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DATO IMPORTANTE Fecha Inicio del Curso 7/30/2018

INVERSIONES MONTO NETO VIDA ÚTIL NORMAL (AÑOS)


SALA DE ORDEÑA PORTÁTIL $ 15,000,000 15
POZO PURINERO $ 40,000,000 10
POZO DE RIEGO $ 100,000,000 20
NUEVOS CAMINOS $ 80,000,000 20
TOROS $ 36,000,000 5
CASA-CASINO $ 30,000,000 20
CAMIONETA $ 18,000,000 7

FINANCIAMIENTO MIXTO
PATRIMONIO 30%
DEUDA FINANCIERA 70%
PRESTAMO (AÑOS) 10
TASA (ANUAL) 7.80%
IMPUESTO TIMBRE Y ESTAMPILLAS (ANUAL) 0.80%
NOTARIO $ 100,000.00

Precios de ganado en tabla fegosa Osorno al 30 de julio, usamos precio


promedio, Vaquillas Gordas, Vacas Gordas, terneros, terneras.
Se proyectaran los precios a 5 años debido al horizonte de evaluación del proyecto.

7/30/2018
Especie Precio Promedio ($ Peso Cada Vaquilla
Vaquillas Gordas 1229.7
Vacas Gordas 1106.66
Terneros 1739.12
Terneras 1431.48
MAL (AÑOS) COSTOS VARIABLES

STAFF SUELDO FIJO EMPRESA X MESBONO VARIABLE X MESTIPO DE CONTRATO


1 LECHERO 800,000 1,5 $/Litro INDEFINIDO
1 AYUDANTE LECEHERÍA 600,000 1 $/Litro INDEFINIDO
1 AYUDANTE ARREO 270,000 0,5 $/Litro INDEFINIDO

Jornada Lunes a Sábado 7,5 horas por día


Extensión de Jornada 6 horas por semana

os precio

uación del proyecto.

Meses Descripción
6 a 24
25-
25-
0a5
CONTRATO
CALCULO TASA DE DESCUENTO FUNDO LOS CIPRESES

DETERMINACIÓN DEL CAPM CAPM (Re) Rf+βx(Rm-Rf)


Donde Descripción Valores
Re CAPM 2.94
Beta apalancado de acuerdo a la
β deuda y patrimonio asociado al 0.42
proyecto (Empresa)
Rm Tasa de rentabilidad de mercado 0.15

Rf Tasa libre de riesgo (BCP) 4.96

CAPM (Re) 2.9398

DETERMINACIÓN DEL WACC WACC (r) Re x E/A + Rd x(1-T) xD/A

Donde Descripción Valores


Re Rentabilidad del Patrimonio 2.9398
E Patrimonio
A Activo $ 319,000,000
Rd Interes de la Deuda 0.078
T Impuesto primera categoría 0.27
D Deuda $ 223,300,000
A Activo $ 319,000,000
WACC (r) 4.0%

Activo (A)= Deuda(D)+Patrimonio(E)


ESES

Fuente

www.reuters.com

Información caso
https://si3.bcentral
.cl/Boletin/secure/
boletin.aspx?
idCanasta=1MRM
W2951

+ Rd x(1-T) xD/A

Tasa de Descuesto
Precio Real por Litro pagado a Productor por
Metropolitana Bío Bío Araucanía
Variacion Variacion
2014 2015 2014 2015 2014
15/14 15/14
Enero 258.85 238.64 -0.078 248.47 230.18 -0.074 244.93
Febrero 263.2 236.2 -0.103 249.94 227.55 -0.09 248.52
Marzo 266.63 237.46 -0.109 256.31 228.55 -0.108 251.49
Abril 267.43 239.03 -0.106 259.16 235.45 -0.091 255.02
Mayo 295.35 261.49 -0.115 268.65 247.7 -0.078 271.79
Junio 296.12 259.36 -0.124 272.38 246.71 -0.094 271.66
Julio 295.26 259.67 -0.121 274.8 245.49 -0.107 263.54
Agosto 293.24 250.69 -0.145 275.44 235.88 -0.144 260.08
Septiembre 269.5 212.09 -0.213 268.28 211.76 -0.211 250.88
Octubre 265.21 210.34 -0.207 256.17 206.59 -0.194 242.05
Noviembre 261.78 209.62 -0.199 255.79 206.4 -0.193 230.29
Diciembre 259.69 207.78 -0.2 251.81 205.01 -0.186 229.12

Precio Real por Litro pagado a Productor por


Metropolitana Bío Bío Araucanía
Variacion Variacion
2016 2017 2016 2017 2016
16/17 16/17
Enero 222.72 240.26 0.079 219.28 221.88 0.012 207.92
Febrero 224.35 243.61 0.086 227.34 226.65 -0.003 208.23
Marzo 229.76 245.95 0.07 233.7 226.63 -0.03 214.72
Abril 256.51 268.82 0.048 252.56 246.79 -0.023 232.42
Mayo 254.89 271.07 0.063 251.16 254.25 0.012 227.72
Junio 260.2 274.48 0.055 254.03 244.66 -0.037 227.27
Julio 255.96 271.68 0.061 249.96 240.18 -0.039 226.04
Agosto 257.9 275.14 0.067 246.87 240.37 -0.026 219.28
Septiembre 227.63 242.21 0.064 233.72 233.12 -0.003 213.08
Octubre 244.4 241.79 -0.011 225.36 234.66 0.041 215.31
Noviembre 234.61 240.9 0.027 221.74 235.87 0.064 208.96
Diciembre 233.96 246.63 0.054 221.9 230.72 0.04 212.81
Promedio 241.81 255.16 0.055 235.82 235.3 -0.002 216.82
ene-dic

Precio Real por Litro pagado a Productor por


Metropolitana Bío Bío Araucanía
Variacion Variacion
2017 2018 2017 2018 2017
17/18 17/18
Enero 242.65 246.96 0.018 224.16 230.88 0.03 232.91
Febrero 246.42 247.61 0.005 228.98 231.73 0.012 227.52
Marzo 247.19 249.23 0.008 228.97 237.58 0.038 234.74
Abril 272.33 277.36 0.018 249.33 245.67 -0.015 244.54
Mayo 275.53 256.87 247.01
Junio 277.99 247.18 238.99
Julio 275.01 242.66 247.31
Agosto 278.11 242.85 243.07
Septiembre 245.52 235.52 232.41
Octubre 242.31 237.08 225.78
Noviembre 244.62 238.3 226
Diciembre 249.01 233.09 226.21

Los Lagos
Serie
Centrado de Variacion
Año Mes Precio IVE Ajustada Trimestral
la Tendencia Mensual Mensual
Enero 232.53 0.88 231.65
Febrero 239.76 236.15 3.62 0.52 239.24
Marzo 246.85 243.31 3.54 2.17 244.68 239.71
Abril 250.96 248.91 2.06 1.04 249.92
Mayo 259.47 255.22 4.26 1.24 258.23
Junio 254.18 256.83 -2.65 -0.62 254.80 254.87
2014
Julio 247.55 250.87 -3.32 -0.94 248.49
Agosto 248.2 247.88 0.32 -0.64 248.84
Septiembre 241.34 244.77 -3.43 -1.64 242.98 245.70
Octubre 236.48 238.91 -2.43 -1.31 237.79
Noviembre 229.48 232.98 -3.50 -0.20 229.68
Diciembre 227.04 228.26 -1.22 -0.94 227.98 231.00
Enero 216.32 221.68 -5.36 0.88 215.44
Febrero 210.9 213.61 -2.71 0.52 210.38
Marzo 219.95 215.43 4.52 2.17 217.78 215.72
Abril 226.58 223.27 3.32 1.04 225.54
Mayo 232.6 229.59 3.01 1.24 231.36
Junio 232.51 232.56 -0.05 -0.62 233.13 230.56
2015
Julio 225.91 229.21 -3.30 -0.94 226.85
Agosto 214.35 220.13 -5.78 -0.64 214.99
Septiembre 205.45 209.90 -4.45 -1.64 207.09 215.24
Octubre 191.39 198.42 -7.03 -1.31 192.70
Noviembre 191.45 191.42 0.03 -0.20 191.65
Diciembre 182.93 187.19 -4.26 -0.94 183.87 188.59
Enero 194.08 188.51 5.58 0.88 193.20
Febrero 195.93 195.01 0.93 0.52 195.41
Marzo 205.92 200.93 4.99 2.17 203.75 198.64
Abril 214.59 210.26 4.34 1.04 213.55
Mayo 215.41 215.00 0.41 1.24 214.17
Junio 214.48 214.95 -0.47 -0.62 215.10 214.83
2016
Julio 214.58 214.53 0.05 -0.94 215.52
Agosto 212.17 213.38 -1.21 -0.64 212.81
Septiembre 207.65 209.91 -2.26 -1.64 209.29 211.47
Octubre 202.53 205.09 -2.56 -1.31 203.84
Noviembre 200.89 201.71 -0.82 -0.20 201.09
Diciembre 201.33 201.11 0.22 -0.94 202.27 201.58
Enero 211.92 206.63 5.29 0.88 211.04
Febrero 216.31 214.12 2.20 0.52 215.79
Marzo 225.62 220.97 4.66 2.17 223.45 217.95
Abril 225.08 225.35 -0.27 1.04 224.04
Mayo 240.1 232.59 7.51 1.24 238.86
Junio 235.34 237.72 -2.38 -0.62 235.96 233.51
2017
Julio 230.56 232.95 -2.39 -0.94 231.50
Agosto 231.54 231.05 0.49 -0.64 232.18
Septiembre 219.65 225.60 -5.95 -1.64 221.29 227.25
Octubre 217.13 218.39 -1.26 -1.31 218.44
Noviembre 221.07 219.10 1.97 -0.20 221.27
Diciembre 214.47 217.77 -3.30 -0.94 215.41 217.56
Enero 218.3 216.39 1.92 0.88 217.42
Febrero 220.27 219.29 0.98 0.52 219.75
Marzo 227.99 224.13 3.86 2.17 225.82 222.19
Abril 230.51 229.25 1.26 1.04 229.47
Mayo 225.58 228.04 -2.47 1.24 224.34
Junio 224.37 224.97 -0.61 -0.62 224.99 226.82
2018
Julio 223.45 223.91 -0.46 -0.94 224.40
Agosto 222.86 223.16 -0.30 -0.64 223.50
Septiembre 222.14 222.50 -0.36 -1.64 223.78 222.82
Octubre 222.34 222.24 0.10 -1.31 223.65
Noviembre 222.78 222.56 0.22 -0.20 222.98
Diciembre 222.92 222.85 0.07 -0.94 223.86 222.68
Enero 223.63 223.27 0.35 0.88 222.75
Febrero 224.07 223.85 0.22 0.52 223.55
Marzo 224.39 224.23 0.16 2.17 222.22 224.03
Abril 224.09 224.24 -0.15 1.04 223.04
Mayo 223.55 223.82 -0.27 1.24 222.32
Junio 223.38 223.47 -0.08 -0.62 224.01 223.67
2019
Julio 223.30 223.34 -0.04 -0.94 224.24
Agosto 223.29 223.29 -0.01 -0.64 223.93
Septiembre 223.32 223.30 0.02 -1.64 224.96 223.30
Octubre 223.42 223.37 0.05 -1.31 224.73
Noviembre 223.51 223.47 0.04 -0.20 223.72
Diciembre 223.57 223.54 0.03 -0.94 224.51
Enero 223.63 223.60 0.03 0.88 222.75
Febrero 223.63 223.63 0.00 0.52 223.10
Marzo 223.59 223.61 -0.02 2.17 221.42
Abril 223.52 223.56 -0.03 1.04 222.48
Mayo 223.48 223.50 -0.02 1.24 222.24
Junio 223.47 223.47 0.00 -0.62 224.09
2020
Julio 223.48 223.47 0.00 -0.94 224.42
Agosto 223.49 223.48 0.01 -0.64 224.14
Septiembre 223.51 223.50 0.01 -1.64 225.15
Octubre 223.52 223.52 0.01 -1.31 224.83
Noviembre 223.53 223.53 0.00 -0.20 223.74
Diciembre 223.53 223.53 0.00 -0.94 224.48
Enero 223.53 223.53 0.00 0.88 222.66
Febrero 223.52 223.53 0.00 0.52 223.00
Marzo 223.52 223.52 0.00 2.17 221.35
Abril 223.51 223.51 0.00 1.04 222.47
Mayo 223.51 223.51 0.00 1.24 222.27
Junio 223.51 223.51 0.00 -0.62 224.13
2021
Julio 223.51 223.51 0.00 -0.94 224.46
Agosto 223.52 223.52 0.00 -0.64 224.16
Septiembre 223.52 223.52 0.00 -1.64 225.16
Octubre 223.52 223.52 0.00 -1.31 224.83
Noviembre 223.52 223.52 0.00 -0.20 223.72
Diciembre 223.52 223.52 0.00 -0.94 224.46
Enero 223.52 223.52 0.00 0.88 222.64
Febrero 223.52 223.52 0.00 0.52 222.99
Marzo 223.52 223.52 0.00 2.17 221.35
Abril 223.52 223.52 0.00 1.04 222.47
Mayo 223.52 223.52 0.00 1.24 222.28
Junio 223.52 223.52 0.00 -0.62 224.14
2022
Julio 223.52 223.52 0.00 -0.94 224.46
Agosto 223.52 223.52 0.00 -0.64 224.16
Septiembre 223.52 223.52 0.00 -1.64 225.16
Octubre 223.52 223.52 0.00 -1.31 224.83
Noviembre 223.52 223.52 0.00 -0.20 223.72
Diciembre 223.52 223.52 0.00 -0.94 224.46
Enero 223.52 223.52 0.00 0.88 222.64
Febrero 223.52 223.52 0.00 0.52 222.99
Marzo 223.52 223.52 0.00 2.17 221.35
Abril 223.52 223.52 0.00 1.04 222.48
Mayo 223.52 223.52 0.00 1.24 222.28
Junio 223.52 223.52 0.00 -0.62 224.14
2023
Julio 223.52 223.52 0.00 -0.94 224.46
Agosto 223.52 223.52 0.00 -0.64 224.16
Septiembre 223.52 223.52 0.00 -1.64 225.16
Octubre 223.52 223.52 0.00 -1.31 224.83
Noviembre 223.52 223.52 0.00 -0.20 223.72
Diciembre 223.52 223.52 0.00 -0.94 224.46
r Litro pagado a Productor por Región, ($febrero2016) Informe FEDELECHE
Araucanía Los Rios Los Lagos
Variacion Variacion Variacion
2015 2014 2015 2014 2015
15/14 15/14 15/14
226.02 -0.077 224.3 198.7 -0.114 232.53 216.32 -0.07
217.03 -0.127 230.88 207.12 -0.103 239.76 210.9 -0.12
221.01 -0.121 242.7 213.93 -0.119 246.85 219.95 -0.109
223.22 -0.125 245.3 216.54 -0.117 250.96 226.58 -0.097
237.82 -0.125 254.92 220.89 -0.133 259.47 232.6 -0.104
243.51 -0.104 253.6 220.23 -0.132 254.18 232.51 -0.085
250.46 -0.05 245.39 217.17 -0.115 247.55 225.91 -0.087
243.73 -0.063 243.6 210.45 -0.136 248.2 214.35 -0.136
213.74 -0.148 232.75 190.24 -0.183 241.34 205.45 -0.149
198.85 -0.178 225.86 187.94 -0.168 236.48 191.39 -0.191
198.61 -0.138 219.81 185.89 -0.154 229.48 191.45 -0.166
198.56 -0.133 217.22 183.2 -0.157 227.04 182.93 -0.194

