DOEPE ° Recife, 18 de março de 2016 ° Página 29

DOEPE 18/03/2016 ° pagina ° 29 ° Poder Executivo ° Diário Oficial do Estado de Pernambuco

Poder Executivo ● 18/03/2016 ● Diário Oficial do Estado de Pernambuco

Recife, 18 de março de 2016

Diário Oficial do Estado de Pernambuco - Poder Executivo

Ano XCIII • NÀ 51 - 29

SER EDUCACIONAL S.A.
CNPJ nº 04.986.320/0001-13
RELATÓRIO DA ADMINISTRAÇÃO 2015
Aos Acionistas, O grupo Ser Educacional S.A. apresenta o Relatório da Administração e as Demonstrações Financeiras referentes ao DOXQRV([FOXLQGRDVDTXLVLo}HVDEDVHGHDOXQRVGD&RPSDQKLDFUHVFHX1RVHJPHQWRGHHQVLQRjGLVWkQFLD ($' D&RPSDQKLD
H[HUFtFLRVRFLDO¿QGRHPGHGH]HPEURGH$VGHPRQVWUDo}HV¿QDQFHLUDVFRQVROLGDGDVIRUDPSUHSDUDGDVFRQIRUPHDVSUiWLFDV HQFHUURXRDQRFRPPLODOXQRVXPDXPHQWRGHHPFRPSDUDomRDRVPLODOXQRVUHJLVWUDGRVDR¿QDOGH1RVHJPHQWR
FRQWiEHLVDGRWDGDVQR%UDVLOLQFOXLQGRRVSURQXQFLDPHQWRVHPLWLGRVSHOR&RPLWrGH3URQXQFLDPHQWRV&RQWiEHLV &3& HGHDFRUGRFRP GHSyVJUDGXDomRRJUXSRHQFHUURXRDQRFRPPLODOXQRVXPDFUpVFLPRGHFRPSDUDGRDRVPLODOXQRVHP$EDVHGH
RVSDGU}HVLQWHUQDFLRQDLVGHGHPRQVWUDo}HV¿QDQFHLUDV ,)56±International Financial Reporting Standards HPLWLGRVSHOR,$6% Interna- DOXQRVGR3URQDWHFHQFHUURXRDQRFRPPLODOXQRVHWHYHTXHGDGHHPFRPSDUDomRDRVPLODOXQRVIUHTXHQWDQGRRVFXUVRV
tional Accounting Standards Board $VFRPSDUDo}HVUHIHUHPVHDRH[HUFtFLRVRFLDO¿QGRHPGHGH]HPEURGHVHQGRTXHRVUH WpFQLFRVDR¿QDOGH(VVDUHGXomRRFRUUHXXPDYH]TXHR*RYHUQR)HGHUDOUHDOL]RXXPDUHGXomRVLJQL¿FDWLYDHPVXDRIHUWDGHYDJDV
VXOWDGRVGRH[HUFtFLRGHFRPSUHHQGHPDVDTXLVLo}HVGD8QLYHUVLGDGHGD$PD]{QLD 81$0$ FRQVROLGDGDHPVHXEDODQoRSDWULPR GR3URQDWHFGXUDQWHRDQRGH5HFHLWD%UXWD2*UXSR6HUHQFHUURXFRPUHFHLWDEUXWDGH5PLOK}HVXPFUHVFLPHQWR
QLDODSDUWLUGHRXWXEURGHHGD8QLYHUVLGDGHGH*XDUXOKRV 81* SRUVXDYH]FRQVROLGDGDDSDUWLUGHIHYHUHLURGH0HQVDJHP GHHPUHODomRDGHYLGRSULQFLSDOPHQWHGHYLGRDRHIHLWRFRPELQDGRGHFUHVFLPHQWRRUJkQLFRHGDFRQVROLGDomRGDVUHFpP
da Administração2DQRGHIRLXPDQRGHGHVD¿RVHGHWUDQVIRUPDo}HVUHOHYDQWHVSDUDRJUXSR6HU(GXFDFLRQDOEHPFRPRSDUDR DGTXLULGDV 81* H 81$0$ TXH JHUDUDP DXPHQWR GD EDVH WRWDO GH DOXQRV H GR DXPHQWR GR WLFNHW PpGLR $ UHFHLWD OtTXLGD DOFDQoRX
VHWRUGHHQVLQRVXSHULRUEUDVLOHLUR2SHUtRGRIRLPDUFDGRSRUPXGDQoDVVLJQL¿FDWLYDVQRDPELHQWHUHJXODWyULRHPHVSHFLDOHPUHODomRDR 5PLOK}HVFRPDFUpVFLPRGHXPFUHVFLPHQWRHPPHQRUHVFDODHPFRPSDUDomRFRPDUHFHLWDEUXWDHPYLUWXGHSULQFLSDO
3URJUDPDGH)LQDQFLDPHQWR(VWXGDQWLO ),(6 FRPRVDQ~QFLRVGHQRYDVPHGLGDVLPSOHPHQWDGDVSHOR0LQLVWpULRGD(GXFDomR ³0(&´  PHQWHGRDXPHQWRGRYROXPHGHGHGXo}HVGHYHQGDV&XVWRGRVVHUYLoRVSUHVWDGRV2FXVWRGRVVHUYLoRVWRWDOL]RX5PLOK}HVUH
