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Caso 1. k 13.

50%
Tasa impositiva
Capacidad planta 30,000 kW
horas año 8760 horas / año
AÑO 1
% Garantizado 75%
KW producidos 187,245,000.00
incremento Vr Venta 0%
Precio de Venta 295

VENTAS TOTALES AÑO 55,237,275,000

Costos
Variac Combustible 0%
Combustible 136
Mantenimiento 58
Incremento Oper y "Alq y otros"
Operación 23.00
Costo unitario 217.00

Alq y otros 4,020,000,000.0


Costos totales 44,652,165,000

FCF
ITEM AÑO 0 AÑO 1
+VENTAS 55,237,275,000
INGRESOS
+OTROS ING. GRAVABLES
-GASTOS OPERACIONALES 44,652,165,000
-COSTOS DE PRODUCCION
-OTROS EGRESOS DEDUC 393,650,000
-INTERESES 3,306,660,000.00
-DEPRECIACIÓN 3,368,666,667
=UTIL ANTES DE IMP 3,516,133,333
20% -IMPUESTOS PAGADOS 703,226,666.67
-ABONO A CAPITAL 2,201,110,759.39
+DEPRECIACION 3,368,666,667
+VALOR RESCATE
-INVERSION 41,625,000,000
+FINANCIACION 23,619,000,000
+OTROS ING NO GRAVABLES
-Estampilla 70,322,667
-OTROS EGRESOS NO DEDUCIBLES
FLUJO NETO DE EFECTIVO - 18,006,000,000 3,910,139,907
VPN $8,531,745,109.45
TIR 21.75%
AÑO 2 AÑO 3 AÑO 4 AÑO 5 AÑO 6
75% 75% 75% 75% 80%
187,245,000.00 187,245,000.00 187,245,000.00 187,245,000.00 199,728,000.00
0% 0% 2.50% 2.50% 2.50%
295 295 302 310 318

55,237,275,000 55,237,275,000 56,618,206,875 58,033,662,047 63,450,137,171

0% 0% 3% 3% 3%
136 136 140.08 144.2824 148.610872
58.00 58.00 58.00 58.00 58.00
4% 4% 4% 4% 4%
23.92 24.88 25.87 26.91 27.98
217.92 218.88 223.95 229.19 234.59

4,180,800,000.0 4,348,032,000.0 4,521,953,280.0 4,702,831,411.2 4,890,944,667.6


44,985,230,400 45,331,618,416 46,455,821,553 47,617,353,219 51,745,912,881

AÑO 2 AÑO 3 AÑO 4 AÑO 5 AÑO 6


55,237,275,000 55,237,275,000 56,618,206,875 58,033,662,047 63,450,137,171

44,985,230,400 45,331,618,416 46,455,821,553 47,617,353,219 51,745,912,881

409,396,000 425,771,840 442,802,714 460,514,822 478,935,415


2,998,504,493.69 2,647,207,216.49 2,246,728,320.48 1,790,182,379.03 1,269,720,005.78
3,368,666,667 3,368,666,667 3,368,666,667 3,368,666,667 3,368,666,667
3,475,477,440 3,464,010,861 4,104,187,622 4,796,944,960 6,586,902,203
695,095,487.93 692,802,172.17 820,837,524.32 959,388,992.06 1,317,380,440.57
2,509,266,265.71 2,860,563,542.91 3,261,042,438.91 3,717,588,380.36 4,238,050,753.61
3,368,666,667 3,368,666,667 3,368,666,667 3,368,666,667 3,368,666,667

69,509,549 69,280,217 82,083,752 95,938,899 131,738,044


2,500,000,000.00
3,570,272,804 3,210,031,595 3,308,890,573 3,392,695,355 1,768,399,631
AÑO 7 AÑO 8 AÑO 9 AÑO 10
80% 80% 80% 80%
199,728,000.00 199,728,000.00 199,728,000.00 199,728,000.00 -
2.50% 2.50% 2.50% 2.50%
326 334 342 351

65,036,390,601 66,662,300,366 68,328,857,875 70,037,079,322

3% 3% 3% 3%
153.06919816 157.6612741048 162.3911123279 167.2628456978
58.00 58.00 58.00 58.00
4% 4% 4% 4%
29.10 30.27 31.48 32.74
240.17 245.93 251.87 258.00

5,086,582,454.4 5,290,045,752.5 5,501,647,582.6 5,721,713,485.9


53,055,562,914 54,408,694,422 55,806,779,530 57,251,341,230 capital
saldo
cuota
interes

