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CAPACIDAD TM PRECIO $ ESTRUCTURA DE INVERSIONES

PRODUCCION 30,000 VENTA 39


TANGIBLES

DEPRECIACIÓN VR AÑOS VALOR EDIFICIO


EDIFICIO 300,000.00 10% 30 9,000.00 MAQUINARIA
MAQ Y EQ 490,000.00 10% 10 44,100.00 EQUIPO
EQ COMPUTO 30,000.00 10% 4 6,750.00 59,850.00 INSTALACION
59,850.00 FLETE (Gast. Intern. Mq y Eq)
VEHÍCULO 12,000.00 1,600.00 7 1,485.71 EQUIPO COMPUTO

AMORTIZACION DE INTANGIBLES INTANGIBLES


SIN FINANC CON FINANC ESTUDIO DE PROYECTO
EN 5 AÑOS 14710.00 16390.00 SOFTWARE
ORG. DE LA EMP.
INTERESES PRE OPERATIVOS (Trimestrales) SERVICIO DE INGENIERIA
AÑO 360 Valor PUESTA EN MARCHA
1 ero 20% 60000.00 90 Dias 1050.00 IMPREVISTO (5%)
2 do 20% 120000.00 90 Dias 2100.00 INTERESES PRE OPERATIVOS
3 ero 60% 300000.00 90 Dias 5250.00
TOTAL 8400.00 TERRENO

APORTE TERCEROS 300000.00 IMPUESTO 30% CAPITAL TRABAJO (1er Año)


APORTE PROPIO 687605.65
987605.65 COSTO DE OPORTUNIDAD 12% INVERSION

PRESTAMO 300000.00 LEASING(vehiculo) 12000.00 COSTO DE CAPITAL PONDE


INTERES 8.00% 7.00% INTERES (anual) 6.00% 300000.00
TIEMPO años 8 TIEMPO (año) 7 687605.65
ANUALIDAD 52204.43 987605.65
E INVERSIONES
S / FINAN. C / FINAN.

300000.00 300000.00
400000.00 400000.00
50000.00 50000.00
30000.00 30000.00
ast. Intern. Mq y Eq) 10000.00 10000.00
30000.00 30000.00

DE PROYECTO 12000.00 12000.00


9000.00 9000.00
3000.00 3000.00
DE INGENIERIA 5000.00 5000.00
EN MARCHA 2000.00 2000.00
42550.00 42550.00
ES PRE OPERATIVOS 8400

80000.00 80000.00

ABAJO (1er Año) 14055.65 14055.65

987605.65 996005.65

STO DE CAPITAL PONDERADO


8% 30.38% 2.43%
12% 69.62% 8.35%
100.00% 10.78%
COSTO DE PRODUCCION
AÑOS 60% 70% 80% 80% 80% 90%
RUBRO 1 2 3 4 5 6
COSTOS VARIABLES
SUELDOS Y SALARIOS 7,200.00 8,400.00 9,600.00 9,600.00 9,600.00 10,800.00
MADERA 44,400.00 51,800.00 59,200.00 59,200.00 59,200.00 66,600.00
M.P 39,000.00 45,500.00 52,000.00 52,000.00 52,000.00 58,500.00
COMBUST Y LUBRIC 9,600.00 11,200.00 12,800.00 12,800.00 12,800.00 14,400.00
IMPUESTO INDIRECTO 0.00 0.00 0.00 0.00 0.00 0.00
DIVERSOS GASTOS 3,000.00 3,500.00 4,000.00 4,000.00 4,000.00 4,500.00
TOTAL COSTO VARIABLE 103,200.00 120,400.00 137,600.00 137,600.00 137,600.00 154,800.00
COSTOS FIJOS
SUELDOS Y SALARIOS 18,000.00 18,000.00 18,000.00 18,000.00 18,000.00 18,000.00
SEGUROS 8,000.00 8,000.00 8,000.00 8,000.00 8,000.00 8,000.00
IMPUESTO INDIRECTO 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00
DEPRECIACION LINEAL 59,850.00 59,850.00 59,850.00 59,850.00 59,850.00 59,850.00
DEPRECIACION VEHICULO 1,485.71 1,485.71 1,485.71
TOTAL C.F. ECONOMICO 89,850.00 89,850.00 89,850.00 91,335.71 91,335.71 91,335.71
TOTAL C.F. FINANCIERO 89,850.00 89,850.00 89,850.00 89,850.00 89,850.00 89,850.00

