Anlisis del desempeo de la Firma Antonio Rodrguez Villanueva / # 1610636730 MBA5050-5009ONL, NUC University NBCTO-2020-4CC: Anlisis de los Estados Financieros Prof.: Dr. Juan Otero Serrano 07 / 12 / 2020 Tabla 1: Company Name: .............. Solvency or Debt Ratios Year 2018 Chemicals and Allied Products Industry Ratios Merck .... .... .... J&J .... .... .... 2018 0.47 0.38 -9.43 Current ratio Quick ratio Cash ratio .... .... .... .... .... .... 3.47 2.12 2.24 Profit margin ROE (Return on equity), after tax ROA (Return on assets) Gross margin Operating margin (Return on sales) Activity or Efficiency Ratios Asset turnover Receivables turnover (days) Inventory turnover (days) Price Ratios Dividend Payout Ratio .... .... .... .... .... .... .... .... .... .... -93.4% -248.5 -146.5 55.3% -42.9% .... .... .... .... .... .... 1.08 16 36 .... .... 0.15 Debt ratio Debt-to-equity ratio Interest coverage ratio Liquidity Ratios Profitability Ratios Estados Financieros Johnson & Johnson (JNJ) Balance Sheet December 31, 2018 ($ in millions) ASSETS Current Assets Cash, cash equivalents and short-term investments $19,687 Receivables 14,098 Inventory 9,549 Other current assets 2,699 Total Current Assets: 46,033 Noncurrent Assets Property, plant and equipment, net 17,035 Net Intangible assets (including goodwill) 78,064 Other noncurrent assets 11,822 Total Noncurrent Assets: 106,921 TOTAL ASSETS: $152,954 LIABILITIES AND EQUITY Liabilities Current Liabilities Accounts Payable 7,537 Accrued liabilities 11,517 Short term debt 2,800 Other noncurrent liabilities 9,376 Total current liabilities: 31,230 Noncurrent Liabilities Long-term debt and lease obligation 27,684 Liabilities, other than long-term debt (pension, deferred tax, other) 34,288 Total noncurrent liabilities: 61,972 TOTAL LIABILITIES: 93,202 Stockholders'equity Common stock 3,120 Treasury stock, value -34,362 Accumulated other comprehensive loss -15,222 Retained earnings 106,216 Total stockhholders'equity 59,752 Total Liabilities and Stockholders'Equity: $152,954 Johnson & Johnson (JNJ) Income Statement For period ending December 31, 2018 ($ in millions) Revenues Revenues, net Cost of Revenue Gross profit: Operating Expenses Operating Income: Nonoperating income (expense) Interest and debt expense Income from continuing operations before income taxes: Income tax expense Net Income available to stockholder Dividends paid to Stockholders Retained Earnings $81,581 -27,091 54,490 -34,692 19,798 -794 -1,005 17,999 -2,702 $15,297 -9,494 $5,803 ` Merck & Company, Inc. (MRK) Balance Sheet December 31, 2018 ($ in millions) ASSETS Current Assets Cash, cash equivalents and short-term investments Receivables Inventory Other current assets Total Current Assets: Noncurrent Assets Property, plant and equipment, net Net Intangible assets (including goodwill) Other noncurrent assets Total Noncurrent Assets: TOTAL ASSETS: LIABILITIES AND EQUITY Liabilities Current Liabilities Accounts Payable Accrued liabilities Short term debt Other noncurrent liabilities Total current liabilities: Noncurrent Liabilities Long-term debt and lease obligation $8,864 7,071 5,440 4,500 25,875 13,291 29,684 13,787 56,762 $82,637 3,318 3,429 5,308 10,151 22,206 19,806 Liabilities, other than long-term debt (pension, defferred tax, other) Total noncurrent liabilities: TOTAL LIABILITIES: Stockholders'equity Common stock Treasury stock, value Additional paid in capital Accumulated other comprehensive loss Retained earnings Stockholders'equity attributable to noncontrolling interest Total stockhholders'equity Total Liabilities and Stockholders'Equity: 13,743 33,549 55,755 1,788 -50,929 38,808 -5,545 42,579 181 26,882 $82,637 Merck & Company, Inc. (MRK) Income Statement For period ending December 31, 2018 ($ in millions) Revenues Revenues, net Cost of Revenue Gross profit: Operating Expenses Operating Income: Nonoperating income (expense) Interest and debt expense Other undisclosed income (loss) from continuing operations before income taxes: Income from continuing operations before income taxes: Income tax expense Net Income available to stockholder Dividends paid to Stockholders Retained Earnings 1. Calcula los indicadores financieros de las firmas para el ao 2018 y llena los espacios marcados en la tabla. (30 puntos) 2. Compara el desempeo de ambas empresas entre s, para cada uno de los indicadores calculados y determina si es necesario hacer algn ajuste o ajustes para posicionar mejor a la firma con el menor desempeo, de cara al cierre del prximo ao fiscal. Explica qu ajustes propones y por qu. (20 puntos) 3. En la Tabla 1, tambin se proveen los indicadores financieros de la industria de qu;imicos y productos relacionados (Chemicals and Allied Products) para el ao 2018. $42,294 -13,509 28,785 -20,486 8,299 402 -772 772 8,701 -2,508 $6,193 -5,172 $1,021 Esto te permitir comparar el desempeo de ambas firmas con la industria en la que compite para el mismo ao. (20 puntos) a. Entiendes que el desempeo de las firmas es superior al desempeo promedio de sus competidores en el mercado? Justifica tu respuesta. b. Qu ajustes o cambios recomendaras para hacer cada una de las firmas ms atractiva para los accionistas y dems interesados en stas? Justifica tu contestacin. 4. De tener la oportunidad, en cul de las firmas invertiras basado en el resultado de tu anlisis de ambas empresas y la comparacin con la industria? Si no invertiras, explica tus razones de acuerdo con los resultados obtenidos (15 puntos) Rev. abril 2020 Dr. Otero