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Dell”S Working Capital

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Finanzas I; Caso 2: Dell”s Working Capital
1. ¿De qué manera la política de capital de trabajo fue una ventaja competitiva para Dell?
En primer lugar, la política de capital de trabajo que implementó Dell le permitió tener menos niveles de inventario, y por ende, menos capital de trabajo inmovilizado. Estos bajos niveles de inventario que presentaba Dell se debían a que en esta compañía se vende cuándo y cómo los clientes quieren (sistema pre-venta). No así su competencia, como vemos a continuación con un ejemplo, Cantidad de días inventario trimestral 2005: Compañía | Dell | Compaq | Apple | Año 2005 (tomado como ejemplo) | 32 | 73 | 54 |

Consideramos estos datos y luego multiplicamos estos números por el costo de venta “diario” en 1995 (costo de venta del 2005/360). Si se hace un análisis comparativo de Dell con sus competidores vemos el costo adicional diario que deben afrontar los competidores a diferencia de Dell: Costos diarios adicionales de Compaq v/s Dell: (73-32) x 7,602= $311,713 millones.Costos diarios adicionales de Apple v/s Dell: (54-32) x 7,602= $167,261 millones. |

Estos costos pueden provenir del costo directo de los insumos, como también costos de almacenamiento, seguros por daños o robos, etc.
Otra ventaja que presenta esta política de capital de trabajo es que se reducen los riesgos de quedar con tecnologías obsoletas, esto porque puede poner productos en venta con gran rapidez, pues no posee un stock de productos muy grande que deba vender antes de poner en el mercado las nuevas tecnologías. Todo esto debido al proceso de fabricación “just in time”. La adopción de nuevas tecnologías puede traducirse en reducción de costos significativas en la producción de computadores.
Por último, el sistema permite tener un ciclo de conversión de efectivo mucho menor que la competencia, pues no debe desperdiciar tiempo en busca de clientes. De esta forma, el tiempo de venta se reduce a cero, por otra parte el tiempo que permanecen los productos en inventario también es relativamente menor a la competencia. Así, se puede afirmar que el ciclo de caja es más bajo, lo que genera mayor liquidez.

2.¿Cómo financio Dell su crecimiento de 52% en 1996?
Para contestar a la pregunta debemos ver la necesidad de deuda. Para esto, hacemos el balance de 1995 como porcentaje de ventas: Activos | % Ventas | Efectivo | 0,015 | Inversiones a CP | 0,136 | Cuentas por cobrar | 0,154 | Inventarios | 0,084 | Otros | 0,044 | Total Activos Circulantes | 0,423 | Propiedades y equipos | 0,033 | OtrosTotal activos | 0,0020,458 | Pasivos | % Ventas | Cuentas por pagar | 0,116 | Diferidos y otros pasivos | 0,100 | Total Pasivos CirculantesOtros PasivosTotal Pasivos | 0,2160,0220,138 |

Supuestos: Los activos crecerán en un 52% respecto al año anterior y por otra parte, las deudas crecerán proporcionalmente a los activos.
Con los datos del balance medido como porcentaje de ventas del 1996 podemos ver cuál será la inversión necesaria para obtener el crecimiento que se menciona. Se calcula de la siguiente forma:
En primer lugar, vemos el aumento de las necesidades en los activos operacionales (vemos que los equipos, dado el rubro de la empresa, son considerados operacionales). Así, este aumenta en un 32% aproximadamente. Luego, este aumento, se multiplica por el aumento en ventas marginales: (46%-14%) x ($5.296-$3.475) obteniéndose las necesidades de financiamiento de $582 millones para 1996.
El siguiente paso es ver si las fuentes de fondos cubren estas necesidades de financiamiento antes mencionadas. El aumento de las utilidades es de $227 millones ($5.296*0,043), por otra parte, tenemos las inversiones a corto plazo que son de $484 millones (estos representarían fondos medianamente liquidables), por otra parte, también tenemos fondos disponibles por la deuda contraída tiempo atrás.
Podemos ver fácilmente que los fondos van a superar a los $582 millones requeridos, por lo que Dell no va a necesitar deuda externa para financiar sus operaciones, pues dada su posición y estructura financiera, puede financiarse con capital propio.

3. Asumiendo que las ventas de Dell se incrementarán en 50% para 1997, ¿cómo debe financiar este crecimiento? ¿Cómo se podrían reducir las necesidades de capital de trabajo y/o incrementar la rentabilidad?

