DATOS SITUACION A

PVU 75,000
CVU 50,000
GVU 0
TOTAL C y G VARIABLE UNITARIO 50,000
MCU 25,000
COSTOS FIJOS EN EFECTIVO 1,500,000,000
GASTOS FIJOS EN EFECTIVO 500,000,000
TOTAL COSTO Y GASTO FIJO EN EFECTIVO 2,000,000,000
DEPRECIACIONES Y AMORTIZACIONES 100,000,000
TOTAL COSTOS Y GASTOS FIJOS 2,100,000,000
PUNTO DE EQUILIBRIO OPERATIVO CONTABLE 84,000
PUNTO DE EQUILIBRIO OPERATIVO EN EFECTIVO 80,000
VOLUMEN DE VENTAS ACTUAL 65,000
VENTAS 4,875,000,000
COSTOS Y GASTOS VARIABLES 3,250,000,000
= MARGEN DE CONTRIBUCION 1,625,000,000
-COSTOS Y GASTOS FIJOS 2,100,000,000
UTILIDAD OPERACIONAL (475,000,000)
+ DEPRECIACIONES Y AMORTIZACIONES 100,000,000
= UTILIDAD OPERATIVA DE CAJA (375,000,000) EBITDA

TOTAL COSTOS Y GASTOS 5,350,000,000

COSTOS Y GSTOS COSTOS y GASTOS

VOLUMEN DE VENTAS VARIABLES FIJOS

3,250,000,000 2,100,000,000
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
 UTILIDAD
VOLUMEN DE VENTAS OPERACIONAL
(475,000,000)
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000

UTILIDAD PERACIONAL
(475,000,000) 50,000 60,000
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
200,000

PRECIO DE VENTA UNITARIO

8,000,000,000

7,000,000,000 COSTOS Y GASTOS TOTALES VENTAS

6,000,000,000

5,000,000,000

4,000,000,000

3,000,000,000

2,000,000,000

1,000,000,000

0
0 20,000 40,000 60,000 80,000 100,000 120,000
52.500

COSTOS Y GASTOS UTILIDAD VOLUMEN DE

VENTAS
TOTALES OPERACIONAL VENTAS

5,350,000,000 4,875,000,000 (475,000,000) 0

2,100,000,000 0 (2,100,000,000) 10,000
2,600,000,000 750,000,000 (1,850,000,000) 20,000
3,100,000,000 1,500,000,000 (1,600,000,000) 30,000
3,600,000,000 2,250,000,000 (1,350,000,000) 40,000
4,100,000,000 3,000,000,000 (1,100,000,000) 50,000
4,600,000,000 3,750,000,000 (850,000,000) 60,000
5,100,000,000 4,500,000,000 (600,000,000) 70,000
5,600,000,000 5,250,000,000 (350,000,000) 80,000
6,100,000,000 6,000,000,000 (100,000,000) 90,000
6,600,000,000 6,750,000,000 150,000,000 100,000
7,100,000,000 7,500,000,000 400,000,000
PRECIO DE VENTA UTILIDAD
UNITARIO OPERACIONAL
(475,000,000)
50,000
60,000
70,000
80,000
90,000
100,000
110,000
120,000
130,000
140,000
150,000

VOLUMEN DE VENTAS
70,000 80,000 90,000 100,000 110,000
 COSTOS Y
GASTOS VENTAS
TOTALES
2,100,000,000 0
2,600,000,000 750,000,000
3,100,000,000 1,500,000,000
3,600,000,000 2,250,000,000
4,100,000,000 3,000,000,000
4,600,000,000 3,750,000,000
5,100,000,000 4,500,000,000
5,600,000,000 5,250,000,000
6,100,000,000 6,000,000,000
6,600,000,000 6,750,000,000
7,100,000,000 7,500,000,000
120,000 130,000 140,000 150,000
 DATOS SITUACION A
PVU 80,000
TOTAL C y G VARIABLE UNITARIO 50,000 8,000,000,000
MCU 30,000
7,000,000,000 CO
TOTAL COSTO Y GASTO FIJO EN EFECTIVO 2,600,000,000
DEPRECIACIONES Y AMORTIZACIONES 400,000,000 6,000,000,000
TOTAL COSTOS Y GASTOS FIJOS 3,000,000,000 5,000,000,000
PUNTO DE EQUILIBRIO OPERATIVO CONTABLE 100,000
4,000,000,000
PUNTO DE EQUILIBRIO OPERATIVO EN EFECTIVO 86,667
VOLUMEN DE VENTAS ACTUAL 120,000 3,000,000,000
VENTAS 9,600,000,000 2,000,000,000
COSTOS Y GASTOS VARIABLES 6,000,000,000
= MARGEN DE CONTRIBUCION 3,600,000,000 1,000,000,000
-COSTOS Y GASTOS FIJOS 3,000,000,000 0
UTILIDAD OPERACIONAL 600,000,000 0 20,000
+ DEPRECIACIONES Y AMORTIZACIONES 400,000,000
= UTILIDAD OPERATIVA DE CAJA 1,000,000,000 EBITDA

TOTAL COSTOS Y GASTOS 9,000,000,000

GAO 6

COSTOS Y GSTOS COSTOS y GASTOS

VOLUMEN DE VENTAS VARIABLES FIJOS

6,000,000,000 3,000,000,000
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
200,000

