TALLER N 4

Tri-Star Productions, Inc. est evaluando dos diferentes estructuras

operativas que se describen a continuacin. La empresa tiene gastos de
intereses anuales de $ 250, acciones comunes en circulacin de 1000, y
una tasa impositiva del 40 por ciento.

Precio Costo variable

Costo Fijos
Por Unidad Por Unidad
Estructura operativa 1 500 1 0.75
Estructura operativa 2 1200 1 0.7

(a) Para cada estructura operativa, calcule:

1.- EBIT y EPS al nivel de 10000, 20000 y 30000 unidades.
2.- El grado de apalancamiento operativo (DOL) y el grado de
apalancamiento total (DTL) con 20000 unidades como base en el
nivel de ventas.
3.- El punto de equilibrio operativo en unidades.
(b) Qu estructura operativa tiene un mayor apalancamiento
operativo y riesgo empresarial?
(c) En caso de Tri-Star Productions, Inc. proyecte ventas de 20.000
unidades, cul estructura operativa es recomendada?
e gastos de
de 1000, y Ti Anual
P= 1 Ti Anual
CVu= 0.75 ACC C
CF= 500 Tc

CANTIDADES INGRESOS CV CF CT
0 - - 500.00 500.00
2,000 2,000.00 1,500.00 500.00 2,000.00
3,000 3,000.00 2,250.00 500.00 2,750.00
9,000.00 9,000.00 6,750.00 500.00 7,250.00
a.1) 10,000 10,000.00 7,500.00 500.00 8,000.00
14000 14,000.00 10,500.00 500.00 11,000.00
a.1) 2) 15200 15,200.00 11,400.00 500.00 11,900.00
15300 15,300.00 11,475.00 500.00 11,975.00
20,000 20,000.00 15,000.00 500.00 15,500.00
21,000 21,000.00 15,750.00 500.00 16,250.00
a.1) 24,000 24,000.00 18,000.00 500.00 18,500.00
27,000 27,000.00 20,250.00 500.00 20,750.00
30,000 30,000.00 22,500.00 500.00 23,000.00
33,000 33,000.00 24,750.00 500.00 25,250.00
36,000 36,000.00 27,000.00 500.00 27,500.00
39,000 39,000.00 29,250.00 500.00 29,750.00
42,000 42,000.00 31,500.00 500.00 32,000.00
45,000 45,000.00 33,750.00 500.00 34,250.00
48,000 48,000.00 36,000.00 500.00 36,500.00

=/() 500 2000

0.25
=(+)/() 750 3000
0.25

10.00

8.00

6.00
10.00

8.00

6.00

4.00

2.00

-
0 10000 20000 30000 40000 50000 60000

(2.00)
 ESTRUCTURA 1
250 =/(#)
250
1000
0.40%
a.1)
UTI.OP. /EBIT GF UTII IMPS UN
(500.00) 250.00 (750.00) (300.00) (450.00)
- 250.00 (250.00) (100.00) (150.00)
250.00 250.00 - - -
1,750.00 250.00 1,500.00 600.00 900.00
2,000.00 250.00 1,750.00 700.00 1,050.00
3,000.00 250.00 2,750.00 1,100.00 1,650.00
3,300.00 250.00 3,050.00 1,220.00 1,830.00
3,325.00 250.00 3,075.00 1,230.00 1,845.00
4,500.00 250.00 4,250.00 1,700.00 2,550.00
4,750.00 250.00 4,500.00 1,800.00 2,700.00
5,500.00 250.00 5,250.00 2,100.00 3,150.00
6,250.00 250.00 6,000.00 2,400.00 3,600.00
7,000.00 250.00 6,750.00 2,700.00 4,050.00
7,750.00 250.00 7,500.00 3,000.00 4,500.00
8,500.00 250.00 8,250.00 3,300.00 4,950.00
9,250.00 250.00 9,000.00 3,600.00 5,400.00
10,000.00 250.00 9,750.00 3,900.00 5,850.00
10,750.00 250.00 10,500.00 4,200.00 6,300.00
11,500.00 250.00 11,250.00 4,500.00 6,750.00

b)

GAO 1 y 2
7.00

6.00

5.00

4.00

3.00

2.00
 6.00

5.00

4.00

3.00

2.00

1.00

-
0 10000 20000 30000 40000
(1.00)

