Gestión Financiera

Examen Final Grupal

Integrantes:
Carmen Gloria Ancieta
Emilio Lazo
Cristian Muñoz
Harmonic Hearing Co.
Exhibit 1 Income Statements and Balance Sheets, Year 2010

Income Statement ($000s) 2010 % of Sales

Sales revenue $29,366 100.00%

Cost of goods sold expense $12,442 42.37%
Gross profit margin $16,924 57.63%

Selling, general & administrative expense $10,527 35.85%

Research & development expense $2,619 8.92%
Depreciation expense $1,050 3.58%
Operating income $2,727 9.29%

Interest expense $0 0.00%

Income before income taxes $2,727 9.29%

Income tax expense $927 3.16%

Net income $1,800 6.13%

Balance Sheet ($000s) 2010 % of assets

Cash $1,100 5.33%

Accounts receivable $7,231 35.07%
Inventory $2,554 12.39%
Equipment $5,835 28.30%
Building & land $3,900 18.91%
Total assets $20,620 100.00%

Accounts payable $1,533 7.43%

Owners' equity $19,087 92.57%
Total liabilities & owners' equity $20,620 100.00%
Harmonic Hearing Co.
Exhibit 2 Asset Value Comparisons as of Year-End 2010

($000s) Book Value Appraised Value

Cash $1,100 $1,100

Accounts receivable $7,231 $7,231
Inventory $2,554 $2,554
Equipment $5,835 $8,835
Building & land $3,900 $10,500

Total assets $20,620 $30,220

Harmonic Hearing Co.
Exhibit 3 Real Estate Transaction

Mortgage Assumptions:
- 25 year maturity
- $8,400,000 loan amount
- 7.0% interest rate
- $720,808 constant annual payment

Amortization Schedule
Year 1 2 3 4 5 6 7
Interest payments $588,000 $578,703 $568,756 $558,112 $546,724 $534,538 $521,499
Principal reduction $132,808 $142,105 $152,052 $162,696 $174,084 $186,270 $199,309

Principal balance of mortgage $8,267,192 $8,125,087 $7,973,036 $7,810,340 $7,636,256 $7,449,986 $7,250,677

Annual Real Estate Cash Flows to Frank Thomas

Year 1 2 3 4 5 6 7
Rent received from Harmonic $1,312,500 $1,391,250 $1,474,725 $1,563,209 $1,657,001 $1,756,421 $1,861,806
- Maintenance costs $315,000 $330,750 $347,288 $364,652 $382,884 $402,029 $422,130
- Property taxes paid $188,000 $195,520 $203,341 $211,474 $219,933 $228,731 $237,880
- Depreciation expense on building* $288,462 $277,367 $266,699 $256,441 $246,578 $237,094 $227,975
Operating income $521,038 $587,613 $657,398 $730,641 $807,605 $888,567 $973,821
- Interest payments $588,000 $578,703 $568,756 $558,112 $546,724 $534,538 $521,499
Income before income taxes -$66,962 $8,910 $88,642 $172,528 $260,881 $354,029 $452,322
+ Tax benefit (cost) at 40% $26,785 -$3,564 -$35,457 -$69,011 -$104,352 -$141,612 -$180,929
Net income -$40,177 $5,346 $53,185 $103,517 $156,529 $212,418 $271,393
+ Depreciation expense $288,462 $277,367 $266,699 $256,441 $246,578 $237,094 $227,975
- Principal payments $132,808 $142,105 $152,052 $162,696 $174,084 $186,270 $199,309
Net after tax cash flow $115,477 $140,608 $167,832 $197,263 $229,023 $263,242 $300,059
* Calculated as 150% declining balance for 39 years to zero salvage value

Hypothetical Cash Flows to Frank Thomas from Sale of Building and Land to Harmonic at the End of Year 7
Assumed agreed-upon sale price $10,000,000 $10,500,000 $11,000,000

Calculation of capital gains tax owed:

Sale price $10,000,000 $10,500,000 $11,000,000
- Book value* $8,699,384 $8,699,384 $8,699,384
Gain on sale $1,300,616 $1,800,616 $2,300,616
Capital gains tax owed (20%) $260,123 $360,123 $460,123

