Documentos de Académico
Documentos de Profesional
Documentos de Cultura
3
Fecha de actualizacin: 5/14/2012
Modeleva ha sido desarrollado por Alfonso Rodriguez Sandias, Universidad de Santiago de Compo
La marca Modeleva es propiedad del autor.
Puede encontrar un texto de apoyo en www.usc.es/modeleva
d de Santiago de Compostela.
CONTROL
B
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
7:08 AM
205695696.xlsx.ms_office
1/22/2014
INV
B
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
7:08 AM
Mes inicio = 1
Ao
Mes
Coef.
Nivel en inversin
1
IVA
INVERSIN IVA
Mes
2012
2012
2012
2012
2012
2012
2012
2012
2013
2013
2013
2014
2015
2017
2018
2017
3
3
5
11
12
10
11
11
6
1
2
1
1
1
1
1
3%
3%
3%
12%
15%
18%
18%
18%
18%
18%
18%
18%
18%
18%
18%
8%
8%
8%
18%
18%
18%
18%
18%
18%
18%
18%
18%
18%
18%
18%
90,000
240,000
250,000
167,000
140,000
65,000
34,000
22,000
30,000
25,000
320,000
40,000
30,000
350,000
300,000
0
0
19,200
20,000
13,360
25,200
11,700
6,120
3,960
5,400
4,500
57,600
7,200
5,400
63,000
54,000
0
-9
-9
-7
-1
0
-2
-1
-1
6
1
2
13
25
49
61
49
2012
2012
2012
2013
2015
2014
6
11
6
6
6
6
12%
16%
14%
14%
14%
15%
18%
18%
18%
18%
18%
18%
23,000
32,000
4,000
10,000
5,000
0
4,140
5,760
720
1,800
900
0
-6
-1
-6
6
30
18
205695696.xlsx.ms_office
1/22/2014
FIN
B
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
7:08 AM
2015
701,581
582,763
11.00%
7.27%
9.31%
2016
811,671
412,657
11.00%
4.79%
8.91%
2017
902,214
320,219
11.00%
7.56%
10.10%
2018
965,288
309,690
11.00%
8.36%
10.36%
2019
1,077,218
284,862
11.00%
4.79%
9.70%
2015
408,999
72,817
28,629
101,446
2016
333,507
75,492
23,939
99,431
2017
286,172
47,336
19,749
67,085
2018
235,808
50,364
16,721
67,085
2019
182,221
53,586
13,498
67,085
Escenario Base
Inmovilizado Inicial 1,067,000 Eur
Fondo Maniobra Inicial 114,268 Eur
Financiacin de prdidas iniciales 58,847 Eur
Necesidad Total Inicial= 1,240,114 Eur
RECURSOS PROPIOS
SUBVENCION
DEUDA 1
DEUDA 2
TOTAL=
% Inicial
45.0%
5.0%
40.0%
10.0%
100%
CUANTIA
558,051 Eur
62,006 Eur
496,046 Eur
124,011 Eur
1,240,114 Eur
2013
595,080
704,407
11.00%
8.64%
9.72%
9.6%
2014
643,509
731,238
11.00%
7.10%
8.93%
Capital Pendiente
Amortizacin
Intereses
Cuota
INICIAL
620,057
205695696.xlsx.ms_office
1/22/2014
INCO
B
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
7:08 AM
C
AO
Linea A
INGRESOS
PRECIO
UNIDADES
CRECIMIENTO
G
Escenario Base
2016
2017
2018
2019
Dato base
2013
2014
2015
2013
100 Eur
3,600
360,000
100
3,600
424,350
103
4,140
15.0%
15.0%
478,455
105
4,554
10.0%
10.0%
529,649
108
4,918
8.0%
8.0%
580,893
110
5,263
7.0%
7.0%
625,186
113
5,526
5.0%
5.0%
666,448
116
5,747
4.0%
4.0%
Linea B
INGRESOS
PRECIO
UNIDADES
CRECIMIENTO
2013
110 Eur
1,000
110,000
110
1,000
129,663
113
1,150
15.0%
15.0%
148,853
116
1,288
12.0%
12.0%
164,780
118
1,391
8.0%
8.0%
177,344
121
1,461
5.0%
5.0%
190,867
124
1,534
5.0%
5.0%
203,464
128
1,595
4.0%
4.0%
Linea C
INGRESOS
PRECIO
UNIDADES
CRECIMIENTO
2014
60 Eur
800
0
60
0
49,200
62
800
15.0%
0.0%
56,482
63
896
12.0%
12.0%
63,683
65
986
10.0%
10.0%
69,192
66
1,045
6.0%
6.0%
73,049
68
1,076
3.0%
3.0%
77,121
70
1,108
3.0%
3.0%
Linea D
INGRESOS
PRECIO