(2.00)
60000
Estrcutura 1 Estructura 2

ESTRUCTURA MAS RIESGOSA GAO 2

 P=
CVu= 10.00
CF=

EPS GAO GAF GAT CANTIDADES

(0.45) - 0.67 - 8.00 0
(0.15) #DIV/0! - 2,000
- 3.00 #DIV/0! #DIV/0! 4,000
0.90 1.29 1.17 1.50 4,833
6.00
1.05 1.25 1.14 1.43 9000
1.65 1.17 1.09 1.27 a.1) 10,000
1.83 1.15 1.08 1.25 14000
1.85 1.15 1.08 1.24 15200
4.00
2.55 1.11 1.06 1.18 a.1) 2) 20,000
2.70 1.11 1.06 1.17 21,000
3.15 1.09 1.05 1.14 24,000
3.60 1.08 1.04 1.13 2.0027,000
4.05 1.07 1.04 1.11 a.1) 30,000
4.50 1.06 1.03 1.10 33,000
4.95 1.06 1.03 1.09 36,000
5.40 1.05 1.03 1.08 - 39,000
5.85 1.05 1.03 1.08 0
42,000 7000

6.30 1.05 1.02 1.07 45,000

6.75 1.04 1.02 1.07 48,000
(2.00)

UPAS

1y2 =/()

=(+)/()
000 40000 50000 60000

Estructura 2
 ESTRUCTURA 2

1
.00 0.7
1200
a.1)
INGRESOS CV CF CT UTI.OP./EBIT
.00 - - 1,200.00 1,200.00 (1,200.00)
2,000.00 1,400.00 1,200.00 2,600.00 (600.00)
4,000.00 2,800.00 1,200.00 4,000.00 -
4,833.33 3,383.33 1,200.00 4,583.33 250.00
.00
9,000.00 6,300.00 1,200.00 7,500.00 1,500.00
10,000.00 7,000.00 1,200.00 8,200.00 1,800.00
14,000.00 9,800.00 1,200.00 11,000.00 3,000.00
15,200.00 10,640.00 1,200.00 11,840.00 3,360.00
.00
20,000.00 14,000.00 1,200.00 15,200.00 4,800.00
21,000.00 14,700.00 1,200.00 15,900.00 5,100.00
24,000.00 16,800.00 1,200.00 18,000.00 6,000.00
.00 27,000.00 18,900.00 1,200.00 20,100.00 6,900.00
30,000.00 21,000.00 1,200.00 22,200.00 7,800.00
33,000.00 23,100.00 1,200.00 24,300.00 8,700.00
36,000.00 25,200.00 1,200.00 26,400.00 9,600.00
- 39,000.00 27,300.00 1,200.00 28,500.00 10,500.00
0 7000
42,000.00 14000
29,400.00 21000
1,200.00 28000
30,600.00 35000 11,400.0042000 4

45,000.00 31,500.00 1,200.00 32,700.00 12,300.00

48,000.00 33,600.00 1,200.00 34,800.00 13,200.00
.00)

0.15
c)
Se recomienda la estructura dos pue

1200 4000
0.3 QUE ESTRUCTURA ME DA IGUAL
1450 4,833.33
0.3
UPA 1 = UPA 2
UN
# ACCIONES
Q (P-CVu) - (CF - GF) = Tc (Q (P - CVu
ESTRUCTURA 2

GF UTII IMPS UN EPS GAO

250.00 (1,450.00) (580.00) (870.00) -0.87 -
250.00 (850.00) (340.00) (510.00) -0.51 (1.00)
250.00 (250.00) (100.00) (150.00) -0.15 #DIV/0!
250.00 (0.00) (0.00) (0.00) (0.00) 5.80
250.00 1,250.00 500.00 750.00 0.75 1.80
250.00 1,550.00 620.00 930.00 0.93 1.67
250.00 2,750.00 1,100.00 1,650.00 1.65 1.40
250.00 3,110.00 1,244.00 1,866.00 1.87 1.36
250.00 4,550.00 1,820.00 2,730.00 2.73 1.25
250.00 4,850.00 1,940.00 2,910.00 2.91 1.24
250.00 5,750.00 2,300.00 3,450.00 3.45 1.20
250.00 6,650.00 2,660.00 3,990.00 3.99 1.17
250.00 7,550.00 3,020.00 4,530.00 4.53 1.15
250.00 8,450.00 3,380.00 5,070.00 5.07 1.14
250.00 9,350.00 3,740.00 5,610.00 5.61 1.13
250.00 10,250.00 4,100.00 6,150.00 6.15 1.11
42000250.00 49000
11,150.00 56000
4,460.00 6,690.00 6.69 1.11
250.00 12,050.00 4,820.00 7,230.00 7.23 1.10
250.00 12,950.00 5,180.00 7,770.00 7.77 1.09

nda la estructura dos puesto se tiene mas utilidad

CTURA ME DA IGUAL

UN
#ACCIONES
(CF - GF) = Tc (Q (P - CVu) - CF - GF)
GAF GAT
0.83 -
0.71 (0.71)
- #DIV/0!
### ###
1.20 2.16
1.16 1.94
1.09 1.53
1.08 1.47
1.05 1.32
1.05 1.30
1.04 1.25
1.04 1.22
1.03 1.19
1.03 1.17
1.03 1.16
1.02 1.14
1.02 1.13
1.02 1.12
1.02 1.11