/&& s &XVWR GR &LFOR GH 9LGD VXD UHOHY½QFLD SDUD D *HVW¾R GH $WLYRV )ÈVLFRV
M
44
/XÈV $QGUDGH )HUUHLUD -RVÄ 6REUDO -RVÄ 7RUUHV )DULQKD OIHUUHLU#IH XS SW MVREUDO#GHP LVHO SW WRUUHV IDULQKD#GHP XF SW
DOSSIER › Gestão de Ativos Físicos
118 119
5(6802
(QJH QKDULD 3K\VLFDO $VVHW 0DQDJH
ƬQDQFHLUDV SHUWLQHQWHV H RXWURV GRFX
2 REMHWLYR GHVWH DUWLJR Ä PRVWUDU TXH
PHQW RX (QJLQHHULQJ $VVHW 0DQDJH
PHQWRV GH RULHQWD¾R
SDUD XPD FRUUHWD DSOLFD¾R GRV SULQ
PHQW LPSOLFD XP FRQKHFLPHQWR W¾R
s 5HFRQKHFHU R SRWHQFLDO GH FRQVX
FÈSLRV GD *HVW¾R GH $WLYRV )ÈVLFRV WDO
SUHFLVR TXDQWR SRVVÈYHO GR 52, p5HWXUQ
FRPR HVWHV V¾R GHƬQLGRV QDV 1RUPDV
2Q ,QYHVWPHQWq GRV LQYHVWLPHQWRV UHD
3$6 H ,62 )',6
OL]DGRV HP DWLYRV DR ORQJR GH VHX FLFOR
WRUQD VH QHFHVV¼ULR ID]HU XPD VHOH
GH YLGD
PR GR DWLYR s &DWHJRUL]DU DGHTXDGDPHQWH DV UH FHLWDV H GHVSHVDV s ,PSXWDU RV FXVWRV DRV DWLYRV WDQWR TXDQWR IRU SUDWLF¼YHO D XP QÈYHO
¾R FRUUHWD GRV HTXLSDPHQWRV QD ID
DGHTXDGR
VH GH FRQFH¾R RX QD IDVH GH DTXLVL
'H DFRUGR FRP HVVDV 1RUPDV HQWUH RV
¾R WHQGR HP FRQWD WRGRV RV FXVWRV
SULQFLSDLV EHQHIÈFLRV GD LPSOHPHQWD
s 3UHSDUD¾R GH SUHYLVÐHV GDV QHFHV
HVWLPDGRV SDUD R FLFOR GH YLGD WRWDO GRV
¾R GRV FRQFHLWRV QHODV GHƬQLGRV SR
VLGDGHV ƬQDQFHLUDV GH FXUWR PÄGLR
HTXLSDPHQWRV 6Î HQW¾R VHU¼ SRVVÈYHO
GHP VHU FLWDGRV 3$6 SDUW Y
H ORQJR SUD]R
DOLQKDU RV REMHWLYRV JOREDLV GDV RUJDQL
s 5HWRUQR VREUH R LQYHVWLPHQWR RWL
]DÂÐHV FRP RV REMHWLYRV GD JHVW¾R WÄF
PL]DGR H RX FRP FUHVFLPHQWR HP
(VSHFLDOPHQWH SDUD RUJDQL]DÂÐHV GH
QLFD GRV HTXLSDPHQWRV WHQGR HP FRQ
UHOD¾R » SUHYLV¾R LQLFLDO
FDSLWDO LQWHQVLYR HVSHUD VH TXH RV UHOD
WD DV QHFHVVLGDGHV ƬQDQFHLUDV GHVVHV
s $ FDSDFLGDGH GH GHPRQVWUDU R PH
WÎULRV ƬQDQFHLURV LQFRUSRUHP LQIRUPD
HTXLSDPHQWRV DR ORQJR GH WRGR R VHX
OKRU pYDOXH IRU PRQH\q SDUD XP GHWHU
ÂÐHV GR VLVWHPD GH $VVHW 0DQDJHPHQW
FLFOR GH YLGD 1HVWH WH[WR DV 1RUPDV
PLQDGR LQYHVWLPHQWR GHQWUR GH XP
(VWHV UHODWÎULRV ƬQDQFHLURV V¾R DTXH
,(& H ,62
UHJLPH GH ƬQDQFLDPHQWR UHVWULWR
OHV TXH UHDOPHQWH V¾R PDLV LPSRUWDQ WHV SDUD D JHVW¾R GH WRSR GDV RUJDQL]D
