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Stricto Lato=
consultoria de gestão
www.strictolato.com
Fone (11) 5182-4900
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Stricto Lato
co= nsultoria de gestão
www.= strictolato.com
Fone (= 11) 5182-4900
SL00-020827-A
Tópicos de interesse em Finanças
Visão geral do = nosso portfólio de experiências de trabalho com os <= span style=3D'position:absolute;top:60.75%;left:41.57%;width:54.86%;height:5.25= %'>principais tópicos em Finanças
São Paulo, agosto de 2002
=
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Notas: Este material é propr= iedade de Stricto Lato Consultoria Ltda.
A reprodução e divulgação são permitidas desde que mencionada a font= e.
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1&#= 13;
SL00-020827-A
Stricto Lato
co= nsultoria de gestão
www.= strictolato.com
Fone (= 11) 5182-4900
Processo orçamentário <= span style=3D'mso-special-format:lastCR;display:none'>
•Comentários:
•O controle do processo orçamentário impacta diretamente a eficiência de capital alcan&cce= dil;ada pela empresa
•Value-b= ased management procura identificar e utilizar métricas que ligam diretamente as decisões operacion= ais à eficiência de capital
<= span style=3D'font-size:43%'>•Tipicamente há 3 gaps a gerenciar:
a.O excesso incluído no planejamento
b.Os gastos feitos “para completa= r o budget”, sejam desnecessários ou alocações incorretas (ativo - despesa etc.)
c.Os gastos feitos acima do budget, sejam por contingências ou falhas de planejamento ou gerenciamento
<= span style=3D'font-size:43%'>•Há 7 sintomas comuns de ineficiências de capital(1= ):
1.Gastos pré-aprovados até= ; certo limite
2.Planejamento não-integrado dos gastos
em a= tivos, operações e manutenção
3.Planejamento guiado pela disponibilidade
prev= ista de recursos (ao invés do valor gerado)
4.Repetição automá= tica de níveis anteriores
5.Gastos consistentemente acima do planejado
6.Avaliações de desempenh= o e mecanismos de incentivo que não incluem o orçamento <= /span>
7.Insuficiente demonstraçã= ;o dos benefícios associados ao controle dos gastos e eficiência de capital&= #13;
<= span style=3D'font-size:43%'>•Aos quais gostaríamos de acrescentar os fatores:
1.Previsão otimista de receitas justificando gastos elevados
2.Estimativa otimista do WACC em projet= os de investimentos
•Trabalhos realizados:
•Acompanhamento junto aos acionistas da revisão semi-anual de orçamento de u= ma grande empresa de telecomunicações:
–Encontrando e estudando os motivos dos principais desvios orçado-realizado após o primeiro seme= stre
–Estudando oportunidades de intervenção para que o = desempenho no segundo semestre convergisse em direção = ao planejado para o ano
•Implantação dos sistemas informatizados de tesouraria, contabilidade societária e <= /span>gerencial utilizados pelo Grupo Solva= y no Brasil
•Desenho e implantação do micro-sistema de controle orçamentári= o para a Solvay Anim= al Health: em base mensal, por centro de custo, com bloqueios integrados aos sistemas operacionais=
=
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_____________________
(1) Detalhados no artigo mencionado abaixo 
Fonte:<= span style=3D'mso-tab-count:1;width:2.06%'> “The Hi= dden Value of Capital Efficiency” de T. Copeland e K. Ostrowski, na revista = The McKinsey Quarterly de 1993Q2; comentários da Strict= o Lato
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2&#= 13;
SL00-020827-A
Stricto Lato
co= nsultoria de gestão
www.= strictolato.com
Fone (= 11) 5182-4900
Reduç&atil= de;o de despesas&= #13;
•Comentários:
•Redução de despesas, idealmente, é uma constante busca de oportunidades, e não = um programa emer= gencial a ser aplicado quando a empresa estiver em dificuldades.
•A prática mais observada é periodicamente se aplicarem programas de avaliação e captura de oportunidades de redução, pois: =
–A dinâmica dos preços e tecnologias t= orna rapidamente obsoletos os processos considerados eficientes
–Sistemas de monitoramento e reavaliaç&atild= e;o contínuos nem sempre são factíveis para um conjunto abrangente de <= span style=3D'position:absolute;top:56.5%;left:11.98%;width:44.38%;height:2.75%= '>gastos
–Podem-se aproveitar momentos “politicamente”  favoráveis para obter o engajamento das pessoas
–Eventualmente, pode-se tratar de um imperativo par= a a sobrevivência da empresa
<= span style=3D'font-size:50%'>•Os 3 tipos de abordagens mais comuns são:
–Top-down, impondo uma meta geral para a empresa toda sem análises mais profundas: a= lto risco, resultados rápidos
–Focada, onde determinadas áreas são submetidas a be= nchmarks e análises para definir e jus= tificar suas metas de redução
–Reestruturação geral, analisando o v= alor de todas as ativ= idades da empresa em uma perspectiva estratégica
•
•
•Trabalhos realizados:
•Reestruturação das áreas de Tecnologia de Informação de um dos 10 maiores bancos de investimento dos EUA, analisando e avaliando cada atividade. Economias anuais totais de US$ 100 M através de= 15 iniciativas de redução = de gastos
•Análise focada de setores administrativos e produtivos em uma indústria de autopeças, detalhando a modelagem de ROIC para identificar <= span style=3D'position:absolute;top:65.75%;left:60.86%;width:35.2%;height:3.25%= '>ineficiências, planejar melhori= as e implantar KPI’s
•Implantação de plano emergencial de alto impacto para a Solvay Animal Health: negociação das reduções de orçamento, projetos quick-win, refinamento do sistema de controle <= span style=3D'position:absolute;top:87.0%;left:60.86%;width:33.33%;height:3.25%= '>orçamentário
=
=
_____________________
Fonte: S= tricto Lato
(+)
(–= )
(=3D)
Veja também nossa apresentação sobre lucratividade
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3&#= 13;
SL00-020827-A
Stricto Lato
co= nsultoria de gestão
www.= strictolato.com
Fone (= 11) 5182-4900
Capital de giro
•Comentários:
= •Fatores determinantes do volume de capital de giro:
–Setor econômico de atuação; benchmark de 7 a 10%(2) das = vendas líquidas no setor Farmacêu= tico)
–Eficiência na gestão do ciclo operacional
–Volume e crescimento das vendas
•Importância de reduzir o volume de capital de giro:
–Aumenta a liquidez da empresa, reduzindo risco e custo de financiame= nto
–Libera capital para outras utilizações
–Aumenta a rentabilidade do capital <= span style=3D'position:absolute;top:72.5%;left:11.98%;width:36.51%;height:3.25%= '>empregado
•Trabalhos realizados:
•Experiência na implantação e ajuste fino de sistemas e procedimentos do ciclo ope= racional em indústr= ias químicas (Solvay), farmacêuticas (Solvay e Fort Dodge Animal Health/Wyeth) e metal-mecânicas:
–Contas a Receber
–Contas a Pagar
–Compras
–Controle de estoques
–Planejamento e Controle da Produção&= #13;
•Desenvolvimento da metodologia de capacidades finitas para o sistema de planejamento de produção comercializ= ado por  uma software house brasileira para diversas das = maiores indústrias de autopeças no Brasil
=
=
_____________________
(1) Non-cash working capital, na literatura. Utilizado o conceito= de Hawawini e Viallet.
