Pueblos en Accin Comunitaria

(PAC Managua)
Formulacin de Proyectos en Agro Negocios Mayo de 2011

Ejercicio Financiero

Se desea realizar la evaluacin financiera de un proyecto de inversin industrial, para un

horizonte de planeacin de 7 aos, cuya inversin inicial se presenta en la tabla 1:

Inversin Inicial (m $) Tabla1

103 Ventas: Se realiz un pronstico de ventas para los
Invers.Fija 0 prximos siete aos, cuya ecuacin de la curva es Y
Terrenos 50 =25+4X; donde Y = Ventas expresadas en miles de
Maquinaria 550 unidades al ao y X el tiempo, con origen de la serie en el
Edificios 250 ao 1989. El precio proyectado es de 112 $/unidad.
Vehculos 120
Mob y Equip Ofic. 60 Costos de Produccin (cp m $): Se proyectan en base a
Invers.Diferida 15 la ecuacin cp = 45 +0.5vp; donde vp representa el
Gtos Organizacin 15 volumen de produccin en miles de unidades. Otros Gastos:
Capital de Trabajo 140 Respecto a los Gastos de Distribucin, Ventas y
Caja y Banco 80 administracin se estima que sern de 65 m $/ao para los
Inventarios 40 prximos 7 aos.
Cuentas por Cobrar 20
Depreciaciones: La maquinaria y edificios se deprecian a 10
aos. Vehculos, mobiliario y equipos de oficina se deprecian a 5 aos, sin valor de rescate.
Respecto a las amortizaciones: 18 meses. El impuesto sobre la renta (IR), es del 30%
anual.

Financiamiento: Un banco local oferta financiamiento para Terrenos: 8%; Maquinaria:

10%; Edificios: 12% y para: Vehculos, Mobiliario y Equipos de Oficina: 15% anual que se
pagan en cuotas niveladas de inters ms principal y con los siguientes porcentajes de
financiamientos: 90; 80; 70; 60; y 40% del valor de: Terrenos, Maquinaria, Edificios,
Vehculos y Mobiliario y Equipos de Oficina respectivamente.

Realice un anlisis financiero, determinando los estimadores financieros en base a:

a. Tasa de retorno mnima atractiva del proyecto.
b. Calculo del valor presente neto y tasa interna de retorno
c. Calculo del plazo de recuperacin de la inversin.
d. Calculo del apalancamiento financiero.
e. Anlisis financiero.
I. Clculos de Ventas y Costos.

Aos Ventas a 25
1989 7,981.00 b 4
1990 7,985.00
1991 7,989.00
1992 7,993.00
1993 7,997.00

Aos Costos a 45
1989 $4,035.50 b 0.5
1990 $4,037.50
1991 $4,039.50
1992 $4,041.50
1993 $4,043.50

