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43.616
717
2.505
1.788
16.156
16.016
140
1.426
41.599
1 de 21
738
2.519
1.781
17.584
17.406
178
1.056
795
215
580
9.632
8.867
1.036
110
21.496
2014
As notas explicativas da administração são parte integrante das demonstrações financeiras.
Total do ativo
Imobilizado de uso
Permanente
Investimentos (Nota 12)
Realizável a longo prazo
Operações de crédito (Nota 9)
Despesas antecipadas
Outros valores e bens (Nota 11)
948
191
757
10.332
Operações de crédito (Nota 9)
Outros créditos
Rendas a receber
Diversos (Nota 10)
11.529
605
Títulos e valores mobiliários (Nota 7)
Relações interfinanceiras (Nota 8)
115
24.955
2015
Disponibilidades (Nota 6)
Circulante
Ativo
Em milhares de reais
Balanço patrimonial em 31 de dezembro
Cooperativa de Crédito Rural com Interação Solidária de Dona Emma
43.616
6.038
5.336
593
109
Patrimônio líquido (Nota 17)
Capital social
Fundo de reserva
Sobras acumuladas
Total do passivo e do patrimônio líquido
7.777
7.777
326
3
59
67
197
4.559
36
24.880
2.375
22.505
29.801
2015
Exigível a longo prazo
Obrigações por empréstimos e repasses (Nota 14)
Outras obrigações
Cobrança e arrecadação de tributos e assemelhados
Sociais e estatutárias
Fiscais e previdenciárias
Diversas (Nota 15)
Obrigações por empréstimos e repasses (Nota 14)
Relações interdependências
Depósitos (Nota 13)
Depósitos à vista
Depósitos à prazo
Circulante
Passivo
41.599
5.835
5.070
454
311
10.348
10.348
275
3
54
70
148
4.161
40
20.940
2.317
18.623
25.416
2014
Cooperativa de Crédito Rural com Interação Solidária de Dona Emma
Demonstração de sobras ou perdas
Exercícios findos em 31 de dezembro
Em milhares de reais
Receitas da intermediação financeira
Operações de crédito (Nota 9)
Receita de centralização financeira
Receita com títulos e valores mobiliários
Despesas de intermediação financeira
Operações de captação no mercado (Nota 13)
Operações de empréstimos e repasses (Nota 14)
Provisão para créditos de liquidação duvidosa (Nota 9)
Resultado bruto da intermediação financeira
Outras receita e despesas operacionais
Receitas de prestação de serviços (Nota 18)
Despesas de pessoal (Nota 19)
Despesas administrativas (Nota 20)
Despesas tributárias
Outras receitas operacionais (Nota 21)
Outras despesas operacionais (Nota 22)
Resultado operacional
Resultado não operacional
Resultado antes da tributação sobre lucro
Imposto de renda e contribuição social
Provisão para imposto de renda
Provisão para contribuição social
Sobras do exercício
As notas explicativas da administração são parte integrante das demonstrações financeiras.
2 de 21
2015
2014
5.227
3.847
1.293
87
4.838
3.727
1.030
81
(2.994)
(2.495)
(361)
(138)
(2.599)
(1.738)
(427)
(434)
2.233
2.239
(2.049)
465
(1.324)
(1.046)
(50)
234
(328)
(1.854)
443
(1.154)
(958)
(26)
276
(435)
184
385
45
72
229
457
-
-
229
457
Cooperativa de Crédito Rural com Interação Solidária de Dona Emma
Demonstração das mutações do patrimônio líquido
Em milhares de reais
Capital
social
Fundo de
reserva
Sobras
acumuladas
Total
Em 1 de janeiro de 2014
Distribuição de sobras (Nota 17 (f))
Integralizações de capital
Baixas de capital
Sobras do exercício
Destinações legais e estatutárias
FATES (Nota 17 (e))
Reserva Legal (Nota 17(d))
4.614
288
497
(329)
-
363
-
308
(308)
457
5.285
(20)
497
(329)
457
-
91
(55)
(91)
(55)
-
Em 31 de dezembro de 2014
5.070
454
311
5.835
Em 1 de janeiro de 2015
Distribuição de sobras (Nota 17 (f))
Integralizações de capital
Baixas de capital
Sobras do exercício
Destinações legais e estatutárias
FATES (Nota 17 (e))
Reserva Legal (Nota 17(d))
5.070
263
389
(386)
-
454
48
-
311
(311)
229
5.835
389
(386)
229
-
91
(29)
(91)
(29)
-
Em 31 de dezembro de 2015
5.336
593
109
6.038
o
o
As notas explicativas da administração são parte integrante das demonstrações financeiras.
