CURSO DE ECONOMETRIA FINANCIERA

CON APLICACIONES A STATA 15 Y EVIEWS 10

Sesión N° 3
Informes y análisis financieros: una
introducción I. Mecánica de los informes
financieros
Financial Reporting and Analysis: An
Introduction I. Financial Reporting
Docente: Rafael
Mechanics Bustamante

MBA. Rafael Bustamante

SESIÓN 3 : FINANCIAL REPORTING & ANALYSIS

INCOME STATEMENTS, BALANCE SHEETS, AND CASH

FLOW STATEMENTS
IV. UNDERSTANDING CASH FLOW STATEMENTS

ESTADOS DE INGRESOS, BALANCE Y ESTADOS DE

FLUJO DE EFECTIVO
IV. ENTENDIMIENTO DE LOS ESTADOS DE FLUJO DE
EFECTIVO
 SESIÓN 3 : FINANCIAL REPORTING AND ANALYSIS: AN
INTRODUCTION I. FINANCIAL REPORTING MECHANICS
IMPORTANCE OF CASH FLOW
STATEMENT
Net income from accrual accounting does not
tell us about the sources and uses of cash
to meet liabilities and operating needs.
The statement of cash flows has three
components under both IFRS and U.S.
GAAP:
■ Cash provided or used by operating
activities
■ Cash provided or used by investing
activities
■ Cash provided or used in financing
activities
IMPORTANCIA DE LA
DECLARACIÓN DE FLUJO DE
EFECTIVO
Los ingresos netos de la contabilidad de
acumulación no nos informan sobre las
fuentes y los usos del efectivo para
cubrir los pasivos y las necesidades
operativas.
El estado de flujos de efectivo tiene tres
componentes. bajo las NIIF y los US
GAAP:
■ Efectivo provisto o utilizado por
actividades operativas
■ Efectivo proporcionado o utilizado por
actividades de inversión.
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OPERATING CASH FLOWS

(CFO) FLUJOS DE EFECTIVO OPERATIVOS
(CFO)
Cash received from customers X Efectivo recibido de clientes X
Cash dividends received X Dividendos recibidos en efectivo X
Cash interest received X Intereses en efectivo recibidos X
Other cash income X Otros ingresos en efectivo X
Payments to suppliers (X) Pagos a proveedores (X)
Cash expenses (wages, etc.) (X) Gastos en efectivo (salarios, etc.) (X)
Cash interest paid (X) Intereses en efectivo pagados (X)
Cash taxes paid (X) Impuestos en efectivo pagados (X)
CFO X/(X)
CFO X/(X)
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INVESTING CASH FLOWS (CFI) INVERTIR FLUJOS DE EFECTIVO

(CFI)
Compras de propiedades, planta y
Purchases of property, plant, and equipment
equipo.
■ Proceeds from sales of assets
■ Ingresos por ventas de activos
■ Investments in joint ventures and affiliates
■ Inversiones en empresas
■ Payments for businesses acquired
conjuntas y afiliadas.
■ Purchases and sales of intangibles
■ Pagos por negocios adquiridos
■ Purchases or sales of marketable
■ Compras y ventas de intangibles.
securities
■ Compras o ventas de valores
Excludes:
negociables.
■ Trading securities (part of CFO)
Excluye:
■ Cash equivalents (part of balance sheet
■ Negociación de valores (parte del
cash)
CFO)
■ Equivalentes de efectivo (parte
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IMPORTANCE OF CASH FLOW STATEMENT

Issue and redemption of:

Common stock
Preferred stock
Treasury stock repurchases
Debt
Dividend payments (dividends rec'd
CFO— U.S. GAAP)
Excludes:
■ Indirect financing via accounts
payable (CFO)
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ACTIVIDADES DE
NON-CASH INVESTING AND
INVERSIÓN Y
FINANCING ACTIVITIES
FINANCIACIÓN
■ Varios tipos SINde transacciones no
■ Several types of transactions do not involve implican
EFECTIVO el pago o la recepción de
the payment or receipt of cash and are not efectivo y no se reflejan en los flujos de
reflected in financing and investing cash flows, efectivo de financiación e inversión, sino
but are disclosed in the footnotes or other que se revelan en las notas al pie de
página u otros cronogramas.
schedules
Actividades de financiación e inversión
Non-cash financing and investing activities: no monetarias:
■ Converting debt or preferred into common ■ Convertir deuda o preferencia en
equity capital común
■ Assets acquired under capital leases ■ Activos adquiridos bajo
■ Purchase of assets via issuance of debt/equity arrendamientos de capital
■ Exchanging one non-cash asset for another ■ Compra de activos mediante la
■ Stock dividends emisión de deuda / patrimonio
■ Intercambiar un activo no monetario
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INTRODUCTION I. FINANCIAL REPORTING MECHANICS
U.S. GAAP vs. IFRS PCGA de EE. UU. Vs. NIIF
U.S. GAAP US GAAP
Interest received CFO Intereses recibidos CFO
Interest paid CFO Intereses pagados CFO
Dividends received CFO Dividendos recibidos CFO
Dividends paid CFF Dividendos pagados CFF
Taxes paid CFO Impuestos pagados CFO
IFRS NIIF
CFO or CFI CFO o CFI
CFO or CFF CFO o CFF
CFO or CFI CFO o CFI
CFO or CFF CFO o CFF
CFO or CFI & CFF CFO o CFI y CFF
Bank overdraft CFF * Sobregiro bancario CFF *
*Considered part of cash and cash equivalents * Considerado parte del efectivo y
equivalentes de efectivo
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IMPORTANCE OF CASH FLOW STATEMENT IMPORTANCIA DE LA DECLARACIÓN DE FLUJO DE

