Análise de indicadores econômico-financeiros: estudo sobre o setor calçadista no Brasil
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Data
2022-07-28
Autores
Bicalho, Elton da Silva
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Editor
Universidade Estadual Paulista (Unesp)
Resumo
A indústria calçadista tem um importante papel na economia brasileira relacionado ao seu volume de produção, expressiva participação nas exportações e capacidade de geração de empregos. No entanto, o setor vem passando por um momento delicado de queda expressiva em seu nível produtivo devido às restrições e problemas econômicos causados pela pandemia da Covid-19. Esse estudo buscou analisar as quatro empresas brasileiras de capital aberto do setor calçadista listadas na B3 – Brasil Bolsa Balcão por meio de indicadores econômico-financeiros de estrutura de capital, liquidez e rentabilidade no período entre 2012 e 2021. O estudo teve um caráter exploratório e uma abordagem qualitativa foi utilizada para analisar os indicadores econômico-financeiros, calculados a partir dos relatórios estruturados das empresas Alpargatas S.A., Cambuci S.A., Grendene S.A. e Vulcabras S.A. disponibilizados na B3. Os indicadores de estrutura de capital mostraram que as empresas são altamente dependentes de investimentos em Ativo Permanente para suas operações e é natural que necessitem de recursos de terceiros, elevando o grau de endividamento. Os indicadores de liquidez mostraram que as empresas, de modo geral, apresentaram solvência, embora algumas delas tenham apresentado indicadores com valores abaixo do que é considerado ideal em alguns anos, mas com tendência de recuperação ao longo do tempo por meio de uma gestão financeira adequada. Finalmente, os indicadores de rentabilidade mostraram, em geral, que as empresas apresentaram capacidade econômica satisfatória, principalmente nos últimos cinco anos de análise, evidenciada pelo bom retorno do capital a partir da aplicação de recursos próprios e de terceiros investidos nas empresas, com potencial de geração de lucro. A Grendene S.A. apresentou a situação econômico-financeira mais favorável ao longo do período analisado, seguida pela Alpargatas S.A., que também apresentou uma boa performance ao longo dos anos. Contudo, a Cambuci S.A. e a Vulcabras S.A., embora tenham apresentado resultados desfavoráveis nos primeiros exercícios analisados, têm revertido os prejuízos de anos anteriores e melhorado seus indicadores.
The footwear industry plays an important role in the Brazilian economy because of its production volume, expressive share in exports, and capacity to generate jobs. However, the sector has been going through a delicate moment of a significant drop in its production level due to restrictions and the economic crisis caused by the Covid-19 pandemic. This study aimed to analyze the four publicly traded Brazilian companies in the footwear sector listed on B3 – Brasil Bolsa Balcão through economic and financial indicators of capital structure, liquidity, and profitability from 2012 and 2021. The study had an exploratory character, and a qualitative approach was used to analyze the economic and financial indicators, calculated from the financial statements of the companies Alpargatas S.A., Cambuci S.A., Grendene S.A., and Vulcabras S.A., available on B3. Capital structure indicators showed that the companies are highly dependent on investments in Permanent Assets for operations, requiring third-party funds and increasing their level of indebtedness. Liquidity indicators showed that the companies, in general, had solvency, although some of them have presented indicators with values below what is considered adequate in some years, with a trend to recover over time through appropriate financial management. Finally, the profitability indicators showed, in general, that the companies presented satisfactory economic capacity, mainly in the last five years of analysis, evidenced by the good return on capital from the application of equity and third-party capital, with the potential to generate profit. Grendene S.A. presented the most favorable economic and financial situations over the analyzed period, followed by Alpargatas S.A., which also performed well over the years. However, Cambuci S.A. and Vulcabras S.A., although presenting unfavorable results in the first years of analysis, have reversed the losses of previous years and improved their indicators.
The footwear industry plays an important role in the Brazilian economy because of its production volume, expressive share in exports, and capacity to generate jobs. However, the sector has been going through a delicate moment of a significant drop in its production level due to restrictions and the economic crisis caused by the Covid-19 pandemic. This study aimed to analyze the four publicly traded Brazilian companies in the footwear sector listed on B3 – Brasil Bolsa Balcão through economic and financial indicators of capital structure, liquidity, and profitability from 2012 and 2021. The study had an exploratory character, and a qualitative approach was used to analyze the economic and financial indicators, calculated from the financial statements of the companies Alpargatas S.A., Cambuci S.A., Grendene S.A., and Vulcabras S.A., available on B3. Capital structure indicators showed that the companies are highly dependent on investments in Permanent Assets for operations, requiring third-party funds and increasing their level of indebtedness. Liquidity indicators showed that the companies, in general, had solvency, although some of them have presented indicators with values below what is considered adequate in some years, with a trend to recover over time through appropriate financial management. Finally, the profitability indicators showed, in general, that the companies presented satisfactory economic capacity, mainly in the last five years of analysis, evidenced by the good return on capital from the application of equity and third-party capital, with the potential to generate profit. Grendene S.A. presented the most favorable economic and financial situations over the analyzed period, followed by Alpargatas S.A., which also performed well over the years. However, Cambuci S.A. and Vulcabras S.A., although presenting unfavorable results in the first years of analysis, have reversed the losses of previous years and improved their indicators.
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Palavras-chave
Calçados, Capital (Economia), Liquidez (Economia), Lucros