inflacion 2.

00%

0 1 2 3 4 5
cantidad 14,000.00 30,000.00 32,000.00 33,000.00 33,500.00
pv 5.00000 5.10000 5.20200 5.30604 5.41216
pv-redond MENOS 5.00 5.10 5.20 5.30 5.41
ingresos 70,000.00 153,000.00 166,400.00 174,900.00 181,235.00

ingresos 70,000.00 153,000.00 166,400.00 174,900.00 181,235.00

c fab 35,000.00 76,500.00 83,200.00 87,450.00 90,617.50
g administ
7,000.00 15,300.00 16,640.00 17,490.00 18,123.50
g ventas
deprec 17,000.00 17,000.00 17,000.00 17,000.00 17,000.00
amortizac 5,000.00
u operativa 6,000.00 44,200.00 49,560.00 52,960.00 55,494.00
ir 1,770.00 13,039.00 14,620.20 15,623.20 16,370.730
u neta 4,230.00 31,161.00 34,939.80 37,336.80 39,123.27
deprec 17,000.00 17,000.00 17,000.00 17,000.00 17,000.00
amortizac 5,000.00 0.00 0.00 0.00 0.00
F C Operativo 26,230.00 48,161.00 51,939.80 54,336.80 56,123.27

inv A T -105,000.00
inv A I -5,000.00
inv CTN -9,780.82 -21,378.08 -23,250.41 -24,438.08 -25,323.25
variac CTN -9,780.82 -11,597.26 -1,872.33 -1,187.67 -885.17
recup CTN 25,323.25
valor residual 41,000.00
F C Inversiones -119,780.82 -11,597.26 -1,872.33 -1,187.67 -885.17 66,323.25

costo oportunid -15,000.00 -15,000.00 -15,000.00 -15,000.00 -15,000.00 -15,000.00

F C Proyecto -134,780.82 -367.26 31,288.67 35,752.13 38,451.63 107,446.52

prestamo 101,492.43
amortizacion -16,624.21 -18,286.63 -20,115.29 -22,126.82 -24,339.50
intereses -10,149.24 -8,486.82 -6,658.16 -4,646.63 -2,433.95
escudo fiscal 1,770.00 2,503.61 1,964.16 1,370.76 718.02
servicio deuda 101,492.43 -25,003.45 -24,269.84 -24,809.29 -25,402.69 -26,055.43

F C Financiero -33,288.39 -25,370.71 7,018.84 10,942.84 13,048.94 81,391.08

cok 16.00%
wacc 11.50%
Flujo de Caja del Inversionista S/. -33,288.38 S/. -25,370.71 S/. 7,018.83 S/. 10,942.84 S/. 13,048.94 S/. 81,391.09
VAN E -16,546.79
COK 16.00%
TIR E 12.15% VANE S/. -16,546.79
TIRE 12.15%
VAN F 13,168.34
WACC 11.50%
VANF S/. 13,168.34
TIRF 17.57%
 Flujo de Caja del Inversionista S/. -33,288.38 S/. -25,370.71 S/. 7,018.83 S/. 10,942.84 S/. 13,048.94 S/. 81,391.09

COK 16.00%
VANE S/. -16,546.79
TIRE 12.15%

WACC 11.50%
TIR F 17.57% VANF S/. 13,168.34
TIRF 17.57%
*preciar la consideración de la inflación vc terreno
vc constr
vc maquin
vc vehiculo
vl terreno
vl constr
vl maquin
v adquisic v libros vl vehiculo
maquinaria 40000 10% 20000 EBT
vehiculo 65000 20% 0 ir
u neta
cxc 60 dias 365 dias v libros
inventario 30 dias v residual
cxp 45 dias

0 1 2 3 4
ingresos 70,000.00 153,000.00 166,400.00 174,900.00
costos oper 42,000.00 91,800.00 99,840.00 104,940.00
inv CTN 9,780.82 21,378.08 23,250.41 24,438.08 25,323.25
variacion CTN 9,780.82 11,597.26 1,872.33 1,187.67 885.16
recup CTN

inversion CTN 25,323.25

inversion 135,323.25
financ externo 75%
prestamo 101,492.43
TEA 10%
p 5
cuota 26,773.45

s inicial intereses amortizacion cuota s final

101,492.43 10,149.24 16,624.21 26,773.45 84,868.23
84,868.23 8,486.82 18,286.63 26,773.45 66,581.60
66,581.60 6,658.16 20,115.29 26,773.45 46,466.32
46,466.32 4,646.63 22,126.82 26,773.45 24,339.50
24,339.50 2,433.95 24,339.50 26,773.45 0.00
 0.00
0.00
16,000.00
25,000.00
300,000.00
0.00
20,000.00
0.00
-279,000.00
0.00
-279,000.00
320,000.00
41,000.00

