Caso 01:

Estado de Resultados para los años 2016 y 2017

(Miles de Soles) Empresa Curacao 30% 28%
Conceptos 2016 2017
Ventas 40,909 45,000
Costo de ventas 20,909 23,000
Utilidad bruta 20,000 22,000
Gastos Adm y Ventas 11,818 13,000
Depreciación 2,000 3,000
Ingresos operativos (UAII) 6,182 6,000
Gastos en intereses 400 412
Utilidad antes de impuestos (UAI) 5,782 5,588
Impuestos a la renta 1,735 1,565
Utilidad Neta 4,047 4,023

Estado Situación Financiera del 2015 y 2016

(Miles de Soles) Empresa Curacao
Conceptos 2016 2017
Activos:
Efectivo 2,000 1,800
Cuentas por cobrar (netos) 6,000 7,600
Inventario 5,000 5,220
Total Activo Corriente 13,000 14,620
Planta y equipo (bruto) 26,000 31,000
Menos: Depreciación acumulada -10,000 -13,000
Planta y equipo (neto) 16,000 18,000
Terrenos 1,000 1,000
Total Activo Corriente 33,000 37,000
Total Activo Total 46,000 51,620
Pasivos:
Cuentas por pagar 2,000 2,600
Obligaciones por pagar 3,000 3,300
Gastos causados 3,000 3,100
Total Pasivo Corriente 8,000 9,000
Financiamiento de largo plazo 4,000 4,000
Total Pasivo No Corriente 4,000 4,000
Total Pasivo 12,000 13,000
Capital contable de accionistas: (Patrimonio)
Capital social 20,000 20,000
Utilidad del ejercicio 4,047 4,023
Utilidades retenidas 9,953 14,597
Total Patrimonio 34,000 38,620
Total Pasivo + Patrimonio 46,000 51,620
0 0

Determinación del CPPC de la empresa:

Deuda 2016 2017
DEUDA A BANCOS 4,000 4,000
DEUDA A PROVEEDORES 2,000 2,600
TOTAL DUEDA A TERCEROS 6,000 6,600
DEUDA A ACCIONISTAS 34,000 38,620
DEUDA TOTAL 40,000 45,220

2016
Concepto Monto S/. Tasa % % Deuda
Deuda a Banco 4,000 12.50% 66.7%
Deuda a Proveedores 2,000 1.50% 33.3%
6,000 100.0%

2017
Concepto Monto S/. Tasa % % Deuda
Deuda a Banco 4,000 11.60% 60.6%
Deuda a Proveedores 2,600 2.50% 39.4%
6,600

CALCULO DEL CPPC

Conceptos 2016 2017
Ke 17.54% 13.42%
Ki 8.83% 8.02%
R 8.00% 5.00%
Xi = D/(D+C) 15.0% 14.6%
Xe = C/(D+C) 85.0% 85.4%
j 30.00% 30.00%
Ko = CPPC 15.84% 12.28%
TABLA IMPUESTO A LA RENTA
Año % IR
Antes 2015 30%
2015 28%
2016 28%
2017 27%
2018 27%
2019 26%
Mas 2019 26%
16
Ponderado %
8.33% SUPONEMOS QUE LA DEUDA A LOS BANCOS TIENEN TASA 12.5
0.50%
8.83% Ki

17
Ponderado %
7.03%
0.98%
8.02% Ki
Caso 02:
Una empresa tiene S/. 6,000 de recursos propios y una deuda de S/. 4,000 y cuyo Estado de
Resultados se muestra a continuación

Estado de Resultados al 31 Diciembre 2017

S/. Miles
+ Ventas netas 20,000
- Costo de ventas -12,000
= Resultado bruto 8,000
- Gasto de administración y ventas -4,000
= Resultado operativo 4,000
- Depreciación -1,300
= Resultado neto operativo (BAIT) 2,700
- Gastos financieros -720
= Resultado antes de impuestos 1,980
- Impuesto a la Renta 30% -594
= Resultado neto 1,386

Se pide calcular el CPPC sabiendo que la rentabilidad exigida por el accionista es de 15% y el costo
financiero de la deuda es de 18%

Solución:
Datos:
Recursos propios (R.P.) 6,000
Deuda 4,000
Costo del accionista Ke 15%
Costo de la deuda Ki 18%
Impuesto a la renta (J)

Cálculo del WACC = CPPC

CPPC =
Caso 03: Caso Expediciones SAC
Expediciones SAC fabricante de vestidos de matrimonio y maternidad, tiene un costo de capital
contable de 16% y un costo de acciones preferenciales del 14%. Su costo de deuda antes de
impuestos es del 12% y su tasa de impuesto a la renta es del 30%.
Calcular el costo de capital promedio ponderado.

