2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
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44
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49
50
51
Nombre:
INSTRUCCIONES:
El ao 2009 refleja los supuestos de partida, que empiezan a aplicarse a partir del ao 2006
Slo las casillas en color azul deben ser rellenadas para hacer las simulaciones correspondientes.
Ingrese el ao actual:
2009
CLCULO DEL MARGEN OPERATIVO BRUTO
A) Ingresos:
Precio del producto A
Tasa estimada de incremento de ese precio
Volumen de ventas del producto A
Tasa estimada de incremento de ese volumen
Ingresos derivados de la venta del producto A
Precio del producto B
Tasa estimada de incremento de ese precio
Volumen de ventas del producto B
Tasa estimada de incremento de ese volumen
Ingresos derivados de la venta del producto B
Precio del producto C
Tasa estimada de incremento de ese precio
Volumen de ventas del producto C
Tasa estimada de incremento de ese volumen
Ingresos derivados de la venta del producto C
TOTAL DE INGRESOS OPERATIVOS
B) Gastos:
Costo variable unitario del producto A
Tasa estimada de incremento de ese costo
Costo variable total del producto A
Costo variable unitario del producto B
Tasa estimada de incremento de ese costo
Costo variable total del producto B
Costo variable unitario del producto C
Tasa estimada de incremento de ese costo
Costo variable total del producto C
Total de Costos variables
Costo de personal
Costo de mantenimiento
Seguros
Servicios, administracin, alquileres y otros gastos fijos
Tasa estimada de incremento de esos gastos
Total de Costos fijos
TOTAL DE GASTOS OPERATIVOS
MARGEN OPERATIVO BRUTO
Porcentaje de incremento
2009
2010
45.00
35,000
40.00
30,000
35.00
25,000
2009
35.00
30.00
25.00
450,000.00
80,000.00
25,000.00
70,000.00
625,000.00
45.45
1.0%
35,350
1.0%
1,606,658
40.80
2.0%
30,300
1.0%
1,236,240
36.05
3.0%
25,250
1.0%
910,263
3,753,160
45.90
1.0%
35,704
1.0%
1,638,951
41.62
2.0%
30,603
1.0%
1,273,574
37.13
3.0%
25,503
1.0%
946,946
3,859,472
46.36
1.0%
36,061
1.0%
1,671,894
42.45
2.0%
30,909
1.0%
1,312,036
38.25
3.0%
25,758
1.0%
985,108
3,969,039
2013
46.83
1.0%
36,421
1.0%
1,705,499
43.30
2.0%
31,218
1.0%
1,351,660
39.39
3.0%
26,015
1.0%
1,024,808
4,081,967
2014
47.30
1.0%
36,785
1.0%
1,739,780
44.16
2.0%
31,530
1.0%
1,392,480
40.57
3.0%
26,275
1.0%
1,066,108
4,198,367
2015
47.77
1.0%
37,153
1.0%
1,774,749
45.05
2.0%
31,846
1.0%
1,434,533
41.79
3.0%
26,538
1.0%
1,109,072
4,318,354
2016
48.25
1.0%
37,525
1.0%
1,810,422
45.95
2.0%
32,164
1.0%
1,477,856
43.05
3.0%
26,803
1.0%
1,153,767
4,442,045
2017
48.73
1.0%
37,900
1.0%
1,846,811
46.87
2.0%
32,486
1.0%
1,522,487
44.34
3.0%
27,071
1.0%
1,200,264
4,569,563
2018
49.22
1.0%
38,279
1.0%
1,883,932
47.80
2.0%
32,811
1.0%
1,568,466
45.67
3.0%
27,342
1.0%
1,248,635
4,701,033
2019
49.71
1.0%
38,662
1.0%
1,921,799
48.76
2.0%
33,139
1.0%
1,615,834
47.04
3.0%
27,616
1.0%
1,298,955
4,836,588
2010
35.70
2.0%
1,261,995
30.45
1.5%
922,635
25.25
1.0%
637,563
2,822,193
459,000.00
