ESTADO DE RESULTADOS

Variable  Año 0  Año 1  Año 2  Año 3  Año 4  Año5 

Ingresos operacionales - Ventas $0.00 $758,534,200.00 $811,302,693.57 $869,506,360.11 $929,188,407.16 $989,604,237.40

Costo de mercancia Vendida $0.00 $493,047,230.00 $527,346,750.82 $565,179,134.07 $603,972,464.66 $643,242,754.31

Inventario inicial $0.00 $123,555,000.00 $41,087,269.17 $43,945,562.57 $47,098,261.17 $50,331,038.72

Compras $123,555,000.00 $410,579,499.17 $530,205,044.22 $568,331,832.68 $607,205,242.20 $646,515,278.44

Inventario final $123,555,000.00 $41,087,269.17 $43,945,562.57 $47,098,261.17 $50,331,038.72 $53,603,562.86

UTILIDAD BRUTA $0.00 $265,486,970.00 $283,955,942.75 $304,327,226.04 $325,215,942.51 $346,361,483.09

Gastos administrativos $0.00 $53,097,394.00 $56,791,188.55 $60,865,445.21 $65,043,188.50 $69,272,296.62

Gastos operativos $0.00 $128,950,814.00 $137,921,457.91 $147,816,081.22 $157,962,029.22 $168,232,720.36

Gastos por beneficios a empleados $0.00 $5,233,885.98 $5,597,988.59 $5,999,593.88 $6,411,400.01 $6,828,269.24

Gastos por depreciación $0.00 $15,000,000.00 $15,000,000.00 $15,000,000.00 $15,000,000.00 $15,000,000.00

UTILIDAD OPERATIVA $0.00 $63,204,876.02 $68,645,307.71 $74,646,105.73 $80,799,324.78 $87,028,196.88

Intereses $0.00 $9,105,000.00 $7,675,765.42 $6,073,021.76 $4,275,705.02 $2,260,194.03

Bonos $0.00 $11,250,000.00 $11,250,000.00 $11,250,000.00 $11,250,000.00 $11,250,000.00

Gastos financieros $0.00 $20,355,000.00 $18,925,765.42 $17,323,021.76 $15,525,705.02 $13,510,194.03

UTILIDAD ANTES DE IMPUESTOS $0.00 $42,849,876.02 $49,719,542.29 $57,323,083.97 $65,273,619.76 $73,518,002.85

Impuesto sobre la renta $0.00 $14,568,957.85 $16,904,644.38 $19,489,848.55 $22,193,030.72 $24,996,120.97

UTILIDAD NETA DEL EJERCICIO $0.00 $28,280,918.17 $32,814,897.91 $37,833,235.42 $43,080,589.04 $48,521,881.88

POLITECNICO GRANCOLOMBIANO FINANZAS CORPORATIVAS

 VALORACIÓN DE LA EMPRESA

Variable  Año 0  Año 1  Año 2  Año 3  Año 4  Año 5 (Perpetuidad)



Utilidad operativa $0.00 $63,204,876.02 $68,645,307.71 $74,646,105.73 $80,799,324.78 $87,028,196.88

Tasa de impuesto (Tx) $0.00 $0.34 $0.34 $0.34 $0.34 $0.34

UODI $0.00 $41,715,218.17 $45,305,903.09 $49,266,429.78 $53,327,554.35 $57,438,609.94

Capital de trabajo operativo $123,555,000.00 ($41,028,630.67) ($62,095,446.28) ($66,568,105.36) ($71,110,009.72) ($75,699,492.83)

Inversión en capital de trabajo neto operativo KTNO $123,555,000.00 ($164,583,630.67) ($21,066,815.61) ($4,472,659.09) ($4,541,904.36) ($4,589,483.11)

Flujo de caja bruto $0.00 $56,715,218.17 $60,305,903.09 $64,266,429.78 $68,327,554.35 $72,438,609.94

Inversión neta en KTNO $123,555,000.00 ($164,583,630.67) ($21,066,815.61) ($4,472,659.09) ($4,541,904.36) ($4,589,483.11)

Inversión en activos fijos $150,000,000.00 $0.00 $0.00 $0.00 $0.00 $0.00

Flujo de caja libre FCF $273,555,000.00 ($107,868,412.49) $39,239,087.48 $59,793,770.69 $63,785,650.00 $67,849,126.83

