EXAMEN FINAL DE PROYECTOS 2014 - I

La empresa de bebidas "Delicious Beverages SAC" est evaluando adquirir maquinaria y equipo c
el objeto demodernizar su planta de embotellamiento. La inversin a realizar asciende a US$ 1 67
la misma que se piensa financiar con u prstamo bancario. El banco acepta financiar la operacin
mediante un prstamo por el 70% del monto requerido. El Plazo del prstamo es de 5 aos con p
trimestrales. La tasa de inters es de 12% anual y contempla un periodo de gracia de 2 trimestre
modalidad de pago es calculada bajo el mtodo de cuotas iguales.

La capacidad actual es de 1 200 000 unidades por ao y la maquinaria por adquirir incrementar
produccin en 15%. Sin embargo se prev alcanzar gradualmente la capacidad total en 3 aos (a
de 5% por ao). La maquinaria y equipo se deprecian con el mtodo de depreciacin lineal a una
de 10 % por ao. El precio de venta estimado unitario es de US$ 0.90. Los costos fijos ascienden
US$ 153 225 y los costos variables se sitan en US$ 0.405 por unidad. El valor residual a conside
10%. La tasa de descuento es de 14%.

Con estos datos se pide evaluar el proyecto de inversin mediante los siguientes indicadores:

a) Valor Actual Neto.

b) La Tasa Interna de Retorno

A la luz de los resultados que recomendara a los inversionistas.

014 - I Inversin $1,670,000.00000
Prstamo Banco $1,169,000.00000
uirir maquinaria y equipo con Inters Anual 12%
ealizar asciende a US$ 1 670 000, Inters Trimestral 2.87373%
epta financiar la operacin Plazo (Semestres) 18
stamo es de 5 aos con pagos Valor Cuota $84,091.71565
do de gracia de 2 trimestres. La

Capacidad Actual 1200000

por adquirir incrementar la Capacidad Maq. 1er ao 1260000
apacidad total en 3 aos (a razn Capacidad Maq. 2do ao 1320000
e depreciacin lineal a una tasa Capacidad Maq. 3er ao 1380000
Los costos fijos ascienden a Precio Venta $0.90000
El valor residual a considerar es de Costos Fijos $153,225.00000
Costos Variables (c/u) $0.40500

siguientes indicadores: Tasa dscto. 14%

 Periodo Deuda Amortizacin
0 $1,169,000.00000 $0.00000
1 $1,169,000.00000 $0.00000
2 $1,169,000.00000 $0.00000
3 $1,169,000.00000 $50,497.75967
4 $1,118,502.24033 $51,948.93119
5 $1,066,553.30914 $53,441.80554
6 $1,013,111.50360 $54,977.58113
7 $958,133.92248 $56,557.49083
8 $901,576.43165 $58,182.80294
9 $843,393.62871 $59,854.82220
10 $783,538.80651 $61,574.89086
11 $721,963.91565 $63,344.38973
12 $658,619.52592 $65,164.73929
13 $593,454.78663 $67,037.40087
14 $526,417.38577 $68,963.87776
15 $457,453.50800 $70,945.71649
16 $386,507.79151 $72,984.50800
17 $313,523.28350 $75,081.88897
18 $238,441.39453 $77,239.54310
19 $161,201.85144 $79,459.20247
20 $81,742.64897 $81,742.64897
Total $1,169,000.00000
Inters Cuota Saldo
$0.00 $0.00000 $1,169,000.00000
$33,593.96 $84,091.71565 $1,169,000.00000
$33,593.96 $84,091.71565 $1,169,000.00000
$33,593.96 $84,091.71565 $1,118,502.24033
$32,142.78 $84,091.71565 $1,066,553.30914
$30,649.91 $84,091.71565 $1,013,111.50360
$29,114.13 $84,091.71565 $958,133.92248
$27,534.22 $84,091.71565 $901,576.43165
$25,908.91 $84,091.71565 $843,393.62871
$24,236.89 $84,091.71565 $783,538.80651
$22,516.82 $84,091.71565 $721,963.91565
$20,747.33 $84,091.71565 $658,619.52592
$18,926.98 $84,091.71565 $593,454.78663
$17,054.31 $84,091.71565 $526,417.38577
$15,127.84 $84,091.71565 $457,453.50800
$13,146.00 $84,091.71565 $386,507.79151
$11,107.21 $84,091.71565 $313,523.28350
$9,009.83 $84,091.71565 $238,441.39453
$6,852.17 $84,091.71565 $161,201.85144
$4,632.51 $84,091.71565 $81,742.64897
$2,349.07 $84,091.71565 $0.00000
$411,838.79360
 CONCEPTO PERIODO 0

INGRESOS
VENTAS
VALOR RESIDUAL
TOTAL INGRESOS
EGRESOS
CF
CV
DEPRECIACIN
INTERS o GF
TOTAL EGRESOS
UTILIDAD DE LA OPERACIN
PARTICIPACIN DE LOS TRABAJADORES (10%)
TOTAL UTILIDAD IMPONIBLE
IMPUESTO A LA RENTA (30%)
SUBTOTAL DEL FLUJO DE CAJA
DEPRECIACIN (+)
AMORTIZACIN (-)
FLUJO DE CAJA NETO -$1,670,000.00000

