Telef. 222-5218
INVERSION
VALOR RESIDUAL
INGRESOS
COSTOS DE PRODUCCION
FLUJO DE CAJA
GASTOS DE ADMINIST.
OPERATIVO
Y VENTAS
PRESTAMO
IMPUESTO RENTA
AMORTIZACION
INTERESES
ESCUDO FISCAL
FLUJO DE CAJA
ECONOMICO
FLUJO
FINANCIERO
FLUJO DE
FNANCIACION
VALOR LIQUID.
Total
Inversin Fija
Bienes Fsicos
1.- Terreno
2.- Edificaciones
3.- Equipos y Maquinarias
4.- Instalaciones Complementarias
0.40
1.00
1.80
1.00
4.20
0.50
0.50
4.70
0.84
0.50
0.24
0.35
1.09
0.22
0.37
0.59
0.20
0.40
0.50
0.70
0.72
2.52
5.04
1.09
1.09
7.22
9.- Imprevistos
0.50
0.11
0.11
0.72
5.54
1.20
1.20
7.94
Capital de Trabajo
10. Caja minima
10.- Materias Primas y materiales
11.- Productos en proceso y Terminados
12. Cuentas por cobrar
13. Cuentas por pagar
0.00
0.00
0.20
0.10
0.6
0.10
0.10
0.20
0.30
0.60
0.30
0.20
0.20
0.30
0.00
5.54
0.30
1.50
1.30
2.50
1.60
9.54
Intangibles
5.- Investigaciones y estudios previos
6.- Ingeniera, Supervisin, Organizacin
7.- Puesta en Marcha
8.- Intereses Preoperativos
9. Pago del capital
Total Intangibles
0.00
0.40
1.00
2.30
1.00
0.20
0.40
0.24
Plazo de Deprec.Aos
Inversin
1.00
1.8+0.5=2.3
1.00
2.00
Intangibles
Estudios, Ingeniera,
Interes Pre Opert.
Puesta en Marcha
Total Intangibles
30
10
4
0.03
0.18
0.25
0.46
Plazo de
Amortizacin
0.84
0.50
4
4
0.21
0.21
0.67
PLAN DE FINANCIACION
(Millones de Nuevos Soles)
Prstamo de 4.0 millones al 6% al rebatir, a 10 aos, con 01 de gracia,
con solo pago de intereses y los 09 restantes para amortizar.
R = 4.0 * [(1+i)^n-1/i(1+i)^n]
R = 4* FRC (6%,9) = 4.0 * 0.14702 = 0.59
Rubro/Ao
Servicio de la deuda
Pago del capital
Intereses
0.24
0.00
0.24
0.59
0.35
0.24
0.59
0.37
0.22
4.00
3.65
3.28
DE INTANGIBLES
0.03
0.18
0.25
0.46
0.03
0.23
0.25
0.51
0.03
0.23
0.25
0.51
0.03
0.23
0.00
0.26
0.21
0.13
0.34
0.21
0.13
0.34
0.21
0.13
0.34
0
0.13
0.13
0.80
0.85
0.85
0.39
0.59
0.39
0.20
0.59
0.41
0.17
0.59
0.44
0.15
0.03
0.23
0.00
0.26
0.03
0.23
0.00
0.26
0.03
0.23
0.00
0.26
0.59
0.47
0.12
0.59
0.49
0.09
0.59
0.52
0.06
0.59
0.55
0.03
2.89
2.48
2.04
1.57
1.08
0.55
0.00
10
0.03
0.23
0.00
0.26
0.03
0.23
0.00
0.26
PROYECTO A
INVERSIONES INTANGIBLES
I GASTOS LEGALES
INVERSION
(US$)
CONCEPTO
TRAMITES EN INDECOPI
200
200
LICENCIA DE FUNCIONAMIENTO
ADQUISICION Y LEGALIZACION DE LIBROS CONTABLES
200
100
200
900
CONCEPTO
Gastos del Proyecto de PRE Inversin
13,007
3,500
Gastos de Marketing
19,950
Gastos Financieros
2,000
15,000
53,457
54,357
# Particip.
Horas
Costo x Hora
20
Estudio de Mercado
25
30
20
28
30
Tamao de la empresa
20
Localizacin de la empresa
20
Aspectos organizacionales
10
30
Inversin
20
20
Flujos de Caja
30
30
Impresiones
200
Tipeo y Empastado
300
Sustentacin
4
SUB TOTAL
30
108
270
OTROS GASTOS
Etapas
Viajes a EEUU
Estada (Hotel y comidas)
Base de Datos de EEUU
Pgina Web incluye dominio
# Particip.
2
2
1
1
SUB TOTAL
TOTAL GASTOS DEL PROYECTO DE PRE INVERSION
FERIAS
VIATICOS
FOLLETOS
MUESTRAS COMERCIALES
PAGINA WEBB
TOTAL
5,000.00
2,500.00
2,000.00
10,000.00
450.00
19,950.00
Costo
1
7
1
1
600
150
100
350
Total US$
206
2,211
200
3,343
309
80
900
343
257
343
326
200
300
240
9,257
Total US$
1,200
2,100
100
350
3,750
13,007
TOTAL INGRESOS
AO 1
2,333,488
AO 2
6,976,842
AO 3
10,903,399
TOTAL
20,213,728
36,000
12,000
30,996
4,200
78,996
36,000
12,000
48,216
4,200
96,216
36,000
12,000
41,328
4,200
89,328
108,000
36,000
120,540
12,600
264,540
11,238
1,257
5,619
1,257
33,713
3,770
1,167
58,019
17,986
5,178
8,993
5,178
53,957
15,535
1,395
106,827
15,743
9,329
7,871
9,329
47,228
27,987
1,526
117,487
44,966
15,764
22,483
15,764
134,897
47,292
4,089
282,333
27,219
35,178
8,604
71,001
27,654
35,178
8,604
71,436
27,654
35,178
8,604
71,436
82,527
105,534
25,812
213,873
GASTOS DE VENTAS
SUELDOS
GERENTE COMERCIAL
SUPERVISOR DE VENTAS
VENDEDORES
ASISTENTE COMERCIAL
TOTAL SUELDOS VENTAS
COMISIONES VENTAS
GERENTE COMERCIAL (1%)
GERENTE COMERCIAL (RENTA)
SUPERVISOR DE VENTAS (0.5%)
SUPERVISOR DE VENTAS(RENTA)
VENDEDORES (3%)
VENDEDORES (RENTA)
ASISTENTE COMERCIAL
TOTAL COMISIONES
HOTELES, PASAJES, OTROS
HOTELES
PASAJES-OMNIBUS Y AVION
ALIMENTACIN
TOTAL VIATICOS
1,134.45
168.07
50.00
100.00
100.00
173.91
40.00
50.00
120.00
1,936.43
BASICO
S/.
