2002 2003 2004 2005

Fecha
Junio Diciembre Junio Diciembre Junio Diciembre Junio
1 14.1807 14.6011 15.0316 15.4772 15.872 16.2639 16.6643
2 14.183 14.6035 15.034 15.4797 15.8741 16.2661 16.6665
3 14.1853 14.6058 15.0364 15.4821 15.8762 16.2682 16.6687
4 14.1875 14.6081 15.0388 15.4846 15.8783 16.2704 16.6709
5 14.1898 14.6105 15.0412 15.4871 15.8804 16.2726 16.6732
6 14.1921 14.6128 15.0436 15.4896 15.8825 16.2748 16.6754
7 14.1943 14.6151 15.046 15.492 15.8847 16.2769 16.6776
8 14.1966 14.6175 15.0484 15.4945 15.8868 16.2791 16.6799
9 14.1989 14.6198 15.0508 15.497 15.8889 16.2813 16.6821
10 14.2011 14.6221 15.0532 15.4995 15.891 16.2834 16.6843
11 14.2034 14.6245 15.0556 15.5019 15.8931 16.2856 16.6865
12 14.2057 14.6268 15.058 15.5044 15.8952 16.2878 16.6888
13 14.2079 14.6291 15.0604 15.5069 15.8974 16.2899 16.691
14 14.2102 14.6315 15.0628 15.5094 15.8995 16.2921 16.6932
15 14.2125 14.6338 15.0652 15.5118 15.9016 16.2943 16.6955
16 14.2147 14.6361 15.0676 15.5143 15.9037 16.2965 16.6977
17 14.217 14.6385 15.07 15.5168 15.9058 16.2986 16.6999
18 14.2193 14.6408 15.0724 15.5193 15.908 16.3008 16.7022
19 14.2216 14.6432 15.0748 15.5217 15.9101 16.303 16.7044
20 14.2238 14.6455 15.0773 15.5242 15.9122 16.3052 16.7066
21 14.2261 14.6478 15.0797 15.5267 15.9143 16.3073 16.7089
22 14.2284 14.6502 15.0821 15.5292 15.9164 16.3095 16.7111
23 14.2306 14.6525 15.0845 15.5317 15.9186 16.3117 16.7133
24 14.2329 14.6548 15.0869 15.5341 15.9207 16.3139 16.7156
25 14.2352 14.6572 15.0893 15.5366 15.9228 16.316 16.7178
26 14.2375 14.6595 15.0917 15.5391 15.9249 16.3182 16.72
27 14.2397 14.6619 15.0941 15.5416 15.9271 16.3204 16.7223
28 14.242 14.6642 15.0965 15.5441 15.9292 16.3226 16.7245
29 14.2443 14.6666 15.0989 15.5465 15.9313 16.3247 16.7267
30 14.2466 14.6689 15.1013 15.549 15.9334 16.3269 16.729
14.6712 15.5515 16.3291
Promedio 14.2136 14.6362 15.0664 15.5143 15.9027 16.2965 16.6966
2005 2006 2007 2008 2009
Diciembre Junio Diciembre Junio Diciembre Junio Diciembre Junio
17.0769 17.4975 17.9308 18.3723 18.8273 19.2925 19.7689 20.2555
17.0792 17.4998 17.9332 18.3748 18.8298 19.295 19.7715 20.2582
17.0815 17.5021 17.9356 18.3773 18.8323 19.2976 19.7742 20.2609
17.0838 17.5045 17.938 18.3797 18.8349 19.3002 19.7768 20.2636
17.0861 17.5068 17.9404 18.3822 18.8374 19.3027 19.7794 20.2663
17.0883 17.5092 17.9428 18.3846 18.8399 19.3053 19.7821 20.269
17.0906 17.5115 17.9452 18.3871 18.8424 19.3079 19.7847 20.2718
17.0929 17.5138 17.9476 18.3895 18.8449 19.3105 19.7873 20.2745
17.0952 17.5162 17.95 18.392 18.8474 19.313 19.79 20.2772
17.0975 17.5185 17.9524 18.3945 18.85 19.3156 19.7926 20.2799
17.0998 17.5209 17.9548 18.3969 18.8525 19.3182 19.7953 20.2826
17.102 17.5232 17.9572 18.3994 18.855 19.3208 19.7979 20.2853
17.1043 17.5256 17.9596 18.4018 18.8575 19.3233 19.8005 20.288
17.1066 17.5279 17.962 18.4043 18.86 19.3259 19.8032 20.2907
17.1089 17.5302 17.9644 18.4068 18.8626 19.3285 19.8058 20.2934
17.1112 17.5326 17.9668 18.4092 18.8651 19.3311 19.8085 20.2962
17.1135 17.5349 17.9692 18.4117 18.8676 19.3337 19.8111 20.2989
17.1158 17.5373 17.9716 18.4141 18.8701 19.3362 19.8137 20.3016
17.1181 17.5396 17.974 18.4166 18.8727 19.3388 19.8164 20.3043
17.1203 17.542 17.9764 18.4191 18.8752 19.3414 19.819 20.307
17.1226 17.5443 17.9788 18.4215 18.8777 19.344 19.8217 20.3097
17.1249 17.5467 17.9812 18.424 18.8802 19.3465 19.8243 20.3124
