Baixe o app para aproveitar ainda mais
Prévia do material em texto
/DERUDWyULR�GH�*HVWmR�&RQWiEL O Autoria: Hugo David Santana Santana Tema 06 Aspectos Contábeis sobre Debêntures, Partes Beneficiárias, Reservas, e Retenção de Lucros, Dividendos e Ativos Intangíveis 7HPD��� Aspectos Contábeis sobre Debêntures, Partes Beneficiárias, Reservas, e Retenção de Lucros, Dividendos e Ativos Intangíveis Autoria: Hugo David Santana Santana Como citar esse documento: SANTANA, Hugo David Santana. Laboratório de Gestão Contábil��$VSHFWRV�&RQWiEHLV�VREUH�'HErQWXUHV��3DUWHV�%HQH¿FLiULDV��5HVHUYDV��H� 5HWHQomR�GH�/XFURV��'LYLGHQGRV�H�$WLYRV�,QWDQJtYHLV��&DGHUQR�GH�$WLYLGDGHV��9DOLQKRV��$QKDQJXHUD�(GXFDFLRQDO������� Índice ������$QKDQJXHUD�(GXFDFLRQDO�� 3URLELGD� D� UHSURGXomR� ¿QDO� RX� SDUFLDO� SRU� TXDOTXHU�PHLR� GH� LPSUHVVmR�� HP� IRUPD� LGrQWLFD�� UHVXPLGD� RX�PRGL¿FDGD� HP� OtQJXD� SRUWXJXHVD�RX�TXDOTXHU�RXWUR�LGLRPD� Pág. 17 Pág. 19 Pág. 20 Pág. 18 Pág. 15Pág. 14 ACOMPANHENAWEB Pág. 3 CONVITEÀLEITURA Pág. 3 PORDENTRODOTEMA � $VSHFWRV�&RQWiEHLV�VREUH�'HErQWXUHV��3DUWHV�%HQH¿FLiULDV��5HVHUYDV��H�5HWHQomR�GH� /XFURV��'LYLGHQGRV�H�$WLYRV�,QWDQJtYHLV $OJXPDV�G~YLGDV�WrP�UHVVXUJLGR�TXDQWR�j�DGHTXDGD�FODVVL¿FDomR�FRQWiELO�GDV�GHErQWXUHV��WHQGR�HP�YLVWD�TXH�� HPERUD�VHMDP�QRUPDOPHQWH�WtWXORV�GH�ORQJR�SUD]R��DSUHVHQWDP��QD�PDLRULD�GRV�FDVRV��FOiXVXOD�GH�UHSDFWXDomR�GH�FXUWR� SUD]R��&RQVLGHUDQGR�TXH�D�SUiWLFD�GH�VHUHP�SDFWXDGDV�FOiXVXODV�GH�DQWHFLSDomR�YLVD�SRVVLELOLWDU�D�DWXDOL]DomR�GDV� FRQGLo}HV�GH�UHPXQHUDomR�GDV�GHErQWXUHV��D�&90�HQWHQGH�TXH��UHVVDOYDGDV�VLWXDo}HV�HVSHFLDLV�TXDQWR�j�LQWHQomR�RX� j�FDSDFLGDGH�GD�HPSUHVD�HP�UHFRORFDU�HVVH�WtWXOR��DV�GHErQWXUHV�GHYHP�VHU�FODVVL¿FDGDV�SHOD�FRPSDQKLD�HPLVVRUD�QR� SDVVLYR�H[LJtYHO�D�ORQJR�SUD]R��1HVVH�VHQWLGR��IDUHPRV�XP�HVWXGR�GHVVHV�HYHQWRV�HFRQ{PLFRV��DOpP�GH�DERUGDUPRV�D� OHJLVODomR�YLJHQWH��TXH�VHUYLUi�FRPR�EDVH�OHJDO�SDUD�D�FRPSUHHQVmR�GHVVHV�IDWRV�FRQWiEHLV� Debêntures: Conceito $V� HPSUHVDV� HP�JHUDO�� TXDQGR� QHFHVVLWDP� GH� UHFXUVRV� ¿QDQFHLURV� QDV� RFDVL}HV� GH� EDL[D� OLTXLGH]�� VHMD� SDUD� DPSOLDU�RV�QHJyFLRV��VHMD�SDUD�FREULU�FRPSURPLVVRV� Mi�DVVXPLGRV��SRGHP�FDSWDU�HVVHV�UHFXUVRV�VRFRUUHQGR�VH�GDV� GLYHUVDV�PRGDOLGDGHV�GH�HPSUpVWLPRV�GLVSRQtYHLV�QR�PHUFDGR��RX�SURPRYHQGR�DXPHQWR�GH�FDSLWDO��5,%(,52���������$� /HL�Q�������������SUHYr�XPD�PRGDOLGDGH�GH�HPSUpVWLPR�H[FOXVLYR�SDUD�DV�VRFLHGDGHV�SRU�Do}HV��VXSRUWDGD�SRU�WtWXOR�� denominada GHErQWXUH. $�OHLWXUD�GHVWH�WHPD�FHUWDPHQWH�LUi�DPSOLDU�VXD�FRPSUHHQVmR�VREUH�R�TXH�p�XPD�GHErQWXUH�H�TXDO�D�VXD�¿QDOLGDGH�� EHP�FRPR�VREUH�DV�SDUWHV�EHQH¿FLiULDV��D�UHODomR�TXH�D�HQWLGDGH�WHP�FRP�HODV�H�FRPR�VmR�IHLWRV�RV�UHJLVWURV�FRQWiEHLV� GHVVHV�WtWXORV��6HUmR�DERUGDGRV�WDPEpP�QHVWH�WHPD�DV�UHVHUYDV�GH�OXFURV��RV�GLYLGHQGRV�H�RV�DWLYRV�LQWDQJtYHLV� CONVITEÀLEITURA $ W & WiE L E ' Er W 3 W % ¿ Li L 5 5 W m G GHVVHV�WtWXORV��6HUmR�DERUGDGRV�WDPEpP�QHVWH�WHPD�DV�UHVHUYDV�GH�OXFURV��RV�GLYLGHQGRV�H�RV�DWLYRV�LQWDQJtYHLV� PORDENTRODOTEMA � $V�GHErQWXUHV�VmR�WtWXORV�HPLWLGRV�QRUPDOPHQWH�D�ORQJR�SUD]R�SHOD�FRPSDQKLD�FRP�JDUDQWLD�GH�FHUWDV�SURSULHGDGHV�H� EHQV�RX�FRP�DYDO�GR�HPLWHQWH��(ODV�FRQVWLWXHP�XP�YDORU�PRELOLiULR�UHSUHVHQWDWLYR�GH�XP�FRQWUDWR�GH�P~WXR��HP�JHUDO� GH�ORQJR�SUD]R��HQWUH�R�HPLVVRU�H�RV�GHEHQWXULVWDV��$OpP�GLVVR��VmR�HPLWLGDV�SRU�XPD�VRFLHGDGH�DQ{QLPD�H�DSUHVHQWDP� XPD�JUDQGH�ÀH[LELOLGDGH�TXDQWR�jV�FRQGLo}HV�H�FDUDFWHUtVWLFDV�HVWDEHOHFLGDV�HP�VXD�HVFULWXUD�GH�HPLVVmR�� 2EVHUYH�QD�)LJXUD�����D�FRQWDELOL]DomR�GR�UHFHELPHQWR�GR�QXPHUiULR�UHIHUHQWH�j�HPLVVmR�GH�GHErQWXUHV�FRP�GHViJLR� H�QD�)LJXUD�����D�DSUHVHQWDomR�GHVVD�RSHUDomR�QR�%DODQoR�3DWULPRQLDO�QR�PRPHQWR�GD�FDSWDomR�GH�UHFXUVRV�SRU�PHLR� GH�GHErQWXUHV� '�±�%DQFRV� � � � � � � ��������� '�±�&XVWR�GH�7UDQVDomR�D�DPRUWL]DU� �� � �������� '�±�'HViJLR�QD�HPLVVmR�GH�'HErQWXUHV�D�DPRUWL]DU��������� &�±�'HErQWXUHV�D�3DJDU�±�/3������� � � � ��������� )LJXUD�����5HJLVWUR�GD�&DSWDomR�SRU�PHLR�GH�'HErQWXUHV�HP�/RQJR�3UD]R� )RQWH��6DQWRV�HW�DO���������S������ 3DVVLYR�1mR�&LUFXODQWH ������ 