S/.
S/.
S/.
S/.
S/.
S/.
I RENTA
2,000.00
1,000.00
1,000.00
1,000.00
600.00
2,300.00
5,000.00
S/.
S/.
S/.
S/.
S/.
S/.
S/.
78.75
78.75
S/.
S/.
S/.
S/.
S/.
S/.
S/.
AFP
0.1145
229.00
114.50
114.50
114.50
68.70
263.35
572.50
CARGO
GERENTE GENERAL
GERENTE DE FINANZAS
GERENTE DE PRODUCCION
GERENTE COMERCIAL
JEFE DE PLANTA
TURNO MOD
TOTALES
TOPE:
14 SUELDOS
S/.
S/.
S/.
S/.
S/.
S/.
28,000.00
14,000.00
14,000.00
14,000.00
8,400.00
32,200.00
70,000.00
S/.
S/.
S/.
S/.
S/.
S/.
21,700.00
6,300.00
6,300.00
RETENCION
ANUAL
15%
S/.
945.00
S/.
S/.
S/.
S/.
S/.
S/.
945.00
2004
GERENTE GENERAL
GERENTE DE FINANZAS
GERENTE DE PRODUCCION
GERENTE COMERCIAL
JEFE DE PLANTA
TURNO MOD
TOTAL PERSONAL
2005
1
1
1
1
1
1
4
2006
1
1
1
1
1
1
4
1
1
1
1
1
1
4
PLANILLA POR AO
CARGO
GERENTE GENERAL
GERENTE DE FINANZAS
GERENTE DE PRODUCCION
GERENTE COMERCIAL
S/.
S/.
S/.
S/.
ENERO
2,386.67
1,193.33
1,193.33
1,193.33
FEBRERO
S/.
2,386.67
S/.
1,193.33
S/.
1,193.33
S/.
1,193.33
S/.
S/.
S/.
S/.
MARZO
2,386.67
1,193.33
1,193.33
1,193.33
JEFE DE PLANTA
TURNO MOD
TOTALES
S/.
S/.
S/.
716.00
2,744.67
6,682.67
S/.
S/.
S/.
716.00
2,744.67
6,682.67
S/.
S/.
S/.
716.00
2,744.67
6,682.67
CVTAS MOD
CVTAS MOI
G ADM
G VTAS
TOTALES
S/.
S/.
S/.
S/.
S/.
2,744.67
716.00
4,773.33
1,193.33
9,427.33
S/.
S/.
S/.
S/.
S/.
2,744.67
716.00
4,773.33
1,193.33
9,427.33
S/.
S/.
S/.
S/.
S/.
2,744.67
716.00
4,773.33
1,193.33
9,427.33
BASE DE PRORRATEO
AREA
CVTAS
G ADM
G VTAS
TOTALES
S/.
S/.
S/.
S/.
NETO A PAGAR
S/.
S/.
S/.
S/.
S/.
S/.
S/.
1,692.25
885.50
885.50
885.50
531.30
2,036.65
4,348.75
S/.
S/.
S/.
S/.
S/.
S/.
S/.
IES
2.00%
40.00
20.00
20.00
20.00
12.00
46.00
100.00
RETENCION
MENSUAL
S/.
S/.
S/.
S/.
S/.
S/.
S/.
S/.
S/.
S/.
S/.
S/.
S/.
S/.
CTS
GASTO TOTAL
8.33%
166.67 S/.
2,386.67
83.33 S/.
1,193.33
83.33 S/.
1,193.33
83.33 S/.
1,193.33
50.00 S/.
716.00
191.67 S/.
2,744.67
416.67 S/.
5,966.67
S/.
S/.
S/.
S/.
2004
JULIO
4,773.33
2,386.67
2,386.67
2,386.67
0.09
78.75
78.75
2007
2008
1
1
1
1
1
1
4
S/.
S/.
S/.
S/.
ESSALUD
9.00%
S/.
180.00
S/.
90.00
S/.
90.00
S/.
90.00
S/.
54.00
S/.
207.00
S/.
450.00
ABRIL
2,386.67
1,193.33
1,193.33
1,193.33
1
1
1
1
1
1
4
S/.
S/.
S/.
S/.
MAYO
2,386.67
1,193.33
1,193.33
1,193.33
S/.
S/.
S/.
S/.
JUNIO
2,386.67
1,193.33
1,193.33
1,193.33
AGOSTO
S/.
2,386.67
S/.
1,193.33
S/.
1,193.33
S/.
1,193.33
SETIEMBRE
S/.
2,386.67
S/.
1,193.33
S/.
1,193.33
S/.
1,193.33
S/.
S/.
S/.
716.00
2,744.67
6,682.67
S/.
S/.
S/.
716.00
2,744.67
6,682.67
S/.
S/.
S/.
716.00
2,744.67
6,682.67
S/.
S/.
S/.
1,432.00
5,489.33
13,365.33
S/.
S/.
S/.
716.00
2,744.67
6,682.67
S/.
S/.
S/.
716.00
2,744.67
6,682.67
S/.
S/.
S/.
S/.
S/.
2,744.67
716.00
4,773.33
1,193.33
9,427.33
S/.
S/.
S/.
S/.
S/.
2,744.67
716.00
4,773.33
1,193.33
9,427.33
S/.
S/.
S/.
S/.
S/.
2,744.67
716.00
4,773.33
1,193.33
9,427.33
S/.
S/.
S/.
S/.
S/.
5,489.33
1,432.00
9,546.67
2,386.67
18,854.67
S/.
S/.
S/.
S/.
S/.
2,744.67
716.00
4,773.33
1,193.33
9,427.33
S/.
S/.
S/.
S/.
S/.
2,744.67
716.00
4,773.33
1,193.33
9,427.33
OCTUBRE
S/.
2,386.67
S/.
1,193.33
S/.
1,193.33
S/.
1,193.33
NOVIEMBRE
S/.
2,386.67
S/.
1,193.33
S/.
1,193.33
S/.
1,193.33
DICIEMBRE
S/.
4,773.33
S/.
2,386.67
S/.
2,386.67
S/.
2,386.67
S/.
S/.
S/.
S/.
2004
33,413.33
16,706.67
16,706.67
16,706.67
2005
S/.
S/.
