VARIABLES DEL NEGOCIO ACME

UNIDADES 25,000,000 DELTA 5%

P.V.U. 10,000 DELTA 8%
C.V.U. 4,000 INFLACIÓN 6%
C.F. 60,000,000 % IMP 33%
G.F. 40,000,000 To 15%
AF OP 50,000,000 #P 10
TIPO
AF ADVO 30,000,000 LR 10
KW 10,000,000
DELTA KW 1 24,000,000
V. CONTADO 60%
V. CREDITO 40%
PERIODO COBRO 90 DIAS

CREDITO 1 15,000,000
n 5
m 12
N 60
IE 16% EA
IN 14.93% NMV
IP 1.24%
CUOTA $ 356,330.80
PERIODO MES 0 1 2
SALDO INICIAL 15,000,000 15,000,000 15,000,000 14,830,346
CUOTA $ 356,330.80 $ 356,330.80
INTERES 186,677 184,566
ABONO CAPITAL - 169,654 171,765
SALDO FINAL 15,000,000 14,830,346 14,658,581
AÑO 1 2 3 4
SUM INTERESES 2,094,829 1,745,846 1,341,027 871,436
SUM ABONO CAPITAL 2,181,141 2,530,123 2,934,943 3,404,534
SUM CUOTA $ 4,275,969.61 $ 4,275,969.61 $ 4,275,969.61 $ 4,275,969.61
SALDO FINAL 12,818,859 10,288,736 7,353,793 3,949,259
CHECK 12,818,859 10,288,736 7,353,793 3,949,259

CREDITO 2 25,000,000
n 5
m 4
N 20
IN 17% NAMV
m" 12
IE 18.39% EA
IN 17.24% NATV
IP 4.31%
ABONO CAPITAL 1,250,000
CUOTA $ 1,890,473.74
PERIODO TRIMESTRE 0 1 2
SALDO INICIAL 25,000,000 25,000,000 25,000,000 23,750,000
CUOTA 2,327,623 2,273,742
INTERES 1,077,623 1,023,742
ABONO CAPITAL - 1,250,000 1,250,000
SALDO FINAL 25,000,000 23,750,000 22,500,000

AÑO 1 2 3 4
SUM INTERESES 3,987,206 3,125,107 2,263,009 1,400,910
SUM ABONO CAPITAL 5,000,000 5,000,000 5,000,000 5,000,000
SUM CUOTA 8,987,206 8,125,107 7,263,009 6,400,910
SALDO FINAL 20,000,000 15,000,000 10,000,000 5,000,000
CHECK 20,000,000 15,000,000 10,000,000 5,000,000

CREDITO 3 40,000,000
n 5
m 6
N 30
P. GRACIA 2 AÑOS

P. GRACIA 12 BIMESTRES
P. PAGO DEUDA 18 BIMESTRES
IN 8% NATA
m"" 4
IP' 2.00%
IE 8.42% EA
PUNTOS 7.00%
IE" 16.01%
TN 15.03% NABV
IP 2.51%
CUOTA $ 2,788,091.50

PERIODO BIMESTRAL 0 1 2
SALDO INICIAL 40,000,000 40,000,000 40,000,000 40,000,000
CUOTA 1,002,144 1,002,144
INTERES 1,002,144 1,002,144
ABONO CAPITAL - - -
SALDO FINAL 40,000,000 40,000,000 40,000,000

AÑO 1 2 3 4
SUM INTERESES 6,012,866 6,012,866 5,318,854 3,492,648
SUM ABONO CAPITAL - - 11,409,695 13,235,901
SUM CUOTA 6,012,866 6,012,866 $ 16,728,548.98 $ 16,728,548.98
SALDO FINAL 40,000,000 40,000,000 28,590,305 15,354,404
CHECK 40,000,000 40,000,000 28,590,305 15,354,404
 3 4 5 6 7 8 9
14,658,581 14,484,678 14,308,611 14,130,353 13,949,877 13,767,154 13,582,157
$ 356,330.80 ### ### ### $ 356,330.80 $ 356,330.80 $ 356,330.80
182,428 180,264 178,073 175,854 173,608 171,334 169,032
173,903 176,067 178,258 180,477 182,723 184,997 187,299
14,484,678 14,308,611 14,130,353 13,949,877 13,767,154 13,582,157 13,394,858
5
326,710
3,949,259
$ 4,275,969.61
0
-
 3 4 5 6 7 8 9
22,500,000 21,250,000 20,000,000 18,750,000 17,500,000 16,250,000 15,000,000
2,219,861 2,165,980 2,112,099 2,058,217 2,004,336 1,950,455 1,896,574
969,861 915,980 862,099 808,217 754,336 700,455 646,574
1,250,000 1,250,000 1,250,000 1,250,000 1,250,000 1,250,000 1,250,000
21,250,000 20,000,000 18,750,000 17,500,000 16,250,000 15,000,000 13,750,000

