Escenario

PEN 000 2013 2014 2015 2016 2017 2018

Ventas 87,770 103,594 108,774 114,212 119,923 125,919
var. % 18% 5% 5% 5% 5%
EBITDA 16,371 19,488 21,504 21,736 22,784 23,477
% EBITDA 19% 19% 20% 19% 19% 19%

Deuda CP 50,738 46,781 11,097 12,473 9,133 8,051

Deuda LP - - 33,665 21,192 12,059 4,008

Ratios 2013 2014 2015 2016 2017 2018

Deuda /EBITDA < 3x 2.08x 1.55x 0.93x 0.51x
FCL/SD > 1.2x 1.07x 1.25x 1.23x 1.75x
 2019 2020
132,215 138,826
5% 5%
24,433 25,331
18% 18%

4,008 0
0 0

2019 2020
0.16x 0.00x
2.15x 4.60x
Estado de Situación Financiera
PEN 000 2013 2014 2015
Activo Corriente
Caja 5,444 4,544 5,443
CxC Comerciales 19,077 22,649 23,712
CxC Diversas 5,020 4,012 4,012
CxC Relacionadas 224 2,495 2,495
Inversiones Negociables 84 82 82
Existencias, neto 51,119 42,013 42,880
Gastos Diferidos 131 361 -
Total Activo Corriente 81,099 76,156 78,623
Activo No Corriente
Inversión en Subsidiaria 6,045 6,045 6,045
Inmuebles, Maquinaria y Equipo neto 102,520 110,337 107,216
Intangibles, neto 941 1,431 1,431
Total Activo No Corriente 109,506 117,813 114,692
Total Activo 190,605 193,969 193,315
Pasivo Corriente
Parte Corriente de Deuda de LP 10,068 13,614 11,097
Deuda de Corto Plazo 1,507
CxP Comerciales 2,085 3,009 3,071
CxP Diversas 7,633 9,909 9,909
CxP Relacionadas - 93 93
Total Pasivo Corriente 19,786 26,625 25,677
Pasivo No Corriente
Obligaciones Financieras LP 16,172 35,978 33,665
Pasivo por Impuesto a las Ganancias 21,834 19,898 19,898
Total Pasivo No Corriente 38,006 55,876 53,563
Total Pasivo 57,792 82,501 79,240
Patrimonio Neto
Capital Social 45,361 45,361 45,361
Acciones en tesorería - -7,653 -7,653
Acciones de Inversiön 22,680 22,680 22,680
Reserva Legal 3,564 4,926 4,926
CxC a Accionista -48 -48 -48
Resultados Acumulados 61,256 46,202 48,809
Total Patrimonio 132,813 111,468 114,075

Check - - -
 2016 2017 2018 2019 2020

713 894 340 2,053 8,683

24,897 26,142 27,449 28,822 30,263
4,012 4,012 4,012 4,012 4,012
2,495 2,495 2,495 2,495 2,495
82 82 82 82 82
45,672 47,615 50,174 52,589 55,268
- - - - -
77,871 81,241 84,553 90,053 100,803

6,045 6,045 6,045 6,045 6,045

104,212 101,319 98,535 95,855 93,275
1,431 1,431 1,431 1,431 1,431
111,688 108,795 106,011 103,331 100,751
189,559 190,036 190,564 193,385 201,554

12,473 9,133 8,051 4,008 -

5,284 8,333 12,016 15,631 19,559
3,271 3,410 3,594 3,766 3,958
9,909 9,909 9,909 9,909 9,909
93 93 93 93 93
31,030 30,878 33,663 33,407 33,519

21,192 12,059 4,008 0 -

19,898 19,898 19,898 19,898 19,898
41,090 31,957 23,906 19,898 19,898
72,120 62,835 57,569 53,305 53,417

45,361 45,361 45,361 45,361 45,361

-7,653 -7,653 -7,653 -7,653 -7,653
22,680 22,680 22,680 22,680 22,680
4,926 4,926 4,926 4,926 4,926
-48 -48 -48 -48 -48
52,172 61,935 67,729 74,814 82,871
117,438 127,201 132,995 140,080 148,137

