ERP Finanzas Whirlpool Europa VNP

Examen Final Administracion Financiera
Whirlpool Europa
1. Son todos los beneficios del ERP razonables? Son los costos
razonables?
En relacin a los beneficios si parecen ser razonables, debido a que
la empresa podr reorganizar el flujo de informacin de toda
Europa, mejorar la eficiencia y la eficacia operativa de finanzas,
logstica, operaciones, mercadeo y ventas, adems se puede
mencionar que el sistema ERP permitir hacer ms transparente y
eficaz su cadena de suministro y eliminar las unidades reservadas y
obsoletas, teniendo un mejor control en los inventarios y creando de
esta manera ahorros significativos en costos.
Los costos para la implementacin son muy altos en relacin a los
beneficios que se pretenden obtener, debido a que los costos
directos del sistema y los costos del personal necesarios para llevar a
cabo la implantacin del sistema son demasiado elevados.
2. Cules son los flujos de efectivo para la propuesta de inversin del
ERP desde 1999 al 2007? Cul es su valor presente neto?, para el
efecto siga los siguientes incisos:
a. Proyecte los Estados de Resultados simplificados (ER) 2000 2005
para cada uno de los sectores (vea el file de Excel suministrado y
siga las instrucciones que se le indican desde la hoja ER oeste
hasta ERnorte)
Para cada sector un ER que proyecte el seguir como en la

actualidad (sin ERP) y otro ER que proyecte el incorporar el
proyecto Atlantic (con ERP).
Evale el impacto para cada sector en el ER y en los
inventarios
Estado de resultados simplificado para sector Oeste (miles de us$ y miles de unidades)
2000
2001
2002
2003
2004
2005
Panel A: Pronsitico sin el sistema ERP

Unidades
[1]
2,271,139
2,271,139
2,271,139
2,271,139
2,271,139
2,271,139
Ingreso
[2]
477,784,000 477,784,000 477,784,000 477,784,000 477,784,000 477,784,000
Costo de venta
[3] = [2] - [4]
418,925,000 418,925,000 418,925,000 418,925,000 418,925,000 418,925,000
Margen
[4]
Precio promedio unitario

Costo de venta promedio unitario
58,859,000
58,859,000
58,859,000
58,859,000
58,859,000
58,859,000
[5] = [2] / [1]
210.4
210.4
210.4
210.4
210.4
210.4
[6] = [3] / [1]
184.5
184.5
184.5
184.5
184.5
184.5
Margen promedio unitario
[7] = [4] / [1]
25.9
25.9
25.9
25.9
25.9
25.9
Margen sobre ventas
[8] = [7] / [5]
12.3%
12.3%
12.3%
12.3%
12.3%
12.3%
PPI
[9]
Inventario
[10] = [3] x [9] / 365
45
45
45
45
45
45
51,648,288
51,648,288
51,648,288
51,648,288
51,648,288
51,648,288
26,439
68,741
105,755
105,755
105,755
105,755
0.06%
0.25%
0.25%
0.25%
0.25%
0.25%
12
12
12
12
2,297,578
2,339,880
2,376,894
2,376,894
2,376,894
2,376,894
Panel B: Impacto del sistema ERP

Unidades adicionales que se vendern
[11] = [31]
Margen adicional (por mejora en el incremento de unidades vendidas) [12]
Reduccin de PPI
[13] = [35]
Panel C: Pronstico con el sistema ERP

Unidades
[14] = [1] + [11]
Ingreso
[15] = [14] x [18]
483,676,938 493,652,619 501,461,626 501,461,626 501,461,626 501,461,626
Costo de venta
[16] = [14] x [19]
423,801,771 431,604,606 438,432,086 438,432,086 438,432,086 438,432,086
Margen
[17] = [14] x [20]

59,875,167
62,048,013
63,029,540
63,029,540
63,029,540
63,029,540
[18] = [6] / (1 - [21])
210.5
211.0
211.0
211.0
211.0
211.0
[19] = [6]
184.5
184.5
184.5
184.5
184.5
184.5
[20] = [18] - [19]
26.1
26.5
26.5
26.5
26.5
26.5
Margen sobre ventas
[21] = [8] + [12]
12.4%
12.6%
12.6%
12.6%
12.6%
12.6%
PPI
[22] = [9] - [13]
Inventario
[23] = [22] x [16] / 365
42
37
33
33
33
33
48,766,231
43,988,195
39,639,065
39,639,065
39,639,065
39,639,065
2,271,139
2,271,139
2,271,139
2,271,139
2,271,139
2,271,139
73.5%
73.5%
73.5%
73.5%
73.5%
73.5%
Panel D: Clculo de unidades adicionales

