Professional Documents
Culture Documents
Supuestos clave
Precios de la energa en contratos a 2004 = 75% del precio de la energa del contrato en 1998
Costos mano de obra en 1997 = 32% de los costes laborales en 1995
Incremento costo de mano de obra: 1998 a 2005 = 1% anual
Tasa de descuento activos (costo del capital) = 10.52%
Valor residual =
10
veces el flujo de fondos del ao 2005
Tasa de impuestos = 30%
Anlisis de la valoracin
1995
1996
3,157
2,993
37.50
616.00
67.59
1997
3,272
2,996
37.50
636.00
67.59
Resultados:
Valor de los activos (VAN)
MMUS$
829.73
37.40
792.33
475.40
Valor de la deuda
Valor del patrimonio
Valor de la oferta
(60% del patrimonio)
1998
3,178
3,008
37.50
664.00
67.59
1999
3,127
3,008
35.94
664.00
67.59
2000
3,186
3,008
34.38
656.00
67.59
2001
3,206
3,008
32.81
652.00
67.59
2002
3,186
3,008
31.25
652.00
67.59
2003
3,226
3,008
29.69
652.00
67.59
2004
3,173
3,008
28.13
652.00
67.59
2005
3,179
3,008
28.13
652.00
67.59
112.80
44.88
7.62
6.06
8.80
14.30
7.19
128.95
6.45
108.10
44.88
6.72
6.12
5.80
14.31
7.11
126.36
6.32
103.40
44.34
10.52
6.18
9.20
14.32
7.07
121.49
6.07
98.70
44.07
11.02
6.24
10.30
14.32
6.93
116.00
5.80
94.00
44.07
10.52
6.30
9.20
14.32
6.76
112.00
5.60
89.30
44.07
14.62
6.37
11.80
13.06
6.75
110.01
5.50
84.60
44.07
12.32
6.43
8.50
7.05
6.66
112.35
5.62
84.60
44.07
12.72
6.50
8.90
7.06
6.66
112.27
5.61
122.50
36.75
120.04
36.01
115.41
34.62
110.20
33.06
106.40
31.92
104.51
31.35
106.73
32.02
106.66
32.00
Beneficio neto
25.16
74.96
79.10
85.75
84.03
80.79
77.14
74.48
73.16
74.71
74.66
Depreciacin
Aumento del capital de explotacin
Inversin en turbina de 100 Mw.
Otras inversiones
Flujo de caja sin valor residual
Valor residual
15.42
17.83
14.31
0.68
14.30
-0.23
14.32
-0.45
14.32
-1.00
13.06
0.39
7.05
-0.70
7.06
0.03
1.63
91.10
1.53
98.75
14.31
-0.28
0.00
0.76
97.86
14.32
0.14
22.75
13.52
2.73
40.00
0.68
45.07
0.15
94.82
0.03
91.88
0.53
89.27
1.33
84.50
0.30
82.16
0.30
81.39
813.92
22.75
45.07
91.10
98.75
97.86
94.82
91.88
89.27
84.50
82.16
895.31
Fuente:
Ghemawat P. and del Sol P. Power Across Latin America: Endesa de Chile Harvard Business School Case, 1998
Anlisis de la valoracin
Ventas III Regin 2012
Costo de Ventas 2012
15%
15%
10%
20%
Resultados:
Valor de los activos (VAN)
2014
2015
2016
2017
2018
13,422,443.56
15,435,810.09
17,751,181.60
20,413,858.85
23,475,937.67
6,334,890.67
7,285,124.27
8,377,892.92
9,634,576.85
11,079,763.38
11,839.95
6,652.00
13,023.95
6,652.00
14,326.34
6,652.00
15,758.98
6,652.00
17,334.88
6,652.00
7,069,060.93
8,131,009.87
9,352,310.34
10,756,871.01
12,372,187.41
1,413,812.19
1,626,201.97
1,870,462.07
2,151,374.20
2,474,437.48
5,655,248.74
6,504,807.89
7,481,848.28
8,605,496.81
9,897,749.93
6,652.00
6,652.00
6,652.00
6,652.00
6,652.00
5,661,900.74
6,511,459.89
7,488,500.28
8,612,148.81
9,904,401.93
5,661,900.74
6,511,459.89
7,488,500.28
8,612,148.81
9,904,401.93
11,671,690,050
5,508,600,586
Beneficio neto
35,260.00
Depreciacin
Otras inversiones
Flujo de caja sin valor residual
Valor residual
35,260.00
MM $
28,151,583.27
Anlisis de la valoracin
Ventas III Regin 2012
Costo de Ventas 2012
15%
15%
10%
20%
Resultados:
Valor de los activos (VAN)
2014
2015
2016
2017
2018
13,422,443.56
15,435,810.09
17,751,181.60
20,413,858.85
23,475,937.67
6,334,890.67
7,285,124.27
8,377,892.92
9,634,576.85
11,079,763.38
11,839.95
13,023.95
14,326.34
15,758.98
17,334.88
7,075,712.93
8,137,661.87
9,358,962.34
10,763,523.01
12,378,839.41
1,415,142.59
1,627,532.37
1,871,792.47
2,152,704.60
2,475,767.88
5,660,570.34
6,510,129.49
7,487,169.88
8,610,818.41
9,903,071.53
0.00
0.00
0.00
0.00
0.00
5,660,570.34
6,510,129.49
7,487,169.88
8,610,818.41
9,903,071.53
5,660,570.34
6,510,129.49
7,487,169.88
8,610,818.41
9,903,071.53
11,671,690,050
5,508,600,586
Beneficio neto
0.00
Depreciacin
Otras inversiones
Flujo de caja sin valor residual
Valor residual
0.00
MM $
28,181,800.01
EJERCICIO DEPRECIACIN
02/01/05 COMPRA VEHICULO
VIDA TIL ESTIMADA
VALOR RESIDUAL
35,260,000
5 AOS
2,000,000
DEP. ANUAL =
35,260,000
2,000,000
33,260,000
5
5
31/12/14
31/12/15
31/12/16
31/12/17
31/12/18
33,260,000
26,608,000
19,956,000
13,304,000
6,652,000
Sueldo Mensual
Total sueldo Anual
600000
7,800,000
Viajes
5
4
3
2
1
KM
4 El Salvador
8 Faenas Locales
2 Maricunga
DA
DA
DA
DA
DA
6,652,000
6,652,000
6,652,000
6,652,000
6,652,000
33,260,000
650
KM Total recorrido Rendimiento x Litrocosto x litro
282
2,256
7
209,486
40.6
650
7
60,320
180
720
7
66,857
Costo Combustible Mensual
336,663
Conto Combustible Anual
4,039,954
6,652,000