Proyecto ====> Comercializadora

Moneda Pesos

2018 2019 2020 2021

Unidades vendidas 10% 30,000 33,000 36,300
Precio de venta 3,800 4,071 4,369 4,698
Incremento 4%
Precio de compra 2,100 2,228 2,368 2,522
Incremento 3%

Inversiones de capital

Equipos 120,000,000
Edificios
Vida útil (años)
Equipos 10

Costos y gastos
Salario básico mensual Auxiliar 0% 1,200,000
Salario básico mensual Gerente - Secretaria
Gastos Varios 340,000
Arriendo Local 1% 1,100,000
Costos de mantenimiento 550,000
Publicidad

Capital de Trabajo
Política de inventarios (días de ventas)
Cuenta por cobrar (días de ventas) 60
Cuenta por pagar proveedores (dias de comp 90
Otras cuentas por pagar

Vida útil económica del proyecto 10

 Macroeconómico y otros 2019 2020 2021
Inflación 3.00% 3.20% 3.40%
Tasa de interés bancario
Tasa de impuestos 25%

Financiación
Deuda
Capital 100.00%
Plazo amortización constante (años)
Periodo de gracia

CAPM

Beta desapalancado Bo
tasa libre de riesgo Kf
retorno de mercado Rm
 2022 2023 2024 2025 2026 2027 2028
39,930 43,923 43,923 43,923 43,923 43,923 ###
5,057 5,443 5,859 6,307 6,789 7,307 7,866

2,689 2,866 3,056 3,257 3,473 3,702 3,946

2022 2023 2024 2025 2026 2027 2028
3.50% 3.50% 3.50% 3.50% 3.50% 3.50% 3.50%
 C

Inversiones 0 1
2018 2019
Activos 120,000,000

Depreciación y Amortización 2018 2019

12,000,000

Total depreciación y amortización 0 12,000,000

BG Depreciación y amortización acumulada 0 12,000,000

BG Total activos netos 0 12,000,000

 Comercializadora
Pesos
2 3 4 5 6
2020 2021 2022 2023 2024

2020 2021 2022 2023 2024

12,000,000 12,000,000 12,000,000 12,000,000 12,000,000

12,000,000 12,000,000 12,000,000 12,000,000 12,000,000

24,000,000 36,000,000 48,000,000 60,000,000 72,000,000

24,000,000 36,000,000 48,000,000 60,000,000 72,000,000

 7 8 9 10
2025 2026 2027 2028

2025 2026 2027 2028

12,000,000 12,000,000 12,000,000 12,000,000

12,000,000 12,000,000 12,000,000 12,000,000

84,000,000 96,000,000 ### ###

84,000,000 96,000,000 ### ###

 Comerc
Valores

Costos y gastos 1 2
2019 2020
Salario básico mensual Auxiliar 14,832,000 15,306,624
Salario básico mensual Gerente - Secretaria
Gastos Varios 4,202,400 4,336,877
Arriendo Local 13,731,960 14,313,097
Costos de mantenimiento 566,500 584,628
Publicidad
Total otros costos y gastos 33,332,860 34,541,225
BG Otras cuentas por Pagar 0 0
FE Otros pagos 33,332,860 34,541,225
 Comercializadora
Valores en pesos

3 4 5 6 7 8
2021 2022 2023 2024 2025 2026
15,827,049 16,380,996 16,954,331 17,547,732 18,161,903 18,797,570

4,484,331 4,641,282 4,803,727 4,971,858 5,145,873 5,325,978

14,947,739 15,625,619 16,334,241 17,074,999 17,849,350 18,658,818
604,505 625,663 647,561 670,226 693,684 717,963

35,863,624 37,273,560 38,739,860 40,264,815 41,850,809 43,500,329

0 0 0 0 0 0
35,863,624 37,273,560 38,739,860 40,264,815 41,850,809 43,500,329
 9 10
2027 2028
19,455,485 20,136,427

5,512,387 5,705,321
19,504,996 20,389,547
743,091 769,100

45,215,959 47,000,394
0 0
45,215,959 47,000,394
 El Capital de Trabajo -
Valores en p

Ingresos 1 2
2019 2020
Unidades vendidas 30,000 33,000
Precio estimado 4,071 4,369
ER Ingresos 122,116,800 144,172,071
BG Cuenta por cobrar 20,352,800 24,028,679
FE Recaudo en ventas 101,764,000 140,496,193

Comercialización 1 2
Unidades 2019 2020
Ventas 30,000 33,000
Inventario 7,500 8,250
Compras 37,500 33,750

Comercialización 1 2
Pesos 2019 2020

Precio de compra 2,228 2,368

Compras 66,836,700 78,149,212

BG Inventario 16,709,175 19,537,303

ER Costo de los productos vendidos 50,127,525 75,321,084

Compras 66,836,700 78,149,212

BG Cuentas por pagar Proveedores 16,709,175 19,537,303
FE Pago a proveedores 50,127,525 75,321,084

