Documente Academic
Documente Profesional
Documente Cultură
AO
15
168000000
0.005%
0.005%
0.005%
0.005%
65,000.0
68,250.0
71,662.5
75,245.6
30,900
31,827
32,782
20
* Maquinaria Y Equipo
Depreciacion
10
* Vehiculo
Depreciacion
20,000,000
* Muebles Y Enseres
Depreciacion
10
* Herramientas
Depreciacion
10
8,000,000
Total Depreciacion
Saldo En Libros Activos Depreciables
Gastos Preoperativos (pesos)
30,000
* Mano De Obra
23,000.0
23,920.0
8,400,000
7,800,000
34%
0%
10,000,000
Credito Abastecedores
Rendimientos Financieros
Otros Recursos (Arrendamientos-Participaciones)
Costos Financieros (Intereses En Miles) "super financiera"
2.00%
24,876.8
25,871.9
8,652,000
8,911,560
9,178,907
7,878,000
7,956,780
8,036,348
15
15
15
15
30
Existencias:
* Materiales E Insumos
15
* Productos En Procesos
15
* Productos Terminados
* Inventarios De Repuestos
Cuentas Por Pagar
* Materiales E Insumos
15
15
15
30
30
Otros Ingresos
Otros Egresos
Capital De Trabajo (Calculado Por El Programa)
EVALUACION FINANCIERA DEL PROYECTO
Tasa De Inflacion
Tasa De Interes De Oportunidad Del Inversionista
* En Terminos Corrientes Anual
* En Terminos Constantes Anual
Tasa Para Evaluacion
7%
10%
18%
10
11
12
0.005%
0.005%
0.005%
0.005%
0.005%
0.005%
0.005%
0.005%
79,007.9
82,958.3
87,106.2
91,461.5
96,034.6
100,836.3
105,878.2
111,172.1
33,765
-
34,778
-
35,822
-
36,896
-
38,003
-
39,143
-
40,317
-
41,527
-
26,906.7
27,983.0
29,102.3
30,266.4
31,477.1
32,736.2
34,045.6
35,407.4
9,454,274
9,737,902
10,030,039
10,330,940
10,640,869
10,960,095
11,288,898
11,627,565
8,116,711
8,197,878
8,279,857
8,362,656
8,446,282
8,530,745
8,616,053
8,702,213
13
14
15
0.005%
0.005%
0.005%
116,730.7
122,567.2
128,695.6
42,773
44,056
45,378
36,823.7
38,296.7
39,828.6
11,976,391
12,335,683
12,705,754
8,789,235
8,877,128
8,965,899
Cuadro 12,9
INGRESOS POR CONCEPTOS DE VENTAS
(Miles del ao 1)
Fase
Inversin
Ao
Operacional
1
Nivel de Produccin
0.005%
0.005%
0.005%
0.005%
0.005%
8,400
8,400
8,400
8,400
8,400
65,000.0
68,250.0
71,662.5
75,245.6
79,007.9
546,000,000
573,300,000
601,965,000
632,063,250
663,666,413
Cuadro 12,10
DEPRECIACIN DE INVERSIONES FIJAS
(Miles del ao 1)
Fase
Ao
Inversin
0
Operacional
1
Nivel de Produccin
0%
0%
0%
0%
0%
Edificios
Maquinaria y Equipos
Vehculos
Mueble y enseres
Herramientas
4,000,000
4,000,000
4,000,000
4,000,000
4,000,000
800,000
800,000
800,000
800,000
800,000
Total
4,800,000
4,800,000
4,800,000
4,800,000
4,800,000
Cuadro 12,11
AMORTIZACIN DE DIFERIDOS
(Miles del ao 1)
Fase
Ao
Inversin
0
Operacional
1
Nivel de Produccin
Amortizacin de Diferidos a 7 anos
0%
0%
0%
0%
0%
Cuadro 12,12
COSTOS DE FINANCIACIN Y PAGO PRESTAMOS
(Miles del ao 1)
Fase
Ao
Inversin
0
Operacional
1
Nivel de Produccin
Costos de Financiacin e Intereses
Pago de Prestamos
0%
0%
0%
0%
0%
200,000
100,000
-100,000
5,000,000
5,000,000
5,000,000
COSTOS
Fase
Inversin
Ao
Nivel de Produccin
0%
0%
0%
0%
0%
Unidades Producidas
8,400
30,000
30,900
31,827
32,782
33,765
252,000,000
COSTO DE
Fase
Ao
Inversin
0
Nivel de Produccin
Unidades Producidas
0%
0%
0%
0%
0%
8,400
GASTOS GENE
Fase
Ao
Inversin
0
Nivel de Produccin
0%
0%
0%
0%
0%
Unidades Producidas
8,400
8,400
8,400
8,400
8,400
23,000
23,920
24,877
25,872
26,907
193,200,000
200,928,000
208,965,120
217,323,725
226,016,674
Fase
Ao
Inversin
0
Nivel de Produccin
0%
0%
0%
0%
0%
252,000,000
193,200,000
200,928,000
208,965,120
217,323,725
226,016,674
4,800,000
4,800,000
4,800,000
4,800,000
4,800,000
450,000,000
205,728,000
213,765,120
222,123,725
230,816,674
8,400,000
8,652,000
8,911,560
9,178,907
9,454,274
7,800,000
7,878,000
7,956,780
8,036,348
8,116,711
Amortizacin de Diferidos
Materiales e Insumos
Mano de Obra Directa
Gastos Generales de Fabricacin
Depreciacin
1. COSTOS DE VENTAS
2. GASTOS OPERATIVOS
16,200,000
16,530,000
16,868,340
17,215,255
17,570,985
466,200,000
222,258,000
230,633,460
239,338,979
248,387,659
200,000
100,000
-100,000
466,400,000
222,358,000
230,633,460
239,238,979
248,387,659
Cuadro 12,17
CAPITAL DE TRABAJO - SALDO DE EFECTIVO REQUERIDO EN CAJA
(Miles del ao 1)
Das de
Coeficiente de
Cobertura
Renovacin
1
Materiales e Insumos
Mano de Obra Directa
15
24
Gastos Generales de F
15
24
8,050,000
8,372,000
8,706,880
9,055,155
9,417,361
Gastos Generales de A
15
24
350,000
360,500
371,315
382,454
393,928
Gastos Generales de
30
12
650,000
656,500
663,065
669,696
676,393
360
9,050,000
9,389,000
9,741,260
10,107,305
10,487,682
Gastos Generales de D
Das de
Coeficiente de
Cobertura
Renovacin
1
360
9,050,000
9,389,000
9,741,260
10,107,305
10,487,682
360
15
15
1
24
24
360
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
9,050,000
9,389,000
9,741,260
10,107,305
10,487,682
9,050,000
9,389,000
9,741,260
10,107,305
10,487,682
10,500,000
0
8,050,000
700,000
650,000
0
0
0
8,372,000
721,000
656,500
0
0
0
8,706,880
742,630
663,065
0
0
0
9,055,155
764,909
669,696
0
0
0
9,417,361
787,856
676,393
0
19,900,000
9,749,500
10,112,575
10,489,760
10,881,610
19,900,000
9,749,500
10,112,575
10,489,760
10,881,610
CAPITAL DE TRABAJO
(Activo Corriente menos Pasivo Corriente)
-10,850,000
-360,500
-371,315
-382,454
-393,928
-10,850,000
-360,500
-371,315
-382,454
-393,928
Pasivo Corriente
Cuadro 12,19
INVERSIONES EN EL PROYECTO
(Miles del ao 1)
Fase
Ao
Inversin
0
Nivel de Produccin
1. Inversiones Fijas
(Iniciales y Reposiciones)
Terrenos
Edificios
Maquinaria y Equip
Vehculos
Muebles y Enseres
Herramientas
0%
0%
0%
0%
0%
0
0
0
0
0
0
Total Inversiones
2. Gastos Preoperativ
3. Incremento del
Capital de Trabajo
-10,850,000
-360,500
-371,315
-382,454
-393,928
TOTAL INVERSIONE
