IR 29.

50%
Ke 18.00%
Horizonte 10 años
Inversion0 80,000.00
VU0 6 años
VL6 10.00%
Inversion6 50,000.00
VU6 7 años
VL10 25.00%
PUV 11.50
Var.% Anual 1.00%
Cantidad1 2,000.00
Var.% Anual 10.00%
CF0 1,500.00 Q 3,540.00
CF> 4,500.00
CV0 1.80
CV> 2.00
D 72.0% Primera Inversión
TEA 8.0% Primera Inversión
N 4.00 Primera Inversión
D 80.0% Segunda Inversión
TEA 15.0% Segunda Inversión
D 100.0% Capital de Trabajo
TEA 10.0% Capital de Trabajo
N 1.00 Capital de Trabajo
 0 1 2 3 4 5
Módulo de Inversiones
Inversiones -80,000.00
Tasa de Depreciación 16.67% 16.67% 16.67% 16.67% 16.67%
Depreciación -13,333.33 -13,333.33 -13,333.33 -13,333.33 -13,333.33
Depreciación Acumulada -13,333.33 -26,666.67 -40,000.00 -53,333.33 -66,666.67
Valor en Libros -80,000.00 -66,666.67 -53,333.33 -40,000.00 -26,666.67 -13,333.33
Inv T= Dep Acum + VL 0.00 0.00 0.00 0.00 0.00 0.00
Inversiones -80,000.00 0.00 0.00 0.00 0.00 0.00
Venta de AF
Flujo de Inversiones -80,000.00 0.00 0.00 0.00 0.00 0.00

Activo Fijos Brutos 80,000.00 80,000.00 80,000.00 80,000.00 80,000.00 80,000.00

Depreciación Acumulada 0.00 -13,333.33 -26,666.67 -40,000.00 -53,333.33 -66,666.67
Valor en Libros
Activo Fijo Neto 80,000.00 66,666.67 53,333.33 40,000.00 26,666.67 13,333.33

Módulo de Ventas
PUV 11.50 11.62 11.74 11.86 11.98
% Anual 1.00% 1.00% 1.00% 1.00%
Qv 2,000.00 2,200.00 2,420.00 2,662.00 2,928.00
% Anual 10.00% 10.00% 10.00% 10.00%
Total Ventas 23,000.00 25,564.00 28,410.80 31,571.32 35,077.44

Módulo de Costos
Costos Fijos -1,500.00 -1,500.00 -1,500.00 -1,500.00 -1,500.00
Costos Variables -3,600.00 -3,960.00 -4,356.00 -4,791.60 -5,270.40
Total Costos -5,100.00 -5,460.00 -5,856.00 -6,291.60 -6,770.40

Módulo de Financiamiento
Sistema Frances - Deuda de Largo Plazo
Desembolso 57,600.00
Saldo Deudor 57,600.00 44,817.36 31,012.11 16,102.44 0.00 0.00
Amortizaciones -12,782.64 -13,805.25 -14,909.67 -16,102.44 0.00
Intereses -4,608.00 -3,585.39 -2,480.97 -1,288.20 0.00
Servicio de la Deuda -17,390.64 -17,390.64 -17,390.64 -17,390.64
Flujo de la Deuda 57,600.00 -17,390.64 -17,390.64 -17,390.64 -17,390.64 0.00
Retorno de la Deuda 10.0087%
Escudo Tributario 1,347.17 1,069.88 731.89 380.02 0.00
Flujo Neto de la Deuda 57,600.00 -16,043.47 -16,320.76 -16,658.75 -17,010.62 0.00
Costo Neto de la Deuda 7.2180%

Aporte de Capital por los Activ 22,400.00 0.00 0.00 0.00 0.00 0.00
Aporte de Capital por WC

Financiamiento de Capital de Trabajo

Necesidad de CTN 8,235.00 356.50 395.45 438.63 486.15 539.82
Desembolso 8,235.00 356.50 395.45 438.63 486.15 539.82
Saldo Deudor 8,235.00 356.50 395.45 438.63 486.15 539.82
Amortizaciones -8,235.00 -356.50 -395.45 -438.63 -486.15
Intereses -823.50 -35.65 -39.54 -43.86 -48.61
Servicio de la Deuda -9,058.50 -392.15 -434.99 -482.49 -534.76
Flujo de la Deuda CTN 8,235.00 -8,702.00 3.30 3.63 3.66 5.06
Retorno de la Deuda 10.00%
Escudo Tributario 242.93 10.52 11.67 12.94 14.34
Flujo Neto de la Deuda 8,235.00 -8,459.07 13.82 15.30 16.60 19.40
Costo Neto de la Deuda 7.05%

Deuda Total
Desembolso 65,835.00 356.50 395.45 438.63 486.15 539.82
Saldo Deudor 65,835.00 45,173.86 31,407.56 16,541.07 486.15 539.82
Amortizaciones 0.00 -21,017.64 -14,161.75 -15,305.12 -16,541.07 -486.15
Intereses 0.00 -5,431.50 -3,621.04 -2,520.51 -1,332.06 -48.61
Servicio de la Deuda 0.00 -26,449.14 -17,782.79 -17,825.63 -17,873.13 -534.76
Flujo de la Deuda Total 65,835.00 -26,092.64 -17,387.34 -17,387.01 -17,386.98 5.06
Retorno de la Deuda 10.0083%
Escudo Tributario 1,347.17 1,323.33 743.55 392.96 14.34
Flujo Neto de la Deuda 65,835.00 -24,745.47 -16,064.01 -16,643.46 -16,994.02 19.40
Costo Neto de la Deuda 7.2165%
 6 7 8 9 10

-50,000.00
16.67% 14.29% 14.29% 14.29% 14.29%
-13,333.33 -7,142.86 -7,142.86 -7,142.86 -7,142.86
-80,000.00 -87,142.86 -94,285.71 -101,428.57 -108,571.43
-50,000.00 -42,857.14 -35,714.29 -28,571.43 -21,428.57
0.00 0.00 0.00 0.00 0.00
-50,000.00 0.00 0.00 0.00 0.00
8,000.00 12,500.00
-42,000.00 0.00 0.00 0.00 12,500.00

130,000.00 130,000.00 130,000.00 130,000.00 130,000.00

-80,000.00 -87,142.86 -94,285.71 -101,428.57 -108,571.43
-21,428.57
50,000.00 42,857.14 35,714.29 28,571.43 0.00

