Solemne Ii P F

Solemne N° 2 – PLANIFICACIÓN FINANCIERA
USTEDES DISPONEN DE 100 MINUTOS PARA RESPONDER LAS CINCO PREGUNTAS QUE SE ENCUE
La prueba será estrictamente individual y cualquier indicio de copia u otras faltas a la ética, será pe
Usted debe desarrollar dos preguntas, con un total de 100 puntos
Responder las preguntas de desarrollo en PREGUNTA 1) y PREGUNTA 2) en las respectivas pestaña
PRUEBA SOLEMNE. inmediatamente a continuación de cada pregunta.
excel debe ser el nonbre del alumno.
El plazo para subir el archivo de respuestas a canvas vencerá a las 16:35
Las entregas posteriores serán penalizadas con la pérdida del punto base y pasado una hora del cie
Como medida de respaldo ante fallas, enviar también un mail con el archivo de respuestas a el sig
Chart Title
SOLEMNE 2 CURSO PLANIFICACION FINANCIERA (100 puntos)
Pregunta 1 ( 25 puntos)
La empresa PLANIF SA está interesada , a partir del trimestre 30, aumentar su eficiencia para lo cual se está evaluando incorpo
inversión de 3.600.000 UM. La reducción de costos unitarios de trabajo directo en los tramos A, B, C, D son 2,3; 3,3; 4,5 y 5,3 r
exigida por los inversionistas es de 1,5% trimestral. La vida útil y horizonte de evaluación del proyecto es de 2 años (8 trimestr
proyecto.
Intervenga el Modelo y realice los ajustes necesarios en pestaña PREGUNTA 1) con el objeto de incluir un Proyecto Tecnológic
Se pide:
a) Incorporar la Inversión Tecnológica y la Reducción de Costos en los Estados Financieros de PLANIF SA que se detallan en la
b) Incorporar la evaluación del proyecto a partir de la fila 628 , calcular el VAN y la TIR anual de este proyecto, concluya con s
Intervenga el Modelo y realice los ajustes necesarios en pestaña PREGUNTA 2) con el objeto de responder lo siguiente:
La empresa PLANIF SA está estudiando efectuar una emisión de acciones, el último día del trimestre 29, para financiar el proy
asuma un costo patrimonial de 1,5% trimestral
El precio de la acción (fila 549) debe ser calculado en base al valor presente de los dividendos futuro, que se pagarán trimestra
trimestre 46 en adelante un dividendo perpetuo sin crecimiento ( Div45 /tasa costo patrim trim )
Determine el precio por acción proyectado e indique el número de acciones (apróximado) que sería necesario emitir para fina
Tenga en consideración que al emitir acciones se debe pagar comisión al corredor de bolsa.
Conteste las siguientes preguntas conceptuales (en forma cualitativa)
Explique cómo se incorporaron los proyectos de marketing al modelo de Planificación Financiera, respondiendo:
a.- Objetivo del proyecto
b.- Determinación de los flujos de caja incrementales
Explique de qué manera se realizó la consolidación del Flujo de Efectivo base trimestral para expresarlos en base anual
Para consolidar el flujo de efectivo base trimestral en base anual, se sumaron los flujos de efectivo de cada
trimestre correspondientes al horizonte de evaluación del proyecto. Esto se hizo agrupando los flujos de efectivo en
bloques de 4 trimestres, representando un año. Así se obtuvieron los flujos de efectivo anuales, lo que permitió
tener una visión más clara de los flujos generados en cada año del proyecto. Esto facilita la evaluación de la liquidez
y capacidad de generación de efectivo de la empresa a lo largo del horizonte de evaluación.
Explique de que manera se realizó la consolidación del Balance base trimestral para expresarlos en base anual
Para consolidar el balance base trimestral en base anual, se sumaron los saldos de cada cuenta del balance
correspondientes a cada trimestre del horizonte de evaluación del proyecto. Se agruparon los saldos trimestrales en
bloques de 4 trimestres, representando un año, para obtener los saldos anuales de cada cuenta. Esto proporciona
una visión más clara y comparativa de la situación financiera y patrimonial de la empresa en cada año del proyecto.
a lo cual se está evaluando incorporar un Proyecto Técnologico que requiere una
os A, B, C, D son 2,3; 3,3; 4,5 y 5,3 respectivamente. Por otra parte, la tasa de rentabilidad
l proyecto es de 2 años (8 trimestres). No se considera relevante el valor residual del
o de incluir un Proyecto Tecnológico que significa reducir los costos unitarios de mano de obra .
de PLANIF SA que se detallan en la pestaña PREGUNTA 1) ( 10 puntos)

al de este proyecto, concluya con su recomendación respecto a la ejecucuón del proyecto (15 puntos)
o de responder lo siguiente:
trimestre 29, para financiar el proyecto tecnológico detallado en pregunta 1,
os futuro, que se pagarán trimestralmente, considerando desde el
ue sería necesario emitir para financiar el total de la inversión requerida por este proyecto
p3
nciera, respondiendo:
El objetivo del proyecto tecnológico de PLANIF SA es reducir los costos unitarios de mano de obra y a
inversión de 3.600.000 UM para implementar el proyecto. Los flujos de caja incrementales se determ
en los costos unitarios de mano de obra en cada trimestre. Estos ahorros se reflejaron en los estados
costos.
La consolidación del flujo de efectivo base trimestral se hizo sumando los flujos de efectivo de cada tr
efectivo anuales. La consolidación del balance base trimestral se logró sumando los saldos de cada cu
saldos anuales.
En conclusión, se incorporaron los proyectos tecnológicos al modelo de Planificación Financiera de PL
a expresarlos en base anual tecnológica y la reducción de costos unitarios en los estados financieros. Se evaluó el proyecto utiliza
para calcular el VAN y la TIR anual. Basado en los resultados positivos(la TIR es mayor a la tasa de des
proyecto tecnológico debido a su rendimiento financiero favorable.
Además, antes de realizar el proyecto tecnológico, la empresa PLANIF SA llevó a cabo una emisión de
necesarios. Esta emisión de acciones permitió obtener el capital requerido para financiar la inversión
efectivo de cada emisión de acciones, la empresa logró captar los recursos financieros necesarios para llevar a cabo el
do los flujos de efectivo en emitieron 29.000 acciones y se recaudo 3.678.105 UM
uales, lo que permitió
a evaluación de la liquidez
n.
arlos en base anual
uenta del balance

los saldos trimestrales en
uenta. Esto proporciona
en cada año del proyecto.
itarios de mano de obra y aumentar la eficiencia. Se realizó una
aja incrementales se determinaron calculando los ahorros anuales
se reflejaron en los estados financieros, afectando los ingresos y
flujos de efectivo de cada trimestre para obtener los flujos de

mando los saldos de cada cuenta en cada trimestre para obtener los
lanificación Financiera de PLANIF SA mediante la inversión

Se evaluó el proyecto utilizando los flujos de caja incrementales
TIR es mayor a la tasa de descuento), se recomienda ejecutar el
llevó a cabo una emisión de acciones para obtener los fondos

o para financiar la inversión tecnológica de 3.600.000 UM. Con la
esarios para llevar a cabo el proyecto y mejorar su eficiencia. Se
BASE PRUEBA SOLEMNE II
TALLER DE PLANIFICACION FINANCIERA
JUEGOS DE NEGOCIOS 1
MODELO DE PLANIFICACION
VARIABLES DE DECISION
1 Unidades a Producir
2 Precio de venta unitario
3 Compra de informacion
4 Compra de unidades de planta
Precio unit planta
5 Compra de unidades de maquinas
Precio unit maq
6 Inversion PROYECTO TECNOLOGICO
7 INVERSION PROYECTO DE MKT
8 a-.Inversion de corto plazo
VENTAS E INVENTARIO FÍSICO
VTAS ANUALES Y TASA CREC
ESTACIONALIDAD
Inventario Inicial Unid.
Produccion Unid.
Ventas Unid
Inventario Final MÁX 90 mil MÍN 5 mil
Inventario disponible para el trim.
Tasa Base de Inversion a C/P. Tasa de 3,65% real anual

TASAS INT. EN PRESTAMOS
Tasa de corto plazo

Tasas a dos años plazo
Tasas a tres años plazo
Tasas de largo plazo
Tasa con penalidad
Tasa de costo por retiro de bonos
Tasa costo x retiro accs. Preferidas
Tasa promedio mediano plazo
MONTO DE PRESTAMOS
Monto prestamo corto plazo

Monto M/P vence dentro del año(2 años)
Monto prestamo mediano plazo 3 años
Monto a L/P que vence dentro del año
Año siguiente
Monto prestamo mediano plazo a 3 años
Monto prestamo en bonos (largo plazo)
Monto prestamo total largo plazo
TOTAL MONTO PRESTAMOS
Costo unitario materia prima

COSTO DIR. FABRICACION
Ra Unida inicial
A 0.00
B 60,000.00
C 100,000.00
D 120,000.00
Rango y precios
A 0.00
B 0.00
C 0.00
D 0.00
CALCULOS
Costo A por precio
Costo B por precio
Costo C por precio
Costo D por precio
TOTAL COSTOS DIR (X TRABAJO)
JUEGO DE NEGOCIOS 4
ALMACENAJE
Unid. Inicial
a 0.00
b 2,000.00
c 3,000.00
Rango de precios
a
b
c
CALCULOS
Rango a por precio
Rango b por precio
Rango c por precio
TOT.COSTO DE ALMACENAJE
CAPACIDADES
Planta Original
Planta 1
Planta 2
Planta 3
Planta 4
Planta 5
Planta 6
Planta 7
Planta 8
Planta 9
Planta 10
Planta 11
Planta 12
TOT.CAPACIDAD DE PLANTA
Maquina Original
Maquina 1
Maquina 2
Maquina 3
Maquina 4
Maquina 5
Maquina 6
Maquina 7
Maquina 8
Maquina 9
Maquina 10
Maquina 11
Maquina 12
Maquina 13
Maquina 14
Maquina 15
Maquina 16
Maquina 17
Maquina 18
Maquina 19
Maquina 20
Maquina 21
Maquina 22
Maquina 23
TOT.CAPACIDAD DE MAQ.
Depreciaciones INVERSION EN PLANTA

Planta Original
Compra 1
Compra 2
Compra 3
Compra 4
Compra 5
Compra 6
Compra 7
Compra 8
Compra 9
Compra 10
Compra 11
Compra 12
Compra 13
TOT.DEPREC.PLANTAS
Depreciaciones maquinas
Maquinaria ORIGINALES
Compra 1
Compra 2
Compra 3
Compra 4
Compra 5
Compra 6
Compra 7
Compra 8
Compra 9
Compra 10
Compra 11
Compra 12
Compra 13
Compra 14
Compra 15
Compra 16
Compra 17
Compra 18
Compra 19
Compra 20
Compra 21
Compra 22
Compra 23
TOTAL DEPREC. MAQUINAS
DEPREC TECNOLOGÍA
AMORTIZ INV MKT
Gastos generales
Gastos de Adm.fijo
Gastos de Adm.var
COSTOS UNITARIOS DE PRODUCCION
COSTO UNITARIO INV.INICIAL
COSTO UNITARIO INV.FINAL
Acciones comunes
1 emision de acciones
TOTAL DE ACCS.COMUNES
VENTA FISICA ( en unidades )

ESTADO DE RESULTADOS
INGRESOS
Ingresos por venta
Descuentos contado
VENTAS NETAS
GASTOS
Materia prima
Costo directo por trabajo
COSTO DIRECTO TOTAL
Bodegaje
Depreciacion maquinarias
Depreciacion planta
Deprec tecnolog
Gastos generales
COSTOS INDIRECTOS TOTAL
Costo de produccion(costo dir+indir)
inventario inicial valorizado
inventario final valorizado
Costo de mercaderia vendida
UTILIDAD BRUTA
fijo + 5% Ventas
UTILIDAD OPERACIONAL
Rentabilidad inv. Corto plazo
Interes prestamo corto plazo
interes prestamo 3 años
Interes deuda largo plazo(bonos)
Intereses primera emision de bonos
Intereses segunda emision de bonos
Intereses tercera emision de bonos
Intereses cuarta emision de bonos
Intereses quinta emision de bonos
Intereses sexta emision de bonos
Costo por retiro de bonos
Costo fijo por emision de acciones
Comision de corredor
TOTAL CARGOS FINANCIEROS
AMORTIZ INV MKT
UTILIDAD NO OPERACIONAL
utilidad antes de impuesto
Impuesto a la renta (40%)
UTILIDAD NETA
Div. Por acciones comunes
UTIL.RETENIDAS EN TRIMESTRE
BALANCE GENERAL
ACTIVOS
ACTIVO CIRCULANTE
Caja max 7.000.000 min 1.000.000
inversiones de corto plazo
cuentas por cobrar
inventarios
INV MKT
AMORTIZ ACUM INV MKT
Total activo circulante
ACTIVO FIJO
Maquinarias y equipos originales
Depreciacion maquinaria acumulada
Plantas originales
Depreciacion planta acumulada
Compra activo fijo trimestre tres

Compra activo fijo trimestre cuatro
Compra activo fijo trimestre Cinco
Compra activo fijo trimestre seis
Compra activo fijo trimestre ocho
Compra activo fijo trimestre nueve
Compra activo fijo trimestre diez
Compra activo fijo trimestre once
Compra activo fijo trimestre doce
Compra activo fijo trimestre 13
Proyeccion compra act fijo
COMPRA TECNOLOGIA
DEPREC ACUM TECNOLOGIA
TOTAL ACTIV0 FIJO
TOTAL ACTIVOS
PASIVOS
PASIVOS CIRCULANTE
Cuentas por pagar
Vencimiento prestamo corto plazo
Vencimiento prestamo a 3 años
Vencimiento deuda a largo plazo
Vencimiento correspondiente a la 1a emision de bonos
Vencimiento correspondiente a la 2da emision de bonos
Vencimiento correspondiente a la 3era emision de bonos
Vencimiento correspondiente a la 4to emision de bonos
TOTAL PASIVO CIRCULANTE
PASIVO A LARGO PLAZO
prestamo a dos años
prestamo a tres años
deudas a largo plazo(bonos)
Vencimiento del resto de la 1a emision de bonos
Vencimiento del resto de la 2da emision de bonos
Vencimiento del resto de la 3ra emision de bonos
Vencimiento del resto de 4toa emision de bonos
TOTAL PASIVO A LARGO PLAZO
PATRIMONIO
Acciones comunes
Nuevas emisi{ones de acciones
Utilidades retenidas
TOTAL PATRIMONIO
TOTAL PASIVO
CALCE
INDICADORES
RETORNO SOBRE ACTIVOS
ROTACION ACTIVO TOTAL
COBERTURA INTERESES
RETORNO SOBRE PATRIMONIO
PASIVO CIRC/PATRIMONIO
PASIVO LP /PATRIMONIO
PASIVO TOT /PATRIMONIO
PASIVO FINANCIERO /PATRIMONIO
CRECIMIENTO DEL PATRIMONIO
INFORME DE PRESTAMOS
Monto prestamo 2 años

Deuda Principal
Interes
Amortizacion
CUOTA
Monto prestamo M/P 3 años

Deuda Principal
Interes
Amortizacion
Saldo
Monto prestamo L/P(bonos)

Deuda Principal
Interes
Amortizacion
Saldo
Vencimiento a 1 año
Vencimiento a L/P
Monto M/P Vence dentro del año(2años)

Deuda principal
amortizacion
Primera emision de bonos amortizados dentro del año
Resto de amortizacion primera emision de bonos
Segunda emision de bonos amortizados dentro del año

Resto de amortizacion segunda emision de bonos
Tercera emision de bonos amortizados dentro del año

Cuarta emision de bonos amortizados dentro del año

Quinta emision de bonos amortizados dentro del año

Sexta emision de bonos amortizados dentro del año

tasa real
Primera emisión de bonos
Segunda emisión de bonos
Tercera emisión de bonos
Cuarta emisión de bonos
Quinta emisión de bonos
Sexta emisión de bonos
EMISION DE ACCIONES
N° de acciones vigentes
N° de acciones ofrecidas
Precio de acción
Recaudo por acción
Costo fijo de emisión
Costo variable tamaño emisión
Costo variable de colocación
Ingresos netos
Impacto en flujo de caja
Ingresos
Egresos
Com. Corredor
FLUJO DE CAJA
INGRESOS
Saldo inicial
Ingresos ventas periodo vigente
ingresos ventas periodo anterior
Intereses inversion corto plazo
Ingresos por emision de acciones
Ingreso por emisiòn de bonos
Prestamo corto plazo
TOTAL CAJA DISPONIBLE
EGRESOS
Materia prima periodo vigente
Materia prima periodo anterior
Mano de obra directa periodo
Bodegaje
Gastos generals periodo vige
Gastos generals periodo ant
Gastos de adm. y ventas
Costos de ordenamiento
Compras de plantas y maquinas
Intereses
Impuestos
Dividendos
Amortizacion de deudas bcos
Amortizacion primera emision de bonos
Amortizacion segunda emision de bonos
Amortizacion tercera emision de bonos
Amortizacion cuarta emision de bonos
Amortizacion quinta emision de bonos
Amortizacion sexta emision de bonos
COMPRA TECNOLOGÍA A
INVERSION MKT
TOTAL EGRESOS TRIMETRE
SALDOS
Saldo (diferencia entre caja y egreso)
Inversion de corto plazo
Retiro de inversion c/plazo
SALDO CAJA FINAL
LAS PLANTAS SE COMPRAN DOS TRIM ANTES DE SU PUESTA EN MA
TRIM 1 TRIM 2 TRIM 3 TRIM 4

CAPACIDADES PROYECTADAS 100,000 100,000 100,000 100,000
100,000 100,000 100,000 100,000
RANGO 80% A 98%
HISTORIA (SE ASUME QUE ESTAMOS AL INICIO DE TRI 6)

100,000.00 100,000.00 100,000.00 100,000.00

100.00 100.00 100.00 100.00
25,830,000 11,070,000
369 369
1,425,000 3,705,000
57 57
1,700,000
200,000 1,300,000 -1,500,000 -
9.97%
9,809.00 12,426.00 13,084.00 13,084.00

100,000.00 100,000.00 100,000.00 100,000.00
97,383.00 99,342.00 100,000.00 100,000.00
12,426 13,084 13,084 13,084
109,809.00 112,426.00 113,084.00 113,084.00
0.013 0.040 0.009 0.009
0.03 0.02 0.02 0.02

0.03 0.03 0.03 0.03
0.03 0.03 0.03 0.03
0.01 0.01 0.01 0.01
0.06 0.06 0.06 0.06
0.08 0.08 0.08 0.08
0.08 0.08 0.08 0.08
0.03 0.03 0.03 0.03
2,500,000
1250000 1250000 1250000 1250000
600000 300000
1200000 1200000 1200000 1200000
937500 625000 312500
1200000 900000 600000 300000

2400000 2100000 1800000 1500000
10087500 6375000 5162500 4250000
15.00 15.00 15.00 15.00
Unid fin.
60,000.00 60,000.00 60,000.00 60,000.00 60,000.00
100,000.00 40,000.00 40,000.00 40,000.00 40,000.00
120,000.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 39.00 39.00 38.00 38.00

0.00 29.00 29.00 26.00 26.00
0.00 25.00 25.00 18.00 18.00
0.00 33.00 33.00 24.00 24.00
Proy tec 1
A 1.00 1.00
B 3.00 3.00
C 7.00 7.00
D 9.00 9.00
2340000 2340000 2280000 2280000

1160000 1160000 1040000 1040000
0 0 0 0
0 0 0 0
3500000 3500000 3320000 3320000
Unid. Final
2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
3,000.00 5,000.00 5,000.00 5,000.00 5,000.00
5,426.00 6,084.00 6,084.00 6,084.00
1.00 1.00 1.00 1.00

3.00 3.00 3.00 3.00
8.00 8.00 8.00 8.00
2,000 2,000 2,000 2,000

15,000 15,000 15,000 15,000
43,408 48,672 48,672 48,672
60,408 65,672 65,672 65,672
100,000 100,000 100,000 100,000
- -
- -
- -
100,000 100,000 100,000 100,000
100,000 100,000 100,000 75,000

- - 25,000
- -
- -
100,000 100,000 100,000 100,000
1,300,000 1,300,000 1,300,000 1,300,000

-
-
-
1,300,000 1,300,000 1,300,000 1,300,000
478,125 478,125 478,125 384,375

178,125
478,125 478,125 478,125 562,500
212500 212500
200,000.00 200000 200000 200000 200000

1,000,000.00 1000000 1055556 1055556 1055556
0.05 486915 496710 500000 500000
70.385 70.438 70.763 71.607
74.785 70.778 70.476 70.730
70.778 70.476 70.730 71.505
1000000 1000000 1000000 1000000
1000000 1000000 1000000 1000000

97383 99342 100000 100000
9,738,300 9,934,200 10,000,000 10,000,000
9,738,300 9,934,200 10,000,000 10,000,000
1,500,000 1,500,000 1,500,000 1,500,000

3,500,000 3,500,000 3,320,000 3,320,000
5,000,000 5,000,000 4,820,000 4,820,000
60,408 65,672 65,672 65,672
478,125 478,125 478,125 562,500
1,300,000 1,300,000 1,300,000 1,300,000
212,500 212,500
200,000 200,000 200,000 200,000
2,038,533 2,043,797 2,256,297 2,340,672
7,038,533 7,043,797 7,076,297 7,160,672
733,567 879,492 922,103 925,428
879,492 922,103 925,428 935,575
6,892,608 7,001,186 7,072,972 7,150,525
2,845,692 2,933,014 2,927,028 2,849,475
1,486,915 1,552,266 1,555,556 1,555,556
1,358,777 1,380,748 1,371,472 1,293,919

2,650 60,000 13,500 13,500
77,750 68,031 58,313 48,594
15,000 15,000 7,500 -
33,600 33,600 29,400 25,200
450,000 441,708
615,000
50,000 50,000
96,869 106,762
126,350 116,631 692,081 1,287,263
1,235,077 1,324,117 692,891 20,156

494,031 529,647 277,156 8,062
741,046 794,470 415,734 12,094
100,000 100,000 100,000 100,000
641,046 694,470 315,734 - 87,906
120,592 206,823 8,027,459 39,300,289

200,000 1,500,000 - -
6,524,661 6,655,914 6,700,000 6,700,000
879,492 922,103 925,428 935,575
7,724,745 9,284,840 15,652,886 46,935,863

2,486,250 2,486,250 2,486,250 2,486,250
478,125 956,250 1,434,375 1,996,875
8,465,250 8,465,250 8,465,250 8,465,250
1,300,000 2,600,000 3,900,000 5,200,000
27,255,000 27,255,000
14,775,000
- - 27,255,000 42,030,000
1,700,000 1,700,000
212,500 425,000
9,173,375 7,395,250 34,359,625 47,059,625
16,898,120 16,680,090 50,012,511 93,995,488
520,000 520,000 502,000 502,000

1,250,000 1,250,000 1,250,000 1,250,000
600,000 300,000 - -
1,200,000 1,200,000 1,200,000 1,200,000
2,295,427 2,329,859
3,137,084
Extender suma 3,570,000 3,270,000 5,247,427 8,418,943
937,500 625,000 312,500 -
1,200,000 900,000 600,000 300,000

27,151,760 26,556,223
37,107,405
2,137,500 1,525,000 28,064,260 63,963,628
8,000,000 8,000,000 8,000,000 12,500,000

4,500,000 5,000,000
3,190,620 3,885,090 4,200,824 4,112,918
11,190,620 11,885,090 16,700,824 21,612,918
16,898,120 16,680,090 50,012,511 93,995,488
0.0 0.0 0.0 0.0
0.18 0.19 0.03 0.00

2.31 2.38 0.80 0.43
10.78 12.35 2.00 1.02
0.26 0.27 0.10 0.00
0.28 0.31 0.39
0.13 1.68 2.96
0.40 1.99 3.35
0.46 0.36 1.96 3.33
24.31 24.82 7.71 -1.62
2,183,510 1,938,917 1,686,717 1,426,674

67,907 60,300 52,457 44,370
244,593 252,200 260,043 268,130
312,500 312,500 312,500 312,500
900,000 600,000 300,000 0

22,500 15,000 7,500 0
300,000 300,000 300,000 0
600,000 300,000 0 0
2,700,000 2,400,000 2,100,000 1,800,000

37,800 33,600 29,400 25,200
300,000 300,000 300,000 300,000
2,400,000 2,100,000 1,800,000 1,500,000
1,200,000 1,200,000 1,200,000 1,200,000

1,200,000 900,000 600,000 300,000
1,250,000 1,250,000 1,250,000 1,250,000

0 0 0 312,500
2,295,427 2,329,859
27,151,760 26,556,223
1
3,137,084
37,107,405
1 2
Deuda 30,000,000 29,447,187 28,886,082
Amortizacion 552,813 561,105
Interes 1.50% 450,000 441,708
Cuota 1,002,813 1,002,813
Deuda 41,000,000 40,244,489

Amortizacion 755,511
Interes 1.50% 615,000
Cuota 1,370,511
TRIM1 TRIM2 TRIM3 TRIM4

0 0 1,000,000 1,100,000
0 0 100,000 100,000
0.00 0.00 45.00 50.00
0 0 43.53 48.43
50,000 0 0 50,000 50,000
2% 0 0 96,869 106,762
0 0 4,353,131 4,843,238
0.0000000 4,500,000 5,000,000

146,869 156,762
4,843,238
363,662
0 0 96,869 106,762
PRECIO ACCION
PV dividendo
factor de act
0.03
320592 1706823 8027459

3213639 3278286 3300000 3300000
1864507 6524661 6655914 6700000
2650 60000 13500 13500
4500000 5000000
30,000,000.00 41000000
2,500,000
7580796 10183539 46176237 64040959
1 1350000 1350000 1350000 1350000

0 150000 150000 150000
1 3150000 3150000 2988000 2988000
0 350000 350000 332000
60408 65672 65672 65672
1 180000 180000 180000 180000
0 20000 20000 20000
1486915 1552266 1555556 1555556
27255000 14775000
126350 116631 545213 1130502
494031 529647 277156 8062
100000 100000 100000 100000
50000 50000
96869 106762
312500 912500 912500 612500
552813 561105
755511
1700000
7260204 8476716 38148779 24740670
320592 1706823 8027459 39300289

200000 1500000 0 0
120592 206823 8027459 39300289

EVALUACIÓN PROYECTO TECNOLÓGICO 0 1 2
INGRESOS MENOS EGRESOS DEL PERIODO SIN PROY 7,847,139 31,080,004
INGRESOS MENOS EGRESOS DEL PERIODO CON PROY 6,320,635 31,272,830
Flujo de caja que aporta el proy - 1,700,000 173,496 192,826
Tasa de dcto 3.00%
1 2
Factor de actualIzación 0.97 0.94
CALCULO VAN 290,518 168443 181757
TIR PROY TRIM 6.64%

TIR ANUAL 29.30%
NTES DE SU PUESTA EN MARCHA. LAS MAQUINAS 1 TRIM ANTES
- -
TRIM 5 TRIM 6 TRIM 7
150,000 150,000 150,000
150,000 150,000 150,000
81% 82.0%
NICIO DE TRI 6) PROYECCION

150,000.00 121,000 123,000

100.00 123.00 123.00
- 9,225,000
369 369 369
- 3,135,000 -
57 57 57
- 26,000,000 3,500,000
449,342.00
0.26 0.25
13,084.00 13,084.00 5,607.24
150,000.00 121,000.00 123,000.00
150,000.00 128,476.76 123,535.35
13,084 5,607 5,072
163,084.00 134,084.00 128,607.24
3.649% tasa equivalente anual real
0.009 0.009 0.009
0.02 0.02 0.02

0.03 0.03 0.03
0.03 0.03 0.03
0.01 0.01 0.01
0.06 0.06 0.06
0.08 0.08 0.08
0.08 0.08 0.08
0.03 0.03 0.03
937500 625000 312500
1200000 900000 600000
0 0 0
1200000 900000 600000
3337500 2425000 1512500
15.00 15.00 15.00
60,000.00 60,000.00 60,000.00

40,000.00 40,000.00 40,000.00
20,000.00 20,000.00 20,000.00
30,000.00 1,000.00 3,000.00
38.00 38.00 38.00

26.00 26.00 26.00
18.00 18.00 18.00
24.00 24.00 24.00
2280000 2280000 2280000

1040000 1040000 1040000
360000 360000 360000
720000 24000 72000
4400000 3704000 3752000
2,000.00 2,000 2,000

5,000.00 3,000 3,000
6,084.00 607 72
1.00 1.00 1.00

3.00 3.00 3.00
8.00 8.00 8.00
2,000 2,000 2,000

15,000 9,000 9,000
48,672 4,858 575
65,672 15,858 11,575
80,000 50,000 50,000
70,000 70,000 70,000
30,000 30,000
150,000 150,000 150,000
CAPACIDAD PROYECTADA
60,000 60,000 5,000
25,000 25,000 25,000
65,000 65,000 65,000
-
55,000
150,000 150,000 150,000

CAPACIDAD PROYECTADA 150,000 150,000
989,000 667,500 667,500

1,291,500 1,291,500 1,291,500
553,500 553,500
2,280,500 2,512,500 2,512,500
311,250 311,250 22,500

178,125 178,125 178,125
463,125 463,125 463,125
- -
391,875
952,500 952,500 1,055,625
212500 212500 212500
200000 200000 200000

1055556 1055556 1055556
750000 790132 759742
69.074 77.788 77.961
71.505 69.269 76.957
69.269 76.957 77.917
1000000 1000000 1000000
1000000 1000000 1000000

150000 128477 123535
15,000,000 15,802,642 15,194,848
15,000,000 15,802,642 15,194,848
2,250,000 1,815,000 1,845,000

4,400,000 3,704,000 3,752,000
6,650,000 5,519,000 5,597,000
65,672 15,858 11,575
952,500 952,500 1,055,625
2,280,500 2,512,500 2,512,500
212,500 212,500 212,500
200,000 200,000 200,000
3,711,172 3,893,358 3,992,200
10,361,172 9,412,358 9,589,200
935,575 906,322 431,515
906,322 431,515 395,187
10,390,425 9,887,165 9,625,528
4,609,575 5,915,477 5,569,320
1,805,556 1,845,688 1,815,298
2,804,019 4,069,789 3,754,022

13,500 234,000 265,500
38,875 29,156 19,438
- - -
21,000 16,800 12,600
433,291 424,748 416,077
603,667 592,165 580,489
50,000 50,000 50,000

8,164 - 50,000 - 50,000
1,154,998 1,062,869 1,028,604
1,662,522 3,240,920 2,990,917

665,009 1,296,368 1,196,367
997,513 1,944,552 1,794,550
100,000 100,000 100,000
897,513 1,844,552 1,694,550
38,556,689 6,260,215 6,594,158

- 26,000,000 29,500,000
10,050,000 7,901,321 7,597,424
906,322 431,515 395,187
49,513,011 40,593,052 44,086,770

2,486,250 2,486,250 2,486,250
2,949,375 3,901,875 4,957,500
8,465,250 8,465,250 8,465,250
7,480,500 9,993,000 12,505,500
27,255,000 27,255,000 27,255,000

14,775,000 14,775,000 14,775,000
- - -
12,360,000 12,360,000
42,030,000 54,390,000 54,390,000
1,700,000 1,700,000 1,700,000
637,500 850,000 1,062,500
43,614,125 52,296,625 48,516,000
93,127,136 92,889,677 92,602,770
685,000 571,900 579,700

937,500 625,000 312,500
- - -
1,200,000 900,000 600,000
2,364,807 2,400,279 2,436,283
3,184,140 3,231,902 3,280,381
8,371,447 7,729,081 7,208,864
- - -
- - -
25,951,753 25,338,216 24,715,477
36,293,505 35,467,396 34,628,896
62,245,258 60,805,613 59,344,373
17,500,000 17,500,000 17,500,000

- - -
5,010,431 6,854,983 8,549,533
22,510,431 24,354,983 26,049,533
93,127,136 92,889,677 92,602,770
0.0 0.0 0.0
trim6 trim7
0.04 0.08 0.08
0.64 0.68 0.66
2.44 4.05 3.91
0.18 0.32 0.28
0.37 0.32 0.28
2.77 2.50 2.28
3.14 2.81 2.55
3.11 2.79 2.53
16.61 32.78 27.83
1,158,544 882,075 597,007

36,031 27,433 18,567
276,469 285,067 293,933
312,500 312,500 312,500
0 0 0
0 0 0
0 0 0
0 0 0
1,500,000 1,200,000 900,000

21,000 16,800 12,600
300,000 300,000 300,000
1,200,000 900,000 600,000
1,200,000 900,000 600,000

0 0 0
937,500 625,000 312,500

312,500 312,500 312,500
2,364,807 2,400,279 2,436,283
25,951,753 25,338,216 24,715,477
2 3 4
3,184,140 3,231,902 3,280,381
36,293,505 35,467,396 34,628,896
3 4 5
28,316,560 27,738,495 27,151,760
569,522 578,065 586,736
433,291 424,748 416,077
1,002,813 1,002,813 1,002,813
SEGUNDA CLASE EMISION DE BONOS PARA FINANCIAR EXPANSION

39,477,645 38,699,298 37,909,277
766,844 778,346 790,022
603,667 592,165 580,489
1,370,511 1,370,511 1,370,511
TERCERA EMISION DE BONOS PARA FINANCIAR EXPANSION EN PLAN

Deuda 50,000,000
Amortizacion
Interes 1.5%
Cuota
TRIM5 TRIM6 TRIM7

1,200,000 1,210,000 1,210,000
10,000
41.30
35.48 0.00 0.00
50,000 50,000 50,000
8,164 -50,000 -50,000

354,824 0 0
0 0
0 0
0
1,440,198 0 0
8,164 -50,000 -50,000
1 2
41.30 0.08 0.08
0.08 0.08
0.97 0.94
39300289 38,556,689 32260215

4950000 7901321 7597424
6700000 10050000 7901321
13500 234000 265500
0 0 0
50963789 56742010 48024460
2025000 1633500 1660500

150000 225000 181500
3960000 3333600 3376800
332000 440000 370400
65672 15858 11575
180000 180000 180000
20000 20000 20000
1805556 1845688 1815298
0 12360000 0
1096834 1062869 1028604
665009 1296368 1196367
100000 100000 100000
50000 50000 50000
8164 -50000 -50000
612500 612500 612500
569522 578065 586736
766844 778346 790022
12407100 24481794 11930302
38556689 32260215 36094158

0 26000000 29500000
38556689 6260215 6594158

3 4 5
- 1,155,161 - 6,595,443 3,542,774
- 743,600 - 6,296,473 3,833,943
411,562 298,970 291,169
3 4 5
0.92 0.89 0.86
376637 265631 251165

IM ANTES
- - - -
150,000 150,000 180,000 180,000
150,000 150,000 180,000 180,000
82.0% 82.0% 80.6% 80.6%
123,000 123,000 145,000 145,000

123.00 123.00 123.00 123.00
11,070,000 9,225,000 - -
369 369 369 369
285,000 1,710,000 - 1,425,000
57 57 57 57
1,100,000
44,000,000 -8,500,000 70,000,000
494,141.40
0.24 0.25 0.26 0.25
5,071.89 9,477.95 8,942.60 11,114.98
123,000.00 123,000.00 145,000.00 145,000.00
118,593.94 123,535.35 142,827.62 137,334.25
9,478 8,943 11,115 18,781
128,071.89 132,477.95 153,942.60 156,114.98
0.009 0.009 0.009 0.009
0.02 0.02 0.02 0.02

0.03 0.03 0.03 0.03
0.03 0.03 0.03 0.03
0.01 0.01 0.01 0.01
0.06 0.06 0.06 0.06
0.08 0.08 0.08 0.08
0.08
0.03 1.03 2.03 3.03
0 0 0 0
300000 0 0 0
0 0 0 0
300000 0 0 0
600000 0 0 0
15.00 15.00 15.00 15.00
60,000.00 60,000.00 60,000.00 60,000.00