Estado Situación Financiera a 31 de Diciembre del 2017 en soles

Activos Pasivos y capital contable
Caja y bancos 50,000
Cuentas por cobrar 90,000 Deuda a largo plazo 600,000
Inventarios 300,000 Acciones preferenciales 250,000
Planta y equipo neto 810,000 Acciones ordinarias 400,000
Total activos 1,250,000 Total pasivo y patrimonio 1,250,000

Solución

Costo capital contable Ke ord

Costo acciones prefer Ke pr
Costo deuda Ki
Impuesto a la renta J
Xi =
Xe ap =
Xe ao =

CPPC =
 TEXTIL SAN CRISTOBAL S.A.
ESTADO DE SITUACION
AL 31 DE DICIEMBRE DE 2015 Y 2016
(Notas 1, 2, y 3)
(Expresado en soles)

ACTIVO
NOTA 2015
ACTIVO CORRIENTE
Caja y bancos 4 6,279,214
Valores negociables 5 12,843,160
Cuentas por cobrar comerciales, netas 6 20,027,061
Contrato de cobertura anticipada 7 40,152,126
Otras cuentas por cobrar 8 6,455,856
Afiliadas 9 1,529,967
Existencias 10 41,013,008
Gastos pagados por anticipado 11 7,505,166
Total activo corriente 135,805,558

ACTIVO NO CORRIENTE
Gastos pagados por anticipado 3,628,867
Inversiones en valores 12 24,016,831
Inmuebles, maquinaria y equipo, neto 13 193,059,542
Otros activos, neto 14 y 38 9,294,015
Total activo no corriente 229,999,255

TOTAL ACTIVO 365,804,813

PASIVO Y PATRIMONIO NETO

2015
NOTA
PASIVO CORRIENTE
Sobregiros y préstamos bancarios 15 91,747,967
Cuentas por pagar comerciales 16 20,052,557
Tributos por pagar 17 3,784,530
Cuentas por pagar diversas 18 4,522,547
Parte corriente deuda a largo plazo arrendamiento financiero 0
Total pasivo corriente 120,107,601

PASIVO NO CORRIENTE
Cuentas por pagar diversas largo plazo 18 5,823,901
Deudas a largo plazo 20 106,236,594
Deudas a largo plazo por impuestos y contribuciones 21 5,756,469
Deudas a largo plazo por arrendamiento financiero 22 2,070,969
Deudas a largo plazo de proveedores 23 908,715
Ganancias diferidas 24 31,641,563
Total pasivo no corriente 152,438,211

TOTAL PASIVO 272,545,812

PATRIMONIO NETO
Capital 25 78,975,521
Excedente de revaluación voluntaria 26 43,089,784
Reserva legal 27 2,787,690
Resultados acumulados 28 (31,593,994)
Total patrimonio neto 93,259,001

TOTAL PASIVO Y PATRIMONIO NETO 365,804,813

 2016

15,750,795
13,083,019
46,042,747
114,352,737
2,082,227
1,657,148
37,091,268
10,881,021
240,940,962

0
24,012,632
191,368,643
7,746,928
223,128,203

464,069,165

2016

93,284,216
16,597,193
3,020,200
3,120,409
1,233,303
117,255,321

4,682,619
107,193,713
5,340,597
2,073,016
912,527
107,429,030
227,631,502

344,886,823

75,875,089
 25,921,595
1,827,494
15,558,164
119,182,342

464,069,165
 TEXTIL SAN CRISTOBAL S.A.
ESTADO DE RESULTADOS
AL 31 DE DICIEMBRE DE 2,015 Y 2016
(Notas 1, 2, y 3)
(Expresado en soles)

NOTA 2015 2016

VENTAS NETAS 29 148,151,494 183,550,035

INGRESOS OPERACIONALES 30 7,512,624 8,525,169
155,664,118 192,075,204

COSTO DE VENTAS 31 (121,867,597) (126,915,450)

Utilidad Bruta 33,796,521 65,159,754

GASTOS DE OPERACIÓN
Gastos de ventas 32 (8,120,621) (8,062,172)
Gastos de administración 33 (19,206,989) (19,096,053)
(27,327,610) (27,158,225)
Utilidad de Operación 6,468,911 38,001,529

