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Semestre:

Agosto- Diciembre 2014

Profesor: Diego R. Velarde A.,

MBA , MEF

Finanzas
Tarea 10
Planeacin Financiera
1) La empresa Celular.com requiere que se usted elabore sus estados pro forma para los
prximos 5 aos. El escenario esperado refleja que las ventas totales para el prximo ao
se estiman en $20,000 y se pretende tener un crecimiento anual de 10% sobre ventas. Los
costos se estiman en porcentaje sobre ventas de la siguiente manera: COGS = 55%, SG&A
=18%, Marketing = 7%, Cash =1%, CxC=15%, Inv = 5%, Activo fijo =30% y CxP =
10%. Los impuestos a las utilidades son de 35%, la empresa no pretende tener prestamos a
corto plazo, los bonos que emita sern cupn cero, sus activos fijos no se deprecian, los
accionistas solo pretenden emitir acciones (dar dinero si la empresa necesita), no pretenden
retirar acciones (retirar dinero del capital), pero pueden recibir dividendos. La poltica de la
empresa no permite dar dividendos mayores a las utilidades que se generaron durante cada
periodo. La empresa desea mantener constante su apalancamiento financiero (2.5), razn
circulante, y rotacin de activos.
a)
b)
c)
d)

Elabore el Estado de Resultados pro forma


Elabore el Balance General pro forma
Elabore el Flujo de Efectivo Proyectado
Dibuje el Flujo de Efectivo sin financiamiento (Operaciones + inversiones)
(Proyeccin del Negocio)
e) Determine las decisiones de Financiamiento para mantener la razn circulante, el
apalancamiento financiero y rotacin de activos durante los 5 aos.
2) En base al ejercicio anterior (Celular.com), elabore los estados pro forma para los
prximos 5 aos del escenario pesimista y optimista.

Pesimista: Crecimiento anual sobre Ventas = 5%


Optimista: Crecimiento anual sobre Ventas = 20%

Para cada escenario:


a) Elabore el Estado de Resultados pro forma
b) Elabore el Balance General pro forma
c) Elabore el Flujo de Efectivo Proyectado
d) Dibuje el Flujo de Efectivo sin financiamiento (Operaciones + inversiones)
(Proyeccin del Negocio)
e) Determine las decisiones de Financiamiento para mantener la razn circulante, el
apalancamiento financiero y rotacin de activos durante los 5 aos.

3) Investigar y explicar :
a)
b)
c)
d)

Qu es evaluacin de proyectos?
Qu significa Payback dentro de la evaluacin de un proyecto?
Qu es VAN?
Qu diferencia existe entre el Valor Presente (que aprendiste previamente en la
clase) y el Valor Presente Neto?
e) Qu la TIR en evaluacin de proyectos?
f) Para que sirve evaluar proyectos?
g) Qu decisiones se toman en evaluacin de proyectos?
Despus de investigar leer: (Estar preparado para examen de control de lectura)
Lectura: Criterios de decisin

Respuestas
1)

a) Elabore el Estado de Resultados pro forma.


Income Statement

Ao 1

Ao 2

Projections
Ao 3

Ao 4

Ao 5

Net Sales
(-) COGS
= Gross Profit
(-) SG&A
(-) Marketing
= EBDIT
(-) Depretiation
= Net Margin / EBIT
(-) Interest Expenses
= EBT
(+/-) Taxes

$20,000
$11,000
$9,000
$3,600
$1,400
$4,000
$0
$4,000
$0
$4,000
$1,400

$22,000
$12,100
$9,900
$3,960
$1,540
$4,400
$0
$4,400
$0
$4,400
$1,540

$24,200
$13,310
$10,890
$4,356
$1,694
$4,840
$0
$4,840
$0
$4,840
$1,694

$26,620
$14,641
$11,979
$4,792
$1,863
$5,324
$0
$5,324
$0
$5,324
$1,863

$29,282
$16,105
$13,177
$5,271
$2,050
$5,856
$0
$5,856
$0
$5,856
$2,050

= Net Earnings

$2,600

$2,860

$3,146

$3,461

$3,807

b) Elabore el Balance General pro forma. *Ver procedimiento de clculos en inciso e.


