Christian Ramirez Solemne 2

Solemne N° 2 – PLANIFICACIÓN FINANCIERA
USTEDES DISPONEN DE 100 MINUTOS PARA RESPONDER LAS CINCO PREGUNTAS QUE SE ENCUENTRAN E
II , dispondrá de 15 minutos adicionales para subir el archivo excel a la plataforma Blackboard
Las indicaciones para la prueba son las siguientes:
La prueba será estrictamente individual y cualquier indicio de copia u otras faltas a la ética, será penalizado drástica
Usted debe desarrollar dos preguntas, con un total de 100 puntos
Responder las preguntas de desarrollo en PREGUNTA 1) y PREGUNTA 2) en las respectivas pestañas y las preguntas
pestaña PRUEBA SOLEMNE II. inmediatamente a continuación de cada pregunta.
Una vez completadas las respuestas, subir el archivo que contiene esta planilla Excel en el Recuadro “ENTREGA DE A
Pinchar casillero Enviar (si no lo hace, sólo quedará guardado como borrador). Recuerde el nombre del archivo exce
alumno.
El plazo para subir el archivo de respuestas vencerá a las 21:00 y dispondrán de hasta 15 minutos adicionales para
Las entregas posteriores serán penalizadas con la pérdida del punto base y pasado una hora del cierre no serán reci
Sólo como medida de respaldo ante fallas, enviar también un mail con el archivo de respuestas a josei.cuevas@u
leyenda “Asunto: Solemne N° 2 –Planificación Financiera”. El nombre del archivo debe ser el mismo nombre del a
SOLEMNE 2 CURSO PLANIFICACION FINANCIERA (100 puntos)
Pregunta 1 ( 25 puntos)
La empresa PLANIF SA está interesada , a partir del trimestre 26, aumentar su eficiencia para lo cual se está evaluando incorpo
unitarios de trabajo directo en los tramos A, B, C, D son 2,5; 3,5; 4,5 y 5,5 respectivamente. Por otra parte, la tasa de rentabili
proyecto es de 2 años (8 trimestres). No se considera relevante el valor residual del proyecto.
Intervenga el Modelo y realice los ajustes necesarios en pestaña PREGUNTA 1) con el objeto de incluir un Proyecto Tecnológic
Se pide:
a) Incorporar la Inversión Tecnológica y la Reducción de Costos en los Estados Financieros de PLANIF SA que se detallan en la
b) Incorporar la evaluación del proyecto a partir de la fila 628 , calcular el VAN y la TIR anual de este proyecto, concluya con s
RESPUESTA 1
El proyecto tecnologico que se inicia el trimestre 26 no es recomendable, esto debido a que los ingresos esperados que provo
Aun que, la tasa de retorno del proyecto sea menor a la realizada en otros proyectos, el proyecto no se puede sustentan, princ
Intervenga el Modelo y realice los ajustes necesarios en pestaña PREGUNTA 2)con el objeto de responder lo siguiente:
La empresa PLANIF SA está estudiando efectuar una emisión de acciones, el último día del trimestre 25, para financiar un pro
El precio de la acción (fila 549) debe ser calculado en base al valor presente de los dividendos futuro, que se pagarán trimestra
Determine el precio por acción proyectado e indique el número de acciones (apróximado) que sería necesario emitir para fina
RESPUESTA 2
Mientras el precio de la accion en el periodo 26 es de 148, el precio de la accion considerando perpetuidad en el periodo 45 es
El numero de acciones necesarias para sustentar el Proyecto de Inversion Teconologica de 4,500,000, es de 39,318
Conteste las siguientes preguntas conceptuales (en forma cualitativa)

Explique cómo se incorporaron los proyectos de marketing al modelo de Planificación Financiera, respondiendo:
a.- Objetivo del proyecto
Los proyectos de marketing se basan en un supuesto que al invertir en marketing, se presente un aumento en las ventas en co
Estos intentan aumentar la venta de un producto, o servicio durante el periodo que dure el proyecto, para luego volver al crec
b.- Determinación de los flujos de caja incrementales
Los flujos de caja q se presentan durante una inversion en un proyecto de marketing, se esperan que rindan fruto antes del pe
Mientras puede que el flujo de efectivo durante el primer periodo de la inversion sea menor al que se hubiese realizado sin inv
Explique de que manera se realizó la consolidación del Flujo de Efectivo base trimestral para expresarlos en base anual
RESPUESTA
El flujo de caja, al demostrar todos los movientos de dinero que se realizaron durante el periodo, se necesita considerar el sald
Todos los movientos de dinero, se tiene que considerar todos los movimientos, sumarlos y ese sera el equivalente a los movim
Para evaluar el saldo de caja final, se tiene que considerar el valor dado en el ultimo periodo a considerar dentro del analisis, y
Explique de que manera se realizó la consolidación del Balance base trimestral para expresarlos en base anual
RESPUESTA
Al evaluar la consolidacion del balance respecto a los periodos a estudiar, es importante expresar el ultimo valor que presenta
Esto se debe a que el balance demuestra la situacion de la empresa en un momento preciso del tiempo, y no los movimientos
a lo cual se está evaluando incorporar un Proyecto Técnologico que requiere una inversión de 4.500.000 UM. La reducción de costos
Por otra parte, la tasa de rentabilidad exigida por los inversionistas es de 1,5% trimestral. La vida útil y horizonte de evaluación del
o.
o de incluir un Proyecto Tecnológico que significa reducir los costos unitarios de mano de obra .
de PLANIF SA que se detallan en la pestaña PREGUNTA 1) ( 10 puntos)

al de este proyecto, concluya con su recomendación respecto a la ejecucuón del proyecto (15 puntos)
los ingresos esperados que provoque la inversion, son menores a la invercion realizada.
yecto no se puede sustentan, principalmente debido a q los ahorros esperados de tal inversion, no justifican el gasto.
de responder lo siguiente:
trimestre 25, para financiar un proyecto tecnológico detallado en pregunta 1 , asuma un costo patrimonial de 1,5% trimestral
os futuro, que se pagarán trimestralmente, considerando desde el trimestre 50 en adelante un dividendo perpetuo sin crecimiento ( Div 49
ue sería necesario emitir para financiar el total de la inversión requerida por este proyecto
do perpetuidad en el periodo 45 es de 101

4,500,000, es de 39,318
nciera, respondiendo:
nte un aumento en las ventas en comparacion al año anterior mayor al estacional presentado en el modelo
proyecto, para luego volver al crecimiento normal esperado en la estacionalidad.
eran que rindan fruto antes del periodo que termine

r al que se hubiese realizado sin invertir, se espera que el VAN de la inversion sea positivo y en un rango mayor al que no haber realizado l
a expresarlos en base anual
iodo, se necesita considerar el saldo inicial de caja que se presento al inicio del periodo.
ese sera el equivalente a los movimientos de caja del periodo.
o a considerar dentro del analisis, ya que si se suma el valor final de cada trimestre, nos sumaria el valor final total considerando cada trim
arlos en base anual

presar el ultimo valor que presenta el balance durante los peridos, sin considerar los otros periodos.
o del tiempo, y no los movimientos antiguos.
La reducción de costos
nte de evaluación del
1,5% trimestral
petuo sin crecimiento ( Div 49 /costo patrim trim )
r al que no haber realizado la inversion.
otal considerando cada trimestre como separado y no como un movimiento continuo de dinero
BASE PRUEBA SOLEMNE II LAS PLANTAS SE COMPRAN DOS TRIM
TRIM 1 TRIM 2
TALLER DE PLANIFICACION FINANCIERA CAPACIDADES PROYECTADAS 100,000 100,000
100,000 100,000
JUEGOS DE NEGOCIOS 1 RANGO 80% A 98%
MODELO DE PLANIFICACION HISTORIA (SE ASUME QUE ESTAMOS

TRIM 1 TRIM 2
VARIABLES DE DECISION
1 Unidades a Producir 100,000.00 100,000.00

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

Tasas a dos años plazo 0.03 0.03
Tasas a tres años plazo 0.03 0.03
Tasas de largo plazo 0.01 0.01
Tasa con penalidad 0.06 0.06
Tasa de costo por retiro de bonos 0.08 0.08
Tasa costo x retiro accs. Preferidas 0.08 0.08
Tasa promedio mediano plazo 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
Monto prestamo mediano plazo 3 años 600000 300000
Monto a L/P que vence dentro del año 1200000 1200000
Año siguiente
Monto prestamo mediano plazo 2 años 937500 625000
Monto prestamo mediano plazo a 3 años
Monto prestamo en bonos (largo plazo) 1200000 900000
Monto prestamo total largo plazo 2400000 2100000
TOTAL MONTO PRESTAMOS 10087500 6375000
TRIM 1 TRIM 2
Costo unitario materia prima 15.00 15.00

COSTO DIR. FABRICACION
Ra Unida inicial Unid fin.
A 0.00 60,000.00 60,000.00 60,000.00
B 60,000.00 100,000.00 40,000.00 40,000.00
C 100,000.00 120,000.00 0.00 0.00
D 120,000.00 0.00 0.00
Rango y precios
A 0.00 0.00 39.00 39.00
B 0.00 0.00 29.00 29.00
C 0.00 0.00 25.00 25.00
D 0.00 0.00 33.00 33.00
Proy tec 1
A 1.00
B 3.00
C 7.00
D 9.00
CALCULOS
Costo A por precio 2340000 2340000
Costo B por precio 1160000 1160000
Costo C por precio 0 0
Costo D por precio 0 0
TOTAL COSTOS DIR (X TRABAJO) 3500000 3500000
JUEGO DE NEGOCIOS 4
TRIM 1 TRIM 2
ALMACENAJE
Unid. Inicial Unid. Final
a 0.00 2,000.00 2,000.00 2,000.00
b 2,000.00 3,000.00 5,000.00 5,000.00
c 3,000.00 5,426.00 6,084.00
Rango de precios
a 1.00 1.00
b 3.00 3.00
c 8.00 8.00
CALCULOS
Rango a por precio 2,000 2,000
Rango b por precio 15,000 15,000
Rango c por precio 43,408 48,672
TOT.COSTO DE ALMACENAJE 60,408 65,672
CAPACIDADES TRIM 1 TRIM 2
Planta Original 100,000 100,000
Planta 1 - -
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
Maquina Original 100,000 100,000

Maquina 1 - -
Maquina 2 - -
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

TRIM 1 TRIM 2
Depreciaciones INVERSION EN PLANTA
Planta Original 1,300,000 1,300,000
Compra 1 -
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
Depreciaciones maquinas
Maquinaria ORIGINALES 478,125 478,125
Compra 1
Compra 2
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
DEPREC TECNOLOGÍA
AMORTIZ INV MKT
Gastos generales 200,000.00 200000 200000

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

1 emision de acciones
TOTAL DE ACCS.COMUNES 1000000 1000000

TRIM 1 TRIM 2
VENTA FISICA ( en unidades ) 97383 99342
ESTADO DE RESULTADOS
INGRESOS
Ingresos por venta 9,738,300 9,934,200
Descuentos contado
VENTAS NETAS 9,738,300 9,934,200
GASTOS
Materia prima 1,500,000 1,500,000
Costo directo por trabajo 3,500,000 3,500,000
COSTO DIRECTO TOTAL 5,000,000 5,000,000
Bodegaje 60,408 65,672
Depreciacion maquinarias 478,125 478,125
Depreciacion planta 1,300,000 1,300,000
Deprec tecnolog
Gastos generales 200,000 200,000
COSTOS INDIRECTOS TOTAL 2,038,533 2,043,797
Costo de produccion(costo dir+indir) 7,038,533 7,043,797
inventario inicial valorizado 733,567 879,492
inventario final valorizado 879,492 922,103
Costo de mercaderia vendida 6,892,608 7,001,186
UTILIDAD BRUTA 2,845,692 2,933,014
fijo + 5% Ventas 1,486,915 1,552,266
UTILIDAD OPERACIONAL 1,358,777 1,380,748

Rentabilidad inv. Corto plazo 2,650 60,000
Interes prestamo corto plazo 77,750 68,031
interes prestamo 3 años 15,000 15,000
Interes deuda largo plazo(bonos) 33,600 33,600
Intereses primera emision de bonos
Intereses segunda emision de bonos
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
Comision de corredor
TOTAL CARGOS FINANCIEROS 126,350 116,631
AMORTIZ INV MKT
UTILIDAD NO OPERACIONAL
utilidad antes de impuesto 1,235,077 1,324,117
Impuesto a la renta (40%) 494,031 529,647
UTILIDAD NETA 741,046 794,470
Div. Por acciones comunes 100,000 100,000
UTIL.RETENIDAS EN TRIMESTRE 641,046 694,470
BALANCE GENERAL
ACTIVOS
ACTIVO CIRCULANTE
Caja max 7.000.000 min 1.000.000 120,592 206,823
inversiones de corto plazo 200,000 1,500,000
cuentas por cobrar 6,524,661 6,655,914
inventarios 879,492 922,103
INV MKT
AMORTIZ ACUM INV MKT
Total activo circulante 7,724,745 9,284,840
ACTIVO FIJO
Maquinarias y equipos originales 2,486,250 2,486,250
Depreciacion maquinaria acumulada 478,125 956,250
Plantas originales 8,465,250 8,465,250
Depreciacion planta acumulada 1,300,000 2,600,000
Compra activo fijo trimestre tres

Compra activo fijo trimestre cuatro
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 - -
COMPRA TECNOLOGIA
DEPREC ACUM TECNOLOGIA
TOTAL ACTIV0 FIJO 9,173,375 7,395,250
TOTAL ACTIVOS 16,898,120 16,680,090
PASIVOS
PASIVOS CIRCULANTE
Cuentas por pagar 520,000 520,000
Vencimiento prestamo corto plazo 1,250,000 1,250,000
Vencimiento prestamo a 3 años 600,000 300,000
Vencimiento deuda a largo plazo 1,200,000 1,200,000
Vencimiento correspondiente a la 1a emision de bonos
Vencimiento correspondiente a la 2da emision de bonos
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
PASIVO A LARGO PLAZO
prestamo a dos años 937,500 625,000
prestamo a tres años
deudas a largo plazo(bonos) 1,200,000 900,000
Vencimiento del resto de la 1a emision de bonos
Vencimiento del resto de la 2da emision de bonos
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
PATRIMONIO
Acciones comunes 8,000,000 8,000,000
Nuevas emisi{ones de acciones
Utilidades retenidas 3,190,620 3,885,090
TOTAL PATRIMONIO 11,190,620 11,885,090
TOTAL PASIVO 16,898,120 16,680,090
CALCE 0.0 0.0
INDICADORES
RETORNO SOBRE ACTIVOS 0.18 0.19
ROTACION ACTIVO TOTAL 2.31 2.38
COBERTURA INTERESES 10.78 12.35
RETORNO SOBRE PATRIMONIO 0.26 0.27
PASIVO CIRC/PATRIMONIO 0.28
PASIVO LP /PATRIMONIO 0.13
PASIVO TOT /PATRIMONIO 0.40
PASIVO FINANCIERO /PATRIMONIO 0.46 0.36
CRECIMIENTO DEL PATRIMONIO 24.31 24.82
INFORME DE PRESTAMOS
TRIM 1 TRIM 2
Monto prestamo 2 años
Deuda Principal 2,183,510 1,938,917
Interes 67,907 60,300
Amortizacion 244,593 252,200
CUOTA 312,500 312,500
Monto prestamo M/P 3 años

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

Deuda Principal 2,700,000 2,400,000
Interes 37,800 33,600
Saldo 2,400,000 2,100,000
Vencimiento a 1 año 1,200,000 1,200,000

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

Deuda principal 1,250,000 1,250,000
amortizacion 0 0
Primera emision de bonos amortizados dentro del año
Resto de amortizacion primera emision de bonos
Segunda emision de bonos amortizados dentro del año

Resto de amortizacion segunda emision de bonos
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

tasa real
TRIM 1 TRIM 2
Primera emisión de bonos Deuda 30,000,000
Amortizacion
Interes 1.50%
Cuota
Segunda emisión de bonos Deuda

Amortizacion
Interes
Cuota
Tercera emisión de bonos
Cuarta emisión de bonos

Quinta emisión de bonos
Sexta emisión de bonos
EMISION DE ACCIONES TRIM1 TRIM2

N° de acciones vigentes 0 0
N° de acciones ofrecidas 0 0
Precio de acción 0.00 0.00
Recaudo por acción 0 0
Costo fijo de emisión 50,000 0 0
Costo variable tamaño emisión
Costo variable de colocación 2% 0 0
Ingresos netos 0 0
Impacto en flujo de caja
Ingresos 0.0000000
Egresos
Com. Corredor 0 0
TRIM 1 TRIM 2
FLUJO DE CAJA
INGRESOS
Saldo inicial 320592
Ingresos ventas periodo vigente 3213639 3278286
ingresos ventas periodo anterior 1864507 6524661
Intereses inversion corto plazo 2650 60000
Ingresos por emision de acciones
Ingreso por emisiòn de bonos
Prestamo corto plazo 2,500,000
TOTAL CAJA DISPONIBLE 7580796 10183539
EGRESOS
Materia prima periodo vigente 1 1350000 1350000
Materia prima periodo anterior 0 150000
Mano de obra directa periodo 1 3150000 3150000
Mano de obra directa periodo 0 350000
Bodegaje 60408 65672
Gastos generals periodo vige 1 180000 180000
Gastos generals periodo ant 0 20000
Gastos de adm. y ventas 1486915 1552266
Costos de ordenamiento
Compras de plantas y maquinas
Intereses 126350 116631
Impuestos 494031 529647
Dividendos 100000 100000
Amortizacion de deudas bcos 312500 912500
Amortizacion primera emision de bonos
Amortizacion segunda emision de bonos
Amortizacion tercera emision de bonos
Amortizacion cuarta emision de bonos
Amortizacion quinta emision de bonos
Amortizacion sexta emision de bonos
COMPRA TECNOLOGÍA A
INVERSION MKT
TOTAL EGRESOS TRIMETRE 7260204 8476716
SALDOS
Saldo (diferencia entre caja y egreso) 320592 1706823
Inversion de corto plazo 200000 1500000
Retiro de inversion c/plazo
SALDO CAJA FINAL 120592 206823
TRIM 1 TRIM 2
EVALUACIÓN PROYECTO TECNOLÓGICO 0
INGRESOS MENOS EGRESOS DEL PERIODO SIN PROY
INGRESOS MENOS EGRESOS DEL PERIODO CON PROY
Flujo de caja que aporta el proy - 1,700,000
Tasa de dcto 0.03
Factor de actualIzación
CALCULO VAN 248,429
TIR PROY TRIM 6.18%

TIR ANUAL 27.09%
COMPRAN DOS TRIM ANTES DE SU PUESTA EN MARCHA. LAS MAQUINAS 1 TRIM ANTES
- -
TRIM 3 TRIM 4 TRIM 5 TRIM 6 TRIM 7
100,000 100,000 150,000 150,000 150,000
100,000 100,000 150,000 150,000 150,000
81% 82.0%
UME QUE ESTAMOS AL INICIO DE TRI 6) PROYECCION

100,000.00 100,000.00 150,000.00 121,000 123,000

100.00 100.00 100.00 123.00 123.00
25,830,000 11,070,000 - 9,225,000

369 369 369 369 369
1,425,000 3,705,000 - 3,135,000 -
57 57 57 57 57
1,700,000
-1,500,000 - - 26,000,000 3,500,000
449,342.00
0.26 0.25
13,084.00 13,084.00 13,084.00 13,084.00 5,607.24
100,000.00 100,000.00 150,000.00 121,000.00 123,000.00
100,000.00 100,000.00 150,000.00 128,476.76 123,535.35
13,084 13,084 13,084 5,607 5,072
113,084.00 113,084.00 163,084.00 134,084.00 128,607.24
3.649% tasa equivalente anual real
0.009 0.009 0.009 0.009 0.009
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
0.01 0.01 0.01 0.01 0.01
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
0.03 0.03 0.03 0.03 0.03
1250000 1250000 937500 625000 312500
1200000 1200000 1200000 900000 600000
312500
600000 300000 0 0 0
1800000 1500000 1200000 900000 600000
5162500 4250000 3337500 2425000 1512500
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

40,000.00 40,000.00 40,000.00 40,000.00 40,000.00
0.00 0.00 20,000.00 20,000.00 20,000.00
0.00 0.00 30,000.00 1,000.00 3,000.00
38.00 38.00 38.00 38.00 38.00

26.00 26.00 26.00 26.00 26.00
18.00 18.00 18.00 18.00 18.00
24.00 24.00 24.00 24.00 24.00
1.00
3.00
7.00
9.00
2280000 2280000 2280000 2280000 2280000

1040000 1040000 1040000 1040000 1040000
0 0 360000 360000 360000
0 0 720000 24000 72000
3320000 3320000 4400000 3704000 3752000
2,000.00 2,000.00 2,000.00 2,000 2,000

5,000.00 5,000.00 5,000.00 3,000 3,000
6,084.00 6,084.00 6,084.00 607 72
1.00 1.00 1.00 1.00 1.00

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

15,000 15,000 15,000 9,000 9,000
48,672 48,672 48,672 4,858 575
65,672 65,672 65,672 15,858 11,575
100,000 100,000 80,000 50,000 50,000
70,000 70,000 70,000
30,000 30,000
100,000 100,000 150,000 150,000 150,000
CAPACIDAD PROYECTADA
100,000 75,000 60,000 60,000 5,000
25,000 25,000 25,000 25,000
65,000 65,000 65,000
-
55,000
100,000 100,000 150,000 150,000 150,000

CAPACIDAD PROYECTADA 150,000 150,000
1,300,000 1,300,000 989,000 667,500 667,500

1,291,500 1,291,500 1,291,500
553,500 553,500
1,300,000 1,300,000 2,280,500 2,512,500 2,512,500
478,125 384,375 311,250 311,250 22,500

178,125 178,125 178,125 178,125
463,125 463,125 463,125
- -
391,875
478,125 562,500 952,500 952,500 1,055,625
212500 212500 212500 212500 212500
200000 200000 200000 200000 200000

1055556 1055556 1055556 1055556 1055556
500000 500000 750000 790132 759742
70.763 71.607 69.074 77.788 77.961
70.476 70.730 71.505 69.269 76.957
70.730 71.505 69.269 76.957 77.917
1000000 1000000 1000000 1000000 1000000
1000000 1000000 1000000 1000000 1000000

100000 100000 150000 128477 123535
10,000,000 10,000,000 15,000,000 15,802,642 15,194,848
10,000,000 10,000,000 15,000,000 15,802,642 15,194,848
1,500,000 1,500,000 2,250,000 1,815,000 1,845,000

3,320,000 3,320,000 4,400,000 3,704,000 3,752,000
4,820,000 4,820,000 6,650,000 5,519,000 5,597,000
65,672 65,672 65,672 15,858 11,575
478,125 562,500 952,500 952,500 1,055,625
1,300,000 1,300,000 2,280,500 2,512,500 2,512,500
212,500 212,500 212,500 212,500 212,500
200,000 200,000 200,000 200,000 200,000
2,256,297 2,340,672 3,711,172 3,893,358 3,992,200
7,076,297 7,160,672 10,361,172 9,412,358 9,589,200
922,103 925,428 935,575 906,322 431,515
925,428 935,575 906,322 431,515 395,187
7,072,972 7,150,525 10,390,425 9,887,165 9,625,528
2,927,028 2,849,475 4,609,575 5,915,477 5,569,320
1,555,556 1,555,556 1,805,556 1,845,688 1,815,298
1,371,472 1,293,919 2,804,019 4,069,789 3,754,022

13,500 13,500 13,500 234,000 265,500
58,313 48,594 38,875 29,156 19,438
7,500 - - - -
29,400 25,200 21,000 16,800 12,600
450,000 441,708 433,291 424,748 416,077
615,000 603,667 592,165 580,489
50,000 50,000 50,000 50,000 50,000

96,869 106,762 8,010 - 50,000 - 50,000
692,081 1,287,263 1,154,844 1,062,869 1,028,604
692,891 20,156 1,662,676 3,240,920 2,990,917

277,156 8,062 665,070 1,296,368 1,196,367
415,734 12,094 997,605 1,944,552 1,794,550
100,000 100,000 100,000 100,000 100,000
315,734 - 87,906 897,605 1,844,552 1,694,550
8,027,459 39,300,289 38,556,781 6,260,308 6,594,251

- - - 26,000,000 29,500,000
6,700,000 6,700,000 10,050,000 7,901,321 7,597,424
925,428 935,575 906,322 431,515 395,187
15,652,886 46,935,863 49,513,103 40,593,144 44,086,862
2,486,250 2,486,250 2,486,250 2,486,250 2,486,250

1,434,375 1,996,875 2,949,375 3,901,875 4,957,500
8,465,250 8,465,250 8,465,250 8,465,250 8,465,250
3,900,000 5,200,000 7,480,500 9,993,000 12,505,500
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
- - -
12,360,000 12,360,000
27,255,000 42,030,000 42,030,000 54,390,000 54,390,000
1,700,000 1,700,000 1,700,000 1,700,000 1,700,000
212,500 425,000 637,500 850,000 1,062,500
34,359,625 47,059,625 43,614,125 52,296,625 48,516,000
50,012,511 93,995,488 93,127,228 92,889,769 92,602,862
502,000 502,000 685,000 571,900 579,700

1,250,000 1,250,000 937,500 625,000 312,500
- - - - -
1,200,000 1,200,000 1,200,000 900,000 600,000
2,295,427 2,329,859 2,364,807 2,400,279 2,436,283
3,137,084 3,184,140 3,231,902 3,280,381
5,247,427 8,418,943 8,371,447 7,729,081 7,208,864
312,500 - - - -
600,000 300,000 - - -
27,151,760 26,556,223 25,951,753 25,338,216 24,715,477
37,107,405 36,293,505 35,467,396 34,628,896
28,064,260 63,963,628 62,245,258 60,805,613 59,344,373
8,000,000 12,500,000 17,500,000 17,500,000 17,500,000

4,500,000 5,000,000 - - -
4,200,824 4,112,918 5,010,523 6,855,075 8,549,625
16,700,824 21,612,918 22,510,523 24,355,075 26,049,625
50,012,511 93,995,488 93,127,228 92,889,769 92,602,862
0.0 0.0 0.0 0.0 0.0
trim6 trim7
0.03 0.00 0.04 0.08 0.08
0.80 0.43 0.64 0.68 0.66
2.00 1.02 2.44 4.05 3.91
0.10 0.00 0.18 0.32 0.28
0.31 0.39 0.37 0.32 0.28
1.68 2.96 2.77 2.50 2.28
1.99 3.35 3.14 2.81 2.55
1.96 3.33 3.11 2.79 2.53
7.71 -1.62 16.61 32.78 27.83
1,686,717 1,426,674 1,158,544 882,075 597,007

52,457 44,370 36,031 27,433 18,567
260,043 268,130 276,469 285,067 293,933
312,500 312,500 312,500 312,500 312,500
300,000 0 0 0 0
7,500 0 0 0 0
300,000 0 0 0 0
0 0 0 0 0
2,100,000 1,800,000 1,500,000 1,200,000 900,000

29,400 25,200 21,000 16,800 12,600
300,000 300,000 300,000 300,000 300,000
1,800,000 1,500,000 1,200,000 900,000 600,000
1,200,000 1,200,000 1,200,000 900,000 600,000

600,000 300,000 0 0 0
1,250,000 1,250,000 937,500 625,000 312,500
0 312,500 312,500 312,500 312,500
2,295,427 2,329,859 2,364,807 2,400,279 2,436,283
27,151,760 26,556,223 25,951,753 25,338,216 24,715,477
1 2 3 4
3,137,084 3,184,140 3,231,902 3,280,381
37,107,405 36,293,505 35,467,396 34,628,896
1 2 3 4 5
29,447,187 28,886,082 28,316,560 27,738,495 27,151,760
552,813 561,105 569,522 578,065 586,736
450,000 441,708 433,291 424,748 416,077
1,002,813 1,002,813 1,002,813 1,002,813 1,002,813
SEGUNDA CLASE EMISION DE BONOS PARA FIN

41,000,000 40,244,489 39,477,645 38,699,298 37,909,277
755,511 766,844 778,346 790,022
1.50% 615,000 603,667 592,165 580,489
1,370,511 1,370,511 1,370,511 1,370,511
TERCERA EMISION DE BONOS PARA FINANCIAR

Deuda 50,000,000
Amortizacion
Interes 1.5%
Cuota
TRIM3 TRIM4 TRIM5 TRIM6 TRIM7
1,000,000 1,100,000 1,200,000 1,210,000 1,210,000
100,000 100,000 10,000
45.00 50.00 40.52
43.53 48.43 34.72 0.00 0.00
50,000 50,000 50,000 50,000 50,000
96,869 106,762 8,010 -50,000 -50,000

4,353,131 4,843,238 347,204 0 0
4,500,000 5,000,000 0 0
146,869 156,762 0 0
4,843,238 0
363,662 1,436,392 0 0
96,869 106,762 8,010 -50,000 -50,000
1 2
PRECIO ACCION 40.52 0.08 0.08
PV dividendo 0.08 0.08
factor de act 0.97 0.94
0.03
1706823 8027459 39300289 38,556,781 32260308

3300000 3300000 4950000 7901321 7597424
6655914 6700000 6700000 10050000 7901321
13500 13500 13500 234000 265500
4500000 5000000 0 0 0
30,000,000.00 41000000
46176237 64040959 50963789 56742102 48024553
1350000 1350000 2025000 1633500 1660500

150000 150000 150000 225000 181500
2988000 2988000 3960000 3333600 3376800
350000 332000 332000 440000 370400
65672 65672 65672 15858 11575
180000 180000 180000 180000 180000
20000 20000 20000 20000 20000
1555556 1555556 1805556 1845688 1815298
27255000 14775000 0 12360000 0

545213 1130502 1096834 1062869 1028604
277156 8062 665070 1296368 1196367
100000 100000 100000 100000 100000
50000 50000 50000 50000 50000
96869 106762 8010 -50000 -50000
912500 612500 612500 612500 612500
552813 561105 569522 578065 586736
755511 766844 778346 790022
1700000
38148779 24740670 12407008 24481794 11930302
8027459 39300289 38556781 32260308 36094251

0 0 0 26000000 29500000
8027459 39300289 38556781 6260308 6594251

1 2 3 4 5
7,847,139 31,080,004 - 1,155,188 - 6,595,443 3,542,774
6,320,635 31,272,830 - 743,508 - 6,296,473 3,833,943
173,496 192,826 411,680 298,970 291,169
1 2 3 4 5
0.97 0.94 0.92 0.89 0.86
168443 181757 376746 265631 251165

Flujo de caja que aporta el proy
1 TRIM ANTES
- - - - - -
TRIM 8 TRIM 9 TRIM 10 TRIM 11 TRIM 12 TRIM 13
150,000 150,000 180,000 180,000 180,000 180,000
150,000 150,000 180,000 180,000 180,000 180,000
82.0% 82.0% 80.6% 80.6% 80.6% 80.6%
123,000 123,000 145,000 145,000 145,000 145,000

