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5 - Métodos e Técnicas de Análise Económica e Financeira

5 - Métodos e Técnicas de Análise Económica e Financeira

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VODAFONE (milhares €) TMN (milhares €) Vodafone

2007 2008 2009 2007 2008 2009 AC 2007 AC 2007 AC 2008
[1] Activo Corrente 902,050 1,226,568 785,693 3,816,322 3,316,981 3,699,052 13,974 126,502 11,435
[2] Activo Ñ Corrente 776,947 766,434 728,093 9,305,848 ### 11,132,153 121,674 641,920 167,753
[3] = [1] + [2] To!al do A"!i#o $$$ $$$ $$$ 13,122,170 ### 14,831,205 662,000 8,525 936,324
[4] Capital r!prio 1,198,011 1,466,983 1,078,380 2,081,810 1,199,820 2,384,769 4,168 189
[5] a""ivo Ñ Corrente 0 0 0 7,175,680 7,364,534 9,048,030 100,234 110,867
[6] = [4] + [5] Capital er#anente = C + ÑC 1,198,011 1,466,983 1,078,380 9,257,490 8,564,354 11,432,799 $$$ 77%&9'7 $$$
[7] a""ivo Corrente 480,986 526,019 435,406 3,864,680 5,148,748 3,398,406
[8] = [5] + [7] $otal %o a""ivo 480,986 526,019 435,406 11,040,360 ### 12,446,436
[9] = [4] + [5] + [7] $otal %o a""ivo + Capital r!prio 1,678,997 1,993,002 1,513,786 13,122,170 ### 14,831,205 (C 2007 (C 2008
&'n%o %e (aneio) 70,877 74,019
[10] = [1] * [7] Activo Corrente * a""ivo Corrente 421,064 700,549 350,287 *48,358 ### 300,646 240,492 255,855
[11] = [6] * [2] Capital er#anente * Activo n+o Corrente421,064 700,549 350,287 *48,358 ### 300,646 169,617 196,145
[12] = [1] , [7] -i.'i%e/ 0eral = AC,C 1881 2331 1801 991 641 1091 $$$ )2%&0*9
[13] 2e"'lta%o -i.'i%o 204,354 268,972 275,239 834,707 701,234 786,509
[14] = [13] , [3] 2enta3ili%a%e %o Activo = 2-,A$otal 12421 13451 18421 6441 5411 5431
[15] = [13] , [4] 2enta3ili%a%e %o Capital r!prio = 2-,C 17411 18431 25451 40411 58441 33401
5" %ireito" %e c'rto pra/o .'e a 6o%a7one te# "o3re terceiro" 8 .'a"e o %o3ro %a" "'a" o3ri9a:;e" %e c'rto
pra/o <2007 e 2009=, 'ltrapa""an%o #e"#o o" 2301 , no ano %e 2008 <"it'a:+o con7ort>vel=, o .'e ?> n+o
acontece co# a $(@ .'e "e #ante# Ana linBa %e >9'aA
5 2e"'lta%o -i.'i%o .'e cre"ce #ai" proporcional#ente e# rela:+o ao a'#ento %o Activo, .'er %i/er .'e o
activo e"t> a "er ca%a ve/ #ai" renta3ili/a%o, o' "e?a #eno" Activo e #ai" 2e"'lta%o"4 @a $(@ o e"7or:o %o
Activo para #anter o" re"'lta%o" 8 "i9ni7icativa#ente "'perior veri7ican%o*"e, a""i#, '# %ecr8"ci#o %a "'a
renta3ili/a:+o4
[16] 6en%a" 119,577 136,081 122,933 442,466 508,662 422,894
