A.

Datos Evaluación Ecónomica

Longitud de la Carretera: 91.00 km
Costos de inversion: 1.90 Millones de US$-KM
480,921,350 Soles
Pago anual hecho por el Estado: 37,500,000 S/. al año
Ingresos: 10,933 Número de vehículos, Año 0
3.0% proyección crecimiento al año
25 período de operación en años

Equivalentes 10,933 vehículos promedio por día en el año 0, con un 3% de proyección crecimiento al año
Año 1 Año 2 Año 3 Año 4 Año 5 Año 6 Año 7
11,261 11,599 11,947 12,305 12,674 13,055 13,446
Año 11 Año 12 Año 13 Año 14 Año 15 Año 16 Año 17
15,134 15,588 16,055 16,537 17,033 17,544 18,071
Año 21 Año 12 Año 23 Año 24 Año 25
20,339 20,949 21,577 22,225 22,891

Tarifa de peaje sugerida asciende a: 7.5 Soles

Gastos:
Por Conservación de la Vía: 1,000,000.0 Soles, al año 1
2.0% proyección crecimiento al año
Por Administración y otros aspectos 0.5 millones/año
Impuestos 29.5%
Tasa de Descuento 8.0% WACC

B. Datos Evaluación Financiera

Porcentaje préstamo 40.0%
Dueño 288,552,810 Soles
Banco 192,368,540 Soles
Tasa bancaria prestamo 9.0% anual
Plazo 13 años

C. Sensibilidad
Proyecto sea rentable VAN > 0

Variable:
Escenario WACC Ingresos
Base 8.0% 3.0%
Optimista 8.5% 5.0%
Pesimista 9.0% 1.5%
imiento al año
Año 8 Año 9 Año 10
13,850 14,265 14,693
Año 18 Año 19 Año 20
18,613 19,171 19,746
ANALISIS ECONOMICO - ESCENARIO VARIABLE WACC AL 8%

0 1 2 3 4
Inversión inicial -480,921,350

Ingresos por peaje 30,826,960 31,751,769 32,704,322 33,685,452

Pagos del Estado 37,500,000 37,500,000 37,500,000 37,500,000
Gasto por Conservación -1,000,000 -1,020,000 -1,040,400 -1,061,208
Gastos operativos -500,000 -500,000 -500,000 -500,000
Amortización Inversión inicial -16,030,712 -16,030,712 -16,030,712 -16,030,712
Amortización Re-inversión
Utilidad operativa 50,796,248 51,701,057 52,633,210 53,593,532
Impuestos (29.50%) -14,984,893.30 -15,251,812 -15,526,797 -15,810,092
Utilidad neta 35,811,355 36,449,245 37,106,413 37,783,440
Amortización Inversión inicial 16,030,712 16,030,712 16,030,712 16,030,712
Amortización Re-inversión
Valor de Rescate

Flujo de fondos -480,921,350 51,842,067 52,479,957 53,137,125 53,814,152

Tasa 8% WACC
VAN 36,031,929 mayor que cero entonces OK
TIR 8.94% mayor que 8% OK
B/C 1.07

ANALISIS ECONOMICO - ESCENARIO VARIABLE WACC AL 8.5%

0 1 2 3 4
Inversión inicial -480,921,350

Ingresos por peaje 30,826,960 31,751,769 32,704,322 33,685,452

Pagos del Estado 37,500,000 37,500,000 37,500,000 37,500,000
Gasto por Conservación -1,000,000 -1,020,000 -1,040,400 -1,061,208
Gastos operativos -500,000 -500,000 -500,000 -500,000
Amortización Inversión inicial -16,030,712 -16,030,712 -16,030,712 -16,030,712
Amortización Re-inversión
Utilidad operativa 50,796,248 51,701,057 52,633,210 53,593,532
Impuestos (29.50%) -14,984,893.30 -15,251,812 -15,526,797 -15,810,092
Utilidad neta 35,811,355 36,449,245 37,106,413 37,783,440
Amortización Inversión inicial 16,030,712 16,030,712 16,030,712 16,030,712
Amortización Re-inversión - - - -
Valor de Rescate - - - -

Flujo de fondos -480,921,350 51,842,067 52,479,957 53,137,125 53,814,152

Tasa 8.5% WACC

VAN 16,316,474 mayor que cero entonces OK
TIR 8.94% mayor que 8% OK
B/C 1.03

ANALISIS ECONOMICO - ESCENARIO VARIABLE WACC AL 9%

0 1 2 3 4
Inversión inicial -480,921,350

Ingresos por peaje 30,826,960 31,751,769 32,704,322 33,685,452

Pagos del Estado 37,500,000 37,500,000 37,500,000 37,500,000
Gasto por Conservación -1,000,000 -1,020,000 -1,040,400 -1,061,208
Gastos operativos -500,000 -500,000 -500,000 -500,000
Amortización Inversión inicial -16,030,712 -16,030,712 -16,030,712 -16,030,712
Amortización Re-inversión - - - -
Utilidad operativa 50,796,248 51,701,057 52,633,210 53,593,532
Impuestos (29.50%) -14,984,893 -15,251,812 -15,526,797 -15,810,092
Utilidad neta 35,811,355 36,449,245 37,106,413 37,783,440
Amortización Inversión inicial 16,030,712 16,030,712 16,030,712 16,030,712
Amortización Re-inversión - - - -
Valor de Rescate - - - -
-
Flujo de fondos -480,921,350 51,842,067 52,479,957 53,137,125 53,814,152

Tasa 9.0% WACC

VAN -2,154,079 mayor que cero entonces OK
TIR 8.94% mayor que 8% OK
B/C 1.00
 EVALUACIÓN ECONOMICA

AÑOS
5 6 7 8 9 10 11 12

34,696,015 35,736,896 36,809,003 37,913,273 39,050,671 40,222,191 41,428,857 42,671,722

37,500,000 37,500,000 37,500,000 37,500,000 37,500,000 37,500,000
-1,082,432 -1,104,081 -1,126,162 -1,148,686 -1,171,659 -1,195,093 -1,218,994 -1,243,374
-500,000 -500,000 -500,000 -500,000 -500,000 -500,000 -500,000 -500,000
-16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712

54,582,871 55,602,103 56,652,128 57,733,875 58,848,300 59,996,387 23,679,151 24,897,636

-16,101,947 -16,402,620 -16,712,378 -17,031,493 -17,360,248 -17,698,934 -6,985,349 -7,344,803
38,480,924 39,199,483 39,939,751 40,702,382 41,488,051 42,297,453 16,693,801 17,552,834
16,030,712 16,030,712 16,030,712 16,030,712 16,030,712 16,030,712 16,030,712 16,030,712

54,511,636 55,230,194 55,970,462 56,733,094 57,518,763 58,328,164 32,724,513 33,583,545

EVALUACIÓN ECONOMICA

AÑOS
5 6 7 8 9 10 11 12

34,696,015 35,736,896 36,809,003 37,913,273 39,050,671 40,222,191 41,428,857 42,671,722

37,500,000 37,500,000 37,500,000 37,500,000 37,500,000 37,500,000
-1,082,432 -1,104,081 -1,126,162 -1,148,686 -1,171,659 -1,195,093 -1,218,994 -1,243,374
-500,000 -500,000 -500,000 -500,000 -500,000 -500,000 -500,000 -500,000
-16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712

54,582,871 55,602,103 56,652,128 57,733,875 58,848,300 59,996,387 23,679,151 24,897,636

-16,101,947 -16,402,620 -16,712,378 -17,031,493 -17,360,248 -17,698,934 -6,985,349 -7,344,803
38,480,924 39,199,483 39,939,751 40,702,382 41,488,051 42,297,453 16,693,801 17,552,834
16,030,712 16,030,712 16,030,712 16,030,712 16,030,712 16,030,712 16,030,712 16,030,712
- - - - - - - -
- - - - - - - -

54,511,636 55,230,194 55,970,462 56,733,094 57,518,763 58,328,164 32,724,513 33,583,545

EVALUACIÓN ECONOMICA

AÑOS
5 6 7 8 9 10 11 12

34,696,015 35,736,896 36,809,003 37,913,273 39,050,671 40,222,191 41,428,857 42,671,722

37,500,000 37,500,000 37,500,000 37,500,000 37,500,000 37,500,000
-1,082,432 -1,104,081 -1,126,162 -1,148,686 -1,171,659 -1,195,093 -1,218,994 -1,243,374
-500,000 -500,000 -500,000 -500,000 -500,000 -500,000 -500,000 -500,000
-16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712
- - - - - - - -
54,582,871 55,602,103 56,652,128 57,733,875 58,848,300 59,996,387 23,679,151 24,897,636
-16,101,947 -16,402,620 -16,712,378 -17,031,493 -17,360,248 -17,698,934 -6,985,349 -7,344,803
38,480,924 39,199,483 39,939,751 40,702,382 41,488,051 42,297,453 16,693,801 17,552,834
16,030,712 16,030,712 16,030,712 16,030,712 16,030,712 16,030,712 16,030,712 16,030,712
- - - - - - - -
- - - - - - - -

54,511,636 55,230,194 55,970,462 56,733,094 57,518,763 58,328,164 32,724,513 33,583,545

MICA

AÑOS
13 14 15 16 17 18 19 20

43,951,874 45,270,430 46,628,543 48,027,399 49,468,221 50,952,268 52,480,836 54,055,261