Balance Sheet

Ao 1

Ao 2

Projections
Ao 3

Ao 4

Ao 5

Cash
Account Receivable
Inventories
Total Current Assets

$200
$3,000
$1,000
$4,200

$220
$3,300
$1,100
$4,620

$242
$3,630
$1,210
$5,082

$266
$3,993
$1,331
$5,590

$293
$4,392
$1,464
$6,149

Machinery
(-) Accumulated depreciation
Net Value Machinery

$6,000
$0
$6,000

$6,600
$0
$6,600

$7,260
$0
$7,260

$7,986
$0
$7,986

$8,785
$0
$8,785

Total Assets

$10,200

$11,220

$12,342

$13,576

$14,934

Accounts payables
Current Bank Debt (Short
Term)
Current Liabilities

$2,000

$2,200

$2,420

$2,662

$2,928

$0
$2,000

$0
$2,200

$0
$2,420

$0
$2,662

$0
$2,928

Debt* (Long Term)

$4,120

$4,532

$4,985

$5,484

$6,032

Capital*
Retained Earnings
(-) Accumulated Dividends*
Paid
Net worth

$1,480
$2,600

$1,480
$5,460

$1,480
$8,606

$1,480
$12,067

$1,480
$15,873

$0
$4,080

$2,452
$4,488

$5,149
$4,937

$8,116
$5,430

$11,380
$5,974

Total L & E

$10,200

$11,220

$12,342

$13,576

$14,934

c) Elabore el Flujo de Efectivo Proyectado


Ao 1
2011

Cash Flow Statement

Ao 2
2012

Ao 3
2013

Ao 4
2014

Ao
5
2015

Cash Flows from Operating Activities


+ Net Earnings (Loss)
+ Depreciation
+ Change in Operation Working Capital
= Net cash from Operations

$2,600
$0
-$2,000
$600

$2,860
$0
-$200
$2,660

$3,146
$0
-$220
$2,926

$3,461
$0
-$242
$3,219

$3,807
$0
-$266
$3,540

Cash Flows from Investing Activities


+ Investment or Sell of Fixed Assets
= Net cash from Investment

-$6,000
-$6,000

-$600
-$600

-$660
-$660

-$726
-$726

-$799
-$799

+ Cash Flows from Operating Activities


$600
+ Cash Flows from Investing Activities
-$6,000
= Cash Flows without Financing (Operation + Investment)
-$5,400

$2,660
-$600
$2,060

$2,926
-$660
$2,266

$3,219
-$726
$2,493

$3,540
-$799
$2,742

Cash Flows from Financing Activities


- Dividends Paid
+ Change in Capital Activities
+ Change in Long Term Debt Activities
+ Change in Current Debt Activities
= Net cash from Financing activities

$0
$1,480
$4,120
$0
$5,600

-$2,452
$0
$412
$0
-$2,040

-$2,697
$0
$453
$0
-$2,244

-$2,967
$0
$499
$0
-$2,468

-$3,264
$0
$548
$0
-$2,715

= Cash Flows without Financing (Operation + Investment)


-$5,400
+ Cash Flows from Financing Activities
$5,600
= Cash Flows with Financing
$200

$2,060
-$2,040
$20

$2,266
-$2,244
$22

$2,493
-$2,468
$24

$2,742
-$2,715
$27

$20
$200
$220

$22
$220
$242

$24
$242
$266

$27
$266
$293

Checkout Test
= Cash Flows with Financing
+ Begining Cash (Ending Cash of Last Year)
= Ending Cash

$200
0
$200

d) Dibuje el Flujo de Efectivo sin financiamiento (Operaciones + inversiones)


(Proyeccin del Negocio)
= Cash Flows without Financing (Operation + Investment)

Ao
1
2011
-$5,400

Ao
20122
$2,060

Ao 3
2013
$2,266

Ao 4
2014
$2,493

Ao 5
2015
$2,742

2016
$4,685

Flujo Efectivo Positivo

Horizonte de
planeacin = 5 aos

Hoy
0
Flujo

1
2
-5400 2060

3
2266

4
2493

Inversiones = Flujo Efectivo Negativo

5
2742

e) Determine las decisiones de Financiamiento para mantener la razn circulante, el


apalancamiento financiero (2.5) y rotacin de activos durante los 5 aos.
Leverage = Total Assets / Net worth (Equity)

