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AÑO INV. ACT KT INV.

KT
0 95,000 25,000 25,000
1 25,750 750.00
2 26,523 772.50
3 27,318 795.68
4 28,138 819.55
5 28,982 844.13
6 29,851 869.46

FINANCIACIÓN 40%
TASA 11%

AÑO DESEMB AMORT INTERESES


0 48,000
1 5,280
2 5,280
3 5,280
4 16,000 5,280
5 16,000 3,520
6 16,000 1,760
inflación 3%
incremento 10500
TX 33%
tasa KT 80%

DEPRECIACIÓN U.OPERACIONAL UODI DEPRECIACIÓN

11,083 -6000 -4020 11,083


11,083 4,500 3,015 11,083
11,083 15,000 10,050 11,083
11,083 25,500 17,085 11,083
11,083 36,000 24,120 11,083
11,083 46,500 31,155 11,083

SALDO
48,000
48,000
48,000
48,000
32,000
16,000
-
venta acr 30,000
valor libros 28,500
suma dep 66,500
utilidad venta act 1,500
impuesto venta act 495

TIR 11%

INV KT REC DE KT INV EN ACT VSNT FCL


(25,000) (95,000) - 120,000
(750) 6,313
(773) 13,326
(796) 20,338
(820) 27,349
(844) 34,359
(869) 25,851 29,505 96,725

AÑO DESEMB AMORT INTERESES BT FCF


0 48,000 48,000.00
1 (5,280) 1742.4 (3,537.60)
2 (5,280) 1742.4 (3,537.60)
3 (5,280) 1742.4 (3,537.60)
4 (16,000) (5,280) 1742.4 (19,537.60)
5 (16,000) (3,520) 1161.6 (18,358.40)
6 (16,000) (1,760) 580.8 (17,179.20)
inflación
incremento
TX
tasa KT

AÑO INV. ACT KT INV. KT DEPRECIACIÓN


0 95,000 25,000 25,000
1 25,750 750.00 11,083
2 26,523 772.50 11,083
3 27,318 795.68 11,083
4 28,138 819.55 11,083
5 28,982 844.13 11,083
6 29,851 869.46 11,083
3% venta acr 30,000
10500 valor libros 28,500
33% suma dep 66,500
80% utilidad venta act 1,500
impuesto venta act 495

U.OPERACIONAL EBITDA DEPRECIACION ACE UO ACE UODI DEPRECIACION

-6000 5,083 33,250 (28,167) -18871.667 33,250


4,500 15,583 16,625 (1,042) -697.91667 16,625
15,000 26,083 16,625 9,458 6337.08333 16,625
25,500 36,583 36,583 24510.8333 -
36,000 47,083 47,083 31545.8333 -
46,500 57,583 57,583 38580.8333 -
INV KT REC DE KT INV EN ASCTVSNT FCL

- 25,000 - 95,000
- 750
- 773
- 796
- 820
- 844 25851.23222 29,505
AÑO INV EN ACTIVOS
0 80,000
1
2
3
4
5
6

FINANCIACIÓN 45%
INTERESES 16%

AÑO DESEMBOLSO AMORT INTS


0 42,750 -
1 6,840
2 6,840
3 6,840
4 6,840
5 6,840
6 42,750 6,840

FCL FCF FCDA


- 95,000 42,750 - 52,250
12,733 5,562 18,295
14,547 5,038 19,585
16,097 3,879 19,976
19,549 2,431 21,980
23,870 621 24,490
282,218 49,596 331,814
- - -
- -
-
Impuesto 25% WACC 15%
Inflación 4% G 1.50%
Incremento 25% FCL 6 29,276
EBIDTA 35% FCL 7 29,715
V. salvament 15%
Tx interes de oportunidad 16% tir

KT INV EN KT DEPRECIACI VENTAS EBITDA UO UODI


15,000 15,000
15,600 600 11,333 40,000 14,000 2,667 2,000
16,224 624 11,333 47,000 16,450 5,117 3,838
16,873 649 11,333 53,000 18,550 7,217 5,413
17,548 675 11,333 66,250 23,188 11,854 8,891
18,250 702 11,333 82,813 28,984 17,651 13,238
18,980 730 11,333 103,516 36,230 24,897 18,673

SALDO AÑO DESEM AMORT INTS BT


42,750 - 42,750
42,750 1 6,840 -1279.1667
42,750 2 6,840 -1804.1667
42,750 3 6,840 -2963.5417
42,750 4 6,840 -4412.7604
42,750 5 6,840 -6224.2839
- 6 42,750 6,840 0
31%

DEPRECIACI INV EN KT INV EN ACT VALOR RESIDUAL FCL


(15,000) (80,000) - 95,000
11,333 (600) 12,733
11,333 (624) 14,547
11,333 (649) 16,097
11,333 (675) 19,549
11,333 (702) 23,870
11,333 (730) 228,044.48 282,218

FCF
42,750
5,562
5,038
3,879
2,431
621
49,596
Impuesto 25%
Inflación 4%
Incremento 25%
EBIDTA 35%
Valor salvamento 15%
Tx interes de op. 16%

AÑO INV. ACT KT INV. KT


0 80,000 15,000 15,000
1 15,600 600
2 16,224 624
3 16,873 649
4 17,548 675
5 18,250 702
6 18,980 730
WACC 15%
g 1.50%
FCL 6 26,443
FCL 7 26,840

DEPRECIACIÓN VENTAS EBITDA U OPERACIONAL UODI DEPRECIACIÓN INV. KT


(15,000)
27,200 40,000 14,000 (13,200) - 9,900 27,200 (600)
27,200 47,000 16,450 (10,750) - 8,063 27,200 (624)
13,600 53,000 18,550 4,950 3,713 13,600 (649)
66,250 23,188 23,188 17,391 - (675)
82,813 28,984 28,984 21,738 - (702)
103,516 36,230 36,230 27,173 - (730)
TIR 29%

INV. ACT VALOR RESIDUAL FCL


(80,000) - 95,000
16,700
18,514
16,664
16,716
21,036
205,974.47 232,417