COSTO DE PRODUCCION ECONOMICO 193,050.00 210,250.00 227,450.00 228,935.71 228,935.71 246,135.71


COSTO DE PRODUCCION FINANCIERO 193,050.00 210,250.00 227,450.00 227,450.00 227,450.00 244,650.00

PRODUCCION 18,000.00 21,000.00 24,000.00 24,000.00 24,000.00 27,000.00


PRECIO 39.00 39.00 39.00 39.00 39.00 39.00
INGRESO VENTAS 702,000.00 819,000.00 936,000.00 936,000.00 936,000.00 1,053,000.00
COSTO UNITARIO PRODUCCION 10.73 10.01 9.48 9.54 9.54 9.12
CAPITAL DE TRABAJO ECONOMICO 9,893.75 10,918.75 11,943.75 12,005.65 12,005.65 13,030.65
CAPITAL DE TRABAJO FINANCIERO 9,893.75 10,918.75 11,943.75 11,943.75 11,943.75 12,968.75

PUNTO DE EQUILIBRIO ECONOMICO 105,335.17 105,335.17 105,335.17 107,076.94 107,076.94 107,076.94


PUNTO DE EQUILIBRIO FINANCIERO 105,335.17 105,335.17 105,335.17 105,335.17 105,335.17 105,335.17
90% 90% 100% 100%
7 8 9 10

10,800.00 10,800.00 12,000.00 12,000.00


66,600.00 66,600.00 74,000.00 74,000.00
58,500.00 58,500.00 65,000.00 65,000.00
14,400.00 14,400.00 16,000.00 16,000.00
0.00 0.00 0.00 0.00
4,500.00 4,500.00 5,000.00 5,000.00
154,800.00 154,800.00 172,000.00 172,000.00

18,000.00 18,000.00 18,000.00 18,000.00


8,000.00 8,000.00 8,000.00 8,000.00
4,000.00 4,000.00 4,000.00 4,000.00
59,850.00 59,850.00 59,850.00 59,850.00
1,485.71 1,485.71 1,485.71 1,485.71
91,335.71 91,335.71 91,335.71 91,335.71
89,850.00 89,850.00 89,850.00 89,850.00

246,135.71 246,135.71 263,335.71 263,335.71


244,650.00 244,650.00 261,850.00 261,850.00

27,000.00 27,000.00 30,000.00 30,000.00


39.00 39.00 39.00 39.00
1,053,000.00 1,053,000.00 1,170,000.00 1,170,000.00
9.12 9.12 8.78 8.78
13,030.65 13,030.65 14,055.65 14,055.65
12,968.75 12,968.75 13,993.75 13,993.75

107,076.94 107,076.94 107,076.94 107,076.94


105,335.17 105,335.17 105,335.17 105,335.17
FLAT
DEUDA INTERES AMORTIZACION ANUALIDAD AMORTIZACION
AÑOS PENDIENTE 8% ACUMULADA
1 300,000.00 24,000.00 37,500.00 61,500.00 37,500.00
2 262,500.00 24,000.00 37,500.00 61,500.00 75,000.00
3 225,000.00 24,000.00 37,500.00 61,500.00 112,500.00
4 187,500.00 24,000.00 37,500.00 61,500.00 150,000.00
5 150,000.00 24,000.00 37,500.00 61,500.00 187,500.00
6 112,500.00 24,000.00 37,500.00 61,500.00 225,000.00
7 75,000.00 24,000.00 37,500.00 61,500.00 262,500.00
8 37,500.00 24,000.00 37,500.00 61,500.00 300,000.00
# DE AÑOS 8 192,000.00 300,000.00 492,000.00

LEASING (VEHICULO) FLAT


DEUDA INTERES AMORTIZACION ANUALIDAD AMORTIZACION
AÑOS PENDIENTE 6.00% ACUMULADA
1 12,000.00 720.00 1,714.29 2,434.29 1,714.29
2 10,285.71 720.00 1,714.29 2,434.29 3,428.57
3 8,571.43 720.00 1,714.29 2,434.29 5,142.86
4 6,857.14 720.00 1,714.29 2,434.29 6,857.14
5 5,142.86 720.00 1,714.29 2,434.29 8,571.43
6 3,428.57 720.00 1,714.29 2,434.29 10,285.71
7 1,714.29 720.00 1,714.29 2,434.29 12,000.00
# DE AÑOS 7 5,040.00 12,000.00 17,040.00
ESTADO DE GANANCIAS Y PERDIDAS S / FINANCIAMIENTTO

