FLUJO MINSA -PARTE 1

FLUJO FONDOS PURO (precios Constantes)

Item/periodo 0 1 2 3 4 5 6 7 8 9 10
+ INGRESOS 5,447,200,000 5,447,200,000 5,447,200,000 5,447,200,000 5,447,200,000 5,447,200,000 5,447,200,000 5,447,200,000 5,447,200,000 5,447,200,000
+ VALORES DE SALVAMENTO 0
- COSTOS INSUMOS - CARBÓN 696,960,000 696,960,000 696,960,000 696,960,000 696,960,000 696,960,000 696,960,000 696,960,000 696,960,000 696,960,000
- COSTOS FIJOS OPERACIÓN 400,000,000 400,000,000 400,000,000 400,000,000 400,000,000 400,000,000 400,000,000 400,000,000 400,000,000 400,000,000
COSTOS VARIABLES 1,663,200,000 1,663,200,000 1,663,200,000 1,663,200,000 1,663,200,000 1,663,200,000 1,663,200,000 1,663,200,000 1,663,200,000 1,663,200,000
- DEPRECIACIÓN 1,650,000,000 1,650,000,000 1,650,000,000 1,650,000,000 1,650,000,000
= GANANCIAS GRAVABLES 1,037,040,000 1,037,040,000 1,037,040,000 1,037,040,000 1,037,040,000 2,687,040,000 2,687,040,000 2,687,040,000 2,687,040,000 2,687,040,000
- IMPUESTOS DIRECTOS 259,260,000 259,260,000 259,260,000 259,260,000 259,260,000 671,760,000 671,760,000 671,760,000 671,760,000 671,760,000
= UTILIDAD NETAS 0 777,780,000 777,780,000 777,780,000 777,780,000 777,780,000 2,015,280,000 2,015,280,000 2,015,280,000 2,015,280,000 2,015,280,000
+ DEPRECIACIÓN 1,650,000,000 1,650,000,000 1,650,000,000 1,650,000,000 1,650,000,000 0 0 0 0 0
- INVERSION PLANTA 8,250,000,000
= FLUJO DE FONDOS NETOS -8,250,000,000 2,427,780,000 2,427,780,000 2,427,780,000 2,427,780,000 2,427,780,000 2,015,280,000 2,015,280,000 2,015,280,000 2,015,280,000 2,015,280,000

vna 8,320,236,295
Rb/c 2.01 0.06
Tasa Interna de Retorno 0.25
Interés de Opotunidad 0.06
interés del crédito
 FLUJO MINSA -PARTE 2

FLUJO FONDOS PURO (precios Constantes)

Item/periodo 0 1 2 3 4 5
+ INGRESOS 5,497,461,538 5,548,206,361 5,599,439,114 5,651,164,491 5,703,387,226
+ VALORES DE SALVAMENTO
- COSTOS INSUMOS - CARBÓN 696,960,000 696,960,000 696,960,000 696,960,000 696,960,000
- COSTOS FIJOS OPERACIÓN 400,000,000 400,000,000 400,000,000 400,000,000 400,000,000
COSTOS VARIABLES 1,663,200,000 1,663,200,000 1,663,200,000 1,663,200,000 1,663,200,000
- DEPRECIACIÓN 1,650,000,000 1,650,000,000 1,650,000,000 1,650,000,000 1,650,000,000
= GANANCIAS GRAVABLES 1,087,301,538 1,138,046,361 1,189,279,114 1,241,004,491 1,293,227,226
- IMPUESTOS DIRECTOS 271,825,385 284,511,590 297,319,779 310,251,123 323,306,807
= UTILIDAD NETAS 0 815,476,154 853,534,771 891,959,336 930,753,368 969,920,420
+ DEPRECIACIÓN 1,650,000,000 1,650,000,000 1,650,000,000 1,650,000,000 1,650,000,000
- INVERSION PLANTA 8,250,000,000
+ CRÉDITO 3,300,000,000
1,650,495,000 990,594,089 660,594,178
= FLUJO DE FONDOS NETOS -4,950,000,000 814,981,154 1,512,940,682 1,881,365,158 2,580,753,368 2,619,920,420

vna 10,058,702,942
Rb/c 3.03 0.06
Tasa Interna de Retorno 0.33
Interés de Opotunidad 0.06
interés del crédito
 6 7 8 9 10
5,756,112,103 5,809,343,950 5,863,087,642 5,917,348,100 5,972,130,294
0
696,960,000 696,960,000 696,960,000 696,960,000 696,960,000
400,000,000 400,000,000 400,000,000 400,000,000 400,000,000
1,663,200,000 1,663,200,000 1,663,200,000 1,663,200,000 1,663,200,000

