Вы находитесь на странице: 1из 48

III.

1  Información del Estado de Resultados (en miles de Nuevos Soles)

Ingresos por ventas


Taquilla
Dulcería
Publicidad
Otros
Total ingresos

Costo de ventas
Costos de operación
Costo de venta de dulcería
Total costo de ventas

Utilidad Bruta

Gastos operativos
Gasto de administración
Gasto de ventas
Otros
Total gastos operativos

Utilidad operativa

Gastos financieros
Ingresos financieros
Diferencias en cambio

Utilidad antes de impuestos


Impuesto a la renta
Utilidad neta

Fuente: Estados financieros del Emisor auditados para los años 2014 y 2013.
29

III.2  Información del Estado de Situación Financiera (en miles de Nuevos Soles)

ACTIVOS
Activo Corriente
Efectivo y equivalente de efectivo
Activo financiero a valor razonable con efecto en resultados
Cuentas por Cobrar
Otras cuentas por cobrar
Cuentas por cobrar a subsidiarias
Existencias
Gastos pagados por anticipado
Total Activo Corriente

Activo Fijo
Cuentas por cobrar a subsidiarias
Inversión en Subsidiarias
Inmuebles, maquinaria y equipo, neto
Intangibles, neto
Total Activo No Corriente
Total Activo
PASIVO
Pasivo Corriente
Cuentas por pagar comerciales
Cuentas por pagar a subsidiarias
Tributos, remuneraciones y otras ctas. por pagar
Porción corriente préstamos largo plazo
Total Pasivo Corriente
Total Pasivo No Corriente
Deudas a largo plazo
Pasivo por IR diferido, neto
Total Deuda Financiera
Total Pasivo
Ganancias diferidas
Patrimonio
Capital Social
Reserva legal
Resultados acumulados
Total Patrimonio neto
Total Pasivo y Patrimonio
A A
Diciembre Diciembre
2014 2013

138,108 112,631
92,544 71,899
5,212 4,915
8,664 5,029
244,528 194,474

-146,832 -117,998
-18,435 -15,133
-165,267 -133,131

79,261 61,343

-18,509 -12,805
-3,298 -2,599
-808 616
-22,615 -14,788

56,646 46,555

-12,425 -6,726
681 389
-1,943 -3,471

42,959 36,747
-12,506 -11,685
30,453 25,062
A A
Diciembre Diciembre
2014 2013

27,372 8,723
23,470 4,175
7,264 3,895
6,390 11,365
846 213
3,701 3,663
16,997 7,091
86,040 39,125

0 0
23,932 23,932
234,253 160,917
646 628
258,831 185,477
344,871 224,602

24,442 18,376
628 526
22,443 4,334
18,686 55,427
66,199 78,663
190,285 63,622
7,367 9,095
197,652 72,717
263,851 151,380
3,756 3,106

15,912 15,912
6,229 6,229
55,122 47,975
77,263 70,116
344,871 224,602
III.1  Información del Estado de Resultados (en miles de Soles)

A
Diciembre
2016
Ingresos por ventas
Taquilla 209,493
Dulcería 156,838
Publicidad 8,846
Otros 15,329
Total ingresos 390,506

Costos
Costos de operación y ventas -257,913

Utilidad Bruta 132,593

Gastos operativos
Gasto de administración -22,469
Gasto de ventas -4,038
Otros 666
Total gastos operativos -25,841

Utilidad operativa 106,752

Gastos financieros -14,805


Ingresos financieros 547
Diferencias en cambio -1,805

Utilidad antes de impuestos 90,688


Impuesto a la renta -26,979
Utilidad neta 63,709

Fuente: Estados financieros del Emisor auditados para los años 2016 y 2015.

III.2  Información del Estado de Situación Financiera (en miles de Soles)

A
Diciembre
2016
ACTIVOS
Activo Corriente
Efectivo y equivalente de efectivo 18,331
Activo financiero a valor razonable con efecto en resultados
Cuentas por Cobrar 6,648
Otras cuentas por cobrar 7,045
Cuentas por cobrar a subsidiarias 305
Existencias 5,222
Gastos pagados por anticipado 2,491
Total Activo Corriente 40,042

Activo No Corriente
Gastos pagados por anticipado 17,816
Inversión en Subsidiarias 23,932
Inmuebles, maquinaria y equipo, neto 289,764
Intangibles, neto 1,202
Total Activo No Corriente 332,714
Total Activo 372,756
PASIVO
Pasivo Corriente
Cuentas por pagar comerciales 40,594
Cuentas por pagar a subsidiarias 509
Tributos, remuneraciones y otras ctas. por pagar 37,498
Porción corriente préstamos largo plazo 49,815
Total Pasivo Corriente 128,416

Pasivo No Corriente
Deudas a largo plazo 154,701
Pasivo por IR diferido, neto 7,850
Ganancias diferidas 5,996
Total Pasivo No Corriente 168,547
Total Pasivo 296,963
Patrimonio
Capital Social 64,498
Reserva legal 6,229
Resultados acumulados 5,066
Total Patrimonio neto 75,793
Total Pasivo y Patrimonio 372,756
A
Diciembre
2015

178,567
123,219
7,977
11,769
321,532

-219,383

102,149

-18,964
-3,187
-418
-22,569

79,580

-15,821
812
-1,377

63,194
-18,072
45,122

A
Diciembre
2015

37,226
9,976
6,356
63
4,036
814
58,471

17,212
23,932
237,392
775
279,311
337,782

28,901
348
13,200
35,263
77,712

170,410
7,071
6,237
183,718
261,430

64,498
6,229
5,625
76,352
337,782
CINE PLANET
Estado de Situación Financiera (en miles de Soles)
A Diciembre A Diciembre Participación Porcentual
2018 2017 2018
ACTIVOS
Activo Corriente
Efectivo y equivalente de efectivo 75,147 18,555 16.23%
Otros activos financieros 330 - 0.07%
Cuentas por Cobrar 12,764 10,117 2.76%
Otras cuentas por cobrar 6,546 6,399 1.41%
Cuentas por cobrar a subsidiarias 3,458 138 0.75%
Existencias 8,684 6,206 1.88%
Gastos pagados por anticipado 1,485 2,584 0.32%
Total Activo Corriente 108,414 43,999 23.42%

Activo No Corriente 897.54


Gastos pagados por anticipado 19,810 16,059 4.28%
Inversión en Subsidiarias 23,932 23,932 5.17%
Inmuebles, maquinaria y equipo, neto 303,808 314,425 65.62%
Intangibles, neto 7,025 3,718 1.52%
Total Activo No Corriente 354,575 358,134 76.58%
Total Activo 462,989 402,133 100%
PASIVO
Pasivo Corriente 599.47
Cuentas por pagar comerciales 46,466 41,119 10.04%
Cuentas por pagar a subsidiarias 535 429 0.12%
Tributos, remuneraciones y otras ctas. por pagar 14,695 17,393 3.17%
Porción corriente préstamos largo plazo 73,231 102,703 15.82%
Total Pasivo Corriente 134,927 161,644 29.14%

