Costos fijos

Si la empresa aumenta la actividad, el costo no

varía, los costos unitarios por productos o
servicios va disminuyendo aprovechando
economías de escala.( mayor margen frente al
precio de venta), control del manejo de la
Ventajas gerencia y la negociación.

Si la actividad de la empresa disminuye aún

incurirás e este costo, lo que puede ser una
carga importante, a tal punto que si los ingresos
Desventajas no son los suficientes ……. Pérdidas.
Costos Variables

Si la actividad es pequeña los costos

variabes van a ser pequeñas,
rediciendo el riesgo de pérdidas. Se
disminuyen con la actividad.

Si produzco mas, son mayores los

costos, entonces no aprovecho ó no
me beneficio de las economías de
escala.
Modelación para Evaluar un Proyecto AÑO 1
ECO-WORKSHOP
Variables de entrada del modelo
Ventas 529,215,372
∆ Precio
∆ Cantidad
Costo de ventas 50%
Rotación de los inventarios 12 VECES
Gastos de Administración $120,000,000
∆ Gastos de administración
Gasto de ventas 25%
Inversión en activos fijos $ 40,000,000
Plazo de Depreciación 5 Años
Grado de endeudamiento 71.000%
Tasa de interes Nominal 12%
Plazo del Crédito 10 Años
Saldo del pasivo $ 33,106,485
Amortización
Intereses
Días Plazo Pago Proveedores 20 días
Días Plazo Pago Cartera 0 días
Máximo ciclo de caja financiable 15 días 10 días
Tasa de Impuestos 33%
Relación Pago ( % distr. Dividendos) 30%
Gastos iniciales del crédito 1%
Gradiente de crecimiento del VRC 3%
Descuento por pronto pago
Vigencia del descuento 30
Meta de Utilidad

Estado de Resultados AÑO 1

Ingresos por ventas $ 529,215,372
Inventario Inicial
Compras $ 286,658,327
Disponible $ 286,658,327
Inventario final $ 22,050,641
Costo de ventas $ 264,607,686
Utilidad bruta $ 264,607,686
Gastos de Administración $ 120,000,000
Gastos de Depreciación $ 8,000,000
Gastos de Ventas $ 132,303,843
Utilidad Operacional $ 4,303,843
Gastos Financieros $ 4,303,843
Utilidad Gravable -$ 0
Impuestos $ -
Utilidad Neta -$ 0

FLUJO DE CAJA (MéTODO INDIRECTO)

Ingresos
Utilidad Operacional $ 4,303,843
Depreciación $ 8,000,000
Cuentas por pagar con Proveedores $ 15,925,463
Aporte de Capital $ 20,027,133
Préstamos Bancaros $ 33,106,485
Total de ingresos $ 81,362,924

Egresos
Efectivo $ 7,008,440
Cartera $ -
Inventarios $ 22,050,641
Requerimientos de Capital de Trabajo $ 29,059,081
Inversión en Activos Fijos $ 40,000,000
PLAN DE INVERSION $ 69,059,081
Gastos financieros $ 4,303,843
Amortización
Dividendos
Impuestos
Total de Egresos $ 73,362,924

Saldo de Caja $ 8,000,000

Saldo Acumulado de Caja $ 15,008,440

Balance General

Activos
Caja y bancos $ 15,008,440
Cartera $ -
Inventarios $ 22,050,641
Activos Corrientes $ 37,059,081
Activos Fijos $ 40,000,000
Depreciación acumulada $ 8,000,000
Activos fijo neto $ 32,000,000
Activo total $ 69,059,081

Pasivo
Obligaciones financieras $ 3,310,648
Ctas por pagar con proveedores $ 15,925,463
Impuestos por pagar $ -
Pasivos Corrientes $ 19,236,111
Pasivos financieros de largo plazo. $ 29,795,836
Total de pasivos $ 49,031,947

Patrimonio
Capital $ 20,027,133
Reserva legal
Otras reservas
Utilidades del ejercicio -$ 0
Utilidades Retenidas
Total Patrimonio $ 20,027,133

