FPO Unidad 4 - Solución PD Presupuesto de Capital

Supuestos
Cantidad (Q)
Precio (P)
Costo unitario (CU)
Depreciacin
Impuesto (T)
Costo de Oportunidad del Capital (COK)
0%
5%
10%
400,000
34%
15%
0
Ventas
( - ) Costos
( - ) Depreciacin
( = ) UAII = EBIT
( - ) Impuestos
( + ) Depreciacin
Flujo Econmico de Operacin (FEO)
Gastos netos de capital
Flujo de Caja de Libre Disponibilidad (FCLD)
VPN
-400,000.00
-400,000.00
129,869.01
10,000
40.00
20.00
80,000.00
10,000
42.00
22.00
80,000.00
10,000
44.10
24.20
80,000.00
10,000
46.31
26.62
80,000.00
10,000
48.62
29.28
80,000.00
1
400,000.00
-200,000.00
-80,000.00
120,000.00
-40,800.00
80,000.00
159,200.00
2
420,000.00
-220,000.00
-80,000.00
120,000.00
-40,800.00
80,000.00
159,200.00
3
441,000.00
-242,000.00
-80,000.00
119,000.00
-40,460.00
80,000.00
158,540.00
4
463,050.00
-266,200.00
-80,000.00
116,850.00
-39,729.00
80,000.00
157,121.00
5
486,202.50
-292,820.00
-80,000.00
113,382.50
-38,550.05
80,000.00
154,832.45
159,200.00
159,200.00
158,540.00
157,121.00
154,832.45
Supuestos
Cantidad (Q)
Precio (P)
Costo unitario (CU)
Depreciacin
Impuesto (T)
0%
0%
0%
500,000
34%
12%
0
Ventas
( - ) Costos variables
( - ) Costos fijos
( - ) Depreciacin
( = ) UAII = EBIT
( - ) Impuestos
( + ) Depreciacin
Cambios en el capital de trabajo neto
VPN
-500,000.00
100,000.00
-400,000.00
(11,231.85)
0
0.00
0.00
100,000.00
0
0.00
0.00
100,000.00
0
0.00
0.00
100,000.00
0
0.00
0.00
100,000.00
0.00
120,000.00
0.00
-100,000.00
20,000.00
-6,800.00
100,000.00
113,200.00
0.00
120,000.00
0.00
-100,000.00
20,000.00
-6,800.00
100,000.00
113,200.00
0.00
120,000.00
0.00
-100,000.00
20,000.00
-6,800.00
100,000.00
113,200.00
0.00
120,000.00
0.00
-100,000.00
20,000.00
-6,800.00
100,000.00
113,200.00
113,200.00
113,200.00
113,200.00
113,200.00
0
0.00
0.00
100,000.00
5
0.00
120,000.00
0.00
-100,000.00
20,000.00
-6,800.00
100,000.00
113,200.00
66,000.00
-100,000.00
79,200.00
Supuestos
Poblacin estudiantil
Cantidad (Q)
Precio (P)
Costo variable
Gastos operativos
Depreciacin
Capital de Trabajo Neto
Impuesto (T)
3,000,000
0%
0%
0%
1,000,000.00
15,000.00
30%
16%
0
Ventas
( - ) Gastos operativos
( - ) Depreciacin
( = ) UAII = EBIT
( - ) Impuestos
( + ) Depreciacin
Costo de oportunidad
VPN
Clculo tasa de descuento
Tasa CDBCRP a 1 ao
Sensibilidad frente al mercado
Rendimiento de mercado (anual)
Re
-250,000.00
-1,000,000.00
-15,000.00
-1,265,000.00
871,281.12
5.1%
1.5
15.0%
19.95%
3,030,000
303,000
10.00
1,969,500.00
120,000.00
200,000.00
25,000.00
3,060,300
306,030
10.00
2,081,004.00
120,000.00
200,000.00
30,000.00
3,090,903
309,090
10.00
2,101,814.04
120,000.00
200,000.00
45,000.00
3,121,812
312,181
10.00
2,122,832.18
120,000.00
200,000.00
45,000.00
3,153,030
315,303
10.00
2,175,590.80
120,000.00
200,000.00
0.00
1
3,030,000.00
-1,969,500.00
-120,000.00
-200,000.00
740,500.00
-222,150.00
200,000.00
718,350.00
2
3,060,300.00
-2,081,004.00
-120,000.00
-200,000.00
659,296.00
-197,788.80
200,000.00
661,507.20
3
3,090,903.00
-2,101,814.04
-120,000.00
-200,000.00
669,088.96
-200,726.69
200,000.00
668,362.27
4
3,121,812.03
-2,122,832.18
-120,000.00
-200,000.00
678,979.85
-203,693.95
200,000.00
675,285.89
5
3,153,030.15
-2,175,590.80
-120,000.00
-200,000.00
657,439.35
-197,231.80
200,000.00
660,207.54
250,000.00
-10,000.00
708,350.00
-5,000.00
656,507.20
-15,000.00
653,362.27
0.00
675,285.89
45,000.00
955,207.54
Supuestos Sal 5000

