INVERSIN

ACT. FIJO 800000

CAP. TRABAJO 80000
880000

FINANCIAMIENTO COSTO
PRESTAMOS 350000 40% 10%
BONO 280000 32% 20%
ACCIONES 250,000.0 28% 14%
880,000.0

VALOR DEL BONO

VN 2,000.0
P 2,200.0
I 8% 0.04
CUPON SEMESTRAL 80.0
PLAZO 2.0 4.0
ESTRUC. DE BONOS 80,000.0
AGENTE DE BOLSA 1.8%
NUMERO DE BONOS 140

VN 280,000
PRECIO 308,000
CUPON 11,200
PRECIO 308,000
- ESTRUC. DE BONOS 80,000
- AGENTE DE BOLSA 5,040
PRECIO REAL BONO 222,960

- 1.0 2.0 3.0

VENTAS 250,000.0 250,000.0 250,000.0
COSTO DE VENTAS 137,500.0 137,500.0 137,500.0
UTILIDAD BRUTA 112,500.0 112,500.0 112,500.0
GASTOS ADMINISTYRATIVOS - - -
UTILIDAD OPERATIVA (UAITT) 112,500.0 112,500.0 112,500.0
Impuesto 25% 28,125.0 28,125.0 28,125.0
NOPAT 84,375.0 84,375.0 84,375.0
DEPRECIACIN 160,000.0 160,000.0 160,000.0
ING. VENTA ACTIVO
RECUP CAPITAL TRABAJO
INVERSIN - 880,000.0
 ACTIVO FIJO - 800,000.0
CAPITAL DE TRABAJO - 80,000.0
FLUJO DE CAJA LIBRE - 880,000.0 244,375.0 244,375.0 244,375.0
PRESTAMO 350,000.0
BONO 280,000.0
menos SERVICIO PRESTAMO 148,750.0 137,083.0 125,417.0
menos SERVICIO BONO 22,400.0 302,400.0
mas EFI INT PRESTAMO 8,021.0 5,104.0 2,188.0
mas EFI INT BONOS 5,600.0 5,600.0
FLUJO CAJA ACCIONISTA - 250,000.0 86,846.0 - 184,404.0 121,146.0
- - 880,000.0
1.0 240,625.0 1.12
2.0 240,625.0 1.25
3.0 240,625.0 1.39
4.0 240,625.0 1.56
5.0 420,625.0 1.74
VAN

TIR
COSTO. E.F. CPPK
0.065
0.132
0.091 9.36%

4.0 5.0
250,000.0 250,000.0
137,500.0 137,500.0
112,500.0 112,500.0
- -
112,500.0 112,500.0
28,125.0 28,125.0
84,375.0 84,375.0
160,000.0 160,000.0
100,000.0
80,000.0
 244,375.0 424,375.0 cuotas decrecientes
0.05
Deuda amortiza intereses cuota
- 350,000.0
1.0 291,666.7 58,333.3 17,500.0 75,833.3
2.0 233,333.3 58,333.3 14,583.3 72,916.7 32,083.3
3.0 175,000.0 58,333.3 11,666.7 70,000.0
244,375.0 424,375.0 4.0 116,666.7 58,333.3 8,750.0 67,083.3 20,416.7
- 880,000.0 5.0 58,333.3 58,333.3 5,833.3 64,166.7
215,362.9 6.0 - 58,333.3 2,916.7 61,250.0 8,750.0
192,753.0 350,000.0
172,516.8
154,405.1 8,021
241,571.7 976,609.5 5,104
96,609.5 2,188