Factor de descuento $1.00 $0.88 $0.78 $0.69 $0.61 $8.98

VP FCF $273,555,000.00 ($95,230,864.24) $30,583,400.78 $41,143,975.89 $38,748,664.53 $608,961,543.75

POLITECNICO GRANCOLOMBIANO FINANZAS CORPORATIVAS

 ESTADO DE SITUACIÓN FINANCIERA

Variable  Año 0  Año 1  Año 2  Año 3  Año 4  Año5 

Activo Corriente $191,873,000.00 $325,299,724.59 $386,537,348.82 $435,177,835.92 $487,545,862.93 $468,531,968.32

Efectivo y equivalentes a efectivo $68,318,000.00 $284,212,455.42 $342,591,786.25 $388,079,574.74 $437,214,824.21 $414,928,405.46

Cuentas comerciales por cobrar y otras cuentas por cobrar $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Inventarios $123,555,000.00 $41,087,269.17 $43,945,562.57 $47,098,261.17 $50,331,038.72 $53,603,562.86

Activo no Corriente $150,000,000.00 $135,000,000.00 $120,000,000.00 $105,000,000.00 $90,000,000.00 $75,000,000.00

Propiedades, planta y equipo $150,000,000.00 $150,000,000.00 $150,000,000.00 $150,000,000.00 $150,000,000.00 $150,000,000.00

Depreciación $0.00 $15,000,000.00 $30,000,000.00 $45,000,000.00 $60,000,000.00 $75,000,000.00

Propiedades, planta y equipo neto $150,000,000.00 $135,000,000.00 $120,000,000.00 $105,000,000.00 $90,000,000.00 $75,000,000.00

TOTAL ACTIVO $341,873,000.00 $460,299,724.59 $506,537,348.82 $540,177,835.92 $577,545,862.93 $543,531,968.32

Pasivo Corriente $0.00 $96,684,857.68 $122,945,653.22 $133,156,215.08 $143,634,079.16 $154,299,176.66

Obligaciones financieras Corto plazo $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Proveedores y cuentas por pagar $0.00 $82,115,899.83 $106,041,008.84 $113,666,366.54 $121,441,048.44 $129,303,055.69

Impuesto sobre la renta $0.00 $14,568,957.85 $16,904,644.38 $19,489,848.55 $22,193,030.72 $24,996,120.97

Pasivo no corriente $150,000,000.00 $143,460,948.74 $130,622,879.52 $116,219,569.33 $100,029,143.23 $6,828,269.24

Pasivo por beneficio a empleados $0.00 $5,233,885.98 $5,597,988.59 $5,999,593.88 $6,411,400.01 $6,828,269.24

Pasivos financieros $75,000,000.00 $63,227,062.76 $50,024,890.93 $35,219,975.44 $18,617,743.22 $0.00

Títulos emitidos – bonos en circulación $75,000,000.00 $75,000,000.00 $75,000,000.00 $75,000,000.00 $75,000,000.00 $0.00

TOTAL PASIVO $150,000,000.00 $240,145,806.42 $253,568,532.74 $249,375,784.41 $243,663,222.39 $161,127,445.90

Capital emitido $191,873,000.00 $191,873,000.00 $191,873,000.00 $191,873,000.00 $191,873,000.00 $191,873,000.00

POLITECNICO GRANCOLOMBIANO FINANZAS CORPORATIVAS

 ESTADO DE SITUACIÓN FINANCIERA

Variable  Año 0  Año 1  Año 2  Año 3  Año 4  Año5 

Utilidad acumulada $0.00 $0.00 $28,280,918.17 $61,095,816.08 $98,929,051.50 $142,009,640.54

Utilidad del periodo $0.00 $28,280,918.17 $32,814,897.91 $37,833,235.42 $43,080,589.04 $48,521,881.88

TOTAL PATRIMONIO $191,873,000.00 $220,153,918.17 $252,968,816.08 $290,802,051.50 $333,882,640.54 $382,404,522.42

TOTAL PASIVO Y PATRIMONIO $341,873,000.00 $460,299,724.59 $506,537,348.82 $540,177,835.92 $577,545,862.93 $543,531,968.32

Cuadre $0.00 $0.00 $0.00 $0.00 $0.00 ($0.00)

POLITECNICO GRANCOLOMBIANO FINANZAS CORPORATIVAS