HIPOTESIS

CONCEPTO
Impuestos Sobre la Renta
Cuota de crecimiento prevista
Categorias de Amortizacin:
CATEGORIA 1
CATEGORIA 2
CATEGORIA 3
Tasa de inflacin anual
NUEVA LINEA (MF JEANS)
DETALLES DE LA PRODUCCIN
Capacidad productiva en unidades
Demanda del mercado en unidades
Cuota de mecado prevista %
Cuota de mercado en unidades
Ventas en Unidades
Precio
Total de venta de nueva linea
DISTRIBUCIN DE LAS VENTAS ACTUALES
VENTAS
Casual de Hombre (Pantalones Largo)
Precio
Cuota de mercado en unidades (42.86%)
Jeans Largo de Mujer
Precio
Cuota de mercado en unidades (57.14%)

CALCULO

110,000.00
105,139.00

350.00

400.00
42.86%
450.00
57.14%

TERRENO
Terreno
Total de Terreno

TOTAL
200,000.00
200,000.00

EDIFIO
Edificio
Total de Edificio

TOTAL
3,000,000.00
3,000,000.00

MAQUINARIAS Y EQUIPOS
Mesa de corte.

Mquina de corte
Mquina etiquetadota
Mquina de cocer de tres hilos
Mquina de puntadas de cerrado simple

Costo Unitario
35,000.00
8,000.00
12,000.00
15,000.00
7,000.00

Mquina de costura de triple puntada

Maquina de doble puntada de cerrado
Mquina de pretina pantaln.
Mquina de coser ojales.
Mquina de coser entrepiernas.
Mquina abotonadora de metal.
Extractor industrial
Compresor de aire.
TOTAL DE MAQUINARIAS Y EQUIPOS

EQUIPO DE OFICINA
Escritorio
Silln
Sillas plsticas
Computadorqa Dell
Neverita
Impresora HP
Mesa Plstica
TOTAL EQUIPO DE OFICINA

EQUIPO DE TRANSPORTE
Camin Hyunday

TOTAL EQUIPO DE TRANSPORTE

44,000.00
26,400.00
18,000.00
35,000.00
18,000.00
18,000.00
7,000.00
35,000.00
278,400.00
Costo Unitario
12,000.00
4,000.00
2,400.00
12,000.00
4,500.00
10,000.00
600.00
45,500.00
Costo Unitario
450,000.00
450,000.00

Estudio Econmico Financierio

Estudio de mercado
Total Eco-Fin.

TOTAL
30,000.00
30,000.00

ACTIVOS CORRIENTES CORRIENTES

Efectivo en Caja y Banco
Inventario de Materia Prima
Inventario de Producto Terminado
Cuenta por Cobrar Clientes
TOTAL DE ACTIVOS OPERATIVOS

TOTAL
150,000.00
800,000.00
1,650,000.00
2,500,000.00
5,100,000.00

PASIVOS CORRIENTES CORRIENTES

Proveedores
TOTAL DE PASIVOS OPERATIVOS

TOTAL
950,000.00
950,000.00

OPERATIVA
Almacn MP
Almacn PT
Crdito de clientes

1.00
25.00
30.00

Efectivo en Caja y Banco

Proveedores

15.00%
45.00

COSTES DIRECTOS
CONSUMO MATERIA PRIMA
Nueva Linea (MF Jeans)
Casual de Hombre (Pantalones Largo)
Jeans Largo de Mujer
Costo Unitario de Materia Prima
Costo unitario Materia Prima (Linea Nueva)
Casual de Hombre (Pantalones Largo)
Jeans Largo de Mujer

2015
17,988,391.20
2,186,891.20
5,791,500.00
10,010,000.00

MANO DE OBRA DIRECTA

Nueva Linea (MF Jeans)
Casual de Hombre (Pantalones Largo)
Jeans Largo de Mujer
Costo Unitario de Mano de Obra Directa
Coste unitario MOD (Nueva Linea)
Coste unitario MOD (Dos Lineas)

