Documente Academic
Documente Profesional
Documente Cultură
PVU 75,000
CVU 50,000
GVU 0
TOTAL C y G VARIABLE UNITARIO 50,000
MCU 25,000
COSTOS FIJOS EN EFECTIVO 1,500,000,000
GASTOS FIJOS EN EFECTIVO 500,000,000
TOTAL COSTO Y GASTO FIJO EN EFECTIVO 2,000,000,000
DEPRECIACIONES Y AMORTIZACIONES 100,000,000
TOTAL COSTOS Y GASTOS FIJOS 2,100,000,000
PUNTO DE EQUILIBRIO OPERATIVO CONTABLE 84,000
PUNTO DE EQUILIBRIO OPERATIVO EN EFECTIVO 80,000
VOLUMEN DE VENTAS ACTUAL 65,000
VENTAS 4,875,000,000
COSTOS Y GASTOS VARIABLES 3,250,000,000
= MARGEN DE CONTRIBUCION 1,625,000,000
-COSTOS Y GASTOS FIJOS 2,100,000,000
UTILIDAD OPERACIONAL (475,000,000)
+ DEPRECIACIONES Y AMORTIZACIONES 100,000,000
= UTILIDAD OPERATIVA DE CAJA (375,000,000) EBITDA
3,250,000,000 2,100,000,000
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
UTILIDAD
VOLUMEN DE VENTAS OPERACIONAL
(475,000,000)
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
UTILIDAD PERACIONAL
(475,000,000) 50,000 60,000
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
200,000
5,000,000,000
4,000,000,000
3,000,000,000
2,000,000,000
1,000,000,000
0
0 20,000 40,000 60,000 80,000 100,000 120,000
52.500
VOLUMEN DE VENTAS
70,000 80,000 90,000 100,000 110,000
COSTOS Y
GASTOS VENTAS
TOTALES
2,100,000,000 0
2,600,000,000 750,000,000
3,100,000,000 1,500,000,000
3,600,000,000 2,250,000,000
4,100,000,000 3,000,000,000
4,600,000,000 3,750,000,000
5,100,000,000 4,500,000,000
5,600,000,000 5,250,000,000
6,100,000,000 6,000,000,000
6,600,000,000 6,750,000,000
7,100,000,000 7,500,000,000
120,000 130,000 140,000 150,000
DATOS SITUACION A
PVU 80,000
TOTAL C y G VARIABLE UNITARIO 50,000 8,000,000,000
MCU 30,000
7,000,000,000 CO
TOTAL COSTO Y GASTO FIJO EN EFECTIVO 2,600,000,000
DEPRECIACIONES Y AMORTIZACIONES 400,000,000 6,000,000,000
TOTAL COSTOS Y GASTOS FIJOS 3,000,000,000 5,000,000,000
PUNTO DE EQUILIBRIO OPERATIVO CONTABLE 100,000
4,000,000,000
PUNTO DE EQUILIBRIO OPERATIVO EN EFECTIVO 86,667
VOLUMEN DE VENTAS ACTUAL 120,000 3,000,000,000
VENTAS 9,600,000,000 2,000,000,000
COSTOS Y GASTOS VARIABLES 6,000,000,000
= MARGEN DE CONTRIBUCION 3,600,000,000 1,000,000,000
-COSTOS Y GASTOS FIJOS 3,000,000,000 0
UTILIDAD OPERACIONAL 600,000,000 0 20,000
+ DEPRECIACIONES Y AMORTIZACIONES 400,000,000
= UTILIDAD OPERATIVA DE CAJA 1,000,000,000 EBITDA
GAO 6
6,000,000,000 3,000,000,000
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
200,000
UTILIDAD
VOLUMEN DE VENTAS OPERACIONAL
600,000,000
0 (2,100,000,000)
10,000 (1,700,000,000)
20,000 (1,300,000,000)
30,000 (900,000,000)
40,000 (500,000,000)
50,000 (100,000,000)
60,000 300,000,000
70,000 700,000,000
80,000 1,100,000,000
90,000 1,500,000,000