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

369 369 369 369 369 369
285,000 1,710,000 - 1,425,000 3,705,000 570,000
57 57 57 57 57 57
1,100,000
44,000,000 -8,500,000 70,000,000 -9,000,000
494,141.40 549,336.99
0.24 0.25 0.26 0.25 0.24 0.25
5,071.89 9,477.95 8,942.60 11,114.98 18,780.74 31,939.86
123,000.00 123,000.00 145,000.00 145,000.00 145,000.00 145,000.00
118,593.94 123,535.35 142,827.62 137,334.25 131,840.88 137,334.25
9,478 8,943 11,115 18,781 31,940 39,606
128,071.89 132,477.95 153,942.60 156,114.98 163,780.74 176,939.86
alente anual real
0.009 0.009 0.009 0.009 0.009 0.009
0.02 0.02 0.02 0.02 0.02 0.02

0.03 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
0.06 0.06 0.06 0.06 0.06 0.06
0.08 0.08 0.08 0.08 0.08 0.08
0.08
0.03 1.03 2.03 3.03 4.03 4.03
0 0 0 0 0 0
300000 0 0 0 0 0
0 0 0 0 0 0
300000 0 0 0 0 0
600000 0 0 0 0 0
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

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
3,000.00 3,000.00 25,000.00 25,000.00 25,000.00 25,000.00
38.00 38.00 38.00 39.00 39.00 39.00

26.00 26.00 26.00 29.00 29.00 29.00
18.00 18.00 18.00 25.00 25.00 25.00
24.00 24.00 24.00 33.00 33.00 33.00
Proy tec 2
A 3.00
B 5.00
C 7.00
D 9.00
2280000 2280000 2280000 2340000 2340000 2340000

1040000 1040000 1040000 1160000 1160000 1160000
360000 360000 360000 500000 500000 500000
72000 72000 600000 825000 825000 825000
3752000 3752000 4280000 4825000 4825000 4825000
2,000 2,000 2,000 2,000 2,000 2,000

3,000 3,000 3,000 3,000 3,000 3,000
4,478 3,943 6,115 13,781 26,940 34,606
1.00 1.00 1.00 1.00 1.00 1.00

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

9,000 9,000 9,000 9,000 9,000 9,000
35,824 31,541 48,920 110,246 215,519 276,845
46,824 42,541 59,920 121,246 226,519 287,845
25,000 25,000 25,000 -
70,000 70,000 70,000 70,000 70,000 70,000
30,000 30,000 30,000 30,000 30,000 30,000
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
150,000 150,000 180,000 180,000 180,000 180,000
5,000
25,000 25,000 25,000 25,000
65,000 65,000 65,000 65,000 65,000
- - - - - -
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
150,000 150,000 180,000 180,000 180,000 180,000

150,000 150,000 180,000 180,000 180,000 180,000
313,750
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
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
2,620,000 2,306,250 2,859,750 3,321,000 3,321,000 3,321,000
22,500 -
178,125 178,125 178,125 178,125
463,125 463,125 463,125 463,125 463,125
- - - - - -
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
1,055,625 1,068,750 1,282,500 1,282,500 1,282,500 1,282,500
212500 212500 212500
275000 275000 275000 275000
200000 200000 200000 200000 200000 200000

1055556 1055556 1055556 1055556 1055556 1055556
729353 759742 878390 844606 810821 844606
79.122 76.643 76.343 82.240 82.966 83.389
77.917 79.074 76.817 76.370 81.822 82.834
79.074 76.817 76.370 81.822 82.834 83.289
1000000 1000000 1000000 1000000 1000000 1000000
1000000 1000000 1000000 1000000 1000000 1000000

118594 123535 142828 137334 131841 137334
14,587,054 15,194,848 17,567,797 16,892,112 16,216,428 16,892,112
14,587,054 15,194,848 17,567,797 16,892,112 16,216,428 16,892,112
1,845,000 1,845,000 2,175,000 2,175,000 2,175,000 2,175,000

3,752,000 3,752,000 4,280,000 4,825,000 4,825,000 4,825,000
5,597,000 5,597,000 6,455,000 7,000,000 7,000,000 7,000,000
46,824 42,541 59,920 121,246 226,519 287,845
1,055,625 1,068,750 1,282,500 1,282,500 1,282,500 1,282,500
2,620,000 2,306,250 2,859,750 3,321,000 3,321,000 3,321,000
212,500 212,500 212,500
200,000 200,000 200,000 200,000 200,000 200,000
4,134,949 3,830,041 4,614,670 4,924,746 5,030,019 5,091,345
9,731,949 9,427,041 11,069,670 11,924,746 12,030,019 12,091,345
395,187 749,458 686,940 848,852 1,536,672 2,645,721
749,458 686,940 848,852 1,536,672 2,645,721 3,298,694
9,377,678 9,489,559 10,907,757 11,236,926 10,920,970 11,438,372
5,209,376 5,705,289 6,660,040 5,655,187 5,295,458 5,453,741
1,784,909 1,815,298 1,933,946 1,900,162 1,866,377 1,900,162
3,424,468 3,889,991 4,726,094 3,755,025 3,429,081 3,553,579

661,500 585,000 585,000 1,215,000 1,134,000 1,134,000
19,438 19,438 19,438 19,438 19,438 19,438
- - - - - -
8,400 4,200 - - - -
407,276 398,343 389,276 380,073 370,732 361,251
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 8,947 - 50,000 - 50,000 - 50,000 9,226
1,753,753 1,773,718 1,675,268 2,689,436 2,633,717 2,636,389
275,000 275,000 275,000 275,000
2,332,214 2,701,272 3,360,825 2,005,589 1,654,364 1,776,190

932,886 1,080,509 1,344,330 802,236 661,745 710,476
1,399,329 1,620,763 2,016,495 1,203,354 992,618 1,065,714
100,000 100,000 806,598 481,341 397,047 426,286
1,299,329 1,520,763 1,209,897 722,012 595,571 639,428
3,445,067 3,676,020 4,764,232 4,929,688 7,467,255 8,064,299

73,500,000 65,000,000 65,000,000 135,000,000 126,000,000 126,000,000
7,293,527 7,597,424 8,783,898 8,446,056 8,108,214 8,446,056
749,458 686,940 848,852 1,536,672 2,645,721 3,298,694
1,100,000 1,100,000 1,100,000 1,100,000
275,000 550,000 825,000 1,100,000
84,988,052 76,960,384 80,221,983 150,462,417 144,496,191 145,809,049
2,486,250 2,486,250 2,486,250 2,486,250 2,486,250 2,486,250

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
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

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
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
65,745,000 76,680,000 76,680,000 78,105,000 85,500,000 86,070,000
1,700,000 1,700,000 1,700,000
1,275,000 1,487,500 1,700,000
55,982,875 63,330,375 58,975,625 55,797,125 58,588,625 54,555,125
140,970,927 140,290,759 139,197,608 206,259,542 203,084,816 200,364,174
579,700 579,700 665,500 720,000 720,000 720,000

- - - - - -
- - - - - -
300,000 - - - - -
2,472,827 2,509,920 2,547,568 2,585,782 2,624,569 2,663,937
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
10,507,826 10,352,248 10,584,636 16,143,920 16,375,279 16,610,108
- - - - - -
- - - - - -
24,083,396 23,441,834 22,790,648 22,129,695 21,458,827 20,777,897
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
103,114,147 100,616,179 98,080,743 158,861,380 154,859,725 150,798,044
17,500,000 17,500,000 17,952,614 17,952,614 17,952,614 17,952,614

- 452,614 - - - 466,781
9,848,954 11,369,717 12,579,615 13,301,627 13,897,198 14,536,626
27,348,954 29,322,332 30,532,229 31,254,241 31,849,812 32,956,022
140,970,927 140,290,759 139,197,608 206,259,542 203,084,816 200,364,174
0.0 0.0 0.0 0.0 0.0 0.0
trim8 trim9 trim10 trim11 trim12 trim13
0.04 0.05 0.06 0.02 0.02 0.02
0.41 0.43 0.50 0.33 0.32 0.34
2.33 2.52 3.17 1.85 1.73 1.78
0.20 0.22 0.26 0.15 0.12 0.13
0.38 0.35 0.35 0.52 0.51 0.50
3.77 3.43 3.21 5.08 4.86 4.58
4.15 3.78 3.56 5.60 5.38 5.08
4.13 3.76 3.54 5.58 5.35 5.06
19.95 21.88 16.50 9.46 7.62 7.91
303,074
9,426
303,074
312,500
0
0
0
0
600,000 300,000
8,400 4,200
300,000 300,000
300,000 0
300,000
0
0
2,472,827 2,509,920 2,547,568 2,585,782 2,624,569 2,663,937

24,083,396 23,441,834 22,790,648 22,129,695 21,458,827 20,777,897
5 6 7 8 9 10
3,329,587 3,379,530 3,430,223 3,481,677 3,533,902 3,586,910
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
6 7 8 9 10 11
26,556,223 25,951,753 25,338,216 24,715,477 24,083,396 23,441,834
595,537 604,470 613,537 622,740 632,081 641,562
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
MISION DE BONOS PARA FINANCIAR EXPANSION EN PLANTAS Y MAQ

37,107,405 36,293,505 35,467,396 34,628,896 33,777,818 32,913,974
801,872 813,900 826,109 838,500 851,078 863,844
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
DE BONOS PARA FINANCIAR EXPANSION EN PLANTAS Y MAQ SE PUEDE COMPLEMENTAR MA

1 2 3 4 5 6
49,078,644.9 48,143,470 47,194,266 46,230,825 45,252,933 44,260,372
921,355 935,175 949,203 963,441 977,893 992,561
750,000 736,180 722,152 707,914 693,462 678,794
1,671,355 1,671,355 1,671,355 1,671,355 1,671,355 1,671,355
Cuarta
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
Deuda
Amortizacion
Interes
Cuota
TRIM8 TRIM9 TRIM10 TRIM11 TRIM12 TRIM13

1,210,000 1,210,000 1,220,000 1,220,000 1,220,000 1,220,000
10,000.00 10,000
45.26 46.68
0.00 39.37 0.00 0.00 0.00 40.76
50,000 50,000 50,000 50,000 50,000 50,000
-50,000 8,947 -50,000 -50,000 -50,000 9,226

0 393,668 0 0 0 407,555
0 452,614 0 0 0 466,781
0 58,947 0 0 0 59,226
0 1,024,440 0 0 0 1,029,297
-50,000 8,947 -50,000 -50,000 -50,000 9,226
3 4 5 6 7 8
0.08 0.08 0.66 0.39 0.33 0.35
0.08 0.07 0.57 0.33 0.26 0.28
0.92 0.89 0.86 0.84 0.81 0.79
1 2 3 4
PRECIO ACCION 45.26 0.66 0.39 0.33 0.35
PV dividendo 0.64 0.37 0.30 0.31
factor de act 0.97 0.94 0.92 0.89
0.03
PRECIO ACCION 46.68

PV dividendo
factor de act
0.03
36094251 76945067 68,676,020 69764232 139929688 133467255

7293527 7597424 8783898 8446056 8108214 8446056
7597424 7293527 7597424 8783898 8446056 8108214
661500 585000 585000 1215000 1134000 1134000
0 452614 0 0 0 466781
50,000,000.00 70,000,000.00
101646702 92873632 85642343 158209187 157617958 151622307
1660500 1660500 1957500 1957500 1957500 1957500

184500 184500 184500 217500 217500 217500
3376800 3376800 3852000 4342500 4342500 4342500
375200 375200 375200 428000 482500 482500
46824 42541 59920 121246 226519 287845
180000 180000 180000 180000 180000 180000
20000 20000 20000 20000 20000 20000
1784909 1815298 1933946 1900162 1866377 1900162
11355000 10935000 0 1425000 7395000 570000

1753753 1714772 1675268 2689436 2633717 2577163
932886 1080509 1344330 802236 661745 710476
100000 100000 806598 481341 397047 426286
50000 50000 50000 50000 50000 50000
-50000 8947 -50000 -50000 -50000 9226
612500 300000 0 0 0 0
595537 604470 613537 622740 632081 641562
801872 813900 826109 838500 851078 863844
921355 935175 949203 963441 977893 992561
1,289,897 1,309,246 1,328,884
1100000
24701635 24197612 15878111 18279499 24150703 17558008
76945067 68,676,020 69764232 139929688 133467255 134064299

73500000 65000000 65000000 135000000 126000000 126000000
3445067 3676020 4764232 4929688 7467255 8064299

6 7 8 0
40,555,689 - 8,559,939 808,254 SOS MENOS EGRESOS DEL PERIODO SIN PROY
40,850,816 - 8,269,046 1,088,212 OS MENOS EGRESOS DEL PERIODO CON PROY
295,127 290,893 279,958 Flujo de caja que aporta el proy -4,200,000
Tasa de dcto 0.03
6 7 8
0.84 0.81 0.79 Factor de actualIzación
247164 236523 221002 CALCULO VAN 643,363
TIR PROY TRIM 6.37%

TIR ANUAL 28.00%
0 1 2 3 4
NOS EGRESOS DEL PERIODO SIN PROY 1,961,730 69,830,894 -6,795,535 198,669
OS EGRESOS DEL PERIODO CON PROY 1,088,212 70,165,456 -6,462,433 597,043
Flujo de caja que aporta el proy -1,100,000.00 226,482 334,562 333,103 398,374
Tasa de dcto 0.03
Factor de actualIzación 0.97 0.94 0.92 0.89
CALCULO VAN 94,028.34 219,885 315,357 304,836 353,950
TIR PROY TRIM 6.2%

TIR ANUAL 27.4%
- - - - - -
190,000 190,000 190,000 190,000 195,000 195,000
190,000 190,000 190,000 190,000 195,000 195,000
84.2% 84.2% 84.2% 84.2% 88.2% 84.6%
160,000 160,000 160,000 160,000 172,000 165,000

123.00 123.00 123.00 123.00 123.00 123.00
- - 1,845,000 - - -
369 369 369 369 369 369
3,135,000 285,000 1,995,000 1,425,000
57 57 57 57 57 57
4,200,000
3,700,000
604,105.89
0.26 0.25 0.24 0.25 0.26 0.25
39,605.61 42,538.08 51,511.61 66,526.19 75,499.72 71,631.21
160,000.00 160,000.00 160,000.00 160,000.00 172,000.00 165,000.00
157,067.53 151,026.47 144,985.41 151,026.47 175,868.51 169,104.34
42,538 51,512 66,526 75,500 71,631 67,527
199,605.61 202,538.08 211,511.61 226,526.19 247,499.72 236,631.21
0.009 0.009 0.009 0.009 0.009 0.009
0.02 0.02 0.02 0.02 0.02 0.02

0.03 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
0.06 0.06 0.06 0.06 0.06 0.06
0.08 0.08 0.08 0.08 0.08 0.08
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
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

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
40,000.00 40,000.00 40,000.00 40,000.00 52,000.00 45,000.00
36.00 36.00 36.00 36.00 36.00 36.00

24.00 24.00 24.00 24.00 24.00 24.00
18.00 18.00 18.00 18.00 18.00 18.00
24.00 24.00 24.00 24.00 24.00 24.00
3.00
5.00
7.00
9.00
2160000 2160000 2160000 2160000 2160000 2160000

960000 960000 960000 960000 960000 960000
360000 360000 360000 360000 360000 360000
960000 960000 960000 960000 1248000 1080000
4440000 4440000 4440000 4440000 4728000 4560000
2,000 2,000 2,000 2,000 2,000 2,000

3,000 3,000 3,000 3,000 3,000 3,000
37,538 46,512 61,526 70,500 66,631 62,527
1.00 1.00 1.00 1.00 1.00 1.00

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

9,000 9,000 9,000 9,000 9,000 9,000
300,305 372,093 492,210 563,998 533,050 500,215
311,305 383,093 503,210 574,998 544,050 511,215
70,000 70,000 70,000 70,000 70,000 70,000

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

200,000 200,000 200,000 200,000 220,000 220,000
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
461,250 461,250 461,250 461,250 461,250 461,250
553,500 553,500 553,500 553,500 553,500 553,500
461,250 461,250 461,250 461,250 461,250 461,250
184,500 184,500 184,500 184,500 184,500 184,500
92,250 92,250
3,505,500 3,505,500 3,505,500 3,505,500 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
71,250 71,250 71,250 71,250 71,250 71,250
391,875 391,875 391,875 391,875 391,875
35,625 35,625 35,625
249,375 249,375
1,353,750 1,353,750 1,353,750 1,353,750 1,389,375 1,389,375
525000 525000 525000 525000 525000 525000
925000 925000
200000 200000 200000 200000 200000 200000

1055556 1055556 1055556 1055556 1055556 1055556
965965 928813 891660 928813 1081591 1039992
79.597 80.046 80.797 81.245 78.861 80.354
83.289 80.330 80.105 80.628 81.064 79.533
80.330 80.105 80.628 81.064 79.533 80.105
1000000 1000000 1000000 1000000 1000000 1000000
1000000 1000000 1000000 1000000 1000000 1000000

157068 151026 144985 151026 175869 169104
19,319,306 18,576,256 17,833,206 18,576,256 21,631,827 20,799,834
19,319,306 18,576,256 17,833,206 18,576,256 21,631,827 20,799,834
2,400,000 2,400,000 2,400,000 2,400,000 2,580,000 2,475,000

4,440,000 4,440,000 4,440,000 4,440,000 4,728,000 4,560,000
6,840,000 6,840,000 6,840,000 6,840,000 7,308,000 7,035,000
311,305 383,093 503,210 574,998 544,050 511,215
1,353,750 1,353,750 1,353,750 1,353,750 1,389,375 1,389,375
3,505,500 3,505,500 3,505,500 3,505,500 3,597,750 3,597,750
525,000 525,000 525,000 525,000 525,000 525,000
200,000 200,000 200,000 200,000 200,000 200,000
5,895,555 5,967,343 6,087,460 6,159,248 6,256,175 6,223,340
12,735,555 12,807,343 12,927,460 12,999,248 13,564,175 13,258,340
3,298,694 3,417,069 4,126,363 5,363,894 6,120,317 5,697,073
3,417,069 4,126,363 5,363,894 6,120,317 5,697,073 5,409,259
12,617,180 12,098,049 11,689,928 12,242,825 13,987,419 13,546,153
6,702,126 6,478,207 6,143,278 6,333,431 7,644,408 7,253,681
2,021,521 1,984,369 1,947,216 1,984,369 2,137,147 2,095,548
4,680,605 4,493,838 4,196,062 4,349,062 5,507,261 5,158,133

1,134,000 1,134,000 1,134,000 1,134,000 1,134,000 1,134,000
19,438 19,438 19,438 19,438 19,438 19,438
- - - - - -
- - - - - -
351,628 341,860 331,945 321,882 311,668 301,301
493,710 480,558 467,208 453,659 439,906 425,947
663,906 648,794 633,455 617,887 602,085 586,046
991,080 970,847 950,312 929,468 908,311 886,838
50,000 50,000 50,000 50,000 50,000 50,000

- 50,000 - 50,000 - 50,000 9,504 - 50,000 - 50,000
2,519,760 2,461,496 2,402,358 2,401,837 2,281,408 2,219,569
925,000 925,000
3,294,845 3,166,342 2,927,703 3,081,225 3,434,853 3,147,564

1,317,938 1,266,537 1,171,081 1,232,490 1,373,941 1,259,026
1,976,907 1,899,805 1,756,622 1,848,735 2,060,912 1,888,538
790,763 759,922 702,649 739,494 824,365 755,415
1,186,144 1,139,883 1,053,973 1,109,241 1,236,547 1,133,123
2,067,467 4,311,314 3,751,875 3,541,610 2,334,935 4,972,248

126,000,000 126,000,000 126,000,000 126,000,000 126,000,000 126,000,000
9,659,653 9,288,128 8,916,603 9,288,128 10,815,914 10,399,917
3,417,069 4,126,363 5,363,894 6,120,317 5,697,073 5,409,259
3,700,000 3,700,000
925,000 1,850,000
141,144,190 143,725,805 144,032,372 144,950,055 147,622,921 148,631,425
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
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
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
- - - - - -
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 10,935,000
- - - - - -
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
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
2,130,000 2,130,000 2,130,000 2,130,000

1,995,000 1,995,000 1,995,000
1,425,000
89,205,000 89,205,000 91,335,000 93,330,000 93,330,000 94,755,000
4,200,000 4,200,000 4,200,000 4,200,000 4,200,000 4,200,000
525,000 1,050,000 1,575,000 2,100,000 2,625,000 3,150,000
56,505,875 51,121,625 47,867,375 44,478,125 38,966,000 34,878,875
197,650,065 194,847,430 191,899,747 189,428,180 186,588,921 183,510,300
704,000 704,000 704,000 704,000 750,800 723,500

- - - - - -
- - - - - -
- - - - - -
2,703,896 2,744,455 2,785,621 2,827,406 2,869,817 2,912,864
3,640,714 3,695,325 3,750,755 3,807,016 3,864,121 3,922,083
4,183,199 4,245,947 4,309,636 4,374,281 4,439,895 4,506,494
5,600,650 5,684,660 5,769,930 5,856,479 5,944,326 6,033,491
16,832,460 17,074,387 17,319,943 17,569,182 17,868,960 18,098,432
- - - - - -
- - - - - -
20,086,752 19,385,240 18,673,206 17,950,491 17,216,935 16,472,376
28,396,459 27,451,894 26,493,162 25,520,048 24,532,337 23,529,811
39,069,723 37,984,414 36,882,825 35,764,712 34,629,828 33,477,920
59,122,505 57,669,446 56,194,590 54,697,612 53,178,179 51,635,955
146,675,438 142,490,994 138,243,782 133,932,862 129,557,279 125,116,062
18,419,396 18,419,396 18,419,396 18,419,396 18,900,268 18,900,268

- - - 480,872 - -
15,722,770 16,862,654 17,916,627 19,025,868 20,262,415 21,395,538
34,142,166 35,282,049 36,336,022 37,926,136 39,162,683 40,295,806
197,650,065 194,847,430 191,899,747 189,428,180 186,588,921 183,510,300
0.0 0.0 0.0 0.0 0.0 0.0
trim14 trim15 trim16 trim17 trim18 trim19
0.04 0.04 0.04 0.04 0.04 0.04
0.39 0.38 0.37 0.39 0.46 0.45
2.31 2.29 2.22 2.28 2.91 2.83
0.23 0.22 0.19 0.19 0.21 0.19
0.49 0.48 0.48 0.46 0.46 0.45
4.30 4.04 3.80 3.53 3.31 3.10
4.79 4.52 4.28 3.99 3.76 3.55
4.77 4.50 4.26 3.98 3.75 3.54
14.40 13.35 11.95 12.05 13.04 11.57
2,703,896 2,744,455 2,785,621 2,827,406 2,869,817 2,912,864
20,086,752 19,385,240 18,673,206 17,950,491 17,216,935 16,472,376
3,640,714 3,695,325 3,750,755 3,807,016 3,864,121 3,922,083

28,396,459 27,451,894 26,493,162 25,520,048 24,532,337 23,529,811
4,183,199 4,245,947 4,309,636 4,374,281 4,439,895 4,506,494

39,069,723 37,984,414 36,882,825 35,764,712 34,629,828 33,477,920
5,600,650 5,684,660 5,769,930 5,856,479 5,944,326 6,033,491

59,122,505 57,669,446 56,194,590 54,697,612 53,178,179 51,635,955
12 13 14 15 16 17
22,790,648 22,129,695 21,458,827 20,777,897 20,086,752 19,385,240
651,186 660,953 670,868 680,931 691,145 701,512
351,628 341,860 331,945 321,882 311,668 301,301
1,002,813 1,002,813 1,002,813 1,002,813 1,002,813 1,002,813
32,037,173 31,147,219 30,243,916 29,327,064 28,396,459 27,451,894

876,802 889,954 903,303 916,852 930,605 944,564
493,710 480,558 467,208 453,659 439,906 425,947
1,370,511 1,370,511 1,370,511 1,370,511 1,370,511 1,370,511
MPLEMENTAR MAS ADELANTE CON EMISION DE ACCIONES (VER FILAS 770 Y 790)
7 8 9 10 11 12
43,252,922 42,230,361 41,192,461 40,138,993 39,069,723 37,984,414
1,007,450 1,022,561 1,037,900 1,053,468 1,069,270 1,085,309
663,906 648,794 633,455 617,887 602,085 586,046
1,671,355 1,671,355 1,671,355 1,671,355 1,671,355 1,671,355
Cuarta EMISION DE BONOS PARA FINANCIAR EXPANSION EN PLANTAS Y MAQ SE P

4 5 6 7 8 9
64,723,156 63,354,106 61,964,520 60,554,091 59,122,505 57,669,446
1,348,818 1,369,050 1,389,586 1,410,429 1,431,586 1,453,060
991,080 970,847 950,312 929,468 908,311 886,838
2,339,897 2,339,897 2,339,897 2,339,897 2,339,897 2,339,897
TRIM14 TRIM15 TRIM16 TRIM17 TRIM18 TRIM19

1,230,000 1,230,000 1,230,000 1,230,000 1,240,000 1,240,000
10000
48.09
0.00 0.00 0.00 42.14 0.00 0.00
50,000 50,000 50,000 50,000 50,000 50,000
-50,000 -50,000 -50,000 9,504 -50,000 -50,000

0 0 0 421,368 0 0
0 0 0 480,872 0 0
0 0 0 59,504 0 0
0 0 0 1,034,126 0 0
-50,000 -50,000 -50,000 9,504 -50,000 -50,000
9 10 11 12 13 14
0.64 0.62 0.57 0.60 0.66 0.61
0.49 0.46 0.41 0.42 0.45 0.40
0.77 0.74 0.72 0.70 0.68 0.66
5 6 7 8 9 10
0.64 0.62 0.57 0.60 0.66 0.61
0.55 0.52 0.46 0.47 0.51 0.45
0.86 0.84 0.81 0.79 0.77 0.74
1 2 3 4 5 6
0.64 0.62 0.57 0.60 0.66 0.61
0.55 0.52 0.46 0.47 0.51 0.45
0.97 0.94 0.92 0.89 0.86 0.84
1 2
factor de act 0.97087378640777 0.94259590913376
0.03
134,064,299 128067467 130311314 129751875 129541610 128334935

9659653 9288128 8916603 9288128 10815914 10399917
8446056 9659653 9288128 8916603 9288128 10815914
1134000 1134000 1134000 1134000 1134000 1134000
0 0 0 480872 0 0
153304008 148149248 149650045 149571478 150779652 150684766
2160000 2160000 2160000 2160000 2322000 2227500

217500 240000 240000 240000 240000 258000
3996000 3996000 3996000 3996000 4255200 4104000
482500 444000 444000 444000 444000 472800
311305 383093 503210 574998 544050 511215
180000 180000 180000 180000 180000 180000
20000 20000 20000 20000 20000 20000
2021521 1984369 1947216 1984369 2137147 2095548
3135000 0 2130000 1995000 0 1425000

2519760 2461496 2402358 2342333 2281408 2219569
1317938 1266537 1171081 1232490 1373941 1259026
790763 759922 702649 739494 824365 755415
50000 50000 50000 50000 50000 50000
-50000 -50000 -50000 9504 -50000 -50000
0 0 0 0 0 0
651186 660953 670868 680931 691145 701512
876802 889954 903303 916852 930605 944564
1007450 1022561 1037900 1053468 1069270 1085309
1,348,818 1,369,050 1,389,586 1,410,429 1,431,586 1,453,060
4,200,000
3700000
25236541 17837934 19898170 20029868 22444717 19712518
128067467 130311314 129751875 129541610 128334935 130972248

126000000 126000000 126000000 126000000 126000000 126000000
2067467 4311314 3751875 3541610 2334935 4972248

1 2 3 4 5 6
-2,410,050 1,569,367 -1,235,649 -874,203 -1,897,362 1,972,354
- 5,996,831 2,243,847 - 559,439 - 210,265 - 1,206,675 2,637,313
613,219 674,480 676,210 663,938 690,687 664,959
1 2 3 4 5 6
0.97 0.94 0.92 0.89 0.86 0.84
595,358 635,762 618,828 589,900 595,792 556,893
0 1 2
INGRESOS MENOS EGRESOS DEL PERIODO SIN PROY 1,575,194 1,489,360
INGRESOS MENOS EGRESOS DEL PERIODO CON PROY -1,206,675 2,637,313
Flujo de caja que aporta el proy -3,700,000.00 918,131 1,147,953
Tasa de dcto 0.03
Factor de actualIzación 0.97 0.94
CALCULO VAN 350,121.76 891,390 1,082,056
TIR PROY TRIM 6.8%

TIR ANUAL 29.9%
- - - - -
195,000 195,000 215,000 215,000 215,000
195,000 195,000 215,000 215,000 215,000
80.5% 84.6% 87.4% 83.7% 80.9%
157,000 165,000 188,000 180,000 174,000

123.00 123.00 123.00 123.00 123.00
7,380,000 - - 25,830,000 18,450,000

369 369 369 369 369
3,705,000 1,710,000 3,135,000 285,000
57 57 57 57 57
-9,000,000 -26,000,000 -17,000,000
676,417.36
0.24 0.25 0.26 0.25 0.24
67,526.87 62,186.70 58,082.36 52,679.75 46,715.71
157,000.00 165,000.00 188,000.00 180,000.00 174,000.00
162,340.17 169,104.34 193,402.61 185,964.04 178,525.48
62,187 58,082 52,680 46,716 42,190
224,526.87 227,186.70 246,082.36 232,679.75 220,715.71
0.009 0.009 0.009 0.009 0.009
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
0.01 0.01 0.01 0.01 0.01
0.06 0.06 0.06 0.06 0.06
0.08 0.08 0.08 0.08 0.08
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
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

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
37,000.00 45,000.00 68,000.00 60,000.00 54,000.00
36.00 36.00 39.00 39.00 39.00

24.00 24.00 29.00 29.00 29.00
18.00 18.00 25.00 25.00 25.00
24.00 24.00 33.00 33.00 33.00
A
B
C
D
2160000 2160000 2340000 2340000 2340000

960000 960000 1160000 1160000 1160000
360000 360000 500000 500000 500000
888000 1080000 2244000 1980000 1782000
4368000 4560000 6244000 5980000 5782000
2,000 2,000 2,000 2,000 2,000

3,000 3,000 3,000 3,000 3,000
57,187 53,082 47,680 41,716 37,190
1.00 1.00 1.00 1.00 1.00

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

9,000 9,000 9,000 9,000 9,000
457,494 424,659 381,438 333,726 297,522
468,494 435,659 392,438 344,726 308,522
70,000 70,000 70,000 70,000 70,000

30,000 30,000 30,000 30,000 30,000
25,000 25,000 25,000 25,000 25,000
30,000 30,000 30,000 30,000 30,000
25,000 25,000 25,000 25,000 25,000
10,000 10,000 10,000 10,000 10,000
5,000 5,000 5,000 5,000 5,000
20,000 20,000 20,000
195,000 195,000 215,000 215,000 215,000
65,000
10,000 10,000
55,000 55,000 55,000
5,000 5,000 5,000 5,000 5,000
35,000 35,000 35,000 35,000 35,000
25,000 25,000 25,000 25,000 25,000
65,000 65,000 65,000 65,000
30,000 30,000 30,000
55,000 55,000
195,000 195,000 215,000 215,000 215,000

