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FORMULA
TMAR = I + F + IF
F = Indice de Inflacion

EJEMPLO Valor del proyecto

Valor Inversion 300,000.00 Principal
Compra de maquinaria

Datos TMAR Participación

Inversionistas 50% 0.50
Otras empresas 30% 0.30
Bancos 20% 0.20 -
Inflación 12% 0.12

Inversionista Otras empresas Bancos

Rendimiento 17% 18% 20%
Decimal 0.17 0.18 0.2

Calculos I F IF Total TMAR

TMAR Inversionistas 0.17000 0.12000 0.020 0.3104 31.04%
TMAR Otras empresas 0.18000 0.12000 0.022 0.3216 32.16%
TMAR Bancos 0.20000 0.00000 - 0.2000 20.00%

Participación TMAR Ponderación
Inversionistas 0.50 0.3104 0.1552
Otras empresas 0.30 0.3216 0.0965
Bancos 0.20 0.2000 0.0400

TMAR Global 0.2917 29.17%

PRESUPUESTO DE INVERSION
ESTADO DE FLUJOS NETOS DE EFECTIVO

AÑO1 AÑO 2 AÑO 3 AÑO 4 AÑO 5 AÑO 6

VENTAS 325,000.00 415,000.00 470,000.00 550,000.00 640,000.00 725,000.00
Costo de Ventas 60% 0.60 195,000.00 249,000.00 282,000.00 330,000.00 384,000.00 435,000.00
GANANCIA BRUTA 130,000.00 166,000.00 188,000.00 220,000.00 256,000.00 290,000.00
GASTOS DE OPERA
Sueldos 12,000.00 12,000.00 12,000.00 12,000.00 12,000.00 12,000.00
Comisiones 1% 0.01 3,250.00 4,150.00 4,700.00 5,500.00 6,400.00 7,250.00
Sueldos Admon. 18,000.00 18,000.00 18,000.00 18,000.00 18,000.00 18,000.00
prestaciones 42% 0.42 13,965.00 14,343.00 14,574.00 14,910.00 15,288.00 15,645.00
Alquileres 28,000.00 28,000.00 28,000.00 28,000.00 28,000.00 28,000.00
Mantenimiento 6,000.00 6,000.00 6,000.00 6,000.00 6,000.00 6,000.00
LEASING 80,000.00 80,000.00 80,000.00 80,000.00 80,000.00 80,000.00
TOTAL GASTOS 161,215.00 162,493.00 163,274.00 164,410.00 165,688.00 166,895.00
UTILIDAD ANTES ISR - 31,215.00 3,507.00 24,726.00 55,590.00 90,312.00 123,105.00
I.S.R. 0.25 - 876.75 6,181.50 13,897.50 22,578.00 30,776.25
Resultado Neto - 31,215.00 2,630.25 18,544.50 41,692.50 67,734.00 92,328.75

(sin Leasing) (Con Leasing) NETO NETOS
AÑO 1 48,785 80,000 -31,215 0 -31,215 48,785
AÑO 2 83,507 80,000 3,507 877 2,630 82,630
AÑO 3 104,726 80,000 24,726 6,182 18,545 98,545
AÑO 4 135,590 80,000 55,590 13,898 41,693 121,693
AÑO 5 170,312 80,000 90,312 22,578 67,734 147,734
AÑO 6 203,105 80,000 123,105 30,776 92,329 172,329
AÑO 7 232,040 80,000 152,040 38,010 114,030 194,030
AÑO 8 255,188 80,000 175,188 43,797 131,391 211,391

TOTA FLUJO NETOS

TOTAL INVERSION
AÑO 7 AÑO 8
800,000.00 860,000.00
480,000.00 516,000.00
320,000.00 344,000.00

12,000.00 12,000.00
8,000.00 8,600.00
18,000.00 18,000.00
15,960.00 16,212.00
28,000.00 28,000.00
6,000.00 6,000.00
80,000.00 80,000.00
167,960.00 168,812.00
152,040.00 175,188.00
38,010.00 43,797.00
114,030.00 131,391.00

1
0.29168
1.29168
FACTOR VAN (VPN)
27.29%
0.774186 37,769 1.29168 0.7741856
0.599363 49,526 1.29168 0.5993633
0.464018 45,726 1.29168 0.4640184
0.359236 43,716 1.29168 0.3592363
0.278116 41,087 1.29168 0.2781156
0.215313 37,105 1.29168 0.2153131
0.166692 32,343 1.29168 0.1666923
0.129051 27,280 1.29168 0.1290507