Pasivo No Corriente
Deudas a largo plazo 170,341 137,165 36.79%
Pasivo por IR diferido, neto 10,141 8,495 2.19%
Ganancias diferidas 26,342 9,401 5.69%
Total Pasivo No Corriente 206,824 155,061 44.67%
Total Pasivo 341,751 316,705 73.81%
Patrimonio
Capital Social 64,498 64,498 13.93%
Reserva legal 12,900 6,229 2.79%
Resultados acumulados 43,840 14,701 9.47%
Total Patrimonio neto 121,238 85,428 26.19%
Total Pasivo y Patrimonio 462,989 402,133 100%

Estado de Resultados (en miles de Soles)


A Diciembre A Diciembre Participación Porcentual
2018 2017 2018
Ingresos por ventas
Taquilla 227,440 236,276 52.61%
Dulcería 171,814 180,436 39.74%
Publicidad 11,381 10,510 2.63%
Otros 21,674 14,238 5.01%
Total ingresos 432,309 441,460 100.00%

Costos
Costos de operación y ventas -290,535 -291,192 67.21%

Utilidad Bruta 141,774 150,268 32.79%

Gastos operativos
Gasto de administración -29,969 -29,208 6.93%
Gasto de ventas -5,845 -5,390 1.35%
Otros -2,417 1,379 0.56%
Total gastos operativos -38,231 -33,219 8.84%

Utilidad operativa 103,543 117,049 23.45%

Gastos financieros -16,643 -16,565 3.85%


Ingresos financieros 587 533 0.14%
Ingresos por dividendos 3,370 - 0.78%
Diferencias en cambio -1,103 -2,721 0.26%

Utilidad antes de impuestos 89,754 98,296 20.76%


Impuesto a la renta -29,807 -30,713 6.89%
Utilidad neta 59,947 67,583 13.87%
articipación Porcentual Variación Anual %
2017 2018 / 2017

4.61% 305.00%

2.52% 26.16%
1.59% 2.30%
0.03% 2405.80%
1.54% 39.93%
0.64% -42.53%
10.94% 146.40%

3.99% 23.36%
5.95% 0.00%
78.19% -3.38%
0.92% 88.95%
89.06% -0.99%
100% 15.13%

10.23% 13.00%
0.11% 24.71%
4.33% -15.51%
25.54% -28.70%
40.20% -16.53%

34.11% 24.19%
2.11% 19.38%
2.34% 180.20%
38.56% 33.38%
78.76% 7.91%

16.04% 0.00%
1.55% 107.10%
3.66% 198.21%
21.24% 41.92%
100% 15.13%

articipación Porcentual Variación Anual %


2017 2018 / 2017

53.52% -3.74%
40.87% -4.78%
2.38% 8.29%
3.23% 52.23%
100.00% -2.07%

65.96% -0.23%

34.04% -5.65%

6.62% 2.61%
1.22% 8.44%
0.31% -275.27%
7.52% 15.09%

27.08% -11.54%

3.75% 0.47%
0.12% 10.13%

0.62% -59.46%

22.27% -8.69%
6.96% -2.95%
15.31% -11.30%
CINEPLANET
Índices de rentabilidad
A Diciembre A Diciembre
2018 2017 VARIACION
Índices de Liquidez
Prueba Corriente 0.80% 0.27% 295%
Razón rápida 0.74% 0.23% 216%
Razón de efectivo 0.56% 0.11% 385%
Capital de trabajo neto o activos totales 0.26% 0.21% 23%
Medida del intervalo 0.37% 0.15% 147%
Razones de apalancamiento financiero
Razón de deuda total 0.74% 0.79% -6%
Razón de deuda - capital 1.79% 2.09% -14%
Multiplicador del capital 3.82% 4.71% -19%
Razón de deuda a largo plazo 0.88% 0.73% 20%
Razón de veces que se ha ganado interés 5.39% 5.93% -9%
Razones de actividad o rotacion de
activos
Rotación de inventario 33.46% 46.92% -29%
Rotación de cuentas por cobrar 18.99% 26.51% -28%
Rotación de capital trabajo neto 3.57% 5.17% -31%
Rotación de activos fijos 3.99% 10.03% -60%
Rotación de activos totales 0.93% 1.10% -15%
Índices de rentabilidad
Rentabilidad Neta sobre Patrimonio 49.45% 79.11% -37%
Rentabilidad Neta sobre Ingresos 13.87% 15.31% -9%
Análisis Dupont

Costo de Productos Vendidos Ventas


2017 -291,192.00 2017 441,460.00
2018 -290,535.00 2018 432,309.00
Var.% -0.23% Var.% -2.07%
más
Gastos Administrativos y de Ventas Menos
2017 -34,598.00 Costo Total
2018 -35,814.00 2017 -373,068.00
Var.% 3.51% 2018 -372,799.00
Var.% -0.07%
Gastos Financieros
2017 -16,565.00 igual
2018 -16,643.00
Var.% 0.47% Gananc.Dispon. Para Acc. Com.
más 2017 814,528.00
Particip. Utilidad de Trabajadores 2018 805,108.00
2017 0.00 Var.% -1.16%
2018 0.00
Var.% 0.00% dividido entre
más Ventas
Impuesto a la Renta 2017 441,460.00
2017 -30,713.00 2018 432,309.00
2018 -29,807.00 Var.% -2.07%
Var.% -2.95%

Activos Corrientes Ventas


2017 43,999.00 2017 441,460.00
2018 108,414.00 2018 432,309.00
Var.% 146.40% Var.% -2.07%

más dividido entre


Activo Fijo Total Activos
2017 358,134.00 2017 402,133.00
2018 354,575.00 2018 462,989.00
Var.% -0.99% Var.% 15.13%

Pasivos Corrientes Total Pasivos


2017 161,644.00 2017 298,809.00
2018 134,927.00 2018 305,268.00
Var.% -16.53% Var.% 2.16%
más más
Deuda a Largo Plazo Patrimonio de los Accionistas
2017 137,165.00 2017 85,428.00
2018 170,341.00 2018 121,238.00
Var.% 24.19% Var.% 41.92%
Año Inicial Año Final
2017 2018

Margen de Utilidad Neta


2017 184.51%
2018 186.23%
Var.% 1.73 pbs

Rent. de la Inv. (ROA)


2017 202.55%
Multiplicado por 2018 173.89%
Var.% -28.66 pbs

Rotac. de Activ. Totales


2017 1.10
2018 0.93
Var.% -14.94%

Rentabilidad del Patrimonio


2017
2018
Var.%

Total Pas. y Patr. de Acc.