220,000 220,000 240,000 240,000 240,000
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
461,250 461,250 461,250 461,250 461,250
553,500 553,500 553,500 553,500 553,500
461,250 461,250 461,250 461,250 461,250
184,500 184,500 184,500 184,500 184,500
92,250 92,250 92,250 92,250 92,250
369,000 369,000 369,000
3,597,750 3,597,750 3,966,750 3,966,750 3,966,750
463,125
71,250 71,250
391,875 391,875 391,875
35,625 35,625 35,625 35,625 35,625
249,375 249,375 249,375 249,375 249,375
178,125 178,125 178,125 178,125 178,125
463,125 463,125 463,125 463,125
213,750 213,750 213,750
391,875 391,875
1,389,375 1,389,375 1,531,875 1,531,875 1,531,875
525000 525000
925000 925000
200000 200000 200000 200000 200000

1055556 1055556 1055556 1055556 1055556
998392 1039992 1189426 1143679 1097932
82.189 79.896 80.612 81.796 82.754
80.105 81.562 80.352 80.551 81.514
81.562 80.352 80.551 81.514 82.491
1000000 1000000 1000000 1000000 1000000
1000000 1000000 1000000 1000000 1000000

162340 169104 193403 185964 178525
19,967,841 20,799,834 23,788,521 22,873,577 21,958,634
19,967,841 20,799,834 23,788,521 22,873,577 21,958,634
2,355,000 2,475,000 2,820,000 2,700,000 2,610,000

4,368,000 4,560,000 6,244,000 5,980,000 5,782,000
6,723,000 7,035,000 9,064,000 8,680,000 8,392,000
468,494 435,659 392,438 344,726 308,522
1,389,375 1,389,375 1,531,875 1,531,875 1,531,875
3,597,750 3,597,750 3,966,750 3,966,750 3,966,750
525,000 525,000
200,000 200,000 200,000 200,000 200,000
6,180,619 6,147,784 6,091,063 6,043,351 6,007,147
12,903,619 13,182,784 15,155,063 14,723,351 14,399,147
5,409,259 5,072,076 4,667,022 4,243,386 3,808,000
5,072,076 4,667,022 4,243,386 3,808,000 3,480,331
13,240,802 13,587,838 15,578,699 15,158,737 14,726,816
6,727,039 7,211,996 8,209,822 7,714,841 7,231,818
2,053,948 2,095,548 2,244,982 2,199,235 2,153,488
4,673,091 5,116,448 5,964,840 5,515,606 5,078,330

1,053,000 1,053,000 1,053,000 819,000 666,000
19,438 19,438 19,438 19,438 19,438
- - - - -
- - - - -
290,779 280,098 269,257 258,254 247,086
411,778 397,397 382,801 367,985 352,947
569,766 553,242 536,471 519,447 502,169
865,042 842,919 820,464 797,673 774,539
50,000 50,000 50,000 50,000 50,000

- 50,000 - 50,000 - 50,000 - 50,000 - 50,000
2,156,802 2,093,094 2,028,430 1,962,797 1,896,178
925,000 925,000
2,644,289 3,151,354 4,989,409 4,371,809 3,848,152

1,057,715 1,260,541 1,995,764 1,748,724 1,539,261
1,586,573 1,890,812 2,993,646 2,623,085 2,308,891
634,629 756,325 1,197,458 1,049,234 923,556
951,944 1,134,487 1,796,187 1,573,851 1,385,335
6,751,085 8,322,036 7,238,457 10,894,174 12,291,639

117,000,000 117,000,000 117,000,000 91,000,000 74,000,000
9,983,920 10,399,917 11,894,260 11,436,789 10,979,317
5,072,076 4,667,022 4,243,386 3,808,000 3,480,331
3,700,000 3,700,000
2,775,000 3,700,000
139,732,082 140,388,975 140,376,103 117,138,962 100,751,287
2,486,250 2,486,250 2,486,250 2,486,250 2,486,250

21,795,000 23,184,375 24,716,250 26,248,125 27,780,000
8,465,250 8,465,250 8,465,250 8,465,250 8,465,250
55,069,750 58,667,500 62,634,250 66,601,000 70,567,750
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
- - - - -
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
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
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
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

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

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
3,135,000 3,135,000 3,135,000
25,830,000 25,830,000
18,735,000
105,840,000 107,550,000 110,685,000 136,515,000 155,250,000
4,200,000 4,200,000
3,675,000 4,200,000
40,451,750 36,649,625 34,286,000 54,617,375 67,853,750
180,183,832 177,038,600 174,662,103 171,756,337 168,605,037
692,300 723,500 926,400 888,000 859,200

- - - - -
- - - - -
- - - - -
2,956,557 3,000,905 3,045,919 3,091,608 3,137,982
3,980,914 4,040,628 4,101,237 4,162,756 4,225,197
4,574,091 4,642,702 4,712,343 4,783,028 4,854,774
6,123,993 6,215,853 6,309,091 6,403,728 6,499,783
18,327,856 18,623,589 19,094,991 19,329,119 19,576,936
- - - - -
- - - - -
15,716,649 14,949,585 14,171,016 13,380,768 12,578,667
22,512,247 21,479,420 20,431,100 19,367,055 18,287,050
32,308,734 31,122,009 29,917,485 28,694,892 27,453,960
50,070,597 48,481,759 46,869,088 45,232,227 43,570,813
120,608,226 116,032,773 111,388,688 106,674,942 101,890,490
18,900,268 18,900,268 18,900,268 18,900,268 18,900,268

- - - - -
22,347,482 23,481,969 25,278,156 26,852,008 28,237,342
41,247,750 42,382,237 44,178,425 45,752,276 47,137,610
180,183,832 177,038,600 174,662,103 171,756,337 168,605,037
0.0 0.0 0.0 0.0 0.0
trim20 trim21 trim22 trim23 trim24
0.04 0.04 0.07 0.06 0.05
0.44 0.47 0.54 0.53 0.52
2.65 2.95 3.46 3.23 3.03
0.15 0.18 0.27 0.23 0.20
0.44 0.44 0.43 0.42 0.42
2.92 2.74 2.52 2.33 2.16
3.37 3.18 2.95 2.75 2.58
3.35 3.16 2.93 2.73 2.56
9.45 11.00 16.95 14.25 12.11
2,956,557 3,000,905 3,045,919 3,091,608 3,137,982
15,716,649 14,949,585 14,171,016 13,380,768 12,578,667
3,980,914 4,040,628 4,101,237 4,162,756 4,225,197

22,512,247 21,479,420 20,431,100 19,367,055 18,287,050
4,574,091 4,642,702 4,712,343 4,783,028 4,854,774

32,308,734 31,122,009 29,917,485 28,694,892 27,453,960
6,123,993 6,215,853 6,309,091 6,403,728 6,499,783

50,070,597 48,481,759 46,869,088 45,232,227 43,570,813
18 19 20 21 22
18,673,206 17,950,491 17,216,935 16,472,376 15,716,649
712,034 722,715 733,556 744,559 755,727
290,779 280,098 269,257 258,254 247,086
1,002,813 1,002,813 1,002,813 1,002,813 1,002,813
26,493,162 25,520,048 24,532,337 23,529,811 22,512,247

958,733 973,114 987,710 1,002,526 1,017,564
411,778 397,397 382,801 367,985 352,947
1,370,511 1,370,511 1,370,511 1,370,511 1,370,511
13 14 15 16 17
36,882,825 35,764,712 34,629,828 33,477,920 32,308,734
1,101,589 1,118,113 1,134,884 1,151,908 1,169,186
569,766 553,242 536,471 519,447 502,169
1,671,355 1,671,355 1,671,355 1,671,355 1,671,355
NTAS Y MAQ SE PUEDE COMPLEMENTAR MAS ADELANTE CON EMISION DE ACCIONES

10 11 12 13 14
56,194,590 54,697,612 53,178,179 51,635,955 50,070,597
1,474,855 1,496,978 1,519,433 1,542,224 1,565,358
865,042 842,919 820,464 797,673 774,539
2,339,897 2,339,897 2,339,897 2,339,897 2,339,897

1,240,000 1,240,000 1,240,000 1,240,000 1,240,000
-
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

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
15 16 17 18 19
0.51 0.61 0.97 0.85 0.74
0.33 0.38 0.58 0.50 0.42
0.64 0.62 0.61 0.59 0.57
11 12 13 14 15
0.51 0.61 0.97 0.85 0.74
0.37 0.43 0.66 0.56 0.48
0.72 0.70 0.68 0.66 0.64
7 8 9 10 11
0.51 0.61 0.97 0.85 0.74
0.37 0.43 0.66 0.56 0.48
0.81 0.79 0.77 0.74 0.72
3 4 5 6 7
0.51 0.61 0.97 0.85 0.74
0.37 0.43 0.66 0.56 0.48
0.91514165935316 0.888487047915689 0.862608784384164 0.837484256683654 0.813091511343353
130972248 123751085 125322036 124238457 101894174

9983920 10399917 11894260 11436789 10979317
10399917 9983920 10399917 11894260 11436789
1053000 1053000 1053000 819000 666000
0 0 0 0 0
152409085 145187922 148669213 148388506 124976279
2119500 2227500 2538000 2430000 2349000

247500 235500 247500 282000 270000
3931200 4104000 5619600 5382000 5203800
456000 436800 456000 624400 598000
468494 435659 392438 344726 308522
180000 180000 180000 180000 180000
20000 20000 20000 20000 20000
2053948 2095548 2244982 2199235 2153488
11085000 1710000 3135000 25830000 18735000

2156802 2093094 2028430 1962797 1896178
1057715 1260541 1995764 1748724 1539261
634629 756325 1197458 1049234 923556
50000 50000 50000 50000 50000
-50000 -50000 -50000 -50000 -50000
0 0 0 0 0
712034 722715 733556 744559 755727
958733 973114 987710 1002526 1017564
1101589 1118113 1134884 1151908 1169186
1,474,855 1,496,978 1,519,433 1,542,224 1,565,358
28658000 19865887 24430756 46494332 38684641
123751085 125322036 124238457 101894174 86291639

117000000 117000000 117000000 91000000 74000000
6751085 8322036 7238457 10894174 12291639

7 8
-7,852,685 636,905 INGRESOS MENOS EGRESOS DEL PERIODO SIN PROY
- 7,221,163 1,570,950 INGRESOS MENOS EGRESOS DEL PERIODO CON PROY
631,523 934,046 Flujo de caja que aporta el proy
Tasa de dcto
7 8
0.81 0.79 Factor de actualIzación
513,486 737,344 CALCULO VAN
TIR PROY TRIM

TIR ANUAL
3 4
-8,382,123 429,422
-7,221,163 1,570,950
1,160,960 1,141,529
0.92 0.89
1,062,443 1,014,233
- - - - -
215,000 235,000 235,000 235,000 235,000
215,000 235,000 235,000 235,000 235,000
83.7% 85.1% 85.1% 85.1% 85.1%
180,000 200,000 200,000 200,000 200,000

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

369 369 369 369 369
3,135,000 1,425,000 3,705,000 2,850,000
57 57 57 57 57
$4,500,000
-8,000,000 -15,000,000 -8,700,000
743,856.18 818,018.64
0.25 0.26 0.25 0.24 0.25
42,190.23 36,226.18 23,541.34 19,036.68 22,712.20
180,000.00 200,000.00 200,000.00 200,000.00 200,000.00
185,964.04 212,684.85 204,504.66 196,324.47 204,504.66
36,226 23,541 19,037 22,712 18,208
222,190.23 236,226.18 223,541.34 219,036.68 222,712.20
0.009 0.009 0.009 0.009 0.009
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
0.01 0.01 0.01 0.01 0.01
0.06 0.06 0.06 0.06 0.06
0.08 0.08 0.08 0.08 0.08
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
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

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
60,000.00 80,000.00 80,000.00 80,000.00 80,000.00
39.00 39.00 39.00 39.00 39.00

29.00 29.00 29.00 29.00 29.00
25.00 25.00 25.00 25.00 25.00
33.00 33.00 33.00 33.00 33.00
Proy tec 3
2.50 2.50
3.50 3.50
4.50 4.50
5.50 5.50
2340000 2340000 2340000 2340000 2340000

1160000 1160000 1160000 1160000 1160000
500000 500000 500000 500000 500000
1980000 2640000 2640000 2640000 2640000
5980000 6640000 6640000 6640000 6640000
2,000 2,000 2,000 2,000 2,000

3,000 3,000 3,000 3,000 3,000
31,226 18,541 14,037 17,712 13,208
1.00 1.00 1.00 1.00 1.00

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

9,000 9,000 9,000 9,000 9,000
249,809 148,331 112,293 141,698 105,660
260,809 159,331 123,293 152,698 116,660
30,000
25,000 25,000 25,000
30,000 30,000 30,000 30,000 30,000
25,000 25,000 25,000 25,000 25,000
10,000 10,000 10,000 10,000 10,000
5,000 5,000 5,000 5,000 5,000
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
215,000 235,000 235,000 235,000 235,000
35,000
25,000 25,000 25,000
65,000 65,000 65,000 65,000
30,000 30,000 30,000 30,000 30,000
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
215,000 235,000 235,000 235,000 235,000

240,000 260,000 260,000 260,000 260,000
553,500
461,250 461,250 461,250
553,500 553,500 553,500 553,500 553,500
461,250 461,250 461,250 461,250 461,250
184,500 184,500 184,500 184,500 184,500
92,250 92,250 92,250 92,250 92,250
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 4,335,750 4,335,750 4,335,750 4,335,750
249,375
178,125 178,125 178,125
463,125 463,125 463,125 463,125
213,750 213,750 213,750 213,750 213,750
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 1,674,375 1,674,375 1,674,375 1,674,375
$562,500 $562,500 $562,500 $562,500
200000 200000 200000 200000 200000

1055556 1055556 1055556 1055556 1055556
1143679 1308012 1257704 1207396 1257704
81.330 82.860 82.680 82.827 82.646
82.491 81.551 82.659 82.677 82.814
81.551 82.659 82.677 82.814 82.663
1000000 1000000 1000000 1000000 1000000
1000000 1000000 1000000 1000000 1000000

185964 212685 204505 196324 204505
22,873,577 26,160,236 25,154,073 24,147,910 25,154,073
22,873,577 26,160,236 25,154,073 24,147,910 25,154,073
2,700,000 3,000,000 3,000,000 3,000,000 3,000,000

5,980,000 6,640,000 6,640,000 6,640,000 6,640,000
8,680,000 9,640,000 9,640,000 9,640,000 9,640,000
260,809 159,331 123,293 152,698 116,660
1,531,875 1,674,375 1,674,375 1,674,375 1,674,375
3,966,750 4,335,750 4,335,750 4,335,750 4,335,750
562,500 562,500 562,500 562,500
200,000 200,000 200,000 200,000 200,000
5,959,434 6,931,956 6,895,918 6,925,323 6,889,285
14,639,434 16,571,956 16,535,918 16,565,323 16,529,285
3,480,331 2,954,270 1,945,904 1,573,903 1,880,880
2,954,270 1,945,904 1,573,903 1,880,880 1,505,099
15,165,495 17,580,322 16,907,919 16,258,346 16,905,067
7,708,082 8,579,914 8,246,154 7,889,565 8,249,006
2,199,235 2,363,568 2,313,260 2,262,952 2,313,260
5,508,847 6,216,346 5,932,895 5,626,613 5,935,747

666,000 594,000 594,000 459,000 380,700
19,438 19,438 19,438 19,438 19,438
- - - - -
- - - - -
235,750 224,244 212,565 200,712 188,680
337,684 322,191 306,466 290,506 274,306
484,631 466,830 448,762 430,423 411,809
751,059 727,226 703,036 678,483 653,562
50,000 50,000 50,000 50,000 50,000

- 50,000 - 50,000 - 50,000 - 50,000 - 50,000
1,828,561 1,759,929 1,690,268 1,619,562 1,547,795
4,346,286 5,050,417 4,836,627 4,466,051 4,768,652

1,738,515 2,020,167 1,934,651 1,786,421 1,907,461
2,607,772 3,030,250 2,901,976 2,679,631 2,861,191
1,043,109 1,212,100 1,160,790 1,071,852 1,144,476
1,564,663 1,818,150 1,741,186 1,607,779 1,716,715
11,741,863 9,224,590 12,274,737 8,711,792 8,642,613

74,000,000 66,000,000 66,000,000 51,000,000 42,300,000
11,436,789 13,080,118 12,577,037 12,073,955 12,577,037
2,954,270 1,945,904 1,573,903 1,880,880 1,505,099
100,132,922 90,250,612 92,425,677 73,666,628 65,024,748
2,486,250 2,486,250 2,486,250 2,486,250 2,486,250

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
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

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
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 1,425,000 1,425,000
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
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

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

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
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
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
158,385,000 167,610,000 169,035,000 191,190,000 203,265,000

4,500,000 4,500,000 4,500,000 4,500,000
562,500 1,125,000 1,687,500 2,250,000
65,490,125 72,642,500 67,494,875 83,077,250 88,579,625
165,623,047 162,893,112 159,920,552 156,743,878 153,604,373
888,000 984,000 984,000 984,000 984,000

- - - - -
- - - - -
- - - - -
3,185,052 3,232,827 3,281,320 3,330,540 3,380,498
4,288,575 4,352,904 4,418,197 4,484,470 4,551,738
4,927,595 5,001,509 5,076,532 5,152,680 5,229,970
6,597,280 6,696,239 6,796,683 6,898,633 7,002,113
19,886,502 20,267,480 20,556,732 20,850,323 21,148,318
- - - - -
- - - - -
11,764,534 10,938,189 10,099,448 9,248,127 8,384,036
17,190,844 16,078,196 14,948,858 13,802,579 12,639,107
26,194,414 24,915,975 23,618,360 22,301,280 20,964,444
41,884,478 40,172,848 38,435,544 36,672,180 34,882,366
97,034,271 92,105,208 87,102,210 82,024,167 76,869,953
18,900,268 18,900,268 18,900,268 18,900,268 18,900,268

- - - - -
29,802,005 31,620,156 33,361,341 34,969,120 36,685,835
48,702,274 50,520,424 52,261,609 53,869,388 55,586,103
165,623,047 162,893,112 159,920,552 156,743,878 153,604,373
0.0 0.0 0.0 0.0 0.0
0.06 0.07 0.07 0.07 0.07
0.55 0.64 0.63 0.62 0.66
3.38 3.87 3.86 3.76 4.08
0.21 0.24 0.22 0.20 0.21
0.41 0.40 0.39 0.39 0.38
1.99 1.82 1.67 1.52 1.38
2.40 2.22 2.06 1.91 1.76
2.38 2.20 2.04 1.89 1.75
13.28 14.93 13.79 12.31 12.75
3,185,052 3,232,827 3,281,320 3,330,540 3,380,498
11,764,534 10,938,189 10,099,448 9,248,127 8,384,036
4,288,575 4,352,904 4,418,197 4,484,470 4,551,738

17,190,844 16,078,196 14,948,858 13,802,579 12,639,107
4,927,595 5,001,509 5,076,532 5,152,680 5,229,970

26,194,414 24,915,975 23,618,360 22,301,280 20,964,444
6,597,280 6,696,239 6,796,683 6,898,633 7,002,113

41,884,478 40,172,848 38,435,544 36,672,180 34,882,366
23 24 25 26 27
14,949,585 14,171,016 13,380,768 12,578,667 11,764,534
767,063 778,569 790,248 802,102 814,133
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
21,479,420 20,431,100 19,367,055 18,287,050 17,190,844

1,032,827 1,048,320 1,064,045 1,080,005 1,096,205
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
18 19 20 21 22
31,122,009 29,917,485 28,694,892 27,453,960 26,194,414
1,186,724 1,204,525 1,222,593 1,240,932 1,259,546
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
SION DE ACCIONES
15 16 17 18 19
48,481,759 46,869,088 45,232,227 43,570,813 41,884,478
1,588,838 1,612,671 1,636,861 1,661,414 1,686,335
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

1,240,000 1,240,000 1,240,000 1,240,000 1,240,000
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

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
20 21 22 23 24
0.84 0.98 0.94 0.86 0.92
0.47 0.53 0.49 0.44 0.45
0.55 0.54 0.52 0.51 0.49
16 17 18 19 20
0.84 0.98 0.94 0.86 0.92
0.52 0.59 0.55 0.49 0.51
0.62 0.61 0.59 0.57 0.55
12 13 14 15 16
0.84 0.98 0.94 0.86 0.92
0.52 0.59 0.55 0.49 0.51
0.70 0.68 0.66 0.64 0.62
8 9 10 11 12
0.84 0.98 0.94 0.86 0.92
0.52 0.59 0.55 0.49 0.51
0.789409234313936 0.766416732343627 0.744093914896725 0.72242127659876 0.701379880192973
86291639 85741863 75224590 78274737 59711792

11436789 13,080,118 12,577,037 12,073,955 12,577,037
10979317 11436789 13080118 12577037 12073955
666000 594000 594000 459000 380700
0 0 0 0 0
109373745 110852770 101475745 103384728 84743484
2430000 2700000 2700000 2700000 2700000

261000 270000 300000 300000 300000
5382000 5976000 5976000 5976000 5976000
578200 598000 664000 664000 664000
260809 159331 123293 152698 116660
180000 180000 180000 180000 180000
20000 20000 20000 20000 20000
2199235 2363568 2313260 2262952 2313260
3135000 9225000 1425000 22155000 12075000

1828561 1759929 1690268 1619562 1547795
1738515 2020167 1934651 1786421 1907461
1043109 1212100 1160790 1071852 1144476
50000 50000 50000 50000 50000
-50000 -50000 -50000 -50000 -50000
0 0 0 0 0
767063 778569 790248 802102 814133
1032827 1048320 1064045 1080005 1096205
1186724 1204525 1222593 1240932 1259546
1,588,838 1,612,671 1,636,861 1,661,414 1,686,335
4500000
23631882 35628180 23201008 43672936 33800871
85741863 75224590 78274737 59711792 50942613

74000000 66000000 66000000 51000000 42300000
11741863 9224590 12274737 8711792 8642613

0 1 2 3 4
-6,341,397 2,687,983 -18,915,832 -9,137,235
- 10,517,273 3,050,146 - 18,562,944 - 8,769,179
-4,500,000 324,124 362,164 352,888 368,056
0.015
1 2 3 4
0.99 0.97 0.96 0.94
-1,893,513 319,334 351,538 337,473 346,776
-9.64%
-33.35%
- - - - -
255,000 255,000 255,000 255,000 245,000
255,000 255,000 255,000 255,000 245,000
88.2% 94.1% 94.1% 94.1% 98.0%
225,000 240,000 240,000 240,000 240,000

123.00 123.00 123.00 123.00 123.00
- - - - -
369 369 369 369 369
3,135,000 285,000 2,565,000
57 57 57 57 57
-700,000 2,000,000 2,500,000 3,000,000
899,575.09
0.26 0.25 0.24 0.25 0.26
18,207.54 9,318.02 24,424.25 48,526.22 63,632.45
225,000.00 240,000.00 240,000.00 240,000.00 240,000.00
233,889.52 224,893.77 215,898.02 224,893.77 257,208.31
9,318 24,424 48,526 63,632 46,424
243,207.54 249,318.02 264,424.25 288,526.22 303,632.45
0.009 0.009 0.009 0.009 0.009
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
0.01 0.01 0.01 0.01 0.01
0.06 0.06 0.06 0.06 0.06
0.08 0.08 0.08 0.08 0.08
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
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

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
105,000.00 120,000.00 120,000.00 120,000.00 120,000.00
39.00 39.00 39.00 39.00 39.00

29.00 29.00 29.00 29.00 29.00
25.00 25.00 25.00 25.00 25.00
33.00 33.00 33.00 33.00 33.00
2340000 2340000 2340000 2340000 2340000
1160000 1160000 1160000 1160000 1160000
500000 500000 500000 500000 500000
3465000 3960000 3960000 3960000 3960000
7465000 7960000 7960000 7960000 7960000
2,000 2,000 2,000 2,000 2,000

3,000 3,000 3,000 3,000 3,000
4,318 19,424 43,526 58,632 41,424
1.00 1.00 1.00 1.00 1.00

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

9,000 9,000 9,000 9,000 9,000
34,544 155,394 348,210 469,060 331,393
45,544 166,394 359,210 480,060 342,393
25,000
10,000 10,000 10,000 10,000
5,000 5,000 5,000 5,000 5,000
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 50,000
25,000 25,000 25,000 25,000 25,000
50,000 50,000 50,000 50,000 50,000
25,000 25,000 25,000 25,000
255,000 255,000 255,000 255,000 245,000
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
65,000 65,000 65,000 65,000 65,000
50,000 50,000 50,000 50,000 50,000
55,000 55,000 55,000 55,000
5,000 5,000
45,000
255,000 255,000 255,000 255,000 245,000

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
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
922,500 922,500 922,500 922,500 922,500
461,250 461,250 461,250 461,250 461,250
922,500 922,500 922,500 922,500 922,500
461,250 461,250 461,250 461,250
4,704,750 4,704,750 4,704,750 4,704,750 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
463,125 463,125 463,125 463,125 463,125
356,250 356,250 356,250 356,250 356,250
391,875 391,875 391,875 391,875
35,625 35,625
320,625
1,816,875 1,816,875 1,816,875 1,816,875 1,745,625
$562,500 $562,500 $562,500 $562,500
200000 200000 200000 200000 200000

1055556 1055556 1055556 1055556 1055556
1438421 1383097 1327773 1383097 1581831
80.754 79.210 80.014 80.517 76.534
82.663 80.897 79.274 79.946 80.421
80.897 79.274 79.946 80.421 77.349
1000000 1000000 1000000 1000000 1000000
1000000 1000000 1000000 1000000 1000000

233890 224894 215898 224894 257208
28,768,412 27,661,934 26,555,457 27,661,934 31,636,622
28,768,412 27,661,934 26,555,457 27,661,934 31,636,622
3,375,000 3,600,000 3,600,000 3,600,000 3,600,000

7,465,000 7,960,000 7,960,000 7,960,000 7,960,000
10,840,000 11,560,000 11,560,000 11,560,000 11,560,000
45,544 166,394 359,210 480,060 342,393
1,816,875 1,816,875 1,816,875 1,816,875 1,745,625
4,704,750 4,704,750 4,704,750 4,704,750 4,520,250
562,500 562,500 562,500 562,500
200,000 200,000 200,000 200,000 200,000
7,329,669 7,450,519 7,643,335 7,764,185 6,808,268
18,169,669 19,010,519 19,203,335 19,324,185 18,368,268
1,505,099 753,800 1,936,196 3,879,454 5,117,401
753,800 1,936,196 3,879,454 5,117,401 3,590,861
18,920,968 17,828,123 17,260,077 18,086,237 19,894,808
9,847,444 9,833,811 9,295,379 9,575,697 11,741,814
2,493,977 2,438,653 2,383,329 2,438,653 2,637,387
7,353,467 7,395,159 6,912,051 7,137,044 9,104,427

374,400 374,400 392,400 414,900 441,900
19,438 19,438 19,438 19,438 19,438
- - - - -
- - - - -
176,468 164,073 151,492 138,722 125,761
257,863 241,173 224,233 207,039 189,587
392,916 373,740 354,275 334,519 314,467
628,267 602,593 576,533 550,083 523,235
50,000 50,000 50,000 50,000 50,000

- 50,000 - 50,000 - 50,000 - 50,000 - 50,000
1,474,952 1,401,016 1,325,971 1,249,800 1,172,487
6,252,915 6,368,543 5,978,480 6,302,144 8,373,840

2,501,166 2,547,417 2,391,392 2,520,858 3,349,536
3,751,749 3,821,126 3,587,088 3,781,286 5,024,304
1,500,700 1,528,450 1,434,835 1,512,515 2,009,722
2,251,050 2,292,675 2,152,253 2,268,772 3,014,583
9,677,855 13,494,499 13,977,815 11,320,312 11,908,438

41,600,000 41,600,000 43,600,000 46,100,000 49,100,000
14,384,206 13,830,967 13,277,728 13,830,967 15,818,311
753,800 1,936,196 3,879,454 5,117,401 3,590,861
66,415,861 70,861,663 74,734,997 76,368,680 80,417,611
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
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
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
- - - - -
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
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
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
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

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

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
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
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 9,225,000
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
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
- - - -
285,000 285,000 285,000
2,565,000 2,565,000
206,400,000 206,400,000 206,685,000 209,250,000 209,250,000

4,500,000 4,500,000 4,500,000 4,500,000
2,812,500 3,375,000 3,937,500 4,500,000
84,630,500 77,546,375 70,747,250 66,228,125 59,962,250
151,046,361 148,408,038 145,482,247 142,596,805 140,379,861
1,104,000 1,176,000 1,176,000 1,176,000 1,176,000

- - - - -
- - - - -
- - - - -
2,554,153 1,715,412 864,091 - -
4,620,014 4,689,314 4,759,653 4,831,048 4,903,514
5,308,419 5,388,046 5,468,866 5,550,899 5,634,163
7,107,144 7,213,752 7,321,958 7,431,787 7,543,264
20,693,730 20,182,524 19,590,569 18,989,735 19,256,941
- - - - -
- - - - -
8,384,036 8,384,036 8,384,036 8,384,036 7,506,983
11,458,182 10,259,544 9,042,926 7,808,059 6,554,668
19,607,556 18,230,314 16,832,414 15,413,545 13,973,393
33,065,704 31,221,792 29,350,222 27,450,578 25,522,440
72,515,478 68,095,687 63,609,598 59,056,218 53,557,485
18,900,268 18,900,268 18,900,268 18,900,268 18,900,268

- - - - -
38,936,884 41,229,559 43,381,812 45,650,584 48,665,167
57,837,152 60,129,828 62,282,080 64,550,852 67,565,435
151,046,361 148,408,038 145,482,247 142,596,805 140,379,861
0.0 0.0 0.0 0.0 0.0
0.10 0.10 0.10 0.11 0.14
0.76 0.75 0.73 0.78 0.90
5.24 5.55 5.51 6.04 8.14
0.26 0.25 0.23 0.23 0.30
0.36 0.34 0.31 0.29 0.29
1.25 1.13 1.02 0.91 0.79
1.61 1.47 1.34 1.21 1.08
1.59 1.45 1.32 1.19 1.06
16.20 15.86 14.32 14.57 18.68
2,554,153 1,715,412 864,091 0 0
8,384,036 8,384,036 8,384,036 8,384,036 7,506,983
4,620,014 4,689,314 4,759,653 4,831,048 4,903,514

11,458,182 10,259,544 9,042,926 7,808,059 6,554,668
5,308,419 5,388,046 5,468,866 5,550,899 5,634,163

19,607,556 18,230,314 16,832,414 15,413,545 13,973,393
7,107,144 7,213,752 7,321,958 7,431,787 7,543,264

33,065,704 31,221,792 29,350,222 27,450,578 25,522,440
28 29 30 31 32
10,938,189 10,099,448 9,248,127 8,384,036 7,506,983
826,345 838,740 851,321 864,091 877,053
176,468 164,073 151,492 138,722 125,761
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

1,112,649 1,129,338 1,146,278 1,163,472 1,180,925
257,863 241,173 224,233 207,039 189,587
1,370,511 1,370,511 1,370,511 1,370,511 1,370,511
23 24 25 26 27
24,915,975 23,618,360 22,301,280 20,964,444 19,607,556
1,278,439 1,297,615 1,317,080 1,336,836 1,356,888
392,916 373,740 354,275 334,519 314,467
1,671,355 1,671,355 1,671,355 1,671,355 1,671,355
20 21 22 23 24
40,172,848 38,435,544 36,672,180 34,882,366 33,065,704
1,711,630 1,737,304 1,763,364 1,789,814 1,816,662
628,267 602,593 576,533 550,083 523,235
2,339,897 2,339,897 2,339,897 2,339,897 2,339,897