TXHSXEOLFRXSRUWDULDVQRUPDWLYDVTXHFRQWLQJHQFLDUDPSDJDPHQWRVGHPHQVDOLGDGHVGHYLGRVDVLQVWLWXLo}HVGHHQVLQRGXUDQWHRH[HUFtFLR SUHVHQWDQGRGDUHFHLWDOtTXLGDHPXPDXPHQWRGHSSHPUHODomRD2DXPHQWRGRVFXVWRVGHYHVHSULQFLSDOPHQWH
GHHUHGX]LXRQ~PHURWRWDOGHQRYRVFRQWUDWRVGH¿QDQFLDPHQWRTXHSRUVXDYH]WDPEpPSDVVRXDVHURIHUWDGRVREUHJUDVGLIHUHQWHV jFRQVROLGDomRGDVRSHUDo}HVGD81*HGD81$0$TXHLQFUHPHQWDUDPDEDVHGHGRFHQWHVHRXWURVFXVWRVFRPRHQHUJLDHOpWULFD/XFUR
TXHIRUDPSURGX]LGDVDRORQJRGRDQR3RURXWURODGRD&RPSDQKLDWHYHr[LWRQRSURFHVVRGHFRQVROLGDomRGHGXDVLPSRUWDQWHVDTXLVLo}HV %UXWRH0DUJHP%UXWD2OXFUREUXWRIRLGH5PLOK}HVHPRTXHUHSUHVHQWDXPDXPHQWRGHHPUHODomRDRDQRDQWHULRU
DQXQFLDGDVHPDDTXLVLomRGD8QLYHUVLGDGHGD$PD]{QLD 81$0$ HGD8QLYHUVLGDGHGH*XDUXOKRV 81* -XQWDVHVVDV8QLYHUVL FRPPDUJHPEUXWDGHSSLQIHULRUDHPYLUWXGHSULQFLSDOPHQWHGDHYDVmRH[WUDRUGLQiULDGHPLODOXQRVGXUDQWHRDQR
GDGHVSHUPLWLUDPDRJUXSRXPFUHVFLPHQWRGHPDLVGHPLODOXQRVHPVXDEDVHGHDOXQRVGHJUDGXDomRRTXHUHSUHVHQWRXXPDXPHQ GHTXHLQJUHVVDUDPQDVLQVWLWXLo}HVGD&RPSDQKLDQDH[SHFWDWLYDGHVHUHP¿QDQFLDGRVSHOR),(6HTXHQmRWLYHUDPHVVDSRVVLELOL
WRVLJQL¿FDWLYRGDSUHVHQoDGD&RPSDQKLDQDUHJLmR1RUWHGR%UDVLOHGDHVWUHLDGRJUXSRQDUHJLmRVXGHVWH(PIRLUHDOL]DGDD GDGHIDFHjPXGDQoDQDVUHJUDVGHDFHVVRGDTXDQWLGDGHWRWDOGHQRYRVFRQWUDWRVQRGHFRUUHUGRDQRHGDFRQVROLGDomRGD81*HGD
DTXLVLomRGD)DFXOGDGH7DOOHVGH0LOHWR )$0,/ SRU5PLOK}HV$)$0,/SRVVXtDXQLGDGHVXPDHP)RUWDOH]DTXHSRUVXDYH]IRL 81$0$TXHSRUVXDYH]JHUDPXPDUHGXomRQDWXUDOGDVPDUJHQVRSHUDFLRQDLVGDGRTXHHVVDVLQVWLWXLo}HVMiRSHUDYDPFRPPDUJHQV
WUDQVIRUPDGDHPXPDXQLGDGHGD)DFXOGDGH-RDTXLP1DEXFRHRXWUDHP3DUQDPLULPQDUHJLmRPHWURSROLWDQDGH1DWDO 51 TXHSDVVRX VLJQL¿FDWLYDPHQWH LQIHULRUHV jV SUDWLFDGDV SHOD &RPSDQKLD Despesas Operacionais (P  DV GHVSHVDV RSHUDFLRQDLV WRWDOL]DUDP
DRSHUDUVREDEDQGHLUDGD)DFXOGDGH0DXULFLRGH1DVVDX1HVVHPHVPRDQRD&RPSDQKLDWDPEpPDVVLQRXXP&RQWUDWRGH&HVVmR 5PLOK}HVRTXHFRUUHVSRQGHDGDUHFHLWDOtTXLGDXPDXPHQWRGHSSVREUHRDQRDQWHULRU2DXPHQWRGDVGHVSHVDV
2QHURVDGH0DQWHQoDH2XWUDV$YHQoDVFRPR,QVWLWXWR0HWRGLVWD%HQQHWWSUHYHQGRDFHVVmRGD0DQWHQoDGR&HQWUR8QLYHUVLWiULR%HQQHWW RFRUUHXSULQFLSDOPHQWHSRUFRQWDGDFRQVROLGDomRGDVRSHUDo}HVGD81*HGD81$0$HGRPDLRUSURYLVLRQDPHQWRSDUDGHYHGRUHVGXYL
j81(63$SHORYDORUGH5PLOK}HVDVHUSDJRDSyVDFRQFOXVmRGDWUDQVIHUrQFLDGDPDQWHQoDRTXHSHUPLWLUiDHQWUDGDGD&RPSD GRVRVSRUFRQWDGDHYDVmRH[WUDRUGLQiULDGHPLODOXQRVGXUDQWHRDQRGHTXHLQJUHVVDUDPQDVLQVWLWXLo}HVGD&RPSDQKLDVRED