Total Assets = Total Debt + Net worth (Equity)

Leverage = 2.5

Total Debt = Total Assets - Net worth (Equity)

Leverage = 2.5 = 100% / Net worth (Equity)

Total Debt = 100% - 40%

Net worth (Equity) =100% / 2.5

Total Debt = 60%

Net worth (Equity) = 40%

Calculations:
Total Assets
Total Debt = TA*Debt Ratio
(-) Current Liabilities
= Debt (Long Term)
Net worth = TA-TD
(-) Retained Earnings
(-) Capital
= Accumulated Dividends
Paid

Ao 1
$10,200
$6,120
$2,000
$4,120

Ao 2
$11,220
$6,732
$2,200
$4,532

Ao 3
$12,342
$7,405
$2,420
$4,985

Ao 4
$13,576
$8,146
$2,662
$5,484

Ao 5
$14,934
$8,960
$2,928
$6,032

$4,080
$2,600
$1,480

$4,488
$5,460
$1,480

$4,937
$8,606
$1,480

$5,430
$12,067
$1,480

$5,974
$15,873
$1,480

$0

-$2,452

-$5,149

-$8,116

-$11,380

Para mantener las razones financieras constantes (ver clculo de razones financieras en la siguiente hoja), se
decidi en base al flujo de efectivo proyectado:
Ao 1
Que los accionistas inviertan en el negocio durante el primer ao $1480 (emitir acciones)
Que emitan bonos por un valor de $4120 (reciban dinero del prstamo a lago plazo)
No se pague dividendos
Que se invierta 6000 en planta y equipo
Que se invierta 2000 en capital de operaciones
Ao 2
No es necesario que los accionistas inviertan dinero (No emitan nuevas acciones)
Que emitan nuevos bonos por un valor de $412 (4532-4120) para reciban dinero de prstamo a lago plazo y de
esta manera mantener el apalancamiento financiero.
Den dividendos a los accionistas por un valor total de 2452 para mantener el apalancamiento financiero.
Que se invierta 600 en capacidad de planta y equipo
Que se invierta 200 en capital de operaciones
Ao 3
No es necesario que los accionistas inviertan dinero (No emitan nuevas acciones)
Que emitan nuevos bonos por un valor de $453 (4985-4532) para reciban dinero de prstamo a lago plazo y de
esta manera mantener el apalancamiento financiero.
Den dividendos a los accionistas por un valor total de 2697 (5159-2452) para mantener el apalancamiento
financiero.
Que se invierta 660 en capacidad de planta y equipo
Que se invierta 220 en capital de operaciones
Ao 4
No es necesario que los accionistas inviertan dinero (No emitan nuevas acciones)
Que emitan nuevos bonos por un valor de $499 (5484-4985) para reciban dinero de prstamo a lago plazo y de
esta manera mantener el apalancamiento financiero.
Den dividendos a los accionistas por un valor total de 2967 (8116-5159) para mantener el apalancamiento
financiero.
5

Que se invierta 726 en capacidad de planta y equipo


Que se invierta 242 en capital de operaciones
Ao 5
No es necesario que los accionistas inviertan dinero (No emitan nuevas acciones)
Que emitan nuevos bonos por un valor de $548 (6031-5484) para reciban dinero de prstamo a lago plazo y de
esta manera mantener el apalancamiento financiero.
Den dividendos a los accionistas por un valor total de 3264 (11380-8116) para mantener el apalancamiento
financiero.
Que se invierta 799 en capacidad de planta y equipo
Que se invierta 266 en capital de operaciones

Ratio Analysis
Liquidity
Current ratio
Quick Ratio

Ao 1
2.1
1.6

Ao 2
2.1
1.6

Ao 3
2.1
1.6

Ao 4
2.1
1.6

Ao 5
2.1
1.6

Security
Debt Ratio
Debt to Equity

Ao 1
60%
150%

Ao 2
60%
150%

Ao 3
60%
150%

Ao 4
60%
150%

Ao 5
60%
150%

Efficiency
Days Inventory Turnover
Inventory Turnover
Collection Period (days)
Account Receivable Turnover
Payment Period (days)
Account Payables Turnover
Net Working Capital Turnover
Fixed asset Turnover
Total asset Turnover

