Thesis OPORTUNIDAD DE NEGOCIO PARA LA CREACION DE UNA EMPRESA DE SERVICIOS AEREOS EN LA REGION DE TARAPACA.
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Date
2009-11
Journal Title
Journal ISSN
Volume Title
Program
INGENIERÍA EN AVIACIÓN COMERCIAL
Campus
Campus Vitacura, Santiago
Abstract
El objetivo de este trabajo de titulo es evaluar la factibilidad técnico-económica de la creación de una empresa de servicios aéreos en apoyo a las actividades económicas en la región de Tarapacá. Esta idea nace al identificar la gran cantidad de ejecutivos que se desplazan día a día desde Iquique hasta las compañías mineras ubicadas en el interior de la región. Chile es un país de tradición minera, actualmente dicha actividad representa un 7,8% del PIB nacional. Mientras que en la región de Tarapacá este monto aumenta a un 35,8%. Dicha actividad se encuentra divida principalmente en 20 faenas. Lo que se traduce en que diariamente alrededor de 62 altos ejecutivos se trasladan desde la ciudad de Iquique hasta las explotaciones, ubicadas en el interior de la región. De esta manera el proyecto pretende transportar diariamente a 24 ejecutivos entre la ciudad de Iquique y la localidad de Pozo Almonte, lo que equivale a un 38% de la demanda estimada para ese mercado. Además se ofrecerá un segundo servicio que iré en directo apoyo a toda la industria, éste servicio consiste en realizar evacuaciones aeromedicas de urgencia por posibles accidentes. Este servicio contempla la venta de la disposición de una aeronave las 24 horas del día mas las horas efectivamente voladas en caso de requerir el servicio. Con este servicio se pretende abarcar durante el primer un 40% de las empresas que operan en este mercado. Para ello el proyecto contará con tres helicópteros Eurocopter EC130 B4, equipados con un interior para transporte ejecutivo, los cuales serán nuevos y su compra será por un monto total de USD 8.100.290,31. Además se contempla la construcción de dos bases una en Iquique y otra en Pozo Almonte, ambas por un monto total de USD 1.066.619,09. Los costos operacionales del proyecto ascienden a un monto de USD 1.027.440 anuales. El valor de la hora de vuelo se comercializará a un valor de USD 2.000 y se pretenden volar 480 hrs. al año, además se proyecta vender el servicio de evacuación aérea mediante un seguro que tendrá tres valores USD 5.000, USD 7.500 y USD 10.000 dependiendo del tamaño de la compañía, con lo cual se pretende recaudar un monto de USD 870.000, y a causa de los accidentes se estima volar 40 hrs. anuales, lo que entrega un valor anual por ingresos de USD 1.910.000. El proyecto se analiza bajo tres instancias de financiamiento, la primera instancia corresponde al proyecto puro es decir que está netamente financiado por los accionistas, con un 60% de financiamiento externo y con el 100% de financiamiento aportado por la banca. Para ello se asumió una tasa de descuento de un 12% y se obtuvo una tasa crediticia de 5,8% anual.