UNIDADES
CRECIMIENTO
2013
110 Eur
1,200
132,000
110
1,200
155,595
113
1,380
15.0%
15.0%
175,433
116
1,518
10.0%
10.0%
194,205
118
1,639
8.0%
8.0%
209,013
121
1,721
5.0%
5.0%
218,523
124
1,756
2.0%
2.0%
228,466
128
1,791
2.0%
2.0%
Linea E
INGRESOS
CRECIMIENTO
2013
46,000
46,000
54,223
15.0%
15.0%
61,136
10.0%
10.0%
65,797
5.0%
5.0%
70,140
4.0%
4.0%
74,769
4.0%
4.0%
78,938
3.0%
3.0%
Linea F
INGRESOS
CRECIMIENTO
2013
10.0%
64,800
10%
87,807
8.0%
10.8%
105,363
6.0%
11.4%
123,547
6.0%
12.1%
140,996
5.0%
12.7%
158,189
5.0%
13.4%
174,541
4.0%
13.9%
712,800
900,837
1,025,721
1,141,661
1,247,578
1,340,583
1,428,978
INGRESOS TOTALES
Crecimiento
26.4%
13.9%
11.3%
205695696.xlsx.ms_office
9.3%
7.5%
6.6%
1/22/2014
INCO
B
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
Nivel primer ao
100%
COSTES FIJOS DATO BASE
PERSONAL
220,000
SEGUROS Y TRIBUTOS
9,000
ALQUILERES
30,000
GASTOS GENERALES
18,000
SUMINISTROS
24,000
OTROS
25,000
GASTOS APERTURA
35,000
TOTAL FIJOS
2,013
220,000
9,000
30,000
18,000
24,000
25,000
35,000
361,000
2,014
225,500
9,225
30,750
18,450
24,600
25,625
334,150
COSTES VARIABLES
Linea A
DATO BASE
MATERIALES
32.00
MATERIALES (%)
1.0%
OTROS DE EXPLOTACIN
9.00
OTROS DE EXPLOTACIN (%)
3.0%
COMERCIALIZACIN
0.90
COMERCIALIZACIN (%)
0.5%
2,013
167,040
115,200
3,600
32,400
10,800
3,240
1,800
7:08 AM
2,016
236,916
9,692
32,307
19,384
25,845
26,922
2,017
242,839
9,934
33,114
19,869
26,492
27,595
2,018
248,910
10,183
33,942
20,365
27,154
28,285
2,019
255,133
10,437
34,791
20,874
27,833
28,992
342,504
351,066
359,843
368,839
378,060
2,014
196,898
135,792
4,244
38,192
12,731
3,819
2,122
2,015
222,003
153,105
4,785
43,061
14,354
4,306
2,392
2,016
245,757
169,488
5,296
47,668
15,889
4,767
2,648
2,017
269,534
185,886
5,809
52,280
17,427
5,228
2,904
2,018
290,086
200,059
6,252
56,267
18,756
5,627
3,126
2,019
309,232
213,263
6,664
59,980
19,993
5,998
3,332
Escenario Base
2,015
231,138
9,456
31,519
18,911
25,215
26,266
Linea B
MATERIALES
MATERIALES (%)
OTROS DE EXPLOTACIN
OTROS DE EXPLOTACIN (%)
COMERCIALIZACIN
COMERCIALIZACIN (%)
19.00
5.0%
5.00
2.0%
1.20
3.0%
36,200
19,000
5,500
5,000
2,200
1,200
3,300
42,671
22,396
6,483
5,894
2,593
1,415
3,890
48,986
25,711
7,443
6,766
2,977
1,624
4,466
54,228
28,462
8,239
7,490
3,296
1,798
4,943
58,362
30,632
8,867
8,061
3,547
1,935
5,320
62,813
32,968
9,543
8,676
3,817
2,082
5,726
66,958
35,144
10,173
9,248
4,069
2,220
6,104
Linea C
MATERIALES
MATERIALES (%)
OTROS DE EXPLOTACIN
OTROS DE EXPLOTACIN (%)
COMERCIALIZACIN
COMERCIALIZACIN (%)
15.00
1.5%
4.00
0.0%
2.00
2.0%
0
0
0
0
0
0
0
18,942
12,300
738
3,280
0
1,640
984
21,745
14,120
847
3,765
0
1,883
1,130
24,518
15,921
955
4,246
0
2,123
1,274
26,639
17,298
1,038
4,613
0
2,306
1,384
28,124
18,262
1,096
4,870
0
2,435
1,461
29,692
19,280
1,157
5,141
0
2,571
1,542
Linea D
MATERIALES
MATERIALES (%)
24.00
2.0%
48,600
28,800
2,640
57,287
33,948
3,112
64,591
38,276
3,509
71,503
42,372
3,884
76,955
45,603
4,180
80,456
47,678
4,370
84,117
49,847
4,569
205695696.xlsx.ms_office
1/22/2014
INCO
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
7:08 AM
OTROS DE EXPLOTACIN
OTROS DE EXPLOTACIN (%)
