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Accounting

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En febrero de 1985, Peter Roberts, el director de investigación de Exeter Group, una pequeña sede en Boston, servicio de asesoramiento de inversión especializados en acciones de respuesta, estaba revisando el informe anual de 1984 de la Harnischfeger Corporation (Anexo 4). Su atención fue atraída por los $ 1,28 por Harnischfeger beneficio por acción neta reportada para el año 1984. Sabía que apenas tres años antes la empresa había enfrentado a una grave crisis financiera. Harnischfeger había de pagar su deuda y se detuvo después del pago de dividendos reportando una pérdida neta de 7,64 dólares pesada por acción en el año fiscal 1982. Pobre desempeño de la compañía continuó en 1983, dando lugar a una pérdida neta de 3,49 dólares por acción. Roberts se sintió intrigado por tiempo de respuesta reducido Harnischfeger y se preguntó si se debería recomendar la compra de acciones de la empresa (ver Anexo 3 para los datos seleccionados en el stock de Harnischfeger).

Empresa de Negocios y Productos
Harnischfeger Corporation era una empresa de maquinaria con sede en Milwaukee, Wisconsin. La empresa había sido originalmente comenzó como una asociación en 1884 y fue incorporada en Wisconsin en 1910 bajo el nombre y Pawling Harnischfeger. Su nombre fue cambiado al actual en 1924.
La compañía salió a bolsa en 1929 y comenzó a cotizar en el New York Stock Exchange.
La compañía de dos segmentos principales fueron el Grupo P & H de equipo pesado, que consiste en la Construcción y las divisiones de equipos mineros y eléctricos, y el Grupo de Tecnologías Industriales, compuesto por el Equipo de Manejo de Materiales y las divisiones de Ingenieros Harnischfeger. La mezcla de ventas de la compañía en 1983 consistió en Construcción, 32%; Equipo de minería y eléctrico, el 33%; Equipo de Manejo de Materiales, el 29%, y Harnischfeger
Los ingenieros, un 6%. Harnischfeger era un productor líder de equipos de construcción. Sus productos, que lleva el nombre de marca ampliamente reconocida P & H, incluidas las grúas hidráulicas y grúas de celosía. Estos fueron utilizados en la construcción de puentes y carreteras y para la carga y otras aplicaciones de manipulación de materiales.

Harnischfeger tenían cuotas de mercado de aproximadamente el 20% de las grúas hidráulicas y alrededor del 30% en grúas con pluma de celosía. En la década de 1980 la industria de equipos de construcción, en general, estaba experimentando la disminución de los márgenes.

Palas y excavadoras mineras eléctricos constituyen los principales productos de la minería y la División de Equipos Eléctricos de Harnischfeger. La empresa tenía una posición dominante en el mercado de maquinaria para la minería. Productos de la compañía fueron utilizados en el carbón, el cobre y la minería de hierro. Una parte significativa de las ventas de la división fueron de la venta de piezas de repuesto. Debido a su gran cuota de mercado y de las lucrativas ventas de recambios, la división ha sido tradicionalmente muy rentable. La mayor parte de las futuras ventas de productos de la compañía minera se espera que ocurra fuera de los Estados Unidos, principalmente en los países en desarrollo.
La División de Manejo de Materiales Equipos de Harnischfeger fue el cuarto mayor proveedor de equipos automatizados de manejo de materiales, con una cuota de mercado del 9%. Los productos de la división incluyen grúas, grúas portal, polipastos, monorrieles, y componentes y piezas. La demanda de este equipo se espera que crezca en los próximos años un número creciente de empresas manufactureras hizo hincapié en los programas de reducción de costos. Harnischfeger cree que el negocio de manejo de materiales equipo sería una fuente importante de su crecimiento futuro.

Ingenieros Harnischfeger era una división de servicios de ingeniería dedicada al diseño, desarrollo a medida de software y gestión de proyectos para proyectos de automatización de fábrica y distribución. La división de ingeniería y la instalación completa de sistemas automatizados de manejo de materiales para una amplia variedad de aplicaciones en base a honorarios. La compañía espera que dicho almacenamiento automatizado y los sistemas de recuperación de desempeñar un papel cada vez más importante en la "fábrica del futuro".

Harnischfeger tenido una serie de filiales, compañías afiliadas y licenciatarios en una serie de países. Las ventas de exportación y extranjeros constituyen más del 50% de los ingresos totales de la empresa.

Las dificultades financieras de 1982
La industria de la maquinaria experimentó un período de crecimiento explosivo durante los años 1970.
Harnischfeger se expandió rápidamente durante este período, pasando de $ 205 millones en ingresos en 1973 a US $ 644 millones en 1980. Para financiar este crecimiento, la compañía se basó cada vez más en financiación de la deuda y la deuda de la empresa / cuota de capital propio aumentó de 0,88 en 1973 a 1,26 en 1980. La recesión mundial en la década de 1980 causó una disminución significativa de la demanda de productos de la compañía a partir de 1981 y culminó en una serie de acontecimientos que sacudieron a la estabilidad financiera de Harnischfeger.

