Ratios
Muebles Mexicanos
© Omega Performance Corporation. All Rights Reserved. Muebles Mexicanos 1
MMuueebblleess MMeexxiiccaannooss The following case information includes:
• Part A
Company information
• Part B
Balance sheets
Income statements
Statement of cash flow
• Part C
Industry data
• Part D
Cash flow summary
Muebles Mexicanos Part A
2 Commercial Loans to Business Online ASCB.MM.000.0113.CLB-OL.US-En.doc
CCoommppaannyy IInnffoorrmmaattiioonn Muebles Mexicanos retails rustic Mexican wooden furniture and accessories.
Tripp and Kelly Gordon founded the business 11 years ago and continue as its owners/managers today (July 20Y4). At the outset, they had one store—as the business grew, they added two more.
The furniture is inexpensively built with pine, roughly finished and accented with interesting hardware (hinges, drawer pulls, etc.). It appeals to people with second homes who desire a rustic, understated look in their furnishings. The principal selling season is between April and October.
The furniture is produced by three Mexican manufacturers, and the accessories are supplied by a variety of sources in that country. Tripp makes frequent buying trips and coordinates the stocking of all three stores, while Kelly manages staffing, marketing, and financing the business.
Recently, you ran into Tripp, an old school friend of yours, at a class reunion. The subject of business came up, and he and Kelly invited you and your spouse to visit their flagship store. You were intrigued by the casual, sawdust-on-the-floor ambience, which made it easy to believe that whatever one bought must be substantially cheaper than it would be elsewhere.
Kelly: “For our first eight or nine years, we were just about making a living selling to young couples furnishing their first homes. Then we realized that we could appeal to the upscale market as well if we positioned ourselves properly. We began advertising in some of the more exclusive periodicals, and our business simply took off! Last year, we launched a major campaign, and sales nearly doubled. This year, we have cut back on advertising, allowing word-of-mouth to do more of the job, and our unit sales are running 13 percent ahead of last year. That’s in spite of our having raised our prices 10 percent in January!”
Tripp: “It’s been a real mixed blessing for our suppliers. They’re delighted with our increased sales, but they’re hard pressed to keep up with the demand. I shouldn’t be surprised if they start raising their prices one of these days.”
Kelly: “That could present a bit of a problem for us. Most of our competitors buy from the same producers, but their markup averages 300 to 350 percent. Our principal competitive advantage is our lower prices, which we achieve by holding our markup to 150 percent. That’s still enough to turn a decent profit, but obviously a cost increase will cut more deeply into our margins than it will into theirs. Our other competitive edges are our delivery and credit policies. Delivery is free if the order is for $150 or more. Even if an order fails to meet that hurdle, our nominal charge is still quite reasonable. We offer a 50-50 credit policy for qualified customers. They pay 50% down and the balance is paid over six months, interest free.
“We enjoy an excellent relationship with our current bankers at Fourth Financial Bank, but they’re unable to offer any line of credit in excess of $500,000. At our present rate of growth, assuming that the bank will lend 50 percent of our inventory, we’ll need to borrow at least $800,000 or $900,000 next spring. If your bank can match Fourth Financial’s terms, we’d be more than willing to divide our business between you, and, if you can offer better terms, we could give you the lion’s share.
Muebles Mexicanos Part A
© Omega Performance Corporation. All Rights Reserved. Muebles Mexicanos 3
Having said that, we would keep at least a portion of our business with Fourth Financial, as they were very good to us when we were just starting out.
“Just so you have the complete picture, I do want to mention one problem we seem to be experiencing with Fourth Financial. Because, early on, we expected this to be a seasonal business, we applied for and were granted a seasonal line of credit, which has served us very well. The bank’s been good about increasing it as we’ve grown to the $500,000 I mentioned, but lately there’s been another issue. As we’ve become better known in our areas, the autumn and winter demand for our merchandise has grown even faster than our peak-season growth.”
Tripp: “Our accessories make economical but very imaginative Christmas gifts and that sort of thing, with the result that we’ve been unable to pay down our line of credit in January as we used to. It’s a nice problem to have, but the bank seems to feel it is a problem nonetheless, and has made it quite clear that they won’t accept another winter without their being fully repaid or, at least, very nearly so. We’re not at all sure what we can do about it, and we’d welcome any suggestions you might offer.”
You replied that you’d be pleased to look into their situation and asked for a copy of their recent financial statements. Kelly handed you the statements for their last three years as you were leaving, and you promised to get back to them in a few days.
The financial statements for Muebles Mexicanos follow.
