Exercises-For-The-Exam.

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Análisis de Estados Financieros

3º Grado en Administración y Dirección de Empresas

Facultad de Economía
Universitat de València

Reservados todos los derechos.

No se permite la explotación económica ni la transformación de esta obra. Queda permitida la impresión en su totalidad.
 CASES A
Balance sheet
vertical horizontal
ASSETS 232.600 = -

199.750 100% 1645% UABlUTIES EQUITY 232.600 199750

+
=
-

N-C Assets 122.100

=
-

1124505214918158% Equity 192.600

=

-
157.350

11) Intangible Assete 4.000 -5.000 =

1171% 20%
=

chone capital 156.000

=
-

135.000

computer soft. 16.000 6.000 shone premium 15.000 -12.500

-

o
=

·Amout.comp. soft 2.000 1.000 ·Legal Resene 7.600-1.850

=
-
=

Assets 104.100 98.500 44175%569% profit

II) Tangible for the period 14.000 -8.000
= -
=

Buildings 74.000 -70.000

=

Machinery 50.000 -47.500

=

Finitive 12.000 -10.000

=

N-C liabilities 32.500 -31.400 =

·Acc ·Bonds 24.500-21.400

dep 20.900 17.500
= =
-

6.000 -

7.500 oN-C dett 8.000-10.000 =

5.000 -

4.000

#H) Financial Assets 14.000 -8.950601%

=

56'42%
N-2 Inv. 14.000 -8.950=

Current
liab. 7.500
=
-

11.000
CurrentAssets 110.500 =
-

87.300 47:50% 2658% supliers

=

4.000 -

7.000

11) Inventories 61.000 51.000 =

=

26'23% 1916% otax auth

payable=500 -1.000
·Raw mat 22.500 -17.500 S-T
payalles 1.000-2.000
=
=

· WiP 10.000
=
-

7.500 o cument debt 2.000 -1.000 =

·Finished good 15.500 25.000

=

·Advances to
syl=3.000 -
1.000

(I) Trade &, other receivalles 22.000 =

-16.0009145%3715%
·Trade Receivables 20.000 =
-

15.000

·Receivalles 5.000 -3.500 =

·Impainmenthade receiv 3.000 =

-

2.500

/I) Cash and

cauhequic= 27.500 -20.300 1118213547%

B Insome statement
+financial Rew
·Inc.
from dir 500 =

Revenues 580.000
financial exp.
= -

sales return /10.000), o goods sold=590.000

=

o Interest 2.500 1.500

=
+

2095 544.500
=
-

openchared mat=250.000 0SS 40.000

=profit/loss before loup. Tax 25.500
= =

wag. 270.500 opch return 18.000)

·salones
and =
=

·changes in 15000 2.500 500)

=
+ +
-Income Tax 11.500 =

GROSS MARGIN 35.500

=

t
op. revenues
=profit/loss NetIncome 14.000
=
=

-op expenses 1.500

=

o ind
prof. Services 2.500 =

amortization 1.000 3.400 1.500 1.000

=

+
+ +

-impairments
=

3,000, gaine on PPand E =

/3.400), Ransal (2.500) =

profit/loss 29.000
=

=op.

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 oCASE Y

profitabilityanalysis

Al Economic
profitability ROA
=

company's ability to generate profitwith total Assets

its

NOPAT:financial exp.o (1-T)

Reservados todos los derechos. No se permite la explotación económica ni la transformación de esta obra. Queda permitida la impresión en su totalidad.
Income Fin
Net +

Exp.after
taxa
oROA=
leforetaxes Ip Income Tax

Total Av. Assets

profitbefore taxes

3:NOPAT 168.000 40.055 188.055 -> 41.496x/1

85167) 20055 DROA,negative
for the company, los
=

+
·year
=

on
= -

the to
eff. of managing total assets generate
179.676
*
188.055 7196%
=
015167
=

profit
347.676
2.362.308 Av. assete
/y3-y2)
=

74.256x(1
1)
39.853 214853 - 39.853
oyecnd NOPAT 175.000
=
=
= = -
+

151.844
014633
=

-214.853 10173%
=

326.004

y 2-y.1)
2.002.294 /Av. Assets

B) Financial
profitability ROE
=

the shareholders invest

profitabilityto funds they
for the

NetIncome
ROE DROE
for the company because itreflects a
negative lack
of eff. on how
=
o is

