CUADRO N° 18

FLUJO DE CAJA DEL EMPRESARIO CON FINANCIAMIENTO

(En $us)
CONCEPTO AÑO 0 AÑO 1 AÑO 2 AÑO 3 AÑO 4
FLUJO DE INVERSIONES -10,753,829 0 0 0 0
> Aporte Propio en Inversión Fija -7,008,211
> Aporte Propio en Inversión Diferida -2,011,650
> Aporte Propio en Capital de Trabajo -1,733,968
> Recuperación del Capital de Trabajo
> Valor residual de activos

FLUJO DE PRODUCCIÓN 0 5,869,771 6,123,667 6,448,010 6,788,570

> Utilidad Neta 5,551,079 5,804,975 6,129,318 6,469,878
> Depreciación 598,809 598,809 598,809 598,809
> Amotización Diferida 2,540 2,540 2,540 2,540
> Amortización del préstamo -282,657 -282,657 -282,657 -282,657

FLUJO DE CAJA -10,753,829 5,869,771 6,123,667 6,448,010 6,788,570

 AÑO 5
3,263,830

1,733,968
1,529,863

7,146,159
6,827,467
598,809
2,540
-282,657

10,409,989
 FLUJO NETO DE FONDOS DEL PROYECTO
COMPONENTES/AÑO 0 1 2 3 4 5
INGRESOS 42,000,000 44,100,000 46,305,000 48,620,250 51,051,263
9,000,000
COSTOS -8,365,982 -9,085,230 -9,539,492 -10,016,466 -10,517,289
GASTOS GENERALES -198,677 -43,029
6,000,000 -43,657 -44,317 -45,010
GASTOS DE COMERCIALIZACION -214,100 -235,510 -259,061 -284,967 -313,464
DEPRECIACIONES -598,809 3,000,000
-598,809 -598,809 -598,809 -598,809
REGALIAS -21,000,000 -22,050,0000 -23,152,500 -24,310,125 -25,525,631
FLUJO ANTES DE IMPUESTOS 0 11,833,992 12,363,4210 1 13,011,659
2 3 4 5 6 13,692,310
7 8 9 10 1114,406,992
12 13 14 15 16 17 18 19 20
IMPUESTOS 0 -6,070,920 -3,000,000
-6,319,775 -6,643,281 -6,982,962 -7,339,627
FLUJO DESPÙES DE IMPUESTOS 0 5,763,071 6,043,645 6,368,378 6,709,348 7,067,366
-6,000,000
DEPRECIACIONES -598,809 -598,809 -598,809 -598,809 -598,809
INVERSIONES -20,204,783 -9,000,000
VALOR RESIDUAL
-12,000,000
FLUJO NETO DE FONDOS -20,204,783 5,763,071 6,043,645 6,368,378 6,709,348 7,067,366
-15,000,000