Capital de Trabajo Neto Operativo 20,352,800 24,028,679

Capital de Trabajo 3,643,625 4,491,375
Inver KTNO 3,643,625 847,750
El Capital de Trabajo - Comercializadora
Valores en pesos

3 4 5 6 7 8
2021 2022 2023 2024 2025 2026
36,300 39,930 43,923 43,923 43,923 43,923
4,698 5,057 5,443 5,859 6,307 6,789
### 201,926,852 239,089,470 257,355,905 277,017,896 298,182,064
28,423,428 33,654,475 39,848,245 42,892,651 46,169,649 49,697,011
### 196,695,804 232,895,700 254,311,499 273,740,898 294,654,702

3 4 5 6 7 8
2021 2022 2023 2024 2025 2026
36,300 39,930 43,923 43,923 43,923 43,923
9,075 9,983 10,981 10,981 10,981 10,981
37,125 40,838 44,921 43,923 43,923 43,923

3 4 5 6 7 8
2021 2022 2023 2024 2025 2026

2,522 2,689 2,866 3,056 3,257 3,473

91,553,522 107,360,695 125,897,056 134,212,556 143,077,296 152,527,551

22,888,380 26,840,174 31,474,264 33,553,139 35,769,324 38,131,888

88,202,444 103,408,902 121,262,966 132,133,681 140,861,111 150,164,987

91,553,522 107,360,695 125,897,056 134,212,556 143,077,296 152,527,551

22,888,380 26,840,174 31,474,264 33,553,139 35,769,324 38,131,888
88,202,444 103,408,902 121,262,966 132,133,681 140,861,111 150,164,987

28,423,428 33,654,475 39,848,245 42,892,651 46,169,649 49,697,011

5,535,047 6,814,302 8,373,981 9,339,512 10,400,325 11,565,123
1,043,672 1,279,254 1,559,679 965,531 1,060,814 1,164,797
 9 10
2027 2028
43,923 43,923
7,307 7,866
320,963,173 345,484,760
53,493,862 57,580,793
317,166,322 341,397,829

9 10
2027 2028
43,923 43,923
10,981 10,981
43,923 43,923

9 10
2027 2028

3,702 3,946

162,601,996 173,341,858

40,650,499 43,335,464

160,083,385 170,656,892

162,601,996 173,341,858
40,650,499 43,335,464
160,083,385 170,656,892

53,493,862 57,580,793
12,843,363 14,245,329
1,278,240 1,401,966
 ESTADO DE RESULTADOS

2018 2019
Ingresos 122,116,800
CMV 66,836,700
Utilidad bruta 55,280,100
Costos y gastos efectivos 33,332,860
EBITDA 21,947,240
Depreciación y amortización 12,000,000
Utilidad Operativa 9,947,240
Gastos financieros
Utilidad antes de impuestos 9,947,240
Impuestos 2,486,810
Utilidad Neta 7,460,430
 2020 2021 2022 2023 2024
144,172,071 170,540,566 201,926,852 239,089,470 257,355,905
78,149,212 91,553,522 107,360,695 125,897,056 134,212,556
66,022,859 78,987,044 94,566,157 113,192,414 123,143,349
34,541,225 35,863,624 37,273,560 38,739,860 40,264,815
31,481,633 43,123,420 57,292,597 74,452,554 82,878,534
12,000,000 12,000,000 12,000,000 12,000,000 12,000,000
19,481,633 31,123,420 45,292,597 62,452,554 70,878,534

19,481,633 31,123,420 45,292,597 62,452,554 70,878,534

4,870,408 7,780,855 11,323,149 15,613,138 17,719,634
14,611,225 23,342,565 33,969,447 46,839,415 53,158,901
 2025 2026 2027 2028
277,017,896 298,182,064 320,963,173 345,484,760
143,077,296 152,527,551 162,601,996 173,341,858
133,940,601 145,654,513 158,361,177 172,142,902
41,850,809 43,500,329 45,215,959 47,000,394
92,089,791 102,154,184 113,145,219 125,142,508
12,000,000 12,000,000 12,000,000 12,000,000
80,089,791 90,154,184 101,145,219 113,142,508

80,089,791 90,154,184 101,145,219 113,142,508

20,022,448 22,538,546 25,286,305 28,285,627
60,067,343 67,615,638 75,858,914 84,856,881
 BALANCE GENERAL

2018 2019
Efectivo - 15,816,805
Cuentas por cobrar 20,352,800
Inventarios
Activo Fijo Bruto 120,000,000 120,000,000
Depreciación acumulada 0 12,000,000
Activo Fijo Neto 120,000,000 108,000,000
ACTIVOS 120,000,000 144,169,605
Préstamos
Cuentas por pagar proveedores 16,709,175
Provisión de impuestos
Otras cuentas por pagar
PASIVOS - 16,709,175
Capital 120,000,000 120,000,000
Utilidades Ejercicio - 7,460,430
Utilidades acumuladas -
PATRIMONIO 120,000,000 127,460,430

Control 0.00000 0.00000

2020 2021 2022
41,580,280 75,879,173 120,569,366
24,028,679 28,423,428 33,654,475

