VAN TIR

Proyecto puro 31,268,878 14.7%

Pryecto con Financiamiento 365,479,037 70.3%

Hipótesis Optimista
Proyecto puro
Pryecto con Financiamiento

Hipótesis Pesimista
Proyecto puro
Pryecto con Financiamiento
 Cantidad Valor Ha. Total
Terreno 3 10,000,000 30,000,000

Detalle Unidad Costo/unid. Total

Construcción planta 600 m2 280,000 168,000,000
Equipamiento planta 304,000,000
Mobiliario Admistración 3,000,000
Planta Tratamiento de Residuos con DIC 60,000,000
Estudio de Ingeniería 9,000,000
Total 544,000,000

Detalle Equipamiento de Planta Cantidad Valor ($) Total ($)

Linea de Proceso 1 50,000,000 50,000,000
Despieladora 1 25,000,000 25,000,000
Ahumadores 1 70,000,000 70,000,000
Máquinas Rebanodaras 3 5,000,000 15,000,000
Tunel de Frío 5000 Kg/día 1 25,000,000 25,000,000
Tunel de Frío 3000 Kg/día 1 12,000,000 12,000,000
Selladora Vacío 2 8,750,000 17,500,000
Cámara de Tránsito 1 10,000,000 10,000,000
Cámara Frigorifica de Almacenamiento en Frío 1 50,000,000 50,000,000
Etiquetadoras 2 4,000,000 8,000,000
Ensunchadora Automática 2 9,750,000 19,500,000
Otros Menores 1 2,000,000 2,000,000
Total Equipamiento 304,000,000
 Detalle Total
Activo Fijo 624,475,000
Terreno 60,000,000
Planta equipada 544,000,000
Ofincina Comercial Miami 20,475,000
Capital de Trabajo 108,049,906
Total Inversión 732,524,906

Detalle Equipamiento de Planta Total ($) Vida Util (años) Valor Resid.
10 Linea de Proceso 50,000,000 12 5,000,000
10 Despieladora 25,000,000 12 2,500,000
15 Ahumadores 70,000,000 15 7,000,000
10 Máquinas Rebanodaras 15,000,000 12 1,500,000
10 Tunel de Frío 5000 Kg/día 25,000,000 12 2,500,000
10 Tunel de Frío 3000 Kg/día 12,000,000 12 1,200,000
10 Selladora Vacío 17,500,000 12 1,750,000
10 Cámara de Tránsito 10,000,000 12 1,000,000
10 Cámara Frigorifica de Almacenamie 50,000,000 12 5,000,000
5 Etiquetadoras 8,000,000 5 800,000
10 Ensunchadora Automática 19,500,000 12 1,950,000
10 Otros Menores 2,000,000 12 200,000
Mobiliario Admistración 3,000,000 12 300,000
Construcción planta 168,000,000 20 16,800,000
Total Equipamiento 475,000,000 47,500,000
Depreciación año
3,750,000
1,875,000
4,200,000
1,125,000
1,875,000
900,000
1,312,500
750,000
3,750,000
1,440,000
1,462,500
150,000
225,000
7,560,000
30,375,000
Volumen de Producción:

PLANTA: 1 TURNO Remuneración Anual

Cargo Nro. Puestos $/unit. Total $
Jefe planta 1 12,000,000 12,000,000 10,000,000
Jefe turno 1 6,000,000 6,000,000 5,000,000
Supervisor (capataz) 2 3,600,000 7,200,000 6,000,000
Adminsitrativo 2 3,600,000 7,200,000 6,000,000
Secretaria 1 3,600,000 3,600,000 3,000,000
Ventas 1 6,000,000 6,000,000 5,000,000
Estadistico 4 3,600,000 14,400,000 12,000,000
Filetero 2 3,000,000 6,000,000 5,000,000
Despinador 8 2,160,000 17,280,000 14,400,000
Recortero 2 1,800,000 3,600,000 3,000,000
Moldeador 4 2,160,000 8,640,000 7,200,000
Decoradora (Valor Agreg.) 10 2,160,000 21,600,000 18,000,000
Empacador 8 2,160,000 17,280,000 14,400,000
Ayudante 8 2,160,000 17,280,000 14,400,000
Bodegueros Frigorifico 4 3,000,000 12,000,000 10,000,000
Jornalero 4 1,800,000 7,200,000 6,000,000
Vigilante (guardia) 2 2,160,000 4,320,000 3,600,000
Total Planta 64 171,600,000 143,000,000 MAQUILA =

