Anda di halaman 1dari 18

LEASING

Precio de venta S/. 4,000,000 Seguro


Valor Venta S/. 3,389,831 Valor de recompra
TEA 12.50%
#capitalizaciones anuales 2.00
# años 3.00
número de cuotas 6.00
Tasa semestral 6.07%

Cuota S/. 690,795.36

Nper Capital Amortización Interés Cuota

0 3,389,831 -3,389,831
1 S/. 2,904,663 S/. 485,168 S/. 205,628 S/. 690,795
2 S/. 2,390,065 S/. 514,598 S/. 176,197 S/. 690,795
3 S/. 1,844,251 S/. 545,814 S/. 144,982 S/. 690,795
4 S/. 1,265,328 S/. 578,923 S/. 111,873 S/. 690,795
5 S/. 651,288 S/. 614,040 S/. 76,755 S/. 690,795
6 S/. 0 S/. 651,288 S/. 39,507 S/. 690,795

6.07%

PRÉSTAMO BCP

PRÉSTAMO S/. 5,000,000 Comisiones + GA


TEA 14%
TES 6.77%
Nper 6.00
Cuota S/. 1,041,568

Nper Capital Amortización Intereses Cuota


0 S/. 5,000,000
1 S/. 4,296,972 S/. 703,028 S/. 338,539 S/. 1,041,568
2 S/. 3,546,343 S/. 750,629 S/. 290,939 S/. 1,041,568
3 S/. 2,744,890 S/. 801,452 S/. 240,115 S/. 1,041,568
4 S/. 1,889,173 S/. 855,717 S/. 185,851 S/. 1,041,568
5 S/. 975,517 S/. 913,656 S/. 127,912 S/. 1,041,568
6 S/. 0 S/. 975,517 S/. 66,050 S/. 1,041,568

ESTRUCTURA DE INVERSIÓN
ITEM INVERSIÓN PRECIO VENTA IGV VALOR VENTA

1 Terreno 2,000,000 2,000,000


2 Construcción 5,000,000 762,712 4,237,288
3 Capital de trabajo 2,000,000 2,000,000
4 Maquinarias y Equipos
M y E (Leasing 4,000,000 3,389,831
M y E (Compra 2,000,000 305,085 1,694,915
TOTAL 1,067,797

Depreciación
1 2 3
Construcción 128,403 128,403 128,403
M y E Leasing 1,129,944 1,129,944 1,129,944
M y E sin Leasing 338,983 338,983 338,983
1,597,329 1,597,329 1,597,329

MÓDULO DE INGRESOS

crecimiento anual 5%
0 1 2
Precio de Ventas S/. 15,000,000 S/. 15,750,000
IGV S/. 2,288,136 S/. 2,402,542
Valor Ventas S/. 12,711,864 S/. 13,347,458

MÓDULO DE COSTOS

0 1 2
Costo de ventas (45% VV) S/. 5,720,339 S/. 6,006,356
IGV de las compras S/. 1,029,661 S/. 1,081,144
Precio de compra S/. 6,750,000 S/. 7,087,500

MÓDULO DE IGV

0 1 2
IGV de las ventas S/. -2,288,136 S/. -2,402,542
IGV de las compras S/. 1,029,661 S/. 1,081,144
IGV del leasing S/. 256,008 S/. 256,008
S/. -1,002,466 S/. -1,065,390
1,067,796.61 65,330.40 S/. -1,000,059.54
AMORTIZACIONES

0 1 2
Prestamo BCP S/. 1,453,657 S/. 1,657,169

Leasing S/. 999,766 S/. 1,124,736

GASTOS FINANCIEROS

0 1 2
Leasing
Intereses S/. 381,825 S/. 256,854
Seguros S/. 40,678 S/. 40,678
Valor recompra
S/. 422,503 S/. 297,532

BCP
Interes S/. 629,478 S/. 425,966
Comisiones S/. 190 S/. 190
S/. 629,668 S/. 426,156