Total Av. Shareholder's Equity managers using the funds invested by shareholders.
one

This
decease due to conditions, result
can be explained the
industry as a

of applying a
competitive
strategy o due to
acc. distations lunderaled assets
3 168.000 1310%
=

oyean
=

1.281.500

175.000 1595%
·year 2
= =

1.097.000
net IMPACT OF LEVERAGE
salel/Av. assets
·ROA decomposition profit, marginx
absets
tinover ROE
ROA+/ROA-IntPatetaxi
- =

5.

decomposition
NOPAT/ netsales f. expenses v

tax
after liabilities

3:010437.1182 7196% =

o
year
profitmargin 188.055
=

=010437
oyen
3: 7196%x(7196% -

118555%)x1080808 1281500
13101
=

4.305.000
assets tunoves 4.305,000 =

-Interest Rate 20.055 =

0101855...
=

1182
=

1080808
2.362.308

oyes 6:010682.11573 10173%

=

oyea 2:10173% (1073%

+
-

4402%(x905294 151951
=

1.097.000
profitmargin 21.853 Int. Rate 39.853 084482
=
=

00682 -
=

=>

3.150.000
905294
assets
tunover 5.150.000
=

1157
2.002. 294

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Análisis de Estados Financieros
Banco de apuntes de la
 ROEdecomposition OROA+/OROA- Int. Rate
=

After taxes)
NFL
y

TOTAL
ming OROA
Ar.
Equity

B.S
Adjusted
-

operating assets
operating liab. 742.558 477.169
=

·total N-C Assets

1.065.042 893811 Acc
payable+

Reservados todos los derechos. No se permite la explotación económica ni la transformación de esta obra. Queda permitida la impresión en su totalidad.
Assets
·Crent 1188,670 1.008.156 meaned income
-cash and tanks)

financial assets financial liab. 338.258 428.125

=

ocash and banks 108.597 100.328 L-T and S-T delt

Equity1.281.500 1.097.000

oOROA=
NOPAT
> yeau 3 188.0551.511.154
=

1244% =

NOA
15109%
2
214.8531424.798
=
=

year
0 NA:

3 1.065.042 1188.670 742.558 1.511.154

year
=
- =
+

2 893811 1.008.156 477.169 1424.798 =

year
=

+ =

taxes financial exp.

·Int Rate after after taxes
=

net
financial liab. =) financial assets-fin. lialities
3 20.055
=

=873%
oyea 229653

16161
oyea2 39.853327797
=

oROEdecomes ->
year
3 12174.
=

+ (12144%. -

8173%)x229653 13101
=

1. 281.500

yea2 1589% (15109% 12:16%) 327797 1599%

= + -

x =

1.097,000

OROA=profit
odecomposition margin assets
x tun.
e i
NOPAT/sales sale/NA

121441
-OROA(y. 3) 010437x2848
0ROA(y.2) 00682x2'21 15107%
=
=
= =

profitmargin profitmargin 214.8533.150.000

=
188.055
=

=010437 =

00682
4.305.000

tunore
assets
4.305.000/1.511.154 21848 turnose
asset
3.150.000/124.798 2'21
=
=
= =

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 Turnower
Analysiso 104s penchases Ending Beg.
=
-

openchases COGS Ending Beg

=
-

Payable
movereventory
·Invent .
=penchases
Tenown Av. Acc.
payatle
days inventory days payable
3=2923900 472
year 3 2.841.000 6125 -3601 576
360/472 7627
->
=

