Año 0 1 2 3 4 5 6 7 8 9 10

Unidadades vendidas Und

Precio/unidad $ 100000 3,000 3,000 3,000 4000 4,000 4,000 4,000 4,000 4,000 4,000
Ventas $ 300,000,000 300,000,000 300,000,000 400,000,000 400,000,000 400,000,000 520,000,000 520,000,000 520,000,000 520,000,000

Und defectuosas $ 1500 4,500,000 4,500,000 4,500,000 6,000,000 6,000,000 6,000,000 7,800,000 7,800,000 7,800,000 7,800,000
Demostraciones y Promociones $ 300 900,000 900,000 900,000 1,200,000 1,200,000 1,200,000 1,560,000 1,560,000 1,560,000 1,560,000
Comisiones por ventas $ 25000 1,875,000 1,875,000 1,875,000 2,500,000 2,500,000 2,500,000 5,500,000 5,500,000 5,500,000 5,500,000
Basico por ventas $ 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000

INVERSIONES
Terrenos 85,000,000
Construcciones 90,000,000 55,000,000
Maquinaria y Equipo 45,000,000 45,000,000
VALOR DE MERCADO PARA RECUPERACIONES
Terreno y Construcciones 220,000,000
Maquinaria y Equipo 70,000,000
DEPRECIACIONES
Terrenos - - - - - - - - - -
Construcciones 4,500,000 4,500,000 4,500,000 4,500,000 4,500,000 4,500,000 7,250,000 7,250,000 7,250,000 7,250,000
Maquinaria y Equipo 4,500,000 4,500,000 4,500,000 4,500,000 4,500,000 4,500,000 9,000,000 9,000,000 9,000,000 9,000,000
TOTAL DEPRECIACIONES 9,000,000 9,000,000 9,000,000 9,000,000 9,000,000 9,000,000 16,250,000 16,250,000 16,250,000 16,250,000
Gastos de puesta en marcha 45,000,000
Amortización de Gastos 9,000,000 9,000,000 9,000,000 9,000,000 9,000,000
Valor en libros (solo año 10) 201,000,000

COSTOS
Mano de obra directa $/und 500 500 500 500 500 500 500 500 500 500
Materiales $/und 400 400 400 400 400 400 400 400 400 400
Empaques $/und 150 150 150 150 150 150 150 150 150 150
Total Costos Directos 105,000,000 105,000,000 105,000,000 105,000,000 105,000,000 105,000,000 136,500,000 136,500,000 136,500,000 136,500,000
COSTO FIJO
Servicios Públicos (1) 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000
Mantenimiento (2) 4,200,000 4,200,000 4,200,000 4,200,000 4,200,000 4,200,000 4,200,000 4,200,000 4,200,000 4,200,000
Supervisión (3) 9,600,000 9,600,000 9,600,000 9,600,000 9,600,000 9,600,000 9,600,000 9,600,000 9,600,000 9,600,000
(1)+(2)+(3) Total Costo Fijo 19,800,000 19,800,000 19,800,000 19,800,000 19,800,000 19,800,000 19,800,000 19,800,000 19,800,000 19,800,000
COSTO TOTAL 124,800,000 124,800,000 124,800,000 124,800,000 124,800,000 124,800,000 156,300,000 156,300,000 156,300,000 156,300,000

Gastos de Operación 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 28,000,000 28,000,000 28,000,000 28,000,000 28,000,000