VALUACION ECONOMICA -18,000,000

TASA DE DESCUENTO 14.00%
-21,000,000
FACTOR DE DESCUENTO 1.14 1.30 1.48 1.69 1.93
VALOR ACTUAL 47,407,119 5,055,326 4,650,389 4,298,474 3,972,472 3,670,568
VAN 27,202,336
TIR Err:523
30,000,000
B/C 1.35 27,000,000
24,000,000
VAN Acumulado -20,204,783 -15,149,457 -10,499,068 -6,200,594 -2,228,122 21,000,000
1,442,446
18,000,000
15,000,000
12,000,000
9,000,000
6,000,000
AÑO FLUJO FACTOR DE D VALOR ACTUALVAN ACUMULADO 3,000,000
0
0 -20,204,783 1.00 -20204783.05 -20204783.055 -3,000,000 0 1 2 3 4 5 6
1 5,763,071 1.14 5055325.82 -15149457.23 -6,000,000
-9,000,000
-12,000,000
-15,000,000
-18,000,000
-21,000,000
 12,000,000
9,000,000
6,000,000
3,000,000
0
-3,000,000 0 1 2 3 4 5 6
-6,000,000
2 6,043,645 1.30 4650388.84 -10499068.39 -9,000,000
3 6,368,378 1.48 4298473.90 -6200594.49 -12,000,000
-15,000,000
4 6,709,348 1.69 3972472.46 -2228122.03 -18,000,000
5 7,067,366 1.93 3670568.29 1442446.26 -21,000,000
6 7,443,285 2.19 3391060.33 4833506.59
7 8,180,337 2.50 3269168.06 8102674.65
8 8,180,337 2.85 2867691.28 10970365.93
9 8,180,337 3.25 2515518.67 13485884.59 AÑO
10 8,180,337 3.71 2206595.32 15692479.92 0
11 8,180,337 4.23 1935609.93 17628089.85 1
12 8,180,337 4.82 1697903.45 19325993.29 2
13 8,180,337 5.49 1489388.99 20815382.28 3
14 8,180,337 6.26 1306481.57 22121863.85 4
15 8,180,337 7.14 1146036.46 23267900.32 5
16 8,180,337 8.14 1005295.14 24273195.46 6
17 8,180,337 9.28 881837.85 25155033.31 7
18 8,180,337 10.58 773541.97 25928575.28 8
19 8,180,337 12.06 678545.59 26607120.86 9
20 8,180,337 13.74 595215.43 27202336.29 10
11
12
13
14
15
16
17
18
19
20
 6 7 8 9 10 11 12 13 14
53,603,826 56,284,017 56,284,017 56,284,017 56,284,017 56,284,017 56,284,017 56,284,017 56,284,017
-11,043,154 -11,043,154 -11,043,154 -11,043,154 -11,043,154 -11,043,154 -11,043,154 -11,043,154 -11,043,154
-46,925 -47,689 -48,491 -49,333 -50,217 -52,393 -53,368 -54,391 -55,466
-344,810 -379,291 -379,291 -379,291 -379,291 -379,291 -379,291 -379,291 -379,291
-598,809 -598,809 -598,809 -598,809 -598,809 -598,809 -598,809 -598,809 -598,809
-26,801,913 -28,142,008 -28,142,008 -28,142,008 -28,142,008 -28,142,008 -28,142,008 -28,142,008 -28,142,008
1 12 13 14 15 1615,157,410
17 18 19 20 16,497,505 16,497,505 16,497,505 16,497,505 16,497,505 16,497,505 16,497,505 16,497,505
-7,714,125 -8,317,168 -8,317,168 -8,317,168 -8,317,168 -8,317,168 -8,317,168 -8,317,168 -8,317,168
7,443,285 8,180,337 8,180,337 8,180,337 8,180,337 8,180,337 8,180,337 8,180,337 8,180,337
-598,809 -598,809 -598,809 -598,809 -598,809 -598,809 -598,809 -598,809 -598,809

7,443,285 8,180,337 8,180,337 8,180,337 8,180,337 8,180,337 8,180,337 8,180,337 8,180,337

2.19 2.50 2.85 3.25 3.71 4.23 4.82 5.49 6.26

3,391,060 3,269,168 2,867,691 2,515,519 2,206,595 1,935,610 1,697,903 1,489,389 1,306,482
VAN
30,000,000
27,000,000
24,000,000
21,000,000 4,833,507 8,102,675 10,970,366 13,485,885 15,692,480 17,628,090 19,325,993 20,815,382 22,121,864
18,000,000
j
15,000,000
12,000,000
9,000,000
6,000,000
3,000,000
0
-3,000,000 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
-6,000,000
-9,000,000
-12,000,000
-15,000,000
-18,000,000
-21,000,000
 12,000,000
9,000,000
6,000,000
3,000,000
0
-3,000,000 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
-6,000,000
-9,000,000
-12,000,000
-15,000,000
-18,000,000
-21,000,000

FLUJO VAN(14%) VAN(30%) VAN(31%) VAN(32%)

-20,204,783 -20204783.05 -20204783.05 -20204783.05 -20204783.05
5,763,071 -15149457.23 4433131.88 -15838819.84 -15871646.64
6,043,645 -10499068.39 3576121.50 -12370244.69 -12455034.42
6,368,378 -6200594.49 2898670.10 -9601346.08 -9748123.75
6,709,348 -2228122.03 2349129.14 -7391385.25 -7603882.05
7,067,366 1442446.26 1903447.07 -5627834.72 -5905640.90
7,443,285 4833506.59 1542071.50 -4220747.43 -4560849.95
8,180,337 8102674.65 1303670.21 -3049216.70 -3449605.21
8,180,337 10970365.93 1002823.23 -2161693.41 -2614082.84
8,180,337 13485884.59 771402.49 -1489327.28 -1985870.54
8,180,337 15692479.92 593386.53 -979959.01 -1513530.46
8,180,337 17628089.85 456451.18 -594073.95 -1158387.55
8,180,337 19325993.29 351116.29 -301736.78 -891362.80
8,180,337 20815382.28 270089.45 -80269.23 -690592.31
8,180,337 22121863.85 207761.12 87509.21 -539637.06
8,180,337 23267900.32 159816.24 214614.10 -426136.87
8,180,337 24273195.46 122935.57 310905.68 -340798.38
8,180,337 25155033.31 94565.83 383853.84 -276634.10
8,180,337 25928575.28 72742.94 439117.60 -228390.28
8,180,337 26607120.86 55956.11 480984.09 -192116.73
8,180,337 27202336.29 43043.16 512701.12 -164843.39

