M

Balano
Demonstrao de Reusltados
Demonstrao de Fluxos de Caixa
Valor Bruto Acrescentado
Dados Macroeconmicos
Indicadores e Dados Auxiliares
Indicadores de Risco
Indicadores de Liquidez
Indicadores de Rentabilidade
Indicadores de Endividamento
Indicadores de Atividade
Indicadores Bolsistas
Fluxos Tesouraria

* No final de cada folha e

.
 MERCADOS FINANCEIROS 2015/16

No final de cada folha encontram-se os grficos correspondentes a cada categoria de indicadores.

6
Trabalho Realizado Por:
lvaro Almeida
Daniela Pacheco
Ins Toms
Marta Ramos
 Indicador 2010 2011
Taxa de Inflao 1.40% 3.70%
Taxa de Desemprego 10.8% 12.7%
PIB real (em milhes de euros) 158,544 156,081

Taxa de Inflao
4.00%
3.50%
3.00%
2.50%
2.00%
1.50%
1.00%
0.50%
0.00%
2010 2011 2012 2013 2014
-0.50%
-1.00%

Taxa de Inflao
 2012 2013 2014
2.80% 0.30% -0.30%
15.5% 16.2% 13.9%
151,135 147,594 148,419

Taxa de Desemprego
18.0%

16.0%

14.0%

12.0%

10.0%

8.0%

6.0%

4.0%
2014 2.0%

0.0%
2010 2011 2012 2013 2014

Taxa de Desemprego
 PIB real (em milhes de euros)
160,000

158,000

156,000

154,000

152,000

150,000

148,000

146,000

144,000

142,000
2014 2010 2011 2012 2013 2

PIB real (em milhes de euros)

s)

2013 2014
 Ativo 2010
Ativo No Corrente
Goodwill 113,453,854
Intangvel 289,091,874
Tangvel 81,684,942
Outros Investimentos Financeiros 63,213
Dividas Comerciais de Longo Prazo a Receber 1,681,388
Outros Ativos No Correntes 0
Ativos Por Impostos Diferidos 7,566,455
Total do Ativo No Corrente: 493,541,726
Ativo Corrente
Inventrios 30,004,157
Dvidas Comerciais de Curto Prazo a Receber 59,466,976
Activos por Impostos Correntes 8,960,256
Outros Ativos Correntes 7,849,984
Caixa e Equivalentes a Caixa 838,156
Total do Ativo Corrente 107,119,529
Total do Ativo 600,661,255

Capital Prprio e Passivo

Capital Prprio
Capital 100,092,500
Aces Prprias (Valor Nominal) (2,242,500)
Aces Prprias (Descontos e Prmios) (159,117)
Excendentes de Revalorizao 17,124,033
Reservas Legais 1,565,652
Outras Reservas 41,076,658
Alteraes Nos Interesses 0
Resultados Retidos (32,787,812)
Resultado Lquido do Perodo 9,470,036
Interesses Minoritrios (119,732)
Total do Capital Prprio 134,019,718
Passivo
Passivo No Corrente
Emprstimos de Longo Prazo 238,039,928
Dvidas Comerciais de Longo Prazo a Pagar 7,932,364
Provises 1,203,520
Passivos por Impostos Diferidos 72,081,000
Outros Passivos Financeiros 0
Total do Passivo No Corrente: 319,256,811
Passivo Corrente
Emprstimos de Curto Prazo 19,726,868
Dvidas Comerciais de Curto Prazo a Pagar 36,704,742
Passivos por Impostos Correntes 4,997,480
Outras Contas de Curto Prazo a Pagar 18,547,719
Outros Passivos Financeiros 0
Equivalentes a Caixa 67,407,917
Total do Passivo Corrente: 147,384,726
Total do Passivo: 466,641,537
Total do Capital Prprio e Passivo 600,661,255
 2011 2012 2013 2014

113,453,854 113,453,854 113,453,854 113,453,854

290,466,141 290,441,498 288,637,738 286,437,527
75,735,032 71,798,144 67,269,904 63,636,279
66,705 66,705 66,705 69,720
2,319,644 1,780,230 1,448,455 1,412,132
0 0 56,356 4,892
4,565,818 2,420,620 2,272,184 1,923,781
486,607,194 479,961,051 473,205,195 466,938,185

30,105,005 31,205,131 28,418,990 31,825,881

49,635,364 51,569,309 51,504,294 51,733,383
12,759,890 3,678,082 3,374,266 4,952,594
4,829,055 7,709,631 5,707,061 5,743,456
801,345 1,565,173 2,238,393 63,933,053
98,130,659 95,727,327 91,243,004 158,188,366
584,737,853 575,688,378 564,448,200 625,126,552