[17] C'"to %e 6en%a" 201,481 217,499 203,278 656,149 778,460 648,784
(ar9e# %e 6en%a")
[18] = [16] * [17] * C# valor *81,904 *81,418 *80,345 *213,683 *269,798 *225,890
[19] = [18] , [28] * C# 1 *68451 *59481 *65441 *48431 *53401 *53441
[20] re"ta:+o %e Dervi:o" 1,258,264 1,357,910 1,349,812 5,625,495 6,115,521 6,253,723
[21] = [16] + [20] 6en%a" + re"ta:+o %e Dervi:o" 1,377,841 1,493,991 1,472,745 6,067,961 6,624,183 6,676,617
(ar9e# %e 6en%a" + re"ta:;e" %e Dervi:o")
[22] = [18] +[33] * C# valor 1,176,360 1,276,492 1,269,467 5,411,812 5,845,723 6,027,833
[23] = [22] , [21] * C# 1 85441 85441 86421 89421 88421 90431
[24] = [13] , [21]2enta3ili%a%e %o" roveito" 14481 18401 18471 13481 10461 11481
[25] = [4] , [8] Dolva3ili%a%e = C , $otal 249411 278491 247471 18491 9461 19421
[26] = [4] , [3] A'tono#ia &inanceira = C , A$otal 71441 73461 71421 15491 8471 16411
[27] = [8] , [3] Eepen%Fncia &inanceira = $otal , A$otal 28461 26441 28481 84411 91431 83491
[28] = [26] + [27] Do#ar [26] co# [27] 100401 100401 100401 100401 100401 100401
[29] Cliente" 111,341 146,816 121,955 1,436,174 1,446,487 1,568,571
[30] &ornece%ore" 118,288 109,148 96,658 2,364,967 3,626,969 1,829,659
[31] CGi"tFncia" 13,974 11,435 14,049 160,592 297,382 239,877
[32] ra/o (8%io %e DtocH e# Ar#a/8# <e# %ia"= 25 19 25 89 139 135
[33] ra/o (8%io %e DtocH e# Ar#a/8# <e# #e"e"=0483 0463 0483 2494 4458 4444
[34] ra/o (8%io %e 2ece3i#ento" <%e Cliente"= %ia" 29 36 30 86 80 86
[35] ra/o (8%io %e 2ece3i#ento" <%e Cliente"= #e"e" 0497 1418 0499 2484 2462 2482
[36] ra/o (8%io %e a9a#ento" <a &ornece%ore"= %ia" 214 183 174 1,316 1,701 1,029
[37] ra/o (8%io %e a9a#ento" <a &ornece%ore"= #e"e" 7405 6402 5471 43425 55491 33484
[38]=[32]+[34]*[36] ciclo %e caiGa *159 *128 *118 *1,140 *1,481 *809
A" e#pre"a" %e co#'nica:;e" #!vei" te# pre?'I/o na ven%a %e 3en", ?> .'e 8 con"i%era%o '#a e"trat89ica %e
#arHetin9, poi" "en%o '# ne9!cio inte9ra%o , ir+o 3ene7iciar na pre"ta:+o %e "ervi:o"
VODAFONE (milhares €) TMN (milhares €)
2007 2008 2009 2007 2008 2009
re"'lta%o li.'i%o 204,354 268,972 275,239 834,707 701,234 786,509 2AC&J
K
encar9o" 7inanceiro" <li.'i%o"= *4,600 *20,113 *13,748 245,684 311,264 375,208 6
i#po"to" 80,654 94,880 97,890 243,278 233,331 233,209 [1]
2AC&J 280&'08 +'+&7+9 +)9&+8* *&+2+&%%9 $$$ *&+9'&92%
,AEF-.#endas/0res!1 2er#i3os 201 231 241 221 191 211 A
K
#endas / 0res!1 2er#i3os.a"!i#o 821 751 971 461 481 451 C