COMERCIALIZACIN
COMERCIALIZACIN (%)
7.00
2.0%
4.00
1.0%
8,400
2,640
4,800
1,320
9,902
3,112
5,658
1,556
11,164
3,509
6,379
1,754
12,358
3,884
7,062
1,942
13,301
4,180
7,600
2,090
13,906
4,370
7,946
2,185
14,539
4,569
8,308
2,285
Linea E
MATERIALES (%)
OTROS DE EXPLOTACIN (%)
COMERCIALIZACIN (%)
10.0%
12.0%
14.0%
16,560
4,600
5,520
6,440
19,520
5,422
6,507
7,591
22,009
6,114
7,336
8,559
23,687
6,580
7,896
9,212
25,250
7,014
8,417
9,820
26,917
7,477
8,972
10,468
28,418
7,894
9,473
11,051
Linea F
MATERIALES (%)
OTROS DE EXPLOTACIN (%)
COMERCIALIZACIN (%)
12.0%
8.0%
5.0%
16,200
7,776
5,184
3,240
21,952
10,537
7,025
4,390
26,341
12,644
8,429
5,268
30,887
14,826
9,884
6,177
35,249
16,920
11,280
7,050
39,547
18,983
12,655
7,909
43,635
20,945
13,963
8,727
284,600
357,270
405,675
450,579
491,990
527,943
562,052
TOTAL VARIABLES
205695696.xlsx.ms_office
1/22/2014
CTA.RES
B
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
Escenario Base
AO
2013
2014
2015
2016
2017
2018
2019
INGRESOS DE EXPLOTACION
712,800
900,837
1,025,721
1,141,661
1,247,578
1,340,583
1,428,978
- COSTES VARIABLES
284,600
357,270
405,675
450,579
491,990
527,943
562,052
= MARGEN BRUTO
428,200
543,567
620,045
691,082
755,588
812,640
866,926
- COSTES FIJOS
361,000
334,150
342,504
351,066
359,843
368,839
378,060
- AMORTIZACION
126,047
140,880
146,688
146,980
209,980
236,550
176,110
= BAIT
-58,847
68,537
130,853
193,036
185,765
207,251
312,756
+ SUBVENCION PERIODIFICADA
6,201
6,201
6,201
6,201
6,201
6,201
6,201
- GASTOS FINANCIEROS
60,853
51,936
42,795
26,911
32,799
35,276
18,955
+ INGRESOS FINANCIEROS
98
283
344
1,881
= BAT
-113,401
22,801
94,258
172,608
159,511
178,176
301,882
BASE IMPONIBLE
-113,401
-90,600
3,659
172,608
159,511
178,176
301,882
915
45,773
41,843
47,443
84,555
-113,401
22,801
93,344
126,836
117,667
130,733
217,328
63,418
58,834
65,366
108,664
-113,401
22,801
93,344
63,418
58,834
65,366
108,664
- IMPUESTOS
= BDT
- DIVIDENDOS
= BENEFICIO RETENIDO
7:08 AM
205695696.xlsx.ms_office
1/22/2014
BALANCE
B
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
AO Ene 2012
INMOVILIZADO MATERIAL
(AMORT. ACUMULADA I.M)
INMOVILIZADO INTANGIBLE
(AMORT. ACUMULADA I.IN)
INMOVILIZADO NETO
EXISTENCIAS DE MATERIA PRIMA
EXISTENCIAS PDTO. TERMINADO
CLIENTES
HACIENDA DEUDORA POR IVA
TESORERA OPERATIVA
ACTIVO CIRCULANTE
EXCEDENTE DE TESORERIA
TOTAL ACTIVO
1,008,000
59,000
1,067,000
13,098
68,458
45,810
127,366
58,847
1,253,212
CAPITAL
RESERVAS
558,051
558,051
62,006
620,057
0
620,057
0
13,098
7:08 AM
Escenario Base
Dic 2012
Dic 2013
0
0
0
0
0
13,098
1,253,212
Dic 2014
Dic 2015
Dic 2016
Dic 2017
Dic 2018
Dic 2019
1,383,000
116,790
69,000
9,257
1,325,953
14,098
16,210
142,560
0
33,347
206,216
0
1,532,169
1,423,000
247,830
69,000
19,097
1,225,073
15,993
18,396
144,134
0
35,339
213,862
0
1,438,935
1,453,000
384,270
74,000
29,345
1,113,385
17,761
20,432
164,115
0
37,521
239,829
0
1,353,214
1,453,000
520,710
74,000
39,885
966,405
19,395
22,318
182,666
0
39,587
263,965
137,561
1,367,931
1,803,000
720,150
74,000
50,425
1,106,425
20,801
23,949
199,612
0
41,461
285,824
0
1,392,249
2,103,000
946,160
