DECISIONES ECONOMICO-FINANCIERAS PARA LA ORGANIZACIN

CASO 1: ASSESSING A FIRMS FUTURE FINANCIAL HEALTH

Susana Rincon !" An#!" Ta$!%
11&''()
1*- Ca"cu"! "as +a%on!s ,nanci!+as u-i"i%ano !" -!.-o /0+o#+a$ao1 !n !" cu!+0o !"
$is$o caso* En +!"aci2n con "o an-!+io+ us-! !3!+4:
1*1 R!a"i%a+ !" c4"cu"o ! "as +a%on!s ,nanci!+as
1*5 Con-!s-a+ "a o "as 0+!#un-as 6u! s! "! 7ac!n !n !" caso !n +!"aci2n con "as
+a%on!s ca"cu"aas
1*& D!sc+i3i+8 !n un 04++a9o ! $4.i$o & +!n#"on!s8 !" si#ni,cao ! caa
+a%2n8
1*: D!sc+i3i+8 !n un 04++a9o ! $4.i$o & +!n#"on!s8 0a+a 6u! si+;! ic7a
+a%2n
PROFITABILITY RATIOS
PROFITABILITY RATIO
A class of fnancial metrics that are used to assess a business's ability to
enerate earnins as com!ared to its e"!enses and other rele#ant costs
incurred durin a s!ecifc !eriod of time$ For most of these ratios% ha#in a
hiher #alue relati#e to a com!etitor's ratio or the same ratio from a
!re#ious !eriod is indicati#e that the com!any is doin &ell$
T7! in9o+$a-ion n!c!ssa+< -o !-!+$in! a co$0an<=s 0+o,- as a 0!+c!n-a#! o9 sa"!s
can 3! 9oun in -7! co$0an<=s conso"ia-! inco$! S-a-!$!n-
'(() '(((
n!- 0+o,- a9-!+ -a.!s 181'1 18&>'
?i;i! 3<@ n!-
sa"!s &58(1& :)8'AB
!roftability ratio *$+,- .$+/-
1* Ma#n!-+onic=s 0+o,- as a 0!+c!n-a#! o9 sa"!s 9o+ 1BBB Cas D18&>' ?n!-
inco$!@ i;i! 3< D:)8'AB ?n!- sa"!s@ o+ 5*A)E
5* T7is +!0+!s!n-! a !c+!as! 9+o$ &*A>E in 1BB(* ?n!- inco$! F n!- sa"!s G 181'1 F
&58(1& G &*A>E@
&* T7! !-!+io+a-ion in 0+o,-a3i"i-< +!su"-! 9+o$ an inc+!as! in cos- o9 #oos so" as a
0!+c!n-a#! o9 sa"!s8 an 9+o$ an inc+!as! in o0!+a-in# !.0!ns! as a 0!+c!n-a#! o9
sa"!s* T7! on"< 9a;o+a3"! 9ac-o+ Cas a !c+!as! in -7! F!!+a" inco$! -a.!s*
R0T1R2 O2 I230ST04 5APITAL
Amount% e"!ressed as a !ercentae% earned on a com!any's total ca!ital6its
common and !referred stoc7 08uity !lus its lon6term Funded 4ebt6
calculated by di#idin total ca!ital into earnins before interest but after
ta"es$
'(() '(((
n!- inco$! 181'1 18&>'
?H@ in-!+!s- !.0!ns!s &A1 (1'
0BIAT '%)*. '%/.9
"on# -!+$ !3- 58'(> &8>(A
?H@ no-!s 0a<a3"!8 3anI )A: 1851&
?G@ in-!+!s- 3!a+in# !3- &8A1: :85AB
?H@ oCn!+s !6ui-< '8AB5 1581B&
oCn!+s !6* H in-!+!s--3!a+in#
!3- 118&>A 1A8:A5
return on in#ested ca!ital '*$))- ''$,/-
:* Ma#n!-+onics 7a a -o-a" o9 D1A8:A5 o9 ca0i-a" a- <!a+-!n 1BBB an !a+n! 3!9o+!
