Académique Documents
Professionnel Documents
Culture Documents
Toneladas
Precio ($/ton)
Ingresos
225,000,000
577,800,000
675,000,000
30%
173,340,000
404,460,000
30%
202,500,000
472,500,000
99,000,000
75,000,000
75,000,000
75,000,000
33,000,000
108,000,000
329,460,000
364,500,000
54,910,000
54,910,000
-5,840,000
60,750,000
5,840,000
-11,340,000
299,600,000
350,000,000
57,780,000
2,996,000
54,784,000
54,784,000
-9,216,000
67,500,000
3,500,000
64,000,000
9,216,000
-9,216,000
60
-54,910,000
2
1,250
540,000
Salidas de Efectivo
Desfase (das)
CTN requerido
CTN incremental
Inversin en CTN
1
1,070
10%
1%
-54,784,000
3
1,430
4
1,500
772,200,000
810,000,000
30%
231,660,000
540,540,000
45%
364,500,000
445,500,000
75,000,000
33,000,000
108,000,000
33,000,000
33,000,000
432,540,000
412,500,000
72,090,000
11,340,000
3,340,000
68,750,000
-3,340,000
68,750,000
400,400,000
420,000,000
77,220,000
4,004,000
73,216,000
9,216,000
-3,584,000
81,000,000
4,200,000
76,800,000
3,584,000
76,800,000
Ao
Ventas diarias ( un )
Precio ( $ / un )
Ingresos anuales
2
90.0
30.0
972,000
3
75.0
50.0
1,350,000
50%
486,000
486,000
50%
486,000
486,000
65%
877,500
472,500
70,000
70,000
70,000
20,000
20,000
20,000
15,000
105,000
15,000
105,000
15,000
105,000
381,000
381,000
367,500
12,700
12,700
-
12,700
450
12,250
-450
2,250
7.0
226,800
7.0
226,800
7.0
189,000
38,880
22,680
16,200
16,200
-
38,880
22,680
16,200
-18,900
54,000
18,900
35,100
18,900
-2,700
350,000
100,000
300,000
20
15
7
12
-12,700
1
90.0
30.0
972,000
4%
10%
-16,200
4
75.0
50.0
1,350,000
5
105.0
20.0
756,000
70%
945,000
405,000
45%
340,200
415,800
70,000
70,000
20,000
20,000
15,000
105,000
15,000
105,000
300,000
310,800
10,000
-2,250
-360
10,360
360
10,360
6.0
162,000
54,000
16,200
37,800
2,700
22,680
Ao
Crecimiento %
Ventas anuales
Margen de Utilidad Operativa
Utilidad Operativa
Costos y Gastos Operativos
Inversin Maquinaria
Depreciac.
20%
CTN requerido
CTN incremental
Inversin en CTN
500,000
30%
150,000
350,000
2
100%
1,000,000
30%
300,000
700,000
3
60%
1,600,000
25%
400,000
1,200,000
160,000
160,000
160,000
190,000
540,000
1,040,000
51,192.34
4,203.88
145,494.02
8,407.76
280,210.70
13,452.42
55,396.22
55,396.22
-98,505.56
153,901.78
98,505.56
-139,761.34
293,663.12
139,761.34
-101,031.74
800,000
Salidas de Efectivo
CCE
Caja Mnima
97.00
0.84%
-55,396.22
4
30%
2,080,000
25%
520,000
1,560,000
5
10%
2,288,000
20%
457,600
1,830,400
Informacin de la Competencia
160,000
160,000
1,400,000
1,670,400
377,206.71
17,488.15
450,061.49
19,236.96
Ventas Netas
394,694.85
101,031.74
-74,603.60
469,298.45
74,603.60
469,298.45
Rotacin de C x Cobrar
Rotacin de C x Pagar
Rotacin de Inventarios
Ciclo de Conv. Efectivo
Efectivo
Valores Negociables
Cuentas por Cobrar
Inventarios
Otros activos corrientes
Activo No Corriente
Total Activo
Rotacin de Activos
2012
23,598
37,000
348,175
567,477
74,329
1,386,232
2,436,811
1.151789
2,806,692.10
44.66
44.41
96.75
97.00
Obligaciones Financieras
Cuentas por Pagar
Otros pasivos corrientes
Pasivos No Corrientes
Patrimonio
2012
130,481
260,498
240,158
406,158
1,399,516
2,436,811
0.247677
Utilidad Bruta