efei!o finan"iamen!o *74 171 241 101 91 91 [3]
a"!i#o . C( 1401 1361 1401 6301 11431 6221
,A- . ,AF- 1021 1061 1041 811 751 731 2-
efei!o in#es!imen!o *'24 1441 1461 5131 8571 4551 2AJ
724 741 741 771 751 771 [5]
Anali"e E'pont 171 181 261 401 581 331
2-,C 171 181 261 401 581 331
<1K2= K <3K4= K 5
=
[2] 2ota:+o %o activo
[3] Alavanca9e# 7inanceira
[4]
re"'lta%o li.4
enc4 &inanceiro"
i#po"to"
2AJ
2AC&J
2AJ
2AC&J
2-,2AJ * efei!o fis"al
@a Vodafone o e7eito inve"ti#ento 8 re9'lar, cre"ce li9eira#ente e# ca%a ano4
o capital proprio provoca '# e7eito %e alavan9e# no" re"'lta%o"4 J"to 8) ca%a 'ni%a%e %e capital inve"ti%o na
e#pre"a provoca '# re"'lta%o li.'i%o "'perior a e""a 'ni%a%e4
@a TMN o e7eito inve"ti#ento n+o 8 re9'lar, cre"ce e# 2008 #a" %i#in'i e# 2009, para o" valore" %e 20074 o
#e"#o acontece no e7eito 7inancia#ento4 @o e7eito 7i"cal o" i#po"to" ta#3e# n+o penali/ara# o" re"'lta%o"4
Cont'%o o capital proprio vai per%en%o renta3ili%a%e, na #e%i%a e# .'e cre"ce' %e"#'"'ra%a#ente <%'plico'=
co#parativa#ente ao" re"'lta%o" li.'i%o" <e"ta9nara#=4
V
O
D
A
F
O
N
E
T
M
N
1 EFE-TO F-NANC-AMENTO
A$
K
2AJ
C 2AC&J
2 EFE-TO -NVE2T-MENTO
2AC&J
K
6 + D
6 + D A$
3 EFE-TO F-2CA5
2-
2AJ
4 2ent4 C = <1= G <2= G <3= o' 2e"'lt -i.4
C
re"'lta%o li.4 Ante" %o i#po"to
+ a#orti/a:oe" e a?'"ta#ento"
+ provi"oe" e a?'"ta#ento"
= a'to7inancia#ento
+ encar9o" 7inanceiro" <li.'i%o"=
= #eio" li3erto" totai"
+ c'"to" co# o pe""oal
= 6AL <valor acre"centa%o 3r'to=
nM tra3alBa%ore"
VA56VA7.T,A7(0rod8!i#idade)
vo%a7one ver"o" t#n
nM %e tra3alBa%ore" $(@
2007 2008 2009
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
Activo
Corrente
1
2
3
3,000,000
3,100,000
3,200,000
3,300,000
3,400,000
3,500,000
3,600,000
3,700,000
3,800,000
3,900,000
1
2
3
700,000
720,000
740,000
760,000
780,000
Activo Ñ
Corrente
1
2
3
8,000,000
9,000,000
10,000,000
11,000,000
12,000,000
,endi9ilidade e"onomi"a do a"!i#o
,O- 6 M7 :
V/(2
2C = 2-*<c'"to" &in*roveito" 7inanc4= * <c'"to" CGt4 * roveito" CGt4= * J#po"to" ", ren%i#ento=
#odafone
2007
(L 1,176,360
6+D 1,377,841
[1] (L,<6+D= 851
2C 282,675
[2] 2C,(L 241
2AC&J 280,408
[3] 2AC&J,2C 991
A 1,678,997
[4] <6+D=,A 821
[1K2K3K4]2en%i34 Ccono#ico4 Activo 171
<2AC&J=,A 171
@5$A) 5 2C <re"'lt4 CGplora:+o= ta#3e# conBeci%o por 2e"'lt4 Ccono#ico o' re"'lta%o operacional
2-,C 171
(e%e o ren%i#ento %o con?'nto %e #eio" <aplica:;e"= 'tili/a%o" pela e#pre"a para a pre""'c':+o %a "'a activi%a%e4