12.1 12.22 12.34 12.46 12.58

1.00% 1.00% 1.00% 1.00% 1.00%
3,221.00 3,543.00 3,897.00 4,287.00 4,716.00
10.00% 10.00% 10.00% 10.00% 10.00%
38,974.10 43,295.46 48,088.98 53,416.02 59,327.28

-1,500.00 -4,500.00 -4,500.00 -4,500.00 -4,500.00

-5,797.80 -7,086.00 -7,794.00 -8,574.00 -9,432.00
-7,297.80 -11,586.00 -12,294.00 -13,074.00 -13,932.00

40,000.00
40,000.00 31,989.39 22,777.18 12,183.14 0.00
0.00 -8,010.61 -9,212.21 -10,594.04 -12,183.14
0.00 -6,000.00 -4,798.41 -3,416.58 -1,827.47
-14,010.61 -14,010.61 -14,010.61 -14,010.61
40,000.00 -14,010.61 -14,010.61 -14,010.61 -14,010.61

0.00 1,770.00 1,415.53 1,007.89 539.10

40,000.00 -12,240.61 -12,595.08 -13,002.72 -13,471.51

10,000.00 0.00 0.00 0.00 0.00

 668.99 669.99 743.88 824.71 0.00
668.99 669.99 743.88 824.71 0.00
668.99 669.99 743.88 824.71 0.00
-539.82 -668.99 -669.99 -743.88 -824.71
-53.98 -66.90 -67.00 -74.39 -82.47
-593.80 -735.89 -736.99 -818.27 -907.18
75.19 -65.90 6.89 6.44 -907.18

15.92 19.74 19.76 21.94 24.33

91.11 -46.16 26.66 28.38 -882.85

40,668.99 669.99 743.88 824.71 0.00

40,668.99 32,659.38 23,521.06 13,007.85 0.00
-539.82 -8,679.60 -9,882.20 -11,337.92 -13,007.85
-53.98 -6,066.90 -4,865.41 -3,490.96 -1,909.94
-593.80 -14,746.50 -14,747.60 -14,828.88 -14,917.79
40,075.19 -14,076.51 -14,003.72 -14,004.17 -14,917.79

15.92 1,789.74 1,435.30 1,029.83 563.43

40,091.11 -12,286.78 -12,568.43 -12,974.34 -14,354.36
 Estado de Resultados Financiero 1

0 1 2 3
Estado de Resultados Financiero
Total Ventas 23,000.00 25,564.00 28,410.80
Costos Fijos -1,500.00 -1,500.00 -1,500.00
Costos Variables -3,600.00 -3,960.00 -4,356.00
Depreciación -13,333.33 -13,333.33 -13,333.33
Utilidad Operativa 4,566.67 6,770.67 9,221.47
Venta de AF 0.00 0.00 0.00
Valor en Libros 0.00 0.00 0.00
Utilidad antes de Intereses e Impuestos 4,566.67 6,770.67 9,221.47
1 Intereses -4,608.00 -3,585.39 -2,480.97
Utilidad antes de Impuestos -41.33 3,185.28 6,740.50
Pérdidas Acumuladas -41.33 0.00 0.00
Base Imponible 0.00 3,143.94 6,740.50
Impuestos 0.00 -927.46 -1,988.45
113,898.81 Utilidad Neta -41.33 2,257.81 4,752.05

Impuestos "ER ECONOMICO" -1,347.17 -1,997.35 -2,720.33

Impuestos "ER FINANCIERO" 0.00 -927.46 -1,988.45
Escudo Tributario 1,347.17 1,069.88 731.89

Flujo de Caja
Utilidad Neta -41.33 2,257.81 4,752.05
Depreciacion 13,333.33 13,333.33 13,333.33
Valor en Libros 0.00 0.00 0.00
Venta de Activos 0.00 0.00 0.00
NOPAT 13,292.00 15,591.15 18,085.38
Flujo de Inversiones -80,000.00 0.00 0.00 0.00
Desembolso 57,600.00 0.00 0.00 0.00
Amortizar 0.00 -12,782.64 -13,805.25 -14,909.67
113,898.81 Flujo de Caja Libre o FCF -22,400.00 509.36 1,785.90 3,175.71
0.00

Flujo de Caja Económico

Cobranzas 23,000.00 25,564.00 28,410.80
Costos Fijos -1,500.00 -1,500.00 -1,500.00
Costos Variables -3,600.00 -3,960.00 -4,356.00
Impuestos Económicos -1,347.17 -1,997.35 -2,720.33
Flujo de Caja Operativo 0.00 16,552.83 18,106.65 19,834.47
Inversiones -80,000.00 0.00 0.00 0.00
Venta de AF 0.00 0.00 0.00 0.00
Flujo de Caja Económico -80,000.00 16,552.83 18,106.65 19,834.47
 Flujo de Caja Financiero
Flujo de Caja Económico -80,000.00 16,552.83 18,106.65 19,834.47
Desembolsos 57,600.00 0.00 0.00 0.00
Amortización 0.00 -12,782.64 -13,805.25 -14,909.67
Intereses 0.00 -4,608.00 -3,585.39 -2,480.97
Escudo Fiscal 0.00 1,347.17 1,069.88 731.89
113,898.81 Flujo de Caja Financiero -22,400.00 509.36 1,785.90 3,175.71
0.00
Rentabilidad Económica 19.65%
Rentabilidad Financiera 31.07%

Estado de Situación
Activos Totales 80,000.00 67,176.03 55,628.59 45,470.97
Caja 0.00 509.36 2,295.26 5,470.97
Inversión Bruta 80,000.00 80,000.00 80,000.00 80,000.00
Depreciación Acumulada 0.00 -13,333.33 -26,666.67 -40,000.00
Valor en Libros

Pasivos Totales 57,600.00 44,817.36 31,012.11 16,102.44

Deuda Financiera 57,600.00 44,817.36 31,012.11 16,102.44

Patrimonio Neto 22,400.00 22,358.67 24,616.48 29,368.53

Aporte de Capital 22,400.00 22,400.00 22,400.00 22,400.00
Utilidad Acumulada 0.00 -41.33 2,216.48 6,968.53