Unidades Pre-ERP
[24] = [1]
Disponibilidad Pre-ERP
[25]
Disponibiliad objetivo
[26]
Incremento en disponibilidad
[27] = ([26] - [25]) / [25]
92%
92%
92%
92%
92%
92%
25.2%
25.2%
25.2%
25.2%
25.2%
25.2%
Aumento en ventas unitarias del incremento de disponibilidad [28]
19%
19%
19%
19%
19%
19%
Aprovechamiento del ERP en el ao del sector
[29]
25%
40%
35%
0%
0%
0%
Unidades adicionales para la venta en el ao
[30] = [24] x [27] x [28] x [29] 26,439
42,302
37,014
[31] = acumulado [30]
68,741
105,755
105,755
105,755
105,755
26,439
Panel E: Clculo de los ahorros en inventario

Reduccin meta en el PPI
[32]
[33] = [29]
12
12
12
12
12
12
25%
40%
35%
0%
0%
0%
Reduccin de PPI en el ao
Reduccin de PPI
[34] = [32] x [33]
12
12
12
12
Estado de resultados simplificado para sector Sur (miles de us$ y miles de unidades)
2000
2001
2002
2003
2004
2005

Unidades
[1]
1,415,949
1,415,949
1,415,949
1,415,949
1,415,949
1,415,949
Ingreso
[2]
283,549,000 283,549,000 283,549,000 283,549,000 283,549,000 283,549,000
Costo de venta
[3] = [2] - [4]
237,308,000 237,308,000 237,308,000 237,308,000 237,308,000 237,308,000
Margen
[4]

46,241,000
46,241,000
46,241,000
46,241,000
46,241,000
46,241,000
[5] = [2] / [1]
200.3
200.3
200.3
200.3
200.3
200.3
[6] = [3] / [1]
167.6
167.6
167.6
167.6
167.6
167.6
[7] = [4] / [1]
32.7
32.7
32.7
32.7
32.7
32.7
Margen sobre ventas
[8] = [7] / [5]
16.3%
16.3%
16.3%
16.3%
16.3%
16.3%
PPI
[9]
51
51
51
51
51
51
Inventario
[10] = [3] x [9] / 365
33,158,104
33,158,104
33,158,104
33,158,104
33,158,104
33,158,104

[11] = [31]
Reduccin de PPI
[13] = [35]
4,724
10,123
13,497
13,497
13,497
0.00%
0.10%
0.25%
0.25%
0.25%
0.25%
12
12
12
1,415,949
1,420,673
1,426,072
1,429,446
1,429,446
1,429,446

Unidades
[14] = [1] + [11]
Ingreso
[15] = [14] x [18]
283,549,000 284,835,302 286,431,680 287,109,394 287,109,394 287,109,394
Costo de venta
[16] = [14] x [19]
237,308,000 238,099,698 239,004,495 239,569,994 239,569,994 239,569,994
Margen
[17] = [14] x [20]

46,241,000
46,735,605
47,427,185
47,539,400
47,539,400
47,539,400
[18] = [6] / (1 - [21])
200.3
200.5
200.9
200.9
200.9
200.9
[19] = [6]
167.6
167.6
167.6
167.6
167.6
167.6
[20] = [18] - [19]
32.7
32.9
33.3
33.3
33.3
33.3
Margen sobre ventas
[21] = [8] + [12]
16.3%
16.4%
16.6%
16.6%
16.6%
16.6%
PPI
[22] = [9] - [13]
Inventario
[23] = [22] x [16] / 365
51
47
42
39
39
39
33,158,104
30,528,948
27,501,887
25,597,890
25,597,890
25,597,890
1,415,949
1,415,949
1,415,949
1,415,949
1,415,949
1,415,949
83.1%
83.1%
83.1%
83.1%
83.1%
83.1%

Unidades Pre-ERP
[24] = [1]
[25]
[26]
[27] = ([26] - [25]) / [25]
92%
92%
92%
92%
92%
92%
10.7%
10.7%
10.7%
10.7%
10.7%
10.7%
9%
9%
9%
9%
9%
9%
[29]
0%
35%
40%
25%
Unidades adicionales para la venta en el ao
[30] = [24] x [27] x [28] x [29]
4,724
5,399
3,374
4,724
10,123
13,497
13,497
13,497
Panel E: Clculo de los ahorros en inventario