Muebles Mexicanos Part B
4 Commercial Loans to Business Online © Omega Performance Corporation. All Rights Reserved.
20Y3 20Y2 20Y1 ASSETS Current assets Cash 51$ 62$ 42$ Accounts receivable 135 44 28 Inventory 317 210 173 Total current assets 503 316 243
Fixed assets Gross fixed assets 202 157 138 Less: Accumulated depreciation 115 82 73 Net fixed assets 87 75 65
Other noncurrent assets 7 2 6
TOTAL ASSETS 597$ 393$ 314$
LIABILITIES AND EQUITY Current liabilities Short-term debt $ 177 $ 103 $ 85 Current portion—LTD 4 4 4 Accounts payable 104 65 51 Accrued expenses 76 42 34 Other current liabilities 7 5 3 Total current liabilities 368 219 177
Long-term debt 4 8 12 Total liabilities 372 227 189
Owners' equity 225 166 125
TOTAL LIABILITIES AND EQUITY 597$ 393$ 314$
Muebles Mexicanos Balance Sheets
(in $000s) As At December 31:
Muebles Mexicanos Part B
© Omega Performance Corporation. All Rights Reserved. Muebles Mexicanos 5
20Y3 20Y2 20Y1
Sales 2,722$ 1,500$ 1,281$ Cost of goods sold 1,068 608 512 Gross profit 1,654 892 769
Selling, general, and administrative expense 1,307 690 584 Depreciation expense 40 24 23 Total SG&A expenses 1,347 714 607
Interest expense 39 23 21 Loss on sale of fixed assets 8 0 0 Other expenses 15 6 0 Income before taxes 245 149 141
Taxes 106 68 62
Net income 139$ 81$ 79$
Dividends 80 40 40
Retained earnings 59$ 41$ 39$
Muebles Mexicanos Income Statements
(in $000s) Years Ended December 31:
Muebles Mexicanos Part B
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OPERATING ACTIVITIES Net income 139$ Adjustments to reconcile net income to net cash provided (used) by operating activities Depreciation 40 Loss on disposition of fixed assets 8 Changes in: Accounts receivable (91) Inventory (107) Other noncurrent assets (5) Accounts payable 39 Accruals 34 Other current liabilities 2 Net cash provided by (used in) operating activities 59$
INVESTING ACTIVITIES (Purchases) of fixed assets (80)$ Proceeds of sale of fixed assets 20 Net cash provided by (used in) investing activities (60)$
FINANCING ACTIVITIES Proceeds from short-term borrowing 74$ (Payments) on long-term debt (4) Cash dividends (paid) (80) Net cash provided by (used in) financing activities (10)$
Increase (Decrease) in cash and cash equivalents (11)$
Beginning cash and cash equivalents 62$
Ending cash and cash equivalents 51$
Muebles Mexicanos Statement of Cash Flow
(in $000s) Year Ended December 31, 20Y3
Muebles Mexicanos Part C
© Omega Performance Corporation. All Rights Reserved. Muebles Mexicanos 7
20Y3 20Y2 20Y1 BALANCE SHEETS Current assets Cash and equivalents 1.8 % 2.5 % 3.2 % Accounts receivable 11.3 10.7 10.4 Inventory 52.5 53.1 47.2 Other current assets 0.9 1.5 4.4 Total current assets 66.5 67.8 65.2
Fixed assets (net) 31.8 30.4 33.5
Other noncurrent assets 1.7 1.8 1.3
TOTAL ASSETS 100.0 % 100.0 % 100.0 %
Current liabilities Short-term debt 27.1 25.8 27.4 Current maturities—LTD 2.6 2.8 2.4 Accounts payable 18.1 15.8 17.2 Accrued expenses 10.0 8.9 9.1 Total current liabilities 57.8 53.3 56.1
Long-term debt 4.6 5.1 4.4 Other noncurrent liabilities 1.0 1.2 0.7 Total liabilities 63.4 59.6 61.2
Equity and reserves 36.6 40.4 38.8
TOTAL LIABILITIES AND EQUITY 100.0 % 100.0 % 100.0 %
20Y3 20Y2 20Y1 INCOME STATEMENTS Net sales 100.0 % 100.0 % 100.0 % Cost of goods sold 23.4 22.7 24.0 Gross profit 76.6 77.3 76.0
Operating expenses 59.5 58.0 57.4 Operating profit 17.1 19.3 18.6
All other expenses 8.2 8.5 8.3 Income before taxes 8.9 % 10.8 % 10.3 %
RATIOS AND INDICATORS Current ratio (range) 1.0–1.6 1.1–1.7 1.1–1.5 Accounts receivable DOH (range) 3.0–24.0 2.0–17.0 3.0–20.0 Inventory DOH (range) 73–157 68–151 79–152
Furniture Retailers Industry Data
Muebles Mexicanos Part D
8 Commercial Loans to Business Online © Omega Performance Corporation. All Rights Reserved.
Cash Flow Summary (in $000s) Company Name: Muebles Mexicanos
+ -
A (U) S
L/E S (U)
Target Line Number 20Y2 20Y3
Sales revenue (net) (1) 1,500 2,722
Accounts receivable (2) (16) (91) Cash collected from sales (3) 1,484 2,631
Cash cost of goods sold (4) (608) (1,068) Inventory (5) (37) (107) Accounts payable (6) 14 39
Cash paid for production (7) (631) (1,136) Cash from trading activities (3) + (7) = (8) 853 1,495
Cash SG&A expense (9) (690) (1,307) Prepaid expenses (10) 0 0 Accrued expenses (11) 8 34
Cash paid for operating costs (12) (682) (1,273) Cash after operations (8) + (12) = (13) 171 222
Other income (expense) (14) (6) (15) Other current and noncurrent accounts (15) 6 (3) Income tax expense (16) (68) (106) Deferred income taxes (17) 0 0 Income taxes payable (18) 0 0
Taxes paid and other income (expense) (19) 68 (124) Net cash after operations (13) + (19) = (20) 103 98
Interest expense (21) (23) (39) Interest payable (22) 0 0 Dividends declared or owners’ withdrawals (23) (40) (80) Dividends payable (24) 0 0
Cash paid for dividends and interest (25) (63) (119) Cash after financing costs (20) + (25) = (26) 40 (21)
Current portion long-term debt (prior year) (27) (4) (4) Cash after debt amortization (26) + (27) = (28) 36 (25)
Fixed assets (29) (34) (60) Investments (30) 0 0 Intangibles (31) 0 0
Cash paid for plant and investments (32) (34) (60) Financing surplus (requirement) (28) + (32) = (33) 2 (85)
Short-term debt (notes payable) (34) 18 74 Long-term debt (35) 0 0 Preferred stock (36) 0 0 Common stock (37) 0 0 Total external financing (38) 18 74
Financing surplus (requirement) + Total external financing (33) + (38) = (39) 20 (11) PROOF: Cash and marketable securities (40) 20 (11)
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