Inflacion 5%

1/1/2007
0 1
Estado de resultados
Ingresos
Gastos
Costos fijos
Costos variabls
Depreciación
Edificio 5.0%
Equipo 10.0%
Amortizacion

Ganancia gravable
Impuesto a la renta 29.5%
Ganancia neta

Estado de flujo de efectivo

Ganancia neta
Depreciación
Amortización
Inversión/Valor residual
Edificio S/. -3,500,000.00
Terreno S/. -2,500,000.00
Equipo
Capital circulante
Impuesto sobre la renta

A) Flujo de efectivo neto S/. -2,500,000.00 S/. -3,500,000.00

B) VAN= S/. 38,584,735.81

TREMA 15%

C) Valor equivalente anual= S/. 8,598,611.83

Utilidadxund produccion= S/. 42.99

D)
 1/1/2008 1/1/2009 1/1/2010 1/1/2011
2 3 4 5

S/. 80,000,000.00 S/. 84,000,000.00 S/. 88,200,000.00

S/. -8,500,000.00 S/. -8,925,000.00 S/. -9,371,250.00

S/. -52,000,000.00 S/. -54,600,000.00 S/. -57,330,000.00

S/. -525,000.00 S/. -525,000.00 S/. -525,000.00

S/. -1,900,000.00 S/. -1,900,000.00 S/. -1,900,000.00

S/. -1,000,000.00 S/. -1,000,000.00 S/. -1,000,000.00

S/. 16,075,000.00 S/. 17,050,000.00 S/. 18,073,750.00
S/. 4,742,125.00 S/. 5,029,750.00 S/. 5,331,756.25
S/. 11,332,875.00 S/. 12,020,250.00 S/. 12,741,993.75

S/. 11,332,875.00 S/. 12,020,250.00 S/. 12,741,993.75

S/. 2,425,000.00 S/. 2,425,000.00 S/. 2,425,000.00
S/. 1,000,000.00 S/. 1,000,000.00 S/. 1,000,000.00

S/. -7,000,000.00

S/. -19,000,000.00
S/. -9,600,000.00 S/. -480,000.00 S/. -504,000.00 S/. -529,200.00

S/. -35,600,000.00 S/. 14,277,875.00 S/. 14,941,250.00 S/. 15,637,793.75

 1/1/2012 1/1/2013 1/1/2014 1/1/2015
6 7 8 9

S/. 92,610,000.00 S/. 97,240,500.00 S/. 102,102,525.00 S/. 107,207,651.25

S/. -9,839,812.50 S/. -10,331,803.13 S/. -10,848,393.28 S/. -11,390,812.95

S/. -60,196,500.00 S/. -63,206,325.00 S/. -66,366,641.25 S/. -69,684,973.31

S/. -525,000.00 S/. -525,000.00 S/. -525,000.00 S/. -525,000.00

S/. -1,900,000.00 S/. -1,900,000.00 S/. -1,900,000.00 S/. -1,900,000.00

S/. -1,000,000.00 S/. -1,000,000.00 S/. -1,000,000.00 S/. -1,000,000.00

S/. 19,148,687.50 S/. 20,277,371.88 S/. 21,462,490.47 S/. 22,706,864.99
S/. 5,648,862.81 S/. 5,981,824.70 S/. 6,331,434.69 S/. 6,698,525.17
S/. 13,499,824.69 S/. 14,295,547.17 S/. 15,131,055.78 S/. 16,008,339.82

S/. 13,499,824.69 S/. 14,295,547.17 S/. 15,131,055.78 S/. 16,008,339.82

S/. 2,425,000.00 S/. 2,425,000.00 S/. 2,425,000.00 S/. 2,425,000.00
S/. 1,000,000.00 S/. 1,000,000.00 S/. 1,000,000.00 S/. 1,000,000.00