0.7567047084
 15 16 17 18 19 20
56,284,017 56,284,017 56,284,017 56,284,017 56,284,017 56,284,017
-11,043,154 -11,043,154 -11,043,154 -11,043,154 -11,043,154 -11,043,154
-56,595 -57,780 -59,024 -60,330 -61,702 -63,143
-379,291 -379,291 -379,291 -379,291 -379,291 -379,291
-598,809 -598,809 -598,809 -598,809 -598,809 -598,809
-28,142,008 -28,142,008 -28,142,008 -28,142,008 -28,142,008 -28,142,008
16,497,505 16,497,505 16,497,505 16,497,505 16,497,505 16,497,505
-8,317,168 -8,317,168 -8,317,168 -8,317,168 -8,317,168 -8,317,168
8,180,337 8,180,337 8,180,337 8,180,337 8,180,337 8,180,337
-598,809 -598,809 -598,809 -598,809 -598,809 -598,809

1,529,863

8,180,337 8,180,337 8,180,337 8,180,337 8,180,337 8,180,337

7.14 8.14 9.28 10.58 12.06 13.74

1,146,036 1,005,295 881,838 773,542 678,546 595,215

23,267,900 24,273,195 25,155,033 25,928,575 26,607,121 27,202,336

 COSTO DE OPORTUNIDAD DE LOS INVERSIONISTAS

COSTO DE OPORTUNIDAD DE BOLIVIA 12.81%

RELACION ACTIVOS/PATRIMONIO 1.94

ROE GENERICO PARA BOLIVIA 24.85%

PROYECTO CON FINANCIAMIENTO

TASA DE DESCUENTO PONDERADA
TASA DE
FUENTE COSTO PROPORCION DESCUENTO
PONDERADA

PRESTAMO BANCARIO 10% 70% 7.00%

RECURSOS PROPIOS 24.85% 30% 7.46%
TASA DE DESCUENTO PONDERADA 14.46%
 EVALUACION ECONOMICA: PROYECTO SIN FINANCIAMIENTO
COMPONENTES/AÑO 0 1 2 3 4 5
INGRESOS 42,000,000 44,100,000 46,305,000 48,620,250 51,051,263
COSTOS -8,365,982 -9,085,230 -9,539,492 -10,016,466 -10,517,289
GASTOS GENERALES -198,677 -43,029 -43,657 -44,317 -45,010
GASTOS DE COMERCIALIZACION -214,100 -214,100 -214,100 -214,100 -214,100
DEPRECIACIONES -649,998 -649,998 -649,998 -649,998 -649,998
FLUJO ANTES DE IMPUESTOS 32,571,243 34,107,643 35,857,753 37,695,368 39,624,865
IMPUESTOS -24,428,432 -25,580,732 -26,893,315 -28,271,526 -29,718,649
FLUJO DESPÙES DE IMPUESTOS 8,142,811 8,526,911 8,964,438 9,423,842 9,906,216
DEPRECIACIONES 649,998 649,998 649,998 649,998 649,998
INVERSIONES -20,204,783
VALOR RESIDUAL

FLUJO NETO DE FONDOS -20,204,783 8,792,809 9,176,909 9,614,436 10,073,840 10,556,214

EVALUACION ECONOMICA
TASA DE DESCUENTO 24.85%
FACTOR DE DESCUENTO 1.25 1.56 1.95 2.43 3.03
VALOR ACTUAL 30,897,362 7,042,619 5,887,211 4,940,189 4,145,925 3,479,695
VAN 10,692,578
TIR Err:523
B/C 1.53
 6 7
53,603,826 56,284,017
-11,043,154 -11,043,154
-46,925 -47,689
-214,100 -214,100
-649,998 -649,998
41,649,648 44,329,076
-31,237,236 -33,246,807
10,412,412 11,082,269
649,998 649,998