-10,850,000
-360,500
-371,315
-382,454
-393,928
Cuadro 12,20
ESTADO DE GANANCIAS Y PERDIDAS O ESTADO DE RESULTADOS
(Miles del ao 1)
Fase
Ao
Inversin
0
Nivel de Produccin
0%
0%
0%
0%
0%
0
0
546,000,000
0
573,300,000
0
601,965,000
0
632,063,250
0
663,666,413
0
0
0
466,400,000
0
222,358,000
0
230,633,460
0
239,238,979
0
248,387,659
0
Utilidad Antes de Im
79,600,000
350,942,000
371,331,540
392,824,271
415,278,753
27,064,000
119,320,280
126,252,724
133,560,252
141,194,776
Utilidad Neta
52,536,000
231,621,720
245,078,816
259,264,019
274,083,977
Menos Dividendos
Utilidades no Repartid
Utilidades no Repartidas
Acumuladas (Reserva
52,536,000
231,621,720
245,078,816
259,264,019
274,083,977
52,536,000
284,157,720
529,236,536
788,500,555
1,062,584,532
Cuadro 12,21
ESTADO DE GANANCIAS Y PERDIDAS O ESTADO DE RESULTADOS
(En la forma que lo exige la banca comercial)
(Miles del ao 1)
Fase
Ao
Inversin
0
Nivel de Produccin
0%
0%
0%
0%
0%
0
0
546,000,000
450,000,000
573,300,000
205,728,000
601,965,000
213,765,120
632,063,250
222,123,725
663,666,413
230,816,674
96,000,000
367,572,000
388,199,880
409,939,525
432,849,739
16,200,000
16,530,000
16,868,340
17,215,255
17,570,985
Utilidad Operativa
79,800,000
351,042,000
371,331,540
392,724,271
415,278,753
0
0
0
0
0
200,000
0
0
100,000
0
0
0
0
0
-100,000
0
0
0
Utilidad Antes de Im
79,600,000
350,942,000
371,331,540
392,824,271
415,278,753
27,064,000
119,320,280
126,252,724
133,560,252
141,194,776
Utilidad Neta
52,536,000
231,621,720
245,078,816
259,264,019
274,083,977
Menos Dividendos
Utilidades no Repartid
Utilidades no Repartidas
Acumuladas (Reserva
52,536,000
231,621,720
245,078,816
259,264,019
274,083,977
52,536,000
284,157,720
529,236,536
788,500,555
1,062,584,532
Cuadro 12,22
ACTIVOS TOTALES
(Miles del ao 1)
Fase
Ao
Inversin
0
Nivel de Produccin
Inversiones Fijas
(Iniciales y Reposicin
Gastos Preoperativos
Incremento del Activo
0
0
0%
0%
0%
0%
0%
0
0
0
0
0
0
0
0
0
0
Corriente
9,050,000
9,389,000
9,741,260
10,107,305
10,487,682
9,050,000
9,389,000
9,741,260
10,107,305
10,487,682
Cuadro 12,23
RECURSOS FINANCIEROS
(Miles del ao 1)
Fase
Ao
Inversin
0
Nivel de Produccin
Aportes de Capital o
Capital Social
-10,000,000
Crdito de los Abastecedores
Prestamos Bancarios
10,000,000
Rendimientos Financieros
Incremento en el Pasivo Corrientes
Otros Recursos (Arrendamientos
Participaciones, Etc.)
`
0%
0%
0%
0%
0%
-10,850,000
-360,500
-371,315
-382,454
-393,928
19,900,000
9,749,500
10,112,575
10,489,760
10,881,610
9,050,000
9,389,000
9,741,260
10,107,305
10,487,682
Cuadro 12,24
CUADRO DE FUENTES Y USOS DE FONDO DE EFECTIVOS
(Miles del ao 1)
Fase
Ao
Nivel de Produccin
Inversin
0
2
0%
3
0%
4
0%
5
0%
0%
ENTRADAS DE EFECTIVO
1. Recursos Financier
2. Ingresos por Concepto
de Ventas
3. Valor Remanente en el Ultimo
Ao
TOTAL ENTRADAS E
9,050,000
9,389,000
9,741,260
10,107,305
10,487,682
546,000,000
573,300,000
601,965,000
632,063,250
663,666,413
555,050,000
582,689,000
611,706,260
642,170,555
674,154,095
9,050,000
9,389,000
9,741,260
10,107,305
10,487,682
461,400,000
217,458,000
225,833,460
234,538,979
243,587,659
200,000
100,000
-100,000
5,000,000
27,064,000
0
5,000,000
119,320,280
0
5,000,000
126,252,724
0
0
133,560,252
0
0
141,194,776
0
SALIDAS DE EFECTIVO
1. Incremento de Activ
0
Totales
2. Costos de Operaci
0
de Depreciacin y de Amortizacin
de Diferidos
3. Costos de Financia
0
(Intereses)
4. Pago de Prestamos
0
5. Impuestos
0
6. Dividendos
0
502,714,000
351,267,280
366,827,444
378,106,537
395,270,117
ENTRADAS MENOS S
52,336,000
231,421,720
244,878,816
264,064,019
278,883,977
SALDO ACUMULADO
52,336,000
283,757,720
528,636,536
792,700,555
1,071,584,532
Cuadro 12,25
CUADRO DE FUENTES Y USOS DE FONDO DE EFECTIVOS
(Miles del ao 1)
Fase
Ao
Inversin
0
Nivel de Produccin
0%
0%
0%
0%
0%
9,050,000
79,800,000
4,800,000
0
0
9,389,000
351,042,000
4,800,000
0
0
9,741,260
371,331,540
4,800,000
0
0
10,107,305
392,724,271
4,800,000
0
0
10,487,682
415,278,753
4,800,000
0
0
93,650,000
365,231,000
385,872,800
407,631,576
430,566,436
9,050,000
9,389,000
9,741,260
10,107,305
10,487,682
200,000
100,000
-100,000
0
0
0
5,000,000
27,064,000
0
5,000,000
119,320,280
0
5,000,000
126,252,724
0
0
133,560,252
0
0
141,194,776
0
41,314,000
133,809,280
140,993,984
143,567,557
151,682,458
ENTRADAS MENOS S
52,336,000
231,421,720
244,878,816
264,064,019
278,883,977
SALDO ACUMULADO
52,336,000
283,757,720
528,636,536
792,700,555
1,071,584,532
ENTRADAS DE EFECTIVO
1. Recursos Financier
2. Utilidad Operativa
3. Depreciacin
4. Amortizacin de Diferidos
5. Valor Remanente en
ao
0
0
0
TOTAL ENTRADAS E
SALIDAS DE EFECTIVO
1. Incremento de Activ
Totales
2. Costos de Financia
(Intereses)
3. Pago de Prestamos
4. Impuestos
5. Dividendos
Cuadro 12,26
BALANCE PROYECTADO
(Miles del ao 1)
Fase
Ao
Nivel de Produccin
Inversin
0
2
0%
3
0%
4
0%
5
0%
0%
ACTIVOS
Activos Corrientes
1. Efectivo
0
2. Cuentas por Cobr
1
3. Inventario de Mat
15
4. Inventario de Pr
15
5. Inventario de Pr
1
6. Inventario de Repuestos y Suministros
Total Activos Corrientes
61,386,000
0
0
0
0
293,146,720
0
0
0
0
538,377,796
0
0
0
0
802,807,860
0
0
0
0
1,082,072,214
0
0
0
0
61,386,000
293,146,720
538,377,796
802,807,860
1,082,072,214
0
0
0
0
0
0
-800,000
-4,000,000
0
0
-1,600,000
-8,000,000
0
0
-2,400,000
-12,000,000
0
0
-3,200,000
-16,000,000
0
0
-4,000,000
-20,000,000
-4,800,000
-9,600,000
-14,400,000
-19,200,000
-24,000,000
0
0
0
0
0
0
0
0
0
0
0
0
56,586,000
283,546,720
523,977,796
783,607,860
1,058,072,214
0
10,000,000
19,900,000
5,000,000
29,649,500
0
39,762,075
-5,000,000
50,251,835
