ANALISIS Y PROYECCION DE ESTADOS FINANCIEROS (CA86)- PRACTICA CALIFICADA N°03 Ciclo 2019-01 PROFESORES SECCION DURACION Todas las respuestas deben desarrollarse en el cuadernillo, ‘Se permite el uso dnicamente de su calculadora + Desarrolle el examen en orden y con limpieza. * Latasa de impuesto a renta es de 29.5% CASO 1_FINANCIAMIENTO BONOS/ WACC. (13 puntos) ‘A finales del afto 2017, la Corporacién Toyota lo ha contratado recientemente como Contador General, y como primers tarea te ha encomendado la revision de sus Estados Financieros Consolidados a Nivel Corporativo en su moneda de la casa Matra Usted, como alumno de la UPC, se siente en plena capacidad de poder realizar esta labor encomendada. Adicionalmente a la revisién de sus EEFF, los directivos de Toyota le han soliitado, la revisi6n de un posible financiamiento len bonos a fin de poder cumplir con e! pago de la deuda financiera (o pasivos con costo financiero) que actualmente tiene Toyota, su deuda tiene un costo actual de una TEA/al 11%. Cabe menclonar que toda Ia Informacion proporcionada se encuentra a nivel corporativo Los bonos que desea adquirr la Corporacién Toyota tienen las siguientes caracteristicas Information Bonds: Interests Payment Coupon rate 6.00% annual Bonds 1,000 Type of Bond Bullet Number of periods 3 Market Interests rate per year 5.50% annual Los estados financieros consolidados del afio 2016 vs 2017 (corporatives) de Toyota son los siguientes‘TOYOTA MOTOR CORPORATION FY2017 Financial Summary Consolidated Balance Sheets, (Cash and Cash Equivalents Time deposits Banks ‘Trade Account Recevables- Invoices ‘Trade Account Recewvabes- Bis Raw Material Fioished Goods Subproduets Products in process Total Current Assets No Current Trade Account Receivables -| Investments Intercompanies Account Receivables Prepaid Expenses ‘Other Account Receivables Land Buildings (Machinery & Equipment Vehicles CiP-Buildings in process ‘Accumulated Depreciation Total No Current Assets Total Assets Loans Payables Short Terms Trade Account Payables - Invoices \Intercompanies Account Payables ‘Accrued Wages Income Taxes Payable Vacation Aeerual (Other Current Liabilties Total current abilities Loans Payables Long Terms Accrued Local Bonus Plans ‘Accrued Contingency Other no Current Libities Total no current ables Total Liabilities ‘Common Stock Additional paid in captal Retained Earnings Total Shareholders Equity (Toyota) ‘Non Controlling interests Total Equity Tota lables and Equty (Yen in millions) (¥en in milions)_(Yen in lions FY 2016 FY2017 Increase (December 31, 2016) | (December 31, 2017) | (Decrease) 2,939,428, 2,885,075, 2,115,938 135,789 6,196,649 283,965, 451,405 435867 -14539 2,388,617, 327,106, 1 369,275 7,439,799 7,673,928_240,129 2,631,612, 2,845,639, 214,027 32,998 25,187 7811 730273, 1156406 426,135, 4,352,904 4,379,991 27,087, [- 4,311,995 4,470,996 159,201, 10,945,267 11,357,340 _412,073 56520622 5366 313857 sia953 539,765 3036224 Sasi.oas) ——an5.761 20238084] 30916491] 1590.47 47,427,597] 48,750,186] 1,322,589] (Yeninnilins) Yen inmillans] —— (Veninallions Fva0i6 7¥2037 | Increase | {December 33,2016) | (December 31,2037) | (Decrease) 79838 4955682) 255,548 an29se 4250409 467.495 2.389.515 2.506.382 _ 176867 1.040.277 926938 103,339 21726,120 3372741707 33,325, paste an9751 404131 3310113 10s. ie.i2456] 17,318,965] 1.194 509 s7708s 9911596” 139531 sows 305,070 159 2046009 iana7as 622.363 191890 Saa7s 29986 33.214955[ 12,762,268] 452,687] (sss Sanaa] aa Saaaet ens aaa L 17,226,714] 18,000,689] 773,975) ‘sian aia sa 1g.0881a6[ 18,668,953] 580,767] ET aoa] aaaa TOYOTA MOTOR CORPORATION FY2017 Financial Summary Consolidated Statements of Income = = (Yeninmilions) (Yeninmilions|___(Ven in ions FY2016 Fv2037 