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Warf Computers Case

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Estado Financiero de Flujo de Efectivo (Warf Computers) | | | | | | | | | | | | Flujo Operacional | | | | | | | | | | | | | | | UAII | $ 1.332 | | | | | | | Depreciación | $ 159 | | | | | | | Impuestos | -$ 386 | | | | | | | | $ 1.105 | | | | | | | Gasto Capital | | | | | | | | | | | | | | | Adquisición | $ 786 | | | | | | | Venta | -$ 139 | | | | | | | | $ 647 | | | | | | | Adquisiciones al Capital | | | | | | | | | | | | | | | AC2010 | $ 1.219 | | PC2010 | $ 491 | Δ | $ 728 | | AC2009 | $ 1.154 | | PC2009 | $ 568 | Δ | $ 586 | | 2010-2009 | $ 142 | | | | | | | Flujo Total | | | | | | | | | | | | | | | Flujo Operacional | | $ 1.105 | | | | | Gasto Capital | | -$ 647 | | | | | Adquisiciones al Capital | | -$ 142 | | | | | | | | $ 316 | | | | | Flujo a Acreedores | | | | | | | | | | | | | | | | $ 95 | | | | | | | | $ 98 | | | | | | | | -$ 118 | | | | | | | | $ 75 | | | | | | | Flujo a Accionistas | | | | | | | | | | | | | | | | $ 212 | | | | | | | | -$ 11 | | | | | | | | $ 40 | | | | | | | | $ 241 | | | | | | | | | | | | | | | Flujo de Efectivo | ꞊ | Flujo a Acreedores | + | Flujo a Accionistas | $ 316 | ꞊ | $ 75 | + | $ 241 |
Caso 1 Estado Contable de Flujo de Efectivo (Warf Computers) | | | Operacional | | | | Utilidad Neta | $ 742 | Depreciación | $ 159 | Impuesto Diferido | $ 109 | Δ Cuentas por Cobrar | -$ 31 | Inventario (Reducción) | $ 14 | Δ Cuentas por Pagar | $ 17 | Δ Gasto Acumulado | -$ 99 | Otros | -$ 9 | | $ 902 | | | Inversión | | | | | -$ 786 | | $ 139 | | -$ 647 | | | Financiamiento | | | | | -$ 98 | | $ 118 | | $ 5 | | -$ 212 | | -$ 40 | | $ 11 | | -$ 216 | | | Flujo de Efectivo | | | | Operacional | $ 902 | Inversión | -$ 647 | Financiamiento | -$ 216 | | $ 39 |

1. ¿Cómo describiría los flujos de efectivo de Warf Computers?
La mayor entrada se debe al ingreso neto de actividades operacionales, y la gran salida es de origen en AF, es decir, los flujos operacionales son positivos, no opera con perdidas y posee una estable estructura de costos (viabilidad y sustentabilidad).

2. ¿Qué estado de flujo de efectivo describe con mayor exactitud los flujos de efectivo de la empresa?

El flujo contable es un desglose de los flujos realizados, dando una señal más exacta de donde se originan las variaciones del efectivo entre periodos.

3. A la luz de sus respuestas anteriores, presente comentarios sobre los planes de expansión de Nick.

Dado el nivel de capital invertido en AF la inversión tiene que provenir en gran parte externamente, además teniendo un flujo operacional tan sólido es admisible adquirir más deuda ya que el negocio es rentable

Caso 2
1.
Razón Circulante | 0,75 | | Rápida | 0,436 | | Rotación activos Totales | 1,54 | | Rotación inventarios | 19,216 | | Rotación Cta. por Cobrar | 30,57 | | Rotación de Deuda | 0,49 | | Rotación de Deuda de Cap. | 0,963 | | Multiplicador de Capital | 1,963 | | Cobertura de Intereses | 7,958 | | Margen de Utilidad | 0,075 | | ROA | 0,116 | | ROE | 0,227 | | | | |

2. Razón de inventario
Inventario/Pasivo Circulante = 0,314
Esta razón es interpretable como que parte de la deuda total corresponde a la compra de inventario (Sobre el cuartil superior) podemos interpretar que East Coast Yachts (ECY) es una marca preferida en la industria.
El desempeño de ECY respecto a la industria también es favorable, tiene un ROE cercano al cuartil superior con un multiplicador de capital menor que la media, es decir, un alto rendimiento sobre capital no obedece un alto nivel de deuda, más bien es producto de eficiencia operacional y uso de activos (ambos sobre la media).