Reduccin meta en el PPI
[32]
[33] = [29]
12
12
12
12
12
12
0%
35%
40%
25%
0%
0%
Estado de resultados simplificado para sector Central (miles de us$ y miles de unidades)
2000
2001
2002
2003
2004
2005
977,665
977,665
977,665
977,665
977,665
977,665

Unidades
[1]
Ingreso
[2]
185,625,000 185,625,000 185,625,000 185,625,000 185,625,000 185,625,000
Costo de venta
[3] = [2] - [4]
141,947,000 141,947,000 141,947,000 141,947,000 141,947,000 141,947,000
Margen
[4]
[5] = [2] / [1]
189.9
189.9
189.9
189.9
189.9
189.9
[6] = [3] / [1]
145.2
145.2
145.2
145.2
145.2
145.2
[7] = [4] / [1]
44.7
44.7
44.7
44.7
44.7
44.7
Margen sobre ventas
[8] = [7] / [5]
23.5%
23.5%
23.5%
23.5%
23.5%
23.5%
PPI
[9]
67
67
67
67
67
67
Inventario
[10] = [3] x [9] / 365
43,678,000 43,678,000 43,678,000 43,678,000 43,678,000 43,678,000
26,056,025 26,056,025 26,056,025 26,056,025 26,056,025 26,056,025

[11] = [31]
Reduccin de PPI
0
977,665
[13] = [35]
11,765
23,529
29,411
29,411
0.13%
0.25%
0.25%
0.25%
10
12
12
977,665
989,430
1,001,194
1,007,076
1,007,076

Unidades
[14] = [1] + [11]
Ingreso
[15] = [14] x [18]
185,625,000 185,625,000 188,178,595 190,715,876 191,836,383 191,836,383
Costo de venta
[16] = [14] x [19]
141,947,000 141,947,000 143,655,096 145,363,191 146,217,239 146,217,239
Margen
[17] = [14] x [20]
43,678,000 43,678,000 44,523,499 45,352,685 45,619,144 45,619,144
[18] = [6] / (1 - [21])
189.9
189.9
190.2
190.5
190.5
190.5
[19] = [6]
145.2
145.2
145.2
145.2
145.2
145.2
[20] = [18] - [19]
44.7
44.7
45.0
45.3
45.3
45.3
Margen sobre ventas
[21] = [8] + [12]
23.5%
23.5%
23.7%
23.8%
23.8%
23.8%
PPI
[22] = [9] - [13]
67
67
62
57
55
55
Inventario
[23] = [22] x [16] / 365
26,056,025 26,056,025 24,480,403 22,859,855 22,032,735 22,032,735

Unidades Pre-ERP
[24] = [1]
977,665
977,665
977,665
977,665
977,665
977,665
[25]
76.8%
76.8%
76.8%
76.8%
76.8%
76.8%
[26]
92%
92%
92%
92%
92%
92%
[27] = ([26] - [25]) / [25]
19.8%
19.8%
19.8%
19.8%
19.8%
19.8%
15%
15%
15%
15%
15%
15%
Estado de resultados simplificado para sector Norte (miles de us$ y miles de unidades)
2000
2001
2002
2003
2004
2005

Unidades
[1]
Ingreso
[2]
280,901,000 280,901,000 280,901,000 280,901,000 280,901,000 280,901,000
1,443,156
1,443,156
1,443,156
1,443,156
1,443,156
1,443,156
Costo de venta
[3] = [2] - [4]
251,083,000 251,083,000 251,083,000 251,083,000 251,083,000 251,083,000
Margen
[4]

29,818,000
29,818,000
29,818,000
29,818,000
29,818,000
29,818,000
[5] = [2] / [1]
194.6
194.6
194.6
194.6
194.6
194.6
[6] = [3] / [1]
174.0
174.0
174.0
174.0
174.0
174.0
[7] = [4] / [1]
20.7
20.7
20.7
20.7
20.7
20.7
Margen sobre ventas
[8] = [7] / [5]
10.6%
10.6%
10.6%
10.6%
10.6%
10.6%
PPI
[9]
Inventario
[10] = [3] x [9] / 365
55
55
55
55
55
55
37,834,425
37,834,425
37,834,425
37,834,425
37,834,425
37,834,425

