Christian RAmirez Planificacion Financiera 1

Solemne N° 1 – PLANIFICACIÓN FINANCIERA
USTEDES DISPONEN DE 100 MINUTOS PARA RESPONDER LAS DOS PREGUNTAS QUE SE ENCUENTRAN EN PESTAÑA PRUEBA
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Las indicaciones para la prueba son las siguientes:
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Usted debe desarrollar dos preguntas, con un total de 100 puntos
Responder las preguntas de desarrollo letra a) en la planilla Excel (pestaña PLANILLA DE TRABAJO) y las preguntas cualitativas
SOLEMNE. inmediatamente a continuación de cada pregunta.
Una vez completadas las respuestas, subir el archivo que contiene esta planilla Excel en el Recuadro “ENTREGA DE ACTIVIDAD
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Sólo como medida de respaldo ante fallas, enviar también un mail con el archivo de respuestas josei.cuevas@uandresbello.
Solemne N° 1 –Planificación Financiera”. El nombre del archivo debe ser el mismo nombre del alumno.
EN CASO DE ACLARACIÓN DE ENUNCIADOS USAR EL FORO DE PR
PARA ESE FIN
SOLEMNE 1 CURSO PLANIFICACION FINANCIERA
Pregunta 1
La empresa Planif.SA, en base a un riguroso estudio de mercado, ha pronosticado un crecimiento en sus ventas de 9,97 % anu
al trimestre 34 hasta el trimestre 45. Este crecimiento de la demanda conlleva una serie de repercusiones en la empresa y que
Planificación Financiera).
a) Intervenga el Modelo y realice los ajustes necesarios tanto en la producción como en las capacidades de plantas y máquin
Recuerde, hay restricciones : ratio producción/capacidad y niveles mínimo y máximos en el inventario físico
Conteste las siguientes preguntas conceptuales (en forma cualitativa) en base a las intervenciones de la letra a):
b) Señale como afectó la disminución en las ventas proyectadas y los niveles de producción e Inventario Final. Para ello refié
R: La disminucion de ventas proyectadas provoco un exceso en el inventario desde el periodo 41, pero los niveles de produccio
c) Fundamente la razón por la que la empresa Planif SA mantiene niveles de inventarios finales mínimo y máximo. (10% pu
R: Todas las empresas deberian tener un inventario minimo y maximo, el inventario minimo funciona como un seguro en caso
Mientas, el inventario maximo es utilizado como limite de produccion, el tener un ecceso de inventario nos indica que tenemo
d) Mencione cuales cuentas y cuales Estados Financieros se vieron afectados por la intervención a) del MPF. (15% puntaje
R: Los cambios generados por la variacion en la venta de unidades, genera cambios en el flujo de caja, ya que las ventas e ingr
De la misma manera se producen cambios en el estado de resultado, ya que varian los costos de mercaderia vendida, variando
EL balance es afectado debido a la variacion de el activo, cuentas por cobrar, la misma manera la disminucion de ventas provo
Pregunta 2
La empresa Planif SA necesita financiar en un 40% inversiones por un monto de 14.500.000 unidades monetarias. Para ello pi
emisiones a un plazo al vencimiento de 8 años, una tasa cupón de 2,5% trimestral y con fecha de emisión el primer día del trim
A usted se le pide:
a) Intervenga el Modelo realizando los cálculos de las cuotas, intereses, amortizaciones, y deuda (saldo insoluto) del bono e
Conteste las siguientes preguntas conceptuales (en forma cualitativa) en base a las intervenciones de la letra a):
b) Mencione cuales cuentas y cuales Estados Financieros se verán afectados en caso usted emita efectivamente este bono e
Cambia el flujo de caja debido al ingreso de dinero por el bono

El estado de resultado varia ya que hay que agregar los gastos por la adicion de un nuevo bono
En el balance se presenta el mayor cambio, ya que al emitir un bono por 14.500.000, las restricciones de caja que piden ser en
c) ¿Qué tipo de estructura de bonos hemos utilizado el MPF y ¿cuáles son sus principales diferencias con las otras estructura
R: El tipo de bono que se efectuo es un bono tipo credito o bono frances, ya que toda las cuotas son de un valor fijo, y se paga
nto en sus ventas de 9,97 % anual hasta el trimestre 33 y de 7 % anual desde
percusiones en la empresa y que deben ser reflejadas en el MPF (Modelo de
apacidades de plantas y máquinas. (PLANILLA DE TRABAJO). (25% puntaje total)

ventario físico
nes de la letra a):
Inventario Final. Para ello refiérase a como se determina el inventario final (fórmula). (5% puntaje total)
41, pero los niveles de produccion/ capacidad se mantienen dentro de lo esperado (80% y 95). La produccion de unidades comenzo a ser m
es mínimo y máximo. (10% puntaje total)
nciona como un seguro en caso de que una de las maquinas se eche a perder y no pueda complir su cuota, gracias al inventario minimo po
ventario nos indica que tenemos mas maquinas que las que necesitamos o, las ventas y proyecciones de ventas son muy bajas para nues
ión a) del MPF. (15% puntaje total)
de caja, ya que las ventas e ingresos esperados son menores de lo antes descrito.
de mercaderia vendida, variando la utilidad bruta y utilidades Operacional.
la disminucion de ventas provoca que la caja alcance niveles negativos a partir del trimestre
nidades monetarias. Para ello piensa emitir una quinta emisión de idéntica estructura que las anteriores
de emisión el primer día del trimestre 21.
uda (saldo insoluto) del bono e incorpórelo en la parte correspondiente en el MPF (solo la tabla de desarrollo de este bono. (25% puntaje
nes de la letra a):

mita efectivamente este bono en el MPF (10% puntaje total).
cciones de caja que piden ser entre 7 millones y 1 millon no se cumplen.

erencias con las otras estructuras? Considerando que el capital es igual para cada una de ellas. (10% puntaje total)
as son de un valor fijo, y se pagan tanto intereses como amortizacion por cada pago.
on de unidades comenzo a ser mayor que la venta de unidades desde el peiorod 37, lo que provoco una acumulacion de unidades con el ti
, gracias al inventario minimo podemos suplir la falta de unidades que esta situacion puede provocar.
ventas son muy bajas para nuestra capacidad de produccion, de ambas manera el ecceso de inventario significa gastos excesivos por parte
llo de este bono. (25% puntaje total)

umulacion de unidades con el tiempo, gracias a esto se produce un ecceso de unidades en inventario desde el trimestre 41
nifica gastos excesivos por parte de la empresa.

e el trimestre 41
BASE SOLEMNE I LAS PLANTAS SE COMPRAN DOS TRIM ANTES DE SU PUESTA EN M
TRIM 1 TRIM 2 TRIM 3 TRIM 4 TRIM 5

TALLER DE PLANIFICACION FI CAPACIDADES 100,000 100,000 100,000 100,000 150,000
100,000 100,000 100,000 100,000 150,000
JUEGOS DE NEGOCIOS 1 RANGO 80% A 98%
MODELO DE PLANIFICACION HISTORIA (SE ASUME QUE ESTAMOS AL INICIO DE TR

VARIABLES DE DECISION
1 Unidades a Producir 100,000.00 100,000.00 100,000.00 100,000.00 150,000.00

2 Precio de venta unitario 100.00 100.00 100.00 100.00 100.00
3 Compra de informacion
4 Compra de unidades de planta 25,830,000 11,070,000 -
Precio unit planta 369 369 369
5 Compra de unidades de maquinas 1,425,000 3,705,000 -
Precio unit maq 57 57 57
6 Inversion PROYECTO TECNOLOGICO
7 INVERSION PROYECTO DE MKT
8 a-.Inversion de corto plazo 200,000 1,300,000 - 1,500,000 - -
VENTAS E INVENTARIO FÍSICO
VTAS ANUALES Y TASA CREC 9.97% 449,342.00
ESTACIONALIDAD
Inventario Inicial Unid. 9,809.00 12,426.00 13,084.00 13,084.00 13,084.00
Produccion Unid. 100,000.00 100,000.00 100,000.00 100,000.00 150,000.00
Ventas Unid 97,383.00 99,342.00 100,000.00 100,000.00 150,000.00
Inventario Final MÁX 90 mil MÍN 5 mil 12,426 13,084 13,084 13,084 13,084
Inventario disponible para el trim. 109,809.00 112,426.00 113,084.00 113,084.00 163,084.00
Tasa Base de Inversion a C/P. Tasa de 3,65% real ### 0.040 0.009 0.009 0.009
JUEGOS DE NEGOCIOS 2
MODELO DE PLANIFICACION
TASAS INT. EN PRESTAMOS
Tasa de corto plazo 0.03 0.02 0.02 0.02 0.02

Tasas a dos años plazo 0.03 0.03 0.03 0.03 0.03
Tasas a tres años plazo 0.03 0.03 0.03 0.03 0.03
Tasas de largo plazo 0.01 0.01 0.01 0.01 0.01
Tasa con penalidad 0.06 0.06 0.06 0.06 0.06
Tasa de costo por retiro de bonos 0.08 0.08 0.08 0.08 0.08
Tasa costo x retiro accs. Preferidas 0.08 0.08 0.08 0.08 0.08
Tasa promedio mediano plazo 0.03 0.03 0.03 0.03 0.03
MONTO DE PRESTAMOS
Monto prestamo corto plazo 2,500,000

Monto M/P vence dentro del año(2 años) 1250000 1250000 1250000 1250000 937500
Monto prestamo mediano plazo 3 años 600000 300000
Monto a L/P que vence dentro del año 1200000 1200000 1200000 1200000 1200000
Año siguiente
Monto prestamo mediano plazo 2 años 937500 625000 312500
Monto prestamo mediano plazo a 3 años
Monto prestamo en bonos (largo plazo) 1200000 900000 600000 300000 0
Monto prestamo total largo plazo 2400000 2100000 1800000 1500000 1200000
TOTAL MONTO PRESTAMOS 10087500 6375000 5162500 4250000 3337500
Costo unitario materia prima 15.00 15.00 15.00 15.00 15.00

COSTO DIR. FABRICACION
Ra Unida inicial Unid fin.
A 0.00 60,000.00 60,000.00 60,000.00 60,000.00 60,000.00 60,000.00
B 60,000.00 100,000.00 40,000.00 40,000.00 40,000.00 40,000.00 40,000.00
C 100,000.00 120,000.00 0.00 0.00 0.00 0.00 20,000.00
D 120,000.00 0.00 0.00 0.00 0.00 30,000.00
Rango y precios
A 0.00 0.00 39.00 39.00 39.00 39.00 39.00
B 0.00 0.00 29.00 29.00 29.00 29.00 29.00
C 0.00 0.00 25.00 25.00 25.00 25.00 25.00
D 0.00 0.00 33.00 33.00 33.00 33.00 33.00
Proy tec 1
A 2.00
B 4.00
C 6.00
D 8.00
CALCULOS
Costo A por precio 2340000 2340000 2340000 2340000 2340000
Costo B por precio 1160000 1160000 1160000 1160000 1160000
Costo C por precio 0 0 0 0 500000
Costo D por precio 0 0 0 0 990000
TOTAL COSTOS DIR (X TRABAJO) 3500000 3500000 3500000 3500000 4990000
JUEGO DE NEGOCIOS 4
ALMACENAJE
Unid. Inicial Unid. Final
a 0.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
b 2,000.00 3,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00
c 3,000.00 5,426.00 6,084.00 6,084.00 6,084.00 6,084.00
Rango de precios
a 1.00 1.00 1.00 1.00 1.00
b 3.00 3.00 3.00 3.00 3.00
c 8.00 8.00 8.00 8.00 8.00
CALCULOS
Rango a por precio 2,000 2,000 2,000 2,000 2,000
Rango b por precio 15,000 15,000 15,000 15,000 15,000
Rango c por precio 43,408 48,672 48,672 48,672 48,672
TOT.COSTO DE ALMACENAJE 60,408 65,672 65,672 65,672 65,672
CAPACIDADES TRIM 1 TRIM 2 TRIM 3 TRIM 4 TRIM 5
Planta Original 100,000 100,000 100,000 100,000 80,000
Planta 1 - - 70,000
Planta 2 - -
Planta 3 - -
Planta 4
Planta 5
Planta 6
Planta 7
Planta 8
Planta 9
Planta 10
Planta 11
Planta 12
TOT.CAPACIDAD DE PLANTA 100,000 100,000 100,000 100,000 150,000
CAPACIDAD PROYECTADA
Maquina Original 100,000 100,000 100,000 75,000 60,000
Maquina 1 - - 25,000 25,000
Maquina 2 - - 65,000
Maquina 3 - -
Maquina 4
Maquina 5
Maquina 6
Maquina 7
Maquina 8
Maquina 9
Maquina 10
Maquina 11
Maquina 12
Maquina 13
Maquina 14
Maquina 15
Maquina 16
Maquina 17
Maquina 18
Maquina 19
Maquina 20
Maquina 21
Maquina 22
Maquina 23
TOT.CAPACIDAD DE MAQ. 100,000 100,000 100,000 100,000 150,000

CAPACIDAD PROYECTADA
Depreciaciones INVERSION EN PLANTA
Planta Original 1,300,000 1,300,000 1,300,000 1,300,000 989,000
Compra 1 - 1,291,500
Compra 2 -
Compra 3 -
Compra 4
Compra 5
Compra 6
Compra 7
Compra 8
Compra 9
Compra 10
Compra 11
Compra 12
Compra 13
TOT.DEPREC.PLANTAS 1,300,000 1,300,000 1,300,000 1,300,000 2,280,500
Depreciaciones maquinas
Maquinaria ORIGINALES 478,125 478,125 478,125 384,375 311,250
Compra 1 178,125 178,125
Compra 2 463,125
Compra 3
Compra 4
Compra 5
Compra 6
Compra 7
Compra 8
Compra 9
Compra 10
Compra 11
Compra 12
Compra 13
Compra 14
Compra 15
Compra 16
Compra 17
Compra 18
Compra 19
Compra 20
Compra 21
Compra 22
Compra 23
TOTAL DEPREC. MAQUINAS 478,125 478,125 478,125 562,500 952,500
DEPREC TECNOLOGÍA A T3 0 0 0
DEPREC TECNOLOGÍA A T3 ACTUALIZADA 0 0 0
AMORTIZ INV MKT
Gastos generales 200,000.00 200000 200000 200000 200000 200000

Gastos de Adm.fijo 1,000,000.00 1000000 1055556 1055556 1055556 1055556
Gastos de Adm.var 0.05 486915 496710 500000 500000 750000
COSTOS UNITARIOS DE PRODUCCION 70.385 70.438 70.438 71.282 71.591
COSTO UNITARIO INV.INICIAL 74.785 70.778 70.476 70.442 71.185
COSTO UNITARIO INV.FINAL 70.778 70.476 70.442 71.185 71.559
Acciones comunes 1000000 1000000 1000000 1000000 1000000

1 emision de acciones
TOTAL DE ACCS.COMUNES 1000000 1000000 1000000 1000000 1000000

VENTA FISICA ( en unidades ) 97383 99342 100000 100000 150000
ESTADO DE RESULTADOS
INGRESOS
Ingresos por venta 9,738,300 9,934,200 10,000,000 10,000,000 15,000,000
Descuentos contado
VENTAS NETAS 9,738,300 9,934,200 10,000,000 10,000,000 15,000,000
GASTOS
Materia prima 1,500,000 1,500,000 1,500,000 1,500,000 2,250,000
Costo directo por trabajo 3,500,000 3,500,000 3,500,000 3,500,000 4,990,000
COSTO DIRECTO TOTAL 5,000,000 5,000,000 5,000,000 5,000,000 7,240,000
Bodegaje 60,408 65,672 65,672 65,672 65,672
Depreciacion maquinarias 478,125 478,125 478,125 562,500 952,500
Depreciacion planta 1,300,000 1,300,000 1,300,000 1,300,000 2,280,500
Deprec tecnolog - - -
Gastos generales 200,000 200,000 200,000 200,000 200,000
COSTOS INDIRECTOS TOTAL 2,038,533 2,043,797 2,043,797 2,128,172 3,498,672
Costo de produccion(costo dir+indir) 7,038,533 7,043,797 7,043,797 7,128,172 10,738,672
inventario inicial valorizado 733,567 879,492 922,103 921,667 931,379
inventario final valorizado 879,492 922,103 921,667 931,379 936,272
Costo de mercaderia vendida 6,892,608 7,001,186 7,044,232 7,118,460 10,733,780
UTILIDAD BRUTA 2,845,692 2,933,014 2,955,768 2,881,540 4,266,220
fijo + 5% Ventas 1,486,915 1,552,266 1,555,556 1,555,556 1,805,556
UTILIDAD OPERACIONAL 1,358,777 1,380,748 1,400,212 1,325,984 2,460,664