100,000 1,900,000,000
UTILIDAD PERACIONAL
600,000,000 50,000 60,000
0 (5,100,000,000) (5,700,000,000)
20,000 (4,100,000,000) (4,500,000,000)
40,000 (3,100,000,000) (3,300,000,000)
60,000 (2,100,000,000) (2,100,000,000)
80,000 (1,100,000,000) (900,000,000)
100,000 (100,000,000) 300,000,000
120,000 900,000,000 1,500,000,000
140,000 1,900,000,000 2,700,000,000
160,000 2,900,000,000 3,900,000,000
180,000 3,900,000,000 5,100,000,000
200,000 4,900,000,000 6,300,000,000
5,000,000,000
4,000,000,000
3,000,000,000
2,000,000,000
52.500
1,000,000,000
0
0 20,000 40,000 60,000 80,000 100,000 120,000
VOLUMEN DE VENTAS
70,000 80,000 90,000 100,000 110,000
(6,300,000,000) (6,900,000,000) (7,500,000,000) (8,100,000,000) (8,700,000,000)
(4,900,000,000) (5,300,000,000) (5,700,000,000) (6,100,000,000) (6,500,000,000)
(3,500,000,000) (3,700,000,000) (3,900,000,000) (4,100,000,000) (4,300,000,000)
(2,100,000,000) (2,100,000,000) (2,100,000,000) (2,100,000,000) (2,100,000,000)
(700,000,000) (500,000,000) (300,000,000) (100,000,000) 100,000,000
700,000,000 1,100,000,000 1,500,000,000 1,900,000,000 2,300,000,000
2,100,000,000 2,700,000,000 3,300,000,000 3,900,000,000 4,500,000,000
3,500,000,000 4,300,000,000 5,100,000,000 5,900,000,000 6,700,000,000
4,900,000,000 5,900,000,000 6,900,000,000 7,900,000,000 8,900,000,000
6,300,000,000 7,500,000,000 8,700,000,000 9,900,000,000 11,100,000,000
7,700,000,000 9,100,000,000 10,500,000,000 11,900,000,000 13,300,000,000
COSTOS Y
GASTOS VENTAS
TOTALES
3,000,000,000 0
4,000,000,000 1,600,000,000
5,000,000,000 3,200,000,000
6,000,000,000 4,800,000,000
7,000,000,000 6,400,000,000
8,000,000,000 8,000,000,000
9,000,000,000 9,600,000,000
10,000,000,000 11,200,000,000
11,000,000,000 12,800,000,000
12,000,000,000 14,400,000,000
13,000,000,000 16,000,000,000
120,000 130,000 140,000 150,000
(9,300,000,000) (9,900,000,000) ### ###
(6,900,000,000) (7,300,000,000) (7,700,000,000) (8,100,000,000)
(4,500,000,000) (4,700,000,000) (4,900,000,000) (5,100,000,000)
(2,100,000,000) (2,100,000,000) (2,100,000,000) (2,100,000,000)
300,000,000 500,000,000 700,000,000 900,000,000
2,700,000,000 3,100,000,000 3,500,000,000 3,900,000,000
5,100,000,000 5,700,000,000 6,300,000,000 6,900,000,000
7,500,000,000 8,300,000,000 9,100,000,000 9,900,000,000
9,900,000,000 10,900,000,000 11,900,000,000 12,900,000,000
12,300,000,000 13,500,000,000 14,700,000,000 15,900,000,000
14,700,000,000 16,100,000,000 17,500,000,000 18,900,000,000
DATOS SITUACION A
PVU 100,000
CVU 40,000
GVU 20,000
TOTAL C y G VARIABLE UNITARIO 60,000 12,000,000,000
MCU 40,000
COSTOS FIJOS EN EFECTIVO 1,500,000,000 10,000,000,000 CO
GASTOS FIJOS EN EFECTIVO 500,000,000