100,092,500 100,092,500 100,092,500 100,092,500

(3,186,213) (3,936,813) (4,061,813) (4,061,813)
(372,450) (485,107) (494,453) (494,638)
17,009,760 16,997,252 16,992,402 14,354,685
1,565,652 1,565,652 1,565,652 1,566,533
40,753,179 33,843,916 33,121,595 22,039,600
0 0 0 34,020,359
(26,874,796) (25,737,570) (20,719,195) (12,724,253)
4,149,465 928,804 4,555,000 5,080,490
(42,139) (59,359) (214,370) 64,194,699
133,094,957 123,209,275 130,837,318 224,068,162

188,828,448 176,753,423 207,201,939 196,144,447

10,513,458 13,675,652 9,078,186 8,475,678
1,041,506 1,335,055 1,159,176 1,451,041
71,355,974 71,256,394 71,220,696 63,920,627
0 380 0 0
271,739,386 263,020,904 288,659,997 269,991,794

35,855,757 31,258,737 36,712,648 31,433,093

47,577,217 38,905,129 43,315,085 48,947,724
6,670,327 2,112,431 2,882,167 5,458,197
 14,956,302 11,541,925 12,416,798 12,419,884
380 16,411,094 20,957,115 19,612,850
74,843,528 89,228,884 28,667,070 13,194,848
179,903,511 189,458,199 144,950,884 131,066,596
451,642,897 452,479,103 433,610,881 401,058,390
584,737,853 575,688,378 564,448,200 625,126,552
 Rendimentos e Gastos
Vendas e Servios Prestados
Outros Rendimentos Operacionais
Ganhos/Perdas Imputados de Subsidirias, Associadas e Empreendimentos Conjuntos
Custo das Mercadorias Vendidas e Matrias Consumidas
Fornecimentos e Servios Externos
Gastos com Pessoal
Provises e Perdas de Imparidade
(Perdas) / Ganhos com a Alienao de Ativos Tangveis
Outros Gastos e Perdas
Resultado Antes de Depreciaes, Gastos de Financiamento e Impostos:
(Gastos)/Reverses de Depreciao e Amortizao
Resultado Operacional (Antes de Gastos de Financiamento e Impostos):
Rendimentos e Ganhos Finaceiros
Gastos e Perdas Financeiras
(Perdas) / Ganhos em Empresas Associadas
Resultado Antes de Impostos:
Imposto Sobre o Rendimento do Exerccio
Resultado Lquido do Exerccio:
 2010 2011 2012 2013 2014
342,685,814 331,558,596 295,653,796 301,662,964 309,978,328
11,636,311 9,898,314 13,437,654 10,098,642 10,940,658
(1,227,230) 100,000 0 0 0
(150,456,057) (153,554,636) (144,160,691) (145,428,494) (146,015,922)
(109,485,208) (98,192,980) (87,338,865) (87,683,967) (94,246,931)
(37,295,883) (36,179,993) (35,352,039) (35,102,044) (34,573,905)
(2,476,493) (2,387,296) (2,052,127) (1,570,126) (1,426,870)
251,126 300,873 98,917 37,839 80,106
(4,731,898) (7,303,343) (4,690,497) (2,805,104) (3,068,473)
48,900,482 44,239,535 35,596,149 39,209,710 41,666,990
(18,174,172) (18,261,379) (14,343,571) (14,635,663) (14,211,981)
30,726,310 25,978,155 21,252,578 24,574,046 27,455,009
1,829,659 1,036,442 1,150,204 645,383 1,687,279
(18,974,646) (20,229,091) (21,415,085) (20,755,239) (20,788,067)
(27,904) 45,474 (54,167) (151,814) 6,823,058
13,609,227 6,740,032 1,041,864 4,616,004 1,531,163
(4,139,192) (2,590,567) (113,061) (61,004) 3,549,327
9,470,036 4,149,465 928,803 4,555,000 5,080,490
 Fluxos de Caixa das Atividades Operacionais
Recebimentos de Clientes e Empresas do Grupo
Pagamentos a Fornecedores e Empresas do Grupo
Pagamentos ao Pessoal
Caixa Gerada Pelas Operaes:
Recebimento/Pagamentos do Imposto sobre o Valor Acrescentado
Recebimento/Pagamentos do Imposto sobre o Rendimento
Outros Recebimentos/ Pagamento Relativos Atividade Operacional
Fluxos de Caixa das Atividades Operacionais:
Fluxos de Caixa das Atividades de Investimento
Recebimentos Provenientes de:
Investimentos Financeiros
Ativos Fixos Tangveis
Subsdios de Investimento
Juros e Proveitos Similares
Total Recebimentos:
Pagamentos Respeitantes a:
Investimentos Financeiros
Ativos Fixos Tangveis
Ativos Fixos Intangveis
Total Pagamentos:
Fluxos de Caixa das Atividades de Investimento:
Fluxos de Caixa das Atividades de Financiamento
Recebimentos Provenientes de:
Emprestimos Obtidos
Outros
Total Recebimentos:
Pagamentos Respeitantes a:
Emprstimos Obtidos
Amortizaes de Contratos de Locao Financeira
Juros Suportados e Custos Similares
Dividendos
Redues de Capital, Prestaes Sumplementares
Aquisio de Aces Prprios
Outros
Total Pagamentos:
Fluxos de Caixa das Atividades de Financiamento:
Variaes de Caixa e Seus Equivalentes:
Caixa e Seus Equivalentes do Incio do Exerccio:
Caixa e Seus Equivalentes no Fim do Exerccio:
 2010 2011 2012 2013 2014
335,080,888 355,329,550 327,264,131 323,515,713 343,805,458
(263,587,707) (273,562,392) (256,912,827) (235,229,753) (267,602,738)
(35,014,417) (34,336,170) (34,163,075) (33,181,624) (33,159,444)
36,478,765 47,430,988 36,188,229 55,104,336 43,043,276
18,031,467 14,442,742 4,182,698 (3,885,190) (1,867,334)
(439,366) (460,503) (1,506,581) 72,223 (2,363,091)
(8,101,780) (2,425,301) 1,433,797 (2,272,847) (1,490,678)
45,969,086 58,987,926 40,298,142 49,018,523 37,322,173

