Evaluación económica-financiera de servicios aeroportuarios en el aeropuerto internacional “Abel Santamaría Cuadrado”.
Fecha
2019-06-25
Autores
Vázquez del Sol, Isabel
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Editor
Universidad Central "Marta Abreu" de las Villas. Facultad de Ciencias Económicas. Departamento de Contabilidad y Finanzas
Resumen
En momentos en que Cuba se consolida como un destino turístico a partir de su
crecimiento acelerado en cuanto al arribo de visitantes, constituye una alternativa
viable evaluar la factibilidad económico-financiera de la ampliación del Aeropuerto
Internacional “Abel Santamaría Cuadrado”. Con el fin de lograr el cumplimiento de los
parámetros estándares de facilitación tanto de pasajeros como de operaciones en la
entidad, la dirección de inversiones de ECASA ha previsto un Plan Maestro de
Desarrollo hasta el 2035, subdivido en tres etapas de 5 años cada una, donde se
definen dos alternativas de análisis: la ampliación de la zona aeronáutica (AZA) y el
montaje de la nueva terminal (MNT). En el análisis económico financiero se
proyectan escenarios posibles a partir del análisis valor en riesgo y se evalúa su
viabilidad con herramientas como: valor actual neto (VAN), período de retorno de la
inversión, tasa interna de retorno y la rentabilidad del VAN. La aplicación de estas
herramientas decisionales demostró la factibilidad de acometimiento tanto de la AZA
como del MNT. En ambos casos se incorpora riqueza absoluta a la terminal y
constituye la AZA la alternativa más rentable. De igual forma ambas alternativas se
recuperan antes del término de la vida útil y el retorno de la inversión en valores
porcentuales supera el costo de la financiación. Información que es de gran utilidad
para tomar una buena decisión que aumente las probabilidades de éxito del
proyecto.
At a time when Cuba is consolidating as a tourist destination from its accelerated growth in terms of the arrival of visitors, it is a viable alternative to evaluate the economic-financial feasibility of the expansion of the International Airport "Abel Santamaría Cuadrado". In order to achieve compliance with the standard parameters of facilitation of both passengers and operations on the entity, the investment management of ECASA has planned a Master Development Plan until 2035, subdivided into three stages of 5 years each, where two analytical alternatives are defined: the expansion of the aeronautical zone (AZA) and the assembly of the new terminal (MNT). In the economic and financial analysis, possible scenarios are projected based on the value-at-risk analysis and their viability is evaluated with tools such as: net present value (NPV), return period of the investment, internal rate of return and the NPV profitability. The application of these decision tools demonstrated the feasibility of both the AZA and the MNT. In both cases, absolute wealth is incorporated into the terminal and the AZA is the most profitable alternative. Likewise, both alternatives are recovered before the end of the useful life and the return on investment in percentage values exceeds the cost of financing. Information that is very useful to make a good decision that increases the chances of success of the project.
At a time when Cuba is consolidating as a tourist destination from its accelerated growth in terms of the arrival of visitors, it is a viable alternative to evaluate the economic-financial feasibility of the expansion of the International Airport "Abel Santamaría Cuadrado". In order to achieve compliance with the standard parameters of facilitation of both passengers and operations on the entity, the investment management of ECASA has planned a Master Development Plan until 2035, subdivided into three stages of 5 years each, where two analytical alternatives are defined: the expansion of the aeronautical zone (AZA) and the assembly of the new terminal (MNT). In the economic and financial analysis, possible scenarios are projected based on the value-at-risk analysis and their viability is evaluated with tools such as: net present value (NPV), return period of the investment, internal rate of return and the NPV profitability. The application of these decision tools demonstrated the feasibility of both the AZA and the MNT. In both cases, absolute wealth is incorporated into the terminal and the AZA is the most profitable alternative. Likewise, both alternatives are recovered before the end of the useful life and the return on investment in percentage values exceeds the cost of financing. Information that is very useful to make a good decision that increases the chances of success of the project.
Descripción
Palabras clave
Análisis Económico Financiero, Turismo, Servicios Aeroportuarios