Equilibrio Contable 0.00 0.00 0.00 0.00

Utilidad Económica Antes de Impuestos -333.33 1,584.67 3,736.27

Utilidad Económica Neta -333.33 1,215.52 2,634.07

(metodología de base promedio)

Return on Assets (ROA) -0.45% 1.98% 5.21%
Return on Investment (ROI) -0.45% 2.58% 7.39%
Return on Equity (ROE) -0.18% 9.61% 17.61%
 4 5 6 7 8 9 10

31,571.32 35,077.44 38,974.10 43,295.46 48,088.98 53,416.02 59,327.28

-1,500.00 -1,500.00 -1,500.00 -4,500.00 -4,500.00 -4,500.00 -4,500.00
-4,791.60 -5,270.40 -5,797.80 -7,086.00 -7,794.00 -8,574.00 -9,432.00
-13,333.33 -13,333.33 -13,333.33 -7,142.86 -7,142.86 -7,142.86 -7,142.86
11,946.39 14,973.71 18,342.97 24,566.60 28,652.12 33,199.16 38,252.42
0.00 0.00 8,000.00 0.00 0.00 0.00 12,500.00
0.00 0.00 0.00 0.00 0.00 0.00 -21,428.57
11,946.39 14,973.71 26,342.97 24,566.60 28,652.12 33,199.16 29,323.85
-1,288.20 0.00 0.00 -6,000.00 -4,798.41 -3,416.58 -1,827.47
10,658.19 14,973.71 26,342.97 18,566.60 23,853.71 29,782.59 27,496.38
0.00 0.00 0.00 0.00 0.00 0.00 0.00
10,658.19 14,973.71 26,342.97 18,566.60 23,853.71 29,782.59 27,496.38
-3,144.17 -4,417.24 -7,771.18 -5,477.15 -7,036.85 -8,785.86 -8,111.43
7,514.02 10,556.46 18,571.79 13,089.46 16,816.87 20,996.72 19,384.95

-3,524.18 -4,417.24 -7,771.18 -7,247.15 -8,452.38 -9,793.75 -8,650.54

-3,144.17 -4,417.24 -7,771.18 -5,477.15 -7,036.85 -8,785.86 -8,111.43
380.02 0.00 0.00 1,770.00 1,415.53 1,007.89 539.10

7,514.02 10,556.46 18,571.79 13,089.46 16,816.87 20,996.72 19,384.95

13,333.33 13,333.33 13,333.33 7,142.86 7,142.86 7,142.86 7,142.86
0.00 0.00 0.00 0.00 0.00 0.00 21,428.57
0.00 0.00 -8,000.00 0.00 0.00 0.00 -12,500.00
20,847.36 23,889.80 23,905.12 20,232.31 23,959.73 28,139.58 35,456.38
0.00 0.00 -42,000.00 0.00 0.00 0.00 12,500.00
0.00 0.00 40,000.00 0.00 0.00 0.00 0.00
-16,102.44 0.00 0.00 -8,010.61 -9,212.21 -10,594.04 -12,183.14
4,744.92 23,889.80 21,905.12 12,221.70 14,747.52 17,545.54 35,773.23

31,571.32 35,077.44 38,974.10 43,295.46 48,088.98 53,416.02 59,327.28

-1,500.00 -1,500.00 -1,500.00 -4,500.00 -4,500.00 -4,500.00 -4,500.00
-4,791.60 -5,270.40 -5,797.80 -7,086.00 -7,794.00 -8,574.00 -9,432.00
-3,524.18 -4,417.24 -7,771.18 -7,247.15 -8,452.38 -9,793.75 -8,650.54
21,755.54 23,889.80 23,905.12 24,462.31 27,342.60 30,548.27 36,744.74
0.00 0.00 -50,000.00 0.00 0.00 0.00 0.00
0.00 0.00 8,000.00 0.00 0.00 0.00 12,500.00
21,755.54 23,889.80 -18,094.88 24,462.31 27,342.60 30,548.27 49,244.74
 21,755.54 23,889.80 -18,094.88 24,462.31 27,342.60 30,548.27 49,244.74
0.00 0.00 40,000.00 0.00 0.00 0.00 0.00
-16,102.44 0.00 0.00 -8,010.61 -9,212.21 -10,594.04 -12,183.14
-1,288.20 0.00 0.00 -6,000.00 -4,798.41 -3,416.58 -1,827.47
380.02 0.00 0.00 1,770.00 1,415.53 1,007.89 539.10
4,744.92 23,889.80 21,905.12 12,221.70 14,747.52 17,545.54 35,773.23

36,882.56 47,439.02 116,010.81 121,089.65 128,694.32 139,097.00 146,298.81

10,215.89 34,105.69 66,010.81 78,232.51 92,980.03 110,525.57 146,298.81
80,000.00 80,000.00 130,000.00 130,000.00 130,000.00 130,000.00 130,000.00
-53,333.33 -66,666.67 -80,000.00 -87,142.86 -94,285.71 -101,428.57 -108,571.43
-21,428.57

0.00 0.00 40,000.00 31,989.39 22,777.18 12,183.14 0.00

0.00 0.00 40,000.00 31,989.39 22,777.18 12,183.14 0.00

36,882.56 47,439.02 76,010.81 89,100.27 105,917.14 126,913.86 146,298.81

22,400.00 22,400.00 32,400.00 32,400.00 32,400.00 32,400.00 32,400.00
14,482.56 25,039.02 43,610.81 56,700.27 73,517.14 94,513.86 113,898.81

0.00 0.00 0.00 0.00 0.00 0.00 0.00

6,175.63 8,910.51 20,012.96 21,952.74 26,027.91 30,640.95 26,881.17

4,353.82 6,281.91 14,109.13 15,476.68 18,349.68 21,601.87 18,951.23

10.57% 14.90% 17.26% 13.05% 14.69% 16.13% 13.28%

15.00% 21.13% 24.49% 18.52% 20.84% 22.88% 18.84%
22.68% 25.04% 30.09% 15.86% 17.25% 18.04% 14.19%
 Política de Ventas
Contado 25.00%
Crédito 75.00%
Días Cobranza 60.00

Años 0 1 2 3 4 5 6
Ventas 0.00 23,000.00 25,564.00 28,410.80 31,571.32 35,077.44 38,974.10
Cobranzas 20,125.00 22,368.50 24,859.45 27,624.91 30,692.76 34,102.34
Cuentas por Cobrar 2,875.00 3,195.50 3,551.35 3,946.42 4,384.68 4,871.76