2,540,844.59
215,950.59
996,383.14
1,328,510.86

208.00
135.00
175.00

20.54
23.23

COSTES INDIRECTOS
MANO DE OBRA INDIRECTA
Nueva Linea (MF Jeans)
Casual de Hombre (Pantalones Largo)
Jeans Largo de Mujer
Costo Unitario de Mano de Obra Indirecta
Coste unitario MOD (Nueva Linea)
Coste unitario MOD (Dos Lineas)

2015
415,026.87
19,631.87
169,455.00
225,940.00

COSTO DE LAVANDERIA
Nueva Linea (MF Jeans)
Costo Unitario de Mano de Obra Indirecta
Coste unitario de Lavanderia

231,305.80
231,305.80

1.87
3.95

22.00

COSTO UNITARIO DE MATERIA PRIMA

Descripcin
Tela de Jeans (1.3 Yarde)
Hilo de textura por fuera (600/1 Unidad)
Hilo de textura por cono (600/1 Unidad)
Ziper (1000/1 Unidad)
Sellos por Say (12/1 Unidad)
Forros (12/1 Unidad)

Unidad
1
1
1
1
1
1

Botones (600/1 Unidad)

Hilo grueso (600/1 Yarda)
Remache (24/1 Unidad)

1
1
1

COSTO DE MANO DE OBRA DIRECTA (NUEVA LINEA)

DESCRIPCIN EMPLEADOS
Preparar de parte trasera
Marcar bolcillo tracero
Montar bolcillo tracero
Hacer esticher
Estichar fulda delantera
Rebocar Bolcillo
Fijar Bolcillo
Ensamblar parte delantera y trasera
Tichar lateral
Fijar tirilla
Montar pretina
Hacer funda
Taqueo de tirilla
Taqueo tracero y delantero
Yoqui y fundilla
Hacer ruedo
Hacer ojal

CANTIDAD DE
EMPLEADO

1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1

COSTO DE MANO DE OBRA INDIRECTA (Nueva Linea)

DESCRIPCIN EMPLEADOS
Inspeccin
Empacado

Gasto de Distribucin y Venta

Combustible
Salario Vendedor

CANTIDAD DE
EMPLEADO

1
1

2015
182,000.00
156,000.00

Gasto de Distribucin y Venta

338,000.00

Gastos Generales y Administrativos:

Sueldo de Administracin
Combustible y Lubricantes
Energia Eletrica
Promociones y Publicidad
Telefono y Comunicacione
Materiales Gastable de Oficina
Agua y Basura
Rep. Y Mant. De Maquinarias
Rep. Y Mant. De equipo de Transporte
Rep. Y Mant. De Edificio
TOTAL

2015
3,817,440.00
415,996.80
1,800,000.00
1,800,000.00
180,000.00
1,671,309.00
150,360.00
830,000.00
646,221.00
747,863.00
12,059,189.80

HORIZONTE TEMPORAL

2015
21,629,272.01
17,988,391.20
4,440,880.81
800,000.00

COMPRAS = f(coste mp, exis f, exis i)