40,000.00 40,000.00 40,000.00 40,000.00
20,000.00 20,000.00 20,000.00 20,000.00
3,000.00 3,000.00 25,000.00 25,000.00
38.00 38.00 38.00 39.00

26.00 26.00 26.00 29.00
18.00 18.00 18.00 25.00
24.00 24.00 24.00 33.00
2280000 2280000 2280000 2340000

1040000 1040000 1040000 1160000
360000 360000 360000 500000
72000 72000 600000 825000
3752000 3752000 4280000 4825000
2,000 2,000 2,000 2,000

3,000 3,000 3,000 3,000
4,478 3,943 6,115 13,781
1.00 1.00 1.00 1.00

3.00 3.00 3.00 3.00
8.00 8.00 8.00 8.00
2,000 2,000 2,000 2,000

9,000 9,000 9,000 9,000
35,824 31,541 48,920 110,246
46,824 42,541 59,920 121,246
25,000 25,000 25,000 -
70,000 70,000 70,000 70,000
30,000 30,000 30,000 30,000
25,000 25,000 25,000 25,000
30,000 30,000
25,000
150,000 150,000 180,000 180,000
5,000
25,000 25,000 25,000 25,000
65,000 65,000 65,000 65,000
- - - -
55,000 55,000 55,000 55,000
5,000 5,000 5,000
30,000 30,000
150,000 150,000 180,000 180,000

150,000 150,000 180,000 180,000
313,750
1,291,500 1,291,500 1,291,500 1,291,500
553,500 553,500 553,500 553,500
461,250 461,250 461,250 461,250
553,500 553,500
461,250
2,620,000 2,306,250 2,859,750 3,321,000
22,500 -
178,125 178,125 178,125 178,125
463,125 463,125 463,125 463,125
- - - -
391,875 391,875 391,875 391,875
35,625 35,625 35,625
213,750 213,750
1,055,625 1,068,750 1,282,500 1,282,500
212500 212500 212500
275000 275000
200000 200000 200000 200000

1055556 1055556 1055556 1055556
729353 759742 878390 844606
79.122 76.643 76.343 82.240
77.917 79.074 76.817 76.370
79.074 76.817 76.370 81.822
1000000 1000000 1000000 1000000
1000000 1000000 1000000 1000000

118594 123535 142828 137334
14,587,054 15,194,848 17,567,797 16,892,112
14,587,054 15,194,848 17,567,797 16,892,112
1,845,000 1,845,000 2,175,000 2,175,000

3,752,000 3,752,000 4,280,000 4,825,000
5,597,000 5,597,000 6,455,000 7,000,000
46,824 42,541 59,920 121,246
1,055,625 1,068,750 1,282,500 1,282,500
2,620,000 2,306,250 2,859,750 3,321,000
212,500 212,500 212,500
200,000 200,000 200,000 200,000
4,134,949 3,830,041 4,614,670 4,924,746
9,731,949 9,427,041 11,069,670 11,924,746
395,187 749,458 686,940 848,852
749,458 686,940 848,852 1,536,672
9,377,678 9,489,559 10,907,757 11,236,926
5,209,376 5,705,289 6,660,040 5,655,187
1,784,909 1,815,298 1,933,946 1,900,162
3,424,468 3,889,991 4,726,094 3,755,025

661,500 585,000 585,000 1,215,000
19,438 19,438 19,438 19,438
- - - -
8,400 4,200 - -
407,276 398,343 389,276 380,073
568,639 556,611 544,403 532,011
750,000 736,180 722,152 707,914
1,050,000
50,000 50,000 50,000 50,000

- 50,000 9,120 - 50,000 - 50,000
1,753,753 1,773,891 1,675,268 2,689,436
275,000 275,000
2,332,214 2,701,099 3,360,825 2,005,589

932,886 1,080,440 1,344,330 802,236
1,399,329 1,620,660 2,016,495 1,203,354
100,000 100,000 806,598 481,341
1,299,329 1,520,660 1,209,897 722,012
3,444,974 3,684,574 4,772,786 4,938,242

73,500,000 65,000,000 65,000,000 135,000,000
7,293,527 7,597,424 8,783,898 8,446,056
749,458 686,940 848,852 1,536,672
1,100,000 1,100,000
275,000 550,000
84,987,960 76,968,938 80,230,537 150,470,971
2,486,250 2,486,250 2,486,250 2,486,250
6,013,125 7,081,875 8,364,375 9,646,875
8,465,250 8,465,250 8,465,250 8,465,250
15,125,500 17,431,750 20,291,500 23,612,500
27,255,000 27,255,000 27,255,000 27,255,000

14,775,000 14,775,000 14,775,000 14,775,000
- - - -
12,360,000 12,360,000 12,360,000 12,360,000
11,355,000 11,355,000 11,355,000 11,355,000
10,935,000 10,935,000 10,935,000
- -
1,425,000
65,745,000 76,680,000 76,680,000 78,105,000
1,700,000 1,700,000 1,700,000
1,275,000 1,487,500 1,700,000
55,982,875 63,330,375 58,975,625 55,797,125
140,970,835 140,299,313 139,206,162 206,268,096
579,700 579,700 665,500 720,000

- - - -
- - - -
300,000 - - -
2,472,827 2,509,920 2,547,568 2,585,782
3,329,587 3,379,530 3,430,223 3,481,677
3,825,712 3,883,098 3,941,344 4,000,465
5,355,997
10,507,826 10,352,248 10,584,636 16,143,920
- - - -
- - - -
24,083,396 23,441,834 22,790,648 22,129,695
33,777,818 32,913,974 32,037,173 31,147,219
45,252,933 44,260,372 43,252,922 42,230,361
63,354,106
103,114,147 100,616,179 98,080,743 158,861,380
17,500,000 17,500,000 17,961,364 17,961,364

- 461,364 - -
9,848,862 11,369,521 12,579,419 13,301,431
27,348,862 29,330,885 30,540,783 31,262,795
140,970,835 140,299,313 139,206,162 206,268,096
0.0 0.0 0.0 0.0
trim8 trim9 trim10 trim11
0.04 0.05 0.06 0.02
0.41 0.43 0.50 0.33
2.33 2.52 3.17 1.85
0.20 0.22 0.26 0.15
0.38 0.35 0.35 0.52
3.77 3.43 3.21 5.08
4.15 3.78 3.56 5.60
4.13 3.76 3.54 5.57
19.95 21.87 16.50 9.46
303,074
9,426
303,074
312,500
0
0
0
0
600,000 300,000
8,400 4,200
300,000 300,000
300,000 0
300,000
0
2,472,827 2,509,920 2,547,568 2,585,782

24,083,396 23,441,834 22,790,648 22,129,695
5 6 7 8
3,329,587 3,379,530 3,430,223 3,481,677
33,777,818 32,913,974 32,037,173 31,147,219
1 2 3 4
3,825,712 3,883,098 3,941,344 4,000,465
45,252,933 44,260,372 43,252,922 42,230,361
1
5,355,997
63,354,106
6 7 8 9
26,556,223 25,951,753 25,338,216 24,715,477
595,537 604,470 613,537 622,740
407,276 398,343 389,276 380,073
1,002,813 1,002,813 1,002,813 1,002,813
ION DE BONOS PARA FINANCIAR EXPANSION EN PLANTAS Y MAQ

37,107,405 36,293,505 35,467,396 34,628,896
801,872 813,900 826,109 838,500
568,639 556,611 544,403 532,011
1,370,511 1,370,511 1,370,511 1,370,511
BONOS PARA FINANCIAR EXPANSION EN PLANTAS Y MAQ SE PUEDE COMPLEMENTAR MAS A

1 2 3 4
49,078,644.9 48,143,470 47,194,266 46,230,825
921,355 935,175 949,203 963,441
750,000 736,180 722,152 707,914
1,671,355 1,671,355 1,671,355 1,671,355
1
Deuda 70,000,000 68,710,103
Amortizacion 1,289,897
Interes 1.5% 1,050,000
Cuota 2,339,897

1,210,000 1,210,000 1,220,000 1,220,000
10,000.00
46.14
0.00 40.22 0.00 0.00
50,000 50,000 50,000 50,000
-50,000 9,120 -50,000 -50,000

0 402,244 0 0
0 461,364 0 0
0 59,120 0 0
0 1,027,446 0 0
-50,000 9,120 -50,000 -50,000
3 4 5 6
0.08 0.08 0.66 0.39
0.08 0.07 0.57 0.33
0.92 0.89 0.86 0.84
1 2
PRECIO ACCION 46.14 0.66 0.39
PV dividendo 0.64 0.37
factor de act 0.97 0.94
0.03
36094158 76944974 68,684,574 69772786

7293527 7597424 8783898 8446056
7597424 7293527 7597424 8783898
661500 585000 585000 1215000
0 461364 0 0
50,000,000.00 70,000,000.00
101646609 92882289 85650896 158217740
1660500 1660500 1957500 1957500

184500 184500 184500 217500
3376800 3376800 3852000 4342500
375200 375200 375200 428000
46824 42541 59920 121246
180000 180000 180000 180000
20000 20000 20000 20000
1784909 1815298 1933946 1900162
11355000 10935000 0 1425000

1753753 1714772 1675268 2689436
932886 1080440 1344330 802236
100000 100000 806598 481341
50000 50000 50000 50000
-50000 9120 -50000 -50000
612500 300000 0 0
595537 604470 613537 622740
801872 813900 826109 838500
921355 935175 949203 963441
1,289,897
1100000
24701635 24197715 15878111 18279499
76944974 68,684,574 69772786 139938242

73500000 65000000 65000000 135000000
3444974 3684574 4772786 4938242

6 7 8
40,555,689 - 8,562,415 766,254
40,850,816 - 8,260,400 1,088,212
295,127 302,014 321,958
6 7 8
0.84 0.81 0.79
247164 245565 254157
0 1 2
Flujo de caja que aporta el proy -1,100,000.00 226,482 334,562
Tasa de dcto 0.03
CALCULO VAN 101,747.27 219,885 315,357
TIR PROY TRIM 6.5%

TIR ANUAL 28.6%
- - - -
180,000 180,000 190,000 190,000
180,000 180,000 190,000 190,000
80.6% 80.6% 84.2% 84.2%
145,000 145,000 160,000 160,000

123.00 123.00 123.00 123.00
3,690,000 - - -
369 369 369 369
3,705,000 570,000 3,135,000
57 57 57 57
4,200,000
-9,000,000
549,336.99
0.24 0.25 0.26 0.25
18,780.74 31,939.86 39,605.61 42,538.08
145,000.00 145,000.00 160,000.00 160,000.00
131,840.88 137,334.25 157,067.53 151,026.47
31,940 39,606 42,538 51,512
163,780.74 176,939.86 199,605.61 202,538.08
0.009 0.009 0.009 0.009
0.02 0.02 0.02 0.02

0.03 0.03 0.03 0.03
0.03 0.03 0.03 0.03
0.01 0.01 0.01 0.01
0.06 0.06 0.06 0.06
0.08 0.08 0.08 0.08
4.03 4.03 4.03 4.03
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
15.00 15.00 15.00 15.00
60,000.00 60,000.00 60,000.00 60,000.00

40,000.00 40,000.00 40,000.00 40,000.00
20,000.00 20,000.00 20,000.00 20,000.00
25,000.00 25,000.00 40,000.00 40,000.00
39.00 39.00 36.00 36.00

29.00 29.00 24.00 24.00
25.00 25.00 18.00 18.00
33.00 33.00 24.00 24.00
Proy tec 2
A 3.00 3.00
B 5.00 5.00
C 7.00 7.00
D 9.00 9.00
2340000 2340000 2160000 2160000

1160000 1160000 960000 960000
500000 500000 360000 360000
825000 825000 960000 960000
4825000 4825000 4440000 4440000
2,000 2,000 2,000 2,000

3,000 3,000 3,000 3,000
26,940 34,606 37,538 46,512
1.00 1.00 1.00 1.00

3.00 3.00 3.00 3.00
8.00 8.00 8.00 8.00
2,000 2,000 2,000 2,000

9,000 9,000 9,000 9,000
215,519 276,845 300,305 372,093
226,519 287,845 311,305 383,093
70,000 70,000 70,000 70,000

30,000 30,000 30,000 30,000
25,000 25,000 25,000 25,000
30,000 30,000 30,000 30,000
25,000 25,000 25,000 25,000
10,000 10,000
180,000 180,000 190,000 190,000
65,000
- -
55,000 55,000 55,000
5,000 5,000 5,000 5,000
30,000 30,000 30,000 30,000
25,000 25,000 25,000 25,000
65,000 65,000 65,000
10,000 10,000
55,000
180,000 180,000 190,000 190,000

180,000 180,000 200,000 200,000
TRIM 12 TRIM 13
1,291,500 1,291,500 1,291,500 1,291,500

553,500 553,500 553,500 553,500
461,250 461,250 461,250 461,250
553,500 553,500 553,500 553,500
461,250 461,250 461,250 461,250
184,500 184,500
3,321,000 3,321,000 3,505,500 3,505,500
463,125
- -
391,875 391,875 391,875
35,625 35,625 35,625 35,625
213,750 213,750 213,750 213,750
178,125 178,125 178,125 178,125
463,125 463,125 463,125
71,250 71,250
391,875
1,282,500 1,282,500 1,353,750 1,353,750
525,000 525,000
275000 275000
200000 200000 200000 200000

1055556 1055556 1055556 1055556
810821 844606 965965 928813
82.966 83.389 79.597 80.046
81.822 82.834 83.289 80.330
82.834 83.289 80.330 80.105
1000000 1000000 1000000 1000000
1000000 1000000 1000000 1000000

131841 137334 157068 151026
16,216,428 16,892,112 19,319,306 18,576,256
16,216,428 16,892,112 19,319,306 18,576,256
2,175,000 2,175,000 2,400,000 2,400,000

4,825,000 4,825,000 4,440,000 4,440,000
7,000,000 7,000,000 6,840,000 6,840,000
226,519 287,845 311,305 383,093
1,282,500 1,282,500 1,353,750 1,353,750
3,321,000 3,321,000 3,505,500 3,505,500
525,000 525,000
200,000 200,000 200,000 200,000
5,030,019 5,091,345 5,895,555 5,967,343
12,030,019 12,091,345 12,735,555 12,807,343
1,536,672 2,645,721 3,298,694 3,417,069
2,645,721 3,298,694 3,417,069 4,126,363
10,920,970 11,438,372 12,617,180 12,098,049
5,295,458 5,453,741 6,702,126 6,478,207
1,866,377 1,900,162 2,021,521 1,984,369
3,429,081 3,553,579 4,680,605 4,493,838

1,134,000 1,134,000 1,134,000 1,134,000
19,438 19,438 19,438 19,438
- - - -
- - - -
370,732 361,251 351,628 341,860
519,433 506,667 493,710 480,558
693,462 678,794 663,906 648,794
1,030,652 1,011,013 991,080 970,847
50,000 50,000 50,000 50,000

- 50,000 9,399 - 50,000 - 50,000
2,633,717 2,636,562 2,519,760 2,461,496
275,000 275,000
1,654,364 1,776,017 3,294,845 3,166,342

661,745 710,407 1,317,938 1,266,537
992,618 1,065,610 1,976,907 1,899,805
397,047 426,244 790,763 759,922
595,571 639,366 1,186,144 1,139,883
7,475,809 8,081,540 2,084,709 4,328,556

126,000,000 126,000,000 126,000,000 126,000,000
8,108,214 8,446,056 9,659,653 9,288,128
2,645,721 3,298,694 3,417,069 4,126,363
1,100,000 1,100,000
825,000 1,100,000
144,504,745 145,826,291 141,161,431 143,743,046
2,486,250 2,486,250 2,486,250 2,486,250
10,929,375 12,211,875 13,565,625 14,919,375
8,465,250 8,465,250 8,465,250 8,465,250
26,933,500 30,254,500 33,760,000 37,265,500
27,255,000 27,255,000 27,255,000 27,255,000

14,775,000 14,775,000 14,775,000 14,775,000
- - - -
12,360,000 12,360,000 12,360,000 12,360,000
11,355,000 11,355,000 11,355,000 11,355,000
10,935,000 10,935,000 10,935,000 10,935,000
- - - -
1,425,000 1,425,000 1,425,000 1,425,000
7,395,000 7,395,000 7,395,000 7,395,000
570,000 570,000 570,000
3,135,000 3,135,000
85,500,000 86,070,000 89,205,000 89,205,000
4,200,000 4,200,000
525,000 1,050,000
58,588,625 54,555,125 56,505,875 51,121,625
203,093,370 200,381,416 197,667,306 194,864,671
720,000 720,000 704,000 704,000

- - - -
- - - -
- - - -
2,624,569 2,663,937 2,703,896 2,744,455
3,533,902 3,586,910 3,640,714 3,695,325
4,060,472 4,121,379 4,183,199 4,245,947
5,436,337 5,517,882 5,600,650 5,684,660
16,375,279 16,610,108 16,832,460 17,074,387
- - - -
- - - -
21,458,827 20,777,897 20,086,752 19,385,240
30,243,916 29,327,064 28,396,459 27,451,894
41,192,461 40,138,993 39,069,723 37,984,414
61,964,520 60,554,091 59,122,505 57,669,446
154,859,725 150,798,044 146,675,438 142,490,994
17,961,364 17,961,364 18,436,895 18,436,895

- 475,531 - -
13,897,002 14,536,368 15,722,512 16,862,395
31,858,366 32,973,263 34,159,408 35,299,291
203,093,370 200,381,416 197,667,306 194,864,671
0.0 0.0 0.0 0.0
0.02 0.02 0.04 0.04
0.32 0.34 0.39 0.38
1.73 1.78 2.31 2.29
0.12 0.13 0.23 0.22
0.51 0.50 0.49 0.48
4.86 4.57 4.29 4.04
5.37 5.08 4.79 4.52
5.35 5.06 4.77 4.50
7.62 7.91 14.39 13.35
TRIM 12 TRIM 13
2,624,569 2,663,937 2,703,896 2,744,455

21,458,827 20,777,897 20,086,752 19,385,240
9 10
3,533,902 3,586,910 3,640,714 3,695,325
30,243,916 29,327,064 28,396,459 27,451,894
5 6
4,060,472 4,121,379 4,183,199 4,245,947
41,192,461 40,138,993 39,069,723 37,984,414
2 3
5,436,337 5,517,882 5,600,650 5,684,660
61,964,520 60,554,091 59,122,505 57,669,446
10 11 12 13
24,083,396 23,441,834 22,790,648 22,129,695
632,081 641,562 651,186 660,953
370,732 361,251 351,628 341,860
1,002,813 1,002,813 1,002,813 1,002,813
Y MAQ
33,777,818 32,913,974 32,037,173 31,147,219
851,078 863,844 876,802 889,954
519,433 506,667 493,710 480,558
1,370,511 1,370,511 1,370,511 1,370,511
SE PUEDE COMPLEMENTAR MAS ADELANTE CON EMISION DE ACCIONES (VER FILAS 770 Y 790
5 6 7 8
45,252,933 44,260,372 43,252,922 42,230,361
977,893 992,561 1,007,450 1,022,561
693,462 678,794 663,906 648,794
1,671,355 1,671,355 1,671,355 1,671,355
Cuarta EMISION DE BONOS PARA FINANCIAR EXPAN

2 3 4 5
67,400,857 66,071,973 64,723,156 63,354,106
1,309,246 1,328,884 1,348,818 1,369,050
1,030,652 1,011,013 991,080 970,847
2,339,897 2,339,897 2,339,897 2,339,897
Deuda
Amortizacion
Interes
Cuota

1,220,000 1,220,000 1,230,000 1,230,000
10,000
47.55
0.00 41.61 0.00 0.00
50,000 50,000 50,000 50,000
-50,000 9,399 -50,000 -50,000

0 416,132 0 0
0 475,531 0 0
0 59,399 0 0
0 1,032,302 0 0
-50,000 9,399 -50,000 -50,000
7 8 9 10
0.33 0.35 0.64 0.62
0.26 0.28 0.49 0.46
0.81 0.79 0.77 0.74
3 4 5 6
0.33 0.35 0.64 0.62
0.30 0.31 0.55 0.52
0.92 0.89 0.86 0.84
1 2
0.03
139938242 133475809 134,081,540 128084709

8108214 8446056 9659653 9288128
8446056 8108214 8446056 9659653
1134000 1134000 1134000 1134000
0 475531 0 0
157626512 151639611 153321250 148166490
1957500 1957500 2160000 2160000

217500 217500 217500 240000
4342500 4342500 3996000 3996000
482500 482500 482500 444000
226519 287845 311305 383093
180000 180000 180000 180000
20000 20000 20000 20000
1866377 1900162 2021521 1984369
7395000 570000 3135000 0

2633717 2577163 2519760 2461496
661745 710407 1317938 1266537
397047 426244 790763 759922
50000 50000 50000 50000
-50000 9399 -50000 -50000
0 0 0 0
632081 641562 651186 660953
851078 863844 876802 889954
977893 992561 1007450 1022561
1,309,246 1,328,884 1,348,818 1,369,050
4,200,000
24150703 17558071 25236541 17837934
133475809 134081540 128084709 130328556

126000000 126000000 126000000 126000000
7475809 8081540 2084709 4328556

EVALUACIÓN PROYECTO TECNOLÓGICO 0 1 2
INGRESOS MENOS EGRESOS DEL PERIODO SIN PROY -2,409,985 1,569,381
INGRESOS MENOS EGRESOS DEL PERIODO CON PROY - 5,996,831 2,243,847
Flujo de caja que aporta el proy -4,200,000 613,153 674,466
Tasa de dcto 3.00%
1 2
CALCULO VAN 436,283 595,295 635,749
TIR PROY TRIM 5.39%

TIR ANUAL 23.39%
3 4
-6,795,535 198,669
-6,462,433 605,731
333,103 407,062
0.92 0.89
304,836 361,669
- - - - - -
TRIM 16 TRIM 17 TRIM 18 TRIM 19 TRIM 20 TRIM 21
190,000 190,000 195,000 195,000 195,000 195,000
190,000 190,000 195,000 195,000 195,000 195,000
84.2% 84.2% 88.2% 84.6% 80.5% 84.6%
160,000 160,000 172,000 165,000 157,000 165,000

123.00 123.00 123.00 123.00 123.00 123.00
1,845,000 - - - 7,380,000 -
369 369 369 369 369 369
285,000 1,995,000 1,425,000 3,705,000 1,710,000
57 57 57 57 57 57
3,700,000
-9,000,000
604,105.89 676,417.36
0.24 0.25 0.26 0.25 0.24 0.25
51,511.61 66,526.19 75,499.72 71,631.21 67,526.87 62,186.70
160,000.00 160,000.00 172,000.00 165,000.00 157,000.00 165,000.00
144,985.41 151,026.47 175,868.51 169,104.34 162,340.17 169,104.34
66,526 75,500 71,631 67,527 62,187 58,082
211,511.61 226,526.19 247,499.72 236,631.21 224,526.87 227,186.70
0.009 0.009 0.009 0.009 0.009 0.009
0.02 0.02 0.02 0.02 0.02 0.02

0.03 0.03 0.03 0.03 0.03 0.03
0.03 0.03 0.03 0.03 0.03 0.03
0.01 0.01 0.01 0.01 0.01 0.01
0.06 0.06 0.06 0.06 0.06 0.06
0.08 0.08 0.08 0.08 0.08 0.08
4.03 4.03 4.03 4.03 4.03 4.03
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
15.00 15.00 15.00 15.00 15.00 15.00
60,000.00 60,000.00 60,000.00 60,000.00 60,000.00 60,000.00

40,000.00 40,000.00 40,000.00 40,000.00 40,000.00 40,000.00
20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00
40,000.00 40,000.00 52,000.00 45,000.00 37,000.00 45,000.00
36.00 36.00 36.00 36.00 36.00 36.00

24.00 24.00 24.00 24.00 24.00 24.00
18.00 18.00 18.00 18.00 18.00 18.00
24.00 24.00 24.00 24.00 24.00 24.00
2160000 2160000 2160000 2160000 2160000 2160000

960000 960000 960000 960000 960000 960000
360000 360000 360000 360000 360000 360000
960000 960000 1248000 1080000 888000 1080000
4440000 4440000 4728000 4560000 4368000 4560000
2,000 2,000 2,000 2,000 2,000 2,000

3,000 3,000 3,000 3,000 3,000 3,000
61,526 70,500 66,631 62,527 57,187 53,082
1.00 1.00 1.00 1.00 1.00 1.00

3.00 3.00 3.00 3.00 3.00 3.00
8.00 8.00 8.00 8.00 8.00 8.00
2,000 2,000 2,000 2,000 2,000 2,000

9,000 9,000 9,000 9,000 9,000 9,000
492,210 563,998 533,050 500,215 457,494 424,659
503,210 574,998 544,050 511,215 468,494 435,659
70,000 70,000 70,000 70,000 70,000 70,000

30,000 30,000 30,000 30,000 30,000 30,000
25,000 25,000 25,000 25,000 25,000 25,000
30,000 30,000 30,000 30,000 30,000 30,000
25,000 25,000 25,000 25,000 25,000 25,000
10,000 10,000 10,000 10,000 10,000 10,000
5,000 5,000 5,000 5,000
190,000 190,000 195,000 195,000 195,000 195,000
5,000
30,000 30,000
25,000 25,000 25,000 25,000
65,000 65,000 65,000 65,000 65,000
10,000 10,000 10,000 10,000 10,000 10,000
55,000 55,000 55,000 55,000 55,000 55,000
5,000 5,000 5,000 5,000 5,000
35,000 35,000 35,000 35,000
25,000 25,000
65,000
190,000 190,000 195,000 195,000 195,000 195,000

200,000 200,000 220,000 220,000 220,000 220,000
1,291,500 1,291,500 1,291,500 1,291,500 1,291,500 1,291,500

553,500 553,500 553,500 553,500 553,500 553,500
461,250 461,250 461,250 461,250 461,250 461,250
553,500 553,500 553,500 553,500 553,500 553,500
461,250 461,250 461,250 461,250 461,250 461,250
184,500 184,500 184,500 184,500 184,500 184,500
92,250 92,250 92,250 92,250
3,505,500 3,505,500 3,597,750 3,597,750 3,597,750 3,597,750
35,625
213,750 213,750
178,125 178,125 178,125 178,125
463,125 463,125 463,125 463,125 463,125
71,250 71,250 71,250 71,250 71,250 71,250
391,875 391,875 391,875 391,875 391,875 391,875
35,625 35,625 35,625 35,625 35,625
249,375 249,375 249,375 249,375
178,125 178,125
463,125
1,353,750 1,353,750 1,389,375 1,389,375 1,389,375 1,389,375
525000 525000 525000 525000 525000 525000
925000 925000 925000 925000
200000 200000 200000 200000 200000 200000

1055556 1055556 1055556 1055556 1055556 1055556
891660 928813 1081591 1039992 998392 1039992
80.797 81.245 78.861 80.354 82.189 79.896
80.105 80.628 81.064 79.533 80.105 81.562
80.628 81.064 79.533 80.105 81.562 80.352
1000000 1000000 1000000 1000000 1000000 1000000
1000000 1000000 1000000 1000000 1000000 1000000

144985 151026 175869 169104 162340 169104
17,833,206 18,576,256 21,631,827 20,799,834 19,967,841 20,799,834
17,833,206 18,576,256 21,631,827 20,799,834 19,967,841 20,799,834
2,400,000 2,400,000 2,580,000 2,475,000 2,355,000 2,475,000

4,440,000 4,440,000 4,728,000 4,560,000 4,368,000 4,560,000
6,840,000 6,840,000 7,308,000 7,035,000 6,723,000 7,035,000
503,210 574,998 544,050 511,215 468,494 435,659
1,353,750 1,353,750 1,389,375 1,389,375 1,389,375 1,389,375
3,505,500 3,505,500 3,597,750 3,597,750 3,597,750 3,597,750
525,000 525,000 525,000 525,000 525,000 525,000
200,000 200,000 200,000 200,000 200,000 200,000
6,087,460 6,159,248 6,256,175 6,223,340 6,180,619 6,147,784
12,927,460 12,999,248 13,564,175 13,258,340 12,903,619 13,182,784
4,126,363 5,363,894 6,120,317 5,697,073 5,409,259 5,072,076
5,363,894 6,120,317 5,697,073 5,409,259 5,072,076 4,667,022
11,689,928 12,242,825 13,987,419 13,546,153 13,240,802 13,587,838
6,143,278 6,333,431 7,644,408 7,253,681 6,727,039 7,211,996
1,947,216 1,984,369 2,137,147 2,095,548 2,053,948 2,095,548
4,196,062 4,349,062 5,507,261 5,158,133 4,673,091 5,116,448

1,134,000 1,134,000 1,134,000 1,134,000 1,053,000 1,053,000
19,438 19,438 19,438 19,438 19,438 19,438
- - - - - -
- - - - - -
331,945 321,882 311,668 301,301 290,779 280,098
467,208 453,659 439,906 425,947 411,778 397,397
633,455 617,887 602,085 586,046 569,766 553,242
950,312 929,468 908,311 886,838 865,042 842,919
50,000 50,000 50,000 50,000 50,000 50,000

- 50,000 9,677 - 50,000 - 50,000 - 50,000 - 50,000
2,402,358 2,402,010 2,281,408 2,219,569 2,156,802 2,093,094
925,000 925,000 925,000 925,000
2,927,703 3,081,052 3,434,853 3,147,564 2,644,289 3,151,354

1,171,081 1,232,421 1,373,941 1,259,026 1,057,715 1,260,541
1,756,622 1,848,631 2,060,912 1,888,538 1,586,573 1,890,812
702,649 739,452 824,365 755,415 634,629 756,325
1,053,973 1,109,179 1,236,547 1,133,123 951,944 1,134,487
3,769,117 3,567,539 2,360,864 4,998,177 6,777,015 8,347,965

126,000,000 126,000,000 126,000,000 126,000,000 117,000,000 117,000,000
8,916,603 9,288,128 10,815,914 10,399,917 9,983,920 10,399,917
5,363,894 6,120,317 5,697,073 5,409,259 5,072,076 4,667,022
3,700,000 3,700,000 3,700,000 3,700,000
925,000 1,850,000 2,775,000 3,700,000
144,049,614 144,975,984 147,648,851 148,657,354 139,758,011 140,414,904
2,486,250 2,486,250 2,486,250 2,486,250 2,486,250 2,486,250
16,273,125 17,626,875 19,016,250 20,405,625 21,795,000 23,184,375
8,465,250 8,465,250 8,465,250 8,465,250 8,465,250 8,465,250
40,771,000 44,276,500 47,874,250 51,472,000 55,069,750 58,667,500
27,255,000 27,255,000 27,255,000 27,255,000 27,255,000 27,255,000

14,775,000 14,775,000 14,775,000 14,775,000 14,775,000 14,775,000
- - - - - -
12,360,000 12,360,000 12,360,000 12,360,000 12,360,000 12,360,000
11,355,000 11,355,000 11,355,000 11,355,000 11,355,000 11,355,000
10,935,000 10,935,000 10,935,000 10,935,000 10,935,000 10,935,000
- - - - - -
1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000
7,395,000 7,395,000 7,395,000 7,395,000 7,395,000 7,395,000
570,000 570,000 570,000 570,000 570,000 570,000
3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000
2,130,000 2,130,000 2,130,000 2,130,000 2,130,000 2,130,000

1,995,000 1,995,000 1,995,000 1,995,000 1,995,000
1,425,000 1,425,000 1,425,000

11,085,000 11,085,000
1,710,000
91,335,000 93,330,000 93,330,000 94,755,000 105,840,000 107,550,000
4,200,000 4,200,000 4,200,000 4,200,000 4,200,000 4,200,000
1,575,000 2,100,000 2,625,000 3,150,000 3,675,000 4,200,000
47,867,375 44,478,125 38,966,000 34,878,875 40,451,750 36,649,625
191,916,989 189,454,109 186,614,851 183,536,229 180,209,761 177,064,529
704,000 704,000 750,800 723,500 692,300 723,500

- - - - - -
- - - - - -
- - - - - -
2,785,621 2,827,406 2,869,817 2,912,864 2,956,557 3,000,905
3,750,755 3,807,016 3,864,121 3,922,083 3,980,914 4,040,628
4,309,636 4,374,281 4,439,895 4,506,494 4,574,091 4,642,702
5,769,930 5,856,479 5,944,326 6,033,491 6,123,993 6,215,853
17,319,943 17,569,182 17,868,960 18,098,432 18,327,856 18,623,589
- - - - - -
- - - - - -
18,673,206 17,950,491 17,216,935 16,472,376 15,716,649 14,949,585
26,493,162 25,520,048 24,532,337 23,529,811 22,512,247 21,479,420
36,882,825 35,764,712 34,629,828 33,477,920 32,308,734 31,122,009
56,194,590 54,697,612 53,178,179 51,635,955 50,070,597 48,481,759
138,243,782 133,932,862 129,557,279 125,116,062 120,608,226 116,032,773
18,436,895 18,436,895 18,926,518 18,926,518 18,926,518 18,926,518

- 489,623 - - - -
17,916,369 19,025,547 20,262,094 21,395,217 22,347,161 23,481,649
36,353,264 37,952,065 39,188,612 40,321,735 41,273,679 42,408,167
191,916,989 189,454,109 186,614,851 183,536,229 180,209,761 177,064,529
0.0 0.0 0.0 0.0 0.0 0.0
trim16 trim17 trim18 trim19 trim20 trim21
0.04 0.04 0.04 0.04 0.04 0.04
0.37 0.39 0.46 0.45 0.44 0.47
2.22 2.28 2.91 2.83 2.65 2.95
0.19 0.19 0.21 0.19 0.15 0.18
0.48 0.46 0.46 0.45 0.44 0.44
3.80 3.53 3.31 3.10 2.92 2.74
4.28 3.99 3.76 3.55 3.37 3.18
4.26 3.97 3.74 3.53 3.35 3.16
11.94 12.04 13.03 11.57 9.44 10.99
2,785,621 2,827,406 2,869,817 2,912,864 2,956,557 3,000,905
18,673,206 17,950,491 17,216,935 16,472,376 15,716,649 14,949,585
3,750,755 3,807,016 3,864,121 3,922,083 3,980,914 4,040,628

26,493,162 25,520,048 24,532,337 23,529,811 22,512,247 21,479,420
4,309,636 4,374,281 4,439,895 4,506,494 4,574,091 4,642,702

36,882,825 35,764,712 34,629,828 33,477,920 32,308,734 31,122,009
5,769,930 5,856,479 5,944,326 6,033,491 6,123,993 6,215,853

56,194,590 54,697,612 53,178,179 51,635,955 50,070,597 48,481,759
14 15 16 17 18 19
21,458,827 20,777,897 20,086,752 19,385,240 18,673,206 17,950,491
670,868 680,931 691,145 701,512 712,034 722,715
331,945 321,882 311,668 301,301 290,779 280,098
1,002,813 1,002,813 1,002,813 1,002,813 1,002,813 1,002,813
30,243,916 29,327,064 28,396,459 27,451,894 26,493,162 25,520,048

903,303 916,852 930,605 944,564 958,733 973,114
467,208 453,659 439,906 425,947 411,778 397,397
1,370,511 1,370,511 1,370,511 1,370,511 1,370,511 1,370,511
DE ACCIONES (VER FILAS 770 Y 790)

9 10 11 12 13 14
41,192,461 40,138,993 39,069,723 37,984,414 36,882,825 35,764,712
1,037,900 1,053,468 1,069,270 1,085,309 1,101,589 1,118,113
633,455 617,887 602,085 586,046 569,766 553,242
1,671,355 1,671,355 1,671,355 1,671,355 1,671,355 1,671,355
E BONOS PARA FINANCIAR EXPANSION EN PLANTAS Y MAQ SE PUEDE COMPLEMENTAR MAS

6 7 8 9 10 11
61,964,520 60,554,091 59,122,505 57,669,446 56,194,590 54,697,612
1,389,586 1,410,429 1,431,586 1,453,060 1,474,855 1,496,978
950,312 929,468 908,311 886,838 865,042 842,919
2,339,897 2,339,897 2,339,897 2,339,897 2,339,897 2,339,897
TRIM16 TRIM17 TRIM18 TRIM19 TRIM20 TRIM21