AHORRO TRIBUTARIO S/. 188,900.32 S/. 127,846.71

ESTRUCTURA DEL CAPITAL

ESTRUCTURA DE LA DEUDA
MONTO KD
LESASING CONSIDERADO COMO ALQUILER 4000000 12.50%
PRESTAMO 5000000 14%

TOTAL DEUDA 5000000 14.00%

ESTRUCTURA DEL PATRIMONIO MONTO KD

UTILIDADES RETENIDAS 6000000 13%

ESTRUCTURA DEUDA PATRIMONIO

DEUDA 5000000
PATRIMONIO 6000000
11000000

WACC 0.454545502 11.38%


ESTADO DE GANANCIAS Y PÉRDIDAS

Ventas (VV) S/. 12,711,864 S/. 13,347,458


Costo de Ventas (valor compras) S/. -5,720,339 S/. -6,006,356
Utilidad bruta S/. 6,991,525 S/. 7,341,102
Gastos administrativos (12% VV) S/. -1,525,424 S/. -1,601,695
Gastos de ventas (7% VV) S/. -889,831 S/. -934,322
Gastos financieros S/. -1,052,171 S/. -723,688
Depreciación S/. -1,597,329 S/. -1,597,329
Utilidad imponible S/. 1,926,771 S/. 2,484,068
Impuesto a la renta (30% util. Imponible) S/. 578,031 S/. 745,220
Utilidad Neta S/. 1,348,740 S/. 1,738,847

FLUJO DE CAJA ECONOMICO

0 1 2

inversion -11,000,000.00
valor residual contable
ingresos S/. 15,000,000 S/. 15,750,000
Egreso costo de venta S/. -6,750,000 S/. -7,087,500
gastos administrativos S/. -1,525,424 S/. -1,601,695
Gastos de venta S/. -889,831 S/. -934,322
cuota de leasing S/. -1,678,277 S/. -1,678,277
igv x pagar S/. -1,000,059.54
impuesto a la renta S/. -578,031 S/. -745,220
devolucion de ahorro tributario S/. -188,900 S/. -127,847

flujo de caja economico -11,000,000.00 3,389,537.02 2,575,079.49

TIR ECONOMICO 25%

VAN ECONOMICO S/. 4,641,700 LA TASA DE DESCUENTO ES EL K DE LA UTILIDADES RETE

FLUJO DE CAJA FINANCIERO

FINANCIAMIENTO S/. 5,000,000


GASTOS FINANCIEROS
AMORTIZACIONES
AHORRO TRIBUTARIO
1.20% S/. 40,678
1% S/. 33,898

Seguro Valor de recompra IGV Total Cuota

S/. -3,389,831
S/. 20,339 S/. 128,004 S/. 839,139
S/. 20,339 S/. 128,004 S/. 839,139
S/. 20,339 S/. 128,004 S/. 839,139
S/. 20,339 S/. 128,004 S/. 839,139
S/. 20,339 S/. 128,004 S/. 839,139
S/. 20,339 S/. 33,898 S/. 134,106 S/. 879,139

TIR semestral 12.83%

95

Comisiones TOTAL
S/. -5,000,000
95 S/. 1,041,663
95 S/. 1,041,663
95 S/. 1,041,663
95 S/. 1,041,663
95 S/. 1,041,663
95 S/. 1,041,663

TIR semestral 6.77%


5años
DESEMBOLSO DEPRECIACIÓN DEPRECIACIÓN VALOR RESIDUAL
AÑOS DEPREC.
INICIAL ANUAL ACUMULADA CONTABLE
2,000,000 0 0 0 2,000,000
5,000,000 33 128,403 642,013 3,595,275
2,000,000 0 0 0 2,000,000

0 3 1,129,944 3,389,831 -
2,000,000 5 338,983 1,694,915 -
11,000,000 7,595,275

4 5
128,403 128,403

338,983 338,983
467,386 467,386

3 4 5
S/. 16,537,500 S/. 17,364,375 S/. 18,232,594
S/. 2,522,669 S/. 2,648,803 S/. 2,781,243
S/. 14,014,831 S/. 14,715,572 S/. 15,451,351

