Question
CASE: Using the Financial Statements presented below (both for fiscal years ended December 31 of each year), answer each of the following questions: 1) On
CASE:
Using the Financial Statements presented below (both for fiscal years ended December 31 of each year), answer each of the following questions:
1) On January 2, 2022, the bank you work for receives a credit application. "Copito" S.p.A., a company that is mainly dedicated to the sale of clothing and, to a lesser extent, to the sale of electronics (televisions, audio equipment, personal computers, etc.) and white goods (kitchens, refrigerators, washing machines and the like), has requested a loan of $ 200,000,000.- payable in a one-year term (as of January 2, 2023) in a single installment that will include capital and interest. In your capacity as the bank's credit committee, would you or would you not grant requested credit? (explain your decision with arguments)
2) In your capacity as the company's board of directors, what aspects of management attract your attention? If necessary, what steps would you take?
NOTE: In the development of this question you must explain the interpretation of the data on which they base | base your analysis and open (show calculation detail). If you use criteria for calculation purposes, you must record them.
ACTIVOS Assets 2021 (en M$) 2020 (en M$) 5.678.915 O Disponible Available Depsitos a plazo Time deposits Valores negociables (neto) Negotiable values(net) Deudores por venta (neto) Debtors for sale(net) Documentos por cobrar (neto) Documents receivable (net) Deudores varios (neto) Several debtors(net) Existencias (neto) Stocks(net) Impuestos por recuperar Taxes to be recovered Gastos pagados por anticipado Prepaid expenses Impuestos diferidos Deferred taxes Otros activos circulantes Other current assets TOTAL ACTIVOS CIRCULANTES Total current assets 69.903.525 414.784.451 2.329.086 735.007 36.630.418 8.958.433 1.925.768 15.606.355 368.620 556.920.578 6.840.305 11.078.467 31.175.251 284.924.827 1.642.595 5.197.818 40.375-370 3.170.940 3.212.209 9.464.414 426.354 397.508.550 Terrenos Land Construccin y obras de infraestructura Construction and infrastructure works Otros activos fijos Other fixed assets Depreciacin (menos) Depreciation (less) TOTAL ACTIVOS FIJOS Total fixed assets 2.618,565 4.053.444 106.012.342 (47.974.998) 64.709.353 2.618.565 4.053.444 102.552.279 (38.619.395) 70.604.893 2.225.629 2.052.370 (583.254) 122.018.969 0 Menor valor de inversiones Lower investment value Mayor valor de inversiones (menos) Higher investment value (less) Deudores a largo plazo Long-term debtors Impuestos diferidos a largo plazo Long-term deferred taxes Intangibles Intangibles Amortizacin (menos) Amortization (less) 137.144.855 3.646.868 649.641 (364.074) 2.102.342 145.405.261 710.010 (385.950) 1.893.162 125.705-307 Otros others TOTAL OTROS ACTIVOS Total other assets TOTAL ACTIVOS Total assets 747.335.238 613.518.704 PASIVOS Passives 2021 (en MS) 2020 (en M$) 78.091.038 513.719 0 Short-term obligations with Obligaciones con bancos e instituciones financieras a corto plazo banks and financial institutions 117.079,073 Long-term and short-term obligations with banks and financial institutions 1.428.185 Obligaciones con el pblico (pagars) Obligations to the public (promissory note) 24.612.526 Obligations to the public - short-term portion Obligaciones con el pblico porcin corto plazo (bonos) (bonds) 1.199.004 Obligaciones largo plazo con vencimiento dentro un ao Long-term obligations due within one year 283.200 Dividendos por pagar Dividends payable 13.610 Cuentas por pagar Debts to pay 27.883-466 Documentos por pagar Documents to pay 2.197803 Acreedores varios Various creditors 13.203.210 Documentos y cuentas por pagar empresas relacionadas Documents and accounts payable related companies 162.452 Provisiones Provisions 4.164.876 Retenciones Withholdings 10.492.789 TOTAL PASIVOS CIRCULANTES Total current liabilities 202.720.194 1.199.916 262.553 10.070 35-490.561 2.558.638 13.427.881 105.888 3-383.401 8.676.510 143.720.175 94.923-431 146.714.126 5725.621 Obligaciones con bancos e instituciones financieras Obligations