976 resultados para Derivatives – financial results effects


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A experiência internacional indica a existência de cinco alavancas principais comumente relacionadas à expansão do consumo de gás natural: a) disponibilidade de reservas de gás natural; b) restrições à oferta de outros energéticos (especialmente para a geração de eletricidade); c) preocupação com o meio ambiente em uma legislação ambiental cada dia mais rigorosa; d) liberalização de empresas privadas na distribuição e comercialização de gás natural, atraindo investimentos; e) liberalização da indústria, atraindo investimentos privados, como opção. Dentro desse cenário, as obras de construção do gasoduto Coari (Base de Extração Urucu)-Manaus, com cerca de 670 quilômetros de extensão total, ficarão prontas em abril de 2008 conforme previsão da Petrobrás divulgada no dia 21/05/2007, o qual transportará 4,7 milhões de metros cúbicos por dia de gás natural na primeira fase de operação. O investimento total previsto é de R$2,4 bilhões. O gás natural substituirá o diesel e o óleo combustível usados principalmente na produção de grande parte da energia elétrica consumida no Estado do Amazonas. Será usado também nos processos industrial e comercial, bem como para abastecer veículos automotores (automóveis, pickups, caminhões leves, ônibus) com segurança. Essa última aplicação incentivou por excelência esta dissertação, fazendo uma análise técnico-econômica da substituição parcial do combustível diesel pelo gás natural em motores marítimos na região Amazônica, pois as embarcações são veículos que singram os rios da Amazônia, usados no transporte de carga e passageiros. Demonstra primeiramente que é possível tecnicamente a conversão dos motores diesel para consumirem diesel misturado com gás natural às taxas de substituição de diesel por gás natural de 5% a 90%, usando tecnologias já disponíveis no mercado brasileiro, sob a ótica de desempenho energético e ambiental. Posteriormente apresenta uma análise econômica da conversão, levando em consideração os reservatórios para gás natural comprimido - GNC ofertados no mercado nacional e os kits de conversão, em que ficam demonstradas: a) a viabilidade econômica do empreendimento, se desprezados os pesos e os volumes dos reservatórios de gás natural comprimido, principalmente os pesos; b) a inviabilidade econômica, considerando o transporte dos reservatórios nas embarcações como fretes que deixaram de gerar receitas pelos volumes e pesos ocupados nelas.

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Soybeans are an important food due to their functional and nutritional characteristics. However, consumption by western populations is limited by the astringent taste of soybeans and their derivatives which results from the action of lipoxygenase, an enzyme activated during product processing. The aim of this study was to evaluate the effect of gamma irradiation on the chemical composition and specific activity of lipoxygenase in different soybean cultivars. Soybeans were stored in plastic bags and irradiated with doses of 2.5, 5 and 10 kGy. The chemical composition (moisture, protein, lipids, ashes, crude fiber, and carbohydrates) and lipoxygenase specific activity were determined for each sample. Gamma irradiation induced a small increase of protein and lipid content in some soybean cultivars, which did not exceed the highest content of 5% and 26%, respectively, when compared to control. Lipoxygenase specific activity decreased in the three cultivars with increasing gamma irradiation dose. In conclusion, the gamma irradiation doses used are suitable to inactivate part of lipoxygenase while not causing expressive changes in the chemical composition of the cultivars studied. (C) 2014 Elsevier Ltd. All rights reserved.

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In the capital market the information are used as subsidies for the decision making of investors, among the main highlights are the economic, political, accounting and relating nature to the financial results of companies which have stocks traded at Stock Exchanges. In this perspective, it is essential that the agents involved especially brokerage companies establish management processes that contain a set of criteria for the organization and treatment of information collected in newspapers, news agencies and the companies that trade in stocks. Thus, it is essential to establish rigor in relation to recovery mechanisms of such information, which requires more than technology, because actions are necessary that will propitiate the informational content are made available with consistency, clarity and trustworthiness, so as that users can retrieve them in a timely manner. Furthermore, those processes should provide the efficient use of the information retrieved by users, so that they can use them aiming to subsidize the decisions of sale or purchase shares. Considering that the information systems are responsible for the information dissemination in the framework of capital market, it is necessary to present requisites that contemplate the set organization, treatment, retrieval and use of information. That way, we sought to evidence in this paper these issues, utilizing as a premise the elements proposed by Guimarães (2003) from the perspective of the information environment of a values brokerage companies reflecting through the model used, how these companies realize their work considering the dimensions of the documentary analysis, informational treatment, and the instruments for retrieval and use of information.

