INVERSION $ 109,000,000 DEUDA

PROYECTO 9 AÑOS TASA

SALVAMENTO $ 26,160,000 24%
INVENTARIO $ 28,000,000
EFECTIVO $ 37,000,000
ACTIVO FIJO $ 44,000,000
DEPRECIACION $ 82,840,000 ANUAL $ 9,204,444
CREC UNIDAD
DIFERENCIAL
INFLACION
CRECIMIENTO
CRECIMIENTO C

UNIDADES 490000
PRECIO $ 910

0 1 2 3
UNIDDAES 490000 514500 540225
PRECIO $ 910 964.382 1022.013
VENTAS $ 445,900,000 $ 496,174,333 $ 552,116,997

COSTOS
MATERIA PRIMA 390 414 440 467
MANO OBRA 210 223 237 251
CIF 170 181 192 204
MAT PRIMA TOTAL $ 191,100,000 $ 202,917,624 $ 215,466,050 $ 228,790,470
MANO OB TOTAL $ 102,900,000 $ 109,263,336 $ 116,020,181 $ 123,194,869
CIF TOTAL $ 83,300,000 $ 88,451,272 $ 93,921,099 $ 99,729,179
COSTOS FIJOS $ 29,000,000 $ 30,160,000 $ 31,366,400 $ 32,621,056

GASTOS
COMISIONES 2.5% $ 11,147,500 $ 12,404,358 $ 13,802,925
DEPRECIACION $ 9,204,444 $ 9,204,444 $ 9,204,444

UTILIDAD OPERATIVA $ 19,248,056 $ 43,773,298 $ 72,335,898

GASTOS FINANCIEROS $ 8,992,500 $ 8,456,781 $ 7,840,703
UTILIDAD ANTES IMPUES $ 10,255,556 $ 35,316,518 $ 64,495,195
IMPUESTO 33% $ 6,351,858 $ 14,445,188 $ 23,870,846
UTILIDAD NETA $ 3,903,697 $ 20,871,329 $ 40,624,348

FLUJO DE CAJA LIBRE

UTILIDAD OPERATIVA $ 19,248,056 $ 43,773,298 $ 72,335,898
IMPUESTOS $ 6,351,858 $ 14,445,188 $ 23,870,846
UODI $ 12,896,197 $ 29,328,110 $ 48,465,052
DEPRECIACION $ 9,204,444 $ 9,204,444 $ 9,204,444
FLUJO CAJA BRUTO $ 22,100,642 $ 38,532,554 $ 57,669,496

VAR CATNO $ 45,412,906 $ 4,074,197 $ 939,524

VAR CAPEX $ - 0 0

FLUJO DE CAJA LIBRE -$ 109,000,000 -$ 23,312,265 $ 34,458,357 $ 56,729,972

VPN $ 255,178,059
TIR 44%
RCB $ 3.34
WACC 18.5%
 55% $ 59,950,000 PERIODO CUOTA INTERES
15% 0
1 $ 12,563,962 $ 8,992,500
2 $ 12,563,962 $ 8,456,781
3 $ 12,563,962 $ 7,840,703
4 $ 12,563,962 $ 7,132,215
5 $ 12,563,962 $ 6,317,452
5% 6 $ 12,563,962 $ 5,380,476
1.9% 2.1% 7 $ 12,563,962 $ 4,302,953
4% 8 $ 12,563,962 $ 3,063,802
5.976% 9 $ 12,563,962 $ 1,638,778
6.184%

4 5 6 7 8
567236 595598 625378 656647 689479
1083.089 1147.814 1216.407 1289.100 1366.136
$ 614,367,084 $ 683,635,744 $ 760,714,307 $ 846,483,324 $ 941,922,625

496 526 559 594 630

267 283 301 320 339
216 229 244 259 275
$ 242,938,873 $ 257,962,213 $ 273,914,596 $ 290,853,475 $ 308,839,854
$ 130,813,239 $ 138,902,730 $ 147,492,475 $ 156,613,410 $ 166,298,383
$ 105,896,432 $ 112,445,067 $ 119,398,670 $ 126,782,284 $ 134,622,500
$ 33,925,898 $ 35,282,934 $ 36,694,252 $ 38,162,022 $ 39,688,502

$ 15,359,177 $ 17,090,894 $ 19,017,858 $ 21,162,083 $ 23,548,066

$ 9,204,444 $ 9,204,444 $ 9,204,444 $ 9,204,444 $ 9,204,444

$ 105,467,888 $ 143,765,964 $ 187,899,060 $ 238,616,803 $ 296,758,925

$ 7,132,215 $ 6,317,452 $ 5,380,476 $ 4,302,953 $ 3,063,802
$ 98,335,673 $ 137,448,511 $ 182,518,584 $ 234,313,850 $ 293,695,124
$ 34,804,403 $ 47,442,768 $ 62,006,690 $ 78,743,545 $ 97,930,445
$ 63,531,270 $ 90,005,743 $ 120,511,894 $ 155,570,305 $ 195,764,678