in-!+!s- 3u- a9-!+ -a.!s ?EJIAT@ D18)5: u+in# 1BBB* In 1BBB -7is ,#u+!s Cas 11*>)E
C7ic7 +!0+!s!n-! a !c+!as! 9+o$ -7! 1&*((E !a+n! in 1BB(*
R0T1R2 O2 0:1ITY
5alculated as the net income di#ided by the shareholder;s e8uity% it is a
measure of a cor!oration's !roftability that re#eals ho& much !roft a
com!any enerates &ith the money shareholders ha#e in#ested$
'(() '(((
n!- inco$! 181'1 18&>'
?i;i! 3<@ oCn!+Ks
!6ui-< '8AB5 1581B&
return on e8uity
')$..
-
',$<.
-
(* Ma#n!-+onics 7a D1581B& o9 oCn!+s=!6ui-< an !a+n! D18&>' a9-!+ -a.!s in 1BBB*
I-=s +!-u+n on !6ui-< Cas 1>*'5E8 !-!+io+a-ion 9+o$ -7! 1(*55E !a+n! in 1BB(*
A5TI3ITY RATIOS
TOTAL ASS0T T1R2O30R
5alculated as the net sales =re#enues> di#ided by the total assets% is the
amount of sales enerated for e#ery dollar's &orth of assets$ It is calculated
by di#idin sales in dollars by assets in dollars% the hiher the number the
better$
'(() '(((
n!- sa"!s &58(1& :)8'AB
-o-a" ass!-s 1:8B:B 558')>
total asset
turno#er

.$'<

.$'9
1* To-a" ass!- -u+no;!+ 9o+ Ma#n!n-+onics in 1BBB can 3! ca"cu"a-! 3< i;iin# D:)8'AB
in-o D558')>* T7! -u+no;!+ !-!+io+a-! 9+o$ 5*1' -i$!s in 1BB( -o 5*1: -i$!s in 1BBB*
A30RA?0 5OLL05TIO2 P0RIO4
5alculated as the accounts recei#able di#ided by the a#erae daily sales% it
measures ho& 8uic7ly customers !ay their bills$ It e"!resses accounts
recei#able in terms of daily sales$
'(() '(((
accoun- +!c!i;a3"! (855' '8&)>
n!- sa"!s &58(1& :)8'AB
?i;i! 3<@ a<s &A( &A(
a;!+a#! sa"! 0!+ a< )B*>) 1&&*A1
a#erae collection
!eriod )/$+/ ))$.*
5* Ma#n!-+onics 7a D '8&)> in;!s-! in accoun-s +!c!i;a3"!s a- <!a+-!n 1BBB* i-s
a;!+a#! sa"!s 0!+ a< C!+! D1&&*A1 u+in# 1BBB an i-s a;!+a#! co""!c-ion 0!+io Cas
((*5& a<s* T7is +!0+!s!n-! a i$0+o;!$!n- 9+o$ -7! a;!+a#! co""!c-ion 0!+io o9
()*A) a<s in 1BB(*
I2302TORY T1R2O30R RATIO
5alculated as the cost of oods sold di#ided by the in#entory% it sho&s ho&
many times a com!any's in#entory is sold and re!laced o#er a !eriod
'(() '(((
cos- o9 #oos so" 1B81)& 5B8'>>
?i;i! 3<@ in;!n-o+< :8>&5 )855>
in#entory turno#er
ratio 9$<+ *$+'
&* Ma#n!-+onics a00a+!n-"< n!!! D )55> o9 in;!n-o+< a- <!a+-!n 1BBB -o su00o+- i-s
o0!+a-ions Tu+in# 1BBB* i-s ac-i;i-< Tu+in# 1BBB as $!asu+! 3< -7! cos- o9 #oos so"
Cas D 5B8'>>* I- -7!+!9o+! 7a an in;!n-o+< -u+no;!+ o9 &*A1-i$!s* T7is +!0+!s!n-! an
!-!+io+a-ion 9+o$ :*'A -i$!s in 1BB(*
FI@04 ASS0T T1R2O30R RATIO
5alculated as the net sales di#ided by the net f"ed assets% it measures
measures a com!any's ability to enerate net sales from f"ed6asset
in#estments 6 s!ecifcally !ro!erty% !lant and e8ui!ment =PPA0> 6 net of
de!reciation$
'(() '(((
n!- sa"!s &58(1& :)8'AB
?i;i! 3<@ n!- ,.! ass!-s :8>'& (81A>
f"ed asset turo#er ratio <$(/ ($9)
:* Ma#n!-+onics 7a n!- ,.! ass!-s o9 D(1A> an sa"!s o9 D:)8'AB in 1BBB* I-s ,.!