- - - - -
Estado de Resultados
PEN 000 2013 2014 2015 2016
Ventas 87,770 103,594 108,774 114,212
% crec. 18% 5% 5%
Costo de Venta -49,047 -61,320 -62,585 -66,660
Utilidad Bruta 38,723 42,274 46,189 47,553

Gastos Administrativos -11,597 -11,934 -13,451 -13,641

Gastos de Venta -13,082 -15,650 -16,323 -17,196
Otros Ingresos 664 969 968 1,016
Utilidad Operativa 14,708 15,659 17,383 17,732

Ganancia por Compra de Vin 5,216 - - -

Diferencia en Cambio neto -1,345 -175 - -
Ingresos Financieros 287 177 - -
Gastos Financieros -1,178 -1,270 -2,651 -1,950
UAI 17,688 14,391 14,732 15,782

IR -4,061 -1,773 -4,125 -4,419

Utilidad Neta 13,627 12,618 10,607 11,363

% CV 56% 59% 58% 58%

% Gastos Administrativos 13% 12% 12% 12%
% Gastos de Venta 15% 15% 15% 15%
 2017 2018 2019 2020
119,923 125,919 132,215 138,826
5% 5% 5% 5%
-69,496 -73,232 -76,757 -80,666 0.9%
50,427 52,687 55,458 58,160

-14,576 -15,172 -16,001 -16,764

-18,026 -18,943 -19,882 -20,880
1,067 1,121 1,177 1,236
18,892 19,693 20,753 21,751

- - - -
- - - -
- - - -
-1,409 -797 -368 -52
17,483 18,896 20,385 21,699

-4,720 -5,102 -5,300 -5,642

12,762 13,794 15,085 16,057

58% 58% 58% 58%

12% 12% 12% 12%
15% 15% 15% 15%
PEN 000 2013 2014 2015 2016 2017 2018
Utilidad Operativa 14,708 15,659 17,383 17,732 18,892 19,693
+ Dep. y Amort 1,663 3,829 4,121 4,004 3,892 3,784
EBITDA 16,371 19,488 21,504 21,736 22,784 23,477
- WK -1,507 -3,777 -3,049 -3,683
- IR -4,125 -4,419 -4,720 -5,102
FC. Operativo 15,872 13,540 15,014 14,692

Inversión
CAPEX -1,000 -1,000 -1,000 -1,000
FC de Inversión 14,872 12,540 14,014 13,692
FC Libre 16,379 16,317 17,063 17,375

Financiamiento
Desembolsos CP 1,507 3,777 3,049 3,683
Desembolsos LP 30,200 - - -
Prepagos -22,433 - - -
Amortización -12,596 -11,097 -12,473 -9,133
Intereses -2,651 -1,950 -1,409 -797
FC Financiero 8,899 3,271 3,181 7,446

Caja Inicial 4,544 5,443 713 894

Pago de dividendos 8,000 8,000 3,000 8,000
Caja Final 5,443 713 894 340
 2019 2020
20,753 21,751
3,680 3,580
24,433 25,331
-3,614 -3,928
-5,300 -5,642
15,518 15,761

-1,000 -1,000
14,518 14,761
18,133 18,689

3,614 3,928
- -
- -
-8,051 -4,008
-368 -52
9,713 14,630

340 2,053
8,000 8,000
2,053 8,683
PEN 000 2013 2014 2015 2016
Activo Corriente
CxC Comerciales 19,077 22,649 23,712 24,897
CxC Diversas 5,020 4,012 4,012 4,012
CxC Relacionadas 224 2,495 2,495 2,495
Existencias, neto 51,119 42,013 42,880 45,672
Inversiones Negociables 84 82 82 82
Gastos Diferidos 131 361 - -
Total Activo Corriente 75,655 71,612 73,181 77,158

Pasivo Corriente
CxP Comerciales 2,085 3,009 3,071 3,271
CxP Diversas 7,633 9,909 9,909 9,909
CxP Relacionadas - 93 93 93
Total Pasivo Corriente 9,718 13,011 13,073 13,273

Variación WK -7,336 1,507 3,777

Rotaciones
CxC Comerciales 78 79 78 78
Existencias 375 247 247 247
CxP Comerciales 15 18 18 18
 2017 2018 2019 2020

