Caso Horniman Solucionado

This spreadsheet supports STUDENT analysis of the case “Horniman Horticulture” (UVA-F-1512).
This spreadsheet was prepared by Michael J. Schill, Professor of Business Administration. Copyright © 2011 by the University of Virginia Darden School Foundation,
Charlottesville, VA. All rights reserved. For customer service inquiries, send an e-mail to [email protected]. No part of this publication may be
reproduced, stored in a retrieval system, posted to the Internet, or transmitted in any form or by any means—electronic, mechanical, photocopying, recording, or
otherwise—without the permission of the Darden School Foundation.
Rev. Nov. 2, 2016

Exhibit 1
HORNIMAN HORTICULTURE
Projected Horniman Horticulture Financial Summary (in thousands of dollars)
Crecimiento de ventas 30%

2012 2013 2014 2015 2016
Profit and loss statement
Revenue 788.5 807.6 908.2 1048.8 1363.44
Cost of goods sold 402.9 428.8 437.7 503.4 654.42
Gross profit 385.6 378.8 470.5 545.4 709.02
SG&A expense 301.2 302.0 356.0 404.5 525.85
Depreciation 34.2 38.4 36.3 40.9 46
Operating profit 50.2 38.4 78.2 100.0 137.2
Taxes 17.6 13.1 26.2 39.2 53.77064
Net profit 32.6 25.3 52.0 60.8 83.4
Balance sheet Aplica variacion de ventas

Cash 120.1 105.2 66.8 9.4 -169.3 NO (resultado del flujo)
Accounts receivable 90.6 99.5 119.5 146.4 190.32 Depnde si mantiene el perido
Inventory1 468.3 507.6 523.4 656.9 853.97 Depnde si mantiene el perido
Other current assets2 20.9 19.3 22.6 20.9 27.17 SI
Current assets 699.9 731.6 732.3 833.6 902.2
Net fixed assets3 332.1 332.5 384.3 347.9 376.9 NO, Usa el dato del CAPEX
Total assets 1032.0 1064.1 1116.6 1181.5 1279.1
Accounts payable 6.0 5.3 4.5 5.0 6.5 Depnde si mantiene el perido
Wages payable 19.7 22.0 22.1 24.4 31.72 SI
Other payables 10.2 15.4 16.6 17.9 23.27 SI
Current liabilities 35.9 42.7 43.2 47.3 61.5
Net worth (Patrimonio) 996.1 1021.4 1073.4 1134.2 1217.6 NO Agrega el resultado del p
Resultado acumulado 25.3 52.0 60.8 79.04
0.0 0.0 0.0 0
Total Pasivo y Patrimonio 1032.0 1064.1 1116.6 1181.5 1279.1
Capital expenditure 22.0 38.8 88.1 4.5 5.85
Purchases4 140.8 145.2 161.2 185.1 240.63
1
Inventory investment was valued at the lower of cost or market. The cost of inventory was
determined by accumulating the costs associated with preparing the plants for sale. Costs
that were typically capitalized as inventory included direct labor, materials (soil, water,
containers, stakes, labels, chemicals), scrap, and overhead.
2
Other current assets included consigned inventory, prepaid expenses, and assets held for
sale.
3
Net fixed assets included land, buildings and improvements, equipment, and software.
4
Purchases represented the annual amount paid to suppliers.
2012 2013 2014 2015 2016

Utilidad Neta 25.3 52.0 60.8 83.4
Depreciacion y amort 38.4 36.3 40.9 46.0
Subtotal 63.7 88.3 101.7 129.4
Variaciones KW
Accounts receivable -8.9 -20.0 -26.9 -43.9
Inventory1 -39.3 -15.8 -133.5 -197.1
Other current assets2 1.6 -3.3 1.7 -6.3
Accounts payable -0.7 -0.8 0.5 1.5
Wages payable 2.3 0.1 2.3 7.3
Other payables 5.2 1.2 1.3 5.4
Subtotal VAR KW -39.8 -38.6 -154.6 -233.1
Flujo de actividades de operación 23.9 49.7 -52.9 -103.7
Flujo de actividades de inversion -38.8 -88.1 -4.5 -75.0
Flujo de actividades de financiamiento 0 0 0 0
Flujo neto del periodo -14.9 -38.4 -57.4 -178.7

Caja inicial 120.1 105.2 66.8 9.4
Caja final 105.2 66.8 9.4 -169.3 Problema es la caja negativa
Soluciones: Reducir costos op

Aplica variacion de ventas
NO (resultado del flujo)
Depnde si mantiene el perido de cuentas por cobrar
Depnde si mantiene el perido de inventarios Si, sino usar PPI
NO, Usa el dato del CAPEX proyectado
Depnde si mantiene el perido depagos Si, sino usar PPP
NO Agrega el resultado del periodo

Problema es la caja negativa
Soluciones: Reducir costos operativos, reduciir dias de pagos

Exhibit 2
HORNIMAN HORTICULTURE
Financial Ratio Analysis and Benchmarking
2012 2013 2014 2015 2016 Benchmark1
Revenue growth 2.9% 2.4% 12.5% 15.5% (1.8)%

Gross margin (Gross profit / Revenue) 48.9% 46.9% 51.8% 52.0% 48.9%
Operating margin (Op. profit / Revenue) 6.4% 4.8% 8.6% 9.5% 7.6%
Net profit margin (Net profit / Revenue) 4.1% 3.1% 5.7% 5.8% 2.8%
Return on assets (Net profit / Total assets) 3.2% 2.4% 4.7% 5.1% 2.9%
Return on capital (Net profit / Total capital) 3.3% 2.5% 4.8% 5.4% 4.0%
Receivable days (AR / Revenue * 365) 41.9 45.0 48.0 50.9 50.9 21.8
Inventory days (Inventory / COGS * 365) 424.2 432.1 436.5 476.3 476.3 386.3
Payable days (AP / Purchases * 365) 15.6 13.3 10.2 9.9 9.9 26.9
NFA turnover (Revenue / NFA) 2.4 2.4 2.4 3.0 2.7
Benchmark figures are based on 2014 financial ratios of publicly traded horticulture producers.
1

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This spreadsheet supports STUDENT analysis of the case “Horniman Horticulture” (UVA-F-1512).

Rev. Nov. 2, 2016

Crecimiento de ventas 30%

Balance sheet Aplica variacion de ventas

2012 2013 2014 2015 2016

Flujo de actividades de inversion -38.8 -88.1 -4.5 -75.0

Flujo de actividades de financiamiento 0 0 0 0

Flujo neto del periodo -14.9 -38.4 -57.4 -178.7

Soluciones: Reducir costos op

NO, Usa el dato del CAPEX proyectado

Depnde si mantiene el perido depagos Si, sino usar PPP

NO Agrega el resultado del periodo

Soluciones: Reducir costos operativos, reduciir dias de pagos

2012 2013 2014 2015 2016 Benchmark1

Revenue growth 2.9% 2.4% 12.5% 15.5% (1.8)%

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