Guillermo López Dumrauf

Modelo ECO de Proyección Financiera Doctor, UBA, Ciencias Económicas

Esta planilla de cálculo contiene los índices financieros principales de Fric Rot que fueron tratados en los ejemplos del capítulo 3 de Finanzas
Corporativas, un enfoque latinoamericano (Dumrauf, Alfaomega, 2010).

Los ejemplos contienen el análisis vertical y horizontal del balance y el estado de resultados, los índices financieros y el árbol de rentabilidad
ROIC.

AL INICIO DEL ANALISIS FINANCIERO SE DEBE CONOCER EL GIRO DE NEGOCIO DE LA EMRPESA

Es la fabrica de los amortiguadores monroe
Y tambien otros equipos
Hidraulicos

EMPRESA: Fric Rot Análisis vertical Tasa de inflación 2%

B Análisis horizontal ajustado ABSOLUTO RELATIVO RATIO
1996 1997 1996 1997 Variación 1997 vs 1996
Caja y bancos 3,009,696 1,338,156 10.18% 4.52% -5.67% 44% 7.35% 1,311,393 (56) (1,671,540) (56) 0.44
Inversiones transitorias 4,230,814 5,155,090 14.32% 17.40% 3.08% 119% 15.86% 5,051,988 19 924,276 22 1.22
Cuentas a cobrar 10,785,712 9,145,087 36.50% 30.87% -5.63% 83% 33.68% 8,962,185 (17) (1,640,625) (15) 0.85
Inventarios 2,492,555 4,157,134 8.43% 14.03% 5.60% 164% 11.23% 4,073,991 63 1,664,579 67 1.67
Otros activos de corto plazo 364,906 427,675 1.23% 1.44% 0.21% 115% 1.34% 419,122 15 62,769 17 1.17
Total activo corriente 20,883,683 20,223,142 70.67% 68.26% -2.41% 95% 69.46% 19,818,679 (5) (660,541) (3) 0.97
Activos fijos 8,477,450 9,394,359 28.69% 31.71% 3.02% 109% 30.20% 9,206,472 9 916,909 11 1.11
Otros activos de largo plazo 190,158 9,850 0.64% 0.03% -0.61% 5% 0.34% 9,653 (95) (180,308) (95) 0.05
Total activo no corriente 8,667,608 9,404,209 29.33% 31.74% 2.41% 106% 30.54% 9,216,125 6 736,601 8 1.08
Activo total 29,551,291 29,627,351 100.00% 100.00% 0.00% 98% 100.00% 29,034,804 (2) 76,060 0 1.00
Deudas comerciales 3,489,866 4,552,447 11.81% 15.37% 3.56% 128% 13.59% 4,461,398 28 1,062,581 30 1.30
Otras deudas de corto plazo 1,004,965 522,464 3.40% 1.76% -1.64% 51% 2.58% 512,015 (49) (482,501) (48) 0.52
Deudas sociales y fiscales 2,489,067 1,059,020 8.42% 3.57% -4.85% 42% 6.00% 1,037,840 (58) (1,430,047) (57) 0.43
Deudas bancarias 189,201 184,148 0.64% 0.62% -0.02% 95% 0.63% 180,465 (5) (5,053) (3) 0.97
Total pasivo corriente 7,173,099 6,318,079 24.27% 21.33% -2.95% 86% 22.80% 6,191,717 (14) (855,020) (12) 0.88
Deudas bancarias 178,699 0.60% 0.00% -0.60% 0% 0.30% - (100) (178,699) (100) -
Otras deudas de largo plazo 763,214 790,539 2.58% 2.67% 0.09% 102% 2.63% 774,728 2 27,325 4 1.04
Total pasivo no corriente 941,913 790,539 3.19% 2.67% -0.52% 82% 2.93% 774,728 (18) (151,374) (16) 0.84
Pasivo total 8,115,012 7,108,618 27.46% 23.99% -3.47% 86% 25.73% 6,966,446 (14) (1,006,394) (12) 0.88
0.00% 0.00% 0.00% 0.00% - #DIV/0! - #DIV/0! #DIV/0!
Patrimonio neto 21,436,279 22,518,733 72.54% 76.01% 3.47% 103% 74.27% 22,068,358 3 1,082,454 5 1.05
Pasivo total + Patrimonio neto 29,551,291 29,627,351 100.00% 100.00% 0.00% 98% 100.00% 29,034,804 (2) 76,060 0 1.00
Control - - - - #DIV/0! #DIV/0!
ESTADO DE RESULTADOS
EMPRESA: FRIC ROC
ANALISIS HORIZONTAL ANALISIS VERTICAL
VARIACION VARIACION PROMEDIO PROMEDIO
ABSOLUTA RELATIVA RATIO % 1996 1997 SIMPLE PONDERADO
1996 1997
Ventas 42,455,245 37,515,340 (4,939,905) -13.17% 0.88 -11.64% 100.00% 100.00% 100.00% 100.00%
CMV 29,197,109 24,778,819 (4,418,290) -17.83% 0.85 -15.13% 68.77% 66.05% 67.41% 67.52%
Utilidad Bruta 13,258,136 12,736,521 (521,615) -4.10% 0.96 -3.93% 31.23% 33.95% 32.59% 32.56%
Gastos administración 3,350,235 3,470,454 120,219 3.46% 1.04 3.59% 7.89% 9.25% 8.57% 8.58%
Gastos comercialización 2,230,534 3,250,374 1,019,840 31.38% 1.46 45.72% 5.25% 8.66% 6.96% 7.28%
Resultado operativo 7,677,367 6,015,693 (1,661,674) -27.62% 0.78 -21.64% 18.08% 16.04% 17.06% 17.18%
Intereses por deudas 86,956 96,736 9,780 10.11% 1.11 11.25% 0.20% 0.26% 0.23% 0.23%
Intereses por activos 789,330 351,670 (437,660) -124.45% 0.45 -55.45% 1.86% 0.94% 1.40% 1.58%
Otros gastos 581,720 (581,720) - -100.00% 1.37% 0.00% 0.69% 1.37%
Resultado sujeto a impuestos 7,798,021 6,270,627 (1,527,394) -24.36% 0.80 -19.59% 18.37% 16.71% 17.54% 17.63%
Impuesto a las ganancias 3,047,317 2,188,173 (859,144) -39.26% 0.72 -28.19% 7.18% 5.83% 6.51% 6.62%
Ingresos extraordinarios 249,135 (249,135) - -100.00% 0.59% 0.00% 0.29% 0.59%
Utilidad neta 4,999,839 4,082,454 (917,385) -22.47% 0.82 -18.35% 11.78% 10.88% 11.33% 11.37%