V¾R PHQFLRQDGDV XPD YH] TXH DSUH VHQWDP PHWRGRORJLDV SDUD R F¼OFXOR GR
3RUWDQWR H[LVWH XPD UHOD¾R QDWXUDO H
ÂÐHV H RXWURV SRVVÈYHLV LQWHUHVVDGRV QD
/&& &RQFOXL VH TXH HP RUJDQL]DÂÐHV
IRUWH HQWUH D *HVW¾R GH $WLYRV )ÈVLFRV H
JHVW¾R GDV HPSUHVDV VHMDP HOHV LQWHU
GH FDSLWDO LQWHQVLYR RV FXVWRV GH 23(;
RV FXVWRV GR FLFOR GH YLGD TXH SRU VXD
QRV RX H[WHUQRV
V¾R QRUPDOPHQWH PDLV HOHYDGRV GR TXH
YH] HVW¾R UHODFLRQDGRV FRP RV FULWÄULRV
RV FXVWRV GH &$3(; H GHYHP SRUWDQWR
GH LQYHVWLPHQWR GH FDSLWDO RV FXVWRV
$VVLP QXPD RUJDQL]D¾R HVSHUD VH TXH
VHU HVWLPDGRV FRP FXLGDGR SRLV HOHV
RSHUDFLRQDLV H R YDORU SDUD D RUJDQL]D
DV LPSOLFDÂÐHV ƬQDQFHLUDV GDV DWLYLGD
V¾R PXLWR LPSRUWDQWHV SDUD VHU SRVVÈ
¾R GR GHVHPSHQKR GRV DWLYRV
GHV GH $VVHW 0DQDJHPHQW HVWHMDP DOL QKDGDV FRP RV SURFHVVRV GHFLVÎULRV
YHO VHOHFLRQDU R V HTXLSDPHQWR V TXH PHOKRU SRVVDP LQWHUSUHWDU RV REMHWL
$ ,62 )',6 FRQVLGHUD TXH
LQWHUQRV XPD YH] TXH DV GHFLVÐHV ƬQDQ
YRV JOREDLV GDV RUJDQL]DÂÐHV 2 F¼OFXOR
H[LVWH XPD IRUWH LQWHUD¾R HQWUH D JHV
FHLUDV LQƮXHQFLDP GLUHWDPHQWH D JHVW¾R
GR /&& GXUDQWH D IDVH GH FRQFH¾R RX
W¾R ƬQDQFHLUD H D JHVW¾R GH DWLYRV IÈVL
GRV DWLYRV IÈVLFRV H SRU VXD YH] RV UHVXO
DTXLVL¾R GH QRYRV HTXLSDPHQWRV M¼ Ä
FRV HVSHFLDOPHQWH SDUD RUJDQL]DÂÐHV
WDGRV ƬQDQFHLURV V¾R LQƮXHQFLDGRV SH
XPD SUHRFXSD¾R SDUD PXLWDV RUJDQL
GH FDSLWDO LQWHQVLYR M¼ TXH DV GHVSH
OR GHVHPSHQKR GD SURGX¾R GRV HTXL
]DÂÐHV HPERUD Q¾R WHQKD VLGR VHPSUH
VDV GH FDSLWDO QHVVHV DWLYRV H R UHWRU
SDPHQWRV GXUDQWH R VHX FLFOR GH YLGD
DSOLFDGD GH IRUPD SUÎ DWLYD
QR ƬQDQFHLUR JHUDGR V¾R FRPSRQHQ WHV PXLWR LPSRUWDQWHV QD JHVW¾R GH
(QW¾R GH DFRUGR FRP D 1RUPD
3DODYUDV FKDYH /&& JHVW¾R GH DWLYRV
RUJDQL]DÂÐHV GH FDSLWDO LQWHQVLYR 2
,62 )',6 D OLJD¾R HQWUH
DWLYRV IÈVLFRV
SODQHDPHQWR ƬQDQFHLUR D ORQJR SUD
D SROÈWLFD GH $VVHW 0DQDJHPHQW FRP
]R GHSHQGH PXLWR GD IRUPD FRPR HV
D SROÈWLFD GH JHVW¾R ƬQDQFHLUD SHUPL
,1752'8¢ 2
WHV DWLYRV IÈVLFRV V¾R JHULGRV H QR VHX
WH XPD PDLV SUHFLVD DYDOLD¾R GD VLWX
'H DFRUGR FRP D 3$6 H