·yeau
= =

= =

454.300 6'25
619.183

Reservados todos los derechos. No se permite la explotación económica ni la transformación de esta obra. Queda permitida la impresión en su totalidad.
year 2 2.205.000
= 574
=

>360/574 =

6271
383.500
oyea2 2.264.000 5835360/556174
=

387.919

·Receivalle sales
=

Tunover Av. Acc. Receivable

days Receivalle ·

operating cycle
->
oyea 3 4.305.000 7'16 360/716 5027
oyecn 3
576 50127 107187
= = =
= = +

600.495 60 12271
oyea2 62171
= =
+

360/61004 60
->
2 3.150.000 61004 =

yea
=

·
=

·net
564.643
operating cycle
·yea3 107187 76127 316
-
=

oyec2 122171 61174 6097

- =
=

CASE5

* Inventory =C046 Ar. In 10GS

I Pif
o ->
=

pinchases
=

Inv.

Turnover Av. Inv tunover

product ammal sales cost

price total sales

X 30.000 10 E 300.000
Inventory tmnove 1'7M 4'16
=

o
=

50.000 20 E 1.000.000 408.334

y
8653
2 80.000 5E 400.000
days Inventory 360/y.16
=
=

1'7M E

·Ar.
Inventory x 300.000 75.000
t/10t/
7.500n.
=
= =

1.000.000 200.000
·AN.
Inventory 10.000
=

y
=
=

5 20t/

26.6674
·Ar.
Inventory t 400.000 133.334
=
=
=

3
5E/u

E 408.334 44.167
=

·Receivable sales 39
days
360/Anover- days
360/219M/Acc. Receiv.)
reseiv. ->
=
=

->

tenos Av. Acc. Receivalle

139.219M) 314.167E
=

product anmal sales 1.

selling price sales
type days 368
=

X 30.000 20 =>
600.000 CASH
-

20%0
1.500.000 30 40% 12
y 50.000 30 30
days
=

=>

800.000 60 30% 18
I 80.000 10
days 60
=

I 219M 90 90 10% =9
days
=

2 39 receivable
days
=

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 ·Payatle=pinchases >360 75
days payalle ->(75.117M) 354167 Av. Acc.
payalle
=

tenor Ar. Acc.

payable /117M I 360
Acc.
payalle

5%day
ammal sales
product cost
price total pench. type
X 30.000 10 E 300.000 60
days 30
=

50.000 20 E 90 50% 90 45
1.000.000
days
=

y
2 80.000 5E 400.000 I 75
days payable
=

1'7M E

·opeating cycle 86153 39 12553 days

=
= +

net
operating cycle 125153-75 5053 days
=
=

o CASE 6

*
UQUIDITY ANALYSIS

2 5'48
year 2 7193
=

oyea
=

111 current ratio -

assets
curent 311 cash =casht manketable sec.

cument liabilities
o 1= 7'YY ration cument liabilities 1=3187
year oyea

211 Quick on =
assets
current -

Inr-Adj. oyecn 2 6144

=

Acid test
aument liabilities

oyea 5'03
1 =

B
solvency Analysis

solvency analysis Total assets oyecd 2168

=
=

Total liabilities

1 3'26
year
=

03
② profitability analysis 366618/122060
=

7
=

-
152.400x/1 -
013)
ROA N.I+=

financial exp.after taxes 855.442 106.680

=
+

101311
=

Shaditional) total
average assets 9333246

·ROE N.I
=

855.442
= 1396%
=

Itaditional) shareholder's
Equity6.129.989
asset 962.122 2.133.633 101311.
o ROA
=profitmargin x tunover= x
=

9333246
/decomposition ( V
2.133.633
net
NOPAT sales
net Av. Total
salls assets

3203257
(.1 101311. (101311. 333%) 6.129.989 131961
-

·ROE =
ROA+/ROA-Intrate = +
-

E
/decomposition( afteaxes
V
106.680 = 3'331
3203257

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 B.S IIS
Reformulating Reformulating
*

