Maestría en Administración de Empresas

ESTRATEGIAS DE ADMINISTRACIÓN FINANCIERA II

CICLO 2-2018

Tarea Grupal

Integrantes:

JAQUELINE ASTRID CERNA

JULIANA LUCÍA LUNA
VERÓNICA MARTÍNEZ
JULIO CÉSAR PÉREZ
ROCÍO QUIJADA
MARVIN QUINTANILLA
RAFAEL RENDEROS
 VARIABLES
Tasa impositiva 30%
Tasa de descuento 14%
Costo de Construcción $2,750,000.00
Habitaciones 80
Tarifa por noche $75.00
Ganancia bruta 65%
Costo de venta $26.25
Ocupación año 1 60%
Ocupación año 8 en adelante 75%
Incremento de % de ocupación 2.14%
Valor comercial mobiliario 5%
Costo mobiliario $500,000.00
Estructura deuda 48%
Estructura capital 52%
Deuda total $1,623,072.00
Comisión x gestión del crédito 1%
Comisión x gestión del crédito ($) $10,000.00
Comisión x colocación de bonos 0.80%
Comisión x colocación de bonos($) $3,933.37
Política de KT / $ ingreso $0.10
Capital de trabajo $131,400
Política de dividendos 45%

Conceptos\Años 0 1
Porcentaje de ocupación 60.00%
Total de habitaciones x año 17520
Precio $75.00
Ventas totales $1,314,000
Costo $459,900.00

Conceptos\Años 0 1

Ingresos
Ventas $1,314,000
Ventas activos

Costo de ventas $459,900

Costo operativo $300,000
Depreciación $237,500
Utilidad operativa $316,600
Gastos financieros $132,014
Valor en libros

Utilidades brutas $184,586

Impuestos $55,376
Utilidad neta $129,210
Ventas de activos

Depreciación $237,500
Intereses Bonos $35,646

Presupuesto capital -$3,263,933

Terreno
Mobiliario de oficina -$500,000
Construcción -$2,750,000
Comisiones por desembolsos -$13,933
Presupuesto corriente -$131,400 -$4,693
Inventarios
Cuentas por cobrar
Tesoreria
Proveedores

Valor de rescate

Préstamos $1,623,072
Amortizaciones -$56,271
Flujo de caja -$1,772,261 $341,393
VAN 14% $ 434,414.72
TIR 18.54%

Cálculo de la depreciación

Vida util Valor a depreciar

Mobiliario 5 $500,000
Construcción 20 $2,750,000
Vehículos
Total anual $3,250,000

Conceptos\Años 1 2
Mobiliario $100,000 $100,000
Construcción $137,500 $137,500
Vehículos $0 $0
Depreciación anual $237,500 $237,500

Mobiliario $400,000 $300,000

Construcción $2,612,500 $2,475,000
Vehículos
Valor en libros $3,012,500 $2,775,000

ANALI
Int. Equivalente 7.76%
Financiamiento $ 131,400.00
Cuota $32,705
BANDESAL
0 1
Saldo de préstamo $131,400.0
Intereses $10,200.9
Amortizaciones $22,504.0
Saldo final $131,400 $108,896.0

Monto $ 1,000,000.35
Interes 8.75%
Cuota $9,994

0 1
Saldo de préstamo $1,000,000
Intereses $86,167
Amortizaciones $33,766.72
Saldo final $1,000,000 $966,234

Monto $ 491,671.65
Intereses 7.25%
Cuota

0 1
Saldo de préstamo $491,672
Intereses $35,646
Amortizaciones $0
Saldo final $491,672 $527,318

0 1
Intereses $132,014.28
Amortizaciones $56,271
Entradas $1,623,072

CALCULO DEL WACC

Montos Estructura
Préstamo Banco 1 $131,400 3.87%
Préstamo Banco 2 $1,000,000 29.45%
Bonos $491,672 14.48%
Recursos propios $1,772,261 52.20%
Total $3,395,333 100.00%
\
Conceptos\Años 1 2
Ventas anuales $1,314,000 $1,360,929
Capital de trabajo requerido $131,400 $136,093