Ao 1
33
11.00
54
6.67
65.5
5.5
9.09
3.33
1.96

Ao 2
33
11.00
54
6.67
65.5
5.5
9.09
3.33
1.96

Ao 3
33
11.00
54
6.67
65.5
5.5
9.09
3.33
1.96

Ao 4
33
11.00
54
6.67
65.5
5.5
9.09
3.33
1.96

Ao 5
33
11.00
54
6.67
65.5
5.5
9.09
3.33
1.96

Profitability
ROA
ROE
Leverage
Operating Margin
Profit Margin

Ao 1
25.5%
63.7%
2.50
45.0%
13.0%

Ao 2
25.5%
63.7%
2.50
45.0%
13.0%

Ao 3
25.5%
63.7%
2.50
45.0%
13.0%

Ao 4
25.5%
63.7%
2.50
45.0%
13.0%

Ao 5
25.5%
63.7%
2.50
45.0%
13.0%

2)
Pesimista: Crecimiento anual sobre Ventas = 5%
a) Elabore el Estado de Resultados pro forma
Income Statement

Ao 1

Ao 2

Projections
Ao 3

Ao 4

Ao 5

Net Sales
(-) COGS
= Gross Profit
(-) SG&A
(-) Marketing
= EBDIT
(-) Depretiation
= Net Margin / EBIT
(-) Interest Expenses
= EBT
(+/-) Taxes

$20,000
$11,000
$9,000
$3,600
$1,400
$4,000
$0
$4,000
$0
$4,000
$1,400

$21,000
$11,550
$9,450
$3,780
$1,470
$4,200
$0
$4,200
$0
$4,200
$1,470

$22,050
$12,128
$9,923
$3,969
$1,544
$4,410
$0
$4,410
$0
$4,410
$1,544

$23,153
$12,734
$10,419
$4,167
$1,621
$4,631
$0
$4,631
$0
$4,631
$1,621

$24,310
$13,371
$10,940
$4,376
$1,702
$4,862
$0
$4,862
$0
$4,862
$1,702

= Net Earnings

$2,600

$2,730

$2,867

$3,010

$3,160

b) Elabore el Balance General pro forma *Ver procedimiento de clculos en inciso e.


Balance Sheet

Ao 1

Ao 2

Projections
Ao 3

Ao 4

Ao 5

Cash
Account Receivable
Inventories
Total Current Assets

$200
$3,000
$1,000
$4,200

$210
$3,150
$1,050
$4,410

$221
$3,308
$1,103
$4,631

$232
$3,473
$1,158
$4,862

$243
$3,647
$1,216
$5,105

Machinery
(-) Accumulated depreciation
Net Value Machinery

$6,000
$0
$6,000

$6,300
$0
$6,300

$6,615
$0
$6,615

$6,946
$0
$6,946

$7,293
$0
$7,293

Total Assets

$10,200

$10,710

$11,246

$11,808

$12,398

Accounts payables
Current Bank Debt (Short
Term)
Current Liabilities

$2,000

$2,100

$2,205

$2,315

$2,431

$0
$2,000

$0
$2,100

$0
$2,205

$0
$2,315

$0
$2,431

*Debt (Long Term)

$4,120

$4,326

$4,542

$4,769

$5,008

*Capital
Retained Earnings
(-) *Accumulated Dividends
Paid
Net worth

$1,480
$2,600

$1,480
$5,330

$1,480
$8,197

$1,480
$11,206

$1,480
$14,367

$0
$4,080

$2,526
$4,284

$5,178
$4,498

$7,963
$4,723

$10,887
$4,959

Total L & E

$10,200

$10,710

$11,246

$11,808

$12,398

c) Elabore el Flujo de Efectivo Proyectado


Ao 1
Ao
2
Cash Flow Statement
2011
2012

Ao
3
2013

Ao
4
2014

$2,730
$0
-$100
$2,630

$2,867
$0
-$105
$2,762

$3,010
$0
-$110
$2,900

$3,160
$0
-$116
$3,045

-$6,000
-$6,000

-$300
-$300

-$315
-$315

-$331
-$331

-$347
-$347

+ Cash Flows from Operating Activities


$600
+ Cash Flows from Investing Activities
-$6,000
= Cash Flows without Financing (Operation + Investment) -$5,400

