Ejercicio de Evaluación Financiera de un Proyecto

Inversiones Valor Inflación Proyectada

Año 1 4.5%
Maquinaria 1,569,000,000 Incremento Anual 30% Año 2 4.0%
Adecuación Planta 120,000,000 Año3 3.5%
Importación Maquinaria 45,000,000 Operarios Sueldo Mensual Año 4 3.0%
Instalación 19,300,000 8 408,000 Año 5 3.0%
Año 6 3.0%
Total 1,753,300,000 Año 7 2.5%

Flujos del Proyecto

+ - - - + - =
Mes Ingresos Costos Nómina mensual Inversión adicional Valor remanente Intereses Flujo Neto
1 75,000,000 10,000,000 3,264,000 0 0 11,586,165 50,149,835
2 75,000,000 10,000,000 3,264,000 0 0 11,506,097 50,229,903
3 75,000,000 10,000,000 3,264,000 0 0 11,425,056 50,310,944
4 75,000,000 10,000,000 3,264,000 0 0 11,343,030 50,392,970
5 75,000,000 10,000,000 3,264,000 0 0 11,260,008 50,475,992
6 75,000,000 10,000,000 3,264,000 0 0 11,175,976 50,560,024
7 75,000,000 10,000,000 3,264,000 0 0 11,090,923 50,645,077
8 75,000,000 10,000,000 3,264,000 0 0 11,004,836 50,731,164
9 75,000,000 10,000,000 3,264,000 0 0 10,917,703 50,818,297
10 75,000,000 10,000,000 3,264,000 0 0 10,829,511 50,906,489
11 75,000,000 10,000,000 3,264,000 0 0 10,740,247 50,995,753
12 75,000,000 10,000,000 3,264,000 0 0 10,649,898 51,086,102
13 97,500,000 10,450,000 3,410,880 0 0 10,558,451 73,080,669
14 97,500,000 10,450,000 3,410,880 0 0 10,465,893 73,173,227
15 97,500,000 10,450,000 3,410,880 0 0 10,372,210 73,266,910
16 97,500,000 10,450,000 3,410,880 0 0 10,277,388 73,361,732
17 97,500,000 10,450,000 3,410,880 0 0 10,181,414 73,457,706
18 97,500,000 10,450,000 3,410,880 0 0 10,084,273 73,554,847
19 97,500,000 10,450,000 3,410,880 0 0 9,985,952 73,653,168
20 97,500,000 10,450,000 3,410,880 0 0 9,886,436 73,752,684
21 97,500,000 10,450,000 3,410,880 0 0 9,785,710 73,853,410
22 97,500,000 10,450,000 3,410,880 0 0 9,683,760 73,955,360
23 97,500,000 10,450,000 3,410,880 0 0 9,580,571 74,058,549
24 97,500,000 10,450,000 3,410,880 0 0 9,476,127 74,162,993
25 126,750,000 10,868,000 3,547,315 0 0 9,370,415 102,964,270
26 126,750,000 10,868,000 3,547,315 0 0 9,263,418 103,071,267
27 126,750,000 10,868,000 3,547,315 0 0 9,155,120 103,179,565
28 126,750,000 10,868,000 3,547,315 0 0 9,045,506 103,289,179
29 126,750,000 10,868,000 3,547,315 0 0 8,934,559 103,400,125
30 126,750,000 10,868,000 3,547,315 0 0 8,822,265 103,512,420
31 126,750,000 10,868,000 3,547,315 0 0 8,708,605 103,626,079
32 126,750,000 10,868,000 3,547,315 0 0 8,593,565 103,741,120
33 126,750,000 10,868,000 3,547,315 0 0 8,477,126 103,857,559
34 126,750,000 10,868,000 3,547,315 0 0 8,359,271 103,975,413
35 126,750,000 10,868,000 3,547,315 0 0 8,239,985 104,094,700
36 126,750,000 10,868,000 3,547,315 35,000,000 0 8,119,248 69,215,436
37 164,775,000 11,248,380 3,671,471 0 0 7,997,045 141,858,104
38 164,775,000 11,248,380 3,671,471 0 0 7,873,356 141,981,793
39 164,775,000 11,248,380 3,671,471 0 0 7,748,163 142,106,985