81,600.00
25,500.00
71,400.00
2%
637,500
3,459,693
2011
36.41
2.0%
1,300,107
30.91
1.5%
945,839
25.50
1.0%
650,378
2,896,324
468,180.00
83,232.00
26,010.00
72,828.00
2%
650,250
3,546,574
2012
37.14
2.0%
1,339,370
31.37
1.5%
969,627
25.76
1.0%
663,450
2,972,448
477,543.60
84,896.64
26,530.20
74,284.56
2%
663,255
3,635,703
2013
37.89
2.0%
1,379,819
31.84
1.5%
994,013
26.02
1.0%
676,785
3,050,618
487,094.47
86,594.57
27,060.80
75,770.25
2%
676,520
3,727,138
2014
38.64
2.0%
1,421,490
32.32
1.5%
1,019,013
26.28
1.0%
690,389
3,130,892
496,836.36
88,326.46
27,602.02
77,285.66
2%
690,051
3,820,942
2015
39.42
2.0%
1,464,419
32.80
1.5%
1,044,641
26.54
1.0%
704,266
3,213,326
506,773.09
90,092.99
28,154.06
78,831.37
2%
703,852
3,917,177
2016
40.20
2.0%
1,508,644
33.30
1.5%
1,070,914
26.80
1.0%
718,421
3,297,979
516,908.55
91,894.85
28,717.14
80,408.00
2%
717,929
4,015,908
2017
41.01
2.0%
1,554,206
33.79
1.5%
1,097,847
27.07
1.0%
732,862
3,384,914
527,246.72
93,732.75
29,291.48
82,016.16
2%
732,287
4,117,201
2018
41.83
2.0%
1,601,143
34.30
1.5%
1,125,458
27.34
1.0%
747,592
3,474,193
537,791.66
95,607.41
29,877.31
83,656.48
2%
746,933
4,221,125
2019
42.66
2.0%
1,649,497
34.82
1.5%
1,153,763
27.62
1.0%
762,619
3,565,879
548,547.49
97,519.55
30,474.86
85,329.61
2%
761,872
4,327,751
312,898
6.62%
333,336
6.53%
354,829
6.45%
377,425
6.37%
401,177
6.29%
426,137
6.22%
452,361
6.15%
479,908
6.09%
508,837
6.03%
293,468
2011
2012
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
80,000
10,000
80,000
10,000
80,000
10,000
80,000
10,000
80,000
10,000
80,000
80,000
80,000
80,000
80,000
90,000
90,000
90,000
90,000
90,000
80,000
80,000
80,000
80,000
80,000
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
800,000
0
800,000
800,000
80,000
720,000
800,000
160,000
640,000
800,000
240,000
560,000
800,000
320,000
480,000
800,000
400,000
400,000
800,000
480,000
320,000
800,000
560,000
240,000
800,000
640,000
160,000
800,000
720,000
80,000
800,000
800,000
0
50,000
0
50,000
50,000
10,000
40,000
50,000
20,000
30,000
50,000
30,000
20,000
50,000
40,000
10,000
50,000
50,000
0
50,000
50,000
0
50,000
50,000
0
50,000
50,000
0
50,000
50,000
0
50,000
50,000
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
2009
800,000
10
50,000
5
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
51,000
459,000
484,500
10.00%
1.00%
11.00%
51,000
408,000
433,500
10.00%
1.00%
11.00%
51,000
357,000
382,500
10.00%
1.00%
11.00%
51,000
306,000
331,500
10.00%
1.00%
11.00%
51,000
255,000
280,500
10.00%
1.00%
11.00%
51,000
204,000
229,500
10.00%
1.00%
11.00%
51,000
153,000
178,500
10.00%
1.00%
11.00%
51,000
102,000
127,500
10.00%
1.00%
11.00%
51,000
51,000
76,500
10.00%
1.00%
11.00%
51,000
0
25,500
10.00%
1.00%
11.00%
2010
53,295
2011
47,685
2012
42,075
2013
36,465
2014
30,855
2015
25,245
2016
19,635
2017
14,025
2018
8,415
2019
2,805
104,295
98,685
93,075
87,465
81,855
76,245
70,635
65,025
59,415
53,805
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
2009
850,000
40%
60%
510,000
10
510,000
10.00%