11,062,410 11,732,267

3.79 4.73
2,920,716 2,481,007
 EVALUACION FINANCIERA: PROYECTO CON FINANCIAMIENTO
COMPOMENTES/AÑO 0 1 2 3 4 5 6
INGRESOS 42000000 44100000 46305000 48620250 51051263 53603826
COSTOS -8365982 -9085230 -9539492 -10016466 -10517289 -11043154
GASTOS GENERALES -198677 -43029 -43657 -44317 -45010 -46925
GASTOS DE COMERCIALIZACION -214100 -235510 -259061 -284967 -313464 -344810
DEPRECIACIONES -598809 -598809 -598809 -598809 -598809 -598809
COSTO FINANCIERO -285197 -285197 -285197 -285197 -285197 -285197
REGALIAS 0 -21000000 -22050000 -23152500 -24310125 -25525631VAN-26801913
FLUJO ANTES DE IMPUESTOS 11551335 12037734 12685345
27000000.00 13365335 14079325 14874752
IMPUESTOS -6000256 -6232760 -6556027
24000000.00 -6895457 -7251859 -7643461
FLUJO DESPÙES DE IMPUESTOS 5551079 5804975 21000000.00
6129318 6469878 6827467 7231292
18000000.00
15000000.00
INVERSIONES -20,204,783
12000000.00
VALOR RESIDUAL 9000000.00
6000000.00
FLUJO NETO DE FONDOS -20,204,783 5,551,079 5,804,975 6,129,318
3000000.006,469,878 6,827,467 7,231,292
0.00
EVALUACION FINANCIERA
-3000000.00 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
TASA DE DESCUENTO 14.00% -6000000.00
FACTOR DE DESCUENTO 1.14 1.30 1.48
-9000000.00 1.69 1.93 2.19
VALOR ACTUAL 44,843,160 4,869,367 4,466,739 4,137,115
-12000000.003,830,687 3,545,972 3,294,479
VAN 24,638,377 -15000000.00
TIR 31.51% -18000000.00
-21000000.00
B/C 1.22

AÑO FLUJO FACTOR DE D VALOR ACTUAVAN ACUMULADO

0 -20,204,783 1.00 -20204783.05 -20204783.05
1 5,551,079 1.14 4869367.19 -15335415.86 AÑO
2 5,804,975 1.30 4466739.40 -10868676.47 0
3 6,129,318 1.48 4137114.91 -6731561.56 1
4 6,469,878 1.69 3830687.26 -2900874.30 2
5 6,827,467 1.93 3545972.21 645097.91 3
 6 7,231,292 2.19 3294479.25 3939577.16 4
7 7,968,344 2.50 3184447.81 7124024.97 5
8 7,968,344 2.85 2793375.27 9917400.23 6
9 7,968,344 3.25 2450329.18 12367729.42 7
10 7,968,344 3.71 2149411.56 14517140.98 8
11 7,155,705 4.23 1693164.18 16210305.16 9
12 7,186,326 4.82 1491587.44 17701892.60 10
13 7,217,690 5.49 1314120.40 19016013.00 11
14 7,249,810 6.26 1157867.10 20173880.10 12
15 7,282,695 7.14 1020279.95 21194160.06 13
16 7,316,345 8.14 899117.68 22093277.73 14
17 7,350,747 9.28 792408.28 22885686.01 15
18 7,385,873 10.58 698416.49 23584102.50 16
19 7,421,667 12.06 615615.10 24199717.60 17
20 6,028,706 13.74 438659.01 24638376.61 18
19
20
 7 8 9 10 11 12 13 14 15 16
56284017 56284017 56284017 56284017 56284017 56284017 56284017 56284017 56284017 56284017
-11043154 -11043154 -11043154 -11043154 -11043154 -11043154 -11043154 -11043154 -11043154 -11043154
-47689 -48491 -49333 -50217 -52393 -53368 -54391 -55466 -56595 -57780
-379291 -379291 -379291 -379291 -379291 -379291 -379291 -379291 -379291 -379291
-598809 -598809 -598809 -598809 -598809 -598809 -598809 -598809 -598809 -598809
-285197 -285197 -285197 -285197 -1368716 -1327888 -1286070 -1243243 -1199396 -1154530
N -28142008 -28142008 -28142008 -28142008 -28142008 -28142008 -28142008 -28142008 -28142008 -28142008
16214848 16214848 16214848 16214848 15131329 15172157 15213976 15256802 15300649 15345515
-8246504 -8246504 -8246504 -8246504 -7975624 -7985831 -7996286 -8006992 -8017954 -8029170
7968344 7968344 7968344 7968344 7155705 7186326 7217690 7249810 7282695 7316345

7,968,344 7,968,344 7,968,344 7,968,344 7,155,705 7,186,326 7,217,690 7,249,810 7,282,695 7,316,345
9 10 11 12 13 14 15 16 17 18 19 20

2.50 2.85 3.25 3.71 4.23 4.82 5.49 6.26 7.14 8.14
3,184,448 2,793,375 2,450,329 2,149,412 1,693,164 1,491,587 1,314,120 1,157,867 1,020,280 899,118

FLUJO VAN(14%) VAN(30%) VAN(31%) VAN(32%)