Costo de Ventas
Efectivo / Ventas
695,153.08
2,111,539.02
0.84%
Prov. A
Da
Valores
TCEA
2.5 / 5 neto 40
5
975.00
29.75%
Pregunta b)
Si dispongo del efectivo para aprovechar el descuento
elijo el proveedor C que es quien ofrece el mayor des
mayor plazo ( 15 das )
40
1,000.00
Prov. B
Da
Valores
TCEA
2 / 10 neto 35
10
980.00
33.77%
35
1,000.00
Prov. C
Da
Valores
TCEA
3 / 15 neto 50
15
970.00
36.79%
50
1,000.00
Pregunta d)
Si recin tendr el efectivo el da 30, no puedo aprove
por lo que es necesario aceptar el crdito del proveed
Elijo el proveedor A
Prov. D
Da
Valores
TCEA
3 / 5 neto 45
5
970.00
31.54%
45
1,000.00
Prov. E
Da
Valores
TCEA
1.5 / 10 neto 30
10
985.00
31.26%
Pregunta e)
PPI (das)
PPC (das)
PPP (das)
CCE (das)
30
1,000.00
Pregunta c)
PPI (das)
PPC (das)
PPP (das)
CCE (das)
0
0
15
-15
0
30
40
-10
Pregunta f)
Da
Monto
Comisin
Portes
Flujo
Prstamos Bancarios
0
1,000.00
-5.00
Pregunta g)
Da
Monto
Emisin
Pagars
Flujo
995.00
0
1,000.00
-60.58
939.42
stamos Bancarios
40
-1,010.65
Tasa Compensatoria
10% TEA
-10.11
-1,020.75
TCEA
25.86%
Elijo esta alternativa
45
-1,009.67
Tasa Compensatoria
8% TEA
-1,009.67
TCEA
78.05%
Acepto el crdito del proveedor
Act.Corr.Temporales
Act.Corr.Permanentes
Activos Fijos
Activos Totales
Razn de Deuda
Rotacin de Activos
Margen Operativo
Prstamos corto plazo
Deuda a largo plazo
Patrimonio
Total Pasivo y Patrimonio
Tasa de corto plazo
Tasa de largo plazo
Impuesto a la Renta
90,000
60,000
450,000
600,000
0.7
1.2
0.2
90,000
330,000
180,000
600,000
10%
15%
30%
15%
10%
75%
Pregunta a)
Ventas
EBIT
G.Financ.
UAI
I.Renta
U.Neta
ROE
720,000
144,000
58,500
85,500
25,650
59,850
0.3325
Pregunta b)
Pasivo Tot
Prst. CP
Deuda LP
EBIT
G.Financ.
UAI
I.Renta
U.Neta
ROE
420,000
150,000
270,000
144,000
55,500
88,500
26,550
61,950
0.34416667
Activos corrientes
Activos no corrientes
Activos Totales
Razn Pasivo Patrimonio
Financiamiento Estructural
Prstamos de corto plazo
Bonos de largo plazo
Patrimonio
Total Pasivo y Patrimonio
Tasa Bonos
Tasa Prstamos
400,000
850,000
1,250,000
1.5
76%
300,000
450,000
500,000
1,250,000
10%
8%
68%
Ventas Anuales
Utilidad Operativa
Gasto Financiero
UAI
Impuesto a la Renta
Utilidad Neta
ROE
Como COK <= ROE entonces
COK mximo
entas Anuales
ilidad Operativa
asto Financiero
puesto a la Renta
1,000,000
450,000
69,000
381,000
114,300
266,700
0.5334
45%
400,000
350,000
450,000.00
67,000.00
6.7164
trimonio de 1.5
rrientes (inclusive los permanentes)
2010
208,077.28
49,012.72
257,090.00
612,659.00
2009
147,796.48
42,855.52
190,652.00
535,694.00
2008
178,401.32
44,633.68
223,035.00
557,921.00
2007
129,200.20
35,992.80
165,193.00
449,910.00
Pasivo Corriente
Pasivo Total
221,358.00
335,334.00
154,032.00
297,999.00
242,372.00
371,815.00
170,190.00
280,441.00
260,000.00
240,000.00
220,000.00
200,000.00
180,000.00
160,000.00
140,000.00
120,000.00
100,000.00
2010
2009
Act. Corr. Temporal
2008
Pasivo Corriente
2007
2006
113,723.92
22,728.08
136,452.00
284,101.00
8%
124,121.00
139,704.00
2007
2006
25
30
-1,022.10
-10.22
100.00
-932.33
30
-1,012.58
81.01
-931.57
Tasa Compensatoria
30% TEA
TCEA
99.99%
