INTERPRETACIÓN

Conforme a los parametros principales establecidos en el caso tanto el VPN financiero como el
Economico, destruyen valor sin embargo en el escenario financiero destruye casi 3 veces más que en el
escenario economico y el efecto radica en las distorsión de los gastos de intereses y en la tasa social de
descuento que en ECUADOR para estoy proyectos es del 12%. Si se quiere obtener beneficios o
bondades hay que cambiar aspectos en la simulación de los parametros, aumentando el precio, teniendo
en consideración la variación de la capacidad instalada al rango positivo o reevaluar el costo.
 financiero como el
i 3 veces más que en el
es y en la tasa social de
btener beneficios o
ando el precio, teniendo
reevaluar el costo.
 Financiamie
Periodo de Amortizacion Gastos Total
nto
Mes No Ingresos Pagos Operacion Egresos
24 1188000 781711 180 961711
30 2376000 976725 360 1336725
36 2376000 1343546 360 1703546
42 2376000 1934910 360 2294910
48 2376000 1959928 360 2319928
54 2376000 1912190 360 2272190
60 2376000 1862762 360 2222762
66 2376000 1815493 360 2175493
72 2376000 1766448 360 2126448
78 2376000 1716995 360 2076995
84 2376000 1667264 360 2027264
90 2376000 1619110 360 1979110
96 2376000 1570307 360 1930307
102 2376000 1521416 360 1881416
108 2376000 1432283 360 1792283
114 2376000 1424055 360 1784055
120 2376000 1375141 360 1735141
126 2376000 1326093 360 1686093
132 2376000 1130098 360 1490098
138 2376000 71404 360 1074040
144 2376000 74989 360 434989
150 2,376,000 - 360 360,000
156 2,376,000 - 360 360,000
162 2,376,000 - 360 360,000
168 2,376,000 - 360 360,000
174 2,376,000 - 360 360,000
180 2,376,000 - 360 360,000
186 2,376,000 - 360 360,000
192 2,376,000 - 360 360,000
198 2,376,000 - 360 360,000
204 2,376,000 - 360 360,000
210 2,376,000 - 360 360,000
216 2,376,000 - 360 360,000
222 2,376,000 - 360 360,000
228 2,376,000 - 360 360,000
234 2,376,000 - 360 360,000
240 2,376,000 - 360 360,000
246 2,376,000 - 360 360,000
252 2,376,000 - 360 360,000
258 2,376,000 - 360 360,000
264 2,376,000 - 360 360,000
270 2,376,000 - 360 360,000
276 2,376,000 - 360 360,000
282 2,376,000 - 360 360,000
288 2,376,000 - 360 360,000
294 2,376,000 - 360 360,000
300 2,376,000 - 360 360,000
306 2,376,000 - 360 360,000
312 2,376,000 - 360 360,000
318 2,376,000 - 360 360,000
324 2,376,000 - 360 360,000
330 2,376,000 - 360 360,000
336 2,376,000 - 360 360,000
342 2,376,000 - 360 360,000
348 2,376,000 - 360 360,000
354 2,376,000 - 360 360,000
360 2,376,000 - 360 360,000
366 2,376,000 - 360 360,000
372 2,376,000 - 360 360,000
378 2,376,000 - 360 360,000
384 2,376,000 - 360 360,000
390 2,376,000 - 360 360,000
396 2,376,000 - 360 360,000
402 2,376,000 - 360 360,000
408 2,376,000 - 360 360,000
414 2,376,000 - 360 360,000
420 2,376,000 - 360 360,000
426 2,376,000 - 360 360,000
432 2,376,000 - 360 360,000
438 2,376,000 - 360 360,000
444 2,376,000 - 360 360,000
450 2,376,000 - 360 360,000
456 2,376,000 - 360 360,000
462 2,376,000 - 360 360,000
468 2,376,000 - 360 360,000
474 2,376,000 - 360 360,000
480 2,376,000 - 360 360,000
486 2,376,000 - 360 360,000
492 2,376,000 - 360 360,000
498 2,376,000 - 360 360,000
504 2,376,000 - 360 360,000
510 2,376,000 - 360 360,000
516 2,376,000 - 360 360,000
522 2,376,000 - 360 360,000
528 2,376,000 - 360 360,000
534 2,376,000 - 360 360,000
540 2,376,000 - 360 360,000
