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AO 0

Ventas
Costo de Materias Primas
Costo de Mano de Obra Directa
Margen bruto
Gastos Generales
Gastos de Servicios
Costo de ventas
EBITDA
Depreciacin
EBIT
Impuestos
Depreciacion
NOPAT
CAPEX
Inv k de w
Valor de rescate
Recuperacion k w
FCF

$
$
$

$400,000

(400,000)

AO 1
325,000.00
169,000.00
56,550.00
$99,450
$40,000
$12,000
$9,750
$37,700
$26,667
$11,033
$3,089
$26,667
$34,611
$0
$87,100

121,711

valor presente flujo


Recupero descontado
CCPP
VAN
TIR
TIR modificada

13.50%
1,060,186
49.28%

Cuentas por cobrar


Inventarios
Efectivo
Cuentas por pagar
Fondo de maniobra
Inversiones
Activo bruto
Depreciacion
Activos fijos neto
Pago financiamiento
Saldo
Amortizacion
Intereses
Cuota

$81,250
$28,167
$5,850
$28,167
$87,100
$87,100
$400,000

$400,000
$26,667
$373,333

$400,000

$377,206
$22,793.67
$48,000
$70,794

1. Hallar el VAN, el IR, la TIR y el periodo de recupero descontado de este proyecto


CCPP
VAN
TIR

13.50%
$1,060,186.14
49.28%

2. Realice sensibilidad con el costo de ventas y con ventas proyectadas iniciales


AO 0
Cocinas
Precios
Ventas
Costo de Materias Primas
Costo de Mano de Obra Directa
Margen bruto

AO 1
$
$
$
$

$ -400,000.00

650
500.00
325,000.00
169,000.00
56,550.00
$99,450

3. Genere una poltica de incentivo a la fuerza de ventas (comisin de ventas)


Comisiones
1,060,186
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%

Crecimiento de merc
2.00%

3.00%

4. Determinar cul es el costo de materiales directos que pone en equilibrio este


proyecto.
Costo de materia prima

1,060,186.14

49.28%

52.00%
53.00%
54.00%
55.00%
56.00%
57.00%
5. Cul es el efecto en el proyecto de un periodo de pago de 90 das.
AO 1
AO 2
Cuentas por pagar
$42,250
$53,235
6.Cul es la cobertura de deuda? Cul es la capacidad de endeudamiento?

7. Si la desviacin estndar del costo de ventas es 2% y la desviacion estndar del pre

AO 2
AO 3
AO 4
AO 5
AO 6
### $ 515,970.00 $ 650,122.20 $ 716,759.73
###
$ 212,940.00 $
268,304.40 $
338,063.54 $
372,715.06 $ 410,918.35
$ 71,253.00 $
89,778.78 $
113,121.26 $
124,716.19 $ 137,499.60
$125,307
$157,887
$198,937
$219,328
$241,810
$42,000
$44,100
$46,305
$48,620
$51,051
$12,600
$13,230
$13,892
$14,586
$15,315
$12,285
$15,479
$19,504
$21,503
$23,707
$58,422
$85,078
$119,237
$134,619
$151,736
$26,667
$26,667
$26,667
$26,667
$26,667
$31,755
$58,411
$92,571
$107,953
$125,070
$8,891
$16,355
$25,920
$30,227
$35,019
$26,667
$26,667
$26,667
$26,667
$26,667
$49,531
$68,723
$93,317
$104,393
$116,717
$0
$0
$0
$0
$0
$109,746
$138,280
$174,233
$192,092
$211,781

159,277

207,003

267,550

296,484

328,498

Profit index (indice de rentabilidad)


PI
2.49

$102,375
$35,490
$7,371
$35,490
$109,746
$22,646

$128,993
$44,717
$9,287
$44,717
$138,280
$28,534

$162,531
$56,344
$11,702
$56,344
$174,233
$35,953

$179,190
$62,119
$12,902
$62,119
$192,092
$17,859

$197,557
$68,486
$14,224
$68,486
$211,781
$19,689

$400,000
$26,667
$346,667

$400,000
$26,667
$320,000

$400,000
$26,667
$293,333

$400,000
$26,667
$266,667

$400,000
$26,667
$240,000

$351,677
$25,528.91
$45,265
$70,794

$323,085
$28,592.37
$42,201
$70,794

$291,062
$32,023.46
$38,770
$70,794

$255,195
$35,866.27
$34,927
$70,794

$215,025
$40,170.23
$30,623
$70,794

scontado de este proyecto

as proyectadas iniciales
AO 2
780
$
525.00
###
$ 212,940.00
$ 71,253.00
$125,307

AO 3
$
$
$
$

936
551.25
515,970.00
268,304.40
89,778.78
$157,887

$
$
$
$

AO 4

AO 5

AO 6
1123
1179
1238
578.81 $
607.75 $
638.14
650,122.20 $ 716,759.73
###
338,063.54 $
372,715.06 $ 410,918.35
113,121.26 $
124,716.19 $ 137,499.60
$198,937
$219,328
$241,810

