SUN MICROSYSTEMS, INC

SUMMARY CONSOLIDATED STATEMENT OF INCOME (IN MILLIONS)

Years 1998-2001
Net Revenues

Cost and Expenses

Cost of Sales
Research and Development
Selling, General and Administrative
Goodwill amortization
In process Research and Development
Total Cost and Expenses

Operating Income

Gain (Loss) on Strategic Investments

Interest Income (Net)
Litigation Settlement
Income Before Taxes

Provision for Income Taxes

Cummulative Effect of changes in accounting principle, net
Net Income

Net Income per Common Share-Diluted Q#1

Shares used in the calculation of Net Income per common share-diluted

Average Stock Price

Average Book Value per Share

Pregunta N° 1: Basándose en la tabla 1, calcule el cambio porcentual anual de la

utilidad neta por acción común diluida (segunda línea numérica a partir de la parte
inferior) de 1998-1999, 1999- 2000 y 2000-2001.
 Años

2,001 % 2,000 % 1,999 %

18,250 16.1% 15,721 33.2% 11,806 19.7%

Q#3

(10,041) 33.0% (7,549) 33.1% (5,670) 20.3%

(2,016) 23.7% (1,630) 27.3% (1,280) 24.4%
(4,544) 11.6% (4,072) 27.4% (3,196) 13.1%
(261) 301.5% (65) 242.1% (19) 375.0%
(77) 541.7% (12) -90.1% (121) -31.3%
(16,939) 27.1% (13,328) 29.6% (10,286) 17.6%

1,311 -45.2% 2,393 57.4% 1,520 36.4%

(90) -143.3% 208 N/A 0

363 113.5% 170 100.0% 85 77.1%
0 0 0
1,584 -42.8% 2,771 72.6% 1,605 38.1%

(603) -34.2% (917) 59.5% (575) 41.3%

(54) 0 0
927 -50.0% 1,854 80.0% 1,030 36.4%

0.27 -50.6% 0.55 74.8% 0.31 32.2%

3,417 3,379 3,282

9.50 28.50 16.75

3.26 2.29 1.55

Entre el año 2000 y 2001 la utilidad neta por acción común diluida disminuyó 50.6% en comparación con
incrmento de 74.8% que había habido entre el año 1999 y el 2000
 1,998 %
9,862

(4,713)
(1,029)
(2,826)
(4)
(176)
(8,748)

1,114

0
48
0
1,162

(407) ÷
0
755

0.24

3,180

11.25

1.18

minuyó 50.6% en comparación con un

 SUN MICROSYSTEMS, INC
SUMMARY CONSOLIDATED STATEMENT OF INCOME (IN MILLIONS)
Years 1998-2001
Net Revenues

Cost and Expenses

Cost of Sales
Research and Development
Selling, General and Administrative
Goodwill amortization
In process Research and Development Q#3
Total Cost and Expenses

Operating Income

Gain (Loss) on Strategic Investments

Interest Income (Net)
Litigation Settlement
Income Before Taxes

Provision for Income Taxes

Cummulative Effect of changes in accounting principle, net
Net Income

Net Income per Common Share-Diluted

Shares used in the calculation of Net Income per common share-diluted

Divends per Share (Assuming a Divend payout Ratio = 60%

Total Yield per Share

Average Stock Price

Price to Book Value

Average Book Value per Share

 Años

2,001 % 2,000 % 1,999 %

18,250 100% 15,721 100% 11,806 100%

(10,041) -55.0% (7,549) -48.0% (5,670) -48.0%

(2,016) -11.0% (1,630) -10.4% (1,280) -10.8%
(4,544) -24.9% (4,072) -25.9% (3,196) -27.1%
(261) -1.4% (65) -0.4% (19) -0.2%
(77) -0.4% (12) -0.1% (121) -1.0%
(16,939) -92.8% (13,328) -84.8% (10,286) -87.1%

1,311 7.2% 2,393 15.2% 1,520 12.9%

(90) -0.5% 208 1.3% 0 0.0%

363 2.0% 170 1.1% 85 0.7%
0 0.0% 0 0.0% 0 0.0%
1,584 8.7% 2,771 17.6% 1,605 13.6%