26,142 27,449 28,822 30,263

4,012 4,012 4,012 4,012
2,495 2,495 2,495 2,495
47,615 50,174 52,589 55,268
82 82 82 82
- - - -
80,346 84,213 88,000 92,120

3,410 3,594 3,766 3,958

9,909 9,909 9,909 9,909
93 93 93 93
13,412 13,596 13,768 13,960

3,049 3,683 3,614 3,928

78 78 78 78
247 247 247 247
18 18 18 18
PEN 000 2013 2014 2015 2016 2017 2018 2019
AF Neto Inicial 77,192 102,520 110,337 107,216 104,212 ### 98,535
CAPEX 979 8,600 1,000 1,000 1,000 1,000 1,000
Terreno 6,130
IME 979 2,470 1,000 1,000 1,000 ### ###
Depreciación -1,663 -3,829 -4,121 -4,004 -3,892 -3,784 -3,680
Revaluación
Retiros y Ajuste 26,012 3,046
AF Neto Final 102,520 110,337 107,216 104,212 101,319 98,535 95,855

% Dep. 2.2% 3.7% 3.7% 3.7% 3.7% 3.7% 3.7%

 2020
95,855
1,000

###
-3,580

93,275

3.7%
1) Deuda de CP (Working Capital)
Banco
TEA 5.00%
Vencimiento
Monto al 2014 (PEN 000)

PEN 000 2014 2015 2016 2017

Saldo Inicial - - 1,507 5,284
Desembolso 1,507 3,777 3,049
Prepago - - -
Amortización - - -
Saldo Final - 1,507 5,284 8,333
Intereses - 87 306
Cuota - 87 306

1) Deuda de LP
Banco BCP
TEA 5.80%
Vencimiento 11/21/2019
Monto al 2014 (PEN 0 24,643

PEN 000 2014 2015 2016 2017

Saldo Inicial 24,643 24,643
Desembolso - - -
Prepago 22,433 - -
Amortización 2,210
Saldo Final 24,643 - - -
Intereses 788 - -
Cuota 2,998

2) Deuda de LP
Banco BBVA
TEA 3.55%
Vencimiento 11/13/2017
Monto al 2014 (PEN 0 15,226

PEN 000 2014 2015 2016 2017

Saldo Inicial 15,226 15,226 10,327 5,253
Desembolso - - -
Prepago - - -
Amortización 4,899 5,073 5,253
Saldo Final 15,226 10,327 5,253 0
Intereses 541 367 186
Cuota 5,440 5,440 5,440

3) Deuda de LP
Banco BBVA
TEA 6.08%
Vencimiento 3/20/2014
Monto al 2014 (PEN 0 5,993

PEN 000 2014 2015 2016 2017

Saldo Inicial - 5,993 10,830 7,802
Desembolso 5993 7,300 - -
 Prepago 0 - - -
Amortización 0 2,463 3,028 3,213
Saldo Final 5,993 10,830 7,802 4,589
Intereses 0 621 560 375
Cuota 0 3,084 3,588 3,588

4) Leasing
Banco Varios
TEA prom. 5.65%
Vencimiento 2015
Monto al 2014 (PEN 0 1,238

PEN 000 2014 2015

Saldo Inicial 1,238 1,238
Desembolso -
Prepago -
Amortización 1,238
Saldo Final 1,238 -0
Intereses 70
Cuota 1,308

4) Leasing
Banco Varios
TEA prom. 5.26%
Vencimiento 2016
Monto al 2014 (PEN 0 2,492

PEN 000 2014 2015 2016

Saldo Inicial 2,492 2,492 1,278
Desembolso - -
Prepago - -
Amortización 1,214 1,278
Saldo Final 2,492 1,278 -
Intereses 131 67
Cuota 1,345 1,345

5) Nueva Deuda
Banco BBVA
TEA 4.50%
Vencimiento 2019
Monto (PEN 000) 22,900

PEN 000 2014 2015 2016 2017

Saldo Inicial - - 22,328 20,610
Desembolso - 22,900 - -
Prepago - - - -
Amortización - 573 1,718 4,008
Saldo Final - 22,328 20,610 16,603
Intereses 0 500 956 847
Cuota 0 1,072 2,674 4,854