(2) Ilustra a ordem de grandeza = e a hierarquia entre os setores (ex: Automotivo =3D 20% a 35%), mas é <= /span>necessário considerar diferenças de metodologia, países etc. ao fazer comparações exatas. No exemplo, 7,31% em média segundo Damodar= an e 10% segundo Hawawini.
(3) Maior grau de liberdade a ser explorado na redução do capital de giro.
Fonte:<= span style=3D'mso-tab-count:1;width:2.12%'> “Finance for Executives – Managing for Value Creation” de G. Hawawini e C. Viallet; “Corporate Finance Theory and Practice” de A. Damodaran; comentários da Str= icto Lato.
Definição(1): ( Contas a receber + estoques + despesas pré-p= agas )
–  =   ( Contas a pagar + despesas provisionadas)
(3)
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4&#= 13;
SL00-020827-A
Stricto Lato
co= nsultoria de gestão
www.= strictolato.com
Fone (= 11) 5182-4900
Fluxo de caixa <= span style=3D'mso-special-format:lastCR;display:none'>
•Comentários:
•Curto prazo: redução dos custos de financiamento e aproveitamento de oportunidades de investimento
•Médio e longo prazos: base do planejamento de investimentos e financiamentos
•80% das falências são causadas por má gestão do caixa em empresas qu= e apresentavam lucros operacionais(2)
•Trabalhos realizados:
•Desenvolvimento do ferramental de controle do fluxo de caixa operacional (Solvay e Fort Dodge Animal Health / Wyeth)
•Preparação de inúmeros projetos de investimento com planejamento detalhado dos fluxos de caixa e seu valor presente líquido
=
=
_____________________
(1)É comum que os fluxos não-operacionais (investimentos e financiamentos) sejam divididos e= ntre “obrigat&oa= cute;rios” e “discricionários” – medindo a liberdade da empr= esa para suas decisões estratégicas
<= span style=3D'font-size:67%'>(2)Aproximadamente, em estatísticas de pa&iacu= te;ses desenvolvidos, segundo Hawawini e<= span style=3D'font-size:67%;mso-ansi-language:1024'> Viallet.
Fonte:<= span style=3D'mso-tab-count:1;width:2.06%'> “Finance for Executives – Managing for Value Creation” de G. Hawawini e C. Viallet; comentários da Stricto Lato.
(=3D) Fluxo de Caixa<= span lang=3DPT-BR style=3D'font-size:64%;mso-special-format:lastCR;display:none= '>
(-) Σ Paga-mentos<= /b>
•<= /span>Recompra de ações e títulos
•Juros e liquidação de  = empr&eacut= e;stimos tomados
•Juros e di= videndos sobre o capital próprio; retirada e remessa = de lucros
•<= /span>Compras de= ativos fixos
•Compras de empresas
•<= /span>Investimen= tos financeiros de longo prazo
•Compras de materiais= 3;
•Salários
•<= /span>Gastos ger= ais de vendas, administrativos e de fabricaçã= o
•Impostos
Paga-mentos
Σ Rece-= bimento=
•Emiss&atil= de;o de ações e títulos
•Tomada de empréstimos de longo e curto prazo
•<= /span>Vendas de = ativos fixos
•<= /span>Vendas de = ativos financeiro= s
•<= /span>Juros e liquidação de empréstimos conc= edidos
•<= /span>Vendas de = produtos e serviços
Rece-
bimentos
Totais
Financiamentos
Investimentos
Operacionais
(1)
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5&#= 13;
SL00-020827-A
Stricto Lato
co= nsultoria de gestão
www.= strictolato.com
Fone (= 11) 5182-4900
Decisões de investimentos
•Comentários:
•Predominância recente de modelos sofisticados baseados em fluxo de caixa (NPV, EVA etc.) para as decisões de = = grande porte: aquisição= de empresa, constr= ução de fábrica, expansão de capacidade etc.