Regla contable: Pasivo + Patrimonio = Activo $ 69,059,081

Control: Activo - (pasvo + patrimonio) = 0 $ -

Reserva Legal del 50%

Reserva Legal Ilimitada

ALGUNOS INDICADORES REPRESENTATIVOS Año 1

Margen Bruto 50.00%

Margen Operacional 0.81%
Margen Neto 0.00%
ROI=ROA=Dupont= Utilidad Neta / Activos 0.00%
ROE=Return on Equity= Utilidad Neta / Patrimonio 0.00%
MULTIPLICADOR PATRIMONIAL= Activos / Patrimonio 3.45 veces

NOPAT $ 4,303,843
WACC 20%
INDICE DE COSTO DE CAPITAL 1.20
CAPITAL INVERTIDO INICIAL $ 53,133,618 $ 46,358,654
ROIC= NOPAT/CAP. INVERTIDO 8.10%
EVA(1)=NOPAT -WACCxCAP. INVERTIDO $ -6,322,881
EVA(2)=CAP. INVERTIDO x ( ROIC-WACC) $ -6,322,881
VNA EVA j desde 1 - n -$ 53,133,618 $ -5,269,067
MVA = S VNA EVA j $ -5,269,067
TASA INTERNA DE RETORNO 33002.78% ''
WACC PROMEDIO ARITMÉTICO 20.00%

Horizonte de Análisis 10 años

MVA = S VNA EVA j ###
+ Capital Invertido Inicial $ 53,133,618
Menos Pasivos Financieros Hoy -$ 33,106,485
VALOR PATRIMONIAL ###
 AÑO 3 AÑO 4

0% 0% 554623990000%
0% 0% 5%

1% 1% 1%

$ 29,795,836 $ 26,485,188 $ 23,174,539

$ 3,310,648 $ 3,310,648 $ 3,310,648
$ 3,972,778 $ 3,575,500 $ 3,178,223

AÑO 2 AÑO 3 AÑO 4

$ 529,215,372 $ 529,215,372 $ 3,081,913,183,076,300,000
$ 22,050,641 $ 22,050,641 $ 22,050,641
$ 264,607,686 $ 264,607,686 $ 1,669,369,640,810,940,000
$ 286,658,327 $ 286,658,327 $ 1,669,369,640,832,990,000
$ 22,050,641 $ 22,050,641 $ 128,413,049,294,846,000
$ 264,607,686 $ 264,607,686 $ 1,540,956,591,538,150,000
$ 264,607,686 $ 264,607,686 $ 1,540,956,591,538,150,000
$ 121,200,000 $ 122,412,000 $ 123,636,120
$ 8,000,000 $ 8,000,000 $ 8,000,000
$ 132,303,843 $ 132,303,843 $ 770,478,295,769,074,000
$ 3,103,843 $ 1,891,843 $ 770,478,295,637,438,000
 $ 3,575,500 $ 3,178,223 $ 2,780,945
-$ 471,657 -$ 1,286,380 $ 770,478,295,634,657,000
$ 198,269 $ 191,636 $ 254,257,837,559,437,000
-$ 669,926 -$ 1,478,016 $ 516,220,458,075,220,000

$ 3,103,843 $ 1,891,843 $ 770,478,295,637,438,000

$ 8,000,000 $ 8,000,000 $ 8,000,000
-$ 1,225,036 $ - $ 92,742,757,808,129,800

$ 9,878,807 $ 9,891,843 $ 863,221,053,453,568,000

$ - $ - $ -
$ - $ - $ 128,413,049,272,795,000
$ - $ - $ 128,413,049,272,795,000

$ - $ - $ 128,413,049,272,795,000
$ 3,575,500 $ 3,178,223 $ 2,780,945
$ 3,310,648 $ 3,310,648 $ 3,310,648
$ - $ - $ -
$ - $ 198,269 $ 191,636
$ 6,886,149 $ 6,687,140 $ 128,413,049,279,078,000