3 4 5
S/. 6,306,674 S/. 6,622,007 S/. 6,953,108
S/. 1,135,201 S/. 1,191,961 S/. 1,251,559
S/. 7,441,875 S/. 7,813,969 S/. 8,204,667

3 4 5
S/. -2,522,669 S/. -2,648,803 S/. -2,781,243
S/. 1,135,201 S/. 1,191,961 S/. 1,251,559
S/. 262,110
S/. -1,125,358 S/. -1,456,842 S/. -1,529,684
3 4 5
S/. 1,889,173

S/. 1,265,328

3 4 5

S/. 116,262
S/. 40,678
S/. 33,898
S/. 190,839 S/. 0 S/. 0

S/. 193,962
S/. 190
S/. 194,152 S/. 0 S/. 0

S/. 58,245.59
S/. 14,014,831 S/. 14,715,572 S/. 15,451,351
S/. -6,306,674 S/. -6,622,007 S/. -6,953,108
S/. 7,708,157 S/. 8,093,565 S/. 8,498,243
S/. -1,681,780 S/. -1,765,869 S/. -1,854,162
S/. -981,038 S/. -1,030,090 S/. -1,081,595
S/. -384,991 S/. - S/. -
S/. -1,597,329 S/. -467,386 S/. -467,386
S/. 3,063,019 S/. 4,830,220 S/. 5,095,101
S/. 918,906 S/. 1,449,066 S/. 1,528,530
S/. 2,144,113 S/. 3,381,154 S/. 3,566,570

3 4 5

7,595,275
S/. 16,537,500 S/. 17,364,375 S/. 18,232,594
S/. -7,441,875 S/. -7,813,969 S/. -8,204,667
S/. -1,681,780 S/. -1,765,869 S/. -1,854,162
S/. -981,038 S/. -1,030,090 S/. -1,081,595
S/. -1,718,277
S/. -1,125,358.16 S/. -1,456,841.63 S/. -1,529,683.71
S/. -918,906 S/. -1,449,066 S/. -1,528,530
S/. -58,246 S/. 0 S/. 0 no es salida de dinero

2,612,020.62 3,848,539.87 11,629,230.86 con estos datos calculamos la TIR

K DE LA UTILIDADES RETENIDAS
CASO INMOBILIARIA FAY

LEASING

Precio de venta S/. 2,000,000 Seguro


Valor Venta S/. 1,694,915 Valor de recompra
TEA 12.50%
#capitalizaciones anuales 2.00
# años 3.00
número de cuotas 6.00
Tasa semestral 6.07%

Cuota S/. 345,397.68

Nper Capital Amortización Interés Cuota


0 1,694,915 -1,694,915
1 S/. 1,452,331 S/. 242,584 S/. 102,814 S/. 345,398
2 S/. 1,195,032 S/. 257,299 S/. 88,099 S/. 345,398
3 S/. 922,126 S/. 272,907 S/. 72,491 S/. 345,398
4 S/. 632,664 S/. 289,461 S/. 55,936 S/. 345,398
5 S/. 325,644 S/. 307,020 S/. 38,378 S/. 345,398
6 S/. 0 S/. 325,644 S/. 19,754 S/. 345,398

6.07%

PRÉSTAMO BCP

PRÉSTAMO S/. 4,000,000 Comisiones + GA


TEA 14%
TET 3.33%
Nper 6.00
Cuota S/. 746,485

Nper Capital Amortización Intereses Cuota


0 S/. 4,000,000
1 S/. 3,386,713 S/. 613,287 S/. 133,198 S/. 746,485
2 S/. 2,753,004 S/. 633,709 S/. 112,776 S/. 746,485
3 S/. 2,098,192 S/. 654,811 S/. 91,674 S/. 746,485
4 S/. 1,421,576 S/. 676,616 S/. 69,869 S/. 746,485
5 S/. 722,429 S/. 699,147 S/. 47,338 S/. 746,485
6 S/. 0 S/. 722,429 S/. 24,056 S/. 746,485
PRÉSTAMO ADICIONAL

