Vr Maquinaria y Equipos 150,000,000

Vida Util (Años) 10

Vr Muebles y Enseres 50,000,000
% Venta Activos Depreciables 10%
Gastos Notariales, etc 10,000,000
Costos Pruebas, puesta en marcha 8,000,000
Años Amortización Diferidos 5
Capital de trabajo 30,000,000
Aportes de los Socios 210,000,000
Préstamo 38,000,000
ie anual 28%
Plazo Prestamo (Años) 5
Costo MPD/unidad 3,800
% Incremento MP 8%
Mano de Obra Directa 90,000,000
% Incremento MOD 6%
Materiales Indirectos 10,000,000
% Incremento Materiales Indirectos 5%
Mano de Obra Indirecta 23,000,000
% Incremento Mano de Obra Indirecta 3%
Arriendo Bodega 50,000,000
% Bodega - Planta 80%
% Bodega - Administración 20%
% Incremento Alquiler Bodega 8%
Costo mantenimiento anual 20,000,000
Precio Venta/Unidad 26,000
% Incremento Precio Venta 8.5%
Unidades vendidas año 1 18,000
Unidades vendidas año 2 20,000
Unidades vendidas año 3 22,000
Unidades Vendidas años 4 a 10 25,000
Costo Transporte MP 2,700,000
% Icremento Costo Transporte 5%
Costo Unitario Empaque 250
% Incremento Costo Unitario Empaque 5%
Nomina administrativa 40,000,000
% Incremento nómina admon 5%
% Nomina Ventas - Ventas Anuales 4%
Propaganda primeros 3 años 8,000,000
Propaganda a partir año 4 4,000,000
Gastos no operacionales de Admón 10,000,000
Gastos no operacionales de Ventas 15,000,000
% Incrementos Gastos no Operacionales 3%
% Prestaciones 50%
Tasa Impositiva 33%
Rentabilidad propietarios despues de impuestos 30%
% Impto Ganancia ocasional 10%

Resumen Inversión Inicial

Activos Fijos 200,000,000

Capital de trabajo 30,000,000
Inversión Activos Diferidos 18,000,000
Total Inversión 248,000,000
Aportes socios 210,000,000
Préstamo 38,000,000
Presupuesto de Inversión

años 0 1 2 3 4 5
Activos Fijos
Maquinarias y Equipos 150,000,000
Muebles y Enseres 50,000,000
Total Activos Fijos 200,000,000

Activos Diferidos
Gastos Notariales, etc 10,000,000
Costos pruebas y marcha 8,000,000
Total activos diferidos 18,000,000

Capital de Trabajo 30,000,000

Total Inversión 248,000,000
6 7 8 9 10 11

15,000,000
5,000,000
20,000,000

30,000,000
50,000,000
años
Activos Fijos
Maquinarias y Equipos
Muebles y Enseres
Total Depreciación
0 1 2 3 4
150,000,000 15,000,000 15,000,000 15,000,000 15,000,000
50,000,000 5,000,000 5,000,000 5,000,000 5,000,000
20,000,000 20,000,000 20,000,000 20,000,000

Activos Diferidos
Gastos Notariales, etc 10,000,000 2,000,000 2,000,000 2,000,000 2,000,000
Costos pruebas y marcha 8,000,000 1,600,000 1,600,000 1,600,000 1,600,000
Total Amortización Diferidos 3,600,000 3,600,000 3,600,000 3,600,000

Adep = (CH - VS)/Vida util

Adep = CH/Vida util

 5 6 7 8 9 10 11

15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000

5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000
20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000