-5,000,000
61,133,445
-5,000,000
10,000,000
24,900,000
29,649,500
34,762,075
45,251,835
56,133,445
Patrimonio
16. Capital Social
17. Reservas
-10,000,000
0
-20,850,000
52,536,000
-21,210,500
284,157,720
-21,581,815
529,236,536
-21,964,269
788,500,555
-22,358,198
1,062,584,532
Total Patrimonio
-10,000,000
31,686,000
262,947,220
507,654,721
766,536,286
1,040,226,335
56,586,000
292,596,720
542,416,796
811,788,120
1,096,359,780
Activos Fijos
No Depreciables
7. Terrenos
Depreciables
8. Edificios
9. Maquinaria y Equ
10. Muebles y Ense
11. Vehculos
12. Herramientas
Total Activos Fijos
Activos Diferidos
13. Gastos Preopera
Total Activos Diferid
TOTAL ACTIVOS
PASIVO Y PATRIMONIO
Pasivo
14. Pasivo Corriente
15. Prestamos a Cor
Largo Plazo
Total Pasivo
TOTAL PASIVO-PATR
INDI
Fase
Ao
Inversin
0
10
10
0
263,497,220
14
14
3
498,615,721
16
16
4
752,556,026
18
18
5
1,020,938,769
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
13
28
-114
10
0
0
-60
2
0
0
-42
1
0
0
-33
1
0
0
-28
1
0
0
0
398
1
0
0
0
0
3,509
1
0
0
0
0
-1
1
0
0
0
0
-3,928
1
0
0
0
0
-1
1
0
a.INDICADORES DE LIQUIDEZ
1.Razn corriente o ci
2.Prueba cida o raz
3.Respaldo de activos
4.Capital de trabajo n
0
0
0
0
3
3
-1
41,486,000
d.INDICADORES DE COSTOS
1. Indice de costos d
2.Indice de gastos op
3.Indice de costos fi
0
0
e.INDICADORES DE RENTABILIDAD
1.Indice de rendimien
0
2.Indice de rendimien
0
3.Indice de rendimien
0
4.Indice de rendimien
0
5.Indice de rendimien
0
Fase
Ao
0
0
0
0
0
0
0
0
0
0
0.2
0.1
0.1
1.7
0.9
0.6
0.6
0.4
0.9
0.8
0.6
0.6
0.4
0.5
0.5
0.6
0.6
0.4
0.3
0.3
0.7
0.6
0.4
0.3
0.3
Inversin
0
Nivel de Produccin
0%
0%
0%
0%
0%
Expresado en Unidad
1,767
483
463
444
429
Expresado en (Miles)
114,833,333
32,993,402
33,189,787
33,398,859
33,924,096
Tasa de la Utilizacin
de Equilibrio (%)
Fase
Ao
Nivel de Produccin
Inversin
0
2
0%
3
0%
4
0%
5
0%
0%
445,200,000
200,928,000
208,965,120
217,323,725
226,016,674
8,400
53,000
8,400
23,920
8,400
24,877
8,400
25,872
8,400
26,907
21,430,000
68,250
23,920
483
21,668,340
71,663
24,877
463
21,915,255
75,246
25,872
444
22,370,985
79,008
26,907
429
21,668,340
71,663
24,877
33,189,787
21,915,255
75,246
25,872
33,398,859
22,370,985
79,008
26,907
33,924,096
21,668,340
12,039,300,000,000
21,915,255
12,641,265,000,000
22,370,985
13,273,328,250,000
4,179,302,400,000
4,346,474,496,000
4,520,333,475,840
Cuadro 12,28-2
VARIACIN DEL PRECIO DE VENTAS
Variacin
del Precio
de Venta
k, (%)
120%
115%
110%
105%
100%
95%
90%
85%
80%
Precio
de
Venta
78,000
74,750
71,500
68,250
65,000
61,750
58,500
55,250
52,000
100,000,000
90,000,000
80,000,000
70,000,000
60,000,000
50,000,000
40,000,000
30,000,000
20,000,000
10,000,000
0
Variacin Pre
75%
70%
60%
50%
48,750
45,500
39,000
32,500
907,643
1,050,678
1,534,237
2,842,421
44,247,590
47,805,843
59,835,254
92,378,666
0.54%
0.63%
0.91%
1.69%
Cuadro 12,28-3
VARIACIN EN LOS COSTOS VARIABLES
Variacin
de los
Costos de
Operacin
Variables k, (%)
350%
300%
250%
200%
180%
160%
150%
140%
130%
120%
110%
100%
90%
80%
70%
0
78,000
74,750
71,500
Costo
Unitario
Variable
87,069
74,630
62,192
49,754
44,778
39,803
37,315
34,828
32,340
29,852
27,364
24,877
22,389
19,901
17,414
Costo
Fijos
(Millones)
41,910,348
38,536,680
33,476,178
68,250
65,000
300,000,000
Variacin Costo
200,000,000
Cuadro 12,28-3
VARIACIN EN LOS COSTOS FIJOS
Variacin en Costos
de Operacin Fijos,
con Excepcin de la
Depreciacin
K, (%)
220%
200%
170%
10,000,000
100,000,000
0
87,069
74,630
62,192
49,754
44,778
39
-100,000,000
-200,000,000
-300,000,000
-400,000,000
-500,000,000
-600,000,000
70,000,000
Variacin
60,000,000
50,000,000
40,000,000
30,000,000
20,000,000
30,000,000
150%
120%
110%
100%
90%
80%
70%
60%
50%
30,102,510
25,042,008
23,355,174
21,668,340
19,981,506
18,294,672
16,607,838
14,921,004
13,234,170
643,413
535,249
499,195
463,140
427,086
391,031
354,977
318,922
282,868
46,108,557
38,357,295
35,773,541
33,189,787
30,606,033
28,022,279
25,438,525
22,854,771
20,271,017
0.38%
0.32%
0.30%
0.28%
0.25%
0.23%
0.21%
0.19%
0.17%
20,000,000
10,000,000
0
41,910,348
38,536,680
33,476,178
30,102,510
10
15
20
463
35
40
Ingresos Totales
Menos Costos Fijos
y Costos Variables
Costos Totales
Utilidad-Perdida Del Ej
358,313
21,668,340
-124,384
21,543,956
-21,185,644
716,625
21,668,340
-248,768
21,419,572
-20,702,947
1,074,938
21,668,340
-373,152
21,295,188
-20,220,251
1,433,250
21,668,340
-497,536
21,170,804
-19,737,554
33,189,787
21,668,340
-11,521,447
10,146,893
23,042,894
2,508,188
21,668,340
-870,688
20,797,652
-18,289,465
2,866,500
21,668,340
-995,072
20,673,268
-17,806,768
40,000,000
30,000,000
20,000,000
10,000,000
0
5
-10,000,000
10
15
20
463
25,042
-10,000,000
-20,000,000
Costos Totales
Ingresos Totales
-30,000,000
42,998
50,164
57,330
64,496
71,663
75,246
78,829
Ingresos Totales
Menos Costos Fijos
Costos Variables
Costos Totales
Utilidad-Perdida Del Ej
19,913,872
21,668,340
11,521,447
33,189,787
-13,275,915
23,232,851
21,668,340
11,521,447
33,189,787
-9,956,936
26,551,830
21,668,340
11,521,447
33,189,787
-6,637,957
29,870,808
21,668,340
11,521,447
33,189,787
-3,318,979
33,189,787
21,668,340
11,521,447
33,189,787
0
34,849,276
21,668,340
11,521,447
33,189,787
1,659,489
36,508,766
21,668,340
11,521,447
33,189,787
3,318,979
50,000,000
40,000,000
30,000,000
20,000,000
10,000,000
0
42,998
50,164
57,330
64,496
71,663
75,24
0
42,998
50,164
57,330
-10,000,000
64,496
Costos Totales
71,663
Ingresos Totales
75,24
-20,000,000
ESTADO DE RESULTADOS VARIACIN EN LOS COSTOS VARIABLES
CIFRAS DEL AO 5
EL RESTO DE DATOS SON CONSTANTES
Variacin Costo Var
12,438
17,414
19,901
22,389