1,230,000 1,230,000 1,240,000 1,240,000 1,240,000 1,240,000
10000
48.96 -
0.00 42.99 0.00 0.00 0.00 0.00
50,000 50,000 50,000 50,000 50,000 50,000
-50,000 9,677 -50,000 -50,000 -50,000 -50,000

0 429,946 0 0 0 0
0 489,623 0 0 0 0
0 59,677 0 0 0 0
0 1,037,132 0 0 0 0
-50,000 9,677 -50,000 -50,000 -50,000 -50,000
11 12 13 14 15 16
0.57 0.60 0.66 0.61 0.51 0.61
0.41 0.42 0.45 0.40 0.33 0.38
0.72 0.70 0.68 0.66 0.64 0.62
7 8 9 10 11 12
0.57 0.60 0.66 0.61 0.51 0.61
0.46 0.47 0.51 0.45 0.37 0.43
0.81 0.79 0.77 0.74 0.72 0.70
3 4 5 6 7 8
0.57 0.60 0.66 0.61 0.51 0.61
0.46 0.47 0.51 0.45 0.37 0.43
0.92 0.89 0.86 0.84 0.81 0.79
1 2 3 4
PRECIO ACCION 48.96 0.66 0.61 0.51 0.61
PV dividendo 0.51 0.45 0.37 0.43
factor de act 0.97087378641 0.94259590913 0.91514165935 0.88848704792
0.03
130328556 129769117 129567539 128360864 130998177 123777015

8916603 9288128 10815914 10399917 9983920 10399917
9288128 8916603 9288128 10815914 10399917 9983920
1134000 1134000 1134000 1134000 1053000 1053000
0 489623 0 0 0 0
149667287 149597470 150805581 150710695 152435015 145213852
2160000 2160000 2322000 2227500 2119500 2227500

240000 240000 240000 258000 247500 235500
3996000 3996000 4255200 4104000 3931200 4104000
444000 444000 444000 472800 456000 436800
503210 574998 544050 511215 468494 435659
180000 180000 180000 180000 180000 180000
20000 20000 20000 20000 20000 20000
1947216 1984369 2137147 2095548 2053948 2095548
2130000 1995000 0 1425000 11085000 1710000

2402358 2342333 2281408 2219569 2156802 2093094
1171081 1232421 1373941 1259026 1057715 1260541
702649 739452 824365 755415 634629 756325
50000 50000 50000 50000 50000 50000
-50000 9677 -50000 -50000 -50000 -50000
0 0 0 0 0 0
670868 680931 691145 701512 712034 722715
903303 916852 930605 944564 958733 973114
1037900 1053468 1069270 1085309 1101589 1118113
1,389,586 1,410,429 1,431,586 1,453,060 1,474,855 1,496,978
3700000
19898170 20029931 22444717 19712518 28658000 19865887
129769117 129567539 128360864 130998177 123777015 125347965

126000000 126000000 126000000 126000000 117000000 117000000
3769117 3567539 2360864 4998177 6777015 8347965

3 4 5 6 7 8
-1,235,646 -874,202 -1,897,361 1,972,354 -7,852,685 908,905
- 559,439 - 201,577 - 1,206,675 2,637,313 - 7,221,163 1,570,950
676,207 672,625 690,686 664,959 631,523 662,046
3 4 5 6 7 8
0.92 0.89 0.86 0.84 0.81 0.79
618,825 597,619 595,792 556,892 513,486 522,625
0 1 2 3 4
INGRESOS MENOS EGRESOS DEL PERIODO SIN PROY 1,575,194 1,489,360 -8,382,123 429,422
INGRESOS MENOS EGRESOS DEL PERIODO CON PROY -1,206,675 2,637,313 -7,221,163 1,570,950
Flujo de caja que aporta el proy -3,700,000.00 918,131 1,147,953 1,160,960 1,141,529
Tasa de dcto 0.03
Factor de actualIzación 0.97 0.94 0.92 0.89
CALCULO VAN 350,121.76 891,390 1,082,056 1,062,443 1,014,233
TIR PROY TRIM 6.8%

TIR ANUAL 29.9%
- - - - - -
215,000 215,000 215,000 215,000 235,000 235,000
215,000 215,000 215,000 215,000 235,000 235,000
87.4% 83.7% 80.9% 83.7% 85.1% 85.1%
188,000 180,000 174,000 180,000 200,000 200,000

123.00 123.00 123.00 123.00 123.00 123.00
- 25,830,000 18,450,000 - 9,225,000 -

369 369 369 369 369 369
3,135,000 285,000 3,135,000 1,425,000
57 57 57 57 57 57
-26,000,000 -17,000,000 -8,000,000
743,856.18
0.26 0.25 0.24 0.25 0.26 0.25
58,082.36 52,679.75 46,715.71 42,190.23 36,226.18 23,541.34
188,000.00 180,000.00 174,000.00 180,000.00 200,000.00 200,000.00
193,402.61 185,964.04 178,525.48 185,964.04 212,684.85 204,504.66
52,680 46,716 42,190 36,226 23,541 19,037
246,082.36 232,679.75 220,715.71 222,190.23 236,226.18 223,541.34
0.009 0.009 0.009 0.009 0.009 0.009
0.02 0.02 0.02 0.02 0.02 0.02

0.03 0.03 0.03 0.03 0.03 0.03
0.03 0.03 0.03 0.03 0.03 0.03
0.01 0.01 0.01 0.01 0.01 0.01
0.06 0.06 0.06 0.06 0.06 0.06
0.08 0.08 0.08 0.08 0.08 0.08
4.03 4.03 4.03 4.03 4.03 4.03
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
15.00 15.00 15.00 15.00 15.00 15.00
60,000.00 60,000.00 60,000.00 60,000.00 60,000.00 60,000.00

40,000.00 40,000.00 40,000.00 40,000.00 40,000.00 40,000.00
20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00
68,000.00 60,000.00 54,000.00 60,000.00 80,000.00 80,000.00
39.00 39.00 39.00 39.00 39.00 39.00

29.00 29.00 29.00 29.00 29.00 29.00
25.00 25.00 25.00 25.00 25.00 25.00
33.00 33.00 33.00 33.00 33.00 33.00
2340000 2340000 2340000 2340000 2340000 2340000

1160000 1160000 1160000 1160000 1160000 1160000
500000 500000 500000 500000 500000 500000
2244000 1980000 1782000 1980000 2640000 2640000
6244000 5980000 5782000 5980000 6640000 6640000
2,000 2,000 2,000 2,000 2,000 2,000

3,000 3,000 3,000 3,000 3,000 3,000
47,680 41,716 37,190 31,226 18,541 14,037
1.00 1.00 1.00 1.00 1.00 1.00

3.00 3.00 3.00 3.00 3.00 3.00
8.00 8.00 8.00 8.00 8.00 8.00
2,000 2,000 2,000 2,000 2,000 2,000

9,000 9,000 9,000 9,000 9,000 9,000
381,438 333,726 297,522 249,809 148,331 112,293
392,438 344,726 308,522 260,809 159,331 123,293
70,000 70,000 70,000

30,000 30,000 30,000 30,000
25,000 25,000 25,000 25,000 25,000 25,000
30,000 30,000 30,000 30,000 30,000 30,000
25,000 25,000 25,000 25,000 25,000 25,000
10,000 10,000 10,000 10,000 10,000 10,000
5,000 5,000 5,000 5,000 5,000 5,000
20,000 20,000 20,000 20,000 20,000 20,000
70,000 70,000 70,000
50,000 50,000
215,000 215,000 215,000 215,000 235,000 235,000
55,000
5,000 5,000 5,000
35,000 35,000 35,000 35,000
25,000 25,000 25,000 25,000 25,000 25,000
65,000 65,000 65,000 65,000 65,000 65,000
30,000 30,000 30,000 30,000 30,000 30,000
55,000 55,000 55,000 55,000 55,000
5,000 5,000 5,000
55,000 55,000
215,000 215,000 215,000 215,000 235,000 235,000

240,000 240,000 240,000 240,000 260,000 260,000
1,291,500 1,291,500 1,291,500

553,500 553,500 553,500 553,500
461,250 461,250 461,250 461,250 461,250 461,250
553,500 553,500 553,500 553,500 553,500 553,500
461,250 461,250 461,250 461,250 461,250 461,250
184,500 184,500 184,500 184,500 184,500 184,500
92,250 92,250 92,250 92,250 92,250 92,250
369,000 369,000 369,000 369,000 369,000 369,000
1,291,500 1,291,500 1,291,500
922,500 922,500
3,966,750 3,966,750 3,966,750 3,966,750 4,335,750 4,335,750
391,875
35,625 35,625 35,625
249,375 249,375 249,375 249,375
178,125 178,125 178,125 178,125 178,125 178,125
463,125 463,125 463,125 463,125 463,125 463,125
213,750 213,750 213,750 213,750 213,750 213,750
391,875 391,875 391,875 391,875 391,875
35,625 35,625 35,625
391,875 391,875
1,531,875 1,531,875 1,531,875 1,531,875 1,674,375 1,674,375
200000 200000 200000 200000 200000 200000

1055556 1055556 1055556 1055556 1055556 1055556
1189426 1143679 1097932 1143679 1308012 1257704
80.612 81.796 82.754 81.330 80.047 79.867
80.352 80.551 81.514 82.491 81.551 80.278
80.551 81.514 82.491 81.551 80.278 79.910
1000000 1000000 1000000 1000000 1000000 1000000
1000000 1000000 1000000 1000000 1000000 1000000

193403 185964 178525 185964 212685 204505
23,788,521 22,873,577 21,958,634 22,873,577 26,160,236 25,154,073
23,788,521 22,873,577 21,958,634 22,873,577 26,160,236 25,154,073
2,820,000 2,700,000 2,610,000 2,700,000 3,000,000 3,000,000

6,244,000 5,980,000 5,782,000 5,980,000 6,640,000 6,640,000
9,064,000 8,680,000 8,392,000 8,680,000 9,640,000 9,640,000
392,438 344,726 308,522 260,809 159,331 123,293
1,531,875 1,531,875 1,531,875 1,531,875 1,674,375 1,674,375
3,966,750 3,966,750 3,966,750 3,966,750 4,335,750 4,335,750
200,000 200,000 200,000 200,000 200,000 200,000

6,091,063 6,043,351 6,007,147 5,959,434 6,369,456 6,333,418
15,155,063 14,723,351 14,399,147 14,639,434 16,009,456 15,973,418
4,667,022 4,243,386 3,808,000 3,480,331 2,954,270 1,889,847
4,243,386 3,808,000 3,480,331 2,954,270 1,889,847 1,521,227
15,578,699 15,158,737 14,726,816 15,165,495 17,073,878 16,342,038
8,209,822 7,714,841 7,231,818 7,708,082 9,086,358 8,812,035
2,244,982 2,199,235 2,153,488 2,199,235 2,363,568 2,313,260
5,964,840 5,515,606 5,078,330 5,508,847 6,722,790 6,498,775

1,053,000 819,000 666,000 666,000 594,000 594,000
19,438 19,438 19,438 19,438 19,438 19,438
- - - - - -
- - - - - -
269,257 258,254 247,086 235,750 224,244 212,565
382,801 367,985 352,947 337,684 322,191 306,466
536,471 519,447 502,169 484,631 466,830 448,762
820,464 797,673 774,539 751,059 727,226 703,036
50,000 50,000 50,000 50,000 50,000 50,000

- 50,000 - 50,000 - 50,000 - 50,000 - 50,000 - 50,000
2,028,430 1,962,797 1,896,178 1,828,561 1,759,929 1,690,268
4,989,409 4,371,809 3,848,152 4,346,286 5,556,861 5,402,507

1,995,764 1,748,724 1,539,261 1,738,515 2,222,744 2,161,003
2,993,646 2,623,085 2,308,891 2,607,772 3,334,117 3,241,504
1,197,458 1,049,234 923,556 1,043,109 1,333,647 1,296,602
1,796,187 1,573,851 1,385,335 1,564,663 2,000,470 1,944,903
7,264,386 10,920,103 12,317,568 11,767,792 13,426,396 16,114,379

117,000,000 91,000,000 74,000,000 74,000,000 66,000,000 66,000,000
11,894,260 11,436,789 10,979,317 11,436,789 13,080,118 12,577,037
4,243,386 3,808,000 3,480,331 2,954,270 1,889,847 1,521,227
140,402,033 117,164,892 100,777,216 100,158,851 94,396,361 96,212,643

2,486,250 2,486,250 2,486,250 2,486,250 2,486,250 2,486,250
24,716,250 26,248,125 27,780,000 29,311,875 30,986,250 32,660,625
8,465,250 8,465,250 8,465,250 8,465,250 8,465,250 8,465,250
62,634,250 66,601,000 70,567,750 74,534,500 78,870,250 83,206,000
27,255,000 27,255,000 27,255,000 27,255,000 27,255,000 27,255,000

14,775,000 14,775,000 14,775,000 14,775,000 14,775,000 14,775,000
- - - - - -
12,360,000 12,360,000 12,360,000 12,360,000 12,360,000 12,360,000
11,355,000 11,355,000 11,355,000 11,355,000 11,355,000 11,355,000
10,935,000 10,935,000 10,935,000 10,935,000 10,935,000 10,935,000
- - - - - -
1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000
7,395,000 7,395,000 7,395,000 7,395,000 7,395,000 7,395,000
570,000 570,000 570,000 570,000 570,000 570,000
3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000
2,130,000 2,130,000 2,130,000 2,130,000 2,130,000 2,130,000

1,995,000 1,995,000 1,995,000 1,995,000 1,995,000 1,995,000
1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000

11,085,000 11,085,000 11,085,000 11,085,000 11,085,000 11,085,000
1,710,000 1,710,000 1,710,000 1,710,000 1,710,000 1,710,000
3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000
25,830,000 25,830,000 25,830,000 25,830,000 25,830,000
18,735,000 18,735,000 18,735,000 18,735,000
3,135,000 3,135,000 3,135,000
9,225,000 9,225,000
1,425,000
110,685,000 136,515,000 155,250,000 158,385,000 167,610,000 169,035,000
34,286,000 54,617,375 67,853,750 65,490,125 68,705,000 64,119,875

174,688,033 171,782,267 168,630,966 165,648,976 163,101,361 160,332,518
926,400 888,000 859,200 888,000 984,000 984,000

- - - - - -
- - - - - -
- - - - - -
3,045,919 3,091,608 3,137,982 3,185,052 3,232,827 3,281,320
4,101,237 4,162,756 4,225,197 4,288,575 4,352,904 4,418,197
4,712,343 4,783,028 4,854,774 4,927,595 5,001,509 5,076,532
6,309,091 6,403,728 6,499,783 6,597,280 6,696,239 6,796,683
19,094,991 19,329,119 19,576,936 19,886,502 20,267,480 20,556,732
- - - - - -
- - - - - -
14,171,016 13,380,768 12,578,667 11,764,534 10,938,189 10,099,448
20,431,100 19,367,055 18,287,050 17,190,844 16,078,196 14,948,858
29,917,485 28,694,892 27,453,960 26,194,414 24,915,975 23,618,360
46,869,088 45,232,227 43,570,813 41,884,478 40,172,848 38,435,544
111,388,688 106,674,942 101,890,490 97,034,271 92,105,208 87,102,210
18,926,518 18,926,518 18,926,518 18,926,518 18,926,518 18,926,518

- - - - - -
25,277,836 26,851,687 28,237,022 29,801,685 31,802,155 33,747,058
44,204,354 45,778,205 47,163,540 48,728,203 50,728,673 52,673,576
174,688,033 171,782,267 168,630,966 165,648,976 163,101,361 160,332,518
0.0 0.0 0.0 0.0 0.0 0.0
0.07 0.06 0.05 0.06 0.08 0.08
0.54 0.53 0.52 0.55 0.64 0.63
3.46 3.23 3.03 3.38 4.16 4.20
0.27 0.23 0.20 0.21 0.26 0.25
0.43 0.42 0.42 0.41 0.40 0.39
2.52 2.33 2.16 1.99 1.82 1.65
2.95 2.75 2.58 2.40 2.22 2.04
2.93 2.73 2.56 2.38 2.20 2.03
16.94 14.24 12.10 13.27 16.42 15.34
3,045,919 3,091,608 3,137,982 3,185,052 3,232,827 3,281,320
14,171,016 13,380,768 12,578,667 11,764,534 10,938,189 10,099,448
4,101,237 4,162,756 4,225,197 4,288,575 4,352,904 4,418,197

20,431,100 19,367,055 18,287,050 17,190,844 16,078,196 14,948,858
4,712,343 4,783,028 4,854,774 4,927,595 5,001,509 5,076,532

29,917,485 28,694,892 27,453,960 26,194,414 24,915,975 23,618,360
6,309,091 6,403,728 6,499,783 6,597,280 6,696,239 6,796,683

46,869,088 45,232,227 43,570,813 41,884,478 40,172,848 38,435,544
20 21 22 23 24 25
17,216,935 16,472,376 15,716,649 14,949,585 14,171,016 13,380,768
733,556 744,559 755,727 767,063 778,569 790,248
269,257 258,254 247,086 235,750 224,244 212,565
1,002,813 1,002,813 1,002,813 1,002,813 1,002,813 1,002,813
24,532,337 23,529,811 22,512,247 21,479,420 20,431,100 19,367,055

987,710 1,002,526 1,017,564 1,032,827 1,048,320 1,064,045
382,801 367,985 352,947 337,684 322,191 306,466
1,370,511 1,370,511 1,370,511 1,370,511 1,370,511 1,370,511
15 16 17 18 19 20
34,629,828 33,477,920 32,308,734 31,122,009 29,917,485 28,694,892
1,134,884 1,151,908 1,169,186 1,186,724 1,204,525 1,222,593
536,471 519,447 502,169 484,631 466,830 448,762
1,671,355 1,671,355 1,671,355 1,671,355 1,671,355 1,671,355
LEMENTAR MAS ADELANTE CON EMISION DE ACCIONES

12 13 14 15 16 17
53,178,179 51,635,955 50,070,597 48,481,759 46,869,088 45,232,227
1,519,433 1,542,224 1,565,358 1,588,838 1,612,671 1,636,861
820,464 797,673 774,539 751,059 727,226 703,036
2,339,897 2,339,897 2,339,897 2,339,897 2,339,897 2,339,897

1,240,000 1,240,000 1,240,000 1,240,000 1,240,000 1,240,000
0.00 0.00 0.00 0.00 0.00 0.00

50,000 50,000 50,000 50,000 50,000 50,000
-50,000 -50,000 -50,000 -50,000 -50,000 -50,000

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
-50,000 -50,000 -50,000 -50,000 -50,000 -50,000
17 18 19 20 21 22
0.97 0.85 0.74 0.84 1.08 1.05
0.58 0.50 0.42 0.47 0.58 0.55
0.61 0.59 0.57 0.55 0.54 0.52
13 14 15 16 17 18
0.97 0.85 0.74 0.84 1.08 1.05
0.66 0.56 0.48 0.52 0.65 0.61
0.68 0.66 0.64 0.62 0.61 0.59
9 10 11 12 13 14
0.97 0.85 0.74 0.84 1.08 1.05
0.66 0.56 0.48 0.52 0.65 0.61
0.77 0.74 0.72 0.70 0.68 0.66
5 6 7 8 9 10
0.97 0.85 0.74 0.84 1.08 1.05
0.66 0.56 0.48 0.52 0.65 0.61
0.86260878438 0.83748425668 0.81309151134 0.78940923431 0.76641673234 0.7440939149
125347965 124264386 101920103 86317568 85767792 79426396

11894260 11436789 10979317 11436789 13,080,118 12,577,037
10399917 11894260 11436789 10979317 11436789 13080118
1053000 819000 666000 666000 594000 594000
0 0 0 0 0 0
148695142 148414435 125002209 109399674 110878699 105677550
2538000 2430000 2349000 2430000 2700000 2700000

247500 282000 270000 261000 270000 300000
5619600 5382000 5203800 5382000 5976000 5976000
456000 624400 598000 578200 598000 664000
392438 344726 308522 260809 159331 123293
180000 180000 180000 180000 180000 180000
20000 20000 20000 20000 20000 20000
2244982 2199235 2153488 2199235 2363568 2313260
3135000 25830000 18735000 3135000 9225000 1425000

2028430 1962797 1896178 1828561 1759929 1690268
1995764 1748724 1539261 1738515 2222744 2161003
1197458 1049234 923556 1043109 1333647 1296602
50000 50000 50000 50000 50000 50000
-50000 -50000 -50000 -50000 -50000 -50000
0 0 0 0 0 0
733556 744559 755727 767063 778569 790248
987710 1002526 1017564 1032827 1048320 1064045
1134884 1151908 1169186 1186724 1204525 1222593
1,519,433 1,542,224 1,565,358 1,588,838 1,612,671 1,636,861
24430756 46494332 38684641 23631882 31452303 23563172
124264386 101920103 86317568 85767792 79426396 82114379

117000000 91000000 74000000 74000000 66000000 66000000
7264386 10920103 12317568 11767792 13426396 16114379

- - - - -
TRIM 28 TRIM 29 TRIM 30 TRIM 31 TRIM 32
235,000 235,000 255,000 255,000 255,000
235,000 235,000 255,000 255,000 255,000
85.1% 85.1% 88.2% 94.1% 94.1%
200,000 200,000 225,000 240,000 240,000

123.00 123.00 123.00 123.00 123.00
18,450,000 9,225,000 - - -
369 369 369 369 369
3,705,000 2,850,000 3,135,000 285,000
57 57 57 57 57
3,600,000
-15,000,000 -8,700,000 -700,000 2,000,000
818,018.64
0.24 0.25 0.26 0.25 0.24
19,036.68 22,712.20 18,207.54 9,318.02 24,424.25
200,000.00 200,000.00 225,000.00 240,000.00 240,000.00
196,324.47 204,504.66 233,889.52 224,893.77 215,898.02
22,712 18,208 9,318 24,424 48,526
219,036.68 222,712.20 243,207.54 249,318.02 264,424.25
0.009 0.009 0.009 0.009 0.009
0.02 0.02 0.02 0.02 0.02

0.03 0.03 0.03 0.03 0.03
0.03 0.03 0.03 0.03 0.03
0.01 0.01 0.01 0.01 0.01
0.06 0.06 0.06 0.06 0.06
0.08 0.08 0.08 0.08 0.08
4.03 4.03 4.03 4.03 4.03
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
15.00 15.00 15.00 15.00 15.00
60,000.00 60,000.00 60,000.00 60,000.00 60,000.00

40,000.00 40,000.00 40,000.00 40,000.00 40,000.00
20,000.00 20,000.00 20,000.00 20,000.00 20,000.00
80,000.00 80,000.00 105,000.00 120,000.00 120,000.00
39.00 39.00 36.70 36.70 36.70

29.00 29.00 25.70 25.70 25.70
25.00 25.00 20.50 20.50 20.50
33.00 33.00 27.70 27.70 27.70
Proy tec 2
A 3.00 2.30
B 5.00 3.30
C 7.00 4.50
D 9.00 5.30
2340000 2340000 2202000 2202000 2202000

1160000 1160000 1028000 1028000 1028000
500000 500000 410000 410000 410000
2640000 2640000 2908500 3324000 3324000
6640000 6640000 6548500 6964000 6964000
2,000 2,000 2,000 2,000 2,000

3,000 3,000 3,000 3,000 3,000
17,712 13,208 4,318 19,424 43,526
1.00 1.00 1.00 1.00 1.00

3.00 3.00 3.00 3.00 3.00
8.00 8.00 8.00 8.00 8.00
2,000 2,000 2,000 2,000 2,000

9,000 9,000 9,000 9,000 9,000
141,698 105,660 34,544 155,394 348,210
152,698 116,660 45,544 166,394 359,210
30,000 30,000
25,000 25,000 25,000
10,000 10,000 10,000 10,000 10,000
5,000 5,000 5,000 5,000 5,000
20,000 20,000 20,000 20,000 20,000
70,000 70,000 70,000 70,000 70,000
50,000 50,000 50,000 50,000 50,000
25,000 25,000 25,000 25,000 25,000
50,000 50,000 50,000
25,000 25,000
235,000 235,000 255,000 255,000 255,000
65,000
30,000 30,000
55,000 55,000 55,000
5,000 5,000 5,000 5,000 5,000
55,000 55,000 55,000 55,000 55,000
25,000 25,000 25,000 25,000 25,000
65,000 65,000 65,000 65,000
50,000 50,000 50,000
55,000 55,000
235,000 235,000 255,000 255,000 255,000

260,000 260,000 280,000 280,000 280,000
553,500 553,500
461,250 461,250 461,250
184,500 184,500 184,500 184,500 184,500
92,250 92,250 92,250 92,250 92,250
369,000 369,000 369,000 369,000 369,000
1,291,500 1,291,500 1,291,500 1,291,500 1,291,500
922,500 922,500 922,500 922,500 922,500
461,250 461,250 461,250 461,250 461,250
922,500 922,500 922,500
461,250 461,250
4,335,750 4,335,750 4,704,750 4,704,750 4,704,750
463,125
213,750 213,750
391,875 391,875 391,875
35,625 35,625 35,625 35,625 35,625
391,875 391,875 391,875 391,875 391,875
178,125 178,125 178,125 178,125 178,125
463,125 463,125 463,125 463,125
356,250 356,250 356,250
391,875 391,875
1,674,375 1,674,375 1,816,875 1,816,875 1,816,875
450,000 450,000 450000
200000 200000 200000 200000 200000

1055556 1055556 1055556 1055556 1055556
1207396 1257704 1438421 1383097 1327773
80.014 79.834 76.181 74.592 75.395
79.910 80.005 79.851 76.456 74.661
80.005 79.851 76.456 74.661 75.327
1000000 1000000 1000000 1000000 1000000
1000000 1000000 1000000 1000000 1000000

196324 204505 233890 224894 215898
24,147,910 25,154,073 28,768,412 27,661,934 26,555,457
24,147,910 25,154,073 28,768,412 27,661,934 26,555,457
3,000,000 3,000,000 3,375,000 3,600,000 3,600,000

6,640,000 6,640,000 6,548,500 6,964,000 6,964,000
9,640,000 9,640,000 9,923,500 10,564,000 10,564,000
152,698 116,660 45,544 166,394 359,210
1,674,375 1,674,375 1,816,875 1,816,875 1,816,875
4,335,750 4,335,750 4,704,750 4,704,750 4,704,750
450,000 450,000 450,000
200,000 200,000 200,000 200,000 200,000
6,362,823 6,326,785 7,217,169 7,338,019 7,530,835
16,002,823 15,966,785 17,140,669 17,902,019 18,094,835
1,521,227 1,817,092 1,453,898 712,414 1,823,549
1,817,092 1,453,898 712,414 1,823,549 3,655,353
15,706,958 16,329,980 17,882,152 16,790,885 16,263,030
8,440,952 8,824,093 10,886,259 10,871,049 10,292,426
2,262,952 2,313,260 2,493,977 2,438,653 2,383,329
6,178,001 6,510,834 8,392,283 8,432,397 7,909,097

459,000 380,700 374,400 374,400 392,400
19,438 19,438 19,438 19,438 19,438
- - - - -
- - - - -
200,712 188,680 176,468 164,073 151,492
290,506 274,306 257,863 241,173 224,233
430,423 411,809 392,916 373,740 354,275
678,483 653,562 628,267 602,593 576,533
50,000 50,000 50,000 50,000 50,000

- 50,000 - 50,000 - 50,000 - 50,000 - 50,000
1,619,562 1,547,795 1,474,952 1,401,016 1,325,971
5,017,439 5,343,739 7,291,731 7,405,781 6,975,527

2,006,976 2,137,496 2,916,692 2,962,312 2,790,211
3,010,463 3,206,243 4,375,039 4,443,469 4,185,316
1,204,185 1,282,497 1,750,015 1,777,387 1,674,126
1,806,278 1,923,746 2,625,023 2,666,081 2,511,190
12,198,546 11,761,311 9,356,561 13,497,423 14,338,629

51,000,000 42,300,000 41,600,000 41,600,000 43,600,000
12,073,955 12,577,037 14,384,206 13,830,967 13,277,728
1,817,092 1,453,898 712,414 1,823,549 3,655,353
77,089,593 68,092,245 66,053,181 70,751,939 74,871,710

2,486,250 2,486,250 2,486,250 2,486,250 2,486,250
34,335,000 36,009,375 37,826,250 39,643,125 41,460,000
8,465,250 8,465,250 8,465,250 8,465,250 8,465,250
87,541,750 91,877,500 96,582,250 101,287,000 105,991,750
27,255,000 27,255,000 27,255,000 27,255,000 27,255,000

14,775,000 14,775,000 14,775,000 14,775,000 14,775,000
- - - - -
12,360,000 12,360,000 12,360,000 12,360,000 12,360,000
11,355,000 11,355,000 11,355,000 11,355,000 11,355,000
10,935,000 10,935,000 10,935,000 10,935,000 10,935,000
- - - - -
1,425,000 1,425,000 1,425,000 1,425,000 1,425,000
7,395,000 7,395,000 7,395,000 7,395,000 7,395,000
570,000 570,000 570,000 570,000 570,000
3,135,000 3,135,000 3,135,000 3,135,000 3,135,000
2,130,000 2,130,000 2,130,000 2,130,000 2,130,000

1,995,000 1,995,000 1,995,000 1,995,000 1,995,000
1,425,000 1,425,000 1,425,000 1,425,000 1,425,000

11,085,000 11,085,000 11,085,000 11,085,000 11,085,000
1,710,000 1,710,000 1,710,000 1,710,000 1,710,000
3,135,000 3,135,000 3,135,000 3,135,000 3,135,000
25,830,000 25,830,000 25,830,000 25,830,000 25,830,000
18,735,000 18,735,000 18,735,000 18,735,000 18,735,000
3,135,000 3,135,000 3,135,000 3,135,000 3,135,000
9,225,000 9,225,000 9,225,000 9,225,000 9,225,000
1,425,000 1,425,000 1,425,000 1,425,000 1,425,000
22,155,000 22,155,000 22,155,000 22,155,000 22,155,000
12,075,000 12,075,000 12,075,000 12,075,000
3,135,000 3,135,000 3,135,000
- -
285,000
191,190,000 203,265,000 206,400,000 206,400,000 206,685,000
3,600,000 3,600,000 3,600,000
450,000 900,000 1,350,000
80,264,750 86,329,625 86,093,000 79,121,375 72,434,750
157,354,343 154,421,870 152,146,181 149,873,314 147,306,460
984,000 984,000 1,012,350 1,076,400 1,076,400

- - - - -
- - - - -
- - - - -
3,330,540 3,380,498 2,554,153 1,715,412 864,091
4,484,470 4,551,738 4,620,014 4,689,314 4,759,653
5,152,680 5,229,970 5,308,419 5,388,046 5,468,866
6,898,633 7,002,113 7,107,144 7,213,752 7,321,958
20,850,323 21,148,318 20,602,080 20,082,924 19,490,969
- - - - -
- - - - -
9,248,127 8,384,036 8,384,036 8,384,036 8,384,036
13,802,579 12,639,107 11,458,182 10,259,544 9,042,926
22,301,280 20,964,444 19,607,556 18,230,314 16,832,414
36,672,180 34,882,366 33,065,704 31,221,792 29,350,222
82,024,167 76,869,953 72,515,478 68,095,687 63,609,598
18,926,518 18,926,518 18,926,518 18,926,518 18,926,518

- - - - -
35,553,336 37,477,082 40,102,105 42,768,186 45,279,376
54,479,854 56,403,600 59,028,623 61,694,704 64,205,894
157,354,343 154,421,870 152,146,181 149,873,314 147,306,460
0.0 0.0 0.0 0.0 0.0
trim28 trim29 trim30 trim31 trim32
0.08 0.08 0.12 0.12 0.11
0.61 0.65 0.76 0.74 0.72
4.10 4.45 5.94 6.29 6.26
0.22 0.23 0.30 0.29 0.26
0.38 0.37 0.35 0.33 0.30
1.51 1.36 1.23 1.10 0.99
1.89 1.74 1.58 1.43 1.29
1.87 1.72 1.56 1.41 1.28
13.72 14.12 18.62 18.07 16.28
3,330,540 3,380,498 2,554,153 1,715,412 864,091
9,248,127 8,384,036 8,384,036 8,384,036 8,384,036
4,484,470 4,551,738 4,620,014 4,689,314 4,759,653

13,802,579 12,639,107 11,458,182 10,259,544 9,042,926
5,152,680 5,229,970 5,308,419 5,388,046 5,468,866

22,301,280 20,964,444 19,607,556 18,230,314 16,832,414
6,898,633 7,002,113 7,107,144 7,213,752 7,321,958

36,672,180 34,882,366 33,065,704 31,221,792 29,350,222
26 27 28 29 30
12,578,667 11,764,534 10,938,189 10,099,448 9,248,127
802,102 814,133 826,345 838,740 851,321
200,712 188,680 176,468 164,073 151,492
1,002,813 1,002,813 1,002,813 1,002,813 1,002,813
18,287,050 17,190,844 16,078,196 14,948,858 13,802,579

1,080,005 1,096,205 1,112,649 1,129,338 1,146,278
290,506 274,306 257,863 241,173 224,233
1,370,511 1,370,511 1,370,511 1,370,511 1,370,511
21 22 23 24 25
27,453,960 26,194,414 24,915,975 23,618,360 22,301,280
1,240,932 1,259,546 1,278,439 1,297,615 1,317,080
430,423 411,809 392,916 373,740 354,275
1,671,355 1,671,355 1,671,355 1,671,355 1,671,355
18 19 20 21 22
43,570,813 41,884,478 40,172,848 38,435,544 36,672,180
1,661,414 1,686,335 1,711,630 1,737,304 1,763,364
678,483 653,562 628,267 602,593 576,533
2,339,897 2,339,897 2,339,897 2,339,897 2,339,897
TRIM28 TRIM29 TRIM30 TRIM31 TRIM32

1,240,000 1,240,000 1,240,000 1,240,000 1,240,000
0.00 0.00 0.00 0.00 0.00

50,000 50,000 50,000 50,000 50,000
-50,000 -50,000 -50,000 -50,000 -50,000

0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
-50,000 -50,000 -50,000 -50,000 -50,000
23 24 25 26 27
0.97 1.03 1.41 1.43 1.35
0.49 0.51 0.67 0.66 0.61
0.51 0.49 0.48 0.46 0.45
19 20 21 22 23
0.97 1.03 1.41 1.43 1.35
0.55 0.57 0.76 0.75 0.68
0.57 0.55 0.54 0.52 0.51
15 16 17 18 19
0.97 1.03 1.41 1.43 1.35
0.55 0.57 0.76 0.75 0.68
0.64 0.62 0.61 0.59 0.57
11 12 13 14 15
0.97 1.03 1.41 1.43 1.35
0.55 0.57 0.76 0.75 0.68
0.722421276598762 0.7013798802 0.68095134 0.66111780582 0.6418619474
82114379 63198546 54061311 50956561 55097423

12,073,955 12,577,037 14,384,206 13,830,967 13,277,728
12577037 12073955 12577037 14384206 13830967
459000 380700 374400 374400 392400
0 0 0 0 0
107224370 88230238 81396953 79546134 82598519
2700000 2700000 3037500 3240000 3240000

300000 300000 300000 337500 360000
5976000 5976000 5893650 6267600 6267600
664000 664000 664000 654850 696400
152698 116660 45544 166394 359210
180000 180000 180000 180000 180000
20000 20000 20000 20000 20000
2262952 2313260 2493977 2438653 2383329
22155000 12075000 3135000 0 285000

1619562 1547795 1474952 1401016 1325971
2006976 2137496 2916692 2962312 2790211
1204185 1282497 1750015 1777387 1674126
50000 50000 50000 50000 50000
-50000 -50000 -50000 -50000 -50000
0 0 0 0 0
802102 814133 826345 838740 851321
1080005 1096205 1112649 1129338 1146278
1240932 1259546 1278439 1297615 1317080
1,661,414 1,686,335 1,711,630 1,737,304 1,763,364
3,600,000
44025824 34168927 30440392 24448710 24659890
63198546 54061311 50956561 55097423 57938629