900,000 100,000 94,441 0 88,188,675

52,331 563,156 2,027,552 1,077,556 761,623
0 0 11,745 42,682 170,445
415,371 486,521 485,609 221,947 290,837
1,367,701 1,149,677 2,619,347 1,342,185 89,411,581

(1,902,992) 0 0 (310,723) 0
(8,069,495) (11,532,483) (12,301,036) (4,441,858) (5,217,892)
(4,043,852) (3,865,654) (3,468,961) (1,034,059) (1,044,918)
(14,016,339) (15,398,137) (15,769,997) (5,786,639) (6,262,810)
(12,648,638) (14,248,460) (13,150,650) (4,444,455) 83,148,771

83,265,524 14,006,000 43,877,426 88,553,880 86,956,961

0 0 0 0 210,000
83,265,524 14,006,000 43,877,426 88,553,880 87,166,961

(92,296,731) (47,479,778) (60,042,905) (52,993,266) (104,023,904)

(413,188) (231,126) (37,063) (55,737) (281,548)
(16,817,726) (17,439,233) (17,814,130) (18,810,322) (17,557,073)
0 0 (5,805,632) 0 (6,722,152)
0 0 0 0 0
(793,792) (1,067,750) (946,715) (33,590) (31,885)
0 0 0 0 (1,854,462)
(110,321,437) (66,217,889) (84,646,445) (71,892,915) (130,471,024)
(27,055,913) (52,211,889) (40,769,020) 16,660,966 (43,304,063)
6,264,536 (7,472,422) (13,621,527) 61,235,033 77,166,881
(72,834,297) (66,569,761) (74,042,184) (87,663,711) (26,428,677)
(66,569,761) (74,042,184) (87,663,711) (26,428,677) 50,738,204
 Clculos e dados auxiliares
Custos Variveis
Custos Fixos
Gastos de Financiamento Lquidos
Capitais Permanentes
Juros Suportados
Fornecimentos e Servios Externos
Gastos com Pessoal
Vendas

Indicadores auxiliares
Margem de Contribuio
Rotao do ativo

Custos Variveis
235000000
230000000
225000000
220000000
215000000
210000000
205000000
200000000
195000000
2010 2011 2012 2013 2014

Capitais Permanentes
450000000
400000000
350000000
300000000
250000000
200000000
150000000
100000000
50000000
0
2010 2011 2012 2013 2014
200000000
150000000
100000000
50000000
0
2010 2011 2012 2013 2014

Rotao do ativo
0.58

0.56

0.54

0.52

0.50

0.48

0.46

0.44
2010 2011 2012 2013 2014
.
 Frmula
CMVMC+75%FSE
Gastos c/Pessoal+25%FSE+OGP + ORG+ Gastos/ReverAmort
JS-JO
CP+Financiamentos Obidos+Acionistas
JS
FSE
Gastos c/Pessoal
Vendas e Serv.Prestados