3 de 21
Cooperativa de Crédito Rural com Interação Solidária de Dona Emma
Demonstração dos fluxos de caixa
Exercícios findos em 31 de dezembro
Em milhares de reais
2015
2014
Sobras antes do imposto de renda e da contribuição social
229
457
Ajustes as sobras líquidas
Despesas de depreciação
Provisão para créditos de liquidação duvidosa
217
79
138
518
84
434
(379)
431
(2.662)
552
(115)
(370)
3.940
(2.173)
(4)
22
(124)
89
(912)
768
(379)
467
2.674
(2.832)
29
(28)
-
-
67
851
Fluxos de caixa das atividades de investimentos
Aquisição de investimentos
Aquisição de imobilizado de uso
(7)
(58)
(419)
(524)
Caixa líquido aplicado nas atividades de investimento
(65)
(943)
389
(386)
497
(329)
(20)
Caixa líquido gerado pelas atividades de financiamentos
3
148
Aumento líquido de caixa e equivalentes de caixa
5
56
Caixa e equivalentes de caixa no início do exercício (Nota 6)
110
54
Caixa e equivalentes de caixa no fim do exercício (Nota 6)
115
110
Fluxos de caixa das atividades operacionais
Variações patrimoniais
Títulos e valores mobiliários
Relações interfinanceiras
Operações de crédito
Outros créditos
Outros valores e bens
Depósitos
Obrigações por empréstimos e repasses
Relações interdependências
Outras obrigações
Imposto de renda e contribuição social pagos
Caixa líquido gerado pelas atividades operacionais
Fluxos de caixa das atividades de financiamentos
Aumento de capital
Baixas de capital
Distribuição de sobras acumuladas
As notas explicativas da administração são parte integrante das demonstrações financeiras.
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F" ,-1 O M^\]X NO F",-/ X Z^O [O\^U]X^ OV ^V [O\^U]KNX NO F" ,& [OPO[OW]O h K]X\ WkX
MXXYO[KNX\(
6\ MXXYO[K]S_K\ O\]kX \^TOS]K\ h ][SL^]KlkX YOUX ?VYX\]X NO FOWNK $?F% O 8XW][SL^SlkX GXMSKU
$8G@@% Z^KWNX K^PO[S[OV [O\^U]KNX\ YX\S]S_X\ OV K]X\ WkX MXXYO[K]S_X\( BO\\O\ MK\X\& K Y[X_S\kX
