Tarea 10 Planeación Financiera
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1 Semestre: Agosto- Diciembre 2014 Profesor: Diego R. Velarde A., MBA , MEF Finanzas Tarea 10 Planeación Financiera 1) La empresa Celular.com requiere que se usted elabore sus estados pro forma para los próximos 5 años. El escenario esperado refleja que las ventas totales para el próximo año 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 serán cupón 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 política 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), razón circulante, y rotación de activos. 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) (Proyección del Negocio) e) Determine las decisiones de Financiamiento para mantener la razón circulante, el apalancamiento financiero y rotación de activos durante los 5 años. 2) En base al ejercicio anterior (Celular.com), elabore los estados pro forma para los próximos 5 años 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) (Proyección del Negocio) e) Determine las decisiones de Financiamiento para mantener la razón circulante, el apalancamiento financiero y rotación de activos durante los 5 años.
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Transcript of Tarea 10 Planeación Financiera
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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) 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. 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.
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3) Investigar y explicar :
a) Qu es evaluacin de proyectos? b) Qu significa Payback dentro de la evaluacin de un proyecto? c) Qu es VAN? d) 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
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Respuestas 1)
a) Elabore el Estado de Resultados pro forma. Projections Income Statement Ao 1 Ao 2 Ao 3 Ao 4 Ao 5
Net Sales $20,000 $22,000 $24,200 $26,620 $29,282
(-) COGS $11,000 $12,100 $13,310 $14,641 $16,105 = Gross Profit $9,000 $9,900 $10,890 $11,979 $13,177
(-) SG&A $3,600 $3,960 $4,356 $4,792 $5,271 (-) Marketing $1,400 $1,540 $1,694 $1,863 $2,050
= EBDIT $4,000 $4,400 $4,840 $5,324 $5,856 (-) Depretiation $0 $0 $0 $0 $0
= Net Margin / EBIT $4,000 $4,400 $4,840 $5,324 $5,856 (-) Interest Expenses $0 $0 $0 $0 $0
= EBT $4,000 $4,400 $4,840 $5,324 $5,856 (+/-) Taxes $1,400 $1,540 $1,694 $1,863 $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.
Projections Balance Sheet Ao 1 Ao 2 Ao 3 Ao 4 Ao 5
Cash $200 $220 $242 $266 $293
Account Receivable $3,000 $3,300 $3,630 $3,993 $4,392 Inventories $1,000 $1,100 $1,210 $1,331 $1,464
Total Current Assets $4,200 $4,620 $5,082 $5,590 $6,149
Machinery $6,000 $6,600 $7,260 $7,986 $8,785 (-) Accumulated depreciation $0 $0 $0 $0 $0
Net Value Machinery $6,000 $6,600 $7,260 $7,986 $8,785
Total Assets $10,200 $11,220 $12,342 $13,576 $14,934
Accounts payables $2,000 $2,200 $2,420 $2,662 $2,928 Current Bank Debt (Short
Term) $0 $0 $0 $0 $0 Current Liabilities $2,000 $2,200 $2,420 $2,662 $2,928
Debt* (Long Term) $4,120 $4,532 $4,985 $5,484 $6,032