Frmula
V-CV
V/A

os Variveis Custos Fixos

70000000

60000000

50000000

40000000

30000000

20000000

10000000

0
2012 2013 2014 2011 2012 2013

s Permanentes Vendas
350000000
340000000
330000000
320000000
310000000
300000000
290000000
280000000
270000000
2012 2013 2014 2010 2011 2012
 310000000
300000000
290000000
280000000
270000000
2012 2013 2014 2010 2011 2012

o do ativo

2012 2013 2014

 2010 2011 2012 2013 2014
232,569,963 227,199,371 209,664,839 211,191,469 216,701,120
57,762,772 58,133,268 48,439,598 49,729,498 50,263,453
(20,804,305) (21,265,533) (22,565,289) (21,400,622) (22,475,346)
372,059,646 321,923,404 299,962,698 338,039,257 420,212,609
18,974,646 20,229,091 21,415,085 20,755,239 20,788,067
109,485,208 98,192,980 87,338,865 87,683,967 94,246,931
37,295,883 36,179,993 35,352,039 35,102,044 34,573,905
342,685,814 331,558,596 295,653,796 301,662,964 309,978,328

2010 2011 2012 2013 2014

110,115,851 104,359,225 85,988,956 90,471,495 93,277,208
0.57 0.57 0.51 0.53 0.50

Custos Fixos Gastos de Financia

(19500000)
2010 2011
(20000000)

(20500000)

(21000000)

(21500000)

(22000000)

(22500000)

2013 2014 (23000000)

Vendas Margem de Co
120000000

100000000

80000000

60000000

40000000

20000000

0
2012 2013 2014 2010 2011
 60000000

40000000

20000000

0
2012 2013 2014 2010 2011
Gastos de Financiamento Lquidos

2011 2012 2013 2014

Margem de Contribuio

2011 2012 2013 2014

2011 2012 2013 2014
 Indicador: Frmula:
Grau de Alavancagem Operacional MC / EBIT
Grau de Alavancagem Financeira EBIT / EBT
Margem de Segurana [(V - Q') / V]

Grau de Alavancagem Combinado GAO GAF

Ponto Crtico das Vendas (Valor) CF / (MC / V)

Grau de Alavancagem Operacional MC / EBIT

4.20

4.00

3.80

3.60

3.40

3.20

3.00
2010 2011 2012 2013 2014

Grau de Alavancagem Combinado GAO GAF

90.00
80.00
70.00
60.00
50.00
40.00
30.00
20.00
10.00
0.00
2010 2011 2012 2013 2014
.
 2010 2011 2012 2013
3.58 4.02 4.05 3.68
2.26 3.85 20.40 5.32
47.5% 44.3% 43.7% 45.0%

8.09 15.48 82.53 19.60

179,760,519 184,694,593 166,548,725 165,815,186

al MC / EBIT Grau de Alavancagem Financeira EBIT / EBT

25.00

20.00

15.00

10.00

5.00

0.00
2013 2014 2010 2011 2012 2013 2014

o GAO GAF Ponto Crtico das Vendas (Valor) CF / (MC / V)

190,000,000

185,000,000

180,000,000

175,000,000

170,000,000

165,000,000

160,000,000

155,000,000
2013 2014 2010 2011 2012 2013 2014
 2014
3.40
17.93
46.1%

60.92
167,035,245

nanceira EBIT / EBT Margem de Segurana [(V - Q') / V]

48.0%

47.0%

46.0%

45.0%

44.0%

43.0%

42.0%

41.0%
2010 2011 2012 2013
2013 2014

(Valor) CF / (MC / V)

2012 2013 2014

a [(V - Q') / V]

2013 2014
 Indicador: Frmula: 2010
Rcio de Liquidez Geral Ac / Pc 0.73

Rcio de Liquidez Reduzida (Ac - Inv.)/Pc 0.52

Rcio de Liquidez Imediata MFL / Pc 0.00569

Rcio de Liquidez Geral Ac / Pc

1.40

1.20

1.00

0.80

0.60

0.40

0.20

0.00
2010 2011 2012 2013 2014

Rcio de Liquidez Imediata MFL / Pc

0.60000

0.50000

0.40000

0.30000

0.20000

0.10000

0.00000
2010 2011 2012 2013 2014
.
 2011 2012 2013 2014
0.55 0.51 0.63 1.21

0.38 0.34 0.43 0.96

0.00445 0.00826 0.01544 0.48779

c Rcio de Liquidez Reduzida (Ac - Inv.)/Pc

1.20

1.00

0.80

0.60

0.40

0.20

0.00
13 2014 2010 2011 2012 2013 2014

/ Pc

13 2014
.)/Pc

2014
 Indicador:
Rcio de Autonomia Financeira
Regra do Equilbrio Financeiro Mnimo
Passivo Total / Ativo

Debt-to-Equity-Ratio
Passivo No Corrente / Ativo
Passivo Corrente / Ativo
Capitais Permanentes / Ativo
Ativo No Corrente / Ativo Total
Ativo Corrente / Ativo Total
Solvabilidade