2epre"enta a re#'nera:+o %o" capitai" inverti%o" in%epen%ente#ente%a "'a proveniencia <capitai" proprio" + alBeio"=,
"en%o a "'a #aGi#i/a:;e" '# %o" o3?ectivo" %a 9e"ta+o 7inanceira4
1
2
3
4
5
6
0
2,000,000
4,000,000
6,000,000
(assi#o Corren!e
1
2
3
4
5
6
0
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
(assi#o Corren!e
<A= 256CJ$5D <#eter t'%o=
CND$5D )
1 C'"to" %a" eGi"tencia" ven%i%a"
2 7ornec4 Derv4 CGterno"
3 C'"to" co# e""oal
4 A#ort4+ rovi";e"+a?'"ta#ento"
5 o'tro" c'"to"
<L= total %o" c'"to" 1+2+3+4+5
<A=*<L= re"'lta%o operacional
6 re"'lta%o" 7inanceiro"
7 re"'lta%o" eGtraor%inario"
8 i#po"to" ", l'cro"
re"'lta%o li.'i%o
1
2
3
4
5
6
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
Ca0i!al (r;0rio
1
2
3
4
5
01
201
401
601
801
1001
1201
1401
1601
Derie"3
Derie"2
Derie"1
1 2 3 4 5 6
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
2e"'lta%o -i.'i%o
2enta3ili%a%e %o
Activo = 2-,A$otal
2enta3ili%a%e %o
Capital r!prio =
2-,C
1 * C'"to" %a" eGi"tencia" ven%i%a"
2 * 7ornec4 Derv4 CGterno" 7ornec4 Derv4 CGterno"
3 * C'"to" co# e""oal
4 * A#ort4+ rovi";e"+a?'"ta#ento"
5 * o'tro" c'"to"
"omen!ar e<a8s!i#amen!e + r="ios (indi"adores) > es"olha ?
es!r8ra de endi#idamen!o =
r="io do 0eriodo de re"80era3@o da dA#ida
ro!a3@o do a"!i#o
=
1 2 3 4 5 6
0401
100401
200401
300401
Dolva3ili%a%e = C ,
$otal
A'tono#ia &inanceira =
C , A$otal
Eepen%Fncia &inanceira
= $otal , A$otal
Do#ar [26] co# [27]
AC 2008 AC 2009 AC 2009
125,292 14,049 113,037
631,240 145,117 604,666
9,902 516,000 10,390
5,337
105,190
7%%&'+' 78)&%9+ 728&09+
(C 2009
85,125
189,150
161,131
'+)&'0%
6
EFE-TO F-NANC-AMENTO
A
[2]
2AJ
EFE-TO -NVE2T-MENTO
2AC&J
[4]
EFE-TO F-2CA5
2- (,ENT1 5-B1 DO C()
C
100
75
200
1200
1275
1200
941
1275
V
O
D
A
F
O
N
E
T
M
N
2e"'lt -i.4
#odafone TMN
2007 2008 2009 2007 2008 2009
285,008 363,852 373,129 1,077,985 934,565 1,019,718
203,082 209,815 207,825 1,123,064 1,268,342 1,437,928
20,467 4,967 9,199 127,034 124,839 101,807
508,557 578,634 590,153 2,328,083 2,327,746 2,559,453
*3,805 *18,737 *13,748 197,368 272,372 302,280
504,752 559,897 576,405 2,525,451 2,600,118 2,861,733
84,798 94,336 88,950 638,073 616,597 693,235
589,550 654,233 665,355 3,163,524 3,216,715 3,554,968
1,713 1,658 1,641 5,472 6,418 7,223
+'' +9) '0) )78 )0* '92
%04 794 824
#odafone TMN
2007 2008 2009 2007 2008 2009
1,713 1,658 1,641 5,472 6,418 7,223
,endi9ilidade e"onomi"a do a"!i#o
,E : ,AEF- : V/(2 6 ,AEF-
M7 ,E A A