$2,630
-$300
$2,330

$2,762
-$315
$2,447

$2,900
-$331
$2,569

$3,045
-$347
$2,697

Cash Flows from Financing Activities


- Dividends Paid
+ Change in Capital Activities
+ Change in Long Term Debt Activities
+ Change in Current Debt Activities
= Net cash from Financing activities

$0
$1,480
$4,120
$0
$5,600

-$2,526
$0
$206
$0
-$2,320

-$2,652
$0
$216
$0
-$2,436

-$2,785
$0
$227
$0
-$2,558

-$2,924
$0
$238
$0
-$2,686

= Cash Flows without Financing (Operation + Investment) -$5,400


+ Cash Flows from Financing Activities
$5,600
= Cash Flows with Financing
$200

$2,330
-$2,320
$10

$2,447
-$2,436
$11

$2,569
-$2,558
$11

$2,697
-$2,686
$12

$10
$200
$210

$11
$210
$221

$11
$221
$232

$12
$232
$243

Cash Flows from Operating Activities


+ Net Earnings (Loss)
+ Depreciation
+ Change in Operation Working Capital
= Net cash from Operations

$2,600
$0
-$2,000
$600

Cash Flows from Investing Activities


+ Investment or Sell of Fixed Assets
= Net cash from Investment

Checkout Test
= Cash Flows with Financing
+ Begining Cash (Ending Cash of Last Year)
= Ending Cash

$200
0
$200

d) Dibuje el Flujo de Efectivo sin financiamiento (Operaciones + inversiones)


(Proyeccin del Negocio)

Flujo Efectivo Positivo

Ho
0
Fluj

1
2
-5400 2330

3
2447

4
2569

Inversiones = Flujo Efectivo Negativo

5
2697

Ao
5
2015

e) Determine las decisiones de Financiamiento para mantener la razn circulante, el


apalancamiento financiero y rotacin de activos durante los 5 aos.
Leverage = Total Assets / Net worth (Equity)

Total Assets = Total Debt + Net worth (Equity)

Leverage = 2.5

Total Debt = Total Assets - Net worth (Equity)

Leverage = 2.5 = 100% / Net worth (Equity)

Total Debt = 100% - 40%

Net worth (Equity) =100% / 2.5

Total Debt = 60%

Net worth (Equity) = 40%

Calculations:
Total Assets
Total Debt = TA*Debt Ratio
(-) Current Liabilities
= Debt (Long Term)
Net worth = TA-TD
(-) Retained Earnings
(-) Capital
= Accumulated Dividends
Paid

Ao 1
$10,200
$6,120
$2,000
$4,120

Ao 2
$10,710
$6,426
$2,100
$4,326

Ao 3
$11,246
$6,747
$2,205
$4,542

Ao 4
$11,808
$7,085
$2,315
$4,769

Ao 5
$12,398
$7,439
$2,431
$5,008

$4,080
$2,600
$1,480

$4,284
$5,330
$1,480

$4,498
$8,197
$1,480

$4,723
$11,206
$1,480

$4,959
$14,367
$1,480

$0

-$2,526

-$5,178

-$7,963

-$10,887

Ratio Analysis
Liquidity
Current ratio
Quick Ratio

Ao 1
2.1
1.6

Ao 2
2.1
1.6

Ao 3
2.1
1.6

Ao 4
2.1
1.6

Ao 5
2.1
1.6

Security
Debt Ratio
Debt to Equity

Ao 1
60%
150%

Ao 2
60%
150%

Ao 3
60%
150%

Ao 4
60%
150%

Ao 5
60%
150%

Efficiency
Days Inventory Turnover
Inventory Turnover
Collection Period (days)
Account Receivable Turnover
Payment Period (days)
Account Payables Turnover
Net Working Capital Turnover
Fixed asset Turnover
Total asset Turnover