increase (For the year ended to | (Fr the year ended to es December’, 2016) | December 31,2017) | (Decrease) Revenues 2eseoil aS 386 785.615 Other Revenue 1,354,007 783697, 70,310 Total Net Revenues =n] 3759793] 605 525] Cost of products sols 21,456,085 15430356549) ther cos of products sold 1389,379, “giao 41922 Totalcosts and expanses _ I “72.505 465] a7aaaas] 28,871 ‘Gross Margin (asa 5739] Selig, goreal and administrate expenses 2948, 682 2468485) 75,97 ‘Operating income (Earnings before interests and taxes) Ta] Tasaaa] 55555 Interests and dividends income — 157462 158,983 ail ° intress expense “591,722 1635181, 49.459) Foreing exchange gan (os) net 5573, 33601, 39,174 (Other income (ss) net 12524 36222, 23,698 Income before income taxes and equity in earings of fla iazygea| sa 957] 839,85] Provision for income tases 478,268 “628900 249,369 Equity in earings of fitted companies 329,098 362,060 61 [Net income 977,892) 321,157] 556,735] {css = net income aibutable to noncontroling interests Errer] 3576560 Net income atrbutabe Yo Toyots Motor Corporation ETE) zzai| —sai.009 Adlonaimentes sabe cue e banc enta cul sev pagar posblemente la deus ancl exige unas de TS Formulas: weer] en Grn"2. Caleular el importe necesario para cancelar la deuda al 31.12.2017, preparar el cuadro de amortizaciones para los bonos a emit segin los datos del prospecto marco...» (2 puntos) 31 Costo amortizado Flujo de efectivo] Costo amort. al | Aimotrieacin Pal a hice (Cupén) final - 4 134 Fy TZ ce) a ey 80. ~ As w) 3 1,337 a 0. 4IB—) G) tao ota Prepao, Vall prekae Be Dew de bana) 4,000 40 ; jo j 4 330 4 Corre 4330 » GH2. Bom cvere / NEBo y i cer -ue + >) - 937%2. Elaborar los Registros Contables por el primer affo solamente, el tipo de bono de Is operacién segin sus tasas de interés (1.5 puntos) [Descripcion de cuenta contable Identficar y EXPLICAR el tipo de bono segin las condiciones de mercado Sino se da la explicacin la respuesta es cer): Tose Mercado < Tosa cupor Sobae Ta por if $5, Loy ‘ 86 Tos de nncreode, es rnferen que la Tae curen/fen le gue se pace dean SHE este Sobee ly for. 3. Elabore los EEFF al cierre del afio 2038, y evalué los efectos de WACC comparativos, 2 ratios de i ratios de solvencia, y el Margen Neto / Ingresos. Ante esta comparacién;zConsidera Usted que la situacién financiera de la ‘Compaiiia ha mejorado? Sustente numéricamente su evaluacion y realce sus comentarios al respecto, (7.5 puntos) Estados Financieros 2017 vs 2018‘TOYOTA MOTOR CORPORATION FY2016 Financial Summary ‘Consolidated Balance Sheets (Yen in mitions) (Yen in milions) Fy 2017 FY20i8 (December 31,2017) | (December 31,201 [Eashand Cash Equivalents 2,995,075] 2993, G65 frie deposits 1,082,654] T0824 G anes 1,821,598] 1201, 535 Trade Account Receivables - Invoices 2,115,938] 115, Te Trade Account Receivables Bs 6,196,549] (qa oY Raw Material NIG, 80F Finished Goods 288,617 [Subpreduets a Prods in process ELIE “otal Curent Assets 17,833,695] 4793 4, 265 (No Current Trade Account Receivables ils sonal Tas. Investments lintercompanies Account Receivables 7,679,928] 3099, 998 fees] Sut [Prepaid Expenses 25,187| 45, (> [Other Account Recelvables 256.406 1156 40g (tnd iaeae| T3530 Butcings 4.470.996 44H 990 [Machinery & Eauipment 31,387,340] 7540. [vehicles 5,966,579] 57 [ciP-suidings in process ‘cease —aee [Accumulated Depreciation “Total No Current Assets 13,4s1.985| (5451985) 30916491] 90°49, 610 Toul Asets EL (em in ions) = W008 (Oecember 31,2037) | (December 31,2018 [sans Payables Shar Terme a9sa603] 454,085 rade Account Payables -Invaic 4290405) 4390. ntereompanies Account Payabies 2,566,302] 2-55 [Recrved Wages sags3e] G58 [income Taxes Payable 3337,827| S434 Gur [Vacation Accrual msl 215,574 [Other Current