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PAINEL DE CONTROLE

EMPRESA

Empresa XXXXX
Principal
Servios de Informtica

SETOR
DATA ULTIMO BALANO

Setor Correlato 1
Qumica (Diversificada)

2013

PAINEL DE CONTROLE

REALIZAR INPUT DE DADOS

3 TRIM

ANLISE DE INDICADORES

IMPORTANTE
- Realizar input dos dados da empresa para clculo dos indicadores.

SIMULAO FINANCIAMENTO

ANLISE DE CRDITO

PROCESSO DE VENDAS

ANLISE DE

RESUMO
PRINCIPAIS INDICADORES DE RESULTADO
Esta forma representa uma
segmentao de dados de tabela.
Segmentaes de dados de tabela tm
suporte no Excel 2013 ou em verses
posteriores.
Se a forma tiver sido modificada em
uma verso anterior do Excel, ou se a
pasta de trabalho tiver sido salva no
Excel 2007 ou em verses anteriores,
a segmentao de dados no poder
ser usada.

140.0%
34.6%

35.0%

21.5%

19.7%

18.8%

12.2%
15.6%

19.1%

19.8%

4.3%
6.9%
25.0%

7.2%
11.0%
28.0%

7.4%
10.8%
28.0%

1 TRIM 11

2 TRIM 11

3 TRIM 11

120.0%
100.0%
18.7%
80.0%
10.9%
15.7%
60.0%
4.0%
6.2%
40.0%
25.0%
20.0%
0.0%
4 TRIM 10

Lucratividade Bruta (LB/ROL)

Selecione o indicador financeiro que deseja visualizar.


Segure a tecla "Ctrl" para selecionar vrios itens.

Lucratividade

Selecione o indicador financeiro que deseja visualizar.


Segure a tecla "Ctrl" para selecionar vrios itens.

Quadro de anlise de desempenho dos indicadores da empresa vs. mdia do seto

MTRICAS - COMPARABLES SETORIAIS


Esta forma representa uma
segmentao de dados de tabela.
Segmentaes de dados de tabela tm
suporte no Excel 2013 ou em verses
posteriores.
Se a forma tiver sido modificada em
uma verso anterior do Excel, ou se a
pasta de trabalho tiver sido salva no
Excel 2007 ou em verses anteriores,
a segmentao de dados no poder
ser usada.

Indicadores de Retorno
0.45

39.5%

0.4
0.35
0.3
0.25

22.1%

18.9%

0.2

8.8%

0.1
0.05
0

2
1 .EMPRESA

Selecione o setor que deseja comparar com


a sua empresa.
Segure a tecla "Ctrl" para selecionar vrios itens.

17.2%

12.5%

0.15

2. Servios de Informtica

fonte: Damoradaran, Stern School os Business - NYC - Emerging Market

7/10/2014

DATA

Modelo de anlise preparado por ElevenCase.

Preencher com
dados da empresa,
setor de atuao e
data da ultima demonstrao

Setor Correlato 2
Farmacutico

www.elevencase.com.br
contato@elevencase.com.br
Rua Haddock Lobo, 684 - 4 andar

financeira trimestral.

3 TRIM

RES

So Paulo - SP

ROI
(RETORNO S/ INVEST)

ANLISE DE EVOLUO DO CAPITAL DE GIRO

ROE
(RETORNO S/ CAPITAL)

lculo dos indicadores.

/ROL)

ANLISE DE RISCOS

35.0%

29.4%

30.5%
24.0%

24.7%
19.7%

20.3%

19.8%

19.2%

19.2%

7.4%
10.8%
28.0%

7.8%
11.5%
28.0%

3 TRIM 11

4 TRIM 11

18.8%

Lucratividade Operacional (LO/ROL)

16.9%

15.8%

23.5%

14.6%

12.8%

19.6%

19.3%

16.7%

11.9%
16.6%

8.2%
12.1%
28.0%

6.9%
10.2%
26.5%

5.7%
8.7%
26.5%

7.1%
10.7%
26.5%

6.5%
9.7%
26.5%

1 TRIM 12

2 TRIM 12

3 TRIM 12

4 TRIM 12

1 TRIM 13

Lucratividade Lquida (LL/ROL)

EBITDA/ROL

ROI (retorno s/ investimento)

ROE (retorno s/ patrim

dicadores da empresa vs. mdia do setor de atuao e setores correlatos.

Indicadores de Investimento

Indicadores de Capital de Giro


0.6
0.5

53%
46%

0.4
17.2%

0.3
8.8%

20%

0.2

8%

0.1
0

2
1 .EMPRESA

- NYC - Emerging Market Index

2. Servios de Informtica

14%

10%

3.50
3.00
2.50
2.00
1.50
1.00
0.50
-0.50
-1.00
-1.50

3.17
2.25

0.1

1 .EMPRESA

2. S

or ElevenCase.

WACC
(Custo do Capital)

AL)

to)

23.5%
12.8%
19.3%
6.5%
9.7%
26.5%

13.7%
-1.5%
-5.2%
5.1%
-0.5%
19.6%

12.4%
-7.8%
3.5%
-2.0%
19.6%
-17.8%

1 TRIM 13

2 TRIM 13

ROE (retorno s/ patrimonio)

3 TRIM 13

s de Investimento
3.17
2.25

0.10

0.30

0.02

3
-1.09

1 .EMPRESA

2. Servios de Informtica

INPUT DE DADOS FINANCEIROS


PAINEL DE CONTROLE

REALIZAR INPUT DE DADOS

ANLISE DE INDICADORES

ANLISE DE EVOLUO DO CAPITAL D

Balano Patrimonial (Ativo Consolidado)

Ativo Total
Ativo Circulante
Disponibilidades+Aplicaes
Contas a Receber - Clientes
Estoques
Impostos a Recuperar
Outros
Ativo No - Circulante
Crditos Diversos
Impostos a Recuperar
Outros
Ativo Permanente
Investimentos
Imobilizado
Intangvel
Diferido

3 TRIM 10
653,032
379,583
88,177
123,308
122,757
45,341
-

4 TRIM 10
676,985
394,769
84,222
145,213
129,257
36,077
-

1 TRIM 11
675,966
389,717
46,457
156,345
146,990
39,925
-

273,449
359
271,211
1,879

282,216
359
280,405
1,452

286,249
359
284,842
1,048

3 TRIM 10
653,031
140,846
46,600
46,600

4 TRIM 10
676,985
200,543
64,344
64,344

1 TRIM 11
675,966
222,629
72,322
72,322

46,600
1,046
-

64,344
7,511
-

72,322
5,663
-

Passivo No - Circulante
Emprstimos e Financiamentos
Outros envidividamentos onerosos
Parcelamento de Tributos
Impostos, Taxas e Contribuies
Outros

170,692
95,060
60,427
15,205

217,939
145,160
59,025
13,754

197,514
127,062
58,226
12,226

Resultados de Exerccios Futuros


Participaes Minoritrias
Patrimnio Lquido

341,493

258,503

255,823

Passivo Total
Passivo Circulante
Emprstimos e Financiamentos
Outros envidividamentos onerosos
Parcelamento de Tributos
Fornecedores
Impostos, Taxas e Contribuies
Dividendos a Pagar
Provises
Obrigaes Trabalhistas
Outros

Capital Social Realizado


Reservas de Capital / Outros

341,494
1
-1

97,080
161,424
0

91,751
164,073
0

3 TRIM 10
319,651

4 TRIM 10
346,606

1 TRIM 11
386,956

-47,948

-51,991

-58,043

Receita Lquida

271,703

294,615

328,913

(-) CPV

-203,778

-220,961

-246,684

67,926

73,654

82,228

25.0%

25.0%

25.0%

(-) Despesas/Receitas Operacionais


(-) Com Vendas
(-) Gerais e Administrativas
(-) Outras Receitas Operacionais
(-) Outras Despesas Operacionais

