHLUR
Maria José Siqueira de Azevedo Fialho - &RQVHOKHLUR
Diretoria
Artur Geraldo de Azevedo - 3UHVLGHQWH
Roberto Willians Silva Azevedo - 9LFHSUHVLGHQWH
Responsável técnico
Maria Aparecida F. de Souza Costa - &RQWDGRUD&5&0*2
4 cm -30 837975 - 1
FUNDAÇÃO MUNICIPAL DE CULTURA, LAZER E TURISMO
– FUMCULT – CONGONHAS – MG.– AVISO DE LICITAÇÃO
– PREGÃO PRESENCIAL Nº FUMCULT/008/2016.Contratação de
empresa, através da prestação de serviços de vigilância (vigia), para
atender a FUMCULT.Tipo:Menor Preço.Recebimento do credenciamento e das propostas:Dia 15 de junho de 2016, de 09:00 às 09:30
horas. Abertura: Dia 15 de junho de 2016, às 09:35 horas, na sede
da FUMCULT - Congonhas – MG. Maiores informações, junto à
IRPJ
2.470
Receitas
(despesas)
no período
L
Depósitos
à vista
CSLL
9.422
IRPJ
(1.511)
CSLL
(259)
31.12.2014
Letras de
Receitas
créditos (despesas)
imobiliários do período
Depósitos
à prazo
Relatório dos auditores independentes sobre
as demonstrações financeiras
$RV&RQVHOKHLURVH$FLRQLVWDVGR
Banco Semear S.A.
%HOR+RUL]RQWH0*
([DPLQDPRVDVGHPRQVWUDo}HV¿QDQFHLUDVLQGLYLGXDLVGR%DQFR6HPHDU³%DQFR´TXHFRPSUHHQGHPREDODQoRSDWULPRQLDOHPGH
GH]HPEURGHHDVUHVSHFWLYDVGHPRQVWUDo}HVGRUHVXOWDGRGDV
PXWDo}HVGRSDWULP{QLROtTXLGRHGRVÀX[RVGHFDL[DSDUDRH[HUFtFLR
HVHPHVWUH¿QGRVQDTXHODGDWDDVVLPFRPRRUHVXPRGDVSULQFLSDLV
SUiWLFDVFRQWiEHLVHGHPDLVQRWDVH[SOLFDWLYDV
5HVSRQVDELOLGDGH GD DGPLQLVWUDomR VREUH DV GHPRQVWUDo}HV ¿nanceiras
$ DGPLQLVWUDomR GR %DQFR p UHVSRQViYHO SHOD HODERUDomR H DGHTXDGDDSUHVHQWDomRGHVVDVGHPRQVWUDo}HV¿QDQFHLUDVGHDFRUGRFRPDV
SUiWLFDVFRQWiEHLVDGRWDGDVQR%UDVLODSOLFiYHLVjVLQVWLWXLo}HVDXWRUL]DGDVDIXQFLRQDUSHOR%DQFR&HQWUDOGR%UDVLODVVLPFRPRSHORV
FRQWUROHVLQWHUQRVTXHHODGHWHUPLQRXFRPRQHFHVViULRVSDUDSHUPLWLU
DHODERUDomRGHGHPRQVWUDo}HV¿QDQFHLUDVOLYUHVGHGLVWRUomRUHOHYDQWHLQGHSHQGHQWHPHQWHVHFDXVDGDSRUIUDXGHRXHUUR
Responsabilidade dos auditores independentes
1RVVDUHVSRQVDELOLGDGHpDGHH[SUHVVDUXPDRSLQLmRVREUHHVVDVGHPRQVWUDo}HV¿QDQFHLUDVFRPEDVHHPQRVVDDXGLWRULDFRQGX]LGDGH
DFRUGRFRPDVQRUPDVEUDVLOHLUDVHLQWHUQDFLRQDLVGHDXGLWRULD(VVDV
QRUPDVUHTXHUHPRFXPSULPHQWRGHH[LJrQFLDVpWLFDVSHORVDXGLWRUHV
HTXHDDXGLWRULDVHMDSODQHMDGDHH[HFXWDGDFRPRREMHWLYRGHREWHU
VHJXUDQoDUD]RiYHOGHTXHDVGHPRQVWUDo}HV¿QDQFHLUDVHVWmROLYUHV
GHGLVWRUomRUHOHYDQWH
8PD DXGLWRULD HQYROYH D H[HFXomR GH SURFHGLPHQWRV VHOHFLRQDGRV
SDUDREWHQomRGHHYLGrQFLDDUHVSHLWRGRVYDORUHVHGLYXOJDo}HVDSUHVHQWDGRVQDVGHPRQVWUDo}HV¿QDQFHLUDV2VSURFHGLPHQWRVVHOHFLRQDGRV GHSHQGHP GR MXOJDPHQWR GR DXGLWRU LQFOXLQGR D DYDOLDomR GRV
ULVFRVGHGLVWRUomRUHOHYDQWHQDVGHPRQVWUDo}HV¿QDQFHLUDVLQGHSHQGHQWHPHQWHVHFDXVDGDSRUIUDXGHRXHUUR1HVVDDYDOLDomRGHULVFRV