[11] = [31]
5,373
10,746
13,432
0.13%
0.25%
0.25%
Reduccin de PPI
10
12
1,443,156
1,443,156
1,443,156
1,448,529
1,453,902
1,456,588
[13] = [35]

Unidades
[14] = [1] + [11]
Ingreso
[15] = [14] x [18]
280,901,000 280,901,000 280,901,000 282,357,472 283,786,352 284,310,727
Costo de venta
[16] = [14] x [19]
251,083,000 251,083,000 251,083,000 252,017,801 252,952,603 253,420,003
Margen
[17] = [14] x [20]
29,818,000
29,818,000
29,818,000
30,339,671
30,833,750
30,890,724
[18] = [6] / (1 - [21])
194.6
194.6
194.6
194.9
195.2
195.2
[19] = [6]
174.0
174.0
174.0
174.0
174.0
174.0
[20] = [18] - [19]
20.7
20.7
20.7
20.9
21.2
21.2
Margen sobre ventas
[21] = [8] + [12]
10.6%
10.6%
10.6%
10.7%
10.9%
10.9%
PPI
[22] = [9] - [13]
Inventario
[23] = [22] x [16] / 365
55
55
55
50
45
43
37,834,425
37,834,425
37,834,425
34,661,078
31,463,146
29,854,959
1,443,156
1,443,156
1,443,156
1,443,156
1,443,156
1,443,156
83.2%

Unidades Pre-ERP
[24] = [1]
[25]
83.2%
83.2%
83.2%
83.2%
83.2%
[26]
92%
92%
92%
92%
92%
92%
[27] = ([26] - [25]) / [25]
10.6%
10.6%
10.6%
10.6%
10.6%
10.6%
9%
9%
9%
9%
9%
9%
b. Proyecte el Estado de Resultados incremental consolidado de los 4

sectores (se actualizar automticamente vea hoja ER todos del
file de Excel suministrado)
Evale el impacto en el ER y en los inventarios (incremento de
unidades vendidas y reduccin de PPI)
Estado de resultados simplificado para todos los sectores (miles de us$ y miles de unidades)
2000
2001
2002
2003
2004
2005
6,107,909
6,107,909
6,107,909
6,107,909
6,107,909

Unidades
6,107,909
Ingreso
1,227,859,000 1,227,859,000 1,227,859,000 1,227,859,000 1,227,859,000 1,227,859,000
Costo de venta
1,049,263,000 1,049,263,000 1,049,263,000 1,049,263,000 1,049,263,000 1,049,263,000
Margen
178,596,000
178,596,000
178,596,000
178,596,000
178,596,000
178,596,000
Inventario
148,696,841
148,696,841
148,696,841
148,696,841
148,696,841
148,696,841
PPI sin el sistema ERP
52
52
52
52
52
52
6,181,373
6,235,551
6,256,063
6,267,318
6,270,004

Unidades
6,134,348
Ingreso
1,233,751,938 1,245,013,921 1,256,972,900 1,261,644,368 1,264,193,755 1,264,718,130
Costo de venta
1,054,139,771 1,062,734,304 1,072,174,677 1,075,383,072 1,077,171,921 1,077,639,322
Margen
179,612,167
182,279,618
184,798,224
186,261,296
187,021,834
187,078,808
Inventario
145,814,785
138,407,592
129,455,780
122,757,889
118,732,835
117,124,649
PPI con el sistema ERP
50
48
44
42
40
40
Panel C: Flujo de efectivo incremental antes de impuesto del sistema ERP

Unidades
26,439
73,464
127,642
148,154
159,409
162,095
Ingreso
5,892,938
17,154,921
29,113,900
33,785,368
36,334,755
36,859,130
Costo de venta
4,876,771
13,471,304
22,911,677
26,120,072
27,908,921
28,376,322
Margen
1,016,167
3,683,618
6,202,224
7,665,296
8,425,834
8,482,808
(2,882,056)
(10,289,249)
(19,241,061)
(25,938,952)
(29,964,006)
(31,572,192)
2,882,056
7,407,192
8,951,813
6,697,891
4,025,053
1,608,186
Inventario
Inversin en inventario (CTN)
Reduccin del PPI
-1
-4
-8
-10
-11
-12
b. Proyecte los gastos de capital y depreciacin 1999 2007 (hoja

capital y dep)
Gastos de capital y depreciacin (en miles de us$)