24,877
37,315
44,778
Ingresos Totales
Menos Costos Fijos
Costos Variables
Costos Totales
Utilidad-Perdida Del Ej
33,189,787
21,668,340
5,760,723
27,429,063
5,760,723
33,189,787
21,668,340
8,065,013
29,733,353
3,456,434
33,189,787
21,668,340
9,217,158
30,885,498
2,304,289
33,189,787
21,668,340
10,369,302
32,037,642
1,152,145
33,189,787
21,668,340
11,521,447
33,189,787
0
33,189,787
21,668,340
17,282,170
38,950,510
-5,760,723
33,189,787
21,668,340
20,738,605
42,406,945
-9,217,158
80,000,000
60,000,000
40,000,000
20,000,000
0
12,438
17,414
19,901
22,389
24,877
-20,000,000
Costos Totales
Ingresos Totales
Costos
-20,000,000
Costos Totales
Ingresos Totales
Costos
-40,000,000
ESTADO DE RESULTADOS VARIACIN EN LOS COSTOS FIJOS
CIFRAS DEL AO 5
EL RESTO DE DATOS SON CONSTANTES
Variacin del Costo 13,234,170 14,921,004
Ingresos Totales
Menos Costos Fijos
Costos Variables
Costos Totales
Utilidad-Perdida Del Ej
33,189,787
13,234,170
11,521,447
24,755,617
8,434,170
16,607,838
18,294,672
21,668,340
25,042,008
33,476,178
33,189,787
16,607,838
11,521,447
28,129,285
5,060,502
33,189,787
18,294,672
11,521,447
29,816,119
3,373,668
33,189,787
21,668,340
11,521,447
33,189,787
0
33,189,787
25,042,008
11,521,447
36,563,455
-3,373,668
33,189,787
33,476,178
11,521,447
44,997,625
-11,807,838
33,189,787
14,921,004
11,521,447
26,442,451
6,747,336
60,000,000
50,000,000
40,000,000
30,000,000
20,000,000
10,000,000
0
13,234,170
14,921,004
16,607,838
18,294,672
21,668,340
25,042,0
-10,000,000
-20,000,000
Costos Totales
Ingresos Totales
Costo
-20,000,000
-30,000,000
Costos Totales
Ingresos Totales
Costo
10
11
12
0.005%
0.005%
0.005%
0.005%
0.005%
0.005%
0.005%
8,400
8,400
8,400
8,400
8,400
8,400
8,400
82,958.3
87,106.2
91,461.5
96,034.6
100,836.3
105,878.2
111,172.1
696,849,733
731,692,220
768,276,831
806,690,672
847,025,206
889,376,466
933,845,290
10
11
12
0%
0%
0%
0%
0%
0%
0%
800,000
-
800,000
-
800,000
-
800,000
-
800,000
-
800,000
800,000
800,000
7
0%
0%
800,000
800,000
10
11
12
0%
0%
0%
0%
0%
10
11
0%
0%
0%
0%
0%
Cuadro 12,13
COSTOS DE MATERIA PRIMA DE LAS UNIDADES VENDIDAS
(Miles del ao 1)
Operacional
12
0%
0%
10
11
12
0%
0%
0%
0%
0%
0%
0%
34,778
35,822
36,896
38,003
39,143
40,317
41,527
Cuadro 12,14
COSTO DE LA MANO DE OBRA DE LAS UNIDADES VENDIDAS
(Miles del ao 1)
Operacional
6
10
11
12
0%
0%
0%
0%
0%
0%
0%
Cuadro 12,15
GASTOS GENERALES DE FABRICACIN DE LAS UNIDADES VENDIDAS
(Miles del ao 1)
Operacional
6
10
11
12
0%
0%
0%
0%
0%
0%
0%
8,400
8,400
8,400
8,400
8,400
8,400
8,400
27,983
29,102
30,266
31,477
32,736
34,046
35,407
235,057,341
244,459,634
254,238,020
264,407,541
274,983,842
285,983,196
297,422,524
10
11
12
Cuadro 12,16
COSTOS DE OPERACIN Y FINANCIACIN
(Miles del ao 1)
Operacional
6
0%
0%
0%
0%
0%
0%
0%
235,057,341
244,459,634
254,238,020
264,407,541
274,983,842
285,983,196
297,422,524
800,000
800,000
800,000
800,000
800,000
235,857,341
245,259,634
255,038,020
265,207,541
275,783,842
285,983,196
297,422,524
9,737,902
10,030,039
10,330,940
10,640,869
10,960,095
11,288,898
11,627,565
8,197,878
8,279,857
8,362,656
8,446,282
8,530,745
8,616,053
8,702,213
17,935,781
18,309,896
18,693,596
19,087,151
19,490,840
19,904,950
20,329,778
253,793,121
263,569,531
273,731,616
284,294,692
295,274,682
305,888,146
317,752,301
253,793,121
263,569,531
273,731,616
284,294,692
295,274,682
305,888,146
317,752,301
Ao
6
10
11
12
9,794,056
10,185,818
10,593,251
11,016,981
11,457,660
11,915,966
12,392,605
405,746
417,918
430,456
443,370
456,671
470,371
484,482
683,157
689,988
696,888
703,857
710,895
718,004
725,184
10,882,958
11,293,725
11,720,595
12,164,207
12,625,226
13,104,342
13,602,271
Cuadro 12,18
10
11
12
10,882,958
11,293,725
11,720,595
12,164,207
12,625,226
13,104,342
13,602,271
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
10,882,958
11,293,725
11,720,595
12,164,207
12,625,226
13,104,342
13,602,271
10,882,958
11,293,725
11,720,595
12,164,207
12,625,226
13,104,342
13,602,271
0
0
9,794,056
811,492
683,157
0
0
0
10,185,818
835,837
689,988
0
0
0
10,593,251
860,912
696,888
0
0
0
11,016,981
886,739
703,857
0
0
0
11,457,660
913,341
710,895
0
0
0
11,915,966
940,741
718,004
0
0
0
12,392,605
968,964
725,184
0
11,288,704
11,711,643
12,151,051
12,607,577
13,081,897
13,574,712
14,086,753
11,288,704
11,711,643
12,151,051
12,607,577
13,081,897
13,574,712
14,086,753
-405,746
-417,918
-430,456
-443,370
-456,671
-470,371
-484,482
-405,746
-417,918
-430,456
-443,370
-456,671
-470,371
-484,482
Operacional
6
7
0%
8
0%
10
0%
0%
11
0%
12
0%
0%
0
0
0
0
-405,746
-417,918
-430,456
-443,370
-456,671
-470,371
-484,482
-405,746
-417,918
-430,456
-443,370
-456,671
-470,371
-484,482
Operacional
6
10
11
12
0%
0%
0%
0%
0%
0%
0%
696,849,733
0
731,692,220
0
768,276,831
0
806,690,672
0
847,025,206
0
889,376,466
0
933,845,290
0
253,793,121
0
263,569,531
0
273,731,616
0
284,294,692
0
295,274,682
0
305,888,146
0
317,752,301
0
443,056,612
468,122,689
494,545,215
522,395,981
551,750,524
583,488,320
616,092,988
150,639,248
159,161,714
168,145,373
177,614,633
187,595,178
198,386,029
209,471,616
292,417,364
308,960,975
326,399,842
344,781,347
364,155,346
385,102,291
406,621,372
292,417,364
308,960,975
326,399,842
344,781,347
364,155,346
385,102,291
406,621,372
1,355,001,896
1,663,962,871
1,990,362,712
2,335,144,060
2,699,299,406
3,084,401,697
3,491,023,069
Operacional
6
10
11
12
0%
0%
0%
0%
0%
0%
0%
696,849,733
235,857,341
731,692,220
245,259,634
768,276,831
255,038,020
806,690,672
265,207,541
847,025,206
275,783,842
889,376,466
285,983,196
933,845,290
297,422,524
460,992,392
486,432,585
