1.

Punto 1
a. Deben colocar en el espacio amarillo, celda B2 el número de estudiante correspondiente a su nombre
b. Utilizando los estados financieros deben realizar los flujos de caja libre de los 3 años y proyectarlo 4 añ
c. Calcular Wacc con la información suministrada

2. Punto 2
a. Utilizando la información suministrada deben evaluar los 3 proyectos correspondientes y elegir el mejor

NOTA: El examen debe realizarse y enviarse en el mismo este mismo Excel.

# Estudiante
1 Alvarado Benitez Dayana Carolina
2 Alvarado Gonzalez Adriana Del Carmen
3 Beltran Padilla Angelica Maria
4 Benitez Miranda Katherine
5 Camargo Maestre Silenia Valezca
6 Coronell Miranda Dina Luz
7 De Alba Jimenez Lina Maria
8 Diaz Hidalgo Aldair Jose
9 Dominguez Brochero Yeilin Patricia
10 Fontalvo Quijano Jaime Andres
11 Galvis Rivera Adriana Lucia
12 Gonzalez Estrada Yina Margarita
13 Gutierrez Acuña Maria Alejandra
14 Narvaez Mora Jael Edith
15 Padilla Vergara Eldis Maria
16 Peña Martinez Yelitza Maria
17 Perez Acuña Angie Melissa
18 Perez Gonzalez Dayana Carolina
19 Rivas Llorente Javier David
20 Rivera Diaz Nathalie
21 Rivero Morales Eliecer Enrique
22 Rodriguez Gonzalez Mariana Lisseth
23 Rosado Caro Andrea Carolina
24 Sierra Celis Yeily Yasmin
25 Solano Barros Dannilys Milagros
26 Sulbaran Molina Yilmar Alberto
27 Valencia Natera Leonardo Yuri
28 Vanegas Pinillos Evelyn Yuberlis
29 Villamil Navarro Angie Loraine
30
31
32
33
34
pondiente a su nombre
3 años y proyectarlo 4 año

ndientes y elegir el mejor.

Colocar el # Estudiante aqui 10
1. Sacar el Flujo de caja libre de los 3 años proyectarlo 4 años
2, Calcular el WACC con un Kd
Ke

Estado de Situacion Financiera

a 31 de Diciembre de 2019 12/1/2018 A.V

ACTIVOS 426,000,000 100%

Activos Corrientes 121,000,000 28%
Efectivo y equivalentes 51,000,000 12%
Cuentas por Cobrar 20,000,000 5%
Inventarios 30,000,000 7%
Inversiones a CP 20,000,000 5%

Activos No corrientes 305,000,000 72%

Propiedad Planta y Equipo 100,000,000 23%
Vehiculos 20,000,000 5%
Intangibles 5,000,000 1%
Edificios 30,000,000 7%
Terrenos 150,000,000 35%

PASIVOS 270,000,000 100%

Pasivos de Corto Plazo 75,000,000 28%
Cuentas por pagar/Proveedores 40,000,000 15%
Obligaciones Financieras 20,000,000 7%
Obligaciones Laborales 10,000,000 4%
Impuestos por pagar 5,000,000 2%

Pasivos de Largo Plazo 195,000,000 72%

Obligaciones Financieras 20,000,000 7%
Bonos 110,000,000 41%
Demandas 65,000,000 24%

PATRIMONIO 156,000,000 100%

Aportes de Socios 56,000,000 36%
Utilidades retenidas 80,000,000 51%
Utilidades del ejercicio 20,000,000 13%

