Académique Documents
Professionnel Documents
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Perodo de pesca
30%
todo el ao
3 meses, todos los das,
bodegas llenas
ACTIVOS
50,000 m
Personal
Equipos de repuestos
Mquina principal
Local comercial
400 m
Proceso productivo
Ilo
Lima
bomba succ.
chata
Pesado
Elevadoras
POZAS
embarcacin
Tres meses
Rendimiento - TM
Harina prime
Pescado Fresco
1
4
21600
86400
turnos
US $/TM
Precio compra anchoveta
Costo procesam. (25%)
Costo Total Procesado
Precio venta harina pesc
Ventas
Gastos administrativos-ventas: 10%de
ventas netas
Costo de Ventas
Depreciacin anual
144.00
36.00
180.00
1,200.00
25,920,000.00
2,592,000.00
15,552,000.00
500,000.00
Cambio Anual K
150,000.00
Inversin
250,000.00
Tasa de protena
70%
US$/TM
Aceite pescado
Excelente
calidad
Se exporta
???
dias
90
Hrs/Turno
Sistema Frio
EXPORTACIONES E INDICADORES
Lugar exportacin
Como se exporta
Coste de K = ROE
DEUDA
Cobranza Exportacin a la vista
Nmero de acciones
Valor contable acciones (US$/Acc.)
Capital Contable Total =
Europa
Asia
En sacos
en contenedores
El importador paga todo los gastos de exportacin
27.50%
2,000,000.00 al momento de liquidar la transaccin
30 dias
1,000,000.00
18.5
18,500,000.00
= 0.275
= 0.275
= 0.275*18500000
5,087,500.00
VENTAS
COSTO DE VENTAS
OTROS GASTOS DE VENTAS (10% VENTAS
DEPRECIACION
UTILIDAD OPERATIVA
GASTOS FINANCIEROS
ACTUAL
25,920,000.00
15,552,000.00
2,592,000.00
500,000.00
7,276,000.00
1
26116428.57143
15669857.14286
2611642.857143
500,000.00
7,334,928.57
7
8
27295000 27491428.5714
16377000 16494857.1429
2729500 2749142.85714
500,000.00
500,000.00
7,688,500.00
7,747,428.57
8,142.86
8,142.86
8,142.86
8,142.86
8,142.86
8,142.86
8,142.86
8,142.86
8,142.86
UTILIDAD AI
7,267,857.14
7,326,785.71
7,385,714.29
7,444,642.86
7,503,571.43
7,562,500.00
7,621,428.57
7,680,357.14
7,739,285.71
IMPUESTOS: 30%
2,180,357.14
2,198,035.71
2,215,714.29
2,233,392.86
2,251,071.43
2,268,750.00
2,286,428.57
2,304,107.14
2,321,785.71
UN (UTILIDAD NETA)
5,087,500.00
5,128,750.00
5,170,000.00
5,211,250.00
5,252,500.00
5,293,750.00
5,335,000.00
5,376,250.00
5,417,500.00
27.50%
18,650,000.00
27.50%
18,800,000.00
27.50%
18,950,000.00
27.50%
19,100,000.00
27.50%
19,250,000.00
250,000.00
150,000.00
400,000.00
5,636,892.86
5,236,892.86
250,000.00
150,000.00
400,000.00
5,678,142.86
5,278,142.86
250,000.00
150,000.00
400,000.00
5,719,392.86
5,319,392.86
Retencin Utilidades
Razn de Retencin
Distribucin Utilidades
ROE = RSC
CAPITAL CONTABLE
Deuda
Costo de la Deuda
150,000.00
0.03
4,937,500.00
27.50%
18,500,000.00
2,000,000.00
0.41
1,000,000.00
IB = Inversin Bruta
FCL = FCB - IB
###
###
400,000.00
5,760,642.86
5,360,642.86
4.94
= FEO
= FEO
= UAII - T + D
= 7276000 - 2180357.14 + 500000 = 5595642.86
250,000.00
150,000.00
400,000.00
5,801,892.86
5,401,892.86
27.50%
27.50%
27.50%
19,400,000.00 19,550,000.00 19,700,000.00
250,000.00
150,000.00
400,000.00
5,843,142.86
5,443,142.86
###
###
400,000.00
5,884,392.86
5,484,392.86
250,000.00
150,000.00
400,000.00
5,925,642.86
5,525,642.86
ACTUAL
ACTIVOS
PASIVOS
ACTIVOS
PASIVOS
AC
AC
1.2000082051
AF
AF
18.5
AT
=+D+K
AF+0.250
19.70001 19.7000082051
D / D+K
AT = D+K
0.0609140967
VP = VF/(1+r)
VP = 2000/(1+r)
1.065935 = 1+r
1.6666552708 =(1+r)
2,000,000.00
###
Deuda al Momento de
Liquidar
WACC = D/(D+K)*Kd*(1-T
= VP
WACC
0.2610600831
VR = FCLn+1/(WACC-g)
VR = 5525642.86/(0.26106-0)
RV =
21,166,179.65
ACTIVOS PASIVOS
ACTIVOS PASIVOS
ACTIVOS PASIVOS
ACTIVOS
AC
1.300008
AC
1.400008
AC
1.500008
AC
AF+0.250
18.65
AF+0.50
18.8
AF+0.750
18.95
AF+1.00
19.95001 19.95001
20.20001 20.20001
20.45001 20.45001
0.065163
0.069307
0.07335
20.70001
4
PASIVOS
ACTIVOS PASIVOS
ACTIVOS PASIVOS
ACTIVOS PASIVOS
1.600008
AC
1.700008
AC
1.800008
AC
1.900008
19.1
AF+1.250
19.25
AF+1.50
19.4
AF+1.750
19.55
20.70001
20.95001 20.95001
21.20001 21.20001
21.45001 21.45001
0.077295
0.081146
0.084906
0.088578
8
ACTIVOS PASIVOS
AC
2.000008
AF+2.00
19.7
21.70001 21.70001
0.092166
r = 26.106% = WAAC
FCL
VP Neto
Deuda
1
2
3
4
5
5,236,892.86 5,278,142.86 5,319,392.86 5,360,642.86 5,401,892.86
(1+r)
(1+r)
(1+r)
(1+r)
(1+r)
(1+0.26106) (1+0.26106) (1+0.26106) (1+0.26106) (1+0.26106)
1.26106
1.5902723236 2.0054288164 2.5289660632 3.1891779437
4,152,770.57 3,319,018.25 2,652,496.47 2,119,697.43 1,693,819.83
1.3000082051 1.4000082051 1.5000082051 1.6000082051 1.7000082051
6
7
8
5,443,142.86 5,484,392.86 5,525,642.86
(1+r)
(1+r)
(1+r)
(1+0.26106)
(1+0.26106) (1+0.26106)
4.0217447376
5.0716614189 6.3956693489
1,353,428.23 1,081,379.93
863,966.31
1.8000082051 1.9000082051 2.0000082051
A=
Valor Residual = VR
FCL =
Ultimo flujo de caja
k=
g=
tasa de crecimiento
VR = FCL/(k-g)
Numero Acciones =
Valor de cada Accin =
###
1,000,000.00
18.546
VR
21,166,179.65
(1+r)
(1+0.26106)
6.3956693489
3,309,454.96
20,546,031.98
2,000,000.00
###