OTROS INGRESOS Y EGRESOS

Ingresos financieros 34 1,920,768 2,878,593
Gastos financieros 35 (25,966,151) (25,684,516)
Otros ingresos, netos 36 212,561 (5,694,892)
Resultado por exposicion a lainflación REI 37 2,424,951 131,069
(21,407,871) (28,369,746)

Utilidad(perdida) antes de impuesto a la renta (14,938,960) 9,631,783

IMPUESTO A LA RENTA 38 1,127,059 0

Utilidad(pérdida) neta del ejercicio (13,811,901) 9,631,783

Determinación del CPPC de Textil San Cristobal
Determinación del CPPC de la empresa:
Conceptos 2015 2016
Deuda a Bancos 93,818,936 96,590,535
Deuda a Proveedores 20,961,272 17,509,720
Deuda a Terceros 114,780,208 114,100,255
Deuda a accionistas 93259001.00 119182342.00
Deuda total 208,039,209.00 233,282,597.00

2015
Concepto Monto S/. Tasa % % Deuda
Deuda a Banco 93,818,936 15.40% 81.7%
Deuda a Proveedores 20,961,272 7.20% 18.3%
114,780,208

2016
Concepto Monto S/. Tasa % % Deuda
Deuda a Banco 96,590,535 16.80% 84.7%
Deuda a Proveedores 17,509,720 8.50% 15.3%
114,100,255

CALCULO DEL CPPC

Conceptos 2015 2016
Ke 25.29% 29.39%
Ki 13.90% 15.53%
R 10.00% 12.00%
Xi = D/(D+C) 0.55 0.49
Xe = C/(D+C) 0.45 0.51
j 30.00% 30.00%
Ko = CPPC 16.71% 20.33%
Ponderado %
12.59%
1.31%
13.90% ki

Ponderado %
14.22%
1.30%
15.53% ki
CASO REAL
ALIMENTOS S.A.C.
ESTADO DE SITUACION
Al 31 de Diciembre del 2017
ACTIVO

ACTIVO CORRIENTE
Efectivo o Equivalente a Efectivo 2,667,000
Activos Financieros 7,683,000
Cuentas por Cobrar Comerciales 315,000
Otras Cuentas por Cobrar 762,000
Existencias 4,029,000
Gastos Pagados por Anticipado 258,000
Total Activo Corriente 15,714,000

Inversiones Financieras 4,000

Inmueble, Maquinaria y Equipo (Neto) 22,314,000
Activos Intangibles (Neto) 843,000

TOTAL ACTIVO 38,875,000

ALIMENTOS S.A.C.

ESTADO DE RESULTADOS
Por el Periodo del 01/01/2017 al 31/12/2017

Ventas Netas 87,918,000.00

Costo de Ventas (32,434,000.00)
Utilidad Bruta 55,484,000.00

Gastos de Ventas (37,734,000.00)

Gastos Administrativos (10,293,000.00)
Otros Ingresos 1,745,000.00
Otros Gastos -
Utilidad Operativa 9,202,000.00

Ingresos Financieros 210,000.00

Gastos Financieros (634,000.00)
Diferencia de Cambio Neta (16,000.00)
Utilidad antes de Participación a los Trabajadores
e impuetos a la renta 8,762,000.00
Participación de los Trabajadores (716,000.00)
Impuesto a la Renta (2,471,000.00)
Utilidad Neta del Año 5,575,000.00
PASIVO Y PATRIMONIO

PASIVO CORRIENTE
Obligaciones Financieras 2,583,000
Cuentas por Pagar Comerciales 6,761,000
Otras Cuentas por Pagar 5,950,000
Total Pasivo Corriente 15,294,000

Obligaciones Financieras 7,472,000

Pasivos Diferidos 2,419,000

Total Pasivos 25,185,000

PATRIMONIO NETO
Capital 8,394,000
Reserva Legal 1,679,000
Resultados Acumulados 5,575,000
Anticipo Dividendos (1,958,000)
Total Patrimonio Neto 13,690,000

TOTAL PASIVO Y PATRIMONIO 38,875,000

 CALCULO DEL COSTO DE PROVEEDORES DE CAPITAL

1.- Instituciones Financieras

Nombre del Acreedor Tasa Interes Importe Financiado %

Arrendamiento Financiero

BBVA Banco Continental 6.25% 3,963,000 39.4%

Banco de Credito del Perú 7.75% 1,552,000 15.4%
Banco HSBC 7.40% 58,000 0.6%
7.13% 5,573,000 55%
Prestamos Bancarios

