Natassia Economico Blog + Puntos Criticos (Nuevos Datos)

Resumen de escenario
Alta Diferenciacin
Diferenciacin
Liderazgo en Costos
Celdas cambiantes:
Var.Precio
35%
0%
-15%
Var.Costo
20%
0%
-10%
Var.Vol
-15%
0%
35%
Celdas de resultado:
VANE
229,680
45,404
29,335
VANF
227,474
44,243
28,197
TIRE
58.34%
21.67%
17.31%
Notas: La columna de valores actuales representa los valores de las celdas cambiantes
en el momento en que se cre el Informe resumen de escenario. Las celdas cambiantes de
cada escenario se muestran en gris.
cambiantes de
01.04.05
NATA
DESAR
I. INFORMACION BASE
MERCADO
Presupuesto de Ventas (Unidades)
Clientes
Molly
Dany's
Palace
TOTAL
3
68
101
135
304
Precio
Comisin
135
113
236
484
34.00 por unidad

15.0% sobre valor de ventas
OPERACIONES
Costo
Proveedor
Kd Prov.
21.60 por unidad

30.0% a crdito
3.00% trim
INVERSION
0
Activo fijo tangible
Vida til economica
Tasa anual depr. eco.
Depre. econom. anual
Depre. econom. trim
Preoperativo
Vida til economica
Tasa anual amort. eco.
Amort. econom. anual
Amort. econom. trim
Vida til
Horizonte
Periodicidad
Periodos en un ao
1
7,500
5
20.0%
1,500
375
2
6,650
3
33.3%
2,217
554
11,750
3
33%
3,917
979
Infinita
4
3
4
aos
meses/trimestral
periodos anuales
FINANCIAMIENTO
Deuda
Ki
25,000 capacidad endeudam

9.0% efectiva anual
3
0
0
0.0%
-
8,200
4
25.0%
2,050
513
Capital
50% de la inversin inicial
II. ESTRUCTURA DE INVERSIONES

0
Total Activo Fijo
Tangible
Intangible
19,250
7,500
11,750
6,650
6,650
0
0
0
0
8,200
8,200
0
8,936
20,511
25,454
19,250
15,586
20,511
33,654
Aportes Cap. de Trab.

TOTAL INVERSION
III. ESTADO DE GANANCIAS Y PERDIDAS

2
1. INGRESOS
1.1 Ingresos por Vtas
Precio
34
Molly
Dany's
Palace
TOTAL
2,295
3,443
4,590
10,328
4,590
3,825
8,033
16,448
5,738
9,065
4,590
7,382
207
332
10,534
16,780
(4,593)
(7,314)
(1,968)
(3,135)
(14,250)
(14,250)
(1,549)
(2,467)
2.5 Depreciacin
(1,304)
(929)
2.6 Amortizacin
(1,958)
(979)
TOTAL COSTOS Y GASTOS
(25,623)
(29,074)
3. UTILIDAD OPER. / ECON.
(15,089)
(12,295)
1.2 Ingresos Contado

M&D
Palace
1.3 Ingresos crdito
1.4 Ingresos Finan.
60%
50%
4.50%
TOTAL INGRESOS
2. COSTOS Y GASTOS
2.1 Costo Merc (cont)
% contado
2.2 Costo Merc (cred)
22
70%
2.3 Gasto Administrac.

2.4 Comisiones
3.1 Imp. x Oper.
15%
30.0%
3.2 Utilidad Oper./Econ. Neta
(15,089)
(12,295)
4,527
8,215
3.3 Deducible por Oper.

3.4 Tributos a Pagar x Oper.
4. UTILIDAD ANTES DE IMP.
4.1 Impuestos Netos
(15,089)
30.0%
(12,295)
5. UTILIDAD NETA
(15,089)
(12,295)
IV. FLUJO DE CAJA

0
1. INGRESOS
5,738
9,065
1.2 Ingresos Crdito
4,590
1.3 Ingresos Finan.
207
5,738
13,862
TOTAL INGRESOS
2. EGRESOS
(4,593)
(7,314)
(15,819)
(1,968)
(3,135)
(6,780)
(2,375)
(14,250)
(14,250)
(1,549)
(2,467)
2.4 Comisiones
2.5 Imp x Operaciones
TOTAL EGRESOS
(8,936)
(26,248)
(39,316)
3. FLUJO CAJA OPERATIVO
(8,936)
(20,511)
(25,454)
FINANCIAMIENTO ADICIONAL
8,936
20,511
25,454
V. FLUJO DE FONDOS BASE

0
1. Flujo de Caja Operativo
2. Inversiones en A/F
FLUJO ECONMICO BASE
(8,936)
(20,511)
(19,250)
(6,650)
(19,250)
(15,586)
0
(20,511)
(25,454)
(8,200)
(33,654)
VI. COSTO DE CAPITAL Y TASAS DE DESCUENTO

rf
5.50%
RM
12.25%
1. COSTO DE CAPITAL ECONMICO (KOA)

KE a la Estructura D/C dada
1.00
D/C (Empresa)
1.20
BE (Beta Patrim. a D/C)
KE = rf + BE (RM - rf)
13.60%
KE (COK Acc. a D/C)
Beta No Apalancado (On Assets)
Tasa Impuestos
30.0%
Boa = Be / [1+(1-T)D/C]
BOA (No Apalancado)
0.71
KOA = rf + BOA (RM - rf)
10.26%
KOA (COK Econ. Puro)
Cost
VII. PERPETUIDADES Y BENEFICIOS TRIBUTARIOS

1. CONSIDERANDO KOA
KOA
Anual
10.26%
Trim
2.47%
PERPETUIDAD DE LA INVERSION
Activo Fijo
Valor Inicial
Vida til Econ. (aos)
Valor Perp. Inv / KOA

Valor Perpetuidad (*)
Perodo Inv. Inicial
Perpetuidad en HE (**)
Tangible 1
11,905
0
17,599
Tangible 2
19,523
1
28,163
Total
Tangible 1
7,500
5
Tangible 3
17,146
3
23,555
69,316
(*) Actualizada al momento donde se realiza la primera inversin

(**) Actualizada al horizonte de evaluacin
BENEFICIOS TRIBUTARIOS
ECONOMICA
% Deprec. Econmica
Anual
Deprec. Econmica
Trimestral
Tasa Imp.
30% Esc Tribut
Tangible 1
Tangible 2
20.0%
33.3%
375
554
113
166
Tangible 3
25.0%
513
154
VPo Escudos Tributarios

2.47%
KOA
VP al periodo de inicio del proyecto
Tangible 1
Tangible 2
1,758
1,708
1,758
1,667
Escudo x Dep. Econ.
Tangible 3
2,011
1,869
5,295
Benef Trib Per. 0

Benef Trib Per. HE
KOA
2.47%
(228)
(338)

2.49%
KO (CPPC)
Actualizados al inicio del proyecto
Tangible 1
Tangible 2
1,756
1,707
1,756
1,665
Escudo x Dep. Econ.
Tangible 3
2,009
1,867
5,288
3. FLUJO DE FONDOS AL KOA

0
FL. ECONMICO AL KOA
FLUJO ECONOMICO BASE
(19,250)
(+) Perp. Fl. Oper. (KOA)
(-) Perp. de Inv. (KOA)
(+) Benef. Tributarios (KOA)
(19,250)
FLUJO ECONMICO (KOA)
VANE
2.3 FLUJO DE FONDOS AL KO (CPPC)
1
(15,586)
2
(20,511)
(15,586)
(20,511)
0
(19,250)
1
(15,586)
2
(20,511)
(19,250)
(15,586)
(20,511)
FL. ECONMICO AL KO (CPPC)

(+) Perp. Fl. Oper. (KO)
(-) Perp. de Inv. (KO)
(+) Benef. Tributarios (KO)
FLUJO ECONMICO (KO)
VANF
3
(33,654)
(33,654)
3
(33,654)
(33,654)
VIII. EVALUACION ECONMICA Y FINANCIERA
ECONOMICO (KOA)
De la DEUDA [Ki (1-T)]
FINAN./ACCION. (KO)
K Anual
10.26%
10.32%
K Trim
2.47%
1.72%
2.49%
VAN
29,335
(1,138)
28,197
Anual
TIR
17.31%
7.05%
27.58%
B/C
1.23
1.44
XI. ANALISIS DE ESCENARIOS
Variacin de precio
Variacin de costo
Variacin de volumen
-15%
-10%
35%
ESTRATEGIA
Variable
PRECIO
Versin
ALTO
Variacin
14.0%
Alta
Difernciacin
X
COSTO
VOLUMEN
MEDIO
BAJO
ALTA CALIDAD
CALIDAD OPTIMA
CALIDAD BAJA
ALTA COBERTURA
COBERTURA MEDIA
BAJA COBERTURA
0.0%
-12.0%
16.0%
0.0%
-15.0%
18.0%
0.0%
-10.0%
CASO
NATASSIA TRADING S.A.
DESARROLLO MODELO ECONMICO
270
304
473
1,046
540
608
810
1,958
7
540
608
810
1,958
8
540
608
810
1,958
9
540
608
810
1,958
Ventas a
Crdito
Tasa Inters
40.0% Molly y Dany's

50.0% Palace
4.50% a 90 das (a revisar)
Gastos
Administrativos
Impuestos
4,750 mensuales
50% adelantado
30% sobre las utilidades
Deprec. Tributaria
Amortiz. Tributaria
rf
RM
5.50%
BE
12.25%
D/C
Tasa Impuestos
20% uniforme anual