5
538,812
5,000,000
5,538,812
-
-

3 4 5 6 7 8 9
40,000,000 40,000,000 40,000,000 40,000,000 40,000,000 40,000,000 40,000,000
1,002,144 1,002,144 1,002,144 1,002,144 1,002,144 1,002,144 1,002,144
1,002,144 1,002,144 1,002,144 1,002,144 1,002,144 1,002,144 1,002,144
- - - - - - -
 40,000,000 40,000,000 40,000,000 40,000,000 40,000,000 40,000,000 40,000,000

5
1,374,145
15,354,404
$ 16,728,548.98
-
-
 10 11 12 13 14 15 16
13,394,858 13,205,228 13,013,239 12,818,859 12,622,061 12,422,813 12,221,086
$ 356,330.80 $ 356,330.80 $ 356,330.80 $ 356,330.80 $ 356,330.80 $ 356,330.80 $ 356,330.80
166,701 164,341 161,952 159,532 157,083 154,604 152,093
189,630 191,990 194,379 196,798 199,248 201,727 204,238
13,205,228 13,013,239 12,818,859 12,622,061 12,422,813 12,221,086 12,016,849
 10 11 12 13 14 15 16
13,750,000 12,500,000 11,250,000 10,000,000 8,750,000 7,500,000 6,250,000
1,842,693 1,788,812 1,734,930 1,681,049 1,627,168 1,573,287 1,519,406
592,693 538,812 484,930 431,049 377,168 323,287 269,406
1,250,000 1,250,000 1,250,000 1,250,000 1,250,000 1,250,000 1,250,000
12,500,000 11,250,000 10,000,000 8,750,000 7,500,000 6,250,000 5,000,000

10 11 12 13 14 15 16
40,000,000 40,000,000 40,000,000 40,000,000 38,214,053 36,383,361 34,506,804
1,002,144 1,002,144 1,002,144 $ 2,788,091.50 $ 2,788,091.50 $ 2,788,091.50 $ 2,788,091.50
1,002,144 1,002,144 1,002,144 1,002,144 957,400 911,535 864,520
- - - 1,785,947 1,830,692 1,876,557 1,923,572
40,000,000 40,000,000 40,000,000 38,214,053 36,383,361 34,506,804 32,583,233
 17 18 19 20 21 22
12,016,849 11,810,069 11,600,716 11,388,758 11,174,162 10,956,895
$ 356,330.80 $ 356,330.80 $ 356,330.80 $ 356,330.80 $ 356,330.80 $ 356,330.80
149,551 146,978 144,373 141,735 139,064 136,360
206,779 209,353 211,958 214,596 217,267 219,971
11,810,069 11,600,716 11,388,758 11,174,162 10,956,895 10,736,924
 17 18 19 20
5,000,000 3,750,000 2,500,000 1,250,000
1,465,525 1,411,643 1,357,762 1,303,881
215,525 161,643 107,762 53,881
1,250,000 1,250,000 1,250,000 1,250,000
3,750,000 2,500,000 1,250,000 -