S/.
S/.
33,413.33
16,706.67
16,706.67
16,706.67
2006
S/.
S/.
S/.
S/.
33,413.33
16,706.67
16,706.67
16,706.67
S/.
S/.
S/.
716.00
2,744.67
6,682.67
S/.
S/.
S/.
716.00
2,744.67
6,682.67
S/.
S/.
S/.
1,432.00
5,489.33
13,365.33
S/.
S/.
S/.
10,024.00
38,425.33
93,557.33
S/.
S/.
S/.
10,024.00
38,425.33
93,557.33
S/.
S/.
S/.
10,024.00
38,425.33
93,557.33
S/.
S/.
S/.
S/.
S/.
2,744.67
716.00
4,773.33
1,193.33
9,427.33
S/.
S/.
S/.
S/.
S/.
2,744.67
716.00
4,773.33
1,193.33
9,427.33
S/.
S/.
S/.
S/.
S/.
5,489.33
1,432.00
9,546.67
2,386.67
18,854.67
S/.
S/.
S/.
S/.
S/.
38,425.33
10,024.00
66,826.67
16,706.67
131,982.67
S/.
S/.
S/.
S/.
S/.
38,425.33
10,024.00
66,826.67
16,706.67
131,982.67
S/.
S/.
S/.
S/.
S/.
38,425.33
10,024.00
66,826.67
16,706.67
131,982.67
2007
S/.
S/.
S/.
S/.
33,413.33
16,706.67
16,706.67
16,706.67
2008
S/.
S/.
S/.
S/.
33,413.33
16,706.67
16,706.67
16,706.67
S/.
S/.
S/.
10,024.00
38,425.33
93,557.33
S/.
S/.
S/.
10,024.00
38,425.33
93,557.33
S/.
S/.
S/.
S/.
S/.
38,425.33
10,024.00
66,826.67
16,706.67
131,982.67
S/.
S/.
S/.
S/.
S/.
38,425.33
10,024.00
66,826.67
16,706.67
131,982.67
VALOR DE DESHECHO
CRONOGRAMA DE INVERSIONES
ACTIVO
TERRENO
CONSTRUCCION - I
CONSTRUCCION - II
MAQUINARIA - I
MAQUINARIA - II
MAQUINARIA - III
TOTAL - $
0
20,000
50,000
20,000
20,000
10,000
90,000
30,000
10,000
10,000
TOTAL
20,000
50,000
20,000
20,000
10,000
10,000
130,000
TERRENO
CONSTRUCCION - I
CONSTRUCCION - II
MAQUINARIA - I
MAQUINARIA - II
MAQUINARIA - III
TOTAL - $
VIDA UTIL /
DEPRECIACION
30
30
5
8
10
1,667
1,667
4,000
4,000
5,667
5,667
1,667
667
4,000
1,250
1,667
667
4,000
1,250
7,583
7,583
5
1,667
667
4,000
1,250
1,000
8,583
DEPRECIACION
ACUMULADA
8,333
2,000
20,000
3,750
1,000
35,083
VALOR DE
DESHECHO-*
20,000
41,667
18,000
0
6,250
9,000
94,917
* ACTIVO FIJO NETO
IMPUESTO - 30%
UTILIDAD NETA
VALOR LIBRO
FLUJO NETO - $
$
100,000
-94,917
5,083
-1,525
3,558
94,917
98,475
FLUJO NETO
100,000
-1,525
TERRENO
MAQUINAS Y EQUIPOS
INTANGIBLES
INVERSION TOTAL:
PERIODO - AOS:
CONCEPTO
TERRENO
MAQUINAS Y EQUIPOS
INTANGIBLES
INVERSION TOTAL:
COMERCIALMENTE
CONCEPTO
VENTA DE ACTIVOS
VALOR EN LIBROS
UTILIDAD ANTES DE IMPUESTOS
IMPUESTO - 30%
UTILIDAD NETA
VALOR LIBRO
FLUJO NETO - $
INVERSION
142,500
2,107,500
250,000
2,500,000
3
DEPRECIACIO
N ANUAL
210,750
83,333
VALOR LIBROS
VALOR DE
-1
MERCADO - 2
DEPRECIACION
ACUMULADA
632,250
250,000
UTLIDAD DE
OPERACIN 3
142,500
1,475,250
106,875
1,580,625
-35,625
105,375
1,617,750
1,687,500
69,750
$
1,687,500
-1,617,750
69,750
-18,833
50,918
1,617,750
1,668,668
FLUJO NETO
VALOR
LIBROS
142,500
1,475,250
0
1,617,750
IMPUESTO
RENTA 30% 4
VALOR DE
RESCATE - 5
20,925
1,666,575
1,687,500
-18,833
ANALISIS DE SENSIBILIDADES
INVERSIONES
Inversiones / Fuente
I.- Activos fijos tangibles
Terreno
Construcciones
Maquinarias y Equipos
Total Inv. Fija Tangible
II.- Activos fijos Intangibles
Total Inversion Fija: I+II
III.- Capital de Trabajo
Inversion Total
Participacin
Total
Capital
Prestamo
10,000
15,000
75,000
100,000
10,000
110,000
-
10,000
5,000
15,000
10,000
25,000
-
110,000
100.00%
25,000
22.73%
85,000
77.27%
1
0
2
0
10,000
75,000
85,000
0
8,403
Construcciones - 3%
Maquinarias y Equipos - 10%
Depreciacion Total anual
Valor rescate activo fijo
12,605
63,025
378
6,303
6,681
378
6,303
6,681
Servicio Deuda
0
85,000
68,936
-16,064
49,819
-19,116
-16,150
-13,098
-32,214
-32,214
4,845
3,929
-27,369
-28,285
Prestamo
Saldo prestamo
Principal
Intereses Kd =19%
Total Cuota Servicio deuda LIQUIDA
85,000
0.19
Kdi =
1
15.00
10.00
2
16.5
13%
3
18.15
Costo Variable
1
150.00
2
165.00
Costo de Produccion
Costos de materia prima
Costo de mano obra directa
Costos indirectos fabricacion
Depreciacion
Amortizacion de intangibles
Costo Produccion total
Utilidad Bruta
Gastos Admin. y Ventas
Utilidad de Operacin
Gastos Financieros
Utilidad antes de impuestos
IMPUESTO A LA RENTA
Utilidad Neta
25.31
10.85
50.00
6.68
10.00
102.83
47.17
7.50
39.67
16.15
23.52
7.06
16.46
39.77
11.93
50.00
6.68
108.38
56.62
8.25
48.37
13.10
35.28
10.58
24.69
1
178.50
2
196.35
30.11
10.85
53.80
8.07
7.06