1.00%
11.00%
2009
Inters anual
Servicio a la deuda anual (Inters + principal)
2010
3,753,160
3,459,693
293,468
2011
3,859,472
3,546,574
312,898
2012
3,969,039
3,635,703
333,336
2013
4,081,967
3,727,138
354,829
2014
4,198,367
3,820,942
377,425
2015
4,318,354
3,917,177
401,177
2016
4,442,045
4,015,908
426,137
2017
4,569,563
4,117,201
452,361
2018
4,701,033
4,221,125
479,908
2019
4,836,588
4,327,751
508,837
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
30%
90,000
53,295
150,173
30%
45,052
105,121
90,000
47,685
175,213
30%
52,564
122,649
16.67%
90,000
42,075
201,261
30%
60,378
140,883
14.87%
90,000
36,465
228,364
30%
68,509
159,855
13.47%
90,000
30,855
256,570
30%
76,971
179,599
12.35%
80,000
25,245
295,932
30%
88,780
207,152
15.34%
80,000
19,635
326,502
30%
97,951
228,551
10.33%
80,000
14,025
358,336
30%
107,501
250,835
9.75%
80,000
8,415
391,493
30%
117,448
274,045
9.25%
80,000
2,805
426,032
30%
127,810
298,223
8.82%
2010
293,468
45,052
112,595
2011
312,898
52,564
3,189
2012
333,336
60,378
3,287
2013
354,829
68,509
3,388
2014
377,425
76,971
3,492
2015
401,177
88,780
3,600
2016
426,137
97,951
3,711
2017
452,361
107,501
3,826
2018
479,908
117,448
3,944
2019
508,837
127,810
4,067
3%
112,595
3%
115,784
2%
75,063
2%
77,189
8%
300,253
3%
119,071
2%
79,381
8%
308,758
3%
122,459
2%
81,639
8%
317,523
3%
125,951
2%
83,967
8%
326,557
3%
129,551
2%
86,367
8%
335,869
3%
133,261
2%
88,841
8%
345,468
3%
137,087
2%
91,391
8%
355,364
3%
141,031
2%
94,021
8%
365,565
3%
145,098
2%
96,732
8%
376,083
8%
386,927
5%
5%
5%
5%
5%
5%
5%
5%
5%
187,658
12%
450,379
192,974
12%
463,137
198,452
12%
476,285
204,098
12%
489,836
209,918
12%
503,804
215,918
12%
518,202
222,102
12%
533,045
228,478
12%
548,348
235,052
12%
564,124
5%
241,829
12%
580,391
135,821
257,145
269,671
282,932
296,962
308,798
324,476
341,035
358,516
376,961
38
39
40
41
42
43
44
45
46
47
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
A
B
C
D
E
CLCULO DEL RATIO DE COBERTURA DEL SERVICIO ANUAL DE LA DEUDA (RCSD)
2009
2010
135,821
2011
257,145
2012
269,671
2013
282,932
2014
296,962
2015
308,798
2016
324,476
2017
341,035
2018
358,516
2019
376,961
104,295
98,685
93,075
87,465
81,855
76,245
70,635
65,025
59,415
53,805
1.30
2.61
2.90
3.23
3.63
4.05
4.59
5.24
6.03
7.01
2010
135,821
12%
1.1200
1.0000
2011
257,145
12%
1.2544
1.1200
1.0000
2012
269,671
12%
1.4049
1.2544
1.1200
1.0000
2013
282,932
12%
1.5735
1.4049
1.2544
1.1200
1.0000
2014
296,962
12%
1.7623
1.5735
1.4049
1.2544
1.1200
1.0000
2015
308,798
12%
1.9738
1.7623
1.5735
1.4049
1.2544
1.1200
1.0000
2016
324,476
12%
2.2107
1.9738
1.7623
1.5735
1.4049
1.2544
1.1200
1.0000
2017
341,035
12%
2.4760
2.2107
1.9738
1.7623
1.5735
1.4049
1.2544
1.1200
1.0000
2018
358,516
12%
2.7731
2.4760
2.2107
1.9738
1.7623
1.5735
1.4049
1.2544
1.1200
1.0000
2019
376,961
12%
3.1058
2.7731
2.4760
2.2107
1.9738
1.7623
1.5735
1.4049
1.2544
1.1200
1.0000
121,269
135,821
204,994
229,593
257,145
191,946
214,980
240,777
269,671
179,808
201,385
225,552
252,618
282,932
168,504
188,725