1,240,000 1,240,000 1,240,000 1,240,000 1,240,000
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

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
25 26 27 28 29
1.21 1.23 1.16 1.22 1.62
0.58 0.57 0.52 0.53 0.69
0.48 0.46 0.45 0.44 0.42
21 22 23 24 25
1.21 1.23 1.16 1.22 1.62
0.65 0.64 0.59 0.60 0.77
0.54 0.52 0.51 0.49 0.48
17 18 19 20 21
1.21 1.23 1.16 1.22 1.62
0.65 0.64 0.59 0.60 0.77
0.61 0.59 0.57 0.55 0.54
13 14 15 16 17
1.21 1.23 1.16 1.22 1.62
0.65 0.64 0.59 0.60 0.77
0.680951339993178 0.661117805818619 0.641861947396717 0.623166939220114 0.605016445844771
50942613 51277855 55094499 57577815 57420312

14,384,206 13,830,967 13,277,728 13,830,967 15,818,311
12577037 14384206 13830967 13277728 13830967
374400 374400 392400 414900 441900
0 0 0 0 0
78278255 79867427 82595595 85101411 87511490
3037500 3240000 3240000 3240000 3240000

300000 337500 360000 360000 360000
6718500 7164000 7164000 7164000 7164000
664000 746500 796000 796000 796000
45544 166394 359210 480060 342393
180000 180000 180000 180000 180000
20000 20000 20000 20000 20000
2493977 2438653 2383329 2438653 2637387
3135000 0 285000 2565000 0

1474952 1401016 1325971 1249800 1172487
2501166 2547417 2391392 2520858 3349536
1500700 1528450 1434835 1512515 2009722
50000 50000 50000 50000 50000
-50000 -50000 -50000 -50000 -50000
0 0 0 0 0
826345 838740 851321 864091 877053
1112649 1129338 1146278 1163472 1180925
1278439 1297615 1317080 1336836 1356888
1,711,630 1,737,304 1,763,364 1,789,814 1,816,662
27000401 24772928 25017780 27681098 26503052
51277855 55094499 57577815 57420312 61008438

41600000 41600000 43600000 46100000 49100000
9677855 13494499 13977815 11320312 11908438

5 6 7 8
-42,479 3,478,338 2,159,383 -494,859
335,242 3,816,645 2,483,316 - 157,503
377,721 338,307 323,933 337,356
5 6 7 8
0.93 0.91 0.90 0.89
350,623 309,396 291,872 299,474

- - - - -
245,000 245,000 245,000 305,000 305,000
245,000 245,000 245,000 305,000 305,000
98.0% 98.0% 98.0% 90.2% 91.8%
240,000 240,000 240,000 275,000 280,000

123.00 123.00 123.00 123.00 123.00
- 23,985,000 - - -
369 369 369 369 369
1,425,000 3,705,000 6,270,000 3,135,000
57 57 57 57 57
7,000,000 -20,000,000 2,000,000
989,262.73
0.25 0.24 0.25 0.26 0.25
46,424.14 39,108.46 41,685.40 34,369.72 26,517.74
240,000.00 240,000.00 240,000.00 275,000.00 280,000.00
247,315.68 237,423.06 247,315.68 282,851.98 271,973.06
39,108 41,685 34,370 26,518 34,545
286,424.14 279,108.46 281,685.40 309,369.72 306,517.74
0.009 0.009 0.009 0.009 0.009
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
0.01 0.01 0.01 0.01 0.01
0.06 0.06 0.06 0.06 0.06
0.08 0.08 0.08 0.08 0.08
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
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

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
120,000.00 120,000.00 120,000.00 155,000.00 160,000.00
39.00 39.00 39.00 39.00 39.00

29.00 29.00 29.00 29.00 29.00
25.00 25.00 25.00 25.00 25.00
33.00 33.00 33.00 33.00 33.00
2340000 2340000 2340000 2340000 2340000
1160000 1160000 1160000 1160000 1160000
500000 500000 500000 500000 500000
3960000 3960000 3960000 5115000 5280000
7960000 7960000 7960000 9115000 9280000
2,000 2,000 2,000 2,000 2,000

3,000 3,000 3,000 3,000 3,000
34,108 36,685 29,370 21,518 29,545
1.00 1.00 1.00 1.00 1.00

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

9,000 9,000 9,000 9,000 9,000
272,868 293,483 234,958 172,142 236,357
283,868 304,483 245,958 183,142 247,357
5,000 5,000 5,000

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 50,000
25,000 25,000 25,000 25,000 25,000
50,000 50,000 50,000 50,000 50,000
25,000 25,000 25,000 25,000 25,000
65,000 65,000
245,000 245,000 245,000 305,000 305,000
25,000
65,000 65,000
50,000 50,000 50,000
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 45,000
25,000 25,000 25,000 25,000
65000 65,000 65,000
110,000 110,000
55,000
245,000 245,000 245,000 305,000 305,000

92,250 92,250 92,250
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
922,500 922,500 922,500 922,500 922,500
461,250 461,250 461,250 461,250 461,250
922,500 922,500 922,500 922,500 922,500
461,250 461,250 461,250 461,250 461,250
1,199,250 1,199,250
4,520,250 4,520,250 4,520,250 5,627,250 5,627,250

178,125
463,125 463,125
356,250 356,250 356,250
391,875 391,875 391,875 391,875
35,625 35,625 35,625 35,625 35,625
320,625 320,625 320,625 320,625 320,625
178,125 178,125 178,125 178,125
463,125 463,125 463,125
783,750 783,750
391,875
1,745,625 1,745,625 1,745,625 2,173,125 2,173,125
200000 200000 200000 200000 200000

1055556 1055556 1055556 1055556 1055556
1520991 1460152 1520991 1739540 1672634
76.291 76.376 76.133 77.904 77.599
77.349 76.462 76.388 76.170 77.711
76.462 76.388 76.170 77.711 77.609
1000000 1000000 1000000 1000000 1000000
1000000 1000000 1000000 1000000 1000000

247316 237423 247316 282852 271973
30,419,829 29,203,036 30,419,829 34,790,793 33,452,686
30,419,829 29,203,036 30,419,829 34,790,793 33,452,686
3,600,000 3,600,000 3,600,000 4,125,000 4,200,000

7,960,000 7,960,000 7,960,000 9,115,000 9,280,000
11,560,000 11,560,000 11,560,000 13,240,000 13,480,000
283,868 304,483 245,958 183,142 247,357
1,745,625 1,745,625 1,745,625 2,173,125 2,173,125
4,520,250 4,520,250 4,520,250 5,627,250 5,627,250
200,000 200,000 200,000 200,000 200,000

6,749,743 6,770,358 6,711,833 8,183,517 8,247,732
18,309,743 18,330,358 18,271,833 21,423,517 21,727,732
3,590,861 2,990,316 3,184,285 2,617,959 2,060,724
2,990,316 3,184,285 2,617,959 2,060,724 2,680,969
18,910,287 18,136,390 18,838,159 21,980,752 21,107,487
11,509,542 11,066,646 11,581,670 12,810,042 12,345,199
2,576,547 2,515,708 2,576,547 2,795,096 2,728,190
8,932,994 8,550,938 9,005,122 10,014,946 9,617,009

504,900 324,900 324,900 324,900 342,900
19,438 19,438 19,438 19,438 19,438
- - - - -
- - - - -
112,605 99,252 85,698 71,941 57,978
171,873 153,893 135,644 117,121 98,320
294,113 273,455 252,486 231,203 209,601
495,986 468,327 440,253 411,759 382,837
50,000 50,000 50,000 50,000 50,000

- 50,000 - 50,000 - 50,000 - 50,000 - 50,000
1,094,014 1,014,364 933,519 851,462 768,173
8,343,880 7,861,475 8,396,503 9,488,384 9,191,735

3,337,552 3,144,590 3,358,601 3,795,354 3,676,694
5,006,328 4,716,885 5,037,902 5,693,031 5,515,041
2,002,531 1,886,754 2,015,161 2,277,212 2,206,016
3,003,797 2,830,131 3,022,741 3,415,818 3,309,025
8,652,051 5,082,835 2,588,886 3,657,280 7,203,648

56,100,000 36,100,000 36,100,000 36,100,000 38,100,000
15,209,914 14,601,518 15,209,914 17,395,397 16,726,343
2,990,316 3,184,285 2,617,959 2,060,724 2,680,969
82,952,282 58,968,638 56,516,760 59,213,401 64,710,960
2,486,250 2,486,250 2,486,250 2,486,250 2,486,250

46,768,125 48,513,750 50,259,375 52,432,500 54,605,625
8,465,250 8,465,250 8,465,250 8,465,250 8,465,250
119,737,000 124,257,250 128,777,500 134,404,750 140,032,000
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
- - - - -
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
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
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
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

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

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
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
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 9,225,000
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
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
- - - - -
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 1,425,000 1,425,000

27,690,000 27,690,000 27,690,000 27,690,000
6,270,000 6,270,000 6,270,000
3,135,000 3,135,000
-
210,675,000 238,365,000 244,635,000 247,770,000 247,770,000
55,121,375 76,545,500 76,549,625 71,884,250 64,083,875

138,073,657 135,514,138 133,066,385 131,097,651 128,794,835
1,176,000 1,176,000 1,176,000 1,344,000 1,368,000

- - - - -
- - - - -
- - - - -
- - - - -
4,977,067 5,051,723 5,127,499 5,204,411 5,282,477
5,718,675 5,804,455 5,891,522 5,979,895 6,069,594
7,656,413 7,771,259 7,887,828 8,006,145 8,126,238
19,528,155 19,803,437 20,082,849 20,534,452 20,846,308
- - - - -
- - - - -
6,616,775 5,713,214 4,796,099 3,865,227 2,920,393
5,282,477 3,991,203 2,680,560 1,350,257 - 0
12,511,639 11,027,958 9,522,023 7,993,498 6,442,045
23,565,379 21,578,963 19,562,750 17,516,295 15,439,142
47,976,271 42,311,338 36,561,432 30,725,277 24,801,580
18,900,268 18,900,268 18,900,268 18,900,268 18,900,268

- - - - -
51,668,964 54,499,094 57,521,836 60,937,654 64,246,679
70,569,232 73,399,363 76,422,104 79,837,922 83,146,947
138,073,657 135,514,138 133,066,385 131,097,651 128,794,835
0.0 0.0 0.0 0.0 0.0
0.15 0.14 0.15 0.17 0.17
0.88 0.86 0.91 1.06 1.04
8.63 8.75 9.99 12.14 12.97
0.28 0.26 0.26 0.29 0.27
0.28 0.27 0.26 0.26 0.25
0.68 0.58 0.48 0.38 0.30
0.96 0.85 0.74 0.64 0.55
0.94 0.83 0.73 0.63 0.53
17.78 16.04 16.47 17.88 16.58
0 0 0 0 0
6,616,775 5,713,214 4,796,099 3,865,227 2,920,393
4,977,067 5,051,723 5,127,499 5,204,411 5,282,477

5,282,477 3,991,203 2,680,560 1,350,257 0
5,718,675 5,804,455 5,891,522 5,979,895 6,069,594

12,511,639 11,027,958 9,522,023 7,993,498 6,442,045
7,656,413 7,771,259 7,887,828 8,006,145 8,126,238

23,565,379 21,578,963 19,562,750 17,516,295 15,439,142
33 34 35 36 37
6,616,775 5,713,214 4,796,099 3,865,227 2,920,393
890,208 903,561 917,115 930,872 944,835
112,605 99,252 85,698 71,941 57,978
1,002,813 1,002,813 1,002,813 1,002,813 1,002,813
10,259,544 9,042,926 7,808,059 6,554,668 5,282,477

1,198,638 1,216,618 1,234,867 1,253,390 1,272,191
171,873 153,893 135,644 117,121 98,320
1,370,511 1,370,511 1,370,511 1,370,511 1,370,511
28 29 30 31 32
18,230,314 16,832,414 15,413,545 13,973,393 12,511,639
1,377,242 1,397,900 1,418,869 1,440,152 1,461,754
294,113 273,455 252,486 231,203 209,601
1,671,355 1,671,355 1,671,355 1,671,355 1,671,355
25 26 27 28 29
31,221,792 29,350,222 27,450,578 25,522,440 23,565,379
1,843,912 1,871,570 1,899,644 1,928,138 1,957,061
495,986 468,327 440,253 411,759 382,837
2,339,897 2,339,897 2,339,897 2,339,897 2,339,897

1,240,000 1,240,000 1,240,000 1,240,000 1,240,000
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

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
30 31 32 33 34
1.61 1.52 1.63 1.84 1.78
0.67 0.61 0.63 0.69 0.65
0.41 0.40 0.39 0.38 0.37
26 27 28 29 30
1.61 1.52 1.63 1.84 1.78
0.75 0.68 0.71 0.78 0.73
0.46 0.45 0.44 0.42 0.41
22 23 24 25 26
1.61 1.52 1.63 1.84 1.78
0.75 0.68 0.71 0.78 0.73
0.52 0.51 0.49 0.48 0.46
18 19 20 21 22
1.61 1.52 1.63 1.84 1.78
0.75 0.68 0.71 0.78 0.73
0.587394607616282 0.570286026811925 0.553675754186335 0.537549275909063 0.521892500882585
61008438 64752051 41182835 38688886 39757280

15,209,914 14,601,518 15,209,914 17395397 16726343
15818311 15209914 14601518 15209914 17395397
504900 324900 324900 324900 342900
0 0 0 0 0
92541564 94888384 71319168 71619098 74221920
3240000 3240000 3240000 3712500 3780000

360000 360000 360000 360000 412500
7164000 7164000 7164000 8203500 8352000
796000 796000 796000 796000 911500
283868 304483 245958 183142 247357
180000 180000 180000 180000 180000
20000 20000 20000 20000 20000
2576547 2515708 2576547 2795096 2728190
1425000 27690000 6270000 3135000 0

1094014 1014364 933519 851462 768173
3337552 3144590 3358601 3795354 3676694
2002531 1886754 2015161 2277212 2206016
50000 50000 50000 50000 50000
-50000 -50000 -50000 -50000 -50000
0 0 0 0 0
890208 903561 917115 930872 944835
1198638 1216618 1234867 1253390 1272191
1377242 1397900 1418869 1440152 1461754
1,843,912 1,871,570 1,899,644 1,928,138 1,957,061
27789512 53705549 32630281 31861818 28918272
64752051 41182835 38688886 39757280 45303648

56100000 36100000 36100000 36100000 38100000
8652051 5082835 2588886 3657280 7203648

- - - - -
305,000 305,000 285,000 315,000 315,000
305,000 305,000 285,000 315,000 315,000
91.8% 91.8% 98.2% 92.1% 92.1%
280,000 280,000 280,000 290,000 290,000

123.00 123.00 123.00 123.00 123.00
- 11,070,000 - 25,830,000 -
369 369 369 369 369
285,000 1,425,000 1,710,000 1,425,000 3,705,000
57 57 57 57 57
3,500,000 -3,500,000 -20,000,000 5,000,000
1,087,892.23
0.24 0.25 0.26 0.25 0.24
34,544.68 53,450.55 61,477.49 30,425.17 21,336.40
280,000.00 280,000.00 280,000.00 290,000.00 290,000.00
261,094.13 271,973.06 311,052.32 299,088.77 287,125.22
53,451 61,477 30,425 21,336 24,211
314,544.68 333,450.55 341,477.49 320,425.17 311,336.40
0.009 0.009 0.009 0.009 0.009
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
0.01 0.01 0.01 0.01 0.01
0.06 0.06 0.06 0.06 0.06
0.08 0.08 0.08 0.08 0.08
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
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

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
160,000.00 160,000.00 160,000.00 170,000.00 170,000.00
39.00 39.00 39.00 39.00 39.00

29.00 29.00 29.00 29.00 29.00
25.00 25.00 25.00 25.00 25.00
33.00 33.00 33.00 33.00 33.00
2340000 2340000 2340000 2340000 2340000
1160000 1160000 1160000 1160000 1160000
500000 500000 500000 500000 500000
5280000 5280000 5280000 5610000 5610000
9280000 9280000 9280000 9610000 9610000
2,000 2,000 2,000 2,000 2,000

3,000 3,000 3,000 3,000 3,000
48,451 56,477 25,425 16,336 19,211
1.00 1.00 1.00 1.00 1.00

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

9,000 9,000 9,000 9,000 9,000
387,604 451,820 203,401 130,691 153,689
398,604 462,820 214,401 141,691 164,689
20,000 20,000
70,000 70,000 70,000 70,000 70,000
50,000 50,000 50,000 50,000 50,000
25,000 25,000 25,000 25,000 25,000
50,000 50,000 50,000 50,000 50,000
25,000 25,000 25,000 25,000 25,000
65,000 65,000 65,000 65,000 65,000
30,000 30,000
305,000 305,000 285,000 315,000 315,000
5,000
45,000 45,000
25,000 25,000 25,000 25,000
65,000 65,000 65,000 65,000 65,000
110,000 110,000 110,000 110,000 110,000
55,000 55,000 55,000 55,000 55,000
5,000 5,000 5,000 5,000
25,000 25,000 25,000
30,000 30,000
25,000
305,000 305,000 285,000 315,000 315,000

369,000 369,000
1,291,500 1,291,500 1,291,500 1,291,500 1,291,500
922,500 922,500 922,500 922,500 922,500
461,250 461,250 461,250 461,250 461,250
922,500 922,500 922,500 922,500 922,500
461,250 461,250 461,250 461,250 461,250
1,199,250 1,199,250 1,199,250 1,199,250 1,199,250
553,500 553,500
5,627,250 5,627,250 5,258,250 5,811,750 5,811,750

35,625
320,625 320,625
178,125 178,125 178,125 178,125
463,125 463,125 463,125 463,125 463,125
783,750 783,750 783,750 783,750 783,750
391,875 391,875 391,875 391,875 391,875
35,625 35,625 35,625 35,625
178,125 178,125 178,125
213,750 213,750
178,125
2,173,125 2,173,125 2,030,625 2,244,375 2,244,375
200000 200000 200000 200000 200000

1055556 1055556 1055556 1055556 1055556
1605729 1672634 1912972 1839396 1765820
78.139 78.369 75.655 77.096 77.175
77.609 78.081 78.322 76.135 77.005
78.081 78.322 76.135 77.005 77.164
1000000 1000000 1000000 1000000 1000000
1000000 1000000 1000000 1000000 1000000

261094 271973 311052 299089 287125
32,114,579 33,452,686 38,259,435 36,787,919 35,316,402
32,114,579 33,452,686 38,259,435 36,787,919 35,316,402
4,200,000 4,200,000 4,200,000 4,350,000 4,350,000

9,280,000 9,280,000 9,280,000 9,610,000 9,610,000
13,480,000 13,480,000 13,480,000 13,960,000 13,960,000
398,604 462,820 214,401 141,691 164,689
2,173,125 2,173,125 2,030,625 2,244,375 2,244,375
5,627,250 5,627,250 5,258,250 5,811,750 5,811,750
200,000 200,000 200,000 200,000 200,000

8,398,979 8,463,195 7,703,276 8,397,816 8,420,814
21,878,979 21,943,195 21,183,276 22,357,816 22,380,814
2,680,969 4,173,470 4,815,068 2,316,417 1,643,002
4,173,470 4,815,068 2,316,417 1,643,002 1,868,220
20,386,479 21,301,597 23,681,928 23,031,230 22,155,597
11,728,100 12,151,089 14,577,508 13,756,688 13,160,805
2,661,285 2,728,190 2,968,528 2,894,952 2,821,376
9,066,815 9,422,899 11,608,980 10,861,737 10,339,429

374,400 342,900 342,900 162,900 207,900
19,438 19,438 19,438 19,438 19,438
- - - - -
- - - - -
43,806 29,421 14,820 - -
79,237 59,868 40,208 20,254 -
187,675 165,419 142,830 119,902 96,631
353,481 323,684 293,441 262,744 231,587
50,000 50,000 50,000 50,000 50,000

- 50,000 - 50,000 - 50,000 - 50,000 - 50,000
683,636 597,830 510,737 422,338 347,655
8,757,579 9,167,969 11,441,142 10,602,298 10,199,674

3,503,032 3,667,187 4,576,457 4,240,919 4,079,870
5,254,547 5,500,781 6,864,685 6,361,379 6,119,804
2,101,819 2,200,312 2,745,874 2,544,552 2,447,922
3,152,728 3,300,469 4,118,811 3,816,827 3,671,883
7,827,926 2,816,934 6,716,621 7,812,883 7,663,397

41,600,000 38,100,000 38,100,000 18,100,000 23,100,000
16,057,289 16,726,343 19,129,718 18,393,959 17,658,201
4,173,470 4,815,068 2,316,417 1,643,002 1,868,220
69,658,685 62,458,345 66,262,755 45,949,845 50,289,818
2,486,250 2,486,250 2,486,250 2,486,250 2,486,250

56,778,750 58,951,875 60,982,500 63,226,875 65,471,250
8,465,250 8,465,250 8,465,250 8,465,250 8,465,250
145,659,250 151,286,500 156,544,750 162,356,500 168,168,250
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
- - - - -
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
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
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
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

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

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
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
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 9,225,000
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
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
- - - - -
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 1,425,000 1,425,000

27,690,000 27,690,000 27,690,000 27,690,000 27,690,000
6,270,000 6,270,000 6,270,000 6,270,000 6,270,000
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
12,495,000 12,495,000 12,495,000 12,495,000
1,710,000 1,710,000 1,710,000
27,255,000 27,255,000
3,705,000
248,055,000 260,550,000 262,260,000 289,515,000 293,220,000
56,568,500 61,263,125 55,684,250 74,883,125 70,532,000

126,227,185 123,721,470 121,947,005 120,832,970 120,821,818
1,368,000 1,368,000 1,368,000 1,416,000 1,416,000

- - - - -
- - - - -
- - - - -
- - - - -
3,991,203 2,680,560 1,350,257 - -
6,160,637 6,253,047 6,346,843 6,442,045 4,867,321
8,248,131 8,371,853 8,497,431 8,624,892 8,754,266
19,767,972 18,673,460 17,562,531 16,482,938 15,037,587
- - - - -
- - - - -
1,961,385 987,993 - 0 - -
- 0 - 0 - 0 - 0 -
4,867,321 3,268,976 1,646,655 - 0 - 0
13,330,832 11,190,897 9,018,864 6,814,249 4,576,566
20,159,538 15,447,866 10,665,519 6,814,249 4,576,566
18,900,268 18,900,268 18,900,268 18,900,268 18,900,268

- - - - -
67,399,407 70,699,876 74,818,687 78,635,514 82,307,397
86,299,675 89,600,144 93,718,955 97,535,782 101,207,665
126,227,185 123,721,470 121,947,005 120,832,970 120,821,818
0.0 0.0 0.0 0.0 0.0
0.17 0.18 0.23 0.21 0.20
1.02 1.08 1.25 1.22 1.17
13.81 16.34 23.40 26.10 30.34
0.24 0.25 0.29 0.26 0.24
0.23 0.21 0.19 0.17 0.15
0.23 0.17 0.11 0.07 0.05
0.46 0.38 0.30 0.24 0.19
0.45 0.37 0.29 0.22 0.18
15.17 15.30 18.39 16.29 15.06
0 0 0 0 0
1,961,385 987,993 0 0 0
3,991,203 2,680,560 1,350,257 0 0

0 0 0 0 0
6,160,637 6,253,047 6,346,843 6,442,045 4,867,321

4,867,321 3,268,976 1,646,655 0 0
8,248,131 8,371,853 8,497,431 8,624,892 8,754,266

13,330,832 11,190,897 9,018,864 6,814,249 4,576,566
38 39 40 41
1,961,385 987,993 - 0
959,007 973,392 987,993
43,806 29,421 14,820
1,002,813 1,002,813 1,002,813
3,991,203 2,680,560 1,350,257 - 0

1,291,274 1,310,643 1,330,303 1,350,257
79,237 59,868 40,208 20,254
1,370,511 1,370,511 1,370,511 1,370,511
33 34 35 36 37
11,027,958 9,522,023 7,993,498 6,442,045 4,867,321
1,483,681 1,505,936 1,528,525 1,551,453 1,574,724
187,675 165,419 142,830 119,902 96,631
1,671,355 1,671,355 1,671,355 1,671,355 1,671,355
30 31 32 33 34
21,578,963 19,562,750 17,516,295 15,439,142 13,330,832
1,986,416 2,016,213 2,046,456 2,077,153 2,108,310
353,481 323,684 293,441 262,744 231,587
2,339,897 2,339,897 2,339,897 2,339,897 2,339,897

1,240,000 1,240,000 1,240,000 1,240,000 1,240,000
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

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
35 36 37 38 39
1.70 1.77 2.21 2.05 1.97
0.60 0.61 0.74 0.67 0.62
0.36 0.35 0.33 0.33 0.32
31 32 33 34 35
1.70 1.77 2.21 2.05 1.97
0.68 0.69 0.83 0.75 0.70
0.40 0.39 0.38 0.37 0.36
27 28 29 30 31
1.70 1.77 2.21 2.05 1.97
0.68 0.69 0.83 0.75 0.70
0.45 0.44 0.42 0.41 0.40
23 24 25 26 27
1.70 1.77 2.21 2.05 1.97
0.68 0.69 0.83 0.75 0.70
0.506691748429694 0.491933736339509 0.477605569261659 0.463694727438504 0.450189055765538
45303648 49427926 40916934 44816621 25912883

16057289 16726343 19129718 18393959 17658201
16726343 16057289 16726343 19129718 18393959
374400 342900 342900 162900 207900
0 0 0 0 0
78461680 82554458 77115895 82503198 62172943
3780000 3780000 3780000 3915000 3915000

420000 420000 420000 420000 435000
8352000 8352000 8352000 8649000 8649000
928000 928000 928000 928000 961000
398604 462820 214401 141691 164689
180000 180000 180000 180000 180000
20000 20000 20000 20000 20000
2661285 2728190 2968528 2894952 2821376
285000 12495000 1710000 27255000 3705000

683636 597830 510737 422338 347655
3503032 3667187 4576457 4240919 4079870
2101819 2200312 2745874 2544552 2447922
50000 50000 50000 50000 50000
-50000 -50000 -50000 -50000 -50000
0 0 0 0 0
959007 973392 987993 0 0
1291274 1310643 1330303 1350257 0
1483681 1505936 1528525 1551453 1574724
1,986,416 2,016,213 2,046,456 2,077,153 2,108,310
29033754 41637524 32299274 56590315 31409547
49427926 40916934 44816621 25912883 30763397

41600000 38100000 38100000 18100000 23100000
7827926 2816934 6716621 7812883 7663397

- - - - - -
TRIM 45
315,000
315,000
92.1% 0.98 0.8051
TRIM 45
290,000
123.00
-
369
57
9,000,000
1,196,355.08
0.25
24,211.18
290,000.00
299,088.77
15,122 75,499.72 5,071.8873
314,211.18
0.009
TRIM 45
0.02
0.03
0.03
0.01
0.06
0.08
4.03
0
0
TRIM 45
15.00
60,000.00
40,000.00
20,000.00
170,000.00
39.00
29.00
25.00
33.00
2340000
1160000
500000
5610000
9610000
TRIM 45
2,000
3,000
10,122
1.00
3.00
8.00
2,000
9,000
80,979
91,979
TRIM 45
50,000
25,000 25,000 25,000
50,000 50,000 50,000 50,000 50,000
25,000 25,000 25,000 25,000 25,000 25,000
65,000 65,000 65,000 65,000 65,000 65,000
30,000 30,000 30,000 30,000 30,000 30,000
70,000 70,000 70,000 70,000 70,000 70,000
315,000 100,000 100,000 75,000 75,000 25,000
110,000
55,000 55,000
5,000 5,000 5,000 5,000
25,000 25,000 25,000 25,000 25,000
30,000 30,000 30,000 30,000 30,000 30,000
25,000 25,000 25,000 25,000 25,000 25,000
65,000 65,000 65,000 65,000 65,000 65,000
315,000
922,500
461,250 461,250 461,250
922,500 922,500 922,500 922,500 922,500
461,250 461,250 461,250 461,250 461,250 461,250
1,199,250 1,199,250 1,199,250 1,199,250 1,199,250 1,199,250
553,500 553,500 553,500
1,291,500 1,291,500 1,291,500
5,811,750 - - - - -
783,750
391,875 391,875
35,625 35,625 35,625 35,625
178,125 178,125 178,125 178,125 178,125
213,750 213,750 213,750 213,750 213,750 213,750
178,125 178,125 178,125 178,125 178,125 178,125
463,125 463,125 463,125 463,125 463,125 463,125
2,244,375 1,460,625 1,068,750 1,068,750 1,033,125 855,000
200000
1055556
1839396
76.924
77.164
76.943
1000000
1000000
TRIM 45
299089
36,787,919
36,787,919
4,350,000
9,610,000
13,960,000
91,979
2,244,375
5,811,750
200,000
8,348,104
22,308,104
1,868,220
1,163,563
23,012,762
13,775,157
2,894,952
10,880,205
288,900
19,438
-
-
-
-
73,010
199,962 523,235 495,986 468,327 440,253 411,759
50,000
- 50,000
292,410 523,235 495,986 468,327 440,253 411,759
10,876,695
4,350,678
6,526,017
2,610,407
3,915,610
6,865,751 2,067,467 13,977,815

32,100,000 18,100,000 135,000,000
18,393,959
1,163,563
58,523,273
2,486,250
67,715,625
8,465,250
173,980,000
27,255,000
14,775,000
-
12,360,000
11,355,000
10,935,000
-
1,425,000
7,395,000
570,000
3,135,000
2,130,000
1,995,000
1,425,000
11,085,000
1,710,000
3,135,000
25,830,000
18,735,000
3,135,000
9,225,000
1,425,000
22,155,000
12,075,000
3,135,000
-
285,000
2,565,000
1,425,000
27,690,000
6,270,000
3,135,000
-
285,000
12,495,000
1,710,000
27,255,000
3,705,000
-
293,220,000
62,475,875
120,999,148
1,416,000
-
-
-
-
-
3,268,976
8,885,580
13,570,556
-
-
-
- 0
2,305,317
2,305,317
18,900,268
-
86,223,007
105,123,275
120,999,148
0.0
trim45
0.22
1.22
38.20
0.25
0.13
0.02
0.15
0.14
15.48
0
0
0
0
3,268,976
0
8,885,580
2,305,317
TRIM 45
38 39 40
3,268,976 1,646,655 0
1,598,345 1,622,320 1,646,655
73,010 49,035 24,700
1,671,355 1,671,355 1,671,355
35 36 37 38 39 40
11,190,897 9,018,864 6,814,249 4,576,566 2,305,317 -0
2,139,935 2,172,034 2,204,614 2,237,683 2,271,249 2,305,317
199,962 167,863 135,283 102,214 68,648 34,580
2,339,897 2,339,897 2,339,897 2,339,897 2,339,897 2,339,897
TRIM45
1,240,000
0.00
50,000
-50,000
0
0
0
0
-50,000
40 PERPETUIDAD
2.11 70.17
0.65 21.5117754856789
0.31
36 PERPETUIDAD
2.11 70.17
0.73 24.21
0.35
32 PERPETUIDAD
2.11 70.17
0.73 27.25
0.39
28 PERPETUIDAD
2.11 70.17
0.73 30.67
0.437076753170425
TRIM 45
30763397
18393959
17658201
288900
0
67104457
3915000
435000
8649000
961000
91979
180000
20000
2894952
0
292410
4350678
2610407
50000
-50000
0
0
0
1598345
2,139,935
28138706
38965751
32100000
6865751
TRIM 45
- - - - - - -
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
70,000 70,000 70,000 70,000 70,000 70,000 70,000
25,000
65,000 65,000
1,199,250 1,199,250 1,199,250 1,199,250 1,199,250 1,199,250 1,199,250
178,125
463,125 463,125
641,250 463,125 - - - - -
382,837 353,481 323,684 293,441 262,744 231,587 199,962
382,837 353,481 323,684 293,441 262,744 231,587 199,962