3.36
47.32
11.93
53.80
8.88
10.58
19.37
113.24
65.26
0.00
151.88
44.47
0.00
0.00
0.00
Ingresos
Egresos de operacin
Costos de materia prima
Costo de mano obra directa
Costos indirectos fabricacion
Gastos Admin. y Ventas
Impuesto a la Renta
Liquidacion del IGV
Total egresos de operacin
Flujo de Operaciones
Flujo de Inversiones
Activos Fijos Tangibles
Activos Fijos Intangibles
Capital de Trabajo
-110.00
-100.00
-10.00
0.00
Flujo Economico
Prestamo
Principal
Intereses
Cuota Total
-110.00
65.26
44.47
85.00
-25.00
-110.00
-25.00
42%
100%
16.06
16.15
32.21
19.12
13.10
32.21
32.21
33.05
32.21
12.26
162.10
98.37
52.10
73.37
1
150.00
2
165.00
28.50
4.81
3.80
0.57
31.35
7.56
3.80
0.63
19.32
19.37
3.36
3.36
16.01
16.01
Venta
IGV Ventas
IGV Compras - costos variables
Credito Fiscal *
IGV NETO A PAGAR
15.97
Inversiones
Terreno
Construcciones
Maquinarias y Equipos
Total
10,000
15,000
75,000
100,000
Credito Fiscal
8,403
12,605
63,025
1,597
2,395
11,975
84,034
15,966
Inversiones
Credito Fiscal
Terreno
Construcciones
Maquinarias y
Equipos
Total
10,000
15,000
75,000
8,403
12,605
63,025
1,597
2,395
11,975
100,000
84,034
15,966
Deuda
85,000.00
Capital
25,000.00
3
0
4
0
5
0
378
6,303
6,681
378
6,303
6,681
378
6,303
6,681
27,071
-22,749
0
-27,071
-9,466
-5,143
-32,214
-32,214
2,840
1,543
-29,375
-30,671
4
18.15
2.41
5
18.15
3
181.50
4
181.50
5
181.50
3.400
Valor de
Liquidacion
8,403
10,714
31,513
50,630
50,630
Liquidaciones
50.63
43.74
13.12
50.00
6.68
43.74
13.12
50.00
6.68
43.74
13.12
50.00
6.68
113.54
67.96
9.08
58.88
9.47
49.41
14.82
34.59
113.54
67.96
9.08
58.88
5.14
53.74
16.12
37.62
113.54
67.96
9.08
58.88
0.00
58.88
17.66
41.22
3
215.99
4
215.99
52.05
13.12
53.80
9.76
16.12
21.68
52.05
13.12
53.80
9.76
17.66
21.68
165.25
50.74
0.00
166.55
49.44
0.00
168.09
47.90
0.00
0.00
0.00
0.00
49.44
50.63
15.19
35.44
5
Liquidaciones
215.99
50.63
52.05
13.12
53.80
9.76
14.82
21.68
50.74
50.63
15.19
35.44
47.90
35.44
0.00
35.44
35.44
22.75
9.47
32.21
27.07
5.14
32.21
32.21
18.52
32.21
17.23
47.90
Ko
Kcppc
kd
22%
15%
19%
3
181.50
4
181.50
5
181.50
Liquidaciones
34.49
8.31
3.80
0.69
34.49
8.31
3.80
0.69
34.49
8.31
3.80
0.69
9.62
-
21.68
21.68
21.68
9.62
21.68
21.68
21.68
9.62
50.63
ANALISIS DE SENSIBILIDADES
DISMINUCION DEL PRECIO
PRECIO
VALOR
INICIAL
-10%
-10%
10
RESULTADOS
DISMINUCION DE LA RENTABILIDAD
VANE
VANF
TIRE
52.10
73.37
42%
25.48
23.11
29%
-8.07
-9.00
17%
VANE
VANF
TIRE
-51%
-69%
-31%
TIRF
100%
40%
16%
TIRF
-60%
VANE
VANF
TIRE
TIRF
2.2
52.10014959
55.22
40%
66%
2.4
50.38
46.95
37%
59%
39.55
38.67
34%
53%
VANE
VANF
TIRE
TIRF
DISMINUCION DE LA RENTABILIDAD
-3%
-15%
-8%
-11%
10%
RESULTADOS
COSTO TASA DE
INTERES
19%
22%
24%
DISMINUCION DE LA RENTABILIDAD
VANE
VANF
TIRE
59.04
55.22
40%
40.36
33.24
34%
39.44 VANE
29.56 VANF
33% TIRE
-32%
-40%
-15%
TIRF
66%
48%
44% TIRF
-27%
COSTO VARIABLE
PRECIO
DISMINUCION DE LA RENTABILIDAD
-132%
-139%
-41%
-60%
RESULTADOS
DISMINUCION DE LA RENTABILIDAD
-21%
-18%
-8%
-10%
RESULTADOS
DISMINUCION DE LA RENTABILIDAD
-2%
-11%
-3%
-8%
10
9
2
55.22
23.11
-9.00
10
9
8
2
0.00
-58%
-116%
COSTO VARIABLE
PRECIO
2.2
46.95
14.84
2.4
38.67
6.56
-17.27
-25.54
2.2
-15%
-73%
-131%
2.4
-30%
-88%
-146%
PRECIO
VANE
59.04
25.48
-8.07
10
9
8
VANE
80
60
40
20
0
-20 0
10
COSTO MATERIA
PRIMA
VANE
38.67
50.38
41.72
2
2.2
2.4
VANE
VANE
15
60
50
40
30
20
10
0
VANE
1.8
2.2
2.4
2.6
Inversion Total
Participacin
Total
Capital
Prestamo
Total con IGV
Inversiones
10,000
15,000
75,000
100,000
10,000
110,000
15,063
10,000
5,000
15,000
10,000
25,000
15,063
125,063
100.00%
40,063
32.03%
85,000
67.97%
1
0
2
0
3
0
4
0
5
0
378
6,303
6,681
10,000
75,000
Terreno
Construcciones
Maquinarias y
Equipos
Total
10,000
15,000
75,000
100,000
Deuda
85,000.00
Capital
40,062.81
85,000
0
8,403
Construcciones - 3%
Maquinarias y Equipos - 10%
Depreciacion Total anual
Valor rescate activo fijo
12,605
63,025
378
6,303
6,681
378
6,303
6,681
378
6,303
6,681
378
6,303
6,681
Servicio Deuda
0
85,000
68,936
-16,064
49,819
-19,116
27,071
-22,749
0
-27,071
-16,150
-32,214
-13,098
-32,214
-9,466
-32,214
-5,143
-32,214
4,845