17 18 19 20 21 22
32,583,233 30,611,469 28,590,305 26,518,504 24,394,797 22,217,883
$ 2,788,091.50 $ 2,788,091.50 $ 2,788,091.50 $ 2,788,091.50 $ 2,788,091.50 $ 2,788,091.50
816,328 766,928 716,290 664,384 611,178 556,638
1,971,764 2,021,164 2,071,801 2,123,707 2,176,914 2,231,453
30,611,469 28,590,305 26,518,504 24,394,797 22,217,883 19,986,430
 23 24 25 26 27 28
10,736,924 10,514,216 10,288,736 10,060,450 9,829,323 9,595,319
$ 356,330.80 $ 356,330.80 $ 356,330.80 $ 356,330.80 $ 356,330.80 $ 356,330.80
133,623 130,851 128,045 125,204 122,327 119,415
222,708 225,480 228,286 231,127 234,004 236,916
10,514,216 10,288,736 10,060,450 9,829,323 9,595,319 9,358,404
 23 24 25 26 27 28
19,986,430 17,699,070 15,354,404 12,950,996 10,487,374 7,962,029
$ 2,788,091.50 $ 2,788,091.50 $ 2,788,091.50 $ 2,788,091.50 $ 2,788,091.50 $ 2,788,091.50
500,732 443,426 384,683 324,469 262,747 199,478
2,287,359 2,344,666 2,403,408 2,463,622 2,525,345 2,588,614
17,699,070 15,354,404 12,950,996 10,487,374 7,962,029 5,373,415
 29 30 31 32 33 34 35
9,358,404 9,118,539 8,875,690 8,629,818 8,380,887 8,128,857 7,873,691
$ 356,330.80 $ 356,330.80 ### ### ### ### ###
116,467 113,481 110,459 107,399 104,301 101,165 97,989
239,864 242,849 245,872 248,932 252,030 255,166 258,342
9,118,539 8,875,690 8,629,818 8,380,887 8,128,857 7,873,691 7,615,350
 29 30
5,373,415 2,719,947
$ 2,788,091.50 $ 2,788,091.50
134,623 68,144
2,653,468 2,719,947
2,719,947 -
 36 37 38 39 40 41 42 43
7,615,350 7,353,793 7,088,981 6,820,874 6,549,430 6,274,607 5,996,365 5,714,660
### ### ### ### ### ### ### ###
94,774 91,519 88,223 84,887 81,509 78,088 74,626 71,120
261,557 264,812 268,107 271,444 274,822 278,242 281,705 285,211
7,353,793 7,088,981 6,820,874 6,549,430 6,274,607 5,996,365 5,714,660 5,429,449
 44 45 46 47 48 49 50 51
5,429,449 5,140,688 4,848,334 4,552,341 4,252,665 3,949,259 3,642,078 3,331,073
### ### ### ### ### ### ### ###
67,570 63,977 60,338 56,655 52,925 49,149 45,326 41,456
288,761 292,354 295,993 299,676 303,406 307,182 311,005 314,875
5,140,688 4,848,334 4,552,341 4,252,665 3,949,259 3,642,078 3,331,073 3,016,198
 52 53 54 55 56 57 58 59
3,016,198 2,697,404 2,374,643 2,047,865 1,717,020 1,382,058 1,042,927 699,575
### ### ### ### ### ### ### ###
37,537 33,570 29,553 25,486 21,369 17,200 12,979 8,706
318,794 322,761 326,778 330,845 334,962 339,131 343,351 347,624
2,697,404 2,374,643 2,047,865 1,717,020 1,382,058 1,042,927 699,575 351,951
 60
351,951
###
4,380
351,951
0
 ACTIVOS PASIVO Y PATRIMONIO
KW 34,000,000 OXF 80,000,000 70%
A.F. 80,000,000 K.S. 34,000,000 30%
T. ACTIVOS 114,000,000 T. PAS Y PATRIM 114,000,000 100%

F.C.N. FCN1 FCN2 FCN3

34,000,000
 AÑO 1 2 3 4

UNIDADES 25,000,000 26,250,000 27,562,500 28,940,625

P.V.U. 10,000 10,800 11,664
C.V.U. 4,000 4,240 4,494
C.F. 60,000,000 63,600,000 67,416,000
G.F. 40,000,000 42,400,000 44,944,000
DEP AF OP 3,975,229 4,173,990 4,382,690 4,601,824
DEP AF ADV 3,000,000 3,000,000 3,000,000 3,000,000

Todos los costos y gastos se calculan con la inflación

VENTAS DE CONTADO Y CREDITO

V. CONTADO 60%
V. CREDITO 40%
PERIODO COBRO 90
AÑO 1 2 3
DIAS AÑO 300 360 360
FRACCION DE RECAUDO 70% 75% 75%

AÑO
AÑO 1 2 3 4
UNIDADES ### ### ###
V. CONTADO ### ### ### -
V. CREDITO ### ### ### -
INGRESO VENTAS A CREDITO ### ### ###
CUENTAS POR PAGAR ### ### ###
 5 6 7 8 9 10 SUM

30,387,656 31,907,039 33,502,391 35,177,511 36,936,386 38,783,205 314,447,313

4,831,915 5,073,511 5,327,187 5,593,546 5,873,223 6,166,885 50,000,000

3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 30,000,000

n la inflación

5 6 7 8 9 10 SUM

- - - - - -
- - - - - -
 AÑO 1 2 3

VENTAS ### ### ###

COSTO DE VENTAS ### ### ###
COSTO VARIABLE TOTAL ### ### ###
COSTO FIJO 60,000,000 63,600,000 67,416,000
DEP AF OP 3,975,229 4,173,990 4,382,690
UNILIDAD BRUTA ### ### ###
GASTO FIJO 40,000,000 42,400,000 44,944,000
DEP AF ADV 3,000,000 3,000,000 3,000,000
UTILIDAD OPERACIONAL ### ### ###
G. FINANCIEROS 1 2,094,829 1,745,846 1,341,027
G. FINANCIEROS 2 3,987,206 3,125,107 2,263,009
G. FINANCIEROS 3 6,012,866 6,012,866 5,318,854
UTILIDAD ANTES DE IMPUE ### ### ###
IMPUESTO ### ### ###
UTILIDAD NETA ### ### ###
 AÑO - 1 2 3 4