Consumo o Coste MP
Existencia final MP
Existencia inicial MP

COSTOS DIRECTOS
Coste unitario MP
Coste unitario MOD

518.00
43.77

Calculo de la tasa de despuesto

Proyeccin de l
2013
3.88%

Coste de Capital Tasa de Descuen

TMAR
TMAR
TMAR

2015
29%
10.00%

2016
29%
10.00%

HORIZONTE TEMPORAL
2017
29%
10.00%

2018
29%
10.00%

5%
25%
15%
3.88%

5%
25%
15%
3.88%

5%
25%
15%
3.88%

5%
25%
15%
3.88%

2015
110,000.00
105,139.00
10.00%
10,513.90
10,513.90
350.00
3,679,865.00

2016
110,000.00
105,139.00
10.00%
10,513.90
10,513.90
350.00
3,679,865.00

2017
110,000.00
105,139.00
10.00%
10,513.90
10,513.90
350.00
3,679,865.00

2018
110,000.00
105,139.00
10.00%
10,513.90
10,513.90
350.00
3,679,865.00

2015
42,900,000.00
17,160,000.00
400.00
42,900.00
25,740,000.00
450.00
57,200.00

2016
49,020,972.00
19,608,388.80
415.52
47,190.00
29,412,583.20
467.46
62,920.00

2017
56,015,284.28
22,406,113.71
431.64
51,909.00
33,609,170.57
485.60
69,212.00

2018
64,007,545.05
25,603,018.02
448.39
57,099.90
38,404,527.03
504.44
76,133.20

Cantidad
1.00
1.00
1.00
2.00
8.00

TOTAL
35,000.00
8,000.00
12,000.00
30,000.00
56,000.00

1.00
1.00
1.00
1.00
3.00
1.00
2.00
1.00

Cantidad

44,000.00
26,400.00
18,000.00
35,000.00
54,000.00
18,000.00
14,000.00
35,000.00
385,400.00
TOTAL

2.00
2.00
6.00
2.00
1.00
1.00
2.00

Cantidad

24,000.00
8,000.00
14,400.00
24,000.00
4,500.00
10,000.00
1,200.00
86,100.00
TOTAL

1.00

450,000.00
450,000.00

MES
DAS
DAS

PROCESO OPERATIVO
VENTAS
VENTAS

VENTAS
DAS

COMPRAS

2016
20,327,800.60
2,271,742.58
6,617,831.22
11,438,226.80

2017
22,992,182.57
2,359,886.19
7,562,063.38
13,070,233.00

2018
26,027,562.20
2,451,449.77
8,641,018.58
14,935,093.84

2019
29,486,518.17
2,546,566.03
9,873,919.11
17,066,033.03

216.07
140.24
181.79

224.45
145.68
188.84

233.16
151.33
196.17

242.21
157.20
203.78

2,880,939.35
224,329.47
1,138,547.09
1,518,062.79

3,268,688.43
233,033.46
1,300,994.99
1,734,659.98

3,710,857.38
242,075.16
1,486,620.95
1,982,161.27

4,215,175.74
251,467.67
1,698,732.03
2,264,976.04

21.34
24.13

22.16
25.06

23.02
26.04

23.92
27.05

2016
454,566.37
19,631.87
186,400.50
248,534.00

2017
498,059.82
19,631.87
205,040.55
273,387.40

2018
545,902.62
19,631.87
225,544.61
300,726.14

2019
598,529.69
19,631.87
248,099.07
330,798.75

1.87
3.95

1.87
3.95

1.87
3.95

1.87
3.95

231,305.80
231,305.80

231,305.80
231,305.80

231,305.80
231,305.80

231,305.80
231,305.80

22.00

22.00

22.00

22.00

Medidad
1.3
600
600
1,000
12
12

Material a Utilizas Precio Total

1.30
30.00
30.00
1.00
1.00
2.00

Precio Unitario
130
130
130
9,000
60
60

130.00
6.50
6.50
9.00
5.00
10.00

600
600
24.00

1.00
30.00
4.00

SALARIO
2,500.00
2,200.00
2,200.00
2,500.00
2,500.00
2,000.00
2,000.00
2,500.00
2,500.00
1,800.00
2,500.00
1,800.00
2,100.00
2,300.00
2,000.00
2,000.00
2,000.00

SALARIO TOTAL
2,500.00
2,200.00
2,200.00
2,500.00
2,500.00
2,000.00
2,000.00
2,500.00
2,500.00
1,800.00
2,500.00
1,800.00
2,100.00
2,300.00
2,000.00
2,000.00
2,000.00
-

SALARIO
1,900.00
1,500.00

SALARIO TOTAL
1,900.00
1,500.00
-

4,200
360
96
Costo de MP Unitaria:

7.00
18.00
16.00
208.00

7.09%

7.10%

Empresa
7.09%

Empresa
7.09%

SFS Empresa
7.10%
177.25
155.98
155.98
177.25
177.25
141.80
141.80
177.25
177.25
127.62
177.25
127.62
148.89
163.07
141.80
141.80
141.80
-

AFP
177.50
156.20
156.20
177.50
177.50
142.00
142.00
177.50
177.50
127.80
177.50
127.80
149.10
163.30
142.00
142.00
142.00
-