2,000,000
1,600,000
3,600,000
Presupuesto de ventas

años 0 1 2 3 4
Unidades Vendidas 18,000 20,000 22,000 25,000
Precio de Venta 26,000 28,210 30,608 33,210
Ingresos por venta 468,000,000 564,200,000 673,372,700 830,237,931
 5 6 7 8 9 10
25,000 25,000 25,000 25,000 25,000 25,000
36,032 39,095 42,418 46,024 49,936 54,180
900,808,155 977,376,849 1,060,453,881 1,150,592,461 1,248,392,820 1,354,506,209
11
Presupuesto materia prima directa

años 0 1 2 3 4
Unidades Producidas 18,000 20,000 22,000 25,000
Precio MP 3,800 4,104 4,432 4,787
Costo Materia Prima 68,400,000 82,080,000 97,511,040 119,672,640
 5 6 7 8 9 10 11
25,000 25,000 25,000 25,000 25,000 25,000
5,170 5,583 6,030 6,513 7,034 7,596
129,246,451 139,586,167 150,753,061 162,813,306 175,838,370 189,905,440
Presupuesto Mano de Obra Directa

años 0 1 2 3 4
Nomina Producción 90,000,000 95,400,000 101,124,000 107,191,440
Prestaciones Social 45,000,000 47,700,000 50,562,000 53,595,720
Total MOD 135,000,000 143,100,000 151,686,000 160,787,160
 5 6 7 8 9 10 11
113,622,926 120,440,302 127,666,720 135,326,723 143,446,327 152,053,106
56,811,463 60,220,151 63,833,360 67,663,362 71,723,163 76,026,553
170,434,390 180,660,453 191,500,080 202,990,085 215,169,490 228,079,659 -
Presupuesto Costos Indirectos Fabricación

años 0 1 2 3 4
Materiales Indirectos 10,000,000 10,500,000 11,025,000 11,576,250
Mano de Obra indirecta 23,000,000 23,690,000 24,400,700 25,132,721
Costos Prueba y P, Marcha 1,600,000 1,600,000 1,600,000 1,600,000
Depreciacion M y E 15,000,000 15,000,000 15,000,000 15,000,000
Alquiler Bodega 40,000,000 43,200,000 46,656,000 50,388,480
Transporte Materia Prima 2,700,000 2,835,000 2,976,750 3,125,588
Empaque 4,500,000 5,250,000 6,063,750 7,235,156
Mantenimiento equipos 20,000,000 20,000,000 20,000,000 20,000,000
Prestaciones 11,500,000 11,845,000 12,200,350 12,566,361
Total CIF 128,300,000 133,920,000 139,922,550 146,624,555
 5 6 7 8 9 10 11
12,155,063 12,762,816 13,400,956 14,071,004 14,774,554 15,513,282
25,886,703 26,663,304 27,463,203 28,287,099 29,135,712 30,009,783
1,600,000
15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000
54,419,558 58,773,123 63,474,973 68,552,971 74,037,208 79,960,185
3,281,867 3,445,960 3,618,258 3,799,171 3,989,130 4,188,586
7,596,914 7,976,760 8,375,598 8,794,378 9,234,097 9,695,801
20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000
12,943,351 13,331,652 13,731,601 14,143,549 14,567,856 15,004,892
152,883,456 157,953,614 165,064,590 172,648,172 180,738,557 189,372,530
Presupuesto de Costo de ventas

años 0 1 2 3 4
Materia Prima 68,400,000 82,080,000 97,511,040 119,672,640
Mano Obra Directa 135,000,000 143,100,000 151,686,000 160,787,160
CIF 128,300,000 133,920,000 139,922,550 146,624,555
Total Costo De Ventas 331,700,000 359,100,000 389,119,590 427,084,355
 5 6 7 8 9 10 11
129,246,451 139,586,167 150,753,061 162,813,306 175,838,370 189,905,440
170,434,390 180,660,453 191,500,080 202,990,085 215,169,490 228,079,659
152,883,456 157,953,614 165,064,590 172,648,172 180,738,557 189,372,530
452,564,297 478,200,235 507,317,730 538,451,563 571,746,417 607,357,629
Presupuesto de gastos de Administración