m MXW\]S]^oNK MXV LK\O WK\ KUoZ^X]K\ _SQOW]O\& MXW\SNO[KWNX K\ KNSlrO\ O O`MU^\rO\ O K
MXVYOW\KlkX NO Y[OT^oaX\ PS\MKS\ O NO LK\O WOQK]S_K NO 8G@@ USVS]KNX\ K -*# NX U^M[X ][SL^]i_OU(
!9"
,8AO8 = =IMAN8D=FL=K <= ;8AO8
FOPO[OV'\O K NS\YXWSLSUSNKNO\ Z^O SWMU^OV NSWROS[X OV MKS`K O NOYp\S]X\ LKWMi[SX\ NO M^[]X
Y[KaX NO KU]K USZ^SNOa O MXV [S\MX SW\SQWSPSMKW]O NO V^NKWlK NO _KUX[(
!;"
6YLMDGK = N8DGJ=K EG9ADAUJAGK
FOPO[O'\O K KYUSMKlkX OV Z^X]K\ NO P^WNX\ NO [OWNK PS`K& K\ Z^KS\ \kX [OQS\][KNK\ YOUX \O^ _KUX[
T^\]X WK NK]K NO POMRKVOW]X(
!<"
-=E8AK AFKLJME=FLGK >AF8F;=AJGK
6 8XXYO[K]S_K WkX YX\\^S SW\][^VOW]X\ PSWKWMOS[X\ NO[S_K]S_X\ OV -+ NO NOaOVL[X NO ,*+/ O NO
,*+.(
!="
4=D8W[=K AFL=J>AF8F;=AJ8K $ ;=FLJ8DAP8WVG >AF8F;=AJ8
C\ [OM^[\X\ MKY]KNX\ YOUK 8XXYO[K]S_K WkX SW_O\]SNX\ OV \^K\ K]S_SNKNO\ \kX MOW][KUSaKNX\
K][K_m\ NO [OYK\\O SW]O[PSWKWMOS[X YK[K K 8OW][KU 8[O\XU GSMXYO[& X\ Z^KS\ \kX YX[ OUK ^]SUSaKNX\
YK[K KYUSMKlrO\ PSWKWMOS[K\ NO LKS`X [S\MX( ;\\K\ XYO[KlrO\ \kX MK[KM]O[SaKNK\ MXVX K]X\
MXXYO[K]S_X\ YOUK @OS WX /(10.)1+& Z^O NOPSWO K YXUo]SMK WKMSXWKU NO MXXYO[K]S_S\VX(
!>"
2H=J8W[=K <= ;JX<ALG
6\ XYO[KlrO\ Y[OPS`KNK\ PX[KV [OQS\][KNK\ YOUX _KUX[ P^]^[X& [O]SPSMKNK\ YOUK MXW]K NO [OWNK\ K
0 NO ,+
,GGH=J8LAN8 <= ,JX<ALG 4MJ8D ;GE /FL=J8WVG 5GDA<UJA8 <= -GF8 .EE8
1GL8K =OHDA;8LAN8K <8 8<EAFAKLJ8WVG TK <=EGFKLJ8W[=K
>AF8F;=AJ8K =E (& <= <=P=E9JG <= '%&*
.E EAD@8J=K <= J=8AK# =O;=LG IM8F<G AF<A;8<G <= GMLJ8 >GJE8
KY[XY[SK[& O K\ XYO[KlrO\ Yp\'PS`KNK\& YOUX _KUX[ Y[O\OW]O& K]^KUSaKNK\ )*( *!,! ,#&)(*%+ K]m K
NK]K NX LKUKWlX(
!?"
3JGNAKVG H8J8 ;JX<ALGK <= DAIMA<8WVG <MNA<GK8 !3,0-"
8XW\]S]^oNK OV VXW]KW]O T^UQKNX \^PSMSOW]O YOUK KNVSWS\][KlkX YK[K MXL[S[ O_OW]^KS\ YO[NK\ WK
[OKUSaKlkX NO M[mNS]X\ K [OMOLO[& UO_K OV MXW\SNO[KlkX K KWiUS\O NK\ XYO[KlrO\ OV KLO[]X& NK\
QK[KW]SK\ O`S\]OW]O\ O NX\ [S\MX\ O\YOMoPSMX\ KY[O\OW]KNX\ WK MK[]OS[K& O P^WNKVOW]KNK WK KWiUS\O