OFICINA MIAMI Remuneración Anual Detalle

Cargo Nro. Puestos $/unit. Total $ Equipamiento Oficinas
Jefe oficina (*) 1 36,000,000 36,000,000 Otros y legales
Vendedor (*) 2 15,600,000 31,200,000
Adminsitrativo 1 14,400,000 14,400,000
Secretaria 1 14,400,000 14,400,000
Apoyo contable (externo) 1 3,120,000 3,120,000
Jornalero 1 10,000,000 10,000,000
Total Oficina 7 109,120,000

(*) Corresponde al Sueldo Fijo

(**) Poseen una comisión de ventas del 2%
 850 TON * 650 us$/ton*$690

Unidad Costo US$ Total US$ Total $

Equipamiento Oficinas 5,000 3,250,000
Otros y legales 1,500 975,000
 Gross Domestic Product
Percent change from preceding period
(Seasonally adjusted annual rates)

GDP percent GDP percent

GDP percent change based on GDP percent change based on
change based on chained 1996 change based on chained 1996
Annual current dollars dollars Annual current dollars dollars Annual
1930 -12.0 -8.6 1966 9.6 6.6 1971-1980
1931 -16.1 -6.4 1967 5.7 2.5 1981-1990
1932 -23.2 -13.0 1968 9.3 4.8 1991-2000
1933 -4.0 -1.4 1969 8.1 3.0
1934 16.9 10.8 1970 5.5 0.2
1935 11.0 9.0 1971 8.6 3.3
1936 14.2 12.9 1972 9.9 5.4
1937 9.7 5.3 1973 11.7 5.8
1938 -6.3 -3.5 1974 8.3 -0.6
1939 6.9 8.1 1975 8.9 -0.4
1940 10.1 8.5 1976 11.5 5.6
1941 25.0 17.1 1977 11.4 4.6
1942 27.7 18.4 1978 13.0 5.5
1943 22.7 16.5 1979 11.8 3.2
1944 10.7 8.2 1980 8.9 -0.2
1945 1.5 -1.2 1981 12.0 2.5
1946 -0.3 -11.1 1982 4.1 -2.0
1947 10.0 -0.7 1983 8.5 4.3
1948 10.3 4.3 1984 11.3 7.3
1949 -0.7 -0.6 1985 7.1 3.8
1950 10.0 8.7 1986 5.7 3.4
1951 15.4 7.6 1987 6.5 3.4
1952 5.6 4.0 1988 7.7 4.2
1953 5.9 4.6 1989 7.5 3.5
1954 0.3 -0.7 1990 5.7 1.8
1955 9.0 7.1 1991 3.2 -0.5
1956 5.5 2.0 1992 5.6 3.0
1957 5.4 2.0 1993 5.1 2.7
1958 1.4 -1.0 1994 6.2 4.0
1959 8.4 7.2 1995 4.9 2.7
1960 3.9 2.5 1996 5.6 3.6
1961 3.5 2.3 1997 6.5 4.4
1962 7.5 6.0 1998 5.6 4.3
1963 5.5 4.3 1999 5.5 4.1
1964 7.4 5.8 2000 6.5 4.1
1965 8.4 6.4
 GDP percent
change
GDP percent GDP percent change based on
change based on based on chained current
current dollars 1996 dollars dollars Variacion
10.4 3.2 1980 8.9
7.6 3.2 1981 12.0 34.8
5.5 3.2 1982 4.1 -65.8
1983 8.5 107.3
1984 11.3 32.9
1985 7.1 -37.2
1986 5.7 -19.7
1987 6.5 14.0
1988 7.7 18.5
1989 7.5 -2.6
1990 5.7 -24.0
1991 3.2 -43.9
1992 5.6 75.0
1993 5.1 -8.9
1994 6.2 21.6
1995 4.9 -21.0
1996 5.6 14.3
1997 6.5 16.1
1998 5.6 -13.8
1999 5.5 -1.8
2000 6.5 18.2
5.7

