Case 3. (40 points) Below you can find the balance sheet and the income statement of a hotel company. ASSETS 2019 10.032.598 4.671 4.671 2018 10.494.983 87.249 69.735 0 17.514 9.938.528 10.318.335 7.509.310 8.001.756 558.703 644.207 453.575 453.527 1.331.436 1.297.674 0 6.675 89.399 89.399 89.399 89.399 88.994 88.994 B. TOTAL FIXED ASSETS B.I. TOTAL INTANGIBLE FIXED ASSETS B.1.1. Start-up and expansion costs B.1.3. Ind. patents and intellect. property rights BIL TOTAL TANGIBLE FIXED ASSETS B.II.1. Land and buildings B.11.2. Plant and machinery B.11.3. Ladust and commercial equipment B.11.4. Other assets B.11.5. Additions in progress and advances B.III. TOTAL FINANCIAL FIXED ASSETS B.111.1. Total equity investments B.III.1 a Subsidiary companies B.III.1.d.bis. Other companies C. TOTAL CURRENT ASSETS C.I. TOTAL INVENTORIES C.1.1. Raw and consumable materials C.1.5. Advances C.II. TOTAL RECEIVABLES C.11.1. Trade accounts C.II.1. Trade accounts - beyond 12 months C.11.2. Due from subs. comp. C.11.2. Due from subs. comp. - beyond 12 months C.11.5.bis. Tax receivables C.11.5.bis. Tax receiv - beyond 12 months C.11.5.quater Beceix due from others 405 405 3.946.889 3.525.185 111.715 101.035 104.234 101.035 7.481 0 1.433.955 1.322.080 24.010 101.789 0 0 50.000 100.000 0 0 256.439 301.943 0 0 132 266 991.499 2.513.094 929.957 1.990.195 1.984.497 2.510.776 C.11.5.quater. Beceix due from others - beyond 12 months C.IV. TOTAL LIQUID FUNDS C.IV.1. Bank and postal deposits C.IV.2. Checks C.IV.3. Cash and cash equivalents D. TOTAL ACCRUED INCOME AND PREPAID EXPENSES TOTAL ASSETS 0 0 2.318 5.698 37.338 46.511 14.016.825 14.066.679 2019 7.632.870 2018 7.063.487 Liabilities A. TOTAL SHAREHOLDERS' FUNDS B. TOTAL PROVISIONS FOR RISKS AND CHARGES C. SEVERANCE INDEMNITY RESERVE D. TOTAL PAYABLES 0 0 1.225.216 5.091.650 1.188.340 5.722.715 900.000 2.100.000 900.000 3.000.000 230 0 0 0 669.372 856.487 0 0 335.282 0 0 0 D.4. Due to banks D.4. Due to banks - beyond 12 months D.6. Advances D.6. Advances - beyond 12 months D.7. Due to suppliers D.7. Due to suppliers - beyond 12 months D.8. Negotiable instruments D.8. Negotiable instruments - beyond 12 months D.12. Tax payable D.12. Tax payable beyond 12 months D.13. Due to social security institutions D.13. Due to social security institutions - beyond 12 months D.14. Other payables D.14. Other payables beyond 12 months E. TOTAL ACCRUED EXPENSES AND DEFERRED INCOME TOTAL LIABILITIES AND SHAREHOLDERS' FUNDS 0 249.240 0 0 70.437 62.663 0 0 0 0 1.016.559 654.095 67.089 92.137 14.016.825 14.066.679 2019 2018 PROFIT LOSS ACCOUNTS A. TOTAL REVENUES B. TOTAL PRODUCTION COSTS 12.573.759 11.845.320 11.735.648 11.364.714 1.598.677 1.568.957 3.894.133 3.684.548 19.644 16.374 4.210.910 B.6. Raw, consum mat. and goods for resale B.7. Services B.8. Use of third parties assets B.9. Total personnel costs B.10. Total depreciation, amortization and writedawos B.11. Change in inventory of raw and consumable materials B.12. Provisions for risks and charges B.13. Other provisions B.14. Other operating expenses 4.458.575 1.207.640 1.319.708 -3.199 -2.999 0 0 30.000 30.000 537.216 530.178 OPERATING MARGIN 838.111 480.606 C. TOTAL FINANCIAL INCOME AND CHARGES -18.580 -23.230 819.531 457.376 PROFIT/LOSS BEFORE TAXATION 20. Total current, deferred and prepaid income taxes 21. PROFIT (LOSS) 250.148 175.452 569.383 281.924 Using the information above: 1. Calculate the cash flow from operations (9 points) 2. Calculate the cash flow from working capital management (9 points) 3. Calculate the cash flow from investing activities (9 points) 4. Calculate the cash flow from financing activities (9 points) 5. Calculate the change in the cash holdings position from the end of 2018 until the end of 2019. (4 points) Case 