7/23/2014

UPC - Evaluacin Financiera de Proyectos

Carlos Agero
Mquinas para jardines de casa (MJC)
Inversin =
Precio 1 =
Precio 2 =

800,000
120
110

E/R Pro-forma
Ventas en unidades

CV unit =

1
3,000

Ingresos x Ventas ($)

(-) Costos variables
Utilidad bruta ($)
Costos fijos
Depreciacin
UAII (EBIT) ($)

360,000
(180,000)
180,000
(25,000)
(100,000)
55,000

60

CF =
Depreciac =

2
5,000
600,000
(300,000)
300,000
(25,000)
(100,000)
175,000

3
6,000
720,000
(360,000)
360,000
(25,000)
(100,000)
235,000

25,000
100,000
Ao
4
6,500
715,000
(390,000)
325,000
(25,000)
(100,000)
200,000

tasa imptos = 30%

5
6,000
660,000
(360,000)
300,000
(25,000)
(100,000)
175,000

6
5,000
550,000
(300,000)
250,000
(25,000)
(100,000)
125,000

7
4,000
440,000
(240,000)
200,000
(25,000)
(100,000)
75,000

Flujo de Caja Libre (futuro esperado)

Ao
0

NOPAT = EBIT (1-t)

(+) Depreciacin

38,500
100,000

122,500
100,000

164,500
100,000

CTN necesario
Var en CTN
Recup CTN
Var CTN tot

(54,000)

54,000
(36,000)

90,000
(18,000)

Capital de Trabajo Neto (CTN)

108,000
107,250
99,000
750
8,250
16,500

(54,000)

(36,000)

(18,000)

750

140,000
100,000

8,250

122,500
100,000

16,500

87,500
100,000

52,500
100,000

82,500
16,500

66,000
16,500

16,500

16,500

III. Gasto de Capital (CapEx)

Capex
Valor Residual
CapEx

(800,000)
(800,000)
0
(854,000)

FCL
tasa dcto =
VPN =
TIR =

15.00%
$31,252
16.06%

TIRM =
PR =

15.518%
4.18
4 aos
2 meses
6 das

1
102,500

2
204,500

3
265,250

4
248,250

102,500

307,000

572,250

820,500
(33,500)

Pgina 1

5
239,000

6
204,000

7
169,000

0.14
1.68200837
-9.53974895

Proyecto MJC - Solucin

7/23/2014

Ao
8
3,000
330,000
(180,000)
150,000
(25,000)
(100,000)
25,000

Ao
8
17,500
100,000
Capital de Trabajo Neto (CTN)
49,500
49,500
49,500

III. Gasto de Capital (CapEx)

8
167,000

Pgina 2

Proyecto MJC - Solucin

UPC - Evaluacin Financiera de Proyectos

Carlos Agero
Productores
Inversin
Costo de mquina
Depreciacin
Precio venta
Costo unitario
Unidades producidas

200,000
Lnea recta
Base
3.00
1.20
50,000 aos 1, 2,
70,000 aos 3, 4, 5

Gastos mantenimiento
Impuestos
Costo hundido

40,000
30%
100,000

E/R Proyectado
Ao
Ventas
Costo variables
Gastos operativos
Depreciacin
EBIT
Flujos de Caja
NOPAT = EBIT (1-t)
(+) Depreciacin
(-/+) Var CTN
(-) Capex
FCL

(15,000)
(200,000)
(215,000)

1
150,000
(60,000)
(40,000)
(40,000)
10,000

2
150,000
(60,000)
(40,000)
(40,000)
10,000

3
210,000
(84,000)
(40,000)
(40,000)
46,000

4
210,000
(84,000)
(40,000)
(40,000)
46,000

7,000
40,000
-

7,000
40,000
(6,000)

3
32,200
40,000
-

4
32,200
40,000
-

47,000

41,000

72,200

72,200

64,500
-32,250
-5,805
1,742
-36,314

32,250
-32,250
-3,870
1,161
-34,959

0
-32,250
-1,935
581
-33,605

4,687

37,241

38,596

Deuda
Amortizacin
Inters
Escudo Fiscal
Flujo de Financiamiento

129,000

129,000

96,750
-32,250
-7,740
2,322
-37,668

FCA

(86,000)

9,332

5
210,000
(84,000)
(40,000)
(40,000)
46,000
5
32,200
40,000
21,000
93,200

D/E =
E=

1.50
1.00

D=
D+E =
E/(D+E) =
D/(D+E) =

1.50
2.50
40.00%
60.00%

Deuda =
i=
n=
Amortizacin
93,200

129,000.00
6%
4 aos
32,250.00