años 0 1 2 3 4
Nómina 40,000,000 42,000,000 44,100,000 46,305,000
Prestaciones sociales 20,000,000 21,000,000 22,050,000 23,152,500
Alquiler Bodega 10,000,000 10,800,000 11,664,000 12,597,120
Depreciación 5,000,000 5,000,000 5,000,000 5,000,000
Total Gastos Administración 75,000,000 78,800,000 82,814,000 87,054,620
 5 6 7 8 9 10 11
48,620,250 51,051,263 53,603,826 56,284,017 59,098,218 62,053,129
24,310,125 25,525,631 26,801,913 28,142,008 29,549,109 31,026,564
13,604,890 14,693,281 15,868,743 17,138,243 18,509,302 19,990,046
5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000
91,535,265 96,270,175 101,274,482 106,564,268 112,156,629 118,069,739
Presupuesto Gasto de ventas

años 0 1 2 3 4 5
Nómina 18,720,000 22,568,000 26,934,908 33,209,517 36,032,326
Prestaciones sociales 9,360,000 11,284,000 13,467,454 16,604,759 18,016,163
Propaganda 8,000,000 8,000,000 8,000,000 4,000,000 4,000,000
Total Gastos Ventas 36,080,000 41,852,000 48,402,362 53,814,276 58,048,489
 6 7 8 9 10 11
39,095,074 42,418,155 46,023,698 49,935,713 54,180,248
19,547,537 21,209,078 23,011,849 24,967,856 27,090,124
4,000,000 4,000,000 4,000,000 4,000,000 4,000,000
62,642,611 67,627,233 73,035,548 78,903,569 85,270,373
Presupuesto Gasto No operacionales de Administración

años 0 1 2 3
Gastos No Operacionales Administración 10,000,000 10,300,000 10,609,000
Gastos Notariales y otros 2,000,000 2,000,000 2,000,000
Total Gastos No Operacionales Admón 12,000,000 12,300,000 12,609,000
 4 5 6 7 8 9 10
10,927,270 11,255,088 11,592,741 11,940,523 12,298,739 12,667,701 13,047,732
2,000,000 2,000,000
12,927,270 13,255,088 11,592,741 11,940,523 12,298,739 12,667,701 13,047,732
11
Presupuesto Gasto No operacionales de Ventas

años 0 1 2 3
Gastos No Operacionales Ventas 15,000,000 15,450,000 15,913,500
Total Gastos No Operacionales Ventas 15,000,000 15,450,000 15,913,500
 4 5 6 7 8 9 10
16,390,905 16,882,632 17,389,111 17,910,784 18,448,108 19,001,551 19,571,598
16,390,905 16,882,632 17,389,111 17,910,784 18,448,108 19,001,551 19,571,598
11
Tabla Amortización del Prestamo

Año 0 1 2 3 4 5
Saldo 38,000,000 33,632,137 28,041,272 20,884,966 11,724,893 -
Intereses 10,640,000 9,416,998 7,851,556 5,847,790 3,282,970
Cuota 15,007,863 15,007,863 15,007,863 15,007,863 15,007,863
Amortización 4,367,863 5,590,865 7,156,307 9,160,073 11,724,893
Determinación Costo De Capital

Fuente Monto % Particip Costo Fuente DTx WACC

Deuda 38,000,000 15% 18.8% 2.87%
Propio 210,000,000 85% 30.0% 25.40%
Total 248,000,000 100% 28.28%

Kdtx=Kdatx*(1-Tx)
Flujo de Caja Con Financiamiento

años 0 1 2 3
Ingresos por ventas 468,000,000 564,200,000 673,372,700
Costo de Ventas 331,700,000 359,100,000 389,119,590
Utilidad Bruta 136,300,000 205,100,000 284,253,110
Gastos Administración 75,000,000 78,800,000 82,814,000
Gastos Ventas 36,080,000 41,852,000 48,402,362
Utilidad Operativa - 25,220,000 84,448,000 153,036,748
Ingresos por ventas AF
Gastos Financieros 10,640,000 9,416,998 7,851,556
Gastos no operacionales Admón 12,000,000 12,300,000 12,609,000
Gastos no operacionales Ventas 15,000,000 15,450,000 15,913,500
Utilidad Antes impuestos - - 12,420,000 47,281,002 116,662,692
Impuestos - - 15,602,731 38,498,688
Utilidad Neta - - 12,420,000 31,678,271 78,164,003
Inversión Total - 248,000,000
Préstamo 38,000,000
Recuperación del KT
Amortización Préstamo 4,367,863 5,590,865 7,156,307
Depreciación 20,000,000 20,000,000 20,000,000
Amortización Diferido 3,600,000 3,600,000 3,600,000
Flujo De Caja - 210,000,000 6,812,137 49,687,406 94,607,697