Año 0 1 1 1 1 1 1
Mes 0 1 2 3 4 5 6
100.00% 5.00% 10.00% 9.00% 5.00% 7.00% 5.00%
12.00 Distribución 8.33% 8.33% 8.33% 8.33% 8.33% 8.33%
Ventas 1,150.00 2,300.00 2,070.00 1,150.00 1,610.00 1,150.00
Contado 287.50 575.00 517.50 287.50 402.50 287.50
Crédito 862.50 1,725.00 1,552.50 862.50 1,207.50 862.50
Cobranzas 287.50 575.00 1,380.00 2,012.50 1,955.00 1,150.00

Cuentas por Cobrar

Saldo Inicial 0.00 862.50 2,587.50 3,277.50 2,415.00 2,070.00
Ventas a Crédito 862.50 1,725.00 1,552.50 862.50 1,207.50 862.50
Cobranzas 0.00 0.00 -862.50 -1,725.00 -1,552.50 -862.50
Saldo Final 0.00 862.50 2,587.50 3,277.50 2,415.00 2,070.00 2,070.00

Política de Compras
Contado 60.00%
Crédito 40.00%
Días Pago 90.00

Años 0 1 2 3 4 5 6
Compras 0.00 3,600.00 3,960.00 4,356.00 4,791.60 5,270.40 5,797.80
Pagos 3,240.00 3,564.00 3,920.40 4,312.44 4,743.36 5,218.02
Cuentas por Pagar 360.00 396.00 435.60 479.16 527.04 579.78

Año 0 1 1 1 1 1 1
Mes 0 1 2 3 4 5 6
5.00% 10.00% 9.00% 5.00% 7.00% 5.00%
Distribución 8.33% 8.33% 8.33% 8.33% 8.33% 8.33%
Compras 180.00 360.00 324.00 180.00 252.00 180.00
Contado 108.00 216.00 194.40 108.00 151.20 108.00
Crédito 72.00 144.00 129.60 72.00 100.80 72.00
Pagos 108.00 216.00 194.40 180.00 295.20 237.60

Cuentas por Pagar

Saldo Inicial 0.00 72.00 216.00 345.60 345.60 302.40
Compras a Crédito 72.00 144.00 129.60 72.00 100.80 72.00
Pagos 0.00 0.00 0.00 -72.00 -144.00 -129.60
Saldo Final 0.00 72.00 216.00 345.60 345.60 302.40 244.80

Política de Inventarios
Compra Adicional a Crédito
Stock Mínimo 20.00% del Consumo
 (+) Saldo Inicial 0.00 36.00 72.00 64.80 36.00 50.40
(+) Compras 216.00 396.00 316.80 151.20 266.40 165.60
(-) Consumos -180.00 -360.00 -324.00 -180.00 -252.00 -180.00
Devolución 0.00 0.00 0.00 0.00 0.00 0.00
Saldo Final 0.00 36.00 72.00 64.80 36.00 50.40 36.00

Años 0 1 2 3 4 5 6
Compras Adicionales 720.00 792.00 871.20 958.32 1,054.08 1,159.56

DEFINICIÓN DE CAPITAL DE TRABAJO

∆ CxC 2,875.00 320.50 355.85 395.07 438.27 487.08 540.17
∆ CxP -360.00 -36.00 -39.60 -43.56 -47.88 -52.74 -128.82
∆ Inventarios 720.00 72.00 79.20 87.12 95.76 105.48 257.64
Caja Mínima 5,000.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital de Trabajo
0.00 ∆ Capital de Trabajo 8,235.00 356.50 395.45 438.63 486.15 539.82 668.99

Caja Mínima 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00

 7 8 9 10
43,295.46 48,088.98 53,416.02 59,327.28
37,883.53 42,077.86 46,739.02 51,911.37
5,411.93 6,011.12 6,677.00 7,415.91

1 1 1 1 1 1 2 2 2 2
7 8 9 10 11 12 13 14 15 16
15.00% 8.00% 10.00% 6.00% 12.00% 8.00% 5.00% 10.00% 9.00% 5.00%
8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33%
3,450.00 1,840.00 2,300.00 1,380.00 2,760.00 1,840.00 1,278.20 2,556.40 2,300.76 1,278.20
862.50 460.00 575.00 345.00 690.00 460.00 319.55 639.10 575.19 319.55
2,587.50 1,380.00 1,725.00 1,035.00 2,070.00 1,380.00 958.65 1,917.30 1,725.57 958.65
2,070.00 1,322.50 3,162.50 1,725.00 2,415.00 1,495.00 2,389.55 2,019.10 1,533.84 2,236.85

2,070.00 3,450.00 3,967.50 3,105.00 2,760.00 3,105.00 3,450.00 2,338.65 2,875.95 3,642.87
2,587.50 1,380.00 1,725.00 1,035.00 2,070.00 1,380.00 958.65 1,917.30 1,725.57 958.65
-1,207.50 -862.50 -2,587.50 -1,380.00 -1,725.00 -1,035.00 -2,070.00 -1,380.00 -958.65 -1,917.30
3,450.00 3,967.50 3,105.00 2,760.00 3,105.00 3,450.00 2,338.65 2,875.95 3,642.87 2,684.22

7 8 9 10
7,086.00 7,794.00 8,574.00 9,432.00
6,377.40 7,014.60 7,716.60 8,488.80
708.60 779.40 857.40 943.20

1 1 1 1 1 1 2 2 2 2
7 8 9 10 11 12 13 14 15 16
15.00% 8.00% 10.00% 6.00% 12.00% 8.00% 5.00% 10.00% 9.00% 5.00%
8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33%
540.00 288.00 360.00 216.00 432.00 288.00 198.00 396.00 356.40 198.00
324.00 172.80 216.00 129.60 259.20 172.80 118.80 237.60 213.84 118.80
216.00 115.20 144.00 86.40 172.80 115.20 79.20 158.40 142.56 79.20
396.00 273.60 288.00 345.60 374.40 316.80 205.20 410.40 329.04 198.00