Ao 1
33
11.00
54
6.67
65.5
5.5
9.09
3.33
1.96

Ao 2
33
11.00
54
6.67
65.5
5.5
9.09
3.33
1.96

Ao 3
33
11.00
54
6.67
65.5
5.5
9.09
3.33
1.96

Ao 4
33
11.00
54
6.67
65.5
5.5
9.09
3.33
1.96

Ao 5
33
11.00
54
6.67
65.5
5.5
9.09
3.33
1.96

Profitability
ROA
ROE
Leverage
Operating Margin
Profit Margin

Ao 1
25.5%
63.7%
2.50
45.0%
13.0%

Ao 2
25.5%
63.7%
2.50
45.0%
13.0%

Ao 3
25.5%
63.7%
2.50
45.0%
13.0%

Ao 4
25.5%
63.7%
2.50
45.0%
13.0%

Ao 5
25.5%
63.7%
2.50
45.0%
13.0%

Optimista: Crecimiento anual sobre Ventas = 20%


a) Elabore el Estado de Resultados pro forma
Income Statement

Ao 1

Ao 2

Projections
Ao 3

Ao 4

Ao 5

Net Sales
(-) COGS
= Gross Profit
(-) SG&A
(-) Marketing
= EBDIT
(-) Depretiation
= Net Margin / EBIT
(-) Interest Expenses
= EBT
(+/-) Taxes

$20,000
$11,000
$9,000
$3,600
$1,400
$4,000
$0
$4,000
$0
$4,000
$1,400

$24,000
$13,200
$10,800
$4,320
$1,680
$4,800
$0
$4,800
$0
$4,800
$1,680

$28,800
$15,840
$12,960
$5,184
$2,016
$5,760
$0
$5,760
$0
$5,760
$2,016

$34,560
$19,008
$15,552
$6,221
$2,419
$6,912
$0
$6,912
$0
$6,912
$2,419

$41,472
$22,810
$18,662
$7,465
$2,903
$8,294
$0
$8,294
$0
$8,294
$2,903

= Net Earnings

$2,600

$3,120

$3,744

$4,493

$5,391

b) Elabore el Balance General pro forma


Balance Sheet

Ao 1

Ao 2

Projections
Ao 3

Ao 4

Ao 5

Cash
Account Receivable
Inventories
Total Current Assets

$200
$3,000
$1,000
$4,200

$240
$3,600
$1,200
$5,040

$288
$4,320
$1,440
$6,048

$346
$5,184
$1,728
$7,258

$415
$6,221
$2,074
$8,709

Machinery
(-) Accumulated depreciation
Net Value Machinery

$6,000
$0
$6,000

$7,200
$0
$7,200

$8,640
$0
$8,640

$10,368
$0
$10,368

$12,442
$0
$12,442

Total Assets

$10,200

$12,240

$14,688

$17,626

$21,151

Accounts payables
Current Bank Debt (Short
Term)
Current Liabilities

$2,000

$2,400

$2,880

$3,456

$4,147

$0
$2,000

$0
$2,400

$0
$2,880

$0
$3,456

$0
$4,147

Debt (Long Term)

$4,120

$4,944

$5,933

$7,119

$8,543

Capital
Retained Earnings
(-) Accumulated Dividends
Paid
Net worth

$1,480
$2,600

$1,480
$5,720

$1,480
$9,464

$1,480
$13,957

$1,480
$19,348

$0
$4,080

$2,304
$4,896

$5,069
$5,875

$8,387
$7,050

$12,368
$8,460

Total L & E

$10,200

$12,240

$14,688

$17,626

$21,151

10

c) Elabore el Flujo de Efectivo Proyectado


Ao 1
Cash Flow Statement
2011

Ao 2
2012

Ao 3
2013

Ao 4
2014

Ao 5
2015

$2,600
$0
-$2,000
$600

$3,120
$0
-$400
$2,720

$3,744
$0
-$480
$3,264

$4,493
$0
-$576
$3,917

$5,391
$0
-$691
$4,700

-$6,000
-$6,000

-$1,200
-$1,200

-$1,440
-$1,440

-$1,728
-$1,728

-$2,074
-$2,074

+ Cash Flows from Operating Activities


$600
+ Cash Flows from Investing Activities
-$6,000
= Cash Flows without Financing (Operation + Investment) -$5,400

$2,720
-$1,200
$1,520

$3,264
-$1,440
$1,824

$3,917
-$1,728
$2,189

$4,700
-$2,074
$2,627

Cash Flows from Financing Activities


- Dividends Paid
+ Change in Capital Activities
+ Change in Long Term Debt Activities
+ Change in Current Debt Activities
= Net cash from Financing activities