$ 105,467,888 $ 143,765,964 $ 187,899,060 $ 238,616,803 $ 296,758,925

$ 34,804,403 $ 47,442,768 $ 62,006,690 $ 78,743,545 $ 97,930,445
$ 70,663,485 $ 96,323,196 $ 125,892,370 $ 159,873,258 $ 198,828,480
$ 9,204,444 $ 9,204,444 $ 9,204,444 $ 9,204,444 $ 9,204,444
$ 79,867,929 $ 105,527,640 $ 135,096,815 $ 169,077,703 $ 208,032,924

$ 600,279 $ 195,888 -$ 282,633 -$ 845,380 -$ 1,503,693

0 0 0 0 0

$ 79,267,650 $ 105,331,752 $ 135,379,448 $ 169,923,082 $ 209,536,617

ABONO K SALDO
$ 59,950,000
$ 3,571,462 $ 56,378,538
$ 4,107,182 $ 52,271,356
$ 4,723,259 $ 47,548,098
$ 5,431,748 $ 42,116,350
$ 6,246,510 $ 35,869,840
$ 7,183,486 $ 28,686,354
$ 8,261,009 $ 20,425,345
$ 9,500,160 $ 10,925,185
$ 10,925,185 $ -

9
723953
1447.777
$ 1,048,122,518

669
360
292
$ 327,938,510
$ 176,582,275
$ 142,947,556
$ 41,276,043

$ 26,203,063
$ 9,204,444

$ 323,970,627
$ 1,638,778
$ 322,331,849
$ 106,910,307
$ 215,421,542

$ 323,970,627
$ 106,910,307
$ 217,060,320
$ 9,204,444
$ 226,264,764

-$ 140,921,418
-$ 26,160,000

$ 393,346,182
 0 1 2
ACTIVO
EFECTIVO $ 37,000,000 $ 1,123,773 $ 23,018,168
CUENTA X COBRAR $ 18,579,167 $ 20,673,931
INVENTARIOS $ 28,000,000 $ 64,502,663 $ 71,775,210
ACTIVO FIJOS $ 44,000,000 $ 44,000,000 $ 44,000,000
-DEPRECIAICON ACUMULADA -$ 9,204,444 -$ 18,408,889
TOTAL ACTIVO $ 109,000,000 $ 119,001,159 $ 141,058,420

PASIVO
OBLIGACIONES FINANCIERAS $ 59,950,000 $ 56,378,538 $ 52,271,356
CUENTAS X PAGAR $ 464,479 $ 516,848
IMPUESTOS $ 9,204,444 $ 14,445,188
TOTAL PASIVO $ 59,950,000 $ 66,047,461 $ 67,233,393

PATRIMONIO
CAPITAL EMITIDO $ 49,050,000 $ 49,050,000 $ 49,050,000
UTILIDAD DEL EJERCICIO $ 3,903,697 $ 20,871,329
UTILIDAD ACUMULADA $ - $ 3,903,697
TOTAL PATRIMONIO $ 49,050,000 $ 52,953,697 $ 73,825,026

TOTAL PASIVO + PATRIMONIO $ 109,000,000 $ 119,001,159 $ 141,058,420

DIFERENCIA $ - $ - $ -

VAR CAPEX $ 28,000,000 $ 73,412,906 $ 77,487,103

VAR CATNO $ 44,000,000 $ 44,000,000 $ 44,000,000

VARIACION KTNO $ 45,412,906 $ 4,074,197

VARIACION CAPEX $ - $ -
 3 4 5 6 7 8

$ 67,184,178 $ 133,887,867 $ 226,655,657 $ 349,471,143 $ 506,830,263 $ 703,802,918

$ 23,004,875 $ 25,598,629 $ 28,484,823 $ 31,696,429 $ 35,270,138 $ 39,246,776
$ 79,867,721 $ 88,872,647 $ 98,892,860 $ 110,042,832 $ 122,449,941 $ 136,255,927
$ 44,000,000 $ 44,000,000 $ 44,000,000 $ 44,000,000 $ 44,000,000 $ 44,000,000
-$ 27,613,333 -$ 36,817,778 -$ 46,022,222 -$ 55,226,667 -$ 64,431,111 -$ 73,635,556
$ 186,443,441 $ 255,541,364 $ 352,011,117 $ 479,983,738 $ 644,119,231 $ 849,670,065

$ 47,548,098 $ 42,116,350 $ 35,869,840 $ 28,686,354 $ 20,425,345 $ 10,925,185

$ 575,122 $ 639,966 $ 712,121 $ 792,411 $ 881,753 $ 981,169
$ 23,870,846 $ 34,804,403 $ 47,442,768 $ 62,006,690 $ 78,743,545 $ 97,930,445
$ 71,994,066 $ 77,560,719 $ 84,024,729 $ 91,485,455 $ 100,050,644 $ 109,836,799