51000000 42300000 41600000 41600000 43600000
12198546 11761311 9356561 13497423 14338629

EVALUACIÓN PROYECTO TECNOLÓGICO 0 1 2 3
INGRESOS MENOS EGRESOS DEL PERIODO SIN PROY -42,479 3,478,338 2,159,383
INGRESOS MENOS EGRESOS DEL PERIODO CON PROY - 3,104,750 4,140,862 2,841,206
Flujo de caja que aporta el proy -3,600,000 537,729 662,524 681,823
Tasa de dcto 1.50%
1 2 3
Factor de actualIzación 0.99 0.97 0.96
CALCULO VAN 1,163,780 529,782 643,087 652,039
TIR PROY TRIM 8.33%

TIR ANUAL 37.70%
- - - - - - -
TRIM 33 TRIM 34 TRIM 35 TRIM 36 TRIM 37 TRIM 38 TRIM 39
255,000 245,000 245,000 245,000 245,000 305,000 305,000
255,000 245,000 245,000 245,000 245,000 305,000 305,000
94.1% 98.0% 98.0% 98.0% 98.0% 90.2% 91.8%
240,000 240,000 240,000 240,000 240,000 275,000 280,000

123.00 123.00 123.00 123.00 123.00 123.00 123.00
- - - 23,985,000 - - -
369 369 369 369 369 369 369
2,565,000 1,425,000 3,705,000 6,270,000 3,135,000
57 57 57 57 57 57 57
2,500,000 3,000,000 7,000,000 -20,000,000 2,000,000
899,575.09 989,262.73
0.25 0.26 0.25 0.24 0.25 0.26 0.25
48,526.22 63,632.45 46,424.14 39,108.46 41,685.40 34,369.72 26,517.74
240,000.00 240,000.00 240,000.00 240,000.00 240,000.00 275,000.00 280,000.00
224,893.77 257,208.31 247,315.68 237,423.06 247,315.68 282,851.98 271,973.06
63,632 46,424 39,108 41,685 34,370 26,518 34,545
288,526.22 303,632.45 286,424.14 279,108.46 281,685.40 309,369.72 306,517.74
0.009 0.009 0.009 0.009 0.009 0.009 0.009
0.02 0.02 0.02 0.02 0.02 0.02 0.02

0.03 0.03 0.03 0.03 0.03 0.03 0.03
0.03 0.03 0.03 0.03 0.03 0.03 0.03
0.01 0.01 0.01 0.01 0.01 0.01 0.01
0.06 0.06 0.06 0.06 0.06 0.06 0.06
0.08 0.08 0.08 0.08 0.08 0.08 0.08
4.03 4.03 4.03 4.03 4.03 4.03 4.03
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
15.00 15.00 15.00 15.00 15.00 15.00 15.00
60,000.00 60,000.00 60,000.00 60,000.00 60,000.00 60,000.00 60,000.00

40,000.00 40,000.00 40,000.00 40,000.00 40,000.00 40,000.00 40,000.00
20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00
120,000.00 120,000.00 120,000.00 120,000.00 120,000.00 155,000.00 160,000.00
36.70 36.70 36.70 36.70 36.70 39.00 39.00

25.70 25.70 25.70 25.70 25.70 29.00 29.00
20.50 20.50 20.50 20.50 20.50 25.00 25.00
27.70 27.70 27.70 27.70 27.70 33.00 33.00
2202000 2202000 2202000 2202000 2202000 2340000 2340000

1028000 1028000 1028000 1028000 1028000 1160000 1160000
410000 410000 410000 410000 410000 500000 500000
3324000 3324000 3324000 3324000 3324000 5115000 5280000
6964000 6964000 6964000 6964000 6964000 9115000 9280000
2,000 2,000 2,000 2,000 2,000 2,000 2,000

3,000 3,000 3,000 3,000 3,000 3,000 3,000
58,632 41,424 34,108 36,685 29,370 21,518 29,545
1.00 1.00 1.00 1.00 1.00 1.00 1.00

3.00 3.00 3.00 3.00 3.00 3.00 3.00
8.00 8.00 8.00 8.00 8.00 8.00 8.00
2,000 2,000 2,000 2,000 2,000 2,000 2,000

9,000 9,000 9,000 9,000 9,000 9,000 9,000
469,060 331,393 272,868 293,483 234,958 172,142 236,357
480,060 342,393 283,868 304,483 245,958 183,142 247,357
10,000
5,000 5,000 5,000 5,000 5,000
20,000 20,000 20,000 20,000 20,000 20,000 20,000
70,000 70,000 70,000 70,000 70,000 70,000 70,000
50,000 50,000 50,000 50,000 50,000 50,000 50,000
25,000 25,000 25,000 25,000 25,000 25,000 25,000
50,000 50,000 50,000 50,000 50,000 50,000 50,000
25,000 25,000 25,000 25,000 25,000 25,000 25,000
65,000 65,000
255,000 245,000 245,000 245,000 245,000 305,000 305,000
55,000
25,000 25,000 25,000
65,000 65,000 65,000 65,000
50,000 50,000 50,000 50,000 50,000
55,000 55,000 55,000 55,000 55,000 55,000
5,000 5,000 5,000 5,000 5,000 5,000 5,000
45,000 45,000 45,000 45,000 45,000 45,000
25,000 25,000 25,000 25,000
65000 65,000 65,000
110,000 110,000
55,000
255,000 245,000 245,000 245,000 245,000 305,000 305,000

280,000
184,500
92,250 92,250 92,250 92,250 92,250
369,000 369,000 369,000 369,000 369,000 369,000 369,000
1,291,500 1,291,500 1,291,500 1,291,500 1,291,500 1,291,500 1,291,500
922,500 922,500 922,500 922,500 922,500 922,500 922,500
461,250 461,250 461,250 461,250 461,250 461,250 461,250
922,500 922,500 922,500 922,500 922,500 922,500 922,500
461,250 461,250 461,250 461,250 461,250 461,250 461,250
1,199,250 1,199,250
4,704,750 4,520,250 4,520,250 4,520,250 4,520,250 5,627,250 5,627,250
391,875
178,125 178,125 178,125
463,125 463,125 463,125 463,125
356,250 356,250 356,250 356,250 356,250
391,875 391,875 391,875 391,875 391,875 391,875
35,625 35,625 35,625 35,625 35,625 35,625 35,625
320,625 320,625 320,625 320,625 320,625 320,625
178,125 178,125 178,125 178,125
463,125 463,125 463,125
783,750 783,750
391,875
1,816,875 1,745,625 1,745,625 1,745,625 1,745,625 2,173,125 2,173,125
450000 450000 450000 450000 450000
200000 200000 200000 200000 200000 200000 200000

1055556 1055556 1055556 1055556 1055556 1055556 1055556
1383097 1581831 1520991 1460152 1520991 1739540 1672634
75.899 74.259 74.016 74.101 73.858 77.904 77.599
75.327 75.803 74.583 74.108 74.102 73.894 77.458
75.803 74.583 74.108 74.102 73.894 77.458 77.587
1000000 1000000 1000000 1000000 1000000 1000000 1000000
1000000 1000000 1000000 1000000 1000000 1000000 1000000

224894 257208 247316 237423 247316 282852 271973
27,661,934 31,636,622 30,419,829 29,203,036 30,419,829 34,790,793 33,452,686
27,661,934 31,636,622 30,419,829 29,203,036 30,419,829 34,790,793 33,452,686
3,600,000 3,600,000 3,600,000 3,600,000 3,600,000 4,125,000 4,200,000

6,964,000 6,964,000 6,964,000 6,964,000 6,964,000 9,115,000 9,280,000
10,564,000 10,564,000 10,564,000 10,564,000 10,564,000 13,240,000 13,480,000
480,060 342,393 283,868 304,483 245,958 183,142 247,357
1,816,875 1,745,625 1,745,625 1,745,625 1,745,625 2,173,125 2,173,125
4,704,750 4,520,250 4,520,250 4,520,250 4,520,250 5,627,250 5,627,250
450,000 450,000 450,000 450,000 450,000
200,000 200,000 200,000 200,000 200,000 200,000 200,000
7,651,685 7,258,268 7,199,743 7,220,358 7,161,833 8,183,517 8,247,732
18,215,685 17,822,268 17,763,743 17,784,358 17,725,833 21,423,517 21,727,732
3,655,353 4,823,505 3,462,445 2,898,231 3,088,986 2,539,711 2,054,017
4,823,505 3,462,445 2,898,231 3,088,986 2,539,711 2,054,017 2,680,214
17,047,532 19,183,329 18,327,956 17,593,604 18,275,108 21,909,211 21,101,536
10,614,402 12,453,294 12,091,873 11,609,432 12,144,721 12,881,583 12,351,150
2,438,653 2,637,387 2,576,547 2,515,708 2,576,547 2,795,096 2,728,190
8,175,749 9,815,906 9,515,326 9,093,724 9,568,174 10,086,487 9,622,960

414,900 441,900 504,900 324,900 324,900 324,900 342,900
19,438 19,438 19,438 19,438 19,438 19,438 19,438
- - - - - - -
- - - - - - -
138,722 125,761 112,605 99,252 85,698 71,941 57,978
207,039 189,587 171,873 153,893 135,644 117,121 98,320
334,519 314,467 294,113 273,455 252,486 231,203 209,601
550,083 523,235 495,986 468,327 440,253 411,759 382,837
50,000 50,000 50,000 50,000 50,000 50,000 50,000

- 50,000 - 50,000 - 50,000 - 50,000 - 50,000 - 50,000 - 50,000
1,249,800 1,172,487 1,094,014 1,014,364 933,519 851,462 768,173
7,340,849 9,085,320 8,926,212 8,404,260 8,959,555 9,559,925 9,197,686

2,936,340 3,634,128 3,570,485 3,361,704 3,583,822 3,823,970 3,679,075
4,404,509 5,451,192 5,355,727 5,042,556 5,375,733 5,735,955 5,518,612
1,761,804 2,180,477 2,142,291 2,017,022 2,150,293 2,294,382 2,207,445
2,642,706 3,270,715 3,213,436 3,025,534 3,225,440 3,441,573 3,311,167
12,012,355 13,141,134 10,508,055 7,587,456 5,729,155 6,851,362 10,393,921

46,100,000 49,100,000 56,100,000 36,100,000 36,100,000 36,100,000 38,100,000
13,830,967 15,818,311 15,209,914 14,601,518 15,209,914 17,395,397 16,726,343
4,823,505 3,462,445 2,898,231 3,088,986 2,539,711 2,054,017 2,680,214
76,766,827 81,521,890 84,716,201 61,377,960 59,578,780 62,400,776 67,900,477

2,486,250 2,486,250 2,486,250 2,486,250 2,486,250 2,486,250 2,486,250
43,276,875 45,022,500 46,768,125 48,513,750 50,259,375 52,432,500 54,605,625
8,465,250 8,465,250 8,465,250 8,465,250 8,465,250 8,465,250 8,465,250
110,696,500 115,216,750 119,737,000 124,257,250 128,777,500 134,404,750 140,032,000
27,255,000 27,255,000 27,255,000 27,255,000 27,255,000 27,255,000 27,255,000

14,775,000 14,775,000 14,775,000 14,775,000 14,775,000 14,775,000 14,775,000
- - - - - - -
12,360,000 12,360,000 12,360,000 12,360,000 12,360,000 12,360,000 12,360,000
11,355,000 11,355,000 11,355,000 11,355,000 11,355,000 11,355,000 11,355,000
10,935,000 10,935,000 10,935,000 10,935,000 10,935,000 10,935,000 10,935,000
- - - - - - -
1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000
7,395,000 7,395,000 7,395,000 7,395,000 7,395,000 7,395,000 7,395,000
570,000 570,000 570,000 570,000 570,000 570,000 570,000
3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000
2,130,000 2,130,000 2,130,000 2,130,000 2,130,000 2,130,000 2,130,000

1,995,000 1,995,000 1,995,000 1,995,000 1,995,000 1,995,000 1,995,000
1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000

11,085,000 11,085,000 11,085,000 11,085,000 11,085,000 11,085,000 11,085,000
1,710,000 1,710,000 1,710,000 1,710,000 1,710,000 1,710,000 1,710,000
3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000
25,830,000 25,830,000 25,830,000 25,830,000 25,830,000 25,830,000 25,830,000
18,735,000 18,735,000 18,735,000 18,735,000 18,735,000 18,735,000 18,735,000
3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000
9,225,000 9,225,000 9,225,000 9,225,000 9,225,000 9,225,000 9,225,000
1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000
22,155,000 22,155,000 22,155,000 22,155,000 22,155,000 22,155,000 22,155,000
12,075,000 12,075,000 12,075,000 12,075,000 12,075,000 12,075,000 12,075,000
3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000
- - - - - - -
285,000 285,000 285,000 285,000 285,000 285,000 285,000
2,565,000 2,565,000 2,565,000 2,565,000 2,565,000 2,565,000 2,565,000
1,425,000 1,425,000 1,425,000 1,425,000 1,425,000

27,690,000 27,690,000 27,690,000 27,690,000
6,270,000 6,270,000 6,270,000
3,135,000 3,135,000
-
209,250,000 209,250,000 210,675,000 238,365,000 244,635,000 247,770,000 247,770,000
3,600,000 3,600,000 3,600,000 3,600,000 3,600,000
1,800,000 2,250,000 2,700,000 3,150,000 3,600,000
68,028,125 61,312,250 56,021,375 76,995,500 76,549,625 71,884,250 64,083,875
144,794,952 142,834,140 140,737,576 138,373,460 136,128,405 134,285,026 131,984,352
1,076,400 1,076,400 1,076,400 1,076,400 1,076,400 1,344,000 1,368,000

- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
4,831,048 4,903,514 4,977,067 5,051,723 5,127,499 5,204,411 5,282,477
5,550,899 5,634,163 5,718,675 5,804,455 5,891,522 5,979,895 6,069,594
7,431,787 7,543,264 7,656,413 7,771,259 7,887,828 8,006,145 8,126,238
18,890,135 19,157,341 19,428,555 19,703,837 19,983,249 20,534,452 20,846,308
- - - - - - -
- - - - - - -
8,384,036 7,506,983 6,616,775 5,713,214 4,796,099 3,865,227 2,920,393
7,808,059 6,554,668 5,282,477 3,991,203 2,680,560 1,350,257 - 0
15,413,545 13,973,393 12,511,639 11,027,958 9,522,023 7,993,498 6,442,045
27,450,578 25,522,440 23,565,379 21,578,963 19,562,750 17,516,295 15,439,142
59,056,218 53,557,485 47,976,271 42,311,338 36,561,432 30,725,277 24,801,580
18,926,518 18,926,518 18,926,518 18,926,518 18,926,518 18,926,518 18,926,518

- - - - - - -
47,922,081 51,192,796 54,406,232 57,431,766 60,657,206 64,098,779 67,409,946
66,848,599 70,119,314 73,332,751 76,358,284 79,583,724 83,025,297 86,336,464
144,794,952 142,834,140 140,737,576 138,373,460 136,128,405 134,285,026 131,984,352
0.0 0.0 0.0 0.0 0.0 0.0 0.0
trim33 trim34 trim35 trim36 trim37 trim38 trim39
0.12 0.15 0.15 0.15 0.16 0.17 0.17
0.76 0.89 0.86 0.84 0.89 1.04 1.01
6.87 8.75 9.16 9.29 10.60 12.23 12.97
0.26 0.31 0.29 0.26 0.27 0.28 0.26
0.28 0.27 0.26 0.26 0.25 0.25 0.24
0.88 0.76 0.65 0.55 0.46 0.37 0.29
1.17 1.04 0.92 0.81 0.71 0.62 0.53
1.15 1.02 0.90 0.80 0.70 0.60 0.51
16.46 19.57 18.33 16.50 16.90 17.30 15.95
0 0 0 0 0 0 0
8,384,036 7,506,983 6,616,775 5,713,214 4,796,099 3,865,227 2,920,393
4,831,048 4,903,514 4,977,067 5,051,723 5,127,499 5,204,411 5,282,477

7,808,059 6,554,668 5,282,477 3,991,203 2,680,560 1,350,257 0
5,550,899 5,634,163 5,718,675 5,804,455 5,891,522 5,979,895 6,069,594

15,413,545 13,973,393 12,511,639 11,027,958 9,522,023 7,993,498 6,442,045
7,431,787 7,543,264 7,656,413 7,771,259 7,887,828 8,006,145 8,126,238

27,450,578 25,522,440 23,565,379 21,578,963 19,562,750 17,516,295 15,439,142
31 32 33 34 35 36 37
8,384,036 7,506,983 6,616,775 5,713,214 4,796,099 3,865,227 2,920,393
864,091 877,053 890,208 903,561 917,115 930,872 944,835
138,722 125,761 112,605 99,252 85,698 71,941 57,978
1,002,813 1,002,813 1,002,813 1,002,813 1,002,813 1,002,813 1,002,813
12,639,107 11,458,182 10,259,544 9,042,926 7,808,059 6,554,668 5,282,477

1,163,472 1,180,925 1,198,638 1,216,618 1,234,867 1,253,390 1,272,191
207,039 189,587 171,873 153,893 135,644 117,121 98,320
1,370,511 1,370,511 1,370,511 1,370,511 1,370,511 1,370,511 1,370,511
26 27 28 29 30 31 32
20,964,444 19,607,556 18,230,314 16,832,414 15,413,545 13,973,393 12,511,639
1,336,836 1,356,888 1,377,242 1,397,900 1,418,869 1,440,152 1,461,754
334,519 314,467 294,113 273,455 252,486 231,203 209,601
1,671,355 1,671,355 1,671,355 1,671,355 1,671,355 1,671,355 1,671,355
23 24 25 26 27 28 29
34,882,366 33,065,704 31,221,792 29,350,222 27,450,578 25,522,440 23,565,379
1,789,814 1,816,662 1,843,912 1,871,570 1,899,644 1,928,138 1,957,061
550,083 523,235 495,986 468,327 440,253 411,759 382,837
2,339,897 2,339,897 2,339,897 2,339,897 2,339,897 2,339,897 2,339,897
TRIM33 TRIM34 TRIM35 TRIM36 TRIM37 TRIM38 TRIM39

1,240,000 1,240,000 1,240,000 1,240,000 1,240,000 1,240,000 1,240,000
0.00 0.00 0.00 0.00 0.00 0.00 0.00

50,000 50,000 50,000 50,000 50,000 50,000 50,000
-50,000 -50,000 -50,000 -50,000 -50,000 -50,000 -50,000

0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
-50,000 -50,000 -50,000 -50,000 -50,000 -50,000 -50,000
28 29 30 31 32 33 34
1.42 1.76 1.73 1.63 1.73 1.85 1.78
0.62 0.75 0.71 0.65 0.67 0.70 0.65
0.44 0.42 0.41 0.40 0.39 0.38 0.37
24 25 26 27 28 29 30
1.42 1.76 1.73 1.63 1.73 1.85 1.78
0.70 0.84 0.80 0.73 0.76 0.79 0.73
0.49 0.48 0.46 0.45 0.44 0.42 0.41
20 21 22 23 24 25 26
1.42 1.76 1.73 1.63 1.73 1.85 1.78
0.70 0.84 0.80 0.73 0.76 0.79 0.73
0.55 0.54 0.52 0.51 0.49 0.48 0.46
16 17 18 19 20 21 22
1.42 1.76 1.73 1.63 1.73 1.85 1.78
0.70 0.84 0.80 0.73 0.76 0.79 0.73
0.62316693922 0.60501644584 0.58739460762 0.57028602681 0.55367575419 0.53754927591 0.52189250088
57938629 58112355 62241134 66608055 43687456 41829155 42951362

13,830,967 15,818,311 15,209,914 14,601,518 15,209,914 17395397 16726343
13277728 13830967 15818311 15209914 14601518 15209914 17395397
414900 441900 504900 324900 324900 324900 342900
0 0 0 0 0 0 0
85462225 88203533 93774260 96744388 73823789 74759366 77416002
3240000 3240000 3240000 3240000 3240000 3712500 3780000

360000 360000 360000 360000 360000 360000 412500
6267600 6267600 6267600 6267600 6267600 8203500 8352000
696400 696400 696400 696400 696400 696400 911500
480060 342393 283868 304483 245958 183142 247357
180000 180000 180000 180000 180000 180000 180000
20000 20000 20000 20000 20000 20000 20000
2438653 2637387 2576547 2515708 2576547 2795096 2728190
2565000 0 1425000 27690000 6270000 3135000 0

1249800 1172487 1094014 1014364 933519 851462 768173
2936340 3634128 3570485 3361704 3583822 3823970 3679075
1761804 2180477 2142291 2017022 2150293 2294382 2207445
50000 50000 50000 50000 50000 50000 50000
-50000 -50000 -50000 -50000 -50000 -50000 -50000
0 0 0 0 0 0 0
864091 877053 890208 903561 917115 930872 944835
1163472 1180925 1198638 1216618 1234867 1253390 1272191
1336836 1356888 1377242 1397900 1418869 1440152 1461754
1,789,814 1,816,662 1,843,912 1,871,570 1,899,644 1,928,138 1,957,061
27349870 25962399 27166205 53056932 31994634 31808004 28922081
58112355 62241134 66608055 43687456 41829155 42951362 48493921

46100000 49100000 56100000 36100000 36100000 36100000 38100000
12012355 13141134 10508055 7587456 5729155 6851362 10393921

4 5 6 7 8
-494,859 3,507,268 3,731,012 -23,570,911 -2,494,210
173,726 4,128,779 4,366,921 - 22,920,599 - 1,858,302
668,584 621,512 635,909 650,312 635,908
4 5 6 7 8
0.94 0.93 0.91 0.90 0.89
629,930 576,925 581,566 585,949 564,503

- - - - - - 0.00
305,000 305,000 285,000 315,000 315,000 315,000
305,000 305,000 285,000 315,000 315,000 315,000
91.8% 91.8% 98.2% 92.1% 92.1% 92.1% 0.98
280,000 280,000 280,000 290,000 290,000 290,000

123.00 123.00 123.00 123.00 123.00 123.00
- 11,070,000 - 25,830,000 - -
369 369 369 369 369 369
285,000 1,425,000 1,710,000 1,425,000 3,705,000
57 57 57 57 57 57
3,500,000 -3,500,000 -20,000,000 5,000,000 9,000,000
1,087,892.23 1,196,355.08
0.24 0.25 0.26 0.25 0.24 0.25
34,544.68 53,450.55 61,477.49 30,425.17 21,336.40 24,211.18
280,000.00 280,000.00 280,000.00 290,000.00 290,000.00 290,000.00
261,094.13 271,973.06 311,052.32 299,088.77 287,125.22 299,088.77
53,451 61,477 30,425 21,336 24,211 15,122 75,499.72
314,544.68 333,450.55 341,477.49 320,425.17 311,336.40 314,211.18
0.009 0.009 0.009 0.009 0.009 0.009
0.02 0.02 0.02 0.02 0.02 0.02

0.03 0.03 0.03 0.03 0.03 0.03
0.03 0.03 0.03 0.03 0.03 0.03
0.01 0.01 0.01 0.01 0.01 0.01
0.06 0.06 0.06 0.06 0.06 0.06
0.08 0.08 0.08 0.08 0.08 0.08
4.03 4.03 4.03 4.03 4.03 4.03
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
15.00 15.00 15.00 15.00 15.00 15.00
60,000.00 60,000.00 60,000.00 60,000.00 60,000.00 60,000.00

40,000.00 40,000.00 40,000.00 40,000.00 40,000.00 40,000.00
20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00
160,000.00 160,000.00 160,000.00 170,000.00 170,000.00 170,000.00
39.00 39.00 39.00 39.00 39.00 39.00

29.00 29.00 29.00 29.00 29.00 29.00
25.00 25.00 25.00 25.00 25.00 25.00
33.00 33.00 33.00 33.00 33.00 33.00
2340000 2340000 2340000 2340000 2340000 2340000

1160000 1160000 1160000 1160000 1160000 1160000
500000 500000 500000 500000 500000 500000
5280000 5280000 5280000 5610000 5610000 5610000
9280000 9280000 9280000 9610000 9610000 9610000
2,000 2,000 2,000 2,000 2,000 2,000

3,000 3,000 3,000 3,000 3,000 3,000
48,451 56,477 25,425 16,336 19,211 10,122
1.00 1.00 1.00 1.00 1.00 1.00

3.00 3.00 3.00 3.00 3.00 3.00
8.00 8.00 8.00 8.00 8.00 8.00
2,000 2,000 2,000 2,000 2,000 2,000

9,000 9,000 9,000 9,000 9,000 9,000
387,604 451,820 203,401 130,691 153,689 80,979
398,604 462,820 214,401 141,691 164,689 91,979
20,000 20,000
70,000 70,000 70,000 70,000 70,000
50,000 50,000 50,000 50,000 50,000 50,000
25,000 25,000 25,000 25,000 25,000 25,000 25,000
50,000 50,000 50,000 50,000 50,000 50,000 50,000
25,000 25,000 25,000 25,000 25,000 25,000 25,000
65,000 65,000 65,000 65,000 65,000 65,000 65,000
30,000 30,000 30,000 30,000
70,000 70,000
305,000 305,000 285,000 315,000 315,000 315,000 100,000
5,000
45,000 45,000
25,000 25,000 25,000 25,000
65,000 65,000 65,000 65,000 65,000
110,000 110,000 110,000 110,000 110,000 110,000
55,000 55,000 55,000 55,000 55,000 55,000 55,000
5,000 5,000 5,000 5,000 5,000 5,000
25,000 25,000 25,000 25,000 25,000
30,000 30,000 30,000 30,000
25,000 25,000 25,000
65,000 65,000
305,000 305,000 285,000 315,000 315,000 315,000

369,000 369,000
1,291,500 1,291,500 1,291,500 1,291,500 1,291,500
922,500 922,500 922,500 922,500 922,500 922,500
461,250 461,250 461,250 461,250 461,250 461,250 461,250
922,500 922,500 922,500 922,500 922,500 922,500 922,500
461,250 461,250 461,250 461,250 461,250 461,250 461,250
1,199,250 1,199,250 1,199,250 1,199,250 1,199,250 1,199,250 1,199,250
553,500 553,500 553,500 553,500
1,291,500 1,291,500
5,627,250 5,627,250 5,258,250 5,811,750 5,811,750 5,811,750 -
35,625
320,625 320,625
178,125 178,125 178,125 178,125
463,125 463,125 463,125 463,125 463,125
783,750 783,750 783,750 783,750 783,750 783,750
391,875 391,875 391,875 391,875 391,875 391,875 391,875
35,625 35,625 35,625 35,625 35,625 35,625
178,125 178,125 178,125 178,125 178,125
213,750 213,750 213,750 213,750
178,125 178,125 178,125
463,125 463,125
2,173,125 2,173,125 2,030,625 2,244,375 2,244,375 2,244,375 1,460,625
200000 200000 200000 200000 200000 200000

1055556 1055556 1055556 1055556 1055556 1055556
1605729 1672634 1912972 1839396 1765820 1839396
78.139 78.369 75.655 77.096 77.175 76.924
77.587 78.079 78.322 76.135 77.005 77.164
78.079 78.322 76.135 77.005 77.164 76.943
1000000 1000000 1000000 1000000 1000000 1000000
1000000 1000000 1000000 1000000 1000000 1000000

261094 271973 311052 299089 287125 299089
32,114,579 33,452,686 38,259,435 36,787,919 35,316,402 36,787,919
32,114,579 33,452,686 38,259,435 36,787,919 35,316,402 36,787,919
4,200,000 4,200,000 4,200,000 4,350,000 4,350,000 4,350,000

9,280,000 9,280,000 9,280,000 9,610,000 9,610,000 9,610,000
13,480,000 13,480,000 13,480,000 13,960,000 13,960,000 13,960,000
398,604 462,820 214,401 141,691 164,689 91,979
2,173,125 2,173,125 2,030,625 2,244,375 2,244,375 2,244,375
5,627,250 5,627,250 5,258,250 5,811,750 5,811,750 5,811,750
200,000 200,000 200,000 200,000 200,000 200,000

8,398,979 8,463,195 7,703,276 8,397,816 8,420,814 8,348,104
21,878,979 21,943,195 21,183,276 22,357,816 22,380,814 22,308,104
2,680,214 4,173,341 4,815,044 2,316,414 1,643,002 1,868,220
4,173,341 4,815,044 2,316,414 1,643,002 1,868,220 1,163,563
20,385,852 21,301,492 23,681,906 23,031,228 22,155,596 23,012,762
11,728,727 12,151,194 14,577,529 13,756,690 13,160,806 13,775,157
2,661,285 2,728,190 2,968,528 2,894,952 2,821,376 2,894,952
9,067,442 9,423,004 11,609,001 10,861,739 10,339,429 10,880,205

374,400 342,900 342,900 162,900 207,900 288,900
19,438 19,438 19,438 19,438 19,438 19,438
- - - - - -
- - - - - -
43,806 29,421 14,820 - - -
79,237 59,868 40,208 20,254 - -
187,675 165,419 142,830 119,902 96,631 73,010
353,481 323,684 293,441 262,744 231,587 199,962 523,235
50,000 50,000 50,000 50,000 50,000 50,000

- 50,000 - 50,000 - 50,000 - 50,000 - 50,000 - 50,000
683,636 597,830 510,737 422,338 347,655 292,410 523,235
8,758,206 9,168,073 11,441,164 10,602,300 10,199,674 10,876,695

3,503,282 3,667,229 4,576,466 4,240,920 4,079,870 4,350,678
5,254,924 5,500,844 6,864,698 6,361,380 6,119,805 6,526,017
2,101,969 2,200,338 2,745,879 2,544,552 2,447,922 2,610,407
3,152,954 3,300,506 4,118,819 3,816,828 3,671,883 3,915,610
11,017,798 6,006,739 9,906,411 11,002,672 10,853,186 10,055,541 2,084,709

41,600,000 38,100,000 38,100,000 18,100,000 23,100,000 32,100,000 18,100,000
16,057,289 16,726,343 19,129,718 18,393,959 17,658,201 18,393,959
4,173,341 4,815,044 2,316,414 1,643,002 1,868,220 1,163,563
72,848,428 65,648,126 69,452,544 49,139,634 53,479,607 61,713,063

2,486,250 2,486,250 2,486,250 2,486,250 2,486,250 2,486,250
56,778,750 58,951,875 60,982,500 63,226,875 65,471,250 67,715,625
8,465,250 8,465,250 8,465,250 8,465,250 8,465,250 8,465,250
145,659,250 151,286,500 156,544,750 162,356,500 168,168,250 173,980,000
27,255,000 27,255,000 27,255,000 27,255,000 27,255,000 27,255,000

14,775,000 14,775,000 14,775,000 14,775,000 14,775,000 14,775,000
- - - - - -
12,360,000 12,360,000 12,360,000 12,360,000 12,360,000 12,360,000
11,355,000 11,355,000 11,355,000 11,355,000 11,355,000 11,355,000
10,935,000 10,935,000 10,935,000 10,935,000 10,935,000 10,935,000
- - - - - -
1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000
7,395,000 7,395,000 7,395,000 7,395,000 7,395,000 7,395,000
570,000 570,000 570,000 570,000 570,000 570,000
3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000
2,130,000 2,130,000 2,130,000 2,130,000 2,130,000 2,130,000

1,995,000 1,995,000 1,995,000 1,995,000 1,995,000 1,995,000
1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000

11,085,000 11,085,000 11,085,000 11,085,000 11,085,000 11,085,000
1,710,000 1,710,000 1,710,000 1,710,000 1,710,000 1,710,000
3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000
25,830,000 25,830,000 25,830,000 25,830,000 25,830,000 25,830,000
18,735,000 18,735,000 18,735,000 18,735,000 18,735,000 18,735,000
3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000
9,225,000 9,225,000 9,225,000 9,225,000 9,225,000 9,225,000
1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000
22,155,000 22,155,000 22,155,000 22,155,000 22,155,000 22,155,000
12,075,000 12,075,000 12,075,000 12,075,000 12,075,000 12,075,000
3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000
- - - - - -
285,000 285,000 285,000 285,000 285,000 285,000
2,565,000 2,565,000 2,565,000 2,565,000 2,565,000 2,565,000
1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000

27,690,000 27,690,000 27,690,000 27,690,000 27,690,000 27,690,000
6,270,000 6,270,000 6,270,000 6,270,000 6,270,000 6,270,000
3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000
- - - - - -
285,000 285,000 285,000 285,000 285,000 285,000
12,495,000 12,495,000 12,495,000 12,495,000 12,495,000
1,710,000 1,710,000 1,710,000 1,710,000
27,255,000 27,255,000 27,255,000
3,705,000 3,705,000
-
248,055,000 260,550,000 262,260,000 289,515,000 293,220,000 293,220,000
56,568,500 61,263,125 55,684,250 74,883,125 70,532,000 62,475,875

129,416,928 126,911,251 125,136,794 124,022,759 124,011,607 124,188,938
1,368,000 1,368,000 1,368,000 1,416,000 1,416,000 1,416,000

- - - - - -
- - - - - -
- - - - - -
- - - - - -
3,991,203 2,680,560 1,350,257 - - -
6,160,637 6,253,047 6,346,843 6,442,045 4,867,321 3,268,976
8,248,131 8,371,853 8,497,431 8,624,892 8,754,266 8,885,580
19,767,972 18,673,460 17,562,531 16,482,938 15,037,587 13,570,556
- - - - - -
- - - - - -
1,961,385 987,993 - 0 - - -
- 0 - 0 - 0 - 0 - -
4,867,321 3,268,976 1,646,655 - 0 - 0 - 0
13,330,832 11,190,897 9,018,864 6,814,249 4,576,566 2,305,317
20,159,538 15,447,866 10,665,519 6,814,249 4,576,566 2,305,317
18,926,518 18,926,518 18,926,518 18,926,518 18,926,518 18,926,518

- - - - - -
70,562,900 73,863,407 77,982,226 81,799,054 85,470,937 89,386,547
89,489,418 92,789,925 96,908,744 100,725,572 104,397,455 108,313,065
129,416,928 126,911,251 125,136,794 124,022,759 124,011,607 124,188,938
0.0 0.0 0.0 0.0 0.0 0.0 - 0.0
0.16 0.17 0.22 0.21 0.20 0.21
0.99 1.05 1.22 1.19 1.14 1.18
13.81 16.34 23.40 26.10 30.34 38.20
0.23 0.24 0.28 0.25 0.23 0.24
0.22 0.20 0.18 0.16 0.14 0.13
0.23 0.17 0.11 0.07 0.04 0.02
0.45 0.37 0.29 0.23 0.19 0.15
0.43 0.35 0.28 0.22 0.17 0.13
14.61 14.75 17.76 15.75 14.58 15.00
0 0 0 0 0 0
1,961,385 987,993 0 0 0 0
3,991,203 2,680,560 1,350,257 0 0 0

0 0 0 0 0 0
6,160,637 6,253,047 6,346,843 6,442,045 4,867,321 3,268,976

4,867,321 3,268,976 1,646,655 0 0 0
8,248,131 8,371,853 8,497,431 8,624,892 8,754,266 8,885,580

13,330,832 11,190,897 9,018,864 6,814,249 4,576,566 2,305,317
38 39 40 41
1,961,385 987,993 - 0
959,007 973,392 987,993
43,806 29,421 14,820
1,002,813 1,002,813 1,002,813
3,991,203 2,680,560 1,350,257 - 0