= •Modelos contábeis (ROE, ROA, ROIC etc.) também são empregados, = <= span lang=3DPT-BR style=3D'font-size:57%'>especialmente como regras adicionais = de validação de projeto= s e medidas globa= is de desempenho da empresa
= •Nas decisões “operacionais”, ou seja, quando uma fábrica reparte seu “capital budget” entre vários possíveis pequenos projetos, os critérios utiliza= dos tendem a ser m= enos sofisticados e a variar bastante(1) R= 11; havendo espaço para a aplicação de modelos matemáti= cos de otimizaç&at= ilde;o
•
•Trabalhos realizados:
•Praticamente todos os projetos em que trabalhamos envolveram alguma decisão de investimento. Nossa= linha de atua&= ccedil;ão é geralmente orientada à utilização do NPV como principal critério de suporte à decisão, embora algumas situações possam requer= er outras abord= agens, por exemplo quando há opções embutidas no projeto
•Tivemos oportunidade de desempenhar funções gerenciais em empresas de porte, participando ativamente das decisões “operacionais&#= 8221; de alocação de recursos para investimento
=
=
_____________________
(1)Pesquisa de Kim, Crick e Kim em 1986 (segundo Damodaran) encontrou a seg= uinte distribuição de critérios primários: IRR 49%, NPV 21%, <= /span>Payback 19%, ROE= /ROIC 8% e Taxa de Custo / Benefício 3%.
Fonte: “Corporate Finance Theory and Practice”= de A. Damodaran; comentários da Stricto Lato.
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6&#= 13;
SL00-020827-A
Stricto Lato
co= nsultoria de gestão
www.= strictolato.com
Fone (= 11) 5182-4900
Modelos matemáticos de otimização <= span style=3D'mso-special-format:lastCR;display:none'>
•Comentários:
<= span style=3D'font-size:50%'>•Idealmente seria aplicado de forma irrestrita
•Entretanto determinados problemas não permitem a aplicação porque o tempo = de processamento torna-se inviáve= l
•O ganho da otimização matemática sobre a = otimização “empírica” pode ser muito relevante. Ex.: US$ 5 M / ano em logística, US$ 16 M / ano em manejo de livestock<= /i>
•Trabalhos realizados:
•Extensa lista de trabalhos em modelagem, otimização e estatística; cli= entes de porte como Correios e Copersucar, e também na indústria farmacêutica.&= #13;
•A Stricto Lato dispõe tanto de experiência prática quanto de qualificação acadêmica: contamos com dois PhD’s e um MS= c em áreas relacionadas
=
=
_____________________
Fonte: S= tricto Lato
Definição: são sistemas de cálculo capazes de determinar o que a empresa deve fazer para alcançar o melhor resultado possível em um determinado aspecto dos = negócios (ou “função objetivo”). Ex.: mínimo custo de logística, máxima margem de lucro em um grupo de produtos, = escolha de projetos dentro de uma limitação = de verba, planejar o formato de co= ntratos de leasing= etc.
Cenários
Variáveis
Restrições
Melhor alternativa de = ação em <= /span>cada cenário
Processo co= mpu-tacional
Modelo otim= i-= zante
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Content-Transfer-Encoding: base64 Content-Type: image/gif R0lGODlhJgALAHcAMSH+GlNvZnR3YXJlOiBNaWNyb3NvZnQgT2ZmaWNlACH5BAEAAAAALAIAAwAh AAYAgAAAAP///wIXhI+pGrEPV2tm2ouzjpzZDh5TSAIOUgAAOw== ------=_NextPart_01C24ECA.F2E724B0 Content-Location: file:///C:/22489893/financas_arquivos/slide0129_image019.gif Content-Transfer-Encoding: base64 Content-Type: image/gif R0lGODlhJgALAHcAMSH+GlNvZnR3YXJlOiBNaWNyb3NvZnQgT2ZmaWNlACH5BAEAAAAALAIAAwAh AAYAgAAAAP///wIXhI+pGrEPV2tm2ouzjpzZDh5TSAIOUgAAOw== ------=_NextPart_01C24ECA.F2E724B0 Content-Location: file:///C:/22489893/financas_arquivos/slide0130.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii" Tópicos de interesse em Finanças
7&#= 13;
SL00-020827-A
Stricto Lato
co= nsultoria de gestão
www.= strictolato.com
Fone (= 11) 5182-4900
Avaliaç&at= ilde;o e aquisição de empresas
•Métodos de avaliaç&a= tilde;o de uma operação:
•Fluxo de caixa descontado (DCF): método mais consistente e amplamente utilizado. P= ossui algumas variantes(1= ), mas de forma geral consiste em descontar os fluxos de ca= ixa projetados para a operaç&atild= e;o a valor presente segundo uma taxa de custo médio ponderado de capital (WACC).
•Comparáveis, geralmente múltiplos de algum fator: úteis para estimar rapidamente a ord= em de grandeza do valor da operaç&at= ilde;o e para insp= ecionar o cálculo de DCF
•Valor de liquidação ou reposição dos ativos: = quando o objeto da compra não = é a empresa e sim seu patrimônio
•Fatores adicionais para determinação do preço:
<= span style=3D'font-size:43%'>•Caixa(2) e ativos não operacionais&#= 13;
•Compromissos existentes
fora dos balanços
<= span style=3D'font-size:43%'>•Prêmio de controle
•Desconto por falta
de liquidez <= /span>
<= span style=3D'font-size:43%;visibility:hidden'>•
•Trabal= hos realizados para o lado comprador:
•Consultoria de estratégia para um grupo papele= iro europeu, trabalhando em conjunto com o CSFB (responsabilidade pela <= /span>estrutura= ção), para escolher, avaliar (DCF) e adquirir um conjunto = de plantas nos EUA, em transação de aproximad= amente US$ 1 bilhão
•Consultoria de estratégia para uma das maiores empresas de telecomunicações no Brasil para avaliar oportunidades de aquisição de duas outras importantes empresas do setor, levando a recomendações de no-go – = que o mercado confirmou ao depreciar fortemente essas empresas nos meses seguintes
•Consultoria para uma importante empresa brasileira de serviços, planejando a criação de um novo negócio que incluiu a compra de uma empresa j&aacut= e; atuante no setor. Revisamos e corrigimos o DCF <= span style=3D'mso-hansi-font-family:Arial;font-size:43%'>valuation a n&oacu= te;s apresentado, reduzindo significativamente o patamar de preços para negociação.
