Professional Documents
Culture Documents
Inversin
Montos
Estructura de Deuda
1,000,000
1,000,000
2,500,000
2,000,000
6,500,000
15.38%
15.38%
38.46%
30.77%
100.00%
Valor Venta
1,800,000
3,700,000
4,661,017
1,000,000
Terreno
Contruccin
Maquinarias y equipos
Capital de Trabajo
TOTAL
IGV
Total
Kd
1,800,000
3,700,000
5,500,000
1,000,000
12,000,000
838,983
Estructura de Patrimonio
Costo
14.06%
13.10%
7.23%
12.50%
0
2.16%
2.02%
2.78%
3.85%
10.81%
Estructura de Patrimonio
Montos
3,000,000
1,500,000
1,000,000
5,500,000
Kd
54.55%
27.27%
18.18%
100.00%
Costo
12.84%
10.07%
12.78%
7.01%
2.75%
2.32%
12.08%
Deuda
Patrimonio
Total Deuda y Patrimonio
6,500,000
5,500,000
12,000,000
Kd
54.17%
45.83%
100.00%
Deuda
Patrimonio
Total Deuda y Patrimonio
Costo
7.57%
12.08%
WACC
4.10%
5.54%
9.63%
9.63%
Monto
TEAnual
TESemestral
Cuotas Semestrales
Aos
N de Cuotas
Cargos y Comisiones
1,000,000
14%
6.77%
Periodo
0
1
2
3
4
2
4
175.6
Cuota
Saldo
Amortizacin
1,000,000
774,005.92
532,710.28
275,077.03
-
Inters
225,994.08
241,295.64
257,633.25
275,077.03
Cuota
67,707.83
52,406.26
36,068.65
18,624.87
Cargos y Comisines
Cuota Total
293,702
293,702
293,702
293,702
(1,000,000)
293,878
293,878
293,878
293,878
6.80%
14.06%
175.60
175.60
175.60
175.60
TIRSemestral
TIRAnual
293,702
Monto
TEAnual
TESemestral
Cuotas Semestrales
Aos
N de Cuotas
Cargos y Comisiones
Seguro (Tasa Anual)
Seguro (Tasa Semestral)
Valor de Recompra
1,694,915
12%
5.83%
Periodo
0
1
2
3
4
5
6
3
6
141.95
1.0%
0.499%
1.0%
Cuota
Saldo
Amortizacin
1,694,915
1,450,886
1,192,629
919,316
630,068
323,957
-
Inters
244,030
258,257
273,313
289,248
306,111
323,957
Cuota
98,814
84,587
69,531
53,597
36,733
18,887
IGV de Cuota
Cargos y Comisines
342,844
342,844
342,844
342,844
342,844
342,844
61,712
61,712
61,712
61,712
61,712
61,712
Seguro
25.55
25.55
25.55
25.55
25.55
25.55
IGV de Seguro
8,453.50
8,453.50
8,453.50
8,453.50
8,453.50
8,453.50
Valor de Recompra
1,521.63
1,521.63
1,521.63
1,521.63
1,521.63
1,521.63
16,949.15
3,050.85
TIRSemestral
TIRAnual
342,844
Monto
N de Bonos
TEAnual
Cupon Semestral
TESemestral
Aos
N de Cuotas
Gastos de flotacin
Gastos de colocacin
Inflacin anual
Inflacin Semestral
Prima de redencin
Valor nominal del Bono
Valor de cotizacin
2,500,000
2,500
4.50%
Gastos
Periodo
0
1
2
3
4
5
6
2.23%
3
6
0.45%
0.25%
3.50%
1.73%
2.0%
1,000
1,050
Bono
Bono Indexado
1,000.00
1,017.35
1,035.00
1,052.96
1,071.23
1,089.81
Cupon
1,017.35
1,035.00
1,052.96
1,071.23
1,089.81
1,108.72
De Flotacin
De Colocacin
Prima de redencin
4.725
-
22.64
23.03
23.43
23.84
24.25
24.67
2.63
-
Flujo Final
###
###
###
###
###
22.17
1,042.65
(22.64)
(23.03)
(23.43)
(23.84)
(24.25)
(1,155.56)
3.55%
7.23%
TIRSemestral
TIRAnual
Monto
Cuotas Semestrales
TEAnual (Primer ao)
TESemestral (Primer ao)
TEAnual (Segundo y Tercer ao)
TESemestral (Segundo y Tercer ao)
Aos
N de Cuotas
Cargos y Comisiones
1,000,000
Periodo
0
1
2
3
4
5
6
14%
6.77%
12%
5.83%
3
6
44.67
Saldo
Amortizacin
1,000,000
859,394
709,269
546,726
374,708
192,661
-
Inters
140,606
150,126
162,542
172,018
182,047
192,661
Cuota
67,708
58,188
41,351
31,874
21,846
11,232
Cargos y Comisines
Cuota Total
208,314
208,314
203,893
203,893
203,893
203,893
(1,000,000)
208,358.18
208,358.18
203,937.56
203,937.56
203,937.56
203,937.56
6.35%
13.10%
44.67
44.67
44.67
44.67