5
aos
3 aos
1.20
1.00
30%
540
608
810
1,958
34,416
12,788
34,416
12,788
9,180
10,328
16,065
35,573
18,360
20,655
27,540
66,555
18,360
20,655
27,540
66,555
18,360
20,655
27,540
66,555
18,360
20,655
27,540
66,555
18,360
20,655
27,540
66,555
19,737
37,179
37,179
37,179
37,179
37,179
15,836
29,376
29,376
29,376
29,376
29,376
713
1,322
1,322
1,322
1,322
1,322
36,285
67,877
67,877
67,877
67,877
67,877
(15,819)
(29,597)
(29,597)
(29,597)
(29,597)
(29,597)
(6,780)
(12,685)
(12,685)
(12,685)
(12,685)
(12,685)
(14,250)
(14,250)
(14,250)
(14,250)
(14,250)
(14,250)
(5,336)
(9,983)
(9,983)
(9,983)
(9,983)
(9,983)
(1,442)
(1,442)
(1,442)
(1,442)
(1,442)
(1,442)
(979)
(979)
(979)
(979)
(979)
(979)
(44,606)
(68,936)
(68,936)
(68,936)
(68,936)
(68,936)
(8,321)
(1,059)
(1,059)
(1,059)
(1,059)
(1,059)
(8,321)
(1,059)
(1,059)
(1,059)
(1,059)
(1,059)
10,711
11,029
11,347
11,664
11,982
12,300
(8,321)
(1,059)
(8,321)
(1,059)
0
(1,059)
(1,059)
0
(1,059)
(1,059)
0
(1,059)
(1,059)
(1,059)
0
(1,059)
19,737
37,179
37,179
37,179
37,179
37,179
7,382
15,836
29,376
29,376
29,376
29,376
332
713
1,322
1,322
1,322
1,322
27,451
53,727
67,877
67,877
67,877
67,877
(29,597)
(29,597)
(29,597)
(29,597)
(29,597)
(29,597)
(12,685)
(12,685)
(12,685)
(12,685)
(12,685)
(12,685)
(14,250)
(14,250)
(14,250)
(14,250)
(14,250)
(14,250)
(5,336)
(9,983)
(9,983)
(9,983)
(9,983)
(9,983)
(61,868)
(66,515)
(66,515)
(66,515)
(66,515)
(66,515)
(34,416)
(12,788)
1,362
1,362
1,362
1,362
34,416
12,788
(34,416)
0
(34,416)
(12,788)
0
(12,788)
1,362
1,362
1,362
1,362
1,362
1,362
1,362
1,362
2. COSTO PROMEDIO PONDERADO DE CAPITAL (KO)

Costo de la Estructura de Deuda
Estructura de Deuda
Part. Rel.
Ki
1. Proveedores
30.00%
12.55%
2. Deuda
70.00%
9.00%
TOTAL
100.0%
Ki (1-T)
Ki (1-T)
8.79%
6.30%
7.05%
Costo Prom. Pond. de Capital (KO)

FUENTES
Part. Rel.
K(1-T)Anual
Deuda
50.0%
7.05%
Capital
50.0%
13.60%
TOTAL
100.0%
KO (CPPC)
10.32%
2. CONSIDERANDO KO (CPPC)
Anual
10.32%
KO (CPPC)
Trim
2.49%
Tangible 2
6,650
3
Tangible 3
8,200
4
Hor. Eval.
Valor Perp. Inv / KO

Perodo Inv. Inicial
16
Tangible 1
11,824
0
17,516
Tangible 2
19,402
1
28,044
Total

TRIBUTARIA
% Deprec. Tributaria
Deprec. Tributaria
Tasa Imp.
30%
Anual
Trimestral
Esc Tribut

2.47%
KOA
Tangible 1
Tangible 2
20.0%
20.0%
375
333
113
100
Tangible 1
Tangible 2
1,758
1,559
1,758
1,521
Escudo x Dep. Trib.

2.49%
KO (CPPC)
Benef Trib Per. 0

Benef Trib Per. HE
4
(34,416)
5
(12,788)
(34,416)
(12,788)
4
(34,416)
5
(12,788)
(34,416)
(12,788)
Liderazgo de
Costos
9
1,362
1,362
1,362
1,362
1,362
1,362
1,362
1,362
1,362
1,362
1,362
1,362
1,362
1,362
157,134
1.00
8
1,362
VAN
29,335
(1,138)
28,197
ESTRATEGIA
Diferencin
7
1,362
ECONMICO
DEUDA
FINANCIERO
(229)
(339)
KO (CPPC)
2.49%
VAN Ben
D/C
Tangible 1
Tangible 2
1,756
1,557
1,756
1,519
Escudo x Dep. Trib.
VAN Cost
TIR
17.31%
7.05%
27.58%
(127,799)
X
X
X
X
X
X
datos
analisis
tabla de datos
nombre
rango
valores
liderazgo de costos
D267:D269
ingresar datos de los valores que se desea
10
540
608
810
1,958
11
540
608
810
1,958
12
540
608
810
1,958
13
872
880
937
2,689
14
872
880
937
2,689
15
872
880
937
2,689
16
872
880
937
2,689
10
11
12
13
14
15
16
14,443
3,680
14,443
3,680
10
11
12
13
14
15
16
18,360
20,655
27,540
66,555
18,360
20,655
27,540
66,555
18,360
20,655
27,540
66,555
29,651
29,927
31,855
91,433
29,651
29,927
31,855
91,433
29,651
29,927
31,855
91,433
29,651
29,927
31,855
91,433
37,179
37,179
37,179
51,674
51,674
51,674
51,674
29,376
29,376
29,376
39,759
39,759
39,759
39,759
1,322
1,322
1,322
1,789
1,789
1,789
1,789
67,877
67,877
67,877
93,222
93,222
93,222
93,222
(29,597)
(29,597)
(29,597)
(40,661)
(40,661)
(40,661)
(40,661)
(12,685)
(12,685)
(12,685)
(17,426)
(17,426)
(17,426)
(17,426)
(14,250)
(14,250)
(14,250)
(14,250)
(14,250)
(14,250)
(14,250)
(9,983)
(9,983)
(9,983)
(13,715)
(13,715)
(13,715)
(13,715)
(1,442)
(1,442)
(1,442)
(1,442)
(1,442)
(1,442)
(1,442)
(979)
(979)
(979)
(68,936)
(68,936)
(68,936)
(87,493)
(87,493)
(87,493)
(87,493)
(1,059)
(1,059)
(1,059)
5,729
5,729
5,729
5,729
(1,719)
(1,719)
(1,719)
(1,719)
(1,059)
(1,059)
(1,059)
4,010
4,010
4,010
4,010
12,618
12,935
13,253
11,535
9,816
8,097
6,379
5,729
5,729
5,729
5,729
5,729
5,729
5,729
5,729
(1,059)
(1,059)
0
(1,059)
10
(1,059)
0
(1,059)
11
0
(1,059)
12
13
14
15
16
37,179
37,179
37,179
51,674
51,674
51,674
51,674
29,376
29,376
29,376
29,376
39,759
39,759
39,759
1,322
1,322
1,322
1,322
1,789
1,789
1,789
67,877
67,877
67,877
82,372
93,222
93,222
93,222
(29,597)
(29,597)
(40,661)
(40,661)
(40,661)
(40,661)
(12,685)
(12,685)
(17,426)
(17,426)
(17,426)
(17,426)
(14,250)
(14,250)
(14,250)
(14,250)
(14,250)
(14,250)
(11,875)
(9,983)
(9,983)
(9,983)
(13,715)
(13,715)
(13,715)
(13,715)
(66,515)
(66,515)
(82,320)
(86,052)
(86,052)
(86,052)
(25,590)
1,362
1,362
(14,443)
(3,680)
7,170
7,170
67,632
14,443
3,680
10
11
12
1,362
1,362
1,362
1,362
13
(14,443)
0
(14,443)
14
(3,680)
0
(3,680)
15
16
7,170
7,170
7,170
7,170
7,170
7,170
Tangible 3
17,035
3
23,442
69,002
Tangible 3
20.0%
410
123
Tangible 3
1,922
1,787
5,066
Tangible 3
1,920
1,784
5,059
10
1,362
11
1,362
12
(14,443)
13
(3,680)
14
7,170
15
7,170
1,362
1,362
(14,443)
(3,680)
7,170
7,170
10
1,362
11
1,362
12
(14,443)
13
(3,680)
14
7,170
15
7,170
1,362
1,362
(14,443)
(3,680)
7,170
7,170
16
7,170
289,952
(69,316)
(338)
227,469
16
7,170
288,377
(69,002)
(339)
226,206
liderazgo de costos
ingresar datos de los valores que se desea mostrar
17
0
39,759
1,789
41,548
0
0
0
0
0
41,548
0
A/k
A/k
A/k n
Koa
A/K
Ko
01.04.05
NATASSI
DESARROLL
I. INFORMACION BASE
MERCADO
Clientes
Molly
Dany's
Palace
TOTAL
3
50
75
100
225
Precio
Comisin
100
125
175
400
40.00 por unidad

Ventas a
Crdito
Tasa Inter
OPERACIONES
Costo
Proveedor
Kd Prov.
24.00 por unidad

30.0% a crdito
3.00% trim
Gastos
Administrati
Impuesto
INVERSION
0
Vida til economica
Depre. econom. trim
Preoperativo
Vida til economica
Amort. econom. trim
Vida til
Horizonte
Periodicidad
Periodos en un ao
1
7,500
5
20.0%
1,500
375
2
6,650
3
33.3%
2,217
554
11,750
3
33%
3,917
979
Infinita
4
3
4
8,200
4
25.0%
2,050
513
Amortiz. Tribu
aos
meses/trimestral
periodos anuales
FINANCIAMIENTO
Deuda
Ki
3
0
0
0.0%
-

9.0% efectiva anual
Capital

0
Total Activo Fijo
Tangible
Intangible
19,250
7,500
11,750
6,650
6,650
0
0
0
0
8,200
8,200
0
7,775
20,200
22,170
19,250
14,425
20,200
30,370

TOTAL INVERSION
1. INGRESOS
Precio
40
Molly
Dany's
Palace
TOTAL
2,000
3,000
4,000
9,000
4,000
5,000
7,000
16,000
5,000
8,900
4,000
7,100
180
320
9,180
16,320
(3,780)
(6,720)
(1,620)
(2,880)
(14,250)
(14,250)
(1,350)
(2,400)
2.5 Depreciacin
(1,304)
(929)
2.6 Amortizacin
(1,958)
(979)
(24,263)
(28,158)
(15,083)
(11,839)

M&D
Palace
1.3 Ingresos crdito
1.4 Ingresos Finan.
60%
50%
4.50%
TOTAL INGRESOS
2. COSTOS Y GASTOS
% contado
24
70%

2.4 Comisiones
3.1 Imp. x Oper.
15%
30.0%
(15,083)
(11,839)
4,525
8,076

4.1 Impuestos Netos
(15,083)
30.0%
(11,839)
5. UTILIDAD NETA
(15,083)
(11,839)
IV. FLUJO DE CAJA

0
1. INGRESOS
5,000
8,900
1.2 Ingresos Crdito
4,000
1.3 Ingresos Finan.
180
5,000
13,080
TOTAL INGRESOS
2. EGRESOS
(3,780)
(6,720)
(13,020)
(1,620)
(2,880)
(5,580)
(2,375)
(14,250)
(14,250)
(1,350)
(2,400)
2.4 Comisiones
TOTAL EGRESOS
(7,775)
(25,200)
(35,250)
(7,775)
(20,200)
(22,170)
7,775
20,200
22,170
(7,775)
(20,200)
(22,170)

0
FLUJO ECONMICO BASE
0
(19,250)
(6,650)
(19,250)
(14,425)
0
(20,200)
(8,200)
(30,370)

rf
5.50%
RM
12.25%
2. COST

1.00
D/C (Empresa)
1.20
13.60%
KE (COK Acc. a D/C)
Estructura de D
TOTAL

Tasa Impuestos
30.0%
Boa = Be / [1+(1-T)D/C]
BOA (No Apalancado)
0.71
10.26%
Costo Prom.

