BIS

ESTADO DE RESULTADOS INCOME STATEMENT 2004

Las ventas netas Net sales 930110
Costo de los bienes vendidos Cost of goods sold -644190
Beneficio bruto Gross profit 285920

Salarios y comisiones Wages and comimssions -183620

Alquilar Rent -19430
Provisin dudosa accou. Provision doubtful accou. -6710
Gastos generales de venta General selling expenses -29100
General adm. gastos General adm. expenses -76430
Amortizacin Amortization 0
Gastos totales de operacin Total operating expenses -315290

Gastos por intereses Interest expense -27230

Utilidad neta antes de impuestNet income before tax -56600

Impuesto sobre la renta Income tax
Utilidad (prdida) neta Net income (loss) -56600

Compras Purchases

Hoja de balance Balance Sheet 2004

Bienes Assets
Efectivo Cash CAJA 86060
Cuentas por cobrar Accounts Receivable CC 128500
Inventarios Inventories INV 308980
Gastos pagados por anticipadoPrepaid expenses 3020
Total de activos corrientes Total Current Assets NWC 526560

Tierra Land 0
Automviles Automobiles 34350
edificio Building 0
Equipo Equipment 0
Total parcial Subtotal 34350
Menos: depreciacin acumuladLess: Accumulated depre. 0
Activos fijos netos Net fixed assets NFA 34350

Buena voluntad Goodwill 30000

Cargos diferidos Deferred charges 6570

Los activos totales Total assets TA 597480

Pasivo y Patrimonio Neto Liabilities and Net Worth

Pagars a pagar en el banco Notes payables to bank 0
Cuentas por pagar Accounts payable 184640
Gastos acumulados Accrued expenses 15790
Total pasivos corrientes Total current liabilities 200430

Prstamo bancario Bank loan 126900

Prstamo de transporte Transport loan 30240
Hipoteca por pagar Mortgage payable 196510
Hipoteca CCB pagadera CCB mortgage payable 0
Total pasivo a largo plazo Total long term liabilities 353650

Responsabilidad total Total liabilities NFD 554080

Acciones ordinarias Common stock 100000

Ganancias retenidas Retained earnings -56600
Equidad total Total equity E 43400

Total pasivo patrimonio neto Total liabilities net worth 597480

Capital de trabajo neto Net Working Capital NWC 240070

Activos fijos netos Net Fixed Assets NFA 70920
Capital empleado Capital Employed 310990

Deuda financiera neta Net Financial Debt NWD 267590

Valor contable del patrimonio Book value of Equity E 43400
Capital empleado Capital Employed 310990

Tasa de impuesto Tax Rate 0%

At the end
ROCE Pre Impuestos Pre Tax ROCE -9.4%
ROCE despus de impuestos After Tax ROCE -9.4%

Tasa de inters Interest Rate -7.7%

HUEVA ROE ROE -130.4%

Compras / COGS Purchases/COGS 0%

Nr. Das Inventarios Nr. Days Inventories 175

Afirmar. Perodo de recoleccinAver. Collection Period 50
Nr. Das Cuenta de Pago. Nr. Days Account Pay.

Vt - V (t - 1) Vt -V(t-1)
Efectivo Cash CAJA
Cuentas por cobrar Accounts Receivable CC
Inventarios Inventories INV
Gastos pagados por anticipadoPrepaid expenses
Total de activos corrientes Total Current Assets

Tierra Land
Automviles Automobiles
edificio Building
Equipo Equipment
Total parcial Subtotal
Menos: depreciacin acumuladLess: Accumulated depre.
Activos fijos netos Net fixed assets NFA

Buena voluntad Goodwill

Cargos diferidos Deferred charges

Los activos totales Total assets

Pasivo y Patrimonio Neto Liabilities and Net Worth

Pagars a pagar en el banco Notes payables to bank
Cuentas por pagar Accounts payable
Gastos acumulados Accrued expenses
Total pasivos corrientes Total current liabilities

Prstamo bancario Bank loan

Prstamo de transporte Transport loan
Hipoteca por pagar Mortgage payable
Hipoteca CCB pagadera CCB mortgage payable
Total pasivo a largo plazo Total long term liabilities