SFS Empresa
AFP
7.10%
134.71
134.90
106.35
106.50
-

2016
20,909,334.09
20,327,800.60
5,022,414.31
4,440,880.81

2017
23,655,954.73
22,992,182.57
5,686,186.47
5,022,414.31

2018
26,785,278.35
26,027,562.20
6,443,902.62
5,686,186.47

2019
30,351,552.62
29,486,518.17
7,308,937.07
6,443,902.62

92.21%
561.77

de la tasa de despuesto
Proyeccin de la tasa de inflacin anual Rep. Dom.
2012
2011
2010
2009
3.91%
7.76%
6.24%
5.76%

ste de Capital Tasa de Descuento

Tasa de inflacin Premio al Riesgo
5.51%
4.50%
10.01%

2019
29%
10.00%
5%
25%
15%
3.88%

2019
110,000.00
105,139.00
10.00%
10,513.90
10,513.90
350.00
3,679,865.00

2020
110,000.00
105,139.00
10.00%
10,513.90
10,513.90
350.00
3,679,865.00

2021
110,000.00
105,139.00
10.00%
10,513.90
10,513.90
350.00
3,679,865.00

2022
110,000.00
105,139.00
10.00%
10,513.90
10,513.90
350.00
3,679,865.00

2019
73,140,141.57
29,256,056.63
465.79
62,809.89
43,884,084.94
524.01
83,746.52

2020
79,017,098.23
33,430,310.79
483.86
69,090.88
45,586,787.44
544.34
83,746.52

2021
85,555,702.33
38,200,147.53
502.63
75,999.97
47,355,554.79
565.46
83,746.52

2022
92,843,494.90
43,650,544.58
522.14
83,599.96
49,192,950.32
587.40
83,746.52

2020
31,656,297.79
2,645,372.79
11,282,729.89
17,728,195.12

2021
34,056,612.13
2,748,013.25
12,892,549.79
18,416,049.09

2022
36,717,286.75
2,854,636.17
14,732,058.80
19,130,591.79

2023
39,672,283.75
2,965,396.05
16,834,028.95
19,872,858.75

251.61
163.30
211.69

261.37
169.64
219.90

271.51
176.22
228.43

282.05
183.06
237.30

4,555,188.85
261,224.62
1,941,107.12
2,352,857.11

4,933,572.38
271,360.13
2,218,064.28
2,444,147.97

5,355,407.51
281,888.90
2,534,537.69
2,538,980.91

5,826,485.09
292,826.19
2,896,165.53
2,637,493.37

24.85
28.09

25.81
29.19

26.81
30.32

27.85
31.49

2020
623,339.60
19,631.87
272,908.97
330,798.75

2021
650,630.50
19,631.87
300,199.87
330,798.75

2022
680,650.48
19,631.87
330,219.86
330,798.75

2023
713,672.47
19,631.87
363,241.84
330,798.75

1.87
3.95

1.87
3.95

1.87
3.95

1.87
3.95

231,305.80
231,305.80

231,305.80
231,305.80

231,305.80
231,305.80

231,305.80
231,305.80

22.00

22.00

22.00

22.00

1.10%
Empresa
1.10%

ARL

1%
Empresa
Infotep 1%

27.50
24.20
24.20
27.50
27.50
22.00
22.00
27.50
27.50
19.80
27.50
19.80
23.10
25.30
22.00
22.00
22.00
-

25.0
22.0
22.0
25.0
25.0
20.0
20.0
25.0
25.0
18.0
25.0
18.0
21.0
23.0
20.0
20.0
20.0
Costo de MOD Semanal:
Costo de MOD Diaria:
Produccin Diaria:
Total de MOD por Unidad

Empresa
1.10%

ARL
20.90
16.50
-

Empresa
Infotep 1%

19.0
15.0
Costo de MOD Semanal:
Costo de MOD Diaria:
Produccin Diaria:
Total de MOD por Unidad

COSTO TOTAL
2,907.25
2,558.38
2,558.38
2,907.25
2,907.25
2,325.80
2,325.80
2,907.25
2,907.25
2,093.22
2,907.25
2,093.22
2,442.09
2,674.67
2,325.80
2,325.80
2,325.80
43,492.46
7,907.72
385
20.54