UTILIDAD
VOLUMEN DE VENTAS OPERACIONAL
600,000,000
0 (2,100,000,000)
 10,000 (1,700,000,000)
20,000 (1,300,000,000)
30,000 (900,000,000)
40,000 (500,000,000)
50,000 (100,000,000)
60,000 300,000,000
70,000 700,000,000
80,000 1,100,000,000
90,000 1,500,000,000
100,000 1,900,000,000

UTILIDAD PERACIONAL
600,000,000 50,000 60,000
0 (5,100,000,000) (5,700,000,000)
20,000 (4,100,000,000) (4,500,000,000)
40,000 (3,100,000,000) (3,300,000,000)
60,000 (2,100,000,000) (2,100,000,000)
80,000 (1,100,000,000) (900,000,000)
100,000 (100,000,000) 300,000,000
120,000 900,000,000 1,500,000,000
140,000 1,900,000,000 2,700,000,000
160,000 2,900,000,000 3,900,000,000
180,000 3,900,000,000 5,100,000,000
200,000 4,900,000,000 6,300,000,000

PRECIO DE VENTA UNITARIO

8,000,000,000

7,000,000,000 COSTOS Y GASTOS TOTALES VENTAS

6,000,000,000

5,000,000,000

4,000,000,000

3,000,000,000

2,000,000,000
52.500
1,000,000,000

0
0 20,000 40,000 60,000 80,000 100,000 120,000

COSTOS Y GASTOS UTILIDAD VOLUMEN DE

VENTAS
TOTALES OPERACIONAL VENTAS

9,000,000,000 9,600,000,000 600,000,000 0

3,000,000,000 0 (3,000,000,000) 20,000
4,000,000,000 1,600,000,000 (2,400,000,000) 40,000
5,000,000,000 3,200,000,000 (1,800,000,000) 60,000
6,000,000,000 4,800,000,000 (1,200,000,000) 80,000
7,000,000,000 6,400,000,000 (600,000,000) 100,000
8,000,000,000 8,000,000,000 0 120,000
9,000,000,000 9,600,000,000 600,000,000 140,000
10,000,000,000 11,200,000,000 1,200,000,000 160,000
11,000,000,000 12,800,000,000 1,800,000,000 180,000
12,000,000,000 14,400,000,000 2,400,000,000 200,000
13,000,000,000 16,000,000,000 3,000,000,000

PRECIO DE VENTA UTILIDAD

UNITARIO OPERACIONAL
600,000,000
50,000 (2,750,000,000)
 60,000 (2,100,000,000)
70,000 (1,450,000,000)
80,000 (800,000,000)
90,000 (150,000,000)
100,000 500,000,000
110,000 1,150,000,000
120,000 1,800,000,000
130,000 2,450,000,000
140,000 3,100,000,000
150,000 3,750,000,000

VOLUMEN DE VENTAS
70,000 80,000 90,000 100,000 110,000
(6,300,000,000) (6,900,000,000) (7,500,000,000) (8,100,000,000) (8,700,000,000)
(4,900,000,000) (5,300,000,000) (5,700,000,000) (6,100,000,000) (6,500,000,000)
(3,500,000,000) (3,700,000,000) (3,900,000,000) (4,100,000,000) (4,300,000,000)
(2,100,000,000) (2,100,000,000) (2,100,000,000) (2,100,000,000) (2,100,000,000)
(700,000,000) (500,000,000) (300,000,000) (100,000,000) 100,000,000
700,000,000 1,100,000,000 1,500,000,000 1,900,000,000 2,300,000,000
2,100,000,000 2,700,000,000 3,300,000,000 3,900,000,000 4,500,000,000
3,500,000,000 4,300,000,000 5,100,000,000 5,900,000,000 6,700,000,000
4,900,000,000 5,900,000,000 6,900,000,000 7,900,000,000 8,900,000,000
6,300,000,000 7,500,000,000 8,700,000,000 9,900,000,000 11,100,000,000
7,700,000,000 9,100,000,000 10,500,000,000 11,900,000,000 13,300,000,000
 COSTOS Y
GASTOS VENTAS
TOTALES
3,000,000,000 0
4,000,000,000 1,600,000,000
5,000,000,000 3,200,000,000
6,000,000,000 4,800,000,000
7,000,000,000 6,400,000,000
8,000,000,000 8,000,000,000
9,000,000,000 9,600,000,000
10,000,000,000 11,200,000,000
11,000,000,000 12,800,000,000
12,000,000,000 14,400,000,000
13,000,000,000 16,000,000,000
 120,000 130,000 140,000 150,000
(9,300,000,000) (9,900,000,000) ### ###
(6,900,000,000) (7,300,000,000) (7,700,000,000) (8,100,000,000)
(4,500,000,000) (4,700,000,000) (4,900,000,000) (5,100,000,000)
(2,100,000,000) (2,100,000,000) (2,100,000,000) (2,100,000,000)
300,000,000 500,000,000 700,000,000 900,000,000
2,700,000,000 3,100,000,000 3,500,000,000 3,900,000,000
5,100,000,000 5,700,000,000 6,300,000,000 6,900,000,000
7,500,000,000 8,300,000,000 9,100,000,000 9,900,000,000
9,900,000,000 10,900,000,000 11,900,000,000 12,900,000,000
12,300,000,000 13,500,000,000 14,700,000,000 15,900,000,000
14,700,000,000 16,100,000,000 17,500,000,000 18,900,000,000
 DATOS SITUACION A
PVU 100,000
CVU 40,000
GVU 20,000
TOTAL C y G VARIABLE UNITARIO 60,000 12,000,000,000
MCU 40,000
COSTOS FIJOS EN EFECTIVO 1,500,000,000 10,000,000,000 CO
GASTOS FIJOS EN EFECTIVO 500,000,000
TOTAL COSTO Y GASTO FIJO EN EFECTIVO 2,000,000,000
8,000,000,000
DEPRECIACIONES Y AMORTIZACIONES 100,000,000
TOTAL COSTOS Y GASTOS FIJOS 2,100,000,000
6,000,000,000
PUNTO DE EQUILIBRIO OPERATIVO CONTABLE 52,500
PUNTO DE EQUILIBRIO OPERATIVO EN EFECTIVO 50,000
4,000,000,000
VOLUMEN DE VENTAS ACTUAL 65,000
VENTAS 6,500,000,000
COSTOS Y GASTOS VARIABLES 3,900,000,000 2,000,000,000
= MARGEN DE CONTRIBUCION 2,600,000,000
-COSTOS Y GASTOS FIJOS 2,100,000,000 0
0 20,000
UTILIDAD OPERACIONAL 500,000,000
+ DEPRECIACIONES Y AMORTIZACIONES 100,000,000
= UTILIDAD OPERATIVA DE CAJA 600,000,000 EBITDA

