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INVERSION
Terreno
Construccion
Capital de Trabajo (Kw)
Maquinarias y Equipos
M y E (Leasing)
M y E (compra)
Total
Precio Vta
2,000,000.00
5,000,000.00
2,000,000.00
4,000,000.00
2,000,000.00
IGV
762,711.86
305,084.75
1,067,796.61
IGV = 18%
2,000,000.00
11,000,000.00
3
5
1,129,943.50
338,983.05
ao1
ao2
ao3
ao4
ao5
1,597,329.22
1,597,329.22
1,597,329.22
467,385.72
467,385.72
depreciacin promedio=
Montos
4,000,000.00
5,000,000.00
5,000,000.00
Kd
14.01%
Estructura de Patrimonio
utilidades retenidas
Total Patrimonio
6,000,000.00
12.70%
Estructura Deuda-Patrimonio
Deuda
Patrimonio
Total Deuda y Patrimonio
Montos
5,000,000.00
6,000,000.00
11,000,000.00
341216193.xlsx
Estruc. Inver.
D = Deuda total
P = Total Aporte Propio
Pj = Aporte Propio j
Dn = Deuda n
Kpj = Costo del aporte propio
Kdn = Costo de la deuda n
T = Impuesto a la renta
1,145,351.82
5 aos
Deprec.
acum
0.00
642,013.35
0.00
3,389,830.51
1,694,915.25
5,726,759.12
WACC=
11.38%
Pj Kp j
DN Kd N
WACC
x (1 T )
DP
DP
PRESTAMO BANCO DE CREDITO DEL PERU
Monto
TEA(ao1)
# de capitalizaciones al ao (m)
# de aos (n)
nmero de cuotas
Interes por periodo de capitalizacin
Comisiones
Cuota
Per
0
1
2
3
4
5
6
Saldo
5,000,000.00
4,296,971.56
3,546,342.60
2,744,890.18
1,889,173.16
975,517.40
Amortiz.
703,028.44
750,628.96
801,452.42
855,717.02
913,655.76
975,517.40
5,000,000.00
14.00%
2.00
3.00
6.00
6.77%
95.00
1,041,567.56
Interes
338,539.13
290,938.60
240,115.14
185,850.54
127,911.81
66,050.16
Cuota
5,000,000.00
1,041,567.56
1,041,567.56
1,041,567.56
1,041,567.56
1,041,567.56
1,041,567.56
TIR capitalizacion
TIR anual
Comisiones
95.00
95.00
95.00
95.00
95.00
95.00
Cuota Total
-5,000,000.00
1,041,662.56
1,041,662.56
1,041,662.56
1,041,662.56
1,041,662.56
1,041,662.56
6.77%
14.01%
Leasing:
El arrendamiento o leasing es un contrato mediante el cual el dueo de un activo (el
otra persona ( el arrendatario) el derecho de usar el activo por un periodo de tiempo
un pago monetario que se efecta a manera de alquiler.
A cambio del derecho de uso del activo sin necesidad de comprarlo el arrendatario in
obligaciones: pagos peridicos del arrendamiento, mensuales o trimestrales y pagad
La Norma Internacional de Contabilidad NIC17 afirma que .....un contrato de arrend
arrendamiento financiero si transfiere sustancialmente todos los riesgos y los benefic
de propiedad
En principio la norma establece que los activos para fines financieros deben reconoc
341216193.xlsx consiguiente estarn como cualquier activo de la empresa sujetos a las normas de in
Estruc. Inver.
Saldo
0
1
2
3
4
5
6
MODULO DE INGRESOS
3,389,830.51
2,904,662.85
2,390,064.83
1,844,251.21
1,265,328.44
651,288.12
485,167.66
514,598.02
545,813.62
578,922.77
614,040.32
651,288.12
Interes
205,627.70
176,197.35
144,981.74
111,872.60
76,755.04
39,507.25
Cuota
690,795.36
690,795.36
690,795.36
690,795.36
690,795.36
690,795.36
Seguro
3,389.83
3,389.83
3,389.83
3,389.83
3,389.83
3,389.83
crecimiento anual =
0
Ventas (VV)
IGV de las ventas
Precio de venta
5.00%
Aos
1
2
3
4
5
15,000,000.00 15,750,000.00 16,537,500.00 17,364,375.00 18,232,593.75
2,700,000.00
2,835,000.00
2,976,750.00 3,125,587.50 3,281,866.88
17,700,000.00 18,585,000.00 19,514,250.00 20,489,962.50 21,514,460.63
MODULO DE COSTOS
0
0.45
1
6,750,000.00
1,215,000.00
7,965,000.00
2
7,087,500.00
1,275,750.00
8,363,250.00
Aos
3
7,441,875.00
1,339,537.50
8,781,412.50
1
-2,700,000.00
1,215,000.00
249,906.67
2
-2,835,000.00
1,275,750.00
249,906.67
Aos
3
-2,976,750.00
1,339,537.50
256,008.36
4
7,813,968.75
1,406,514.38
9,220,483.13
5
8,204,667.19
1,476,840.09
9,681,507.28
MODULO IGV
341216193.xlsx
Estruc. Inver.