Total Gastos Operacionales

Total Costos y Gastos 172,800,000 172,800,000 172,800,000 172,800,000 172,800,000 171,800,000 210,550,000 210,550,000 210,550,000 210,550,000
FLUJO NETO DE CAJA DE UN PROYECTO
PERIODOS 0 1 2 3 4 5 6 7 8 9 10
VENTAS BRUTAS 300,000,000 300,000,000 300,000,000 400,000,000 400,000,000 400,000,000 520,000,000 520,000,000 520,000,000 520,000,000
(-) Comisiones por venta 1,875,000 1,875,000 1,875,000 2,500,000 2,500,000 2,500,000 5,500,000 5,500,000 5,500,000 5,500,000
(-) Descuentos en las ventas
(-) Devoluciones (defectuosas) 4,500,000 4,500,000 4,500,000 6,000,000 6,000,000 6,000,000 7,800,000 7,800,000 7,800,000 7,800,000
(-) Promociones (demostraciones) 900,000 900,000 900,000 1,200,000 1,200,000 1,200,000 1,560,000 1,560,000 1,560,000 1,560,000
= VENTAS NETAS 292,725,000 292,725,000 292,725,000 390,300,000 390,300,000 390,300,000 505,140,000 505,140,000 505,140,000 505,140,000
(-) Costos directos de fabricación 105,000,000 105,000,000 105,000,000 105,000,000 105,000,000 105,000,000 136,500,000 136,500,000 136,500,000 136,500,000
(-) Costos indirectos de fabricación 19,800,000 19,800,000 19,800,000 19,800,000 19,800,000 19,800,000 19,800,000 19,800,000 19,800,000 19,800,000

= UTILIDAD BRUTA 167,925,000 167,925,000 167,925,000 265,500,000 265,500,000 265,500,000 348,840,000 348,840,000 348,840,000 348,840,000
(-) Gastos operacionales:
(-) Gastos de Operación 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 28,000,000 28,000,000 28,000,000 28,000,000 28,000,000
(-) Fuerza de ventas (pago básico) 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000
(-) Depreciaciones 9,000,000 9,000,000 9,000,000 9,000,000 9,000,000 9,000,000 16,250,000 16,250,000 16,250,000 16,250,000
(-) Amortizaciones (inversiones diferidas) 9,000,000 9,000,000 9,000,000 9,000,000 9,000,000 - - - - -
(+) Valor de mercado de las inversiones fijas 290,000,000
(-) Valor en libros de las inversiones fijas 201,000,000
= UTILIDAD ANTES DE IMPUESTOS 119,925,000 119,925,000 119,925,000 217,500,000 217,500,000 218,500,000 294,590,000 294,590,000 294,590,000 383,590,000
(-) Impuesto sobre la Renta (30%) 35,977,500 35,977,500 35,977,500 65,250,000 65,250,000 65,550,000 88,377,000 88,377,000 88,377,000 115,077,000
= UTILIDAD O PERDIDA NETA 83,947,500 83,947,500 83,947,500 152,250,000 152,250,000 152,950,000 206,213,000 206,213,000 206,213,000 268,513,000
(+) Depreciaciones 9,000,000 9,000,000 9,000,000 9,000,000 9,000,000 9,000,000 16,250,000 16,250,000 16,250,000 16,250,000
(+) Amortizaciones (inversiones diferidas) 9,000,000 9,000,000 9,000,000 9,000,000 9,000,000
(+) Valor en libros de las invesiones fijas - - - - - - - - - 201,000,000
(-) Inversión en activos fijos 220,000,000 - - - - - 100,000,000 - - - -
(-) Inversión en activos diferidos (inv. diferidas) 45,000,000
(-) Inversión en Capital de Trabajo 86,400,000 - - - - (500,000) 19,375,000 - - - -
(+) Recuperación del Capital de Trabajo - - - - - - - - - 84,220,000
FLUJO NETO DE CAJA DEL PROYECTO (351,400,000) 101,947,500 101,947,500 101,947,500 170,250,000 170,750,000 42,575,000 222,463,000 222,463,000 222,463,000 569,983,000
FLUJO NETO DE CAJA DE UN PROYECTO
PERIODOS 0 1 2 3 4 5 6 7 8 9 10
VENTAS BRUTAS 300,000,000 300,000,000 300,000,000 400,000,000 400,000,000 400,000,000 520,000,000 520,000,000 520,000,000 520,000,000
(-) Comisiones por venta 1,875,000 1,875,000 1,875,000 2,500,000 2,500,000 2,500,000 5,500,000 5,500,000 5,500,000 5,500,000
(-) Descuentos en las ventas
(-) Devoluciones (defectuosas) 4,500,000 4,500,000 4,500,000 6,000,000 6,000,000 6,000,000 7,800,000 7,800,000 7,800,000 7,800,000
(-) Promociones (demostraciones) 900,000 900,000 900,000 1,200,000 1,200,000 1,200,000 1,560,000 1,560,000 1,560,000 1,560,000
= VENTAS NETAS 292,725,000 292,725,000 292,725,000 390,300,000 390,300,000 390,300,000 505,140,000 505,140,000 505,140,000 505,140,000
(-) Costos directos de fabricación 105,000,000 105,000,000 105,000,000 105,000,000 105,000,000 105,000,000 136,500,000 136,500,000 136,500,000 136,500,000
(-) Costos indirectos de fabricación 19,800,000 19,800,000 19,800,000 19,800,000 19,800,000 19,800,000 19,800,000 19,800,000 19,800,000 19,800,000