23.56924153
25
 Exportacione
s de
GDP percent Salmony
change Exportacione Trucha a
based on s a USA USA Millones
chained Millones US$ US$ fob
1996 dollars Variacion fob Chile
-0.2
2.5 -1350.0
-2.0 -180.0
4.3 -315.0
7.3 69.8
3.8 -47.9
3.4 -10.5
3.4 0.0
4.2 23.5
3.5 -16.7
1.8 -48.6 48,83
-0.5 -127.8 56,19 #VALUE!
3.0 -700.0 1,649.4 74,06 #VALUE!
2.7 -10.0 1,655.2 0.35 91,04 #VALUE!
4.0 48.1 2,012.1 21.56 105,18 #VALUE!
2.7 -32.5 2,330.3 15.81 135,87 #VALUE!
3.6 33.3 2,592.4 11.25 177,31 #VALUE!
4.4 22.2 2,698.9 4.11 214,16 #VALUE!
4.3 -2.3 2,625.1 -2.73 270,04 #VALUE!
4.1 -4.7 3,133.1 19.35 258,57 #VALUE!
4.1 0.0 3,209.3 2.43 357,81 #VALUE!
 #VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
4.118896578
 Crecimiento Exportaciones a USA Elasticidad
Años % PIB USA Mill. US$ FOB % crec. %exp/%PIB USA
1992 5.6% 1,649.4
1993 5.1% 1,655.2 0.4% 0.069
1994 6.2% 2,012.1 21.6% 3.478
1995 4.9% 2,330.3 15.8% 3.227
1996 5.6% 2,592.4 11.2% 2.008
1997 6.5% 2,698.9 4.1% 0.632
1998 5.6% 2,625.1 -2.7% -0.488
1999 5.5% 3,133.1 19.4% 3.518
2000 6.5% 3,209.3 2.4% 0.374
Promedio 5.7% 9.0% 1.602

Crecimiento Exportaciones a USA Elasticidad

Años % PIB USA Mill. US$ FOB % crec. %exp/%PIB USA
1992 5.6% 1,649.4
1993 5.1% 1,655.2 0.4% 0.069
1994 6.2% 2,012.1 21.6% 3.478
1995 4.9% 2,330.3 15.8% 3.227
1996 5.6% 2,592.4 11.2% 2.008
1997 6.5% 2,698.9 4.1% 0.632
1998 5.6% 2,625.1 -2.7% -0.488
1999 5.5% 3,133.1 19.4% 3.518
2000 6.5% 3,209.3 2.4% 0.374
Promedio 5.7% 9.0% 1.602
 2001 2002
Septiembre Enero Mayo Septiembre Enero Mayo
Mundial 4.2 3.8 0.1 4.1 4.2 3.9
EEUU 3.4 2.6 1.8 3.2 3.5 3.0
Europa 3.1 2.9 2.3 3.0 2.8 2.7
Japón 1.9 1.8 0.6 1.5 1.9 1.5
Amer. Latina 4.0 3.7 3.1 4.0 4.1 3.9
Socios Comerciales 3.6 3.1 2.3 3.5 3.5 3.2
Chile 5.7 5.6 4.3 6.3 5.9 5.0
PROYECCION FLUJOS DE CAJA (PROYECTO PURO)

2001 2002 2003 2004 2005 2006 2007 2008 2009

Ventas Nacionales y exportación 1,590,312,000 1,733,440,080 1,889,449,687 2,059,500,159 2,244,855,173 2,446,892,139 2,667,112,431 2,907,152,550
Total Ingresos Explotación 1,590,312,000 1,733,440,080 1,889,449,687 2,059,500,159 2,244,855,173 2,446,892,139 2,667,112,431 2,907,152,550

Costos de Explotación 1,160,927,760 1,265,411,258 1,379,298,272 1,503,435,116 1,638,744,277 1,786,231,261 1,946,992,075 2,122,221,362

Margen de Explotación 429,384,240 468,028,822 510,151,416 556,065,043 606,110,897 660,660,878 720,120,356 784,931,189