Capital* $1,480 $1,480 $1,480 $1,480 $1,480
Retained Earnings $2,600 $5,460 $8,606 $12,067 $15,873 (-) Accumulated Dividends*
Paid $0 $2,452 $5,149 $8,116 $11,380 Net worth $4,080 $4,488 $4,937 $5,430 $5,974
Total L & E $10,200 $11,220 $12,342 $13,576 $14,934
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c) Elabore el Flujo de Efectivo Proyectado
2011 2012 2013 2014 2015Cash Flows from Operating Activities
+ Net Earnings (Loss) $2,600 $2,860 $3,146 $3,461 $3,807 + Depreciation $0 $0 $0 $0 $0 + Change in Operation Working Capital -$2,000 -$200 -$220 -$242 -$266 = Net cash from Operations $600 $2,660 $2,926 $3,219 $3,540
Cash Flows from Investing Activities + Investment or Sell of Fixed Assets -$6,000 -$600 -$660 -$726 -$799 = Net cash from Investment -$6,000 -$600 -$660 -$726 -$799
+ Cash Flows from Operating Activities $600 $2,660 $2,926 $3,219 $3,540 + Cash Flows from Investing Activities -$6,000 -$600 -$660 -$726 -$799 = Cash Flows without Financing (Operation + Investment)-$5,400 $2,060 $2,266 $2,493 $2,742
Cash Flows from Financing Activities - Dividends Paid $0 -$2,452 -$2,697 -$2,967 -$3,264 + Change in Capital Activities $1,480 $0 $0 $0 $0 + Change in Long Term Debt Activities $4,120 $412 $453 $499 $548 + Change in Current Debt Activities $0 $0 $0 $0 $0 = Net cash from Financing activities $5,600 -$2,040 -$2,244 -$2,468 -$2,715
= Cash Flows without Financing (Operation + Investment)-$5,400 $2,060 $2,266 $2,493 $2,742 + Cash Flows from Financing Activities $5,600 -$2,040 -$2,244 -$2,468 -$2,715 = Cash Flows with Financing $200 $20 $22 $24 $27
Checkout Test = Cash Flows with Financing $200 $20 $22 $24 $27 + Begining Cash (Ending Cash of Last Year) 0 $200 $220 $242 $266 = Ending Cash $200 $220 $242 $266 $293
Cash Flow Statement
d) Dibuje el Flujo de Efectivo sin financiamiento (Operaciones + inversiones) (Proyeccin del Negocio)
2011 2012 2013 2014 2015 2016 = Cash Flows without Financing (Operation + Investment) -$5,400 $2,060 $2,266 $2,493 $2,742 $4,685
Hoy
0 1 2 3 4 5
Inversiones = Flujo Efectivo Negativo
Flujo Efectivo Positivo
Flujo -5400 2060 2266 2493 2742
Horizonte de planeacin = 5 aos
Ao 1 Ao 2 Ao 3 Ao 4 Ao 5
Ao 1 Ao 2 Ao 3 Ao 4 Ao 5
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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)
Leverage = 2.5
Leverage = 2.5 = 100% / Net worth (Equity)
Net worth (Equity) =100% / 2.5
Net worth (Equity) = 40%
Total Assets = Total Debt + Net worth (Equity)
Total Debt = Total Assets - Net worth (Equity)
Total Debt = 100% - 40%
Total Debt = 60%
Calculations: Ao 1 Ao 2 Ao 3 Ao 4 Ao 5
Total Assets $10,200 $11,220 $12,342 $13,576 $14,934 Total Debt = TA*Debt Ratio $6,120 $6,732 $7,405 $8,146 $8,960
(-) Current Liabilities $2,000 $2,200 $2,420 $2,662 $2,928 = Debt (Long Term) $4,120 $4,532 $4,985 $5,484 $6,032
Net worth = TA-TD $4,080 $4,488 $4,937 $5,430 $5,974 (-) Retained Earnings $2,600 $5,460 $8,606 $12,067 $15,873
(-) Capital $1,480 $1,480 $1,480 $1,480 $1,480 = Accumulated Dividends
Paid $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.