513,238,811
541,483,132
571,241,364
603,393,270
636,422,766
17,935,781
18,309,896
18,693,596
19,087,151
19,490,840
19,904,950
20,329,778
443,056,612
468,122,689
494,545,215
522,395,981
551,750,524
583,488,320
616,092,988
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
443,056,612
468,122,689
494,545,215
522,395,981
551,750,524
583,488,320
616,092,988
150,639,248
159,161,714
168,145,373
177,614,633
187,595,178
198,386,029
209,471,616
292,417,364
308,960,975
326,399,842
344,781,347
364,155,346
385,102,291
406,621,372
292,417,364
308,960,975
326,399,842
344,781,347
364,155,346
385,102,291
406,621,372
1,355,001,896
1,663,962,871
1,990,362,712
2,335,144,060
2,699,299,406
3,084,401,697
3,491,023,069
Operacional
6
10
11
12
0%
0%
0%
0%
0%
0%
0%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
10,882,958
11,293,725
11,720,595
12,164,207
12,625,226
13,104,342
13,602,271
10,882,958
11,293,725
11,720,595
12,164,207
12,625,226
13,104,342
13,602,271
Operacional
6
10
11
12
0%
0%
0%
0%
0%
0%
0%
-405,746
-417,918
-430,456
-443,370
-456,671
-470,371
-484,482
11,288,704
11,711,643
12,151,051
12,607,577
13,081,897
13,574,712
14,086,753
10,882,958
11,293,725
11,720,595
12,164,207
12,625,226
13,104,342
13,602,271
Operacional
6
0%
10
11
12
90%
95%
100%
100%
100%
100%
10,882,958
11,293,725
11,720,595
12,164,207
12,625,226
13,104,342
13,602,271
696,849,733
731,692,220
768,276,831
806,690,672
847,025,206
889,376,466
933,845,290
707,732,691
742,985,944
779,997,425
818,854,880
859,650,432
902,480,808
947,447,561
10,882,958
11,293,725
11,720,595
12,164,207
12,625,226
13,104,342
13,602,271
252,993,121
262,769,531
272,931,616
283,494,692
294,474,682
305,888,146
317,752,301
0
150,639,248
0
0
159,161,714
0
0
168,145,373
0
0
177,614,633
0
0
187,595,178
0
0
198,386,029
0
0
209,471,616
0
414,515,328
433,224,970
452,797,584
473,273,532
494,695,086
517,378,516
540,826,189
293,217,364
309,760,975
327,199,842
345,581,347
364,955,346
385,102,291
406,621,372
1,364,801,896
1,674,562,871
2,001,762,712
2,347,344,060
2,712,299,406
3,097,401,697
3,504,023,069
Operacional
6
10
11
12
0%
90%
95%
100%
100%
100%
100%
10,882,958
443,056,612
800,000
0
0
9,050,000
468,122,689
800,000
0
0
9,389,000
494,545,215
800,000
0
0
9,741,260
522,395,981
800,000
0
0
10,107,305
551,750,524
800,000
0
0
10,487,682
583,488,320
0
0
0
10,882,958
616,092,988
0
0
0
454,739,570
477,972,689
504,734,215
532,937,241
562,657,829
593,976,002
626,975,947
10,882,958
9,050,000
9,389,000
9,741,260
10,107,305
10,487,682
10,882,958
0
150,639,248
0
0
159,161,714
0
168,145,373
0
177,614,633
0
187,595,178
198,386,029
209,471,616
161,522,206
168,211,714
177,534,373
187,355,893
197,702,483
208,873,711
220,354,574
293,217,364
309,760,975
327,199,842
345,581,347
364,955,346
385,102,291
406,621,372
1,364,801,896
1,674,562,871
2,001,762,712
2,347,344,060
2,712,299,406
3,097,401,697
3,504,023,069
Operacional
6
0%
10
11
12
90%
95%
100%
100%
100%
100%
1,375,684,854
0
0
0
0
1,685,856,595
0
0
0
0
2,013,483,307
0
0
0
0
2,359,508,267
0
0
0
0
2,724,924,632
0
0
0
0
3,110,506,039
0
0
0
0
3,517,625,341
0
0
0
0
1,375,684,854
1,685,856,595
2,013,483,307
2,359,508,267
2,724,924,632
3,110,506,039
3,517,625,341
0
0
-4,800,000
-20,000,000
0
0
-5,600,000
-20,000,000
0
0
-6,400,000
-20,000,000
0
0
-7,200,000
-20,000,000
0
0
-8,000,000
-20,000,000
0
0
-8,000,000
-20,000,000
0
0
-8,000,000
-20,000,000
-24,800,000
-25,600,000
-26,400,000
-27,200,000
-28,000,000
-28,000,000
-28,000,000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,350,884,854
1,660,256,595
1,987,083,307
2,332,308,267
2,696,924,632
3,082,506,039
3,489,625,341
72,422,149
-5,000,000
84,133,792
-5,000,000
96,284,842
-5,000,000
108,892,419
-5,000,000
121,974,316
-5,000,000
135,549,028
-5,000,000
149,635,782
-5,000,000
67,422,149
79,133,792
91,284,842
103,892,419
116,974,316
130,549,028
144,635,782
-22,763,943
1,355,001,896
-23,181,862
1,663,962,871
-23,612,318
1,990,362,712
-24,055,687
2,335,144,060
-24,512,358
2,699,299,406
-24,982,728
3,084,401,697
-25,467,210
3,491,023,069
1,332,237,953
1,640,781,009
1,966,750,395
2,311,088,373
2,674,787,048
3,059,418,968
3,465,555,859
1,399,660,102
1,719,914,801
2,058,035,237
2,414,980,792
2,791,761,364
3,189,967,997
3,610,191,640
Cuadro 12,27
INDICADORES PARA LOS ANLISIS FINANCIEROS
(Miles del ao 1)
Operacional
6
10
11
12
19
19
5
1,303,262,705
20
20
5
1,601,722,803
21
21
5
1,917,198,465
22
22
5
2,250,615,848
22
22
6
2,602,950,316
23
23
6
2,974,957,010
24
24
6
3,367,989,559
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
-28
1
0
0
-29
0
0
0
-29
0
0
0
-30
0
0
0
-30
0
0
0
-32
0
0
0
-33
0
0
0
0
0
1
0
0
0
0
0
1
0
0
0
0
0
1
0
0
0
0
0
1
0
0
0
0
0
1
0
0
0
0
0
1
0
0
0
0
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.7
0.6
0.4
0.2
0.2
0.7
0.6
0.4
0.2
0.2
0.7
0.6
0.4
0.2
0.2
0.7
0.6
0.4
0.1
0.1
0.7
0.7
0.4
0.1
0.1
0.7
0.7
0.4
0.1
0.1
0.7
0.7
0.4
0.1
0.1
Cuadro 12,28
PUNTO DE EQUILIBRIO
Operacional
6
0%
10
11
12
90%
95%
100%
100%
100%
100%
341
329
319
308
298
277
268
28,272,496
28,697,922
29,134,917
29,583,770
30,044,773
29,339,065
29,830,591
Cuadro 12,28-1
PUNTO DE EQUILIBRIO
Operacional
6
0%
10
11
12
90%
95%
100%
100%
100%
100%
235,057,341
244,459,634
254,238,020
264,407,541
274,983,842
285,983,196
297,422,524
8,400
27,983
8,400
29,102
8,400
30,266
8,400
31,477
8,400
32,736
8,400
34,046
8,400
35,407
18,735,781
82,958
27,983
341
19,109,896
87,106
29,102
329
19,493,596
91,462
30,266
319
19,887,151
96,035
31,477
308
20,290,840
100,836
32,736
298
19,904,950
105,878
34,046
277
20,329,778
111,172
35,407
268
18,735,781