$ 2,992,659 $ 3,204,703 $ 734,808,004,174,490,000

$ 18,001,099 $ 21,205,802 $ 734,808,004,195,695,000

$ 18,001,099 $ 21,205,802 $ 734,808,004,195,695,000

$ - $ - $ -
$ 22,050,641 $ 22,050,641 $ 128,413,049,294,846,000
$ 40,051,739 $ 43,256,443 $ 863,221,053,490,541,000
$ 40,000,000 $ 40,000,000 $ 40,000,000
$ 16,000,000 $ 24,000,000 $ 32,000,000
$ 24,000,000 $ 16,000,000 $ 8,000,000
$ 64,051,739 $ 59,256,443 $ 863,221,053,498,541,000
 $ 3,310,648 $ 3,310,648 $ 3,310,648
$ 14,700,427 $ 14,700,427 $ 92,742,757,822,830,200
$ 198,269 $ 191,636 $ 254,257,837,559,437,000
$ 18,209,344 $ 18,202,712 $ 347,000,595,385,578,000
$ 26,485,188 $ 23,174,539 $ 19,863,891
$ 44,694,532 $ 41,377,251 $ 347,000,595,405,442,000

$ 20,027,133 $ 20,027,133 $ 20,027,133

$ - $ - $ -
$ - $ - $ -
-$ 669,926 -$ 1,478,016 $ 516,220,458,075,220,000
-$ 0 -$ 669,926 -$ 2,147,942
$ 19,357,207 $ 17,879,192 $ 516,220,458,093,100,000

$ 64,051,739 $ 59,256,443 $ 863,221,053,498,541,000

$ - $ - $ -

$ 10,013,567 $ 10,013,567 $ 10,013,567

$ - $ - $ -

Año 2 Año 3 Año 4

50.00% 50.00% 50.00%

0.59% 0.36% 25.00%
-0.13% -0.28% 16.75%
-1.05% -2.49% 59.80%
-3.46% -8.27% 100.00%
3.31 veces 3.31 veces 1.67 veces