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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 Ao 1 Ao 2 Ao 3 Ao 4 Ao 5 Current ratio 2.1 2.1 2.1 2.1 2.1 Quick Ratio 1.6 1.6 1.6 1.6 1.6 Security Ao 1 Ao 2 Ao 3 Ao 4 Ao 5 Debt Ratio 60% 60% 60% 60% 60% Debt to Equity 150% 150% 150% 150% 150% Efficiency Ao 1 Ao 2 Ao 3 Ao 4 Ao 5 Days Inventory Turnover 33 33 33 33 33 Inventory Turnover 11.00 11.00 11.00 11.00 11.00 Collection Period (days) 54 54 54 54 54 Account Receivable Turnover 6.67 6.67 6.67 6.67 6.67 Payment Period (days) 65.5 65.5 65.5 65.5 65.5 Account Payables Turnover 5.5 5.5 5.5 5.5 5.5 Net Working Capital Turnover 9.09 9.09 9.09 9.09 9.09 Fixed asset Turnover 3.33 3.33 3.33 3.33 3.33 Total asset Turnover 1.96 1.96 1.96 1.96 1.96 Profitability Ao 1 Ao 2 Ao 3 Ao 4 Ao 5 ROA 25.5% 25.5% 25.5% 25.5% 25.5% ROE 63.7% 63.7% 63.7% 63.7% 63.7% Leverage 2.50 2.50 2.50 2.50 2.50 Operating Margin 45.0% 45.0% 45.0% 45.0% 45.0% Profit Margin 13.0% 13.0% 13.0% 13.0% 13.0%
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2) Pesimista: Crecimiento anual sobre Ventas = 5%
a) Elabore el Estado de Resultados pro forma Projections Income Statement Ao 1 Ao 2 Ao 3 Ao 4 Ao 5
Net Sales $20,000 $21,000 $22,050 $23,153 $24,310
(-) COGS $11,000 $11,550 $12,128 $12,734 $13,371 = Gross Profit $9,000 $9,450 $9,923 $10,419 $10,940
(-) SG&A $3,600 $3,780 $3,969 $4,167 $4,376 (-) Marketing $1,400 $1,470 $1,544 $1,621 $1,702
= EBDIT $4,000 $4,200 $4,410 $4,631 $4,862 (-) Depretiation $0 $0 $0 $0 $0
= Net Margin / EBIT $4,000 $4,200 $4,410 $4,631 $4,862 (-) Interest Expenses $0 $0 $0 $0 $0
= EBT $4,000 $4,200 $4,410 $4,631 $4,862 (+/-) Taxes $1,400 $1,470 $1,544 $1,621 $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.
Projections Balance Sheet Ao 1 Ao 2 Ao 3 Ao 4 Ao 5
Cash $200 $210 $221 $232 $243
Account Receivable $3,000 $3,150 $3,308 $3,473 $3,647 Inventories $1,000 $1,050 $1,103 $1,158 $1,216
Total Current Assets $4,200 $4,410 $4,631 $4,862 $5,105
Machinery $6,000 $6,300 $6,615 $6,946 $7,293 (-) Accumulated depreciation $0 $0 $0 $0 $0
Net Value Machinery $6,000 $6,300 $6,615 $6,946 $7,293
Total Assets $10,200 $10,710 $11,246 $11,808 $12,398
Accounts payables $2,000 $2,100 $2,205 $2,315 $2,431 Current Bank Debt (Short
Term) $0 $0 $0 $0 $0 Current Liabilities $2,000 $2,100 $2,205 $2,315 $2,431
*Debt (Long Term) $4,120 $4,326 $4,542 $4,769 $5,008
*Capital $1,480 $1,480 $1,480 $1,480 $1,480
Retained Earnings $2,600 $5,330 $8,197 $11,206 $14,367 (-) *Accumulated Dividends
Paid $0 $2,526 $5,178 $7,963 $10,887 Net worth $4,080 $4,284 $4,498 $4,723 $4,959
Total L & E $10,200 $10,710 $11,246 $11,808 $12,398
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c) Elabore el Flujo de Efectivo Proyectado 2011 2012 2013 2014 2015
