a) P3.20 Relacin entre apalancamiento financiero y utilidad financiera, 2 puntos cada respuesta, 26 puntos.a) Calcule las siguientes razones de endeudamiento y de cobertura de las dos compaas.

Realice un anlisis comparativo del riesgo financiero y la capacidad para pagar los costos de ambas compaas.

1. ndice de endeudamiento

2. Razn de cargos de inters fijo

Pelican Paper, Inc.Timberland Forest, Inc

Indice de endeudamiento10%5%

Razn de cargos de inters fijo63%13%

b) Calcule las siguientes razones de rentabilidad de las dos compaas. Analice la rentabilidad relativa entre una y otra.

1. Margen de utilidad operativa

2. Margen de utilidad neta

3. Rendimiento sobre activos totales

4. Rendimiento sobre patrimonio de los accionistas comunes

Pelican Paper, Inc.Timberland Forest, Inc

1. Margen de utilidad operativa25%25...

b) P3.23 Anlisis de estados financieros, 2 puntos cada respuesta, 24 puntos.

RaznPromedio de la Industria20022,003.00

Liquidez corriente1.801.841.04

Razn Rpida (prueba acido)0.700.780.38

Rotacin de Inventario2.502.591.19

Periodo promedio de cobro37 d36 d57 d

Razon de endeudamiento65%67%61.30%

Razn de capacidad de pago de intereses3.84.0

Margen de utilidad bruta38%40%6.81%

Margen de utilidad neta3.5%3.6%4.03%

Rendimiento sobre activos4.0%4.0%4.30%

Rendimiento sobre capital9.5%8.0%17.70%

b.

Analice la situacin financiera de las industrias Zach en cuanto a 1)liquidez,

2) actividad, 3) deuda y 4) rentabilidad. Resuma la situacin financiera

global de la empresa.

R/Con relacin a aos anteriores la empresa disminuyo su capacidad de afrontar deudas

Su actividad igualmente disminuyo, ya que la rotacin de inventario fue menor en el ao 2003 con relacin a los dems

La capacidad porcentual para optar por un prestamo disminuyo en algunos puntos.

y adems de este hecho la margen de ganancia fue menor que los otros aos.

La situacin paso de estar en porcentajes favorable y se torno en momento de toma de decisiones, ya que

en la mayora de aspectos se ha visto una disminucin

The relationship between financial leverage and profitabilityLG 4, 5; Challengea. (1)total liabilities Debt ratiototal assetsPelicanTimberland$1,000,000 Debt ratio 0.10 10%$10,000,000$5,000,000 Debt ratio 0.50 50%$10,000,000(2)earning before interest and taxes Times interest earnedinterestPelicanTimberland$6,250,000 Times interest earned 62.5$100,000$6,250,000 Times interest earned 12.5$500,00010Timberland has a much higher degree of financial leverage than does Pelican. As a result,Timberlands earnings will be more volatile, causing the common stock owners to face greaterrisk. This additional risk is supported by the significantly lower times interest earned ratio ofTimberland. Pelican can face a very large reduction in net income and still be able to cover itsinterest expense.b. (1)operating profit Operating profit marginsalesPelicanTimberland$6,250,000 Operating profit margin 0.25 25%$25,000,000$6,250,000 Operating profit margin 0.25 25%$25,000,000(2)Earnings available for common stockholders Net profit marginsalesPelicanTimberland$3,690,000 Net profit margin 0.1476 14.76%$25,000,000$3,450,000 Net profit margin 0.138 13.80%$25,000,000(3)Earnings available for common stockholders Return on total assetstotal assetsPelicanTimberland$3,690,000 Return on total assets 0.369 36.9%$10,000,000$3,450,000 Return on total assets 0.345 34.5%$10,000,000(4)Earnings available for common stockholders Return on common equityCommon stock equityPelicanTimberland$3,690,000 Return on common equity 0.41 41.0%$9,000,000$3,450,000 Return on common equity 0.69 69.0%$5,000,000Pelican is more profitable than Timberland, as shown by the higher operating profit margin,net profit margin, and return on assets. However, the return on equity for Timberland ishigher than that of Pelican.c. Even though Pelican is more profitable, Timberland has a higher ROE than Pelican due tothe additional financial leverage risk. The lower profits of Timberland are due to the fact thatinterest expense is deducted from EBIT. Timberland has $500,000 of interest expense toPelicans $100,000. Even after the tax shield from the interest tax deduction ($500,0000.40 $200,000), Timberlands profits are less than Pelicans by $240,000. SinceTimberland has a higher relative amount of debt, the stockholders equity is proportionallyreduced resulting in the higher return to equity than that obtained by Pelican. The higherROE brings with it higher levels of financial risk for Timberland equity holders