Assets 7.749.751 liab. 3177813

Operating Operating 108.504 salest other
onet revenues
=

N-S assets 6814077 =

N-C liab. + variation -

42.550

Cassets 935.674 Cliab=108.504 values

=production 3135263
=

net
penchases = -

576.760
+1
- vaciation + 22.480

Financial liablities 3.094.753

financial Assets 1.583.495 -value added 2580983

Reservados todos los derechos. No se permite la explotación económica ni la transformación de esta obra. Queda permitida la impresión en su totalidad.
= =

N-C assets 0
=
N -
C liab=2877894 -
other exp -

1543

Cassets 1583.495 C. liab 216.859 personnel 1049940

=
-
-

exp
=

=40Profit 1.529500
=

Equity 6.129.989 Dep 169.1SO

= - =-

-
Gedit
Insolv =-
5.760
SPREAD Financial
11
=No
profit
=
1.354.460
NFL
leveage $618
e Incometax =

lOROA-IntRateafter
o ROE -
OROA+ NOPAT > 948.122
EQUIT (Fexp-rev).0'3 =-
39.720 11

Idecomposition ( NOPAT

F(exp -rer) =
-

132.400
+ 39.720
N. I
=
=
855.442

0 OROA=
NOPAT 948.122
=
12'411
=

NOA 7641247

liab:7641247
sopuating assets
operating
-

spead 12'411. 6'13% 6'28%

= - =

·Int Rate After taxes financial

= =(132.400) x(1-013) =613%
exp.
NFL 1511258
aft. tax

oROE 12:41%
=
628%x1511258
+

131961
=

6129989
Idecompl Il

ter 24,65%
Impactof
=

oOROA =profitmargin x asset

turnove 948.122
=
x 2.133.633 16'411.
=

7641247
Idecompl 2.133.633

NOPAT/ sales sales

NOA

CASE 7

11/ I
half period of storage 31 same conditions
on accounts
payable

211 & 60
days period receivable

① operating + net
operating cycle
in.
penchases Ending Beg.
+
days
-

* Inventory tunowe 1043

=
=

1.827 =
153 -
360/153
=

23529

Av. Inv. 1191

↳ I
by a
half=117days inventory

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 * Receivable:sales 4.704 402 -> 89 receivalle
360/4,02 days
=
= =

tenores Av. Acc. Rece. 1.168

& 60 notes receiv.... 20%

23 days 115of 297
x It
days receivable
80%x89

* Payalle=pinchases 3193
360/3193 92 days payable
1.690
= =
- =

Inower Ar. 430 3 conditions

Acc.pay same

Reservados todos los derechos. No se permite la explotación económica ni la transformación de esta obra. Queda permitida la impresión en su totalidad.
92 232
·opeating cycle:02 235 89 344 = =
= +
-

03 117 77 194 92 102

= =
= -
+

net
operating
cycle

B UQUIDIY ANALYSIS

y.2 065
=

curent assets
ocurrent
y.2 0192 Quick/Acid cument Assets Inr-Adj. y.1 079
= =
=
= -
=

natic test
cument
aument liab
y.1=1149 liab

Cash= cah + monketallesec y.G 0107

=

oCF Ratio N. It
=

dep/amout y.G 0115

=
=

ratio
liab
cument
y.1 0'137 liab
cunent y.1 0115
=
=

SOLVENCY RATIO LEVERAGE RATIOS

total asset 2=2'11 ocument liab

y. y.2 077
= - -
=
o =

total liab.
y.1 3' to-equity y.1 044
= =

N-C liab.
y.2 0113
=

=
o

to
-equity y.1 00037
=

total liab--
y.2 098
=

to
-equity y.110'45
=

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 ② profitabilityAnalysis *
Adjusted BIS Adj. IIS
*

operating assets 7.651

operating liat. 1.196 Al
operating profit 576
= = =

N-Casets 4.609 N CO componation tax 91

=
-
= -

NOPAT
cassets 3.043
=

2 1.196
=

11 Rev. -Exp. 1012785) =

-

68151
41649 68'51
+ Tax
lenefit
=

+
Rer-Exp 246
=

financial assets 544 financial liab. 2.215 -net

profit 239

Reservados todos los derechos. No se permite la explotación económica ni la transformación de esta obra. Queda permitida la impresión en su totalidad.
=
=