3,929
2,840
1,543
-28,285
-29,375
-30,671
4
18.15
5
18.15
Prestamo
Saldo prestamo
Principal
Intereses Kd =19%
Total Cuota Servicio deuda LIQUIDA
Escudo Tributario - 30%
Total Servicio Deuda Neta FINANCIERA
Kd =
85,000
0.19
-27,369
Kdi =
Ao
Ventas - Unidades :
1
15.00
precio
10.00
13%
2
16.5
3
18.15
Costo Variable
2.41
Depreciacion
Amortizacion de intangibles
Costo Produccion total
Utilidad Bruta
Gastos Admin. y Ventas
Utilidad de Operacin
Gastos Financieros
Utilidad antes de impuestos
IMPUESTO A LA RENTA
Utilidad Neta
150.00
2
165.00
3
181.50
4
181.50
5
181.50
25.31
10.85
50.00
39.77
11.93
50.00
43.74
13.12
50.00
43.74
13.12
50.00
43.74
13.12
50.00
6.68
10.00
102.83
47.17
7.50
39.67
16.15
6.68
6.68
6.68
6.68
108.38
56.62
8.25
48.37
13.10
113.54
67.96
9.08
58.88
9.47
113.54
67.96
9.08
58.88
5.14
113.54
67.96
9.08
58.88
0.00
23.52
7.06
16.46
35.28
10.58
24.69
49.41
14.82
34.59
53.74
16.12
37.62
58.88
17.66
41.22
Ingresos
Egresos de operacin
Costos de materia prima
Costo de mano obra directa
Costos indirectos fabricacion
Gastos Admin. y Ventas
Impuesto a la Renta
Liquidacion del IGV
Total egresos de operacin
Flujo de Operaciones
Flujo de Inversiones
Activos Fijos Tangibles
Activos Fijos Intangibles
Capital de Trabajo
-125.06
-100.00
-10.00
-15.06
178.50
196.35
215.99
215.99
215.99
30.11
10.85
53.80
8.07
7.06
3.36
47.32
11.93
53.80
8.88
10.58
19.37
52.05
13.12
53.80
9.76
14.82
21.68
52.05
13.12
53.80
9.76
16.12
21.68
52.05
13.12
53.80
9.76
17.66
21.68
113.24
65.26
-1.39
151.88
44.47
-1.44
165.25
50.74
0.00
166.55
49.44
0.10
168.09
47.90
0.00
-1.39
-1.44
0.00
0.10
0.00
Flujo Economico
Prestamo
Principal
Intereses
Cuota Total
-125.06
63.88
43.04
50.74
49.54
47.90
85.00
-40.06
-125.06
-40.06
35%
58%
16.06
16.15
32.21
19.12
13.10
32.21
22.75
9.47
32.21
27.07
5.14
32.21
32.21
31.66
32.21
10.82
32.21
18.52
32.21
17.32
47.90
164.61
100.04
39.55
59.98
Ko
Kcppc
kd
22%
16%
19%
Valor de
Liquidacion
8,403
10,714
31,513
50,630
50,630
Liquidaciones
50.63
50.63
50.63
15.19
35.44
Liquidaciones
50.63
15.19
35.44
35.44
15.06
50.50
50.50
COSTO DE OPORTUNIDAD DEL CAPITAL
COSTO PROMEDIO PONDERADO DEL CAPITAL
DIAS
Cantidad
4000
100
S/.
S/.
1
1,440,000
36,000
0.13
0.02
0.15
216,000
2
1,440,000
36,000
0.13
0.02
0.15
216,000
1
1,440,000
PANES
3. PROGRAMA DE COMPRAS
3.1 EN UNIDADES FISICAS
Materia prima
Unidad de medida
Consumo diario
Kg/2000panes
Kg.
Kg.
Kg.
lt
Kg.
Kg.
Kg.
lt
Kg.
50.00
0.50
0.50
27.50
1.60
0.50
2.80
0.25
3.50
HARINA
LEVADURA
MEJORADOR
AGUA
AZUCAR
SAL YODADA
MANTECA VEGETAL
ACEITE
HARINA PARA FORMAR
S/./KG
1.34
7.00
10.00
0.50
1.60
0.50
2.10
0.86
1.4
S/.por 50 kg
11
8.5
Consumo unitario
por pan
0.025
0.00025
0.00025
0.01375
0.0008
0.00025
0.0014
0.000125
0.00175
1
48,240
2,520
3,600
9,900
1,843
180
4,234
155
3,528
74,200
1
7,920
6,120
14,040
36,000
360
360
19,800
1,152
360
2,016
180
2,520
2
53,064
2,520
3,600
9,900
1,843
180
4,234
155
3,528
79,024
2
7,920
6,120
14,040
5. COSTO PRIMO
88,240
93,064
28%
24,707
2
26,058
S/.
S/.
S/.
S/.
1
74,200
14,040
24,707
112,947
2
79,024
14,040
26,058
119,121
1
14,400
16,320
14,400
45,120
2
14,400
16,320
14,400
45,120
3
183,050.85
106,706.44
2,000.00
74,344.41
45,120.00
* en industria panificadora
7. COSTO DE PRODUCCION
Materia prima
Mano obra
Costos indirectos de fabricacion
Total
8. GASTOS ADMINISTRATIVOS
Administrador
1200.00
Alquiler
400
Luz, agua, telf
1200.00
Gastos administrativos
Rubro/ Ao
Ventas
Costo ventas
Depreciacion
Utilidad bruta
Gastos administrativos
Gastos de ventas
Utilidad de operacin
Gastos financieros
Utilidad antes impto
Impto renta
Util neta
30%
40,213.32
3,000.00
37,213.32
11,163.99
26,049.32
34,980.50
1,500.00
33,480.50
10,044.15
23,436.35
29,224.41
0.00
29,224.41
8,767.32
20,457.08
FLUJO DE CAJA
INGRESOS EN EFECTIVO
VENTAS
216,000
216,000
216,000
Total Ingresos:
216,000
216,000
216,000
70,490
3,401
14,040
24,707
75,072
3,931
14,040
26,058
80,114
4,194
14,040
27,544
45,120
11,164
9,031
45,120
10,044
20,895
45,120
8,767
20,085
EGRESOS
Compras
Contado - 95%
Credito 5% - 30 dias
Mano obra directa
Costos Ind. Fabric.