'HErQWXUHV�D�SDJDU�D�ORQJR�SUD]R�� � � �������������� ����&XVWRV�GH�WUDQVDomR�D�DPRUWL]DU�±�/3� � � �������� ����'HViJLR�QD�HPLVVmR�GH�GHErQWXUHV�D�DPRUWL]DU���/3� ������� )LJXUD�����$SUHVHQWDomR�GR�%DODQoR�3DWULPRQLDO�GD�&DSLWDomR�SRU�PHLR�GH�'HErQWXUHV� )RQWH��6DQWRV�HW�DO��������S������ 3DUWHV�%HQH¿FLiULDV (QWUH�RV�YDORUHV�PRELOLiULRV�TXH�DV�VRFLHGDGHV�DQ{QLPDV�SRGHP�HPLWLU�HQFRQWUDP�VH�DV�GHQRPLQDGDV� ³partes EHQH¿FLiULDV´�RX��FRPR�DOJXQV�SUHIHUHP�FKDPDU��³E{QXV�GH�SDUWLFLSDomR´��(ODV�VmR�WtWXORV�QHJRFLiYHLV�VHP�YDORU�QRPLQDO� PORDENTRODOTEMA � H�HVWUDQKRV�DR�FDSLWDO�VRFLDO�GD�FRPSDQKLD��TXH�SRGHP�VHU�FULDGRV�D�TXDOTXHU�WHPSR�SHODV�VRFLHGDGHV�DQ{QLPDV�GH� FDSLWDO�IHFKDGR���6XD�EDVH�OHJDO�HVWi�IXQGDPHQWDGD�QRV�DUWLJRV����D����GD�/HL�Q������������� 1D�)LJXUD�����YRFr�SRGH�FRQIHULU�XP�H[HPSOR�GR�UHJLVWUR�FRQWiELO�GH�VXEVFULomR�GH�SDUWHV�EHQH¿FLiULDV�TXH�YLVDP�D� REWHQomR�GH�UHFXUVRV�¿QDQFHLURV�QR�YDORU�GH�5��������� 5HVHUYD�GH�&DSLWDO�$OLHQDomR &DL[D 3DUWHV�%HQH¿FLiULDV ������ ������ )LJXUD�����5HJLVWUR�&RQWiELO�GD�6XEVFULomR�GH�3DUWHV�%HQH¿FLiULDV� 9LVDQGR�&DSWDU�5HFXUVRV�� )RQWH��6DQWRV�HW�DO���������S������ 1D�)LJXUD�����p�DSUHVHQWDGR�XP�H[HPSOR�GH�UHJLVWUR�FRQWiELO�GH�VXEVFULomR�GH�SDUWHV�EHQH¿FLiULDV�TXH�YLVDP�D�DTXLVLomR� GH�XP�LPyYHO�GH�XVR�GH�DFLRQLVWDV�QR�YDORU�GH�5������������ 5HVHUYD�GH�&DSLWDO�$OLHQDomR ,PyYHO�GH�8VR� 3DUWHV�%HQH¿FLiULDV �������� �������� )LJXUD�����5HJLVWUR�&RQWiELO�GD�6XEVFULomR�GH�3DUWHV�%HQH¿FLiULDV�9LVDQGR�$TXLVLomR�GH�XP�%HP�GR�$FLRQLVWD� )RQWH��6DQWRV�HW�DO���������S������ ��3DUD�FRQKHFHU�PDLV�VREUH�R�DVVXQWR�DFHVVH�R�OLQN���KWWS���ZZZ�SODQDOWR�JRY�EU�FFLYLOB���OHLV�O����FRPSLODGD�KWP!��$FHVVR�HP����VHW�������� PORDENTRODOTEMA � 1D�VHTXrQFLD��p�DSUHVHQWDGR�QD�)LJXUD�����XP�H[HPSOR�GH�UHJLVWUR�FRQWiELO�GH�VXEVFULomR�GH�SDUWHV�EHQH¿FLiULDV�TXH� YLVDP�D�GDomR�HP�SDJDPHQWR��GH�GtYLGDV��FRQWDV�D�SDJDU��FRP�WHUFHLURV�QR�YDORU�GH�5����������� 5HVHUYD�GH�&DSLWDO�$OLHQDomR &RQWDV�D�3DJDU� 3DUWHV�%HQH¿FLiULDV �������� ��������� �������� )LJXUD�����5HJLVWUR�&RQWiELO�GD�6XEVFULomR�GH�3DUWHV�%HQH¿FLiULDV�9LVDQGR�D�'DomR�HP�3DJDPHQWR�GH�'tYLGDV� )RQWH��6DQWRV�HW�DO���������S������ 5HVHUYDV�H�5HWHQomR�GH�/XFURV $V�UHVHUYDV�VmR�DV�SDUFHODV�H[WUDtGDV�GR�OXFUR�OtTXLGR�GR�H[HUFtFLR�DSXUDGR�SHODV�HQWLGDGHV�H�FRQVWLWXHP�D�SDUFHOD� GR�SDWULP{QLR�TXH�H[FHGH�R�FDSLWDO�LQWHJUDOL]DGR��(ODV�DWHQGHP�DRV�PDLV�GLYHUVRV�¿QV��FRPR�SURWHomR�GR�FDSLWDO�VRFLDO�� LQWHUHVVH�GRV�FUHGRUHV��SUHYHQomR�FRQWUD�SURYiYHO�SHUGD�IXWXUD��H[SDQVmR��HWF�� 2�GLYLGHQGR��SRU�VXD�YH]��FRUUHVSRQGH�j�IUDomR�GRV�OXFURV�GH�XPD�HPSUHVD�FRP�Do}HV�FRWDGDV�HP�%ROVD��GLVWULEXtGRV� DRV�VHXV�DFLRQLVWDV�GH�DFRUGR�FRP�D�SHUFHQWDJHP�TXH�HVWHV�GHWrP�GR�FDSLWDO�GD�HPSUHVD��2�PRQWDQWH�GRV�OXFURV�D�VHU� GLVWULEXtGR�p�SURSRVWR�SHOR�&RQVHOKR�GH�$GPLQLVWUDomR�H�DSURYDGR�SHOD�$VVHPEOHLD�*HUDO��5,%(,52�������� (VVD�UHWHQomR�GHYHUi�VHU�MXVWL¿FDGD�FRP�R�RUoDPHQWR�GH�FDSLWDO�GD�FRPSDQKLD��GHYHQGR�VHU�SURSRVWD�SHOD�DGPLQLVWUDomR� H�DSURYDGD�SHOD�DVVHPEOHLD�JHUDO��$V�UHVHUYDV�GH�OXFURV�VmR�DV�FRQWDV�GH�UHVHUYDV�FRQVWLWXtGDV�SHOD�DSURSULDomR�GH� OXFURV�GD�FRPSDQKLD�SDUD�DWHQGHU�D�YiULDV�¿QDOLGDGHV��FRQIRUPH�SUHYLVWR�QR����GR�DUW������GD�/HL�Q��������������VHQGR� VXD�FRQVWLWXLomR�HIHWLYDGD�SRU�GLVSRVLomR�GD�OHL�RX�SRU�SURSRVWD�GRV�yUJmRV�GD�DGPLQLVWUDomR� 7HQGR� HP� YLVWD� VHX� FRQFHLWR� H� DV� GH¿QLo}HV� GD� SUySULD� /HL� GDV�6RFLHGDGHV� SRU�$o}HV�� SRGHPRV� WHU� DV� VHJXLQWHV� 5HVHUYDV�GH�/XFURV�� ��3DUD�FRQKHFHU�PDLV�VREUH�R�DVVXQWR��DFHVVH�R�OLQN�<KWWS���QRUPDV�UHFHLWD�ID]HQGD�JRY�EU�VLMXW�FRQVXOWD�OLQN�DFWLRQ"LG$WR ����� YLVDR DQRWDGR!�� $FHVVR�HP�����VHW�������� ��3DUD�FRQKHFHU�PDLV�VREUH�R�DVVXQWR�DFHVVH�R�OLQN���KWWS���ZZZ�SRUWDOGHFRQWDELOLGDGH�FRP�EU�JXLD�UHVHUYDOXFURV�KWP!