17.1272 17.549 17.9836 18.4264 18.8828 19.3491 19.8269 20.3152
17.1295 17.5513 17.986 18.4289 18.8853 19.3517 19.8296 20.3179
17.1318 17.5537 17.9884 18.4314 18.8878 19.3543 19.8322 20.3206
17.1341 17.556 17.9908 18.4338 18.8903 19.3569 19.8349 20.3233
17.1364 17.5584 17.9932 18.4363 18.8929 19.3594 19.8375 20.326
17.1387 17.5607 17.9956 18.4388 18.8954 19.362 19.8402 20.3287
17.141 17.5631 17.998 18.4412 18.8979 19.3646 19.8428 20.3315
17.1432 17.5654 18.0004 18.4437 18.9004 19.3672 19.8455 20.3342
17.1455 18.0028 18.903 19.8481
17.1112 17.5314 17.9668 18.4080 18.8651 19.3298 19.8085 20.2948
2009 2010 2011 2012
Diciembre Junio Diciembre Junio Diciembre Junio Diciembre
20.7571 21.2683 21.795 22.3317 22.8847 23.4501 24.0292
20.7599 21.2711 21.7979 22.3347 22.8878 23.4532 24.0324
20.7627 21.274 21.8008 22.3377 22.8908 23.4564 24.0356
20.7654 21.2768 21.8037 22.3407 22.8939 23.4595 24.0388
20.7682 21.2797 21.8066 22.3436 22.8969 23.4626 24.0420
20.771 21.2825 21.8095 22.3466 22.9 23.4657 24.0452
20.7738 21.2853 21.8124 22.3496 22.9031 23.4689 24.0484
20.7765 21.2882 21.8154 22.3526 22.9061 23.4720 24.0516
20.7793 21.291 21.8183 22.3556 22.9092 23.4751 24.0548
20.7821 21.2939 21.8212 22.3586 22.9123 23.4783 24.0581
20.7849 21.2967 21.8241 22.3616 22.9153 23.4814 24.0613
20.7876 21.2996 21.827 22.3646 22.9184 23.4845 24.0645
20.7904 21.3024 21.8299 22.3675 22.9214 23.4876 24.0677
20.7932 21.3053 21.8329 22.3705 22.9245 23.4908 24.0709
20.796 21.3081 21.8358 22.3735 22.9276 23.4939 24.0741
20.7988 21.311 21.8387 22.3765 22.9306 23.4970 24.0773
20.8015 21.3138 21.8416 22.3795 22.9337 23.5002 24.0805
20.8043 21.3167 21.8445 22.3825 22.9368 23.5033 24.0837
20.8071 21.3195 21.8475 22.3855 22.9398 23.5064 24.0869
20.8099 21.3224 21.8504 22.3885 22.9429 23.5096 24.0901
20.8127 21.3252 21.8533 22.3915 22.946 23.5127 24.0934
20.8155 21.3281 21.8562 22.3945 22.949 23.5158 24.0966
20.8182 21.3309 21.8591 22.3975 22.9521 23.5190 24.0998
20.821 21.3338 21.8621 22.4005 22.9552 23.5221 24.1030
20.8238 21.3366 21.865 22.4035 22.9582 23.5252 24.1062
20.8266 21.3395 21.8679 22.4064 22.9613 23.5284 24.1094
20.8294 21.3423 21.8708 22.4094 22.9644 23.5315 24.1126
20.8322 21.3452 21.8738 22.4124 22.9674 23.5347 24.1158
20.8349 21.348 21.8767 22.4154 22.9705 23.5378 24.1191
20.8377 21.3509 21.8796 22.4184 22.9736 23.5409 24.1223
20.8405 21.8825 22.9767 24.1255
20.7988 21.3096 21.8387 22.3750 22.9307 23.49548667 24.07731613
 Resumen del escenario
Reducir 5% Gastos Aumentar en 10% Gastos Normal
Celdas cambiantes:
$O$24 2% 17% 7%
Celdas de resultado:
Flujo de Fondos C$ 210,186,024.97 C$ 108,701,969.22 C$ 164,931,143.78
VAN 523.02% 522.20% 522.75%
TIR 0.21 0.21 0.21
Periodo de recuperación -$ 5,400,000.00 -$ 5,400,000.00 -$ 5,400,000.00
iodo de recuperación descontado 0.25 0.29 0.27
Índice de beneficio-costo $ 39.92 $ 21.13 $ 31.54
TIR M 75.50% 88.90% 79.81%
Notas: La columna de valores actuales representa los valores de las celdas cambiantes
en el momento en que se creó el Informe resumen de escenario. Las celdas cambiantes de
cada escenario se muestran en gris.
 Concepto 0 1
Áreas (has) 750 has
Producción neta (lbs/ha/año) 1,225 lbs/ha
Precio CIF (USD / lbs $3.50
Transporte Manejo Inernacional (US$/lb) $0.50
Precio de Venta camarones (US$/lb) $3.00
Costos y Gastos Variables $1.45
Costos fijos de producción $50,000.00
Gastos Administrativos $200,000.00