16%
 cuotas fijas cuotas crecie
0.1
Deuda amortiza intereses cuota
- 350,000.0 -
1.0 298,543.9 51,456.1 17,500.0 68,956.1 0.048 1.0
148,750.0 2.0 244,515.0 54,028.9 14,927.2 68,956.1 0.1 2.0
3.0 187,784.6 56,730.4 12,225.7 68,956.1 0.1 3.0
137,083.3 4.0 128,217.7 59,566.9 9,389.2 68,956.1 0.2 4.0
5.0 65,672.5 62,545.2 6,410.9 68,956.1 0.2 5.0
125,416.7 6.0 - 65,672.5 3,283.6 68,956.1 0.3 6.0
350,000.0 21.0
 cuotas crecientes
0.1
Deuda amortiza intereses cuota
350,000.0
333,333.3 16,666.7 17,500.0 34,166.7
300,000.0 33,333.3 16,666.7 50,000.0
250,000.0 50,000.0 15,000.0 65,000.0
183,333.3 66,666.7 12,500.0 79,166.7
100,000.0 83,333.3 9,166.7 92,500.0
- 100,000.0 5,000.0 105,000.0
350,000.0
 INVERSIN
ACT. FIJO 650,000.00
CAP. TRABAJO 100,000.00
750,000.00

FINANCIAMIENTO EQUIVALENCIA
PRESTAMO 400,000.00 53.3%
BONO 300,000.00 40.0%
ACCIONES 50,000.00 6.7%
750,000.00 100.0%

VALOR NOMINAL 3,000.00

PRECIO 3,000.00
i 8.5%
CUPON 2.00 SEMESTRAL
PLAZO 3.00 AOS

PRECIO CON DSCTO. 60.00

2,940.00
NUMERO DE BONOS 100.00

- 1 2
VENTAS 800,000.0 800,000.0
COSTO DE VENTAS 440,000.0 440,000.0
DEPRECIACIN 92,857.1 92,857.1
UTILIDAD BRUTA 267,142.9 267,142.9
GASTOS ADMINISTYRATIVOS - -
UTILIDAD OPERATIVA (UAITT) 267,142.9 267,142.9
Impuesto 35% 80,142.9 80,142.9
NOPAT 187,000.0 187,000.0
DEPRECIACIN - - 92,857.1 92,857.1
ING. VENTA ACTIVO
RECUP CAPITAL TRABAJO
INVERSIN - 750,000.0
ACTIVO FIJO - 650,000.0
CAPITAL DE TRABAJO #REF!
FLUJO DE CAJA LIBRE - 750,000.0 279,857.1 279,857.1
PRESTAMO 400,000.0
BONO 300,000.0
SERVICIO PRESTAMO 88,000.0 123,200.0
SERVICIO BONO 25,500.0 25,500.0
EFI INT PRESTAMO 14,400.0 12,960.0
EFI INT BONOS 7,650.0 7,650.0
FLUJO CAJA ACCIONISTA - 50,000.0 188,407.1 151,767.1

VAN FLUJO DE CAJA - - 750,000.0

1.0 279,857.14
2.0 279,857.14
3.0 279,857.14
4.0 279,857.14
5.0 279,857.14
6.0 279,857.14
7.0
COSTO COSTO FISCAL CPPK
12% 8.4% 8.14%
9.3% 6.5%
16% 16.0%

DESARROLLO
CUPON = 127.50
TIR SEMESTRAL = 4.6%
TIR ANUAL = 9.26%

COMISIN X EMISIN DE BONOS 2%

3 4 5 6
800,000.0 800,000.0 800,000.0 800,000.0
440,000.0 440,000.0 440,000.0 440,000.0
92,857.1 92,857.1 92,857.1 92,857.1
267,142.9 267,142.9 267,142.9 267,142.9
- - - -
267,142.9 267,142.9 267,142.9 267,142.9
80,142.9 80,142.9 80,142.9 80,142.9
187,000.0 187,000.0 187,000.0 187,000.0
92,857.1 92,857.1 92,857.1 92,857.1

279,857.1 279,857.1 279,857.1 279,857.1 cuotas

153,600.0 179,200.0 - - -
325,500.0 0.10 1.0
 10,080.0 5,760.0 - - 0.20 2.0
7,650.0 0.30 3.0
- 181,512.9 106,417.1 279,857.1 279,857.1 0.40 4.0
-

- 750,000.0 -
1.08 258,767.6 -
1.17 239,267.3 10.0
1.26 221,236.5
1.37 204,564.5
1.48 189,148.9
1.60 174,894.9
1,287,879.7
VAN 537,879.7