2C = 2-*<c'"to" &in*roveito" 7inanc4= * <c'"to" CGt4 * roveito" CGt4= * J#po"to" ", ren%i#ento=
#odafone TMN
2008 2009 2007 2008 2009
1,276,492 1,269,467 5,411,812 5,845,723 6,027,833
1,493,991 1,472,745 6,067,961 6,624,183 6,676,617
851 861 891 881 901
341,246 353,931 912,916 1,044,596 910,252
271 281 171 181 151
343,739 359,381 1,323,669 1,245,829 1,394,926
1011 1021 1451 1191 1531
1,993,002 1,513,786 ### 13,713,102 ###
751 971 461 481 451
171 241 101 91 91
171 241 101 91 91
5 2C <re"'lt4 CGplora:+o= ta#3e# conBeci%o por 2e"'lt4 Ccono#ico o' re"'lta%o operacional
181 261 401 581 331
(e%e o ren%i#ento %o con?'nto %e #eio" <aplica:;e"= 'tili/a%o" pela e#pre"a para a pre""'c':+o %a "'a activi%a%e4
2epre"enta a re#'nera:+o %o" capitai" inverti%o" in%epen%ente#ente%a "'a proveniencia <capitai" proprio" + alBeio"=,
"en%o a "'a #aGi#i/a:;e" '# %o" o3?ectivo" %a 9e"ta+o 7inanceira4
#odafone #odafone
2007 2008 2009 2007 2008 2009
1,392,950 1,511,298 1,495,662 1001 1001 1001
201,481 217,499 203,278 181 191 181
575,579 615,496 606,177 521 531 531
84,798 94,336 88,950 81 81 81
223,549 214,782 217,024 201 181 191
24,868 27,939 26,302 21 21 21
1,110,275 1,170,052 1,141,731 1001 1001 1001
282,675 341,246 353,931
*4,600 *20,113 *14,236
2,267 *2,493 *4,962
80,654 94,880 97,890
204,354 268,972 275,239
1
2
3
4
5
01
201
401
601
801
1001
1201
1401
1601
Derie"3
Derie"2
Derie"1
"8rie 1 * 2007
"8rie 2 * 2008
"8rie 3 * 2009
1 * C'"to" %a" eGi"tencia" ven%i%a"
2 * 7ornec4 Derv4 CGterno" 7ornec4 Derv4 CGterno"
3 * C'"to" co# e""oal
4 * A#ort4+ rovi";e"+a?'"ta#ento"
5 * o'tro" c'"to"
"omen!ar e<a8s!i#amen!e + r="ios (indi"adores) > es"olha ? #odafone #odafone
2007 2008 2009 2007 2008 2009
capitai" alBeio" %e c'rto pra/o <incl'i loca:+o 7inanceira=
=
480,986 526,019 435,406
1001 1001 1001
capitai" alBeio" <eGcl'i loca:+o 7inanceira= 480,986 526,019 435,406
r="io do 0eriodo de re"80era3@o da dA#ida =
e#pre"ti#o" e# %ivi%a
=
21,807 35,328 23,657
15465 22428 14463
a'to7inacia#ento 508,557 578,634 590,153
6en%a"
=
1,377,841 1,493,991 1,472,745
9485 9400 11467
activo #8%io 1,678,997 1,993,002 1,513,786
2AC&J
K
6
C&CJ$5 &J@A@CJA(C@$5
6 A
[1] [2]
A
K
2AJ
C&CJ$5 J@6CD$J(C@$5
C 2AC&J
[3] [4]
2-
C&CJ$5 &JDCA-
2AJ
[5]
<1K2= K <3K4= K 5
= 2- <2C@$4 -JO4 E5 C=
C
[1] 2ent4 Ea" ven%a" ante" %e encar9o" 7inanceiro" e i#po"to"
[2] 2ota:+o %o activo
[3] Alavanca9e# 7inanceira
[4]

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