2017 384,237
2018 426,506
Var.% 11.00%
dividido entre Multip. de Apal. Financ.
Capital Acc. Comunes 2017 4.50
2017 85,428 2018 3.52
2018 121,238 Var.% -21.8%
Var.% 41.92%
911.04%
611.74%
-299.29 pbs
CÁLCULO DE COK Y WACC: Cine Planet

Tasa de libre riesgo (Rf) =


6.59%
Tasa de riesgo del mercado (Rm) =
11.51%
Beta del sector = 1.18
Porcentaje de capital propio= 33.23%
Porcentaje de deuda = 66.77%
Deuda TEA = 12.30%
IR= 28%
RIESGO PAIS = 1.68%

COK 14.08%
WACC 10.59%
Fuente Damodaran serie histórica de
1989 -2018 (30 años)
Fuente Damodaran serie histórica de
1989 -2018 (30 años) S&P 500

Patrimonio 121,238.00 balance Capital


QUE TIENEN COSTO Deuda CP 73,231.00 balance Deuda
QUE TIENEN COSTO Deuda LP 170,341.00 balance
Fuente: bcrp TOTAL 364,810.00

Gasto Interés 29,969.00 eerr


TEA deuda 12.30% calculo
33.23%
66.77%
Date updated: 5-Jan-18
Created by: Aswath Damodaran, adamodar@stern.nyu.edu
What is this data? Beta, Unlevered beta a
Home Page: http://www.damodaran.com
Data website: http://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html
Companies in each industry: http://www.stern.nyu.edu/~adamodar/pc/datasets/indname.xls
Variable definitions: http://www.stern.nyu.edu/~adamodar/New_Home_Page/datafile/variable.htm
Do you want to use marginal or effective tax rates in unleve
If marginal tax rate, enter the marginal tax rate to use
Unlevered beta
Industry Name Number of firms corrected for cash HiLo Risk
Advertising 78 1.52 0.3802
Aerospace/Defense 73 1.04 0.3110
Air Transport 82 0.59 0.2570
Apparel 901 0.82 0.3220
Auto & Truck 80 1.42 0.2883
Auto Parts 444 1.30 0.3120
Bank (Money Center) 457 0.52 0.2076
Banks (Regional) 82 0.27 0.2820
Beverage (Alcoholic) 121 0.74 0.2727
Beverage (Soft) 37 0.41 0.2827
Broadcasting 60 1.08 0.2749
Brokerage & Investment Banking 386 0.59 0.3486
Building Materials 222 0.87 0.3055
Business & Consumer Services 226 1.02 0.3774
Cable TV 33 1.17 0.3222
Chemical (Basic) 608 1.07 0.3133
Chemical (Diversified) 38 1.42 0.3166
Chemical (Specialty) 468 1.08 0.3181
Coal & Related Energy 103 1.22 0.3301
Computer Services 416 1.18 0.3282
Computers/Peripherals 202 1.39 0.2956
Construction Supplies 535 1.08 0.3046
Diversified 239 0.57 0.2279
Drugs (Biotechnology) 178 1.10 0.3746
Drugs (Pharmaceutical) 605 1.06 0.2877
Education 99 0.95 0.3236
Electrical Equipment 573 1.14 0.3231
Electronics (Consumer & Office) 91 1.11 0.3606
Electronics (General) 792 1.43 0.3261
Engineering/Construction 773 0.97 0.3262
Entertainment 176 1.18 0.3695
Environmental & Waste Services 116 1.60 0.3702
Farming/Agriculture 291 0.77 0.2965
Financial Svcs. (Non-bank & Insura 529 0.52 0.3193
Food Processing 848 0.78 0.3107
Food Wholesalers 73 0.65 0.3487
Furn/Home Furnishings 213 1.03 0.2984
Green & Renewable Energy 84 0.78 0.2887
Healthcare Products 191 1.14 0.3275
Healthcare Support Services 125 1.03 0.2830
Heathcare Information and Techno 76 1.27 0.3859
Homebuilding 36 1.18 0.3113
Hospitals/Healthcare Facilities 98 0.82 0.2295
Hotel/Gaming 414 0.93 0.2808
Household Products 255 0.96 0.3071
Information Services 63 1.57 0.3350
Insurance (General) 142 0.58 0.2104
Insurance (Life) 69 0.73 0.2068
Insurance (Prop/Cas.) 140 0.58 0.2299
Investments & Asset Management 376 0.29 0.3076
Machinery 718 1.23 0.3196
Metals & Mining 312 1.24 0.3576
Office Equipment & Services 71 0.88 0.2871
Oil/Gas (Integrated) 23 0.94 0.2279
Oil/Gas (Production and Exploratio 141 1.69 0.3992
Oil/Gas Distribution 86 1.23 0.3093