- - - -
75,500 5,072
30,000 30,000 30,000 30,000 30,000
70,000 70,000 70,000 70,000 70,000 70,000 70,000
-
167,863 135,283 102,214 68,648 34,580
167,863 135,283 102,214 68,648 34,580

BASE PRUEBA SOLEMNE II LAS PLANTAS SE COMPRAN DOS TRIM
TRIM 1
TALLER DE PLANIFICACION FINANCIERA CAPACIDADES PR 100,000
100,000
JUEGOS DE NEGOCIOS 1 RANGO 80% A 98%
MODELO DE PLANIFICACION HISTORIA (SE ASUME QUE ESTAMOS

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

2 Precio de venta unitario 100.00
3 Compra de informacion
4 Compra de unidades de planta
Precio unit planta
5 Compra de unidades de maquinas
Precio unit maq
6 Inversion PROYECTO TECNOLOGICO
7 INVERSION PROYECTO DE MKT
8 a-.Inversion de corto plazo 200,000
VENTAS E INVENTARIO FÍSICO
VTAS ANUALES Y TASA CREC 9.97%
ESTACIONALIDAD
Inventario Inicial Unid. 9,809.00
Produccion Unid. 100,000.00
Ventas Unid 97,383.00
Inventario Final MÁX 90 mil MÍN 5 mil 12,426
Inventario disponible para el trim. 109,809.00
Tasa Base de Inversion a C/P. Tasa de 3,65% real anual 0.013

TRIM 1
TASAS INT. EN PRESTAMOS
Tasa de corto plazo 0.03

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

Monto M/P vence dentro del año(2 años) 1250000
Monto prestamo mediano plazo 3 años 600000
Monto a L/P que vence dentro del año 1200000
Año siguiente
Monto prestamo mediano plazo 2 años 937500
Monto prestamo mediano plazo a 3 años
Monto prestamo en bonos (largo plazo) 1200000
Monto prestamo total largo plazo 2400000
TOTAL MONTO PRESTAMOS 10087500
TRIM 1
Costo unitario materia prima 15.00

COSTO DIR. FABRICACION
Ra Unida inicial Unid fin.
A 0.00 60,000.00 60,000.00
B 60,000.00 100,000.00 40,000.00
C 100,000.00 120,000.00 0.00
D 120,000.00 0.00
Rango y precios
A 0.00 0.00 39.00
B 0.00 0.00 29.00
C 0.00 0.00 25.00
D 0.00 0.00 33.00
A
B
C
D
CALCULOS
Costo A por precio 2340000
Costo B por precio 1160000
Costo C por precio 0
Costo D por precio 0
TOTAL COSTOS DIR (X TRABAJO) 3500000
JUEGO DE NEGOCIOS 4
TRIM 1
ALMACENAJE
Unid. Inicial Unid. Final
a 0.00 2,000.00 2,000.00
b 2,000.00 3,000.00 5,000.00
c 3,000.00 5,426.00
Rango de precios
a 1.00
b 3.00
c 8.00
CALCULOS
Rango a por precio 2,000
Rango b por precio 15,000
Rango c por precio 43,408
TOT.COSTO DE ALMACENAJE 60,408
CAPACIDADES TRIM 1
Planta Original 100,000
Planta 1 -
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
Maquina Original 100,000

Maquina 1 -
Maquina 2 -
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

TRIM 1
Depreciaciones INVERSION EN PLANTA
Planta Original 1,300,000
Compra 1
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
Depreciaciones maquinas
Maquinaria ORIGINALES 478,125
Compra 1
Compra 2
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
DEPREC TECNOLOGÍA
AMORTIZ INV MKT
Gastos generales 200,000.00 200000

Gastos de Adm.fijo 1,000,000.00 1000000
Gastos de Adm.var 0.05 486915
COSTOS UNITARIOS DE PRODUCCION 70.385
COSTO UNITARIO INV.INICIAL 74.785
COSTO UNITARIO INV.FINAL 70.778
Acciones comunes 1000000

TOTAL DE ACCS.COMUNES 1000000

TRIM 1
VENTA FISICA ( en unidades ) 97383
ESTADO DE RESULTADOS
INGRESOS
Ingresos por venta 9,738,300
Descuentos contado
VENTAS NETAS 9,738,300
GASTOS
Materia prima 1,500,000
Costo directo por trabajo 3,500,000
COSTO DIRECTO TOTAL 5,000,000
Bodegaje 60,408
Depreciacion maquinarias 478,125
Depreciacion planta 1,300,000
Deprec tecnolog
Gastos generales 200,000
COSTOS INDIRECTOS TOTAL 2,038,533
Costo de produccion(costo dir+indir) 7,038,533
inventario inicial valorizado 733,567
inventario final valorizado 879,492
Costo de mercaderia vendida 6,892,608
UTILIDAD BRUTA 2,845,692
fijo + 5% Ventas 1,486,915
UTILIDAD OPERACIONAL 1,358,777

Rentabilidad inv. Corto plazo 2,650
Interes prestamo corto plazo 77,750
interes prestamo 3 años 15,000
Interes deuda largo plazo(bonos) 33,600
Intereses primera emision de bonos
Intereses segunda emision de bonos
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
TOTAL CARGOS FINANCIEROS 126,350
AMORTIZ INV MKT
UTILIDAD NO OPERACIONAL
utilidad antes de impuesto 1,235,077
Impuesto a la renta (40%) 494,031
UTILIDAD NETA 741,046
Div. Por acciones comunes 100,000
UTIL.RETENIDAS EN TRIMESTRE 641,046
BALANCE GENERAL
ACTIVOS
ACTIVO CIRCULANTE
Caja max 7.000.000 min 1.000.000 120,592
inversiones de corto plazo 200,000
cuentas por cobrar 6,524,661
inventarios 879,492
INV MKT
AMORTIZ ACUM INV MKT
Total activo circulante 7,724,745
ACTIVO FIJO
Maquinarias y equipos originales 2,486,250
Depreciacion maquinaria acumulada 478,125
Plantas originales 8,465,250
Depreciacion planta acumulada 1,300,000
Compra activo fijo trimestre tres

Compra activo fijo trimestre cuatro
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
Proyeccion compra act fijo -
COMPRA TECNOLOGIA
DEPREC ACUM TECNOLOGIA
TOTAL ACTIV0 FIJO 9,173,375
TOTAL ACTIVOS 16,898,120
PASIVOS
PASIVOS CIRCULANTE
Cuentas por pagar 520,000
Vencimiento prestamo corto plazo 1,250,000
Vencimiento prestamo a 3 años 600,000
Vencimiento deuda a largo plazo 1,200,000
Vencimiento correspondiente a la 1a emision de bonos
Vencimiento correspondiente a la 2da emision de bonos
Vencimiento correspondiente a la 3era emision de bonos
TOTAL PASIVO CIRCULANTE Extender suma 3,570,000
PASIVO A LARGO PLAZO
prestamo a dos años 937,500
prestamo a tres años
deudas a largo plazo(bonos) 1,200,000
Vencimiento del resto de la 1a emision de bonos
Vencimiento del resto de la 2da emision de bonos
Vencimiento del resto de la 3ra emision de bonos
TOTAL PASIVO A LARGO PLAZO 2,137,500
PATRIMONIO
Acciones comunes 8,000,000
Nuevas emisi{ones de acciones
Utilidades retenidas 3,190,620
TOTAL PATRIMONIO 11,190,620
TOTAL PASIVO 16,898,120
CALCE 0.0
INDICADORES
RETORNO SOBRE ACTIVOS 0.18
ROTACION ACTIVO TOTAL 2.31
COBERTURA INTERESES 10.78
RETORNO SOBRE PATRIMONIO 0.26
PASIVO CIRC/PATRIMONIO
PASIVO LP /PATRIMONIO
PASIVO TOT /PATRIMONIO
PASIVO FINANCIERO /PATRIMONIO 0.46
CRECIMIENTO DEL PATRIMONIO 24.31
INFORME DE PRESTAMOS
TRIM 1
Monto prestamo 2 años
Deuda Principal 2,183,510
Interes 67,907
Amortizacion 244,593
CUOTA 312,500
Monto prestamo M/P 3 años

Deuda Principal 900,000
Interes 22,500
Saldo 600,000
Monto prestamo L/P(bonos)

Deuda Principal 2,700,000
Interes 37,800
Saldo 2,400,000
Vencimiento a 1 año 1,200,000

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

Deuda principal 1,250,000
amortizacion 0
Primera emision de bonos amortizados dentro del año
Resto de amortizacion primera emision de bonos
Segunda emision de bonos amortizados dentro del año

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

tasa real
TRIM 1
Primera emisión de bonos Deuda
Amortizacion
Interes
Cuota
Segunda emisión de bonos
Tercera emisión de bonos
Cuarta emisión de bonos

Quinta emisión de bonos
Sexta emisión de bonos
EMISION DE ACCIONES TRIM1

N° de acciones vigentes 0
N° de acciones ofrecidas 0
Precio de acción 0.00
Recaudo por acción 0
Costo fijo de emisión 50,000 0
Costo variable tamaño emisión
Costo variable de colocación 2% 0
Ingresos netos 0
Impacto en flujo de caja
Ingresos
Egresos
Com. Corredor 0
TRIM 1
FLUJO DE CAJA
INGRESOS
Saldo inicial
Ingresos ventas periodo vigente 3213639
ingresos ventas periodo anterior 1864507
Intereses inversion corto plazo 2650
Ingresos por emision de acciones
Ingreso por emisiòn de bonos
Prestamo corto plazo 2,500,000
TOTAL CAJA DISPONIBLE 7580796
EGRESOS
Materia prima periodo vigente 1 1350000
Materia prima periodo anterior 0
Mano de obra directa periodo 1 3150000
Mano de obra directa periodo 0
Bodegaje 60408
Gastos generals periodo vige 1 180000
Gastos generals periodo ant 0
Gastos de adm. y ventas 1486915
Costos de ordenamiento
Compras de plantas y maquinas
Intereses 126350
Impuestos 494031
Dividendos 100000
Amortizacion de deudas bcos 312500
Amortizacion primera emision de bonos
Amortizacion segunda emision de bonos
Amortizacion tercera emision de bonos
Amortizacion cuarta emision de bonos
Amortizacion quinta emision de bonos
Amortizacion sexta emision de bonos
COMPRA TECNOLOGÍA A
INVERSION MKT
TOTAL EGRESOS TRIMETRE 7260204
SALDOS
Saldo (diferencia entre caja y egreso) 320592
Inversion de corto plazo 200000
Retiro de inversion c/plazo
SALDO CAJA FINAL 120592
TRIM 1
EVALUACIÓN PROYECTO TECNOLÓGICO
Flujo de caja que aporta el proy
Tasa de dcto
CALCULO VAN
TIR PROY TRIM

TIR ANUAL
ANTAS SE COMPRAN DOS TRIM ANTES DE SU PUESTA EN MARCHA. LAS MAQUINAS 1 TRIM ANTES
-
100,000 100,000 100,000 150,000 150,000
100,000 100,000 100,000 150,000 150,000
81%
RIA (SE ASUME QUE ESTAMOS AL INICIO DE TRI 6) PROYECCION

100,000.00 100,000.00 100,000.00 150,000.00 121,000

100.00 100.00 100.00 100.00 123.00
25,830,000 11,070,000 - 9,225,000

369 369 369 369
1,425,000 3,705,000 - 3,135,000
57 57 57 57
1,700,000
1,300,000 -1,500,000 - - 26,000,000
449,342.00
0.26
12,426.00 13,084.00 13,084.00 13,084.00 13,084.00
100,000.00 100,000.00 100,000.00 150,000.00 121,000.00
99,342.00 100,000.00 100,000.00 150,000.00 128,476.76
13,084 13,084 13,084 13,084 5,607
112,426.00 113,084.00 113,084.00 163,084.00 134,084.00
3.649%
0.040 0.009 0.009 0.009 0.009
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
0.01 0.01 0.01 0.01 0.01
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
0.03 0.03 0.03 0.03 0.03
1250000 1250000 1250000 937500 625000

300000
1200000 1200000 1200000 1200000 900000
625000 312500
900000 600000 300000 0 0

2100000 1800000 1500000 1200000 900000
6375000 5162500 4250000 3337500 2425000
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

40,000.00 40,000.00 40,000.00 40,000.00 40,000.00
0.00 0.00 0.00 20,000.00 20,000.00
0.00 0.00 0.00 30,000.00 1,000.00
39.00 38.00 38.00 38.00 38.00

29.00 26.00 26.00 26.00 26.00
25.00 18.00 18.00 18.00 18.00
33.00 24.00 24.00 24.00 24.00
Proy tec 1
1.00 1.00
3.00 3.00
7.00 7.00
9.00 9.00
2340000 2280000 2280000 2280000 2280000

1160000 1040000 1040000 1040000 1040000
0 0 0 360000 360000
0 0 0 720000 24000
3500000 3320000 3320000 4400000 3704000
2,000.00 2,000.00 2,000.00 2,000.00 2,000

5,000.00 5,000.00 5,000.00 5,000.00 3,000
6,084.00 6,084.00 6,084.00 6,084.00 607
1.00 1.00 1.00 1.00 1.00

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

15,000 15,000 15,000 15,000 9,000
48,672 48,672 48,672 48,672 4,858
65,672 65,672 65,672 65,672 15,858
100,000 100,000 100,000 80,000 50,000
- 70,000 70,000
- 30,000
-
100,000 100,000 100,000 150,000 150,000
CAPACIDAD PROYECTADA
100,000 100,000 75,000 60,000 60,000
- 25,000 25,000 25,000
- 65,000 65,000
-
100,000 100,000 100,000 150,000 150,000

CAPACIDAD PROYECTADA 150,000
1,300,000 1,300,000 1,300,000 989,000 667,500

- 1,291,500 1,291,500
- 553,500
-
1,300,000 1,300,000 1,300,000 2,280,500 2,512,500
478,125 478,125 384,375 311,250 311,250

178,125 178,125 178,125
463,125 463,125
-
478,125 478,125 562,500 952,500 952,500
212500 212500 212500 212500
200000 200000 200000 200000 200000

1055556 1055556 1055556 1055556 1055556
496710 500000 500000 750000 790132
70.438 70.763 71.607 69.074 77.788
70.778 70.476 70.730 71.505 69.269
70.476 70.730 71.505 69.269 76.957
1000000 1000000 1000000 1000000 1000000
1000000 1000000 1000000 1000000 1000000

99342 100000 100000 150000 128477
9,934,200 10,000,000 10,000,000 15,000,000 15,802,642
9,934,200 10,000,000 10,000,000 15,000,000 15,802,642
1,500,000 1,500,000 1,500,000 2,250,000 1,815,000

3,500,000 3,320,000 3,320,000 4,400,000 3,704,000
5,000,000 4,820,000 4,820,000 6,650,000 5,519,000
65,672 65,672 65,672 65,672 15,858
478,125 478,125 562,500 952,500 952,500
1,300,000 1,300,000 1,300,000 2,280,500 2,512,500
212,500 212,500 212,500 212,500
200,000 200,000 200,000 200,000 200,000
2,043,797 2,256,297 2,340,672 3,711,172 3,893,358
7,043,797 7,076,297 7,160,672 10,361,172 9,412,358
879,492 922,103 925,428 935,575 906,322
922,103 925,428 935,575 906,322 431,515
7,001,186 7,072,972 7,150,525 10,390,425 9,887,165
2,933,014 2,927,028 2,849,475 4,609,575 5,915,477
1,552,266 1,555,556 1,555,556 1,805,556 1,845,688
1,380,748 1,371,472 1,293,919 2,804,019 4,069,789

60,000 13,500 13,500 13,500 234,000
68,031 58,313 48,594 38,875 29,156
15,000 7,500 - - -
33,600 29,400 25,200 21,000 16,800
450,000 441,708 433,291 424,748
615,000 603,667 592,165
50,000 50,000 50,000 50,000

96,869 106,762 8,094 - 50,000
116,631 692,081 1,287,263 1,154,927 1,062,869
1,324,117 692,891 20,156 1,662,592 3,240,920

529,647 277,156 8,062 665,037 1,296,368
794,470 415,734 12,094 997,555 1,944,552
100,000 100,000 100,000 100,000 100,000
694,470 315,734 - 87,906 897,555 1,844,552
206,823 8,027,459 39,300,289 38,556,731 6,260,258

1,500,000 - - - 26,000,000
6,655,914 6,700,000 6,700,000 10,050,000 7,901,321
922,103 925,428 935,575 906,322 431,515
9,284,840 15,652,886 46,935,863 49,513,053 40,593,094
2,486,250 2,486,250 2,486,250 2,486,250 2,486,250

956,250 1,434,375 1,996,875 2,949,375 3,901,875
8,465,250 8,465,250 8,465,250 8,465,250 8,465,250
2,600,000 3,900,000 5,200,000 7,480,500 9,993,000
27,255,000 27,255,000 27,255,000 27,255,000

14,775,000 14,775,000 14,775,000
- -
12,360,000
- 27,255,000 42,030,000 42,030,000 54,390,000
1,700,000 1,700,000 1,700,000 1,700,000
212,500 425,000 637,500 850,000
7,395,250 34,359,625 47,059,625 43,614,125 52,296,625
16,680,090 50,012,511 93,995,488 93,127,178 92,889,719
520,000 502,000 502,000 685,000 571,900

1,250,000 1,250,000 1,250,000 937,500 625,000
300,000 - - - -
1,200,000 1,200,000 1,200,000 1,200,000 900,000
2,295,427 2,329,859 2,364,807 2,400,279
3,137,084 3,184,140 3,231,902
3,270,000 5,247,427 8,418,943 8,371,447 7,729,081
625,000 312,500 - - -
900,000 600,000 300,000 - -

27,151,760 26,556,223 25,951,753 25,338,216
37,107,405 36,293,505 35,467,396
1,525,000 28,064,260 63,963,628 62,245,258 60,805,613
8,000,000 8,000,000 12,500,000 17,500,000 17,500,000

4,500,000 5,000,000 - -
3,885,090 4,200,824 4,112,918 5,010,473 6,855,025
11,885,090 16,700,824 21,612,918 22,510,473 24,355,025
16,680,090 50,012,511 93,995,488 93,127,178 92,889,719
0.0 0.0 0.0 0.0 0.0
trim6
0.19 0.03 0.00 0.04 0.08
2.38 0.80 0.43 0.64 0.68
12.35 2.00 1.02 2.44 4.05
0.27 0.10 0.00 0.18 0.32
0.28 0.31 0.39 0.37 0.32
0.13 1.68 2.96 2.77 2.50
0.40 1.99 3.35 3.14 2.81
0.36 1.96 3.33 3.11 2.79
24.82 7.71 -1.62 16.61 32.78
1,938,917 1,686,717 1,426,674 1,158,544 882,075

60,300 52,457 44,370 36,031 27,433
252,200 260,043 268,130 276,469 285,067
312,500 312,500 312,500 312,500 312,500
600,000 300,000 0 0 0
15,000 7,500 0 0 0
300,000 300,000 0 0 0
300,000 0 0 0 0
2,400,000 2,100,000 1,800,000 1,500,000 1,200,000

33,600 29,400 25,200 21,000 16,800
300,000 300,000 300,000 300,000 300,000
2,100,000 1,800,000 1,500,000 1,200,000 900,000
1,200,000 1,200,000 1,200,000 1,200,000 900,000

900,000 600,000 300,000 0 0
1,250,000 1,250,000 1,250,000 937,500 625,000
0 0 312,500 312,500 312,500
2,295,427 2,329,859 2,364,807 2,400,279
27,151,760 26,556,223 25,951,753 25,338,216
1 2 3
3,137,084 3,184,140 3,231,902
37,107,405 36,293,505 35,467,396
1 2 3 4
30,000,000 29,447,187 28,886,082 28,316,560 27,738,495
552,813 561,105 569,522 578,065
1.50% 450,000 441,708 433,291 424,748
1,002,813 1,002,813 1,002,813 1,002,813
SEGUNDA CLASE EMISION D

Deuda 41,000,000 40,244,489 39,477,645 38,699,298
Amortizacion 755,511 766,844 778,346
Interes 1.50% 615,000 603,667 592,165
Cuota 1,370,511 1,370,511 1,370,511
TERCERA EMISION DE BONO

Deuda
Amortizacion
Interes
Cuota
0 1,000,000 1,100,000 1,200,000 1,210,000
0 100,000 100,000 10,000
0.00 45.00 50.00 40.94
0 43.53 48.43 35.13 0.00
0 50,000 50,000 50,000 50,000
0 96,869 106,762 8,094 -50,000

0 4,353,131 4,843,238 351,336 0
0.0000000 4,500,000 5,000,000 0

146,869 156,762 0
4,843,238 0
363,662 1,438,456 0
0 96,869 106,762 8,094 -50,000
1
PRECIO ACCION 39.89 0.08
PV dividendo 0.08
factor de act 0.97
0.03
320592 1706823 8027459 39300289 38,556,731

3278286 3300000 3300000 4950000 7901321
6524661 6655914 6700000 6700000 10050000
60000 13500 13500 13500 234000
4500000 5000000 0 0
30,000,000.00 41000000
10183539 46176237 64040959 50963789 56742052
1350000 1350000 1350000 2025000 1633500

150000 150000 150000 150000 225000
3150000 2988000 2988000 3960000 3333600
350000 350000 332000 332000 440000
65672 65672 65672 65672 15858
180000 180000 180000 180000 180000
20000 20000 20000 20000 20000
1552266 1555556 1555556 1805556 1845688
27255000 14775000 0 12360000

116631 545213 1130502 1096834 1062869
529647 277156 8062 665037 1296368
100000 100000 100000 100000 100000
50000 50000 50000 50000
96869 106762 8094 -50000
912500 912500 612500 612500 612500
552813 561105 569522 578065
755511 766844 778346
1700000
8476716 38148779 24740670 12407058 24481794
1706823 8027459 39300289 38556731 32260258

1500000 0 0 0 26000000
206823 8027459 39300289 38556731 6260258

0 1 2 3 4
7,847,139 31,080,004 - 1,155,188 - 6,595,443
6,320,635 31,272,830 - 743,558 - 6,296,473
- 1,700,000 173,496 192,826 411,630 298,970
0.03
1 2 3 4
0.97 0.94 0.92 0.89
252,195 168443 181757 376700 265631
6.22%
27.29%
INGRESOS MENOS EGRESOS

INGRESOS MENOS EGRESOS D
NAS 1 TRIM ANTES
- - - - -
150,000 150,000 150,000 180,000 180,000
150,000 150,000 150,000 180,000 180,000
82.0% 82.0% 82.0% 80.6% 80.6%
123,000 123,000 123,000 145,000 145,000

123.00 123.00 123.00 123.00 123.00
11,070,000 9,225,000 - -
369 369 369 369 369
- 285,000 1,710,000 - 1,425,000
57 57 57 57 57
1,100,000
3,500,000 44,000,000 -8,500,000 70,000,000
494,141.40
0.25 0.24 0.25 0.26 0.25
5,607.24 5,071.89 9,477.95 8,942.60 11,114.98
123,000.00 123,000.00 123,000.00 145,000.00 145,000.00
123,535.35 118,593.94 123,535.35 142,827.62 137,334.25
5,072 9,478 8,943 11,115 18,781
128,607.24 128,071.89 132,477.95 153,942.60 156,114.98
tasa equivalente anual real
0.009 0.009 0.009 0.009 0.009
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
0.01 0.01 0.01 0.01 0.01
0.06 0.06 0.06 0.06 0.06
0.08 0.08 0.08 0.08 0.08
0.08 0.08
0.03 0.03 1.03 2.03 3.03
312500 0 0 0 0
600000 300000 0 0 0
0 0 0 0 0
600000 300000 0 0 0
1512500 600000 0 0 0
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

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
3,000.00 3,000.00 3,000.00 25,000.00 25,000.00
38.00 38.00 38.00 38.00 39.00

26.00 26.00 26.00 26.00 29.00
18.00 18.00 18.00 18.00 25.00
24.00 24.00 24.00 24.00 33.00
2280000 2280000 2280000 2280000 2340000
1040000 1040000 1040000 1040000 1160000
360000 360000 360000 360000 500000
72000 72000 72000 600000 825000
3752000 3752000 3752000 4280000 4825000
2,000 2,000 2,000 2,000 2,000

3,000 3,000 3,000 3,000 3,000
72 4,478 3,943 6,115 13,781
1.00 1.00 1.00 1.00 1.00

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

9,000 9,000 9,000 9,000 9,000
575 35,824 31,541 48,920 110,246
11,575 46,824 42,541 59,920 121,246
50,000 25,000 25,000 25,000 -
70,000 70,000 70,000 70,000 70,000
30,000 30,000 30,000 30,000 30,000
25,000 25,000 25,000 25,000
30,000 30,000
25,000
150,000 150,000 150,000 180,000 180,000
5,000 5,000
25,000 25,000 25,000 25,000 25,000
65,000 65,000 65,000 65,000 65,000
- - - - -
55,000 55,000 55,000 55,000 55,000
5,000 5,000 5,000
30,000 30,000
150,000 150,000 150,000 180,000 180,000

150,000 150,000 150,000 180,000 180,000
667,500 313,750
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
461,250 461,250 461,250 461,250
553,500 553,500
461,250
2,512,500 2,620,000 2,306,250 2,859,750 3,321,000
22,500 22,500 -
178,125 178,125 178,125 178,125 178,125
463,125 463,125 463,125 463,125 463,125
- - - - -
391,875 391,875 391,875 391,875 391,875
35,625 35,625 35,625
213,750 213,750
1,055,625 1,055,625 1,068,750 1,282,500 1,282,500
212500 212500 212500 212500
275000 275000
200000 200000 200000 200000 200000

1055556 1055556 1055556 1055556 1055556
759742 729353 759742 878390 844606
77.961 79.122 76.643 76.343 82.240
76.957 77.917 79.074 76.817 76.370
77.917 79.074 76.817 76.370 81.822
1000000 1000000 1000000 1000000 1000000
1000000 1000000 1000000 1000000 1000000

123535 118594 123535 142828 137334
15,194,848 14,587,054 15,194,848 17,567,797 16,892,112
15,194,848 14,587,054 15,194,848 17,567,797 16,892,112
1,845,000 1,845,000 1,845,000 2,175,000 2,175,000

3,752,000 3,752,000 3,752,000 4,280,000 4,825,000
5,597,000 5,597,000 5,597,000 6,455,000 7,000,000
11,575 46,824 42,541 59,920 121,246
1,055,625 1,055,625 1,068,750 1,282,500 1,282,500
2,512,500 2,620,000 2,306,250 2,859,750 3,321,000
212,500 212,500 212,500 212,500
200,000 200,000 200,000 200,000 200,000
3,992,200 4,134,949 3,830,041 4,614,670 4,924,746
9,589,200 9,731,949 9,427,041 11,069,670 11,924,746
431,515 395,187 749,458 686,940 848,852
395,187 749,458 686,940 848,852 1,536,672
9,625,528 9,377,678 9,489,559 10,907,757 11,236,926
5,569,320 5,209,376 5,705,289 6,660,040 5,655,187
1,815,298 1,784,909 1,815,298 1,933,946 1,900,162
3,754,022 3,424,468 3,889,991 4,726,094 3,755,025

265,500 661,500 585,000 585,000 1,215,000
19,438 19,438 19,438 19,438 19,438
- - - - -
12,600 8,400 4,200 - -
416,077 407,276 398,343 389,276 380,073
580,489 568,639 556,611 544,403 532,011
750,000 736,180 722,152 707,914
1,050,000
50,000 50,000 50,000 50,000 50,000

- 50,000 - 50,000 9,040 - 50,000 - 50,000
1,028,604 1,753,753 1,773,812 1,675,268 2,689,436
275,000 275,000
2,990,917 2,332,214 2,701,179 3,360,825 2,005,589

1,196,367 932,886 1,080,471 1,344,330 802,236
1,794,550 1,399,329 1,620,707 2,016,495 1,203,354
100,000 100,000 100,000 806,598 481,341
1,694,550 1,299,329 1,520,707 1,209,897 722,012
6,594,201 3,445,017 3,680,658 4,768,870 4,934,326

29,500,000 73,500,000 65,000,000 65,000,000 135,000,000
7,597,424 7,293,527 7,597,424 8,783,898 8,446,056
395,187 749,458 686,940 848,852 1,536,672
1,100,000 1,100,000
275,000 550,000
44,086,812 84,988,002 76,965,022 80,226,621 150,467,055
2,486,250 2,486,250 2,486,250 2,486,250 2,486,250

4,957,500 6,013,125 7,081,875 8,364,375 9,646,875
8,465,250 8,465,250 8,465,250 8,465,250 8,465,250
12,505,500 15,125,500 17,431,750 20,291,500 23,612,500
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
- - - - -
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
10,935,000 10,935,000 10,935,000
- -
1,425,000
54,390,000 65,745,000 76,680,000 76,680,000 78,105,000
1,700,000 1,700,000 1,700,000 1,700,000
1,062,500 1,275,000 1,487,500 1,700,000
48,516,000 55,982,875 63,330,375 58,975,625 55,797,125
92,602,812 140,970,877 140,295,397 139,202,246 206,264,180
579,700 579,700 579,700 665,500 720,000

312,500 - - - -
- - - - -
600,000 300,000 - - -
2,436,283 2,472,827 2,509,920 2,547,568 2,585,782
3,280,381 3,329,587 3,379,530 3,430,223 3,481,677
3,825,712 3,883,098 3,941,344 4,000,465
5,355,997
7,208,864 10,507,826 10,352,248 10,584,636 16,143,920
- - - - -
- - - - -
24,715,477 24,083,396 23,441,834 22,790,648 22,129,695
34,628,896 33,777,818 32,913,974 32,037,173 31,147,219
45,252,933 44,260,372 43,252,922 42,230,361
63,354,106
59,344,373 103,114,147 100,616,179 98,080,743 158,861,380
17,500,000 17,500,000 17,500,000 17,957,359 17,957,359

- - 457,359 - -
8,549,575 9,848,904 11,369,611 12,579,508 13,301,520
26,049,575 27,348,904 29,326,970 30,536,867 31,258,879
92,602,812 140,970,877 140,295,397 139,202,246 206,264,180
0.0 0.0 0.0 0.0 0.0
0.08 0.04 0.05 0.06 0.02
0.66 0.41 0.43 0.50 0.33
3.91 2.33 2.52 3.17 1.85
0.28 0.20 0.22 0.26 0.15
0.28 0.38 0.35 0.35 0.52
2.28 3.77 3.43 3.21 5.08
2.55 4.15 3.78 3.56 5.60
2.53 4.13 3.76 3.54 5.58
27.83 19.95 21.88 16.50 9.46
597,007 303,074
18,567 9,426
293,933 303,074
312,500 312,500
0 0
0 0
0 0
0 0
900,000 600,000 300,000

