The effect of depreciation in operating cash flows of brazilian electricity power companies in years 2001 and 2002

A demonstração dos fluxos de caixa, apesar de ainda não ser uma demonstração obrigatória no Brasil, facultativamente é divulgada por várias empresas brasileiras. Entretanto, ela apresenta alguns pontos contraditórios quanto à classificação, quanto às atividades. Este estudo tem como objetivo analisar o tratamento dado pelo FASB e pelo IASB para a despesa de depreciação na DFC e o efeito desse tratamento sobre o fluxo de caixa das atividades operacionais. A partir dessa análise, propõe-se um modelo alternativo para o tratamento da matéria. Esse modelo contempla um lançamento virtual de caixa em que a depreciação é deduzida do fluxo de caixa das operações e acrescida ao fluxo de caixa dos investimentos. A análise das DFC das empresas de grande porte do setor de energia elétrica do Brasil revela que o fluxo de caixa das operações destas foi preponderantemente superior ao resultado nos anos de 2001 e 2002, contrariamente ao verificado quando foi realizada a aplicação do tratamento proposto neste trabalho. Conclui-se, dessa forma, que há indícios de que o fluxo de caixa das operações dessas empresas está supervalorizado, possivelmente, em virtude da não consideração da despesa de depreciação do período na DFC. _________________________________________________________________________________ ABSTRACTThe aim of this paper is to analyses FASB and IASB prescriptions related with the way depreciation expense is treated in Cash Flows Statement (CFS) and the correspondingly effect of such treatment in cash flows of operating activities. As a result of the analysis, we propose an alternative model for dealing with this subject. The model requires that noncash depreciation expense should be deducted from operating cash flows and simultaneously added to investing cash flows. In analyzing the CFS of large electricity power companies located in Brazil, we found that years 2001 and 2002 operating cash flows were substantially higher than net income in the same period, in opposition with what occurs when we apply the model proposed in this study. We then conclude that operating cash flows of such companies may be overestimated as a result of not considering depreciation expense as a virtual noncash transaction in the body of CFS

Concurrent resistance and aerobic training follow a detraining period in elementary school students

Students involved in physical education classes often perform strength and aerobic training concurrently in an effort to achieve specific adaptations to both forms of training. However, the scientific literature has produced inconclusive results. Additionally, interruptions in training process because holidays are normal situations in school context. This recess can produce a children’s performance loss. Nevertheless, the detraining period and its consequences are not well reported in sports literature, and namely during puberty. This is important since the period of strength training cessation can produce a positive delay transformation rebound in sports specific performance, which is determinant on school performance evaluation of the student. Therefore, the general objectives of this thesis were to analyze the effects of strength training alone and concurrent strength and aerobic training on strength and aerobic performances on a large sample of healthy school subjects; and to assess the effects of a detraining period on strength, power and aerobic performances. To test our hypothesis we set 5 studies: 1 study review and 4 experimental studies. One hundred and nine healthy children (42 boys, 67 girls) recruited from a Portuguese public high school were randomly assigned into two experimental groups (8 weeks training program) and one control group as follows: one group performing strength training only (GR); another group performing combined strength and aerobic training (GCOM); and the third was the control group (GC, no training program). All sample subjects attended physical education classes twice a week. Strength and aerobic parameters were assessed prior and after a training program period and post a detraining period as well. From pre- to post-training period GCOM’s subjects did not take advantage over GR’s subjects in jumps, running speed and balls throwing tests. VO2max increased significantly in GCOM and remained unchanged in both GC (except for girls) and GR groups. Concurrent training is an effective, well-rounded exercise program that can be set up as a means to improve initial or general strength in healthy school non-adult population; training program effects persists even at the end of detraining period. Future researches should examine the interference effects arising from the order of strength and aerobic training exercises program on strength enhancement

Carbon isotope record (d13Ccarbonate) of the Middle to Late Jurassic (Callovian - Oxfordian) from the Algarve Basin, Portugal