Obligaciones a corto plazo Largo plazo

Préstamo Banco 1 $ 24,251.01
Préstamo Banco 2 $ 36,842.73
Bonos $ 38,230.54
Total $ 99,324.28 $ 1,523,747.72

Monto $1,000,000.35 Vamos a generar la cantidad de interes

Cuota $9,994.49
Plazo 15
Tasa 8.75%
Tasa mensual 0.73%
Enero
Febrero
Marzo
Abril
Mayo
Junio
Julio
Agosto
Septiembre
Octubre
Noviembre
Diciembre

Pagos
Amortización
Intereses
Largo plazo
Corto Plazo
 Determinación de compras de materia prima y ventas de productos términados
2 3 4 5 6 7
62.14% 64.29% 66.43% 68.57% 70.71% 72.86%
18146 18771 19397 20023 20649 21274
$75.00 $75.00 $75.00 $75.00 $75.00 $75.00
$1,360,929 $1,407,857 $1,454,786 $1,501,714 $1,548,643 $1,595,571
$476,325.00 $492,750.00 $509,175.00 $525,600.00 $542,025.00 $558,450.00

EVALUACION ECONOMICA (CON FINANCIAMIENTO)

2 3 4 5 6 7

$1,360,929 $1,407,857 $1,454,786 $1,501,714 $1,548,643 $1,595,571

$25,000

$476,325 $492,750 $509,175 $525,600 $542,025 $558,450

$300,000 $300,000 $300,000 $300,000 $300,000 $300,000
$237,500 $237,500 $237,500 $237,500 $237,500 $237,500
$347,104 $377,607 $408,111 $438,614 $469,118 $499,621
$129,776 $127,308 $124,590 $121,597 $118,300 $117,211

$217,328 $250,299 $283,520 $317,018 $350,818 $382,411

 $65,198 $75,090 $85,056 $95,105 $105,245 $114,723
$152,130 $175,209 $198,464 $221,912 $245,572 $267,687

$237,500 $237,500 $237,500 $237,500 $237,500 $237,500

$38,231 $41,002 $43,975 $47,163 $50,582 $54,250

-$500,000

$0 $0
-$4,693 -$4,693 -$4,693 -$4,693 -$4,693 -$4,693

-$61,094 -$66,333 -$72,023 -$78,205 -$52,216 -$56,973

$362,074 $382,686 $403,223 -$76,323 $476,746 $497,772

Depreciación
anual
$100,000
$137,500

$237,500

Cuadro de depreciación
3 4 5 6 7 8
$100,000 $100,000 $100,000 $100,000 $100,000 $100,000
$137,500 $137,500 $137,500 $137,500 $137,500 $137,500
$0 $0 $0 $0 $0 $0
$237,500 $237,500 $237,500 $237,500 $237,500 $237,500
Valor en libros
$200,000 $100,000 $500,000 $400,000 $300,000 $200,000
 $2,337,500 $2,200,000 $2,062,500 $1,925,000 $1,787,500 $1,650,000

$2,537,500 $2,300,000 $2,562,500 $2,325,000 $2,087,500 $1,850,000

ANALISIS FINANCIERO
Plazo 5 años
Interés anual 7.50%

BANDESAL
2 3 4 5
$108,896.0 $84,645.0 $58,511.3 $30,348.8
$8,453.9 $6,571.2 $4,542.4 $2,356.1
$24,251.0 $26,133.7 $28,162.5 $30,348.8
$84,645.0 $58,511.3 $30,348.8 $0.0

Plazo 15 años
Int. Efectivo 9.11%

BANCO 2
2 3 4 5 6 7
$966,234 $929,391 $889,192 $845,331 $797,475 $745,259
$83,091 $79,735 $76,073 $72,077 $67,718 $62,961
$36,842.73 $40,198.95 $43,860.90 $47,856.45 $52,215.97 $56,972.63
$929,391 $889,192 $845,331 $797,475 $745,259 $688,286