r Litro pagado a Productor por Región, ($febrero2018) Informe FEDELECHE


Araucanía Los Rios Los Lagos
Variacion Variacion Variacion
2017 2016 2017 2016 2017
16/17 16/17 16/17
230.54 0.109 188.66 211.55 0.121 194.08 211.92 0.092
225.2 0.081 197.51 215.97 0.093 195.93 216.31 0.104
232.34 0.082 206.91 228.38 0.104 205.92 225.62 0.096
242.04 0.041 213.29 231.22 0.084 214.59 225.08 0.049
244.49 0.074 209.38 237.73 0.135 215.41 240.1 0.115
236.55 0.041 207.65 235.44 0.134 214.48 235.34 0.097
244.79 0.083 205.05 230.72 0.125 214.58 230.56 0.074
240.59 0.097 202.53 229.29 0.132 212.17 231.54 0.091
230.04 0.08 196 220.62 0.126 207.65 219.65 0.058
223.48 0.038 194.13 213.28 0.099 202.53 217.13 0.072
223.69 0.07 192.56 217.01 0.127 200.89 221.07 0.1
224.73 0.056 190.4 208.1 0.093 201.33 214.47 0.065

231.86 0.069 198.88 221.74 0.115 204.99 222.42 0.085

r Litro pagado a Productor por Región, ($febrero2018) Informe FEDELECHE


Araucanía Los Rios Los Lagos
Variacion Variacion Variacion
2018 2017 2018 2017 2018
17/18 17/18 17/18
225.29 -0.033 213.73 211.6 -0.01 214.41 218.3 0.018
227.3 -0.001 218.19 218.51 0.001 218.89 220.27 0.006
236.09 0.006 230.73 229.6 -0.005 227.91 227.99 0
239.2 -0.022 233.6 233.21 -0.002 227.82 230.51 0.012
240.18 242.14
237.86 237.72
233.09 233.39
231.66 233.96
222.89 222.7
215.47 220.07
219.25 223.4
210.25 217.13

Serie
Centrado de Variacion IVE Ajustada Enero Febrero
la Tendencia Mensual Trimestral
2014 3.6
2015 -5.4 -2.7
-7.77 254.62 2016 5.6 0.9
2017 5.3 2.2
2018 1.9 1.0
247.29 -6.89 -5.50 259.68 2019 0.4 0.2
2020 0.0 0.0
2021 0.0 0.0
250.28 8.94 7.58 233.76 2022 0.0 0.0
2023 0.0 0.0

238.35 11.31 8.65 218.39 Prom IVE 0.9 0.5


0.9 0.5

223.36 3.41 -7.77 227.72


Trimestral I II
2014 -6.89
223.14 -9.37 -5.50 238.01 2015 3.41 -9.37
2016 -12.30 -7.74
2017 -15.85 -9.61
222.90 17.45 7.58 197.87 2018 -8.12 0.14
2019 -1.03 0.47

201.91 18.98 8.65 174.28 Prom IVE -6.78 -5.50


-7.77 -5.50

193.62 -12.30 -7.77 213.69

206.74 -7.74 -5.50 219.98

213.15 5.50 7.58 200.07


206.53 5.20 8.65 192.68

209.77 -15.85 -7.77 233.39

225.73 -9.61 -5.50 240.84

230.38 10.73 7.58 212.07

222.40 7.93 8.65 205.82

219.87 -8.12 -7.77 235.76

224.50 0.14 -5.50 229.87

224.82 2.68 7.58 214.56

222.75 -0.17 8.65 214.27

223.35 -1.03 -7.77 232.15

223.85 0.47 -5.50 228.88

223.49 0.17 7.58 215.75

8.65 214.92
Pais
Variacion
2014 2015 15/14
233.75 213.81 -0.085
239.93 213.36 -0.111
247.95 220.22 -0.112
251.31 224.76 -0.106
262.46 232.52 -0.114
260.66 232.77 -0.107
255.13 229.83 -0.099
253.66 220.21 -0.132
243.21 201.72 -0.171
236.3 192.68 -0.185
229.71 191.88 -0.165
227.37 186.89 -0.178

Pais
Variacion
2016 2017
16/17
196.82 215.13 0.093
202.05 219.07 0.084
211.23 228.06 0.08
222.28 232.24 0.045
220.82 242.77 0.099
221.44 240.43 0.086
220.13 237.03 0.077
216.6 236.51 0.092
207.62 223.28 0.075
204.23 218.88 0.072
201.61 222 0.101
201.48 216.16 0.073

208.85 226.03 8.2

Pais
Variacion
2017 2018 17/18
217.76 219.68 0.009
221.82 223.28 0.007
230.49 231.67 0.005
235.18 237.33 0.009
245.58
243.35
239.97
239.11
226.11
221.49
224.56
218.77

Marzo Abril Mayo Junio Julio Agosto Septiembre Octubre

3.5 2.1 4.3 -2.6 -3.3 0.3 -3.4 -2.4


4.5 3.3 3.0 0.0 -3.3 -5.8 -4.4 -7.0
5.0 4.3 0.4 -0.5 0.1 -1.2 -2.3 -2.6
4.7 -0.3 7.5 -2.4 -2.4 0.5 -5.9 -1.3
3.9 1.3 -2.5 -0.6 -0.5 -0.3 -0.4 0.1
0.2 -0.2 -0.3 -0.1 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2.2 1.0 1.2 -0.6 -0.9 -0.6 -1.6 -1.3


2.2 1.0 1.2 -0.6 -0.9 -0.6 -1.6 -1.3

III IV
8.94 11.31
17.45 18.98
5.50 5.20
10.73 7.93
2.68 -0.17
0.17

7.58 8.65 0.98662392


7.58 8.65
Noviembre Diciembre

-3.5 -1.2
0.0 -4.3
-0.8 0.2
2.0 -3.3
0.2 0.1
0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0

-0.2 -0.9 0.0


-0.2 -0.9
CATEGORÍA INSEMINAR Porcentaje Descripción
OCTUBRE 30% 3% Muertes al Parto (Terneros(as))
NOVIEMBRE 30% 15% Muertes y eliminación
DICIEMBRE 40% 9% Reducción masa ordeña por secado

AÑO 0 AÑO 1
2018 2019
MES/CATEGORÍA INSEMINAR NACIDAS TERNERO/A ORDEÑAR INSEMINAR
TOTAL 2000 1700
Enero
Febrero
Marzo
Abril
Mayo
Junio
Julio
Agosto
Septiembre
Octubre 600 510
Noviembre 600 510
Diciembre 800 680
TOTAL ANUAL 2000 0 0 1700

LECHE VACA x DIA PARICION 1 PARICION 2 PARICION 3 PARICION 4 PARICION 5


Cantidad 16 20 22 26 30
MESX DIA 30

2019 2020 2021


AÑO 1 AÑO 2 AÑO 3
ORDEÑAR (A) LITROS (A) ORDEÑAR (A) LITROS (A) ORDEÑAR (A)
Enero 1,820 873,600 1,547
Febrero 1,092 524,160 928
Marzo 546 262,080 464
Abril 0 0 0
Mayo 0 0 0
Junio 0 0 0
Julio 546 262,080 464 278,460 394
Agosto 1,092 524,160 928 556,920 789
Septiembre 1,820 873,600 1,547 928,200 1,315
Octubre 1,820 873,600 1,547 928,200 1,315
Noviembre 1,820 873,600 1,547 928,200 1,315
Diciembre 1,820 873,600 1,547 928,200 1,315
TOTAL ANUAL 8,918 4,280,640 11,038 6,208,020 9,383
MASA DE STOCK GANADO POR AÑO
Porcentaje Descripción
50% TERNEROS
50% TERNERAS
a por secado

FLUJO REPRODUCCIÓN (2018-2023)


AÑO 1 AÑO 2 AÑO 3
2019 2020 2021
NACIDAS TERNERO/A ORDEÑAR INSEMINAR NACIDAS TERNERO/A ORDEÑARINSEMINAR
1940 970 1820 2415 1649 825 1547 3702
1820
1092
546

582 291 546 495 247 464


582 291 1092 495 247 928
776 388 1820 660 330 1547
1820 725 1547 1111
1820 725 1547 1111
1820 966 1547 1481
1940 970 2415 1649 825 3702

FLUJO ORDEÑAR (2019-2023)


2021 2022
AÑO 3 AÑO 4
ORDEÑAR (B) LITROS (A) LITROS (B) ORDEÑAR (A) ORDEÑAR (B) ORDEÑAR (C) LITROS (A) LITROS (B)
928,200 1,315 883 867,867 423,696
556,920 789 530 520,720 254,218
278,460 394 265 260,360 127,109
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
265 260,360 127,109 335 225 450 261,544 135,053
530 520,720 254,218 671 450 900 523,087 270,106
883 867,867 423,696 1,118 750 1,501 871,812 450,177
883 867,867 423,696 1,118 750 1,501 871,812 450,177
883 867,867 423,696 1,118 750 1,501 871,812 450,177
883 867,867 423,696 1,118 750 1,501 871,812 450,177
4,325 6,016,128 2,076,110 7,975 5,354 7,353 5,920,825 3,010,890
AÑO 3 AÑO 4 AÑO 5
2021 2022 2023
NACIDAS TERNERO/A ORDEÑAR INSEMINAR NACIDAS TERNERO/A ORDEÑAR INSEMINAR
2343 1171 2198 5489 3591 1795 3369 8256
1547 2198
928 1319
464 659