Tipo de cambio US$ 14.2136

Concepto 0 1
Ingresos Totales US$ US$ 2,756,250.00
Ingresos Totales en Pesos C$ 39,176,235.00
Costos Variables C$ 1,332,187.50
Costos fijos de producción C$ 50,000.00
Utilidad Operativa C$ 37,794,047.50
Gastos Administrativos C$ 200,000.00
(-) Depreciación C$ 155,000.00
Utilidad antes de IR -C$ 5,400,000.00 C$ 37,439,047.50
IR 30% C$ 11,231,714.25
Utilidad Neta -C$ 5,400,000.00 C$ 26,207,333.25

Concepto 0 1
Utilidad Neta $ 26,207,333.25
(+) Depreciación $ 155,000.00
Inversión Inicial Proyecto -C$ 4,950,000.00
Inversión Inicial Capital de Trabajo -C$ 450,000.00 -$ 700,000.00
Valores de Rescate
Terrenos
Estanques y Canales
Edificios
Impuesto Renta 30%
Impuesto Renta 30%

Flujo de Fondos -C$ 5,400,000.00 $ 25,662,333.25

VAN C$ 209,825,711.40
TIR 521.48%
Periodo de recuperación 0.21 C$ 20,262,333.25
Periodo de recuperación descontado -$ 5,400,000.00 C$ 21,142,143.06
0.26 C$ 15,742,143.06
Índice de beneficio-costo $ 39.86
TIR M 75.47%
 2 3 4 5 6
900 has 900 has 900 has 900 has 900 has
1,470 lbs/ha 1,715 lbs/ha 1,960 lbs/ha 2,205 lbs/ha 2,205 lbs/ha
$3.50 US$ 3.50 US$ 3.50 US$ 3.50 US$ 3.50
$0.50 US$ 0.50 US$ 0.50 US$ 0.50 US$ 0.50
$3.00 US$ 3.00 US$ 3.00 US$ 3.00 US$ 3.00
$1.48 $1.51 $1.54 $1.57 $1.60
$51,000.00 $52,020.00 $53,060.40 $54,121.61 $55,204.04
$204,000.00 $208,080.00 $212,241.60 $216,486.43 $220,816.16