12,600 8,400 4,200
300,000 300,000 300,000
600,000 300,000 0
600,000 300,000
0 0
312,500 0
312,500
2,436,283 2,472,827 2,509,920 2,547,568 2,585,782
24,715,477 24,083,396 23,441,834 22,790,648 22,129,695
4 5 6 7 8
3,280,381 3,329,587 3,379,530 3,430,223 3,481,677
34,628,896 33,777,818 32,913,974 32,037,173 31,147,219
1 2 3 4
3,825,712 3,883,098 3,941,344 4,000,465
45,252,933 44,260,372 43,252,922 42,230,361
1
5,355,997
63,354,106
5 6 7 8 9
27,151,760 26,556,223 25,951,753 25,338,216 24,715,477
586,736 595,537 604,470 613,537 622,740
416,077 407,276 398,343 389,276 380,073
1,002,813 1,002,813 1,002,813 1,002,813 1,002,813
NDA CLASE EMISION DE BONOS PARA FINANCIAR EXPANSION EN PLANTAS Y MAQ

37,909,277 37,107,405 36,293,505 35,467,396 34,628,896
790,022 801,872 813,900 826,109 838,500
580,489 568,639 556,611 544,403 532,011
1,370,511 1,370,511 1,370,511 1,370,511 1,370,511
ERA EMISION DE BONOS PARA FINANCIAR EXPANSION EN PLANTAS Y MAQ SE PUEDE COMPL
1 2 3 4
50,000,000 49,078,644.9 48,143,470 47,194,266 46,230,825
921,355 935,175 949,203 963,441
1.5% 750,000 736,180 722,152 707,914
1,671,355 1,671,355 1,671,355 1,671,355
1
Deuda 70,000,000 68,710,103
Amortizacion 1,289,897
Interes 1.5% 1,050,000
Cuota 2,339,897

1,210,000 1,210,000 1,210,000 1,220,000 1,220,000
10,000.00
45.74
0.00 0.00 39.83 0.00 0.00
50,000 50,000 50,000 50,000 50,000
-50,000 -50,000 9,040 -50,000 -50,000

0 0 398,318 0 0
0 0 457,359 0 0
0 0 59,040 0 0
0 0 1,026,070 0 0
-50,000 -50,000 9,040 -50,000 -50,000
2 3 4 5 6
0.08 0.08 0.08 0.66 0.39
0.08 0.08 0.07 0.57 0.33
0.94 0.92 0.89 0.86 0.84
1 2
factor de act 0.97 0.94
0.03
32260258 36094201 76945017 68,680,658 69768870

7597424 7293527 7597424 8783898 8446056
7901321 7597424 7293527 7597424 8783898
265500 661500 585000 585000 1215000
0 0 457359 0 0
50,000,000.00 70,000,000.00
48024503 101646652 92878326 85646981 158213825
1660500 1660500 1660500 1957500 1957500

181500 184500 184500 184500 217500
3376800 3376800 3376800 3852000 4342500
370400 375200 375200 375200 428000
11575 46824 42541 59920 121246
180000 180000 180000 180000 180000
20000 20000 20000 20000 20000
1815298 1784909 1815298 1933946 1900162
0 11355000 10935000 0 1425000

1028604 1753753 1714772 1675268 2689436
1196367 932886 1080471 1344330 802236
100000 100000 100000 806598 481341
50000 50000 50000 50000 50000
-50000 -50000 9040 -50000 -50000
612500 612500 300000 0 0
586736 595537 604470 613537 622740
790022 801872 813900 826109 838500
921355 935175 949203 963441
1,289,897
1100000
11930302 24701635 24197668 15878111 18279499
36094201 76945017 68,680,658 69768870 139934326

29500000 73500000 65000000 65000000 135000000
6594201 3445017 3680658 4768870 4934326

5 6 7 8
3,542,774 40,555,689 - 8,559,939 808,254 OS MENOS EGRESOS DEL PERIODO SIN PROY
3,833,943 40,850,816 - 8,264,358 1,088,212 S MENOS EGRESOS DEL PERIODO CON PROY
291,169 295,127 295,581 279,958 Flujo de caja que aporta el proy
5 6 7 8
0.86 0.84 0.81 0.79 Factor de actualIzación
251165 247164 240335 221002
0 1 2
INGRESOS MENOS EGRESOS DEL PERIODO SIN PROY 1,961,730 69,830,894
INGRESOS MENOS EGRESOS DEL PERIODO CON PROY 1,088,212 70,165,456
Flujo de caja que aporta el proy -1,100,000.00 226,482 334,562
Tasa de dcto 0.03
Factor de actualIzación 0.97 0.94
CALCULO VAN 98,213.81 219,885 315,357
TIR PROY TRIM 6.4%

TIR ANUAL 28.1%
- - - - -
180,000 180,000 190,000 190,000 190,000
180,000 180,000 190,000 190,000 190,000
80.6% 80.6% 84.2% 84.2% 84.2%
145,000 145,000 160,000 160,000 160,000

123.00 123.00 123.00 123.00 123.00
3,690,000 - - - 1,845,000
369 369 369 369 369
3,705,000 570,000 3,135,000 285,000
57 57 57 57 57
4,200,000
-9,000,000
549,336.99
0.24 0.25 0.26 0.25 0.24
18,780.74 31,939.86 39,605.61 42,538.08 51,511.61
145,000.00 145,000.00 160,000.00 160,000.00 160,000.00
131,840.88 137,334.25 157,067.53 151,026.47 144,985.41
31,940 39,606 42,538 51,512 66,526
163,780.74 176,939.86 199,605.61 202,538.08 211,511.61
0.009 0.009 0.009 0.009 0.009
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
0.01 0.01 0.01 0.01 0.01
0.06 0.06 0.06 0.06 0.06
0.08 0.08 0.08 0.08 0.08
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
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

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
25,000.00 25,000.00 40,000.00 40,000.00 40,000.00
39.00 39.00 36.00 36.00 36.00

29.00 29.00 24.00 24.00 24.00
25.00 25.00 18.00 18.00 18.00
33.00 33.00 24.00 24.00 24.00
Proy tec 2
A 3.00 3.00
B 5.00 5.00
C 7.00 7.00
D 9.00 9.00
2340000 2340000 2160000 2160000 2160000

1160000 1160000 960000 960000 960000
500000 500000 360000 360000 360000
825000 825000 960000 960000 960000
4825000 4825000 4440000 4440000 4440000
2,000 2,000 2,000 2,000 2,000

3,000 3,000 3,000 3,000 3,000
26,940 34,606 37,538 46,512 61,526
1.00 1.00 1.00 1.00 1.00

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

9,000 9,000 9,000 9,000 9,000
215,519 276,845 300,305 372,093 492,210
226,519 287,845 311,305 383,093 503,210
70,000 70,000 70,000 70,000 70,000

30,000 30,000 30,000 30,000 30,000
25,000 25,000 25,000 25,000 25,000
30,000 30,000 30,000 30,000 30,000
25,000 25,000 25,000 25,000 25,000
10,000 10,000 10,000
180,000 180,000 190,000 190,000 190,000
65,000
- -
55,000 55,000 55,000
5,000 5,000 5,000 5,000 5,000
30,000 30,000 30,000 30,000 30,000
25,000 25,000 25,000 25,000 25,000
65,000 65,000 65,000 65,000
10,000 10,000 10,000
55,000 55,000
180,000 180,000 190,000 190,000 190,000

180,000 180,000 200,000 200,000 200,000
TRIM 12 TRIM 13
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
461,250 461,250 461,250 461,250 461,250
553,500 553,500 553,500 553,500 553,500
461,250 461,250 461,250 461,250 461,250
184,500 184,500 184,500
3,321,000 3,321,000 3,505,500 3,505,500 3,505,500
463,125
- -
391,875 391,875 391,875
35,625 35,625 35,625 35,625 35,625
213,750 213,750 213,750 213,750 213,750
178,125 178,125 178,125 178,125 178,125
463,125 463,125 463,125 463,125
71,250 71,250 71,250
391,875 391,875
1,282,500 1,282,500 1,353,750 1,353,750 1,353,750
525000 525000 525000
275000 275000
200000 200000 200000 200000 200000

1055556 1055556 1055556 1055556 1055556
810821 844606 965965 928813 891660
82.966 83.389 79.597 80.046 80.797
81.822 82.834 83.289 80.330 80.105
82.834 83.289 80.330 80.105 80.628
1000000 1000000 1000000 1000000 1000000
1000000 1000000 1000000 1000000 1000000

131841 137334 157068 151026 144985
16,216,428 16,892,112 19,319,306 18,576,256 17,833,206
16,216,428 16,892,112 19,319,306 18,576,256 17,833,206
2,175,000 2,175,000 2,400,000 2,400,000 2,400,000

4,825,000 4,825,000 4,440,000 4,440,000 4,440,000
7,000,000 7,000,000 6,840,000 6,840,000 6,840,000
226,519 287,845 311,305 383,093 503,210
1,282,500 1,282,500 1,353,750 1,353,750 1,353,750
3,321,000 3,321,000 3,505,500 3,505,500 3,505,500
525,000 525,000 525,000
200,000 200,000 200,000 200,000 200,000
5,030,019 5,091,345 5,895,555 5,967,343 6,087,460
12,030,019 12,091,345 12,735,555 12,807,343 12,927,460
1,536,672 2,645,721 3,298,694 3,417,069 4,126,363
2,645,721 3,298,694 3,417,069 4,126,363 5,363,894
10,920,970 11,438,372 12,617,180 12,098,049 11,689,928
5,295,458 5,453,741 6,702,126 6,478,207 6,143,278
1,866,377 1,900,162 2,021,521 1,984,369 1,947,216
3,429,081 3,553,579 4,680,605 4,493,838 4,196,062

1,134,000 1,134,000 1,134,000 1,134,000 1,134,000
19,438 19,438 19,438 19,438 19,438
- - - - -
- - - - -
370,732 361,251 351,628 341,860 331,945
519,433 506,667 493,710 480,558 467,208
693,462 678,794 663,906 648,794 633,455
1,030,652 1,011,013 991,080 970,847 950,312
50,000 50,000 50,000 50,000 50,000

- 50,000 9,320 - 50,000 - 50,000 - 50,000
2,633,717 2,636,482 2,519,760 2,461,496 2,402,358
275,000 275,000
1,654,364 1,776,096 3,294,845 3,166,342 2,927,703

661,745 710,439 1,317,938 1,266,537 1,171,081
992,618 1,065,658 1,976,907 1,899,805 1,756,622
397,047 426,263 790,763 759,922 702,649
595,571 639,395 1,186,144 1,139,883 1,053,973
7,471,894 8,073,648 2,076,816 4,320,663 3,761,224

126,000,000 126,000,000 126,000,000 126,000,000 126,000,000
8,108,214 8,446,056 9,659,653 9,288,128 8,916,603
2,645,721 3,298,694 3,417,069 4,126,363 5,363,894
1,100,000 1,100,000
825,000 1,100,000
144,500,829 145,818,398 141,153,538 143,735,154 144,041,721
2,486,250 2,486,250 2,486,250 2,486,250 2,486,250

10,929,375 12,211,875 13,565,625 14,919,375 16,273,125
8,465,250 8,465,250 8,465,250 8,465,250 8,465,250
26,933,500 30,254,500 33,760,000 37,265,500 40,771,000
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
- - - - -
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
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
7,395,000 7,395,000 7,395,000 7,395,000 7,395,000
570,000 570,000 570,000 570,000
3,135,000 3,135,000 3,135,000
2,130,000
85,500,000 86,070,000 89,205,000 89,205,000 91,335,000
4,200,000 4,200,000 4,200,000
525,000 1,050,000 1,575,000
58,588,625 54,555,125 56,505,875 51,121,625 47,867,375
203,089,454 200,373,523 197,659,413 194,856,779 191,909,096
720,000 720,000 704,000 704,000 704,000

- - - - -
- - - - -
- - - - -
2,624,569 2,663,937 2,703,896 2,744,455 2,785,621
3,533,902 3,586,910 3,640,714 3,695,325 3,750,755
4,060,472 4,121,379 4,183,199 4,245,947 4,309,636
5,436,337 5,517,882 5,600,650 5,684,660 5,769,930
16,375,279 16,610,108 16,832,460 17,074,387 17,319,943
- - - - -
- - - - -
21,458,827 20,777,897 20,086,752 19,385,240 18,673,206
30,243,916 29,327,064 28,396,459 27,451,894 26,493,162
41,192,461 40,138,993 39,069,723 37,984,414 36,882,825
61,964,520 60,554,091 59,122,505 57,669,446 56,194,590
154,859,725 150,798,044 146,675,438 142,490,994 138,243,782
17,957,359 17,957,359 18,428,885 18,428,885 18,428,885

- 471,526 - - -
13,897,091 14,536,486 15,722,630 16,862,514 17,916,487
31,854,450 32,965,371 34,151,515 35,291,398 36,345,371
203,089,454 200,373,523 197,659,413 194,856,779 191,909,096
0.0 0.0 0.0 0.0 0.0
0.02 0.02 0.04 0.04 0.04
0.32 0.34 0.39 0.38 0.37
1.73 1.78 2.31 2.29 2.22
0.12 0.13 0.23 0.22 0.19
0.51 0.50 0.49 0.48 0.48
4.86 4.57 4.29 4.04 3.80
5.38 5.08 4.79 4.52 4.28
5.35 5.06 4.77 4.50 4.26
7.62 7.91 14.39 13.35 11.95
TRIM 12 TRIM 13
2,624,569 2,663,937 2,703,896 2,744,455 2,785,621
21,458,827 20,777,897 20,086,752 19,385,240 18,673,206
9 10
3,533,902 3,586,910 3,640,714 3,695,325 3,750,755
30,243,916 29,327,064 28,396,459 27,451,894 26,493,162
5 6
4,060,472 4,121,379 4,183,199 4,245,947 4,309,636
41,192,461 40,138,993 39,069,723 37,984,414 36,882,825
2 3
5,436,337 5,517,882 5,600,650 5,684,660 5,769,930
61,964,520 60,554,091 59,122,505 57,669,446 56,194,590
10 11 12 13 14
24,083,396 23,441,834 22,790,648 22,129,695 21,458,827
632,081 641,562 651,186 660,953 670,868
370,732 361,251 351,628 341,860 331,945
1,002,813 1,002,813 1,002,813 1,002,813 1,002,813
NTAS Y MAQ
33,777,818 32,913,974 32,037,173 31,147,219 30,243,916
851,078 863,844 876,802 889,954 903,303
519,433 506,667 493,710 480,558 467,208
1,370,511 1,370,511 1,370,511 1,370,511 1,370,511
MAQ SE PUEDE COMPLEMENTAR MAS ADELANTE CON EMISION DE ACCIONES (VER FILAS 770
5 6 7 8 9
45,252,933 44,260,372 43,252,922 42,230,361 41,192,461
977,893 992,561 1,007,450 1,022,561 1,037,900
693,462 678,794 663,906 648,794 633,455
1,671,355 1,671,355 1,671,355 1,671,355 1,671,355
Cuarta EMISION DE BONOS PARA FINANCIAR EXP

2 3 4 5 6
67,400,857 66,071,973 64,723,156 63,354,106 61,964,520
1,309,246 1,328,884 1,348,818 1,369,050 1,389,586
1,030,652 1,011,013 991,080 970,847 950,312
2,339,897 2,339,897 2,339,897 2,339,897 2,339,897
Deuda
Amortizacion
Interes
Cuota

1,220,000 1,220,000 1,230,000 1,230,000 1,230,000
10,000
47.15
0.00 41.22 0.00 0.00 0.00
50,000 50,000 50,000 50,000 50,000
-50,000 9,320 -50,000 -50,000 -50,000

0 412,206 0 0 0
0 471,526 0 0 0
0 59,320 0 0 0
0 1,030,926 0 0 0
-50,000 9,320 -50,000 -50,000 -50,000
7 8 9 10 11
0.33 0.35 0.64 0.62 0.57
0.26 0.28 0.49 0.46 0.41
0.81 0.79 0.77 0.74 0.72
3 4 5 6 7
0.33 0.35 0.64 0.62 0.57
0.30 0.31 0.55 0.52 0.46
0.92 0.89 0.86 0.84 0.81
1 2 3
PRECIO ACCION 45.87 0.64 0.62 0.57
PV dividendo 0.55 0.52 0.46
factor de act 0.97 0.94 0.92
0.03
PRECIO ACCION
PV dividendo
factor de act
0.03
139934326 133471894 134,073,648 128076816 130320663

8108214 8446056 9659653 9288128 8916603
8446056 8108214 8446056 9659653 9288128
1134000 1134000 1134000 1134000 1134000
0 471526 0 0 0
157622597 151631690 153313357 148158597 149659394
1957500 1957500 2160000 2160000 2160000

217500 217500 217500 240000 240000
4342500 4342500 3996000 3996000 3996000
482500 482500 482500 444000 444000
226519 287845 311305 383093 503210
180000 180000 180000 180000 180000
20000 20000 20000 20000 20000
1866377 1900162 2021521 1984369 1947216
7395000 570000 3135000 0 2130000

2633717 2577163 2519760 2461496 2402358
661745 710439 1317938 1266537 1171081
397047 426263 790763 759922 702649
50000 50000 50000 50000 50000
-50000 9320 -50000 -50000 -50000
0 0 0 0 0
632081 641562 651186 660953 670868
851078 863844 876802 889954 903303
977893 992561 1007450 1022561 1037900
1,309,246 1,328,884 1,348,818 1,369,050 1,389,586
4,200,000
24150703 17558042 25236541 17837934 19898170
133471894 134073648 128076816 130320663 129761224

126000000 126000000 126000000 126000000 126000000
7471894 8073648 2076816 4320663 3761224

0 1 2 3
EGRESOS DEL PERIODO SIN PROY -2,410,050 1,569,367 -1,235,649
EGRESOS DEL PERIODO CON PROY - 5,996,831 2,243,847 - 559,439
Flujo de caja que aporta el proy -4,200,000 613,219 674,480 676,210
Tasa de dcto 0.03
1 2 3
Factor de actualIzación 0.97 0.94 0.92
CALCULO VAN 647,549 595,358 635,762 618,828
TIR PROY TRIM 6.39%

TIR ANUAL 28.10%
OBTENER UNA TIR ANUAL EN EL RANGO 25% AL 30 %
3 4
-6,795,535 198,669 INGRESOS MENOS EGRESOS DEL PERIODO SIN PROY
-6,462,433 601,754 INGRESOS MENOS EGRESOS DEL PERIODO CON PROY
333,103 403,085 Flujo de caja que aporta el proy
Tasa de dcto
0.92 0.89 Factor de actualIzación
304,836 358,136 CALCULO VAN
TIR PROY TRIM

TIR ANUAL
OBTENER UNA TIR ANUAL EN EL RANGO 25% AL
- - - - -
190,000 195,000 195,000 195,000 195,000
190,000 195,000 195,000 195,000 195,000
84.2% 88.2% 84.6% 80.5% 84.6%
160,000 172,000 165,000 157,000 165,000

123.00 123.00 123.00 123.00 123.00
- - - 7,380,000 -
369 369 369 369 369
1,995,000 1,425,000 3,705,000 1,710,000
57 57 57 57 57
3,700,000
-9,000,000
604,105.89 676,417.36
0.25 0.26 0.25 0.24 0.25
66,526.19 75,499.72 71,631.21 67,526.87 62,186.70
160,000.00 172,000.00 165,000.00 157,000.00 165,000.00
151,026.47 175,868.51 169,104.34 162,340.17 169,104.34
75,500 71,631 67,527 62,187 58,082
226,526.19 247,499.72 236,631.21 224,526.87 227,186.70
0.009 0.009 0.009 0.009 0.009
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
0.01 0.01 0.01 0.01 0.01
0.06 0.06 0.06 0.06 0.06
0.08 0.08 0.08 0.08 0.08
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
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

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
40,000.00 52,000.00 45,000.00 37,000.00 45,000.00
36.00 36.00 36.00 36.00 36.00

24.00 24.00 24.00 24.00 24.00
18.00 18.00 18.00 18.00 18.00
24.00 24.00 24.00 24.00 24.00
2160000 2160000 2160000 2160000 2160000
960000 960000 960000 960000 960000
360000 360000 360000 360000 360000
960000 1248000 1080000 888000 1080000
4440000 4728000 4560000 4368000 4560000
2,000 2,000 2,000 2,000 2,000

3,000 3,000 3,000 3,000 3,000
70,500 66,631 62,527 57,187 53,082
1.00 1.00 1.00 1.00 1.00

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

9,000 9,000 9,000 9,000 9,000
563,998 533,050 500,215 457,494 424,659
574,998 544,050 511,215 468,494 435,659
70,000 70,000 70,000 70,000 70,000

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

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
553,500 553,500 553,500 553,500 553,500
461,250 461,250 461,250 461,250 461,250
553,500 553,500 553,500 553,500 553,500
461,250 461,250 461,250 461,250 461,250
184,500 184,500 184,500 184,500 184,500
92,250 92,250 92,250 92,250
3,505,500 3,597,750 3,597,750 3,597,750 3,597,750
213,750
178,125 178,125 178,125
463,125 463,125 463,125 463,125
71,250 71,250 71,250 71,250 71,250
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 1,389,375 1,389,375 1,389,375 1,389,375
525000 525000 525000 525000 525000
925000 925000 925000 925000
200000 200000 200000 200000 200000

1055556 1055556 1055556 1055556 1055556
928813 1081591 1039992 998392 1039992
81.245 78.861 80.354 82.189 79.896
80.628 81.064 79.533 80.105 81.562
81.064 79.533 80.105 81.562 80.352
1000000 1000000 1000000 1000000 1000000
1000000 1000000 1000000 1000000 1000000

151026 175869 169104 162340 169104
18,576,256 21,631,827 20,799,834 19,967,841 20,799,834
18,576,256 21,631,827 20,799,834 19,967,841 20,799,834
2,400,000 2,580,000 2,475,000 2,355,000 2,475,000

4,440,000 4,728,000 4,560,000 4,368,000 4,560,000
6,840,000 7,308,000 7,035,000 6,723,000 7,035,000
574,998 544,050 511,215 468,494 435,659
1,353,750 1,389,375 1,389,375 1,389,375 1,389,375
3,505,500 3,597,750 3,597,750 3,597,750 3,597,750
525,000 525,000 525,000 525,000 525,000
200,000 200,000 200,000 200,000 200,000
6,159,248 6,256,175 6,223,340 6,180,619 6,147,784
12,999,248 13,564,175 13,258,340 12,903,619 13,182,784
5,363,894 6,120,317 5,697,073 5,409,259 5,072,076
6,120,317 5,697,073 5,409,259 5,072,076 4,667,022
12,242,825 13,987,419 13,546,153 13,240,802 13,587,838
6,333,431 7,644,408 7,253,681 6,727,039 7,211,996
1,984,369 2,137,147 2,095,548 2,053,948 2,095,548
4,349,062 5,507,261 5,158,133 4,673,091 5,116,448

1,134,000 1,134,000 1,134,000 1,053,000 1,053,000
19,438 19,438 19,438 19,438 19,438
- - - - -
- - - - -
321,882 311,668 301,301 290,779 280,098
453,659 439,906 425,947 411,778 397,397
617,887 602,085 586,046 569,766 553,242
929,468 908,311 886,838 865,042 842,919
50,000 50,000 50,000 50,000 50,000

9,598 - 50,000 - 50,000 - 50,000 - 50,000
2,401,931 2,281,408 2,219,569 2,156,802 2,093,094
925,000 925,000 925,000 925,000
3,081,131 3,434,853 3,147,564 2,644,289 3,151,354

1,232,452 1,373,941 1,259,026 1,057,715 1,260,541
1,848,679 2,060,912 1,888,538 1,586,573 1,890,812
739,471 824,365 755,415 634,629 756,325
1,109,207 1,236,547 1,133,123 951,944 1,134,487
3,555,670 2,348,995 4,986,308 6,765,145 8,336,095

126,000,000 126,000,000 126,000,000 117,000,000 117,000,000
9,288,128 10,815,914 10,399,917 9,983,920 10,399,917
6,120,317 5,697,073 5,409,259 5,072,076 4,667,022
3,700,000 3,700,000 3,700,000 3,700,000
925,000 1,850,000 2,775,000 3,700,000
144,964,115 147,636,981 148,645,484 139,746,142 140,403,034
2,486,250 2,486,250 2,486,250 2,486,250 2,486,250

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
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

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
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 1,425,000 1,425,000
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
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

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
93,330,000 93,330,000 94,755,000 105,840,000 107,550,000
4,200,000 4,200,000 4,200,000 4,200,000 4,200,000
2,100,000 2,625,000 3,150,000 3,675,000 4,200,000
44,478,125 38,966,000 34,878,875 40,451,750 36,649,625
189,442,240 186,602,981 183,524,359 180,197,892 177,052,659
704,000 750,800 723,500 692,300 723,500

- - - - -
- - - - -
- - - - -
2,827,406 2,869,817 2,912,864 2,956,557 3,000,905
3,807,016 3,864,121 3,922,083 3,980,914 4,040,628
4,374,281 4,439,895 4,506,494 4,574,091 4,642,702
5,856,479 5,944,326 6,033,491 6,123,993 6,215,853
17,569,182 17,868,960 18,098,432 18,327,856 18,623,589
- - - - -
- - - - -
17,950,491 17,216,935 16,472,376 15,716,649 14,949,585
25,520,048 24,532,337 23,529,811 22,512,247 21,479,420
35,764,712 34,629,828 33,477,920 32,308,734 31,122,009
54,697,612 53,178,179 51,635,955 50,070,597 48,481,759
133,932,862 129,557,279 125,116,062 120,608,226 116,032,773
18,428,885 18,914,502 18,914,502 18,914,502 18,914,502

485,617 - - - -
19,025,694 20,262,241 21,395,364 22,347,308 23,481,795
37,940,196 39,176,743 40,309,866 41,261,810 42,396,297
189,442,240 186,602,981 183,524,359 180,197,892 177,052,659
0.0 0.0 0.0 0.0 0.0
0.04 0.04 0.04 0.04 0.04
0.39 0.46 0.45 0.44 0.47
2.28 2.91 2.83 2.65 2.95
0.19 0.21 0.19 0.15 0.18
0.46 0.46 0.45 0.44 0.44
3.53 3.31 3.10 2.92 2.74
3.99 3.76 3.55 3.37 3.18
3.97 3.74 3.53 3.35 3.16
12.05 13.04 11.57 9.45 11.00
2,827,406 2,869,817 2,912,864 2,956,557 3,000,905
17,950,491 17,216,935 16,472,376 15,716,649 14,949,585
3,807,016 3,864,121 3,922,083 3,980,914 4,040,628

25,520,048 24,532,337 23,529,811 22,512,247 21,479,420
4,374,281 4,439,895 4,506,494 4,574,091 4,642,702

35,764,712 34,629,828 33,477,920 32,308,734 31,122,009
5,856,479 5,944,326 6,033,491 6,123,993 6,215,853

54,697,612 53,178,179 51,635,955 50,070,597 48,481,759
15 16 17 18 19
20,777,897 20,086,752 19,385,240 18,673,206 17,950,491
680,931 691,145 701,512 712,034 722,715
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
29,327,064 28,396,459 27,451,894 26,493,162 25,520,048

916,852 930,605 944,564 958,733 973,114
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
CCIONES (VER FILAS 770 Y 790)

10 11 12 13 14
40,138,993 39,069,723 37,984,414 36,882,825 35,764,712
1,053,468 1,069,270 1,085,309 1,101,589 1,118,113
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
OS PARA FINANCIAR EXPANSION EN PLANTAS Y MAQ SE PUEDE COMPLEMENTAR MAS ADELA

7 8 9 10 11
60,554,091 59,122,505 57,669,446 56,194,590 54,697,612
1,410,429 1,431,586 1,453,060 1,474,855 1,496,978
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

1,230,000 1,240,000 1,240,000 1,240,000 1,240,000
10000
48.56 -
42.60 0.00 0.00 0.00 0.00
50,000 50,000 50,000 50,000 50,000
9,598 -50,000 -50,000 -50,000 -50,000

426,019 0 0 0 0
485,617 0 0 0 0
59,598 0 0 0 0
1,035,756 0 0 0 0
9,598 -50,000 -50,000 -50,000 -50,000
12 13 14 15 16
0.60 0.66 0.61 0.51 0.61
0.42 0.45 0.40 0.33 0.38
0.70 0.68 0.66 0.64 0.62
8 9 10 11 12
0.60 0.66 0.61 0.51 0.61
0.47 0.51 0.45 0.37 0.43
0.79 0.77 0.74 0.72 0.70
4 5 6 7 8
0.60 0.66 0.61 0.51 0.61
0.47 0.51 0.45 0.37 0.43
0.89 0.86 0.84 0.81 0.79
1 2 3 4
47.17 0.66 0.61 0.51 0.61
0.51 0.45 0.37 0.43
0.970873786407767 0.942595909133754 0.91514165935316 0.888487047915689
129761224 129555670 128348995 130986308 123765145

9288128 10815914 10399917 9983920 10399917
8916603 9288128 10815914 10399917 9983920
1134000 1134000 1134000 1053000 1053000
485617 0 0 0 0
149585572 150793712 150698825 152423145 145201982
2160000 2322000 2227500 2119500 2227500

240000 240000 258000 247500 235500
3996000 4255200 4104000 3931200 4104000
444000 444000 472800 456000 436800
574998 544050 511215 468494 435659
180000 180000 180000 180000 180000
20000 20000 20000 20000 20000
1984369 2137147 2095548 2053948 2095548
1995000 0 1425000 11085000 1710000

2342333 2281408 2219569 2156802 2093094
1232452 1373941 1259026 1057715 1260541
739471 824365 755415 634629 756325
50000 50000 50000 50000 50000
9598 -50000 -50000 -50000 -50000
0 0 0 0 0
680931 691145 701512 712034 722715
916852 930605 944564 958733 973114
1053468 1069270 1085309 1101589 1118113
1,410,429 1,431,586 1,453,060 1,474,855 1,496,978
3700000
20029902 22444717 19712518 28658000 19865887
129555670 128348995 130986308 123765145 125336095

126000000 126000000 126000000 117000000 117000000
3555670 2348995 4986308 6765145 8336095

4 5 6 7 8
-874,203 -1,897,362 1,972,354 -7,852,685 636,905
- 205,554 - 1,206,675 2,637,313 - 7,221,163 1,570,950
668,649 690,687 664,959 631,523 934,046
4 5 6 7 8
0.89 0.86 0.84 0.81 0.79
594,086 595,792 556,893 513,486 737,344
0 1 2 3 4
1,575,194 1,489,360 -8,382,123 429,422
-1,206,675 2,637,313 -7,221,163 1,570,950
-3,700,000.00 918,131 1,147,953 1,160,960 1,141,529
0.03
0.97 0.94 0.92 0.89
350,121.76 891,390 1,082,056 1,062,443 1,014,233
6.8%
29.9%
UNA TIR ANUAL EN EL RANGO 25% AL 30 %
- - - - -
215,000 215,000 215,000 215,000 235,000
215,000 215,000 215,000 215,000 235,000
87.4% 83.7% 80.9% 83.7% 85.1%
188,000 180,000 174,000 180,000 200,000