703 351 659 1077 539 1011


703 351 1319 1077 539 2021
937 469 2198 1436 718 3369
2198 1647 3369 2477
2198 1647 3369 2477
2198 2196 3369 3303
2343 1171 5489 3591 1795 8256

2023
AÑO 5
LITROS (C) ORDEÑAR (A) ORDEÑAR (B) ORDEÑAR (C) ORDEÑAR (D) LITROS (A) LITROS (B) LITROS (C)
1,118 750 1,501 871,812 450,177 720,283
671 450 900 523,087 270,106 432,170
335 225 450 261,544 135,053 216,085
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
216,085 285 191 383 640 256,514 126,275 229,590
432,170 570 383 765 1,279 513,028 252,549 459,181
720,283 950 638 1,276 2,132 855,046 420,915 765,301
720,283 950 638 1,276 2,132 855,046 420,915 765,301
720,283 950 638 1,276 2,132 855,046 420,915 765,301
720,283 950 638 1,276 2,132 855,046 420,915 765,301
3,529,388 6,779 4,551 9,101 10,445 5,846,169 2,917,822 5,118,512
AÑO 5
2023
NACIDAS TERNERO/A ORDEÑAR
5324 2662 4995
3369
2021
1011

1597 799 1499


1597 799 2997
2130 1065 4995
4995
4995
4995
5324 2662

TOTAL PRODUCCION DE LECHE x MES


LITROS (D) 2019 2020 2021 2022 2023
Enero 0 873,600 928,200 1,291,563 2,042,272
Febrero 0 524,160 556,920 774,938 1,225,363
Marzo 0 262,080 278,460 387,469 612,682
Abril 0 0 0 0 0
Mayo 0 0 0 0 0
Junio 0 0 0 0 0
306,968 Julio 262,080 278,460 387,469 612,682 919,347
613,936 Agosto 524,160 556,920 774,938 1,225,363 1,838,693
1,023,226 Septiembre 873,600 928,200 1,291,563 2,042,272 3,064,488
1,023,226 Octubre 873,600 928,200 1,291,563 2,042,272 3,064,488
1,023,226 Noviembre 873,600 928,200 1,291,563 2,042,272 3,064,488
1,023,226 Diciembre 873,600 928,200 1,291,563 2,042,272 3,064,488
5,013,807 0 0 4,280,640 6,208,020 8,092,239 12,461,103 18,896,310
CAPITAL DE TRABAJO AÑO 2018

ENERO FEBRERO MARZO ABRIL MAYO


Ingresos
Vaquillas raza Holstein
Inseminación (30%-40%)

Costos Fijos
Costo Energía -3,000,000 -3,000,000 -3,000,000 -3,000,000 -3,000,000
Costo combustible generador -200,000 -200,000 -200,000 -200,000 -200,000
Costo combustible camioneta -250,000 -250,000 -250,000 -250,000 -250,000
Costo servicios veterinarios -600,000 -600,000 -600,000 -600,000 -600,000
Costos Variables
Forraje -48,600,000 -48,600,000 -48,600,000 -48,600,000 -48,600,000
Concentrado -45,000,000 -45,000,000 -45,000,000 -45,000,000 -45,000,000
Sales Minerales -800,000 -800,000 -800,000 -800,000 -800,000
Sustituto Lacteo 0 0 0 0 0
Costos Inseminación

Sueldos
Lechero -800,000 -800,000 -800,000 -800,000 -800,000
Ayudante Lechería -600,000 -600,000 -600,000 -600,000 -600,000
Ayudante Arrero 270,000 270,000 270,000 270,000 270,000
Imposiciones período anterior
Imposiciones período actual
Costos de Mantención (Año 1)
Sala de Ordeña Portátil -12,500 -12,500 -12,500 -12,500 -12,500
Pozo Purinero -66,667 -66,667 -66,667 -66,667 -66,667
Pozo de Riesgo -166,667 -166,667 -166,667 -166,667 -166,667
Camioneta -30,000 -30,000 -30,000 -30,000 -30,000
Proceso de Inseminación
Inseminación

Saldo de Bancos Final -99,855,833 -99,855,833 -99,855,833 -99,855,833 -99,855,833


Déficit Acumulado -99,855,833 -199,711,667 -299,567,500 -399,423,333 -499,279,167
Máximo Deficit Acumulado -1,205,268,416
AL DE TRABAJO AÑO 2018

JUNIO JULIO AGOSTO SEPTIEMBRE OCTUBRE NOVIEMBRE DICIEMBRE

Err:501
Err:501 Err:501 Err:501

-3,000,000 -3,000,000 -3,000,000 -3,000,000 -3,000,000 -3,000,000 -3,000,000


-200,000 -200,000 -200,000 -200,000 -200,000 -200,000 -200,000
-250,000 -250,000 -250,000 -250,000 -250,000 -250,000 -250,000
-600,000 -600,000 -600,000 -600,000 -600,000 -600,000 -600,000

-48,600,000 -48,600,000 -48,600,000 -48,600,000 -41,310,000 -41,310,000 -47,595,600


-45,000,000 -45,000,000 -45,000,000 -45,000,000 -38,250,000 -38,250,000 -60,075,000
-800,000 -800,000 -800,000 -800,000 -680,000 -680,000 -941,900
0 0 0 0 -6,000,000 -6,000,000 -8,000,000

-800,000 -800,000 -800,000 -800,000 -800,000 -800,000 -800,000


-600,000 -600,000 -600,000 -600,000 -600,000 -600,000 -600,000
270,000 270,000 270,000 270,000 270,000 270,000 270,000

-12,500 -12,500 -12,500 -12,500 -12,500 -12,500 -12,500


-66,667 -66,667 -66,667 -66,667 -66,667 -66,667 -66,667
-166,667 -166,667 -166,667 -166,667 -166,667 -166,667 -166,667
-30,000 -30,000 -30,000 -30,000 -30,000 -30,000 -30,000

-600,000 -600,000 -800,000

-99,855,833 -99,855,833 -99,408,823 -99,855,833 -92,161,641 -92,162,043 -122,689,242


-599,135,000 -698,990,833 -798,399,657 -898,255,490 -990,417,131 -1,082,579,174 -1,205,268,416
INVERSIONES MONTO NETO
SALA DE ORDEÑA PORTÁTIL $ 15,000,000.00
POZO PURINERO $ 40,000,000.00
POZO DE RIEGO $ 100,000,000.00

NUEVOS CAMINOS $ 80,000,000.00


TOROS $ 36,000,000.00
CASA-CASINO $ 30,000,000.00
CAMIONETA $ 18,000,000.00
FLUJO DE CAJA ($)
ÍTEM ENERO FEBRERO MARZO
Ingresos x Ventas 0 0 0
Costos Variables 0 0 0
Costos Fijos
Gastos por Intereses -1,451,450 -1,443,427 -1,435,353
Depreciación

Pérdidas del Ejercicio Anterior -1,451,450 -2,894,877


Utilidad Antes de Impuesto (UAI) -1,451,450 -2,894,877 -4,330,230
Impuestos (27%)
Créditos (al activo fijo)
Utilidad Despues de Impuestos (UDI) -1,451,450 -2,894,877 -4,330,230
Pérdidas del Ejercicio Anterior 0 1,451,450 2,894,877
Depreciación 1,451,450 1,443,427 1,435,353
Amortizaciones -1,234,255 -1,242,277 -1,250,352
Préstamo
Capital de Trabajo
Recuperación capital de trabajo
IVA Ventas
IVA Inversión
Valor Residual
Inversión

Flujo de Caja Neto -1,234,255 -1,242,277 -1,250,352

FLUJO ACUMULADO -1,234,255 -2,476,532 -3,726,884

Período anterior al cambio de signo 17


Valor absoluto del flujo acumulado 2,512,989,405
Flujo de caja en siguiente periodo 5,841,094,521

Payback (Meses) 17.4

INDICADORES VALOR
WACC Err:501
VPN $ 455,843,460,446 SE ACEPTA EL PROYECTO
TIR 36% Se acepta el proyecto TIR>WACC
PAYBACK 17.4

Análisis de Sensibilidad:
a) VPN vs Tasa de Descuento

Tasa de Descuento VPN


10% $ 128,256,530,837
Proyecto Rentable VPN>0
40% $ 5,876,731,020

b) Costo de Forraje

Costo Forraje ($/kg) VPN


30 $ 13,099,295,544
Proyecto Rentable VPN>0
60 $ 1,511,996,501

c) Precio de la Leche

Precio de la Leche ($/lt) VPN


190 $ 866,102,574,847
Proyecto Rentable VPN>0
240 ###
2018
AÑO 0
ABRIL MAYO JUNIO JULIO AGOSTO SEPTIEMBRE OCTUBRE
0 0 0 0 0 0 0
0 0 0 0 -4,050,000 -4,050,000 -4,050,000
-94,400,000 -94,400,000 -100,400,000
-1,427,225 -1,419,045 -1,410,812 -1,402,525 -1,394,184 -1,385,790 -1,377,340

-4,330,230 -5,757,455 -7,176,500 -8,587,312 -9,989,837 -109,834,022 -209,669,811


-5,757,455 -7,176,500 -8,587,312 -9,989,837 -109,834,022 -209,669,811 -315,497,151

2,083,333 2,083,333 2,083,333


-5,757,455 -7,176,500 -8,587,312 -9,989,837 -107,750,688 -207,586,478 -313,413,818
4,330,230 5,757,455 7,176,500 8,587,312 9,989,837 109,834,022 209,669,811
1,427,225 1,419,045 1,410,812 1,402,525 1,394,184 1,385,790 1,377,340
-1,258,479 -1,266,659 -1,274,893 -1,283,179 -1,291,520 -1,299,915 -1,308,364
223,300,000
Err:501

-70,870,000 70,870,000

-373,000,000

-1,258,479 -1,266,659 -1,274,893 -1,427,121,596 -26,788,187 -97,666,582 -103,675,031

-4,985,363 -6,252,022 -7,526,915 -1,434,648,510 -1,461,436,697 -1,559,103,279 -1,662,778,310


NOVIEMBRE DICIEMBRE ENERO FEBRERO MARZO ABRIL MAYO
0 0 0 0 0 0 0
-4,050,000 -4,050,000 -4,050,000 -4,050,000 -4,050,000 -4,050,000 -4,050,000
-100,400,000 -102,400,000 -94,400,000 -94,400,000 -94,400,000 -94,400,000 -94,400,000
-1,368,836 -1,360,276 -1,351,661 -1,342,989 -1,334,262 -1,325,477 -1,316,636
-42,000,000

-315,497,151 -421,315,987 -571,126,263 -670,927,924 -770,720,913 -870,505,175 -970,280,652


-421,315,987 -571,126,263 -670,927,924 -770,720,913 -870,505,175 -970,280,652 -1,070,047,288

2,083,333 2,083,333
-419,232,654 -569,042,930 -670,927,924 -770,720,913 -870,505,175 -970,280,652 -1,070,047,288
315,497,151 421,315,987 571,126,263 670,927,924 770,720,913 870,505,175 970,280,652
1,368,836 1,360,276 1,351,661 1,342,989 1,334,262 1,325,477 1,316,636
-1,316,869 -1,325,428 -1,334,044 -1,342,715 -1,351,443 -1,360,227 -1,369,069

-103,683,535 -147,692,095 -99,784,044 -99,792,715 -99,801,443 -99,810,227 -99,819,069

-1,766,461,845 -1,914,153,941 -2,013,937,984 -2,113,730,699 -2,213,532,142 -2,313,342,369 -2,413,161,438