6.00% 5.55% 4.99% 5.00% 5.00%

US$ 15.0664 US$ 15.9027 US$ 16.6966 US$ 17.5314 US$ 18.4080
Estado de Resultados
2 3 4 5 6
US$ 3,969,000.00 US$ 4,630,500.00 US$ 5,292,000.00 US$ 5,953,500.00 US$ 5,953,500.00
C$ 59,798,541.60 C$ 73,637,452.35 C$ 88,358,407.20 C$ 104,373,189.90 C$ 109,592,028.00
C$ 1,956,717.00 C$ 2,328,493.23 C$ 2,714,357.82 C$ 3,114,725.60 C$ 3,177,020.11
C$ 51,000.00 C$ 52,020.00 C$ 53,060.40 C$ 54,121.61 C$ 55,204.04
C$ 57,790,824.60 C$ 71,256,939.12 C$ 85,590,988.98 C$ 101,204,342.69 C$ 106,359,803.85
C$ 204,000.00 C$ 208,080.00 C$ 212,241.60 C$ 216,486.43 C$ 220,816.16
C$ 155,000.00 C$ 155,000.00 C$ 155,000.00 C$ 155,000.00 C$ 155,000.00
C$ 57,431,824.60 C$ 70,893,859.12 C$ 85,223,747.38 C$ 100,832,856.26 C$ 105,983,987.69
C$ 17,229,547.38 C$ 21,268,157.74 C$ 25,567,124.21 C$ 30,249,856.88 C$ 31,795,196.31
C$ 40,202,277.22 C$ 49,625,701.38 C$ 59,656,623.16 C$ 70,582,999.38 C$ 74,188,791.38

Flujo de Caja
2 3 4 5 6
$ 40,202,277.22 $ 49,625,701.38 $ 59,656,623.16 $ 70,582,999.38 $ 74,188,791.38
$ 155,000.00 $ 155,000.00 $ 155,000.00 $ 155,000.00 $ 155,000.00

-$ 950,000.00 -$ 1,200,000.00 -$ 1,450,000.00 -$ 1,700,000.00 -$ 1,700,000.00

$ 39,407,277.22 $ 48,580,701.38 $ 58,361,623.16 $ 69,037,999.38 $ 72,643,791.38

C$ 59,669,610.47 C$ 108,250,311.85 $ 166,611,935.02 $ 235,649,934.40 C$ 141,681,790.76

C$ 26,747,436.35 C$ 27,165,792.63 C$ 26,886,782.22 C$ 26,203,091.41 C$ 22,715,154.95
C$ 42,489,579.41 C$ 69,655,372.04 C$ 96,542,154.26 C$ 122,745,245.67 C$ 48,918,246.36
 7 8 9 10
900 has 900 has 900 has 900 has
2,205 lbs/ha 2,205 lbs/ha 2,205 lbs/ha 2,205 lbs/ha
US$ 3.50 US$ 3.50 US$ 3.50 US$ 3.50
US$ 0.50 US$ 0.50 US$ 0.50 US$ 0.50
US$ 3.00 US$ 3.00 US$ 3.00 US$ 3.00
$1.63 $1.67 $1.70 $1.73
$56,308.12 $57,434.28 $58,582.97 $59,754.63
$225,232.48 $229,737.13 $234,331.88 $239,018.51

5.01% 4.99% 5.00% 5.00%

US$ 19.3298 US$ 20.2948 US$ 21.3096 US$ 22.3750

7 8 9 10
US$ 5,953,500.00 US$ 5,953,500.00 US$ 5,953,500.00 US$ 5,953,500.00
C$ 115,079,964.30 C$ 120,825,091.80 C$ 126,866,703.60 C$ 133,209,562.50
C$ 3,240,560.52 C$ 3,305,371.73 C$ 3,371,479.16 C$ 3,438,908.74
C$ 56,308.12 C$ 57,434.28 C$ 58,582.97 C$ 59,754.63
C$ 111,783,095.66 C$ 117,462,285.79 C$ 123,436,641.47 C$ 129,710,899.13
C$ 225,232.48 C$ 229,737.13 C$ 234,331.88 C$ 239,018.51
C$ 155,000.00 C$ 155,000.00 C$ 155,000.00 C$ 155,000.00
C$ 111,402,863.18 C$ 117,077,548.66 C$ 123,047,309.59 C$ 129,316,880.61
C$ 33,420,858.95 C$ 35,123,264.60 C$ 36,914,192.88 C$ 38,795,064.18
C$ 77,982,004.23 C$ 81,954,284.06 C$ 86,133,116.72 C$ 90,521,816.43

7 8 9 10
$ 77,982,004.23 $ 81,954,284.06 $ 86,133,116.72 $ 90,521,816.43
$ 155,000.00 $ 155,000.00 $ 155,000.00 $ 155,000.00

