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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