74,000
60,965
1,169,875
22,136
25,496
214,493
0
43,274
305,400
0
1,475,275
2,103,000
1,115,570
74,000
67,665
993,765
22,800
26,261
228,636
0
14,914
292,611
321,394
1,607,770
745,509
-113,401
632,108
55,805
552,118
236,639
788,757
23,670
25,847
0
5,982
55,499
1,532,169
745,509
-90,600
654,909
49,605
481,816
191,904
673,720
24,990
29,321
0
6,391
60,702
1,438,935
745,509
2,744
748,253
43,404
408,999
82,807
491,807
29,132
32,562
915
7,141
69,750
1,353,214
745,509
129,580
875,089
37,203
333,507
0
333,507
32,969
35,557
45,773
7,833
122,131
1,367,931
745,509
183,829
929,338
31,003
286,172
20,759
306,931
36,558
38,136
41,843
8,440
124,977
1,392,249
745,509
255,729
1,001,238
24,802
235,808
76,641
312,448
39,753
40,583
47,443
9,007
136,786
1,475,275
745,509
407,690
1,153,199
18,602
182,221
75,054
257,275
42,994
41,801
84,555
9,346
178,695
1,607,770
205695696.xlsx.ms_office
1/22/2014
TES
B
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
Escenario Base
Ene 2012
Dic 2012
2013
COBROS OPERATIVOS
0
0
570,240
COBROS DE VENTAS
570,240
PAGOS OPERATIVOS
0
45,810
631,617
MATERIALES
0
187,116
OTROS C. DE EXPL. Y COMERC.
95,964
COSTES FIJOS
361,000
VARIACIONES EN CAJA OPERATIVA
45,810
-12,463
IMPUESTOS
CASH FLOW OPERATIVO
0
-45,810
-61,377
COBROS EXTRAOPERATIVOS
0 1,309,034
780,489
CAPITAL
0
558,051
187,458
SUBVENCION
62,006
NUEVA DEUDA
0
644,917
340,628
DEVOLUCIN IVA HACIENDA
0
44,060
137,201
IVA REPERCUTIDO
0
0
115,104
INGRESOS FINANCIEROS
98
PAGOS EXTRAOPERATIVOS
0 1,204,378
777,959
INVERSIONES
0 1,067,000
385,000
IVA SOPORTADO
0
112,518
147,386
PAGO IVA HACIENDA
0
0
12,792
AMORTIZACIN DEUDA
24,860
171,928
DIVIDENDOS
GASTOS FINANCIEROS DEUDA
60,853
CASH-FLOW EXTRAOPERATIVO
0
104,657
2,530
EXCEDENTE TESORERA
EXCEDENTE TESORERIA ACUMULADA
7:08 AM
0
0
58,847
58,847
-58,847
0
2014
899,263
899,263
693,610
234,972
122,496
334,150
1,992
0
205,653
210,330
0
2015
1,005,739
1,005,739
750,173
266,553
138,934
342,504
2,182
0
255,566
222,405
0
2016
1,123,111
1,123,111
804,459
296,023
154,389
351,066
2,067
915
318,651
229,239
0
2017
1,230,631
1,230,631
899,332
323,246
168,596
359,843
1,874
45,773
331,300
597,551
0
2018
1,325,702
1,325,702
940,305
346,688
181,122
368,839
1,813
41,843
385,397
660,723
0
2019
1,414,834
1,414,834
959,067
368,937
192,988
378,060
-28,360
47,443
455,767
315,228
0
63,739
0
146,591
0
415,983
40,000
90,140
55,131
178,776
0
51,936
-205,653
55,319
0
167,086
0
477,972
35,000
98,350
64,594
237,232
0
42,795
-255,566
42,877
0
186,079
283
410,330
0
100,540
81,702
201,177
0
26,911
-181,091
343,060
50,484
203,663
344
1,066,411
350,000
171,378
79,180
369,636
63,418
32,799
-468,860
401,060
40,211
219,453
0
1,046,120
300,000
169,303
87,165
395,543
58,834
35,276
-385,397
78,978
0
234,369
1,881
449,602
0
121,675
109,454
134,152
65,366
18,955
-134,373
0
0
0
0
137,561
137,561
-137,561
0
0
0
321,394
321,394
205695696.xlsx.ms_office
1/22/2014
RENTAB
B
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
AO
Fecha
NOPAT
11.00%
9.57%
3.00%
3%
No
20.8%
CCMP
9.72%
8.93%
Factor de descuento
0.911
0.837
RENTABILIDAD DEL PROYECTO
Ene 2012
Dic 2012
DIC-2013
DIC-2014
41275
#VALUE!