-$ 1,700,000.00 -$ 1,700,000.00 -$ 1,700,000.00 -$ 1,700,000.00

$ 1,250,000.00
$ 1,000,000.00
$ 50,000.00
-$ 150,000.00
-$ 300,000.00

$ 76,437,004.23 $ 80,409,284.06 $ 84,588,116.72 $ 88,976,816.43

C$ 218,118,794.99 C$ 298,528,079.05 $ 383,116,195.76 $ 472,093,012.19

C$ 19,691,269.92 C$ 17,065,897.39 C$ 14,790,578.39 C$ 12,817,565.08
C$ 68,609,516.28 C$ 85,675,413.67 C$ 100,465,992.06 C$ 113,283,557.14
 Costos y Gastos
Costos y Gastos Variables $1.45 x lb de produccion
Costos fijos de producción $50,000.00 anuales
Gastos Administrativos $200,000.00 anuales
Gastos Financieros 10% sobre saldos

Depraciación
Concepto Vida Útil (años) Valor Inicial Valor Residual
Edificios 20 $100,000.00 $50,000.00
Estanques y canales C$ 10.00 C$ 3,000,000.00 C$ 1,000,000.00
Maquinaria y equipo 10 $700,000.00
Vehículos y Embarcaciones 5 $400,000.00
TOTAL

Tasa de Corte 21.38%

Tasa de Corte 19%
Inflación 2%
Tasa Ajustada 1.2138
IR 30.00%
Depreaciación Anual
$5,000.00
}
$70,000.00
$80,000.00
$155,000.00
 Concepto 0 1 2
Áreas (has) 750 has 900 has
Producción neta (lbs/ha/año) 1,225 lbs/ha 1,470 lbs/ha
Precio CIF (USD / lbs $3.50 $3.50
Transporte Manejo Inernacional (US$/lb) $0.50 $0.50
Precio de Venta camarones (US$/lb) $3.00 $3.00
Costos y Gastos Variables $1.45 $1.55
Costos fijos de producción $50,000.00 $53,500.00
Gastos Administrativos $200,000.00 $214,000.00

6.00%
Tipo de cambio US$ 14.2136 US$ 15.0664

Concepto 0 1 2
Ingresos Totales US$ US$ 2,756,250.00 US$ 3,969,000.00
Ingresos Totales en Pesos US$ 39,176,235.00 US$ 59,798,541.60
Costos Variables $ 1,332,187.50 $ 2,052,634.50
Costos fijos de producción $ 50,000.00 $ 53,500.00
Capital de Trabajo $ 700,000.00 $ 950,000.00
Utilidad Operativa $ 37,094,047.50 $ 56,742,407.10
Gastos Administrativos $ 200,000.00 $ 214,000.00
(-) Depreciación $ 455,000.00 $ 455,000.00
Utilidad antes de IR -$ 5,130,000.00 $ 36,439,047.50 $ 56,073,407.10
IR 30% $ 10,931,714.25 $ 16,822,022.13
Utilidad Neta -$ 5,130,000.00 $ 25,507,333.25 $ 39,251,384.97

Concepto 0 1 2
Utilidad Neta $ 25,507,333.25 $ 39,251,384.97
(+) Depreciación $ 455,000.00 $ 455,000.00
Flujo de Fondos -$ 5,130,000.00 $ 25,962,333.25 $ 39,706,384.97
VAN $210,448,033.33
TIR 552.16%
Periodo de recuperación 0.80 C$ 20,832,333.25 C$ 60,538,718.22
Periodo de recuperación descontado -$ 5,130,000.00 C$ 21,389,300.75 C$ 26,950,453.82
0.76 C$ 16,259,300.75 C$ 43,209,754.57
Índice de beneficio-costo $ 25.12
TIR M 76.40%
 3 4 5 6 7
900 has 900 has 900 has 900 has 900 has
1,715 lbs/ha 1,960 lbs/ha 2,205 lbs/ha 2,205 lbs/ha 2,205 lbs/ha
US$ 3.50 US$ 3.50 US$ 3.50 US$ 3.50 US$ 3.50
US$ 0.50 US$ 0.50 US$ 0.50 US$ 0.50 US$ 0.50
US$ 3.00 US$ 3.00 US$ 3.00 US$ 3.00 US$ 3.00
$1.66 $1.78 $1.90 $2.03 $2.18
$57,245.00 $61,252.15 $65,539.80 $70,127.59 $75,036.52
$228,980.00 $245,008.60 $262,159.20 $280,510.35 $300,146.07

