Milena Espinosa
Andres Franco
Paola Marcela Feo
The high direction of an organization must take three classes from decisions of financial character: operational decisions, of investment and financing. In the three the financial function is transformed. These decisions must lead to results and these must as well be measured through the indicators and their respective indices. The traditional indices, although continue being valid, do not completely reflect the financial situation of the company, exist new elements of measurement. We see some of them.
1. Financial contribution. It is the true form of calculation to determine the patrimonial yield. The shareholder when acquiring debt, is running a risk and this she must generate a surplus over the cost of capital as a result of the indebtedness. In fact the financial contribution is the surplus that is of the debt.
2. Cash generated in the operation. The indicator for excellence to measure the managemental management. The resulting value shows the capacity of the company to cover increase with the operative assets of the company, that is to say the capital of operative net work and the increase of the fixed assets.
3. Marginal yield. One of the most crucial indicators. If this one yield is not superior to the cost of the debt, the company will be led a financial deficit of greater mark. The use of the assets generates a utility obvious operative, if this one, after taxes, does not surpass the increase in the operative assets, the company will go towards a situation of "ahogo" financial of great proportions.
4. Operative yield of the assets. It measures the management of the management, is the indicator that truly shows the yield of the investment. It is to write down that this yield is disturbed in two indicators: operative margin and rotation of the assets, that is to say, a company obtains yields, through rotation or margin. Almost no balance shows how it reaches the final result through analysis from both component
5. Productivity of the capital of operative net work. Operative net current due to an increase in sales reflects the investment necessity in active-duty, that is to say, whichever cents require the company to maintain an increase of $1 in invoicing.
6. Margin EBITDA. It shows the additional cents that an increase generates de$1 in sales. If the relation of both indicators, shows an index smaller 1, the company will not be able to maintain the greater invoicing. It would dare to me to assure that this is the main reason of enterprise bankruptcies. Whichever companies handle these two last concepts? in fact very few.
7. The flow of free box starting off of the treasury flow. The majority of the financial authors calculates the FCL starting off of the net utility. The subscribed one thinks that this it must start off of the treasury flow. The reason is that the utility is a number of paper, however the balance of collections less payments is a box reality. Like final note, the author only knows two companies that use this concept, incredible truth?
8. Index of contribution. The use of this indicator requires to handle the concept of Margin of contribution. The contribution index shows the capacity to cover costs and fixed expenses plus a utility. Sample whatever, given to an investment and/or cost, must invoice the company to obtain gains. According to the indicating east author he is vitally important to make financial decisions.
9. Behavior of the used capital. In his but simple definition it is considered that the value of the patrimony is the used capital; a greater refinement considers that to the patrimony it is necessary to add the liabilities to him. A concept of greater outpost says that the used capital is the patrimony but passive financier. We can summarize it then like the sum of the operative assets but the nonoperative assets except the liabilities nonfinancier.
10. Self-financing. It is the part of the FCL that is reinverted, are the resources generated by the company. The capacity of self-financing of gives through FCL and the policy of distribution of dividends. To greater self-financing, major financial autonomy against the indebtedness.
The financial diagnosis and projection demand to know indicators and indices that show to a behavior and a financial real situation. New concepts like EVA, EBITDA, VPN, among others, have changed the way to analyze and to evaluate companies. The subscribed one has adapted and implemented indicators that facilitate the financial decision making looking for to facilitate the correct decision making; without these, the company can arrive at any part, with financial indicators adapted the company will find the course correct.
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