(sin depreciacion)
Gastos administrativos
Impuesto a la renta
Liquidacion IGV
INVERSION TOTAL
FLUJO ECONOMICO
PRESTAMO
-69,997
-69,997
65,960
10,000
3,000
10,000
1,500
25,047
54,460
61,256
20,000
PAGO CAPITAL
INTERESES
FLUJO FINANCIERO
38,047
-49,997
61,256
3
1,440,000
36,000
0.13
0.02
0.15
216,000
2
1,440,000
3
1,440,000
39,600
360
360
19,800
1,152
360
2,016
180
2,520
3
58,370
2,520
3,600
9,900
1,843
180
4,234
155
3,528
84,330
3
7,920
6,120
14,040
43,560
360
360
19,800
1,152
360
2,016
180
2,520
98,370
3
27,544
3
84,330
14,040
27,544
125,914
3
14,400
16,320
14,400
45,120
RUBRO / AO
IGV DE INGRESOS
IGV COMPRAS
IGV BRUTO POR PAGAR
CREDITO TRIBUTARIO
IGV NETO A PAGAR
-12,599.37
32,949
11,319
32,949
12,054
21,631
9,031.20
20,895
100
118
21.24
20,894.71
18
32,949
12,864
20,085
20,085.25
CASO 1
A1
INV
-9500
1
3000
2
3000
3
3000
4
3000
5
3000
A1
TIR
17.45%
-5000
1400
1400
1400
1400
1400
A2
12.38%
A1 - A2
22.85%
-4500
1600
1600
1600
1600
1600
TIR
VAN - 0%
VAN - 10%
VAN - TIR
VAN - 30%
Py A
25.00%
16,384.00
8,082.65
0
-1,953.59
A2
A1-A2
CASO 2
Ao
Py A
0
1
2
3
4
Py B
i
0
10
22
25
30
VAN A
VAN B
16,384.00
24,059.00
8,082.65
10,346.84
0.00
0.00
-1,953.59
-4,665.33
-23,616
10,000
10,000
10,000
10,000
-23,616
0
5,000
10,000
32,675
Py A
FC A
VAN A - 10%
VAN A - 5%
VAN A - 0%
0
-23,616.00
-23,616.00
-23,616.00
-23,616.00
1
10,000.00
9,090.91
9,523.81
10,000.00
2
10,000.00
8,264.46
9,070.29
10,000.00
3
10,000.00
7,513.15
8,638.38
10,000.00
4 VAN A
10,000
6,830.13
8,082.65
8,227.02
11,843.51
10,000.00
16,384.00
Py B
FC B
VAN B - 10%
VAN B - 5%
VAN B - 0%
0
-23,616.00
-23,616.00
-23,616.00
-23,616.00
1
0.00
0.00
0.00
0.00
2
5,000.00
4,132.23
4,535.15
5,000.00
3.00
10,000.00
7,513.15
8,638.38
10,000.00
4 VAN B
32,675
22,317.46
10,346.84
26,881.80
16,439.33
32,675.00
24,059.00
30,000.00
25,000.00
20,000.00
15,000.00
10,000.00
5,000.00
0.00
-5,000.00 0
-10,000.00
10
20
CASO 3
Ao
Py C
Py D
i
0
5
10
12.5
14
20
VAN C
44.78
26.40
10.82
3.90
0.00
-14.02
0
1
2
3
-155.22
100.00
0.00
100.00
-155.22
0.00
0.00
221.00
Py C
FC C
VAN C - 10%
VAN C - 5%
VAN C - 0%
0
-155.22
-155.22
-155.22
-155.22
1
100.00
90.91
95.24
100.00
2
0.00
0.00
0.00
0.00
3 VAN C
100.00
75.13
10.82
86.38
26.40
100.00
44.78
Py D
FC D
0
-155.22
1
0.00
2
0.00
3.00 VAN D
221.00
VAN D
65.78
35.69
10.82
0.00
-6.05
-27.33
PY
TIR
VAN - 0%
VAN - 5%
VAN - 10%
VAN - 12.5%
VAN - 14%
VAN 20%
C
14.00%
44.78
26.40
10.82
3.90
0.00
-14.02
VAN - 10%
1,872.36
307.10
1,565.26
Py B
22.00%
24,059.00
10,346.84
0
-4,665.33
20
30
D
12.50%
65.78
35.69
10.82
0.00
-6.05
-27.33
0
-1500
-1500
TIR =
1
800
2
900
+ 800
(1 + TIR)1
+ 900
(1 + TIR)2
3
1000
+ 1000
(1 + TIR)3
= 0
34.66%
0
-1500
1
800
VAN =
-1500
+ 800
(1 + Ko)1
+ 900
(1 + Ko)2
+ 1000
(1 + Ko)3
VAN =
-1500
+ 800
(1 + 0.1)1
+ 900
(1 + 0.1)2
+ 1000
(1 + 0.1)3
VAN =
VAN =
-1500
- 1500 +
VAN =
727.27
2222.39
2
900
743.80
3
1000
751.31
722.39
INDICE
RENTABILIDAD
2,222.39
1500
1.4816
1
15
2
90
+ 15
(1 + TIR)1
+ 90
(1 + TIR)2
+ 165
(1 + TIR)3
PROYECTOS DIFERENTES
A
PERIODO
FLUJOS
0
-180
-180
TIR =
3
165
= 0
17.41%
VAN =
-180
+ 15
(1 + Ko)1
+ 90
(1 + Ko)2
+ 165
(1 + Ko)3
VAN =
-180
+ 15
(1 + 0.1)1
+ 90
(1 + 0.1)2
+ 165
(1 + 0.1)3
VAN =
31.98
PERIODO DE RECUPERACION
PERIODO
FLUJOS
0
-1000
FLUJOS
DESCONTADOS
FLUJOS
DESCONTADOS
INVERSION RECUPERADA
PRC
PERIODO
FLUJOS
0
-1000
FLUJOS
DESCONTADOS
FLUJOS
DESCONTADOS
INVERSION RECUPERADA
1
500
2
1000
3
2000
500/1.1^1
1000/1.1^2
2000/1.1^3
454.55
826.45
1502.63
454.55
1.00
545.45
0.55
1000.00
1.55
1
1000
2
100
3
0
1000/1.1^1
100/1.1^2
0/1.1^3
909.09
82.64
909.09
82.64
0
3.00
PRC
B
PERIODO
FLUJOS
-180
TIR =
0
-180
1
150
2
75
+ 150
(1 + TIR)1
+ 75
(1 + TIR)2
+ 15
(1 + TIR)3
3
15
= 0
22.79%
VAN =
-180
+ 150
(1 + Ko)1
+ 75
(1 + Ko)2
+ 15
(1 + Ko)3
VAN =
-180
+ 150
(1 + 0.1)1
+ 75
(1 + 0.1)2
+ 15
(1 + 0.1)3
VAN =
29.62
4
5000
5000/1.1^4
3415.07
AO
4
20
10/1.1^4
13.66
8.26
0.41
1000.00
3.41
0
0
0
0
0
0
20,000
-20,000
6,000
-14,000
-14,000
7.00%
7.00%
6,000
50000
5%
ATADURA (SOBREPRECIO)
1
4
15000
10%
R*
(1 + i)^n - 1
i(1 + i)^n
EVALUACION
RUBROS / PERIODOS
0
1
2
3
4
5
4. COSTO REAL
50,000
2. ATADURA
15,000
1. DEUDA
65,000
3. AMORTIZACION
-18,331
-18,331
-18,331
-18,331
5. FLUJO NETO
50,000
-18,331
-18,331
-18,331
-18,331
6. VAN *
-2,824
* ELEMENTO CONSECIONAL
ES EL VAN DE LOS FLUJOS DE INGRESOS Y COSTOS RELACIONADOS CON EL FINANCIAMIENTO DESCONTADOS
A UNA TASA DEL COSTO DE CAPITAL. SE CONSIDERA QUE EL CREDITO ES CONVENIENTE SI SU EC ES MAYOR QUE
CERO.