TOTAL COSTOS Y GASTOS 6,000,000,000

COSTOS Y GSTOS COSTOS y GASTOS

VOLUMEN DE VENTAS VARIABLES FIJOS

3,900,000,000 2,100,000,000
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
 UTILIDAD
VOLUMEN DE VENTAS OPERACIONAL
500,000,000
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000

UTILIDAD PERACIONAL
500,000,000 50,000 60,000
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
200,000

PRECIO DE VENTA UNITARIO

12,000,000,000

10,000,000,000 COSTOS Y GASTOS TOTALES VENTAS

8,000,000,000

6,000,000,000

4,000,000,000

2,000,000,000 52.500

0
0 20,000 40,000 60,000 80,000 100,000 120,000

COSTOS Y GASTOS UTILIDAD VOLUMEN DE

VENTAS
TOTALES OPERACIONAL VENTAS

6,000,000,000 6,500,000,000 500,000,000 0

2,100,000,000 0 (2,100,000,000) 10,000
2,700,000,000 1,000,000,000 (1,700,000,000) 20,000
3,300,000,000 2,000,000,000 (1,300,000,000) 30,000
3,900,000,000 3,000,000,000 (900,000,000) 40,000
4,500,000,000 4,000,000,000 (500,000,000) 50,000
5,100,000,000 5,000,000,000 (100,000,000) 60,000
5,700,000,000 6,000,000,000 300,000,000 70,000
6,300,000,000 7,000,000,000 700,000,000 80,000
6,900,000,000 8,000,000,000 1,100,000,000 90,000
7,500,000,000 9,000,000,000 1,500,000,000 100,000
8,100,000,000 10,000,000,000 1,900,000,000
PRECIO DE VENTA UTILIDAD
UNITARIO OPERACIONAL
500,000,000
50,000
60,000
70,000
80,000
90,000
100,000
110,000
120,000
130,000
140,000
150,000

VOLUMEN DE VENTAS
70,000 80,000 90,000 100,000 110,000
 COSTOS Y
GASTOS VENTAS
TOTALES
2,100,000,000 0
2,700,000,000 1,000,000,000
3,300,000,000 2,000,000,000
3,900,000,000 3,000,000,000
4,500,000,000 4,000,000,000
5,100,000,000 5,000,000,000
5,700,000,000 6,000,000,000
6,300,000,000 7,000,000,000
6,900,000,000 8,000,000,000
7,500,000,000 9,000,000,000
8,100,000,000 10,000,000,000
120,000 130,000 140,000 150,000
 DATOS SITUACION A
PVU 80,000
TOTAL C y G VARIABLE UNITARIO 50,000 12,000,000,000
MCU 30,000
TOTAL COSTO Y GASTO FIJO EN EFECTIVO 2,600,000,000 10,000,000,000 CO
DEPRECIACIONES Y AMORTIZACIONES 400,000,000
TOTAL COSTOS Y GASTOS FIJOS 3,000,000,000 8,000,000,000
PUNTO DE EQUILIBRIO OPERATIVO CONTABLE 100,000
6,000,000,000
PUNTO DE EQUILIBRIO OPERATIVO EN EFECTIVO 86,667
VOLUMEN DE VENTAS ACTUAL 120,000
4,000,000,000
VENTAS 9,600,000,000
COSTOS Y GASTOS VARIABLES 6,000,000,000 2,000,000,000
= MARGEN DE CONTRIBUCION 3,600,000,000
-COSTOS Y GASTOS FIJOS 3,000,000,000 0
UTILIDAD OPERACIONAL 600,000,000 0 20,000
+ DEPRECIACIONES Y AMORTIZACIONES 400,000,000
= UTILIDAD OPERATIVA DE CAJA 1,000,000,000 EBITDA

