ACTIVO 510,000,000

ACTIVO 10,000,000
DISPONIBLE 50,000,000
EQUIPO COMPUTO 15,000,000
MUEBLES Y ENSERES 10,000,000
MAQUINARIA 350,000,000
VEHICULOS 60,000,000
ACTIVOS DIFERIDOS Y PREOPERATIVO 25,000,000.00
PASIVO

DEUDA A LARGO PLAZO 250,000,000

PATRIMONIO

CAPITAL DE SOCIOS 260,000,000

TOTAL PASIVO Y PATRIMONIO 510,000,000

 CAPITAL DE TRABAJO

ARRIENDO 2,000,000
SERVICIOS PUBLICOS 1,200,000
MERCANCIA 43,800,000
VENDEDOR 2,000,000
SECRETARIA 1,000,000

CAPITAL DE TRABAJO 50,000,000

TASA LIBRE DE RIESGO 3.5%
RENTABILIDAD DEL MERCADO 9%
BETA SECTOR 1.2
TASA DE INTERES 16%
TASA DE TRIBUTACIÓN 34%

Ke 10.10%
WACC 10.33
TASA MENSUAL 1.24%

n CUOTA INTERES CAPITAL SALDO FINAL

250,000,000.00
1 5,938,846.68 3,111,284.48 2,827,562.20 247,172,437.80
2 5,938,846.68 3,076,095.08 2,862,751.60 244,309,686.20
3 5,938,846.68 3,040,467.74 2,898,378.94 241,411,307.26
4 5,938,846.68 3,004,397.01 2,934,449.67 238,476,857.59
5 5,938,846.68 2,967,877.38 2,970,969.30 235,505,888.29
6 5,938,846.68 2,930,903.26 3,007,943.42 232,497,944.87
7 5,938,846.68 2,893,468.99 3,045,377.69 229,452,567.18
8 5,938,846.68 2,855,568.84 3,083,277.84 226,369,289.34
9 5,938,846.68 2,817,197.03 3,121,649.65 223,247,639.69
10 5,938,846.68 2,778,347.67 3,160,499.02 220,087,140.67
11 5,938,846.68 2,739,014.82 3,199,831.86 216,887,308.81
12 5,938,846.68 2,699,192.47 3,239,654.21 213,647,654.60
13 5,938,846.68 2,658,874.53 3,279,972.15 210,367,682.44
14 5,938,846.68 2,618,054.82 3,320,791.86 207,046,890.58
15 5,938,846.68 2,576,727.11 3,362,119.57 203,684,771.01
16 5,938,846.68 2,534,885.07 3,403,961.61 200,280,809.40
17 5,938,846.68 2,492,522.30 3,446,324.39 196,834,485.01
18 5,938,846.68 2,449,632.31 3,489,214.37 193,345,270.64
19 5,938,846.68 2,406,208.56 3,532,638.12 189,812,632.52
20 5,938,846.68 2,362,244.39 3,576,602.29 186,236,030.23
21 5,938,846.68 2,317,733.08 3,621,113.60 182,614,916.63
22 5,938,846.68 2,272,667.82 3,666,178.86 178,948,737.77
23 5,938,846.68 2,227,041.72 3,711,804.96 175,236,932.81
24 5,938,846.68 2,180,847.80 3,757,998.88 171,478,933.93
25 5,938,846.68 2,134,078.98 3,804,767.70 167,674,166.23
26 5,938,846.68 2,086,728.12 3,852,118.56 163,822,047.67
27 5,938,846.68 2,038,787.98 3,900,058.70 159,921,988.97
28 5,938,846.68 1,990,251.21 3,948,595.47 155,973,393.50
29 5,938,846.68 1,941,110.39 3,997,736.29 151,975,657.21
30 5,938,846.68 1,891,358.01 4,047,488.67 147,928,168.54
31 5,938,846.68 1,840,986.46 4,097,860.22 143,830,308.32
32 5,938,846.68 1,789,988.02 4,148,858.66 139,681,449.66
33 5,938,846.68 1,738,354.91 4,200,491.78 135,480,957.89
34 5,938,846.68 1,686,079.21 4,252,767.48 131,228,190.41
35 5,938,846.68 1,633,152.93 4,305,693.75 126,922,496.66
36 5,938,846.68 1,579,567.98 4,359,278.71 122,563,217.95
37 5,938,846.68 1,525,316.15 4,413,530.53 118,149,687.42
38 5,938,846.68 1,470,389.16 4,468,457.53 113,681,229.90
39 5,938,846.68 1,414,778.58 4,524,068.10 109,157,161.80
40 5,938,846.68 1,358,475.93 4,580,370.75 104,576,791.05
41 5,938,846.68 1,301,472.59 4,637,374.09 99,939,416.96
42 5,938,846.68 1,243,759.83 4,695,086.85 95,244,330.10
43 5,938,846.68 1,185,328.82 4,753,517.86 90,490,812.25
44 5,938,846.68 1,126,170.64 4,812,676.04 85,678,136.20
45 5,938,846.68 1,066,276.22 4,872,570.46 80,805,565.74
46 5,938,846.68 1,005,636.41 4,933,210.27 75,872,355.47
47 5,938,846.68 944,241.93 4,994,604.75 70,877,750.72
48 5,938,846.68 882,083.38 5,056,763.30 65,820,987.42
49 5,938,846.68 819,151.27 5,119,695.42 60,701,292.01
50 5,938,846.68 755,435.95 5,183,410.73 55,517,881.28
51 5,938,846.68 690,927.69 5,247,918.99 50,269,962.28
52 5,938,846.68 625,616.61 5,313,230.07 44,956,732.22
53 5,938,846.68 559,492.73 5,379,353.95 39,577,378.27
54 5,938,846.68 492,545.93 5,446,300.75 34,131,077.52
55 5,938,846.68 424,765.97 5,514,080.71 28,616,996.80
56 5,938,846.68 356,142.47 5,582,704.21 23,034,292.59
57 5,938,846.68 286,664.95 5,652,181.73 17,382,110.86
58 5,938,846.68 216,322.77 5,722,523.91 11,659,586.94
59 5,938,846.68 145,105.17 5,793,741.51 5,865,845.43
60 5,938,846.68 73,001.26 5,865,845.43 0.00
INTERES AÑO A AÑO
1 34,913,814.77
2 29,097,439.51
3 22,350,444.20
4 14,523,929.65
5 5,445,172.76
TOTAL 106,330,800.90
DEPRECIACIONES