1,291,274 1,310,643 1,330,303 1,350,257
79,237 59,868 40,208 20,254
1,370,511 1,370,511 1,370,511 1,370,511
33 34 35 36 37 38 39
11,027,958 9,522,023 7,993,498 6,442,045 4,867,321 3,268,976 1,646,655
1,483,681 1,505,936 1,528,525 1,551,453 1,574,724 1,598,345 1,622,320
187,675 165,419 142,830 119,902 96,631 73,010 49,035
1,671,355 1,671,355 1,671,355 1,671,355 1,671,355 1,671,355 1,671,355
30 31 32 33 34 35 36
21,578,963 19,562,750 17,516,295 15,439,142 13,330,832 11,190,897 9,018,864
1,986,416 2,016,213 2,046,456 2,077,153 2,108,310 2,139,935 2,172,034
353,481 323,684 293,441 262,744 231,587 199,962 167,863
2,339,897 2,339,897 2,339,897 2,339,897 2,339,897 2,339,897 2,339,897

1,240,000 1,240,000 1,240,000 1,240,000 1,240,000 1,240,000
0.00 0.00 0.00 0.00 0.00 0.00

50,000 50,000 50,000 50,000 50,000 50,000
-50,000 -50,000 -50,000 -50,000 -50,000 -50,000

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
-50,000 -50,000 -50,000 -50,000 -50,000 -50,000
35 36 37 38 39 40 PERPETUIDAD
1.70 1.77 2.21 2.05 1.97 2.11 70.17
0.60 0.61 0.74 0.67 0.62 0.65 21.5117755062
0.36 0.35 0.33 0.33 0.32 0.31
31 32 33 34 35 36 PERPETUIDAD
1.70 1.77 2.21 2.05 1.97 2.11 70.17
0.68 0.69 0.83 0.75 0.70 0.73 24.21
0.40 0.39 0.38 0.37 0.36 0.35
27 28 29 30 31 32 PERPETUIDAD
1.70 1.77 2.21 2.05 1.97 2.11 70.17
0.68 0.69 0.83 0.75 0.70 0.73 27.25
0.45 0.44 0.42 0.41 0.40 0.39
23 24 25 26 27 28 PERPETUIDAD
1.70 1.77 2.21 2.05 1.97 2.11 70.17
0.68 0.69 0.83 0.75 0.70 0.73 30.67
0.50669174843 0.49193373634 0.47760556926 0.46369472744 0.45018905577 0.43707675317
48493921 52617798 44106739 48006411 29102672 33953186

16057289 16726343 19129718 18393959 17658201 18393959
16726343 16057289 16726343 19129718 18393959 17658201
374400 342900 342900 162900 207900 288900
0 0 0 0 0 0
81651953 85744330 80305700 85692989 65362733 70294246
3780000 3780000 3780000 3915000 3915000 3915000

420000 420000 420000 420000 435000 435000
8352000 8352000 8352000 8649000 8649000 8649000
928000 928000 928000 928000 961000 961000
398604 462820 214401 141691 164689 91979
180000 180000 180000 180000 180000 180000
20000 20000 20000 20000 20000 20000
2661285 2728190 2968528 2894952 2821376 2894952
285000 12495000 1710000 27255000 3705000 0

683636 597830 510737 422338 347655 292410
3503282 3667229 4576466 4240920 4079870 4350678
2101969 2200338 2745879 2544552 2447922 2610407
50000 50000 50000 50000 50000 50000
-50000 -50000 -50000 -50000 -50000 -50000
0 0 0 0 0 0
959007 973392 987993 0 0 0
1291274 1310643 1330303 1350257 0 0
1483681 1505936 1528525 1551453 1574724 1598345
1,986,416 2,016,213 2,046,456 2,077,153 2,108,310 2,139,935
29034155 41637591 32299288 56590316 31409547 28138706
52617798 44106739 48006411 29102672 33953186 42155541

41600000 38100000 38100000 18100000 23100000 32100000
11017798 6006739 9906411 11002672 10853186 10055541

0.0000 - - - - - - - -
0.8051
5,071.8873
25,000
50,000 50,000 50,000
25,000 25,000 25,000 25,000
65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000
30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000
70,000 70,000 70,000 70,000 70,000 70,000 70,000 70,000 70,000
100,000 75,000 75,000 25,000
5,000 5,000
25,000 25,000 25,000
30,000 30,000 30,000 30,000
25,000 25,000 25,000 25,000 25,000
65,000 65,000 65,000 65,000 65,000 65,000
461,250
922,500 922,500 922,500
461,250 461,250 461,250 461,250
1,199,250 1,199,250 1,199,250 1,199,250 1,199,250 1,199,250 1,199,250 1,199,250 1,199,250
553,500
1,291,500
- - - -
35,625 35,625
178,125 178,125 178,125
213,750 213,750 213,750 213,750
178,125 178,125 178,125 178,125 178,125
463,125 463,125 463,125 463,125 463,125 463,125
1,068,750 1,068,750 1,033,125 855,000 641,250 463,125 - - -

495,986 468,327 440,253 411,759 382,837 353,481 323,684 293,441 262,744
495,986 468,327 440,253 411,759 382,837 353,481 323,684 293,441 262,744
16,114,379
135,000,000
0.0
40
0
1,646,655
24,700
1,671,355
37 38 39 40
6,814,249 4,576,566 2,305,317 -0
2,204,614 2,237,683 2,271,249 2,305,317
135,283 102,214 68,648 34,580
2,339,897 2,339,897 2,339,897 2,339,897
- - - - - -
75,500 5,072
65,000 65,000
30,000 30,000 30,000 30,000 30,000 30,000 30,000
70,000 70,000 70,000 70,000 70,000 70,000 70,000 70,000 70,000
1,199,250 1,199,250
- - -
231,587 199,962 167,863 135,283 102,214 68,648 34,580
231,587 199,962 167,863 135,283 102,214 68,648 34,580

BASE PRUEBA SOLEMNE II
TALLER DE PLANIFICACION FINANCIERA
VARIABLES DE DECISION
1 Unidades a Producir
2 Precio de venta unitario
3 Compra de informacion
4 Compra de unidades de planta
Precio unit planta
5 Compra de unidades de maquinas
Precio unit maq
6 Inversion PROYECTO TECNOLOGICO
7 INVERSION PROYECTO DE MKT
8 a-.Inversion de corto plazo
VENTAS E INVENTARIO FÍSICO
VTAS ANUALES Y TASA CREC
ESTACIONALIDAD
Inventario Inicial Unid.
Produccion Unid.
Ventas Unid
Inventario Final MÁX 90 mil MÍN 5 mil
Inventario disponible para el trim.
Tasa Base de Inversion a C/P. Tasa de 3,65% real anual

TASAS INT. EN PRESTAMOS
Tasa de corto plazo

Tasas a dos años plazo
Tasas a tres años plazo
Tasas de largo plazo
Tasa con penalidad
Tasa de costo por retiro de bonos
Tasa costo x retiro accs. Preferidas
Tasa promedio mediano plazo
MONTO DE PRESTAMOS
Monto prestamo corto plazo

Monto M/P vence dentro del año(2 años)
Monto a L/P que vence dentro del año
Año siguiente
Monto prestamo mediano plazo a 3 años
Monto prestamo en bonos (largo plazo)
Monto prestamo total largo plazo
TOTAL MONTO PRESTAMOS
Costo unitario materia prima

COSTO DIR. FABRICACION
Ra Unida inicial
A 0.00
B 60,000.00
C 100,000.00
D 120,000.00
Rango y precios
A 0.00
B 0.00
C 0.00
D 0.00
CALCULOS
Costo A por precio
Costo B por precio
Costo C por precio
Costo D por precio
TOTAL COSTOS DIR (X TRABAJO)
JUEGO DE NEGOCIOS 4
ALMACENAJE
Unid. Inicial
a 0.00
b 2,000.00
c 3,000.00
Rango de precios
a
b
c
CALCULOS
Rango a por precio
Rango b por precio
Rango c por precio
TOT.COSTO DE ALMACENAJE
CAPACIDADES
Planta Original
Planta 1
Planta 2
Planta 3
Planta 4
Planta 5
Planta 6
Planta 7
Planta 8
Planta 9
Planta 10
Planta 11
Planta 12
TOT.CAPACIDAD DE PLANTA
Maquina Original
Maquina 1
Maquina 2
Maquina 3
Maquina 4
Maquina 5
Maquina 6
Maquina 7
Maquina 8
Maquina 9
Maquina 10
Maquina 11
Maquina 12
Maquina 13
Maquina 14
Maquina 15
Maquina 16
Maquina 17
Maquina 18
Maquina 19
Maquina 20
Maquina 21
Maquina 22
Maquina 23
TOT.CAPACIDAD DE MAQ.
Depreciaciones INVERSION EN PLANTA

Planta Original
Compra 1
Compra 2
Compra 3
Compra 4
Compra 5
Compra 6
Compra 7
Compra 8
Compra 9
Compra 10
Compra 11
Compra 12
Compra 13
TOT.DEPREC.PLANTAS
Depreciaciones maquinas
Maquinaria ORIGINALES
Compra 1
Compra 2
Compra 3
Compra 4
Compra 5
Compra 6
Compra 7
Compra 8
Compra 9
Compra 10
Compra 11
Compra 12
Compra 13
Compra 14
Compra 15
Compra 16
Compra 17
Compra 18
Compra 19
Compra 20
Compra 21
Compra 22
Compra 23
TOTAL DEPREC. MAQUINAS
DEPREC TECNOLOGÍA
AMORTIZ INV MKT
Gastos generales
Gastos de Adm.fijo
Gastos de Adm.var
COSTOS UNITARIOS DE PRODUCCION
COSTO UNITARIO INV.INICIAL
COSTO UNITARIO INV.FINAL
Acciones comunes
TOTAL DE ACCS.COMUNES
VENTA FISICA ( en unidades )

ESTADO DE RESULTADOS
INGRESOS
Ingresos por venta
Descuentos contado
VENTAS NETAS
GASTOS
Materia prima
Costo directo por trabajo
COSTO DIRECTO TOTAL
Bodegaje
Depreciacion maquinarias
Depreciacion planta
Deprec tecnolog
Gastos generales
COSTOS INDIRECTOS TOTAL
Costo de produccion(costo dir+indir)
inventario inicial valorizado
inventario final valorizado
Costo de mercaderia vendida
UTILIDAD BRUTA
fijo + 5% Ventas
UTILIDAD OPERACIONAL
Rentabilidad inv. Corto plazo
Interes prestamo corto plazo
interes prestamo 3 años
Interes deuda largo plazo(bonos)
Intereses primera emision de bonos
Intereses segunda emision de bonos
Intereses tercera emision de bonos
Intereses cuarta emision de bonos
Intereses quinta emision de bonos
Intereses sexta emision de bonos
Costo por retiro de bonos
TOTAL CARGOS FINANCIEROS
AMORTIZ INV MKT
UTILIDAD NO OPERACIONAL
utilidad antes de impuesto
Impuesto a la renta (40%)
UTILIDAD NETA
Div. Por acciones comunes
UTIL.RETENIDAS EN TRIMESTRE
BALANCE GENERAL
ACTIVOS
ACTIVO CIRCULANTE
Caja max 7.000.000 min 1.000.000
inversiones de corto plazo
cuentas por cobrar
inventarios
INV MKT
AMORTIZ ACUM INV MKT
Total activo circulante
ACTIVO FIJO
Maquinarias y equipos originales
Depreciacion maquinaria acumulada
Plantas originales
Depreciacion planta acumulada
Compra activo fijo trimestre tres

Compra activo fijo trimestre cuatro
Compra activo fijo trimestre Cinco
Compra activo fijo trimestre seis
Compra activo fijo trimestre ocho
Compra activo fijo trimestre nueve
Compra activo fijo trimestre diez
Compra activo fijo trimestre once
Compra activo fijo trimestre doce
Proyeccion compra act fijo
COMPRA TECNOLOGIA
DEPREC ACUM TECNOLOGIA
TOTAL ACTIV0 FIJO
TOTAL ACTIVOS
PASIVOS
PASIVOS CIRCULANTE
Cuentas por pagar
Vencimiento prestamo corto plazo
Vencimiento prestamo a 3 años
Vencimiento deuda a largo plazo
Vencimiento correspondiente a la 1a emision de bonos
Vencimiento correspondiente a la 2da emision de bonos
Vencimiento correspondiente a la 3era emision de bonos
TOTAL PASIVO CIRCULANTE
PASIVO A LARGO PLAZO
prestamo a dos años
prestamo a tres años
deudas a largo plazo(bonos)
Vencimiento del resto de la 1a emision de bonos
Vencimiento del resto de la 2da emision de bonos
Vencimiento del resto de la 3ra emision de bonos
TOTAL PASIVO A LARGO PLAZO
PATRIMONIO
Acciones comunes
Nuevas emisi{ones de acciones
Utilidades retenidas
TOTAL PATRIMONIO
TOTAL PASIVO
CALCE
INDICADORES
RETORNO SOBRE ACTIVOS
ROTACION ACTIVO TOTAL
COBERTURA INTERESES
RETORNO SOBRE PATRIMONIO
PASIVO CIRC/PATRIMONIO
PASIVO LP /PATRIMONIO
PASIVO TOT /PATRIMONIO
PASIVO FINANCIERO /PATRIMONIO
CRECIMIENTO DEL PATRIMONIO
INFORME DE PRESTAMOS
Monto prestamo 2 años

Deuda Principal
Interes
Amortizacion
CUOTA
Monto prestamo M/P 3 años

Deuda Principal
Interes
Amortizacion
Saldo
Monto prestamo L/P(bonos)

Deuda Principal
Interes
Amortizacion
Saldo
Vencimiento a 1 año
Vencimiento a L/P
Monto M/P Vence dentro del año(2años)

Deuda principal
amortizacion
Primera emision de bonos amortizados dentro del año
Resto de amortizacion primera emision de bonos
Segunda emision de bonos amortizados dentro del año

Tercera emision de bonos amortizados dentro del año

Cuarta emision de bonos amortizados dentro del año

Quinta emision de bonos amortizados dentro del año

Sexta emision de bonos amortizados dentro del año

tasa real
Primera emisión de bonos
Segunda emisión de bonos
Tercera emisión de bonos
Cuarta emisión de bonos
Quinta emisión de bonos
Sexta emisión de bonos
EMISION DE ACCIONES
N° de acciones vigentes
N° de acciones ofrecidas
Precio de acción
Recaudo por acción
Costo fijo de emisión
Costo variable tamaño emisión
Costo variable de colocación
Ingresos netos después de comisiones
Impacto en flujo de caja
Ingresos
Egresos
Com. Corredor
FLUJO DE CAJA
INGRESOS
Saldo inicial
Ingresos ventas periodo vigente
ingresos ventas periodo anterior
Intereses inversion corto plazo
Ingresos por emision de acciones
Ingreso por emisiòn de bonos
Prestamo corto plazo
TOTAL CAJA DISPONIBLE
EGRESOS
Materia prima periodo vigente
Materia prima periodo anterior
Bodegaje
Gastos generals periodo vige
Gastos generals periodo ant
Gastos de adm. y ventas
Costos de ordenamiento
Compras de plantas y maquinas
Intereses
Impuestos
Dividendos
Amortizacion de deudas bcos
Amortizacion primera emision de bonos
Amortizacion segunda emision de bonos
Amortizacion tercera emision de bonos
Amortizacion cuarta emision de bonos
Amortizacion quinta emision de bonos
Amortizacion sexta emision de bonos
COMPRA TECNOLOGÍA A
INVERSION MKT
TOTAL EGRESOS TRIMETRE
SALDOS
Saldo (diferencia entre caja y egreso)
Inversion de corto plazo
Retiro de inversion c/plazo
SALDO CAJA FINAL
CAPACIDADES PROYECTADAS
RANGO 80% A 98%
9.97%
Unid fin.
60,000.00
100,000.00
120,000.00
0.00
0.00
0.00
0.00
Unid. Final
2,000.00
3,000.00
200,000.00
1,000,000.00
0.05
Extender suma
50,000
2%
1
0
1
0
1
0
EVALUACIÓN PROYECTO TECNOLÓGICO
LAS PLANTAS SE COMPRAN DOS TRIM ANTES DE SU PUESTA EN MARCHA. LAS MAQUINAS 1 TRIM
TRIM 1
HISTORIA (SE ASUME QUE ESTAMOS AL INICIO DE TRI 6)

TRIM 1
0.013
TRIM 1
TRIM 1
A
B
C
D
TRIM 1
TRIM 1
TRIM 1
TRIM 1
TRIM 1
TRIM 1
Deuda
Amortizacion
Interes
Cuota
TRIM1
TRIM 1
TRIM 1
INGRESOS MENOS EGRESOS DEL P

INGRESOS MENOS EGRESOS DEL PE
Flujo de caja q
Facto
100,000 100,000 100,000 150,000
100,000 100,000 100,000 150,000
100,000.00 100,000.00 100,000.00 150,000.00

100.00 100.00 100.00 100.00
25,830,000 11,070,000 -
369 369 369
1,425,000 3,705,000 -
57 57 57
1,700,000
1,300,000 -1,500,000 - -
449,342.00
12,426.00 13,084.00 13,084.00 13,084.00

100,000.00 100,000.00 100,000.00 150,000.00
99,342.00 100,000.00 100,000.00 150,000.00
13,084 13,084 13,084 13,084
112,426.00 113,084.00 113,084.00 163,084.00
0.040 0.009 0.009 0.009
0.02 0.02 0.02 0.02

0.03 0.03 0.03 0.03
0.03 0.03 0.03 0.03
0.01 0.01 0.01 0.01
0.06 0.06 0.06 0.06
0.08 0.08 0.08 0.08
0.08 0.08 0.08 0.08
0.03 0.03 0.03 0.03
1250000 1250000 1250000 937500

300000
1200000 1200000 1200000 1200000
625000 312500
900000 600000 300000 0

2100000 1800000 1500000 1200000
6375000 5162500 4250000 3337500
15.00 15.00 15.00 15.00
60,000.00 60,000.00 60,000.00 60,000.00

40,000.00 40,000.00 40,000.00 40,000.00
0.00 0.00 0.00 20,000.00
0.00 0.00 0.00 30,000.00
39.00 38.00 38.00 38.00

29.00 26.00 26.00 26.00
25.00 18.00 18.00 18.00
33.00 24.00 24.00 24.00
Proy tec 1
1.00 1.00
3.00 3.00
7.00 7.00
9.00 9.00
2340000 2280000 2280000 2280000

1160000 1040000 1040000 1040000
0 0 0 360000
0 0 0 720000
3500000 3320000 3320000 4400000
2,000.00 2,000.00 2,000.00 2,000.00

5,000.00 5,000.00 5,000.00 5,000.00
6,084.00 6,084.00 6,084.00 6,084.00
1.00 1.00 1.00 1.00

3.00 3.00 3.00 3.00
8.00 8.00 8.00 8.00
2,000 2,000 2,000 2,000

15,000 15,000 15,000 15,000
48,672 48,672 48,672 48,672
65,672 65,672 65,672 65,672
100,000 100,000 100,000 80,000
- 70,000
-
-
100,000 100,000 100,000 150,000
100,000 100,000 75,000 60,000
- 25,000 25,000
- 65,000
-
100,000 100,000 100,000 150,000

1,300,000 1,300,000 1,300,000 989,000

- 1,291,500
-
-
1,300,000 1,300,000 1,300,000 2,280,500
478,125 478,125 384,375 311,250

178,125 178,125
463,125
478,125 478,125 562,500 952,500
212500 212500 212500
200000 200000 200000 200000

1055556 1055556 1055556 1055556
496710 500000 500000 750000
70.438 70.763 71.607 69.074
70.778 70.476 70.730 71.505
70.476 70.730 71.505 69.269
1000000 1000000 1000000 1000000
1000000 1000000 1000000 1000000

99342 100000 100000 150000
9,934,200 10,000,000 10,000,000 15,000,000
9,934,200 10,000,000 10,000,000 15,000,000
1,500,000 1,500,000 1,500,000 2,250,000

3,500,000 3,320,000 3,320,000 4,400,000
5,000,000 4,820,000 4,820,000 6,650,000
65,672 65,672 65,672 65,672
478,125 478,125 562,500 952,500
1,300,000 1,300,000 1,300,000 2,280,500
212,500 212,500 212,500
200,000 200,000 200,000 200,000
2,043,797 2,256,297 2,340,672 3,711,172
7,043,797 7,076,297 7,160,672 10,361,172
879,492 922,103 925,428 935,575
922,103 925,428 935,575 906,322
7,001,186 7,072,972 7,150,525 10,390,425
2,933,014 2,927,028 2,849,475 4,609,575
1,552,266 1,555,556 1,555,556 1,805,556
1,380,748 1,371,472 1,293,919 2,804,019

60,000 13,500 13,500 13,500
68,031 58,313 48,594 38,875
15,000 7,500 - -
33,600 29,400 25,200 21,000
450,000 441,708 433,291
615,000 603,667
50,000 50,000 50,000

96,869 106,762 7,948
116,631 692,081 1,287,263 1,154,781
1,324,117 692,891 20,156 1,662,738

529,647 277,156 8,062 665,095
794,470 415,734 12,094 997,643
100,000 100,000 100,000 100,000
694,470 315,734 - 87,906 897,643
206,823 8,027,459 39,300,289 38,556,819

1,500,000 - - -
6,655,914 6,700,000 6,700,000 10,050,000
922,103 925,428 935,575 906,322
9,284,840 15,652,886 46,935,863 49,513,141

2,486,250 2,486,250 2,486,250 2,486,250
956,250 1,434,375 1,996,875 2,949,375
8,465,250 8,465,250 8,465,250 8,465,250
2,600,000 3,900,000 5,200,000 7,480,500
27,255,000 27,255,000 27,255,000

14,775,000 14,775,000
-
- 27,255,000 42,030,000 42,030,000
1,700,000 1,700,000 1,700,000
212,500 425,000 637,500
7,395,250 34,359,625 47,059,625 43,614,125
16,680,090 50,012,511 93,995,488 93,127,266
520,000 502,000 502,000 685,000

1,250,000 1,250,000 1,250,000 937,500
300,000 - - -
1,200,000 1,200,000 1,200,000 1,200,000
2,295,427 2,329,859 2,364,807
3,137,084 3,184,140
3,270,000 5,247,427 8,418,943 8,371,447
625,000 312,500 - -
900,000 600,000 300,000 -

27,151,760 26,556,223 25,951,753
37,107,405 36,293,505
1,525,000 28,064,260 63,963,628 62,245,258
8,000,000 8,000,000 12,500,000 17,500,000

4,500,000 5,000,000 -
3,885,090 4,200,824 4,112,918 5,010,561
11,885,090 16,700,824 21,612,918 22,510,561
16,680,090 50,012,511 93,995,488 93,127,266
0.0 0.0 0.0 0.0
0.19 0.03 0.00 0.04

2.38 0.80 0.43 0.64
12.35 2.00 1.02 2.44
0.27 0.10 0.00 0.18
0.28 0.31 0.39 0.37
0.13 1.68 2.96 2.77
0.40 1.99 3.35 3.14
0.36 1.96 3.33 3.11
24.82 7.71 -1.62 16.61
1,938,917 1,686,717 1,426,674 1,158,544

60,300 52,457 44,370 36,031
252,200 260,043 268,130 276,469
312,500 312,500 312,500 312,500
600,000 300,000 0 0
15,000 7,500 0 0
300,000 300,000 0 0
300,000 0 0 0
2,400,000 2,100,000 1,800,000 1,500,000

33,600 29,400 25,200 21,000
300,000 300,000 300,000 300,000
2,100,000 1,800,000 1,500,000 1,200,000
1,200,000 1,200,000 1,200,000 1,200,000

900,000 600,000 300,000 0
1,250,000 1,250,000 1,250,000 937,500

0 0 312,500 312,500
2,295,427 2,329,859 2,364,807
27,151,760 26,556,223 25,951,753
1 2
3,137,084 3,184,140
37,107,405 36,293,505
1 2 3
30,000,000 29,447,187 28,886,082 28,316,560
552,813 561,105 569,522
1.50% 450,000 441,708 433,291
1,002,813 1,002,813 1,002,813
Deuda 41,000,000 40,244,489 39,477,645

Amortizacion 755,511 766,844
Interes 1.50% 615,000 603,667
Cuota 1,370,511 1,370,511

0 1,000,000 1,100,000 1,200,000
0 100,000 100,000 10,000
0.00 45.00 50.00 40.21
0 43.53 48.43 34.41
0 50,000 50,000 50,000
0 96,869 106,762 7,948

0 4,353,131 4,843,238 344,105
0.0000000 4,500,000 5,000,000

146,869 156,762
4,843,238 0
363,662 1,434,845
0 96,869 106,762 7,948
PRECIO ACCION 40.21

PV dividendo
factor de act
0.03
320592 1706823 8027459 39300289

3278286 3300000 3300000 4950000
6524661 6655914 6700000 6700000
60000 13500 13500 13500
4500000 5000000 0
30,000,000.00 41000000
10183539 46176237 64040959 50963789
1350000 1350000 1350000 2025000

150000 150000 150000 150000
3150000 2988000 2988000 3960000
350000 350000 332000 332000
65672 65672 65672 65672
180000 180000 180000 180000
20000 20000 20000 20000
1552266 1555556 1555556 1805556
27255000 14775000 0
116631 545213 1130502 1096834
529647 277156 8062 665095
100000 100000 100000 100000
50000 50000 50000
96869 106762 7948
912500 912500 612500 612500
552813 561105 569522
755511 766844
1700000
8476716 38148779 24740670 12406970
1706823 8027459 39300289 38556819

1500000 0 0 0
206823 8027459 39300289 38556819

0 1 2 3
7,847,139 31,080,004 - 1,155,188
6,320,635 31,272,830 - 743,470
- 1,700,000 173,496 192,826 411,718
0.03
1 2 3
0.97 0.94 0.92
245,605 168443 181757 376780
6.14%
26.93%
TRIM 6
PROYECCION
TRIM 6
TRIM 6
TRIM 6
TRIM 6
TRIM 6
TRIM 6
TRIM 6
-
trim6
TRIM 6
TRIM 6
SEGUNDA CLASE EMISION DE BONOS PARA FINANCIAR EXPANSION EN PLANTAS Y M
TERCERA EMISION DE BONOS PARA FINANCIAR EXPANSION EN PLANTAS Y MAQ SE P

Deuda
Amortizacion
Interes
Cuota
TRIM6
TRIM 6
TRIM 6
-
-
- - - - -
150,000 150,000 150,000 180,000 180,000
150,000 150,000 150,000 180,000 180,000
82.0% 82.0% 82.0% 80.6% 80.6%
123,000 123,000 123,000 145,000 145,000

123.00 123.00 123.00 123.00 123.00
11,070,000 9,225,000 - -
369 369 369 369 369
- 285,000 1,710,000 - 1,425,000
57 57 57 57 57
1,100,000
3,500,000 44,000,000 -8,500,000 70,000,000
494,141.40
0.25 0.24 0.25 0.26 0.25
5,607.24 5,071.89 9,477.95 8,942.60 11,114.98
123,000.00 123,000.00 123,000.00 145,000.00 145,000.00
123,535.35 118,593.94 123,535.35 142,827.62 137,334.25
5,072 9,478 8,943 11,115 18,781
128,607.24 128,071.89 132,477.95 153,942.60 156,114.98
tasa equivalente anual real
0.009 0.009 0.009 0.009 0.009
0.02 0.02 0.02 0.02 0.02

0.03 0.03 0.03 0.03 0.03
0.03 0.03 0.03 0.03 0.03
0.01 0.01 0.01 0.01 0.01
0.06 0.06 0.06 0.06 0.06
0.08 0.08 0.08 0.08 0.08
0.08 0.08
0.03 0.03 1.03 2.03 3.03
312500 0 0 0 0
600000 300000 0 0 0
0 0 0 0 0
600000 300000 0 0 0
1512500 600000 0 0 0
15.00 15.00 15.00 15.00 15.00
60,000.00 60,000.00 60,000.00 60,000.00 60,000.00

40,000.00 40,000.00 40,000.00 40,000.00 40,000.00
20,000.00 20,000.00 20,000.00 20,000.00 20,000.00
3,000.00 3,000.00 3,000.00 25,000.00 25,000.00
38.00 38.00 38.00 38.00 39.00

26.00 26.00 26.00 26.00 29.00
18.00 18.00 18.00 18.00 25.00
24.00 24.00 24.00 24.00 33.00
2280000 2280000 2280000 2280000 2340000

1040000 1040000 1040000 1040000 1160000
360000 360000 360000 360000 500000
72000 72000 72000 600000 825000
3752000 3752000 3752000 4280000 4825000
2,000 2,000 2,000 2,000 2,000

3,000 3,000 3,000 3,000 3,000
72 4,478 3,943 6,115 13,781
1.00 1.00 1.00 1.00 1.00

3.00 3.00 3.00 3.00 3.00
8.00 8.00 8.00 8.00 8.00
2,000 2,000 2,000 2,000 2,000

9,000 9,000 9,000 9,000 9,000
575 35,824 31,541 48,920 110,246
11,575 46,824 42,541 59,920 121,246
50,000 25,000 25,000 25,000 -
70,000 70,000 70,000 70,000 70,000
30,000 30,000 30,000 30,000 30,000
25,000 25,000 25,000 25,000
30,000 30,000
25,000
150,000 150,000 150,000 180,000 180,000
5,000 5,000
25,000 25,000 25,000 25,000 25,000
65,000 65,000 65,000 65,000 65,000
- - - - -
55,000 55,000 55,000 55,000 55,000
5,000 5,000 5,000
30,000 30,000
150,000 150,000 150,000 180,000 180,000

150,000 150,000 150,000 180,000 180,000
667,500 313,750
1,291,500 1,291,500 1,291,500 1,291,500 1,291,500
553,500 553,500 553,500 553,500 553,500
461,250 461,250 461,250 461,250
553,500 553,500
461,250
2,512,500 2,620,000 2,306,250 2,859,750 3,321,000
22,500 22,500 -
178,125 178,125 178,125 178,125 178,125
463,125 463,125 463,125 463,125 463,125
- - - - -
391,875 391,875 391,875 391,875 391,875
35,625 35,625 35,625
213,750 213,750
1,055,625 1,055,625 1,068,750 1,282,500 1,282,500
212500 212500 212500 212500
275000 275000
200000 200000 200000 200000 200000

1055556 1055556 1055556 1055556 1055556
759742 729353 759742 878390 844606
77.961 79.122 76.643 76.343 82.240
76.957 77.917 79.074 76.817 76.370
77.917 79.074 76.817 76.370 81.822
1000000 1000000 1000000 1000000 1000000
1000000 1000000 1000000 1000000 1000000

123535 118594 123535 142828 137334
15,194,848 14,587,054 15,194,848 17,567,797 16,892,112
15,194,848 14,587,054 15,194,848 17,567,797 16,892,112
1,845,000 1,845,000 1,845,000 2,175,000 2,175,000

3,752,000 3,752,000 3,752,000 4,280,000 4,825,000
5,597,000 5,597,000 5,597,000 6,455,000 7,000,000
11,575 46,824 42,541 59,920 121,246
1,055,625 1,055,625 1,068,750 1,282,500 1,282,500
2,512,500 2,620,000 2,306,250 2,859,750 3,321,000
212,500 212,500 212,500 212,500
200,000 200,000 200,000 200,000 200,000
3,992,200 4,134,949 3,830,041 4,614,670 4,924,746
9,589,200 9,731,949 9,427,041 11,069,670 11,924,746
431,515 395,187 749,458 686,940 848,852
395,187 749,458 686,940 848,852 1,536,672
9,625,528 9,377,678 9,489,559 10,907,757 11,236,926
5,569,320 5,209,376 5,705,289 6,660,040 5,655,187
1,815,298 1,784,909 1,815,298 1,933,946 1,900,162
3,754,022 3,424,468 3,889,991 4,726,094 3,755,025

265,500 661,500 585,000 585,000 1,215,000
19,438 19,438 19,438 19,438 19,438
- - - - -
12,600 8,400 4,200 - -
416,077 407,276 398,343 389,276 380,073
580,489 568,639 556,611 544,403 532,011
750,000 736,180 722,152 707,914
1,050,000
50,000 50,000 50,000 50,000 50,000

- 50,000 - 50,000 8,876 - 50,000 - 50,000
1,028,604 1,753,753 1,773,648 1,675,268 2,689,436
275,000 275,000
2,990,917 2,332,214 2,701,343 3,360,825 2,005,589

1,196,367 932,886 1,080,537 1,344,330 802,236
1,794,550 1,399,329 1,620,806 2,016,495 1,203,354
100,000 100,000 100,000 806,598 481,341
1,694,550 1,299,329 1,520,806 1,209,897 722,012
6,594,288 3,445,104 3,672,542 4,760,753 4,926,210

29,500,000 73,500,000 65,000,000 65,000,000 135,000,000
7,597,424 7,293,527 7,597,424 8,783,898 8,446,056
395,187 749,458 686,940 848,852 1,536,672
1,100,000 1,100,000
275,000 550,000
44,086,899 84,988,089 76,956,906 80,218,504 150,458,938
2,486,250 2,486,250 2,486,250 2,486,250 2,486,250
4,957,500 6,013,125 7,081,875 8,364,375 9,646,875
8,465,250 8,465,250 8,465,250 8,465,250 8,465,250
12,505,500 15,125,500 17,431,750 20,291,500 23,612,500
27,255,000 27,255,000 27,255,000 27,255,000 27,255,000

14,775,000 14,775,000 14,775,000 14,775,000 14,775,000
- - - - -
12,360,000 12,360,000 12,360,000 12,360,000 12,360,000
11,355,000 11,355,000 11,355,000 11,355,000
10,935,000 10,935,000 10,935,000
- -
1,425,000
54,390,000 65,745,000 76,680,000 76,680,000 78,105,000
1,700,000 1,700,000 1,700,000 1,700,000
1,062,500 1,275,000 1,487,500 1,700,000
48,516,000 55,982,875 63,330,375 58,975,625 55,797,125
92,602,899 140,970,964 140,287,281 139,194,129 206,256,063
579,700 579,700 579,700 665,500 720,000

312,500 - - - -
- - - - -
600,000 300,000 - - -
2,436,283 2,472,827 2,509,920 2,547,568 2,585,782
3,280,381 3,329,587 3,379,530 3,430,223 3,481,677
3,825,712 3,883,098 3,941,344 4,000,465
5,355,997
7,208,864 10,507,826 10,352,248 10,584,636 16,143,920
- - - - -
- - - - -
24,715,477 24,083,396 23,441,834 22,790,648 22,129,695
34,628,896 33,777,818 32,913,974 32,037,173 31,147,219
45,252,933 44,260,372 43,252,922 42,230,361
63,354,106
59,344,373 103,114,147 100,616,179 98,080,743 158,861,380
17,500,000 17,500,000 17,500,000 17,949,056 17,949,056

- - 449,056 - -
8,549,663 9,848,992 11,369,797 12,579,694 13,301,706
26,049,663 27,348,992 29,318,853 30,528,750 31,250,762
92,602,899 140,970,964 140,287,281 139,194,129 206,256,063
0.0 0.0 0.0 0.0 0.0
0.08 0.04 0.05 0.06 0.02
0.66 0.41 0.43 0.50 0.33
3.91 2.33 2.52 3.17 1.85
0.28 0.20 0.22 0.26 0.15
0.28 0.38 0.35 0.35 0.52
2.28 3.77 3.43 3.21 5.08
2.55 4.15 3.78 3.56 5.60
2.53 4.13 3.77 3.54 5.58
27.83 19.95 21.88 16.51 9.46
597,007 303,074
18,567 9,426
293,933 303,074
312,500 312,500
0 0
0 0
0 0
0 0
900,000 600,000 300,000

12,600 8,400 4,200
300,000 300,000 300,000
600,000 300,000 0
600,000 300,000
0 0
312,500 0
312,500
2,436,283 2,472,827 2,509,920 2,547,568 2,585,782
24,715,477 24,083,396 23,441,834 22,790,648 22,129,695
4 5 6 7 8
3,280,381 3,329,587 3,379,530 3,430,223 3,481,677
34,628,896 33,777,818 32,913,974 32,037,173 31,147,219
1 2 3 4
3,825,712 3,883,098 3,941,344 4,000,465
45,252,933 44,260,372 43,252,922 42,230,361
1
5,355,997
63,354,106
5 6 7 8 9
27,151,760 26,556,223 25,951,753 25,338,216 24,715,477
586,736 595,537 604,470 613,537 622,740
416,077 407,276 398,343 389,276 380,073
1,002,813 1,002,813 1,002,813 1,002,813 1,002,813
37,909,277 37,107,405 36,293,505 35,467,396 34,628,896