1. CONSIDERANDO KOA
KOA
Anual
10.26%
Trim
2.47%
KO (CPPC
Activo Fijo
Valor Inicial
Perodo Inv. Inicial
Tangible 1
11,905
0
17,599
Tangible 2
19,523
1
28,163
Total
Tangible 1
7,500
5
Tangible 3
17,146
3
23,555
69,316

ECONOMICA
% Deprec. Econmica
Anual
Deprec. Econmica
Trimestral
Tasa Imp.
30% Esc Tribut
Tangible 1
Tangible 2
Tangible 3
20.0%
33.3%
25.0%
375
554
513
113
166
154

2.47%
KOA
Tangible 1
Tangible 2
1,758
1,708
1,758
1,667
Escudo x Dep. Econ.
Benef Trib Per. 0

Benef Trib Per. HE
KOA
2.47%
(228)
(338)
Tangible 3
2,011
1,869
5,295

2.49%
KO (CPPC)
Tangible 1
Tangible 2
1,756
1,707
1,756
1,665
Escudo x Dep. Econ.
Tangible 3
2,009
1,867
5,288

0
FL. ECONMICO AL KOA
(19,250)
(19,250)
VANE
1
(14,425)
2
(20,200)
3
(30,370)
(14,425)
(20,200)
(30,370)
0
(19,250)
1
(14,425)
2
(20,200)
3
(30,370)
(19,250)
(14,425)
(20,200)
(30,370)

FLUJO ECONMICO (KO)
VANF
ECONOMICO (KOA)
FINAN./ACCION. (KO)
K Anual
10.26%
10.32%
K Trim
2.47%
1.72%
2.49%
VAN
45,404
(1,161)
44,243
Anual
TIR
21.67%
7.05%
36.29%
B/C
1.39
1.76
X. ANALISIS DE SENSIBILIDAD
1. Analisis de Sensibilidad Unidimensional
Tasa Int
Variacin de precio
Variacin de costo
Variacin de volumen
VARIABLE
PRECIO
COSTO
VOLUMEN
21.67%
0%
0%
0%
MIN
-4.0%
-16.0%
-12.0%
MAX
16.0%
12.0%
20.0%
VANE
VANF
TIRE
V A R.
C O S T O
-16%
-12%
-8%
-4%
0%
4%
8%
12%
16%
20%
45,404
200,801
151,270
101,642
115,017
45,404
(24,218)
(93,849)
(163,489)
(233,139)
(302,797)
44,243
198,832
149,591
100,251
113,440
44,243
(24,963)
(94,179)
(163,404)
(232,637)
(301,880)
21.7%
55.7%
46.0%
35.5%
36.6%
21.7%
3.3%
-23.0%
#NUM!
#NUM!
#NUM!
Analisis de Sensibilidad Unidimensional del VANE

300,000
250,000
200,000
150,000
100,000
50,000
0
-20%
-15%
-10%
-5%
(50,000)
0%
5%
(100,000)
(150,000)
(200,000)
2. Analisis de Sensibilidad Bidimensional

ANALISIS DE SENSIBILIDAD BIDIMENSIONAL DEL VANF
en funcion de los Niveles de Precio y Variacion de Volumen
200,000
150,000
100,000
50,000
-25%
-20%
-15%
-10%
-5%
0%
(50,000)
(100,000)
(150,000)
(200,000)
(200,000)
XI. ANALISIS DE ESCENARIOS

Variacin de % Precio
Variacin de % Costos
Variacin de % Ventas
0%
0%
0%
ECONMICO
DEUDA
FINANCIERO
ESTRATEGIA
Variable
PRECIO
COSTO
VOLUMEN
Versin
ALTO
MEDIO
BAJO
ALTA CALIDAD
CALIDAD OPTIMA
CALIDAD BAJA
ALTA COBERTURA
COBERTURA MEDIA
BAJA COBERTURA
Variacin
14.0%
0.0%
-12.0%
16.0%
0.0%
-15.0%
18.0%
0.0%
-10.0%
Alta
Diferenc
X
CASO
5
200
225
350
775
6
400
450
600
1,450
7
400
450
600
1,450
8
400
450
600
1,450
9
400
450
600
1,450
Ventas a
Crdito
Tasa Inters

50.0% Palace
Gastos
Administrativos
Impuestos
4,750 mensuales
50% adelantado
Deprec. Tributaria
Amortiz. Tributaria
rf
RM
5.50%
BE
12.25%
D/C
Tasa Impuestos
20% uniforme anual

5
aos
3 aos
1.20
1.00
30%
400
450
600
1,450
29,081
10,929
29,081
10,929
8,000
9,000
14,000
31,000
16,000
18,000
24,000
58,000
16,000
18,000
24,000
58,000
16,000
18,000
24,000
58,000
16,000
18,000
24,000
58,000
16,000
18,000
24,000
58,000
17,200
32,400
32,400
32,400
32,400
32,400
13,800
25,600
25,600
25,600
25,600
25,600
621
1,152
1,152
1,152
1,152
1,152
31,621
59,152
59,152
59,152
59,152
59,152
(13,020)
(24,360)
(24,360)
(24,360)
(24,360)
(24,360)
(5,580)
(10,440)
(10,440)
(10,440)
(10,440)
(10,440)
(14,250)
(14,250)
(14,250)
(14,250)
(14,250)
(14,250)
(4,650)
(8,700)
(8,700)
(8,700)
(8,700)
(8,700)
(1,442)
(1,442)
(1,442)
(1,442)
(1,442)
(1,442)
(979)
(979)
(979)
(979)
(979)
(979)
(39,921)
(60,171)
(60,171)
(60,171)
(60,171)
(60,171)
(8,300)
(1,019)
(1,019)
(1,019)
(1,019)
(1,019)
(8,300)
(1,019)
(1,019)
(1,019)
(1,019)
(1,019)
10,566
10,872
11,178
11,483
11,789
12,095
(8,300)
(1,019)
(1,019)
(1,019)
(1,019)
(1,019)
17,200
32,400
32,400
32,400
32,400
32,400
7,100
13,800
25,600
25,600
25,600
25,600
320
621
1,152
1,152
1,152
1,152
24,620
46,821
59,152
59,152
59,152
59,152
(24,360)
(24,360)
(24,360)
(24,360)
(24,360)
(24,360)
(10,440)
(10,440)
(10,440)
(10,440)
(10,440)
(10,440)
(14,250)
(14,250)
(14,250)
(14,250)
(14,250)
(14,250)
(4,650)
(8,700)
(8,700)
(8,700)
(8,700)
(8,700)
(1,019)
(1,019)
(8,300)
(1,019)
(1,019)
(1,019)
(53,700)
(57,750)
(57,750)
(57,750)
(57,750)
(57,750)
(29,081)
(10,929)
1,402
1,402
1,402
1,402
29,081
10,929
(29,081)
(10,929)
0
(29,081)
0
(10,929)
1,402
1,402
1,402
1,402
1,402
1,402
1,402
1,402

Estructura de Deuda
Part. Rel.
Ki
1. Proveedores
30.00%
12.55%
2. Deuda
70.00%
9.00%
TOTAL
100.0%
Ki (1-T)
Ki (1-T)
8.79%
6.30%
7.05%

FUENTES
Part. Rel.
K(1-T)Anual
Deuda
50.0%
7.05%
Capital
50.0%
13.60%
TOTAL
100.0%
KO (CPPC)
10.32%
Anual
10.32%
KO (CPPC)
Trim
2.49%
Tangible 2
6,650
3
Tangible 3
8,200
4
Hor. Eval.

Perodo Inv. Inicial
16
Tangible 1
11,824
0
17,516
Tangible 2
19,402
1
28,044
Total

TRIBUTARIA
Deprec. Tributaria
Tasa Imp.
30%
Anual
Trimestral
Esc Tribut

2.47%
KOA
Tangible 1
Tangible 2
20.0%
20.0%
375
333
113
100
Tangible 1
Tangible 2
1,758
1,559
1,758
1,521
Escudo x Dep. Trib.

2.49%
KO (CPPC)
Benef Trib Per. 0

Benef Trib Per. HE
4
(29,081)
5
(10,929)
(29,081)
(10,929)
4
(29,081)
5
(10,929)
(29,081)
(10,929)
V A R.
P R E C I O
3.75% VAN Ben

D/C
3.77%
-16%
-12%
-8%
-4%
0%
4%
8%
12%
16%
20%
Tangible 1
Tangible 2
1,756
1,557
1,756
1,519
Escudo x Dep. Trib.
(229)
(339)
KO (CPPC)
2.49%
1,402
1,402
1,402
1,402
1,402
1,402
1,402
1,402
1,402
1,402
1,402
1,402
1,402
1,402
1,402
1,402
162,237
1.00
VAN Cost
VANE
45,404
(343,732)
(246,448)
(149,164)
(51,880)
45,404
139,253
139,012
207,169
275,106
342,953
VANF
44,243
(342,494)
(245,810)
(149,125)
(52,441)
44,243
137,518
137,367
205,106
272,625
340,053
VANE
VANF
(116,833)
TIRE
21.7%
#NUM!
#NUM!
#NUM!
-6.0%
21.7%
40.8%
42.4%
54.8%
65.7%
75.7%
TIRE
V O L U M E N
45,404
(64,901)
(37,325)
(9,748)
17,828
45,404
72,980
100,557
128,133
99,350
95,413
V A R.
-16%
-12%
-8%
-4%
0%
4%
8%
12%
16%
20%
44,243
(65,326)
(37,933)
(10,541)
16,851
44,243
71,635
99,027
126,420
97,862
93,965
21.7%
-12.8%
-1.6%
7.4%
15.0%
21.7%
27.6%
32.9%
37.7%
32.8%
32.1%
ANALISIS DE SENSIBILIDAD DEL VAN

UNIDIMENSIONAL
PRECIO
COSTO
VOLUMEN
5%
10%
15%
20%
-16%
-12%
-8%
-4%
0%
4%
8%
12%
16%
20%
25%
Rpta: el precio y volumen son los mas sensibles
nota: a medida que la recta tenga mayor angu
ANALISIS DE SENSIBILIDAD DEL VAN