Ev oluc ión de l EBIT

12

10

0% 200% 400% 600% 800% 1000% 1200%

6

0% 200% 400% 600% 800% 1000% 1200%

 Guillermo López Dumrauf
Modelo ECO de Proyección Financiera Doctor, UBA, Ciencias Económicas

EMPRESA:
FRIC ROT
ANALISIS HORIZONTAL ANALISIS VERTICAL
BALANCE GENERAL 1996 1997 ABSOLUTO RATIO AUMENTO O PORCENTAJE 1996 1997 PROMEDIO PROMEDIO 1996 1997
DISMINUCION SIMPLE PONDERADO
% INTEGRALES ARITMETICO GEOMETRICO PORCENTAJE ARITMETICO GEOMETRICO PORCENTAJE
Caja y bancos 3,009,696 1,338,156 (1,671,540) 0.4446 (0.555) (55.54) 10.18% 4.52% 7.35% 8.44%
Inversiones transitorias 4,230,814 5,155,090 924,276 1.2185 0.218 21.85 14.32% 17.40% 15.86% 16.01%
Cuentas a cobrar 10,785,712 9,145,087 (1,640,625) 0.8479 (0.152) (15.21) 36.50% 30.87% 33.68% 33.91%
Inventarios 2,492,555 4,157,134 1,664,579 1.6678 0.668 66.78 8.43% 14.03% 11.23% 11.93%
Otros activos de corto plazo 364,906 427,675 62,769 1.1720 0.172 17.20 1.23% 1.44% 1.34% 1.35%
Total activo corriente 20,883,683 20,223,142 (660,541) 0.9684 (0.032) (3.16) 70.67% 68.26% 69.46% 69.48% 13,710,584 2.91 291 13,905,063 3.20 320
Activos fijos 8,477,450 9,394,359 916,909 1.1082 0.108 10.82 28.69% 31.71% 30.20% 30.28%
Otros activos de largo plazo 190,158 9,850 (180,308) 0.0518 (0.948) (94.82) 0.64% 0.03% 0.34% 0.61%
Total activo no corriente 8,667,608 9,404,209 736,601 1.0850 0.085 8.50 29.33% 31.74% 30.54% 30.59%
Activo total 29,551,291 29,627,351 76,060 1.0026 0.003 0.26 100.00% 100.00% 100.00% 100.00%
Deudas comerciales 3,489,866 4,552,447 1,062,581 1.3045 0.304 30.45 11.81% 15.37% 13.59% 13.82%
Otras deudas de corto plazo 1,004,965 522,464 (482,501) 0.5199 (0.480) (48.01) 3.40% 1.76% 2.58% 2.84%
Deudas sociales y fiscales 2,489,067 1,059,020 (1,430,047) 0.4255 (0.575) (57.45) 8.42% 3.57% 6.00% 6.98%
Deudas bancarias 189,201 184,148 (5,053) 0.9733 (0.027) (2.67) 0.64% 0.62% 0.63% 0.63%
Total pasivo corriente 7,173,099 6,318,079 (855,020) 0.8808 (0.119) (11.92) 24.27% 21.33% 22.80% 22.89%
Deudas bancarias 178,699 (178,699) - (1.000) (100.00) 0.60% 0.00% 0.30% 0.60%
Otras deudas de largo plazo 763,214 790,539 27,325 1.0358 0.036 3.58 2.58% 2.67% 2.63% 2.63%
Total pasivo no corriente 941,913 790,539 (151,374) 0.8393 (0.161) (16.07) 3.19% 2.67% 2.93% 2.95%
Pasivo total 8,115,012 7,108,618 (1,006,394) 0.8760 (0.124) (12.40) 27.46% 23.99% 25.73% 25.84%
Patrimonio neto 21,436,279 22,518,733 1,082,454 1.0505 0.050 5.05 72.54% 76.01% 74.27% 74.32%
Pasivo total + Patrimonio neto 29,551,291 29,627,351 76,060 1.0026 0.003 0.26 100.00% 100.00% 100.00% 100.00%
Control - - -
EMPRESA:
FRIC ROT
ANALISIS HORIZO