•Trabal= hos realizados para o lado vendedor:
•Busca de parceiros internacionais para capitalizar e permitir a expansão de uma empresa nacional de comercialização de espaço publicitário. Planejamento e projeção dos fluxos de c= aixa do negócio expandido, avaliação e negociação da venda de participaç&atil= de;o majoritária para o grupo internacional escolhido.
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_____________________
(1) T. Copeland (abaixo) cita e discute variantes do modelo DCF: APV, Equity DCF, Option m= odels, real X nominal cash f= lows, pre-tax X after-tax cash-flows, formula-based X explicit forecasts.
(2) Algumas metodologias consideram parte do caixa (ex.: 2% das vendas) como ativo operacional
Fonte:<= span style=3D'mso-tab-count:1;width:2.15%'> “Valuation – Measuring and Managing the Value of Companies ” de T. Copeland e outros; “Finance for Executives – Managing= for Value Creation” – G. Hawawini e C.<= /span> Viallet; “Corpora= te Finance Theory and Practice” de A. Damodaran; comentários da Stricto Lato
Veja também nossa apresentação sobre <= /b>alianças e aquisiç&o= tilde;es
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8&#= 13;
SL00-020827-A
Stricto Lato
co= nsultoria de gestão
www.= strictolato.com
Fone (= 11) 5182-4900
Fim desta apresentação
=
Agradecemos sua atenção e nos coloc= amos à disp= osição para maiores esclarecimentos.
“A Stricto Lato existe para ajudar seus clientes a conquistar resultados cada vez melhores e a gerar mais riqueza de forma duradoura.”<= /i>
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document.all(id); else return document.getElementById(id); } function SldHasTrans() { return SlideObj.style.getAttribute("filter")!=3D""= } function GetSldId() { return sId=3Dlocation.href.substring(location.href.la= stIndexOf('/')+1) } function HideMenu() { if( frames["PPTSld"] && PPTSld.document.all.item("ctx= tmenu") && PPTSld.ctxtmenu.style.display!=3D"none" ) { PPTSld.ctxtmenu.styl= e.display=3D'none'; return true } return false } function IsWin( name ) { return window.name =3D=3D name } function IsNts() { return IsWin("PPTNts") } function IsSldOrNts() { return( IsWin("PPTSld")||IsWin("PPTNts") ) } function SupportsPPTAnimation() { return( navigator.platform =3D=3D "Win32"= && navigator.appVersion.indexOf("Windows")>0 ) } function SupportsPPTHTML() { var appVer=3Dnavigator.appVersion, msie=3DappVer.indexOf("MSIE "), ver=3D0 if( msie >=3D 0 ) ver=3DparseFloat( appVer.substring( msie+5, appVer.indexOf(";",msie) ) ) else ver=3DparseInt(appVer) return( ver >=3D 4 && msie >=3D 0 ) } function _RSW() { if( !g_supportsPPTHTML || IsNts() || ( !g_scaleInFrame && (!IsWin("PPTSld") || !parent.IsFullScrMode()) ) ) return var padding=3D0; if( IsWin("PPTSld") && parent.IsFramesMode() ) padding=3D6 cltWidth=3Ddocument.body.clientWidth-padding cltHeight=3Ddocument.body.clientHeight-padding factor=3D(1.0*cltWidth)/g_origW if( cltHeight < g_origH*factor ) factor=3D(1.0*cltHeight)/g_origH newSize =3D g_origSz * factor if( newSize < 1 ) newSize=3D1 s=3DSlideObj.style s.fontSize=3DnewSize+"px" s.posWidth=3Dg_origW*factor s.posHeight=3Dg_origH*factor s.posLeft=3D(cltWidth-s.posWidth+padding)/2 s.posTop=3D(cltHeight-s.posHeight+padding)/2 if( g_scaleHyperlinks ) ScaleHyperlinks( factor ) } function _InitAnimations() { animRuntimeInstalled =3D ''+document.body.localTime !=3D 'undefined'; isFullScreen =3D (window.name =3D=3D "PPTSld") && !parent.IsFramesMode(); g_animUseRuntime =3D g_showAnimation && animRuntimeInstalled && !(isFullSc= reen && parent.IsSldVisited()); if( g_animUseRuntime ) { collSeq =3D document.all.tags("seq"); if( collSeq !