inversion 120,000,000 deuda

duracion 7 años tasa EA

salvamento 18,000,000 15% WAAC
INVENTARIO 15,000,000
ACTIVOS FIJ 105,000,000
DEPRECIACION 87,000,000 SE SACA A LA PROP PLANTA Y EQUIPO
DEP ANUAL 12,428,571

UNIDADES 500,000 INLFACION

PRECIO 360 CRECIMIENTO
COSTO MP 70 SPREAD
COSTO MO 50 SPREAD COST
CIF 30 COMISION
COST FIJOS 16,000,000 IMPTOS

ESTADO DE RESULTADOS - 1 2 3
PRECIO 360 378 397
UNIDADES 500,000 520,000 540,800
INGRESO 180,000,000 196,658,280 214,858,217
COSTO
MAT PRI 70 73 77
MAN OB 50 52 55
CIF 30 31 33
MP TOTAL 35,000,000 38,163,762 41,613,507
MO TOTAL 25,000,000 27,259,830 29,723,933
CIF TOTAL 15,000,000 16,355,898 17,834,360
COSTOS FIJOS 16,000,000 16,560,000 17,139,600
GASTOS
COMISIONES 2,700,000 2,949,874 3,222,873
DEPRECIACION 12,428,571 12,428,571 12,428,571
UTILITAD OPER 73,871,429 82,940,344 92,895,373
GASTOS FINANCIEROS 5,760,000 5,189,082 4,549,654
UTILIDAD ANT IMPT 68,111,429 77,751,263 88,345,719
IMPUESTOS 22,476,771 25,657,917 29,154,087
UTILIDAD NETA 45,634,657 52,093,346 59,191,632

flujo de caja libre

UTILITAD OPER 73,871,429 82,940,344 92,895,373
impuestoas realies 22,476,771 25,657,917 29,154,087
UODI 51,394,657 57,282,428 63,741,285
DEPRECIACION 12,428,571 12,428,571 12,428,571
FLUJO DE CAJA BRUTO 63,823,229 69,710,999 76,169,857
VARIACION DE KTNO (3,035,943) 6,216 (13,832)
VARIACION CAPEX - - -
FLUJO DE CAJA LIBRE 66,859,172 69,704,784 76,183,689
(+) APORTES SOCIOS 72,000,000 - - -
(+) DESEMBOLSO CREDITO 48,000,000 - - -
(-) ABONO CAP. CREDITOS 4,757,651 5,328,569 5,967,998
(-) PAGO INTERESES (G. FINANCIEROS) 5,760,000 5,189,082 4,549,654
FLUJO CAJA LIBRE ACCIONISTAS 120,000,000 56,341,521 59,187,132 65,666,038
(-) PAGO DE DIVIDENDOS - - -
EFECTIVO NETO DEL PERIODO (120,000,000) 56,341,521 59,187,132 65,666,038
EFECTIVO ANTERIOR - 56,341,521 115,528,653
FLUJO DE CAJA 56,341,521 115,528,653 181,194,691

- 1 2 3
KATNO 15,000,000 11,964,057 11,970,272 11,956,440
CAPEX 105,000,000 105,000,000 105,000,000 105,000,000

VPN 186,712,856 EL PROYECTO SE ACEPTA POR QUE EL VPN ES

TIR 52% SE ACEPTA POR QUE ES MAYOR AL WACC
RCB 2.56 SE ACEPTA EL PROYECTO PORQUE EL RCB ES M
 40% 48,000,000
12%
15%

3.5% CRECIMIENTO PR 5.05%

4.0%
1.5%
1.3% CRECIMIENTO CO 4.85%
1.5%
33.0%

4 5 6 7
417 438 461 484
562,432 584,929 608,326 632,660
234,742,486 256,466,964 280,201,955 306,133,526

81 85 89 93
58 60 63 66
35 36 38 40
45,375,085 49,476,684 53,949,039 58,825,666
32,410,775 35,340,488 38,535,028 42,018,333
19,446,465 21,204,293 23,121,017 25,211,000
17,739,486 18,360,368 19,002,981 19,668,085

3,521,137 3,847,004 4,203,029 4,592,003

12,428,571 12,428,571 12,428,571 12,428,571
103,820,967 115,809,555 128,962,289 143,389,868
3,833,494 3,031,395 2,133,044 1,126,891
99,987,473 112,778,160 126,829,245 142,262,977
32,995,866 37,216,793 41,853,651 46,946,782
66,991,607 75,561,367 84,975,594 95,316,194

103,820,967 115,809,555 128,962,289 143,389,868

32,995,866 37,216,793 41,853,651 46,946,782
70,825,101 78,592,762 87,108,638 96,443,086
12,428,571 12,428,571 12,428,571 12,428,571
83,253,672 91,021,334 99,537,210 108,871,657
 (37,164) (64,210) (95,454) (33,577,934)
- - - -
83,290,836 91,085,543 99,632,664 142,449,591
- - - -
- - - -
6,684,158 7,486,256 8,384,607 9,390,760
3,833,494 3,031,395 2,133,044 1,126,891
72,773,185 80,567,892 89,115,012 131,931,940
- - - -
72,773,185 80,567,892 89,115,012 131,931,940
181,194,691 253,967,875 334,535,768 423,650,780
253,967,875 334,535,768 423,650,780 555,582,720

4 5 6 7
11,919,276 11,855,066 11,759,612 (21,818,322) variacion KTNO= CXC + INVENTARIO - CUENTAS P
105,000,000 105,000,000 105,000,000 105,000,000 CAPEX= PORP PLANTA Y EQUIPO + ACT NO CORR

