DECISIÒN DE FINANCIAMIENTO 0.

35

CONCEPTO 0 1 2 3
INGRESOS
VENTAS 9,049,560.00 $ 10,135,507.20 $ 11,351,768.06
EGRESOS
COSTOS V 110,136.00 $ 123,352.32 $ 138,154.60
COSTOS F 675,120.00 $ 702,124.80 $ 730,209.79
int presref $ 128,577.76 $ 108,426.26 $ 84,332.77
int presavio $ 20,618.63 $ 13,575.66 $ 5,154.96
EGR. TOT 1,012,487.25 $ 1,025,513.91 $ 1,035,886.98
INGRE. GR 8,037,072.75 $ 9,109,993.29 $ 10,315,881.08
ISR $2,411,121.83 $ 2,732,997.99 $ 3,094,764.32
PTU $ 803,707.28 $ 910,999.33
ING NETO - 5,625,950.93 $ 5,573,288.03 $ 6,310,117.43
DEPRECIA. $ 78,034.86 $ 78,034.86 $ 78,034.86
AMORT REF -$ 103,014.43 -$ 123,165.92 -$ 147,259.42
CRE H Y A -$ 36,003.65 -$ 43,046.62 -$ 51,467.32
CAP INVERSIÒN -$130,517.60
ACT INVERSION -$760,013.55
-$890,531.15 5,564,967.70 5,485,110.34 6,189,425.55

-$890,531.15 $4,839,102.35 $ 4,147,531.45 $ 4,069,647.77

CONCLUSIÒN: VPN TIR

DECISIÒN DE INVERSIÒN $ 273,957.00 19.04%

DECISIÒN DE FINANCIAMIENTO $ 535,521.00

 0.1 0.15

4 5

$ 12,713,980.23 $ 14,239,657.86

$ 154,733.15 $ 173,301.13
$ 759,418.18 $ 789,794.91
$ 55,526.15 $ 21,084.44

$ 1,044,807.35 $ 1,059,310.34
$ 11,669,172.89 $ 13,180,347.52
$ 3,500,751.87 $ 3,954,104.26
$ 1,031,588.11 $ 1,166,917.29 $ -
$ 7,136,832.91 $ 8,059,325.98
$ 75,129.86 $ 75,129.86 $ 75,129.86
-$ 176,066.03 -$ 210,507.75 $ 11,456.02

-$ 130,517.60

7,035,896.74 7,923,948.09 26,634,380.71 $ 4,674,436.55 $ 31,308,817.26

$ 4,022,796.79 $ 3,939,602.64 $ 20,128,149.85

-$ 63,673.84
IR RECUPERACION
11.80 4 AÑOS 6 MESES
 CONCEPTO 0 1 2
INGRESOS
VENTAS $ 9,049,560.00 $ 10,135,507.20
EGRESOS
COSTOS V $ 110,136.00 $ 123,352.32
COSTOS F $ 675,120.00 $ 702,124.80
int presref $ 128,577.76 $ 108,426.26
int presavio $ 20,618.63 $ 13,575.66
EGR. TOT $ 1,012,487.25 $ 1,025,513.91
INGRE. GR $ 8,037,072.75 $ 9,109,993.29
ISR $ 2,411,121.83 $ 2,732,997.99
PTU $ 803,707.28
ING NETO $ 5,625,950.93 $ 5,573,288.03
DEPRECIA. $ 78,034.86 $ 78,034.86
AMORT REF -$ 103,014.43 -$ 123,165.92
CRE H Y A -$ 36,003.65 -$ 43,046.62
INVERSIÒN -$ 130,517.60
CAP INVERSION -$ 760,013.55
ACT -$ 890,531.15 5,564,967.70 5,485,110.34

-$ 890,531.15 $ 4,839,102.35 $ 4,147,531.45

 3 4 5

$ 11,351,768.06 $ 12,713,980.23 $ 14,239,657.86

$ 138,154.60 $ 154,733.15 $ 173,301.13

$ 730,209.79 $ 759,418.18 $ 789,794.91
$ 84,332.77 $ 55,526.15 $ 21,084.44
$ 5,154.96
$ 1,035,886.98 $ 1,044,807.35 $ 1,059,310.34
$ 10,315,881.08 $ 11,669,172.89 $ 13,180,347.52
$ 3,094,764.32 $ 3,500,751.87 $ 3,954,104.26
$ 910,999.33 $ 1,031,588.11 $ 1,166,917.29
$ 6,310,117.43 $ 7,136,832.91 $ 8,059,325.98
$ 78,034.86 $ 75,129.86 $ 75,129.86
-$ 147,259.42 -$ 176,066.03 -$ 210,507.75
-$ 51,467.32

6,189,425.55 7,035,896.74 7,923,948.09

$ 4,069,647.77 $ 4,022,796.79 $ 3,939,602.64

 * LO QUE APORTA LA EMPRESA
OPCION 1
ACTIVO FIJO 2,160,000.00

MONTO:
BANCO 70% $ 1,512,000.00
AFORO * 30% $ 648,000.00
PLAZO 5 AÑOS
TASA DE INTERÈS TIIE 28 DÌAS SPREAD (RECIPROCIDAD)* DEPENDE DE LA CA
11.95% 0.1195 QUE DEPÒSITE EN CADA BANCO

PAGOS INTERES
335,954.0000 1,478,405 15057

AÑOS CAPITAL INTERESES AMORTIZACIÒN CRED.

