ADM. FINANCIERA I ...... LECCION N 4 : APALANC. FINANCIERO Y OPERATIVO.

EL PUNTO DE EQUILIBRIO

4.4.1. LA COMPAIA MANUFACTURERA DE PALANCAS :

P=
CF=

S/. 7.00
S/. 20,000.00

V=

S/. 4.00

Q=

10,000.00

CONCEPTOS
VENTAS (Kg)
ING. x VENTAS (S/:)
(-) C. VARIABLES
(-) C. FIJOS
U.A.I.I. (S/.)
APAL. OPERAT.=

Kg (Inicial)

-30%
CASO "2"
7,000
49,000
28,000
20,000
1,000
-90%
3.00

CASO "0"
10,000
70,000
40,000
20,000
10,000

30%
CASO "1"
13,000
91,000
52,000
20,000
19,000
90%
3.00

4.4.2. LA COMPAIA MANUFACTURERA DE PALANCAS :

P=
CF=

S/. 7.00
S/. 10,000.00

V=

S/. 4.00

Q=

10,000.00

CONCEPTOS
VENTAS (Kg)
ING. x VENTAS (S/:)
(-) C. VARIABLES
(-) C. FIJOS
U.A.I.I. (S/.)
APAL. OPERAT.=

CONCEPTOS
VENTAS (Kg)
ING. x VENTAS (S/:)
(-) C. VARIABLES
(-) C. FIJOS
U.A.I.I. (S/.)
APAL. OPERAT.=

......................

S/. 30,000.00

Kg (Inicial)

-30%
CASO "2"
7,000
49,000
28,000
10,000
11,000
-45%
1.50
-30%
CASO "2"
7,000
49,000
28,000
30,000
-9,000
#DIV/0!
#DIV/0!

CASO "0"
10,000
70,000
40,000
10,000
20,000

CASO "0"
10,000
70,000
40,000
30,000
0

30%
CASO "1"
13,000
91,000
52,000
10,000
29,000
45%
1.50
30%
CASO "1"
13,000
91,000
52,000
30,000
9,000
#DIV/0!
#DIV/0!

CASO 1 : +INF.%/+30% = INF. > 1 Existe Apalanc. Operativo Inf.

CASO 2 : -INF.%/ -30% = INF. > 1 Existe Apalanc. Operativo Inf.

CONCLUSION :

Mientras MAYOR es el C.F. Operativo MAYOR es el Ap. Operativo.

4.4.3. LAS COMPAIAS X, Y y Z :

EMPRESA "X":
P=
CF=

S/. 10.00
S/. 40,000.00

V=

S/. 3.00

Q=

10,000.00

Kg (Inicial)

CONCEPTOS
VENTAS (Kg)
ING. x VENTAS (S/:)
(-) C. VARIABLES
(-) C. FIJOS
U.A.I.I. (S/.)
APAL. OPERAT.=

-30%
CASO "2"
7,000
70,000
21,000
40,000
9,000
-70%
2.33

CASO "0"
10,000
100,000
30,000
40,000
30,000

30%
CASO "1"
13,000
130,000
39,000
40,000
51,000
70%
2.33

EMPRESA "Y":
P=
CF=

S/. 16.00
S/. 20,000.00

V=

S/. 8.00

Q=

10,000.00

CONCEPTOS
VENTAS (Kg)
ING. x VENTAS (S/:)
(-) C. VARIABLES
(-) C. FIJOS
U.A.I.I. (S/.)
APAL. OPERAT.=

Kg (Inicial)

-30%
CASO "2"
7,000
112,000
56,000
20,000
36,000
-40%
1.33

CASO "0"
10,000
160,000
80,000
20,000
60,000

30%
CASO "1"
13,000
208,000
104,000
20,000
84,000
40%
1.33

EMPRESA "Z":
P=
CF=

S/. 25.00
S/. 100,000.00

V=

S/. 10.00

Q=

10,000.00

CONCEPTOS
VENTAS (Kg)
ING. x VENTAS (S/:)
(-) C. VARIABLES
(-) C. FIJOS
U.A.I.I. (S/.)
APAL. OPERAT.=

CONCLUSION :

Kg (Inicial)

-30%
CASO "2"
7,000
175,000
70,000
100,000
5,000
-90%
3.00

CASO "0"
10,000
250,000
100,000
100,000
50,000

A.O.EMPRESA "X":

2.33

A.O.EMPRESA "Y":

1.33

A.O.EMPRESA "Z":

3.00

30%
CASO "1"
13,000
325,000
130,000
100,000
95,000
90%
3.00

4.4.4. PARA CUALQUIER EMPRESA :

a)

C.D

INGRESO POR VENTAS

(-) A

(-) COSTO FIJO POR PERIODO

(-) C.F.

