Plan financiero empresarial : caso Supermercados Peruanos S.A.
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2017-02-28
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Pontificia Universidad Católica del Perú
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El presente plan financiero analiza cualitativa y cuantitativamente el contexto en que
Supermercados Peruanos S.A. desarrolla sus actividades comerciales, con la finalidad de
evaluar el desempeño de su gestión financiera y plantear propuestas de reestructuración que le
permitan agregar valor. Para tal efecto se examinó la situación actual de la empresa, su
importancia dentro el sector retail peruano y su participación en el subsector supermercados,
además se compararon indicadores de sus principales competidores y se proyectaron
resultados financieros basados en sus objetivos y metas planteadas, sin dejar de considerar la
influencia sistemática del propio sector y el desempeño económico del Perú.
La valorización de la empresa se realizó bajo la metodología del Flujo de Caja Libre
Descontado para los siguientes 10 años (periodo entre los 2016 al 2025), según lo que se
obtuvo un valor empresa de S/645.9 millones, al cual se restó la deuda financiera y se obtuvo
un valor patrimonial negativo del orden de los S/17.1 millones, consecuencia de la fuerte
inversión en bienes de capital para la apertura de nuevas tiendas, las cuales no generan los
flujos suficientes debido al bajo nivel de ingresos por metro cuadrado de espacio disponible
para venta. Adicionalmente se calculó el valor actual neto patrimonial según estructura de
pagos propuesta estimado en S/331.7 millones.
Las iniciativas de reestructuración planteadas para que la empresa incremente su valor
fueron las siguientes: (a) reducir la inversión propia en infraestructura de tiendas, (b)
implementar medidas relacionadas al incremento de la productividad y mejora de eficiencia
operativa, y (c) mejorar la negociación de precios con los proveedores para reducir el costo de
ventas; asimismo definir una nueva política de reparto de dividendos. Con estas propuestas se
estimó un valor patrimonial para Supermercados Peruanos S.A. de S/4,322.5 millones
This financial plan analyzes in a qualitative and quantitative manner the context on which Supermercados Peruanos S.A. carries out its commercial activities in order to evaluate its financial management performance and provide restructuring proposals that may add value to it. Therefore, the current situation of the company, its importance in the Peruvian retail area and its participation in the supermarket subarea were evaluated, indexes from their main competitors were compared, financial results based on objectives and planned goals were projected considering the systematic influence of the area as well as the economic development of Peru. The company was valued for the next ten years (2016 to 2015 period) using the discounted cash flow methodology; a company value of S/645.9 million was obtained. Then, the financial debt was taken from the aforementioned amount and a negative equity of S/17.1 million was attained as consequence of the strong investment in capital assets to open new stores which do not generate sufficient flow due to the low income per square meter available for sale. The net value of the shareholders was also calculated at S/331.7 million. The proposals for restructuration provided for the company to increase its value are as follows: (a) reduce the company’s investment on store infrastructure, (b) implement measurements to increase productivity and improve operational efficiency and (c) improve price negotiation with suppliers to reduce sale expenses. Using these measurements, an equity value of S/4,322.5 million for Supermercados Peruanos S.A. was estimated
This financial plan analyzes in a qualitative and quantitative manner the context on which Supermercados Peruanos S.A. carries out its commercial activities in order to evaluate its financial management performance and provide restructuring proposals that may add value to it. Therefore, the current situation of the company, its importance in the Peruvian retail area and its participation in the supermarket subarea were evaluated, indexes from their main competitors were compared, financial results based on objectives and planned goals were projected considering the systematic influence of the area as well as the economic development of Peru. The company was valued for the next ten years (2016 to 2015 period) using the discounted cash flow methodology; a company value of S/645.9 million was obtained. Then, the financial debt was taken from the aforementioned amount and a negative equity of S/17.1 million was attained as consequence of the strong investment in capital assets to open new stores which do not generate sufficient flow due to the low income per square meter available for sale. The net value of the shareholders was also calculated at S/331.7 million. The proposals for restructuration provided for the company to increase its value are as follows: (a) reduce the company’s investment on store infrastructure, (b) implement measurements to increase productivity and improve operational efficiency and (c) improve price negotiation with suppliers to reduce sale expenses. Using these measurements, an equity value of S/4,322.5 million for Supermercados Peruanos S.A. was estimated
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Empresas -- Finanzas, Supermercados -- Perú
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