5
181,235.00 0 1 2 3
108,741.00 cxc 11,506.85 25,150.68 27,353.42 28,750.68
inventario 3,452.05 7,545.21 8,206.03 8,625.21
cxp 5,178.08 11,317.81 12,309.04 12,937.81
25,323.25 inv CT 9,780.82 21,378.08 23,250.41 24,438.08
variac CT 9,780.82 11,597.26 1,872.33 1,187.67
recup CTN
 4 5
29,792.05
8,937.62
13,406.42
25,323.25
885.16
25,323.25
 0 1 2 3 4
ingresos 11,500,000.00 12,966,800.00 14,549,040.00 16,291,440.00
c fabricacion 10,600,000.00 11,600,000.00 12,700,000.00 13,910,000.00
g administr 240,000.00 240,000.00 240,000.00 240,000.00
g ventas FyV 522,500.00 544,502.00 568,235.60 594,371.60
depreciacion 182,500.00 182,500.00 182,500.00 182,500.00
amortizac 120,000.00 120,000.00 0.00 0.00
u operativa -165,000.00 279,798.00 858,304.40 1,364,568.40
impuestos 0.00 78,343.44 240,325.23 382,079.15
u neta -165,000.00 201,454.56 617,979.17 982,489.25
depreciacion 182,500.00 182,500.00 182,500.00 182,500.00
amortizac 120,000.00 120,000.00 0.00 0.00
F C Operativo 137,500.00 503,954.56 800,479.17 1,164,989.25

inv AT -830,000.00
inv AI -240,000.00
inv CT -3,787,500.00 -4,128,167.33 -4,502,745.20 -4,914,790.53 -5,367,949.89
variac CT -3,787,500.00 -340,667.33 -374,577.87 -412,045.33 -453,159.36
recup CT
valor resid
F C Inversion -4,857,500.00 -340,667.33 -374,577.87 -412,045.33 -453,159.36

c oportunida 0 0 0 0 0

F C Economic -4,857,500.00 -203,167.33 129,376.69 388,433.83 711,829.89

prestamo 3,218,974.95
amortizacion -663,733.96 -750,019.37 -847,521.89 -957,699.73
intereses -418,466.74 -332,181.33 -234,678.81 -124,500.97
escudo fiscal 0.00 78,343.44 65,710.07 34,860.27
servicio deud 3,218,974.95 -1,082,200.70 -1,003,857.26 -1,016,490.63 -1,047,340.43

F C Financier -1,638,525.05 -1,285,368.03 -874,480.57 -628,056.80 -335,510.54

cok1 20.00% wacc1 16.50%

cok2 19.00% wacc2 18.00%

tasa descuen 20.00% Tasa de Descuento 20.00%

VAN E -1,246,451.77 V.A.N.E. -1,246,451.77
TIR E 12.94% T.I.R.E. 12.94%

wacc 18.00% Tasa de Descuento 18.00%

VAN F -514,989.76 V.A.N.F. -514,989.75
TIR F 13.81% T.I.R.F. 13.81%
"La pobraza y la riquesa son hijas del pensamiento"
 0 1
5 cantidad 100,000.00
18,189,978.40 pv 115.0000
15,241,000.00 pv redond MAS 115.00
240,000.00 ingresos 11,500,000.00
622,849.68
100,000.00 mp 50
0.00 mod 40
1,986,128.72 cif 10
556,116.04 100
1,430,012.68
100,000.00 c fabricacion-V 10,000,000.00
0.00 c fabricacion-F 600,000.00
1,530,012.68 c fabricacion 10,600,000.00

-150,000.00 g adm 240,000.00

g ventas-F 350,000.00
0.00 g ventas-V 172,500.00
0.00 g operativos 762,500.00
5,367,949.89
1,021,665.23 c operativos 11,362,500.00
6,239,615.12
construccion 500,000.00 20%
0 maquinaria 330,000.00 25%
inv AT 830,000.00
7,769,627.80
dep construc 100,000.00
dep maquin 82,500.00
dep total 182,500.00

p.m. 100,000.00 50%

0.00 constituc 5,000.00
p.i. 100,000.00
7,769,627.80 estudio fact 15,000.00
myp 20,000.00
inv AI 240,000.00

0 1
inv CT 3,787,500.00 4,128,167.33
variac CT 3,787,500.00 340,667.33
recup CT

vc terreno 593,979.48 hoy

vc construcc 450,000.00
vc maquin 200,000.00
vl terreno 300,000.00
vl construcc 150,000.00
vl maquin 0.00
ebt 793,979.48
imp 222,314.25
u neta 571,665.23
v libros 450,000.00
v residual 1,021,665.23