Rcio de Autonomia FinanceiraCP/A

40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
2010 2011 2012 2013 2014

Debt-To-Equity-Ratio
400.0%
350.0%
300.0%
250.0%
200.0%
150.0%
100.0%
50.0%
0.0%
2010 2011 2012 2013 2014
 Capitais Permanentes / Ativo
80.0%
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
2010 2011 2012 2013 2014

Solvabilidade
60.0%

50.0%

40.0%

30.0%

20.0%

10.0%

0.0%
2010 2011 2012 2013 2014
.
Frmula: 2010 2011 2012 2013 2014
CP / A 22.3% 22.8% 21.4% 23.2% 35.8%
Cper / Anc 0.75 0.66 0.62 0.71 0.90
P/A 77.7% 77.2% 78.6% 76.8% 64.2%

P / CP 348.2% 339.3% 367.2% 331.4% 179.0%

Pnc / A 53.2% 46.5% 45.7% 51.1% 43.2%
P/A 24.5% 30.8% 32.9% 25.7% 21.0%
Cper / A 61.9% 55.1% 52.1% 59.9% 67.2%
Anc / A 82.2% 83.2% 83.4% 83.8% 74.7%
Ac / A 17.8% 16.8% 16.6% 16.2% 25.3%
CP / P 28.7% 29.5% 27.2% 30.2% 55.9%

Regra do Equilbrio Financeiro Mnimo

Cper/Anc
1.00
0.90
0.80
0.70
0.60
0.50
0.40
0.30
0.20
0.10
0.00
2010 2011 2012 2013 2014

Passivo No Corrente / Ativo

60.0%

50.0%

40.0%

30.0%

20.0%

10.0%

0.0%
2010 2011 2012 2013 2014
 Ativo No Corrente / Ativo Total
86.0%
84.0%
82.0%
80.0%
78.0%
76.0%
74.0%
72.0%
70.0%
2010 2011 2012 2013 2014

2014
 Passivo Total/ Ativo
90.0%
80.0%
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
2010 2011 2012 2013 2014

Passivo Corrente / Ativo

35.0%

30.0%

25.0%

20.0%

15.0%

10.0%

5.0%

0.0%
2014 2010 2011 2012 2013 2014
 Ativo Corrente / Ativo Total
30.0%

25.0%

20.0%

15.0%

10.0%

5.0%

0.0%
2014 2010 2011 2012 2013 2014
 Indicador
Rentabilidade da Produo
Rentabilidade do Ativo (Earning Power)
Rentabilidade do Ativo (Return on Asset-ROA)
Rentabilidade Financeira (Return on Equity-ROE)
Anlise Dupont (Sinttica)
Anlise Dupont (Desenvolvida)*

*Anlise Dupont Desenvolvida:

Alavancagem
Rentabilidade Operacional das Vendas
Efeito dos Gastos de Financiamento
Efeito Fiscal
Rotao do Ativo

Rentabilidade da produo
3.00%

2.50%

2.00%

1.50%

1.00%

0.50%

0.00%
2010 2011 2012 2013 2014

Rentabilidade do ativo (Return o Asset-ROA)

1.80%
1.60%
1.40%
1.20%
1.00%
0.80%
0.60%
0.40%
0.20%
0.00%
2010 2011 2012 2013 2014
 0.80%
0.60%
0.40%
0.20%
0.00%
2010 2011 2012 2013 2014

Anlise Dupot (Sinttica)

8.00%
7.00%
6.00%
5.00%
4.00%
3.00%
2.00%
1.00%
0.00%
2010 2011 2012 2013 2014

.
 Frmula 2010
RL/Produo 2.76%
RAIGF/Ativo 5.12%
RL/A 1.58%
RL/CP 7.07%
(RL/V) (V/A) (A/Sit Lquida) 7.07%
(RAIGF/V) (V/A) (A/Sit Lquida) (RAI/RAIGF) (RL/RAI) 7.07%

Frmula: 2010
A/Sit Lquida 4.48
RAIGF / V 8.97%
RAI/RAIGF 44.29%
RL / RAI 69.59%
V/A 0.57

roduo Rentabilidade do ativo (Earnig Power)