ass!- -u+no;!+ +a-io in 1BBB Cas B*:( -i$!s8 an i$0+o;!$!n- 9+o$ '*B) -i$!s in 1BB(*
(* So 9a+8 C! 7a;! iscuss! -7+!! $!asu+! o9 0+o,-a3i"i-<: -7!< a+! 0+o,-a3i"i-< +a-io8
+!-u+n on in;!s-! ca0i-a"8 an +!-u+n on !6ui-<*
L! 7a;! a"so iscuss! 9ou+ ac-i;i-< +a-ios C7ic7 $!asu+! -7! !M!c-i;!n!ss o9 -7!
co$0an< in u-i"i%in# i-s ass!-s8 -7!< a+!: -o-a" ass!- -u+no;!+8 a;!+a#! co""!c-ion 0!+io8
in;!n-o+< -u+no;!+ +a-io an ,.! ass!- -u+no;!+ +a-io*

A* T7! !-!+io+a-ion in Ma#n!-+onics o0!+a-ion 0+o,-s as a 0!+c!n-a#! o9 -o-a" ass!-s
3!-C!!n 1BB( an 1BBB +!su"-! 0+i$a+i"< 9+o$: -7! inc+!as! o9 a<s -o co""!c-
0a<$!n-s an -7! !c+!as! o9 -i$!s -7! in;!n-o+< is +!0"ac! !;!+< 0!+io*
L030RA?0 RATIOS
40BT RATIO
5alculated as the total liabilities di#ided by the total assets% it indicates &hat
!ro!ortion of debt a com!any has relati#e to its assets$ The measure i#es
an idea to the le#erae of the com!any alon &ith the !otential ris7s the
com!any faces in terms of its debt6load$
'(() '(((
-o-a" "ia3i"i-i!s '85(' 1>8()'
?i;i! 3<@ -o-a" ass!-s 1:8B'B 558')>
debt ratio 9/$9)- 9+$9<-
1* T7! -o-a" "ia3i"i-i!s o9 Ma#n!-+onics as o9 D!c!$3!+ &18 1BBB8 C!+! D 1>8()' o+
:A*:'E o9 -o-a" ass!-s* T7is +!0+!s!n-! a !c+!as! 9+o$ :)*:(E as o9 D!c!$3!+ &18
1BB(*
TOTAL 40BT RATIO AT BARC0T
5alculated as the total liabilities di#ided by the total liabilities !lus the
mar7et #alue of the e8uity% it indicates the relationshi! bet&een total debt
and the economic #alue of the frm$
5* T7! $a+I!- ;a"u! o9 Ma#n!-+onics !6ui-< is D1:85'(8>>> a- D!c!$3!+ &18 1BBB* I-s
-o-a" !3- +a-io a- $a+I!- Cas >*:& ?:&E@*
'(((
-o-a" "ia3i"i-i!s 1>8()'
-o-a" "ia3i"i-i!s 1>8()'
?H@ $a+I!- ;a"u! o9 !6*
?-7ousan o9 ""s@ 1:85'(
Su$ o9 a3o;! 5:8)A5
a#erae collection !eriod ,$9*
TIB0S I2T0R0ST 0AR2 RATIO
5alculated as the 0BIT di#ided by the interest e"!ense% it is also called
interest co#er ratio% and sho&s the relationshi! bet&een the earnins before
interest and ta"es and the interest chares$
&* Ma#n!-+onics !a+nin#s 3!9o+! in-!+!s- an -a.!s C!+! D58(5) in 1BBB an i-s
in-!+!s- c7a+#!s C!+! D(1'* I-s -i$!s in-!+!s- !a+n! Cas :*)B -i$!s* T7is +!0+!s!n-!
