Agitadora

V. inicial V. salvamento Mtodo

$ 25,000,000 $ 1,500,000 Lnea recta
Ao Dep. Periodo Dep. Acumulada Valor en libros
0 $ - $ - $ 25,000,000
1 $ 2,350,000 $ 2,350,000 $ 22,650,000
2 $ 2,350,000 $ 4,700,000 $ 20,300,000
3 $ 2,350,000 $ 7,050,000 $ 17,950,000
4 $ 2,350,000 $ 9,400,000 $ 15,600,000
5 $ 2,350,000 $ 11,750,000 $ 13,250,000
6 $ 2,350,000 $ 14,100,000 $ 10,900,000
7 $ 2,350,000 $ 16,450,000 $ 8,550,000
8 $ 2,350,000 $ 18,800,000 $ 6,200,000
9 $ 2,350,000 $ 21,150,000 $ 3,850,000
10 $ 2,350,000 $ 23,500,000 $ 1,500,000

Impulsador Reactor
V. inicial V. salvamento Mtodo V. inicial
$ 5,000,000 $ - SDAD $ 13,000,000
Ao Dep. Periodo Dep. Acumulada Valor en libros Dep. Periodo
0 $ - $ - $ 5,000,000 $ -
1 $ 476,190 $ 476,190 $ 4,523,810 $ 1,119,048
2 $ 452,381 $ 928,571 $ 4,071,429 $ 1,063,095
3 $ 428,571 $ 1,357,143 $ 3,642,857 $ 1,007,143
4 $ 404,762 $ 1,761,905 $ 3,238,095 $ 951,190
5 $ 380,952 $ 2,142,857 $ 2,857,143 $ 895,238
6 $ 357,143 $ 2,500,000 $ 2,500,000 $ 839,286
7 $ 333,333 $ 2,833,333 $ 2,166,667 $ 783,333
8 $ 309,524 $ 3,142,857 $ 1,857,143 $ 727,381
9 $ 285,714 $ 3,428,571 $ 1,571,429 $ 671,429
10 $ 261,905 $ 3,690,476 $ 1,309,524 $ 615,476
11 $ 238,095 $ 3,928,571 $ 1,071,429 $ 559,524
12 $ 214,286 $ 4,142,857 $ 857,143 $ 503,571
13 $ 190,476 $ 4,333,333 $ 666,667 $ 447,619
14 $ 166,667 $ 4,500,000 $ 500,000 $ 391,667
15 $ 142,857 $ 4,642,857 $ 357,143 $ 335,714
16 $ 119,048 $ 4,761,905 $ 238,095 $ 279,762
17 $ 95,238 $ 4,857,143 $ 142,857 $ 223,810
18 $ 71,429 $ 4,928,571 $ 71,429 $ 167,857
19 $ 47,619 $ 4,976,190 $ 23,810 $ 111,905
20 $ 23,810 $ 5,000,000 $ - $ 55,952

Centrifugadora Sensores trmicos

V. inicial V. salvamento Mtodo V. inicial
$ 43,750,000 $ 3,000,000 Doble tasa $ 15,000,000
Ao Dep. Periodo Dep. Acumulada Valor en libros Dep. Periodo
0 $ - $ - $ 43,750,000 $ -
1 $ 5,833,333 $ 5,833,333 $ 37,916,667 $ 2,000,000
2 $ 5,055,556 $ 10,888,889 $ 32,861,111 $ 1,733,333
3 $ 4,381,481 $ 15,270,370 $ 28,479,630 $ 1,502,222
4 $ 3,797,284 $ 19,067,654 $ 24,682,346 $ 1,301,926
5 $ 3,290,979 $ 22,358,634 $ 21,391,366 $ 1,128,336
6 $ 2,852,182 $ 25,210,816 $ 18,539,184 $ 977,891
7 $ 2,471,891 $ 27,682,707 $ 16,067,293 $ 847,506
8 $ 2,142,306 $ 29,825,013 $ 13,924,987 $ 734,505
9 $ 1,856,665 $ 31,681,678 $ 12,068,322 $ 636,571
10 $ 1,609,110 $ 33,290,787 $ 10,459,213 $ 551,695
11 $ 1,394,562 $ 34,685,349 $ 9,064,651 $ 478,135
12 $ 1,208,620 $ 35,893,969 $ 7,856,031 $ 414,384
13 $ 1,047,471 $ 36,941,440 $ 6,808,560 $ 359,133
14 $ 907,808 $ 37,849,248 $ 5,900,752 $ 311,248
15 $ 2,900,752 $ 40,750,000 $ 3,000,000 $ 1,473,115

Tubos al vaco Aspersores

V. inicial V. salvamento Mtodo V. inicial
$ 50,000,000 $ 10,000,000 SDAC $ 12,500,000
Ao Dep. Periodo Dep. Acumulada Valor en libros Dep. Periodo
0 $ - $ - $ 50,000,000 $ -
1 $ 727,273 $ 727,273 $ 49,272,727 $ 190,909
2 $ 1,454,545 $ 2,181,818 $ 47,818,182 $ 381,818
3 $ 2,181,818 $ 4,363,636 $ 45,636,364 $ 572,727
4 $ 2,909,091 $ 7,272,727 $ 42,727,273 $ 763,636
5 $ 3,636,364 $ 10,909,091 $ 39,090,909 $ 954,545
6 $ 4,363,636 $ 15,272,727 $ 34,727,273 $ 1,145,455
7 $ 5,090,909 $ 20,363,636 $ 29,636,364 $ 1,336,364
8 $ 5,818,182 $ 26,181,818 $ 23,818,182 $ 1,527,273
9 $ 6,545,455 $ 32,727,273 $ 17,272,727 $ 1,718,182
10 $ 7,272,727 $ 40,000,000 $ 10,000,000 $ 1,909,091

Computadores Equipos de segurida

V. inicial V. salvamento Mtodo V. inicial
$ 250,000,000 $ 12,000,000 R. Saldos $ 40,000,000
Ao Dep. Periodo Dep. Acumulada Valor en libros Dep. Periodo
0 $ - $ - $ 250,000,000 $ -
1 $ 45,815,506 $ 45,815,506 $ 204,184,494 $ 8,720,774
2 $ 37,419,264 $ 83,234,770 $ 166,765,230 $ 6,819,477
3 $ 30,561,734 $ 113,796,504 $ 136,203,496 $ 5,332,699
4 $ 24,960,929 $ 138,757,432 $ 111,242,568 $ 4,170,067
5 $ 20,386,538 $ 159,143,970 $ 90,856,030 $ 3,260,912
6 $ 16,650,460 $ 175,794,430 $ 74,205,570 $ 2,549,970
7 $ 13,599,063 $ 189,393,493 $ 60,606,507 $ 1,994,027
 8 $ 11,106,871 $ 200,500,364 $ 49,499,636 $ 1,559,291
9 $ 9,071,403 $ 209,571,768 $ 40,428,232 $ 1,219,335
10 $ 7,408,960 $ 216,980,728 $ 33,019,272 $ 953,496
11 $ 6,051,179 $ 223,031,906 $ 26,968,094 $ 745,616
12 $ 4,942,227 $ 227,974,134 $ 22,025,866 $ 583,057
13 $ 4,036,505 $ 232,010,639 $ 17,989,361 $ 455,939
14 $ 3,296,767 $ 235,307,405 $ 14,692,595 $ 356,536
15 $ 2,692,595 $ 238,000,000 $ 12,000,000 $ 278,804
 Reactor
V. salvamento Mtodo
$ 1,250,000 SDAD
Dep. Acumulada Valor en libros
$ - $ 13,000,000
$ 1,119,048 $ 11,880,952
$ 2,182,143 $ 10,817,857
$ 3,189,286 $ 9,810,714
$ 4,140,476 $ 8,859,524
$ 5,035,714 $ 7,964,286
$ 5,875,000 $ 7,125,000
$ 6,658,333 $ 6,341,667
$ 7,385,714 $ 5,614,286
$ 8,057,143 $ 4,942,857
$ 8,672,619 $ 4,327,381
$ 9,232,143 $ 3,767,857
$ 9,735,714 $ 3,264,286
$ 10,183,333 $ 2,816,667
$ 10,575,000 $ 2,425,000
$ 10,910,714 $ 2,089,286
$ 11,190,476 $ 1,809,524
$ 11,414,286 $ 1,585,714
$ 11,582,143 $ 1,417,857
$ 11,694,048 $ 1,305,952
$ 11,750,000 $ 1,250,000

Sensores trmicos
V. salvamento Mtodo
$ 550,000 Doble tasa
 Dep. Acumulada Valor en libros
$ - $ 15,000,000
$ 2,000,000 $ 13,000,000
$ 3,733,333 $ 11,266,667
$ 5,235,556 $ 9,764,444
$ 6,537,481 $ 8,462,519
$ 7,665,817 $ 7,334,183
$ 8,643,708 $ 6,356,292
$ 9,491,214 $ 5,508,786
$ 10,225,719 $ 4,774,281
$ 10,862,290 $ 4,137,710
$ 11,413,984 $ 3,586,016
$ 11,892,120 $ 3,107,880
$ 12,306,504 $ 2,693,496
$ 12,665,637 $ 2,334,363
$ 12,976,885 $ 2,023,115
$ 14,450,000 $ 550,000