3, Balance General Pro-Forma | | | | | | | | Activo Circulante | | Pasivo Circulante | | Efectivo | 3802500 | Cta. por Pagar | 8076250 | Cta. por Cobrar | 6841250 | Doc. por Pagar | 13078000 | Inventario | 7670000 | | 21154250 | | 18313750 | Deuda LP | 33735000 | Activo Fijo | | Capital Contable | | Planta y Equipo | 117455000 | Acciones Retenidas | 5200000 | | | Utilidad Retenida | 56422100 | | | | | Total Activos | 135768750 | Total Pasivo y Capital | 116511350 | | | | |

EERR Pro-Forma | | | | Ventas | $ 209.137.500 | Costo Bienes | -$ 147.387.500 | Otros Gastos | -$ 24.992.500 | Depreciación | -$ 6.825.000 | UAII | $ 29.932.500 | Intereses | -$ 3.761.250 | Utilidad Gravable | $ 26.171.250 | Impuestos | -$ 10.468.500 | Utilidad Neta | $ 15.702.750 | Dividendos | $ 9.421.650 | Adición Utilidad Retenida | $ 6.281.100 | | | | | Razones ECY Pro-Forma | | | | Circulante | 0,866 | Rápida | 0,503 | Rotación activos totales | 1,54 | Rotación inventarios | 19,216 | Rotaciones Cta. por cobrar | 30,57 | Razón deuda | 0,546 | Razón deuda a Capital | 1,203 | Multiplicador de Capital | 2,203 | Cobertura Intereses | 7,958 | Margen Utilidad | 0,075 | ROA | 0,116 | ROE | 0,255 | | | | | Comparando las Razones con el nuevo Balance y EERR y las razones antiguas, notamos que los ratios en su mayoría no varían siendo 0 o muy cercanos a 0, exceptuando la razón circulante, la rotación de deuda de capital (y sus derivados) y por su puesto el ROE. Esto nos dice que la variación en circulante tiene su origen en una variación en la deuda de capital (ambas subieron en el diferencial) | | 4. EASY COAST YACHTS | | | | | | | Activo Circulante | | | Efectivo | | $ 3.042.000 | $ 3.650.400 | Cuentas por cobrar | $ 5.473.000 | $ 6.567.600 | Inventario | | $ 6.136.000 | $ 7.363.200 | Total | | $ 14.651.000 | $ 17.581.200 | Activos fijo | | | | Planta y equipo neto | $ 93.964.000 | $ 112.756.800 | | | | | Total del activo | $ 108.615.000 | $ 130.338.000 | | | | | | | Pasivo y capital contable | | | | Pasivo circulante | | | | Cuentas por pagar | | $ 6.461.000 | $ 7.753.200,0 | Documentos por pagar | | $ 13.078.000 | $ 13.078.000 | | | | | | Total | | | $ 19.539.000 | $20.831.200,0 | Deuda a largo plazo | | $ 33.735.000 | $ 33.735.000 | | | | | | Capital Contable | | | | Acciones retenidas | | $ 5.200.000 | $ 5.200.000 | Utilidades retenidas | | $ 50.141.000 | $ 56.164.160 | Total capital | | | $ 55.341.000 | $ 61.364.160 | Total del pasivo y capital contable | $ 108.615.000 | $ 115.930.360 | | | | | | FER | $ 14.407.640 | | | | | | Corto Plazo | $ 3.250.000,0 | | | | Largo Plazo | $11.157.640,0 | | | | | | | Pasivo C Y Activo C | A | P | | | | $17.581.200,0 | $20.831.200,0 | | | | | $ 3.250.000,0 | | | | | | | | mg | 0,075 | | | | | 167310000 | 15057900 | Utilidad neta pronosticada | | 6023160 | | | | La deuda de corto plazo fue calculada restando el Pasivo circulante menos el Activo circulante Se necesita de forma inmediata los 3.250.000, correspondientes a una deuda necesaria para el crecimiento de la compañía De forma paralela Tenemos la deuda a largo plazo que fue calculada Restando el total FER menos la deuda de corto plazo (pasivos menos activos circulantes). Este dinero puede pedirse a largo plazo puesto que no corresponde a las necesidades inmediatas | |

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