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Variables

Tasa de descuento econmico


Tasa de descuento financiero
Incremento Precios
Incremento de costos
Inversin total
Prestamo
Interes bancario=
CONCEPTO / AOS

0.12
0.08
0.00
0
7,000,000.00
5,000,000.00
20%
AO 0

I. INGRE
1.-Total Ingreso
Ventas
Valor residual

II. EGRE
Costo de Inversion
(Activo FijoTangible)
(Activo Fijo Intangible)
(Capital de Trabajo)
(Imprevistos 1%)
(Total de Inversin)
Egresos por Actividad
2.-Total Egresos
(Costo de Produccin)
(Gastos Administrativos)
(Gastos de Ventas)
Utilidad Operativa
(Depreciacin)
Utilidad antes de Impuestos
(Impuesto a la Renta 30%)
(Inversin)
Depreciacin
FCE
Prstamo
(Servicio de Deuda)
Escudo tributario
FCF
Aporte de Socios
Caja acumulada

5,000,000.00
1,000,000.00
750,000.00
250,000.00
7,000,000.00
7,000,000.00

7,000,000.00
-7,000,000.00
5,000,000.00

-2,000,000.00
2,000,000.00
-2,000,000.00

1.-Calcule el flujo de caja economico y financiero


2.- Considere la tasa de descuento econmica de 12% y una tasa de descuento financiera del 8%
3.- Realice la evaluacin econmica considerando el VANE, TIRE, B/C , Perodo de recuperacin E

4.- Realice la evaluain financiera considerando el VANF, TIRF, B/C , Perodo de recuperacin F
5.- Interprete resultados

PRINCIPAL INICIO

TRIMESTRE
1
2
3
4
5

5,000,000.00
4,328,101.48
3,521,823.26
2,554,289.40
1,393,248.76
TOTAL
FRC=

i ( 1+i)n =
(1+i)n-1

Escudo tributario

AOS
1
2
3
4
5

Amortizacin
671,898.52
806,278.22
967,533.86
1,161,040.64
1,393,248.76

3.- Evaluacin econmica

984,579
VANE(12%)=
18%
TIR E=
B/C E= VAN(Ingresos) =
VAN (Egresos)
AO

INGRESOS E
EGRESOS ECONOMICOS
TASA DESCUENTO = 12%

7,000,000.00

VANI(12%)=
VANE(12%)=

7,000,000.00
B/C E=

Perodo recuperacin E

INGRESOS
INVERSIN
SALDO POR RECUPERAR
Perodo de recuperacin=
Calculo de fraccin =

4.- Evaluacin financiera

1,047,386
VANF(8%)=
TIRF=
27%
B/CF= VANF(Ingresos)=
VANF(Egresos)
AO
INGRESOS FINANCIEROS
TOTAL EGRESOS FINANCIEROS
EGRESOS ECONOMICOS
FCNETO

VANF(Ingresos)=
VANFE(Egresos)=

0
5,000,000.00
7,000,000.00
7,000,000.00

5,000,000.00
7,000,000.00

5.- Perodo recuperacin F


0
INGRESOS
INVERSIN
SALDO POR RECUPERAR

2,000,000.00

Perodo de recuperacin=
Calculo de fraccin =
1ao=
X=

ANALISIS DE SENSIBILIDAD

AO 01
I. INGRESOS
4,000,000.00
4,000,000.00

AO 02
4,000,000.00
4,000,000.00

AO 03

AO 04

4,000,000.00
4,000,000.00

###
###

II. EGRESOS

900,000.00
500,000.00
300,000.00
100,000.00
3,100,000.00
-150,000.00
2,950,000.00
-885,000.00
0.00
150,000.00
2,215,000.00
-1,671,898.52
300,150.00
843,251.48
211459.40
-1,156,748.52

ento financiera del 8%


do de recuperacin E

900,000.00
500,000.00
300,000.00
100,000.00
3,100,000.00
-150,000.00
2,950,000.00
-885,000.00
0.00
150,000.00
2,215,000.00
0.00
-1,671,898.52
259,836.09
802,937.57
-353,810.95