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

369 369 369 369 369
3,135,000 285,000 3,135,000
57 57 57 57 57
-26,000,000 -17,000,000 -8,000,000
743,856.18
0.26 0.25 0.24 0.25 0.26
58,082.36 52,679.75 46,715.71 42,190.23 36,226.18
188,000.00 180,000.00 174,000.00 180,000.00 200,000.00
193,402.61 185,964.04 178,525.48 185,964.04 212,684.85
52,680 46,716 42,190 36,226 23,541
246,082.36 232,679.75 220,715.71 222,190.23 236,226.18
0.009 0.009 0.009 0.009 0.009
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
0.01 0.01 0.01 0.01 0.01
0.06 0.06 0.06 0.06 0.06
0.08 0.08 0.08 0.08 0.08
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
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

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
68,000.00 60,000.00 54,000.00 60,000.00 80,000.00
39.00 39.00 39.00 39.00 39.00

29.00 29.00 29.00 29.00 29.00
25.00 25.00 25.00 25.00 25.00
33.00 33.00 33.00 33.00 33.00
2340000 2340000 2340000 2340000 2340000
1160000 1160000 1160000 1160000 1160000
500000 500000 500000 500000 500000
2244000 1980000 1782000 1980000 2640000
6244000 5980000 5782000 5980000 6640000
2,000 2,000 2,000 2,000 2,000

3,000 3,000 3,000 3,000 3,000
47,680 41,716 37,190 31,226 18,541
1.00 1.00 1.00 1.00 1.00

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

9,000 9,000 9,000 9,000 9,000
381,438 333,726 297,522 249,809 148,331
392,438 344,726 308,522 260,809 159,331
70,000 70,000 70,000

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

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

1055556 1055556 1055556 1055556 1055556
1189426 1143679 1097932 1143679 1308012
80.612 81.796 82.754 81.330 80.047
80.352 80.551 81.514 82.491 81.551
80.551 81.514 82.491 81.551 80.278
1000000 1000000 1000000 1000000 1000000
1000000 1000000 1000000 1000000 1000000

193403 185964 178525 185964 212685
23,788,521 22,873,577 21,958,634 22,873,577 26,160,236
23,788,521 22,873,577 21,958,634 22,873,577 26,160,236
2,820,000 2,700,000 2,610,000 2,700,000 3,000,000

6,244,000 5,980,000 5,782,000 5,980,000 6,640,000
9,064,000 8,680,000 8,392,000 8,680,000 9,640,000
392,438 344,726 308,522 260,809 159,331
1,531,875 1,531,875 1,531,875 1,531,875 1,674,375
3,966,750 3,966,750 3,966,750 3,966,750 4,335,750
200,000 200,000 200,000 200,000 200,000

6,091,063 6,043,351 6,007,147 5,959,434 6,369,456
15,155,063 14,723,351 14,399,147 14,639,434 16,009,456
4,667,022 4,243,386 3,808,000 3,480,331 2,954,270
4,243,386 3,808,000 3,480,331 2,954,270 1,889,847
15,578,699 15,158,737 14,726,816 15,165,495 17,073,878
8,209,822 7,714,841 7,231,818 7,708,082 9,086,358
2,244,982 2,199,235 2,153,488 2,199,235 2,363,568
5,964,840 5,515,606 5,078,330 5,508,847 6,722,790

1,053,000 819,000 666,000 666,000 594,000
19,438 19,438 19,438 19,438 19,438
- - - - -
- - - - -
269,257 258,254 247,086 235,750 224,244
382,801 367,985 352,947 337,684 322,191
536,471 519,447 502,169 484,631 466,830
820,464 797,673 774,539 751,059 727,226
50,000 50,000 50,000 50,000 50,000

- 50,000 - 50,000 - 50,000 93,887 - 50,000
2,028,430 1,962,797 1,896,178 1,972,448 1,759,929
4,989,409 4,371,809 3,848,152 4,202,399 5,556,861

1,995,764 1,748,724 1,539,261 1,680,960 2,222,744
2,993,646 2,623,085 2,308,891 2,521,440 3,334,117
1,197,458 1,049,234 923,556 1,008,576 1,333,647
1,796,187 1,573,851 1,385,335 1,512,864 2,000,470
7,252,517 10,908,233 12,305,699 16,348,091 18,006,695

117,000,000 91,000,000 74,000,000 74,000,000 66,000,000
11,894,260 11,436,789 10,979,317 11,436,789 13,080,118
4,243,386 3,808,000 3,480,331 2,954,270 1,889,847
140,390,163 117,153,022 100,765,346 104,739,150 98,976,660
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
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
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
- - - - -
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
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
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
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

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

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
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
18,735,000 18,735,000 18,735,000
3,135,000 3,135,000
9,225,000
110,685,000 136,515,000 155,250,000 158,385,000 167,610,000
34,286,000 54,617,375 67,853,750 65,490,125 68,705,000

174,676,163 171,770,397 168,619,096 170,229,275 167,681,660
926,400 888,000 859,200 888,000 984,000

- - - - -
- - - - -
- - - - -
3,045,919 3,091,608 3,137,982 3,185,052 3,232,827
4,101,237 4,162,756 4,225,197 4,288,575 4,352,904
4,712,343 4,783,028 4,854,774 4,927,595 5,001,509
6,309,091 6,403,728 6,499,783 6,597,280 6,696,239
19,094,991 19,329,119 19,576,936 19,886,502 20,267,480
- - - - -
- - - - -
14,171,016 13,380,768 12,578,667 11,764,534 10,938,189
20,431,100 19,367,055 18,287,050 17,190,844 16,078,196
29,917,485 28,694,892 27,453,960 26,194,414 24,915,975
46,869,088 45,232,227 43,570,813 41,884,478 40,172,848
111,388,688 106,674,942 101,890,490 97,034,271 92,105,208
18,914,502 18,914,502 18,914,502 18,914,502 23,558,470

- - - 4,643,968 -
25,277,983 26,851,834 28,237,169 29,750,032 31,750,502
44,192,484 45,766,336 47,151,670 53,308,502 55,308,972
174,676,163 171,770,397 168,619,096 170,229,275 167,681,660
0.0 0.0 0.0 0.0 0.0
0.07 0.06 0.05 0.06 0.08
0.54 0.53 0.52 0.54 0.62
3.46 3.23 3.03 3.13 4.16
0.27 0.23 0.20 0.19 0.24
0.43 0.42 0.42 0.37 0.37
2.52 2.33 2.16 1.82 1.67
2.95 2.75 2.58 2.19 2.03
2.93 2.73 2.56 2.18 2.01
16.95 14.25 12.11 11.68 15.01
3,045,919 3,091,608 3,137,982 3,185,052 3,232,827
14,171,016 13,380,768 12,578,667 11,764,534 10,938,189
4,101,237 4,162,756 4,225,197 4,288,575 4,352,904

20,431,100 19,367,055 18,287,050 17,190,844 16,078,196
4,712,343 4,783,028 4,854,774 4,927,595 5,001,509

29,917,485 28,694,892 27,453,960 26,194,414 24,915,975
6,309,091 6,403,728 6,499,783 6,597,280 6,696,239

46,869,088 45,232,227 43,570,813 41,884,478 40,172,848
20 21 22 23 24
17,216,935 16,472,376 15,716,649 14,949,585 14,171,016
733,556 744,559 755,727 767,063 778,569
269,257 258,254 247,086 235,750 224,244
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

987,710 1,002,526 1,017,564 1,032,827 1,048,320
382,801 367,985 352,947 337,684 322,191
1,370,511 1,370,511 1,370,511 1,370,511 1,370,511
15 16 17 18 19
34,629,828 33,477,920 32,308,734 31,122,009 29,917,485
1,134,884 1,151,908 1,169,186 1,186,724 1,204,525
536,471 519,447 502,169 484,631 466,830
1,671,355 1,671,355 1,671,355 1,671,355 1,671,355
LEMENTAR MAS ADELANTE CON EMISION DE ACCIONES

12 13 14 15 16
53,178,179 51,635,955 50,070,597 48,481,759 46,869,088
1,519,433 1,542,224 1,565,358 1,588,838 1,612,671
820,464 797,673 774,539 751,059 727,226
2,339,897 2,339,897 2,339,897 2,339,897 2,339,897

1,240,000 1,240,000 1,240,000 1,240,000 1,279,318
39,318
118.11
0.00 0.00 0.00 114.45 0.00
50,000 50,000 50,000 50,000 50,000
-50,000 -50,000 -50,000 93,887 -50,000

0 0 0 4,500,081 0
0 0 0 4,643,968 0
0 0 0 143,887 0
0 0 0 636,001 0
-50,000 -50,000 -50,000 93,887 -50,000
17 18 19 20 21
0.97 0.85 0.74 0.81 1.04
0.58 0.50 0.42 0.45 0.56
0.61 0.59 0.57 0.55 0.54
13 14 15 16 17
0.97 0.85 0.74 0.81 1.04
0.66 0.56 0.48 0.51 0.63
0.68 0.66 0.64 0.62 0.61
9 10 11 12 13
0.97 0.85 0.74 0.81 1.04
0.66 0.56 0.48 0.51 0.63
0.77 0.74 0.72 0.70 0.68
5 6 7 8 9
0.97 0.85 0.74 0.81 1.04
0.66 0.56 0.48 0.51 0.63
0.862608784384164 0.837484256683654 0.813091511343353 0.789409234313936 0.766416732343627
1
PRECIO ACCION 114.48 1.04
PV dividendo 0.63
factor de act 0.985221674876847
0.015
125336095 124252517 101908233 86305699 90348091

11894260 11436789 10979317 11436789 13,080,118
10399917 11894260 11436789 10979317 11436789
1053000 819000 666000 666000 594000
0 0 0 4643968 0
148683273 148402566 124990339 114031772 115458998
2538000 2430000 2349000 2430000 2700000

247500 282000 270000 261000 270000
5619600 5382000 5203800 5382000 5976000
456000 624400 598000 578200 598000
392438 344726 308522 260809 159331
180000 180000 180000 180000 180000
20000 20000 20000 20000 20000
2244982 2199235 2153488 2199235 2363568
3135000 25830000 18735000 3135000 9225000

2028430 1962797 1896178 1828561 1759929
1995764 1748724 1539261 1680960 2222744
1197458 1049234 923556 1008576 1333647
50000 50000 50000 50000 50000
-50000 -50000 -50000 93887 -50000
0 0 0 0 0
733556 744559 755727 767063 778569
987710 1002526 1017564 1032827 1048320
1134884 1151908 1169186 1186724 1204525
1,519,433 1,542,224 1,565,358 1,588,838 1,612,671
24430756 46494332 38684641 23683681 31452303
124252517 101908233 86305699 90348091 84006695

117000000 91000000 74000000 74000000 66000000
7252517 10908233 12305699 16348091 18006695

- - - - -
235,000 235,000 235,000 255,000 255,000
235,000 235,000 235,000 255,000 255,000
85.1% 85.1% 85.1% 88.2% 94.1%
200,000 200,000 200,000 225,000 240,000

123.00 123.00 123.00 123.00 123.00
- 18,450,000 9,225,000 - -
369 369 369 369 369
1,425,000 3,705,000 2,850,000 3,135,000
57 57 57 57 57
-15,000,000 -8,700,000 -700,000
818,018.64
0.25 0.24 0.25 0.26 0.25
23,541.34 19,036.68 22,712.20 18,207.54 9,318.02
200,000.00 200,000.00 200,000.00 225,000.00 240,000.00
204,504.66 196,324.47 204,504.66 233,889.52 224,893.77
19,037 22,712 18,208 9,318 24,424
223,541.34 219,036.68 222,712.20 243,207.54 249,318.02
0.009 0.009 0.009 0.009 0.009
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
0.01 0.01 0.01 0.01 0.01
0.06 0.06 0.06 0.06 0.06
0.08 0.08 0.08 0.08 0.08
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
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

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
80,000.00 80,000.00 80,000.00 105,000.00 120,000.00
39.00 39.00 39.00 39.00 39.00

29.00 29.00 29.00 29.00 29.00
25.00 25.00 25.00 25.00 25.00
33.00 33.00 33.00 33.00 33.00
2340000 2340000 2340000 2340000 2340000
1160000 1160000 1160000 1160000 1160000
500000 500000 500000 500000 500000
2640000 2640000 2640000 3465000 3960000
6640000 6640000 6640000 7465000 7960000
2,000 2,000 2,000 2,000 2,000

3,000 3,000 3,000 3,000 3,000
14,037 17,712 13,208 4,318 19,424
1.00 1.00 1.00 1.00 1.00

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

9,000 9,000 9,000 9,000 9,000
112,293 141,698 105,660 34,544 155,394
123,293 152,698 116,660 45,544 166,394
25,000
30,000 30,000 30,000
25,000 25,000 25,000 25,000
10,000 10,000 10,000 10,000 10,000
5,000 5,000 5,000 5,000 5,000
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 50,000
25,000 25,000 25,000 25,000
50,000 50,000
25,000
235,000 235,000 235,000 255,000 255,000
25,000
65,000 65,000
30,000 30,000 30,000
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 55,000
25,000 25,000 25,000 25,000
65,000 65,000 65,000
50,000 50,000
55,000
235,000 235,000 235,000 255,000 255,000

260,000 260,000 260,000 280,000 280,000
461,250
553,500 553,500 553,500
461,250 461,250 461,250 461,250
184,500 184,500 184,500 184,500 184,500
92,250 92,250 92,250 92,250 92,250
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
922,500 922,500 922,500 922,500 922,500
461,250 461,250 461,250 461,250
922,500 922,500
461,250
4,335,750 4,335,750 4,335,750 4,704,750 4,704,750
178,125
463,125 463,125
213,750 213,750 213,750
391,875 391,875 391,875 391,875
35,625 35,625 35,625 35,625 35,625
391,875 391,875 391,875 391,875 391,875
178,125 178,125 178,125 178,125
463,125 463,125 463,125
356,250 356,250
391,875
1,674,375 1,674,375 1,674,375 1,816,875 1,816,875
200000 200000 200000 200000 200000

1055556 1055556 1055556 1055556 1055556
1257704 1207396 1257704 1438421 1383097
79.867 80.014 79.834 78.254 76.867
80.278 79.910 80.005 79.851 78.374
79.910 80.005 79.851 78.374 76.923
1000000 1000000 1000000 1000000 1000000
1000000 1000000 1000000 1000000 1000000

204505 196324 204505 233890 224894
25,154,073 24,147,910 25,154,073 28,768,412 27,661,934
25,154,073 24,147,910 25,154,073 28,768,412 27,661,934
3,000,000 3,000,000 3,000,000 3,375,000 3,600,000

6,640,000 6,640,000 6,640,000 7,465,000 7,960,000
9,640,000 9,640,000 9,640,000 10,840,000 11,560,000
123,293 152,698 116,660 45,544 166,394
1,674,375 1,674,375 1,674,375 1,816,875 1,816,875
4,335,750 4,335,750 4,335,750 4,704,750 4,704,750
200,000 200,000 200,000 200,000 200,000

6,333,418 6,362,823 6,326,785 6,767,169 6,888,019
15,973,418 16,002,823 15,966,785 17,607,169 18,448,019
1,889,847 1,521,227 1,817,092 1,453,898 730,287
1,521,227 1,817,092 1,453,898 730,287 1,878,788
16,342,038 15,706,958 16,329,980 18,330,779 17,299,518
8,812,035 8,440,952 8,824,093 10,437,632 10,362,416
2,313,260 2,262,952 2,313,260 2,493,977 2,438,653
6,498,775 6,178,001 6,510,834 7,943,656 7,923,763

594,000 459,000 380,700 374,400 374,400
19,438 19,438 19,438 19,438 19,438
- - - - -
- - - - -
212,565 200,712 188,680 176,468 164,073
306,466 290,506 274,306 257,863 241,173
448,762 430,423 411,809 392,916 373,740
703,036 678,483 653,562 628,267 602,593
50,000 50,000 50,000 50,000 50,000

- 50,000 - 50,000 - 50,000 - 50,000 - 50,000
1,690,268 1,619,562 1,547,795 1,474,952 1,401,016
5,402,507 5,017,439 5,343,739 6,843,104 6,897,147

2,161,003 2,006,976 2,137,496 2,737,242 2,758,859
3,241,504 3,010,463 3,206,243 4,105,862 4,138,288
1,296,602 1,204,185 1,282,497 1,642,345 1,655,315
1,944,903 1,806,278 1,923,746 2,463,517 2,482,973
20,694,678 16,778,845 16,341,610 16,999,131 20,477,469

66,000,000 51,000,000 42,300,000 41,600,000 41,600,000
12,577,037 12,073,955 12,577,037 14,384,206 13,830,967
1,521,227 1,817,092 1,453,898 730,287 1,878,788
100,792,942 81,669,892 72,672,544 73,713,624 77,787,224
2,486,250 2,486,250 2,486,250 2,486,250 2,486,250

32,660,625 34,335,000 36,009,375 37,826,250 39,643,125
8,465,250 8,465,250 8,465,250 8,465,250 8,465,250
83,206,000 87,541,750 91,877,500 96,582,250 101,287,000
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
- - - - -
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
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
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
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

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

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
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
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 9,225,000
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
12,075,000 12,075,000 12,075,000
3,135,000 3,135,000
-
169,035,000 191,190,000 203,265,000 206,400,000 206,400,000
64,119,875 80,264,750 86,329,625 82,943,000 76,421,375

164,912,817 161,934,642 159,002,169 156,656,624 154,208,599
984,000 984,000 984,000 1,104,000 1,176,000

- - - - -
- - - - -
- - - - -
3,281,320 3,330,540 3,380,498 2,554,153 1,715,412
4,418,197 4,484,470 4,551,738 4,620,014 4,689,314
5,076,532 5,152,680 5,229,970 5,308,419 5,388,046
6,796,683 6,898,633 7,002,113 7,107,144 7,213,752
20,556,732 20,850,323 21,148,318 20,693,730 20,182,524
- - - - -
- - - - -
10,099,448 9,248,127 8,384,036 8,384,036 8,384,036
14,948,858 13,802,579 12,639,107 11,458,182 10,259,544
23,618,360 22,301,280 20,964,444 19,607,556 18,230,314
38,435,544 36,672,180 34,882,366 33,065,704 31,221,792
87,102,210 82,024,167 76,869,953 72,515,478 68,095,687
23,558,470 23,558,470 23,558,470 23,558,470 23,558,470

- - - - -
33,695,405 35,501,683 37,425,429 39,888,946 42,371,919
57,253,875 59,060,153 60,983,898 63,447,416 65,930,389
164,912,817 161,934,642 159,002,169 156,656,624 154,208,599
0.0 0.0 0.0 0.0 0.0
0.08 0.07 0.08 0.10 0.11
0.61 0.60 0.63 0.73 0.72
4.20 4.10 4.45 5.64 5.92
0.23 0.20 0.21 0.26 0.25
0.36 0.35 0.35 0.33 0.31
1.52 1.39 1.26 1.14 1.03
1.88 1.74 1.61 1.47 1.34
1.86 1.73 1.59 1.45 1.32
14.07 12.62 13.03 16.16 15.65
3,281,320 3,330,540 3,380,498 2,554,153 1,715,412
10,099,448 9,248,127 8,384,036 8,384,036 8,384,036
4,418,197 4,484,470 4,551,738 4,620,014 4,689,314

14,948,858 13,802,579 12,639,107 11,458,182 10,259,544
5,076,532 5,152,680 5,229,970 5,308,419 5,388,046

23,618,360 22,301,280 20,964,444 19,607,556 18,230,314
6,796,683 6,898,633 7,002,113 7,107,144 7,213,752

38,435,544 36,672,180 34,882,366 33,065,704 31,221,792
25 26 27 28 29
13,380,768 12,578,667 11,764,534 10,938,189 10,099,448
790,248 802,102 814,133 826,345 838,740
212,565 200,712 188,680 176,468 164,073
1,002,813 1,002,813 1,002,813 1,002,813 1,002,813
19,367,055 18,287,050 17,190,844 16,078,196 14,948,858

1,064,045 1,080,005 1,096,205 1,112,649 1,129,338
306,466 290,506 274,306 257,863 241,173
1,370,511 1,370,511 1,370,511 1,370,511 1,370,511
20 21 22 23 24
28,694,892 27,453,960 26,194,414 24,915,975 23,618,360
1,222,593 1,240,932 1,259,546 1,278,439 1,297,615
448,762 430,423 411,809 392,916 373,740
1,671,355 1,671,355 1,671,355 1,671,355 1,671,355
17 18 19 20 21
45,232,227 43,570,813 41,884,478 40,172,848 38,435,544
1,636,861 1,661,414 1,686,335 1,711,630 1,737,304
703,036 678,483 653,562 628,267 602,593
2,339,897 2,339,897 2,339,897 2,339,897 2,339,897

1,279,318 1,279,318 1,279,318 1,279,318 1,279,318
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

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
22 23 24 25 26
1.01 0.94 1.00 1.28 1.29
0.53 0.48 0.49 0.61 0.60
0.52 0.51 0.49 0.48 0.46
18 19 20 21 22
1.01 0.94 1.00 1.28 1.29
0.60 0.54 0.56 0.69 0.68
0.59 0.57 0.55 0.54 0.52
14 15 16 17 18
1.01 0.94 1.00 1.28 1.29
0.60 0.54 0.56 0.69 0.68
0.66 0.64 0.62 0.61 0.59
10 11 12 13 14
1.01 0.94 1.00 1.28 1.29
0.60 0.54 0.56 0.69 0.68
0.744093914896725 0.722421276598762 0.701379880192973 0.680951339993178 0.661117805818619
2 3 4 5 6
1.01 0.94 1.00 1.28 1.29
0.60 0.54 0.56 0.69 0.68
0.970661748647141 0.956316993741025 0.942184230286724 0.92826032540564 0.914542192517872
84006695 86694678 67778845 58641610 58599131

12,577,037 12,073,955 12,577,037 14,384,206 13,830,967
13080118 12577037 12073955 12577037 14384206
594000 459000 380700 374400 374400
0 0 0 0 0
110257849 111804669 92810537 85977252 87188704
2700000 2700000 2700000 3037500 3240000

300000 300000 300000 300000 337500
5976000 5976000 5976000 6718500 7164000
664000 664000 664000 664000 746500
123293 152698 116660 45544 166394
180000 180000 180000 180000 180000
20000 20000 20000 20000 20000
2313260 2262952 2313260 2493977 2438653
1425000 22155000 12075000 3135000 0

1690268 1619562 1547795 1474952 1401016
2161003 2006976 2137496 2737242 2758859
1296602 1204185 1282497 1642345 1655315
50000 50000 50000 50000 50000
-50000 -50000 -50000 -50000 -50000
0 0 0 0 0
790248 802102 814133 826345 838740
1064045 1080005 1096205 1112649 1129338
1222593 1240932 1259546 1278439 1297615
1,636,861 1,661,414 1,686,335 1,711,630 1,737,304
23563172 44025824 34168927 27378121 25111235
86694678 67778845 58641610 58599131 62077469

66000000 51000000 42300000 41600000 41600000
20694678 16778845 16341610 16999131 20477469

- - - - -
255,000 255,000 245,000 245,000 245,000
255,000 255,000 245,000 245,000 245,000
94.1% 94.1% 98.0% 98.0% 98.0%
240,000 240,000 240,000 240,000 240,000

123.00 123.00 123.00 123.00 123.00
- - - - 23,985,000
369 369 369 369 369
285,000 2,565,000 1,425,000 3,705,000
57 57 57 57 57
2,000,000 2,500,000 3,000,000 7,000,000 -20,000,000
899,575.09
0.24 0.25 0.26 0.25 0.24
24,424.25 48,526.22 63,632.45 46,424.14 39,108.46
240,000.00 240,000.00 240,000.00 240,000.00 240,000.00
215,898.02 224,893.77 257,208.31 247,315.68 237,423.06
48,526 63,632 46,424 39,108 41,685
264,424.25 288,526.22 303,632.45 286,424.14 279,108.46
0.009 0.009 0.009 0.009 0.009
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
0.01 0.01 0.01 0.01 0.01
0.06 0.06 0.06 0.06 0.06
0.08 0.08 0.08 0.08 0.08
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
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

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
120,000.00 120,000.00 120,000.00 120,000.00 120,000.00
39.00 39.00 39.00 39.00 39.00

29.00 29.00 29.00 29.00 29.00
25.00 25.00 25.00 25.00 25.00
33.00 33.00 33.00 33.00 33.00
2340000 2340000 2340000 2340000 2340000
1160000 1160000 1160000 1160000 1160000
500000 500000 500000 500000 500000
3960000 3960000 3960000 3960000 3960000
7960000 7960000 7960000 7960000 7960000
2,000 2,000 2,000 2,000 2,000

3,000 3,000 3,000 3,000 3,000
43,526 58,632 41,424 34,108 36,685
1.00 1.00 1.00 1.00 1.00

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

9,000 9,000 9,000 9,000 9,000
348,210 469,060 331,393 272,868 293,483
359,210 480,060 342,393 283,868 304,483
10,000 10,000
5,000 5,000 5,000 5,000 5,000
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 50,000
25,000 25,000 25,000 25,000 25,000
50,000 50,000 50,000 50,000 50,000
25,000 25,000 25,000 25,000 25,000
255,000 255,000 245,000 245,000 245,000
5,000
55,000 55,000
25,000 25,000 25,000 25,000
65,000 65,000 65,000 65,000 65,000
50,000 50,000 50,000 50,000 50,000
55,000 55,000 55,000 55,000 55,000
5,000 5,000 5,000 5,000
45,000 45,000 45,000
25,000
255,000 255,000 245,000 245,000 245,000

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

1055556 1055556 1055556 1055556 1055556
1327773 1383097 1581831 1520991 1460152
77.670 78.174 76.534 76.291 76.376
76.923 77.601 78.077 76.858 76.383
77.601 78.077 76.858 76.383 76.377
1000000 1000000 1000000 1000000 1000000
1000000 1000000 1000000 1000000 1000000

215898 224894 257208 247316 237423
26,555,457 27,661,934 31,636,622 30,419,829 29,203,036
26,555,457 27,661,934 31,636,622 30,419,829 29,203,036
3,600,000 3,600,000 3,600,000 3,600,000 3,600,000

7,960,000 7,960,000 7,960,000 7,960,000 7,960,000
11,560,000 11,560,000 11,560,000 11,560,000 11,560,000
359,210 480,060 342,393 283,868 304,483
1,816,875 1,816,875 1,745,625 1,745,625 1,745,625
4,704,750 4,704,750 4,520,250 4,520,250 4,520,250
200,000 200,000 200,000 200,000 200,000

7,080,835 7,201,685 6,808,268 6,749,743 6,770,358
18,640,835 18,761,685 18,368,268 18,309,743 18,330,358
1,878,788 3,765,690 4,968,256 3,568,058 2,987,203
3,765,690 4,968,256 3,568,058 2,987,203 3,183,820
16,753,932 17,559,119 19,768,466 18,890,597 18,133,741
9,801,524 10,102,815 11,868,156 11,529,232 11,069,295
2,383,329 2,438,653 2,637,387 2,576,547 2,515,708
7,418,195 7,664,162 9,230,769 8,952,684 8,553,587

392,400 414,900 441,900 504,900 324,900
19,438 19,438 19,438 19,438 19,438
- - - - -
- - - - -
151,492 138,722 125,761 112,605 99,252
224,233 207,039 189,587 171,873 153,893
354,275 334,519 314,467 294,113 273,455
576,533 550,083 523,235 495,986 468,327
50,000 50,000 50,000 50,000 50,000

- 50,000 - 50,000 - 50,000 - 50,000 - 50,000
1,325,971 1,249,800 1,172,487 1,094,014 1,014,364
6,484,625 6,829,262 8,500,182 8,363,570 7,864,123

2,593,850 2,731,705 3,400,073 3,345,428 3,145,649
3,890,775 4,097,557 5,100,109 5,018,142 4,718,474
1,556,310 1,639,023 2,040,044 2,007,257 1,887,390
2,334,465 2,458,534 3,060,066 3,010,885 2,831,084
20,636,852 17,641,994 18,149,261 14,880,273 11,309,361

43,600,000 46,100,000 49,100,000 56,100,000 36,100,000
13,277,728 13,830,967 15,818,311 15,209,914 14,601,518
3,765,690 4,968,256 3,568,058 2,987,203 3,183,820
81,280,271 82,541,216 86,635,630 89,177,390 65,194,699
2,486,250 2,486,250 2,486,250 2,486,250 2,486,250

41,460,000 43,276,875 45,022,500 46,768,125 48,513,750
8,465,250 8,465,250 8,465,250 8,465,250 8,465,250
105,991,750 110,696,500 115,216,750 119,737,000 124,257,250
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
- - - - -
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
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
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
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

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

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
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
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 9,225,000
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
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
- - - - -
285,000 285,000 285,000 285,000 285,000
2,565,000 2,565,000 2,565,000 2,565,000
1,425,000 1,425,000
27,690,000
206,685,000 209,250,000 209,250,000 210,675,000 238,365,000
70,184,750 66,228,125 59,962,250 55,121,375 76,545,500

151,465,021 148,769,341 146,597,880 144,298,765 141,740,199
1,176,000 1,176,000 1,176,000 1,176,000 1,176,000

- - - - -
- - - - -
- - - - -
864,091 - - - -
4,759,653 4,831,048 4,903,514 4,977,067 5,051,723
5,468,866 5,550,899 5,634,163 5,718,675 5,804,455
7,321,958 7,431,787 7,543,264 7,656,413 7,771,259
19,590,569 18,989,735 19,256,941 19,528,155 19,803,437
- - - - -
- - - - -
8,384,036 8,384,036 7,506,983 6,616,775 5,713,214
9,042,926 7,808,059 6,554,668 5,282,477 3,991,203
16,832,414 15,413,545 13,973,393 12,511,639 11,027,958
29,350,222 27,450,578 25,522,440 23,565,379 21,578,963
63,609,598 59,056,218 53,557,485 47,976,271 42,311,338
23,558,470 23,558,470 23,558,470 23,558,470 23,558,470

- - - - -
44,706,384 47,164,919 50,224,984 53,235,870 56,066,954
68,264,854 70,723,388 73,783,454 76,794,339 79,625,424
151,465,021 148,769,341 146,597,880 144,298,765 141,740,199
0.0 0.0 0.0 0.0 0.0
0.10 0.11 0.14 0.14 0.13
0.70 0.74 0.86 0.84 0.82
5.89 6.46 8.25 8.64 8.75
0.23 0.23 0.28 0.26 0.24
0.29 0.27 0.26 0.25 0.25
0.93 0.84 0.73 0.62 0.53
1.22 1.10 0.99 0.88 0.78
1.20 1.09 0.97 0.86 0.77
14.16 14.41 17.31 16.32 14.75
864,091 0 0 0 0
8,384,036 8,384,036 7,506,983 6,616,775 5,713,214
4,759,653 4,831,048 4,903,514 4,977,067 5,051,723

9,042,926 7,808,059 6,554,668 5,282,477 3,991,203
5,468,866 5,550,899 5,634,163 5,718,675 5,804,455

16,832,414 15,413,545 13,973,393 12,511,639 11,027,958
7,321,958 7,431,787 7,543,264 7,656,413 7,771,259

