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Caso Butler

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CASO
BUTLER LUMBER COMPANY

DIPLOMADO CONTROL DE GESTION UCSC

PROFESOR :
JUAN GALLEGOS M.

SITUACION DE LA EMPRESA

La situación de la empresa Butler al primer trimestre del año 1991 es la siguiente :

1. Una empresa en crecimiento en ventas, esperándose un 30% de incremento el presente año 1991, manteniendo el crecimiento del año 1990; considerando además un crecimiento de 59% durante los tres últimos años. 2. La empresa enfrenta una alta presión financiera , inicialmente por la salida del Sr. Stark que implico un importante desembolso el año 1988 y que junto al crecimiento implantado por el Sr. Butler a la compañía hace necesario tomar endeudamiento tanto con Bancos como con proveedores, lo cual a implicado un aumento de 80% de los pasivos respecto al año 1988, concentrados en 57% en pasivos corriente, generado un aumento en costos financieros de 153%; lo que redunda en una baja en la Rentabilidad sobre ventas , aumento del riesgo por aumento de leverage y disminución en la cobertura de intereses. 3. Respecto al negocio se encuentra con índices de rentabilidad estables, tanto en margen bruto como en rentabilidad de activos, con rotación de inventarios disminuyendo e incrementos de stock de 75% respecto año 1988, lo que implica un incremento de un 15% app. sobre el crecimiento en ventas del mismo periodo. 4. Una empresa con prestigio en el Mercado e involucrada en un segmento dentro del área de materiales para la construcción sin mayor fluctuación, con un pick de venta en periodo Marzo a Agosto. 5. Hay que hacer notar además que Sr. Butler mantiene un retiro anual que del año 1988 a la fecha se incremento en un 27%, lo cual esta involucrado en gastos de explotación que se ha crecieron en el mismo periodo en un 55% y que tiene una participación del 25% sobre ventas. 6. La empresa se encuentra en periodo de evaluación por parte de nuevo proveedor financiero, con el objetivo de financiar operación con aumento de líneas de capital de trabajo con créditos rotativos a 90 días.

¿QUE HACER PARA ENFRENTAR CRECIMIENTO Y SITUACION ACTUAL DE LA EMPRESA?

Definimos que hacer desde el punto de vista de administración, en base a los siguientes Objetivos de Largo Plazo :

1. Mantener Nicho Negocio, ya que es un segmento que la empresa maneja, mantiene una buena percepción de clientes y se percibe un segmento estable dentro del rubro de venta de materiales para construcción.
2. Crecimiento Controlado, manteniendo un nivel de crecimiento que pueda financiar en mayor medida con la operación del negocio y maximice utilidad, mejorando la solvencia de la empresa.
3. Mejorar Rentabilidad, logrando controlar las variables que están generando una importante carga al resultado de la empresa , gastos financieros y gastos explotación, debido a que existe la posibilidad de crecer en ingresos tanto por precio y por nivel de demanda.
4. Estructura de financiamiento basados en reinversión de utilidades y financiamiento de Largo Plazo, disminuyendo niveles de riesgo financiero y además lograr holgura en capital de trabajo.

CURSO DE ACCION :

1. Aprovechar descuentos proveedores y negociar condiciones de compras, mejorar condiciones de plazos y descuentos de compras para traspasar condiciones a clientes, disminuyendo necesidades de financiamiento y logrando mejor margen bruto por un lado y bajando costo financiero. 2. Disminuir nivel de inventario, buscando una política de venta de punto a punto, eliminando o disminuyendo necesidad de stock, con lo cual mejoraríamos gastos de almacenaje y costos de inventario. 3. Fijar nivel de crecimiento al nivel del año 1988, para mantener un nivel de crecimiento sustentable que no implique una alto apalancamiento financiero. 4. Generar política de reinversión y retiros, el cual este supeditado a un porcentaje de las utilidades, dando preferencia a la reinversión y fijando retiros del Sr. Butler en función de la eficiencia del negocio, lo cual ayudaría a financiar parte del crecimiento. 5. Reestructurar composición de financiamiento, debido a que el actual financiamiento via proveedores y deuda corto plazo genera un costo muy alto que drena utilidad del negocio. Se quiere lograr mejorar la exposición al financiamiento, por lo cual negociaríamos con banco estructurar a largo plazo deuda de corto, con lo cual financiar estructuradamente el alto crecimiento planteado para el periodo y estabilizar costos financieros. Mantener una línea de un mes de venta para financiar descalces y junto con la negociación con proveedores, financiar una crecimiento que se financie con la operación.