Responsabilidad total Total liabilities

Acciones ordinarias Common stock

Ganancias retenidas Retained earnings
Equidad total Total equity E

Total pasivo patrimonio neto Total liabilities net worth

Dinero en efectivo de StatmentCash from Statments

Beneficio neto Net Profit
Menos Aumento Inventarios Minus Increase Inventories
Menos Aumentar A / R Minus Increase A/R
Aumentar A / P Plus Increase A/P
Plus Incrementar Ac / Gastos Plus Increase Acc/Expenses

Flujo de efectivo de las operac Cash Flow from operations

Menos Aumento NFA Minus Increase NFA

Flujo de caja antes de financia Cash Flow Before Financing

Plus Increase Long T. Debt Plus Increase Long T. Debt

Plus Incrementar la Deuda T. Plus Increase Short T. Debt

Flujo Total de Efectivo Total Cash Flow

Comprobacin Comprobacin

Sensibilizacin current liabilities

Accounts Receivable
Inventories
Accounts payable
Notes payables to bank

Tres columnas: Liquidity Financial Structure Profitability si un

Growing very fast (50% per year) need to find the resources to fin
Manufacturing and Selling
A lot of R&D (15% of Sales) Big Hole in the ground , Risk of possible
Net earnings / Sales 3.4% 3.5% 3.1% Bad News Growing and ra
EBIT / Sales 7.6 % 8.0 % 7.7 % Around 8 % Not so much
EBITDA / Sales No information
ROCE average ojo 18.9 % 18.0 % no so bad .Doing no badly
OJO: NFA + INV + A/R + CASH = EQUITY + FINDEBT + PAYABLES
OJO: NFA + NWC = EQUITY + NETFINDEBT = CE growing very fast
ROCE mayor COST OF CAPITAL EMPLOYED
OPERATING PROFIT AFTER TAX mayor COST OF CAPITAL EMPLOYED
EVA = Operating Profit - Capital Employed * Cost of Capital
OJO : Todos los departamentos presionan el WC de diferente manera
ROE average 16.6 % 18.4% mayor expected return by shareholder
Expected Return by Shareholders = risk free rate + risk premium =
4% + 2% = risk free + intermediation rate = 6%
4% + 6% = risk free + risk premium
Explicit (debt) .contractual Implicit (equity)
Sources of funds : Any increases (equity + debt) or Any decreases (a
Uses of funds : Any decreases (equity + debt) or Any increases (asse
Profit how much you make !!! Changing in WC how much you need !
Cash flow from operation should be the obsesion of CFO !!!
Ninguna compaa con cash flow negativo sobrevive en el largo plaz
Cash flow negativo urgently need the world !!!
Quick picture :
84000
-98160
-14160 AL OJO OJO need CASH !!!
-1200 NFA
-15360 Eating Cash Aditional Cash
Scisor effect CE - Profit = GAP of finance
SSG = ROE * Profit Retention Rate = ROE * (1 - dividend payout ratio
110.1%
50%
Hasta las . Patas Piling up debt vs. Cash negative debt
Recomendations : Speed up inventories postpone new plant R&
PARADOX = PROFIT + GROWTH = TROUBLE
CASH IS KING CASH IS QUEEN CASH IS PRINCE CASH I
 2005
100.0% 1599920 100.0%
-69.3% -1171760 -73.2%
30.7% 428160 26.8%

-19.7% -253910 -15.9%

-2.1% -22200 -1.4%
-0.7% 0 0.0%
-3.1% -27560 -1.7%
-8.2% -104720 -6.5%
0.0% -10300 -0.6%
-33.9% -418690 -26.2%