S/. -555,660.00 S/. -583,443.00 S/. -612,615.15 S/. -643,246.00

S/. 16,369,164.69 S/. 17,137,104.17 S/. 17,943,440.63 S/. 18,790,093.82

 1/1/2016
10

S/. 112,568,033.81

S/. -11,960,353.59
S/. -73,169,221.98

S/. -525,000.00
S/. -1,900,000.00

S/. -1,000,000.00
S/. 24,013,458.24
S/. 7,083,970.18
S/. 16,929,488.06

S/. 16,929,488.06
S/. 2,425,000.00
S/. 1,000,000.00

S/. 3,000,000.00
S/. 4,500,000.00
S/. 3,500,000.00
S/. 13,508,164.06
S/. 472,000.00

S/. 45,334,652.12
 Depreciacion Valor en
Depreciacion acumulada libros
10500000
1 525000 525000 9975000
2 525000 1050000 9450000
3 525000 1575000 8925000
4 525000 2100000 8400000 Equipo
5 525000 2625000 7875000
6 525000 3150000 7350000
7 525000 3675000 6825000
8 525000 4200000 6300000

TASA 5%

Edificio
 Depreciacion Valor en
Depreciacion acumulada libros
19000000
1 1900000 1900000 17100000
2 1900000 3800000 15200000
3 1900000 5700000 13300000
4 1900000 7600000 11400000
5 1900000 9500000 9500000
6 1900000 11400000 7600000
7 1900000 13300000 5700000
8 1900000 15200000 3800000

Tasa 10%
Ventas 800000000 840000000 882000000 926100000 972405000

CT RECUPERADO 96000000 100800000 105840000 111132000 116688600

CT INVERTIDO -96000000 -100800000 -105840000 -111132000 -116688600 -122523030
SALDO -96000000 -4800000 -5040000 -5292000 -5556600 -5834430
1021025250 1072076513 112568034

122523030 128649182 13508164.1

-128649182 -13508164 0
-6126151.5 115141017 13508164.1
Sales unit 200000 200000 200000 200000 200000 200000
Unit price 400 420 441 463 486 511
Sales volume 80000000 84000000 88200000 92610000 97240500 102102525
Expenses:
Fixed costs 8500000 8925000 9371250 9839813 10331803 10848393
Variable costs 52000000 54600000 57330000 60196500 63206325 66366641
Depreciation
Building 258017 269231 269231 269231 269231 269231
Equipment 2715100 4653100 3323100 2373100 1696700 1694800
Amortization 1000000 1000000 1000000 1000000 1000000 1000000
Taxable Income 15526884 14552670 16906420 18931357 20736441 21923460
Income Taxes -38% 5900216 5530014 6424439 7193916 7879848 8330915
Net Income 9626668 9022655 10481980 11737441 12856594 13592545
Cash Flow
Operating
Net Income 9626668 9022655 10481980 11737441 12856594 13592545
Depreciation 2973117 4922331 3592331 2642331 1965931 1964031
Amortization 1000000 1000000 1000000 1000000 1000000 1000000
Investment
Opportunity cost* -3040000
Land -2500000 4500000
Building -3500000 -7000000 3000000
Equipment -19000000 3500000
Gains
Land -760000
Building 2035801
Equipment -1330000
Working capital -9600000 -480000 -504000 -529200 -555660 -583443
 200000 200000
536 563
107207651 112568034

11390813 11960354
69684973 73169222

269231 269231
1696700 847400
1000000 1000000
23165934 25321828
8803055 9622295
14362879 15699533