900,000.00
500,000.00
300,000.00
100,000.00
3,100,000.00
-150,000.00
2,950,000.00
-885,000.00
0.00
150,000.00
2,215,000.00
0.00
-1,671,898.52
211,459.40
754,560.88
400,749.92

900,000.00
500,000.00
300,000.00
100,000.00
3,100,000.00
-150,000.00
2,950,000.00
-885,000.00
0.00
150,000.00
2,215,000.00
0.00
-1,671,898.52
153,107.36
696,508.84
1,097,258.77

de recuperacin F

AMORTIZACION
671,898.52
806,278.22
967,533.86
1,161,040.64
1,393,248.76
5,000,000.02

INTERES
1,000,000.00
865,620.30
704,364.65
510,857.88
278,649.75
3,359,492.58

SERVICIO DE
DEUDA
1,671,898.52
1,671,898.52
1,671,898.52
1,671,898.52
1,671,898.52
8,359,492.60

Interes=
FRC=

Interes
1,000,000.00
865,620.30
704,364.65
510,857.88
278,649.75

PRINCIPAL
FINAL
4,328,101.48
3,521,823.26
2,554,289.40
1,393,248.76
0.00

20%
0.3343797

Portes
500.00
500.00
500.00
500.00
500.00

14,467,506.32

Escudo TributarioFlujo Neto


-300,150.00
1,372,248.52
-259,836.09
1,412,562.43
-211,459.40
1,460,939.12
-153,407.36
1,518,991.15
-83,744.93
1,588,653.59

1.41

10,244,298.58

1
4,000,000.00
900,000.00

2
4,000,000.00
900,000.00

3
4,000,000.00
900,000.00

900,000.00

3,571,428.57
803571.4286

3,188,775.51
717474.4898

2,847,120.99
640602.223

2,542,072.31
571966.2706

1.41

4
###

1
2,215,000.00

2
2,215,000.00

3
2,215,000.00

4,785,000.00

2,570,000.00

355,000.00

7,000,000.00

ECUPERAR

cuperacin=

3 aos , 1 MES 28 das


1ao=
X=

2,215,000.00
355,000.00

X=

B/C f=

1.28

21,028,894

1.28

16,432,539.48

1
4,000,000.00
2,272,248.52
900,000.00

2
4,000,000.00
2,312,562.43
900,000.00

3
4,000,000.00
2,360,939.12
900,000.00

4
4,000,000.00
2,418,991.15
900,000.00

1,372,248.52

1,412,562.43

1,460,939.12

1,518,991.15

3,703,703.70
2,103,933.81

3,429,355.28
1,982,649.55

3,175,328.96
1,874,189.59

2,940,119.41
1,778,030.71

843,251.48

802,937.57

754,560.88

696,508.84

1,156,748.52

353,810.95

0.00

2 aos , 5 MESES , 19 DAS


754,560.88
353,810.00

X=

AOS
0.4688952335

AO 05
4,085,300.00
4,000,000.00
85,300.00

900,000.00
500,000.00
300,000.00
100,000.00
3,100,000.00
-150,000.00
2,950,000.00
-885,000.00
0.00
150,000.00
2,215,000.00
0.00
-1,671,898.52
83,744.93
686,556.41
1,783,815.17

1,672,398.52

5
4,085,300.00
900,000.00

2,318,108.93
510684.1701

TOTAL
14,467,506.32
10,244,298.58

4
2,215,000.00

5
2,215,000.00

AOS
0.1602708804

MESES
1.92

5
4,085,300.00
2,488,653.59
900,000.00

1,588,653.59
TOTAL
2,780,386.53
1,693,735.82

21,028,893.90
16,432,539.48

5
686,556.41

MESES
5.6267428017

DIAS
18.8022840516

DIAS
57.70

Variables
Tasa de descuento econmico
Tasa de descuento financiero
Incremento Precios
Incremento de costos
Inversin total
Prestamo
Interes bancario=
CONCEPTO / AOS