Oilfield Svcs/Equip. 246 1.19 0.3307
Packaging & Container 270 0.67 0.3043
Paper/Forest Products 193 0.72 0.3237
Power 371 0.63 0.2563
Precious Metals 98 1.57 0.3919
Publishing & Newspapers 172 0.99 0.3214
R.E.I.T. 182 0.52 0.1240
Real Estate (Development) 669 0.80 0.2912
Real Estate (General/Diversified) 276 0.91 0.2696
Real Estate (Operations & Services) 286 0.82 0.2724
Recreation 127 0.87 0.3147
Reinsurance 30 1.32 0.2058
Restaurant/Dining 114 1.10 0.3226
Retail (Automotive) 84 0.81 0.2985
Retail (Building Supply) 15 0.88 0.3266
Retail (Distributors) 557 0.66 0.3525
Retail (General) 136 1.12 0.2548
Retail (Grocery and Food) 63 1.11 0.2928
Retail (Online) 36 1.46 0.3340
Retail (Special Lines) 161 1.05 0.2918
Rubber& Tires 75 0.75 0.2652
Semiconductor 406 1.48 0.3149
Semiconductor Equip 176 1.25 0.3671
Shipbuilding & Marine 231 0.96 0.2751
Shoe 61 1.09 0.3288
Software (Entertainment) 58 1.58 0.3800
Software (Internet) 168 1.59 0.4051
Software (System & Application) 333 1.50 0.3535
Steel 510 0.97 0.3325
Telecom (Wireless) 62 1.01 0.2936
Telecom. Equipment 294 1.39 0.3521
Telecom. Services 115 0.78 0.2768
Tobacco 31 0.32 0.2597
Transportation 154 1.10 0.2667
Transportation (Railroads) 12 1.40 0.2024
Trucking 94 0.79 0.2775
Utility (General) 11 0.48 0.2016
Utility (Water) 62 1.12 0.2396
Total Market 21607 0.90 0.3095
Total Market (without financials 19426 1.00 0.3127
Standard deviation of equity Standard deviation in operating income (last 10 years)
41.38% 45.78%
35.88% 27.04%
26.37% 59.02%
36.32% 31.40%
27.83% 38.18%
32.90% 37.58%
21.83% 45.40%
28.67% 795.17%
26.50% 81.67%
29.32% 34.37%
32.44% 28.78%
34.02% 611.20%
34.49% 25.74%
38.23% 47.35%
35.06% 61.50%
32.44% 25.68%
29.77% 22.47%
34.33% 25.88%
38.96% 42.21%
35.95% 29.53%
31.57% 40.27%
32.85% 21.08%
24.65% 42.03%
40.54% 44.71%
30.51% 41.52%
35.38% 47.01%
34.17% 9.53%
38.55% 48.41%
34.69% 34.34%
34.83% 35.00%
42.36% 70.79%
36.17% 73.38%
33.28% 20.72%
34.56% 29.78%
34.30% 30.76%
35.37% 25.81%
32.43% 47.39%
31.73% 45.88%
35.25% 36.05%
34.27% 52.98%
35.34% 86.79%
39.88% 95.59%
29.13% 35.59%
32.73% 34.90%
32.75% 31.69%
36.04% 25.87%
25.70% 40.65%
24.86% 40.83%
29.77% 48.00%
35.49% 34.84%
33.78% 27.39%
40.92% 32.88%
34.19% 16.64%
24.54% 34.71%
47.23% 41.71%
33.81% 32.14%
36.49% 28.59%
34.53% 22.54%
33.77% 20.66%
26.66% 32.50%
46.77% 40.74%
34.01% 22.37%
14.51% 40.50%
31.50% 46.88%
29.68% 26.73%
31.85% 32.25%
30.97% 53.26%
29.87% 47.45%
35.65% 34.21%
32.94% 35.91%
31.92% 69.22%
38.67% 26.28%
27.68% 23.91%
29.68% 31.97%
32.32% 21.74%
33.58% 31.00%
27.16% 47.52%
33.27% 56.68%
35.80% 60.60%
31.54% 46.05%
39.18% 16.58%
40.28% 35.45%
39.91% 62.88%
39.69% 38.29%
37.82% 47.70%
27.74% 15.67%
36.81% 28.17%
28.32% 4.39%
25.57% 18.97%
31.79% 28.72%
23.60% 22.32%
30.02% 22.51%
22.65% 23.87%
33.51% 24.95%
33.51% 19.58%
33.84% 18.95%
Date updated: 31-Dec-14
Created by: Aswath Damodaran, adamodar@stern.nyu.edu
What is this data Historical returns: Stocks, T.Bonds & T.Bills with premiumUS companies
Home Page: http://www.damodaran.com
Data website: http://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html
Companies in each http://www.stern.nyu.edu/~adamodar/pc/datasets/indname.xls
Variable definitio http://www.stern.nyu.edu/~adamodar/New_Home_Page/datafile/variable.htm
Customized Geometric risk premium estimator
What is your riskfree rate? LT Estimates of risk premiums from 1928, ove
Enter your starting year 1981 are provided at the bottom of this table.

