Inversión 2,000,000

Tasa Leasing 12.00%

Cuota del leasing 486,451
Vida Útil (años) 6
TEA 12.50%
Tasa Imp. Renta 29.50%
Modalidad de Repago Cuota Dec.
Amortización Cte. 333,333

0 1 2 3 4
(+) Préstamo 2,000,000
Saldo Deudor 2,000,000 1,666,667 1,333,333 1,000,000 666,667
(-) Amortización -333,333 -333,333 -333,333 -333,333
(-) Interes -250,000 -208,333 -166,667 -125,000
= Servicio de la Deuda -583,333 -541,667 -500,000 -458,333
Flujo de Caja d la Deuda 2,000,000 -583,333 -541,667 -500,000 -458,333
Rentabilidad FC Deuda 12.50%

Flujo de Caja d la Deuda 2,000,000 -583,333 -541,667 -500,000 -458,333

(+) Escudo Trib. x Int. 73,750 61,458 49,167 36,875
(+) Escudo trib. x Dep. 98,333 98,333 98,333 98,333
= FC del Préstamo 2,000,000 -411,250 -381,875 -352,500 -323,125
Rent. FC Deuda Neta 0.41%
Valor Presente Deuda 590,000

(+) Leasing 2,000,000

(-) Cuota Anual -486,451 -486,451 -486,451 -486,451
(-) Escudo Tributario 143,503 143,503 143,503 143,503
(=) FC del Leasing 2,000,000 -342,948 -342,948 -342,948 -342,948
Rent. FC Leasing 0.82%
Valor Presente Leasing 609,743

∆ Flujos (FC Marginal) 0 -68,302 -38,927 -9,552 19,823

Valor Presente Marginal -19,743
 5 6

333,333 0
-333,333 -333,333
-83,333 -41,667
-416,667 -375,000
-416,667 -375,000

-416,667 -375,000
24,583 12,292
98,333 98,333
-293,750 -264,375

-486,451 -486,451
143,503 143,503
-342,948 -342,948

49,198 78,573
Activo 600
VU Tributaria 5
Plazo Leas.F 3

0 1 2 3 4 5
FC a Imp 300 300 300 300 300
F Inversiones -600
FCE antes Im -600 300 300 300 300 300
Imp. DepTrib -54 -54 -54 -54 -54
FCE tributario -600 246 246 246 246 246
TIR 1 30%

Imp. DepLeaF -30 -30 -30 -90 -90

FCE LeasF -600 270 270 270 210 210
TIR 2 32%

IR 30%
Dep. Trib 120 120 120 120 120
Dep. LeasF 200 200 200
Imp. DepTrib 54 54 54 54 54
Imp. DepLeaF 30 30 30 90 90
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