Aspersores Horno
V. salvamento Mtodo V. inicial V. salvamento Mtodo
$ 2,000,000 SDAC $ 16,750,000 $ 1,250,000 SDAC
Dep. Acumulada Valor en libros Dep. Periodo Dep. Acumulada Valor en libros
$ - $ 12,500,000 $ - $ - $ 16,750,000
$ 190,909 $ 12,309,091 $ 281,818 $ 281,818 $ 16,468,182
$ 572,727 $ 11,927,273 $ 563,636 $ 845,455 $ 15,904,545
$ 1,145,455 $ 11,354,545 $ 845,455 $ 1,690,909 $ 15,059,091
$ 1,909,091 $ 10,590,909 $ 1,127,273 $ 2,818,182 $ 13,931,818
$ 2,863,636 $ 9,636,364 $ 1,409,091 $ 4,227,273 $ 12,522,727
$ 4,009,091 $ 8,490,909 $ 1,690,909 $ 5,918,182 $ 10,831,818
$ 5,345,455 $ 7,154,545 $ 1,972,727 $ 7,890,909 $ 8,859,091
$ 6,872,727 $ 5,627,273 $ 2,254,545 $ 10,145,455 $ 6,604,545
$ 8,590,909 $ 3,909,091 $ 2,536,364 $ 12,681,818 $ 4,068,182
$ 10,500,000 $ 2,000,000 $ 2,818,182 $ 15,500,000 $ 1,250,000

Equipos de seguridad
V. salvamento Mtodo
$ 1,000,000 R. Saldos
Dep. Acumulada Valor en libros
$ - $ 40,000,000
$ 8,720,774 $ 31,279,226
$ 15,540,251 $ 24,459,749
$ 20,872,950 $ 19,127,050
$ 25,043,017 $ 14,956,983
$ 28,303,929 $ 11,696,071
$ 30,853,899 $ 9,146,101
$ 32,847,926 $ 7,152,074
$ 34,407,217 $ 5,592,783
$ 35,626,552 $ 4,373,448
$ 36,580,048 $ 3,419,952
$ 37,325,664 $ 2,674,336
$ 37,908,721 $ 2,091,279
$ 38,364,660 $ 1,635,340
$ 38,721,196 $ 1,278,804
$ 39,000,000 $ 1,000,000
 Lnea recta

Ao Dep. Periodo Dep. Acumulada Valor en libros

0 $ - $ - $ 25,000,000
1 $ 2,350,000 $ 2,350,000 $ 22,650,000
2 $ 2,350,000 $ 4,700,000 $ 20,300,000
3 $ 2,350,000 $ 7,050,000 $ 17,950,000
4 $ 2,350,000 $ 9,400,000 $ 15,600,000
5 $ 2,350,000 $ 11,750,000 $ 13,250,000
6 $ 2,350,000 $ 14,100,000 $ 10,900,000
7 $ 2,350,000 $ 16,450,000 $ 8,550,000
8 $ 2,350,000 $ 18,800,000 $ 6,200,000
9 $ 2,350,000 $ 21,150,000 $ 3,850,000
10 $ 2,350,000 $ 23,500,000 $ 1,500,000

SDAD

Ao Dep. Periodo Dep. Acumulada Valor en libros

0 $ - $ - $ 18,000,000
1 $ 1,595,238 $ 1,595,238 $ 16,404,762
2 $ 1,515,476 $ 3,110,714 $ 14,889,286
3 $ 1,435,714 $ 4,546,429 $ 13,453,571
4 $ 1,355,952 $ 5,902,381 $ 12,097,619
5 $ 1,276,190 $ 7,178,571 $ 10,821,429
6 $ 1,196,429 $ 8,375,000 $ 9,625,000
7 $ 1,116,667 $ 9,491,667 $ 8,508,333
8 $ 1,036,905 $ 10,528,571 $ 7,471,429
9 $ 957,143 $ 11,485,714 $ 6,514,286
10 $ 877,381 $ 12,363,095 $ 5,636,905
11 $ 797,619 $ 13,160,714 $ 4,839,286
12 $ 717,857 $ 13,878,571 $ 4,121,429
13 $ 638,095 $ 14,516,667 $ 3,483,333
14 $ 558,333 $ 15,075,000 $ 2,925,000
15 $ 478,571 $ 15,553,571 $ 2,446,429
16 $ 398,810 $ 15,952,381 $ 2,047,619
17 $ 319,048 $ 16,271,429 $ 1,728,571
18 $ 239,286 $ 16,510,714 $ 1,489,286
19 $ 159,524 $ 16,670,238 $ 1,329,762
20 $ 79,762 $ 16,750,000 $ 1,250,000

Doble tasa
Ao Dep. Periodo Dep. Acumulada Valor en libros
0 $ - $ - $ 58,750,000
1 $ 7,833,333 $ 7,833,333 $ 50,916,667
2 $ 6,788,889 $ 14,622,222 $ 44,127,778
3 $ 5,883,704 $ 20,505,926 $ 38,244,074
4 $ 5,099,210 $ 25,605,136 $ 33,144,864
5 $ 4,419,315 $ 30,024,451 $ 28,725,549
6 $ 3,830,073 $ 33,854,524 $ 24,895,476
7 $ 3,319,397 $ 37,173,921 $ 21,576,079
8 $ 2,876,811 $ 40,050,732 $ 18,699,268
9 $ 2,493,236 $ 42,543,967 $ 16,206,033
10 $ 2,160,804 $ 44,704,772 $ 14,045,228
11 $ 1,872,697 $ 46,577,469 $ 12,172,531
12 $ 1,623,004 $ 48,200,473 $ 10,549,527
13 $ 1,406,604 $ 49,607,077 $ 9,142,923
14 $ 1,219,056 $ 50,826,133 $ 7,923,867
15 $ 4,373,867 $ 55,200,000 $ 3,550,000

SDAC

Ao Dep. Periodo Dep. Acumulada Valor en libros

0 $ - $ - $ 79,250,000
1 $ 1,200,000 $ 1,200,000 $ 78,050,000
2 $ 2,400,000 $ 3,600,000 $ 75,650,000
3 $ 3,600,000 $ 7,200,000 $ 72,050,000
4 $ 4,800,000 $ 12,000,000 $ 67,250,000
5 $ 6,000,000 $ 18,000,000 $ 61,250,000
6 $ 7,200,000 $ 25,200,000 $ 54,050,000
7 $ 8,400,000 $ 33,600,000 $ 45,650,000
8 $ 9,600,000 $ 43,200,000 $ 36,050,000
9 $ 10,800,000 $ 54,000,000 $ 25,250,000
10 $ 12,000,000 $ 66,000,000 $ 13,250,000

R. Saldos

Ao Dep. Periodo Dep. Acumulada Valor en libros

0 $ - $ - $ 290,000,000
1 $ 54,536,281 $ 54,536,281 $ 235,463,719
2 $ 44,238,741 $ 98,775,021 $ 191,224,979
3 $ 35,894,433 $ 134,669,454 $ 155,330,546
4 $ 29,130,996 $ 163,800,449 $ 126,199,551
5 $ 23,647,450 $ 187,447,899 $ 102,552,101
6 $ 19,200,430 $ 206,648,329 $ 83,351,671
7 $ 15,593,090 $ 222,241,419 $ 67,758,581
 8 $ 12,666,162 $ 234,907,581 $ 55,092,419
9 $ 10,290,738 $ 245,198,320 $ 44,801,680
10 $ 8,362,456 $ 253,560,776 $ 36,439,224
11 $ 6,796,794 $ 260,357,570 $ 29,642,430
12 $ 5,525,285 $ 265,882,855 $ 24,117,145
13 $ 4,492,444 $ 270,375,299 $ 19,624,701
14 $ 3,653,303 $ 274,028,601 $ 15,971,399
15 $ 2,971,399 $ 277,000,000 $ 13,000,000

Distancia (km)
Tiempo de construccin (aos)
Tiempo de operacin (aos)
Trabajadores requeridos
Valor de la planta de concreto
Valor de la planta de asfalto
Valor salvamento para ambas plantas
Costo anual de mantenimiento
Costo por carro
Costo por camin
Costo por bus
CXC (das estimados de pago)
CXP (das estimados de pago)
Inventario (das estimados de pago)
Proyeccin Carros
Proyeccin Camiones
Proyeccin Buses
Valor Peaje Carro
Valor Peaje Camiones
Valor Peaje Buses
Valor Venta Maquinaria
Tasa impositiva
Costo de oportunidad (EA)
Salario diario
TRAMO 1
Cantidad de carros
Cantidad de camiones
Cantidad de buses
CXC
CXP
Inventario
Ao
Ingresos (+)
Costo mant. Plantas (-)
Costo mant. Vehculos (-)
Depreciaciones (-)
Salarios (-)
EBIT
Depreciacin y amortizacin (+) $ -
EBITDA
Variacin en WK (-)
Variacin CAPEX (-)
Tramo 1 - La Raya Tramo 2 - Potrero Largo
95 528
8 5
12 15
1,700 2,200
$ 350,000,000 $ 300,000,000
$ 300,000,000 $ 275,000,000
$ 110,000,000 $ 97,000,000
$ 35,000,000 $ 31,500,000
$ 2,500 $ 2,900
$ 5,500 $ 6,500
$ 4,500 $ 6,300
10 4
150 93
20 24
750,000 950,000
415,000 950,000
670,000 874,000
$ 7,100 $ 8,400
$ 21,000 $ 29,000
$ 15,000 $ 15,000
$ 150,000,000 $ 100,000,000
33%
10%
$ 25,000
750000
415000
670000
0 $ -
0 $ 6,389,583,333
0 $ 851,944,444
0 1
$ - $ -
$ - $ 35,000,000
$ - $ -
$ - $ 51,428,571
$ - $ 15,300,000,000
$ - $ (15,386,428,571)
$ 51,428,571
$ - $ (15,335,000,000)
$ - $ (5,537,638,889)
$ 650,000,000 $ -
 Ganancia ocasional (+) $ - $ -
Impuesto operacional (-) $ - $ -
Impuesto G/P Ocasional (-) $ - $ -
Flujo de Caja Libre (FCL) $ (650,000,000) $ (9,797,361,111)