Value of stocks in starting year:  S/.       7,934.26 
Value of T.Bills in starting year:  S/.          448.58 
Value of T.bonds in starting year:  S/.          448.17 
Estimate of risk premium based on your inputs: 3.12%

Annual Returns on Investments in Compounded Value of $ 100

S&P 500
(includes
dividend 3-month Return on 10-
Year s) T.Bill year T. Bond Stocks T.Bills
1928 43.81% 3.08% 0.84% S/. 143.81 S/. 103.08
1929 -8.30% 3.16% 4.20% S/. 131.88 S/. 106.34
1930 -25.12% 4.55% 4.54% S/. 98.75 S/. 111.18
1931 -43.84% 2.31% -2.56% S/. 55.46 S/. 113.74
1932 -8.64% 1.07% 8.79% S/. 50.66 S/. 114.96
1933 49.98% 0.96% 1.86% S/. 75.99 S/. 116.06
1934 -1.19% 0.32% 7.96% S/. 75.09 S/. 116.44
1935 46.74% 0.18% 4.47% S/. 110.18 S/. 116.64
1936 31.94% 0.17% 5.02% S/. 145.38 S/. 116.84
1937 -35.34% 0.30% 1.38% S/. 94.00 S/. 117.19
1938 29.28% 0.08% 4.21% S/. 121.53 S/. 117.29
1939 -1.10% 0.04% 4.41% S/. 120.20 S/. 117.33
1940 -10.67% 0.03% 5.40% S/. 107.37 S/. 117.36
1941 -12.77% 0.08% -2.02% S/. 93.66 S/. 117.46
1942 19.17% 0.34% 2.29% S/. 111.61 S/. 117.85
1943 25.06% 0.38% 2.49% S/. 139.59 S/. 118.30
1944 19.03% 0.38% 2.58% S/. 166.15 S/. 118.75
1945 35.82% 0.38% 3.80% S/. 225.67 S/. 119.20
1946 -8.43% 0.38% 3.13% S/. 206.65 S/. 119.65
1947 5.20% 0.57% 0.92% S/. 217.39 S/. 120.33
1948 5.70% 1.02% 1.95% S/. 229.79 S/. 121.56
1949 18.30% 1.10% 4.66% S/. 271.85 S/. 122.90
1950 30.81% 1.17% 0.43% S/. 355.60 S/. 124.34
1951 23.68% 1.48% -0.30% S/. 439.80 S/. 126.18
1952 18.15% 1.67% 2.27% S/. 519.62 S/. 128.29
1953 -1.21% 1.89% 4.14% S/. 513.35 S/. 130.72
1954 52.56% 0.96% 3.29% S/. 783.18 S/. 131.98
1955 32.60% 1.66% -1.34% S/. 1,038.47 S/. 134.17
1956 7.44% 2.56% -2.26% S/. 1,115.73 S/. 137.60
1957 -10.46% 3.23% 6.80% S/. 999.05 S/. 142.04
1958 43.72% 1.78% -2.10% S/. 1,435.84 S/. 144.57
1959 12.06% 3.26% -2.65% S/. 1,608.95 S/. 149.27
1960 0.34% 3.05% 11.64% S/. 1,614.37 S/. 153.82
1961 26.64% 2.27% 2.06% S/. 2,044.40 S/. 157.30
1962 -8.81% 2.78% 5.69% S/. 1,864.26 S/. 161.67
1963 22.61% 3.11% 1.68% S/. 2,285.80 S/. 166.70
1964 16.42% 3.51% 3.73% S/. 2,661.02 S/. 172.54
1965 12.40% 3.90% 0.72% S/. 2,990.97 S/. 179.28
1966 -9.97% 4.84% 2.91% S/. 2,692.74 S/. 187.95
1967 23.80% 4.33% -1.58% S/. 3,333.69 S/. 196.10
1968 10.81% 5.26% 3.27% S/. 3,694.23 S/. 206.41
1969 -8.24% 6.56% -5.01% S/. 3,389.77 S/. 219.96
1970 3.56% 6.69% 16.75% S/. 3,510.49 S/. 234.66
1971 14.22% 4.54% 9.79% S/. 4,009.72 S/. 245.32
1972 18.76% 3.95% 2.82% S/. 4,761.76 S/. 255.01
1973 -14.31% 6.73% 3.66% S/. 4,080.44 S/. 272.16
1974 -25.90% 7.78% 1.99% S/. 3,023.54 S/. 293.33
1975 37.00% 5.99% 3.61% S/. 4,142.10 S/. 310.90
1976 23.83% 4.97% 15.98% S/. 5,129.20 S/. 326.35
1977 -6.98% 5.13% 1.29% S/. 4,771.20 S/. 343.09
1978 6.51% 6.93% -0.78% S/. 5,081.77 S/. 366.87
1979 18.52% 9.94% 0.67% S/. 6,022.89 S/. 403.33
1980 31.74% 11.22% -2.99% S/. 7,934.26 S/. 448.58
1981 -4.70% 14.30% 8.20% S/. 7,561.16 S/. 512.73
1982 20.42% 11.01% 32.81% S/. 9,105.08 S/. 569.18
1983 22.34% 8.45% 3.20% S/. 11,138.90 S/. 617.26
1984 6.15% 9.61% 13.73% S/. 11,823.51 S/. 676.60
1985 31.24% 7.49% 25.71% S/. 15,516.60 S/. 727.26
1986 18.49% 6.04% 24.28% S/. 18,386.33 S/. 771.15
1987 5.81% 5.72% -4.96% S/. 19,455.08 S/. 815.27
1988 16.54% 6.45% 8.22% S/. 22,672.40 S/. 867.86
1989 31.48% 8.11% 17.69% S/. 29,808.58 S/. 938.24
1990 -3.06% 7.55% 6.24% S/. 28,895.11 S/. 1,009.08
1991 30.23% 5.61% 15.00% S/. 37,631.51 S/. 1,065.69
1992 7.49% 3.41% 9.36% S/. 40,451.51 S/. 1,101.98
1993 9.97% 2.98% 14.21% S/. 44,483.33 S/. 1,134.84
1994 1.33% 3.99% -8.04% S/. 45,073.14 S/. 1,180.07
1995 37.20% 5.52% 23.48% S/. 61,838.19 S/. 1,245.15
1996 22.68% 5.02% 1.43% S/. 75,863.69 S/. 1,307.68
1997 33.10% 5.05% 9.94% S/. 100,977.34 S/. 1,373.76
1998 28.34% 4.73% 14.92% S/. 129,592.25 S/. 1,438.70
1999 20.89% 4.51% -8.25% S/. 156,658.05 S/. 1,503.58
2000 -9.03% 5.76% 16.66% S/. 142,508.98 S/. 1,590.23
2001 -11.85% 3.67% 5.57% S/. 125,622.01 S/. 1,648.63
2002 -21.97% 1.66% 15.12% S/. 98,027.82 S/. 1,675.96
2003 28.36% 1.03% 0.38% S/. 125,824.39 S/. 1,693.22
2004 10.74% 1.23% 4.49% S/. 139,341.42 S/. 1,714.00
2005 4.83% 3.01% 2.87% S/. 146,077.85 S/. 1,765.59
2006 15.61% 4.68% 1.96% S/. 168,884.34 S/. 1,848.18
2007 5.48% 4.64% 10.21% S/. 178,147.20 S/. 1,933.98
2008 -36.55% 1.59% 20.10% S/. 113,030.22 S/. 1,964.64
2009 25.94% 0.14% -11.12% S/. 142,344.87 S/. 1,967.29
2010 14.82% 0.13% 8.46% S/. 163,441.94 S/. 1,969.84
2011 2.10% 0.03% 16.04% S/. 166,871.56 S/. 1,970.44
2012 15.89% 0.05% 2.97% S/. 193,388.43 S/. 1,971.42
2013 32.15% 0.07% -9.10% S/. 255,553.31 S/. 1,972.72
2014 13.52% 0.05% 10.75% S/. 290,115.42 S/. 1,973.77
2015 1.38% 0.21% 1.28% S/. 294,115.79 S/. 1,977.91
2016 11.77% 0.51% 0.69% S/. 328,742.28 S/. 1,988.00
2017 21.61% 1.39% 2.80% S/. 399,768.64 S/. 2,015.63
2018 -4.23% 2.37% -0.02% S/. 382,850.00 S/. 2,063.40
1989 a 2018 11.51% 6.59% Risk Premium
Arithmetic Average Stocks ­ T.Bills
1928­2018 11.36% 3.43% 5.10% 7.93%
1969­2018 11.10% 4.76% 7.10% 6.34%
2009­2018 13.49% 0.49% 2.28% 13.00%
Risk Premium
Geometric Average Stocks ­ T.Bills
1928­2018 9.49% 3.38% 4.83% 6.11%
1969­2018 9.73% 4.71% 6.69% 5.01%
2009­2018 12.98% 0.49% 1.97% 12.48%
e.htm

premiums from 1928, over the last 50 years and over the last 10 years
e bottom of this table.