Scotiabank 4.90% 639,000 6.4%

Banco de Credito del Perú 3.96% 2,269,000 22.6%
Banco Continental 5.37% 1,574,000 15.7%
4.74% 4,482,000 45%

10,055,000 100%
 2.- Principales Proveedores

Tasa Ponderada Costo

N" CODIGO Materiales UM
Contado S/.
1 2311001 Material 1 UND 1.5483
2 2311002 Material 2 UND 1.0840
3 2311003 Material 3 UND 0.6587
4 2311009 Material 4 UND 5.8709
5 2101006 Material 5 UND 1.7250
6 2201001 Material 6 UND 0.5816
7 2101007 Material 7 UND 1.7072
8 2201004 Material 8 UND 5.7692
9 2111003 Material 9 UND 4.8321
10 2101009 Material 10 UND 0.2797
11 2110002 Material 11 UND 0.4615
12 3211014 Material 12 UND 0.4026
13 3211013 Material 13 UND 0.5420
14 3201011 Material 14 UND 0.3257
15 1218001 Material 15 UND 3.1021
Ki 16 2210003 Material 16 KGS 2.8928
17 2210001 Material 17 KGS 4.1317
18 2210004 Material 18 KGS 4.1333
19 2310001 Material 19 KGS 2.9986
20 1103004 Material 20 UND 0.0834
21 1104001 Material 21 LTS 2.8043
22 1204001 Material 22 KGS 8.5663
23 2303006 Material 23 UND 0.3214
24 2303004 Material 24 UND 0.3721
25 2303003 Material 25 UND 0.4750
26 1113019 Material 26 CAJA 2.5898
27 1113014 Material 27 CAJA 126.0546
28 1113007 Material 28 CAJA 257.7778
29 1113008 Material 29 CAJA 131.2147
30 1113009 Material 30 CAJA 254.1149
31 1113002 Material 31 CAJA 135.5838
32 1113004 Material 32 BOTELLAS 0.8305
33 1113005 Material 33 BOTELLAS 0.7260
34 1113018 Material 34 BOTELLAS 2.2327
35 1113001 Material 35 BOTELLAS 1.9841
36 1113006 Material 36 BOTELLAS 0.6963
37 1113011 Material 37 BOTELLAS 0.7021
38 1113012 Material 38 BOTELLAS 2.2253
39 1113022 Material 39 BOTELLAS 0.8164
40 1113023 Material 40 BOTELLAS 0.8959
41 1113024 Material 41 BOTELLAS 0.8165
42 1113024 Material 42 BOTELLAS 0.8163
43 1113015 Material 43 BOTELLAS 0.3753
44 1113013 Material 44 BOTELLAS 0.3776
Costo Credito Diferencia Interes de
S/. Financiada Credito
1.6257 0.0774 5.00%
1.1382 0.0542 5.00%
0.6916 0.0329 5.00%
6.1644 0.2935 5.00%
1.794 0.0690 4.00%
0.6049 0.0233 4.00%
1.7755 0.0683 4.00%
6 0.2308 4.00%
5.0254 0.1933 4.00%
0.2909 0.0112 4.00%
0.48 0.0185 4.00%
0.4187 0.0161 4.00%
0.5637 0.0217 4.00%
0.3387 0.0130 4.00%
3.2262 0.1241 4.00%
3.0085 0.1157 4.00%
4.297 0.1653 4.00%
4.2986 0.1653 4.00%
3.1185 0.1199 4.00%
0.0867 0.0033 4.00%
2.9165 0.1122 4.00%
8.9089 0.3427 4.00%
0.3375 0.0161 5.00%
0.3907 0.0186 5.00%
0.4988 0.0238 5.00%
2.7504 0.1606 6.20%
133.87 7.8154 6.20%
273.76 15.9822 6.20%
139.35 8.1353 6.20%
269.87 15.7551 6.20%
143.99 8.4062 6.20%
0.8895 0.0590 7.10%
0.7775 0.0515 7.10%
2.3912 0.1585 7.10%
2.125 0.1409 7.10%
0.7457 0.0494 7.10%
0.7519 0.0498 7.10%
2.3833 0.1580 7.10%
0.8817 0.0653 8.00%
0.9676 0.0717 8.00%
0.8818 0.0653 8.00%
 0.8816 0.0653 8.00%
0.3978 0.0225 6.00%
0.4003 0.0227 6.00%

Tasa Interes Promedio 5.41%

Ki
Determinación del CPPC de Alimentos S.A.C.