VPN -$ 34,384,670,735

TRAMO 2
Cantidad de carros 950000
Cantidad de camiones 950000
Cantidad de buses 874000

CXC 0 $ -
CXP 0 $ 5,123,137,500
Inventario 0 $ 1,322,100,000

Ao 0 1
Ingresos (+) $ - $ -
Costo mant. Plantas (-) $ - $ 31,500,000
Costo mant. Vehculos (-) $ - $ -
Depreciaciones (-) $ - $ 45,523,810
Salarios (-) $ - $ 19,800,000,000
EBIT $ - $ (19,877,023,810)
Depreciacin y amortizacin (+) $ - $ 45,523,810
EBITDA $ - $ (19,831,500,000)
Variacin en WK (-) $ - $ (3,801,037,500)
Variacin CAPEX (-) $ 575,000,000 $ -
Ganancia ocasional (+) $ - $ -
Impuesto operacional (-) $ - $ -
Impuesto G/P Ocasional (-) $ - $ -
Flujo de Caja Libre (FCL) $ (575,000,000) $ (16,030,462,500)

VPN $ 61,478,814,196

TRAMO 3
Cantidad de carros 1100000
Cantidad de camiones 1200000
Cantidad de buses 900000

CXC 0 $ -
CXP 0 $ 7,236,466,667
Inventario 0 $ 904,558,333

Ao 0 1
Ingresos (+) $ - $ -
Costo mant. Plantas (-) $ - $ 39,000,000
 Costo mant. Vehculos (-) $ - $ -
Depreciaciones (-) $ - $ 43,809,524
Salarios (-) $ - $ 17,100,000,000
EBIT $ - $ (17,182,809,524)
Depreciacin y amortizacin (+) $ - $ 43,809,524
EBITDA $ - $ (17,139,000,000)
Variacin en WK (-) $ - $ (6,331,908,333)
Variacin CAPEX (-) $ 610,000,000 $ -
Ganancia ocasional (+) $ - $ -
Impuesto operacional (-) $ - $ -
Impuesto G/P Ocasional (-) $ - $ -
Flujo de Caja Libre (FCL) $ (610,000,000) $ (10,807,091,667)

VPN $ 51,388,601,462
 Tramo 3 - Oriente
Prximo
246
7
Cada tramo tiene un periodo en donde no se perciben ingresos y un periodo de operacin, don
13 mediante la implementacin de peajes.
1,900
$ 310,000,000
$ 300,000,000
El mtodo para depreciar corresponde a SDAD con vida til de
$ 150,000,000
$ 39,000,000
$ 3,500
$ 5,500 Empiezan a causarse cuando los proyectos empiezan a op
$ 5,400
9 La mano de obra se paga de dos form
El clculo del inventario se debe hacer en base a los
152 construccin, se paga la totalidad; cuan
egresos
19 paga la mita
1,100,000
1,200,000 Aumenta un 4% anual, esta cantidad empieza a circular desde
900,000
$ 7,500
$ 26,350 Estos valores permanecen constantes a lo largo del tiem
$ 15,000
$ 87,500,000 Se venden al final.
%
No se calculan impuestos ante un EBIT negativo
%
25,000

780000 811200 843648 877393

431600 448864 466818 485491
696800 724672 753658 783805

$ - $ - $ - $ -
$ 6,389,583,333 $ 6,389,583,333 $ 6,389,583,333 $ 6,389,583,333
$ 851,944,444 $ 851,944,444 $ 851,944,444 $ 851,944,444

2 3
$ - $ -
$ 35,000,000 $ 35,000,000
$ - $ -
$ 48,857,143 $ 46,285,714
$ 15,300,000,000 $ 15,300,000,000
$ (15,383,857,143) $ (15,381,285,714)
$ 48,857,143 $ 46,285,714
$ (15,335,000,000) $ (15,335,000,000)
$ - $ -
$ - $ -
4 5
$ - $ -
$ 35,000,000 $ 35,000,000
$ - $ -
$ 43,714,286 $ 41,142,857
$ 15,300,000,000 $ 15,300,000,000
$ (15,378,714,286) $ (15,376,142,857)
$ 43,714,286 $ 41,142,857
$ (15,335,000,000) $ (15,335,000,000)
$ - $ -
$ - $ -
$ - $ - $ - $ -
$ - $ - $ - $ -
$ - $ - $ - $ -
$ (15,335,000,000) $ (15,335,000,000) $ (15,335,000,000) $ (15,335,000,000)

TIR 4%

988000 1027520 1068620 1111365

988000 1027520 1068620 1111365
908960 945318 983131 1022456

$ - $ - $ - $ -
$ 5,123,137,500 $ 5,123,137,500 $ 5,123,137,500 $ 5,123,137,500
$ 1,322,100,000 $ 1,322,100,000 $ 1,322,100,000 $ 1,322,100,000

2 3 4 5
$ - $ - $ - $ -
$ 31,500,000 $ 31,500,000 $ 31,500,000 $ 31,500,000
$ - $ - $ - $ -
$ 43,247,619 $ 40,971,429 $ 38,695,238 $ 36,419,048
$ 19,800,000,000 $ 19,800,000,000 $ 19,800,000,000 $ 19,800,000,000
$ (19,874,747,619) $ (19,872,471,429) $ (19,870,195,238) $ (19,867,919,048)
$ 43,247,619 $ 40,971,429 $ 38,695,238 $ 36,419,048
$ (19,831,500,000) $ (19,831,500,000) $ (19,831,500,000) $ (19,831,500,000)
$ - $ - $ - $ -
$ - $ - $ - $ -
$ - $ - $ - $ -
$ - $ - $ - $ -
$ - $ - $ - $ -
$ (19,831,500,000) $ (19,831,500,000) $ (19,831,500,000) $ (19,831,500,000)

TIR 18%

1144000 1189760 1237350 1286844

1248000 1297920 1349836 1403830
936000 973440 1012377 1052872

$ - $ - $ - $ -
$ 7,236,466,667 $ 7,236,466,667 $ 7,236,466,667 $ 7,236,466,667
$ 904,558,333 $ 904,558,333 $ 904,558,333 $ 904,558,333

2 3 4 5
$ - $ - $ - $ -
$ 39,000,000 $ 39,000,000 $ 39,000,000 $ 39,000,000
$ - $ - $ - $ -
$ 41,619,048 $ 39,428,571 $ 37,238,095 $ 35,047,619
$ 17,100,000,000 $ 17,100,000,000 $ 17,100,000,000 $ 17,100,000,000
$ (17,180,619,048) $ (17,178,428,571) $ (17,176,238,095) $ (17,174,047,619)
$ 41,619,048 $ 39,428,571 $ 37,238,095 $ 35,047,619
$ (17,139,000,000) $ (17,139,000,000) $ (17,139,000,000) $ (17,139,000,000)
$ - $ - $ - $ -
$ - $ - $ - $ -
$ - $ - $ - $ -
$ - $ - $ - $ -
$ - $ - $ - $ -
$ (17,139,000,000) $ (17,139,000,000) $ (17,139,000,000) $ (17,139,000,000)

TIR 16%
 iodo de operacin, donde la empresa puede recuperar la inversin
ntacin de peajes.

e a SDAD con vida til de 20 aos.

proyectos empiezan a operar.

obra se paga de dos formas: mientras el tramo est en etapa de

e paga la totalidad; cuando se encuentre en etapa de operacin se
paga la mitad de la nmina.

empieza a circular desde el ao 1.

antes a lo largo del tiempo.

al final.

ante un EBIT negativo

912489 948989 986948

504910 525107 546111
815157 847763 881674

$ - $ - $ -
$ 6,389,583,333 $ 6,389,583,333 $ 6,389,583,333
$ 851,944,444 $ 851,944,444 $ 851,944,444

6 7
$ -
$ 35,000,000
$ -
$ 38,571,429
$ 15,300,000,000
$ (15,373,571,429)
$ 38,571,429
$ (15,335,000,000)
$ -
$ -
8
$ - $ -
$ 35,000,000 $ 35,000,000
$ - $ -
$ 36,000,000 $ 33,428,571
$ 15,300,000,000 $ 15,300,000,000
$ (15,371,000,000) $ (15,368,428,571)
$ 36,000,000 $ 33,428,571
$ (15,335,000,000) $ (15,335,000,000)
$ - $ -
$ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ (15,335,000,000) $ (15,335,000,000) $ (15,335,000,000)