-2.9% -29220 -1.8%

-6.1% -19750 -1.2%

-6.1% -19750 -1.2%

0.0% 1204860 -102.8%

2005

14% 17510 3% -80%

22% 201670 32% 57%
52% 342080 55% 11%
1% 3020 0% 0%
88% 564280 91% 7%

0% 0 0% #DIV/0!
6% 34350 6% 0%
0% 0 0% #DIV/0!
0% 0 0% #DIV/0!
6% 34350 6% 0%
0% -10300 -2% #DIV/0!
6% 24050 4% -30%

5% 30000 5% 0%
1% 3850 1% -41%

100% 622180 100% 4%

0% 0 0% #DIV/0!
31% 290740 47% 57%
 3% 11850 2% -25%
34% 302590 49% 51%

21% 101700 16% -20%

5% 17730 3% -41%
33% 176510 28% -10%
0% 0 0% #DIV/0!
59% 295940 48% -16%

93% 598530 96% 8%

17% 100000 16% 0%

-9% -76350 -12% 35%
7% 23650 4% -46%

100% 622180 100% 4%

77% 244180 81%

23% 57900 19%
100% 302080 100%

86% 278430 92%

14% 23650 8%
100% 302080 100%

0%
Average At the end Average
3.1% 3.1%
3.1% 3.1%

-9.9%

-83.5% -58.9%

-103%

107
46
88

-68550
73170
33100
0
37720

0
0
 0
0
0
-10300
-10300

0
-2720

24700

0
106100
-3940
102160

-25200
-12510
-20000
0
-57710

44450

0
-19750
-19750

24700

-19750
-33100
-73170
106100
-3940

-23860

13020

-10840

-57710
0

-68550
 -68550

0
Base Sensibilidad
60 days 60
117 days 117
60 days 60
357276

e Profitability si una falla se va

find the resources to finance growth

ound , Risk of possible losses cost of financing high

d News Growing and ratio is not impresive and declining
d 8 % Not so much

d .Doing no badly
FINDEBT + PAYABLES
= CE growing very fast

OF CAPITAL EMPLOYED
Cost of Capital
WC de diferente manera !!!
return by shareholder
rate + risk premium = 4 % + risk premium

bt) or Any decreases (assets)

) or Any increases (assets)
C how much you need !!!
sion of CFO !!!
brevive en el largo plazo !!!

1 - dividend payout ratio)

negative debt
stpone new plant R&D efficiency ? Deep cost analyses review product portfolio better margin , less a

IS PRINCE CASH IS EVERYTHING

 Debt obj.
370000

2006 2007
2066820 100.0% 2800000 100.0%
-1476840 -71.5% -2002000 -71.5%
589980 28.5% 798000 28.5%

-306170 -14.8% -414400 -14.8%

-11100 -0.5% 0 0.0%
0 0.0% 0 0.0%
-23860 -1.2% -33600 -1.2%
-132850 -6.4% -179200 -6.4%
-24360 -1.2% -26860 -1.0%
-498340 -24.1% -654060 -23.4%

-33750 -1.6% -24164 -0.9%

57890 2.8% 119776 4.3%

-27548 -1.0%
57890 2.8% 92228 3.3%

1609390 -109.0% 2169107 -108.3%

2006 2007

1420 0% -98% 1420 0% -98%

338690 32% 164% 460274 30% 258%
474630 45% 54% 641737 42% 108%
1740 0% -42% 1740 0% -42%
816480 78% 55% 1105171 73% 110%

60880 6% #DIV/0! 60880 4% #DIV/0!

47850 5% 39% 47850 3% 39%
122940 12% #DIV/0! 322940 21% #DIV/0!
3990 0% #DIV/0! 3990 0% #DIV/0!
235660 22% 586% 435660 29% 1168%
-34660 -3% #DIV/0! -61520 -4% #DIV/0!
201000 19% 485% 374140 25% 989%

30000 3% 0% 30000 2% 0%
2750 0% -58% 2750 0% -58%

1050230 100% 76% 1512061 100% 153%

0 0% #DIV/0! 357276 24% #DIV/0!

502500 48% 172% 356566 24% 93%
 35850 3% 127% 35850 2% 127%
538350 51% 169% 749691 50% 274%

76500 7% -40%
5210 0% -83%
176510 17% -10%
172120 16%
430340 41% 22% 588602 39% 66%

968690 92% 75% 1338293 89% 142%

100000 10% 0% 100000 7% 0%

-18460 -2% -67% 73768 5% -230%
81540 8% 88% 173768 11% 300%

1050230 100% 76% 1512061 100% 153%

276710 54% 711335 64%

233750 46% 406890 36%
510460 100% 1118225 100%

428920 84% 944458 84%

81540 16% 173768 16%
510460 100% 1118225 100%

0% -23%
At the end Average At the end Average
18.0% 22.6% 12.9% 17.7%
18.0% 22.6% 9.9% 13.6%