6.00%

7.00%

(comisin de ventas)
Crecimiento de mercado
4.00%
5.00%

crecimiento
comisiones

e pone en equilibrio este

52%

o de 90 das.
AO 3
$67,076

de endeudamiento?

AO 4
$84,516

AO 5
$93,179

AO 6
$102,730

AO 7
$113,259

la desviacion estndar del precio es USD 30 Cul es la probabilidad de generar valor? Cul es la p

AO 7
AO 8
AO 9
###
### $ 960,346.04
$ 453,037.48 $ 475,599.94 $
499,379.94 $
$ 151,593.31 $ 159,143.06 $
167,100.21 $
$266,595
$279,872
$293,866
$53,604
$56,284
$59,098
$16,081
$16,885
$17,729
$26,137
$27,438
$28,810
$170,773
$179,265
$188,228
$26,667
$26,667
$26,667
$144,107
$152,598
$161,561
$40,350
$42,727
$45,237
$26,667
$26,667
$26,667
$130,424
$136,537
$142,991
$0
$0
$0
$233,489
$245,117
$257,373

363,912

AO 10
###
524,348.94
175,455.22
$308,559
$62,053
$18,616
$30,251
$197,639
$26,667
$170,972
$47,872
$26,667
$149,767
$0
$270,241
$69,132
$216,193
705,334

381,654

400,363

$217,806
$75,506
$15,682
$75,506
$233,489
$21,708

$228,654
$79,267
$16,463
$79,267
$245,117
$11,628

$240,087
$83,230
$17,286
$83,230
$257,373
$12,256

$252,091
$87,391
$18,151
$87,391
$270,241
$12,869

$400,000
$26,667
$213,333

$400,000
$26,667
$186,667

$400,000
$26,667
$160,000

$400,001
$26,667
$133,334

$170,034
$44,990.65
$25,803
$70,794

$119,645
$50,389.53
$20,404
$70,794

$63,209
$56,436.28
$14,357
$70,794

$0
$63,208.63
$7,585
$70,794

AO 7
AO 8
AO 9
1300
1300
1300
$
670.05 $
703.55 $
738.73 $
###
### $ 960,346.04
$ 453,037.48 $ 475,599.94 $
499,379.94 $
$ 151,593.31 $ 159,143.06 $
167,100.21 $
$266,595
$279,872
$293,866

5.00%
3.00%

AO 8
$118,900

AO 9
$124,845

AO 10
$131,087

AO 10
1300
775.66
###
524,348.94
175,455.22
$308,559

nerar valor? Cul es la probabilidad de tener un covenant de cobertura mayor a 4?

a mayor a 4?

1
AO 0
Cocinas
Precios
Ventas
Costo de Materias Primas
Costo de Mano de Obra Directa
Margen bruto
Gastos Generales
Gastos de Servicios
Costo de ventas
EBITDA
Depreciacin
EBIT
Impuestos
Depreciacion
NOPAT
CAPEX
Inv k de w
Valor de rescate
Recuperacion k w
FCF

$
$
$

$400,000

(400,000)

valor presente flujo


Recupero descontado
CCPP
VAN
TIR
PI
Recupero descontado
Cuentas por cobrar
Inventarios
Efectivo
Cuentas por pagar
Fondo de maniobra
Inversiones
Activo bruto
Depreciacion
Activos fijos neto
Pago financiamiento
Saldo

AO 1
650
500
325,000.00
169,000.00
56,550.00
$99,450
$40,000
$12,000
$9,750
$37,700
$26,667
$11,033
$3,089
$26,667
$34,611
$0
$81,250

(46,639)

$41,709
441,709
11.82%
35,153
13.05%
1.09
9.74
$81,250
$28,167
$0
$28,167
$81,250
$81,250
$400,000
$400,000