e of $ 100 Real Returns on Investments in

S&P 500
(includes
Stocks - Stocks - Historical risk Inflation dividends) 3-month T.
T.Bonds Bills Bonds premium Rate 2 Bill (Real)
S/. 100.84 40.73% 42.98% 43.81% 3.08%
S/. 105.07 -11.46% -12.50% ­8.30% 3.16%
S/. 109.85 -29.67% -29.66% ­25.12% 4.55%
S/. 107.03 -46.15% -41.28% ­43.84% 2.31%
S/. 116.44 -9.71% -17.43% ­8.64% 1.07%
S/. 118.60 49.02% 48.13% 49.98% 0.96%
S/. 128.05 -1.51% -9.15% ­1.19% 0.32%
S/. 133.78 46.57% 42.27% 46.74% 0.17%
S/. 140.49 31.77% 26.93% 31.94% 0.17%
S/. 142.43 -35.64% -36.72% ­35.34% 0.30%
S/. 148.43 29.21% 25.07% 29.28% 0.08%
S/. 154.98 -1.14% -5.51% ­1.10% 0.04%
S/. 163.35 -10.70% -16.08% ­10.67% 0.03%
S/. 160.04 -12.85% -10.75% ­12.77% 0.08%
S/. 163.72 18.84% 16.88% 19.17% 0.34%
S/. 167.79 24.68% 22.57% 25.06% 0.38%
S/. 172.12 18.65% 16.45% 19.03% 0.38%
S/. 178.67 35.44% 32.02% 35.82% 0.38%
S/. 184.26 -8.81% -11.56% ­8.43% 0.38%
S/. 185.95 4.63% 4.28% 5.20% 0.57%
S/. 189.58 4.68% 3.75% 5.70% 1.02%
S/. 198.42 17.20% 13.64% 18.30% 1.10%
S/. 199.27 29.63% 30.38% 30.81% 1.17%
S/. 198.68 22.20% 23.97% 23.68% 1.48%
S/. 203.19 16.48% 15.88% 18.15% 1.67%
S/. 211.61 -3.10% -5.35% ­1.21% 1.89%
S/. 218.57 51.60% 49.27% 52.56% 0.96%
S/. 215.65 30.94% 33.93% 32.60% 1.66%
S/. 210.79 4.88% 9.70% 7.44% 2.56%
S/. 225.11 -13.69% -17.25% ­10.46% 3.23%
S/. 220.39 41.94% 45.82% 43.72% 1.78%
S/. 214.56 8.80% 14.70% 12.06% 3.26%
S/. 239.53 -2.71% -11.30% 6.11% 0.34% 3.05%
S/. 244.46 24.37% 24.58% 6.62% 26.64% 2.27%
S/. 258.38 -11.59% -14.51% 5.97% ­8.81% 2.78%
S/. 262.74 19.50% 20.93% 6.36% 22.61% 3.11%
S/. 272.53 12.91% 12.69% 6.53% 16.42% 3.51%
S/. 274.49 8.50% 11.68% 6.66% 12.40% 3.90%
S/. 282.47 -14.81% -12.88% 6.11% ­9.97% 4.84%
S/. 278.01 19.47% 25.38% 6.57% 23.80% 4.33%
S/. 287.11 5.55% 7.54% 6.60% 10.81% 5.26%
S/. 272.71 -14.80% -3.23% 6.33% ­8.24% 6.56%
S/. 318.41 -3.12% -13.19% 5.90% 3.56% 6.69%
S/. 349.57 9.68% 4.43% 5.87% 14.22% 4.54%
S/. 359.42 14.80% 15.94% 6.08% 18.76% 3.95%
S/. 372.57 -21.03% -17.97% 5.50% ­14.31% 6.73%
S/. 379.98 -33.68% -27.89% 4.64% ­25.90% 7.78%
S/. 393.68 31.01% 33.39% 5.17% 37.00% 5.99%
S/. 456.61 18.86% 7.85% 5.22% 23.83% 4.97%
S/. 462.50 -12.11% -8.27% 4.93% ­6.98% 5.13%
S/. 458.90 -0.42% 7.29% 4.97% 6.51% 6.93%
S/. 461.98 8.58% 17.85% 5.21% 18.52% 9.94%
S/. 448.17 20.52% 34.72% 5.73% 31.74% 11.22%
S/. 484.91 -19.00% -12.90% 5.37% ­4.70% 14.30%
S/. 644.04 9.41% -12.40% 5.10% 20.42% 11.01%
S/. 664.65 13.89% 19.14% 5.34% 22.34% 8.45%
S/. 755.92 -3.47% -7.59% 5.12% 6.15% 9.61%
S/. 950.29 23.75% 5.52% 5.13% 31.24% 7.49%
S/. 1,181.06 12.46% -5.79% 4.97% 18.49% 6.03%
S/. 1,122.47 0.09% 10.77% 5.07% 5.81% 5.72%
S/. 1,214.78 10.09% 8.31% 5.12% 16.54% 6.45%
S/. 1,429.72 23.37% 13.78% 5.24% 31.48% 8.11%
S/. 1,518.87 -10.61% -9.30% 5.00% ­3.06% 7.55%
S/. 1,746.77 24.62% 15.23% 5.14% 30.23% 5.61%
S/. 1,910.30 4.09% -1.87% 5.03% 7.49% 3.41%
S/. 2,181.77 6.98% -4.24% 4.90% 9.97% 2.98%
S/. 2,006.43 -2.66% 9.36% 4.97% 1.33% 3.99%
S/. 2,477.55 31.68% 13.71% 5.08% 37.20% 5.52%
S/. 2,512.94 17.66% 21.25% 5.30% 22.68% 5.02%
S/. 2,762.71 28.05% 23.16% 5.53% 33.10% 5.05%
S/. 3,174.95 23.61% 13.42% 5.63% 28.34% 4.73%
S/. 2,912.88 16.38% 29.14% 5.96% 20.89% 4.51%
S/. 3,398.03 -14.79% -25.69% 5.51% ­9.03% 5.76%
S/. 3,587.37 -15.52% -17.42% 5.17% ­11.85% 3.67%
S/. 4,129.65 -23.62% -37.08% 4.53% ­21.97% 1.66%
S/. 4,145.15 27.33% 27.98% 4.82% 28.36% 1.03%
S/. 4,331.30 9.52% 6.25% 4.84% 10.74% 1.23%
S/. 4,455.50 1.82% 1.97% 4.80% 4.83% 3.01%
S/. 4,542.87 10.94% 13.65% 4.91% 15.61% 4.68%
S/. 5,006.69 0.84% -4.73% 4.79% 5.48% 4.64%
S/. 6,013.10 -38.14% -56.65% 3.88% ­36.55% 1.59%
S/. 5,344.65 25.80% 37.05% 4.29% 25.94% 0.13%
S/. 5,796.96 14.69% 6.36% 4.31% 14.82% 0.13%
S/. 6,726.52 2.07% -13.94% 4.10% 2.10% 0.03%
S/. 6,926.40 15.84% 12.92% 4.20% 15.89% 0.05%
S/. 6,295.79 32.08% 41.25% 4.62% 32.15% 0.07%
S/. 6,972.34 13.47% 2.78% 4.60% 13.52% 0.05%
S/. 7,061.89 1.17% 0.09% 4.54% 1.38% 0.21%
S/. 7,110.65 11.26% 11.08% 4.62% 11.77% 0.51%
S/. 7,309.87 20.22% 18.80% 4.77% 21.61% 1.39%
S/. 7,308.65 -6.60% -4.22% 4.66% ­4.23% 2.37%
k Premium Standard Error
Stocks ­ T.BonStocks ­ T.BiStocks ­ T.Bonds
6.26% 2.09% 2.22%
4.00% 2.38% 2.71%
11.22% 3.71% 5.50%