14362879 15699533
1965931 1116631
1000000 1000000

-612615 -643246 13508164

 DEPRECIACIÓN VALOR EN VALOR
ACTIVO COSTO
ACUMULADA LIBROS RESIDUAL
EDIFICIO 10500000 2153846.15384615 6300000 3000000
TERRENO 2500000 0 2500000 4500000
MÁQUINA 19000000 19,000,000.00 3,800,000.00 3500000
Total
GANANCIAS IMPUESTO
(PÉRDIDAS) RENTA
-3300000 -973500
2000000 590000
-300000 -88500
-472000
Revenues:
Sales unit 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000
Unit price $400 $420 $441 $463 $486 $511 $536 $563
Sales volume $80,000,000 $84,000,000 $88,200,000 $92,610,000 $97,240,500 $102,102,525 $107,207,6
Expenses:
Fixed costs $8,500,000 $8,925,000 $9,371,250 $9,839,813 $10,331,803 $10,848,393 $11,390,813 $11,96
Variable costs $52,000,000 $54,600,000 $57,330,000 $60,196,500 $63,206,325 $66,366,641 $69,684,973
Depreciation :
Building $258,017 $269,231 $269,231 $269,231 $269,231 $269,231 $269,231 $269,231
Equipment $2,715,100 $4,653,100 $3,323,100 $2,373,100 $1,696,700 $1,694,800 $1,696,700 $847,400
Amortization $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,00
Taxable Income $15,526,884 $14,552,670 $16,906,420 $18,931,357 $20,736,441 $21,923,460 $23,165,9
Income Taxes (38%) $5,900,216 $5,530,014 $6,424,439 $7,193,916 $7,879,848 $8,330,915 $8,803,055 $
Net Income $9,626,668 $9,022,655 $10,481,980 $11,737,441 $12,856,594 $13,592,545 $14,362,879 $15
Cash Flow Statement
Operating Avtivities:
Net Income $9,626,668 $9,022,655 $10,481,980 $11,737,441 $12,856,594 $13,592,545 $14,362,879 $15
Depreciation $2,973,117 $4,922,331 $3,592,331 $2,642,331 $1,965,931 $1,964,031 $1,965,931 $1,116,6
Amortization $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,00
Investment activities
Opportunity cost* ($3,040,000)
Land ($2,500,000) $4,500,000
Building ($3,500,000) ($7,000,000) $3,000,000
Equipment ($19,000,000) $3,500,000
Gains Taxes
Land ($760,000)
Building $2,035,801
Equipment ($1,330,000)
Working capital ($9,600,000) ($480,000) ($504,000) ($529,200) ($555,660) ($583,443) ($612,615) ($643,2
 1 2 3 4 5 6 7 8
6 11 19 27 35 43 51 59
5 11 16 21 26 31 36 41
6 13 25 37 49 61 73 86
0 0 0 0 0 0 0 0
6 12 23 34 45 56 68 80
9 15 27 39 51 63 75 87
13 13 13 13 13 13 13 13
9 18 27 36 45 54 63 72
10 21 32 43 54 65 76 87
13 24 35 46 57 68 79 90
8 15 27 39 51 63 75 87
7 13 19 30 41 52 63 74
4 11 22 33 45 57 69 81
5 10 10 10 10 10 10 10
10 10 10 10 10 10 10 10
4 11 22 33 45 57 69 81
13 24 35 46 57 68 79 90
13 24 35 46 57 68 79 90
11 11 11 11 11 11 11 11
12 18 18 18 18 18 18 18
5 18 18 18 18 18 18 18
9 22 35 35 35 35 35 35
10 24 24 24 24 24 24 24
6 6 6 6 6 6 6 6
5 5 5 5 5 5 5 5
9 9 9 9 9 9 9 9
10 10 10 10 10 10 10 10
8 16 29 40 51 62 73 84
 9 10 11 12
67 67 67 67
46 46 46 46
99 99 99 99
0 0 0 0
92 92 92 92
99 99 99 99
13 13 13 13
72 72 72 72
87 87 87 87
90 90 90 90
99 99 99 99
85 96 96 96
93 93 93 93
10 10 10 10
10 10 10 10
93 93 93 93
90 90 90 90
90 90 90 90
11 11 11 11
18 18 18 18
18 18 18 18
35 35 35 35
24 24 24 24
6 6 6 6
5 5 5 5
9 9 9 9
10 10 10 10
95 106 106 106
TASA 12%

Periodo Cuota Interes Amortizacion Saldo final

0 64800
1 S/. 17,976.15 7776 S/. 10,200.15 S/. 54,599.85
2 S/. 17,976.15 6551.9819244 S/. 11,424.17 S/. 43,175.68
3 S/. 17,976.15 5181.0816798 S/. 12,795.07 S/. 30,380.61
4 S/. 17,976.15 3645.6734058 S/. 14,330.48 S/. 16,050.13
5 S/. 17,976.15 1926.0161389 S/. 16,050.13 S/. 0.00
6 S/. 17,976.15 0 S/. 17,976.15 S/. -17,976.15
7 S/. 17,976.15 -2157.1380756 S/. 20,133.29 S/. -38,109.44
8 S/. 17,976.15 -4573.1327202 S/. 22,549.28 S/. -60,658.72
TMAR Tasa minima aceptable de rendimiento

IWS
2100000 S/. 1,547,806.16

AG
S/. 1,700,000.00

12%
4%
16.48%