BONOS CORPORATIVOS
2 3 4 5 6 7
$527,318 $565,548 $606,551 $650,526 $697,689 $748,271
$38,231 $41,002 $43,975 $47,163 $50,582 $54,250
$0 $0 $0 $0 $0 $0
$565,548 $606,551 $650,526 $697,689 $748,271 $802,521

RESUMEN
2 3 4 5 6 7
$129,775.58 $127,308.40 $124,590.29 $121,596.59 $118,300.34 $117,210.91
$61,094 $66,333 $72,023 $78,205 $52,216 $56,973

CALCULO DEL WACC

Tasa Escudo fiscal Tasa Efect. WACC
7.50% 2.25% 5.25% 0.2%
8.75% 2.63% 6.13% 1.8%
7.25% 2.18% 5.08% 0.7%
14.00% 14.00% 7.3%
10.05%

Capital de trabajo: Política $0.10 por cada dólar de ingreso

 3 4 5 6 7 8
$1,407,857 $1,454,786 $1,501,714 $1,548,643 $1,595,571 $1,642,500
$140,786 $145,479 $150,171 $154,864 $159,557 $164,250

os a generar la cantidad de intereses de cada año(7)

2011 2012 2013 2014 2015 2016

1 2 3 4 5 6
$1,000,000.3 $966,233.6 $929,390.9 $889,192.0 $845,331.0 $797,474.6
$997,297.53 $963,284.59 $926,173.22 $885,681.15 $841,500.43 $793,295.03
$994,575.00 $960,314.05 $922,932.07 $882,144.75 $837,641.88 $789,084.98
$991,832.62 $957,321.85 $919,667.30 $878,582.57 $833,755.20 $784,844.24
$989,070.24 $954,307.83 $916,378.71 $874,994.41 $829,840.17 $780,572.57
$986,287.72 $951,271.84 $913,066.15 $871,380.09 $825,896.60 $776,269.75
$983,484.91 $948,213.71 $909,729.44 $867,739.41 $821,924.27 $771,935.56
$980,661.67 $945,133.27 $906,368.39 $864,072.19 $817,922.98 $767,569.77
$977,817.84 $942,030.38 $902,982.84 $860,378.22 $813,892.51 $763,172.14
$974,953.27 $938,904.86 $899,572.60 $856,657.33 $809,832.65 $758,742.45
$972,067.81 $935,756.55 $896,137.49 $852,909.30 $805,743.19 $754,280.46
$969,161.32 $932,585.29 $892,677.34 $849,133.94 $801,623.91 $749,785.93
$966,233.63 $929,390.90 $889,191.95 $845,331.05 $797,474.60 $745,258.63

$119,933.9 $119,933.9 $119,933.9 $119,933.9 $119,933.9 $119,933.9

$33,766.7 $36,842.7 $40,198.9 $43,860.9 $47,856.4 $52,216.0
$86,167.2 $83,091.2 $79,734.9 $76,073.0 $72,077.4 $67,717.9
$929,390.90 $889,191.95 $845,331.05 $797,474.60 $745,258.63 $688,286.00
$36,842.7 $40,198.9 $43,860.9 $47,856.4 $52,216.0 $56,972.6
uctos términados
8 9 10 11 12 13 14
75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00%
21900 21900 21900 21900 21900 21900 21900
$75.00 $75.00 $75.00 $75.00 $75.00 $75.00 $75.00
$1,642,500 $1,642,500 $1,642,500 $1,642,500 $1,642,500 $1,642,500 $1,642,500
$574,875.00 $574,875.00 $574,875.00 $574,875.00 $574,875.00 $574,875.00 $574,875.00

CIAMIENTO)
8 9 10 11 12 13 14

$1,642,500 $1,642,500 $1,642,500 $1,642,500 $1,642,500 $1,642,500 $1,642,500

$25,000

$574,875 $574,875 $574,875 $574,875 $574,875 $574,875 $574,875

$300,000 $300,000 $300,000 $300,000 $300,000 $300,000 $300,000
$237,500 $237,500 $237,500 $237,500 $237,500 $237,500 $237,500
$530,125 $530,125 $530,125 $530,125 $530,125 $530,125 $530,125
$115,954 $114,510 $112,855 $110,966 $108,814 $106,369 $103,598