=3D null ) { for(ii=3D0;ii numSlds ) gSldJumpIdx =3D numSlds; if ( gSldJumpIdx >=3D 0 ) { if ( gSldJumpIdx =3D=3D 0 ) gSldJumpIdx =3D 1; var jumpTo =3D parseInt(gSldJumpIdx); gSldJump =3D 0; gSldJumpIdx =3D ""; win.GoToSld( parent.GetSldList().mList[jumpTo-1].mSldHref ) } } } function _KDH() { if( event.keyCode =3D=3D 8 ) { event.returnValue =3D 0; parent.GoToPrevSld(); } } function DocumentOnClick() { if( IsNts() || parent.HideMenu() ) return; if( ( g_allowAdvOnClick && !parent.IsFramesMode() ) || (event && (event.keyCode=3D=3D32) ) ) parent.GoToNextSld(); } var g_supportsPPTHTML =3D SupportsPPTHTML(), g_scaleInFrame =3D 1, gId=3D""= , g_bgSound=3D"", g_scaleHyperlinks =3D false, g_allowAdvOnClick =3D 1, g_showInBrowser = =3D 0, gLoopCont =3D 0, gUseSldTimings =3D 1; var g_showAnimation =3D g_supportsPPTHTML && SupportsPPTAnimation() && ( (w= indow.name=3D=3D"PPTSld" && !parent.IsFramesMode()) || g_showInBrowser );va= r g_animManager =3D null; var g_animUseRuntime =3D false; var g_animItemsToHide, g_animInteractiveItems, g_animSlideTime; var g_animMainSequence =3D null; var ENDSHOW_MESG=3D"Fim da apresentação de slides. Clique par= a sair.", SCREEN_MODE=3D"Frames", gIsEndShow=3D0, NUM_VIS_SLDS=3D9, SCRIPT_= HREF=3D"script.js", FULLSCR_HREF=3D"fullscreen.htm"; var gCurSld =3D gPrevSld =3D 1, g_offset =3D -1, gNtsOpen =3D gHasNts =3D g= OtlTxtExp =3D 0, gHasNarration =3D 0, gOtlOpen =3D true window.gPPTHTML=3DSupportsPPTHTML() var gMainDoc=3Dnew Array(new hrefList("slide0080.htm",1,-1,1),new hrefList(= "slide0124.htm",1,-1,1),new hrefList("slide0125.htm",1,-1,1),new hrefList("= slide0126.htm",1,-1,1),new hrefList("slide0127.htm",1,-1,1),new hrefList("s= lide0128.htm",1,-1,1),new hrefList("slide0129.htm",1,-1,1),new hrefList("sl= ide0130.htm",1,-1,1),new hrefList("slide0123.htm",1,-1,1)); function FullScrInit() { g_allowAdvOnClick =3D GetCurSld().mAdvOnClk document.body.style.backgroundColor=3D"black" document.oncontextmenu=3Dparent._CM; document.onkeydown =3D _KDH; document.ondragstart=3DCancel document.onselectstart=3DCancel self.focus() } function Redirect( frmId ) { var str=3Ddocument.location.hash,idx=3Dstr.indexOf('#'), sId=3DGetSldId() if(idx>=3D0) str=3Dstr.substr(1); if( window.name !=3D frmId && ( sId !=3D str) ) { obj =3D GetObj("Main-File") window.location.href=3Dobj.href+"#"+sId return 1 } return 0 } var MHTMLPrefix =3D CalculateMHTMLPrefix(); function CalculateMHTMLPrefix() { if ( document.location.protocol =3D=3D 'mhtml:') { href=3Dnew String(document.location.href) Start=3Dhref.indexOf('!')+1 End=3Dhref.lastIndexOf('/')+1 if (End < Start) return href.substring(0, Start) else return href.substring(0, End) } return ''; } function GetTags(base,tag) { if(g_supportsPPTHTML) return base.all.tags(tag); else return base.getElementsByTagName(tag); } function UpdNtsPane(){ if(frames["PPTNts"]) PPTNts.location.replace( MHTMLP= refix+GetHrefObj( gCurSld ).mNtsHref ) } function UpdNavPane( sldIndex ){ if(gNavLoaded) PPTNav.UpdNav() } function UpdOtNavPane(){ if(gOtlNavLoaded) PPTOtlNav.UpdOtlNav() } function UpdOtlPane(){ if(gOtlLoaded) PPTOtl.UpdOtl() } function SetHasNts( fVal ) { if( gHasNts !=3D fVal ) { gHasNts=3DfVal UpdNavPane() } } function ToggleOtlText() { gOtlTxtExp=3D!gOtlTxtExp UpdOtlPane() } function ToggleOtlPane() { frmset=3Ddocument.all("PPTHorizAdjust") frm=3Ddocument.all("PPTOtl") if( gOtlOpen ) frmset.cols=3D"*,100%" else frmset.cols=3D"25%,*" gOtlOpen=3D!gOtlOpen frm.noResize=3D!frm.noResize UpdOtNavPane() } function ToggleNtsPane() { frmset=3Ddocument.all("PPTVertAdjust") frm=3Ddocument.all("PPTNts") if( gNtsOpen ) frmset.rows=3D"100%,*" else frmset.rows=3D"*,20%" gNtsOpen=3D!gNtsOpen UpdNtsPane() } function ClearMedia() { if (PPTSld.pptSound) PPTSld.pptSound.loop =3D 0; } function FullScreen() { if ( PPTSld.g_animUseRuntime ) PPTSld.document.body.pause(); ClearMedia(); var href =3D ( document.location.protocol =3D=3D 'mhtml:') ? FULLSCR_HREF = : FULLSCR_HREF+"#"+GetHrefObj(gCurSld).mSldHref; if(PPTNav.event.ctrlKey) { var w =3D (window.screen.availWidth * 1.0) / 2.0 var h =3D w * (PPTSld.g_origH * 1.0) / PPTSld.g_origW win =3D window.open( MHTMLPrefix+href,null,"toolbar=3D0,resizable=3D1,top= =3D0,left=3D0," + "width=3D"+ w + ",height=3D" + h ); if( PPTSld.g_animUseRuntime ) win.document.body.PPTSldFrameset=3Dwindow; } else { win =3D window.open( MHTMLPrefix+href,null,"fullscreen=3Dyes" ); if( PPTSld.g_animUseRuntime ) win.document.body.PPTSldFrameset=3Dwindow; } } function ToggleVNarration() { rObj=3DPPTSld.document.all("NSPlay") if( rObj && !PPTSld.g_animUseRuntime ) { if( (rObj.playState =3D=3D 1)||(rObj.playState =3D=3D 0) ) rObj.Play() else