40 164,775,000 11,248,380 3,671,471 0 0 7,621,450 142,233,699
41 164,775,000 11,248,380 3,671,471 0 0 7,493,196 142,361,953
42 164,775,000 11,248,380 3,671,471 0 35,000,000 7,363,383 177,491,766
43 164,775,000 11,248,380 3,671,471 0 0 7,231,993 142,623,156
44 164,775,000 11,248,380 3,671,471 0 0 7,099,006 142,756,143
45 164,775,000 11,248,380 3,671,471 0 0 6,964,402 142,890,747
46 164,775,000 11,248,380 3,671,471 0 0 6,828,163 143,026,986
47 164,775,000 11,248,380 3,671,471 0 0 6,690,267 143,164,881
48 164,775,000 11,248,380 3,671,471 0 0 6,550,696 143,304,453
49 214,207,500 11,585,831 3,781,615 0 0 6,409,429 192,430,625
50 214,207,500 11,585,831 3,781,615 0 0 6,266,444 192,573,609
51 214,207,500 11,585,831 3,781,615 0 0 6,121,722 192,718,331
52 214,207,500 11,585,831 3,781,615 0 0 5,975,241 192,864,812
53 214,207,500 11,585,831 3,781,615 0 0 5,826,979 193,013,074
54 214,207,500 11,585,831 3,781,615 0 0 5,676,916 193,163,137
55 214,207,500 11,585,831 3,781,615 0 0 5,525,029 193,315,024
56 214,207,500 11,585,831 3,781,615 0 0 5,371,296 193,468,758
57 214,207,500 11,585,831 3,781,615 0 0 5,215,694 193,624,359
58 214,207,500 11,585,831 3,781,615 0 0 5,058,201 193,781,852
59 214,207,500 11,585,831 3,781,615 0 0 4,898,794 193,941,259
60 214,207,500 11,585,831 3,781,615 0 0 4,737,450 194,102,603
61 278,469,750 11,933,406 3,895,064 0 0 4,574,145 258,067,135
62 278,469,750 11,933,406 3,895,064 0 0 4,408,855 258,232,425
63 278,469,750 11,933,406 3,895,064 0 0 4,241,556 258,399,724
64 278,469,750 11,933,406 3,895,064 0 0 4,072,223 258,569,056
65 278,469,750 11,933,406 3,895,064 0 0 3,900,833 258,740,447
66 278,469,750 11,933,406 3,895,064 0 0 3,727,360 258,913,920
67 278,469,750 11,933,406 3,895,064 0 0 3,551,778 259,089,502
68 278,469,750 11,933,406 3,895,064 0 0 3,374,063 259,267,217
69 278,469,750 11,933,406 3,895,064 0 0 3,194,187 259,447,093
70 278,469,750 11,933,406 3,895,064 0 0 3,012,125 259,629,154
71 278,469,750 11,933,406 3,895,064 0 0 2,827,851 259,813,429
72 278,469,750 11,933,406 3,895,064 0 0 2,641,337 259,999,943
73 362,010,675 12,291,409 4,011,916 0 0 2,452,556 343,254,795
74 362,010,675 12,291,409 4,011,916 0 0 2,261,481 343,445,870
75 362,010,675 12,291,409 4,011,916 0 0 2,068,083 343,639,267
76 362,010,675 12,291,409 4,011,916 0 0 1,872,335 343,835,015
77 362,010,675 12,291,409 4,011,916 0 0 1,674,208 344,033,143
78 362,010,675 12,291,409 4,011,916 0 0 1,473,673 344,233,678
79 362,010,675 12,291,409 4,011,916 0 0 1,270,701 344,436,650
80 362,010,675 12,291,409 4,011,916 0 0 1,065,262 344,642,089
81 362,010,675 12,291,409 4,011,916 0 0 857,325 344,850,025
82 362,010,675 12,291,409 4,011,916 0 0 646,862 345,060,489
83 362,010,675 12,291,409 4,011,916 0 0 433,841 345,273,510
84 362,010,675 12,291,409 4,011,916 0 672,400,000 218,231 1,017,889,120
FINANCIACION DEL PROYECTO

Valor Inversión 1,753,300,000

Recursos Propios 800,000,000

Crédito 953,300,000

Tasa 15.60% E.A.