La reducción de las ventas y los pagos de interés altas ganancias como resultado un rendimiento deficiente que conduce a una pérdida reportada en 1982 de $ 77 millones. La gestión de Harnischfeger comentó sobre sus dificultades financieras:

Hay una persistente debilidad en las industrias básicas, tanto en los Estados Unidos y en el extranjero, que han sido los grandes mercados tradicionales para los productos de P & H. Relacionadas con la energía proyectos, que habían sido una importante fuente de negocio de nuestra División de Equipo de Construcción, se han reducido significativamente en el último año como consecuencia de la demanda de petróleo inferior y posterior caída de los precios, no sólo en los EE.UU. sino en todo el mundo. La falta de demanda de estos minerales básicos como mineral de hierro, cobre y bauxita ha disminuido la actividad minera en todo el mundo, causando disminución de las ventas de equipos de minería, a pesar de la minería del carbón en todo el mundo sigue siendo relativamente fuertes. Las difíciles condiciones económicas han hecho que muchos de nuestros clientes normales para reducir drásticamente los gastos de capital, especialmente en sectores deprimidos como la industria del acero, que siempre ha sido una fuente importante de ventas para todos los productos de P & H.

Las pérdidas operativas significativas registradas en 1982 y las pérdidas de crédito experimentados por su filial financiera causada Harnischfeger a dejar de pagar ciertas cláusulas de sus acuerdos de préstamo. Las disposiciones más restrictivas de los contratos de préstamo de la compañía le obligaba a mantener un capital mínimo de trabajo de $ 175 millones, patrimonio neto consolidado de $ 180 millones, y una relación de activo circulante a pasivo circulante de 1.75. El 31 de octubre de 1982, el capital de trabajo de la empresa (después de la reclasificación de unos 115 millones dólares deuda a largo plazo como un pasivo corriente) fue de $ 29,3 millones, el neto consolidado la pena fue $ 142,2 millones, y la relación de activo circulante a pasivo circulante fue de 1,12.

Harnischfeger
Credit Corporation, una subsidiaria financiera consolidada, también de pagar ciertas cláusulas de sus contratos de préstamo, en gran parte debido a las pérdidas de crédito importantes relativos a la financiación de equipos de construcción vendida a un gran distribuidor. Como resultado de estas violaciónes del pacto, la deuda a largo plazo de la compañía de $ 124,3 millones se convirtió en causa de la demanda, la parte no utilizada de la línea del banco de crédito revolvente de US $ 25,0 millones dejó de estar disponible, y los no utilizados a corto plazo las líneas de crédito bancario de $ 12,0 millones fueron cancelados. Además, la deuda de $ 25.1 millones de Harnischfeger Corporación de Crédito también se convirtió de inmediato debido. La empresa se vio obligada a dejar de pagar dividendos y comenzó las negociaciones con su Nos acercamos a nuestro segundo siglo con optimismo, sabiendo que los eventos negativos de la los últimos tres años han quedado atrás, y con la firme creencia de que los logros positivos se registraron en 1984. En el momento en la corporación celebra su cumpleaños número 100 el 1 de diciembre, estamos seguros de que estarán operando de manera rentable y alcanzar nuevos niveles de fuerza en el mercado y el liderazgo.
Durante 1984 la empresa registró ganancias durante cada uno de los cuatro cuartos, terminando el año con un beneficio operativo antes de impuestos de $ 5.7 millones, y un beneficio neto después de los créditos de impuestos y extraordinarios de $ 15 millones (véase Anexo 4). También aumentó el capital de nuevas e importantes a través de una oferta pública de obligaciones y acciones comunes. Los ingresos netos de la oferta, que ascendieron a US $ 150 millones, fueron utilizados para pagar toda la deuda reestructurada de la empresa. En el informe anual de 1984 de la gerencia comentó sobre el desempeño de la compañía de la siguiente manera:
1984 fue el año del Centenario de la Corporación y que marcaron la ocasión con volviendo a abocarnos a la excelencia a través del liderazgo de mercado, servicio al cliente y mejora del rendimiento operativo y la rentabilidad.
Miramos hacia atrás con orgullo. Nos movemos adelante con confianza y optimismo. nuestros principales los mercados nunca han sido más competitivos, sin embargo, nos esforzaremos para aprovechar las oportunidades de todas y cada una para el crecimiento y alcanzar una rentabilidad satisfactoria. En conjunto, haremos lo que tiene que ser hecho para asegurarse de que el futuro será gratificante para todos los que tienen un papel importante en nuestro éxito.

1985 Ejecutivo Plan de Incentivos

En diciembre de 1984, el Consejo de Administración estableció un Plan de Incentivos para el Ejecutivo fiscal de 1985 que ofrece una oportunidad de compensación de incentivos del 40% del salario anual de 11 ejecutivos de alto nivel sólo si la Corporación llegue a una red específica después de impuestos objetivo de lucro y que proporciona una compensación de incentivo adicional de hasta un 40% del salario anual de siete de esos oficiales si la empresa es superior al objetivo. El Plan cubre el presidente, el presidente, los presidentes de Vicepresidente Senior, presidente, Harnischfeger Ingenieros, Inc.; vicepresidente de P & H World Services, vicepresidente de Equipos de manipulación de material, y el secretario. Las donaciones realizadas en relación con el año fiscal 1984 se incluyen en la Tabla de Compensación por encima.

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