AÑO 7 AÑO 8 AÑO 9 AÑO 10


65,036,390,601 66,662,300,366 68,328,857,875 70,037,079,322
1,810,000,000.00
53,055,562,914 54,408,694,422 55,806,779,530 57,251,341,230

498,092,832 518,016,545 538,737,207 560,286,695


676,392,900.28
3,368,666,667 3,368,666,667 3,368,666,667 3,368,666,667
7,437,675,288 8,366,922,732 8,614,674,472 10,666,784,730
1,487,535,057.64 1,673,384,546.36 1,722,934,894.35 2,133,356,946.00
4,831,377,859.12
3,368,666,667 3,368,666,667 3,368,666,667 3,368,666,667
5,678,333,333.33

148,753,506 167,338,455 172,293,489 213,335,695

4,338,675,532 9,894,866,397 10,088,112,755 17,367,092,089 -


Inversiones: Depreciación anual
Turbina 31,900,000,000.00 2,871,000,000.00
Infraestructura 3,900,000,000.00 260,000,000.00
Interconexión 675,000,000.00 45,000,000.00
Equipos perifericos 2,890,000,000 192,666,666.67
Ing e Intervent 2,260,000,000

Inversión total 41,625,000,000 3,368,666,667


Seguro 393,650,000
Prestamo 23,619,000,000
n 7
tasas 14%
Cuota ($ 5,507,770,759.39)

año1 año2
2,201,110,759.39 2,509,266,265.71
23,619,000,000 21,417,889,240.61 18,908,622,974.90
$ 5,507,770,759.39 5,507,770,759.39 5,507,770,759.39
3,306,660,000.00 2,998,504,493.69
Salvamento Vr Venta
3,190,000,000.00 5,000,000,000.00 1,810,000,000.00
1,300,000,000.00
225,000,000.00
963,333,333.33

5,678,333,333

año3 año4 año5


2,860,563,542.91 3,261,042,438.91 3,717,588,380.36
16,048,059,432.00 12,787,016,993.09 9,069,428,612.73
5,507,770,759.39 5,507,770,759.39 5,507,770,759.39
2,647,207,216.49 2,246,728,320.48 1,790,182,379.03
año6 año7
4,238,050,753.61 4,831,377,859.12
4,831,377,859.12 -
5,507,770,759.39 5,507,770,759.39
1,269,720,005.78 676,392,900.28
Caso 1. k 13.50%
Tasa impositiva 20%
Capacidad planta 30,000 kW
horas año 8760 horas / año
AÑO 1
garantizado 75%
kWh producidos 191,187,000.00
Variación Venta 0%
Precio Venta ( $/ kWh) 295

VENTAS TOTALES AÑO 56,400,165,000


Costos
Variación comb 0%
Combustible 136.00
mantenimiento 58
Var otros 0%
operación 23

Alq y otros 4,020,000,000

Costos totales 45,507,579,000

FCF
ITEM AÑO 0 AÑO 1
+VENTAS 56,400,165,000
INGRESOS
+OTROS ING. GRAVABLES
-GASTOS OPERACIONALES 4,020,000,000
-COSTOS DE PRODUCCION 41,487,579,000
-OTROS EGRESOS DEDUC 416,250,000
-INTERESES 3,306,660,000
-DEPRECIACIÓN 3,368,666,667
=UTIL ANTES DE IMP 3,801,009,333
20% -IMPUESTOS PAGADOS 760,201,867
-ABONO A CAPITAL 2,201,110,759.39
+DEPRECIACION 3,368,666,667
+VALOR RESCATE
-INVERSION 41,625,000,000
+FINANCIACION 23,619,000,000
+OTROS ING NO GRAVABLES
-Estampilla 76,020,187
-OTROS EGRESOS NO DEDUCIBLES
FLUJO NETO DE EFECTIVO - 18,006,000,000 4,132,343,187
VPN $9,784,008,995.04
TIR 22.95%
Factor de disponibilidad 97%

AÑO 2 AÑO 3 AÑO 4 AÑO 5 AÑO 6


75% 75% 75% 75% 80%
191,187,000.00 191,187,000.00 191,187,000.00 191,187,000.00 203,932,800.00
0% 0% 2.50% 2.50% 2.50%
295 295 302 310 318

56,400,165,000 56,400,165,000 57,810,169,125 59,255,423,353 64,785,929,533

0% 0% 3% 3% 3%
136.00 136.00 140.08 144.28 148.61
58 58 58 58 58
4% 4% 4% 4% 4%
23.92 24.8768 25.871872 26.90674688 27.9830167552