Tasa mensual 1.2154%

Plazo 84 meses Cuota Mensual

18,174,070.27

TABLA DE AMORTIZACION
Período n Cuota Intereses Abono a Capital Total Amortizado Saldo
0 953,300,000
1 18,174,070.27 11,586,164.71 6,587,905.55 6,587,905.55 946,712,094.45
2 18,174,070.27 11,506,096.99 6,667,973.27 13,255,878.82 940,044,121.18
3 18,174,070.27 11,425,056.15 6,749,014.12 20,004,892.94 933,295,107.06
4 18,174,070.27 11,343,030.35 6,831,039.91 26,835,932.85 926,464,067.15
5 18,174,070.27 11,260,007.64 6,914,062.63 33,749,995.48 919,550,004.52
6 18,174,070.27 11,175,975.89 6,998,094.38 40,748,089.85 912,551,910.15
7 18,174,070.27 11,090,922.84 7,083,147.43 47,831,237.28 905,468,762.72
8 18,174,070.27 11,004,836.07 7,169,234.19 55,000,471.48 898,299,528.52
9 18,174,070.27 10,917,703.03 7,256,367.23 62,256,838.71 891,043,161.29
10 18,174,070.27 10,829,511.00 7,344,559.27 69,601,397.98 883,698,602.02
11 18,174,070.27 10,740,247.10 7,433,823.17 77,035,221.14 876,264,778.86
12 18,174,070.27 10,649,898.31 7,524,171.95 84,559,393.10 868,740,606.90
13 18,174,070.27 10,558,451.45 7,615,618.82 92,175,011.91 861,124,988.09
14 18,174,070.27 10,465,893.16 7,708,177.10 99,883,189.02 853,416,810.98
15 18,174,070.27 10,372,209.95 7,801,860.32 107,685,049.34 845,614,950.66
16 18,174,070.27 10,277,388.13 7,896,682.14 115,581,731.47 837,718,268.53
17 18,174,070.27 10,181,413.87 7,992,656.39 123,574,387.87 829,725,612.13
18 18,174,070.27 10,084,273.17 8,089,797.10 131,664,184.97 821,635,815.03
19 18,174,070.27 9,985,951.84 8,188,118.43 139,852,303.39 813,447,696.61
20 18,174,070.27 9,886,435.54 8,287,634.73 148,139,938.12 805,160,061.88
21 18,174,070.27 9,785,709.74 8,388,360.52 156,528,298.64 796,771,701.36
22 18,174,070.27 9,683,759.75 8,490,310.51 165,018,609.16 788,281,390.84
23 18,174,070.27 9,580,570.69 8,593,499.58 173,612,108.74 779,687,891.26
24 18,174,070.27 9,476,127.49 8,697,942.78 182,310,051.52 770,989,948.48
25 18,174,070.27 9,370,414.91 8,803,655.35 191,113,706.87 762,186,293.13
26 18,174,070.27 9,263,417.53 8,910,652.73 200,024,359.60 753,275,640.40
27 18,174,070.27 9,155,119.74 9,018,950.53 209,043,310.13 744,256,689.87
28 18,174,070.27 9,045,505.72 9,128,564.55 218,171,874.68 735,128,125.32
29 18,174,070.27 8,934,559.47 9,239,510.79 227,411,385.47 725,888,614.53
30 18,174,070.27 8,822,264.82 9,351,805.45 236,763,190.92 716,536,809.08
31 18,174,070.27 8,708,605.36 9,465,464.90 246,228,655.82 707,071,344.18
32 18,174,070.27 8,593,564.52 9,580,505.74 255,809,161.56 697,490,838.44
33 18,174,070.27 8,477,125.50 9,696,944.76 265,506,106.33 687,793,893.67
34 18,174,070.27 8,359,271.31 9,814,798.95 275,320,905.28 677,979,094.72
35 18,174,070.27 8,239,984.75 9,934,085.51 285,254,990.80 668,045,009.20
36 18,174,070.27 8,119,248.41 10,054,821.85 295,309,812.65 657,990,187.35
37 18,174,070.27 7,997,044.68 10,177,025.59 305,486,838.24 647,813,161.76
38 18,174,070.27 7,873,355.71 10,300,714.56 315,787,552.79 637,512,447.21
39 18,174,070.27 7,748,163.45 10,425,906.81 326,213,459.61 627,086,540.39
40 18,174,070.27 7,621,449.65 10,552,620.62 336,766,080.23 616,533,919.77
41 18,174,070.27 7,493,195.79 10,680,874.48 347,446,954.70 605,853,045.30