(603) -3.3% (917) -5.8% (575) -4.9%

(54) -0.3% 0 0.0% 0 0.0%
927 5.1% 1,854 11.8% 1,030 8.7%

0.27 0.55 0.31

3,417 3,379 3,282

0.16 0.33 0.19

-50.4% 103.1% 67.7%

9.50 28.50 16.75

2.9 12.4 10.8

3.26 2.29 1.55

1,998 %
9,862 100%

(4,713) -47.8%
(1,029) -10.4%
(2,826) -28.7%
(4) 0.0%
(176) -1.8%
(8,748) -88.7%

1,114 11.3%

0 0.0%
48 0.5%
0 0.0%
1,162 11.8%

(407) -4.1%
0 0.0%
755 7.7%

0.24

3,180

0.14 60%

11.25

9.5

1.18
Análisis de la pregunta N° 1
 SUN MICROSYSTEMS, INC
CONSOLIDATED BALANCE SHEET (IN MILLIONS)
Years 1998-2001
ASSETS
Current Assets
Cash and Cash Equivalents
Short Term Investments
Account Receivable, net of Allowances of $ 410 in 2,001 & $ 534 in 2,000
Inventories
Deferred Tax Assets
Prepaid and other Current Assets
Total Current Assets

Property, Plant & Equipment, net

Long Term Investments
Goodwill, Net of Accumulated amortization of $ 349 in 2,001 & $ 88 in 2,000
Other Assets, net
Total Fixed Assets

Total Assets

Liabilities and Stockholders Equity

Current Liabilities
Short Term borrowing
Accounts Payable
Accrued payroll related liabilities
Accrued liabilities and other
Deffered revenues and customer deposits
Warranty Reserves
Income Taxes Payable
Total Current Liabilities

Deferred Income Taxes

Long Term Debt and Other Obligations
Total Debt

Commitments and Contingencies

Stockholders Equity
Preferred Stock, at $ 0.001 par value, 10 shares authorized (1 share wich has
been designated as Series A Preferred participating Stock) no shares
 issued and outstanding
Common Stock and additional paid-in capital. $ 0.00067 par value, 7,200 shares
authorized, issued: 3,536 in 2,001 and 3,495 shares in 2,000
Treasury Stock at cost: 288 in 2,001 and 301 shares in 2,000
Deferred Equity Compesantion
Retained Earnings
Accumulated other comprehensive income (loss)
Total Stockholder Equity

Total Debt and Equity

Net Worth of the company

 Años
2,001 2,000 Fuentes Usos

1,472 1,849 377

387 626 239
2,955 2,690 (265)
1,049 557 (492)
1,102 673 (429)
969 482 (487)
7,934 6,877

2,697 2,095 (602)

4,677 4,496 (181)
2,041 163 (1,878)
832 521 (311)
10,247 7,275

18,181 14,152

3 7 (4)
1,050 924 126
488 751 (263)
1,374 1,155 219
1,827 1,289 538
314 211 103
90 209 (119)
5,146 4,546

744 577 167

1,705 1,720 (15)
7,595 6,843
 0 0

6,238 2,728 3,510

(2,435) (1,438) (997)
(73.0) (15.0) (58)
6,885 5,959 926
(29.0) 75.0 (104)
10,586 7,309 44.8%

18,181 14,152
6205 -6205

10,586.0 7,309.0
 SALES

NET INCOME

Shares used in the calculation of Net Income per common share-diluted

Net Income per Common Share-Diluted

Q#1
NET INCOME PER COMMON SHARE DILUTED (Annual Percentage change)

Q#2 NET INCOME RATIO = Net Income/Net Revenue (sales)

Cost of Sales

Research and Development

Selling, General and Administrative

Goodwill amortization

In process Research and Development

Gain (Loss) on Strategic Investments

Interest Income (Net)

Litigation Settlement

Income Before Taxes

Provision for Income Taxes

MARGEN DE UTILIDAD NETA SOBRE VENTAS

ROTACIÓN ACTIVOS TOTALES

RENDIMIENTO SOBRE LOS ACTIVOS TOTALES ROA

Q. # 4
RENDIMIENTO SOBRE EL CAPITAL CONTABLE ROE

CALCULADO COMO [ ROA ¸ ( 1 - Deuda / Activos)]