29,350,222 27,450,578 25,522,440 23,565,379 21,578,963
30 31 32 33 34
9,248,127 8,384,036 7,506,983 6,616,775 5,713,214
851,321 864,091 877,053 890,208 903,561
151,492 138,722 125,761 112,605 99,252
1,002,813 1,002,813 1,002,813 1,002,813 1,002,813
13,802,579 12,639,107 11,458,182 10,259,544 9,042,926

1,146,278 1,163,472 1,180,925 1,198,638 1,216,618
224,233 207,039 189,587 171,873 153,893
1,370,511 1,370,511 1,370,511 1,370,511 1,370,511
25 26 27 28 29
22,301,280 20,964,444 19,607,556 18,230,314 16,832,414
1,317,080 1,336,836 1,356,888 1,377,242 1,397,900
354,275 334,519 314,467 294,113 273,455
1,671,355 1,671,355 1,671,355 1,671,355 1,671,355
22 23 24 25 26
36,672,180 34,882,366 33,065,704 31,221,792 29,350,222
1,763,364 1,789,814 1,816,662 1,843,912 1,871,570
576,533 550,083 523,235 495,986 468,327
2,339,897 2,339,897 2,339,897 2,339,897 2,339,897

1,279,318 1,279,318 1,279,318 1,279,318 1,279,318
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

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
27 28 29 30 31
1.22 1.28 1.59 1.57 1.48
0.55 0.56 0.68 0.65 0.59
0.45 0.44 0.42 0.41 0.40
23 24 25 26 27
1.22 1.28 1.59 1.57 1.48
0.62 0.63 0.76 0.73 0.66
0.51 0.49 0.48 0.46 0.45
19 20 21 22 23
1.22 1.28 1.59 1.57 1.48
0.62 0.63 0.76 0.73 0.66
0.57 0.55 0.54 0.52 0.51
15 16 17 18 19
1.22 1.28 1.59 1.57 1.48
0.62 0.63 0.76 0.73 0.66
0.641861947396717 0.623166939220114 0.605016445844771 0.587394607616282 0.570286026811925
7 8 9 10 11
1.22 1.28 1.59 1.57 1.48
0.62 0.63 0.76 0.73 0.66
0.901026790658002 0.887711123800987 0.874592240198017 0.861667231722184 0.848933233223827
62077469 64236852 63741994 67249261 70980273

13,277,728 13,830,967 15,818,311 15,209,914 14,601,518
13830967 13277728 13830967 15818311 15209914
392400 414900 441900 504900 324900
0 0 0 0 0
89578565 91760448 93833172 98782387 101116605
3240000 3240000 3240000 3240000 3240000

360000 360000 360000 360000 360000
7164000 7164000 7164000 7164000 7164000
796000 796000 796000 796000 796000
359210 480060 342393 283868 304483
180000 180000 180000 180000 180000
20000 20000 20000 20000 20000
2383329 2438653 2637387 2576547 2515708
285000 2565000 0 1425000 27690000

1325971 1249800 1172487 1094014 1014364
2593850 2731705 3400073 3345428 3145649
1556310 1639023 2040044 2007257 1887390
50000 50000 50000 50000 50000
-50000 -50000 -50000 -50000 -50000
0 0 0 0 0
851321 864091 877053 890208 903561
1146278 1163472 1180925 1198638 1216618
1317080 1336836 1356888 1377242 1397900
1,763,364 1,789,814 1,816,662 1,843,912 1,871,570
25341712 28018454 26583911 27802114 53707244
64236852 63741994 67249261 70980273 47409361

43600000 46100000 49100000 56100000 36100000
20636852 17641994 18149261 14880273 11309361

- - - - -
245,000 305,000 305,000 305,000 305,000
245,000 305,000 305,000 305,000 305,000
98.0% 90.2% 91.8% 91.8% 91.8%
240,000 275,000 280,000 280,000 280,000

123.00 123.00 123.00 123.00 123.00
- - - - 11,070,000
369 369 369 369 369
6,270,000 3,135,000 285,000 1,425,000
57 57 57 57 57
2,000,000 3,500,000 -3,500,000
989,262.73 1,087,892.23
0.25 0.26 0.25 0.24 0.25
41,685.40 34,369.72 26,517.74 34,544.68 53,450.55
240,000.00 275,000.00 280,000.00 280,000.00 280,000.00
247,315.68 282,851.98 271,973.06 261,094.13 271,973.06
34,370 26,518 34,545 53,451 61,477
281,685.40 309,369.72 306,517.74 314,544.68 333,450.55
0.009 0.009 0.009 0.009 0.009
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
0.01 0.01 0.01 0.01 0.01
0.06 0.06 0.06 0.06 0.06
0.08 0.08 0.08 0.08 0.08
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
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

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
120,000.00 155,000.00 160,000.00 160,000.00 160,000.00
39.00 39.00 39.00 39.00 39.00

29.00 29.00 29.00 29.00 29.00
25.00 25.00 25.00 25.00 25.00
33.00 33.00 33.00 33.00 33.00
2340000 2340000 2340000 2340000 2340000
1160000 1160000 1160000 1160000 1160000
500000 500000 500000 500000 500000
3960000 5115000 5280000 5280000 5280000
7960000 9115000 9280000 9280000 9280000
2,000 2,000 2,000 2,000 2,000

3,000 3,000 3,000 3,000 3,000
29,370 21,518 29,545 48,451 56,477
1.00 1.00 1.00 1.00 1.00

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

9,000 9,000 9,000 9,000 9,000
234,958 172,142 236,357 387,604 451,820
245,958 183,142 247,357 398,604 462,820
5,000
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 50,000
25,000 25,000 25,000 25,000 25,000
50,000 50,000 50,000 50,000 50,000
25,000 25,000 25,000 25,000 25,000
65,000 65,000 65,000 65,000
245,000 305,000 305,000 305,000 305,000
50,000
55,000 55,000
5,000 5,000 5,000 5,000
45,000 45,000 45,000 45,000 45,000
25,000 25,000 25,000 25,000 25,000
65000 65,000 65,000 65,000 65,000
110,000 110,000 110,000 110,000
55,000 55,000 55,000
5,000
245,000 305,000 305,000 305,000 305,000

92,250
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
922,500 922,500 922,500 922,500 922,500
461,250 461,250 461,250 461,250 461,250
922,500 922,500 922,500 922,500 922,500
461,250 461,250 461,250 461,250 461,250
1,199,250 1,199,250 1,199,250 1,199,250
4,520,250 5,627,250 5,627,250 5,627,250 5,627,250

356,250
391,875 391,875
35,625 35,625 35,625 35,625
320,625 320,625 320,625 320,625 320,625
178,125 178,125 178,125 178,125 178,125
463,125 463,125 463,125 463,125 463,125
783,750 783,750 783,750 783,750
391,875 391,875 391,875
35,625
1,745,625 2,173,125 2,173,125 2,173,125 2,173,125
200000 200000 200000 200000 200000

1055556 1055556 1055556 1055556 1055556
1520991 1739540 1672634 1605729 1672634
76.133 77.904 77.599 78.139 78.369
76.377 76.169 77.711 77.609 78.081
76.169 77.711 77.609 78.081 78.322
1000000 1000000 1000000 1000000 1000000
1000000 1000000 1000000 1000000 1000000

247316 282852 271973 261094 271973
30,419,829 34,790,793 33,452,686 32,114,579 33,452,686
30,419,829 34,790,793 33,452,686 32,114,579 33,452,686
3,600,000 4,125,000 4,200,000 4,200,000 4,200,000

7,960,000 9,115,000 9,280,000 9,280,000 9,280,000
11,560,000 13,240,000 13,480,000 13,480,000 13,480,000
245,958 183,142 247,357 398,604 462,820
1,745,625 2,173,125 2,173,125 2,173,125 2,173,125
4,520,250 5,627,250 5,627,250 5,627,250 5,627,250
200,000 200,000 200,000 200,000 200,000

6,711,833 8,183,517 8,247,732 8,398,979 8,463,195
18,271,833 21,423,517 21,727,732 21,878,979 21,943,195
3,183,820 2,617,902 2,060,719 2,680,969 4,173,470
2,617,902 2,060,719 2,680,969 4,173,470 4,815,068
18,837,751 21,980,700 21,107,483 20,386,479 21,301,597
11,582,078 12,810,094 12,345,203 11,728,100 12,151,089
2,576,547 2,795,096 2,728,190 2,661,285 2,728,190
9,005,531 10,014,998 9,617,013 9,066,815 9,422,899

324,900 324,900 342,900 374,400 342,900
19,438 19,438 19,438 19,438 19,438
- - - - -
- - - - -
85,698 71,941 57,978 43,806 29,421
135,644 117,121 98,320 79,237 59,868
252,486 231,203 209,601 187,675 165,419
440,253 411,759 382,837 353,481 323,684
50,000 50,000 50,000 50,000 50,000

- 50,000 - 50,000 - 50,000 - 50,000 - 50,000
933,519 851,462 768,173 683,636 597,830
8,396,912 9,488,436 9,191,740 8,757,579 9,167,969

3,358,765 3,795,375 3,676,696 3,503,032 3,667,188
5,038,147 5,693,062 5,515,044 5,254,548 5,500,781
2,015,259 2,277,225 2,206,017 2,101,819 2,200,313
3,022,888 3,415,837 3,309,026 3,152,729 3,300,469
8,815,151 9,883,512 13,429,876 14,054,155 9,043,163

36,100,000 36,100,000 38,100,000 41,600,000 38,100,000
15,209,914 17,395,397 16,726,343 16,057,289 16,726,343
2,617,902 2,060,719 2,680,969 4,173,470 4,815,068
62,742,968 65,439,627 70,937,188 75,884,914 68,684,574
2,486,250 2,486,250 2,486,250 2,486,250 2,486,250

50,259,375 52,432,500 54,605,625 56,778,750 58,951,875
8,465,250 8,465,250 8,465,250 8,465,250 8,465,250
128,777,500 134,404,750 140,032,000 145,659,250 151,286,500
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
- - - - -
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
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
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
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

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

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
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
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 9,225,000
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
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
- - - - -
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 1,425,000 1,425,000

27,690,000 27,690,000 27,690,000 27,690,000 27,690,000
6,270,000 6,270,000 6,270,000 6,270,000 6,270,000
3,135,000 3,135,000 3,135,000 3,135,000
- - -
285,000 285,000
12,495,000
244,635,000 247,770,000 247,770,000 248,055,000 260,550,000
76,549,625 71,884,250 64,083,875 56,568,500 61,263,125

139,292,593 137,323,877 135,021,063 132,453,414 129,947,699
1,176,000 1,344,000 1,368,000 1,368,000 1,368,000

- - - - -
- - - - -
- - - - -
- - - - -
5,127,499 5,204,411 5,282,477 3,991,203 2,680,560
5,891,522 5,979,895 6,069,594 6,160,637 6,253,047
7,887,828 8,006,145 8,126,238 8,248,131 8,371,853
20,082,849 20,534,452 20,846,308 19,767,972 18,673,460
- - - - -
- - - - -
4,796,099 3,865,227 2,920,393 1,961,385 987,993
2,680,560 1,350,257 - 0 - 0 - 0
9,522,023 7,993,498 6,442,045 4,867,321 3,268,976
19,562,750 17,516,295 15,439,142 13,330,832 11,190,897
36,561,432 30,725,277 24,801,580 20,159,538 15,447,866
23,558,470 23,558,470 23,558,470 23,558,470 23,558,470

- - - - -
59,089,842 62,505,679 65,814,705 68,967,434 72,267,903
82,648,312 86,064,149 89,373,175 92,525,903 95,826,372
139,292,593 137,323,877 135,021,063 132,453,414 129,947,699
0.0 0.0 0.0 0.0 0.0
0.14 0.17 0.16 0.16 0.17
0.87 1.01 0.99 0.97 1.03
9.99 12.14 12.97 13.81 16.34
0.24 0.26 0.25 0.23 0.23
0.24 0.24 0.23 0.21 0.19
0.44 0.36 0.28 0.22 0.16
0.69 0.60 0.51 0.43 0.36
0.67 0.58 0.50 0.42 0.34
15.19 16.53 15.38 14.11 14.27
0 0 0 0 0
4,796,099 3,865,227 2,920,393 1,961,385 987,993
5,127,499 5,204,411 5,282,477 3,991,203 2,680,560

2,680,560 1,350,257 0 0 0
5,891,522 5,979,895 6,069,594 6,160,637 6,253,047

9,522,023 7,993,498 6,442,045 4,867,321 3,268,976
7,887,828 8,006,145 8,126,238 8,248,131 8,371,853

19,562,750 17,516,295 15,439,142 13,330,832 11,190,897
35 36 37 38 39
4,796,099 3,865,227 2,920,393 1,961,385 987,993
917,115 930,872 944,835 959,007 973,392
85,698 71,941 57,978 43,806 29,421
1,002,813 1,002,813 1,002,813 1,002,813 1,002,813
7,808,059 6,554,668 5,282,477 3,991,203 2,680,560

1,234,867 1,253,390 1,272,191 1,291,274 1,310,643
135,644 117,121 98,320 79,237 59,868
1,370,511 1,370,511 1,370,511 1,370,511 1,370,511
30 31 32 33 34
15,413,545 13,973,393 12,511,639 11,027,958 9,522,023
1,418,869 1,440,152 1,461,754 1,483,681 1,505,936
252,486 231,203 209,601 187,675 165,419
1,671,355 1,671,355 1,671,355 1,671,355 1,671,355
27 28 29 30 31
27,450,578 25,522,440 23,565,379 21,578,963 19,562,750
1,899,644 1,928,138 1,957,061 1,986,416 2,016,213
440,253 411,759 382,837 353,481 323,684
2,339,897 2,339,897 2,339,897 2,339,897 2,339,897

1,279,318 1,279,318 1,279,318 1,279,318 1,279,318
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

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
32 33 34 35 36
1.58 1.78 1.72 1.64 1.72
0.61 0.67 0.63 0.58 0.59
0.39 0.38 0.37 0.36 0.35
28 29 30 31 32
1.58 1.78 1.72 1.64 1.72
0.69 0.76 0.71 0.66 0.67
0.44 0.42 0.41 0.40 0.39
24 25 26 27 28
1.58 1.78 1.72 1.64 1.72
0.69 0.76 0.71 0.66 0.67
0.49 0.48 0.46 0.45 0.44
20 21 22 23 24
1.58 1.78 1.72 1.64 1.72
0.69 0.76 0.71 0.66 0.67
0.553675754186335 0.537549275909063 0.521892500882585 0.506691748429694 0.491933736339509
12 13 14 15 16
1.58 1.78 1.72 1.64 1.72
0.69 0.76 0.71 0.66 0.67
0.836387421895396 0.824027016645711 0.811849277483459 0.799851504909812 0.788031039320012
47409361 44915151 45983512 51529876 55654155

15,209,914 17395397 16726343 16057289 16726343
14601518 15209914 17395397 16726343 16057289
324900 324900 342900 374400 342900
0 0 0 0 0
77545694 77845362 80448151 84687909 88780687
3240000 3712500 3780000 3780000 3780000

360000 360000 412500 420000 420000
7164000 8203500 8352000 8352000 8352000
796000 796000 911500 928000 928000
245958 183142 247357 398604 462820
180000 180000 180000 180000 180000
20000 20000 20000 20000 20000
2576547 2795096 2728190 2661285 2728190
6270000 3135000 0 285000 12495000

933519 851462 768173 683636 597830
3358765 3795375 3676696 3503032 3667188
2015259 2277225 2206017 2101819 2200313
50000 50000 50000 50000 50000
-50000 -50000 -50000 -50000 -50000
0 0 0 0 0
917115 930872 944835 959007 973392
1234867 1253390 1272191 1291274 1310643
1418869 1440152 1461754 1483681 1505936
1,899,644 1,928,138 1,957,061 1,986,416 2,016,213
32630543 31861851 28918275 29033754 41637524
44915151 45983512 51529876 55654155 47143163

36100000 36100000 38100000 41600000 38100000
8815151 9883512 13429876 14054155 9043163

- - - - -
TRIM 42 TRIM 43 TRIM 44 TRIM 45
285,000 315,000 315,000 315,000
285,000 315,000 315,000 315,000
98.2% 92.1% 92.1% 92.1% 0.98
280,000 290,000 290,000 290,000

123.00 123.00 123.00 123.00
- 25,830,000 - -
369 369 369 369
1,710,000 1,425,000 3,705,000
57 57 57 57
-20,000,000 5,000,000 9,000,000
1,196,355.08
0.26 0.25 0.24 0.25
61,477.49 30,425.17 21,336.40 24,211.18
280,000.00 290,000.00 290,000.00 290,000.00
311,052.32 299,088.77 287,125.22 299,088.77
30,425 21,336 24,211 15,122 75,499.72
341,477.49 320,425.17 311,336.40 314,211.18
0.009 0.009 0.009 0.009
0.02 0.02 0.02 0.02

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

40,000.00 40,000.00 40,000.00 40,000.00
20,000.00 20,000.00 20,000.00 20,000.00
160,000.00 170,000.00 170,000.00 170,000.00
39.00 39.00 39.00 39.00

29.00 29.00 29.00 29.00
25.00 25.00 25.00 25.00
33.00 33.00 33.00 33.00
2340000 2340000 2340000 2340000
1160000 1160000 1160000 1160000
500000 500000 500000 500000
5280000 5610000 5610000 5610000
9280000 9610000 9610000 9610000
2,000 2,000 2,000 2,000

3,000 3,000 3,000 3,000
25,425 16,336 19,211 10,122
1.00 1.00 1.00 1.00

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

9,000 9,000 9,000 9,000
203,401 130,691 153,689 80,979
214,401 141,691 164,689 91,979
70,000 70,000 70,000

50,000 50,000 50,000 50,000
25,000 25,000 25,000 25,000 25,000
50,000 50,000 50,000 50,000 50,000
25,000 25,000 25,000 25,000 25,000
65,000 65,000 65,000 65,000 65,000
30,000 30,000 30,000 30,000
70,000 70,000
285,000 315,000 315,000 315,000 100,000
25,000 25,000
65,000 65,000 65,000
110,000 110,000 110,000 110,000
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 25,000
30,000 30,000 30,000 30,000
25,000 25,000 25,000
65,000 65,000
285,000 315,000 315,000 315,000

1,291,500 1,291,500 1,291,500
922,500 922,500 922,500 922,500
461,250 461,250 461,250 461,250 461,250
922,500 922,500 922,500 922,500 922,500
461,250 461,250 461,250 461,250 461,250
1,199,250 1,199,250 1,199,250 1,199,250 1,199,250
553,500 553,500 553,500 553,500
1,291,500 1,291,500
5,258,250 5,811,750 5,811,750 5,811,750 -

178,125 178,125
463,125 463,125 463,125
783,750 783,750 783,750 783,750
391,875 391,875 391,875 391,875 391,875
35,625 35,625 35,625 35,625 35,625
178,125 178,125 178,125 178,125 178,125
213,750 213,750 213,750 213,750
178,125 178,125 178,125
463,125 463,125
2,030,625 2,244,375 2,244,375 2,244,375 1,460,625
200000 200000 200000 200000

1055556 1055556 1055556 1055556
1912972 1839396 1765820 1839396
75.655 77.096 77.175 76.924
78.322 76.135 77.005 77.164
76.135 77.005 77.164 76.943
1000000 1000000 1000000 1000000
1000000 1000000 1000000 1000000

311052 299089 287125 299089
38,259,435 36,787,919 35,316,402 36,787,919
38,259,435 36,787,919 35,316,402 36,787,919
4,200,000 4,350,000 4,350,000 4,350,000

9,280,000 9,610,000 9,610,000 9,610,000
13,480,000 13,960,000 13,960,000 13,960,000
214,401 141,691 164,689 91,979
2,030,625 2,244,375 2,244,375 2,244,375
5,258,250 5,811,750 5,811,750 5,811,750
200,000 200,000 200,000 200,000

7,703,276 8,397,816 8,420,814 8,348,104
21,183,276 22,357,816 22,380,814 22,308,104
4,815,068 2,316,417 1,643,002 1,868,220
2,316,417 1,643,002 1,868,220 1,163,563
23,681,928 23,031,230 22,155,597 23,012,762
14,577,508 13,756,688 13,160,805 13,775,157
2,968,528 2,894,952 2,821,376 2,894,952
11,608,980 10,861,737 10,339,429 10,880,205

342,900 162,900 207,900 288,900
19,438 19,438 19,438 19,438
- - - -
- - - -
14,820 - - -
40,208 20,254 - -
142,830 119,902 96,631 73,010
293,441 262,744 231,587 199,962 523,235
50,000 50,000 50,000 50,000

- 50,000 - 50,000 - 50,000 - 50,000
510,737 422,338 347,655 292,410 523,235
11,441,142 10,602,298 10,199,674 10,876,695

4,576,457 4,240,919 4,079,870 4,350,678
6,864,685 6,361,379 6,119,804 6,526,017
2,745,874 2,544,552 2,447,922 2,610,407
4,118,811 3,816,827 3,671,883 3,915,610
12,942,849 14,039,111 13,889,625 13,091,980 2,076,816

38,100,000 18,100,000 23,100,000 32,100,000 18,100,000
19,129,718 18,393,959 17,658,201 18,393,959
2,316,417 1,643,002 1,868,220 1,163,563
72,488,983 52,176,073 56,516,046 64,749,502
2,486,250 2,486,250 2,486,250 2,486,250

60,982,500 63,226,875 65,471,250 67,715,625
8,465,250 8,465,250 8,465,250 8,465,250
156,544,750 162,356,500 168,168,250 173,980,000
27,255,000 27,255,000 27,255,000 27,255,000

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

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

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

27,690,000 27,690,000 27,690,000 27,690,000
6,270,000 6,270,000 6,270,000 6,270,000
3,135,000 3,135,000 3,135,000 3,135,000
- - - -
285,000 285,000 285,000 285,000
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
-
262,260,000 289,515,000 293,220,000 293,220,000
55,684,250 74,883,125 70,532,000 62,475,875

128,173,233 127,059,198 127,048,046 127,225,377
1,368,000 1,416,000 1,416,000 1,416,000

- - - -
- - - -
- - - -
- - - -
1,350,257 - - -
6,346,843 6,442,045 4,867,321 3,268,976
8,497,431 8,624,892 8,754,266 8,885,580
17,562,531 16,482,938 15,037,587 13,570,556
- - - -
- - - -
- 0 - - -
- 0 - 0 - -
1,646,655 - 0 - 0 - 0
9,018,864 6,814,249 4,576,566 2,305,317
10,665,519 6,814,249 4,576,566 2,305,317
23,558,470 23,558,470 23,558,470 23,558,470

- - - -
76,386,714 80,203,541 83,875,424 87,791,034
99,945,184 103,762,011 107,433,894 111,349,504
128,173,233 127,059,198 127,048,046 127,225,377
0.0 0.0 0.0 0.0
trim42 trim43 trim44 trim45
0.21 0.20 0.19 0.21
1.19 1.16 1.11 1.16
23.40 26.10 30.34 38.20
0.27 0.25 0.23 0.23
0.18 0.16 0.14 0.12
0.11 0.07 0.04 0.02
0.28 0.22 0.18 0.14
0.27 0.21 0.17 0.13
17.19 15.28 14.16 14.58
0 0 0 0
0 0 0 0
1,350,257 0 0 0
0 0 0 0
6,346,843 6,442,045 4,867,321 3,268,976

1,646,655 0 0 0
8,497,431 8,624,892 8,754,266 8,885,580

9,018,864 6,814,249 4,576,566 2,305,317
40 41
- 0
987,993
14,820
1,002,813
1,350,257 - 0
1,330,303 1,350,257
40,208 20,254
1,370,511 1,370,511
35 36 37 38 39
7,993,498 6,442,045 4,867,321 3,268,976 1,646,655
1,528,525 1,551,453 1,574,724 1,598,345 1,622,320
142,830 119,902 96,631 73,010 49,035
1,671,355 1,671,355 1,671,355 1,671,355 1,671,355
32 33 34 35 36
17,516,295 15,439,142 13,330,832 11,190,897 9,018,864
2,046,456 2,077,153 2,108,310 2,139,935 2,172,034
293,441 262,744 231,587 199,962 167,863
2,339,897 2,339,897 2,339,897 2,339,897 2,339,897
TRIM42 TRIM43 TRIM44 TRIM45

1,279,318 1,279,318 1,279,318 1,279,318
0.00 0.00 0.00 0.00

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
-50,000 -50,000 -50,000 -50,000
37 38 39 40 PERPETUIDAD
2.15 1.99 1.91 2.04 68.02
0.72 0.65 0.60 0.63 20.8506419844482
0.33 0.33 0.32 0.31
2.15 1.99 1.91 2.04 68.02
0.81 0.73 0.68 0.70 23.47
0.38 0.37 0.36 0.35
2.15 1.99 1.91 2.04 68.02
0.81 0.73 0.68 0.70 26.41
0.42 0.41 0.40 0.39
2.15 1.99 1.91 2.04 68.02
0.81 0.73 0.68 0.70 29.73
0.477605569261659 0.463694727438504 0.450189055765538 0.437076753170425
2.15 1.99 1.91 2.04 136.03
0.81 0.73 0.68 0.70 101.00
0.776385260413805 0.764911586614586 0.753607474497129 0.742470418223772
47143163 51042849 32139111 36989625

19129718 18393959 17658201 18393959
16726343 19129718 18393959 17658201
342900 162900 207900 288900
0 0 0 0
83342123 88729426 68399172 73330685
3780000 3915000 3915000 3915000

420000 420000 435000 435000
8352000 8649000 8649000 8649000
928000 928000 961000 961000
214401 141691 164689 91979
180000 180000 180000 180000
20000 20000 20000 20000
2968528 2894952 2821376 2894952
1710000 27255000 3705000 0

510737 422338 347655 292410
4576457 4240919 4079870 4350678
2745874 2544552 2447922 2610407
50000 50000 50000 50000
-50000 -50000 -50000 -50000
0 0 0 0
987993 0 0 0
1330303 1350257 0 0
1528525 1551453 1574724 1598345
2,046,456 2,077,153 2,108,310 2,139,935
32299274 56590315 31409547 28138706
51042849 32139111 36989625 45191980

38100000 18100000 23100000 32100000
12942849 14039111 13889625 13091980

- - - - -
0.8051
5,071.8873
25,000
50,000 50,000 50,000
25,000 25,000 25,000 25,000
65,000 65,000 65,000 65,000 65,000
30,000 30,000 30,000 30,000 30,000
70,000 70,000 70,000 70,000 70,000
100,000 75,000 75,000 25,000
5,000 5,000
25,000 25,000 25,000
30,000 30,000 30,000 30,000
25,000 25,000 25,000 25,000 25,000
65,000 65,000 65,000 65,000 65,000
461,250
922,500 922,500 922,500
461,250 461,250 461,250 461,250
1,199,250 1,199,250 1,199,250 1,199,250 1,199,250
553,500
1,291,500
- - - -
35,625 35,625
178,125 178,125 178,125
213,750 213,750 213,750 213,750
178,125 178,125 178,125 178,125 178,125
463,125 463,125 463,125 463,125 463,125
1,068,750 1,068,750 1,033,125 855,000 641,250

495,986 468,327 440,253 411,759 382,837
495,986 468,327 440,253 411,759 382,837

20,694,678
135,000,000
40
0
1,646,655
24,700
1,671,355
37 38 39 40
6,814,249 4,576,566 2,305,317 -0
2,204,614 2,237,683 2,271,249 2,305,317
135,283 102,214 68,648 34,580
2,339,897 2,339,897 2,339,897 2,339,897
PRECIO ACCION TRIMESTRE 25
- - - - -
65,000 65,000 65,000 65,000 65,000
30,000 30,000 30,000 30,000 30,000
70,000 70,000 70,000 70,000 70,000
65,000
1,199,250 1,199,250 1,199,250 1,199,250 1,199,250
463,125
463,125 - - - -
353,481 323,684 293,441 262,744 231,587
353,481 323,684 293,441 262,744 231,587

- - - - -
75,500 5,072
65,000
30,000 30,000 30,000 30,000 30,000 30,000
70,000 70,000 70,000 70,000 70,000 70,000 70,000
1,199,250
- -
199,962 167,863 135,283 102,214 68,648 34,580
199,962 167,863 135,283 102,214 68,648 34,580

70,000
170 170 170 170
93 94 95 96
0.0 0.0 0.0 0.0
170 170 170 170 170 170 170 170
97 98 99 100 101 102 103 104
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
170 170 170 170 170
105 106 107 108 109
0.0 0.0 0.0 0.0 ###

Christian Ramirez Solemne 2

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Christian Ramirez Solemne 2

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Solemne N° 2 – PLANIFICACIÓN FINANCIERA

Conteste las siguientes preguntas conceptuales (en forma cualitativa)

de PLANIF SA que se detallan en la pestaña PREGUNTA 1) ( 10 puntos)

do perpetuidad en el periodo 45 es de 101

eran que rindan fruto antes del periodo que termine

a expresarlos en base anual

arlos en base anual

r al que no haber realizado la inversion.

MODELO DE PLANIFICACION HISTORIA (SE ASUME QUE ESTAMOS

1 Unidades a Producir 100,000.00 100,000.00

TASAS INT. EN PRESTAMOS

Tasa de corto plazo 0.03 0.02

Tasa promedio mediano plazo 0.03 0.03

Monto prestamo corto plazo 2,500,000

TOTAL MONTO PRESTAMOS 10087500 6375000

Costo unitario materia prima 15.00 15.00

TOTAL COSTOS DIR (X TRABAJO) 3500000 3500000

Maquina Original 100,000 100,000

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

TOT.DEPREC.PLANTAS 1,300,000 1,300,000

TOTAL DEPREC. MAQUINAS 478,125 478,125

AMORTIZ INV MKT

Gastos generales 200,000.00 200000 200000

Acciones comunes 1000000 1000000

TOTAL DE ACCS.COMUNES 1000000 1000000

UTILIDAD OPERACIONAL 1,358,777 1,380,748

Compra activo fijo trimestre tres

Monto prestamo M/P 3 años

Monto prestamo L/P(bonos)

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

Monto M/P Vence dentro del año(2años)

Segunda emision de bonos amortizados dentro del año

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

Tercera emisión de bonos

Cuarta emisión de bonos

Sexta emisión de bonos

EMISION DE ACCIONES TRIM1 TRIM2

CALCULO VAN 248,429

TIR PROY TRIM 6.18%

UME QUE ESTAMOS AL INICIO DE TRI 6) PROYECCION

100,000.00 100,000.00 150,000.00 121,000 123,000

25,830,000 11,070,000 - 9,225,000

-1,500,000 - - 26,000,000 3,500,000

TRIM 3 TRIM 4 TRIM 5 TRIM 6 TRIM 7

0.02 0.02 0.02 0.02 0.02

0.03 0.03 0.03 0.03 0.03

1250000 1250000 937500 625000 312500

1200000 1200000 1200000 900000 600000

5162500 4250000 3337500 2425000 1512500

TRIM 3 TRIM 4 TRIM 5 TRIM 6 TRIM 7

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

38.00 38.00 38.00 38.00 38.00

2280000 2280000 2280000 2280000 2280000

3320000 3320000 4400000 3704000 3752000

TRIM 3 TRIM 4 TRIM 5 TRIM 6 TRIM 7

2,000.00 2,000.00 2,000.00 2,000 2,000

1.00 1.00 1.00 1.00 1.00

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

100,000 100,000 150,000 150,000 150,000