QKLDQDFLGDGHGR5LRGH-DQHLURMiFRPXPDOLFHQoDGHXP&HQWUR8QLYHUVLWiULRTXHSHUPLWHDXWRQRPLDQRODQoDPHQWRGHQRYRVFXUVRV
FRQGLomRGHVHUHP¿QDQFLDGRVSHOR),(6HTXHQmRWLYHUDPHVVDSRVVLELOLGDGHIDFHjGDPXGDQoDQDVUHJUDVGHDFHVVRGDTXDQWLGDGH
HPFDVRGHVXFHVVRQRSURFHVVRGHWUDQVIHUrQFLDGDPDQWHQoD6RERSRQWRGHYLVWDGRFUHVFLPHQWRRUJkQLFRWDPEpPKRXYHLPSRUWDQWHV
WRWDOGHQRYRVFRQWUDWRVQRGHFRUUHUGRDQR(%,7'$$&RPSDQKLDDOFDQoRXXP(%,7'$DMXVWDGR LQFOXLQGR$93 GH5PLOK}HVH
GHVHQYROYLPHQWRV2JUXSRWHYHTXDWURQRYDVXQLGDGHVGHHQVLQRSUHVHQFLDODSURYDGDVSHOR0(&HWHUmRVXDVRSHUDo}HVLQLFLDGDVHP
PDUJHPGHXPDUHGXomRGHSSTXDQGRFRPSDUDGDDRPHVPRSHUtRGRGRDQRDQWHULRUWDPEpPHPYLUWXGHGDHYDVmRH[WUDRU
QDVFLGDGHVGH3HWUROLQD-DERDWmRGRV*XDUDUDSHVH2OLQGDQR(VWDGRGH3HUQDPEXFRHHP)HLUDGH6DQWDQDQR(VWDGRGD%DKLD
GLQiULDGHDOXQRVTXHUHGX]LXDH¿FLrQFLDRSHUDFLRQDOGD&RPSDQKLDEHPFRPRFRQVROLGDomRGD81*HGD81$0$TXHSRUVXDYH]
$VQRYDVXQLGDGHVVmRXPLPSRUWDQWHSDVVRQDHVWUDWpJLDGD&RPSDQKLDTXHYLVDDXPHQWDUDSHQHWUDomRGRHQVLQRVXSHULRUQDVUHJL}HV
RSHUDYDPFRPPDUJHQVLQIHULRUHVDVSUDWLFDGDVSHOD6HU(GXFDFLRQDO(QGLYLGDPHQWR$6HU(GXFDFLRQDO¿QDOL]RXFRPXPHQGLYLGD
PHWURSROLWDQDVGDVFDSLWDLVGRVHVWDGRVHQDVFLGDGHVGRLQWHULRUHVSHFLDOPHQWHQDVUHJL}HVQRUGHVWHHQRUWHGR%UDVLO)RUDPWDPEpP
PHQWROtTXLGRGH5PLOK}HVFRPSDUDGRDXPHQGLYLGDPHQWROtTXLGRGH5PLOK}HV(VVHPDLRUHQGLYLGDPHQWRGHYHVHSULQ
DSURYDGRVQRYRVFXUVRVFRPGHVWDTXHSDUDQRYRVFXUVRVGH2GRQWRORJLDFXUVRVQDiUHDGH(QIHUPDJHPHHP)DUPiFLDWRU
FLSDOPHQWHDRDXPHQWRGRVFRPSURPLVVRVUHODFLRQDGRVjDTXLVLomRGD81*TXHHOHYDUDPRVFRPSURPLVVRVDSDJDUHP5PL
QDQGRRVHJPHQWRGH6D~GHRJUDQGHGHVWDTXHGRDQR1RkPELWRGRHQVLQRDGLVWkQFLDD81*REWHYHDSURYDomRGR0(&SDUDLQLFLDU
OK}HVHjHPLVVmRGHGXDVGtYLGDVGHORQJRSUD]RFRPDVVHJXLQWHVFDUDFWHUtVWLFDV L )LQDQFLDPHQWRFRPR,)&SHORSUD]RGHDQRVQR
VXDVDWLYLGDGHVQRVHJPHQWRGH($'GXUDQWHRTXDUWRWULPHVWUHGHHDSDUWLUGHSDVVRXDRIHUWDUFXUVRVHPVHXVSRORVGH
YDORU5PLOK}HVFRPUHPXQHUDomRGHWD[DGH&',PDLVVSUHDGGHDRDQRHYHQFLPHQWR¿QDOHPGHDEULOGH2VSD
HQVLQRDGLVWkQFLDORFDOL]DGRVQDVFLGDGHVGH*XDUXOKRV$WLEDLD%UDJDQoD3DXOLVWDH,WDTXDTXHFHWXED&RPHVVDDSURYDomRD&RPSDQKLD
JDPHQWRVVHUmRVHPHVWUDLVVHQGRTXHDSULPHLUDSDUFHODSDUDDPRUWL]DomRHPGHDEULOGHHD~OWLPDSDUFHODHPDEULOGHH
SDVVDDRSHUDUHPFRPSRORV($'HPFRPSDUDomRDHP$LQGDQRVHJPHQWR($'HPGH]HPEURGHD81,1$66$8
REWHYHVHXFUHGHQFLDPHQWRGHFXUVRMXQWRDR0(&D~OWLPDHWDSDQHFHVViULDSDUDTXHHVVDLQVWLWXLomRGRJUXSRSXGHVVHLQLFLDUVHXSODQR LL (PLVVmRGH'HErQWXUHVVLPSOHVQmRFRQYHUVtYHLVHPDo}HVQRWRWDOGH5PLOK}HVFRPWD[DGH&',PDLVVSUHDGGHDRDQR