��$FHVVR�HP�����VHW������� PORDENTRODOTEMA � � 5HVHUYD�/HJDO� � 5HVHUYD�(VWDWXWiULD�� 5HVHUYD�SDUD�&RQWLQJrQFLDV� � 5HVHUYD�GH�/XFURV�D�5HDOL]DU� � 5HVHUYD�GH�/XFURV�SDUD�([SDQVmR� � 5HVHUYD�GH�,QFHQWLYRV�)LVFDLV� � 5HVHUYD�(VSHFLDO�SDUD�'LYLGHQGR�2EULJDWyULR�QmR�'LVWULEXtGR�� 5HVHUYD�OHJDO��'R�OXFUR�OtTXLGR�GR�H[HUFtFLR�����VHUmR�DSOLFDGRV��DQWHV�GH�TXDOTXHU�RXWUD�GHVWLQDomR�QD�UHVHUYD�OHJDO�� 6XD�EDVH�OHJDO�HQFRQWUD�VH�IXQGDPHQWDGD�QD�/HL������������QR�DUWLJR������6REUH�HOD��5LEHLUR��������S�������D¿UPD�TXH� $�5HVHUYD�/HJDO�FRUUHVSRQGH�j�SDUFHOD�GR�OXFUR�OtTXLGR�TXH��QR�¿QDO�GH�FDGD�H[HUFtFLR�VRFLDO��p�DFXPXODGD�SRU� GHWHUPLQDomR�GD�/HL�Q������������FRP�R�¿P�GH�PDQWHU�D�LQWHJULGDGH�GR�FDSLWDO�VRFLDO��SRGHQGR�VHU�XWLOL]DGD� VRPHQWH�SDUD�FRPSHQVDU�SUHMXt]RV�RX�SDUD�DXPHQWDU�R�FDSLWDO��� $�XWLOL]DomR�GD�UHVHUYD�OHJDO�HVWi�UHVWULWD�j�FRPSHQVDomR�GH�SUHMXt]RV�H�DR�DXPHQWR�GR�FDSLWDO�VRFLDO��(VVD�LQFRUSRUDomR� DR� FDSLWDO� SRGH� VHU� IHLWD� D� TXDOTXHU� PRPHQWR� D� FULWpULR� GD� FRPSDQKLD�� $� FRPSHQVDomR� GH� SUHMXt]RV� RFRUUHUi� REULJDWRULDPHQWH�TXDQGR�DLQGD�KRXYHU�VDOGR�GH�SUHMXt]RV��DSyV�WHUHP�VLGR�DEVRUYLGRV�RV�VDOGRV�GH�/XFURV�$FXPXODGRV� H�GDV�GHPDLV�5HVHUYDV�GH�/XFURV��SDUiJUDIR�~QLFR�GR�DUWLJR�����GD�/HL�Q���������������2EVHUYH�QD�)LJXUD�����D�SURYLVmR� H�FRQWDELOL]DomR�GHVVH�HYHQWR�HFRQ{PLFR ([HPSOR 6XSRQKDPRV�TXH�R�UHVXOWDGR�OtTXLGR�GD�HPSUHVD�6DQWDQD�6�$�WHQKD�VLGR�GH�5��������������2�YDORU�GD�5HVHUYD�/HJDO� VHUi ���GH�5������������� ����������� PORDENTRODOTEMA � &RQWDELOL]DomR� '��/XFURV�$FXPXODGRV�5����������� &�±�5HVHUYD�/HJDO�������5����������� +�±�&RQVWLWXLomR�GD�5HVHUYD�/HJDO�j�WD[D��� )LJXUD�����3URYLVmR�GD�5HVHUYD�/HJDO� )RQWH��(ODERUDGD�SHOR�DXWRU 5HVHUYD�HVWDWXWiULD��p�FRQVWLWXtGD�SRU�GHWHUPLQDomR�GR�HVWDWXWR�GD�FRPSDQKLD��FRPR�GHVWLQDomR�GH�XPD�SDUFHOD�GRV� OXFURV�GR�H[HUFtFLR��6REUH�HVWD�UHVHUYD��YHMD�R�TXH�GLVS}H�R�DUWLJR�����GD�/HL�Q������������ 2�HVWDWXWR�SRGHUi�FULDU�UHVHUYDV�GHVGH�TXH��SDUD�FDGD�XPD�� ,�±�,QGLTXH��GH�PRGR�SUHFLVR�H�FRPSOHWR��D�VXD�¿QDOLGDGH� ,,�±�)L[H�RV�FULWpULRV�SDUD�GHWHUPLQDU�D�SDUFHOD�DQXDO�GRV�OXFURV�OtTXLGRV�TXH�VHUmR�GHVWLQDGRV��PDLV�RX�PHQRV��j� VXD�FRQVWLWXLomR��H ,,,�±�(VWDEHOHoD�R�OLPLWH�Pi[LPR�GD�UHVHUYD�� 5LEHLUR��������S�������HVFODUHFH�DLQGD�TXH� $� HPSUHVD� GHYHUi� FULDU� VXEFRQWDV�� FRQIRUPH� D� QDWXUH]D� D� TXH� VH� UHIHUH�� H� FRP� LQWLWXODomR� TXH� LQGLTXH� VXD� ¿QDOLGDGH��3DUD�FDGD�UHVHUYD�HVWDWXWiULD��WRGDYLD��D�HPSUHVD�WHUi�TXH��HP�VHX�HVWDWXWR� D�� GH¿QLU�VXD�¿QDOLGDGH�GH�PRGR�SUHFLVR�H�FRPSOHWR� E�� ¿[DU�RV�FULWpULRV�SDUD�GHWHUPLQDU�D�SDUFHOD�DQXDO�GR�OXFUR�OtTXLGR�D�VHU�XWLOL]DGD� F�� HVWDEHOHFHU�VHX�OLPLWH�Pi[LPR�� Essas reservas não podem, todavia, restringir o pagamento do dividendo obrigatório, nos termos do artigo 198 da Lei das Sociedades por Ações. (LSA) PORDENTRODOTEMA � 5HVHUYD�SDUD�FRQWLQJrQFLDV��IRL�HVWDEHOHFLGR�QR�DUWLJR�����GD�/HL�Q������������TXH� $�$VVHPEOpLD�JHUDO�SRGHUi��SRU�SURSRVWD�GRV�yUJmRV�GD�DGPLQLVWUDomR��GHVWLQDU�SDUWH�GR�OXFUR�OtTXLGR�j�IRUPDomR� GH�UHVHUYD�FRP�D�¿QDOLGDGH�GH�FRPSHQVDU��HP�H[HUFtFLR�IXWXUR��D�GLPLQXLomR�GR�OXFUR�GHFRUUHQWH�GH�SHUGD�MXOJDGD� SURYiYHO��FXMR�YDORU�SRVVD�VHU�HVWLPDGR� ���$�SURSRVWD�GRV�yUJmRV�GD�DGPLQLVWUDomR�GHYHUi�LQGLFDU�D�FDXVD�GD�SHUGD�SUHYLVWD�H�MXVWL¿FDU��FRP�DV�UD]}HV� GH�SUXGrQFLD�TXH�R�UHFRPHQGHP��D�FRQVWLWXLomR�GD�UHVHUYD�� ���$�UHVHUYD�VHUi�UHYHUWLGD�QR�H[HUFtFLR�HP�TXH�GHL[DUHP�GH�H[LVWLU�DV�UD]}HV�TXH�MXVWL¿FDUDP�D�VXD�FRQVWLWXLomR� RX�HP�TXH�RFRUUHU�D�SHUGD� 3RGHP�VHU�FRQVWLWXtGDV�UHVHUYDV�GH�FRQWLQJrQFLDV�SDUD� ��*HDGDV�RX�VHFDV��TXH�SRGHP�DWLQJLU�HPSUHVDV�FRP�SODQWDo}HV��FULDo}HV�RX�HVWRTXHV�QHVVDV�iUHDV��RX�DLQGD�DV�TXH� GHSHQGHP�GHVVHV�SURGXWRV�SDUD�VXDV�RSHUDo}HV��FRPR�QR�FDVR�GH�HPSUHVDV�FRPHUFLDLV�RX�LQGXVWULDLV�TXH�XWLOL]DP�WDLV� SURGXWRV�FRPR�PDWpULDV�SULPDV�HP�VHX�SURFHVVR�SURGXWLYR� ��&KHLDV��LQXQGDo}HV�H�RXWURV�IHQ{PHQRV�QDWXUDLV�TXH�SRGHP�RFRUUHU�FLFOLFDPHQWH�QDV�iUHDV�RQGH�VH�ORFDOL]DP�HVWRTXHV� RX�LQVWDODo}HV�GD�HPSUHVD��JHUDQGR�SUHMXt]RV�HIHWLYRV�SRU�SHUGDV�GH�EHQV�RX�SRU�SDUDOLVDomR�WHPSRUiULD�GDV�RSHUDo}HV�� 6XSRQKDPRV�TXH�WDO�SHUGD�SURYiYHO�SRVVD�VHU�HVWLPDGD�HP�XP�PRQWDQWH�GH�5��������������2EVHUYH�QD�)LJXUD�����R� ODQoDPHQWR�FRQWiELO�TXH�GHYHUi�VHU�IHLWR�SHOD�HPSUHVD� '�±�/XFURV�DFXPXODGRV���������������5����������� &�±�5HVHUYD�SDUD�FRQWLQJrQFLDV��5����������� )LJXUD�����&RQWDELOL]DomR�GD�3URYLVmR�SDUD�&RQWLQJrQFLDV� )RQWH��(ODERUDGD�SHOR�DXWRU 5HVHUYD�GH�OXFURV�D�UHDOL]DU��p�FRQVWLWXtGD�FRPR�XPD�GHVWLQDomR�GRV�OXFURV�GR�H[HUFtFLR��VHQGR��WRGDYLD��RSWDWLYD�VXD� FRQVWLWXLomR��$�EDVH�OHJDO�HQFRQWUD�VH�IXQGDPHQWDGD�QD�/HL�Q�������������DUWLJR������DOWHUDGD�SHOD�/HL�Q�������������� 6REUH�HVWD�UHVHUYD��HVFODUHFHP�,XGtFLEXV��0DUWLQV�H�*HOEHFNH��������S������� 2�REMHWLYR�GH�FRQVWLWXt�OD�p�QmR�GLVWULEXLU�GLYLGHQGRV�REULJDWyULRV�VREUH�D�SDUFHOD�GH�OXFURV�DLQGD�QmR�UHDOL]DGDV� ¿QDQFHLUDPHQWH� �DSHVDU� GH� FRQWiELO� H� HFRQRPLFDPHQWH� UHDOL]DGD�� SHOD� FRPSDQKLD�� TXDQGR� WDLV� GLYLGHQGRV� H[FHGHUHP�D�SDUFHOD�¿QDQFHLUDPHQWH�UHDOL]DGD�GR�OXFUR�OtTXLGR�GR�H[HUFtFLR� ��3DUD�FRQKHFHU�HVWD�OHL��DFHVVH�R�OLQN���KWWS���ZZZ�FYP�JRY�EU�SRUW�DWRV�OHLV�OHL������DVS!