Ejemplo de un balance

U.S. COMPOSITE CORPORATION

Balance Sheet
20X2 and 20X1
(in $ millions)
Liabilities (Debt)
Assets 20X2 20X1 and Stockholder's Equity 20X2 20X1
Current assets: Current Liabilities:
Cash and equivalents $140 $107 Accounts payable $213 $197
Accounts receivable 294 270 Notes payable 50 53
Inventories 269 280 Accrued expenses 223 205
Other 58 50 Total current liabilities $486 $455
Total current assets $761 $707 Long-term liabilities:
Deferred taxes $117 $104
Fixed assets: Long-term debt 471 458
Property, plant, and equipment $1,423 $1,274 Total long-term liabilities $588 $562
Less accumulated depreciation -550 -460
Net property, plant, and equipment 873 814 Stockholder's equity:
Intangible assets and other 245 221 Preferred stock $39 $39
Total fixed assets $1,118 $1,035 Common stock ($1 per value) 55 32
Capital surplus 347 327
Accumulated retained earnings 390 347
Less treasury stock -26 -20
Total equity $805 $725
Total assets $1,879 $1,742 Total liabilities and stockholder's equity $1,879 $1,742

Tomado de Ross
 Estado de Prdidas y Ganancias
U.S. COMPOSITE CORPORATION
Income Statement
20X2
(in $ millions)

Total operating revenues $2,262

Ingresos y gastos Cost of goods sold - 1,655
provenientes de Selling, general, and administrative expenses - 327
Depreciation - 90
las principales
Operating income $190
operaciones de la Other income 29
empresa Earnings before interest and taxes EBIT $219
Interest expense - 49
Pretax income $170
Taxes - 84
Current: $71
Deferred: $13
Net income $86
Retained earnings: $43
Dividends: $43
Tomado de Ross
 Estado de Prdidas y Ganancias

U.S. COMPOSITE CORPORATION

Income Statement
20X2
(in $ millions)

Total operating revenues $2,262

La parte no Cost of goods sold - 1,655
operativa Selling, general, and administrative expenses - 327
Depreciation - 90
incluye
Operating income $190
todos los Other income 29
gastos Earnings before interest and taxes EBIT $219
Interest expense - 49
financieros Pretax income $170
Taxes - 84
Current: $71
Deferred: $13
Net income $86
Retained earnings: $43
Dividends: $43
Tomado de Ross
 Estado de Prdidas y Ganancias
U.S. COMPOSITE CORPORATION
Income Statement
20X2
(in $ millions)

Total operating revenues $2,262

Cost of goods sold - 1,655
Selling, general, and administrative expenses - 327
Depreciation - 90
Operating income $190
Other income 29
Earnings before interest and taxes EBIT $219
Tambin se Interest expense - 49
separa Pretax income $170
impuestos Taxes - 84
Current: $71
que afectan Deferred: $13
los Net income $86
ingresos Retained earnings: $43
Dividends: $43
Tomado de Ross
Estado de Prdidas y Ganancias
U.S. COMPOSITE CORPORATION
Income Statement
20x2
(in $ millions)

Total operating revenues $2,262

Cost of goods sold - 1,655
Selling, general, and administrative expenses - 327
Depreciation - 90
Operating income $190
Other income 29
Earnings before interest and taxes $219
Interest expense - 49
Utilidad neta: Pretax income $170
ltima lnea Taxes - 84
Current: $71
Deferred: $13
Net income $86
Retained earnings: $43
Dividends: $43
 Capital de trabajo: Del Balance
$252m = $707- $455
Liabilities (Debt)
Assets 20X2 20X1 and Stockholder's Equity 20X2 20X1
Current assets: Current Liabilities:
Cash and equivalents $140 $107 Accounts payable $213 $197
Accounts receivable 294 270 Notes payable 50 53
Inventories 269 280 Accrued expenses 223 205
Other 58 50 Total current liabilities $486 $455
Total current assets $761 $707
Long-term liabilities:
Fixed assets: Ac se ve que el NWC$117
Deferred taxes crece$104
Property, plant, and equipment $1,423 $1,274 Long-term debt 471 458
Less accumulated depreciation -550 -460 a $275 millones en 20X2
Total long-term liabilities$588 de
$562
Net property, plant, and equipment
Intangible assets and other
873
245
814
221
$252 millones en 20X1.
Stockholder's equity:
Total fixed assets $1,118 $1,035
$23 million
Preferred stock
Common stock ($1 par value)
$39
55
$39
32
Capital surplus 347 327
$275m = $761m- $486m Accumulated retained earnings 390 347
Less treasury stock -26 -20
Total equity $805 $725
Total assets $1,879 $1,742 Total liabilities and stockholder's equity $1,879 $1,742
 Cash Flow

Concepto financiero
Indica los fondos generados por la empresa
independientemente de los criterios contables
Se define:
CF = Utilidades + Depreciaciones
No tiene en cuenta las inversiones necesarias para
que la empresa genere fondos
 Cash Flow Libre = Flujo de Caja Operativo
Necesidades de inversin