#VALUE!
-58,847
68,537
126,047
140,880
0
114,268
36,449
2,443
0
1,067,000
385,000
40,000
-1,181,268
-1,181,268
-354,249
-322,866
+ AMORTIZACIN
- VARIACIONES EN FONDO DE MANIOBRA
- DEVOLUCIN NETA DE DEUDA
+/- INGRESOS SUBVENCIN
- ADQUISICIONES DE ACTIVO FIJO
+ VALOR EN CONTINUIDAD
FLUJO NETO DE CAJA DEL CAPITAL
Clculo alternativo
DIVIDENDOS
AMPLIACIN DE CAPITAL
VARIACIN EN EXCEDENTE DE TESORERIA
+ VALOR EN CONTINUIDAD
FLUJO NETO DE CAJA DEL CAPITAL
7:08 AM
9.31%
0.765
8.91%
0.703
10.10%
0.638
10.36%
0.578
9.70%
0.527
Escenario Base
+ AMORTIZACIN
- VARIACIONES EN FONDO DE MANIOBRA
- ADQUISICIONES DE ACTIVO FIJO
+ VALOR EN CONTINUIDAD
FLUJO NETO DE CAJA DEL PROYECTO
0
FNC DESCONTADO
AO
BDT
166,974
139,710
DIC-2015
#VALUE!
129,583
146,688
16,918
35,000
DIC-2016
#VALUE!
141,846
146,980
-28,245
0
DIC-2017
#VALUE!
137,035
209,980
19,013
350,000
DIC-2018
#VALUE!
152,066
236,550
7,766
300,000
224,353
171,734
317,071
222,855
-21,998
-14,044
80,850
46,770
DIC-2019
#VALUE!
225,156
176,110
-54,697
0
2,740,221
3,196,183
1,685,399
Ene 2012
DIC-2014
22,801
140,880
2,443
115,037
-6,201
40,000
DIC-2015
93,344
146,688
16,918
181,913
-6,201
35,000
DIC-2016
126,836
146,980
-28,245
158,299
-6,201
0
DIC-2017
117,667
209,980
19,013
26,576
-6,201
350,000
DIC-2018
130,733
236,550
7,766
-5,517
-6,201
300,000
-499,205
-246,304
137,561
-74,143
58,834
558,051
58,847
187,458
-58,847
0
0
0
0
0
0
0
0
137,561
63,418
0
-137,561
58,834
0
0
-499,205
-246,304
137,561
-74,143
58,834
205695696.xlsx.ms_office
DIC-2019
217,328
176,110
-54,697
55,173
-6,201
0
2,804,339
3,191,100
65,366
0
321,394
2,804,339
3,191,100
1/22/2014
RENTAB
B
42
43
44
7:08 AM
Chequeo
TIR CAPITAL= n.d
TIR CAPITAL MODIFICADA = 23.8%
D
0
E
0
F
0
205695696.xlsx.ms_office
G
0
H
0
I
0
J
0
K
0
1/22/2014
ANALISIS
B
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
AO
Rentabilidad econmica
Rentabilidad comercial
Rotacin sobre activos
-Rotacin activos fijos
-Rotacin activo circulante
-Rotacin stocks
-Rotacin deudores
Punto de equilibrio
Apalancamiento operativo
Rentabilidad financiera
Apalancamiento financiero
Ratio de liquidez
Prueba del cido
Ratio de tesorera
Ratio de cobertura de intereses
Ratio cobertura servicio deuda
7:08 AM
Escenario Base
2013
2014
2015
2016
2017
2018
2019
-3.8%
-8.3%
0.465
0.538
3.46
8.55
5.00
113.74%
-7.28
-17.9%
51.5%
3.72
3.17
0.60
-0.97
0.29
4.8%
7.6%
0.626
0.735
4.21
9.43
6.25
87.39%
7.93
3.5%
46.8%
3.52
2.96
0.58
1.32
0.91
9.7%
12.8%
0.758
0.921
4.28
9.63
6.25
78.90%
4.74
12.5%
36.3%
3.44
2.89
0.54
3.06
0.99
14.1%
16.9%
0.928
1.181
4.33
9.80
6.25
72.07%
3.58
14.5%
24.4%
2.16
1.82
0.32
7.17
1.31
13.3%
14.9%
0.896
1.128
4.36
9.97
6.25
75.41%
4.07
12.7%
22.0%
2.29
1.93
0.33
5.66
0.88
14.0%
15.5%
0.909
1.146
4.39
10.06