3. (40 points) Below you can find the balance sheet and the income statement of a hotel company. ASSETS 2019 10.032.598 4.671 4.671 2018 10.494.983 87.249 69.735 0 17.514 9.938.528 10.318.335 7.509.310 8.001.756 558.703 644.207 453.575 453.527 1.331.436 1.297.674 0 6.675 89.399 89.399 89.399 89.399 88.994 88.994 B. TOTAL FIXED ASSETS B.I. TOTAL INTANGIBLE FIXED ASSETS B.1.1. Start-up and expansion costs B.1.3. Ind. patents and intellect. property rights BIL TOTAL TANGIBLE FIXED ASSETS B.II.1. Land and buildings B.11.2. Plant and machinery B.11.3. Ladust and commercial equipment B.11.4. Other assets B.11.5. Additions in progress and advances B.III. TOTAL FINANCIAL FIXED ASSETS B.111.1. Total equity investments B.III.1 a Subsidiary companies B.III.1.d.bis. Other companies C. TOTAL CURRENT ASSETS C.I. TOTAL INVENTORIES C.1.1. Raw and consumable materials C.1.5. Advances C.II. TOTAL RECEIVABLES C.11.1. Trade accounts C.II.1. Trade accounts - beyond 12 months C.11.2. Due from subs. comp. C.11.2. Due from subs. comp. - beyond 12 months C.11.5.bis. Tax receivables C.11.5.bis. Tax receiv - beyond 12 months C.11.5.quater Beceix due from others 405 405 3.946.889 3.525.185 111.715 101.035 104.234 101.035 7.481 0 1.433.955 1.322.080 24.010 101.789 0 0 50.000 100.000 0 0 256.439 301.943 0 0 132 266 991.499 2.513.094 929.957 1.990.195 1.984.497 2.510.776 C.11.5.quater. Beceix due from others - beyond 12 months C.IV. TOTAL LIQUID FUNDS C.IV.1. Bank and postal deposits C.IV.2. Checks C.IV.3. Cash and cash equivalents D. TOTAL ACCRUED INCOME AND PREPAID EXPENSES TOTAL ASSETS 0 0 2.318 5.698 37.338 46.511 14.016.825 14.066.679 2019 7.632.870 2018 7.063.487 Liabilities A. TOTAL SHAREHOLDERS' FUNDS B. TOTAL PROVISIONS FOR RISKS AND CHARGES C. SEVERANCE INDEMNITY RESERVE D. TOTAL PAYABLES 0 0 1.225.216 5.091.650 1.188.340 5.722.715 900.000 2.100.000 900.000 3.000.000 230 0 0 0 669.372 856.487 0 0 335.282 0 0 0 D.4. Due to banks D.4. Due to banks - beyond 12 months D.6. Advances D.6. Advances - beyond 12 months D.7. Due to suppliers D.7. Due to suppliers - beyond 12 months D.8. Negotiable instruments D.8. Negotiable instruments - beyond 12 months D.12. Tax payable D.12. Tax payable beyond 12 months D.13. Due to social security institutions D.13. Due to social security institutions - beyond 12 months D.14. Other payables D.14. Other payables beyond 12 months E. TOTAL ACCRUED EXPENSES AND DEFERRED INCOME TOTAL LIABILITIES AND SHAREHOLDERS' FUNDS 0 249.240 0 0 70.437 62.663 0 0 0 0 1.016.559 654.095 67.089 92.137 14.016.825 14.066.679 2019 2018 PROFIT LOSS ACCOUNTS A. TOTAL REVENUES B. TOTAL PRODUCTION COSTS 12.573.759 11.845.320 11.735.648 11.364.714 1.598.677 1.568.957 3.894.133 3.684.548 19.644 16.374 4.210.910 B.6. Raw, consum mat. and goods for resale B.7. Services B.8. Use of third parties assets B.9. Total personnel costs B.10. Total depreciation, amortization and writedawos B.11. Change in inventory of raw and consumable materials B.12. Provisions for risks and charges B.13. Other provisions B.14. Other operating expenses 4.458.575 1.207.640 1.319.708 -3.199 -2.999 0 0 30.000 30.000 537.216 530.178 OPERATING MARGIN 838.111 480.606 C. TOTAL FINANCIAL INCOME AND CHARGES -18.580 -23.230 819.531 457.376 PROFIT/LOSS BEFORE TAXATION 20. Total current, deferred and prepaid income taxes 21. PROFIT (LOSS) 250.148 175.452 569.383 281.924 Using the information above: 1. Calculate the cash flow from operations (9 points) 2. Calculate the cash flow from working capital management (9 points) 3. Calculate the cash flow from investing activities (9 points) 4. Calculate the cash flow from financing activities (9 points) 5. Calculate the change in the cash holdings position from the end of 2018 until the end of 2019. (4 points)