BIDIMENSIONAL
BAJO
MEDIO
NIVELES DE PRECIO
10%
15%
20%
25%
V A R.
5%
V O L U M E N
ALTO
VANE
45,404
-20%
-16%
-12%
-8%
-4%
0%
4%
8%
12%
16%
20%
este es un clasico precio vs cantidad (PxQ)
VAN
45,404
(1,161)
44,243
ECONMICO
ESTRATEGIA
Diferenc
Costos
X
X
X
X
X
X
TIR
21.67%
7.05%
36.29%
datos
analisis
tabla de datos
nombre
rango
valores
liderazgo de costos
d377:d379
ingresar datos de los valores que se desea most
10
400
450
600
1,450
11
400
450
600
1,450
12
400
450
600
1,450
13
646
652
694
1,992
14
646
652
694
1,992
15
646
652
694
1,992
16
646
652
694
1,992
10
11
12
13
14
15
16
11,606
2,226
11,606
2,226
10
11
12
13
14
15
16
16,000
18,000
24,000
58,000
16,000
18,000
24,000
58,000
16,000
18,000
24,000
58,000
25,840
26,080
27,760
79,680
25,840
26,080
27,760
79,680
25,840
26,080
27,760
79,680
25,840
26,080
27,760
79,680
32,400
32,400
32,400
45,032
45,032
45,032
45,032
25,600
25,600
25,600
34,648
34,648
34,648
34,648
1,152
1,152
1,152
1,559
1,559
1,559
1,559
59,152
59,152
59,152
81,239
81,239
81,239
81,239
(24,360)
(24,360)
(24,360)
(33,466)
(33,466)
(33,466)
(33,466)
(10,440)
(10,440)
(10,440)
(14,342)
(14,342)
(14,342)
(14,342)
(14,250)
(14,250)
(14,250)
(14,250)
(14,250)
(14,250)
(14,250)
(8,700)
(8,700)
(8,700)
(11,952)
(11,952)
(11,952)
(11,952)
(1,442)
(1,442)
(1,442)
(1,442)
(1,442)
(1,442)
(1,442)
(979)
(979)
(979)
(60,171)
(60,171)
(60,171)
(75,452)
(75,452)
(75,452)
(75,452)
(1,019)
(1,019)
(1,019)
5,787
5,787
5,787
5,787
(1,736)
(1,736)
(1,736)
(1,736)
(1,019)
(1,019)
(1,019)
4,051
4,051
4,051
4,051
12,400
12,706
13,012
11,275
9,539
7,803
6,067
5,787
5,787
5,787
5,787
5,787
5,787
5,787
5,787
(1,019)
(1,019)
0
(1,019)
10
(1,019)
0
(1,019)
11
0
(1,019)
12
13
14
15
16
32,400
32,400
32,400
45,032
45,032
45,032
45,032
25,600
25,600
25,600
25,600
34,648
34,648
34,648
1,152
1,152
1,152
1,152
1,559
1,559
1,559
59,152
59,152
59,152
71,784
81,239
81,239
81,239
(24,360)
(24,360)
(33,466)
(33,466)
(33,466)
(33,466)
(10,440)
(10,440)
(14,342)
(14,342)
(14,342)
(14,342)
(14,250)
(14,250)
(14,250)
(14,250)
(14,250)
(14,250)
(11,875)
(8,700)
(8,700)
(8,700)
(11,952)
(11,952)
(11,952)
(11,952)
(57,750)
(57,750)
(70,758)
(74,010)
(74,010)
(74,010)
(23,827)
1,402
1,402
(11,606)
(2,226)
7,229
7,229
57,412
11,606
2,226
10
11
12
1,402
1,402
1,402
1,402
13
(11,606)
0
(11,606)
14
(2,226)
0
(2,226)
15
16
7,229
7,229
7,229
7,229
7,229
7,229
Tangible 3
17,035
3
23,442
69,002
Tangible 3
20.0%
410
123
Tangible 3
1,922
1,787
5,066
Tangible 3
1,920
1,784
5,059
10
1,402
11
1,402
12
(11,606)
13
(2,226)
14
7,229
15
7,229
1,402
1,402
(11,606)
(2,226)
7,229
7,229
10
1,402
11
1,402
12
(11,606)
13
(2,226)
14
7,229
15
7,229
1,402
1,402
(11,606)
(2,226)
7,229
7,229
P R E C I O
Precio
36
37
38
39
40
41
42
43
44
45
40.00
VANE
45,404
(197,806)
(137,003)
(76,201)
(15,398)
45,404
106,207
106,682
130,480
173,128
215,667
VANF
44,243
(197,468)
(137,040)
(76,612)
(16,185)
44,243
104,671
105,209
128,887
171,275
213,552
TIRE
21.7%
#NUM!
#NUM!
-15.8%
5.9%
21.7%
34.6%
35.5%
40.7%
48.8%
56.2%
16
7,229
292,332
(69,316)
(338)
229,908
16
7,229
290,745
(69,002)
(339)
228,632
ANALISIS DE SENSIBILIDAD DEL VANE

UNIDIMENSIONAL
Precio
(51,880)
45,404
139,253
139,012
207,169
275,106
Variacin
Costo
200,801
151,270
101,642
115,017
45,404
(24,218)
(93,849)
(163,489)
Volumen
(37,325)
(9,748)
17,828
45,404
72,980
100,557
128,133
99,350
95,413
-4.0%
-16.0%
-12.0%
16.0%
12.0%
20.0%
Rpta: el precio y volumen son los mas sensibles; entre los dos indicados en precio es el mas sensible.
nota: a medida que la recta tenga mayor angulo de inclinacion sera mas sensible o riesgoza
ANALISIS DE SENSIBILIDAD DEL VANF

BIDIMENSIONAL
BAJO
NIVELES DE PRECIO
MEDIO
ALTO
39
(141,139)
(115,991)
(90,843)
(65,695)
(40,547)
(15,398)
9,750
34,898
60,046
85,194
110,342
40
(92,477)
(64,901)
(37,325)
(9,748)
17,828
45,404
72,980
100,557
128,133
99,350
95,413
41
(43,815)
(13,811)
16,193
46,198
76,202
106,207
136,211
96,568
106,016
126,326
146,617
datos
analisis
tabla de datos
d20
precio
d339
volumen
este es un clasico precio vs cantidad (PxQ)
liderazgo de costos
ingresar datos de los valores que se desea mostrar
17
0
34,648
1,559
36,207
0
0
0
0
0
36,207
0
A/k
A/k
A/k n
Koa
A/K
Ko
PRECIO
VANE
VANF
TIRE
45,404
44,243
21.7%
36
(197,806)
(197,468)
#NUM!
37
(137,003)
(137,040)
#NUM!
38
(76,201)
(76,612)
-15.8%
39
(15,398)
(16,185)
5.9%
40
45,404
44,243
21.7%
41
106,207
104,671
34.6%
42
106,682
105,209
35.5%
43
130,480
128,887
40.7%
44
173,128
171,275
48.8%
45
215,667
213,552
56.2%
01.04.05
NATASSI
DESARROLL
I. INFORMACION BASE
MERCADO
Clientes
Molly
Dany's
Palace
TOTAL
3
50
75
100
225
Precio
Comisin
100
125
175
400
40.00 por unidad

Ventas a
Crdito
Tasa Inter
OPERACIONES
Costo
Proveedor
Kd Prov.
24.00 por unidad

30.0% a crdito
3.00% trim
Gastos
Administrati
Impuesto
INVERSION
0
Vida til economica
Depre. econom. trim
Preoperativo
Vida til economica
Amort. econom. trim
Vida til
Horizonte
Periodicidad
Periodos en un ao
1
7,500
5
20.0%
1,500
375
2
6,650
3
33.3%
2,217
554
11,750
3
33%
3,917
979
Infinita
4
3
4
8,200
4
25.0%
2,050
513
Amortiz. Tribu
aos
meses/trimestral
periodos anuales
FINANCIAMIENTO
Deuda
Ki
3
0
0
0.0%
-

9.0% efectiva anual
Capital

0
Total Activo Fijo
Tangible
Intangible
19,250
7,500
11,750
6,650
6,650
0
0
0
0
8,200
8,200
0
7,775
20,200
22,170
19,250
14,425
20,200
30,370

TOTAL INVERSION
1. INGRESOS
Precio
40
Molly
Dany's
Palace
TOTAL
2,000
3,000
4,000
9,000
4,000
5,000
7,000
16,000
5,000
8,900
4,000
7,100
180
320
9,180
16,320
(3,780)
(6,720)
(1,620)
(2,880)
(14,250)
(14,250)
(1,350)
(2,400)
2.5 Depreciacin
(1,304)
(929)
2.6 Amortizacin
(1,958)
(979)
(24,263)
(28,158)
(15,083)
(11,839)

M&D
Palace
1.3 Ingresos crdito
1.4 Ingresos Finan.
60%
50%
4.50%
TOTAL INGRESOS
2. COSTOS Y GASTOS
% contado
24
70%

2.4 Comisiones
3.1 Imp. x Oper.
15%
30.0%
(15,083)
(11,839)
4,525
8,076

4.1 Impuestos Netos
(15,083)
30.0%
(11,839)
5. UTILIDAD NETA
(15,083)
(11,839)
IV. FLUJO DE CAJA

0
1. INGRESOS
5,000
8,900
1.2 Ingresos Crdito
4,000
1.3 Ingresos Finan.
180
5,000
13,080
TOTAL INGRESOS
2. EGRESOS
(3,780)
(6,720)
(13,020)
(1,620)
(2,880)
(5,580)
(2,375)
(14,250)
(14,250)
(1,350)
(2,400)
2.4 Comisiones
TOTAL EGRESOS
(7,775)
(25,200)
(35,250)
(7,775)
(20,200)
(22,170)
7,775
20,200
22,170
(7,775)
(20,200)
(22,170)

0
FLUJO ECONMICO BASE
0
(19,250)
(6,650)
(19,250)
(14,425)
0
(20,200)
(8,200)
(30,370)

rf
5.50%
RM
12.25%
2. COST

1.00
D/C (Empresa)
1.20
13.60%
KE (COK Acc. a D/C)
Estructura de D
TOTAL

Tasa Impuestos
30.0%
Boa = Be / [1+(1-T)D/C]
BOA (No Apalancado)
0.71
10.26%
Costo Prom.