2019
AÑO 1
JUNIO JULIO AGOSTO SEPTIEMBRE OCTUBRE NOVIEMBRE
0 14,485,764,832 28,929,532,238 48,437,814,556 46,210,589,135 43,834,093,428
-4,050,000 -4,050,000 -4,050,000 -4,050,000 -4,050,000 -4,050,000
-94,400,000 -95,447,600 -96,495,200 -97,892,000 -89,732,000 -89,732,000
-1,307,737 -1,298,780 -1,289,765 -1,280,692 -1,271,559 -1,262,367

-1,070,047,288 -1,169,805,025 0 0 0 0
-1,169,805,025 13,215,163,427 28,827,697,273 48,334,591,864 46,115,535,576 43,739,049,061
-3,278,501,064 -7,204,144,615 ### ### -10,891,935,307

-1,169,805,025 9,936,662,363 21,623,552,658 36,328,186,488 34,666,094,249 32,847,113,754


1,070,047,288 1,169,805,025 0 0 0 0
1,307,737 1,298,780 1,289,765 1,280,692 1,271,559 1,262,367
-1,377,967 -1,386,924 -1,395,939 -1,405,013 -1,414,145 -1,423,337

-2,752,295,318 -5,496,611,125 -9,203,184,766 -8,780,011,936 -8,328,477,751

-99,827,967 8,354,083,926 16,126,835,358 27,124,877,401 25,885,939,727 24,518,475,032

-2,512,989,405 5,841,094,521 21,967,929,880 49,092,807,281 74,978,747,008 99,497,222,040


2020
AÑO 2
DICIEMBRE ENERO FEBRERO MARZO ABRIL MAYO
41,090,294,817 40,767,310,501 40,831,915,799 40,524,407,784 40,718,189,859 28,471,798,814
-7,360,000 -4,050,000 -4,050,000 -4,050,000 -4,050,000 -4,050,000
-119,056,900 -166,754,300 -203,187,500 -174,815,000 -174,815,000 -174,815,000
-1,253,115 -1,243,804 -1,234,431 -1,224,998 -1,215,503 -1,205,947
-42,000,000

0 0 0 0 0 0
40,920,624,802 40,595,262,397 40,623,443,868 40,344,317,786 40,538,109,355 28,291,727,867
-10,136,255,568 -10,119,924,249 -10,094,400,580 -10,086,374,467 -10,070,687,796 -7,023,915,052

30,784,369,234 30,475,338,148 30,529,043,288 30,257,943,318 30,467,421,560 21,267,812,815


0 0 0 0 0 0
1,253,115 1,243,804 1,234,431 1,224,998 1,215,503 1,205,947
-1,432,589 -1,441,901 -1,451,273 -1,460,707 -1,470,201 -1,479,757

-7,807,156,015 -7,745,788,995 -7,758,064,002 -7,699,637,479 -7,736,456,073 -5,409,641,775

22,977,033,745 22,729,351,056 22,770,762,444 22,558,070,131 22,730,710,789 15,857,897,230

122,474,255,785 145,203,606,841 167,974,369,284 190,532,439,415 213,263,150,204 229,121,047,434


2020
AÑO 2
JUNIO JULIO AGOSTO SEPTIEMBRE OCTUBRE NOVIEMBRE
16,405,265,931 40,349,481,918 55,681,142,965 84,878,370,761 51,435,875,474 51,184,925,910
-4,050,000 -4,050,000 -4,050,000 -4,050,000 -4,050,000 -4,050,000
-174,815,000 -175,704,200 -162,407,150 -163,593,350 -136,977,350 -136,977,350
-1,196,329 -1,186,648 -1,176,904 -1,167,097 -1,157,226 -1,147,291

0 0 0 0 0 0
16,225,204,603 40,168,541,070 55,513,508,911 84,709,560,315 51,293,690,899 51,042,751,269
-3,986,555,866 -9,845,937,280 -13,605,324,511 -20,637,022,908 -12,493,077,816 -12,473,468,955

12,238,648,737 30,322,603,790 41,908,184,400 64,072,537,407 38,800,613,082 38,569,282,314


0 0 0 0 0 0
1,196,329 1,186,648 1,176,904 1,167,097 1,157,226 1,147,291
-1,489,376 -1,499,057 -1,508,801 -1,518,608 -1,528,479 -1,538,414

-3,117,000,527 -7,666,401,564 -10,579,417,163 -16,126,890,445 -9,772,816,340 -9,725,135,923

9,121,355,163 22,655,889,816 31,328,435,340 47,945,295,451 29,027,425,489 28,843,755,268

238,242,402,596 260,898,292,412 292,226,727,752 340,172,023,203 369,199,448,692 398,043,203,960


2021
AÑO 3
DICIEMBRE ENERO FEBRERO MARZO ABRIL MAYO
51,354,343,178 50,937,503,171 51,016,451,548 50,638,568,455 50,894,581,101 35,594,871,786
-144,070,000 -4,050,000 -4,050,000 -4,050,000 -4,050,000 -4,050,000
-161,615,650 -179,028,950 -209,969,000 -209,969,000 -209,969,000 -209,969,000
-1,137,291 -1,127,226 -1,117,096 -1,106,900 -1,096,638 -1,086,309
-42,000,000

0 0 0 0 0 0
51,005,520,237 50,753,296,994 50,801,315,452 50,423,442,554 50,679,465,463 35,379,766,477
-12,398,062,370 -12,422,897,353 -12,394,934,731 -12,375,325,940 -12,355,717,167 -8,617,852,358

38,607,457,866 38,330,399,641 38,406,380,722 38,048,116,615 38,323,748,296 26,761,914,119


0 0 0 0 0 0
1,137,291 1,127,226 1,117,096 1,106,900 1,096,638 1,086,309
-1,548,414 -1,558,478 -1,568,608 -1,578,804 -1,589,067 -1,599,396

-9,757,325,204 -9,678,125,602 -9,693,125,794 -9,621,328,006 -9,669,970,409 -6,763,025,639

28,849,721,540 28,651,842,787 28,712,803,415 28,426,316,704 28,653,285,458 19,998,375,393

426,892,925,500 455,544,768,287 484,257,571,702 512,683,888,406 541,337,173,864 561,335,549,256


2021
AÑO 3
JUNIO JULIO AGOSTO SEPTIEMBRE OCTUBRE NOVIEMBRE
20,510,324,922 34,272,702,711 64,740,227,632 72,124,129,291 43,719,656,490 43,504,609,956
-4,050,000 -4,050,000 -4,050,000 -4,050,000 -4,050,000 -4,050,000
-209,969,000 -210,725,891 -200,433,270 -190,407,570 -184,791,534 -184,791,534
-1,075,913 -1,065,449 -1,054,918 -1,044,317 -1,033,648 -1,022,910

0 0 0 0 0 0
20,295,230,009 34,056,861,370 64,534,689,445 71,928,627,403 43,529,781,308 43,314,745,512
-4,891,754,494 -8,187,864,108 -15,517,091,086 -17,191,619,512 -10,400,443,458 -10,383,776,545

15,403,475,515 25,868,997,262 49,017,598,359 54,737,007,891 33,129,337,850 32,930,968,967


0 0 0 0 0 0
1,075,913 1,065,449 1,054,918 1,044,317 1,033,648 1,022,910
-1,609,792 -1,620,255 -1,630,787 -1,641,387 -1,652,056 -1,662,794

-3,896,961,735 -6,511,813,515 -12,300,643,250 -13,703,584,565 -8,306,734,733 -8,265,875,892

11,505,979,901 19,356,628,941 36,716,379,239 41,032,826,256 24,821,984,709 24,664,453,191

572,841,529,158 592,198,158,099 628,914,537,338 669,947,363,594 694,769,348,303 719,433,801,495


202
AÑO
DICIEMBRE ENERO FEBRERO MARZO ABRIL MAYO
43,648,045,065 43,294,072,718 43,362,477,567 43,042,811,976 43,261,625,132 17,289,560,669
-8,590,000 -4,050,000 -4,050,000 -4,050,000 -4,050,000 -4,050,000
-187,054,643 -194,716,883 -214,206,826 -214,206,826 -214,206,826 -214,206,826
-1,012,102 -1,001,223 -990,274 -979,254 -968,162 -956,998
-42,000,000

0 0 0 0 0 0
43,409,388,320 43,094,304,611 43,143,230,466 42,823,575,896 43,042,400,143 17,070,346,845
-10,353,932,812 -10,347,762,932 -10,325,833,791 -10,309,166,954 -10,292,500,137 -4,074,820,696

33,055,455,508 32,746,541,679 32,817,396,675 32,514,408,942 32,749,900,006 12,995,526,149


0 0 0 0 0 0
1,012,102 1,001,223 990,274 979,254 968,162 956,998
-1,673,603 -1,684,481 -1,695,430 -1,706,450 -1,717,542 -1,728,706

-8,293,128,562 -8,225,873,816 -8,238,870,738 -8,178,134,275 -8,219,708,775 -3,285,016,527

24,761,665,445 24,519,984,605 24,577,820,781 24,335,547,470 24,529,441,851 9,709,737,913

744,195,466,940 768,715,451,545 793,293,272,327 817,628,819,797 842,158,261,648 851,867,999,561


2022
AÑO 4
JUNIO JULIO AGOSTO SEPTIEMBRE OCTUBRE NOVIEMBRE
17,434,243,670 39,442,088,631 60,796,743,401 95,757,073,189 71,569,238,959 71,217,242,042
-4,050,000 -4,050,000 -4,050,000 -4,050,000 -4,050,000 -4,050,000
-214,206,826 -215,222,474 -206,875,147 -195,917,348 -220,833,527 -220,809,433
-945,762 -934,452 -923,069 -911,612 -900,080 -888,473

0 0 0 0 0 0
17,215,041,082 39,221,881,705 60,584,895,185 95,556,194,229 71,343,455,352 70,991,494,136
-4,068,155,805 -9,249,565,619 -14,287,802,895 -22,403,336,499 -16,721,273,817 -16,693,994,570

13,146,885,277 29,972,316,086 46,297,092,290 73,152,857,730 54,622,181,535 54,297,499,565


0 0 0 0 0 0
945,762 934,452 923,069 911,612 900,080 888,473
-1,739,943 -1,751,253 -1,762,636 -1,774,093 -1,785,625 -1,797,231

-3,312,506,297 -7,493,996,840 -11,551,381,246 -18,193,843,906 -13,598,155,402 -13,531,275,988

9,833,584,799 22,477,502,445 34,744,871,477 54,958,151,343 41,023,140,588 40,765,314,820

861,701,584,359 884,179,086,805 918,923,958,282 973,882,109,625 1,014,905,250,213 1,055,670,565,033


DICIEMBRE ENERO FEBRERO MARZO ABRIL
71,452,328,832 70,873,248,606 70,985,595,229 70,462,514,491 70,820,745,393
-41,025,000 -4,050,000 -4,050,000 -4,050,000 -4,050,000
-251,390,923 -261,522,414 -296,844,401 -296,844,401 -296,844,401
-876,791 -865,034 -853,199 -841,288 -829,299
-42,000,000

0 0 0 0 0
71,117,036,117 70,606,811,159 70,683,847,629 70,160,778,802 70,519,021,693
-16,637,128,586 -16,628,430,621 -16,591,607,994 -16,564,322,323 -16,537,036,674

54,479,907,532 53,978,380,537 54,092,239,635 53,596,456,479 53,981,985,019


0 0 0 0 0
876,791 865,034 853,199 841,288 829,299
-1,808,913 -1,820,671 -1,832,505 -1,844,417 -1,856,405

-13,575,942,478 -13,465,917,235 -13,487,263,093 -13,387,877,753 -13,455,941,625

40,903,032,932 40,511,507,665 40,603,997,235 40,207,575,597 40,525,016,288

1,096,573,597,965 1,137,085,105,630 1,177,689,102,865 1,217,896,678,462 1,258,421,694,749


AÑO 5
MAYO JUNIO JULIO AGOSTO SEPTIEMBRE
49,531,200,589 28,540,317,257 65,551,148,919 93,335,938,444 142,430,809,804
-4,050,000 -4,050,000 -4,050,000 -4,050,000 -4,050,000
-296,844,401 -296,844,401 -299,121,088 -300,843,773 -303,325,354
-817,233 -805,087 -792,863 -780,560 -768,177

0 0 0 0 0
49,229,488,956 28,238,617,768 65,247,184,967 93,030,264,111 142,122,666,273
-11,532,387,090 -6,544,110,858 -15,088,737,600 -21,511,813,897 -32,669,938,660

