TASA DE IMPUESTOS CORPORATIVA 33.

00%
TASA DE INTERES DE OPORTUNIDAD 17.00%
TASA DE INFLACIÓN 3.80%
AUMENTO DEL NIVEL OPERACIONAL 3.20% REALES
AUMENTO DEL NIVEL OPERACIONAL 7.12% NOMINALES
VALOR A DEPRECIAR 90.00%
INVERSION EN ACTIVOS FIJOS
FECHA 0 12,000,000,000
FECHA 5 5,000,000,000
Depreciación activo 1 (10 años) 1,080,000,000
Depreciación activo 2 (5 años) 900,000,000
Venta del activo fijo al final 4,000,000,000
Valor de salvamento 1,700,000,000
Utilidad en la venta de AF 2,300,000,000
Impuestos a pagar 759,000,000
Ingreso neto en venta AF 1,541,000,000
Inversion en CT, fecha cero 7,000,000,000
Recuperación del capital de trabajo 88.00%

AÑO
0
1
2
3
4
5
6
7
8
9
10

VALOR ECONOMICO AGREGADO 12,162,818,563

TIR 27.95%
CREDITO

MONTO A FINANCIAR 19,000,000,000

PORCENTAJE A FINANCIAR 60.00%
MONTO DEL CRÉDITO 11,400,000,000
TASA DE INTERES 15.00% AV

Año 0
1
2
3
4
5
6
7
8
9
10

TIO, financiación 10.05%

Comprobación 10.05%

Flujo para el inversionista

Años
0
1
2
3
4
5
6
7
8
 9
10

Rentabilidad Inversionista 46.09%

FLUJO DE CAJA LIBRE PARA EL INVERSIONISTA, PARTI.ENDO DE LA UTILIDAD NETA

AÑO
0
1
2
3
4
5
6
7
8
9
10

Año
0
1
2
3
4
5
6
7
8
9
10
 Valor CT Inversion en CT Recuper CT
0 7,000,000,000 7,000,000,000
1 7,498,512,000 498,512,000
2 8,032,526,031 534,014,031
3 8,604,570,404 572,044,374
4 9,217,353,490 612,783,086
5 9,873,776,536 656,423,046
6 10,576,947,406 703,170,870
7 11,330,195,293 753,247,886
8 12,137,086,481 806,891,188
9 13,001,441,232 864,354,751
10 13,927,351,870 925,910,639 12,256,069,646

UAII Depreciación UAII*(1-Tc)+Dep INV Activos

-12,000,000,000
4,500,000,000 1,080,000,000 4,095,000,000
5,000,000,000 1,080,000,000 4,430,000,000
6,500,000,000 1,080,000,000 5,435,000,000
8,500,000,000 1,080,000,000 6,775,000,000
9,200,000,000 1,080,000,000 7,244,000,000 -5,000,000,000
10,000,000,000 1,980,000,000 8,680,000,000
11,800,000,000 1,980,000,000 9,886,000,000
14,000,000,000 1,980,000,000 11,360,000,000
17,000,000,000 1,980,000,000 13,370,000,000
20,000,000,000 1,980,000,000 15,380,000,000 1,541,000,000
 Desembolso Saldo comienzo Amortización Interes

11,400,000,000
11,400,000,000 -1,710,000,000
11,400,000,000 -1,710,000,000
11,400,000,000 -1,710,000,000
11,400,000,000 -1,710,000,000
11,400,000,000 -1,710,000,000
11,400,000,000 -1,710,000,000
11,400,000,000 -2,850,000,000 -1,710,000,000
8,550,000,000 -2,850,000,000 -1,282,500,000
5,700,000,000 -2,850,000,000 -855,000,000
2,850,000,000 -2,850,000,000 -427,500,000

Proy Inversión Proy financiacion Inversionista

-19,000,000,000 11,400,000,000 -7,600,000,000
3,596,488,000 -1,145,700,000 2,450,788,000
3,895,985,969 -1,145,700,000 2,750,285,969
4,862,955,626 -1,145,700,000 3,717,255,626
6,162,216,914 -1,145,700,000 5,016,516,914
1,587,576,954 -1,145,700,000 441,876,954
7,976,829,130 -1,145,700,000 6,831,129,130
9,132,752,114 -3,995,700,000 5,137,052,114
10,553,108,812 -3,709,275,000 6,843,833,812
 12,505,645,249 -3,422,850,000 9,082,795,249
28,802,682,141 -3,136,425,000 25,666,257,141