211,372
236,737
265,145
296,962
156,447
175,220
196,247
219,796
246,172
275,712
308,798
146,776
164,389
184,116
206,210
230,955
258,670
289,710
324,476
137,738
154,267
172,779
193,512
216,734
242,742
271,871
304,495
341,035
129,284
144,799
162,174
181,635
203,432
227,843
255,184
285,807
320,103
358,516
121,371
135,936
152,248
170,518
190,980
213,898
239,566
268,313
300,511
336,572
376,961
2009
1,558,139
2010
1,609,294
2011
1,545,265
2012
1,461,026
2013
1,353,418
2014
1,218,865
2015
1,056,331
2016
858,615
2017
620,614
2018
336,572
2019
510,000
459,000
408,000
357,000
306,000
255,000
204,000
153,000
102,000
51,000
CLCULO DEL RATIO DE COBERTURA DEL IMPORTE TOTAL DE LA DEUDA PENDIENTE (RCTD)
2009
Flujo de caja disponible para el servicio de la deuda (FCD)
Tasa a utilizar para descontar el FCD
Factor de descuento anual a la tasa elegida
Ao
Ao
Ao
Ao
Ao
Ao
Ao
Ao
Ao
Ao
Ao
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Ao
Ao
Ao
Ao
Ao
Ao
Ao
Ao
Ao
Ao
Ao
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
0
12%
1.0000
3.06
3.51
3.79
4.09
4.42
4.78
5.18
5.61
6.08
6.60
0
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
32
33
34
Caja necesaria
Caja suplementaria (si es negativa, sera deuda suplementaria)
Clientes
Existencias
Activo fijo neto
Gastos amortizables netos
Total Activo
2009
0
0
0
0
800,000
50,000
850,000
2010
75,063
31,526
300,253
187,658
720,000
40,000
1,354,500
2011
77,189
189,986
308,758
192,974
640,000
30,000
1,438,906
2012
79,381
366,581
317,523
198,452
560,000
20,000
1,541,937
2013
81,639
562,048
326,557
204,098
480,000
10,000
1,664,343
2014
83,967
777,155
335,869
209,918
400,000
0
1,806,910
2015
86,367
1,009,708
345,468
215,918
320,000
0
1,977,461
2016
88,841
1,263,549
355,364
222,102
240,000
0
2,169,856
2017
91,391
1,539,559
365,565
228,478
160,000
0
2,384,993
2018
94,021
1,838,660
376,083
235,052
80,000
0
2,623,815
2019
96,732
2,161,816
386,927
241,829
0
0
2,887,304
Proveedores
Deuda principal
Capital
Resultados acumulados
Utilidades del ejercicio
Total Pasivo y Patrimonio
0
510,000
340,000
0
0
850,000
450,379
459,000
340,000
0
105,121
1,354,500
463,137
408,000
340,000
105,121
122,649
1,438,906
476,285
357,000
340,000
227,770
140,883
1,541,937
489,836
306,000
340,000
368,652
159,855
1,664,343
503,804
255,000
340,000
528,507
179,599
1,806,910
518,202
204,000
340,000
708,106
207,152
1,977,461
533,045
153,000
340,000
915,259
228,551
2,169,856
548,348
102,000
340,000
1,143,810
250,835
2,384,993
564,124
51,000
340,000
1,394,646
274,045
2,623,815
580,391
0
340,000
1,668,691
298,223
2,887,304
2010
135,821
104,295
31,526
31,526
105,121
105,121
31,526
31,526
2011
257,145
98,685
158,460
189,986
122,649
227,770
189,986
158,460
2012
269,671
93,075
176,596
366,581
140,883
368,652
366,581
176,596
2013
282,932
87,465
195,467
562,048
159,855
528,507
528,507
161,926
2014
296,962
81,855
215,107
777,155
179,599
708,106
708,106
179,599
2015
308,798
76,245
232,553
1,009,708
207,152
915,259
915,259
207,152
2016
324,476
70,635
253,841
1,263,549
228,551