1155820 1202053 1250135

1155820 1202053 1250135
1063354 1105888 1150124

$ 657,533,089 $ 683,834,469 $ 711,187,878

$ 7,102,962,368 $ 7,284,455,588 $ 7,473,208,802
$ 1,833,022,547 $ 1,879,859,507 $ 1,928,570,013

6 7 8
$ 59,177,978,000 $ 61,545,102,200 $ 64,006,909,000
$ 31,500,000 $ 31,500,000 $ 31,500,000
$ 17,563,838,200 $ 18,266,392,600 $ 18,997,050,200
$ 34,142,857 $ 31,866,667 $ 29,590,476
$ 9,900,000,000 $ 9,900,000,000 $ 9,900,000,000
$ 31,648,496,943 $ 33,315,342,933 $ 35,048,768,324
$ 34,142,857 $ 31,866,667 $ 29,590,476
$ 31,682,639,800 $ 33,347,209,600 $ 35,078,358,800
$ (811,369,233) $ (108,354,880) $ (112,689,298)
$ - $ - $ -
$ - $ - $ -
$ 10,444,003,991 $ 10,994,063,168 $ 11,566,093,547
$ - $ - $ -
$ 22,050,005,042 $ 22,461,501,312 $ 23,624,954,551

1338318 1391850 1447524

1459983 1518382 1579118
1094987 1138787 1184338

$ - $ - $ 1,755,781,483
$ 7,236,466,667 $ 7,236,466,667 $ 12,132,939,018
$ 904,558,333 $ 904,558,333 $ 1,516,617,377

6 7 8
$ - $ - $ 70,231,259,300
$ 39,000,000 $ 39,000,000 $ 39,000,000
$ - $ - $ 20,146,908,200
$ 32,857,143 $ 30,666,667 $ 28,476,190
$ 17,100,000,000 $ 17,100,000,000 $ 8,550,000,000
$ (17,171,857,143) $ (17,169,666,667) $ 41,466,874,910
$ 32,857,143 $ 30,666,667 $ 28,476,190
$ (17,139,000,000) $ (17,139,000,000) $ 41,495,351,100
$ - $ - $ (2,528,631,825)
$ - $ - $ -
$ - $ - $ -
$ - $ - $ 13,684,068,720
$ - $ - $ -
$ (17,139,000,000) $ (17,139,000,000) $ 30,339,914,205
 1026426 1067483
567956 590674
916941 953618
$ 915,800,433 $ 952,432,036 $
$ 7,292,107,292 $ 7,455,706,458 $
$ 972,280,972 $ 994,094,194 $
9 10
$ 32,968,815,600 $ 34,287,553,300
$ 35,000,000 $ 35,000,000
$ 9,816,057,500 $ 10,208,695,500
$ 30,857,143 $ 28,285,714
$ 7,650,000,000 $ 7,650,000,000
$ 15,436,900,957 $ 16,365,572,086
$ 30,857,143 $ 28,285,714
$ 15,467,758,100 $ 16,393,857,800
$ 133,613,003 $ (105,154,342)
$ - $ -
1110183
614301
991763
990,529,592
7,625,852,708
1,016,780,361
11
$ 35,659,065,300
$ 35,000,000
$ 10,617,046,500
$ 25,714,286
$ 7,650,000,000
$ 17,331,304,514
$ 25,714,286
$ 17,357,018,800
$ (109,362,528)
$ -
$ - $ - $ -
$ 5,094,177,316 $ 5,400,638,788 $ 5,719,330,490
$ - $ - $ -
$ 10,239,967,781 $ 11,098,373,353 $ 11,747,050,838

1300140 1352146 1406232

1300140 1352146 1406232
1196129 1243974 1293733

$ 739,635,233 $ 769,220,782 $ 799,989,687

$ 7,669,510,748 $ 7,873,666,388 $ 8,085,987,998
$ 1,979,228,580 $ 2,031,913,907 $ 2,086,706,580

9 10 11
$ 66,567,171,000 $ 69,229,870,400 $ 71,999,071,800
$ 31,500,000 $ 31,500,000 $ 31,500,000
$ 19,756,928,700 $ 20,547,208,600 $ 21,369,098,700
$ 27,314,286 $ 25,038,095 $ 22,761,905
$ 9,900,000,000 $ 9,900,000,000 $ 9,900,000,000
$ 36,851,428,014 $ 38,726,123,705 $ 40,675,711,195
$ 27,314,286 $ 25,038,095 $ 22,761,905
$ 36,878,742,300 $ 38,751,161,800 $ 40,698,473,100
$ (117,196,024) $ (121,884,765) $ (126,760,031)
$ - $ - $ -
$ - $ - $ -
$ 12,160,971,245 $ 12,779,620,823 $ 13,422,984,694
$ - $ - $ -
$ 24,834,967,079 $ 26,093,425,743 $ 27,402,248,437

1505425 1565642 1628268

1642282 1707974 1776293
1231712 1280980 1332219

$ 1,826,012,455 $ 1,899,053,248 $ 1,975,015,389

$ 12,473,197,393 $ 12,827,067,200 $ 13,195,091,331
$ 1,559,149,674 $ 1,603,383,400 $ 1,649,386,416

9 10 11
$ 73,040,498,200 $ 75,962,129,900 $ 79,000,615,550
$ 39,000,000 $ 39,000,000 $ 39,000,000
$ 20,952,783,300 $ 21,790,896,000 $ 22,662,532,100
$ 26,285,714 $ 24,095,238 $ 21,904,762
$ 8,550,000,000 $ 8,550,000,000 $ 8,550,000,000
$ 43,472,429,186 $ 45,558,138,662 $ 47,727,178,688
$ 26,285,714 $ 24,095,238 $ 21,904,762
$ 43,498,714,900 $ 45,582,233,900 $ 47,749,083,450
$ (227,495,106) $ (236,595,288) $ (246,058,973)
$ - $ - $ -
$ - $ - $ -
$ 14,345,901,631 $ 15,034,185,758 $ 15,749,968,967
$ - $ - $ -
$ 29,380,308,375 $ 30,784,643,430 $ 32,245,173,456
 1154590 1200774 1248805
638873 664428 691005
1031434 1072691 1115599

$ 1,030,150,889 $ 1,071,356,900 $ 1,114,211,264

$ 7,802,803,958 $ 7,986,832,708 $ 8,178,223,125
$ 1,040,373,861 $ 1,064,911,028 $ 1,090,429,750

12 13 14
$ 37,085,432,000 $ 38,568,848,400 $ 40,111,605,500
$ 35,000,000 $ 35,000,000 $ 35,000,000
$ 11,041,729,500 $ 11,483,398,500 $ 11,942,735,500
$ 23,142,857 $ 20,571,429 $ 18,000,000
$ 7,650,000,000 $ 7,650,000,000 $ 7,650,000,000
$ 18,335,559,643 $ 19,379,878,471 $ 20,465,870,000
$ 23,142,857 $ 20,571,429 $ 18,000,000
$ 18,358,702,500 $ 19,400,449,900 $ 20,483,870,000
$ (113,736,453) $ (118,285,572) $ (123,017,331)
$ - $ - $ -
$ - $ - $ -
$ 6,050,734,682 $ 6,395,359,896 $ 6,753,737,100
$ - $ - $ -
$ 12,421,704,271 $ 13,123,375,577 $ 13,853,150,231

1462481 1520980 1581819

1462481 1520980 1581819
1345482 1399302 1455274

$ 831,989,104 $ 865,268,689 $ 899,879,340

$ 8,306,800,817 $ 8,536,447,938 $ 8,775,279,740
$ 2,143,690,533 $ 2,202,954,307 $ 2,264,588,320

12 13 14
$ 74,879,019,400 $ 77,874,182,000 $ 80,989,140,600
$ 31,500,000 $ 31,500,000 $ 31,500,000
$ 22,223,858,000 $ 23,112,814,600 $ 24,037,324,800
$ 20,485,714 $ 18,209,524 $ 15,933,333
$ 9,900,000,000 $ 9,900,000,000 $ 9,900,000,000
$ 42,703,175,686 $ 44,811,657,876 $ 47,004,382,467
$ 20,485,714 $ 18,209,524 $ 15,933,333
$ 42,723,661,400 $ 44,829,867,400 $ 47,020,315,800
$ (131,829,448) $ (137,103,764) $ (142,587,137)
$ - $ - $ -
$ - $ - $ -
$ 14,092,047,976 $ 14,787,847,099 $ 15,511,446,214
$ - $ - $ -
$ 28,763,442,872 $ 30,179,124,065 $ 31,651,456,723

1693399 1761135 1831580

1847344 1921238 1998088
1385508 1440928 1498566

$ 2,054,015,673 $ 2,136,176,345 $ 2,221,623,970

$ 13,577,835,607 $ 13,975,890,251 $ 14,389,869,724
$ 1,697,229,451 $ 1,746,986,281 $ 1,798,733,716