44.67
44.67
TIRSemestral
TIRAnual
0.38
4.50
0.45%
0.25%
4.00%
Ke
Utilidades Retenidas
12.84%
0.35
3.50
0.45%
0.25%
0.00%
Kp
10.07%
0.38
4.50
4.00%
Ks
12.78%
18.0%
5.00
N
Inversin
Precio de Venta
Terreno
2
3
Valor de Venta
1,800,000
Construccin
Maquinaria y equipo
IGV
3,700,000
5,500,000
Capital de trabajo
1,000,000
12,000,000
Total
838,983
Depreciacin
Depreciacin anual
Depreciacin acumulada
Valor residual
1,800,000
3,700,000
4,661,017
33
5
112,121
932,203
560,606
4,661,017
3,139,394
0
0
1,044,325
0
5,221,623
1,000,000
5,939,394
Depreciacin anual
Depreciacin acumulada
Valor residual
1,000,000
11,161,017
838,983.05
1,800,000
18.0%
5.00
N
Inversin
Precio de Venta
1
2
Terreno
Construccin
3
4
IGV
Valor de Venta
1,800,000
3,700,000
Capital de trabajo
3,500,000
2,000,000
1,000,000
12,000,000
Total
Depreciacin
1,800,000
3,700,000
0
33
2,966,102
1,694,915
5
3
593,220
564,972
2,966,102
1,694,915
0
0
1,000,000
11,161,017
0
1,270,313
0
5,221,623
1,000,000
5,939,394
533,898
305,085
838,983.05
0
112,121
0
560,606
1,800,000
3,139,394
18%
30%
PERODOS
1
Costo de Ventas
Gastos Administrativos
5
6,000,000
45%
10%
Gastos de Ventas
Crecimiento
INGRESOS
Ventas (valor venta)
5%
4%
6,000,000
6,240,000
6,489,600
6,749,184
7,019,151
IGV
Precio de venta
1,080,000
7,080,000
1,123,200
7,363,200
1,168,128
7,657,728
1,214,853
7,964,037
1,263,447
8,282,599
COSTOS
Costo de Ventas
IGV
2,700,000
486,000
2,808,000
505,440
2,920,320
525,658
3,037,133
546,684
3,158,618
568,551
3,186,000
3,313,440
3,445,978
3,583,817
3,727,169
GASTOS
Gastos Administrativos
Gastos de Ventas
Seguro
IGV
Gastos con IGV
600,000
300,000
46,610
624,000
312,000
46,610
648,960
324,480
46,610
674,918
337,459
46,610
701,915
350,958
46,610
170,390
1,117,000
176,870
1,159,480
183,609
1,203,659
190,618
1,249,606
197,907
1,297,390
IGV de Inversin
IGV de Ventas
IGV de Costos
IGV de Gastos
Crdito Fiscal
IGV por pagar
IGV de Inversin
IGV de Ventas
IGV de Costos
IGV de Gastos
IGV de Leasing
Crdito Fiscal
IGV por pagar
838,983
838,983
(1,080,000)
486,000
170,390
415,373
-
(1,123,200)
505,440
176,870
(25,517)
(1,168,128)
525,658
183,609
(458,861)
(1,214,853)
546,684
190,618
(477,551)
(1,263,447)
568,551
197,907
(496,989)
533,898
(1,080,000)
486,000
170,390
126,518
236,806
-
533,898
(1,123,200)
505,440
176,870
126,518
(77,566)
(1,168,128)
525,658
183,609
129,569
(329,292)
(1,214,853)
546,684
190,618
(1,263,447)
568,551
197,907
(477,551)
(496,989)
GASTOS FINANCIEROS
1
114,174
11,813
6,563
118,170
122,306
132,549
118,170
55,436
177,742
183,402
123,127
283.90
183,686
283.90
123,411
120,114
351.20
120,465
54,694
351.20
55,045
125,896
89.34
125,985
73,225
89.34
73,314
13,500.00
7,500.00
21,000
55,620
16,949
283.90
72,853
33,078
89.34
33,167
583,685
369,941
283,763
6,000,000
6,240,000
6,489,600
6,749,184
7,019,151
2,700,000
3,300,000
2,808,000
3,432,000
2,920,320
3,569,280
3,037,133
3,712,051
3,158,618
3,860,533
Gastos administrativos
600,000
624,000
648,960
674,918
701,915
Gastos de Ventas
Seguros
300,000
46,610
312,000
46,610
324,480
46,610
337,459
46,610
350,958
46,610
1,044,325
1,309,065
1,044,325
1,405,065
1,044,325
1,504,905
1,044,325
1,608,739
1,044,325
1,716,726
392,720
916,346
421,520
983,546
451,472
1,053,434
482,622
1,126,117
515,018
1,201,708
Costo de ventas
Utilidad Bruta
Depreciacin
