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Authors
Advisor(s)
Abstract(s)
Com o objetivo de aprofundar os conhecimentos na área da Avaliação da Performance Empresarial aplicado a uma empresa real, elaborou-se uma apresentação considerando a contextualização da situação económica, financeira e a criação de valor da empresa Transportes Aéreos Portugueses, S.A. para os anos propostos de 2015, 2016, 2017 e 2018. Uma das componentes mais importantes do valor de uma empresa são os seus ativos. Devido a uma variedade de distorções contabilísticas, o valor do ativo das empresas acaba por não ser apresentado com a precisão necessária para fins de avaliação da performance e criação de valor empresarial.
Apesar da existência de diversas métricas contabilísticas tradicionais, considerou-se relevante aplicar os dados reais divulgados pela empresa às seguintes métricas de criação de valor: EVA (Economic Value Added), o CVA (Cash Value Added) e o CFROI (Cash Flow Return on Investment). Dada a relevância dos seus ativos e tendo em conta os resultados obtidos pela empresa nos anos em estudo, procurou-se identificar qual a métrica mais adequada para avaliar o desempenho económico da mesma. O objetivo global consistiu em verificar se as métricas do valor acrescentam capacidade explicativa na avaliação do desempenho empresarial numa situação de forte investimento em ativos fixos tangíveis e, dessa forma, verificar qual: A relação entre o investimento em ativos e a criação de valor económico. Assim, apresenta-se, de forma mais aprofundada, a temática com vista a concluir qual será a métrica adequada e a aplicar à nova realidade da empresa, de forma a avaliar se existe criação de valor económico. Conclui-se que, todas as métricas aplicadas indicam que o autofinanciamento, através da consolidação de resultados líquidos positivos, é determinante num processo de forte investimento. Se, por um lado, a valorização dos ativos origina uma melhoria substancial dos indicadores financeiros, por outro, não garante a criação de valor económico.
To deepen the knowledge in the area of Business Performance Assessment applied to a real company, it is intended to present and contextualize the economic, financial situation and the creation of value of Transportes Aéreos Portugueses, SA for the proposed years of 2015, 2016, 2017 and 2018. One of the most important components of a company's value is its assets. Due to a variety of accounting distortions, the companies asset value ends up not being presented with the necessary precision to evaluate performance and create business value. Despite the existence of several traditional accounting metrics, it was considered relevant to apply the actual data released by the company to the following value creation metrics: EVA (Economic Value Added), CVA (Cash Value Added) and CFROI (Cash Flow Return on Investment). Given the relevance of its assets and taking into account the results obtained by the company in the years under study, an attempt was made to identify the most appropriate metric to assess its economic performance. The overall objective was to verify whether the metrics of value add explanatory capacity in the assessment of business performance in a situation of strong investment intangible fixed assets and, thus, to verify which: The relationship between investment in assets and the creation of economic value. The theme is presented in more depth to conclude which will be the appropriate metric and to be applied to the new reality of the company, to assess whether there is creation of economic value. It’s concluded that, all the applied metrics indicate that self-financing, through the consolidation of positive net results, is decisive in a process of strong investment. If, on the one hand, the valuation of assets leads to a substantial improvement in financial indicators, on the other, it does not guarantee the creation of economic value.
To deepen the knowledge in the area of Business Performance Assessment applied to a real company, it is intended to present and contextualize the economic, financial situation and the creation of value of Transportes Aéreos Portugueses, SA for the proposed years of 2015, 2016, 2017 and 2018. One of the most important components of a company's value is its assets. Due to a variety of accounting distortions, the companies asset value ends up not being presented with the necessary precision to evaluate performance and create business value. Despite the existence of several traditional accounting metrics, it was considered relevant to apply the actual data released by the company to the following value creation metrics: EVA (Economic Value Added), CVA (Cash Value Added) and CFROI (Cash Flow Return on Investment). Given the relevance of its assets and taking into account the results obtained by the company in the years under study, an attempt was made to identify the most appropriate metric to assess its economic performance. The overall objective was to verify whether the metrics of value add explanatory capacity in the assessment of business performance in a situation of strong investment intangible fixed assets and, thus, to verify which: The relationship between investment in assets and the creation of economic value. The theme is presented in more depth to conclude which will be the appropriate metric and to be applied to the new reality of the company, to assess whether there is creation of economic value. It’s concluded that, all the applied metrics indicate that self-financing, through the consolidation of positive net results, is decisive in a process of strong investment. If, on the one hand, the valuation of assets leads to a substantial improvement in financial indicators, on the other, it does not guarantee the creation of economic value.
Description
Mestrado em Controlo de gestão e Avaliação do Desempenho
Keywords
CFROI Criação de valor CVA EVA Gestão baseada no valor Performance empresarial Value added Value added management; Business performance.
Citation
Saraiva, F. E. G. (2021). A relação entre o investimento em ativos e a criação de valor económico - caso TAP, SA. (Dissertação de mestrado não publicada). Instituto Politécnico de Lisboa, Instituto Superior de Contabilidade e Administração de Lisboa. Disponível em http://hdl.handle.net/10400.21/13983