Rentabilidad inv. Corto plazo 2,650 60,000 13,500 13,500 13,500
Interes prestamo corto plazo 77,750 68,031 58,313 48,594 38,875
interes prestamo 3 años 15,000 15,000 7,500 - -
Interes deuda largo plazo(bonos) 33,600 33,600 29,400 25,200 21,000
Intereses primera emision de bonos 450,000 441,708 433,291
Intereses segunda emision de bonos 615,000 603,667
Intereses tercera emision de bonos
Intereses cuarta emision de bonos
Intereses quinta emision de bonos
Intereses sexta emision de bonos
Costo por retiro de bonos
Costo fijo por emision de acciones 50,000 50,000 50,000
Comision de corredor 96,869 106,762 6,664
TOTAL CARGOS FINANCIEROS 126,350 116,631 692,081 1,287,263 1,153,498
AMORTIZ INV MKT
UTILIDAD NO OPERACIONAL
utilidad antes de impuesto 1,235,077 1,324,117 721,630 52,221 1,320,667
Impuesto a la renta (40%) 494,031 529,647 288,652 20,888 528,267
UTILIDAD NETA 741,046 794,470 432,978 31,333 792,400
Div. Por acciones comunes 100,000 100,000 100,000 100,000 100,000
UTIL.RETENIDAS EN TRIMESTRE 641,046 694,470 332,978 - 68,667 692,400
BALANCE GENERAL
ACTIVOS
ACTIVO CIRCULANTE
Caja max 7.000.000 min 1.000.000 120,592 206,823 9,553,963 40,633,967 39,479,609
inversiones de corto plazo 200,000 1,500,000 - - -
cuentas por cobrar 6,524,661 6,655,914 6,700,000 6,700,000 10,050,000
inventarios 879,492 922,103 921,667 931,379 936,272
INV MKT
AMORTIZ ACUM INV MKT
Total activo circulante 7,724,745 9,284,840 17,175,630 48,265,346 50,465,881
ACTIVO FIJO
Maquinarias y equipos originales 2,486,250 2,486,250 2,486,250 2,486,250 2,486,250
Depreciacion maquinaria acumulada 478,125 956,250 1,434,375 1,996,875 2,949,375
Plantas originales 8,465,250 8,465,250 8,465,250 8,465,250 8,465,250
Depreciacion planta acumulada 1,300,000 2,600,000 3,900,000 5,200,000 7,480,500
Compra activo fijo trimestre tres 27,255,000 27,255,000 27,255,000

Compra activo fijo trimestre cuatro 14,775,000 14,775,000
Compra activo fijo trimestre Cinco -
Compra activo fijo trimestre seis
Compra activo fijo trimestre ocho
Compra activo fijo trimestre nueve
Compra activo fijo trimestre diez
Compra activo fijo trimestre once
Compra activo fijo trimestre doce
Compra activo fijo trimestre 13
Proyeccion compra act fijo - - 27,255,000 42,030,000 42,030,000
COMPRA TECNOLOGIA - - -
DEPREC ACUM TECNOLOGIA - - -
TOTAL ACTIV0 FIJO 9,173,375 7,395,250 32,872,125 45,784,625 42,551,625
TOTAL ACTIVOS 16,898,120 16,680,090 50,047,755 94,049,971 93,017,506
PASIVOS
PASIVOS CIRCULANTE
Cuentas por pagar 520,000 520,000 520,000 520,000 744,000
Vencimiento prestamo corto plazo 1,250,000 1,250,000 1,250,000 1,250,000 937,500
Vencimiento prestamo a 3 años 600,000 300,000 - - -
Vencimiento deuda a largo plazo 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000
Vencimiento correspondiente a la 1a emision de bonos 2,295,427 2,329,859 2,364,807
Vencimiento correspondiente a la 2da emision de bonos 3,137,084 3,184,140
Vencimiento correspondiente a la 3era emision de bonos
Vencimiento correspondiente a la 4to emision de bonos
TOTAL PASIVO CIRCULANTE Extender suma 3,570,000 3,270,000 5,265,427 8,436,943 8,430,447
PASIVO A LARGO PLAZO
prestamo a dos años 937,500 625,000 312,500 - -
prestamo a tres años
deudas a largo plazo(bonos) 1,200,000 900,000 600,000 300,000 -
Vencimiento del resto de la 1a emision de bonos 27,151,760 26,556,223 25,951,753
Vencimiento del resto de la 2da emision de bonos 37,107,405 36,293,505
Vencimiento del resto de la 3ra emision de bonos
Vencimiento del resto de 4toa emision de bonos
TOTAL PASIVO A LARGO PLAZO 2,137,500 1,525,000 28,064,260 63,963,628 62,245,258
PATRIMONIO
Acciones comunes 8,000,000 8,000,000 8,000,000 12,500,000 17,500,000
Nuevas emisi{ones de acciones 4,500,000 5,000,000 -
Utilidades retenidas 3,190,620 3,885,090 4,218,068 4,149,401 4,841,801
TOTAL PATRIMONIO 11,190,620 11,885,090 16,718,068 21,649,401 22,341,801
TOTAL PASIVO 16,898,120 16,680,090 50,047,755 94,049,971 93,017,506
CALCE 0.0 0.0 0.0 0.0 0.0
INDICADORES
RETORNO SOBRE ACTIVOS 0.18 0.19 0.03 0.00 0.03
ROTACION ACTIVO TOTAL 2.31 2.38 0.80 0.43 0.65
COBERTURA INTERESES 10.78 12.35 2.04 1.04 2.14
RETORNO SOBRE PATRIMONIO 0.26 0.27 0.10 0.01 0.14
PASIVO CIRC/PATRIMONIO 0.28 0.31 0.39 0.38
PASIVO LP /PATRIMONIO 0.13 1.68 2.95 2.79
PASIVO TOT /PATRIMONIO 0.40 1.99 3.34 3.16
PASIVO FINANCIERO /PATRIMONIO 0.46 0.36 1.96 3.32 3.13
CRECIMIENTO DEL PATRIMONIO 24.31 24.82 8.13 -1.26 12.79
INFORME DE PRESTAMOS
Monto prestamo 2 años
Deuda Principal 2,183,510 1,938,917 1,686,717 1,426,674 1,158,544
Interes 67,907 60,300 52,457 44,370 36,031
Amortizacion 244,593 252,200 260,043 268,130 276,469
CUOTA 312,500 312,500 312,500 312,500 312,500
Monto prestamo M/P 3 años

Deuda Principal 900,000 600,000 300,000 0 0
Interes 22,500 15,000 7,500 0 0
Amortizacion 300,000 300,000 300,000 0 0
Saldo 600,000 300,000 0 0 0
Monto prestamo L/P(bonos)

Deuda Principal 2,700,000 2,400,000 2,100,000 1,800,000 1,500,000
Interes 37,800 33,600 29,400 25,200 21,000
Amortizacion 300,000 300,000 300,000 300,000 300,000
Saldo 2,400,000 2,100,000 1,800,000 1,500,000 1,200,000
Vencimiento a 1 año 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000

Vencimiento a L/P 1,200,000 900,000 600,000 300,000 0
Monto M/P Vence dentro del año(2años)

Deuda principal 1,250,000 1,250,000 1,250,000 1,250,000 937,500
amortizacion 0 0 0 312,500 312,500
Primera emision de bonos amortizados dentro del año 2,295,427 2,329,859 2,364,807
Resto de amortizacion primera emision de bonos 27,151,760 26,556,223 25,951,753
1 2
Segunda emision de bonos amortizados dentro del año 3,137,084 3,184,140
Resto de amortizacion segunda emision de bonos 37,107,405 36,293,505
Tercera emision de bonos amortizados dentro del año

Resto de amortizacion segunda emision de bonos
Cuarta emision de bonos amortizados dentro del año

Quinta emision de bonos amortizados dentro del año

Sexta emision de bonos amortizados dentro del año

tasa real 1 2 3
Primera emisión de bonos Deuda 30,000,000 29,447,187 28,886,082 28,316,560
Amortizacion 552,813 561,105 569,522
Interes 1.50% 450,000 441,708 433,291
Cuota 1,002,813 1,002,813 1,002,813
Segunda emisión de bonos Deuda 41,000,000 40,244,489 39,477,645

Amortizacion 755,511 766,844
Interes 1.50% 615,000 603,667
Cuota 1,370,511 1,370,511
Tercera emisión de bonos
Cuarta emisión de bonos

Quinta emisión de bonos
Sexta emisión de bonos
EMISION DE ACCIONES TRIM1 TRIM2 TRIM3 TRIM4 TRIM5

N° de acciones vigentes 0 0 1,000,000 1,100,000 1,200,000
N° de acciones ofrecidas 0 0 100,000 100,000 10,000
Precio de acción 0.00 0.00 45.00 50.00 33.71
Recaudo por acción 0 0 43.53 48.43 28.05
Costo fijo de e 50,000 0 0 50,000 50,000 50,000
Costo variable tamaño emisión
Costo variable 2% 0 0 96,869 106,762 6,664
Ingresos netos 0 0 4,353,131 4,843,238 280,465
Impacto en flujo de caja
Ingresos 0.0000000 4,500,000 5,000,000
Egresos 146,869 156,762
4,843,238 0
363,662 1,403,067
0 0 96,869 106,762 6,664
PRECIO ACCIO 33.71

PV dividendo
factor de act
0.03
FLUJO DE CAJA
INGRESOS
Saldo inicial 320592 1706823 9553963 40633967
Ingresos ventas periodo vigente 3213639 3278286 3300000 3300000 4950000
ingresos ventas periodo anterior 1864507 6524661 6655914 6700000 6700000
Intereses inversion corto plazo 2650 60000 13500 13500 13500
Ingresos por emision de acciones 4500000 5000000 0
Ingreso por emisiòn de bonos 30,000,000.00 41000000
Prestamo corto plazo 2,500,000
TOTAL CAJA DISPONIBLE 7580796 10183539 46176237 65567463 52297467
EGRESOS
Materia prima periodo vigente 1 1350000 1350000 1350000 1350000 2025000
Materia prima periodo anterior 0 150000 150000 150000 150000
Mano de obra directa periodo 1 3150000 3150000 3150000 3150000 4491000
Mano de obra directa periodo 0 350000 350000 350000 350000
Bodegaje 60408 65672 65672 65672 65672
Gastos generals periodo vige 1 180000 180000 180000 180000 180000
Gastos generals periodo ant 0 20000 20000 20000 20000
Gastos de adm. y ventas 1486915 1552266 1555556 1555556 1805556
Costos de ordenamiento
Compras de plantas y maquinas 27255000 14775000 0
Intereses 126350 116631 545213 1130502 1096834
Impuestos 494031 529647 288652 20888 528267
Dividendos 100000 100000 100000 100000 100000
Costo fijo por emision de acciones 50000 50000 50000
Comision de corredor 96869 106762 6664
Amortizacion de deudas bcos 312500 912500 912500 612500 612500
Amortizacion primera emision de bonos 552813 561105 569522
Amortizacion segunda emision de bonos 755511 766844
Amortizacion tercera emision de bonos
Amortizacion cuarta emision de bonos
Amortizacion quinta emision de bonos
Amortizacion sexta emision de bonos
COMPRA TECNOLOGÍA A 0
INVERSION MKT
TOTAL EGRESOS TRIMETRE 7260204 8476716 36622275 24933496 12817858
SALDOS
Saldo (diferencia entre caja y egreso) 320592 1706823 9553963 40633967 39479609
Inversion de corto plazo 200000 1500000 0 0 0
Retiro de inversion c/plazo
SALDO CAJA FINAL 120592 206823 9553963 40633967 39479609
TES DE SU PUESTA EN MARCHA. LAS MAQUINAS 1 TRIM ANTES
- - - - - - - -
TRIM 6 TRIM 7 TRIM 8 TRIM 9 TRIM 10 TRIM 11 TRIM 12 TRIM 13
150,000 150,000 150,000 150,000 180,000 180,000 180,000 180,000
150,000 150,000 150,000 150,000 180,000 180,000 180,000 180,000
81% 82.0% 82.0% 82.0% 80.6% 80.6% 80.6% 80.6%
PROYECCION
121,000 123,000 123,000 123,000 145,000 145,000 145,000 145,000

123.00 123.00 123.00 123.00 123.00 123.00 123.00 123.00
9,225,000 11,070,000 9,225,000 - - 3,690,000 -

369 369 369 369 369 369 369 369
3,135,000 - 285,000 1,710,000 - 1,425,000 3,705,000 570,000
57 57 57 57 57 57 57 57
0
27,000,000 3,500,000 45,000,000 - 8,500,000 70,000,000 - 9,000,000
494,141.40 543,407.29
0.26 0.25 0.24 0.25 0.26 0.25 0.24 0.25
13,084.00 5,607.24 5,071.89 9,477.95 8,942.60 12,656.71 21,804.88 36,387.13
121,000.00 123,000.00 123,000.00 123,000.00 145,000.00 145,000.00 145,000.00 145,000.00
128,476.76 123,535.35 118,593.94 123,535.35 141,285.90 135,851.82 130,417.75 135,851.82
5,607 5,072 9,478 8,943 12,657 21,805 36,387 45,535
134,084.00 128,607.24 128,071.89 132,477.95 153,942.60 157,656.71 166,804.88 181,387.13
3.649% tasa equivalente anual real
0.009 0.009 0.009 0.009 0.009 0.009 0.009 0.009
0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02

0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03
0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03
0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01
0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06
0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08
0.08 0.08 0.08
0.03 0.03 0.03 1.03 2.03 3.03 4.03 4.03
625000 312500 0 0 0 0 0 0
900000 600000 300000 0 0 0 0 0
0 0 0 0 0 0 0 0
900000 600000 300000 0 0 0 0 0
2425000 1512500 600000 0 0 0 0 0
15.00 15.00 15.00 15.00 15.00 15.00 15.00 15.00
60,000.00 60,000.00 60,000.00 60,000.00 60,000.00 60,000.00 60,000.00 60,000.00

40,000.00 40,000.00 40,000.00 40,000.00 40,000.00 40,000.00 40,000.00 40,000.00
20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00
1,000.00 3,000.00 3,000.00 3,000.00 25,000.00 25,000.00 25,000.00 25,000.00
39.00 39.00 39.00 39.00 39.00 39.00 39.00 39.00

29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00
25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00
33.00 33.00 33.00 33.00 33.00 33.00 33.00 33.00
Proy tec 3
A
B
C
D
2340000 2340000 2340000 2340000 2340000 2340000 2340000 2340000

1160000 1160000 1160000 1160000 1160000 1160000 1160000 1160000
500000 500000 500000 500000 500000 500000 500000 500000
33000 99000 99000 99000 825000 825000 825000 825000
4033000 4099000 4099000 4099000 4825000 4825000 4825000 4825000
2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000

3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000
607 72 4,478 3,943 7,657 16,805 31,387 40,535
1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00
8.00 8.00 8.00 8.00 8.00 8.00 8.00 8.00
2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000

9,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000
4,858 575 35,824 31,541 61,254 134,439 251,097 324,282
15,858 11,575 46,824 42,541 72,254 145,439 262,097 335,282
50,000 50,000 25,000 25,000 25,000 -
70,000 70,000 70,000 70,000 70,000 70,000 70,000 70,000
30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000
25,000 25,000 25,000 25,000 25,000 25,000
30,000 30,000 30,000 30,000
25,000 25,000 25,000
150,000 150,000 150,000 150,000 180,000 180,000 180,000 180,000
60,000 5,000 5,000

25,000 25,000 25,000 25,000 25,000 25,000
65,000 65,000 65,000 65,000 65,000 65,000 65,000
- - - - - - -
55,000 55,000 55,000 55,000 55,000 55,000 55,000
5,000 5,000 5,000 5,000 5,000
30,000 30,000 30,000 30,000
25,000 25,000
65,000
150,000 150,000 150,000 150,000 180,000 180,000 180,000 180,000

150,000 150,000 150,000 150,000 180,000 180,000 180,000 180,000
667,500 667,500 313,750

1,291,500 1,291,500 1,291,500 1,291,500 1,291,500 1,291,500 1,291,500 1,291,500
553,500 553,500 553,500 553,500 553,500 553,500 553,500 553,500
461,250 461,250 461,250 461,250 461,250 461,250
553,500 553,500 553,500 553,500
461,250 461,250 461,250
2,512,500 2,512,500 2,620,000 2,306,250 2,859,750 3,321,000 3,321,000 3,321,000
311,250 22,500 22,500 -

178,125 178,125 178,125 178,125 178,125 178,125
463,125 463,125 463,125 463,125 463,125 463,125 463,125
- - - - - - - -
391,875 391,875 391,875 391,875 391,875 391,875 391,875
35,625 35,625 35,625 35,625 35,625
213,750 213,750 213,750 213,750
178,125 178,125
463,125
952,500 1,055,625 1,055,625 1,068,750 1,282,500 1,282,500 1,282,500 1,282,500
0 0 0 0 0
0 0 0 0 0
0 0 0 0
0 0 0 0
200000 200000 200000 200000 200000 200000 200000 200000

1055556 1055556 1055556 1055556 1055556 1055556 1055556 1055556
790132 759742 729353 759742 868908 835489 802069 835489
78.751 79.054 80.215 77.736 78.721 82.406 83.211 83.716
71.559 78.049 79.011 80.167 77.910 78.674 82.107 83.067
78.049 79.011 80.167 77.910 78.674 82.107 83.067 83.586
1000000 1000000 1000000 1000000 1000000 1000000 1000000 1000000
1000000 1000000 1000000 1000000 1000000 1000000 1000000 1000000

128477 123535 118594 123535 141286 135852 130418 135852
15,802,642 15,194,848 14,587,054 15,194,848 17,378,165 16,709,774 16,041,383 16,709,774
15,802,642 15,194,848 14,587,054 15,194,848 17,378,165 16,709,774 16,041,383 16,709,774
1,815,000 1,845,000 1,845,000 1,845,000 2,175,000 2,175,000 2,175,000 2,175,000

4,033,000 4,099,000 4,099,000 4,099,000 4,825,000 4,825,000 4,825,000 4,825,000
5,848,000 5,944,000 5,944,000 5,944,000 7,000,000 7,000,000 7,000,000 7,000,000
15,858 11,575 46,824 42,541 72,254 145,439 262,097 335,282
952,500 1,055,625 1,055,625 1,068,750 1,282,500 1,282,500 1,282,500 1,282,500
2,512,500 2,512,500 2,620,000 2,306,250 2,859,750 3,321,000 3,321,000 3,321,000
- - - - - - - -
200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000
3,680,858 3,779,700 3,922,449 3,617,541 4,414,504 4,948,939 5,065,597 5,138,782
9,528,858 9,723,700 9,866,449 9,561,541 11,414,504 11,948,939 12,065,597 12,138,782
936,272 437,640 400,733 759,822 696,719 995,749 1,790,329 3,022,558
437,640 400,733 759,822 696,719 995,749 1,790,329 3,022,558 3,806,093
10,027,490 9,760,607 9,507,360 9,624,644 11,115,473 11,154,359 10,833,368 11,355,247
5,775,152 5,434,241 5,079,695 5,570,204 6,262,692 5,555,416 5,208,015 5,354,527
1,845,688 1,815,298 1,784,909 1,815,298 1,924,464 1,891,045 1,857,625 1,891,045
3,929,464 3,618,943 3,294,786 3,754,905 4,338,228 3,664,371 3,350,390 3,463,482