TIR 29.3%
 cuotas crecientes
12%
Deuda amortiza intereses cuota
400,000.0
360,000.0 40,000.0 48,000.0 88,000.0
280,000.0 80,000.0 43,200.0 123,200.0
160,000.0 120,000.0 33,600.0 153,600.0
- 160,000.0 19,200.0 179,200.0
- - - -

- - - -
- - - -
400,000.0
 INVERSIN
ACT. FIJO
CAP. TRABAJO
480,000.00

FINANCIAMIENTO EQUIVALENCIA COSTO

PRESTAMO 336,000.00 70.0% 12%
ACCIONES 144,000.00 30.0% 14%
480,000.00 100.0%

- 1 2 3
VENTAS 250,000.0 250,000.0 250,000.0
COSTO DE VENTAS 100,000.0 100,000.0 100,000.0

UTILIDAD BRUTA 150,000.0 150,000.0 150,000.0

GASTOS DE VENTAS 2,500.0 2,500.0 2,500.0
GASTOS ADMINISTYRATIVOS 5,000.0 5,000.0 5,000.0
UTILIDAD OPERATIVA (UAITT) 142,500.0 142,500.0 142,500.0
Impuesto 25% 35,625.0 35,625.0 35,625.0
NOPAT 106,875.0 106,875.0 106,875.0
DEPRECIACIN 80,000.0 80,000.0 80,000.0
ING. VENTA ACTIVO - - -
RECUP CAPITAL TRABAJO - - -
INVERSIN - 480,000.0 - - -
ACTIVO FIJO - - -
CAPITAL DE TRABAJO - - -
FLUJO DE CAJA LIBRE - 480,000.0 186,875.0 186,875.0 186,875.0
CxC 30.00 DIAS
PERIODO DE INV. 80.00 DIAS
CxP 40.00 DIAS

COSTO FISCAL CPPK

8.4% 10.08%
14%

4 5 6
300,000.0 300,000.0 300,000.0
120,000.0 120,000.0 120,000.0 depreciacin lnea recta
# costo depr depre acum valor libros
180,000.0 180,000.0 180,000.0 1 80,000.00 80,000.00 400,000.00
3,000.0 3,000.0 3,000.0 2 80,000.00 160,000.00 320,000.00
6,000.0 6,000.0 6,000.0 3 80,000.00 240,000.00 240,000.00
171,000.0 171,000.0 171,000.0 4 80,000.00 320,000.00 160,000.00
42,750.0 42,750.0 42,750.0 5 80,000.00 400,000.00 80,000.00
128,250.0 128,250.0 128,250.0 6 80,000.00 480,000.00 -
80,000.0 80,000.0 80,000.0
- - -
- - -
- - -
- - -
- - -
208,250.0 208,250.0 208,250.0
 INVERSIN
ACT. FIJO 200,000.00
CAP. TRABAJO 80,000.00
280,000.00

FINANCIAMIENTO
PRESTAMO 84,000.00
BONO 112,000.00
ACCIONES 84,000.00
280,000.00
VALOR NOMINAL 4,000.00
PRECIO 3,600.00
i 6.0%
CUPON 2.00 SEMESTRAL
PLAZO 4.00 AOS

PRECIO CON DSCTO. 72.00

3,928.00
NUMERO DE BONOS 28

- - 1 2 3
VENTAS 500,000.0 500,000.0 600,000.0
COSTO DE VENTAS 275,000.0 275,000.0 330,000.0
DEPRECIACIN
UTILIDAD BRUTA 225,000.0 225,000.0 270,000.0
GASTOS DE VENTAS 7,500.0 7,500.0 9,000.0
GASTOS ADMINISTYRATIVOS 4,000.0 4,000.0 4,800.0
UTILIDAD OPERATIVA (UAITT) 213,500.0 213,500.0 256,200.0
Impuesto 35% 74,725.0 74,725.0 89,670.0
NOPAT 138,775.0 138,775.0 166,530.0
DEPRECIACIN 50,000.0 50,000.0 50,000.0
ING. VENTA ACTIVO
RECUP CAPITAL TRABAJO
INVERSIN - 280,000.0
ACTIVO FIJO - 200,000.0
CAPITAL DE TRABAJO - 80,000.0
FLUJO DE CAJA LIBRE - 280,000.0 188,775.0 188,775.0 216,530.0