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Currently, with the competitiveness that is seen in the market, it is crucial to the success of the business, develop new strategies to keep and win new customer preference. To ensure the success of a particular service or product, the secret is to continually meet the wishes and demands of the customers, which are the key parts of the business, through innovation, variety and quality assurance. To achieve this goal managers should be aware of all types of process that exist in the company, as they are primarily responsible and interested by quality service, customer satisfaction and consequently, generating favorable financial results. A tool used to ensure good results to business is the Quality Function Deployment (QFD) that seeks to hear and interpret customers requirements and turn them into essential features for a project

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In a globalized world, organizations face an increasingly dynamic, innovative and competitive environment, so that this condition requires continuous adaptation to market developments. Intense competition requires organizations to further improve their performance, making productive efficiency a key factor for survival. A methodology that has added value to the product through a reconfiguration of the production method is the implementation of a management philosophy called Lean Six Sigma. The main objective of this work is, in the light of the Lean Six Sigma philosophy, intervene in a critical-collaborative way to develop procedures for analyzing the profitability of products in a company specializing in steel processing. To achieve this goal, were applied the method of action-research to intervene in a group of professionals for the study of the profitability of products in a auto parts industry. The interaction of practical and theoretical knowledge provided by the action-research allowed the business program was enhanced. The procedures proposed in this study were able to identify the current profitability of the product, the main causes of inefficiency and productive for solutions to reduce production inefficiencies, when the productive systems planned and actual production system were compared. The results indicate that current profitability of -3%, while the parameter provided during budget was 10%. Thus, it is concluded that the low profitability of the products may compromise the company's financial results and affect their competitiveness in the market. To address this problem, the Lean Six Sigma presents itself as a versatile and high applicability philosophy, providing relevant results for characterization and troubleshooting. It was also observed that the evidence presented in this paper can be adapted to other companies in the metal auto parts segment to identify and recover the profitability of products

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Pós-graduação em Engenharia de Produção - FEG

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O princípio da controlabilidade prevê que os gestores deveriam ser avaliados com base em fatores controláveis. Consequentemente, os incentivos gerenciais estariam relacionados a práticas de contabilidade gerencial capazes de evitar que os gestores sejam responsabilizados por resultados financeiros além do controle gerencial, tais como análise por centro de responsabilidade, custo padrão, preço de transferência, orçamento e avaliação de desempenho. Este artigo desenvolve um estudo de campo para investigar se há relação entre a presença de incentivos gerenciais e as práticas de contabilidade gerencial associadas ao princípio da controlabilidade. Entrevistas in loco foram realizadas para a coleta de dados em nível organizacional e testes estatísticos não paramétricos foram utilizados para a análise dos dados. Entre as práticas de contabilidade gerencial examinadas, os resultados sugerem que apenas orçamento anual, análise por centro de responsabilidade e avaliação de desempenho estão associados à presença de sistemas de incentivos nas empresas entrevistadas.

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A reinvestigation of the monoterpene chromane ester enriched fraction from Peperomia obtusifolia using chiral chromatography led to the identification of a minor peak, which was elucidated by NMR and HRMS as fenchyl-3,4-dihydro-5-hydroxy-2,7-dimethyl-8-(3 ''-methyl-2 ''-butenyl)-2-(4'-methyl-1',3'-pentadienyl)-2H-1-benzopyran-6-carboxylate, the same structure assigned to two other fenchyl esters described previously, pointing out a stereoisomeric relationship among them. Further NMR analysis revealed that it was actually a mixture of two compounds, whose absolute configurations were determined by VCD measurements. Although, almost no vibrational transitions could be assigned to the chiral chromane, the experimental VCD spectrum was largely opposite to that obtained for the average experimental VCD [(2S,1'''R,2'''R,4'''S + 2R,1'''R,2'''R,4'''S)/2] for fenchol derivatives. These results allowed us to assign the putative compounds as a racemic mixture of the chiral chromane esterified with the monoterpene (1S,2S,4R)fenchol, which had not been identified in our early work. (C) 2012 Elsevier Ltd. All rights reserved.

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Gauging the maximum willingness to pay (WTP) of a product accurately is a critical success factor that determines not only market performance but also financial results. A number of approaches have therefore been developed to accurately estimate consumers’ willingness to pay. Here, four commonly used measurement approaches are compared using real purchase data as a benchmark. The relative strengths of each method are analyzed on the basis of statistical criteria and, more importantly, on their potential to predict managerially relevant criteria such as optimal price, quantity and profit. The results show a slight advantage of incentive-aligned approaches though the market settings need to be considered to choose the best-fitting procedure.