-1,268,242 -1,293,607 -1,319,479 -1,345,868 -1,372,786 -1,400,241 -1,428,246 -1,456,811

-500,000 -500,000 -500,000 -500,000 -500,000 -500,000 -500,000 -500,000
-16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712

26,152,921 27,446,112 28,778,353 30,150,819 31,564,724 33,021,315 34,521,878 36,067,738

-7,715,112 -8,096,603 -8,489,614 -8,894,492 -9,311,594 -9,741,288 -10,183,954 -10,639,983
18,437,809 19,349,509 20,288,739 21,256,328 22,253,130 23,280,027 24,337,924 25,427,756
16,030,712 16,030,712 16,030,712 16,030,712 16,030,712 16,030,712 16,030,712 16,030,712

34,468,521 35,380,221 36,319,450 37,287,039 38,283,842 39,310,739 40,368,636 41,458,467

MICA

AÑOS
13 14 15 16 17 18 19 20

43,951,874 45,270,430 46,628,543 48,027,399 49,468,221 50,952,268 52,480,836 54,055,261

-1,268,242 -1,293,607 -1,319,479 -1,345,868 -1,372,786 -1,400,241 -1,428,246 -1,456,811

-500,000 -500,000 -500,000 -500,000 -500,000 -500,000 -500,000 -500,000
-16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712

26,152,921 27,446,112 28,778,353 30,150,819 31,564,724 33,021,315 34,521,878 36,067,738

-7,715,112 -8,096,603 -8,489,614 -8,894,492 -9,311,594 -9,741,288 -10,183,954 -10,639,983
18,437,809 19,349,509 20,288,739 21,256,328 22,253,130 23,280,027 24,337,924 25,427,756
 16,030,712 16,030,712 16,030,712 16,030,712 16,030,712 16,030,712 16,030,712 16,030,712
- - - - - - - -
- - - - - - - -

34,468,521 35,380,221 36,319,450 37,287,039 38,283,842 39,310,739 40,368,636 41,458,467

MICA

AÑOS
13 14 15 16 17 18 19 20

43,951,874 45,270,430 46,628,543 48,027,399 49,468,221 50,952,268 52,480,836 54,055,261

-1,268,242 -1,293,607 -1,319,479 -1,345,868 -1,372,786 -1,400,241 -1,428,246 -1,456,811

-500,000 -500,000 -500,000 -500,000 -500,000 -500,000 -500,000 -500,000
-16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712
- - - - - - - -
26,152,921 27,446,112 28,778,353 30,150,819 31,564,724 33,021,315 34,521,878 36,067,738
-7,715,112 -8,096,603 -8,489,614 -8,894,492 -9,311,594 -9,741,288 -10,183,954 -10,639,983
18,437,809 19,349,509 20,288,739 21,256,328 22,253,130 23,280,027 24,337,924 25,427,756
16,030,712 16,030,712 16,030,712 16,030,712 16,030,712 16,030,712 16,030,712 16,030,712
- - - - - - - -
- - - - - - - -

34,468,521 35,380,221 36,319,450 37,287,039 38,283,842 39,310,739 40,368,636 41,458,467

 21 22 23 24 25

55,676,919 57,347,227 59,067,643 60,839,673 62,664,863

-1,485,947 -1,515,666 -1,545,980 -1,576,899 -1,608,437

-500,000 -500,000 -500,000 -500,000 -500,000
-16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712

37,660,260 39,300,849 40,990,952 42,732,062 44,525,714

-11,109,777 -11,593,750 -12,092,330.85 -12,605,958.22 -13,135,085.61
26,550,483 27,707,098 28,898,621 30,126,104 31,390,628
16,030,712 16,030,712 16,030,712 16,030,712 16,030,712

42,581,195 43,737,810 44,929,333 46,156,815 47,421,340

21 22 23 24 25

55,676,919 57,347,227 59,067,643 60,839,673 62,664,863

-1,485,947 -1,515,666 -1,545,980 -1,576,899 -1,608,437

-500,000 -500,000 -500,000 -500,000 -500,000
-16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712

37,660,260 39,300,849 40,990,952 42,732,062 44,525,714

-11,109,777 -11,593,750 -12,092,330.85 -12,605,958.22 -13,135,085.61
26,550,483 27,707,098 28,898,621 30,126,104 31,390,628
16,030,712 16,030,712 16,030,712 16,030,712 16,030,712
- - - - -
- - - - -

42,581,195 43,737,810 44,929,333 46,156,815 47,421,340

21 22 23 24 25

55,676,919 57,347,227 59,067,643 60,839,673 62,664,863

-1,485,947 -1,515,666 -1,545,980 -1,576,899 -1,608,437

-500,000 -500,000 -500,000 -500,000 -500,000
-16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712
- - - - -
37,660,260 39,300,849 40,990,952 42,732,062 44,525,714
-11,109,777 -11,593,750 -12,092,331 -12,605,958 -13,135,086
26,550,483 27,707,098 28,898,621 30,126,104 31,390,628
16,030,712 16,030,712 16,030,712 16,030,712 16,030,712
- - - - -
- - - - -

42,581,195 43,737,810 44,929,333 46,156,815 47,421,340

ANALISIS ECONOMICO - ESCENARIO VARIABLE WACC AL 8%

0 1 2 3 4
Inversión inicial -288,552,810

Ingresos por peaje 30,826,960 31,751,769 32,704,322 33,685,452

Pagos del Estado 37,500,000 37,500,000 37,500,000 37,500,000
Gasto por Conservación -1,000,000 -1,020,000 -1,040,400 -1,061,208
Gastos operativos -500,000 -500,000 -500,000 -500,000
Pago de intereses -17,313,169 -16,558,893 -15,736,733 -14,840,579
Amortización Inversión inicial -9,618,427 -9,618,427 -9,618,427 -9,618,427
Amortización Re-inversión
Utilidad operativa 39,895,365 41,554,449 43,308,762 45,165,238
Impuestos (29.50%) -11,769,132.53 -12,258,562 -12,776,085 -13,323,745
Utilidad neta 28,126,232 29,295,886 30,532,677 31,841,492
Pago de capital -8,380,835 -9,135,111 -9,957,271 -10,853,425
Amortización Inversión inicial 9,618,427 9,618,427 9,618,427 9,618,427
Amortización Re-inversión
Valor de Rescate

Flujo de fondos -288,552,810 29,363,824 29,779,203 30,193,833 30,606,494

Tasa 8% WACC
VAN 33,566,156 mayor que cero entonces OK
TIR 9.26% mayor que 8% OK
B/C 1.12

ANALISIS ECONOMICO - ESCENARIO VARIABLE WACC AL 8.5%

0 1 2 3 4
Inversión inicial -288,552,810

Ingresos por peaje 30,826,960 31,751,769 32,704,322 33,685,452

Pagos del Estado 37,500,000 37,500,000 37,500,000 37,500,000
Gasto por Conservación -1,000,000 -1,020,000 -1,040,400 -1,061,208
Gastos operativos -500,000 -500,000 -500,000 -500,000
Pago de intereses -17,313,169 -16,558,893 -15,736,733 -14,840,579
Amortización Inversión inicial -9,618,427 -9,618,427 -9,618,427 -9,618,427
Amortización Re-inversión - - - -
Utilidad operativa 39,895,365 41,554,449 43,308,762 45,165,238
Impuestos (29.50%) -11,769,133 -12,258,562 -12,776,085 -13,323,745
Utilidad neta 28,126,232 29,295,886 30,532,677 31,841,492
Pago de capital -8,380,835 -9,135,111 -9,957,271 -10,853,425
Amortización Inversión inicial 9,618,427 9,618,427 9,618,427 9,618,427
Amortización Re-inversión
Valor de Rescate

Flujo de fondos -288,552,810 29,363,824 29,779,203 30,193,833 30,606,494

Tasa 9% WACC
VAN 19,554,075 mayor que cero entonces OK
TIR 9.26% mayor que 8% OK
B/C 1.07

ANALISIS ECONOMICO - ESCENARIO VARIABLE WACC AL 9%

0 1 2 3 4
Inversión inicial -288,552,810

Ingresos por peaje 30,826,960 31,751,769 32,704,322 33,685,452

Pagos del Estado 37,500,000 37,500,000 37,500,000 37,500,000
Gasto por Conservación -1,000,000 -1,020,000 -1,040,400 -1,061,208
Gastos operativos -500,000 -500,000 -500,000 -500,000
Pago de intereses -17,313,169 -16,558,893 -15,736,733 -14,840,579
Amortización Inversión inicial -9,618,427 -9,618,427 -9,618,427 -9,618,427
Amortización Re-inversión - - - -
Utilidad operativa 39,895,365 41,554,449 43,308,762 45,165,238
Impuestos (29.50%) -11,769,133 -12,258,562 -12,776,085 -13,323,745
Utilidad neta 28,126,232 29,295,886 30,532,677 31,841,492
Pago de capital -8,380,835 -9,135,111 -9,957,271 -10,853,425
Amortización Inversión inicial 9,618,427 9,618,427 9,618,427 9,618,427
Amortización Re-inversión - - - -
Valor de Rescate - - - -

Flujo de fondos -288,552,810 29,363,824 29,779,203 30,193,833 30,606,494

Tasa 9% WACC
VAN 6,527,312 mayor que cero entonces OK
TIR 9.26% mayor que 8% OK
B/C 1.02
 EVALUACIÓN FINANCIERA