The Algarve Basin is an important Mesozoic depocentre located in southern Portugal which formed during the succesive phases of the North Atlantic rifting following the break-up of Pangea [1]. Several unconformities related to compressive episodes are observed in the stratigraphic record of the Algarve Basin. One of these episodes ocurred in the transition from Middle to Upper Jurassic times and is marked by an important tectonic episode, observed throughout Iberia [1], that caused the tilting and folding of the Middle Jurassic strata. This situation can be observed at Benaçoitão, where Oxfordian limestones rest unconformably over tilted Middle Callovian marly limestones. In this work we present !13Ccarbonate data across the Middle and Upper Jurassic rocks from the Algarve Basin at Benaçoitão

Maturação orgânica da Bacia Algarvia. Resultados preliminares e implicações para a prospecção de hidrocarbonetos

A sondagem RUIVO-1, localizada na região imersa da Bacia Algarvia, foi estudada com a finalidade de se caracterizar o grau de maturação e conhecer as idades das unidades litológicas com base na bioestratigrafia dos dinoflagelados. O estudo do poder reflector da vitrinite indica que a sucessão do Mesozóico está matura em relação à “janela do petróleo”. Por outro lado, os dinoflagelados evidenciaram a presença de uma espessa sucessão do Caloviano, discordante sobre os depósitos evaporíticos do ?Triásico-Hetangiano. Um dinoflagelado característico do intervalo Toarciano-Aaleniano ocorre reciclado nos sedimentos do Caloviano. Este estudo é um contributo para melhorar o conhecimento da parte imersa da Bacia Algarvia e auxiliar em futuros trabalhos de prospecção de hidrocarbonetos

Maturação orgânica e palinoestratigrafia da Sondagem RUIVO-1, região imersa da Bacia Algarvia: contribuições para a prospecção de hidrocarbonetos

A sondagem RUIVO-1, localizada na região imersa da Bacia Algarvia, foi estudada com a finalidade de se caracterizar o grau de maturação e conhecer as idades das unidades litológicas com base na bioestratigrafia dos dinoflagelados. O estudo do poder reflector da vitrinite indica que a sucessão do Mesozóico está matura em relação à "janela do petróleo". Os dinoflagelados evidenciaram a presença de uma espessa sucessão do caloviano, discordante sobre os depósitos evaporíticos do ?Triásico-Hetangiano

A re-assessment of the organic maturation and palynostratigraphy of the wells Ruivo-1 and Corvina, offshore Algarve Basin, Portugal

The Algarve Basin is the southernmost geological province of portugal. The nowledge of its offshore geology is limited to a few hydrocarbon exploration wells and seismic profiles. Two of these wells, Ruivo-1 and Corvina, were studied in order to assess its organic maturation levels and age using the biostratigraphy of dinoflagellate cysts. The well Ruivo-1 intercepted a thick Callovian succession whereas the well Corvina intercepted a thick Oxfordian succession. Both Jurassic successions are within the oil-window

Assessment of the seismic behavior of a precast reinforced concrete industrial building with the presence of horizontal cladding panels

The latest earthquakes in Europe exposed some critical problems in the connections of cladding panels in industrial precast reinforced concrete (PRC) structures. These connections did not perform as desired, causing the panels to fall, leading to significant nonstructural damage that resulted in the loss of human life and significant socio-economic impacts due to the interruption of business. Furthermore, in addition to the behavior of the cladding system itself, it is still not clear to what extent it can influence the overall seismic performance of the main structure. Making use of a simplified macroelement, the present study assesses the seismic performance of commonly employed cladding-to-structure connections, as well as the interaction of cladding panels with industrial PRC buildings. The analyses were carried out considering a PRC building representative of a Portuguese industrial park, studied with and without cladding panels. The seismic behavior of the structure was assessed considering both nonlinear static and dynamic procedurespublishe

Maturação orgânica e palinoestratigrafia da Sondagem RUIVO-1, região imersa da Bacia Algarvia. Contribuições para a prospecção de hidrocarbonetos

A sondagem RUIVO-1, localizada na região imersa da Bacia Algarvia, foi estudada com a finalidade de se caracterizar o grau de maturação e conhecer as idades das unidades litológicas com base na bioestratigrafia dos dinoflagelados