Cantidad (Q)
Precio (P)
Costo
Depreciacin
Impuesto (T)
( - ) Costos
VPN
Costo Anual Equivalente (CAE) - renta
Supuestos DET 1000

Cantidad (Q)
Precio (P)
Costo
Depreciacin
Impuesto (T)
( - ) Costos
VPN
0%
0%
0%
37,500
0%
11%
0
0.00
5,000.00
0.00
0
0.00
5,000.00
0.00
0
0.00
5,000.00
0.00
0
0.00
5,000.00
0.00
0
0.00
5,000.00
0.00
0
0.00
5,000.00
0.00
0
0.00
5,000.00
0.00
0
0.00
5,000.00
0.00
1
-5,000.00
2
-5,000.00
3
-5,000.00
4
-5,000.00
5
-5,000.00
6
-5,000.00
7
-5,000.00
-5,000.00
-5,000.00
-5,000.00
-5,000.00
-5,000.00
-5,000.00
-5,000.00
8
-5,000.00
5,000.00
0.00
0%
0%
0%
42,000
0%
11%
0
0.00
5,600.00
0.00
0
0.00
5,600.00
0.00
0
0.00
5,600.00
0.00
0
0.00
5,600.00
0.00
0
0.00
5,600.00
0.00
0
0.00
5,600.00
0.00
1
-5,600.00
2
-5,600.00
3
-5,600.00
4
-5,600.00
5
-5,600.00
-5,600.00
-5,600.00
-5,600.00
-5,600.00
-5,600.00
6
-5,600.00
4,800.00
-800.00
-37,500.00
-37,500.00
(61,060.98)
11,865.43
-42,000.00
-42,000.00
(63,124.74)
14,921.21
Se debe elegir la SAL 5000 por tener el menor costo anual equivalente.
Supuestos
Cantidad (Q)
Precio (P)
Horas mano de obra
Costo mano de obra / hora
Unidades fsicas energa
Costo energa / unidad fsica
Depreciacin
Impuesto (T)
0%
5%
0%
2%
0%
3%
32,000,000
34%
8%
0
Ventas
( - ) Costo mano de obra
( - ) Costo energa
( - ) Depreciacin
( = ) UAII = EBIT
( - ) Impuestos
( + ) Depreciacin
VPN
-32,000,000.00
-32,000,000.00
100,000
400.00
2,000,000
15.30
200,000
5.15
8,000,000.00
200,000
400.00
2,000,000
15.61
200,000
5.30
8,000,000.00
200,000
400.00
2,000,000
15.92
200,000
5.46
8,000,000.00
150,000
400.00
2,000,000
16.24
200,000
5.63
8,000,000.00
1
40,000,000.00
-30,600,000.00
-1,030,000.00
2
80,000,000.00
-31,212,000.00
-1,060,900.00
3
80,000,000.00
-31,836,240.00
-1,092,727.00
4
60,000,000.00
-32,472,964.80
-1,125,508.81
8,370,000.00
-2,845,800.00
47,727,100.00
-16,227,214.00
47,071,033.00
-16,004,151.22
26,401,526.39
-8,976,518.97
5,524,200.00
31,499,886.00
31,066,881.78
17,425,007.42
5,524,200.00
31,499,886.00
31,066,881.78
17,425,007.42
3
8,000,000.00
2,720,000.00
4
8,000,000.00
2,720,000.00
real
37,590,868.12
Nota: Este flujo no incluye la depreciacin ni el escudo fiscal, todos sus datos estn expresado en trminos reales.
El VPN se calcula con el COK real.
El escudo fiscal generado por la depreciacin se calcula aparte:

0
Depreciacin
Escudo fiscal
VPN (escudo fiscal)
i real
inflacin
i nominal
8,023,779.17
8.00%
5.00%
13.40%
VPN (proyecto)
45,614,647.30
1
8,000,000.00
2,720,000.00
2
8,000,000.00
2,720,000.00
Supuestos de no vender la vieja mquina hoy (mantenerla)