TOTA FLUJO NETOS 314,552

TOTAL INVERSION 300,000
14,552

ARRENDAMIENTO
Año Renta Ahorro Impuestos Costo Del dinero Factor Valor Flujo Neto Fondo Acumulativo
25% 29.17%
1 80000 20000 60000 0.77419 46,451.13 46,451.13
2 80000 20000 60000 0.59936 35,961.80 82,412.93
3 80000 20000 60000 0.46402 27,841.10 110,254.03
4 80000 20000 60000 0.35924 21,554.18 131,808.21
5 80000 20000 60000 0.27812 16,686.94 148,495.15
6 80000 20000 60000 0.21531 12,918.78 161,413.93
7 80000 20000 60000 0.16669 10,001.54 171,415.47
8 80000 20000 60000 0.12905 7,743.04 179,158.51

Total 640,000.00 160,000.00 480,000.00 179,158.51

COMPRA
Ahorro por
Costo Del Flujo Neto
Año Salida de Dinero Descuento Depreciacion Depreciacion Factor Valor Actual
ISR
10% 20% 25% 29.17%
0 300,000.00 30,000.00
1 60,000.00 15,000.00 15,000.00 0.774186 11,612.78
2 60,000.00 15,000.00 15,000.00 0.599363 8,990.45
3 60,000.00 15,000.00 15,000.00 0.464018 6,960.28
4 60,000.00 15,000.00 15,000.00 0.359236 5,388.55
5 60,000.00 15,000.00 15,000.00 0.278116 4,171.73
6 60,000.00 15,000.00 15,000.00 0.215313 3,229.70
7 60,000.00 15,000.00 15,000.00 0.166692 2,500.38
8 60,000.00 15,000.00 15,000.00 0.129051 1,935.76
9
10

TOTAL 0 480,000.00 120,000.00 120,000.00 44,789.63

PRESTAMO BANCARIO
Principal 300,000.00
Tasa 0.12 Cuota Nivela
Plazo 8
Prestamo Reduccion Factor Valor
Año Intereses Cuota Nivelada Saldo Capital Ahorro en Impuestos
Bancario Principal Actual
15% 25% 29.17%
1 300,000.00 45,000.00 Q50,000.00 95,000.00 395,000.00 11,250.00 0.7742
2 395,000.00 59,250.00 Q50,000.00 109,250.00 504,250.00 14,812.50 0.5994
3 504,250.00 75,637.50 Q50,000.00 125,637.50 629,887.50 18,909.38 0.4640
4 629,887.50 94,483.13 Q50,000.00 144,483.13 774,370.63 23,620.78 0.3592
5 774,370.63 116,155.59 Q50,000.00 166,155.59 940,526.22 29,038.90 0.2781
6 940,526.22 141,078.93 Q50,000.00 191,078.93 1,131,605.15 35,269.73 0.2153
7 1,131,605.15 169,740.77 Q50,000.00 219,740.77 1,351,345.92 42,435.19 0.1667
8 1,351,345.92 202,701.89 Q50,000.00 252,701.89 1,604,047.81 50,675.47 0.1291
9 - - - -
TOTAL 904,047.81 400,000.00 1,304,047.81 226,011.95
RESUMEN GENERAL
Descuento 10% 30,000.00
Valor Actual de Intereses 64,130.93 138,920.56
VALOR ACTUAL DEL PRESTAMO BANCOS 161,079.44

COMPARATIVO DE LOS FLUJOS DE FONDOS

FUENTE
FUENTE FLUJO DE FONDOS
Arrendamientos 640,000.00 480,000.00 179,158.51
Prestamos Bancos 400,000.00 300,000.00 161,079.44 Prestamo
1
0.29168

1.29168
1.29168 0.774185557
1.29168 0.599363276
1.29168 0.464018392
1.29168 0.359236337
1.29168 0.278115584
1.29168 0.215313068
1.29168 0.166692267
1.29168 0.129050746

1
Fondo de
Acumulativo

0.29168
270,000.00 1.29168
258,387.22 1.29168 0.774185557
249,396.77 1.29168 0.599363276
242,436.49 1.29168 0.464018392
237,047.95 1.29168 0.359236337
232,876.21 1.29168 0.278115584
229,646.52 1.29168 0.215313068
227,146.13 1.29168 0.166692267
225,210.37 1.29168 0.129050746
225,210.37
225,210.37
225,210.37

Q50,000.00
- 1
Flujo Neto 0.29168
1.29168
8,709.59 1.29168 0.774185557
8,878.07 1.29168 0.599363276
8,774.30 1.29168 0.464018392
8,485.44 1.29168 0.359236337
8,076.17 1.29168 0.278115584
7,594.03 1.29168 0.215313068
7,073.62 1.29168 0.166692267
6,539.71 1.29168 0.129050746
0
64,130.93