$414,171 $415,615 $417,270 $419,159 $421,311 $423,756 $426,527

$124,251 $124,685 $125,181 $125,748 $126,393 $127,127 $127,958
$289,920 $290,931 $292,089 $293,412 $294,918 $296,629 $298,569

$237,500 $237,500 $237,500 $237,500 $237,500 $237,500 $237,500

$58,183 $62,401 $66,925 $71,777 $76,981 $82,562 $88,548

-$500,000

$0 $0
$0 $0 $0 $0 $0 $0 $0

$0 $0
-$62,163 -$67,825 -$74,004 -$80,745 -$88,101 -$96,127 -$104,883
$523,440 $523,006 $22,510 $521,943 $521,298 $520,564 $519,733

9 10 11 12 13 14 15
$100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000
$137,500 $137,500 $137,500 $137,500 $137,500 $137,500 $137,500
$0 $0 $0 $0 $0 $0 $0
$237,500 $237,500 $237,500 $237,500 $237,500 $237,500 $237,500

$100,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0

$1,512,500 $1,375,000 $1,237,500 $1,100,000 $962,500 $825,000 $687,500

$1,612,500 $1,875,000 $1,637,500 $1,400,000 $1,162,500 $925,000 $687,500

8 9 10 11 12 13 14
$688,286 $626,123 $558,298 $484,294 $403,549 $315,448 $219,321
$57,771 $52,109 $45,930 $39,188 $31,833 $23,807 $15,051
$62,162.60 $67,825.35 $74,003.96 $80,745.41 $88,100.98 $96,126.61 $104,883.34
$626,123 $558,298 $484,294 $403,549 $315,448 $219,321 $114,438

8 9 10 11 12 13 14
$802,521 $860,704 $923,105 $990,030 $1,061,807 $1,138,788 $1,221,350
$58,183 $62,401 $66,925 $71,777 $76,981 $82,562 $88,548
$0 $0 $0 $0 $0 $0 $0
$860,704 $923,105 $990,030 $1,061,807 $1,138,788 $1,221,350 $1,309,898

8 9 10 11 12 13 14
$115,954.04 $114,509.54 $112,855.00 $110,965.62 $108,813.89 $106,369.38 $103,598.40
$62,163 $67,825 $74,004 $80,745 $88,101 $96,127 $104,883
 9 10 11 12 13 14 15
$1,642,500 $1,642,500 $1,642,500 $1,642,500 $1,642,500 $1,642,500 $1,642,500
$164,250 $164,250 $164,250 $164,250 $164,250 $164,250 $164,250

2017 2018 2019 2020 2020 2020 2020

7 8 9 10 11 12 13
$745,258.6 $688,286.0 $626,123.4 $558,298.1 $484,294.1 $403,548.7 $315,447.7
$740,698.31 $683,310.26 $620,694.40 $552,374.49 $477,830.92 $396,496.74 $307,753.37
$736,104.75 $678,298.24 $615,225.80 $546,407.73 $471,320.61 $389,393.38 $300,002.91
$731,477.69 $673,249.68 $609,717.33 $540,397.46 $464,762.84 $382,238.21 $292,195.94
$726,816.89 $668,164.30 $604,168.70 $534,343.37 $458,157.24 $375,030.88 $284,332.05
$722,122.11 $663,041.84 $598,579.61 $528,245.13 $451,503.48 $367,770.99 $276,410.81
$717,393.09 $657,882.03 $592,949.76 $522,102.43 $444,801.20 $360,458.16 $268,431.82
$712,629.59 $652,684.60 $587,278.86 $515,914.94 $438,050.06 $353,092.01 $260,394.64
$707,831.36 $647,449.27 $581,566.61 $509,682.33 $431,249.68 $345,672.15 $252,298.86
$702,998.14 $642,175.76 $575,812.71 $503,404.27 $424,399.72 $338,198.19 $244,144.05
$698,129.68 $636,863.80 $570,016.86 $497,080.44 $417,499.81 $330,669.72 $235,929.78
$693,225.72 $631,513.11 $564,178.74 $490,710.49 $410,549.59 $323,086.37 $227,655.61
$688,286.00 $626,123.40 $558,298.05 $484,294.10 $403,548.69 $315,447.72 $219,321.11