Deuda Total CP
PEN 000 2014 2015 2016 2017
Saldo Inicial - - 1,507 5,284
Desembolso - 1,507 3,777 3,049
Prepago - - - -
Amortización - - - -
Saldo Final - 1,507 5,284 8,333
Intereses - - 87 306
Cuota - - 87 306

Deuda Total LP
PEN 000 2014 2015 2016 2017
Saldo Inicial 43,599 49,592 44,763 33,665
Desembolso 5,993 30,200 - -
Prepago - 22,433 - -
Amortización - 12,596 11,097 12,473
Saldo Final 49,592 44,763 33,665 21,192
Intereses - 2,651 1,950 1,409
Cuota - 15,247 13,047 13,882

PC 11,097 12,473 9,133

PNC 33,665 21,192 12,059
 2018 2019 2020
8,333 12,016 15,631
3,683 3,614 3,928
- - -
- - -
12,016 15,631 19,559
483 697 907
483 697 907

2018 2019

- -
- -

- -
- -

2018 2019
4,589 1,181
- -
 - -
3,408 1,181
1,181 0
180 15
3,588 1,196

2018 2019 2020

16,603 10,878 4,008
- - -
- - -
5,725 6,870 4,008
10,878 4,008 -
616 353 52
6,341 7,223 4,059
 2018 2019 2020
8,333 12,016 15,631
3,683 3,614 3,928
- - -
- - -
12,016 15,631 19,559
483 697 907
483 697 907

2018 2019 2020

21,192 12,059 4,008
- - -
- - -
9,133 8,051 4,008
12,059 4,008 -
797 368 52
9,929 8,419 4,059

8,051 4,008 -
4,008 0 -
 BBVA (PEN 000) 22,900
Plazo(y) 5
Periodos (meses) 60
Periodo de gracia (sem) 0
Periodo de disponibilidad (m) 0
TEA 4.50%
TEM 0.37%
Duration 3.04

PEN '000 2013 2014 2015 2016 2017 2018 2019 2020
Saldo Inicial 0 0 0 22,328 20,610 16,603 10,878 4,008
Desembolso 0 0 22,900 0 0 0 0 0
Prepago 0 0 0 0 0 0 0 0
Amortizacion 0 0 573 1,718 4,008 5,725 6,870 4,008
Saldo Final 0 0 22,328 20,610 16,603 10,878 4,008 0
Intereses 0 0 500 956 847 616 353 52