42 18,174,070.27 7,363,383.17 10,810,687.10 358,257,641.80 595,042,358.20
43 18,174,070.27 7,231,992.84 10,942,077.43 369,199,719.22 584,100,280.78
44 18,174,070.27 7,099,005.63 11,075,064.64 380,274,783.86 573,025,216.14
45 18,174,070.27 6,964,402.12 11,209,668.15 391,484,452.01 561,815,547.99
46 18,174,070.27 6,828,162.67 11,345,907.59 402,830,359.60 550,469,640.40
47 18,174,070.27 6,690,267.41 11,483,802.85 414,314,162.46 538,985,837.54
48 18,174,070.27 6,550,696.21 11,623,374.06 425,937,536.52 527,362,463.48
49 18,174,070.27 6,409,428.69 11,764,641.58 437,702,178.10 515,597,821.90
50 18,174,070.27 6,266,444.24 11,907,626.03 449,609,804.13 503,690,195.87
51 18,174,070.27 6,121,721.99 12,052,348.27 461,662,152.40 491,637,847.60
52 18,174,070.27 5,975,240.83 12,198,829.44 473,860,981.84 479,439,018.16
53 18,174,070.27 5,826,979.37 12,347,090.89 486,208,072.73 467,091,927.27
54 18,174,070.27 5,676,915.98 12,497,154.28 498,705,227.02 454,594,772.98
55 18,174,070.27 5,525,028.76 12,649,041.50 511,354,268.52 441,945,731.48
56 18,174,070.27 5,371,295.54 12,802,774.72 524,157,043.24 429,142,956.76
57 18,174,070.27 5,215,693.89 12,958,376.38 537,115,419.62 416,184,580.38
58 18,174,070.27 5,058,201.09 13,115,869.17 550,231,288.80 403,068,711.20
59 18,174,070.27 4,898,794.17 13,275,276.10 563,506,564.90 389,793,435.10
60 18,174,070.27 4,737,449.85 13,436,620.41 576,943,185.31 376,356,814.69
61 18,174,070.27 4,574,144.60 13,599,925.67 590,543,110.98 362,756,889.02
62 18,174,070.27 4,408,854.58 13,765,215.69 604,308,326.67 348,991,673.33
63 18,174,070.27 4,241,555.66 13,932,514.61 618,240,841.27 335,059,158.73
64 18,174,070.27 4,072,223.44 14,101,846.83 632,342,688.10 320,957,311.90
65 18,174,070.27 3,900,833.19 14,273,237.07 646,615,925.17 306,684,074.83
66 18,174,070.27 3,727,359.91 14,446,710.35 661,062,635.53 292,237,364.47
67 18,174,070.27 3,551,778.29 14,622,291.98 675,684,927.51 277,615,072.49
68 18,174,070.27 3,374,062.68 14,800,007.58 690,484,935.09 262,815,064.91
69 18,174,070.27 3,194,187.17 14,979,883.09 705,464,818.18 247,835,181.82
70 18,174,070.27 3,012,125.50 15,161,944.77 720,626,762.95 232,673,237.05
71 18,174,070.27 2,827,851.10 15,346,219.17 735,972,982.12 217,327,017.88
72 18,174,070.27 2,641,337.07 15,532,733.20 751,505,715.31 201,794,284.69
73 18,174,070.27 2,452,556.20 15,721,514.07 767,227,229.39 186,072,770.61
74 18,174,070.27 2,261,480.93 15,912,589.34 783,139,818.72 170,160,181.28
75 18,174,070.27 2,068,083.38 16,105,986.88 799,245,805.61 154,054,194.39
76 18,174,070.27 1,872,335.33 16,301,734.93 815,547,540.54 137,752,459.46
77 18,174,070.27 1,674,208.21 16,499,862.06 832,047,402.60 121,252,597.40
78 18,174,070.27 1,473,673.10 16,700,397.17 848,747,799.76 104,552,200.24
79 18,174,070.27 1,270,700.74 16,903,369.53 865,651,169.29 87,648,830.71
80 18,174,070.27 1,065,261.50 17,108,808.76 882,759,978.06 70,540,021.94
81 18,174,070.27 857,325.41 17,316,744.86 900,076,722.91 53,223,277.09
82 18,174,070.27 646,862.12 17,527,208.15 917,603,931.06 35,696,068.94
83 18,174,070.27 433,840.90 17,740,229.36 935,344,160.42 17,955,839.58
84 18,174,070.27 218,230.69 17,955,839.58 953,300,000.00 0.00
Evaluación del Proyecto