6.00%

5.00%

4.00%

3.00%

2.00%

1.00%

0.00%
2013 2014 2010 2011 2012

n o Asset-ROA) Rentabilidade finaceira (Return on Equity-R

8.00%
7.00%
6.00%
5.00%
4.00%
3.00%
2.00%
1.00%
0.00%
2013 2014 2010 2011 2012
 4.00%
3.00%
2.00%
1.00%
0.00%
2013 2014 2010 2011 2012

ttica) Alise Dupot (Desenvolvida)

8.00%
7.00%
6.00%
5.00%
4.00%
3.00%
2.00%
1.00%
0.00%
2013 2014 2010 2011 2012
 2011 2012 2013 2014
1.25% 0.31% 1.51% 1.64%
4.44% 3.69% 4.35% 4.39%
0.71% 0.16% 0.81% 0.81%
3.12% 0.75% 3.48% 2.27%
3.12% 0.75% 3.48% 2.27%
3.12% 0.75% 3.48% 2.27%

2011 2012 2013 2014

4.39 4.67 4.31 2.79
7.84% 7.19% 8.15% 8.86%
25.94% 4.90% 18.78% 5.58%
61.56% 89.15% 98.68% 331.81%
0.57 0.51 0.53 0.50

ivo (Earnig Power)

2012 2013 2014

ra (Return on Equity-ROE)

2012 2013 2014

 2012 2013 2014

ot (Desenvolvida)

2012 2013 2014

 Indicador
Tempo Mdio de Recebimento
Tempo Mdio de Pagamento
Necessidades em Fundo de Maneio
Fundo de Maneio - Origem dos Capitais

Fundo de Maneio - Liquidez

Variao das Vendas e Servios Prestados
Variao FSE
Variao Gastos com Pessoal
Variao Ganhos de Financiamento Lquidos
Variao dos Resultados Lquidos

Tempo Mdio de Durao de Inventrios (SI)

Ciclo de Tesouraria

Tempo Mdio de Recebimento(Clientes/Vendas e Servios Prestados) x 365

66
64
62
60
58
56
54
52
50
2010 2011 2012 2013 2014

Ciclo de Tesouraria
Ciclo de Negcios + TMR - TMP
0
2010 2011 2012 2013 2014
-20
-40
-60
-80
-100
-120
-140
-160
-180
 -100
-120
-140
-160
-180

Vendas e Servios Prestados

350000000
340000000
330000000
320000000
310000000
300000000
290000000
280000000
270000000
2010 2011 2012 2013 2014

Fornecimentos e Servios Externos

120000000

100000000

80000000

60000000

40000000

20000000

0
2010 2011 2012 2013 2014
.
 Frmula
(Clientes / Vendas e Servios Prestados) 365
(Fornecedores / (Compras + FSE)) 365
(Inv. + Contas a Receber + Dif. Ativos - Contas a Pagar - Dif. Passivos)
CP + Pnc - Anc

Ac - Pc
-
-
-
-
-

(Inv. / (CMVMC + FSE + Gastos com Pessoal) 365

Ciclo de Negcios + TMR - TMP

Tempo Mdio de Pagamento (Fornecedores/(Compras+FSE

as e Servios Prestados) x 365 200
180
160
140
120
100
80
60
40
20
0
2010 2011 2012 2013
2013 2014

ria Necessidades em Fundo de Maneio

MR - TMP 50000000
45000000
2013 2014 40000000
35000000
30000000
25000000
20000000
15000000
10000000
5000000
0
2010 2011 2012 2013
 15000000
10000000
5000000
0
2010 2011 2012 2013

stados Rendimentos e Ganhos Finaceiros

2000000
1800000
1600000
1400000
1200000
1000000
800000
600000
400000
200000
0
2013 2014 2010 2011 2012 2013

Externos Gastos com Pessoal

38000000
37500000
37000000
36500000
36000000
35500000
35000000
34500000
34000000
33500000
33000000
2013 2014 2010 2011 2012 2013
 2010 2011 2012 2013 2014
63 55 64 62 61
122 177 163 180 190
46,031,432 28,125,468 41,602,669 30,390,560 27,429,509
(40,265,197) (81,772,852) (93,730,872) (53,707,880) 27,121,770

(40,265,197) (81,772,852) (93,730,872) (53,707,880) 27,121,770

4.6% -3.4% -12.1% 2.0% 2.7%
6.5% -11.5% -12.4% 0.4% 7.0%
-9.1% -3.1% -2.3% -0.7% -1.5%
57.6% -76.5% 9.9% -78.2% 61.8%
162.1% -128.2% -346.8% 79.6% 10.3%