N Fecha Año Desembolsos Balance Inicial Balance Final% AmortizaciónAmortización Intereses Debt service NPV NPV*N
0 6/30/2015 2015 22,900 - 22,900 - - - - -
1 7/30/2015 2015 - 22,900 22,805 0.4% 95 84 180 179 179
2 8/30/2015 2015 - 22,805 22,709 0.4% 95 84 179 178 356
3 9/30/2015 2015 - 22,709 22,614 0.4% 95 83 179 177 531
4 10/30/2015 2015 - 22,614 22,518 0.4% 95 83 179 176 704
5 11/30/2015 2015 - 22,518 22,423 0.4% 95 83 178 175 875
6 12/30/2015 2015 - 22,423 22,328 0.4% 95 82 178 174 1,044
7 1/30/2016 2016 - 22,328 22,232 0.4% 95 82 177 173 1,211
8 2/29/2016 2016 - 22,232 22,137 0.4% 95 82 177 172 1,376
9 3/29/2016 2016 - 22,137 22,041 0.4% 95 81 177 171 1,539
10 4/29/2016 2016 - 22,041 21,946 0.4% 95 81 176 170 1,701
11 5/29/2016 2016 - 21,946 21,850 0.4% 95 81 176 169 1,860
12 6/29/2016 2016 - 21,850 21,755 0.4% 95 80 176 168 2,018
13 7/29/2016 2016 - 21,755 21,564 0.8% 191 80 271 258 3,356
14 8/29/2016 2016 - 21,564 21,373 0.8% 191 79 270 257 3,592
15 9/29/2016 2016 - 21,373 21,183 0.8% 191 79 269 255 3,824
16 10/29/2016 2016 - 21,183 20,992 0.8% 191 78 269 253 4,054
17 11/29/2016 2016 - 20,992 20,801 0.8% 191 77 268 252 4,280
18 12/29/2016 2016 - 20,801 20,610 0.8% 191 76 267 250 4,504
19 1/29/2017 2017 - 20,610 20,419 0.8% 191 76 267 249 4,724
20 2/28/2017 2017 - 20,419 20,228 0.8% 191 75 266 247 4,941
21 3/28/2017 2017 - 20,228 20,038 0.8% 191 74 265 246 5,156
22 4/28/2017 2017 - 20,038 19,847 0.8% 191 74 264 244 5,367
23 5/28/2017 2017 - 19,847 19,656 0.8% 191 73 264 242 5,576
24 6/28/2017 2017 - 19,656 19,465 0.8% 191 72 263 241 5,782
25 7/28/2017 2017 - 19,465 18,988 2.1% 477 72 549 501 12,514
26 8/28/2017 2017 - 18,988 18,511 2.1% 477 70 547 497 12,925
27 9/28/2017 2017 - 18,511 18,034 2.1% 477 68 545 494 13,330
28 10/28/2017 2017 - 18,034 17,557 2.1% 477 66 543 490 13,729
29 11/28/2017 2017 - 17,557 17,080 2.1% 477 65 542 487 14,121
30 12/28/2017 2017 - 17,080 16,603 2.1% 477 63 540 484 14,508
31 1/28/2018 2018 - 16,603 16,125 2.1% 477 61 538 480 14,888
32 2/28/2018 2018 - 16,125 15,648 2.1% 477 59 536 477 15,262
33 3/28/2018 2018 - 15,648 15,171 2.1% 477 58 535 474 15,630
34 4/28/2018 2018 - 15,171 14,694 2.1% 477 56 533 470 15,992
35 5/28/2018 2018 - 14,694 14,217 2.1% 477 54 531 467 16,348
36 6/28/2018 2018 - 14,217 13,740 2.1% 477 52 529 464 16,699
37 7/28/2018 2018 - 13,740 13,263 2.1% 477 50 528 461 17,043
38 8/28/2018 2018 - 13,263 12,786 2.1% 477 49 526 457 17,382
39 9/28/2018 2018 - 12,786 12,309 2.1% 477 47 524 454 17,714
40 10/28/2018 2018 - 12,309 11,832 2.1% 477 45 522 451 18,041
41 11/28/2018 2018 - 11,832 11,355 2.1% 477 43 521 448 18,363
42 12/28/2018 2018 - 11,355 10,878 2.1% 477 42 519 445 18,679
43 1/28/2019 2019 - 10,878 10,400 2.1% 477 40 517 442 18,989
44 2/28/2019 2019 - 10,400 9,923 2.1% 477 38 515 438 19,294
45 3/28/2019 2019 - 9,923 9,446 2.1% 477 36 514 435 19,593
46 4/28/2019 2019 - 9,446 8,969 2.1% 477 35 512 432 19,887
47 5/28/2019 2019 - 8,969 8,492 2.1% 477 33 510 429 20,176
48 6/28/2019 2019 - 8,492 8,015 2.1% 477 31 508 426 20,459
49 7/28/2019 2019 - 8,015 7,347 2.9% 668 29 697 583 28,550
50 8/28/2019 2019 - 7,347 6,679 2.9% 668 27 695 578 28,924
51 9/28/2019 2019 - 6,679 6,011 2.9% 668 25 692 574 29,290
52 10/28/2019 2019 - 6,011 5,343 2.9% 668 22 690 570 29,650
53 11/28/2019 2019 - 5,343 4,675 2.9% 668 20 688 566 30,002
54 12/28/2019 2019 - 4,675 4,008 2.9% 668 17 685 562 30,348
55 1/28/2020 2020 - 4,008 3,340 2.9% 668 15 683 558 30,686
56 2/28/2020 2020 - 3,340 2,672 2.9% 668 12 680 554 31,018
57 3/28/2020 2020 - 2,672 2,004 2.9% 668 10 678 550 31,342
58 4/28/2020 2020 - 2,004 1,336 2.9% 668 7 675 546 31,660
59 5/28/2020 2020 - 1,336 668 2.9% 668 5 673 542 31,972
60 6/28/2020 2020 - 668 -0 2.9% 668 2 670 538 32,276
 BBVA (PEN 000) 25,000
Plazo(y) 5
Periodos (meses) 60 Última cuota pagada por el clie
Periodo de gracia (sem) 0
Periodo de disponibilidad (m) 0
TEA 5.80%
TEM 0.47%
Duration 2.42