Tasa de
Capital Participación en el
Proveedores de Capital rentabilidad
Invertido Financiamiento
Requerida
Proveedor
Banco
Total

Determinación del CPPC de la empresa:

Conceptos 2017
Pasivo Total (D)
Patrimonio ( C )
Total
D/C

Ke Ke = (1 + Ki) (1 + R ) – 1
Ki
R
Xi = D/(D+C) Ko= CPPC= [D/(D+C)]*Ki(1-j)+[C/(D+C)]*Ke
Xe = C/(D+C)
j
Ko = CPPC Ko=CPPC=Xi*Ki(1-j)+Xe*Ke

Determinación del EVA de Alimentos S.A.C.

Conceptos 2016
CPPC
NOPAT
PATRIMONIO TOTAL
COSTO CAPITAL
EVA
UTILIDAD CONTABLE
 Costo
Ponderado

Ki

Ki) (1 + R ) – 1

= [D/(D+C)]*Ki(1-j)+[C/(D+C)]*Ke

=Xi*Ki(1-j)+Xe*Ke
Cost of Capital by Sector
SECTORES CON EMPRESAS QUE COTIZA
Data Used: Value Line database, of 5891 firms

Date of Analysis: Data used is as of January 2012

Industry Name Number of FiBeta Cost of Equity
Advertising 31 2.02 14.09%
Aerospace/Defense 64 1.10 8.49%
Air Transport 36 1.21 9.21%
Apparel 57 1.30 9.71%
Auto Parts 51 1.70 12.13%
Automotive 12 1.59 11.47%
Bank 426 0.77 6.52%
Bank (Midwest) 45 0.93 7.50%
Beverage 34 0.88 7.20%
Biotechnology 158 1.03 8.09%
Building Materials 45 1.50 10.96%
Cable TV 21 1.37 10.15%
Chemical (Basic) 16 1.36 10.08%
Chemical (Diversified) 31 1.51 11.02%
Chemical (Specialty) 70 1.28 9.57%
Coal 20 1.53 11.08%
Computer Software 184 1.04 8.17%
Computers/Peripherals 87 1.30 9.71%
Diversified Co. 107 1.14 8.76%
Drug 279 1.12 8.63%
E-Commerce 57 1.03 8.08%
Educational Services 34 0.83 6.91%
Electric Util. (Central) 21 0.75 6.41%
Electric Utility (East) 21 0.70 6.08%
Electric Utility (West) 14 0.75 6.40%
Electrical Equipment 68 1.33 9.89%
Electronics 139 1.07 8.31%
Engineering & Const 25 1.22 9.26%
Entertainment 77 1.63 11.72%
Entertainment Tech 40 1.23 9.32%
Environmental 82 0.81 6.73%
Financial Svcs. (Div.) 225 1.31 9.76%
Food Processing 112 0.91 7.39%
Foreign Electronics 9 1.09 8.47%
Funeral Services 6 1.14 8.73%
Furn/Home Furnishings 35 1.81 12.81%
Healthcare Information 25 1.17 8.95%
Heavy Truck & Equip 21 1.80 12.76%
Homebuilding 23 1.45 10.62%
Hotel/Gaming 51 1.74 12.37%
Household Products 26 1.07 8.32%
Human Resources 23 1.24 9.34%
Industrial Services 137 0.93 7.51%
Information Services 27 1.07 8.35%
Insurance (Life) 30 1.58 11.43%
Insurance (Prop/Cas.) 49 0.91 7.37%
Internet 186 1.09 8.45%
IT Services 60 1.06 8.25%
Machinery 100 1.20 9.12%
Maritime 52 1.40 10.30%
Med Supp Invasive 83 0.85 6.99%
Med Supp Non-Invasive 146 1.03 8.09%
Medical Services 122 0.91 7.39%
Metal Fabricating 24 1.59 11.48%
Metals & Mining (Div.) 73 1.33 9.89%
Natural Gas (Div.) 29 1.33 9.87%
Natural Gas Utility 22 0.66 5.85%
Newspaper 13 1.76 12.53%
Office Equip/Supplies 24 1.38 10.18%
Oil/Gas Distribution 13 0.96 7.68%
Oilfield Svcs/Equip. 93 1.55 11.24%
Packaging & Container 26 1.16 8.86%
Paper/Forest Products 32 1.36 10.08%
Petroleum (Integrated) 20 1.18 9.01%
Petroleum (Producing) 176 1.34 9.97%
Pharmacy Services 19 1.12 8.63%
Pipeline MLPs 27 0.98 7.81%
Power 93 1.35 10.03%
Precious Metals 84 1.15 8.79%
Precision Instrument 77 1.28 9.57%
Property Management 31 1.13 8.72%
Public/Private Equity 11 2.18 15.01%
Publishing 24 1.25 9.40%
R.E.I.T. 5 1.47 10.73%
Railroad 12 1.44 10.56%
Recreation 56 1.45 10.62%
Reinsurance 13 0.93 7.47%
Restaurant 63 1.27 9.52%
Retail (Hardlines) 75 1.77 12.57%
Retail (Softlines) 47 1.44 10.55%
Retail Automotive 20 1.37 10.13%
Retail Building Supply 8 1.04 8.18%
Retail Store 37 1.29 9.64%
Retail/Wholesale Food 30 0.75 6.39%
Securities Brokerage 28 1.20 9.11%
Semiconductor 141 1.50 10.94%
Semiconductor Equip 12 1.79 12.70%
Shoe 19 1.25 9.43%
Steel 32 1.68 12.03%
Telecom. Equipment 99 1.02 8.00%
Telecom. Services 74 0.98 7.78%
Telecom. Utility 25 0.88 7.16%
Thrift 148 0.71 6.17%
Tobacco 11 0.85 7.03%
Toiletries/Cosmetics 15 1.30 9.73%
Trucking 36 1.24 9.38%
Utility (Foreign) 4 0.96 7.68%
Water Utility 11 0.66 5.85%
Wireless Networking 57 1.27 9.54%
Total Market 5891 1.15 8.81%

