Documentos de Académico
Documentos de Profesional
Documentos de Cultura
2
725,000
600,000
34
20,400,000
125,000
40
5,000,000
$ 25,400,000
3
810,000
600,000
34
20,400,000
210,000
40
8,400,000
$ 28,800,000
4
740,000
600,000
34
20,400,000
140,000
40
5,600,000
$ 26,000,000
1,120,000
Inversion en equipo
Terreno
Capital de trabajo total
Cash Flow total
$ 30,000,000
$ 5,000,000
$ 1,120,000
$ 36,120,000
1
22,400,000
-8,450,000
-2,500,000
-4,287,000
7,163,000
-2,721,940
4,441,060
2
25,400,000
-9,425,000
-2,500,000
-7,347,000
6,128,000
-2,328,640
3,799,360
3
28,800,000
-10,530,000
-2,500,000
-5,247,000
10,523,000
-3,998,740
6,524,260
4
26,000,000
-9,620,000
-2,500,000
-3,747,000
10,133,000
-3,850,540
6,282,460
+ Depreciacion
Cash Flow Operativo
4,287,000
8,728,060
7,347,000
11,146,360
5,247,000
11,771,260
3,747,000
10,029,460
-4,000,000
-6,000,000
-4,000,000
1,520,000
-2,480,000
-6,000,000
2,280,000
-3,720,000
-2,480,000
-3,720,000
Tasa de impuestos
-38%
1
1,120,000
1,270,000
150,000 -
2
1,270,000
1,440,000
170,000
3
1,440,000
1,300,000
140,000
4
1,300,000
1,300,000
6
-
Venta de Equipo
Precio de Venta
- Valor en libros Utilidad de vernta
Impuesto 38% Utilidad de Venta despues
de impuestos
30,000,000
4,287,000
7,347,000
5,247,000
3,747,000
9,372,000
Valor original
Valor venta 60%
30,000,000
18,000,000
Valor Mercado
18,000,000
18,000,000
9,372,000
8,628,000
3,278,640
14,721,360
$30,000,000
$20,000,000
$10,000,000
$0
-$10,000,000
Flujo de Efectivo
CAPEX
Capital Neto de Trabajo
Cash flow Operativo
Costo oportunidad
Total Flujo Efectivo
0
-30,000,000
-1,120,000
0
-5,000,000
-36,120,000
1
0
-150,000
8,728,060
0
8,578,060
2
0
-170,000
11,146,360
0
10,976,360
3
0
140,000
11,771,260
0
11,911,260
4
14,721,360
1,300,000
10,029,460
0
26,050,820
Inversin
0
1
2
3
4
36,120,000
36,120,000
27,541,940
16,565,580
4,654,320
Flujo
8,578,060
10,976,360
11,911,260
26,050,820
0
0
-2,480,000
0
-2,480,000
6
0
0
-3,720,000
0
-3,720,000
4,654,320
26,050,820
-$30,000,000
-$40,000,000
30,000,000
Inversin por
recuperar
36,120,000
27,541,940
16,565,580
4,654,320
-21,396,500
Pay Back
-36,120,000
-27,541,940
-16,565,580
-4,654,320
21,396,500
20,000,000
10,000,000
0
-10,000,000
-30,000,000
3
-$20,000,000
-20,000,000
Periodo recuperacion:
Pay Back
3.18 aos
-40,000,000
VPN (excel)
2,031,349
1
8,578,060
12%
0.89
7,658,982
7,658,982
2
10,976,360
12%
0.80
8,750,287
8,750,287
3
11,911,260
12%
0.71
8,478,200
8,478,200
4
26,050,820
12%
0.64
16,555,767 16,555,767 -
5
-2,480,000
12%
0.57
1,407,219 1,407,219 -
6
-3,720,000
12%
0.51
1,884,668
1,884,668
5
-2,640,000
6
-3,960,000
1
8,864,580
2
11,221,480
3
12,332,180
4
26,801,260
15.60%
13.39%
38,151,349
36,120,000
Margen
1.06
5.62%
12. Conclusin
Creemos que el proyecto debe rechazarse debido a que presenta un margen de utilidad de tan solo 6% el cul es inferior
a la tasa de rendimiento requerida que en este caso es de 12%.