12 13 14
$ 82,160,626,900 $ 85,447,053,800 $ 88,864,958,800
$ 39,000,000 $ 39,000,000 $ 39,000,000
$ 23,569,031,700 $ 24,511,792,700 $ 25,492,270,400
$ 19,714,286 $ 17,523,810 $ 15,333,333
$ 8,550,000,000 $ 8,550,000,000 $ 8,550,000,000
$ 49,982,880,914 $ 52,328,737,290 $ 54,768,355,067
$ 19,714,286 $ 17,523,810 $ 15,333,333
$ 50,002,595,200 $ 52,346,261,100 $ 54,783,688,400
$ (255,900,957) $ (266,137,141) $ (276,784,414)
$ - $ - $ -

$ 16,494,350,702 $ 17,268,483,306 $ 18,073,557,172

$ - $ - $ -
$ 33,764,145,456 $ 35,343,914,936 $ 36,986,915,642
 1298757 1350707 1404735
718645 747391 777287
1160223 1206632 1254897

$ 1,158,779,575 $ 1,205,130,853 $ 1,253,336,125

$ 8,377,268,125 $ 8,584,275,833 $ 8,799,563,542
$ 1,116,969,083 $ 1,144,570,111 $ 1,173,275,139

15 16 17
$ 41,716,064,700 $ 43,384,710,700 $ 45,120,100,500
$ 35,000,000 $ 35,000,000 $ 35,000,000
$ 12,420,443,500 $ 12,917,262,000 $ 13,433,952,500
$ 15,428,571 $ 12,857,143 $ 10,285,714
$ 7,650,000,000 $ 7,650,000,000 $ 7,650,000,000
$ 21,595,192,629 $ 22,769,591,557 $ 23,990,862,286
$ 15,428,571 $ 12,857,143 $ 10,285,714
$ 21,610,621,200 $ 22,782,448,700 $ 24,001,148,000
$ (127,937,356) $ (133,055,403) $ (138,377,408)
$ - $ - $ -
$ - $ - $ -
$ 7,126,413,567 $ 7,513,965,214 $ 7,916,984,554
$ - $ - $ -
$ 14,612,144,988 $ 15,401,538,889 $ 16,222,540,854

1645092 1710896 1779332

1645092 1710896 1779332
1513485 1574024 1636985

$ 935,874,620 $ 973,309,671 $ 1,012,242,131

$ 9,023,666,078 $ 9,281,987,347 $ 9,550,641,794
$ 2,328,688,020 $ 2,395,351,573 $ 2,464,681,753

15 16 17
$ 84,228,715,800 $ 87,597,870,400 $ 91,101,791,800
$ 31,500,000 $ 31,500,000 $ 31,500,000
$ 24,998,820,300 $ 25,998,773,600 $ 27,038,726,300
$ 13,657,143 $ 11,380,952 $ 9,104,762
$ 9,900,000,000 $ 9,900,000,000 $ 9,900,000,000
$ 49,284,738,357 $ 51,656,215,848 $ 54,122,460,738
$ 13,657,143 $ 11,380,952 $ 9,104,762
$ 49,298,395,500 $ 51,667,596,800 $ 54,131,565,500
$ (148,291,358) $ (154,222,665) $ (160,391,808)
$ - $ - $ -
$ - $ - $ -
$ 16,263,963,658 $ 17,046,551,230 $ 17,860,412,044
$ - $ - $ -
$ 33,182,723,200 $ 34,775,268,235 $ 36,431,545,264

1904844 1981037 2060279

2078011 2161132 2247577
1558508 1620849 1685683

$ 2,310,488,496 $ 2,402,908,518 $ 2,499,024,786

$ 14,820,404,362 $ 15,268,163,598 $ 15,733,831,684
$ 1,852,550,545 $ 1,908,520,450 $ 1,966,728,961

15 16 17
$ 92,419,539,850 $ 96,116,340,700 $ 99,960,991,450
$ 39,000,000 $ 39,000,000 $ 39,000,000
$ 26,511,957,700 $ 27,572,440,100 $ 28,675,338,200
$ 13,142,857 $ 10,952,381 $ 8,761,905
$ 8,550,000,000 $ 8,550,000,000 $ 8,550,000,000
$ 57,305,439,293 $ 59,943,948,219 $ 62,687,891,345
$ 13,142,857 $ 10,952,381 $ 8,761,905
$ 57,318,582,150 $ 59,954,900,600 $ 62,696,653,250
$ (287,853,282) $ (299,369,310) $ (311,343,307)
$ - $ - $ -

$ 18,910,794,967 $ 19,781,502,912 $ 20,687,004,144

$ - $ - $ -
$ 38,695,640,465 $ 40,472,766,998 $ 42,320,992,413
 1460925 1519362 1580136
808378 840713 874342
1305093 1357297 1411588

$ 1,303,469,458 $ 1,355,608,283 $ 1,409,832,433

$ 9,023,462,500 $ 9,256,317,917 $ 9,498,486,250
$ 1,203,128,333 $ 1,234,175,722 $ 1,266,464,833

18 19 20
$ 46,924,900,500 $ 48,801,898,200 $ 50,753,967,600
$ 35,000,000 $ 35,000,000 $ 35,000,000
$ 13,971,310,000 $ 14,530,163,000 $ 15,111,367,000
$ 7,714,286 $ 5,142,857 $ 2,571,429
$ 7,650,000,000 $ 7,650,000,000 $ 7,650,000,000
$ 25,260,876,214 $ 26,581,592,343 $ 27,955,029,171
$ 7,714,286 $ 5,142,857 $ 2,571,429
$ 25,268,590,500 $ 26,586,735,200 $ 27,957,600,600
$ (143,912,431) $ (149,669,203) $ (155,655,072)
$ - $ - $ (110,000,000)
$ - $ - $ 40,000,000
$ 8,336,089,151 $ 8,771,925,473 $ 9,225,159,627
$ - $ - $ 13,200,000
$ 17,076,413,780 $ 17,964,478,930 $ 19,024,896,046

1850505 1924525 2001506

1850505 1924525 2001506
1702465 1770563 1841386

$ 1,052,731,800 $ 1,094,840,889 $ 1,138,634,604

$ 9,830,042,263 $ 10,120,616,991 $ 10,422,816,952
$ 2,536,785,100 $ 2,611,772,127 $ 2,689,759,213

18 19 20
$ 94,745,862,000 $ 98,535,680,000 $ 102,477,114,400
$ 31,500,000 $ 31,500,000 $ 31,500,000
$ 28,120,276,500 $ 29,245,081,900 $ 30,414,888,200
$ 6,828,571 $ 4,552,381 $ 2,276,190
$ 9,900,000,000 $ 9,900,000,000 $ 9,900,000,000
$ 56,687,256,929 $ 59,354,545,719 $ 62,128,450,010
$ 6,828,571 $ 4,552,381 $ 2,276,190
$ 56,694,085,500 $ 59,359,098,100 $ 62,130,726,200
$ (166,807,453) $ (173,478,613) $ (180,419,159)
$ - $ - $ (97,000,000)
$ - $ - $ 3,000,000
$ 18,706,794,786 $ 19,587,000,087 $ 20,502,388,503
$ - $ - $ 990,000
$ 38,154,098,166 $ 39,945,576,625 $ 41,907,766,855

2142690 2228398 2317534

2337480 2430979 2528219
1753110 1823234 1896164

$ 2,598,985,575 $ 2,702,944,791 $ 2,811,063,391

$ 16,218,125,133 $ 16,721,790,687 $ 17,245,607,176
$ 2,027,265,642 $ 2,090,223,836 $ 2,155,700,897

18 19 20
$ 103,959,423,000 $ 108,117,791,650 $ 112,442,535,650
$ 39,000,000 $ 39,000,000 $ 39,000,000
$ 29,822,349,000 $ 31,015,241,100 $ 32,255,859,100
$ 6,571,429 $ 4,380,952 $ 2,190,476
$ 8,550,000,000 $ 8,550,000,000 $ 8,550,000,000
$ 65,541,502,571 $ 68,509,169,598 $ 71,595,486,074
$ 6,571,429 $ 4,380,952 $ 2,190,476
$ 65,548,074,000 $ 68,513,550,550 $ 71,597,676,550
$ (323,795,979) $ (336,748,143)$ (350,220,828)
$ - $ - $ (150,000,000)
$ (62,500,000)
$ 21,628,695,849 $ 22,608,025,967 $ 23,626,510,404
$ - $ - $ (20,625,000)
$ 44,243,174,130 $ 46,242,272,726 $ 48,429,511,973