1999
Equipo
(4,300,000)
Licencias de software
Gastos de capital
2000
(8,600,000)
(600,000)
(300,000)
(4,900,000)
(8,900,000)
2001
2002
(6,900,000)
(4,100,000)
(6,900,000)
(4,100,000)
2003
2004
2005
2006
2007
Depreciacin por activo

1999 activos
(980,000)
2000 activos
(980,000)
(980,000)
(980,000)
(980,000)
(1,780,000)
(1,780,000)
(1,780,000)
(1,780,000)
(1,780,000)
(1,380,000)
(1,380,000)
(1,380,000)
(1,380,000)
(820,000)
(820,000)
(820,000)
2001 activos
2002 activos
Depreciacin
Impuestos
(1,380,000)
(820,000)
(820,000)
(980,000)
(2,760,000)
(4,140,000)
(4,960,000)
(4,960,000)
(3,980,000)
(2,200,000)
(820,000)
333,200
938,400
1,407,600
1,686,400
1,686,400
1,353,200
748,000
278,800
-34%
Escudo fiscal dep.
d. Proyecte los gastos operativos totales (por implementacin y

ahorros que ocasionar el proyecto) 1999 2007
(hoja gastos
op)
Gastos operativos incrementales (miles de us$)

1999
2000
2001
2002
2003
Empleados
(2,250,000) (2,250,000) (2,250,000) (2,250,000)
Consultores
(3,511,200) (1,663,200) (1,293,600)
Grupo de trabajo
(600,000)
Continuidad operativa
(600,000)
2004
2005
2006
2007
(739,200)
(600,000)
(600,000)
(600,000)
(600,000) (1,200,000) (1,800,000) (2,400,000) (3,000,000) (3,000,000) (3,000,000) (3,000,000) (3,000,000)
Mantenimiento de licencias
(100,000)
Costos de implementacin
(200,000)
(300,000)
(400,000)
(400,000)
(400,000)
(400,000)
(400,000)
(6,361,200) (5,813,200) (6,143,600) (6,289,200) (4,000,000) (4,000,000) (3,400,000) (3,400,000) (3,400,000)
Otros ahorros
621,000
Gastos operativos incrementales
2,544,000
3,300,000
3,457,000
3,503,000
3,534,000
3,566,000
(6,361,200) (5,192,200) (4,394,600) (3,745,200)
1,749,000
(700,000)
(543,000)
103,000
134,000
166,000
e. Haga el flujo incremental (asuma que los flujos para 2006 y 2007
son los mismos del 2005) y calcule el VAN (hoja FE y VAN)
Flujos de efectivo incrementales y valuacin (miles de us$)
1999
2000
2001
2002
2003
2004
2005
2006
17,154,921
29,113,900
33,785,368
36,334,755
36,859,130
36,859,130
36,859,130
Ingreso
5,892,938
Costo de venta
2007
(4,876,771) (13,471,304) (22,911,677) (26,120,072) (27,908,921) (28,376,322) (28,376,322) (28,376,322)
Gastos operativos
(6,361,200)
(5,192,200)
(4,394,600)
(3,745,200)
EBITDA
(6,361,200)
(4,176,033)
(710,982)
2,457,024
6,965,296
7,882,834
8,585,808
8,616,808
8,648,808
Impuestos
2,162,808
1,419,851
241,734
(835,388)
(2,368,201)
(2,680,164)
(2,919,175)
(2,929,715)
(2,940,595)
333,200
938,400
1,407,600
1,686,400
1,686,400
1,353,200
748,000
278,800
(8,900,000)
(6,900,000)
(4,100,000)
2,882,056
7,407,192
8,951,813
6,697,891
4,025,053
1,608,186
(8,440,925)
976,344
7,881,048
12,981,386
10,914,124
8,628,020
6,435,093
5,987,013
Escudo fiscal dep.