1. CONSIDERANDO KOA
KOA
Anual
10.26%
Trim
2.47%
KO (CPPC
Activo Fijo
Valor Inicial
Perodo Inv. Inicial
Tangible 1
11,905
0
17,599
Tangible 2
19,523
1
28,163
Total
Tangible 1
7,500
5
Tangible 3
17,146
3
23,555
69,316

ECONOMICA
% Deprec. Econmica
Anual
Deprec. Econmica
Trimestral
Tasa Imp.
30% Esc Tribut
Tangible 1
Tangible 2
Tangible 3
20.0%
33.3%
25.0%
375
554
513
113
166
154

2.47%
KOA
Tangible 1
Tangible 2
1,758
1,708
1,758
1,667
Escudo x Dep. Econ.
Benef Trib Per. 0

Benef Trib Per. HE
KOA
2.47%
(228)
(338)
Tangible 3
2,011
1,869
5,295

2.49%
KO (CPPC)
Tangible 1
Tangible 2
1,756
1,707
1,756
1,665
Escudo x Dep. Econ.
Tangible 3
2,009
1,867
5,288

0
FL. ECONMICO AL KOA
(19,250)
(19,250)
VANE
1
(14,425)
2
(20,200)
3
(30,370)
(14,425)
(20,200)
(30,370)
0
(19,250)
1
(14,425)
2
(20,200)
3
(30,370)
(19,250)
(14,425)
(20,200)
(30,370)

FLUJO ECONMICO (KO)
VANF
ECONOMICO (KOA)
FINAN./ACCION. (KO)
K Anual
10.26%
10.32%
K Trim
2.47%
1.72%
2.49%
VAN
45,404
(1,161)
44,243
Anual
TIR
21.67%
7.05%
36.29%
B/C
1.39
1.76
IX. ANLISIS DE PUNTOS CRTICOS

4. Determinacin Tasa de Inters a Clientes
Venta a
Crdito
Tasa
VANE
VANF
Condiciones actuales de crdito

40.00% M & D
50.00% Palace
4.50%
45,404
44,243
Tasa de inters que equilibra condiciones crdito y contado

Funcion Objetivo
VANE
45,404
VANE
46,142
VANF
44,243
VANF
50,124
Con
CASO
5
200
225
350
775
6
400
450
600
1,450
7
400
450
600
1,450
8
400
450
600
1,450
9
400
450
600
1,450
Ventas a
Crdito
Tasa Inters

50.0% Palace
Gastos
Administrativos
Impuestos
4,750 mensuales
50% adelantado
Deprec. Tributaria
Amortiz. Tributaria
rf
RM
5.50%
BE
12.25%
D/C
Tasa Impuestos
20% uniforme anual

5
aos
3 aos
1.20
1.00
30%
400
450
600
1,450
29,081
10,929
29,081
10,929
8,000
9,000
14,000
31,000
16,000
18,000
24,000
58,000
16,000
18,000
24,000
58,000
16,000
18,000
24,000
58,000
16,000
18,000
24,000
58,000
16,000
18,000
24,000
58,000
17,200
32,400
32,400
32,400
32,400
32,400
13,800
25,600
25,600
25,600
25,600
25,600
621
1,152
1,152
1,152
1,152
1,152
31,621
59,152
59,152
59,152
59,152
59,152
(13,020)
(24,360)
(24,360)
(24,360)
(24,360)
(24,360)
(5,580)
(10,440)
(10,440)
(10,440)
(10,440)
(10,440)
(14,250)
(14,250)
(14,250)
(14,250)
(14,250)
(14,250)
(4,650)
(8,700)
(8,700)
(8,700)
(8,700)
(8,700)
(1,442)
(1,442)
(1,442)
(1,442)
(1,442)
(1,442)
(979)
(979)
(979)
(979)
(979)
(979)
(39,921)
(60,171)
(60,171)
(60,171)
(60,171)
(60,171)
(8,300)
(1,019)
(1,019)
(1,019)
(1,019)
(1,019)
(8,300)
(1,019)
(1,019)
(1,019)
(1,019)
(1,019)
10,566
10,872
11,178
11,483
11,789
12,095
(8,300)
(1,019)
(1,019)
(1,019)
(1,019)
(1,019)
17,200
32,400
32,400
32,400
32,400
32,400
7,100
13,800
25,600
25,600
25,600
25,600
320
621
1,152
1,152
1,152
1,152
24,620
46,821
59,152
59,152
59,152
59,152
(24,360)
(24,360)
(24,360)
(24,360)
(24,360)
(24,360)
(10,440)
(10,440)
(10,440)
(10,440)
(10,440)
(10,440)
(14,250)
(14,250)
(14,250)
(14,250)
(14,250)
(14,250)
(4,650)
(8,700)
(8,700)
(8,700)
(8,700)
(8,700)
(1,019)
(1,019)
(8,300)
(1,019)
(1,019)
(1,019)
(53,700)
(57,750)
(57,750)
(57,750)
(57,750)
(57,750)
(29,081)
(10,929)
1,402
1,402
1,402
1,402
29,081
10,929
(29,081)
(10,929)
0
(29,081)
0
(10,929)
1,402
1,402
1,402
1,402
1,402
1,402
1,402
1,402

Estructura de Deuda
Part. Rel.
Ki
1. Proveedores
30.00%
12.55%
2. Deuda
70.00%
9.00%
TOTAL
100.0%
Ki (1-T)
Ki (1-T)
8.79%
6.30%
7.05%

FUENTES
Part. Rel.
K(1-T)Anual
Deuda
50.0%
7.05%
Capital
50.0%
13.60%
TOTAL
100.0%
KO (CPPC)
10.32%
Anual
10.32%
KO (CPPC)
Trim
2.49%
Tangible 2
6,650
3
Tangible 3
8,200
4
Hor. Eval.

Perodo Inv. Inicial
16
Tangible 1
11,824
0
17,516
Tangible 2
19,402
1
28,044
Total

TRIBUTARIA
Deprec. Tributaria
Tasa Imp.
30%
Anual
Trimestral
Esc Tribut

2.47%
KOA
Tangible 1
Tangible 2
20.0%
20.0%
375
333
113
100
Tangible 1
Tangible 2
1,758
1,559
1,758
1,521
Escudo x Dep. Trib.

2.49%
KO (CPPC)
Benef Trib Per. 0

Benef Trib Per. HE
4
(29,081)
5
(10,929)
(29,081)
(10,929)
4
(29,081)
5
(10,929)
(29,081)
(10,929)
3.75% VAN Ben

D/C
3.77%
Venta a
Crdito
VANE
VANF
Rpta
Tasa de
Inters
2.47%
2.49%
Tangible 1
Tangible 2
1,756
1,557
1,756
1,519
Escudo x Dep. Trib.
(229)
(339)
KO (CPPC)
2.49%
1,402
1,402
1,402
1,402
1,402
1,402
1,402
1,402
1,402
1,402
1,402
1,402
1,402
1,402
1,402
1,402
162,237
1.00
VAN Cost
(116,833)
Condiciones de venta al contado

0.00% M & D
0.00% Palace
45,404
44,243
Tasa Interes
1
2
3
4
5
camb 4.5% valores objetivos

4.50%
VANE
4.50%
VANF
Para hallar los nuevos porcentajes, debemos colocar cero en

ojo lo podemos hacer desde la celda K22
hallar tasa del VANF quiere decir que se traslada los beneficio
Analisis economico es de la firma y el Financiero es del accio
i eq (1-T) = Koa ----> usando esta ecuacion nos acercamos ba
10
400
450
600
1,450
11
400
450
600
1,450
12
400
450
600
1,450
13
646
652
694
1,992
14
646
652
694
1,992
15
646
652
694
1,992
16
646
652
694
1,992
10
11
12
13
14
15
16
11,606
2,226
11,606
2,226
10
11
12
13
14
15
16
16,000
18,000
24,000
58,000
16,000
18,000
24,000
58,000
16,000
18,000
24,000
58,000
25,840
26,080
27,760
79,680
25,840
26,080
27,760
79,680
25,840
26,080
27,760
79,680
25,840
26,080
27,760
79,680
32,400
32,400
32,400
45,032
45,032
45,032
45,032
25,600
25,600
25,600
34,648
34,648
34,648
34,648
1,152
1,152
1,152
1,559
1,559
1,559
1,559
59,152
59,152
59,152
81,239
81,239
81,239
81,239
(24,360)
(24,360)
(24,360)
(33,466)
(33,466)
(33,466)
(33,466)
(10,440)
(10,440)
(10,440)
(14,342)
(14,342)
(14,342)
(14,342)
(14,250)
(14,250)
(14,250)
(14,250)
(14,250)
(14,250)
(14,250)
(8,700)
(8,700)
(8,700)
(11,952)
(11,952)
(11,952)
(11,952)
(1,442)
(1,442)
(1,442)
(1,442)
(1,442)
(1,442)
(1,442)
(979)
(979)
(979)
(60,171)
(60,171)
(60,171)
(75,452)
(75,452)
(75,452)
(75,452)
(1,019)
(1,019)
(1,019)
5,787
5,787
5,787
5,787
(1,736)
(1,736)
(1,736)
(1,736)
(1,019)
(1,019)
(1,019)
4,051
4,051
4,051
4,051
12,400
12,706
13,012
11,275
9,539
7,803
6,067
5,787
5,787
5,787
5,787
5,787
5,787
5,787
5,787
(1,019)
(1,019)
0
(1,019)
10
(1,019)
0
(1,019)
11
0
(1,019)
12
13
14
15
16
32,400
32,400
32,400
45,032
45,032
45,032
45,032
25,600
25,600
25,600
25,600
34,648
34,648
34,648
1,152
1,152
1,152
1,152
1,559
1,559
1,559
59,152
59,152
59,152
71,784
81,239
81,239
81,239
(24,360)
(24,360)
(33,466)
(33,466)
(33,466)
(33,466)
(10,440)
(10,440)
(14,342)
(14,342)
(14,342)
(14,342)
(14,250)
(14,250)
(14,250)
(14,250)
(14,250)
(14,250)
(11,875)
(8,700)
(8,700)
(8,700)
(11,952)
(11,952)
(11,952)
(11,952)
(57,750)
(57,750)
(70,758)
(74,010)
(74,010)
(74,010)
(23,827)
1,402
1,402
(11,606)
(2,226)
7,229
7,229
57,412
11,606
2,226
10
11
12
1,402
1,402
1,402
1,402
13
(11,606)
0
(11,606)
14
(2,226)
0
(2,226)
15
16
7,229
7,229
7,229
7,229
7,229
7,229
Tangible 3
17,035
3
23,442
69,002
Tangible 3
20.0%
410
123
Tangible 3
1,922
1,787
5,066
Tangible 3
1,920
1,784
5,059
10
1,402
11
1,402
12
(11,606)
13
(2,226)
14
7,229
15
7,229
1,402
1,402
(11,606)
(2,226)
7,229
7,229
10
1,402
11
1,402
12
(11,606)
13
(2,226)
14
7,229
15
7,229
1,402
1,402
(11,606)
(2,226)
7,229
7,229
16
7,229
292,332
(69,316)
(338)
229,908
16
7,229
290,745
(69,002)
(339)
228,632
valores objetivos
20,980
20,133
r los nuevos porcentajes, debemos colocar cero en la celda E265, E266 Y 4.5% en las celdas L268 y L269; con eso se obtienen el nuevo VANE
emos hacer desde la celda K22
a del VANF quiere decir que se traslada los beneficios a los clientes
conomico es de la firma y el Financiero es del accionista
= Koa ----> usando esta ecuacion nos acercamos bastante al valor del modelo 2.47% y 2.49%
17
0
34,648
1,559
36,207
0
0
0
0
0
36,207
0
A/k
A/k
A/k n
Koa
A/K
Ko
68 y L269; con eso se obtienen el nuevo VANE y VANF sin credito; esos valores se copian en valor en las celdas N268 y N269; luego se vuelve
lor en las celdas N268 y N269; luego se vuelve como estab al inicio y se trabaja con buscar objetivo.
01.04.05
NATASSI
DESARROLL
I. INFORMACION BASE
MERCADO
Clientes
Molly
Dany's
Palace
TOTAL
3
50
75
100
225
Precio
Comisin
100
125
175
400
40.00 por unidad