PEN '000 2013 2014 2015 2016

Saldo Inicial 0 0 24,638 20,165
Desembolso 0 25,000 0 0
Prepago 0 0 0 0
Amortizacion 0 362 4,474 4,733
Saldo Final 0 24,638 20,165 15,432
Intereses 0 118 1,278 1,018

N Fecha Año Desembolsos Balance Inicial

0 11/22/2014 2014 25,000 -
1 12/22/2014 2014 - 25,000
2 1/22/2015 2015 - 24,638
3 2/22/2015 2015 - 24,275
4 3/22/2015 2015 - 23,910
5 4/22/2015 2015 - 23,544
6 5/22/2015 2015 - 23,175
7 6/22/2015 2015 - 22,805
8 7/22/2015 2015 - 22,433
9 8/22/2015 2015 - 22,060
10 9/22/2015 2015 - 21,684
11 10/22/2015 2015 - 21,307
12 11/22/2015 2015 - 20,928
13 12/22/2015 2015 - 20,547
14 1/22/2016 2016 - 20,165
15 2/22/2016 2016 - 19,781
16 3/22/2016 2016 - 19,394
17 4/22/2016 2016 - 19,006
18 5/22/2016 2016 - 18,617
19 6/22/2016 2016 - 18,225
20 7/22/2016 2016 - 17,832
21 8/22/2016 2016 - 17,436
22 9/22/2016 2016 - 17,039
23 10/22/2016 2016 - 16,640
24 11/22/2016 2016 - 16,239
25 12/22/2016 2016 - 15,836
26 1/22/2017 2017 - 15,432
27 2/22/2017 2017 - 15,025
28 3/22/2017 2017 - 14,617
29 4/22/2017 2017 - 14,206
30 5/22/2017 2017 - 13,794
31 6/22/2017 2017 - 13,379
32 7/22/2017 2017 - 12,963
33 8/22/2017 2017 - 12,545
34 9/22/2017 2017 - 12,125
35 10/22/2017 2017 - 11,703
36 11/22/2017 2017 - 11,278
37 12/22/2017 2017 - 10,852
38 1/22/2018 2018 - 10,424
39 2/22/2018 2018 - 9,994
40 3/22/2018 2018 - 9,562
41 4/22/2018 2018 - 9,127
42 5/22/2018 2018 - 8,691
43 6/22/2018 2018 - 8,253
44 7/22/2018 2018 - 7,812
45 8/22/2018 2018 - 7,370
46 9/22/2018 2018 - 6,925
47 10/22/2018 2018 - 6,479
48 11/22/2018 2018 - 6,030
49 12/22/2018 2018 - 5,579
50 1/22/2019 2019 - 5,126
51 2/22/2019 2019 - 4,671
52 3/22/2019 2019 - 4,214
53 4/22/2019 2019 - 3,754
54 5/22/2019 2019 - 3,293
55 6/22/2019 2019 - 2,829
56 7/22/2019 2019 - 2,363
57 8/22/2019 2019 - 1,895
58 9/22/2019 2019 - 1,424
59 10/22/2019 2019 - 952
60 11/22/2019 2019 - 477
ima cuota pagada por el cliente a BCP