37 38 43 39 42
-96 -160 -142 -157 -171

ornecedores/(Compras+FSE)) x365 Tempo Mdio de Durao de Inventr

(Inv. / (CMVMC + FSE + Gastos com Pess
44

42

40

38

36

34

2012 2013 2014 32

2010 2011 2012 2013

m Fundo de Maneio Fundo de Maneio

40000000

20000000

0
2010 2011 2012
(20000000)

(40000000)

(60000000)

(80000000)

2012 2013 2014 (100000000)

 (60000000)

(80000000)

2012 2013 2014 (100000000)

s e Ganhos Finaceiros Resultado Lquido do

10000000
9000000
8000000
7000000
6000000
5000000
4000000
3000000
2000000
1000000
0
2012 2013 2014 2010 2011 2012

com Pessoal

2012 2013 2014

 o de Inventrios (SI)
Gastos com Pessoal) 365

012 2013 2014

do de Maneio

2012 2013 2014

ado Lquido do Exerccio:

011 2012 2013 2014

 ndice:
Capitalizao Bolsista
Earning per Share
Dividend Per Share
Price Earning Ratio
Price Book Value
Payout Ratio
Frmula:
N Aes P unit.
RLP / N Aes
Dividendos / N Aes
Cotao / (RLP / N Aes)
Cotao / (CP / N Aes)
Dividendos / RLP

Book Value Per Share CP / N Aes

Dividend Yield Dividend Per Share / Cotao

Nmero de Aes -
Cotao Aes EUR a 31/12 -
Dividendos Distribudos RLP + Reservas Livres

Capitalizao Bolsista
N Aes P unit.
160,000,000
140,000,000
120,000,000
100,000,000
80,000,000
60,000,000
40,000,000
20,000,000
0
2010 2011 2012 2013 2014

Price Earning Ratio

Cotao / (RLP / N Aes)
140.00

120.00

100.00

80.00

60.00

40.00

20.00

0.00
2010 2011 2012 2013 2014
 60.00

40.00

20.00

0.00
2010 2011 2012 2013 2014

Book Value Per Share

CP / N Aes
2.50

2.00

1.50

1.00

0.50

0.00
2010 2011 2012 2013 2014

Cotao Aes EUR a 31/12

1.60

1.40

1.20

1.00

0.80

0.60

0.40

0.20

0.00
2010 2011 2012 2013 2014
.
 2010 2011 2012 2013 2014
145,134,125 119,110,075 111,102,675 108,099,900 113,104,525
0.09 0.04 0.01 0.05 0.05
0.00 0.00 0.06 0.00 0.07
15.33 28.70 119.62 23.73 22.26
1.08 0.89 0.90 0.83 0.50
0% 0% 625% 0% 132%

1.34 1.33 1.23 1.31 2.24

0.00 0.00 0.05 0.00 0.06

100,092,500 100,092,500 100,092,500 100,092,500 100,092,500

1.45 1.19 1.11 1.08 1.13
0 0 5,805,632 0 6,722,152

Earning per Share

RLP / N Aes
0.10
0.09
0.08
0.07
0.06
0.05
0.04
0.03
0.02
0.01
2014 0.00
2010 2011 2012 2013 2014

Price Book Value

Cotao / (CP / N Aes)
1.20

1.00

0.80

0.60

0.40

0.20

0.00
2010 2011 2012 2013 2014
 0.40

0.20

0.00
2010 2011 2012 2013 2014

Dividend Yield
Dividend Per Share / Cotao
0.07

0.06

0.05

0.04

0.03

0.02

0.01

0.00
2010 2011 2012 2013 2014

Dividendos Distribudos
RLP + Reservas Livres
8,000,000
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0
2010 2011 2012 2013 2014
 Dividend Per Share
Dividendos / N Aes
0.08
0.07
0.06
0.05
0.04
0.03
0.02
0.01
0.00
2010 2011 2012 2013 2014

Payout Ratio
Dividendos / RLP
700%

600%

500%

400%

300%

200%

100%

0%
2010 2011 2012 2013 2014
300%

200%

100%

0%
2010 2011 2012 2013 2014

Nmero de Aes
120,000,000

100,000,000

80,000,000

60,000,000

40,000,000

20,000,000

0
2010 2011 2012 2013 2014
3 2014

013 2014
013 2014

2013 2014
 VAB - tica da Produo
Produo / Vendas
Outros Rendimentos e Ganhos
CMVMC
FSE
Outros Gastos e Perdas
Alienao de Ativos
Total:

