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Ariel Group

In:

Submitted By carlosbaraglia
Words 917
Pages 4
Caso: Groupe Ariel S.A.: Parity Conditions and Cross-Border Valuation

Algunos datos importantes que nos da el caso y que utilizaremos en este análisis:

• Valor de la inversión = $ 3,500,000 Pesos

• Valor de la inversión = 220,000 Euros

• Depreciación del equipo nuevo a 10 años.

• Valor en libros de equipo manual actual $ 250,000 pesos faltando 3 años para depreciarlo.

• Valor de mercado de este equipo usado $ 175,000 pesos

• Ventas proyectadas en 2008 (proyectadas) = 3.35 Billones de Euros

• Actividades de consultoría = 18% de las ventas totales

• Utilidad Neta en 2008 = 61.2 Millones de Euros

• Ariel México corrió en 2008 al 80% de su capacidad

• Inflación proyectada en México del 7%.

• Tasa de descuento de Ariel 8%

• Tasa de Interés en Francia es del Corto Plazo 4.99%, largo plazo 4.75%

• Tasa de Interés en México es del 8%, largo plazo 9.21%

• Tipo de cambio de Pesos/Euros $ 20 pesos en 2011

• Tipo de cambio de Pesos/Euros $ 25 pesos en 2013-2018

Pregunta 1:
Calculen el valor presente neto (VPN) en pesos de los flujos incrementales del equipo de reciclaje de Ariel México. Supongan que la inflación esperada en Francia es del 3% anual.

Buscamos la fórmula del valor presente en nuestro libro de textocapitulo uno y consultamos también el capítulo 14 del libro “Economía” de Samuelson Nordhaus.

Para calcula el VPN primero es necesario que calculemos los flujos incrementales de la máquina automática y la manual en moneda nacional mexicana (pesos). Los flujos incrementales los vamos a determinar de los costos totales anuales que tengamos de materiales, mano de obra y gastos administrativos. Dichos flujos incrementales los sumamos con el propósito de calcular el valor presente neto que resulta de la siguiente formula:

VPN = (N1 / (1-i)1) + (N2 / (1-i)2)………….. + (Nt / (1-i)t)
Donde: VPN = Valor Presente Neto
N =

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