Last Updated in January 2012

By Aswath Damodaran
Investigador Mundial de Finanzas Internacionales
EMPRESAS QUE COTIZAN EN BOLSA - USA

E/(D+E) Std Dev in Stock Cost of Debt Tax Rate After-tax Cost of D D/(D+E)
69.80% 101.29% 5.87% 10.73% 5.24% 30.20%
79.58% 61.32% 3.37% 20.72% 2.67% 20.42%
80.44% 64.80% 3.37% 20.54% 2.68% 19.56%
84.47% 88.82% 4.37% 16.08% 3.67% 15.53%
78.34% 80.58% 4.37% 18.99% 3.54% 21.66%
42.63% 68.91% 3.87% 24.07% 2.94% 57.37%
39.05% 61.15% 3.37% 15.97% 2.83% 60.95%
62.69% 55.60% 3.37% 17.77% 2.77% 37.31%
79.04% 66.05% 3.87% 19.14% 3.13% 20.96%
88.12% 113.11% 5.87% 2.49% 5.72% 11.88%
51.46% 78.83% 3.87% 11.17% 3.44% 48.54%
59.50% 50.77% 3.37% 27.35% 2.45% 40.50%
78.53% 49.27% 2.87% 20.90% 2.27% 21.47%
81.72% 56.31% 3.37% 21.73% 2.64% 18.28%
82.54% 71.60% 3.87% 17.58% 3.19% 17.46%
77.58% 55.52% 3.37% 12.75% 2.94% 22.42%
93.03% 82.03% 4.37% 12.27% 3.83% 6.97%
90.72% 97.69% 4.87% 11.77% 4.30% 9.28%
49.45% 75.00% 3.87% 15.55% 3.27% 50.55%
86.61% 103.44% 5.87% 5.36% 5.56% 13.39%
93.98% 88.13% 4.37% 12.33% 3.83% 6.02%
89.03% 78.24% 3.87% 25.17% 2.90% 10.97%
53.72% 23.37% 2.37% 31.82% 1.62% 46.28%
60.18% 18.30% 2.37% 33.14% 1.58% 39.82%
54.19% 19.85% 2.37% 31.30% 1.63% 45.81%
88.76% 67.76% 3.87% 17.02% 3.21% 11.24%
81.75% 89.93% 4.37% 10.36% 3.92% 18.25%
89.29% 65.03% 3.87% 26.26% 2.85% 10.71%
70.93% 108.37% 5.87% 15.38% 4.97% 29.07%
91.11% 76.91% 3.87% 11.59% 3.42% 8.89%
69.59% 92.14% 4.87% 11.71% 4.30% 30.41%
28.45% 82.27% 4.37% 19.18% 3.53% 71.55%
77.20% 60.68% 3.37% 20.00% 2.70% 22.80%
70.38% 35.40% 2.87% 35.12% 1.86% 29.62%
63.86% 39.35% 2.87% 30.84% 1.98% 36.14%
80.39% 80.90% 4.37% 20.43% 3.48% 19.61%
94.03% 65.79% 3.87% 22.19% 3.01% 5.97%
69.61% 69.92% 3.87% 20.62% 3.07% 30.39%
49.93% 70.00% 3.87% 5.12% 3.67% 50.07%
65.76% 79.09% 3.87% 14.53% 3.31% 34.24%
84.04% 62.24% 3.37% 25.12% 2.52% 15.96%
90.65% 78.27% 3.87% 25.35% 2.89% 9.35%
75.35% 74.43% 3.87% 19.03% 3.13% 24.65%
76.80% 48.10% 2.87% 18.93% 2.33% 23.20%
60.92% 53.35% 3.37% 28.04% 2.43% 39.08%
80.90% 37.88% 2.87% 19.36% 2.31% 19.10%
97.37% 117.09% 5.87% 6.87% 5.47% 2.63%
94.26% 69.45% 3.87% 19.15% 3.13% 5.74%