0.10
0.05
0.00
0
6,500,000.00
4,000,000.00
11%
AO 0

I. INGRESOS
1.-Total Ingreso
Ventas
Valor residual

II. EGRESOS
Costo de Inversion
(Activo FijoTangible)
(Activo Fijo Intangible)
(Capital de Trabajo)
(Imprevistos 1%)
(Total de Inversin)
Egresos por Actividad
2.-Total Egresos
(Costo de Produccin)
(Gastos Administrativos)
(Gastos de Ventas)
Utilidad Operativa
(Depreciacin)
Utilidad antes de Impuestos
(Impuesto a la Renta 30%)
(Inversin)
Depreciacin
FCE
Prstamo
(Servicio de Deuda)
Escudo tributario
FCF
Aporte de Socios
Caja acumulada

5,000,000.00
500,000.00
500,000.00
500,000.00
6,500,000.00
6,500,000.00

1.-Calcule el flujo de caja economico y financiero


2.- Considere la tasa de descuento econmica de 10% y una tasa de descuento financiera del 5
3.- Realice la evaluacin econmica considerando el VANE, TIRE, B/C , Perodo de recuperacin

4.- Realice la evaluain financiera considerando el VANF, TIRF, B/C , Perodo de recuperacin F
5.- Interprete resultados

Condiciones del prestamo : 1 AO GRACIA PARCIAL, EL TERCERO NO CANCELA REPROGRAMAND

PRINCIPAL INICIO

anual
1
2
3
4
5

TOTAL
FRC=

i ( 1+i)n =
(1+i)n-1

Escudo tributario

AOS
1
2
3
4
5

Amortizacin

3.- Evaluacin econmica


VANE(12%)=
TIR E=
B/C E= VAN(Ingresos)
VAN (Egresos)

AO
INGRESOS E

EGRESOS ECONOMICOS
TASA DESCUENTO = 12%

VANI(12%)=
VANE(12%)=

B/C E=

Perodo recuperacin E

INGRESOS
INVERSIN
SALDO POR RECUPERAR

Perodo de recuperacin=
Calculo de fraccin =

4.- Evaluacin financiera


VANF(8%)=
TIRF=
B/CF= VANF(Ingresos)=
VANF(Egresos)

AO
INGRESOS FINANCIEROS
TOTAL EGRESOS FINANCIEROS
EGRESOS ECONOMICOS
FCNETO

VANF(Ingresos)=
VANFE(Egresos)=

5.- Perodo recuperacin F

0
INGRESOS
INVERSIN
SALDO POR RECUPERAR

Perodo de recuperacin=
Calculo de fraccin =
1ao=
X=

ANALISIS DE SENSIBILIDAD

AO 01
I. INGRESOS
3,500,000.00
3,500,000.00

AO 02
3,500,000.00
3,500,000.00

AO 03
3,500,000.00
3,500,000.00

AO 04
3,500,000.00
3,500,000.00

II. EGRESOS

1,500,000.00
200,000.00
100,000.00

asa de descuento financiera del 5%


RE, B/C , Perodo de recuperacin E

500,000.00
300,000.00
100,000.00

500,000.00
300,000.00
100,000.00

500,000.00
300,000.00
100,000.00

B/C , Perodo de recuperacin F

RO NO CANCELA REPROGRAMANDO LA DEUDA EN LOS AOS QUE QUEDAN

AMORTIZACION

INTERES

SERVICIO DE
DEUDA

Interes=

20%

FRC=

Interes

0.3343797

Portes

PRINCIPAL
FINAL

Escudo TributarioFlujo Neto

ECUPERAR

cuperacin=

1ao=

X=

X=

B/C f=

AOS
X=

AO 05
3,585,300.00
3,500,000.00
85,300.00

500,000.00
300,000.00
100,000.00

TOTAL

AOS

MESES

DIAS

TOTAL

MESES

DIAS