Costo fijo Costo Variable Valor

Periodo Deuda inicial

0 $0.00

Credito
Adecuaciones x $50,000,000.00 1 $250,000,000.00
Arriendo Bodega x $120,000,000.00 2 $237,071,614.79
Maquinaria x $500,000,000.00 3 $222,333,255.65
Capacitaciones x $40,000,000.00 4 $205,531,526.23
Materia prima x $30,000.00 5 $186,377,554.69
Administrativos x $80,000,000.00 6 $164,542,027.14
Operarios x $150,000,000.00 7 $139,649,525.72
Gastos de ventas x $40,000,000.00 8 $111,272,074.11
9 $78,921,779.28
DEPRECIACIÓN LINEAL SALVAMENTO 10 $42,042,443.17
Maquinaria $45,000,000.00 Maquinaria $50,000,000.00
Inversión mobiliaria $0.00 Inversión mobiliaria $0.00
Depreciación Total $45,000,000.00 Salvamento Neto $50,000,000.00

Renta
PUNTO DE EQUILIBRIO Amrt Adecuaciones
CF P Cuv Qo Po Amrt Capacitaciones
$440,000,000.00 $100,000.00 $30,000.00 6285.71428571429 $628,571,428.57

ANÁLISIS DE VIABILIDAD DEL PROYECTO

FLUJO DE CAJA DEL PROYECTO
Teniendo en cuenta que el valor del VPN es positivo y la TIR es mayor al TIO, tanto en el flujo de caja VPN
del proyecto como en el flujo de caja del inversionista, se determina que el proyecto es viable TIR
 Interes Pago Deuda Final Amortización Año
$0.00 $0.00 $250,000,000.00 $0.00 INGRESOS OPERACIONALES
$35,000,000.00 $47,928,385.21 $237,071,614.79 $12,928,385.21 Producción de Zapatos Anual
$33,190,026.07 $47,928,385.21 $222,333,255.65 $14,738,359.14 COSTO DE VENTAS
$31,126,655.79 $47,928,385.21 $205,531,526.23 $16,801,729.42 Materia Prima
$28,774,413.67 $47,928,385.21 $186,377,554.69 $19,153,971.54 Operarios
$26,092,857.66 $47,928,385.21 $164,542,027.14 $21,835,527.55 UTILIDAD BRUTA
$23,035,883.80 $47,928,385.21 $139,649,525.72 $24,892,501.41 GASTOS DE OPERACIÓN
$19,550,933.60 $47,928,385.21 $111,272,074.11 $28,377,451.61 Arriendo Bodega
$15,578,090.38 $47,928,385.21 $78,921,779.28 $32,350,294.83 GASTOS DE ADMINISTRACIÓN
$11,049,049.10 $47,928,385.21 $42,042,443.17 $36,879,336.11 Servicios Públicos
$5,885,942.04 $47,928,385.21 $0.00 $42,042,443.17 Personal Administrativo
GASTOS DE VENTAS

DEPRECIACIÓN
Depreciación Maquinaria
0.32 Depreciación Mobiliaria
$ 5,000,000.00 AMORTIZACIÓN
$ 4,000,000.00 Adecuaciones + Capacitaciones
UTILIDAD OPERACIONAL
INGRESOS NO OPERACIONALES

O DE CAJA DEL PROYECTO FLUJO DE CAJA DEL INVERSIONISTA EGRESOS NO OPERACIONALES

$53,761,395.61 VPN -$175,411,563.82 Pago interés Prestamo Bancario
11.4649% TIR 8.5982% UTILIDAD ANTES DE IMPUESTOS
IMPUESTOS
Impuesto de Renta
UTILIDAD NETA
 1 2 3 4 5 6 7

400,000,000.00 500,000,000.00 600,000,000.00 700,000,000.00 800,000,000.00 900,000,000.00 1,000,000,000.00

120,000,000.00 150,000,000.00 180,000,000.00 210,000,000.00 240,000,000.00 270,000,000.00 300,000,000.00

150,000,000.00 150,000,000.00 150,000,000.00 150,000,000.00 150,000,000.00 150,000,000.00 150,000,000.00
130,000,000.00 200,000,000.00 270,000,000.00 340,000,000.00 410,000,000.00 480,000,000.00 550,000,000.00

120,000,000.00 120,000,000.00 120,000,000.00 120,000,000.00 120,000,000.00 120,000,000.00 120,000,000.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

80,000,000.00 80,000,000.00 80,000,000.00 80,000,000.00 80,000,000.00 80,000,000.00 80,000,000.00

