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22
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1213658
1213969
1213703
1213657
Anexo 1a
Deuda / Capital
Marriott
Hospedaje
Servicios contratados
Restaurantes
%
60.00%
74.00%
40.00%
42.00%
Deuda
37.50%
42.53%
28.57%
29.58%
Capital
62.50%
57.47%
71.43%
70.42%
Anexo 1b
Apalanc. del
mercado
0.97
41%
de Capital
Marriot
Deuda
29.08%
Capital
70.92%
no
apalancada
44.10%
0.79
Tx 1987
Anexo 1c
Rf
Marriott
Hospedaje
Servicios contratados
Restaurantes
Tasa libre de
riesgo
8.95%
8.95%
8.72%
8.72%
Prima de la
Costo de la
tasa de la
deuda
deuda
1.30%
10.25%
1.10%
10.05%
1.40%
10.12%
1.80%
10.52%
Anexo 1d
CAPM
Marriott
8.95%
0.79
Prima de
riesgo
7.43%
1978
83.4
35.4
1979
105.6
43.8
1980
103.5
40.6
1981
121.3
45.2
1982
133.7
50.2
1983
185.1
76.7
1984
236.1
100.8
1985
295.7
128.3
1986
360.2
168.5
1987
398.9
175.9
42.45%
41.48%
39.23%
37.26%
37.55%
41.44%
42.69%
43.39%
46.78%
44.10%
rf
8.95%
8.95%
8.72%
8.72%
spread
1.30%
1.10%
1.40%
1.80%
Kb
10.25%
10.05%
10.12%
10.52%
Rf
Ke
14.81%
Anexo 1e
Tax
Utilidad antes de impuestos
Impuesto a la renta
% del Impuesto (t)
Anexo 1g
Marriott Coroporation
Hoteles
Servicios
Restaurantes
Anexo 1f
Calculo WACC
Marriott
(1-tx)
55.90%
Rd/kb
10.25%
D
37.50%
V
62.50%
Re/ke
14.81%
WACC
11.41%
Anexo 2
Historia Financiera de Marriott Corporation, 1978 - 1987 (millones de dolares excepto informacin por accin)
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
Resumen de Operaciones
Ventas
UAII
Intereses
UAI
IR
Utilidad por operaciones (1)
Utilidad neta
Flujo por operaciones (2)
1,174.1
1,426.0
1,633.9
1,905.7
2,458.9
2,950.5
3,524.9
4,241.7
5,266.5
6,522.2
107.1
23.7
83.4
35.4
48.0
54.3
101.2
133.5
27.8
105.6
43.8
61.8
71.0
117.5
150.3
46.8
103.5
40.6
92.9
72.0
125.8
173.3
52.0
121.3
45.2
76.1
86.1
160.8
205.5
71.8
133.7
50.2
83.5
94.3
203.6
247.9
62.8
185.1
76.7
108.4
115.2
272.7
297.7
61.6
236.1
100.8
135.3
139.8
322.5
371.3
75.6
295.7
128.3
167.4
167.4
372.3
420.5
60.3
360.2
168.5
191.7
191.7
430.3
489.4
90.5
398.9
175.9
223.0
223.0
472.8
1,000.3
826.9
309.9
37.5%
418.7
1,080.4
891.9
365.3
41.0%
413.5
1,214.3
977.7
536.6
54.9%
311.5
1,454.9
1,167.5
607.7
52.1%
421.7
2,062.6
1,634.5
889.3
54.4%
516.0
2,501.4
2,007.5
1,071.6
53.4%
628.2
2,904.7
2,330.7
1,115.3
47.9%
675.6
3,663.8
2,861.4
1,192.3
41.7%
848.5
4,579.3
3,561.8
1,662.8
46.7%
991.0
5,370.5
4,247.8
2,498.8
58.8%
810.8
0.25
0.29
0.026
2.28
2.43
183.6
13.9%
0.34
0.39
0.034