243,000 274,500 679,500 603,000 603,000 1,233,000 1,152,000 1,152,000
29,156 19,438 19,438 19,438 19,438 19,438 19,438 19,438
- - - - - - - -
16,800 12,600 8,400 4,200 - - - -
424,748 416,077 407,276 398,343 389,276 380,073 370,732 361,251
592,165 580,489 568,639 556,611 544,403 532,011 519,433 506,667
750,000 736,180 722,152 707,914 693,462 678,794
1,050,000 1,030,652 1,011,013
50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000

- 50,000 - 50,000 - 50,000 7,432 - 50,000 - 50,000 - 50,000 7,566
1,062,869 1,028,604 1,753,753 1,772,204 1,675,268 2,689,436 2,633,717 2,634,728
- - - -
3,109,594 2,864,839 2,220,533 2,585,702 3,265,959 2,207,935 1,868,673 1,980,754

1,243,838 1,145,935 888,213 1,034,281 1,306,384 883,174 747,469 792,302
1,865,757 1,718,903 1,332,320 1,551,421 1,959,576 1,324,761 1,121,204 1,188,452
100,000 100,000 100,000 100,000 783,830 529,904 448,481 475,381
1,765,757 1,618,903 1,232,320 1,451,421 1,175,745 794,857 672,722 713,071
5,889,565 5,937,740 1,504,229 1,377,295 3,021,353 2,819,747 5,032,639 5,217,415

27,000,000 30,500,000 75,500,000 67,000,000 67,000,000 137,000,000 128,000,000 128,000,000
7,901,321 7,597,424 7,293,527 7,597,424 8,689,083 8,354,887 8,020,692 8,354,887
437,640 400,733 759,822 696,719 995,749 1,790,329 3,022,558 3,806,093
- - - -
- - - -
41,228,526 44,435,897 85,057,578 76,671,438 79,706,185 149,964,963 144,075,889 145,378,395
2,486,250 2,486,250 2,486,250 2,486,250 2,486,250 2,486,250 2,486,250 2,486,250

3,901,875 4,957,500 6,013,125 7,081,875 8,364,375 9,646,875 10,929,375 12,211,875
8,465,250 8,465,250 8,465,250 8,465,250 8,465,250 8,465,250 8,465,250 8,465,250
9,993,000 12,505,500 15,125,500 17,431,750 20,291,500 23,612,500 26,933,500 30,254,500
27,255,000 27,255,000 27,255,000 27,255,000 27,255,000 27,255,000 27,255,000 27,255,000

14,775,000 14,775,000 14,775,000 14,775,000 14,775,000 14,775,000 14,775,000 14,775,000
- - - - - - - -
12,360,000 12,360,000 12,360,000 12,360,000 12,360,000 12,360,000 12,360,000 12,360,000
11,355,000 11,355,000 11,355,000 11,355,000 11,355,000 11,355,000
10,935,000 10,935,000 10,935,000 10,935,000 10,935,000
- - - -
1,425,000 1,425,000 1,425,000
7,395,000 7,395,000
570,000
54,390,000 54,390,000 65,745,000 76,680,000 76,680,000 78,105,000 85,500,000 86,070,000
- - - - -
- - - - -
51,446,625 47,878,500 55,557,875 63,117,875 58,975,625 55,797,125 58,588,625 54,555,125
92,675,151 92,314,397 140,615,453 139,789,313 138,681,810 205,762,088 202,664,514 199,933,520
604,800 614,400 614,400 614,400 720,000 720,000 720,000 720,000

625,000 312,500 - - - - - -
- - - - - - - -
900,000 600,000 300,000 - - - - -
2,400,279 2,436,283 2,472,827 2,509,920 2,547,568 2,585,782 2,624,569 2,663,937
3,231,902 3,280,381 3,329,587 3,379,530 3,430,223 3,481,677 3,533,902 3,586,910
3,825,712 3,883,098 3,941,344 4,000,465 4,060,472 4,121,379
5,355,997 5,436,337 5,517,882
7,761,981 7,243,564 10,542,526 10,386,948 10,639,136 16,143,920 16,375,279 16,610,108
- - - - - - - -
- - - - - - - -
25,338,216 24,715,477 24,083,396 23,441,834 22,790,648 22,129,695 21,458,827 20,777,897
35,467,396 34,628,896 33,777,818 32,913,974 32,037,173 31,147,219 30,243,916 29,327,064
45,252,933 44,260,372 43,252,922 42,230,361 41,192,461 40,138,993
63,354,106 61,964,520 60,554,091
60,805,613 59,344,373 103,114,147 100,616,179 98,080,743 158,861,380 154,859,725 150,798,044
17,500,000 17,500,000 17,500,000 17,500,000 17,875,985 17,875,985 17,875,985 17,875,985

- - - 375,985 - - - 382,786
6,607,557 8,226,460 9,458,780 10,910,201 12,085,946 12,880,803 13,553,525 14,266,597
24,107,557 25,726,460 26,958,780 28,786,186 29,961,931 30,756,788 31,429,510 32,525,367
92,675,151 92,314,397 140,615,453 139,789,313 138,681,810 205,762,088 202,664,514 199,933,520
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
trim6 trim7 trim8 trim9 trim10 trim11 trim12 trim13
0.08 0.07 0.04 0.04 0.06 0.03 0.02 0.02
0.68 0.66 0.41 0.43 0.50 0.32 0.32 0.33
3.93 3.79 2.27 2.46 2.95 1.82 1.71 1.75
0.31 0.27 0.20 0.22 0.26 0.17 0.14 0.15
0.32 0.28 0.39 0.36 0.36 0.52 0.52 0.51
2.52 2.31 3.82 3.50 3.27 5.17 4.93 4.64
2.84 2.59 4.22 3.86 3.63 5.69 5.45 5.15
2.82 2.56 4.19 3.83 3.60 5.67 5.43 5.12
31.61 26.86 19.16 21.24 16.34 10.61 8.75 8.97
882,075 597,007 303,074

27,433 18,567 9,426
285,067 293,933 303,074
312,500 312,500 312,500
0 0 0
0 0 0
0 0 0
0 0 0
1,200,000 900,000 600,000 300,000

16,800 12,600 8,400 4,200
300,000 300,000 300,000 300,000
900,000 600,000 300,000 0
900,000 600,000 300,000

0 0 0
625,000 312,500 0
312,500 312,500
2,400,279 2,436,283 2,472,827 2,509,920 2,547,568 2,585,782 2,624,569 2,663,937
25,338,216 24,715,477 24,083,396 23,441,834 22,790,648 22,129,695 21,458,827 20,777,897
3 4 5 6 7 8 9 10
3,231,902 3,280,381 3,329,587 3,379,530 3,430,223 3,481,677 3,533,902 3,586,910
35,467,396 34,628,896 33,777,818 32,913,974 32,037,173 31,147,219 30,243,916 29,327,064
1 2 3 4 5 6
3,825,712 3,883,098 3,941,344 4,000,465 4,060,472 4,121,379
45,252,933 44,260,372 43,252,922 42,230,361 41,192,461 40,138,993
1 2 3
5,355,997 5,436,337 5,517,882
63,354,106 61,964,520 60,554,091
4 5 6 7 8 9 10 11
27,738,495 27,151,760 26,556,223 25,951,753 25,338,216 24,715,477 24,083,396 23,441,834
578,065 586,736 595,537 604,470 613,537 622,740 632,081 641,562
424,748 416,077 407,276 398,343 389,276 380,073 370,732 361,251
1,002,813 1,002,813 1,002,813 1,002,813 1,002,813 1,002,813 1,002,813 1,002,813
SEGUNDA CLASE EMISION DE BONOS PARA FINANCIAR EXPANSION EN PLANTAS Y M

38,699,298 37,909,277 37,107,405 36,293,505 35,467,396 34,628,896 33,777,818 32,913,974
778,346 790,022 801,872 813,900 826,109 838,500 851,078 863,844
592,165 580,489 568,639 556,611 544,403 532,011 519,433 506,667
1,370,511 1,370,511 1,370,511 1,370,511 1,370,511 1,370,511 1,370,511 1,370,511
TERCERA EMISION DE BONOS PARA FINANCIAR EXPANSION EN PLANTAS Y MAQ SE P

1 2 3 4 5 6
Deuda 50,000,000 49,078,644.9 48,143,470 47,194,266 46,230,825 45,252,933 44,260,372
Amortizacion 921,355 935,175 949,203 963,441 977,893 992,561
Interes 1.5% 750,000 736,180 722,152 707,914 693,462 678,794
Cuota 1,671,355 1,671,355 1,671,355 1,671,355 1,671,355 1,671,355
Cuarta EMISION DE BONOS PARA FI

1 2 3
Deuda 70,000,000 68,710,103 67,400,857 66,071,973
Amortizacion 1,289,897 1,309,246 1,328,884
Interes 1.5% 1,050,000 1,030,652 1,011,013
Cuota 2,339,897 2,339,897 2,339,897
TRIM6 TRIM7 TRIM8 TRIM9 TRIM10 TRIM11 TRIM12 TRIM13

1,210,000 1,210,000 1,210,000 1,210,000 1,220,000 1,220,000 1,220,000 1,220,000
10,000.00 10,000
37.60 38.28
0.00 0.00 0.00 31.86 0.00 0.00 0.00 32.52
50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000
-50,000 -50,000 -50,000 7,432 -50,000 -50,000 -50,000 7,566

0 0 0 318,553 0 0 0 325,220
0 0 0 375,985 0 0 0 382,786
0 0 0 57,432 0 0 0 57,566
0 0 0 998,116 0 0 0 1,000,444
-50,000 -50,000 -50,000 7,432 -50,000 -50,000 -50,000 7,566
1 2 3 4 5 6 7 8
0.08 0.08 0.08 0.08 0.64 0.43 0.37 0.39
0.08 0.08 0.08 0.07 0.55 0.36 0.30 0.31
0.97 0.94 0.92 0.89 0.86 0.84 0.81 0.79
1 2 3 4
PRECIO ACCIO 37.60 0.64 0.43 0.37 0.39
PV dividendo 0.62 0.41 0.34 0.35
factor de act 0.97 0.94 0.92 0.89
0.03
PRECIO ACCIO 38.28

PV dividendo
factor de act
0.03
39479609 32889565 36437740 77004229 68377295 70021353 139819747 133032639

7901321 7597424 7293527 7597424 8689083 8354887 8020692 8354887
10050000 7901321 7597424 7293527 7597424 8689083 8354887 8020692
243000 274500 679500 603000 603000 1233000 1152000 1152000
0 0 0 375985 0 0 0 382786
50,000,000.00 70,000,000.00
57673930 48662810 102008191 92874164 85266802 158298323 157347326 150943004
1633500 1660500 1660500 1660500 1957500 1957500 1957500 1957500

225000 181500 184500 184500 184500 217500 217500 217500
3629700 3689100 3689100 3689100 4342500 4342500 4342500 4342500
499000 403300 409900 409900 409900 482500 482500 482500
15858 11575 46824 42541 72254 145439 262097 335282
180000 180000 180000 180000 180000 180000 180000 180000
20000 20000 20000 20000 20000 20000 20000 20000
1845688 1815298 1784909 1815298 1924464 1891045 1857625 1891045
12360000 0 11355000 10935000 0 1425000 7395000 570000

1062869 1028604 1753753 1714772 1675268 2689436 2633717 2577163
1243838 1145935 888213 1034281 1306384 883174 747469 792302
100000 100000 100000 100000 783830 529904 448481 475381
50000 50000 50000 50000 50000 50000 50000 50000
-50000 -50000 -50000 7432 -50000 -50000 -50000 7566
612500 612500 612500 300000 0 0 0 0
578065 586736 595537 604470 613537 622740 632081 641562
778346 790022 801872 813900 826109 838500 851078 863844
921355 935175 949203 963441 977893 992561
1,289,897 1,309,246 1,328,884
0
24784364 12225071 25003962 24496869 15245449 18478576 24314687 17725589
32889565 36437740 77004229 68377295 70021353 139819747 133032639 133217415

27000000 30500000 75500000 67000000 67000000 137000000 128000000 128000000
5889565 5937740 1504229 1377295 3021353 2819747 5032639 5217415

- - - - - - - -
190,000 190,000 190,000 190,000 195,000 195,000 195,000 195,000
190,000 190,000 190,000 190,000 195,000 195,000 195,000 195,000
84.2% 84.2% 84.2% 84.2% 88.2% 84.6% 80.5% 84.6%
160,000 160,000 160,000 160,000 172,000 165,000 157,000 165,000

123.00 123.00 123.00 123.00 123.00 123.00 123.00 123.00
- - 1,845,000 - - - 7,380,000 -
369 369 369 369 369 369 369 369
3,135,000 285,000 1,995,000 1,425,000 3,705,000 1,710,000
57 57 57 57 57 57 57 57
- 9,000,000
597,585.00 657,164.23
0.26 0.25 0.24 0.25 0.26 0.25 0.24 0.25
45,535.31 50,163.21 60,766.96 77,346.56 87,950.31 89,087.61 89,796.55 89,077.14
160,000.00 160,000.00 160,000.00 160,000.00 172,000.00 165,000.00 157,000.00 165,000.00
155,372.10 149,396.25 143,420.40 149,396.25 170,862.70 164,291.06 157,719.41 164,291.06
50,163 60,767 77,347 87,950 89,088 89,797 89,077 89,786
205,535.31 210,163.21 220,766.96 237,346.56 259,950.31 254,087.61 246,796.55 254,077.14
0.009 0.009 0.009 0.009 0.009 0.009 0.009 0.009
0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02

0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03
0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03
0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01
0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06
0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08
4.03 4.03 4.03 4.03 4.03 4.03 4.03 4.03
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
15.00 15.00 15.00 15.00 15.00 15.00 15.00 15.00
60,000.00 60,000.00 60,000.00 60,000.00 60,000.00 60,000.00 60,000.00 60,000.00

40,000.00 40,000.00 40,000.00 40,000.00 40,000.00 40,000.00 40,000.00 40,000.00
20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00
40,000.00 40,000.00 40,000.00 40,000.00 52,000.00 45,000.00 37,000.00 45,000.00
39.00 39.00 39.00 39.00 39.00 39.00 39.00 39.00

29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00
25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00
33.00 33.00 33.00 33.00 33.00 33.00 33.00 33.00
2340000 2340000 2340000 2340000 2340000 2340000 2340000 2340000
1160000 1160000 1160000 1160000 1160000 1160000 1160000 1160000
500000 500000 500000 500000 500000 500000 500000 500000
1320000 1320000 1320000 1320000 1716000 1485000 1221000 1485000
5320000 5320000 5320000 5320000 5716000 5485000 5221000 5485000
2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000

3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000
45,163 55,767 72,347 82,950 84,088 84,797 84,077 84,786
1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00
8.00 8.00 8.00 8.00 8.00 8.00 8.00 8.00
2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000

9,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000
361,306 446,136 578,772 663,602 672,701 678,372 672,617 678,289
372,306 457,136 589,772 674,602 683,701 689,372 683,617 689,289
70,000 70,000 70,000 70,000 70,000 70,000 70,000 70,000

30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000
25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000
30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000
25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000
10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000
5,000 5,000 5,000 5,000
190,000 190,000 190,000 190,000 195,000 195,000 195,000 195,000
55,000
5,000 5,000 5,000
30,000 30,000 30,000 30,000
25,000 25,000 25,000 25,000 25,000 25,000
65,000 65,000 65,000 65,000 65,000 65,000 65,000
10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000
55,000 55,000 55,000 55,000 55,000 55,000 55,000
5,000 5,000 5,000 5,000 5,000
35,000 35,000 35,000 35,000
25,000 25,000
65,000
190,000 190,000 190,000 190,000 195,000 195,000 195,000 195,000

200,000 200,000 200,000 200,000 220,000 220,000 220,000 220,000
1,291,500 1,291,500 1,291,500 1,291,500 1,291,500 1,291,500 1,291,500 1,291,500
553,500 553,500 553,500 553,500 553,500 553,500 553,500 553,500
461,250 461,250 461,250 461,250 461,250 461,250 461,250 461,250
553,500 553,500 553,500 553,500 553,500 553,500 553,500 553,500
461,250 461,250 461,250 461,250 461,250 461,250 461,250 461,250
184,500 184,500 184,500 184,500 184,500 184,500 184,500 184,500
92,250 92,250 92,250 92,250
3,505,500 3,505,500 3,505,500 3,505,500 3,597,750 3,597,750 3,597,750 3,597,750
391,875
35,625 35,625 35,625
213,750 213,750 213,750 213,750
178,125 178,125 178,125 178,125 178,125 178,125
463,125 463,125 463,125 463,125 463,125 463,125 463,125
71,250 71,250 71,250 71,250 71,250 71,250 71,250 71,250
391,875 391,875 391,875 391,875 391,875 391,875 391,875
35,625 35,625 35,625 35,625 35,625
249,375 249,375 249,375 249,375
178,125 178,125
463,125
1,353,750 1,353,750 1,353,750 1,353,750 1,389,375 1,389,375 1,389,375 1,389,375
200000 200000 200000 200000 200000 200000 200000 200000

1055556 1055556 1055556 1055556 1055556 1055556 1055556 1055556
955538 918787 882035 918787 1050806 1010390 969974 1010390
82.197 82.727 83.556 84.087 82.365 83.858 85.648 83.857
83.586 82.505 82.674 83.314 83.835 82.862 83.509 84.870
82.505 82.674 83.314 83.835 82.862 83.509 84.870 84.212
1000000 1000000 1000000 1000000 1000000 1000000 1000000 1000000
1000000 1000000 1000000 1000000 1000000 1000000 1000000 1000000