Stocks ­ T.Bonds
4.66%
3.04%
11.00%
ns on Investments in

!0-year
T.Bonds
0.84%
4.20%
4.54%
­2.56%
8.79%
1.86%
7.96%
4.47%
5.02%
1.38%
4.21%
4.41%
5.40%
­2.02%
2.29%
2.49%
2.58%
3.80%
3.13%
0.92%
1.95%
4.66%
0.43%
­0.30%
2.27%
4.14%
3.29%
­1.34%
­2.26%
6.80%
­2.10%
­2.65%
11.64%
2.06%
5.69%
1.68%
3.73%
0.72%
2.91%
­1.58%
3.27%
­5.01%
16.75%
9.79%
2.82%
3.66%
1.99%
3.61%
15.98%
1.29%
­0.78%
0.67%
­2.99%
8.20%
32.81%
3.20%
13.73%
25.71%
24.28%
­4.96%
8.22%
17.69%
6.24%
15.00%
9.36%
14.21%
­8.04%
23.48%
1.43%
9.94%
14.92%
­8.25%
16.66%
5.57%
15.12%
0.38%
4.49%
2.87%
1.96%
10.21%
20.10%
­11.12%
8.46%
16.04%
2.97%
­9.10%
10.75%
1.28%
0.69%
2.80%
­0.02%
Year S&P 500 Dividends Dividend Yield T.Bond rate Return on bond
1927 17.66 0.6181 0.035 0.0317
1928 24.35 1.04705 0.043 0.0345 0.0083547086
1929 21.45 0.87945 0.041 0.0336 0.0420380416
1930 15.34 0.72098 0.047 0.0322 0.0454093143
1931 8.12 0.49532 0.061 0.0393 -0.0255885596
1932 6.92 0.49824 0.072 0.0335 0.0879030699
1933 9.97 0.40877 0.041 0.0353 0.0185527209
1934 9.5 0.3515 0.037 0.0301 0.0796344262
1935 13.43 0.51034 0.038 0.0284 0.0447204773
1936 17.18 0.54 0.0314318976 0.0259 0.050178754
1937 10.55 0.55915 0.053 0.0273 0.0137914606
1938 13.14 0.49932 0.038 0.0256 0.0421324853
1939 12.46 0.53578 0.043 0.0235 0.0441226139
1940 10.58 0.55016 0.052 0.0201 0.054024816
1941 8.69 0.53878 0.062 0.0247 -0.0202219758
1942 9.77 0.5862 0.06 0.0249 0.0229486824
1943 11.67 0.54849 0.047 0.0249 0.0249
1944 13.28 0.61088 0.046 0.0248 0.0257761116
1945 17.36 0.67704 0.039 0.0233 0.0380441734
1946 15.3 0.5967 0.039 0.0224 0.0312837454
1947 15.3 0.7956 0.052 0.0239 0.0091969681
1948 15.2 0.9728 0.064 0.0244 0.0195103694
1949 16.79 1.19209 0.071 0.0219 0.0466348518
1950 20.43 1.53225 0.075 0.0239 0.0042959574
1951 23.77 1.49751 0.063 0.027 -0.0029531392
1952 26.57 1.51449 0.057 0.0275 0.0226799619
1953 24.81 1.43898 0.058 0.0259 0.0414384026
1954 35.98 1.87096 0.052 0.0251 0.0328980346
1955 45.48 2.22852 0.049 0.0296 -0.0133643913
1956 46.67 2.19349 0.047 0.0359 -0.0225577382
1957 39.99 1.79955 0.045 0.0321 0.0679701285
1958 55.21 2.26361 0.041 0.0386 -0.0209901818
1959 59.89 1.97637 0.033 0.0469 -0.0264663126
1960 58.11 1.981551 0.0341 0.0384 0.1163950369
1961 71.55 2.039175 0.0285 0.0406 0.0206092081
1962 63.1 2.1454 0.034 0.0386 0.0569354405
1963 75.02 2.348126 0.0313 0.0413 0.0168416207
1964 84.75 2.584875 0.0305 0.0418 0.0372806489
1965 92.43 2.828358 0.0306 0.0462 0.0071885509
1966 80.33 2.883847 0.0359 0.0484 0.0290794093
1967 96.47 2.980923 0.0309 0.057 -0.0158062099
1968 103.86 3.043098 0.0293 0.0603 0.032746197
1969 92.06 3.240512 0.0352 0.0765 -0.0501404932
1970 92.15 3.18839 0.0346 0.0639 0.1675473718
1971 102.09 3.16479 0.031 0.0593 0.0978689662
1972 118.05 3.18735 0.027 0.0636 0.0281844905
1973 97.55 3.60935 0.037 0.0674 0.036586646
1974 68.56 3.722808 0.0543 0.0743 0.0198860869
1975 90.19 3.733866 0.0414 0.08 0.036052536
1976 107.46 4.223178 0.0393 0.0687 0.1598456074
1977 95.1 4.85961 0.0511 0.0769 0.0128996061
1978 96.11 5.180329 0.0539 0.0901 -0.0077758069
1979 107.94 5.969082 0.0553 0.1039 0.0067072031
1980 135.76 6.435024 0.0474 0.1284 -0.0298974425
1981 122.55 6.826035 0.0557 0.1372 0.0819921534
1982 140.64 6.933552 0.0493 0.1054 0.3281454949
1983 164.93 7.124976 0.0432 0.1183 0.0320020945
1984 167.24 7.826832 0.0468 0.115 0.1373336434
1985 211.28 8.197664 0.0388 0.0926 0.2571248821
1986 242.17 8.185346 0.0338 0.0711 0.2428421514
1987 247.08 9.166668 0.0371 0.0899 -0.0496050894
1988 277.72 10.220096 0.0368 0.0911 0.0822359584
1989 353.4 11.73288 0.0332 0.0784 0.1769364716
1990 330.22 12.350228 0.0374 0.0808 0.0623537533
1991 417.09 12.971499 0.0311 0.0709 0.1500451002
1992 435.71 12.63559 0.029 0.0677 0.0936163732
1993 466.45 12.68744 0.0272 0.0577 0.1421095759
1994 459.27 13.364757 0.0291 0.0781 -0.0803665555
1995 615.93 14.16639 0.023 0.0571 0.2348078011
1996 740.74 14.888874 0.0201 0.063 0.0142860779
1997 970.43 15.522 0.0159949713 0.0581 0.0993913027
1998 1229.23 16.2 0.013178982 0.0465 0.1492143192
1999 1469.25 16.709 0.0113724689 0.0644 -0.082542148
2000 1320.28 16.27 0.0123231436 0.0511 0.1665526713
2001 1148.09 15.74 0.0137097266 0.0505 0.0557218119
2002 879.82 16.08 0.0182764656 0.0382 0.1511640038
2003 1111.91 17.39 0.015639755 0.0425 0.0037531859
2004 1211.92 19.44 0.0160406628 0.0422 0.044906837
2005 1248.29 22.22 0.0178003509 0.0439 0.0286753296
2006 1418.3 24.88 0.0175421279 0.047 0.0196100124
2007 1468.36 27.73 0.0188850146 0.0402 0.1020992193
2008 903.25 28.39 0.0314309438 0.0221 0.2010127993
2009 1115.1 22.41 0.0200968523 0.0384 -0.1111669531
2010 1257.64 22.73 0.0180735346 0.0329 0.0846293388
2011 1257.6 26.43 0.0210162214 0.0188 0.16035335
2012 1426.19 31.25 0.0219115265 0.0176 0.0297157198
2013 1848.36 36.28 0.019628211 0.03036 -0.0910456879
2014 2058.9 39.44 0.0191558599 0.0217 0.1074618045
2015 2043.9 43.39 0.0212290229 0.0227 0.0128429967
2016 2238.83 45.7 0.0204124476 0.0245 0.0069055047
2017 2673.61 48.93 0.0183010985 0.0241 0.0280171627
2018 2506.85 53.61 0.021385404 0.0288 -0.0001669239
Jan 1 notes
Used indicated dividends for last quarter of 2018
2011 2012 2013 2014 2015