COSTO TOTAL
2,209.51
1,744.35
3,953.86
718.88
385
1.87

2020
32,208,284.18
31,656,297.79
7,860,923.45
7,308,937.07

Promedio
5.51%

2021
34,669,597.46
34,056,612.13
8,473,908.78
7,860,923.45

2022
37,399,285.33
36,717,286.75
9,155,907.36
8,473,908.78

2023
40,432,426.62
39,672,283.75
9,916,050.23
9,155,907.36

2023
110,000.00
105,139.00
10.00%
10,513.90
10,513.90
350.00
3,679,865.00

2024
110,000.00
105,139.00
10.00%
10,513.90
10,513.90
350.00
3,679,865.00

2023
100,980,241.08
49,878,604.28
542.39
91,959.96
51,101,636.79
610.19
83,746.52

2024
110,079,663.84
56,995,283.54
563.44
101,155.96
53,084,380.30
633.87
83,746.52

2024
42,960,287.28
3,080,453.42
19,235,908.20
20,643,925.67
292.99
190.16
246.50
6,353,406.39
304,187.85
3,309,390.43
2,739,828.11
28.93
32.72
2024
749,996.65
19,631.87
399,566.03
330,798.75
1.87
3.95
231,305.80
231,305.80
22.00

2024
43,808,980.54
42,960,287.28
10,764,743.49
9,916,050.23

INVERSIN

FLUJO
DEde
CAJA
Fecha
Funcionamiento

ESTRUCTURALES:
1 de Enero de 2015
Terrenos
200,000
Edifico
3,000,000
Mobiliario y Equipo de Oficina
86,100
Maquinarias y Equipos
385,400
Elementos de Transporte
450,000
Estudio de Mercado
30,000
Total Fondos Adsorbidos Estructurales
4,151,500
OPERATIVOS:
Activos Operativo Inicial
5,100,000
Proveedores
950,000
Activo Operativo Inicial Neto
4,150,000
Total Fondos Adsorbidos Operativos
4,150,000
Cash Flow de Operaciones de la Inversin:8,301,500
NECESIDADES OPERATIVOS DE FONDOS (NOF)

+ Inventario de Matera Prima

+ Inventario de Producto Terminado
+ Cuentas por Cobrar
+ Efectivo en Caja y Banco
Activos Operativos Brutos:
- Cuenta por Pagar
Total de Inversiones Operativas Netas
Cash Flow Variacin NOF (1)
CASH FLOW GENERADO
VENTAS NETAS:
Ventas de dos Lineas
Venta Nueva Linea
COSTOS DIRECTOS:
Costo de Materia Prima
Costo de Mano de Obra Directa
COSTOS INDIRECTOS:
Costo de Mano de Obra Indirecta
MARGEN BRUTO DE UTILIDAD:
Gastos de Districucin y Venta:
Gastos Generales y Administrativos:
Sueldo de Administracin
Combustible y Lubricantes
Energia Eletrica
Promociones y Publicidad

BASE DE CALCULO
1 Mes
25 das de Ventas
30 das de Ventas
15% de la Ventas
45 das Compra

2015
-

2015
1,499,033
3,190,402
3,828,482
6,986,980
15,504,896
2,666,623
12,838,274
- 8,688,274

790,358,793
753,560,143
36,798,650
345,525,788
301,885,222
43,640,566
5,930,375

2015
46,579,865
42,900,000
3,679,865
20,529,236
17,988,391
2,540,845
415,027

5,930,375
438,902,630
4,035,554
4,035,554
130,579,899
45,578,360
4,966,798
18,000,002
21,491,116

415,027
25,635,602
338,000
338,000
11,229,190
3,817,440
415,997
1,800,000
1,800,000

RESUMEN DEL PyG

Telefono y Comunicacione
Materiales Gastable de Oficina
Agua y Basura
Rep. Y Mant. De equipo de Transporte
Rep. Y Mant. De Edificio
Amortizacin:
Edifico
Mobiliario y Equipo de Oficina
Maquinarias y Equipos
Elementos de Transporte
Estudio de Mercado
Ganancia (Prdida) antes del Impuesto
Impuestos Sobre la Renta
Ganancia (Prdida) Neta del Perodo
Cash Flow Operativo (2)