40,000,000.00 40,000,000.00 40,000,000.00 40,000,000.00 40,000,000.00 40,000,000.00 40,000,000.00

45,000,000.00 45,000,000.00 45,000,000.00 45,000,000.00 45,000,000.00 45,000,000.00 45,000,000.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

9,000,000.00 9,000,000.00 9,000,000.00 9,000,000.00 9,000,000.00 9,000,000.00 9,000,000.00

-164,000,000.00 -94,000,000.00 -24,000,000.00 46,000,000.00 116,000,000.00 186,000,000.00 256,000,000.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

35,000,000.00 33,190,026.07 31,126,655.79 28,774,413.67 26,092,857.66 23,035,883.80 19,550,933.60

-199,000,000.00 -127,190,026.07 -55,126,655.79 17,225,586.33 89,907,142.34 162,964,116.20 236,449,066.40

0.00 0.00 0.00 5,512,187.62 28,770,285.55 52,148,517.18 75,663,701.25

-199,000,000.00 -127,190,026.07 -55,126,655.79 11,713,398.70 61,136,856.79 110,815,599.02 160,785,365.15
 8 9 10

1,000,000,000.00 1,000,000,000.00 1,000,000,000.00

300,000,000.00 300,000,000.00 300,000,000.00

150,000,000.00 150,000,000.00 150,000,000.00
550,000,000.00 550,000,000.00 550,000,000.00

120,000,000.00 120,000,000.00 120,000,000.00

0.00 0.00 0.00

80,000,000.00 80,000,000.00 80,000,000.00

40,000,000.00 40,000,000.00 40,000,000.00

45,000,000.00 45,000,000.00 45,000,000.00

0.00 0.00 0.00

9,000,000.00 9,000,000.00 9,000,000.00

256,000,000.00 256,000,000.00 256,000,000.00

0.00 0.00 0.00

15,578,090.38 11,049,049.10 5,885,942.04

240,421,909.62 244,950,950.90 250,114,057.96

76,935,011.08 78,384,304.29 80,036,498.55

163,486,898.54 166,566,646.61 170,077,559.41
 Año 0 1 2 3 4 5
INGRESOS OPERACIONALES
Producción de Chaquetas Anual 0.00 400,000,000.00 500,000,000.00 600,000,000.00 700,000,000.00 800,000,000.00
COSTO DE VENTAS
Materia Prima 0.00 120,000,000.00 150,000,000.00 180,000,000.00 210,000,000.00 240,000,000.00
Operarios 0.00 150,000,000.00 150,000,000.00 150,000,000.00 150,000,000.00 150,000,000.00
UTILIDAD BRUTA 0.00 130,000,000.00 200,000,000.00 270,000,000.00 340,000,000.00 410,000,000.00
GASTOS DE OPERACIÓN
Arriendo Bodega 0.00 120,000,000.00 120,000,000.00 120,000,000.00 120,000,000.00 120,000,000.00
GASTOS DE ADMINISTRACIÓN
Servicios Públicos 0.00 0.00 0.00 0.00 0.00 0.00
Personal Administrativo 0.00 80,000,000.00 80,000,000.00 80,000,000.00 80,000,000.00 80,000,000.00
GASTOS DE VENTAS
0.00 40,000,000.00 40,000,000.00 40,000,000.00 40,000,000.00 40,000,000.00
DEPRECIACIÓN
Depreciación Maquinaria 0.00 45,000,000.00 45,000,000.00 45,000,000.00 45,000,000.00 45,000,000.00
Depreciación Mobiliaria 0.00 0.00 0.00 0.00 0.00 0.00
AMORTIZACIÓN
Adecuaciones 0.00 9,000,000.00 9,000,000.00 9,000,000.00 9,000,000.00 9,000,000.00
UTILIDAD OPERACIONAL 0.00 -164,000,000.00 -94,000,000.00 -24,000,000.00 46,000,000.00 116,000,000.00
INGRESOS NO OPERACIONALES
0.00 0.00 0.00 0.00 0.00 0.00
EGRESOS NO OPERACIONALES
Pago interés Prestamo Bancario 0.00 0.00 0.00 0.00 0.00 0.00
UTILIDAD ANTES DE IMPUESTOS 0.00 -164,000,000.00 -94,000,000.00 -24,000,000.00 46,000,000.00 116,000,000.00
IMPUESTOS
Impuesto de Renta 0.00 0.00 -30,080,000.00 -7,680,000.00 14,720,000.00 37,120,000.00
UTILIDAD NETA 0.00 -164,000,000.00 -63,920,000.00 -16,320,000.00 31,280,000.00 78,880,000.00