-45,471
-10,996
-7,305
-27,170

-55,317
-13,430
-12,425
-29,462

-59,391
-15,669
-10,831
-32,891

Resultado Antes do Resultado Financeiro e dos Tributos

22,455
8.3%
-3,003
1,764

18,337
6.2%
-3,003
1,684

22,837
6.9%
-3,403
929

LAIR

21,215

17,019

20,363

(-) IR / CSLL
(+) IR Diferido

-6,577

-5,276

-6,313

Lucro/Prejuzo do Exerccio

14,639

11,743

14,051

3 TRIM 10

4 TRIM 10

1 TRIM 11

27,121
54,242
3,003

28,041
56,081
3,003
15,000

28,484
56,968
3,403
15,000

3 TRIM 10

4 TRIM 10

1 TRIM 11

31%

31%

31%

2.5
3.6%
5.0%
4.7%
2.4%
11.9%

2.5
3.2%
4.6%
5.0%
2.5%
11.9%

Receita Bruta
(-) Dedues da Receita Bruta

Resultado Bruto

(-) Despesas Financeiras


(+) Receitas Financeiras
(+/-) Variao Cambial
(+/-) Resultado No Operacional

DADOS FLUXO DE CAIXA


DEPRECIAO DO PERODO
CAPEX PERODO
JUROS PAGOS NO PERODO
AMORTIZAO DE DVIDAS

sinal
(+)
(+)
(+)
(+)

QUADRO DE PREMISSAS
Alquota de IR / CSLL (efetiva)
Cambio (R$ / USD)
EMBI + Brazil - Mdia 36 meses
Inflao Brasil - expectativa IPCA
Treasury Yield - 10 Years
Inflao Americana Expectativa- (CPI)
Retorno Mdio Anual - S&P 500

Informaes para clculo do Custo Mdio Ponderado de Capital


(WACC)

Informaes para clculo do Custo Mdio Ponderado de Capital


(WACC)

ROI
(RETORNO S/ INVEST)

ANLISE DE EVOLUO DO CAPITAL DE GIRO

2 TRIM 11
719,998
422,242
45,663
176,473
162,080
38,026
-

3 TRIM 11
662,861
352,777

4 TRIM 11
743,934
420,793

142,348
173,181
37,248

198,930
183,241
38,622

ROE
(RETORNO S/ CAPITAL)

1 TRIM 12
876,966
539,789
54,378
227,558
220,105
37,748
-

2 TRIM 12
1,038,980
678,483
68,253
291,554
275,131
43,545
-

WACC

3 TRIM 12
1,097,286
706,341
68,253
243,056
343,914
51,118
-

297,756
359
296,717
680

310,084
359
309,380
345

323,141
359
320,926
1,856

337,177
359
329,418
4,090
3,310

360,497
441
350,532
4,894
4,630

390,945
395
379,330
5,910
5,310

2 TRIM 11
719,998
234,237
75,160
75,160

3 TRIM 11
662,861
189,393
62,093
62,093

4 TRIM 11
776,027
230,229
77,669
77,669

1 TRIM 12
876,966
239,265
98,206
98,206

2 TRIM 12
1,038,980
248,520
101,750
101,750

3 TRIM 12
1,097,286
236,386
101,750
101,750

75,160
8,757
-

62,093
3,114
-

62,093
12,798
-

30,000
12,853
-

30,000
15,020
-

30,000
2,886
-

184,843
118,786
56,249
9,808

213,055
148,045
57,431
7,579

142,190
78,996
56,853
6,341

142,868
78,243
58,426
6,199

183,506
121,171
55,854
6,481

198,319
80,000
111,708
6,611

300,918

260,413

403,608

494,833

606,954

662,581

112,879
188,039
0

174,920
85,494
0

237,535
166,074
32,093

232,417
262,417
0

269,695
337,260
0

311,417
351,165
0

2 TRIM 11
431,269

3 TRIM 11
405,456

4 TRIM 11
487,033

1 TRIM 12
544,347

2 TRIM 12
632,248

3 TRIM 12
561,001

-64,690

-60,818

-73,055

-81,652

-94,837

-84,150

366,579

344,638

413,978

462,695

537,411

476,851

-263,937

-248,139

-298,064

-333,140

-394,997

-350,485

102,642

96,499

115,914

129,555

142,414

126,365

28.0%

28.0%

28.0%

28.0%

26.5%

26.5%

-62,151
-13,815
-11,678
-36,658

-59,370
-12,805
-12,101
-34,464

-68,342
-15,152
-11,792
-41,398

-73,638
-15,259
-12,110
-46,269

-87,585
-19,666
-14,178
-53,741

-85,073
-23,082
-14,306
-47,685

40,491
11.0%
-3,073
913

37,129
10.8%
-3,335
3,030

47,572
11.5%
-2,838
2,029

55,916
12.1%
-1,965
1,088

54,829
10.2%
-2,493
1,365

41,292
8.7%
-3,085
1,365

38,331

36,824

46,763

55,038

53,701

39,573

-11,883

-11,415

-14,497

-17,062

-16,647

-12,268

26,449

25,408

32,267

37,976

37,054

27,305

2 TRIM 11

3 TRIM 11

4 TRIM 11

1 TRIM 12

2 TRIM 12

3 TRIM 12

29,672
59,343
3,073
15,000

30,938
61,876
3,335
15,000

32,093
64,185
2,838
15,000

32,942
65,884
1,965
15,000

35,053
70,106
2,493
15,000

37,933
75,866
3,085
15,000

2 TRIM 11

3 TRIM 11

4 TRIM 11

1 TRIM 12

2 TRIM 12

3 TRIM 12

31%

31%

31%

31%

31%

31%

2.5
2.9%
4.3%
4.6%
2.5%
11.9%

2.5
2.7%
4.7%
4.0%
2.5%
11.9%

2.5
2.7%
4.7%
3.5%
2.5%
11.9%

2.5
2.6%
4.7%
4.0%
2.5%
11.9%

2.5
2.4%
4.9%
3.9%
2.5%
11.9%

2.5
2.3%
4.6%
2.3%
2.5%
11.9%

Preencher com dados das demonstraes financeiras trimestrais dos ltimos 3


exerccios.
O preenchimento incompleto ou incorreto das informaes desta base, ir impactar no
clculo de todos os indices e indicadores da planilha.