2,149,112
19,954,609
1,795,225
7,715,562
8,929,117
1,818,261

180,000
1,671,309
150,360
646,221
747,863
300,168

1,203,789
58,857
240,047
285,568
30,000

150,000
21,525
57,810
67,500
3,333

302,468,915
87,715,985
214,752,930
216,571,191

13,768,244
3,992,791
9,775,453
10,075,622

VALORES RESIDUALES
BASE DE CALCULO
Ventas de los Valores Residuales:
Edificio
Valor Residual del Proyecto de Inversin (3)
VIABILIDAD ECONMICA
Cash Flow Operativo (1+2+3)
Cash Flow Operativo Descontado
C.F. Operativo Descontado Acumulado

FLUJO DE CAJA

8,301,500
8,301,500
8,301,500 -

2015

2015
1,387,348
1,261,111
7,040,389

VALORACIN DE LA INVERSIN ECONM

Rendimiento de la Inversin (TIR)

89.97%

Rentabilidad
del Accionista Reinversin
Real (TIRM)
Realista

39.00%

5.00%

ESCENARIOS
VARIABLES
Cuota de crecimiento prevista
Precio de Nueva Linea (MF Jeans)
Almacen de Materia Prima
Almacen de Producto Terminado
Efectivo en Caja y Banco
Proveedores
Costo Unitario de la Materia Prima

PESIMISTA
VARIACIN
5.00%
-5.00%
250.00 100.00
0.5
-0.5
45
20
30%
15%
15
-30
239.20
31.20

PESIMISTA
69,327,562
89,298,712
92,337,193
89,235,313
81,477,381
90,995,727
91,954,686

VAN
ESPERADO
93,596,887
93,596,887
93,596,887
93,596,887
93,596,887
93,596,887
93,596,887

HORIZONTE TEMPOTAL
2016

2017

2018

2019

2020

2016
2017
2018
2019
2020
1,693,983
1,916,015
2,168,964
2,457,210
2,638,025
3,609,646
4,088,709
4,636,124
5,261,644
5,664,176
4,331,576
4,906,451
5,563,349
6,313,973
6,797,011
7,905,126
8,954,272
10,153,112
11,523,001
12,404,544
17,540,331 19,865,447 22,521,548 25,555,828 27,503,756
2,577,863
2,916,488
3,302,295
3,741,972
3,970,884
14,962,468 16,948,960 19,219,253 21,813,856 23,532,871
- 2,124,194 - 1,986,492 - 2,270,294 - 2,594,603 - 1,719,015
2016
52,700,837
49,020,972
3,679,865
23,208,740
20,327,801
2,880,939
454,566

2017
59,695,149
56,015,284
3,679,865
26,260,871
22,992,183
3,268,688
498,060

2018
67,687,410
64,007,545
3,679,865
29,738,420
26,027,562
3,710,857
545,903

2019
76,820,007
73,140,142
3,679,865
33,701,694
29,486,518
4,215,176
598,530

2020
82,696,963
79,017,098
3,679,865
36,211,487
31,656,298
4,555,189
623,340

454,566
29,037,531
351,114
351,114
11,595,042
3,965,557
432,137
1,800,000
1,869,840

498,060
32,936,218
364,738
364,738
11,975,090
4,119,420
448,904
1,800,000
1,942,390

545,903
37,403,088
378,889
378,889
12,369,884
4,279,254
466,322
1,800,000
2,017,755

598,530
42,519,783
393,590
393,590
12,779,995
4,445,289
484,415
1,800,000
2,096,043

623,340
45,862,137
408,862
408,862
13,206,019
4,617,766
503,211
1,800,000
2,177,370