R DXGLWRU FRQVLGHUD RV FRQWUROHV LQWHUQRV UHOHYDQWHV SDUD D HODERUDomRHDGHTXDGDDSUHVHQWDomRGDVGHPRQVWUDo}HV¿QDQFHLUDGREDQFR
SDUDSODQHMDURVSURFHGLPHQWRVGHDXGLWRULDTXHVmRDSURSULDGRVQDV
FLUFXQVWkQFLDV PDV QmR SDUD ¿QV GH H[SUHVVDU XPD RSLQLmR VREUH D
H¿FiFLD GHVVHV FRQWUROHV LQWHUQRV GR EDQFR 8PD DXGLWRULD LQFOXL
WDPEpP D DYDOLDomR GD DGHTXDomR GDV SUiWLFDV FRQWiEHLV XWLOL]DGDV
HDUD]RDELOLGDGHGDVHVWLPDWLYDVFRQWiEHLVIHLWDVSHODDGPLQLVWUDomR
EHPFRPRDDYDOLDomRGDDSUHVHQWDomRGDVGHPRQVWUDo}HV¿QDQFHLUDV
WRPDGDVHPFRQMXQWR
$FUHGLWDPRVTXHDHYLGrQFLDGHDXGLWRULDREWLGDpVX¿FLHQWHHDSURSULDGDSDUDIXQGDPHQWDUQRVVDRSLQLmR
Opinião
(PQRVVDRSLQLmRDVGHPRQVWUDo}HV¿QDQFHLUDVDFLPDUHIHULGDVDSUHVHQWDP DGHTXDGDPHQWH HP WRGRV RV DVSHFWRV UHOHYDQWHV D SRVLomR
SDWULPRQLDOH¿QDQFHLUDGR%DQFRHPGHGH]HPEURGHRGHVHPSHQKRGHVXDVRSHUDo}HVHRVVHXVÀX[RVGHFDL[DSDUDRH[HUFtFLR
HVHPHVWUH¿QGRVQDTXHODGDWDGHDFRUGRFRPDVSUiWLFDVFRQWiEHLV
DGRWDGDVQR%UDVLODSOLFiYHLVjVLQVWLWXLo}HVDXWRUL]DGDVDIXQFLRQDU
SHOR%DQFR&HQWUDOGR%UDVLO
%HOR+RUL]RQWHGHPDLRGH
.30*$XGLWRUHV,QGHSHQGHQWHV
&5&632)0*
$QGHUVRQ/XL]GH0HQH]HV
&RQWDGRU&5&0*2
484 cm -30 838177 - 1
FUMCULT, pelo telefone: (31)3731-3314, de segunda a sexta-feira, de
08:00 as 10:00 horas e de 13:00 as 17:00 horas. Marta Fernandes da
Costa Alves – Pregoeira. Sérgio Rodrigo Reis – Diretor-Presidente da
FUMCULT.30/05/2016.
3 cm -30 837830 - 1
CONSELHO REGIONAL DE MEDICINA DO ESTADO DE
MINAS GERAIS- EDITAL TORNA PÚBLICA PENA DISCIPLINAR DE SUSPENSÃO DO EXERCÍCIO PROFISSIONAL POR
30 (TRINTA) DIAS AO MÉDICO DR. ALEXANDRE MOTTA
MACEDO - CRMMG 46.067. O Conselho Regional de Medicina do
Estado de Minas Gerais, em conformidade com o disposto na Lei nº
3.268, de 30 de setembro de 1957, tendo em consideração os termos
do artigo 43 do Código de Processo Ético Profissional e tendo em vista
a decisão prolatada nos autos do Processo Ético-Profissional CRMMG
2379/2014, julgado em Sessão de Julgamento do Conselho Regional
de Medicina de Minas Gerais, torna público ter resultado ao DR. ALEXANDRE MOTTA MACEDO, inscrito neste Conselho sob nº 46.067,
a penalidade de SUSPENSÃO DO EXERCÍCIO PROFISSIONAL
POR 30 (TRINTA) DIAS, prevista na alínea “d”, do art. 22, da mencionada Lei, por infração aos artigos 4º, 14 e 32 do Código de Ética
Médica (Resolução CFM Nº 1.931/2009), devendo a penalidade ser
cumprida no período de 31 de maio de 2016 a 30 de junho de 2016,
período no qual o referido profissional estará impedido de exercer qualquer atividade médica. Belo Horizonte, 31 de maio de 2016. Cons.
Fábio Augusto de Castro Guerra – Presidente.
5 cm -30 837920 - 1