Utilidad imponible
Ventas
6,749,184
7,019,151
3,037,133
3,712,051
3,158,618
3,860,533
624,000
648,960
674,918
300,000
46,610
312,000
46,610
324,480
46,610
337,459
46,610
350,958
46,610
1,270,313
1,270,313
1,270,313
1,270,313
1,270,313
583,685
369,941
283,763
499,391
809,136
995,154
1,382,750
1,490,737
149,817
349,574
242,741
566,395
298,546
696,608
414,825
967,925
447,221
1,043,516
Depreciacin
Utilidad imponible
Gastos
IGV por pagar
Impuestos
TOTAL
(12,000,000)
VANE
TIRE
0
Inversion Inicial
5,939,394
Valor residual
7,080,000
3,186,000
7,363,200
3,313,440
7,657,728
3,445,978
7,964,037
3,583,817
8,282,599
3,727,169
1,117,000
-
1,159,480
25,517
1,203,659
458,861
1,249,606
477,551
1,297,390
496,989
Gastos
IGV por pagar
392,720
2,384,280
421,520
2,443,243
451,472
2,097,758
482,622
2,170,442
515,018
8,185,427
470,097
10.87%
701,915
(12,000,000)
Valor residual
Ingresos por Ventas
Costos de Ventas
6,489,600
2,920,320
3,569,280
600,000
Gastos de Ventas
Seguros
Impuesto
Utilidad neta
Inversion Inicial
6,240,000
2,808,000
3,432,000
Gastos administrativo
Gastos Financieros
Impuesto
Utilidad neta
6,000,000
2,700,000
3,300,000
Costo de ventas
Utilidad Bruta
(12,000,000)
5,939,394
7,080,000
3,186,000
7,657,728
3,445,978
7,964,037
3,583,817
8,282,599
3,727,169
1,117,000
-
1,159,480
(77,566)
1,203,659
(329,292)
1,249,606
(477,551)
1,297,390
(496,989)
Impuesto a la Renta
Gastos Financieros
149,817
583,685
242,741
369,941
298,546
283,763
414,825
447,221
467,290
290,731
532,710
334,561
1,285,476
1,487,893
2,755,075
3,193,341
6,475,407
Devolucin Bonos
Ingreso por Deuda
TOTAL
7,363,200
3,313,440
2,771,795
6,500,000
(5,500,000)
VANE
TIRE
9,697,192
33.41%
Flujo
(1,694,915)
342,986
342,986
342,986
342,986
342,986
359,935
6.07%
12.50%
Parcial - Caso 1
% Produccin
Trujillo
70%
Lima
30%
Extensin Ha.
Cacique
Ingenio
Sta Maria
500
450
300
Total kg
1,250
Precio x Kg.
0.342
0.36
Depreciac Maq
Depreciacin
Factor
10
40%
100,000
20%
50,000
10%
25,000
1
1,274,800
1,008,000
480,000
2
2,230,900
1,764,000
840,000
3
2,868,300
2,268,000
1,080,000
4
3,187,000
2,520,000
1,200,000
2,762,800
4,834,900
6,216,300
6,907,000
% Produccion
Ventas en Trujillo
Ventas en Lima
40%
661,414
298,382
70%
1,157,475
522,169
90%
1,488,182
671,360
100%
1,653,536
745,956
Total Ventas
a)
Flujo de Caja Libre
959,797
1,679,644
2,159,543
2,399,492
1
959,797
(29,375)
930,422
(28,000)
(100,000)
802,422
(240,727)
561,695
100,000
2
1,679,644
(29,375)
1,650,269
(28,000)
(75,000)
1,547,269
(464,181)
1,083,088
75,000
3
2,159,543
(29,375)
2,130,168
(28,000)
(50,000)
2,052,168
(615,650)
1,436,517
50,000
0
Ventas
Costos variables
Margen Bruto
Gastos Administrativos
Depreciacin
UAI
Impuesto a la renta
UDI
Depreciacin
Inversin Fundos
I Rta Fundo
CAPEX
Irta de venta
WC
FCL
b)
N
30%
75,000
(6,000,000)
(250,000)
(750,000)
(7,000,000)
(750,000)
(88,305)
(750,000)
408,088
(750,000)
736,517
0
Ventas - cobranzas
Costos variables - jornales NO hay IGV
Gastos Adm - IGV solo de compras
Venta al contado
Venta credito 1 mes
C Var al contado
C Var credito 1 mes
G Adm al contado
G Adm credito 1 mes
Impuesto a la renta
Fundos no hay IGV
(6,000,000)
I Rta Fundo
CAPEX con IGV
(295,000)
Irta de venta
CT no hay IGV
(750,000)
IGV neto a pagar
FCL
-7,045,000
45,000
MODULO DEL IGV
0
1
1,132,560
(29,375)