TOTAL COSTOS Y GASTOS 9,000,000,000

GAO 6

COSTOS Y GSTOS COSTOS y GASTOS

VOLUMEN DE VENTAS VARIABLES FIJOS

6,000,000,000 3,000,000,000
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
200,000

UTILIDAD
VOLUMEN DE VENTAS OPERACIONAL
600,000,000
0 (2,100,000,000)
 10,000 (1,700,000,000)
20,000 (1,300,000,000)
30,000 (900,000,000)
40,000 (500,000,000)
50,000 (100,000,000)
60,000 300,000,000
70,000 700,000,000
80,000 1,100,000,000
90,000 1,500,000,000
100,000 1,900,000,000

UTILIDAD PERACIONAL
600,000,000 50,000 60,000
0 (5,100,000,000) (5,700,000,000)
20,000 (4,100,000,000) (4,500,000,000)
40,000 (3,100,000,000) (3,300,000,000)
60,000 (2,100,000,000) (2,100,000,000)
80,000 (1,100,000,000) (900,000,000)
100,000 (100,000,000) 300,000,000
120,000 900,000,000 1,500,000,000
140,000 1,900,000,000 2,700,000,000
160,000 2,900,000,000 3,900,000,000
180,000 3,900,000,000 5,100,000,000
200,000 4,900,000,000 6,300,000,000

PRECIO DE VENTA UNITARIO

12,000,000,000

10,000,000,000 COSTOS Y GASTOS TOTALES VENTAS

8,000,000,000

6,000,000,000

4,000,000,000
52.500
2,000,000,000

0
0 20,000 40,000 60,000 80,000 100,000 120,000

COSTOS Y GASTOS UTILIDAD VOLUMEN DE

VENTAS
TOTALES OPERACIONAL VENTAS

9,000,000,000 9,600,000,000 600,000,000 0

3,000,000,000 0 (3,000,000,000) 20,000
4,000,000,000 1,600,000,000 (2,400,000,000) 40,000
5,000,000,000 3,200,000,000 (1,800,000,000) 60,000
6,000,000,000 4,800,000,000 (1,200,000,000) 80,000
7,000,000,000 6,400,000,000 (600,000,000) 100,000
8,000,000,000 8,000,000,000 0 120,000
9,000,000,000 9,600,000,000 600,000,000 140,000
10,000,000,000 11,200,000,000 1,200,000,000 160,000
11,000,000,000 12,800,000,000 1,800,000,000 180,000
12,000,000,000 14,400,000,000 2,400,000,000 200,000
13,000,000,000 16,000,000,000 3,000,000,000

PRECIO DE VENTA UTILIDAD

UNITARIO OPERACIONAL
600,000,000
50,000 (2,750,000,000)
 60,000 (2,100,000,000)
70,000 (1,450,000,000)
80,000 (800,000,000)
90,000 (150,000,000)
100,000 500,000,000
110,000 1,150,000,000
120,000 1,800,000,000
130,000 2,450,000,000
140,000 3,100,000,000
150,000 3,750,000,000

VOLUMEN DE VENTAS
70,000 80,000 90,000 100,000 110,000
(6,300,000,000) (6,900,000,000) (7,500,000,000) (8,100,000,000) (8,700,000,000)
(4,900,000,000) (5,300,000,000) (5,700,000,000) (6,100,000,000) (6,500,000,000)
(3,500,000,000) (3,700,000,000) (3,900,000,000) (4,100,000,000) (4,300,000,000)
(2,100,000,000) (2,100,000,000) (2,100,000,000) (2,100,000,000) (2,100,000,000)
(700,000,000) (500,000,000) (300,000,000) (100,000,000) 100,000,000
700,000,000 1,100,000,000 1,500,000,000 1,900,000,000 2,300,000,000
2,100,000,000 2,700,000,000 3,300,000,000 3,900,000,000 4,500,000,000
3,500,000,000 4,300,000,000 5,100,000,000 5,900,000,000 6,700,000,000
4,900,000,000 5,900,000,000 6,900,000,000 7,900,000,000 8,900,000,000
6,300,000,000 7,500,000,000 8,700,000,000 9,900,000,000 11,100,000,000
7,700,000,000 9,100,000,000 10,500,000,000 11,900,000,000 13,300,000,000
 COSTOS Y
GASTOS VENTAS
TOTALES
3,000,000,000 0
4,000,000,000 1,600,000,000
5,000,000,000 3,200,000,000
6,000,000,000 4,800,000,000
7,000,000,000 6,400,000,000
8,000,000,000 8,000,000,000
9,000,000,000 9,600,000,000
10,000,000,000 11,200,000,000
11,000,000,000 12,800,000,000
12,000,000,000 14,400,000,000
13,000,000,000 16,000,000,000
 120,000 130,000 140,000 150,000
(9,300,000,000) (9,900,000,000) ### ###
(6,900,000,000) (7,300,000,000) (7,700,000,000) (8,100,000,000)
(4,500,000,000) (4,700,000,000) (4,900,000,000) (5,100,000,000)
(2,100,000,000) (2,100,000,000) (2,100,000,000) (2,100,000,000)
300,000,000 500,000,000 700,000,000 900,000,000
2,700,000,000 3,100,000,000 3,500,000,000 3,900,000,000
5,100,000,000 5,700,000,000 6,300,000,000 6,900,000,000
7,500,000,000 8,300,000,000 9,100,000,000 9,900,000,000
9,900,000,000 10,900,000,000 11,900,000,000 12,900,000,000
12,300,000,000 13,500,000,000 14,700,000,000 15,900,000,000
14,700,000,000 16,100,000,000 17,500,000,000 18,900,000,000
 A B
EMPRESA EMPRESA MAS
DATOS APALANCADA APALANCADA
PVU 75,000 75,000
CVU 50,000 15,000
GVU 0 5,000
TOTAL C y G VARIABLE UNITARIO 50,000 20,000
MCU 25,000 55,000
COSTOS FIJOS EN EFECTIVO 1,500,000,000 3,500,000,000
GASTOS FIJOS EN EFECTIVO 500,000,000 1,500,000,000
TOTAL COSTO Y GASTO FIJO EN EFECTIVO 2,000,000,000 5,000,000,000
DEPRECIACIONES Y AMORTIZACIONES 100,000,000 100,000,000
TOTAL COSTOS Y GASTOS FIJOS 2,100,000,000 5,100,000,000
PUNTO DE EQUILIBRIO OPERATIVO CONTABLE 84,000 92,727
PUNTO DE EQUILIBRIO OPERATIVO EN EFECTIVO 80,000 90,909
VOLUMEN DE VENTAS 65,000 65,000
VENTAS 4,875,000,000 4,875,000,000
COSTOS Y GASTOS VARIABLES 3,250,000,000 1,300,000,000
= MARGEN DE CONTRIBUCION 1,625,000,000 3,575,000,000
-COSTOS Y GASTOS FIJOS 2,100,000,000 5,100,000,000
UTILIDAD OPERACIONAL (475,000,000) (1,525,000,000)