5.55% 4.99% 5.00% 5.00% 5.01%

US$ 15.9027 US$ 16.6966 US$ 17.5314 US$ 18.4080 US$ 19.3298
Estado de Resultados
3 4 5 6 7
US$ 4,630,500.00 US$ 5,292,000.00 US$ 5,953,500.00 US$ 5,953,500.00 US$ 5,953,500.00
US$ 73,637,452.35 US$ 88,358,407.20 US$ 104,373,189.90 US$ 109,592,028.00 US$ 115,079,964.30
$ 2,562,372.07 $ 3,133,414.99 $ 3,771,848.29 $ 4,035,877.67 $ 4,318,389.11
$ 57,245.00 $ 61,252.15 $ 65,539.80 $ 70,127.59 $ 75,036.52
$ 1,200,000.00 $ 1,450,000.00 $ 1,700,000.00 $ 1,700,000.00 $ 1,700,000.00
$ 69,817,835.28 $ 83,713,740.06 $ 98,835,801.81 $ 103,786,022.74 $ 108,986,538.68
$ 228,980.00 $ 245,008.60 $ 262,159.20 $ 280,510.35 $ 300,146.07
$ 455,000.00 $ 455,000.00 $ 455,000.00 $ 455,000.00 $ 455,000.00
$ 69,133,855.28 $ 83,013,731.46 $ 98,118,642.61 $ 103,050,512.40 $ 108,231,392.61
$ 20,740,156.58 $ 24,904,119.44 $ 29,435,592.78 $ 30,915,153.72 $ 32,469,417.78
$ 48,393,698.70 $ 58,109,612.03 $ 68,683,049.83 $ 72,135,358.68 $ 75,761,974.82

Flujo de Caja
3 4 5 6 7
$ 48,393,698.70 $ 58,109,612.03 $ 68,683,049.83 $ 72,135,358.68 $ 75,761,974.82
$ 455,000.00 $ 455,000.00 $ 455,000.00 $ 455,000.00 $ 455,000.00
$ 48,848,698.70 $ 58,564,612.03 $ 69,138,049.83 $ 72,590,358.68 $ 76,216,974.82

C$ 109,387,416.92 $ 167,952,028.94 $ 237,090,078.77 C$ 141,728,408.51 C$ 217,945,383.33

C$ 27,315,653.77 C$ 26,980,297.74 C$ 26,241,065.15 C$ 22,698,446.95 C$ 19,634,587.19
C$ 70,525,408.34 C$ 97,505,706.07 C$ 123,746,771.22 C$ 48,939,512.10 C$ 68,574,099.29
 8 9 10
900 has 900 has 900 has
2,205 lbs/ha 2,205 lbs/ha 2,205 lbs/ha
US$ 3.50 US$ 3.50 US$ 3.50
US$ 0.50 US$ 0.50 US$ 0.50
US$ 3.00 US$ 3.00 US$ 3.00
$2.33 $2.49 $2.67
$80,289.07 $85,909.31 $91,922.96
$321,156.30 $343,637.24 $367,691.84

4.99% 5.00% 5.00%

US$ 20.2948 US$ 21.3096 US$ 22.3750

8 9 10
US$ 5,953,500.00 US$ 5,953,500.00 US$ 5,953,500.00
US$ 120,825,091.80 US$ 126,866,703.60 US$ 133,209,562.50
$ 4,620,676.34 $ 4,944,123.69 $ 5,290,212.35
$ 80,289.07 $ 85,909.31 $ 91,922.96
$ 1,700,000.00 $ 1,700,000.00 $ 1,700,000.00
$ 114,424,126.38 $ 120,136,670.60 $ 126,127,427.19
$ 321,156.30 $ 343,637.24 $ 367,691.84
$ 455,000.00 $ 455,000.00 $ 455,000.00
$ 113,647,970.09 $ 119,338,033.37 $ 125,304,735.35
$ 34,094,391.03 $ 35,801,410.01 $ 37,591,420.61
$ 79,553,579.06 $ 83,536,623.36 $ 87,713,314.75

8 9 10
$ 79,553,579.06 $ 83,536,623.36 $ 87,713,314.75
$ 455,000.00 $ 455,000.00 $ 455,000.00
$ 80,008,579.06 $ 83,991,623.36 $ 88,168,314.75

C$ 297,953,962.39 $ 381,945,585.75 $ 470,113,900.49

C$ 16,980,852.60 C$ 14,686,279.08 C$ 12,701,096.28
C$ 85,554,951.90 C$ 100,241,230.98 C$ 112,942,327.26
 Costos y Gastos
Costos y Gastos Variables $1.45 x lb de produccion
Costos fijos de producción $50,000.00 anuales
Gastos Administrativos $200,000.00 anuales
Gastos Financieros 10% sobre saldos