Tasa Mínima Requerida de Retorno TMRR 20.97% E.A

Escenarios
A B C
TMRR 20.97% 23.97% 17.97%
Tasa mensual 1.60% 1.81% 1.39%
VPN 4,451,957,315 3,860,085,661 5,141,627,053
TIR mensual 4.90% 4.90% 4.90%
TIR Anualizada 77.50% 77.50% 77.50%
Decisión Aceptar Aceptar Aceptar

Flujo de Caja Los dineros que permanecen invertidos en el proyecto están

rindiendo por encima de la tasa del mercado, por lo tanto, en
Mes Flujo Neto los tres escenarios, se debe Aceptar la Inversión en éste.
0 -1,753,300,000
1 50,149,835 Están rindiendo una tasa del 77,5% anual efectivo.
2 50,229,903
3 50,310,944
4 50,392,970
5 50,475,992
6 50,560,024
7 50,645,077
8 50,731,164
9 50,818,297
10 50,906,489
11 50,995,753
12 51,086,102
13 73,080,669
14 73,173,227
15 73,266,910
16 73,361,732
17 73,457,706
18 73,554,847
19 73,653,168
20 73,752,684
21 73,853,410
22 73,955,360
23 74,058,549
24 74,162,993
25 102,964,270
26 103,071,267
27 103,179,565
28 103,289,179
29 103,400,125
30 103,512,420
31 103,626,079
32 103,741,120
33 103,857,559
34 103,975,413
35 104,094,700
36 69,215,436
37 141,858,104
38 141,981,793
39 142,106,985
40 142,233,699
41 142,361,953
42 177,491,766
43 142,623,156
44 142,756,143
45 142,890,747
46 143,026,986
47 143,164,881
48 143,304,453
49 192,430,625
50 192,573,609
51 192,718,331
52 192,864,812
53 193,013,074
54 193,163,137
55 193,315,024
56 193,468,758
57 193,624,359
58 193,781,852
59 193,941,259
60 194,102,603
61 258,067,135
62 258,232,425
63 258,399,724
64 258,569,056
65 258,740,447
66 258,913,920
67 259,089,502
68 259,267,217
69 259,447,093
70 259,629,154
71 259,813,429
72 259,999,943
73 343,254,795
74 343,445,870
75 343,639,267
76 343,835,015
77 344,033,143
78 344,233,678
79 344,436,650
80 344,642,089
81 344,850,025
82 345,060,489
83 345,273,510
84 1,017,889,120