AÑOS
1 2 3 4 5 6 7
RUBRO
INGRESO / VENTAS 702,000.00 819,000.00 936,000.00 936,000.00 936,000.00 1,053,000.00 1,053,000.00
(COSTO DE PRODUCCION) 193,050.00 210,250.00 227,450.00 228,935.71 228,935.71 246,135.71 246,135.71
UTILIDAD BRUTA 508,950.00 608,750.00 708,550.00 707,064.29 707,064.29 806,864.29 806,864.29
(GASTOS ADM. Y VENTAS) 21,320.00 26,720.00 31,120.00 31,120.00 31,120.00 24,000.00 24,000.00
UTILIDAD ANTES DEL IMP. 487,630.00 582,030.00 677,430.00 675,944.29 675,944.29 782,864.29 782,864.29
(IMPUESTOS) 146,289.00 174,609.00 203,229.00 202,783.29 202,783.29 234,859.29 234,859.29
UTILIDAD DE OPERACIÓN 341,341.00 407,421.00 474,201.00 473,161.00 473,161.00 548,005.00 548,005.00

ESTADO DE GANANCIAS Y PERDIDAS C / FINANCIAMIENTO

AÑOS
1 2 3 4 5 6 7
RUBRO
INGRESO / VENTAS 702,000.00 819,000.00 936,000.00 936,000.00 936,000.00 1,053,000.00 1,053,000.00
(COSTO DE PRODUCCION) 193,050.00 210,250.00 227,450.00 227,450.00 227,450.00 244,650.00 244,650.00
UTILIDAD BRUTA 508,950.00 608,750.00 708,550.00 708,550.00 708,550.00 808,350.00 808,350.00
(GASTOS ADM. Y VENTAS) 23,000.00 28,400.00 32,800.00 32,800.00 32,800.00 24,000.00 24,000.00
(GASTOS FINANCIEROS) 24,000.00 24,000.00 24,000.00 24,000.00 24,000.00 24,000.00 24,000.00
(VEHÍCULO) 720.00 720.00 720.00 720.00
UTILIDAD ANTES DEL IMP. 461,950.00 556,350.00 651,750.00 651,030.00 651,030.00 759,630.00 759,630.00
(IMPUESTOS) 138,585.00 166,905.00 195,525.00 195,309.00 195,309.00 227,889.00 227,889.00
UTILIDAD DE OPERACIÓN 323,365.00 389,445.00 456,225.00 455,721.00 455,721.00 531,741.00 531,741.00

23000.00 28400.00 32800.00 32800.00 32800.00 24000.00 24000.00


SIN FINANC

RENTABILIDAD UTIL. MEDIA 51.12%


INV. TOTAL
TIEMPO DE PAGO INV. TOTAL 1.96
UTIL. MEDIA 1 años 11 meses 14 días

CAPACIDAD DE PAGO UTIL. MEDIA - DEPREC. 445,053.00


MIENTTO

8 9 10
1,053,000.00 1,170,000.00 1,170,000.00
246,135.71 263,335.71 263,335.71
806,864.29 906,664.29 906,664.29
24,000.00 24,000.00 24,000.00
782,864.29 882,664.29 882,664.29
234,859.29 264,799.29 264,799.29
548,005.00 617,865.00 617,865.00

MIENTO

8 9 10
1,053,000.00 1,170,000.00 1,170,000.00
244,650.00 261,850.00 261,850.00
808,350.00 908,150.00 908,150.00
24,000.00 24,000.00 24,000.00
24,000.00
720.00 720.00 720.00
759,630.00 883,430.00 883,430.00
227,889.00 265,029.00 265,029.00
531,741.00 618,401.00 618,401.00

24000.00 24000.00 24000.00


CON FINANC
0.96 11.47 14.17
49.32% 1 años 11 meses 14 días
0.03 0.33 9.90
2.03 2 años 0 meses 10 días
años 11 meses 14 días 2 años 0 meses 10 días

429,914.49
FLUJO DE CAJA ECONÓMICO
AÑOS 0 1 2 3 4
RUBRO
INGRESOS
INGRESO VENTAS 702000.00 819000.00 936000.00 936000.00
VALOR LIBROS (TERRENO)
VALOR RESIDUAL
EDIFICIO
MAQUINARIA
EQ. COMPUTO 3000.00
VALOR VENTA VEHÍCULO
VALOR DE RECUPERACION
(FALTA DEPRECIAR)
EDIFICIOS
MAQUINARIA
EQ. COMPUTO
VEHÍCULO
CAPITAL DE TRABAJO 100%
TOTAL INGRESO 0.00 702000.00 819000.00 936000.00 939000.00