if( rObj.playState =3D=3D 2 ) rObj.Pause() else return; } else if( PPTSld.g_animUseRuntime ) { narObj =3D PPTSld.document.all("narrationID") if( narObj ) narObj.togglePause() } } function GetCurSldNum() { obj=3DGetHrefObj(gCurSld) if( obj.mOrigVis =3D=3D 1 ) return obj.mSldIdx else return gCurSld } function GetNumSlds() { if( GetHrefObj(gCurSld).mOrigVis =3D=3D 1 ) return GetSldList().mNumVisSlds; else return GetSldList().mList.length } function GetSldNum( href ) { for(ii=3D0; ii 1 ) PopSldList(); else if( !IsFramesMode() ) { if( gLoopCont ) GoToFirst() else EndShow() } } function GoToPrevSld() { ii=3DgCurSld-1 if( ii > 0 ) { obj=3DGetHrefObj(ii) while ( obj && ( obj.mVis =3D=3D 0 ) && ( ii>0 ) ) obj=3DGetHrefObj(--ii) if( ii =3D=3D 0 ) ii=3D1 GoToSldNum(ii) } } function GoToFirst(){ GoToSld( GetHrefObj(1).mSldHref ) } function GoToLast() { ii=3DGetSldList().mList.length if( ii !=3D gCurSld ) GoToSld( GetHrefObj(ii).mSldHref ) } function GoToSldNum( num ) { if( PPTSld.event ) PPTSld.event.cancelBubble=3Dtrue obj =3D GetHrefObj( num ) obj.mVis=3D1 gPrevSld=3DgCurSld gCurSld =3D num; PPTSld.location.replace(MHTMLPrefix+obj.mSldHref) if( IsFramesMode() ) { UpdNavPane(); UpdOtlPane(); UpdNtsPane() } } function GoToSld( href ) { if( PPTSld.event ) PPTSld.event.cancelBubble=3Dtrue GetHrefObj( GetSldNum(href) ).mVis=3D1 PPTSld.location.replace(MHTMLPrefix+href) } function SldUpdated( id ) { if( id =3D=3D GetHrefObj(gCurSld).mSldHref ) return gPrevSld=3DgCurSld gCurSld=3DGetSldNum(id) if( IsFramesMode() ) { UpdNavPane(); UpdOtlPane(); UpdNtsPane() } } function PrevSldViewed(){ GoToSld( GetHrefObj(gPrevSld).mSldHref ) } function HasPrevSld() { return ( gIsEndShow || ( gCurSld !=3D 1 && GetHrefO= bj( gCurSld-1 ).mVis =3D=3D 1 )||( GetCurSldNum() > 1 ) ) } function HasNextSld() { return (GetCurSldNum() !=3D GetNumSlds()) } function CloseWindow() { if( HideMenu() ) return; var event =3D PPTSld.event; if( !IsFramesMode() && event && (event.keyCode=3D=3D27 || event.keyCode=3D= =3D32 || event.type=3D=3D"click" ) ) window.close( self ); CatchNumKeys( self, event ); } function Unload() { gIsEndShow=3D0; } function SetupEndShow() { gIsEndShow=3D1; PPTSld.document.body.scroll=3D"no"; PPTSld.document.onkeypress=3DCloseWindow; PPTSld.document.onclick=3DCloseWindow; PPTSld.document.oncontextmenu=3D_CM; } function EndShow() { if( IsFramesMode() ) return if( PPTSld.event ) PPTSld.event.cancelBubble=3Dtrue doc=3DPPTSld.document doc.open() doc.writeln('


' + ENDSHOW_MESG + '

') doc.close() } function SetSldVisited(){ GetSldList().mList[gCurSld-1].mVisited=3Dtrue } function IsSldVisited(){ return GetSldList().mList[gCurSld-1].mVisited } function hrefList( sldHref, visible, advDelay, advClk ) { this.mSldHref=3D this.mNtsHref =3D sldHref this.mOrigVis=3D this.mVis =3D visible this.mVisited=3D false this.mAdvDelay=3D advDelay this.mAdvOnClk=3D advClk } function SldList(arr,curSld,fEnd) { this.mCurSld =3D curSld; this.mList =3D new Array(); var idx =3D 1; for(ii=3D0;ii 0) { PushSldList(sldList,fEnd); gCurSld =3D 1; } else if( PPTSld.event ) PPTSld.event.cancelBubble=3Dtrue } function PushSldList(arr,fEnd) { var ii =3D gSldStack.length; gSldStack[ii] =3D new SldList(arr,gCurSld,fEnd); GoToSld( gSldStack[ii].mList[0].mSldHref ); } function PopSldList() { if (gSldStack[gSldStack.length-1].fEndShow) EndShow() else { gCurSld =3D gSldStack[gSldStack.length-1].mCurSld; gSldStack[gSldStack.length-1] =3D null; gSldStack.length--; var sldList =3D gSldStack[gSldStack.length-1]; GoToSld( sldList.mList[gCurSld - 1].mSldHref ); } } var custShowList=3Dnew Array(); function ImgBtn( oId,bId,w,action ) { var t=3Dthis t.Perform =3D _IBP t.SetActive =3D _IBSetA t.SetInactive=3D _IBSetI t.SetPressed =3D _IBSetP t.SetDisabled=3D _IBSetD t.Enabled =3D _IBSetE t.ChangeIcon =3D null t.UserAction =3D action t.ChgState =3D _IBUI t.mObjId =3D oId t.mBorderId=3D bId t.mWidth =3D w t.mIsOn =3D t.mCurState =3D 0 } function _IBSetA() { if( this.mIsOn ) { obj=3Dthis.ChgState( gHiliteClr,gShadowClr,2 ) obj.style.posTop=3D0 } } function _IBSetI() { if( this.mIsOn ) { obj=3Dthis.ChgState( gFaceClr,gFaceClr,1 ) obj.style.posTop=3D0 } } function _IBSetP() { if( this.mIsOn ) { obj=3Dthis.ChgState( gShadowClr,gHiliteClr,2 ) obj.style.posLeft+=3D1; obj.style.posTop+=3D1 } } function _IBSetD() { obj=3Dthis.ChgState( gFaceClr,gFaceClr,0 ) obj.style.posTop=3D0 } function _IBSetE( state ) { var t=3Dthis GetObj( t.mBorderId ).style.visibility=3D"visible" if( state !