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Aims Myofibroblasts (MFBs) as appearing in the myocardium during fibrotic remodelling induce slow conduction following heterocellular gap junctional coupling with cardiomyocytes (CMCs) in bioengineered tissue preparations kept under isometric conditions. In this study, we investigated the hypothesis that strain as developed during diastolic filling of the heart chambers may modulate MFB-dependent slow conduction. Methods and results Effects of defined levels of strain on single-cell electrophysiology (patch clamp) and impulse conduction in patterned growth cell strands (optical mapping) were investigated in neonatal rat ventricular cell cultures (Wistar) grown on flexible substrates. While 10.5% strain only minimally affected conduction times in control CMC strands (+3.2%, n.s.), it caused a significant slowing of conduction in the fibrosis model consisting of CMC strands coated with MFBs (conduction times +26.3%). Increased sensitivity to strain of the fibrosis model was due to activation of mechanosensitive channels (MSCs) in both CMCs and MFBs that aggravated the MFB-dependent baseline depolarization of CMCs. As found in non-strained preparations, baseline depolarization of CMCs was partly due to the presence of constitutively active MSCs in coupled MFBs. Constitutive activity of MSCs was not dependent on the contractile state of MFBs, because neither stimulation (thrombin) nor suppression (blebbistatin) thereof significantly affected conduction velocities in the non-strained fibrosis model. Conclusions The findings demonstrate that both constitutive and strain-induced activity of MSCs in MFBs significantly enhance their depolarizing effect on electrotonically coupled CMCs. Ensuing aggravation of slow conduction may contribute to the precipitation of strain-related arrhythmias in fibrotically remodelled hearts.

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In the current model for bacterial cell division, the FtsZ protein forms a ring that marks the division plane, creating a cytoskeletal framework for the subsequent action of other essential division proteins such as FtsA and ZipA. The putative protein complex ultimately generates the division septum. The essential cell division protein FtsZ is a functional and structural homolog of eukaryotic tubulin, and like tubulin, FtsZ hydrolyzes GTP and self-assembles into protein filaments in a strictly GTP-dependent manner. FtsA shares sequence similarity with members of the ATPase superfamily that include actin, but its actual function remains unknown. To test the division model and elucidate functions of the division proteins, this dissertation primarily focuses on the analysis of FtsZ and FtsA in Escherichia coli. ^ By tagging with green fluorescent protein, we first demonstrated that FtsA also exhibits a ring-like structure at the potential division site. The localization of FtsA was dependent on functional FtsZ, suggesting that FtsA is recruited to the septum by the FtsZ ring. In support of this idea, we showed that FtsA and FtsZ directly interact. Using a novel E. coli in situ assay, we found that the FtsA-FtsZ interaction appears to be species-specific, although an interspecies interaction could occur between FtsA and FtsZ proteins from two closely related organisms. In addition, mutagenesis of FtsA revealed that no single domain is solely responsible for its septal localization or interaction with FtsZ. To explore the function of FtsA, we purified FtsA protein and demonstrated that it has ATPase activity. Furthermore, purified FtsA stimulates disassembly of FtsZ polymers in a sedimentation assay but does not affect GTP hydrolysis of FtsZ. This result suggests that in the cell, FtsA may function similarly in regulating dynamic instability of the FtsZ ring during the cell division process. ^ To elucidate the structure-function relationship of FtsZ, we carried out thorough genetic and functional analyses of the mutagenized FtsZ derivatives. Our results indicate that the conserved N-terminal domain of FtsZ is necessary and sufficient for FtsZ self-assembly and localization. Moreover, we discovered a critical role for an extreme C-terminal domain of FtsZ that consists of only 12 residues. Truncated FtsZ derivatives lacking this domain, though able to polymerize and localize, are defective in ring formation in vivo as well as interaction with FtsA and ZipA. Alanine scanning mutagenesis of this region pinpointed at least five residues necessary for the function of FtsZ. Studies of protein levels and protein-protein interactions suggested that these residues may be involved in regulating protein stability and/or FtsZ-FtsA interactions. Interestingly, two of the point mutants exhibited dominant-negative phenotypes. ^ In summary, results from this thesis work have provided additional support for the division machinery model and will contribute to a better understanding of the coordinate functions of FtsA and FtsZ in the cell division process. ^