ANALISIS DE ESTADO FINANCIEROS DE LA EMPRESA

ACTIVOS | 1988 | VERTICAL | 1989 | VERTICAL | HORIZONTAL | TEMPORAL | 1990 | VERTICAL | HORIZONTAL | TEMPORAL | 1991- 1t | VERTICAL | Caja | 58 | 9,8% | 49 | 6,7% | -15,5% | -15,5% | 41 | 4,4% | -16,3% | -29,3% | 31 | 2,8% | CxC neto | 171 | 28,8% | 222 | 30,2% | 29,8% | 29,8% | 317 | 34,0% | 42,8% | 85,4% | 345 | 31,5% | Stocks | 239 | 40,2% | 325 | 44,2% | 36,0% | 36,0% | 418 | 44,8% | 28,6% | 74,9% | 556 | 50,8% | Total Activos Corrientes | 468 | 78,8% | 596 | 81,0% | 27,4% | 27,4% | 776 | 83,2% | 30,2% | 65,8% | 932 | 85,2% | Inmovilizado Neto | 126 | 21,2% | 140 | 19,0% | 11,1% | 11,1% | 157 | 16,8% | 12,1% | 24,6% | 162 | 14,8% | Total Activos | 594 | 100,0% | 736 | 100,0% | 23,9% | 23,9% | 933 | 100,0% | 26,8% | 57,1% | 1094 | 100,0% | | | | | | | | | | | | | | PASIVOS Y PATRIMONIO | | | | | | | | | | | | | PASIVOS | | | | | | | | | | | | | Efectos Pagar - Banco | 0 | 0,0% | 146 | 19,8% | 100,0% | 100,0% | 233 | 25,0% | 59,6% | 100,0% | 247 | 22,6% | Efectos Pagar - Sr. Stark | 105 | 17,7% | 0 | 0,0% | -100,0% | -100,0% | 0 | 0,0% | | -100,0% | 0 | | Efectos Pagar - Proveedores | 0 | 0,0% | 0 | 0,0% | | | 0 | 0,0% | | | 157 | 14,4% | Proveedores | 124 | 20,9% | 192 | 26,1% | 54,8% | 54,8% | 256 | 27,4% | | | 243 | 22,2% | Otros Acreedores | 24 | 4,0% | 30 | 4,1% | 25,0% | 25,0% | 39 | 4,2% | | | 36 | 3,3% | Porción a corto de deuda LP | 7 | 1,2% | 7 | 1,0% | 0,0% | 0,0% | 7 | 0,8% | | | 7 | 0,6% | Total Pasivos Corrientes | 260 | 43,8% | 375 | 51,0% | 44,2% | 44,2% | 535 | 57,3% | 42,7% | 105,8% | 690 | 63,1% | Deuda Largo Plazo | 64 | 10,8% | 57 | 7,7% | -10,9% | -10,9% | 50 | 5,4% | -12,3% | -21,9% | 47 | 4,3% | Total Pasivos | 324 | 54,5% | 432 | 58,7% | 33,3% | 33,3% | 585 | 62,7% | 35,4% | 80,6% | 737 | 67,4% | Fondo Propio | 270 | 45,5% | 304 | 41,3% | 12,6% | 12,6% | 348 | 37,3% | 14,5% | 28,9% | 357 | 32,6% | Total Pasivos y Patrimonio | 594 | 100,0% | 736 | 100,0% | 23,9% | 23,9% | 933 | 100,0% | 26,8% | 57,1% | 1094 | 100,0% | | | | | | | | | | | | | | ESTADO DE RESULTADO | | | | | | | | | | | | | Ventas Netas | 1697 | 100,00% | 2013 | 100,00% | 18,6% | 18,6% | 2694 | 100,0% | 33,8% | 58,8% | 718 | 100,0% | Costos Mercancias Vendidas | 1222 | 72,01% | 1437 | 71,39% | 17,6% | 17,6% | 1950 | 72,4% | 35,7% | 59,6% | 522 | 72,7% | Stock Inicial | 183 | 10,78% | 239 | 11,87% | 30,6% | 30,6% | 326 | 12,1% | 36,4% | 78,1% | 418 | 58,2% | Compras | 1278 | 75,31% | 1524 | 75,71% | 19,2% | 19,2% | 2042 | 75,8% | 34,0% | 59,8% | 660 | 91,9% | Stock final | 239 | 14,08% | 326 | 16,19% | 36,4% | 36,4% | 418 | 15,5% | 28,2% | 74,9% | 556 | 77,4% | Beneficio Bruto | 475 | 27,99% | 576 | 28,61% | 21,3% | 21,3% | 744 | 27,6% | 29,2% | 56,6% | 196 | 27,3% | Gastos Explotacion | 425 | 25,04% | 515 | 25,58% | 21,2% | 21,2% | 658 | 24,4% | 27,8% | 54,8% | 175 | 24,4% | Intereses | 13 | 0,77% | 20 | 0,99% | 53,8% | 53,8% | 33 | 1,2% | 65,0% | 153,8% | 10 | 1,4% | Beneficio antes de impuestos | 37 | 2,18% | 41 | 2,04% | 10,8% | 10,8% | 53 | 2,0% | 29,3% | 43,2% | 11 | 1,5% | Provisión Impuestos | 6 | 0,35% | 7 | 0,35% | 16,7% | 16,7% | 9 | 0,3% | 28,6% | 50,0% | 2 | 0,3% | Beneficio Neto | 31 | 1,83% | 34 | 1,69% | 9,7% | 9,7% | 44 | 1,6% | 29,4% | 41,9% | 9 | 1,3% |