Depraciación
Concepto Vida Útil (años) Valor Inicial Valor Residual
Edificios 20 $100,000.00 $50,000.00
Estanques y canales 10 $3,000,000.00 $1,000,000.00
Maquinaria y equipo 10 $700,000.00
Vehículos y Embarcaciones 5 $400,000.00
TOTAL

Tasa de Corte 21%

Depreaciación Anual
$5,000.00
$300,000.00
$70,000.00
$80,000.00
$455,000.00
 Concepto 0 1 2
Áreas (has) 750 has 900 has
Producción neta (lbs/ha/año) 1,225 lbs/ha 1,470 lbs/ha
Precio CIF (USD / lbs $3.50 $3.50
Transporte Manejo Inernacional (US$/lb) $0.50 $0.50
Precio de Venta camarones (US$/lb) $3.00 $3.00
Costos y Gastos Variables $1.45 $1.55
Costos fijos de producción $50,000.00 $53,500.00
Gastos Administrativos $200,000.00 $214,000.00

6.00%
Tipo de cambio US$ 14.2136 US$ 15.0664

Concepto 0 1 2
Ingresos Totales US$ US$ 2,756,250.00 US$ 3,969,000.00
Ingresos Totales en Pesos US$ 39,176,235.00 US$ 59,798,541.60
Costos Variables $ 1,332,187.50 $ 2,052,634.50
Costos fijos de producción $ 50,000.00 $ 53,500.00
Capital de Trabajo $ 700,000.00 $ 950,000.00
Utilidad Operativa $ 37,094,047.50 $ 56,742,407.10
Gastos Administrativos $ 200,000.00 $ 214,000.00
(-) Depreciación $ 455,000.00 $ 455,000.00
Utilidad antes de IR -$ 5,940,000.00 $ 36,439,047.50 $ 56,073,407.10
IR 30% $ 10,931,714.25 $ 16,822,022.13
Utilidad Neta -$ 5,940,000.00 $ 25,507,333.25 $ 39,251,384.97

Concepto 0 1 2
Utilidad Neta $ 25,507,333.25 $ 39,251,384.97
(+) Depreciación $ 455,000.00 $ 455,000.00
Flujo de Fondos -$ 5,940,000.00 $ 25,962,333.25 $ 39,706,384.97
VAN $209,638,033.33
TIR 482.34%
Periodo de recuperación 0.77 C$ 20,022,333.25 C$ 59,728,718.22
Periodo de recuperación descontado -$ 5,940,000.00 C$ 21,389,300.75 C$ 26,950,453.82
0.72 C$ 15,449,300.75 C$ 42,399,754.57
Índice de beneficio-costo $ 21.70
TIR M 73.83%
 3 4 5 6 7
900 has 900 has 900 has 900 has 900 has
1,715 lbs/ha 1,960 lbs/ha 2,205 lbs/ha 2,205 lbs/ha 2,205 lbs/ha
US$ 3.50 US$ 3.50 US$ 3.50 US$ 3.50 US$ 3.50
US$ 0.50 US$ 0.50 US$ 0.50 US$ 0.50 US$ 0.50
US$ 3.00 US$ 3.00 US$ 3.00 US$ 3.00 US$ 3.00
$1.66 $1.78 $1.90 $2.03 $2.18
$57,245.00 $61,252.15 $65,539.80 $70,127.59 $75,036.52
$228,980.00 $245,008.60 $262,159.20 $280,510.35 $300,146.07