VALOR ACTIVO FIJO VIDA UTIL valor anual depreciación

EQUIPO COMPUTO $ 15,000,000 3 $ 5,000,000
MUEBLES Y ENSERES $ 10,000,000 5 $ 2,000,000
MAQUINARIA $ 350,000,000 10 $ 35,000,000
VEHICULOS 60000000 5 12000000
Depreciación anual $ 54,000,000

AMORTIZACIONES

activos diferidos y preoperativos 25000000 5 5000000

al depreciación
INFLACIÓN 3.5%
AUMENTO DE PRECIOS 10% 13.5%
AUMENTO DE SALARIOS 6%
TASA DE TRIBUTACIÓN 34%
SALARIOS 60.00% OPERATIVA
40.00% ADMINISTRATIVA
PAGO DE VENTAS CONTADO 60%
PAGO DE VENTAS CRÉDITO 40%
SALARIOS MENSUAL 3,000,000
AUMENTO DE VENTAS 20%

AÑO 1 AÑO 2 AÑO 3 AÑO 4

PRECIO DE VENTA 25,000 28,375 32,206 36,553
COSTO DE VENTA UNITARIO 17,500 19,863 22,544 25,587
SALARIOS 36,000,000 38,160,000 40,449,600 42,876,576
UNIDADES A VENDER 50,000 60,000 72,000 86,400

AÑO 1 AÑO 2 AÑO 3 AÑO 4

VENTAS TOTALES 1,250,000,000 1,702,500,000 2,318,805,000 ###
COSTOS VARIABLES TOTALES 875,000,000 1,191,750,000 1,623,163,500 ###
MARGEN DE CONTRIBUCIÓN TOTAL 375,000,000 510,750,000 695,641,500 947,463,723
COSTO FIJO SALARIO 21,600,000 22,896,000 24,269,760 25,725,946
COSTO FIJO DEPRECIACIÓN 35,000,000 35,000,000 35,000,000 35,000,000
UTILIDAD BRUTA 318,400,000 452,854,000 636,371,740 886,737,777
GASTOS DE SALARIOS 14,400,000 15,264,000 16,179,840 17,150,630
GASTO DE DEPRECIACIÓN 19,000,000 19,000,000 19,000,000 19,000,000
AMORTIZACIÓN DE DIFERIDOS 5,000,000 5,000,000 5,000,000 5,000,000
UTILIDAD OPERATIVA 280,000,000 413,590,000 596,191,900 845,587,147
INTERESES 34,913,815 29,097,440 22,350,444 14,523,930
UTILIDAD ANTES DE IMPUESTOS 245,086,185 384,492,560 573,841,456 831,063,217
IMPUESTOS 83,329,303 130,727,471 195,106,095 282,561,494
UTILIDAD NETA 161,756,882 253,765,090 378,735,361 548,501,723
AÑO 5
41,488
29,042
45,449,171
103,680

AÑO 5
4,301,485,302
3,011,039,712
1,290,445,591
27,269,502
35,000,000
1,228,176,088
18,179,668
19,000,000
5,000,000
1,185,996,420
5,445,173
1,180,551,247
401,387,424
779,163,823
valor de reposicion 2% TOTAL DEPRECIACIONES + VENTAS ANUALES
gastos no efectivos depreciaciones + amortizaciones
capital de trabajo 5% ventas totales

Detalle AÑO 1 AÑO 2 AÑO 3

Utilidad neta 161,756,882 253,765,090 378,735,361
Gastos no efectivos 59,000,000 59,000,000 59,000,000
intereses 34,913,815 29,097,440 22,350,444
flujo de caja bruto 137,670,697 223,862,529 342,085,805
intereses 34,913,815 29,097,440 22,350,444
capital de trabajo 62,500,000 85,125,000 115,940,250
reposicion y amortizaciones de activos fij 1,251,080,000 1,703,580,000 2,319,885,000
flujo de caja libre 1,291,336,882 1,813,220,090 2,523,680,111

tasa de descuento WACC 10.33%

inversiones 280,000,000
valor presente neto (VAN-VPN) 9,557,231,121
tasa interna de retorno TIR
IACIONES + VENTAS ANUALES
ortizaciones

AÑO 4 AÑO 5
548,501,724 779,163,823
59,000,000 59,000,000
14,523,930 5,445,173
504,025,653 725,608,996
14,523,930 5,445,173
157,910,621 215,074,265
3,159,292,410 4,302,565,302
3,490,883,513 4,807,654,860