PTA POR QUE EL VPN ES POSITIVO MAYOR A CERO

ES MAYOR AL WACC
CTO PORQUE EL RCB ES MAYOR A 1
= CXC + INVENTARIO - CUENTAS POR PAGAR - IMPUESTO
LANTA Y EQUIPO + ACT NO CORRIENTE
TABLA DE AMORTIZACION

DEUDA 48000000
TIEMPO 7
TASA 12%

PERIODO CUOTA INTERES ABONO A CAP SALDO

0 48000000
1 $ 10,517,651 5,760,000 4,757,651 43,242,349
2 $ 10,517,651 5,189,082 5,328,569 37,913,779
3 $ 10,517,651 4,549,654 5,967,998 31,945,781
4 $ 10,517,651 3,833,494 6,684,158 25,261,624
5 $ 10,517,651 3,031,395 7,486,256 17,775,367
6 $ 10,517,651 2,133,044 8,384,607 9,390,760
7 $ 10,517,651 1,126,891 9,390,760 -

PASA AL
PASA A ESTADO BALANCE
RESULTADOS GENERAL
BALANCE GENRAL
- 1 2 3 4
ACTIVOS
EFECTIVO 56,341,521 115,528,653 181,194,691 253,967,875
CUENTA X COB 15,000,000 16,388,190 17,904,851 19,561,874
INVENT 15,000,000 19,665,828 21,485,822 23,474,249 25,646,696
PPYE 105,000,000 105,000,000 105,000,000 105,000,000 105,000,000
DEP ACUM (12,428,571) (24,857,143) (37,285,714) (49,714,286)
TOTAL ACTIVO 120,000,000 183,578,777 233,545,522 290,288,076 354,462,160

PASIVO
OBLIG FRAS 48,000,000 43,242,349 37,913,779 31,945,781 25,261,624
CTAS POR PAGAR 225,000 245,823 268,573 293,428
IMPUESTOS 22,476,771 25,657,917 29,154,087 32,995,866
PROVEDORES - - - -
TOTAL PASIVO 48,000,000 65,944,120 63,817,519 61,368,441 58,550,918

PATRIMONIO
APORTES SOCIALES 72,000,000 72,000,000 72,000,000 72,000,000 72,000,000
UTILIDAD DEL EJER 45,634,657 52,093,346 59,191,632 66,991,607
UTILIDAD ACUM - 45,634,657 97,728,003 156,919,635
TOTAL PATRIMONIO 72,000,000 117,634,657 169,728,003 228,919,635 295,911,242

PAS + PAT 120,000,000 183,578,777 233,545,522 290,288,076 354,462,160

VPN TIR
 5 6 7

334,535,768 423,650,780 555,582,720

21,372,247 23,350,163 25,511,127
28,020,196 30,613,353 -
105,000,000 105,000,000 105,000,000
(62,142,857) (74,571,429) (87,000,000)
426,785,353 508,042,867 599,093,847

17,775,367 9,390,760 -
320,584 350,252 382,667
37,216,793 41,853,651 46,946,782
- - -
55,312,744 51,594,663 47,329,449

72,000,000 72,000,000 72,000,000

75,561,367 84,975,594 95,316,194
223,911,242 299,472,609 384,448,203
371,472,609 456,448,203 551,764,398

426,785,353 508,042,867 599,093,847

ESTADO DE FLUJO DE EFECTIVO
0 1 2 3 4
UTILIDAD NETA 45,634,657 52,093,346 59,191,632 66,991,607
0++ DEPRECIACION 12,428,571 12,428,571 12,428,571 12,428,571
FLUJO DE OPERACIÓN (SALEN DE LAS CUENTAS OPERATIVAS DEL BALANCE)
CUENTAS POR COBRAR (15,000,000) (1,388,190) (1,516,661) (1,657,022)
INVENTARIO (4,665,828) (1,819,994) (1,988,427) (2,172,448)
CUENTAS POR PAGAR 225,000 20,823 22,750 24,855
IMPUESTOS 22,476,771 3,181,145 3,496,171 3,841,779
TOTAL FLUJO DE OPERACIÓN 61,099,172 64,515,702 71,634,036 79,457,342

FLUJO DE INVERSION
PPYE - - - -
TOTAL FI - - - -

FLUJO DE FINANCIACION
OBLIGACIONES FINANCIERAS (4,757,651) (5,328,569) (5,967,998) (6,684,158)
CAPITAL
TOTAL FLUJO DE FINAN (4,757,651) (5,328,569) (5,967,998) (6,684,158)

FLUJO DE EFECTIVO 56,341,521 59,187,132 65,666,038 72,773,185

SALDO ANTERIOR EFE 56,341,521 115,528,653 181,194,691
SALDO FINAL FLUJO EFECTIVO 56,341,521 115,528,653 181,194,691 253,967,875
 5 6 7
75,561,367 84,975,594 95,316,194
12,428,571 12,428,571 12,428,571 CUANDO EL ACTIVO AUMENTA EN EL FLUJO DE CAJA S
CUANDO EL PASIVO AUMENTA
(1,810,373) (1,977,916) (2,160,964)
(2,373,499) (2,593,157) 30,613,353
27,156 29,669 32,414
4,220,927 4,636,858 5,093,131
88,054,149 97,499,620 141,322,700

- - -
- - -

(7,486,256) (8,384,607) (9,390,760)

(7,486,256) (8,384,607) (9,390,760)

80,567,892 89,115,012 131,931,940

253,967,875 334,535,768 423,650,780
334,535,768 423,650,780 555,582,720
NTA EN EL FLUJO DE CAJA SE LE PONE NEGATIVO EN EL ACTIVO