PLAN DE NEGOCIO PARA EL MONTAJE DE UN SPA. – 8 Parte –

5.5 ESTADOS DE RESULTADOS

Tabla 31: Estados de Resultados de Salud Integral Spa

ESTADO DE RESULTADOS

           
Concepto

2012

2013

2014

2015

2016

           
           
Ventas

389.250.000

453.398.400

527.102.844

613.969.393

713.776.257

Costos

32.090.000

37.378.432

43.454.670

50.616.000

58.844.136

           
Utilidad Bruta

357.160.000

416.019.968

483.648.174

563.353.393

654.932.121

           
Gastos operativos

376.113.488

379.153.448

382.196.606

385.493.009

388.793.601

           
Utilidad antes impuestos e intereses

-18.953.488

36.866.520

101.451.568

177.860.384

266.138.520

           
Gastos financieros

9.429.402

7.746.205

5.861.025

3.749.623

1.384.853

Ingresos financieros

0

0

0

0

0

           
Utilidad antes de impuestos

-28.382.890

29.120.315

95.590.543

174.110.761

264.753.667

           
Impuestos

0

9.609.704

31.544.879

57.456.551

87.368.710

           
Utilidad neta

-28.382.890

19.510.611

64.045.664

116.654.210

177.384.957

Como se observa los costos fundamentalmente son operacionales, esto es debido a que el servicio tiene un costo fijo muy reducido (esto a medio largo y largo plazo es una ventaja, ya que permitirá tener unos márgenes de rentabilidad elevados).

En cuanto a los estados de resultados, se observa que el primer año la empresa arrojará unas pérdidas de 28.382.890, esto es debido a dos factores, estos son:

  • Gastos operativos con una baja sensibilidad a las ventas, y por tanto, elevados el primer año.
  • Ventas aún insuficientes, debido al periodo inicial de posicionamiento.

Será en el cuarto año, donde la empresa genere unas ganancias después de impuestos significativas, en especial de 116.654.210

5.6 FLUJO DE CAJA

Tabla: 32: Flujo de caja de Salud Integral Spa

FLUJO DE CAJA DEL PROYECTO

             
Concepto  

2012

2013

2014

2015

2016

             
             
Ventas  

389.250.000

453.398.400

527.102.844

613.969.393

713.776.257

Costos  

32.090.000

37.378.432

43.454.670

50.616.000

58.844.136

Gastos operativos  

376.113.488

379.153.448

382.196.606

385.493.009

388.793.601

             
Utilidad operativa  

-18.953.488

36.866.520

101.451.568

177.860.384

266.138.520

             
Impuesto de renta operativo  

-6.254.651

12.165.952

33.479.017

58.693.927

87.825.712

Beneficio fiscal financiero  

6.254.651

-2.556.248

-1.934.138

-1.237.376

-457.001

             
Utilidad operativa despues de impuestos

-18.953.488

27.256.816

69.906.689

120.403.833

178.769.810

             
Depreciación y amortización  

9.263.048

9.263.048

9.263.048

9.263.048

9.263.048

             
Flujo de caja bruto operativo  

-9.690.440

36.519.864

79.169.737

129.666.881

188.032.858

Del flujo de caja anterior, el TIR y VPN sería el siguiente:

 TIR del anteproyecto: 31,65%

TIR del inversionista: 45,73%

VPN del proyecto: 91.331.767

5.7 COSTO PROMEDIO PONDERADO DE LOS RECURSOS WACC

2012: 11.51%

2013: 13,30%

2014: 16,28%

2015: 18,73%

2016: 20,31%

5.8 LIQUIDEZ

Tabla 33: Liquidez de Salud Integral Spa

LIQUIDEZ

 

FORMULA DE CALCULO

 

2012

2013

2014

2015

2016

   

RAZON CORRIENTE  

ACTIVO CORRIENTE

3,39

2,82

2,98

3,54

5,33

   

PASIVO CORRIENTE

   

   

SOLIDEZ  

ACTIVO TOTAL

1,28

1,57

2,37

3,65

5,33

   

PASIVO TOTAL

   

   

CAPITAL DE TRABAJO  

ACTIVO CORRIENTE – PASIVO CTE

43.937.542

55.116.185

108.718.478

212.564.547

399.212.552

 

Se observa que en términos de liquidez y solidez la empresa evoluciona hacia el equilibrio, obteniéndolo en el 2015. Este dato es un claro indicativo de viabilidad financiera del proyecto.

5.9 RENTABILIDAD

El primer año, destinado a posicionamiento, será el único que ofrezca indicadores negativos de rentabilidad, obteniendo en el segundo periodo una recuperación sostenida, consolidando estos resultados en el tercer periodo.

No obstante, la compañía deberá ser capaz de soportar el primer año de perdidas, no descantándose una inyección de capital a lo largo del primer periodo. Para ello se recomienda intentar recortar gastos en personal.

5.10 ENDEUDAMIENTO

Se observa que la deuda no será un determinante financiero, ya que esta bien distribuida, en los últimos años se aconseja tener una partida amplia de disponible para hacer frente a las deudas a corto plazo

5.11 INDICADORES DE VALOR

Tabla 34: Indicadores de valor de Salud Integral Spa

INDICADORES DE GENERACIÓN DE VALOR

                 

INDICADORES DE VALOR

 

FORMULA DE CALCULO

 

2012

2013

2014

2015

2016

   

MARGEN EBITDA  

EBITDA

-4,87%

8,13%

19,25%

28,97%

37,29%

   

INGRESOS

   

   

COSTO PROMEDIO PONDERADO  

11,51%

13,30%

16,28%

18,73%

20,31%

   

   

RAN  

UODI

-17,60%

35,96%

102,88%

184,34%

276,95%

   

ACTIVOS OPERACIÓN

 

   

EVA  

UODI – ACTIVOS x CK

-21.007.069

15.567.247

57.214.631

107.058.939

165.238.495

   

   

   

EVA  

ACTIVOS x (RAN – CK)

-21.007.069

15.567.247

57.214.631

107.058.939

165.238.495

   

   

   

% EVA  

EVA / VENTAS

-5,40%

3,43%

10,85%

17,44%

23,15%

   

   

La empresa como se puede observar genera valor desde el segundo año, aumentado considerablemente a partir del tercer año.

Del análisis financiero se concluye la viabilidad para los inversores, y para la empresa, obteniendo resultados positivos en el segundo periodo y presentado una estabilidad y crecimiento constante. Por tanto, se determina la viabilidad del proyecto.

Autor:

NATALIA ANDREA NOREÑA CORREA

CARLOS ALBERTO OLARTE BADIAN

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