Escolar Documentos
Profissional Documentos
Cultura Documentos
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)
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)
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
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
$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
Ao 2
2012
Ao 3
2013
Ao 4
2014
Ao
5
2015
$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
-$6,000
-$6,000
-$600
-$600
-$660
-$660
-$726
-$726
-$799
-$799
$2,660
-$600
$2,060
$2,926
-$660
$2,266
$3,219
-$726
$2,493
$3,540
-$799
$2,742
$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
$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
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
Horizonte de
planeacin = 5 aos
Hoy
0
Flujo
1
2
-5400 2060
3
2266
4
2493
5
2742
Leverage = 2.5
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
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
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
$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
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
$2,630
-$300
$2,330
$2,762
-$315
$2,447
$2,900
-$331
$2,569
$3,045
-$347
$2,697
$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
$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
$2,600
$0
-$2,000
$600
Checkout Test
= Cash Flows with Financing
+ Begining Cash (Ending Cash of Last Year)
= Ending Cash
$200
0
$200
Ho
0
Fluj
1
2
-5400 2330
3
2447
4
2569
5
2697
Ao
5
2015
Leverage = 2.5
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%
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
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
$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
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
$2,720
-$1,200
$1,520
$3,264
-$1,440
$1,824
$3,917
-$1,728
$2,189
$4,700
-$2,074
$2,627
$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
$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
Checkout Test
= Cash Flows with Financing
+ Begining Cash (Ending Cash of Last Year)
= Ending Cash
$200
0
$200
Ho
0
Fluj
1
2
-5400 1520
3
1824
4
2189
11
5
2627
Leverage = 2.5
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