Io 6,437,949.89
financ ext 50%
prestamo 3,218,974.95
periodo 4 años
TEA 13%
cuota 1,082,200.70

periodo s inicial intereses

1 3,218,974.95 418,466.74
2 2,555,240.99 332,181.33
3 1,805,221.62 234,678.81
4 957,699.73 124,500.97
 2 3 4 5
110,000.00 121,000.00 133,100.00 146,410.00
117.8750 120.2325 122.3967 124.2326
117.88 120.24 122.40 124.24
12,966,800.00 14,549,040.00 16,291,440.00 18,189,978.40

11,000,000.00 12,100,000.00 13,310,000.00 14,641,000.00

600,000.00 600,000.00 600,000.00 600,000.00
11,600,000.00 12,700,000.00 13,910,000.00 15,241,000.00

240,000.00 240,000.00 240,000.00 240,000.00

350,000.00 350,000.00 350,000.00 350,000.00
194,502.00 218,235.60 244,371.60 272,849.68
784,502.00 808,235.60 834,371.60 862,849.68

12,384,502.00 13,508,235.60 14,744,371.60 16,103,849.68

5
4

100,000.00 100,000.00 100,000.00 100,000.00

82,500.00 82,500.00 82,500.00 0.00
182,500.00 182,500.00 182,500.00 100,000.00

2 3 4 5
4,502,745.20 4,914,790.53 5,367,949.89 0.00
374,577.87 412,045.33 453,159.36 0.00
5,367,949.89

Valor Residual
terreno hoy 488,668.39 Infraestructura Física 1,043,979.4
terreno 5 años 593,979.48 Maquinaria Valor Mercado 200,000.0
14 años Valor en Libros del Terreno -300,000.0
Valor en Libros Construcción -150,000.0
Valor en Libros Maquinaria 0.0

Utilidad por Venta Activos Tangibles 793,979.4

Impuesto -222,314.2
 Infraestructura Física 1,043,979.4
Maquinaria Valor Mercado 200,000.0
Valor en Libros del Terreno -300,000.0
Valor en Libros Construcción -150,000.0
Valor en Libros Maquinaria 0.0

Utilidad por Venta Activos Tangibles 793,979.4

Impuesto -222,314.2
Utilidad Neta 571,665.2
Valores en Libros 450,000.0
Valor de Desecho o Residual 1,021,665.2

amortizacion cuota s final

663,733.96 1,082,200.70 2,555,240.99
750,019.37 1,082,200.70 1,805,221.62
847,521.89 1,082,200.70 957,699.73
957,699.73 1,082,200.70 0.00
 1,043,979.48
200,000.00
-300,000.00
-150,000.00
0.00

angibles 793,979.48
-222,314.25
 1,043,979.48
200,000.00
-300,000.00
-150,000.00
0.00

angibles 793,979.48
-222,314.25
dad Neta 571,665.23
450,000.00
Residual 1,021,665.23
 0 1 2 3 4
ingresos 17,000,000.00 17,000,000.00 19,040,000.00 19,040,000.00
c fabricacion 10,200,000.00 10,200,000.00 11,424,000.00 11,424,000.00
g administr 1,500,000.00 1,500,000.00 1,500,000.00 1,500,000.00
g ventas FyV 1,455,000.00 1,455,000.00 1,485,600.00 1,485,600.00
depreciacion 230,000.00 230,000.00 230,000.00 230,000.00
amortizac 50,000.00 50,000.00 50,000.00 50,000.00
u operativa 3,565,000.00 3,565,000.00 4,350,400.00 4,350,400.00
impuestos 1,051,675.00 1,051,675.00 1,283,368.00 1,283,368.00
u neta 2,513,325.00 2,513,325.00 3,067,032.00 3,067,032.00
depreciacion 230,000.00 230,000.00 230,000.00 230,000.00
amortizac 50,000.00 50,000.00 50,000.00 50,000.00
F C Operativo 2,793,325.00 2,793,325.00 3,347,032.00 3,347,032.00

inv AT -3,500,000.00
inv AI -200,000.00
inv CT -3,288,750.00 -3,288,750.00 -3,602,400.00 -3,602,400.00 -3,602,400.00
variac CT -3,288,750.00 0.00 -313,650.00 0.00 0.00
recup CT
valor resid
F C Inversion -6,988,750.00 0.00 -313,650.00 0.00 0.00

F C Economic -6,988,750.00 2,793,325.00 2,479,675.00 3,347,032.00 3,347,032.00

prestamo 2,446,062.50
amortizacion -527,055.05 -579,760.56 -637,736.61 -701,510.28
intereses -244,606.25 -191,900.74 -133,924.69 -70,151.03
escudo fiscal 72,158.84 56,610.72 39,507.78 20,694.55
servicio deud 2,446,062.50 -699,502.46 -715,050.58 -732,153.52 -750,966.75

