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Enrique Camacho Viatela MBTP Gerencia Financiera

n en Aos 12 Ao EBITDA
TAX 30% 0 -
TIO 13.5% 1 38,000
Inflacin 4.9% 2 47,000
Crecimiento real ventas 2.50% 3 56,000
Crecimiento nominal 7.52% 4 65,000
Inv. AF ao 0 83,000 5 74,000
Inv. AF ao 2 122,000 6 89,000
Inv. AF ao 3 71,000 7 104,000
Inv. AF ao 8 63,000 8 180,000
Valor depreciable 85% 9 195,000
AF recuperable 75,000 10 200,000
AF salvamento 50,850 11 150,000
Utilidad AF 24,150 12 140,000
Tax AF 7,245 13 -
Valor recibido AF 67,755 14 -
Licencia Sftw 0 18,000 15 -
Licencia Sftw 6 28,000
Licencia Sftw 10 -
Periodo Amortizacin 6
wk recuperable 78%
WACC aprox. 14%

WK 64%

Ao Inventarios Cartera Proveedores


0- 20,000 12,800
1 - 21,505 - 35,000 13,763
2 - 23,122 - 37,633 14,798
3 - 24,862 - 40,464 15,911
4 - 26,732 - 43,508 17,108
5 - 28,743 - 46,781 18,395
6 - 30,905 - 50,300 19,779
7 - 33,230 - 54,083 21,267
8 - 35,729 - 58,152 22,867
9 - 38,417 - 62,526 24,587
10 - 41,307 - 67,230 26,436
11 - 44,414 - 72,287 28,425
12 - 47,755 - 77,725 30,563

13 -
14 - - -
15 - - -
DEPRECIACIONES AMORTIZACIONES EBIT EBIT*Tax Shield DEPRECIACIONES
- - - - -
- 5,879 - 3,000 29,121 20,385 5,879
- 5,879 - 3,000 38,121 26,685 5,879
- 16,249 - 3,000 36,751 25,726 16,249
- 22,955 - 3,000 39,045 27,332 22,955
- 22,955 - 3,000 48,045 33,632 22,955
- 22,955 - 3,000 63,045 44,132 22,955
- 22,955 - 4,667 76,379 53,465 22,955
- 22,955 - 4,667 152,379 106,665 22,955
- 36,342 - 4,667 153,991 107,794 36,342
- 36,342 - 4,667 158,991 111,294 36,342
- 36,342 - 4,667 108,991 76,294 36,342
- 36,342 - 4,667 98,991 69,294 36,342
- - - - -
- - - - -
- - - - -

Total Wk Inversin WK Recuperable Perdida WK Cto Tax


- 7,200 - 7,200
- 42,742 - 35,542
- 45,957 - 3,215
- 49,414 - 3,457
- 53,131 - 3,717
- 57,128 - 3,997
- 61,425 - 4,297
- 66,046 - 4,621
- 71,014 - 4,968
- 76,356 - 5,342
- 82,100 - 5,744
- 88,276 - 6,176
- 94,917 - 6,641 74,035 - 20,882 - 6,265

-
- -
- - - - -
AMORTIZACIONES Inversion AF Inversin WK licencias FCLP
- - 83,000 - 7,200 - 18,000 - 108,200
3,000 - - 35,542 - - 6,278
3,000 - 122,000 - 3,215 - - 89,651
3,000 - 71,000 - 3,457 - - 29,482
3,000 - - 3,717 - 49,569
3,000 - - 3,997 - 55,590
3,000 - - 4,297 - 28,000 37,789
4,667 - - 4,621 - 76,466
4,667 - 63,000 - 4,968 - 66,318
4,667 - - 5,342 - 143,461
4,667 - - 5,744 - 146,559
4,667 - - 6,176 - 111,127
4,667 67,755 61,130 - 239,188
- - - - -
- - - - -
- - - - -

a) TIR 19.66%
b) VPN 96,301.67

Activo Fijo

Desinversin Inversin Vr
WK Af Depreciable Depre. AF 0 Depre. AF 1
- 7,200 - 83,000 70,550
- 35,542 - - 5,879.17
- 3,215 - 122,000 103,700 5,879 -
- 3,457 - 71,000 60,350 5,879 10,370.00
- 3,717 5,879 10,370
- 3,997 5,879 10,370
- 4,297 5,879 10,370
- 4,621 5,879 10,370
- 4,968 - 63,000 53,550 5,879 10,370
- 5,342 - - 5,879 10,370
- 5,744 5,879 10,370
- 6,176 5,879 10,370
61,130 67,755 5,879 10,370

-
-
- -

288,150 70,550 103,700


Ao EBIT Inters UAI UAI*Tax Shield DEPRECIACIONE
0 - - - - -
1 29,121 - 7,171 21,950 15,365 5,879
2 38,121 - 7,171 30,950 21,665 5,879
3 36,751 - 17,712 19,039 13,327 16,249
4 39,045 - 24,443 14,602 10,222 22,955
5 48,045 - 24,443 23,602 16,522 22,955
6 63,045 - 24,443 38,602 27,022 22,955
7 76,379 - 22,052 54,326 38,028 22,955
8 152,379 - 19,662 132,717 92,902 22,955
9 153,991 - 13,758 140,233 98,163 36,342
10 158,991 - 8,001 150,990 105,693 36,342
11 108,991 - 2,244 106,748 74,723 36,342
12 98,991 - 98,991 69,294 36,342
13 - - - - -
14 - - - - -
15 - - - - -

