Fbrica Nacional de Gaseos

Estudio de Factibilidad

1. Demanda
Demanda Inicial
Crecimiento
Precio
Crecimiento Perpetuo
2. Costos y gastos
Mano de Obra
Materiales
Indirectos
Directos
Gastos Operativos
Impuestos
3. Prstamo Bancario
Principal
Plazo (aos)
Inters
4. Informacin de Mercado
Premio Histrico
Bonos Estados Unidos
Bonos de Costa Rica
Prima de Riesgo
5. Inversiones y Depreciacin
Edificio
Valor Depreciable
Vida til
Equipos de Planta
Valor Depreciable
Vida til
Equipos de Oficina
Valor Depreciable
Vida til
Activos Nominales
Valor Depreciable
Vida til
Terrenos

6. Capital de Trabajo
Rotacin de Inventarios
Inventario Final
Inventario Inicial
Inventario Promedio

2,000,000
10.0%
$1.30
3.0%

Escenario
2,000,000.00
10.0%
$1.30
3.0%
Escenario

$0.065
$0.410
$0.110
70.0%
30.0%
25.0%

$5,000,000
5
7.85%

30.0%

$4,965,291
5
7.85%

7.10%
3.60%
5.20%
4.50%

$90,000
$4,500,000
50
$275,000
$2,750,000
10
$100,000
$500,000
5
$15,000
$75,000
5
$3,000,000

2007
$67,117

2008
4.59
$82,440
$67,117
$74,779

2009
4.55
$82,535
$82,440
$82,488

Costo de la Mercancia Vendida

Plazo Inventarios

$319,605

343500

375160

Plazo promedio de Cobro

Cuentas por Cobrar
Ventas

43.20
$85,800
$715,000

45.57
$94,932
$750,000

44.38
$102,329
$830,000

Plazo Promedio de Pago

Cuentas por Pagar
Compras

65.29
$40,577
$223,724

72.59
$48,485
$240,450

69.25
$50,515
$262,612

7. Capital de Trabajo
Inventario Incremental
Cuentas por Cobrar
Cuentas por Pagar
Capital de Trabajo Neto

0
$255,971
$320,549
$157,268
$419,252

2
$281,568
$352,604
$172,995
$41,925

Escenario
Inventario Incremental
Cuentas por Cobrar
Cuentas por Pagar
Capital de Trabajo Neto

0
$223,471
$320,549
$202,823
$341,197

2
$245,818
$352,604
$223,106
$34,120

8. Razn Debt/Equity
Debt
Equity
Financiamiento Total
Razn Debt/Equity
9. Beta
Beta Hans
Beta Apalancada
Razn D/E
Tasa Impositiva Efectiva
Beta Desapalancada
Beta FNG

Proyecto
$5,000,000
$6,244,252

$11,244,252

Escenario
44.5%
55.5%
100.0%
80.1%

Escenario 1
0.74
0
37.6%
0.74
1.184

10.Tabla de Amortizacin
0
1
2
3
4
5

Cuota

Escenario 1

Cuota
0
1
2
3

% del Total
44.5%
55.5%
100.0%
80.1%

$1,247,335
$1,247,335
$1,247,335
$1,247,335
$1,247,335

$1,238,677
$1,238,677
$1,238,677

1.184
Intereses
$392,500
$325,395
$253,023
$174,970
$90,789
Intereses
$389,775
$323,137
$251,267

Amortizacin
$854,835
$921,940
$994,312
$1,072,366
$1,156,547
Amortizacin
$848,901
$915,540
$987,410

4
5

$1,238,677
$1,238,677

$173,755
$90,159

$1,064,922
$1,148,518

acional de Gaseosas
Pgina: 1

Cambio Precio
0.000%

Promedio
4.57

Escenario
5.24

78.76

68.76

44.4

69.0

89.0

3
$309,725
$387,864
$190,294
$46,118

4
$340,698
$426,650
$209,323
$50,730

5
$374,768
$469,315
$230,256
$55,802

3
$270,400
$387,864
$245,416
$37,532

4
$297,440
$426,650
$269,958
$41,285

5
$327,184
$469,315
$296,954
$45,413

Saldo
$5,000,000
$4,145,165
$3,223,225
$2,228,912
$1,156,547
$0
Saldo
$4,965,291
$4,116,390
$3,200,850
$2,213,440