WACC

4 TRIM 12
955,397
564,663

1 TRIM 13
906,830
529,463

2 TRIM 13
1,220,138
583,137

3 TRIM 13
1,202,461
563,558

182,733
343,914
38,016

182,733
309,523
37,207

219,280
309,523
54,335

263,136
247,618
52,804

390,734
397
379,605
5,783
4,949

377,367
310
368,277
4,826
3,954

637,001
323
589,844
43,386
3,448

638,903
357
610,307
25,094
3,145

4 TRIM 12
955,397
320,106
203,500
50,875

1 TRIM 13
906,830
342,188
250,000
25,438

2 TRIM 13
1,220,138
371,923
250,000
12,719

3 TRIM 13
1,202,461
357,200
250,000
6,359

53,394
12,337
-

59,746
7,004
-

80,000
29,204

80,000
20,841

200,064
80,000
111,708
8,356

200,999
80,000
111,708
9,291

275,327
150,000
111,708
13,619

284,743
150,000
111,708
23,035

435,227

363,643

572,889

560,517

247,296
187,931
0

247,296
116,347
0

437,296
135,593
0

437,296
123,221
0

4 TRIM 12
500,000

1 TRIM 13
450,000

2 TRIM 13
820,000

3 TRIM 13
820,000

-75,000

-67,500

-135,000

-135,000

425,000

382,500

685,000

685,000

-312,375

-281,138

-550,800

-550,800

112,625

101,363

134,200

134,200

26.5%

26.5%

19.6%

19.6%

-67,258
-12,379
-12,379
-42,500

-64,333
-13,459
-12,624
-38,250

-99,468
-10,596
-12,372
-76,500

-110,519
-12,907
-21,112
-76,500

45,367
10.7%
-2,780
1,365

37,030
9.7%
-2,255
1,365

34,732
5.1%
-5,262
1,365

23,681
3.5%
-8,879
1,365

43,952

36,139

30,836

16,167

-13,625

-11,203

-34,359

-29,812

30,327

24,936

-3,523

-13,645

4 TRIM 12

1 TRIM 13

2 TRIM 13

3 TRIM 13

37,961
75,921
2,780
15,000

36,828
110,483
2,255
15,000

58,984
176,953
5,262
15,000

61,031
183,092
8,879
15,000

4 TRIM 12

1 TRIM 13

2 TRIM 13

3 TRIM 13

31%

31%

111%

184%

2.5
2.4%
4.3%
2.7%
2.5%
11.9%

2.5
2.4%
4.3%
3.5%
2.5%
11.9%

2.5
2.5%
4.4%
3.3%
2.5%
11.9%

2.5
2.6%
4.4%
3.9%
2.5%
11.9%

QUADRO DE INDICADORES
PAINEL DE CONTROLE

REALIZAR INPUT DE DADOS

ANLISE DE INDICADORES

3 TRIM 10

ANLISE DE EVOLUO DO CAPITAL DE GIRO

4 TRIM 10

1 TRIM 11

2 TRIM 11

0.62
0.49
0.19
5.36
15.45
0.39
0.94
1.97

0.62
0.49
0.21
5.52
15.08
0.36
0.93
1.75

0.58
0.45
0.21
3.99
22.83
0.26
1.01
1.80

25.0%
6.2%
4.0%
15.7%
10.9%
18.7%

25.0%
6.9%
4.3%
15.6%
12.2%
21.5%

28.0%
11.0%
7.2%
19.1%
19.7%
34.6%

4 TRIM 10

1 TRIM 11

2 TRIM 11

3%
502,003
16,710

-4%
507,154
(17,868)
(123,920)

-2%
539,298
(8,901)
(64,434)

6%
580,610
33,492
240,716

3 TRIM 10

4 TRIM 10

1 TRIM 11

2 TRIM 11

31%

31%

31%

31%

Estrutura de Capital - R$ Mil


Capital Prprio
Passivos Financeiro
Total

341,493
188,260
529,753

258,503
273,848
532,351

255,823
271,706
527,529

300,918
269,106
570,024

Estrutura de Capital - Part %


Capital Prprio
Passivos Onerosos

64.5%
35.5%

48.6%
51.4%

48.5%
51.5%

52.8%
47.2%

Indicadores de Estrutura Crdito


Endivto Geral = (PC+ELP)/AT
Endivto Financeiro = (DB/AT)
Divida de Curto Prazo = (CP/DB)
DBL / EBITDA
Capacidade Pagto. Juros = (EBITDA/DF)
Servio da Dvida/EBITDA
Liquidez Geral (AC+RLP)/(PC+ELP)
Liquidez Corrente (AC/PC)
Indicadores de Rentabilidade
Lucratividade Bruta (LB/ROL)
Lucratividade Operacional (LO/ROL)
Lucratividade Lquida (LL/ROL)
EBITDA/ROL
ROI (retorno s/ investimento)
ROE (retorno s/ patrimonio)

CALCULO DO EVA = VALOR ECONOMICO


AGREGADO
EVA = SPREAD ECONO X INVESTIMENTO
SPREAD = ROI - WACC
INVESTIMENTO
EVA - ECONOMIC VALUE ADDED
MVA historico - GOOD WILL

Taxa de Imposto de Renda

Despesas Financeiras
Ki antes de Benefcio Fiscal
(capital de terceiros anualizado)

(3,003)
5.3%

(3,403)
5.1%

(3,073)
4.6%

0.0%
0%
0.0%

3.5%
26%
14.4%

3.4%
25%
13.8%

3.1%
24%
13.9%

Dados de Resultado e Estrutura


Receita Lquida
EBITDA
NOPAT
Investimento

271,703
49,576
16,710
502,003

294,615
46,378
13,815
507,154

328,913
51,321
16,399
539,298

366,579
70,163
28,569
580,610

Lucro Lquido
Ativo Total

14,639
653,031

11,743
676,985

14,051
675,966

26,449
719,998

3.3%

10.9%

12.2%

19.7%

6%
2.16

5%
2.32

5%
2.44

8%
2.53

Custo do Capital
Ki (capital de terceiros a.a.)
Ke (capital prprio)
WACC

INDICADORES DE RETORNO
ROI = NOPAT / INVEST.
ROI = MARGEM OP X GIRO
Margem Operacional
Giro Operacional

ROI
(RETORNO S/ INVEST)

E DE EVOLUO DO CAPITAL DE GIRO

ROE
(RETORNO S/ CAPITAL)

WACC

3 TRIM 11

4 TRIM 11

1 TRIM 12

2 TRIM 12

3 TRIM 12

4 TRIM 12

0.61
0.50
0.19
4.84
20.41
0.27
0.88
1.86

0.48
0.38
0.20
3.66
28.07
0.22
1.13
1.83

0.44
0.38
0.22
3.14
45.21
0.19
1.41
2.26

0.42
0.37
0.20
3.47
36.06
0.19
1.57
2.73

0.40
0.36
0.19
4.13
25.68
0.23
1.62
2.99

0.54
0.47
0.27
5.35
29.97
0.21
1.09
1.76

28.0%
10.8%
7.4%
19.8%
18.8%
35.0%

28.0%
11.5%
7.8%
19.2%
19.7%
29.4%

28.0%
12.1%
8.2%
19.2%
20.3%
30.5%

26.5%
10.2%
6.9%
16.7%
16.9%
24.7%

26.5%
8.7%
5.7%
16.6%
11.9%
15.8%

26.5%
10.7%
7.1%
19.6%
14.6%
24.0%

3 TRIM 11

4 TRIM 11

1 TRIM 12

2 TRIM 12

3 TRIM 12

4 TRIM 12

5%
590,075
29,601
215,005

4%
694,795
30,475
198,960

5%
773,536
42,141
282,994

2%
919,226
17,422
116,328

-3%
989,536
(34,538)
(224,442)