Gastos de capital
(4,900,000)
Capital de trabajo neto

Flujo de efectivo
(9,098,392)
Costo de Capital
VAN
(700,000)
(543,000)
9%
18,024,300
103,000
134,000
166,000
3. Cuando se vala la propuesta de inversin anterior, debera incluir

un valor terminal que represente los flujos provenientes mas all del
2007? (hoja FE y VAN) de qu depende? (el horizonte del
proyecto es de 8 aos pero la empresa contina sus operaciones)
El Valor Terminal en el flujo de caja descuenta una parte importante dentro del
proceso de valorizacin en marcha, ya que captura el valor de los flujos que sern
generados luego del perodo de anlisis, por lo tanto el valor terminal debe de ser
incluido en el estudio del proyecto.
1999
2000
2001
2002
2003
2004
2005
2006
17,154,921
29,113,900
33,785,368
36,334,755
36,859,130
36,859,130
36,859,130
Ingreso
5,892,938
Costo de venta
2007
(4,876,771) (13,471,304) (22,911,677) (26,120,072) (27,908,921) (28,376,322) (28,376,322) (28,376,322)
Gastos operativos
(6,361,200)
(5,192,200)
(4,394,600)
(3,745,200)
EBITDA
(6,361,200)
(4,176,033)
(710,982)
2,457,024
6,965,296
7,882,834
8,585,808
8,616,808
8,648,808
Impuestos
2,162,808
1,419,851
241,734
(835,388)
(2,368,201)
(2,680,164)
(2,919,175)
(2,929,715)
(2,940,595)
333,200
938,400
1,407,600
1,686,400
1,686,400
1,353,200
748,000
278,800
(4,900,000)
(8,900,000)
(6,900,000)
(4,100,000)
2,882,056
7,407,192
8,951,813
6,697,891
4,025,053
1,608,186
(8,440,925)
976,344
7,881,048
12,981,386
10,914,124
8,628,020
6,435,093
5,987,013
Escudo fiscal dep.

Gastos de capital
Flujo de efectivo
(9,098,392)
(700,000)
(543,000)
103,000
134,000
166,000
VT
66,522,370
Costo de Capital
9%
VAN
18,024,300
VAN valor terminal
33,385,334
VAN total
51,409,634
4. Recomendara la inversin en el sistema ERP? Cules son sus

mayores preocupaciones?
a. Haga un anlisis de sensibilidad (hoja FE y VAN):
sin incremento de ventas producto del incremento de
disponibilidad (25%)

1999
2000
2001
2002
2003
2004
2005
2006
Ingreso
327,172
Costo de venta
1,705,383
2,531,819
3,233,697
3,612,417
3,612,417
2007
8
3,612,417
3,612,417
Gastos operativos
(6,361,200)
(5,192,200)
(4,394,600)
(3,745,200)
(700,000)
(543,000)
103,000
134,000
166,000
EBITDA
(6,361,200)
(4,865,028)
(2,689,217)
(1,213,381)
2,533,697
3,069,417
3,715,417
3,746,417
3,778,417
Impuestos
2,162,808
1,654,110
914,334
412,550
(861,457)
(1,043,602)
(1,263,242)
(1,273,782)
(1,284,662)
333,200
938,400
1,407,600
1,686,400
1,686,400
1,353,200
748,000
278,800
(8,900,000)
(6,900,000)
(4,100,000)
3,443,219
8,239,818
9,807,970
7,119,090
4,235,264
1,650,957
(8,334,500)
503,335
6,314,738
10,477,730
7,947,479
5,456,332
3,220,636
2,772,556
Escudo fiscal dep.

Gastos de capital
(4,900,000)

Flujo de efectivo
(9,098,392)
Costo de Capital
9%
VAN
7,549,748
Sin importar el incremento en las ventas el proyecto sigue siendo rentable

debido a que se posee un VAN mayor que cero.
sin incremento de ventas y sin aumento del margen

1999
2000
2001
2002
2003
2004
2005
2006
2007
8
Ingreso
Costo de venta
0
0
Gastos operativos
(6,361,200)
(5,192,200)
(4,394,600)
(3,745,200)
(700,000)
(543,000)
103,000
134,000
166,000
EBITDA
(6,361,200)
(5,192,200)
(4,394,600)
(3,745,200)
(700,000)
(543,000)
103,000
134,000
166,000
Impuestos
2,162,808
1,765,348
1,494,164
1,273,368
238,000
184,620
(35,020)
(45,560)
(56,440)
333,200
938,400
1,407,600
1,686,400
1,686,400
1,353,200
748,000
278,800
(8,900,000)
(6,900,000)
(4,100,000)
3,443,219
8,239,818
9,807,970
7,119,090
4,235,264
1,650,957
(8,550,433)
(622,218)
4,643,738
8,343,490
5,563,284
3,072,137
836,440
388,360
Escudo fiscal dep.