$119,933.9 $119,933.9 $119,933.9 $119,933.9 $119,933.9 $119,933.9 $119,933.9

$56,972.6 $62,162.6 $67,825.3 $74,004.0 $80,745.4 $88,101.0 $96,126.6
$62,961.3 $57,771.3 $52,108.5 $45,929.9 $39,188.5 $31,832.9 $23,807.3
$626,123.40 $558,298.05 $484,294.10 $403,548.69 $315,447.72 $219,321.11 $114,437.77
$62,162.6 $67,825.3 $74,004.0 $80,745.4 $88,101.0 $96,126.6 $104,883.3
 15
75.00%
21900
$75.00
$1,642,500
$574,875.00

15

$1,642,500
$25,000

$574,875
$300,000
$237,500
$530,125
$100,464

$429,661
 $128,898
$300,763

$237,500
$94,968

$164,250

$687,500

-$1,519,303
-$34,323
 15
$114,438
$5,496
$114,437.77
$0

15
$1,309,898
$94,968
$0
$1,404,865

15
$100,463.69
$1,519,303
 2020 2020
14 15
$219,321.1 $114,437.8
$210,925.84 $105,277.72
$202,469.35 $96,050.88
$193,951.20 $86,756.77
$185,370.93 $77,394.88
$176,728.11 $67,964.72
$168,022.26 $58,465.81
$159,252.93 $48,897.63
$150,419.66 $39,259.69
$141,521.98 $29,551.47
$132,559.42 $19,772.46
$123,531.51 $9,922.14
$114,437.77 $0.00

$119,933.9 $119,933.9
$104,883.3 $114,437.8
$15,050.5 $5,496.1
$0.00 $0.00
$114,437.8 $0.0
 Tasa impositiva 30%
Año 0 Año 1
Gasto financiero $ 132,014.28
Pasivo financiero $ 1,623,072.00
Utilidad operativa $ 316,600.00
Ventas $ 1,314,000.00
Activo Largo plazo $ 3,395,333.38
Capital (aporte accionista) $ 1,772,261.38

Costo de los recursos ajenos 8.13% %i

1 Política de dividendos 45.0% d
Margen operativo 16.87% Uop*(1-t)/Vtas
Rotación de activos operativos 38.70% Vtas/Activo
Rendimiento sobre activos operativos 6.53% ROA
1 Endeudamiento 91.6% D/E
Deuda 47.8%
Capital 52.2%

Rendimiento sobre patrimonio 7.29% ROE

Tasa de crecimiento 4.01% TCS
 0.097415385

Margen*rotación
E=Capital

ROE > ROA OK ROE=ROA+(ROA−i%∗(1−t)⟩)D/E t=0

TCS=ROE*(1-d)

6.76
Si el ROE<ROA hay un problema.En este caso el coste medio de la deuda es superior a la rentabilidad económica.
la rentabilidad económica.
Cantidad de acciones 25000
Dividendos año 2 $ 152,129.60

UPA $6.09 I
Política de dividendos 45% fcl
Tasa de retención 55% VA FCL
Tasa de descuento 14.0% VAN
Rentabilidad utilidades retenidas 7.29% VANOC

Método de flujo de caja descontado $ 27.410401

Precio Oportunidad de Total

utilidades crecimiento

Método Valor Actual de Oportunidades de

crecimiento $ 43.465599 $ -16.055198 $ 27.410401
 3.3468511196
0.2440083955
1.7429171107
-1.6039340088
-$16.0551980
Tasa impositiva 30%
ESTADO DE RESULTADOS AÑO 1
Año 1