NK\ XYO[KlrO\& MXW\SNO[KWNX K MXWT^W]^[K OMXWqVSMK& K O`YO[SnWMSK YK\\KNK& X\ [S\MX\ O\YOMoPSMX\
O QUXLKS\ NK\ MK[]OS[K\(
;V MXWPX[VSNKNO MXV K FO\XU^lkX WX ,(02,)33 NX 8XW\OURX AXWO]i[SX BKMSXWKU $8AB%& K
8XXYO[K]S_K MUK\\SPSMX^ K\ XYO[KlrO\ NO M[mNS]X MXW\SNO[KWNX X [S\MX SWNS_SN^KU NO MKNK NO_ONX[(
6 MUK\\SPSMKlkX MXW\SNO[X^ K Z^KUSNKNO NX NO_ONX[ O NK XYO[KlkX& SWMU^SWNX K\YOM]X\ MXVX4 PU^`X
NO MKS`K& \S]^KlkX OMXWqVSMX'PSWKWMOS[K NX NO_ONX[ O \O]X[& Q[K^ NO OWNS_SNKVOW]X&
KNVSWS\][KlkX& RS\]p[SMX NX NO_ONX[& QK[KW]SK\& O_OW]^KS\ K][K\X\& OW][O X^][X\(
6 KNVSWS\][KlkX MUK\\SPSMK X\ NO_ONX[O\ OV WX_O Wo_OS\& \OWNX !66! X [S\MX VoWSVX O !>! X [S\MX
Vi`SVX( 6NSMSXWKUVOW]O& ]KVLmV \kX MXW\SNO[KNX\ X\ YO[oXNX\ NO K][K\X O\]KLOUOMSNX\ YOUK
[OPO[SNK FO\XU^lkX YK[K K][SL^SlkX NX\ Wo_OS\ NO MUK\\SPSMKlkX NX\ MUSOW]O\& NK \OQ^SW]O PX[VK4
3=JYG<G <= 8LJ8KG
,D8KKA>A;8WVG
<G ;DA=FL=
6 _OWMO[
6]m +/ NSK\
9O +/ K -* NSK\
9O -+ K 0* NSK\
9O 0+ K 3* NSK\
9O 3+ K +,* NSK\
9O +,+ K +/* NSK\
9O +/+ K +2* NSK\
G^YO[SX[ K +2* NSK\
66
6
7
8
9
;
<
=
>
6 K]^KUSaKlkX NK\ XYO[KlrO\ NO M[mNS]X _OWMSNK\ OV K]m 0* NSK\ m MXW]KLSUSaKNK OV [OMOS]K\ NO
XYO[KlrO\ NO M[mNS]X& O K YK[]S[ NX 0+X NSK& OV [OWNK\ K KY[XY[SK[( 6\ XYO[KlrO\ MUK\\SPSMKNK\ MXVX
Wo_OU !>! YO[VKWOMOV WO\\K MUK\\SPSMKlkX YX[ \OS\ VO\O\& Z^KWNX OW]kX \kX LKS`KNK\ MXW][K K
Y[X_S\kX O`S\]OW]O O MXW][XUKNK\& YX[ MSWMX KWX\& OV MXW]K\ NO MXVYOW\KlkX& WkX VKS\ PSQ^[KWNX
WX LKUKWlX YK][SVXWSKU(
!@"
3=JE8F=FL=
C\ SW_O\]SVOW]X\ O\]kX NOVXW\][KNX\ KX M^\]X NO KZ^S\SlkX(
C SVXLSUSaKNX NO ^\X O\]i NOVXW\][KNX KX M^\]X NO KZ^S\SlkX( 6 NOY[OMSKlkX NX SVXLSUSaKNX NO
^\X m MXVY^]KNK YOUX Vm]XNX USWOK[& MXV LK\O WK\ ]K`K\ KW^KS\ Z^O UO_KV OV MXW\SNO[KlkX K
_SNK s]SU'OMXWqVSMK NX\ LOW\(
C\ YO[MOW]^KS\ NO NOY[OMSKlkX O\]kX KLKS`X US\]KNX\4
;NSPSMKlrO\
?W\]KUKlrO\& Vp_OS\ O ^]OW\oUSX\ O \S\]OVK\ NO MXV^WSMKlkX& \OQ^[KWlK O ][KW\YX[]O