Ventas a
Crdito
Tasa Inter
OPERACIONES
Costo
Proveedor
Kd Prov.
24.00 por unidad

30.0% a crdito
3.00% trim
Gastos
Administrat
Impuesto
INVERSION
0
Vida til economica
Depre. econom. trim
Preoperativo
Vida til economica
Amort. econom. trim
Vida til
Horizonte
Periodicidad
Periodos en un ao
1
7,500
5
20.0%
1,500
375
2
6,650
3
33.3%
2,217
554
11,750
3
33%
3,917
979
Infinita
4
3
4
8,200
4
25.0%
2,050
513
Amortiz. Trib
aos
meses/trimestral
periodos anuales
FINANCIAMIENTO
Deuda
Ki
3
0
0
0.0%
-

9.0% efectiva anual
Capital

0
Total Activo Fijo
Tangible
Intangible
19,250
7,500
11,750
6,650
6,650
0
0
0
0
8,200
8,200
0
7,775
20,200
22,170
19,250
14,425
20,200
30,370

TOTAL INVERSION
1. INGRESOS
Precio
40
Molly
Dany's
Palace
TOTAL
2,000
3,000
4,000
9,000
4,000
5,000
7,000
16,000
5,000
8,900
4,000
7,100
180
320
9,180
16,320
(3,780)
(6,720)
(1,620)
(2,880)
(14,250)
(14,250)
(1,350)
(2,400)
2.5 Depreciacin
(1,304)
(929)
2.6 Amortizacin
(1,958)
(979)
(24,263)
(28,158)
(15,083)
(11,839)

M&D
Palace
1.3 Ingresos crdito
1.4 Ingresos Finan.
60%
50%
4.50%
TOTAL INGRESOS
2. COSTOS Y GASTOS
% contado
24
70%

2.4 Comisiones
3.1 Imp. x Oper.
15%
30.0%
(15,083)
(11,839)
4,525
8,076

4.1 Impuestos Netos
(15,083)
30.0%
(11,839)
5. UTILIDAD NETA
(15,083)
(11,839)
IV. FLUJO DE CAJA

0
1. INGRESOS
5,000
8,900
1.2 Ingresos Crdito
4,000
1.3 Ingresos Finan.
180
5,000
13,080
TOTAL INGRESOS
2. EGRESOS
(3,780)
(6,720)
(13,020)
(1,620)
(2,880)
(5,580)
(2,375)
(14,250)
(14,250)
(1,350)
(2,400)
2.4 Comisiones
TOTAL EGRESOS
(7,775)
(25,200)
(35,250)
(7,775)
(20,200)
(22,170)
7,775
20,200
22,170
(7,775)
(20,200)
(22,170)

0
FLUJO ECONMICO BASE
0
(19,250)
(6,650)
(19,250)
(14,425)
0
(20,200)
(8,200)
(30,370)

5.50%
rf
RM
12.25%
2. COS

1.00
D/C (Empresa)
1.20
13.60%
KE (COK Acc. a D/C)
Estructura de
TOTAL

Tasa Impuestos
30.0%
Boa = Be / [1+(1-T)D/C]
BOA (No Apalancado)
0.71
10.26%
Costo Prom

1. CONSIDERANDO KOA
KOA
Anual
10.26%
Trim
2.47%
KO (CPPC
Activo Fijo
Valor Inicial
Perodo Inv. Inicial
Tangible 1
11,905
0
17,599
Tangible 2
19,523
1
28,163
Total
Tangible 1
7,500
5
Tangible 3
17,146
3
23,555
69,316

ECONOMICA
% Deprec. Econmica
Deprec. Econmica
Tasa Imp.
30%
Anual
Trimestral
Esc Tribut

2.47%
KOA
Benef Trib Per. 0

Benef Trib Per. HE
KOA
2.47%
Tangible 1
Tangible 2
Tangible 3
20.0%
33.3%
25.0%
375
554
513
113
166
154
Tangible 1
Tangible 2
1,758
1,708
1,758
1,667
Escudo x Dep. Econ.
(228)
(338)
Tangible 3
2,011
1,869
5,295

2.49%
KO (CPPC)
Tangible 1
Tangible 2
1,756
1,707
1,756
1,665
Escudo x Dep. Econ.
Tangible 3
2,009
1,867
5,288

0
FL. ECONMICO AL KOA
(19,250)
(19,250)
VANE
1
(14,425)
2
(20,200)
3
(30,370)
(14,425)
(20,200)
(30,370)
0
(19,250)
1
(14,425)
2
(20,200)
3
(30,370)
(19,250)
(14,425)
(20,200)
(30,370)

FLUJO ECONMICO (KO)
VANF
ECONOMICO (KOA)
FINAN./ACCION. (KO)
K Anual
10.26%
10.32%
K Trim
2.47%
1.72%
2.49%
VAN
45,404
(1,161)
44,243
Anual
TIR
21.67%
7.05%
36.29%
B/C
1.39
1.76
IX. ANLISIS DE PUNTOS CRTICOS

1. Determinacin Precio Mnimo
Condiciones actuales
Precio
Funcin Objetivo
40.00
VANE
VANF
45,404
44,243
VANE
VANF
45,404
44,243
2. Determinacin Costo Mximo

Condiciones actuales
Costo
Funcin Objetivo
24.00
3. Determinacin Punto de Equilibrio

Presupuesto de ventas (unidades)
Clientes
Molly
Dany's
Palace
TOTAL
Var. de ventas
3
50
75
100
225
0.00%
VANE
VANF
45,404
44,243
100
125
175
400
Punto de
Equilibrio
Econmico
Econ-Financiero
CASO
5
200
225
350
775
6
400
450
600
1,450
7
400
450
600
1,450
8
400
450
600
1,450
9
400
450
600
1,450
Ventas a
Crdito
Tasa Inters

50.0% Palace
Gastos
Administrativos
Impuestos
4,750 mensuales
50% adelantado
Deprec. Tributaria
Amortiz. Tributaria
rf
RM
5.50%
BE
12.25%
D/C
Tasa Impuestos
20% uniforme anual

5
aos
3 aos
1.20
1.00
30%
400
450
600
1,450
29,081
10,929
29,081
10,929
8,000
9,000
14,000
31,000
16,000
18,000
24,000
58,000
16,000
18,000
24,000
58,000
16,000
18,000
24,000
58,000
16,000
18,000
24,000
58,000
16,000
18,000
24,000
58,000
17,200
32,400
32,400
32,400
32,400
32,400
13,800
25,600
25,600
25,600
25,600
25,600
621
1,152
1,152
1,152
1,152
1,152
31,621
59,152
59,152
59,152
59,152
59,152
(13,020)
(24,360)
(24,360)
(24,360)
(24,360)
(24,360)
(5,580)
(10,440)
(10,440)
(10,440)
(10,440)
(10,440)
(14,250)
(14,250)
(14,250)
(14,250)
(14,250)
(14,250)
(4,650)
(8,700)
(8,700)
(8,700)
(8,700)
(8,700)
(1,442)
(1,442)
(1,442)
(1,442)
(1,442)
(1,442)
(979)
(979)
(979)
(979)
(979)
(979)
(39,921)
(60,171)
(60,171)
(60,171)
(60,171)
(60,171)
(8,300)
(1,019)
(1,019)
(1,019)
(1,019)
(1,019)
(8,300)
(1,019)
(1,019)
(1,019)
(1,019)
(1,019)
10,566
10,872
11,178
11,483
11,789
12,095
(8,300)
(1,019)
(1,019)
(1,019)
(1,019)
(1,019)
17,200
32,400
32,400
32,400
32,400
32,400
7,100
13,800
25,600
25,600
25,600
25,600
320
621
1,152
1,152
1,152
1,152
24,620
46,821
59,152
59,152
59,152
59,152
(24,360)
(24,360)
(24,360)
(24,360)
(24,360)
(24,360)
(10,440)
(10,440)
(10,440)
(10,440)
(10,440)
(10,440)
(14,250)
(14,250)
(14,250)
(14,250)
(14,250)
(14,250)
(4,650)
(8,700)
(8,700)
(8,700)
(8,700)
(8,700)
(1,019)
(1,019)
(8,300)
(1,019)
(1,019)
(1,019)
(53,700)
(57,750)
(57,750)
(57,750)
(57,750)
(57,750)
(29,081)
(10,929)
1,402
1,402
1,402
1,402
29,081
10,929
(29,081)
(10,929)
0
(29,081)
0
(10,929)
1,402
1,402
1,402
1,402
1,402
1,402
1,402
1,402

Estructura de Deuda
Part. Rel.
Ki
1. Proveedores
30.00%
12.55%
2. Deuda
70.00%
9.00%
TOTAL
100.0%
Ki (1-T)
Ki (1-T)
8.79%
6.30%
7.05%

FUENTES
Part. Rel.
K(1-T)Anual
Deuda
50.0%
7.05%
Capital
50.0%
13.60%
TOTAL
100.0%
KO (CPPC)
10.32%
Anual
10.32%
KO (CPPC)
Trim
2.49%
Tangible 2
6,650
3
Tangible 3
8,200
4
Hor. Eval.

Perodo Inv. Inicial
16
Tangible 1
11,824
0
17,516
Tangible 2
19,402
1
28,044
Total

TRIBUTARIA
Deprec. Tributaria
Tasa Imp.
30%
Anual
Trimestral
Esc Tribut

2.47%
KOA
Tangible 1
Tangible 2
20.0%
20.0%
375
333
113
100
Tangible 1
Tangible 2
1,758
1,559
1,758
1,521
Escudo x Dep. Trib.