=3D t.mIsOn ) { t.mIsOn=3Dstate if( state ) t.SetInactive() else t.SetDisabled() } } function _IBP() { var t=3Dthis if( t.mIsOn ) { if( t.UserAction !=3D null ) t.UserAction() if( t.ChangeIcon ) { obj=3DGetObj(t.mObjId) if( t.ChangeIcon() ) obj.style.posLeft=3Dobj.style.posLeft+(t.mCurState-4)*t.mWidth else obj.style.posLeft=3Dobj.style.posLeft+(t.mCurState-0)*t.mWidth } t.SetActive() } } function _IBUI( clr1,clr2,nextState ) { var t=3Dthis SetBorder( GetObj( t.mBorderId ),clr1,clr2 ) obj=3DGetObj( t.mObjId ) obj.style.posLeft=3Dobj.style.posLeft+(t.mCurState-nextState)*t.mWidth-obj= .style.posTop t.mCurState=3DnextState return obj } function TxtBtn( oId,oeId,action,chkState ) { var t=3Dthis t.Perform =3D _TBP t.SetActive =3D _TBSetA t.SetInactive=3D _TBSetI t.SetPressed =3D _TBSetP t.SetDisabled=3D _TBSetD t.SetEnabled =3D _TBSetE t.GetState =3D chkState t.UserAction =3D action t.ChgState =3D _TBUI t.mObjId =3D oId t.m_elementsId=3D oeId t.mIsOn =3D 1 } function _TBSetA() { var t=3Dthis if( t.mIsOn && !t.GetState() ) t.ChgState( gHiliteClr,gShadowClr,0,0 ) } function _TBSetI() { var t=3Dthis if( t.mIsOn && !t.GetState() ) t.ChgState( gFaceClr,gFaceClr,0,0 ) } function _TBSetP() { if( this.mIsOn ) this.ChgState( gShadowClr,gHiliteClr,1,1 ) } function _TBSetD() { this.ChgState( gFaceClr,gFaceClr,0,0 ) this.mIsOn =3D 0 } function _TBSetE() { var t=3Dthis if( !t.GetState() ) t.ChgState( gFaceClr,gFaceClr,0,0 ) else t.ChgState( gShadowClr,gHiliteClr,1,1 ) t.mIsOn =3D 1 } function _TBP() { var t=3Dthis if( t.mIsOn ) { if( t.UserAction !=3D null ) t.UserAction() if( !t.GetState ) return if( t.GetState() ) t.SetPressed() else t.SetActive() } } function _TBUI( clr1,clr2,lOffset,tOffset ) { SetBorder( GetObj( this.mObjId ),clr1,clr2 ) Offset( GetObj( this.m_elementsId ),lOffset,tOffset ) } function Offset( obj, top, left ){ obj.style.top=3Dtop; obj.style.left=3Dle= ft } function SetBorder( obj, upperLeft, lowerRight ) { s=3Dobj.style; s.borderStyle =3D "solid" s.borderWidth =3D 1 s.borderLeftColor =3D s.borderTopColor =3D upperLeft s.borderBottomColor=3D s.borderRightColor =3D lowerRight } function GetBtnObj(){ return gBtnArr[window.event.srcElement.id] } function BtnOnOver(){ b=3DGetBtnObj(); if( b !=3D null ) b.SetActive() } function BtnOnDown(){ b=3DGetBtnObj(); if( b !=3D null ) b.SetPressed() } function BtnOnOut(){ b=3DGetBtnObj(); if( b !=3D null ) b.SetInactive() } function BtnOnUp() { b=3DGetBtnObj() if( b !=3D null ) b.Perform() else Upd() } function GetNtsState(){ return parent.gNtsOpen } function GetOtlState(){ return parent.gOtlOpen } function GetOtlTxtState(){ return parent.gOtlTxtExp } function NtsBtnSetFlag( fVal ) { s=3Ddocument.all.item( this.m_flagId ).style s.display=3D"none" if( fVal ) s.display=3D"" else s.display=3D"none" } function _BSetA_Border(){ b =3D gBtnArr[this.mObjId]; if( b !=3D null ) b.S= etActive() } function _BSetI_Border(){ b =3D gBtnArr[this.mObjId]; if( b !=3D null ) b.S= etInactive() } var gHiliteClr=3D"THREEDHIGHLIGHT",gShadowClr=3D"THREEDSHADOW",gFaceClr=3D"= THREEDFACE" var gBtnArr =3D new Array() gBtnArr["nb_otl"] =3D new TxtBtn( "nb_otl","nb_otlElem",parent.ToggleOtlPan= e,GetOtlState ) gBtnArr["nb_otlElem"] =3D new TxtBtn( "nb_otl","nb_otlElem",parent.ToggleOt= lPane,GetOtlState ) gBtnArr["nb_nts"] =3D new TxtBtn( "nb_nts","nb_ntsElem",parent.ToggleNtsPan= e,GetNtsState ) gBtnArr["nb_prev"]=3D new ImgBtn( "nb_prev","nb_prevBorder",30,parent.GoToP= revSld ) gBtnArr["nb_next"]=3D new ImgBtn( "nb_next","nb_nextBorder",30,parent.GoToN= extSld ) gBtnArr["nb_sldshw"]=3D new ImgBtn( "nb_sldshw","nb_sldshwBorder",18,parent= .FullScreen ) gBtnArr["nb_sldshwBorder"] =3D new TxtBtn( "nb_sldshw","nb_sldshwBorder",pa= rent.FullScreen,null ) gBtnArr["nb_sldshwBorder"].SetActive =3D _BSetA_Border; gBtnArr["nb_sldshwBorder"].SetInactive =3D _BSetI_Border; gBtnArr["nb_sldshwText"] =3D new TxtBtn( "nb_sldshw","nb_sldshwText",parent= .FullScreen,null ) gBtnArr["nb_sldshwText"].SetActive =3D _BSetA_Border; gBtnArr["nb_sldshwText"].SetInactive =3D _BSetI_Border; gBtnArr["nb_voice"] =3D new ImgBtn( "nb_voice","nb_voiceBorder",18,parent.