��$FHVVR�HP�����VHW������� PORDENTRODOTEMA �� $OpP�GLVVR��VHJXQGR�,XGtFLEXV��0DUWLQV�H�*HOEHFNH��������S������� &RPR�D�FRQWDELOLGDGH�FRQVLGHUD��SDUD�D�DSXUDomR�GR�OXFUR��QmR�VRPHQWH�RV�IDWRV�¿QDQFHLURV��PDV�WDPEpP�RV� HFRQ{PLFRV��GL¿FLOPHQWH�WRGR�R�OXFUR�DSXUDGR�GD�FRPSDQKLD�UHVXOWD�HP�XP�DXPHQWR�FRUUHVSRQGHQWH�HP�VHX�DWLYR� FLUFXODQWH��,VVR�p�PDLV�YHUGDGH�TXDQGR�D�SHUGD�GR�SRGHU�DTXLVLWLYR�GD�PRHGD�p�UHFRQKHFLGD�QDV�GHPRQVWUDo}HV� FRQWiEHLV�� 5HVHUYD�GH� OXFURV�SDUD�H[SDQVmR��$V� UHVHUYDV�GH� OXFURV�SDUD�H[SDQVmR� WDPEpP�VmR�FRQKHFLGDV�FRPR� UHVHUYDV� RUoDPHQWiULDV��6REUH�HODV��,XGtFLEXV��0DUWLQV�H�*HOEHFNH��������S�������D¿UPDP�TXH� 3DUD� DWHQGHU� R� SURMHWR� GH� LQYHVWLPHQWR�� D� FRPSDQKLD� SRGHUi� UHWHU� SDUWH� GRV� OXFURV� GR� H[HUFtFLR�� FRQIRUPH� GLVFLSOLQDGR�SHOR�DUWLJR�����GD�/HL�Q��������������TXH�WUDWD�GD�UHVHUYD�GH�5HWHQomR�GH�/XFURV��(VVD�UHWHQomR� GHYHUi�HVWDU�MXVWL¿FDGD�FRP�R�RUoDPHQWR�GH�FDSLWDO�GD�FRPSDQKLD��VHU�SURSRVWD�SHOD�DGPLQLVWUDomR�H�DSURYDGD� SHOD�DVVHPEOHLD�JHUDO��(QWUHWDQWR��HVVD�5HVHUYD�WDPEpP�QmR�SRGH�VHU�FRQVWLWXtGD�HP�GHWULPHQWR�GR�SDJDPHQWR� GR�GLYLGHQGR�REULJDWyULR��$UWLJR�����GD�/HL��������������2����GR�$UWLJR�����GD�/HL�Q����������UHVVDOWD�TXH�HVVH� RUoDPHQWR�GHYHUi�FRPSUHHQGHU�WRGDV�DV�IRQWHV�GH�UHFXUVRV�H�DSOLFDo}HV�GH�FDSLWDO��¿[R�RX�FLUFXODQWH��H�SRGHUi� WHU�D�GXUDomR�GH�DWp�FLQFR�H[HUFtFLRV��VDOYR�QR�FDVR�GH�H[HFXomR��SRU�SUD]R�PDLRU��GH�SURMHWR�GH�LQYHVWLPHQWR�� 2�3URQXQFLDPHQWR�7pFQLFR�&3&����±�$SUHVHQWDomR�GDV�'HPRQVWUDo}HV�&RQWiEHLV�GLVS}H�TXH�RV�DMXVWHV�H�UHSXEOLFDo}HV� UHWURVSHFWLYDV�SDUD�FRUULJLU�HUURV�GHYHP�VHU�UHJLVWUDGRV�WHQGR�FRPR�FRQWUDSDUWLGD�R�VDOGR�GH�SUHMXt]R�DFXPXODGR��H[FHWR� TXDQGR�XP�3URQXQFLDPHQWR�� ,QWHUSUHWDomR�RX�2ULHQWDomR�GHWHUPLQDUHP�DMXVWHV�UHWURVSHFWLYRV�GH�RXWUR�FRPSRQHQWH� GH� 3DWULP{QLR� /tTXLGR��0DLV� SUHFLVDPHQWH�� R� 3URQXQFLDPHQWR�7pFQLFR�&3&� ��� ±� 3ROtWLFDV�&RQWiEHLV��0XGDQoD� GH� (VWLPDWLYD�H�5HWL¿FDomR�GH�(UUR�GHWHUPLQD�TXH�HVVHV�DMXVWHV�VHMDP�UHFRQKHFLGRV�H�DLQGD�H[LJH�D�UHDSUHVHQWDomR�GDV� GHPRQVWUDo}HV�DQWHULRUHV�FRPR�VH�RV�HUURV�QmR�WLYHVVHP�VLGR�FRPHWLGRV�� 5HVHUYD�GH�LQFHQWLYRV�¿VFDLV��IRL�FULDGD�SHOD�/HL�Q�������������TXH�DGLFLRQRX�j�/HL�Q�������������R�DUWLJR�����$�� FRP�D�VHJXLQWH�UHGDomR�� $�DVVHPEOpLD�JHUDO�SRGHUi��SRU�SURSRVWD�GRV�yUJmRV�GH�DGPLQLVWUDomR��GHVWLQDU�SDUD�D� UHVHUYD�GH� LQFHQWLYRV� ¿VFDLV�D�SDUFHOD�GR�OXFUR�OtTXLGR�GHFRUUHQWH�GH�GRDo}HV�RX�VXEYHQo}HV�JRYHUQDPHQWDLV�SDUD�LQYHVWLPHQWRV��TXH� SRGHUi�VHU�H[FOXtGD�GD�EDVH�GH�FiOFXOR�GR�GLYLGHQGR�REULJDWyULR��LQFLVR�,�GR�FDSXW�GR�DUW������GHVWD�/HL�� &RPSOHPHQWDUPHQWH��D�/HL�Q��������������UHYRJRX�D�5HVHUYD�GH�'RDo}HV�H�6XEYHQo}HV�SDUD�,QYHVWLPHQWRV��SURYRFDQGR� D�QHFHVVLGDGH�GH�DOWHUDomR�QR�WUDWDPHQWR�FRQWiELO�TXH�HUD�GLVSHQVDGR�jV�GRDo}HV�H�VXEYHQo}HV�� PORDENTRODOTEMA �� $�SDUWLU�GR�H[HUFtFLR�VRFLDO�GH�������FRQIRUPH�3URQXQFLDPHQWR�7pFQLFR�&3&����±�6XEYHQomR�H�$VVLVWrQFLD�*RYHUQD�PHQWDLV��DV�GRDo}HV�H�VXEYHQo}HV�UHFHELGDV�SHOD�FRPSDQKLD�GHYHUmR�WUDQVLWDU�SHOR�UHVXOWDGR�H�WHUmR�VHXV�UHJLVWURV� FRQWiEHLV�GHWHUPLQDGRV�HP�IXQomR�GDV�FRQGLo}HV�HVWDEHOHFLGDV�SDUD�UHFHELPHQWR�GHVVDV�GRDo}HV�H�VXEYHQo}HV� ([HPSOR 6H�R�SRGHU�S~EOLFR� ¿]HU�XPD�GRDomR�GH�XP� WHUUHQR��QR�PRQWDQWH�GH�5�������������SDUD�D�HPSUHVD�6DQWDQD�6�$�� WHUHPRV�D�FRQWDELOL]DomR�GHVVH�HYHQWR�HFRQ{PLFR�WDO�FRPR�p�DSUHVHQWDGD�QD�)LJXUD����� '�±�7HUUHQRV�����������������������������������������������������������5����������� &���2XWUDV�5HFHLWDV�±�'RDo}HV�GR�SRGHU�S~EOLFR��5����������� )LJXUD�����&RQWDELOL]DomR�GD�'RDomR�GH�7HUUHQR� )RQWH��(ODERUDGD�SHOR�DXWRU 5HVHUYD�HVSHFLDO�SDUD�GLYLGHQGR�REULJDWyULR�QmR�GLVWULEXtGR��HVVD�UHVHUYD�FRUUHVSRQGH�j�SDUFHOD�GR�OXFUR�OtTXLGR� TXH�GHYHULD�VHU�SDJD�DRV�DFLRQLVWDV�FRPR�GLYLGHQGR�REULJDWyULR�� >���@�D�FRPSDQKLD�GHYHUi�FRQVWLWXLU�HVVD�5HVHUYD�GH�/XFURV�TXDQGR�WLYHU�GLYLGHQGR�REULJDWyULR�D�GLVWULEXLU��PDV� VHP�FRQGLo}HV�¿QDQFHLUDV�SDUD�VHX�SDJDPHQWR��VLWXDomR�HP�TXH�VH�XWLOL]DUi�GR�H[SHGLHQWH�SUHYLVWR�QRV���� H���GR�$UWLJR�����GD�/HL�GDV�6RFLHGDGHV�SRU�$o}HV���,8'Ë&,%86��0$57,16��*(/%(&.