82,958
27,983
28,272,496
19,109,896
87,106
29,102
28,697,922
19,493,596
91,462
30,266
29,134,917
19,887,151
96,035
31,477
29,583,770
20,290,840
100,836
32,736
30,044,773
19,904,950
105,878
34,046
29,339,065
20,329,778
111,172
35,407
29,830,591
18,735,781
13,936,994,662,500
19,109,896
14,633,844,395,625
19,493,596
15,365,536,615,406
19,887,151
16,133,813,446,177
20,290,840
16,940,504,118,485
19,904,950
17,787,529,324,410
20,329,778
18,676,905,790,630
4,701,146,814,874
4,889,192,687,469
5,084,760,394,967
5,288,150,810,766
5,499,676,843,197
5,719,663,916,924
5,948,450,473,601
Unidades
Ingresos
Unidades
65,000
55,250
52,000
Ingresos
48,750
45,500
39,000
32,500
44,778
39,803
37,315
34,828
32,340
29,852
27,364
Unidades
Costos Variables
24,877
Ingresos
22,389
19,901
17,414
2,510
Unidades
25,042,008
Ingresos
23,355,174
21,668,340
19,981,506
18,294,672
16,607,838
14,921,004
13,234,170
Costos Fijos
45
50
3,224,813
21,668,340
-1,119,456
20,548,884
-17,324,072
3,583,125
21,668,340
-1,243,840
20,424,500
-16,841,375
IR
35
40
45
50
y Costos Variables
82,412
85,995
38,168,255
21,668,340
11,521,447
33,189,787
4,978,468
39,827,744
21,668,340
11,521,447
33,189,787
6,637,957
75,246
78,829
82,412
85,995
Fijos
75,246
78,829
Costos Variables
82,412
85,995
62,192
87,069
33,189,787
21,668,340
28,803,617
50,471,957
-17,282,170
33,189,787
21,668,340
40,325,064
61,993,404
-28,803,617
ES
37,315
Costos Variables
44,778
62,192
87,069
Costos Variables
38,536,680
41,910,348
33,189,787
38,536,680
11,521,447
50,058,127
-16,868,340
33,189,787
41,910,348
11,521,447
53,431,795
-20,242,008
25,042,008
Costos Variables
33,476,178
38,536,680
41,910,348
Costos Variables
13
14
15
VALOR SALVEDAD
0.005%
0.005%
0.005%
8,400
8,400
8,400
116,730.7
122,567.2
128,695.6
980,537,554
1,029,564,432
1,081,042,653
13
14
15
0%
0%
0%
13
14
15
0%
0%
0%
13
14
0%
15
0%
0%
13
14
0%
0%
0%
42,773
44,056
45,378
13
14
15
0%
0%
0%
13
15
14
15
0%
0%
0%
8,400
8,400
8,400
36,824
38,297
39,829
309,319,425
321,692,202
334,559,890
13
14
15
0%
0%
0%
309,319,425
321,692,202
334,559,890
309,319,425
321,692,202
334,559,890
11,976,391
12,335,683
12,705,754
8,789,235
8,877,128
8,965,899
20,765,627
21,212,811
21,671,653
330,085,051
342,905,012
356,231,542
330,085,051
342,905,012
356,231,542
13
14
15
12,888,309
13,403,842
13,939,995
499,016
513,987
529,406
732,436
739,761
747,158
14,119,762
14,657,589
15,216,560
13
14
15
14,119,762
14,657,589
15,216,560
0
0
0
0
0
0
0
0
0
14,119,762
14,657,589
15,216,560
14,119,762
14,657,589
15,216,560
0
0
12,888,309
998,033
732,436
0
0
0
13,403,842
1,027,974
739,761
0
0
0
13,939,995
1,058,813
747,158
0
14,618,778
15,171,576
15,745,966
14,618,778
15,171,576
15,745,966
-499,016
-513,987
-529,406
-499,016
-513,987
-529,406
13
13
14
15
0%
0%
0%
-499,016
-513,987
-529,406
-499,016
-513,987
-529,406
14
15
0%
0%
0%
980,537,554
0
1,029,564,432
0
1,081,042,653
0
330,085,051
0
342,905,012
0
356,231,542
0
650,452,503
686,659,419
724,811,111
221,153,851
233,464,203
246,435,778
429,298,652
453,195,217
478,375,333
429,298,652
453,195,217
478,375,333
3,920,321,721
4,373,516,938
4,851,892,271
13
14
15
0%
0%
0%
980,537,554
309,319,425
1,029,564,432
321,692,202
1,081,042,653
334,559,890
671,218,129
707,872,230
746,482,764
20,765,627
21,212,811
21,671,653
650,452,503
686,659,419
724,811,111
0
0
0
0
0
0
0
0
0
650,452,503
686,659,419
724,811,111
221,153,851
233,464,203
246,435,778
429,298,652
453,195,217
478,375,333
429,298,652
453,195,217
478,375,333
3,920,321,721
4,373,516,938
4,851,892,271
13
14
15
0%
0%
0%
0
0
0
0
0
0
14,119,762
14,657,589
15,216,560
14,119,762
14,657,589
15,216,560
13
14
15
0%
0%
0%
-499,016
-513,987
-529,406
14,618,778
15,171,576
15,745,966
14,119,762
14,657,589
15,216,560
13
14
15
100%
100%
100%
VALOR REMANENTE
ULTIMO
AO
14,119,762
14,657,589
15,216,560
980,537,554
1,029,564,432
1,081,042,653
-529,406
-529,406
-529,406
994,657,316
1,044,222,021
1,095,729,807
14,119,762
14,657,589
15,216,560
330,085,051
342,905,012
356,231,542
0
221,153,851
0
0
233,464,203
0
0
246,435,778
0
565,358,664
591,026,804
617,883,880
429,298,652
453,195,217
477,845,927
-529,406
3,933,321,721
4,386,516,938
4,864,362,865
4,863,833,458
13
14
15
Valor
Remanente
Ultimo
100%
100%
100%
Ao
9,050,000
650,452,503
0
0
0
9,389,000
686,659,419
0
0
0
9,741,260
724,811,111
0
0
-529,406
-529,406
659,502,503
696,048,419
734,022,965
-529,406
9,050,000
9,389,000
9,741,260
221,153,851
233,464,203
246,435,778
230,203,851
242,853,203
256,177,038
429,298,652
453,195,217
477,845,927
-529,406
3,933,321,721
4,386,516,938
4,864,362,865
4,863,833,458
13
14
15
100%
100%
100%
3,947,441,483
0
0
0
0
4,401,174,527
0
0
0
0
4,879,579,425
0
0
0
0
3,947,441,483
4,401,174,527
4,879,579,425
0
0
-8,000,000
-20,000,000
0
0
-8,000,000
-20,000,000
0
0
-8,000,000
-20,000,000
-28,000,000
-28,000,000
-28,000,000
0
0
0
0
0
0
3,919,441,483
4,373,174,527
4,851,579,425
164,254,560
-5,000,000
179,426,136
-5,000,000
195,172,102
-5,000,000
159,254,560
174,426,136
190,172,102
-25,966,227
3,920,321,721
-26,480,213
4,373,516,938
-27,009,620
4,851,892,271
3,894,355,494
4,347,036,724
4,824,882,651
4,053,610,054
4,521,462,860
5,015,054,753
13
14
15
24
24
6
3,783,186,923
25
25
6
4,221,748,391
25
25
6
4,684,407,322
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
-35
0
0
0
-37
0
0
0
-39
0
0
0
0
0
1
0
0
0
0
0
1
0
0
0
0
0
1
0
0
0
0
0
0
0
0.7
0.7
0.4
0.1
0.1
0.7
0.7
0.4
0.1
0.1
0.7
0.7
0.4
0.1
0.1
13
14
15
100%
100%
100%
260
252
244
30,335,112
30,852,963
31,384,490
13
14
15
100%
100%
100%
309,319,425
321,692,202
334,559,890
8,400
36,824
8,400
38,297