83.95% 57.21% 3.37% 22.15% 2.62% 16.05%
36.99% 69.19% 3.87% 5.55% 3.66% 63.01%
86.15% 79.18% 3.87% 11.86% 3.41% 13.85%
88.48% 84.89% 4.37% 12.73% 3.81% 11.52%
66.91% 76.26% 3.87% 19.93% 3.10% 33.09%
86.59% 68.98% 3.87% 26.55% 2.84% 13.41%
87.64% 104.38% 5.87% 11.04% 5.22% 12.36%
72.96% 48.77% 2.87% 21.98% 2.24% 27.04%
59.74% 24.90% 2.37% 30.16% 1.66% 40.26%
68.33% 90.74% 4.87% 25.13% 3.65% 31.67%
61.34% 64.26% 3.37% 21.05% 2.66% 38.66%
63.17% 56.61% 3.37% 13.70% 2.91% 36.83%
81.36% 62.37% 3.37% 17.39% 2.78% 18.64%
65.87% 41.59% 2.87% 24.23% 2.17% 34.13%
62.55% 93.84% 4.87% 10.61% 4.35% 37.45%
83.90% 38.99% 2.87% 27.41% 2.08% 16.10%
80.08% 88.11% 4.37% 11.14% 3.88% 19.92%
83.00% 59.43% 3.37% 24.67% 2.54% 17.00%
70.94% 34.90% 2.87% 6.37% 2.69% 29.06%
40.19% 97.19% 4.87% 8.66% 4.45% 59.81%
92.43% 90.87% 4.87% 7.51% 4.50% 7.57%
86.25% 65.33% 3.87% 13.94% 3.33% 13.75%
41.56% 82.21% 4.37% 18.59% 3.56% 58.44%
62.55% 77.54% 3.87% 3.79% 3.72% 37.45%
61.24% 64.98% 3.37% 18.55% 2.74% 38.76%
74.23% 49.61% 2.87% 1.04% 2.84% 25.77%
79.91% 42.95% 2.87% 23.74% 2.19% 20.09%
67.25% 70.55% 3.87% 17.37% 3.20% 32.75%
80.94% 30.40% 2.87% 7.22% 2.66% 19.06%
88.68% 68.37% 3.87% 21.57% 3.04% 11.32%
80.43% 92.79% 4.87% 23.04% 3.75% 19.57%
94.68% 60.91% 3.37% 24.64% 2.54% 5.32%
72.41% 52.02% 3.37% 34.43% 2.21% 27.59%
87.67% 37.61% 2.87% 31.39% 1.97% 12.33%
79.63% 67.71% 3.87% 25.02% 2.90% 20.37%
70.75% 40.02% 2.87% 31.21% 1.97% 29.25%
18.85% 44.31% 2.87% 26.22% 2.12% 81.15%
92.30% 70.52% 3.87% 11.01% 3.44% 7.70%
86.80% 68.70% 3.87% 15.17% 3.28% 13.20%
97.87% 55.52% 3.37% 24.31% 2.55% 2.13%
68.31% 56.94% 3.37% 21.03% 2.66% 31.69%
88.52% 87.77% 4.37% 13.16% 3.79% 11.48%
74.58% 68.58% 3.87% 14.22% 3.32% 25.42%
50.98% 60.40% 3.37% 29.42% 2.38% 49.02%
77.32% 53.93% 3.37% 12.43% 2.95% 22.68%
84.24% 41.53% 2.87% 31.03% 1.98% 15.76%
82.89% 60.34% 3.37% 20.30% 2.69% 17.11%
78.27% 59.88% 3.37% 25.48% 2.51% 21.73%
39.21% 32.68% 2.87% 26.07% 2.12% 60.79%
55.12% 18.89% 2.37% 35.22% 1.54% 44.88%
78.70% 75.03% 3.87% 12.12% 3.40% 21.30%
68.19% 75.08% 3.87% 15.48% 3.27% 31.81%
Cost of Capital
11.42%
7.30%
7.93%
8.77%
10.27%
6.57%
4.27%
5.74%
6.35%
7.81%
7.31%
7.03%