with banks and financial institutions Obligaciones con el pblico largo plazo (bonos) Long-term obligations to the public (bonds) Acreedores varios largo plazo Long-term various creditors Impuestos diferidos a largo plazolong-term deferred tax Otros pasivos a largo plazo Other long-term liabilities TOTAL PASIVOS A LARGO PLAZO Total long-term liabilities 60.576.816 151.155.138 5.437.973 3.740.050 89.843 220.999.820 o 97-439 247.460.617 INTERES MINORITARIO Minority interest 13 785.686 Capital pagado Paid-in capital Sobreprecio en venta de acciones propias Surcharge on sale of treasury shares Otras reservas Other reserves Utilidades acumuladas Acumulated utilities Utilidad (prdida) del ejercicio Net income (loss) for the year TOTAL PATRIMON Total assets 126.649.362 43.553.013 967-488 106.668.520 45-776.828 323.615.211 78.681.450 24.462.397 522.721 81.377.060 36.508.598 221.552.226 TOTAL PASIVOS Total liabilities 747.335.238 613-518.704 Statement of income ESTADO DE RESULTADOS 2021 (en M$) 2020 (en M$) Ingresos de explotacin operating income Costos de explotacin (menos) Exploitation costs (less) MARGEN DE EXPLOTACION Operating margin Gastos de administracin y ventas (menos) Administration and sales expenses (less) 440.876.103 (282.214.030) 158.662.073 (97.780.516) 435.286.301 (258.505.263) 176.781.038 (98.458.130) RESULTADO DE EXPLOTACION Result of exploitation Ingresos financieros Financial income Otros ingresos fuera de la explotacin Other off-farm income Amortizacin menor valor de inversiones (menos) Amortization lower value of investments (less) Gastos financieros (menos) financial expenses (less) Otros egresos fuera de la explotacin (menos) other out-of-farm expenses (less) Correccin monetaria Monetary correction Diferencias de cambio Exchange differences 60.881.557 1.417-479 319.682 (225.203) (21.337.103) (44.479) 7.072.691 5-415-358 78.322.908 3.705.533 40.616 (230.238) (16.798.380) (32.496) (20.950.050) 155-25 RESULTADO FUERA DE EXPLOTACION Out of Exploitation Result (7.381.575) Result before income tax and extraordinary Resultado antes de Impuesto a la renta e temes extraordinarios items 53.499.982 (34.109.764) 44.213.144 Impuesto a la renta Income tax (7.756.186) (7.520.917) 45.743.796 UTILIDAD ANTES DE INTERES MINORITARIO Income before minority interest Interes Minoritario Minority interest UTILIDAD LIQUIDA liquid utility 33.032 45.776.828 36.692.227 (183.629) 36.508.598 ESTADO DE FLUJO EFECTIVO - DIRECTO Cash flow statement - direct 2021 (en M$) 2020 (en M$) Recaudacin de deudores por venta collection of debtors by sale Ingresos financieros percibidos financial income received Otros ingresos percibidos other income received Pago a proveedores y personal(menos) payment to suppliers and staff (less) Intereses pagados (menos) interest paid (less) Impuesto a la renta pagado (menos) income tax paid (less) Otros gastos pagados (menos) other expenses paid (less) 1.V.A. y otros similares pagados (menos) VAT. and other similar paid (less) FLUJO NETO UTILIZADO EN ACTIVIDADES DE LA OPERACION Net cash flow neutralized in operating activities 407-558.870 4.872.206 1.872.164 (429.335.771) (10.770.868) (781.757) (709.136) (17.172.963) (44.467.255) 407.455-704 3:380-474 1.891.673 (445-797-309) (7.879-570) (1.718.832) (8.280.344 (15513-361) (66.461.565) 0 96.725.59 0 Colocacin de acciones de pago placement of payment shares 67.395.851 Obtencin de prstamos obtaining loans 50.537.687 Obligaciones con el pblico obligation with the public 28.96 4.622 Pago de dividendos (menos) dividend payment (less) (11.250.891) Pago de prstamos (menos) loan repayment (less) (55.500.532) Pago de obligaciones con el pblico (menos) payment of obligations with the public (less) (5-383.260) FLUJO NETO ORIGINADO POR ACTIVIDADES DE FINANCIAMIENTO Net cash flow from financing activities 74.763-477 (9.914.461) (45.941.915) (5.152.923) 35.716.292 Ventas de activo fijo asset sales said Incorporcin de activos fijos (menos) incorporation of fixed assets (less) Otros desembolsos de inversin (menos) other investment outlays (less) FLUJO NETO UTILIZADO EN ACTIVIDADES DE INVERSION Net cash flow used in investing activities 6.418 (3.811.850) (1.158.119) (4.963.551) 2.238 (14.758.599) (715.709) (15.472.070) FLUJO NETO TOTAL DEL PERIODO Total net cash flow for the period 25.332.671 (46.217.343) Efecto de la Inflacion sobre el efectivo y efectivo equivalente Effect of inflation on cash and cash equivalents 1.155.746 Variacion neta del efectivo y efectivo equivalente Net change in cash and cash equivalents 26.488.417 SALDO INICIAL DE EFECTIVO Y EFECTIVO EQUIVALENTE Beginning Cash Balance and Cash Equivalent 49.094.023 SALDO FINAL DE EFECTIVO Y EFECTIVO EQUIVALENTE ending balance of cash and cash equivalents 75.582.440 (8.482.712) (54.700.055) 103.794.078 49.094.023 ACTIVOS Assets 2021 (en M$) 2020 (en M$) 5.678.915 O Disponible Available Depsitos a plazo Time deposits Valores negociables (neto) Negotiable values(net) Deudores por venta (neto) Debtors for sale(net) Documentos por cobrar (neto) Documents receivable (net) Deudores varios (neto) Several debtors(net) Existencias (neto) Stocks(net) Impuestos por recuperar Taxes to be recovered Gastos pagados por anticipado Prepaid expenses Impuestos diferidos Deferred taxes Otros activos circulantes Other current assets TOTAL ACTIVOS CIRCULANTES Total current assets 69.903.525 414.784.451 2.329.086 735.007 36.630.418 8.958.433 1.925.768 15.606.355 368.620 556.920.578 6.840.305 11.078.467 31.175.251 284.924.827 1.642.595 5.197.818 40.375-370 3.170.940 3.212.209 9.464.414 426.354 397.508.550 Terrenos Land Construccin y obras de infraestructura Construction and infrastructure works Otros activos fijos Other fixed assets Depreciacin (menos) Depreciation (less) TOTAL ACTIVOS FIJOS Total fixed assets 2.618,565 4.053.444 106.012.342 (47.974.998) 64.709.353 2.618.565 4.053.444 102.552.279 (38.619.395) 70.604.893 2.225.629 2.052.370 (583.254) 122.018.969 0 Menor valor de inversiones Lower investment value Mayor valor de inversiones (menos) Higher investment value (less) Deudores a largo plazo Long-term debtors Impuestos diferidos a largo plazo Long-term deferred taxes Intangibles Intangibles Amortizacin (menos) Amortization (less) 137.144.855 3.646.868 649.641 (364.074) 2.102.342 145.405.261 710.010 (385.950) 1.893.162 125.705-307 Otros others TOTAL OTROS ACTIVOS Total other assets TOTAL ACTIVOS Total assets 747.335.238 613.518.704 PASIVOS Passives 2021 (en MS) 2020 (en M$) 78.091.038 513.719 0 Short-term obligations with Obligaciones con bancos e instituciones financieras a corto plazo banks and financial institutions 117.079,073 Long-term and short-term obligations with banks and financial institutions 1.428.185 Obligaciones con el pblico (pagars) Obligations to the public (promissory note) 24.612.526 Obligations to the public - short-term portion Obligaciones con el pblico porcin corto plazo (bonos) (bonds) 1.199.004 Obligaciones largo plazo con vencimiento dentro un ao Long-term obligations due within one year 283.200 Dividendos por pagar Dividends payable 13.610 Cuentas por pagar Debts to pay 27.883-466 Documentos por pagar Documents to pay 2.197803 Acreedores varios Various creditors 13.203.210 Documentos y cuentas por pagar empresas relacionadas Documents and accounts payable related companies 162.452 Provisiones Provisions 4.164.876 Retenciones Withholdings 10.492.789 TOTAL PASIVOS CIRCULANTES Total current liabilities 202.720.194 1.199.916 262.553 10.070 35-490.561 2.558.638 13.427.881 105.888 3-383.401 8.676.510 143.720.175 94.923-431 146.714.126 5725.621 Obligaciones con bancos e instituciones financieras Obligations with banks and financial institutions Obligaciones con el pblico largo plazo (bonos) Long-term obligations to the public (bonds) Acreedores varios largo plazo Long-term various creditors Impuestos diferidos a largo plazolong-term deferred tax Otros pasivos a largo plazo Other long-term liabilities TOTAL PASIVOS A LARGO PLAZO Total long-term liabilities 60.576.816 151.155.138 5.437.973 3.740.050 89.843 220.999.820 o 97-439 247.460.617 INTERES MINORITARIO Minority interest 13 785.686 Capital pagado Paid-in capital Sobreprecio en venta de acciones propias Surcharge on sale of treasury shares Otras reservas Other reserves Utilidades acumuladas Acumulated utilities Utilidad (prdida) del ejercicio Net income (loss) for the year TOTAL PATRIMON Total assets 126.649.362 43.553.013 967-488 106.668.520 45-776.828 323.615.211 78.681.450 24.462.397 522.721 81.377.060 36.508.598 221.552.226 TOTAL PASIVOS Total liabilities 747.335.238 613-518.704 Statement of income ESTADO DE RESULTADOS 2021 (en M$) 2020 (en M$) Ingresos de explotacin operating income Costos de explotacin (menos) Exploitation costs (less) MARGEN DE EXPLOTACION Operating margin Gastos de administracin y ventas (menos) Administration and sales expenses (less) 440.876.103 (282.214.030) 158.662.073 (97.780.516) 435.286.301 (258.505.263) 176.781.038 (98.458.130) RESULTADO DE EXPLOTACION Result of exploitation Ingresos financieros Financial income Otros ingresos fuera de la explotacin Other off-farm income Amortizacin menor valor de inversiones (menos) Amortization lower value of investments (less) Gastos financieros (menos) financial expenses (less) Otros egresos fuera de la explotacin (menos) other out-of-farm expenses (less) Correccin monetaria Monetary correction Diferencias de cambio Exchange differences 60.881.557 1.417-479 319.682 (225.203) (21.337.103) (44.479) 7.072.691 5-415-358 78.322.908 3.705.533 40.616 (230.238) (16.798.380) (32.496) (20.950.050) 155-25 RESULTADO FUERA DE EXPLOTACION Out of Exploitation Result (7.381.575) Result before income tax and extraordinary Resultado antes de Impuesto a la renta e temes extraordinarios items 53.499.982 (34.109.764) 44.213.144 Impuesto a la renta Income tax (7.756.186) (7.520.917) 45.743.796 UTILIDAD ANTES DE INTERES MINORITARIO Income before minority interest Interes Minoritario Minority interest UTILIDAD LIQUIDA liquid utility 33.032 45.776.828 36.692.227 (183.629) 36.508.598 ESTADO DE FLUJO EFECTIVO - DIRECTO Cash flow statement - direct 2021 (en M$) 2020 (en M$) Recaudacin de deudores por venta collection of debtors by sale Ingresos financieros percibidos financial income received Otros ingresos percibidos other income received Pago a proveedores y personal(menos) payment to suppliers and staff (less) Intereses pagados (menos) interest paid (less) Impuesto a la renta pagado (menos) income tax paid (less) Otros gastos pagados (menos) other expenses paid (less) 1.V.A. y otros similares pagados (menos) VAT. and other similar paid (less) FLUJO NETO UTILIZADO EN ACTIVIDADES DE LA OPERACION Net cash flow neutralized in operating activities 407-558.870 4.872.206 1.872.164 (429.335.771) (10.770.868) (781.757) (709.136) (17.172.963) (44.467.255) 407.455-704 3:380-474 1.891.673 (445-797-309) (7.879-570) (1.718.832) (8.280.344 (15513-361) (66.461.565) 0 96.725.59 0 Colocacin de acciones de pago placement of payment shares 67.395.851 Obtencin de prstamos obtaining loans 50.537.687 Obligaciones con el pblico obligation with the public 28.96 4.622 Pago de dividendos (menos) dividend payment (less) (11.250.891) Pago de prstamos (menos) loan repayment (less) (55.500.532) Pago de obligaciones con el pblico (menos) payment of obligations with the public (less) (5-383.260) FLUJO NETO ORIGINADO POR ACTIVIDADES DE FINANCIAMIENTO Net cash flow from financing activities 74.763-477 (9.914.461) (45.941.915) (5.152.923) 35.716.292 Ventas de activo fijo asset sales said Incorporcin de activos fijos (menos) incorporation of fixed assets (less) Otros desembolsos de inversin (menos) other investment outlays (less) FLUJO NETO UTILIZADO EN ACTIVIDADES DE INVERSION Net cash flow used in investing activities 6.418 (3.811.850) (1.158.119) (4.963.551) 2.238 (14.758.599) (715.709) (15.472.070) FLUJO NETO TOTAL DEL PERIODO Total net cash flow for the period 25.332.671 (46.217.343) Efecto de la Inflacion sobre el efectivo y efectivo equivalente Effect of inflation on cash and cash equivalents 1.155.746 Variacion neta del efectivo y efectivo equivalente Net change in cash and cash equivalents 26.488.417 SALDO INICIAL DE EFECTIVO Y EFECTIVO EQUIVALENTE Beginning Cash Balance and Cash Equivalent 49.094.023 SALDO FINAL DE EFECTIVO Y EFECTIVO EQUIVALENTE ending balance of cash and cash equivalents 75.582.440 (8.482.712) (54.700.055) 103.794.078 49.094.023
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