(��FLWDGR�SRU�%25*(6�� $5$Ò-2��9(1'5$0,1�-81,25��������� 1HVWH�FRQWH[WR��,XGtFLEXV��0DUWLQV�H�*HOEHFNH��������S�������D¿UPDP�TXH�� 1HVVH�FDVR��R�GLYLGHQGR�GHL[D�GH�VHU�SDJR�QDTXHOH�H[HUFtFLR�H��SDUD�WDQWR��Mi�QR�EDODQoR��GHYHU�VH�i�DSXUDU�R� YDORU�GR�GLYLGHQGR�REULJDWyULR�H�DSURSULi�OR�SDUD�HVVD�UHVHUYD�HVSHFLDO�GH�OXFURV�H�GpELWR�GH�/XFURV�$FXPXODGRV�� 7DLV�GLYLGHQGRV�VHUmR�SDJRV�DRV�DFLRQLVWDV�QR�IXWXUR��DVVLP�TXH�D�VLWXDomR�¿QDQFHLUD�R�SHUPLWLU�GHVGH�TXH�QmR� WHQKDP�VLGR�DEVRUYLGRV�SRU�SUHMXt]RV�GH�H[HUFtFLRV�VHJXLQWHV� 'LYLGHQGRV� $�GH¿QLomR�GH�3DVVLYR�FRQVWDQWH�GR�3URQXQFLDPHQWR�7pFQLFR�&RQFHLWXDO�GR�&3&�H�GR�3URQXQFLDPHQWR�7pFQLFR�&3&� ���±�3URYLV}HV��3DVVLYRV�&RQWLQJHQWHV�H�$WLYRV�&RQWLQJHQWHV�REULJD�j�H[LVWrQFLD�GH�XPD�REULJDomR�/HJDO�RX�QmR�IRUPDOL]DGD� �&RQVWUXWLYD��QD�GDWD�GR�%DODQoR��&RP�LVVR��RV�GLYLGHQGRV�SURSRVWRV�D�VHUHP�SDJRV��TXH�HVWmR�IXQGDPHQWDGRV�HP�REULJDomR� HVWDWXWiULD��GLYLGHQGR�PtQLPR�REULJDWyULR���DWHQGHP�D�HVVD�GH¿QLomR�H�GHYHP�¿FDU�UHJLVWUDGRV�QR�3DVVLYR�&LUFXODQWH�� PORDENTRODOTEMA �� $WLYRV�,QWDQJtYHLV 'HYHUmR�VHU�FODVVL¿FDGDV�QR�$WLYR�1mR�&LUFXODQWH�,QWDQJtYHO�WRGDV�DV�FRQWDV�UHSUHVHQWDWLYDV�GH�EHQV�LQFRUSyUHRV� �EHQV�QmR�PDWHULDLV��GHVWLQDGRV�j�PDQXWHQomR�GD�FRPSDQKLD�RX�H[HUFLGRV�FRP�HVVD�¿QDOLGDGH��$�EDVH�OHJDO�HQFRQWUD� VH�IXQGDPHQWDGD�QD�/HL�Q�������������DSyV�DV�DOWHUDo}HV�LQWURGX]LGDV�SHODV�OHLV�Q�������������H��������������2V� FKDPDGRV� ³DWLYRV� LQWDQJtYHLV´� VmR�DTXHOHV�TXH�QmR� WrP�H[LVWrQFLD� ItVLFD��(QWUH�RV� LWHQV�TXH�VH�HQTXDGUDP�QHVVDV� FDWHJRULDV��GHVWDFDP�VH��VRIWZDUHV��SDWHQWHV��GLUHLWRV�DXWRUDLV��GLUHLWRV�VREUH�¿OPHV�FLQHPDWRJUi¿FRV��OLVWDV�GH�FOLHQWHV�� GLUHLWRV�VREUH�KLSRWHFDV��OLFHQoD�GH�SHVFD��FRWDV�GH�LPSRUWDomR�H�IUDQTXLDV��7UDWD�VH�GH�XP�GHVPHPEUDPHQWR�GR�DWLYR� LPRELOL]DGR�TXH��D�SDUWLU�GD�YLJrQFLD�GD�/HL�Q��������������RX�VHMD��D�SDUWLU�GH�������������SDVVRX�D�FRQWDU�DSHQDV� FRP�EHQV�FRUSyUHRV�GH�XVR�SHUPDQHQWH��0HQVDOPHQWH�GHYH�VHU�FRQWDELOL]DGD�D�DPRUWL]DomR�GHVVHV�EHQV��HP�FRQWD� UHGXWRUD�HVSHFt¿FD�� ([HPSOR�3UiWLFR� &DOFXODU�H�FRQWDELOL]DU�D�TXRWD�GH�DPRUWL]DomR�GD�FRQWD�6LVWHPD�GH�$SOLFDWLYRV�±�6RIWZDUH�SHOD�WD[D�GH������VDEHQGR� VH�TXH�R�VDOGR�GD�UHIHULGD�FRQWD�p�GH�5�������������RX�VHMD������GH�5������������ �����������2EVHUYH�QD�)LJXUD�����D� FRQWDELOL]DomR�GHVVH�HYHQWR�HFRQ{PLFR� '�±�$PRUWL]DomR &�±�$PRUWL]DomR�$FXPXODGD�������5���������� +�±�$PRUWL]DomR�GH�6RIWZDUH�j�WD[D�GH�����D�D�� )LJXUD�����&RQWDELOL]DomR�GD�$PRUWL]DomR� )RQWH��(ODERUDGD�SHOR�DXWRU 2EVHUYH�QR�%DODQoR�3DWULPRQLDO�FRPR�¿FDULD�UHSUHVHQWDGR�HVVH�HYHQWR�HFRQ{PLFR� PORDENTRODOTEMA �� %DODQoR�3DWULPRQLDO��+LSRWpWLFR��GD�(PSUHVD�6DQWDQD�6�$���(QFHUUDGR�HP�������[�� %$/$1d2�3$75,021,$/��+LSRWpWLFR� 6$17$1$�6�$�±�(P��������[� $7,92 3$66,92 $WLYR�&LUFXODQWH 3DVVLYR�&LUFXODQWH 'LVSRQtYHO 2XWUDV�2EULJDo}HV %DQFR�&RQWD� 0RYLPHQWR ��������� 'XSOLFDWDV�D�3DJDU ���������� 'LUHLWRV�5HDOL]iYHLV 'LYLGHQGRV�D�3DJDU ���������� 'XSOLFDWDV�D�UHFHEHU ���������� %FR�&WD�(PSUpVW���&3� ��������� Estoques 2EULJ��FRP�3HVVRDO 0HUFDGRULDV ��������� 6DOiULRV�D�3DJDU ��������� 2EULJDo}HV�F��3UHYLG� $WLYR�1mR�&LUFXODQWH )*76�D�5HFROKHU ��������� ,QYHVWLPHQWRV 2EULJDo}HV�)LVFDLV 3DUW��&RQWURODGD�$ ��������� ,&06�D�5HFROKHU ��������� 3DUW��HP�RXWUDV� (PSUHV� ��������� &UpGLWRV�3HVV�� Ligadas ��������� 3$75,0Ð1,2�/Ë48,'2 $WLYR�,PRELOL]DGR &DSLWDO�6RFLDO�� ���������� &RPS��H�3HULIpULFRV ��������� ���'HSUHF��$FXPXODGD �������� 6LVW�$SOLF��6RIWZDUH� ��������� ����$PRUWL]DomR�$FXP� �������� 727$/ ���������� 727$/ ���������� )LJXUD������%DODQoR�3DWULPRQLDO� )RQWH��(ODERUDGD�SHOR�DXWRU PORDENTRODOTEMA �� 2�TXH�VmR�'HErQWXUHV � 3DUD�FRQKHFHU�XP�SRXFR�PDLV�VREUH�DV�GHErQWXUHV��OHLD�O que são Debêntures� 'LVSRQtYHO�HP��<KWWS���ZZZ�EPIERYHVSD�FRP�EU�SWBEU�SURGXWRV�OLVWDGRV�D�YLVWD�H�GHULYDWLYRV�UHQGD�IL[D� SULYDGD�H�SXEOLFD�GHEHQWXUHV�KWP!