(30,016)
1,132,560
(240,727)
2
1,981,980
(29,375)
(30,016)
1,981,980
(29,375)
(30,016)
(464,181)
3
2,548,260
(29,375)
(30,016)
2,548,260
(29,375)
(30,016)
(615,650)
(750,000)
(125,747)
-43,305
-45,000
1
(750,000)
(300,320)
408,088
0
2
(750,000)
(386,702)
736,517
0
3
(172,763)
2,016
(302,336)
2,016
(388,718)
2,016
45,000
(125,747)
(125,747)
-
(300,320)
(300,320)
-
(386,702)
(386,702)
-
4%
1
959,797
(29,375)
930,422
(28,000)
(96,154)
806,268
(241,880)
564,388
96,154
4%
2
1,679,644
(29,375)
1,650,269
(28,000)
(69,342)
1,552,928
(465,878)
1,087,049
69,342
3%
3
2,159,543
(29,375)
2,130,168
(28,000)
(44,881)
2,057,286
(617,186)
1,440,100
44,881
(750,000)
(89,459)
7.692%
(83,069)
4%
1
998,189
(30,550)
967,639
(29,120)
(100,000)
838,519
(251,556)
586,963
100,000
(750,000)
406,391
7.692%
350,409
4%
2
1,816,703
(31,772)
1,784,931
(30,285)
(75,000)
1,679,646
(503,894)
1,175,753
75,000
(750,000)
734,982
8.738%
582,809
3%
3
2,405,834
(32,725)
2,373,109
(31,193)
(50,000)
2,291,916
(687,575)
1,604,341
50,000
(780,000)
(93,037)
(83,069)
(811,200)
439,553
350,409
(835,536)
818,805
582,809
4
2,399,492
Vtas Trujillo y Lima
(29,375)
2,370,117
(28,000)
(25,000)
2,317,117
(695,135)
1,621,982
25,000
7,200,000
Venta
(360,000)
Costo
50,000
Utilidad
(15,000)
Irta.
3,000,000 VPN
1,093,148 > 0
11,521,982 Proyecto es rentable
7,200,000
(6,000,000)
1,200,000
360,000
Refer
Refer
Refer
100%
0%
100%
0%
100%
0%
IGV ingresos
IGV egresos
IGV inversin
Cred mes anterior
IGV neto
IGV neto pagar
IGV Crd fiscal
c)
45,000
45,000
(*)
(*)
(*)
30%
(6,000,000)
(250,000)
(750,000)
(7,000,000)
(7,000,000)
c)
(**)
(**)
(**)
Ventas
Costos variables
Margen Bruto
Gastos Administrativos
Depreciacin
UAI
Impuesto a la renta
UDI
Depreciacin
Inversin Fundos
Irenta
CAPEX
Irta de venta
WC
FCL
(30,016)
45,000
(29,375)
30%
(6,000,000)
(250,000)
(750,000)
(7,000,000)
(7,000,000)
4
2,831,400
(29,375)
(30,016)
2,831,400
(29,375)
(30,016)
(695,135)
7,200,000
(360,000)
59,000
(15,000)
3,000,000
(438,893) VPN
11,521,982
Proyecto es rentable
0
4
1,088,327 > 0
(431,909)
2,016
(9,000)
(438,893)
(438,893)
3%
4
2,399,492
(29,375)
2,370,117
(28,000)
(21,787)
---- >
(*) FLUJO REAL debemos traer a valor
2,320,330
valor actual, las partidas que van a
(696,099)
mantener su valor NOMINAL en futuro
1,624,231
Ej: deprec & costos vta Activo ao 4
21,787
---- >
(**) En FLUJO NOMINAL, se deber
7,200,000
VL real:
conservar valor NOMINAL depr y costo
(591,331) 5,228,897 Venta
7,200,000
50,000
0
Costo
(5,228,897)
(15,000)
Utilidad
1,971,103
3,000,000
Irta.
591,331
11,289,687
tasa dscto nominal =
12%
8.738% (***) VPN =
2,083,013 > 0
8,232,864 Proyecto es rentable
3%
4
(***) los VPN del FC Real y FC Nominal, deben de
2,753,344 tener el mismo VAN (ajustados x inflac), debido a que
(33,707) FC REAL se ajustan por inflacion las TASAS y en el
2,719,637 FC NOMINAL se ajustan por inflacion los FLUJOS.
(32,129)
(25,000)
---- >
(*) FLUJO REAL debemos traer a valor
2,662,507
valor actual, las partidas que van a
(798,752)
mantener su valor NOMINAL en futuro
1,863,755
Ej: deprec & costos vta Activo ao 4
25,000
---- >
(**) En FLUJO NOMINAL, se deber
8,261,780
VL real:
conservar valor NOMINAL depr y costo
(678,534)
8,261,780 Venta
8,261,780
57,373
Costo
(6,000,000)
(17,212)
Utilidad
2,261,780
3,442,408
57,373 Irta.