FLUJO DE CAJA DEL PROYECTO

Año 0 1 2 3 4 5
 UTILIDAD NETA 0.00 -164,000,000.00 -63,920,000.00 -16,320,000.00 31,280,000.00 78,880,000.00
DEPRECIACION
Depreciacion Maquinaria 0.00 45,000,000.00 45,000,000.00 45,000,000.00 45,000,000.00 45,000,000.00
Depreciacion Mobiliaria 0.00 0.00 0.00 0.00 0.00 0.00
AMORTIZACION
Adecuaciones 0 9,000,000.00 9,000,000.00 9,000,000.00 9,000,000.00 9,000,000.00
DIFERIDOS
Adecuaciones 0.00 50,000,000.00 0.00 0.00 0.00 0.00
VALOR DE SALVAMENTO NETO
0.00 0.00 0.00 0.00 0.00 0.00
INVERSION ACTIVOS FIJOS
0.00 540,000,000.00 0.00 0.00 0.00 0.00
INVERSION DE CAPITAL DE TRABAJO
0.00 0.00 0.00 0.00 0.00 0.00
FLUJO DE CAJA DE PROYECTO 0.00 -700,000,000.00 -9,920,000.00 37,680,000.00 85,280,000.00 132,880,000.00

FLUJO DE CAJA DE PROYECTO

400000000

200000000
FLUJO DE CAJA DE PROYECTO

0
0 1 2 3 4 5 6 7 8 9 10 Row 55
FLUJO DE CAJA DE PROYECTO
-200000000

-400000000

-600000000

-800000000
 -400000000

FLUJ
-600000000

-800000000

VPN $53,761,395.61
TIR 11.4649%

TIO VPN
0.1 $53,761,395.61 VPN vs. TIO
0.11 $16,319,921.48
$100,000,000.00
0.12 -$17,983,088.66
0.13 -$49,424,188.78 $50,000,000.00
0.14 -$78,253,144.66 $0.00
1 2 4 6 8 2 2 4 6 8 3 2 4
0.15 -$104,695,769.17 -$50,000,000.00 0. 0.1 0.1 0.1 0.1 0. 0.2 0.2 0.2 0.2 0. 0.3 0.3
0.16 -$128,956,432.78
-$100,000,000.00
0.17 -$151,220,289.30
Co

VPN
-$150,000,000.00
0.18 -$171,655,251.55
0.19 -$190,413,747.00 -$200,000,000.00
0.2 -$207,634,279.83 -$250,000,000.00
0.21 -$223,442,822.17 -$300,000,000.00
0.22 -$237,954,054.72
-$350,000,000.00
0.23 -$251,272,474.27
0.24 -$263,493,383.29 -$400,000,000.00

0.25 -$274,703,775.37 TIO

0.26 -$284,983,128.00
0.27 -$294,404,113.41
0.28 -$303,033,236.29
0.29 -$310,931,406.73
0.3 -$318,154,455.33
0.31 -$324,753,596.79
0.32 -$330,775,847.55
0.33 -$336,264,402.32
0.34 -$341,258,974.00
0.35 -$345,796,100.64
 6 7 8 9 10

900,000,000.00 1,000,000,000.00 1,000,000,000.00 1,000,000,000.00 1,000,000,000.00

270,000,000.00 300,000,000.00 300,000,000.00 300,000,000.00 300,000,000.00

150,000,000.00 150,000,000.00 150,000,000.00 150,000,000.00 150,000,000.00
480,000,000.00 550,000,000.00 550,000,000.00 550,000,000.00 550,000,000.00

120,000,000.00 120,000,000.00 120,000,000.00 120,000,000.00 120,000,000.00

0.00 0.00 0.00 0.00 0.00

80,000,000.00 80,000,000.00 80,000,000.00 80,000,000.00 80,000,000.00

40,000,000.00 40,000,000.00 40,000,000.00 40,000,000.00 40,000,000.00

45,000,000.00 45,000,000.00 45,000,000.00 45,000,000.00 45,000,000.00

0.00 0.00 0.00 0.00 0.00

9,000,000.00 9,000,000.00 9,000,000.00 9,000,000.00 9,000,000.00

186,000,000.00 256,000,000.00 256,000,000.00 256,000,000.00 256,000,000.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