Tasa Compensatoria
15% TNA
TCEA
132.36%
30
-1,018.77
-10.19
100.00
-928.96
30
-1,012.58
81.01
-931.57
Tasa Compensatoria
25% TEA
TCEA
91.49%
Tasa Compensatoria
15% TNA
TCEA
76.20%
Proveedores
Prov. 1
Da
Valores
TCEA
8 / 0 neto 30
0
920.00
171.99%
30
1,000.00
Prov. 2
Da
Valores
TCEA
5 / 10 neto 30
10
950.00
151.75%
30
1,000.00
Prov. 3
Da
Valores
TCEA
3 / 15 neto 30
15
970.00
107.72%
30
1,000.00
Situacin
Actual
Propuesta a)
Propuesta b)
10.00%
0.80%
8.00%
0.64%
10.00%
0.80%
Pagos mensuales
Promedio diario
Cheques emitidos
das de flotante
Utilidad mes x flotante
2,100,000
70,000
2,100,000
70,000
2,100,000
70,000
5.00
2,790.95
4.00
1,801.53
4.00
2,232.76
Cobranza mensual
Promedio diario
Cheques recibidos
das de flotante
Costo mes x flotante
2,400,000
80,000
2,400,000
80,000
2,400,000
80,000
4.00
2,551.72
5.00
2,573.61
5.00
3,189.66
350.00
100.00
100.00
110.78
872.08
1,056.90
no conviene
no conviene
Propuesta c
Propuesta c)
10.00%
0.80%
2,100,000
70,000
4.00
2,232.76
2,400,000
80,000
4.00
2,551.72
100.00
418.97
no conviene
1,440,000
20,000
15.82% TEA
0.04% TED
600
20,000
11,666.88
31,666.88
55,000.65
35,555.84
20,000
35,000.65
17,500.32
5,932.55 de mantener el efectivo en caja
11,865.10
5,932.55 de Valores Negociables a Efectivo y viceversa
9.887585346
346,071.89
ectivo y viceversa
Parte a)
Alternativa
Tasa pasiva TEA
Pago promedio
# pagos x da
Reduccin flotante (das)
Reduccin flotante ($)
Ahorro x flotante anual
1
4%
7,500.00
250.0
1.00
1,875,000
75,000.00
0.30
27,000.00
2
4%
7,500.00
250.0
1.50
2,812,500
112,500.00
30,000.00
AHORRO ANUAL
48,000.00
82,500.00
Parte b)
Alternativa
Tasa pasiva TEA
Pago promedio
# pagos x da
Reduccin flotante (das)
Reduccin flotante ($)
Ahorro x flotante anual
1
4%
7,500.00
100.0
1.00
750,000
30,000.00
2
4%
7,500.00
100.0
1.50
1,125,000
45,000.00
0.30
10,800.00
19,200.00
30,000.00
15,000.00
Parte a)
Parte b)
Situacin Actual
Situacin Propuesta
400,000
40,000
360,000
7.50%
1,000
Caja Mnima
Saldo Promedio sin Caja
Tasa Pasiva TEA
Costo de Traslado
27,000
3,000
27.0
27,000
57,000
Pagos anuales
Parte c)
Situacin Actual
Situacin Propuesta
Caja Mnima
Pagos anuales
Tasa Pasiva TEA
Costo de Traslado
40,000
19,440,000
9.00%
1,000
Efectivo ptimo
Frecuencia ptima
657,267.07
29.6
Caja Mnima
Pagos anuales
Tasa Pasiva TEA
Costo de Traslado
Frecuencia Real
Efectivo pedido x vez
Saldo Promedio sin Caja
116,640
3,600
30,000
150,240
40,000
405,000
7.50%
900
810,000
19,440,000
ner efectivo
30,375
3,000
24.0
21,600
54,975
40,000
19,440,000
9.00%
900
24.0
810,000
1,620,000
ner efectivo
145,800
3,600
21,600
171,000
12%
Situacin Actual
Ventas
Utilidad
Costos
Cobranza
a 15 d
a 30 d
a 40 d
incobrables
25%
VPN
429,397.55
2,000,000
500,000
1,500,000
40%
30%
28%
2%
800,000
600,000
560,000
factor
0.98
1
1.003153
784,000.00
600,000.00
561,765.67
V.Presente
780,306.66
594,360.24
554,736.22
1,929,403.12
Pagos
en da -10
en da 0
en da 15
30%
50%
20%
Situacin Propuesta 1
Ventas
Utilidad
Costos
Cobranza
a 10 d
a 30 d
a 40 d
incobrables
25%
50%
25%
23%
2%
V.Presente
451,418.84
750,000.00
298,586.73
1,500,005.57
450,000
750,000
300,000
1,500,000
VPN
