A importância dos fluxos de caixa na análise da solvência, liquidez e visibilidade das empresas

Orientada por: Prof. Doutora Cláudia Lopes

PEC e a vertente empresarial: impacto na gestão de tesouraria das PME

Dissertação de Mestrado apresentada ao Instituto de Contabilidade e Administração do Porto para a obtenção do grau de Mestre em Contabilidade e Finanças, sob orientação de Cláudia Maria Pereira Esta versão contém as críticas e sugestões dos elementos do júri.

A utilidade da demonstração de fluxos de caixa na ótica dos Técnicos Oficiais de contas

O tema Fluxos de Caixa tem cada vez mais importância nas empresas e no relato financeiro das mesmas. Com a entrada em vigor do Sistema de Normalização Contabilística em 2010, tornou-se obrigatória a apresentação da Demonstração de Fluxos de Caixa nas Demonstrações Financeiras das empresas que adotem o regime geral. Segundo a Norma Contabilística e de Relato Financeiro 2 – Demonstração de Fluxos de Caixa, nos seus parágrafos 7 e 8, a Demonstração de Fluxos de Caixa “deve relatar os fluxos de caixa durante o período classificados por atividades operacionais, de investimento e de financiamento. A classificação por atividades proporciona informação que permite aos utentes determinar o impacto dessas atividades na posição financeira da entidade e nas quantias de caixa e seus equivalentes”. Possibilita a avaliação das empresas, a deteção de sinais de fragilidade e ajuda a decidir qual o melhor caminho a seguir. O objetivo central deste trabalho consiste em evidenciar a importância e utilidade da Demonstração de Fluxos de Caixa para os profissionais de contabilidade e para os utilizadores da informação financeira, na ótica dos Técnicos Oficiais de Contas, e será alcançado através de um questionário a este grupo de profissionais. Os resultados obtidos permitiram-nos aferir que os Técnicos Oficiais de Contas consideram esta Demonstração Financeira importante e atribuem-lhe a utilidade que efetivamente representa, isto é, consideram-na uma peça indispensável para a gestão de tesouraria como para a gestão operacional, financeira ou de investimentos de qualquer empresa. Contudo, na sua opinião, esta Demonstração é ainda pouco valorizada pelos utilizadores da informação financeira.

Criação de valor em fusões e aquisições horizontais

O aumento verificado nos últimos anos em fusões e aquisições (F&A) resulta da opção dos gestores para fazer face ao aumento da pressão competitiva e ou à necessidade de crescimento rápido. A literatura sobre os efeitos dos processos de F&A é diversificada e as conclusões são contraditórias. Neste trabalho pretendemos verificar se o processo de F&A se traduz na criação de valor para o acionista da empresa adquirente. Como métrica de avaliação utilizamos o método de análise dos fluxos de caixa atualizados ou o Discounted Cash-Flow (DCF). Para o efeito efetuamos um estudo de caso que vai incidir sobre uma empresa seguradora portuguesa – A Lusitania Companhia de Seguros, S.A. – que recentemente adquiriu, por fusão por incorporação, a Real Seguros, S.A. Efetuamos uma análise de natureza quantitativa através dos dados do relatório e contas e encontramos evidência de que o desempenho diminuiu após a transação.

A demonstração dos fluxos de caixa nas instituições particulares de solidariedade social

Dada a atual conjuntura económica internacional, a Economia Social tem vindo a aumentar consideravelmente a sua importância. Desta forma, torna-se importante conhecer o normativo contabilístico que é aplicado em Portugal. No caso concreto das Entidades do Setor Não Lucrativo, surgiu a necessidade de se encontrarem formas mais eficientes de gerir os recursos para dar resposta às necessidades sociais emergentes, e por isso, estas entidades foram, em 2011, enquadradas num novo contexto legal. O sucesso, o crescimento e a sobrevivência de uma entidade dependem da sua capacidade para gerar fluxos de caixa e/ou obter os recursos financeiros necessários ao desenvolvimento da sua atividade. Neste sentido, é a Demonstração de Fluxos de Caixa (DFC) que fornece aos seus utilizadores uma base para avaliar a capacidade da entidade gerar e utilizar os seus fluxos de caixa. Esta dissertação aborda uma área de estudo, ainda pouco investigada, a Economia Social e, em particular, as Instituições Particulares de Solidariedade Social (IPSS), sendo notório que o interesse por esta área tem vindo a acentuar-se nos últimos anos. Assim, fazendo o respetivo enquadramento teórico e normativo, avalia-se a importância da DFC, mais especificamente, a importância do relato dos fluxos nas IPSS. Para a realização desta dissertação, foi feita a análise em profundidade do relato da DFC nas IPSS, recorrendo à metodologia qualitativa, nomeadamente, à investigação descritiva, aos métodos e técnicas de recolha de dados, e, por último, à análise de conteúdo para tratar os dados qualitativos, tais como, as entrevistas. Para tratar alguns dados estatísticos foi utilizado o Microsoft Excel do Microsoft Office. A presente dissertação demonstra que o relato dos fluxos da DFC é extremamente importante, pois proporciona informação financeira que é importante no processo de tomada de decisão e na avaliação do desempenho financeiro das IPSS.