Liabilities 1,210,113) 7210, a3 Total current abilities 17,318,965] 4798195 [Geane Payables Long Terme sais TTS [Acrued toca Bonus Pans 905,070 Fog 030 [Accrued Conting qa2s26f 17, [other no Current abies s2ua7e| 34370] Total ne current lables 32,762,268] T2963, 209 ‘Total Uables [Fommen tack wipe] Fa se [Az tonal pain capital as¢o13| 4, OL Retained Earings 37.118.626) 13 "U4 Total shareholders Equity (Toyota) 18,000,689] 48" 000, 53 [ion Gontroting nares se26q CE TIO Total Equity Total Labilties and Equty aeseassa] AE 6Gp. Fay [ssrsoaee] WETS TasTOYOTA MOTOR CORPORATION FY2028 Financial Summary ‘Consolidated Statements of income, {¥en in millions) {Yen in millions) “Fv2017_ | FY 2038 (forthe year endedto | — (Forthe year ended to December 31,2017) | December 31,2018) Revenues 25,813,496] ase, Ae [other Revenue 1,783 697| 47789, 697 “Total Net Reverves 27,597,193] 475 97,40 [Cost of products sold 21,543,035] (21 5%3,035) [other cost of products so 1,191,301] THT 301) Total costs and exoenses 22,734,336] (93433) (Gross Margin apezas7] 1" 9ca, 857 [Seling, general and administrative expenses I eee mes] (Fea) (Operating income (Earnings before interests and taxes) agsaara] 94, 27 [interests and dividends income 158,983] CERES) Interests expense 635,181] (135,255) Foreing exchange gan (oss) net 33,601 34 604 [other income (oss) net 36,222 36,292 Income before income taxes and equity in earnings of afiliag 587,997] 584,773 [Provision for income taxes, £28,500] Cee s00) [Equity in earnings of afiiated companies 362,060 36060 [Net income 321,157] 330,737 [Tess net income srbutble wo nonconoling miwrets saree [Net income attributable to Toyota Motor Corporation 225,283] 5,Determinacion y Andlisis del WAC 2038 y 2017; wunec 99 « Tos, NGO Fine C7P iGac FAO LIP, AT Nament wae 31) y ACE SO ObiGue NGA O71 OUiGac RnAN_L, TRL ie Wace ae Célculo de Ratios ROL COMRINME: Kon RESPeem al Race KAA COREY To Emphayy angmrerg DOI= 4.03 4(( eanl vey desig, Ode Le mama wnbgnitid gh cowwa Te ox Lops 404 "Grade deAr Amie nes . niete et paolo HIr= 6.62 TE amd periods A qredo de ende vdy migra 22 0 0G, lo 1 nTTeQe +0. 4| ddide a ye a Cond syne gow + © wanes sod pox porte de Terceres 4. Realice 2Conclusiones y 2 Recomendaciones en base a fatoresfinancieros y tributarios de se el caso (2 puntos). un grade de endevdcrmiems alte, pae lptante rene excess deo MBS" RQpido @ ss cHentes —_— — pe a Lop tes eee il : cating vie Bren lien + ford lode de by Reich corniene la ampaeserene A violes, + El_wACc se anaorten cprsrane, quien Aon que so-Anamtiene a 0 0G pesor de 105 bones, sega los Rarioy caluledos Iq eanpresa Gig ; gu es deem debe coba + 40. conmpa Ae debe ameqenon Su peniede de cobranzges deem debe cobace CBSta eurmedio de oeCaso 2 EFE (7 puntos) La empresa industrial Reino Unido SAC, e ha encargado la preparacién del estado de flujo de efectivo bajo el "métodoifecto pore! afo 2018. Para lo cual le adjunta los siguientes estados financier 2018 207 2018 2017 ative z Si) Pasivoy atimenio 7. 7. ‘atvo corlente Pasvocatente Efectwo “Tbs por pagar ‘umrtas po eabrar cuentas por pagar Inventsroe | Seldos pr paaar Teta activo crente Total pasiocoiente Active no coniente = Deus aro | inversions mobili #9300. 000 Tota paso | Propiedad, plata yequpo 187,500 13000 | Deprciain acomada 000 35,000 Patimonie 217200 Tien0007 capt Reser eg | | Resultados aad “Tota pvimenio bat oamre [TasooT asso’ | real pesiveypevimeno | Sueano T—aeeean" Ventas Costo Ventas Utilidad Bruta Provision malas deudas Depreciacién Otros gastos Utilidad operativa Gastos finai Utilidad antes impuesto Impuestoalarenta —_- Utilidad neta 45,542 = 15,600 ionalmente se sabe que todas las variaciones de las cuentas se refieren a movimientos de efectivo.348 TT Este ete