1%
881,310
7,206
52,152

3 TRIM 11

4 TRIM 11

1 TRIM 12

2 TRIM 12

3 TRIM 12

4 TRIM 12

31%

31%

31%

31%

31%

31%

260,413
272,231
532,644

403,608
234,334
637,942

494,833
274,655
769,488

606,954
324,671
931,625

662,581
283,500
946,081

435,227
334,375
769,602

48.9%
51.1%

63.3%
36.7%

64.3%
35.7%

65.2%
34.8%

70.0%
30.0%

56.6%
43.4%

(3,335)
5.0%

(2,838)
4.6%

(1,965)
3.1%

(2,493)
3.4%

(3,085)
4.1%

(2,780)
3.7%

3.3%
25%
13.8%

3.0%
22%
15.3%

2.1%
22%
14.9%

2.2%
22%
15.0%

2.7%
21%
15.4%

2.4%
23%
13.8%

344,638
68,067
27,710
590,075

413,978
79,665
34,225
694,795

462,695
88,858
39,333
773,536

537,411
89,882
38,774
919,226

476,851
79,225
29,434
989,536

425,000
83,328
32,245
881,310

25,408
662,861

32,267
776,027

37,976
876,966

37,054
1,038,980

27,305
1,097,286

30,327
955,397

18.8%

19.7%

20.3%

16.9%

11.9%

14.6%

8%
2.34

8.3%
2.38

8.5%
2.39

7.2%
2.34

6.2%
1.93

8%
1.93

1 TRIM 13

2 TRIM 13

3 TRIM 13

0.60
0.52
0.30
6.32
32.75
0.23
0.97
1.55

0.53
0.43
0.22
5.60
17.81
0.22
0.90
1.57

0.53
0.43
0.21
6.12
9.54
0.28
0.88
1.58

26.5%
9.7%
6.5%
19.3%
12.8%
23.5%

19.6%
5.1%
-0.5%
13.7%
-1.5%
-5.2%

19.6%
3.5%
-2.0%
12.4%
-7.8%
-17.8%

1 TRIM 13

2 TRIM 13

3 TRIM 13

0%
830,789
119
938

-16%
1,097,315
(174,937)
(1,211,582)

-23%
1,078,585
(250,210)
(1,629,129)

1 TRIM 13

2 TRIM 13

3 TRIM 13

31%

111%

184%

363,643
355,438
719,081

572,889
412,719
985,607

560,517
406,359
966,877

50.6%
49.4%

58.1%
41.9%

58.0%
42.0%

(2,255)
2.6%

(5,262)
5.6%

(8,879)
9.0%

1.7%
23%
12.7%

3.7%
22%
14.4%

5.9%
22%
15.4%

382,500
73,857
26,492
830,789

685,000
93,716
(4,125)
1,097,315

685,000
84,712
(21,139)
1,078,585

24,936
906,830

(3,523)
1,220,138

(13,645)
1,202,461

12.8%

-1.5%

-7.8%

7%
1.84

-1%
2.50

-3%
2.54

- 22 VARIAO DO CAPITAL DE GIRO - Operacional


SALDOS
Aplicao
Clientes
Estoques
Outros
Impostos a Recuperar
SOMA

3 TRIM 10

4 TRIM 10

1 TRIM 11

123,308
122,757
0
45,341
291,406

145,213
129,257
0
36,077
310,547

156,345
146,990
0
39,925
343,260

46,600
1,046
47,646

64,344
7,511
71,855

72,322
5,663
77,985

243,760

238,692

265,275

3 TRIM 10

4 TRIM 10

1 TRIM 11

21,905
6,500
0
(9,264)
19,141

11,132
17,733
0
3,848
32,713

Fontes - Variao
Fornecedores
Impostos a Pagar
Salrios/Encargos Sociais
Provises + Outros
SOMA

17,744
6,465
0
0
24,209

7,978
(1,848)
0
0
6,130

AUMENTO(RED) DO CAPITAL DE GIRO

(5,068)

26,583

Fontes
Fornecedores
Impostos a Pagar
Salrios/Encargos Sociais
Provises + Outros
SOMA
Nec Capital Giro - NCG (AC Op - PC Op)
VARIAO
Aplicao - Variao
Clientes
Estoques
Adiantamentos a Fornecedores
Impostos a Recuperar
SOMA

237674639.xlsx - 07/10/2014

- 23 3 TRIM 10

4 TRIM 10

1 TRIM 11

88,177
88,177

84,222
84,222

46,457
46,457

Passivos Circulantes Financeiros


Financiamentos Onerosos
Parcelamento Tributos
Dividendos/Juros s/Cap. Prprio
Outros

93,200
93,200
0
0

128,688
128,688
0
0

144,644
144,644
0
0

Saldo Tesouraria

(5,023)

(44,466)

(98,187)

Capital de Giro - CDG (AC - PC)


Nec Capital Giro - NCG (AC Op - PC Op)

238,737
243,760

194,226
238,692

167,088
265,275

RECEITA LQUIDA

271,703

294,615

328,913

(203,778)

(220,961)

(246,684)

VARIAO DO CAPITAL DE GIRO - Tesouraria


Ativos Circulantes Financeiros
Caixa e Bancos
Outros

CPV
DIAS DE GIRO

3 TRIM 10

4 TRIM 10

1 TRIM 11

Disponvel - Dias de Faturamento


Prazo Mdio de Recebimento (mdia de contas a receber)
Prazo Mdio de Rotao de Estoques

27
42
52

18
42
51

Prazo medio pagto fornecedores - CPV


Prazo medio pagto Salrios - CPV
Ciclo Operacional

23
71

25
68

237674639.xlsx - 07/10/2014

- 24 -

2 TRIM 11
176,473
162,080
0
38,026
376,579

75,160
8,757
83,917
292,662
2 TRIM 11
20,128
15,090
0
(1,899)
33,319

2,838
3,094
0
0
5,932
27,387

237674639.xlsx - 07/10/2014

- 25 2 TRIM 11
45,663
45,663

150,320
150,320
0
0

(104,657)
188,005
292,662
366,579
(263,937)
2 TRIM 11
11
41
53
25
69

237674639.xlsx - 07/10/2014

RETORNO SOBRE INVESTIMENTO


PAINEL DE CONTROLE

REALIZAR INPUT DE DADOS

ANLISE DE INDICADORES

ANLISE DE EVOLUO DO CAPITAL DE GIRO

ROI = Return on Investment


Retorno sobre o capital investido, calculado pela formula NOPAT / Investimento

O ROI pode ser decomposto entre Margem Operacional X Giro


Margem = NOPAT / Receita Lquida
Giro = Receita Lquida / Investimento

25.0%
R$ 2.44

20.0%
R$ 2.32
15.0%
10.9%
10.0%
5.0%

19.7%
R$
2.53

2
R$

19.7%
R$ 2.38

18.8%
R$ 2.34

12.2%
8.3%

8.0%

7.8%
5.0%

4.7%

0.0%
4 TRIM 10
-5.0%

1 TRIM 11

2 TRIM 11

3 TRIM 11

4 TRIM 11

1T

-10.0%

Anlise da variao do ROI por perdo, calculando a contribuio da Margem e Giro sobre cada variao.
0.1

Composi

0.08
0.0024121703
0.0042832786

0.05

0.0684965275
0.0126681372
0.000343639
0.005434146
0.0068903522

0
4 TRIM 10

1 TRIM 11

2 TRIM 11

0.0062340313
-0.0147485502
-0.01
-0.00046714
3 TRIM 11

0.000106894
0.0091965647
0.0037854702
0.0053042005
4 TRIM 11

2.173744158
0.00076
0.00635
0.0055
1 TRI

-0.05
-0.1
-0.15
-0.2
-0.25

delta Margem

delta G

-0.2
-0.25

Dados de Resultado e Estrutura


Receita Lquida
NOPAT

Investimento (saldo Mdio)


ROI
ROI = MARGEM OP X GIRO
Margem Operacional (NOPAT / REC LIQUIDA)
Giro Operacional (REC LIQUIDA/INVESTIMENTO)