GHH[SDQVmRGHSRORV&RPDFRQFOXVmRGHVVDHWDSDD&RPSDQKLDSURWRFRORXMXQWRDRPHVPRPLQLVWpULRXPSHGLGRSDUDDEHUWXUDGH HSUD]RGHFLQFRDQRVHSDJDPHQWRVPHQVDLVDSDUWLUGHIHYHUHLURGHDWpRYHQFLPHQWR¿QDOHPMXOKRGH5HVXOWDGR¿QDQFHLUR:
QRYRVSRORVTXHWHUmRFRPRREMHWLYRDXPHQWDUGHIRUPDVLJQL¿FDWLYDDFDSLODULGDGHGRJUXSRQDVUHJL}HVQRUGHVWHHQRUWHGR%UDVLO7UDWD 2UHVXOWDGR¿QDQFHLUROtTXLGRGHUHSUHVHQWRXXPDGHVSHVD¿QDQFHLUDOtTXLGDGH5PLOK}HVXPDXPHQWRGH5PLOK}HV
VHGHUHIRUoDUXPGRVSLODUHVLPSRUWDQWHVGDHVWUDWpJLDGD&RPSDQKLDTXHYLVDDXPHQWDUDSHQHWUDomRGRHQVLQRVXSHULRUQDSRSXODomR FRPSDUDGRjUHFHLWD¿QDQFHLUDOtTXLGDGH5PLOK}HVUHJLVWUDGDHP(VVDSLRUDQRUHVXOWDGR¿QDQFHLURGHFRUUHGRDXPHQWRGDV
EUDVLOHLUDSRUPHLRGDRIHUWDGHYDJDVHPFLGDGHVORFDOL]DGDVQRLQWHULRUGRVHVWDGRVHHPUHJL}HVPHWURSROLWDQDVID]HQGRFRPTXHD GHVSHVDV¿QDQFHLUDVTXHSRUVXDYH]DXPHQWDUDPSULQFLSDOPHQWHHPYLUWXGHGDXWLOL]DomRGRVUHFXUVRVOHYDQWDGRVGXUDQWHRSURFHVVRGH
SURSRVWD~QLFDGHYDORURIHUHFLGDDRVDOXQRVTXHFRPELQDTXDOLGDGHGHHQVLQRPDUFDVIRUWHVHUHFRQKHFLGDVSHORPHUFDGRGHWUDEDOKR DEHUWXUDGHFDSLWDOUHDOL]DGDHPSDUDDTXLVLo}HVH[SDQVmRGHXQLGDGHVH[LVWHQWHVHGHVVDIRUPDDXPHQWDQGRRHQGLYLGDPHQWROtTXL
LQIUDHVWUXWXUDGHTXDOLGDGHTXHSURSRUFLRQDXPFXVWREHQHItFLRTXHJHUDUHWRUQRDRLQYHVWLPHQWRUHDOL]DGRSHORDOXQRQmR¿TXHUHVWULWD GRGD&RPSDQKLDGH5PLOK}HVHPSDUD5PLOK}HVHP,PSRVWRGHUHQGDHFRQWULEXLomRVRFLDO2PRQWDQWHGH,P
DSHQDVjVFDSLWDLVPDVWDPEpPGLYHUVDVFLGDGHVGR%UDVLO2FUHVFLPHQWRGDEDVHGHDOXQRVVRPHQWHpVXVWHQWiYHOVHKRXYHUTXDOLGDGH SRVWRGH5HQGDH&RQWULEXLomR6RFLDOWRWDOL]RX5PLOK}HVXPDUHGXomRGHTXDQGRFRPSDUDGRD5PLOK}HVHPHP
GHHQVLQRDOXQRVVDWLVIHLWRVHERPQtYHODFDGrPLFRTXHSHUPLWDDRVDOXQRVLQJUHVVRQRPHUFDGRGHWUDEDOKRHPHOKRULDGHUHQGD3DUD YLUWXGHGDUHGXomRGROXFURWULEXWiYHOGHFRUUHQWHGDVPHQRUHVPDUJHQVRSHUDFLRQDLVHUHGXomRGRUHVXOWDGR¿QDQFHLUROtTXLGR/XFUROtTXL
REWHUHVWHVUHVXOWDGRVRVREMHWLYRVDFDGrPLFRVGR*UXSR6HUVmRIRFDGRVHPHPSUHJDELOLGDGHHERPGHVHPSHQKRQR,*& ËQGLFH*HUDO do(PGHFRUUrQFLDGRVIDWRUHVDFLPDH[SRVWRVROXFUROtTXLGRIRLGH5PLOK}HVXPDUHGXomRGHHPUHODomRD,QYHV
GH&XUVRV H&3& &RQFHLWR3UHOLPLQDUGH&XUVR -iFRQVLGHUDQGRDDTXLVLomRGD8Q*GDVLQVWLWXLo}HVGD&RPSDQKLDDSUHVHQWDUDP timentos2YROXPHGHLQYHVWLPHQWRVUHDOL]DGRVQRDQRIRLGH5PLOK}HVXPDXPHQWRGHFRPSDUDGRD(VWHVUHFXUVRV
UHVXOWDGRVDWLVIDWyULRGH,*& LJXDORXVXSHULRUD QDDYDOLDomRUHIHUHQWHDRDQRGHGDQGRLQGLFDomRGHERPQtYHOGHTXDOLGDGHFRP LQFOXtUDPUHIRUPDHFRQVWUXomRGHXQLGDGHVSDUDVXVWHQWDURFUHVFLPHQWRGRVSUy[LPRVDQRVLQYHVWLPHQWRVHPELEOLRWHFDVHFRPSXWDGRUHV
HYROXomRSRVLWLYDDQRDSyVDQR(PUHODomRDR&3&GHQRVVRVFXUVRVDYDOLDGRVHPWLYHUDPQRWDVXSHULRUDHTXDQGRGHV DOpPGRVSDJDPHQWRVGDVLQVWLWXLo}HVDGTXLULGDV*RYHUQDQoDFRUSRUDWLYD(PIRUDPDGRWDGDVPHGLGDVUHOHYDQWHVYLVDQGRDSULPRUDU