8,400
39,829
20,765,627
116,731
36,824
260
21,212,811
122,567
38,297
252
21,671,653
128,696
39,829
244
20,765,627
116,731
36,824
30,335,112
21,212,811
122,567
38,297
30,852,963
21,671,653
128,696
39,829
31,384,490
20,765,627
19,610,751,080,162
21,212,811
20,591,288,634,170
21,671,653
21,620,853,065,878
6,186,388,492,546
6,433,844,032,247
6,691,197,793,537
1
28.2307692308
5652
1.0869230769
Cuadro 13,2
FLUJO DE EFECTIVO NETO
(Millones del ao 1)
Fase
Ao
Nivel de Produccin
Inversin
0
Operacional
1
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
ENTRADAS DE EFECTIVO
Prestamos
Ingresos por concepto de ventas
Otros Ingresos
Valor Remanente en el ultimo ao
10,000,000
0
0
0
0
546,000,000
0
573,300,000
0
601,965,000
0
632,063,250
0
663,666,413
0
696,849,733
731,692,220
768,276,831
806,690,672
10,000,000
546,000,000
573,300,000
601,965,000
632,063,250
663,666,413
696,849,733
731,692,220
768,276,831
806,690,672
-10,850,000
-360,500
-371,315
-382,454
-393,928
-405,746
-417,918
-430,456
-443,370
0
0
0
0
461,400,000
200,000
5,000,000
27,064,000
217,458,000
100,000
5,000,000
119,320,280
225,833,460
0
5,000,000
126,252,724
234,538,979
-100,000
0
133,560,252
243,587,659
0
0
141,194,776
252,993,121
0
0
150,639,248
262,769,531
0
0
159,161,714
272,931,616
0
0
168,145,373
283,494,692
0
0
177,614,633
482,814,000
341,517,780
356,714,869
367,616,777
384,388,507
403,226,623
421,513,327
440,646,533
460,665,955
10,000,000
63,186,000
231,782,220
245,250,131
264,446,473
279,277,905
293,623,110
310,178,893
327,630,298
346,024,717
63,186,000
231,782,220
245,250,131
264,446,473
279,277,905
293,623,110
310,178,893
327,630,298
346,024,717
10,000,000
10,000,000
63,186,000
63,186,000
231,782,220
231,782,220
245,250,131
245,250,131
264,446,473
264,446,473
279,277,905
279,277,905
293,623,110
293,623,110
310,178,893
310,178,893
327,630,298
327,630,298
346,024,717
346,024,717
63,186,000
231,782,220
245,250,131
264,446,473
279,277,905
293,623,110
310,178,893
327,630,298
346,024,717
SALIDAS DE EFECTIVO
Inversiones basicas
Costos de operacin netos de
depreciacion y amortizacion diferid
Costos de Financiacion
Pago prestamos
Impuestos
10,000,000
10
-10000000.00
i=25 %
96408.069743
EL VALOR PRESENTE NETO A UNA TASA DE INTERES i, PUEDE SER NEGATIVO (MENOR QUE 0) O IGUAL
QUE 0, O PUEDE SER POSITIVO (MAYOR QUE 0)
SI ES < 0 = EL PROYECTO NO ES VIABLE FINANCIERAMENTE
SI ES =0 = ENTONCES EL PROYECTO ES INDIFERENTE
SI ES > 0 = EL PROYECTO SE JUSTIFICA DESDE LE PUNTO DE VISTA FINANCIERO
ANTES DE TOMAR UNA DECISION HAY QUE HACER LAS SENSIBILIZACIONES (ANALISIS DE SENSIBILIDAD)
B/C (i)=
10%
238.31
TIR
NO
INDIFERENTE
SI PERO HAY QUE HACER LAS SENSIBILIZACIONES
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
VPN (i)
4,872,431,297
3,006,816,632
1,969,342,044
1,358,879,094
980,550,352
734,802,297
568,325,926
451,289,036
366,296,418
302,809,961
254,216,295
6,000,000,000
5,000,000,000
4,000,000,000
3,000,000,000
2,000,000,000
1,000,000,000
6,000,000,000
5,000,000,000
4,000,000,000
3,000,000,000
2,000,000,000
VPI
4,892,431,297
3,025,864,251
1,987,523,862
1,376,270,399
997,217,019
750,802,297
583,710,541
466,103,850
380,582,133
316,603,065
267,549,629
VPE
B/C
4,892,431,297
3,025,864,251
1,987,523,862
1,376,270,399
997,217,019
750,802,297
583,710,541
466,103,850
380,582,133
316,603,065
267,549,629
$ 1.00
$ 1.00
$ 1.00
$ 1.00
$ 1.00
$ 1.00
$ 1.00
$ 1.00
$ 1.00
$ 1.00
$ 1.00
1,000,000,000
0
0%
5%
10%
15%
20%
$ 1.20
$ 1.00
$ 0.80
$ 0.60
$ 0.40
$ 0.20
$ 0.00
0%
5%
10%
SOLAMENTE HAY DOS POSIBILIDADES , INVERTIR EN EL PROYECTO O INVERTIR EN UNA TASA (i).
LA TUR, COMBINA LA TIO CARACTERISTICA PROPIA DE LOS INVERSIONISTAS Y LA TIR CARACTERISTICA
PROPIA DEL PROYECTO
LA TUR A UNA TIO DEL 10% ES IGUAL A 20.21% ANUAL
LA TUR PUEDE DAR:
<i
=i
NO INVERTIR EN EL PROYECTO
INDIFERENTE
15%
20%
25%
30%
>i
122
28
DETERMINAR LA TUR?
SUMA(VFI)(i)=(SUMA(VPE)(i)(1+T)n
SUMA(VPI)(i)*(1+i)n= SUMA(VPE)(i)(1+T)n
(1+T)n=SUMA(VPI)(i)/SUMA((VPE)(i)
(1+T)n=(B/C)(i)(1+i)n
1+T=(1+i){(B/C)(i)}1/n
(
ANALISIS DE SENSIBILIDAD
TUR (i) vs. TIO = (i)
i
0%
5%
10%
15%
20%
25%
30%
35%
TUR
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
0%
5%
10%
15%
20%
25%
30%
35%
60%
50%
40%
30%
20%
10%
60%
50%
40%
45%
50%
40.00%
45.00%
50.00%
40%
45%
50%
40%
30%
20%
10%
0%
0%
VPN
$ 1,240
$ 1,200
$ 1,150
$ 1,100
$ 1,050
$ 1,000
$ 979
$ 950
$ 900
35.00
(B/C)
28.92
24.49
18.95
13.42
7.89
2.35
0.00
-3.18
-8.72
TIR
2.03
1.86
1.64
1.44
1.25
1.07
1.00
0.90
0.74
27.46%
24.98%
21.79%
18.49%
15.08%
11.54%
10.00%
7.87%
4.05%
VPN S/ PRECIO
25.00
20.00
15.00
10.00
5.00
$ 950 $ 1,000 $ 1,050 $ 1,100 $ 1,150 $ 1,200 $ 1,250 $ 1,300
-10.00
-15.00
2.50
2.00
1.50
B/C S/ PRECIO
20%
1100.00
30.00
0.00
$ 900
-5.00
10%
VPN
TIR
B/C
###
817.49%
$ 1.00
30%
B/C S/ PRECIO
2.50
2.00
1.50
1.00
0.50
0.00
$ 900
$ 950
30.00%
TIR S/ PRECIO
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
$ 900
PRODUCCION
10
20
30
40
50
60
800
$ -72.60
$ -59.39
$ -46.19
$ -32.99
$ -19.78
$ -6.58
900
$ -70.38
$ -54.97
$ -39.55
$ -24.13
$ -8.72
$ 6.70
50
1100
1000
$ -68.17
$ -50.54
$ -32.91
$ -15.28
$ 2.35
$ 19.98
1100
$ -65.96
$ -46.11
$ -26.27
$ -6.42
$ 13.42
$ 33.27
VPN
TIR
B/C
1240
$ -62.86
$ -39.92
$ -16.97
$ 5.97
$ 28.92
$ 51.86
###
817.49%
$ 1.00
1300
$ -61.53
$ -37.26
$ -12.99
$ 11.28
$ 35.56
$ 59.83
1400
$ -59.32
$ -32.83
$ -6.35
$ 20.14
$ 46.62
$ 73.11
70
80
90
100
$ 6.62
$ 19.83
$ 33.03
$ 46.24
$ 22.12
$ 37.54
$ 52.95
$ 68.37
$ 37.61
$ 55.25
$ 72.88
$ 90.51
$ 53.11
$ 72.95
$ 92.80
$ 112.64
$ 74.80
$ 97.75
$ 120.69
$ 143.63
$ 84.10
$ 108.37
$ 132.64
$ 156.92