678,534
12,954,571
tasa dscto nominal =
12%
8,232,864 (***) VPN =
2,083,013 > 0
1
959,797
(29,375)
930,422
(28,000)
(100,000)
802,422
(240,727)
561,695
100,000
(750,000)
(88,305)
2
1,679,644
(29,375)
1,650,269
(28,000)
(75,000)
1,547,269
(464,181)
1,083,088
75,000
(750,000)
408,088
3
2,159,543
(29,375)
2,130,168
(28,000)
(50,000)
2,052,168
(615,650)
1,436,517
50,000
(750,000)
736,517
4
Venta
7,200,000
2,399,492 Costo
(6,000,000)
(29,375) Utilidad
1,200,000
2,370,117 Irta.
360,000
(28,000)
(25,000)
2,317,117
(695,135)
1,621,982
25,000
7,200,000
(360,000)
50,000
(15,000)
3,000,000 VPN
1,093,148
11,521,982 Proyecto es rentable
FCL real
30%
4%
1
959,797
(29,375)
930,422
(28,000)
(96,154)
806,268
(241,880)
564,388
96,154
4%
2
1,679,644
(29,375)
1,650,269
(28,000)
(69,342)
1,552,928
(465,878)
1,087,049
69,342
3%
3
2,159,543
(29,375)
2,130,168
(28,000)
(44,881)
2,057,286
(617,186)
1,440,100
44,881
(6,000,000)
(250,000)
(750,000)
(7,000,000)
(7,000,000)
0
0
0
0
0
0
30%
0
-
(750,000)
(89,459)
7.692%
(83,069)
(750,000)
406,391
7.692%
350,409
(750,000)
734,982
8.738%
582,809
3%
4
Venta
2,399,492 Costo
(29,375) Utilidad
2,370,117 Irta.
(28,000)
(21,787)
---- >
2,320,330
(696,099)
1,624,231
21,787
---- >
7,200,000 VL real:
(591,331) 5,228,897
50,000
0
(15,000)
3,000,000
11,289,687 Tasa
8.738%
8,232,864 (***) VPN =
3,846
5,658
5,119
3,213
(1,154)
(1,697)
(1,536)
(964)
(3,846)
(1,154)
(5,658)
(1,697)
(5,119)
(1,536)
(3,213)
(231,331)
(232,295)
Venta
Costo
Utilidad
Irta.
4%
1
998,189
(30,550)
967,639
(29,120)
(100,000)
838,519
(251,556)
586,963
100,000
4%
2
1,816,703
(31,772)
1,784,931
(30,285)
(75,000)
1,679,646
(503,894)
1,175,753
75,000
3%
3
2,405,834
(32,725)
2,373,109
(31,193)
(50,000)
2,291,916
(687,575)
1,604,341
50,000
(750,000)
(7,000,000)
(7,000,000)
(780,000)
(93,037)
(83,069)
(811,200)
439,553
350,409
(835,536)
818,805
582,809
3%
4
Venta
2,753,344 Costo
(33,707) Utilidad
2,719,637 Irta.
(32,129)
(25,000)
---- >
2,662,507
(798,752)
1,863,755
25,000
---- >
8,261,780 VL real:
(678,534) 8,261,780
57,373 Tasa
(17,212)
12%
3,442,408
57,373
12,954,571
8,232,864 (***) VPN =
0
0
0
0
38,392
(1,175)
37,217
(1,120)
137,059
(2,397)
134,662
(2,285)
246,292
(3,350)
242,941
(3,193)
353,852 Venta
(4,332) Costo
349,520 Utilidad
(4,129) Irta.
36,097
(10,829)
25,268
132,377
(39,713)
92,664
239,748
(71,924)
167,824
345,391
(103,617)
241,773
(30,000)
(4,732)
(61,200)
31,464
(85,536)
82,288
1,061,780
(318,534)
7,373
(2,212)
442,408
1,432,589
30%
(6,000,000)
(250,000)
12%
8,261,780
(6,000,000)
2,261,780
678,534
2,083,013
2,083,013
771,103
771,103
231,331
30%
-
1,061,780
1,061,780
318,534
(8.00)
(10.00)
(10.00)
7.00
(3.00)
(1.60)
2.40
(0.91)
1.49 IGV
1.60
3.09
16%
5.70
3.15 VAN
0.08
3.09
1.98
8.26
(3.54)
8.26
(3.54)
8.26
(3.54)
(0.91)
3.81
(0.91)
3.81
(0.91)
3.81
8.26
(3.54)
2.61
(0.91)
6.42
(1.26)
0.54
(1.26)
0.54
(1.26)
0.54
(1.26)
0.54
1.44
-
(0.72)
(0.72)
1.44
0.72
-
(0.72)
(0.72)
0.72
0.00
-
(0.72)
(0.72)
0.00
(0.72)
(0.72)
(0.72)
(0.72)
(0.72)
(0.72)
(11.44)
(11.44)
3.81
3.28
3.81
2.83
3.09
1.98
10%
1
1,900.00
(950.00)
(550.00)
400.00
(160.00)
240.00
550.00
790
10%
2
2,000.00
(1,000.00)
(500.00)
500.00
(200.00)
300.00
500.00
800
(1,210)
(1,210)
(1,210)
50%
(1,210)
(1,210)
(1,210)
790
752
-4.55%
828
10%
1
2,090
(1,045)
(605.00)