BALANCE GENERAL 1996 1997 ABSOLUTO

Caja y bancos 3009696 1338156 -1671540

Inversiones transitorias 4230814 5155090 924276
Cuentas a cobrar 10785712 9145087 -1640625
Inventarios 2492555 4157134 1664579
Otros activos de corto plazo 364906 427675 62769
Total activo corriente 20883683 20223142 -660541
Activos fijos 8477450 9394359 916909
Otros activos de largo plazo 190158 9850 -180308
Total activo no corriente 8667608 9404209 736601
Activo total 29551291 29627351 76060
Deudas comerciales 3489866 4552447 1062581
Otras deudas de corto plazo 1004965 522464 -482501
Deudas sociales y fiscales 2489067 1059020 -1430047
Deudas bancarias 189201 184148 -5053
Total pasivo corriente 7173099 6318079 -855020
Deudas bancarias 178699 -178699
Otras deudas de largo plazo 763214 790539 27325
Total pasivo no corriente 941913 790539 -151374
Pasivo total 8115012 7108618 -1006394
Patrimonio neto 21436279 22518733 1082454
Pasivo total + Patrimonio neto 29551291 29627351 76060
Control 0 0
 ANALISIS HORIZONTAL
AUMENTO O
RATIO PORCENTAJE 1996 1997
DISMINUCION
% INTEGRALES
0.4446150043 -0.5553849957 -55.5384995694 0.1018465149 0.0451662385
1.2184629246 0.2184629246 21.8462924629 0.1431684998 0.1739976686
0.8478890406 -0.1521109594 -15.2110959388 0.3649827684 0.3086704242
1.6678203691 0.6678203691 66.7820369059 0.084346738 0.1403140632
1.1720141626 0.1720141626 17.2014162551 0.0123482253 0.0144351414
0.9683704737 -0.0316295263 -3.1629526267 0.7066927465 0.6825835357
1.1081585854 0.1081585854 10.8158585424 0.2868724077 0.3170840012
0.0517990303 -0.9482009697 -94.820096972 0.0064348458 0.0003324631
1.0849831926 0.0849831926 8.4983192595 0.2933072535 0.3174164643
1.00257383 0.00257383 0.2573830023 1 1
1.3044761604 0.3044761604 30.4476160403 0.1180952128 0.153656903
0.519882782 -0.480117218 -48.0117218013 0.0340074821 0.0176345162
0.4254686595 -0.5745313405 -57.4531340458 0.0842287059 0.0357446739
0.973292953 -0.026707047 -2.6707047003 0.0064024614 0.006215473
0.8808018682 -0.1191981318 -11.9198131798 0.2427338623 0.2132515661
0 -1 -100 0.0060470793 0
1.0358025403 0.0358025403 3.580254031 0.0258267566 0.0266827433
0.8392908899 -0.1607091101 -16.0709110077 0.0318738359 0.0266827433
0.8759836708 -0.1240163292 -12.4016329243 0.2746076982 0.2399343093
1.0504963571 0.0504963571 5.0496357134 0.7253923018 0.7600656907
1.00257383 0.00257383 0.2573830023 1 1
0
 ANALISIS VERTICAL
PROMEDIO PROMEDIO
ABSOLUTO 1996
SIMPLE PONDERADO
ARITMETICO GEOMETRICO
-1671540 0.0735063767 0.0844017969
924276 0.1585830842 0.1601010339
-1640625 0.3368265963 0.3391443017
1664579 0.1123304006 0.1193353924
62769 0.0133916833 0.0134743207
-660541 0.6946381411 0.6948318452 13710584 2.9113892057
916909 0.3019782045 0.3027532038
-180308 0.0033836544 0.0061343154
736601 0.3053618589 0.3058532004
76060 1 1
1062581 0.1358760579 0.1382253309
-482501 0.0258209991 0.028407035
-1430047 0.0599866899 0.0697573698
-5053 0.0063089672 0.0063102326
-855020 0.2279927142 0.2289269526
-178699 0.0030235396 0.0060470793
27325 0.0262547499 0.0262622768
-151374 0.0292782896 0.0295050769
-1006394 0.2572710038 0.2584170869
1082454 0.7427289962 0.7431559367
76060 1 1
 1997

PORCENTAJE ARITMETICO GEOMETRICO PORCENTAJE

291.1389205698 13905063 3.2008371532 320.0837153192