Dados de Resultado e Estrutura


Receita Lquida
NOPAT
Investimento (saldo Mdio)
ROI
Margem Operacional
Giro Operacional

variao ROI - composio


ROI
Margem Operacional
Giro Operacional
delta Margem
delta Giro
delta combinado
Variao ROI

delta Margem

delta G

4 TRIM 10
294,615

1 TRIM 11
328,913

2 TRIM 11
366,579

13,815

16,399

28,569

507,154

539,298

580,610

10.9%

12.2%

19.7%

5%
2.32

5%
2.44

8%
2.53

4 TRIM 10
294,615

1 TRIM 11
328,913

2 TRIM 11
366,579

13,815

16,399

28,569

507,154

539,298

580,610

10.9%

12.2%

19.7%

4.7%
2.32

5.0%
2.44

7.8%
2.53

4 TRIM 10
10.9%

1 TRIM 11
12.2%

2 TRIM 11
19.7%

5%
2.32

5%
2.44

8%
2.53

0.7%
0.5%
0.0%
1.3%

6.8%
0.4%
0.2%
7.5%

ROI
(RETORNO S/ INVEST)

E DE EVOLUO DO CAPITAL DE GIRO

ROE
(RETORNO S/ CAPITAL)

WACC

Evoluo ROI
20.3%
R$ 2.39

%
38

R$ 2

R$
2.34
16.9%

14.6%
R$ 1.93

R$
1.93
11.9%

8.3%

8.5%

7.2%

12.8%
R$ 1.84

7.6%

6.2%

6.9%

-1.5
11

1 TRIM 12

3 TRIM 12

4 TRIM 12

1 TRIM 13

2 TRI

Composio da Variao do ROI

6894
65647
54702
42005
M 11

2 TRIM 12

2.17374415877603E-005
0.0007698721
0.0063549425
0.005563333
1 TRIM 12

0.0006954681
-0.030764985
2 TRIM 12
-0.0045978176
-0.03

0.0042839256
-0.0243772177
3 TRIM 12
-0.0296505784
-0.05

0.03
1.94241622100272E-005
0.000084757
0.0272671216
4 TRIM 12

0.0453921172
0.0005772133
-0.0127505276
-0.0066252678
1 TRIM 13
-0.02

2 TRIM 13
-0.1386415062

-0.0493384484
-0.14

delta Giro

delta combinado

Variao ROI

delta Giro

delta combinado

Variao ROI

3 TRIM 11
344,638

4 TRIM 11
413,978

1 TRIM 12
462,695

2 TRIM 12
537,411

3 TRIM 12
476,851

4 TRIM 12
425,000

27,710

34,225

39,333

38,774

29,434

32,245

590,075

694,795

773,536

919,226

989,536

881,310

18.8%

19.7%

20.3%

16.9%

11.9%

14.6%

8%
2.34

8.3%
2.38

8.5%
2.39

7.2%
2.34

6.2%
1.93

7.6%
1.93

3 TRIM 11
344,638

4 TRIM 11
413,978

1 TRIM 12
462,695

2 TRIM 12
537,411

3 TRIM 12
476,851

4 TRIM 12
425,000

27,710

34,225

39,333

38,774

29,434

32,245

590,075

694,795

773,536

919,226

989,536

881,310

18.8%

19.7%

20.3%

16.9%

11.9%

14.6%

8.0%
2.34

8.3%
2.38

8.5%
2.39

7.2%
2.34

6.2%
1.93

7.6%
1.93

3 TRIM 11
18.8%

4 TRIM 11
19.7%

1 TRIM 12
20.3%

2 TRIM 12
16.9%

3 TRIM 12
11.9%

4 TRIM 12
14.6%

8%
2.34

8%
2.38

9%
2.39

7%
2.34

6%
1.93

8%
1.93

0.6%
-1.5%
0.0%
-0.9%

0.5%
0.4%
0.0%
0.9%

0.6%
0.1%
0.0%
0.6%

-3.1%
-0.5%
0.1%
-3.5%

-2.4%
-3.0%
0.4%
-5.0%

2.7%
0.0%
0.0%
2.7%

R$ 2.50

R$ 3.00
R$ 2.54
R$ 2.50

12.8%
R$ 1.84

R$ 2.00
R$ 1.50

6.9%
-1.5%
-0.6%
2 TRIM 13

1 TRIM 13

36
8

R$ 1.00
3 TRIM-3.1%
13
-7.8%R$ 0.50
R$ -

0.1
0.05
0.0453921172
2 TRIM 13

3 TRIM 13
-0.0620210287

-0.1386415062

-0.0002611063
-0.001077052
-0.063359187

0
-0.05
-0.1

-0.0493384484
-0.14
-0.15
-0.2

-0.15
-0.2

1 TRIM 13
382,500

2 TRIM 13
685,000

3 TRIM 13
685,000

26,492

(4,125)

(21,139)

830,789

1,097,315

1,078,585

12.8%

-1.5%

-7.8%

6.9%
1.84

-0.6%
2.50

-3.1%
2.54

1 TRIM 13
382,500

2 TRIM 13
685,000

3 TRIM 13
685,000

26,492

(4,125)

(21,139)

830,789

1,097,315

1,078,585

12.8%

-1.5%

-7.8%

6.9%
1.84

-0.6%
2.50

-3.1%
2.54

1 TRIM 13
12.8%

2 TRIM 13
-1.5%

3 TRIM 13
-7.8%

7%
1.84

-1%
2.50

-3%
2.54

-1.3%
-0.7%
0.1%
-1.9%

-13.9%
4.5%
-4.9%
-14.3%

-6.2%
0.0%
-0.1%
-6.3%

RETORNO SOBRE CAPITAL PRPRIO


PAINEL DE CONTROLE

REALIZAR INPUT DE DADOS

ANLISE DE INDICADORES

ANLISE DE EVOLUO DO CAPITAL DE GIRO

ROE (return on equity) = Lucro Lquido / Pat. Liquido

Decomposio do ROE pela anlise Dupont: Giro x Alavancagem X Margem

ROE - anli

0.2
0.18
0.16
0.14
0.12
0.1
0.08
0.06
0.04
0.02
0
1

Dupont Analise: ROE = Margem Liquida x


Giro do Ativo x Alavancagem
ROE
Margem Liquida = LL / VENDAS
Giro = VENDAS / ATIVO
Alavancagem = ATIVO / PL

4 TRIM 10
18.2%
4.0%
1.74
2.62

1 TRIM 11
22.0%
4.3%
1.95
2.64

2 TRIM 11
35.2%
7.2%
2.04
2.39

E DE EVOLUO DO CAPITAL DE GIRO

ROI
(RETORNO S/ INVEST)

ROE
(RETORNO S/ CAPITAL)

WACC

ROE - anlise Dupont simplificada

4.00

18.2%

3.50
3.00
2.50

Giro =

Alava

2.00
1.50
1.00

4.0%

0.50
3

3 TRIM 11
39.0%
7.4%
2.08
2.55

4 TRIM 11
32.0%
7.8%
2.13
1.92

1 TRIM 12
30.7%
8.2%
2.11
1.77

2 TRIM 12
24.4%
6.9%
2.07
1.71

Marge

3 TRIM 12
16.5%
5.7%
1.74
1.66

4 TRIM 12
27.9%
7.1%
1.78
2.20

ROE

Giro = VENDAS / ATIVO


Alavancagem = ATIVO / PL
Margem Liquida = LL / VENDAS
ROE

1 TRIM 13
27.4%
6.5%
1.69
2.49

2 TRIM 13
-2.5%
-0.5%
2.25
2.13

3 TRIM 13
-9.7%
-2.0%
2.28
2.15

CUSTO DO CAPITAL (WACC - WEIGHTED AVERAGE COST OF C


PAINEL DE CONTROLE

REALIZAR INPUT DE DADOS

ANLISE DE INDICADORES

ANLISE DE EVOLUO DO CAPITAL DE GIRO

SIM

INCLUIR PRMIO DE AJUSTE POR TAMANHO DO PATRIMONIO LQUIDO?

