DATOS DE ENTRADA

CONDICIONES DADAS \ AÑO 0 1 2

UNIDADES A VENDER 0 425,000 442,000
PRECIO UNITARIO 0 320 336.168
SPRED O DIFERENCIAL SOBRE PRECIO UNITARIO 0 1.5% 1.5%
INCREMENTO PRECIO UNITARIO 0 5.052% 5.052%
CARTERA EN DIAS 0 30 30
CARTERA EN AÑOS 0 0.08333333 0.08333333
COMISIÓN POR VENTAS 0 1.5% 1.5%
PLAZO PAGO COMISIÓN VENTAS 0 30 30
PLAZO PAGO COMISIÓN VENTAS EN AÑOS 0 0.08333333 0.08333333
SPRED O DIFERENCIAL DE CRECIMIENTO COSTOS 0 1.3% 1.3%
TASA DE CRECIMIENTO COSTOS 0 4.846% 4.846%
COSTO MATERIA PRIMA DIRECTA POR UNIDAD 0 70 73.39185
COSTO DE MANO DE OBRA DIRECTA POR UNIDAD 0 50 52.42275
COSTOS INDIRECTOS DE FABRICACIÓN X UNIDAD 0 30 31.45365
COSTOS FIJOS ANUALES 0 13,920,000 14,407,200
INVENTARIO INICIAL 15,000,000
PORCENTAJE DE INVENTARIOS 10%
INVERSIÓN INICIAL 108,000,000
APALANCAMIENTO FINANCIERO 40%
VIDA UTIL DE LA INVERSIÓN EN AÑOS 7
VALOR DE SALVAMENTO 15%
TASA DE IMPUESTOS 33% 35% 35%
INFLACIÓN 3.5% 3.5% 3.5%
CRECIMIENTO DE VENTAS EN UNIDADES 4% 4% 4%
TASA DE INTERES DEL CREDITO ANUAL 16%
TASA INTERNA DE OPORTUNIDAD TO 26.5000%

TASA INTERNA DE RETORNO

VALOR PRESENTE NETO
RELACIÓN COSTO BENEFICIO
VALOR PRESENTE NETO MEDIDO A LA TIR
 3 4 5 6 7 8 9 10
459,680 478,067 497,190 517,077 537,761 559,271 581,642 604,908
353.152888 370.995938 391.567663 413.28008952 436.19647 916.208876 2881.88921 12076.4126
1.5% 1.5% 1.0% 1.0% 1.0% 101.0% 201.0% 301.0%
5.052% 5.052% 5.545% 5.545% 5.545% 110.045% 214.545% 319.045%
30 30 30 30 30 31 32 33
0.08333333 0.08333333 0.08333333 0.0833333333 0.08333333 0.08611111 0.08888889 0.09166667
1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5%
30 30 30 30 30 30 30 30
0.08333333 0.08333333 0.08333333 0.0833333333 0.08333333 0.08333333 0.08333333 0.08333333
1.5% 1.5% 1.5% 1.5% 1.5% 101.5% 201.5% 301.5%
5.052% 5.052% 6.067% 6.067% 6.067% 110.568% 215.068% 319.568%
77.0999732 80.9954494 85.9098483 91.122428302 96.6512816 203.516187 641.213364 2690.32288
55.0714094 57.8538924 61.3641773 65.087448787 69.0366297 145.368705 458.009546 1921.6592
33.0428457 34.7123354 36.8185064 39.052469272 41.4219778 87.2212232 274.805727 1152.99552
14,911,452 15,433,353 16,127,854 16,853,607 17,612,019 18,404,560 19,232,766 20,098,240