6.25
74.50%
3.92
13.1%
21.2%
2.23
1.88
0.32
5.88
0.92
19.5%
21.9%
1.111
1.438
4.88
10.39
6.25
63.92%
2.77
18.8%
16.0%
1.64
1.36
0.08
16.50
2.71
205695696.xlsx.ms_office
1/22/2014
RIESGO
B
1
2
3
Escenarios
4
5
INVERSIN
6
VOLUMEN ACTIVIDAD
7
PRECIO
8
COSTES VARIABLES
9
COSTES FIJOS
10
COSTES FINANCIEROS
11
CRECIMIENTO
12
13
14
15
16
17
18
19
20
21
22
23
243,000,000
25
262,500,000
272,000,000
281,500,000
29
301,000,000
31 500,000
32
0
33
Pesimista
-500,000
34
35
-1,000,000
36
-1,500,000
37
38
39
40
7:08 AM
Eleccin
Pesimista
Base
Optimista
Base
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
105.0%
95.0%
95.0%
105.0%
105.0%
105.0%
95.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
95.0%
105.0%
105.0%
95.0%
95.0%
95.0%
105.0%
Pesimista
-880,887
n.d
n.d
n.d
Base
748,290
n.d
2019
n.d
Optimista
2,800,357
n.d
2019
n.d
VOLUMEN ACTIVIDAD
PRECIO
COSTES VARIABLES
60%
Base
Optimista
50%
COSTES FIJOS
40%
COSTES FINANCIEROS
30%
20%
CRECIMIENTO
10%
0%
205695696.xlsx.ms_office
1/22/2014
RIESGO
B
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
7:08 AM
Optimista
95.0%
878,608
105.0%
1,133,968
105.0%
1,308,782
95.0%
968,906
95.0%
902,853
95.0%
912,773
105.0%
899,296
-600,000
-400,000
-200,000
VOLUMEN ACTIVIDAD
COSTES VARIABLES
-374,441
-227,777
COSTES FINANCIEROS
-169,731
CRECIMIENTO
-180,706
COSTES FIJOS
-175,641
INVERSIN
-162,521
Pesimista
205695696.xlsx.ms_office
Optimista
1/22/2014
EQ
B
C
D
E
F
G
2
Escenario Base
3
AO
2013
2014
2015
2016
2017
4
5 INGRESOS DE EXPLOTACION
712,800
900,837
1,025,721
1,141,661
1,247,578
6 COSTES VARIABLES
284,600
357,270
405,675
450,579
491,990
7 MARGEN BRUTO
428,200
543,567
620,045
691,082
755,588
8 COSTES FIJOS
487,047
475,030
489,192
498,046
569,823
9 COSTES TOTALES
771,647
832,300
894,867
948,626
1,061,813
10 EQUILIBRIO en %
113.74%
87.39%
78.90%
72.07%
75.41%
11 EQUILIBRIO EN EUROS
810,759
787,253
809,254
822,768
940,854
12
13 VER EQUILIBRIO POR LINEA
Ao
14
15
NIVEL DE ACTIVIDAD
20%
40%
60%
80%
100%
16
INGRESOS
242,806
498,268
766,384
1,047,156
1,340,583
17
COSTES FIJOS
605,389
605,389
605,389
605,389
605,389
18
COSTES TOTALES
704,650
807,075
912,664
1,021,416
1,133,332
19
20
21
Determinacin del equilibrio del ao 2018
2,500,000
Determinacin del equilibrio del ao 2018
22
23
24
2,000,000
25
26
27
1,500,000
28
29
30
1,000,000
31
32
33
500,000
34
35
36
0
7:08 AM
2018
2019
1,340,583
527,943
812,640
605,389
1,133,332
74.50%
1,428,978
562,052
866,926
554,170
1,116,222
63.92%
998,689
913,453
2018
120%
1,646,665
605,389
1,248,412
205695696.xlsx.ms_office
140%
1,965,402
605,389
1,366,656
1/22/2014
IVA
7:08 AM
Escenario Base
2012
2012
2012
2012
2012
2012
2012
2012
2012
2012
2012
2012
Ene
Feb
Mar
Abr
May
Jun
Jul
Ago
Sep
Oct
Nov
Dic
19,200
20,000