5.55% 4.99% 5.00% 5.00% 5.01%

US$ 15.9027 US$ 16.6966 US$ 17.5314 US$ 18.4080 US$ 19.3298
Estado de Resultados
3 4 5 6 7
US$ 4,630,500.00 US$ 5,292,000.00 US$ 5,953,500.00 US$ 5,953,500.00 US$ 5,953,500.00
US$ 73,637,452.35 US$ 88,358,407.20 US$ 104,373,189.90 US$ 109,592,028.00 US$ 115,079,964.30
$ 2,562,372.07 $ 3,133,414.99 $ 3,771,848.29 $ 4,035,877.67 $ 4,318,389.11
$ 57,245.00 $ 61,252.15 $ 65,539.80 $ 70,127.59 $ 75,036.52
$ 1,200,000.00 $ 1,450,000.00 $ 1,700,000.00 $ 1,700,000.00 $ 1,700,000.00
$ 69,817,835.28 $ 83,713,740.06 $ 98,835,801.81 $ 103,786,022.74 $ 108,986,538.68
$ 228,980.00 $ 245,008.60 $ 262,159.20 $ 280,510.35 $ 300,146.07
$ 455,000.00 $ 455,000.00 $ 455,000.00 $ 455,000.00 $ 455,000.00
$ 69,133,855.28 $ 83,013,731.46 $ 98,118,642.61 $ 103,050,512.40 $ 108,231,392.61
$ 20,740,156.58 $ 24,904,119.44 $ 29,435,592.78 $ 30,915,153.72 $ 32,469,417.78
$ 48,393,698.70 $ 58,109,612.03 $ 68,683,049.83 $ 72,135,358.68 $ 75,761,974.82

Flujo de Caja
3 4 5 6 7
$ 48,393,698.70 $ 58,109,612.03 $ 68,683,049.83 $ 72,135,358.68 $ 75,761,974.82
$ 455,000.00 $ 455,000.00 $ 455,000.00 $ 455,000.00 $ 455,000.00
$ 48,848,698.70 $ 58,564,612.03 $ 69,138,049.83 $ 72,590,358.68 $ 76,216,974.82

C$ 108,577,416.92 $ 167,142,028.94 $ 236,280,078.77 C$ 141,728,408.51 C$ 217,945,383.33

C$ 27,315,653.77 C$ 26,980,297.74 C$ 26,241,065.15 C$ 22,698,446.95 C$ 19,634,587.19
C$ 69,715,408.34 C$ 96,695,706.07 C$ 122,936,771.22 C$ 48,939,512.10 C$ 68,574,099.29
 8 9 10
900 has 900 has 900 has
2,205 lbs/ha 2,205 lbs/ha 2,205 lbs/ha
US$ 3.50 US$ 3.50 US$ 3.50
US$ 0.50 US$ 0.50 US$ 0.50
US$ 3.00 US$ 3.00 US$ 3.00
$2.33 $2.49 $2.67
$80,289.07 $85,909.31 $91,922.96
$321,156.30 $343,637.24 $367,691.84

4.99% 5.00% 5.00%

US$ 20.2948 US$ 21.3096 US$ 22.3750

8 9 10
US$ 5,953,500.00 US$ 5,953,500.00 US$ 5,953,500.00
US$ 120,825,091.80 US$ 126,866,703.60 US$ 133,209,562.50
$ 4,620,676.34 $ 4,944,123.69 $ 5,290,212.35
$ 80,289.07 $ 85,909.31 $ 91,922.96
$ 1,700,000.00 $ 1,700,000.00 $ 1,700,000.00
$ 114,424,126.38 $ 120,136,670.60 $ 126,127,427.19
$ 321,156.30 $ 343,637.24 $ 367,691.84
$ 455,000.00 $ 455,000.00 $ 455,000.00
$ 113,647,970.09 $ 119,338,033.37 $ 125,304,735.35
$ 34,094,391.03 $ 35,801,410.01 $ 37,591,420.61
$ 79,553,579.06 $ 83,536,623.36 $ 87,713,314.75

8 9 10
$ 79,553,579.06 $ 83,536,623.36 $ 87,713,314.75
$ 455,000.00 $ 455,000.00 $ 455,000.00
$ 80,008,579.06 $ 83,991,623.36 $ 88,168,314.75

C$ 297,953,962.39 $ 381,945,585.75 $ 470,113,900.49

C$ 16,980,852.60 C$ 14,686,279.08 C$ 12,701,096.28
C$ 85,554,951.90 C$ 100,241,230.98 C$ 112,942,327.26
 Costos y Gastos
Costos y Gastos Variables $1.45 x lb de produccion
Costos fijos de producción $50,000.00 anuales
Gastos Administrativos $200,000.00 anuales
Gastos Financieros 10% sobre saldos

Depraciación
Concepto Vida Útil (años) Valor Inicial Valor Residual
Edificios 20 $100,000.00 $50,000.00
Estanques y canales 10 $3,000,000.00 $1,000,000.00
Maquinaria y equipo 10 $700,000.00
Vehículos y Embarcaciones 5 $400,000.00
TOTAL

Tasa de Corte 21%

Depreaciación Anual
$5,000.00
$300,000.00
$70,000.00
$80,000.00
$455,000.00