$1,148,518
$0

Fbrica Nacional de Gaseosas

Estudio de Factibilidad

1. Flujo de Efectivo
Ingresos:
Ventas de Gaseosas

$2,600,000

$2,860,000

$3,146,000

10.0%

10.0%

$2,600,000

$2,860,000

$3,146,000

$130,000

$143,000

$157,300

5.0%

5.0%

5.0%

$820,000

$902,000

$992,200

31.5%

31.5%

31.5%

$220,000

$242,000

$266,200

% cambio

Total de Ingresos
Costos y Gastos de Produccin
Mano de Obra
% de las ventas

Materiales
% de las ventas

Indirectos
% de las ventas

Gastos Operativos y de Ventas

8.5%

8.5%

8.5%

$300,000

$378,000

$463,800

% de las ventas

11.5%

13.2%

14.7%

Depreciacin

$480,000

$480,000

$480,000

% de las ventas

18.5%

16.8%

15.3%

$1,950,000

$2,145,000

$2,359,500

75.0%

75.0%

75.0%

$650,000

$715,000

$786,500

25.0%

27.5%

30.3%

$162,500

$178,750

$196,625

25.0%

25.0%

25.0%

$487,500

$536,250

$589,875

18.8%

20.6%

22.7%

$480,000

$480,000
($41,925)

$480,000
($46,118)
($2,750,000)

$967,500

$974,325

($1,726,243)

($854,835)
($294,375)

($921,940)
($244,047)

($994,312)
($189,767)

($181,710)

($191,662)

($2,910,322)

Total de Costos de Produccin

% de las ventas

Utilidad Antes de Impuestos

% margen

Impuesto de Ventas
Tasa de impuesto

Utilidad Neta
% margen

Flujo de Efectivo
Depreciacin
Capital de Trabajo
Inversiones
Valor Residual
Flujo de caja libre
Prstamo
Amortizaciones
Intereses despus de impuestos
Flujo de caja del socio

($419,252)
($10,825,000)
($11,244,252)
$5,000,000

($6,244,252)

2.Mtricas de Evaluacin
Proyecto sin financiamiento
WACC
VAN (12.67%)

3. Sensibilidad
12.67%
($5,023,083)

Proyecto con financiamiento

Costo recursos propios
VAN (18.11%)

18.11%
($4,836,922)

seosas
Pgina: 2

$3,460,600

$3,806,660

10.0%

10.0%

$3,460,600

$3,806,660

$173,030

$190,333

5.0%

5.0%

$1,091,420

$1,200,562

31.5%

31.5%

$292,820

$322,102

8.5%

8.5%

$283,180

$386,998

8.2%

10.2%

$755,000

$755,000

21.8%

19.8%

$2,595,450

$2,854,995

75.0%

75.0%

$865,150

$951,665

33.3%

36.6%

$216,288

$237,916

25.0%

25.0%

$648,863

$713,749

25.0%

27.5%

$755,000
($50,730)

$755,000
($55,802)

$1,353,133

$7,598,869
$9,011,816

($1,072,366)
($131,227)

($1,156,547)
($68,092)

$149,540

$7,787,177

Fbrica Nacional de Gaseosas

Estudio de Factibilidad

1. Flujo de Efectivo
Ingresos:
Ventas de Gaseosas

$2,600,000

$2,860,000

$3,146,000

10.0%

10.0%

$2,600,000

$2,860,000

$3,146,000

$130,000

$143,000

$157,300

5.0%

5.0%

5.0%

$820,000

$902,000

$992,200

31.5%

31.5%

31.5%

$220,000

$242,000

$266,200

% cambio

Total de Ingresos
Costos y Gastos de Produccin
Mano de Obra
% de las ventas

Materiales
% de las ventas

Indirectos
% de las ventas

Gastos Operativos y de Ventas

8.5%

8.5%

8.5%

$300,000

$378,000

$463,800

% de las ventas

11.5%

13.2%

14.7%

Depreciacin

$480,000

$480,000

$480,000

% de las ventas

18.5%

16.8%

15.3%

$1,950,000

$2,145,000

$2,359,500

75.0%

75.0%

75.0%

$650,000

$715,000

$786,500

25.0%

27.5%

30.3%

$162,500

$178,750

$196,625

25.0%

25.0%

25.0%

$487,500

$536,250

$589,875

18.8%

20.6%

22.7%

$480,000

$480,000
($34,120)

$480,000
($37,532)
($2,750,000)

$982,130

($1,717,657)

($848,901)
($292,332)

($915,540)
($242,352)

($987,410)
($188,450)

($173,733)

($175,762)

($2,893,517)

Total de Costos de Produccin

% de las ventas

Utilidad Antes de Impuestos

% margen

Impuesto de Ventas
Tasa de impuesto

Utilidad Neta
% margen

Flujo de Efectivo
Depreciacin
Capital de Trabajo
Inversiones
Valor Residual
Flujo de caja libre
Prstamo
Amortizaciones
Intereses despus de impuestos
Flujo de caja del socio

($341,197)
($10,825,000)
($11,166,197)
$4,965,291

($6,200,906)

$967,500

2.Mtricas de Evaluacin
Proyecto sin financiamiento
WACC
VAN (12.67%)