AÑOS
5 6 7 8 9 10 11 12

34,696,015 35,736,896 36,809,003 37,913,273 39,050,671 40,222,191 41,428,857 42,671,722

37,500,000 37,500,000 37,500,000 37,500,000 37,500,000 37,500,000
-1,082,432 -1,104,081 -1,126,162 -1,148,686 -1,171,659 -1,195,093 -1,218,994 -1,243,374
-500,000 -500,000 -500,000 -500,000 -500,000 -500,000 -500,000 -500,000
-13,863,771 -12,799,050 -11,638,504 -10,373,509 -8,994,664 -7,491,724 -5,853,519 -4,067,875
-9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427

47,131,385 49,215,338 51,425,909 53,772,651 56,265,920 58,916,948 24,237,917 27,242,046

-13,903,759 -14,518,525 -15,170,643 -15,862,932 -16,598,446 -17,380,500 -7,150,185 -8,036,404
33,227,627 34,696,813 36,255,266 37,909,719 39,667,474 41,536,448 17,087,731 19,205,643
-11,830,233 -12,894,954 -14,055,500 -15,320,495 -16,699,340 -18,202,280 -19,840,485 -21,626,129
9,618,427 9,618,427 9,618,427 9,618,427 9,618,427 9,618,427 9,618,427 9,618,427

31,015,820 31,420,286 31,818,193 32,207,651 32,586,561 32,952,595 6,865,673 7,197,940

EVALUACIÓN FINANCIERA

AÑOS
5 6 7 8 9 10 11 12

34,696,015 35,736,896 36,809,003 37,913,273 39,050,671 40,222,191 41,428,857 42,671,722

37,500,000 37,500,000 37,500,000 37,500,000 37,500,000 37,500,000
-1,082,432 -1,104,081 -1,126,162 -1,148,686 -1,171,659 -1,195,093 -1,218,994 -1,243,374
-500,000 -500,000 -500,000 -500,000 -500,000 -500,000 -500,000 -500,000
-13,863,771 -12,799,050 -11,638,504 -10,373,509 -8,994,664 -7,491,724 -5,853,519 -4,067,875
-9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427
- - - - - - - -
47,131,385 49,215,338 51,425,909 53,772,651 56,265,920 58,916,948 24,237,917 27,242,046
-13,903,759 -14,518,525 -15,170,643 -15,862,932 -16,598,446 -17,380,500 -7,150,185 -8,036,404
33,227,627 34,696,813 36,255,266 37,909,719 39,667,474 41,536,448 17,087,731 19,205,643
-11,830,233 -12,894,954 -14,055,500 -15,320,495 -16,699,340 -18,202,280 -19,840,485 -21,626,129
9,618,427 9,618,427 9,618,427 9,618,427 9,618,427 9,618,427 9,618,427 9,618,427

31,015,820 31,420,286 31,818,193 32,207,651 32,586,561 32,952,595 6,865,673 7,197,940

EVALUACIÓN FINANCIERA

AÑOS
5 6 7 8 9 10 11 12

34,696,015 35,736,896 36,809,003 37,913,273 39,050,671 40,222,191 41,428,857 42,671,722

37,500,000 37,500,000 37,500,000 37,500,000 37,500,000 37,500,000
-1,082,432 -1,104,081 -1,126,162 -1,148,686 -1,171,659 -1,195,093 -1,218,994 -1,243,374
-500,000 -500,000 -500,000 -500,000 -500,000 -500,000 -500,000 -500,000
-13,863,771 -12,799,050 -11,638,504 -10,373,509 -8,994,664 -7,491,724 -5,853,519 -4,067,875
-9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427
- - - - - - - -
47,131,385 49,215,338 51,425,909 53,772,651 56,265,920 58,916,948 24,237,917 27,242,046
-13,903,759 -14,518,525 -15,170,643 -15,862,932 -16,598,446 -17,380,500 -7,150,185 -8,036,404
33,227,627 34,696,813 36,255,266 37,909,719 39,667,474 41,536,448 17,087,731 19,205,643
-11,830,233 -12,894,954 -14,055,500 -15,320,495 -16,699,340 -18,202,280 -19,840,485 -21,626,129
9,618,427 9,618,427 9,618,427 9,618,427 9,618,427 9,618,427 9,618,427 9,618,427
- - - - - - - -
- - - - - - - -

31,015,820 31,420,286 31,818,193 32,207,651 32,586,561 32,952,595 6,865,673 7,197,940

ERA

AÑOS
13 14 15 16 17 18 19 20

43,951,874 45,270,430 46,628,543 48,027,399 49,468,221 50,952,268 52,480,836 54,055,261

-1,268,242 -1,293,607 -1,319,479 -1,345,868 -1,372,786 -1,400,241 -1,428,246 -1,456,811

-500,000 -500,000 -500,000 -500,000 -500,000 -500,000 -500,000 -500,000
-2,121,523
-9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427

30,443,682 33,858,397 35,190,637 36,563,104 37,977,009 39,433,600 40,934,163 42,480,023

-8,980,886 -9,988,227 -10,381,238 -10,786,116 -11,203,218 -11,632,912 -12,075,578 -12,531,607
21,462,796 23,870,170 24,809,399 25,776,988 26,773,791 27,800,688 28,858,585 29,948,416
-23,572,481
9,618,427 9,618,427 9,618,427 9,618,427 9,618,427 9,618,427 9,618,427 9,618,427

7,508,742 33,488,597 34,427,826 35,395,415 36,392,218 37,419,115 38,477,012 39,566,843

ERA

AÑOS
13 14 15 16 17 18 19 20

43,951,874 45,270,430 46,628,543 48,027,399 49,468,221 50,952,268 52,480,836 54,055,261

-1,268,242 -1,293,607 -1,319,479 -1,345,868 -1,372,786 -1,400,241 -1,428,246 -1,456,811

-500,000 -500,000 -500,000 -500,000 -500,000 -500,000 -500,000 -500,000
-2,121,523 - - - - - - -
-9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427
- - - - - - - -
 30,443,682 33,858,397 35,190,637 36,563,104 37,977,009 39,433,600 40,934,163 42,480,023
-8,980,886 -9,988,227 -10,381,238 -10,786,116 -11,203,218 -11,632,912 -12,075,578 -12,531,607
21,462,796 23,870,170 24,809,399 25,776,988 26,773,791 27,800,688 28,858,585 29,948,416
-23,572,481 - - - - - - -
9,618,427 9,618,427 9,618,427 9,618,427 9,618,427 9,618,427 9,618,427 9,618,427

7,508,742 33,488,597 34,427,826 35,395,415 36,392,218 37,419,115 38,477,012 39,566,843

ERA

AÑOS
13 14 15 16 17 18 19 20

43,951,874 45,270,430 46,628,543 48,027,399 49,468,221 50,952,268 52,480,836 54,055,261

-1,268,242 -1,293,607 -1,319,479 -1,345,868 -1,372,786 -1,400,241 -1,428,246 -1,456,811

-500,000 -500,000 -500,000 -500,000 -500,000 -500,000 -500,000 -500,000
-2,121,523 - - - - - - -
-9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427
- - - - - - - -
30,443,682 33,858,397 35,190,637 36,563,104 37,977,009 39,433,600 40,934,163 42,480,023
-8,980,886 -9,988,227 -10,381,238 -10,786,116 -11,203,218 -11,632,912 -12,075,578 -12,531,607
21,462,796 23,870,170 24,809,399 25,776,988 26,773,791 27,800,688 28,858,585 29,948,416
-23,572,481 - - - - - - -
9,618,427 9,618,427 9,618,427 9,618,427 9,618,427 9,618,427 9,618,427 9,618,427
- - - - - - - -
- - - - - - - -

7,508,742 33,488,597 34,427,826 35,395,415 36,392,218 37,419,115 38,477,012 39,566,843

 21 22 23 24 25

55,676,919 57,347,227 59,067,643 60,839,673 62,664,863

-1,485,947 -1,515,666 -1,545,980 -1,576,899 -1,608,437

-500,000 -500,000 -500,000 -500,000 -500,000

-9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427

44,072,545 45,713,133 47,403,237 49,144,346 50,937,999

-13,001,401 -13,485,374 -13,983,954.83 -14,497,582.19 -15,026,709.59
31,071,144 32,227,759 33,419,282 34,646,764 35,911,289

9,618,427 9,618,427 9,618,427 9,618,427 9,618,427

40,689,571 41,846,186 43,037,709 44,265,191 45,529,716

21 22 23 24 25

55,676,919 57,347,227 59,067,643 60,839,673 62,664,863

-1,485,947 -1,515,666 -1,545,980 -1,576,899 -1,608,437

-500,000 -500,000 -500,000 -500,000 -500,000
- - - - -
-9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427
- - - - -
44,072,545 45,713,133 47,403,237 49,144,346 50,937,999
-13,001,401 -13,485,374 -13,983,955 -14,497,582 -15,026,710
31,071,144 32,227,759 33,419,282 34,646,764 35,911,289
- - - - -
9,618,427 9,618,427 9,618,427 9,618,427 9,618,427