TOTAL COSTO Y GASTO FIJO EN EFECTIVO 2,000,000,000
8,000,000,000
DEPRECIACIONES Y AMORTIZACIONES 100,000,000
TOTAL COSTOS Y GASTOS FIJOS 2,100,000,000
6,000,000,000
PUNTO DE EQUILIBRIO OPERATIVO CONTABLE 52,500
PUNTO DE EQUILIBRIO OPERATIVO EN EFECTIVO 50,000
4,000,000,000
VOLUMEN DE VENTAS ACTUAL 65,000
VENTAS 6,500,000,000
COSTOS Y GASTOS VARIABLES 3,900,000,000 2,000,000,000
= MARGEN DE CONTRIBUCION 2,600,000,000
-COSTOS Y GASTOS FIJOS 2,100,000,000 0
0 20,000
UTILIDAD OPERACIONAL 500,000,000
+ DEPRECIACIONES Y AMORTIZACIONES 100,000,000
= UTILIDAD OPERATIVA DE CAJA 600,000,000 EBITDA
3,900,000,000 2,100,000,000
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
UTILIDAD
VOLUMEN DE VENTAS OPERACIONAL
500,000,000
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
UTILIDAD PERACIONAL
500,000,000 50,000 60,000
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
200,000
8,000,000,000
6,000,000,000
4,000,000,000
2,000,000,000 52.500
0
0 20,000 40,000 60,000 80,000 100,000 120,000
VOLUMEN DE VENTAS
70,000 80,000 90,000 100,000 110,000
COSTOS Y
GASTOS VENTAS
TOTALES
2,100,000,000 0
2,700,000,000 1,000,000,000
3,300,000,000 2,000,000,000
3,900,000,000 3,000,000,000
4,500,000,000 4,000,000,000
5,100,000,000 5,000,000,000
5,700,000,000 6,000,000,000
6,300,000,000 7,000,000,000
6,900,000,000 8,000,000,000
7,500,000,000 9,000,000,000
8,100,000,000 10,000,000,000
120,000 130,000 140,000 150,000
DATOS SITUACION A
PVU 80,000
TOTAL C y G VARIABLE UNITARIO 50,000 12,000,000,000
MCU 30,000
TOTAL COSTO Y GASTO FIJO EN EFECTIVO 2,600,000,000 10,000,000,000 CO
DEPRECIACIONES Y AMORTIZACIONES 400,000,000
TOTAL COSTOS Y GASTOS FIJOS 3,000,000,000 8,000,000,000
PUNTO DE EQUILIBRIO OPERATIVO CONTABLE 100,000
6,000,000,000
PUNTO DE EQUILIBRIO OPERATIVO EN EFECTIVO 86,667
VOLUMEN DE VENTAS ACTUAL 120,000
4,000,000,000
VENTAS 9,600,000,000
COSTOS Y GASTOS VARIABLES 6,000,000,000 2,000,000,000
= MARGEN DE CONTRIBUCION 3,600,000,000
-COSTOS Y GASTOS FIJOS 3,000,000,000 0
UTILIDAD OPERACIONAL 600,000,000 0 20,000
+ DEPRECIACIONES Y AMORTIZACIONES 400,000,000
= UTILIDAD OPERATIVA DE CAJA 1,000,000,000 EBITDA
GAO 6
6,000,000,000 3,000,000,000
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
200,000
UTILIDAD
VOLUMEN DE VENTAS OPERACIONAL
600,000,000
0 (2,100,000,000)
10,000 (1,700,000,000)
20,000 (1,300,000,000)
30,000 (900,000,000)
40,000 (500,000,000)
50,000 (100,000,000)
60,000 300,000,000
70,000 700,000,000
80,000 1,100,000,000
90,000 1,500,000,000
100,000 1,900,000,000
UTILIDAD PERACIONAL
600,000,000 50,000 60,000
0 (5,100,000,000) (5,700,000,000)
20,000 (4,100,000,000) (4,500,000,000)
40,000 (3,100,000,000) (3,300,000,000)