UAII Gastos financieros Utilidad antes IMP Impuestos

4,000,000,000 -1,710,000,000 2,290,000,000 755,700,000

5,000,000,000 -1,710,000,000 3,290,000,000 1,085,700,000
6,000,000,000 -1,710,000,000 4,290,000,000 1,415,700,000
8,000,000,000 -1,710,000,000 6,290,000,000 2,075,700,000
10,000,000,000 -1,710,000,000 8,290,000,000 2,735,700,000
11,000,000,000 -1,710,000,000 9,290,000,000 3,065,700,000
13,000,000,000 -1,710,000,000 11,290,000,000 3,725,700,000
15,000,000,000 -1,282,500,000 13,717,500,000 4,526,775,000
18,000,000,000 -855,000,000 17,145,000,000 5,657,850,000
21,000,000,000 -427,500,000 20,572,500,000 6,788,925,000

UTILIDAD NETA Depreciación UN + Dep INV AF

-12,000,000,000
1,534,300,000 1,080,000,000 2,614,300,000 0
2,204,300,000 1,080,000,000 3,284,300,000 0
2,874,300,000 1,080,000,000 3,954,300,000 0
4,214,300,000 1,080,000,000 5,294,300,000 0
5,554,300,000 1,080,000,000 6,634,300,000 -5,000,000,000
6,224,300,000 1,980,000,000 8,204,300,000 0
7,564,300,000 1,980,000,000 9,544,300,000 0
9,190,725,000 1,980,000,000 11,170,725,000 0
11,487,150,000 1,980,000,000 13,467,150,000 0
13,783,575,000 1,980,000,000 15,763,575,000 1,541,000,000
Pérdida en rec CT CTO Tributario Inv n CT
-7,000,000,000
-498,512,000
-534,014,031
-572,044,374
-612,783,086
-656,423,046
-703,170,870
-753,247,886
-806,891,188
-864,354,751
1,671,282,224 551,523,134 11,881,682,141

INV EN CT FCLP
-7,000,000,000 -19,000,000,000
-498,512,000 3,596,488,000
-534,014,031 3,895,985,969
-572,044,374 4,862,955,626
-612,783,086 6,162,216,914
-656,423,046 1,587,576,954
-703,170,870 7,976,829,130
-753,247,886 9,132,752,114
-806,891,188 10,553,108,812
-864,354,751 12,505,645,249
11,881,682,141 28,802,682,141
Crédito Tributario Flujo del Proyecto
Financiación
11,400,000,000
564,300,000 -1,145,700,000
564,300,000 -1,145,700,000
564,300,000 -1,145,700,000
564,300,000 -1,145,700,000
564,300,000 -1,145,700,000
564,300,000 -1,145,700,000
564,300,000 -3,995,700,000
423,225,000 -3,709,275,000
282,150,000 -3,422,850,000
141,075,000 -3,136,425,000
Utilidad neta

1,534,300,000
2,204,300,000
2,874,300,000
4,214,300,000
5,554,300,000
6,224,300,000
7,564,300,000
9,190,725,000
11,487,150,000
13,783,575,000

INV CT Desembolsos Amortizacion FCLI

-7,000,000,000 11,400,000,000 0 -7,600,000,000
-498,512,000 0 0 2,115,788,000
-534,014,031 0 0 2,750,285,969
-572,044,374 0 0 3,382,255,626
-612,783,086 0 0 4,681,516,914
-656,423,046 0 0 977,876,954
-703,170,870 0 0 7,501,129,130
-753,247,886 0 -2,850,000,000 5,941,052,114
-806,891,188 0 -2,850,000,000 7,513,833,812
-864,354,751 0 -2,850,000,000 9,752,795,249
11,881,682,141 0 -2,850,000,000 26,336,257,141
-6,600,000,000
2,324,584,000
2,995,349,729
3,664,154,892
5,030,868,003
2,395,348,763
7,857,447,460
6,742,004,345
8,358,723,952
10,672,549,387
26,652,424,164