543,298.64
2,600,000
650,000
1,950,000
1,300,000
650,000
598,000
factor
0.97 1,261,000.00
1
650,000.00
1.003153
599,885.48
V.Presente
1,257,036.59
643,890.26
592,379.04
2,493,305.89
Pagos
en da -10
en da 0
en da 15
30%
50%
20%
585,000
975,000
390,000
1,950,000
V.Presente
586,844.49
975,000.00
388,162.75
1,950,007.24
Situacin Propuesta 2
VPN
429,397.55
-0.00
Ventas
Utilidad
Costos
Cobranza
a 10 d
a 30 d
a 40 d
incobrables
25%
50%
25%
19%
6.42%
2,600,000
650,000
1,950,000
1,300,000
650,000
483,018
factor
0.97 1,261,000.00
1
650,000.00
1.003153
484,541.07
V.Presente
1,257,036.59
643,890.26
478,477.94
2,379,404.79
Pagos
en da -10
en da 0
en da 15
30%
50%
20%
585,000
975,000
390,000
1,950,000
V.Presente
586,844.49
975,000.00
388,162.75
1,950,007.24
12%
15
Situacin Actual
Ventas
Costos
Cobranza
al contado
a 30 d
a 45 d
incobrables
55%
30%
50%
15%
5%
-15
15
VPN
54,844.60
140,000.00
77,000.00
42,000.00
70,000.00
21,000.00
factor
0.98
1
1.034366
41,160.00
70,000.00
21,721.69
V.Presente
41,160.00
69,342.03
21,416.15
131,918.17
Pagos
en da -15
en da 15
60%
40%
V.Presente
46,418.67
30,654.90
77,073.58
46,200.00
30,800.00
77,000.00
Propuesta Comercial
Ventas
Costos
55%
Cobranza
al contado
a 30 d
a 45 d
incobrables
40%
35%
18%
7%
VPN
44,734.15
150,000.00
82,500.00
56,000.00
49,000.00
25,200.00
factor
0.95
1
1.029302
53,200.00
49,000.00
25,938.42
V.Presente
53,200.00
48,539.42
25,573.56
127,312.98
Pagos
en da -15
en da 15
60%
40%
49,500.00
33,000.00
82,500.00
Propuesta de Cobranzas
Ventas
Costos
55%
V.Presente
49,734.29
32,844.54
82,578.83
135,000.00
74,250.00
VPN
56,825.23
Cobranza
al contado
a 30 d
a 45 d
incobrables
40%
50%
6%
4%
56,000.00
70,000.00
8,400.00
factor
0.95
1
1.038917
53,200.00
70,000.00
8,726.90
V.Presente
53,200.00
69,342.03
8,604.15
131,146.18
Pagos
en da -15
en da 15
60%
40%
44,550.00
29,700.00
74,250.00
V.Presente
44,760.86
29,560.09
74,320.95
55%
Cobranza
al contado
a 30 d
a 45 d
incobrables
40%
35%
18%
7%
-7
23
VPN
44,941.85
150,000.00
82,500.00
56,000.00
49,000.00
25,200.00
factor
0.95
1
1.029302
53,200.00
49,000.00
25,938.42
V.Presente
53,200.00
48,539.42
25,573.56
127,312.98
Pagos
en da -7
en da 23
60%
40%
49,500.00
33,000.00
82,500.00
V.Presente
49,609.20
32,761.93
82,371.13
Situacin Actual
Ventas
Costos
45%
Cobranza
a 30 d
a 45 d
incobrables
80%
15%
5%
20%
VPN
48,455.72
100,000.00
45,000.00 asumiremos que se pagan en el da "0"
80,000.00
15,000.00
V.Presente
78,793.71
14,662.01
93,455.72
Situacin Propuesta
Ventas
Costos
Cobranza
a5d
a 30 d
a 45 d
incobrables
10%
45%
30%
50%
10%
10%
VPN
48,218.64 no conviene
110,000.00
49,500.00 asumiremos que se pagan en el da "0"
33,000.00
55,000.00
11,000.00
factor
0.98
1
1.05
32,340.00
55,000.00
11,550.00
V.Presente
32,258.21
54,170.68
11,289.75
97,718.64
Cobro x mora
mensual
550.00
anual
6,600.00
Clasific.
Normal
CPP
Deficiente
Dudoso
Prdida
Distribucin de Cartera
600,000.00
40%
375,000.00
25%
300,000.00
20%
180,000.00
12%
45,000.00
3%
1,500,000.00
100%
Provisin
1%
6,000.00
5%
18,750.00
25%
75,000.00
60% 108,000.00
100%
45,000.00
252,750.00
16%
2%
14%
0.01097885
TEA
TEA
TEA
TEM
2,774.90