$ 3,103,843 $ 1,891,843 $ 770,478,295,637,438,000

20% 20% 20%
1.20 1.20 1.20
$ 38,358,654 ### $ 45,711,478,534,826,400
5.84% 4.93% 2160.00%
$ -6,167,888 $ -5,779,888 $ 763,344,237,338,433,000
$ -6,563,653 $ -5,779,888 $ 763,344,237,338,433,000
$ -5,469,711 $ -4,816,573 $ 636,120,197,782,028,000
$ -5,469,711 $ -4,816,573 $ 636,120,197,782,028,000
'' '' 32976%
 AÑO 5
3%
5%
1%
$ 19,863,891 $
$ 3,310,648 $
$ 2,780,945 $
AÑO 5
$ 3,333,089,107,497,020,000
$ 128,413,049,294,846,000
$ 1,677,010,217,266,040,000
$ 1,805,423,266,560,880,000
$ 138,878,712,812,376,000
$ 1,666,544,553,748,510,000
$ 1,666,544,553,748,510,000
$ 124,872,481
$ 8,000,000
$ 833,272,276,874,254,000
$ 833,272,276,741,381,000
AÑO 6
3%
3%
1%
16,553,242
3,310,648
2,383,667
AÑO 6
$ 3,536,074,234,143,580,000
$ 138,878,712,812,376,000
$ 1,776,494,830,682,070,000
$ 1,915,373,543,494,440,000
$ 147,336,426,422,649,000
$ 1,768,037,117,071,790,000
$ 1,768,037,117,071,790,000
$ 126,121,206
$ -
$ 884,018,558,535,896,000
$ 884,018,558,409,775,000
$ 2,383,667
$ 833,272,276,738,998,000
$ 274,979,851,323,869,000
$ 558,292,425,415,128,000
$ 833,272,276,741,381,000 $
$ 8,000,000 $
$ 424,476,469,727,445
$ 833,696,753,219,109,000 $
$ -
$ 10,465,663,517,529,900
$ 10,465,663,517,529,900 $
$ 10,465,663,517,529,900 $
$ 2,383,667 $
$ 3,310,648
$ 139,379,523,680,309,000
$ 254,257,837,559,437,000
$ 404,103,024,762,971,000 $
$ 429,593,728,456,138,000 $
$ 1,164,401,732,651,830,000 $
$ 1,164,401,732,651,830,000
$ -
$ 138,878,712,812,376,000
$ 1,303,280,445,464,210,000
$ 40,000,000
$ 40,000,000
$ -
$ 1,303,280,445,464,210,000
$ 1,986,389
$ 884,018,558,407,788,000
$ 291,726,124,274,570,000
$ 592,292,434,133,218,000
884,018,558,409,775,000
-
$ 5,526,922,967,557,120
889,545,481,377,332,000
$ -
$ 8,457,713,610,273,680
8,457,713,610,273,680
8,457,713,610,273,680
1,986,389
$ 3,310,648
$ 150,738,954,862,085,000
$ 274,979,851,323,869,000
434,176,519,801,525,000
455,368,961,575,807,000
1,619,770,694,227,640,000
$ 1,619,770,694,227,640,000
$ -
$ 147,336,426,422,649,000
$ 1,767,107,120,650,290,000
$ 40,000,000
$ 40,000,000
$ -
$ 1,767,107,120,650,290,000
$ 3,310,648
$ 93,167,234,292,557,600
$ 274,979,851,323,869,000
$ 368,147,085,619,738,000
$ 16,553,242
$ 368,147,085,636,291,000
$ 20,027,133
$ 10,013,567
$ 51,622,045,797,508,500
$ 558,292,425,415,128,000
$ 325,218,888,585,241,000
$ 935,133,359,827,918,000
$ 1,303,280,445,464,210,000 $
$ - $
$ 10,013,567 $
$ 51,622,045,807,522,000 $
Año 5
50.00%
25.00%
16.75%
42.84%
59.70%
1.39 veces
$ 833,272,276,741,381,000
20%
1.20
$ 48,642,269,169,543,000
1822.90%
$ 824,129,981,034,416,000
$ 824,129,981,034,416,000
$ 686,774,984,195,347,000
$ 686,774,984,195,347,000
33003%
$ 3,310,648
$ 98,694,157,260,114,800
$ 291,726,124,274,570,000
$ 390,420,281,537,996,000
$ 13,242,594
$ 390,420,281,551,238,000
$ 20,027,133
$ 10,013,567
$ 107,451,288,339,021,000
$ 592,292,434,133,218,000
$ 676,943,116,596,772,000
$ 1,376,686,839,099,050,000
1,767,107,120,650,290,000
-
10,013,567
107,451,288,349,035,000
Año 6
50.00%
25.00%
16.75%
33.52%
43.02%
1.28 veces
$ 884,018,558,409,775,000
20%
1.20
$ 51,604,583,361,541,400
1817.39%
$ 874,290,104,575,866,000
$ 874,290,104,575,866,000
$ 728,575,087,146,555,000
$ 728,575,087,146,555,000
33003%
 AÑO 7
3%
3%
1%
$ 13,242,594 $
$ 3,310,648 $
$ 1,986,389 $
AÑO 7
$ 3,751,421,155,002,930,000
$ 147,336,426,422,649,000
$ 1,884,683,365,870,600,000
$ 2,032,019,792,293,250,000
$ 156,309,214,791,789,000
$ 1,875,710,577,501,460,000
$ 1,875,710,577,501,460,000
$ 127,382,418
$ -
$ 937,855,288,750,732,000
$ 937,855,288,623,350,000
AÑO 8
3%
3%
1%
9,931,945
3,310,648
1,589,111
AÑO 8
$ 3,979,882,703,342,610,000
$ 156,309,214,791,789,000
$ 1,999,460,582,852,120,000
$ 2,155,769,797,643,910,000
$ 165,828,445,972,609,000
$ 1,989,941,351,671,300,000
$ 1,989,941,351,671,300,000
$ 128,656,242
$ -
$ 994,970,675,835,652,000
$ 994,970,675,706,995,000
$ 1,589,111 $ 1,191,833
$ 937,855,288,621,761,000 $ 994,970,675,705,804,000
$ 309,492,245,245,181,000 $ 328,340,322,982,915,000
$ 628,363,043,376,580,000 $ 666,630,352,722,888,000