PRÉSTAMO S/. 2,000,000 Comisiones + GA


TEA 13%
TEM 1.02%
Nper 24.00
Cuota S/. 94,413

Nper Capital Amortización Intereses Cuota


0 S/. 2,000,000
1 S/. 1,926,061 S/. 73,939 S/. 20,474 S/. 94,413
2 S/. 1,851,365 S/. 74,696 S/. 19,717 S/. 94,413
3 S/. 1,775,905 S/. 75,460 S/. 18,952 S/. 94,413
4 S/. 1,699,672 S/. 76,233 S/. 18,180 S/. 94,413
5 S/. 1,622,658 S/. 77,013 S/. 17,399 S/. 94,413
6 S/. 1,544,857 S/. 77,802 S/. 16,611 S/. 94,413
7 S/. 1,466,259 S/. 78,598 S/. 15,814 S/. 94,413
8 S/. 1,386,856 S/. 79,403 S/. 15,010 S/. 94,413
9 S/. 1,306,640 S/. 80,216 S/. 14,197 S/. 94,413
10 S/. 1,225,604 S/. 81,037 S/. 13,376 S/. 94,413
11 S/. 1,143,737 S/. 81,866 S/. 12,546 S/. 94,413
12 S/. 1,061,033 S/. 82,704 S/. 11,708 S/. 94,413
13 S/. 977,482 S/. 83,551 S/. 10,862 S/. 94,413
14 S/. 893,076 S/. 84,406 S/. 10,006 S/. 94,413
15 S/. 807,805 S/. 85,270 S/. 9,142 S/. 94,413
16 S/. 721,662 S/. 86,143 S/. 8,269 S/. 94,413
17 S/. 634,637 S/. 87,025 S/. 7,388 S/. 94,413
18 S/. 546,721 S/. 87,916 S/. 6,497 S/. 94,413
19 S/. 457,905 S/. 88,816 S/. 5,597 S/. 94,413
20 S/. 368,180 S/. 89,725 S/. 4,688 S/. 94,413
21 S/. 277,536 S/. 90,644 S/. 3,769 S/. 94,413
22 S/. 185,965 S/. 91,572 S/. 2,841 S/. 94,413
23 S/. 93,456 S/. 92,509 S/. 1,904 S/. 94,413
24 S/. 0 S/. 93,456 S/. 957 S/. 94,413

ESTRUCTURA DE INVERSIÓN

ITEM INVERSIÓN PRECIO VENTA IGV VALOR VENTA


1 Terreno 2,000,000 2,000,000
2 Construcción 7,000,000 1,067,797 5,932,203
3 Capital de trabajo 2,000,000 2,000,000
4 Maquinarias y Equipos
M y E (Leasing 2,000,000 1,694,915
M y E (Compra 3,000,000 457,627 2,542,373
TOTAL 1,525,424

Depreciación
1 2 3
Construcción 179,764 179,764 179,764
M y E Leasing 564,972 564,972 564,972
M y E sin Leasing 508,475 508,475 508,475
1,253,210 1,253,210 1,253,210

MÓDULO DE INGRESOS

crecimiento anual 5%
0 1 2
Precio de Ventas S/. 15,000,000 S/. 15,750,000
IGV S/. 2,288,136 S/. 2,402,542
Valor Ventas S/. 12,711,864 S/. 13,347,458

MÓDULO DE COSTOS

0 1 2
Costo de ventas (45% VV) S/. 5,720,339 S/. 6,006,356
IGV de las compras S/. 1,029,661 S/. 1,081,144
Precio de compra S/. 6,750,000 S/. 7,087,500

MÓDULO DE IGV

0 1 2
IGV de las ventas S/. -2,288,136 S/. -2,402,542
IGV de las compras S/. 1,029,661 S/. 1,081,144
IGV del leasing S/. 128,004 S/. 128,004
S/. -1,130,470 S/. -1,193,394
1,525,423.73 394,953.34 S/. -798,440.79