60,000 (2,100,000,000) (2,100,000,000)
80,000 (1,100,000,000) (900,000,000)
100,000 (100,000,000) 300,000,000
120,000 900,000,000 1,500,000,000
140,000 1,900,000,000 2,700,000,000
160,000 2,900,000,000 3,900,000,000
180,000 3,900,000,000 5,100,000,000
200,000 4,900,000,000 6,300,000,000
8,000,000,000
6,000,000,000
4,000,000,000
52.500
2,000,000,000
0
0 20,000 40,000 60,000 80,000 100,000 120,000
VOLUMEN DE VENTAS
70,000 80,000 90,000 100,000 110,000
(6,300,000,000) (6,900,000,000) (7,500,000,000) (8,100,000,000) (8,700,000,000)
(4,900,000,000) (5,300,000,000) (5,700,000,000) (6,100,000,000) (6,500,000,000)
(3,500,000,000) (3,700,000,000) (3,900,000,000) (4,100,000,000) (4,300,000,000)
(2,100,000,000) (2,100,000,000) (2,100,000,000) (2,100,000,000) (2,100,000,000)
(700,000,000) (500,000,000) (300,000,000) (100,000,000) 100,000,000
700,000,000 1,100,000,000 1,500,000,000 1,900,000,000 2,300,000,000
2,100,000,000 2,700,000,000 3,300,000,000 3,900,000,000 4,500,000,000
3,500,000,000 4,300,000,000 5,100,000,000 5,900,000,000 6,700,000,000
4,900,000,000 5,900,000,000 6,900,000,000 7,900,000,000 8,900,000,000
6,300,000,000 7,500,000,000 8,700,000,000 9,900,000,000 11,100,000,000
7,700,000,000 9,100,000,000 10,500,000,000 11,900,000,000 13,300,000,000
COSTOS Y
GASTOS VENTAS
TOTALES
3,000,000,000 0
4,000,000,000 1,600,000,000
5,000,000,000 3,200,000,000
6,000,000,000 4,800,000,000
7,000,000,000 6,400,000,000
8,000,000,000 8,000,000,000
9,000,000,000 9,600,000,000
10,000,000,000 11,200,000,000
11,000,000,000 12,800,000,000
12,000,000,000 14,400,000,000
13,000,000,000 16,000,000,000
120,000 130,000 140,000 150,000
(9,300,000,000) (9,900,000,000) ### ###
(6,900,000,000) (7,300,000,000) (7,700,000,000) (8,100,000,000)
(4,500,000,000) (4,700,000,000) (4,900,000,000) (5,100,000,000)
(2,100,000,000) (2,100,000,000) (2,100,000,000) (2,100,000,000)
300,000,000 500,000,000 700,000,000 900,000,000
2,700,000,000 3,100,000,000 3,500,000,000 3,900,000,000
5,100,000,000 5,700,000,000 6,300,000,000 6,900,000,000
7,500,000,000 8,300,000,000 9,100,000,000 9,900,000,000
9,900,000,000 10,900,000,000 11,900,000,000 12,900,000,000
12,300,000,000 13,500,000,000 14,700,000,000 15,900,000,000
14,700,000,000 16,100,000,000 17,500,000,000 18,900,000,000
A B
EMPRESA EMPRESA MAS
DATOS APALANCADA APALANCADA
PVU 75,000 75,000
CVU 50,000 15,000
GVU 0 5,000
TOTAL C y G VARIABLE UNITARIO 50,000 20,000
MCU 25,000 55,000
COSTOS FIJOS EN EFECTIVO 1,500,000,000 3,500,000,000
GASTOS FIJOS EN EFECTIVO 500,000,000 1,500,000,000
TOTAL COSTO Y GASTO FIJO EN EFECTIVO 2,000,000,000 5,000,000,000
DEPRECIACIONES Y AMORTIZACIONES 100,000,000 100,000,000
