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Super

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UNIVERSIDAD ESAN

MAESTRÍA EN ADMINISTRACION
A TIEMPO PARCIAL 54

ASIGNATURA: | Finanzas Corporativas – Un enfoque práctico | | | PROFESOR: | Luis A. Piazzon, Ph.D | | | El Proyecto Super | |

El presente trabajo ha sido realizado de acuerdo a los reglamentos
De la Universidad ESAN por: | GRUPO N° | | 1300842 | Gaspar Huauya, Alfredo | ____________________ | 0905447 | Ortiz Zárate, Mónica | ____________________ | 1005317 | Salirrosas Llanos, Karina | ____________________ | 1005317 | Viacava Salguero, Israel | ____________________ |
Surco, 15 de Noviembre del 2014

INTRODUCCIÓN
En 1968, General Foods Corporation consideró introducir en el mercado un producto nuevo llamado SUPER. Un postre de preparación instantánea basado en polvos comprimidos y solubles al agua.
La solicitud de fondos inicial del proyecto requería de USD 200,000 dólares, de los cuales USD 80,000 se utilizarían para modificaciones en el edificio actual y USD 120,000 serían destinados para maquinaria y equipo para el empaquetado. El proyecto usaría dos tercios del edificio del producto Jell-O y el 50% de la capacidad no utilizada del aglomerador (maquinaria principal usada en el proceso de producción de Jell-O).
El estudio de mercado previo, dio como resultado que SUPER alcanzaría una participación de 10%, de los cuales el 80% corresponderían al aumento de su propia cuota de mercado y el 20% de la erosión de las ventas del producto Jell-O.
El presente informe estudia las consideraciones para la evaluación financiera del proyecto, así como el análisis cuantitativo y cualitativo de los potenciales riesgos y beneficios de aceptar o rechazar el proyecto.
PREGUNTAS DEL CASO 1. ¿Cuáles son los flujos relevantes a usar por General Foods en la evaluación del Proyecto Super?

Ingresos Relevantes: * Ingresos por Ventas netas
Costos Relevantes: * Edificio (USD 80,000 mil en modificaciones) * Maquinaria y equipos (USD 120 mil para maquinarias y equipos para el empaquetado) * Inversión en capital de trabajo * Costo de venta * Gastos de venta * Ajustes por erosión * Costos por puesta en marcha * Impuesto a la renta

Específicamente, como debería la administración hacer frente a preguntas tales como:

i) Gastos de prospección del mercado; Dichos costos, son costos hundidos y por lo tanto no deberían tomarse en cuenta, independientemente de si al finalizar el estudio la decisión sea llevar a cabo el proyecto o no.

ii) Gastos generales; no deberían ser asignados porque no pueden determinarse con facilidad como parte de la evaluación del proyecto.

iii) Erosión del margen de contribución del Jell-O; debería considerarse ya que el resultado de este efecto colateral afectará conjuntamente el margen de la empresa con el ingreso de SUPER. Por tanto es necesario considerarlo para conocer la composición del margen al momento del análisis.

iv) Asignación de cargas por el uso de la capacidad en exceso del aglomerador; No debe considerarse el uso de la capacidad en exceso del aglomerador. Se puede considerar que este exceso ya fue incorporado dentro del flujo financiero de Jell-O al momento en que se compró el equipo.

Adicionalmente, los gastos de mantenimiento y reparación relacionados al mismo, podrían ser cargados a Jell-O.