F C Financier -4,542,687.50 2,093,822.54 1,764,624.42 2,614,878.48 2,596,065.25

cok1 16.80% wacc1 14.42%

cok2 15.00% wacc2 17.40%

tasa descuen 16.80% COK 16.80%

VAN E 5,338,411.25 V.A.N.E. 5,338,411.26
TIR E 40.47% T.I.R.E. 40.47%

wacc 17.40% WACC 17.40%

VAN F 5,616,052.13 V.A.N.F. 5,616,052.13
TIR F 51.52% T.I.R.F. 51.52%
 0 1
5 cantidad 85,000.00
19,040,000.00 pv 115.0000
11,424,000.00 pv redond 200.00
1,500,000.00 ingresos 17,000,000.00
1,485,600.00
230,000.00 mp 45
0.00 mod 40
4,400,400.00 cif 35
1,298,118.00 120
3,102,282.00
230,000.00 c fabricacion-V 10,200,000.00
0.00 c fabricacion-F 0.00
3,332,282.00 c fabricacion 10,200,000.00

g adm 1,500,000.00
g ventas-F 1,200,000.00
0.00 g ventas-V 255,000.00
0.00 g operativos 2,955,000.00
3,242,160.00
2,596,750.00 c operativos 13,155,000.00
5,838,910.00
terreno 1,900,000.00
9,171,192.00 construccion 700,000.00 20%
maquinaria 900,000.00 10%
inv AT 3,500,000.00

dep construc 140,000.00

dep maquin 90,000.00
0.00 dep total 230,000.00

9,171,192.00 c.p. 25,000.00 25%

p.m. 150,000.00
constitucion 10,000.00
estudio fact 20,000.00
myp 15,000.00
inv AI 200,000.00

0 1
inv CT 3,288,750.00 3,288,750.00
variac CT 3,288,750.00 0.00
recup CT

vc terreno hoy
2,500,000.00
vc construcc
vc maquin 200,000.00
vl terreno 1,900,000.00 Valor Residual
vl construcc 0.00 Infraestructura Física
vl maquin 450,000.00 Maquinaria Valor Mercado
ebt 350,000.00 Valor en Libros del Terreno
imp 103,250.00 Valor en Libros Construcción
u neta 246,750.00 Valor en Libros Maquinaria
v libros 2,350,000.00
v residual 2,596,750.00 Utilidad por Venta Activos Tan
Impuesto
Io 6,988,750.00 Utilid
financ ext 35% Valores en Libros
prestamo 2,446,062.50 Valor de Desecho o R
periodo 4 años
TEA 10%
cuota 771,661.30

periodo s inicial intereses

1 2,446,062.50 244,606.25
2 1,919,007.45 191,900.74
3 1,339,246.89 133,924.69
4 701,510.28 70,151.03
 2 3 4 5
85,000.00 95,200.00 95,200.00 95,200.00
117.8750 120.2325 122.3967 124.2326
200.00 200.00 200.00 200.00
17,000,000.00 19,040,000.00 19,040,000.00 19,040,000.00

10,200,000.00 11,424,000.00 11,424,000.00 11,424,000.00

0.00 0.00 0.00 0.00
10,200,000.00 11,424,000.00 11,424,000.00 11,424,000.00

1,500,000.00 1,500,000.00 1,500,000.00 1,500,000.00

1,200,000.00 1,200,000.00 1,200,000.00 1,200,000.00
255,000.00 285,600.00 285,600.00 285,600.00
2,955,000.00 2,985,600.00 2,985,600.00 2,985,600.00

13,155,000.00 14,409,600.00 14,409,600.00 14,409,600.00

5
10

140,000.00 140,000.00 140,000.00 140,000.00

90,000.00 90,000.00 90,000.00 90,000.00
230,000.00 230,000.00 230,000.00 230,000.00

2 3 4 5
3,602,400.00 3,602,400.00 3,602,400.00 0.00
313,650.00 0.00 0.00 0.00
3,242,160.00
Valor Residual
Infraestructura Física 2,500,000.00
Maquinaria Valor Mercado 200,000.00
Valor en Libros del Terreno -1,900,000.00
Valor en Libros Construcción 0.00
Valor en Libros Maquinaria -450,000.00

Utilidad por Venta Activos Tangibles 350,000.00

Impuesto -103,250.00
Utilidad Neta 246,750.00
Valores en Libros 2,350,000.00
Valor de Desecho o Residual 2,596,750.00

amortizacion cuota s final

527,055.05 771,661.30 1,919,007.45
579,760.56 771,661.30 1,339,246.89
637,736.61 771,661.30 701,510.28
701,510.28 771,661.30 0.00