TOTAL COSTOS Y GASTOS FIJOS 2,100,000,000 5,100,000,000
PUNTO DE EQUILIBRIO OPERATIVO CONTABLE 84,000 92,727
PUNTO DE EQUILIBRIO OPERATIVO EN EFECTIVO 80,000 90,909
VOLUMEN DE VENTAS 65,000 65,000
VENTAS 4,875,000,000 4,875,000,000
COSTOS Y GASTOS VARIABLES 3,250,000,000 1,300,000,000
= MARGEN DE CONTRIBUCION 1,625,000,000 3,575,000,000
-COSTOS Y GASTOS FIJOS 2,100,000,000 5,100,000,000
UTILIDAD OPERACIONAL (475,000,000) (1,525,000,000)
la Utilidad operacional
EMPRESA NO
APALANCADA
15%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
PUNTO DE
12
10
0
0 0 0 0
VECES
PUNTO DE EQUILIBRIO OPERATIVO
0 0 0 0 0 0 0 0 0 1
Column F
A B
EMPRESA EMPRESA MAS
DATOS APALANCADA APALANCADA
PVU 100,000 100,000
CVU 40,000 15,000
GVU 20,000 5,000
TOTAL C y G VARIABLE UNITARIO 60,000 20,000
MCU 40,000 80,000
COSTOS FIJOS EN EFECTIVO 1,500,000,000 3,500,000,000
GASTOS FIJOS EN EFECTIVO 500,000,000 1,500,000,000
TOTAL COSTO Y GASTO FIJO EN EFECTIVO 2,000,000,000 5,000,000,000
DEPRECIACIONES Y AMORTIZACIONES 100,000,000 100,000,000
TOTAL COSTOS Y GASTOS FIJOS 2,100,000,000 5,100,000,000
PUNTO DE EQUILIBRIO OPERATIVO CONTABLE 52,500 63,750
PUNTO DE EQUILIBRIO OPERATIVO EN EFECTIVO 50,000 62,500
VOLUMEN DE VENTAS 65,000 65,000
VENTAS 6,500,000,000 6,500,000,000
COSTOS Y GASTOS VARIABLES 3,900,000,000 1,300,000,000
= MARGEN DE CONTRIBUCION 2,600,000,000 5,200,000,000
-COSTOS Y GASTOS FIJOS 2,100,000,000 5,100,000,000
UTILIDAD OPERACIONAL 500,000,000 100,000,000
la Utilidad operacional
EMPRESA NO
APALANCADA
15%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
PUNTO DE
12
10
0
0 0 0 0
VECES
PUNTO DE EQUILIBRIO OPERATIVO
0 0 0 0 0 0 0 0 0 1
Column F
Una empresa tiene unos activos a 31/12/2012 po valor de $ 2.130.000.000 los cuales puede financiar c
financiera al 15% o emitiendo acciones comunes a $5.000 cda una.
A B
A B
EMPRESA EMPRESA MAS
DATOS APALANCADA APALANCADA
Incremento % en
Incremento % en la Utilidad operacional la UPA
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
45.00%
525.00 525.00
0
50,000,000
100,000,000
150,000,000
200,000,000
250,000,000
300,000,000
350,000,000
400,000,000
450,000,000
500,000,000
550,000,000
600,000,000
650,000,000
700,000,000
750,000,000
800,000,000
PUNTOS DE INDIFERENCIA
1. ENTRE A y B 0.00 319,500,000
2. ENTRE A Y C
3. ENTRE B Y C
0.
partiendo de la utilidad operacional, el valor de la
C A B C
C
EMPRESA NO EMPRESA EMPRESA MAS EMPRESA NO
APALANCADA APALANCADA APALANCADA APALANCADA
223,650,000
10.50%
10.50%
10.50%
0.00%
0.00%
1,000,000,000
Una empresa tiene unos activos a 31/12/2012 po valor de $ 2.130.000.000 los cuales puede financiar c
financiera al 15% o emitiendo acciones comunes a $5.000 cda una.