Incremento % en el volumen de ventas

Incremento % en la Utilidad Operacional
GAO -3.4 -2.3

PUNTO DE INDIFERENCIA 1,050,000,000

Incremento % en la Utilidad operacional

EMPRESA EMPRESA MAS

Incremento % en el volumen de ventas APALANCADA APALANCADA
-51% -35%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
45.00%
 C A B C
EMPRESA NO EMPRESA EMPRESA MAS EMPRESA NO
APALANCADA APALANCADA APALANCADA APALANCADA
75,000 75,000 75,000 75,000
50,000 50,000 15,000 50,000
0 0 5,000 0
50,000 50,000 20,000 50,000
25,000 25,000 55,000 25,000
1,500,000,000 3,500,000,000
500,000,000 1,500,000,000 0
0 2,000,000,000 5,000,000,000 0
100,000,000 100,000,000
0 2,100,000,000 5,100,000,000 0
0 80,000 90,909 0
0 80,000 90,909 0
65,000 74,750 74,750 74,750
4,875,000,000 5,606,250,000 5,606,250,000 5,606,250,000
3,250,000,000 3,737,500,000 1,495,000,000 3,737,500,000
1,625,000,000 1,868,750,000 4,111,250,000 1,868,750,000
0 2,100,000,000 5,100,000,000 0
1,625,000,000 (231,250,000) (988,750,000) 1,868,750,000

1500% 15% 15% 15%

-51.32% -35.16% 15.00%
1.0 -3.4 -2.3 1.0

la Utilidad operacional

EMPRESA NO
APALANCADA
15%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
 PUNTO DE
12

10

0
0 0 0 0

VECES
 PUNTO DE EQUILIBRIO OPERATIVO

0 0 0 0 0 0 0 0 0 1
Column F
 A B
EMPRESA EMPRESA MAS
DATOS APALANCADA APALANCADA
PVU 100,000 100,000
CVU 40,000 15,000
GVU 20,000 5,000
TOTAL C y G VARIABLE UNITARIO 60,000 20,000
MCU 40,000 80,000
COSTOS FIJOS EN EFECTIVO 1,500,000,000 3,500,000,000
GASTOS FIJOS EN EFECTIVO 500,000,000 1,500,000,000
TOTAL COSTO Y GASTO FIJO EN EFECTIVO 2,000,000,000 5,000,000,000
DEPRECIACIONES Y AMORTIZACIONES 100,000,000 100,000,000
TOTAL COSTOS Y GASTOS FIJOS 2,100,000,000 5,100,000,000
PUNTO DE EQUILIBRIO OPERATIVO CONTABLE 52,500 63,750
PUNTO DE EQUILIBRIO OPERATIVO EN EFECTIVO 50,000 62,500
VOLUMEN DE VENTAS 65,000 65,000
VENTAS 6,500,000,000 6,500,000,000
COSTOS Y GASTOS VARIABLES 3,900,000,000 1,300,000,000
= MARGEN DE CONTRIBUCION 2,600,000,000 5,200,000,000
-COSTOS Y GASTOS FIJOS 2,100,000,000 5,100,000,000
UTILIDAD OPERACIONAL 500,000,000 100,000,000

