Finanças Empresariais No final deste capítulo dever ser capaz de:

Identificar e interpretar a informação proporcionada pelas

demonstrações financeiras de uma empresa.
Demonstrações financeiras e 

fluxos de caixa Distinguir valor de mercado e valor contabilístico.

Distinguir taxas médias e taxas marginais de impostos.

Nelson Areal Distinguir fluxos de caixa contabilísticos e financeiros, e fluxos
Departamento de Gestão
de caixa e resultados contabilísticos.

Calcular os fluxos de caixa de uma empresa.

O balanço de uma empresa

Passivo

Activo
CP
circulante
Passivo

ML
O que é?

Activo

Capitais

fixo
próprios

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O balanço de uma empresa

Activo
Passivo
Como é que um balanço
circulante/ CP/Corrente
corrente Passivo ML/
está ordenado?
Não corrente

Activo

fixo/Não Capitais

corrente próprios

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O balanço de uma empresa O balanço de uma empresa

2007 2006 2007 2006

Activo Os activos são apresentados

Current assets:
Cash and equivalents $140 $107
Current Liabilities:
Accounts payable $213 $197

circulante pela ordem da sua liquidez

Accounts receivable
Inventories
294
269
270
280
Notes payable
Accrued expenses
50
223
53
205
Other 58 50 Total current liabilities $486 $455
(velocidade com que podem ser Total current assets $761 $707
transformados em meios líquidos Fixed assets:
Long-term liabilities:
Deferred taxes $117 $104
de pagamento). Property, plant, and equipment $1,423 $1,274
Less accumulated depreciation (550) (460)
Long-term debt
Total long-term liabilities
471
$588
458
$562
Net property, plant, and equipment 873 814

Activo Intangible assets and other

Total fixed assets
245 221
$1,118 $1,035
Stockholder's equity:
Preferred stock $39 $39

fixo O dinheiro é bem mais líquido do Common stock ($1 per value)
Capital surplus
55
347
32
327
que os terrenos, edifícios ou Accumulated retained earnings
Less treasury stock
390
(26)
347
(20)
equipamento. Total equity $805 $725
Total assets $1,879 $1,742 Total liabilities and stockholder's equity $1,879 $1,742
 O balanço de uma empresa Quando analisamos um balanço
devemos ter em conta:
Passivo

=
Activo
CP
circulante
Passivo

ML Liquidez

Capitais alheios vs Capitais próprios

Activo

fixo Capitais

próprios
Valor vs Custo

Liquidez

É boa para a empresa?

Poderá ser em demasia?

Liquidez
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Liquidez
Capitais alheios
Probabilidade de
cumprimento das
obrigações de curto
Liquidez prazo vs

Rendibilidade desses Capitais próprios

capitais

O balanço de uma empresa

Passivo

Valor
Activo
CP
circulante
Passivo

ML
vs
Resulta da diferença
Activo

Capitais

fixo
próprios
Custo
 Photo by Francesco Crippa - http://flic.kr/p/2jf3yP

Activo

circulante

Activo
Valores registados ao
fixo preço de custo

Qual é o objectivo clássico?

Acções

Empréstimos

Maximizar a riqueza dos

accionistas Que valor?
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 Demonstração de resultados

Demonstração dos resultados Definição contabilística de resultados:

da empresa = Receitas - Despesas

Demonstração de resultados Demonstração de resultados

Total operating revenues! $2,262! Total operating revenues! $2,262!

Cost of goods sold! 1,655! Cost of goods sold! 1,655!
Resultados Selling, general, and administrative expenses! 327! Selling, general, and administrative expenses! 327!
operacionais Depreciation! 90! Depreciation! 90!
Operating income! $190! Operating income! $190!
Other income! 29! Other income! 29!
Earnings before interest and taxes! $219! Earnings before interest and taxes! $219!
Interest expense! 49!
Resultados Interest expense! 49!
Pretax income! $170! não Pretax income! $170!
Taxes! 84! Taxes! 84!
Current: $71! operacionais Current: $71!
Deferred: $13! Deferred: $13!
Net income! $86! Net income! $86!
Addition to retained earnings $43! Addition to retained earnings $43!
Dividends: $43! Dividends: $43!
Demonstração de resultados Demonstração de resultados

Total operating revenues! $2,262! Total operating revenues! $2,262!