(-)B.D

(-) COSTO VARIABLE

(-) C.V.

U.A.I.I.

UTILIDAD DE OPERACIN

U.A.I.I.

U.A.I.I. = C.D - A - B.D

b)

..................

U.A.I.I. = C.D - A - B.D

U.A.I.I. = D (C - B) - A
U.A.I.I. = 0
D (C - B) - A = 0
D = A/(C - B)

EN UNIDADES FISICAS

I.T.

U.A.I.I. = I.T. - C.T.

C)

C.D

EN SOLES

4.4.5. PARA LAS EMPRESAS "X, Y y Z" :

X:
Y:
Z:

Q = CF / (P - V )=

5,714.29

Unidades ........

S/. 57,142.86

Q = CF / (P - V )=

2,500.00

Unidades ........

S/. 40,000.00

Q = CF / (P - V )=

6,666.67

Unidades ........

S/. 166,666.67

4.4.6. PARA LA COMPAA DE MOTORES MARINOS :

t=
U.A.I. =

50.00%
S/. 20,000.00

MARGEN NETO =

2.50%

SOBRE VENTAS MONETARIAS

MARGEN U. OP. =

18.00%

SOBRE VENTAS MONETARIAS

C.F. =
Q=

S/. 150,000.00
20,000.00

Kg (VENTAS FISICAS)

VENTAS (Kg)

a)

20,000

ING x VENTAS

400,000

(-) C.V.

178,000

(-) C.F.

150,000

U.A.I.I. (Ut. De Op.)

72,000

(-) INTERESES

52,000

U.A.I.

20,000

(-) IMPUESTOS .... %

10,000

U.D.I.

10,000
P=
C.F.=

S/. 20.00

C.V. =

S/. 150,000.00

P.E. (FISICO) = Q = C.F. / (P - v) =

S/. 178,000.00

v=
13,513.51

S/. 8.90
Kg

b) GRAFICAMENTE :

4.4.7. PARA LA COMPAA DE ARTICULOS DE ASBESTOS FIESTA :

P=
C.F.=
v=

S/. 27.50
S/. 210,000.00
S/. 10.00

P.E. (FISICO) = Q = C.F. / (P - v) =

P.E. (VALORADO)
GRAFICAMENTE :

P.Q

12,000.00
S/. 330,000.00

Kg

4.4.8. PARA LA COMPAA DE ARTICULOS DE ASBESTOS FIESTA :

a)

C.F.=

S/. 190,000.00

v=

S/. 10.00

P=

S/. 27.50

,-C.F. ... -P.E.

P.E. (FISICO) = Q = C.F. / (P - v) =

P.E. (VALORADO)
b)

C.F.=

P.Q

10,857.14
S/. 298,571.43

S/. 210,000.00

v=

S/. 12.00

P=

S/. 27.50

,+v ... +P.E.

P.E. (FISICO) = Q = C.F. / (P - v) =

P.E. (VALORADO)
c)

C.F.=

P.Q

13,548.39

S/. 10.00

P=

S/. 28.00

,+P ... -P.E.

P.E. (FISICO) = Q = C.F. / (P - v) =

P.E. (VALORADO)
d)

C.F.=

P.Q

11,666.67

S/. 12.00

P=

S/. 28.00

,-CF, +v, +P ... -P.E.(Kg) +P.E.(S/.)

P.E. (FISICO) = Q = C.F. / (P - v) =

P.E. (VALORADO)

P.Q

Kg

S/. 326,666.67

S/. 190,000.00

v=

Kg

S/. 372,580.65

S/. 210,000.00

v=

Kg

11,875.00

Kg

S/. 332,500.00

4.4.9. PARA LAS 2 EMPRESAS SIGUIENTES CALCULAR EL P.E. :

EMPRESA "A"

EMPRESA "B"

S/. 100,000.00

S/. 140,000.00

v=

S/. 20.00

S/. 6.00

P=

S/. 30.00

S/. 20.00

C.F.=

A:

P.E. (FISICO) = Q = C.F. / (P - v) =

P.E. (VALORADO)

B:

P.Q

10,000.00
S/. 300,000.00

P.E. (FISICO) = Q = C.F. / (P - v) =

P.E. (VALORADO)

P.Q

Kg

10,000.00

Kg

S/. 200,000.00

a) Ms Riesgosa es la Empresa "B" porque tiene mayores C.F., su Apalancamiento Operativo

es mayor y su Riesgo tambin.
b) Ms Rentable por supuesto es la Empresa "B" y ms Riesgosa
CONCEPTOS

EMPRESA "A"

EMPRESA "B"

V. FISICAS (Kg)

20,000.00

20,000.00

ING. x VENTAS

S/. 600,000.00

S/. 400,000.00

C.F.