2.49%
KO (CPPC)
Benef Trib Per. 0

Benef Trib Per. HE
4
(29,081)
5
(10,929)
(29,081)
(10,929)
4
(29,081)
5
(10,929)
(29,081)
(10,929)
VAN Ben
D/C
Tangible 1
Tangible 2
1,756
1,557
1,756
1,519
Escudo x Dep. Trib.
(229)
(339)
KO (CPPC)
2.49%
1,402
1,402
1,402
1,402
1,402
1,402
1,402
1,402
1,402
1,402
1,402
1,402
1,402
1,402
1,402
1,402
162,237
1.00
Funcin Objetivo
VANE
VANF
0
0
Precio
Mnimo
Funcin Objetivo
VANE
VANF
0
0
Costo
Mximo
VAN Cost
(116,833)
Rpta
39.25
39.27
Rpta
24.63
24.61
5
200
225
350
775
Punto de
Equilibrio
Econmico
Econ-Financiero
6
400
450
600
1,450
7
400
450
600
1,450
Funcin Objetivo
VANE
VANF
8
400
450
600
1,450
9
400
450
600
1,450
400
450
600
1,450
Rpta
0
0
Crec/decr
Ventas
-6.58%
-6.45%
10
400
450
600
1,450
11
400
450
600
1,450
12
400
450
600
1,450
13
646
652
694
1,992
14
646
652
694
1,992
15
646
652
694
1,992
16
646
652
694
1,992
10
11
12
13
14
15
16
11,606
2,226
11,606
2,226
10
11
12
13
14
15
16
16,000
18,000
24,000
58,000
16,000
18,000
24,000
58,000
16,000
18,000
24,000
58,000
25,840
26,080
27,760
79,680
25,840
26,080
27,760
79,680
25,840
26,080
27,760
79,680
25,840
26,080
27,760
79,680
32,400
32,400
32,400
45,032
45,032
45,032
45,032
25,600
25,600
25,600
34,648
34,648
34,648
34,648
1,152
1,152
1,152
1,559
1,559
1,559
1,559
59,152
59,152
59,152
81,239
81,239
81,239
81,239
(24,360)
(24,360)
(24,360)
(33,466)
(33,466)
(33,466)
(33,466)
(10,440)
(10,440)
(10,440)
(14,342)
(14,342)
(14,342)
(14,342)
(14,250)
(14,250)
(14,250)
(14,250)
(14,250)
(14,250)
(14,250)
(8,700)
(8,700)
(8,700)
(11,952)
(11,952)
(11,952)
(11,952)
(1,442)
(1,442)
(1,442)
(1,442)
(1,442)
(1,442)
(1,442)
(979)
(979)
(979)
(60,171)
(60,171)
(60,171)
(75,452)
(75,452)
(75,452)
(75,452)
(1,019)
(1,019)
(1,019)
5,787
5,787
5,787
5,787
(1,736)
(1,736)
(1,736)
(1,736)
(1,019)
(1,019)
(1,019)
4,051
4,051
4,051
4,051
12,400
12,706
13,012
11,275
9,539
7,803
6,067
5,787
5,787
5,787
5,787
5,787
5,787
5,787
5,787
(1,019)
(1,019)
0
(1,019)
10
(1,019)
0
(1,019)
11
0
(1,019)
12
13
14
15
16
32,400
32,400
32,400
45,032
45,032
45,032
45,032
25,600
25,600
25,600
25,600
34,648
34,648
34,648
1,152
1,152
1,152
1,152
1,559
1,559
1,559
59,152
59,152
59,152
71,784
81,239
81,239
81,239
(24,360)
(24,360)
(33,466)
(33,466)
(33,466)
(33,466)
(10,440)
(10,440)
(14,342)
(14,342)
(14,342)
(14,342)
(14,250)
(14,250)
(14,250)
(14,250)
(14,250)
(14,250)
(11,875)
(8,700)
(8,700)
(8,700)
(11,952)
(11,952)
(11,952)
(11,952)
(57,750)
(57,750)
(70,758)
(74,010)
(74,010)
(74,010)
(23,827)
1,402
1,402
(11,606)
(2,226)
7,229
7,229
57,412
11,606
2,226
10
11
12
1,402
1,402
1,402
1,402
13
(11,606)
0
(11,606)
14
(2,226)
0
(2,226)
15
16
7,229
7,229
7,229
7,229
7,229
7,229
Tangible 3
17,035
3
23,442
69,002
Tangible 3
20.0%
410
123
Tangible 3
1,922
1,787
5,066
Tangible 3
1,920
1,784
5,059
10
1,402
11
1,402
12
(11,606)
13
(2,226)
14
7,229
15
7,229
1,402
1,402
(11,606)
(2,226)
7,229
7,229
10
1,402
11
1,402
12
(11,606)
13
(2,226)
14
7,229
15
7,229
1,402
1,402
(11,606)
(2,226)
7,229
7,229
16
7,229
292,332
(69,316)
(338)
229,908
16
7,229
290,745
(69,002)
(339)
228,632
10
400
450
600
1,450
11
400
450
600
1,450
12
400
450
600
1,450
13
646
652
694
1,992
14
646
652
694
1,992
15
646
652
694
1,992
16
646
652
694
1,992
17
0
34,648
1,559
36,207
0
0
0
0
0
36,207
0
A/k
A/k
A/k n
Koa
A/K
Ko
NATASSI
DESARROLL
I. INFORMACION BASE
MERCADO
Clientes
Molly
Dany's
Palace
TOTAL
3
50
75
100
225
Precio
Comisin
100
125
175
400
40.00 por unidad

Ventas a
Crdito
Tasa Inter
OPERACIONES
Costo
Proveedor
Kd Prov.
24.00 por unidad

30.0% a crdito
3.00% trim
Gastos
Administrati
Impuesto
INVERSION
0
Vida til economica
Depre. econom. trim
Preoperativo
Vida til economica
Amort. econom. trim
Vida til
Horizonte
Periodicidad
Periodos en un ao
1
7,500
5
20.0%
1,500
375
2
6,650
3
33.3%
2,217
554
11,750
3
33%
3,917
979
Infinita
4
3
4
8,200
4
25.0%
2,050
513
Amortiz. Tribu
aos
meses/trimestral
periodos anuales
FINANCIAMIENTO
Deuda
Ki
3
0
0
0.0%
-

9.0% efectiva anual
Capital

0
Total Activo Fijo
Tangible
Intangible
19,250
7,500
11,750
6,650
6,650
0
0
0
0
8,200
8,200
0
7,775
20,200
22,170
19,250
14,425
20,200
30,370

TOTAL INVERSION
1. INGRESOS
Precio
40
Molly
Dany's
Palace
TOTAL
2,000
3,000
4,000
9,000
4,000
5,000
7,000
16,000
5,000
8,900
4,000
7,100
180
320
9,180
16,320
(3,780)
(6,720)
(1,620)
(2,880)
(14,250)
(14,250)
(1,350)
(2,400)
2.5 Depreciacin
(1,304)
(929)
2.6 Amortizacin
(1,958)
(979)
(24,263)
(28,158)
(15,083)
(11,839)

M&D
Palace
1.3 Ingresos crdito
1.4 Ingresos Finan.
60%
50%
4.50%
TOTAL INGRESOS
2. COSTOS Y GASTOS
% contado
24
70%

2.4 Comisiones
3.1 Imp. x Oper.
15%
30.0%
(15,083)
(11,839)
4,525
8,076

4.1 Impuestos Netos
(15,083)
30.0%
(11,839)
5. UTILIDAD NETA
(15,083)
(11,839)
IV. FLUJO DE CAJA

0
1. INGRESOS
5,000
8,900
1.2 Ingresos Crdito
4,000
1.3 Ingresos Finan.
180
5,000
13,080
TOTAL INGRESOS
2. EGRESOS
(3,780)
(6,720)
(13,020)
(1,620)
(2,880)
(5,580)
(2,375)
(14,250)
(14,250)
(1,350)
(2,400)
2.4 Comisiones
TOTAL EGRESOS
(7,775)
(25,200)
(35,250)
(7,775)
(20,200)
(22,170)
7,775
20,200
22,170
(7,775)
(20,200)
(22,170)
VI. FLUJO DE FONDOS BASE

0
FLUJO ECONMICO BASE
0
(19,250)
(6,650)
(19,250)
(14,425)
0
(20,200)
(8,200)
(30,370)
VII. COSTO DE CAPITAL Y TASAS DE DESCUENTO

rf
5.50%
RM
12.25%
2. COST

1.00
D/C (Empresa)
1.20
13.60%
KE (COK Acc. a D/C)
Estructura de D
TOTAL

Tasa Impuestos
30.0%
Boa = Be / [1+(1-T)D/C]
BOA (No Apalancado)
0.71
10.26%
Costo Prom.
VIII. PERPETUIDADES Y BENEFICIOS TRIBUTARIOS

1. CONSIDERANDO KOA
KOA
Anual
10.26%
Trim
2.47%
KO (CPPC
Activo Fijo
Valor Inicial
Perodo Inv. Inicial
Tangible 1
11,905
0
17,599
Tangible 2
19,523
1
28,163
Total
Tangible 1
7,500
5
Tangible 3
17,146
3
23,555
69,316

ECONOMICA
% Deprec. Econmica
Anual
Deprec. Econmica
Trimestral
Tasa Imp.
30% Esc Tribut
Tangible 1
Tangible 2
Tangible 3
20.0%
33.3%
25.0%
375
554
513
113
166
154

2.47%
KOA
Tangible 1
Tangible 2
1,758
1,708
1,758
1,667
Escudo x Dep. Econ.
Benef Trib Per. 0
KOA
(228)
Tangible 3
2,011
1,869
5,295
Benef Trib Per. HE
2.47%

2.49%
KO (CPPC)
(338)
Tangible 1
Tangible 2
1,756
1,707
1,756
1,665
Escudo x Dep. Econ.
Tangible 3
2,009
1,867
5,288

0
FL. ECONMICO AL KOA
(19,250)
(19,250)
VANE
1
(14,425)
2
(20,200)
3
(30,370)
(14,425)
(20,200)
(30,370)
0
(19,250)
1
(14,425)
2
(20,200)
3
(30,370)
(19,250)
(14,425)
(20,200)
(30,370)

FLUJO ECONMICO (KO)
VANF
IX. EVALUACION ECONMICA Y FINANCIERA
ECONOMICO (KOA)
FINAN./ACCION. (KO)
K Anual
10.26%
10.32%
K Trim
2.47%
1.72%
2.49%
VAN
45,404
(1,161)
44,243
Anual
TIR
21.67%
7.05%
36.29%
B/C
1.39
1.76
CASO
5
200
225
350
775
6
400
450
600
1,450
7
400
450
600
1,450
8
400
450
600
1,450
9
400
450
600
1,450
Ventas a
Crdito
Tasa Inters

50.0% Palace
Gastos
Administrativos
Impuestos
4,750 mensuales
50% adelantado
Deprec. Tributaria
Amortiz. Tributaria
rf
RM
5.50%
BE
12.25%
D/C
Tasa Impuestos
20% uniforme anual