37,697,101,866 21,694,506,910 50,158,447,367 71,518,450,214 109,452,727,614


0 0 0 0 0
817,233 805,087 792,863 780,560 768,177
-1,868,472 -1,880,617 -1,892,841 -1,905,145 -1,917,528

-9,410,928,112 -5,422,660,279 -12,454,718,295 -17,733,828,304 -27,061,853,863

28,285,122,515 16,270,771,101 37,702,629,095 53,783,497,325 82,389,724,400

1,286,706,817,264 1,302,977,588,365 1,340,680,217,460 1,394,463,714,785 1,476,853,439,185


OCTUBRE NOVIEMBRE DICIEMBRE
91,980,149,097 91,527,847,384 91,830,064,421
-4,050,000 -4,050,000 -9,460,000
-317,206,684 -317,206,684 -381,470,274
-755,713 -743,168 -730,541
-42,000,000

0 0 0
91,658,136,701 91,205,847,532 91,396,403,606
-21,060,616,940 -21,025,548,831 -20,960,328,874

70,597,519,760 70,180,298,702 70,436,074,732


0 0 0
755,713 743,168 730,541
-1,929,992 -1,942,537 -1,955,163

Err:501
-17,476,228,329 -17,390,291,003 -17,447,712,240

53,120,117,152 52,788,808,330 54,192,406,286

1,529,973,556,337 1,582,762,364,667 1,636,954,770,953


ANÁLISIS PUNTO DE EQUILIBRIO
INGRESOS COSTOS TOTALES UTILIDAD
$ - $ - $ - Pu
$ - $ - $ - $1,400,000,000.00
$ - $ - $ - $1,200,000,000.00
$ - $ - $ - $1,000,000,000.00
$ - $ - $ - $800,000,000.00
$ - $ - $ - $600,000,000.00
$ - $ - $ - $400,000,000.00
$ - $ 99,802,700.00 -$ 99,802,700.00
$200,000,000.00
$ - $ 99,802,700.00 -$ 99,802,700.00
$-
$ - $ 105,802,700.00 -$ 105,802,700.00 1 5 9 13
$ - $ 105,802,700.00 -$ 105,802,700.00
$ - $ 107,802,700.00 -$ 107,802,700.00
$ - $ 99,802,700.00 -$ 99,802,700.00
$ - $ 99,802,700.00 -$ 99,802,700.00 INGRESOS

$ - $ 99,802,700.00 -$ 99,802,700.00
$ - $ 99,802,700.00 -$ 99,802,700.00
$ - $ 99,802,700.00 -$ 99,802,700.00
$ - $ 99,802,700.00 -$ 99,802,700.00 El precio de venta se obtien
ingresos del proyecto igual a
$ 64,598,333.36 $ 101,730,500.00 -$ 37,132,166.64 obteniendo el siguiente resu
$ 129,189,316.44 $ 103,477,940.00 $ 25,711,376.44
$ 215,315,527.40 $ 105,807,860.00 $ 109,507,667.40 IT=𝐶
$ 205,626,328.67 $ 97,542,884.00 $ 108,083,444.67
$ 195,937,129.94 $ 97,437,908.00 $ 98,499,221.94
$ 183,018,198.29 $ 129,932,840.00 $ 53,085,358.29
$ 183,018,198.29 $ 174,320,240.00 $ 8,697,958.29
$ 183,018,198.29 $ 210,753,440.00 -$ 27,735,241.71
$ 183,018,198.29 $ 182,380,940.00 $ 637,258.29
$ 183,018,198.29 $ 182,380,940.00 $ 637,258.29
$ 128,112,738.81 $ 181,786,076.00 -$ 53,673,337.19
$ 73,207,279.32 $ 181,191,212.00 -$ 107,983,932.68
$ 179,793,824.36 $ 182,030,840.00 -$ 2,237,015.64
$ 248,425,648.72 $ 169,477,370.00 $ 78,948,278.72
$ 376,988,747.87 $ 171,655,010.00 $ 205,333,737.87
$ 228,772,747.87 $ 145,039,010.00 $ 83,733,737.87
$ 228,772,747.87 $ 145,039,010.00 $ 83,733,737.87
$ 228,772,747.87 $ 309,697,310.00 -$ 80,924,562.13
$ 228,772,747.87 $ 187,090,610.00 $ 41,682,137.87
$ 228,772,747.87 $ 218,030,660.00 $ 10,742,087.87
$ 228,772,747.87 $ 218,030,660.00 $ 10,742,087.87
$ 228,772,747.87 $ 218,030,660.00 $ 10,742,087.87
$ 160,140,923.51 $ 217,287,080.00 -$ 57,146,156.49
$ 91,509,099.15 $ 216,543,500.00 -$ 125,034,400.85
$ 152,691,050.71 $ 216,940,994.00 -$ 64,249,943.29
$ 288,810,835.69 $ 208,123,139.50 $ 80,687,696.19
$ 320,325,835.69 $ 198,097,440.00 $ 122,228,395.69
$ 194,456,835.69 $ 192,481,403.75 $ 1,975,431.94
$ 194,456,835.69 $ 192,481,403.75 $ 1,975,431.94
$ 194,456,835.69 $ 199,284,512.75 -$ 4,827,677.06
$ 194,456,835.69 $ 202,406,753.00 -$ 7,949,917.31
$ 194,456,835.69 $ 221,896,696.25 -$ 27,439,860.56
$ 194,456,835.69 $ 221,896,696.25 -$ 27,439,860.56
$ 194,456,835.69 $ 221,896,696.25 -$ 27,439,860.56
$ 77,782,734.27 $ 220,632,610.25 -$ 142,849,875.98
$ 77,782,734.27 $ 220,632,610.25 -$ 142,849,875.98
$ 175,719,165.01 $ 221,840,204.15 -$ 46,121,039.14
$ 271,218,330.03 $ 214,527,546.27 $ 56,690,783.76
$ 425,290,550.05 $ 204,949,307.09 $ 220,341,242.96
$ 318,330,550.05 $ 229,865,486.29 $ 88,465,063.76
$ 318,330,550.05 $ 229,841,391.60 $ 88,489,158.45
$ 318,330,550.05 $ 297,397,882.15 $ 20,932,667.90
$ 318,330,550.05 $ 270,554,372.70 $ 47,776,177.35
$ 318,330,550.05 $ 305,876,360.10 $ 12,454,189.95
$ 318,330,550.05 $ 305,876,360.10 $ 12,454,189.95
$ 318,330,550.05 $ 305,876,360.10 $ 12,454,189.95
$ 222,831,385.03 $ 304,841,690.40 -$ 82,010,305.37
$ 127,332,220.02 $ 303,807,020.70 -$ 176,474,800.68
$ 292,038,343.48 $ 306,051,292.86 -$ 14,012,949.38
$ 416,378,686.96 $ 309,121,122.45 $ 107,257,564.51
$ 632,586,323.59 $ 313,340,916.16 $ 319,245,407.43
$ 409,116,323.59 $ 327,222,246.61 $ 81,894,076.98
$ 409,116,323.59 $ 327,222,246.61 $ 81,894,076.98
$ 409,116,323.59 $ 396,895,836.20 $ 12,220,487.40
Punto de Equilibrio
$1,400,000,000.00
$1,200,000,000.00
$1,000,000,000.00
$800,000,000.00
$600,000,000.00
$400,000,000.00
$200,000,000.00
$-
1 5 9 13 17 21 25 29 33 37 41 45 49 53 57 61 65 69

Axis Title

INGRESOS COSTOS TOTALES UTILIDAD

El precio de venta se obtiene cuando la utilidad es cero, resultando los


ingresos del proyecto igual a sus costos totales, para luego despejar P
obteniendo el siguiente resultado:

IT=𝐶�=𝑃=(𝐶𝐹+𝐶𝑉)/�=210$/Lt
INVERSIONES MONTO NETO VIDA ÚTIL NORMAL (AÑOS)
SALA DE ORDEÑA PORTÁTIL $ 15,000,000 15
POZO PURINERO $ 40,000,000 10
POZO DE RIEGO $ 100,000,000 20
NUEVOS CAMINOS $ 80,000,000 20
TOROS $ 36,000,000 5
CASA-CASINO $ 30,000,000 20
CAMIONETA $ 18,000,000 7
TOTAL $ 319,000,000
DEPRECIACIÓN ACELERADA VALOR LIBRO VALOR LIQUIDABLE
$ 3,000,000 $ - $ -
$ 13,333,333 -$ 26,666,667 $ -
$ 16,666,667 $ 16,666,667 $ -
$ 80,000,000 $ -
$ 36,000,000 $ -
$ 30,000,000 $ -
$ 9,000,000 -$ 27,000,000 $ -
$ 42,000,000
CUADRO RESUMEN INVERSIONES
INVERSIONES MONTO FLUJO CRÉDITO
INVERSIÓN AÑO 0 $ 319,000,000 $ 95,700,000 $ 223,300,000
INVERSIÓN AÑO 6 $ 36,000,000
INVERSIÓN AÑO 8 $ 18,000,000
INVERSIÓN TOTAL $ 373,000,000