$ 937,855,288,623,350,000 $ 994,970,675,706,995,000
$ - $ -
$ 6,010,474,177,140,978 $ 6,376,512,054,528,882

$ 943,865,762,800,491,000 $ 1,001,347,187,761,520,000

$ - $ -
$ 8,972,788,369,139,360 $ 9,519,231,180,819,940
$ 8,972,788,369,139,360 $ 9,519,231,180,819,940

$ 8,972,788,369,139,360 $ 9,519,231,180,819,940
$ 1,589,111 $ 1,191,833
$ 3,310,648 $ 3,310,648
$ 159,918,957,215,969,000 $ 169,658,021,711,677,000
$ 291,726,124,274,570,000 $ 309,492,245,245,181,000
$ 460,617,869,864,578,000 $ 488,669,498,142,180,000

$ 483,247,892,935,913,000 $ 512,677,689,619,344,000
$ 2,103,018,587,163,550,000 $ 2,615,696,276,782,900,000

$ 2,103,018,587,163,550,000
$ -
$ 156,309,214,791,789,000
$ 2,259,327,801,955,340,000
$ 40,000,000
$ 40,000,000
$ -
$ 2,259,327,801,955,340,000
$ 2,615,696,276,782,900,000
$ -
$ 165,828,445,972,609,000
$ 2,781,524,722,755,510,000
$ 40,000,000
$ 40,000,000
$ -
$ 2,781,524,722,755,510,000
$ 3,310,648
$ 104,704,631,437,256,000
$ 309,492,245,245,181,000
$ 414,196,876,685,747,000
$ 9,931,945
$ 414,196,876,695,679,000
$ 20,027,133
$ 10,013,567
$ 166,680,531,752,343,000
$ 628,363,043,376,580,000
$ 1,050,087,350,100,700,000
$ 1,845,130,925,259,660,000
$ 2,259,327,801,955,340,000 $
$ - $
$ 10,013,567 $
$ 166,680,531,762,357,000 $
Año 7
50.00%
25.00%
16.75%
27.81%
34.06%
1.22 veces
$ 937,855,288,623,350,000
20%
1.20
$ 54,747,302,487,832,400
1817.39%
$ 927,534,371,951,041,000
$ 927,534,371,951,041,000
$ 772,945,309,959,201,000
$ 772,945,309,959,201,000
33003%
$ 3,310,648
$ 111,081,143,491,785,000
$ 328,340,322,982,915,000
$ 439,421,466,478,010,000
$ 6,621,297
$ 439,421,466,484,632,000
$ 20,027,133
$ 10,013,567
$ 229,516,836,090,001,000
$ 666,630,352,722,888,000
$ 1,445,956,067,427,940,000
$ 2,342,103,256,270,870,000
2,781,524,722,755,510,000
-
10,013,567
229,516,836,100,015,000
Año 8
50.00%
25.00%
16.75%
23.97%
28.46%
1.19 veces
$ 994,970,675,706,995,000
20%
1.20
$ 58,081,413,208,914,600
1817.39%
$ 984,021,215,209,429,000
$ 984,021,215,209,429,000
$ 820,017,679,341,191,000
$ 820,017,679,341,191,000
33003%
 AÑO 9
3%
3%
1%
$ 6,621,297 $
$ 3,310,648 $
$ 1,191,833 $
AÑO 9
$ 4,222,257,559,976,170,000
$ 165,828,445,972,609,000
$ 2,121,227,732,347,820,000
$ 2,287,056,178,320,430,000
$ 175,927,398,332,341,000
$ 2,111,128,779,988,090,000
$ 2,111,128,779,988,090,000
$ 129,942,805
$ -
$ 1,055,564,389,994,040,000
$ 1,055,564,389,864,100,000
AÑO 10
3%
3%
1%
3,310,648 $ -
3,310,648 $ 3,310,648
794,556 $ 397,278
AÑO 10
$ 4,479,393,045,378,720,000
$ 175,927,398,332,341,000
$ 2,250,410,501,247,800,000
$ 2,426,337,899,580,140,000
$ 186,641,376,890,780,000
$ 2,239,696,522,689,360,000
$ 2,239,696,522,689,360,000
$ 131,242,233
$ -
$ 1,119,848,261,344,680,000
$ 1,119,848,261,213,440,000
$ 794,556 $ 397,278
$ 1,055,564,389,863,310,000 $ 1,119,848,261,213,040,000
$ 348,336,248,654,891,000 $ 369,549,926,200,303,000
$ 707,228,141,208,415,000 $ 750,298,335,012,737,000