Q. # 6-7
P/E RATIO The market reacted to what?

Net Income per Common Share-Diluted

Q. # 8
VALOR DE MERCADO A VALOR EN LIBROS

Algunas recomendaciones
1. Aumentar sus utilidades netas disminuyendo el % del Costo de la Mercancía Vendida
2. Controlar el financiamiento mediante acciones que debilitan el ROI
3. Recomprar acciones cada vez que sea posible ya que aumentan las UPA´s
4. Controlar el gasto de amortización del Goodwill
2,001 2,000 1,999 1,998

18,250 15,721 11,806 9,862

927 1,854 1,030 755

3,417 3,379 3,282 3,180

0.27 0.55 0.31 0.24

-50.6% 74.8% 32.2% ---

5.1% 13.1% 8.7% 7.7%

55.0% 48.0% 48.0% 47.8%

11.0% 10.4% 10.8% 10.4%

24.9% 25.9% 27.1% 28.7%

1.4% 0.4% 0.2% 0.0%

0.4% 0.1% 1.0% 1.8%

-0.5% 1.3% 0.0% 0.0%

2.0% 1.1% 0.7% 0.5%

0.0% 0.0% 0.0% 0.0%

8.7% 17.6% 13.6% 11.8%

-3.3% -5.8% -4.9% 0.0% Q. # 5

5.1% 11.8% ROA = ROTACION * MARGEN

1.0 1.1 5.1% 1.0 * 5.1%

5.1% 13.1% 13.1% 1.1 * 11.8%

8.8% 25.4%

8.8% 25.4%
35.0 51.9 53.4 47.4

0.27 0.55 0.31 0.24

2.9 12.4 10.8 9.5

 disminución porcentual del ROA

2001 -61.080248611187500%

2000
 UNILATE TEXTILES
AÑO 2001
RAZONES SELECTAS
LIQUIDEZ
CIRCULANTE 1.54

RÁPIDA O PRUEBA DE ÁCIDO 1.34

ADMINISTRACIÓN DE ACTIVOS
ROTACIÓN DE INVENTARIOS 3.13

Nº DE DÍAS DE VENTAS
PENDIENTES DE COBRO 65.67

ROTACIÓN DE ACTIVOS FIJOS 1.78

ROTACIÓN ACTIVOS TOTALES 1.00

ADMINISTRACIÓN DE DEUDAS
DE ENDEUDAMIENTO 41.8%

DEUDA A CAPITAL CONTABLE 71.7%

ROTACION DEL INTERÉS GANADO

COBERTURA DE LOS
CARGOS FIJOS

RENTABILIDAD
MARGEN DE UTILIDAD BRUTA SOBRE VENTAS 44.98%

MARGEN DE UTILIDAD NETA SOBRE VENTAS 5.08%

RENDIMIENTO SOBRE LOS ACTIVOS TOTALES ROA 5.1%

RENDIMIENTO SOBRE EL CAPITAL CONTABLE ROE 8.8%

VALOR DE MERCADO
RAZON PRECIO/UTILIDADES P/U (P/E) 35

DIVIDENDOS ANUALES 0.16

RAZON DIVIDENDOS PRECIO (DPS/P)

VALOR DE MERCADO A VALOR EN LIBROS 2.9

AÑO 2000 UNIDADES PROMEDIO DE
LA INDUSTRIA

1.51 veces 2.7

1.39 veces 1.09

2.81 veces 4.3

días
55
69.39

2.16 veces 2.35

1.11 veces 1.48

48.4% % 48%

93.6% % 69%

51.98% % 4.7

11.79% % 10.78

13.1% % 12.6

25.4% % 17.2

52 veces 28

0.33 Bl/Acc

12.4 veces 9
 OBSERVACIONES Q#3

El inventario del año 2000 no es un promedio

90% de las ventas son al crédito

Asumir una Rz Pago de Dividendos de 60%

 Allied Foods
2019 2018
ventas 19,431 14,785
Utildad Bruta 14,573 11,828 2,745
utilidad neta 927 1,854
Activos Totales 15,236 22,714

Margen bruto de Utilidad 75.0% 80.0%

Margen Neto de Utilidad 4.8% 12.5%
Rotación de Activos Totales 1.3 0.7

ROA 6.1% 8.2%

ROA DU-PONT 6.1% 8.2%
ventas
c.m.v.
u.b.