Cost of goods sold! 1,655! Cost of goods sold! 1,655!
Selling, general, and administrative expenses! 327! Selling, general, and administrative expenses! 327!
Depreciation! 90! Depreciation! 90!
Operating income! $190! Operating income! $190!
Other income! 29! Other income! 29!
Earnings before interest and taxes! $219! Earnings before interest and taxes! $219!
Interest expense! 49! Interest expense! 49!
Pretax income! $170! Pretax income! $170!
Taxes! 84! Taxes! 84!
Impostos Current: $71! Current: $71!
Deferred: $13! Deferred: $13!
Net income! $86! Resultados Net income! $86!
Addition to retained earnings $43! Addition to retained earnings $43!
Dividends: $43! líquidos Dividends: $43!

Demonstração de resultados Demonstração de resultados

GAAP
Quando analisamos uma DR devemos ter em conta:

Receitas reportadas quando ocorre a venda

GAAP
(princípio da especialização dos exercícios)
Elementos que não são FC

Tempo e custos
 Demonstração de resultados Demonstração de resultados
Elementos que não são FC

Amortizações
Resultados líquidos não
correspondem a €
Provisões

Impostos Impostos

Variabilidade

Complexidade

Importância

Variedade

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Impostos Fundo de maneio

Taxa marginal vs taxa média = Activo circulante - Passivo de curto prazo

Fundo de maneio Current assets:

Cash and equivalents
2007

$140
2006

$107
Current Liabilities:
Accounts payable
2007

$213
2006

$197
Accounts receivable 294 270 Notes payable 50 53
Inventories 269 280 Accrued expenses 223 205
Other 58 50 Total current liabilities $486 $455
Total current assets $761 $707
Passivo
Long-term liabilities:
Activo
CP
Fixed assets:
Property, plant, and equipment $1,423 $1,274
Deferred taxes
Long-term debt
$117
471
$104
458
circulante Less accumulated depreciation (550) (460) Total long-term liabilities $588 $562

Fundo de maneio Passivo

Net property, plant, and equipment 873
Intangible assets and other 245
814
221 Stockholder's equity:
ML Total fixed assets $1,118 $1,035 Preferred stock
Common stock ($1 per value)
$39
55
$39
32
Capital surplus 347 327
Accumulated retained earnings 390 347
Less treasury stock (26) (20)
Total equity $805 $725
Activo
Total assets $1,879 $1,742 Total liabilities and stockholder's equity $1,879 $1,742
Capitais

fixo próprios

FM (2007)= $761-$486=$275
Current assets:
Cash and equivalents
2007

$140
2006

$107
Current Liabilities:
Accounts payable
2007

$213
2006

$197
Fundo de maneio
Accounts receivable 294 270 Notes payable 50 53
Inventories 269 280 Accrued expenses 223 205
Other 58 50 Total current liabilities $486 $455
Total current assets $761 $707
Long-term liabilities:
Fixed assets:
Property, plant, and equipment $1,423 $1,274
Deferred taxes
Long-term debt
$117
471
$104
458 Variação do FM
Less accumulated depreciation (550) (460) Total long-term liabilities $588 $562
Net property, plant, and equipment 873 814
Intangible assets and other
Total fixed assets
245 221
$1,118 $1,035
Stockholder's equity:
Preferred stock $39 $39 = FM (2007) - FM (2006)

= $275-$252

Common stock ($1 per value) 55 32

Capital surplus 347 327
Accumulated retained earnings 390 347
Less treasury stock
Total equity
(26)
$805
(20)
$725
= $23
Total assets $1,879 $1,742 Total liabilities and stockholder's equity $1,879 $1,742

FM (2006)= $707-$455=$252 Corresponde a um investimento

Fluxos de caixa

Financeiros
Fluxos de caixa 

financeiros
≠
Contabilísticos
Fluxos de caixa financeiros

Porque é que os FC
são importantes em
finanças?

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A empresa e os mercados de capitais

Fluxos de caixa financeiros
Empresa emite títulos (A)

Invests

in assets
 FC retidos (F) Mercados
Empresa
(B)
financeiros
Short-term debt
Current assets
 Fluxos de
 Dividendos e pag. 
 Long-term debt
Fixed assets caixa (C) empréstimos (E)
Equity shares FC(Activos)= FC(Credores) + FC(Investidores)
Imposto (D)

FC que são gerados

A empresa deve ser Estado devem ser > do que
capaz de gerar FC
os que saem
Fluxos de caixa financeiros Fluxos de caixa financeiros
Cash Flow of the Firm Cash Flow of the Firm
Operating cash flow $238 Operating cash flow $238
(Earnings before interest and taxes
plus depreciation minus taxes)
FC operacional (Earnings before interest and taxes
plus depreciation minus taxes)
Capital spending -173 Capital spending -173 Despesas em capital
(Acquisitions of fixed assets EBIT $219
(Acquisitions of fixed assets
minus sales of fixed assets) minus sales of fixed assets)
Additions to net working capital -23 Depreciações $90
Additions to net working capital -23 Compra de activos fixos $198