Calculation of net cash proceeds:

Sale price $10,000,000 $10,500,000 $11,000,000
- Capital gains tax owed $260,123 $360,123 $460,123
- Mortgage balance owed $7,250,677 $7,250,677 $7,250,677
Net cash proceeds $2,489,200 $2,889,200 $3,289,200
* Calculated as original purchase price of $10,500,000 minus accumulated depreciation of $1,800,616
Harmonic Hearing Co.
Exhibit 5 Sales Forecasts By Financing Alternative

Sales Under Debt Financing

Year 1 2 3 4 5 6 7
Existing hearing aids $30,687,000 $31,454,000 $31,861,000 $30,427,000 $28,298,000 $23,234,000 $15,488,000
New hearing aids $0 $2,831,500 $6,607,125 $9,580,375 $13,604,500 $18,774,000 $25,345,250
Total sales $30,687,000 $34,285,500 $38,468,125 $40,007,375 $41,902,500 $42,008,000 $40,833,250

Sales Under Equity Financing

Year 1 2 3 4 5 6 7
Existing hearing aids $30,687,000 $31,454,000 $31,861,000 $30,427,000 $28,298,000 $23,234,000 $15,488,000
New hearing aids $3,236,000 $7,551,000 $10,949,000 $15,548,000 $21,456,000 $28,966,000 $39,104,000
Total sales $33,923,000 $39,005,000 $42,810,000 $45,975,000 $49,754,000 $52,200,000 $54,592,000
Harmonic Hearing Co.

Alternativa 1: Financiamiento de Deuda (propuesta de Harrison Price)

Sales Under Debt Financing
Year 1 2 3 4 5 6 7
Existing hearing aids $30,687,000 $31,454,000 $31,861,000 $30,427,000 $28,298,000 $23,234,000 $15,488,000
New hearing aids $0 $2,831,500 $6,607,125 $9,580,375 $13,604,500 $18,774,000 $25,345,250
Total sales $30,687,000 $34,285,500 $38,468,125 $40,007,375 $41,902,500 $42,008,000 $40,833,250

Alternativa 1: Financiamiento de Deuda

Estado de Resultados:
CDPV - audífonos existentes $13,502,280 $13,839,760 $14,018,840 $13,387,880 $12,451,120 $10,222,960 $6,814,720
CDPV - nuevos audífonos $0 $1,330,805 $3,105,349 $4,502,776 $6,394,115 $8,823,780 $11,912,268
Ventas, generales y administrativos $10,544,320 $11,816,510 $13,297,897 $13,826,529 $14,482,082 $14,492,121 $14,039,960
Investigación y desarrollo $1,700,000 $600,000 $600,000 $600,000 $600,000 $600,000 $600,000
Depreciación $0 $0 $0 $0 $0 $100,000 $100,000
Pago de alquiler $1,312,500 $1,391,250 $1,474,725 $1,563,209 $1,657,001 $1,756,421 $1,861,806
Pagos de arrendamiento de equipos $2,000,000 $2,000,000 $2,000,000 $2,000,000 $2,000,000 $0 $0
Ingresos operativos $1,627,900 $3,307,175 $3,971,315 $4,126,982 $4,318,182 $6,012,718 $5,504,496
Interés $633,000 $628,086 $622,681 $616,735 $610,194 $603,000 $603,000
Ingresos antes de impuestos $994,900 $2,679,089 $3,348,634 $3,510,247 $3,707,988 $5,409,718 $4,901,496
Impuesto a la renta $338,266 $910,890 $1,138,535 $1,193,484 $1,260,716 $1,839,304 $1,666,509
Ingresos Netos $656,634 $1,768,199 $2,210,098 $2,316,763 $2,447,272 $3,570,414 $3,234,988

Flujos
+ Depreciación $0 $0 $0 $0 $0 $100,000 $100,000
- Reposición de equipos $0 $0 $0 $0 $500,000 $0 $0
- Inversión en cuentas por cobrar $318,002 $885,231 $1,028,926 $378,656 $466,201 $25,953 -$288,989
- Inversión en inventario (*) $213,967 $69,183 $36,711 -$129,347 -$192,036 -$456,773 -$698,689
+ Incremento en cuentas por pagar (*) $127,780 $41,510 $22,027 -$77,608 -$115,221 -$274,064 -$419,214
- Reembolsos de capital $49,139 $54,053 $59,458 $65,404 $71,945 $0 $0
Flujo de caja libre $203,306 $801,241 $1,107,030 $1,924,442 $1,485,941 $3,827,170 $3,903,452

Valor terminal - efectivo de la venta $45,289,826

(*): Cambios en el inventario y las cuentas por pagar sólo para los audífonos existentes
Harmonic Hearing Co.