546 2,376,000 - 360 360,000
552 2,376,000 - 360 360,000
558 2,376,000 - 360 360,000
564 2,376,000 - 360 360,000
570 2,376,000 - 360 360,000
576 2,376,000 - 360 360,000
582 2,376,000 - 360 360,000
588 2,376,000 - 360 360,000
594 2,376,000 - 360 360,000
 Cash-Flow
Neto Utilidades Reserva 25%
Acumulado
226289 226289
949173 316391
1039275 1265564
672454 672454
565158 188386
8109 753544
56072 244458
261201 87067
10381 348268
153238 240305
330609 110203
200507 440812
249552 359755
49407 16469
299005 65876
348736 513426
682737 227579
39689 910316
445693 673272
875892 291964
494584 1167856
583717 875681
1100720 366907
591945 1467626
640859 1007766
1273254 424418
689907 1697673
885902 1310320
1959210 653070
1301960 2612280
1941011 2594081
3457561 1152520
2,016,000 4,610,081
2,016,000 3,168,520
3,457,562 1296130
2,016,000 5,184,520
2,016,000 3,312,130
3,457,563 1332033
2,016,000 5,328,130
2,016,000 3,348,033
3,457,564 1341008
2,016,000 5,364,033
2,016,000 3,357,008
3,457,565 1343252
2,016,000 5,373,008
2,016,000 3,359,252
3,457,566 1343813
2,016,000 5,375,252
2,016,000 3,359,813
3,457,567 1343953
2,016,000 5,375,813
2,016,000 3,359,953
3,457,568 1343988
2,016,000 5,375,953
2,016,000 3,359,988
3,457,569 1343997
 3,457,569 1343997
2,016,000 5,375,988
2,016,000 3,359,997
3,457,570 1343999
2,016,000 5,375,997
2,016,000 3,359,999
3,457,571 1344000
2,016,000 5,375,999
2,016,000 3,360,000
3,457,572 1344000
2,016,000 5,376,000
2,016,000 3,360,000
3,457,573 1344000
2,016,000 5,376,000
2,016,000 3,360,000
3,457,574 1344000
2,016,000 5,376,000
2,016,000 3,360,000
3,457,575 1344000
2,016,000 5,376,000
2,016,000 3,360,000
3,457,576 1344000
2,016,000 5,376,000
2,016,000 3,360,000
3,457,577 1344000
2,016,000 5,376,000
2,016,000 3,360,000
3,457,578 1344000
2,016,000 5,376,000
2,016,000 3,360,000
3,457,579 1344000
2,016,000 5,376,000
2,016,000 3,360,000
3,457,580 1344000
2,016,000 5,376,000
2,016,000 3,360,000
3,457,581 1344000
2,016,000 5,376,000
2,016,000 3,360,000
3,457,582 1344000
2,016,000 5,376,000
2,016,000 3,360,000
3,457,583 1344000
2,016,000 5,376,000
2,016,000 3,360,000
3,457,584 1344000
2,016,000 5,376,000
2,016,000 3,360,000
3,457,585 1344000
2,016,000 5,376,000
2,016,000 3,360,000
3,457,586 1344000
2,016,000 5,376,000
2,016,000 3,360,000
3,457,587 1344000
2,016,000 5,376,000
2,016,000 3,360,000
3,457,588 1344000
2,016,000 5,376,000
2,016,000 3,360,000
3,457,589 1344000
2,016,000 5,376,000
2,016,000 3,360,000
3,457,590 1344000
2,016,000 5,376,000
2,016,000 3,360,000
3,457,591 1344000
2,016,000 5,376,000
2,016,000 3,360,000
3,457,592 1344000
2,016,000 5,376,000
2,016,000 3,360,000
3,457,593 1344000
2,016,000 5,376,000
2,016,000 3,360,000
3,457,594 1344000
2,016,000 5,376,000
2,016,000 3,360,000
3,457,595 1344000
2,016,000 5,376,000
2,016,000 3,360,000
3,457,596 1344000
2,016,000 5,376,000
2,016,000 3,360,000
3,457,597 1344000
2,016,000 5,376,000
2,016,000 3,360,000
3,457,598 1344000
2,016,000 5,376,000
 Cash-Flow
Mes No Acumulado TIR 25.70%
1 (20,500,000.00)
2 - VPN ($ 13,089,245.02)
3 1,265,564.00
4 753,544.00
5 348,268.00
6 440,812.00
7 65,876.00
8 910,316.00
9 1,167,856.00
10 1,467,626.00
11 1,697,673.00
12 2,612,280.00
13 4,610,081.00
14 5,184,520.25
15 5,328,130.06
16 5,364,032.52
17 5,373,008.13
18 5,375,252.03
19 5,375,813.01
20 5,375,953.25
21 5,375,988.31
22 5,375,997.08