$0
$1,480
$4,120
$0
$5,600

-$2,304
$0
$824
$0
-$1,480

-$2,765
$0
$989
$0
-$1,776

-$3,318
$0
$1,187
$0
-$2,131

-$3,981
$0
$1,424
$0
-$2,557

= Cash Flows without Financing (Operation + Investment) -$5,400


+ Cash Flows from Financing Activities
$5,600
= Cash Flows with Financing
$200

$1,520
-$1,480
$40

$1,824
-$1,776
$48

$2,189
-$2,131
$58

$2,627
-$2,557
$69

$40
$200
$240

$48
$240
$288

$58
$288
$346

$69
$346
$415

Cash Flows from Operating Activities


+ Net Earnings (Loss)
+ Depreciation
+ Change in Operation Working Capital
= Net cash from Operations
Cash Flows from Investing Activities
+ Investment or Sell of Fixed Assets
= Net cash from Investment

Checkout Test
= Cash Flows with Financing
+ Begining Cash (Ending Cash of Last Year)
= Ending Cash

$200
0
$200

d) Dibuje el Flujo de Efectivo sin financiamiento (Operaciones + inversiones)


(Proyeccin del Negocio)

Flujo Efectivo Positivo

Ho
0
Fluj

1
2
-5400 1520

3
1824

4
2189

Inversiones = Flujo Efectivo Negativo

11

5
2627

e) Determine las decisiones de Financiamiento para mantener la razn circulante, el


apalancamiento financiero y rotacin de activos durante los 5 aos.
Leverage = Total Assets / Net worth (Equity)

Total Assets = Total Debt + Net worth (Equity)

Leverage = 2.5

Total Debt = Total Assets - Net worth (Equity)

Leverage = 2.5 = 100% / Net worth (Equity)

Total Debt = 100% - 40%

Net worth (Equity) =100% / 2.5

Total Debt = 60%

Net worth (Equity) = 40%

Total Assets
Total Debt = TA*Debt Ratio
(-) Current Liabilities
= Debt (Long Term)
Net worth = TA-TD
(-) Retained Earnings
(-) Capital
= Accumulated Dividends
Paid

Ao 1
$10,200
$6,120
$2,000
$4,120

Ao 2
$12,240
$7,344
$2,400
$4,944

Ao 3
$14,688
$8,813
$2,880
$5,933

Ao 4
$17,626
$10,575
$3,456
$7,119

Ao 5
$21,151
$12,690
$4,147
$8,543

$4,080
$2,600
$1,480

$4,896
$5,720
$1,480

$5,875
$9,464
$1,480

$7,050
$13,957
$1,480

$8,460
$19,348
$1,480

$0

-$2,304

-$5,069

-$8,387

-$12,368

Ratio Analysis
Liquidity
Current ratio
Quick Ratio

Ao 1
2.1
1.6

Ao 2
2.1
1.6

Ao 3
2.1
1.6

Ao 4
2.1
1.6

Ao 5
2.1
1.6

Security
Debt Ratio
Debt to Equity

Ao 1
60%
150%

Ao 2
60%
150%

Ao 3
60%
150%

Ao 4
60%
150%

Ao 5
60%
150%

Efficiency
Days Inventory Turnover
Inventory Turnover
Collection Period (days)
Account Receivable Turnover
Payment Period (days)
Account Payables Turnover
Net Working Capital Turnover
Fixed asset Turnover
Total asset Turnover

Ao 1
33
11.00
54
6.67
65.5
5.5
9.09
3.33
1.96

Ao 2
33
11.00
54
6.67
65.5
5.5
9.09
3.33
1.96

Ao 3
33
11.00
54
6.67
65.5
5.5
9.09
3.33
1.96

Ao 4
33
11.00
54
6.67
65.5
5.5
9.09
3.33
1.96

Ao 5
33
11.00
54
6.67
65.5
5.5
9.09
3.33
1.96

Profitability
ROA
ROE
Leverage
Operating Margin
Profit Margin

Ao 1
25.5%
63.7%
2.50
45.0%
13.0%

Ao 2
25.5%
63.7%
2.50
45.0%
13.0%

Ao 3
25.5%
63.7%
2.50
45.0%
13.0%

Ao 4
25.5%
63.7%
2.50
45.0%
13.0%

Ao 5
25.5%
63.7%
2.50
45.0%
13.0%

12