$ 49,050,000 $ 49,050,000 $ 49,050,000 $ 49,050,000 $ 49,050,000 $ 49,050,000

$ 40,624,348 $ 63,531,270 $ 90,005,743 $ 120,511,894 $ 155,570,305 $ 195,764,678
$ 24,775,026 $ 65,399,375 $ 128,930,645 $ 218,936,388 $ 339,448,283 $ 495,018,588
$ 114,449,375 $ 177,980,645 $ 267,986,388 $ 388,498,283 $ 544,068,588 $ 739,833,266

$ 186,443,441 $ 255,541,364 $ 352,011,117 $ 479,983,738 $ 644,119,231 $ 849,670,065

$ - $ - $ - $ - $ - $ -

$ 78,426,627 $ 79,026,906 $ 79,222,794 $ 78,940,161 $ 78,094,781 $ 76,591,089

$ 44,000,000 $ 44,000,000 $ 44,000,000 $ 44,000,000 $ 44,000,000 $ 44,000,000

$ 939,524 $ 600,279 $ 195,888 -$ 282,633 -$ 845,380 -$ 1,503,693

$ - $ - $ - $ - $ - $ -
 9

$ 975,585,138
$ 43,671,772
$ -
$ 44,000,000

$ 1,063,256,910

$ -
$ 1,091,794
$ 106,910,307
$ 108,002,101

$ 49,050,000
$ 215,421,542
$ 690,783,266
$ 955,254,808

$ 1,063,256,910

$ -

-$ 64,330,330
$ 44,000,000

-$ 140,921,418
-$ 26,160,000
FLUJO DE EFECTIVO 0 1 2 3
UTILIDAD NETA $ 3,903,697 $ 20,871,329 $ 40,624,348
DEPRECIACIONES $ 9,204,444 $ 9,204,444 $ 9,204,444

FLUJO CAJA OPERACIONES

CUENTAS X COBRAR -$ 18,579,167 -$ 2,094,764 -$ 2,330,944
INVENTARIOS -$ 36,502,663 -$ 7,272,546 -$ 8,092,511
CUENTAS X PAGAR $ 464,479 $ 52,369 $ 58,274
IMPUESTOS $ 9,204,444 $ 5,240,744 $ 9,425,658
TOTAL FLUJO CAJA OPER -$ 32,304,765 $ 26,001,577 $ 48,889,269

FLUJO CAJA INVERSION

ACTIVOS FIJOS $ - $ - $ -
TOTAL FLUJO DE CAJA INVERSION $ - $ - $ -

FLUJO DE CAJA DE FINANCIACION

CAPITAL SOCIAL $ - $ - $ -
OBLIGACIONES FINANCIERAS -$ 3,571,462 -$ 4,107,182 -$ 4,723,259
TOTAL FLUJO CAJA FINANCIERO -$ 3,571,462 -$ 4,107,182 -$ 4,723,259

TOTAL FLUJO DEL PERIODO -$ 35,876,227 $ 21,894,395 $ 44,166,010

SALDO ANTERIOR DE CAJA $ 37,000,000 $ 1,123,773 $ 23,018,168
FLUJO DE CAJA FINAL $ 1,123,773 $ 23,018,168 $ 67,184,178
 4 5 6 7 8 9
$ 63,531,270 $ 90,005,743 $ 120,511,894 $ 155,570,305 $ 195,764,678 $ 215,421,542
$ 9,204,444 $ 9,204,444 $ 9,204,444 $ 9,204,444 $ 9,204,444 $ 9,204,444

-$ 2,593,754 -$ 2,886,194 -$ 3,211,607 -$ 3,573,709 -$ 3,976,638 -$ 4,424,996

-$ 9,004,926 -$ 10,020,213 -$ 11,149,972 -$ 12,407,109 -$ 13,805,986 $ 136,255,927
$ 64,844 $ 72,155 $ 80,290 $ 89,343 $ 99,416 $ 110,625
$ 10,933,557 $ 12,638,365 $ 14,563,922 $ 16,736,855 $ 19,186,900 $ 8,979,861
$ 72,135,436 $ 99,014,300 $ 129,998,972 $ 165,620,129 $ 206,472,815 $ 365,547,405

$ - $ - $ - $ - $ - -$ 82,840,000
$ - $ - $ - $ - $ - -$ 82,840,000

$ - $ - $ - $ - $ - $ -
-$ 5,431,748 -$ 6,246,510 -$ 7,183,486 -$ 8,261,009 -$ 9,500,160 -$ 10,925,185
-$ 5,431,748 -$ 6,246,510 -$ 7,183,486 -$ 8,261,009 -$ 9,500,160 -$ 10,925,185

$ 66,703,688 $ 92,767,790 $ 122,815,486 $ 157,359,120 $ 196,972,655 $ 271,782,220

$ 67,184,178 $ 133,887,867 $ 226,655,657 $ 349,471,143 $ 506,830,263 $ 703,802,918
$ 133,887,867 $ 226,655,657 $ 349,471,143 $ 506,830,263 $ 703,802,918 $ 975,585,138