EGRESOS
APORTE PROPIO 987605.65
COSTO DE PRODUCCION 193050.00 210250.00 227450.00 228935.71
(DEPRECIACION) 59850.00 59850.00 59850.00 59850.00
VEHÍCULO 1485.71
ADQUISICIÓN DE EQ COMPUTO 30000.00
ADQUISICIÓN DEL VEHÍCULO 12000.00
GASTOS ADM. Y VENTAS 21320.00 26720.00 31120.00 31120.00
(AMORT. INTANGIBLES) 14710.00 14710.00 14710.00 14710.00
IMPUESTOS 146289.00 174609.00 203229.00 202783.29
TOTAL EGRESOS 987605.65 286099.00 337019.00 399239.00 428793.29

I-E = FCE -987605.65 415901.00 481981.00 536761.00 510206.71


FLUJO DE CAJA FINANCIERO
AÑOS 0 1 2 3 4
RUBRO
INGRESOS
INGRESO VENTAS 702000.00 819000.00 936000.00 936000.00
VALOR LIBROS (TERRENO)
VALOR RESIDUAL
EDIFICIO
MAQUINARIA
EQ. COMPUTO 3000.00
VALOR VENTA DEL AUTOMOVIL
VALOR DE RECUPERACION

EDIFICIOS
MAQUINARIA
EQ. COMPUTO
VEHÍCULO
CAPITAL DE TRABAJO 100%
TOTAL INGRESO 0.00 702000.00 819000.00 936000.00 939000.00

EGRESOS
APORTE PROPIO 687605.65
COSTO DE PRODUCCION 193050.00 210250.00 227450.00 227450.00
(DEPRECIACION) 59850.00 59850.00 59850.00 59850.00
VEHÍCULO
GASTOS ADM. Y VENTAS 23000.00 28400.00 32800.00 32800.00
(AMORT. INTANGIBLES) 16390.00 16390.00 16390.00 16390.00
GASTOS FINANCIEROS 8400.00 24000.00 24000.00 24000.00 24000.00
INTERES VEHICULO 720.00
ADQ . EQUIPO COMPUTO 30000.00
ADQ. VEHICULO 12000.00
IMPUESTOS 138585.00 166905.00 195525.00 195309.00

AMORT. DEUDA 37500.00 37500.00 37500.00 37500.00


AMORT. VEHICULO 1714.29
TOTAL EGRESOS 696005.65 339895.00 390815.00 441035.00 455253.29

I-E = FCF -696005.65 362105.00 428185.00 494965.00 483746.71


A ECONÓMICO
5 6 7 8 9 10

936000.00 1053000.00 1053000.00 1053000.00 1170000.00 1170000.00


80000.00

30000.00
49000.00
3000.00 3000.00
1600.00

180000.00
0.00
13500.00
7428.57
14055.65
936000.00 1053000.00 1053000.00 1056000.00 1170000.00 1548584.23

228935.71 246135.71 246135.71 246135.71 263335.71 263335.71


59850.00 59850.00 59850.00 59850.00 59850.00 59850.00
1485.71 1485.71 1485.71 1485.71 1485.71 1485.71
30000.00

31120.00 24000.00 24000.00 24000.00 24000.00 24000.00


14710.00
202783.29 234859.29 234859.29 234859.29 264799.29 264799.29
386793.29 443659.29 443659.29 473659.29 490799.29 490799.29

549206.71 609340.71 609340.71 582340.71 679200.71 1057784.94


A FINANCIERO
5 6 7 8 9 10

936000.00 1053000.00 1053000.00 1053000.00 1170000.00 1170000.00


80000.00

30000.00
49000.00
3000.00 3000.00
1600.00

180000.00
0.00
13500.00
7428.57
13993.75
936000.00 1053000.00 1053000.00 1056000.00 1170000.00 1548522.32

227450.00 244650.00 244650.00 244650.00 261850.00 261850.00


59850.00 59850.00 59850.00 59850.00 59850.00 59850.00
1485.71
32800.00 24000.00 24000.00 24000.00 24000.00 24000.00
16390.00
24000.00 24000.00 24000.00 24000.00
720.00 720.00 720.00 720.00 720.00 720.00
30000.00

195309.00 227889.00 227889.00 227889.00 265029.00 265029.00

37500.00 37500.00 37500.00 37500.00


1714.29 1714.29 1714.29 1714.29 1714.29 1714.29
443253.29 500623.29 500623.29 500623.29 493463.29 491977.57