GAV Gtos. Admin. y Vtas. 143,128,080 156,009,607 170,050,472 185,355,014 202,036,966 220,220,293 240,040,119 261,643,730
Gastos Generales 19,083,744 21,668,001 23,618,121 25,743,752 28,060,690 30,586,152 33,338,905 36,339,407
Gastos de representación 6,361,248 6,933,760 7,557,799 8,238,001 8,979,421 9,787,569 10,668,450 11,628,610
Gts. Oficina Comercial Miami 167,162,822 169,945,876 172,979,404 176,285,951 179,890,086 183,818,594 188,100,668 192,768,128
Gastos Financieros 25,444,992 27,735,041 30,231,195 32,952,003 35,917,683 39,150,274 42,673,799 46,514,441
Depreciación 30,375,000 30,375,000 30,375,000 30,375,000 30,375,000 28,935,000 28,935,000 28,935,000
Dep. reinversiones 1,440,000 1,440,000 1,440,000
Amortización Gts. Pta. Marcha
(Menos) Total egresos 391,555,886 412,667,285 434,811,991 458,949,720 485,259,845 513,937,881 545,196,941 579,269,315

Resultado antes de impto 37,828,354 55,361,536 75,339,424 97,115,323 120,851,052 146,722,996 174,923,416 205,661,873
(Menos)Impuesto Renta (15%) 5,674,253 8,304,230 11,300,914 14,567,298 18,127,658 22,008,449 26,238,512 30,849,281
Resultado después de impto 32,154,101 47,057,306 64,038,511 82,548,024 102,723,394 124,714,547 148,684,904 174,812,592

Depreciaciones (+) 30,375,000 30,375,000 30,375,000 30,375,000 30,375,000 28,935,000 28,935,000 28,935,000
Reinversión (-) 8,000,000
Dep. reiversiones (+) 1,440,000 1,440,000 1,440,000
Amortización Deuda
Indem. Años de Servicios
Valor de rescate 800,000
Variación Capital de Trab. 9,724,492 10,599,696 11,553,668 12,593,499 13,726,913 14,962,336 16,308,946
Recuperación Cap.de Trab.
Flujo Caja Neto -732,524,906 62,529,101 67,707,814 83,813,815 101,369,356 113,304,895 141,362,633 164,097,568 188,878,647

Inversión 732,524,906
Tasa de descuento 14.00%
VAN 88,897,881
TIR 16.05%
 2010 2011 2012 2013
3,168,796,280 3,453,987,945 3,764,846,860 4,103,683,077
3,168,796,280 3,453,987,945 3,764,846,860 4,103,683,077

2,313,221,284 2,521,411,200 2,748,338,208 2,995,688,647

855,574,996 932,576,745 1,016,508,652 1,107,994,431

285,191,665 310,858,915 338,836,217 369,331,477

39,609,953 43,174,849 47,060,586 51,296,038
12,675,185 13,815,952 15,059,387 16,414,732
197,855,659 203,401,069 209,445,565 216,034,066
50,700,740 55,263,807 60,237,550 65,658,929
28,935,000 28,935,000 28,935,000 28,935,000
1,440,000 1,440,000 1,440,000 1,440,000

616,408,204 656,889,592 701,014,305 749,110,243

239,166,792 275,687,153 315,494,347 358,884,188

35,875,019 41,353,073 47,324,152 53,832,628
203,291,773 234,334,080 268,170,195 305,051,560

28,935,000 28,935,000 28,935,000 28,935,000

8,000,000
1,440,000 1,440,000 1,440,000 1,440,000

143,000,000
800,000 137,500,000
17,776,751 19,376,659 21,120,558 23,021,408
223,051,864
215,890,022 246,132,422 269,424,637 529,957,016
PROYECCION FLUJOS DE CAJA (PROYECTO CON FINANCIAMIENTO)

2001 2002 2003 2004 2005 2006 2007 2008 2009

Ventas Nacionales y exportación 1,590,312,000 1,733,440,080 1,889,449,687 2,059,500,159 2,244,855,173 2,446,892,139 2,667,112,431 2,907,152,550
Total Ingresos Explotación 1,590,312,000 1,733,440,080 1,889,449,687 2,059,500,159 2,244,855,173 2,446,892,139 2,667,112,431 2,907,152,550

