PLANTILLA HMG Andrs Santaella Blzquez

FINANCIACIN

DATOS:
Inversin
Valor Residual
Vida til
Precio unitario ao 1
Inflacin de precios
Costes operativos variables
Coste operativo fijo
Cuota anual de amortizacin
Impuesto
Tasa descuento
NOF
ventas (millones)

4,000,000
400,000
8
2
2.5%
97.5%
45% de los ingresos
1,000,000
500,000
30%
15%
3% de los ingresos
1; 1,5; 3; 3,5; 2,5; 2; 1,5; 1

Necesidades Operativas de Fondos

importe
inters prstamo
Cuota anual
Coste de los RP

Pago anual

60,000

a) Clculo del FCF

Ao 0

Ao 1

Volumen de Ventas (Kg)

precio unitario
Ingresos
Costes operativos variables
Costes operativos fijos
Cuota de amortizacin
Beneficio operativo neto
impuestos
BDI
ms: amortizacin
Menos: INVERSIN
+/- VAR. NOF
ms: Valor Residual neto
FCF
VAN AL ?%
TIR

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-4,000,000.00
0.00
0.00
-4,000,000.00
366,809.86
17.42%

1,000,000.00
2.00
2,000,000.00
900,000.00
1,000,000.00
-500,000.00
-400,000.00
0.00
-400,000.00
500,000.00
0.00
-60,000.00
0.00
40,000.00

92,308
Ao 2
1,500,000.00
2.05
3,076,923.08
1,384,615.38
1,000,000.00
-500,000.00
192,307.69
-57,692.31
134,615.38
500,000.00
0.00
-92,307.69
0.00
542,307.69

189,349
Ao 3
3,000,000.00
2.10
6,311,637.08
2,840,236.69
1,000,000.00
-500,000.00
1,971,400.39
-591,420.12
1,379,980.28
500,000.00
0.00
-189,349.11
0.00
1,690,631.16

3,000,000
18%
20%

735,733.08

226,572
Ao 4
3,500,000.00
2.16
7,552,386.25
3,398,573.81
1,000,000.00
-500,000.00
2,653,812.44
-796,143.73
1,857,668.71
500,000.00
0.00
-226,571.59
0.00
2,131,097.12

165,987
Ao 5
2,500,000.00
2.21
5,532,883.70
2,489,797.67
1,000,000.00
-500,000.00
1,543,086.04
-462,925.81
1,080,160.22
500,000.00
0.00
-165,986.51
0.00
1,414,173.71

136,194
Ao 6
2,000,000.00
2.27
4,539,802.01
2,042,910.90
1,000,000.00
-500,000.00
996,891.11
-299,067.33
697,823.77
500,000.00
0.00
-136,194.06
0.00
1,061,629.71

104,765
Ao 7
1,500,000.00
2.33
3,492,155.39
1,571,469.93
1,000,000.00
-500,000.00
420,685.47
-126,205.64
294,479.83
500,000.00
0.00
-104,764.66
0.00
689,715.16

71,634
Ao 8
1,000,000.00
2.39
2,387,798.56
1,074,509.35
1,000,000.00
-500,000.00
-186,710.79
0.00
-186,710.79
500,000.00
0.00
-71,633.96
280,000.00
521,655.25

a) se puede ver que el VAN > 0 y que el TIR > Tasa de descuento, por lo que se crea 366809,86 de valor para el accionista y se debera aprobar la inversin

d) Clculo del Fcaccionista

FCF

(4,000,000.00)

Prstamo
menos intereses
menos devolucin del principal
ms deduccin de los intereses
Fca
TIR accionista
VAN accionista al ??%

3,000,000.00
0.00
0.00
0.00
(1,000,000.00)
23.21%
427,104.03

40,000.00
3,000,000.00
(540,000.00)
(195,733.08)
108,000.00
(587,733.08)

5
1,414,173.71

1,061,629.71

689,715.16

521,655.25

2,804,266.92
(504,768.05)
(230,965.03)
100,953.61
(92,471.78)

2,573,301.89
(463,194.34)
(272,538.74)
92,638.87
1,047,536.96

2,300,763.16
(414,137.37)
(321,595.71)
82,827.47
1,478,191.52

1,979,167.45
(356,250.14)
(379,482.94)
71,250.03
749,690.66

1,599,684.51
(287,943.21)
(447,789.86)
57,588.64
383,485.28

1,151,894.65
(207,341.04)
(528,392.04)
41,468.21
(4,549.71)

