Modelo DuPont
Summary
TLDRThe speaker introduces a conceptual framework for business management, focusing on profitability indicators. They discuss the relationship between the balance sheet and the income statement, starting with net sales and moving through cost of goods sold, operating expenses, financial expenses, and taxes to arrive at net profit. Key metrics include net profit margin, asset turnover, and return on assets. The discussion also covers the financial structure, including short and long-term liabilities, and how it relates to equity to calculate financial leverage and return on equity, providing a comprehensive view of business performance.
Takeaways
- 📊 The script discusses a conceptual and instrumental management structure that highlights profitability indicators of a company.
- 💼 It starts with net sales, not considering gross sales, and then considers items in the income statement (DRE) to be covered by net sales.
- 🏭 For industrial companies, it includes production costs; for commercial companies, it includes CMV; for service companies, it includes CPV.
- 💼 It covers operational expenses and financial expenses, including short-term and long-term loans.
- 💵 It calculates net profit by subtracting all these costs from net sales, which can be either a net profit or a loss.
- 📈 The script introduces the 'net margin' indicator, which compares net profit to net sales to show the contribution of sales to net profit.
- 🔄 It links the income statement with the balance sheet by using the 'asset turnover' indicator, which shows how many times the total assets are being used to generate net sales.
- 💹 The 'return on assets' (ROA) is derived by comparing the net margin with the asset turnover, indicating how much the company earns from all its operations.
- 💸 The script also discusses the financial structure, including short-term and long-term third-party resources, and how they relate to the company's financial leverage.
- 🌐 The 'capital turnover' or 'gearing' is introduced, which shows how many times the financial structure is renewed in generating the net profit.
- 🏛 The 'return on equity' (ROE) is the final indicator discussed, which relates the net profit to the company's equity, showing the gain for the owners or shareholders.
Q & A
What is the main focus of the presented conceptual structure?
-The main focus is to highlight indicators that show the profitability of a company, relating them to the balance sheet and income statement.
Why does the speaker start with net sales instead of gross sales?
-The speaker starts with net sales to consider all items that compose the income statement (DRE), which should be covered by net sales, excluding gross sales which include discounts and returns.
What does the speaker mean by 'costs derived from the production process'?
-The speaker refers to the costs associated with manufacturing or producing goods, which are part of the cost of goods sold (COGS) for industrial companies.
How does the speaker connect net sales with operational expenses?
-The speaker connects net sales with operational expenses by covering operational costs such as cost of materials, labor, and other production costs, which are necessary to generate those sales.
What is the significance of covering expenses from loans in the context of the script?
-Covering expenses from loans is significant as it represents the financial costs associated with short-term and long-term borrowings, which are part of the operational expenses.
Why is the net profit important in the presented structure?
-The net profit is important because it represents what remains after all expenses are deducted from net sales, indicating whether the company made a profit or a loss.
What is the 'liquid margin' and how is it calculated?
-The 'liquid margin' is an indicator calculated by comparing net profit to net sales, showing the contribution of net sales to net profit.
How does the speaker link the balance sheet to the income statement?
-The speaker links the balance sheet to the income statement by starting with current and non-current assets, resulting in total assets, and then relating net sales to total assets to generate indicators like asset turnover.
What is 'asset turnover' and why is it significant?
-Asset turnover is an indicator that shows how many times the total assets are being used to generate net sales, indicating the efficiency of the company's investments in generating sales.
What is the 'return on assets' (ROA) and how is it derived?
-The 'return on assets' (ROA) is derived by relating net profit to total assets, showing how efficiently a company is using its assets to generate profit.
What is the 'financial leverage multiplier' and how does it relate to the company's profitability?
-The 'financial leverage multiplier' is an indicator that shows how many times the company's financial structure is being renewed through the generation of net profit, relating the ROA to the 'capital turnover' to derive the 'return on equity' (ROE).
How does the return on equity (ROE) differ from return on assets (ROA)?
-ROE differs from ROA in that ROE shows the gain for the company's owners or shareholders, considering the company's operations and financial structure, while ROA focuses on the operational efficiency of the assets.
Outlines
📊 Financial Management Structure
The speaker introduces a conceptual and instrumental framework for managing a company's financial health. They discuss the importance of liquidity and indebtedness indices, as well as activity indices. The focus is on indicators that show the profitability of a company. The framework connects the balance sheet with the income statement (DRE), starting with net sales and considering all items that compose the income statement. The speaker explains the process of covering operational expenses, financial expenses from loans, and taxes to arrive at net profit. They then introduce the net margin indicator, which shows the contribution of net sales to net profit. The discussion continues with the turnover of assets, showing how investments generate sales, and concludes with the return on assets, which indicates how well the company's operations are performing.
💼 Capital Structure and Leverage
The second paragraph delves into the capital structure, discussing long-term resources and owner's equity. It connects the financial structure, which includes short-term and long-term third-party resources, with the income statement to generate a leverage multiplier indicator. This indicator shows how often the financial structure is renewed in generating the income statement. The speaker also introduces the return on equity (ROE), which reflects the gain for the company's owners. The summary highlights the relationship between the balance sheet and the income statement, emphasizing the importance of understanding these connections for effective financial management.