GS\]OVK NO Y[XMO\\KVOW]X NO NKNX\
IOoM^UX\
1 NO ,+
.# K(K(
+*# K(K(
,*# K(K(
,*# K(K(
,GGH=J8LAN8 <= ,JX<ALG 4MJ8D ;GE /FL=J8WVG 5GDA<UJA8 <= -GF8 .EE8
1GL8K =OHDA;8LAN8K <8 8<EAFAKLJ8WVG TK <=EGFKLJ8W[=K
>AF8F;=AJ8K =E (& <= <=P=E9JG <= '%&*
.E EAD@8J=K <= J=8AK# =O;=LG IM8F<G AF<A;8<G <= GMLJ8 >GJE8
!A"
-=E8AK 8LANGK ;AJ;MD8FL=K = FVG ;AJ;MD8FL=K
9OVXW\][KNX\ YOUX\ _KUX[O\ NO [OKUSaKlkX& SWMU^SWNX& Z^KWNX KYUSMi_OU& X\ [OWNSVOW]X\ O K\
_K[SKlrO\ VXWO]i[SK\ )*( *!,! NSK SWMX[[SNX\& NON^aSNX\ NK\ MX[[O\YXWNOW]O\ Y[X_S\rO\ YK[K
YO[NK\ X^ KT^\]O KX _KUX[ NO VO[MKNX O [OWNK\ K KY[XY[SK[(
!B"
4=<MWVG 8G N8DGJ J=;MH=JUN=D <= 8LANG
C 8XW\OURX AXWO]i[SX BKMSXWKU& YX[ VOSX NK FO\XU^lkX WX -(/00 NO ,3 NO VKSX NO ,**2&
NO]O[VSWX^ K KNXlkX NX D[XW^WMSKVOW]X HmMWSMX 8D8 *+& NX 8XVS]n NO D[XW^WMSKVOW]X\
8XW]iLOS\& [OPO[OW]O KX [OMXWROMSVOW]X& VOW\^[KlkX O NS_^UQKlkX NO [ON^lkX KX _KUX[
[OM^YO[i_OU NO K]S_X\ WkX PSWKWMOS[X\( C [OPO[SNX Y[XW^WMSKVOW]X SW\]S]^S X ]O\]O NO
[OM^YO[KLSUSNKNO NO K]S_X\& M^TX XLTO]S_X m K\\OQ^[K[ Z^O X\ K]S_X\ WkX O\]OTKV [OQS\][KNX\
MXW]KLSUVOW]O YX[ ^V _KUX[ \^YO[SX[ hZ^OUO YK\\o_OU NO \O[ [OM^YO[KNX YX[ ^\X X^ YX[ _OWNK(
8K\X O`S\]KV O_SNnWMSK\ MUK[K\ NO Z^O K]S_X\ O\]kX K_KUSKNX\ YX[ _KUX[ WkX [OM^YO[i_OU WX P^]^[X&
K OW]SNKNO NO_O[i SVONSK]KVOW]O [OMXWROMO[ K NO\_KUX[SaKlkX YX[ VOSX NK MXW\]S]^SlkX NO
Y[X_S\kX YK[K YO[NK\(
C SVXLSUSaKNX O X^][X\ K]S_X\ WkX MS[M^UKW]O\& \kX [O_S\]X\ KW^KUVOW]O YK[K \O SNOW]SPSMK[
O_SNnWMSK\ NO YO[NK\ WkX [OM^YO[i_OS\& X^ KSWNK& \OVY[O Z^O O_OW]X\ X^ KU]O[KlrO\ WK\
MS[M^W\]jWMSK\ SWNSMK[OV Z^O X _KUX[ MXW]iLSU YXNO WkX \O[ [OM^YO[i_OU( E^KWNX O\]O PX[ X MK\X& X
_KUX[ [OM^YO[i_OU m MKUM^UKNX YK[K _O[SPSMK[ \O Ri YO[NK( E^KWNX RX^_O[ YO[NK& OUK m [OMXWROMSNK
YOUX VXW]KW]O OV Z^O X _KUX[ MXW]iLSU NX K]S_X ^U][KYK\\K \O^ _KUX[ [OM^YO[i_OU& Z^O m X VKSX[