S/. 100,000.00

S/. 140,000.00

C.V.

S/. 400,000.00

S/. 120,000.00

U.A.I.I.

S/. 100,000.00

S/. 140,000.00

c) Ambas Empresas tienen el mismo P.E. en Kg, pero la "B" tiene menor P.E. En S/.
4.4.10. PARA LA COMPAA DE HERRAMIENTAS DE MANO :
U.A.I.I. =

S/. 40,000.00

OBLIGACIONES =

S/. 200,000.00

AL

6.00%

ACC. PREFER. =

2,000

C/U ...... A :

S/. 4.00

4,500

ACC. COMUNES =

t=

50.00%

CONCEPTOS
U.A.I.I.
(-) INTERESES
U.A.I.
(-) IMPUEST. (....%)
U.D.I.
(-) DIV. ACC. PREF.
U.D.A.O.
ACC. ORDINARIAS
g.p.a.=
APAL. FINANC. =

-20%
CASO "2"
32,000
12,000
20,000
10,000
10,000
8,000
2,000
4,500
0.44
-66.67%
3.33

CASO "0"
40,000
12,000
28,000
14,000
14,000
8,000
6,000
4,500
1.33

20%
CASO "1"
48,000
12,000
36,000
18,000
18,000
8,000
10,000
4,500
2.22
66.67%
3.33

4.4.11. PARA LA COMPAA URBANA DE CEMENTOS :

CASO a)
U.A.I.I. =

S/. 150,000.00

OBLIGACIONES =

S/. 600,000.00

AL

8.00%

ACC. PREFER. =

10,000

C/U ...... A :

S/. 2.50

ACC. COMUNES =

40,000

t=

50.00%

CONCEPTOS
U.A.I.I.
(-) INTERESES
U.A.I.
(-) IMPUEST. (....%)
U.D.I.
(-) DIV. ACC. PREF.
U.D.A.O.
ACC. ORDINARIAS
g.p.a.=
APAL. FINANC. =

-20%
CASO "2"
120,000
48,000
72,000
36,000
36,000
25,000
11,000
40,000
0.28
-57.69%
2.88

CASO "0"
150,000
48,000
102,000
51,000
51,000
25,000
26,000
40,000
0.65

20%
CASO "1"
180,000
48,000
132,000
66,000
66,000
25,000
41,000
40,000
1.03
57.69%
2.88

CASO b)
U.A.I.I. =

S/. 150,000.00

OBLIGACIONES =

S/. 200,000.00

AL

6.00%

ACC. PREFER. =

20,000

C/U ...... A :

S/. 2.50

35,000

ACC. COMUNES =

t=

50.00%

CONCEPTOS
U.A.I.I.
(-) INTERESES
U.A.I.
(-) IMPUEST. (....%)
U.D.I.
(-) DIV. ACC. PREF.
U.D.A.O.
ACC. ORDINARIAS
g.p.a.=

-20%
CASO "2"
120,000
12,000
108,000
54,000
54,000
50,000
4,000
35,000
0.11

CASO "0"
150,000
12,000
138,000
69,000
69,000
50,000
19,000
35,000
0.54

20%
CASO "1"
180,000
12,000
168,000
84,000
84,000
50,000
34,000
35,000
0.97

-78.95%
3.95

APAL. FINANC. =

78.95%
3.95

CASO c)
U.A.I.I. =

S/. 150,000.00

OBLIGACIONES =

S/. 0.00

AL

0.00%

ACC. PREFER. =

C/U ...... A :

S/. 0.00

ACC. COMUNES =

100,000

t=

50.00%

CONCEPTOS
U.A.I.I.
(-) INTERESES
U.A.I.
(-) IMPUEST. (....%)
U.D.I.
(-) DIV. ACC. PREF.
U.D.A.O.
ACC. ORDINARIAS
g.p.a.=
APAL. FINANC. =

-20%
CASO "2"
120,000
0
120,000
60,000
60,000
0
60,000
100,000
0.60
-20.00%
1.00

CASO "0"
150,000
0
150,000
75,000
75,000
0
75,000
100,000
0.75

20%
CASO "1"
180,000
0
180,000
90,000
90,000
0
90,000
100,000
0.90
20.00%
1.00

4.4.12. APALANCAMIENTO OPERATIVO PARA CUALQUIER TIPO DE EMPRESA :

Para calcular el Apalancamiento Operativo en cualquier nivel de Produccin se utiliza:
Apalanc. Operat.=