N-C assets 262 =

N C 360
-
=

Cassets 202 2 1855

= =

4786
Equity
=

T 91/330 0275
=
=

253x/1 -

0275) 183 =

-
ROA 239 + 183 5151
net Income Fin. Exp. aftertaxes
=

+
=

6 =

Itaditionall Av. Total Assets 8197

ROE 41991
=teavity y
=

/traditional)

NFL
·ROE >OROA+/OROA-Int.R. after taxes ) x
EQUITy
Idecomy -> OROAl
178
v

OROA NOPAT
=

->
417 6145%
=
Fin. Exp."after taxes/NFL 101651
=

NOA 6.456 1.671

1.671
(645% 1065%) 421 341911
spread ·leverage=
=

- = - = -

4786

oROE 6145% +1 4'2%) x341911. 4199

=

-
=

OROA=profitmargin xanettunowe 6145%

=

->

decomy V

NOPAT,netsales sales
net
NOA

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 CASE 8

1. Sale
for the period 2.100/month. 3/y-sales - wholesale 5. Acc. Receivable -

months - wholuall
2.5

Renewal
every
y month 1y-sales - retailing CASA retailes
-

6. Adm. COSTS 400E/month

=

- MINIMUM CASH FUND 10%

=

suppl. credit
20%
2.
Acq. margin-ading
50% 7. (7% anual
retail
warhousing by of the =10,000
-

- one

and
hading partners dep. (
3. Distribution
cost 3% COMMISSION
=

WHOLESALERS

of selling price 8.
Delivery schides- 3.675E 110 amout.)
y.
(CASH)
4. Av.
Acq. price=1E payalle=2.5months
->
period
1.000 E
9.
Start-up exp.=
A assets
WC=cument -

cument liat.

& Ar.
Inventory 2.100 1 x 0.400E
=
=

renew alle

months in.
1
Acq. mongin ->

② Ar. Reseivalle
a
sales/month units sold total sales
o cost
p.u selling prise
(25%)
-Retail 525 1E 2 1.058
-

wholesale (75%) 1.575 It 1125 196875

2 3.018175
=

sales time
type monthly 3.937'2/3.018'75=1'Smonths
=

CASH 1.850 0
<Mowins
=

WHOLE SALE 196875 3.937'

=

AN. ACC. Receivalle 1.100 x113 2.73913

= =

③ Av. Acc.
payalle (2.100x1)
=

215 5.250
x
=

-F) 5.000
+

5.3675
=
5.000 37.184199
+ =

CM Rativ 28148%
3BREAK-EVEN
(If ere assume thatthe

Direct
of
propotion each
sales in type of tading activity
remain constant
FIXED
fixed expenses
+ indirect
fixed expences 3.72715 1.840 5.567
= =
+

a
types of expenses sales 12 MONTMS
>monthly x

VARIABLE 1.050x121968175x12

4.76523.625
B.E.P FORMULA:FIXED EXPENSES -> 5.36715 19.550 B.E.P
=
=

->
B

CONTRIBUTION MARGIN
9
28148% 400 x 12x015
4.01625
400x1x
=

23.625

sales-" C041- variable exp/commision)

·sales in
each
tiading activity
monthly
sales
%(of the total l
2
B. E.P
Selling price unit
B.E

Retail 1.050E 1.050/3.018175 3478%19.550.3478% 6.800 2E 6.800/2 3.400

= =
=
=

·wholesale 1.968175E
=

1.96875/3.018175=6522%19.558.6522% 16.7501125612.750/125 10.200

=
=

T 3.018175E 1 T 13.600
=
=

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Reservados todos los derechos. No se permite la explotación económica ni la transformación de esta obra. Queda permitida la impresión en su totalidad.