II. Depreciacin y Amortizacin.

Ao Depreciaci Saldo
n
0 $800,000.00
1 $80,000.00 $720,000.00
2 $80,000.00 $640,000.00
3 $80,000.00 $560,000.00
4 $80,000.00 $480,000.00
5 $80,000.00 $400,000.00
6 $80,000.00 $320,000.00
7 $80,000.00 $240,000.00
8 $80,000.00 $160,000.00
9 $80,000.00 $80,000.00
10 $80,000.00 $0.00
Amortizacin
Ao Depreciaci Saldo 1 $10,000.00
n 2 $10,000.00 $5,000.00
0 $180,000.00
1 $36,000.00 $144,000.00
2 $36,000.00 $108,000.00
3 $36,000.00 $72,000.00
4 $36,000.00 $36,000.00
5 $36,000.00 $0.00
 Descripcin 0 1 2 3 4 5
Ventas 7,981.00 7,985.00 7,989.00 7,993.00 7,997.00
Precio $125.00 $125.00 $125.00 $125.00 $125.00
Ingresos $997,625.00 $998,125.00 $998,625.00 $999,125.00 $999,625.00
Costos Distribucin $4,035.50 $4,037.50 $4,039.50 $4,041.50 $4,043.50
Depreciacin $116,000.00 $116,000.00 $116,000.00 $116,000.00 $116,000.00
Amortizacin $10,000.00 $5,000.00 $0.00 $0.00 $0.00
Valor en libro $400,000.00
UAI $867,589.50 $873,087.50 $878,585.50 $879,083.50 $479,581.50
IR(30%) $260,276.85 $261,926.25 $263,575.65 $263,725.05 $143,874.45
UDI $607,312.65 $611,161.25 $615,009.85 $615,358.45 $335,707.05
Depreciacin $116,000.00 $116,000.00 $116,000.00 $116,000.00 $116,000.00
Amortizacin $10,000.00 $5,000.00 $0.00 $0.00 $0.00
Valor en libro $400,000.00
FNE -$1,185,000.00 $733,312.65 $732,161.25 $731,009.85 $731,358.45 $851,707.05
III. Flujo neto de efectivo sin financiamiento con precio $ 125.00

IV. Tablas de Amortizacin de la deuda

Terreno
Aos Cuota Inters Pago Saldo
0 $45,000.00
1 $5,971.28 $3,600.00 $2,371.28 $42,628.72
2 $5,971.28 $3,410.30 $2,560.98 $40,067.75
3 $5,971.28 $3,205.42 $2,765.86 $37,301.89
4 $5,971.28 $2,984.15 $2,987.12 $34,314.77
5 $5,971.28 $2,745.18 $3,226.09 $31,088.67
6 $5,971.28 $2,487.09 $3,484.18 $27,604.49
7 $5,971.28 $2,208.36 $3,762.92 $23,841.57
8 $5,971.28 $1,907.33 $4,063.95 $19,777.62
9 $5,971.28 $1,582.21 $4,389.07 $15,388.56
10 $5,971.28 $1,231.08 $4,740.19 $10,648.37
11 $5,971.28 $851.87 $5,119.41 $5,528.96
12 $5,971.28 $442.32 $5,528.96 $0.00
 Maquinaria
Aos Cuota Inters Pago Saldo
0 $440,000.00
1 $82,475.37 $44,000.00 $38,475.37 $401,524.63
2 $82,475.37 $40,152.46 $42,322.90 $359,201.73
3 $82,475.37 $35,920.17 $46,555.19 $312,646.53
4 $82,475.37 $31,264.65 $51,210.71 $261,435.82
5 $82,475.37 $26,143.58 $56,331.79 $205,104.03
6 $82,475.37 $20,510.40 $61,964.96 $143,139.07
7 $82,475.37 $14,313.91 $68,161.46 $74,977.61
8 $82,475.37 $7,497.76 $74,977.61 $0.00

Edificio
Aos Cuota Inters Pago Saldo
0 $175,000.00
1 $30,972.23 $21,000.00 $9,972.23 $165,027.77
2 $30,972.23 $19,803.33 $11,168.90 $153,858.88
3 $30,972.23 $18,463.07 $12,509.16 $141,349.71
4 $30,972.23 $16,961.97 $14,010.26 $127,339.45
5 $30,972.23 $15,280.73 $15,691.49 $111,647.95
6 $30,972.23 $13,397.75 $17,574.47 $94,073.48
7 $30,972.23 $11,288.82 $19,683.41 $74,390.07
8 $30,972.23 $8,926.81 $22,045.42 $52,344.65
9 $30,972.23 $6,281.36 $24,690.87 $27,653.78
10 $30,972.23 $3,318.45 $27,653.78 $0.00