1 $ 1,512,000.00 180,684.00 $ 302,400.00
2 $ 1,209,600.00 144,547.20 $ 302,400.00
3 $ 907,200.00 108,410.40 $ 302,400.00
4 $ 604,800.00 72,273.60 $ 302,400.00
5 $ 302,400.00 36,136.80 $ 302,400.00
$ 542,052.00 $ 1,512,000.00
108410.4

CAPITAL DE TRABAJO 162548 40% 65019.2

*BANCO 60% 97528.8
DURACIÒN DEL CRÈDITO TRES AÑOS
TASA DE INTERÈS NAFIN + TRES PUNTOS 5.05 + 3

8.05% 0.0805
AÑOS CAPITAL INTERESES AMORTIZACIÒN CRED.
1 $ 97,529.00 $ 7,851.08 $ 32,509.67
2 $ 65,019.00 $ 5,234.03 $ 32,509.67
3 $ 32,509.67 $ 2,617.03 $ 32,509.67
$ 15,702.14
$ 5,234.05
ROCIDAD)* DEPENDE DE LA CANTIDAD
EN CADA BANCO

SALDO
1,209,600.00
907,200.00
604,800.00
302,400.00
-
$ 2,054,052.00

$334,909.67

SALDO
65,019.33
32,509.33
-
113,231.14
 35%
10%
AÑO AÑO AÑO AÑO
CONCEPTOS 1 2 3 4
INGRESOS
VENTAS 9,720,000.00 11,340,000.00 12,150,000.00 12,960,000.00
EGRESOS
COSTOS VARIABLES 6,480,000.00 7,560,000.00 8,100,000.00 8,640,000.00
COSTOS FIJOS 3,330,000.00 3,330,000.00 3,330,000.00 3,330,000.00
EGRESOS TOTALES 9,810,000.00 10,890,000.00 11,430,000.00 11,970,000.00
INGRESO GRAV -90,000.00 450,000.00 720,000.00 990,000.00
ISR -31500 157500 252000 346500
PTU 45000 72000
INGRESO NETO UODI -58,500.00 292,500.00 423,000.00 571,500.00
INVERSIÒN $ 2,322,547.00 1,912,739.00 1,491,836.00 1,070,932.00
CARGO DE CAPITAL -890,531.15 -286,910.85 -223,775.40 -160,639.65
EVA -949,031.15 5,589.15 199,224.60 410,860.35
VPN EVA 4,117,756.33 3,997,260.63 ### ###
 AÑO EVA
5 TOTAL

13,284,000.00

8,856,000.00
3,330,000.00
12,186,000.00
1,098,000.00
384300
99000
614,700.00
643,369.00
-96,505.20
518,194.80
### ###
EVA = UODI -(C*CT)
CARGO DE CAPITAL

1ER AÑO

EVA = (58,500) - (2,322,548 * 0,15) = -324000

tasa = 15%

CALCULO DEL VALOR ECONOMICO AGREGADO.

15%
AÑOS UODI CARGO DE EVA FACTOR DE
CAPITAL DESCUENTO
0 1.0000
1 -58,500.00 -348,382.05 -406,882.05 0.8696
2 292,500.00 -286,910.85 5,589.15 0.7561
3 423,000.00 -223,775.40 199,224.60 0.6575
4 571,500.00 -160,639.80 410,860.20 0.5718
5 614,700.00 -96,505.35 518,194.65 0.4972

CONFIGURACION INVERSION
AÑO 2 AÑO 3 AÑO 4
INVERSION ANTERIOR (2,322,547.00) (1,912,739.00) (1,491,836.00)
DEPRECIACIÒN 432,000.00 432,000.00 432,000.00
INV. CAP. TRABAJO -22,192.00 -11,097.00 -11,096.00
TOTAL (1,912,739.00) (1,491,836.00) (1,070,932.00)
CARGO DE CAPITAL

VALOR PRESENTE
DEL EVA

-353,812.42
4,226.18
130,994.16
234,909.32
257,636.02
273,953.25

273,953.92

AÑO 5
(1,070,932.00) -917,322.917816417
432,000.00
-4,437.00
(643,369.00)
 VALOR ECONOMICO AGREGADO

CALCULO DEL VALOR ECONÒMICO AGREGADO

15%
CARGO DE EVA FACTOR DE
AÑOS UODI CAPITAL DESCUENT
1 5,625,950.93 -$ 890,531.15 4,735,419.78 0.8695652173913
2 5,573,288.03 -286,910.85 5,286,377.18 0.7561436672968
3 6,310,117.43 -223,775.40 6,086,342.03 0.657516232432
4 7,136,832.91 -160,639.65 6,976,193.26 0.571753245593
5 8,059,325.98 -96,505.20 7,962,820.78 0.4971767352983
O AGREGADO