INDICES FINANCIEROS

| 1988 | 1989 | 1990 | 1991-1T | | RENTABILIDAD | | | | | | MARGEN UT BRUTA | 27,99% | 28,61% | 27,62% | 27,30% | | MARGEN UT NETA | 1,83% | 1,69% | 1,63% | 1,25% | | ROE | 11,48% | 11,18% | 12,64% | | | RSA | 5,2% | 4,6% | 4,7% | | | ROTACION ACTIVOS | 2,86 | 2,74 | 2,89 | | | ENDEUDAMIENTO | | | | | | LEVERAGE | 1,20 | 1,42 | 1,68 | 2,06 | | COBERTURA INTERESES | 3,85 | 3,05 | 2,61 | 2,10 | | LIQUIDEZ | | | | | | CAPITAL DE TRABAJO | 208 | 221 | 241 | 242 | | RAZON CORRIENTE | 1,80 | 1,59 | 1,45 | 1,35 | | PRUEBA ACIDA | 0,88 | 0,72 | 0,67 | 0,54 | | ROTACION INVENTARIO vs | 5,11 | 4,42 | 4,67 | | | dias | 71,4 | 82,6 | 78,2 | | | ROTACION CXC | 9,92 | 9,07 | 8,50 | | ( *) | PPC dias | 36,78 | 40,25 | 42,95 | | | ROTACION CXP | 10,31 | 7,94 | 7,98 | | (**) | PPP dias | 35,41 | 45,98 | 45,76 | | | | | | | | | notas : | (*) se asumio todas las ventas al credito | | | | (**) se asumio todas las compras del periodo al credito | |

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