$ 1,055,564,389,864,100,000 $ 1,119,848,261,213,440,000
$ - $ -
$ 6,764,841,638,649,714 $ 7,176,820,494,443,449

$ 1,062,329,231,502,750,000 $ 1,127,025,081,707,880,000

$ - $ -
$ 10,098,952,359,731,900 $ 10,713,978,558,439,600
$ 10,098,952,359,731,900 $ 10,713,978,558,439,600

$ 10,098,952,359,731,900 $
$ 794,556 $
$ 3,310,648 $
$ 179,990,195,235,180,000 $
$ 328,340,322,982,915,000 $
$ 518,429,470,581,932,000 $
10,713,978,558,439,600
397,278
3,310,648 $ 3,310,648
190,951,598,126,272,000
348,336,248,654,891,000
550,001,825,343,310,000

$ 543,899,760,920,818,000 $ 577,023,256,364,571,000
$ 3,159,596,037,703,720,000 $ 3,736,619,294,068,290,000

$ 3,159,596,037,703,720,000
$ -
$ 175,927,398,332,341,000
$ 3,335,523,436,036,060,000
$ 40,000,000
$ 40,000,000
$ -
$ 3,335,523,436,036,060,000
$ 3,736,619,294,068,290,000
$ -
$ 186,641,376,890,780,000
$ 3,923,260,670,959,070,000
$ 40,000,000
$ 40,000,000
$ -
$ 3,923,260,670,959,070,000
$ 3,310,648
$ 117,845,985,130,434,000
$ 348,336,248,654,891,000
$ 466,182,233,788,636,000
$ 3,310,648
$ 466,182,233,791,947,000
$ 20,027,133
$ 10,013,567
$ 296,179,871,362,290,000
$ 707,228,141,208,415,000
$ 1,865,933,189,643,360,000
$ 2,869,341,202,244,110,000
$ 3,335,523,436,036,050,000 $
$ - $
$ 10,013,567 $
$ 296,179,871,372,303,000 $
Año 9
50.00%
25.00%
16.75%
21.20%
24.65%
1.16 veces
$ 1,055,564,389,864,100,000
20%
1.20
$ 61,618,571,272,910,700
1817.39%
$ 1,043,948,107,222,320,000
$ 1,043,948,107,222,320,000
$ 869,956,756,018,598,000
$ 869,956,756,018,598,000
33003%
$ 3,310,648
$ 125,022,805,624,878,000
$ 369,549,926,200,303,000
$ 494,572,731,828,492,000
$ 494,572,731,828,492,000
$ 20,027,133
$ 10,013,567
$ 366,902,685,483,131,000
$ 750,298,335,012,737,000
$ 2,311,486,918,604,670,000
$ 3,428,687,939,130,570,000
3,923,260,670,959,070,000
-
10,013,567 $ -
366,902,685,493,145,000
Año 10
50.00%
25.00%
16.75%
19.12%
21.88%
1.14 veces
$ 1,119,848,261,213,440,000
20%
1.20
$ 61,618,571,272,910,700
1817.39%
$ 1,107,524,546,958,860,000
$ 1,107,524,546,958,860,000
$ 922,937,122,465,713,000
$ 922,937,122,465,713,000
33003%
 $ % años dep
Horno 1000 0.66666666667 25 =P7/$P$9
oficina 500 0.33333333333 5 =P8/$P$9
1500 18.3333333333 =SUMPRODUCT(Q7:Q8,R7:R8
18.3333333333 =Q7*R7+Q8*R8

$ -
PRODUCT(Q7:Q8,R7:R8)