8.41%
9.48%
8.46%
9.26%
7.87%
9.21%
5.98%
8.22%
7.83%
6.47%
4.19%
4.29%
4.21%
9.14%
7.51%
8.57%
9.76%
8.79%
5.99%
5.30%
6.32%
6.51%
6.29%
10.98%
8.60%
9.82%
7.14%
9.26%
7.40%
8.73%
6.43%
6.95%
 7.91%
6.40%
8.37%
7.96%
8.07%
6.11%
6.50%
7.60%
5.97%
10.32%
9.31%
7.81%
4.16%
9.72%
7.27%
5.92%
9.66%
6.58%
7.94%
7.89%
8.76%
7.60%
6.32%
6.69%
8.47%
8.71%
5.70%
10.78%
6.82%
8.70%
8.88%
8.19%
6.55%
8.79%
10.84%
10.13%
7.95%
7.41%
8.27%
5.10%
3.43%
10.36%
11.46%
9.28%
9.06%
7.52%
6.65%
4.82%
5.44%
6.23%
8.53%
7.89%
4.30%
3.91%
8.23%
7.05%
DEPARTAMENTO: LIMA
TIPO DE PRODUCTO: CREDITOS
PRODUCTO: CAPITAL DE TRABAJO
CONDICION: PRESTAMO CAPITAL DE TRABAJO POR
10,000 A 9 MESES
FECHA: Al 16/03/2017
ENTIDAD TCEA % CUOTA
EDPYME MARCIMEX S.A. 34.49% 1,254.57
CMAC TACNA 36.12% 1,260.68
CMAC CUSCO S A 38.96% 1,271.18
BANCO DE COMERCIO 39.00% 1,274.29
CMAC AREQUIPA 40.31% 1,280.15
FINANC. PROEMPRESA 44.75% 1,296.32
CMCP LIMA 45.11% 1,293.40
CMAC HUANCAYO 45.76% 1,297.95
PERUANA SOLUCIONES 48.41% 1,307.44
CRAC PRYMERA 51.57% 1,319.82
CMAC SULLANA 52.29% 1,318.55
INTERBANK 56.83% 1,334.00
FINANCIERA QAPAQ 57.86% 1,340.69
BANCO CONTINENTAL 58.15% 1,339.80
EDPYME SOLIDARIDAD 58.81% 1,340.00
FINANC. CREDINKA 61.90% 1,348.61
MIBANCO 61.94% 1,355.95
COMPARTAMOS FINANCIE 63.65% 1,359.42
FINANCIERA TFC S A 64.05% 1,402.52
BANCO DE CREDITO 64.34% 1,363.10
EDPYME CREDIVISION 65.81% 1,361.21
CREDIRAIZ S.A.A 67.69% 1,374.12
CMAC DEL SANTA 70.96% 1,382.74
CMAC TRUJILLO 73.31% 1,388.20
CMAC ICA 74.59% 1,391.28
BANCO FINANCIERO 80.25% 1,415.97
BANBIF 80.48% 1,409.40
FINANCIERA CONFIANZA 83.42% 1,421.68
AMERIKA FINANCIERA 89.42% 1,220.97
CMAC PIURA 100.35% 1,469.99
CREDISCOTIA 101.92% 1,491.80
TCEA: Tasa de Costo Efectivo Anual
Tasa que representa lo que efectivamente
costará un crédito, ya que considera los intereses
más los costos y gastos del crédito

Tasa Activa: aquellas que cobran los bancos.

Tasa Pasiva: las tasas que pagan los bancios.
Tasa interbancaria es la tasa de interes de los prestamos
entre las empresas fiancieras.

Formula: Tasa Equiv = (1 + Tasa)˄(lo que quiero/lo que tengo) -1

TASA DE AHORRO 8.00%
TASA DE CREDITO 41.80%