186,000,000.00 256,000,000.00 256,000,000.00 256,000,000.00 256,000,000.00

59,520,000.00 81,920,000.00 81,920,000.00 81,920,000.00 81,920,000.00

126,480,000.00 174,080,000.00 174,080,000.00 174,080,000.00 174,080,000.00

6 7 8 9 10
126,480,000.00 174,080,000.00 174,080,000.00 174,080,000.00 174,080,000.00

45,000,000.00 45,000,000.00 45,000,000.00 45,000,000.00 45,000,000.00

0.00 0.00 0.00 0.00 0.00

9,000,000.00 9,000,000.00 9,000,000.00 9,000,000.00 9,000,000.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 50,000,000.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

180,480,000.00 228,080,000.00 228,080,000.00 228,080,000.00 278,080,000.00
8 3 2 4
0. 0.3 0.3

Column B
 Año 0 1 2 3 4 5
INGRESOS OPERACIONALES
Producción de Chaquetas Anual 0.00 400,000,000.00 500,000,000.00 600,000,000.00 700,000,000.00 800,000,000.00
COSTO DE VENTAS
Materia Prima 0.00 120,000,000.00 150,000,000.00 180,000,000.00 210,000,000.00 240,000,000.00
Operarios 0.00 150,000,000.00 150,000,000.00 150,000,000.00 150,000,000.00 150,000,000.00
UTILIDAD BRUTA 0.00 130,000,000.00 200,000,000.00 270,000,000.00 340,000,000.00 410,000,000.00
GASTOS DE OPERACIÓN
Arriendo Bodega 0.00 120,000,000.00 120,000,000.00 120,000,000.00 120,000,000.00 120,000,000.00
GASTOS DE ADMINISTRACIÓN
Servicios Públicos 0.00 0.00 0.00 0.00 0.00 0.00
Personal Administrativo 0.00 80,000,000.00 80,000,000.00 80,000,000.00 80,000,000.00 80,000,000.00
GASTOS DE VENTAS
0.00 40,000,000.00 40,000,000.00 40,000,000.00 40,000,000.00 40,000,000.00
DEPRECIACIÓN
Depreciación Maquinaria 0.00 45,000,000.00 45,000,000.00 45,000,000.00 45,000,000.00 45,000,000.00
Depreciación Mobiliaria 0.00 0.00 0.00 0.00 0.00 0.00
AMORTIZACIÓN
Adecuaciones 0.00 9,000,000.00 9,000,000.00 9,000,000.00 9,000,000.00 9,000,000.00
UTILIDAD OPERACIONAL 0.00 -164,000,000.00 -94,000,000.00 -24,000,000.00 46,000,000.00 116,000,000.00
INGRESOS NO OPERACIONALES
0.00 0.00 0.00 0.00 0.00 0.00
EGRESOS NO OPERACIONALES
Pago interés Prestamo Bancario 0.00 35,000,000.00 33,190,026.07 31,126,655.79 28,774,413.67 26,092,857.66
UTILIDAD ANTES DE IMPUESTOS -199,000,000.00 -127,190,026.07 -55,126,655.79 17,225,586.33 89,907,142.34
IMPUESTOS
Impuesto de Renta 0.00 0.00 0.00 0.00 5,512,187.62 28,770,285.55
UTILIDAD NETA -199,000,000.00 -127,190,026.07 -55,126,655.79 11,713,398.70 61,136,856.79

FLUJO DE CAJA DEL INVERSIONISTA

Año 0 1 2 3 4 5
UTILIDAD NETA -199,000,000.00 -127,190,026.07 -55,126,655.79 11,713,398.70 61,136,856.79
 DEPRECIACION
Depreciacion Maquinaria 0.00 45,000,000.00 45,000,000.00 45,000,000.00 45,000,000.00 45,000,000.00
Depreciacion Mobiliaria 0.00 0.00 0.00 0.00 0.00 0.00
AMORTIZACION
Adecuaciones 0 9,000,000.00 9,000,000.00 9,000,000.00 9,000,000.00 9,000,000.00
DIFERIDOS
Capacitaciones 40,000,000.00 0.00 0.00 0.00 0.00 0.00
Adecuaciones 0.00 50,000,000.00 0.00 0.00 0.00 0.00
VALOR DE SALVAMENTO NETO
0.00 0.00 0.00 0.00 0.00 0.00
INVERSION ACTIVOS FIJOS
500,000,000.00 0.00 0.00 0.00 0.00 0.00
INVERSION DE CAPITAL DE TRABAJO
0.00 0.00 0.00 0.00 0.00 0.00
CRÉDITO
250,000,000.00 0.00 0.00 0.00 0.00 0.00
AMORTIZACIÓN CRÉDITO
12,928,385.21 14,738,359.14 16,801,729.42 19,153,971.54 21,835,527.55
FLUJO DE CAJA DE PROYECTO -290,000,000.00 -207,928,385.21 -87,928,385.21 -17,928,385.21 46,559,427.16 93,301,329.24