2017 2018 2019

15,432 10,424 5,126
0 0 0
0 0 0
5,008 5,298 2,297
10,424 5,126 2,829
744 453 99

Balance Final% AmortizaciónAmortización Intereses Debt service NPV NPV*N

25,000 - - - - -
24,638 1.7% 362 118 479 477 477
24,275 1.7% 363 116 479 475 950
23,910 1.7% 365 114 479 473 1,418
23,544 1.7% 367 113 479 470 1,881
23,175 1.7% 368 111 479 468 2,341
22,805 1.7% 370 109 479 466 2,796
22,433 1.7% 372 107 479 464 3,246
22,060 1.7% 374 106 479 462 3,693
21,684 1.7% 375 104 479 459 4,135
21,307 1.7% 377 102 479 457 4,573
20,928 1.7% 379 100 479 455 5,006
20,547 1.7% 381 99 479 453 5,436
20,165 1.7% 383 97 479 451 5,861
19,781 1.7% 384 95 479 449 6,283
19,394 1.7% 386 93 479 447 6,700
19,006 1.7% 388 91 479 445 7,113
18,617 1.7% 390 90 479 442 7,522
18,225 1.7% 392 88 479 440 7,927
17,832 1.7% 393 86 479 438 8,329
17,436 1.7% 395 84 479 436 8,726
17,039 1.7% 397 82 479 434 9,119
16,640 1.7% 399 80 479 432 9,509
16,239 1.7% 401 78 479 430 9,894
15,836 1.7% 403 76 479 428 10,276
15,432 1.7% 405 75 479 426 10,654
15,025 1.7% 407 73 479 424 11,028
14,617 1.7% 409 71 479 422 11,399
14,206 1.7% 410 69 479 420 11,766
13,794 1.7% 412 67 479 418 12,129
13,379 1.7% 414 65 479 416 12,488
12,963 1.7% 416 63 479 414 12,844
12,545 1.7% 418 61 479 412 13,196
12,125 1.7% 420 59 479 410 13,545
11,703 1.7% 422 57 479 409 13,890
11,278 1.7% 424 55 479 407 14,231
10,852 1.7% 426 53 479 405 14,569
10,424 1.7% 428 51 479 403 14,904
9,994 1.7% 430 49 479 401 15,235
9,562 1.7% 432 47 479 399 15,562
9,127 1.7% 434 45 479 397 15,886
8,691 1.7% 436 43 479 395 16,207
8,253 1.7% 438 41 479 393 16,525
7,812 1.7% 440 39 479 392 16,839
7,370 1.7% 442 37 479 390 17,150
6,925 1.7% 445 35 479 388 17,457
6,479 1.7% 447 33 479 386 17,762
6,030 1.7% 449 31 479 384 18,063
5,579 1.7% 451 28 479 383 18,361
5,126 1.7% 453 26 479 381 18,655
4,671 1.7% 455 24 479 379 18,947
4,214 1.7% 457 22 479 377 19,235
3,754 1.7% 459 20 479 375 19,520
3,293 1.7% 462 18 479 374 19,802
2,829 1.7% 464 16 479 372 20,081
2,363 1.7% 466 13 479 370 20,357
1,895 1.7% 468 11 479 368 20,630
1,424 1.7% 470 9 479 367 20,900
952 1.7% 473 7 479 365 21,167
477 1.7% 475 4 479 363 21,431
0 1.7% 477 2 479 362 21,692

25,000 3,757 28,757 25,000

 BBVA (PEN 000) 13,293
Plazo(y) 5
Periodos (meses) 52
Periodo de gracia (sem) 0
Periodo de disponibilidad (m) 0
TEA 6.08%
TEM 0.49%
Duration 2.19

PEN '000 2013 2014 2015 2016

Saldo Inicial 0 0 5,993 10,830
Desembolso 0 5,993 7,300 0
Prepago 0 0 0 0
Amortizacion 0 0 2,463 3,028
Saldo Final 0 5,993 10,830 7,802
Intereses 0 0 621 560

