Finanças

Empresariais
TP 1/2 - Aula 2

12 FEVEREIRO 2019 | LICENCIATURA EM GESTÃO

Aula TP 2
12 DE FEVEREIRO DE 2019

Apresentação

2 - Demon. financeiras e fluxos de caixa (resumo)

Exercícios 7, 8, 12, 13, 14

APRESENTAÇÃO
Tiago Marques Pereira
Braga (1987)
Licenciatura em Economia na U. Minho (2008)
PG em Análise Financeira na PBS (2011)

Cargos Atuais:
> Grupo José P. Marques (Administrador Financeiro)
> Universidade do Minho (Professor Convidado)
> SBS - Startup Braga Fund (Membro do Cons. de Administração)

Cargos Anteriores:
> PwC - 2008 a 2013
> Ministério da Administração Interna - 2013 a 2015
Executive Board Member Invited Professor Member of the Board

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Tiago Marques Pereira

Horário de atendimento:
Terça-feira das 12h30 às 14h00

- Marcação até ao dia anterior.

- Possibilidade de ser combinada data e hora alternativa.

Contacto:
tiagomarquespereira@gmail.com

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 CAPÍTULO 2
DEMONSTRAÇÕES
FINANCEIRAS E FLUXOS DE
CAIXA
Cap. 2 - DFs e Fluxos de Caixa

2.1 - O BALANÇO

Ativo = Capital Próprio + Passivo

3 conceitos importantes:
1) Liquidez
2) Dívida (passivo) vs capital
3) Value vs Cost

"Fotografia" da empresa a uma determinada data

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Cap. 2 - DFs e Fluxos de Caixa
2.2 - DEMONSTRAÇÃO DE RESULTADOS

Receitas - Gastos = Resultado do Exercício

2 considerações importantes:
- Non-cash items;
- Time and costs

"Filme" da atividade da empresa num determinado período

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Cap. 2 - DFs e Fluxos de Caixa
2.3 - FUNDO DE MANEIO (Net Working Capital)

NWC = Current Assets - Current Liabilities

Se NWC>0: o dinheiro que ficará disponível nos próximos 12

meses será superior às obrigações que a empresa terá de
liquidar nesse mesmo período.

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Cap. 2 - DFs e Fluxos de Caixa
2.4 - CASH FLOW (Fluxo de caixa)

O dado mais importante a obter das demonstrações financeiras -

demonstração de fluxos de caixa

NCF = CF (O) + CF(I) + CR(F)

Cash Flow diferente de Fundo de Maneio

Cash Flow diferente de Resultado

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EXERCÍCIOS
Exercícios
7 - Building a Statement of Financial Position

According to BAE Systems PLC financial statements as of June

2011, the firm had current assets of £6.642 billion, non-current
assets of £16.521 billion, current liabilities of £11.283 billion, and
non-current liabilities of £6.589 billion.

a) What is the value of the shareholders' equity for BAE Systems?

b) How much is the Net Working Capital?

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Exercícios
7 - Building a Statement of Financial Position

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Exercícios
8 - Building an Income Statement

In 2010, the UK Insurance firm, Legal & General, had revenue of

£38.440 million, total expenses of £37.133 million, tax of £487 million
and zero depreciation.

a) What is the net income of the firm?

b) Legal & General paid out £238 million in cash dividends. What is
the addition to retained earning?

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Exercícios
8 - Building an Income Statement

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Exercícios
12 - Calculating Net Cash Flow

A firm has net revenues of £6.065 million (including net non-cash

expenses). Net non-cash expenses (including depreciation) were
£2.380 million. Cash outflows from investing activities (including
capital expenditures) were £3.270 million. The firm paid a total cash
dividend of £1.380 million and net interest expense was £3.410
million.

What was the firm's net cash flow?

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Exercícios
12 - Calculating Net Cash Flow

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Exercícios
13 - Calculating Net Capital Spending

Morena's Driving School's 2011 statement of financial position

showed non-current assets of £4,2 million. One year later, the 2012
statement of financial position showed non-current assets of £4,7
million. The company's 2012 income statement showed a
depreciation expense of £925.000.

What was Morena's net capital spending for 2012?

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Exercícios
13 - Calculating Net Capital Spending

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Exercícios
14 - Building a statement of financial position
The following table presents the long-term debt and shareholders' equity of Tumbler
SA, one year ago:

Long-term debt: €60.000.000

Preference shares: €18.000.000
Ordinary shares (€1 par value): €25.000.000
Capital surplus: €49.000.000
Accumulated retained earnings: €89.000.000

During the past year, Tumbler issued 20 million shares at a total price of €52 million,
and issued €16 million in new long-term debt. The company generated €14 million in
net income and paid €8 million in dividends.

- Construct the current statement of financial position reflecting the changes that
ocurred
Executiveat Tumbler
Board during the year. Invited Professor
Member Member of the Board

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Exercícios
14 - Building a statement of financial position
a) Tumbler issued 20 million shares at a total price of €52 million:

Capital Surplus: Most commonly, it arises when a corporation issues common stock (shares) and sells it for more than the par value of
the stock, which is also called a premium.

Ordinary shares issued [par value = 1€ par share -> (20 million shares issued * 1€)]: 20 000 000 €
Capital surplus (52M€ - 20M€) 32 000 000 €

b) Tumbler issued €16 million in new long-term debt:

Long-term debt N-1 60 000 000 €

Long-term issued during Year N 16 000 000 €
Long-term debt N-1 76 000 000 €

c) The company generated €14 million in net income and paid €8 million in dividends

Retained earnings are the cumulative net earnings or profits of a company after accounting for dividend payments. It is also called
earnings surplus, and represents the reserve money which is available to the company management for reinvesting back into the
business.

Executive
Net IncomeBoard Member 14 000Invited
000 € Professor Member of the Board
Dividends Paid - 8 000 000 €
Accumulated retained earnings variation 6 000 000 €
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Exercícios
14 - Building a statement of financial position (cont.)

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Obrigado.