244.80 388.80 403.20 475.20 345.60 403.20 374.40 367.20 352.80 380.16
216.00 115.20 144.00 86.40 172.80 115.20 79.20 158.40 142.56 79.20
-72.00 -100.80 -72.00 -216.00 -115.20 -144.00 -86.40 -172.80 -115.20 -79.20
388.80 403.20 475.20 345.60 403.20 374.40 367.20 352.80 380.16 380.16
 36.00 108.00 57.60 72.00 43.20 86.40 57.60 39.60 79.20 71.28
612.00 237.60 374.40 187.20 475.20 259.20 180.00 435.60 348.48 166.32
-540.00 -288.00 -360.00 -216.00 -432.00 -288.00 -198.00 -396.00 -356.40 -198.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
108.00 57.60 72.00 43.20 86.40 57.60 39.60 79.20 71.28 39.60

7 8 9 10 11
1,417.20 1,558.80 1,714.80 1,886.40

599.19 665.88 738.91 -7,415.91

-70.80 -78.00 -85.80 943.20
141.60 156.00 171.60 -1,886.40
0.00 0.00 0.00 -5,000.00

669.99 743.88 824.71 -13,359.11

5,000.00 5,000.00 5,000.00 5,000.00

 2 2 2 2 2 2 2 2 3 3
17 18 19 20 21 22 23 24 25 26
7.00% 5.00% 15.00% 8.00% 10.00% 6.00% 12.00% 8.00% 5.00% 10.00%
8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33%
1,789.48 1,278.20 3,834.60 2,045.12 2,556.40 1,533.84 3,067.68 2,045.12 1,420.54 2,841.08
447.37 319.55 958.65 511.28 639.10 383.46 766.92 511.28 355.14 710.27
1,342.11 958.65 2,875.95 1,533.84 1,917.30 1,150.38 2,300.76 1,533.84 1,065.41 2,130.81
2,172.94 1,278.20 2,300.76 1,469.93 3,515.05 1,917.30 2,684.22 1,661.66 2,655.90 2,244.11

2,684.22 2,300.76 2,300.76 3,834.60 4,409.79 3,451.14 3,067.68 3,451.14 3,834.60 2,599.25
1,342.11 958.65 2,875.95 1,533.84 1,917.30 1,150.38 2,300.76 1,533.84 1,065.41 2,130.81
-1,725.57 -958.65 -1,342.11 -958.65 -2,875.95 -1,533.84 -1,917.30 -1,150.38 -2,300.76 -1,533.84
2,300.76 2,300.76 3,834.60 4,409.79 3,451.14 3,067.68 3,451.14 3,834.60 2,599.25 3,196.22

2 2 2 2 2 2 2 2 3 3
17 18 19 20 21 22 23 24 25 26
7.00% 5.00% 15.00% 8.00% 10.00% 6.00% 12.00% 8.00% 5.00% 10.00%
8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33%
277.20 198.00 594.00 316.80 396.00 237.60 475.20 316.80 217.80 435.60
166.32 118.80 356.40 190.08 237.60 142.56 285.12 190.08 130.68 261.36
110.88 79.20 237.60 126.72 158.40 95.04 190.08 126.72 87.12 174.24
324.72 261.36 435.60 300.96 316.80 380.16 411.84 348.48 225.72 451.44

380.16 332.64 269.28 427.68 443.52 522.72 380.16 443.52 411.84 403.92
110.88 79.20 237.60 126.72 158.40 95.04 190.08 126.72 87.12 174.24
-158.40 -142.56 -79.20 -110.88 -79.20 -237.60 -126.72 -158.40 -95.04 -190.08
332.64 269.28 427.68 443.52 522.72 380.16 443.52 411.84 403.92 388.08
 39.60 55.44 39.60 118.80 63.36 79.20 47.52 95.04 63.36 43.56
293.04 182.16 673.20 261.36 411.84 205.92 522.72 285.12 198.00 479.16
-277.20 -198.00 -594.00 -316.80 -396.00 -237.60 -475.20 -316.80 -217.80 -435.60
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
55.44 39.60 118.80 63.36 79.20 47.52 95.04 63.36 43.56 87.12
 Estado de Resultados Financiero 1

0 1 2 3
Estado de Resultados Financiero
Total Ventas 23,000.00 25,564.00 28,410.80
Costos Fijos -1,500.00 -1,500.00 -1,500.00
Costos Variables -3,600.00 -3,960.00 -4,356.00
Depreciación -13,333.33 -13,333.33 -13,333.33
Utilidad Operativa 4,566.67 6,770.67 9,221.47
Venta de AF 0.00 0.00 0.00
Valor en Libros 0.00 0.00 0.00
Utilidad antes de Intereses e Impuestos 4,566.67 6,770.67 9,221.47
1 Intereses -4,608.00 -3,585.39 -2,480.97
Utilidad antes de Impuestos -41.33 3,185.28 6,740.50
Pérdidas Acumuladas -41.33 0.00 0.00
Base Imponible 0.00 3,143.94 6,740.50
Impuestos 0.00 -927.46 -1,988.45
113,898.81 Utilidad Neta -41.33 2,257.81 4,752.05

Impuestos "ER ECONOMICO" -1,347.17 -1,997.35 -2,720.33

Impuestos "ER FINANCIERO" 0.00 -927.46 -1,988.45
Escudo Tributario 1,347.17 1,069.88 731.89

Flujo de Caja
Utilidad Neta -41.33 2,257.81 4,752.05
Depreciacion 13,333.33 13,333.33 13,333.33
Valor en Libros 0.00 0.00 0.00
Venta de Activos 0.00 0.00 0.00
NOPAT 13,292.00 15,591.15 18,085.38
Flujo de Inversiones -80,000.00 0.00 0.00 0.00
Variación de CT -8,235.00 -356.50 -395.45 -438.63
Desembolso 57,600.00 0.00 0.00 0.00
Amortizar 0.00 -12,782.64 -13,805.25 -14,909.67
113,898.81 Flujo de Caja Libre o FCF -30,635.00 152.86 1,390.45 2,737.09
0.00

Flujo de Caja Económico

Cobranzas 23,000.00 25,564.00 28,410.80
Costos Fijos -1,500.00 -1,500.00 -1,500.00
Costos Variables -3,600.00 -3,960.00 -4,356.00
Impuestos Económicos -1,347.17 -1,997.35 -2,720.33
Flujo de Caja Operativo 0.00 16,552.83 18,106.65 19,834.47
Inversiones -80,000.00 0.00 0.00 0.00
Variación de CTN -8,235.00 -356.50 -395.45 -438.63
Venta de AF 0.00 0.00 0.00 0.00
 Flujo de Caja Económico -88,235.00 16,196.33 17,711.20 19,395.84