Manipulação de resultados

Dissertação de Mestrado apresentado ao Instituto Superior de Contabilidade e Administração do Porto para a obtenção do grau de Mestre em Auditoria, sob orientação de Doutora Alcina de Sena Portugal Dias Esta versão contém as críticas e sugestões de elementos do júri

Simulated annealing metaheuristic to solve the optimal power flow

The optimal power flow problem has been widely studied in order to improve power systems operation and planning. For real power systems, the problem is formulated as a non-linear and as a large combinatorial problem. The first approaches used to solve this problem were based on mathematical methods which required huge computational efforts. Lately, artificial intelligence techniques, such as metaheuristics based on biological processes, were adopted. Metaheuristics require lower computational resources, which is a clear advantage for addressing the problem in large power systems. This paper proposes a methodology to solve optimal power flow on economic dispatch context using a Simulated Annealing algorithm inspired on the cooling temperature process seen in metallurgy. The main contribution of the proposed method is the specific neighborhood generation according to the optimal power flow problem characteristics. The proposed methodology has been tested with IEEE 6 bus and 30 bus networks. The obtained results are compared with other wellknown methodologies presented in the literature, showing the effectiveness of the proposed method.

Ant colony search algorithm for the optimal power flow problem

To maintain a power system within operation limits, a level ahead planning it is necessary to apply competitive techniques to solve the optimal power flow (OPF). OPF is a non-linear and a large combinatorial problem. The Ant Colony Search (ACS) optimization algorithm is inspired by the organized natural movement of real ants and has been successfully applied to different large combinatorial optimization problems. This paper presents an implementation of Ant Colony optimization to solve the OPF in an economic dispatch context. The proposed methodology has been developed to be used for maintenance and repairing planning with 48 to 24 hours antecipation. The main advantage of this method is its low execution time that allows the use of OPF when a large set of scenarios has to be analyzed. The paper includes a case study using the IEEE 30 bus network. The results are compared with other well-known methodologies presented in the literature.

Flow amperometric determination of carbofuran and fenobucarb

A simple, rapid, and precise amperometric method for quantification of N-methylcarbamate pesticides in water samples and phytopharmaceuticals is presented. Carbofuran and fenobucarb are the target analytes. The method is developed in flow conditions providing the anodic oxidation of phenolic-based compounds formed after alkaline hydrolysis. Optimization of instrumental and chemical variables is presented. Under the optimal conditions, the amperometric signal is linear for carbofuran and fenobucarb concentrations over the range of 1.0*10-7 to 1.0*10-5 molL-1, with a detection limit of about 2 ngmL-1. The amperometric method is successfully applied to the analysis of spiked environmental waters and commercial formulations. The proposed method allows 90 samples to be analysed per hour, using 500 mL of sample, and producing wastewaters of low toxicity. The proposed method permits determinations at the mgL 1 level and offers advantages of simplicity, accuracy, precision, and applicability to coloured and turbid samples, and automation feasibility.

Sulfadiazine-potentiometric sensors for flow and batch determinations of sulfadiazine in drugs and biological fluids

New PVC membrane electrodes for the determination of sulfadiazine (SDZ) are presented. The electrodes are fabricated with conventional and tubular configurations with a graphite-based electrical contact, and no internal reference solution. The selective membranes consist of bis(triphenylphosphoranilidene)ammonium·SDZ (electrode A), tetraoctylammonium bromide (electrode B), or iron(II)-phthalocyanine (FePC) (electrode C) electroactive materials dispersed in a PVC matrix of o-nitrophenyl octyl ether (o-NPOE) plasticizer. The sensors A, B, and C displayed linear responses over the concentration ranges 1.0*10-2 – 1.0*10–5, 1.0*10–2 – 7.5*10–6, and 3.2*10–2 – 7.0* 10–6 mol l–1 (detection limits of 1.09, 2.04 and 0.87 mg ml–1) with anionic slopes of –57.3 ± 0.1, –46.7 ± 0.5, and –65.1 ± 0.2 mV decade–1, respectively. No effect from pH was observed within 4.0 – 5.5, 4.8 – 10, and 4.5 – 8, respectively, and good selectivity was found. The sensors were applied to the analysis of pharmaceuticals and biological fluids in steady state and in flow conditions.

New biomimetic sensors for the determination of tetracycline in biological samples: batch and flow mode operations

New potentiometric membrane sensors with cylindrical configuration for tetracycline (TC) are described based on the use of a newly designed molecularly imprinted polymer (MIP) material consisting of 2-vinylpyridine as a functional monomer in a plasticized PVC membrane. The sensor exhibited significantly enhanced response towards TC over the concentration range 1.59 10 5–1.0 10 3 mol L 1 at pH 3–5 with a lower detection limit of 1.29 10 5 mol L 1. The response was near-Nernstian, with average slopes of 63.9 mV decade 1. The effect of lipophilic salts and various foreign common ions were tested and were found to be negligible. The possibility of applying the proposed sensor to TC determination in spiked biological fluid samples was demonstrated.