= UTILIDAD BRUTA 167,925,000 167,925,000 167,925,000 265,500,000 265,500,000 265,500,000 348,840,000 348,840,000 348,840,000 348,840,000
(-) Gastos operacionales:
(-) Gastos de Operación 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 28,000,000 28,000,000 28,000,000 28,000,000 28,000,000
(-) Fuerza de ventas (pago básico) 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000
(-) Depreciaciones 9,000,000 9,000,000 9,000,000 9,000,000 9,000,000 9,000,000 16,250,000 16,250,000 16,250,000 16,250,000
(-) Amortizaciones (inversiones diferidas) 9,000,000 9,000,000 9,000,000 9,000,000 9,000,000 - - - - -
(+) Valor de mercado de las inversiones fijas 290,000,000
(-) Valor en libros de las inversiones fijas 201,000,000
(-) Gastos Financieros (intereses) 39,718,000 27,473,780 25,061,736 14,666,667 7,333,333 2,325,000
= UTILIDAD ANTES DE IMPUESTOS 80,207,000 92,451,220 94,863,264 202,833,333 210,166,667 218,500,000 292,265,000 294,590,000 294,590,000 383,590,000
(-) Impuesto sobre la Renta (30%) 24,062,100 27,735,366 28,458,979 60,850,000 63,050,000 65,550,000 87,679,500 88,377,000 88,377,000 115,077,000
= UTILIDAD O PERDIDA NETA 56,144,900 64,715,854 66,404,285 141,983,333 147,116,667 152,950,000 204,585,500 206,213,000 206,213,000 268,513,000
(+) Depreciaciones 9,000,000 9,000,000 9,000,000 9,000,000 9,000,000 9,000,000 16,250,000 16,250,000 16,250,000 16,250,000
(+) Amortizaciones (inversiones diferidas) 9,000,000 9,000,000 9,000,000 9,000,000 9,000,000 - - - - -
(+) Valor en libros de las invesiones fijas - - - - - - - - - 201,000,000
(-) Inversión en activos fijos 220,000,000 - - - - - 100,000,000 - - - -
(-) Inversión en activos diferidos (inv. diferidas) 45,000,000
(-) Inversión en Capital de Trabajo 86,400,000 (500,000) 19,375,000
(+) Recuperación del Capital de Trabajo 84,220,000
(+) Prestamos Recibidos 193,200,000 9,687,500
(-) Amortización Prestamos (Capital) 58,463,402.721 18,270,293 55,202,874 33,333,333 33,333,333 9,687,500

FLUJO NETO DE CAJA DEL INVERSIONISTA (158,200,000) 15,681,497 64,445,561 29,201,411 126,650,000 132,283,333 52,262,500 211,148,000 222,463,000 222,463,000 569,983,000

TIR 44.35%