VAB - tica da Distribuio

Gastos com Pessoal
Juros e Gastos Similares Suportados - Lquidos
IRC
Dividendos
RLP Afetos a Reservas
Gastos/Reverses Amort. e Dep.
Provises (Aumentos/Redues)
Total:
 2010 2011 2012 2013 2014
342,685,814 331,558,596 295,653,796 301,662,964 309,978,328
11,636,311 9,898,314 13,437,654 10,098,642 10,940,658
(150,456,057) (153,554,636) (144,160,691) (145,428,494) (146,015,922)
(109,485,208) (98,192,980) (87,338,865) (87,683,967) (94,246,931)
(5,959,128) (7,203,343) (4,690,497) (2,805,104) (3,068,473)
251,126 300,873 98,917 37,839 80,106
88,672,858 82,806,823 73,000,314 75,881,880 77,667,766

2010 2011 2012 2013 2014

37,295,883 36,179,993 35,352,039 35,102,044 34,573,905
17,117,083 19,238,123 20,210,714 19,958,042 25,923,846
4,139,192 2,590,567 113,061 61,004 (3,549,327)
0 0 (5,805,632) 0 (6,722,152)
9,470,036 4,149,465 6,734,435 4,555,000 11,802,642
18,174,172 18,261,379 14,343,571 14,635,663 14,211,981
2,476,493 2,387,296 2,052,127 1,570,126 1,426,870
88,672,858 82,806,823 73,000,314 75,881,880 77,667,766
 Mapa de Fluxos Financeiros - Origens 2010
Resultados Operacionais 11,636,311
Gastos/Reverses Depreciaes e Amortizaes 18,174,172
Variao Provises e Imparidades (596,669)
Cash-Flow Operacional: 29,213,814
Variao de Contas a Receber Correntes - Explorao* 59,486,283
Variao de Inventrios (4,607,703)
Variao de Contas a Pagar Correntes - Explorao* 95,728,473
Fluxo Operacional de Tesouraria 70,063,707
Imposto sobre Lucros (4,139,192)
Fluxo Corrente de Tesouraria 65,924,515
Juros e Gastos Similares Lquidos 17,117,083
Fluxo Gerado de Tesouraria 83,041,598
Variao nos Financiamentos Obtidos Correntes (925,090)
Variao nos Financiamentos Obtidos No Correntes (10,455,688)
Aumentos de Capital por Entradas em Dinheiro 0
Fluxo Lquido de Tesouraria 71,660,820

Mapa de Fluxos Financeiros - Aplicaes 2010

Investimento em Ativos No Correntes 71,348,887
Distribuio de Resultados 0
Aumento de Meios Financeiros Lquidos 311,933
Fluxo Lquido de Tesouraria: 71,660,820

*Valores retirados da rubrica Adientamento a Fornecedores e da rubrica Fornec

As variaes na parte dos dados de 2009 foram diretamente retiradas do reltorio nic

160000000

140000000

120000000
Fluxo Operacional de
100000000 Tesouraria
Fluxo Corrente de
80000000
Tesouraria
60000000 Fluxo Gerado de
Tesouraria
40000000 Fluxo Lquido de Tesouraria

20000000

0
2010 2011 2012 2013 2014
 2011 2012 2013 2014
25,978,155 21,252,578 24,574,046 27,455,009
18,261,379 14,343,571 14,635,663 14,211,981
(162,014) 293,549 (175,878) 291,865
44,077,521 35,889,698 39,033,831 41,958,855
49,686,365 53,390,912 52,726,445 51,920,261
100,848 1,100,127 (2,786,141) 3,406,890
114,953,865 89,268,099 100,794,158 114,499,757
109,244,173 70,666,758 89,887,685 101,131,460
(2,590,567) (113,061) (61,004) 3,549,327
106,653,606 70,553,697 89,826,681 104,680,787
19,238,123 20,210,714 19,958,042 25,923,846
125,891,729 90,764,411 109,784,724 130,604,634
16,128,889 (4,597,020) 5,453,911 (5,279,555)
(49,211,481) (12,075,025) 30,448,516 (11,057,491)
0 0 0 0
92,809,138 74,092,367 145,687,150 114,267,588

2011 2012 2013 2014

92,845,949 79,134,171 145,013,930 59,295,080
0 (5,805,632) 0 (6,722,152)
(36,811) 763,828 673,220 61,694,659
92,809,138 74,092,367 145,687,150 114,267,588

dores e da rubrica Fornecedores dos relatorios de contas

etiradas do reltorio nico de 2009

cional de

te de

o de

o de Tesouraria