440
(176)
264
605
869
869
828
18%
-0.608
0.61
2.00 WACC
3.09
2.29
1.44
1.44
1.44
40%
7.00
(3.00)
(1.60)
2.40
(0.91)
1.49
1.60
3.09
3.09
2.66
(1,210)
Inflacion
Flujo Nominal
Ventas
C Variable
Depreciacin
Utilidad Operativa
Imp Renta
Util Neta
Depreciacin
FCOperativo
Inversin IME
FCLibre
Flujo Neto
7.00
(3.00)
(1.60)
2.40
(0.91)
1.49
1.60
3.09
(2.00)
(11.44)
(11.44)
7.00
(3.00)
(1.60)
2.40
(0.91)
1.49
1.60
3.09
5.70
3.15 VAN
(0.20)
800 WACC
5.0%
726
VAN del FLibre
268.00
-4.55% <-- conversion de flujos impactandolo con Inflacion
878
VAN del Flibre con inflac
495.62
10%
2
2,420
(1,210)
(605.00)
605
(242)
363
605
968
WACC
968
878 WACC
15.5% VAN
268.00
5.0% VAN
495.62
Unidades
100% Ventas
1,500
40% C. Variable
(750)
Margen Bruto
40% Costo Fijo
(150,000)
Depreciacin
33%
UAI
Impto Renta
28%
UDI
Depreciacin
FEN
100% CAPEX
Irta de venta
Capital de Trabajo
FCL
Flujo de Caja Libre con IGV
MODULO DEL IGV
IGV ingresos
IGV C. Variable
IGV C. Fijo
IGV inversin
Cred mes anterior
IGV neto
IGV neto pagar
IGV Crd fiscal
100%
0%
100%
0%
100%
0%
IGV
0
90,000
90,000
28%
90,000
(7,200)
(7,200)
-
(118,800)
(118,800)
-
1
885,000
(402,000)
(160,800)
885,000
(16,333)
2
1,062,000
(482,400)
(160,800)
1,062,000
(482,400)
(160,800)
(37,333)
(7,200)
298,667
259,705
(118,800)
262,667
198,606
3%
1
750,000
(375,000)
375,000
(150,000)
(161,812)
63,188
(17,693)
45,495
161,812
3%
2
900,000
(450,000)
450,000
(150,000)
(157,099)
142,901
(40,012)
102,888
157,099
207,307
11.653%
185,672
259,988
11.653%
208,552
3%
1
772,500
(386,250)
386,250
(154,500)
(166,667)
65,083
(18,223)
46,860
166,667
3%
2
954,810
(477,405)
477,405
(159,135)
(166,667)
151,603
(42,449)
109,154
166,667
213,527
185,672
275,821
208,552
(402,000)
(160,800)
(500,000)
(150,000)
(650,000)
(650,000)
18%
2
(162,000)
32,400
10,800
90,000
0
Ventas - cobranzas
Costos variables - hay IGV
Gastos Adm - IGV solo de compras
Venta al contado
Venta credito 1 mes
C Var al contado
C Var credito 1 mes
C Fijo al contado
C Fijo cred 1 mes
Impuesto a la renta
CAPEX con IGV
(590,000)
Irta de venta
CT no hay IGV
(150,000)
IGV neto a pagar
FCL
(740,000)
d) VPN con IGV
(740,000)
Ventas
Costos variables
Margen Bruto
Gastos Administrativos
Depreciacin
UAI
Impuesto a la renta
UDI
Depreciacin
CAPEX
Irta de venta
Capital de Trabajo
FCL
% dsct real =
e) VPN c/inflac (FCL Real)
1
(135,000)
27,000
10,800
28%
(500,000)
(150,000)
(650,000)
(650,000)
Venta
Costo
Utilidad
Irta.
b) VPN
4%
3
1,200,000
(600,000)
600,000
(150,000)
(151,057)
298,943
(83,704)
215,239
151,057
50,000
(14,000)
150,000
552,296
10.579%
400,646
4%
3
1,324,003
(662,002)
662,002
(165,500)
(166,667)
329,835
(92,354)
237,481
166,667
55,167
(15,447)
165,500
609,368
400,646
2
3
1,680
1,680
1,388
1,262
504 WACC
4
1,680
1,147
10.00%
5
1,680
1,043
Horno B
FEL
Flujo Neto
VAN
1
1,600
1,455
VAE
2
3
1,600
1,600
1,322
1,202
464 WACC
4
1,600
1,093
10.00%
5
1,600
993
Patrim:
40.00%
21.50%
8.60%
15.00%
50,000
50,000
(14,000)
96,048
c) Crdito periodo 0
debido compra capex
3
1,416,000
(643,200)
(160,800)
1,416,000
(643,200)
(160,800)
(79,333)
59,000
(14,000)
150,000
(171,000)
556,667
365,996
1
1,680
1,527
VAE
-5,530
-5,530
2,259
a) WACC
3
(216,000)
43,200
10,800
(9,000)
(171,000)
(171,000)
-
Deuda:
60.00%
14.82%
72.00%
6.40%
WACC
Venta
Costo
Utilidad
Irta.