PRESTAMO JAPONES
TRACTOR
TASA PRESTAMO
PERIODO GRACIA
PLAZO AMORTIZACION
ATADURA (SOBREPRECIO)
50000
6%
1
4
0
-14,430
-14,430
-16,558
-14,430
-14,430
-17,138
6%
-3.99 <-- =NPV(B3,B9:B13)+B8
Year
0
1
2
3
4
5
DATA TABLE
Discount
rate
Cash
flow
-145
100
100
100
100
-275
Two IRRs
5
0
0
0.1
0.2
-5
0.3
0.4
0.5
0%
3%
6%
9%
12%
15%
18%
21%
24%
27%
30%
33%
36%
39%
-10
-15
-20
-25
Discount rate
=IRR(D66:D74)
DATA TABLE
NPV
-3.99
-20.00
-10.51
-3.99
0.24
2.69
3.77
3.80
3.02
1.62
-0.24
-2.44
-4.90
-7.53
-10.27
Note: For a discussion of how
to create data tables in Excel
see Chapter 26.
Telef. 222-5218
CASO: INVERSIONES PERU
EERR
Flujo de caja
Beneficios
Utaii
Deprec
Am intang
VS IFT
Rec KW
Subtotal
Costos
Inversin
Imp s/fin
Subtotal
Flujo Econ
Serv deuda
91000
0.00%
100100
0.00%
105105
0.00%
Concepto
Demanda kg
% part
Ventas kg
grs/unid
Ventas unid
Precio x unid
Ventas $
Cvar unit
CV total
Mg contr
CF
Depre
Am intang
UTAII
Intereses
UTAI
Impto renta
UTNT
1
91000
15
13650
50
273000
5.00
1365000
2
573300
791700
50000
135000
160000
446700
162689
284011
85203
198808
2
100100
20
20020
50
400400
5.50
2202200
2
840840
1361360
50000
135000
3
105105
25
26276
50
525525
5.50
2890388
2
1103603
1786785
50000
135000
1176360
170111
1006249
301875
704375
1601785
72905
1528880
458664
1070216
446700
135000
160000
1176360
135000
1601785
135000
Terreno
100000
Deprec
135000
CPPP
6
741700
1311360
1736785
211500
6350
217850
800000
3800
800000
3800
4100
134010
138110
4800
352908
357708
480536
480536
-800000
737900
1173250
1379077
551455
454249
-262686
TIRE =
VANE
1890149
102.64%
Fluj fin
FSA
acumulado
wacc =
aos
-200000
-200000
-200000
25%
1
737900
590320
390320
2
670602
429185
819505
3
975861
499641
1319146
Aporte
40000
160000
200000
3800
Prstamo
600000
600000
Total
640000
160000
800000
25%
75%
100%
amort
13
interes
serv deuda
190672
190672
190672
190672
76471
86217
97206
72905
48603
24302
287878
263577
239275
214974
4
-240814
-98637
1220509
Relacin deuda/capital
IFT
IFI
IKW
Financiamiento
sem
0
1
2
3
4
5
6
saldo
600000
676471
762689
572016
381344
190672
0
VANF
1943549
362.93%
2227542
102.64%
1943549
.= TIRF
Telef. 222-5218
1.- Flujo de Caja de Inversion
a.- Activo Fijo
4+1.1*10 =
Activo Fijo Valor de Adquisicion
Terreno
Obras Civiles
Lineas produccion
Total
Valor Comercial
Valor Libros
Utilidad Aimp
Imp Renta
U tilidad neta
valor Libros
Valor de Rescate
Ajustado
VINO
15
20,000.00
40,000.00
30,000.00
90,000.00
0.0117149
Vutil
Deprec Anual Valor ContableValor
Rescate
Salvamento
20,000
20,000.00
2,000
34,000
28,000.00
20
3,000
21,000
18,000.00
10
5,000
75,000
66,000.00
66,000.00
(75,000.00)
(9,000.00)
2,700.00 Credito Fiscal
(6,300.00)
75,000.00
68,700.00
56,000.00
1,944.44
13,000.00
1,000.00
71,944.44
(71,944.44)
(71,944.44)
Flujo mensual
Flujo Acumulado
66,000.00
2,700.00
68,700.00
5,000.00
2
112,500.00
56,000.00
1,944.44
13,000.00
1,000.00
71,944.44
40,555.56
(31,388.89)
56,000.00
1,944.44
13,000.00
1,000.00
71,944.44
40,555.56
9,166.67
11.20
56,000.00
1,944.44
13,000.00
1,000.00
71,944.44
40,555.56
49,722.22
Terreno
Obras Civiles
Lineas produccion
Total
Capitalizacion Aportes
Activo Fijo Tangible
Produccion
60,000.00
63,000.00
66,150.00
1.05
1.05
20,000.00
40,000.00
30,000.00
90,000.00
Aporte Capital
20,000.00
14,000.00
10,500.00
44,500.00
21%
C T. Anual T
Capital Trabajo Incremental
(71,944.44)
(75,541.67)
(3,597.22)
(79,318.75)
(3,777.08)
Prestamo
26,000.00
19,500.00
45,500.00
Meses antes
12.00
11.00
4.00
Terreno 12 meses
Obras Civiles 11 meses
Lineas de Produccion 4 meses
AFT Capitalizado
24,200.00
16,673.03
11,188.82
52,061.86
Intereses Preoperativos
15%
29,553.78
20,429.95
Aporte Capital
24,200.00
16,673.03
11,188.82
52,061.86
4,483.73
71,944.44
128,490.03
TEA =
Deuda
Principal
Intreses
Cuota
45,500.00
-97,562
-4,484
-71,944
-173,990