40,689,571 41,846,186 43,037,709 44,265,191 45,529,716

21 22 23 24 25

55,676,919 57,347,227 59,067,643 60,839,673 62,664,863

-1,485,947 -1,515,666 -1,545,980 -1,576,899 -1,608,437

-500,000 -500,000 -500,000 -500,000 -500,000
- - - - -
-9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427
- - - - -
44,072,545 45,713,133 47,403,237 49,144,346 50,937,999
-13,001,401 -13,485,374 -13,983,955 -14,497,582 -15,026,710
31,071,144 32,227,759 33,419,282 34,646,764 35,911,289
- - - - -
9,618,427 9,618,427 9,618,427 9,618,427 9,618,427
- - - - -
- - - - -

40,689,571 41,846,186 43,037,709 44,265,191 45,529,716

1.0 Escenario al 8.0% WACC
Años 0 1 2 3 4
Flujo de fondos (480,921,350) 51,842,067 52,479,957 53,137,125 53,814,152
WACC 8.0%
VAN 36,031,929
TIR 8.94%

ANALISIS DEL VAN

Año 1 - Año 25 S/. 516,953,279
Flujo de fondos S/. -480,921,350
VAN S/. 36,031,929

Analisis de TIR
Años 0 1 2 3 4
Flujo de fondos (480,921,350) 51,842,067 52,479,957 53,137,125 53,814,152
WACC 8.0%
VAN 36,031,929
TIR 8.94%

Años 0 1 2 3 4
Flujo de fondos (480,921,350) 51,842,067 52,479,957 53,137,125 53,814,152
523,915,728 514,277,055 503,081,767 490,169,702
Saldo 480,921,350 472,073,661 461,797,098 449,944,642 436,355,550

2.0 Escenario al 8.5% WACC

Años 0 1 2 3 4
Flujo de fondos (480,921,350) 51,842,067 52,479,957 53,137,125 53,814,152
WACC 8.5%
VAN 16,316,474
TIR 8.94%

ANALISIS DEL VAN

Año 1 - Año 25 S/. 497,237,824
Flujo de fondos S/. -480,921,350
VAN S/. 16,316,474

Analisis de TIR
Años 0 1 2 3 4
Flujo de fondos (480,921,350) 51,842,067 52,479,957 53,137,125 53,814,152
WACC 8.5%
VAN 16,316,474
TIR 8.94%
 Años 0 1 2 3 4
Flujo de fondos (480,921,350) 51,842,067 52,479,957 53,137,125 53,814,152
523,915,728 514,277,055 503,081,767 490,169,702
Saldo 480,921,350 472,073,661 461,797,098 449,944,642 436,355,550

3.0 Escenario al 9.0% WACC

Años 0 1 2 3 4
Flujo de fondos (480,921,350) 51,842,067 52,479,957 53,137,125 53,814,152
WACC 9.0%
VAN (2,154,079)
TIR 8.94%

ANALISIS DEL VAN

Año 1 - Año 25 S/. 478,767,271
Flujo de fondos S/. -480,921,350
VAN S/. -2,154,079

Analisis de TIR
Años 0 1 2 3 4
Flujo de fondos (480,921,350) 51,842,067 52,479,957 53,137,125 53,814,152
WACC 9.0%
VAN (2,154,079)
TIR 8.94%

Años 0 1 2 3 4
Flujo de fondos (480,921,350) 51,842,067 52,479,957 53,137,125 53,814,152
523,915,728 514,277,055 503,081,767 490,169,702
Saldo 480,921,350 472,073,661 461,797,098 449,944,642 436,355,550
 5 6 7 8 9 10 11 12
54,511,636 55,230,194 55,970,462 56,733,094 57,518,763 58,328,164 32,724,513 33,583,545

5 6 7 8 9 10 11 12
54,511,636 55,230,194 55,970,462 56,733,094 57,518,763 58,328,164 32,724,513 33,583,545

5 6 7 8 9 10 11 12
54,511,636 55,230,194 55,970,462 56,733,094 57,518,763 58,328,164 32,724,513 33,583,545
475,365,744 458,478,473 439,298,683 417,597,770 393,125,985 365,610,514 334,753,398 329,030,273
420,854,108 403,248,279 383,328,220 360,864,677 335,607,223 307,282,350 302,028,885 295,446,728

5 6 7 8 9 10 11 12
54,511,636 55,230,194 55,970,462 56,733,094 57,518,763 58,328,164 32,724,513 33,583,545

5 6 7 8 9 10 11 12
54,511,636 55,230,194 55,970,462 56,733,094 57,518,763 58,328,164 32,724,513 33,583,545
 5 6 7 8 9 10 11 12
54,511,636 55,230,194 55,970,462 56,733,094 57,518,763 58,328,164 32,724,513 33,583,545
475,365,744 458,478,473 439,298,683 417,597,770 393,125,985 365,610,514 334,753,398 329,030,273
420,854,108 403,248,279 383,328,220 360,864,677 335,607,223 307,282,350 302,028,885 295,446,728

5 6 7 8 9 10 11 12
54,511,636 55,230,194 55,970,462 56,733,094 57,518,763 58,328,164 32,724,513 33,583,545

5 6 7 8 9 10 11 12
54,511,636 55,230,194 55,970,462 56,733,094 57,518,763 58,328,164 32,724,513 33,583,545

5 6 7 8 9 10 11 12
54,511,636 55,230,194 55,970,462 56,733,094 57,518,763 58,328,164 32,724,513 33,583,545
475,365,744 458,478,473 439,298,683 417,597,770 393,125,985 365,610,514 334,753,398 329,030,273
420,854,108 403,248,279 383,328,220 360,864,677 335,607,223 307,282,350 302,028,885 295,446,728
 13 14 15 16 17 18 19 20
34,468,521 35,380,221 36,319,450 37,287,039 38,283,842 39,310,739 40,368,636 41,458,467

13 14 15 16 17 18 19 20
34,468,521 35,380,221 36,319,450 37,287,039 38,283,842 39,310,739 40,368,636 41,458,467

13 14 15 16 17 18 19 20
34,468,521 35,380,221 36,319,450 37,287,039 38,283,842 39,310,739 40,368,636 41,458,467
321,859,671 313,083,924 302,530,420 290,010,236 275,316,655 258,223,550 238,483,621 215,826,469
287,391,150 277,703,704 266,210,970 252,723,196 237,032,813 218,912,812 198,114,985 174,368,002

13 14 15 16 17 18 19 20
34,468,521 35,380,221 36,319,450 37,287,039 38,283,842 39,310,739 40,368,636 41,458,467

13 14 15 16 17 18 19 20
34,468,521 35,380,221 36,319,450 37,287,039 38,283,842 39,310,739 40,368,636 41,458,467
 13 14 15 16 17 18 19 20
34,468,521 35,380,221 36,319,450 37,287,039 38,283,842 39,310,739 40,368,636 41,458,467
321,859,671 313,083,924 302,530,420 290,010,236 275,316,655 258,223,550 238,483,621 215,826,469
287,391,150 277,703,704 266,210,970 252,723,196 237,032,813 218,912,812 198,114,985 174,368,002

13 14 15 16 17 18 19 20
34,468,521 35,380,221 36,319,450 37,287,039 38,283,842 39,310,739 40,368,636 41,458,467

13 14 15 16 17 18 19 20
34,468,521 35,380,221 36,319,450 37,287,039 38,283,842 39,310,739 40,368,636 41,458,467

13 14 15 16 17 18 19 20
34,468,521 35,380,221 36,319,450 37,287,039 38,283,842 39,310,739 40,368,636 41,458,467
321,859,671 313,083,924 302,530,420 290,010,236 275,316,655 258,223,550 238,483,621 215,826,469
287,391,150 277,703,704 266,210,970 252,723,196 237,032,813 218,912,812 198,114,985 174,368,002
 21 22 23 24 25
42,581,195 43,737,810 44,929,333 46,156,815 47,421,340

21 22 23 24 25
42,581,195 43,737,810 44,929,333 46,156,815 47,421,340

21 22 23 24 25
42,581,195 43,737,810 44,929,333 46,156,815 47,421,340
189,956,504 160,550,665 127,255,926 89,686,592 47,421,340
147,375,309 116,812,855 82,326,593 43,529,777 0.0

21 22 23 24 25
42,581,195 43,737,810 44,929,333 46,156,815 47,421,340

21 22 23 24 25
42,581,195 43,737,810 44,929,333 46,156,815 47,421,340
 21 22 23 24 25
42,581,195 43,737,810 44,929,333 46,156,815 47,421,340
189,956,504 160,550,665 127,255,926 89,686,592 47,421,340
147,375,309 116,812,855 82,326,593 43,529,777 0.0

21 22 23 24 25
42,581,195 43,737,810 44,929,333 46,156,815 47,421,340

21 22 23 24 25
42,581,195 43,737,810 44,929,333 46,156,815 47,421,340

21 22 23 24 25
42,581,195 43,737,810 44,929,333 46,156,815 47,421,340
189,956,504 160,550,665 127,255,926 89,686,592 47,421,340
147,375,309 116,812,855 82,326,593 43,529,777 0.0
Resumen del escenario
Valores actuales: Base Optimista
Celdas cambiantes:
Flujo_de_fondos (480,921,350) (480,921,350) (480,921,350)
WACC 8.0% 8.0% 8.5%
Celdas de resultado:
VAN 36,031,929 36,031,929 16,316,474
TIR 8.94% 8.94% 8.94%
Notas: La columna de valores actuales representa los valores de las celdas cambiantes
en el momento en que se creó el Informe resumen de escenario. Las celdas cambiantes de
cada escenario se muestran en gris.
 Pesimista