Cash Flows from Operating Activities + Net Earnings (Loss) $2,600 $2,730 $2,867 $3,010 $3,160 + Depreciation $0 $0 $0 $0 $0 + Change in Operation Working Capital -$2,000 -$100 -$105 -$110 -$116 = Net cash from Operations $600 $2,630 $2,762 $2,900 $3,045
Cash Flows from Investing Activities + Investment or Sell of Fixed Assets -$6,000 -$300 -$315 -$331 -$347 = Net cash from Investment -$6,000 -$300 -$315 -$331 -$347
+ Cash Flows from Operating Activities $600 $2,630 $2,762 $2,900 $3,045 + Cash Flows from Investing Activities -$6,000 -$300 -$315 -$331 -$347 = Cash Flows without Financing (Operation + Investment) -$5,400 $2,330 $2,447 $2,569 $2,697
Cash Flows from Financing Activities - Dividends Paid $0 -$2,526 -$2,652 -$2,785 -$2,924 + Change in Capital Activities $1,480 $0 $0 $0 $0 + Change in Long Term Debt Activities $4,120 $206 $216 $227 $238 + Change in Current Debt Activities $0 $0 $0 $0 $0 = Net cash from Financing activities $5,600 -$2,320 -$2,436 -$2,558 -$2,686
= Cash Flows without Financing (Operation + Investment) -$5,400 $2,330 $2,447 $2,569 $2,697 + Cash Flows from Financing Activities $5,600 -$2,320 -$2,436 -$2,558 -$2,686 = Cash Flows with Financing $200 $10 $11 $11 $12
Checkout Test = Cash Flows with Financing $200 $10 $11 $11 $12 + Begining Cash (Ending Cash of Last Year) 0 $200 $210 $221 $232 = Ending Cash $200 $210 $221 $232 $243
Cash Flow Statement
d) Dibuje el Flujo de Efectivo sin financiamiento (Operaciones + inversiones) (Proyeccin del Negocio)
Ho
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Invers iones = Flujo Efectivo Negativo
Flujo Efectivo Positivo
Fluj - 540 0 2330 2447 2569 2697
Ao 1 Ao 2 Ao 3 Ao 4 Ao 5
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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)
Leverage = 2.5
Leverage = 2.5 = 100% / Net worth (Equity)
Net worth (Equity) =100% / 2.5
Net worth (Equity) = 40%
Total Assets = Total Debt + Net worth (Equity)
Total Debt = Total Assets - Net worth (Equity)
Total Debt = 100% - 40%
Total Debt = 60%
Calculations: Ao 1 Ao 2 Ao 3 Ao 4 Ao 5
Total Assets $10,200 $10,710 $11,246 $11,808 $12,398 Total Debt = TA*Debt Ratio $6,120 $6,426 $6,747 $7,085 $7,439
(-) Current Liabilities $2,000 $2,100 $2,205 $2,315 $2,431 = Debt (Long Term) $4,120 $4,326 $4,542 $4,769 $5,008
Net worth = TA-TD $4,080 $4,284 $4,498 $4,723 $4,959 (-) Retained Earnings $2,600 $5,330 $8,197 $11,206 $14,367
(-) Capital $1,480 $1,480 $1,480 $1,480 $1,480 = Accumulated Dividends
Paid $0 -$2,526 -$5,178 -$7,963 -$10,887
Ratio Analysis Liquidity Ao 1 Ao 2 Ao 3 Ao 4 Ao 5 Current ratio 2.1 2.1 2.1 2.1 2.1
Quick Ratio 1.6 1.6 1.6 1.6 1.6
Security Ao 1 Ao 2 Ao 3 Ao 4 Ao 5 Debt Ratio 60% 60% 60% 60% 60%
Debt to Equity 150% 150% 150% 150% 150%