GHVHPSHQKR
D¾R ƬQDQFHLUD H GDV QHFHVVLGDGHV GH ƬQDQFLDPHQWR GD RUJDQL]D¾R EHP FR
,62 )',6 D GHƬQL¾R GH *HVW¾R GH $WLYRV )ÈVLFRV RX GH
)DFXOGDGH GH (QJHQKDULD GD 8QLYHUVLGDGH GR 3RUWR ,QVWLWXWR 6XSHULRU GH (QJHQKDULD GH /LVERD &HQWUR GH (QJHQKDULD 0HF½QLFD GD 8QLYHUVLGDGH GH &RLPEUD
$ ,62 )',6 WDPEÄP FRQVL
PR XPD DQ¼OLVH GDV DOWHUQDWLYDV SDUD D
GHUD TXH RV UHTXLVLWRV GH JHVW¾R H GH
DTXLVL¾R PHOKRULD H DSHUIHLÂRDPHQWR
UHSRUWH ƬQDQFHLUR GHYHP WHU HP FRQ
RX UHPR¾R GH EHQV RX FDUWHLUD GH DWL
VLGHUD¾R RV VHJXLQWHV UHTXHVLWRV SD
YRV $ H[LVWÅQFLD GH GDGRV ƬQDQFHLURV
UD DOÄP GRV HVWLSXODGRV SRU 1RUPDV
UREXVWRV H LQIRUPDÂÐHV UHODWLYDV DRV
2 LPSDFWR QR /&& GDV LQWHUYHQÂÐHV GH
2 FRQKHFLPHQWR GH /&& Ä DVVLP DE
- ) * 0¼UTXH] & 3 *RQ]¼OH] 9 7KH
PDQXWHQ¾R HP HTXLSDPHQWRV H GDV
VROXWDPHQWH QHFHVV¼ULR SDUD VHU SRV
PDLQWHQDQFH PDQDJHPHQW IUDPHZRUN $
SHUGDV GH SURGX¾R GHYLGR D IDOKDV LP
VÈYHO DOLQKDU RV REMHWLYRV HVWUDWÄJLFRV
SUDFWLFDO YLHZ WR PDLQWHQDQFH PDQDJH
SUHYLVWDV SRGH VHU PXLWR LPSRUWDQWH H
GH WRGRV RV VHWRUHV GDV RUJDQL]DÂÐHV
PHQWq LQ 6DIHW\ 5HOLDELOLW\ DQG 5LVN $QDO\
GHYH VHU DYDOLDGR FRUUHWDPHQWH
QR TXH GL] UHVSHLWR » JHVW¾R DGHTXD
VLV 7KHRU\ 0HWKRGV DQG $SSOLFDWLRQV
DOSSIER › Gestão de Ativos Físicos
GD GRV DWLYRV IÈVLFRV SHUPLWLQGR TXH 'XUDQWH D IDVH GH VHOH¾R GRV HTXLSD
RV $VVHW 0DQDJHUV SRVVDP HVFROKHU DV
PHQWRV GHYHP VHU SURSRVWDV DOWHU
PHOKRUHV VROXÂÐHV WÄFQLFDV SDUD DSRLDU
QDWLYDV WÄFQLFDV TXH SHUPLWDP XPD
HVWHV REMHWLYRV HVWUDWÄJLFRV H WDPEÄP
PDLRU XWLOL]D¾R GH SROÈWLFDV GH PDQX
SDUD FRQKHFHU TXDLV DV QHFHVVLGDGHV Ƭ
WHQ¾R SUHYHQWLYD LQFOXLQGR WÄFQLFDV
QDQFHLUDV TXH D RSHUD¾R GHVVHV HTXL
GH PDQXWHQ¾R FRQGLFLRQDGD ID]HQ
SDPHQWRV YDL H[LJLU GXUDQWH R VHX FL
GR D DYDOLD¾R GD XWLOL]D¾R WÄFQLFD H
FOR GH YLGD ,VWR SHUPLWLU¼ WDPEÄP XPD
HFRQÎPLFD GHVVDV SROÈWLFDV R TXH SR
PHOKRU JHVW¾R ƬQDQFHLUD GD RUJDQL]D
GHU¼ HYLWDU IDOKDV LQHVSHUDGDV H VXDV
¾R DR ORQJR GR FLFOR GH YLGD
0DUWRUHOO HW DO HGV 7D\ORU )UDQFLV *URXS /RQGRQ ,6%1
s