AMORTIZACIONES
0 1 2
Prestamo BCP S/. 1,246,996 S/. 1,331,428

Leasing S/. 499,883 S/. 562,368

GASTOS FINANCIEROS

0 1 2
Leasing
Intereses S/. 190,913 S/. 128,427
Seguros S/. 20,339 S/. 20,339
Valor recompra
S/. 211,252 S/. 148,766

BCP
Interes S/. 245,974 S/. 161,542
Comisiones S/. 100 S/. 100
S/. 246,074 S/. 161,642

AHORRO TRIBUTARIO S/. 73,822.12 S/. 48,492.70

ESTRUCTURA DEL CAPITAL

ESTRUCTURA DE LA DEUDA
MONTO KD
LESASING CONSIDERADO COMO ALQUILER 4000000 12.50%
PRESTAMO 5000000 14%

TOTAL DEUDA 5000000 14.00%

ESTRUCTURA DEL PATRIMONIO MONTO KD

UTILIDADES RETENIDAS 6000000 13%

ESTRUCTURA DEUDA PATRIMONIO

DEUDA 5000000
PATRIMONIO 6000000
11000000

WACC 0.454545502 11.38%

ESTADO DE GANANCIAS Y PÉRDIDAS

Ventas (VV) S/. 12,711,864 S/. 13,347,458


Costo de Ventas (valor compras) S/. -5,720,339 S/. -6,006,356
Utilidad bruta S/. 6,991,525 S/. 7,341,102
Gastos administrativos (12% VV) S/. -1,525,424 S/. -1,601,695
Gastos de ventas (7% VV) S/. -889,831 S/. -934,322
Gastos financieros S/. -457,325 S/. -310,408
Depreciación S/. -1,253,210 S/. -1,253,210
Utilidad imponible S/. 2,865,736 S/. 3,241,466
Impuesto a la renta (30% util. Imponible) S/. 859,721 S/. 972,440
Utilidad Neta S/. 2,006,015 S/. 2,269,026

FLUJO DE CAJA ECONOMICO

0 1 2

inversion -14,000,000.00
valor residual contable
ingresos S/. 15,000,000 S/. 15,750,000
Egreso costo de venta S/. -6,750,000 S/. -7,087,500
gastos administrativos S/. -1,525,424 S/. -1,601,695
Gastos de venta S/. -889,831 S/. -934,322
cuota de leasing S/. -839,139 S/. -839,139
igv x pagar S/. -798,440.79
impuesto a la renta S/. -859,721 S/. -972,440
devolucion de ahorro tributario S/. -73,822 S/. -48,493

flujo de caja economico -14,000,000.00 4,062,064.35 3,467,971.18

TIR ECONOMICO 22%

VAN ECONOMICO S/. 4,226,460 LA TASA DE DESCUENTO ES EL K DE LA UTILIDADES RETE

FLUJO DE CAJA FINANCIERO

FINANCIAMIENTO S/. 4,000,000


GASTOS FINANCIEROS
AMORTIZACIONES
AHORRO TRIBUTARIO
MOBILIARIA FAYSER S.A.

1.20% S/. 20,339


1% S/. 16,949

Seguro Valor de recompra IGV Total Cuota


S/. -1,694,915 S/. -1,694,915
S/. 10,169 S/. 64,002 S/. 419,569
S/. 10,169 S/. 64,002 S/. 419,569 S/. 839,139
S/. 10,169 S/. 64,002 S/. 419,569
S/. 10,169 S/. 64,002 S/. 419,569 S/. 839,139
S/. 10,169 S/. 64,002 S/. 419,569
S/. 10,169 S/. 16,949 S/. 67,053 S/. 439,569 S/. 859,139

TIR semestral 12.83%


TIR Anual 23.14%

50

Comisiones TOTAL
S/. -4,000,000 S/. -4,000,000
50 S/. 746,535
50 S/. 746,535 S/. 2,239,605
50 S/. 746,535
50 S/. 746,535
50 S/. 746,535 S/. 2,239,605
50 S/. 746,535
TIR trimestral 3.33%
TIR anual 7.89%