4,860
11,700
29,200
25,200
2,358
-19,200
-20,000
-4,860
-11,700
-29,200
-27,558
-19,200
-20,000
-24,860
-11,700
-40,900
-68,458
-19,200
-24,860
19,200
24,860
60,000
40,000
20,000
Oct
Jul
Abr
Ene
Jul
Oct
Abr
Oct
Ene
Jul
Abr
Ene
Oct
Jul
Abr
Oct
Ene
Jul
Abr
Ene
Oct
Jul
Abr
Ene
Jul
Oct
Abr
Ene
Jul
Oct
-20,000
Abr
0
Ene
A
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
-40,000
-60,000
-80,000
SALDO MENSUAL DE IVA
205695696.xlsx.ms_office
1/22/2014
IVA
D SALDO MENSUAL
E
F
DE IVA
GSALDO MENSUAL
H
I
ACUMULADO
36
7:08 AM
205695696.xlsx.ms_office
1/22/2014
IVA
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
7:08 AM
AA
AB
AC
AD
2013
2013
2013
2013
2013
2013
2013
2013
2013
2013
2013
2013
2014
2014
2014
2014
Ene
Feb
Mar
Abr
May
Jun
Jul
Ago
Sep
Oct
Nov
Dic
Ene
Feb
Mar
Abr
4,500
57,600
7,200
7,200
10,427
3,900
4,587
5,436
6,939
7,290
7,044
8,262
8,735
5,700
4,755
5,011
5,654
5,939
6,761
7,404
3,453
4,604
5,755
6,906
8,057
10,359
12,661
12,661
11,510
16,115
16,115
6,906
7,330
8,795
10,261
11,727
-11,474
-56,896
1,168
1,470
1,118
-4,130
5,617
4,400
2,775
10,415
11,360
1,895
-5,524
2,857
3,501
4,323
-11,474
-68,370
-67,201
1,470
2,588
-1,542
5,617
10,017
12,792
10,415
21,775
23,670
-5,524
-2,667
833
4,323
-68,458
-67,201
-1,542
12,792
23,670
833
12,792
23,670
833
68,458
67,201
1,542
205695696.xlsx.ms_office
1/22/2014
IVA
AA
AB
AC
AD
36
7:08 AM
205695696.xlsx.ms_office
1/22/2014
IVA
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
7:08 AM
AE
AF
AG
AH
AI
AJ
AK
AL
AM
AN
AO
AP
AQ
2014
2014
2014
2014
2014
2014
2014
2014
2015
2015
2015
2015
2015
May
Jun
Jul
Ago
Sep
Oct
Nov
Dic
Ene
Feb
Mar
Abr
May
5,400
8,161
7,798
7,214
8,686
9,269
5,586
5,008
5,461
6,261
6,624
7,538
8,268
9,069
13,193
14,659
14,659
13,193
11,727
17,591
17,591
5,864
8,354
10,025
11,696
13,367
15,038
5,032
6,862
7,445
4,508
2,459
12,005
12,583
403
-3,306
3,401
4,158
5,099
5,969
9,356
16,217
7,445
11,953
14,411
12,005
24,587
24,990
-3,306
95
4,253
5,099
11,068
16,217
14,411
24,990
4,253
16,217
14,411
24,990
4,253
205695696.xlsx.ms_office
1/22/2014
IVA
AE
AF
AG
AH
AI
AJ
AK
AL
AM
AN
AO
AP
AQ
36
7:08 AM
205695696.xlsx.ms_office
1/22/2014
IVA
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
7:08 AM
AR
AS
AT
AU
AV
AW
AX
AY
AZ
BA
BB
BC
BD
2015
2015
2015
2015
2015
2015
2015
2016
2016
2016
2016
2016
2016
Jun
Jul
Ago
Sep
Oct
Nov
Dic
Ene
Feb
Mar
Abr
May
Jun
900
8,657
7,995
9,663
10,325
6,208
5,494
5,950
6,828
7,263
8,262
9,073
9,915
9,458
16,709
16,709
15,038
13,367
20,050
20,050
6,683
9,304
11,165
13,025
14,886
16,747
18,608
7,152
8,714
5,375
3,042
13,842
14,557
734
2,476
3,902
4,764
5,813
6,832
9,150
18,220
8,714
14,089
17,130
13,842
28,399
29,132
2,476
6,378
11,142
5,813
12,645
21,795
18,220
17,130
29,132
11,142