��$FHVVR�HP����VHW������� 2�TXH�VH�HQWHQGH�SRU�SDUWHV�EHQH¿FLiULDV" � Leia o artigo 2�TXH�VH�HQWHQGH�SRU�SDUWHV�EHQH¿FLiULDV"��GH�$QGUHD�5XVVDU�5DFKHO� 'LVSRQtYHO�HP���KWWS���OIJ�MXVEUDVLO�FRP�EU�QRWLFLDV���������R�TXH�VH�HQWHQGH�SRU�SDUWHV�EHQHILFLDULDV�DQGUHD� UXVVDU�UDFKHO!��$FHVVR�HP�����VHW�������� 5HVHUYD�GH�/XFURV � 3DUD�VDEHU�PDLV�VREUH�D�UHVHUYD�GH�OXFURV� 'LVSRQtYHO�HP���KWWS���ZZZ�SRUWDOGHFRQWDELOLGDGH�FRP�EU�JXLD�UHVHUYDOXFURV�KWP!��$FHVVR�HP�����VHW������� 'LVWULEXLomR�GH�'LYLGHQGRV�H�%RQL¿FDo}HV � 9HMD�XP�H[HPSOR�GH�GLVWULEXLomR�GH�GLYLGHQGRV�H�ERQL¿FDo}HV� 'LVSRQtYHO�HP���KWWS���UL�DPEHY�FRP�EU�FRQWHXGRBSW�DVS"LGLRPD � WLSR ����� FRQWD ��!��$FHVVR�HP����� VHW�������� $WLYRV�,QWDQJtYHLV � 3DUD�VDEHU�PDLV�VREUH�DWLYRV�LQWDQJtYHLV� 'LVSRQtYHO�HP���KWWS���ZZZ�SRUWDOGHFRQWDELOLGDGH�FRP�EU�WHPDWLFDV�DWLYRVLQWDQJLYHLV�KWP!��$FHVVR�HP�����VHW������� ACOMPANHENAWEB �� 4XHVWmR�� &RQVLGHUH�R�%DODQFHWH�HP�������;�� %DQFRV ����� &DL[D ����� &DSLWDO ������ &OLHQWHV ������ &RUUHomR�PRQHWiULD�GH�%DODQoR ������ &XVWR�GH�0HUFDGRULDV�9HQGLGDV ������ 'HSUHFLDo}HV�$FXPXODGDV ����� 'HVSHVDV�&RPHUFLDLV ����� 'HVSHVDV�)LQDQFHLUDV ����� 'HVSHVDV�7ULEXWiULDV ����� )RUQHFHGRUHV ������ 2EV���$V�EDVHV�GH�FiOFXOR�GD�&RQWULEXLomR�6RFLDO�VREUH�R�/XFUR�H�GR�,PSRVWR�GH�5HQGD��3-��IRUDP�QHJDWLYDV� &RQVLGHUDQGR�RV�GDGRV�DFLPD��SRGHPRV�D¿UPDU�TXH�R�YDORU�OHYDGR�j�FRQWD�GH�5HVHUYD�/HJDO��QD�GLVWULEXLomR�GR�UHVXOWDGR�GR� EDODQoR�GH���������;���IRL�GH� ,QVWUXo}HV� $JRUD��FKHJRX�D�VXD�YH]�GH�H[HUFLWDU�VHX�DSUHQGL]DGR��$�VHJXLU��YRFr�HQFRQWUDUi�DOJXPDV�TXHVW}HV�GH�P~OWLSOD� HVFROKD�H�GLVVHUWDWLYDV��/HLD�FXLGDGRVDPHQWH�RV�HQXQFLDGRV�H�DWHQWH�VH�SDUD�R�TXH�HVWi�VHQGR�SHGLGR� AGORAÉASUAVEZ D�������� E�������� F�������� G�������� H��=HUR� ,PyYHLV ����� ,PSRVWRV�,QFLGHQWHV�V��9HQGDV ������ -XURV�$WLYRV ����� 0iTXLQDV ����� 0HUFDGRULDV ������ 5HVHUYD�GH�/XFURV ����� 5HVHUYD�/HJDO ������ 6DOiULRV�D�3DJDU ����� 9HtFXORV ������ 9HQGDV �������� �� 4XHVWmR�� (VWi�FRUUHWR�D¿UPDU�TXH�R�'LYLGHQGR�2EULJDWyULR�QmR�GLVWULEXtGR�GHYHUi� D��&RQVWLWXLU�5HVHUYD�(VSHFLDඇ�GH�/XFURV� E��&RQVWLWXLU�5HVHUYD�(VSHFLDඇ�GH�&DSLWDඇ� F��&RQWDELඇL]DU�FRPR�'LYLGHQGRV�D�3DJDU�QR�3DVVLYR�([LJtYHඇ�D�/3� G��&RQWDELඇL]DU�FRPR�'LYLGHQGRV�D�3DJDU�QR�3DVVLYR�&LUFXඇDQWH� H��6HU�SDJR�QR�H[HUFtFLR�VHJXLQWH��LQGHSHQGHQWHPHQWH�GD�VLWXDomR�¿QDQFHLUD�GD�HPSUHVD� 4XHVWmR�� 'H�DFRUGR�FRP�R�SDUiJUDIR�~QLFR�GR�DUWLJR�����GD�/HL�Q�������������R�SUHMXt]R�GR�H[HUFtFLR�VHUi�REULJDWRULDPHQWH�DEVRUYLGR� D��3HඇDV�UHVHUYDV�GH�FDSLWDඇ�SUHYLVWDV�QR�DUWLJR�����GD�UHIHULGD�ඇHL� E��3HඇRV�DFLRQLVWDV� F��3HඇRV�SRVVXLGRUHV�GDV�Do}HV�FRP�GLUHLWR�D�YRWR� G��3RU�ඇXFURV�IXWXURV� H��3HඇRV�ඇXFURV�DFXPXඇDGRV��SHඇDV�UHVHUYDV�GH�ඇXFURV�H�SHඇD�UHVHUYD�ඇHJDඇ��QHVVD�RUGHP� AGORAÉASUAVEZ �� 4XHVWmR�� 0DUTXH�D�RSomR�TXH�LQGLFD��UHVSHFWLYDPHQWH��UHVHUYD�GH�OXFUR�TXH�SRGH�XOWUDSDVVDU�R�FDSLWDO�VRFLDO�H�UHVHUYD�GH�OXFUR�TXH�SRGH�VHU�FRQVWLWXtGD�HP�SUHMXt]R�GR�GLYLGHQGR�REULJDWyULR� D��5HVHUYD�SDUD�&RQWLQJrQFLDV�H�5HVHUYDV�2UoDPHQWiULDV� E��5HVHUYD�(VWDWXWiULD�H�5HVHUYD�/HJDඇ� F��5HVHUYD�GH�/XFURV�D�5HDඇL]DU�H�5HVHUYD�SDUD�&RQWLQJrQFLDV� G��5HVHUYD�2UoDPHQWiULD�H�5HVHUYD�/HJDඇ� H��5HVHUYD�GH�/XFURV�D�5HDඇL]DU�H�5HVHUYD�(VWDWXWiULD� 4XHVWmR�� 7HQGR�HP�YLVWD�R�FRQFHLWR�H�DV�GH¿QLo}HV�GD�SUySULD�/HL�GDV�6RFLHGDGHV�SRU�$o}HV��SRGHPRV�WHU�TXDLV�5HVHUYDV�GH�/XFURV" AGORAÉASUAVEZ 1HVWH�WHPD��HQWHQGHPRV�TXH�DV�GHErQWXUHV�FXPSUHP�VHXV�REMHWLYRV�FRQVROLGDGRV�FRP�DV�GLUHWUL]HV�GD�/HL�GDV� 6RFLHGDGHV�SRU�$o}HV�Q������������H�GD�OHJLVODomR�FRPSOHPHQWDU��7DPEpP�DSUHQGHPRV�TXH�DV�SDUWHV�EHQH¿FLiULDV� VmR�WtWXORV�GH�FUpGLWR�VHP�YDORU�QRPLQDO��HPLWLGRV�SRU�FRPSDQKLDV�IHFKDGDV�SRU�XP�SUD]R�Pi[LPR�GH�GH]�DQRV��TXH�GmR� D�VHXV�WLWXODUHV�R�GLUHLWR�GH�SDUWLFLSDomR�QRV�OXFURV�GD�VRFLHGDGH� &RP�UHODomR�jV�5HVHUYDV�GH�/XFURV��SXGHPRV�YHU�TXH�HODV� WrP�RULJHP�QR� OXFUR� OtTXLGR�GD�HPSUHVD��RX�VHMD��HODV� UHSUHVHQWDP�XPD�SDUWH�GR�OXFUR�OtTXLGR�QR�SURFHVVR�GH�VXDV�GHVWLQDo}HV��'H�DFRUGR�FRP�D�/HL�Q�������������DUWLJR� ����� � ��$�5HVHUYD� GH�5HWHQomR� GH� /XFURV�� WDPEpP� FKDPDGD� GH�5HVHUYD�2UoDPHQWiULD�� 