2o&RQQRU 3 .OH\QHU $ p3UDFWLFDO 5HOLD ELOLW\ (QJLQHHULQJ WK (GLWLRQq :LOH\ ,6%1
s
3&38 3XEOLF &RPSHWLWLRQ DQG 3XUFKDVLQJ 8QLW +0 7UHDVXU\ /LIH &\FOH &RVWLQJ 3&38 *XLGDQFH Q
s
FRQVHTXÅQFLDV
3URFDFFLD + $XIRUW 3 $UVHQLV 6 p(,5H '$ (XURSHDQ ,QGXVWU\ 5HOLDELOLW\ 'DWD %DQN
([LVWHP GLIHUHQWHV PÄWRGRV SDUD R F¼O
UG HG q (65H'$
$ XWLOL]D¾R GH PHWRGRORJLDV WDLV FRPR
FXOR GR /&& GHSHQGHQGR GRV REMHWLYRV
5&0 5HOLDELOLW\ &HQWUHG 0DLQWHQDQFH
SUHWHQGLGRV (P WRGRV HOHV UHFRQKHFH
LQIRUPDWLRQ DFTXLVLWLRQ DQG DSSOLFDWLRQq
SHUPLWHP VHOHFLRQDU DV WDUHIDV GH PD
VH TXH SDUD RV HTXLSDPHQWRV GH FDSL
,QWHUQDWLRQDO -RXUQDO RI 3URMHFW 0DQDJH
QXWHQ¾R PDLV DGHTXDGDV D ƬP GH RWL
WDO LQWHQVLYR FRP XPD YLGD SURGXWLYD
PHQW YRO Q SS s
PL]DU R /&& GR HTXLSDPHQWR QR TXH
ORQJD RV FXVWRV RSHUDFLRQDLV H RV FXV
GL] UHVSHLWR » JDUDQWLD GD ƬDELOLGDGH DR
WRV GH PDQXWHQ¾R V¾R QRUPDOPHQWH
ORQJR GR FLFOR GH YLGD H » PDQXWHQ¾R
PDLV HOHYDGRV GR TXH RV FXVWRV GH LQ
1250$6
RWLPL]DGD 6¾R XPD IHUUDPHQWD HVVHQ
YHVWLPHQWR LQLFLDO $VVLP D HVWLPDWLYD
s
FLDO GH XPD SROÈWLFD RWLPL]DGD GH $VVHW
LQLFLDO GHVVHV FXVWRV Ä PXLWR LPSRUWDQ
7KH 6SHFLƬFDWLRQ $QG 'HPRQVWUDWLRQ 2I
0DQDJHPHQW GH DWLYRV IÈVLFRV
WH SRUTXH Q¾R VHQGR HOHV FRQKHFLGRV
5HOLDELOLW\ $YDLODELOLW\ 0DLQWDLQDELOLW\ $QG
s
GHVGH R LQÈFLR H GHYLGR » VXD LPSRUW½Q FLD SRGHP YLU D VHU FUXFLDLV SDUD D VR
&21&/86°(6
48
s
:RRGZDUG ' p/LIH F\FOH FRVWLQJ s WKHRU\
(1 5DLOZD\V $SSOLFDWLRQV
6DIHW\ s
EUHYLYÅQFLD GDV RUJDQL]DÂÐHV
,(& s 'HSHQGDELOLW\ PDQ DJHPHQW s 3DUW $SSOLFDWLRQ JXLGH s
1XP FOLPD HFRQÎPLFR TXH Ä FDGD YH]
/LIH F\FOH FRVWLQJ
PDLV FRPSOH[R FRP XPD JUDQGH LQ
s
FHUWH]D QD HYROX¾R GRV PHUFDGRV Ƭ
5()(5¥1&,$6
QDQFHLURV DV RUJDQL]DÂÐHV SUHFLVDP
s
,62 3HWUROHXP DQG QDWXUDO JDV LQGXVWULHV s /LIH F\FOH FRVWLQJ s 3DUW 0HWKRGRORJ\
%DUULQJHU + 3 :HEHU ' 3 p/LIH &\FOH
GH PHOKRUDU R VHX GHVHPSHQKR DWUD
&RVW 7XWRULDOq )LIWK ,QWHUQDWLRQDO &RQIH
YÄV GR DXPHQWR GDV VXDV WD[DV GH 52,
UHQFH RQ 3URFHVV 3ODQW 5HOLDELOLW\ *XOI 3X
JDV LQGXVWULHV s /LIH F\FOH FRVWLQJ s 3DUW
5HWXUQ 2Q ,QYHVWPHQW R TXH VÎ Ä SRV