Licencia Software

Gastos Amortizac.
Depre. AF 2 Depre. AF 9 Total Dep. Licencias Software 1
- - 18,000
5,879 3,000
5,879 3,000
16,249 3,000
6,705.56 22,955 3,000
6,706 22,955 - 3,000
6,706 22,955 - 28,000 3,000
6,706 22,955
6,706 22,955 -
6,706 13,387.50 36,342 -
6,706 13,387.50 36,342 - -
6,706 13,388 36,342 -
6,706 13,388 36,342 -

- -
- -
- -

60,350 53,550 288,150 Control - 46,000 18,000


AMORTIZACION Inversion AF Inversin WK licencias K financiero FCLInv
- - 83,000 - 7,200 - 18,000 49,800 - 58,400
3,000 - - 35,542 - - - 11,298
3,000 - 122,000 - 3,215 - 73,200 - 21,471
3,000 - 71,000 - 3,457 - 42,600 719
3,000 - - 3,717 - - 32,459
3,000 - - 3,997 - - 38,480
3,000 - - 4,297 - 28,000 - 16,600 4,079
4,667 - - 4,621 - - 16,600 44,429
4,667 - 63,000 - 4,968 - - 41,000 11,555
4,667 - - 5,342 - - 38,600 95,230
4,667 - - 5,744 - - 38,600 102,358
4,667 - - 6,176 - - 14,200 95,356
4,667 67,755 61,130 - - 239,188
- - - - - -
- - - - - -
- - - - - -

TIR 26.12%
VPN 115,205.29

Amortizac. Amortizac.
Software 2 Software 3 Total Amort
-
3,000
3,000
3,000
3,000
- 3,000
- 3,000
4,667 4,667
4,667 4,667
4,667 4,667
4,667 - 4,667
4,667 - 4,667
4,667 - 4,667

- -
- -
- -

28,000 - 46,000
Ao FCLP FCF FCLInv
0- 108,200 49,800 - 58,400
1 - 6,278 - 5,020 - 11,298
2 - 89,651 68,180 - 21,471
3 - 29,482 30,202 719
4 49,569 - 17,110 32,459
5 55,590 - 17,110 38,480
6 37,789 - 33,710 4,079
7 76,466 - 32,037 44,429
8 66,318 - 54,763 11,555
9 143,461 - 48,231 95,230
10 146,559 - 44,201 102,358
11 111,127 - 15,771 95,356
12 239,188 - 239,188
13 - - -
14 - - -
15 - - -

TIR 26.12%
VPN al WACC115,205.29
FINANCIAMIENTO

Valor a Financiar AF 60%


Inters 14.40%
n 8
Crdito ao 0 49,800
Inters 1er Cred 14%
Crdito ao 1 73,200
Inters 2do Cred 14.40%
Crdito ao 2 42,600
Inters 3er Cred 15.80%
Pagos 3 ultimos aos

Crdito 1
Ao Desembolsos Saldo K
- 49,800 49,800
1 49,800
2 49,800
3 49,800
4 49,800
5 49,800
6 33,200
7 16,600
8 -
9 -
10 -
11 -

12 -
13
14
15
Crdito 2
Amortiza. K Pago i Cuota Desembolsos Saldo K
-
- 7,171 - 7,171 -
- 7,171 - 7,171 73,200 73,200
- 7,171 - 7,171 73,200
- 7,171 - 7,171 73,200
- 7,171 - 7,171 73,200
16,600 7,171 - 23,771 73,200
16,600 4,781 - 21,381 73,200
16,600 2,390 - 18,990 48,800
- - - 24,400
- - - -
- - - -

- - - -
-

49,800
Crdito 3
Amortiza. K Pago i Cuota Desembolsos Saldo K
-
- - - -
- - - -
- 10,541 - 10,541 42,600 42,600
- 10,541 - 10,541 42,600
- 10,541 - 10,541 42,600
- 10,541 - 10,541 42,600
- 10,541 - 10,541 42,600
24,400 10,541 - 34,941 42,600
24,400 7,027 - 31,427 28,400
24,400 3,514 - 27,914 14,200
- - - -

- - - -
- - - -
-

73,200
Flujo Financiero
Amortiza. K Pago i Cuota Desembolsos Saldo K
49,800 49,800
- - - - 49,800
- - - 73,200 123,000
- - - 42,600 165,600
- 6,731 - 6,731 - 165,600
- 6,731 - 6,731 - 165,600
- 6,731 - 6,731 - 149,000
- 6,731 - 6,731 - 132,400
- 6,731 - 6,731 - 91,400
14,200 6,731 - 20,931 - 52,800
14,200 4,487 - 18,687 - 14,200
14,200 2,244 - 16,444 - -