5HVHUYD� GH� 3ODQRV� GH� ,QYHVWLPHQWRV�RX�5HVHUYDV�GH�/XFURV�SDUD�([SDQVmR��p�FRQVWLWXtGD�SDUD�DWHQGHU�DRV�SODQRV�GH�H[SDQVmR��SURMHWR�GH� LQYHVWLPHQWR��GD�FRPSDQKLD�� 7HQGR�HP�YLVWD�R�FRQFHLWR�H�DV�GH¿QLo}HV�GD�SUySULD�/HL�GDV�6RFLHGDGHV�SRU�$o}HV��SRGHPRV�WHU�TXDLV�5HVHUYDV�GH�/XFURV" 1 G G Er EM L OLG G GL L G / L G FINALIZANDO �� %25*(6��$OH[��$5$Ò-2��0DUFHOR�%HUQDUGLQR��9(%'5$0,1�-81,25��9LOVRQ��2�SDWULP{QLR�OtTXLGR�j�OX]�GD�WHRULD�FRQWiELO�� Sinergia��6mR�3DXOR��Y������Q�����S�����������DEU��MXQ�������� %5$6,/��/HL�Q��������GH����GH�GH]HPEUR�GH�������'LVS}H�VREUH�DV�6RFLHGDGHV�SRU�$o}HV��'LVSRQtYHO�HP���KWWS���ZZZ� SODQDOWR�JRY�EU�FFLYLOB���OHLV�O����FRPSLODGD�KWP!��$FHVVR�HP����VHW�������� BBBBBB��/HL�Q���������GH����GH�RXWXEUR�GH�������$OWHUD�H�DFUHVFHQWD�GLVSRVLWLYRV�QD�/HL�Q��������GH����GH�GH]HPEUR�GH� ������TXH�GLVS}H�VREUH�DV�6RFLHGDGHV�SRU�$o}HV��H�QD�/HL�Q��������GH���GH�GH]HPEUR�GH�������TXH�GLVS}H�VREUH�R�PHUFDGR� GH�YDORUHV�PRELOLiULRV�H�FULD�D�&RPLVVmR�GH�9DORUHV�0RELOLiULRV��'LVSRQtYHO�HP���KWWS���ZZZ�FYP�JRY�EU�SRUW�DWRV�OHLV�OHL������ DVS!��$FHVVR�HP����VHW�������� BBBBBB��/HL�Q���������GH����GH�GH]HPEUR�GH�������$OWHUD�H�UHYRJD�GLVSRVLWLYRV�GD�/HL�Qo��������GH����GH�GH]HPEUR�GH������� e da Lei no��������GH���GH�GH]HPEUR�GH�������H�HVWHQGH�jV�VRFLHGDGHV�GH�JUDQGH�SRUWH�GLVSRVLo}HV�UHODWLYDV�j�HODERUDomR�H� GLYXOJDomR�GH�GHPRQVWUDo}HV�¿QDQFHLUDV��'LVSRQtYHO�HP���KWWS���ZZZ�SODQDOWR�JRY�EU�FFLYLOB���BDWR���������������OHL�O������ KWP!��$FHVVR�HP�����VHW�������� '(%Ç1785(��O que são Debêntures��%0 )�%29(63$��'LVSRQtYHO�HP��<KWWS���ZZZ�EPIERYHVSD�FRP�EU�SWBEU�SURGXWRV� OLVWDGRV�D�YLVWD�H�GHULYDWLYRV�UHQGD�IL[D�SULYDGD�H�SXEOLFD�GHEHQWXUHV�KWP!��$FHVVR�HP�����DEU�������� '20�6WUDWHJ\�3DUWQHUV��O que são ativos intangíveis e como geram valor às empresas��'LVSRQtYHO�HP��<KWWS���ZZZ�GRPVS� FRP�EU�R�TXH�VDR�DWLYRV�LQWDQJLYHLV�H�FRPR�JHUDP�YDORU�DV�HPSUHVDV�!��$FHVVR�HP�����DEU�������� ,8'Ë&,%86��6pUJLR��0$57,16��(OLVHX��*(/%&.(��(UQHVWR�5XEHQV��6$1726��$ULRYDOGR�GRV��Manual de Contabilidade 6RFLHWiULD��6mR�3DXOR��$WODV������� 5,%(,52��2VQL�0RXUD��Contabilidade Avançada����HG��6mR�3DXOR��6DUDLYD����������� 6$1726��-RVp�/XL]�GRV��6&+0,'7��3DXOR��)(51$1'(6��/XFLDQH�$OYHV��*20(6��-RVp�0iULR�0DWVXPXUD��0DQXDO�GH�3UiWLFDV� &RQWiEHLV�$VSHFWRV�6RFLHWiULRV����HG��6mR�3DXOR��$WODV������� 2 Ò 2 2 2 REFERÊNCIAS 3RU�¿P��DSUHQGHPRV�TXH�D�FRPSRVLomR�GR�DWLYR�LQWDQJtYHO�VH�Gi�SHORV�GLUHLWRV�TXH�WHQKDP�SRU�REMHWRV�EHQV�LQFRUSyUHRV� GHVWLQDGRV�j�PDQXWHQomR�GD�FRPSDQKLD�RX�H[HUFLGRV�FRP�HVVD�¿QDOLGDGH��LQFOXVLYH�R�IXQGR�GH�FRPpUFLR�DGTXLULGR��GH� DFRUGR�FRP�R�LQFLVR�9,�GR�DUWLJR�����GD�/HL�Q������������ FINALIZANDO �� Debênture:�³p�XP�WtWXOR�GH�GtYLGD��GH�PpGLR�H�ORQJR�SUD]R��TXH�FRQIHUH�D�VHX�GHWHQWRU�XP�GLUHLWR�GH�FUpGLWR�FRQWD�D� FRPSDQKLD�HPLVVRUD��4XHP�LQYHVWH�HP�'HErQWXUH�VH�WRUQD�FUHGRU�GHVVDV�FRPSDQKLDV´��'LVSRQtYHO�HP��<KWWS���ZZZ� EPIERYHVSD�FRP�EU�SWBEU�SURGXWRV�OLVWDGRV�D�YLVWD�H�GHULYDWLYRV�UHQGD�¿[D�SULYDGD�H�SXEOLFD�GHEHQWXUHV�KWP!��$FHVVR� HP����VHW��������� (PLVVmR�GD�GHErQWXUH��³D�¿QDOLGDGH�GD�HPLVVmR�GH�GHErQWXUHV�p�VHPSUH�LQVWLWXFLRQDO��QR�VHQWLGR�GH�DWHQGHU�j�IDOWD�GH� FDSLWDO�GH�JLUR�RX�GH�QRYRV�LQYHVWLPHQWRV�GD�FRPSDQKLD´��6$1726�HW�DO���������S������� 3DUWHV�EHQH¿FLiULDV��³FRQIRUPH�GLVS}H�R�DUWLJR����GD�/HL�GDV�6RFLHGDGHV�SRU�$o}HV��FRQVWLWXHP�XP�GLUHLWR�GH�QDWXUH]D� SDWULPRQLDO��HVWUDQKR�DR�FDSLWDO�VRFLDO��FRQFHGLGR�D�IXQGDGRUHV��DFLRQLVWDV�RX�WHUFHLURV��FRP�DV�FDUDFWHUtVWLFDV�SUySULDV� GH�XP�WtWXOR��TXH�GmR�D�VHX�SRVVXLGRU�XP�GLUHLWR�HYHQWXDO�GH�FUpGLWR�GH�SDUWLFLSDo}HV�QRV�OXFURV�GD�VRFLHGDGH´��6$1726� HW�DO����������S������� 5HVHUYD�GH�/XFURV��³VmR�DV�FRQWDV�GH�UHVHUYDV�FRQVWLWXtGDV�SHOD�SURSULHGDGH�GH�OXFURV�GD�FRPSDQKLD��FRPR�SUHYLVWR� SHOR����GR�DUWLJR�����GD�/HL�Q��������������&RQIRUPH��GR�DUWLJR�����GHVVD�/HL��DGLFLRQDGR�SHOD�/HL�Q������������ FDVR�DLQGD�H[LVWDP�OXFURV�UHPDQHVFHQWHV��DSyV�D�VHJUHJDomR�SDUD�SDJDPHQWRV�GRV�GLYLGHQGRV�REULJDWyULRV�H�DSyV�D� GHVWLQDomR�SDUD�DV�GLYHUVDV�UHVHUYDV�GH�OXFURV��HVWHV�GHYHP�VHU�WDPEpP�GLVWULEXtGRV�FRPR�GLYLGHQGRV´��,8'Ë&,%86�� 0$57,16��*(/&.