(P.Q - CV) / (P.Q. - CV - CF)

Para los datos de la Empresa de la Pregunta 4.1.:

P=

IT = P.Q. =

S/. 70,000.00

S/. 20,000.00

CF =

S/. 20,000.00

V=

S/. 4.00

CV =

S/. 40,000.00

Q=

10,000.00

CF=

S/. 7.00

Kg (Inicial)
A.O.=

3.00

(P.Q - CV) / (P.Q. - CV - CF) =

4.4.13. PUNTO DE EQUILIBRIO PARA CUALQUIER TIPO DE EMPRESA :

Las Frmulas Generales son:
P.E. (S/.) =

CF

P.E. (Kg) =

1 - ( C V/P.Q )

CF
P - v

Para calcular el P.E. De una Empresa que produce ms de un bien (Por Ejemplo X,Y):
C F=

S/. 90,000.00

Px =

S/. 2.00

Py =

S/. 4.00

v (x) =

S/. 1.20

v (y) =

S/. 3.00

C.I.(x) =

200,000.00

Kg

C.I.(y) =

300,000.00

Kg

P.E. (S/.) =

S/. 313,043.48

GLOBAL DE TODA LA EMPRESA

Para calcular el P.E. Por Producto, hay que prorratear el C.F. :

PRODUCTO

VT

CV

MARGEN

PARA "X" :

S/. 400,000.00

S/. 240,000.00

S/. 160,000.00

34.78%

PARA "Y" :

S/. 1,200,000.00

S/. 900,000.00

S/. 300,000.00

65.22%

TOTAL :

S/. 1,600,000.00

S/. 1,140,000.00

S/. 460,000.00

100.00%

PARA "X" :

P.Q - CV =

S/. 160,000.00

34.78%

S/. 31,304.35

PARA "Y" :

P.Q - CV =

S/. 300,000.00

65.22%

S/. 58,695.65

S/. 460,000.00

100.00%

S/. 90,000.00

PARA "X" :

P.E. (S/.) =

S/. 78,260.87

39,130.43 Kg

PARA "Y" :

P.E. (S/.) =

S/. 234,782.61

58,695.65 Kg

CF
S/. 31,304.35
S/. 58,695.65
S/. 90,000.00

4.4.14. PUNTO DE EQUILIBRIO PARA CUALQUIER TIPO DE EMPRESA :

SUPONGAMOS UNA EMPRESA QUE EMPIEZA A FUNCIONAR EN MAYO, CUYAS VENTAS
MENSUALES SON S/. 400,000 DE LAS CUALES 80% SON PAGADAS DENTRO DE LOS 30
DIAS Y 20% ENTRE 31 Y 60 DIAS. SU COSTO FIJO ES (INCLUIDA LA DEPRECIACION DE
S/. 20,000) S/. 40,000. SU COSTO VARIABLE UNITARIO ES DE S/. 1.20, DE LOS CUALES 70%
ES AL CONTADO Y 30% ENTRE 31 Y 60 DIAS. SI SU PRECIO ES S/. 2.00 :
P=

S/. 2.00

Q=

200,000.00

Kg

VTAS MENSUALES =

S/. 400,000.00

CONT. 0 - 30 DIAS =

S/. 320,000.00

80.00%

CRED. 31-60 DIAS =

S/. 80,000.00

20.00%

CF =

S/. 40,000.00

D=

S/. 20,000.00

v=

S/. 1.20

CV =

S/. 240,000.00

CONT. 0 - 30 DIAS =

S/. 168,000.00

70.00%

CRED. 31-60 DIAS =

S/. 72,000.00

30.00%

P.E. MAYO :
P.E. JUNIO Y RESTO DE MESES :

P.E. (S/.) =

S/. 42,105.26

26,315.79 Kg

P.E. (S/.) =

S/. 50,000.00

25,000.00 Kg

4.4.15. PUNTO DE EQUILIBRIO PARA CUALQUIER TIPO DE EMPRESA :

A) SI TODOS SUS COSTOS SON FIJOS :
P.E. (S/.) =

CF/ (1-(CV/P.Q))=

CF/ (1-(0/P.Q.))=

P.E. (Kg) =

CF / (P-v) =

CF/ (P - 0) =

CF
CF / P

B) SI TODOS SUS COSTOS SON VARIABLES :

P.E. (S/.) =

CF/ (1-(CV/P.Q))=

P.E. (Kg) =

CF / (P-v) =

0 / (1-(CV/P.Q.))= 0
0 / (P - v) =