155372 149396 143420 149396 170863 164291 157719 164291
19,110,768 18,375,739 17,640,709 18,375,739 21,016,112 20,207,800 19,399,488 20,207,800
19,110,768 18,375,739 17,640,709 18,375,739 21,016,112 20,207,800 19,399,488 20,207,800
2,400,000 2,400,000 2,400,000 2,400,000 2,580,000 2,475,000 2,355,000 2,475,000

5,320,000 5,320,000 5,320,000 5,320,000 5,716,000 5,485,000 5,221,000 5,485,000
7,720,000 7,720,000 7,720,000 7,720,000 8,296,000 7,960,000 7,576,000 7,960,000
372,306 457,136 589,772 674,602 683,701 689,372 683,617 689,289
1,353,750 1,353,750 1,353,750 1,353,750 1,389,375 1,389,375 1,389,375 1,389,375
3,505,500 3,505,500 3,505,500 3,505,500 3,597,750 3,597,750 3,597,750 3,597,750
- - - - - - - -
200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000
5,431,556 5,516,386 5,649,022 5,733,852 5,870,826 5,876,497 5,870,742 5,876,414
13,151,556 13,236,386 13,369,022 13,453,852 14,166,826 13,836,497 13,446,742 13,836,414
3,806,093 4,138,705 5,023,864 6,444,019 7,373,285 7,382,015 7,498,788 7,559,943
4,138,705 5,023,864 6,444,019 7,373,285 7,382,015 7,498,788 7,559,943 7,561,070
12,818,944 12,351,227 11,948,868 12,524,586 14,158,097 13,719,724 13,385,587 13,835,287
6,291,825 6,024,512 5,691,842 5,851,153 6,858,015 6,488,076 6,013,901 6,372,513
2,011,094 1,974,343 1,937,591 1,974,343 2,106,362 2,065,946 2,025,530 2,065,946
4,280,730 4,050,169 3,754,250 3,876,810 4,751,654 4,422,130 3,988,370 4,306,567

1,152,000 1,152,000 1,152,000 1,152,000 1,152,000 1,152,000 1,071,000 1,071,000
19,438 19,438 19,438 19,438 19,438 19,438 19,438 19,438
- - - - - - - -
- - - - - - - -
351,628 341,860 331,945 321,882 311,668 301,301 290,779 280,098
493,710 480,558 467,208 453,659 439,906 425,947 411,778 397,397
663,906 648,794 633,455 617,887 602,085 586,046 569,766 553,242
991,080 970,847 950,312 929,468 908,311 886,838 865,042 842,919
362,500
50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000

- 50,000 - 50,000 - 50,000 - 50,000 - 50,000 - 50,000 - 50,000 - 50,000
2,519,760 2,461,496 2,402,358 2,342,333 2,281,408 2,219,569 2,156,802 2,455,594
- - - - - - - -
2,912,971 2,740,673 2,503,892 2,686,476 3,622,246 3,354,561 2,902,568 2,921,973

1,165,188 1,096,269 1,001,557 1,074,591 1,448,898 1,341,824 1,161,027 1,168,789
1,747,782 1,644,404 1,502,335 1,611,886 2,173,347 2,012,737 1,741,541 1,753,184
699,113 657,762 600,934 644,754 869,339 805,095 696,616 701,274
1,048,669 986,642 901,401 967,132 1,304,008 1,207,642 1,044,924 1,051,910
2,644,971 4,030,701 2,607,057 1,079,976 1,977,188 2,816,293 2,820,732 16,670,824

128,000,000 128,000,000 128,000,000 128,000,000 128,000,000 128,000,000 119,000,000 119,000,000
9,555,384 9,187,869 8,820,355 9,187,869 10,508,056 10,103,900 9,699,744 10,103,900
4,138,705 5,023,864 6,444,019 7,373,285 7,382,015 7,498,788 7,559,943 7,561,070
- - - - - - - -
- - - - - - - -
144,339,060 146,242,435 145,871,430 145,641,131 147,867,259 148,418,981 139,080,419 153,335,794
2,486,250 2,486,250 2,486,250 2,486,250 2,486,250 2,486,250 2,486,250 2,486,250

13,565,625 14,919,375 16,273,125 17,626,875 19,016,250 20,405,625 21,795,000 23,184,375
8,465,250 8,465,250 8,465,250 8,465,250 8,465,250 8,465,250 8,465,250 8,465,250
33,760,000 37,265,500 40,771,000 44,276,500 47,874,250 51,472,000 55,069,750 58,667,500
27,255,000 27,255,000 27,255,000 27,255,000 27,255,000 27,255,000 27,255,000 27,255,000

14,775,000 14,775,000 14,775,000 14,775,000 14,775,000 14,775,000 14,775,000 14,775,000
- - - - - - - -
12,360,000 12,360,000 12,360,000 12,360,000 12,360,000 12,360,000 12,360,000 12,360,000
11,355,000 11,355,000 11,355,000 11,355,000 11,355,000 11,355,000 11,355,000 11,355,000
10,935,000 10,935,000 10,935,000 10,935,000 10,935,000 10,935,000 10,935,000 10,935,000
- - - - - - - -
1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000
7,395,000 7,395,000 7,395,000 7,395,000 7,395,000 7,395,000 7,395,000 7,395,000
570,000 570,000 570,000 570,000 570,000 570,000 570,000 570,000
3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000
2,130,000 2,130,000 2,130,000 2,130,000 2,130,000 2,130,000

1,995,000 1,995,000 1,995,000 1,995,000 1,995,000
1,425,000 1,425,000 1,425,000

11,085,000 11,085,000
1,710,000
89,205,000 89,205,000 91,335,000 93,330,000 93,330,000 94,755,000 105,840,000 107,550,000
52,830,875 47,971,625 45,242,375 42,378,125 37,391,000 33,828,875 39,926,750 36,649,625

197,169,935 194,214,060 191,113,805 188,019,256 185,258,259 182,247,856 179,007,169 189,985,419
792,000 792,000 792,000 792,000 849,600 816,000 777,600 816,000

- - - - - - - -
- - - - - - - -
- - - - - - - -
2,703,896 2,744,455 2,785,621 2,827,406 2,869,817 2,912,864 2,956,557 3,000,905
3,640,714 3,695,325 3,750,755 3,807,016 3,864,121 3,922,083 3,980,914 4,040,628
4,183,199 4,245,947 4,309,636 4,374,281 4,439,895 4,506,494 4,574,091 4,642,702
5,600,650 5,684,660 5,769,930 5,856,479 5,944,326 6,033,491 6,123,993 6,215,853
1,281,753
16,920,460 17,162,387 17,407,943 17,657,182 17,967,760 18,190,932 18,413,156 19,997,842
- - - - - - - -
- - - - - - - -
20,086,752 19,385,240 18,673,206 17,950,491 17,216,935 16,472,376 15,716,649 14,949,585
28,396,459 27,451,894 26,493,162 25,520,048 24,532,337 23,529,811 22,512,247 21,479,420
39,069,723 37,984,414 36,882,825 35,764,712 34,629,828 33,477,920 32,308,734 31,122,009
59,122,505 57,669,446 56,194,590 54,697,612 53,178,179 51,635,955 50,070,597 48,481,759
12,917,106
146,675,438 142,490,994 138,243,782 133,932,862 129,557,279 125,116,062 120,608,226 128,949,880
18,258,771 18,258,771 18,258,771 18,258,771 18,258,771 18,258,771 18,258,771 18,258,771

- - - - - - - -
15,315,266 16,301,908 17,203,309 18,170,441 19,474,449 20,682,091 21,727,016 22,778,926
33,574,037 34,560,679 35,462,080 36,429,212 37,733,220 38,940,862 39,985,787 41,037,697
197,169,935 194,214,060 191,113,805 188,019,256 185,258,259 182,247,856 179,007,169 189,985,419
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.04 0.03 0.03 0.03 0.05 0.04 0.04 0.04
0.39 0.38 0.37 0.39 0.45 0.44 0.43 0.43
2.16 2.11 2.04 2.15 2.59 2.51 2.35 2.19
0.21 0.19 0.17 0.18 0.23 0.21 0.17 0.17
0.50 0.50 0.49 0.48 0.48 0.47 0.46 0.49
4.37 4.12 3.90 3.68 3.43 3.21 3.02 3.14
4.87 4.62 4.39 4.16 3.91 3.68 3.48 3.63
4.85 4.60 4.37 4.14 3.89 3.66 3.46 3.61
12.90 11.75 10.43 10.91 14.32 12.80 10.73 10.52
2,703,896 2,744,455 2,785,621 2,827,406 2,869,817 2,912,864 2,956,557 3,000,905
20,086,752 19,385,240 18,673,206 17,950,491 17,216,935 16,472,376 15,716,649 14,949,585
3,640,714 3,695,325 3,750,755 3,807,016 3,864,121 3,922,083 3,980,914 4,040,628

28,396,459 27,451,894 26,493,162 25,520,048 24,532,337 23,529,811 22,512,247 21,479,420
4,183,199 4,245,947 4,309,636 4,374,281 4,439,895 4,506,494 4,574,091 4,642,702

39,069,723 37,984,414 36,882,825 35,764,712 34,629,828 33,477,920 32,308,734 31,122,009
5,600,650 5,684,660 5,769,930 5,856,479 5,944,326 6,033,491 6,123,993 6,215,853

59,122,505 57,669,446 56,194,590 54,697,612 53,178,179 51,635,955 50,070,597 48,481,759
1,281,753
12,917,106
12 13 14 15 16 17 18 19
22,790,648 22,129,695 21,458,827 20,777,897 20,086,752 19,385,240 18,673,206 17,950,491
651,186 660,953 670,868 680,931 691,145 701,512 712,034 722,715
351,628 341,860 331,945 321,882 311,668 301,301 290,779 280,098
1,002,813 1,002,813 1,002,813 1,002,813 1,002,813 1,002,813 1,002,813 1,002,813
SION EN PLANTAS Y MAQ

32,037,173 31,147,219 30,243,916 29,327,064 28,396,459 27,451,894 26,493,162 25,520,048
876,802 889,954 903,303 916,852 930,605 944,564 958,733 973,114
493,710 480,558 467,208 453,659 439,906 425,947 411,778 397,397
1,370,511 1,370,511 1,370,511 1,370,511 1,370,511 1,370,511 1,370,511 1,370,511
PLANTAS Y MAQ SE PUEDE COMPLEMENTAR MAS ADELANTE CON EMISION DE ACCIONES (V

7 8 9 10 11 12 13 14
43,252,922 42,230,361 41,192,461 40,138,993 39,069,723 37,984,414 36,882,825 35,764,712
1,007,450 1,022,561 1,037,900 1,053,468 1,069,270 1,085,309 1,101,589 1,118,113
663,906 648,794 633,455 617,887 602,085 586,046 569,766 553,242
1,671,355 1,671,355 1,671,355 1,671,355 1,671,355 1,671,355 1,671,355 1,671,355
ON DE BONOS PARA FINANCIAR EXPANSION EN PLANTAS Y MAQ SE PUEDE COMPLEMENTAR M

4 5 6 7 8 9 10 11
64,723,156 63,354,106 61,964,520 60,554,091 59,122,505 57,669,446 56,194,590 54,697,612
1,348,818 1,369,050 1,389,586 1,410,429 1,431,586 1,453,060 1,474,855 1,496,978
991,080 970,847 950,312 929,468 908,311 886,838 865,042 842,919
2,339,897 2,339,897 2,339,897 2,339,897 2,339,897 2,339,897 2,339,897 2,339,897
1
Deuda 14,500,00014,198,859
Amortizacion 301,141
Interes 2.50% 362,500
Cuota 663,641

1,230,000 1,230,000 1,230,000 1,230,000 1,230,000 1,230,000 1,230,000 1,230,000
39.23 40.42
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000
-50,000 -50,000 -50,000 -50,000 -50,000 -50,000 -50,000 -50,000

0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 6,817,148 0 0 0 7,025,244
-50,000 -50,000 -50,000 -50,000 -50,000 -50,000 -50,000 -50,000
9 10 11 12 13 14 15 16
0.57 0.53 0.49 0.52 0.71 0.65 0.57 0.57
0.44 0.40 0.35 0.37 0.48 0.43 0.36 0.36
0.77 0.74 0.72 0.70 0.68 0.66 0.64 0.62
5 6 7 8 9 10 11 12
0.57 0.53 0.49 0.52 0.71 0.65 0.57 0.57
0.49 0.45 0.40 0.41 0.54 0.49 0.41 0.40
0.86 0.84 0.81 0.79 0.77 0.74 0.72 0.70
1 2 3 4 5 6 7 8
0.57 0.53 0.49 0.52 0.71 0.65 0.57 0.57
0.49 0.45 0.40 0.41 0.54 0.49 0.41 0.40
0.97 0.94 0.92 0.89 0.86 0.84 0.81 0.79
1 2 3 4
PRECIO ACCIO 39.23 0.71 0.65 0.57 0.57
PV dividendo 0.54 0.49 0.41 0.40
factor de act 0.970873786 0.942595909 0.915141659 0.8884870479
0.03
PRECIO ACCIO 40.42

PV dividendo
factor de act
0.03
133217415 130644971 132030701 130607057 129079976 129977188 130816293 121820732

9555384 9187869 8820355 9187869 10508056 10103900 9699744 10103900
8354887 9555384 9187869 8820355 9187869 10508056 10103900 9699744
1152000 1152000 1152000 1152000 1152000 1152000 1071000 1071000
0 0 0 0 0 0 0 0
14,500,000.00
152279686 150540225 151190925 149767281 149927902 151741144 151690937 157195376
2160000 2160000 2160000 2160000 2322000 2227500 2119500 2227500

217500 240000 240000 240000 240000 258000 247500 235500
4788000 4788000 4788000 4788000 5144400 4936500 4698900 4936500
482500 532000 532000 532000 532000 571600 548500 522100
372306 457136 589772 674602 683701 689372 683617 689289
180000 180000 180000 180000 180000 180000 180000 180000
20000 20000 20000 20000 20000 20000 20000 20000
2011094 1974343 1937591 1974343 2106362 2065946 2025530 2065946
3135000 0 2130000 1995000 0 1425000 11085000 1710000

2519760 2461496 2402358 2342333 2281408 2219569 2156802 2455594
1165188 1096269 1001557 1074591 1448898 1341824 1161027 1168789
699113 657762 600934 644754 869339 805095 696616 701274
50000 50000 50000 50000 50000 50000 50000 50000
-50000 -50000 -50000 -50000 -50000 -50000 -50000 -50000
0 0 0 0 0 0 0 0
651186 660953 670868 680931 691145 701512 712034 722715
876802 889954 903303 916852 930605 944564 958733 973114
1007450 1022561 1037900 1053468 1069270 1085309 1101589 1118113
1,348,818 1,369,050 1,389,586 1,410,429 1,431,586 1,453,060 1,474,855 1,496,978
301141
21634715 18509523 20583869 20687304 19950714 20924852 29870205 21524552
130644971 132030701 130607057 129079976 129977188 130816293 121820732 135670824

128000000 128000000 128000000 128000000 128000000 128000000 119000000 119000000
2644971 4030701 2607057 1079976 1977188 2816293 2820732 16670824

- - - - - - - -
215,000 215,000 215,000 215,000 235,000 235,000 235,000 235,000
215,000 215,000 215,000 215,000 235,000 235,000 235,000 235,000
87.4% 83.7% 80.9% 83.7% 88.1% 84.7% 80.9% 84.7%
188,000 180,000 174,000 180,000 207,000 199,000 190,000 199,000

123.00 123.00 123.00 123.00 123.00 123.00 123.00 123.00
- 25,830,000 18,450,000 - 9,225,000 - 18,450,000 9,225,000

369 369 369 369 369 369 369 369
3,135,000 285,000 3,135,000 1,425,000 3,705,000 2,850,000
57 57 57 57 57 57 57 57
- 26,000,000 - 17,000,000 - 8,000,000 - 15,000,000 - 8,700,000
722,683.50 794,735.05
0.26 0.25 0.24 0.25 0.26 0.25 0.24 0.25
89,786.08 89,888.37 89,217.49 89,773.45 89,102.58 89,471.47 89,787.71 89,051.30
188,000.00 180,000.00 174,000.00 180,000.00 207,000.00 199,000.00 190,000.00 199,000.00
187,897.71 180,670.88 173,444.04 180,670.88 206,631.11 198,683.76 190,736.41 198,683.76
89,888 89,217 89,773 89,103 89,471 89,788 89,051 89,368
277,786.08 269,888.37 263,217.49 269,773.45 296,102.58 288,471.47 279,787.71 288,051.30
0.009 0.009 0.009 0.009 0.009 0.009 0.009 0.009
0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02

0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03
0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03
0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01
0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06
0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08
4.03 4.03 4.03 4.03 4.03 4.03 4.03 4.03
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
15.00 15.00 15.00 15.00 15.00 15.00 15.00 15.00
60,000.00 60,000.00 60,000.00 60,000.00 60,000.00 60,000.00 60,000.00 60,000.00

40,000.00 40,000.00 40,000.00 40,000.00 40,000.00 40,000.00 40,000.00 40,000.00
20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00
68,000.00 60,000.00 54,000.00 60,000.00 87,000.00 79,000.00 70,000.00 79,000.00
39.00 39.00 39.00 39.00 39.00 39.00 39.00 39.00

29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00
25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00
33.00 33.00 33.00 33.00 33.00 33.00 33.00 33.00
2340000 2340000 2340000 2340000 2340000 2340000 2340000 2340000
1160000 1160000 1160000 1160000 1160000 1160000 1160000 1160000
500000 500000 500000 500000 500000 500000 500000 500000
2244000 1980000 1782000 1980000 2871000 2607000 2310000 2607000
6244000 5980000 5782000 5980000 6871000 6607000 6310000 6607000
2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000

