Presupuesto de Capital

Carlos Agero

Productores

Inversin
Costo de mquina 200,000
Depreciacin Lnea recta

Precio venta 3.00

Costo unitario 1.20
Unidades producidas 50,000 aos 1, 2,
70,000 aos 3, 4, 5

Gastos mantenimiento 40,000

Impuestos 30%
Costo hundido 100,000

E/R Proyectado
Ao 1 2 3 4
Ventas 150,000 150,000 210,000 210,000
Costo variables (60,000) (60,000) (84,000) (84,000)
Gastos operativos (40,000) (40,000) (40,000) (40,000)
Depreciacin (40,000) (40,000) (40,000) (40,000)
EBIT 10,000 10,000 46,000 46,000

Flujos de Caja 0 1 2 3 4
NOPAT = EBIT (1-t) 7,000 7,000 32,200 32,200
(+) Depreciacin 40,000 40,000 40,000 40,000
(-/+) Var CTN (15,000) - (6,000) - -
(-) Capex (200,000)
FC Libre (215,000) 47,000 41,000 72,200 72,200

Deuda 129,000 96,750 64,500 32,250 0

Amortizacin -32,250 -32,250 -32,250 -32,250
Inters -7,740 -5,805 -3,870 -1,935
Escudo Fiscal 2,322 1,742 1,161 581
FC Financiamiento 129,000 (37,668) (36,314) (34,959) (33,605)

FC Accionista (86,000) 9,332 4,687 37,241 38,596

 5
210,000
(84,000)
(40,000)
(40,000)
46,000

5
32,200 D/E = 1.50
40,000 E= 1.00
21,000
D= 1.50
93,200 D+E = 2.50
E/(D+E) = 40.00%
D/(D+E) = 60.00%

Deuda = 129,000.00
i= 6%
n= 4 aos
Amortizacin 32,250.00
93,200
Presupuesto de Capital
Carlos Agero

Productores

Inversin
Costo de mquina 200,000
Depreciacin Lnea recta

Precio venta 3.00

Costo unitario 1.20
Unidades producidas 50,000 aos 1, 2,
70,000 aos 3, 4, 5

Gastos mantenimiento 40,000

Impuestos 30%
Costo hundido 100,000

E/R Proyectado
Ao 1 2 3 4
Ventas 150,000 150,000 210,000 210,000
Costo variables (60,000) (60,000) (84,000) (84,000)
Gastos operativos (40,000) (40,000) (40,000) (40,000)
Depreciacin (40,000) (40,000) (40,000) (40,000)
EBIT 10,000 10,000 46,000 46,000

Flujos de Caja 0 1 2 3 4
NOPAT = EBIT (1-t) 7,000 7,000 32,200 32,200
(+) Depreciacin 40,000 40,000 40,000 40,000
(-/+) Var CTN (15,000) - (6,000) - -
(-) Capex (200,000)
FC Libre (215,000) 47,000 41,000 72,200 72,200

Deuda 129,000 96,750 64,500 32,250 0

Amortizacin -32,250 -32,250 -32,250 -32,250
Inters -7,740 -5,805 -3,870 -1,935
Escudo Fiscal 2,322 1,742 1,161 581
FC Financiamiento 129,000 (37,668) (36,314) (34,959) (33,605)

FC Accionista (86,000) 9,332 4,687 37,241 38,596

 5
210,000
(84,000)
(40,000)
(40,000)
46,000

5
32,200 D/E = 1.50
40,000 E= 1.00
21,000
D= 1.50
93,200 D+E = 2.50
E/(D+E) = 40%
D/(D+E) = 60%

Deuda = 129,000
i= 6%
n= 4 aos
Amortizacin 32,250
93,200