Beneficio, flujos, balance reducido y RNC - resta negociada de cuadre (Net Income, Cash Flows, Reduced Balance Sheet and Working Capital Requirements)

10 Pages Posted: 14 Apr 2006 Last revised: 17 Jan 2018

See all articles by Pablo Fernandez

Pablo Fernandez

University of Navarra - IESE Business School

Isabel Fernández Acín

University of Navarra - University of Navarra, Students

Pablo Linares

University of Navarra, IESE Business School

Date Written: November 6, 2017

Abstract

Spanish Abstract: Se presenta el caso de Madera Inc y se calculan los distintos flujos. El Cash flow para las acciones (CFac) es el dinero que sale de la caja y llega al bolsillo de los accionistas. El FCF (free cash flow) es el CFac de la empresa en el caso de que ésta no tuviera deuda. El cash flow para los poseedores de deuda se compone de la suma de los intereses más la devolución de principal (o menos el incremento de principal).

También se calcula el balance reducido y la RNC (Resta Negociada de Cuadre) que permiten interpretar la contabilidad más ágilmente.

Se plantean las siguientes preguntas: ¿El dividendo, procede del beneficio? ¿Dónde están los beneficios retenidos? ¿Qué es la amortización?

English Abstract: We calculate equity cash flow (ECF), free cash flow (FCF) and capital cash flow (CCF) of Madera Inc. When making projections, dividends and other payments to shareholders forecasted must be exactly equal to expected equity cash flows.

A company's net income is a quite arbitrary figure obtained after assuming certain accounting hypotheses regarding expenses and revenues (one of several that can be obtained, depending on the criteria applied). However, the ex-post cash flow is an objective measure, a single figure that is not subject to any personal criterion.

Note: Downloadable document is in Spanish.

Keywords: equity cash flow, free cash flow, net income, beneficio, flujo

JEL Classification: G12, G31, M21

Suggested Citation

Fernandez, Pablo and Fernández Acín, Isabel and Linares, Pablo, Beneficio, flujos, balance reducido y RNC - resta negociada de cuadre (Net Income, Cash Flows, Reduced Balance Sheet and Working Capital Requirements) (November 6, 2017). Available at SSRN: https://ssrn.com/abstract=895267 or http://dx.doi.org/10.2139/ssrn.895267

Pablo Fernandez (Contact Author)

University of Navarra - IESE Business School ( email )

Camino del Cerro del Aguila 3
28023 Madrid
Spain
+34 91 357 0809 (Phone)
+34 91 357 2913 (Fax)

HOME PAGE: http://web.iese.edu/PabloFernandez/

Isabel Fernández Acín

University of Navarra - University of Navarra, Students ( email )

Pamplona
Spain

Pablo Linares

University of Navarra, IESE Business School ( email )

Camino del Cerro del Aguila 3
Madrid, 28023
Spain
+34 91.211.31.81 (Phone)

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