a !-!+io+a-ion 9+o$ -7! 1BB( "!a;!" o9 '*15 -i$!s*
'(() '(((
EJIT 58('5 58(5)
?i;i! 3<@ in-!+!s-
!.0!ns!s &A1 (1'
times interest earned
ratio <$'. 9$/(
21BB0R OF 4AYS OF PAYABL0S
5alculated as the accounts !ayable di#ided by the cost of oods sold% is an
indicator of ho& lon a com!any is ta7in to !ay its trade creditors$
:* Ma#n!-+onics oC! i-s su00"i!+s D58)5> a- <!a+-!n 1BBB* T7is +!0+!s!n-! B*:BE o9
cos- o9 #oos so" an Cas an inc+!as! 9+o$ )*:5E a- <!a+-!n 1BBB* T7! co$0an<
a00!+s -o 3! "!ss 0+o$0- in 0a<in# i-s su00"i!+s in 1BBB -7an i- Cas in 1BB(*
(* T7! !-!+io+a+ion in Ma#n!-+onics 0+o,-a3i"i-<8 as $!asu+! 3< i-s +!-u+n on !6ui-<8
9+o$ 1(*5E in 1BB( -o 1>*'E in 1BBB +!su"-! 9+o$ -7! co$3in! i$0ac- o9 -7!
inc+!as! o9 accoun-s -o 0a< co$0a+! Ci-7 -7! cos- o9 -7! #oos so"8 an -7! inc+!as!
o9 -7! in-!+!s- !.0!ns!s co$0a+! Ci-7 -7! EJIT*
A* T7! ,nancia" +isIin!ss o9 Ma#n!-+onics inc+!as! 3!-C!!n 1BB( an 1BBB*
LI:1I4ITY RATIOS
51RR02T RATIO
5alculated as the total current assets di#ided by the current liabilities% it
measures a com!any's ability to !ay short6term obliations$
1* Ma#n!-+onics 7!" D1'8A5> o9 cu++!n- ass!-s a- <!a+-!n 1BBB an oC! D'8(&1 -o
c+!i-o+s u! -o 3! 0ai Ci-7in on! <!a+* I-s cu++!n- +a-io Cas 5*&:8 a !-!+io+a-ion 9+o$
-7! +a-io o9 5*:1 a- <!a+-!n 1BB(*
A5I4 T0ST
5alculated as the total current assets minus the in#entory di#ided by the
current liabilities% it measures a com!any's ability to meet its short6term
obliations &ith its most li8uid assets$ The hiher the 8uic7 ratio% the better
the !osition of the com!any$
'(() '(((
cu++!n- ass!-s 1>8)'A 1'8A5>
?$inus@ in;!n-o+< :8>&5 )855>
!3- +a-io A8):: B8:>>
cu++!n- "ia3i"i-i!s :(>' '(&1
acid test =8uic7
ratio> '$). '$.)

5* T7! 6uicI +a-io 9o+ Ma#n!-+onics a- <!a+-!n 1BBB Cas 1*5(8 a !-!+io+a-ion 9+o$ -7!