15.00%
50,000
50,000
(14,000)
d) VPN c/IG
84,307
WACC
Venta
Costo
Utilidad
Irta.
15.00%
50,000
50,000
(14,000)
e) VPN Infla
144,870
WACC
Venta
Costo
Utilidad
Irta.
e) VPN Infla
15.00%
55,167
55,167
(15,447)
144,870
6
1,680
948
Se elige el Horno A
6
7
1,600
1,600
903
821
VAE= VAN/ (1 - (1 / (1+ r) ^ n) / r
1
800,000
(360,000)
440,000
(180,000)
(150,000)
110,000
(30,800)
79,200
150,000
229,200
45%
(180,000)
25%
28%
(140,000)
(740,000)
229,200
260,880
18%
IGV
0
2
(158,400)
42,768
16,200
108,000
19,080
19,080
19,080
(80,352)
(80,352)
-
108,000
108,000
1
944,000
(398,880)
(196,200)
(30,800)
2
1,038,400
(438,768)
(196,200)
(43,120)
318,120
284,042
4%
1
800,000
(360,000)
440,000
(180,000)
(144,231)
115,769
(32,415)
83,354
144,231
(80,352)
279,960
223,192
5%
2
880,000
(396,000)
484,000
(180,000)
(137,363)
166,637
(46,658)
119,979
137,363
(708,000)
(140,000)
(848,000)
(848,000)
0
28%
(600,000)
(140,000)
(740,000)
(740,000)
227,585
7.690%
211,333
4%
10%
968,000
(435,600)
532,400
(180,000)
(150,000)
202,400
(56,672)
145,728
150,000
295,728
200,000
(14,000)
140,000
621,728
Venta
Costo
Utilidad
Irta.
b) VPN
(174,240)
47,045
16,200
(36,000)
(146,995)
(146,995)
-
b) Crdito periodo 0 y 1
debido compra IME
Deuda:
70.00%
11.90%
72.00%
6.00%
Patrim:
30.00%
20.00%
a) WACC
12.00%
6.00%
200,000
(150,000)
50,000
(14,000)
115,190
(144,000)
38,880
16,200
108,000
Ventas
Costos variables
Margen Bruto
Gastos Administrativos
Depreciacin
UAI
Impuesto a la renta
UDI
Depreciacin
CAPEX
Irta de venta
Capital de Trabajo
FCL
% dsct real =
e) VPN c/inflac (FCL Real)
Flujo de Caja Libre Nominal
10%
880,000
(396,000)
484,000
(180,000)
(150,000)
154,000
(43,120)
110,880
150,000
260,880
(600,000)
IGV ingresos
IGV C. Ventas
IGV C. Operacin
IGV Inversin
Cred mes anterior
IGV neto
IGV neto pagar
IGV Crd fiscal
Ventas - cobranza
C Vta - cxpagar
C Fijo - cxpagar
Impuesto a la renta
CAPEX con IGV
Irta de venta
CT no hay IGV
IGV neto a pagar
FCL
c) VPN con IGV
Flujo de Caja Libre Real
257,342
6.664%
224,035
5%
3
1,142,240
(482,645)
(196,200)
(56,672)
236,000
(14,000)
140,000
(146,995)
621,728
442,562
4%
3
968,000
(435,600)
532,400
(180,000)
(132,079)
220,321
(61,690)
158,631
132,079
200,000
(19,018)
140,000
611,692
7.690%
494,496
4%
3
1,099,338
(494,702)
604,636
(204,422)
(150,000)
250,214
(70,060)
180,154
150,000
227,136
(21,598)
158,995
694,687
494,496
0
1
2
Ventas
832,000
960,960
Costos variables
(374,400)
(432,432)
Margen Bruto
457,600
528,528
Gastos Administrativos
(187,200)
(196,560)
Depreciacin
(150,000)
(150,000)
UAI
120,400
181,968
Impuesto a la renta
28%
(33,712)
(50,951)
UDI
86,688
131,017
Depreciacin
150,000
150,000
CAPEX
(600,000)
Irta de venta
Capital de Trabajo
(140,000)
FCL
(740,000)
236,688
281,017
e) VPN c/inflac (FCL Nominal)
(740,000)
211,333
224,035
Parcial 2015 2 - Pregunta 2
Se asume INDEPENDENCIA entre los FC del Proyecto:
Proy A
Prob
Flujo 1
Prob
Flujo 2
Prob
Flujo 3
1
15%
15.00
35%
20.00
55%
25.00
2
30%
25.00
30%
40.00
20%