PASIVO + PATRIMONIO 426,000,000 273%

 5%
8%

12/1/2019 A.V 12/1/2020 A.V 2019-2018

ABSOLUTA
451,560,000 100% 478,653,600 100% 25,560,000
128,260,000 28% 135,955,600 28% 7,260,000
54,060,000 12% 57,303,600 12% 3,060,000
21,200,000 5% 22,472,000 5% 1,200,000
31,800,000 7% 33,708,000 7% 1,800,000
21,200,000 5% 22,472,000 5% 1,200,000
0% 0% -
323,300,000 72% 342,698,000 72% 18,300,000
106,000,000 23% 112,360,000 23% 6,000,000
21,200,000 5% 22,472,000 5% 1,200,000
5,300,000 1% 5,618,000 1% 300,000
31,800,000 7% 33,708,000 7% 1,800,000
159,000,000 35% 168,540,000 35% 9,000,000
-
299,700,000 100% 332,667,000 100% 29,700,000
83,250,000 28% 92,407,500 28% 8,250,000
44,400,000 15% 49,284,000 15% 4,400,000
22,200,000 7% 24,642,000 7% 2,200,000
11,100,000 4% 12,321,000 4% 1,100,000
5,550,000 2% 6,160,500 2% 550,000
-
216,450,000 72% 240,259,500 72% 21,450,000
22,200,000 7% 24,642,000 7% 2,200,000
122,100,000 41% 135,531,000 41% 12,100,000
72,150,000 24% 80,086,500 24% 7,150,000
-
173,160,000 100% 192,207,600 100% 17,160,000
62,160,000 36% 68,997,600 36% 6,160,000
88,800,000 51% 98,568,000 51% 8,800,000
22,200,000 13% 24,642,000 13% 2,200,000
-
472,860,000 273% 524,874,600 273% 46,860,000
 -
2019-2020
RELATIVA ABSOLUTA RELATIVA
6% 27,093,600 6%
6% 7,695,600 6%
6% 3,243,600 6%
6% 1,272,000 6%
6% 1,908,000 6%
1,272,000 6%
-
6% 19,398,000 6%
6% 6,360,000 6%
6.00% 1,272,000 6%
6.00% 318,000 6%
6.00% 1,908,000 6%
6.00% 9,540,000 6%
-
11.00% 32,967,000 11%
11.00% 9,157,500 11%
11.00% 4,884,000 11%
11.00% 2,442,000 11%
11.00% 1,221,000 11%
11.00% 610,500 11%
-
11.00% 23,809,500 11%
11.00% 2,442,000 11%
11.00% 13,431,000 11%
11.00% 7,936,500 11%
-
11.00% 19,047,600 11%
11.00% 6,837,600 11%
11.00% 9,768,000 11%
11.00% 2,442,000 11%
-
11.00% 52,014,600 11%
Estados de Resultados 12/1/2018 A.V 12/1/2019
Ingresos 80,000,000 100% 86,400,000
Costos 50,000,000 63% 54,000,000
Utilidad Bruta 30,000,000 38% 32,400,000
Gastos 1,000,000 1% 1,060,000
Depreciacion 400,000 1% 416,000
Utilidad Operacional 28,600,000 36% 30,924,000
Impuestos 9,438,000 12% 10,204,920
Utilidad Neta 19,162,000 24% 20,719,080

FLUJO DE CAJA LIBRE 2,018 2,019 2,020

Ingresos 80,000,000 86,400,000 93,312,000
Costos 50,000,000 54,000,000 58,320,000
Gastos 1,000,000 1,060,000 1,123,600
EBITDA 29,000,000 31,340,000 33,868,400
Depreciacion 400,000 416,000 432,640
EBIT 28,600,000 30,924,000 33,435,760
Impuestos 9,438,000 10,204,920 11,033,801
Depreciacion 400,000 416,000 432,640
FCB 19,562,000 21,135,080 22,834,599
inv en activos fijos 305,000,000 323,300,000 342,698,000
cambio ne KTNO 1,400,000 1,704,000
FCL - 285,438,000 - 300,764,920 - 318,159,401
inventarios 30,000,000 31,800,000 33,708,000
cuentas por cobrar 20,000,000 21,200,000 22,472,000
cuentas por pagar 40,000,000 44,400,000 49,284,000
KTNO 10,000,000 8,600,000 6,896,000
cambio de KTNO - 1,400,000 - 1,704,000