-173,990
45,500
26,000.00
19,500.00
Prestamo
Intereses
3,553.78
929.95
4,483.73
45,500.00
Inversion Total
24,200.00
42,673.03
30,688.82
97,561.86
4,483.73
71,944.44
173,990.03
15.00
1
45,500.00
6,825.00
6,825.00
2
24,337.21
21,162.79
6,825.00
27,987.79
26,000.00
19,500.00
45,500.00
60,000
1
1,350,000
3
24,337.21
3,650.58
27,987.79
-672,000
-17,500
-156,000
-12,000
-5,000
(1,495)
486,005
-145,802
340,204
5,000
1,495
-705,600
-18,375
-156,000
-12,000
-75,000
(1,495)
449,030
-134,709
314,321
75,000
1,495
-740,880
-19,294
-156,000
-12,000
-66,000
(1,495)
492,707
-147,812
344,895
66,000
1,495
346,698
390,816
412,389
-3,597
-3,777
-3,597
343,101
-3,777
387,039
0
412,389
11.20
68,700
79,319
148,019
148,019
Principal
Intreses
Cuota Total
Escudo Financiero
FLUJO FINANCIERO
-128,490
0
-6,825
-6,825
2,048
338,324
-21,163
-6,825
-27,988
2,048
361,098
-24,337
-3,651
-27,988
1,095
385,497
148,019
Valor Salvamento
al Trabajo Incremental
Telef. 222-5218
CHOCOLATES
1.- Inversion y costos
a.- Activo Fijo
Activo Fijo Valor de Adquisicion
Terreno
Obras Civiles
Lineas produccion
Inversion en activo fijo tangible
35,000.00
24,000.00
22,000.00
81,000.00
Valor Comercial
valor Libros
Utilidad Aimp
Imp Renta
U tilidad neta
valor Libros
Valor de Rescate Ajustado
85,700.00
(70,800.00)
14,900.00
(4,470.00)
10,430.00
70,800.00
81,230.00
b. Activos Intangibles
c. Capital de Trabajo
9,000.00
Produccion
Ventas mes
Ingresos
Contado
Credito
Ingresos Totales
Egresos
Costos Var Contado
Costos Var Credito
Mano Obra 5000/12
Administracion 8000/12
Seguros 4000/12
Publicidad 6000/12
Total egresos
Flujo mensual
Flujo Acumulado
Resumen
Activo Fijo
Activos Intangibles
Capital trabajo
Inversion Total
(4,470)
81,230
3,000.00
3,000.00
3,000.00
3,000.00
1,575.00
175.00
416.67
666.67
333.33
500.00
3,666.67
-666.67
-1,158.33
Produccion
30,000.00
39,000.00
58,500.00
Capital trabajo total :
81,000.00
9,000.00
1,158.33
91,158.33
0.70
85,700
2,500.00
416.67
666.67
333.33
500.00
3,491.67
-491.67
-491.67
1
2
3
30,000.00
2,500.00
1
1,575.00
Deprec Anual
Vutil
20
10
PRECIO =
Costo variable unitario =
3
4
3,000.00
4,500.00
7,500.00
1,575.00
175.00
416.67
666.67
333.33
500.00
3,666.67
3,833.33
2,675.00
C T. Anual T
1,158.33
1,505.83
2,258.75
3.00
3,000.00
4,500.00
7,500.00
1,575.00
175.00
416.67
666.67
333.33
500.00
3,666.67
3,833.33
6,508.33
Deuda
Principal
Intereses
Cuota
Prestamo
Aporte
32,400.00 R=P
9,000.00
1,158.33
42,558.33
i(1+ i)n
(1+i)n-1
2
25,457.14
23,142.86
4,860.00
28,002.86
3
25,457.14
2,545.71
28,002.86
0.70
39,000
2
117,000
58,500
3
175,500
-21,000
-5,000
-8,000
-4,000
-6,000
-10,422
-1458
-55,880
-27,300
-5,000
-8,000
-4,000
-6,000
-16,632
-1458
-68,390
-40,950
-5,000
-8,000
-4,000
-6,000
-30,781
-764
-95,495
34,120
48,610
80,005
-348
-753
-348
33,773
-753
47,857
0
80,005
0
-4,860
-4,860
1,458
30,371
-23,143
-4,860
-28,003
1,458
21,312
-25,457
-2,546
-28,003
764
52,766
81,000.00
9,000.00
1,158.33
91,158.33
TEA =
48,600.00
-81,000
-9,000
-1,158
-91,158
-91,158
48,600
-42,558
48,600.00
48,600.00
10.00
1
48,600.00
4,860.00
4,860.00
Valor Salvamento
52,500.00
19,200.00
14,000.00
85,700.00
0.70
R=P
i(1+ i)n
(1+i)n-1
2
117,000
3
175,500
UTILIDAD BRUTA
GASTOS DE ADMINSITRACION
Seguros
GASTOS VENTAS
UTILIDAD DE OPERACIN
GASTOS FINANCIEROS
-21,000
-5,000
-3,400
-3,000
-32,400
57,600
-8,000
-4,000
-6,000
39,600
-4,860
-27,300
-5,000
-3,400
-3,000
-38,700
78,300
-8,000
-4,000
-6,000
60,300
-4,860
-40,950
-5,000
-3,400
-3,000
-52,350
123,150
-8,000
-4,000
-6,000
105,150
-2,546
34,740
-10,422
24,318
55,440
-16,632
38,808
102,604
-30,781
71,823
2
23,143
0
23,143
3
25,457
0
25,457
VENTAS
COSTOS PRODUCCION
Costos Variables
Mano Obra dir
DEPRECIACION ANUAL
Amortizacion Intangibles
81,230
2,259
83,489
83,489
Impuesto FCE
Escudo Fiscal
Impuesto renta
0
83,489
0
0
0