PRESTAMO 84,000.0
BONO 112,000.0
SERVICIO PRESTAMO 34,160.0 31,920.0 29,680.0
SERVICIO BONO 6,720.0 6,720.0 118,720.0
EFI INT PRESTAMO 10,248.0 9,576.0 8,904.0
EFI INT BONOS 2,016.0 2,016.0 35,616.0
FLUJO CAJA ACCIONISTA - 84,000.0 160,159.0 161,727.0 112,650.0

VAN FLUJO DE CAJA

0- 280,000.0
1 188,775.0 1.07
2 188,775.0 1.15
3 216,530.0 1.23
4 256,530.0 1.32

VAN
 50000

EQUIVALENCIA COSTO COSTO FISC CPPK

30.0% 8% 5.6% 7.10%
40.0% 6.5% 4.6%
30.0% 12% 12.0%
100.0%
DESARROLLO
CUPON = 120.00
TIR SEMESTRAL = 3.3%
TIR ANUAL = 6.51%

COMISIN X EMISIN DE BONOS 2%

4
600,000.0
330,000.0

270,000.0
9,000.0
4,800.0
256,200.0
89,670.0
166,530.0
50,000.0
40,000.0

4%
256,530.0 AOS DEUDA AMORTIZACI INTERESES CUOTA
0 84,000.0
1 70,000.0 14000 3360 17360
2 56,000.0 14000 2800 16800
3 42,000.0 14000 2240 16240
4 28,000.0 14000 1680 15680
 5 14,000.0 14000 1120 15120
6 - 14000 560 14560
256,530.0

- 280,000.0
176260.5042017
164575.6341752
176258.335039
194975.6055459

432,070.1
34160

31920
29680
 INVERSIN
ACT. FIJO 750,000.00
CAP. TRABAJ 50,000.00
800,000.00

FINANCIAMIENTO EQUIVALENCI
PRESTAMO 100,000.00 12.5%
BONO 400,000.00 50.0%
ACCIONES 300,000.00 37.5%
800,000.00 100.0%

VALOR NOMINAL 408,000.00 DESARROLLO

PRECIO 399,840.00
i 8.5%
CUPON 2.00 SEMESTRAL
PLAZO 6.00 AOS
COMISIN X EMISIN DE BONOS
PRECIO CON DSCTO. 45,000.00
363,000.00
NUMERO DE BONOS 1.0

VENTAS
COSTO DE VENTAS
DEPRECIACIN
UTILIDAD BRUTA
GASTOS ADMINISTYRATIVOS
GASTOS DE VENTAS
UTILIDAD OPERATIVA (UAITT) 250,000.0 250,000.0 287,500.0 330,625.0
IMPUESTO 28% 70,000.0 70,000.0 80,500.0 92,575.0
NOPAT 180,000.0 180,000.0 207,000.0 238,050.0
DEPRECIACIN 125,000.0 125,000.0 125,000.0 125,000.0
ING. VENTA ACTIVO
RECUP CAPITAL TRABAJO
INVERSIN - 800,000.0
ACTIVO FIJO - 750,000.0
CAPITAL DE TRABAJO - 50,000.0
FLUJO DE CAJA LIBRE - 800,000.0 305,000.0 305,000.0 332,000.0 363,050.0

PRESTAMO 100,000.0
BONO 400,000.0
SERVICIO PRESTAMO 22,960.7 22,960.7 22,960.7 22,960.7
SERVICIO BONO 14,685.9 14,685.9 14,685.9 14,685.9
EFI INT PRESTAMO 6,429.0 6,429.0 6,429.0 6,429.0
EFI INT BONOS 4,112.0 4,112.0 4,112.0 4,112.0
FLUJO CAJA ACCIONISTA - 300,000.0 277,894.4 277,894.4 304,894.4 335,944.4
 125000