23 5,375,999.27
24 5,375,999.82
25 5,375,999.95
26 5,375,999.99
27 5,376,000.00
28 5,376,000.00
29 5,376,000.00
30 5,376,000.00
31 5,376,000.00
32 5,376,000.00
33 5,376,000.00
34 5,376,000.00
35 5,376,000.00
36 5,376,000.00
37 5,376,000.00
38 5,376,000.00
39 5,376,000.00
40 5,376,000.00
41 5,376,000.00
42 5,376,000.00
43 5,376,000.00
44 5,376,000.00
45 5,376,000.00
46 5,376,000.00
47 5,376,000.00
48 5,376,000.00
49 5,376,000.00
50 5,376,000.00
11%
MES CUOTA AMORTIZACION INTERESES SALDO FINAL
0 20,500,000
1 - 20,500,000
2 20,500,000
3 20,500,000
4 20,500,000
5 1,798,866 1,025,000 773,866 19,475,000
6 1,760,173 1,025,000 735,173 18,450,000
7 1,721,479 1,025,000 696,479 17,425,000
8 1,682,786 1,025,000 657,786 16,400,000
9 1,644,093 1,025,000 619,093 15,375,000
10 1,605,399 1,025,000 580,399 14,350,000
11 1,566,706 1,025,000 541,706 13,325,000
12 1,528,013 1,025,000 503,013 12,300,000
13 1,489,319 1,025,000 464,319 11,275,000
14 1,450,626 1,025,000 425,626 10,250,000
15 1,411,933 1,025,000 386,933 9,225,000
16 1,373,240 1,025,000 348,240 8,200,000
17 1,334,546 1,025,000 309,546 7,175,000
18 1,295,853 1,025,000 270,853 6,150,000
19 1,257,160 1,025,000 232,160 5,125,000
20 1,218,466 1,025,000 193,466 4,100,000
21 1,179,773 1,025,000 154,773 3,075,000
22 1,141,080 1,025,000 116,080 2,050,000
23 1,102,387 1,025,000 77,387 1,025,000
24 1,063,693 1,025,000 38,693 -
 Tasa anual vencida 8%
Tasa semestral vencida 4%
1025000 Tasa semestral anticipada 3.77%
 Cash-Flow
Acumulado
Mes No Acumulado Intereses neto de
intereses
1 (20,500,000.00) - (20,500,000.0)
2 - - -
3 1,265,564.00 - 1,265,564.0
4 753,544.00 - 753,544.0
5 348,268.00 773,865.8 (425,597.8)
6 440,812.00 735,172.5 (294,360.5)
7 65,876.00 696,479.2 (630,603.2)
8 910,316.00 657,785.9 252,530.1
9 1,167,856.00 619,092.6 548,763.4
10 1,467,626.00 580,399.4 887,226.6
11 1,697,673.00 541,706.1 1,155,966.9
12 2,612,280.00 503,012.8 2,109,267.2
13 4,610,081.00 464,319.5 4,145,761.5
14 5,184,520.25 425,626.2 4,758,894.1
15 5,328,130.06 386,932.9 4,941,197.2
16 5,364,032.52 348,239.6 5,015,792.9
17 5,373,008.13 309,546.3 5,063,461.8
18 5,375,252.03 270,853.0 5,104,399.0
19 5,375,813.01 232,159.7 5,143,653.3
20 5,375,953.25 193,466.5 5,182,486.8
21 5,375,988.31 154,773.2 5,221,215.2
22 5,375,997.08 116,079.9 5,259,917.2
23 5,375,999.27 77,386.6 5,298,612.7
24 5,375,999.82 38,693.3 5,337,306.5
25 5,375,999.95 5,375,999.95
26 5,375,999.99 5,375,999.99
27 5,376,000.00 5,376,000.00
28 5,376,000.00 5,376,000.00
29 5,376,000.00 5,376,000.00
30 5,376,000.00 5,376,000.00
31 5,376,000.00 5,376,000.00
32 5,376,000.00 5,376,000.00
33 5,376,000.00 5,376,000.00
34 5,376,000.00 5,376,000.00
35 5,376,000.00 5,376,000.00
36 5,376,000.00 5,376,000.00
37 5,376,000.00 5,376,000.00
38 5,376,000.00 5,376,000.00
39 5,376,000.00 5,376,000.00
40 5,376,000.00 5,376,000.00
41 5,376,000.00 5,376,000.00
42 5,376,000.00 5,376,000.00
43 5,376,000.00 5,376,000.00
44 5,376,000.00 5,376,000.00
45 5,376,000.00 5,376,000.00
46 5,376,000.00 5,376,000.00
47 5,376,000.00 5,376,000.00
48 5,376,000.00 5,376,000.00
49 5,376,000.00 5,376,000.00
50 5,376,000.00 5,376,000.00
 Fuente 1 Fuente 2

TIRE 12% http://repositorio.puce.edu.ec/handle/22000/537

www.puce.edu.ec/economia/docs/disertaciones/2006/2006_rodriguez_rodrigue

VPN ($ 5,502,936.42)
/2006_rodriguez_rodriguez_ivan_dario.pdf