3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000
84,888 84,217 84,773 84,103 84,471 84,788 84,051 84,368
1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00
8.00 8.00 8.00 8.00 8.00 8.00 8.00 8.00
2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000

9,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000
679,107 673,740 678,188 672,821 675,772 678,302 672,410 674,940
690,107 684,740 689,188 683,821 686,772 689,302 683,410 685,940
70,000 70,000 70,000

30,000 30,000 30,000 30,000
25,000 25,000 25,000 25,000 25,000 25,000
30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000
25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000
10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000
5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000
20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000
70,000 70,000 70,000 70,000 70,000
50,000 50,000 50,000 50,000
25,000 25,000
215,000 215,000 215,000 215,000 235,000 235,000 235,000 235,000
55,000
5,000 5,000 5,000
35,000 35,000 35,000 35,000
25,000 25,000 25,000 25,000 25,000 25,000
65,000 65,000 65,000 65,000 65,000 65,000 65,000
30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000
55,000 55,000 55,000 55,000 55,000 55,000 55,000
5,000 5,000 5,000 5,000 5,000
55,000 55,000 55,000 55,000
25,000 25,000
65,000
215,000 215,000 215,000 215,000 235,000 235,000 235,000 235,000

240,000 240,000 240,000 240,000 260,000 260,000 260,000 260,000
1,291,500 1,291,500 1,291,500
553,500 553,500 553,500 553,500
461,250 461,250 461,250 461,250 461,250 461,250
553,500 553,500 553,500 553,500 553,500 553,500 553,500 553,500
461,250 461,250 461,250 461,250 461,250 461,250 461,250 461,250
184,500 184,500 184,500 184,500 184,500 184,500 184,500 184,500
92,250 92,250 92,250 92,250 92,250 92,250 92,250 92,250
369,000 369,000 369,000 369,000 369,000 369,000 369,000 369,000
1,291,500 1,291,500 1,291,500 1,291,500 1,291,500
922,500 922,500 922,500 922,500
461,250 461,250
3,966,750 3,966,750 3,966,750 3,966,750 4,335,750 4,335,750 4,335,750 4,335,750
391,875
35,625 35,625 35,625
249,375 249,375 249,375 249,375
178,125 178,125 178,125 178,125 178,125 178,125
463,125 463,125 463,125 463,125 463,125 463,125 463,125
213,750 213,750 213,750 213,750 213,750 213,750 213,750 213,750
391,875 391,875 391,875 391,875 391,875 391,875 391,875
35,625 35,625 35,625 35,625 35,625
391,875 391,875 391,875 391,875
178,125 178,125
463,125
1,531,875 1,531,875 1,531,875 1,531,875 1,674,375 1,674,375 1,674,375 1,674,375
200000 200000 200000 200000 200000 200000 200000 200000

1055556 1055556 1055556 1055556 1055556 1055556 1055556 1055556
1155571 1111126 1066681 1111126 1270781 1221905 1173029 1221905
82.195 83.685 84.941 83.680 81.512 82.871 84.492 82.855
84.212 82.847 83.406 84.421 83.927 82.238 82.675 83.909
82.847 83.406 84.421 83.927 82.238 82.675 83.909 83.181
1000000 1000000 1000000 1000000 1000000 1000000 1000000 1000000
1000000 1000000 1000000 1000000 1000000 1000000 1000000 1000000

187898 180671 173444 180671 206631 198684 190736 198684
23,111,418 22,222,518 21,333,617 22,222,518 25,415,627 24,438,103 23,460,579 24,438,103
23,111,418 22,222,518 21,333,617 22,222,518 25,415,627 24,438,103 23,460,579 24,438,103
2,820,000 2,700,000 2,610,000 2,700,000 3,105,000 2,985,000 2,850,000 2,985,000

6,244,000 5,980,000 5,782,000 5,980,000 6,871,000 6,607,000 6,310,000 6,607,000
9,064,000 8,680,000 8,392,000 8,680,000 9,976,000 9,592,000 9,160,000 9,592,000
690,107 684,740 689,188 683,821 686,772 689,302 683,410 685,940
1,531,875 1,531,875 1,531,875 1,531,875 1,674,375 1,674,375 1,674,375 1,674,375
3,966,750 3,966,750 3,966,750 3,966,750 4,335,750 4,335,750 4,335,750 4,335,750
- - - - - - - -
200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000
6,388,732 6,383,365 6,387,813 6,382,446 6,896,897 6,899,427 6,893,535 6,896,065
15,452,732 15,063,365 14,779,813 15,062,446 16,872,897 16,491,427 16,053,535 16,488,065
7,561,070 7,447,001 7,441,293 7,578,772 7,478,093 7,357,986 7,423,209 7,472,217
7,447,001 7,441,293 7,578,772 7,478,093 7,357,986 7,423,209 7,472,217 7,433,646
15,566,801 15,069,073 14,642,333 15,163,125 16,993,003 16,426,204 16,004,527 16,526,637
7,544,617 7,153,445 6,691,283 7,059,393 8,422,624 8,011,899 7,456,051 7,911,466
2,211,127 2,166,682 2,122,237 2,166,682 2,326,337 2,277,461 2,228,585 2,277,461
5,333,490 4,986,763 4,569,047 4,892,711 6,096,286 5,734,438 5,227,466 5,634,005

1,071,000 837,000 684,000 684,000 612,000 612,000 477,000 398,700
19,438 19,438 19,438 19,438 19,438 19,438 19,438 19,438
- - - - - - - -
- - - - - - - -
269,257 258,254 247,086 235,750 224,244 212,565 200,712 188,680
382,801 367,985 352,947 337,684 322,191 306,466 290,506 274,306
536,471 519,447 502,169 484,631 466,830 448,762 430,423 411,809
820,464 797,673 774,539 751,059 727,226 703,036 678,483 653,562
354,971 347,255 339,345 331,238 322,928 314,410 305,679 296,730
50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000

- 50,000 - 50,000 - 50,000 - 50,000 - 50,000 - 50,000 - 50,000 - 50,000
2,383,402 2,310,051 2,235,524 2,159,799 2,082,857 2,004,678 1,925,241 1,844,525
- - - - - - - -
4,021,088 3,513,712 3,017,523 3,416,912 4,625,430 4,341,760 3,779,225 4,188,180

1,608,435 1,405,485 1,207,009 1,366,765 1,850,172 1,736,704 1,511,690 1,675,272
2,412,653 2,108,227 1,810,514 2,050,147 2,775,258 2,605,056 2,267,535 2,512,908
965,061 843,291 724,206 820,059 1,110,103 1,042,022 907,014 1,005,163
1,447,592 1,264,936 1,086,308 1,230,088 1,665,155 1,563,034 1,360,521 1,507,745
14,570,448 17,158,165 17,454,138 15,825,025 15,943,658 17,413,979 12,883,766 11,396,515

119,000,000 93,000,000 76,000,000 76,000,000 68,000,000 68,000,000 53,000,000 44,300,000
11,555,709 11,111,259 10,666,808 11,111,259 12,707,813 12,219,051 11,730,289 12,219,051
7,447,001 7,441,293 7,578,772 7,478,093 7,357,986 7,423,209 7,472,217 7,433,646
- - - - - - - -
- - - - - - - -
152,573,158 128,710,716 111,699,719 110,414,376 104,009,458 105,056,240 85,086,272 75,349,213
2,486,250 2,486,250 2,486,250 2,486,250 2,486,250 2,486,250 2,486,250 2,486,250

24,716,250 26,248,125 27,780,000 29,311,875 30,986,250 32,660,625 34,335,000 36,009,375
8,465,250 8,465,250 8,465,250 8,465,250 8,465,250 8,465,250 8,465,250 8,465,250
62,634,250 66,601,000 70,567,750 74,534,500 78,870,250 83,206,000 87,541,750 91,877,500
27,255,000 27,255,000 27,255,000 27,255,000 27,255,000 27,255,000 27,255,000 27,255,000

14,775,000 14,775,000 14,775,000 14,775,000 14,775,000 14,775,000 14,775,000 14,775,000
- - - - - - - -
12,360,000 12,360,000 12,360,000 12,360,000 12,360,000 12,360,000 12,360,000 12,360,000
11,355,000 11,355,000 11,355,000 11,355,000 11,355,000 11,355,000 11,355,000 11,355,000
10,935,000 10,935,000 10,935,000 10,935,000 10,935,000 10,935,000 10,935,000 10,935,000
- - - - - - - -
1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000
7,395,000 7,395,000 7,395,000 7,395,000 7,395,000 7,395,000 7,395,000 7,395,000
570,000 570,000 570,000 570,000 570,000 570,000 570,000 570,000
3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000
2,130,000 2,130,000 2,130,000 2,130,000 2,130,000 2,130,000 2,130,000 2,130,000

1,995,000 1,995,000 1,995,000 1,995,000 1,995,000 1,995,000 1,995,000 1,995,000
1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000

11,085,000 11,085,000 11,085,000 11,085,000 11,085,000 11,085,000 11,085,000 11,085,000
1,710,000 1,710,000 1,710,000 1,710,000 1,710,000 1,710,000 1,710,000 1,710,000
3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000
25,830,000 25,830,000 25,830,000 25,830,000 25,830,000 25,830,000 25,830,000
18,735,000 18,735,000 18,735,000 18,735,000 18,735,000 18,735,000
3,135,000 3,135,000 3,135,000 3,135,000 3,135,000
9,225,000 9,225,000 9,225,000 9,225,000
1,425,000 1,425,000 1,425,000
22,155,000 22,155,000
12,075,000
110,685,000 136,515,000 155,250,000 158,385,000 167,610,000 169,035,000 191,190,000 203,265,000
34,286,000 54,617,375 67,853,750 65,490,125 68,705,000 64,119,875 80,264,750 86,329,625

186,859,158 183,328,091 179,553,469 175,904,501 172,714,458 169,176,115 165,351,022 161,678,838
926,400 888,000 859,200 888,000 1,017,600 979,200 936,000 979,200

- - - - - - - -
- - - - - - - -
- - - - - - - -
3,045,919 3,091,608 3,137,982 3,185,052 3,232,827 3,281,320 3,330,540 3,380,498
4,101,237 4,162,756 4,225,197 4,288,575 4,352,904 4,418,197 4,484,470 4,551,738
4,712,343 4,783,028 4,854,774 4,927,595 5,001,509 5,076,532 5,152,680 5,229,970
6,309,091 6,403,728 6,499,783 6,597,280 6,696,239 6,796,683 6,898,633 7,002,113
1,313,797 1,346,642 1,380,308 1,414,816 1,450,186 1,486,441 1,523,602 1,561,692
20,408,787 20,675,761 20,957,244 21,301,318 21,751,266 22,038,373 22,325,925 22,705,209
- - - - - - - -
- - - - - - - -
14,171,016 13,380,768 12,578,667 11,764,534 10,938,189 10,099,448 9,248,127 8,384,036
20,431,100 19,367,055 18,287,050 17,190,844 16,078,196 14,948,858 13,802,579 12,639,107
29,917,485 28,694,892 27,453,960 26,194,414 24,915,975 23,618,360 22,301,280 20,964,444
46,869,088 45,232,227 43,570,813 41,884,478 40,172,848 38,435,544 36,672,180 34,882,366
12,576,394 12,227,163 11,869,201 11,502,291 11,126,208 10,740,722 10,345,600 9,940,599
123,965,082 118,902,105 113,759,691 108,536,562 103,231,416 97,842,932 92,369,767 86,810,552
18,258,771 18,258,771 18,258,771 18,258,771 18,258,771 18,258,771 18,258,771 18,258,771

- - - - - - - -
24,226,518 25,491,454 26,577,762 27,807,851 29,473,005 31,036,039 32,396,560 33,904,305
42,485,289 43,750,225 44,836,533 46,066,622 47,731,776 49,294,810 50,655,331 52,163,076
186,859,158 183,328,091 179,553,469 175,904,501 172,714,458 169,176,115 165,351,022 161,678,838
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.05 0.05 0.04 0.05 0.06 0.06 0.05 0.06
0.49 0.48 0.48 0.51 0.59 0.58 0.57 0.60
2.69 2.52 2.35 2.58 3.22 3.17 2.96 3.27
0.23 0.19 0.16 0.18 0.23 0.21 0.18 0.19
0.48 0.47 0.47 0.46 0.46 0.45 0.44 0.44
2.92 2.72 2.54 2.36 2.16 1.98 1.82 1.66
3.40 3.19 3.00 2.82 2.62 2.43 2.26 2.10
3.38 3.17 2.99 2.80 2.60 2.41 2.25 2.08
14.11 11.91 9.93 10.97 14.46 13.10 11.04 11.91
3,045,919 3,091,608 3,137,982 3,185,052 3,232,827 3,281,320 3,330,540 3,380,498
14,171,016 13,380,768 12,578,667 11,764,534 10,938,189 10,099,448 9,248,127 8,384,036
4,101,237 4,162,756 4,225,197 4,288,575 4,352,904 4,418,197 4,484,470 4,551,738

20,431,100 19,367,055 18,287,050 17,190,844 16,078,196 14,948,858 13,802,579 12,639,107
4,712,343 4,783,028 4,854,774 4,927,595 5,001,509 5,076,532 5,152,680 5,229,970

29,917,485 28,694,892 27,453,960 26,194,414 24,915,975 23,618,360 22,301,280 20,964,444
6,309,091 6,403,728 6,499,783 6,597,280 6,696,239 6,796,683 6,898,633 7,002,113

46,869,088 45,232,227 43,570,813 41,884,478 40,172,848 38,435,544 36,672,180 34,882,366
1,313,797 1,346,642 1,380,308 1,414,816 1,450,186 1,486,441 1,523,602 1,561,692

12,576,394 12,227,163 11,869,201 11,502,291 11,126,208 10,740,722 10,345,600 9,940,599
20 21 22 23 24 25 26 27
17,216,935 16,472,376 15,716,649 14,949,585 14,171,016 13,380,768 12,578,667 11,764,534
733,556 744,559 755,727 767,063 778,569 790,248 802,102 814,133
269,257 258,254 247,086 235,750 224,244 212,565 200,712 188,680
1,002,813 1,002,813 1,002,813 1,002,813 1,002,813 1,002,813 1,002,813 1,002,813
24,532,337 23,529,811 22,512,247 21,479,420 20,431,100 19,367,055 18,287,050 17,190,844

987,710 1,002,526 1,017,564 1,032,827 1,048,320 1,064,045 1,080,005 1,096,205
382,801 367,985 352,947 337,684 322,191 306,466 290,506 274,306
1,370,511 1,370,511 1,370,511 1,370,511 1,370,511 1,370,511 1,370,511 1,370,511
ION DE ACCIONES (VER FILAS 770 Y 790)

15 16 17 18 19 20 21 22
34,629,828 33,477,920 32,308,734 31,122,009 29,917,485 28,694,892 27,453,960 26,194,414
1,134,884 1,151,908 1,169,186 1,186,724 1,204,525 1,222,593 1,240,932 1,259,546
536,471 519,447 502,169 484,631 466,830 448,762 430,423 411,809
1,671,355 1,671,355 1,671,355 1,671,355 1,671,355 1,671,355 1,671,355 1,671,355
DE COMPLEMENTAR MAS ADELANTE CON EMISION DE ACCIONES

12 13 14 15 16 17 18 19
53,178,179 51,635,955 50,070,597 48,481,759 46,869,088 45,232,227 43,570,813 41,884,478
1,519,433 1,542,224 1,565,358 1,588,838 1,612,671 1,636,861 1,661,414 1,686,335
820,464 797,673 774,539 751,059 727,226 703,036 678,483 653,562
2,339,897 2,339,897 2,339,897 2,339,897 2,339,897 2,339,897 2,339,897 2,339,897
2 3 4 5 6 7 8 9
13,890,190 13,573,805 13,249,509 12,917,106 12,576,394 12,227,163 11,869,201 11,502,291
308,669 316,386 324,295 332,403 340,713 349,231 357,961 366,910
354,971 347,255 339,345 331,238 322,928 314,410 305,679 296,730
663,641 663,641 663,641 663,641 663,641 663,641 663,641 663,641

1,230,000 1,230,000 1,230,000 1,230,000 1,230,000 1,230,000 1,230,000 1,230,000
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000
-50,000 -50,000 -50,000 -50,000 -50,000 -50,000 -50,000 -50,000

0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
-50,000 -50,000 -50,000 -50,000 -50,000 -50,000 -50,000 -50,000
17 18 19 20 21 22 23 24
0.78 0.69 0.59 0.67 0.90 0.85 0.74 0.82
0.47 0.40 0.34 0.37 0.49 0.44 0.37 0.40
0.61 0.59 0.57 0.55 0.54 0.52 0.51 0.49
13 14 15 16 17 18 19 20
0.78 0.69 0.59 0.67 0.90 0.85 0.74 0.82
0.53 0.45 0.38 0.42 0.55 0.50 0.42 0.45
0.68 0.66 0.64 0.62 0.61 0.59 0.57 0.55
9 10 11 12 13 14 15 16
0.78 0.69 0.59 0.67 0.90 0.85 0.74 0.82
0.53 0.45 0.38 0.42 0.55 0.50 0.42 0.45
0.77 0.74 0.72 0.70 0.68 0.66 0.64 0.62
5 6 7 8 9 10 11 12
0.78 0.69 0.59 0.67 0.90 0.85 0.74 0.82
0.53 0.45 0.38 0.42 0.55 0.50 0.42 0.45
0.862608784 0.837484257 0.813091511 0.789409234 0.766416732 0.744093915 0.722421277 0.70137988
1 2 3 4 5 6 7 8
0.78 0.69 0.59 0.67 0.90 0.85 0.74 0.82
0.53 0.45 0.38 0.42 0.55 0.50 0.42 0.45
0.970873786 0.942595909 0.915141659 0.888487048 0.862608784 0.837484257 0.813091511 0.789409234
135670824 133570448 110158165 93454138 91825025 83943658 85413979 65883766