-20,204,783 -20204783.05 -20204783.05 -20204783.05 -20204783.05
5,551,079 -15335415.86 -15934722.60 -15967318.48 -15999420.48
5,804,975 -10868676.47 -12499826.43 -12584663.32 -12667823.54
6,129,318 -6731561.56 -9709968.55 -9858208.84 -10002865.69
6,469,878 -2900874.30 -7444684.36 -7661305.65 -7871782.62
6,827,467 645097.91 -5605849.10 -5891591.57 -6168095.16
7,231,292 3939577.16 -4107697.47 -4460761.33 -4801083.25
7,968,344 7124024.97 -2837811.78 -3257197.78 -3659912.65
7,968,344 9917400.23 -1860976.64 -2338446.99 -2795389.46
7,968,344 12367729.42 -1109564.99 -1637110.50 -2140447.65
7,968,344 14517140.98 -531556.03 -1101739.13 -1644279.62
7,155,705 16210305.16 -132277.87 -734737.34 -1306728.78
7,186,326 17701892.60 176173.51 -453384.45 -1049914.15
7,217,690 19016013.00 414479.32 -237673.90 -854508.50
7,249,810 20173880.10 598607.27 -72276.57 -705815.13
7,282,695 21194160.06 740886.61 54553.63 -592657.68
7,316,345 22093277.73 850837.94 151817.92 -506536.25
7,350,747 22885686.01 935813.59 226414.59 -440985.95
7,385,873 23584102.50 1001491.83 283630.73 -391089.34
7,421,667 24199717.60 1052258.39 327518.83 -353105.69
6,028,706 24638376.61 1083980.13 354733.19 -329731.02

0.518264048
 17 18 19 20
56284017 56284017 56284017 56284017
-11043154 -11043154 -11043154 -11043154
-59024 -60330 -61702 -63143
-379291 -379291 -379291 -379291
-598809 -598809 -598809 -598809
-1108660 -1061826 -1014101 -2871382
-28142008 -28142008 -28142008 -28142008
15391385 15438219 15485944 13628663
-8040638 -8052346 -8064278 -7599957
7350747 7385873 7421667 6028706

1,529,863

7,350,747 7,385,873 7,421,667 6,028,706

9.28 10.58 12.06 13.74

792,408 698,416 615,615 438,659
 EVALAUCION MONETARIA DESDE EL PUNTO DE VISTA DE LOS RECURSOS PROPIOS DE LOS INVERSIO
COMPONENTES/AÑO 0 1 2 3 4 5
FLUJO NETO DE FONDOS ### ### 5,804,975 6,129,318 ### 6,827,467

PRESTAMO 14,143,348
AMORTIZACION CAPITAL -2,828,670 -2,828,670 -2,828,670 -2,828,670
AMORTIZACION INTERESES -1,414,335 -1,414,335 -1,131,468 -848,601 -565,734
ESCUDO FISCAL INTERESES 353,584 353,584 282,867 212,150 141,433

FLUJO DE LOS INVERSONISTAS ### ### 1,915,554 2,452,047 ### 3,574,497

EVALUACION RECURSOS PROPIOS
TASA DE DESCUENTO 24.85%
FACTOR DE DESCUENTO 1.25 1.56 1.95 2.43 3.03
VALOR ACTUAL 11,291,676 3,596,538 1,228,874 1,259,936 1,236,619 1,178,278
VAN 5,230,241
TIR 54%
B/C 1.86

EVALUACIÓN REAL DESDE EL PUNTO DE VISTA DE LOS RECURSOS PROPIOS DE LOS INVERSIONIS

FLUJO DE LOS INVERSONISTAS -6,061,435 4,490,327 1,915,554 2,452,047 3,004,758 3,574,497

FACTOR DE INFLACION 12% 1.12 1.25 1.40 1.57 1.76
FLUJO REAL DE LOS INVERSIONISTAS -6,061,435 4,009,221 1,527,068 1,745,319 1,909,578 2,028,265

EVALUACION REAL RECURSOS PROPIOS

TASA DE DESCUENTO 24.85%
FACTOR DE DESCUENTO 1.25 1.56 1.95 2.43 3.03
VALOR ACTUAL 7,864,881 3,211,194 979,651 896,798 785,894 668,587
VAN 1,803,446
TIR 37%
B/C 1.30
S DE LOS INVERSIONISTAS
6 7
7,231,292 7,968,344

-2,828,670
-282,867
70,717

4,190,472 7,968,344

3.79 4.73
1,106,375 1,685,055

E LOS INVERSIONISTAS

4,190,472 7,968,344
1.97 2.21
2,123,023 3,604,474

3.79 4.73
560,524 762,233