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Caso Integrativo: Casa de Diseño Em janeiro de 2004, Teresa Leal foi nomeada para chefiar a tesouraria da Casa de Diseño. Ela percebeu que poderia orientar-se melhor examinando sistematicamente cada uma das áreas de operações financeiras da empresa. Começou estudando as atividades financeiras de curto prazo. A Casa de Diseño está situada no sul da Califórnia e é especializada em uma linha de mobiliário com o nome de Ligne Moderna. Os produtos são de alta qualidade, de projeto moderno, e os móveis interessam ao cliente que deseja algo especial para sua casa ou seu apartamento. A maior parte dos itens da Ligne Moderna é construída sob encomenda, porque estão disponíveis muitas variedades de estofamento, ornamentos e cores. A linha de produtos é distribuída por meio de esquemas de representação exclusiva, com estabelecimentos varejistas consolidados. O processo de produção da casa de Diseño praticamente elimina o uso de madeira. Os materiais básicos são plásticos e metais; a madeira é usada apenas para fins decorativos. A empresa ingressou no ramo de móveis de plásticos no final de 1998. Ela comercializa seus móveis como produtos para interior e exterior sob a marca Futuro. Os móveis dessa marca caracterizam-se pelo conforto, pela durabilidade e pela praticidade e são distribuídos por meio de atacadistas. A linha Futuro tem sido muito bem-sucedida, sendo responsável por quase 40% das vendas e dos lucros da empresa em 2003. A Casa de Diseño espera fazer alguns acréscimos à linha Futuro, além de uma mudança limitada de direção em suas atividades de promoção, em um esforço para ampliar os usos dos móveis de plástico. Teresa decidiu estudar as práticas de gestão de caixa da empresa. Para determinar os efeitos dessas práticas, precisa determinar inicialmente a duração atual dos ciclos operacionais e de caixa. Em suas investigações, descobriu que a Casa de Diseño adquire todas as suas matériasprimas e os materiais de produção em conta corrente. A empresa está operando em níveis de produção que impedem a obtenção de descontos por volumes adquiridos. A maioria dos fornecedores não oferece descontos por pagamento rápido, e a Casa de Diseño normalmente recebe prazos de 30 dias líquidos. Uma análise das contas a pagar da casa de Diseño mostrou que seu prazo médio de pagamento é de 30 dias. Teresa consultou dados do setor e verificou que o prazo médio de pagamento era de 39 dias. A análise de seis fabricantes de móveis na Califórnia revelou que seu prazo médio de pagamento também era de 39 dias. A seguir, Teresa estudou o ciclo de produção e as políticas de estoques. A Casa de Diseño procura não manter estoques além do necessário, tanto de matérias-primas quanto de produtos acabados. A idade média do estoque é de 110 dias. Teresa descobriu que o padrão do setor, como divulgado em um levantamento feito pela Furniture Age, a revista da associação empresarial do setor, é de 83 dias. A Casa de Diseño vende a todos os seus clientes a 60 dias líquidos, seguindo a tendência do setor, que consiste em oferecer esses prazos de crédito para móveis especiais. Teresa descobriu, ao construir a distribuição de idades das contas a receber, que o prazo médio de recebimento da empresa é de 75 dias. Um estudo das médias do setor e dos fabricantes na Califórnia mostrou que vigorava o mesmo prazo de recebimento quando as condições são 60 dias líquidos. Quando eram oferecidos descontos por pagamento rápido, o prazo de recebimento diminuía substancialmente. Teresa acreditava que, se a Casa de Diseño oferecesse prazos de 3/10,60 dias líquidos, o prazo médio de recebimento poderia ser reduzido em 40%. A empresa estava gastando aproximadamente $26.500 mil por ano em ativos necessários para sustentar o ciclo operacional. Teresa achava que esse nível de gasto era o mínimo que podia esperar que a empresa gastasse em 2004. Sua preocupação era saber se a gestão de caixa da empresa era o mais eficiente possível. Sabia que a empresa obtinha juros de 15% ao ano em suas aplicações. Por esse motivo, estava preocupada com o custo financeiro resultante de quaisquer ineficiências na administração do ciclo de caixa da Casa de Diseño.

Pergunta-se: a) Supondo que as compras, a produção e as vendas sigam um ritmo constante durante o ano, qual é a duração do ciclo operacional (CO), do ciclo de caixa (CC) e das necessidades de aplicação de recursos da Casa de Diseño? b) Se Teresa puder otimizar as operações da Casa de Diseño, de acordo com os padrões do setor, quais serão as magnitudes do ciclo operacional (CO), do ciclo de caixa (CC) e do investimento de recursos da empresa nessas condições mais eficientes? c) Em termos de necessidades de aplicação de recursos, qual é o custo da ineficiência operacional da Casa de Diseño? d) (1) Além de alcançar os níveis médios de eficiência do setor no tocante a contas a pagar e estoques, se a empresa puder reduzir o prazo médio de recebimento oferecendo condições de 3/10,60 dias líquidos que economia adicional de custos de aplicação de recursos obterá da redução do ciclo de caixa, supondo que o nível de vendas permaneça constante? (2) Se as vendas da empresa (todas a prazo) forem de $40.000 e supondo que 45% dos clientes tirem proveito do desconto oferecido, qual será a redução das receitas anuais em conseqüência do desconto? (3) Sendo o custo variável de 80% das vendas de $40.000, calcule a redução do investimento médio em duplicatas a receber e a economia anual que resultaria dessa redução de investimento, supondo que as vendas não se alterem. (considere um ano de 360 dias). (4) Caso as perdas com clientes da empresa caiam de 2 para 1,5% das vendas, qual será a economia anual resultante, supondo que as vendas permaneçam constantes? (5) Use os resultados que você obteve nos itens (2) a (4) para avaliar se o oferecimento do desconto por pagamento rápido é financeiramente justificável. e) Com base em sua análise nos itens “a” até “d”, que recomendações você faria a Teresa?

Referência: GITMAN, Lawrence J.. Princípios de Administração Financeira. 10ª. ed. São Paulo: Pearson. 2004. 745 p.

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