+a-io o9 1*(5 a- <!a+-!n 1BB(*
5*-U-i"i%ano !" /an4"isis1 ! "os !s-aos ,nanci!+os ! "a Co$0aNOa Ma#n!-+onics8 Inc*
6u! 7a +!a"i%ao !n !" 0un-o in$!ia-o an-!+io+8 0o+ 9a;o+ /in-!+0+!-!1 ic7os !s-aos
,nanci!+os !n cuan-o a "os si#ui!n-!s 0un-os:
5*1 PQuR nos ic!n "as +a%on!s ! /+!n-a3i"ia1 ! ic7a !$0+!saS
5*5 PQuR nos ic!n "as +a%on!s ! /ac-i;ia1 ! Ma#n!-+onics8 Inc*S
5*& PQuR in-!+0+!-aci2n s! 0u!! 7ac!+ ! "as +a%on!s ! /a0a"anca$i!n-o1S
5*: PQuR in-!+0+!-aci2n s! 0u!! 7ac!+ ! "as +a%on!s ! /"i6ui!%1S
Rentabilidad =!roftability>
La +!n-a3i"ia ! Ma#n!-+onics +!su"-a $!no+ 6u! !n 0!+ioos an-!+io+!s8 a"
inc+!$!n-a+s! !" cos-o ! "os 3i!n!s ;!nios < "os #as-os ! o0!+aci2n con-+a !"
0o+c!n-aT! ! "as ;!n-as* A su ;!%8 !" ca0i-a" ! "os accionis-as !c+!ci2 !n
co$0a+aci2n con !" in#+!so n!-o*
Rendimiento =acti#ity or eDciency>
En !s-a 4+!a si s! +!#is-+2 una $!To+Oa8 <a 6u! !n "a +!cu0!+aci2n ! 0a#os a c+Ri-o
-u;o una +!ucci2n !n +a%2n ! Oas* La +o-aci2n ! in;!n-a+ios !s$!To+2 a +a%2n !
:*'A !n 1BB( a &*A1 !n 1BBB* E" Unico c4"cu"o 6u! no -u;o +!su"-aos 0osi-i;os 9u! !"
+!ni$i!n-o -o-a" ! "os ac-i;os !n co$0a+aci2n con "as ;!n-as n!-as*
A!alancamiento =le#erae>
Con "a +a%2n ! !ua8 a" i;ii+ !" -o-a" ! 0asi;os con-+a !" -o-a" ! ac-i;os8 "a
0+o0o+ci2n ! !uas 6u! "a !$0+!sa -i!n! !s $!no+ 6u! !n 1BB(* AUn asO8 a" ca"cu"a+
o-+as +a%on!s ,nanci!+as8 s! co$0+u!3a 6u! "os in-!+!s!s co$0a+aos con "os in#+!sos
an-!s ! i$0u!s-os ! in-!+!s!s 7an au$!n-ao su 0+o0o+ci2n8 asO -a$3iRn "a +a%2n !
"as cu!n-as 0o+ 0a#a+ con-+a !" cos-o ! "os 3i!n!s ;!nios*
Li8uideE =li8uidity>
Las +a%on!s ! "i6ui!%8 co$0a+aas !n-+! "os 5 aNos ,sca"!s8 !$u!s-+an 6u! "a
!$0+!sa a7o+a -i!n! $!no+ "i6ui!%8 !s !ci+8 $!no+ ca0acia ! con;!+-i+ sus
ac-i;os ci+cu"an-!s !n !9!c-i;o !n caso ! s!+ n!c!sa+io8 con-+a+io a "o 6u! s!