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Various airborne aldehydes and ketones (i.e., airborne carbonyls) present in outdoor, indoor, and personal air pose a risk to human health at present environmental concentrations. To date, there is no adequate, simple-to-use sampler for monitoring carbonyls at parts per billion concentrations in personal air. The Passive Aldehydes and Ketones Sampler (PAKS) originally developed for this purpose has been found to be unreliable in a number of relatively recent field studies. The PAKS method uses dansylhydrazine, DNSH, as the derivatization agent to produce aldehyde derivatives that are analyzed by HPLC with fluorescence detection. The reasons for the poor performance of the PAKS are not known but it is hypothesized that the chemical derivatization conditions and reaction kinetics combined with a relatively low sampling rate may play a role. This study evaluated the effect of absorption and emission wavelengths, pH of the DNSH coating solution, extraction solvent, and time post-extraction for the yield and stability of formaldehyde, acetaldehyde, and acrolein DNSH derivatives. The results suggest that the optimum conditions for the analysis of DNSHydrazones are the following. The excitation and emission wavelengths for HPLC analysis should be at 250nm and 500nm, respectively. The optimal pH of the coating solution appears to be pH 2 because it improves the formation of di-derivatized acrolein DNSHydrazones without affecting the response of the derivatives of the formaldehyde and acetaldehyde derivatives. Acetonitrile is the preferable extraction solvent while the optimal time to analyze the aldehyde derivatives is 72 hours post-extraction. ^

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En los últimos quince años se ha producido una liberalización de los mercados eléctricos en los distintos países de ámbito occidental que ha ido acompañado de un incremento por la preocupación por la incidencia de las distintas tecnologías de generación en el entorno medioambiental. Ello se ha traducido en la aparición de un marco regulatorio más restrictivo sobre las tecnologías de generación fósiles, con mayor incidencia en las derivadas de productos petrolíferos y carbón. A nivel mundial han ido apareciendo cambios normativos relativos a las emisiones de distintos elementos contaminantes (CO2, SO2, NOx…), que hacen que en particular las centrales térmicas de carbón vean muy afectadas su rentabilidad y funcionamiento. Esta situación ha supuesto que la tecnología de generación eléctrica con carbón haya avanzado considerablemente en los últimos años (calderas supercríticas, sistemas de desulfuración, gasificación del carbón…). No obstante, el desarrollo de la generación con energías renovables, la generación con gas mediante centrales de ciclo combinado y la opinión social relativa a la generación con carbón, principalmente en Europa, suponen un serio obstáculo a la generación con carbón. Por consiguiente, se hace necesario buscar vías para optimizar la competitividad de las centrales de carbón y el camino más razonable es mejorar el margen esperado de estas plantas y en particular el coste de adquisición del carbón. Ello se hace aún más importante por el hecho de existir numerosas centrales de carbón y un elevado número de nuevos proyectos constructivos de centrales de carbón en países asiáticos. Por consiguiente, el objeto de la presente tesis doctoral se centra en definir una metodología para optimizar la compra de carbón, desde el punto de vista económico y técnico, con destino a su consumo en una central térmica, con ello reducir el coste del carbón consumido y mejorar su competitividad. También se enfoca a determinar que herramientas pueden ser utilizadas para optimizar la gestión del carbón después de su compra y con ello abrir la posibilidad de obtener márgenes adicionales para dicho carbón. De acuerdo con este objetivo, el autor de la presente Tesis Doctoral realiza tres aportaciones novedosas en el ámbito de la contratación de carbón térmico y su optimización posterior: - Evaluación de carbones para su adquisición considerando el efecto de la calidad del carbón en el coste de generación asociado a cada carbón ofertado. - Creación, desarrollo, implantación y utilización de una potente herramienta de planificación de Combustibles. Esta herramienta, está diseñada con el objeto de determinar la solución económica óptima de aprovisionamientos, consumos y niveles de existencias para un parque de generación con centrales de carbón y fuelóleo. - La extensión de una metodología contractual habitual en el mercado spot de Gas Natural Licuado, a la contratación spot de Carbón de Importación. Esta se basa en el desarrollo de Acuerdos Marcos de Compra/Venta de carbón, que por su flexibilidad permitan obtener resultados económicos adicionales después de la compra de un carbón. Abstract In the last fifteen years, a liberalization of the electrical markets has occurred in the western countries. This process has been accompanied by an increasing concern of the impact of the different generation technologies towards the environment. This has motivated a regulated framework restricting the use of fossil fuels, impacting a great deal in coal and oil based products. Worldwide, new legal changes have been arising related to the emissions of the different pollutants (CO2, SO2, NOx…). These changes have had a deep impact in the feasibility, profit and running of coal fired power plants. This situation has motivated the coal electrical generation technologies to move forward in an important way in the last few years (supercritical furnaces, desulphuration plants, coal gasification…). Nevertheless, the development of the renewable generation, the gas combined cycle generation and the social opinion related to the coal electrical generation, mainly in Europe, have created a serious obstacle to the generation of electricity by coal. Therefore it is necessary to look for new paths in order to optimize the competitiveness of the coal fired power plants and the most reasonable way is to improve the expected margin of these plants and particularly the coal purchase cost. All of the above needs to be taken into context with the large number of existing coal fired power plants and an important number of new projects in Asian countries. Therefore, the goal of the current doctoral dissertation is focused to define a methodology to be considered in order to optimize the coal purchase, from an economical and a technical point of view. This coal, destined for power plant consumption, permits the reduction of consumption coal cost and improves the plant’s competitiveness. This document is also focused to define what tools we can use to optimize the coal management after deal closing and therefore open the possibility to get further margins. According to this goal, the author of this doctoral dissertation provides three important new ideas in the ambit of contracting steam coal and the posterior optimization: - Evaluation of coal purchases, considering the effect of coal quality on the cost of generation associated with each type of coal offered. - The creation, development, deployment and use of a strong planning tool of fuels. This tool is designed for the purpose of determining the optimal economic solution of fuel supply, consumption and stock levels for a power generation portfolio using coal and fuel oil fired power plants. - The application of a common contractual methodology in the spot market of Liquid Natural Gas, for the contracting spot imported coal. This is based on the development of Framework Agreements for the Purchasing / Sale of coal, which because of its flexibility allows for the gain of additional financial results after the purchase of coal.

