Fundamento De Finanzas Coorporativas

4-1

VENTAS $23000 ACTIVOS $15,800 DEUDA $5,200

COSTOS 16,700 CAPITAL 10,600

UT NETA $6,300 TOTAL $ 15,800 $15,800

G = 15%

VENTAS $26,450 ACTIVOS $18,170 DEUDA $5,980

COSTOS 19,205 CAPITAL 12,190

UT NETA $7,245 (6300 x 1.15) $18,170 $18,170

4-2

VENTAS $26,450 ACTIVOS $18,170 DEUDA $5,200

COSTOS 19,205 12,190 + 3622.5= CAPITAL 14,222.5

UT NETA $7,245 * .50 = 3,622.5 $18,170 $19,422.50

- 18,170

FER = - $1252.50

4-3

VENTAS $ 6,300 ACTIVOS $18,300 DEUDA $12,400

COSTOS 3,890 CAPITAL 5,900

UT NETA $2,410 $18,300 $18,300

VENTAS $ 7,434 (7434/6300)-1 = 18% ES g

FER ?

VENTAS $ 7,434 ACTIVOS $21,594 DEUDA $12,400

COSTOS 4,590.20 CAPITAL 8,743.80

UT NETA $2,843.80 = UR $21,594 $21,143.80

2410 X 1.18 FER = 450.20

FER = (A X g) – (proveedores X g) – utilidades retenidas

FER= A x g - UT. RETENIDAS = 18,300 X .18 =

18300 x .18 = 3294 – 2843.80 = 450.20

4-5

VENTAS $ 4,200 ACT C $3,600 DEUDA CP $2,100 (1.15) $2,415

COSTOS 3,300 ACT F 7,900 DEUDA LP 3,650 3,650

UT A I $ 900 CAPITAL 5,750 +409.86= 6,159.86

IMPTOS 306 ACT T $11,500 $11,500 $ 12,224.86

UT NETA $ 594 (1.15) X .60 = $409.86

Margen de Ut. = UT neta / Ventas

d = 40% g = 15% b= 1-d= 1-.4= .60 594 /4200 =

FER = (A X g) - (P C X g) – UT. Ret = (11500 x .15)- (2100 x .15)- 409.86 =

$1000.14

UT RET = V (1 + g) X (M.Ut ) X b = 4200 (1.15) x (594/4200) x .60 = $409.86

Actives totals $11,500 X 1.15 = $13,225 - $ 12,224.86 = $,1000.14

4-6 CÁLCULO DEL CRECIMIENTO INTERNO DE LIVE, CO.

VENTAS $ 13,250 ACT C $10,400 DEUDA LP $17,500

COSTOS 9,480 ACT F 28,750 CAPITAL 21,650

UT A I $3,770 $39,150 $39,150

IMPTOS 1,508

UT NETA 2,262 30% DIVIDENDOS Ut. Retenidas = 2262 X .0422 X .70 = 1,650.21

ROA: UT. NETA / ACTIVOS TOTALES = 2262/ 39,150 = 0.577

RAZÓN DE UTILIDADES RETENIDAS = 1 – d = 1-.3 = .7

TIC = ROA*b / 1 – (ROA*b ) = (2262/39150)*.70 / 1 - (2262/39150)*.70

= 4.222% = .0577 X (1 -0.3) / 1 - .0577 X (1 -0.3) = .0422 x 100

COMPROBANDO:

DEUDA LP $17,500

A T $39,150(1+.0422)=$40,802.13 CAPITAL1650.21+21,650 23,300.20

$40,800.20

UT NETA PRESUPUESTADA = 2,262(1+.0422)=2357.45

UTILIDADES RETENIDAS PRESUPUESTADAS O ESPERADAS = 2,357.45 x 0.7=1650.21

4.7 CÁLCULO DEL CRECIMIENTO SOSTENIBLE

ROE = UTILIDAD NETA / CAPITAL = 2,262 / 21,650 = O.10448

ROE X .70 = .073136

.073136 / 1 - .073136 = .0789 X 100 = 7.89%

TCS = ROE * b / 1 – (ROE * b ) = (2262/21650)x 0.70/ 1-(2262/21650)x 0.7)

= .10448 X .70 / 1 - (.10448 X .70 ) = 7.89%

4-8 VENTAS Y CRECIMIENTO DE THROWING COPEER, CO.

VENTAS $ 42,000 ACT C $21,000 DEUDA LP $51,000

COSTOS 28,500 ACT F 86,000 CAPITAL 56,000

UT. A I $13,500 $107,000 $107,000

IMPTOS34% 4,590

UT NETA

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