FRQVLGHUDPRVDVDTXLVLo}HVUHFHQWHV 81*H81$0$ WHPRVXPtQGLFHGHXPDXPHQWRVLJQL¿FDWLYRGHtQGLFHVSRVLWLYRVTXDQGR DVSUiWLFDVGHJRYHUQDQoDFRUSRUDWLYDGD&RPSDQKLDFRPGHVWDTXHSDUDDLQVWDODomRGHXP&RQVHOKR)LVFDOHDUHIRUPXODomRGRFRPLWr
FRPSDUDGRDRVUHJLVWUDGRVHPSHUtRGRHPTXHRPHVPRJUXSRGHFXUVRVIRLFRPSDUDGR HQJHQKDULDVHKXPDQDV 4XDQWRD GHDXGLWRULDH¿QDQoDVTXHSDVVRXDVHUGHQRPLQDGRFRPLWrGH¿QDQoDV(PGHMDQHLURGHIRLDQXQFLDGDDHQWUDGDGDDomRGD6HU
HPSUHJDELOLGDGHGRVDOXQRVGHJUDGXDomRSUHVHQFLDOTXHHVWXGDPQDVXQLGDGHVGD&RPSDQKLDWUDEDOKDPRXID]HPHVWiJLRXPLQ 6((5QRtQGLFH,%5;2,%U;ËQGLFH%UDVLOpXPtQGLFHGHSUHoRVTXHPHGHRUHWRUQRGHXPDFDUWHLUDWHyULFDFRPSRVWDSRU
GLFDGRUEDVWDQWHSRVLWLYRGDDWUDomRGHQRVVRVHVWXGDQWHVQRPHUFDGRGHWUDEDOKR$OpPGLVVRVHJXQGRSHVTXLVDUHDOL]DGDFRPDOXQRV Do}HVVHOHFLRQDGDVHQWUHDVPDLVQHJRFLDGDVQD%29(63$HPWHUPRVGHQ~PHURGHQHJyFLRVHYROXPH¿QDQFHLUR$DomRFRQWLQXDID
IRUPDGRVSHOD81,1$66$8QDFLGDGHGR5HFLIHGRVVHXVDOXQRVIRUPDGRVGHFODUDUDPTXHHVWDYDPWUDEDOKDQGRVHQGRTXHGHVWHV ]HQGRSDUWHGR,*&SRUVHUOLVWDGDQR1RYR0HUFDGRQtYHOPDLVDOWRGH*RYHUQDQoDGD%ROVD2,*&ËQGLFHGH$o}HVFRP*RYHUQDQoD
MiHVWDYDPWUDEDOKDQGRTXDQGRLQJUHVVDUDPQDIDFXOGDGH(PD&RPSDQKLDIRLUHFRQKHFLGDSHOR,QVWLWXWR(XYDOGR/RGL ,(/  &RUSRUDWLYD'LIHUHQFLDGDWHPSRUREMHWLYRPHGLURGHVHPSHQKRGHXPDFDUWHLUDWHyULFDFRPSRVWDSRUDo}HVGHHPSUHVDVTXHDSUHVHQWHP
EUDoRGD&1, &RQIHGHUDomR1DFLRQDOGD,QG~VWULD TXHSURPRYHDFRPSHWLWLYLGDGHGDVHPSUHVDVEUDVLOHLUDV2&HQWUR8QLYHUVLWiULR0DX ERQVQtYHLVGHJRYHUQDQoDFRUSRUDWLYD7DLVHPSUHVDVGHYHPVHUQHJRFLDGDVQR1RYR0HUFDGRRXHVWDUFODVVL¿FDGDVQRV1tYHLVRXGD
UtFLRGH1DVVDX 81,1$66$8 QR5HFLIH¿FRXHPžOXJDUHQWUHDVLQVWLWXLo}HVGH3HUQDPEXFRFRPDVPHOKRUHVSUiWLFDVGHHVWiJLRHD %0 )%29(63$Auditoria independente(PFRQIRUPLGDGHFRPDLQVWUXomR&90QƒGHGHMDQHLURGHLQIRUPDPRVTXHD
)DFXOGDGH-RDTXLP1DEXFR¿FRXHPžOXJDU1D%DKLDD)DFXOGDGH0DXUtFLRGH1DVVDXGH6DOYDGRUUHFHEHXRžOXJDUQDFDWHJRULD 3ULFHZDWHUKRXVH&RRSHUV$XGLWRUHV,QGHSHQGHQWHV 3Z& HPSUHVDFRQWUDWDGDSDUDDXGLWRULDGDVGHPRQVWUDo}HV¿QDQFHLUDVSDUDRH[HU
,QVWLWXLo}HVGH(QVLQRGH'HVWDTXH1R&HDUiHD)DFXOGDGH0DXUtFLRGH1DVVDXGH)RUWDOH]D¿FRXHPžOXJDUHQWUHDVFRQFRUUHQWHV FtFLR¿QGRHPGHGH]HPEURGHIRLFRQWUDWDGDSDUDDSUHVWDomRGRVVHJXLQWHVVHUYLoRVSDUDR*UXSR6HU(GXFDFLRQDO
ORFDLV$VSUiWLFDVGHUHVSRQVDELOLGDGHVRFLDOID]HPSDUWHGRVYDORUHVHGRFRWLGLDQRGR*UXSR6HU(GXFDFLRQDO$&RPSDQKLDLQYHVWHGLUH
Serviços
Honorários
Prazo
Natureza
WDPHQWHHHVWLPXODVHXVDOXQRVSURIHVVRUHVHFRODERUDGRUHVUHDOL]DUHPDWLYLGDGHVTXHEHQH¿FLHPDVRFLHGDGHHDVFRPXQLGDGHVRQGHDV