2.58
3.48
160.5
17.0%
0.45
0.52
0.042
2.49
6.35
125.3
23.8%
0.57
0.64
0.051
3.22
7.18
130.8
23.4%
0.61
0.69
0.063
3.89
11.70
132.8
20.0%
0.78
0.83
0.076
4.67
14.25
134.4
20.0%
1.00
1.04
0.093
5.25
14.70
128.8
22.1%
1.24
1.24
0.113
6.48
21.58
131.0
22.1%
1.40
1.40
0.136
7.59
29.75
130.6
20.6%
1.67
1.67
0.170
6.82
30.00
118.8
22.2%
Capitalizacin y rentabilidad
Total de Activos
Total de Capital (3)
Deuda a largo plazo
Deuda a largo entre capital
Capital contable
Por accin y Otros Datos
(3) El capital total representa Activos totales menos pasivos de corto plazo
Anexo 3
Resumen Financiero por linea de negocio, 1982 - 1987 (millones de dolares)
1982
1983
1984
1985
1986
1987
Hotelera
Ventas
Utilidad por operacin
activos identificables
Depreciacin
Gastos de capital o CAPEX
1,091.70
132.60
909.70
22.70
371.50
100.00%
12.15%
83.33%
2.08%
34.03%
1,320.50
139.70
1,264.60
27.40
377.20
100.00%
10.58%
95.77%
2.07%
28.56%
1,640.80
161.20
1,786.30
31.30
366.40
100.00%
9.82%
108.87%
1.91%
22.33%
1,898.40
185.80
2,108.90
32.40
808.30
100.00%
9.79%
111.09%
1.71%
42.58%
2,233.10
215.70
2,236.70
37.10
966.60
100.00%
9.66%
100.16%
1.66%
43.29%
2,673.30
263.90
2,777.40
43.90
1,241.90
100.00%
9.87%
103.89%
1.64%
46.46%
819.80
51.00
373.30
22.90
127.70
100.00%
6.22%
45.54%
2.79%
15.58%
950.60
71.70
391.60
26.10
43.80
100.00%
7.54%
41.20%
2.75%
4.61%
1,111.30
86.80
403.90
28.90
55.60
100.00%
7.81%
36.34%
2.60%
5.00%
1,586.30
118.60
624.40
40.20
125.90
100.00%
7.48%
39.36%
2.53%
7.94%
2,236.10
154.90
1,070.20
61.10
448.70
100.00%
6.93%
47.86%
2.73%
20.07%
2,969.00
170.60
1,237.70
75.30
112.70
100.00%
5.75%
41.69%
2.54%
3.80%
547.40
48.50
452.20
25.10
199.60
100.00%
8.86%
82.61%
4.59%
36.46%
679.40
63.80
483.00
31.80
65.00
100.00%
9.39%
71.09%
4.68%
9.57%
707.00
79.70
496.70
35.50
72.30
100.00%
11.27%
70.25%
5.02%
10.23%
757.00
78.20
582.60
34.80
128.40
100.00%
10.33%
76.96%
4.60%
16.96%
797.30
79.10
562.30
38.10
64.00
100.00%
9.92%
70.53%
4.78%
8.03%
879.90
82.40
567.60
42.10
79.60
100.00%
9.36%
64.51%
4.78%
9.05%
Servicios contratados
Ventas
Utilidad por operacin
activos identificables
Depreciacin
Gastos de capital o CAPEX
Retaurantes:
Ventas
Utilidad por operacin
activos identificables
Depreciacin
Gastos de capital o CAPEX
Figura A
Tasa de
(%)
Tasa
de Rentabilidad
(%)
Rentabilidad (% y tasa
decorte
corte
tipicas
de hoteles
7
7.5
8
9
10
11
12
40
Axis Title
28
16
4
-8
-20
7.5
8.5
9.5
40
30
20
10
0
-10
-20
10
10.5
11
11.5
12
-20