Tasa Descuento 28.28%

VPN 189,832,750.54
TIR 44.5%
 4 5 6 7 8
830,237,931 900,808,155 977,376,849 1,060,453,881 1,150,592,461
427,084,355 452,564,297 478,200,235 507,317,730 538,451,563
403,153,576 448,243,859 499,176,614 553,136,150 612,140,898
87,054,620 91,535,265 96,270,175 101,274,482 106,564,268
53,814,276 58,048,489 62,642,611 67,627,233 73,035,548
262,284,680 298,660,105 340,263,829 384,234,436 432,541,082

5,847,790 3,282,970
12,927,270 13,255,088 11,592,741 11,940,523 12,298,739
16,390,905 16,882,632 17,389,111 17,910,784 18,448,108
227,118,715 265,239,415 311,281,977 354,383,128 401,794,236
74,949,176 87,529,007 102,723,052 116,946,432 132,592,098
152,169,539 177,710,408 208,558,924 237,436,696 269,202,138

9,160,073 11,724,893 -
20,000,000 20,000,000 20,000,000 20,000,000 20,000,000
3,600,000 3,600,000
166,609,466 189,585,515 228,558,924 257,436,696 289,202,138
 9 10 11
1,248,392,820 1,354,506,209
571,746,417 607,357,629
676,646,403 747,148,581
112,156,629 118,069,739
78,903,569 85,270,373
485,586,205 543,808,469 -
20,000,000

12,667,701 13,047,732
19,001,551 19,571,598
453,916,953 511,189,139 20,000,000
149,792,594 168,692,416 2,000,000
304,124,358 342,496,723 18,000,000

30,000,000

20,000,000 20,000,000

324,124,358 362,496,723 48,000,000

Flujo de Caja Con Recursos Propios

años 0 1 2 3
Ingresos por ventas 468,000,000 564,200,000 673,372,700
Costo de Ventas 331,700,000 359,100,000 389,119,590
Utilidad Bruta 136,300,000 205,100,000 284,253,110
Gastos Administración 75,000,000 78,800,000 82,814,000
Gastos Ventas 36,080,000 41,852,000 48,402,362
Utilidad Operativa - 25,220,000 84,448,000 153,036,748
Ingresos por ventas AF
Gastos Financieros
Gastos no operacionales Admón 12,000,000 12,300,000 12,609,000
Gastos no operacionales Ventas 15,000,000 15,450,000 15,913,500
Utilidad Antes impuestos - - 1,780,000 56,698,000 124,514,248
Impuestos - - 18,710,340 41,089,702
Utilidad Neta - - 1,780,000 37,987,660 83,424,546
Inversión Total - 248,000,000
Préstamo
Recuperación del KT
Amortización Préstamo
Depreciación 20,000,000 20,000,000 20,000,000
Amortización Diferido 3,600,000 3,600,000 3,600,000
Flujo De Caja - 248,000,000 21,820,000 61,587,660 107,024,546

Tasa Descuento 28.28%

VPN 185,485,403.61
TIR 42.9%
 4 5 6 7 8 9
830,237,931 900,808,155 977,376,849 1,060,453,881 1,150,592,461 1,248,392,820
427,084,355 452,564,297 478,200,235 507,317,730 538,451,563 571,746,417
403,153,576 448,243,859 499,176,614 553,136,150 612,140,898 676,646,403
87,054,620 91,535,265 96,270,175 101,274,482 106,564,268 112,156,629
53,814,276 58,048,489 62,642,611 67,627,233 73,035,548 78,903,569
262,284,680 298,660,105 340,263,829 384,234,436 432,541,082 485,586,205