4,180,800,000 4,348,032,000 4,521,953,280 4,702,831,411 4,890,944,668

45,844,271,040 46,194,430,762 47,338,639,832 48,520,816,836 52,732,333,264

AÑO 2 AÑO 3 AÑO 4 AÑO 5 AÑO 6


56,400,165,000 56,400,165,000 57,810,169,125 59,255,423,353 64,785,929,533

4,180,800,000 4,348,032,000 4,521,953,280 4,702,831,411 4,890,944,668


41,663,471,040 41,846,398,762 42,816,686,552 43,817,985,425 47,841,388,597
432,900,000 450,216,000 468,224,640 486,953,626 506,431,771
2,998,504,494 2,647,207,216 2,246,728,320 1,790,182,379 1,269,720,006
3,368,666,667 3,368,666,667 3,368,666,667 3,368,666,667 3,368,666,667
3,755,822,800 3,739,644,355 4,387,909,666 5,088,803,846 6,908,777,825
751,164,560 747,928,871 877,581,933 1,017,760,769 1,381,755,565
2,509,266,265.71 2,860,563,542.91 3,261,042,438.91 3,717,588,380.36 4,238,050,753.61
3,368,666,667 3,368,666,667 3,368,666,667 3,368,666,667 3,368,666,667

75,116,456 74,792,887 87,758,193 101,776,077 138,175,557


2,500,000,000
3,788,942,185 3,425,025,721 3,530,193,767 3,620,345,286 2,019,462,617
AÑO 7 AÑO 8 AÑO 9 AÑO 10
80% 80% 80% 80%
203,932,800.00 203,932,800.00 203,932,800.00 203,932,800.00
2.50% 2.50% 2.50% 2.50%
326 334 342 351

66,405,577,771 68,065,717,215 69,767,360,146 71,511,544,149

3% 3% 3% 3%
153.07 157.66 162.39 167.26
58 58 58 58
4% 4% 4% 4%
29.1023374254 30.2664309224 31.4770881593 32.7361716857

5,086,582,454 5,290,045,753 5,501,647,583 5,721,713,486

54,065,436,187 55,442,771,236 56,865,834,939 58,336,175,498 capital


saldo
cuota
interes

AÑO 7 AÑO 8 AÑO 9 AÑO 10


66,405,577,771 68,065,717,215 69,767,360,146 71,511,544,149
1,810,000,000
5,086,582,454 5,290,045,753 5,501,647,583 5,721,713,486
48,978,853,732 50,152,725,484 51,364,187,356 52,614,462,012
526,689,041 547,756,603 569,666,867 592,453,542
676,392,900
3,368,666,667 3,368,666,667 3,368,666,667 3,368,666,667
7,768,392,976 8,706,522,709 8,963,191,673 11,024,248,443
1,553,678,595 1,741,304,542 1,792,638,335 2,204,849,689
4,831,377,859.12
3,368,666,667 3,368,666,667 3,368,666,667 3,368,666,667
5,678,333,333

155,367,860 174,130,454 179,263,833 220,484,969

4,596,635,329 10,159,754,380 10,359,956,172 17,645,913,785 -


Inversiones: Depreciación anual
Turbina 31,900,000,000 2,871,000,000.00
Infraestructura 3,900,000,000 260,000,000.00
Interconexion a red 675,000,000 45,000,000.00
Equipos perifericos 2,890,000,000 192,666,666.67
Ing e interv 2,260,000,000

Inversión total 41,625,000,000 3,368,666,667


Seguro 416,250,000
Prestamo 23,619,000,000
periodos 7
tasa 14%
cuota ($ 5,507,770,759.39)

0 1 2
2,201,110,759.39 2,509,266,265.71
23,619,000,000 21,417,889,240.61 18,908,622,974.90
$ 5,507,770,759.39 $ 5,507,770,759.39 $ 5,507,770,759.39
3,306,660,000 2,998,504,494
Salvamento Vr Venta
3,190,000,000.00 5,000,000,000.00 1,810,000,000.00
1,300,000,000.00
225,000,000.00
963,333,333.33

5,678,333,333

3 4 5
2,860,563,542.91 3,261,042,438.91 3,717,588,380.36
16,048,059,432.00 12,787,016,993.09 9,069,428,612.73
$ 5,507,770,759.39 $ 5,507,770,759.39 $ 5,507,770,759.39
2,647,207,216 2,246,728,320 1,790,182,379
6 7
4,238,050,753.61 4,831,377,859.12
4,831,377,859.12 -
$ 5,507,770,759.39 $ 5,507,770,759.39
1,269,720,006 676,392,900

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