Efficiency Ao 1 Ao 2 Ao 3 Ao 4 Ao 5 Days Inventory Turnover 33 33 33 33 33 Inventory Turnover 11.00 11.00 11.00 11.00 11.00 Collection Period (days) 54 54 54 54 54 Account Receivable Turnover 6.67 6.67 6.67 6.67 6.67 Payment Period (days) 65.5 65.5 65.5 65.5 65.5 Account Payables Turnover 5.5 5.5 5.5 5.5 5.5 Net Working Capital Turnover 9.09 9.09 9.09 9.09 9.09 Fixed asset Turnover 3.33 3.33 3.33 3.33 3.33 Total asset Turnover 1.96 1.96 1.96 1.96 1.96 Profitability Ao 1 Ao 2 Ao 3 Ao 4 Ao 5 ROA 25.5% 25.5% 25.5% 25.5% 25.5% ROE 63.7% 63.7% 63.7% 63.7% 63.7% Leverage 2.50 2.50 2.50 2.50 2.50 Operating Margin 45.0% 45.0% 45.0% 45.0% 45.0% Profit Margin 13.0% 13.0% 13.0% 13.0% 13.0%
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Optimista: Crecimiento anual sobre Ventas = 20% a) Elabore el Estado de Resultados pro forma
Projections Income Statement Ao 1 Ao 2 Ao 3 Ao 4 Ao 5
Net Sales $20,000 $24,000 $28,800 $34,560 $41,472
(-) COGS $11,000 $13,200 $15,840 $19,008 $22,810 = Gross Profit $9,000 $10,800 $12,960 $15,552 $18,662
(-) SG&A $3,600 $4,320 $5,184 $6,221 $7,465 (-) Marketing $1,400 $1,680 $2,016 $2,419 $2,903
= EBDIT $4,000 $4,800 $5,760 $6,912 $8,294 (-) Depretiation $0 $0 $0 $0 $0
= Net Margin / EBIT $4,000 $4,800 $5,760 $6,912 $8,294 (-) Interest Expenses $0 $0 $0 $0 $0
= EBT $4,000 $4,800 $5,760 $6,912 $8,294 (+/-) Taxes $1,400 $1,680 $2,016 $2,419 $2,903
= Net Earnings $2,600 $3,120 $3,744 $4,493 $5,391
b) Elabore el Balance General pro forma
Projections Balance Sheet Ao 1 Ao 2 Ao 3 Ao 4 Ao 5
Cash $200 $240 $288 $346 $415
Account Receivable $3,000 $3,600 $4,320 $5,184 $6,221 Inventories $1,000 $1,200 $1,440 $1,728 $2,074
Total Current Assets $4,200 $5,040 $6,048 $7,258 $8,709
Machinery $6,000 $7,200 $8,640 $10,368 $12,442 (-) Accumulated depreciation $0 $0 $0 $0 $0
Net Value Machinery $6,000 $7,200 $8,640 $10,368 $12,442
Total Assets $10,200 $12,240 $14,688 $17,626 $21,151
Accounts payables $2,000 $2,400 $2,880 $3,456 $4,147 Current Bank Debt (Short
Term) $0 $0 $0 $0 $0 Current Liabilities $2,000 $2,400 $2,880 $3,456 $4,147
Debt (Long Term) $4,120 $4,944 $5,933 $7,119 $8,543
Capital $1,480 $1,480 $1,480 $1,480 $1,480
Retained Earnings $2,600 $5,720 $9,464 $13,957 $19,348 (-) Accumulated Dividends
Paid $0 $2,304 $5,069 $8,387 $12,368 Net worth $4,080 $4,896 $5,875 $7,050 $8,460
Total L & E $10,200 $12,240 $14,688 $17,626 $21,151
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c) Elabore el Flujo de Efectivo Proyectado
2011 2012 2013 2014 2015Cash Flows from Operating Activities
+ Net Earnings (Loss) $2,600 $3,120 $3,744 $4,493 $5,391 + Depreciation $0 $0 $0 $0 $0 + Change in Operation Working Capital -$2,000 -$400 -$480 -$576 -$691 = Net cash from Operations $600 $2,720 $3,264 $3,917 $4,700
Cash Flows from Investing Activities + Investment or Sell of Fixed Assets -$6,000 -$1,200 -$1,440 -$1,728 -$2,074 = Net cash from Investment -$6,000 -$1,200 -$1,440 -$1,728 -$2,074