Flujo de Caja Financiero

Flujo de Caja Económico -88,235.00 16,196.33 17,711.20 19,395.84
Desembolsos 57,600.00 0.00 0.00 0.00
Amortización 0.00 -12,782.64 -13,805.25 -14,909.67
Intereses 0.00 -4,608.00 -3,585.39 -2,480.97
Escudo Fiscal 0.00 1,347.17 1,069.88 731.89
113,898.81 Flujo de Caja Financiero -30,635.00 152.86 1,390.45 2,737.09
0.00
Rentabilidad Económica 17.29%
Rentabilidad Financiera 24.39%

Estado de Situación
Activos Totales 88,235.00 75,411.03 63,863.59 53,705.97
Caja 0.00 152.86 1,543.31 4,280.40
Capital de Trabajo Neto 8,235.00 8,591.50 8,986.95 9,425.58
Inversión Bruta 80,000.00 80,000.00 80,000.00 80,000.00
Depreciación Acumulada 0.00 -13,333.33 -26,666.67 -40,000.00
Valor en Libros

Pasivos Totales 57,600.00 44,817.36 31,012.11 16,102.44

Deuda Financiera 57,600.00 44,817.36 31,012.11 16,102.44

Patrimonio Neto 30,635.00 30,593.67 32,851.48 37,603.53

Aporte de Capital AF 22,400.00 22,400.00 22,400.00 22,400.00
Aporte de Capital WC 8,235.00 8,235.00 8,235.00 8,235.00
Utilidad Acumulada 0.00 -41.33 2,216.48 6,968.53

Equilibrio Contable 0.00 0.00 0.00 0.00

Utilidad Económica Antes de Impuestos -333.33 1,584.67 3,736.27

Utilidad Económica Neta -333.33 1,215.52 2,634.07

(metodología de base promedio)

Return on Assets (ROA) -0.41% 1.75% 4.48%
Return on Investment (ROI) -0.41% 2.28% 6.36%
Return on Equity (ROE) -0.14% 7.12% 13.49%
 4 5 6 7 8 9 10

31,571.32 35,077.44 38,974.10 43,295.46 48,088.98 53,416.02 59,327.28

-1,500.00 -1,500.00 -1,500.00 -4,500.00 -4,500.00 -4,500.00 -4,500.00
-4,791.60 -5,270.40 -5,797.80 -7,086.00 -7,794.00 -8,574.00 -9,432.00
-13,333.33 -13,333.33 -13,333.33 -7,142.86 -7,142.86 -7,142.86 -7,142.86
11,946.39 14,973.71 18,342.97 24,566.60 28,652.12 33,199.16 38,252.42
0.00 0.00 8,000.00 0.00 0.00 0.00 12,500.00
0.00 0.00 0.00 0.00 0.00 0.00 -21,428.57
11,946.39 14,973.71 26,342.97 24,566.60 28,652.12 33,199.16 29,323.85
-1,288.20 0.00 0.00 -6,000.00 -4,798.41 -3,416.58 -1,827.47
10,658.19 14,973.71 26,342.97 18,566.60 23,853.71 29,782.59 27,496.38
0.00 0.00 0.00 0.00 0.00 0.00 0.00
10,658.19 14,973.71 26,342.97 18,566.60 23,853.71 29,782.59 27,496.38
-3,144.17 -4,417.24 -7,771.18 -5,477.15 -7,036.85 -8,785.86 -8,111.43
7,514.02 10,556.46 18,571.79 13,089.46 16,816.87 20,996.72 19,384.95

-3,524.18 -4,417.24 -7,771.18 -7,247.15 -8,452.38 -9,793.75 -8,650.54

-3,144.17 -4,417.24 -7,771.18 -5,477.15 -7,036.85 -8,785.86 -8,111.43
380.02 0.00 0.00 1,770.00 1,415.53 1,007.89 539.10

7,514.02 10,556.46 18,571.79 13,089.46 16,816.87 20,996.72 19,384.95

13,333.33 13,333.33 13,333.33 7,142.86 7,142.86 7,142.86 7,142.86
0.00 0.00 0.00 0.00 0.00 0.00 21,428.57
0.00 0.00 -8,000.00 0.00 0.00 0.00 -12,500.00
20,847.36 23,889.80 23,905.12 20,232.31 23,959.73 28,139.58 35,456.38
0.00 0.00 -42,000.00 0.00 0.00 0.00 12,500.00
-486.15 -539.82 -668.99 -669.99 -743.88 -824.71 13,359.11
0.00 0.00 40,000.00 0.00 0.00 0.00 0.00
-16,102.44 0.00 0.00 -8,010.61 -9,212.21 -10,594.04 -12,183.14
4,258.77 23,349.97 21,236.13 11,551.71 14,003.64 16,720.84 49,132.34

31,571.32 35,077.44 38,974.10 43,295.46 48,088.98 53,416.02 59,327.28

-1,500.00 -1,500.00 -1,500.00 -4,500.00 -4,500.00 -4,500.00 -4,500.00
-4,791.60 -5,270.40 -5,797.80 -7,086.00 -7,794.00 -8,574.00 -9,432.00
-3,524.18 -4,417.24 -7,771.18 -7,247.15 -8,452.38 -9,793.75 -8,650.54
21,755.54 23,889.80 23,905.12 24,462.31 27,342.60 30,548.27 36,744.74
0.00 0.00 -50,000.00 0.00 0.00 0.00 0.00
-486.15 -539.82 -668.99 -669.99 -743.88 -824.71 13,359.11
0.00 0.00 8,000.00 0.00 0.00 0.00 12,500.00
21,269.39 23,349.97 -18,763.87 23,792.32 26,598.72 29,723.56 62,603.85

21,269.39 23,349.97 -18,763.87 23,792.32 26,598.72 29,723.56 62,603.85

0.00 0.00 40,000.00 0.00 0.00 0.00 0.00
-16,102.44 0.00 0.00 -8,010.61 -9,212.21 -10,594.04 -12,183.14
-1,288.20 0.00 0.00 -6,000.00 -4,798.41 -3,416.58 -1,827.47
380.02 0.00 0.00 1,770.00 1,415.53 1,007.89 539.10
4,258.77 23,349.97 21,236.13 11,551.71 14,003.64 16,720.84 49,132.34