!$u!s-+a !n "a +a%2n ! !ua8 a++i3a $!ncionaa* A -+a;Rs ! "a +a%2n ci+cu"an-! s!
co$0a+a "os ac-i;os ci+cu"an-!s con-+a "as !uas ci+cu"an-!s ! "a !$0+!sa8 < a -+a;Rs
! "a 0+u!3a 4cia s! !$u!s-+a con $a<o+ !-a""! 6u!8 !n a"#una c+isis8 "a con;!+si2n
! ac-i;os ci+cu"an-!s -sin con-a+ !" in;!n-a+io- con-+a "os 0asi;os ci+cu"an-!s no an "a
$is$a "i6ui!% !n 1BBB 6u! !n 1BB(*
&*- En #!n!+a"8 Pc2$o consi!+a us-! "a sa"u ,nanci!+a 9u-u+a ! Ma#n!-+onics8 Inc*8
< cu4" consi!+a 6u! s!a "a !s!ncia ! "a sa"u ,nanci!+a a "a+#o 0"a%o 0a+a
cua"!s6ui!+ !$0+!saS Po+ 9a;o+ !s-a3"!%ca su o sus a+#u$!n-os 0a+a "a o "as
as!;!+acion!s 6u! 7a#a*
S!#Un "as +a%on!s ca"cu"aas8 "a si-uaci2n ! "a !$0+!sa no !s-4 $!To+ano8 -!ni!no
$!no+ "i6ui!% o 9aci"ia 0a+a con;!+-i+ ac-i;os !n !9!c-i;o < 0a#a+ sus !uas u
o3"i#acion!s8 s!#Un "os +!su"-aos !" current ratio < !" quick ratio o acid test*
AsO -a$3iRn8 !n su 4+!a ! !uas o ,nancia$i!n-o8 "os in-!+!s!s 0o+ 0a#a+8 !n
co$0a+aci2n con "os in#+!sos an-!s ! in-!+!s!s ! i$0u!s-os -a$3iRn 7an au$!n-ao8
/"i$i-ano1 "os in#+!sos +!a"!s < si!no $!nos a-+ac-i;os a" $o$!n-o ! so"ici-a+ un
0+Rs-a$o a a"#una ins-i-uci2n c+!i-icia*
Vi!no "as +a%on!s 6u! inican 6uR -an !,ci!n-! !s !" uso ! "os ac-i;os !
Ma#n!-+onics s! -i!n! una $!To+Oa !n "a !,ci!ncia ! "a co3+an%a8 0!+o no !n "a
+o-aci2n ! in;!n-a+ios 6u! is$inu<28 i$0"icano 6u! !" 0+ouc-o ! ;!n-a no -u;o
-an-o $o;i$i!n-o !n 1BBB co$o !n 1BB(* E" uso ! "os ac-i;os !n co$0a+aci2n con "as
;!n-as n!-as !$0!o+2 -a$3iRn !n !s-a co$0a+aci2n*
Po+ U"-i$o8 "a +!n-a3i"ia ! "a !$0+!sa -a$0oco $!To+2 ni s! $an-u;o sino 6u!
!$0!o+28 <a 6u! aun6u! a si$0"! ;is-a s! 0u!! ;!+ inc+!$!n-o ! in#+!sos n!-os <
ac-i;os8 -a$3iRn 7u3o !uas 6u! s! inc+!$!n-a+on8 #!n!+ano i$0u!s-os ! in-!+!s!s
6u! nu"i,can !" 3!n!,cio !" au$!n-o ! ;!n-as o cu!n-as 0o+ co3+a+* Con !" c4"cu"o
! proftability ratio s! 0u!! ;!+ 6u! "a 0+o0o+ci2n ! #anancias n!-as con-+a "as
;!n-as n!-as !s $!no+ !n 1BBB8 0u!s aun6u! "as ;!n-as inc+!$!n-a+on8 au$!n-a+on
-a$3iRn !" cos-o ! "os 3i!n!s ;!nios < "os #as-os ! o0!+aci2n8 +!uci!no !s-a
+a%2n*

:*- Usano "a in9o+$aci2n 6u! s! 0+!s!n-a !n !" /E.7i3i- &: Uni!n-i,! Ja"anc! S7!!-1
?P4#ina 1' !" caso@ !-!+$in! !" -i0o ! co$0aNOa a" 6u! 0!+-!n!c! ic7a in9o+$aci2n
! !n-+! "os si#ui!n-!s -i0os ! co$0aNOas:
:*1 S!+;icios 0U3"icos ! !"!c-+icia: A
:*5 Co$0aNOa co$!+cia" Ta0on!sa: D
:*& Fa3+ican-! ! a;ion!s: E
:*: Fa3+ican-! ! au-o$2;i"!s: J
:*( Ca!na ! su0!+$!+caos: C

(*- PCu4"!s son sus a+#u$!n-os 0a+a +!a"i%a+ "a s!"!cci2n 6u! 7a 7!c7o !n "a 0+!#un-a
:S En caa caso8 !s-a3"!%ca "as i$0"icacion!s 0a+a:
(*1 E" 0!+Ooo ! co3+an%a
En !s-! 0un-o8 consi!+o 6u! "a ca!na ! su!ermercados casi no -!n+4 ;!n-as a
c+Ri-o8 ! -!n!+"as s!+Oa a co+-o 0"a%o8 0o+ "o 6u! !s-a !$0+!sa s!+Oa "a 6u! -!n#a !"