623,502.61
(112,230.47)
(623,502.61)
22,446.09
(191,631.73)

precio/costes variables
427,104.03
0.30
0.35
0.40
0.45
0.50
0.55
0.60
0.65

1.00
-2,141,670.88
-2,499,031.63
-2,856,392.39
-3,213,753.14
-3,571,113.89
-3,928,474.64
-4,285,835.39
-4,643,196.15

1.50
214,798.83
-321,242.30
-857,283.42
-1,393,324.55
-1,929,365.68
-2,465,406.81
-3,001,447.94
-3,537,489.07

2.00
2,571,268.55
1,856,547.04
1,141,825.54
427,104.03
-287,617.47
-1,002,338.98
-1,717,060.48
-2,431,781.99

2.50
4,927,738.26
4,034,336.38
3,140,934.50
2,247,532.62
1,354,130.74
460,728.85
-432,673.03
-1,326,074.91

3.00
7,284,207.97
6,212,125.71
5,140,043.46
4,067,961.20
2,995,878.94
1,923,796.69
851,714.43
-220,367.83

3.50
9,640,677.68
8,389,915.05
7,139,152.42
5,888,389.79
4,637,627.15
3,386,864.52
2,136,101.89
885,339.25

427,104.03
250,000.00
500,000.00
750,000.00
1,000,000.00
1,250,000.00
1,500,000.00
1,750,000.00

1.00
-588,704.27
-1,463,720.56
-2,338,736.85
-3,213,753.14
-4,088,769.43
-4,963,785.71
-5,838,802.00

1.50
1,231,724.31
356,708.02
-518,308.26
-1,393,324.55
-2,268,340.84
-3,143,357.13
-4,018,373.42

2.00
3,052,152.90
2,177,136.61
1,302,120.32
427,104.03
-447,912.26
-1,322,928.54
-2,197,944.83

2.50
4,872,581.48
3,997,565.19
3,122,548.90
2,247,532.62
1,372,516.33
497,500.04
-377,516.25

3.00
6,693,010.07
5,817,993.78
4,942,977.49
4,067,961.20
3,192,944.91
2,317,928.62
1,442,912.34

3.50
8,513,438.65
7,638,422.36
6,763,406.07
5,888,389.79
5,013,373.50
4,138,357.21
3,263,340.92

precio/costes fijos

Se puede observar que al aumentar el precio, las variaciones son mayores que variando los costes tanto fijos como variables.
precio/costes variables
1.00

1.50
19.30%
7.49%
#NUM!
#NUM!
#NUM!

2,131,097.12

e)Anlisis de Sensibilidad
Sensibilidad primero del VAN y despues del TIR

#NUM!
#NUM!
#NUM!
#NUM!
#NUM!

1,690,631.16

se tendria que aceptar el prestamo ya que el VAN es mayor y el TIR tambien

23.21%
0.30
0.35
0.40
0.45
0.50

542,307.69

2.00
54.84%
45.21%
34.87%
23.21%
8.36%

2.50
84.39%
73.47%
62.27%
50.59%
38.07%

3.00
112.71%
99.93%
87.05%
73.96%
60.47%

3.50
140.92%
126.01%
111.11%
96.17%
81.04%

Valor residula
valor contable
Plusvalia
Impuestos (30%)
Valor residual neto

400,000.00
0.00
400,000.00
120,000.00
280,000.00

0.55
0.60
0.65

#NUM!
#NUM!
#NUM!

23.21%
250,000.00
500,000.00
750,000.00
1,000,000.00
1,250,000.00
1,500,000.00
1,750,000.00

#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!

#NUM!
#NUM!
#NUM!

#NUM!
#NUM!
#NUM!

1.50
39.21%
22.55%
1.11%
#NUM!
#NUM!
#NUM!
#NUM!

2.00
67.55%
52.71%
38.23%
23.21%
4.29%
#NUM!
#NUM!

23.82%
4.34%
#NUM!

46.22%
30.39%
10.03%

65.53%
49.18%
30.95%

2.50
93.12%
78.15%
64.04%
50.59%
37.42%
23.75%
6.90%

3.00
117.64%
102.12%
87.59%
73.96%
61.11%
48.83%
36.75%

3.50
141.74%
125.56%
110.38%
96.17%
82.88%
70.42%
58.64%

precio/costes fijos
1.00
-2.68%