VPN
EVA
4,117,756.33
3,997,260.63
4001868.67931547
3988661.13949375
3958929.23827118
20,064,476.01

$ 63,673.84
$ 75,129.86

$ 20,000,802.17
 B0tasfox

VENTA ANUAL 180,000 PARES DE b0tas DE PIEL

COSTO UNITARIO $ 60.00
PRECIO DE VENTA $ 90.00

CAP. DE PRESUPUESTO PRECIO DE

AÑO PROD. VENTAS
PROD. % DE VENTA VENTA
1 60 180000 108000 90.00 9,720,000.00
2 70 180000 126000 90.00 11,340,000.00
3 75 180000 135000 90.00 12,150,000.00
4 80 180000 144000 90.00 12,960,000.00
5 82 180000 147600 90.00 13,284,000.00
660600 59,454,000.00

PRESUPUESTOS DE COSTOS VARIABLES

COSTO COSTO COSTOS FIJOS
AÑO PROD.
UNITARIO VARIABLE CONCEPTOS
1 108000 60.00 6,480,000.00 DEPRECIACION
2 126000 60.00 7,560,000.00 MANO DE OBRA
3 135000 60.00 8,100,000.00 OTROS GASTOS.
4 144000 60.00 8,640,000.00
5 147600 60.00 8,856,000.00
660600 39,636,000.00

CONCEPTO AÑO 0 1 2 3
INGRESOS:
VENTAS 9,720,000.00 11,340,000.00 12,150,000.00
INGRESOS TOTALES
EGRESOS
COSTOS VARIABLES 6,480,000.00 7,560,000.00 8,100,000.00
COSTOS FIJOS 3,330,000.00 3,330,000.00 3,330,000.00
EGRESOS TOTALES 9,810,000.00 10,890,000.00 11,430,000.00
INGRESO GRAVABLE -90,000.00 450,000.00 720,000.00
35% ISR 31,500.00 157,500.00 252,000.00
10% PTU 45,000.00
INGRESO NETO DE OPERACIÓN -58,500.00 292,500.00 423,000.00
DEPRECIACIÓN 432,000.00 432,000.00 432,000.00
INVERSIÓN -2,160,000.00
CAPITAL DE TRABAJO -162,547.00 -22,192.00 -11,097.00 -11,096.00
FLUJO DE EFECTIVO -2,322,547.00 351,308.00 713,403.00 843,904.00
15%
FLUJO DESCONTADO 15% VPN 0.8695652174 0.7561436673
FACTOR 1 0.86957 0.75614 0.65752
VPN -2,322,547.00 305,486.90 539,432.54 554,883.76
PRINV -2,017,060.10 -1,477,627.56 -922,743.80

VPN 19%
FACTORES 1 0.84034 0.70616 0.59342
FLUJO DESCONTADO -2,322,547.00 295,218.16 503,776.66 500,789.51

VPN 20%
FACTORES 1 0.83333 0.69444 0.5767
FLUJO DESCONTADO -2,322,547.00 292,755.50 495,415.58 486,679.44

TIR 0.190418481258 19.04%

EVA= -406882
 CONCEPTO
ACT. CIRCULANTE
EFECTIVO
CTAS. X COBRAR
INVENTARIO
SUB TOTAL

PASIVO CIRCULANTE
CTAS. X PAGAR
COSTOS FIJOS
GASTOS CAPITAL DE TRABAJO
432,000.00
1,073,000.00 AJUSTE MARGINAL
1,825,000.00

4 5

12,960,000.00 13,284,000.00

8,640,000.00 8,856,000.00
3,330,000.00 3,330,000.00
11,970,000.00 12,186,000.00
990,000.00 1,098,000.00
346,500.00 384,300.00
72,000.00 99,000.00
571,500.00 614,700.00
432,000.00 432,000.00

-4,437.00 211,369.00
999,063.00 1,258,069.00

0.57175 0.49718
571,214.27 625,486.75 273,957.22
-351,529.53 273,957.22 4 AÑOS 6 MESES
351,529.53
0.56200955858 6.74411470293823

0.49867 0.41905
498,202.75 527,193.81 2,633.90

0.48225 0.40188
481,798.13 505,592.77 -60,305.59
 CAPITAL DE TRABAJO NETO.
AÑO
DIAS 1 2

10 29,397 29,397
25 665,753 776,712
15 266,301 310,685
961,452 1,116,795

45 798,904 932,055

-162,548 -184,740

-22,192
JO NETO.
AÑO
3 4 5

29,397 29,397 29,397

832,192 887,671 909,863
332,877 355,068 363,945
1,194,466 1,272,137 1,303,205

998,630 1,065,205 1,091,836

-195,836 -206,932 -211,370

-11,096 -11,096 -4,438