(480,921,350)
9.0%

(2,154,079)
8.94%

cambiantes de
ANALISIS ECONOMICO - ESCENARIO VARIABLE INGRESOS AL 3%

0 1 2 3
Inversión inicial -480,921,350

Ingresos por peaje 30,826,960 31,751,769 32,704,322

Pagos del Estado 37,500,000 37,500,000 37,500,000
Gasto por Conservación -1,000,000 -1,020,000 -1,040,400
Gastos operativos -500,000 -500,000 -500,000
Amortización Inversión inicial -16,030,712 -16,030,712 -16,030,712
Amortización Re-inversión
Utilidad operativa 50,796,248 51,701,057 52,633,210
Impuestos (29.50%) -14,984,893.30 -15,251,812 -15,526,797
Utilidad neta 35,811,355 36,449,245 37,106,413
Amortización Inversión inicial 16,030,712 16,030,712 16,030,712
Amortización Re-inversión
Valor de Rescate

Flujo de fondos -480,921,350 51,842,067 52,479,957 53,137,125

Tasa 8% WACC
VAN 36,031,929 mayor que cero entonces OK
TIR 8.94% mayor que 8% OK
B/C 1.07

ANALISIS ECONOMICO - ESCENARIO VARIABLE INGRESOS AL 5%

0 1 2 3
Inversión inicial -480,921,350

Ingresos por peaje 31,425,542 32,996,819 34,646,660

Pagos del Estado 37,500,000 37,500,000 37,500,000
Gasto por Conservación -1,000,000 -1,020,000 -1,040,400
Gastos operativos -500,000 -500,000 -500,000
Amortización Inversión inicial -16,030,712 -16,030,712 -16,030,712
Amortización Re-inversión
Utilidad operativa 51,394,830 52,946,107 54,575,548
Impuestos (29.50%) -15,161,474.91 -15,619,101.65 -16,099,786.73
Utilidad neta 36,233,355 37,327,006 38,475,762
Amortización Inversión inicial 16,030,712 16,030,712 16,030,712
Amortización Re-inversión - - -
Valor de Rescate - - -

Flujo de fondos -480,921,350 52,264,067 53,357,717 54,506,473

Tasa 8.0% WACC #NAME?

VAN 107,595,195 mayor que cero entonces OK
TIR 10.49% mayor que 8% OK
B/C 1.22

ANALISIS ECONOMICO - ESCENARIO VARIABLE INGRESOS AL 1.5%

0 1 2 3
Inversión inicial -480,921,350

Ingresos por peaje 30,378,024 30,833,694 31,296,200

Pagos del Estado 37,500,000 37,500,000 37,500,000
Gasto por Conservación -1,000,000 -1,020,000 -1,040,400
Gastos operativos -500,000 -500,000 -500,000
Amortización Inversión inicial -16,030,712 -16,030,712 -16,030,712
Amortización Re-inversión - - -
Utilidad operativa 50,347,312 50,782,983 51,225,088
Impuestos (29.50%) -14,852,457.08 -14,980,979.84 -15,111,400.94
Utilidad neta 35,494,855 35,802,003 36,113,687
Amortización Inversión inicial 16,030,712 16,030,712 16,030,712
Amortización Re-inversión - - -
Valor de Rescate - - -
-
Flujo de fondos -480,921,350 51,525,567 51,832,714 52,144,399

Tasa 8.0% WACC

VAN -6,061,202 mayor que cero entonces OK
TIR 7.83% mayor que 8% OK
B/C 0.99
 EVALUACIÓ

4 5 6 7 8 9 10

33,685,452 34,696,015 35,736,896 36,809,003 37,913,273 39,050,671 40,222,191

37,500,000 37,500,000 37,500,000 37,500,000 37,500,000 37,500,000 37,500,000
-1,061,208 -1,082,432 -1,104,081 -1,126,162 -1,148,686 -1,171,659 -1,195,093
-500,000 -500,000 -500,000 -500,000 -500,000 -500,000 -500,000
-16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712

53,593,532 54,582,871 55,602,103 56,652,128 57,733,875 58,848,300 59,996,387

-15,810,092 -16,101,947 -16,402,620 -16,712,378 -17,031,493 -17,360,248 -17,698,934
37,783,440 38,480,924 39,199,483 39,939,751 40,702,382 41,488,051 42,297,453
16,030,712 16,030,712 16,030,712 16,030,712 16,030,712 16,030,712 16,030,712

53,814,152 54,511,636 55,230,194 55,970,462 56,733,094 57,518,763 58,328,164

EVALUACIÓ

4 5 6 7 8 9 10

36,378,993 38,197,943 40,107,840 42,113,232 44,218,893 46,429,838 48,751,330

37,500,000 37,500,000 37,500,000 37,500,000 37,500,000 37,500,000 37,500,000
-1,061,208 -1,082,432 -1,104,081 -1,126,162 -1,148,686 -1,171,659 -1,195,093
-500,000 -500,000 -500,000 -500,000 -500,000 -500,000 -500,000
-16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712

56,287,073 58,084,799 59,973,047 61,956,358 64,039,496 66,227,467 68,525,526

-16,604,686.61 -17,135,015.63 -17,692,048.93 -18,277,125.49 -18,891,651.30 -19,537,102.73 -20,215,030.05
39,682,387 40,949,783 42,280,998 43,679,232 45,147,845 46,690,364 48,310,496
 16,030,712 16,030,712 16,030,712 16,030,712 16,030,712 16,030,712 16,030,712
- - - - - - -
- - - - - - -

55,713,098 56,980,495 58,311,710 59,709,944 61,178,556 62,721,076 64,341,207

EVALUACIÓ

4 5 6 7 8 9 10

31,765,643 32,242,127 32,725,759 33,216,646 33,714,895 34,220,619 34,733,928

37,500,000 37,500,000 37,500,000 37,500,000 37,500,000 37,500,000 37,500,000
-1,061,208 -1,082,432 -1,104,081 -1,126,162 -1,148,686 -1,171,659 -1,195,093
-500,000 -500,000 -500,000 -500,000 -500,000 -500,000 -500,000
-16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712
- - - - - - -
51,673,723 52,128,983 52,590,967 53,059,771 53,535,498 54,018,248 54,508,124
-15,243,748.26 -15,378,050.10 -15,514,335.16 -15,652,632.57 -15,792,971.87 -15,935,383.03 -16,079,896.48
36,429,975 36,750,933 37,076,631 37,407,139 37,742,526 38,082,865 38,428,227
16,030,712 16,030,712 16,030,712 16,030,712 16,030,712 16,030,712 16,030,712
- - - - - - -
- - - - - - -

52,460,686 52,781,645 53,107,343 53,437,851 53,773,238 54,113,576 54,458,939

EVALUACIÓN ECONOMICA

AÑOS
11 12 13 14 15 16 17

41,428,857 42,671,722 43,951,874 45,270,430 46,628,543 48,027,399 49,468,221

-1,218,994 -1,243,374 -1,268,242 -1,293,607 -1,319,479 -1,345,868 -1,372,786

-500,000 -500,000 -500,000 -500,000 -500,000 -500,000 -500,000
-16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712

23,679,151 24,897,636 26,152,921 27,446,112 28,778,353 30,150,819 31,564,724

-6,985,349 -7,344,803 -7,715,112 -8,096,603 -8,489,614 -8,894,492 -9,311,594
16,693,801 17,552,834 18,437,809 19,349,509 20,288,739 21,256,328 22,253,130
16,030,712 16,030,712 16,030,712 16,030,712 16,030,712 16,030,712 16,030,712

32,724,513 33,583,545 34,468,521 35,380,221 36,319,450 37,287,039 38,283,842

EVALUACIÓN ECONOMICA

AÑOS
11 12 13 14 15 16 17

51,188,896 53,748,341 56,435,758 59,257,546 62,220,423 65,331,445 68,598,017

-1,218,994 -1,243,374 -1,268,242 -1,293,607 -1,319,479 -1,345,868 -1,372,786

-500,000 -500,000 -500,000 -500,000 -500,000 -500,000 -500,000
-16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712

33,439,190 35,974,255 38,636,805 41,433,228 44,370,233 47,454,865 50,694,519

-9,864,561.11 -10,612,405.27 -11,397,857.39 -12,222,802.20 -13,089,218.72 -13,999,185.04 -14,954,883.23
23,574,629 25,361,850 27,238,947 29,210,426 31,281,014 33,455,680 35,739,636
 16,030,712 16,030,712 16,030,712 16,030,712 16,030,712 16,030,712 16,030,712
- - - - - - -
- - - - - - -

39,605,341 41,392,562 43,269,659 45,241,137 47,311,726 49,486,391 51,770,348

EVALUACIÓN ECONOMICA

AÑOS
11 12 13 14 15 16 17

35,254,937 35,783,761 36,320,517 36,865,325 37,418,305 37,979,579 38,549,273

-1,218,994 -1,243,374 -1,268,242 -1,293,607 -1,319,479 -1,345,868 -1,372,786

-500,000 -500,000 -500,000 -500,000 -500,000 -500,000 -500,000
-16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712
- - - - - - -
17,505,231 18,009,675 18,521,564 19,041,007 19,568,114 20,102,999 20,645,776
-5,164,043.07 -5,312,854.09 -5,463,861.33 -5,617,096.99 -5,772,593.77 -5,930,384.85 -6,090,503.86
12,341,188 12,696,821 13,057,702 13,423,910 13,795,521 14,172,615 14,555,272
16,030,712 16,030,712 16,030,712 16,030,712 16,030,712 16,030,712 16,030,712
- - - - - - -
- - - - - - -