OW][O X Y[OlX UoZ^SNX NO _OWNK O X _KUX[ OV ^\X NO ^V K]S_X( 6 KNVSWS\][KlkX WkX SNOW]SPSMX^
O_SNnWMSK\ NO YO[NK\ WkX [OM^YO[i_OS\ OV -+ NO NOaOVL[X NO ,*+/(
!C"
-=HZKALGK
C _KUX[ KY[O\OW]KNX WK\ NOVXW\][KlrO\ PSWKWMOS[K\ O\]i KM[O\MSNX NX\ T^[X\ SWMX[[SNX\ K]m K NK]K
NO OWMO[[KVOW]X NX O`O[MoMSX& K][K_m\ NK KYUSMKlkX VOW\KU NK\ ]K`K\ MXW][K]KNK\ YK[K K\
XYO[KlrO\(
GkX NOVXW\][KNX\ YOUX\ _KUX[O\ NK\ O`SQSLSUSNKNO\ O MXW\SNO[KV& Z^KWNX KYUSMi_OU& X\ OWMK[QX\
O`SQo_OS\ K]m K NK]K NX LKUKWlX& [OMXWROMSNX\ OV LK\O )*( *!,! NSK( C\ NOYp\S]X\ K Y[KaX O\]kX
MUK\\SPSMKNX\ WX LKUKWlX YK][SVXWSKU MXW\SNO[KWNX \^K O`SQSLSUSNKNO(
!D"
29JA?8W[=K HGJ =EHJXKLAEGK = J=H8KK=K
FOQS\][KNK\ NO KMX[NX MXV X\ [OM^[\X\ ]XVKNX\& \OWNX K]^KUSaKNX\ VOW\KUVOW]O NO KMX[NX MXV
X\ T^[X\ SWMX[[SNX\ WX YO[oXNX O USZ^SNKlrO\ Z^O YX\\KV ]O[ XMX[[SNX(
!E"
3JGNAKVG H8J8 ;8MK8K BM<A;A8AK
8XVYX\]X LK\SMKVOW]O YX[ Y[XMO\\X\ T^NSMSKS\ O KNVSWS\][K]S_X\& VX_SNX\ YX[ ]O[MOS[X\ O
O`'MXUKLX[KNX[O\& OV KlrO\ Mo_OS\ O ][KLKURS\]K\( ;\\K\ MK^\K\ T^NSMSKS\ \kX K_KUSKNK\
VOW\KUVOW]O YX[ K\\O\\X[O\ UOQKS\ O Y[X_S\SXWKNK\ Z^KWNX X [S\MX NO YO[NK m MXW\SNO[KNX
Y[X_i_OU(
!F"
-=E8AK H8KKANGK ;AJ;MD8FL=K = FVG ;AJ;MD8FL=K
9OVXW\][KNX\ YOUX\ _KUX[O\ MXWROMSNX\ X^ MKUM^Ui_OS\& SWMU^SWNX& Z^KWNX KYUSMi_OU& X\ OWMK[QX\ O
K\ _K[SKlrO\ VXWO]i[SK\ OV LK\O )*( *!,! NSK SWMX[[SNX\& NON^aSNX\ NK\ MX[[O\YXWNOW]O\
NO\YO\K\ K KY[XY[SK[(
2 NO ,+
,GGH=J8LAN8 <= ,JX<ALG 4MJ8D ;GE /FL=J8WVG 5GDA<UJA8 <= -GF8 .EE8
1GL8K =OHDA;8LAN8K <8 8<EAFAKLJ8WVG TK <=EGFKLJ8W[=K
>AF8F;=AJ8K =E (& <= <=P=E9JG <= '%&*
.E EAD@8J=K <= J=8AK# =O;=LG IM8F<G AF<A;8<G <= GMLJ8 >GJE8
!G"
3JGNAKVG H8J8 H8JLA;AH8WVG FGK J=KMDL8<GK $ 304
6 D@F m ^VK VXNKUSNKNO NO [OV^WO[KlkX& LK\OKNK WK @OS WX +*(+*+& NO +3 NO NOaOVL[X NO ,***&
_K[Si_OU Z^O WkX \O SWMX[YX[K KX\ \KUi[SX\ NX\ OVY[OQKNX\ O O\]i K][OUKNK h )#*$(*&!'"# NK
8XXYO[K]S_K(