4
5
-3,125,587.50 -3,281,866.88
1,406,514.38 1,476,840.09
Valor recompra
33,898.31
Sub-Total
CREDITO FISCAL UTILIZADO
IGV x PAGAR
1,067,796.61
-1,235,093.33
1,067,796.61
-167,296.72
-1,309,343.33
0.00
-1,309,343.33
1
1,453,657.40
1,453,657.40
2
1,657,169.44
1,657,169.44
Aos
3
1,889,173.16
1,889,173.16
999,765.68
1,124,736.39
1,265,328.44
AMORTIZACIONES
0
Prestamo Banco de Credito
sub-total
Leasing
GASTOS FINANCIEROS
0
LEASING
Intereses
Seguro
Valor de recompra
381,825.05
6,779.66
256,854.34
6,779.66
sub-total
388,604.71
-1,381,204.14
-1,719,073.13 -1,805,026.78
-1,381,204.14
-1,719,073.13 -1,805,026.78
Aos
3
5
0.00
0.00
263,634.00
116,262.29
6,779.66
33,898.31
156,940.26
0.00
0.00
sub-total
629,477.73
190.00
629,667.73
425,965.69
190.00
426,155.69
193,961.97
190.00
194,151.97
0.00
0.00
188900.32
127846.71
58245.59
0.00
0.00
BANCO DE CREDITO
Intereses
Comisiones
Aos
1
2
3
4
5
15,000,000.00 15,750,000.00 16,537,500.00 17,364,375.00 18,232,593.75
-6,750,000.00 -7,087,500.00 -7,441,875.00 -7,813,968.75 -8,204,667.19
8,250,000.00
8,662,500.00
9,095,625.00 9,550,406.25 10,027,926.56
-1,800,000.00 -1,890,000.00 -1,984,500.00 -2,083,725.00 -2,187,911.25
-1,050,000.00 -1,102,500.00 -1,157,625.00 -1,215,506.25 -1,276,281.56
-1,018,272.43
-689,789.69
-351,092.22
0.00
0.00
-1,145,351.82 -1,145,351.82 -1,145,351.82 -1,145,351.82 -1,145,351.82
3,236,375.74
3,834,858.49
4,457,055.95 5,105,823.18 5,418,381.93
970,912.72
1,150,457.55
1,337,116.79 1,531,746.95 1,625,514.58
2,265,463.02
2,684,400.94
3,119,939.17 3,574,076.22 3,792,867.35
341216193.xlsx
Estruc. Inver.
Inversion
Valor residual
Ingresos
costo de ventas
gastos administrativos
gasto de ventas
cuota Leasing
IGV x pagar
0.00
impuesto a la renta
0.00
Devolucion del ahorro tributario
FCE -11,000,000.00
TIRE
VANE
FINANCIAMIENTO
5,000,000.00
Gastos financieros
Amortizaciones
Ahorro tributario de los prestamos (+)
Sub total
5,000,000.00
FCF
-6,000,000.00
TIRF
VANF
7,595,274.78
17,700,000.00 18,585,000.00 19,514,250.00 20,489,962.50 21,514,460.63
-7,965,000.00 -8,363,250.00 -8,781,412.50 -9,220,483.13 -9,681,507.28
-1,800,000.00 -1,890,000.00 -1,984,500.00 -2,083,725.00 -2,187,911.25
-1,050,000.00 -1,102,500.00 -1,157,625.00 -1,215,506.25 -1,276,281.56
-1,638,277.06 -1,638,277.06 -1,678,277.06
-167,296.72 -1,309,343.33 -1,381,204.14 -1,719,073.13 -1,805,026.78
-970,912.72 -1,150,457.55 -1,337,116.79 -1,531,746.95 -1,625,514.58
-188,900.32
-127,846.71
-58,245.59
0.00
0.00
3,919,613.18
3,003,325.36
3,135,868.93 4,719,428.05 12,533,493.95
30.95%
6,852,376.96 ( la tasa de descuento es el k de las utilidades retenidas)
-629,667.73
-1,453,657.40
188,900.32
-1,894,424.81
-426,155.69
-1,657,169.44
127,846.71
-1,955,478.42
-194,151.97
-1,889,173.16
58,245.59
-2,025,079.54
2,025,188.37
1,047,846.94
1,110,789.39
39.62%
7,843,593.20 ( la tasa de descuento es el WACC)
341216193.xlsx
Estruc. Inver.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
4,719,428.05 12,533,493.95
Valor Residual
Contable
2,000,000.00
3,595,274.78
2,000,000.00
0.00
0.00
7,595,274.78
341216193.xlsx
Estruc. Inver.
341216193.xlsx
Estruc. Inver.
IGV
(cuota+seguro+vr)
124,953.34
124,953.34
124,953.34
124,953.34
124,953.34
131,055.03
TIR semestral
TIR anual
Total Cuota
###
819,138.53
819,138.53
819,138.53
819,138.53
819,138.53
859,138.53
11.98%
25.40%
341216193.xlsx
Estruc. Inver.
341216193.xlsx
Estruc. Inver.
341216193.xlsx
Estruc. Inver.
120 DP 1D20P
D = Deuda total
P = Total Aporte Propio
Pj = Aporte Propio j
Dn = Deuda n
Kpj = Costo del aporte propio
Kdn = Costo de la deuda n
T = Impuesto a la renta
341216193.xlsx
hoja 3