Incremento % en el volumen de ventas

Incremento % en la Utilidad Operacional
GAO 5.2 52.0

PUNTO DE INDIFERENCIA 400,000,000

Incremento % en la Utilidad operacional

EMPRESA EMPRESA MAS

Incremento % en el volumen de ventas APALANCADA APALANCADA
78% 780%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
45.00%
 C A B C
EMPRESA NO EMPRESA EMPRESA MAS EMPRESA NO
APALANCADA APALANCADA APALANCADA APALANCADA
100,000 100,000 100,000 100,000
40,000 40,000 15,000 40,000
20,000 20,000 5,000 20,000
60,000 60,000 20,000 60,000
40,000 40,000 80,000 40,000
1,500,000,000 3,500,000,000
500,000,000 1,500,000,000 0
0 2,000,000,000 5,000,000,000 0
100,000,000 100,000,000
0 2,100,000,000 5,100,000,000 0
0 50,000 62,500 0
0 50,000 62,500 0
65,000 74,750 74,750 74,750
6,500,000,000 7,475,000,000 7,475,000,000 7,475,000,000
3,900,000,000 4,485,000,000 1,495,000,000 4,485,000,000
2,600,000,000 2,990,000,000 5,980,000,000 2,990,000,000
0 2,100,000,000 5,100,000,000 0
2,600,000,000 890,000,000 880,000,000 2,990,000,000

1500% 15% 15% 15%

78.00% 780.00% 15.00%
1.0 5.2 52.0 1.0

la Utilidad operacional

EMPRESA NO
APALANCADA
15%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
 PUNTO DE
12

10

0
0 0 0 0

VECES
 PUNTO DE EQUILIBRIO OPERATIVO

0 0 0 0 0 0 0 0 0 1
Column F
 Una empresa tiene unos activos a 31/12/2012 po valor de $ 2.130.000.000 los cuales puede financiar c
financiera al 15% o emitiendo acciones comunes a $5.000 cda una.

La utilidad operacional proyectada para el 2013 es de $ 250.000.000.

Elabore un modelo en Excel que calcule el estados de resultados partiendo de la utilidad operaciona
UPA y el GAF

A B

EMPRESA EMPRESA MAS

APALANCADA APALANCADA

ACTIVOS FINANCIADOS CON COSTO 2,130,000,000 2,130,000,000

NIVEL DE ENDEUDAMIENTO 40.00% 70.00%
PASIVO FINANCIERO 852,000,000 1,491,000,000
PATRIMONIO CON COSTO (Capital comun) 1,278,000,000 639,000,000
Kd 15.00% 15.00%
Valor nominal de la accion 5,000 5,000
Tasa de impuesto a la renta 30% 30%
Utilidad operacional proyectada 319,500,000 319,500,000

A B
EMPRESA EMPRESA MAS
DATOS APALANCADA APALANCADA

ESTADO DE RESULTADOS 01-01- AL 31-12-2013

UTILIDAD OPERACIONAL (U.A.I.I.) 319,500,000 319,500,000
Menos Intereses(Gastos financieros) 127,800,000 223,650,000
= UTILIDAD ANTES DE IMPUESTOS (UAI) 191,700,000 95,850,000
Menos Impuestos 57,510,000 28,755,000
= UTILIDAD NETA 134,190,000 67,095,000
Numero de acciones comunes en circulacion 255,600 127,800
UTILIDAD POR ACCION 525.00 525.00

Incremento % en la utilidad operacional

Incremento % en la UPA
GAF 1.7 3.3

Incremento % en
Incremento % en la Utilidad operacional la UPA

0.00%
 5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
45.00%

UTILIDAD POR ACCION

EMPRESA EMPRESA MAS

UTILIDAD OPERACIONAL APALANCADA APALANCADA

525.00 525.00
0
50,000,000
100,000,000
150,000,000
200,000,000
250,000,000
300,000,000
350,000,000
400,000,000
450,000,000
500,000,000
550,000,000
600,000,000
650,000,000
700,000,000
750,000,000
800,000,000

PUNTOS DE INDIFERENCIA
1. ENTRE A y B 0.00 319,500,000
2. ENTRE A Y C
3. ENTRE B Y C

UODI 223,650,000 223,650,000

ROA 10.50% 10.50%
ROE 10.50% 10.50%
Kdt 10.50% 10.50%
APALANCAMIENTO FINANCIERO 66.67% 233.33%
CF 0.00% 0.00%
00.000 los cuales puede financiar con deuda

0.
partiendo de la utilidad operacional, el valor de la

C A B C

EMPRESA NO EMPRESA EMPRESA MAS EMPRESA NO

APALANCADA APALANCADA APALANCADA APALANCADA

2,130,000,000 2,130,000,000 2,130,000,000 2,130,000,000

0.00% 40.00% 70.00% 0.00%
0 852,000,000 1,491,000,000 0
2,130,000,000 1,278,000,000 639,000,000 2,130,000,000
15.00% 15.00% 15.00% 15.00%
5,000 5,000 5,000 5,000
30% 30% 30% 30%
319,500,000 250,000,000 250,000,000 250,000,000