6 UOQS\UKlkX NO]O[VSWK Z^O X YKQKVOW]X \OTK OPO]^KNX NO KMX[NX MXV [OQ[K\ Y[O_SKVOW]O
O\]KLOUOMSNK\ YX[ VOSX NO 6MX[NX 8XUO]S_X NO H[KLKURX RXVXUXQKNX T^W]X KX GSWNSMK]X NK
MK]OQX[SK O NO_SNKVOW]O [OQS\][KNX WX ASWS\]m[SX NX H[KLKURX(
)
.KLAE8LAN8K = BMD?8E=FLGK ;GFLU9=AK ;JYLA;GK
6\ O\]SVK]S_K\ O X\ T^UQKVOW]X\ MXW]iLOS\ \kX MXW]SW^KVOW]O K_KUSKNX\ O LK\OSKV'\O WK
O`YO[SnWMSK RS\]p[SMK O OV X^][X\ PK]X[O\& SWMU^SWNX O`YOM]K]S_K\ NO O_OW]X\ P^]^[X\& MXW\SNO[KNK\
[KaXi_OS\ YK[K K\ MS[M^W\]jWMSK\(
8XV LK\O OV Y[OVS\\K\& K 8XXYO[K]S_K PKa O\]SVK]S_K\ MXV [OUKlkX KX P^]^[X( DX[ NOPSWSlkX& K\
O\]SVK]S_K\ MXW]iLOS\ [O\^U]KW]O\ [K[KVOW]O \O[kX SQ^KS\ KX\ [O\YOM]S_X\ [O\^U]KNX\ [OKS\( 6
Y[SWMSYKU O\]SVK]S_K O Y[OVS\\K\ Z^O KY[O\OW]KV ^V [S\MX \SQWSPSMK]S_X& MXV Y[XLKLSUSNKNO NO
MK^\K[ ^V KT^\]O [OUO_KW]O WX\ _KUX[O\ MXW]iLOS\ NO K]S_X\ O YK\\S_X\ YK[K X Y[p`SVX YO[oXNX& m K
Y[X_S\kX YK[K M[mNS]X\ NO USZ^SNKlkX N^_SNX\K $D8@9%& K Z^KU m MKUM^UKNK MXWPX[VO NO\M[S]X WK
BX]K - $Q%(
*
.KLJMLMJ8 <= ?=J=F;A8E=FLG <= JAK;GK
6 8XXYO[K]S_K QO[OWMSK X\ [S\MX\ O SWMO[]OaK\ NX\ \O^\ WOQpMSX\ MXV LK\O OV NS[O][SaO\ O
[OQ^UKVOW]KlrO\ UXMKS\(
C Y[SWMSYKU XLTO]S_X NK QO\]kX NO [S\MX\ m K SNOW]SPSMKlkX O VXWS]X[KVOW]X NO KVOKlK\ K Z^O X\
WOQpMSX\ O\]kX \^TOS]X\& Y[SWMSYKUVOW]O OV YO[oXNX\ X^ \S]^KlrO\ NO\PK_X[i_OS\(
DK[K K KNVSWS\][KlkX& QO[S[ [S\MX\ m K PX[VK VKS\ OPSMSOW]O YK[K K VKW^]OWlkX NO ^VK
[OW]KLSUSNKNO \^\]OW]KNK O YX\S]S_K(
!8"
4AK;G <= ;JX<ALG
C QO[OWMSKVOW]X NX [S\MX NO M[mNS]X NK 8XXYO[K]S_K m [OKUSaKNX YX[ ^VK O\][^]^[K M^TK K]^KlkX
_S\K MXW][XUK[ O Y[O_OWS[ K O`YX\SlkX NK\ XYO[KlrO\ NK 8XXYO[K]S_K KX\ [S\MX\ Y[X_OWSOW]O\ NX WkX
M^VY[SVOW]X NO XL[SQKlrO\ MXW][K]KNK\ YOUX ]XVKNX[ NO M[mNS]X $SWKNSVYUnWMSK%(
!9"
4AK;G <= E=J;8<G = JAK;G <= DAIMA<=P
6 O\][^]^[K NO QO[OWMSKVOW]X NO [S\MX\ NO VO[MKNX O USZ^SNOa m MXVYK]o_OU MXV K WK]^[OaK NK\