12,927,270 13,255,088 11,592,741 11,940,523 12,298,739 12,667,701

16,390,905 16,882,632 17,389,111 17,910,784 18,448,108 19,001,551
232,966,505 268,522,385 311,281,977 354,383,128 401,794,236 453,916,953
76,878,947 88,612,387 102,723,052 116,946,432 132,592,098 149,792,594
156,087,558 179,909,998 208,558,924 237,436,696 269,202,138 304,124,358

-
20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000
3,600,000 3,600,000
179,687,558 203,509,998 228,558,924 257,436,696 289,202,138 324,124,358
 10 11
1,354,506,209
607,357,629
747,148,581
118,069,739
85,270,373
543,808,469 -
20,000,000

13,047,732
19,571,598
511,189,139 20,000,000
168,692,416 2,000,000
342,496,723 18,000,000

30,000,000

20,000,000

362,496,723 48,000,000
AÑOS 0 1 2 3 4
Ingresos por ventas 510,645,341 434,136,903 397,008,189 362,518,970
Costo de Ventas 361,925,341 276,317,905 229,417,771 186,484,109
UTILIDAD BRUTA 148,720,000 157,818,998 167,590,418 176,034,861

Gastos de Administración 75,000,000 78,800,000 82,814,000 87,054,620

Gastos de Ventas 36,080,000 41,852,000 48,402,362 53,814,276
UTILIDAD OPERATIVA 37,640,000 37,166,998 36,374,056 35,165,965

Ingresos no Operacionales
Gastos financieros 10,640,000 9,416,998 7,851,556 5,847,790
Gastos no Operacionales 12,000,000 12,300,000 12,609,000 12,927,270
Gastos no Operacionales V 15,000,000 15,450,000 15,913,500 16,390,905
UTILIDAD ANTES DE IMPUESTOS
Impuestos
UTILIDAD NETA

0 1 2 3 4
PRECIO 26,000 28,210 30,608 33,210
COSTOS VENTA 18,428 17,955 17,687 17,083

C. FIJOS 148,720,000 157,818,998 167,590,418 176,034,861

MARGEN 7,572 10,255 12,921 16,126

PE UNIDADES 19,640.20543 15,389.46839 12,970.79635 10,916.11682
 5 6 7 8 9 10
367,772,793 367,893,574 381,042,558 395,371,857 410,929,320 427,771,044
184,768,349 179,998,936 182,289,536 185,025,195 188,199,870 191,811,603
183,004,444 187,894,637 198,753,022 210,346,662 222,729,450 235,959,441

91,535,265 96,270,175 101,274,482 106,564,268 112,156,629 118,069,739

58,048,489 62,642,611 67,627,233 73,035,548 78,903,569 85,270,373
33,420,690 28,981,852 29,851,307 30,746,847 31,669,252 32,619,330

3,282,970 0 0 0 0 0
13,255,088 11,592,741 11,940,523 12,298,739 12,667,701 13,047,732
16,882,632 17,389,111 17,910,784 18,448,108 19,001,551 19,571,598

5 6 7 8 9 10
36,032 39,095 42,418 46,024 49,936 54,180
18,103 19,128 20,293 21,538 22,870 24,294

183,004,444 187,894,637 198,753,022 210,346,662 222,729,450 235,959,441

17,930 19,967 22,125 24,486 27,066 29,886

10,206.74576 9,410.22836 8,983.00634 8,590.61464 8,229.16700 7,895.33191
 1 2 3 4
ACTIVO
Activo Corriente
Activos Financieros
Efectivo y Equivalente al Efectivo
Clientes Cuentas por Cobrar 468,000,000 564,200,000 673,372,700 830,237,931
Otros Deudores
TOTAL ACTIVOS FINANCIEROS $ 468,000,000 564,200,000 673,372,700 830,237,931

ACTIVOS NO FINANCIEROS
Anticipos y Avances
Licencias y Derechos de Uso 3,600,000 3,600,000 3,600,000 3,600,000
Gastos Pagados por Anticipado
TOTAL ACTIVOS NO FINANCIEROS 3,600,000 3,600,000 3,600,000 3,600,000

