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Ren Financial Diagnosis

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Submitted By FilipeBR
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Nesta secção, vai-se proceder ao diagnóstico financeiro da REN. Em primeiro lugar, há que verificar se a empresa é rentável e sustentável, analisando para tal a rendibilidade e o risco operacional da empresa.
A Rendibilidade do Capital Próprio (RCP) tem descido (à excepção de uma ligeira subida de 2008 para 2009), tendo sido em 2010 de 10,79%. Trata-se de um valor razoável, que parece suficiente relativamente, por exemplo, à inflação e à taxa de juro de um depósito. Para confirmar que estamos perante um valor satisfatório, há que comparar com empresas do mesmo sector. Sendo a REN monopolista no mercado nacional, a comparação tem de ser realizada com empresas homólogas de outros países, nomeadamente a REE (distribuidora eléctrica espanhola), a qual teve, em 2010, uma rendibilidade financeira de 24,73%. É imediatamente perceptível ao confrontar ambos os valores que a REN é consideravelmente menos atraente para os investidores que a sua congénere espanhola.
Refira-se ainda que, no exercício de 2006, a Rendibilidade do Capital Próprio apresentou um valor invulgarmente alto (52,48%). Tal é explicado, analisando a Demonstração de Resultados, pelo facto da rubrica “Outros Proveitos Operacionais” ter apresentado nesse ano um valor muito acima do habitual, fazendo aumentar significativamente o Resultado Operacional. A análise do relatório de contas permitiu constatar que esses proveitos operacionais extraordinários resultaram essencialmente de dividendos distribuídos pela GALP no ano de 2005. Sendo assim, constata-se que a rendibilidade desse ano está sobrevalorizada em relação à performance puramente operacional da REN.
Recorrendo à análise Dupont desenvolvida, vai-se tentar perceber que factores explicam a supra mencionada evolução negativa da rendibilidade financeira. RCP | RBV | Efeito CF | Rot. Activo | Efeito EF | A/CP | Ef. Fiscal | 10,79% | 89,30% | 0,370 | 0,170 | 0,665 | 4,365 | 0,662 |
Tabela 1: Análise Dupont desenvolvida (exercício de 2010)
O earning power (rendibilidade operacional do activo) é positivo (5,62% em 2010), mas tem apresentado uma evolução desfavorável. Isto apesar da Rendibilidade Bruta das Vendas ter vindo a aumentar significativamente. Aliás, o valor de 89,30% registado em 2010 apenas é possível em empresas que apresentem algum tipo de vantagem competitva ou que, como é o caso da REN, não possuam concorrência. A principal causa para a queda progressiva do earning power é o aumento do peso dos custos fixos. A consulta da Demonstração de Resultados indica que tal se deve, em grande parte, ao aumento das rubricas “Custos com o Pessoal” e “Depreciações de Exercício”.
Há ainda que analisar o risco operacional da empresa. Para tal, recorre-se ao grau de alavanca operacional, o qual tem vindo aumentar, o que implica um maior peso da componente fixa na estrutura de custos e, consequentemente, maior risco. Aliás, tal já tinha sido comprovado anteriormente, visto que a componente de efeito dos custos fixos presente na análise Dupont é o inverso deste indicador, providenciando a mesma informação. Ainda assim, o valor de alavancagem operacional de 2,705 verificado em 2010 não é preocupante, indicando que seria necessário as vendas caírem cerca de 37% para a REN ter um Resultado Operacional nulo, o que é muito improvável.
Em conclusão, pode-se afirmar que a REN é rentável, ainda que talvez não tanto quanto necessário. No entanto, subsistem dúvidas quanto à sustentabilidade de tal rentabilidade, visto que o earning power, que consiste na rendibilidade da actividade operacional da empresa, tem descido. A esse nível, o grande foco de preocupação reside, como já foi referido, nos custos fixos.
De seguida, vai-se analisar o endividamento e o risco financeiro da empresa. No que se refere ao montante do endividamento, a sua medição é geralmente realizada através do rácio de autonomia financeira. Verifica-se que, nos últimos 5 anos, a autonomia (proporção do activo que é financiada por meis próprios) tem estado sempre abaixo do valor mínimo considerado aceitável, que é 33,3%. Ou seja, a empresa está sobreendividada.