Ingresos por ventas $1,314,000.0

Costo de ventas $459,900.0
Margen bruto $854,100.0
Depreciación -$237,500.0
Costo operativo -$300,000.0
Resultados de operación $316,600.0
Gastos financieros -$132,014.3
Resultados antes de impuestos $184,585.7
Impuestos sobre la renta $55,375.7
Resultados del ejercicio $129,210.0

BALANCE GENERAL EN MILLONES

Año 1

Activo circulante $319,266.8 Pasivo circulante

Caja Cuentas por pagar
Cuentas x cobrar Impuestos
Inventarios Dividendos por pagar
Obligaciones corto plazo

Activo fijo $3,012,500.0 Pasivo de largo plazo

Construcción $2,750,000.0 Obligaciones de largo plazo
Mobiliario $500,000.0
Depreciación acumulada -$237,500.0

Otros activos $248,152.3 Patrimonio

Capital y reservas
Resultado

Activos $3,579,919.1 Pasivo total

Año 1

$212,844.5 Razón corriente 1.5

$113,520.2 d 45%
$55,375.7
$58,144.5
$99,324.3 D/E 0.94209673

$1,523,747.7 0.92307692
$1,523,747.7
0.78
Deuda 0.48

$1,843,326.9
$1,772,261.4
$71,065.5 31979.476611 $39,086.0

$3,579,919.1 $0.0
AC/PC

1
0.615384615 Capital
 BENEFICIO ECONOMICO
Ke 14.0%
ROE 7.29%
Capital $1,772,261.4
BE -$118,906.59
CALCULO DEL WACC
Capital Montos Estructura
Préstamo Banco 1 $131,400.0 3.87%
Préstamo Banco 2 $1,000,000.3 29.45%
Bonos $491,671.7 14.48%
Recursos propios $1,772,261.4 52.20%
Total $3,395,333.4
EVA Es un valor absoluto
UAII*(1-t) $221,620.0 Uop(1-t)
WACC*CT $341,217.5 WACC(Capital total)
EVA -$119,597.5 Se ha creado valor

Identificar la fuente ANALISIS DEL IMPACTO DE LA DEUDA S/ EL BE

Ventas
Utilidades operativas
Costo pasivo financiero
Utilidades antes de impuestos
Impuestos
Utilidades netas

ROE
Ke
BE
Ahorro fiscal
 $690.9

CALCULO DEL WACC

Costo Escudo Costo efectivo WACC
7.50% 2.25% 5.25% 0.20%
8.75% 2.63% 6.13% 1.80%
7.25% 2.18% 5.08% 0.73%
14.00% 0.00% 14.00% 7.31%
10.05%
Considera todos los fondos

LISIS DEL IMPACTO DE LA DEUDA S/ EL BE

C/Deuda S/Deuda
$1,314,000.0 $1,314,000.0
$316,600.0 $316,600.0
$132,014.3 $0.0
$184,585.7 $316,600.0
$55,375.72 $94,980.00
$129,210.0 $221,620.0

7.3% 6.5%
14.0% 14.0%
-$118,906.59 -$253,726.67 $134,820.09
$39,604.28
 RESPUESTAS
1 Efectuar la evaluación financiera del proyecto

VAN $ 434,414.72
TIR 18.54%

El proyecto es viable con financiamiento, tomando en cuenta que VAN es positivo y TIR es mayor a la tasa de cort

2 Determinar la TCS de la empresa constituida gracias al proyecto

TCS 4.01%

3 Cuál sería el precio de la acción a principios del año 3

Precio $ 27.41

4 Proforma

5 Determine si se ha creado valor o no durante el año 1

BE $ -118,906.59
EVA $ -119,597.45

La explotación de activos ha sido insuficiente;

No se ha obtenido la expectativa de los accionistas de lograr al menos 14% y por lo tanto, se ha destruido valor.
El costo de oportunidad de los accionistas es mayor al ROE del proyecto del año 1.
TIR es mayor a la tasa de corte.

tanto, se ha destruido valor.