Alternativa 2: Financiamiento de Capital (socio) (propuesta de Joe Fowler)

Sales Under Equity Financing
Year 1 2 3 4 5 6 7
Existing hearing aids $30,687,000 $31,454,000 $31,861,000 $30,427,000 $28,298,000 $23,234,000 $15,488,000
New hearing aids $3,236,000 $7,551,000 $10,949,000 $15,548,000 $21,456,000 $28,966,000 $39,104,000
Total sales $33,923,000 $39,005,000 $42,810,000 $45,975,000 $49,754,000 $52,200,000 $54,592,000

Alternativa 2: Financiamiento de Capital (socio)

Estado de Resultados:
CDPV - audífonos existentes $13,502,280 $13,839,760 $14,018,840 $13,387,880 $12,451,120 $10,222,960 $6,814,720
CDPV - nuevos audífonos $1,229,680 $2,869,380 $4,160,620 $5,908,240 $8,153,280 $11,007,080 $14,859,520
Ventas, generales y administrativos $12,212,280 $14,041,800 $15,411,600 $16,551,000 $17,911,440 $18,792,000 $19,653,120
Investigación y desarrollo $1,700,000 $600,000 $600,000 $600,000 $600,000 $600,000 $600,000
Depreciacion - equipo nuevo $140,000 $170,000 $180,000 $180,000 $180,000 $40,000 $10,000
Depreciacion - equipo existentes $1,167,000 $1,167,000 $1,167,000 $1,167,000 $1,167,000 $0 $0
Pago de alquiler $0 $0 $0 $0 $0 $0 $0
Pagos de arrendamiento de equipos $0 $0 $0 $0 $0 $0 $0
Ingresos operativos $3,971,760 $6,317,060 $7,271,940 $8,180,880 $9,291,160 $11,537,960 $12,654,640
Interés $0 $0 $0 $0 $0 $0 $0
Ingresos antes de impuestos $3,971,760 $6,317,060 $7,271,940 $8,180,880 $9,291,160 $11,537,960 $12,654,640
Impuesto a la renta $1,350,398 $2,147,800 $2,472,460 $2,781,499 $3,158,994 $3,922,906 $4,302,578
Ingreso Neto $2,621,362 $4,169,260 $4,799,480 $5,399,381 $6,132,166 $7,615,054 $8,352,062

Flujos
+ Depreciación - todos los equipos $1,307,000 $1,337,000 $1,347,000 $1,347,000 $1,347,000 $40,000 $10,000
- Inversión en equipos $700,000 $150,000 $50,000 $0 $0 $0 $0
- Inversión en cuentas por cobrar $1,114,058 $1,250,172 $936,030 $778,590 $929,634 $601,716 $588,432
- Inversión en inventario (*) $466,052 $405,322 $301,416 $228,915 $268,197 $128,256 $91,061
+ Incremento en cuentas por pagar (*) $279,031 $243,193 $180,849 $137,349 $160,918 $76,954 $54,637
- Reembolsos de capital $0 $0 $0 $0 $0 $0 $0
Flujo de caja libre $1,927,283 $3,943,959 $5,039,884 $5,876,225 $6,442,253 $7,002,035 $7,737,206

Valor terminal - efectivo de la venta $116,928,874

(*): Cambios en el inventario y las cuentas por pagar para los audífonos existentes y nuevos
Harmonic Hearing Co.
Transacción Inmobiliaria

Flujos de caja para Frank Thomas sin la venta del edificio y el terreno
Año 0 1 2 3 4 5 6 7
Inversión inicial -$2,100,000
Flujo de caja anual $115,477 $140,608 $167,832 $197,263 $229,023 $263,242 $300,059
Flujo de caja total -$2,100,000 $115,477 $140,608 $167,832 $197,263 $229,023 $263,242 $300,059