$!no+ ;a"o+ !n !s-a +a%2n* E" 9a3+ican-! ! a#iones -!n+Oa !" $a<o+ ;a"o+ !n
co3+an%a8 0u!s a" s!+ 0a#os -an #+an!s8 !" c+Ri-o !3! s!+ a "a+#o 0"a%o < !" ;a"o+ !n
!s-a +a%2n !" $4s a"-o* E" 9a3+ican-! ! automF#iles -a$3iRn !3! -!n!+ un Onic!
a"-o <a 6u! "a $a<o+Oa ! "os au-o$2;i"!s son ;!nios a c+Ri-o a $4s ! 5 aNos*
(*5 La +o-aci2n ! in;!n-a+ios
A $a<o+ nU$!+o !n !s-a +a%2n8 $a<o+ $o;i$i!n-o !n "os in;!n-a+ios ! "as !$0+!sas8
0o+ "o 6u! una ca!na ! su!ermercados !3! -!n!+ un nU$!+o a"-o <a 6u! su
0+ouc-o !3! ;!n!+s! +40ia$!n-!* Los automF#iles -a$3iRn !3!n !s-a+ 0oco
-i!$0o !n in;!n-a+io8 0+4c-ica$!n-! ;!nios so3+! 0!io 0u!s +!su"-a+Oa incos-!a3"!
$an-!n!+"os !n a"$acRn < no +!cu0!+a+ 0+on-o "a in;!+si2n* E" 9a3+ican-! ! a#iones
!3! -!n!+ un nu"o -i!$0o ! in;!n-a+io ao 6u! !" 0+ouc-o s! 9a3+ica so3+! 0!io*
(*& La can-ia ! 0"an-a < !6ui0o
Los 9a3+ican-!s ! a#iones < automF#iles su0on!n -!n!+ a"-as in;!+sion!s !n su
0"an-a a+$ao+as con "os cos-osos !6ui0os ! a"-a -!cno"o#Oa* La com!aGHa
comercial Ia!onesa no a++oTa $uc7a in9o+$aci2n 0!+o s! 0u!! su0on!+ 6u! no
-!n#a #+an in;!+si2n !n 0"an-a < !6ui0o < sus in;!+sion!s $4s i$0o+-an-!s s!an !n
#as-os ! o0!+aci2n ?$!+cao-!cnia8 0u3"icia8 !-c@ u o-+os* La com!aGHa de
electricidad -a$3iRn !3! -!n!+ un 0o+c!n-aT! si#ni,ca-i;o 0o+ "as 0"an-as !"Rc-+icas8
!6ui0o8 -+ans0o+-!8 !-c*
(*: La !s-+uc-u+a ,nanci!+a a0+o0iaa
E" in;!n-a+io 0a+a "a co$0aNOa ! a#iones < ! su!ermercado su0on! 6u! -i!n!n
$uc7o $a-!+ia" !n s-ocI o in;!n-a+io*