(��������S������ ,QWDQJtYHO��³YHP�GR�ODWLP�tangere��RX�WRFDU���3RUWDQWR��RV�EHQV�LQWDQJtYHLV�VmR�RV�TXH�QmR�SRGHP�VHU�WRFDGRV��SRUTXH� QmR�SRVVXHP�FRUSR�ItVLFR´��6$1726�HW�DO���������S������� D bê t ³p WtW O G Gt LG G pGL O I G W W GL LW G pGLW W GLOSSÁRIO �� GABARITO 4XHVWmR�� 5HVSRVWD��$OWHUQDWLYD�&� -XVWL¿FDWLYD��(P�SULPHLUR�OXJDU��GHYHPRV�FDOFXODU�R�YDORU�GR�OXFUR�OtTXLGR��VXEWUDLQGR�D�VRPD�GDV�GHVSHVDV�GD�VRPD� GDV�UHFHLWDV� 5HFHLWDV� ���������������������������� 'HVSHVDV� �������������������������������������������������� ������� /XFUR�/tTXLGR� ����������±�������� ������� &RPR�D�TXHVWmR� Mi� VXJHUH�TXH� VH�GHWHUPLQH�R� YDORU� D� VHU� OHYDGR�j� FRQWD�GH�5HVHUYD�/HJDO�� QmR�GHYHPRV�QRV� SUHRFXSDU�FRP�R�OLPLWH�IDFXOWDWLYR��DSHQDV��FRP�R�OLPLWH�REULJDWyULR��$VVLP�� /LPLWH�2EULJDWyULR�GD�5HVHUYD�/HJDO� �����GH������������������ ������� 6DOGR�$QWHULRU�GD�5HVHUYD�/HJDO� ������� ���GR�/XFUR�/tTXLGR� ����GH�������� ������ 6DOGR�DQWHULRU������//� �����!���� /RJR��FRPR�D�VRPD�GR�VDOGR�DQWHULRU�GD�UHVHUYD�FRP����GR�/XFUR�/tTXLGR�XOWUDSDVVRX�R�OLPLWH�REULJDWyULR��D�HPSUHVD� GHYHUi�GHVWLQDU�R�Pi[LPR�TXH�SXGHU��DWp�FKHJDU�DR�OLPLWH��LVWR�p��GHYHUi�GHVWLQDU�D�GLIHUHQoD�HQWUH�R�OLPLWH�REULJDWyULR� H�R�VDOGR�LQLFLDO��RX�VHMD������±����� �����¿FDQGR�R�VDOGR�¿QDO�GD�UHVHUYD�FRP�R�YDORU�GR�OLPLWH� 4XHVWmR�� 5HVSRVWD��$OWHUQDWLYD�$� -XVWL¿FDWLYD�� $� /HL� )HGHUDO� Q� ����������� TXDQGR� VDQFLRQDGD�� WUDWDYD� GD� TXHVWmR� GD� GLVWULEXLomR� GH� UHVXOWDGRV� HVWDEHOHFHQGR�TXH�RV�DFLRQLVWDV�WrP�GLUHLWR�GH�UHFHEHU�FRPR�GLYLGHQGR�REULJDWyULR��HP�FDGD�H[HUFtFLR��D�SDUFHOD�GRV� OXFURV�HVWDEHOHFLGD�QR�HVWDWXWR��RX��VH�HOH�IRU�RPLVVR��PHWDGH�GR�OXFUR�OtTXLGR�GR�H[HUFtFLR�GLPLQXtGR�RX�DFUHVFLGR�GRV� VHJXLQWHV�YDORUHV��,���TXRWD�GHVWLQDGD�j�FRQVWLWXLomR�GD�UHVHUYD�OHJDO��,,���LPSRUWkQFLD�GHVWLQDGD�j�IRUPDomR�GH�UHVHUYDV� SDUD�FRQWLQJrQFLDV�H�UHYHUVmR�GDV�PHVPDV�UHVHUYDV�IRUPDGDV�HP�H[HUFtFLRV�DQWHULRUHV��,,,���OXFURV�D�UHDOL]DU�WUDQVIHULGRV� SDUD�D�UHVSHFWLYD�UHVHUYD�H�OXFURV�DQWHULRUPHQWH�UHJLVWUDGRV�QHVVD�UHVHUYD�TXH�WHQKDP�VLGR�UHDOL]DGRV�QR�H[HUFtFLR� �� 4XHVWmR�� 5HVSRVWD��$OWHUQDWLYD�(� -XVWL¿FDWLYD��&RQIRUPH�D�/HL�Q�������GH����GH�'H]HPEUR�GH�������TXH�GLVS}H�VREUH�DV�6RFLHGDGHV�SRU�$o}HV� ³$UW�������'R� UHVXOWDGR�GR�H[HUFtFLR�VHUmR�GHGX]LGRV��DQWHV�GH�TXDOTXHU�SDUWLFLSDomR��RV�SUHMXt]RV�DFXPXODGRV�H�D� SURYLVmR�SDUD�R�,PSRVWR�VREUH�D�5HQGD� 3DUiJUDIR�~QLFR��R�SUHMXt]R�GR�H[HUFtFLR�VHUi�REULJDWRULDPHQWH�DEVRUYLGR�SHORV�OXFURV�DFXPXODGRV��SHODV�UHVHUYDV�GH� OXFURV�H�SHOD�UHVHUYD�OHJDO��QHVVD�RUGHP�´ 4XHVWmR�� 5HVSRVWD��$OWHUQDWLYD�&� -XVWL¿FDWLYD��5HVHUYD� GH� /XFURV�D�5HDOL]DU�� ³1R� H[HUFtFLR� HP�TXH� R�PRQWDQWH� GR� GLYLGHQGR� REULJDWyULR�� FDOFXODGR� QRV�WHUPRV�GR�HVWDWXWR�RX�GR�DUW������GD�/HL�GDV�6�$��XOWUDSDVVDU�D�SDUFHOD�UHDOL]DGD�GR�OXFUR�OtTXLGR�GR�H[HUFtFLR��D� DVVHPEOpLD�JHUDO�SRGHUi��SRU�SURSRVWD�GRV�yUJmRV�GD�DGPLQLVWUDomR��GHVWLQDU�R�H[FHVVR�j�FRQVWLWXLomR�GH�5HVHUYD�GH� /XFURV�D�5HDOL]DU´� �'LVSRQtYHO�HP���KWWS���ZZZ�SRUWDOGHFRQWDELOLGDGH�FRP�EU�JXLD�UHVHUYDOXFURV�KWP!��$FHVVR�HP����� VHW��������� 5HVHUYD�SDUD�&RQWLQJrQFLDV��³'H�DFRUGR�FRP�R�DUWLJR�����GD�/HL�Q�������������D�DVVHPEOpLD�JHUDO�SRGHUi��SRU�SURSRVWD� GRV�yUJmRV�GH�DGPLQLVWUDomR��GHVWLQDU�SDUWH�GR�OXFUR�OtTXLGR�j�IRUPDomR�GH�UHVHUYD�FRP�D�¿QDOLGDGH�GH�FRPSHQVDU��HP� H[HUFtFLR�IXWXUR��D�GLPLQXLomR�GR�OXFUR�GHFRUUHQWH�GH�SHUGD�MXOJDGD�SURYiYHO��FXMR�YDORU�SRVVD�VHU�HVWLPDGR´��'LVSRQtYHO� HP���KWWS���ZZZ�SRUWDOGHFRQWDELOLGDGH�FRP�EU�JXLD�UHVHUYDOXFURV�KWP!��$FHVVR�HP�����VHW�������� 4XHVWmR�� 5HVSRVWD��'H�DFRUGR�FRP�D�/HL�GDV�6RFLHGDGHV�SRU�$o}HV��SRGHPRV�WHU�DV�VHJXLQWHV�5HVHUYDV�GH�/XFUR�� � 5HVHUYD�/HJDO� � 5HVHUYD�(VWDWXWiULD� � 5HVHUYD�SDUD�&RQWLQJrQFLDV� � 5HVHUYD�GH�/XFURV�D�5HDOL]DU� �� � 5HVHUYD�GH�/XFURV�SDUD�([SDQVmR� � 5HVHUYD�GH�,QFHQWLYRV�)LVFDLV� � 5HVHUYD�(VSHFLDO�SDUD�'LYLGHQGR�2EULJDWyULR�QmR�'LVWULEXtGR� -XVWL¿FDWLYD��$�EDVH�OHJDO�HQFRQWUD�VH�IXQGDPHQWDGD�QD�/HL�Q�������������DUW������
Compartilhar