Para el primer análisis, es decir, el proyecto puro se obtuvieron los siguientes indicadores de inversión, un VAN negativo de - USD 232.785, una TIR de un 12%, el Payback arrojo el periodo 7 y el Payback actualizado entregó que para un plazo de 10 años no se recupera la inversión, lo cual se interpreta de forma que el proyecto no es viable. Para el segundo escenario con el proyecto financiado en un 60% por un crédito bancario, se obtienen los siguientes indicadores, un VAN positivo de USD 1.197.640, una TIR de un 16%, el Payback arrojo el periodo 7 y el Payback actualizado da que en el periodo 9 se recupera la inversión, lo cual significa que el proyecto es viable económicamente, pero existe un riesgo asociado dado lo alto de los periodos de recuperación. Por último para el tercer caso se considera un 100% de financiamiento externo, obteniéndose como resultado los siguientes indicadores, un VAN positivo y mucho mayor que el anterior alcanzando un valor de USD 2.147.904, una TIR de un 34%, el Payback arrojo el periodo 6 y el Payback actualizado entrega que en el periodo 7 se recupera la inversión, lo cual se interpreta como que esta es la mejor y mas viable alternativa de las tres analizadas ya que posee el VAN positivo más alto, la tasa interna de retorno más alta, y los periodos de recuperación más bajos. Con todo lo dicho anteriormente se puede decir que la alternativa de inversión es viable bajo ciertas condiciones de financiamiento, además que desde el punto de vista técnico económico es perfectamente viable la instalación de una empresa de servicios de este tipo, salvo que las expectativas de inversión son un poco arriesgadas debido al alto valor a invertir en activos y lo lento en recuperar la inversión. Según lo visto en las sensibilizaciones es recomendable ejecutar el proyecto a una empresa que ya cuente con el material de vuelo, ya que el valor del proyecto aumenta considerablemente al disminuir la inversión inicial.
The aim of this degree final project is to assess the technical economic feasibility of the establishment of an aerial services company, to support the economic activities in the Tarapacá region. This idea arises from the identification of the huge amount of executives who go everyday from Iquique to the mining companies, which are located on the interior of the region. Chile is a mining tradition country. Currently, this activity represents 7.8 % from the national GDP, whereas in Tarapacá region this amount rises to 35.8%. Mining activity is mainly divided in 20 workplaces. It means that everyday around 62 high-ranking executives move from Iquique city to the exploitations, located on the interior of the region. Then, the project seeks to transport 24 executives daily between Iquique city and Pozo Almonte locality, which is equivalent to 38% of the market. Moreover, it will be offered an alternative service to support the whole industry. This involves the carrying out of emergency aerial evacuations in case of possible accidents. This service includes the sale of an aircraft that will be available 24 hours per day, plus the flight hours in case the service is used. Through this service is expected to cover 40% of the companies in the market in its first year. Regarding the accomplishment of what is presented above, the project will have three Eurocopter helicopters EC130 B4 that will be equipped to executive transport. These will be new and will be bought on a total amount of money of USD 8,100,290.3. Besides, it is considered the building of two bases, one of them on Iquique and the other one on Pozo Almonte. Both bases sum up USD 1,066,619.09. The operational costs of the project amount to USD 1, 027,440 per year. The cost of the flight hour amounts to USD 2,000; it is pretended to fly 480 hours per year. Besides, it is planned to sell the aerial evacuation service by means of an insurance that will have three values: USD 5,000, USD 7,500 and USD 10,000, depending on the size company. Through this, it is pretended to earn an amount of USD 870,000. Due to the accidents, it is estimated to fly 40 hours per year that will have USD 1,910,000 income from it. The project is analysed under three financial sources. The first one has to do with the project itself; that is to say, it is completely financed by the shareholders. It is 60% externally financed and 100% banking financed. For this, it was assumed a discount rate of 12% and a credit rate of 5.8%. Moreover, in the analysis of this financial source it was obtained the following investment indicators: a negative NPV of –USD 232,785; a IRR of 12%. The payback showed the period 7 and the updated Payback showed that the investment would not be recovered for a ten-year period; this means that the project is not viable. In the case of the second financial source, it is financed in a 60% by a bank loan and the indicators are the following: a positive NPV of USD 1,197,640; a IRR of 16%; the Payback showed the period 7 and the updated Payback showed that in the period 9 the investement is recovered. This means that the project is financially viable, but there is an associated risk due to the high costs of the recovery period. Finally, in the case of the third financial source, it is considered 100% of external financing which showed as a result the following indicators: a positive NPV and even much greater than the previous one of USD 2,147,904; a IRR of 34%; the Payback showed the period 6 and the updated Payback showed that in the period 7 the investement is recovered. This means that this financial source is the best and the most viable alternative of the three financial sources analysed, since it has the highest positive NPV, the highest Internal Rate of Return, and the lowest recovery periods. Regarding all that has been said above, it can be said that the investment alternative is viable under certain conditions of financing. Moreover, from the technical economic point of view, the installation of this kind of service company is perfectly viable; except that the investement expectations are a little risky. This happens due to the high value in asset investment and the slow investement recovery. According to the iterations seen, it is recommended to carry out the project in a company that already has with flight materials. This is important because the value of the project increases considerably, if the initial investement decreases.