492746.71 552376.71 552376.71 555376.71 676536.71 1056544.75


FLUJOS DE CAJA

MONTO

450000.00

350000.00

250000.00

150000.00

50000.00

0 1 2 3 4 5 6 7 8 9 10
-50000.00

-150000.00

-250000.00

-350000.00

-450000.00

-550000.00

AÑOS

FLUJO DE CAJA ECONÓMICO FLUJO DE CAJA FINANCIERO


EVALUACION ECONOMICA 10.78% INTERSECCION DEL VAN Y TIR
AÑOS FCE FA VALOR ACTUAL
0 (987605.65) 1.0000 (987605.65) VAN VAN Y TIR ECONOMICO
1 415901.00 0.9026 375412.94 800,000.00
2 481981.00 0.8148 392706.84
3 536761.00 0.7355 394765.12 600,000.00
4 510206.71 0.6639 338706.29
5 549206.71 0.5992 329103.27 400,000.00
6 609340.71 0.5409 329591.37
7 609340.71 0.4882 297505.57 200,000.00
8 582340.71 0.4407 256644.13 Tasa_inicial =$L$18
9 679200.71 0.3978 270191.44 0.00
10 1057784.94 0.3591 379830.74
-200,000.00
VAN 2376852.06
-400,000.00

TIR ECONOMICO 49.22%


Valor C apit al (VAN)
TIR
BENEFICIO/COSTO 3.41

EVALUACION FINANCIERA 12%


AÑOS FCF FA VALOR ACTUAL INTERSECCION DEL VAN Y TIR
0 (696005.65) 1.0000 (696005.65)
1 362105.00 0.8929 323308.04 VAN VAN Y TIR FINANCIERO
2 428185.00 0.7972 341346.46 1,000,000.00
3 494965.00 0.7118 352306.31
4 483746.71 0.6355 307429.78 800,000.00
5 492746.71 0.5674 279597.72 600,000.00
6 552376.71 0.5066 279851.23
7 552376.71 0.4523 249867.17 400,000.00
8 555376.71 0.4039 224307.34
200,000.00=$L$18
Tasa_inicial
9 676536.71 0.3606 243965.92
10 1056544.75 0.3220 340179.13 0.00
VAN 2246153.45
-200,000.00

-400,000.00

TIR
400,000.00

200,000.00

0.00

-200,000.00

-400,000.00
TIR FINANCIERO 61.99%
BENEFICIO/COSTO 4.28
TIR
Datos para análisis del VAN y TIR
Variacion TIR VAN
AN Y TIR ECONOMICO -24.00% 25.22% 893,230.42
-21.00% 28.22% 716,244.97
-18.00% 31.22% 565,484.67
-15.00% 34.22% 436,087.97
-12.00% 37.22% 324,232.71
-9.00% 40.22% 226,889.64
-6.00% 43.22% 141,639.39
-3.00% 46.22% 66,535.31
0.00% 49.22% 0.00
3.00% 52.22% -59,253.49
6.00% 55.22% -112,281.99
9.00% 58.22% -159,958.82
12.00% 61.22% -203,009.98
15.00% 64.22% -242,042.52
18.00% 67.22% -277,566.79
TIR
21.00% 70.22% -310,014.15

Datos para análisis del VAN y TIR


Variacion TIR VAN
-35.00% 26.99% 924,604.47
-30.00% 31.99% 687,046.76
-25.00% 36.99% 503,019.82
-20.00% 41.99% 357,664.06
-15.00% 46.99% 240,818.82
-10.00% 51.99% 145,392.04
-5.00% 56.99% 66,337.57
0.00% 61.99% 0.00
5.00% 66.99% -56,313.30
10.00% 71.99% -104,616.99
15.00% 76.99% -146,440.56
20.00% 81.99% -182,961.01
25.00% 86.99% -215,095.63
30.00% 91.99% -243,567.78
35.00% 96.99% -268,954.13
RESUMEN ECONÓMICO FINANCIERO
PUNTO DE EQUILIBRIO 107,076.94 105,335.17
RENTABILIDAD 0.51 0.49
TIEMPO DE PAGO 1.96 2.03
CAPACIDAD DE PAGO 445,053.00 429,914.49
VALOR ACTUAL NETO 2,376,852.06 2,246,153.45
TASA INTERNA DE RETORNO 0.49 0.62
BENEFICIO - COSTO 3.41 4.28

Se considera rentable la evaluacion fiananciera por obtener mejores indicadores de


TIR y Beneficio-Costo; inclusive en escenarios de incremento y disminucion de precios.