28,371,899 28,727,532 29,088,414 29,454,621 29,826,232 30,203,326 30,585,984

 18 19 20 21 22 23 24

50,952,268 52,480,836 54,055,261 55,676,919 57,347,227 59,067,643 60,839,673

-1,400,241 -1,428,246 -1,456,811 -1,485,947 -1,515,666 -1,545,980 -1,576,899

-500,000 -500,000 -500,000 -500,000 -500,000 -500,000 -500,000
-16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712

33,021,315 34,521,878 36,067,738 37,660,260 39,300,849 40,990,952 42,732,062

-9,741,288 -10,183,954 -10,639,983 -11,109,777 -11,593,750 -12,092,330.85 -12,605,958.22
23,280,027 24,337,924 25,427,756 26,550,483 27,707,098 28,898,621 30,126,104
16,030,712 16,030,712 16,030,712 16,030,712 16,030,712 16,030,712 16,030,712

39,310,739 40,368,636 41,458,467 42,581,195 43,737,810 44,929,333 46,156,815

18 19 20 21 22 23 24

72,027,918 75,629,314 79,410,779 83,381,318 87,550,384 91,927,903 96,524,298

-1,400,241 -1,428,246 -1,456,811 -1,485,947 -1,515,666 -1,545,980 -1,576,899

-500,000 -500,000 -500,000 -500,000 -500,000 -500,000 -500,000
-16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712

54,096,965 57,670,356 61,423,256 65,364,659 69,504,006 73,851,212 78,416,687

-15,958,604.54 -17,012,754.90 -18,119,860.62 -19,282,574.43 -20,503,681.78 -21,786,107.51 -23,132,922.81
38,138,360 40,657,601 43,303,396 46,082,085 49,000,324 52,065,104 55,283,765
 16,030,712 16,030,712 16,030,712 16,030,712 16,030,712 16,030,712 16,030,712
- - - - - - -
- - - - - - -

54,169,072 56,688,312 59,334,107 62,112,796 65,031,036 68,095,816 71,314,476

18 19 20 21 22 23 24

39,127,512 39,714,425 40,310,141 40,914,793 41,528,515 42,151,443 42,783,715

-1,400,241 -1,428,246 -1,456,811 -1,485,947 -1,515,666 -1,545,980 -1,576,899

-500,000 -500,000 -500,000 -500,000 -500,000 -500,000 -500,000
-16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712 -16,030,712
- - - - - - -
21,196,559 21,755,467 22,322,619 22,898,134 23,482,137 24,074,752 24,676,104
-6,252,984.96 -6,417,862.78 -6,585,172.46 -6,754,949.65 -6,927,230.52 -7,102,051.77 -7,279,450.62
14,943,574 15,337,604 15,737,446 16,143,185 16,554,907 16,972,700 17,396,653
16,030,712 16,030,712 16,030,712 16,030,712 16,030,712 16,030,712 16,030,712
- - - - - - -
- - - - - - -

30,974,286 31,368,316 31,768,158 32,173,896 32,585,619 33,003,412 33,427,365

 25

62,664,863

-1,608,437
-500,000
-16,030,712

44,525,714
-13,135,085.61
31,390,628
16,030,712

47,421,340

25

101,350,513

-1,608,437
-500,000
-16,030,712

83,211,364
-24,547,352.50
58,664,012
 16,030,712
-
-

74,694,724

25

43,425,470

-1,608,437
-500,000
-16,030,712
-
25,286,322
-7,459,464.86
17,826,857
16,030,712
-
-

33,857,568
ANALISIS ECONOMICO - ESCENARIO VARIABLE INGRESOS AL 3%

0 1 2 3
Inversión inicial -288,552,810

Ingresos por peaje 30,826,960 31,751,769 32,704,322

Pagos del Estado 37,500,000 37,500,000 37,500,000
Gasto por Conservación -1,000,000 -1,020,000 -1,040,400
Gastos operativos -500,000 -500,000 -500,000
Pago de intereses -17,313,169 -16,558,893 -15,736,733
Amortización Inversión inicial -9,618,427 -9,618,427 -9,618,427
Amortización Re-inversión
Utilidad operativa 39,895,365 41,554,449 43,308,762
Impuestos (29.50%) -11,769,132.53 -12,258,562 -12,776,085
Utilidad neta 28,126,232 29,295,886 30,532,677
Pago de capital -8,380,835 -9,135,111 -9,957,271
Amortización Inversión inicial 9,618,427 9,618,427 9,618,427
Amortización Re-inversión
Valor de Rescate

Flujo de fondos -288,552,810 29,363,824 29,779,203 30,193,833

Tasa 8% WACC
VAN 33,566,156 mayor que cero entonces OK
TIR 9.26% mayor que 8% OK
B/C 1.12

ANALISIS ECONOMICO - ESCENARIO VARIABLE INGRESOS AL 5%

0 1 2 3
Inversión inicial -288,552,810

Ingresos por peaje 31,425,542 32,996,819 34,646,660

Pagos del Estado 37,500,000 37,500,000 37,500,000
Gasto por Conservación -1,000,000 -1,020,000 -1,040,400
Gastos operativos -500,000 -500,000 -500,000
Pago de intereses -17,313,169 -16,558,893 -15,736,733
Amortización Inversión inicial -9,618,427 -9,618,427 -9,618,427
Amortización Re-inversión
Utilidad operativa 40,493,946 42,799,499 45,251,099
Impuestos (29.50%) -11,945,714.15 -12,625,852.08 -13,349,074.34
Utilidad neta 28,548,232 30,173,646 31,902,025
Pago de capital -8,380,835 -9,135,111 -9,957,271
Amortización Inversión inicial 9,618,427 9,618,427 9,618,427
Amortización Re-inversión - - -
Valor de Rescate - - -

Flujo de fondos -288,552,810 29,785,824 30,656,963 31,563,181

Tasa 8.0% WACC

VAN 105,129,421 mayor que cero entonces OK
TIR 11.41% mayor que 8% OK
B/C 1.36

ANALISIS ECONOMICO - ESCENARIO VARIABLE INGRESOS AL 1.5%

0 1 2 3
Inversión inicial -288,552,810

Ingresos por peaje 30,378,024 30,833,694 31,296,200

Pagos del Estado 37,500,000 37,500,000 37,500,000
Gasto por Conservación -1,000,000 -1,020,000 -1,040,400
Gastos operativos -500,000 -500,000 -500,000
Pago de intereses -17,313,169 -16,558,893 -15,736,733
Amortización Inversión inicial -9,618,427 -9,618,427 -9,618,427
Amortización Re-inversión - - -
Utilidad operativa 39,446,428 40,636,374 41,900,639
Impuestos (29.50%) -11,636,696.32 -11,987,730.26 -12,360,688.55
Utilidad neta 27,809,732 28,648,644 29,539,951
Pago de capital -8,380,835 -9,135,111 -9,957,271
Amortización Inversión inicial 9,618,427 9,618,427 9,618,427
Amortización Re-inversión - - -
Valor de Rescate - - -
-
Flujo de fondos -288,552,810 29,047,323 29,131,960 29,201,107

Tasa 8.0% WACC

VAN -8,526,975 mayor que cero entonces OK
TIR 7.64% mayor que 8% OK
B/C 0.97
 EVALUACIÓN

4 5 6 7 8 9 10

33,685,452 34,696,015 35,736,896 36,809,003 37,913,273 39,050,671 40,222,191

37,500,000 37,500,000 37,500,000 37,500,000 37,500,000 37,500,000 37,500,000
-1,061,208 -1,082,432 -1,104,081 -1,126,162 -1,148,686 -1,171,659 -1,195,093
-500,000 -500,000 -500,000 -500,000 -500,000 -500,000 -500,000
-14,840,579 -13,863,771 -12,799,050 -11,638,504 -10,373,509 -8,994,664 -7,491,724
-9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427

45,165,238 47,131,385 49,215,338 51,425,909 53,772,651 56,265,920 58,916,948

-13,323,745 -13,903,759 -14,518,525 -15,170,643 -15,862,932 -16,598,446 -17,380,500
31,841,492 33,227,627 34,696,813 36,255,266 37,909,719 39,667,474 41,536,448
-10,853,425 -11,830,233 -12,894,954 -14,055,500 -15,320,495 -16,699,340 -18,202,280
9,618,427 9,618,427 9,618,427 9,618,427 9,618,427 9,618,427 9,618,427

30,606,494 31,015,820 31,420,286 31,818,193 32,207,651 32,586,561 32,952,595

EVALUACIÓN

4 5 6 7 8 9 10

36,378,993 38,197,943 40,107,840 42,113,232 44,218,893 46,429,838 48,751,330

37,500,000 37,500,000 37,500,000 37,500,000 37,500,000 37,500,000 37,500,000
-1,061,208 -1,082,432 -1,104,081 -1,126,162 -1,148,686 -1,171,659 -1,195,093
-500,000 -500,000 -500,000 -500,000 -500,000 -500,000 -500,000
-14,840,579 -13,863,771 -12,799,050 -11,638,504 -10,373,509 -8,994,664 -7,491,724
-9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427
 47,858,779 50,633,313 53,586,282 56,730,138 60,078,272 63,645,087 67,446,086
-14,118,339.75 -14,936,827.21 -15,807,953.20 -16,735,390.79 -17,723,090.13 -18,775,300.71 -19,896,595.50
33,740,439 35,696,485 37,778,329 39,994,747 42,355,182 44,869,786 47,549,491
-10,853,425 -11,830,233 -12,894,954 -14,055,500 -15,320,495 -16,699,340 -18,202,280
9,618,427 9,618,427 9,618,427 9,618,427 9,618,427 9,618,427 9,618,427
- - - - - - -
- - - - - - -

