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Bethesda Case

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Submitted By osky
Words 983
Pages 4
Caso: Bethesda Mining Company

1. Cálculo de Ventas Totales
Periodo: 1 Producción: 650,000 Volumen por contrato 600,000 precio por contrato 34 Ventas por contrato 20,400,000 Volumen en mercado 50,000 Precio en mercado 40 Ventas en mercado 2,000,000 Ventas Totales: $ 22,400,000 2 725,000 600,000 34 20,400,000 125,000 40 5,000,000 $ 25,400,000 3 810,000 600,000 34 20,400,000 210,000 40 8,400,000 $ 28,800,000 4 740,000 600,000 34 20,400,000 140,000 40 5,600,000 $ 26,000,000

2. Cálculo de Flujo de Efectivo para el período 1
Inversion de capital de trabajo neto 5% Inversion en equipo Terreno Capital de trabajo total Cash Flow total 1,120,000 $ 30,000,000 $ 5,000,000 $ 1,120,000 $ 36,120,000

3. Cálculo de Flujo de Efectivo Operativo para el proyecto total
Periodo: Ingresos Totales - Costos Variables - Costos Fijos - Depreciacion EBIT - Impuestos Utilidad Neta + Depreciacion Cash Flow Operativo 1 22,400,000 -8,450,000 -2,500,000 -4,287,000 7,163,000 -2,721,940 4,441,060 4,287,000 8,728,060 2 25,400,000 -9,425,000 -2,500,000 -7,347,000 6,128,000 -2,328,640 3,799,360 7,347,000 11,146,360 3 28,800,000 -10,530,000 -2,500,000 -5,247,000 10,523,000 -3,998,740 6,524,260 5,247,000 11,771,260 4 26,000,000 -9,620,000 -2,500,000 -3,747,000 10,133,000 -3,850,540 6,282,460 3,747,000 10,029,460 5 6

-4,000,000 -4,000,000 1,520,000 -2,480,000 -2,480,000

-6,000,000 -6,000,000 2,280,000 -3,720,000 -3,720,000 Tasa de impuestos -38%

4. Cálculo del Capital Neto de Trabajo
Inicial Final (5% ventas sig mes) Neto 1 1,120,000 1,270,000 150,000 2 1,270,000 1,440,000 170,000 3 1,440,000 1,300,000 140,000 4 1,300,000 1,300,000 5 6 -

5. Cálculo de Utilidad Contable en venta de Equipo
Equipo Valor Equipo Depreciacion año 1 Depreciación año 2 Depreciaicón año 3 Depreciaicón año 4 Depreciaicón año 5 Depreciaicón año 6 Valor en Libros 30,000,000 4,287,000 7,347,000 5,247,000 3,747,000 9,372,000 Valor original Valor venta 60% 30,000,000 18,000,000

Valor Mercado

18,000,000

Venta de Equipo Precio de Venta - Valor en libros Utilidad de vernta Impuesto 38% Utilidad de Venta despues de impuestos

18,000,000 9,372,000 8,628,000 3,278,640 14,721,360

Total Flujo Efectivo
$30,000,000 $20,000,000 $10,000,000

6. Cálculo de Flujo de Efectivo Total del Proyecto
Flujo de Efectivo CAPEX Capital Neto de Trabajo Cash flow Operativo Costo oportunidad Total Flujo Efectivo 0 -30,000,000 -1,120,000 0 -5,000,000 -36,120,000 1 0 -150,000 8,728,060 0 8,578,060 2 0 -170,000 11,146,360 0 10,976,360 3 0 140,000 11,771,260 0 11,911,260 4 14,721,360 1,300,000 10,029,460 0 26,050,820 5 0 0 -2,480,000 0 -2,480,000 6 0 0 -3,720,000 0 -3,720,000

$0

-$10,000,000
-$20,000,000 -$30,000,000 -$40,000,000

1

2

3

4

5

6

7

7. Cálculo de Período de Recuperación
Periodo 0 1 2 3 4 Inversión 36,120,000 36,120,000 27,541,940 16,565,580 4,654,320 Flujo 8,578,060 10,976,360 11,911,260 26,050,820 Inversión por recuperar 36,120,000 27,541,940 16,565,580 4,654,320 -21,396,500 Pay Back -36,120,000 -27,541,940 -16,565,580 -4,654,320 21,396,500

Pay Back
30,000,000 20,000,000 10,000,000 0 -10,000,000 -20,000,000 -30,000,000 0 1 2 3 4

Periodo recuperacion:

3

+

4,654,320 26,050,820

3.18 años

-40,000,000

8. Cálculo del Valor Presente Neto (VPN & NPV)
VPN 0 Flujo de Efectivo Operativo -36,120,000 Tasa 12% Factor de descuento 1.00 Valor Presente - 36,120,000 VP (excel) - 36,120,000 VPN 2,031,349 ó VPN (excel) 2,031,349 1 8,578,060 12% 0.89 7,658,982 7,658,982 2 10,976,360 12% 0.80 8,750,287 8,750,287 3 11,911,260 12% 0.71 8,478,200 8,478,200 4 26,050,820 12% 0.64 16,555,767 16,555,767 5 -2,480,000 12% 0.57 1,407,219 1,407,219 6 -3,720,000 12% 0.51 1,884,668 1,884,668

9. Cálculo de la Tasa Interna de Rendimiento (TIR & IRR)
Total Flujo Efectivo TIR 0 -36,120,000 15.60% 1 8,864,580 2 11,221,480 3 12,332,180 4 26,801,260 5 -2,640,000 6 -3,960,000

NPV @ 12.0% ----------- 2,031 K US$ IRR ---------- 15.60% TIRM -------- 13.39%

10. Cálculo de la Tasa Interna de Retorno Modificada (TIR & IRR)
TIRM 13.39%

11. Cálculo del margen de utilidad
Valor Presente de Flujos futuros Inversión Inicial Margen ó 5.62% 38,151,349 36,120,000 1.06

12. Conclusión
Creemos que el proyecto debe rechazarse debido a que presenta un margen de utilidad de tan solo 6% el cuál es inferior a la tasa de rendimiento requerida que en este caso es de 12%.

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