Para responder esta pregunta, primero debemos saber cuánto financiamiento requerirá la empresa si crecen en un 50% sus ventas en el año 1997. Para lo cual vamos a usar el método de porcentaje de ventas para ver cuánto financiamiento sería necesario.
Año 1996 Activo | % Ventas 1996 | Caja | 1,03% | Inversiones CP | 11,2% | Existencias | 8,1% | CxC | 13,71% | Otros | 3% | Pasivos | % Ventas 1996 | CxP | 8,8% | Pasivos Acumulados y otros | 8,93% |

FER: (0,3704-0,1773) x 0,5 x 5296 – 5296 x 1,5 x 0,051 = 106,1848 mm
Suponemos para este ejercicio: * No se hacen nuevas compras de activos fijos durante el periodo. * No se entregaron dividendos durante el periodo.

Es así como encontramos que la empresa no puede financiarse solo de con los recursos que genera durante el periodo, por lo que debe recurrir a financiamiento externo o hacer ajustes en la forma en que opera para crecer un 50% en el siguiente año. Este financiamiento debe ser de 106,1848 mm.
Existen dos formas de financiamiento: Externo o Interno. En el primero, la empresa tendría que endeudarse en esa suma, con bancos o proveedores o pedir más dinero a sus accionistas. Por otra parte, para valerse solo de financiamiento interno, debe reinvertir las utilidades generadas en el periodo anterior para poder sustentar el crecimiento de un 50% para el año 1997, además de realizar ajustes.
Para poder financiarse solo de forma interna, utilizamos la fórmula del FER:
5296 x 1,5 x Margen = 0,1931 x 0,5 x 5296
Margen = 6,44%
Por lo que el margen de utilidades netas debe crecer en un 26,2% para lograr el objetivo planteado. Es posible conseguir este objetivo aumentando los precios, lo que llevaría a que el margen fuera mayor.
Por otra parte para lograr el financiamiento de este aumento de ventas internamente, es posible realizar ajustes en el capital de trabajo. Para esto aplicamos el mismo método que antes:

5296 x 1,5 x 0,051 = KT x 0,5 x 5296
KT = 15,3%
Es decir, el capital de trabajo se debe reducir en un 20,76%, hasta llegar a que estos varíen en torno a las ventas en un 15,3%.
Para lograr este objetivo, la empresa puede conseguirlo a través de menores saldos en cuentas por cobrar o en inversiones de corto plazo, realizando una poda rentable.

4. ¿Cómo respondería la pregunta 3 si DELL recompra $500 millones en acciones comunes en 1997 y prepagara su deuda a largo plazo?
Ahora, la empresa no solo debe encontrar la forma de costear los nuevos recursos que se derivan de un aumento en sus ventas, si no que deben hacer nuevos usos de fondos debido a que recompraran acciones por un monto de 500 mm y además cancelaran su deuda de largo plazo por un monto de 113mm.
Es así como ambos montos, sumados a los ya mencionados con anterioridad en la pregunta 3, nos da que la empresa necesita fondos por:

106,1848 mm + 500mm + 113mm = 719,1848

De los cuales 613mm corresponden a aumentos usos de fondos no espontáneos.

De esta forma, tenemos las mismas alternativas que en la pregunta anterior.
Podemos financiarnos externamente a través de instituciones bancarias, accionistas o proveedores en el monto requerido.
Por otra parte podemos ver que esto puede financiarse realizando cambios en algunos factores de la ecuación que usamos para obtener la FER.

En primer lugar debemos ver que debería pasar con el margen para que esto fuera posible:

5296 x 1,5 x Margen = 0,1931 x 0,5 x 5296 + 113 + 500
Margen Requerido: 14,15%
Esto significa que el margen debe crecer un 177% para lograr que a través de este se financie todo el aumento en ventas.

Por otra parte si queremos los mismos resultados, pero evaluando lo que sería necesario que sucediera en el capital de trabajo:

5296 x 1,5 x 0,051 = KT x 0,5 x 5296 + 113 + 500
KT = -7,85%
Es así como la disminución del capital de trabajo debe ser de un 140% para que a través de este ítem no sea necesario el financiamiento externo.

Por lo tanto nos damos cuenta que estos números distan mucho de lo que una empresa podría realizar en la realidad, por lo que creemos que no es posible realizar estos cambios fácilmente para lograr el objetivo planteado y deberíamos hacer una combinación entre ambos, además de pedir financiamiento externo.…...

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