ACTIVOS NO CORRIENTE
Propiedad Planta y Equipo 15,000,000 15,000,000 15,000,000 15,000,000
Construcción y Edificaciones
Equipos 5,000,000 5,000,000 5,000,000 5,000,000
Depreciación Acumulada
TOTAL PROPIEDAD PLANTA Y EQUI 20,000,000 20,000,000 20,000,000 20,000,000

TOTAL ACTIVOS NO CORRIENTES 20,000,000 20,000,000 20,000,000 20,000,000

TOTAL ACTIVOS 491,600,000 587,800,000 696,972,700 853,837,931

PASIVOS
Pasivos no Corrientes
Pasivos Financieros
Obligaciones Financieras 4,367,863 5,590,865 7,156,307 9,160,073
Proveedores 331,700,000 359,100,000 389,119,590 427,084,355
Costos y Gastos por Pagar
Participaciones por Pagar
TOTAL PASIVOS FINANCIEROS 336,067,863 364,690,865 396,275,897 436,244,428

PASIVOS NO FINANCIEROS
Pasivos por Impuestos
Retención en la fuente 15,602,731 38,498,688 74,949,176 87,529,007
TOTAL PASIVOS POR IMPUESTO 15,602,731 38,498,688 74,949,176 87,529,007

PASIVOS POR BENEFICIOS A EMPLEADOS

Retenciones y Aportes Nómina 148,720,000 159,968,000 172,158,908 186,705,957
Obligaciones Laborales 74,360,000 79,984,000 86,079,454 93,352,979
TOTAL PASIVO POR BENEFICIOS A 223,080,000 239,952,000 258,238,362 280,058,936

TOTAL PASIVOS NO FINANCIEROS 238,682,731 278,450,688 333,187,538 367,587,943

TOTAL PASIVOS CORRIENTES 574,750,594 643,141,553 729,463,435 803,832,371

PASIVOS NO CORRIENTES
Obligaciones Financieras
TOTAL PASIVOS NO CORRIENTES

TOTAL PASIVO 574,750,594 643,141,553 729,463,435 803,832,371

PATRIMONIO
Capital Social
Reserva Legal
Utilidad Acumulada
Utilidad o Pérdida del Ejercicio
TOTAL PATRIMONIO

TOTAL PASIVO MÁS PATRIMONIO 574,750,594 643,141,553 729,463,435 803,832,371

 5 6 7 8 9 10

900,808,155 977,376,849 1,060,453,881 1,150,592,461 1,248,392,820 1,354,506,209

900,808,155 977,376,849 1,060,453,881 1,150,592,461 1,248,392,820 1,354,506,209

3,600,000

3,600,000 - - - - -

15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000

5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000

20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000

20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000

924,408,155 997,376,849 1,080,453,881 1,170,592,461 1,268,392,820 1,374,506,209

11,724,893 - - - - -
452,564,297 478,200,235 507,317,730 538,451,563 571,746,417 607,357,629

464,289,190 478,200,235 507,317,730 538,451,563 571,746,417 607,357,629

102,723,052 116,946,432 132,592,098 149,792,594 168,692,416 2,000,000

102,723,052 116,946,432 132,592,098 149,792,594 168,692,416 2,000,000

198,275,503 210,586,638 223,688,701 237,634,439 252,480,257 268,286,483

99,137,751 105,293,319 111,844,350 118,817,219 126,240,129 134,143,242
297,413,254 315,879,958 335,533,051 356,451,658 378,720,386 402,429,725

400,136,306 432,826,390 468,125,149 506,244,252 547,412,802 404,429,725

864,425,496 911,026,625 975,442,880 1,044,695,815 1,119,159,219 1,011,787,354

864,425,496 911,026,625 975,442,880 1,044,695,815 1,119,159,219 1,011,787,354

864,425,496 911,026,625 975,442,880 1,044,695,815 1,119,159,219 1,011,787,354