EFECTIVO

Direct vs. indirect method refers only to El método directo vs. indirecto se
the calculation of CFO; the value of CFO refiere solo al cálculo del CFO; el
is the same for both methods; CFI and valor de CFO es el mismo para
CFF are unaffected ambos métodos; CFI y CFF no se ven
afectados
■ Direct method: Identify actual cash ■ Método directo: identifique las
inflows and outflows (e.g., collections from entradas y salidas de efectivo reales
customers, amounts paid to suppliers) (por ejemplo, cobros de clientes,
montos pagados a proveedores)
■ Indirect method: Begin with net income ■ Método indirecto: comience con
and make necessary adjustments to get el ingreso neto y realice los ajustes
operating cash flow necesarios para obtener el flujo de
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Linkages Between Statements

Vínculos entre declaraciones
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ECCLESTONE INDUSTRIES— INDUSTRIAS DE ECCLESTONE:

EXAMPLE
Ecclestone Industries has the following
income statement for 20X9 and
balance sheets for 20X8 and 20X9.
You are to construct the statement of
cash flows using the indirect method.
Additional information:
Equipment was purchased for $50,000
Ecclestone has a tax rate of 40%
EJEMPLO
Ecclestone Industries tiene el siguiente
estado de resultados para 20X9 y balances
para 20X8 y 20X9. Debe construir el estado
de flujos de efectivo utilizando el método
indirecto.
Información Adicional:
El equipo fue comprado por $ 50,000
Ecclestone tiene una tasa impositiva del
40%.
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Sales revenue

Expenses:
Cost of goods sold 200,000
Salaries
Depreciation 80,000
Interest 10,000
14,000
1,000
105,000
95,000

Gain from sale of PPE 20,000

Pre-tax income 115,000
Provision for taxes 40,000
Net income 75,000
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ECCLESTONE BALANCE SHEET DATA

Balance Sheets 20X8 20X9

Current assets 50000 96000
Cash 18000 66000
Accounts receivable 18000 20000
I nventory 14000 10000
Non-current assets 202000 228000
Gross PPE 282000 312000
Accum. Depr. -80000 -84000
Total Assets 252000 324000
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BalanceSheets 20X8 20X9

Currentliabilities 42000 56000
Accounts payable 10000 18000
Salaries payable 16,000 9,000
Interest payable 6,000 7,000
Taxes payable 8,000 10,000
Dividends payable 2,000 12,000
Noncurrent liabilities 50,000 70,000
Bonds 20,000 30,000
Deferred taxes 30,000 40,000
Stockholders'equity 160,000 198,000
Commonstock 100,000 80,000
Retainedearnings 60,000 118,000
Total Liabilities & Equity 252,000 324,000
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CASH INFLOWS AND OUTFLOWS
ENTRADAS Y SALIDAS DE EFECTIVO

General rules regarding increases and decreases in balance sheet items over time:
Increase Decrease
Assets outflow inflow
Liabilities & Equity inflow outflow

 e.g.: An increase in AR or inventory uses cash

 An increase in payables generates cash
 Adjust net income for these changes (indirect)
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INDIRECT METHOD CFO MÉTODO INDIRECTO CFO

Steps
Start with net income
Adjust net income for changes in relevant
balance sheet items:
Increases in an asset: deduct
Increase in a liability: add
Decrease in an asset: add
Decrease in a liability: deduct
Pasos
Comience con el ingreso neto
Ajuste el ingreso neto por cambios en las partidas
relevantes del balance:
Incrementos en un activo: deducir
Aumento de un pasivo: agregar
Disminución de un activo: agregar
Disminución de un pasivo: deducir
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IMPORTANCE OF CASH FLOW STATEMENT

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CALCULATING CFI CÁLCULO DE CFI

CFI = investment in assets - cash Flujo de caja de la
received on asset sales inversión
CFI = inversión en activos - efectivo
recibido por la venta de activos

Net book value = Gross PPE- Valor contable neto = PPE bruto -
accumulated depreciation. depreciación acumulada.