TASA DE INTERES
Anual 7.80% 0.078
Mensual 0.65% 0.0065

AMORTIZACIÓN CRÉDITO
APERTURA DEL PRÉSTAMO
Período (Meses) Remanente Valor Cuota Interés Amortización
0 $ 223,300,000
1 $ 222,065,745 $ 2,685,705 $ 1,451,450 $ 1,234,255
2 $ 220,823,468 $ 2,685,705 $ 1,443,427 $ 1,242,277
3 $ 219,573,116 $ 2,685,705 $ 1,435,353 $ 1,250,352
4 $ 218,314,637 $ 2,685,705 $ 1,427,225 $ 1,258,479
5 $ 217,047,978 $ 2,685,705 $ 1,419,045 $ 1,266,659
6 $ 215,773,085 $ 2,685,705 $ 1,410,812 $ 1,274,893
7 $ 214,489,906 $ 2,685,705 $ 1,402,525 $ 1,283,179
8 $ 213,198,386 $ 2,685,705 $ 1,394,184 $ 1,291,520
9 $ 211,898,471 $ 2,685,705 $ 1,385,790 $ 1,299,915
10 $ 210,590,106 $ 2,685,705 $ 1,377,340 $ 1,308,364
11 $ 209,273,237 $ 2,685,705 $ 1,368,836 $ 1,316,869
12 $ 207,947,809 $ 2,685,705 $ 1,360,276 $ 1,325,428
13 $ 206,613,765 $ 2,685,705 $ 1,351,661 $ 1,334,044
14 $ 205,271,050 $ 2,685,705 $ 1,342,989 $ 1,342,715
15 $ 203,919,607 $ 2,685,705 $ 1,334,262 $ 1,351,443
16 $ 202,559,380 $ 2,685,705 $ 1,325,477 $ 1,360,227
17 $ 201,190,312 $ 2,685,705 $ 1,316,636 $ 1,369,069
18 $ 199,812,344 $ 2,685,705 $ 1,307,737 $ 1,377,967
19 $ 198,425,420 $ 2,685,705 $ 1,298,780 $ 1,386,924
20 $ 197,029,481 $ 2,685,705 $ 1,289,765 $ 1,395,939
21 $ 195,624,468 $ 2,685,705 $ 1,280,692 $ 1,405,013
22 $ 194,210,322 $ 2,685,705 $ 1,271,559 $ 1,414,145
23 $ 192,786,985 $ 2,685,705 $ 1,262,367 $ 1,423,337
24 $ 191,354,396 $ 2,685,705 $ 1,253,115 $ 1,432,589
25 $ 189,912,495 $ 2,685,705 $ 1,243,804 $ 1,441,901
26 $ 188,461,222 $ 2,685,705 $ 1,234,431 $ 1,451,273
27 $ 187,000,515 $ 2,685,705 $ 1,224,998 $ 1,460,707
28 $ 185,530,314 $ 2,685,705 $ 1,215,503 $ 1,470,201
29 $ 184,050,557 $ 2,685,705 $ 1,205,947 $ 1,479,757
30 $ 182,561,181 $ 2,685,705 $ 1,196,329 $ 1,489,376
31 $ 181,062,124 $ 2,685,705 $ 1,186,648 $ 1,499,057
32 $ 179,553,323 $ 2,685,705 $ 1,176,904 $ 1,508,801
33 $ 178,034,715 $ 2,685,705 $ 1,167,097 $ 1,518,608
34 $ 176,506,236 $ 2,685,705 $ 1,157,226 $ 1,528,479
35 $ 174,967,822 $ 2,685,705 $ 1,147,291 $ 1,538,414
36 $ 173,419,409 $ 2,685,705 $ 1,137,291 $ 1,548,414
37 $ 171,860,930 $ 2,685,705 $ 1,127,226 $ 1,558,478
38 $ 170,292,322 $ 2,685,705 $ 1,117,096 $ 1,568,608
39 $ 168,713,518 $ 2,685,705 $ 1,106,900 $ 1,578,804
40 $ 167,124,451 $ 2,685,705 $ 1,096,638 $ 1,589,067
41 $ 165,525,055 $ 2,685,705 $ 1,086,309 $ 1,599,396
42 $ 163,915,264 $ 2,685,705 $ 1,075,913 $ 1,609,792
43 $ 162,295,008 $ 2,685,705 $ 1,065,449 $ 1,620,255
44 $ 160,664,221 $ 2,685,705 $ 1,054,918 $ 1,630,787
45 $ 159,022,834 $ 2,685,705 $ 1,044,317 $ 1,641,387
46 $ 157,370,778 $ 2,685,705 $ 1,033,648 $ 1,652,056
47 $ 155,707,984 $ 2,685,705 $ 1,022,910 $ 1,662,794
48 $ 154,034,381 $ 2,685,705 $ 1,012,102 $ 1,673,603
49 $ 152,349,900 $ 2,685,705 $ 1,001,223 $ 1,684,481
50 $ 150,654,470 $ 2,685,705 $ 990,274 $ 1,695,430
51 $ 148,948,020 $ 2,685,705 $ 979,254 $ 1,706,450
52 $ 147,230,477 $ 2,685,705 $ 968,162 $ 1,717,542
53 $ 145,501,771 $ 2,685,705 $ 956,998 $ 1,728,706
54 $ 143,761,828 $ 2,685,705 $ 945,762 $ 1,739,943
55 $ 142,010,575 $ 2,685,705 $ 934,452 $ 1,751,253
56 $ 140,247,939 $ 2,685,705 $ 923,069 $ 1,762,636
57 $ 138,473,847 $ 2,685,705 $ 911,612 $ 1,774,093
58 $ 136,688,222 $ 2,685,705 $ 900,080 $ 1,785,625
59 $ 134,890,991 $ 2,685,705 $ 888,473 $ 1,797,231
60 $ 133,082,078 $ 2,685,705 $ 876,791 $ 1,808,913
61 $ 131,261,407 $ 2,685,705 $ 865,034 $ 1,820,671
62 $ 129,428,902 $ 2,685,705 $ 853,199 $ 1,832,505
63 $ 127,584,485 $ 2,685,705 $ 841,288 $ 1,844,417
64 $ 125,728,080 $ 2,685,705 $ 829,299 $ 1,856,405
65 $ 123,859,608 $ 2,685,705 $ 817,233 $ 1,868,472
66 $ 121,978,991 $ 2,685,705 $ 805,087 $ 1,880,617
67 $ 120,086,150 $ 2,685,705 $ 792,863 $ 1,892,841
68 $ 118,181,005 $ 2,685,705 $ 780,560 $ 1,905,145
69 $ 116,263,477 $ 2,685,705 $ 768,177 $ 1,917,528
70 $ 114,333,485 $ 2,685,705 $ 755,713 $ 1,929,992
71 $ 112,390,948 $ 2,685,705 $ 743,168 $ 1,942,537
72 $ 110,435,785 $ 2,685,705 $ 730,541 $ 1,955,163
73 $ 108,467,913 $ 2,685,705 $ 717,833 $ 1,967,872
74 $ 106,487,250 $ 2,685,705 $ 705,041 $ 1,980,663
75 $ 104,493,713 $ 2,685,705 $ 692,167 $ 1,993,537
76 $ 102,487,217 $ 2,685,705 $ 679,209 $ 2,006,495
77 $ 100,467,680 $ 2,685,705 $ 666,167 $ 2,019,538
78 $ 98,435,015 $ 2,685,705 $ 653,040 $ 2,032,665
79 $ 96,389,138 $ 2,685,705 $ 639,828 $ 2,045,877
80 $ 94,329,963 $ 2,685,705 $ 626,529 $ 2,059,175
81 $ 92,257,403 $ 2,685,705 $ 613,145 $ 2,072,560
82 $ 90,171,372 $ 2,685,705 $ 599,673 $ 2,086,031
83 $ 88,071,781 $ 2,685,705 $ 586,114 $ 2,099,591
84 $ 85,958,543 $ 2,685,705 $ 572,467 $ 2,113,238
85 $ 83,831,569 $ 2,685,705 $ 558,731 $ 2,126,974
86 $ 81,690,770 $ 2,685,705 $ 544,905 $ 2,140,799
87 $ 79,536,056 $ 2,685,705 $ 530,990 $ 2,154,714
88 $ 77,367,335 $ 2,685,705 $ 516,984 $ 2,168,720
89 $ 75,184,519 $ 2,685,705 $ 502,888 $ 2,182,817
90 $ 72,987,514 $ 2,685,705 $ 488,699 $ 2,197,005
91 $ 70,776,228 $ 2,685,705 $ 474,419 $ 2,211,286
92 $ 68,550,569 $ 2,685,705 $ 460,045 $ 2,225,659
93 $ 66,310,443 $ 2,685,705 $ 445,579 $ 2,240,126
94 $ 64,055,756 $ 2,685,705 $ 431,018 $ 2,254,687
95 $ 61,786,414 $ 2,685,705 $ 416,362 $ 2,269,342
96 $ 59,502,321 $ 2,685,705 $ 401,612 $ 2,284,093
97 $ 57,203,382 $ 2,685,705 $ 386,765 $ 2,298,939
98 $ 54,889,500 $ 2,685,705 $ 371,822 $ 2,313,883
99 $ 52,560,577 $ 2,685,705 $ 356,782 $ 2,328,923
100 $ 50,216,516 $ 2,685,705 $ 341,644 $ 2,344,061
101 $ 47,857,219 $ 2,685,705 $ 326,407 $ 2,359,297
102 $ 45,482,586 $ 2,685,705 $ 311,072 $ 2,374,633
103 $ 43,092,519 $ 2,685,705 $ 295,637 $ 2,390,068
104 $ 40,686,915 $ 2,685,705 $ 280,101 $ 2,405,603
105 $ 38,265,676 $ 2,685,705 $ 264,465 $ 2,421,240
106 $ 35,828,698 $ 2,685,705 $ 248,727 $ 2,436,978
107 $ 33,375,880 $ 2,685,705 $ 232,887 $ 2,452,818
108 $ 30,907,119 $ 2,685,705 $ 216,943 $ 2,468,761
109 $ 28,422,311 $ 2,685,705 $ 200,896 $ 2,484,808
110 $ 25,921,351 $ 2,685,705 $ 184,745 $ 2,500,959
111 $ 23,404,136 $ 2,685,705 $ 168,489 $ 2,517,216
112 $ 20,870,558 $ 2,685,705 $ 152,127 $ 2,533,578
113 $ 18,320,512 $ 2,685,705 $ 135,659 $ 2,550,046
114 $ 15,753,891 $ 2,685,705 $ 119,083 $ 2,566,621
115 $ 13,170,587 $ 2,685,705 $ 102,400 $ 2,583,304
116 $ 10,570,491 $ 2,685,705 $ 85,609 $ 2,600,096
117 $ 7,953,495 $ 2,685,705 $ 68,708 $ 2,616,996
118 $ 5,319,488 $ 2,685,705 $ 51,698 $ 2,634,007
119 $ 2,668,360 $ 2,685,705 $ 34,577 $ 2,651,128
120 -$ 0 $ 2,685,705 $ 17,344 $ 2,668,360
CRÉDITO ACTIVO

$ 29,840,000

Amortización Acumulada

$ 1,234,255
$ 2,476,532
$ 3,726,884
$ 4,985,363
$ 6,252,022
$ 7,526,915
$ 8,810,094
$ 10,101,614
$ 11,401,529
$ 12,709,894
$ 14,026,763
$ 15,352,191
$ 16,686,235
$ 18,028,950
$ 19,380,393
$ 20,740,620
$ 22,109,688
$ 23,487,656
$ 24,874,580
$ 26,270,519
$ 27,675,532
$ 29,089,678
$ 30,513,015
$ 31,945,604
$ 33,387,505
$ 34,838,778
$ 36,299,485
$ 37,769,686
$ 39,249,443
$ 40,738,819
$ 42,237,876
$ 43,746,677
$ 45,265,285
$ 46,793,764
$ 48,332,178
$ 49,880,591
$ 51,439,070
$ 53,007,678
$ 54,586,482
$ 56,175,549
$ 57,774,945
$ 59,384,736
$ 61,004,992
$ 62,635,779
$ 64,277,166
$ 65,929,222
$ 67,592,016
$ 69,265,619
$ 70,950,100
$ 72,645,530
$ 74,351,980
$ 76,069,523
$ 77,798,229
$ 79,538,172
$ 81,289,425
$ 83,052,061
$ 84,826,153
$ 86,611,778
$ 88,409,009
$ 90,217,922 PREPAGO CRÉDITO
$ 92,038,593
$ 93,871,098
$ 95,715,515
$ 97,571,920
$ 99,440,392
$ 101,321,009
$ 103,213,850
$ 105,118,995
$ 107,036,523
$ 108,966,515
$ 110,909,052
$ 112,864,215
$ 114,832,087
$ 116,812,750
$ 118,806,287
$ 120,812,783
$ 122,832,320
$ 124,864,985
$ 126,910,862
$ 128,970,037
$ 131,042,597
$ 133,128,628
$ 135,228,219
$ 137,341,457
$ 139,468,431
$ 141,609,230
$ 143,763,944
$ 145,932,665
$ 148,115,481
$ 150,312,486
$ 152,523,772
$ 154,749,431
$ 156,989,557
$ 159,244,244
$ 161,513,586
$ 163,797,679
$ 166,096,618
$ 168,410,500
$ 170,739,423
$ 173,083,484
$ 175,442,781
$ 177,817,414
$ 180,207,481
$ 182,613,085
$ 185,034,324
$ 187,471,302
$ 189,924,120
$ 192,392,881
$ 194,877,689
$ 197,378,649
$ 199,895,864
$ 202,429,442
$ 204,979,488
$ 207,546,109
$ 210,129,413
$ 212,729,509
$ 215,346,505
$ 217,980,512
$ 220,631,640
$ 223,300,000
Ítem Terneros Vaquillas Vacas Unidad Precio
Forraje 8 15 18 Kg/dia 45 $/Kg
Concentrado 1 5 3 Kg/dia 250 $/Kg
Sustituto Lacteo 1 Kg/dia 60 $/Kg
Sales Minerales 450 400 $/cabeza-mes

Costos Variables

Alimentacion del Ganado 2018


Enero Febrero Marzo Abril Mayo
Forraje
Concentrado
Sales Minerales
Sustituto Lacteo

Costos Inseminación

Costos Fijos

Energía 0 0 0 0 0
Comb Gen Electrico 0 0 0 0 0
Com Camioneta 0 0 0 0 0
Veterinario 0 0 0 0 0

Mantenciones

Sala de Ordeña
Pozo Purinero
Pozo de Riego
Nuevos Caminos
Camioneta

Costo Total 0 0 0 0 0

Costos Personal
Lechero 0 0 0 0 0
Liquido
Seguro de Cesantía 2.40%
Bono Lechero
Horas Extras Lechero
Ayudante Lecheria 0 0 0 0 0
Liquido
Seguro de Cesantía 2.40%
Bono Ayudante Lechero
Horas Extras A. Lechero
Ayudante Arreo 0 0 0 0 0
Liquido
Seguro de Cesantía 2.40%
Bono Ayudante Arreo 0 0 0 0 0
Horas Extras A. Arreo
TOTAL
Impuesto Lechero
Impuesto ayudante de Lechería
Impuesto Ayudante Arreo