Prmio de ajuste conforme Duff & Phelps Risk Premium Report

35%

30%

Wi
We

Custo de Capital de
Terceiros (Ki)

24%

25%

22%

Custo do Capital
20%

CAPM
(Ke)
Estrutura do Capita (% Wi e %We)
WACC

25%

25%

15%

14%

14%

14%

3%

3%

3%

4 TRIM 10

1 TRIM 11

2 TRIM 11

15%

10%

5%

3%

0%

ESTRUTURA DE CAPITAL
Total Passivo Oneroso - R$ Mil
Patrimonio Lquido - R$ Mil

Wi
We

Total Passivo Oneroso - R$ Mil


Despesas Financeiras
Ki antes de Benefcio Fiscal

4 TRIM 10
273,848
258,503
Participao W
51%
49%

4 TRIM 10
273,848
(3,003)
5.30%

1 TRIM 11
271,706
255,823

52%
48%

1 TRIM 11
271,706
(3,403)
5.08%

2 TRIM 11
269,106
300,918

47%
53%

2 TRIM 11
269,106
(3,073)
4.62%

3 TRIM

Expectativa IPCA
Custo Financeiro Empresa - Deflacionado
Taxa de Imposto de Renda
Custo de Capital de Terceiros (Ki)
CAPM (Ke)
Wi
We

5.3%
34%

5.1%
34%

4.6%
34%

3.5%
26.0%
Participao (W)
51%
49%

3.4%
24.9%

3.1%
23.6%

52%
48%

47%
53%

14.4%

13.8%

13.9%

WACC

Custo do Capital Prprio Mtodo CAPM

4 TRIM 10

1 TRIM 11

2 TRIM 11

Taxa Livre de Risco


Treasury Yield - 10 Years
Inflao Americana Expectativa- (CPI)
Taxa Livre de Risco Deflacionada

4.7%
2.4%
2.2%

5.0%
2.5%
2.5%

4.6%
2.5%
2.1%

Retorno de Mercado
Retorno Mdio Anual
Inflao Americana Expectativa- (CPI)
Retorno Deflacionado pelo CPI

11.9%
2.4%
9.3%

11.9%
2.5%
9.3%

11.9%
2.5%
9.3%

Beta
Beta Alavancado

1.32

1.32

1.24

Prmio de Risco Brasil


Risco Brasil
EMBI + Brazil - Mdia 36 meses

3.6%

3.2%

2.9%

15.2%

14.6%

13.9%

Prmio sobre CAPM


Premium Over CAPM
CAPM Deflacionado
Inflao Brasil - expectativa longo prazo IPCA

5.0%

4.6%

4.3%

Prmio de Ajuste

5.0%

5.0%

4.9%

CAPM Nominal

26.0%

24.9%

23.6%

MEMRIA DE CLCULO DO BETA


Item
Beta Alavancado - Setor da Industria
Correlata
Mdia D/E Setor
Taxa de Imposto de Renda
Beta Desalavancado

Servios de Informtica

4 TRIM 10

1 TRIM 11

2 TRIM 11

0.92

0.92

0.92

20%
10%
0.78

20%
10%
0.78

20%
10%
0.78

Taxa de Imposto de Renda - Brasil


Relao D / E - posio atual

34%
1.06

34%
1.06

34%
0.89

Beta Alavancado pela estrutura atual

1.32

1.32

1.24

258,503.00
2.50
103.40

255,823.00
2.50
102.33

300,918.00
2.50
120.37

8.77%
-1.87%
2.01
5.00%

8.77%
-1.87%
2.01
5.01%

8.77%
-1.87%
2.08
4.88%

4 TRIM 10

1 TRIM 11
25%
14%
3%
52%
48%

2 TRIM 11
24%
14%
3%
47%
53%

CALCULO PRMIO DE TAMANHO


PL - R$ Mil
Cambio (R$ / USD)
PL Ajustado em USD milhes
Constante - verificar Tabela
Constante - verificar Tabela
Log PL Dolar
Prmio de Ajuste
Tabela B 2 do relatorio (Duff & Phelps Risk Premium Report - 2008)

CAPM (Ke)
WACC
Custo de Capital de Terceiros (Ki)
Wi
We

W
26%
14%
3%
51%
49%

COST OF CAPITAL)

E DE EVOLUO DO CAPITAL DE GIRO

ROI
(RETORNO S/ INVEST)

ROE
(RETORNO S/ CAPITAL)

WACC

Calculo do Custo Mdio Ponderado de Capital (WACC)

Trata-se de uma estimativa preliminar em funo dos dados informados sobre o setor de atuao e dad

Os parmetros de beta e alavancagem tem como fonte a base de dados fornecidos por Damodaran, par