Distancia (km)
Tiempo de construccin (aos)
Tiempo de operacin (aos)
Trabajadores requeridos
Valor de la planta de concreto
Valor de la planta de asfalto
Valor salvamento para ambas plantas
Costo anual de mantenimiento
Costo por carro
Costo por camin
Costo por bus
CXC (das estimados de pago)
CXP (das estimados de pago)
Inventario (das estimados de pago)
Proyeccin Carros
Proyeccin Camiones
Proyeccin Buses
Valor Peaje Carro
Valor Peaje Camiones
Valor Peaje Buses
Valor Venta Maquinaria
Tasa impositiva
Costo de oportunidad (EA)
Salario diario
TRAMO 1
Cantidad de carros
Cantidad de camiones
Cantidad de buses
CXC
CXP
Inventario
Ao
Ingresos (+)
Costo mant. Plantas (-)
Costo mant. Vehculos (-)
Depreciaciones (-)
Salarios (-)
EBIT
Depreciacin y amortizacin (+) $ -
EBITDA
Variacin en WK (-)
Variacin CAPEX (-)
Tramo 1 - La Raya Tramo 2 - Potrero Largo
95 528
8 5
12 15
1,700 2,200
$ 350,000,000 $ 300,000,000
$ 300,000,000 $ 275,000,000
$ 110,000,000 $ 97,000,000
$ 35,000,000 $ 31,500,000
$ 2,500 $ 2,900
$ 5,500 $ 6,500
$ 4,500 $ 6,300
10 4
150 93
20 24
750,000 950,000
415,000 950,000
670,000 874,000
$ 10,065 $ 5,866
$ 25,164 $ 16,622
$ 30,196 $ 19,555
$ 150,000,000 $ 100,000,000
33%
10%
$ 25,000
750000
415000
670000
0 $ -
0 $ 6,389,583,333
0 $ 851,944,444
0 1
$ - $ -
$ - $ 35,000,000
$ - $ -
$ - $ 51,428,571
$ - $ 15,300,000,000
$ - $ (15,386,428,571)
$ 51,428,571
$ - $ (15,335,000,000)
$ - $ (5,537,638,889)
$ 650,000,000 $ -
 Ganancia ocasional (+) $ - $ -
Impuesto operacional (-) $ - $ -
Impuesto G/P Ocasional (-) $ - $ -
Flujo de Caja Libre (FCL) $ (650,000,000) $ (9,797,361,111)

VPN $ 14,676,672,976

TRAMO 2
Cantidad de carros 950000
Cantidad de camiones 950000
Cantidad de buses 874000

CXC 0 $ -
CXP 0 $ 5,123,137,500
Inventario 0 $ 1,322,100,000

Ao 0 1
Ingresos (+) $ - $ -
Costo mant. Plantas (-) $ - $ 31,500,000
Costo mant. Vehculos (-) $ - $ -
Depreciaciones (-) $ - $ 45,523,810
Salarios (-) $ - $ 19,800,000,000
EBIT $ - $ (19,877,023,810)
Depreciacin y amortizacin (+) $ - $ 45,523,810
EBITDA $ - $ (19,831,500,000)
Variacin en WK (-) $ - $ (3,801,037,500)
Variacin CAPEX (-) $ 575,000,000 $ -
Ganancia ocasional (+) $ - $ -
Impuesto operacional (-) $ - $ -
Impuesto G/P Ocasional (-) $ - $ -
Flujo de Caja Libre (FCL) $ (575,000,000) $ (16,030,462,500)

VPN $ 12,705,275,428

TRAMO 3
Cantidad de carros 1100000
Cantidad de camiones 1200000
Cantidad de buses 900000

CXC 0 $ -
CXP 0 $ 7,236,466,667
Inventario 0 $ 904,558,333

Ao 0 1
Ingresos (+) $ - $ -
Costo mant. Plantas (-) $ - $ 39,000,000
 Costo mant. Vehculos (-) $ - $ -
Depreciaciones (-) $ - $ 43,809,524
Salarios (-) $ - $ 17,100,000,000
EBIT $ - $ (17,182,809,524)
Depreciacin y amortizacin (+) $ - $ 43,809,524
EBITDA $ - $ (17,139,000,000)
Variacin en WK (-) $ - $ (6,331,908,333)
Variacin CAPEX (-) $ 610,000,000 $ -
Ganancia ocasional (+) $ - $ -
Impuesto operacional (-) $ - $ -
Impuesto G/P Ocasional (-) $ - $ -
Flujo de Caja Libre (FCL) $ (610,000,000) $ (10,807,091,667)

VPN $ 14,382,640,042
 Tramo 3 - Oriente
Prximo
246
7
Cada tramo tiene un periodo en donde no se perciben ingresos y un periodo de operacin, don
13 mediante la implementacin de peajes.
1,900
$ 310,000,000
$ 300,000,000
El mtodo para depreciar corresponde a SDAD con vida til de
$ 150,000,000
$ 39,000,000
$ 3,500
$ 5,500 Empiezan a causarse cuando los proyectos empiezan a op
$ 5,400
9 La mano de obra se paga de dos form
El clculo del inventario se debe hacer en base a los
152 construccin, se paga la totalidad; cuan
egresos
19 paga la mita
1,100,000
1,200,000 Aumenta un 4% anual, esta cantidad empieza a circular desde
900,000
$ 7,725
$ 19,313 Estos valores permanecen constantes a lo largo del tiem
$ 13,519
$ 87,500,000 Se venden al final.
%
No se calculan impuestos ante un EBIT negativo
%
25,000

780000 811200 843648 877393

431600 448864 466818 485491
696800 724672 753658 783805

$ - $ - $ - $ -
$ 6,389,583,333 $ 6,389,583,333 $ 6,389,583,333 $ 6,389,583,333
$ 851,944,444 $ 851,944,444 $ 851,944,444 $ 851,944,444

2 3
$ - $ -
$ 35,000,000 $ 35,000,000
$ - $ -
$ 48,857,143 $ 46,285,714
$ 15,300,000,000 $ 15,300,000,000
$ (15,383,857,143) $ (15,381,285,714)
$ 48,857,143 $ 46,285,714
$ (15,335,000,000) $ (15,335,000,000)
$ - $ -
$ - $ -
4 5
$ - $ -
$ 35,000,000 $ 35,000,000
$ - $ -
$ 43,714,286 $ 41,142,857
$ 15,300,000,000 $ 15,300,000,000
$ (15,378,714,286) $ (15,376,142,857)
$ 43,714,286 $ 41,142,857
$ (15,335,000,000) $ (15,335,000,000)
$ - $ -
$ - $ -
$ - $ - $ - $ -
$ - $ - $ - $ -
$ - $ - $ - $ -
$ (15,335,000,000) $ (15,335,000,000) $ (15,335,000,000) $ (15,335,000,000)

TIR 12%

988000 1027520 1068620 1111365

988000 1027520 1068620 1111365
908960 945318 983131 1022456

$ - $ - $ - $ -
$ 5,123,137,500 $ 5,123,137,500 $ 5,123,137,500 $ 5,123,137,500
$ 1,322,100,000 $ 1,322,100,000 $ 1,322,100,000 $ 1,322,100,000

2 3 4 5
$ - $ - $ - $ -
$ 31,500,000 $ 31,500,000 $ 31,500,000 $ 31,500,000
$ - $ - $ - $ -
$ 43,247,619 $ 40,971,429 $ 38,695,238 $ 36,419,048
$ 19,800,000,000 $ 19,800,000,000 $ 19,800,000,000 $ 19,800,000,000
$ (19,874,747,619) $ (19,872,471,429) $ (19,870,195,238) $ (19,867,919,048)
$ 43,247,619 $ 40,971,429 $ 38,695,238 $ 36,419,048
$ (19,831,500,000) $ (19,831,500,000) $ (19,831,500,000) $ (19,831,500,000)
$ - $ - $ - $ -
$ - $ - $ - $ -
$ - $ - $ - $ -
$ - $ - $ - $ -
$ - $ - $ - $ -
$ (19,831,500,000) $ (19,831,500,000) $ (19,831,500,000) $ (19,831,500,000)

TIR 12%

1144000 1189760 1237350 1286844

1248000 1297920 1349836 1403830
936000 973440 1012377 1052872

$ - $ - $ - $ -
$ 7,236,466,667 $ 7,236,466,667 $ 7,236,466,667 $ 7,236,466,667
$ 904,558,333 $ 904,558,333 $ 904,558,333 $ 904,558,333

2 3 4 5
$ - $ - $ - $ -
$ 39,000,000 $ 39,000,000 $ 39,000,000 $ 39,000,000
$ - $ - $ - $ -
$ 41,619,048 $ 39,428,571 $ 37,238,095 $ 35,047,619
$ 17,100,000,000 $ 17,100,000,000 $ 17,100,000,000 $ 17,100,000,000
$ (17,180,619,048) $ (17,178,428,571) $ (17,176,238,095) $ (17,174,047,619)
$ 41,619,048 $ 39,428,571 $ 37,238,095 $ 35,047,619
$ (17,139,000,000) $ (17,139,000,000) $ (17,139,000,000) $ (17,139,000,000)
$ - $ - $ - $ -
$ - $ - $ - $ -
$ - $ - $ - $ -
$ - $ - $ - $ -
$ - $ - $ - $ -
$ (17,139,000,000) $ (17,139,000,000) $ (17,139,000,000) $ (17,139,000,000)

TIR 12%
 iodo de operacin, donde la empresa puede recuperar la inversin
ntacin de peajes.

e a SDAD con vida til de 20 aos.

proyectos empiezan a operar.

obra se paga de dos formas: mientras el tramo est en etapa de

e paga la totalidad; cuando se encuentre en etapa de operacin se
paga la mitad de la nmina.

empieza a circular desde el ao 1.

antes a lo largo del tiempo.

al final.

ante un EBIT negativo

912489 948989 986948

504910 525107 546111
815157 847763 881674

$ - $ - $ -
$ 6,389,583,333 $ 6,389,583,333 $ 6,389,583,333
$ 851,944,444 $ 851,944,444 $ 851,944,444