55

Comisiones TOTAL
S/. -2,000,000 S/. -2,000,000
55 S/. 94,468
55 S/. 94,468
55 S/. 94,468
55 S/. 94,468
55 S/. 94,468
55 S/. 94,468 S/. 1,133,611
55 S/. 94,468
55 S/. 94,468
55 S/. 94,468
55 S/. 94,468
55 S/. 94,468
55 S/. 94,468
55 S/. 94,468
55 S/. 94,468
55 S/. 94,468
55 S/. 94,468
55 S/. 94,468 S/. 1,133,611
55 S/. 94,468
55 S/. 94,468
55 S/. 94,468
55 S/. 94,468
55 S/. 94,468
55 S/. 94,468
55 S/. 94,468

TIR Mensual 1.03%


TIR Anual 8.78%

5años
DESEMBOLSO DEPRECIACIÓN DEPRECIACIÓN VALOR RESIDUAL
AÑOS DEPREC.
INICIAL ANUAL ACUMULADA CONTABLE
2,000,000 0 0 0 2,000,000
7,000,000 33 179,764 898,819 5,033,385
2,000,000 0 0 0 2,000,000

0 3 564,972 1,694,915 -
3,000,000 5 508,475 2,542,373 -
14,000,000 9,033,385

4 5
179,764 179,764

508,475 508,475
688,238 688,238

3 4 5
S/. 16,537,500 S/. 17,364,375 S/. 18,232,594
S/. 2,522,669 S/. 2,648,803 S/. 2,781,243
S/. 14,014,831 S/. 14,715,572 S/. 15,451,351

3 4 5
S/. 6,306,674 S/. 6,622,007 S/. 6,953,108
S/. 1,135,201 S/. 1,191,961 S/. 1,251,559
S/. 7,441,875 S/. 7,813,969 S/. 8,204,667

3 4 5
S/. -2,522,669 S/. -2,648,803 S/. -2,781,243
S/. 1,135,201 S/. 1,191,961 S/. 1,251,559
S/. 131,055
S/. -1,256,413 S/. -1,456,842 S/. -1,529,684
3 4 5
S/. 1,421,576

S/. 632,664

3 4 5

S/. 58,131
S/. 20,339
S/. 16,949
S/. 95,419 S/. 0 S/. 0

S/. 71,394
S/. 100
S/. 71,494 S/. 0 S/. 0

S/. 21,448.27

S/. 14,014,831 S/. 14,715,572 S/. 15,451,351


S/. -6,306,674 S/. -6,622,007 S/. -6,953,108
S/. 7,708,157 S/. 8,093,565 S/. 8,498,243
S/. -1,681,780 S/. -1,765,869 S/. -1,854,162
S/. -981,038 S/. -1,030,090 S/. -1,081,595
S/. -166,914 S/. - S/. -
S/. -1,253,210 S/. -688,238 S/. -688,238
S/. 3,625,215 S/. 4,609,368 S/. 4,874,248
S/. 1,087,565 S/. 1,382,810 S/. 1,462,274
S/. 2,537,651 S/. 3,226,557 S/. 3,411,974

3 4 5

9,033,385
S/. 16,537,500 S/. 17,364,375 S/. 18,232,594
S/. -7,441,875 S/. -7,813,969 S/. -8,204,667
S/. -1,681,780 S/. -1,765,869 S/. -1,854,162
S/. -981,038 S/. -1,030,090 S/. -1,081,595
S/. -859,139
S/. -1,256,413.19 S/. -1,456,841.63 S/. -1,529,683.71
S/. -1,087,565 S/. -1,382,810 S/. -1,462,274
S/. -21,448 S/. 0 S/. 0 no es salida de dinero

3,208,242.59 3,914,795.65 13,133,596.55 con estos datos calculamos la TIR

K DE LA UTILIDADES RETENIDAS

Anda mungkin juga menyukai