11555709 11111259 10666808 11111259 12707813 12219051 11730289 12219051
10103900 11555709 11111259 10666808 11111259 12707813 12219051 11730289
1071000 837000 684000 684000 612000 612000 477000 398700
0 0 0 0 0 0 0 0
158401433 157074416 132620232 115916205 116256097 109482523 109840320 90231807
2538000 2430000 2349000 2430000 2794500 2686500 2565000 2686500

247500 282000 270000 261000 270000 310500 298500 285000
5619600 5382000 5203800 5382000 6183900 5946300 5679000 5946300
548500 624400 598000 578200 598000 687100 660700 631000
690107 684740 689188 683821 686772 689302 683410 685940
180000 180000 180000 180000 180000 180000 180000 180000
20000 20000 20000 20000 20000 20000 20000 20000
2211127 2166682 2122237 2166682 2326337 2277461 2228585 2277461
3135000 25830000 18735000 3135000 9225000 1425000 22155000 12075000

2383402 2310051 2235524 2159799 2082857 2004678 1925241 1844525
1608435 1405485 1207009 1366765 1850172 1736704 1511690 1675272
965061 843291 724206 820059 1110103 1042022 907014 1005163
50000 50000 50000 50000 50000 50000 50000 50000
-50000 -50000 -50000 -50000 -50000 -50000 -50000 -50000
0 0 0 0 0 0 0 0
733556 744559 755727 767063 778569 790248 802102 814133
987710 1002526 1017564 1032827 1048320 1064045 1080005 1096205
1134884 1151908 1169186 1186724 1204525 1222593 1240932 1259546
1,519,433 1,542,224 1,565,358 1,588,838 1,612,671 1,636,861 1,661,414 1,686,335
308669 316386 324295 332403 340713 349231 357961 366910
24830985 46916252 39166094 24091181 32312438 24068544 43956554 34535291
133570448 110158165 93454138 91825025 83943658 85413979 65883766 55696515

119000000 93000000 76000000 76000000 68000000 68000000 53000000 44300000
14570448 17158165 17454138 15825025 15943658 17413979 12883766 11396515

- - - - - - - -
255,000 255,000 255,000 255,000 245,000 245,000 245,000 245,000
255,000 255,000 255,000 255,000 245,000 245,000 245,000 245,000
88.2% 86.3% 82.4% 82.4% 85.7% 85.7% 95.9% 95.9%
225,000 220,000 210,000 210,000 210,000 210,000 235,000 235,000

123.00 123.00 123.00 123.00 123.00 123.00 123.00 123.00
- - - - - - 20,295,000 -
369 369 369 369 369 369 369 369
3,135,000 285,000 2,565,000 1,425,000 3,705,000 5,700,000
57 57 57 57 57 57 57 57
- 700,000 2,000,000 2,500,000 3,000,000 7,000,000 - 20,000,000
873,970.13 935,148.04
0.26 0.25 0.24 0.25 0.26 0.25 0.24 0.25
89,367.53 87,135.30 88,642.77 88,889.94 80,397.40 47,258.92 23,471.91 34,036.38
225,000.00 220,000.00 210,000.00 210,000.00 210,000.00 210,000.00 235,000.00 235,000.00
227,232.23 218,492.53 209,752.83 218,492.53 243,138.49 233,787.01 224,435.53 233,787.01
87,135 88,643 88,890 80,397 47,259 23,472 34,036 35,249
314,367.53 307,135.30 298,642.77 298,889.94 290,397.40 257,258.92 258,471.91 269,036.38
0.009 0.009 0.009 0.009 0.009 0.009 0.009 0.009
0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02

0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03
0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03
0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01
0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06
0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08
4.03 4.03 4.03 4.03 4.03 4.03 4.03 4.03
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
15.00 15.00 15.00 15.00 15.00 15.00 15.00 15.00
60,000.00 60,000.00 60,000.00 60,000.00 60,000.00 60,000.00 60,000.00 60,000.00

40,000.00 40,000.00 40,000.00 40,000.00 40,000.00 40,000.00 40,000.00 40,000.00
20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00
105,000.00 100,000.00 90,000.00 90,000.00 90,000.00 90,000.00 115,000.00 115,000.00
39.00 39.00 39.00 39.00 39.00 39.00 39.00 39.00

29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00
25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00
33.00 33.00 33.00 33.00 33.00 33.00 33.00 33.00
2340000 2340000 2340000 2340000 2340000 2340000 2340000 2340000
1160000 1160000 1160000 1160000 1160000 1160000 1160000 1160000
500000 500000 500000 500000 500000 500000 500000 500000
3465000 3300000 2970000 2970000 2970000 2970000 3795000 3795000
7465000 7300000 6970000 6970000 6970000 6970000 7795000 7795000
2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000

3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000
82,135 83,643 83,890 75,397 42,259 18,472 29,036 30,249
1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00
8.00 8.00 8.00 8.00 8.00 8.00 8.00 8.00
2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000

9,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000
657,082 669,142 671,119 603,179 338,071 147,775 232,291 241,995
668,082 680,142 682,119 614,179 349,071 158,775 243,291 252,995
25,000
10,000 10,000 10,000 10,000
5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000
20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000
70,000 70,000 70,000 70,000 70,000 70,000 70,000 70,000
50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000
25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000
50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000
25,000 25,000 25,000 25,000 25,000 25,000 25,000
255,000 255,000 255,000 255,000 245,000 245,000 245,000 245,000
55,000
5,000 5,000 5,000
55,000 55,000 55,000 55,000
25,000 25,000 25,000 25,000 25,000 25,000
65,000 65,000 65,000 65,000 65,000 65,000 65,000
50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000
55,000 55,000 55,000 55,000 55,000 55,000 55,000
5,000 5,000 5,000 5,000 5,000
45,000 45,000 45,000 45,000
25,000 25,000
65000
255,000 255,000 255,000 255,000 245,000 245,000 245,000 245,000

280,000 280,000 280,000 280,000
461,250
184,500 184,500 184,500 184,500
92,250 92,250 92,250 92,250 92,250 92,250 92,250 92,250
369,000 369,000 369,000 369,000 369,000 369,000 369,000 369,000
1,291,500 1,291,500 1,291,500 1,291,500 1,291,500 1,291,500 1,291,500 1,291,500
922,500 922,500 922,500 922,500 922,500 922,500 922,500 922,500
461,250 461,250 461,250 461,250 461,250 461,250 461,250 461,250
922,500 922,500 922,500 922,500 922,500 922,500 922,500 922,500
461,250 461,250 461,250 461,250 461,250 461,250 461,250
4,704,750 4,704,750 4,704,750 4,704,750 4,520,250 4,520,250 4,520,250 4,520,250
391,875
35,625 35,625 35,625
391,875 391,875 391,875 391,875
178,125 178,125 178,125 178,125 178,125 178,125
463,125 463,125 463,125 463,125 463,125 463,125 463,125
356,250 356,250 356,250 356,250 356,250 356,250 356,250 356,250
391,875 391,875 391,875 391,875 391,875 391,875 391,875
35,625 35,625 35,625 35,625 35,625
320,625 320,625 320,625 320,625
178,125 178,125
463,125
1,816,875 1,816,875 1,816,875 1,816,875 1,745,625 1,745,625 1,745,625 1,745,625
200000 200000 200000 200000 200000 200000 200000 200000

1055556 1055556 1055556 1055556 1055556 1055556 1055556 1055556
1397478 1343729 1289980 1343729 1495302 1437790 1380279 1437790
81.021 81.826 83.446 83.123 80.643 79.736 76.720 76.761
83.181 81.635 81.772 82.949 83.071 81.315 80.026 77.020
81.635 81.772 82.949 83.071 81.315 80.026 77.020 76.794
1000000 1000000 1000000 1000000 1000000 1000000 1000000 1000000
1000000 1000000 1000000 1000000 1000000 1000000 1000000 1000000

227232 218493 209753 218493 243138 233787 224436 233787
27,949,565 26,874,581 25,799,598 26,874,581 29,906,034 28,755,802 27,605,570 28,755,802
27,949,565 26,874,581 25,799,598 26,874,581 29,906,034 28,755,802 27,605,570 28,755,802
3,375,000 3,300,000 3,150,000 3,150,000 3,150,000 3,150,000 3,525,000 3,525,000

7,465,000 7,300,000 6,970,000 6,970,000 6,970,000 6,970,000 7,795,000 7,795,000
10,840,000 10,600,000 10,120,000 10,120,000 10,120,000 10,120,000 11,320,000 11,320,000
668,082 680,142 682,119 614,179 349,071 158,775 243,291 252,995
1,816,875 1,816,875 1,816,875 1,816,875 1,745,625 1,745,625 1,745,625 1,745,625
4,704,750 4,704,750 4,704,750 4,704,750 4,520,250 4,520,250 4,520,250 4,520,250
- - - - - - - -
200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000
7,389,707 7,401,767 7,403,744 7,335,804 6,814,946 6,624,650 6,709,166 6,718,870
18,229,707 18,001,767 17,523,744 17,455,804 16,934,946 16,744,650 18,029,166 18,038,870
7,433,646 7,113,279 7,248,490 7,373,366 6,678,715 3,842,858 1,878,372 2,621,486
7,113,279 7,248,490 7,373,366 6,678,715 3,842,858 1,878,372 2,621,486 2,706,937
18,550,074 17,866,556 17,398,869 18,150,455 19,770,804 18,709,136 17,286,052 17,953,419
9,399,490 9,008,025 8,400,729 8,724,127 10,135,231 10,046,666 10,319,518 10,802,383
2,453,034 2,399,285 2,345,536 2,399,285 2,550,858 2,493,346 2,435,835 2,493,346
6,946,456 6,608,740 6,055,193 6,324,842 7,584,373 7,553,320 7,883,683 8,309,037

392,400 392,400 410,400 432,900 459,900 522,900 342,900 342,900
19,438 19,438 19,438 19,438 19,438 19,438 19,438 19,438
- - - - - - - -
- - - - - - - -
176,468 164,073 151,492 138,722 125,761 112,605 99,252 85,698
257,863 241,173 224,233 207,039 189,587 171,873 153,893 135,644
392,916 373,740 354,275 334,519 314,467 294,113 273,455 252,486
628,267 602,593 576,533 550,083 523,235 495,986 468,327 440,253
287,557 278,155 268,518 258,640 248,515 238,137 227,499 216,596
50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000

- 50,000 - 50,000 - 50,000 - 50,000 - 50,000 - 50,000 - 50,000 - 50,000
1,762,509 1,679,171 1,594,489 1,508,440 1,421,002 1,332,151 1,241,863 1,150,115
- - - - - - - -
5,576,347 5,321,970 4,871,105 5,249,302 6,623,271 6,744,069 6,984,720 7,501,822

2,230,539 2,128,788 1,948,442 2,099,721 2,649,308 2,697,628 2,793,888 3,000,729
3,345,808 3,193,182 2,922,663 3,149,581 3,973,963 4,046,442 4,190,832 4,501,093
1,338,323 1,277,273 1,169,065 1,259,832 1,589,585 1,618,577 1,676,333 1,800,437
2,007,485 1,915,909 1,753,598 1,889,749 2,384,378 2,427,865 2,514,499 2,700,656
10,874,916 14,302,247 15,183,920 13,128,237 14,451,968 11,524,806 10,431,392 7,119,816

43,600,000 43,600,000 45,600,000 48,100,000 51,100,000 58,100,000 38,100,000 38,100,000
13,974,782 13,437,291 12,899,799 13,437,291 14,953,017 14,377,901 13,802,785 14,377,901
7,113,279 7,248,490 7,373,366 6,678,715 3,842,858 1,878,372 2,621,486 2,706,937
- - - - - - - -
- - - - - - - -
75,562,977 78,588,028 81,057,084 81,344,244 84,347,844 85,881,080 64,955,663 62,304,654
2,486,250 2,486,250 2,486,250 2,486,250 2,486,250 2,486,250 2,486,250 2,486,250

37,826,250 39,643,125 41,460,000 43,276,875 45,022,500 46,768,125 48,513,750 50,259,375
8,465,250 8,465,250 8,465,250 8,465,250 8,465,250 8,465,250 8,465,250 8,465,250
96,582,250 101,287,000 105,991,750 110,696,500 115,216,750 119,737,000 124,257,250 128,777,500
27,255,000 27,255,000 27,255,000 27,255,000 27,255,000 27,255,000 27,255,000 27,255,000

14,775,000 14,775,000 14,775,000 14,775,000 14,775,000 14,775,000 14,775,000 14,775,000
- - - - - - - -
12,360,000 12,360,000 12,360,000 12,360,000 12,360,000 12,360,000 12,360,000 12,360,000
11,355,000 11,355,000 11,355,000 11,355,000 11,355,000 11,355,000 11,355,000 11,355,000
10,935,000 10,935,000 10,935,000 10,935,000 10,935,000 10,935,000 10,935,000 10,935,000
- - - - - - - -
1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000
7,395,000 7,395,000 7,395,000 7,395,000 7,395,000 7,395,000 7,395,000 7,395,000
570,000 570,000 570,000 570,000 570,000 570,000 570,000 570,000
3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000
2,130,000 2,130,000 2,130,000 2,130,000 2,130,000 2,130,000 2,130,000 2,130,000

1,995,000 1,995,000 1,995,000 1,995,000 1,995,000 1,995,000 1,995,000 1,995,000
1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000

11,085,000 11,085,000 11,085,000 11,085,000 11,085,000 11,085,000 11,085,000 11,085,000
1,710,000 1,710,000 1,710,000 1,710,000 1,710,000 1,710,000 1,710,000 1,710,000
3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000
25,830,000 25,830,000 25,830,000 25,830,000 25,830,000 25,830,000 25,830,000 25,830,000
18,735,000 18,735,000 18,735,000 18,735,000 18,735,000 18,735,000 18,735,000 18,735,000
3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000
9,225,000 9,225,000 9,225,000 9,225,000 9,225,000 9,225,000 9,225,000 9,225,000
1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000
22,155,000 22,155,000 22,155,000 22,155,000 22,155,000 22,155,000 22,155,000 22,155,000
12,075,000 12,075,000 12,075,000 12,075,000 12,075,000 12,075,000 12,075,000 12,075,000
3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000
- - - - - - -
285,000 285,000 285,000 285,000 285,000 285,000
2,565,000 2,565,000 2,565,000 2,565,000 2,565,000
1,425,000 1,425,000 1,425,000

24,000,000 24,000,000
5,700,000
206,400,000 206,400,000 206,685,000 209,250,000 209,250,000 210,675,000 234,675,000 240,375,000
82,943,000 76,421,375 70,184,750 66,228,125 59,962,250 55,121,375 72,855,500 72,289,625

158,505,977 155,009,403 151,241,834 147,572,369 144,310,094 141,002,455 137,811,163 134,594,279
1,104,000 1,080,000 1,032,000 1,032,000 1,032,000 1,032,000 1,152,000 1,152,000

- - - - - - - -
- - - - - - - -
- - - - - - - -
2,554,153 1,715,412 864,091 - - - - -
4,620,014 4,689,314 4,759,653 4,831,048 4,903,514 4,977,067 5,051,723 5,127,499
5,308,419 5,388,046 5,468,866 5,550,899 5,634,163 5,718,675 5,804,455 5,891,522
7,107,144 7,213,752 7,321,958 7,431,787 7,543,264 7,656,413 7,771,259 7,887,828
1,600,734 1,640,752 1,681,771 1,723,815 1,766,911 1,811,083 1,856,361 1,902,770
22,294,464 21,727,276 21,128,340 20,569,550 20,879,852 21,195,239 21,635,798 21,961,618
- - - - - - - -
- - - - - - - -
8,384,036 8,384,036 8,384,036 8,384,036 7,506,983 6,616,775 5,713,214 4,796,099
11,458,182 10,259,544 9,042,926 7,808,059 6,554,668 5,282,477 3,991,203 2,680,560
19,607,556 18,230,314 16,832,414 15,413,545 13,973,393 12,511,639 11,027,958 9,522,023
33,065,704 31,221,792 29,350,222 27,450,578 25,522,440 23,565,379 21,578,963 19,562,750
9,525,474 9,099,970 8,663,829 8,216,784 7,758,563 7,288,887 6,807,468 6,314,014
82,040,952 77,195,657 72,273,427 67,273,002 61,316,048 55,265,157 49,118,807 42,875,446
18,258,771 18,258,771 18,258,771 18,258,771 18,258,771 18,258,771 18,258,771 18,258,771

- - - - - - - -
35,911,790 37,827,699 39,581,297 41,471,046 43,855,423 46,283,288 48,797,787 51,498,443
54,170,561 56,086,470 57,840,068 59,729,816 62,114,194 64,542,059 67,056,558 69,757,214
158,505,977 155,009,403 151,241,834 147,572,369 144,310,094 141,002,455 137,811,163 134,594,279
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.08 0.08 0.08 0.09 0.11 0.11 0.12 0.13
0.71 0.69 0.68 0.73 0.83 0.82 0.80 0.85
4.16 4.17 4.05 4.48 5.66 6.06 6.62 7.52
0.25 0.23 0.20 0.21 0.26 0.25 0.25 0.26
0.41 0.39 0.37 0.34 0.34 0.33 0.32 0.31
1.51 1.38 1.25 1.13 0.99 0.86 0.73 0.61
1.93 1.76 1.61 1.47 1.32 1.18 1.06 0.93
1.91 1.74 1.60 1.45 1.31 1.17 1.04 0.91
15.39 14.15 12.51 13.07 15.97 15.63 15.58 16.11
2,554,153 1,715,412 864,091 0 0 0 0 0
8,384,036 8,384,036 8,384,036 8,384,036 7,506,983 6,616,775 5,713,214 4,796,099
4,620,014 4,689,314 4,759,653 4,831,048 4,903,514 4,977,067 5,051,723 5,127,499

11,458,182 10,259,544 9,042,926 7,808,059 6,554,668 5,282,477 3,991,203 2,680,560
5,308,419 5,388,046 5,468,866 5,550,899 5,634,163 5,718,675 5,804,455 5,891,522