Vehculo
Aos Cuota Inters Pago Saldo
0 $72,000.00
1 $16,045.21 $10,800.00 $5,245.21 $66,754.79
2 $16,045.21 $10,013.22 $6,031.99 $60,722.81
3 $16,045.21 $9,108.42 $6,936.79 $53,786.02
4 $16,045.21 $8,067.90 $7,977.30 $45,808.72
5 $16,045.21 $6,871.31 $9,173.90 $36,634.82
6 $16,045.21 $5,495.22 $10,549.98 $26,084.83
7 $16,045.21 $3,912.73 $12,132.48 $13,952.35
8 $16,045.21 $2,092.85 $13,952.35 $0.00
 Mobiliario y equipo de oficina
Aos Cuota Inters Pago Saldo
0 $24,000.00
1 $5,348.40 $3,600.00 $1,748.40 $22,251.60
2 $5,348.40 $3,337.74 $2,010.66 $20,240.94
3 $5,348.40 $3,036.14 $2,312.26 $17,928.67
4 $5,348.40 $2,689.30 $2,659.10 $15,269.57
5 $5,348.40 $2,290.44 $3,057.97 $12,211.61
6 $5,348.40 $1,831.74 $3,516.66 $8,694.94
7 $5,348.40 $1,304.24 $4,044.16 $4,650.78
8 $5,348.40 $697.62 $4,650.78 $0.00

V. Flujo neto de efectivo con financiamiento con precio $ 125.00

Descripcin 0 1 2 3 4 5
Ventas 7,981.00 7,985.00 7,989.00 7,993.00 7,997.00
Precio $125.00 $125.00 $125.00 $125.00 $125.00
Ingresos $997,625.00 $998,125.00 $998,625.00 $999,125.00 $999,625.00
Costos Distribucin $4,035.50 $4,037.50 $4,039.50 $4,041.50 $4,043.50
Costo Financiera $83,000.00 $76,717.05 $69,733.22 $61,967.97 $53,331.24
Depreciacin $116,000.00 $116,000.00 $116,000.00 $116,000.00 $116,000.00
Amortizacin $10,000.00 $5,000.00 $0.00 $0.00 $0.00
Valor en libro $400,000.00
UAI $784,589.50 $796,370.45 $808,852.28 $817,115.53 $426,250.26
IR(30%) $235,376.85 $238,911.13 $242,655.68 $245,134.66 $127,875.08
UDI $549,212.65 $557,459.31 $566,196.60 $571,980.87 $298,375.18
Depreciacin $116,000.00 $116,000.00 $116,000.00 $116,000.00 $116,000.00
Amortizacin $10,000.00 $5,000.00 $0.00 $0.00 $0.00
Valor en libro $400,000.00
Pago al principal $57,812.48 $64,095.43 $71,079.26 $78,844.51 $87,481.24
FNE -$429,000.00 $617,400.17 $614,363.88 $611,117.33 $609,136.36 $726,893.94

VI. Calculo de la TMAR mixta.

 Monto % apor % Inters TMAR
mixta
Banco 1 $45,000.00 3.80% 8% 17.86%
Banco 2 $440,000.00 37.13% 10%
Banco 3 $175,000.00 14.77% 12%
Banco 4 $72,000.00 6.08% 15%
Banco 5 $24,000.00 2.03% 15%
Personal $429,000.00 36.20% 30%

VII. Calculo del VPN sin y con financiamiento.

Sin financiamiento

VPN $630,507.49
TIR 56%
Plazo de 1.31
Recuperacin

Con financiamiento

VPN $1,545,466.53
TIR 142%
Plazo de 0.69
Recuperacin

VIII. Anlisis de sensibilidad

Disminucin de precio Aumento de los costos Disminucin de la demanda

Porcentaje VPN TIR Porcentaje VPN TIR Porcentaje VPN TIR
10% $1,121,026.50 110% 10% $1,316,582.82 125% 10% $1,119,543.54 110%
15% $1,022,808.97 102% 15% $1,316,139.78 125% 15% $1,021,408.40 102%

IX. Apalancamiento financiero

Apalancamiento 59%