35% 35% 35% 35% 35% 35% 35% 35%

3.5% 3.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5%
4% 4% 4% 4% 4% 4% 4% 4%
VALOR DEL CREDITO 43,200,000
TASA CREDITO 16%
PLAZO DEL CREDITO 7
0 1 2 3
SALDO FINAL $ 39,415,132.35 $ 35,024,685.87 $ 29,931,767.96
INTERES $ 6,912,000.00 $ 6,306,421.18 $ 5,603,949.74
AMORTIZACIÓN DE CREDITO $ 3,784,867.65 $ 4,390,446.48 $ 5,092,917.91
VALOR CUOTA $ 10,696,867.65 $ 10,696,867.65 $ 10,696,867.65
 4 5 6 7
$ 24,023,983.18 $ 17,170,952.83 $ 9,221,437.63 $ 0.00
$ 4,789,082.87 $ 3,843,837.31 $ 2,747,352.45 $ 1,475,430.02
$ 5,907,784.78 $ 6,853,030.34 $ 7,949,515.20 $ 9,221,437.63
$ 10,696,867.65 $ 10,696,867.65 $ 10,696,867.65 $ 10,696,867.65
VALOR DE ADQUISICIÓN 108,000,000
VALOR DE SALVAMENTO 16,200,000
VIDA ÚTIL 7
0 1 2
VALOR INICIAL 108,000,000 108,000,000
DEPRECIACIÓN DEL PERIODO 13,114,286 13,114,286
DEPRECIACIÓN ACUMULADA 13,114,286 26,228,571
VALOR NETO FINAL 94,885,714 81,771,429
 3 4 5 6 7 8
108,000,000 108,000,000 108,000,000 108,000,000 108,000,000
13,114,286 13,114,286 13,114,286 13,114,286 13,114,286
39,342,857 52,457,143 65,571,429 78,685,714 91,800,000
68,657,143 55,542,857 42,428,571 29,314,286 16,200,000
9 10
ESTADO DE RESULTADOS 0 1
VENTAS 136,000,000
-COSTO DE VENTAS 77,670,000
MANO DE OBRA DIRECTA 21,250,000
MATERIAL DIRECTO 29,750,000
COSTOS INDIRECTOS DE FABRICACIÓN 12,750,000
COSTOS FIJOS 13,920,000
= ÚTILIDAD BRUTA 58,330,000
- GASTOS DE VENTAS 2,040,000
- DEPRECIACIÓN 13,114,286
=ÚTILIDAD OPERACIONAL 43,175,714
+ INGRESOS NO OPERACIONALES
- GASTOS FINANCIEROS $ 6,912,000
=ÚTILIDAD ANTES DE IMPUESTOS $ 36,263,714
- IMPUESTOS 11,967,026
= ÚTILIDAD NETA 24,296,689

IMPUESTO SIN FINANCIACIÓN 14,247,986

ESCUDO FISCAL 2,280,960

 2 3 4 5 6
148,586,256 162,337,320 177,360,989 194,683,482 213,697,829
83,919,767 90,857,128 98,407,498 107,656,799 117,819,370
23,170,856 25,315,225 27,658,048 30,509,648 33,655,254
32,439,198 35,441,316 38,721,268 42,713,508 47,117,356
13,902,513 15,189,135 16,594,829 18,305,789 20,193,153
14,407,200 14,911,452 15,433,353 16,127,854 16,853,607
64,666,490 71,480,191 78,953,491 87,026,683 95,878,459
2,228,794 2,435,060 2,660,415 2,920,252 3,205,467
13,114,286 13,114,286 13,114,286 13,114,286 13,114,286
49,323,410 55,930,846 63,178,791 70,992,145 79,558,706

$ 6,306,421 $ 5,603,950 $ 4,789,083 $ 3,843,837 $ 2,747,352

$ 43,016,989 $ 50,326,896 $ 58,389,708 $ 67,148,308 $ 76,811,353
15,055,946 17,614,414 20,436,398 23,501,908 26,883,974
27,961,043 32,712,482 37,953,310 43,646,400 49,927,380

17,263,193 19,575,796 22,112,577 24,847,251 27,845,547

2,207,247 1,961,382 1,676,179 1,345,343 961,573

 7 8 9 10
234,569,268 512,409,060 1,676,227,362 7,305,112,825
128,987,554 262,306,067 818,425,319 3,507,376,545
37,125,178 81,300,502 266,397,518 1,162,426,102
51,975,250 113,820,703 372,956,525 1,627,396,543
22,275,107 48,780,301 159,838,511 697,455,661
17,612,019 18,404,560 19,232,766 20,098,240
105,581,714 250,102,994 857,802,043 3,797,736,280
3,518,539 7,686,136 25,143,410 109,576,692
13,114,286 - - -
88,948,889 242,416,858 832,658,632 3,688,159,587

$ 1,475,430 $0 $0 $0
$ 87,473,459 $ 242,416,858 $ 832,658,632 $ 3,688,159,587
30,615,711 84,845,900 291,430,521 1,290,855,856
56,857,749 157,570,957 541,228,111 2,397,303,732