5
aos
3 aos
1.20
1.00
30%
400
450
600
1,450
29,081
10,929
29,081
10,929
8,000
9,000
14,000
31,000
16,000
18,000
24,000
58,000
16,000
18,000
24,000
58,000
16,000
18,000
24,000
58,000
16,000
18,000
24,000
58,000
16,000
18,000
24,000
58,000
17,200
32,400
32,400
32,400
32,400
32,400
13,800
25,600
25,600
25,600
25,600
25,600
621
1,152
1,152
1,152
1,152
1,152
31,621
59,152
59,152
59,152
59,152
59,152
(13,020)
(24,360)
(24,360)
(24,360)
(24,360)
(24,360)
(5,580)
(10,440)
(10,440)
(10,440)
(10,440)
(10,440)
(14,250)
(14,250)
(14,250)
(14,250)
(14,250)
(14,250)
(4,650)
(8,700)
(8,700)
(8,700)
(8,700)
(8,700)
(1,442)
(1,442)
(1,442)
(1,442)
(1,442)
(1,442)
(979)
(979)
(979)
(979)
(979)
(979)
(39,921)
(60,171)
(60,171)
(60,171)
(60,171)
(60,171)
(8,300)
(1,019)
(1,019)
(1,019)
(1,019)
(1,019)
(8,300)
(1,019)
(1,019)
(1,019)
(1,019)
(1,019)
10,566
10,872
11,178
11,483
11,789
12,095
(8,300)
(1,019)
(1,019)
(1,019)
(1,019)
(1,019)
17,200
32,400
32,400
32,400
32,400
32,400
7,100
13,800
25,600
25,600
25,600
25,600
320
621
1,152
1,152
1,152
1,152
24,620
46,821
59,152
59,152
59,152
59,152
(24,360)
(24,360)
(24,360)
(24,360)
(24,360)
(24,360)
(10,440)
(10,440)
(10,440)
(10,440)
(10,440)
(10,440)
(14,250)
(14,250)
(14,250)
(14,250)
(14,250)
(14,250)
(4,650)
(8,700)
(8,700)
(8,700)
(8,700)
(8,700)
(1,019)
(1,019)
(8,300)
(1,019)
(1,019)
(1,019)
(53,700)
(57,750)
(57,750)
(57,750)
(57,750)
(57,750)
(29,081)
(10,929)
1,402
1,402
1,402
1,402
29,081
10,929
(29,081)
(10,929)
0
(29,081)
0
(10,929)
1,402
1,402
1,402
1,402
1,402
1,402
1,402
1,402

Estructura de Deuda
Part. Rel.
Ki
1. Proveedores
30.00%
12.55%
2. Deuda
70.00%
9.00%
TOTAL
100.0%
Ki (1-T)
Ki (1-T)
8.79%
6.30%
7.05%

FUENTES
Part. Rel.
K(1-T)Anual
Deuda
50.0%
7.05%
Capital
50.0%
13.60%
TOTAL
100.0%
KO (CPPC)
10.32%
Anual
10.32%
KO (CPPC)
Trim
2.49%
Tangible 2
6,650
3
Tangible 3
8,200
4
Hor. Eval.

Perodo Inv. Inicial
16
Tangible 1
11,824
0
17,516
Tangible 2
19,402
1
28,044
Total

TRIBUTARIA
Deprec. Tributaria
Tasa Imp.
30%
Anual
Trimestral
Esc Tribut

2.47%
KOA
Tangible 1
Tangible 2
20.0%
20.0%
375
333
113
100
Tangible 1
Tangible 2
1,758
1,559
1,758
1,521
Escudo x Dep. Trib.

2.49%
KO (CPPC)
Benef Trib Per. 0

Benef Trib Per. HE
4
(29,081)
5
(10,929)
(29,081)
(10,929)
4
(29,081)
5
(10,929)
(29,081)
(10,929)
VAN Ben
D/C
Tangible 1
Tangible 2
1,756
1,557
1,756
1,519
Escudo x Dep. Trib.
(229)
(339)
KO (CPPC)
2.49%
1,402
1,402
1,402
1,402
1,402
1,402
1,402
1,402
1,402
1,402
1,402
1,402
1,402
1,402
1,402
1,402
162,237
1.00
VAN Cost
(116,833)
10
400
450
600
1,450
11
400
450
600
1,450
12
400
450
600
1,450
13
646
652
694
1,992
14
646
652
694
1,992
15
646
652
694
1,992
16
646
652
694
1,992
10
11
12
13
14
15
16
11,606
2,226
11,606
2,226
10
11
12
13
14
15
16
16,000
18,000
24,000
58,000
16,000
18,000
24,000
58,000
16,000
18,000
24,000
58,000
25,840
26,080
27,760
79,680
25,840
26,080
27,760
79,680
25,840
26,080
27,760
79,680
25,840
26,080
27,760
79,680
32,400
32,400
32,400
45,032
45,032
45,032
45,032
25,600
25,600
25,600
34,648
34,648
34,648
34,648
1,152
1,152
1,152
1,559
1,559
1,559
1,559
59,152
59,152
59,152
81,239
81,239
81,239
81,239
(24,360)
(24,360)
(24,360)
(33,466)
(33,466)
(33,466)
(33,466)
(10,440)
(10,440)
(10,440)
(14,342)
(14,342)
(14,342)
(14,342)
(14,250)
(14,250)
(14,250)
(14,250)
(14,250)
(14,250)
(14,250)
(8,700)
(8,700)
(8,700)
(11,952)
(11,952)
(11,952)
(11,952)
(1,442)
(1,442)
(1,442)
(1,442)
(1,442)
(1,442)
(1,442)
(979)
(979)
(979)
(60,171)
(60,171)
(60,171)
(75,452)
(75,452)
(75,452)
(75,452)
(1,019)
(1,019)
(1,019)
5,787
5,787
5,787
5,787
(1,736)
(1,736)
(1,736)
(1,736)
(1,019)
(1,019)
(1,019)
4,051
4,051
4,051
4,051
12,400
12,706
13,012
11,275
9,539
7,803
6,067
5,787
5,787
5,787
5,787
5,787
5,787
5,787
5,787
(1,019)
(1,019)
0
(1,019)
10
(1,019)
0
(1,019)
11
0
(1,019)
12
13
14
15
16
32,400
32,400
32,400
45,032
45,032
45,032
45,032
25,600
25,600
25,600
25,600
34,648
34,648
34,648
1,152
1,152
1,152
1,152
1,559
1,559
1,559
59,152
59,152
59,152
71,784
81,239
81,239
81,239
(24,360)
(24,360)
(33,466)
(33,466)
(33,466)
(33,466)
(10,440)
(10,440)
(14,342)
(14,342)
(14,342)
(14,342)
(14,250)
(14,250)
(14,250)
(14,250)
(14,250)
(14,250)
(11,875)
(8,700)
(8,700)
(8,700)
(11,952)
(11,952)
(11,952)
(11,952)
(57,750)
(57,750)
(70,758)
(74,010)
(74,010)
(74,010)
(23,827)
1,402
1,402
(11,606)
(2,226)
7,229
7,229
57,412
11,606
2,226
10
11
12
1,402
1,402
1,402
1,402
13
(11,606)
0
(11,606)
14
(2,226)
0
(2,226)
15
16
7,229
7,229
7,229
7,229
7,229
7,229
Tangible 3
17,035
3
23,442
69,002
Tangible 3
20.0%
410
123
Tangible 3
1,922
1,787
5,066
Tangible 3
1,920
1,784
5,059
10
1,402
11
1,402
12
(11,606)
13
(2,226)
14
7,229
15
7,229
1,402
1,402
(11,606)
(2,226)
7,229
7,229
10
1,402
11
1,402
12
(11,606)
13
(2,226)
14
7,229
15
7,229
1,402
1,402
(11,606)
(2,226)
7,229
7,229
16
7,229
292,332
(69,316)
(338)
229,908
16
7,229
290,745
(69,002)
(339)
228,632
17
0
34,648
1,559
36,207
0
0
0
0
0
36,207
0
A/k
A/k
A/k n
Koa
A/K
Ko

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Resumen de escenario

34.00 por unidad

21.60 por unidad

25,000 capacidad endeudam

50% de la inversin inicial

II. ESTRUCTURA DE INVERSIONES

Aportes Cap. de Trab.

III. ESTADO DE GANANCIAS Y PERDIDAS

TOTAL COSTOS Y GASTOS

3. UTILIDAD OPER. / ECON.

1.2 Ingresos Contado

2.3 Gasto Administrac.

3.1 Imp. x Oper.

3.2 Utilidad Oper./Econ. Neta

3.3 Deducible por Oper.

IV. FLUJO DE CAJA

1.2 Ingresos Crdito

1.3 Ingresos Finan.

2.2 Costo Merc (cred)

2.3 Gasto Administrac.

2.5 Imp x Operaciones

3. FLUJO CAJA OPERATIVO

V. FLUJO DE FONDOS BASE

VI. COSTO DE CAPITAL Y TASAS DE DESCUENTO

1. COSTO DE CAPITAL ECONMICO (KOA)

VII. PERPETUIDADES Y BENEFICIOS TRIBUTARIOS

Valor Perp. Inv / KOA

(*) Actualizada al momento donde se realiza la primera inversin

VPo Escudos Tributarios

Benef Trib Per. 0

VPo Escudos Tributarios

3. FLUJO DE FONDOS AL KOA

FL. ECONMICO AL KO (CPPC)

VIII. EVALUACION ECONMICA Y FINANCIERA

XI. ANALISIS DE ESCENARIOS

40.0% Molly y Dany's

20% uniforme anual

2. COSTO PROMEDIO PONDERADO DE CAPITAL (KO)

Costo Prom. Pond. de Capital (KO)

Valor Perp. Inv / KO

(*) Actualizada al momento donde se realiza la primera inversin

VPo Escudos Tributarios

VPo Escudos Tributarios

Benef Trib Per. 0

40.00 por unidad

24.00 por unidad

25,000 capacidad endeudam

50% de la inversin inicial

II. ESTRUCTURA DE INVERSIONES

Aportes Cap. de Trab.

III. ESTADO DE GANANCIAS Y PERDIDAS

TOTAL COSTOS Y GASTOS

3. UTILIDAD OPER. / ECON.

1.2 Ingresos Contado

2.3 Gasto Administrac.

3.1 Imp. x Oper.

3.2 Utilidad Oper./Econ. Neta

3.3 Deducible por Oper.

IV. FLUJO DE CAJA

1.2 Ingresos Crdito

1.3 Ingresos Finan.

2.2 Costo Merc (cred)

2.3 Gasto Administrac.

2.5 Imp x Operaciones