Gain (loss) on sale = sales price - Ganancia (pérdida) en venta = precio de

net book value. venta - valor contable neto.
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ECCLESTONE CFI
Gross Plant and Equip. Accumulated Depr.
Beginning PPE 282,000 Begin Acc. Depr. 80000
Additions 50,000 Depr. Expense 14000
PPE disposal (20,000) AD for disposal (10,000)
Ending PPE 312,000 End Acc. Depr. 84000

NBV of disposal = 20,000-10,000 = 10,000

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IMPORTANCE OF CASH FLOW STATEMENT

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IMPORTANCE OF CASH FLOW STATEMENT

SESIÓN 3 : FINANCIAL REPORTING AND ANALYSIS: AN
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IMPORTANCE OF CASH FLOW STATEMENT

SESIÓN 3 : FINANCIAL REPORTING AND ANALYSIS: AN
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IMPORTANCE OF CASH FLOW STATEMENT

SESIÓN 3 : FINANCIAL REPORTING AND ANALYSIS: AN
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IMPORTANCE OF CASH FLOW STATEMENT

SESIÓN 3 : FINANCIAL REPORTING AND ANALYSIS: AN
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IMPORTANCE OF CASH FLOW STATEMENT

SESIÓN 3 : FINANCIAL REPORTING AND ANALYSIS: AN
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IMPORTANCE OF CASH FLOW STATEMENT

SESIÓN 3 : FINANCIAL REPORTING AND ANALYSIS: AN
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IMPORTANCE OF CASH FLOW STATEMENT

SESIÓN 3 : FINANCIAL REPORTING AND ANALYSIS: AN
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IMPORTANCE OF CASH FLOW STATEMENT

SESIÓN 3 : FINANCIAL REPORTING AND ANALYSIS: AN
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IMPORTANCE OF CASH FLOW STATEMENT

SESIÓN 3 : FINANCIAL REPORTING AND ANALYSIS: AN
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IMPORTANCE OF CASH FLOW STATEMENT

SESIÓN 3 : FINANCIAL REPORTING AND ANALYSIS: AN
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IMPORTANCE OF CASH FLOW STATEMENT

SESIÓN 3 : FINANCIAL REPORTING AND ANALYSIS: AN
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IMPORTANCE OF CASH FLOW STATEMENT

SESIÓN 3 : FINANCIAL REPORTING AND ANALYSIS: AN
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IMPORTANCE OF CASH FLOW STATEMENT

SESIÓN 3 : FINANCIAL REPORTING AND ANALYSIS: AN
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IMPORTANCE OF CASH FLOW STATEMENT

SESIÓN 3 : FINANCIAL REPORTING AND ANALYSIS: AN
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IMPORTANCE OF CASH FLOW STATEMENT

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IMPORTANCE OF CASH FLOW STATEMENT

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IMPORTANCE OF CASH FLOW STATEMENT

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IMPORTANCE OF CASH FLOW STATEMENT

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IMPORTANCE OF CASH FLOW STATEMENT

 SESIÓN 2 : FINANCIAL REPORTING AND ANALYSIS: AN
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DISCLOSURE REQUIREMENTS REQUISITOS DE DIVULGACIÓN
Tangible and Intangible Assets
■ Carrying value for each class of Activos tangibles e intangibles
asset ■ Valor contable para cada clase de
■Accumulated depreciation and activo
amortization ■ Depreciación y amortización
■ Title restrictions and assets pledged acumuladas.
as collateral ■ Restricciones de títulos y activos
■ For impaired assets, the loss amount comprometidos como garantía
and the circumstances that caused the ■ Para activos deteriorados, el monto
loss de la pérdida y las circunstancias que
■ For revalued assets (IFRS only), the causaron la pérdida
revaluation date, how fair value was ■ Para los activos revaluados (solo las
determined, and carrying value using NIIF), la fecha de revaluación, cómo se
historical cost model determinó el valor razonable y el valor en
libros utilizando modelo de costo histórico.
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INVESTMENT PROPERTY PROPIEDAD DE INVERSIÓN
 IFRS only  IFRS solamente
Owned for the purpose of earning rental  Propiedad con el propósito de obtener ingresos
income and/or capital appreciation por alquiler y / o revalorización del capital
Valued at cost or fair value Valor al costo o valor razonable
■ Cost model—same as PP&E (ie., ■ Modelo de costo: igual que PP&E (es
depreciated cost) decir, costo depreciado)
■ Fair value model—changes in value taken ■ Modelo del valor razonable: cambios en el
to income statement, not comprehensive valor llevado al estado de resultados, no en el
income resultado integral
 Disclose: Fair value model or cost  Disclose: modelo de valor razonable o
model modelo de costo
■ Fair value model: Determinant of fair value ■ Modelo de valor razonable: determinante del
■ Cost model: Depreciation method, useful valor razonable
lives, fair value. ■ Modelo de costos: método de depreciación,
vidas útiles, valor razonable.
Nos vemos en la Sesión
N°4
Gracias!

MBA. Rafael Bustamante