Total $42 Total $42 Venda de activos fixos -$25

Impostos -$71

Cash Flow of Investors in the Firm Cash Flow of Investors in the Firm Despesas em capital $173
Debt $36 FC operacional $238 Debt $36
(Interest plus retirement of debt (Interest plus retirement of debt
minus long-term debt financing) minus long-term debt financing)
Equity 6 Equity 6
(Dividends plus repurchase of (Dividends plus repurchase of
equity minus new equity financing) equity minus new equity financing) ou...
Total $42 Total $42

Current assets:
2007 2006
Current Liabilities:
2007 2006 Fluxos de caixa financeiros
Cash and equivalents $140 $107 Accounts payable $213 $197
Accounts receivable 294 270 Notes payable 50 53
Inventories 269 280 Accrued expenses 223 205
Cash Flow of the Firm
Other 58 50 Total current liabilities $486 $455
Total current assets $761 $707 Operating cash flow $238
Long-term liabilities: (Earnings before interest and taxes
Fixed assets: Deferred taxes $117 $104 plus depreciation minus taxes)
Property, plant, and equipment $1,423 $1,274 Long-term debt 471 458
Less accumulated depreciation (550) (460) Total long-term liabilities $588 $562
Capital spending -173
Net property, plant, and equipment 873 814 (Acquisitions of fixed assets
Intangible assets and other 245 221 Stockholder's equity: minus sales of fixed assets)
Total fixed assets $1,118 $1,035 Preferred stock
Common stock ($1 per value)
$39
55
$39
32
Additions to net working capital
Total
-23
$42
Variações do FM
Capital surplus 347 327
Accumulated retained earnings 390 347
Cash Flow of Investors in the Firm
Less treasury stock (26) (20) FM 2007 $275

Total equity $805 $725 Debt $36

Total assets $1,879 $1,742 Total liabilities and stockholder's equity $1,879 $1,742 (Interest plus retirement of debt FM 2006 -$252

minus long-term debt financing)

$23
Equity 6
Despesas em capital (Dividends plus repurchase of
equity minus new equity financing)
= Activos fixos(t) - Activos fixos(t-1) + (Depreciações) Total $42

= $1118 - $1035 + ($550-$460)=$173

Fluxos de caixa financeiros Fluxos de caixa financeiros
Cash Flow of the Firm Cash Flow of the Firm
Operating cash flow $238 Operating cash flow $238
(Earnings before interest and taxes (Earnings before interest and taxes
plus depreciation minus taxes)
Capital spending -173
plus depreciation minus taxes)
Capital spending -173
=’s
(Acquisitions of fixed assets (Acquisitions of fixed assets
minus sales of fixed assets) minus sales of fixed assets)
Additions to net working capital -23 Additions to net working capital -23
Total $42 FC financeiro Total $42
FC(Activos)=

Cash Flow of Investors in the Firm Cash Flow of Investors in the Firm
Debt $36 Debt $36 FC(Credores) +

(Interest plus retirement of debt (Interest plus retirement of debt
minus long-term debt financing)
Equity 6
minus long-term debt financing)
Equity 6
FC(Investidores)
(Dividends plus repurchase of (Dividends plus repurchase of
equity minus new equity financing) equity minus new equity financing)
Total $42 Total $42

Fluxos de caixa financeiros Fluxos de caixa financeiros

Cash Flow of the Firm
Operating cash flow
(Earnings before interest and taxes
$238 FC p/ credores
plus depreciation minus taxes)
Capital spending -173
(Acquisitions of fixed assets Juros $49
FC p/ credores
minus sales of fixed assets) Reembolso de capital 73

Additions to net working capital -23

Total $42 Serviço da dívida 122
= Juros pagos – Novos empréstimos
Cash Flow of Investors in the Firm Novos débitos -86

Debt $36
Total $36
= Juros pagos – (Emp ML (t) – Emp ML (t-1))
(Interest plus retirement of debt
minus long-term debt financing) =$49 – ($471 - $458) = $36
Equity 6
(Dividends plus repurchase of
equity minus new equity financing)
Total $42
ou...
Fluxos de caixa financeiros Fluxos de caixa financeiros
Cash Flow of the Firm
Operating cash flow $238
(Earnings before interest and taxes
plus depreciation minus taxes) FC p/ accionistas
Capital spending -173
FC p/ credores (Acquisitions of fixed assets Dividendos $43

minus sales of fixed assets) Aquisição de acções 6

Additions to net working capital -23

= Juros pagos – Novos empréstimos Total $42 FC para investidores 49

Cash Flow of Investors in the Firm Venda de novas acções -43

= Juros pagos – (Emp ML (t) – Emp ML (t-1)) Debt $36 Total $6

(Interest plus retirement of debt
=$49 – ($471 - $458) = $36 minus long-term debt financing)
Equity 6
DR Balanço
(Dividends plus repurchase of
equity minus new equity financing)
Total $42