XYO[KlrO\& MXV K MXVYUO`SNKNO NX\ Y[XN^]X\ O \O[_SlX\ XPO[OMSNX\ O m Y[XYX[MSXWKU h NSVOW\kX
NK O`YX\SlkX KX\ [S\MX\( HKVLmV m [O\YXW\i_OU YOUX MXW][XUO NO ]XNX X Y[XMO\\X NO K_KUSKlkX NK\
PU^]^KlrO\ NK\ MXWNSlrO\ NO VO[MKNX O YX[ VXWS]X[K[ X OZ^SUoL[SX OW][O YKQKVOW]X\ $YK\\S_X\% O
[OMOLSVOW]X\ $K]S_X\%& K][K_m\ NO M[S]m[SX\ NO MiUM^UX O USVS]O\ NO O`YX\SlkX NO]O[VSWKNX\ YOUX
GS\]OVK 8[O\XU& NO PX[VK K QK[KW]S[ K MKYKMSNKNO NO YKQKVOW]X NK 8XXYO[K]S_K( C\ M[S]m[SX\
UO_KV OV MXW\SNO[KlkX K\ NSPO[OW]O\ VXONK\& oWNSMO\ O Y[KaX\ NO USZ^SNKlkX(
3 NO ,+
,GGH=J8LAN8 <= ,JX<ALG 4MJ8D ;GE /FL=J8WVG 5GDA<UJA8 <= -GF8 .EE8
1GL8K =OHDA;8LAN8K <8 8<EAFAKLJ8WVG TK <=EGFKLJ8W[=K
>AF8F;=AJ8K =E (& <= <=P=E9JG <= '%&*
.E EAD@8J=K <= J=8AK# =O;=LG IM8F<G AF<A;8<G <= GMLJ8 >GJE8
C\ \S\]OVK\& X\ VXNOUX\ O X\ Y[XMONSVOW]X\ \kX K_KUSKNX\ KW^KUVOW]O YX[ OZ^SYO\ NO K^NS]X[SK
SW]O[WK( C\ [O\^U]KNX\ KY[O\OW]KNX\ WX\ [OUK]p[SX\ NO K^NS]X[SK \kX ^]SUSaKNX\ YK[K MX[[SQS[&
KNKY]K[ O Y[XVX_O[ VOURX[SK\ WX QO[OWMSKVOW]X NX\ [S\MX\ NO VO[MKNX O USZ^SNOa(
!;"
4AK;G GH=J8;AGF8D
C Y[XMO\\X NO QO[OWMSKVOW]X NO [S\MX\ XYO[KMSXWKS\ MXW\S\]O WK K_KUSKlkX Z^KUS]K]S_K NX\ [S\MX\&
YX[ VOSX NK\ O]KYK\ NO SNOW]SPSMKlkX& K_KUSKlkX O ][K]KVOW]X( 6 O\][^]^[K NO [S\MX XYO[KMSXWKU _S\K
Y[XYX[MSXWK[& KUmV NK [OQ^UK[SNKNO MXV [OZ^S\S]X\ UOQKS\& ^V KUSWRKVOW]X Y[XMO\\^KU MXV K\
NS[O][SaO\ NO MXW][XUO\ SW]O[WX\ NX GS\]OVK 8[O\XU( ;\\K O\][^]^[K MXX[NOWK O K^`SUSK K QO\]kX NK\
KlrO\ NO KWiUS\O& SNOW]SPSMKlkX O K_KUSKlkX NO MXW][XUO\ O Y[XMO\\X\& YUKWOTKWNX KlrO\ MX[[O]S_K\
O)X^ Y[O_OW]S_K\ YK[K VS]SQK[ X\ [S\MX\(
!<"
4AK;G <= ;8HAL8D
C QO[OWMSKVOW]X NO MKYS]KU MOW][KUSaKNX MXW\S\]O OV ^V Y[XMO\\X MXW]oW^X NO VXWS]X[KVOW]X NX
MKYS]KU& O m [OKUSaKNX YOUK\ OW]SNKNO\ NX GS\]OVK 8[O\XU MXV XLTO]S_X NO4
" 6_KUSK[ K WOMO\\SNKNO NO MKYS]KU YK[K PKaO[ PKMO KX\ [S\MX\ Z^O K\ OW]SNKNO\ NX GS\]OVK
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