19,607,556 18,230,314 16,832,414 15,413,545 13,973,393 12,511,639 11,027,958 9,522,023
7,107,144 7,213,752 7,321,958 7,431,787 7,543,264 7,656,413 7,771,259 7,887,828

33,065,704 31,221,792 29,350,222 27,450,578 25,522,440 23,565,379 21,578,963 19,562,750
1,600,734 1,640,752 1,681,771 1,723,815 1,766,911 1,811,083 1,856,361 1,902,770

9,525,474 9,099,970 8,663,829 8,216,784 7,758,563 7,288,887 6,807,468 6,314,014
28 29 30 31 32 33 34 35
10,938,189 10,099,448 9,248,127 8,384,036 7,506,983 6,616,775 5,713,214 4,796,099
826,345 838,740 851,321 864,091 877,053 890,208 903,561 917,115
176,468 164,073 151,492 138,722 125,761 112,605 99,252 85,698
1,002,813 1,002,813 1,002,813 1,002,813 1,002,813 1,002,813 1,002,813 1,002,813
16,078,196 14,948,858 13,802,579 12,639,107 11,458,182 10,259,544 9,042,926 7,808,059

1,112,649 1,129,338 1,146,278 1,163,472 1,180,925 1,198,638 1,216,618 1,234,867
257,863 241,173 224,233 207,039 189,587 171,873 153,893 135,644
1,370,511 1,370,511 1,370,511 1,370,511 1,370,511 1,370,511 1,370,511 1,370,511
23 24 25 26 27 28 29 30
24,915,975 23,618,360 22,301,280 20,964,444 19,607,556 18,230,314 16,832,414 15,413,545
1,278,439 1,297,615 1,317,080 1,336,836 1,356,888 1,377,242 1,397,900 1,418,869
392,916 373,740 354,275 334,519 314,467 294,113 273,455 252,486
1,671,355 1,671,355 1,671,355 1,671,355 1,671,355 1,671,355 1,671,355 1,671,355
20 21 22 23 24 25 26 27
40,172,848 38,435,544 36,672,180 34,882,366 33,065,704 31,221,792 29,350,222 27,450,578
1,711,630 1,737,304 1,763,364 1,789,814 1,816,662 1,843,912 1,871,570 1,899,644
628,267 602,593 576,533 550,083 523,235 495,986 468,327 440,253
2,339,897 2,339,897 2,339,897 2,339,897 2,339,897 2,339,897 2,339,897 2,339,897
10 11 12 13 14 15 16 17
11,126,208 10,740,722 10,345,600 9,940,599 9,525,474 9,099,970 8,663,829 8,216,784
376,083 385,485 395,122 405,001 415,126 425,504 436,141 447,045
287,557 278,155 268,518 258,640 248,515 238,137 227,499 216,596
663,641 663,641 663,641 663,641 663,641 663,641 663,641 663,641

1,230,000 1,230,000 1,230,000 1,230,000 1,230,000 1,230,000 1,230,000 1,230,000
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000
-50,000 -50,000 -50,000 -50,000 -50,000 -50,000 -50,000 -50,000

0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
-50,000 -50,000 -50,000 -50,000 -50,000 -50,000 -50,000 -50,000
25 26 27 28 29 30 31 32
1.09 1.04 0.95 1.02 1.29 1.32 1.36 1.46
0.52 0.48 0.43 0.45 0.55 0.54 0.55 0.57
0.48 0.46 0.45 0.44 0.42 0.41 0.40 0.39
21 22 23 24 25 26 27 28
1.09 1.04 0.95 1.02 1.29 1.32 1.36 1.46
0.58 0.54 0.48 0.50 0.62 0.61 0.61 0.64
0.54 0.52 0.51 0.49 0.48 0.46 0.45 0.44
17 18 19 20 21 22 23 24
1.09 1.04 0.95 1.02 1.29 1.32 1.36 1.46
0.58 0.54 0.48 0.50 0.62 0.61 0.61 0.64
0.61 0.59 0.57 0.55 0.54 0.52 0.51 0.49
13 14 15 16 17 18 19 20
1.09 1.04 0.95 1.02 1.29 1.32 1.36 1.46
0.58 0.54 0.48 0.50 0.62 0.61 0.61 0.64
0.68095134 0.661117806 0.641861947 0.623166939 0.605016446 0.587394608 0.570286027 0.553675754
9 10 11 12 13 14 15 16
1.09 1.04 0.95 1.02 1.29 1.32 1.36 1.46
0.58 0.54 0.48 0.50 0.62 0.61 0.61 0.64
0.766416732 0.744093915 0.722421277 0.70137988 0.68095134 0.661117806 0.641861947 0.623166939
55696515 54474916 57902247 60783920 61228237 65551968 69624806 48531392

13974782 13437291 12899799 13437291 14953017 14377901 13802785 14377901
12219051 13974782 13437291 12899799 13437291 14953017 14377901 13802785
392400 392400 410400 432900 459900 522900 342900 342900
0 0 0 0 0 0 0 0
82282749 82279389 84649736 87553909 90078445 95405787 98148392 77054978
3037500 2970000 2835000 2835000 2835000 2835000 3172500 3172500

298500 337500 330000 315000 315000 315000 315000 352500
6718500 6570000 6273000 6273000 6273000 6273000 7015500 7015500
660700 746500 730000 697000 697000 697000 697000 779500
668082 680142 682119 614179 349071 158775 243291 252995
180000 180000 180000 180000 180000 180000 180000 180000
20000 20000 20000 20000 20000 20000 20000 20000
2453034 2399285 2345536 2399285 2550858 2493346 2435835 2493346
3135000 0 285000 2565000 0 1425000 24000000 5700000

1762509 1679171 1594489 1508440 1421002 1332151 1241863 1150115
2230539 2128788 1948442 2099721 2649308 2697628 2793888 3000729
1338323 1277273 1169065 1259832 1589585 1618577 1676333 1800437
50000 50000 50000 50000 50000 50000 50000 50000
-50000 -50000 -50000 -50000 -50000 -50000 -50000 -50000
0 0 0 0 0 0 0 0
826345 838740 851321 864091 877053 890208 903561 917115
1112649 1129338 1146278 1163472 1180925 1198638 1216618 1234867
1278439 1297615 1317080 1336836 1356888 1377242 1397900 1418869
1,711,630 1,737,304 1,763,364 1,789,814 1,816,662 1,843,912 1,871,570 1,899,644
376083 385485 395122 405001 415126 425504 436141 447045
27807833 24377142 23865817 26325672 24526477 25780980 49617001 31835162
54474916 57902247 60783920 61228237 65551968 69624806 48531392 45219816

43600000 43600000 45600000 48100000 51100000 58100000 38100000 38100000
10874916 14302247 15183920 13128237 14451968 11524806 10431392 7119816

- - - - - - - -
295,000 295,000 295,000 295,000 275,000 305,000 305,000 305,000
295,000 295,000 295,000 295,000 275,000 305,000 305,000 305,000
93.2% 93.2% 93.2% 93.2% 96.4% 93.4% 90.2% 95.1%
275,000 275,000 275,000 275,000 265,000 285,000 275,000 290,000

123.00 123.00 123.00 123.00 123.00 123.00 123.00 123.00
- - - 11,070,000 - 25,830,000 - -
369 369 369 369 369 369 369 369
3,135,000 285,000 1,425,000 1,710,000 1,425,000 3,705,000
57 57 57 57 57 57 57 57
2,000,000 3,500,000 - 3,500,000 - 20,000,000 5,000,000 9,000,000
1,000,608.40 1,070,650.99
0.26 0.25 0.24 0.25 0.26 0.25 0.24 0.25
35,249.37 50,091.18 74,939.08 109,793.07 134,640.97 121,271.71 138,608.96 156,652.72
275,000.00 275,000.00 275,000.00 275,000.00 265,000.00 285,000.00 275,000.00 290,000.00
260,158.18 250,152.10 240,146.02 250,152.10 278,369.26 267,662.75 256,956.24 267,662.75
50,091 74,939 109,793 134,641 121,272 138,609 156,653 178,990
310,249.37 325,091.18 349,939.08 384,793.07 399,640.97 406,271.71 413,608.96 446,652.72
0.009 0.009 0.009 0.009 0.009 0.009 0.009 0.009
0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02

0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03
0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03
0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01
0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06
0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08
4.03 4.03 4.03 4.03 4.03 4.03 4.03 4.03
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
15.00 15.00 15.00 15.00 15.00 15.00 15.00 15.00
60,000.00 60,000.00 60,000.00 60,000.00 60,000.00 60,000.00 60,000.00 60,000.00

40,000.00 40,000.00 40,000.00 40,000.00 40,000.00 40,000.00 40,000.00 40,000.00
20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00
155,000.00 155,000.00 155,000.00 155,000.00 145,000.00 165,000.00 155,000.00 170,000.00
39.00 39.00 39.00 39.00 39.00 39.00 39.00 39.00

29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00
25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00
33.00 33.00 33.00 33.00 33.00 33.00 33.00 33.00
2340000 2340000 2340000 2340000 2340000 2340000 2340000 2340000
1160000 1160000 1160000 1160000 1160000 1160000 1160000 1160000
500000 500000 500000 500000 500000 500000 500000 500000
5115000 5115000 5115000 5115000 4785000 5445000 5115000 5610000
9115000 9115000 9115000 9115000 8785000 9445000 9115000 9610000
2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000

3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000
45,091 69,939 104,793 129,641 116,272 133,609 151,653 173,990
1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00
8.00 8.00 8.00 8.00 8.00 8.00 8.00 8.00
2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000

9,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000
360,729 559,513 838,345 1,037,128 930,174 1,068,872 1,213,222 1,391,920
371,729 570,513 849,345 1,048,128 941,174 1,079,872 1,224,222 1,402,920
20,000 20,000 20,000 20,000

70,000 70,000 70,000 70,000 70,000 70,000 70,000
50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000
25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000
50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000
25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000
55,000 55,000 55,000 55,000 55,000 55,000 55,000 55,000
30,000 30,000 30,000
70,000
295,000 295,000 295,000 295,000 275,000 305,000 305,000 305,000
55,000
5,000 5,000 5,000
45,000 45,000 45,000 45,000
25,000 25,000 25,000 25,000 25,000 25,000
65,000 65,000 65,000 65,000 65,000 65,000 65,000
100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000
55,000 55,000 55,000 55,000 55,000 55,000 55,000
5,000 5,000 5,000 5,000 5,000
25,000 25,000 25,000 25,000
30,000 30,000 30,000
25,000 25,000
65,000
295,000 295,000 295,000 295,000 275,000 305,000 305,000 305,000

369,000 369,000 369,000 369,000
1,291,500 1,291,500 1,291,500 1,291,500 1,291,500 1,291,500 1,291,500
922,500 922,500 922,500 922,500 922,500 922,500 922,500 922,500
461,250 461,250 461,250 461,250 461,250 461,250 461,250 461,250
922,500 922,500 922,500 922,500 922,500 922,500 922,500 922,500
461,250 461,250 461,250 461,250 461,250 461,250 461,250 461,250
1,014,750 1,014,750 1,014,750 1,014,750 1,014,750 1,014,750 1,014,750 1,014,750
553,500 553,500 553,500
1,291,500
5,442,750 5,442,750 5,442,750 5,442,750 5,073,750 5,627,250 5,627,250 5,627,250

391,875
35,625 35,625 35,625
320,625 320,625 320,625 320,625
178,125 178,125 178,125 178,125 178,125 178,125
463,125 463,125 463,125 463,125 463,125 463,125 463,125
712,500 712,500 712,500 712,500 712,500 712,500 712,500 712,500
391,875 391,875 391,875 391,875 391,875 391,875 391,875
35,625 35,625 35,625 35,625 35,625
178,125 178,125 178,125 178,125
213,750 213,750 213,750
178,125 178,125
463,125
2,101,875 2,101,875 2,101,875 2,101,875 1,959,375 2,173,125 2,173,125 2,173,125
200000 200000 200000 200000 200000 200000 200000 200000

1055556 1055556 1055556 1055556 1055556 1055556 1055556 1055556
1599973 1538435 1476898 1538435 1711971 1646126 1580281 1646126
77.659 78.382 79.396 80.119 78.997 80.001 81.689 80.563
76.794 77.561 78.256 79.152 79.843 79.282 79.786 81.052
77.561 78.256 79.152 79.843 79.282 79.786 81.052 80.734
1000000 1000000 1000000 1000000 1000000 1000000 1000000 1000000
1000000 1000000 1000000 1000000 1000000 1000000 1000000 1000000

260158 250152 240146 250152 278369 267663 256956 267663
31,999,457 30,768,708 29,537,960 30,768,708 34,239,419 32,922,518 31,605,617 32,922,518
31,999,457 30,768,708 29,537,960 30,768,708 34,239,419 32,922,518 31,605,617 32,922,518
4,125,000 4,125,000 4,125,000 4,125,000 3,975,000 4,275,000 4,125,000 4,350,000

9,115,000 9,115,000 9,115,000 9,115,000 8,785,000 9,445,000 9,115,000 9,610,000
13,240,000 13,240,000 13,240,000 13,240,000 12,760,000 13,720,000 13,240,000 13,960,000
371,729 570,513 849,345 1,048,128 941,174 1,079,872 1,224,222 1,402,920
2,101,875 2,101,875 2,101,875 2,101,875 1,959,375 2,173,125 2,173,125 2,173,125
5,442,750 5,442,750 5,442,750 5,442,750 5,073,750 5,627,250 5,627,250 5,627,250
- - - - - - - -
200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000
8,116,354 8,315,138 8,593,970 8,792,753 8,174,299 9,080,247 9,224,597 9,403,295
21,356,354 21,555,138 21,833,970 22,032,753 20,934,299 22,800,247 22,464,597 23,363,295
2,706,937 3,885,129 5,864,417 8,690,343 10,750,161 9,614,701 11,059,107 12,696,967
3,885,129 5,864,417 8,690,343 10,750,161 9,614,701 11,059,107 12,696,967 14,450,657
20,178,163 19,575,849 19,008,043 19,972,935 22,069,758 21,355,841 20,826,736 21,609,605
11,821,294 11,192,859 10,529,917 10,795,773 12,169,661 11,566,677 10,778,881 11,312,913
2,655,529 2,593,991 2,532,454 2,593,991 2,767,527 2,701,682 2,635,837 2,701,682
9,165,765 8,598,867 7,997,463 8,201,782 9,402,134 8,864,995 8,143,044 8,611,231

342,900 360,900 392,400 360,900 360,900 180,900 225,900 306,900
19,438 19,438 19,438 19,438 19,438 19,438 19,438 19,438
- - - - - - - -
- - - - - - - -
71,941 57,978 43,806 29,421 14,820 - - -
117,121 98,320 79,237 59,868 40,208 20,254 - -
231,203 209,601 187,675 165,419 142,830 119,902 96,631 73,010
411,759 382,837 353,481 323,684 293,441 262,744 231,587 199,962
205,420 193,964 182,222 170,187 157,850 145,206 132,245 118,960
50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000

- 50,000 - 50,000 - 50,000 - 50,000 - 50,000 - 50,000 - 50,000 - 50,000
1,056,881 962,138 865,858 768,017 668,588 567,544 479,900 411,370
- - - - - - - -
8,451,784 7,997,630 7,524,005 7,794,665 9,094,446 8,478,351 7,889,044 8,506,762

3,380,714 3,199,052 3,009,602 3,117,866 3,637,778 3,391,340 3,155,618 3,402,705
5,071,070 4,798,578 4,514,403 4,676,799 5,456,668 5,087,011 4,733,426 5,104,057
2,028,428 1,919,431 1,805,761 1,870,720 2,182,667 2,034,804 1,893,371 2,041,623
3,042,642 2,879,147 2,708,642 2,806,079 3,274,001 3,052,206 2,840,056 3,062,434
5,953,291 6,907,632 4,963,550 - 2,655,575 - 1,105,412 - 3,695,083 - 7,001,493 - 11,761,785

38,100,000 40,100,000 43,600,000 40,100,000 40,100,000 20,100,000 25,100,000 34,100,000
15,999,728 15,384,354 14,768,980 15,384,354 17,119,709 16,461,259 15,802,809 16,461,259
3,885,129 5,864,417 8,690,343 10,750,161 9,614,701 11,059,107 12,696,967 14,450,657
- - - - - - - -
- - - - - - - -
63,938,148 68,256,403 72,022,873 63,578,940 65,728,999 43,925,283 46,598,283 53,250,132
2,486,250 2,486,250 2,486,250 2,486,250 2,486,250 2,486,250 2,486,250 2,486,250

52,361,250 54,463,125 56,565,000 58,666,875 60,626,250 62,799,375 64,972,500 67,145,625
8,465,250 8,465,250 8,465,250 8,465,250 8,465,250 8,465,250 8,465,250 8,465,250
134,220,250 139,663,000 145,105,750 150,548,500 155,622,250 161,249,500 166,876,750 172,504,000
27,255,000 27,255,000 27,255,000 27,255,000 27,255,000 27,255,000 27,255,000 27,255,000

14,775,000 14,775,000 14,775,000 14,775,000 14,775,000 14,775,000 14,775,000 14,775,000
- - - - - - - -
12,360,000 12,360,000 12,360,000 12,360,000 12,360,000 12,360,000 12,360,000 12,360,000
11,355,000 11,355,000 11,355,000 11,355,000 11,355,000 11,355,000 11,355,000 11,355,000
10,935,000 10,935,000 10,935,000 10,935,000 10,935,000 10,935,000 10,935,000 10,935,000
- - - - - - - -
1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000
7,395,000 7,395,000 7,395,000 7,395,000 7,395,000 7,395,000 7,395,000 7,395,000
570,000 570,000 570,000 570,000 570,000 570,000 570,000 570,000
3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000
2,130,000 2,130,000 2,130,000 2,130,000 2,130,000 2,130,000 2,130,000 2,130,000