2. ¿Qué tan atractiva es la inversión medida por varias técnicas de presupuesto de capital (rentabilidad de los fondos empleados, plazo de recuperación de la inversión, tasa interna de retorno y valor presente neto)? ¿Qué tan útiles son cada una de estas medidas de lo atractivo de la inversión?
La tasa de descuento que los inversionistas de General Foods Corporation para el Proyecto Super es no menor del 20% y en un plazo de recupero de diez años, de acuerdo los criterios establecidos dentro de la empresa para la evaluación del proyecto. Al respecto, es importante contar con una medida de inversión que permita tomar una decisión de ejecución del proyecto basados en un buen indicador, por tanto: * La rentabilidad de los fondos empleados (rentabilidad BDT y rentabilidad BAT) es una medida promedio de la eficiencia de los recursos monetarios disponibles para el Proyecto Super (Beneficio / Fondos Empleados), pero no muestra el resultado del dinero invertido en el tiempo. * El plazo de recuperación de la inversión (PayBack) no determina la rentabilidad del proyecto, simplemente permite conocer el tiempo en el que durante la ejecución del proyecto se recuperará lo invertido. * La tasa interna de retorno (TIR) esta medida permite determina el costo de inversión del proyecto, sin considerar algún beneficio adicional del Proyecto. * El Valor Actual Neto (VAN) esta medida si permite conocer el beneficio adicional que podría obtener el inversionista al invertir en este proyecto, por lo que con la obtención de un VAN > 0 se reflejará el beneficio adicional que podría obtenerse.
De acuerdo a los escenarios planteados en los anexos 1 y 2, se obtiene: * Un VAN negativo (-$ 438.67) en el caso de que se consideren el costo de oportunidad del aglomerador y los gastos generales a partir del cuarto período. * Un VAN positivo ($108.73) en el caso de que no se consideren el costo de oportunidad del aglomerador y los gastos generales * En ambos casos, la TIR es menor al 20% requerido por General Foods, lo cual según los lineamientos de la empresa no lo hace atractivo.

3. ¿Qué tan atractivo es el Proyecto Super en términos de estrategia y competitividad? ¿En qué potenciales riesgos y beneficios incurriría General Foods por aceptar o rechazar el proyecto?
El proyecto Súper bajo un enfoque aislado, no representaría mayor atractivo para invertir. Sin embargo, si tomamos un punto de vista corporativo para General Foods, este proyecto representa una estrategia de consolidación y posicionamiento de sus marcas dentro del mercado de postres instantáneos.
No se debe obviar los aspectos políticos en la toma de decisiones de una corporación, ya que un gerente de la línea de Jell-O puede presentar reparos a la implementación del proyecto Súper, ya que este proyecto involucra la disminución en sus ventas.
El proyecto Súper presenta la posibilidad, de conseguir para General Foods una mayor participación del mercado a través de un nuevo producto que podría denominarse sustituto de Jell-O. Si bien el caso sugiere cierta canibalización entre Jell-O y Super, el resultado final conseguiría una mayor cobertura del mercado.

Los riesgos principales, están orientados a la reducción de la demanda en el mercado de postres de preparación instantánea, así como la posible aparición de algún competidor con un producto novedoso que conquiste el mercado.
Los beneficios están orientados a aspectos financieros (mayores ingresos, ahorro de costos por aprovechar capacidad ociosa relacionada a Jell-O), al posicionamiento y consolidación de General Foods en la línea de instantáneos.

4. ¿Debería General Foods proceder con el Proyecto Super? ¿Porque si o porque no?
Considerando el criterio de aceptación de proyectos definido por General Foods, Super no cumpliría los parámetros establecidos por la corporación.
Sin embargo, al ser un proyecto atípico y que no encaja al 100% dentro de los parámetros, podría hacerse una evaluación diferente, siempre que se subsanen algunos defectos de su formulación, como ya se han expuesto en la respuesta a la pregunta 1

En ese sentido, se puede comparar los resultados de los escenarios planteados: * El primero, considera como inversión el costo de oportunidad, correspondiente a la máquina aglomeradora, así como a las instalaciones de JELL-O no utilizadas. Asimismo, incluye los gastos generales del establecimiento a partir del año 5, * El segundo, no considera como inversión el costo de oportunidad, correspondiente a la máquina aglomeradora. Asimismo, no se está considerando los gastos generales del establecimiento a partir del quinto año.
Finalmente, en el segundo escenario, si bien la TIR no supera el 20% requerido, podría tomarse una decisión excepcional y aceptar el proyecto.
Anexo 1

Anexo 2

--------------------------------------------
[ 1 ]. Ver Anexo 4. “…Los proyectos con plazo de recuperación de la inversión hasta diez años y con una rentabilidad promedio sobre los fondos empleados, al mismo periodo de años, del 20% por lo menos, antes de impuestos, son dignos de consideración…”

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