40.00
3
55%
15.00
35%
30.00
25%
20.00
100%
18.00
100%
29.50
100%
26.75
COK
12% Inflacion
0.00%
0.00%
0.00%
Tasa Real
12.00%
12.00%
12.00%
Prob
Inversin
Flujo 1
Flujo 2
Flujo 3
Totales
Valor Esperado del VPN:
(30.00)
18.00
29.50
26.75
E(VAN)
(30.00)
16.07
23.52
19.04
28.63
Varianza
21.00
64.75
48.19
Var (VAN)
16.74
41.15
24.41
82.30
Proy B
Prob
Flujo 1
Prob
Flujo 2
Prob
Flujo 3
1
40%
10.00
50%
15.00
50%
25.00
2
30%
20.00
20%
20.00
20%
20.00
3
30%
30.00
30%
25.00
30%
15.00
100%
19.00
100%
19.00
100%
21.00
COK
12% Inflacion
0.00%
0.00%
0.00%
Tasa Real
12.00%
12.00%
12.00%
Prob
Inversin
Flujo 1
Flujo 2
Flujo 3
Totales
Valor Esperado del VPN:
(30.00)
19.00
19.00
21.00
E(VAN)
(30.00)
16.96
15.15
14.95
17.06
Varianza
69.00
19.00
19.00
Var (VAN)
55.01
12.07
9.63
76.71
Proy A
Proy B
E(VAN)
28.63
17.06
s(VAN)
9.07
8.76
CV =
31.69%
51.34% a) Pry A si objetivo es asumir menor riesgo relativo al ejecutar solo uno
WACC
12.00%
c) VPN c/IGV
101,796
WACC
12.00%
200,000
(132,079)
67,921
(19,018)
Venta
Costo
Utilidad
Irta.
d) VPN Inflac
189,864
WACC
Venta
Costo
Utilidad
Irta.
d) VPN Inflac
12.00%
227,136
(150,000)
77,136
(21,598)
189,864
Var F1
Var F2
1.35
14.70
4.95
4.58
21.00
s(VAN)
Varianza (VAN)
31.59
33.08
0.09
8.05
64.75
s(VAN)
E(VAN)
CV =
Z
Prob
Var F1
s(VAN)
Varianza (VAN)
Var F2
32.40
0.30
36.30
8.31
69.00
8.00
0.20
10.80
4.36
19.00
s(VAN)
E(VAN)
CV =
Z
Prob
b) Proy A
=> Prob (VPN < 0) =
Proy B
=> Prob (VPN < 0) =
Var F3
1.68
35.11
11.39
6.94
48.19
9.07
28.63
31.69%
(3.16)
0.08%
Var F3
8.00
0.20
10.80
4.36
19.00
8.76
17.06
51.34%
(1.95)
2.56%
Mdulo de ingresos
capacidad
precio
ingresos
200
130
19%
0.10
0.15
20.00
19.50
1,200
1,200
24,000
23,400
ao1
47,400
56,406
ao2
47,400
56,406
ao3
47,400
56,406
ao4
47,400
56,406
1,600
1,600
7,680
2,400
13,280
13,888
1,600
1,600
7,680
2,400
13,280
13,888
1,600
1,600
7,680
2,400
13,280
13,888
1,600
1,600
7,680
2,400
13,280
13,888
0.00
0.00
0.00
0.00
ao 1
5,600
ao 2
5,600
ao 3
5,600
ao 4
5,600
11,265
7,510
3,755
0.0
5,557.4
3,755.0
1,802.4
5,106.8
3,755.0
1,351.8
4,656.2
3,755.0
901.2
4,205.6
3,755.0
450.6
9,006
608
-8,398
9,006
608
-8,398
9,006
608
-8,398
9,006
608
-8,398
-1,064
-3,078
-8,398
-8,398
-8,398
-1,064
47,400
13,280
5,600
28,520
8,556
19,964
47,400
13,280
5,600
28,520
8,556
19,964
47,400
13,280
5,600
28,520
8,556
19,964
47,400
13,280
5,600
28,520
8,556
19,964
56,406
56,406
56,406
56,406
N viajesing x ao ($)
liq.
28,000
4,740
32,740
38,060
Mdulo de depreciacin
valor camin sin IGV
depreciacin
28,000
20%
15,020
12%
5,320
ao 5
5,600
1,064
5,320
30%
4,740
6,664
38,060
-38,060
15,020
-23,040
13,888
3,078
8,556
30,884
13,888
8,398
8,556
25,564
13,888
8,398
8,556
25,564
13,888
8,398
8,556
25,564
10,340
30,884
25,564
25,564
25,564
10,340
5,557
541
25,867
5,107
406
20,863
4,656
270
21,178
4,206
135
21,494
10,340
9.37%
65.07%
10.00%
97.06%
9.37%
55,567 -> descontamos con WACC
10.00%
54,730 -> descontamos con Ks = COK
39.46%
60.54%
12.00%
Cuidado!
10.00%
Siempre: Ks > Kd
1,064