6 7
$ -
$ 35,000,000
$ -
$ 38,571,429
$ 15,300,000,000
$ (15,373,571,429)
$ 38,571,429
$ (15,335,000,000)
$ -
$ -
8
$ - $ -
$ 35,000,000 $ 35,000,000
$ - $ -
$ 36,000,000 $ 33,428,571
$ 15,300,000,000 $ 15,300,000,000
$ (15,371,000,000) $ (15,368,428,571)
$ 36,000,000 $ 33,428,571
$ (15,335,000,000) $ (15,335,000,000)
$ - $ -
$ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ (15,335,000,000) $ (15,335,000,000) $ (15,335,000,000)

1155820 1202053 1250135

1155820 1202053 1250135
1063354 1105888 1150124

$ 519,840,079 $ 540,633,698 $ 562,259,120

$ 7,102,962,368 $ 7,284,455,588 $ 7,473,208,802
$ 1,833,022,547 $ 1,879,859,507 $ 1,928,570,013

6 7 8
$ 46,785,607,143 $ 48,657,032,798 $ 50,603,320,798
$ 31,500,000 $ 31,500,000 $ 31,500,000
$ 17,563,838,200 $ 18,266,392,600 $ 18,997,050,200
$ 34,142,857 $ 31,866,667 $ 29,590,476
$ 9,900,000,000 $ 9,900,000,000 $ 9,900,000,000
$ 19,256,126,086 $ 20,427,273,531 $ 21,645,180,121
$ 34,142,857 $ 31,866,667 $ 29,590,476
$ 19,290,268,943 $ 20,459,140,198 $ 21,674,770,598
$ (949,062,242) $ (113,862,642) $ (118,417,284)
$ - $ - $ -
$ - $ - $ -
$ 6,354,521,608 $ 6,741,000,265 $ 7,142,909,440
$ - $ - $ -
$ 13,884,809,577 $ 13,832,002,574 $ 14,650,278,442

1338318 1391850 1447524

1459983 1518382 1579118
1094987 1138787 1184338

$ - $ - $ 1,442,279,529
$ 7,236,466,667 $ 7,236,466,667 $ 12,132,939,018
$ 904,558,333 $ 904,558,333 $ 1,516,617,377

6 7 8
$ - $ - $ 57,691,181,154
$ 39,000,000 $ 39,000,000 $ 39,000,000
$ - $ - $ 20,146,908,200
$ 32,857,143 $ 30,666,667 $ 28,476,190
$ 17,100,000,000 $ 17,100,000,000 $ 8,550,000,000
$ (17,171,857,143) $ (17,169,666,667) $ 28,926,796,764
$ 32,857,143 $ 30,666,667 $ 28,476,190
$ (17,139,000,000) $ (17,139,000,000) $ 28,955,272,954
$ - $ - $ (2,842,133,778)
$ - $ - $ -
$ - $ - $ -
$ - $ - $ 9,545,842,932
$ - $ - $ -
$ (17,139,000,000) $ (17,139,000,000) $ 22,251,563,801
 1026426 1067483
567956 590674
916941 953618
$ 1,453,091,441 $ 1,511,214,382 $
$ 7,292,107,292 $ 7,455,706,458 $
$ 972,280,972 $ 994,094,194 $
9 10
$ 52,311,291,860 $ 54,403,717,767
$ 35,000,000 $ 35,000,000
$ 9,816,057,500 $ 10,208,695,500
$ 30,857,143 $ 28,285,714
$ 7,650,000,000 $ 7,650,000,000
$ 34,779,377,217 $ 36,481,736,553
$ 30,857,143 $ 28,285,714
$ 34,810,234,360 $ 36,510,022,267
$ 670,904,010 $ (83,663,003)
$ - $ -
1110183
614301
991763
1,571,663,411
7,625,852,708
1,016,780,361
11
$ 56,579,882,784
$ 35,000,000
$ 10,617,046,500
$ 25,714,286
$ 7,650,000,000
$ 38,252,121,998
$ 25,714,286
$ 38,277,836,284
$ (87,011,055)
$ -
$ - $ - $ -
$ 11,477,194,482 $ 12,038,973,062 $ 12,623,200,259
$ - $ - $ -
$ 22,662,135,868 $ 24,554,712,207 $ 25,741,647,079

1300140 1352146 1406232

1300140 1352146 1406232
1196129 1243974 1293733

$ 584,749,394 $ 608,139,434 $ 632,465,060

$ 7,669,510,748 $ 7,873,666,388 $ 8,085,987,998
$ 1,979,228,580 $ 2,031,913,907 $ 2,086,706,580

9 10 11
$ 52,627,445,416 $ 54,732,549,100 $ 56,921,855,444
$ 31,500,000 $ 31,500,000 $ 31,500,000
$ 19,756,928,700 $ 20,547,208,600 $ 21,369,098,700
$ 27,314,286 $ 25,038,095 $ 22,761,905
$ 9,900,000,000 $ 9,900,000,000 $ 9,900,000,000
$ 22,911,702,431 $ 24,228,802,404 $ 25,598,494,839
$ 27,314,286 $ 25,038,095 $ 22,761,905
$ 22,939,016,716 $ 24,253,840,500 $ 25,621,256,744
$ (123,153,106) $ (128,080,273) $ (133,203,310)
$ - $ - $ -
$ - $ - $ -
$ 7,560,861,802 $ 7,995,504,793 $ 8,447,503,297
$ - $ - $ -
$ 15,501,308,020 $ 16,386,415,979 $ 17,306,956,757

1505425 1565642 1628268

1642282 1707974 1776293
1231712 1280980 1332219

$ 1,499,970,532 $ 1,559,969,539 $ 1,622,368,334

$ 12,473,197,393 $ 12,827,067,200 $ 13,195,091,331
$ 1,559,149,674 $ 1,603,383,400 $ 1,649,386,416

9 10 11
$ 59,998,821,293 $ 62,398,781,561 $ 64,894,733,365
$ 39,000,000 $ 39,000,000 $ 39,000,000
$ 20,952,783,300 $ 21,790,896,000 $ 22,662,532,100
$ 26,285,714 $ 24,095,238 $ 21,904,762
$ 8,550,000,000 $ 8,550,000,000 $ 8,550,000,000
$ 30,430,752,279 $ 31,994,790,323 $ 33,621,296,503
$ 26,285,714 $ 24,095,238 $ 21,904,762
$ 30,457,037,993 $ 32,018,885,561 $ 33,643,201,265
$ (240,035,075) $ (249,637,074) $ (259,622,320)
$ - $ - $ -
$ - $ - $ -
$ 10,042,148,252 $ 10,558,280,807 $ 11,095,027,846
$ - $ - $ -
$ 20,654,924,816 $ 21,710,241,829 $ 22,807,795,738
 1154590 1200774 1248805
638873 664428 691005
1031434 1072691 1115599

$ 1,634,530,232 $ 1,699,911,307 $ 1,767,907,989

$ 7,802,803,958 $ 7,986,832,708 $ 8,178,223,125
$ 1,040,373,861 $ 1,064,911,028 $ 1,090,429,750

12 13 14
$ 58,843,088,362 $ 61,196,807,065 $ 63,644,687,601
$ 35,000,000 $ 35,000,000 $ 35,000,000
$ 11,041,729,500 $ 11,483,398,500 $ 11,942,735,500
$ 23,142,857 $ 20,571,429 $ 18,000,000
$ 7,650,000,000 $ 7,650,000,000 $ 7,650,000,000
$ 40,093,216,005 $ 42,007,837,136 $ 43,998,952,101
$ 23,142,857 $ 20,571,429 $ 18,000,000
$ 40,116,358,862 $ 42,028,408,565 $ 44,016,952,101
$ (90,490,928) $ (94,110,508) $ (97,875,013)
$ - $ - $ -
$ - $ - $ -
$ 13,230,761,282 $ 13,862,586,255 $ 14,519,654,193
$ - $ - $ -
$ 26,976,088,509 $ 28,259,932,818 $ 29,595,172,921

1462481 1520980 1581819

1462481 1520980 1581819
1345482 1399302 1455274

$ 657,763,523 $ 684,074,161 $ 711,437,060

$ 8,306,800,817 $ 8,536,447,938 $ 8,775,279,740
$ 2,143,690,533 $ 2,202,954,307 $ 2,264,588,320

12 13 14
$ 59,198,717,107 $ 61,566,674,474 $ 64,029,335,391
$ 31,500,000 $ 31,500,000 $ 31,500,000
$ 22,223,858,000 $ 23,112,814,600 $ 24,037,324,800
$ 20,485,714 $ 18,209,524 $ 15,933,333
$ 9,900,000,000 $ 9,900,000,000 $ 9,900,000,000
$ 27,022,873,393 $ 28,504,150,350 $ 30,044,577,258
$ 20,485,714 $ 18,209,524 $ 15,933,333
$ 27,043,359,107 $ 28,522,359,874 $ 30,060,510,591
$ (138,530,403) $ (144,072,711) $ (149,834,889)
$ - $ - $ -
$ - $ - $ -
$ 8,917,548,220 $ 9,406,369,616 $ 9,914,710,495
$ - $ - $ -
$ 18,264,341,291 $ 19,260,062,969 $ 20,295,634,985

1693399 1761135 1831580

1847344 1921238 1998088
1385508 1440928 1498566

$ 1,687,262,855 $ 1,754,753,385 $ 1,824,943,972

$ 13,577,835,607 $ 13,975,890,251 $ 14,389,869,724
$ 1,697,229,451 $ 1,746,986,281 $ 1,798,733,716