VPN
VS
PRODUCCION Y PRECIO
$ 200.00
$ 150.00
$ 99.60
$ 126.08
$ 152.57
$ 179.05
800
900
1000
1100
$ 100.00
1240
1300
$ 50.00
1400
$ 0.00
0
20
40
60
80
100
120
$ -50.00
$ -100.00
PRODUCCION
MOD
50
100
100
$ -62.86
$ -39.92
$ -16.97
150
$ -63.99
$ -42.18
$ -20.36
VPN
TIR
B/C
###
817.49%
$ 1.00
MDO
PRODUCCION
10
20
30
50
$ -61.73
$ -37.65
$ -13.58
200
$ -65.12
$ -44.44
$ -23.75
250
$ -66.25
$ -46.70
$ -27.14
300
$ -67.38
$ -48.96
$ -30.53
350
$ -68.51
$ -51.22
$ -33.93
400
$ -69.64
$ -53.48
$ -37.32
40
50
60
70
80
90
100
$ 10.49
$ 34.57
$ 58.64
$ 82.72
$ 106.79
$ 130.86
$ 154.94
$ 5.97
$ 28.92
$ 51.86
$ 74.80
$ 97.75
$ 120.69
$ 143.63
$ 1.45
$ 23.26
$ 45.08
$ 66.89
$ 88.70
$ 110.52
$ 132.33
$ -3.07
$ 17.61
$ 38.30
$ 58.98
$ 79.66
$ 100.35
$ 121.03
$ -7.59
$ 11.96
$ 31.51
$ 51.07
$ 70.62
$ 90.17
$ 109.73
$ -12.11
$ 6.31
$ 24.73
$ 43.16
$ 61.58
$ 80.00
$ 98.42
VPN
VS
PRODUCCION Y MDO
$ 200.00
$ 150.00
$ -16.63
$ 0.66
$ 17.95
$ 35.24
$ 52.54
$ 69.83
$ 87.12
$ -21.15
$ -4.99
$ 11.17
$ 27.33
$ 43.49
$ 59.66
$ 75.82
50
100
200
$ 100.00
300
400
$ 50.00
$ 0.00
0
20
40
60
80
100
120
$ -50.00
$ -100.00
MAT PRIMA
MOD
400
500
VPN
TIR
B/C
###
817.49%
$ 1.00
MDO
50
100
300
500
50
$ 37.93
$ 32.28
$ 9.67
$ -12.94
200
$ 21.13
$ 15.48
$ -7.13
$ -29.74
300
$ 9.93
$ 4.27
$ -18.33
$ -40.94
400
$ -1.27
$ -6.93
$ -29.53
$ -52.14
VPN
VS
MATERIA PRIMA Y MDO
$ 60.00
50
80
$ 40.00
80
$ 34.57
$ 28.92
$ 6.31
$ -16.30
200
$ 20.00
300
400
$ 0.00
0
$ -20.00
$ -40.00
$ -60.00
100
200
300
400
500
600
10
11
12
13
14
15
Valor
Remanente
en el
Ultimo
0%
Ao
0%
0%
0%
0%
0%
847,025,206
889,376,466
933,845,290
980,537,554
1,029,564,432
847,025,206
889,376,466
933,845,290
980,537,554
1,029,564,432
1,081,042,653
-456,671
-470,371
-484,482
-499,016
-513,987
-529,406
294,474,682
0
0
187,595,178
305,888,146
0
0
198,386,029
317,752,301
0
0
209,471,616
330,085,051
0
0
221,153,851
342,905,012
0
0
233,464,203
356,231,542
0
0
246,435,778
481,613,190
503,803,804
526,739,435
550,739,886
575,855,228
602,137,914
365,412,016
385,572,662
407,105,854
429,797,668
453,709,204
478,904,740
529,406
365,412,016
385,572,662
407,105,854
429,797,668
453,709,204
479,434,146
365,412,016
365,412,016
385,572,662
385,572,662
407,105,854
407,105,854
429,797,668
429,797,668
453,709,204
453,709,204
479,434,146
479,434,146
365,412,016
385,572,662
407,105,854
429,797,668
453,709,204
479,434,146
1,081,042,653
-529,406
-529,406
11
12
13
3+481496(1,25)-14+520278(1,25)-15+606602(1,25)-16} - {7136(1,25)-1}
14
15
16
20%
25%
30%
30%
35%
35%
40%
40%
45%
45%
50%
50%
30%
40%
50%
60%
1. El volumen de ventas, para el ao en el cual el programa de produccin sea del 100%, se ha estim
en 180,000 unidades , y el precio de venta por unidad es de $ 45,000,oo con incrementos del 5% a
equivalente al indice de precios al consumidor promedio del ao 2007 mas xxx puntos.
2. La fase de inversin se realizara en el ao uno.
* Vehculos $ 0 se proyecta reposicion para el termino de la vida util por un valor igual al del ao cero.
* Muebles y enseres: $2.000.000.oo
* Herramientas $1.000.000,oo se proyecta reposicion para el termino de la vida util por un valor igual a
ao cero.
4 .El costo estimado de los materiales e insumos requeridos por unidad producida es de $20.000,oo
incremento del 3% anual
5. La mano de obra por unidad producida tiene un valor de $5.400,oo, con un ingremento anual del 3%
6. Los gastos generales de fabricacin (sueldos y salarios de la mano de obra y de los empleado
directamente vinculados a la produccin, material auxiliar, suministros de oficina, servicios, reparac
mantenimiento) ascienden a $ 8.000,oo, con ingrementos del 4% anual.
7. Los gastos generales de administracin tienen un valor anual de $24.000.000,oo con ingremento de
8. El valor anual de los gastos generales de ventas es de $30.000.000,oo, con ingrementos del 1% anual.
9. Los gastos generales de distribucin ascienden a $ 0.
10. La empresa se constituir como una sociedad limitadas y , de acuerdo con el sistema tributari
pas, deber pagar por concepto de impuestos el 34%. Los impuestos se pagan en el ao en qu
causan.
11. La empresa fabricadora de palos de escoba, tendra una duracion de 15 aos, al final de los cuale
activos se vendern por un valor igual al valor en libros, y el terreno por un valor igual al de lacompra.
13. El perodo de depreciacin de las inversiones fijas es: edificios, 20 aos; maquinarias y equipo
aos; muebles y enseres, 10 aos; vehculos, 5 aos: Para Calcular el cargo por depreciacin se util
el mtodo de lnea recta. Habr reposicin, con dineros que genere el proyecto, de los activos fijos qu
deprecien totalmente durante la vida del proyecto.
Los gastos de capital previos a la produccin, o gastos preoperativos, se amortizaran durante los prim
7 aos de operacin del proyecto.
14. La inversin inicial cuenta con las siguientes fuentes de financiacin:
Un prstamo bancario para cubrir el valor de la maquinaria y equipos, vehiculo, materiales, herramine
preoperativos, terreno, edificacion con intereses del 23% anual sobre saldos, y pago del mismo med
10 cuotas anuales iguales, siendo efectiva la primera en el primer ao de la fase operacional.
Los socios respaldarn el resto de la inversin inicial.
15. Para efectos del clculo del capital de trabajo se establecen las siguientes necesidades mnimas:
Cuentas por pagar: se considera que el valor de las cuentas por pagar por concepto de proveed
equivale a un perodo de 60 das sobre el valor de materiales e insumos.
Con la informacin anterior, elaborar los distintos estados financieros del proyecto: