Taller sobre Evaluacin de Proyectos

EVALUACIN FINANCIERA DE PROYECTOS DE INVERSIN

I.- VARIABLES DE ENTRADA (DATOS)
Horizonte

Ingresos:
Vol. De Ventas

Ao

35,000.00

Ton

1.40

Ton

Precio
Inversiones:

Costos:

Aos

49,000.00

71,895.00
Terrenos

15,000.00

Obras fsicas

25,000.00

maquinaria y equipo

25,000.00

Inversin Fija

65,000.00

Capital de trabajo

6,895.00

De produccin:

Por tonelada

Totales

Variables:

0.55

19,250.00

Mano de Obra

0.20

7,000.00

Materiales e insumos

0.25

8,750.00

Indirectos

0.10

3,500.00

Fijos:

100.00
Totales

De Ventas

19,350.00

% sobre Ingresos
Variables:

2.50%

1,225.00

Fijos:

60.00
Totales

De Admon:

1,285.00

Totales

50.00

COSTO TOTALES

20,685.00
10%

Depreciaciones
(Lnea Recta)

Precio de compra
Maq. y Eq.

25,000.00

Terrenos

15,000.00

Obras fsicas

25,000.00

Capital de trabajo

Valor de Sal.

Vida til

2,500.00

0
33

Maq. y Eq.

10,937.50

Terrenos
Obras fsicas
TOTAL INVERSIONES FIJAS
Capital de trabajo
TOTAL

15,000.00
21,250.00
47,187.50
6,895.00
54,082.50

10,937.50

15,000.00

750.00

3,750.00

21,250.00

3,562.50

17,812.50

6,895.00

Financiamiento de Proyecto:
PARTICIPACION TASA NOMINAL-REAL CAPITALIZACIN
65%
12.00%
6

Valores Residuales

14,062.50

20%

Inversionista "A"

Depr. Acum.

2,812.50

6,895.00

Valores Residuales

Tasa de Impuestos

Depr. Anual

TASA EFECTIVA
12.36%

Inversionista "B"
35%
TOTAL
100%
Tasas de Retorno Mnimas Aceptables (TREMA)
Para Inversionista "A"
12.36%
Para Inverionista "B"
10.34%
Para el proyecto
11.65%
Tablas de Amortizacin
Inversionista "A" (Lo que "B" le paga a "A")
Monto de inversin:
46,731.75
Ao
Saldo inicial
1
46,731.75
2
37,385.40
3
28,039.05
4
18,692.70
5
9,346.35

Pagos iguales

R = (C*i) / [1 - (1 + i)^-n]
R= PAGO TOTAL ANUAL
C= MONTO DE LA INVERSIN
i= TASA DE INTERS ANUAL
n= PLAZO

10.00%

10.34%

{((1+TNR/(12/CAP))^(12/CAP))}-1

Intereses

Capital

5,776.04
4,620.84
3,465.63
2,310.42
1,155.21

9,346.35
9,346.35
9,346.35
9,346.35
9,346.35

Pago Total
15,122.39
13,967.19
12,811.98
11,656.77
10,501.56

Saldo Final
46,731.75
37,385.40
28,039.05
18,692.70
9,346.35
-

Inversionista "B" (Lo que "A" le paga a "B")

Monto de inversin:
Pago total Anual

25,163.25
6,695

Ao

Saldo inicial

Intereses

Capital

Pago Total

1
2
3
4
5

2601.88005
0.38858639
6695.8

25,163.25
21,069.13
16,551.80
11,567.52
6,068.00

2,601.13
2,177.92
1,710.97
1,195.74
627.25

6695.76

4,094.12
4,517.33
4,984.29
5,499.51
6,068.00

6,695.25
6,695.25
6,695.25
6,695.25
6,695.25

Saldo Final
25,163.25
21,069.13
16,551.80
11,567.52
6,068.00
-

FLUJO DEL PROYECTO

CONCEPTO

CICLOS PRODUCTIVOS
2
3

(=) INVERSIN
(-) Fija
(-) Capital de trabajo
(=) VALOR DE RESCATE
(+) Inversin fija
(+) Capital de trabajo
(=) INGRESOS
(+) Ventas
(+) Otros
(=) EGRESOS (COSTOS)
(-) De produccin
(-) De ventas
(-) De administracin
(-) Otros
(-) DEPRECIACIN
(=) FLUJO ANTES DE IMPUESTOS
(-) IMPUESTOS
(=) FLUJO DESPUS DE IMPUESTOS
(+) DEPRECIACIN
(=) FLUJO NETO DEL "PROYECTO"
INVERSIONISTA "A"
(=) DEUDA CON "B"
(-) INTERESES (DESPUES DE ISR)
(-) AMORTIZACIN