Inversiones
Detalle Monto Neto Vida útil Normal Tiempo AFP 12%
Sala de Ordeña Portatil 15,000,000 15 Años SALUD 7%
Pozo Purinero 40,000,000 10 Años Impuesto 2 5%
Pozo de Riego 100,000,000 20 Años
Nuevos Caminos 80,000,000 20 Años
Toros 36,000,000 5 Años
Casa-Casino 30,000,000 20 Años
Camioneta 18,000,000 7 Años
Bono
Lechero 1.5 $/Litro
A Lechero 1 $/Litro
A Arreo 0.5 $/litro
Vacas 2000 2000 2000 2000 2000 2000

2018
Junio Julio Agosto Septiembre Octubre Noviembre Diciembre Enero
48,600,000 48,600,000 48,600,000 48,600,000 48,600,000 48,600,000
45,000,000 45,000,000 45,000,000 45,000,000 45,000,000 45,000,000
800,000 800,000 800,000 800,000 800,000 800,000

6,000,000 6,000,000 8,000,000

94,400,000 94,400,000 100,400,000 100,400,000 102,400,000 94,400,000

0 0 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000


0 0 200,000 200,000 200,000 200,000 200,000 200,000
0 0 250,000 250,000 250,000 250,000 250,000 250,000
0 0 600,000 600,000 600,000 600,000 600,000 600,000

0 0 4,050,000 4,050,000 4,050,000 4,050,000 4,050,000 4,050,000

0 0 800,000 800,000 800,000 800,000 800,000 800,000


648000 648000 648000 648000 648000 648000
15,552 15,552 15,552 15,552 15,552 15,552

0 0 600,000 600,000 600,000 600,000 600,000 600,000


486000 486000 486000 486000 486000 486000
11,664 11,664 11,664 11,664 11,664 11,664
0 0 270,000 270,000 270,000 270,000 270,000 270,000
218700 218700 218700 218700 218700 218700
5,249 5,249 5,249 5,249 5,249 5,249
0 0 0 0 0 0 0 0

15,811 15,811 15,811 15,811 15,811 15,811

TOTAL 15,811 15,811 15,811 15,811 15,811 15,811


Venta terneros
Vaquillas
Terneras/os 0 582 1164 1940
2000 2000 2000 2000 2000 2000 2000 2000

2019
Febrero Marzo Abril Mayo Junio Julio Agosto Septiembre
48,600,000 48,600,000 48,600,000 48,600,000 48,600,000 48,600,000 48,600,000 48,600,000
45,000,000 45,000,000 45,000,000 45,000,000 45,000,000 45,000,000 45,000,000 45,000,000
800,000 800,000 800,000 800,000 800,000 800,000 800,000 800,000
1,047,600 2,095,200 3,492,000

94,400,000 94,400,000 94,400,000 94,400,000 94,400,000 95,447,600 96,495,200 97,892,000

3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000


200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000
250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000
600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000

4,050,000 4,050,000 4,050,000 4,050,000 4,050,000 4,050,000 4,050,000 4,050,000

800,000 800,000 800,000 800,000 800,000 800,000 800,000 800,000


648000 648000 648000 648000 648000 1084320 1434240 1900800
15,552 15,552 15,552 15,552 15,552 26,024 34,422 45,619
432,000 864000 1,440,000
106,667 106,667 106,667
600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000
486000 486000 486000 486000 486000 784080 1017360 1328400
11,664 11,664 11,664 11,664 11,664 18,818 24,417 31,882
288,000 576,000 960,000
80,000 80,000 80,000
270,000 270,000 270,000 270,000 270,000 270,000 270,000 270,000
218700 218700 218700 218700 218700 364500 481140 636660
5,249 5,249 5,249 5,249 5,249 8,748 11,547 15,280
0 0 0 0 0 144000 288000 480,000
36000 36000 36,000

15,811 15,811 15,811 15,811 15,811 26,457 34,995 46,380


19,132 24,824 32,413

15,811 15,811 15,811 15,811 15,811 45,589 59,819 78,792


582 1746 2522 1940 1940 1940
1940 1940 1358 776 0 0 0 0
1700 1700 1700 1700 1700 1700 1700 1700

2020
Octubre Noviembre Diciembre Enero Febrero Marzo Abril Mayo
41,310,000 41,310,000 47,595,600 60,166,800 68,547,600 62,262,000 62,262,000 62,262,000
38,250,000 38,250,000 60,075,000 103,725,000 132,825,000 111,000,000 111,000,000 111,000,000
680,000 680,000 941,900 1,465,700 1,814,900 1,553,000 1,553,000 1,553,000
3,492,000 3,492,000 2,444,400 1,396,800

6,000,000 6,000,000 8,000,000

89,732,000 89,732,000 119,056,900 166,754,300 203,187,500 174,815,000 174,815,000 174,815,000

3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000


200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000
250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000
600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000

150,000
800,000
2,000,000

360,000

4,050,000 4,050,000 7,360,000 4,050,000 4,050,000 4,050,000 4,050,000 4,050,000

800,000 800,000 800,000 800,000 800,000 800,000 800,000 800,000


1848312 1795824 1725840 1725840 1725840 1725840 1725840 1428408
44,359 43,100 41,420 41,420 41,420 41,420 41,420 34,282
1,375,200 1,310,400 1,224,000 1,224,000 1,224,000 1,224,000 1,224,000 856,800
106,667 106,667 106,667 106,667 106,667 106,667 106,667 106,667
600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000
1293408 1258416 1211760 1211760 1211760 1211760 1211760 1013472
31,042 30,202 29,082 29,082 29,082 29,082 29,082 24,323
916,800 873,600 816,000 816,000 816,000 816,000 816,000 571,200
80,000 80,000 80,000 80,000 80,000 80,000 80,000 80,000
270,000 270,000 270,000 270,000 270,000 270,000 270,000 270,000
619164 601668 578340 578340 578340 578340 578340 479196
14,860 14,440 13,880 13,880 13,880 13,880 13,880 11,501
458,400 436,800 408,000 408,000 408,000 408,000 408,000 285,600
36,000 36,000 36,000 36,000 36,000 36,000 36,000 36,000

45,099 43,818 42,110 42,110 42,110 42,110 42,110 34,853


31,559 30,705 29,567 29,567 29,567 29,567 29,567 24,729

76,658 74,523 71,677 71,677 71,677 71,677 71,677 59,582


291 291 388
1940 1940 1649 1649 1261 1261 1755 2249
0 494 988 1647 1647 1647 1153 659
1700 1700 1700 1700 1445 1445 1445 1445

2020
Junio Julio Agosto Septiembre Octubre Noviembre Diciembre Enero
62,262,000 62,262,000 59,119,200 59,119,200 48,732,300 48,732,300 54,067,500 59,402,700
111,000,000 111,000,000 100,087,500 100,087,500 79,800,000 79,800,000 98,325,000 116,850,000
1,553,000 1,553,000 1,422,050 1,422,050 1,145,450 1,145,450 1,367,750 1,590,050
889,200 1,778,400 2,964,600 2,964,600 2,964,600 2,075,400 1186200

4,335,000 4,335,000 5,780,000

174,815,000 175,704,200 162,407,150 163,593,350 136,977,350 136,977,350 161,615,650 179,028,950

3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000


200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000
250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000
600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000

22,500,000
800,000
100,000,000
16,000,000
720,000

4,050,000 4,050,000 4,050,000 4,050,000 4,050,000 4,050,000 144,070,000 4,050,000

800,000 800,000 800,000 800,000 800,000 800,000 800,000 800,000


1130976 1106190 1477980 1973700 1973700 1973700 1973700 1973700
27,143 26,549 35,472 47,369 47,369 47,369 47,369 47,369
489,600 459,000 918,000 1,530,000 1,530,000 1,530,000 1,530,000 1,530,000
106,667 106,667 106,667 106,667 106,667 106,667 106,667 106,667
600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000
815184 798660 1046520 1377000 1377000 1377000 1377000 1377000
19,564 19,168 25,116 33,048 33,048 33,048 33,048 33,048
326,400 306,000 612,000 1,020,000 1,020,000 1,020,000 1,020,000 1,020,000
80,000 80,000 80,000 80,000 80,000 80,000 80,000 80,000
270,000 270,000 270,000 270,000 270,000 270,000 270,000 270,000
380052 371790 495720 660960 660960 660960 660960 660960
9,121 8,923 11,897 15,863 15,863 15,863 15,863 15,863
163,200 153,000 306,000 510,000 510,000 510,000 510,000 510,000
36,000 36,000 36,000 36,000 36,000 36,000 36,000 36,000

27,596 26,991 36,063 48,158 48,158 48,158 48,158 48,158


19,890 19,487 25,535 33,599 33,599 33,599 33,599 33,599
16,127 16,127 16,127 16,127 16,127
47,486 46,478 61,598 97,885 97,885 97,885 97,885 97,885
247 247
2908 2908 2908 2908 2908 2908 2203 1498
0 0 0 0 0 420 841 1402
1445 1445 1445 1445 1445 1445 1939 2433

2021
Febrero Marzo Abril Mayo Junio Julio Agosto Septiembre
66,519,900 66,519,900 66,519,900 66,519,900 66,519,900 66,519,900 70,910,640 75,304,620
141,562,500 141,562,500 141,562,500 141,562,500 141,562,500 141,562,500 126,241,875 110,932,500
1,886,600 1,886,600 1,886,600 1,886,600 1,886,600 1,886,600 1,766,973 1,647,480
756,891 1,513,782 2,522,970

209,969,000 209,969,000 209,969,000 209,969,000 209,969,000 210,725,891 200,433,270 190,407,570

3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000


200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000
250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000
600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000

4,050,000 4,050,000 4,050,000 4,050,000 4,050,000 4,050,000 4,050,000 4,050,000

800,000 800,000 800,000 800,000 800,000 800,000 800,000 800,000


1973700 1973700 1973700 1601910 1230120 1050421.5 1787805 1787805
47,369 47,369 47,369 38,446 29,523 25,210 42,907 42,907
1,530,000 1,530,000 1,530,000 1,071,000 612,000 390,150 1,300,500 1,300,500
106,667 106,667 106,667 106,667 106,667 106,667 106,667 106,667
600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000
1377000 1377000 1377000 1129140 881280 761481 1253070 1253070
33,048 33,048 33,048 27,099 21,151 18,276 30,074 30,074
1,020,000 1,020,000 1,020,000 714,000 408,000 260,100 867,000 867,000
80,000 80,000 80,000 80,000 80,000 80,000 80,000 80,000
270,000 270,000 270,000 270,000 270,000 270,000 270,000 270,000
660960 660960 660960 537030 413100 353200.5 598995 598995
15,863 15,863 15,863 12,889 9,914 8,477 14,376 14,376
510,000 510,000 510,000 357,000 204,000 130,050 433,500 433,500
36,000 36,000 36,000 36,000 36,000 36,000 36,000 36,000

48,158 48,158 48,158 39,087 30,015 25,630 43,622 43,622


33,599 33,599 33,599 27,551 21,503 18,580 30,575 30,575
16,127 16,127 16,127 13,104 10,080 8,618 14,615 14,615
97,885 97,885 97,885 79,741 61,598 52,829 88,813 88,813
329.5
559 559 559 979 1400 1400 1400 1400
1402 1402 981 561 0 0 0 0
3093 3093 3093 3093 3093 3093 3093 3093

2022
Octubre Noviembre Diciembre Enero Febrero Marzo Abril Mayo
81,184,410 81,184,410 81,184,410 85,725,756 90,267,102 90,267,102 90,267,102 90,267,102
90,535,688 90,535,688 90,535,688 106,304,250 122,072,813 122,072,813 122,072,813 122,072,813
1,488,466 1,488,466 1,488,466 1,677,689 1,866,912 1,866,912 1,866,912 1,866,912
2,522,970 2,522,970 1,766,079 1,009,188

9,060,000 9,060,000 12,080,000

184,791,534 184,791,534 187,054,643 194,716,883 214,206,826 214,206,826 214,206,826 214,206,826

3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000


200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000
250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000
600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000