Valor actual neto al 15% -$1,329,653

Flujo de caja después de impuestos de la venta del año 7, necesario para obtener una tasa de rendimiento después de impuestos del 15%.
VAN adicional requerido $1,329,653
Factor de valor futuro (15%, 7 años) 2.6600
Recepciones requeridas en el año 7 $3,536,903

Precio de venta requerido en el año 7 para recibir este flujo de caja después de impuestos
Precio de compra original $10,500,000
- Depreciación acumulada $1,800,616
Valor de libro $8,699,384

Precio de venta recibido en el año 7 $11,309,628

- Valor de libro $8,699,384
Ganancia imponible por la venta $2,610,245
Tasa de impuesto sobre ganancia de 20%
capital
Impuesto pagado sobre las ganancias de $522,049
capital

Precio de venta recibido en el año 7 $11,309,628

- Impuesto pagado sobre las ganancias de $522,049
capital
- Saldo pagado de la hipoteca $7,250,677
Ingresos netos de efectivo por la venta $3,536,903
Harmonic Hearing Co.
Proporción de la propiedad del capital requerida para comprar Comet Capital

Flujos de Caja para Comet Capital

Año 0 1 2 3 4 5 6 7
Inversión inicial -$28,050,000
Flujo de caja anual $1,284,855 $2,629,306 $3,359,923 $3,917,483 $4,294,835 $4,668,023 $5,158,137
Flujo de Caja Total -$28,050,000 $1,284,855 $2,629,306 $3,359,923 $3,917,483 $4,294,835 $4,668,023 $5,158,137

Valor actual neto al 25% -$18,301,713

Flujo de caja después de impuestos de la venta del año 7, necesario para obtener una tasa de rendimiento después de impuestos del 25%.
VAN adicional requerido $18,301,713
Factor de valor futuro (25%, 7 años) 4.768372
Recepciones requeridas en el año 7 $87,269,367

Flujo de caja necesario para Comet Capital al final del año 7, para producir una tasa interna de retorno de la inversión del 25%. $87,269,367

Valor residual de la empresa al final del año 7 $116,928,874

Proporción de propiedad requerida de Comet * Valor requerido de Comet + valor residual 74.63%

Valor terminal residual al final del año 7 para Burns e Irvine $29,659,506

Proporción de propiedad residual de Burns e Irvine 25.37%

Harmonic Hearing Co.

Alternativa 1: Financiamiento de Deuda

Flujos de Caja
Año 0 1 2 3 4 5 6 7
Inversión inicial -$200,000
Flujo de caja anual $203,306 $801,241 $1,107,030 $1,924,442 $1,485,941 $3,827,170 $3,903,452
Reinversión en equipos y terreno -$11,309,628
Pago anticipado de préstamos a -$6,700,000
clientes (A/R) e inventario
Valor residual de la empresa $45,289,826
Flujo de Caja Total -$200,000 $203,306 $801,241 $1,107,030 $1,924,442 $1,485,941 $3,827,170 $31,183,649

Tasa interna de retorno 227.35%

Alternativa 2: Financiamiento de Capital (socio)

Flujos de Caja
Año 0 1 2 3 4 5 6 7
Inversión inicial -$250,000
Flujo de caja anual $1,927,283 $3,943,959 $5,039,884 $5,876,225 $6,442,253 $7,002,035 $7,737,206
Valor residual de la empresa $29,659,506
Flujo de Caja Total -$250,000 $1,927,283 $3,943,959 $5,039,884 $5,876,225 $6,442,253 $7,002,035 $37,396,712

Tasa interna de retorno 860.11%

Preguntas caso Harmonic Hearing Co.

1.- Desde el punto de vista del retorno de la Inversión del inversionista, que método de financiamiento con
tomar para la compra de la empresa. 

2.- Entendiendo que uno es dueño de acuerdo a los beneficios que obtiene de una empresa. Cuál es la pr
de propiedad de los inversionistas en el caso de financiar la compra con el fondo de inversión.  
do de financiamiento conviene

na empresa. Cuál es la proporción

de inversión.