-7.8% -2.6%

71.0% 110.1% 53.1% 72.2%

-109% -108%

117 117
60 60
114 60

-16090 0
137020 121584
132550 167107
-1280 0
252200 288691

60880 0
13500 0
122940 200000
3990 0
201310 200000
-24360 -26860
176950 173140

0 0
-1100 0

428050 461831

0 357276
211760 -145934
24000 0
235760 211341

-25200 -76500
-12520 -5210
0 -176510
172120 -172120
134400 158262

370160 369603

0 0
57890 92228
57890 92228

428050 461831

57890 38140 92228

-132550 -165650 -167107
-135740 -208910 -121584
211760 317860 -145934
24000 20060 0

25360 1500 -342398

-175850 -162830 -173140

-150490 -161330 -515538

134400 76690 158262

0 0 357276

-16090 -84640 0
 -16090 -84640 0

0
2007 2008 La sensibilidad siempre debe estar igual al
460274 526027
641737 733414
356566 391180
357276 471176

La empresa pronostica las ventas ,2800

El costo de los bienes vendidos depende de costos y precios, supuestos. Se mantiene
El costo de salarios y comisiones se mantiene el mismo %
Ya no hay renta alquiler
Provisin de cuentas dudosas lo mismo.
Gastos de venta lo mismo %
Gastos administrativos lo mismo %
Los intereses en base a los datos del problema y faltan los intereses del corto plazo
La caja se mantiene
Las cuentas por cobrar con 60 dias, pero pueden sensibilizarse
Los inventarios con 117 dias pero pueden sensibilizarse
Los prepagados igual
Los activos fijos aumentan en 200,000
La amortizacin , depreciacin es dato
Good will y deferred igual
El financiamiento adicional requiere una ecuacin Gy P f(deuda) y Balance f (deuda)
Las cuentas por pagar a 60 das sino pierde proveedores
Los largo plazo de acuerdo a su cronograma.
Las utilidades retenidas de acuerdo a GyP y dividendos
Hay que sensibilizar para efectos de la caja
Cuatro Cs para analizar el riesgo de Pago
1. Capacidad Corriente cido y cobertura de intereses
2. Colateral (CxC + NFA + New A -loans pervious + new )
3. Business conditions demanda, econima, oportunidades, diferenciacin, rentabilida
4. Carcter Analysis experiencia, relaciones bancarias, crecimiento, compromiso, cap

portfolio better margin , less account receivables consolidated debt

Debt obj.
22320

2008
3200000 100.0%
-2288000 -71.5%
912000 28.5%

-473600 -14.8%
0 0.0%
0 0.0%
-38400 -1.2%
-204800 -6.4%
-34360 -1.1%
-751160 -23.5%

-48528 -1.5%

112312 3.5%
-25832 -0.8%
86480 2.7%

2379677 -104.0%

2008

1420 0% -98%
526027 32% 309%
733414 45% 137%
1740 0%
1262601 77% 140%

60880 4% #DIV/0!
47850 3% 39%
322940 20% #DIV/0!
3990 0% #DIV/0!
435660 27% 1168%
-95880 -6% #DIV/0!
339780 21% 889%

30000 2% 0%
2750 0% -58%

1635131 100% 174%

471176 29% #DIV/0!

391180 24% 112%
 35850 2% 127%
898205 55% 348%

476678 29% 35%

1374883 84% 148%

100000 6% 0%
160248 10% -383%
260248 16% 500%

1635131 100% 174%

834151 69%
372530 31%
1206681 100%

946434 78%
260248 22%
1206681 100%

-23%
At the end Average
13.3% 13.8%
10.3% 10.7%

-5.1%

33.2% 39.9%

-104%

117
60
60

0
65753
91677
0
157430

0
0
 0
0
0
-34360
-34360

0
0

123070

113900
34614
0
148514

0
0
0
0
-111924

36590

0
86480
86480

123070

86480
-91677
-65753
34614
0

-36336

34360

-1976

-111924
113900

0
 0

empre debe estar igual al caso base y jugra de all

s, supuestos. Se mantiene lo mismo.

ntereses del corto plazo

uda) y Balance f (deuda)

diferenciacin, rentabilidad
miento, compromiso, capitalizacin, utilidades