Conjunto de recursos generados por la

empresa una vez deducidas las necesidades
de inversin.
Necesidades de Inversin:
Inversin en activo fijo y en activo corriente
 Cash Flow financiero (free cash flow)
U.S. COMPOSITE CORPORATION
Financial Cash Flow
20X2
(in $ millions)

Cash Flow of the Firm

Operating cash flow $238 Operating Cash Flow:
(Earnings before interest and taxes
plus depreciation minus taxes) EBIT $219
Capital spending (173)
(Acquisitions of fixed assets Depreciation $90
minus sales of fixed assets)
Additions to net working capital (23) Current Taxes ($71)
Total $42
OCF $238
Cash Flow of Investors in the Firm
Debt $36
(Interest plus retirement of debt
minus long-term debt financing)
Equity 6
(Dividends plus repurchase of
equity minus new equity financing)
Total $42
Tomado de Ross
 Cash Flow financiero (free cash flow)
U.S. COMPOSITE CORPORATION
Financial Cash Flow
20X2
(in $ millions)
Cash Flow of the Firm
Operating cash flow $238
(Earnings before interest and taxes
plus depreciation minus taxes)
Capital Spending
Capital spending (173) Purchase of fixed assets
(Acquisitions of fixed assets
$198
minus sales of fixed assets)
Additions to net working capital (23) Sales of fixed assets (25)
Total $42
Cash Flow of Investors in the Firm
Capital Spending $173
Debt $36
(Interest plus retirement of debt
minus long-term debt financing)
Equity 6
(Dividends plus repurchase of
equity minus new equity financing)
Total $42
Tomado de Ross
 Cash Flow financiero (free cash flow)
U.S. COMPOSITE CORPORATION
Financial Cash Flow
20X2
(in $ millions)

Cash Flow of the Firm

Operating cash flow $238 NWC creci a
(Earnings before interest and taxes
plus depreciation minus taxes) $275 millones
Capital spending (173) en 20X2 de
(Acquisitions of fixed assets
minus sales of fixed assets) $252 millones
Additions to net working capital (23) en 20X1.
Total $42
Cash Flow of Investors in the Firm Este
Debt $36
(Interest plus retirement of debt incremento de
minus long-term debt financing) $23 millones
Equity 6
(Dividends plus repurchase of es el NWC
equity minus new equity financing)
Total $42
adicional.
Tomado de Ross
 Cash Flow financiero (free cash flow)

U.S. COMPOSITE CORPORATION

Financial Cash Flow
20X2
(in $ millions)
Cash Flow of the Firm
Operating cash flow $238 Cash Flow to
(Earnings before interest and taxes Creditors
plus depreciation minus taxes)
Interest $49
Capital spending (173)
(Acquisitions of fixed assets Retirement
minus sales of fixed assets) of debt 73
Additions to net working capital (23)
Total $42 Debt service 122

Cash Flow of Investors in the Firm Proceeds from new

Debt $36 debt sales (86)
(Interest plus retirement of debt Total 36
minus long-term debt financing)
Equity 6
(Dividends plus repurchase of
equity minus new equity financing)
Total $42
Tomado de Ross
 Cash Flow financiero (free cash flow)
U.S. COMPOSITE CORPORATION
Financial Cash Flow
20X2
(in $ millions)
Cash Flow of the Firm
Operating cash flow $238 Cash Flow to
(Earnings before interest and taxes Stockholders
plus depreciation minus taxes) Dividends $43
Capital spending (173)
(Acquisitions of fixed assets Repurchase of
minus sales of fixed assets) stock 6
Additions to net working capital (23)
Cash to Stockholders 49
Total $42
Proceeds from new
Cash Flow of Investors in the Firm
Debt $36 stock issue (43)
(Interest plus retirement of debt Total $6
minus long-term debt financing)
Equity 6
(Dividends plus repurchase of
equity minus new equity financing)
Total $42
Tomado de Ross
Cash Flow financiero (free cash flow)
U.S. COMPOSITE CORPORATION
Financial Cash Flow
20X2
(in $ millions)
Cash Flow of the Firm
Operating cash flow $238 El cash flow de los
(Earnings before interest and taxes activos (A) debe ser
plus depreciation minus taxes) igual a la suma de
Capital spending (173)
(Acquisitions of fixed assets cash flow de
minus sales of fixed assets) accionistas (S) y
Additions to net working capital (23) bonistas (B):
Total $42
Cash Flow of Investors in the Firm
Debt $36 CF ( A)
(Interest plus retirement of debt
minus long-term debt financing) CF ( B ) CF ( S )
Equity 6
(Dividends plus repurchase of
equity minus new equity financing)
Total $42
Flujo de Caja Libre
del Accionista

15
 Proyecciones Financieras
Periodo 0

Estado de Prdidas y Ganancias

Balance % de Ventas
Ventas 1000 100%
Activo Pasivo Costos 700 70%
Activo Corriente 400 Deuda LP 300 Margen Bruto 300 30%
Amortiz 60 6%
Activo Fijo Neto 600 Patrimonio 700 Gastos Admin 40 4%
Total 1.000 Total 1.000 EBIT 200 20%

16
 Estado de Prdidas y Ganancias
Periodo 0 1 2 3 4
Ventas* 1000 1,200 1,440 1,728 2,074
Costos 700 840 1,008 1,210 1,452
Margen Bruto 300 360 432 518 622
Depreciacin** 60 160 160 160 160
Gastos Admin*** 40 42 44 46 49
EBIT 200 158 228 312 413
* Ventas crecen 20% anual.
** Amortizacin anual 160.
*** Se supone que se incrementan en los montos dados.