Recorrendo aos anexos das demonstrações financeiras, constata-se que o principal meio de financiamento da REN são os empréstimos obrigacionistas. O recurso a este tipo de capital alheio permite diversificar as fontes de financiamento, conseguindo-se, em geral, taxas de juro interessantes (abaixo das taxas conseguidas em empréstimos bancários). Esta é uma das razões que explica a baixa taxa de juro implícita à qual a REN se financia (3,98% em 2010).
Os restantes meios de financiamento que a empresa priveligia são o empréstimo bancário, o papel comercial e o descoberto bancário. Este último tem pouco peso relativo ao nível do endividamento, visto ser apenas usado para suprir necessidades de financiamento momentâneas, devido ao seu custo mais elevado.
Para além da dimensão da dívida e da forma de financiamento, é também importante analisar a capacidade que a empresa revela para pagar tal dívida. Para tal, recorre-se à cobertura dos encargos financeiros. Esta cobertura tem, se exceptuarmos o ano atípico de 2006 (em que, como já foi indicado, o Resultado Operacional foi excepcionalmente elevado), andado por volta da ordem de grandeza dos 3. Seria aconselhável que o Resultado Operacional fosse, pelo menos, 4 vezes superior aos encargos financeiros. O facto de tal não se verificar revela que a empresa pode vir a ter dificuldades em fazer face ao endividamento.
Quanto ao risco financeiro, ele pode ser medido através grau de alavanca financeira, o qual tem vindo a aumentar gradualmente, cifrando-se em 2010 nos 2,272. Este aumento do risco vem confirmar o que já se era possível prever, isto é, que a REN encontra-se numa posição delicada ao nível do endividamento.
Finalmente, para completar o diagnóstico financeiro, resta abordar o equilíbrio financeiro da empresa, avaliando a sua liquidez. Através da análise do fundo maneio patrimonial ou do rácio de liquidez, constata-se imediatamente falta de liquidez. Ainda assim, a situação tem melhorado ao longo dos últimos 5 anos, visto que o rácio tem aumentado, registando-se apenas uma descida de 0,635 em 2009 para 0,532. Apesar do aumento, é notório que a empresa está ainda muito longe do valor recomendável de 1 ao nível do rácio de liquidez (o que implicaria que o activo corrente cobrisse o passivo corrente). | 2006 | 2007 | 2008 | 2009 | 2010 | FM funcional | -1.114.453 | -1.053.643 | -570.840 | -361.780 | -435.696 | NFM | -71.635 | 181.317 | -141.837 | 54.724 | -224.997 | Tesouraria Líq. | -1.042.818 | -1.234.960 | -429.003 | -416.504 | -210.699 |
Tabela 2: Indicadores do balanço funcional
Com vista a obter uma noção mais precisa da situação da empresa ao nível da liquidez, vai-se recorrer ao balanço funcional. Como se pode verificar, o Fundo de Maneio funcional tem sido sempre negativo, tendo vindo, ainda assim, a aumentar ao longo dos anos (com excepção de 2010). Por sua vez, as Necessidades em Fundo de Maneio têm alternado entre terreno positivo e negativo, sendo sempre superiores ao Fundo de Maneio. Ou seja, a empresa teve uma Tesouraria Líquida negativa ao longo dos últimos anos, o que permite concluir que existe uma falta de liquidez crónica.
Uma análise ao Tempo Médio de Pagamentos da REN, o qual é significativamente superior ao Tempo Médio de Recebimentos, explica o facto das Necessidades em Fundo de Maneio serem reduzidas. No entanto, o Fundo de Maneio é inferior, o que indicia que os capitais estáveis são insuficientes. Ainda assim, o aumento gradual do Fundo de Maneio ocorrido desde 2005 e a queda das Necessidades em Fundo de Maneio vericada entre 2009 e 2010 levam a que o desiquilíbrio financeiro registado em 2010 seja o menor dos últimos 5 anos, estando a empresa relativamente próxima de conseguir os níveis de liquidez mínimos se a tendência se mantiver.

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