en S/ 000,000

Empresa A
Unidades 2,500.00
Precio 10.00
60,000.00
Ventas 25,000.00
Costos operativos
50,000.00
Fijos 10,000.00
Variables 5.60
40,000.00
Utilidad operativa 1,000.00
30,000.00
Costos fijos / costos totales 0.42
Costos fijos / ventas 0.40 20,000.00
Costos variables / ventas 0.56
10,000.00
Variacion en ventas 5.00%
-
Ventas 26,250.00
Costos variables 14,000.00 (10,000.00
Costos fijos 10,000.00
Utilidad operativa 2,250.00 (20,000.00
Variacion utilidad operativa 125.00%
(30,000.00
ventas C Fijos C Variables U Operativa
Variacion en ventas 26,250.00 10,000.00 14,700.00 2,250.00
-100.00% - 10,000.00 - ###
-80.00% 5,000.00 10,000.00 2,800.00 ###
-60.00% 10,000.00 10,000.00 5,600.00 ###
-40.00% 15,000.00 10,000.00 8,400.00 (9,000.00)
-20.00% 20,000.00 10,000.00 11,200.00 (4,000.00)
0.00% 25,000.00 10,000.00 14,000.00 1,000.00
20.00% 30,000.00 10,000.00 16,800.00 6,000.00
40.00% 35,000.00 10,000.00 19,600.00 11,000.00
60.00% 40,000.00 10,000.00 22,400.00 16,000.00
80.00% 45,000.00 10,000.00 25,200.00 21,000.00
100.00% 50,000.00 10,000.00 28,000.00 26,000.00
60,000.00

50,000.00 ventas
C Fijos
40,000.00 C Variables
U Operativa
30,000.00

20,000.00

10,000.00

-
1 2 3 4 5 6 7 8 9 10 11
(10,000.00)

(20,000.00)

(30,000.00)
en S/ 000,000
Empresa A Empresa B Empresa C
Ventas 17.00 23.00 19.50
Costos operativos
Fijos 8.00 2.00 5.00
Variables 2.00 7.00 12.00
Utilidad operativa 7.00 14.00 2.50

Costos fijos / costos totales 0.80 0.22 0.29

Costos fijos / ventas 0.47 0.09 0.26
Costos variables / ventas 0.12 0.30 0.62

DOL 2.14 1.14 3.00

V ariacio n en la U o p erativa
Variacion en ventas 5.00%

Ventas 17.85 24.15 20.48

Costos totales 10.10 9.35 17.60
Utilidad operativa 7.75 14.80 2.88
Variacion utilidad operativa 10.71% 5.71% 15.00% 100.00%

80.00%
P
Empresa A Empresa B Empresa C 60.00%
Variacion en ventas 10.71% 5.71% 15.00% 40.00%
-25.00% -53.57% -28.57% -75.00%
20.00%
-20.00% -42.86% -22.86% -60.00%
0.00%
-15.00% -32.14% -17.14% -45.00%

-25%

-20%

-15%
-20.00%
-10.00% -21.43% -11.43% -30.00%
-5.00% -10.71% -5.71% -15.00% -40.00%

0.00% 0.00% 0.00% 0.00% -60.00%

5.00% 10.71% 5.71% 15.00% -80.00%

10.00% 21.43% 11.43% 30.00% -100.00%
15.00% 32.14% 17.14% 45.00%
20.00% 42.86% 22.86% 60.00%
25.00% 53.57% 28.57% 75.00%
 DOL = % change in EBIT
% Change in sales
V ariacio n en la U o p erativa

100.00%

80.00%
Palanca Operativa
60.00%

40.00%

20.00%

0.00%
-25%

-20%

-15%

-10%

10%

15%

25%
20%
-5%

0%

5%

-20.00%

-40.00% Empresa A
-60.00%
Variacion en ventas Empresa B
Empresa C
-80.00%

-100.00%
Numero de acciones 50,000 Alternativa A
EBIT esperadas 300,000 Pasivo -
Pasivo largo plazo 2,000,000 Acciones 50,000
Impuestos 30.00%
EBIT 300,000 300,000
Nueva oportunidad 1,000,000 Intereses -
de inversion EBT 300,000
impuestos 90000
Alternativa financiamiento A EAT 210,000
Acciones 50,000 Numero acciones 100,000
precio por accion 20 EPS 2.10
(200,000) (1.40)
Alternativa financiamiento B (150,000) (1.05)
Deuda LP 1,000,000 (100,000) (0.70)
Tasa 10.00% (50,000) (0.35)
0 0.00
50,000 0.35
100,000 0.70
DFL = % change in EPS 150,000 1.05
% Change in EBIT 200,000 1.40
250,000 1.75
300,000 2.10
350,000 2.45
400,000 2.80
450,000 3.15
500,000 3.50

(200,000) 1.00
(150,000) 1.00
(100,000) 1.00
(50,000) 1.00
0 1.00
50,000 1.00
100,000 1.00
150,000 1.00
200,000 1.00
250,000 1.00
300,000 1.00
350,000 1.00
400,000 1.00
450,000 1.00
500,000 1.00
Alternativa B Alternativa C Alternativa D Alternativa E Alternativa F
200,000 400,000 600,000 800,000 1,000,000
40,000 30,000 20,000 10,000 -

300,000 300,000 300,000 300,000 300,000

20,000 40,000 60,000 80,000 100,000
280,000 260,000 240,000 220,000 200,000
84000 78000 72000 66000 60000
196,000 182,000 168,000 154,000 140,000
90,000 80,000 70,000 60,000 50,000
2.18 2.28 2.40 2.57 2.80
(1.71) (2.10) (2.60) (3.27) (4.20)
(1.32) (1.66) (2.10) (2.68) (3.50)
(0.93) (1.23) (1.60) (2.10) (2.80)
(0.54) (0.79) (1.10) (1.52) (2.10)
(0.16) (0.35) (0.60) (0.93) (1.40)
0.23 0.09 (0.10) (0.35) (0.70)
0.62 0.53 0.40 0.23 -
1.01 0.96 0.90 0.82 0.70
1.40 1.40 1.40 1.40 1.40
1.79 1.84 1.90 1.98 2.10
2.18 2.28 2.40 2.57 2.80
2.57 2.71 2.90 3.15 3.50
2.96 3.15 3.40 3.73 4.20
3.34 3.59 3.90 4.32 4.90
3.73 4.03 4.40 4.90 5.60

0.91 0.83 0.77 0.71 0.67

0.88 0.79 0.71 0.65 0.60
0.83 0.71 0.63 0.56 0.50
0.71 0.56 0.45 0.38 0.33
(0.00) (0.00) (0.00) (0.00) (0.00)
1.67 5.00 (5.00) (1.67) (1.00)
1.25 1.67 2.50 5.00 #DIV/0!
1.15 1.36 1.67 2.14 3.00
1.11 1.25 1.43 1.67 2.00
1.09 1.19 1.32 1.47 1.67
1.07 1.15 1.25 1.36 1.50
1.06 1.13 1.21 1.30 1.40
1.05 1.11 1.18 1.25 1.33
1.05 1.10 1.15 1.22 1.29
1.00 1.00 1.00 1.00 1.00