790,022 801,872 813,900 826,109 838,500
580,489 568,639 556,611 544,403 532,011
1,370,511 1,370,511 1,370,511 1,370,511 1,370,511
1 2 3 4
50,000,000 49,078,644.9 48,143,470 47,194,266 46,230,825
921,355 935,175 949,203 963,441
1.5% 750,000 736,180 722,152 707,914
1,671,355 1,671,355 1,671,355 1,671,355
1
Deuda 70,000,000 68,710,103
Amortizacion 1,289,897
Interes 1.5% 1,050,000
Cuota 2,339,897

1,210,000 1,210,000 1,210,000 1,220,000 1,220,000
10,000.00
44.91
0.00 0.00 39.02 0.00 0.00
50,000 50,000 50,000 50,000 50,000
-50,000 -50,000 8,876 -50,000 -50,000

0 0 390,180 0 0
0 0 449,056 0 0
0 0 58,876 0 0
0 0 1,023,218 0 0
-50,000 -50,000 8,876 -50,000 -50,000
2 3 4 5 6
0.08 0.08 0.08 0.66 0.39
0.08 0.08 0.07 0.57 0.33
0.94 0.92 0.89 0.86 0.84
1 2
0.03
32260345 36094288 76945104 68,672,542 69760753

7597424 7293527 7597424 8783898 8446056
7901321 7597424 7293527 7597424 8783898
265500 661500 585000 585000 1215000
0 0 449056 0 0
50,000,000.00 70,000,000.00
48024590 101646739 92870111 85638864 158205708
1660500 1660500 1660500 1957500 1957500

181500 184500 184500 184500 217500
3376800 3376800 3376800 3852000 4342500
370400 375200 375200 375200 428000
11575 46824 42541 59920 121246
180000 180000 180000 180000 180000
20000 20000 20000 20000 20000
1815298 1784909 1815298 1933946 1900162
0 11355000 10935000 0 1425000

1028604 1753753 1714772 1675268 2689436
1196367 932886 1080537 1344330 802236
100000 100000 100000 806598 481341
50000 50000 50000 50000 50000
-50000 -50000 8876 -50000 -50000
612500 612500 300000 0 0
586736 595537 604470 613537 622740
790022 801872 813900 826109 838500
921355 935175 949203 963441
1,289,897
1100000
11930302 24701635 24197569 15878111 18279499
36094288 76945104 68,672,542 69760753 139926210

29500000 73500000 65000000 65000000 135000000
6594288 3445104 3672542 4760753 4926210

5 6 7 8
3,542,774 40,555,689 - 8,559,939 808,254
3,833,943 40,850,816 - 8,272,562 1,088,212
291,169 295,127 287,377 279,958
5 6 7 8
0.86 0.84 0.81 0.79
251165 247164 233664 221002
0 1 2
Flujo de caja que aporta el proy -1,100,000.00 226,482 334,562
Tasa de dcto 0.03
CALCULO VAN 112,006.28 219,885 315,357
TIR PROY TRIM 6.8%

TIR ANUAL 30.2%
- - - -
180,000 180,000 190,000 190,000
180,000 180,000 190,000 190,000
80.6% 80.6% 84.2% 84.2%
145,000 145,000 160,000 160,000

123.00 123.00 123.00 123.00
3,690,000 - - -
369 369 369 369
3,705,000 570,000 3,135,000
57 57 57 57
4,200,000
-9,000,000
549,336.99
0.24 0.25 0.26 0.25
18,780.74 31,939.86 39,605.61 42,538.08
145,000.00 145,000.00 160,000.00 160,000.00
131,840.88 137,334.25 157,067.53 151,026.47
31,940 39,606 42,538 51,512
163,780.74 176,939.86 199,605.61 202,538.08
0.009 0.009 0.009 0.009
0.02 0.02 0.02 0.02

0.03 0.03 0.03 0.03
0.03 0.03 0.03 0.03
0.01 0.01 0.01 0.01
0.06 0.06 0.06 0.06
0.08 0.08 0.08 0.08
4.03 4.03 4.03 4.03
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
15.00 15.00 15.00 15.00
60,000.00 60,000.00 60,000.00 60,000.00

40,000.00 40,000.00 40,000.00 40,000.00
20,000.00 20,000.00 20,000.00 20,000.00
25,000.00 25,000.00 40,000.00 40,000.00
39.00 39.00 36.00 36.00

29.00 29.00 24.00 24.00
25.00 25.00 18.00 18.00
33.00 33.00 24.00 24.00
Proy tec 2
A 3.00 3.00
B 5.00 5.00
C 7.00 7.00
D 9.00 9.00
2340000 2340000 2160000 2160000

1160000 1160000 960000 960000
500000 500000 360000 360000
825000 825000 960000 960000
4825000 4825000 4440000 4440000
2,000 2,000 2,000 2,000

3,000 3,000 3,000 3,000
26,940 34,606 37,538 46,512
1.00 1.00 1.00 1.00

3.00 3.00 3.00 3.00
8.00 8.00 8.00 8.00
2,000 2,000 2,000 2,000

9,000 9,000 9,000 9,000
215,519 276,845 300,305 372,093
226,519 287,845 311,305 383,093
70,000 70,000 70,000 70,000

30,000 30,000 30,000 30,000
25,000 25,000 25,000 25,000
30,000 30,000 30,000 30,000
25,000 25,000 25,000 25,000
10,000 10,000
180,000 180,000 190,000 190,000
65,000
- -
55,000 55,000 55,000
5,000 5,000 5,000 5,000
30,000 30,000 30,000 30,000
25,000 25,000 25,000 25,000
65,000 65,000 65,000
10,000 10,000
55,000
180,000 180,000 190,000 190,000

180,000 180,000 200,000 200,000
TRIM 12 TRIM 13
1,291,500 1,291,500 1,291,500 1,291,500

553,500 553,500 553,500 553,500
461,250 461,250 461,250 461,250
553,500 553,500 553,500 553,500
461,250 461,250 461,250 461,250
184,500 184,500
3,321,000 3,321,000 3,505,500 3,505,500
463,125
- -
391,875 391,875 391,875
35,625 35,625 35,625 35,625
213,750 213,750 213,750 213,750
178,125 178,125 178,125 178,125
463,125 463,125 463,125
71,250 71,250
391,875
1,282,500 1,282,500 1,353,750 1,353,750
525000 525000
275000 275000
200000 200000 200000 200000

1055556 1055556 1055556 1055556
810821 844606 965965 928813
82.966 83.389 79.597 80.046
81.822 82.834 83.289 80.330
82.834 83.289 80.330 80.105
1000000 1000000 1000000 1000000
1000000 1000000 1000000 1000000

131841 137334 157068 151026
16,216,428 16,892,112 19,319,306 18,576,256
16,216,428 16,892,112 19,319,306 18,576,256
2,175,000 2,175,000 2,400,000 2,400,000

4,825,000 4,825,000 4,440,000 4,440,000
7,000,000 7,000,000 6,840,000 6,840,000
226,519 287,845 311,305 383,093
1,282,500 1,282,500 1,353,750 1,353,750
3,321,000 3,321,000 3,505,500 3,505,500
525,000 525,000
200,000 200,000 200,000 200,000
5,030,019 5,091,345 5,895,555 5,967,343
12,030,019 12,091,345 12,735,555 12,807,343
1,536,672 2,645,721 3,298,694 3,417,069
2,645,721 3,298,694 3,417,069 4,126,363
10,920,970 11,438,372 12,617,180 12,098,049
5,295,458 5,453,741 6,702,126 6,478,207
1,866,377 1,900,162 2,021,521 1,984,369
3,429,081 3,553,579 4,680,605 4,493,838

1,134,000 1,134,000 1,134,000 1,134,000
19,438 19,438 19,438 19,438
- - - -
- - - -
370,732 361,251 351,628 341,860
519,433 506,667 493,710 480,558
693,462 678,794 663,906 648,794
1,030,652 1,011,013 991,080 970,847
50,000 50,000 50,000 50,000

- 50,000 9,629 - 50,000 - 50,000
2,633,717 2,636,791 2,519,760 2,461,496
275,000 275,000
1,654,364 1,775,787 3,294,845 3,166,342

661,745 710,315 1,317,938 1,266,537
992,618 1,065,472 1,976,907 1,899,805
397,047 426,189 790,763 759,922
595,571 639,283 1,186,144 1,139,883
7,463,777 8,081,054 2,084,223 4,328,070

126,000,000 126,000,000 126,000,000 126,000,000
8,108,214 8,446,056 9,659,653 9,288,128
2,645,721 3,298,694 3,417,069 4,126,363
1,100,000 1,100,000
825,000 1,100,000
144,492,712 145,825,805 141,160,945 143,742,560
2,486,250 2,486,250 2,486,250 2,486,250
10,929,375 12,211,875 13,565,625 14,919,375
8,465,250 8,465,250 8,465,250 8,465,250
26,933,500 30,254,500 33,760,000 37,265,500
27,255,000 27,255,000 27,255,000 27,255,000

14,775,000 14,775,000 14,775,000 14,775,000
- - - -
12,360,000 12,360,000 12,360,000 12,360,000
11,355,000 11,355,000 11,355,000 11,355,000
10,935,000 10,935,000 10,935,000 10,935,000
- - - -
1,425,000 1,425,000 1,425,000 1,425,000
7,395,000 7,395,000 7,395,000 7,395,000
570,000 570,000 570,000
3,135,000 3,135,000
85,500,000 86,070,000 89,205,000 89,205,000
4,200,000 4,200,000
525,000 1,050,000
58,588,625 54,555,125 56,505,875 51,121,625
203,081,337 200,380,930 197,666,820 194,864,185
720,000 720,000 704,000 704,000

- - - -
- - - -
- - - -
2,624,569 2,663,937 2,703,896 2,744,455
3,533,902 3,586,910 3,640,714 3,695,325
4,060,472 4,121,379 4,183,199 4,245,947
5,436,337 5,517,882 5,600,650 5,684,660
16,375,279 16,610,108 16,832,460 17,074,387
- - - -
- - - -
21,458,827 20,777,897 20,086,752 19,385,240
30,243,916 29,327,064 28,396,459 27,451,894
41,192,461 40,138,993 39,069,723 37,984,414
61,964,520 60,554,091 59,122,505 57,669,446
154,859,725 150,798,044 146,675,438 142,490,994
17,949,056 17,949,056 18,436,217 18,436,217

- 487,161 - -
13,897,277 14,536,561 15,722,705 16,862,588
31,846,333 32,972,778 34,158,922 35,298,805
203,081,337 200,380,930 197,666,820 194,864,185
0.0 0.0 0.0 0.0
0.02 0.02 0.04 0.04
0.32 0.34 0.39 0.38
1.73 1.78 2.31 2.29
0.12 0.13 0.23 0.22
0.51 0.50 0.49 0.48
4.86 4.57 4.29 4.04
5.38 5.08 4.79 4.52
5.35 5.06 4.77 4.50
7.62 7.91 14.39 13.35
TRIM 12 TRIM 13
2,624,569 2,663,937 2,703,896 2,744,455

21,458,827 20,777,897 20,086,752 19,385,240
9 10
3,533,902 3,586,910 3,640,714 3,695,325
30,243,916 29,327,064 28,396,459 27,451,894
5 6
4,060,472 4,121,379 4,183,199 4,245,947
41,192,461 40,138,993 39,069,723 37,984,414
2 3
5,436,337 5,517,882 5,600,650 5,684,660
61,964,520 60,554,091 59,122,505 57,669,446
10 11 12 13
24,083,396 23,441,834 22,790,648 22,129,695
632,081 641,562 651,186 660,953
370,732 361,251 351,628 341,860
1,002,813 1,002,813 1,002,813 1,002,813
33,777,818 32,913,974 32,037,173 31,147,219

851,078 863,844 876,802 889,954
519,433 506,667 493,710 480,558
1,370,511 1,370,511 1,370,511 1,370,511
5 6 7 8
45,252,933 44,260,372 43,252,922 42,230,361
977,893 992,561 1,007,450 1,022,561
693,462 678,794 663,906 648,794
1,671,355 1,671,355 1,671,355 1,671,355
Cuarta EMISION DE BONOS PARA FINANCIAR EXPANSIO

2 3 4 5
67,400,857 66,071,973 64,723,156 63,354,106
1,309,246 1,328,884 1,348,818 1,369,050
1,030,652 1,011,013 991,080 970,847
2,339,897 2,339,897 2,339,897 2,339,897
Deuda
Amortizacion
Interes
Cuota

1,220,000 1,220,000 1,230,000 1,230,000
10,000
48.72
0.00 42.75 0.00 0.00
50,000 50,000 50,000 50,000
-50,000 9,629 -50,000 -50,000

0 427,532 0 0
0 487,161 0 0
0 59,629 0 0
0 1,036,297 0 0
-50,000 9,629 -50,000 -50,000
7 8 9 10
0.33 0.35 0.64 0.62
0.26 0.28 0.49 0.46
0.81 0.79 0.77 0.74
3 4 5 6
0.33 0.35 0.64 0.62
0.30 0.31 0.55 0.52
0.92 0.89 0.86 0.84
1 2
0.03
139926210 133463777 134,081,054 128084223

8108214 8446056 9659653 9288128
8446056 8108214 8446056 9659653
1134000 1134000 1134000 1134000
0 487161 0 0
157614480 151639208 153320764 148166004
1957500 1957500 2160000 2160000

217500 217500 217500 240000
4342500 4342500 3996000 3996000
482500 482500 482500 444000
226519 287845 311305 383093
180000 180000 180000 180000
20000 20000 20000 20000
1866377 1900162 2021521 1984369
7395000 570000 3135000 0

2633717 2577163 2519760 2461496
661745 710315 1317938 1266537
397047 426189 790763 759922
50000 50000 50000 50000
-50000 9629 -50000 -50000
0 0 0 0
632081 641562 651186 660953
851078 863844 876802 889954
977893 992561 1007450 1022561
1,309,246 1,328,884 1,348,818 1,369,050
4,200,000
24150703 17558153 25236541 17837934
133463777 134081054 128084223 130328070

126000000 126000000 126000000 126000000
7463777 8081054 2084223 4328070

0 1 2
INGRESOS MENOS EGRESOS DEL PERIODO SIN PROY -2,410,050 1,569,367
INGRESOS MENOS EGRESOS DEL PERIODO CON PROY - 5,996,831 2,243,847
Flujo de caja que aporta el proy -4,200,000 613,219 674,480
Tasa de dcto 0.03
1 2
CALCULO VAN 680,376 595,358 635,762
TIR PROY TRIM 6.55%

TIR ANUAL 28.91%
OBTENER UNA TIR ANUAL EN EL RANGO 25% AL 30 %
3 4
-6,795,535 198,669
-6,462,433 617,278
333,103 418,608
0.92 0.89
304,836 371,928
- - - - -
190,000 190,000 195,000 195,000 195,000
190,000 190,000 195,000 195,000 195,000
84.2% 84.2% 88.2% 84.6% 80.5%
160,000 160,000 172,000 165,000 157,000

123.00 123.00 123.00 123.00 123.00
1,845,000 - - - 7,380,000
369 369 369 369 369
285,000 1,995,000 1,425,000 3,705,000
57 57 57 57 57
3,700,000
-9,000,000
604,105.89
0.24 0.25 0.26 0.25 0.24
51,511.61 66,526.19 75,499.72 71,631.21 67,526.87
160,000.00 160,000.00 172,000.00 165,000.00 157,000.00
144,985.41 151,026.47 175,868.51 169,104.34 162,340.17
66,526 75,500 71,631 67,527 62,187
211,511.61 226,526.19 247,499.72 236,631.21 224,526.87
0.009 0.009 0.009 0.009 0.009
0.02 0.02 0.02 0.02 0.02

0.03 0.03 0.03 0.03 0.03
0.03 0.03 0.03 0.03 0.03
0.01 0.01 0.01 0.01 0.01
0.06 0.06 0.06 0.06 0.06
0.08 0.08 0.08 0.08 0.08
4.03 4.03 4.03 4.03 4.03
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
15.00 15.00 15.00 15.00 15.00
60,000.00 60,000.00 60,000.00 60,000.00 60,000.00

40,000.00 40,000.00 40,000.00 40,000.00 40,000.00
20,000.00 20,000.00 20,000.00 20,000.00 20,000.00
40,000.00 40,000.00 52,000.00 45,000.00 37,000.00
36.00 36.00 36.00 36.00 36.00

24.00 24.00 24.00 24.00 24.00
18.00 18.00 18.00 18.00 18.00
24.00 24.00 24.00 24.00 24.00
2160000 2160000 2160000 2160000 2160000

960000 960000 960000 960000 960000
360000 360000 360000 360000 360000
960000 960000 1248000 1080000 888000
4440000 4440000 4728000 4560000 4368000
2,000 2,000 2,000 2,000 2,000

3,000 3,000 3,000 3,000 3,000
61,526 70,500 66,631 62,527 57,187
1.00 1.00 1.00 1.00 1.00

3.00 3.00 3.00 3.00 3.00
8.00 8.00 8.00 8.00 8.00
2,000 2,000 2,000 2,000 2,000

9,000 9,000 9,000 9,000 9,000
492,210 563,998 533,050 500,215 457,494
503,210 574,998 544,050 511,215 468,494
70,000 70,000 70,000 70,000 70,000

30,000 30,000 30,000 30,000 30,000
25,000 25,000 25,000 25,000 25,000
30,000 30,000 30,000 30,000 30,000
25,000 25,000 25,000 25,000 25,000
10,000 10,000 10,000 10,000 10,000
5,000 5,000 5,000
190,000 190,000 195,000 195,000 195,000
5,000
30,000 30,000
25,000 25,000 25,000 25,000
65,000 65,000 65,000 65,000 65,000
10,000 10,000 10,000 10,000 10,000
55,000 55,000 55,000 55,000 55,000
5,000 5,000 5,000 5,000
35,000 35,000 35,000
25,000
190,000 190,000 195,000 195,000 195,000

200,000 200,000 220,000 220,000 220,000
1,291,500 1,291,500 1,291,500 1,291,500 1,291,500

553,500 553,500 553,500 553,500 553,500
461,250 461,250 461,250 461,250 461,250
553,500 553,500 553,500 553,500 553,500
461,250 461,250 461,250 461,250 461,250
184,500 184,500 184,500 184,500 184,500
92,250 92,250 92,250
3,505,500 3,505,500 3,597,750 3,597,750 3,597,750
35,625
213,750 213,750
178,125 178,125 178,125 178,125
463,125 463,125 463,125 463,125 463,125
71,250 71,250 71,250 71,250 71,250
391,875 391,875 391,875 391,875 391,875
35,625 35,625 35,625 35,625
249,375 249,375 249,375
178,125
1,353,750 1,353,750 1,389,375 1,389,375 1,389,375
525000 525000 525000 525000 525000
925000 925000 925000
200000 200000 200000 200000 200000

1055556 1055556 1055556 1055556 1055556
891660 928813 1081591 1039992 998392
80.797 81.245 78.861 80.354 82.189
80.105 80.628 81.064 79.533 80.105
80.628 81.064 79.533 80.105 81.562
1000000 1000000 1000000 1000000 1000000
1000000 1000000 1000000 1000000 1000000

144985 151026 175869 169104 162340
17,833,206 18,576,256 21,631,827 20,799,834 19,967,841
17,833,206 18,576,256 21,631,827 20,799,834 19,967,841
2,400,000 2,400,000 2,580,000 2,475,000 2,355,000

4,440,000 4,440,000 4,728,000 4,560,000 4,368,000
6,840,000 6,840,000 7,308,000 7,035,000 6,723,000
503,210 574,998 544,050 511,215 468,494
1,353,750 1,353,750 1,389,375 1,389,375 1,389,375
3,505,500 3,505,500 3,597,750 3,597,750 3,597,750
525,000 525,000 525,000 525,000 525,000
200,000 200,000 200,000 200,000 200,000
6,087,460 6,159,248 6,256,175 6,223,340 6,180,619
12,927,460 12,999,248 13,564,175 13,258,340 12,903,619
4,126,363 5,363,894 6,120,317 5,697,073 5,409,259
5,363,894 6,120,317 5,697,073 5,409,259 5,072,076
11,689,928 12,242,825 13,987,419 13,546,153 13,240,802
6,143,278 6,333,431 7,644,408 7,253,681 6,727,039
1,947,216 1,984,369 2,137,147 2,095,548 2,053,948
4,196,062 4,349,062 5,507,261 5,158,133 4,673,091

1,134,000 1,134,000 1,134,000 1,134,000 1,053,000
19,438 19,438 19,438 19,438 19,438
- - - - -
- - - - -
331,945 321,882 311,668 301,301 290,779
467,208 453,659 439,906 425,947 411,778
633,455 617,887 602,085 586,046 569,766
950,312 929,468 908,311 886,838 865,042
50,000 50,000 50,000 50,000 50,000

- 50,000 10,333 - 50,000 - 50,000 - 50,000
2,402,358 2,402,667 2,281,408 2,219,569 2,156,802
925,000 925,000 925,000
2,927,703 3,080,396 3,434,853 3,147,564 2,644,289

1,171,081 1,232,158 1,373,941 1,259,026 1,057,715
1,756,622 1,848,237 2,060,912 1,888,538 1,586,573
702,649 739,295 824,365 755,415 634,629
1,053,973 1,108,942 1,236,547 1,133,123 951,944
3,768,631 3,600,024 2,393,349 5,030,663 6,809,500

126,000,000 126,000,000 126,000,000 126,000,000 117,000,000
8,916,603 9,288,128 10,815,914 10,399,917 9,983,920
5,363,894 6,120,317 5,697,073 5,409,259 5,072,076
3,700,000 3,700,000 3,700,000
925,000 1,850,000 2,775,000
144,049,128 145,008,469 147,681,336 148,689,839 139,790,496
2,486,250 2,486,250 2,486,250 2,486,250 2,486,250
16,273,125 17,626,875 19,016,250 20,405,625 21,795,000
8,465,250 8,465,250 8,465,250 8,465,250 8,465,250
40,771,000 44,276,500 47,874,250 51,472,000 55,069,750
27,255,000 27,255,000 27,255,000 27,255,000 27,255,000

14,775,000 14,775,000 14,775,000 14,775,000 14,775,000
- - - - -
12,360,000 12,360,000 12,360,000 12,360,000 12,360,000
11,355,000 11,355,000 11,355,000 11,355,000 11,355,000
10,935,000 10,935,000 10,935,000 10,935,000 10,935,000
- - - - -
1,425,000 1,425,000 1,425,000 1,425,000 1,425,000
7,395,000 7,395,000 7,395,000 7,395,000 7,395,000
570,000 570,000 570,000 570,000 570,000
3,135,000 3,135,000 3,135,000 3,135,000 3,135,000
2,130,000 2,130,000 2,130,000 2,130,000 2,130,000

1,995,000 1,995,000 1,995,000 1,995,000
1,425,000 1,425,000
11,085,000
91,335,000 93,330,000 93,330,000 94,755,000 105,840,000
4,200,000 4,200,000 4,200,000 4,200,000 4,200,000
1,575,000 2,100,000 2,625,000 3,150,000 3,675,000
47,867,375 44,478,125 38,966,000 34,878,875 40,451,750
191,916,503 189,486,594 186,647,336 183,568,714 180,242,246
704,000 704,000 750,800 723,500 692,300

- - - - -
- - - - -
- - - - -
2,785,621 2,827,406 2,869,817 2,912,864 2,956,557
3,750,755 3,807,016 3,864,121 3,922,083 3,980,914
4,309,636 4,374,281 4,439,895 4,506,494 4,574,091
5,769,930 5,856,479 5,944,326 6,033,491 6,123,993
17,319,943 17,569,182 17,868,960 18,098,432 18,327,856
- - - - -
- - - - -
18,673,206 17,950,491 17,216,935 16,472,376 15,716,649
26,493,162 25,520,048 24,532,337 23,529,811 22,512,247
36,882,825 35,764,712 34,629,828 33,477,920 32,308,734
56,194,590 54,697,612 53,178,179 51,635,955 50,070,597
138,243,782 133,932,862 129,557,279 125,116,062 120,608,226
18,436,217 18,436,217 18,959,046 18,959,046 18,959,046

- 522,830 - - -
17,916,561 19,025,504 20,262,051 21,395,174 22,347,118
36,352,778 37,984,550 39,221,097 40,354,220 41,306,164
191,916,503 189,486,594 186,647,336 183,568,714 180,242,246
0.0 0.0 0.0 0.0 0.0
0.04 0.04 0.04 0.04 0.04
0.37 0.39 0.46 0.45 0.44
2.22 2.28 2.91 2.83 2.65
0.19 0.19 0.21 0.19 0.15
0.48 0.46 0.46 0.45 0.44
3.80 3.53 3.30 3.10 2.92
4.28 3.99 3.76 3.55 3.36
4.26 3.97 3.74 3.53 3.35
11.94 12.03 13.02 11.56 9.44
2,785,621 2,827,406 2,869,817 2,912,864 2,956,557
18,673,206 17,950,491 17,216,935 16,472,376 15,716,649
3,750,755 3,807,016 3,864,121 3,922,083 3,980,914

26,493,162 25,520,048 24,532,337 23,529,811 22,512,247
4,309,636 4,374,281 4,439,895 4,506,494 4,574,091

36,882,825 35,764,712 34,629,828 33,477,920 32,308,734
5,769,930 5,856,479 5,944,326 6,033,491 6,123,993

56,194,590 54,697,612 53,178,179 51,635,955 50,070,597
14 15 16 17 18
21,458,827 20,777,897 20,086,752 19,385,240 18,673,206
670,868 680,931 691,145 701,512 712,034
331,945 321,882 311,668 301,301 290,779
1,002,813 1,002,813 1,002,813 1,002,813 1,002,813
30,243,916 29,327,064 28,396,459 27,451,894 26,493,162

903,303 916,852 930,605 944,564 958,733
467,208 453,659 439,906 425,947 411,778
1,370,511 1,370,511 1,370,511 1,370,511 1,370,511
9 10 11 12 13
41,192,461 40,138,993 39,069,723 37,984,414 36,882,825
1,037,900 1,053,468 1,069,270 1,085,309 1,101,589
633,455 617,887 602,085 586,046 569,766
1,671,355 1,671,355 1,671,355 1,671,355 1,671,355
S PARA FINANCIAR EXPANSION EN PLANTAS Y MAQ SE PUEDE COMPLEMENTAR MAS ADELAN

6 7 8 9 10
61,964,520 60,554,091 59,122,505 57,669,446 56,194,590
1,389,586 1,410,429 1,431,586 1,453,060 1,474,855
950,312 929,468 908,311 886,838 865,042
2,339,897 2,339,897 2,339,897 2,339,897 2,339,897

1,230,000 1,230,000 1,240,000 1,240,000 1,240,000
10000
52.28
0.00 46.25 0.00 0.00 0.00
50,000 50,000 50,000 50,000 50,000
-50,000 10,333 -50,000 -50,000 -50,000

0 462,496 0 0 0
522,830 0 0 0
0 60,333 0 0 0
0 1,048,538 0 0 0
-50,000 10,333 -50,000 -50,000 -50,000
11 12 13 14 15
0.57 0.60 0.66 0.61 0.51
0.41 0.42 0.45 0.40 0.33
0.72 0.70 0.68 0.66 0.64
7 8 9 10 11
0.57 0.60 0.66 0.61 0.51
0.46 0.47 0.51 0.45 0.37
0.81 0.79 0.77 0.74 0.72
3 4 5 6 7
0.57 0.60 0.66 0.61 0.51
0.52 0.53 0.57 0.51 0.42
0.92 0.89 0.86 0.84 0.81
1 2 3
PRECIO ACCION 52.28 0.66 0.61 0.51
PV dividendo 0.65 0.57 0.47
factor de act 0.97087378641 0.94259590913 0.91514165935
0.03
130328070 129768631 129600024 128393349 131030663

8916603 9288128 10815914 10399917 9983920
9288128 8916603 9288128 10815914 10399917
1134000 1134000 1134000 1134000 1053000
0 522830 0 0 0
149666801 149630191 150838066 150743180 152467500
2160000 2160000 2322000 2227500 2119500

240000 240000 240000 258000 247500
3996000 3996000 4255200 4104000 3931200
444000 444000 444000 472800 456000
503210 574998 544050 511215 468494
180000 180000 180000 180000 180000
20000 20000 20000 20000 20000
1947216 1984369 2137147 2095548 2053948
2130000 1995000 0 1425000 11085000

2402358 2342333 2281408 2219569 2156802
1171081 1232158 1373941 1259026 1057715
702649 739295 824365 755415 634629
50000 50000 50000 50000 50000
-50000 10333 -50000 -50000 -50000
0 0 0 0 0
670868 680931 691145 701512 712034
903303 916852 930605 944564 958733
1037900 1053468 1069270 1085309 1101589
1,389,586 1,410,429 1,431,586 1,453,060 1,474,855
3700000
19898170 20030167 22444717 19712518 28658000
129768631 129600024 128393349 131030663 123809500

126000000 126000000 126000000 126000000 117000000
3768631 3600024 2393349 5030663 6809500

3 4 5 6 7
-1,235,649 -874,203 -1,897,362 1,972,354 -7,852,685
- 559,439 - 168,606 - 1,206,675 2,637,313 - 7,221,163
676,210 705,597 690,687 664,959 631,523
3 4 5 6 7
0.92 0.89 0.86 0.84 0.81
618,828 626,914 595,792 556,893 513,486
0 1 2 3
INGRESOS MENOS EGRESOS DEL PERIODO SIN PROY 1,575,194 1,489,360 -8,382,123
INGRESOS MENOS EGRESOS DEL PERIODO CON PROY -1,206,675 2,637,313 -7,221,163
Flujo de caja que aporta el proy -3,700,000.00 918,131 1,147,953 1,160,960
Tasa de dcto 0.03
Factor de actualIzación 0.97 0.94 0.92
CALCULO VAN 350,121.76 891,390 1,082,056 1,062,443
TIR PROY TRIM 6.8%

TIR ANUAL 29.9%
OBTENER UNA TIR ANUAL EN EL RANGO 25% AL 30 %
- - - - - - -
195,000 215,000 215,000 215,000 215,000 235,000 235,000
195,000 215,000 215,000 215,000 215,000 235,000 235,000
84.6% 87.4% 83.7% 80.9% 83.7% 85.1% 85.1%
165,000 188,000 180,000 174,000 180,000 200,000 200,000

123.00 123.00 123.00 123.00 123.00 123.00 123.00
- - 25,830,000 18,450,000 - 9,225,000 -

369 369 369 369 369 369 369
1,710,000 3,135,000 285,000 3,135,000 1,425,000
57 57 57 57 57 57 57
-26,000,000 -17,000,000 -8,000,000
676,417.36 743,856.18
0.25 0.26 0.25 0.24 0.25 0.26 0.25
62,186.70 58,082.36 52,679.75 46,715.71 42,190.23 36,226.18 23,541.34
165,000.00 188,000.00 180,000.00 174,000.00 180,000.00 200,000.00 200,000.00
169,104.34 193,402.61 185,964.04 178,525.48 185,964.04 212,684.85 204,504.66
58,082 52,680 46,716 42,190 36,226 23,541 19,037
227,186.70 246,082.36 232,679.75 220,715.71 222,190.23 236,226.18 223,541.34
0.009 0.009 0.009 0.009 0.009 0.009 0.009
0.02 0.02 0.02 0.02 0.02 0.02 0.02

0.03 0.03 0.03 0.03 0.03 0.03 0.03
0.03 0.03 0.03 0.03 0.03 0.03 0.03
0.01 0.01 0.01 0.01 0.01 0.01 0.01
0.06 0.06 0.06 0.06 0.06 0.06 0.06
0.08 0.08 0.08 0.08 0.08 0.08 0.08
4.03 4.03 4.03 4.03 4.03 4.03 4.03
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
15.00 15.00 15.00 15.00 15.00 15.00 15.00
60,000.00 60,000.00 60,000.00 60,000.00 60,000.00 60,000.00 60,000.00

40,000.00 40,000.00 40,000.00 40,000.00 40,000.00 40,000.00 40,000.00
20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00
45,000.00 68,000.00 60,000.00 54,000.00 60,000.00 80,000.00 80,000.00
36.00 39.00 39.00 39.00 39.00 39.00 39.00

24.00 29.00 29.00 29.00 29.00 29.00 29.00
18.00 25.00 25.00 25.00 25.00 25.00 25.00
24.00 33.00 33.00 33.00 33.00 33.00 33.00
2160000 2340000 2340000 2340000 2340000 2340000 2340000

960000 1160000 1160000 1160000 1160000 1160000 1160000
360000 500000 500000 500000 500000 500000 500000
1080000 2244000 1980000 1782000 1980000 2640000 2640000
4560000 6244000 5980000 5782000 5980000 6640000 6640000
2,000 2,000 2,000 2,000 2,000 2,000 2,000

3,000 3,000 3,000 3,000 3,000 3,000 3,000
53,082 47,680 41,716 37,190 31,226 18,541 14,037
1.00 1.00 1.00 1.00 1.00 1.00 1.00

3.00 3.00 3.00 3.00 3.00 3.00 3.00
8.00 8.00 8.00 8.00 8.00 8.00 8.00
2,000 2,000 2,000 2,000 2,000 2,000 2,000

9,000 9,000 9,000 9,000 9,000 9,000 9,000
424,659 381,438 333,726 297,522 249,809 148,331 112,293
435,659 392,438 344,726 308,522 260,809 159,331 123,293
70,000 70,000 70,000 70,000

30,000 30,000 30,000 30,000 30,000
25,000 25,000 25,000 25,000 25,000 25,000 25,000
30,000 30,000 30,000 30,000 30,000 30,000 30,000
25,000 25,000 25,000 25,000 25,000 25,000 25,000
10,000 10,000 10,000 10,000 10,000 10,000 10,000
5,000 5,000 5,000 5,000 5,000 5,000 5,000
20,000 20,000 20,000 20,000 20,000 20,000
70,000 70,000 70,000
50,000 50,000
195,000 215,000 215,000 215,000 215,000 235,000 235,000
10,000
55,000 55,000
5,000 5,000 5,000 5,000
35,000 35,000 35,000 35,000 35,000
25,000 25,000 25,000 25,000 25,000 25,000 25,000
65,000 65,000 65,000 65,000 65,000 65,000 65,000
30,000 30,000 30,000 30,000 30,000 30,000
55,000 55,000 55,000 55,000 55,000
5,000 5,000 5,000
55,000 55,000
195,000 215,000 215,000 215,000 215,000 235,000 235,000

220,000 240,000 240,000 240,000 240,000 260,000 260,000
1,291,500 1,291,500 1,291,500 1,291,500

553,500 553,500 553,500 553,500 553,500
461,250 461,250 461,250 461,250 461,250 461,250 461,250
553,500 553,500 553,500 553,500 553,500 553,500 553,500
461,250 461,250 461,250 461,250 461,250 461,250 461,250
184,500 184,500 184,500 184,500 184,500 184,500 184,500
92,250 92,250 92,250 92,250 92,250 92,250 92,250
369,000 369,000 369,000 369,000 369,000 369,000
1,291,500 1,291,500 1,291,500
922,500 922,500
3,597,750 3,966,750 3,966,750 3,966,750 3,966,750 4,335,750 4,335,750
71,250
391,875 391,875
35,625 35,625 35,625 35,625
249,375 249,375 249,375 249,375 249,375
178,125 178,125 178,125 178,125 178,125 178,125 178,125
463,125 463,125 463,125 463,125 463,125 463,125 463,125
213,750 213,750 213,750 213,750 213,750 213,750
391,875 391,875 391,875 391,875 391,875
35,625 35,625 35,625
391,875 391,875
1,389,375 1,531,875 1,531,875 1,531,875 1,531,875 1,674,375 1,674,375
525000
925000
200000 200000 200000 200000 200000 200000 200000