12 13 14
$ 67,490,514,201 $ 70,190,135,387 $ 72,997,758,880
$ 39,000,000 $ 39,000,000 $ 39,000,000
$ 23,569,031,700 $ 24,511,792,700 $ 25,492,270,400
$ 19,714,286 $ 17,523,810 $ 15,333,333
$ 8,550,000,000 $ 8,550,000,000 $ 8,550,000,000
$ 35,312,768,216 $ 37,071,818,878 $ 38,901,155,147
$ 19,714,286 $ 17,523,810 $ 15,333,333
$ 35,332,482,501 $ 37,089,342,687 $ 38,916,488,480
$ (270,006,720) $ (280,807,284) $ (292,041,452)
$ - $ - $ -

$ 11,653,213,511 $ 12,233,700,230 $ 12,837,381,198

$ - $ - $ -
$ 23,949,275,710 $ 25,136,449,742 $ 26,371,148,733
 1298757 1350707 1404735
718645 747391 777287
1160223 1206632 1254897

$ 1,838,624,146 $ 1,912,169,241 $ 1,988,655,949

$ 8,377,268,125 $ 8,584,275,833 $ 8,799,563,542
$ 1,116,969,083 $ 1,144,570,111 $ 1,173,275,139

15 16 17
$ 66,190,469,267 $ 68,838,092,668 $ 71,591,614,160
$ 35,000,000 $ 35,000,000 $ 35,000,000
$ 12,420,443,500 $ 12,917,262,000 $ 13,433,952,500
$ 15,428,571 $ 12,857,143 $ 10,285,714
$ 7,650,000,000 $ 7,650,000,000 $ 7,650,000,000
$ 46,069,597,196 $ 48,222,973,525 $ 50,462,375,946
$ 15,428,571 $ 12,857,143 $ 10,285,714
$ 46,085,025,767 $ 48,235,830,668 $ 50,472,661,660
$ (101,789,509) $ (105,861,586) $ (110,095,972)
$ - $ - $ -
$ - $ - $ -
$ 15,202,967,075 $ 15,913,581,263 $ 16,652,584,062
$ - $ - $ -
$ 30,983,848,202 $ 32,428,110,991 $ 33,930,173,570

1645092 1710896 1779332

1645092 1710896 1779332
1513485 1574024 1636985

$ 739,894,611 $ 769,490,388 $ 800,270,053

$ 9,023,666,078 $ 9,281,987,347 $ 9,550,641,794
$ 2,328,688,020 $ 2,395,351,573 $ 2,464,681,753

15 16 17
$ 66,590,514,986 $ 69,254,134,960 $ 72,024,304,738
$ 31,500,000 $ 31,500,000 $ 31,500,000
$ 24,998,820,300 $ 25,998,773,600 $ 27,038,726,300
$ 13,657,143 $ 11,380,952 $ 9,104,762
$ 9,900,000,000 $ 9,900,000,000 $ 9,900,000,000
$ 31,646,537,543 $ 33,312,480,407 $ 35,044,973,676
$ 13,657,143 $ 11,380,952 $ 9,104,762
$ 31,660,194,686 $ 33,323,861,360 $ 35,054,078,438
$ (155,829,086) $ (162,061,938) $ (168,544,603)
$ - $ - $ -
$ - $ - $ -
$ 10,443,357,389 $ 10,993,118,534 $ 11,564,841,313
$ - $ - $ -
$ 21,372,666,383 $ 22,492,804,764 $ 23,657,781,728

1904844 1981037 2060279

2078011 2161132 2247577
1558508 1620849 1685683

$ 1,897,941,418 $ 1,973,859,428 $ 2,052,813,784

$ 14,820,404,362 $ 15,268,163,598 $ 15,733,831,684
$ 1,852,550,545 $ 1,908,520,450 $ 1,966,728,961

15 16 17
$ 75,917,656,720 $ 78,954,377,126 $ 82,112,551,362
$ 39,000,000 $ 39,000,000 $ 39,000,000
$ 26,511,957,700 $ 27,572,440,100 $ 28,675,338,200
$ 13,142,857 $ 10,952,381 $ 8,761,905
$ 8,550,000,000 $ 8,550,000,000 $ 8,550,000,000
$ 40,803,556,163 $ 42,781,984,645 $ 44,839,451,257
$ 13,142,857 $ 10,952,381 $ 8,761,905
$ 40,816,699,020 $ 42,792,937,026 $ 44,848,213,162
$ (303,720,362) $ (315,871,321) $ (328,505,220)
$ - $ - $ -

$ 13,465,173,534 $ 14,118,054,933 $ 14,797,018,915

$ - $ - $ -
$ 27,655,245,848 $ 28,990,753,414 $ 30,379,699,467
 1460925 1519362 1580136
808378 840713 874342
1305093 1357297 1411588

$ 2,068,202,120 $ 2,150,930,356 $ 2,236,967,033

$ 9,023,462,500 $ 9,256,317,917 $ 9,498,486,250
$ 1,203,128,333 $ 1,234,175,722 $ 1,266,464,833

18 19 20
$ 74,455,276,311 $ 77,433,492,799 $ 80,530,813,185
$ 35,000,000 $ 35,000,000 $ 35,000,000
$ 13,971,310,000 $ 14,530,163,000 $ 15,111,367,000
$ 7,714,286 $ 5,142,857 $ 2,571,429
$ 7,650,000,000 $ 7,650,000,000 $ 7,650,000,000
$ 52,791,252,025 $ 55,213,186,942 $ 57,731,874,756
$ 7,714,286 $ 5,142,857 $ 2,571,429
$ 52,798,966,311 $ 55,218,329,799 $ 57,734,446,185
$ (114,499,593) $ (119,079,792) $ (123,842,545)
$ - $ - $ (110,000,000)
$ - $ - $ 40,000,000
$ 17,421,113,168 $ 18,220,351,691 $ 19,051,518,670
$ - $ - $ 13,200,000
$ 35,492,352,736 $ 37,117,057,900 $ 38,943,570,060

1850505 1924525 2001506

1850505 1924525 2001506
1702465 1770563 1841386

$ 832,280,915 $ 865,571,971 $ 900,194,955

$ 9,830,042,263 $ 10,120,616,991 $ 10,422,816,952
$ 2,536,785,100 $ 2,611,772,127 $ 2,689,759,213

18 19 20
$ 74,905,282,364 $ 77,901,477,428 $ 81,017,545,912
$ 31,500,000 $ 31,500,000 $ 31,500,000
$ 28,120,276,500 $ 29,245,081,900 $ 30,414,888,200
$ 6,828,571 $ 4,552,381 $ 2,276,190
$ 9,900,000,000 $ 9,900,000,000 $ 9,900,000,000
$ 36,846,677,293 $ 38,720,343,147 $ 40,668,881,521
$ 6,828,571 $ 4,552,381 $ 2,276,190
$ 36,853,505,864 $ 38,724,895,528 $ 40,671,157,712
$ (175,286,259) $ (182,296,645) $ (189,589,891)
$ - $ - $ (97,000,000)
$ - $ - $ 3,000,000
$ 12,159,403,507 $ 12,777,713,239 $ 13,420,730,902
$ - $ - $ 990,000
$ 24,869,388,617 $ 26,129,478,935 $ 27,539,026,701

2142690 2228398 2317534

2337480 2430979 2528219
1753110 1823234 1896164

$ 2,134,926,158 $ 2,220,323,050 $ 2,309,136,609

$ 16,218,125,133 $ 16,721,790,687 $ 17,245,607,176
$ 2,027,265,642 $ 2,090,223,836 $ 2,155,700,897

18 19 20
$ 85,397,046,309 $ 88,812,921,981 $ 92,365,464,353
$ 39,000,000 $ 39,000,000 $ 39,000,000
$ 29,822,349,000 $ 31,015,241,100 $ 32,255,859,100
$ 6,571,429 $ 4,380,952 $ 2,190,476
$ 8,550,000,000 $ 8,550,000,000 $ 8,550,000,000
$ 46,979,125,880 $ 49,204,299,929 $ 51,518,414,777
$ 6,571,429 $ 4,380,952 $ 2,190,476
$ 46,985,697,309 $ 49,208,680,881 $ 51,520,605,253
$ (341,644,394) $ (355,310,467)$ (369,525,868)
$ - $ - $ (150,000,000)
$ (62,500,000)
$ 15,503,111,540 $ 16,237,418,976 $ 17,001,076,876
$ - $ - $ (20,625,000)
$ 31,824,230,162 $ 33,326,572,372 $ 34,997,179,245
Ambas se refiere en conjunto o a cada una?
Valores de salvamento, valor de venta y
costo de mantenimiento.

Cmo se utiliza el parmetro de distancia

que dan para cada uno de los tramos?

En base a cules egresos/ingresos se deben

calcular la variacin del WK a partir de la
rotacin?Solo los efectivos?

El ingreso/gasto generado por la venta por

un valor distinto al valor en libros es
operacional/no operacional?
 Depreciacin, bien planteada, solo es
Costos de mantenimiento, bien planteados, necesario el cambio de parmetros, es decir,
solo es necesario el cambio de parmetros. de los valores de salvamento.

Valores de salvamento, bien planteados, solo

es necesario el cambio de parmetros.

Se puso como un gasto/ingreso operacional,

falta revisin