- - - - -
- - - - -
- - - - -
- -
42,600
165,600
Amortiza. K Pago i Cuota Cto Financie FCF
- - - - 49,800
- 7,171 - 7,171 - 5,020 - 5,020
- 7,171 - 7,171 - 5,020 68,180
- 17,712 - 17,712 - 12,398 30,202
- 24,443 - 24,443 - 17,110 - 17,110
- 24,443 - 24,443 - 17,110 - 17,110
- 16,600 24,443 - 41,043 - 17,110 - 33,710
- 16,600 22,052 - 38,652 - 15,437 - 32,037
- 41,000 19,662 - 60,662 - 13,763 - 54,763
- 38,600 13,758 - 52,358 - 9,631 - 48,231
- 38,600 8,001 - 46,601 - 5,601 - 44,201
- 14,200 2,244 - 16,444 - 1,571 - 15,771

- - - - -
- - - - -
- - - - -
- - - - -

- 165,600 TIR 10.30%


Control 10.08%
AF WK Otros Total Distribucin
Total K 339,000.0 7,200 46,000 392,200 100%
Deuda 123,000 - - 123,000 31%
Equity 216,000 7,200 46,000 269,200 69%
Tasa WACC aprox.
13.78%
14.40%
13.50%
TIO 11.50%
A B
- - 4,000,000 - 5,000,000 - 8,000,000
1 - 4,000,000 - 3,000,000
2 2,150,000 1,600,000
3 2,150,000 1,750,000
4 2,150,000 1,900,000
5 2,150,000 2,050,000
6 2,250,000 2,550,000
7 2,250,000 3,050,000
8 2,250,000 3,800,000

a) vpn 1,494,499.9 1,618,979.0 La mejor opcin es proyec


TIR 16.56% 16.11%

Excedentes 9,555,621.31 7,166,715.98 -

TIRM
- - 8,000,000 - 8,000,000 - 8,000,000
1 - 4,000,000 - 3,000,000
2 2,150,000 1,600,000
3 2,150,000 1,750,000
4 2,150,000 1,900,000
5 2,150,000 2,050,000
6 2,250,000 2,550,000
7 2,250,000 3,050,000
8 11,805,621 10,966,716

b) TIRV 12.71% 13.08%

VF
Proyectos A B
1 - 8,570,064 - 6,427,547.97
2 4,131,309 3,074,462.41
3 3,705,210 3,015,868.39
4 3,323,058 2,936,655.96
5 2,980,321 2,841,701.54
6 2,797,256 3,170,223.75
7 2,508,750 3,400,750.00
8 2,250,000 3,800,000.00
c) Subtotal 13,125,840 15,812,114
Excedente ini - -
TOTAL 13,125,840 15,812,114

Rta./ 2,686,274
mejor opcin es proyecto B indicado por el VPN

9,555,621.31
Das para vencimiento 1901
Das por periodo 365
No. Periodos 5.20821918
Periodos Completos 5
i Cupon 7.00% nominal periodica
i Mercado 7.80% nominal periodica
Ppal referencia 100.00

Periodo Periodos Das Fecha Cupones


0 0 0 4/3/2017 -
1 0.2082191781 76 6/18/2017 7.00
2 1.2082191781 441 6/18/2018 7.00
3 2.2082191781 806 6/18/2019 7.00
4 3.2082191781 1171 6/17/2020 7.00
5 4.2082191781 1536 6/17/2021 7.00
6 5.2082191781 1901 6/17/2022 107.00

7 0 0 -
8 0 0
9
10

Rta/. Control
RENTABILIDAD CON UN PAGO INICIAL
VA
9/15/2009 -89
6.891 2/5/2010 5
6.393 8/4/2010 5
5.930 1/31/2011 5
5.501 7/30/2011 5
5.103 1/26/2012 5
72.360 7/24/2012 5

0 1/20/2013 105
0
0
102.178
15.36%
102.178
4.
i 12.57%

Das Valores
4/3/2017 -99 1 122 72
4/16/2017 106 2 188 95
3 390 352
4 585 450
5 737 513
6 955 631
7 1825 712
8 2190 458
9 2555 215
Rpta
EA 0.03% DV

VA
69.2015015
89.3701575
310.102153
372.09659
403.747531
462.654839
393.487489
224.805328
93.7280904
2,419.19
Crdito con gradiente

Valor Crdito 400,000,000


n en aos 18
Cuotas mensuales 12
Incremento anual real 2%
Inflacin 5.00%
Incremento Nominal 7.10% EA
i Periodico MV 1.28% 16.50%
Factro de Correccin 0.78
Primer Factor 11.39
Segundo Factor 12.882
Valor de la cuota Primer Ao 3,493,670
Nominal EA Nominal Perido Nominal Anual
12.00% 12.55% 3.00% 12.00%
Periodos Conversin 4

EA Nominal Periodico Nominal Anual


12.55% 6.0900% 12.18% NASV
Periodos Conversin 2

Rpta 12.18% NASV


minal Anual