A B
A B
EMPRESA EMPRESA MAS
DATOS APALANCADA APALANCADA
Incremento % en
Incremento % en la Utilidad operacional la UPA
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
45.00%
525.00 525.00
0
50,000,000
100,000,000
150,000,000
200,000,000
250,000,000
300,000,000
350,000,000
400,000,000
450,000,000
500,000,000
550,000,000
600,000,000
650,000,000
700,000,000
750,000,000
800,000,000
PUNTOS DE INDIFERENCIA
1. ENTRE A y B 0.00 319,500,000
2. ENTRE A Y C
3. ENTRE B Y C
0.
partiendo de la utilidad operacional, el valor de la
C A B C
C
EMPRESA NO EMPRESA EMPRESA MAS EMPRESA NO
APALANCADA APALANCADA APALANCADA APALANCADA
223,650,000
10.50%
10.50%
10.50%
0.00%
0.00%
1,000,000,000
REQUERIMIENTO DE FINANCIACION 2,000,000,000
2016
CAPITAL COMUN 4,000,000,000
VR NOMINAL POR ACCION 5,000
No ACCIONES CUMUNES EN CIRCULACION 800,000
FUENTES DE FINANCIACION
ACCIONES COMUNES 7,500
ACCIONES PREFERENTES AL 15%
DEUDA FINANCIAERA AL 18%
ACCIONES
ACCIONES COMUNES DEUDA
PREFERENTES
UTILIDAD OPERACIONAL 1,840,000,000 1,840,000,000 1,840,000,000
GASTOS FINANCIEROS 400,000,000 400,000,000 760,000,000
UTILIDAD ANTES DE IMPUESTOS 1,440,000,000 1,440,000,000 1,080,000,000
IMPUESTOS 432,000,000 432,000,000 324,000,000
UTILIDAD PARA ACCIONISTAS 1,008,000,000 1,008,000,000 756,000,000
(-) DIVIDENDOS PREFERENTES 0 300,000,000 0
(=) UTILIDAD PARA ACCIONISTAS COMUNES 1,008,000,000 708,000,000 756,000,000
(/) No ACCIONES COMUNES EN CIRCULACION 1,066,667 800,000 800,000
(=) UPA 945.0 885.0 945.0
PUNTOS DE INDIFERENCIA
Entre A y B 60.0 2,114,285,714
Entre A y C 0.0 1,840,000,000
2,000.0 ACCIONES
COMUNES
1,500.0 ACCIONES
PREFERENTES
DEUDA
1,000.0
500.0
0.0
0 1,000,000,000 2,000,000,000 3,000,000,000
(500.0)
0.0
0 1,000,000,000 2,000,000,000 3,000,000,000
(500.0)
REQUERIMIENTO DE FINANCIACION 2,000,000,000
2016
CAPITAL COMUN 4,000,000,000
VR NOMINAL POR ACCION 5,000
No ACCIONES CUMUNES EN CIRCULACION 800,000
FUENTES DE FINANCIACION
ACCIONES COMUNES 7,500
ACCIONES PREFERENTES AL 15%
DEUDA FINANCIAERA AL 18%
ACCIONES
ACCIONES COMUNES PREFERENTES DEUDA
PUNTOS DE INDIFERENCIA
Entre A y B 60.0 2,114,285,714
Entre A y C 0.0 1,840,000,000
2,000.0 ACCIONES
COMUNES
1,500.0 ACCIONES
PREFERENTES
DEUDA
1,000.0
500.0
0.0
0 1,000,000,000 2,000,000,000 3,000,000,000
(500.0)
0.0
0 1,000,000,000 2,000,000,000 3,000,000,000
(500.0)