Auditoria
5
$EUPDU
5HYLV}HVWULPHVWUDLVHH[DPHGDVGHPRQVWUDo}HV¿QDQFHLUDVGH
XQLGDGHVGD&RPSDQKLDHVWmRLQVHULGDV(VVDVLQLFLDWLYDVVmRVXEGLYLGLGDVHPTXDWURSLODUHVSULPRUGLDLVFXOWXUDHVSRUWHVFRPXQLGDGHVH
Do}HVVyFLRDPELHQWDLV(VVDVDWLYLGDGHVFRODERUDPFRPVHQWLPHQWRGHSHUWHQFHUGRVDOXQRVMXQWRDVVXDVFRPXQLGDGHVUHJLRQDLVHFRP
DLQVWLWXLomRTXHSURPRYHHVVDVDWLYLGDGHVJHUDQGRXPDOLJDomRHQWUHDOXQRVFRPXQLGDGHJRYHUQRVHLQVWLWXLomRH[WUHPDPHQWHEHQp¿FD
SDUDWRGRVRVHQYROYLGRV$&RPSDQKLDSURPRYHHVVDVDWLYLGDGHVSRUPHLRGHVXDVLQVWLWXLo}HVHFRRUGHQDGDVSHOR,QVWLWXWR6HU(GXFDFLR
QDOTXHDFXPXODPDLVGHPLODWHQGLPHQWRVVRFLDLVQDVTXDWURiUHDVPHQFLRQDGDVDQWHULRUPHQWH&RPRUHFRQKHFLPHQWRGHVVHVHVIRU
oRVSHODVpWLPDYH]FRQVHFXWLYDD81,1$66$8HVWiHPSULPHLUROXJDUHQWUHDVLQVWLWXLo}HVSDUWLFXODUHVPDLVOHPEUDGDVSHORVSHUQDPEX
FDQRV23UrPLR5HFDOOGH0DUFDVpUHVXOWDGRGHXPDSHVTXLVDUHDOL]DGDSHOR-RUQDOGR&RPPHUFLRHPSDUFHULDFRPR,QVWLWXWR+DUURSGH
3HVTXLVD2*UXSRWDPEpPUHFHEHXGD$VVRFLDomR%UDVLOHLUDGH0DQWHQHGRUDVGH(QVLQR6XSHULRU $%0(6 FHUWL¿FDo}HVTXHDWHVWDPR
HPSHQKRGDLQVWLWXLomRFRPDUHVSRQVDELOLGDGHVRFLDOHRGHVHQYROYLPHQWRGDVRFLHGDGHGHYLGRDRVWUDEDOKRVJHUDGRVSDUDDX[LOLDUQR
GHVHQYROYLPHQWRGDVRFLHGDGHSHOD81,1$66$8H)DFXOGDGH-RDTXLP1DEXFR1HVVHVHQWLGRDSHVDUGHWRGDVDVPXGDQoDVQRDPELHQ
WHUHJXODWyULRHLQFHUWH]DVHFRQ{PLFDVTXHLPSDFWDUDPRVUHVXOWDGRVGHFRQIRUPHVHUiDQDOLVDGRQDVHomRDVHJXLUD&RPSDQKLD
FRQVHJXLXHYROXLUFRPVHXSODQRGHH[SDQVmRHUHDOL]RXXPDVpULHGHSURMHWRVUHOHYDQWHVGHJDQKRGHH¿FLrQFLDRSHUDFLRQDOGXUDQWHRDQR
GHFXMRVSULQFLSDLVIRUDPDUHYLVmRGHVXDUpJXDGHFDSWDomRHQHJRFLDomRRWLPL]DomRGHVXDPDWUL]FXUULFXODUUHGXomRGHFXVWRV
RSHUDFLRQDLVHHVWUXWXUDRUJDQL]DFLRQDOGHQWUHRXWURV(VVDVDWLYLGDGHVSRVVLELOLWDUDPDRJUXSR6HU(GXFDFLRQDOVHWRUQDUPDLVFRPSHWLWLYR
RSHUDFLRQDOPHQWHSDUDHQIUHQWDUHVVHFHQiULRPDLVGHVD¿DGRUTXHVHDSUHVHQWDSDUDRVSUy[LPRVDQRV$$GPLQLVWUDomRGD&RPSDQKLD
HVWiFRQ¿DQWHQRVXFHVVRGHVXDHVWUDWpJLDGHORQJRSUD]RPHVPRFLHQWHGDUHGXomRQDVPDUJHQVRSHUDFLRQDLVRFRUULGDVQRFXUWRSUD]R
GHFRUUHQWHV GDV PXGDQoDV DEUXSWDV QD UHJXODPHQWDomR H QR FHQiULR HFRQ{PLFR EUDVLOHLUR 'HVHPSHQKR 2SHUDFLRQDO H )LQDQFHLUR: O
*UXSR6HUHQFHUURXRDQRGHFRPXPDEDVHWRWDOGHPLODOXQRVFUHVFLPHQWRGHHPFRPSDUDomRDRVPLODOXQRVDR
¿QDOGHVHQGRTXHPLOFRUUHVSRQGLDPDFXUVRVGHJUDGXDomRSUHVHQFLDOXPLQFUHPHQWRGHHPUHODomRDGH]HPEURGH
(VWDYDPPDWULFXODGRVPLODOXQRV),(6TXHUHSUHVHQWDPGRWRWDOGHDOXQRVRXGRVDOXQRVGHJUDGXDomRSUHVHQ
FLDO2DXPHQWRGDEDVHGHDOXQRVGHYHVHSULQFLSDOPHQWHSRUFRQWDGDDTXLVLomRGD81*HGD81$0$TXHMXQWDVDGLFLRQDUDPPLO