= ToggleVNarration ) gBtnArr["nb_otlTxt"]=3D new ImgBtn( "nb_otlTxt","nb_otlTxtBorder",23,parent= .ToggleOtlText ) gBtnArr["nb_nts"].m_flagId=3D "notes_flag" gBtnArr["nb_nts"].SetFlag =3D NtsBtnSetFlag gBtnArr["nb_otlTxt"].ChangeIcon=3D GetOtlTxtState var sNext=3D"Avançar",sPrev=3D"Voltar",sEnd=3D"Finalizar apresenta&c= cedil;ão",sFont=3D"Arial",sArrow=3D"Seta",sFreeform=3D"Forma livre",= sRect=3D"Retângulo",sOval=3D"Elipse" function ShowMenu() { BuildMenu(); var doc=3DPPTSld.document.body,x=3DPPTSld.event.clientX+doc.scrollLeft,y= =3DPPTSld.event.clientY+doc.scrollTop m =3D PPTSld.document.all.item("ctxtmenu") m.style.pixelLeft=3Dx if( (x+m.scrollWidth > doc.clientWidth)&&(x-m.scrollWidth > 0) ) m.style.pixelLeft=3Dx-m.scrollWidth m.style.pixelTop=3Dy if( (y+m.scrollHeight > doc.clientHeight)&&(y-m.scrollHeight > 0) ) m.style.pixelTop=3Dy-m.scrollHeight m.style.display=3D"" } function _CM() { if( !parent.IsFullScrMode() ) return; if(!PPTSld.event.ctrlKey) { ShowMenu() return false } else HideMenu() } function BuildMenu() { if( PPTSld.document.all.item("ctxtmenu") ) return var mObj=3DCreateItem( PPTSld.document.body ) mObj.id=3D"ctxtmenu" mObj.style.visibility=3D"hidden" var s=3DmObj.style s.position=3D"absolute" s.cursor=3D"default" s.width=3D"120px" SetCMBorder(mObj,"menu","black") var iObj=3DCreateItem( mObj ) SetCMBorder( iObj, "threedhighlight","threedshadow" ) iObj.style.padding=3D2 CreateMenuItem( iObj,sNext,M_GoNextSld,M_True ) CreateMenuItem( iObj,sPrev,M_GoPrevSld,M_HasPrevSld ) CreateSeparator( iObj ) CreateMenuItem( iObj,sEnd,M_End,M_True ) mObj.style.visibility=3D"visible" } function Cancel() { window.event.cancelBubble=3Dtrue; window.event.returnVa= lue=3Dfalse } function Highlight() { ChangeClr("activecaption","threedhighlight") } function Deselect() { ChangeClr("threedface","menutext") } function Perform() { e=3DPPTSld.event.srcElement if( e.type=3D=3D"menuitem" && e.IsActive() ) e.Action() else PPTSld.event.cancelBubble=3Dtrue } function ChangeClr( bg,clr ) { e=3DPPTSld.event.srcElement if( e.type=3D=3D"menuitem" && e.IsActive() ) { e.style.backgroundColor=3Dbg e.style.color=3Dclr } } function M_HasPrevSld() { return( parent.HasPrevSld() ) } function M_GoNextSld() { if( gIsEndShow ) M_End(); else GoToNextSld() } function M_GoPrevSld() { if( gIsEndShow ) { history.back(); PPTSld.event.ca= ncelBubble=3Dtrue; } else GoToPrevSld() } function M_True() { return true } function M_End() { window.close( self ) } function CreateMenuItem( node,text,action,eval ) { var e=3DCreateItem( node ) e.type=3D"menuitem" e.Action=3Daction e.IsActive=3Deval e.innerHTML=3Dtext if( !e.IsActive() ) e.style.color=3D"threedshadow" e.onclick=3DPerform e.onmouseover=3DHighlight e.onmouseout=3DDeselect s=3De.style; s.fontFamily=3DsFont s.fontSize=3D"9pt" s.paddingLeft=3D2 } function CreateSeparator( node ) { var sObj=3DCreateItem( node ) SetCMBorder(sObj,"menu","menu") var s=3DsObj.style s.borderTopColor=3D"threedshadow" s.borderBottomColor=3D"threedhighlight" s.height=3D1 s.fontSize=3D"0px" } function CreateItem( node ) { var elem=3DPPTSld.document.createElement("DIV") node.insertBefore( elem ) return elem } function SetCMBorder( o,ltClr,rbClr ) { var s=3Do.style s.backgroundColor=3D"menu" s.borderStyle=3D"solid" s.borderWidth=3D1 s.borderColor=3DltClr+" "+rbClr+" "+rbClr+" "+ltClr } ------=_NextPart_01C24ECA.F2E724B0 Content-Location: file:///C:/22489893/financas_arquivos/fullscreen.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; 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charset="us-ascii" Tópicos de interesse em Finanças ------=_NextPart_01C24ECA.F2E724B0 Content-Location: file:///C:/22489893/financas_arquivos/outline.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
Apresenta= ção de slides
Estrutura de tópicos
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