Kd 5%
Ke 8%

Deuda 73,926,000 27.8%

Patrimonio 192,207,600 72.2%
Deuda+Patrimonio 266,133,600

Costo Ponderado Deuda: 0.9%

Costo Ponderado Patrimonio: 5.8%
WACC: 7%
 2018-2019
A.V 12/1/2020 A.V absoluta
100% 93,312,000 100% 6,400,000
63% 58,320,000 63% 4,000,000
38% 34,992,000 38% 2,400,000
1% 1,123,600 1% 60,000
0% 432,640 0% 16,000
36% 33,435,760 36% 2,324,000
12% 11,033,801 12% 766,920
24% 22,401,959 24% 1,557,080

costos 63% %gastos 1%

2,021 2,022 2,023 2,024
100,776,960 108,839,117 117,546,246 126,949,946
62,985,600 68024448 73466403.84 79343716.1472
1,224,936 1322930.88 1,428,765 1543066.578432
36,566,424 $ 39,491,737.92 42,651,077 46,063,163
449,946 449,946 449,946 449,946
36,116,478 39,041,792 42,201,131 45,613,218
11,918,438 12,883,791 13,926,373 15,052,362
449,946 449,946 449,946 449,946
24,647,986 26,607,946 28,724,704 31,010,801
- - - -

24,647,986 26,607,946 28,724,704 31,010,801

 2019-2020
relativa absoluta relativa
8% 6,912,000 8%
8% 4,320,000 8%
8% 2,592,000 8%
6% 63,600 6%
4% 16,640 4%
8% 2,511,760 8%
8% 828,881 8%
8% 1,682,879 8%
# Estudiante 10
Evaluar los siguientes proyectos calculando VPN y TIR y explicar cual es la mejor opcion.
NOTA: La tasa de descuento es el Wacc calculado en el punto 1

Proyecto 1 2
Proyecto 2 5
Proyecto 3 9

# de Proyecto Inversion Año 1 Año 2 Año 3

1 175,829,498 74,363,248 79,168,367 70,086,159
2 152,191,349 77,326,795 78,637,493 73,828,561
3 174,566,767 69,147,659 74,220,157 60,956,692
4 189,773,529 75,353,710 67,273,169 76,224,706
5 161,672,163 65,407,763 65,487,605 73,598,282
6 182,794,575 66,881,738 61,572,722 61,574,462
7 175,229,136 71,203,735 73,367,377 72,993,178
8 181,650,305 60,129,821 71,180,412 74,607,425
9 173,678,238 69,194,208 69,686,976 76,867,940
10 181,669,029 74,318,526 62,608,339 71,863,336
11 173,275,936 75,422,816 79,030,664 69,451,885
12 196,430,380 74,494,531 66,640,360 78,081,762
13 198,570,466 63,781,481 71,394,357 75,961,558
14 176,577,000 62,841,769 62,980,378 63,512,438
15 175,127,092 60,698,509 78,067,652 67,557,679
16 171,282,189 75,664,420 70,970,906 67,585,054
17 174,816,822 65,867,870 67,063,836 78,350,742
18 187,451,043 73,524,959 62,640,520 71,077,346
19 159,239,113 75,249,510 64,777,422 65,194,591
20 174,088,945 63,614,534 78,543,154 78,591,785
21 173,081,062 63,988,869 75,652,757 69,858,143
22 175,218,739 60,865,592 74,672,667 62,297,266
23 152,470,199 61,221,818 79,946,518 79,480,705
24 154,923,401 73,801,504 67,099,226 71,852,326
25 164,097,930 63,409,331 79,428,857 63,680,620
26 182,501,408 64,528,644 60,607,927 60,136,537
27 175,648,500 76,970,534 76,428,181 72,707,968
28 188,980,947 65,269,141 71,539,051 65,309,041
29 160,764,314 76,881,589 61,539,952 71,848,771
30 166,347,182 77,191,891 74,510,771 77,849,247
31 171,946,698 72,669,447 63,671,995 70,554,948
32 183,605,669 66,309,698 71,918,470 63,787,556
33 192,560,775 61,768,719 75,076,802 71,278,824
34 186,404,506 67,761,616 64,943,529 61,672,963