Valor del Proyecto 2,235

Tasa de descuento (Wacc CINEPLANET) 10.59%

FC del accionista

Inversión
Saldo AC
Saldo ANC
FLUJO DE INVERSIÓN 224.60 344.87 337.78
Tasa de crecimiento 54% -2%

Operación
Ventas 194.474 244.528 321.53
CV 133.131 165.267 219.38
UB 61.34 79.26 102.15
Costos fijos 14.788 22.615 22.57
Depreciación
UAII 46.56 56.65 79.58
Impuesto 11.685 12.506 18.07
Utilidad neta 34.87 44.14 61.51
Tasa de crecimiento de las ventas 25.74% 31.49%
% CV 68.46% 67.59% 68.23%
% CF 7.60% 9.25% 7.02%
% Tasa impositiva 25.10% 22.08% 22.71%
2016 2017 2018 2019 2020 2021 2022 2023 2024

16.76 20.51 25.07 30.60 37.29 45.39

372.76 402.13 462.99 541.57 633.48 741.00 866.76 1,013.87 1,185.94


10% 8% 15% 17%

390.51 441.46 432.31 509.83 601.25 709.06 836.20 986.14 1,162.96


257.91 291.19 290.54 342.85 404.32 476.82 562.32 663.16 782.07
132.59 150.27 141.77 166.98 196.92 232.23 273.87 322.98 380.90
25.84 33.22 38.23 39.82 46.95 55.37 65.30 77.01 90.82

106.75 117.05 103.54 127.17 149.97 176.86 208.57 245.97 290.08


26.98 30.71 29.81 31.83 37.54 44.27 52.21 61.57 72.61
79.77 86.34 73.74 95.33 112.43 132.59 156.36 184.40 217.47
21.45% 13.05% -2.07% 17.93%
66.05% 65.96% 67.21% 67.25%
6.62% 7.52% 8.84% 7.81%
25.27% 26.24% 28.79% 25.03%
2025 2026 2027 2028 2029 2030 2031 2032

55.18 67.01 81.28 98.50 119.25 144.25 174.34 210.54

1,387.22 1,622.66 1,898.06 2,220.20 2,597.02 3,037.79 3,553.36 4,156.44

1,371.50 1,617.42 1,907.45 2,249.48 2,652.83 3,128.52 3,689.50 4,351.07


922.30 1,087.68 1,282.71 1,512.72 1,783.97 2,103.86 2,481.10 2,925.99
449.20 529.74 624.73 736.76 868.87 1,024.66 1,208.40 1,425.08
107.11 126.31 148.96 175.67 207.17 244.32 288.13 339.80

342.09 403.43 475.77 561.08 661.69 780.34 920.26 1,085.28


85.63 100.98 119.09 140.44 165.63 195.33 230.35 271.65
256.46 302.45 356.68 420.64 496.06 585.01 689.91 813.62
2033 2034 2035 2036 2037 2038 2039 2040

254.08 306.41 369.26 444.74 535.31 643.97 774.25 930.42

4,861.88 5,687.04 6,652.25 7,781.27 9,101.91 10,646.70 12,453.66 14,567.31

5,131.27 6,051.37 7,136.45 8,416.11 9,925.21 11,704.92 13,803.76 16,278.94


3,450.66 4,069.41 4,799.10 5,659.63 6,674.47 7,871.29 9,282.70 10,947.20
1,680.61 1,981.96 2,337.35 2,756.47 3,250.74 3,833.64 4,521.05 5,331.73
400.73 472.58 557.32 657.26 775.11 914.10 1,078.01 1,271.31

1,279.88 1,509.38 1,780.03 2,099.21 2,475.62 2,919.53 3,443.04 4,060.42


320.37 377.81 445.56 525.45 619.67 730.78 861.82 1,016.36
959.52 1,131.57 1,334.47 1,573.76 1,855.95 2,188.75 2,581.22 3,044.06
2041 2042 2043 2044 2045 2046 2047 2048

1,117.52 1,341.62 1,609.93 1,931.05 2,315.27 2,774.81 3,324.30 3,981.13

17,039.69 19,931.67 23,314.49 27,271.45 31,899.98 37,314.07 43,647.05 51,054.86

19,197.94 22,640.37 26,700.06 31,487.70 37,133.82 43,792.36 51,644.85 60,905.39


12,910.17 15,225.12 17,955.16 21,174.74 24,971.63 29,449.34 34,729.96 40,957.45
6,287.77 7,415.25 8,744.89 10,312.95 12,162.19 14,343.02 16,914.89 19,947.94
1,499.27 1,768.11 2,085.15 2,459.05 2,899.98 3,419.99 4,033.23 4,756.44

4,788.50 5,647.14 6,659.74 7,853.91 9,262.21 10,923.03 12,881.66 15,191.50


1,198.60 1,413.53 1,666.99 1,965.90 2,318.41 2,734.13 3,224.39 3,802.56
3,589.90 4,233.61 4,992.75 5,888.01 6,943.80 8,188.90 9,657.27 11,388.94