N Fecha Año Desembolsos Balance Inicial

0 12/31/2014 2014 5,993 -
1 1/31/2015 2015 - 5,993
2 2/28/2015 2015 - 5,892
3 3/28/2015 2015 7,300 5,790
4 4/28/2015 2015 - 12,987
5 5/28/2015 2015 - 12,752
6 6/28/2015 2015 - 12,516
7 7/28/2015 2015 - 12,279
8 8/28/2015 2015 - 12,040
9 9/28/2015 2015 - 11,801
10 10/28/2015 2015 - 11,560
11 11/28/2015 2015 - 11,318
12 12/28/2015 2015 - 11,075
13 1/28/2016 2016 - 10,830
14 2/28/2016 2016 - 10,585
15 3/28/2016 2016 - 10,338
16 4/28/2016 2016 - 10,090
17 5/28/2016 2016 - 9,841
18 6/28/2016 2016 - 9,590
19 7/28/2016 2016 - 9,339
20 8/28/2016 2016 - 9,086
21 9/28/2016 2016 - 8,831
22 10/28/2016 2016 - 8,576
23 11/28/2016 2016 - 8,319
24 12/28/2016 2016 - 8,061
25 1/28/2017 2017 - 7,802
26 2/28/2017 2017 - 7,541
27 3/28/2017 2017 - 7,280
28 4/28/2017 2017 - 7,016
29 5/28/2017 2017 - 6,752
30 6/28/2017 2017 - 6,486
31 7/28/2017 2017 - 6,219
32 8/28/2017 2017 - 5,951
33 9/28/2017 2017 - 5,681
34 10/28/2017 2017 - 5,410
35 11/28/2017 2017 - 5,138
36 12/28/2017 2017 - 4,864
37 1/28/2018 2018 - 4,589
38 2/28/2018 2018 - 4,313
39 3/28/2018 2018 - 4,035
40 4/28/2018 2018 - 3,756
41 5/28/2018 2018 - 3,476
42 6/28/2018 2018 - 3,194
43 7/28/2018 2018 - 2,911
44 8/28/2018 2018 - 2,626
45 9/28/2018 2018 - 2,340
46 10/28/2018 2018 - 2,052
47 11/28/2018 2018 - 1,763
48 12/28/2018 2018 - 1,473
49 1/28/2019 2019 - 1,181
50 2/28/2019 2019 - 888
51 3/28/2019 2019 - 594
52 4/28/2019 2019 - 298
 2017 2018 2019
7,802 4,589 1,181
0 0 0
0 0 0
3,213 3,408 1,181
4,589 1,181 0
375 180 15

Balance Final% AmortizaciónAmortización Intereses Debt service NPV NPV*N

5,993 - - - - -
5,892 1.9% 101 30 131 130 130
5,790 1.9% 102 29 131 130 259
12,987 1.9% 102 29 131 129 387
12,752 1.9% 235 64 299 293 1,173
12,516 1.9% 236 63 299 292 1,459
12,279 1.9% 237 62 299 290 1,742
12,040 1.9% 238 61 299 289 2,022
11,801 1.9% 240 59 299 287 2,300
11,560 1.9% 241 58 299 286 2,575
11,318 1.9% 242 57 299 285 2,847
11,075 1.9% 243 56 299 283 3,116
10,830 1.9% 244 55 299 282 3,382
10,585 1.9% 246 53 299 280 3,646
10,338 1.9% 247 52 299 279 3,908
10,090 1.9% 248 51 299 278 4,166
9,841 1.9% 249 50 299 276 4,422
9,590 1.9% 250 49 299 275 4,675
9,339 1.9% 252 47 299 274 4,926
9,086 1.9% 253 46 299 272 5,174
8,831 1.9% 254 45 299 271 5,420
8,576 1.9% 255 44 299 270 5,663
8,319 1.9% 257 42 299 268 5,903
8,061 1.9% 258 41 299 267 6,141
7,802 1.9% 259 40 299 266 6,377
7,541 1.9% 261 38 299 264 6,610
7,280 1.9% 262 37 299 263 6,841
7,016 1.9% 263 36 299 262 7,069
6,752 1.9% 264 35 299 261 7,295
6,486 1.9% 266 33 299 259 7,518
6,219 1.9% 267 32 299 258 7,740
5,951 1.9% 268 31 299 257 7,958
5,681 1.9% 270 29 299 255 8,175
5,410 1.9% 271 28 299 254 8,389
5,138 1.9% 272 27 299 253 8,601
4,864 1.9% 274 25 299 252 8,810
4,589 1.9% 275 24 299 250 9,017
4,313 1.9% 276 23 299 249 9,222
4,035 1.9% 278 21 299 248 9,425
3,756 1.9% 279 20 299 247 9,626
3,476 1.9% 280 19 299 246 9,824
3,194 1.9% 282 17 299 244 10,020
2,911 1.9% 283 16 299 243 10,214
2,626 1.9% 285 14 299 242 10,406
2,340 1.9% 286 13 299 241 10,596
2,052 1.9% 287 12 299 240 10,784
1,763 1.9% 289 10 299 238 10,969
1,473 1.9% 290 9 299 237 11,153
1,181 1.9% 292 7 299 236 11,334
888 1.9% 293 6 299 235 11,513
594 1.9% 295 4 299 234 11,691
298 1.9% 296 3 299 233 11,866
-0 1.9% 298 1 299 232 12,039