Fluxos de caixa financeiros

Demonstração dos FC
contabilística
Demonstração dos FC contabilística Demonstração dos FC contabilística
2007 2006 2007 2006
Current assets: Current Liabilities:
Cash and equivalents $140 $107 Accounts payable $213 $197
Accounts receivable 294 270 Notes payable 50 53
Inventories 269 280 Accrued expenses 223 205
Other
Total current assets
58
$761
50
$707
Total current liabilities $486 $455
Componentes:
Long-term liabilities:
Fixed assets: Deferred taxes $117 $104
Property, plant, and equipment $1,423 $1,274 Long-term debt 471 458

FC das actividades operacionais

Less accumulated depreciation (550) (460) Total long-term liabilities $588 $562
Net property, plant, and equipment 873 814
Intangible assets and other 245 221 Stockholder's equity:
Total fixed assets $1,118 $1,035 Preferred stock $39 $39
Common stock ($1 per value) 55 32
Capital surplus
Accumulated retained earnings
347
390
327
347 FC dos investimentos
Less treasury stock (26) (20)
Total equity $805 $725
Total assets $1,879 $1,742 Total liabilities and stockholder's equity $1,879 $1,742

FC dos financiamentos
Explica a variação de caixa em 2007 =
=$140 - $107=$33

Demonstração dos FC contabilística Demonstração dos FC contabilística

FC actividades 

operacionais Operations!
Net Income! $86!
FC actividades de investimento
Depreciation! 90!
a partir dos Deferred Taxes! 13!
resultados líquidos Changes in Assets and Liabilities! CF resultantes da
Accounts Receivable! -24! Acquisition of fixed assets! -$198!
+ despesas não FC Inventories! 11! variação do Sales of fixed assets! 25!
Accounts Payable! 16! Total Cash Flow from Investing Activities! -$173!
+ variações do Accrued Expenses! 18!
activo fixo da
activo e passivo de Notes Payable! -3! empresa
Other! -8!
CP (que não caixa e
dívida titulada) Total Cash Flow from Operations! $199!
Demonstração dos FC contabilística Demonstração dos FC contabilística

Operations!
Net Income! $86!
FC actividades de financiamento Depreciation!
Deferred Taxes!
90!
13!
resulta dos FC Changes in Assets and Liabilities!
Accounts Receivable! -24!

CF resultantes das Retirement of debt (includes notes)! -$73!

das actividades Inventories!
Accounts Payable!
Accrued Expenses!
11!
16!
18!

actividades de
Proceeds from long-term debt sales! 86! operacionais + Notes Payable!
Other!
-3!
-8!
Dividends! -43! Total Cash Flow from Operations! $199!

financiamento da Repurchase of stock! -6 ! FC investimento + Investing Activities!

Acquisition of fixed assets! -$198!
Proceeds from new stock issue! 43! Sales of fixed assets! 25!

empresa FC financiamento Total Cash Flow from Investing Activities!

Financing Activities!
-$173!
Total Cash Flow from Financing ! $7! Retirement of debt (includes notes)! -$73!
Proceeds from long-term debt sales! 86!
Dividends! -43!
Repurchase of stock! -6!
Proceeds from new stock issue! 43!
Total Cash Flow from Financing ! $7!
Change in Cash (on the balance sheet)! $33!

FC financeiros = $42 Tratamento dos juros...

≠
nos FC contabilísticos - é uma despesa operacional

partem dos resultados líquidos

FC contabilísticos = $33
nos FC financeiros - FC da actividade de financiamento

partem dos resultados antes de juros e impostos EBIT

Porquê?
 podemos extrair informação
importante através das
demonstrações contabilísticas ...
? Qual a diferença entre valor de
mercado e valor contabilístico?

Qual deve ser utilizado para a tomada

de decisões financeiras?

? Qual a diferença entre resultados

líquidos e FC?

Qual deve ser utilizado para a tomada

de decisões financeiras? ?
Qual a diferença entre taxas marginais
e taxas médias de imposto?

Qual deve ser utilizado para a tomada

de decisões financeiras?
?
Como se calcula o FC de uma
empresa?