Análisis de Estados Financieros

Ejercicio: Completar las celdas resaltadas en color celeste.

Starbucks Corporation (SBUX) Income Statement

Fiscal year ends in September. USD in millions except per share data.
2,011 2,012 2,013 2,014 2,015 2,016
Revenue 10,383 9,775 10,707 11,700 13,300 14,892
Cost of revenue 8,390 4,325 4,459 4,949 5,813 6,382
Gross profit 1,993 5,450 6,248 6,751 7,487 8,510
Operating expenses 19% 56% 58% 58% 56% 57%
Sales, General and administrative 786 3,878 4,121 4,301 4,719 5,224
Restructuring, merger and acquisition 267 332 53
Other operating expenses 436 799 804 925 980 3,863
Total operating expenses 1,489 5,009 4,978 5,226 5,699 9,087
Operating income 504 441 1,270 1,525 1,788 -577

Interest Expense 53 39 33 33 33 28
Other income (expense) 9 158 198 320 305 375
Income before taxes 460 560 1,435 1,812 2,060 -230
Provision for income taxes 144 168 489 563 674 -239
Other income
Net income 316 392 946 1,249 1,386 9
31% 30% 34% 31% 33% -

Starbucks Corporation (SBUX) Balance Sheet

Fiscal year ends in September. USD in millions except per share data.
Assets 2,011 2,012 2,013 2,014 2,015 2,016
Current assets

Cash and cash equivalents 270 600 1,164 1,148 1,189 2,576
Short-term investments 52 66 286 903 848 658
Total cash 322 666 1,450 2,051 2,037 3,234
Receivables 330 271 303 386 486 561
Inventories 693 665 543 966 1,242 1,111
Deferred income taxes 234 304 230 239 277
Prepaid expenses 169 147 156 162 196 288
Total current assets 1,748 1,749 2,756 3,795 4,200 5,471
Non-current assets
Property, plant and equipment
Gross property, plant and equipment 5,717 5,701 5,889 6,163 6,903 7,782
Accumulated Depreciation -2,761 -3,164 -3,472 -3,808 -4,244 -4,582
Net property, plant and equipment 2,956 2,537 2,417 2,355 2,659 3,200
Equity and other investments 424 533 479 576 555
Goodwill 266 259 262 322 399 863
Intangible assets 67 68 71 112 144 275
Deferred income taxes 97 967
Other long-term assets 634 252 347 297 144 185
Total non-current assets 3,923 3,540 3,630 3,565 4,019 6,045
Total assets 5,671 5,289 6,386 7,360 8,219 11,516
Liabilities and stockholders' equity
Liabilities
Current liabilities
Short-term debt 714 -
Accounts payable 325 267 283 540 398 492
Taxes payable 128 100 109 138 125
Accrued liabilities 630 643 836 832 838 3,733
Deferred revenues 368 389 414 449 510 654
Other current liabilities 152 154 146 146 325 374
Total current liabilities 2,189 1,581 1,779 2,076 2,209 5,378
Non-current liabilities
Long-term debt 550 549 549 550 550 1,299
Deferred revenues 215
Minority interest 18 8 2 6 2
Other long-term liabilities 424 401 375 133 345 358
Total non-current liabilities 992 950 932 900 901 1,659
Total liabilities 3,181 2,531 2,711 2,976 3,110 7,037

Stockholders' equity
Common stock 1 1 1 1 1 1
Additional paid-in capital 39 186 146 40 39 282
Retained earnings 2,402 2,793 3,471 4,297 5,046 4,130
Accumulated other comprehensive income 48 65 57 46 23 66
Total stockholders' equity 2,490 3,045 3,675 4,384 5,109 4,479
Total liabilities and stockholders' equity 5,671 5,576 6,386 7,360 8,219 11,516

CONTROL OK

Financial ratios
1. Márgenes

Gross Margin 19% 56% 58% 58% 56% 57%

Operating Margin 5% 5% 12% 13% 13% -4%
Net Margin 3% 4% 9% 11% 10% 0%

2. Liquidez

Current ratio 0.80 1.11 1.55 1.83 1.90 1.02

Quick ratio 0.48 0.69 1.24 1.36 1.34 0.81

3. Endeudamiento
Debt /Current Assets 1.82 1.45 0.98 0.78 0.74 1.29
Debt / Total Assets 0.56 0.48 0.42 0.40 0.38 0.61
Debt / Equity 1.28 0.83 0.74 0.68 0.61 1.57
4. Rentabilidades

Return on Equity, ROE 13% 13% 26% 28% 27% 0%

Return on Debt, RD
Return on Invested Capital, ROIC

5. Rotaciones (asset utilization)

Inventory Turnover
Accounts Receivables Turnover
Total Assets Turnover
Fixed Assets Turnover
6. Mercado

# shares (Millions)
Earnings per share (EPS)
Price / Earnings

Price
 Starbucks (SBUX)
2,000
$ Millions

-
2,011 2,012 2,013 2,014 Operating income
2,015 2,016

-2,000

SBUX
100%
90%
80% Total non-current assets
70% Prepaid expenses
60% Deferred income taxes
Inventories
50% Receivables
40% Total cash
30%
20%
10%
0%
2,011 2,012 2,013 2,014 2,015 2,016
 Márgenes
SBUX
70%

60%

50% Gross Margin

Operating Margin
40%
Net Margin
30%

20%

10%

0%
2,011 2,012 2,013 2,014 2,015 2,016
-10%