$GLFLRQDOPHQWHD&RPSDQKLDFRQWUDWRXVHUYLoRVGD6WUDWHJ\  HPSUHVDGRJUXSR3Z& SDUDWUDEDOKRVGHDSRLRQDDYDOLDomRHVWUDWp
JLFDGR*UXSRVHUYLoRHVWHSHUPLWLGRSHODVQRUPDVGHLQGHSHQGrQFLDVYLJHQWHVHPPRQWDQWHHTXLYDOHQWHDRVKRQRUiULRVUHODWLYRVDRV
VHUYLoRVGHDXGLWRULD$FRQWUDWDomRGHDXGLWRUHVLQGHSHQGHQWHVHVWiIXQGDPHQWDGDQRVSULQFtSLRVTXHUHVJXDUGDPDLQGHSHQGrQFLD
GRDXGLWRUTXHFRQVLVWHPHP D RDXGLWRUQmRGHYHDXGLWDUVHXSUySULRWUDEDOKR E QmRH[HUFHUIXQo}HVJHUHQFLDLVH F QmRSUHVWDU
TXDLVTXHUVHUYLoRVTXHSRVVDPVHUFRQVLGHUDGRVSURLELGRVSHODVQRUPDVYLJHQWHV$OpPGLVVRD$GPLQLVWUDomRREWpPGRVDXGLWRUHV
LQGHSHQGHQWHVGHFODUDomRGHTXHRVVHUYLoRVHVSHFLDLVSUHVWDGRVQmRDIHWDPDVXDLQGHSHQGrQFLDSUR¿VVLRQDO$VLQIRUPDo}HVQmR
¿QDQFHLUDVDVVLPFRPRRXWUDVLQIRUPDo}HVRSHUDFLRQDLVQmRIRUDPREMHWRGHDXGLWRULDSRUSDUWHGHQRVVRVDXGLWRUHVLQGHSHQGHQWHV
Declaração da Diretoria$'LUHWRULDGD6HU(GXFDFLRQDOGHFODUDQRWHUPRVGD,QVWUXomR&90QžGDWDGDGHGHGH]HPEURGH
TXHUHYLVRXGLVFXWLXHFRQFRUGRX L FRPRFRQWH~GRHDVRSLQL}HVH[SUHVVDVQRSDUHFHUGD3Z&HPLWLGRHPGHPDUoRGHH LL 
FRPDVGHPRQVWUDo}HV¿QDQFHLUDVFRQWiEHLVUHODWLYDVDRH[HUFtFLRVRFLDOHQFHUUDGRHPGHGH]HPEURGH$GHUrQFLDD&kPDUD
GH$UELWUDJHP$&RPSDQKLDVHXV$FLRQLVWDV$GPLQLVWUDGRUHVHPHPEURVGR&RQVHOKR)LVFDOREULJDPVHDUHVROYHUSRUPHLRGHDUEL
WUDJHPWRGDHTXDOTXHUGLVSXWDRXFRQWURYpUVLDTXHSRVVDVXUJLUHQWUHHOHVUHODFLRQDGDRXRULXQGDHPHVSHFLDOGDDSOLFDomRYDOLGDGH
H¿FiFLDLQWHUSUHWDomRYLRODomRHVHXVHIHLWRVGDVGLVSRVLo}HVFRQWLGDVQR&RQWUDWRGH3DUWLFLSDomRQR1RYR0HUFDGRQR5HJXODPHQWR
GH/LVWDJHPGR1RYR0HUFDGRQR(VWDWXWR6RFLDOQRVDFRUGRVGHDFLRQLVWDVDUTXLYDGRVQDVHGHGD&RPSDQKLDQD/HLGDV6RFLHGDGHV
SRU$o}HVQDVQRUPDVHGLWDGDVSHOR&RQVHOKR0RQHWiULR1DFLRQDOSHOR%DQFR&HQWUDOGR%UDVLORXSHOD&90QRVUHJXODPHQWRVGD
%29(63$QDVGHPDLVQRUPDVDSOLFiYHLVDRIXQFLRQDPHQWRGRPHUFDGRGHFDSLWDLVHPJHUDOQDV&OiXVXODV&RPSURPLVVyULDVHQR
5HJXODPHQWRGH$UELWUDJHPGD&kPDUDGH$UELWUDJHPGR0HUFDGRFRQGX]LGDHPFRQIRUPLGDGHFRPHVWH~OWLPR5HJXODPHQWRAgra
decimentos$$GPLQLVWUDomRGD6HU(GXFDFLRQDODJUDGHFHDRVVHXVDOXQRVSURIHVVRUHVFRODERUDGRUHVDFLRQLVWDVHSUHVWDGRUHVGH
VHUYLoRVSHODFRQ¿DQoDHSDUFHULDGXUDQWHRDQRHHVSHUDFRQWDUFRPHVWDPHVPDGHGLFDomRGXUDQWHRDQRGH
A Administração