EOLVKLQJ &RPSDQ\ +RXVWRQ 7;
*XLGDQFH RQ DSSOLFDWLRQ RI PHWKRGRORJ\
VÈYHO DWUDYÄV GD PHOKRULD GR VHX QÈYHO
s
s
,62 3HWUROHXP DQG QDWXUDO
DQG FDOFXODWLRQ PHWKRGV
'KLOORQ % 6 p/LIH &\FOH &RVWLQJq *RU
GH 52$ 5HWXUQ 2Q $VVHWV M¼ TXH RV
GRQ DQG %UHDFK 6FLHQFH 3XEOLVKHUV ,6%1
VHXV DWLYRV IÈVLFRV UHSUHVHQWDP QRU
JDV LQGXVWULHV s /LIH F\FOH FRVWLQJ s 3DUW
($0& ()106 p+RZ RUJDQL]DWLRQV PDQD
,PSOHPHQWDWLRQ JXLGHOLQHV
PDOPHQWH D FRPSRQHQWH PDLV LPSRU
s
WDQWH GH LQYHVWLPHQWR H JHUDOPHQWH
JH WKHLU SK\VLFDO DVVHWV LQ SUDFWLFH ()106
Q¾R V¾R IDFLOPHQWH QHJRFL¼YHLV 3DUD
$VVHW 0DQDJHPHQW 6XUYH\ q HG .DUL
JDUDQWLU TXH RV ULVFRV HFRQÎPLFRV H Ƭ
.RPRQHQ ($0& &KDLU DYDLODEOH DW ZZZ
QDQFHLURV V¾R FRQWURODGRV H TXH RV U¼ FLRV GH 52, H 52$ V¾R REWLGRV GH IRU
HIQPV RUJ s
PD VXVWHQWDGD WRUQD VH QHFHVV¼ULR s
s
p0RQWH &DUOR 6LPXODWLRQ DQG &DSLWDO ([SHQ
PXLWR FODUDV DR HVWDEHOHFHU TXH RV RE
GLWXUH 'HFLVLRQVt$ &DVH 6WXG\q 7KH (QJL
MHWLYRV ƬQDQFHLURV QD JHVW¾R GH DWLYRV
QHHULQJ (FRQRPLVW YRO ,VVXH SS
IÈVLFRV GHYHP HVWDU DOLQKDGRV FRP RV REMHWLYRV JOREDLV GDV RUJDQL]DÂÐHV
3$6 s
s s
0¼UTXH] $ & GH /HÎQ 3 0 )HUQ¼QGH]
,62 )',6 s $VVHW PDQDJHPHQW 2YHUYLHZ SULQFLSOHV DQG WHUPLQRORJ\
s
,62 )',6 s $VVHW PDQDJHPHQW 0DQDJHPHQW V\VWHPV s 5HTXLUHPHQWV
s
,62 )',6 s $VVHW PDQDJH PHQW *XLGHOLQHV RQ WKH DSSOLFDWLRQ RI ,62
.U\]DQRZVNL / /XV]WLJ 3 6FKZDE %
0DQDJHPHQW SDUD DWLYRV IÈVLFRV V¾R
%6 3$6 s $VVHW 0DQDJHPHQW s 3DUW *XLGHOLQHV IRU WKH DSSOLFDWLRQ RI
LQGXVWULHVq 7R\R (QJLQHHULQJ &RUS &KLED
H ,62 )',6 TXH V¾R DV UHIH
%6 3$6 s $VVHW 0DQDJHPHQW PDQDJHPHQW RI SK\VLFDO DVVHWV
s
.DZDXFKL < 5DXVDQG 0 p/LIH &\FOH &RVW /&& DQDO\VLV LQ RLO DQG FKHPLFDO SURFHVV
,62 3HWUROHXP DQG QDWXUDO
s 3DUW 6SHFLƬFDWLRQ IRU WKH RSWLPL]HG
+DVWLQJV 1 p3K\VLFDO $VVHW 0DQDJHPHQWq
$V HVSHFLƬFDÂÐHV H 1RUPDV 3$6 UÅQFLDV DWXDLV QD GHƬQL¾R GH $VVHW
s
6SULQJHU 9HUODJ ,6%1
JHULU RV DWLYRV WHQGR HP FRQWD WRGR R FLFOR GH YLGD
s
s
0,/ +'%. 1DY\ s /LIH &\FOH &RVW LQ 1DY\ $FTXLVLWLRQV
s
12562. 2 &5 s /LIH F\FOH FRVWV IRU V\VWHPV DQG HTXLSPHQW M