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A presente dissertação teve como objetivo verificar as razões pelas quais a empresa Metal Leve cedeu o controle acionário a uma empresa concorrente de porte internacional e comparar a situação existente à época da sua desnacionalização e o estágio em que se encontra a nova controladora Mahle Metal Leve S. A. em termos de produção e gestão, após a reorganização produtiva. Esse processo de internacionalização produtiva acarretou modificações na empresa ensejando uma reestruturação da produção e da gestão e um novo círculo vicioso, constituindo as bases de um novo crescimento econômico, com um projeto estratégico de longo prazo, associado ao seu poder econômico, a sua capacidade gerencial e a sua tradição. O estudo está fundamentado em um conjunto de informações sobre os dois momentos, focalizando os resultados financeiros, aspectos gerenciais, liderança, capacidade competitiva e a evolução ao longo desses dois momentos comparados. Concluindo que não apenas o fenômeno da globalização da economia internacional tornou inevitável a cessão do controle acionário. Porém, também faltou visão estratégica para perceber as mudanças que inevitavelmente ocorriam a sua volta e que a nova controladora, a Mahler Metal Leve, trouxe uma competência gerencial que resultou em ganhos de produtividade e melhorou sua competitividade

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A presente dissertação teve como objetivo verificar as razões pelas quais a empresa Metal Leve cedeu o controle acionário a uma empresa concorrente de porte internacional e comparar a situação existente à época da sua desnacionalização e o estágio em que se encontra a nova controladora Mahle Metal Leve S. A. em termos de produção e gestão, após a reorganização produtiva. Esse processo de internacionalização produtiva acarretou modificações na empresa ensejando uma reestruturação da produção e da gestão e um novo círculo vicioso, constituindo as bases de um novo crescimento econômico, com um projeto estratégico de longo prazo, associado ao seu poder econômico, a sua capacidade gerencial e a sua tradição. O estudo está fundamentado em um conjunto de informações sobre os dois momentos, focalizando os resultados financeiros, aspectos gerenciais, liderança, capacidade competitiva e a evolução ao longo desses dois momentos comparados. Concluindo que não apenas o fenômeno da globalização da economia internacional tornou inevitável a cessão do controle acionário. Porém, também faltou visão estratégica para perceber as mudanças que inevitavelmente ocorriam a sua volta e que a nova controladora, a Mahler Metal Leve, trouxe uma competência gerencial que resultou em ganhos de produtividade e melhorou sua competitividade