1,995,000 1,995,000 1,995,000 1,995,000 1,995,000 1,995,000 1,995,000 1,995,000
1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000

11,085,000 11,085,000 11,085,000 11,085,000 11,085,000 11,085,000 11,085,000 11,085,000
1,710,000 1,710,000 1,710,000 1,710,000 1,710,000 1,710,000 1,710,000 1,710,000
3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000
25,830,000 25,830,000 25,830,000 25,830,000 25,830,000 25,830,000 25,830,000 25,830,000
18,735,000 18,735,000 18,735,000 18,735,000 18,735,000 18,735,000 18,735,000 18,735,000
3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000
9,225,000 9,225,000 9,225,000 9,225,000 9,225,000 9,225,000 9,225,000 9,225,000
1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000
22,155,000 22,155,000 22,155,000 22,155,000 22,155,000 22,155,000 22,155,000 22,155,000
12,075,000 12,075,000 12,075,000 12,075,000 12,075,000 12,075,000 12,075,000 12,075,000
3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000
- - - - - - - -
285,000 285,000 285,000 285,000 285,000 285,000 285,000 285,000
2,565,000 2,565,000 2,565,000 2,565,000 2,565,000 2,565,000 2,565,000 2,565,000
1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000

24,000,000 24,000,000 24,000,000 24,000,000 24,000,000 24,000,000 24,000,000 24,000,000
5,700,000 5,700,000 5,700,000 5,700,000 5,700,000 5,700,000 5,700,000 5,700,000
3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000
- - - - - - -
285,000 285,000 285,000 285,000 285,000 285,000
12,495,000 12,495,000 12,495,000 12,495,000 12,495,000
1,710,000 1,710,000 1,710,000 1,710,000
27,255,000 27,255,000 27,255,000
3,705,000 3,705,000
-
243,510,000 243,510,000 243,795,000 256,290,000 258,000,000 285,255,000 288,960,000 288,960,000
67,880,000 60,335,375 53,075,750 58,026,125 52,703,000 72,157,625 68,062,250 60,261,875

131,818,148 128,591,778 125,098,623 121,605,065 118,431,999 116,082,908 114,660,533 113,512,007
1,344,000 1,344,000 1,344,000 1,344,000 1,296,000 1,392,000 1,344,000 1,416,000

- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
5,204,411 5,282,477 3,991,203 2,680,560 1,350,257 - - -
5,979,895 6,069,594 6,160,637 6,253,047 6,346,843 6,442,045 4,867,321 3,268,976
8,006,145 8,126,238 8,248,131 8,371,853 8,497,431 8,624,892 8,754,266 8,885,580
1,950,339 1,999,097 2,049,075 2,100,302 2,152,809 2,206,629 2,261,795 2,318,340
22,484,790 22,821,406 21,793,047 20,749,762 19,643,340 18,665,567 17,227,382 15,888,895
- - - - - - - -
- - - - - - - -
3,865,227 2,920,393 1,961,385 987,993 - 0 - - -
1,350,257 - 0 - 0 - 0 - 0 - 0 - -
7,993,498 6,442,045 4,867,321 3,268,976 1,646,655 - 0 - 0 - 0
17,516,295 15,439,142 13,330,832 11,190,897 9,018,864 6,814,249 4,576,566 2,305,317
5,808,224 5,289,789 4,758,394 4,213,713 3,655,415 3,083,160 2,496,599 1,895,373
36,533,501 30,091,369 24,917,932 19,661,579 14,320,934 9,897,409 7,073,165 4,200,690
18,258,771 18,258,771 18,258,771 18,258,771 18,258,771 18,258,771 18,258,771 18,258,771

- - - - - - - -
54,541,085 57,420,232 60,128,874 62,934,953 66,208,954 69,261,160 72,101,216 75,163,650
72,799,856 75,679,003 78,387,645 81,193,724 84,467,725 87,519,931 90,359,987 93,422,421
131,818,148 128,591,778 125,098,623 121,605,065 118,431,999 116,082,908 114,660,533 113,512,007
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.15 0.15 0.14 0.15 0.18 0.18 0.17 0.18
0.97 0.96 0.94 1.01 1.16 1.13 1.10 1.16
9.00 9.31 9.69 11.15 14.60 15.94 17.44 21.68
0.28 0.25 0.23 0.23 0.26 0.23 0.21 0.22
0.31 0.30 0.28 0.26 0.23 0.21 0.19 0.17
0.50 0.40 0.32 0.24 0.17 0.11 0.08 0.04
0.81 0.70 0.60 0.50 0.40 0.33 0.27 0.22
0.79 0.68 0.58 0.48 0.39 0.31 0.25 0.20
17.45 15.82 14.32 14.32 16.13 14.45 12.98 13.56
0 0 0 0 0 0 0 0
3,865,227 2,920,393 1,961,385 987,993 0 0 0 0
5,204,411 5,282,477 3,991,203 2,680,560 1,350,257 0 0 0

1,350,257 0 0 0 0 0 0 0
5,979,895 6,069,594 6,160,637 6,253,047 6,346,843 6,442,045 4,867,321 3,268,976

7,993,498 6,442,045 4,867,321 3,268,976 1,646,655 0 0 0
8,006,145 8,126,238 8,248,131 8,371,853 8,497,431 8,624,892 8,754,266 8,885,580

17,516,295 15,439,142 13,330,832 11,190,897 9,018,864 6,814,249 4,576,566 2,305,317
1,950,339 1,999,097 2,049,075 2,100,302 2,152,809 2,206,629 2,261,795 2,318,340

5,808,224 5,289,789 4,758,394 4,213,713 3,655,415 3,083,160 2,496,599 1,895,373
36 37 38 39 40 41
3,865,227 2,920,393 1,961,385 987,993 - 0
930,872 944,835 959,007 973,392 987,993
71,941 57,978 43,806 29,421 14,820
1,002,813 1,002,813 1,002,813 1,002,813 1,002,813
6,554,668 5,282,477 3,991,203 2,680,560 1,350,257 - 0

1,253,390 1,272,191 1,291,274 1,310,643 1,330,303 1,350,257
117,121 98,320 79,237 59,868 40,208 20,254
1,370,511 1,370,511 1,370,511 1,370,511 1,370,511 1,370,511
31 32 33 34 35 36 37 38
13,973,393 12,511,639 11,027,958 9,522,023 7,993,498 6,442,045 4,867,321 3,268,976
1,440,152 1,461,754 1,483,681 1,505,936 1,528,525 1,551,453 1,574,724 1,598,345
231,203 209,601 187,675 165,419 142,830 119,902 96,631 73,010
1,671,355 1,671,355 1,671,355 1,671,355 1,671,355 1,671,355 1,671,355 1,671,355
28 29 30 31 32 33 34 35
25,522,440 23,565,379 21,578,963 19,562,750 17,516,295 15,439,142 13,330,832 11,190,897
1,928,138 1,957,061 1,986,416 2,016,213 2,046,456 2,077,153 2,108,310 2,139,935
411,759 382,837 353,481 323,684 293,441 262,744 231,587 199,962
2,339,897 2,339,897 2,339,897 2,339,897 2,339,897 2,339,897 2,339,897 2,339,897
18 19 20 21 22 23 24 25
7,758,563 7,288,887 6,807,468 6,314,014 5,808,224 5,289,789 4,758,394 4,213,713
458,221 469,676 481,418 493,454 505,790 518,435 531,396 544,681
205,420 193,964 182,222 170,187 157,850 145,206 132,245 118,960
663,641 663,641 663,641 663,641 663,641 663,641 663,641 663,641
Deuda 4,000,000 3,436,359 2,858,628 2,266,453 1,659,474 1,037,320

Amortizacion 563,641 577,732 592,175 606,979 622,154
Interes 2.50% 100,000 85,909 71,466 56,661 41,487
Cuota 663,641 663,641 663,641 663,641 663,641

1,230,000 1,230,000 1,230,000 1,230,000 1,230,000 1,230,000 1,230,000 1,230,000
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000
-50,000 -50,000 -50,000 -50,000 -50,000 -50,000 -50,000 -50,000

0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
-50,000 -50,000 -50,000 -50,000 -50,000 -50,000 -50,000 -50,000
33 34 35 36 37 38 39 40
1.65 1.56 1.47 1.52 1.77 1.65 1.54 1.66
0.62 0.57 0.52 0.52 0.59 0.54 0.49 0.51
0.38 0.37 0.36 0.35 0.33 0.33 0.32 0.31
29 30 31 32 33 34 35 36
1.65 1.56 1.47 1.52 1.77 1.65 1.54 1.66
0.70 0.64 0.59 0.59 0.67 0.61 0.55 0.57
0.42 0.41 0.40 0.39 0.38 0.37 0.36 0.35
25 26 27 28 29 30 31 32
1.65 1.56 1.47 1.52 1.77 1.65 1.54 1.66
0.70 0.64 0.59 0.59 0.67 0.61 0.55 0.57
0.48 0.46 0.45 0.44 0.42 0.41 0.40 0.39
21 22 23 24 25 26 27 28
1.65 1.56 1.47 1.52 1.77 1.65 1.54 1.66
0.70 0.64 0.59 0.59 0.67 0.61 0.55 0.57
0.537549276 0.521892501 0.506691748 0.491933736 0.477605569 0.463694727 0.450189056 0.437076753
17 18 19 20 21 22 23 24
1.65 1.56 1.47 1.52 1.77 1.65 1.54 1.66
0.70 0.64 0.59 0.59 0.67 0.61 0.55 0.57
0.605016446 0.587394608 0.570286027 0.553675754 0.537549276 0.521892501 0.506691748 0.491933736
45219816 44053291 47007632 48563550 37444425 38994588 16404917 18098507

15999728 15384354 14768980 15384354 17119709 16461259 15802809 16461259
14377901 15999728 15384354 14768980 15384354 17119709 16461259 15802809
342900 360900 392400 360900 360900 180900 225900 306900
0 0 0 0 0 0 0 0
75940346 75798274 77553366 79077784 70309389 72756456 48894884 50669475
3712500 3712500 3712500 3712500 3577500 3847500 3712500 3915000

352500 412500 412500 412500 412500 397500 427500 412500
8203500 8203500 8203500 8203500 7906500 8500500 8203500 8649000
779500 911500 911500 911500 911500 878500 944500 911500
371729 570513 849345 1048128 941174 1079872 1224222 1402920
180000 180000 180000 180000 180000 180000 180000 180000
20000 20000 20000 20000 20000 20000 20000 20000
2655529 2593991 2532454 2593991 2767527 2701682 2635837 2701682
3135000 0 285000 12495000 1710000 27255000 3705000 0

1056881 962138 865858 768017 668588 567544 479900 411370
3380714 3199052 3009602 3117866 3637778 3391340 3155618 3402705
2028428 1919431 1805761 1870720 2182667 2034804 1893371 2041623
50000 50000 50000 50000 50000 50000 50000 50000
-50000 -50000 -50000 -50000 -50000 -50000 -50000 -50000
0 0 0 0 0 0 0 0
930872 944835 959007 973392 987993 0 0 0
1253390 1272191 1291274 1310643 1330303 1350257 0 0
1440152 1461754 1483681 1505936 1528525 1551453 1574724 1598345
1,928,138 1,957,061 1,986,416 2,016,213 2,046,456 2,077,153 2,108,310 2,139,935
458221 469676 481418 493454 505790 518435 531396 544681
31887054 28790642 28989816 41633359 31314800 56351540 30796377 28331259
44053291 47007632 48563550 37444425 38994588 16404917 18098507 22338215

38100000 40100000 43600000 40100000 40100000 20100000 25100000 34100000
5953291 6907632 4963550 -2655575 -1105412 -3695083 -7001493 -11761785

- -
0.96 0.8051
178,989.98 5,071.8873
25,000 25,000
50,000 50,000
25,000 25,000
55,000 55,000
30,000 30,000
70,000 70,000
100,000 100,000
55,000
5,000 5,000
25,000 25,000
30,000 30,000
25,000 25,000
65,000 65,000
461,250 461,250
922,500 922,500
461,250 461,250
1,014,750 1,014,750
553,500 553,500
1,291,500 1,291,500
- -
391,875
35,625 35,625
178,125 178,125
213,750 213,750
178,125 178,125
463,125 463,125
1,460,625 1,068,750
523,235 495,986
105,343 91,385 77,079 62,415 47,384 31,978 16,186
628,578 587,371
- 11,761,785 17,454,138
20,100,000 137,000,000
2,376,298 2,435,706 2,496,599 1,895,373 1,279,117 647,454 -
1,279,117 647,454 -0 -0 -0 -0 -0
39 40
1,646,655 0
1,622,320 1,646,655
49,035 24,700
1,671,355 1,671,355
36 37 38 39 40
9,018,864 6,814,249 4,576,566 2,305,317 -0
2,172,034 2,204,614 2,237,683 2,271,249 2,305,317
167,863 135,283 102,214 68,648 34,580
2,339,897 2,339,897 2,339,897 2,339,897 2,339,897
26 27 28 29 30 31 32
3,655,415 3,083,160 2,496,599 1,895,373 1,279,117 647,454 -0
558,298 572,255 586,562 601,226 616,256 631,663 647,454
105,343 91,385 77,079 62,415 47,384 31,978 16,186
663,641 663,641 663,641 663,641 663,641 663,641 663,641
PERPETUIDAD
55.33
16.9613395
PERPETUIDAD
55.33
19.09
PERPETUIDAD
55.33
21.49
PERPETUIDAD
55.33
24.18
PERPETUIDAD
55.33
27.22
558298 572255 586562 601226 616256 631663 647454

Christian RAmirez Planificacion Financiera 1

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Christian RAmirez Planificacion Financiera 1

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Solemne N° 1 – PLANIFICACIÓN FINANCIERA

Cambia el flujo de caja debido al ingreso de dinero por el bono

apacidades de plantas y máquinas. (PLANILLA DE TRABAJO). (25% puntaje total)

nes de la letra a):

es mínimo y máximo. (10% puntaje total)

ión a) del MPF. (15% puntaje total)

nes de la letra a):

cciones de caja que piden ser entre 7 millones y 1 millon no se cumplen.

llo de este bono. (25% puntaje total)

nifica gastos excesivos por parte de la empresa.

TRIM 1 TRIM 2 TRIM 3 TRIM 4 TRIM 5

MODELO DE PLANIFICACION HISTORIA (SE ASUME QUE ESTAMOS AL INICIO DE TR

1 Unidades a Producir 100,000.00 100,000.00 100,000.00 100,000.00 150,000.00

TASAS INT. EN PRESTAMOS

Tasa de corto plazo 0.03 0.02 0.02 0.02 0.02

Tasa promedio mediano plazo 0.03 0.03 0.03 0.03 0.03

Monto prestamo corto plazo 2,500,000

TOTAL MONTO PRESTAMOS 10087500 6375000 5162500 4250000 3337500

Costo unitario materia prima 15.00 15.00 15.00 15.00 15.00

TOTAL COSTOS DIR (X TRABAJO) 3500000 3500000 3500000 3500000 4990000

TOT.CAPACIDAD DE MAQ. 100,000 100,000 100,000 100,000 150,000

TOT.DEPREC.PLANTAS 1,300,000 1,300,000 1,300,000 1,300,000 2,280,500

TOTAL DEPREC. MAQUINAS 478,125 478,125 478,125 562,500 952,500

AMORTIZ INV MKT

Gastos generales 200,000.00 200000 200000 200000 200000 200000

Acciones comunes 1000000 1000000 1000000 1000000 1000000

TOTAL DE ACCS.COMUNES 1000000 1000000 1000000 1000000 1000000

UTILIDAD OPERACIONAL 1,358,777 1,380,748 1,400,212 1,325,984 2,460,664

Compra activo fijo trimestre tres 27,255,000 27,255,000 27,255,000

Monto prestamo M/P 3 años

Monto prestamo L/P(bonos)

Vencimiento a 1 año 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000

Monto M/P Vence dentro del año(2años)

Tercera emision de bonos amortizados dentro del año

Cuarta emision de bonos amortizados dentro del año

Quinta emision de bonos amortizados dentro del año

Sexta emision de bonos amortizados dentro del año

Segunda emisión de bonos Deuda 41,000,000 40,244,489 39,477,645

Tercera emisión de bonos

Cuarta emisión de bonos

Sexta emisión de bonos

EMISION DE ACCIONES TRIM1 TRIM2 TRIM3 TRIM4 TRIM5

PRECIO ACCIO 33.71

121,000 123,000 123,000 123,000 145,000 145,000 145,000 145,000

9,225,000 11,070,000 9,225,000 - - 3,690,000 -

TRIM 6 TRIM 7 TRIM 8 TRIM 9 TRIM 10 TRIM 11 TRIM 12 TRIM 13

0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02

0.03 0.03 0.03 1.03 2.03 3.03 4.03 4.03

900000 600000 300000 0 0 0 0 0

2425000 1512500 600000 0 0 0 0 0

TRIM 6 TRIM 7 TRIM 8 TRIM 9 TRIM 10 TRIM 11 TRIM 12 TRIM 13

15.00 15.00 15.00 15.00 15.00 15.00 15.00 15.00

60,000.00 60,000.00 60,000.00 60,000.00 60,000.00 60,000.00 60,000.00 60,000.00

39.00 39.00 39.00 39.00 39.00 39.00 39.00 39.00

2340000 2340000 2340000 2340000 2340000 2340000 2340000 2340000

4033000 4099000 4099000 4099000 4825000 4825000 4825000 4825000

TRIM 6 TRIM 7 TRIM 8 TRIM 9 TRIM 10 TRIM 11 TRIM 12 TRIM 13

2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000

1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000

60,000 5,000 5,000

150,000 150,000 150,000 150,000 180,000 180,000 180,000 180,000

667,500 667,500 313,750

2,512,500 2,512,500 2,620,000 2,306,250 2,859,750 3,321,000 3,321,000 3,321,000