120,000,000 120,000,000 120,000,000

24,000,000 36,000,000 48,000,000
96,000,000 84,000,000 72,000,000
161,608,958 188,302,600 226,223,841

19,537,303 22,888,380 26,840,174

19,537,303 22,888,380 26,840,174

120,000,000 120,000,000 120,000,000
14,611,225 23,342,565 33,969,447
7,460,430 14,611,225 23,342,565
142,071,655 157,953,790 177,312,012

0.00000 -7,460,430.00000 -22,071,654.87900

 2023 2024 2025
177,849,102 242,042,471 313,049,001
39,848,245 42,892,651 46,169,649

120,000,000 120,000,000 120,000,000

60,000,000 72,000,000 84,000,000
60,000,000 48,000,000 36,000,000
277,697,347 332,935,122 395,218,651

31,474,264 33,553,139 35,769,324

31,474,264 33,553,139 35,769,324

120,000,000 120,000,000 120,000,000
46,839,415 53,158,901 60,067,343
33,969,447 46,839,415 53,158,901
200,808,863 219,998,316 233,226,244

-45,414,219.85391 -79,383,667.23296 -126,223,082.55265

 2026 2027 2028
391,499,842 478,080,515 573,535,431
49,697,011 53,493,862 57,580,793

120,000,000 120,000,000 120,000,000

96,000,000 108,000,000 120,000,000
24,000,000 12,000,000 0
465,196,852 543,574,378 631,116,224

38,131,888 40,650,499 43,335,464

38,131,888 40,650,499 43,335,464

120,000,000 120,000,000 -
67,615,638 75,858,914 84,856,881
60,067,343 67,615,638 75,858,914
247,682,982 263,474,552 160,715,795

-179,381,983.21015 -239,449,326.66275 -427,064,964.71502

 Flujo de Efectivo

2018 2019

Recaudo en ventas 0 101,764,000

Capitalizaciones 120,000,000 -
Desembolsos de créditos

Total Ingresos 120,000,000 101,764,000

Pago a proveedores 0 50,127,525

Otros pagos 33,332,860
Inversiones 120,000,000 0
Servicio de la deuda
Impuestos - 2,486,810

Total egresos 120,000,000 85,947,195

Variación del periodo - 15,816,805

Caja inicial -
Caja Final - 15,816,805
 2020 2021 2022 2023

140,496,193 166,145,817 196,695,804 232,895,700

- - - -

140,496,193 166,145,817 196,695,804 232,895,700

75,321,084 88,202,444 103,408,902 121,262,966

34,541,225 35,863,624 37,273,560 38,739,860
0 0 0 0

4,870,408 7,780,855 11,323,149 15,613,138

114,732,718 131,846,924 152,005,611 175,615,964

25,763,475 34,298,893 44,690,193 57,279,736

15,816,805 41,580,280 75,879,173 120,569,366
41,580,280 75,879,173 120,569,366 177,849,102
 2024 2025 2026 2027 2028

254,311,499 273,740,898 294,654,702 317,166,322 341,397,829

- - - - -

254,311,499 273,740,898 294,654,702 317,166,322 341,397,829

132,133,681 140,861,111 150,164,987 160,083,385 170,656,892

40,264,815 41,850,809 43,500,329 45,215,959 47,000,394
0 0 0 0 0

17,719,634 20,022,448 22,538,546 25,286,305 28,285,627

190,118,129 202,734,368 216,203,862 230,585,648 245,942,913

64,193,370 71,006,530 78,450,841 86,580,674 95,454,915

177,849,102 242,042,471 313,049,001 391,499,842 478,080,515
242,042,471 313,049,001 391,499,842 478,080,515 573,535,431
Flujo de Caja del Proyecto Puro

FCL 2018 2019

UODI
Depreciación
FCB
Inversión en capital de trabajo
Inversion
Valor de liquidación o terminación
FCL

TIR Proyecto puro

VPN Proyecto puro
2020 2021 2022 2023 2024
2025 2026 2027 2028
 Valor Económico Agregado
0 1
2018 2019
UODI
Ganancia/pérdida neta en liquidación
UNODI
Capital empelado operativo inicial
RSCEO 0.00% 0.00%
WACC 0.00% 0.00%
EVA 1 0 0
EVA 2 0 0

Capital Empleado 0 1
2018 2019
Cuentas por cobrar
Inventarios
Cuentas por pagar proveedores

Capital de trabajo neto operativo 0 0

Activo Fijo Neto 0 0

Capital empelado operativo 0 0
 Comercializadora
Pesos

2 3 4 5 6
2020 2021 2022 2023 2024

0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00%
0 0 0 0 0
0 0 0 0 0

Comercializadora
Pesos
2 3 4 5 6
2020 2021 2022 2023 2024

0 0 0 0 0

0 0 0 0 0
0 0 0 0 0
 7 8 9 10
2025 2026 2027 2028

0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00%
0 0 0 0
0 0 0 0

7 8 9 10
2025 2026 2027 2028

0 0 0 0

0 0 0 0
0 0 0 0