$400,000
$26,667
$373,333

$200,000

$188,603

Amortizacion
Intereses
Cuota

$11,396.83
$24,000
$35,397

Activos operativos
Pasivo
Patrimonio

$400,000
$200,000
$200,000

ROI
ROIC
CFROI
Economic Profit
EVA

$454,583
$188,603
$265,980
9.0%
7.6%
10.1%
$19,121
$19,121

1. Hallar el VAN, el IR, la TIR y el periodo de recupero descontado de este proyecto


CCPP
VAN
TIR
PI
Recupero descontado

11.82%
35,152.81
13.05%
1.09
9.74

2. Realice sensibilidad con el costo de ventas y con ventas proyectadas iniciales


Costo de materia
50.00%
51.00%
52.00%
53.00%
54.00%
55.00%

35,152.81
96,852.55
70,419.91
43,987.27
17,554.63
-8,878.01
-35,310.65

Costo MOD
15.50%
16.50%
17.50%
18.50%
19.50%
20.50%

35,152.81
96,852.55
70,419.91
43,987.27
17,554.63
-8,878.01
-35,310.65

Costos de MP
Costos de MOD

52%
17.5%

3. Genere una poltica de incentivo a la fuerza de ventas (comisin de ventas)

Comisin de ventas
35,152.8
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%

16%
18,632.64
6,474.23
-5,684.17
-17,842.58
-30,000.99
-42,159.40

Comisin de ventas

Crecimiento Aos 2
18%
44,036.81
31,359.48
18,682.16
6,004.83
-6,672.50
-19,349.83

Crecimiento del ao
35,152.8
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%

3%
52,137.72
39,298.34
26,458.97
13,619.60
780.23
-12,059.15

4%
61,175.28
48,149.58
35,123.88
22,098.18
9,072.47
-3,953.23

4. Determinar cul es el costo de materiales directos que pone en equilibrio este


proyecto.
Costo MOD
50.00%
51.00%
52.00%
53.66%
54.00%
55.00%

35,152.81
96,852.55
70,419.91
43,987.27
-8,878.01
-35,310.65

0.00%
15.11%
14.23%
13.34%
11.82%
11.51%
10.58%

5. Cul es el efecto en el proyecto de un periodo de pago de 90 das.


Periodo de Pago
60
90

35,152.81
43,987.27
62,151.61

13.05%
13.34%
14.03%

6.Cul es la cobertura de deuda? Cul es la capacidad de endeudamiento?

7. Si la desviacin estndar del costo de ventas es 2% y la desviacion estndar del pre

AO 2

AO 3
AO 4
AO 5
AO 6
780
936
1123
1179
1238
525
551.25
578.8125
607.753125 638.14078125
### $ 515,970.00 $ 650,122.20 $ 716,759.73
###
$ 212,940.00 $
268,304.40 $
338,063.54 $
372,715.06 $ 410,918.35
$ 71,253.00 $
89,778.78 $
113,121.26 $
124,716.19 $ 137,499.60
$125,307
$157,887
$198,937
$219,328
$241,810
$42,000
$44,100
$46,305
$48,620
$51,051
$12,600
$13,230
$13,892
$14,586
$15,315
$12,285
$15,479
$19,504
$21,503
$23,707
$58,422
$85,078
$119,237
$134,619
$151,736
$26,667
$26,667
$26,667
$26,667
$26,667
$31,755
$58,411
$92,571
$107,953
$125,070
$8,891
$16,355
$25,920
$30,227
$35,019
$26,667
$26,667
$26,667
$26,667
$26,667
$49,531
$68,723
$93,317
$104,393
$116,717
$0
$0
$0
$0
$0
$21,125
$26,618
$33,538
$16,659
$18,367

28,406

42,105

59,779

87,733

98,350

$22,718
418,992

$30,115
388,877

$38,236
350,641

$50,184
300,457

$50,310
250,147

Profit index (indice de rentabilidad)


PI
1.09

$102,375
$35,490
$0
$35,490
$102,375
$21,125

$128,993
$44,717
$0
$44,717
$128,993
$26,618

$162,531
$56,344
$0
$56,344
$162,531
$33,538

$179,190
$62,119
$0
$62,119
$179,190
$16,659

$197,557
$68,486
$0
$68,486
$197,557
$18,367

$400,000
$26,667
$346,667

$400,000
$26,667
$320,000

$400,000
$26,667
$293,333

$400,000
$26,667
$266,667

$400,000
$26,667
$240,000

$175,839

$161,543

$145,531

$127,598

$107,513

$12,764.45
$22,632
$35,397

$14,296.19
$21,101
$35,397

$16,011.73
$19,385
$35,397

$17,933.14
$17,464
$35,397

$20,085.11
$15,312
$35,397

$449,042
$175,839
$273,203

$448,993
$161,543
$287,450

$455,864
$145,531
$310,333

$445,857
$127,598
$318,259

$437,557
$107,513
$330,044

13.8%
11.0%
16.9%
$3,546
$3,546

20.6%
15.3%
26.6%
$15,652
$15,652

30.4%
20.5%
40.6%
$39,434
$39,434

37.3%
23.4%
50.5%
$51,692
$51,692

46.1%
26.7%
63.2%
$64,997
$64,997

ntado de este proyecto

royectadas iniciales
13.05%
15.11%
14.23%
13.34%
12.43%
11.51%
10.58%
13.05%
15.11%
14.23%
13.34%
12.43%
11.51%
10.58%

misin de ventas)