17
 Activos
Periodo 0 1 2 3 4
Activo Corriente* 400 480 576 691 829
Activo Fijo Neto** 600 540 480 420 360
Total 1,000 1,020 1,056 1,111 1,189
* Crece a una tasa de 20% anual.
** Stock activo fijo ao anterior + Inversin - Depreciacin. I = 100 y Depreciacin = 160.
Para el ao 1: 600 + 100 - 160 = 540.
Para el ao 2: 540 + 100 - 160 = 480.

18
 Pasivos
Periodo* 0 1 2 3 4
Deuda LP 300 306 317 333 357
Patrimonio 700 714 739 778 833
Total 1.000 1.020 1.056 1.111 1.189
* Se mantiene la estructura de deuda - patrimonio del periodo 0.

19
 Estado de Prdidas y Ganancias
Periodo 0 1 2 3 4
EBIT 200 158 228 312 413
Gastos financieros* 30 31 32 33 36
EBT 170 127 196 279 377
tax** 60 45 69 98 132
Utilidad Neta 111 83 128 181 245
* 10% del total de la deuda.
** t = 35%.

Periodo 0 1 2 3 4
Utilidad Neta - 83 128 181 245
A capital (UND)* - 14 25 39 55
Dividendos - 69 102 143 191
* Variacin del patrimonio.
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 PROYECCIN FLUJO DE CAJA DEL ACCIONISTA
Periodo 0 1 2 3 4
Utilidad Neta 111 83 128 181 245
Depreciacin 60 160 160 160 160
Inv. Fija* - 100 100 100 100
Variacin WK** - 80 96 115 138
Incremento de Deuda*** - 6 11 17 23
Cash Flow Libre para Accionista - 69 102 143 191
* Se asume 100 de gastos de capital.
** Variacin del (AC - PC). PC = 0
*** Variacin de Deuda en el balance.

WC 400 480 576 691,2 829,44

Var WC 80 96 115 138

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Flujo de Caja Libre
de la Empresa

22
 Balance Estado de Prdidas y Ganancias
% de Ventas
Activo Pasivo Ventas 1000 100%
Costos 700 70%
Activo Corriente 400 Deuda LP 300 Margen Bruto 300 30%
Activo Fijo Neto 600 Patrimonio 700 Amortiz
Gastos Admin
60
40
-
-
Total 1.000 Total 1.000 EBIT 200 20%

23
 Estado de Prdidas y Ganancias
Periodo 0 1 2 3 4
Ventas* 1000 1.200 1.440 1.728 2.074
Costos 700 840 1.008 1.210 1.452
Margen Bruto 300 360 432 518 622
Depreciacin** 60 160 160 160 160
Gastos Admin*** 40 42 44 46 49
EBIT 200 158 228 312 413
* Ventas crecen 20% anual.
** Amortizacin anual 160.
*** Se supone que se incrementan en los montos dados.

24
 Activos
Periodo 0 1 2 3 4
Activo Corriente* 400 480 576 691 829
Activo Fijo Neto** 600 540 480 420 360
Total 1.000 1.020 1.056 1.111 1.189
* Crece a una tasa de 20% anual.
** Stock activo fijo ao anterior + Inversin - Depreciacin. I = 100 y Depreciacin = 160.
Para el ao 1: 600 + 100 - 160 = 540.
Para el ao 2: 540 + 100 - 160 = 480.

25
 Pasivos
Periodo* 0 1 2 3 4
Deuda LP 300 306 317 333 357
Patrimonio 700 714 739 778 833
Total 1.000 1.020 1.056 1.111 1.189
* Se mantiene la estructura de deuda - patrimonio del periodo 0.

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 Estado de Prdidas y Ganancias
Periodo 0 1 2 3 4
EBIT 200 158 228 312 413
tax* 70 55 80 109 145
Utilidad antes de intereses y
despus de taxes 130 103 148 203 269
* t = 35%.

27
 PROYECCIN FLUJO DE LA EMPRESA
Periodo 0 1 2 3 4
EBIT 200 158 228 312 413
Depreciacin 60 160 160 160 160
Taxes 70 55 80 109 145
Cash Flow Operativo 190 263 308 363 429
Inv. Fija* - 100 100 100 100
Variacin WK** - 80 96 115 138
Cash Flow Libre de la Empresa - 83 112 148 191
* Se asume 100 de gastos de capital.
** Variacin del (AC - PC). PC = 0

WC 400 480 576 691 829

Var WC 80 96 115 138

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