C
EMPRESA NO EMPRESA EMPRESA MAS EMPRESA NO
APALANCADA APALANCADA APALANCADA APALANCADA

319,500,000 415,350,000 415,350,000 415,350,000

0 127,800,000 223,650,000 0
319,500,000 287,550,000 191,700,000 415,350,000
95,850,000 86,265,000 57,510,000 124,605,000
223,650,000 201,285,000 134,190,000 290,745,000
426,000 255,600 127,800 426,000
525.00 787.50 1,050.00 682.50

30% 30% 30%

50.0% 100.0% 30.0%
1.0 1.7 3.3 1.0 VECES
POR ACCION
1400 EMPRESA
EMPRESA NO APALANCADA
APALANCADA 1200 EMPRESA MAS
APALANCADA
525.00
1000 EMPRESA NO
0 APALANCADA
82.16 800
164.32
246.48 600
328.64
410.80 400
492.96
575.12 200
657.28
739.44 0
0 200,000,000 400,000,000 600,000,000 800,000,000 1,000,000,000
821.60
903.76
985.92
1,068.08
1,150.23
1,232.39
1,314.55

223,650,000
10.50%
10.50%
10.50%
0.00%
0.00%
1,000,000,000
 Una empresa tiene unos activos a 31/12/2012 po valor de $ 2.130.000.000 los cuales puede financiar c
financiera al 15% o emitiendo acciones comunes a $5.000 cda una.

La utilidad operacional proyectada para el 2013 es de $ 250.000.000.

Elabore un modelo en Excel que calcule el estados de resultados partiendo de la utilidad operaciona
UPA y el GAF

A B

EMPRESA EMPRESA MAS

APALANCADA APALANCADA

ACTIVOS FINANCIADOS CON COSTO 2,130,000,000 2,130,000,000

NIVEL DE ENDEUDAMIENTO 40.00% 70.00%
PASIVO FINANCIERO 852,000,000 1,491,000,000
PATRIMONIO CON COSTO (Capital comun) 1,278,000,000 639,000,000
Kd 15.00% 15.00%
Valor nominal de la accion 5,000 5,000
Tasa de impuesto a la renta 30% 30%
Utilidad operacional proyectada 319,500,000 319,500,000

A B
EMPRESA EMPRESA MAS
DATOS APALANCADA APALANCADA

ESTADO DE RESULTADOS 01-01- AL 31-12-2013

UTILIDAD OPERACIONAL (U.A.I.I.) 319,500,000 319,500,000
Menos Intereses(Gastos financieros) 127,800,000 223,650,000
= UTILIDAD ANTES DE IMPUESTOS (UAI) 191,700,000 95,850,000
Menos Impuestos 57,510,000 28,755,000
= UTILIDAD NETA 134,190,000 67,095,000
Numero de acciones comunes en circulacion 255,600 127,800
UTILIDAD POR ACCION 525.00 525.00

Incremento % en la utilidad operacional

Incremento % en la UPA
GAF 1.7 3.3

Incremento % en
Incremento % en la Utilidad operacional la UPA

0.00%
 5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
45.00%

UTILIDAD POR ACCION

EMPRESA EMPRESA MAS

UTILIDAD OPERACIONAL APALANCADA APALANCADA

525.00 525.00
0
50,000,000
100,000,000
150,000,000
200,000,000
250,000,000
300,000,000
350,000,000
400,000,000
450,000,000
500,000,000
550,000,000
600,000,000
650,000,000
700,000,000
750,000,000
800,000,000

PUNTOS DE INDIFERENCIA
1. ENTRE A y B 0.00 319,500,000
2. ENTRE A Y C
3. ENTRE B Y C

UODI 223,650,000 223,650,000

ROA 10.50% 10.50%
ROE 10.50% 10.50%
Kdt 10.50% 10.50%
APALANCAMIENTO FINANCIERO 66.67% 233.33%
CF 0.00% 0.00%
00.000 los cuales puede financiar con deuda

0.
partiendo de la utilidad operacional, el valor de la

C A B C

EMPRESA NO EMPRESA EMPRESA MAS EMPRESA NO

APALANCADA APALANCADA APALANCADA APALANCADA

2,130,000,000 2,130,000,000 2,130,000,000 2,130,000,000

0.00% 40.00% 70.00% 0.00%
0 852,000,000 1,491,000,000 0
2,130,000,000 1,278,000,000 639,000,000 2,130,000,000
15.00% 15.00% 15.00% 15.00%
5,000 5,000 5,000 5,000
30% 30% 30% 30%
319,500,000 250,000,000 250,000,000 250,000,000

C
EMPRESA NO EMPRESA EMPRESA MAS EMPRESA NO
APALANCADA APALANCADA APALANCADA APALANCADA

319,500,000 415,350,000 415,350,000 415,350,000

0 127,800,000 223,650,000 0
319,500,000 287,550,000 191,700,000 415,350,000
95,850,000 86,265,000 57,510,000 124,605,000
223,650,000 201,285,000 134,190,000 290,745,000
426,000 255,600 127,800 426,000
525.00 787.50 1,050.00 682.50

30% 30% 30%

50.0% 100.0% 30.0%
1.0 1.7 3.3 1.0 VECES
POR ACCION
1400 EMPRESA
EMPRESA NO APALANCADA
APALANCADA 1200 EMPRESA MAS
APALANCADA
525.00
1000 EMPRESA NO
0 APALANCADA
82.16 800
164.32
246.48 600
328.64
410.80 400
492.96
575.12 200
657.28
739.44 0
0 200,000,000 400,000,000 600,000,000 800,000,000 1,000,000,000
821.60
903.76
985.92
1,068.08
1,150.23
1,232.39
1,314.55