186,984
1,736,156
156,194
671,294
776,880
268,491

194,239
1,803,519
162,254
697,341
807,023
241,353

201,775
1,873,495
168,550
724,397
838,336
217,976

209,604
1,946,187
175,089
752,504
870,863
190,922

217,737
2,021,699
181,883
781,701
904,652
180,286

142,500
16,144
49,139
57,375
3,333

135,375
12,108
41,768
48,769
3,333

128,606
9,081
35,503
41,453
3,333

122,176

116,067

30,177
35,235
3,333

25,651
35,235
3,333

16,822,883
4,878,636
11,944,247
12,212,738

20,355,038
5,902,961
14,452,077
14,693,430

24,436,338
7,086,538
17,349,800
17,567,777

29,155,276
8,455,030
20,700,246
20,891,168

32,066,970
9,299,421
22,767,549
22,947,835

2016

2017

2018

2019

2020

2016
10,088,543
8,336,123
1,295,734

2017
12,706,938
9,544,307
10,840,042

2018
15,297,483
10,444,588
21,284,630

VERSIN ECONMICA

2019
18,296,565
11,355,565
32,640,195

Tasa Mnima
Tasa de
(Pay-Back)
Aceptable de
Crecimiento
Rendimiento Valor Actual Descontado del Flujos de
Aos
(TMAR)
Neto (VAN)
Caja
$93,596,887
10%
Err:501
14%

ESCENARIOS
ESPERADO
VARIACIN
OPTIMISTA
10.00%
10.00%
20.00%
350
100.00
450.00
1
-0.5
0.5
25
-10
15
15%
-10.00%
5.00%
45
15
60
208 20.80
187.20

2020
21,228,820
11,976,581
44,616,776

AN
OPTIMISTA
156,711,710

97,895,062
94,856,580
95,777,674
101,676,558
94,897,467
94,691,664

TIR
PESIMISTA
ESPERADO
OPTIMISTA
35.10%
39.00%
46.14%
38.43%
39.00%
39.54%
38.85%
39.00%
39.15%
37.24%
39.00%
39.25%
31.39%
39.00%
39.93%
38.12%
39.00%
39.15%
38.78%
39.00%
39.14%

MPOTAL
2021

2022

2023

2024

2021
2022
2023
2024
2,838,051
3,059,774
3,306,024
3,580,024
6,112,025
6,611,189
7,168,500
7,791,749
7,334,430
7,933,427
8,602,200
9,350,098
13,385,335
14,478,504
15,699,016
17,063,929
29,669,841 32,082,894 34,775,740 37,785,800
4,274,334
4,610,871
4,984,820
5,401,107
25,395,508 27,472,023 29,790,921 32,384,693
- 1,862,636 - 2,076,515 - 2,318,898 - 2,593,772
2021
89,235,567
85,555,702
3,679,865
38,990,185
34,056,612
4,933,572
650,630

2022
96,523,360
92,843,495
3,679,865
42,072,694
36,717,287
5,355,408
680,650

2023
###
100,980,241
3,679,865
45,498,769
39,672,284
5,826,485
713,672

2024
###
110,079,664
3,679,865
49,313,694
42,960,287
6,353,406
749,997

650,630
49,594,752
424,726
424,726
13,648,573
4,796,935
522,735
1,800,000
2,261,852

680,650
53,770,015
441,205
441,205
14,108,297
4,983,056
543,017
1,800,000
2,349,612

713,672
58,447,665
458,324
458,324
14,585,859
5,176,399
564,086
1,800,000
2,440,777

749,997
63,695,839
476,107
476,107
15,081,951
5,377,243
585,973
1,800,000
2,535,479

226,185
2,100,141
188,940
812,031
939,753
113,597

234,961
2,181,626
196,271
843,538
976,215
108,084

244,078
2,266,273
203,886
876,267
1,014,093
102,846

253,548
2,354,205
211,797
910,266
1,053,439
94,537

110,264

104,751

99,513

94,537

3,333

3,333

3,333

35,407,857
10,268,279
25,139,579
25,253,176

39,112,429
11,342,604
27,769,825
27,877,909

43,300,636
12,557,184
30,743,451
30,846,298

48,043,244
13,932,541
34,110,703
34,205,241

2021

2022

2023

2024

2021
23,390,539
11,995,410
56,612,185

2022
25,801,393
12,027,790
68,639,976

2023
28,527,400
12,088,508
80,728,484

1,796,211
1,796,211
2024
33,407,679
12,868,403
93,596,887

CASH FLOW OPERATIVO

35,000,000.00
30,000,000.00
25,000,000.00

Cash Flow Operativo

20,000,000.00
15,000,000.00
10,000,000.00
5,000,000.00
0.00
-5,000,000.00
-10,000,000.00