Costo mantenimiento
0%
Depreciacin
1,000,000
Impuesto (T)
34%
12%
0
( - ) Costos mantenimiento
( - ) Depreciacin
( = ) UAII = EBIT
( - ) Impuestos
( + ) Depreciacin
VPN
0.00
VPN
400,000.00
200,000.00
400,000.00
200,000.00
400,000.00
200,000.00
400,000.00
200,000.00
1
-400,000.00
-200,000.00
-600,000.00
0.00
200,000.00
-400,000.00
2
-400,000.00
-200,000.00
-600,000.00
0.00
200,000.00
-400,000.00
3
-400,000.00
-200,000.00
-600,000.00
0.00
200,000.00
-400,000.00
4
-400,000.00
-200,000.00
-600,000.00
0.00
200,000.00
-400,000.00
-400,000.00
-400,000.00
-400,000.00
-400,000.00
5
-400,000.00
-200,000.00
-600,000.00
0.00
200,000.00
-400,000.00
132,000.00
-268,000.00
500,000.00
600,000.00
500,000.00
600,000.00
500,000.00
600,000.00
500,000.00
600,000.00
500,000.00
600,000.00
1
-500,000.00
-600,000.00
-1,100,000.00
0.00
600,000.00
-500,000.00
2
-500,000.00
-600,000.00
-1,100,000.00
0.00
600,000.00
-500,000.00
3
-500,000.00
-600,000.00
-1,100,000.00
0.00
600,000.00
-500,000.00
4
-500,000.00
-600,000.00
-1,100,000.00
0.00
600,000.00
-500,000.00
-500,000.00
-500,000.00
-500,000.00
-500,000.00
5
-500,000.00
-600,000.00
-1,100,000.00
0.00
600,000.00
-500,000.00
330,000.00
-170,000.00
(1,367,010.14)
379,221.92
Supuestos de vender la vieja mquina hoy y comprar una nueva

Costo mantenimiento
0%
Depreciacin
3,000,000
Impuesto (T)
34%
12%
( - ) Costos mantenimiento
( - ) Depreciacin
( = ) UAII = EBIT
( - ) Impuestos
( + ) Depreciacin
400,000.00
200,000.00
-2,340,000.00
-2,340,000.00
(3,955,137.24)
1,097,193.56
Supuestos
Cantidad (Q)
Precio (P)
Costo variable unitario
Costos fijos
Depreciacin
Capital de Trabajo Neto
Impuesto (T)
WACC
Deuda
Amortizacin
Inters
Saldo
0%
0%
0%
4,050
450
30%
16%
10%
60%
8%
0
Ventas
( - ) Costos fijos
( - ) Depreciacin
( = ) UAII = EBIT
( - ) Impuestos
( + ) Depreciacin
Prstamo
( - ) Amortizacin
( - ) Inters
( + ) Escudo fiscal
Flujo de Caja Neto del Inversionista (FCNI)
VPN
-4,050.00
-450.00
-4,500.00
2,700.00
-1,800.00
3,390.09
1,000
7.00
4.25
500.00
810.00
1,000
7.00
4.25
500.00
810.00
1,000
7.00
4.25
500.00
810.00
1,000
7.00
4.25
500.00
810.00
1,000
7.00
4.25
500.00
810.00
2,700.00
675.00
216.00
2,025.00
2,025.00
675.00
162.00
1,350.00
1,350.00
675.00
108.00
675.00
675.00
675.00
54.00
0.00
1
7,000.00
-4,250.00
-500.00
-810.00
1,440.00
-432.00
810.00
1,818.00
2
7,000.00
-4,250.00
-500.00
-810.00
1,440.00
-432.00
810.00
1,818.00
3
7,000.00
-4,250.00
-500.00
-810.00
1,440.00
-432.00
810.00
1,818.00
4
7,000.00
-4,250.00
-500.00
-810.00
1,440.00
-432.00
810.00
1,818.00
1,818.00
1,818.00
1,818.00
1,818.00
5
7,000.00
-4,250.00
-500.00
-810.00
1,440.00
-432.00
810.00
1,818.00
700.00
450.00
2,968.00
-675.00
-216.00
64.80
991.80
-675.00
-162.00
48.60
1,029.60
-675.00
-108.00
32.40
1,067.40
-675.00
-54.00
16.20
1,105.20
2,968.00

FPO Unidad 4 - Solución PD Presupuesto de Capital

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FPO Unidad 4 - Solución PD Presupuesto de Capital

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Supuestos

Supuestos Sal 5000

Supuestos DET 1000

El escudo fiscal generado por la depreciacin se calcula aparte:

Supuestos de no vender la vieja mquina hoy (mantenerla)

Supuestos de vender la vieja mquina hoy y comprar una nueva

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