Gastos de capital
(4,900,000)

Flujo de efectivo
(9,098,392)
Costo de Capital
9%
VAN
(1,869,944)
Al no existir un aumento en las ventas ni en el margen, el proyecto no es

financieramente viable debido a que el VAN que se obtiene es menor que
cero.
Sin incremento de ventas, sin aumento del margen y sin
ahorros en costos

1999
2000
2001
2002
2003
2004
2005
2006
2007
Ingreso
Costo de venta
0
0
Gastos operativos
(6,361,200)
(5,813,200)
(6,143,600)
(6,289,200)
(4,000,000)
(4,000,000)
(3,400,000)
(3,400,000)
(3,400,000)
EBITDA
(6,361,200)
(5,813,200)
(6,143,600)
(6,289,200)
(4,000,000)
(4,000,000)
(3,400,000)
(3,400,000)
(3,400,000)
Impuestos
2,162,808
1,976,488
2,088,824
2,138,328
1,360,000
1,360,000
1,156,000
1,156,000
1,156,000
333,200
938,400
1,407,600
1,686,400
1,686,400
1,353,200
748,000
278,800
(8,900,000)
(6,900,000)
(4,100,000)
3,443,219
8,239,818
9,807,970
7,119,090
4,235,264
1,650,957
(8,960,293)
(1,776,558)
2,964,698
6,165,490
3,281,664
760,157
(1,496,000)
(1,965,200)
Escudo fiscal dep.

Gastos de capital
(4,900,000)

Flujo de efectivo
(9,098,392)
Costo de Capital
VAN
9%
(11,375,576)
Si se invirtiera en el Proyecto Atlantic sin obtener ningn beneficio, el

proyecto no es financieramente viable debido a que el VAN obtenido es
menor que cero.

ERP Finanzas Whirlpool Europa VNP

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Examen Final Administracion Financiera

Para cada sector un ER que proyecte el seguir como en la

Panel A: Pronsitico sin el sistema ERP

477,784,000 477,784,000 477,784,000 477,784,000 477,784,000 477,784,000

[3] = [2] - [4]

418,925,000 418,925,000 418,925,000 418,925,000 418,925,000 418,925,000

Precio promedio unitario

[5] = [2] / [1]

[6] = [3] / [1]

Margen promedio unitario

[7] = [4] / [1]

Margen sobre ventas

[8] = [7] / [5]

[10] = [3] x [9] / 365

Panel B: Impacto del sistema ERP

Panel C: Pronstico con el sistema ERP

[14] = [1] + [11]

[15] = [14] x [18]

483,676,938 493,652,619 501,461,626 501,461,626 501,461,626 501,461,626

[16] = [14] x [19]

423,801,771 431,604,606 438,432,086 438,432,086 438,432,086 438,432,086

[17] = [14] x [20]

Precio promedio unitario

[18] = [6] / (1 - [21])

[20] = [18] - [19]

Margen sobre ventas

[21] = [8] + [12]

[22] = [9] - [13]

[23] = [22] x [16] / 365

Panel D: Clculo de unidades adicionales

[27] = ([26] - [25]) / [25]

Aumento en ventas unitarias del incremento de disponibilidad [28]

Aprovechamiento del ERP en el ao del sector

Unidades adicionales para la venta en el ao

[30] = [24] x [27] x [28] x [29] 26,439

Unidades adicionales que se vendern

[31] = acumulado [30]

Panel E: Clculo de los ahorros en inventario

Aprovechamiento del ERP en el ao del sector

[34] = [32] x [33]

[35] = acumulado [34]

Panel A: Pronsitico sin el sistema ERP

283,549,000 283,549,000 283,549,000 283,549,000 283,549,000 283,549,000

[3] = [2] - [4]

237,308,000 237,308,000 237,308,000 237,308,000 237,308,000 237,308,000

Precio promedio unitario

[5] = [2] / [1]

[6] = [3] / [1]

Margen promedio unitario

[7] = [4] / [1]

Margen sobre ventas

[8] = [7] / [5]

[10] = [3] x [9] / 365

Panel B: Impacto del sistema ERP

Panel C: Pronstico con el sistema ERP

[14] = [1] + [11]

[15] = [14] x [18]

283,549,000 284,835,302 286,431,680 287,109,394 287,109,394 287,109,394

[16] = [14] x [19]

237,308,000 238,099,698 239,004,495 239,569,994 239,569,994 239,569,994

[17] = [14] x [20]

Precio promedio unitario