300,000
800,000
2,000,000

1,440,000

4,050,000 4,050,000 8,590,000 4,050,000 4,050,000 4,050,000 4,050,000 4,050,000

800,000 800,000 800,000 800,000 800,000 800,000 800,000 800,000


1787805 1787805 1787805 1787805 1787805 1787805 1787805 1155762
42,907 42,907 42,907 42,907 42,907 42,907 42,907 27,738
1,300,500 1,300,500 1,300,500 1,300,500 1,300,500 1,300,500 1,300,500 520,200
106,667 106,667 106,667 106,667 106,667 106,667 106,667 106,667
600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000
1253070 1253070 1253070 1253070 1253070 1253070 1253070 831708
30,074 30,074 30,074 30,074 30,074 30,074 30,074 19,961
867,000 867,000 867,000 867,000 867,000 867,000 867,000 346,800
80,000 80,000 80,000 80,000 80,000 80,000 80,000 80,000
270,000 270,000 270,000 270,000 270,000 270,000 270,000 270,000
598995 598995 598995 598995 598995 598995 598995 388314
14,376 14,376 14,376 14,376 14,376 14,376 14,376 9,320
433,500 433,500 433,500 433,500 433,500 433,500 433,500 173,400
36,000 36,000 36,000 36,000 36,000 36,000 36,000 36,000

43,622 43,622 43,622 43,622 43,622 43,622 43,622 28,201


30,575 30,575 30,575 30,575 30,575 30,575 30,575 20,294
14,615 14,615 14,615 14,615 14,615 14,615 14,615 9,475
88,813 88,813 88,813 88,813 88,813 88,813 88,813 57,969
210 210 280
1400 1400 801 202 0 0 564 1128
0 564 1128 1881 1881 1881 1317 752
3093 3093 3513 3870 4346 4346 4346 4346

2022
Junio Julio Agosto Septiembre Octubre Noviembre Diciembre Enero
90,267,102 90,267,102 94,005,680 96,226,012 105,624,844 105,619,507 111,713,396 117,807,285
122,072,813 122,072,813 109,072,673 94,666,751 97,814,374 97,795,839 118,955,177 140,114,514
1,866,912 1,866,912 1,765,497 1,639,091 1,738,815 1,738,593 1,992,505 2,246,417
1,015,648 2,031,296 3,385,494 3,385,494 3,385,494 2,369,846 1,354,198

12,270,000 12,270,000 16,360,000

214,206,826 215,222,474 206,875,147 195,917,348 220,833,527 220,809,433 251,390,923 261,522,414

3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000


200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000
250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000
600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000

375,000
800,000
2,000,000
32,000,000
1,800,000

4,050,000 4,050,000 4,050,000 4,050,000 4,050,000 4,050,000 41,025,000 4,050,000

800,000 800,000 800,000 800,000 800,000 800,000 800,000 800,000


1155762 1251734.85 1769069.7 2458849.5 2458849.5 2458849.5 2458849.5 2458849.5
27,738 30,042 42,458 59,012 59,012 59,012 59,012 59,012
520,200 638,685 1,277,370 2,128,950 2,128,950 2,128,950 2,128,950 2,128,950
106,667 106,667 106,667 106,667 106,667 106,667 106,667 106,667
600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000
831708 895689.9 1240579.8 1700433 1700433 1700433 1700433 1700433
19,961 21,497 29,774 40,810 40,810 40,810 40,810 40,810
346,800 425,790 851,580 1,419,300 1,419,300 1,419,300 1,419,300 1,419,300
80,000 80,000 80,000 80,000 80,000 80,000 80,000 80,000
270,000 270,000 270,000 270,000 270,000 270,000 270,000 270,000
388314 420304.95 592749.9 822676.5 822676.5 822676.5 822676.5 822676.5
9,320 10,087 14,226 19,744 19,744 19,744 19,744 19,744
173,400 212,895 425,790 709,650 709,650 709,650 709,650 709,650
36,000 36,000 36,000 36,000 36,000 36,000 36,000 36,000

28,201 30,542 43,165 59,996 59,996 59,996 59,996 59,996


20,294 21,855 30,270 41,491 41,491 41,491 41,491 41,491
9,475 10,255 14,463 20,073 20,073 20,073 20,073 20,073
57,969 62,653 87,899 121,560 121,560 121,560 121,560 121,560
1881 1881 1881 1881 1881 1881 1523 1166
0 1265 2530 4216
4346 4346 4346 4346 4346 4346 4704 5061

2023
Febrero Marzo Abril Mayo Junio Julio Agosto Septiembre
125,932,471 125,932,471 125,932,471 125,932,471 125,932,471 125,932,471 130,757,651 135,582,831
168,326,964 168,326,964 168,326,964 168,326,964 168,326,964 168,326,964 162,965,653 157,604,342
2,584,966 2,584,966 2,584,966 2,584,966 2,584,966 2,584,966 2,567,095 2,549,224
2,276,687 4,553,374 7,588,957

296,844,401 296,844,401 296,844,401 296,844,401 296,844,401 299,121,088 300,843,773 303,325,354

3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000


200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000
250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000
600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000

4,050,000 4,050,000 4,050,000 4,050,000 4,050,000 4,050,000 4,050,000 4,050,000

800,000 800,000 800,000 800,000 800,000 800,000 800,000 800,000


2458849.5 2458849.5 2458849.5 1941514.65 1424179.8 1407972.31 2081544.62 2950651.13
59,012 59,012 59,012 46,596 34,180 33,791 49,957 70,816
2,128,950 2,128,950 2,128,950 1,490,265 851,580 831,571 1,663,142 2,736,113
106,667 106,667 106,667 106,667 106,667 106,667 106,667 106,667
600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000
1700433 1700433 1700433 1355543.1 1010653.2 999848.205 1448896.41 2028300.75
40,810 40,810 40,810 32,533 24,256 23,996 34,774 48,679
1,419,300 1,419,300 1,419,300 993,510 567,720 554,381 1,108,761 1,824,075
80,000 80,000 80,000 80,000 80,000 80,000 80,000 80,000
270,000 270,000 270,000 270,000 270,000 270,000 270,000 270,000
822676.5 822676.5 822676.5 650231.55 477786.6 472384.103 696908.205 986610.375
19,744 19,744 19,744 15,606 11,467 11,337 16,726 23,679
709,650 709,650 709,650 496,755 283,860 277,190 554,381 912,038
36,000 36,000 36,000 36,000 36,000 36,000 36,000 36,000

59,996 59,996 59,996 47,373 34,750 34,355 50,790 71,996


41,491 41,491 41,491 33,075 24,660 24,396 35,353 49,491
20,073 20,073 20,073 15,866 11,658 11,526 17,005 24,073
121,560 121,560 121,560 96,314 71,068 70,277 103,147 145,560
689 689 1954
4216 4216 2951
5538 5538 5538

Octubre Noviembre Diciembre


142,016,404 142,016,404 155,676,527
150,455,927 150,455,927 197,886,909
2,525,396 2,525,396 3,094,568
7,588,957 7,588,957 5,312,270

14,620,000 14,620,000 19,500,000

317,206,684 317,206,684 381,470,274

3,000,000 3,000,000 3,000,000


200,000 200,000 200,000
250,000 250,000 250,000
600,000 600,000 600,000

450,000
800,000
2,000,000

2,160,000

4,050,000 4,050,000 9,460,000

800,000 800,000 800,000


2950651.13 2950651.13 2950651.13
70,816 70,816 70,816
2,736,113 2,736,113 2,736,113
106,667 106,667 106,667
600,000 600,000 600,000
2028300.75 2028300.75 2028300.75
48,679 48,679 48,679
1,824,075 1,824,075 1,824,075
80,000 80,000 80,000
270,000 270,000 270,000
986610.375 986610.375 986610.375
23,679 23,679 23,679
912,038 912,038 912,038
36,000 36,000 36,000

71,996 71,996 71,996


49,491 49,491 49,491
24,073 24,073 24,073
145,560 145,560 145,560
2018
AÑO 0
ÍTEM/MES ENERO FEBRERO MARZO ABRIL MAYO
Litros/Mes 0 0 0 0 0
Ventas
Leche
Terneros
Vacas
Total Ingresos 0 0 0 0 0

Precio Serie de Tiempo 217.4 219.7 225.8 229.5 224.3


2018
AÑO 0
JUNIO JULIO AGOSTO SEPTIEMBRE OCTUBRE NOVIEMBRE DICIEMBRE ENERO
0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0

225.0 224.4 223.5 223.8 223.7 223.0 223.9 222.7


2019
AÑO 1
FEBRERO MARZO ABRIL MAYO JUNIO JULIO AGOSTO SEPTIEMBRE
0 0 0 0 0 288,000 576,000 960,000

64,310,333 128,613,316 214,355,527


0

0 0 0 0 0 64,598,333 129,189,316 215,315,527

223.5 222.2 223.0 222.3 224.0 224.2 223.9 225.0


2020
AÑO 2
OCTUBRE NOVIEMBRE DICIEMBRE ENERO FEBRERO MARZO ABRIL MAYO
916,800 873,600 816,000 816,000 816,000 816,000 816,000 571,200

204,709,529 195,063,530 182,202,198 182,202,198 182,202,198 182,202,198 182,202,198 127,541,539

205,626,329 195,937,130 183,018,198 183,018,198 183,018,198 183,018,198 183,018,198 128,112,739

224.7 223.7 224.5 222.8 223.1 221.4 222.5 222.2


2020
AÑO 2
JUNIO JULIO AGOSTO SEPTIEMBRE OCTUBRE NOVIEMBRE DICIEMBRE ENERO
326,400 306,000 612,000 1,020,000 1,020,000 1,020,000 1,020,000 1,020,000

72,880,879 68,325,824 136,651,649 227,752,748 227,752,748 227,752,748 227,752,748 227,752,748


111,162,000 111,162,000 148,216,000

73,207,279 179,793,824 248,425,649 376,988,748 228,772,748 228,772,748 228,772,748 228,772,748

224.1 224.4 224.1 225.1 224.8 223.7 224.5 222.7


2021
AÑO 3
FEBRERO MARZO ABRIL MAYO JUNIO JULIO AGOSTO SEPTIEMBRE
1,020,000 1,020,000 1,020,000 714,000 408,000 260,100 867,000 867,000

227,752,748 227,752,748 227,752,748 159,426,924 91,101,099 58,076,951 193,589,836 193,589,836


94,354,000 94,354,000 125,869,000

228,772,748 228,772,748 228,772,748 160,140,924 91,509,099 152,691,051 288,810,836 320,325,836

223.0 221.3 222.5 222.3 224.1 224.5 224.2 225.2


2022
AÑO 4
OCTUBRE NOVIEMBRE DICIEMBRE ENERO FEBRERO MARZO ABRIL MAYO
867,000 867,000 867,000 867,000 867,000 867,000 867,000 346,800

193,589,836 193,589,836 193,589,836 193,589,836 193,589,836 193,589,836 193,589,836 77,435,934

194,456,836 194,456,836 194,456,836 194,456,836 194,456,836 194,456,836 194,456,836 77,782,734

224.8 223.7 224.5 222.6 223.0 221.3 222.5 222.3


2022
AÑO 4
JUNIO JULIO AGOSTO SEPTIEMBRE OCTUBRE NOVIEMBRE DICIEMBRE ENERO
346,800 425,790 851,580 1,419,300 1,419,300 1,419,300 1,419,300 1,419,300

77,435,934 95,073,375 190,146,750 316,911,250 316,911,250 316,911,250 316,911,250 316,911,250


80,220,000 80,220,000 106,960,000

77,782,734 175,719,165 271,218,330 425,290,550 318,330,550 318,330,550 318,330,550 318,330,550

224.1 224.5 224.2 225.2 224.8 223.7 224.5 222.6


AÑO 5
FEBRERO MARZO ABRIL MAYO JUNIO JULIO AGOSTO SEPTIEMBRE
1,419,300 1,419,300 1,419,300 993,510 567,720 554,381 1,108,761 1,824,075

316,911,250 316,911,250 316,911,250 221,837,875 126,764,500 123,785,963 247,571,926 407,292,249


167,698,000 167,698,000 223,470,000

318,330,550 318,330,550 318,330,550 222,831,385 127,332,220 292,038,343 416,378,687 632,586,324

223.0 221.4 222.5 222.3 224.1 224.5 224.2 225.2


OCTUBRE NOVIEMBRE DICIEMBRE
1,824,075 1,824,075 1,824,075

407,292,249 407,292,249 407,292,249

409,116,324 409,116,324 409,116,324

224.8 223.7 224.5

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