Costos de Explotación 1,160,927,760 1,265,411,258 1,379,298,272 1,503,435,116 1,638,744,277 1,786,231,261 1,946,992,075 2,122,221,362

Margen de Explotación 429,384,240 468,028,822 510,151,416 556,065,043 606,110,897 660,660,878 720,120,356 784,931,189

GAV Gtos. Admin. y Vtas. 143,128,080 156,009,607 170,050,472 185,355,014 202,036,966 220,220,293 240,040,119 261,643,730
Gastos Generales 19,083,744 21,668,001 23,618,121 25,743,752 28,060,690 30,586,152 33,338,905 36,339,407
Gastos de representación 6,361,248 6,933,760 7,557,799 8,238,001 8,979,421 9,787,569 10,668,450 11,628,610
Gts. Oficina Comercial Miami 167,162,822 169,945,876 172,979,404 176,285,951 179,890,086 183,818,594 188,100,668 192,768,128
Gastos Financieros 80,201,630 80,984,878 81,858,357 82,831,707 83,915,550 85,121,590 86,462,723 87,953,146
Depreciación 30,375,000 30,375,000 30,375,000 30,375,000 30,375,000 28,935,000 28,935,000 28,935,000
Dep. reinversiones 1,440,000 1,440,000 1,440,000
Amortización Gts. Pta. Marcha
(Menos) Total egresos 446,312,523 465,917,122 486,439,153 508,829,425 533,257,712 559,909,197 588,985,864 620,708,020

Resultado antes de impto -16,928,283 2,111,700 23,712,262 47,235,618 72,853,185 100,751,680 131,134,492 164,223,168
(Menos)Impuesto Renta (15%) 0 316,755 3,556,839 7,085,343 10,927,978 15,112,752 19,670,174 24,633,475
Resultado después de impto -16,928,283 1,794,945 20,155,423 40,150,276 61,925,207 85,638,928 111,464,318 139,589,693

Depreciaciones (+) 30,375,000 30,375,000 30,375,000 30,375,000 30,375,000 28,935,000 28,935,000 28,935,000
Reinversión (-) 8,000,000
Dep. reiversiones (+) 1,440,000 1,440,000 1,440,000
Amortización Deuda 19,594,295 27,248,674 22,723,770 24,471,228 26,353,066 28,379,616 30,562,009 32,912,227
Indem. Años de Servicios
Valor de rescate 800,000
Variación Capital de Trab. 9,724,492 15,402,917 11,553,668 12,593,499 13,726,913 14,962,336 16,308,946
Prestamos Fianc. Cap. Trabajo 6,147,578 4,803,221
Recuperación Cap.de Trab.
Flujo Caja Neto -20,475,000 0 0 12,403,736 34,500,379 46,153,643 73,907,398 96,314,974 120,743,520

Inversión
Tasa de descuento
VAN
TIR
Inversion
Prestamo
Total
 2010 2011 2012 2013
3,168,796,280 3,453,987,945 3,764,846,860 4,103,683,077
3,168,796,280 3,453,987,945 3,764,846,860 4,103,683,077

2,313,221,284 2,521,411,200 2,748,338,208 2,995,688,647

855,574,996 932,576,745 1,016,508,652 1,107,994,431

285,191,665 310,858,915 338,836,217 369,331,477

39,609,953 43,174,849 47,060,586 51,296,038
12,675,185 13,815,952 15,059,387 16,414,732
197,855,659 203,401,069 209,445,565 216,034,066
89,608,495 91,445,982 93,484,547 95,745,034
28,935,000 28,935,000 28,935,000 28,935,000
1,440,000 1,440,000 1,440,000 1,440,000

655,315,958 693,071,766 734,261,302 779,196,347

200,259,037 239,504,979 282,247,350 328,798,084

30,038,856 35,925,747 42,337,103 49,319,713
170,220,182 203,579,232 239,910,248 279,478,371

28,935,000 28,935,000 28,935,000 28,935,000

8,000,000
1,440,000 1,440,000 1,440,000 1,440,000
35,443,177 38,168,758 41,103,935 391,236,729
143,000,000
800,000 137,500,000
17,776,751 19,376,659 21,120,558 23,021,408

223,051,864
147,375,253 177,208,816 200,060,754 113,147,099
346,971,901