INGRESOS
CAPITAL SOCIAL 34,000,000
VENTAS CONTADO ### ### ###
RECAUDO CARTERA ### ### ### ###
TOTAL INGRESOS 34,000,000 ### ### ### ###
EGRESOS
ACTIVOS 80,000,000
COSTO VARIABLE TOTAL ### ### ###
COSTO FIJO 60,000,000 63,600,000 67,416,000
GASTOS FIJOS 40,000,000 42,400,000 44,944,000
IMPUESTOS ### ### ###
TOTAL EGRESOS 80,000,000 ### ### ### ###
INGRESOS - EGRESOS - 46,000,000 ### ### ### ###
DISPONIBLE - 46,000,000 ### ### ### ###
 AÑO 1 2 3

ACTIVOS
DISPONIBLE ### ### ###
CXC ### ### ###
ACTIVOS FIJOS 80,000,000 80,000,000 80,000,000
DEPRECIACION ACUMULADA - 6,975,229 - 14,149,219 - 21,531,909
TOTAL ACTIVOS ### ### ###
PASIVOS
OBLIGACIONES FINANCIERAS 1 12,818,859 10,288,736 7,353,793
OBLIGACIONES FINANCIERAS 2 20,000,000 15,000,000 10,000,000
OBLIGACIONES FINANCIERAS 3 40,000,000 40,000,000 28,590,305
IMPUESTOS ### ### ###
TOTAL PASIVOS ### ### ###
PATRIMONIO
CAPITAL SOCIAL 34,000,000 34,000,000 34,000,000
UTILIDADES ### ### ###
UTILIDAD ACUMULADA ### ###
TOTAL PATRIMONIO ### ### ###
TOTAL PASIVO Y PATRIMONIO ### ### ###

CHEK - - -
MARGEN UTILIDAD BRUTA 60% 61% 61%
% EBITDA 60% 61% 61%
MARGEN UTILIDAD OPERACIONAL 60% 61% 61%
MUN 40% 41% 41%
P. EQUILIBRIO # 17,829.20 17,252 16,701
P. EQUILIBRIO $ 178,292,048 186,323,033 194,805,670
% P. EQUIL 0% 0% 0%
EBITDA A ### ### ###
EBITDA B ### ### ###
R.O./K.S. 295354% 339091% 389159%
% VENTAS 13.4% 13.4%

13.40%
Utilidad bruta/ventas
Utilidad neta/capital social
utilidad operacional/ventas
utilidad neta/ventas
costo fijo + gastos fijos/precio venta unitario-costo venta unitario Margen de contribucion
Punto equilibrio *punto venta unitario
Punto equilibrio en pesos / ventas
utilidad sin impuestos, gastos financieros, amortizaciones y depreciaciones
ebitda/ventas
ventas finales/ventas iniciales -1*100
 AÑO - 1 2 3

INGRESOS
CAPITAL SOCIAL 34,000,000
PRESTAMOS 80,000,000
VENTAS CONTADO 150,000,000,000 170,100,000,000 192,893,400,000
RECAUDO CARTERA 70,000,000,000 115,050,000,000 124,796,700,000
TOTAL INGRESOS 114,000,000 ### ### ###
EGRESOS
ACTIVOS 80,000,000
COSTO VARIABLE TOTAL 100,000,000,000 111,300,000,000 123,876,900,000
COSTO FIJO 60,000,000 63,600,000 67,416,000
GASTOS FIJOS 40,000,000 42,400,000 44,944,000
CUOTA CREDITO 1 4,275,970 4,275,970 4,275,970
CUOTA CREDITO 2 8,987,206 8,125,107 7,263,009
CUOTA CREDITO 3 6,012,866 6,012,866 16,728,549
IMPUESTOS 49,460,706,857 56,785,060,923
TOTAL EGRESOS 80,000,000 ### ### ###
INGRESOS - EGRESOS 34,000,000 119,880,723,958 124,264,879,200 136,887,511,550
DISPONIBLE 34,000,000 ### ### ###
FLUJO DE CAJA NETO - 34,000,000 119,880,723,958 124,264,879,200 136,887,511,550