2,995,952,103 3,049,183,950 3,102,927,642 3,157,188,100 3,211,970,294

748,988,026 762,295,988 775,731,911 789,297,025 802,992,573
2,246,964,077 2,286,887,963 2,327,195,732 2,367,891,075 2,408,977,720
0 0 0 0 0

2,246,964,077 2,286,887,963 2,327,195,732 2,367,891,075 2,408,977,720

 FLUJO MINSA -PARTE 3

FLUJO FONDOS PURO (precios Constantes) - CREDITO

Item/periodo 0 1 2 3 4 5
+ INGRESOS 5,497,461,538 5,548,206,361 5,599,439,114 5,651,164,491 5,703,387,226
+ VALORES DE SALVAMENTO
- COSTOS INSUMOS - CARBÓN 696,960,000 696,960,000 696,960,000 696,960,000 696,960,000
- COSTOS FIJOS OPERACIÓN 400,000,000 400,000,000 400,000,000 400,000,000 400,000,000
COSTOS VARIABLES 1,663,200,000 1,663,200,000 1,663,200,000 1,663,200,000 1,663,200,000
- INTERESES 253,846,154 253,846,154 $ 253,846,154 211,538,462 169,230,769
- DEPRECIACIÓN 1,650,000,000 1,650,000,000 1,650,000,000 1,650,000,000 1,650,000,000
= GANANCIAS GRAVABLES 833,455,385 884,200,207 935,432,961 1,029,466,029 1,123,996,457
- IMPUESTOS DIRECTOS 208,363,846 221,050,052 233,858,240 257,366,507 280,999,114
= UTILIDAD NETAS 0 625,091,538 663,150,155 701,574,720 772,099,522 842,997,343
+ DEPRECIACIÓN 1,650,000,000 1,650,000,000 1,650,000,000 1,650,000,000 1,650,000,000
- INVERSION PLANTA 8,250,000,000
+ CRÉDITO 2,400,000,000
- AMORTIZACIÓNES 0 0 400,000,000 400,000,000 400,000,000
= FLUJO DE FONDOS NETOS -5,850,000,000 2,275,091,538 2,313,150,155 1,951,574,720 2,022,099,522 2,092,997,343

vna 9,542,852,052
Rb/c 2.63 0.06
Tasa Interna de Retorno 0.35
Interés de Opotunidad 0.06
interés del crédito NAL (REAL) 0.1058

SALDO INICIAL AMORTIZACIONINTERÉS SALDO

2,400,000,000 $ 400,000,000 $ 253,846,154 $ 2,000,000,000
 2,000,000,000 $ 400,000,000 $ 211,538,462 $ 1,600,000,000
1,600,000,000 $ 400,000,000 $ 169,230,769 $ 1,200,000,000
1,200,000,000 $ 400,000,000 $ 126,923,077 $ 800,000,000
800,000,000 $ 400,000,000 $ 84,615,385 $ 400,000,000
400,000,000 $ 400,000,000 $ 42,307,692 $ -

COMO NUESTRO FLUJO ESTÁ EN PRECIOS CONSTANTES, ASÍ SE DEBERÍA TRABAJAR EL CRÉDITO

TASA DE INTERÉS REAL DEL CRÉDITO NACIONAL 10.58%

TASA REAL DEL CRÉDITO EXTERNO 4.854% Y AJUSTE POR DEVALUACIÓN (1%)

ES MEJOR TOMAR EL CRÉDITO EN EL EXTRANJERO! LA TASA ES MÁS BAJA EN TERMINOS REALES COMO SE VE EN SIGUIENTE HOJA
ntes) - CREDITO NACIONAL
6 7 8 9 10
5,756,112,103 5,809,343,950 5,863,087,642 5,917,348,100 5,972,130,294
0
696,960,000 696,960,000 696,960,000 696,960,000 696,960,000
400,000,000 400,000,000 400,000,000 400,000,000 400,000,000
1,663,200,000 1,663,200,000 1,663,200,000 1,663,200,000 1,663,200,000
126,923,077 84,615,385 42,307,692

2,869,029,026 2,964,568,566 3,060,619,950 3,157,188,100 3,211,970,294

717,257,257 741,142,141 765,154,987 789,297,025 802,992,573
2,151,771,770 2,223,426,424 2,295,464,962 2,367,891,075 2,408,977,720
0 0 0 0 0

