caso ALPEK en Rusia.

Inversin total
PTA
PET
Tasa de descuento requerida
Valor estimado en el mercado a 7 aos
Tasa de incremento en precio
Tasa deinflacin
Tasa ISR
Precio de venta PTA 2011
Precio de venta PTA 2017
Precio de venta PET 2011
Precio de venta PeT 2017
Costo paraxileno 2012
Costo paraxileno 2017
Capital total de trabajo neto en el ao 0
Capital de trabajo neto en el ao 1
Depreciacin por medio de MACRS

Ingresos y costos PTA

Ao

Produccin
2016
2017
2018
2019
2020
2021
2022
2023

Ingresos
por ventas

Precio
225,000
255,000
285,000
300,000
300,000
300,000
300,000

2,551.33
2,615.11
2,680.49
2,747.50
2,816.19
2,886.59
2,958.76

FLUJOS DE EFECTIVO

Inversin
Depreciacin acumulada
Base ajustada de la mquina despus de la depreciacin
Capital de trabajo Neto (final de ao)
Cambio de capital de trabajo neto
Flujo de efectivo total de la inversin

574,048,242.02
666,852,707.81
763,938,616.74
824,249,560.17
844,855,799.17
865,977,194.15
887,626,624.00

Ventas
Costos de operacin
Depreciacin
utilidad antes de impuestos
Impuesto
Utilidad Neta

FLUJO DE EFECTIVO INCREMENTAL

Ventas
Costos de operacin
Impuestos
Flujo de efectivo de la operacin
Flujo de efectivo total de la inversin
Flujo de efectivo total del proyecto
VP=

779,977,318.41135

usia.
DATOS
275,000,000
300,000
300,000
0.16
80,000,000
0.025
0.075
0.30
2,200
2,551.33
2,300.00
2,667.29
1,193
1,712.71
127,500,000
0.10
7

ado a 7 aos

o en el ao 0

Ingresos y costos PET

Costo unitario
1,712.71
1,841.16
1,979.25
2,127.69
2,287.27
2,458.81
2,643.22

Costo de
operacin

Ao
2016
2017
2018
2019
2020
2021
2022
2023

385,358,801.88
469,495,473.62
564,085,002.87
638,306,713.77
686,179,717.30
737,643,196.10
792,966,435.81

Ao 0

Ao 1

Ao 2

-39,325,000.00
235,675,000.00
117,418,958.59
10,081,041.41
10,081,041.41

-106,700,000.00
168,300,000.00
136,401,690.23
-18,982,731.64
-18,982,731.64

275,000,000.00

127,500,000.00
127,500,000.00
402,500,000.00

1,174,189,585.94
-770,717,603.76
-39,325,000.00
364,146,982.19
-109,244,094.66
254,902,887.53

Ao 0

Ao 1

402,500,000.00
-402,500,000.00

Ao 2
1,174,189,585.94
-770,717,603.76
-109,244,094.66
294,227,887.53
10,081,041.41
304,308,928.94

1,364,016,902.33
-938,990,947.24
-67,375,000.00
357,650,955.09
-107,295,286.53
250,355,668.56

Ao 3
1,364,016,902.33
-938,990,947.24
-107,295,286.53
317,730,668.56
-18,982,731.64
298,747,936.93

1,562,601,716.06
-1,128,170,005.73
-115,892,013.10
318,539,697.23
-19,858,481.37
298,681,215.86

(Tabla 6.3)
Ao
1
2
3
4
5
6
7
8
9
10
11

3 aos

5 aos
0.333
0.444
0.148
0.074

Produccin

7 aos
0.2
0.32
0.192
0.115
0.115
0.058

Ingresos
por ventas

Precio
225,000
255,000
285,000
300,000
300,000
300,000
300,000

2,667.29
2,733.98
2,802.33
2,872.38
2,944.19
3,017.80
3,093.24

0.143
0.245
0.175
0.125
0.089
0.089
0.089
0.045

Costo unitario

600,141,343.93
697,164,194.53
798,663,099.32
861,715,449.26
883,258,335.50
905,339,793.88
927,973,288.73

1,712.71
1,841.16
1,979.25
2,127.69
2,287.27
2,458.81
2,643.22

Ao 3

Ao 4

Ao 5

Ao 6

-154,825,000.00
120,175,000.00
156,260,171.61
-19,858,481.37
-19,858,481.37

-189,200,000.00
85,800,000.00
168,596,500.94
-12,336,329.34
-12,336,329.34

-213,675,000.00
61,325,000.00
172,811,413.47
-4,214,912.52
-4,214,912.52

-238,150,000.00
36,850,000.00
177,131,698.80
-4,320,285.34
-4,320,285.34

1,562,601,716.06
-1,128,170,005.73
-48,125,000.00
386,306,710.33
-115,892,013.10
270,414,697.23

Ao 4

1,685,965,009.43
-1,276,613,427.54
-34,375,000.00
374,976,581.89
-112,492,974.57
262,483,607.32

Ao 5
1,685,965,009.43
-1,276,613,427.54
-112,492,974.57
296,858,607.32
-12,336,329.34
284,522,277.99

1,728,114,134.67
-1,372,359,434.60
-24,475,000.00
331,279,700.06
-99,383,910.02
231,895,790.04

Ao 6
1,728,114,134.67
-1,372,359,434.60
-99,383,910.02
256,370,790.04
-4,214,912.52
252,155,877.52

1,771,316,988.03
-1,475,286,392.20
-24,475,000.00
271,555,595.83
-81,466,678.75
190,088,917.08

Ao 7
1,771,316,988.03
-1,475,286,392.20
-81,466,678.75
214,563,917.08
-4,320,285.34
210,243,631.75

1,815,599,912.73
-1,585,932,871.61
-61,557,612.34
168,109,428.78
236,844,198.80
404,953,627.59
404.95

10 aos
0.1
0.18
0.144
0.115
0.092
0.074
0.066
0.066
0.066
0.066
0.033

Costo de
operacin
385,358,801.88
469,495,473.62
564,085,002.87
638,306,713.77
686,179,717.30
737,643,196.10
792,966,435.81

Ao 7
59,712,500.00
-262,625,000.00
12,375,000.00
177,131,698.80
236,844,198.80

1,815,599,912.73
-1,585,932,871.61
-24,475,000.00
205,192,041.12
-61,557,612.34
143,634,428.78