32,505,441 33,484,679 34,501,802 35,557,674 36,653,113 37,788,874 38,965,638

EVALUACIÓN

4 5 6 7 8 9 10

31,765,643 32,242,127 32,725,759 33,216,646 33,714,895 34,220,619 34,733,928

37,500,000 37,500,000 37,500,000 37,500,000 37,500,000 37,500,000 37,500,000
-1,061,208 -1,082,432 -1,104,081 -1,126,162 -1,148,686 -1,171,659 -1,195,093
-500,000 -500,000 -500,000 -500,000 -500,000 -500,000 -500,000
-14,840,579 -13,863,771 -12,799,050 -11,638,504 -10,373,509 -8,994,664 -7,491,724
-9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427
- - - - - - -
43,245,428 44,677,497 46,204,201 47,833,552 49,574,274 51,435,868 53,428,685
-12,757,401.40 -13,179,861.68 -13,630,239.43 -14,110,897.88 -14,624,410.70 -15,173,581.02 -15,761,461.93
30,488,027 31,497,636 32,573,962 33,722,654 34,949,863 36,262,287 37,667,223
-10,853,425 -11,830,233 -12,894,954 -14,055,500 -15,320,495 -16,699,340 -18,202,280
9,618,427 9,618,427 9,618,427 9,618,427 9,618,427 9,618,427 9,618,427
- - - - - - -
- - - - - - -

29,253,029 29,285,829 29,297,435 29,285,581 29,247,795 29,181,374 29,083,369

EVALUACIÓN ECONOMICA

AÑOS
11 12 13 14 15 16 17

41,428,857 42,671,722 43,951,874 45,270,430 46,628,543 48,027,399 49,468,221

-1,218,994 -1,243,374 -1,268,242 -1,293,607 -1,319,479 -1,345,868 -1,372,786

-500,000 -500,000 -500,000 -500,000 -500,000 -500,000 -500,000
-5,853,519 -4,067,875 -2,121,523
-9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427

24,237,917 27,242,046 30,443,682 33,858,397 35,190,637 36,563,104 37,977,009

-7,150,185 -8,036,404 -8,980,886 -9,988,227 -10,381,238 -10,786,116 -11,203,218
17,087,731 19,205,643 21,462,796 23,870,170 24,809,399 25,776,988 26,773,791
-19,840,485 -21,626,129 -23,572,481
9,618,427 9,618,427 9,618,427 9,618,427 9,618,427 9,618,427 9,618,427

6,865,673 7,197,940 7,508,742 33,488,597 34,427,826 35,395,415 36,392,218

EVALUACIÓN ECONOMICA

AÑOS
11 12 13 14 15 16 17

51,188,896 53,748,341 56,435,758 59,257,546 62,220,423 65,331,445 68,598,017

-1,218,994 -1,243,374 -1,268,242 -1,293,607 -1,319,479 -1,345,868 -1,372,786

-500,000 -500,000 -500,000 -500,000 -500,000 -500,000 -500,000
-5,853,519 -4,067,875 -2,121,523
-9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427
 33,997,956 38,318,665 42,927,566 47,845,512 50,782,518 53,867,149 57,106,804
-10,029,397.11 -11,304,006.15 -12,663,632.00 -14,114,426.17 -14,980,842.70 -15,890,809.02 -16,846,507.20
23,968,559 27,014,659 30,263,934 33,731,086 35,801,675 37,976,340 40,260,297
-19,840,485 -21,626,129 -23,572,481
9,618,427 9,618,427 9,618,427 9,618,427 9,618,427 9,618,427 9,618,427
- - - - - - -
- - - - - - -

13,746,501 15,006,957 16,309,880 43,349,513 45,420,102 47,594,767 49,878,724

EVALUACIÓN ECONOMICA

AÑOS
11 12 13 14 15 16 17

35,254,937 35,783,761 36,320,517 36,865,325 37,418,305 37,979,579 38,549,273

-1,218,994 -1,243,374 -1,268,242 -1,293,607 -1,319,479 -1,345,868 -1,372,786

-500,000 -500,000 -500,000 -500,000 -500,000 -500,000 -500,000
-5,853,519 -4,067,875 -2,121,523
-9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427
- - - - - - -
18,063,997 20,354,085 22,812,325 25,453,291 25,980,399 26,515,284 27,058,060
-5,328,879.06 -6,004,454.98 -6,729,635.94 -7,508,720.97 -7,664,217.75 -7,822,008.83 -7,982,127.84
12,735,118 14,349,630 16,082,689 17,944,570 18,316,181 18,693,275 19,075,933
-19,840,485 -21,626,129 -23,572,481
9,618,427 9,618,427 9,618,427 9,618,427 9,618,427 9,618,427 9,618,427
- - - - - - -
- - - - - - -

2,513,059 2,341,928 2,128,635 27,562,997 27,934,608 28,311,702 28,694,360

 18 19 20 21 22 23 24

50,952,268 52,480,836 54,055,261 55,676,919 57,347,227 59,067,643 60,839,673

-1,400,241 -1,428,246 -1,456,811 -1,485,947 -1,515,666 -1,545,980 -1,576,899

-500,000 -500,000 -500,000 -500,000 -500,000 -500,000 -500,000

-9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427

39,433,600 40,934,163 42,480,023 44,072,545 45,713,133 47,403,237 49,144,346

-11,632,912 -12,075,578 -12,531,607 -13,001,401 -13,485,374 -13,983,954.83 -14,497,582.19
27,800,688 28,858,585 29,948,416 31,071,144 32,227,759 33,419,282 34,646,764

9,618,427 9,618,427 9,618,427 9,618,427 9,618,427 9,618,427 9,618,427

37,419,115 38,477,012 39,566,843 40,689,571 41,846,186 43,037,709 44,265,191

18 19 20 21 22 23 24

72,027,918 75,629,314 79,410,779 83,381,318 87,550,384 91,927,903 96,524,298

-1,400,241 -1,428,246 -1,456,811 -1,485,947 -1,515,666 -1,545,980 -1,576,899

-500,000 -500,000 -500,000 -500,000 -500,000 -500,000 -500,000

-9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427

 60,509,249 64,082,640 67,835,541 71,776,944 75,916,291 80,263,497 84,828,972
-17,850,228.52 -18,904,378.88 -20,011,484.60 -21,174,198.40 -22,395,305.76 -23,677,731.49 -25,024,546.78
42,659,021 45,178,261 47,824,056 50,602,745 53,520,985 56,585,765 59,804,425

9,618,427 9,618,427 9,618,427 9,618,427 9,618,427 9,618,427 9,618,427

- - - - - - -
- - - - - - -

52,277,448 54,796,688 57,442,483 60,221,172 63,139,412 66,204,192 69,422,852

18 19 20 21 22 23 24

39,127,512 39,714,425 40,310,141 40,914,793 41,528,515 42,151,443 42,783,715

-1,400,241 -1,428,246 -1,456,811 -1,485,947 -1,515,666 -1,545,980 -1,576,899

-500,000 -500,000 -500,000 -500,000 -500,000 -500,000 -500,000

-9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427 -9,618,427

- - - - - - -
27,608,844 28,167,752 28,734,903 29,310,419 29,894,422 30,487,036 31,088,388
-8,144,608.94 -8,309,486.76 -8,476,796.43 -8,646,573.62 -8,818,854.50 -8,993,675.74 -9,171,074.60
19,464,235 19,858,265 20,258,107 20,663,845 21,075,568 21,493,361 21,917,314

9,618,427 9,618,427 9,618,427 9,618,427 9,618,427 9,618,427 9,618,427

- - - - - - -
- - - - - - -

29,082,662 29,476,692 29,876,534 30,282,272 30,693,995 31,111,788 31,535,741

 25

62,664,863

-1,608,437
-500,000

-9,618,427

50,937,999
-15,026,709.59
35,911,289

9,618,427

45,529,716

25

101,350,513

-1,608,437
-500,000

-9,618,427
 89,623,649
-26,438,976.48
63,184,673

9,618,427
-
-

72,803,100

25

43,425,470

-1,608,437
-500,000

-9,618,427
-
31,698,606
-9,351,088.83
22,347,517

9,618,427
-
-

31,965,944
1.0 Escenario al 3.0% Ingresos
Años 0 1 2 3 4
Flujo de fondos (480,921,350) 51,842,067 52,479,957 53,137,125 53,814,152
WACC 8.0%
VAN 36,031,929
TIR 8.94%

ANALISIS DEL VAN

Año 1 - Año 25 S/. 516,953,279
Flujo de fondos S/. -480,921,350
VAN S/. 36,031,929

Analisis de TIR
Años 0 1 2 3 4
Flujo de fondos (480,921,350) 51,842,067 52,479,957 53,137,125 53,814,152
WACC 8.0% 8%
VAN 36,031,929
TIR 8.94%