Ventas iniciales
35,397
550
600
650
700
750
800

Crecimiento 4 p
16%
-93,794
-49,832
-5,684
38,278
82,239
126,387

18%
-73,104
-27,211
18,682
64,575
110,655
156,548

Cocina
Crecimiento

Crecimiento Aos 2, 3 y 4
20%
22%
70,419.91
97,594.10
57,203.59
83,822.61
43,987.27
70,051.13
30,770.95
56,279.65
17,554.63
42,508.16
4,338.31
28,736.68

24%
125,759.43
111,412.46
97,065.50
82,718.53
68,371.56
54,024.60

26%
154,534.10
139,599.26
124,664.42
109,729.58
94,794.73
79,859.89

Crecimiento del ao 5 al 10
5%
6%
70,419.91
79,871.62
57,203.59
66,460.39
43,987.27
53,049.16
30,770.95
39,637.93
17,554.63
26,226.70
4,338.31
12,815.47

7%
89,336.43
75,730.03
62,123.63
48,517.23
34,910.83
21,304.43

8%
99,008.32
85,202.46
71,396.59
57,590.73
43,784.86
29,979.00

ne en equilibrio este

ndeudamiento?

1.09
1.11
1.16

esviacion estndar del precio es USD 30 Cul es la probabilidad de generar valor? Cul es la prob

10

AO 7
AO 8
AO 9
AO 10
1300
1300
1300
1300
670.04782031 703.55021133 738.7277218945 775.6641079893
###
### $ 960,346.04
###
$ 453,037.48 $ 475,599.94 $
499,379.94 $
524,348.94
$ 151,593.31 $ 159,143.06 $
167,100.21 $
175,455.22
$266,595
$279,872
$293,866
$308,559
$53,604
$56,284
$59,098
$62,053
$16,081
$16,885
$17,729
$18,616
$26,137
$27,438
$28,810
$30,251
$170,773
$179,265
$188,228
$197,639
$26,667
$26,667
$26,667
$26,667
$144,107
$152,598
$161,561
$170,972
$40,350
$42,727
$45,237
$47,872
$26,667
$26,667
$26,667
$26,667
$130,424
$136,537
$142,991
$149,767
$0
$0
$0
$0
$20,250
$10,847
$11,433
$12,004
$74,215
$201,673
110,174
125,690
131,558
413,650

$50,401
199,745

$51,421
148,324

$48,133
100,191

$135,344
266,902

$217,806
$75,506
$0
$75,506
$217,806
$20,250

$228,654
$79,267
$0
$79,267
$228,654
$10,847

$240,087
$83,230
$0
$83,230
$240,087
$11,433

$252,091
$87,391
$0
$87,391
$252,091
$12,004

$400,000
$26,667
$213,333

$400,000
$26,667
$186,667

$400,000
$26,667
$160,000

$400,001
$26,667
$133,334

$85,017

$59,822

$31,604

$0

$22,495.33
$12,902
$35,397

$25,194.77
$10,202
$35,397

$28,218.14
$7,179
$35,397

$31,604.32
$3,793
$35,397

$431,140
$85,017
$346,123

$415,320
$59,822
$355,498

$400,087
$31,604
$368,482

$385,425
$0
$385,425

57.5%
30.3%
80.1%
$79,463
$79,463

68.3%
32.9%
96.0%
$87,446
$87,446

82.5%
35.7%
117.6%
$95,700
$95,700

102.1%
38.9%
148.2%
$104,210
$104,210

Crecimiento 4 primeros aos


20%
22%
-51,721
-29,638
-3,867
20,206
43,987
70,051
91,841
119,896
139,695
169,926
187,550
219,771

650 Unidades
20% Prox. 3 aos

24%
-6,851
45,014
97,065
148,931
200,797
252,848

26%
16,644
70,561
124,664
178,767
232,870
286,973

ar valor? Cul es la probabilidad de tener un covenant de cobertura mayor a 4?