45,117.56 55,674.02 124,245.81 129,324.65 136,929.32 147,332.00 154,533.81

8,539.17 31,889.14 63,125.28 74,676.99 88,680.63 105,401.46 154,533.81
9,911.72 10,451.54 11,120.53 11,790.52 12,534.40 13,359.11 0.00
80,000.00 80,000.00 130,000.00 130,000.00 130,000.00 130,000.00 130,000.00
-53,333.33 -66,666.67 -80,000.00 -87,142.86 -94,285.71 -101,428.57 -108,571.43
-21,428.57

0.00 0.00 40,000.00 31,989.39 22,777.18 12,183.14 0.00

0.00 0.00 40,000.00 31,989.39 22,777.18 12,183.14 0.00

45,117.56 55,674.02 84,245.81 97,335.27 114,152.14 135,148.86 154,533.81

22,400.00 22,400.00 32,400.00 32,400.00 32,400.00 32,400.00 32,400.00
8,235.00 8,235.00 8,235.00 8,235.00 8,235.00 8,235.00 8,235.00
14,482.56 25,039.02 43,610.81 56,700.27 73,517.14 94,513.86 113,898.81

0.00 0.00 0.00 0.00 0.00 0.00 0.00

6,175.63 8,910.51 20,012.96 21,952.74 26,027.91 30,640.95 26,881.17

4,353.82 6,281.91 14,109.13 15,476.68 18,349.68 21,601.87 18,951.23

8.81% 12.47% 15.68% 12.21% 13.78% 15.20% 12.56%

12.50% 17.68% 22.25% 17.31% 19.55% 21.56% 17.81%
18.17% 20.95% 26.55% 14.42% 15.90% 16.84% 13.38%
 Estado de Resultados Financiero 1

0 1 2 3
Estado de Resultados Financiero
Total Ventas 23,000.00 25,564.00 28,410.80
Costos Fijos -1,500.00 -1,500.00 -1,500.00
Costos Variables -3,600.00 -3,960.00 -4,356.00
Depreciación -13,333.33 -13,333.33 -13,333.33
Utilidad Operativa 4,566.67 6,770.67 9,221.47
Venta de AF 0.00 0.00 0.00
Valor en Libros 0.00 0.00 0.00
Utilidad antes de Intereses e Impuestos 4,566.67 6,770.67 9,221.47
1 Intereses -5,431.50 -3,621.04 -2,520.51
Utilidad antes de Impuestos -864.83 3,149.63 6,700.95
Pérdidas Acumuladas -864.83 0.00 0.00
Base Imponible 0.00 2,284.79 6,700.95
Impuestos 0.00 -674.01 -1,976.78
112,956.99 Utilidad Neta -864.83 2,475.61 4,724.17

Impuestos "ER ECONOMICO" -1,347.17 -1,997.35 -2,720.33

Impuestos "ER FINANCIERO" 0.00 -674.01 -1,976.78
Escudo Tributario 1,347.17 1,323.33 743.55

Flujo de Caja
Utilidad Neta -864.83 2,475.61 4,724.17
Depreciacion 13,333.33 13,333.33 13,333.33
Valor en Libros 0.00 0.00 0.00
Venta de Activos 0.00 0.00 0.00
NOPAT 12,468.50 15,808.95 18,057.50
Flujo de Inversiones -80,000.00 0.00 0.00 0.00
Variación de CT -8,235.00 -356.50 -395.45 -438.63
Desembolso 65,835.00 356.50 395.45 438.63
Amortizar 0.00 -21,017.64 -14,161.75 -15,305.12
112,956.99 Flujo de Caja Libre o FCF -22,400.00 -8,549.14 1,647.20 2,752.39
0.00

Flujo de Caja Económico

Cobranzas 23,000.00 25,564.00 28,410.80
Costos Fijos -1,500.00 -1,500.00 -1,500.00
Costos Variables -3,600.00 -3,960.00 -4,356.00
Impuestos Económicos -1,347.17 -1,997.35 -2,720.33
Flujo de Caja Operativo 0.00 16,552.83 18,106.65 19,834.47
Inversiones -80,000.00 0.00 0.00 0.00
Variación de CTN -8,235.00 -356.50 -395.45 -438.63
Venta de AF 0.00 0.00 0.00 0.00
 Flujo de Caja Económico -88,235.00 16,196.33 17,711.20 19,395.84

Flujo de Caja Financiero

Flujo de Caja Económico -88,235.00 16,196.33 17,711.20 19,395.84
Desembolsos 65,835.00 356.50 395.45 438.63
Amortización 0.00 -21,017.64 -14,161.75 -15,305.12
Intereses 0.00 -5,431.50 -3,621.04 -2,520.51
Escudo Fiscal 0.00 1,347.17 1,323.33 743.55
112,956.99 Flujo de Caja Financiero -22,400.00 -8,549.14 1,647.20 2,752.39
0.00
Rentabilidad Económica 17.29%
Rentabilidad Financiera 25.28%

Estado de Situación
Activos Totales 88,235.00 66,709.03 55,418.34 45,276.02
Caja 0.00 -8,549.14 -6,901.94 -4,149.56
Capital de Trabajo Neto 8,235.00 8,591.50 8,986.95 9,425.58
Inversión Bruta 80,000.00 80,000.00 80,000.00 80,000.00
Depreciación Acumulada 0.00 -13,333.33 -26,666.67 -40,000.00
Valor en Libros

Pasivos Totales 65,835.00 45,173.86 31,407.56 16,541.07

Deuda Financiera 65,835.00 45,173.86 31,407.56 16,541.07

Patrimonio Neto 22,400.00 21,535.17 24,010.78 28,734.95

Aporte de Capital AF 22,400.00 22,400.00 22,400.00 22,400.00
Aporte de Capital WC 0.00 0.00 0.00 0.00
Utilidad Acumulada 0.00 -864.83 1,610.78 6,334.95

Equilibrio Contable 0.00 0.00 0.00 0.00

Utilidad Económica Antes de Impuestos -333.33 1,584.67 3,736.27

Utilidad Económica Neta -333.33 1,215.52 2,634.07

(metodología de base promedio)