-71,895
-65,000
-6,895
0

FLUJO NETO DEL INVERSIONISTA "A"

INVERSIONISTA "B"

-46,732

(=) DEUDA CON "A"

(-) INTERESES (DESPUES DE ISR)
(-) AMORTIZACIN
FLUJO NETO DEL INVERSIONISTA "B"

46,732

-71,895
-71,895
-71,895

49,000
49,000

49,000
49,000

49,000
49,000

49,000
49,000

54,083
47,188
6,895
49,000
49,000

-20,685
-19,350
-1,285
-50

-20,685
-19,350
-1,285
-50

-20,685
-19,350
-1,285
-50

-20,685
-19,350
-1,285
-50

-20,685
-19,350
-1,285
-50

-3,563
24,753
-4,951
19,802
3,563
23,365

-3,563
24,753
-4,951
19,802
3,563
23,365

-3,563
24,753
-4,951
19,802
3,563
23,365

-3,563
24,753
-4,951
19,802
3,563
23,365

-3,563
78,835
-15,767
63,068
3,563
66,631

-2,601
-4,094

-2,178
-4,517

-1,711
-4,984

-1,196
-5,500

-627
-6,068

16,669

16,669

16,669

16,669

59,935

-5,776
-9,346
8,242

-4,621
-9,346
9,397

-3,466
-9,346
10,553

-2,310
-9,346
11,708

-1,155
-9,346
56,129

25,163

-25,163

Rk = (C/n)*(1+i)k
16737.88937

VAN

VAN

VAN

VAN

AN

VAN

VAN

VAN

VAN

AN

TIR e

3. MEDIDAS DE VALOR DEL PROYECTO (SALIDA)

Valor Actual Neto

TREMA

11.65%
0

-71,895.00
-

23,364.50

23,364.50

3
23,364.50

4
23,364.50

5
66,630.50

1.0000

0.8956

0.8022

0.7185

0.6435

0.5763

71,895.00

20,926.19

18,742.34

16,786.39

15,034.57

38,400.89

37,995.38

SE ACEPTA

37,995.38

SE ACEPTA

RSI

1.53

SE ACEPTA

1.53
TREMA

12.36%
0

-46,731.75
-

16,669.25

16,669.25

3
16,669.25

4
16,669.25

5
59,935.25

1.0000

0.8900

0.7921

0.7050

0.6274

0.5584

46,731.75

14,835.57

13,203.61

11,751.16

10,458.49

33,467.53

36,984.61

SE ACEPTA

36,984.61

SE ACEPTA

RSI

1.79

SE ACEPTA

1.79
TREMA

10.34%
0

-25,163.25
-

8,242.11

9,397.31

3
10,552.52

4
11,707.73

5
56,128.94

1.0000

0.9063

0.8214

0.7445

0.6747

0.6115

25,163.25

7,469.94

7,719.00

7,855.84

7,899.28

34,322.61

RSI

2.59

40,103.41

SE ACEPTA

40,103.41

SE ACEPTA

SE ACEPTA

2.59

TASA DE RENTABILIDAD FINANCIERA

PROYECTO

27.91%

SE ACEPTA

"A"

34.92%

SE ACEPTA

"B"

