Deuda

Capital

50%
50%

Valor a la par de las acciones

$10 por accin

$2,000,000 en acciones

Financiamiento

$2,000,000

Alternativa 1
Bonos a 13%
Intereses

$260,000

Alternativa 2
Vender 2000000 en acciones comunes a 20 por accion
100,000 acciones
Vende la mitad del accionariado

Alternativa 3
1 millon de deuda al 12% y 1 millonen acciones a 25 por accion
Intereses

a) Punto de equilibrio
Ao 1
$3,000,000
b)
DOL antes
DOL despus

$120,000

Ao 2
$6,800,000

4.00
-2.78

Alternativa 1
Ao 1
Ao 2

Ao 3

ESTADO DE RESULTADOS ACTUAL

Ventas
Gastos Variables (50% de las ventas)
Gastos fijos

$4,000,000
$2,000,000
$1,500,000

$5,000,000 $6,000,000
$2,500,000 $3,000,000
$3,400,000 $5,300,000

Utilidades antes de intereses y de Impuestos (EBIT)

$500,000

-$900,000 -$2,300,000

Intereses (costo de 10%)

$140,000

Utilidad neta antes de impuestos (EBT)

$360,000 -$1,300,000 -$2,440,000

Impuestos (30%)

$108,000

-$390,000

Utilidad neta despues de impuestos (EAT)

$252,000

-$910,000 -$1,708,000

Acciones de capital comun

Utilidades por accion

$400,000

$140,000

-$732,000

200000
1.26

Alternativa 2
Ao 1
Ao 2

Ao 3

ESTADO DE RESULTADOS ACTUAL

Ventas
Gastos Variables (50% de las ventas)
Gastos fijos

$4,000,000
$2,000,000
$1,500,000

$5,000,000 $6,000,000
$2,500,000 $3,000,000
$3,400,000 $5,300,000

Utilidades antes de intereses y de Impuestos (EBIT)

$500,000

-$900,000 -$2,300,000

Intereses (costo de 10%)

$140,000

Utilidad neta antes de impuestos (EBT)

$360,000 -$1,040,000 -$2,440,000

Impuestos (30%)

$108,000

-$312,000

Utilidad neta despues de impuestos (EAT)

$252,000

-$728,000 -$1,708,000

$140,000

$140,000

-$732,000

Alternativa 3
Ao 1
Ao 2

Ao 3

ESTADO DE RESULTADOS ACTUAL

Ventas
Gastos Variables (50% de las ventas)
Gastos fijos

$4,000,000
$2,000,000
$1,500,000

$5,000,000 $6,000,000
$2,500,000 $3,000,000
$3,400,000 $5,300,000

Utilidades antes de intereses y de Impuestos (EBIT)

$500,000

-$900,000 -$2,300,000

Intereses (costo de 10%)

$140,000

Utilidad neta antes de impuestos (EBT)

$360,000 -$1,160,000 -$2,440,000

Impuestos (30%)

$108,000

-$348,000

Utilidad neta despues de impuestos (EAT)

$252,000

-$812,000 -$1,708,000

$260,000

$140,000

-$732,000

Ao 4

$7,000,000
$3,500,000
$7,200,000

Ao 5

Ao 6

$8,000,000 $9,000,000
$4,000,000 $4,500,000
$9,100,000 $11,000,000

-$3,700,000 -$5,100,000 -$6,500,000

$140,000

$140,000

$140,000

-$3,840,000 -$5,240,000 -$6,640,000

-$1,152,000 -$1,572,000 -$1,992,000
-$2,688,000 -$3,668,000 -$4,648,000

Ao 4

$7,000,000
$3,500,000
$7,200,000

Ao 5

Ao 6

$8,000,000 $9,000,000
$4,000,000 $4,500,000
$9,100,000 $11,000,000

-$3,700,000 -$5,100,000 -$6,500,000

$140,000

$140,000

$140,000

-$3,840,000 -$5,240,000 -$6,640,000

-$1,152,000 -$1,572,000 -$1,992,000
-$2,688,000 -$3,668,000 -$4,648,000

Ao 4

$7,000,000
$3,500,000
$7,200,000

Ao 5

Ao 6

$8,000,000 $9,000,000
$4,000,000 $4,500,000
$9,100,000 $11,000,000

-$3,700,000 -$5,100,000 -$6,500,000

$140,000

$140,000

$140,000

-$3,840,000 -$5,240,000 -$6,640,000

-$1,152,000 -$1,572,000 -$1,992,000
-$2,688,000 -$3,668,000 -$4,648,000