31,132,111 84,845,900 291,430,521 1,290,855,856

516,401 - - -
CONCEPTO / AÑO 0 1
INGRESOS POR VENTAS 124,666,667
INGRESOS POR VENTAS DEL PERIODO 124,666,667
RECUPERACIÓN DE CARTERA -
- PAGO COSTOS 92,528,626
PAGO COSTOS DEL PERIODO 77,670,000
COMPRAS DE INVENTARIO 14,858,626
- PAGO DE GASTOS 1,870,000
PAGO DE GASTOS DEL PERIODO 1,870,000
PAGO DE GASTOS PERIODOS ANTERIORES -
PAGO DE IMPUESTOS -
= FLUJO DE CAJA OPERACIONAL 30,268,041
COMPRA DE ACTIVOS
VENTA DE ACTIVOS
= FLUJO DE CAJA DE INVERSIÓN -
APORTES DE CAPITAL
REPARTICIÓN DE DIVIDENDOS
CREDITOS RECIBIDOS
INTERESES PAGADOS 6,912,000
AMORTIZACIÓN DE CREDITOS 3,784,868
- FLUJO DE CAJA DE FINANCIACIÓN - 10,696,868

= FLUJO DE CAJA NETO 19,571,173

FLUJO DE CAJA ACUMULADO 19,571,173

FLUJO DE CAJA LIBRE ANTES DE IMPUESTOS - 135,000,000 30,268,041

PAGO DE IMPUESTOS SIN FINANCIACIÓN -

FLUJO DE CAJA LIBRE - 135,000,000 30,268,041

FLUJO DE INGRESOS 124,666,667

FLUJO DE COSTOS Y GASTOS 94,398,626

TASA INTERNA DE RETORNO 54%

VALOR PRESENTE NETO $ 383,959,724.91
RELACIÓN COSTO BENEFICIO $ 1.38
VALOR PRESENTE NETO MEDIDO A LA TIR $ 0.00

YULIETH CASTAÑO 733512

NATALY CARDENAS 156565
 2 3 4 5 6
147,537,401 161,191,398 176,109,017 193,239,941 212,113,300
136,204,068 148,809,210 162,580,907 178,459,859 195,889,676
11,333,333 12,382,188 13,528,110 14,780,082 16,223,624
70,294,873 92,359,495 100,139,747 109,558,234 119,906,514
83,919,767 90,857,128 98,407,498 107,656,799 117,819,370
- 13,624,894 1,502,367 1,732,249 1,901,435 2,087,144
14,180,087 17,473,817 20,256,049 23,334,997 26,683,607
2,043,061 2,232,138 2,438,714 2,676,898 2,938,345
170,000 185,733 202,922 221,701 243,354
11,967,026 15,055,946 17,614,414 20,436,398 23,501,908
63,062,442 51,358,085 55,713,221 60,346,711 65,523,179

- - - - -

6,306,421 5,603,950 4,789,083 3,843,837 2,747,352

4,390,446 5,092,918 5,907,785 6,853,030 7,949,515
- 10,696,868 - 10,696,868 - 10,696,868 - 10,696,868 - 10,696,868

52,365,574 40,661,218 45,016,353 49,649,843 54,826,311

71,936,747 112,597,965 157,614,318 207,264,161 262,090,472

75,029,467 66,414,031 73,327,634 80,783,108 89,025,087

11,967,026 15,055,946 17,614,414 20,436,398 23,501,908

63,062,442 51,358,085 55,713,221 60,346,711 65,523,179

147,537,401 161,191,398 176,109,017 193,239,941 212,113,300

84,474,960 109,833,312 120,395,796 132,893,231 146,590,121

El método presenta una gran claridad en los conceptos que generaron

entradas tanto en la parte operativa como en los movimientos del balance.
Podemos observar que el proyecto es viable en su totalidad ya que las
ganancias aumentaron después del año 7 en un porcentaje considerable
debido a la terminación del crédito y la depreciación. La TIR es mayor que la
tasa de oportunidad, el VPN es mayor a 0 y positivo demostrando las
ganancias que genera el proyecto, la RCB es mayor a 1.