Años 0 1 2 3 4
Flujo de fondos (480,921,350) 51,842,067 52,479,957 53,137,125 53,814,152
523,915,728 514,277,055 503,081,767 490,169,702
Saldo 480,921,350 472,073,661 461,797,098 449,944,642 436,355,550

2.0 Escenario al 5.0% Ingresos

Años 0 1 2 3 4
Flujo de fondos (480,921,350) 52,264,067 53,357,717 54,506,473 55,713,098
WACC 8.0%
VAN 107,595,195
TIR 10.49%

ANALISIS DEL VAN

Año 1 - Año 25 S/. 781,211,702
Flujo de fondos S/. -480,921,350
VAN S/. 300,290,352

Analisis de TIR
Años 0 1 2 3 4
Flujo de fondos (480,921,350) 52,264,067 53,357,717 54,506,473 55,713,098
WACC 8.0%
VAN 107,595,195
TIR 10.49%
 Años 0 1 2 3 4
Flujo de fondos (480,921,350) 52,264,067 53,357,717 54,506,473 55,713,098
531,362,868 529,349,160 525,915,886 520,853,269
Saldo 480,921,350 479,098,801 475,991,443 471,409,413 465,140,171

3.0 Escenario al 1.5% Ingresos

Años 0 1 2 3 4
Flujo de fondos (480,921,350) 51,525,567 51,832,714 52,144,399 52,460,686
WACC 8.0%
VAN (6,061,202)
TIR 7.83%

ANALISIS DEL VAN

Año 1 - Año 25 S/. 843,561,446
Flujo de fondos S/. -480,921,350
VAN S/. 362,640,096

Analisis de TIR
Años 0 1 2 3 4
Flujo de fondos (480,921,350) 51,525,567 51,832,714 52,144,399 52,460,686
WACC 8.0%
VAN (6,061,202)
TIR 7.83%

Años 0 1 2 3 4
Flujo de fondos (480,921,350) 51,525,567 51,832,714 52,144,399 52,460,686
518,569,967 503,606,668 487,140,786 469,049,798
Saldo 480,921,350 467,044,400 451,773,954 434,996,387 416,589,111

b o p
Inversión (480,921,350) (480,921,350) (480,921,350) (480,921,350)
Ingresos 51,842,067 51,842,067 52,264,067 51,525,567
WACC 8.00% 8.00% 8.00% 8.00%
 5 6 7 8 9 10 11 12
54,511,636 55,230,194 55,970,462 56,733,094 57,518,763 58,328,164 32,724,513 33,583,545

5 6 7 8 9 10 11 12
54,511,636 55,230,194 55,970,462 56,733,094 57,518,763 58,328,164 32,724,513 33,583,545

5 6 7 8 9 10 11 12
54,511,636 55,230,194 55,970,462 56,733,094 57,518,763 58,328,164 32,724,513 33,583,545
475,365,744 458,478,473 439,298,683 417,597,770 393,125,985 365,610,514 334,753,398 329,030,273
420,854,108 403,248,279 383,328,220 360,864,677 335,607,223 307,282,350 302,028,885 295,446,728

5 6 7 8 9 10 11 12
56,980,495 58,311,710 59,709,944 61,178,556 62,721,076 64,341,207 39,605,341 41,392,562

5 6 7 8 9 10 11 12
56,980,495 58,311,710 59,709,944 61,178,556 62,721,076 64,341,207 39,605,341 41,392,562
 5 6 7 8 9 10 11 12
56,980,495 58,311,710 59,709,944 61,178,556 62,721,076 64,341,207 39,605,341 41,392,562
513,926,477 504,872,839 493,398,769 479,176,352 461,839,566 440,980,100 416,142,728 416,030,575
456,945,982 446,561,129 433,688,826 417,997,796 399,118,490 376,638,893 376,537,387 374,638,013

5 6 7 8 9 10 11 12
52,781,645 53,107,343 53,437,851 53,773,238 54,113,576 54,458,939 28,371,899 28,727,532

5 6 7 8 9 10 11 12
52,781,645 53,107,343 53,437,851 53,773,238 54,113,576 54,458,939 28,371,899 28,727,532

5 6 7 8 9 10 11 12
52,781,645 53,107,343 53,437,851 53,773,238 54,113,576 54,458,939 28,371,899 28,727,532
449,201,520 427,453,349 403,651,440 377,629,834 349,209,500 318,197,318 284,384,967 276,054,885
396,419,875 374,346,006 350,213,590 323,856,596 295,095,924 263,738,379 256,013,068 247,327,353
 13 14 15 16 17 18 19 20
34,468,521 35,380,221 36,319,450 37,287,039 38,283,842 39,310,739 40,368,636 41,458,467

13 14 15 16 17 18 19 20
34,468,521 35,380,221 36,319,450 37,287,039 38,283,842 39,310,739 40,368,636 41,458,467

13 14 15 16 17 18 19 20
34,468,521 35,380,221 36,319,450 37,287,039 38,283,842 39,310,739 40,368,636 41,458,467
321,859,671 313,083,924 302,530,420 290,010,236 275,316,655 258,223,550 238,483,621 215,826,469
287,391,150 277,703,704 266,210,970 252,723,196 237,032,813 218,912,812 198,114,985 174,368,002

13 14 15 16 17 18 19 20
43,269,659 45,241,137 47,311,726 49,486,391 51,770,348 54,169,072 56,688,312 59,334,107

13 14 15 16 17 18 19 20
43,269,659 45,241,137 47,311,726 49,486,391 51,770,348 54,169,072 56,688,312 59,334,107
 13 14 15 16 17 18 19 20
43,269,659 45,241,137 47,311,726 49,486,391 51,770,348 54,169,072 56,688,312 59,334,107
413,931,985 409,539,307 402,507,645 392,450,704 378,936,183 361,480,680 339,544,038 312,523,097
370,662,326 364,298,170 355,195,920 342,964,313 327,165,835 307,311,608 282,855,726 253,188,989

13 14 15 16 17 18 19 20
29,088,414 29,454,621 29,826,232 30,203,326 30,585,984 30,974,286 31,368,316 31,768,158

13 14 15 16 17 18 19 20
29,088,414 29,454,621 29,826,232 30,203,326 30,585,984 30,974,286 31,368,316 31,768,158

13 14 15 16 17 18 19 20
29,088,414 29,454,621 29,826,232 30,203,326 30,585,984 30,974,286 31,368,316 31,768,158
266,689,214 256,201,225 244,497,315 231,476,469 217,029,680 201,039,321 183,378,466 163,910,167
237,600,800 226,746,604 214,671,082 201,273,143 186,443,697 170,065,035 152,010,150 132,142,009
 21 22 23 24 25
42,581,195 43,737,810 44,929,333 46,156,815 47,421,340

21 22 23 24 25
42,581,195 43,737,810 44,929,333 46,156,815 47,421,340

21 22 23 24 25
42,581,195 43,737,810 44,929,333 46,156,815 47,421,340
189,956,504 160,550,665 127,255,926 89,686,592 47,421,340
147,375,309 116,812,855 82,326,593 43,529,777 0.0

21 22 23 24 25
62,112,796 65,031,036 68,095,816 71,314,476 74,694,724

21 22 23 24 25
62,112,796 65,031,036 68,095,816 71,314,476 74,694,724
 21 22 23 24 25
62,112,796 65,031,036 68,095,816 71,314,476 74,694,724
279,744,760 240,458,329 193,827,014 138,918,537 74,694,724
217,631,963 175,427,293 125,731,198 67,604,060 0.0

21 22 23 24 25
32,173,896 32,585,619 33,003,412 33,427,365 33,857,568

21 22 23 24 25
32,173,896 32,585,619 33,003,412 33,427,365 33,857,568

21 22 23 24 25
32,173,896 32,585,619 33,003,412 33,427,365 33,857,568
142,486,660 118,948,527 93,123,773 64,826,845 33,857,568
110,312,764 86,362,909 60,120,362 31,399,480 0.0
 ANALISIS OPTIMISTA - DOBLE ENTRADA AL 5%

Ingreso Inicial 31,425,542

Tasa 8.0% WACC
VAN 107,595,195 mayor que cero entonces OK
TIR 10.5% mayor que 8% OK
B/C 122.4%

WACC
107,595,195 1% 2% 3% 4% 5%
30,000,000 Err:504 Err:504 Err:504 Err:504 Err:504
35,000,000 Err:504 Err:504 Err:504 Err:504 Err:504
Ingresos

40,000,000 Err:504 Err:504 Err:504 Err:504 Err:504

45,000,000 Err:504 Err:504 Err:504 Err:504 Err:504
50,000,000 Err:504 Err:504 Err:504 Err:504 Err:504
55,000,000 Err:504 Err:504 Err:504 Err:504 Err:504

WACC v.s Ingresos

12

10

0
0% 2% 4% 6% 8%
 WACC
6% 7% 8% 9% 10%
Err:504 Err:504 Err:504 Err:504 Err:504
Err:504 Err:504 Err:504 Err:504 Err:504
Err:504 Err:504 Err:504 Err:504 Err:504
Err:504 Err:504 Err:504 Err:504 Err:504
Err:504 Err:504 Err:504 Err:504 Err:504
Err:504 Err:504 Err:504 Err:504 Err:504

resos

6% 8% 10% 12%