COSTO COSTO FISCA CPPK

8% 5.6% 8.32%
8.9% 6.2%
12% 12.0%

DESARROLLO
CUPON = 7,340.00 399,840.00
TIR SEMESTR = 0.04 3920
TIR ANUAL = 8.92%

COMISIN X EMISIN DE BONOS 2%

380,218.8 437,251.6 37500 43125

106,461.3 122,430.4
273,757.5 314,821.1
125,000.0 125,000.0
80000

398,757.5 519,821.1
10%
AOS DEUDA AMORTIZACIN INTERESES
0 100,000.0
22960.7 22960.7 1 87,039.3 12960.7 10000
14,685.9 414,685.87 2 72,782.5 14256.8 8703.9262
 6,429.0 6,429.0 3 57,100.0 15682.5 7278.245
4,112.0 116,112.0 4 39,849.2 17250.7 5709.9957
371,651.9 204,715.6 5 20,873.4 18975.8 3984.9215
6- 0.0 20873.4 2087.3398
 49593.75 57032.8125

CUOTA

22960.7
22960.7
22960.7
22960.7
22960.7
22960.7
INVERSIN
MAQUINARIA 200000
CAPITAL DE TRABAJO 80000
280000

PRESTAMO 84000 30%

BONOS 112000 40%
APORTE SOCIOS 84000 30%
280000 100%

VN 4000
Pb 3600
I 3%
N 4 8 SEMESTRES
NUMERO DE BONOS 28
CUPON 120 28 3360
PRECIO 112000
COMISIN 80

PRECIO 100800
C.AGENT. BOLSA 2240
PB 98560

TIR 0.0448476871
TIR ANUAL 9.0%

- 1 2
VENTAS 500,000 500,000
COSTO DE VENTAS 275,000 275,000
UTILIDAD BRUTA 225,000 225,000

GASTOS DE VENTAS 7,500 7,500

GASTOS ADMI 4,000 4,000
UTILIDAD OPERATIVA 213,500 213,500

IMPUESTOS 35% 74,725 74,725

NOPAT 138,775 138,775

DEPRECIACIN 50,000 50,000

VTA. ACTIVO FIJO
RECU. CAP TRABAJO

INVERSIN - 280,000
ACTIVO FIJO - 200,000
CAPITAL DE TRABAJO - 80,000
FLUJO DE CAJA LIBRE - 280,000 188,775 188,775

PRESTAMO 84000
BONO 112000
SERVICIO DEL PRESTAMO 34720 32480
SERVICIO DEL BONO 188160 188160
EFI. INTER. PRESTAMO 12152 11368
EFI. INTER. BONO 65856 65856
FLUJO DE CAJA DE LOS ACCIONISTAS - 84,000 43,903 45,359

VAN FLUJO DE CAJA LIBRE

0- 280,000
1 188,775 1.07
2 188,775 1.16
3 216,530 1.24
4 336,530 1.33

VAN

VAN FLUJO DE CAJA DE ACCIONISTAS

0- 84,000
1 43,903 1.07
2 45,359 1.16
3 74,570 1.24
4 141,426 1.33

VAN
COSTO COSTO FISCAL CPPK
8.0% 5.2% 7.49%
8.9% 5.8%
12.0% 12.0%

NUMERO DE BO 28
CUPON 3360
VN 112000
PRECIO 100800
A.B. 2% DEL VN 2240
CUPN PRECIO = 98560

TIR= 8.9%

3 4
600,000 600,000
330,000 330,000
270,000 270,000

9,000 9,000
4,800 4,800
256,200 256,200

89,670 89,670
166,530 166,530

50,000 50,000
40,000
80,000
 216,530 336,530

AOS DEUDA AMORTIZACI

0 84000
30240 1 70000 14000
188160 300160 2 56000 14000
10584 0 3 42000 14000
65856 105056 4 28000 14000
74,570 141,426 5 14000 14000
6 0 14000

- 280,000
175,627.0 AOS DEUDA AMORTIZACI
163,394.8 0 84000
174,364.7 1 56000 28000
252,122.2 2 28000 28000
3 0 28000
485,509

- 84,000
40845.2
39260.6
60048.8
105953.8

162,108
 4%
INTERESES CUOTA

3360 17360
2800 16800 34160
2240 16240
1680 15680 31920
1120 15120
560 14560 29680

8%
INTERESES CUOTA

6720 34720
4480 32480
2240 30240