1,143,810
1,143,810
228,551
2017
341,035
65,025
276,010
1,539,559
250,835
1,394,646
1,394,646
250,835
2018
358,516
59,415
299,101
1,838,660
274,045
1,668,691
1,668,691
274,045
2019
376,961
53,805
323,156
2,161,816
298,223
1,966,913
1,966,913
298,223
0
0
0
0
0
0
0
0
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
54
55
56
57
58
59
60
61
62
63
64
65
66
68
69
70
71
72
77
78
A
B
C
D
E
F
G
DETERMINACION DEL BALANCE GENERAL DESPUES EL REPARTO DEL TOTAL DE LOS DIVIDENDOS REPARTIBLES
2009
Caja necesaria
Caja suplementaria (cuadra el balance)
Clientes
Existencias
Activo fijo neto
Gastos amortizables netos
Total Activo
0
0
0
0
800,000
50,000
850,000
2010
75,063
0
300,253
187,658
720,000
40,000
1,322,974
2011
77,189
0
308,758
192,974
640,000
30,000
1,248,921
2012
79,381
0
317,523
198,452
560,000
20,000
1,175,356
2013
81,639
33,541
326,557
204,098
480,000
10,000
1,135,836
2014
83,967
69,049
335,869
209,918
400,000
0
1,098,804
2015
86,367
94,449
345,468
215,918
320,000
0
1,062,202
2016
88,841
119,739
355,364
222,102
240,000
0
1,026,045
2017
91,391
144,913
365,565
228,478
160,000
0
990,348
2018
94,021
169,969
376,083
235,052
80,000
0
955,124
2019
96,732
194,902
386,927
241,829
0
0
920,391
Proveedores
Deuda principal
Capital
Resultados acumulados
Total Pasivo y Patrimonio
0
510,000
340,000
0
850,000
450,379
459,000
340,000
73,595
1,322,974
463,137
408,000
340,000
37,784
1,248,921
476,285
357,000
340,000
2,071
1,175,356
489,836
306,000
340,000
0
1,135,836
503,804
255,000
340,000
0
1,098,804
518,202
204,000
340,000
0
1,062,202
533,045
153,000
340,000
0
1,026,045
548,348
102,000
340,000
0
990,348
564,124
51,000
340,000
0
955,124
580,391
0
340,000
0
920,391
CLCULO DEL VAN, TIR Y PERODO DE RETORNO DE LA INVERSIN EN BASE A CAPITAL INVERTIDO Y DIVIDENDOS REPARTIBLES (sin considerar un valor residual del proyecto)
2009
340,000
0
12%
1.0000
0
989,471
649,471
2010
Capital invertido
Dividendos repartibles anualmente
Tasa de descuento aplicable para calcular el VAN
Factor de descuento a esa tasa
Dividendos descontados
VA de los dividendos
VAN de la inversin
Esquema de la inversin
TIR de la inversin
2009
-340,000
39%
2009
Dividendos repartibles
Dividendos repartibles acumulados (A)
Capital invertido (B)
Perodo de retorno de la inversin
0
0
340,000
y
Aos
Meses
2011
2012
2013
2014
2015
2016
2017
2018
158,460
12%
1.2544
126,323
176,596
12%
1.4049
125,697
161,926
12%
1.5735
102,907
179,599
12%
1.7623
101,909
207,152
12%
1.9738
104,950
228,551
12%
2.2107
103,385
250,835
12%
2.4760
101,308
274,045
12%
2.7731
98,823
2010
31,526
2011
158,460
2012
176,596
2013
161,926
2014
179,599
2015
207,152
2016
228,551
2017
250,835
2018
274,045
2019
298,223
2010
31,526
31,526
340,000
2011
158,460
189,986
340,000
2012
176,596
366,581
340,000
2013
161,926
528,507
340,000
2014
179,599
708,106
340,000
2015
207,152
915,259
340,000
2016
228,551
1,143,810
340,000
2017
250,835
1,394,646
340,000
2018
274,045
1,668,691
340,000
2019
298,223
1,966,913
340,000
31,526
12%
1.1200
28,148
2
10
2019
298,223
12%
3.1058
96,020
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
ASPECTOS OPERATIVOS
Volmenes iniciales:
Volumen de ventas del producto A
Volumen de ventas del producto B
Volumen de ventas del producto C
Precios iniciales:
Precio del producto A
Precio del producto B
Precio del producto C
Costo variable unitario del producto A
Costo variable unitario del producto B
Costo variable unitario del producto C
Costo de personal
Costo de mantenimiento
Seguros
Servicios, administracin, alquileres y otros gastos fijos
2009
35,000
30,000
25,000
45.00
40.00
35.00
35.00
30.00
25.00
450,000
80,000
25,000
70,000
ASPECTOS ECONMICO-FINANCIEROS
Total de la inversin
A financiar con recursos propios
A financiar con deuda
Plazo de devolucin
Tipo de inters
Necesidades operativas de fondos (NOF) como % de las ventas
Tasa de descuento aplicada para calcular el VAN de la inversin
2013
1.00%
1.00%
1.00%
2014
1.00%
1.00%
1.00%
2015
1.00%
1.00%
1.00%
2016
1.00%
1.00%
1.00%
2017
1.00%
1.00%
1.00%
2018
1.00%
1.00%
1.00%
2019
1.00%
1.00%
1.00%
1.00%
2.00%
3.00%
1.50%
1.50%
1.00%
2.00%
2.00%
2.00%
2.00%
1.00%
2.00%
3.00%
1.50%
1.50%
1.00%
2.00%
2.00%
2.00%
2.00%
1.00%
2.00%
3.00%
1.50%
1.50%
1.00%
2.00%
2.00%
2.00%
2.00%
1.00%
2.00%
3.00%
1.50%
1.50%
1.00%
2.00%
2.00%
2.00%
2.00%
2016
2017
2018
4,442,045
4,569,563
##########
426,137
452,361
479,908
228,551
250,835
274,045
324,476
341,035
358,516
70,635
65,025
59,415
4.59
5.24
6.03
5.61
6.08
6.60
228,551
250,835
274,045
2019
4,836,588
508,837
298,223
376,961
53,805
7.01
0.00
298,223
1.00%
2.00%
3.00%
1.50%
1.50%
1.00%
2.00%
2.00%
2.00%
2.00%
1.00%
2.00%
3.00%
1.50%
1.50%
1.00%
2.00%
2.00%
2.00%
2.00%
1.00%
2.00%
3.00%
1.50%
1.50%
1.00%
2.00%
2.00%
2.00%
2.00%
1.00%
2.00%
3.00%
1.50%
1.50%
1.00%
2.00%
2.00%
2.00%
2.00%
1.00%
2.00%
3.00%
1.50%
1.50%
1.00%
2.00%
2.00%
2.00%
2.00%
1.00%
2.00%
3.00%
1.50%
1.50%
1.00%
2.00%
2.00%
2.00%
2.00%
2010
3,753,160
293,468
105,121
135,821
104,295
1.30
3.51
31,526
2011
3,859,472
312,898
122,649
257,145
98,685
2.61
3.79
158,460
2012
3,969,039
333,336
140,883
269,671
93,075
2.90
4.09
176,596
2013
4,081,967
354,829
159,855
282,932
87,465
3.23
4.42
161,926
2014
4,198,367
377,425
179,599
296,962
81,855
3.63
4.78
179,599
2015
4,318,354
401,177
207,152
308,798
76,245
4.05
5.18
207,152
850,000
340,000
510,000
10
11.00%
3%
12%
RESULTADOS
2009
Total de ingresos operativos
Margen operativo bruto
Beneficio neto
Flujo de caja disponible para el servicio de la deuda (FCD)
Servicio a la deuda anual
Ratio de cobertura del servicio anual de la deuda (RCSD)
Ratio de cobertura del importe total de la deuda pendiente (RCTD)
Dividendos distribuibles anualmente
VAN de la inversin para el accionista
TIR de la inversin para el accionista
Perodo de retorno (pay-back) de la inversin para el accionista
y
0
0
0
0
0
0.00
3.06
0
649,471
39%
Aos
Meses
2
10
500,000
Unidades de divisa
400,000
Margen operativo bruto
Beneficio neto
Flujo de caja disponible para el servicio de la deuda (FCD)
300,000
200,000
100,000
0
1
6
Aos
10