400,000,000 $ 400,000,000 $ 400,000,000

1,751,771,770 1,823,426,424 1,895,464,962 2,367,891,075 2,408,977,720
UIENTE HOJA
 FLUJO MINSA -PARTE 3 CREDITO EXTRAN

FLUJO FONDOS PURO (precios C

Item/periodo 0 1 2
+ INGRESOS 5,497,461,538 5,548,206,361
+ VALORES DE SALVAMENTO
- COSTOS INSUMOS - CARBÓN 696,960,000 696,960,000
- COSTOS FIJOS OPERACIÓN 400,000,000 400,000,000
COSTOS VARIABLES 1,663,200,000 1,663,200,000
- INTERESES 132,378,641 143,552,544
- DEPRECIACIÓN 1,650,000,000 1,650,000,000
= GANANCIAS GRAVABLES 954,922,898 994,493,817
- IMPUESTOS DIRECTOS 238,730,724 248,623,454
= UTILIDAD NETAS 0 716,192,173 745,870,363
+ DEPRECIACIÓN 1,650,000,000 1,650,000,000
- INVERSION PLANTA 8,250,000,000
+ CRÉDITO 2,700,000,000
- AMORTIZACIÓNES 0 490,055,565
= FLUJO DE FONDOS NETOS -5,550,000,000 2,366,192,173 1,905,814,798

vna 9,863,282,500
Rb/c 2.78 0.06
Tasa Interna de Retorno 0.36
Interés de Opotunidad 0.06
interés del crédito INTERNAL (REAL) 0.0485
CUOTA 621,123,526

SALDO INICIAL CUOTA amortización

2,700,000,000 621,123,526 $ 490,055,565
2,209,944,435 621,123,526 $ 513,844,670
1,696,099,765 621,123,526 $ 538,788,586
1,157,311,179 621,123,526 $ 564,943,372
592,367,807 621,123,526 $ 592,367,807
COMO NUESTRO FLUJO ESTÁ EN PRECIOS CONSTANTES, ASÍ SE DEBERÍA TRABAJAR EL CRÉDITO

TASA DE INTERÉS REAL DEL CRÉDITO NACIONAL 10.58%

TASA REAL DEL CRÉDITO EXTERNO 4.854% Y AJUSTE POR DEVALUACIÓN (1%)

ES MEJOR TOMAR EL CRÉDITO EN EL EXTRANJERO! LA TASA ES MÁS BAJA EN TERMINOS REALES

JO MINSA -PARTE 3 CREDITO EXTRANJERO

NDOS PURO (precios Constantes)

3 4 5 6 7 8
5,599,439,114 5,651,164,491 5,703,387,226 5,756,112,103 5,809,343,950 5,863,087,642

696,960,000 696,960,000 696,960,000 696,960,000 696,960,000 696,960,000

400,000,000 400,000,000 400,000,000 400,000,000 400,000,000 400,000,000
1,663,200,000 1,663,200,000 1,663,200,000 1,663,200,000 1,663,200,000 1,663,200,000
$ 119,763,439 107,555,046 87,863,697 66,967,332 0 0
1,650,000,000 1,650,000,000 1,650,000,000
1,069,515,675 1,133,449,445 1,205,363,529 2,928,984,772 3,049,183,950 3,102,927,642
267,378,919 283,362,361 301,340,882 732,246,193 762,295,988 775,731,911
802,136,757 850,087,083 904,022,647 2,196,738,579 2,286,887,963 2,327,195,732
1,650,000,000 1,650,000,000 1,650,000,000 0 0 0

513,844,670 564,943,372 592,367,807 $ 592,367,807 0 $ -

1,938,292,087 1,935,143,712 1,961,654,840 1,604,370,771 2,286,887,963 2,327,195,732

INTERÉS SALDO ajustes devaluacinteres ajustado

$ 131,067,961 $ 2,209,944,435 $ 633,608,109 $ 143,552,544
$ 107,278,856 $ 1,696,099,765 $ 633,608,109 $ 119,763,439
$ 82,334,940 $ 1,157,311,179 $ 646,343,632 $ 107,555,046
$ 56,180,154 $ 592,367,807 $ 652,807,068 $ 87,863,697
$ 28,755,719 -$ 0 $ 659,335,139 $ 66,967,332
A TRABAJAR EL CRÉDITO

JUSTE POR DEVALUACIÓN (1%)

JA EN TERMINOS REALES
 9 10
5,917,348,100 5,972,130,294
0
696,960,000 696,960,000
400,000,000 400,000,000
1,663,200,000 1,663,200,000

3,157,188,100 3,211,970,294
789,297,025 802,992,573
2,367,891,075 2,408,977,720
0 0

2,367,891,075 2,408,977,720