Return on Assets (ROA) -0.43% 1.99% 5.23%
Return on Investment (ROI) -0.43% 2.60% 7.42%
Return on Equity (ROE) -3.94% 10.87% 17.91%
 4 5 6 7 8 9 10

31,571.32 35,077.44 38,974.10 43,295.46 48,088.98 53,416.02 59,327.28

-1,500.00 -1,500.00 -1,500.00 -4,500.00 -4,500.00 -4,500.00 -4,500.00
-4,791.60 -5,270.40 -5,797.80 -7,086.00 -7,794.00 -8,574.00 -9,432.00
-13,333.33 -13,333.33 -13,333.33 -7,142.86 -7,142.86 -7,142.86 -7,142.86
11,946.39 14,973.71 18,342.97 24,566.60 28,652.12 33,199.16 38,252.42
0.00 0.00 8,000.00 0.00 0.00 0.00 12,500.00
0.00 0.00 0.00 0.00 0.00 0.00 -21,428.57
11,946.39 14,973.71 26,342.97 24,566.60 28,652.12 33,199.16 29,323.85
-1,332.06 -48.61 -53.98 -6,066.90 -4,865.41 -3,490.96 -1,909.94
10,614.33 14,925.09 26,288.98 18,499.70 23,786.72 29,708.20 27,413.91
0.00 0.00 0.00 0.00 0.00 0.00 0.00
10,614.33 14,925.09 26,288.98 18,499.70 23,786.72 29,708.20 27,413.91
-3,131.23 -4,402.90 -7,755.25 -5,457.41 -7,017.08 -8,763.92 -8,087.10
7,483.10 10,522.19 18,533.73 13,042.29 16,769.63 20,944.28 19,326.81

-3,524.18 -4,417.24 -7,771.18 -7,247.15 -8,452.38 -9,793.75 -8,650.54

-3,131.23 -4,402.90 -7,755.25 -5,457.41 -7,017.08 -8,763.92 -8,087.10
392.96 14.34 15.92 1,789.74 1,435.30 1,029.83 563.43

7,483.10 10,522.19 18,533.73 13,042.29 16,769.63 20,944.28 19,326.81

13,333.33 13,333.33 13,333.33 7,142.86 7,142.86 7,142.86 7,142.86
0.00 0.00 0.00 0.00 0.00 0.00 21,428.57
0.00 0.00 -8,000.00 0.00 0.00 0.00 -12,500.00
20,816.44 23,855.52 23,867.07 20,185.15 23,912.49 28,087.14 35,398.23
0.00 0.00 -42,000.00 0.00 0.00 0.00 12,500.00
-486.15 -539.82 -668.99 -669.99 -743.88 -824.71 13,359.11
486.15 539.82 40,668.99 669.99 743.88 824.71 0.00
-16,541.07 -486.15 -539.82 -8,679.60 -9,882.20 -11,337.92 -13,007.85
4,275.37 23,369.38 21,327.24 11,505.54 14,030.30 16,749.22 48,249.49

31,571.32 35,077.44 38,974.10 43,295.46 48,088.98 53,416.02 59,327.28

-1,500.00 -1,500.00 -1,500.00 -4,500.00 -4,500.00 -4,500.00 -4,500.00
-4,791.60 -5,270.40 -5,797.80 -7,086.00 -7,794.00 -8,574.00 -9,432.00
-3,524.18 -4,417.24 -7,771.18 -7,247.15 -8,452.38 -9,793.75 -8,650.54
21,755.54 23,889.80 23,905.12 24,462.31 27,342.60 30,548.27 36,744.74
0.00 0.00 -50,000.00 0.00 0.00 0.00 0.00
-486.15 -539.82 -668.99 -669.99 -743.88 -824.71 13,359.11
0.00 0.00 8,000.00 0.00 0.00 0.00 12,500.00
21,269.39 23,349.97 -18,763.87 23,792.32 26,598.72 29,723.56 62,603.85

21,269.39 23,349.97 -18,763.87 23,792.32 26,598.72 29,723.56 62,603.85

486.15 539.82 40,668.99 669.99 743.88 824.71 0.00
-16,541.07 -486.15 -539.82 -8,679.60 -9,882.20 -11,337.92 -13,007.85
-1,332.06 -48.61 -53.98 -6,066.90 -4,865.41 -3,490.96 -1,909.94
392.96 14.34 15.92 1,789.74 1,435.30 1,029.83 563.43
4,275.37 23,369.38 21,327.24 11,505.54 14,030.30 16,749.22 48,249.49

36,704.20 47,280.07 115,942.97 120,975.64 128,606.96 139,038.03 145,356.99

125.81 23,495.19 54,822.43 66,327.98 80,358.27 97,107.49 145,356.99
9,911.72 10,451.54 11,120.53 11,790.52 12,534.40 13,359.11 0.00
80,000.00 80,000.00 130,000.00 130,000.00 130,000.00 130,000.00 130,000.00
-53,333.33 -66,666.67 -80,000.00 -87,142.86 -94,285.71 -101,428.57 -108,571.43
-21,428.57

486.14 539.82 40,668.99 32,659.38 23,521.06 13,007.85 0.00

486.14 539.82 40,668.99 32,659.38 23,521.06 13,007.85 0.00

36,218.05 46,740.24 75,273.98 88,316.27 105,085.90 126,030.18 145,356.99

22,400.00 22,400.00 32,400.00 32,400.00 32,400.00 32,400.00 32,400.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
13,818.05 24,340.24 42,873.98 55,916.27 72,685.90 93,630.18 112,956.99

0.00 0.00 0.00 0.00 0.00 0.00 0.00

6,175.63 8,910.51 20,012.96 21,952.74 26,027.91 30,640.95 26,881.17

4,353.82 6,281.91 14,109.13 15,476.68 18,349.68 21,601.87 18,951.23

10.62% 14.96% 17.29% 13.06% 14.70% 16.14% 13.33%

15.07% 21.22% 24.52% 18.53% 20.86% 22.90% 18.90%
23.04% 25.37% 30.38% 15.95% 17.34% 18.12% 14.24%
 Sin Capital d Con Capital de Trabajo
Aporte Bancario
TIRE 19.65% 17.29% 17.29%
TIRF 31.07% 24.39% 25.28%

Aportes 32,400.00 40,635.00 32,400.00