12.67%
($4,921,296)

Proyecto con financiamiento

Costo recursos propios
VAN (18.11%)

18.11%
($4,747,858)

2. Sensibilidad
Reduccin Gastos Operativos (-0.5%)
Reduccin Gastos Operativos (-1%)
Reduccin Gastos Operativos (-1.5%)
Reduccin Gastos Operativos (-2%)
Reduccin Gastos Operativos (-2.5%)
Reduccin Gastos Operativos (-3%)
Reduccin Gastos Operativos (-3.5%)
Reduccin Gastos Operativos (-4%)
Reduccin Gastos Operativos (-4.5%)
Reduccin Gastos Operativos (-5%)
Reduccin Gastos Operativos (-5.5%)
Reduccin Gastos Operativos (-6%)
Reduccin Gastos Operativos (-6.5%)
Reduccin Gastos Operativos (-7%)
Reduccin Gastos Operativos (-7.5%)
Reduccin Gastos Operativos (-8%)
Reduccin Gastos Operativos (-8.5%)
Reduccin Gastos Operativos (-9%)
Reduccin Gastos Operativos (-9.5%)
Reduccin Gastos Operativos (-10%)
Reduccin Gastos Operativos (-10.5%)
Reduccin Gastos Operativos (-11%)
Reduccin Gastos Operativos (-11.5%)
Reduccin Gastos Operativos (-12%)

1
$287,000
$274,000
$261,000
$248,000
$235,000
$222,000
$209,000
$196,000
$183,000
$170,000
$157,000
$144,000
$131,000
$118,000
$105,000
$92,000
$79,000
$66,000
$53,000
$40,000
$27,000
$14,000
$1,000
-$12,000

2
$363,700
$349,400
$335,100
$320,800
$306,500
$292,200
$277,900
$263,600
$249,300
$235,000
$220,700
$206,400
$192,100
$177,800
$163,500
$149,200
$134,900
$120,600
$106,300
$92,000
$77,700
$63,400
$49,100
$34,800

3
$448,070
$432,340
$416,610
$400,880
$385,150
$369,420
$353,690
$337,960
$322,230
$306,500
$290,770
$275,040
$259,310
$243,580
$227,850
$212,120
$196,390
$180,660
$164,930
$149,200
$133,470
$117,740
$102,010
$86,280

aseosas
Pgina: 3

$3,460,600

$3,806,660

10.0%

10.0%

$3,460,600

$3,806,660

$173,030

$190,333

5.0%

5.0%

$1,091,420

$1,200,562

31.5%

31.5%

$292,820

$322,102

8.5%

8.5%

$283,180

$386,998

8.2%

10.2%

$755,000

$755,000

21.8%

19.8%

$2,595,450

$2,854,995

75.0%

75.0%

$865,150

$951,665

33.3%

36.6%

$216,288

$237,916

25.0%

25.0%

$648,863

$713,749

25.0%

27.5%

$755,000
($41,285)

$755,000
($45,413)

$1,362,578

$7,598,869
$9,022,205

($1,064,922)
($130,316)

($1,148,518)
($67,619)

$167,340

$7,806,068

4
$265,877
$248,574
$231,271
$213,968
$196,665
$179,362
$162,059
$144,756
$127,453
$110,150
$92,847
$75,544
$58,241
$40,938
$23,635
$6,332
-$10,971
-$28,274
-$45,577
-$62,880
-$80,183
-$97,486
-$114,789
-$132,092

5
$367,965
$348,931
$329,898
$310,865
$291,832
$272,798
$253,765
$234,732
$215,698
$196,665
$177,632
$158,598
$139,565
$120,532
$101,499
$82,465
$63,432
$44,399
$25,365
$6,332
-$12,701
-$31,735
-$50,768
-$69,801

VAN (12.67%)
-$4,796,350
-$4,671,405
-$4,546,460
-$4,421,514
-$4,296,569
-$4,171,623
-$4,046,678
-$3,921,732
-$3,796,787
-$3,671,841
-$3,546,896
-$3,421,950
-$3,297,005
-$3,172,059
-$3,047,114
-$2,922,168
-$2,797,223
-$2,672,277
-$2,547,332
-$2,422,386
-$2,297,441
-$2,172,495
-$2,047,550
-$1,922,604

VAN (18.11%)
-$4,645,750
-$4,543,643
-$4,441,536
-$4,339,428
-$4,237,321
-$4,135,214
-$4,033,106
-$3,930,999
-$3,828,892
-$3,726,784
-$3,624,677
-$3,522,570
-$3,420,462
-$3,318,355
-$3,216,248
-$3,114,140
-$3,012,033
-$2,909,926
-$2,807,818
-$2,705,711
-$2,603,604
-$2,501,496
-$2,399,389
-$2,297,282