223,650,000
10.50%
10.50%
10.50%
0.00%
0.00%
1,000,000,000
REQUERIMIENTO DE FINANCIACION 2,000,000,000

2016
CAPITAL COMUN 4,000,000,000
VR NOMINAL POR ACCION 5,000
No ACCIONES CUMUNES EN CIRCULACION 800,000

SALDO DEUDA FINANCIERA 31/12 2,500,000,000

Kd 16%

FUENTES DE FINANCIACION
ACCIONES COMUNES 7,500
ACCIONES PREFERENTES AL 15%
DEUDA FINANCIAERA AL 18%

UTILIDAD OPERACIONAL PROYECTADA 1,840,000,000

ACCIONES
ACCIONES COMUNES DEUDA
PREFERENTES
UTILIDAD OPERACIONAL 1,840,000,000 1,840,000,000 1,840,000,000
GASTOS FINANCIEROS 400,000,000 400,000,000 760,000,000
UTILIDAD ANTES DE IMPUESTOS 1,440,000,000 1,440,000,000 1,080,000,000
IMPUESTOS 432,000,000 432,000,000 324,000,000
UTILIDAD PARA ACCIONISTAS 1,008,000,000 1,008,000,000 756,000,000
(-) DIVIDENDOS PREFERENTES 0 300,000,000 0
(=) UTILIDAD PARA ACCIONISTAS COMUNES 1,008,000,000 708,000,000 756,000,000
(/) No ACCIONES COMUNES EN CIRCULACION 1,066,667 800,000 800,000
(=) UPA 945.0 885.0 945.0

UTILIDAD POR ACCION

ACCIONES
UTILIDAD OPERACIONAL ACCIONES COMUNES PREFERENTES DEUDA

945.0 885.0 945.0

500,000,000 (227.5)
700,000,000 (52.5)
900,000,000 122.5
1,100,000,000 297.5
1,300,000,000 472.5
1,500,000,000 647.5
1,700,000,000 822.5
1,900,000,000 997.5
2,100,000,000 1,172.5
 2,300,000,000 1,347.5
2,500,000,000 1,522.5

PUNTOS DE INDIFERENCIA
Entre A y B 60.0 2,114,285,714
Entre A y C 0.0 1,840,000,000
2,000.0 ACCIONES
COMUNES

1,500.0 ACCIONES
PREFERENTES

DEUDA
1,000.0

500.0

0.0
0 1,000,000,000 2,000,000,000 3,000,000,000

(500.0)
 0.0
0 1,000,000,000 2,000,000,000 3,000,000,000

(500.0)
REQUERIMIENTO DE FINANCIACION 2,000,000,000

2016
CAPITAL COMUN 4,000,000,000
VR NOMINAL POR ACCION 5,000
No ACCIONES CUMUNES EN CIRCULACION 800,000

SALDO DEUDA FINANCIERA 31/12 2,500,000,000

Kd 16%

FUENTES DE FINANCIACION
ACCIONES COMUNES 7,500
ACCIONES PREFERENTES AL 15%
DEUDA FINANCIAERA AL 18%

UTILIDAD OPERACIONAL PROYECTADA 1,840,000,000

ACCIONES
ACCIONES COMUNES PREFERENTES DEUDA

UTILIDAD OPERACIONAL 1,840,000,000 1,840,000,000 1,840,000,000

GASTOS FINANCIEROS 400,000,000 400,000,000 760,000,000
UTILIDAD ANTES DE IMPUESTOS 1,440,000,000 1,440,000,000 1,080,000,000
IMPUESTOS 432,000,000 432,000,000 324,000,000
UTILIDAD PARA ACCIONISTAS 1,008,000,000 1,008,000,000 756,000,000
(-) DIVIDENDOS PREFERENTES 0 300,000,000 0
(=) UTILIDAD PARA ACCIONISTAS COMUNES 1,008,000,000 708,000,000 756,000,000
(/) No ACCIONES COMUNES EN CIRCULACION 1,066,667 800,000 800,000
(=) UPA 945.0 885.0 945.0

UTILIDAD POR ACCION

ACCIONES
UTILIDAD OPERACIONAL ACCIONES COMUNES PREFERENTES DEUDA

945.0 885.0 945.0

500,000,000 (227.5)
700,000,000 (52.5)
900,000,000 122.5
1,100,000,000 297.5
1,300,000,000 472.5
1,500,000,000 647.5
1,700,000,000 822.5
1,900,000,000 997.5
2,100,000,000 1,172.5
 2,300,000,000 1,347.5
2,500,000,000 1,522.5

PUNTOS DE INDIFERENCIA
Entre A y B 60.0 2,114,285,714
Entre A y C 0.0 1,840,000,000
2,000.0 ACCIONES
COMUNES

1,500.0 ACCIONES
PREFERENTES

DEUDA
1,000.0

500.0

0.0
0 1,000,000,000 2,000,000,000 3,000,000,000

(500.0)
 0.0
0 1,000,000,000 2,000,000,000 3,000,000,000

(500.0)