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Modelo De Gestión Financiera Y De Administración De Universidad de Costa Rica Sistema de Estudios de Posgrado ELABORACIÓN DE UN MODELO DE GESTIÓN FINANCIERA Y DE ADMINISTRACIÓN DE COBERTURAS DE TIPO DE CAMBIO PARA LA TOMA DE DECISIONES PARA LOS SECTORES DE ENERGÍA E INFRAESTRUCTURA Y CUIDADES DE SIEMENS, S.A. Trabajo Final de Graduación aceptado por la Comisión del Programa de Posgrado en Administración y Dirección de Empresas, de la Universidad de Costa Rica, como requisito parcial para optar por el grado de Magíster en Administración y Dirección de Empresas con énfasis en Finanzas. PAOLA CALDERÓN ESPINOZA Carné A30987 Ciudad Universitaria Rodrigo Facio, Costa Rica 2014 DEDICATORIA Y AGRADECIMIENTOS “A Dios, por su gran amor y misericordia, sin Él nada sería posible. A mi esposo por su gran apoyo y ser un pilar y motor en mi vida. A mis padres por su amor, educación y constante motivación. A mis hermanos por su gran apoyo y amor.” Paola ii Este trabajo final de graduación fue aceptado por la Comisión del Programa de Estudios de Posgrado en Administración y Dirección de Empresas, de la Universidad de Costa Rica, como requisito parcial para optar por el grado y título de Maestría Profesional en Administración y Dirección de Empresas con énfasis en Finanzas. __________________________ _____________________________ Dr. Aníbal Barquero Chacón M.B.A. Carlos Sandoval Director de Programa de Posgrado Profesor Tutor __________________________ ______________________________ M.B.A. Jorge Arrea M.B.A. Ricardo Hernández Larios Profesor Guía Supervisor Laboral _________________________ Cindy Paola Calderón Espinoza Estudiante iii CONTENIDO ELABORACIÓN DE UN MODELO DE GESTIÓN FINANCIERA Y DE ADMINISTRACIÓN DE COBERTURAS DE TIPO DE CAMBIO PARA LA TOMA DE DECISIONES PARA LOS SECTORES DE ENERGÍA E INFRAESTRUCTURA Y CIUDADES DE SIEMENS, S.A. DEDICATORIA Y AGRADECIMIENTOS ................................................................................ii ÍNDICE DE DIAGRAMAS ..................................................................................................... vi ÍNDICE DE FIGURAS .......................................................................................................... vii ÍNDICE DE SIGLAS Y ABREVIATURAS .............................................................................. ix RESUMEN .......................................................................................................................... 10 JUSTIFICACIÓN ................................................................................................................. 10 PROBLEMA ........................................................................................................................ 12 OBJETIVO GENERAL ........................................................................................................ 12 OBJETIVOS ESPECÍFICOS ............................................................................................... 12 ALCANCE ........................................................................................................................... 12 LIMITACIONES ................................................................................................................... 13 CAPITULO I: MARCO TEÓRICO ........................................................................................ 14 1.1 Las finanzas.......................................................................................................... 14 1.2 La gestión financiera ............................................................................................. 14 1.3 Estados financieros ............................................................................................... 16 1.4 Análisis financiero ................................................................................................. 18 1.5 Métodos de análisis financiero .............................................................................. 19 1.6 Derivados financieros ........................................................................................... 24 CAPÍTULO II: LA COMPAÑÍA ............................................................................................. 27 2.1 Aspectos generales .............................................................................................. 27 2.2 Reseña Histórica .................................................................................................. 27 2.3 Generalidades de la empresa ............................................................................... 31 2.4 Sectores que conforman Siemens, S.A. ................................................................ 39 2.5 Estructura organizacional de Siemens, S.A. ......................................................... 43 CAPÍTULO III: ESTRUCTURA Y OPERACIONES FINANCIERAS DE LOS SECTORES DE ENERGÍA E INFRAESTRUCTURA Y CIUDADES DE SIEMENS, S.A. ............................... 47 3.1 Estados financieros ............................................................................................... 47 3.2 Control de proyectos ............................................................................................. 60 3.3 Reporteo de estados financieros ........................................................................... 62 iv 3.4 Política y manejo de coberturas de tipo de cambio ............................................... 62 3.5 Análisis FODA ...................................................................................................... 68 CAPÍTULO IV: MODELO DE GESTIÓN FINANCIERA Y DE ADMINISTRACIÓN DE COBERTURAS DE TIPO DE CAMBIO PARA LA TOMA DE DECISIONES DE LOS SECTORES DE ENERGÍA E INFRAESTRUCTURA Y CIUDADES DE SIEMENS, S.A. .... 71 4.1 Aspectos generales .............................................................................................. 71 4.2 Herramienta de gestión financiera ........................................................................ 72 4.3 Herramienta de administración de coberturas de tipo de cambio .......................... 94 CAPÍTULO V: CONCLUSIONES Y RECOMENDACIONES ................................................ 99 5.1 Conclusiones ...................................................................................................... 100 5.2 Recomendaciones .............................................................................................. 101 BIBLIOGRAFÍA ................................................................................................................. 102 ANEXO METODOLÓGICO ............................................................................................... 104 v ÍNDICE DE DIAGRAMAS Diagrama 1 Estructura Organizacional General de Siemens Costa Rica ............................ 43 Diagrama 2 Estructura Organizacional de los Sectores de Siemens Costa Rica ................. 43 Diagrama 3 Estructura Organizacional Sector Energía de Siemens Costa Rica ................. 44 Diagrama 4 Estructura Organizacional Sector Infraestructura y Ciudades de Siemens Costa Rica .................................................................................................................................... 45 vi ÍNDICE DE FIGURAS Figura 1 Forwards según Política de Coberturas de Tipo de Cambio ................................. 63 Figura 2 Posición neta de moneda extranjera según Política de Coberturas de Siemens Costa Rica .......................................................................................................................... 64 Figura 3 Archivo de coberturas cambiarias-Sección A: Posiciones de balance ................... 65 Figura 4 Archivo de coberturas cambiarias-Sección B: Flujos de efectivo con obligación contractual .......................................................................................................................... 66 Figura 5 Archivo de coberturas cambiarias-Sección C: Flujos de efectivo sin obligación contractual .......................................................................................................................... 66 Figura 6 Archivo de coberturas cambiarias-Sección D: Posición de divisas y Sección E: Posición monetaria neta ...................................................................................................... 67 Figura 7 Archivo de coberturas cambiarias-Resumen ......................................................... 68 Figura 8 Herramienta de gestión-Ingresos .......................................................................... 73 Figura 9 Herramienta de gestión-Estado de pérdidas y ganancias...................................... 74 Figura 10 Herramienta de gestión-Gastos de capital .......................................................... 75 Figura 11 Herramienta de gestión-Patrimonio ..................................................................... 76 Figura 12 Herramienta de gestión-Pasivo de largo plazo .................................................... 76 Figura 13 Herramienta de gestión-Pasivo de corto plazo .................................................... 77 Figura 14 Herramienta de gestión-Activos fijos ................................................................... 77 Figura 15 Herramienta de gestión-Activos circulantes ......................................................... 78 Figura 16 Herramienta de gestión-Deuda ........................................................................... 78 Figura 17 Herramienta de gestión-Inversiones .................................................................... 79 Figura 18 Herramienta de gestión-Patrimonio ....................................................................
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