1055556 1055556 1055556 1055556 1055556 1055556 1055556
1039992 1189426 1143679 1097932 1143679 1308012 1257704
79.896 80.612 81.796 82.754 81.330 80.047 79.867
81.562 80.352 80.551 81.514 82.491 81.551 80.278
80.352 80.551 81.514 82.491 81.551 80.278 79.910
1000000 1000000 1000000 1000000 1000000 1000000 1000000
1000000 1000000 1000000 1000000 1000000 1000000 1000000

169104 193403 185964 178525 185964 212685 204505
20,799,834 23,788,521 22,873,577 21,958,634 22,873,577 26,160,236 25,154,073
20,799,834 23,788,521 22,873,577 21,958,634 22,873,577 26,160,236 25,154,073
2,475,000 2,820,000 2,700,000 2,610,000 2,700,000 3,000,000 3,000,000

4,560,000 6,244,000 5,980,000 5,782,000 5,980,000 6,640,000 6,640,000
7,035,000 9,064,000 8,680,000 8,392,000 8,680,000 9,640,000 9,640,000
435,659 392,438 344,726 308,522 260,809 159,331 123,293
1,389,375 1,531,875 1,531,875 1,531,875 1,531,875 1,674,375 1,674,375
3,597,750 3,966,750 3,966,750 3,966,750 3,966,750 4,335,750 4,335,750
525,000
200,000 200,000 200,000 200,000 200,000 200,000 200,000
6,147,784 6,091,063 6,043,351 6,007,147 5,959,434 6,369,456 6,333,418
13,182,784 15,155,063 14,723,351 14,399,147 14,639,434 16,009,456 15,973,418
5,072,076 4,667,022 4,243,386 3,808,000 3,480,331 2,954,270 1,889,847
4,667,022 4,243,386 3,808,000 3,480,331 2,954,270 1,889,847 1,521,227
13,587,838 15,578,699 15,158,737 14,726,816 15,165,495 17,073,878 16,342,038
7,211,996 8,209,822 7,714,841 7,231,818 7,708,082 9,086,358 8,812,035
2,095,548 2,244,982 2,199,235 2,153,488 2,199,235 2,363,568 2,313,260
5,116,448 5,964,840 5,515,606 5,078,330 5,508,847 6,722,790 6,498,775

1,053,000 1,053,000 819,000 666,000 666,000 594,000 594,000
19,438 19,438 19,438 19,438 19,438 19,438 19,438
- - - - - - -
- - - - - - -
280,098 269,257 258,254 247,086 235,750 224,244 212,565
397,397 382,801 367,985 352,947 337,684 322,191 306,466
553,242 536,471 519,447 502,169 484,631 466,830 448,762
842,919 820,464 797,673 774,539 751,059 727,226 703,036
50,000 50,000 50,000 50,000 50,000 50,000 50,000

- 50,000 - 50,000 - 50,000 - 50,000 - 50,000 - 50,000 - 50,000
2,093,094 2,028,430 1,962,797 1,896,178 1,828,561 1,759,929 1,690,268
925,000
3,151,354 4,989,409 4,371,809 3,848,152 4,346,286 5,556,861 5,402,507

1,260,541 1,995,764 1,748,724 1,539,261 1,738,515 2,222,744 2,161,003
1,890,812 2,993,646 2,623,085 2,308,891 2,607,772 3,334,117 3,241,504
756,325 1,197,458 1,049,234 923,556 1,043,109 1,333,647 1,296,602
1,134,487 1,796,187 1,573,851 1,385,335 1,564,663 2,000,470 1,944,903
8,380,450 7,296,871 10,952,588 12,350,053 11,800,278 13,458,881 16,146,864

117,000,000 117,000,000 91,000,000 74,000,000 74,000,000 66,000,000 66,000,000
10,399,917 11,894,260 11,436,789 10,979,317 11,436,789 13,080,118 12,577,037
4,667,022 4,243,386 3,808,000 3,480,331 2,954,270 1,889,847 1,521,227
3,700,000
3,700,000
140,447,389 140,434,518 117,197,377 100,809,701 100,191,336 94,428,846 96,245,128
2,486,250 2,486,250 2,486,250 2,486,250 2,486,250 2,486,250 2,486,250
23,184,375 24,716,250 26,248,125 27,780,000 29,311,875 30,986,250 32,660,625
8,465,250 8,465,250 8,465,250 8,465,250 8,465,250 8,465,250 8,465,250
58,667,500 62,634,250 66,601,000 70,567,750 74,534,500 78,870,250 83,206,000
27,255,000 27,255,000 27,255,000 27,255,000 27,255,000 27,255,000 27,255,000

14,775,000 14,775,000 14,775,000 14,775,000 14,775,000 14,775,000 14,775,000
- - - - - - -
12,360,000 12,360,000 12,360,000 12,360,000 12,360,000 12,360,000 12,360,000
11,355,000 11,355,000 11,355,000 11,355,000 11,355,000 11,355,000 11,355,000
10,935,000 10,935,000 10,935,000 10,935,000 10,935,000 10,935,000 10,935,000
- - - - - - -
1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000
7,395,000 7,395,000 7,395,000 7,395,000 7,395,000 7,395,000 7,395,000
570,000 570,000 570,000 570,000 570,000 570,000 570,000
3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000
2,130,000 2,130,000 2,130,000 2,130,000 2,130,000 2,130,000 2,130,000

1,995,000 1,995,000 1,995,000 1,995,000 1,995,000 1,995,000 1,995,000
1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000

11,085,000 11,085,000 11,085,000 11,085,000 11,085,000 11,085,000 11,085,000
1,710,000 1,710,000 1,710,000 1,710,000 1,710,000 1,710,000 1,710,000
3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000
25,830,000 25,830,000 25,830,000 25,830,000 25,830,000
18,735,000 18,735,000 18,735,000 18,735,000
3,135,000 3,135,000 3,135,000
9,225,000 9,225,000
1,425,000
107,550,000 110,685,000 136,515,000 155,250,000 158,385,000 167,610,000 169,035,000
4,200,000
4,200,000
36,649,625 34,286,000 54,617,375 67,853,750 65,490,125 68,705,000 64,119,875
177,097,014 174,720,518 171,814,752 168,663,451 165,681,461 163,133,846 160,365,003
723,500 926,400 888,000 859,200 888,000 984,000 984,000

- - - - - - -
- - - - - - -
- - - - - - -
3,000,905 3,045,919 3,091,608 3,137,982 3,185,052 3,232,827 3,281,320
4,040,628 4,101,237 4,162,756 4,225,197 4,288,575 4,352,904 4,418,197
4,642,702 4,712,343 4,783,028 4,854,774 4,927,595 5,001,509 5,076,532
6,215,853 6,309,091 6,403,728 6,499,783 6,597,280 6,696,239 6,796,683
18,623,589 19,094,991 19,329,119 19,576,936 19,886,502 20,267,480 20,556,732
- - - - - - -
- - - - - - -
14,949,585 14,171,016 13,380,768 12,578,667 11,764,534 10,938,189 10,099,448
21,479,420 20,431,100 19,367,055 18,287,050 17,190,844 16,078,196 14,948,858
31,122,009 29,917,485 28,694,892 27,453,960 26,194,414 24,915,975 23,618,360
48,481,759 46,869,088 45,232,227 43,570,813 41,884,478 40,172,848 38,435,544
116,032,773 111,388,688 106,674,942 101,890,490 97,034,271 92,105,208 87,102,210
18,959,046 18,959,046 18,959,046 18,959,046 18,959,046 18,959,046 18,959,046

- - - - - - -
23,481,605 25,277,793 26,851,644 28,236,979 29,801,642 31,802,112 33,747,014
42,440,652 44,236,839 45,810,690 47,196,025 48,760,688 50,761,158 52,706,061
177,097,014 174,720,518 171,814,752 168,663,451 165,681,461 163,133,846 160,365,003
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.04 0.07 0.06 0.05 0.06 0.08 0.08
0.47 0.54 0.53 0.52 0.55 0.64 0.63
2.95 3.46 3.23 3.03 3.38 4.16 4.20
0.18 0.27 0.23 0.20 0.21 0.26 0.25
0.44 0.43 0.42 0.41 0.41 0.40 0.39
2.73 2.52 2.33 2.16 1.99 1.81 1.65
3.17 2.95 2.75 2.57 2.40 2.21 2.04
3.16 2.93 2.73 2.56 2.38 2.19 2.02
10.99 16.93 14.23 12.10 13.26 16.41 15.33
3,000,905 3,045,919 3,091,608 3,137,982 3,185,052 3,232,827 3,281,320
14,949,585 14,171,016 13,380,768 12,578,667 11,764,534 10,938,189 10,099,448
4,040,628 4,101,237 4,162,756 4,225,197 4,288,575 4,352,904 4,418,197

21,479,420 20,431,100 19,367,055 18,287,050 17,190,844 16,078,196 14,948,858
4,642,702 4,712,343 4,783,028 4,854,774 4,927,595 5,001,509 5,076,532

31,122,009 29,917,485 28,694,892 27,453,960 26,194,414 24,915,975 23,618,360
6,215,853 6,309,091 6,403,728 6,499,783 6,597,280 6,696,239 6,796,683

48,481,759 46,869,088 45,232,227 43,570,813 41,884,478 40,172,848 38,435,544
19 20 21 22 23 24 25
17,950,491 17,216,935 16,472,376 15,716,649 14,949,585 14,171,016 13,380,768
722,715 733,556 744,559 755,727 767,063 778,569 790,248
280,098 269,257 258,254 247,086 235,750 224,244 212,565
1,002,813 1,002,813 1,002,813 1,002,813 1,002,813 1,002,813 1,002,813
25,520,048 24,532,337 23,529,811 22,512,247 21,479,420 20,431,100 19,367,055

973,114 987,710 1,002,526 1,017,564 1,032,827 1,048,320 1,064,045
397,397 382,801 367,985 352,947 337,684 322,191 306,466
1,370,511 1,370,511 1,370,511 1,370,511 1,370,511 1,370,511 1,370,511
14 15 16 17 18 19 20
35,764,712 34,629,828 33,477,920 32,308,734 31,122,009 29,917,485 28,694,892
1,118,113 1,134,884 1,151,908 1,169,186 1,186,724 1,204,525 1,222,593
553,242 536,471 519,447 502,169 484,631 466,830 448,762
1,671,355 1,671,355 1,671,355 1,671,355 1,671,355 1,671,355 1,671,355
NTAR MAS ADELANTE CON EMISION DE ACCIONES

11 12 13 14 15 16 17
54,697,612 53,178,179 51,635,955 50,070,597 48,481,759 46,869,088 45,232,227
1,496,978 1,519,433 1,542,224 1,565,358 1,588,838 1,612,671 1,636,861
842,919 820,464 797,673 774,539 751,059 727,226 703,036
2,339,897 2,339,897 2,339,897 2,339,897 2,339,897 2,339,897 2,339,897

1,240,000 1,240,000 1,240,000 1,240,000 1,240,000 1,240,000 1,240,000
-
0.00 0.00 0.00 0.00 0.00 0.00 0.00
50,000 50,000 50,000 50,000 50,000 50,000 50,000
-50,000 -50,000 -50,000 -50,000 -50,000 -50,000 -50,000

0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
-50,000 -50,000 -50,000 -50,000 -50,000 -50,000 -50,000
16 17 18 19 20 21 22
0.61 0.97 0.85 0.74 0.84 1.08 1.05
0.38 0.58 0.50 0.42 0.47 0.58 0.55
0.62 0.61 0.59 0.57 0.55 0.54 0.52
12 13 14 15 16 17 18
0.61 0.97 0.85 0.74 0.84 1.08 1.05
0.43 0.66 0.56 0.48 0.52 0.65 0.61
0.70 0.68 0.66 0.64 0.62 0.61 0.59
8 9 10 11 12 13 14
0.61 0.97 0.85 0.74 0.84 1.08 1.05
0.48 0.74 0.63 0.54 0.59 0.73 0.69
0.79 0.77 0.74 0.72 0.70 0.68 0.66
4 5 6 7 8 9 10
0.61 0.97 0.85 0.74 0.84 1.08 1.05
0.54 0.83 0.71 0.61 0.66 0.82 0.78
0.88848704792 0.86260878438 0.83748425668 0.81309151134 0.78940923431 0.76641673234 0.7440939149
123809500 125380450 124296871 101952588 86350053 85800278 79458881

10399917 11894260 11436789 10979317 11436789 13,080,118 12,577,037
9983920 10399917 11894260 11436789 10979317 11436789 13080118
1053000 1053000 819000 666000 666000 594000 594000
0 0 0 0 0 0 0
145246337 148727627 148446920 125034694 109432159 110911184 105710035
2227500 2538000 2430000 2349000 2430000 2700000 2700000

235500 247500 282000 270000 261000 270000 300000
4104000 5619600 5382000 5203800 5382000 5976000 5976000
436800 456000 624400 598000 578200 598000 664000
435659 392438 344726 308522 260809 159331 123293
180000 180000 180000 180000 180000 180000 180000
20000 20000 20000 20000 20000 20000 20000
2095548 2244982 2199235 2153488 2199235 2363568 2313260
1710000 3135000 25830000 18735000 3135000 9225000 1425000

2093094 2028430 1962797 1896178 1828561 1759929 1690268
1260541 1995764 1748724 1539261 1738515 2222744 2161003
756325 1197458 1049234 923556 1043109 1333647 1296602
50000 50000 50000 50000 50000 50000 50000
-50000 -50000 -50000 -50000 -50000 -50000 -50000
0 0 0 0 0 0 0
722715 733556 744559 755727 767063 778569 790248
973114 987710 1002526 1017564 1032827 1048320 1064045
1118113 1134884 1151908 1169186 1186724 1204525 1222593
1,496,978 1,519,433 1,542,224 1,565,358 1,588,838 1,612,671 1,636,861
19865887 24430756 46494332 38684641 23631882 31452303 23563172
125380450 124296871 101952588 86350053 85800278 79458881 82146864

117000000 117000000 91000000 74000000 74000000 66000000 66000000
8380450 7296871 10952588 12350053 11800278 13458881 16146864

8
636,905
1,570,950
934,046
8
0.79
737,344
4
429,422
1,570,950
1,141,529
0.89
1,014,233
- - - - - - -
235,000 235,000 255,000 255,000 255,000 255,000 245,000
235,000 235,000 255,000 255,000 255,000 255,000 245,000
85.1% 85.1% 88.2% 94.1% 94.1% 94.1% 98.0%
200,000 200,000 225,000 240,000 240,000 240,000 240,000

123.00 123.00 123.00 123.00 123.00 123.00 123.00
18,450,000 9,225,000 - - - - -
369 369 369 369 369 369 369
3,705,000 2,850,000 3,135,000 285,000 2,565,000
57 57 57 57 57 57 57
-15,000,000 -8,700,000 -700,000 2,000,000 2,500,000 3,000,000
818,018.64 899,575.09
0.24 0.25 0.26 0.25 0.24 0.25 0.26
19,036.68 22,712.20 18,207.54 9,318.02 24,424.25 48,526.22 63,632.45
200,000.00 200,000.00 225,000.00 240,000.00 240,000.00 240,000.00 240,000.00
196,324.47 204,504.66 233,889.52 224,893.77 215,898.02 224,893.77 257,208.31
22,712 18,208 9,318 24,424 48,526 63,632 46,424
219,036.68 222,712.20 243,207.54 249,318.02 264,424.25 288,526.22 303,632.45
0.009 0.009 0.009 0.009 0.009 0.009 0.009
0.02 0.02 0.02 0.02 0.02 0.02 0.02

0.03 0.03 0.03 0.03 0.03 0.03 0.03
0.03 0.03 0.03 0.03 0.03 0.03 0.03
0.01 0.01 0.01 0.01 0.01 0.01 0.01
0.06 0.06 0.06 0.06 0.06 0.06 0.06
0.08 0.08 0.08 0.08 0.08 0.08 0.08
4.03 4.03 4.03 4.03 4.03 4.03 4.03
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
15.00 15.00 15.00 15.00 15.00 15.00 15.00
60,000.00 60,000.00 60,000.00 60,000.00 60,000.00 60,000.00 60,000.00

40,000.00 40,000.00 40,000.00 40,000.00 40,000.00 40,000.00 40,000.00
20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00
80,000.00 80,000.00 105,000.00 120,000.00 120,000.00 120,000.00 120,000.00
39.00 39.00 39.00 39.00 39.00 39.00 39.00

29.00 29.00 29.00 29.00 29.00 29.00 29.00
25.00 25.00 25.00 25.00 25.00 25.00 25.00
33.00 33.00 33.00 33.00 33.00 33.00 33.00
2340000 2340000 2340000 2340000 2340000 2340000 2340000

1160000 1160000 1160000 1160000 1160000 1160000 1160000
500000 500000 500000 500000 500000 500000 500000
2640000 2640000 3465000 3960000 3960000 3960000 3960000
6640000 6640000 7465000 7960000 7960000 7960000 7960000
2,000 2,000 2,000 2,000 2,000 2,000 2,000

3,000 3,000 3,000 3,000 3,000 3,000 3,000
17,712 13,208 4,318 19,424 43,526 58,632 41,424
1.00 1.00 1.00 1.00 1.00 1.00 1.00

3.00 3.00 3.00 3.00 3.00 3.00 3.00
8.00 8.00 8.00 8.00 8.00 8.00 8.00
2,000 2,000 2,000 2,000 2,000 2,000 2,000

9,000 9,000 9,000 9,000 9,000 9,000 9,000
141,698 105,660 34,544 155,394 348,210 469,060 331,393
152,698 116,660 45,544 166,394 359,210 480,060 342,393
30,000 30,000
25,000 25,000 25,000
10,000 10,000 10,000 10,000 10,000 10,000
5,000 5,000 5,000 5,000 5,000 5,000 5,000
20,000 20,000 20,000 20,000 20,000 20,000 20,000
70,000 70,000 70,000 70,000 70,000 70,000 70,000
50,000 50,000 50,000 50,000 50,000 50,000 50,000
25,000 25,000 25,000 25,000 25,000 25,000 25,000
50,000 50,000 50,000 50,000 50,000
25,000 25,000 25,000 25,000
235,000 235,000 255,000 255,000 255,000 255,000 245,000
65,000
30,000 30,000
55,000 55,000 55,000
5,000 5,000 5,000 5,000 5,000
55,000 55,000 55,000 55,000 55,000 55,000
25,000 25,000 25,000 25,000 25,000 25,000 25,000
65,000 65,000 65,000 65,000 65,000 65,000
50,000 50,000 50,000 50,000 50,000
55,000 55,000 55,000 55,000
5,000 5,000
45,000
235,000 235,000 255,000 255,000 255,000 255,000 245,000

260,000 260,000 280,000 280,000 280,000 280,000
553,500 553,500
461,250 461,250 461,250
184,500 184,500 184,500 184,500 184,500 184,500
92,250 92,250 92,250 92,250 92,250 92,250 92,250
369,000 369,000 369,000 369,000 369,000 369,000 369,000
1,291,500 1,291,500 1,291,500 1,291,500 1,291,500 1,291,500 1,291,500
922,500 922,500 922,500 922,500 922,500 922,500 922,500
461,250 461,250 461,250 461,250 461,250 461,250 461,250
922,500 922,500 922,500 922,500 922,500
461,250 461,250 461,250 461,250
4,335,750 4,335,750 4,704,750 4,704,750 4,704,750 4,704,750 4,520,250
463,125
213,750 213,750
391,875 391,875 391,875
35,625 35,625 35,625 35,625 35,625
391,875 391,875 391,875 391,875 391,875 391,875
178,125 178,125 178,125 178,125 178,125 178,125 178,125
463,125 463,125 463,125 463,125 463,125 463,125
356,250 356,250 356,250 356,250 356,250
391,875 391,875 391,875 391,875
35,625 35,625
320,625
1,674,375 1,674,375 1,816,875 1,816,875 1,816,875 1,816,875 1,745,625
200000 200000 200000 200000 200000 200000 200000

1055556 1055556 1055556 1055556 1055556 1055556 1055556
1207396 1257704 1438421 1383097 1327773 1383097 1581831
80.014 79.834 78.254 76.867 77.670 78.174 76.534
79.910 80.005 79.851 78.374 76.923 77.601 78.077
80.005 79.851 78.374 76.923 77.601 78.077 76.858
1000000 1000000 1000000 1000000 1000000 1000000 1000000
1000000 1000000 1000000 1000000 1000000 1000000 1000000

196324 204505 233890 224894 215898 224894 257208
24,147,910 25,154,073 28,768,412 27,661,934 26,555,457 27,661,934 31,636,622
24,147,910 25,154,073 28,768,412 27,661,934 26,555,457 27,661,934 31,636,622
3,000,000 3,000,000 3,375,000 3,600,000 3,600,000 3,600,000 3,600,000

6,640,000 6,640,000 7,465,000 7,960,000 7,960,000 7,960,000 7,960,000
9,640,000 9,640,000 10,840,000 11,560,000 11,560,000 11,560,000 11,560,000
152,698 116,660 45,544 166,394 359,210 480,060 342,393
1,674,375 1,674,375 1,816,875 1,816,875 1,816,875 1,816,875 1,745,625
4,335,750 4,335,750 4,704,750 4,704,750 4,704,750 4,704,750 4,520,250
200,000 200,000 200,000 200,000 200,000 200,000 200,000

6,362,823 6,326,785 6,767,169 6,888,019 7,080,835 7,201,685 6,808,268
16,002,823 15,966,785 17,607,169 18,448,019 18,640,835 18,761,685 18,368,268
1,521,227 1,817,092 1,453,898 730,287 1,878,788 3,765,690 4,968,256
1,817,092 1,453,898 730,287 1,878,788 3,765,690 4,968,256 3,568,058
15,706,958 16,329,980 18,330,779 17,299,518 16,753,932 17,559,119 19,768,466
8,440,952 8,824,093 10,437,632 10,362,416 9,801,524 10,102,815 11,868,156
2,262,952 2,313,260 2,493,977 2,438,653 2,383,329 2,438,653 2,637,387
6,178,001 6,510,834 7,943,656 7,923,763 7,418,195 7,664,162 9,230,769

459,000 380,700 374,400 374,400 392,400 414,900 441,900
19,438 19,438 19,438 19,438 19,438 19,438 19,438
- - - - - - -
- - - - - - -
200,712 188,680 176,468 164,073 151,492 138,722 125,761
290,506 274,306 257,863 241,173 224,233 207,039 189,587
430,423 411,809 392,916 373,740 354,275 334,519 314,467
678,483 653,562 628,267 602,593 576,533 550,083 523,235
50,000 50,000 50,000 50,000 50,000 50,000 50,000

- 50,000 76,306 - 50,000 - 50,000 - 50,000 - 50,000 - 50,000
1,619,562 1,674,101 1,474,952 1,401,016 1,325,971 1,249,800 1,172,487
5,017,439 5,217,433 6,843,104 6,897,147 6,484,625 6,829,262 8,500,182

2,006,976 2,086,973 2,737,242 2,758,859 2,593,850 2,731,705 3,400,073
3,010,463 3,130,460 4,105,862 4,138,288 3,890,775 4,097,557 5,100,109
1,204,185 1,252,184 1,642,345 1,655,315 1,556,310 1,639,023 2,040,044
1,806,278 1,878,276 2,463,517 2,482,973 2,334,465 2,458,534 3,060,066
12,231,031 15,552,737 16,210,258 19,688,596 19,847,979 16,853,121 17,360,388

51,000,000 42,300,000 41,600,000 41,600,000 43,600,000 46,100,000 49,100,000
12,073,955 12,577,037 14,384,206 13,830,967 13,277,728 13,830,967 15,818,311
1,817,092 1,453,898 730,287 1,878,788 3,765,690 4,968,256 3,568,058
77,122,078 71,883,671 72,924,752 76,998,351 80,491,398 81,752,343 85,846,757

2,486,250 2,486,250 2,486,250 2,486,250 2,486,250 2,486,250 2,486,250
34,335,000 36,009,375 37,826,250 39,643,125 41,460,000 43,276,875 45,022,500
8,465,250 8,465,250 8,465,250 8,465,250 8,465,250 8,465,250 8,465,250
87,541,750 91,877,500 96,582,250 101,287,000 105,991,750 110,696,500 115,216,750
27,255,000 27,255,000 27,255,000 27,255,000 27,255,000 27,255,000 27,255,000

14,775,000 14,775,000 14,775,000 14,775,000 14,775,000 14,775,000 14,775,000
- - - - - - -
12,360,000 12,360,000 12,360,000 12,360,000 12,360,000 12,360,000 12,360,000
11,355,000 11,355,000 11,355,000 11,355,000 11,355,000 11,355,000 11,355,000
10,935,000 10,935,000 10,935,000 10,935,000 10,935,000 10,935,000 10,935,000
- - - - - - -
1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000
7,395,000 7,395,000 7,395,000 7,395,000 7,395,000 7,395,000 7,395,000
570,000 570,000 570,000 570,000 570,000 570,000 570,000
3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000
2,130,000 2,130,000 2,130,000 2,130,000 2,130,000 2,130,000 2,130,000

1,995,000 1,995,000 1,995,000 1,995,000 1,995,000 1,995,000 1,995,000
1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000

11,085,000 11,085,000 11,085,000 11,085,000 11,085,000 11,085,000 11,085,000
1,710,000 1,710,000 1,710,000 1,710,000 1,710,000 1,710,000 1,710,000
3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000
25,830,000 25,830,000 25,830,000 25,830,000 25,830,000 25,830,000 25,830,000
18,735,000 18,735,000 18,735,000 18,735,000 18,735,000 18,735,000 18,735,000
3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000
9,225,000 9,225,000 9,225,000 9,225,000 9,225,000 9,225,000 9,225,000
1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000
22,155,000 22,155,000 22,155,000 22,155,000 22,155,000 22,155,000 22,155,000
12,075,000 12,075,000 12,075,000 12,075,000 12,075,000 12,075,000
3,135,000 3,135,000 3,135,000 3,135,000 3,135,000
- - - -
285,000 285,000 285,000
2,565,000 2,565,000
191,190,000 203,265,000 206,400,000 206,400,000 206,685,000 209,250,000 209,250,000
80,264,750 86,329,625 82,943,000 76,421,375 70,184,750 66,228,125 59,962,250

157,386,828 158,213,296 155,867,752 153,419,726 150,676,148 147,980,468 145,809,007
984,000 984,000 1,104,000 1,176,000 1,176,000 1,176,000 1,176,000

- - - - - - -
- - - - - - -
- - - - - - -
3,330,540 3,380,498 2,554,153 1,715,412 864,091 - -
4,484,470 4,551,738 4,620,014 4,689,314 4,759,653 4,831,048 4,903,514
5,152,680 5,229,970 5,308,419 5,388,046 5,468,866 5,550,899 5,634,163
6,898,633 7,002,113 7,107,144 7,213,752 7,321,958 7,431,787 7,543,264
20,850,323 21,148,318 20,693,730 20,182,524 19,590,569 18,989,735 19,256,941
- - - - - - -
- - - - - - -
9,248,127 8,384,036 8,384,036 8,384,036 8,384,036 8,384,036 7,506,983
13,802,579 12,639,107 11,458,182 10,259,544 9,042,926 7,808,059 6,554,668
22,301,280 20,964,444 19,607,556 18,230,314 16,832,414 15,413,545 13,973,393
36,672,180 34,882,366 33,065,704 31,221,792 29,350,222 27,450,578 25,522,440
82,024,167 76,869,953 72,515,478 68,095,687 63,609,598 59,056,218 53,557,485
18,959,046 18,959,046 22,763,458 22,763,458 22,763,458 22,763,458 22,763,458

- 3,804,411 - - - - -
35,553,292 37,431,568 39,895,085 42,378,059 44,712,523 47,171,058 50,231,123
54,512,339 60,195,026 62,658,543 65,141,516 67,475,981 69,934,516 72,994,581
157,386,828 158,213,296 155,867,752 153,419,726 150,676,148 147,980,468 145,809,007
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.08 0.08 0.11 0.11 0.10 0.11 0.14
0.61 0.64 0.74 0.72 0.70 0.75 0.87
4.10 4.12 5.64 5.92 5.89 6.46 8.25
0.22 0.21 0.26 0.25 0.23 0.23 0.28
0.38 0.35 0.33 0.31 0.29 0.27 0.26
1.50 1.28 1.16 1.05 0.94 0.84 0.73
1.89 1.63 1.49 1.36 1.23 1.12 1.00
1.87 1.61 1.47 1.34 1.22 1.10 0.98
13.71 12.88 16.37 15.85 14.33 14.57 17.50
3,330,540 3,380,498 2,554,153 1,715,412 864,091 0 0
9,248,127 8,384,036 8,384,036 8,384,036 8,384,036 8,384,036 7,506,983
4,484,470 4,551,738 4,620,014 4,689,314 4,759,653 4,831,048 4,903,514

13,802,579 12,639,107 11,458,182 10,259,544 9,042,926 7,808,059 6,554,668
5,152,680 5,229,970 5,308,419 5,388,046 5,468,866 5,550,899 5,634,163

22,301,280 20,964,444 19,607,556 18,230,314 16,832,414 15,413,545 13,973,393
6,898,633 7,002,113 7,107,144 7,213,752 7,321,958 7,431,787 7,543,264

36,672,180 34,882,366 33,065,704 31,221,792 29,350,222 27,450,578 25,522,440
26 27 28 29 30 31 32
12,578,667 11,764,534 10,938,189 10,099,448 9,248,127 8,384,036 7,506,983
802,102 814,133 826,345 838,740 851,321 864,091 877,053
200,712 188,680 176,468 164,073 151,492 138,722 125,761
1,002,813 1,002,813 1,002,813 1,002,813 1,002,813 1,002,813 1,002,813
18,287,050 17,190,844 16,078,196 14,948,858 13,802,579 12,639,107 11,458,182

1,080,005 1,096,205 1,112,649 1,129,338 1,146,278 1,163,472 1,180,925
290,506 274,306 257,863 241,173 224,233 207,039 189,587
1,370,511 1,370,511 1,370,511 1,370,511 1,370,511 1,370,511 1,370,511
21 22 23 24 25 26 27
27,453,960 26,194,414 24,915,975 23,618,360 22,301,280 20,964,444 19,607,556
1,240,932 1,259,546 1,278,439 1,297,615 1,317,080 1,336,836 1,356,888
430,423 411,809 392,916 373,740 354,275 334,519 314,467
1,671,355 1,671,355 1,671,355 1,671,355 1,671,355 1,671,355 1,671,355
18 19 20 21 22 23 24
43,570,813 41,884,478 40,172,848 38,435,544 36,672,180 34,882,366 33,065,704
1,661,414 1,686,335 1,711,630 1,737,304 1,763,364 1,789,814 1,816,662
678,483 653,562 628,267 602,593 576,533 550,083 523,235
2,339,897 2,339,897 2,339,897 2,339,897 2,339,897 2,339,897 2,339,897

1,240,000 1,240,000 1,269,000 1,269,000 1,269,000 1,269,000 1,269,000
29,000
131.19
0.00 126.83 0.00 0.00 0.00 0.00 0.00
50,000 50,000 50,000 50,000 50,000 50,000 50,000
-50,000 76,306 -50,000 -50,000 -50,000 -50,000 -50,000

0 3,678,105 0 0 0 0 0
0 3,804,411 0 0 0 0 0
0 126,306 0 0 0 0 0
0 756,925 0 0 0 0 0
-50,000 76,306 -50,000 -50,000 -50,000 -50,000 -50,000
23 24 25 26 27 28 29
0.97 1.01 1.29 1.30 1.23 1.29 1.61
0.49 0.50 0.62 0.60 0.55 0.56 0.68
0.51 0.49 0.48 0.46 0.45 0.44 0.42
19 20 21 22 23 24 25
0.97 1.01 1.29 1.30 1.23 1.29 1.61
0.55 0.56 0.70 0.68 0.62 0.64 0.77
0.57 0.55 0.54 0.52 0.51 0.49 0.48
15 16 17 18 19 20 21
0.97 1.01 1.29 1.30 1.23 1.29 1.61
0.62 0.63 0.78 0.77 0.70 0.72 0.86
0.64 0.62 0.61 0.59 0.57 0.55 0.54
11 12 13 14 15 16 17
0.97 1.01 1.29 1.30 1.23 1.29 1.61
0.70 0.71 0.88 0.86 0.79 0.80 0.97
0.722421276599 0.7013798802 0.68095134 0.66111780582 0.6418619474 0.62316693922 0.60501644584
1 2 3 4 5
PRECIO ACCION 131.19 1.29 1.30 1.23 1.29 1.61
PV dividendo 1.28 1.27 1.17 1.22 1.49
factor de act 0.9852216749 0.97066174865 0.95631699374 0.94218423029 0.92826032541
0.015
82146864 63231031 57852737 57810258 61288596 63447979 62953121

12,073,955 12,577,037 14,384,206 13,830,967 13,277,728 13,830,967 15,818,311
12577037 12073955 12577037 14384206 13830967 13277728 13830967
459000 380700 374400 374400 392400 414900 441900
0 3804411 0 0 0 0 0
107256855 92067134 85188380 86399831 88789692 90971575 93044299
2700000 2700000 3037500 3240000 3240000 3240000 3240000

300000 300000 300000 337500 360000 360000 360000
5976000 5976000 6718500 7164000 7164000 7164000 7164000
664000 664000 664000 746500 796000 796000 796000
152698 116660 45544 166394 359210 480060 342393
180000 180000 180000 180000 180000 180000 180000
20000 20000 20000 20000 20000 20000 20000
2262952 2313260 2493977 2438653 2383329 2438653 2637387
22155000 12075000 3135000 0 285000 2565000 0

1619562 1547795 1474952 1401016 1325971 1249800 1172487
2006976 2086973 2737242 2758859 2593850 2731705 3400073
1204185 1252184 1642345 1655315 1556310 1639023 2040044
50000 50000 50000 50000 50000 50000 50000
-50000 76306 -50000 -50000 -50000 -50000 -50000
0 0 0 0 0 0 0
802102 814133 826345 838740 851321 864091 877053
1080005 1096205 1112649 1129338 1146278 1163472 1180925
1240932 1259546 1278439 1297615 1317080 1336836 1356888
1,661,414 1,686,335 1,711,630 1,737,304 1,763,364 1,789,814 1,816,662
44025824 34214397 27378121 25111235 25341712 28018454 26583911
63231031 57852737 57810258 61288596 63447979 62953121 66460388

51000000 42300000 41600000 41600000 43600000 46100000 49100000
12231031 15552737 16210258 19688596 19847979 16853121 17360388

- - - - - - -
245,000 245,000 245,000 305,000 305,000 305,000 305,000
245,000 245,000 245,000 305,000 305,000 305,000 305,000
98.0% 98.0% 98.0% 90.2% 91.8% 91.8% 91.8%
240,000 240,000 240,000 275,000 280,000 280,000 280,000

123.00 123.00 123.00 123.00 123.00 123.00 123.00
- 23,985,000 - - - - 11,070,000
369 369 369 369 369 369 369
1,425,000 3,705,000 6,270,000 3,135,000 285,000 1,425,000
57 57 57 57 57 57 57
7,000,000 -20,000,000 2,000,000 3,500,000 -3,500,000
989,262.73 1,087,892.23
0.25 0.24 0.25 0.26 0.25 0.24 0.25
46,424.14 39,108.46 41,685.40 34,369.72 26,517.74 34,544.68 53,450.55
240,000.00 240,000.00 240,000.00 275,000.00 280,000.00 280,000.00 280,000.00
247,315.68 237,423.06 247,315.68 282,851.98 271,973.06 261,094.13 271,973.06
39,108 41,685 34,370 26,518 34,545 53,451 61,477
286,424.14 279,108.46 281,685.40 309,369.72 306,517.74 314,544.68 333,450.55
0.009 0.009 0.009 0.009 0.009 0.009 0.009
0.02 0.02 0.02 0.02 0.02 0.02 0.02