BALANÇO PATRIMONIAL EXERCÍCIOS FINDOS EM 31 DE DEZEMBRO - Em milhares de reais, exceto quando indicado de outra forma
1RWD
Ativo

explicativa

Controladora
2015

Consolidado
2014

2015

2014

&LUFXODQWH
&DL[DHHTXLYDOHQWHVGHFDL[D









7tWXORVHYDORUHVPRELOLiULRV











&RQWDVDUHFHEHUGHFOLHQWHV











7ULEXWRVDUHFXSHUDU



























































Adiantamentos a fornecedores
3DUWHVUHODFLRQDGDV

D

2XWURVDWLYRV



1mRFLUFXODQWH
5HDOL]iYHODORQJRSUD]R
&RQWDVDUHFHEHUGHFOLHQWHV



2XWURVDWLYRV
$WLYRVGHLQGHQL]DomR

G



,QYHVWLPHQWRV





,QWDQJtYHO





,PRELOL]DGR






7RWDOGRDWLYR



Passivo e patrimônio líquido
&LUFXODQWH
Fornecedores
&RPSURPLVVRVDSDJDU
(PSUpVWLPRVH¿QDQFLDPHQWRV
'HErQWXUHV
6DOiULRVHHQFDUJRVVRFLDLV
7ULEXWRVDUHFROKHU
,PSRVWRGHUHQGDHFRQWULEXLomRVRFLDODUHFROKHU
2EULJDo}HVGHDUUHQGDPHQWRPHUFDQWLO
3DUWHVUHODFLRQDGDV
-XURVVREUHFDSLWDOSUySULRHGLYLGHQGRVDSDJDU
2XWURVSDVVLYRV
1mRFLUFXODQWH
(PSUpVWLPRVH¿QDQFLDPHQWRV
'HErQWXUHV
2EULJDo}HVGHDUUHQGDPHQWRPHUFDQWLO
&RPSURPLVVRVDSDJDU
7ULEXWRVDUHFROKHU
3URYLVmRSDUDFRQWLQJrQFLDV
2XWURVSDVVLYRV

3DWULP{QLROtTXLGR
 $WULEXtGRDRVDFLRQLVWDVGDFRQWURODGRUD
&DSLWDOVRFLDO
5HVHUYDGHFDSLWDO



5HVHUYDGHOXFURV



$MXVWHVGHDYDOLDomRSDWULPRQLDO
Ações em tesouraria



7RWDOGRSDWULP{QLROtTXLGR


 7RWDOGRSDVVLYRHSDWULP{QLROtTXLGR
$VQRWDVH[SOLFDWLYDVGDDGPLQLVWUDomRVmRSDUWHLQWHJUDQWHGDVGHPRQVWUDo}HV¿QDQFHLUDV












1RWD
explicativa







D
J







Controladora
2015

2014

Consolidado
2015

2014