The aim of this degree final project is to assess the technical economic feasibility of the establishment of an aerial services company, to support the economic activities in the Tarapacá region. This idea arises from the identification of the huge amount of executives who go everyday from Iquique to the mining companies, which are located on the interior of the region. Chile is a mining tradition country. Currently, this activity represents 7.8 % from the national GDP, whereas in Tarapacá region this amount rises to 35.8%. Mining activity is mainly divided in 20 workplaces. It means that everyday around 62 high-ranking executives move from Iquique city to the exploitations, located on the interior of the region. Then, the project seeks to transport 24 executives daily between Iquique city and Pozo Almonte locality, which is equivalent to 38% of the market. Moreover, it will be offered an alternative service to support the whole industry. This involves the carrying out of emergency aerial evacuations in case of possible accidents. This service includes the sale of an aircraft that will be available 24 hours per day, plus the flight hours in case the service is used. Through this service is expected to cover 40% of the companies in the market in its first year. Regarding the accomplishment of what is presented above, the project will have three Eurocopter helicopters EC130 B4 that will be equipped to executive transport. These will be new and will be bought on a total amount of money of USD 8,100,290.3. Besides, it is considered the building of two bases, one of them on Iquique and the other one on Pozo Almonte. Both bases sum up USD 1,066,619.09. The operational costs of the project amount to USD 1, 027,440 per year. The cost of the flight hour amounts to USD 2,000; it is pretended to fly 480 hours per year. Besides, it is planned to sell the aerial evacuation service by means of an insurance that will have three values: USD 5,000, USD 7,500 and USD 10,000, depending on the size company. Through this, it is pretended to earn an amount of USD 870,000. Due to the accidents, it is estimated to fly 40 hours per year that will have USD 1,910,000 income from it. The project is analysed under three financial sources. The first one has to do with the project itself; that is to say, it is completely financed by the shareholders. It is 60% externally financed and 100% banking financed. For this, it was assumed a discount rate of 12% and a credit rate of 5.8%. Moreover, in the analysis of this financial source it was obtained the following investment indicators: a negative NPV of –USD 232,785; a IRR of 12%. The payback showed the period 7 and the updated Payback showed that the investment would not be recovered for a ten-year period; this means that the project is not viable. In the case of the second financial source, it is financed in a 60% by a bank loan and the indicators are the following: a positive NPV of USD 1,197,640; a IRR of 16%; the Payback showed the period 7 and the updated Payback showed that in the period 9 the investement is recovered. This means that the project is financially viable, but there is an associated risk due to the high costs of the recovery period. Finally, in the case of the third financial source, it is considered 100% of external financing which showed as a result the following indicators: a positive NPV and even much greater than the previous one of USD 2,147,904; a IRR of 34%; the Payback showed the period 6 and the updated Payback showed that in the period 7 the investement is recovered. This means that this financial source is the best and the most viable alternative of the three financial sources analysed, since it has the highest positive NPV, the highest Internal Rate of Return, and the lowest recovery periods. Regarding all that has been said above, it can be said that the investment alternative is viable under certain conditions of financing. Moreover, from the technical economic point of view, the installation of this kind of service company is perfectly viable; except that the investement expectations are a little risky. This happens due to the high value in asset investment and the slow investement recovery. According to the iterations seen, it is recommended to carry out the project in a company that already has with flight materials. This is important because the value of the project increases considerably, if the initial investement decreases.
Description
Keywords
ESTUDIOS DE FACTIBILIDAD, AERONAUTICA COMERCIAL