Direct electroanalytical determination of fluvastatin in a pharmaceutical dosage form: batch and flow analysis

The reduction of luvastatin (FLV) at a hanging mercury-drop electrode (HMDE) was studied by square-wave adsorptive-stripping voltammetry (SWAdSV). FLV can be accumulated and reduced at the electrode, with a maximum peak current intensity at a potential of approximately 1.26V vs. AgCl=Ag, in an aqueous electrolyte solution of pH 5.25. The method shows linearity between peak current intensity and FLV concentration between 1.0 10 8 and 2.7 10 6 mol L 1. Limits of detection (LOD) and quantification (LOQ) were found to be 9.9 10 9 mol L 1 and 3.3 10 8 mol L 1, respectively. Furthermore, FLV oxidation at a glassy carbon electrode surface was used for its hydrodynamic monitoring by amperometric detection in a flow-injection system. The amperometric signal was linear with FLV concentration over the range 1.0 10 6 to 1.0 10 5 mol L 1, with an LOD of 2.4 10 7 mol L 1 and an LOQ of 8.0 10 7 mol L 1. A sample rate of 50 injections per hour was achieved. Both methods were validated and showed to be precise and accurate, being satisfactorily applied to the determination of FLV in a commercial pharmaceutical.

Flow injection electrochemical determination of apomorphine

Few analytical methods are currently available for determination of apomorphine, the active substance of a new oral formulation used in the treatment of erectile dysfunction. In this way a flow injection electrochemical method (FIA-EC) was developed for its quantification and applied to pharmaceutical dosage forms. Based in previous findings regarding the stability of apomorphine in borate buffer and after optimization of several analytical parameters a single channel flow injection manifold was set up that enables the determination of this drug over the concentration range of 3 to 16 µmol L-1 with a detection limit of 0.5 µmol L-1 at a sampling rateof 90 h-1. The simplicity and rapidity of the FIA-EC method used, its reproducibility and sensitivity make it suitable for quality control of pharmaceutical preparations of apomorphine intended for clinical use and research.

Citrate selective electrodes for the flow injection analysis of soft drinks, beers and pharmaceutical products

Aiming the establishment of simple and accurate readings of citric acid (CA) in complex samples, citrate (CIT) selective electrodes with tubular configuration and polymeric membranes plus a quaternary ammonium ion exchanger were constructed. Several selective membranes were prepared for this purpose, having distinct mediator solvents (with quite different polarities) and, in some cases, p-tert-octylphenol (TOP) as additive. The latter was used regarding a possible increase in selectivity. The general working characteristics of all prepared electrodes were evaluated in a low dispersion flow injection analysis (FIA) manifold by injecting 500µl of citrate standard solutions into an ionic strength (IS) adjuster carrier (10−2 mol l−1) flowing at 3ml min−1. Good potentiometric response, with an average slope and a repeatability of 61.9mV per decade and ±0.8%, respectively, resulted from selective membranes comprising additive and bis(2-ethylhexyl)sebacate (bEHS) as mediator solvent. The same membranes conducted as well to the best selectivity characteristics, assessed by the separated solutions method and for several chemical species, such as chloride, nitrate, ascorbate, glucose, fructose and sucrose. Pharmaceutical preparations, soft drinks and beers were analyzed under conditions that enabled simultaneous pH and ionic strength adjustment (pH = 3.2; ionic strength = 10−2 mol l−1), and the attained results agreed well with the used reference method (relative error < 4%). The above experimental conditions promoted a significant increase in sensitivity of the potentiometric response, with a supra-Nernstian slope of 80.2mV per decade, and allowed the analysis of about 90 samples per hour, with a relative standard deviation <1.0%.

Determination of polyphenols in wines by reaction with 4-aminoantipyrine and photometric flow-injection analysis

A new flow-injection analytical procedure is proposed for the determination of the total amount of polyphenols in wines; the method is based on the formation of a colored complex between 4-aminoantipyrine and phenols, in the presence of an oxidizing reagent. The oxidizing agents hexacyanoferrate(III), peroxodisulfate, and tetroxoiodate(VII) were tested. Batch trials were first performed to select appropriate oxidizing agents, pH, and concentration ratios of reagents, on the basis of their effect on the stability of the colored complex. Conditions selected as a result of these trials were implemented in a flow-injection analytical system in which the influence of injection volume, flow rate, and reaction- coil length, was evaluated. Under the optimum conditions the total amount of polyphenols, expressed as gallic acid, could be determined within a concentration range of 36 to 544 mg L–1, and with a sensitivity of 344 L mol–1 cm–1 and an RSD <1.1%. The reproducibility of analytical readings was indicative of standard deviations <2%. Interference from sugars, tartaric acid, ascorbic acid, methanol, ammonium sulfate, and potassium chloride was negligible. The proposed system was applied to the determination of total polyphenols in red wines, and enabled analysis of approximately 55 samples h–1. Results were usually precise and accurate; the RSD was <3.9% and relative errors, by the Folin–Ciocalteu method, <5.1%.