44.74%

SE ACEPTA

RELACION BENEFICIO/COSTO
TREMA
0
0.00
-71,895.00
1.0000
71,895.00
1.21

11.65%
1
52,562.50
29,198.00
0.8956
47,077.09
26,150.91
SE ACEPTA

2
52,562.50
29,198.00
0.8022
42,164.14
23,421.81

3
52,562.50
29,198.00
0.7185
37,763.91
20,977.51

4
52,562.50
29,198.00
0.6435
33,822.88
18,788.31

5
106,645.00
40,014.50
0.5763
61,462.28
23,061.40

TREMA
0
46,731.75
1.0000
46,731.75
1.20

TREMA
0
25,163.25
1.0000
25,163.25
1.21

12.36%
1
52,562.50
35,893.25
0.8900
46,780.44
31,944.87
SE ACEPTA

2
52,562.50
35,893.25
0.7921
41,634.42
28,430.82

3
52,562.50
35,893.25
0.7050
37,054.49
25,303.33

4
52,562.50
35,893.25
0.6274
32,978.36
22,519.87

5
106,645.00
46,709.75
0.5584
59,550.01
26,082.48

10.34%
1
52,562.50
44,320.39
0.9063
47,638.13
40,168.19
SE ACEPTA

2
52,562.50
43,165.19
0.8214
43,175.10
35,456.10

3
52,562.50
42,009.98
0.7445
39,130.20
31,274.36

4
52,562.50
40,854.77
0.6747
35,464.25
27,564.97

5
106,645.00
50,516.06
0.6115
65,212.96
30,890.35

4
15,034.57
405.51

5
38,400.89
37,995.38
5
33,467.53
36,984.61
5
34,322.61
40,103.41
5

PERODO DE RECUPERACIN
-

0
71,895.00
71,895.00

1
20,926.19
50,968.81

2
18,742.34
32,226.47

3
16,786.39
15,440.08

46,731.75
46,731.75

14,835.57
31,896.18

13,203.61
18,692.57

11,751.16
6,941.41

25,163.25
25,163.25

7,469.94
17,693.31

7,719.00
9,974.31

7,855.84
2,118.48

10,458.49
3,517.08
4
7,899.28
5,780.80
4

SE ACEPTA

SE ACEPTA

SE ACEPTA

RESUMEN
Proyecto
"A"
"B"

VAN
37,995.38
36,984.61
40,103.41

TRF
27.91%
34.92%
44.74%

R B/C
1.21
1.20
1.21

RSI
1.53
1.79
2.59

PR
4.01
3.66
3.27

VAN en funcin de Aumentar Costos

37,995.38

0%
20,685.00
37,995.38

5%
21,719.25
34,801.09

10%
22,753.50
31,606.80

15%
23,787.75
28,412.52

20%
24,822.00
25,218.23

0%
49,000.00
37,995.38

5%
46,550.00
36,239.92

10%
44,100.00
34,484.47

15%
41,650.00
32,729.01

20%
39,200.00
30,973.56

VAN en funcin de Disminuir Ventas

37,995.38

VAN en funcin de Disminuir Precio

0%
1.40
37,995.38

5%
1.33
31,057.84

10%
1.26
24,120.31

15%
1.19
17,182.77

20%
1.12
10,245.24

VAN en funcin de Disminuir Precio y Aumentar Costos

0%
37,995.38
1.40
0%
20,685.00
37,995.38
5%
21,719.25
34,801.09
10%
22,753.50
31,606.80
15%
23,787.75
28,412.52
20%
24,822.00
25,218.23

5%
1.33
30,868.67
27,674.39
24,480.10
21,285.81
18,091.52

10%
1.26
23,741.97
20,547.68
17,353.39
14,159.11
10,964.82

15%
1.19
16,615.26
13,420.97
10,226.69
7,032.40
3,838.11

20%
1.12
9,488.56
6,294.27
3,099.98
-94.31
-3,288.59

5%
21,719.25
34,801.09

10%
22,753.50
31,606.80

15%
23,787.75
28,412.52

20%
24,822.00
25,218.23

37,995.38

VAN FUNCIN aumentar costos

37,995.38

0%
20,685.00
37,995.38

ANLISIS DE SENCIBILIDAD PARA UNA VARIABLE

VAN en funcin de costos

37,995.4

0%
20,685
37,995

5%
21,719
34,801

10%
22,754
31,607

15%
23,788
28,413

20%
24,822
25,218

0%
49,000

5%
46,550

10%
44,100

15%
41,650

20%
39,200

VAN en funcin de Ventas

disminuir

37,995

37,995

36,240

34,484

32,729

30,974

0%
1.40
37,995.4

5%
1.33
31,057.8

10%
1.26
24,120.3

15%
1.19
17,182.8

20%
1.12
10,245.2

0%
1.40

5%
1.33

10%
1.26

15%
1.19

20%
1.12

0%
1.40
37,995.38
34801.09
31606.80
28412.52
25218.23

5%
1.33
30,868.67
27674.39
24480.10
21285.81
18091.52

10%
1.26
23,741.97
20547.68
17353.39
14159.11
10964.82

15%
1.19
16,615.26
13420.97
10226.69
7032.40
3838.11

20%
1.12
9,488.56
6294.27
3099.98
-94.31
-3288.59

0%
35,000.00
37,995.38
31,057.84
24,120.31
17,182.77
10,245.24

-5%
33250
34,030.53
27,439.87
20,849.21
14,258.56
7,667.90

-10%
31,500.00
30,065.68
23,821.90
17,578.12
11,334.34
5,090.56

-15%
29750
26,100.83
20,203.93
14,307.03
8,410.12
2,513.22

-20%
28000
22,135.99
16,585.96
11,035.93
5,485.90
-64.12

VAN en funcin de Ventas

disminuir
37,995

VAN en funcin de Ventas

disminuir
ANLISIS DE SENCIBILIDAD CON DOS VARIABLES

0%
5%
10%
15%
20%

disminuir
37,995
20,685.00
21719.25
22753.50
23787.75
24822.00

VAN en funcin de vol. De ventas y Precio

0%
5%
10%
15%
20%

37,995.38
1.40
1.33
1.26
1.19
1.12

TIR en funcin de vol. De ventas y costos