+ Cash Flows from Operating Activities $600 $2,720 $3,264 $3,917 $4,700 + Cash Flows from Investing Activities -$6,000 -$1,200 -$1,440 -$1,728 -$2,074 = Cash Flows without Financing (Operation + Investment) -$5,400 $1,520 $1,824 $2,189 $2,627
Cash Flows from Financing Activities - Dividends Paid $0 -$2,304 -$2,765 -$3,318 -$3,981 + Change in Capital Activities $1,480 $0 $0 $0 $0 + Change in Long Term Debt Activities $4,120 $824 $989 $1,187 $1,424 + Change in Current Debt Activities $0 $0 $0 $0 $0 = Net cash from Financing activities $5,600 -$1,480 -$1,776 -$2,131 -$2,557
= Cash Flows without Financing (Operation + Investment) -$5,400 $1,520 $1,824 $2,189 $2,627 + Cash Flows from Financing Activities $5,600 -$1,480 -$1,776 -$2,131 -$2,557 = Cash Flows with Financing $200 $40 $48 $58 $69
Checkout Test = Cash Flows with Financing $200 $40 $48 $58 $69 + Begining Cash (Ending Cash of Last Year) 0 $200 $240 $288 $346 = Ending Cash $200 $240 $288 $346 $415
Cash Flow Statement
d) Dibuje el Flujo de Efectivo sin financiamiento (Operaciones + inversiones) (Proyeccin del Negocio)
Ho
0 1 2 3 4 5
Invers iones = Flujo Efectivo Negativo
Flujo Efectivo Positivo
Fluj - 540 0 1520 1824 2189 2627
Ao 1 Ao 2 Ao 3 Ao 4 Ao 5
-
12
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)
Leverage = 2.5
Leverage = 2.5 = 100% / Net worth (Equity)
Net worth (Equity) =100% / 2.5
Net worth (Equity) = 40%
Total Assets = Total Debt + Net worth (Equity)
Total Debt = Total Assets - Net worth (Equity)
Total Debt = 100% - 40%
Total Debt = 60%
Ao 1 Ao 2 Ao 3 Ao 4 Ao 5
Total Assets $10,200 $12,240 $14,688 $17,626 $21,151 Total Debt = TA*Debt Ratio $6,120 $7,344 $8,813 $10,575 $12,690
(-) Current Liabilities $2,000 $2,400 $2,880 $3,456 $4,147 = Debt (Long Term) $4,120 $4,944 $5,933 $7,119 $8,543
Net worth = TA-TD $4,080 $4,896 $5,875 $7,050 $8,460
(-) Retained Earnings $2,600 $5,720 $9,464 $13,957 $19,348 (-) Capital $1,480 $1,480 $1,480 $1,480 $1,480
= Accumulated Dividends Paid $0 -$2,304 -$5,069 -$8,387 -$12,368
Ratio Analysis Liquidity Ao 1 Ao 2 Ao 3 Ao 4 Ao 5 Current ratio 2.1 2.1 2.1 2.1 2.1
Quick Ratio 1.6 1.6 1.6 1.6 1.6
Security Ao 1 Ao 2 Ao 3 Ao 4 Ao 5 Debt Ratio 60% 60% 60% 60% 60%
Debt to Equity 150% 150% 150% 150% 150%
Efficiency Ao 1 Ao 2 Ao 3 Ao 4 Ao 5 Days Inventory Turnover 33 33 33 33 33 Inventory Turnover 11.00 11.00 11.00 11.00 11.00 Collection Period (days) 54 54 54 54 54 Account Receivable Turnover 6.67 6.67 6.67 6.67 6.67 Payment Period (days) 65.5 65.5 65.5 65.5 65.5 Account Payables Turnover 5.5 5.5 5.5 5.5 5.5 Net Working Capital Turnover 9.09 9.09 9.09 9.09 9.09 Fixed asset Turnover 3.33 3.33 3.33 3.33 3.33 Total asset Turnover 1.96 1.96 1.96 1.96 1.96 Profitability Ao 1 Ao 2 Ao 3 Ao 4 Ao 5 ROA 25.5% 25.5% 25.5% 25.5% 25.5% ROE 63.7% 63.7% 63.7% 63.7% 63.7% Leverage 2.50 2.50 2.50 2.50 2.50 Operating Margin 45.0% 45.0% 45.0% 45.0% 45.0% Profit Margin 13.0% 13.0% 13.0% 13.0% 13.0%