M 11

22%

22%

22%

15%

15%

15%

3%

3 TRIM 11

3 TRIM 11
272,231
260,413

51%
49%

3 TRIM 11
272,231
(3,335)
5.02%

23%

15%

14%

3%

2%

4 TRIM 11

1 TRIM 12

2 TRIM 12

3 TRIM 12

37%
63%

4 TRIM 11
234,334
(2,838)
4.56%

36%
64%

1 TRIM 12
274,655
(1,965)
3.13%

2 TRIM 12
324,671
606,954

35%
65%

2 TRIM 12
324,671
(2,493)
3.37%

13%

14%

4%

2%

1 TRIM 12
274,655
494,833

22%

21%

2%

4 TRIM 11
234,334
403,608

23%

2%

3 TRIM 12
283,500
662,581

30%
70%

3 TRIM 12
283,500
(3,085)
4.12%

4 TRIM 12

4 TRIM 12
334,375
435,227

43%
57%

4 TRIM 12
334,375
(2,780)
3.67%

1 TRIM 13

5.0%
34%

4.6%
34%

3.1%
34%

3.4%
34%

4.1%
34%

3.7%
34%

3.3%
24.7%

3.0%
22.5%

2.1%
22.0%

2.2%
21.8%

2.7%
20.8%

2.4%
22.6%

51%
49%

37%
63%

36%
64%

35%
65%

30%
70%

43%
57%

13.8%

15.3%

14.9%

15.0%

15.4%

13.8%

3 TRIM 11

4 TRIM 11

1 TRIM 12

2 TRIM 12

3 TRIM 12

4 TRIM 12

4.0%
2.5%
1.5%

3.5%
2.5%
0.9%

4.0%
2.5%
1.5%

3.9%
2.5%
1.3%

2.3%
2.5%
-0.2%

2.7%
2.5%
0.2%

11.9%
2.5%
9.2%

11.9%
2.5%
9.2%

11.9%
2.5%
9.2%

11.9%
2.5%
9.2%

11.9%
2.5%
9.2%

11.9%
2.5%
9.2%

1.31

1.08

1.06

1.05

1.00

1.17

2.7%

2.7%

2.6%

2.4%

2.3%

2.4%

14.3%

12.5%

12.3%

12.0%

11.4%

13.1%

4.7%

4.7%

4.7%

4.9%

4.6%

4.3%

5.0%

4.6%

4.5%

4.3%

4.2%

4.6%

24.7%

22.5%

22.0%

21.8%

20.8%

22.6%

3 TRIM 11

4 TRIM 11

1 TRIM 12

2 TRIM 12

3 TRIM 12

4 TRIM 12

0.92

0.92

0.92

0.92

0.92

0.92

20%
10%
0.78

20%
10%
0.78

20%
10%
0.78

20%
10%
0.78

20%
10%
0.78

20%
10%
0.78

34%
1.05

34%
0.58

34%
0.56

34%
0.53

34%
0.43

34%
0.77

1.31

1.08

1.06

1.05

1.00

1.17

260,413.00
2.50
104.17

403,608.00
2.50
161.44

494,833.00
2.50
197.93

606,954.25
2.50
242.78

662,581.06
2.50
265.03

435,227.06
2.50
174.09

8.77%
-1.87%
2.02
4.99%

8.77%
-1.87%
2.21
4.64%

8.77%
-1.87%
2.30
4.47%

8.77%
-1.87%
2.39
4.31%

8.77%
-1.87%
2.42
4.23%

8.77%
-1.87%
2.24
4.58%

3 TRIM 11
25%
14%
3%
51%
49%

4 TRIM 11
22%
15%
3%
37%
63%

1 TRIM 12
22%
15%
2%
36%
64%

2 TRIM 12
22%
15%
2%
35%
65%

3 TRIM 12
21%
15%
3%
30%
70%

4 TRIM 12
23%
14%
2%
43%
57%

tal (WACC)

uno dos dados informados sobre o setor de atuao e dados econmicos.

como fonte a base de dados fornecidos por Damodaran, para US Market.

12

80%
70%
60%

22%

22%

50%
40%

15%

14%

30%
20%

6%
4%

10%
0%

1 TRIM 13

1 TRIM 13
355,438
363,643

49%
51%

1 TRIM 13
355,438
(2,255)
2.64%

2 TRIM 13

2 TRIM 13
412,719
572,889

42%
58%

2 TRIM 13
412,719
(5,262)
5.59%

3 TRIM 13
406,359
560,517

42%
58%

3 TRIM 13
406,359
(8,879)
8.96%

2.6%
34%

5.6%
34%

9.0%
34%

1.7%
23.5%

3.7%
22.2%

5.9%
22.2%

49%
51%

42%
58%

42%
58%

12.7%

14.4%

15.4%

1 TRIM 13

2 TRIM 13

3 TRIM 13

3.5%
2.5%
1.0%

3.3%
2.5%
0.8%

3.9%
2.5%
1.3%

11.9%
2.5%
9.2%

11.9%
2.5%
9.2%

11.9%
2.5%
9.2%

1.28

1.15

1.15

2.4%

2.5%

2.6%

13.9%

13.0%

13.0%

4.3%

4.3%

4.3%

4.7%

4.4%

4.4%

23.5%

22.2%

22.2%

1 TRIM 13

2 TRIM 13

3 TRIM 13

0.92

0.92

0.92

20%
10%
0.78

20%
10%
0.78

20%
10%
0.78

34%
0.98

34%
0.72

34%
0.72

1.28

1.15

1.15

363,643.16
2.50
145.46

572,888.51
2.50
229.16

560,517.27
2.50
224.21

8.77%
-1.87%
2.16
4.72%

8.77%
-1.87%
2.36
4.35%

8.77%
-1.87%
2.35
4.37%

1 TRIM 13
23%
13%
2%
49%
51%

2 TRIM 13
22%
14%
4%
42%
58%

3 TRIM 13
22%
15%
6%
42%
58%

SIM
NO

Empresa:

Empresa XXXXX

VALOR DO FINANCIAMENTO.......................:
TAXA DE JUROS (TJLP)..................................:
COMISSO BNDES.............................................:
TAXA RISCO AG. FINANCEIRO.......:
CARNCIA......................................................:
AMORTIZAO..............................................:
DATA DE CONTRATAO
*considerado 3 liberaes

R$ Mil
5.00 % a.a.
4.00 % a.a.
2.00 % a.a.
12 Meses
84 Meses
15/09/14

22,000.00

Informar premissas da operao de financimento para


simular fluxo de amortizao e de pagamento de juros

Modelo de anlise preparado por ElevenCase.