F.C.N. FCN1 FCN2 FCN3 FCN4

119,880,723,958 124,264,879,200 136,887,511,550

- 33,020,633,359

34,000,000

To 15%
Tfinanciacion 18%
Trefinanciamiento 5%

AÑO - 1 2 3
F.C.N. - 34,000,000 119,880,723,958 124,264,879,200 136,887,511,550
VP - 34,000,000 ### ### ###
VPN 269,298,315,831
VPN ###

PRI - 34,000,000 ### ### ###

VP I ###
VP E ###
R B/C 1.7380

TASAS VPN
5% ### VPN
10% ### $350,000,000,000.00
15% ### $300,000,000,000.00
20% ### $250,000,000,000.00
25% ### $200,000,000,000.00
30% ### $150,000,000,000.00
35% ### $100,000,000,000.00
40% ### $50,000,000,000.00
$0.00
0% 5% 10% 15% 20% 25% 30% 35% 4

TIR 352594.02%

F.C.N. FCN1 FCN2 FCN3 FCN4

50,000,000 52,001,825 65,773,517 6,451,995

25,696,905

90,000,000

AÑO 0 1 2 3
PERIODO VF 4 3 2 1
F.C.N. - 34,000,000 119,880,723,958 124,264,879,200 136,887,511,550
VF ### ### ###
SUMA VF ###
VP - 34,000,000
SUMA VP -$ 34,000,000.00
TIRM 932.56%
TIRM 123%
 4 VP

-
32,148,900,000
32,148,900,000 ###

-
-
-

65,169,533,359
65,169,533,359 ###
- 33,020,633,359
###
- 33,020,633,359

Costo de Capital: promedio ponderado de las

diferentes fuentes de financiacio de la empresa

4
- 33,020,633,359
 ###
proyecto liquido, viable y rentable

###

VPN

% 15% 20% 25% 30% 35% 40% 45%

4
0
- 33,020,633,359
###
 MENSUAL - 1 2 3 4

INGRESOS
CAPITAL SOCIAL 34,000,000
VENTAS - - ### ###
TOTAL INGRESOS 34,000,000 - - ### ###
EGRESOS
ACTIVOS 80,000,000
COSTO VARIABLE TOTAL ### ### ### ###
COSTO FIJO 5,000,000 5,000,000 5,000,000 5,000,000
GASTOS FIJOS 3,333,333 3,333,333 3,333,333 3,333,333
IMPUESTOS
TOTAL EGRESOS 80,000,000 ### ### ### ###
INGRESOS - EGRESOS - 46,000,000 ### ### ### ###
DISPONIBLE - 46,000,000 ### ### ### ###
 5 6 7 8 9 10 11

### ### ### ### ### ### ###

### ### ### ### ### ### ###

### ### ### ### ### ### ###

5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000
3,333,333 3,333,333 3,333,333 3,333,333 3,333,333 3,333,333 3,333,333

### ### ### ### ### ### ###

### ### ### ### ### ### ###
### ### ### ### ### ### ###

CHEK
 12 13 14 15 16 17 18

### ### ### ### ### ### ###

### ### ### ### ### ### ###

### ### ### ### ### ### ###

5,000,000 5,300,000 5,300,000 5,300,000 5,300,000 5,300,000 5,300,000
3,333,333 3,533,333 3,533,333 3,533,333 3,533,333 3,533,333 3,533,333
###
### ### ### ### ### ### ###
### ### ### ### ### ### ###
### ### ### ### ### ### ###

###
 19 20 21 22 23 24 25

### ### ### ### ### ### ###

### ### ### ### ### ### ###

### ### ### ### ### ### ###

5,300,000 5,300,000 5,300,000 5,300,000 5,300,000 5,300,000 5,618,000
3,533,333 3,533,333 3,533,333 3,533,333 3,533,333 3,533,333 3,745,333

### ### ### ### ### ### ###

### ### ### ### ### ### ###
### ### ### ### ### ### ###

CHEK ###
 26 27 28 29 30 31 32

### ### ### ### ### ### ###

### ### ### ### ### ### ###

### ### ### ### ### ### ###

5,618,000 5,618,000 5,618,000 5,618,000 5,618,000 5,618,000 5,618,000
3,745,333 3,745,333 3,745,333 3,745,333 3,745,333 3,745,333 3,745,333
###
### ### ### ### ### ### ###
### ### ### ### ### ### ###
### ### ### ### ### ### ###
 33 34 35 36 VP

### ### ### ###

### ### ### ### ###

### ### ### ###

5,618,000 5,618,000 5,618,000 5,618,000
3,745,333 3,745,333 3,745,333 3,745,333

### ### ### ### ###

### ### ### ###
### ### ### ###

CHEK ###