18,220
17,130
29,132
11,142
205695696.xlsx.ms_office
1/22/2014
IVA
AR
AS
AT
AU
AV
AW
AX
AY
AZ
BA
BB
BC
BD
36
7:08 AM
205695696.xlsx.ms_office
1/22/2014
IVA
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
7:08 AM
BE
BF
BG
BH
BI
BJ
BK
BL
BM
BN
BO
BP
BQ
2016
2016
2016
2016
2016
2016
2017
2017
2017
2017
2017
2017
2017
Jul
Ago
Sep
Oct
Nov
Dic
Ene
Feb
Mar
Abr
May
Jun
Jul
63,000
8,722
10,575
11,311
6,786
5,942
6,405
7,355
7,855
8,933
9,819
10,701
10,201
9,398
18,608
16,747
14,886
22,329
22,329
7,443
10,183
12,220
14,256
16,293
18,330
20,366
20,366
9,886
6,172
3,576
15,543
16,387
1,038
-60,172
4,365
5,323
6,474
7,629
10,165
10,968
9,886
16,057
19,633
15,543
31,931
32,969
-60,172
-55,807
-50,484
6,474
14,103
24,268
10,968
21,795
19,633
32,969
-50,484
24,268
21,795
19,633
32,969
24,268
50,484
205695696.xlsx.ms_office
1/22/2014
IVA
BE
BF
BG
BH
BI
BJ
BK
BL
BM
BN
BO
BP
BQ
36
7:08 AM
205695696.xlsx.ms_office
1/22/2014
IVA
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
7:08 AM
BR
BS
BT
BU
BV
BW
BX
BY
BZ
CA
CB
CC
CD
2017
2017
2017
2017
2017
2018
2018
2018
2018
2018
2018
2018
2018
Ago
Sep
Oct
Nov
Dic
Ene
Feb
Mar
Abr
May
Jun
Jul
Ago
54,000
11,421
12,226
7,321
6,341
6,805
7,818
8,373
9,521
10,471
11,390
10,854
9,992
12,162
18,330
16,293
24,440
24,440
8,147
10,973
13,167
15,362
17,556
19,751
21,945
21,945
19,751
6,908
4,067
17,118
18,098
1,341
-50,845
4,794
5,841
7,085
8,360
11,091
11,953
7,589
17,877
21,944
17,118
35,216
36,558
-50,845
-46,051
-40,211
7,085
15,445
26,536
11,953
19,542
21,944
36,558
-40,211
26,536
21,944
36,558
26,536
40,211
205695696.xlsx.ms_office
1/22/2014
IVA
BR
BS
BT
BU
BV
BW
BX
BY
BZ
CA
CB
CC
CD
36
7:08 AM
205695696.xlsx.ms_office
1/22/2014
IVA
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
7:08 AM
CE
CF
CG
CH
CI
CJ
CK
CL
CM
CN
CO
CP
CQ
2018
2018
2018
2018
2019
2019
2019
2019
2019
2019
2019
2019
2019
Sep
Oct
Nov
Dic
Ene
Feb
Mar
Abr
May
Jun
Jul
Ago
Sep
13,026
7,794
6,713
7,186
8,260
8,867
10,081
11,093
12,048
11,478
10,560
12,869
13,790
17,556
26,334
26,334
8,778
11,718
14,062
16,406
18,750
21,093
23,437
23,437
21,093
18,750
4,530
18,540
19,621
1,592
3,458
5,195
6,325
7,657
9,045
11,959
12,877
8,225
4,960
24,071
18,540
38,161
39,753
3,458
8,653
14,978
7,657
16,702
28,661
12,877
21,102
26,062
24,071
39,753
14,978
28,661
24,071
39,753
14,978
28,661
205695696.xlsx.ms_office
1/22/2014
IVA
CE
CF
CG
CH
CI
CJ
CK
CL
CM
CN
CO
CP
CQ
36
7:08 AM
205695696.xlsx.ms_office
1/22/2014
IVA
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
7:08 AM
CR
CS
CT
2019
2019
2019
Oct
Nov
Dic
8,245
6,979
7,406
28,124
28,124
9,375
19,879
21,146
1,969
19,879
41,025
42,994
26,062
26,062
205695696.xlsx.ms_office
1/22/2014
IVA
CR
CS
CT
36
7:08 AM
205695696.xlsx.ms_office
1/22/2014