0.03 0.03 0.03 0.03 0.03 0.03 0.03
0.03 0.03 0.03 0.03 0.03 0.03 0.03
0.01 0.01 0.01 0.01 0.01 0.01 0.01
0.06 0.06 0.06 0.06 0.06 0.06 0.06
0.08 0.08 0.08 0.08 0.08 0.08 0.08
4.03 4.03 4.03 4.03 4.03 4.03 4.03
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
15.00 15.00 15.00 15.00 15.00 15.00 15.00
60,000.00 60,000.00 60,000.00 60,000.00 60,000.00 60,000.00 60,000.00

40,000.00 40,000.00 40,000.00 40,000.00 40,000.00 40,000.00 40,000.00
20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00
120,000.00 120,000.00 120,000.00 155,000.00 160,000.00 160,000.00 160,000.00
39.00 39.00 39.00 39.00 39.00 39.00 39.00

29.00 29.00 29.00 29.00 29.00 29.00 29.00
25.00 25.00 25.00 25.00 25.00 25.00 25.00
33.00 33.00 33.00 33.00 33.00 33.00 33.00
2340000 2340000 2340000 2340000 2340000 2340000 2340000

1160000 1160000 1160000 1160000 1160000 1160000 1160000
500000 500000 500000 500000 500000 500000 500000
3960000 3960000 3960000 5115000 5280000 5280000 5280000
7960000 7960000 7960000 9115000 9280000 9280000 9280000
2,000 2,000 2,000 2,000 2,000 2,000 2,000

3,000 3,000 3,000 3,000 3,000 3,000 3,000
34,108 36,685 29,370 21,518 29,545 48,451 56,477
1.00 1.00 1.00 1.00 1.00 1.00 1.00

3.00 3.00 3.00 3.00 3.00 3.00 3.00
8.00 8.00 8.00 8.00 8.00 8.00 8.00
2,000 2,000 2,000 2,000 2,000 2,000 2,000

9,000 9,000 9,000 9,000 9,000 9,000 9,000
272,868 293,483 234,958 172,142 236,357 387,604 451,820
283,868 304,483 245,958 183,142 247,357 398,604 462,820
5,000 5,000 5,000

20,000 20,000 20,000 20,000 20,000 20,000 20,000
70,000 70,000 70,000 70,000 70,000 70,000 70,000
50,000 50,000 50,000 50,000 50,000 50,000 50,000
25,000 25,000 25,000 25,000 25,000 25,000 25,000
50,000 50,000 50,000 50,000 50,000 50,000 50,000
25,000 25,000 25,000 25,000 25,000 25,000 25,000
65,000 65,000 65,000 65,000
245,000 245,000 245,000 305,000 305,000 305,000 305,000
25,000
65,000 65,000
50,000 50,000 50,000
55,000 55,000 55,000 55,000
5,000 5,000 5,000 5,000 5,000 5,000
45,000 45,000 45,000 45,000 45,000 45,000 45,000
25,000 25,000 25,000 25,000 25,000 25,000
65000 65,000 65,000 65,000 65,000
110,000 110,000 110,000 110,000
55,000 55,000 55,000
5,000
245,000 245,000 245,000 305,000 305,000 305,000 305,000

92,250 92,250 92,250
369,000 369,000 369,000 369,000 369,000 369,000 369,000
1,291,500 1,291,500 1,291,500 1,291,500 1,291,500 1,291,500 1,291,500
922,500 922,500 922,500 922,500 922,500 922,500 922,500
461,250 461,250 461,250 461,250 461,250 461,250 461,250
922,500 922,500 922,500 922,500 922,500 922,500 922,500
461,250 461,250 461,250 461,250 461,250 461,250 461,250
1,199,250 1,199,250 1,199,250 1,199,250
4,520,250 4,520,250 4,520,250 5,627,250 5,627,250 5,627,250 5,627,250
178,125
463,125 463,125
356,250 356,250 356,250
391,875 391,875 391,875 391,875
35,625 35,625 35,625 35,625 35,625 35,625
320,625 320,625 320,625 320,625 320,625 320,625 320,625
178,125 178,125 178,125 178,125 178,125 178,125
463,125 463,125 463,125 463,125 463,125
783,750 783,750 783,750 783,750
391,875 391,875 391,875
35,625
1,745,625 1,745,625 1,745,625 2,173,125 2,173,125 2,173,125 2,173,125
200000 200000 200000 200000 200000 200000 200000

1055556 1055556 1055556 1055556 1055556 1055556 1055556
1520991 1460152 1520991 1739540 1672634 1605729 1672634
76.291 76.376 76.133 77.904 77.599 78.139 78.369
76.858 76.383 76.377 76.169 77.711 77.609 78.081
76.383 76.377 76.169 77.711 77.609 78.081 78.322
1000000 1000000 1000000 1000000 1000000 1000000 1000000
1000000 1000000 1000000 1000000 1000000 1000000 1000000

247316 237423 247316 282852 271973 261094 271973
30,419,829 29,203,036 30,419,829 34,790,793 33,452,686 32,114,579 33,452,686
30,419,829 29,203,036 30,419,829 34,790,793 33,452,686 32,114,579 33,452,686
3,600,000 3,600,000 3,600,000 4,125,000 4,200,000 4,200,000 4,200,000

7,960,000 7,960,000 7,960,000 9,115,000 9,280,000 9,280,000 9,280,000
11,560,000 11,560,000 11,560,000 13,240,000 13,480,000 13,480,000 13,480,000
283,868 304,483 245,958 183,142 247,357 398,604 462,820
1,745,625 1,745,625 1,745,625 2,173,125 2,173,125 2,173,125 2,173,125
4,520,250 4,520,250 4,520,250 5,627,250 5,627,250 5,627,250 5,627,250
200,000 200,000 200,000 200,000 200,000 200,000 200,000

6,749,743 6,770,358 6,711,833 8,183,517 8,247,732 8,398,979 8,463,195
18,309,743 18,330,358 18,271,833 21,423,517 21,727,732 21,878,979 21,943,195
3,568,058 2,987,203 3,183,820 2,617,902 2,060,719 2,680,969 4,173,470
2,987,203 3,183,820 2,617,902 2,060,719 2,680,969 4,173,470 4,815,068
18,890,597 18,133,741 18,837,751 21,980,700 21,107,483 20,386,479 21,301,597
11,529,232 11,069,295 11,582,078 12,810,094 12,345,203 11,728,100 12,151,089
2,576,547 2,515,708 2,576,547 2,795,096 2,728,190 2,661,285 2,728,190
8,952,684 8,553,587 9,005,531 10,014,998 9,617,013 9,066,815 9,422,899

504,900 324,900 324,900 324,900 342,900 374,400 342,900
19,438 19,438 19,438 19,438 19,438 19,438 19,438
- - - - - - -
- - - - - - -
112,605 99,252 85,698 71,941 57,978 43,806 29,421
171,873 153,893 135,644 117,121 98,320 79,237 59,868
294,113 273,455 252,486 231,203 209,601 187,675 165,419
495,986 468,327 440,253 411,759 382,837 353,481 323,684
50,000 50,000 50,000 50,000 50,000 50,000 50,000

- 50,000 - 50,000 - 50,000 - 50,000 - 50,000 - 50,000 - 50,000
1,094,014 1,014,364 933,519 851,462 768,173 683,636 597,830
8,363,570 7,864,123 8,396,912 9,488,436 9,191,740 8,757,579 9,167,969

3,345,428 3,145,649 3,358,765 3,795,375 3,676,696 3,503,032 3,667,188
5,018,142 4,718,474 5,038,147 5,693,062 5,515,044 5,254,548 5,500,781
2,007,257 1,887,390 2,015,259 2,277,225 2,206,017 2,101,819 2,200,313
3,010,885 2,831,084 3,022,888 3,415,837 3,309,026 3,152,729 3,300,469
14,091,400 10,520,488 8,026,278 9,094,639 12,641,003 13,265,282 8,254,290

56,100,000 36,100,000 36,100,000 36,100,000 38,100,000 41,600,000 38,100,000
15,209,914 14,601,518 15,209,914 17,395,397 16,726,343 16,057,289 16,726,343
2,987,203 3,183,820 2,617,902 2,060,719 2,680,969 4,173,470 4,815,068
88,388,517 64,405,826 61,954,095 64,650,755 70,148,315 75,096,041 67,895,701

2,486,250 2,486,250 2,486,250 2,486,250 2,486,250 2,486,250 2,486,250
46,768,125 48,513,750 50,259,375 52,432,500 54,605,625 56,778,750 58,951,875
8,465,250 8,465,250 8,465,250 8,465,250 8,465,250 8,465,250 8,465,250
119,737,000 124,257,250 128,777,500 134,404,750 140,032,000 145,659,250 151,286,500
27,255,000 27,255,000 27,255,000 27,255,000 27,255,000 27,255,000 27,255,000

14,775,000 14,775,000 14,775,000 14,775,000 14,775,000 14,775,000 14,775,000
- - - - - - -
12,360,000 12,360,000 12,360,000 12,360,000 12,360,000 12,360,000 12,360,000
11,355,000 11,355,000 11,355,000 11,355,000 11,355,000 11,355,000 11,355,000
10,935,000 10,935,000 10,935,000 10,935,000 10,935,000 10,935,000 10,935,000
- - - - - - -
1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000
7,395,000 7,395,000 7,395,000 7,395,000 7,395,000 7,395,000 7,395,000
570,000 570,000 570,000 570,000 570,000 570,000 570,000
3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000
2,130,000 2,130,000 2,130,000 2,130,000 2,130,000 2,130,000 2,130,000

1,995,000 1,995,000 1,995,000 1,995,000 1,995,000 1,995,000 1,995,000
1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000

11,085,000 11,085,000 11,085,000 11,085,000 11,085,000 11,085,000 11,085,000
1,710,000 1,710,000 1,710,000 1,710,000 1,710,000 1,710,000 1,710,000
3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000
25,830,000 25,830,000 25,830,000 25,830,000 25,830,000 25,830,000 25,830,000
18,735,000 18,735,000 18,735,000 18,735,000 18,735,000 18,735,000 18,735,000
3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000
9,225,000 9,225,000 9,225,000 9,225,000 9,225,000 9,225,000 9,225,000
1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000
22,155,000 22,155,000 22,155,000 22,155,000 22,155,000 22,155,000 22,155,000
12,075,000 12,075,000 12,075,000 12,075,000 12,075,000 12,075,000 12,075,000
3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000 3,135,000
- - - - - - -
285,000 285,000 285,000 285,000 285,000 285,000 285,000
2,565,000 2,565,000 2,565,000 2,565,000 2,565,000 2,565,000 2,565,000
1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000

27,690,000 27,690,000 27,690,000 27,690,000 27,690,000 27,690,000
6,270,000 6,270,000 6,270,000 6,270,000 6,270,000
3,135,000 3,135,000 3,135,000 3,135,000
- - -
285,000 285,000
12,495,000
210,675,000 238,365,000 244,635,000 247,770,000 247,770,000 248,055,000 260,550,000
55,121,375 76,545,500 76,549,625 71,884,250 64,083,875 56,568,500 61,263,125

143,509,892 140,951,326 138,503,720 136,535,005 134,232,190 131,664,541 129,158,826
1,176,000 1,176,000 1,176,000 1,344,000 1,368,000 1,368,000 1,368,000

- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
4,977,067 5,051,723 5,127,499 5,204,411 5,282,477 3,991,203 2,680,560
5,718,675 5,804,455 5,891,522 5,979,895 6,069,594 6,160,637 6,253,047
7,656,413 7,771,259 7,887,828 8,006,145 8,126,238 8,248,131 8,371,853
19,528,155 19,803,437 20,082,849 20,534,452 20,846,308 19,767,972 18,673,460
- - - - - - -
- - - - - - -
6,616,775 5,713,214 4,796,099 3,865,227 2,920,393 1,961,385 987,993
5,282,477 3,991,203 2,680,560 1,350,257 - 0 - 0 - 0
12,511,639 11,027,958 9,522,023 7,993,498 6,442,045 4,867,321 3,268,976
23,565,379 21,578,963 19,562,750 17,516,295 15,439,142 13,330,832 11,190,897
47,976,271 42,311,338 36,561,432 30,725,277 24,801,580 20,159,538 15,447,866
22,763,458 22,763,458 22,763,458 22,763,458 22,763,458 22,763,458 22,763,458

- - - - - - -
53,242,009 56,073,093 59,095,981 62,511,818 65,820,845 68,973,573 72,274,042
76,005,466 78,836,551 81,859,439 85,275,276 88,584,302 91,737,031 95,037,499
143,509,892 140,951,326 138,503,720 136,535,005 134,232,190 131,664,541 129,158,826
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.14 0.13 0.15 0.17 0.16 0.16 0.17
0.85 0.83 0.88 1.02 1.00 0.98 1.04
8.64 8.75 9.99 12.14 12.97 13.81 16.34
0.26 0.24 0.25 0.27 0.25 0.23 0.23
0.26 0.25 0.25 0.24 0.24 0.22 0.20
0.63 0.54 0.45 0.36 0.28 0.22 0.16
0.89 0.79 0.69 0.60 0.52 0.44 0.36
0.87 0.77 0.68 0.59 0.50 0.42 0.34
16.50 14.90 15.34 16.69 15.52 14.24 14.39
0 0 0 0 0 0 0
6,616,775 5,713,214 4,796,099 3,865,227 2,920,393 1,961,385 987,993
4,977,067 5,051,723 5,127,499 5,204,411 5,282,477 3,991,203 2,680,560

5,282,477 3,991,203 2,680,560 1,350,257 0 0 0
5,718,675 5,804,455 5,891,522 5,979,895 6,069,594 6,160,637 6,253,047

12,511,639 11,027,958 9,522,023 7,993,498 6,442,045 4,867,321 3,268,976
7,656,413 7,771,259 7,887,828 8,006,145 8,126,238 8,248,131 8,371,853

23,565,379 21,578,963 19,562,750 17,516,295 15,439,142 13,330,832 11,190,897
33 34 35 36 37 38 39
6,616,775 5,713,214 4,796,099 3,865,227 2,920,393 1,961,385 987,993
890,208 903,561 917,115 930,872 944,835 959,007 973,392
112,605 99,252 85,698 71,941 57,978 43,806 29,421
1,002,813 1,002,813 1,002,813 1,002,813 1,002,813 1,002,813 1,002,813
10,259,544 9,042,926 7,808,059 6,554,668 5,282,477 3,991,203 2,680,560

1,198,638 1,216,618 1,234,867 1,253,390 1,272,191 1,291,274 1,310,643
171,873 153,893 135,644 117,121 98,320 79,237 59,868
1,370,511 1,370,511 1,370,511 1,370,511 1,370,511 1,370,511 1,370,511
28 29 30 31 32 33 34
18,230,314 16,832,414 15,413,545 13,973,393 12,511,639 11,027,958 9,522,023
1,377,242 1,397,900 1,418,869 1,440,152 1,461,754 1,483,681 1,505,936
294,113 273,455 252,486 231,203 209,601 187,675 165,419
1,671,355 1,671,355 1,671,355 1,671,355 1,671,355 1,671,355 1,671,355
25 26 27 28 29 30 31
31,221,792 29,350,222 27,450,578 25,522,440 23,565,379 21,578,963 19,562,750
1,843,912 1,871,570 1,899,644 1,928,138 1,957,061 1,986,416 2,016,213
495,986 468,327 440,253 411,759 382,837 353,481 323,684
2,339,897 2,339,897 2,339,897 2,339,897 2,339,897 2,339,897 2,339,897

1,269,000 1,269,000 1,269,000 1,269,000 1,269,000 1,269,000 1,269,000
0.00 0.00 0.00 0.00 0.00 0.00 0.00

50,000 50,000 50,000 50,000 50,000 50,000 50,000
-50,000 -50,000 -50,000 -50,000 -50,000 -50,000 -50,000

0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
-50,000 -50,000 -50,000 -50,000 -50,000 -50,000 -50,000
30 31 32 33 34 35 36
1.58 1.49 1.59 1.79 1.74 1.66 1.73
0.65 0.59 0.62 0.68 0.64 0.59 0.60
0.41 0.40 0.39 0.38 0.37 0.36 0.35
26 27 28 29 30 31 32
1.58 1.49 1.59 1.79 1.74 1.66 1.73
0.73 0.67 0.69 0.76 0.72 0.66 0.67
0.46 0.45 0.44 0.42 0.41 0.40 0.39
22 23 24 25 26 27 28
1.58 1.49 1.59 1.79 1.74 1.66 1.73
0.83 0.75 0.78 0.86 0.81 0.75 0.76
0.52 0.51 0.49 0.48 0.46 0.45 0.44
18 19 20 21 22 23 24
1.58 1.49 1.59 1.79 1.74 1.66 1.73
0.93 0.85 0.88 0.96 0.91 0.84 0.85
0.58739460762 0.57028602681 0.55367575419 0.53754927591 0.52189250088 0.50669174843 0.49193373634
6 7 8 9 10 11 12
1.58 1.49 1.59 1.79 1.74 1.66 1.73
1.45 1.34 1.41 1.57 1.50 1.41 1.45
0.91454219252 0.90102679066 0.8877111238 0.8745922402 0.86166723172 0.84893323322 0.8363874219
66460388 70191400 46620488 44126278 45194639 50741003 54865282

15,209,914 14,601,518 15,209,914 17395397 16726343 16057289 16726343
15818311 15209914 14601518 15209914 17395397 16726343 16057289
504900 324900 324900 324900 342900 374400 342900
0 0 0 0 0 0 0
97993514 100327732 76756821 77056490 79659278 83899036 87991814
3240000 3240000 3240000 3712500 3780000 3780000 3780000

360000 360000 360000 360000 412500 420000 420000
7164000 7164000 7164000 8203500 8352000 8352000 8352000
796000 796000 796000 796000 911500 928000 928000
283868 304483 245958 183142 247357 398604 462820
180000 180000 180000 180000 180000 180000 180000
20000 20000 20000 20000 20000 20000 20000
2576547 2515708 2576547 2795096 2728190 2661285 2728190
1425000 27690000 6270000 3135000 0 285000 12495000

1094014 1014364 933519 851462 768173 683636 597830
3345428 3145649 3358765 3795375 3676696 3503032 3667188
2007257 1887390 2015259 2277225 2206017 2101819 2200313
50000 50000 50000 50000 50000 50000 50000
-50000 -50000 -50000 -50000 -50000 -50000 -50000
0 0 0 0 0 0 0
890208 903561 917115 930872 944835 959007 973392
1198638 1216618 1234867 1253390 1272191 1291274 1310643
1377242 1397900 1418869 1440152 1461754 1483681 1505936
1,843,912 1,871,570 1,899,644 1,928,138 1,957,061 1,986,416 2,016,213
27802114 53707244 32630543 31861851 28918275 29033754 41637524
70191400 46620488 44126278 45194639 50741003 54865282 46354290

56100000 36100000 36100000 36100000 38100000 41600000 38100000
14091400 10520488 8026278 9094639 12641003 13265282 8254290

- - - - 0.00 0.0000 -
285,000 315,000 315,000 315,000
285,000 315,000 315,000 315,000
98.2% 92.1% 92.1% 92.1% 0.98 0.8051
280,000 290,000 290,000 290,000

123.00 123.00 123.00 123.00
- 25,830,000 - -
369 369 369 369
1,710,000 1,425,000 3,705,000
57 57 57 57
-20,000,000 5,000,000 9,000,000
1,196,355.08
0.26 0.25 0.24 0.25
61,477.49 30,425.17 21,336.40 24,211.18
280,000.00 290,000.00 290,000.00 290,000.00
311,052.32 299,088.77 287,125.22 299,088.77
30,425 21,336 24,211 15,122 75,499.72 5,071.8873
341,477.49 320,425.17 311,336.40 314,211.18
0.009 0.009 0.009 0.009
0.02 0.02 0.02 0.02

0.03 0.03 0.03 0.03
0.03 0.03 0.03 0.03
0.01 0.01 0.01 0.01
0.06 0.06 0.06 0.06
0.08 0.08 0.08 0.08
4.03 4.03 4.03 4.03
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
15.00 15.00 15.00 15.00
60,000.00 60,000.00 60,000.00 60,000.00

40,000.00 40,000.00 40,000.00 40,000.00
20,000.00 20,000.00 20,000.00 20,000.00
160,000.00 170,000.00 170,000.00 170,000.00
39.00 39.00 39.00 39.00

29.00 29.00 29.00 29.00
25.00 25.00 25.00 25.00
33.00 33.00 33.00 33.00
2340000 2340000 2340000 2340000

1160000 1160000 1160000 1160000
500000 500000 500000 500000
5280000 5610000 5610000 5610000
9280000 9610000 9610000 9610000
2,000 2,000 2,000 2,000

3,000 3,000 3,000 3,000
25,425 16,336 19,211 10,122
1.00 1.00 1.00 1.00

3.00 3.00 3.00 3.00
8.00 8.00 8.00 8.00
2,000 2,000 2,000 2,000

9,000 9,000 9,000 9,000
203,401 130,691 153,689 80,979
214,401 141,691 164,689 91,979
70,000 70,000 70,000

50,000 50,000 50,000 50,000
25,000 25,000 25,000 25,000 25,000 25,000
50,000 50,000 50,000 50,000 50,000 50,000 50,000
25,000 25,000 25,000 25,000 25,000 25,000 25,000
65,000 65,000 65,000 65,000 65,000 65,000 65,000
30,000 30,000 30,000 30,000 30,000 30,000
70,000 70,000 70,000 70,000
285,000 315,000 315,000 315,000 100,000 100,000 75,000
25,000 25,000
65,000 65,000 65,000
110,000 110,000 110,000 110,000
55,000 55,000 55,000 55,000 55,000
5,000 5,000 5,000 5,000 5,000 5,000 5,000
25,000 25,000 25,000 25,000 25,000 25,000 25,000
30,000 30,000 30,000 30,000 30,000 30,000
25,000 25,000 25,000 25,000 25,000
65,000 65,000 65,000 65,000
285,000 315,000 315,000 315,000

1,291,500 1,291,500 1,291,500
922,500 922,500 922,500 922,500
461,250 461,250 461,250 461,250 461,250 461,250
922,500 922,500 922,500 922,500 922,500 922,500 922,500
461,250 461,250 461,250 461,250 461,250 461,250 461,250
1,199,250 1,199,250 1,199,250 1,199,250 1,199,250 1,199,250 1,199,250
553,500 553,500 553,500 553,500 553,500
1,291,500 1,291,500 1,291,500
5,258,250 5,811,750 5,811,750 5,811,750 - - -
178,125 178,125
463,125 463,125 463,125
783,750 783,750 783,750 783,750
391,875 391,875 391,875 391,875 391,875
35,625 35,625 35,625 35,625 35,625 35,625 35,625
178,125 178,125 178,125 178,125 178,125 178,125 178,125
213,750 213,750 213,750 213,750 213,750 213,750
178,125 178,125 178,125 178,125 178,125
463,125 463,125 463,125 463,125
2,030,625 2,244,375 2,244,375 2,244,375 1,460,625 1,068,750 1,068,750
200000 200000 200000 200000

1055556 1055556 1055556 1055556
1912972 1839396 1765820 1839396
75.655 77.096 77.175 76.924
78.322 76.135 77.005 77.164
76.135 77.005 77.164 76.943
1000000 1000000 1000000 1000000
1000000 1000000 1000000 1000000

311052 299089 287125 299089
38,259,435 36,787,919 35,316,402 36,787,919
38,259,435 36,787,919 35,316,402 36,787,919
4,200,000 4,350,000 4,350,000 4,350,000

9,280,000 9,610,000 9,610,000 9,610,000
13,480,000 13,960,000 13,960,000 13,960,000
214,401 141,691 164,689 91,979
2,030,625 2,244,375 2,244,375 2,244,375
5,258,250 5,811,750 5,811,750 5,811,750
200,000 200,000 200,000 200,000

7,703,276 8,397,816 8,420,814 8,348,104
21,183,276 22,357,816 22,380,814 22,308,104
4,815,068 2,316,417 1,643,002 1,868,220
2,316,417 1,643,002 1,868,220 1,163,563
23,681,928 23,031,230 22,155,597 23,012,762
14,577,508 13,756,688 13,160,805 13,775,157
2,968,528 2,894,952 2,821,376 2,894,952
11,608,980 10,861,737 10,339,429 10,880,205

342,900 162,900 207,900 288,900
19,438 19,438 19,438 19,438
- - - -
- - - -
14,820 - - -
40,208 20,254 - -
142,830 119,902 96,631 73,010
293,441 262,744 231,587 199,962 523,235 495,986 468,327
50,000 50,000 50,000 50,000

- 50,000 - 50,000 - 50,000 - 50,000
510,737 422,338 347,655 292,410 523,235 495,986 468,327
11,441,142 10,602,298 10,199,674 10,876,695

4,576,457 4,240,919 4,079,870 4,350,678
6,864,685 6,361,379 6,119,804 6,526,017
2,745,874 2,544,552 2,447,922 2,610,407
4,118,811 3,816,827 3,671,883 3,915,610
12,153,976 13,250,238 13,100,752 12,303,107 2,084,223 19,847,979

38,100,000 18,100,000 23,100,000 32,100,000 18,100,000 135,000,000
19,129,718 18,393,959 17,658,201 18,393,959
2,316,417 1,643,002 1,868,220 1,163,563
71,700,110 51,387,200 55,727,174 63,960,629

2,486,250 2,486,250 2,486,250 2,486,250
60,982,500 63,226,875 65,471,250 67,715,625
8,465,250 8,465,250 8,465,250 8,465,250
156,544,750 162,356,500 168,168,250 173,980,000
27,255,000 27,255,000 27,255,000 27,255,000

14,775,000 14,775,000 14,775,000 14,775,000
- - - -
12,360,000 12,360,000 12,360,000 12,360,000
11,355,000 11,355,000 11,355,000 11,355,000
10,935,000 10,935,000 10,935,000 10,935,000
- - - -
1,425,000 1,425,000 1,425,000 1,425,000
7,395,000 7,395,000 7,395,000 7,395,000
570,000 570,000 570,000 570,000
3,135,000 3,135,000 3,135,000 3,135,000
2,130,000 2,130,000 2,130,000 2,130,000

1,995,000 1,995,000 1,995,000 1,995,000
1,425,000 1,425,000 1,425,000 1,425,000

11,085,000 11,085,000 11,085,000 11,085,000
1,710,000 1,710,000 1,710,000 1,710,000
3,135,000 3,135,000 3,135,000 3,135,000
25,830,000 25,830,000 25,830,000 25,830,000
18,735,000 18,735,000 18,735,000 18,735,000
3,135,000 3,135,000 3,135,000 3,135,000
9,225,000 9,225,000 9,225,000 9,225,000
1,425,000 1,425,000 1,425,000 1,425,000
22,155,000 22,155,000 22,155,000 22,155,000
12,075,000 12,075,000 12,075,000 12,075,000
3,135,000 3,135,000 3,135,000 3,135,000
- - - -
285,000 285,000 285,000 285,000
2,565,000 2,565,000 2,565,000 2,565,000
1,425,000 1,425,000 1,425,000 1,425,000

27,690,000 27,690,000 27,690,000 27,690,000
6,270,000 6,270,000 6,270,000 6,270,000
3,135,000 3,135,000 3,135,000 3,135,000
- - - -
285,000 285,000 285,000 285,000
12,495,000 12,495,000 12,495,000 12,495,000
1,710,000 1,710,000 1,710,000 1,710,000
27,255,000 27,255,000 27,255,000
3,705,000 3,705,000
-
262,260,000 289,515,000 293,220,000 293,220,000
55,684,250 74,883,125 70,532,000 62,475,875

127,384,360 126,270,325 126,259,174 126,436,504
1,368,000 1,416,000 1,416,000 1,416,000

- - - -
- - - -
- - - -
- - - -
1,350,257 - - -
6,346,843 6,442,045 4,867,321 3,268,976
8,497,431 8,624,892 8,754,266 8,885,580
17,562,531 16,482,938 15,037,587 13,570,556
- - - -
- - - -
- 0 - - -
- 0 - 0 - -
1,646,655 - 0 - 0 - 0
9,018,864 6,814,249 4,576,566 2,305,317
10,665,519 6,814,249 4,576,566 2,305,317
22,763,458 22,763,458 22,763,458 22,763,458

- - - -
76,392,853 80,209,680 83,881,563 87,797,173
99,156,311 102,973,138 106,645,021 110,560,631
127,384,360 126,270,325 126,259,174 126,436,504
0.0 0.0 0.0 0.0 0.00 0.00
0.22 0.20 0.19 0.21
1.20 1.17 1.12 1.16
23.40 26.10 30.34 38.20
0.28 0.25 0.23 0.24
0.18 0.16 0.14 0.12
0.11 0.07 0.04 0.02
0.28 0.23 0.18 0.14
0.27 0.21 0.17 0.13
17.34 15.40 14.26 14.69
0 0 0 0
0 0 0 0
1,350,257 0 0 0
0 0 0 0
6,346,843 6,442,045 4,867,321 3,268,976

1,646,655 0 0 0
8,497,431 8,624,892 8,754,266 8,885,580

9,018,864 6,814,249 4,576,566 2,305,317
40 41
- 0
987,993
14,820
1,002,813
1,350,257 - 0
1,330,303 1,350,257
40,208 20,254
1,370,511 1,370,511
35 36 37 38 39 40
7,993,498 6,442,045 4,867,321 3,268,976 1,646,655 0
1,528,525 1,551,453 1,574,724 1,598,345 1,622,320 1,646,655
142,830 119,902 96,631 73,010 49,035 24,700
1,671,355 1,671,355 1,671,355 1,671,355 1,671,355 1,671,355
32 33 34 35 36 37 38
17,516,295 15,439,142 13,330,832 11,190,897 9,018,864 6,814,249 4,576,566
2,046,456 2,077,153 2,108,310 2,139,935 2,172,034 2,204,614 2,237,683
293,441 262,744 231,587 199,962 167,863 135,283 102,214
2,339,897 2,339,897 2,339,897 2,339,897 2,339,897 2,339,897 2,339,897

1,269,000 1,269,000 1,269,000 1,269,000
0.00 0.00 0.00 0.00

50,000 50,000 50,000 50,000
-50,000 -50,000 -50,000 -50,000

0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
-50,000 -50,000 -50,000 -50,000
37 38 39 40 PERPETUIDAD
2.16 2.01 1.93 2.06 68.57
0.72 0.65 0.61 0.63 21.0201746275
0.33 0.33 0.32 0.31
2.16 2.01 1.93 2.06 68.57
0.82 0.73 0.69 0.71 23.66
0.38 0.37 0.36 0.35
2.16 2.01 1.93 2.06 68.57
0.92 0.83 0.77 0.80 26.63
0.42 0.41 0.40 0.39
2.16 2.01 1.93 2.06 68.57
1.03 0.93 0.87 0.90 29.97
0.47760556926 0.46369472744 0.45018905577 0.43707675317
2.16 2.01 1.93 2.06 137.14
1.78 1.63 1.54 1.62 108.07
0.82402701665 0.81184927748 0.79985150491 0.78803103932
46354290 50253976 31350238 36200752

19129718 18393959 17658201 18393959
16726343 19129718 18393959 17658201
342900 162900 207900 288900
0 0 0 0
82553250 87940553 67610299 72541812
3780000 3915000 3915000 3915000

420000 420000 435000 435000
8352000 8649000 8649000 8649000
928000 928000 961000 961000
214401 141691 164689 91979
180000 180000 180000 180000
20000 20000 20000 20000
2968528 2894952 2821376 2894952
1710000 27255000 3705000 0

510737 422338 347655 292410
4576457 4240919 4079870 4350678
2745874 2544552 2447922 2610407
50000 50000 50000 50000
-50000 -50000 -50000 -50000
0 0 0 0
987993 0 0 0
1330303 1350257 0 0
1528525 1551453 1574724 1598345
2,046,456 2,077,153 2,108,310 2,139,935
32299274 56590315 31409547 28138706
50253976 31350238 36200752 44403107

38100000 18100000 23100000 32100000
12153976 13250238 13100752 12303107

- - - - - - - - -
50,000
25,000 25,000
65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000
30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000
70,000 70,000 70,000 70,000 70,000 70,000 70,000 70,000 70,000
75,000 25,000
25,000
30,000 30,000
25,000 25,000 25,000
65,000 65,000 65,000 65,000
922,500
461,250 461,250
1,199,250 1,199,250 1,199,250 1,199,250 1,199,250 1,199,250 1,199,250 1,199,250 1,199,250
- -
178,125
213,750 213,750
178,125 178,125 178,125
463,125 463,125 463,125 463,125
1,033,125 855,000 641,250 463,125 - - - - -

440,253 411,759 382,837 353,481 323,684 293,441 262,744 231,587 199,962
440,253 411,759 382,837 353,481 323,684 293,441 262,744 231,587 199,962

39 40
2,305,317 -0
2,271,249 2,305,317
68,648 34,580
2,339,897 2,339,897
- - - -
75,500 5,072
30,000 30,000 30,000 30,000 30,000
70,000 70,000 70,000 70,000 70,000 70,000 70,000
-
167,863 135,283 102,214 68,648 34,580
167,863 135,283 102,214 68,648 34,580

170
93
0.0
170 170 170 170 170 170 170 170 170 170 170 170 170 170 170 170
94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.00073398037893

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Solemne N° 2 – PLANIFICACIÓN FINANCIERA

b.- Determinación de los flujos de caja incrementales

de PLANIF SA que se detallan en la pestaña PREGUNTA 1) ( 10 puntos)

os futuro, que se pagarán trimestralmente, considerando desde el

arlos en base anual

uenta del balance

flujos de efectivo de cada trimestre para obtener los flujos de

lanificación Financiera de PLANIF SA mediante la inversión

llevó a cabo una emisión de acciones para obtener los fondos

TALLER DE PLANIFICACION FINANCIERA

Tasa Base de Inversion a C/P. Tasa de 3,65% real anual

TASAS INT. EN PRESTAMOS

Tasa de corto plazo

Monto prestamo corto plazo

TOTAL MONTO PRESTAMOS

Costo unitario materia prima

TOTAL COSTOS DIR (X TRABAJO)

Depreciaciones INVERSION EN PLANTA

AMORTIZ INV MKT

VENTA FISICA ( en unidades )

Compra activo fijo trimestre tres

Monto prestamo 2 años

Monto prestamo M/P 3 años

Monto prestamo L/P(bonos)

Monto M/P Vence dentro del año(2años)

Segunda emision de bonos amortizados dentro del año

Tercera emision de bonos amortizados dentro del año

Cuarta emision de bonos amortizados dentro del año

Quinta emision de bonos amortizados dentro del año

Sexta emision de bonos amortizados dentro del año

Primera emisión de bonos

Segunda emisión de bonos

Tercera emisión de bonos

Cuarta emisión de bonos

Quinta emisión de bonos

Sexta emisión de bonos

TRIM 1 TRIM 2 TRIM 3 TRIM 4

HISTORIA (SE ASUME QUE ESTAMOS AL INICIO DE TRI 6)

100,000.00 100,000.00 100,000.00 100,000.00

200,000 1,300,000 -1,500,000 -

9,809.00 12,426.00 13,084.00 13,084.00

0.013 0.040 0.009 0.009

TRIM 1 TRIM 2 TRIM 3 TRIM 4

0.03 0.02 0.02 0.02

937500 625000 312500

1200000 900000 600000 300000

10087500 6375000 5162500 4250000

TRIM 1 TRIM 2 TRIM 3 TRIM 4

15.00 15.00 15.00 15.00

0.00 39.00 39.00 38.00 38.00

2340000 2340000 2280000 2280000

3500000 3500000 3320000 3320000

TRIM 1 TRIM 2 TRIM 3 TRIM 4

1.00 1.00 1.00 1.00

2,000 2,000 2,000 2,000

100,000 100,000 100,000 75,000

100,000 100,000 100,000 100,000

TRIM 1 TRIM 2 TRIM 3 TRIM 4

1,300,000 1,300,000 1,300,000 1,300,000

478,125 478,125 478,125 384,375

200,000.00 200000 200000 200000 200000

1000000 1000000 1000000 1000000

1000000 1000000 1000000 1000000