Dvidas:
contato@elevencase.com.br
www.elevencase.com.br

7,000.00
6,000.00 2014
5,000.00 2015
4,000.00
3,000.00
2,000.00
1,000.00
-

2016
2017
2018
2019
2020
2021
2022 196.03
2023 196.03
2024 2014
2025

Juros
R$
R$
R$
3,779.00
R$
R$
1,309.52
R$
R$
R$
2,469.47
R$
R$
2015 R$
R$

6,350.55

3,142.86

3,207.70

2016

196
2,469
3,208
2,677
2,145
1,614
1,083
552
77
-

Amortizao
5,819.43
R$
R$
R$
R$3,142.86
R$
R$
R$
R$2,676.58
R$
R$
R$ 2017
R$

1,310
3,143
3,143
3,143
3,143
3,143
3,143
1,833
-

R$5,288.31
R$
R$
R$
3,142.86
R$
R$
R$
R$
R$2,145.46
R$
R$ 2018
R$

196
3,779
6,351
5,819
5,288
4,757
4,226
3,695
1,910
Juros

VENCIMENTO
1
2

9/15/2014
10/15/2014

SALDO
DEVEDOR INICIAL

LIBERAES
7,333
0

R$

RESUMO
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025

PAGTOS EM
PAGTOS EM
PAGTOS EM
PAGTOS EM
PAGTOS EM
PAGTOS EM
PAGTOS EM
PAGTOS EM
PAGTOS EM
PAGTOS EM
PAGTOS EM
PAGTOS EM

R$
196
3,779
6,351
5,819
5,288
4,757
4,226
3,695
1,910
0
0
0

R$
4,757.19
R$
R$
R$
3,142.86
R$
R$
R$
R$
1,614.33
R$
R$
2019
R$

4,226.07 -

3,694.95

1,083.21
2020 -

3,142.86

3,142.86 -

Amortizao

1,909.96
1,833.33

552.09
2021

76.63
2022

2023

2024

2025

Column F
ENCARGOS
BNDES

AMORTIZAO
7,333
7,333

0
0

JUROS
AG. FINANC.
0
0

VALOR
PARCELA
0
0

0
0

11/15/2014

7,333

12/15/2014

7,333

14,667

160

36

196

1/15/2015

14,667

2/15/2015

14,667

3/15/2015

7,333

22,000

317

70

388

4/15/2015

22,000

5/15/2015

22,000

10

6/15/2015

22,000

487

108

595

11

7/15/2015

22,000

12

8/15/2015

22,000

262

262

13

9/15/2015

21,738

262

487

108

857

14

10/15/2015

21,476

262

249

55

566

15

11/15/2015

21,214

262

238

53

553

16

12/15/2015

20,952

262

243

54

559

17

1/15/2016

20,690

262

240

53

555

18

2/15/2016

20,429

262

214

48

523

19

3/14/2016

20,167

262

234

52

548

20

4/14/2016

19,905

262

223

50

535

21

5/14/2016

19,643

262

228

51

540

22

6/14/2016

19,381

262

217

48

527

23

7/14/2016

19,119

262

221

49

533

24

8/14/2016

18,857

262

218

49

529

25

9/14/2016

18,595

262

208

46

517

26

10/14/2016

18,333

262

212

47

521

27

11/14/2016

18,071

262

202

45

509

28

12/14/2016

17,810

262

206

46

514

29

1/14/2017

17,548

262

203

45

510

30

2/14/2017

17,286

262

180

40

482

31

3/14/2017

17,024

262

197

44

503

32

4/14/2017

16,762

262

187

42

491

33

5/14/2017

16,500

262

191

42

495

34

6/14/2017

16,238

262

182

40

484

35

7/14/2017

15,976

262

185

41

487

36

8/14/2017

15,714

262

181

40

484

37

9/14/2017

15,452

262

173

38

473

38

10/14/2017

15,190

262

175

39

476

39

11/14/2017

14,929

262

167

37

466

40

12/14/2017

14,667

262

169

38

469

41

1/14/2018

14,405

262

166

37

465

42

2/14/2018

14,143

262

147

33

442

43

3/14/2018

13,881

262

160

36

457

44

4/14/2018

13,619

262

152

34

447

45

5/14/2018

13,357

262

154

34

450

46

6/14/2018

13,095

262

146

32

440

47

7/14/2018

12,833

262

148

33

442

48

8/14/2018

12,571

262

145

32

439

49

9/14/2018

12,310

262

137

30

429

50

10/14/2018

12,048

262

138

31

431

51

11/14/2018

11,786

262

131

29

422

52

12/14/2018

11,524

262

132

29

424

53

1/14/2019

11,262

262

129

29

420

54

2/14/2019

11,000

262

114

25

401

55

3/14/2019

10,738

262

123

27

412

56

4/14/2019

10,476

262

116

26

404

57

5/14/2019

10,214

262

117

26

405

58

6/14/2019

9,952

262

110

24

396

59

7/14/2019

9,690

262

111

25

397

60

8/14/2019

9,429

262

108

24

393

61

9/14/2019

9,167

262

101

22

386

62

10/14/2019

8,905

262

102

23

386

63

11/14/2019

8,643

262

95

21

378

64

12/14/2019

8,381

262

95

21

378

65

1/14/2020

8,119

262

92

21

375

66

2/14/2020

7,857

262

81

18

360

67

3/13/2020

7,595

262

86

19

367

68

4/13/2020

7,333

262

80

18

360

69

5/13/2020

7,071

262

80

18

360

70

6/13/2020

6,810

262

74

17

353

71

7/13/2020

6,548

262

74

16

352

72

8/13/2020

6,286

262

71

16

348

73

9/13/2020

6,024

262

65

15

342

74

10/13/2020

5,762

262

65

14

341

75

11/13/2020

5,500

262

60

13

335

76

12/13/2020

5,238

262

58

13

333

77

1/13/2021

4,976

262

55

12

330

78

2/13/2021

4,714

262

47

10

320

79

3/13/2021

4,452

262

49

11

322

80

4/13/2021

4,190

262

45

10

316

81

5/13/2021

3,929

262

43

10

315

82

6/13/2021

3,667

262

39

309

83

7/13/2021

3,405

262

37

307

84

8/13/2021

3,143

262

34

303

85

9/13/2021

2,881

262

30

298

86

10/13/2021

2,619

262

28

296

87

11/13/2021

2,357

262

24

291

88

12/13/2021

2,095

262

22

288

89

1/13/2022

1,833

262

18

284

90

2/13/2022

1,571

262

14

279

91

3/13/2022

1,310

262

12

277

92

4/13/2022

1,048

262

273

93

5/13/2022

786

262

269

94

6/13/2022

524

262

266

95

7/13/2022

262

262

262

96

8/13/2022

97

9/13/2022

98

10/13/2022

99

11/13/2022

100

12/13/2022

101

1/13/2023

102

2/13/2023

103

3/13/2023

104

4/13/2023

105

5/13/2023

106

6/13/2023

107

7/13/2023

108

8/13/2023

109

9/13/2023

110

10/13/2023

111

11/13/2023

112

12/13/2023

113

1/13/2024

114

2/13/2024

115

3/12/2024

116

4/12/2024

117

5/12/2024

118

6/12/2024

119

7/12/2024

120

8/12/2024

121

9/12/2024

13,095

9,779

2,173

33,237

TOTAL

22,000

DADOS FINANCEIROS
PAINEL DE CONTROLE

ANLISE DE CRDITO

PROCESSO DE VENDA

Situao solvencia - indices

3.64

3.24

3.01

0.95

1.17

0.15
4 TRIM 10

0.85
0.20
1 TRIM 11

Modelo Kanitz

Boa situao

Boa situao

Modelo Sanvicente e Minardi

Boa situao

Boa situao

Modelo de Elizabetsky

Insolvente

Insolvente

Modelo Kanitz

3 TRIM 10

Indice
Situao solvencia

4 TRIM 10

0.29
2 TRIM 11

1 TRIM 11

3.6
3.0
Boa situao Boa situao

* indice mais preciso


Modelo Sanvicente e Minardi

Indice
Situao solvencia

3 TRIM 10

4 TRIM 10

1 TRIM 11

0.9
0.9
Boa situao Boa situao

* indice mais rigoroso - tendencia para classificar como insolvente


Modelo de Elizabetsky (1976)

Indice
Situao solvencia

0.2
Insolvente

0.2
Insolvente

3T

PROCESSO DE VENDAS

ANLISE DE RISCOS

cia - indices
5.23

4.74

4.43
3.29

3.24
2.33

1.96

1.93

1.69

1.98
1.30
0.43

1.17

1.20

1.40

0.29

0.39

0.42

0.41

0.46

0.47

2 TRIM 11

3 TRIM 11

4 TRIM 11

1 TRIM 12

2 TRIM 12

3 TRIM 12

Boa situao

Boa situao

Boa situao

Boa situao

Boa situao

Boa situao

Boa situao

Boa situao

Boa situao

Boa situao

Insolvente

Insolvente

Insolvente

Insolvente

Insolvente

2 TRIM 11

3 TRIM 11

4 TRIM 11

1 TRIM 12

2 TRIM 12

3.2
2.3
3.3
4.4
5.2
Boa situao Boa situao Boa situao Boa situao Boa situao

2 TRIM 11

3 TRIM 11

4 TRIM 11

1 TRIM 12

2 TRIM 12

1.2
1.2
1.4
2.0
1.9
Boa situao Boa situao Boa situao Boa situao Boa situao

0.3
Insolvente

0.4
Insolvente

0.4
Insolvente

0.4
Insolvente

0.5
Insolvente

4 TRIM 1

4.74

1.69

1.98
1.30

1.76
1.17

0.47

0.43

0.36

3 TRIM 12

4 TRIM 12

Boa situao

2.54

2.06

1 TRIM 13

0.78
0.17
2 TRIM 13

0.62
0.12
3 TRIM 13

Boa situao

Boa situao

Boa situao

Boa situao

Boa situao

Boa situao

Boa situao

Boa situao

Boa situao

Insolvente

Insolvente

Insolvente

Insolvente

Insolvente

3 TRIM 12

4 TRIM 12

1 TRIM 13

2 TRIM 13

3 TRIM 13

4.7
2.0
1.8
2.1
2.5
Boa situao Boa situao Boa situao Boa situao Boa situao

3 TRIM 12

4 TRIM 12

1 TRIM 13

2 TRIM 13

3 TRIM 13

1.7
1.3
1.2
0.8
0.6
Boa situao Boa situao Boa situao Boa situao Boa situao

0.5
Insolvente

0.4
Insolvente

0.4
Insolvente

0.2
Insolvente

0.1
Insolvente

Se < 0 : problema de insolvencia

DADOS FINANCEIROS
PAINEL DE CONTROLE

MDULO INDISPNVEL
INDISPNVEL

ANLISE DE CRDITO

PROCESSO DE VENDAS

ANLISE DE RISCOS

ANLISE DE RISCOS

DADOS FINANCEIROS
PAINEL DE CONTROLE

MDULO INDISPNVEL
INDISPNVEL

ANLISE DE CRDITO

PROCESSO DE VENDAS

ANLISE DE RISCOS

ANLISE DE RISCOS