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Datos
Financiacin
Inversin inicial
compras de equipo
coste instalacin
Inversin ao 5
Valor Residual
Ahorro Costes anual
incremento ahorro costes
vida til
Cuota amort. Inv. Inicial
Cuota amort. Inv. Ao 5
Tasa impositiva
Tasa de descuento
Coste Recursos propios
310,000
300,000
10,000
100,000
5,000
70,000
2%
10
31,000
aos 1 a10
20,000
aos 6 a10
30%
12%
18%
Ao 0
Ao 1
%
prstamo
inters
Cuota anual
Ao 2
217,000
12%
70% equipo
38,405.56
Ao 3
Ao 4
Ao 5
Ao 6
Ao 7
Ao 8
Ao 9
Ao 10
Inversin
-310,000
-100,000
Ahorro de gastos
70,000
71,400
72,828
74,285
75,770
77,286
78,831
80,408
82,016
83,656
menos amortizacin
-31,000
-31,000
-31,000
-31,000
-31,000
-51,000
-51,000
-51,000
-51,000
-51,000
Ingresos operativos
39,000
40,400
41,828
43,285
44,770
26,286
27,831
29,408
31,016
32,656
menos impuestos
-11,700
-12,120
-12,548
-12,985
-13,431
-7,886
-8,349
-8,822
-9,305
-9,797
BDI
27,300
28,280
29,280
30,299
31,339
18,400
19,482
20,586
21,711
22,860
ms amortizacin
31,000
31,000
31,000
31,000
31,000
51,000
51,000
51,000
51,000
51,000
menos Capex
-310,000
0
0
0
0
-100,000
0
0
0
0
0
mas valor residual neto
3,500
FCF
-310,000
58,300
59,280
60,280
61,299
-37,661
69,400
70,482
71,586
72,711
77,360
VAN
-3,112.98
TIR
11.77%
a) Glentech Manufacturing, no deber aceptar el proyecto debido a que tiene un VAN menor que 0. EL TIR es tambin menor que la tasa de descuento, que es un indicativo de que no se debe
b) Al recibir una subvencin del Estado de 100.000 , el VAN sera mayor que 0 y de valor 66887,02 por lo que se deber aceptar la inverin. El TIR es mayor que la tasa de descuento, de valor
0
-310,000
217,000
-93,000
2,920.01
18.9%
1
58,300
-26,040.00
-12,365.56
7,812.00
27,706
2
59,280
-24,556.13
-13,849.43
7,366.84
28,241
3
60,280
-22,894.20
-15,511.36
6,868.26
28,742
4
61,299
-21,032.84
-17,372.73
6,309.85
29,203
5
-37,661
-18,948.11
-19,457.45
5,684.43
-70,382
6
69,400
-16,613.22
-21,792.35
4,983.96
35,978
7
70,482
-13,998.13
-24,407.43
4,199.44
36,276
8
71,586
-11,069.24
-27,336.32
3,320.77
36,501
9
72,711
-7,788.88
-30,616.68
2,336.67
36,642
Subvencin
-310,000
100,000
-30,000
70,000
-310,000
-240,000
66,887.02
18.21%
10
77,360
-4,114.88
-34,290.68
1,234.46
40,188
El prstamo nos da un VAN mayor que 0 y el TIR mayor que la tasa de descuento, lo que hace que el proyecto sea rentable.
d) El prstamo que deberamos pedir sera aquel que cubra el 97% de la inversin inicial, que es el que hace 0 el VAN. El coste mximo que la empresa puede pagar por el prstamo es el 6% de interes para que el proyecto sea rentable.
e) Anlisis de sensibilidad
Sin Financiacin
Con Financiacin
-3,112.98
100,000
150,000
200,000
250,000
300,000
350,000
400,000
35,000
22,449.09
-19,075.57
-60,600.24
-102,124.90
-143,649.57
-185,174.23
-226,698.90
45,000
64,975.24
23,450.58
-18,074.09
-59,598.75
-101,123.42
-142,648.08
-184,172.75
55,000
107,501.39
65,976.73
24,452.06
-17,072.60
-58,597.27
-100,121.93
-141,646.60
65,000
150,027.54
108,502.88
66,978.21
25,453.55
-16,071.12
-57,595.78
-99,120.45
70,000
171,290.62
129,765.95
88,241.29
46,716.62
5,191.96
-36,332.71
-77,857.38
75,000
192,553.69
151,029.03
109,504.36
67,979.70
26,455.03
-15,069.64
-56,594.30
2,920.01
100,000
150,000
200,000
250,000
300,000
350,000
400,000
35,000
19,019.95
-12,780.32
-44,580.59
-76,380.86
-108,181.13
-139,981.39
-171,781.66
45,000
52,580.29
20,780.02
-11,020.25
-42,820.52
-74,620.79
-106,421.05
-138,221.32
55,000
86,140.63
54,340.36
22,540.09
-9,260.18
-41,060.45
-72,860.72
-104,660.98
65,000
119,700.97
87,900.70
56,100.43
24,300.16
-7,500.11
-39,300.38
-71,100.64
70,000
136,481.14
104,680.87
72,880.60
41,080.33
9,280.06
-22,520.21
-54,320.47
75,000
153261.307
121,461.04
89,660.77
57,860.50
26,060.23
-5,740.04
-37,540.30
Haciendo el anlisis de sensibilidad, el proyecto va a ser mucho ms sensible a la inversin que al ahorro de costes.