Mindmap
Keywords
💡Liquidity
💡Indebtedness
💡Activities
💡Net Sales
💡Cost of Goods Sold (COGS)
💡Operational Expenses
💡Financial Expenses
💡Net Profit
💡Net Liquidation Margin
💡Working Capital
💡Return on Assets (ROA)
💡Leverage
💡Return on Equity (ROE)
Highlights
Introduction to a conceptual and instrumental management structure
Emphasis on indicators showing company profitability
Relation between balance sheet and income statement
Starting with net sales, not gross sales
Considering all items in the income statement that compose net sales
Differentiating costs based on the type of industry
Coverage of operational expenses
Coverage of loan-related expenses, both short and long-term
Calculating net profit after all deductions
Net profit as a remainder of net sales minus all expenses
Introduction of the net profit margin indicator
Linking net profit margin with the balance sheet
Calculating the turnover ratio from net sales to total assets
Differentiating between short-term and long-term investments
Asset turnover as an indicator of investment contribution to net sales
Introduction of the return on assets (ROA) indicator
Separation of financial structure from capital structure
Calculating total financial structure from short and long-term third-party resources
Introduction of the gearing or leverage ratio
Return on equity (ROE) as an indicator of owner's gain from operations
Highlighting the connection between the balance sheet and income statement
The model is called the T-Model, emphasizing its structure
Transcripts
bom gente a gente viu os índices de
liquidez os índices de
endividamento e vimos os índices de
atividades agora eu vou apresentar para
vocês uma estrutura conceitual né uma
estrumental de gestão em que ele
vai deixar em evidência aqueles
indicadores que mostram a rentabilidade
da empresa e eu vou usar uma estrutura
em que ele
a relação entre o balanço patrimonial e
o dre que é o que nós estamos vendo dde
nosso início do semestre eu vou começar
pelas vendas líquidas veja que eu não tô
levando em conta as vendas brutas a
gente começa esse indicador pelas vendas
líquidas dessas vendas líquidas eu vou
considerar todos
aqueles aqueles itens né que compõe lá o
dre entendeu e que que deve ser coberto
por pelas receitas líquidas Então se é
uma empresa Industrial nós temos os
nossos custos decorrentes do processo de
produção se é uma uma empresa
comercial temos CMV se for uma empresa
de serviço temos CPV bom daqui depois
daqui eu vou cobrir as minhas despesas
operacionais né das despesa acionais
começa a cobertura das despesas
decorrente da dos empréstimos que a
gente vai tomar né são os recursos de
terceiro de curto e de longo prazo com
isso aqui eu ainda tenho que pegar o meu
imposto de renda né decorrente dos
ganhos da empresa veja bem pegando essas
vendas líquidas e diminuindo de tudo
isso aqui o que sobra liter ente é o meu
lucro líquido lucro líquido né sobrou
lucro líquido né se não sobrou é
prejuízo mas aqui eu tenho um lucro
líquido eu pegando esse lucro líquido tá
e comparando ele esse lucro lqu com as
minhas vendas líquidas né significa
entre outras coisas Qual é a
contribuição das minhas vendas líquidas
em relação ao lucro líquido eu obtenho
um indicador chamado margem
líquida
Ok Observe que isso aqui tudo nós
extraímos lá do nosso dre ó tudo disso
aqui está no
DRE
Ok vamos agora fazer um gancho né Desses
desse indicador aqui com o nosso balanço
então começamos pelas o ativo circulante
né que são os inent de curto prazo e o
ativo não circulando que são os
investimentos de longo prazo com isso
aqui eu resulto o meu ativo total né
mostrando que esse lado aqui todo né
Observe que daqui até aqui eu tenho os
meus
investimentos as minhas aplicações Tá
certo não só no curto como no longo
prazo quando eu pego essas minhas vendas
líquidas e divido pelo meu ativo Total
eu me Gero um indicador que mostra
quantas vezes tá e o meu meu ativo tá
sendo girado tá certo para resultar nas
minhas vendas líquidas né Qual é a
contribuição dos meus investimentos na
geração das das vendas li a cada R 1 que
investi quanto ele contribui com as
vendas líquida isso aqui nós chamamos de
giro do ativo que é mais um indicador
interessante
quando eu confronto essa mar l com esse
dinheiro do ativo né ele vai me resultar
justamente no meu retorno sobre o ativo
quanto que a empresa ganhou com todas as
operações dela
tá lembrando que despesas financeiras
ela não resulta das operações da empresa
mas ele tá aqui no Conjunto depois a
gente vai trabalhar ele isoladamente Ok
então tá aqui o RSA só que o ativo não
terminou nós pros o o balanço não não
continua precisamos continuar então nós
temos aqueles recursos de terceiro de
curto prazo que juntado com os recursos
de terceiro de longo prazo me resulta
justamente no meu passivo exigível Total
como nós já conhecemos né que são
exatamente aqueles recursos de terceiro
de curto e longo prazo que quando eu
somo com o meu PL né eu tenho o total da
minha estrutura financeira né aqui eu já
tô separando que é estrutura financeira
de estrutura de Capital veja que
estrutura de Capital tá relacionado com
os recursos de longo prazo e terceiro
recursos próprios eu peguei essa
estrutura financeira Tá certo total e
dividindo pelo meu PL tá dividindo pelo
meu PL ele me gera um indicador chamado
multiplicador de alavancagem que a gente
chama de giro do de Capital desculpe
giro de Capital tá quantas vezes tá
sendo renovado a minha estrutura
financeira na geração do meu PL tá
relacionando esse RSA com esse giro de
Capital ele vai me gerar justamente o
meu retorno sobre o patrimônio líquido é
o rspl retorno sobre patrimônio lío não
é o mesmo retorno sobre o eh ativo esse
ativo aqui tá em relação à próprias
operações da empresa aqui o rsp tá em
torno de tudo só que aqui você tá
mostrando o ganho do dono da empresa dos
proprietários Observe que tudo isso aqui
olha tudo isso aqui me forma o meu
balanço patrimonial vejo os ganchos que
eu formei entendeu mostrando a relação e
a conexão do balanço patrimonial e do
dre né perfeito né Muito bem esse modelo
se chama
modelo tá D pom D pom um abraço Us
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