VALOR ACTUAL NETO: 6312761.47

TASA INTERNA DE RETORNO No se como se calcula :(

 1 2 3

$1,134,000.00000 $1,188,000.00000 $1,242,000.00000

$0.00000 $0.00000 $0.00000
$1,134,000.00000 $1,188,000.00000 $1,242,000.00000

$153,225.00000 $153,225.00000 $153,225.00000

$510,300.00000 $534,600.00000 $558,900.00000
$167,000.00000 $167,000.00000 $167,000.00000
$132,924.65239 $113,207.18216 $86,428.02051
$963,449.65239 $968,032.18216 $965,553.02051
$170,550.34761 $219,967.81784 $276,446.97949
$17,055.03 $21,996.78 $27,644.70
$153,495.31285 $197,971.03606 $248,802.28154
$46,048.59 $59,391.31 $74,640.68
$107,446.71899 $138,579.72524 $174,161.59708
$167,000.00000 $167,000.00000 $167,000.00000
$102,446.69086 $223,159.68043 $249,938.84208
$172,000.02813 $82,420.04481 $91,222.75500
200000.032711051 111438.676056798 143419.376596741

-577,761.99

6.57% < 14%

 4 5 6

$1,242,000.00000 $1,242,000.00000 $1,242,000.00000

$0.00000 $0.00000 $0.00000
$1,242,000.00000 $1,242,000.00000 $1,242,000.00000

$153,225.00000 $153,225.00000 $153,225.00000

$558,900.00000 $558,900.00000 $558,900.00000
$167,000.00000 $167,000.00000 $167,000.00000
$56,435.35946 $22,843.57908 $0.00000
$935,560.35946 $901,968.57908 $879,125.00000
$306,439.64054 $340,031.42092 $362,875.00000
$30,643.96 $34,003.14 $36,287.50
$275,795.67649 $306,028.27882 $326,587.50000
$82,738.70 $91,808.48 $97,976.25
$193,056.97354 $214,219.79518 $228,611.25000
$167,000.00000 $167,000.00000 $167,000.00000
$279,931.50313 $313,523.28350 $0.00000
$80,125.47041 $67,696.51167 $395,611.25000
146479.479231732 143904.387164606 977862.801635458

entonces proyeto no rentable

 7 8 9

$1,242,000.00000 $1,242,000.00000 $1,242,000.00000

$0.00000 $0.00000 $0.00000
$1,242,000.00000 $1,242,000.00000 $1,242,000.00000

$153,225.00000 $153,225.00000 $153,225.00000

$558,900.00000 $558,900.00000 $558,900.00000
$167,000.00000 $167,000.00000 $167,000.00000
$0.00000 $0.00000 $0.00000
$879,125.00000 $879,125.00000 $879,125.00000
$362,875.00000 $362,875.00000 $362,875.00000
$36,287.50 $36,287.50 $36,287.50
$326,587.50000 $326,587.50000 $326,587.50000
$97,976.25 $97,976.25 $97,976.25
$228,611.25000 $228,611.25000 $228,611.25000
$167,000.00000 $167,000.00000 $167,000.00000
$0.00000 $0.00000 $0.00000
$395,611.25000 $395,611.25000 $395,611.25000
1137049.76934356 1322150.89458553 1537384.76114597
 10

$1,242,000.00000
$167,000.00000
$1,409,000.00000

$153,225.00000
$558,900.00000
$167,000.00000
$0.00000
$879,125.00000
$529,875.00000
$52,987.50
$476,887.50000
$143,066.25
$333,821.25000
$167,000.00000
$0.00000
$500,821.25000
2263071.29174797
Inversin 1670000.00 Periodo Principal
Prstamo Banco 1169000.00 0 1169000.00
Inters Anual 0.12 1 1202593.96
Inters Trimestral 0.02873734 2 1237153.31
Plazo (Semestres) 18.00 3 1188614.10
Valor Cuota 84091.72 4 1138680.00
5 1087310.92
6 1034465.63
Capacidad Actual 1200000.00 7 980101.71
Capacidad Maq. 1er ao 60000.00 8 924175.52
Capacidad Maq. 2do ao 120000.00 9 866642.15
Capacidad Maq. 3er ao 180000.00 10 807455.43
Precio Venta 0.90 11 746567.84
Costos Fijos 153225.00 12 683930.50
Costos Variables (c/u) 0.41 13 619493.13
14 553204.01
Tasa dscto. 0.14 15 485009.90
16 414856.09
17 342686.23
18 268442.41
19 192065.02
20 113492.74
Total 32661.50
amortizacin inters cuota

0.00 33593.96 55942.5490 ###

0.00 34559.36 0.6653
48539.21 35552.50 84091.72
49934.10 34157.61 84091.72
51369.08 32722.64 84091.72
52845.29 31246.43 84091.72
54363.92 29727.80 84091.72
55926.19 28165.52 84091.72
57533.37 26558.35 84091.72
59186.72 24904.99 84091.72
60887.59 23204.13 84091.72
62637.34 21454.38 84091.72
64437.37 19654.35 84091.72
66289.13 17802.59 84091.72
68194.10 15897.61 84091.72
70153.82 13937.90 84091.72
72169.85 11921.86 84091.72
74243.82 9847.89 84091.72
76377.39 7714.32 84091.72
78572.28 5519.44 84091.72
80831.24 3261.48 84092.72
 ###

84091.72