FLUJO DE CAJA DE PROYECTO

300000000

200000000
FLUJO DE CAJA DE PROYECTO

100000000

Row 58
0 FLUJO DE CAJA DE PROYECTO
1 2
-100000000

-200000000
 Row 58

FLUJO DE CAJA DE PR
0 FLUJO DE CAJA DE PROYECTO
1 2
-100000000

-200000000

-300000000

-400000000

VPN -$175,411,563.82
TIR 8.5982%

TIO VPN
0.1 -$47,062,053.02
0.11 -$77,300,360.27 VPN frente a TIO
0.12 -$105,043,325.82
$0.00
0.13 -$130,512,677.43
1 2 4 6 8 2 2 4 6 8 3
0.14 -$153,908,505.22 0. 0.1 0.1 0.1 0.1 0. 0.2 0.2 0.2 0.2 0.
-$50,000,000.00
0.15 -$175,411,563.82
0.16 -$195,185,309.86 -$100,000,000.00

0.17 -$213,377,707.51 -$150,000,000.00

0.18 -$230,122,830.36

VPN
0.19 -$245,542,284.12 -$200,000,000.00

0.2 -$259,746,471.90 -$250,000,000.00

0.21 -$272,835,720.51
0.22 -$284,901,284.26 -$300,000,000.00
0.23 -$296,026,240.61 -$350,000,000.00
0.24 -$306,286,290.06
0.25 -$315,750,471.36 -$400,000,000.00
0.26 -$324,481,801.65 TIO
0.27 -$332,537,849.93
0.28 -$339,971,251.43
0.29 -$346,830,169.37
 0.3 -$353,158,709.79
0.31 -$358,997,294.83
0.32 -$364,382,998.63
0.33 -$369,349,850.16
0.34 -$373,929,106.22
0.35 -$378,149,498.03
 6 7 8 9 10

900,000,000.00 1,000,000,000.00 1,000,000,000.00 1,000,000,000.00 1,000,000,000.00

270,000,000.00 300,000,000.00 300,000,000.00 300,000,000.00 300,000,000.00

150,000,000.00 150,000,000.00 150,000,000.00 150,000,000.00 150,000,000.00
480,000,000.00 550,000,000.00 550,000,000.00 550,000,000.00 550,000,000.00

120,000,000.00 120,000,000.00 120,000,000.00 120,000,000.00 120,000,000.00

0.00 0.00 0.00 0.00 0.00

80,000,000.00 80,000,000.00 80,000,000.00 80,000,000.00 80,000,000.00

40,000,000.00 40,000,000.00 40,000,000.00 40,000,000.00 40,000,000.00

45,000,000.00 45,000,000.00 45,000,000.00 45,000,000.00 45,000,000.00

0.00 0.00 0.00 0.00 0.00

9,000,000.00 9,000,000.00 9,000,000.00 9,000,000.00 9,000,000.00

186,000,000.00 256,000,000.00 256,000,000.00 256,000,000.00 256,000,000.00

0.00 0.00 0.00 0.00 0.00

23,035,883.80 19,550,933.60 15,578,090.38 11,049,049.10 5,885,942.04

162,964,116.20 236,449,066.40 240,421,909.62 244,950,950.90 250,114,057.96

52,148,517.18 75,663,701.25 76,935,011.08 78,384,304.29 80,036,498.55

110,815,599.02 160,785,365.15 163,486,898.54 166,566,646.61 170,077,559.41

A
6 7 8 9 10
110,815,599.02 160,785,365.15 163,486,898.54 166,566,646.61 170,077,559.41
45,000,000.00 45,000,000.00 45,000,000.00 45,000,000.00 45,000,000.00
0.00 0.00 0.00 0.00 0.00

9,000,000.00 9,000,000.00 9,000,000.00 9,000,000.00 9,000,000.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 50,000,000.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

24,892,501.41 28,377,451.61 32,350,294.83 36,879,336.11 42,042,443.17

139,923,097.60 186,407,913.54 185,136,603.71 183,687,310.50 232,035,116.24
ente a TIO

2 2 4 6 8 3 2 4
0. 0.2 0.2 0.2 0.2 0. 0.3 0.3

VPN