En conclusión $135.000.000 invertidos se convertirán al final de

diez años en $383.959.724,91 por lo tanto es totalmente
generador de rentabilidad 
 7 8 9 10
232,829,982 487,832,386 1,571,353,487 6,784,475,470
215,021,829 468,284,947 1,527,229,374 6,635,477,483
17,808,152 19,547,439 44,124,114 148,997,988
156,771,533 378,687,897 1,381,313,865 2,776,865,263
128,987,554 262,306,067 818,425,319 3,507,376,545
27,783,979 116,381,830 562,888,546 - 730,511,282
30,376,423 37,954,547 108,534,538 393,971,107
3,225,327 7,045,625 23,048,126 100,445,301
267,122 293,212 640,511 2,095,284
26,883,974 30,615,711 84,845,900 291,430,521
45,682,025 71,189,942 81,505,084 3,613,639,101

- - - -

1,475,430 - - -
9,221,438 - - -
- 10,696,868 - - -

34,985,157 71,189,942 81,505,084 3,613,639,101

297,075,629 368,265,571 449,770,656 4,063,409,756

72,565,998 101,805,653 166,350,984 3,905,069,622

26,883,974 30,615,711 84,845,900 291,430,521

45,682,025 71,189,942 81,505,084 3,613,639,101

232,829,982 487,832,386 1,571,353,487 6,784,475,470

187,147,957 416,642,444 1,489,848,403 3,170,836,370
CONCEPTO - AÑO - 1 2
TOTAL ACTIVOS 135,000,000 155,648,847 182,324,096
ATIVOS CORRIENTES 15,000,000 60,763,132 100,552,667
DISPONIBLE 19,571,173 71,936,747
CUENTAS POR COBRAR 11,333,333 12,382,188
INVENTARIOS 15,000,000 29,858,626 16,233,732

ACTIVOS NO CORRIENTES 120,000,000 94,885,714 81,771,429

MAQUINARIA 120,000,000 108,000,000 108,000,000
- DEPRECIACIÓN ACUMULADA 13,114,286 26,228,571

TOTAL PASIVOS 43,200,000 51,552,158 50,266,365

GASTOS POR PAGAR 170,000 185,733
IMPUESTOS POR PAGAR 11,967,026 15,055,946
OBLIGACIONES FINANCIERAS 43,200,000 $ 39,415,132.35 $ 35,024,685.87

PATRIMONIO 79,800,000 104,096,689 132,057,731

CAPITAL 79,800,000 79,800,000 79,800,000
RESERVAS
UTILIDADES DEL EJERCICIO 24,296,689 27,961,043
UTILIDADES ACUMULADAS - 24,296,689

CIFRA DE CONTROL 12,000,000 - -

 3 4 5 6 7 8
212,519,317 247,405,606 287,286,139 332,669,837 384,063,974 580,012,421
143,862,174 191,862,749 244,857,568 303,355,551 367,863,974 580,012,421
112,597,965 157,614,318 207,264,161 262,090,472 297,075,629 368,265,571
13,528,110 14,780,082 16,223,624 17,808,152 19,547,439 44,124,114
17,736,099 19,468,348 21,369,783 23,456,927 51,240,906 167,622,736

68,657,143 55,542,857 42,428,571 29,314,286 16,200,000 -

108,000,000 108,000,000 108,000,000 108,000,000 108,000,000 -
39,342,857 52,457,143 65,571,429 78,685,714 91,800,000 -

47,749,103 44,682,082 40,916,215 36,372,534 30,908,922 85,486,412

202,922 221,701 243,354 267,122 293,212 640,511
17,614,414 20,436,398 23,501,908 26,883,974 30,615,711 84,845,900
$ 29,931,767.96 $ 24,023,983.18 $ 17,170,952.83 $ 9,221,437.63 $ 0.00 $ 0.00

164,770,214 202,723,524 246,369,924 296,297,304 353,155,052 510,726,010

79,800,000 79,800,000 79,800,000 79,800,000 79,800,000 79,800,000

32,712,482 37,953,310 43,646,400 49,927,380 56,857,749 157,570,957

52,257,731 84,970,214 122,923,524 166,569,924 216,497,304 273,355,052

- - - - - - 16,200,000
 9 10
1,329,279,926 4,733,045,099
1,329,279,926 4,733,045,099
449,770,656 4,063,409,756
148,997,988 669,635,342
730,511,282 -

- -
- -
- -

293,525,805 1,299,987,247
2,095,284 9,131,391
291,430,521 1,290,855,856
$ 0.00 $ 0.00

1,051,954,121 3,449,257,852
79,800,000 79,800,000

541,228,111 2,397,303,732
430,926,010 972,154,121

- 16,200,000 - 16,200,000